雅各布工程 (J) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Chibrow, and I will be your conference operator today. At this time, I would like to welcome everyone to the Jacobs' Fiscal Fourth Quarter 2023 Earnings Conference Call. (Operator Instructions) I would now like to turn the call over to Jonathan Evans, Vice President of Corporate Development, Investor Relations. Please go ahead.

女士們先生們，謝謝你們的支持。我叫 Chibrow，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Jacobs 2023 年第四季財報電話會議。 （操作員說明）我現在想將電話轉給投資者關係企業發展副總裁喬納森·埃文斯 (Jonathan Evans)。請繼續。

Thank you. Good morning. Our earnings announcement was filed this morning, and we have posted a slide presentation on our website, which we'll reference during the call. Our 10-K will be filed later today. 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。早安.我們的收益公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。我們的 10-K 將於今天晚些時候提交。我想請您參閱簡報資料的幻燈片 2，以了解有關我們的前瞻性陳述和非 GAAP 財務指標的資訊。

Turning to the agenda on Slide 3. Speaking on today's call will be Jacobs' CEO, Bob Pragada; and CFO, Claudia Jaramillo. Bob will begin by providing an overview of recent activities and summarizing highlights from our fourth quarter results. Claudia 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.

轉向幻燈片 3 上的議程。Jacobs 的執行長 Bob Pragada 將在今天的電話會議上發言。財務長克勞迪婭·哈拉米洛 (Claudia Jaramillo)。鮑伯將首先概述最近的活動並總結我們第四季度業績的亮點。克勞迪婭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。最後，鮑勃將提供有關我們最新展望的詳細資訊以及結束語，然後我們將開始提問。

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

接下來，我會將其交給我們的執行長 Bob Pragada。

Thanks, Jonathan. Good day, everyone. Thank you for joining us to discuss our fourth quarter and fiscal 2023 business performance and 2024 outlook. Our team has shown remarkable strength, adaptability and dedication and continuing to deliver outstanding results to our clients. I am proud of our people for continuing to drive our culture of caring to new heights.

謝謝，喬納森。今天是個好日子。感謝您與我們一起討論我們第四季和 2023 財年的業務業績以及 2024 年展望。我們的團隊展現了非凡的實力、適應能力和奉獻精神，並繼續為我們的客戶提供卓越的成果。我為我們的員工繼續將我們的關懷文化推向新的高度而感到自豪。

Over the past couple of quarters, we have shared our intention to simplify our business model, optimize our cost structure and accelerate profitable growth and margin expansion. Today marks a key turning point as we boldly move forward. I want to provide an update on our previously announced intent to separate the CMS business on Slide 4, before I move on to our fourth quarter results.

在過去的幾個季度中，我們表達了簡化業務模式、優化成本結構並加速獲利成長和利潤率擴張的意圖。今天是我們大膽前進的關鍵轉捩點。在介紹我們的第四季度業績之前，我想在投影片 4 上提供有關我們先前宣布的分離 CMS 業務意圖的最新資訊。

As we communicated, following a robust evaluation of all opportunities, we are excited to announce the creation of a new leading government services player. Jacobs will be separating our industry-leading government services businesses, Critical Mission Solutions and the Cyber & Intelligence unit of Divergent Solutions by the way of a spinoff to Jacobs' shareholders and then combining those assets with Amentum through a merger, which has been structured as a Reverse Morris Trust. This combination is intended to be largely tax-free for Jacobs' shareholders.

正如我們所傳達的，在對所有機會進行了強有力的評估之後，我們很高興地宣布創建一個新的領先政府服務參與者。 Jacobs 將透過分拆給 Jacobs 股東的方式，將我們領先業界的政府服務業務、Critical Mission Solutions 和 Divergent Solutions 的網路與情報部門分開，然後透過合併將這些資產與 Amentum 合併，合併結構為反向莫里斯信託。這種合併的目的是讓雅各布斯的股東基本上免稅。

Turning to Slide 5. The combination creates a combined government technology services leader with an approximately $13 billion in revenue and approximately $1.1 billion of combined adjusted EBITDA, including $50 million to $70 million of net synergies expected to be realized by year 2.

轉向幻燈片5。此次合併創建了一家合併後的政府技術服務領導者，其收入約為130 億美元，調整後EBITDA 合併後約為11 億美元，其中預計將在第二年實現5000 萬至7000 萬美元的淨協同效應。

Jacobs shareholders will own 51%, and Jacobs will retain a stake equal to between 7.5% to 12% of the combined company based on achievement of operating profit targets prior to close. Jacobs will also receive a $1 billion cash dividend, subject to customary adjustments as well as an additional value through the disposition of our retained stake within 12 months of closing.

Jacobs 股東將持有合併後公司 51% 的股份，而 Jacobs 將根據交易完成前營業利潤目標的實現情況保留合併後公司 7.5% 至 12% 的股份。 Jacobs 還將獲得 10 億美元的現金股息（根據慣例調整）以及在交易結束後 12 個月內處置我們保留的股份而獲得的額外價值。

As part of our continued separation efforts, we concluded it was best to include the majority of our Divergent Solutions business, including the Cyber & Intelligence unit in the separation perimeter, owing to the strategic synergies, shared costs and operational overlap with CMS.

