雅各布工程 (J) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Jacobs' Fiscal Third Quarter 2023 Earnings Call and Webcast. (Operator Instructions) It is now my pleasure to turn today's call over to Mr. Jonathan Evans, Vice President of Corporate Development and Investor Relations. Sir, please go ahead.

女士們先生們，感謝你們的支持。我叫布倫特，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Jacobs 2023 年第三季度財報電話會議和網絡廣播。 （操作員說明） 現在我很高興將今天的電話轉給公司發展和投資者關係副總裁喬納森·埃文斯先生。先生，請繼續。

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. 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.

謝謝。早上好。我們的收益公告和 10-Q 報告已於今天早上提交，我們已在網站上發布了幻燈片演示文稿，我們將在電話會議期間參考。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陳述和非 GAAP 財務指標的信息。

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 recent activities and summarizing highlights from our third 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. And Claudia will provide an overview of separation-related activities.

轉向議程。 Jacobs 首席執行官 Bob Pragada 將在今天的電話會議上發言。和首席財務官凱文·貝里曼。即將上任的首席財務官 Claudia Jaramillo 也加入了我們的行列。鮑勃將首先概述最近的活動並總結我們第三季度業績的亮點。凱文將對我們的財務指標進行更深入的討論，並對我們的資產負債表和現金流進行審查。克勞迪婭將概述與分居相關的活動。

Finally, Bob will provide details on our updated outlook along with closing remarks, and then we'll open up the call for questions. Before I hand it over to Bob, I want to address some reporting changes that were made in the quarter. We consistently review our reporting practices to be aligned with best practices for our industry and SEC guidelines.

最後，鮑勃將提供有關我們最新展望的詳細信息以及結束語，然後我們將開始提問。在將其交給鮑勃之前，我想解決本季度所做的一些報告更改。我們不斷審查我們的報告實踐，以使其與我們行業的最佳實踐和 SEC 指南保持一致。

After review, we have decided to amend our naming convention for revenue, excluding pass-through costs from net revenue to adjusted net rent revenue. Note, this is simply a name change intended to make the non-GAAP nature of this measure more prominent and does not impact measurement.

經過審查，我們決定修改收入的命名約定，將淨收入中的轉嫁成本排除在調整後的淨租金收入之外。請注意，這只是一個名稱更改，旨在使該指標的非 GAAP 性質更加突出，並且不會影響衡量。

In addition, after an internal review, we have made certain minor adjustments to pass-through revenues in certain prior periods to properly reflect amounts that had not been previously included. As a result, in the materials that we have included in the appendix to this presentation, we have adjusted People & Places adjusted net revenue for fiscal 2022 and fiscal 2023. Note, this change has been deemed as immaterial has no impact on our reported earnings, operating income or cash flow.

此外，經過內部審查，我們對之前某些期間的轉嫁收入進行了一些小調整，以正確反映之前未計入的金額。因此，在本演示文稿附錄中包含的材料中，我們調整了2022 財年和2023 財年的人員和地點調整後淨收入。請注意，這一變化被視為無關緊要，對我們報告的收益沒有影響、營業收入或現金流量。

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

有了這個，我會把它交給鮑勃。

Thank you, Jonathan. Good day, everyone, and thank you for joining us today to discuss our third quarter fiscal year 2023 business performance.

謝謝你，喬納森。大家好，感謝您今天加入我們討論我們 2023 財年第三季度的業務表現。

Turning to Slide 4. I'd like to begin by recognizing the continued commitment and extraordinary talent of our 60,000-plus teammates here at Jacobs. I've now been in the CEOC for over 6 months and as I spend time with our clients and our people, I continue to be both inspired and appreciative of the dedication and world-class expertise they bring to some of the world's toughest challenges.

轉向幻燈片 4。首先，我想對 Jacobs 60,000 多名隊友的持續承諾和非凡才華表示認可。我在CEOC 工作已有6 個多月了，當我與我們的客戶和員工共度時光時，我不斷受到啟發並感激他們為應對世界上最嚴峻的挑戰所帶來的奉獻精神和世界一流的專業知識。

Now more than ever, our communities require the brightest and best minds to step forward with innovative and technology-enabled solutions to drive better outcomes. I'm proud of all that we do to play our part to enhance and serve those communities.

現在，我們的社區比以往任何時候都更需要最聰明、最優秀的人才通過創新和技術支持的解決方案向前邁進，以推動更好的成果。我為我們為加強和服務這些社區所做的一切感到自豪。

Firstly, I want to provide an update on our previously announced intent to separate the CMS business before I move on to our third quarter results. The company continues to make significant progress on the activities associated with the intended separation. In addition, following the announcement, there has been positive interest from multiple outside parties. We are currently evaluating this interest consistent with our commitment to maximize shareholder value.

首先，在介紹第三季度業績之前，我想介紹一下我們之前宣布的分離 CMS 業務意圖的最新情況。該公司繼續在與預期分離相關的活動上取得重大進展。此外，公告發布後，多個外部各方也表現出了積極的興趣。我們目前正在評估這一利益是否符合我們最大化股東價值的承諾。

As previously communicated, a spin-off, which is subject to customary conditions, is expected to be completed in fiscal 2024. Let me reiterate, we are laser-focused on maximizing value for all of our stakeholders. As we progress towards the separation of CMS, our teams continue to work tirelessly to stand up both companies for independent success.

正如之前所傳達的，分拆預計將在 2024 財年完成，但須符合慣例條件。讓我重申，我們專注於為所有利益相關者實現價值最大化。隨著 CMS 分離的進展，我們的團隊將繼續不懈地努力，以支持兩家公司獨立取得成功。

In the process, we have identified a number of operational enhancements that we believe will propel each company to greater heights in the future. Consequently, we believe that fiscal year 2024 will be a year of optimization and acceleration.

在此過程中，我們確定了一些運營改進措施，我們相信這些改進措施將推動每家公司在未來達到更高的高度。因此，我們認為2024財年將是優化和加速的一年。

Turning to Slide 5. On optimization, we see significant potential to enhance our cost structure and our operating model to continue to drive efficiencies and lead our industry, not just in size but in profitability. This will unleash a more cohesive Jacobs that leverages our digital platforms, consulting and advisory and global delivery model to accelerate our value-creating growth.

轉向幻燈片 5。在優化方面，我們看到了增強成本結構和運營模式的巨大潛力，以繼續提高效率並引領我們的行業，不僅在規模上，而且在盈利能力上。這將釋放一個更具凝聚力的 Jacobs，利用我們的數字平台、諮詢和諮詢以及全球交付模式來加速我們創造價值的增長。

On acceleration, for many years, we have highlighted investments in growth, in our people, platforms and technology-enabled solutions. We've invested behind and proudly managed a portfolio aligned with secular megatrend, critical infrastructure, water scarcity, sustainability, reshoring and energy transition. Our clients need us now more than ever, and we are delivering.

在加速方面，多年來，我們一直強調對增長、人員、平台和技術支持的解決方案的投資。我們投資並自豪地管理著與長期大趨勢、關鍵基礎設施、水資源短缺、可持續發展、回流和能源轉型相一致的投資組合。我們的客戶現在比以往任何時候都更需要我們，而我們正在交付。

Jacobs is driving higher growth, higher margin, differentiated expertise and solutions. Our addressable market is growing, and we are already capitalizing on these opportunities.

Jacobs 正在推動更高的增長、更高的利潤、差異化的專業知識和解決方案。我們的目標市場正在增長，我們已經在利用這些機會。

Turning to Slide 6 and Q3. I am pleased to report another record quarter as measured by both revenue and operating profit. Notably, our growth is entirely organic. And we continue to drive improving cash conversion, a hallmark of our business model, allowing us to invest behind our growth accelerators, climate response, data solutions and consulting and advisory.

轉到幻燈片 6 和 Q3。我很高興地報告另一個以收入和營業利潤衡量的創紀錄季度。值得注意的是，我們的增長完全是有機的。我們繼續推動改善現金轉換，這是我們商業模式的一個標誌，使我們能夠投資於我們的增長加速器、氣候響應、數據解決方案以及諮詢和諮詢。

Our People & Places line of business delivered accelerating top line growth with adjusted net revenue up 9% year-over-year and operating profit up 13% year-over-year. Kevin will detail the significant growth we're experiencing in our global business units.

我們的人員與地點業務線實現了營收加速增長，調整後淨收入同比增長 9%，營業利潤同比增長 13%。凱文將詳細介紹我們全球業務部門正在經歷的顯著增長。

We continue to see broad-based green shoots with a gross margin backlog growth of 8% year-over-year. Our pipeline continues to grow faster than our top line, which provides visibility and confidence in our expectations that growth will persist at current rates. CMS remains a pillar of stability. CMS Q3 revenue was 7% higher year-over-year, and operating profit increased 12% behind 36 bps of margin expansion.

我們繼續看到基礎廣泛的萌芽，積壓訂單的毛利率同比增長 8%。我們的管道增長速度繼續快於我們的收入增長，這為我們預期增長將持續以目前的速度提供了可見性和信心。 CMS 仍然是穩定的支柱。 CMS 第三季度收入同比增長 7%，營業利潤增長 12%，利潤率擴張 36 個基點。

CMS continued to book awards at an over 70% win rate. its pipeline and growth outlook remained robust with major award prospects in fiscal 2024 and minimal forecasted recompete pursuits. As a result, the Jacobs team is advancing required flight software and hardware testing for the Artemis II missions scheduled for December 2024, the second scheduled flight of the program and notably its first crude mission.

