雅各布工程 (J) 2023 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Jacobs Solutions Second Quarter 2023 Earnings Call and Webcast. (Operator Instructions) Please be advised that this call is being recorded. (Operator Instructions)

女士們先生們，早上好，歡迎來到 Jacobs Solutions 2023 年第二季度收益電話會議和網絡廣播。 （操作員說明）請注意，此通話正在錄音中。 （操作員說明）

And now at this time, I will turn things over to Mr. Jonathan Evans, Vice President of Corporate Development and Investor Relations. Please go ahead, Mr. Evans.

現在這個時候，我將把事情交給企業發展和投資者關係副總裁 Jonathan Evans 先生。請繼續，埃文斯先生。

Thank you. Good morning. Our earnings announcement and 10-Q were filed this morning, and we have posted a slide presentation on our website, which we'll reference during the call.

謝謝。早上好。我們的收益公告和 10-Q 於今天上午提交，我們在我們的網站上發布了幻燈片演示，我們將在電話會議期間參考。

In addition, this morning, we published a release announcing our intent to create 2 independent companies with the separation of our Critical Mission Solutions business. I would like to refer you to Slide 2 of the presentation material for information about our forward-looking statements and non-GAAP financial measures.

此外，今天上午，我們發布了一份新聞稿，宣布我們打算創建 2 家獨立公司，將我們的關鍵任務解決方案業務分開。我想請您參閱演示材料的幻燈片 2，了解有關我們的前瞻性報表和非 GAAP 財務措施的信息。

Turning to the agenda. Speaking on today's call will be Jacobs CEO, Bob Pragada; and CFO, Kevin Berryman. We are also joined by our incoming CFO, Claudia Jaramillo. Bob will begin by providing an overview of today's portfolio announcement, then summarizing highlights from our second quarter results. Kevin will provide a more in-depth discussion of our financial metrics as well as a review of our balance sheet and cash flow. Finally, Bob will provide details on our updated outlook along with closing remarks. And then we'll open up the call for questions.

談到議程。 Jacobs 首席執行官 Bob Pragada 將在今天的電話會議上發言；首席財務官凱文·貝里曼 (Kevin Berryman)。即將上任的首席財務官 Claudia Jaramillo 也加入了我們的行列。 Bob 將首先概述今天的投資組合公告，然後總結我們第二季度業績的要點。凱文將對我們的財務指標進行更深入的討論，並審查我們的資產負債表和現金流。最後，Bob 將提供有關我們最新展望的詳細信息以及結束語。然後我們將打開問題電話。

With that, I'll turn it over to Bob.

有了這個，我會把它交給鮑勃。

Thank you, Jonathan, and thank all of you for joining us today to discuss our second quarter fiscal year 2023 business performance. Jacobs has a story, a 75-year history of delivering value for our clients, employees and shareholders. We have consistently strived to improve our company through a purposeful strategy of transforming our portfolio to capture higher-value opportunities in our core and adjacent markets.

謝謝喬納森，感謝大家今天加入我們討論我們 2023 財年第二季度的經營業績。 Jacobs 有一個故事，一個 75 年為我們的客戶、員工和股東創造價值的歷史。我們一直致力於通過有目的的戰略來改善我們的公司，即轉變我們的產品組合，以在我們的核心和鄰近市場中抓住更高價值的機會。

Turning to Slide 4. Today's announcement marks a key inflection point as we progress on our journey of continuous improvement and value creation. This morning, Jacobs announced our intent to separate our Critical Mission Solutions business through a spin-off.

轉到幻燈片 4。今天的公告標誌著我們在持續改進和創造價值的旅程中取得進展的一個關鍵轉折點。今天早上，Jacobs 宣布我們打算通過分拆來分離我們的關鍵任務解決方案業務。

The decision to separate CMS is a result of a comprehensive review and evaluation to identify opportunities that streamline our portfolio and maximize strategic focus and potential growth opportunities for both future companies. We will sharpen both companies' focus on their distinct strategies and operational initiatives that are most relevant to the specific industries in which they operate.

分離 CMS 的決定是經過全面審查和評估的結果，旨在確定精簡我們的產品組合併最大限度地提高兩家未來公司的戰略重點和潛在增長機會的機會。我們將加强两家公司對與其經營所在特定行業最相關的獨特戰略和運營計劃的關注。

Each company will have a tailored capital allocation and structure that is directed towards their respective growth strategies as well as a strength and ability to attract and retain top talent.

每家公司都將擁有量身定制的資本配置和結構，以實現各自的增長戰略以及吸引和留住頂尖人才的實力和能力。

Moving forward, in addition to our industry-leading position in core sectors, Jacobs will be a higher-growth, higher-margin, technology-enabled solutions provider continuing to address the world's most complex critical infrastructure and sustainability challenges. Jacobs' core skill sets in technical and consulting services, coupled with data science and technology-enabled expertise will continue to differentiate us from our peers and allow us to provide end-to-end solutions to our global clients.

展望未來，除了我們在核心領域的行業領先地位外，Jacobs 還將成為一家增長更快、利潤更高的技術支持解決方案提供商，繼續應對世界上最複雜的關鍵基礎設施和可持續發展挑戰。 Jacobs 在技術和諮詢服務方面的核心技能，加上數據科學和技術支持的專業知識，將繼續使我們從同行中脫穎而出，並使我們能夠為全球客戶提供端到端的解決方案。

Our streamlined portfolio will include leading positions in critical infrastructure such as water and environment, energy transition, transportation and the advanced manufacturing sectors. Once the separation is complete, we can focus our attention on building additional capabilities and expertise that matter most to our clients in these areas. And importantly, we'll achieve even greater alignment with our 3 key accelerators, climate response, data solutions and consulting and advisory.

我們精簡後的產品組合將包括在關鍵基礎設施領域的領先地位，例如水和環境、能源轉型、交通運輸和先進製造業。分離完成後，我們可以將注意力集中在構建對這些領域的客戶最重要的額外能力和專業知識上。重要的是，我們將與我們的 3 個關鍵加速器、氣候響應、數據解決方案以及諮詢和諮詢實現更大的一致性。

The new CMS will be a leading pure-play government services company that provides technical consulting, applied science research, training, intelligent asset management and program management services to federal government agencies.

新的 CMS 將成為一家領先的純政府服務公司，為聯邦政府機構提供技術諮詢、應用科學研究、培訓、智能資產管理和項目管理服務。

CMS generated approximately $4.4 billion in FY '22 revenue. Today's announcement is another step in Jacobs' long record of taking bold actions to drive value creation and position our company for an even stronger future. And as we grow and thrive, our partners can achieve more as well.

CMS 在 22 財年的收入約為 44 億美元。今天的公告是 Jacobs 長期以來採取大膽行動推動價值創造並使我們的公司為更強大的未來做好準備的又一舉措。隨著我們的成長和繁榮，我們的合作夥伴也能取得更大的成就。

I want to emphasize that this announcement does not change how we work with our clients. As we work towards the separation, it will be business as usual. We remain committed to delivering world-class service to our clients, who will be able to rely on our people they know and trust.

我想強調的是，此公告不會改變我們與客戶的合作方式。當我們努力實現分離時，一切都會照常進行。我們始終致力於為我們的客戶提供世界一流的服務，他們將能夠依賴我們認識和信任的員工。

Turning to Slide 5. The proposed capital structure, governance and other matters relating to the separation will be communicated at a later date. Subject to satisfaction of customary conditions, we are targeting to complete the separation in the second half of fiscal year 2024 through a distribution that is intended to be tax-free to Jacobs shareholders for U.S. federal income tax purposes.

轉到幻燈片 5。擬議的資本結構、治理和與分離相關的其他事項將在稍後公佈。在滿足慣常條件的前提下，我們的目標是在 2024 財年下半年通過分配給 Jacobs 股東免稅以用於美國聯邦所得稅目的的分配來完成分離。

Turning to Slide 6. I want to reinforce the importance of our inclusive and forward-thinking culture. Last quarter, we reinforced our commitment to inclusion and diversity by including a gender equality KPI in our sustainability linked bond.

轉到幻燈片 6。我想強調我們包容和前瞻性文化的重要性。上個季度，我們通過在可持續發展相關債券中納入性別平等 KPI，加強了我們對包容性和多樣性的承諾。

Jacobs remains categorically committed to this goal.

雅各布斯仍然堅定地致力於實現這一目標。

Turning to Q2 on Slide #7. I want to thank our more than 60,000 global teammates for delivering a record second quarter as measured by both revenue and operating profit. Notably, our underlying business remains strong, and we continue to drive growth organically.

轉到幻燈片 #7 上的 Q2。我要感謝我們的 60,000 多名全球團隊成員在第二季度創造了創紀錄的收入和營業利潤。值得注意的是，我們的基礎業務依然強勁，我們將繼續推動有機增長。

We continue to invest behind and grow share in all key areas of focus against our 3 needle-moving growth accelerators, climate response, data solutions and consulting and advisory.

我們繼續在我們的 3 個針刺式增長加速器、氣候響應、數據解決方案以及諮詢和顧問的所有關鍵領域進行投資並增加份額。

Our People & Places line of business delivered strong performance with net revenue up 7% year-on-year, 10% in constant currency and operating profit up 21% year-over-year, 25% in constant currency. Our pipeline and gross margin in backlog increased further supported by strong legislative drivers materializing in federal, state and local initiatives.

我們的 People & Places 業務線表現強勁，淨收入同比增長 7%，按固定匯率計算增長 10%，營業利潤同比增長 21%，按固定匯率計算增長 25%。在聯邦、州和地方倡議中具體化的強有力的立法驅動因素的支持下，我們在積壓訂單中的管道和毛利率進一步增加。

CMS remains a stable base of recurring revenue driven primarily this quarter by the NASA Kennedy rebid award. CMS Q2 revenue was 11% higher than the previous quarter and 5% higher year-over-year.