作為我們持續分離工作的一部分，我們得出的結論是，由於與CMS 的戰略協同效應、分攤成本以及運營重疊，最好將我們的大部分Divergent Solutions 業務納入其中，包括分離邊界中的網絡與情報部門。

We will retain the infrastructure-related software assets of Divergent Solutions, given their strong strategic fit with our critical infrastructure, advanced facility and PA Consulting businesses. We believe this combination of 2 premium industry leaders who share strong operating platforms, high-performance culture and a breadth of expertise offer shareholders the best opportunity to realize long-term value. The combined business has the ability to drive significant innovation and growth with meaningful cost synergies, added scale and diverse end market exposure and is supported by secular growth trends.

我們將保留 Divergent Solutions 的基礎設施相關軟體資產，因為它們與我們的關鍵基礎設施、先進設施和 PA 諮詢業務具有很強的策略契合度。我們相信，兩家擁有強大營運平台、高績效文化和廣泛專業知識的優質產業領導者的結合將為股東提供實現長期價值的最佳機會。合併後的業務有能力透過有意義的成本協同效應、更大的規模和多樣化的終端市場接觸來推動重大創新和成長，並得到長期成長趨勢的支持。

After a comprehensive review of all inbound inquiries, we believe the transaction is in the best interest of the company and our stakeholders. The transaction has been unanimously approved by the Jacobs Board as well as the financial sponsors of Amentum, and is not subject to any other shareholder approvals. The transaction is expected to close in the second half of fiscal year 2024 subject to customary closing conditions and regulatory approvals. For more details regarding the structure of the deal, I invite you to review the materials we published earlier.

在對所有入站詢問進行全面審查後，我們認為該交易符合公司和利害關係人的最佳利益。該交易已獲得 Jacobs 董事會以及 Amentum 財務贊助商的一致批准，無需任何其他股東批准。該交易預計將於 2024 財年下半年完成，具體取決於慣例成交條件和監管部門批准。有關交易結構的更多詳細信息，我邀請您查看我們之前發布的材料。

Moving to Slide 6, which shows our multiyear transformational. As part of this strategic separation which results in a more focused Jacobs, we are concurrently announcing a cost optimization plan to be executed over the next 24 months. During which time, we will target over 300 basis points of margin expansion as compared to our as-reported fiscal year 2023 results, driving an expected adjusted EBITDA margin of at least 13.8% in fiscal year 2025 for pro forma Jacobs. Claudia will share more details in her prepared remarks.

轉到幻燈片 6，它展示了我們多年來的轉型。作為此次策略分離的一部分，Jacobs 變得更加專注，我們同時宣布了一項將在未來 24 個月內執行的成本優化計劃。在此期間，與我們報告的 2023 財年業績相比，我們的目標是利潤率擴張超過 300 個基點，預計 2025 財年 Jacobs 的調整後 EBITDA 利潤率將達到至少 13.8%。克勞迪婭將在她準備好的演講中分享更多細節。

Post transaction, Jacobs will be a well-capitalized pure play critical infrastructure and sustainability leader with a strong balance sheet and significant growth potential. Fiscal 2023 marked records for revenue and free cash flow generation for Jacobs, and we look forward to 2024 as we begin to chart our path forward as 2 leading independent companies.

交易後，Jacobs 將成為資本充足的純業務關鍵基礎設施和永續發展領導者，擁有強大的資產負債表和巨大的成長潛力。 2023 財年，Jacobs 的收入和自由現金流創出了新紀錄，我們期待 2024 年，因為我們將開始規劃我們作為兩家領先的獨立公司的前進道路。

Turning to Slide 7 and Q4. I'm pleased to report another record quarter as measured by both revenue and operating profit. I would like to once again reiterate that this growth is entirely organic. Strong cash conversion remains a hallmark of our business model and remained robust in Q4, allowing us to drive record fiscal year 2023 free cash flow in order to return capital to shareholders while investing behind our growth accelerators, climate response, data solutions and consulting and advisory.

轉向幻燈片 7 和 Q4。我很高興地報告以收入和營業利潤衡量的另一個創紀錄的季度。我想再次重申，這種成長完全是有機的。強勁的現金轉換仍然是我們業務模式的標誌，並在第四季度保持強勁，使我們能夠在2023 財年推動創紀錄的自由現金流，以便向股東返還資本，同時投資於我們的成長加速器、氣候回應、數據解決方案以及諮詢和諮詢。

We recorded 104% underlying free cash flow conversion to adjusted net income in FY 2023 on a record year of $837 million in free cash flow generation. We expect to generate greater than 100% underlying free cash flow conversion again in FY 2024 before the impact of restructuring, transaction and separation costs. Our underlying business and outlook remains very healthy, and we continue to be excited about robust growth opportunities in all our end markets.

2023 財年，我們的基本自由現金流轉換為調整後淨利的率為 104%，自由現金流產生量創歷史新高，達 8.37 億美元。我們預計在重組、交易和分拆成本影響之前，2024 財年將再次產生超過 100% 的基礎自由現金流轉換。我們的基礎業務和前景仍然非常健康，我們繼續對所有終端市場的強勁成長機會感到興奮。

Turning to Slide 8. Our People & Places line of business delivered accelerating top line growth with adjusted net revenue up 11% year-over-year and adjusted operating profit up 12% year-over-year. Claudia will provide further details on the significant growth we are experiencing in our global business units.

轉向投影片 8。我們的 People & Places 業務線實現了營收加速成長，調整後淨收入年增 11%，調整後營業利潤年增 12%。克勞迪婭將提供有關我們全球業務部門正在經歷的顯著增長的更多詳細資訊。

We continue to see widespread positive indicators with a gross profit and backlog growth of 8% year-over-year. Once again, our pipeline continues to grow faster than our top line, which provides visibility and confidence in our expectations that growth can persist at mid- to high single digits organically in FY '24.