CMS 繼續以超過 70% 的獲獎率獲獎。其管道和增長前景依然強勁，2024 財年的主要獎項前景和預測的重新競爭目標極少。因此，Jacobs 團隊正在推進計劃於 2024 年 12 月執行的 Artemis II 任務所需的飛行軟件和硬件測試，這是該計劃的第二次預定飛行，尤其是其第一次粗略任務。

In early July, an integrated team of NASA and Jacobs personnel at Marshall Space Center successfully completed the initial phase of formal qualification testing for the Artemis II SLS flight software, a very exciting time for all involved.

7月初，馬歇爾航天中心由 NASA 和 Jacobs 人員組成的綜合團隊成功完成了 Artemis II SLS 飛行軟件正式資格測試的初始階段，這對所有參與者來說都是一個非常激動人心的時刻。

PA Consulting sales and backlog once again increased year-over-year, led by sales in the energy and defense sectors. Margins stabilized in Q3 above 21%, supported by strategic cost actions taken during the quarter, and we continue to have the highest confidence in our talented management team. PA continues to see increasing opportunities in energy transition. For example, we assisted a leading offshore wind developer in securing a fixed price electricity contract in Ireland's first offshore wind auction.

PA Consulting 的銷售額和積壓訂單再次同比增長，其中能源和國防領域的銷售額領先。在本季度採取的戰略成本行動的支持下，第三季度的利潤率穩定在 21% 以上，我們繼續對我們才華橫溢的管理團隊充滿信心。 PA 繼續看到能源轉型中越來越多的機會。例如，我們協助一家領先的海上風電開發商在愛爾蘭首次海上風電拍賣中獲得固定價格電力合同。

PA is also seeing significant interest in its digital expertise from clients who are looking to assess AI-related impacts and opportunities for their businesses. As an example, a leading cybersecurity client hired PA to support the development of a comprehensive strategic plan with specific focus on understanding the power of AI and mitigating cyber threats.

PA 還發現客戶對其數字專業知識表現出濃厚興趣，希望評估人工智能相關影響和業務機會。例如，一家領先的網絡安全客戶聘請 PA 來支持制定全面的戰略計劃，特別關注了解人工智能的力量和減輕網絡威脅。

Our Divergent Solutions operating unit delivered a strong quarter with 3% adjusted net revenue growth and 72% year-over-year growth in operating profit. During the quarter, we won another competitive pursuit with the Ohio Department of Transportation to extend Streetlights Software-as-a-Service offering. Streetlight already provides statewide modeling and traffic analysis, safety programming and support for large scale planning efforts. This new contract is for congestion and freight management functionality to support the state's carbon emission reduction efforts.

我們的 Divergent Solutions 運營部門表現強勁，調整後淨收入增長 3%，營業利潤同比增長 72%。在本季度，我們贏得了俄亥俄州交通部的另一項競爭，以擴展街燈軟件即服務產品。 Streetlight 已經提供全州範圍的建模和交通分析、安全規劃以及對大規模規劃工作的支持。這份新合同涉及擁堵和貨運管理功能，以支持該州的碳減排工作。

Turning to Slide 7. Looking across the Jacobs enterprise, we continue to see considerable and geographically diverse opportunities in our greater than $2 billion water business. From water reuse to treatment to drinking water coupled with our innovative project delivery offering, demand remains robust. During Q3, we saw a healthy growth behind water scarcity-related pursuits. For example, scope increases and new wins with our long-standing partnership with the Singapore Public Utilities Board.

轉向幻燈片 7。縱觀 Jacobs 企業，我們繼續在價值超過 20 億美元的水業務中看到大量且地域多樣的機會。從水回用到水處理再到飲用水，再加上我們的創新項目交付服務，需求仍然強勁。在第三季度，我們看到與水資源短缺相關的追求背後的健康增長。例如，我們與新加坡公用事業局的長期合作夥伴關係擴大了範圍並取得了新的成果。

Underinvestment in future proofing needs also -- proofing needs also continue to be a major driver. In the U.S., we have been selected by a large Southern California utility agency to provide program management and strategic funding advisory services to create a more sustainable, drought-resilient local water supply for one of the largest groundwater storage base.

對未來打樣需求的投資也不足——打樣需求仍然是一個主要驅動因素。在美國，南加州一家大型公用事業機構選擇我們提供項目管理和戰略融資諮詢服務，為最大的地下水儲存基地之一創造更可持續、更抗旱的當地供水系統。

And in New Zealand, we were awarded an extension and expansion of our central interceptor program, the country's largest ever wastewater project. We also continue to see environmental and sustainability projects. For example, we landed a marquee $450 million award from the U.S. EPA's Great Lake National Program Office and RegionFind Super Fund to provide environmental, technical management services and associated infrastructure tasks in the Great Lakes area.

在新西蘭，我們獲得了中央攔截器項目的延伸和擴展，這是該國有史以來最大的廢水項目。我們還繼續看到環境和可持續發展項目。例如，我們從美國 EPA 大湖國家計劃辦公室和 RegionFind 超級基金獲得了 4.5 億美元的巨額資助，用於在五大湖地區提供環境、技術管理服務和相關基礎設施任務。

We also see continuing momentum in legislation and aligned work. IIJA aligned wins continue to accelerate versus the year ago period. And for example, we were awarded the Brent Spence Bridge, an iconic connector of economic development between Ohio and Kentucky which has been postponed for many years. And we continue to closely support the New Orleans Regional Transit Authority in their successful low and no emissions grant application. And subsequently performed delivery services to provide energy-efficient buses and charging infrastructure.

我們還看到立法和協調工作的持續勢頭。與去年同期相比，IIJA 一致的勝利繼續加速。例如，我們獲得了布倫特斯彭斯大橋，這是俄亥俄州和肯塔基州之間經濟發展的標誌性連接器，該大橋已被推遲多年。我們將繼續密切支持新奧爾良地區交通管理局成功申請低排放和無排放補助金。隨後開展送貨服務，提供節能巴士和充電基礎設施。

Turning to Slide 8. In summary, we are extremely well poised for this strong growth across sectors we serve, building off our established leadership position and proven track record for operational excellence.

轉向幻燈片 8。總而言之，我們已經為我們所服務的各個行業的強勁增長做好了充分的準備，鞏固了我們既定的領導地位和卓越運營的良好記錄。

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，以進一步詳細審查我們的財務業績。

Thank you, Bob, and let me turn right to Slide 9 for a financial overview of our third quarter results. Third quarter gross revenue grew 9% year-over-year and adjusted net revenue grew 7.5%. Adjusted net revenue grew 8% year-over-year on a constant currency basis. Gross margin in the quarter as a percentage of adjusted net revenue was 25%, down slightly year-over-year, primarily due to PA Consulting.

謝謝鮑勃，讓我向右轉到幻燈片 9，了解我們第三季度業績的財務概覽。第三季度總收入同比增長 9%，調整後淨收入增長 7.5%。按固定匯率計算，調整後淨收入同比增長 8%。本季度毛利率佔調整後淨收入的百分比為 25%，同比略有下降，這主要歸功於 PA Consulting。

I will provide additional comments regarding our segments later in my remarks. Adjusted G&A as a percentage of adjusted net revenue was 14.7%, over 100 basis points better sequentially and year-over-year more than offsetting the lower gross margin. Costs were well managed due to discipline and actions taken, and we are still targeting G&A as a percentage of adjusted net revenue to stay well below 16% for the full fiscal year 2023, improving upon the 16.2% figure realized in 2022.

我將在稍後的發言中就我們的部分提供更多評論。調整後的一般費用佔調整後淨收入的百分比為 14.7%，比上一季度高出 100 個基點，同比增長超過抵消了較低的毛利率。由於紀律和採取的行動，成本得到了很好的管理，我們仍然將2023 年整個財年的一般行政費用佔調整後淨收入的百分比目標保持在遠低於16%，比2022 年實現的16.2%的數字有所提高。

GAAP operating profit was $270 million for the quarter and included $52 million of amortization from acquired intangibles, other transaction and separation-related costs and restructuring efforts of $38 million and a $1.4 million noncash charge related to decreasing our real estate footprint aligned to our future work strategy.

本季度GAAP 營業利潤為2.7 億美元，其中包括5,200 萬美元的無形資產攤銷、3,800 萬美元的其他交易和分拆相關成本以及重組工作，以及140 萬美元的非現金費用，這些非現金費用與減少與我們未來工作相一致的房地產足蹟有關戰略。

The other transaction, separation related and restructuring costs of $38 million included 3 distinct types of costs. The first represents approximately 45% of the $38 million and relates to a restructuring initiative in our PA Consulting business to rightsize the cost structure to align with the company's end market demands.

其他交易、分離相關和重組成本為 3800 萬美元，包括 3 種不同類型的成本。第一個項目約佔 3800 萬美元的 45%，與我們 PA 諮詢業務的重組計劃有關，旨在調整成本結構，以滿足公司的終端市場需求。

The second cost represents approximately 35% of the amount and is associated with our initial advisory and other costs associated with the separation of the CMS.

第二項成本約佔金額的 35%，與我們的初始諮詢和與 CMS 分離相關的其他成本相關。

Third bucket, which is approximately 20% of the $34 million, is related to the cost of noncash PA contingent equity-based agreement associated with the PA transaction structure and other miscellaneous incentive costs that were considered part of the total consideration of previous transactions.

第三部分約佔 3400 萬美元的 20%，與與 PA 交易結構相關的非現金 PA 或有股權協議成本以及其他雜項激勵成本有關，這些成本被視為先前交易總代價的一部分。

Excluding these items, adjusted operating profit was $361 million, up over 10% year-over-year. Our total discrete items for the year, excluding the new CMS separation efforts, will remain at the $100 million figure that we have forecasted for the year, well below the total figure of $185 million in 2022. Of this $100 million figure, the total noncash impairment costs will total approximately $45 million. Such impairments will be largely complete as we exit this fiscal year. Of course, as we go forward, our costs will now include expenses to be incurred in connection with the planned separation of CMS.