CMS 仍然是經常性收入的穩定基礎，本季度主要由 NASA Kennedy 重新競標獎推動。 CMS Q2 收入比上一季度增長 11%，同比增長 5%。

In terms of bookings this quarter, CMS also achieved an impressive overall win rate and the outlook for FY '23 continues to look strong with its pipeline up double digits year-over-year. We continue to invest behind CMS opening our Japan office during Q2, our first organic office opening since 2004.

在本季度的預訂方面，CMS 也取得了令人印象深刻的整體贏單率，並且 23 財年的前景繼續看好，其管道同比增長兩位數。我們繼續投資於 CMS 在第二季度開設日本辦事處，這是我們自 2004 年以來開設的第一個有機辦事處。

PA Consulting sales and backlog again increased year-over-year, led by sales in the energy and utilities and defense sectors demonstrating momentum and consistency. I'm pleased to see margins improved in the quarter to over 20%, supported by milestone incentive achievement. PA continues to benefit from increased opportunities in Europe.

PA Consulting 的銷售額和積壓訂單再次同比增長，其中能源和公用事業以及國防領域的銷售額表現出勢頭和一致性。我很高興看到本季度的利潤率提高到 20% 以上，這得益於里程碑式的激勵成就。 PA 繼續受益於歐洲增加的機會。

For example, PA won a mandate for a private Scandinavian renewable energy company that is currently active in renewable electricity generation and storage. PA is working with the client to create a market entry strategy across offshore and onshore wind in several new European markets.

例如，PA 贏得了一家斯堪的納維亞私營可再生能源公司的授權，該公司目前活躍於可再生能源發電和儲存領域。 PA 正在與客戶合作，在幾個新的歐洲市場製定跨海上和陸上風電的市場進入戰略。

Our Divergent Solutions operating unit had a strong operating profit quarter with operating profit up 46% year-over-year. During the quarter, we extended our collaboration with Palantir across multiple infrastructure applications. Kevin will give more detail in his comments.

我們的 Divergent Solutions 運營部門的營業利潤季度表現強勁，營業利潤同比增長 46%。在本季度，我們將與 Palantir 的合作擴展到多個基礎設施應用程序。凱文將在他的評論中提供更多細節。

Looking across the broader market environment, we continue to see tremendous opportunities for growth in climate response and energy and environment. For example, our approximately $2 billion water business continues to exceed expectations and reinforce our position in the water sector.

放眼更廣闊的市場環境，我們繼續看到氣候響應以及能源和環境領域的巨大增長機會。例如，我們價值約 20 億美元的水務業務繼續超出預期，鞏固了我們在水務領域的地位。

Water continues to be a pacesetter with pipeline growth up materially year-over-year. During Q2, we were awarded the Donald Tillman advanced water purification facility by the LA Bureau of Sanitation, one of the largest potable reuse projects in the U.S. delivering a more sustainable drinking water source in a drought-stressed region.

水繼續成為領先者，管道增長同比大幅增長。在第二季度，我們獲得了洛杉磯衛生局授予的 Donald Tillman 先進淨水設施，這是美國最大的飲用水再利用項目之一，為乾旱地區提供更可持續的飲用水源。

Fittingly, we would like to call attention to drinking water week, an opportunity to proudly celebrate the work we do with utility partners to provide safe drinking water to millions of people around the world.

恰如其分地，我們想提請大家注意飲用水週，這是一個自豪地慶祝我們與公用事業合作夥伴為全球數百萬人提供安全飲用水所做的工作的機會。

Our Cities and Places pipeline also grew double digits, including key wins in the Middle East, where we are working to reimagine urban development addressing major environmental and quality of life challenges and predominantly powered by clean energy.

我們的 Cities and Places 管道也增長了兩位數，包括在中東取得的重要勝利，我們正在中東努力重新構想城市發展，以應對主要的環境和生活質量挑戰，並主要由清潔能源提供動力。

Globally, we are seeing significant energy transition opportunities. Last month, we efficiently launched a dedicated business unit in PMPS to focus on significant opportunities in global energy transition to accelerate growth and address the ever-expanding needs of our clients.

在全球範圍內，我們看到了重要的能源轉型機會。上個月，我們高效地在 PMPS 中成立了一個專門的業務部門，專注於全球能源轉型中的重大機遇，以加速增長並滿足客戶不斷擴大的需求。

Turning to Slide 8. During Q2, we were awarded the Gold Medal award for International Corporate Achievement in Sustainable Development by the World Environment Center, a nongovernmental organization advancing sustainable development through corporate business practices.

轉到幻燈片 8。在第二季度，我們獲得了世界環境中心頒發的國際企業可持續發展成就金獎，世界環境中心是一家通過企業業務實踐推動可持續發展的非政府組織。

Their annual Gold Medal award recognizes one international company demonstrating a global vision and a commitment to sustainable development through innovative applications of policies, economic, environmental and social responsibilities.

他們的年度金獎旨在表彰一家國際公司，通過政策、經濟、環境和社會責任的創新應用，展現出全球視野和對可持續發展的承諾。

The independent jury commended our thoughtful approach to sustainability, combining commitments with global initiatives and partnerships with positive and far-reaching impact.

獨立評審團讚揚了我們深思熟慮的可持續發展方法，將承諾與全球倡議和夥伴關係相結合，產生了積極而深遠的影響。

Turning to Slide 9. In summary, we remained well positioned with our industry-leading ranking across multiple sectors. This is particularly evident in our advanced manufacturing business, where our long-term pipeline increased double digits year-over-year.

轉到幻燈片 9。總而言之，我們在多個行業的行業領先排名中保持領先地位。這在我們的先進製造業務中尤為明顯，我們的長期管道同比增長兩位數。

Further, in our infrastructure business, legislative actions continue to provide visible growth opportunities despite continued political debate on broader topics. For example, recent wins this quarter include 3 significant intelligent O&M programs in California, Florida and Louisiana, which we secured through strong differentiation with the use of our digitally enabled platform. We expect operating profit growth to outpace organic top line increases as we remain focused on quality of backlog.

此外，在我們的基礎設施業務中，儘管對更廣泛主題的政治辯論仍在繼續，但立法行動繼續提供明顯的增長機會。例如，本季度最近贏得的勝利包括在加利福尼亞、佛羅里達和路易斯安那州的 3 個重要的智能 O&M 項目，我們通過使用數字化平台的強大差異化獲得了這些項目。我們預計營業利潤增長將超過有機收入增長，因為我們仍然關注積壓訂單的質量。

Now I'll turn the call over to Kevin to review our financial results in further detail.

現在，我將把電話轉給凱文，讓他更詳細地審查我們的財務業績。

Thank you, Bob, and good day to everyone. Turning to Slide 10 for a financial overview of our second quarter results.

謝謝你，鮑勃，祝大家有美好的一天。轉到幻燈片 10，了解我們第二季度業績的財務概覽。

Second quarter gross revenue grew 6% year-over-year and net revenue grew 5%. Net revenue grew 8% year-over-year on a constant currency basis, a continuation of healthy growth against a tough 10% year ago comparison.

第二季度總收入同比增長 6%，淨收入增長 5%。按固定匯率計算，淨收入同比增長 8%，與一年前艱難的 10% 相比，繼續保持健康增長。

Adjusted gross margin in the quarter as a percentage of net revenue was 26%, sequentially in line with the first quarter, but down year-over-year. I will provide additional comments regarding our segments later in my remarks.

本季度調整後的毛利率占淨收入的百分比為 26%，環比與第一季度持平，但同比下降。我將在稍後的評論中提供有關我們細分市場的其他評論。

Adjusted G&A as a percentage of net revenue was 15.6%, approximately flat sequentially, but down 90 basis points year-over-year, more than offsetting the lower gross margin percentage versus last year.

調整後的 G&A 占淨收入的百分比為 15.6%，環比基本持平，但同比下降 90 個基點，足以抵消與去年相比較低的毛利率。

While we felt the impacts from inflationary pressure, costs were managed well overall to disciplined cost management. We are still targeting G&A as a percentage of net revenue to stay below 16% for the full fiscal year 2023.

雖然我們感受到了通脹壓力的影響，但整體成本管理良好，成本管理嚴格。我們的目標仍然是 G&A 占淨收入的百分比在 2023 整個財年保持在 16% 以下。

GAAP operating profit was $290 million for the quarter and included $50 million of amortization from acquired intangibles, a $10 million noncash charge related to decrease in our real estate footprint aligned to our future of work strategy and other acquisition deal-related costs and restructuring efforts of $8 million.

本季度 GAAP 營業利潤為 2.9 億美元，其中包括 5000 萬美元的收購無形資產攤銷、與我們的房地產足跡減少相關的 1000 萬美元非現金費用，與我們未來的工作戰略和其他收購交易相關的成本以及重組工作800萬美元。

These deal-related costs are largely incentive compensation that was considered part of total consideration and PA noncash contingent equity-based agreements associated with the PA transaction structure. Excluding these items, adjusted operating profit was $356 million, up 7% year-over-year. On a constant currency basis, adjusted operating profit was up 11% year-over-year.

這些與交易相關的成本主要是激勵補償，被認為是總對價的一部分，以及與 PA 交易結構相關的 PA 非現金或有股權協議。不包括這些項目，調整後的營業利潤為 3.56 億美元，同比增長 7%。按固定匯率計算，調整後營業利潤同比增長 11%。

We remain committed to reducing our restructuring-related costs. Consistent with our previous comments, we expect approximately $15 million of restructuring charges for fiscal year 2023. We also expect a total $50 million to $55 million in noncash real estate impairment charges over the course of the year as we continue to further execute our work -- future of work strategy.