我們繼續看到廣泛的正面指標，毛利和積壓訂單年增 8%。我們的管道成長速度再次超過我們的營收成長速度，這為我們的預期提供了可見性和信心，即 24 財年有機成長可以持續保持在中高個位數。

Looking back at FY '23, I want to highlight the significant achievements of our P&PS business with double-digit organic OP growth in every quarter. Water continues to be a pillar of our business. Of the top 30 wins in the quarter, 9 were in the water sector. Of those wins, we wanted to highlight 2 that showcase our digital and data capabilities. Firstly, at the city of Farmington, New Mexico wastewater and surface water treatment plant, our data-enabled product, AquaDNA, is a key part of the solution to provide resiliency efforts and improve energy efficiency.

回顧 23 財年，我想強調我們的 P&PS 業務所取得的重大成就，每季有機營業收入均達到兩位數成長。水仍然是我們業務的支柱。在本季度排名前 30 的勝利中，有 9 個是在水領域。在這些勝利中，我們想重點介紹兩個展示我們數字和數據能力的勝利。首先，在新墨西哥州法明頓市的廢水和地表水處理廠，我們的數據支援產品 AquaDNA 是提供彈性工作和提高能源效率的解決方案的關鍵部分。

Secondly, for Boston Water and Sewer Commission, we are leveraging our AI model that analyzes the assets that are most likely to fail, helping our clients create data-driven maintenance and replacement plans. In the energy transition space, Jacobs has been selected as the program manager for the Thyssenkrupp $2.85 billion effort to decarbonize its steel mill in Duisburg, Germany with a new green hydrogen power plant. The site is Europe's largest steel mill and the effort represents one of the largest industrial decarbonization projects worldwide. It is also a testament to the diversity of our expertise.

其次，對於波士頓供水和下水道委員會，我們正在利用我們的人工智慧模型來分析最有可能發生故障的資產，幫助我們的客戶制定數據驅動的維護和更換計劃。在能源轉型領域，Jacobs 被選為蒂森克虜伯耗資 28.5 億美元專案的專案經理，該專案旨在為其位於德國杜伊斯堡的鋼廠脫碳，建造一座新的綠色氫發電廠。該工廠是歐洲最大的鋼廠，該項目是全球最大的工業脫碳項目之一。這也證明了我們專業知識的多樣性。

In transportation, our largest market, we continue to see broad-based momentum from IIJA related funding. Overall, IIJA-related pipeline has increased approximately 20% year-over-year. In Q4, we were selected lead and manage the 10-year renovation of the Seattle-Tacoma International Airport International terminal, emphasizing upgrades to enhanced mobility and energy efficiency to position Seattle as a global tourism and business hub.

在我們最大的市場交通運輸領域，我們繼續看到 IIJA 相關資金的廣泛勢頭。總體而言，IIJA 相關管道項目較去年同期成長約 20%。在第四季度，我們被選為領導和管理西雅圖-塔科馬國際機場國際航站樓為期10 年的翻新工程，重點是透過升級來增強流動性和能源效率，從而將西雅圖定位為全球旅遊和商業中心。

Internationally, we continue to see high levels of activity in the Middle East. For example, in climate response, we are providing program management services to the Saudi Arabia National Center for Environmental Compliance. The work forms part of their ongoing environmental remediation program to repair damage to terrestrial and coastal environment. Our environmental expertise is truly global, and we continue to see a robust opportunity set related to our clients' climate-related challenges.

在國際上，我們繼續看到中東地區的活動頻繁。例如，在氣候應變方面，我們正在為沙烏地阿拉伯國家環境合規中心提供專案管理服務。這項工作是他們正在進行的環境修復計劃的一部分，旨在修復對陸地和沿海環境的損害。我們的環境專業知識是真正的全球性的，我們繼續看到與客戶的氣候相關挑戰相關的強大機會。

In CMS, we performed very well in Q4 to cap off a great year. CMS Q4 revenue was 7% higher year-over-year, and operating profit increased 26% behind 128 bps of margin expansion. This pipeline and growth outlook remained robust with major award prospects in FY 2024 and minimal forecasted recompete pursuits. CMS was awarded a new project management resources framework contract with EDF Nuclear Generation licensee of 8 nuclear power stations, which account for approximately 16% of the U.K.'s electricity output.

在 CMS 中，我們在第四季度表現非常出色，為這一偉大的一年畫上了圓滿的句號。康哲藥業第四季營收年增 7%，營業利益成長 26%，利潤率擴張 128 個基點。這項管道和成長前景仍然強勁，2024 財年的主要獎項前景和預測的重新競爭追求極少。 CMS 與 EDF Nuclear Generation 持牌人簽訂了一份新的專案管理資源框架合同，涉及 8 個核電站，這些核電站約佔英國發電量的 16%。

PA Consulting continues to post strong results with 13% revenue growth and nearly 21% operating profit margins despite a very challenging macro environment. While we remain cognizant of the weakness that some consulting peers are seeing, we continue to be pleased with strong operational performance delivered by the PA team. Utilization has improved and during Q4, PA announced the appointment of Christian Norris as its new CEO. Christian formally led PA's Life Sciences unit as a respected leader both internally and externally and has creative ideas to take the Jacobs partnership with PA to new heights.