剔除這些項目，調整後營業利潤為 3.61 億美元，同比增長超過 10%。我們今年的離散項目總額（不包括新的 CMS 分離工作）將保持在我們今年預測的 1 億美元數字，遠低於 2022 年 1.85 億美元的總額。在這 1 億美元數字中，非現金總額減值成本總計約為4500 萬美元。當我們退出本財年時，此類減值將基本完成。當然，隨著我們的前進，我們的成本現在將包括與計劃中的 CMS 分離相關的費用。

I would let Claudia provide more detail in her prepared remarks. Our adjusted operating profit to adjusted net revenue was 10.7%, up 30 basis points year-over-year. I'll discuss the underlying dynamics during the review by reporting segment. GAAP EPS from continuing operations was $1.29 per share and included a $0.27 impact related to the amortization charge of acquired intangibles; $0.20 from transaction, restructuring and other related costs; a $0.01 noncash impairment charge related to reducing our real estate footprint; and a $0.05 adjustment to align to our projected annual adjusted tax rate.

我會讓克勞迪婭在她準備好的發言中提供更多細節。調整後營業利潤佔調整後淨收入的比例為 10.7%，同比增長 30 個基點。我將按報告部分討論審查期間的基本動態。持續經營業務產生的 GAAP 每股收益為 1.29 美元，其中包括與收購無形資產攤銷費用相關的 0.27 美元影響； 0.20 美元來自交易、重組和其他相關成本；與減少我們的房地產足跡相關的 0.01 美元非現金減值費用；並進行 0.05 美元的調整，以適應我們預計的年度調整稅率。

Excluding these items, third quarter adjusted EPS was $1.82, down 2% year-over-year. Importantly, while down versus the year ago period, 2022 benefited from the $0.08 cost investment gain associated with the sale of our WatchGuard investment.

排除這些項目，第三季度調整後每股收益為 1.82 美元，同比下降 2%。重要的是，雖然與去年同期相比有所下降，但 2022 年仍受益於與出售 WatchGuard 投資相關的 0.08 美元成本投資收益。

In addition, in 2023, incremental interest costs of $0.07 have reduced EPS this quarter versus the year ago figure. The net impact is a $0.15 headwind in EPS year-over-year. As we look ahead to our full year forecast, with Bob providing an overview of our guidance range at the end of our call, we expect Q4 EPS to show healthy growth versus the year ago period.

此外，到 2023 年，利息成本增量為 0.07 美元，導致本季度每股收益較去年同期有所下降。淨影響是 EPS 同比下降 0.15 美元。當我們展望全年預測時，鮑勃在電話會議結束時概述了我們的指導範圍，我們預計第四季度每股收益將與去年同期相比呈現健康增長。

Q3 adjusted EBITDA was $355 million and was down 2% year-over-year, representing 10.5% of adjusted net revenue. Finally, backlog was up 3% year-over-year. The revenue book-to-bill ratio was 1x, with our gross margin and backlog, again, improving year-over-year.

第三季度調整後 EBITDA 為 3.55 億美元，同比下降 2%，佔調整後淨收入的 10.5%。最後，積壓訂單同比增長 3%。收入訂單出貨比為 1 倍，我們的毛利率和積壓訂單再次同比改善。

Regarding our LOB performance, let's turn to Slide 10 for Q3. People & Places Solutions continues to see solid momentum, delivering strong revenue and operating profit results. Q3 adjusted net revenue was up 9% year-over-year and up 10% in constant currency. Growth was consistently strong across almost all business units, led by advanced facilities.

關於我們的 LOB 績效，讓我們轉向第 3 季度的幻燈片 10。 People & Places Solutions 繼續保持強勁勢頭，帶來強勁的收入和營業利潤。第三季度調整後淨收入同比增長 9%，按固定匯率計算增長 10%。在先進設施的帶動下，幾乎所有業務部門都持續強勁增長。

Europe continues to see some pressure, but was more than offset by strength in the Middle East, Americas and Asia Pacific. Backlog was flat year-over-year, although gross margins in the backlog was up 8%, as we continue to focus on improving the quality of work [bid and one]. Q3 operating profit was up 13% and 15% in constant currency, driven by strong growth leverage and solid G&A management, resulting in operating profit as a percentage of adjusted net revenue of 14.4%, up 60 basis points year-over-year. We expect year-over-year improvement and strong people in places operating profit margin and growth to continue in Q4.

歐洲繼續面臨一些壓力，但被中東、美洲和亞太地區的實力所抵消。儘管積壓訂單的毛利率上升了 8%，但積壓訂單同比持平，因為我們繼續專注於提高工作質量 [投標和一]。在強勁的增長槓桿和穩健的一般及行政管理管理的推動下，按固定匯率計算，第三季度營業利潤分別增長13% 和15%，營業利潤佔調整後淨收入的比例為14.4%，同比增長60 個基點。我們預計第四季度營業利潤率和增長將繼續同比改善和強勁。

Our Advanced Facilities unit, which represents approximately 1/4 of our People & Places revenue and benefits from investments in the life sciences, semiconductor and electric vehicle supply chains, posted at sixth consecutive quarter of double-digit revenue growth. Despite macroeconomic crosscurrents, our Tier 1 customers continue to pursue robust spending plans underpinned by long-term demand drivers.

我們的先進設施部門約占我們的 People & Places 收入以及生命科學、半導體和電動汽車供應鏈投資收益的 1/4，該部門連續第六個季度實現兩位數收入增長。儘管存在宏觀經濟逆流，我們的一級客戶仍在長期需求驅動因素的支持下繼續追求穩健的支出計劃。

Our backlog and sales pipeline remains healthy, and we continue to be encouraged about the outlook for this segment.

我們的積壓訂單和銷售渠道保持健康，我們對該細分市場的前景繼續感到鼓舞。

Our People & Places Americas unit reported Q3 operating profit with 10%-plus growth as legislation-driven backlog begins to convert at higher rates. For example, IIJA-related profit is trending nearly 20% ahead of our current plan. We remain enthusiastic about our overall growth opportunities with double-digit pipeline growth led by water, cities and places and energy and power.

我們的 People & Places Americas 部門報告第三季度營業利潤增長了 10% 以上，因為立法驅動的積壓訂單開始以更高的速度轉化。例如，與 IIJA 相關的利潤比我們當前的計劃提前了近 20%。我們仍然對整體增長機會充滿熱情，以水、城市和地區以及能源和電力為主導的兩位數管道增長。

Our Q3 international business, revenue and operating profit were up high single digits year-over-year as Asia Pacific and the Middle East continue to be a bright spot in the portfolio, supported by Giga Cities and strategic water pursuits.

我們第三季度的國際業務、收入和營業利潤同比增長了高個位數，亞太和中東在超級城市和戰略性水資源追求的支持下繼續成為投資組合中的亮點。

Moving to Critical Mission Solutions. Q3 revenue was up 7% year-over-year and up 8% in constant currency. CMS has benefited from an over 70% win rate year-to-date. And as a result, backlog is up 12% year-over-year. The sales pipeline also remains very healthy as CMS positions for strategic growth in its core focus areas of space, defense, energy and technology solutions. CMS operating profit and OP margin were both up sequentially and year-over-year, consistent with our previous guidance, with operating profit up 12% year-over-year. We continue to expect operating margins to approximately 8% on a full year basis as we convert on an IDIQ pipeline of higher margin opportunities.

轉向關鍵任務解決方案。第三季度收入同比增長 7%，按固定匯率計算增長 8%。 CMS 受益於今年迄今為止超過 70% 的勝率。因此，積壓訂單同比增加 12%。由於 CMS 致力於在太空、國防、能源和技術解決方案等核心重點領域實現戰略增長，因此銷售渠道也保持非常健康。 CMS 營業利潤和營業利潤率均環比和同比增長，與我們之前的指導一致，營業利潤同比增長 12%。隨著我們轉向 IDIQ 更高利潤機會的管道，我們仍然預計全年營業利潤率約為 8%。

Moving to Divergent Solutions. Adjusted net revenue increased 3% year-over-year as we remain focused on higher-margin contracts. This trend should be expected to continue near term before an acceleration in coming quarters as our investments in sales and technology offerings bear fruit. Operating profit margin for the quarter was 9.5%, a sequential improvement as compared to Q2's underlying normalized margin when adjusting for the benefit of a large license sale in the prior quarter.

轉向發散解決方案。由於我們仍然專注於利潤率較高的合同，調整後淨收入同比增長 3%。隨著我們對銷售和技術產品的投資取得成果，這種趨勢預計將在短期內持續下去，然後在未來幾個季度加速。本季度的營業利潤率為 9.5%，根據上一季度大量許可證銷售的利益進行調整後，與第二季度的基本正常化利潤率相比，環比有所改善。

We have increasing confidence that the underlying margin momentum over the past 2 quarters is durable. And as a result, we continue to expect divergence, quarterly margins to approach 10% in Q4.

我們越來越有信心過去兩個季度的潛在利潤率勢頭是持久的。因此，我們繼續預計第四季度季度利潤率將出現差異，接近 10%。

Turning to PA Consulting. Revenue from PA was up 3% year-over-year with a book-to-bill of 1.1x, an indication of the company's relative performance to peers driven by their value to clients in a tough economic environment. PA's Q3 operating profit margin was 21.2%, up 270 basis points year-over-year and up over 15% year-over-year. PA management continues to take action to improve utilization, and we expect OP margins to be 20%-plus for the medium term with potential for longer-term improvement.