我們仍然致力於降低與重組相關的成本。與我們之前的評論一致，我們預計 2023 財年的重組費用約為 1500 萬美元。隨著我們繼續進一步開展工作，我們還預計全年將有總計 5000 萬至 5500 萬美元的非現金房地產減值費用 - - 工作戰略的未來。

Finally, we expect $25 million of transaction-related expenses for the full year from deal-related integration and other costs, most of which is performance-based incentives that were factored into our total purchase price consideration for these acquisitions.

最後，我們預計全年與交易相關的整合和其他成本將產生 2500 萬美元的交易相關費用，其中大部分是基於績效的激勵措施，已計入我們對這些收購的總購買價格考慮中。

It also includes the noncash contingent-based equity noted earlier associated with our PA transaction structure. These costs do not include expenses to be incurred in connection with the planned separation of CMS, given the early stage of our process.

它還包括前面提到的與我們的 PA 交易結構相關的非現金或有資產。鑑於我們的流程處於早期階段，這些成本不包括與 CMS 的計劃分離相關的費用。

Our adjusted operating profit to net revenue was 10.4%, up 20 basis points year-over-year. I'll discuss the underlying dynamics during the review by reporting segment.

我們調整後的營業利潤占淨收入的比例為 10.4%，同比增長 20 個基點。我將在報告部分的審查期間討論潛在的動態。

GAAP EPS from continuing operations was $1.70 per share and included a $0.20 -- $0.26 impact related to the amortization charge of acquired intangibles; a $0.06 noncash impairment charge related to reducing our real estate footprint; $0.03 from transaction, restructuring and other related costs; and a $0.25 adjustment to align to our projected annual normalized adjusted tax rate as a result of a large FIN 48 reserve release.

持續經營業務的 GAAP 每股收益為 1.70 美元，其中包括與收購的無形資產攤銷費用相關的 0.20 至 0.26 美元的影響；與減少我們的房地產足跡相關的 0.06 美元非現金減值費用；交易、重組和其他相關費用 0.03 美元；由於大量 FIN 48 儲備釋放，我們進行了 0.25 美元的調整，以與我們預計的年度標準化調整稅率保持一致。

Excluding these items, first quarter adjusted EPS was $1.81, up 5% year-over-year. As we look ahead to our full year forecast, Bob will provide an overview of our narrowed guidance range later in his prepared remarks. We also note that our Q3 EPS is expected to be relatively flat sequentially to Q2.

排除這些項目，第一季度調整後每股收益為 1.81 美元，同比增長 5%。在我們展望全年預測時，鮑勃將在稍後的準備好的評論中概述我們縮小的指導範圍。我們還注意到，我們的第三季度每股收益預計將與第二季度持平。

I would like to highlight that the fiscal year 2022 third quarter adjusted results benefited from a onetime $0.10 gain on an equity investment. Q2 adjusted EBITDA was $358 million and was up 5% year-over-year, representing 10.4% of net revenue.

我想強調的是，2022 財年第三季度調整後的業績受益於股權投資的一次性 0.10 美元收益。第二季度調整後的 EBITDA 為 3.58 億美元，同比增長 5%，占淨收入的 10.4%。

Finally, backlog was up 4% year-over-year and 5% on a constant currency basis. The revenue book-to-bill ratio was 1.2x with our gross margin in backlog, again, improving year-over-year.

最後，積壓訂單同比增長 4%，按固定匯率計算增長 5%。收入訂單出貨比為 1.2 倍，我們的積壓毛利率再次同比提高。

Regarding our LOB performance, let's turn to Slide 11 for Q2. Our results in the quarter continue to demonstrate the strength of our portfolio and end market resiliency, enabling us to deliver strong, consistent OP growth.

關於我們的 LOB 性能，讓我們轉到第二季度的幻燈片 11。我們在本季度的業績繼續證明我們產品組合的實力和終端市場的彈性，使我們能夠實現強勁、一致的 OP 增長。

People & Places Solutions continues to drive our momentum. Overall, P&PS delivered strong revenue and operating profit results driven by an alignment to the secular growth trends and legislative drivers previously highlighted.

People & Places Solutions 繼續推動我們的發展勢頭。總體而言，P&PS 在與長期增長趨勢和先前強調的立法驅動因素保持一致的推動下，實現了強勁的收入和營業利潤結果。

Q2 net revenue was up 7% year-over-year and up 10% in constant currency. Growth was consistently strong across almost all business units, although Europe continues to see some pressure. Backlog grew 4% year-over-year behind a book-to-bill of 1.1x.

第二季度淨收入同比增長 7%，按固定匯率計算增長 10%。幾乎所有業務部門的增長都持續強勁，儘管歐洲繼續面臨一些壓力。積壓訂單同比增長 4%，訂單出貨比為 1.1 倍。

Gross margin in backlog was up nearly double digits in constant currency. Q2 operating profit was up 21% and 25% in constant currency, driven by strong growth and G&A control. Operating profit as a percentage of net revenue was 13.5%, up over 150 basis points year-over-year, again, driven by solid revenue growth and continued cost discipline.

按固定匯率計算，積壓業務的毛利率增長了近兩位數。在強勁增長和 G&A 控制的推動下，第二季度營業利潤按固定匯率計算分別增長 21% 和 25%。營業利潤占淨收入的百分比為 13.5%，同比增長超過 150 個基點，再次受到穩健的收入增長和持續的成本控制的推動。

We continue to expect year-over-year improvement in People & Places operating profit margin resulting in strong double-digit growth in full year operating profit.

我們繼續預計 People & Places 營業利潤率將同比提高，從而導致全年營業利潤實現兩位數的強勁增長。

Our Advanced Facilities unit, which benefits from the investments in the life sciences, semiconductor and electric vehicle supply chains posted another quarter of double-digit revenue growth. We continue to monitor the macro demand trends across sectors that impact our advanced manufacturing clients and we continue to see robust demand from our life sciences clients, which comprise approximately 2/3 of this business.

我們的先進設施部門受益於對生命科學、半導體和電動汽車供應鏈的投資，其收入又實現了四分之一的兩位數增長。我們繼續監測影響我們先進製造客戶的各個行業的宏觀需求趨勢，我們繼續看到我們生命科學客戶的強勁需求，這些客戶約佔該業務的 2/3。

In semiconductors, the evolving macro backdrop has led some smaller clients to evaluate project timing, but we remain confident in the long duration opportunity ahead for Jacobs.

在半導體領域，不斷變化的宏觀背景導致一些較小的客戶評估項目時間，但我們對 Jacobs 未來的長期機會充滿信心。

Our backlog and sales pipeline remains robust across a diverse set of customers. And as a result, we continue to expect our Advanced Facilities growth rate to persist against a very strong year ago comparisons.

我們的積壓訂單和銷售渠道在不同的客戶群中保持強勁。因此，我們繼續預計我們的先進設施增長率將與去年同期相比保持強勁增長。

Our People & Places Americas unit reported record Q2 profit with 30% year-over-year growth as our high-quality backlog begins to convert to revenue at improving incremental margins. We remain enthusiastic about our growth opportunities as backlog and sales pipelines remain robust as we compare to stronger year ago comparisons.

我們的 People & Places Americas 部門報告了創紀錄的第二季度利潤，同比增長 30%，因為我們的高質量積壓訂單開始轉化為收入，提高了增量利潤率。我們仍然對我們的增長機會充滿熱情，因為與去年同期相比，積壓訂單和銷售渠道仍然強勁。

In particular, our water sales pipeline of opportunities continues to shine, up double digits. Our international business Q2 revenue and operating profit were up single digits year-over-year. Asia Pacific and the Middle East continues to grow, driven by strong pipelines in transportation, cities and places and energy transition.

特別是，我們的水銷售機會繼續閃耀，增長了兩位數。我們的國際業務第二季度收入和營業利潤同比增長個位數。在交通、城市和地方以及能源轉型方面強大的管道的推動下，亞太和中東地區繼續增長。

Moving to Critical Mission Solutions. CMS benefits from highly recurring multiyear contracts that require limited overhead support. The business is aligned to space exploration, national security, nuclear remediation priorities and U.S. 5G telecom investments. Q2 revenue was up 5% year-over-year and up 7% in constant currency.

轉向關鍵任務解決方案。 CMS 受益於經常性的多年期合同，這些合同需要有限的管理費用支持。該業務與太空探索、國家安全、核修復優先事項和美國 5G 電信投資保持一致。第二季度收入同比增長 5%，按固定匯率計算增長 7%。

CMS book-to-bill was just over 1.4x benefiting from the Kennedy award that we previously disclosed. As a result, backlog is up 8% year-over-year. The sales pipeline also remains strong with $30 billion in new opportunities that we are pursuing. In addition, we are awaiting award on $10 billion in new business opportunities that are in the end gain select process.

受益於我們之前披露的肯尼迪獎，CMS 的訂單出貨比剛剛超過 1.4 倍。因此，積壓訂單同比增長 8%。銷售管道也保持強勁，我們正在尋求 300 億美元的新機會。此外，我們正在等待最終獲得選擇過程中的 100 億美元新商機的獎勵。

CMS gross profit margins improved sequentially due to mix. CMS operating profit and OP margin were both up sequentially from Q1 consistent with our previous guidance, but down slightly versus the very strong year ago quarter. We expect operating margins to improve in the second half of fiscal 2023, with full year CMS margins expected to approach 8% on a full year basis as we convert on an IDIQ pipeline of higher-margin opportunities.

由於產品組合，康哲藥業的毛利率環比有所改善。 CMS 營業利潤和 OP 利潤率均較第一季度有所上升，與我們之前的指引一致，但與去年同期非常強勁的季度相比略有下降。我們預計 2023 財年下半年的營業利潤率將有所提高，隨著我們轉向 IDIQ 渠道的更高利潤率機會，全年 CMS 利潤率預計將接近 8%。

Moving to Divergent Solutions. Net revenue declined 3% year-over-year as we focus on quality growth opportunities that will translate into higher margins. We continue to expect net revenue growth to accelerate in the second half of our fiscal year as we start to see growth from our investments in sales, data solutions and technology offerings.