儘管宏觀環境充滿挑戰，PA Consulting 仍持續取得強勁業績，營收成長 13%，營業利潤率接近 21%。雖然我們仍然認識到一些諮詢同行所看到的弱點，但我們仍然對 PA 團隊提供的強勁營運績效感到滿意。利用率有所提高，在第四季度，PA 宣布任命 Christian Norris 為其新任執行長。 Christian 作為一位在內部和外部都受人尊敬的領導者正式領導 PA 的生命科學部門，並具有將 Jacobs 與 PA 的合作關係推向新高度的創造性想法。

For example, the power of our relationship is driving further opportunities as evidenced in our recent award to the Copenhagen Metro framework. Together with PA, we are bringing our enterprise digital tools, AI solutions and deep knowledge of the rail sector to support the Copenhagen Metro as it continues to deliver modern future-ready infrastructure to meet the city's fast-growing population and urban travel demand.

例如，我們關係的力量正在推動更多的機會，正如我們最近授予哥本哈根地鐵框架的獎項所證明的那樣。我們與PA 一起，利用我們的企業數位工具、人工智慧解決方案和對鐵路行業的深入了解來支持哥本哈根地鐵，因為它繼續提供面向未來的現代化基礎設施，以滿足該市快速增長的人口和城市出行需求。

Our Divergent Solutions operating unit delivered a strong quarter with 3% adjusted net revenue growth and 58% year-over-year growth in operating profit. In Divergent, we are a leader in space innovation with the introduction of Mango Two, a revolutionary radio frequency signal detection system that utilizes cutting-edge AI and machine learning analytics, emphasizing affordability. An example of the leading IP portfolio that reinforces independent CMS as a formidable player in the space arena.

我們的 Divergent Solutions 營運部門表現強勁，調整後淨收入成長 3%，營業利潤年增 58%。在 Divergent，我們推出了 Mango Two，成為太空創新領域的領導者，這是一個革命性的射頻訊號檢測系統，利用尖端的人工智慧和機器學習分析，強調經濟性。這是領先的 IP 產品組合的一個例子，它增強了獨立 CMS 在太空領域的強大地位。

Turning to Slide 9. In summary, we are extremely well positioned for growth across all the sectors we serve, building off our established leadership position and proven track record of operational excellence. We are excited to turn the page on this next chapter in Jacobs' history where we will be creating 2 leading independent companies.

轉向投影片 9。總而言之，我們在我們所服務的所有行業中都處於非常有利的成長位置，鞏固了我們既定的領導地位和卓越營運的良好記錄。我們很高興翻開 Jacobs 歷史的新篇章，我們將創造兩家領先的獨立公司。

Looking to Slide 10. Independent Jacobs is a leader in the majority of sectors in which we operate and a global leader in the overall industry. With today's announcement, we are enthusiastic about the opportunity to further simplify our business structure, optimize our cost base, and accelerate growth and margin improvement in the quarters and years ahead.

看幻燈片 10. Independent Jacobs 是我們經營的大多數行業的領導者，也是整個行業的全球領導者。透過今天的公告，我們對在未來幾季和幾年內進一步簡化業務結構、優化成本基礎並加速成長和利潤率提高的機會充滿熱情。

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

現在我將把電話轉給克勞迪婭，以進一步詳細審查我們的財務表現。

Thank you, Bob. Turning to Slide 11 for a financial overview of our fourth quarter results. Fourth quarter gross revenue grew 10.5% year-over-year and adjusted net revenue grew 8.9%. GAAP operating profit was $278 million for the quarter and included $52 million of amortization from acquired intangibles, $47 million of other transaction separation-related restructuring costs and $11 million noncash charge related to decrease in our real estate footprint.

謝謝你，鮑伯。請參閱投影片 11，以了解我們第四季業績的財務概覽。第四季總營收年增 10.5%，調整後淨收入成長 8.9%。本季 GAAP 營業利潤為 2.78 億美元，包括收購無形資產的 5,200 萬美元攤銷、4,700 萬美元其他與交易分離相關的重組成本以及與房地產足跡減少相關的 1,100 萬美元非現金費用。

The other transaction separation-related and restructuring costs of $43 million are primarily related to advisory and other costs associated with the separation of CMS. As we go forward, our costs will now include expenses to be incurred in connection with the separation.

其他與交易分離相關的成本和重組成本為 4,300 萬美元，主要與與 CMS 分離相關的諮詢和其他成本有關。隨著我們的前進，我們的成本現在將包括與分居相關的費用。

Looking to fiscal year 2024, we expect to incur approximately $275 million in onetime costs related to the separation and associated cost optimization actions. These costs are largely unavoidable in a separation and transactions of this size, but I want to reiterate that post-separation, it will be a key focus of ours to minimize onetime adjustments inclusive of restructuring costs.

展望 2024 財年，我們預期與分離和相關成本優化行動相關的一次性成本約為 2.75 億美元。在這種規模的分拆和交易中，這些成本在很大程度上是不可避免的，但我想重申，分拆後，最大限度地減少包括重組成本在內的一次性調整將是我們的重點。

Our adjusted operating margin was 11%, up 14 basis points year-over-year. I'll discuss the underlying dynamics during the reporting segment review. GAAP EPS from continuing operations was $1.25 per share and included a $0.27 impact related to the amortization charge of acquired intangibles, $0.23 from transaction, restructuring and other related costs; a $0.05 noncash impairment charge related to reducing our real estate footprint and a $0.10 adjustment to align to our annual adjusted effective tax rate.