轉向 PA 諮詢。 PA 的收入同比增長 3%，訂單出貨比為 1.1 倍，這表明該公司在嚴峻的經濟環境下為客戶提供的價值推動了其相對於同行的業績。 PA第三季度營業利潤率為21.2%，同比增長270個基點，同比增長超過15%。 PA 管理層繼續採取行動提高利用率，我們預計中期運營利潤率將達到 20% 以上，並有長期改善的潛力。

Our adjusted unallocated corporate costs were $62 million in Q3, consistent with our guidance. We expect that our quarterly run rate may remain elevated at or above the recent level for a short period of time. In conjunction with the CMS separation, we have initiated a comprehensive evaluation of our cost structure under a more streamlined business model focused on infrastructure and advanced facility. Claudia will provide her perspective in her prepared remarks.

第三季度調整後的未分配企業成本為 6200 萬美元，與我們的指導一致。我們預計，我們的季度運行率可能會在短時間內保持在近期水平或高於近期水平。結合 CMS 分離，我們在專注於基礎設施和先進設施的更精簡的業務模式下啟動了對成本結構的全面評估。克勞迪婭將在她準備好的發言中表達她的觀點。

Turning to Slide 11 to discuss our cash flow and balance sheet. We posted a very strong quarter of cash flow generation, which is indicative of the quality of our earnings despite temporary restructuring and separation-related efforts. Free cash flow was $290 million, resulting in a year-to-date 127% conversion of net income into free cash flow. As a result, we are well positioned to deliver at or above our anticipated 100% recorded and adjusted cash flow conversion targets for the full year.

轉向幻燈片 11 來討論我們的現金流和資產負債表。我們公佈了一個非常強勁的季度現金流生成，這表明儘管進行了臨時重組和與分拆相關的努力，但我們的盈利質量仍然很高。自由現金流為 2.9 億美元，導致年初至今 127% 的淨利潤轉化為自由現金流。因此，我們有能力實現全年預期 100% 記錄和調整後的現金流轉換目標。

Regarding the deployment of our free cash flow, we remain agile and opportunistic in repurchasing shares. During Q3, we repurchased $125 million in shares at an average price of $115. We ended the quarter with cash of $1.1 billion and gross debt of $3.2 billion, resulting in just over $2.1 billion of net debt.

在自由現金流的部署方面，我們在回購股票方面保持敏捷和機會主義。第三季度，我們以 115 美元的平均價格回購了 1.25 億美元的股票。本季度結束時，我們的現金為 11 億美元，總債務為 32 億美元，淨債務略高於 21 億美元。

Our Q3 net debt to 2023 expected adjusted EBITDA of approximately 1.5x remains a clear indication of the continued strength of our balance sheet. We remain committed to maintaining investment-grade credit profile both today and as a more focused business post our announced CMS separation.

我們到 2023 年第三季度的淨債務預計調整後 EBITDA 約為 1.5 倍，這仍然清楚地表明我們的資產負債表持續強勁。我們仍然致力於維持投資級信用狀況，無論是今天還是在我們宣布 CMS 分離後，作為一家更加專注的企業。

As of the end of Q3, approximately 56% of our debt is tied to floating rate debt, and our weighted average interest rate was 5%. We intend to opportunistically retire floating rate debt in the coming quarters. For your benefit, in the appendix of the presentation, we have included additional detail related to our debt maturities, interest rate derivatives and quarterly interest expense.

截至第三季度末，我們約 56% 的債務與浮動利率債務掛鉤，加權平均利率為 5%。我們打算在未來幾個季度趁機退出浮動利率債務。為了您的利益，在演示文稿的附錄中，我們提供了與債務到期日、利率衍生品和季度利息支出相關的更多詳細信息。

Finally, given our strong balance sheet and free cash flow, we remain committed to our quarterly dividend, which increased 13% year-over-year and will be paid on August 25. Before I formally transition the CFO role to Claudia on August 14, I wanted to say a few words on my last earnings call. It has been an honor working with such talented colleagues and witnessing our collective accomplishments over the past 8.5 years. During my tenure, I have observed growth and transformation within our company and I am immensely proud of the achievements we have made together.

最後，鑑於我們強勁的資產負債表和自由現金流，我們仍然致力於季度股息，股息同比增長13%，並將於8 月25 日支付。在我於8 月14 日正式將首席財務官職位移交給克勞迪婭之前，我想在上次財報電話會議上說幾句話。很榮幸能與如此才華橫溢的同事一起工作，並見證我們在過去 8.5 年中取得的集體成就。在我任職期間，我見證了公司內部的成長和轉型，我對我們共同取得的成就感到非常自豪。

I extend my heartfelt thanks to the Board, leadership team and dedicated employees for their unwavering support, passion and commitment to excellence; to our investors, your trust has been instrumental in our success. While my time as CFO comes to an end, I remain confident in the company's bright future and have no doubt that the company is in good hands with Claudia in the CFO role. I also look forward to supporting Bob in my new role as a special adviser going forward.

我衷心感謝董事會、領導團隊和敬業的員工的堅定支持、熱情和對卓越的承諾；對於我們的投資者來說，您的信任對我們的成功至關重要。雖然我作為首席財務官的任期即將結束，但我對公司光明的未來仍然充滿信心，並且毫不懷疑公司在克勞迪婭擔任首席財務官的領導下得到了很好的照顧。我也期待著支持鮑勃擔任特別顧問的新角色。

I will now turn the call over to Claudia.

我現在將把電話轉給克勞迪婭。

Thank you, Kevin. Turning to Slide 12. I have now been with Jacobs for just over 1 year and look forward to formally succeeding Kevin next week. He has been a superb partner throughout this transition period and I feel privileged to help lead this company at such an important inflection point in its (inaudible) history.

謝謝你，凱文。轉向幻燈片 12。我已經在 J​​acobs 工作了一年多，並期待下周正式接替 Kevin。在整個過渡時期，他一直是一位出色的合作夥伴，我很榮幸能夠幫助領導這家公司度過其（聽不清）歷史上如此重要的轉折點。

As EVP of Strategy and Corporate Development, I've overseen the rollout of our strategic stand-up management office at the center of the CMS separation. Our goal is to continue to serve our clients without interruption, optimize both companies operating models and to effectively manage risk associated with the separation.

作為戰略和企業發展執行副總裁，我負責監督 CMS 分離中心戰略獨立管理辦公室的推出。我們的目標是繼續不間斷地為客戶提供服務，優化兩家公司的運營模式並有效管理與分拆相關的風險。

Due to the hard and tireless work of our teams, we have made significant progress towards effective (inaudible). We can also confidently reinforce that we intend to eliminate separation-related stranded costs. In addition, we have identified value levers that we believe can lead to continued productivity gains at Independent Jacobs.

由於我們團隊的辛勤和不懈努力，我們在有效（聽不清）方面取得了重大進展。我們還可以自信地強調，我們打算消除與離職相關的擱置成本。此外，我們還確定了價值槓桿，我們相信這些槓桿可以幫助 Independent Jacobs 持續提高生產力。

Last quarter, we outlined Independent Jacobs target operating profit margins of 12% from separation alone. Yet, we believe there is further upside, and it is our goal to further expand margins post separation. We'll have more to say about that over time. But one of the most exciting aspects of the separation is the opportunity to drive further growth and profitability with the streamlined Jacobs.

上個季度，我們概述了獨立 Jacobs 的目標是僅通過分拆就能實現 12% 的營業利潤率。然而，我們相信還有進一步的上升空間，我們的目標是進一步擴大分拆後的利潤率。隨著時間的推移，我們將會對此有更多的說法。但此次分離最令人興奮的方面之一是通過精簡後的 Jacobs 推動進一步增長和盈利的機會。

Jacobs has a recognized sustainable business model with a strong foundation that aligns purpose with both growth and value creation. I, like the rest of the Jacobs team, am absolutely committed to Jacobs' purpose-led vision. Our vision underpins our commitment to deliver superior results for our shareholders, employees and broader stakeholders. I look forward to meeting more of our employees, clients and investors in the weeks and months to come, as I assume the CFO position.

Jacobs 擁有公認的可持續商業模式，其堅實的基礎使目標與增長和價值創造保持一致。我和 Jacobs 團隊的其他成員一樣，絕對致力於 Jacobs 以目標為導向的願景。我們的願景支撐著我們為股東、員工和更廣泛的利益相關者提供卓越成果的承諾。在擔任首席財務官一職後，我期待在未來幾周和幾個月內會見更多的員工、客戶和投資者。

Thank you, and I will turn the call over to Bob.

謝謝您，我會將電話轉給鮑勃。

Thank you, Claudia. Turning to Slide 13. Due to strong year-to-date performance and forward indicators, we reiterate 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. We will provide guidance for fiscal year 2024 in conjunction with our Q4 earnings release.

謝謝你，克勞迪婭。轉向幻燈片 13。由於年初至今的強勁表現和前瞻性指標，我們重申對 23 財年調整後 EBITDA 至 14.2 億至 14.7 億美元範圍、調整後每股收益至 7.25 至 7.45 美元的展望。我們將結合第四季度收益發布提供 2024 財年的指導。

Turning to Slide 14. In closing, I would like to express my tremendous appreciation for Kevin's contribution to the transformational success of our company over the last 8-plus years. Kevin is a great personal friend and has been a fantastic business partner. I am privileged to have his continued support as my special adviser. We are very fortunate to have Claudia as a critical leader on our team. I look forward to her continued accomplishments and contributions building on her success to date.