轉向不同的解決方案。由於我們專注於將轉化為更高利潤率的優質增長機會，因此淨收入同比下降 3%。我們繼續預計本財年下半年淨收入增長將加速，因為我們開始看到我們對銷售、數據解決方案和技術產品的投資有所增長。

Operating profit for the -- operating profit margin for the quarter was above our corporate average at 11.1%. During the quarter, we recognized a large license sale, which expanded the margin by more than 300 basis points. Sales of these types of solutions are now a longer-term financial benefit of our Divergent Solutions strategy and a core offering of the reporting unit, although deals of this side should not be expected to recur every quarter.

本季度的營業利潤——營業利潤率高於我們公司的平均水平 11.1%。本季度，我們確認了一項大規模的許可銷售，將利潤率擴大了 300 多個基點。這些類型的解決方案的銷售現在是我們 Divergent Solutions 戰略的長期財務收益，也是報告部門的核心產品，儘管這方面的交易不應期望每個季度都會發生。

Even excluding the benefits of the license sale, the underlying margin momentum seen in Q2 continued to improve sequentially from our previous guidance. As a result, we expect Divergent's quarterly margins to approach 10% as we near the end of the fiscal year as scale begins to further mitigate the impact of the continued investments for growth.

即使排除許可銷售的好處，第二季度的潛在利潤率勢頭也比我們之前的指引繼續改善。因此，隨著規模開始進一步減輕持續投資對增長的影響，我們預計隨著財政年度接近尾聲，Divergent 的季度利潤率將接近 10%。

Turning to PA Consulting. Revenue from PA was up 1% year-over-year in U.S. dollars, but up over 11% in local currency. PA once again reported a book-to-bill over 1x. We continue to expect revenue growth in British pounds to remain near or above 10% during the second half of fiscal 2023.

轉向 PA 諮詢。 PA 的收入以美元計算同比增長 1%，但以當地貨幣計算增長超過 11%。 PA 再次報告訂單出貨比超過 1 倍。我們繼續預計 2023 財年下半年以英鎊計算的收入增長將保持在 10% 左右或以上。

Turning to profitability. Q2 operating profit margin for PA was 21.8%, up 370 basis points sequentially due to fixed price milestone achievements and lower incentive costs. As PA continues to take actions to improve utilization, we expect OP margins to be around 20% in the back half, relatively close to their year-to-date OP margin performance.

轉向盈利能力。 PA 的第二季度營業利潤率為 21.8%，環比上升 370 個基點，這歸功於固定價格的里程碑成就和較低的激勵成本。隨著 PA 繼續採取行動提高利用率，我們預計下半年運營利潤率將達到 20% 左右，相對接近年初至今的運營利潤率表現。

Our unallocated corporate costs were $60 million in Q2, an increase over our previous run rate estimate, driven by inflationary pressure in health care and digital investments. For the full year, we now expect our quarterly run rate for the balance of the year and unallocated corporate costs to be in line with our Q2 level, driven by inflationary pressure in health care costs and incentive costs.

我們在第二季度的未分配企業成本為 6000 萬美元，高於我們之前的運行率估計，這是受醫療保健和數字投資的通脹壓力推動的。對於全年，我們現在預計我們今年剩餘時間的季度運行率和未分配的公司成本將與我們的第二季度水平保持一致，這是由醫療保健成本和激勵成本的通脹壓力推動的。

Turning to Slide 12 to discuss our cash flow and balance sheet. We posted another strong quarter of cash flow generation, which is indicative of the quality of earnings power and cash conversion capabilities.

轉到幻燈片 12 討論我們的現金流量和資產負債表。我們發布了另一個強勁的現金流產生季度，這表明盈利能力和現金轉換能力的質量。

Free cash flow was $97 million, resulting in approximately 100% conversion of net income into free cash flow for the first half of fiscal year 2023. As a result, we are well positioned to deliver our anticipated 100% reported and adjusted cash flow conversion targets for the full year.

自由現金流為 9700 萬美元，導致 2023 財年上半年的淨收入約 100% 轉換為自由現金流。因此，我們有能力實現預期的 100% 報告和調整後的現金流轉換目標全年。

Regarding the deployment of our free cash flow, we will remain agile and opportunistic in repurchasing shares.

關於自由現金流的部署，我們將在回購股票時保持敏捷和機會主義。

We ended the quarter with cash of $1.2 billion and a gross debt of $3.5 billion resulting in just over $2.2 billion of net debt. Our Q2 net debt to 2023 expected adjusted EBITDA of approximately 1.4x is a clear indication of the continued strength of our balance sheet.

我們在本季度結束時擁有 12 億美元的現金和 35 億美元的總債務，導致淨債務剛剛超過 22 億美元。我們到 2023 年的第二季度淨債務預計調整後 EBITDA 約為 1.4 倍，這清楚地表明我們的資產負債表持續強勁。

We remain committed to maintaining an investment-grade credit profile. As of the end of Q2, approximately 60% of our debt is tied to floating rate debt, and our weighted average interest rate was 4.8%. In February, Jacobs completed the refinancing of existing debt and Jacobs' inaugural issuance of a $500 million sustainability-linked bond. The bond was priced at a competitive fixed rate and includes a KPI aligned with Jacobs' commitment to increase gender diversity and leadership positions and to substantially reduce our greenhouse gas emissions. For your benefit, in the appendix of this presentation, we have included additional detail related to our debt maturities, interest rate derivatives and quarterly interest expense. Finally, given our strong balance sheet and free cash flow, we remain committed to our quarterly dividend, which increased 13% year-over-year and which will be paid on June 23.

我們仍然致力於維持投資級信用狀況。截至第二季度末，我們大約 60% 的債務與浮動利率債務掛鉤，我們的加權平均利率為 4.8%。 2 月，Jacobs 完成了現有債務的再融資和 Jacobs 首次發行 5 億美元的可持續發展相關債券。該債券以具有競爭力的固定利率定價，包括與 Jacobs 提高性別多樣性和領導地位以及大幅減少溫室氣體排放的承諾相一致的 KPI。為了您的利益，在本演示文稿的附錄中，我們包含了與我們的債務期限、利率衍生品和季度利息支出相關的更多詳細信息。最後，鑑於我們強勁的資產負債表和自由現金流，我們仍然致力於派發季度股息，股息同比增長 13%，將於 6 月 23 日支付。

With that, I'll now turn the call back over to Bob.

有了這個，我現在將把電話轉回給鮑勃。

Thank you, Kevin. Turning to Slide 13. Due to our continued momentum across our business, we feel confident in our ability to reach our previously stated objectives and narrow our outlook for FY '23 adjusted EBITDA to a range of $1.42 billion to $1.47 billion and adjusted EPS to $7.25 to $7.45.

謝謝你，凱文。轉到幻燈片 13。由於我們整個業務的持續發展勢頭，我們對實現先前設定的目標以及將 23 財年調整後 EBITDA 的前景縮小至 14.2 億美元至 14.7 億美元並將調整後的每股收益調整至 7.25 美元充滿信心。到 7.45 美元。

Finally, with today's announcement, we are reinforcing our continuous commitment to take proactive actions to create greater shareholder value as well as strategic and value-creating benefits for both future companies and their respective stakeholders.

最後，通過今天的公告，我們重申了我們的持續承諾，即採取積極行動為未來的公司及其各自的利益相關者創造更大的股東價值以及戰略和價值創造利益。

Operator, we will now open the call for questions.

接線員，我們現在將打開問題電話。

(Operator Instructions) We'll take our first question this morning from Jamie Cook of Credit Suisse.

（操作員說明）今天早上我們將從瑞士信貸的傑米庫克那裡回答我們的第一個問題。

Congratulations on a nice quarter. I guess my first question is just sort of related to the spin. Can you just sort of help us talk through your decision to spin versus sell the asset and/or any sort of dissynergies associated with spinning the CMS business? And then I have a follow-up question after that.

祝賀一個不錯的季度。我想我的第一個問題只是與旋轉有關。你能幫我們談談你決定分拆還是出售資產和/或與分拆 CMS 業務相關的任何類型的不協調嗎？然後我有一個後續問題。

Okay. So maybe I'll start off and then, Kevin, I'll turn it over to you. With regards to the second part first, Jamie, we do not see dissynergies with the spin. On the spin, specifically, we were looking for the most optimal tax-free benefit for our shareholders as well as our confidence in the business that it has the credibility and the horsepower to operate successfully as an independent entity.

好的。所以也許我會開始，然後，凱文，我會把它交給你。關於第二部分，傑米，我們沒有看到與旋轉的不協調。具體而言，我們正在為我們的股東尋找最佳的免稅利益，以及我們對企業的信心，即它具有作為獨立實體成功運營的信譽和能力。

So those were kind of the drivers we're looking to obviously maximize shareholder value. Kevin, anything you want to add?

因此，這些是我們顯然希望最大化股東價值的驅動因素。凱文，你有什麼要補充的嗎？

Yes. Look, I think we've evaluated all alternatives. And at the end of the day, given the facts and circumstances that Bob has highlighted, we're excited about the announcement of the spin. But as circumstances change or anything comes to light, we would certainly have to consider that because we are interested in maximizing shareholder value.

是的。看，我認為我們已經評估了所有備選方案。歸根結底，鑑於鮑勃強調的事實和情況，我們對宣布旋轉感到興奮。但隨著情況的變化或任何事情的曝光，我們當然必須考慮這一點，因為我們有興趣最大化股東價值。

And then I guess just my other just sort of -- now that we're sort of splitting the businesses, is there any way you could sort of frame how you think about longer-term or medium-term organic growth or margin targets associated with the different businesses as they sit today?