調整後營業利益率為 11%，較去年同期成長 14 個基點。我將在報告分部審查期間討論潛在的動態。持續經營業務的 GAAP 每股收益為 1.25 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，以及來自交易、重組和其他相關成本的 0.23 美元；與減少我們的房地產足跡相關的 0.05 美元非現金減損費用以及 0.10 美元的調整以與我們調整後的年度有效稅率保持一致。

I refer you to Slide 30 for more details on these adjustments.

我建議您參閱投影片 30 以了解有關這些調整的更多詳細資訊。

Excluding these items, fourth quarter adjusted EPS was $1.90, up 6% year-over-year. Q4 adjusted EBITDA was $384 million and was up 10% year-over-year, representing 11.1% of adjusted net revenue. The company's U.S. GAAP effective tax rate for continuing operations is 21% for the fiscal year 2023.

排除這些項目，第四季度調整後每股收益為 1.90 美元，年增 6%。第四季調整後 EBITDA 為 3.84 億美元，年增 10%，佔調整後淨收入的 11.1%。該公司 2023 財政年度持續經營業務的美國公認會計原則有效稅率為 21%。

Our U.S. GAAP and adjusted effective tax rate for the quarter and year include certain tax charges for deferred tax valuation allowances and audit assessment. In the fourth quarter, these amounted to an EPS impact of $0.06 per share. And as a result, fiscal year 2023 adjusted earnings per share from continuing operations reflects a 21.6% adjusted effective tax rate.

我們的美國公認會計原則和調整後的季度和年度有效稅率包括遞延稅估價津貼和審計評估的某些稅費。第四季度，這些影響對每股收益 0.06 美元。因此，2023 財年持續經營業務調整後每股盈餘反映了 21.6% 的調整後有效稅率。

Finally, backlog was up 4% year-over-year. The revenue book-to-bill ratio was just over 1x with our gross profit and backlog increasing 8% year-over-year.

最後，積壓訂單年增 4%。收入訂單出貨比略高於 1 倍，毛利和積壓訂單年增 8%。

Moving to Slide 12 for a brief recap of our full year 2023 performance. Fiscal year gross revenue grew 10% year-over-year, and net revenue grew 7%. GAAP operating profit was $1.1 billion, up significantly year-over-year, driven primarily by strong growth in gross profit, while holding G&A relatively flat.

前往投影片 12，簡要回顧我們 2023 年全年的表現。財年總收入年增10%，淨收入成長7%。公認會計原則營業利潤為 11 億美元，年比大幅成長，主要是由於毛利強勁增長，而一般管理費用相對持平。

GAAP EPS was $5.31, and adjusted EPS was $7.20, up 7% and 4% year-over-year, respectively. Adjusted operating profit grew 9% and was up 11% on a constant currency basis. Both revenue and adjusted operating profit increased year-over-year in all of our business segments. Operating profit margins expanded 20 basis points to 10.8%, driven by strong underlying performance. Adjusted EBITDA was $1.44 billion, up 5% and up 7% in constant currency. As a percentage of adjusted net revenue, adjusted EBITDA was 10.8%.

GAAP 每股收益為 5.31 美元，調整後每股收益為 7.20 美元，較去年同期分別成長 7% 和 4%。調整後營業利益成長 9%，以固定匯率計算成長 11%。我們所有業務部門的營收和調整後營業利潤均較去年同期成長。在強勁的基本業績推動下，營業利潤率擴大 20 個基點至 10.8%。調整後 EBITDA 為 14.4 億美元，成長 5%，以固定匯率計算成長 7%。調整後 EBITDA 佔調整後淨收入的百分比為 10.8%。

We expect modest adjusted operating margin expansion in fiscal 2024, driven by a combination of a higher margin revenue mix and lower corporate G&A. However, we expect an even greater uplift in margins post-separation as we streamline our operating model and cost structure. On a trailing 12-month basis, fiscal year 2023 book-to-bill was approximately 1.1x.

我們預計，在較高的利潤率收入組合和較低的企業一般管理費用的共同推動下，2024 財年調整後的營業利潤率將適度擴張。然而，隨著我們簡化營運模式和成本結構，我們預期分拆後的利潤率將出現更大的提升。以過去 12 個月計算，2023 財年的訂單出貨比約為 1.1 倍。

Regarding the performance of our lines of business, let's turn to Slide 13 for Q4 performance and 14 for full year performance. Starting with People & Places Solutions. P&PS continues to see solid momentum delivering strong revenue and operating profit results. Q4 adjusted net revenue was up 11% year-over-year. Growth was consistently strong across all business units.

關於我們業務線的業績，讓我們轉向投影片 13 的第四季業績和投影片 14 的全年業績。從人員和場所解決方案開始。 P&PS 繼續保持強勁的勢頭，帶來強勁的收入和營業利潤。第四季調整後淨收入年增 11%。所有業務部門的成長始終強勁。

Europe rebounded positively after being our weakest region year-to-date, and we saw continued strength in the Middle East, Americas and Asia Pacific. Backlog was relatively flat sequentially, although gross margin in backlog was up 8% year-over-year as we continue to focus on improving business quality.