轉向幻燈片 14。最後，我要對 Kevin 在過去 8 年多的時間里為我們公司的轉型成功所做的貢獻表示極大的讚賞。凱文是一位很好的私人朋友，也是一位出色的商業夥伴。我很榮幸能得到他作為我的特別顧問的持續支持。我們非常幸運有克勞迪婭作為我們團隊的關鍵領導者。我期待她在迄今為止的成功基礎上繼續取得成就和貢獻。

Operator, we will now open the call for questions.

接線員，我們現在開始提問。

(Operator Instructions) Your first question comes from the line of Michael Dudas with Vertical Research.

（操作員說明）您的第一個問題來自垂直研究公司的 Michael Dudas。

Well done, Kevin. Thank you. Bob, I'm encouraged about the continued backlog margin improvement. Maybe you could share a little bit about where that margin improvement this quarter is coming from? And as you look at the pipeline and some of the recent bookings, how that may play through as we move into 2024 and the mix, given the -- either the 3 biggest (inaudible) if you want to include CMS on that margin improvement expectation for 2024?

幹得好，凱文。謝謝。鮑勃，我對積壓利潤的持續改善感到鼓舞。也許您可以分享一下本季度利潤率改善的來源？當您查看管道和最近的一些預訂時，當我們進入2024 年時，這可能會如何發揮作用，考慮到——如果您想將CMS 納入利潤率改善預期，則考慮到3 個最大的（聽不清） 2024 年？

Yes. Mike, thanks. I'd say right now, the margin improvement is coming from a couple of key drivers. First is around the mix. We are finding a larger part of our portfolio in the consulting advisory component. And when I say that, I'm not saying exclusively PA, that's across the board, even on our infrastructure engagements right now, we're hitting jobs right at the front end where kind of got a higher-end, higher-margin consultative service component.

是的。邁克，謝謝。我現在想說的是，利潤率的提高來自幾個關鍵驅動因素。首先是混音。我們發現我們的產品組合中很大一部分是諮詢諮詢部分。當我這麼說時，我並不是專門說 PA，這是全面的，即使是在我們現在的基礎設施項目上，我們也正在前端開展工作，那裡有更高端、更高利潤的諮詢服務服務組件。

So mix is definitely a driver. The second component on current margin expansion is around the operational discipline that we've been working on for quite a while. And so our project delivery as well as the stability in our offering has continued to evolve. Moving forward, as far as the continued expansion, the digital enablement is starting to come through. You can't quite see it just yet, but it's becoming a larger part of our portfolio, and this is broad. This is broad across the enterprise. And then the global delivery model. We've been talking about that for several quarters, but that global delivery model is paying some real fruit, and we see that continuing to rise moving forward.

所以混合絕對是一個驅動力。當前利潤率擴張的第二個組成部分是圍繞我們已經努力了一段時間的運營紀律。因此，我們的項目交付以及產品的穩定性不斷發展。展望未來，就持續擴張而言，數字化支持已開始顯現。你現在還不能完全看到它，但它正在成為我們產品組合的重要組成部分，而且範圍很廣。這在整個企業範圍內都很廣泛。然後是全球交付模式。我們已經討論了幾個季度，但全球交付模式正在帶來一些真正的成果，而且我們看到這一成果將繼續增長。

Your next question is from the line of Andy Kaplowitz with Citigroup.

您的下一個問題來自花旗集團的安迪·卡普洛維茨（Andy Kaplowitz）。

Kevin, thanks for all your help.

凱文，謝謝你的幫助。

Thank you, Andy.

謝謝你，安迪。

So you guys mentioned that you had interested parties looking at CMS. To the extent you can, could you give us any more color regarding the interest? Is it from strategic? What's the time frame for when you might make a decision regarding a potential sale? And could you give us any more detail on how to think about CMS' tax basis and how you consider that tax leakage versus a potential spin?

你們提到有興趣方正在關注 CMS。在可能的範圍內，您能給我們更多有關興趣的信息嗎？是來自戰略嗎？您對潛在出售做出決定的時間範圍是多少？您能否向我們提供更多關於如何考慮 CMS 稅基的詳細信息，以及您如何考慮稅收洩漏與潛在的旋轉？

Yes. Andy, unfortunately, we can't. That's -- right now, I've just mentioned that the interest is strong. We're evaluating. And we can't go into any more detail on that. I apologize.

是的。安迪，不幸的是，我們不能。那就是——現在，我剛才提到了人們的興趣很強烈。我們正在評估。我們無法對此進行更多詳細介紹。我道歉。

That's fine, Bob. So then let me ask a different question. You -- People & Places I know it started growth moving forward. You mentioned P&PS adjusted net revenue up 9% year-over-year. I think your main peers suggest morning they're also seeing some acceleration in fiscal funding in the U.S. Do you see IIJA related funding continue to accelerate from here? And do you think you could keep up or accelerate the kind of growth you recorded in Q3 into '24?

沒關係，鮑勃。那麼讓我問一個不同的問題。你——人和地方我知道它開始向前發展。您提到 P&PS 調整後淨收入同比增長 9%。我認為您的主要同行早上表示，他們也看到美國財政融資有所加速。您是否認為 IIJA 相關融資將繼續加速？您認為您可以保持或加速您在 2024 年第三季度記錄的增長嗎？

We do. We do. The IIJA component is really kind of in the -- I'd still say it's in the early innings, but we're seeing that flow through -- Andy, we actually got in front of that with the grant component and assistance in the grant applications. That now, coupled with the formulaic based funding that's flowing, has really helped. So yes, we do see that legislation-driven funding, not just IIJA, but also the other legislation that's been passed and that moving forward is going to continue to be a big piece.

我們的確是。我們的確是。 IIJA 部分確實是在 - 我仍然會說它處於早期階段，但我們看到了這一過程 - 安迪，我們實際上通過撥款部分和撥款援助取得了進展應用程序。現在，再加上流動的公式化資金，確實起到了幫助作用。所以，是的，我們確實看到立法驅動的資金，不僅僅是《IIJA》，還有其他已經通過的立法，並且向前推進將繼續是一個重要組成部分。

The other thing that it's done is it has -- it's kind of stimulated other legislative acts around the world. I think there's an EU Chips Act that we've now seen some of the components to as well as infrastructure stimulus coming out in other parts of the world. So kind of the world is getting behind this.

它所做的另一件事是——它在某種程度上刺激了世界各地的其他立法行為。我認為有一項歐盟芯片法案，我們現在已經看到世界其他地區推出了該法案的一些組成部分以及基礎設施刺激措施。全世界都在支持這一點。

Your next question is from the line of Jamie Cook with Credit Suisse.

您的下一個問題來自瑞士信貸銀行的傑米·庫克 (Jamie Cook)。

Nice quarter. And congrats, Kevin, and thanks for all your help as well throughout the year. I guess my first question, understanding the margin story that you're talking about consulting mix, project delivery, digital enablement. But as you -- depending what happens with CMS and we have the new Jacobs, is there a greater opportunity on the cost side, just to sort of restructure streamline costs as well as what you're seeing on the project delivery or mix side? Just wondering if there's a cost story there.

不錯的季度。恭喜凱文，並感謝您一年來的所有幫助。我想我的第一個問題是，理解你所說的諮詢組合、項目交付、數字化支持的利潤故事。但是，對於您來說，取決於 CMS 發生的情況以及我們擁有新的 Jacobs，在成本方面是否有更大的機會，只是為了重組簡化成本以及您在項目交付或混合方面看到的情況？只是想知道那裡是否有成本故事。

And then my second question, it was nice to see the strong cash flow in the repurchase in the quarter here. Can you talk about sort of shorter-term capital allocation priorities, share repurchase the way that investors should continue to think about things with acquisitions being more in the sideline?

然後是我的第二個問題，很高興看到本季度回購的強勁現金流。您能否談談短期資本配置優先事項、股票回購，投資者應該繼續考慮收購更多地放在一邊的問題？

Sure. Go ahead, Claudia.

當然。繼續吧，克勞迪婭。

So thank you, Jamie. On the first one, the cost opportunities. So as I mentioned in my prepared remarks, we see the opportunity -- day 1 is just to start. And with a more streamlined strategy and the business model, we see lots of opportunities for more efficiencies as we can also leverage more our global delivery platform. So efficiencies, more focused strategy and the agility that, that will bring. So lots of opportunities on the cost optimization front.

謝謝你，傑米。第一個是成本機會。正如我在準備好的發言中提到的，我們看到了機會——第一天才剛剛開始。通過更加簡化的戰略和業務模式，我們看到了很多提高效率的機會，因為我們還可以更多地利用我們的全球交付平台。因此，效率、更有針對性的戰略以及由此帶來的敏捷性。成本優化方面有很多機會。

On the capital allocation structure, we are -- we said it before, we are very happy with the opportunities we have, our portfolio. We are focusing on our organic growth, and we see it. We've building this portfolio over time. We see the opportunities to invest in ourselves to continue delivering this growth. So we prioritize that and returning excess cash to our shareholders. So those are the priorities and all that really on a risk-adjusted basis.

關於資本配置結構，我們之前說過，我們對我們擁有的機會和我們的投資組合感到非常滿意。我們專注於有機增長，我們也看到了這一點。隨著時間的推移，我們一直在構建這個產品組合。我們看到了投資自身以繼續實現增長的機會。因此，我們優先考慮這一點，並將多餘的現金返還給股東。因此，這些都是優先事項，所有這些都是在風險調整的基礎上進行的。

Your next question is from the line of Jerry Revich with Goldman Sachs.

您的下一個問題來自高盛的傑里·雷維奇（Jerry Revich）。

Kevin, congratulations. I think in your nearly 9 years, the stock has nearly quadrupled. So well done, and Claudia congratulations again. .