然後我想我的另一個只是 - 既然我們正在拆分業務，有沒有什麼方法可以讓你對長期或中期的有機增長或與他們今天坐的不同企業？

Yes. Maybe I'll answer the first part and then you talk about margin targets, Kevin. So as far as our growth expectations for the business, they're very strong and in line with what we articulated in our '22 strategy for the segment reporting.

是的。也許我會回答第一部分，然後你談談保證金目標，凱文。因此，就我們對業務的增長預期而言，它們非常強勁，並且符合我們在'22 分部報告戰略中所闡明的內容。

So we feel that pipeline as well as the opportunities in front of us with the platform that we have, look very, very bright for the RemainCo post spin. Kevin, you want to add anything?

因此，我們覺得管道以及我們擁有的平台擺在我們面前的機會，對於 RemainCo 後旋轉來說看起來非常非常光明。凱文，你想補充什麼嗎？

Yes. Look, as we talked in the prepared remarks, as we look at the 2 businesses and we talk about 2022 kind of pro forma, if we had done something, we had a 12% margin for the People & Places business operating profit margin and about 8% for CMS.

是的。看，正如我們在準備好的評論中所說的那樣，當我們審視這 2 項業務時，我們談論 2022 年的備考，如果我們做了一些事情，我們的 People & Places 業務營業利潤率為 12%，大約CMS 為 8%。

We think that our spin will ultimately allow the 2 incremental individual companies to focus on their respective opportunities and in a manner that allows for, if anything, an acceleration in growth. I do would like to say that in the event that the spin is able to be executed, we are -- we do realize that there will be some incremental CMS public company costs that would have to be incurred, but we will think we'll be able to offset and then [sum] with our opportunities to streamline our 2 organizations.

我們認為，我們的分拆最終將使這兩家增量公司能夠專注於各自的機會，並以一種允許（如果有的話）加速增長的方式。我確實想說的是，如果能夠執行分拆，我們確實意識到 CMS 上市公司將不得不承擔一些增量成本，但我們認為我們會能夠抵消然後[求和]我們精簡我們兩個組織的機會。

We go next now to Andy Kaplowitz at Citi.

接下來我們去花旗銀行的 Andy Kaplowitz。

Congrats on the announcement. So backlog continues to rise in P&PS. Obviously, there are some cross currents given concerns around private spend, but state and local governments, I think, continue to spend and you've talked about funding ramping from the fiscal bill.

祝賀公告。因此，P&PS 的積壓繼續增加。顯然，考慮到對私人支出的擔憂，存在一些分歧，但我認為州和地方政府會繼續支出，而且你已經談到財政法案中的資金增加。

So do you see backlog growth continuing there sequentially over time? And can you sustain that 10% year-over-year constant currency growth that you have in the segment?

那麼，您是否看到隨著時間的推移，積壓訂單繼續按順序增長？您能否維持該細分市場中 10% 的同比穩定貨幣增長？

Let me answer the backlog growth. Right now, the way our pipeline is lining up, Andy, the answer is yes. We do see consistent opportunity to increase our backlog and grow the business.

讓我回答積壓增長。現在，我們的管道正在排隊，安迪，答案是肯定的。我們確實看到了增加積壓和發展業務的持續機會。

Part of the 10% constant currency growth on the top line, I think that's going to be dependent on the phasing of the jobs, how these jobs come out, especially on the infrastructure side as well as in our private sector business. Those early phases of the job tend to be more study and higher-end consulting work. And then as we move through subsequent phases, kind of where the larger revenue opportunities are. So I wouldn't want to go and say that that's going to be a consistent quarterly topic, but definitely a target if you were to aggregate over a period of time.

收入 10% 的持續貨幣增長的一部分，我認為這將取決於工作的分階段，這些工作如何出現，特別是在基礎設施方面以及我們的私營部門業務中。這些工作的早期階段往往是更多的學習和更高端的諮詢工作。然後，隨著我們進入後續階段，更大的收入機會就在那裡。所以我不想說這將是一個一致的季度主題，但如果你要在一段時間內匯總，那絕對是一個目標。

And maybe a similar question with CMS. You've got -- you did get a backlog uplift from Kennedy? And I think you mentioned that the pipeline is up double digits. But how are you thinking about backlog and CMS moving forward? What is the risk that that's going to could slow down bookings a bit for a couple of quarters?

也許與 CMS 有類似的問題。你有 - 你確實從肯尼迪那裡得到了積壓的提升？我想你提到管道增長了兩位數。但是您如何看待積壓和 CMS 的發展？這可能會在幾個季度內稍微減緩預訂的風險是什麼？

Actually, we see the backlog potential in CMS being strong. The pipeline of work that we have and not just the rebid, but the new work that's coming down the pike, they provide some real opportunity for us to continue that backlog growth. So we feel confident about that.

實際上，我們看到 CMS 中的積壓潛力很大。我們擁有的工作管道，不僅僅是重新投標，還有即將到來的新工作，它們為我們提供了一些真正的機會來繼續積壓增長。所以我們對此充滿信心。

We go next now to Michael Dudas at Vertical Research Partners.

接下來我們請 Vertical Research Partners 的 Michael Dudas 發言。

So with regard to the spin and -- is there any of the businesses in CMS, I guess you highlighted 5G maybe staying with the business, the automotive side, anything from CMS that may stay with Jacobs and maybe vice versa, given some of the demand for security and issues that have been leveraged from CMS to your customer based on the PP&S side?

所以關於旋轉 - CMS 中是否有任何業務，我猜你強調了 5G 可能留在業務，汽車方面，CMS 的任何東西可能留在 Jacobs，反之亦然，鑑於一些基於 PP&S 方面，從 CMS 到您的客戶的安全需求和問題？

Yes, Michael, just to clarify one point. We didn't -- actually 5G and automotive are a part of the CMS segment, and that's actually what we were reporting today. So I just want to clarify that point. I would say as far as what stays, what goes, we're early in that process. And so to be direct and to provide clarity, it is the CMS segment today.

是的，邁克爾，只是為了澄清一點。我們沒有——實際上 5G 和汽車是 CMS 細分市場的一部分，而這正是我們今天所報告的。所以我只想澄清這一點。我會說，至於留下什麼，留下什麼，我們在這個過程中處於早期階段。因此，為了直接並提供清晰度，它是今天的 CMS 部分。

Got it. But there's -- you're still debating where the things could adjust between now and to set things up -- is that what I understand?

知道了。但是，您仍在爭論從現在到設置事情之間可以調整的地方——這是我的理解嗎？

No, we're not. We're not. And so I just want to provide clarity on that.

沒有，我們沒有。不是。所以我只想澄清一下。

Got it. Terrific. Second question is you've -- it seems like again, the last couple of quarters, your new projects and new contracts in the backlog have come in at better margin rates than prior. I assume you anticipate that going forward in both -- in all the segments. And how do you see the execution of getting that margin from the backlog to the bottom line? Is that something that we can see more acceleration as we maybe track into fiscal year 2024?

知道了。了不起。第二個問題是你 - 似乎在過去幾個季度，你的新項目和積壓的新合同的利潤率比以前更高。我假設您預計在所有細分市場中都會向前發展。您如何看待從積壓訂單中獲得利潤的執行情況？當我們可能追踪到 2024 財年時，我們是否可以看到更多的加速？

Yes. So on the margins themselves, I mean, I think clearly, it's been a part of our strategy for not just '22 but '19 as well. We are in -- we continue to going up the value chain for our clients. And as we do that and we're getting more into the higher-end consultancy work, we're seeing the incremental effect on our booked margin. As far as how that's dropping into the bottom line, I think 2 parts, Michael, that you're highlighting.

是的。因此，就利潤本身而言，我的意思是，我清楚地認為，這不僅是我們 22 年戰略的一部分，也是 19 年戰略的一部分。我們正在——我們繼續為我們的客戶提升價值鏈。當我們這樣做時，我們將更多地投入到高端諮詢工作中，我們看到了對我們預訂利潤率的增量影響。至於這是如何影響底線的，邁克爾，我認為你強調了 2 個部分。

One is that kind of excellence in project delivery, which has been a part of our DNA for decades, that continues to be high on our list on delivering not only to our clients' expectation, but within our financial expectation as we're booking these shops.

一是卓越的項目交付，這幾十年來一直是我們 DNA 的一部分，在我們預訂這些項目時，它不僅滿足客戶的期望，而且在我們的財務預期之內，仍然名列前茅商店。

As far as the last part of your question on the timing of that dropping to the bottom line, we're seeing a nice pace in the marketplace. And this kind of goes to all segments of our business. After a period of time, I think, in the beginning of Q1 and maybe in the back half of last year, that was having an effect on our top line and some of our actuals to forecast, that is reconciled back and hence the performance this quarter. And so all indications that we're getting from our clients is that's going to continue.

至於你問題的最後一部分關於下降到底線的時間，我們看到市場上的步伐很好。這種情況適用於我們業務的所有部門。一段時間後，我認為，在第一季度初，也許在去年下半年，這對我們的收入和我們預測的一些實際情況產生了影響，這些都被調和回來了，因此這一次的表現四分之一。因此，我們從客戶那裡得到的所有跡象表明，這種情況將繼續下去。

We'll go next now to Sean Eastman of KeyBanc Capital Markets.

接下來我們將請到 KeyBanc Capital Markets 的 Sean Eastman。

First one is kind of high level. Just rewinding to the Strategy Day from last year, we kind of got a vibe from that update that you guys were kind of embarking on a deeper integration of the business units with the Divergent Solutions segment kind of being a bridge. And today, we're kind of talking about a more exciting outlook as separate entities. So I'm just curious what changed there. I hope that's a fair question.

第一個是高水平。回到去年的戰略日，我們從這次更新中得到了一種感覺，你們正在著手將業務部門與 Divergent Solutions 部門進行更深入的整合，就像一座橋樑。而今天，我們正在談論作為獨立實體的更令人興奮的前景。所以我很好奇那裡發生了什麼變化。我希望這是一個公平的問題。

Yes, Sean, we're constantly looking at our portfolio and doing an evaluation on how we're executing externally with our clients and the effect that, that is having on advancing our strategy.