歐洲在成為今年迄今為止最弱的地區後出現積極反彈，我們看到中東、美洲和亞太地區持續走強。儘管由於我們繼續專注於提高業務質量，積壓訂單毛利率同比增長 8%，但積壓訂單環比相對持平。

P&PS Q4 operating profit was up 12%, driven by strong growth, maintaining healthy gross margins and solid G&A management resulted in an adjusted operating margin of 15%, up 16 basis points year-over-year. For the full year, adjusted operating profit was up 16% and adjusted operating margins were 14.6%, up 100 basis points year-over-year.

在強勁成長、維持健康的毛利率和穩健的一般及行政管理管理的推動下，P&PS 第四季度營業利潤增長了 12%，調整後的營業利潤率為 15%，同比增長 16 個基點。全年調整後營業利潤成長 16%，調整後營業利益率為 14.6%，較去年同期成長 100 個基點。

Our P&PS Americas unit, which is our largest by revenue, benefited from legislative drivers and a healthy state and local budgets continuing to propel client spending. Internationally, Asia Pacific and the Middle East continue to be bright spots in the portfolio supported by Giga Cities and strategic water pursuits. Additionally, our European business showed a positive sequential growth.

我們的 P&PS 美洲部門是我們收入最大的部門，受益於立法驅動因素以及健康的州和地方預算，繼續推動客戶支出。在國際上，亞太地區和中東地區繼續成為超級城市和戰略性水資源追求支持的投資組合中的亮點。此外，我們的歐洲業務呈現出積極的連續成長。

Now moving to Critical Mission Solutions. Q4 revenue was up 7% year-over-year, and backlog is up 8% year-over-year, and the business continues to demonstrate a strong win rate against a very healthy pipeline in all of its core focus areas.

現在轉向關鍵任務解決方案。第四季營收年增 7%，積壓訂單年增 8%，且該業務在其所有核心重點領域的非常健康的管道中繼續展現出強勁的勝率。

CMS operating margins were up 128 basis points year-over-year. For the full year, margins were roughly flat, while operating profit increased 6% year-over-year. Notably, margins continued to rebound throughout the year as forecasted.

CMS 營運利潤率年增 128 個基點。全年利潤率大致持平，而營業利潤則是年增 6%。值得注意的是，全年利潤率持續按照預期反彈。

Moving to Divergent Solutions. Adjusted net revenue increased 3% year-over-year in Q4 as we remain focused on portfolio improvement. We expect growth to accelerate from year-end levels as investments mature and lower-margin contracts roll out of backlog. Operating margins for the quarter was up 10.1% -- was 10.1%, a 50 basis point sequential improvement.

轉向發散解決方案。由於我們仍然專注於投資組合的改善，第四季度調整後淨收入年增 3%。我們預計，隨著投資的成熟和低利潤合約的積壓，成長將從年底水準加速。本季營業利潤率成長 10.1%，較上一季提高 50 個基點，為 10.1%。

Turning to PA Consulting. Revenue from PA was up 13% year-over-year in Q4 and increased 4% year-over-year in fiscal year 2023. Based on booking trends, we expect revenue growth to show a positive trend in fiscal year 2024 while remaining cautious of the macro risk as the U.K. goes through an election cycle.

轉向 PA 諮詢。 PA 營收第四季年增 13%，2023 財年年增 4%。根據預訂趨勢，我們預期 2024 財年營收成長將呈現正面趨勢，同時對英國經歷選舉週期時的宏觀風險。

PA's Q4 operating profit was 20.6%, up 122 basis points year-over-year and up 21% year-over-year. Utilization continues to improve, and we expect operating margins to be over 20% for the medium term. Our adjusted unallocated corporate costs were $60 million in Q4, roughly flat sequentially and consistent with our guidance. In conjunction with the CMS separation, we have initiated a comprehensive evaluation of our cost structure under a more streamlined business model.

PA第四季營業利潤為20.6%，較去年同期成長122個基點，較去年同期成長21%。利用率持續提高，我們預計中期營業利潤率將超過 20%。第四季調整後的未分配企業成本為 6,000 萬美元，與上一季大致持平，與我們的指導一致。結合CMS分離，我們在更精簡的業務模式下啟動了對成本結構的全面評估。

However, despite initial cost actions taken, we will carry temporary costs associated with supporting the entirety of Jacobs, including the businesses to be separated. We estimate that we are carrying approximately $40 million in temporary cost throughout this transition period. This allows us the opportunity to reinforce our commitment to our clients and enhanced business resilience. We are confident that these efforts will contribute to a stronger foundation and continued excellence in serving our clients as 2 leading independent companies.

然而，儘管採取了初步成本行動，我們仍將承擔與支援整個 Jacobs 相關的臨時成本，包括要分開的業務。我們估計，在整個過渡期間，我們將承擔約 4000 萬美元的臨時成本。這使我們有機會加強對客戶的承諾並增強業務彈性。我們相信，這些努力將有助於奠定更堅實的基礎，並作為兩家領先的獨立公司為我們的客戶提供持續卓越的服務。

Turning to Slide 15 to discuss our balance sheet and cash flow. We posted a very strong quarter of cash flow generation, which is indicative of the quality of our earnings. Operating cash flow was $219 million and free cash flow was $180 million. As a result, we were able to deliver above our anticipated 100% reported and adjusted cash flow conversion targets for the year with 104% underlying cash conversion.