凱文，恭喜。我想在你近9年的時間裡，股票幾乎翻了兩番。幹得好，克勞迪婭再次祝賀。 。

Thank you.

謝謝。

I'm wondering if you could just ask on advanced facilities just based on the disclosures, it looks like that's about 1/4 of People & Places at this point, so a really good performance so far. Can you just talk about, given the backlog in that business, is there a runway for that portion of the portfolio to be 30% or more of People & Places over the next year or 2? Just if you could touch on the backlog, Bob, if you don't mind?

我想知道您是否可以僅根據披露的內容詢問先進的設施，目前看來這大約是人物和地點的 1/4，所以到目前為止表現非常好。您能否談談，考慮到該業務的積壓，是否有可能在未來一兩年內使該部分投資組合佔人員和地點的 30% 或更多？鮑勃，如果你不介意的話，可以談談積壓的工作嗎？

Sure. Yes, Jerry, that's a great way of looking at it. The short answer is yes. We see it as a larger part of our portfolio moving forward. Backlog is robust. And I guess what really gives us some confidence in the continued growth, and Kevin mentioned that it was -- it's been 6 quarters, but just kind of step back, we've been in growth mode in this business for probably the better part of the last 4 years, is what's happening in the industry? You talked about reshoring, but specifically in life sciences, and it's been well published, the level of technology coming out was really driven by oncology in the past, but now we're seeing things with regards to obesity and then the obesity drugs that are having a positive effect on heart disease, we're seeing that in our pipeline and in our backlog with the Tier 1 customers that we've been doing work for ages.

當然。是的，傑瑞，這是一個很好的看待問題的方式。簡短的回答是肯定的。我們將其視為我們未來投資組合的重要組成部分。積壓訂單強勁。我想真正讓我們對持續增長有信心的是什麼，凱文提到，已經過去了 6 個季度，但只是退一步，我們這項業務的大部分時間都處於增長模式。過去4年，這個行業到底發生了什麼？你談到了回流，但特別是在生命科學領域，它已經發表得很好，過去的技術水平實際上是由腫瘤學驅動的，但現在我們看到了與肥胖有關的事情，然後是肥胖藥物對心臟病有積極的影響，我們在我們的管道和一級客戶的積壓訂單中看到，我們已經做了多年的工作。

That coupled with the Chips Act and all that's going on in the EV world, we got -- the tailwinds would give us confidence that, that is going to be a bigger percentage of our portfolio.

再加上《芯片法案》以及電動汽車領域正在發生的所有事情，我們得到了——順風將使我們相信，這將在我們的投資組合中佔據更大的比例。

Your next question is from the line of Bert Subin with Stifel.

您的下一個問題來自 Bert Subin 和 Stifel。

Congratulations both Kevin and Claudia.

祝賀凱文和克勞迪婭。

Thanks, Bert.

謝謝，伯特。

Thank you, Bert.

謝謝你，伯特。

Maybe just a follow-up on that question, Bob, if you think that Advanced Facility is going to become a larger part of the business and the rest of the business is sort of already on track to grow high single digits, at least in the medium term. Does that lead you to believe that, that business can continue growing double digits for a period of time?

也許只是這個問題的後續行動，鮑勃，如果你認為高級設施將成為業務的更大一部分，而其餘業務已經有望實現高個位數增長，至少在中期。這是否讓您相信該業務可以在一段時間內繼續以兩位數增長？

I think right now, the indications are, yes. But the visibility that we have, we have visibility from a project standpoint probably 6 to 9 months out. What we're basing our confidence in is the continued trends in technology. So the short answer is yes.

我認為現在的跡像是，是的。但我們擁有的可見性，從項目的角度來看，我們可能在 6 到 9 個月後擁有可見性。我們的信心基於技術的持續發展趨勢。所以簡短的回答是肯定的。

Got it. And then just a broader P&PS question. Can you just sort of walk us through what sequentially changes, I guess, as we think about the fourth quarter? I know FX will become relative tailwind, but the guidance has seemed to imply that margins remain at or above sort of the targeted range that you guys have out there with sales potentially also stepping up. So is that in your view, sort of largely driven by IIJA ramp you're starting to see projects come through or is there something else that's posting that?

知道了。然後是一個更廣泛的 P&PS 問題。我想，當我們考慮第四季度時，您能否向我們介紹一下依次發生的變化？我知道外匯將成為相對的順風車，但指導似乎暗示利潤率保持在或高於你們設定的目標範圍，銷售也可能會增加。那麼，在您看來，這在很大程度上是由 IIJA 斜坡推動的，您開始看到項目的完成，還是還有其他東西在發布？

Go ahead, Kevin.

繼續吧，凱文。

Look, I would say it's a variety of things: good execution, certainly good growth as it relates to those businesses that we've already discussed in our prepared remarks. And so I think it positions us well to end the year well and ultimately continue to drive forward in 2024.

聽著，我想說的是各種各樣的事情：良好的執行力，當然還有良好的增長，因為它與我們在準備好的發言中已經討論過的那些業務有關。因此，我認為這使我們能夠很好地結束這一年，並最終在 2024 年繼續前進。

Your next question is from the line of Sean Eastman with KeyBanc.

您的下一個問題來自 KeyBanc 的 Sean Eastman。

Kevin, I just wanted to say a very impressive CFO tenure. Congratulations. I wanted to press Claudia on the efficiencies and streamlining comments a little bit more. And I realize it's early days, but I'm just curious where we should expect to see that enhancement? Is it kind of across all the segments? Is it more so in the corporate costs?

凱文，我只想說一個令人印象深刻的首席財務官任期。恭喜。我想向克勞迪婭施壓，要求提高效率並簡化評論。我意識到現在還為時過早，但我只是好奇我們應該在哪裡看到這種增強？是不是所有細分市場都如此？企業成本是否更是如此？

And then also, Kevin, I think you made a comment about the corporate costs remaining elevated for a short amount of time. So I wondered if that run rate is expected to step down going into next year? Some clarity there would also be helpful.

然後，凱文，我認為您對企業成本在短時間內保持高位發表了評論。所以我想知道明年的運行率是否會下降？澄清一些也會有幫助。

Yes. Thank you, Sean. So first, I want to say the work is under (inaudible) way, right? So part of the separation is understanding the entanglements and all that. So just -- and we will be sharing a lot more as we progress in the process. So to explain it is, one, there are many functions or tasks and processes that you have when you put different factors together, and so that applies to different functions. Is it support functions? Is it workflows and so on? So Sean, you can think of finance put in numbers to that, is it HR, is it the delivery model and so on. So as you simplify and streamlined, you see those efficiencies. Also the ability to share data depending on where you operate.

是的。謝謝你，肖恩。首先，我想說這項工作正在進行中（聽不清），對吧？所以分離的一部分就是理解糾葛等等。所以，隨著這一過程的進展，我們將分享更多內容。解釋一下，第一，當你把不同的因素放在一起時，就會有很多功能或任務和流程，因此這適用於不同的功能。是支持功能嗎？是工作流程之類的嗎？所以肖恩，你可以把財務看作數字，是人力資源，是交付模式等等。因此，當您進行簡化和精簡時，您就會看到效率的提高。還能夠根據您的運營地點共享數據。

So it really goes at multiple levels. And as I said, we will be sharing that as we progress in the process and the work is underway. And it's a very well structured process and the standup management office that we have. To give you an idea, it's around 25 work streams that we have all the different functions and in operations and everywhere where we operate.

所以它確實涉及多個層面。正如我所說，隨著流程和工作的進展，我們將分享這一點。這是一個結構良好的流程和我們擁有的獨立管理辦公室。給您一個概念，我們擁有大約 25 個工作流，在運營中以及在我們運營的任何地方都有不同的職能。

And as I said before, one key element of that is our very strong model of the global delivery platform. So that allows us to extract further efficiencies as we maximize the use of that platform.

正如我之前所說，其中一個關鍵要素是我們非常強大的全球交付平台模型。因此，當我們最大限度地利用該平台時，我們可以進一步提高效率。

Okay. And my follow-up would be for Bob. I think it was relative to P&PS, but I think you made a comment about being able to continue to grow at current rates. So I just wanted to flesh out as much as we can relative to the top line growth expectations for RemainCo on a go forward?

好的。我的後續行動是針對鮑勃的。我認為這與 P&PS 相關，但我認為您對能夠繼續以當前速度增長做出了評論。所以我只是想盡可能詳細地說明留歐公司未來的營收增長預期？

Sure. We stuck to the 6% to 9% long-term top line growth rate, and that was what my comment was referring to. And right now, we've got some nice tailwinds behind us. So the higher end of that range is where we are.

當然。我們堅持 6% 到 9% 的長期營收增長率，這就是我的評論所指的內容。現在，我們身後有一些不錯的順風車。所以這個範圍的高端就是我們所處的位置。

Your next question is from the line of Chad Dillard with AllianceBernstein.

您的下一個問題來自聯博公司的查德·迪拉德 (Chad Dillard)。

I just want to extend my congrats to you, Kevin. So I want to spend some time on the water business. I think you talked about it being a $2 billion business. Can you give a little more color on what you're seeing in terms of like a pipeline from a pipeline perspective? How to think about the growth rate and margin relative to the broader P&PS targets?