是的，肖恩，我們一直在研究我們的投資組合，並對我們如何與客戶進行外部執行以及對推進我們戰略的影響進行評估。

So is it -- to reflect back on what we -- where we were before, I don't think we're doing anything that's different from what we articulated in our strategy. And so we feel confident in the decision that we made today.

回顧我們之前的情況，我認為我們正在做的事情與我們在戰略中闡明的內容沒有什麼不同。因此，我們對今天做出的決定充滿信心。

Okay. Understood. And then relative to the Divergent Solutions dynamic between investing in growth and kind of releasing margins. Any update post the review you guys did on how you're balancing those 2 things?

好的。明白了。然後相對於投資增長和釋放利潤之間的 Divergent Solutions 動態。你們對你們如何平衡這兩件事所做的評論有任何更新嗎？

Well, look, I think that we are continuing to invest in what we think is a great opportunity to enable Divergent, actually People & Places and PA to benefit from some of the overall investments being made in digital data capabilities for total Jacobs. And so those investments continue because we believe there is strong rationale for a very large return relative to that.

好吧，看，我認為我們正在繼續投資於我們認為是一個很好的機會，使 Divergent，實際上是 People & Places 和 PA 能夠從對總 Jacobs 的數字數據功能進行的一些整體投資中受益。因此，這些投資仍在繼續，因為我們相信相對於此而言，有充分的理由獲得非常大的回報。

So we're not making any choices relative to those investments. We continue to make them and we're confident in the ability that the scale is growing as it did in the quarter and how we've communicated a sequential growth in terms of the top line, which will translate into a growth leverage factor that translates into margin improvement.

因此，我們不會就這些投資做出任何選擇。我們繼續製造它們，我們對規模像本季度那樣增長的能力以及我們如何傳達收入方面的連續增長充滿信心，這將轉化為增長槓桿因素，從而轉化為提高利潤率。

As we highlighted in our prepared remarks, nothing has changed. We feel good about that. We see visibility forward to be able to do that. So investments continue. And our growth is going to allow for us to get to the margin profile that we've communicated.

正如我們在準備好的評論中強調的那樣，一切都沒有改變。我們對此感覺很好。我們看到了能夠做到這一點的可見性。所以投資還在繼續。我們的增長將使我們能夠達到我們已經傳達的利潤率。

We'll go next now to Bert Subin at Stifel.

接下來我們將去 Stifel 的 Bert Subin。

So your updated earnings guidance range (inaudible) to contemplate maybe a slightly above -- maybe a slightly more tempered growth path in the second half of this fiscal year. Can you just walk us through what you see as the potential positive drivers that could get you a little closer to the high end of $7.45 EPS, and then maybe highlight where your visibility is a little bit weaker?

因此，您更新後的收益指導範圍（聽不清）可能會略高於本財年下半年的增長路徑。您能否向我們介紹一下您認為可能使您更接近每股收益 7.45 美元的高端的潛在積極驅動因素，然後可能強調您的能見度稍弱的地方？

Kevin, why don't you start off from a market standpoint and I'll talk after that.

凱文，你為什麼不從市場的角度出發，之後我再談。

Yes. Look, clearly, as we look going forward, I think there's a couple of things to highlight. Certainly, we've got inflationary pressure on the medical cost. And ultimately, we're going to be able to pass that along to our clients.

是的。很明顯，在我們展望未來的過程中，我認為有幾件事需要強調。當然，我們的醫療費用面臨通脹壓力。最終，我們將能夠將其傳遞給我們的客戶。

But in the short term, certainly, we're seeing some pressure in that. We saw it in the first quarter. First quarter is, as you know, the last year of our medical plan. So we wanted to get a better read on our second quarter, which now is in the next planned year. We continue to see that occurring in Q2.

但在短期內，我們肯定會看到一些壓力。我們在第一季度就看到了。如您所知，第一季度是我們醫療計劃的最後一年。所以我們想更好地了解我們的第二季度，現在是下一個計劃年。我們繼續看到第二季度發生這種情況。

So we're projecting that, that's going to continue through the full year. So assuming that, that didn't happen, that obviously would be a positive. But right now, that's what our expectations are.

所以我們預計，這將持續一整年。因此，假設那沒有發生，那顯然是積極的。但現在，這就是我們的期望。

Our interest rates, obviously, are higher year-over-year. And we think we're at, hopefully, the top end of kind of what the interest rate scenarios are going to look like and that, if anything, we're going to be able to trend down. If that happens, we're not counting on it, but certainly, that would allow for us to be able to have some incremental performance in our EPS figures as well.

顯然，我們的利率同比更高。我們認為，我們希望處於利率情景的頂端，並且，如果有的話，我們將能夠趨於下降。如果發生這種情況，我們不會指望它，但可以肯定的是，這將使我們能夠在我們的 EPS 數據中獲得一些增量性能。

I think the underlying business is actually quite strong. And so absent some of these dynamics, I think putting it into context, we don't really see a situation where our business is slowing.

我認為基礎業務實際上非常強大。因此，如果沒有這些動態，我認為將其放在上下文中，我們並沒有真正看到我們的業務正在放緩的情況。

Well said. Not going to add any comment.

說得好。不打算添加任何評論。

Okay, great. And maybe just a follow-up to the CMS spin announcement, now that you're doing that portfolio rationalization. How should we think about capital allocation maybe over the next 4 quarters? Is the transaction not taking place for another year to maybe more of a conservative view towards M&A and buybacks? Or do you go full steam ahead here now that you have the plan underway.

好的，太好了。也許只是 CMS 分拆公告的後續行動，既然您正在進行投資組合合理化。我們應該如何考慮未來 4 個季度的資本配置？交易是否再過一年才可能對併購和回購持更保守的看法？還是既然您已經制定了計劃，您是否會全速前進？

Go ahead, Kevin. Yes, go ahead.

來吧，凱文。好，去吧。

So look, I think that clearly, we have, in front of us, a lot of execution that is really imperative for us to do well against. Whether that be on our business or it be the actual execution of the spin of CMS.

所以看，我認為很明顯，我們面前有很多執行力，這對我們來說是非常必要的。無論是關於我們的業務還是 CMS 旋轉的實際執行。

So that is clearly job number one. Number two is because of that, certainly, I think there is a relatively high bar right now from a financial, people, gross margin perspective as it relates to actually deploying additional capital in the M&A. Never say never, but we think the bar is pretty high at this particular moment. So having said all of that, there certainly is opportunities to invest back in our shares as appropriate. And I think that you might want to think about that potentially happening over the course of the next several months.

所以這顯然是第一項工作。第二是因為，當然，我認為從財務、人員、毛利率的角度來看，現在有一個相對較高的標準，因為它與在併購中實際部署額外資本有關。永遠不要說永遠，但我們認為在這個特定時刻的門檻很高。因此，綜上所述，當然有機會在適當的時候重新投資我們的股票。而且我認為您可能想要考慮在接下來的幾個月中可能發生的事情。

Yes. Just wanted to add is we really like what we got.

是的。只是想補充一點，我們真的很喜歡我們得到的東西。

We'll go next now to Steven Fisher of UBS.

接下來我們將請瑞銀集團的史蒂文·費舍爾發言。

How should we think about the second half '24 timing for the spin? I think that's within the normal range for these types of transactions. But still seems like it's a bit long dated. Is there any potential to accelerate that if it stays a spin? And what are the factors there? Just curious if the debt ceiling discussions and continuing resolutions and federal budget. Is that all a factor? Or is it more just the internal process?

我們應該如何考慮 24 下半年的旋轉時間？我認為這在這些類型的交易的正常範圍內。但似乎還是有點過時了。如果它保持旋轉，是否有可能加速它？那裡的因素是什麼？只是好奇債務上限討論和持續決議以及聯邦預算。這都是一個因素嗎？還是只是內部流程？

No. Look, it is certainly a process, both internal but also external. So as you may be aware, the process of putting in place a structure and an organization that facilitates an ability on day 1 to execute and manage a publicly traded company is not inconsequential.

不，看，這肯定是一個過程，既有內部的，也有外部的。因此，正如您所知，建立結構和組織以促進在第一天執行和管理上市公司的能力的過程並非無關緊要。

And so we're not going to rush that process. And I think 12 to 18 months is actually a fairly aggressive stance in some respects. So I don't think we're going to be able -- if, in fact, it continues to be oriented around the spin to do much better than that. But of course, we'll do whatever we can to accelerate, for sure.

所以我們不會倉促完成這個過程。而且我認為 12 到 18 個月實際上在某些方面是一個相當激進的立場。所以我不認為我們能夠——事實上，如果它繼續以旋轉為導向來做得比這更好。但是，當然，我們肯定會盡我們所能來加速。

Okay. And then P&PS is going to really be the biggest contributor to profits post spin. So there's going to be a lot of focus on that and particularly the margin. So just looking at the sequential margins this quarter were down in P&PS but up 150 basis points year-over-year. It sounds like you think we should focus on the year-over-year there. But I'm curious about how we should think about mix within P&PS and how might that affect margins on a quarter-to-quarter basis?

好的。然後 P&PS 將真正成為分拆後利潤的最大貢獻者。因此，人們將非常關注這一點，尤其是利潤率。因此，僅看本季度 P&PS 的連續利潤率下降，但同比上升 150 個基點。聽起來你認為我們應該關注那裡的同比增長。但我很好奇我們應該如何考慮 P&PS 中的混合以及這如何影響每季度的利潤率？

Yes, Steve, a couple of things. One is that we were pretty clear last quarter that on the quarter-to-quarter or at least Q1, that had some project incentive releases that were onetime. As far -- so another way of saying we need to really take a look at the year-over-year comparisons. And then the -- for all of us to be aware that we put margin targets out at our Strategy Day. And just to do kind of a midterm report on that, we are actually a year ahead of where we said we were going to be on our margin profile. So that's a -- look at it over the period of time, we're (inaudible) so I hope that clarifies that.