轉向投影片 15 來討論我們的資產負債表和現金流。我們公佈了一個非常強勁的季度現金流生成，這表明了我們的獲利品質。營運現金流為 2.19 億美元，自由現金流為 1.8 億美元。因此，我們能夠實現超出預期的 100% 報告和調整後現金流轉換目標，其中基礎現金轉換率為 104%。

During fiscal year 2023, we returned 50% of our free cash flow to shareholders for a total of $480 million through both share repurchases and dividends. Though we were unable to repurchase shares in the quarter due to the CMS separation, we utilize cash flow to strategically pay down floating rate debt, ensuring a more robust financial position for the future.

在 2023 財年，我們透過股票回購和股利將 50% 的自由現金流返還給股東，總計 4.8 億美元。儘管由於 CMS 分離，我們無法在本季度回購股票，但我們利用現金流策略性地償還浮動利率債務，確保未來擁有更穩健的財務狀況。

This disciplined approach aligns with our commitment to long-term financial stability and value creation for our shareholders. We ended the quarter with cash of $927 million and gross debt of $2.9 billion, resulting in just over $1.9 billion of net debt.

這種嚴格的方法符合我們對長期財務穩定和為股東創造價值的承諾。本季結束時，我們的現金為 9.27 億美元，總債務為 29 億美元，淨債務略高於 19 億美元。

Our Q4 net debt to 2023 adjusted EBITDA of approximately 1.4x remains a clear indication of the continued strength of our balance sheet. We remain committed to maintaining an investment grade credit profile, both today and as a more focused business, post our announced CMS separation.

到 2023 年，我們第四季度的淨債務調整後 EBITDA 約為 1.4 倍，這仍然清楚地表明我們的資產負債表持續強勁。在我們宣布 CMS 分拆後，無論是今天還是作為一個更專注的企業，我們仍然致力於維持投資等級信用狀況。

In August, we completed the offering of $600 million in senior unsecured notes due 2028 with a fixed rate of 6.35%. This allowed us to repay a portion of the amounts outstanding under our revolving credit facility. As of the end of Q4, approximately 35% of our debt is tied to floating rates and our weighted average interest rate was approximately 5%.

8 月，我們完成了 6 億美元 2028 年到期的優先無抵押票據的發行，固定利率為 6.35%。這使我們能夠償還循環信貸額度下的部分未償還金額。截至第四季末，我們約 35% 的債務與浮動利率掛鉤，加權平均利率約為 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 on our debt and quarterly interest expense.

我們打算在未來幾季趁機退出浮動利率債務。為了您的利益，在簡報的附錄中，我們提供了有關我們的債務和季度利息支出的更多詳細資訊。

Given our strong balance sheet and free cash flow, we remain committed to returning cash to shareholders. On November 9, we paid a $0.26 dividend, representing a 13% year-over-year increase.

鑑於我們強勁的資產負債表和自由現金流，我們仍然致力於向股東返還現金。 11 月 9 日，我們支付了 0.26 美元的股息，年增 13%。

Finally, I wanted to highlight our cost optimization plan shared on Slide 16. We recognize that our cost structure is high. And we see opportunities to optimize in the coming quarters and post CMS separation. We have identified over $90 million in run rate savings, including lower corporate and allocated costs to the specific measures that we are starting to action.

最後，我想強調我們在投影片 16 上分享的成本優化計劃。我們認識到我們的成本結構很高。我們看到了未來幾個季度和 CMS 分離後優化的機會。我們已經確定可以節省超過 9000 萬美元的營運費用，包括降低我們開始採取行動的具體措施的公司成本和分配成本。

We expect to reduce our corporate unallocated costs from around $60 million per quarter to approximately $50 million per quarter including full elimination of stranded costs post separation. We are streamlining our operating model with an eye towards positioning us for growth and cost efficiency while staying focused on our clients.

我們預計將公司未分配成本從每季約 6,000 萬美元減少到每季約 5,000 萬美元，包括完全消除分離後的擱淺成本。我們正在簡化我們的營運模式，著眼於實現成長和成本效率，同時專注於我們的客戶。

While we will not yet comment on long-term growth and margin expectations beyond our 2025 strategic plan, we believe we can deliver over 300 basis points of adjusted EBITDA margin expansion from fiscal 2023 as reported margins to fiscal 2025 for standalone Jacobs. This results in an expected adjusted EBITDA margins for stand-alone Jacobs of at least 13.8% in fiscal year 2025. This is a bold undertaken as it is our longer-term aspiration to deliver best-in-class industry margins.

雖然我們尚未對超出2025 年策略計畫的長期成長和利潤率預期發表評論，但我們相信，從2023 財年到2025 財年獨立Jacobs 報告的利潤率，我們可以將調整後的EBITDA 利潤率擴張超過300個基點。這使得 2025 財年獨立 Jacobs 的調整後 EBITDA 利潤率預計至少為 13.8%。這是一項大膽的舉措，因為我們的長期願望是提供一流的行業利潤率。

In closing, Bob and I are committed to 3 things over the next few quarters. First, driving efficiencies in our business and maximizing our profitability as demonstrated by the margin targets. Second, position in our business with the financial resources needed for multiyear free cash flow growth. Third, strengthening discipline and deploying our shareholder capital. Thank you. And I will turn the call over to Bob.

最後，鮑伯和我承諾在接下來的幾季裡做三件事。首先，提高我們的業務效率並最大限度地提高我們的獲利能力（如利潤目標所示）。其次，我們的業務擁有多年自由現金流成長所需的財務資源。三是強化紀律，配置股東資本。謝謝。我會將電話轉給鮑伯。

Thank you, Claudia. Turning to Slide 16. As we discussed throughout our remarks, we remain committed to accelerating robust growth opportunities ahead for all businesses. Given today's global macro uncertainty, that strength is more relevant than ever as we plan for the future as 2 independent companies. It's crucial to emphasize that the underlying fundamentals of our business have never been stronger.