我只想向你表示祝賀，凱文。所以我想花一些時間在水務事業上。我想你談到這是一項價值 20 億美元的業務。您能否從管道的角度對您所看到的管道提供更多的色彩？如何考慮相對於更廣泛的 P&PS 目標的增長率和利潤率？

Sure, Chad. The pipeline within the water sector, and I'm talking globally, is probably the fastest-growing pipeline that we have in the business, and that is in the 30%, 40% year-on-year growth in the pipeline. So very robust, being driven by a infrastructure EPA regulations in the states as well as just the need for water, the drought infested areas of not just the U.S. and all that's happening around climate change and then our climate response is driving the need. This need is being funded in a whole variety of sources. I mean these are user fees, these are supplemented by certain government actions that are happening around the world.

當然，查德。水務領域的管道，我指的是全球範圍內的管道，可能是我們行業中增長最快的管道，即管道中同比增長 30%、40% 的管道。非常強勁，受到各州基礎設施環保局法規的推動，以及對水的需求，不僅僅是美國的干旱地區，以及圍繞氣候變化發生的所有事情，然後我們的氣候響應正在推動需求。這種需求正在通過各種來源得到資助。我的意思是這些是使用費，這些費用是由世界各地發生的某些政府行為補充的。

So all of kind of the drivers are strong and they're not going away. The need is high and governments and state and municipal areas are standing behind it. So we're -- and we're right in the middle of it. And as you know, Chad, we've been a leader in that sector for decades, and that's really coming through.

所以所有類型的車手都很強大，他們不會消失。需求很高，政府、州和市政府都在背後支持。所以我們——而且我們正處於其中。正如你所知，乍得，我們幾十年來一直是該領域的領導者，而且這一點確實正在實現。

That's helpful. And how should we think about just the growth rate of that business and margins relative to the broader P&PS segment?

這很有幫助。我們應該如何考慮該業務相對於更廣泛的 P&PS 領域的增長率和利潤率？

Yes. I'd say margins right now are above kind of the mean margins within the sector today. I think there's some room there. And I think that it's going to continue to be a major part of our overall enterprise-wide portfolio moving forward.

是的。我想說，現在的利潤率高於當今行業的平均利潤率。我認為那裡還有一些空間。我認為它將繼續成為我們整個企業範圍內產品組合向前發展的主要部分。

That's helpful. And then I think you talked about some restructuring PA. Just trying to get a sense for how to think about any future costs? How to think about margin benefits? And when you think we'll actually kind of get the full run rate of those cost saving initiatives?

這很有幫助。然後我想你談到了一些 PA 重組。只是想了解如何考慮未來的成本？如何考慮邊際收益？當您認為我們實際上會獲得這些成本節約計劃的全部運行率時？

Are you talking specifically on PA or what...

你是專門談論 PA 還是什麼...

Just PA.

只是PA。

Just PA?

只是PA？

Yes.

是的。

Well, look, the cost actions have been taken. So we're expecting on a go-forward basis that, that will improve the margins. we have been talking about utilization and rightsizing the business for a while. And ultimately, the management team got to the point where they decided to proactively go after it as opposed to grow into it. And so we're excited about the ability for that to have taken place. Really good work by the management team. And so that run rate is effectively being embedded into the business going forward.

好吧，看，成本行動已經採取了。因此，我們預計，這將提高利潤率。我們談論業務利用率和規模調整已經有一段時間了。最終，管理團隊決定主動追求它，而不是發展它。因此，我們對能夠實現這一目標感到興奮。管理團隊的工作確實做得很好。因此，運行率正在有效地融入到未來的業務中。

Yes. And sustainable.

是的。並且可持續。

And sustainable.

並且可持續。

Yes.

是的。

Your next question is from the line of Steven Fisher with UBS.

您的下一個問題來自瑞銀集團的史蒂文·費舍爾。

Kevin, best wishes. I wanted to zoom into the P&PS profit growth. You were talking before, Bob, about the top line at the high end. Just about the 13% year-over-year profit growth in Q3. Where do you see that going? Is that -- I mean it was still double digit, but it was a slowdown from 21% in the quarter before. So I guess, is this sort of normalizing into a low double-digit trajectory from here or is this -- do you think there's an actual reacceleration here? Just trying to think about how to frame the expectation for that profit growth in Q4 and into 2024?

凱文，祝你好運。我想重點關注 P&PS 利潤增長。鮑勃，你之前談論過高端的頂線。第三季度利潤同比增長約13%。你認為會發生什麼？我的意思是，仍然是兩位數，但比上一季度的 21% 有所放緩。所以我想，這是從這裡正常化為低兩位數軌跡還是這樣——你認為這裡有真正的再加速嗎？只是想想想如何制定第四季度和 2024 年利潤增長的預期？

Yes. Steve, I think that from a sustained standpoint, we've been vocal that we could drive double-digit growth from a bottom line perspective. I think there was an earlier question around mix. So we're going to have events where we might get some pops in the business. But I'd say on a sustained go-forward basis that double-digit growth in the sustaining area where it's at now is the way to think about it.

是的。史蒂夫，我認為從持續的角度來看，我們一直直言不諱地表示，我們可以從底線的角度推動兩位數的增長。我認為之前有一個關於混合的問題。因此，我們將舉辦一些可能會在業務中引起轟動的活動。但我想說的是，在持續向前發展的基礎上，目前的持續領域的兩位數增長是考慮這個問題的方式。

Okay. That's helpful. And then a bigger picture question here. Bob, I'm curious how you're managing the business with regard to the broader economic outlook? There's clearly lots of talk about different types of landings for the economy. What are you planning for at the moment? You're about 7 to 8 weeks away from the start of our next fiscal year, so how is that affecting the decisions you're making today? Obviously, you're sort of been proactive in streamlining operations, but curious if the different economic landings are factoring into your decision-making one way or the other?

好的。這很有幫助。然後是一個更大的問題。鮑勃，我很好奇您如何根據更廣泛的經濟前景來管理業務？顯然有很多關於不同類型的經濟著陸的討論。你現在有什麼計劃嗎？距離下一個財政年度開始還有大約 7 到 8 週，這對您今天做出的決定有何影響？顯然，您在簡化運營方面積極主動，但很好奇不同的經濟落地是否會以某種方式影響您的決策？

Yes. I'd say a couple of things, Steve. One is that we have been very deliberate over the course of several years. And Kevin and I have talked a lot about it over the last years and now you're hearing Claudia say the same thing is that we feel comfortable of those end markets that we are acutely focused in on, have got strong tailwinds. Wouldn't -- nobody is going to say that they are resilient of recession.

是的。我想說幾件事，史蒂夫。一是我們多年來一直非常深思熟慮。凱文和我在過去的幾年裡對此進行了很多討論，現在你聽到克勞迪婭也說了同樣的話，那就是我們對我們重點關注的那些終端市場感到滿意，它們有強勁的推動力。不會——沒有人會說他們能夠抵禦經濟衰退。

But those tailwinds aren't going anywhere and are probably less tied to inflation than other consumer-driven type of areas. And even in the area that we have some exposure to the broader consumer, these are now in the world of life sciences and chips and broad-based manufacturing that is tied to geopolitical as well as geoeconomic kind of reshaping of the world. So from a portfolio standpoint, we feel strong. And wherever the economy is going, those tailwinds, we feel confident in.

但這些利好因素不會隨處可見，而且與其他消費驅動型領域相比，與通脹的聯繫可能更小。即使在我們接觸到更廣泛消費者的領域，這些領域現在也處於生命科學和芯片以及與地緣政治和地緣經濟重塑世界相關的基礎廣泛的製造業領域。因此，從投資組合的角度來看，我們感覺很強大。無論經濟走向何方，我們都對這些順風車充滿信心。

The other is around our operations and our cost posture. We're doing a lot right now on the operating model and how we run the company and how we go to market, and we're using this inflection point with the separation of CMS to even accelerate that component, talk a little bit about in the prepared remarks. So that's creating more internal resilience.

另一個是我們的運營和成本狀況。我們現在在運營模式、如何運營公司以及如何進入市場方面做了很多工作，我們正在利用這個拐點與 CMS 的分離來加速該組件，在準備好的發言稿。所以這會創造更多的內部彈性。

And then the last I would say is something that Claudia spoke about earlier, and that's cost optimization. We have known us -- Steve, you've known us for a long time, for decades, we have been a company that has been very acutely focused in on cost and cost management and that's in our DNA, and we're going to continue to do that as we continue to look at the leaner structure prospect.

最後我要說的是克勞迪婭之前談到的，那就是成本優化。我們認識我們——史蒂夫，你認識我們很長時間了，幾十年來，我們一直是一家非常專注於成本和成本管理的公司，這是我們的 DNA，我們將在我們繼續關注更精簡的結構前景時繼續這樣做。

Your next question comes from the line of Andy Wittmann with Baird.

你的下一個問題來自安迪·魏特曼 (Andy Wittmann) 和貝爾德 (Baird) 的對話。

Great. And Kevin, it's been a pleasure. I guess I wanted to ask about some of the cash restructuring costs. It looks like they're down -- the new outlook for them. The split of cash is up a little bit, noncash real estate down a little bit. I suppose that's probably related to the $17 million for PA taken in the quarter on cash restructuring. But I guess there's kind of 2 questions that come out of this.

偉大的。凱文，很高興。我想我想問一些現金重組成本。看起來他們很沮喪——他們的新前景。現金分配略有增加，非現金房地產略有減少。我想這可能與本季度因現金重組而支付的 1700 萬美元 PA 相關。但我想這會產生兩個問題。

One is, do you think that this round of restructuring charges can flow through to the profit line, recognizing in the past, the various restructuring programs we've had in the past have generally been reinvested for growth? And the second question would be, given that '23 is a little bit higher on the cash restructuring costs, what do you think the outlook for '24 could be? Obviously, the CMS been or the potential sale is a big factor, but do you think that the costs will be up or down versus the roughly $55 million of cash cost that you expect to recognize in 2023?