是的，史蒂夫，有幾件事。一個是我們上個季度非常清楚，在每個季度或至少第一季度，有一些項目激勵發布是一次性的。就目前而言——換句話說，我們需要真正看看同比比較。然後——讓我們所有人都意識到我們在戰略日提出了利潤率目標。只是為了做一份中期報告，我們實際上比我們所說的我們將要達到的利潤率提前一年。所以這是 - 在一段時間內看它，我們（聽不清）所以我希望這能澄清這一點。

So one thing just to crystallize and make sure that you caught it correctly. Our margins in CMS Q1...

所以一件事就是要明確並確保你正確地抓住了它。我們在 CMS Q1 的利潤...

No, in P&PS.

不，在 P&PS 中。

Oh, P&PS. I'm sorry. I'm sorry.

哦，P＆PS。對不起。對不起。

And as far as that continuing, Steve, I missed one part of your question. As far as that continuing, we evaluate based on our clients and trends that we're seeing in the marketplace. And as we said in the script, those have been very, very strong in the P&PS world. So we continue to have confidence in our business.

至於繼續，史蒂夫，我錯過了你問題的一部分。就持續而言，我們根據我們在市場上看到的客戶和趨勢進行評估。正如我們在劇本中所說，這些在 P&PS 世界中非常非常強大。因此，我們繼續對我們的業務充滿信心。

We'll go next now to Chad Dillard of Alliance Bernstein.

接下來我們將請 Alliance Bernstein 的查德·迪拉德 (Chad Dillard) 發言。

Just wanted to dig into the spend a little bit more with the, I guess, like the remaining Jacobs business. Can you talk about like what the cash conversion profile looks like? And how you'll think about capital allocation once the spin is done and if there's any potential gaps that need to be filled on the capability side once it's complete.

只是想多花一點錢，我想，就像剩下的 Jacobs 業務一樣。你能談談現金轉換概況是什麼樣的嗎？以及旋轉完成後您將如何考慮資本分配，以及旋轉完成後是否需要在能力方面填補任何潛在差距。

So we're early in our process, Chad. We do know that People & Places and CMS both have good cash flow characteristics. Actually, People & Places has a lower DSO level than the current CMS organization. So we're working through all of that. We'll provide incremental details relative to when we get to that space to really give greater clarity. But I think you're going to see both businesses being robust in terms of their cash flow capabilities longer term.

乍得，我們的流程還很早。我們確實知道 People & Places 和 CMS 都具有良好的現金流特徵。實際上，People & Places 的 DSO 級別低於當前的 CMS 組織。所以我們正在努力解決所有這些問題。我們將提供與何時到達該空間相關的增量詳細信息，以真正提供更大的清晰度。但我認為你會看到這兩家公司的現金流能力在長期內都很強勁。

And Chad, on the second part that you asked about the capabilities, we feel strong that we've got a strong platform -- we feel strongly that we've got a really solid platform today. In areas where we continue to innovate is around our digital platforms and our digital enablement and the partnership that we have with Palantir and with others. That is that's -- those are strong platforms in order to grow without making huge investments. So we're really comfortable where we sit today.

乍得，在你詢問功能的第二部分中，我們強烈認為我們擁有一個強大的平台——我們強烈認為我們今天擁有一個非常可靠的平台。在我們持續創新的領域，圍繞著我們的數字平台和我們的數字支持以及我們與 Palantir 和其他公司的合作夥伴關係。那就是——那些是強大的平台，可以在不進行巨額投資的情況下實現增長。所以我們今天坐的地方真的很舒服。

That's helpful. Then second question on PA with respect to the margin. Now you guys talked about operating margins getting to like the 20% range in the second half. But maybe kind of thinking a little bit longer term, just would like to understand what's the path to bring you back to, I guess, what your target range would be?

這很有幫助。然後是關於利潤率的第二個問題。現在你們談到營業利潤率在下半年達到 20% 的範圍。但也許有點長遠的想法，只是想了解讓你回到的路徑是什麼，我想，你的目標範圍是什麼？

I would say that we're thinking longer term that there's no cap ultimately at the 20% level. So we'll work to continue to drive with the management team and ability to get back to margins that are north of 20% longer term.

我想說的是，從長遠來看，我們正在考慮最終在 20% 的水平上沒有上限。因此，我們將繼續與管理團隊一起努力，並有能力恢復到 20% 以上的長期利潤率。

We'll go next now to Michael Feniger of Bank of America.

下面請美國銀行的 Michael Feniger 發言。

I'm just curious there's obviously a headline. I know someone brought up the government shutdown, but there's also headlines with the House bill potentially trying to repeal the IRA clean energy tax incentives many things that's not likely.

我只是好奇顯然有一個標題。我知道有人提到政府關門，但也有頭條新聞稱眾議院法案可能試圖廢除 IRA 清潔能源稅收激勵措施，很多事情不太可能。

But I'm just curious on the ground through the channel on fieldwork. Are any of these headlines starting to slow project activity? As these headlines pick up does it maybe push some things out to the right in the near term that we should be aware of?

但我只是通過實地考察頻道對實地感到好奇。這些頭條新聞是否開始減緩項目活動？隨著這些頭條新聞的出現，它是否可能在短期內將一些我們應該注意的事情推到正確的位置？

So Michael, the short answer is no. IIJA, that's where we made specific commentary about that in the script, has really started to incrementalize in our business, and we can see it, not only in our pipeline but in our bookings. And it's realizing itself in that was -- it's why we specifically called out P&PS Americas on the 30% year-over-year growth. So we're not seeing that at all.

所以邁克爾，簡短的回答是否定的。 IIJA，這是我們在腳本中對此做出具體評論的地方，已經真正開始在我們的業務中增加，我們可以看到它，不僅在我們的管道中，而且在我們的預訂中。它意識到自己是——這就是為什麼我們特別提到 P&PS Americas 的 30% 同比增長。所以我們根本沒有看到。

And just one other -- just a clarifying point on IIJA, it's a law, right? So as far as it being repealed, there would have to be significant -- there have to be a new law. And so we feel confident about that.

還有一個——只是關於 IIJA 的一個澄清點，這是一項法律，對吧？因此，就廢除它而言，必須有重大意義——必須有一部新法律。所以我們對此充滿信心。

On some of these other items, those were actually in the early stages, and we had not even -- we had not seen the effects of those in our pipeline or in our work. So the fact that there's a debate about those now, it's not really having that material effect on the business.

在其他一些項目上，這些項目實際上處於早期階段，我們甚至還沒有——我們還沒有在我們的管道或工作中看到這些項目的影響。因此，現在就這些問題進行辯論的事實並沒有真正對業務產生實質性影響。

Good to know. And just lastly, there was a comment about Europe. It seems like there's some mixed signals, some positives and negatives. What are you kind of seeing in Europe when we think of like the PA and the P&PS business?

很高興知道。最後，有關於歐洲的評論。似乎有一些混合信號，一些積極的和消極的。當我們想到 PA 和 P&PS 業務時，您在歐洲看到了什麼？

Yes. Interesting, I kind of separated between PA and P&PS. Our PA business in the U.K. specifically is actually growing, and it's been really, really strong. And that's kind of a testament to no different than Jacobs historically, real strong capabilities in those areas of global priorities and national priorities, and it's around the defense sector that PA has a strong relationship with MOD as well as in energy and utilities, which, in fact, is turning into a security issue in broader Europe. So that's really driving the PA business.

是的。有趣的是，我把 PA 和 P&PS 分開了。我們在英國的 PA 業務實際上正在增長，而且非常非常強勁。這在某種程度上證明了與 Jacobs 在歷史上沒有什麼不同，在全球優先事項和國家優先事項的那些領域具有真正強大的能力，而且在國防部門周圍，PA 與 MOD 以及能源和公用事業有著密切的關係，其中，事實上，它正在變成更廣泛歐洲的安全問題。所以這真的推動了 PA 業務。

What's driving the PA and the P&PS business is the energy security issue in the broader Continental Europe as well as in Scandinavia. And I'll give you just one statistic. A year ago, 2 years ago, of our U.K. platform, which you know is really, really strong, about 90% of our folks that were based in the U.K., worked in the U.K. business. Today, that's about 60-40 is where we have our talent from the U.K. working on programs and projects and engagements all throughout Europe as well as globally. And that goes into -- Kevin and I have been really vocal about that over the course of the last 3 or 4 years about tying that global talent. So it doesn't totally dampen the effect of some of the economic headwinds in Europe, but our diversity is helping in that front.

推動 PA 和 P&PS 業務的是更廣泛的歐洲大陸和斯堪的納維亞半島的能源安全問題。我只會給你一個統計數據。一年前，2 年前，我們的英國平台，你知道它真的非常強大，大約 90% 的英國人在英國工作。今天，大約有 60-40 人是我們來自英國的人才在整個歐洲乃至全球從事計劃、項目和參與的地方。在過去的 3 或 4 年裡，凱文和我一直在直言不諱地談論捆綁全球人才的問題。因此，它並沒有完全抑制歐洲一些經濟逆風的影響，但我們的多樣性在這方面有所幫助。

We go next now to Gautam Khanna at Cowen.

接下來我們去 Cowen 的 Gautam Khanna。

Yes. Congrats, Kevin and Claudia. I just wanted to go back to -- I think it was the first question in the Q&A on any sort of dissynergies and I don't mean quantitative necessarily, but are there any linkages that CMS and PA or CMS and P&PS were able to just be more competitive on bids because you could bid the broader qualifications of the entire enterprise that might be lost and I was also thinking just when PA was acquired, I thought one of the thrusts was to bring them outside of the U.K., which you just talked about, but into the U.S. and into some of the government customers. And does that potential opportunity may be look less optimistic if CMS is not under the same roof?