一是，您認為這一輪重組費用可以流入利潤線嗎？考慮到過去我們進行的各種重組計劃通常都是為了增長而進行再投資？第二個問題是，鑑於“23”的現金重組成本略高，您認為“24”的前景如何？顯然，CMS 或潛在的出售是一個重要因素，但您認為與您預計在 2023 年確認的大約 5500 萬美元的現金成本相比，成本會上升還是下降？

Kevin, go ahead.

凱文，繼續吧。

Maybe -- thanks, Andy. But let me take a stab. As Claudia suggested in her prepared remarks, we're working through that right now as we speak, relative to the CMS separation efforts. And so it's premature to really give any perspective on that. I think the bottom line relative to your cash comment for 2023 is basically correct. And so at the end of the day, I think the other point that you asked, is it going to be -- it's going to drop to the bottom line or be reinvested?

也許——謝謝，安迪。但讓我來嘗試一下。正如克勞迪婭在她準備好的發言中所建議的那樣，我們現在正在解決與 CMS 分離工作相關的問題。因此，現在對此給出任何看法還為時過早。我認為相對於您對 2023 年現金評論的底線基本上是正確的。所以歸根結底，我認為你問的另一點是——它會下降到底線還是會被再投資？

I think that Claudia has made it very clear in her comments that the stranded cost opportunities are, we believe, of substance, and that's going to take a lot of hard work to get after it. But I think we'll leave it there. And fundamentally, I think what the plan will be is that we'll give some additional color, Claudia and Bob will give some additional color when we talk in our Q4 earnings release and outlook for 2024.

我認為克勞迪婭在她的評論中已經非常明確地表示，我們相信，擱淺的成本機會是實質性的，並且需要付出大量的努力才能獲得它。但我想我們會把它留在那裡。從根本上講，我認為計劃是我們將提供一些額外的色彩，當我們在第四季度收益發布和 2024 年展望中談論時，克勞迪婭和鮑勃將提供一些額外的色彩。

And what I would add to that, Andy, is we use the cash conversion as a key metric for us. So it's really important to show is the cash conversion and we have shown the strong cash conversion. So all these numbers is to help our investors understand the numbers. Hopefully, that helps to analyze the numbers. But the cash conversion remains very strong, and we are very committed to maintaining that strong delivery.

安迪，我要補充的是，我們使用現金兌換作為我們的關鍵指標。因此，展示現金轉換非常重要，我們已經展示了強勁的現金轉換。所以所有這些數字都是為了幫助我們的投資者理解這些數字。希望這有助於分析數字。但現金轉換仍然非常強勁，我們非常致力於保持強勁的交付。

Got it. I guess for my follow-up question, I would just ask about Divergent here. I heard the comments for the fourth quarter. This business has always had kind of an implicit kind of ramp that you believe that some of the contracts that you're on will start contributing more significantly.

知道了。我想對於我的後續問題，我只想在這裡詢問 Divergent。我聽到了有關第四季度的評論。這項業務總是有一種隱性的增長，你相信你所簽訂的一些合同將開始做出更顯著的貢獻。

I guess the question is, what's the visibility you have into that ramp? And do you still believe that, that revenue ramp can lead to better fixed cost coverage and push margins up more materially even than you've realized in the last couple of quarters, which has been notable for sure?

我想問題是，你對那個坡道的能見度是多少？您是否仍然相信，收入增長可以帶來更好的固定成本覆蓋率，並比您在過去幾個季度中意識到的更大幅度地提高利潤率，這肯定是值得注意的？

Yes, Andy, we do. And part of that is, if you look -- if you kind of dissect Divergent, as we've talked about in previous quarters, the area that's growing at the fastest rate are those platforms that we've developed around transportation and water. And those are growing very fast. Now the reason why we're not necessarily seeing that at the top line is because these are platforms that are driving growth at the bottom line for Divergent and creating margin expansion in P&PS, part of that digital enablement of an earlier question, too.

是的，安迪，我們願意。其中一部分是，如果你仔細剖析 Divergent，正如我們在前幾個季度談到的那樣，增長最快的領域是我們圍繞交通和水開發的平台。這些增長速度非常快。現在，我們不一定在營收上看到這一點的原因是因為這些平台正在推動 Divergent 的盈利增長，並在 P&PS 中創造利潤擴張，這也是之前問題的數字化支持的一部分。

So from a bottom line standpoint, the answer would be, yes, we see that visibility, and it's being driven by infrastructure, transportation and water, and we're getting those platforms now into the energy sector as well. So more to follow on how that's going to continue to catalyze P&PS.

因此，從底線的角度來看，答案是，是的，我們看到了這種可見性，而且它是由基礎設施、交通和水驅動的，我們現在也將這些平台引入能源領域。因此，接下來將進一步探討這將如何繼續促進 P&PS 的發展。

(Operator Instructions) Your next question comes from the line of Sabahat Khan with RBC Capital Markets.

（操作員說明）您的下一個問題來自 RBC Capital Markets 的 Sabahat Khan。

Okay. Great. Just, I guess, on some of the infrastructure stimulus money that you said you've seen so far. I'm just curious which end markets that's concentrated and sort of where are you winning some work? And then -- and as you look ahead even to kind of the next 12 to 18 months, which end markets, you think we'll probably see more of the money, whether it's IIJA, IRA or the chipset. I'm just curious how it's flowing by end market at this point?

好的。偉大的。我想，只是你所說的迄今為止所看到的一些基礎設施刺激資金。我只是好奇哪些終端市場集中，以及您在哪裡贏得了一些工作？然後，當你展望未來 12 到 18 個月的終端市場時，你認為我們可能會看到更多的資金，無論是 IIJA、IRA 還是芯片組。我只是好奇目前終端市場的流動情況如何？

Sure. Sabahat, it's really the early phases of the early innings have been probably indexed more towards transportation. So we're seeing more in that. But now we're kind of starting to see the front end of different -- I mentioned the New Orleans job where we're doing some green fleeting of the bus systems and the other transport. So under the guides of transport, with now some clean energy components that are tied to it, and we'll start to spill over in some IRA application as well.

當然。 Sabahat，這確實是早期局的早期階段可能更多地被索引為交通。所以我們在這方面看到了更多。但現在我們開始看到不同的前端——我提到了新奧爾良的工作，我們正在對公交系統和其他交通工具進行一些綠色運輸。因此，在運輸的指導下，現在有了一些與之相關的清潔能源組件，我們也將開始在一些 IRA 應用中溢出。

I would say on the larger, whether it be some of the lead-free work or -- I'm sorry, the lead pipe and the lead topic work as well as some additional support of some of the larger water infrastructure, we would expect to see that coming up, too. So transport first, moving into clean energy and the energy component of transport and then down the road, water.

我想說的是，在更大的方面，無論是一些無鉛工作，還是——對不起，鉛管和主導主題工作，以及一些較大的水基礎設施的一些額外支持，我們預計也看到了這一點。因此，首先是交通運輸，轉向清潔能源和交通運輸的能源組成部分，然後是道路、水。

Great. And then just more of a housekeeping-type question on the cost improvements that you've talked about on P&PS. I guess just trying to understand, is that -- is the kind of the -- just going full throttle on the plan tied to the timing of the sale or separation of CMS business? Or is that something that's ongoing and we should see a meaningful benefit in your fiscal '24 numbers? Just trying to understand if those 2 events are tied in terms of timing of when you execute and the savings that we see in fiscal '24.

偉大的。然後是更多關於您在 P&PS 上談到的成本改進的內務型問題。我想我只是想了解，是不是——是那種——全力執行與出售或分離 CMS 業務的時間相關的計劃？還是說這種情況正在持續發生，我們應該會在你們的 24 財年數據中看到有意義的收益？只是想了解這兩個事件在執行時間和我們在 24 財年看到的節省方面是否相關。

Yes. So the PA comment is really focused on PA and it's more aligned with the end markets that PA has. So they have a lot of strength in specific markets and then is more aligned the resources with that strength in some markets and then what they see in the other markets that are more flat. So that's really PA related.

是的。因此，PA 的評論實際上主要針對 PA，並且更符合 PA 所擁有的終端市場。因此，他們在特定市場擁有強大的實力，然後將資源與某些市場的實力更加一致，然後他們在其他市場上看到的更加平坦的市場。所以這確實與 PA 有關。

And then CMS is more the connectivity with -- between CMS and the rest of the company and the comments that Bob made about our efforts looking at our operating model and all the efficiency gains and productivity that we see as we have cost reductions with a more streamlined strategy and execution.

然後CMS 更多的是CMS 與公司其他部門之間的聯繫，以及鮑勃對我們在運營模式方面所做的努力以及我們看到的所有效率提升和生產力的評論，因為我們通過更多方式降低了成本。簡化戰略和執行。

In the 2024, Sabahat, which I think is the last part with P&PS, the answer is yes.

在 2024 年，Sabahat，我認為這是 P&PS 的最後一部分，答案是肯定的。

Thinking about the savings from P&PS. Okay. So we should see them in '24?

考慮 P&PS 所節省的成本。好的。那麼我們應該在 24 年看到他們嗎？

Yes.

是的。

There are no further questions at this time. I will now turn the call back to Mr. Bob Pragada.

目前沒有其他問題。我現在將把電話轉回給鮑勃·普拉加達先生。

All right. Thanks, everyone, for joining and look forward to continued growth and success. Kevin, thank you so much, and welcome Claudia to the future. Thanks, everyone. Look forward to talking to you next time.

好的。感謝大家的加入，並期待持續的成長和成功。凱文，非常感謝你，並歡迎克勞迪婭走向未來。感謝大家。期待下次與您交談。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連接。