是的。恭喜，凱文和克勞迪婭。我只是想回到——我認為這是問答中關於任何類型的不協調的第一個問題，我並不是說一定是定量的，但是 CMS 和 PA 或 CMS 和 P&PS 是否能夠建立任何联系在投標上更具競爭力，因為你可以投標整個企業的更廣泛的資格，這可能會丟失，我也在想，就在收購 PA 的時候，我認為其中一個重點是將他們帶到英國之外，你剛才談到了這一點大約，但進入美國並進入一些政府客戶。如果 CMS 不在同一個屋簷下，這個潛在的機會會不會看起來不那麼樂觀？

Yes. So Gautam, it's Bob. One of the things that -- we looked at this really, really hard. And as far as the dissynergies go, we feel pretty confident that, that's not going to be of any materiality at all.

是的。高塔姆，是鮑勃。其中一件事 - 我們真的非常努力地看待這個問題。就不協調而言，我們非常有信心，這根本不會有任何實質性意義。

Now that said, similar to what we've done in the past, our relationship post spin with CMS is going to continue to be very strong. And so our ability to work together, collaborate and partner for the benefit of our client is going to continue to be there. So that's always going to be there.

話雖如此，與我們過去所做的類似，我們與 CMS 的合作關係將繼續保持牢固。因此，我們為了客戶的利益而共同努力、協作和合作的能力將繼續存在。所以它會一直存在。

In fact, we've demonstrated that in our history with a previous divestiture that we did and that relationship continues to this date to be very, very strong. On the PA outside of the U.K., really that entrance into the U.S., which we're in real time and having success on was around the private sector in the U.S., not the government sector and more specifically around energy and utilities and health and life sciences.

事實上，我們已經證明，在我們之前的資產剝離歷史中，我們的關係一直持續到今天，非常非常牢固。在英國以外的巴勒斯坦權力機構，真正進入美國的入口，我們實時並取得成功是圍繞美國的私營部門，而不是政府部門，更具體地說是圍繞能源和公用事業以及健康和生活科學。

And those opportunities have continued. In fact, today, in the U.S., we have probably 50 active pursuits with a lot of cases, bids in play with PA, and we're feeling really confident about that.

這些機會一直在繼續。事實上，今天，在美國，我們可能有 50 個積極的追求，有很多案例，與 PA 一起出價，我們對此感到非常有信心。

And if I might follow up just on the decision to spin versus an outright sale, can you talk a little bit about what the tax basis of CMS would be because presumably, when you announce something like this that potential suitors would also be interested, I would imagine. So what is the tax basis of the enterprise CMS?

如果我可以跟進關於分拆與直接出售的決定，你能談談 CMS 的稅基是什麼嗎，因為據推測，當你宣布這樣的事情時，潛在的追求者也會感興趣，我會想像。那麼企業CMS的計稅依據是什麼？

So we've evaluated all the opportunities. And depending upon if you were to do some type of other structure, we'll ultimately determine what the tax basis is. But clearly, if we did some type of other transaction, there would be some tax implications that would occur.

所以我們評估了所有的機會。並且取決於您是否要進行某種類型的其他結構，我們將最終確定稅基是什麼。但顯然，如果我們進行某種類型的其他交易，將會產生一些稅收影響。

So the fact that we've centered around executing against spin is a tax-efficient way of addressing the opportunity to create 2 separate, very strong companies. And so look, I think that's how we're executing. That's our plan at this particular point in time. It takes a little bit of time given some of the discussions that we've had in the past.

因此，我們以執行反對旋轉為中心的事實是一種節稅的方式，可以解決創建 2 個獨立的、非常強大的公司的機會。所以看，我認為這就是我們的執行方式。這是我們在這個特定時間點的計劃。考慮到我們過去進行的一些討論，這需要一點時間。

But that's one of the reasons that we consider the spin to be a highly attractive option. But as we go through the process and determine if we get any additional facts or circumstances that could change that, we'll consider that because we are ultimately interested in ensuring that we maximize shareholder value.

但這是我們認為旋轉是一個極具吸引力的選擇的原因之一。但當我們完成整個過程並確定我們是否獲得任何可能改變這一點的額外事實或情況時，我們會考慮這一點，因為我們最終有興趣確保我們最大化股東價值。

And we'll take our final question this morning from Andy Wittmann of Baird.

今天早上我們將從 Baird 的 Andy Wittmann 那裡回答我們的最後一個問題。

So I was going to ask here on some of the capitalization, I guess, of NewCo and some of the cash costs to spin off. So could you, Kevin, comment on what you think a realistic range for cash cost to effectuate the spin would be as well as your thoughts on where the debt would sit? I would guess that you'd keep them ratable or similar leverage based on the relative EBITDA.

所以我想在這裡詢問 NewCo 的一些資本化和一些分拆的現金成本。那麼，凱文，你能否評論一下你認為實現分拆的現金成本的現實範圍以及你對債務位置的想法？我猜你會根據相對的 EBITDA 來保持它們的評級或類似的槓桿作用。

But I guess from a practical standpoint, I guess, NewCo probably gets spun out with no debt and then would borrow and then pay like a cash dividend back to RemainCo to achieve the capitalization. So kind of a lot in here, but I guess there's another aspect to it, which is as you're ranging new debt in today's debt markets, what's the net impact on interest expense from having to recapitalize a new company?

但我想，從實際的角度來看，我猜 NewCo 可能會在沒有債務的情況下分拆出來，然後會藉錢，然後像現金股息一樣支付給 RemainCo 以實現資本化。這裡有很多，但我想還有另一個方面，那就是當你在今天的債務市場上發行新債務時，必須對一家新公司進行資本重組對利息支出的淨影響是什麼？

So look, I'll make my first comment in response to your detailed questions is we remain committed to the Jacobs RemainCo that it's going to be investment-grade rating. So I think that gives you a ground post that you can certainly evaluate what the potential options may or may not look like.

所以看，我會針對你的詳細問題發表我的第一條評論，我們仍然致力於 Jacobs RemainCo，它將是投資級評級。因此，我認為這為您提供了一個基礎職位，您當然可以評估潛在選項可能是什麼樣子，也可能不是什麼樣子。

The second thing I would say is we're a little bit too early in the process. We have kept this to a very small group of executives and team members up until this point in time. And now we are -- as we publicly announced, we're going to go through a very detailed, thoughtful, disciplined process that will answer all of these questions.

我要說的第二件事是我們在這個過程中有點太早了。到目前為止，我們一直將此信息保留給一小部分高管和團隊成員。現在我們——正如我們公開宣布的那樣，我們將通過一個非常詳細、深思熟慮、有紀律的流程來回答所有這些問題。

I do think that the way we would characterize the leverage factors, they're going to be appropriate relative to the businesses in which they are. So I think I'll just leave it there, and I think you can interpret what that may or may not mean. But we think ultimately that there is an ability to have a stand-alone organization that will -- that is now CMS, which is going to be -- have an ability to be quite successful longer term and People & Places and PA and Divergent as well as the RemainCo Jacobs.

我確實認為，我們描述槓桿因素的方式，相對於他們所在的企業來說是合適的。所以我想我就把它留在那裡，我想你可以解釋這可能意味著什麼，也可能不會意味著什麼。但我們最終認為，有能力擁有一個獨立的組織——現在是 CMS，這將是——有能力在長期內取得相當成功，而 People & Places 和 PA 以及 Divergent 作為以及 RemainCo Jacobs。

Got it. And then I guess just for my follow-up. I think I heard on your revenue outlook for Divergent that you're expecting good acceleration. Maybe I missed it, but did you have a comment on the second half revenue performance that you're expecting for CMS? I think previously, this business also was expected to see an acceleration. I just wanted to make sure I heard your latest on that one.

知道了。然後我想只是為了我的後續行動。我想我聽說了你們對 Divergent 的收入前景，你們期待良好的加速。也許我錯過了，但您對 CMS 下半年的收入表現有何評論？我認為以前，這項業務也有望加速發展。我只是想確保我聽到了你關於那件事的最新消息。

Well, look, I -- we didn't really comment about CMS, although I think what I would focus on in CMS is really more about the margin, sequential improvement, which we think is really important as we get the business back to that level of 8% for the full year, which is what we characterized. And so perhaps I'll leave it there because we didn't really talk about the CMS numbers. Still growing.

好吧，看，我——我們並沒有真正評論 CMS，儘管我認為我在 CMS 中關注的更多是利潤率、連續改進，我們認為這在我們讓業務恢復到那個水平時非常重要全年 8% 的水平，這就是我們的特點。所以也許我會把它留在那裡，因為我們並沒有真正談論 CMS 數字。仍在增長。

And Mr. Pragada, I'd like to turn things back to you, sir, for any closing comments this morning.

普拉加達先生，先生，今天早上我想把事情轉回給你，徵求任何結束意見。

Yes. Thank you. It's exciting times ahead. We're really looking forward to what the future brings. Thank you, everyone, for joining the call, and we'll be very close to the market as continue -- as things continue to develop and progress. Thank you, everyone.

是的。謝謝。這是激動人心的時刻。我們真的很期待未來會帶來什麼。謝謝大家加入電話會議，隨著事情的不斷發展和進步，我們將非常接近市場。謝謝大家。

Thank you. And ladies and gentlemen, that will conclude the Jacob Solutions Second Quarter 2023 Earnings Call and webcast. We'd like to thank you all so much for joining us and wish you all a great rest of your day. Goodbye.

謝謝。女士們，先生們，Jacob Solutions 2023 年第二季度收益電話會議和網絡直播將結束。非常感謝大家加入我們，祝大家度過愉快的一天。再見。