謝謝你，克勞迪婭。轉向投影片 16。正如我們在整個演講中所討論的那樣，我們仍然致力於為所有企業加速未來的強勁成長機會。考慮到當今全球宏觀經濟的不確定性，當我們作為兩家獨立公司規劃未來時，這種優勢比以往任何時候都更重要。必須強調的是，我們業務的基本面從未如此強大。

Turning to fiscal year '24 outlook. We expect adjusted EBITDA of $1.53 billion to $1.6 billion with an adjusted EPS of $7.70 to $8.20, representing a 9% and 10% growth at the midpoint, respectively. This outlook incorporates the full year contributions of the businesses to be separate. We expect a fiscal year '24 effective tax rate of 22%.

轉向 24 財年展望。我們預計調整後 EBITDA 為 15.3 億美元至 16 億美元，調整後每股收益為 7.70 美元至 8.20 美元，中點分別成長 9% 和 10%。這項展望包含了各業務的全年貢獻。我們預計 24 財年的有效稅率為 22%。

As Claudia previously mentioned, we will carry temporarily elevated overhead costs needed to support CMS during the separation, including IT and corporate support. This, coupled with historical seasonality, will have an approximately 10% negative effect year-over-year on adjusted EPS in Q1. We believe these costs are necessary to continue to support our clients as we progress through this transition period. This temporary cost is nonrecurring and shall not be viewed as a reflection of a stand-alone company earnings power.

正如 Claudia 之前提到的，我們將承擔在分離期間支援 CMS 所需的暫時增加的管理費用，包括 IT 和企業支援。再加上歷史季節性因素，將對第一季調整後每股盈餘較去年同期產生約 10% 的負面影響。我們相信，在我們度過這個過渡期的過程中，這些成本對於繼續支持我們的客戶是必要的。此臨時成本是非經常性的，不應被視為獨立公司獲利能力的反映。

We are well positioned to accelerate profitable growth in the years to come as we seek to compound per share value for our shareholders. We continue to be energized and excited about the future for Jacobs and CMS, and remain confident in our plan for long-term value creation. Operator, we will now turn the call over for questions.

隨著我們尋求為股東實現每股價值的複合成長，我們已做好準備在未來幾年加速獲利成長。我們對 Jacobs 和 CMS 的未來繼續充滿活力和興奮，並對我們的長期價值創造計劃保持信心。接線員，我們現在將轉接電話詢問問題。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Jerry Revich of Goldman Sachs.

你的第一個問題來自高盛的傑瑞·雷維奇（Jerry Revich）。

Congratulations on all the strong work here. Can I just ask in terms of the margin expansion targets. Can we just flesh that out a little bit and just talk a little bit more about the timing, how back-end loaded is that '24 versus '25, and if we just unpack the pieces a little bit more in terms of just the buckets of the 300 basis points relative sizes, that would be helpful.

祝賀這裡所有出色的工作。可以問一下利潤率擴張目標嗎？我們能否充實一下這一點，多談談時間安排，24 年與 25 年的後端加載情況，以及我們是否僅從存儲桶方面進一步拆解各個部分300 個基點的相對規模，這會很有幫助。

Jerry, so I would like to -- you have some of the details on this slide. And so let me just go over the details of this slide. So you have first a component of the stranded cost. So that one will happen after the separation. So that's roughly $50 million that you see there. So then you have one that we started to taking action, which is really the operating model, and that will obviously accelerate after the separation, but we've already taken action on that.

傑瑞，我想——您在這張投影片上了解了一些細節。讓我回顧一下這張投影片的細節。因此，您首先擁有擱淺成本的一部分。所以分開後就會發生這樣的事。所以你看到的大約是 5000 萬美元。因此，我們開始採取行動，這實際上是一種營運模式，在分離後顯然會加速，但我們已經對此採取了行動。

So you'll see some of that over time in '24 and accelerated after the separation. And then as I mentioned in my prepared remarks, you have the overhead or the unallocated corporate that we normally see -- you normally see it as a separate line. And I talked about the $60 million down to $50 million.

因此，隨著時間的推移，你會在 24 年看到其中的一些情況，並在分離後加速。然後，正如我在準備好的演講中提到的，我們通常看到的管理費用或未分配的公司 - 您通常將其視為單獨的行。我談到了 6000 萬美元降至 5000 萬美元。

We will carry some temporary costs to support CMS as we prepare it for the independent company or the combined company. And that one as well, you'll accelerate in 2025. So in summary, you'll see a little bit in '24 accelerating after the separation. If I want to give you the nature of what is that, is really the -- a lot of the support is IT, the support layers and just in general, a simpler management structure and support.

當我們為獨立公司或合併後的公司準備 CMS 時，我們將承擔一些臨時費用來支援 CMS。同樣，你也會在 2025 年加速。總之，你會在 24 年分離後看到一點加速。如果我想向您介紹其本質，那就是—許多支援來自 IT、支援層以及一般而言更簡單的管理結構和支援。

Okay, super. And then the core underlying People & Places cadence that's better than that. Can you just expand on how that looks versus what you folks laid out to us in the 2025 plan? How -- what's progressing faster or slower than expectations relative to the segment margin ramp that you laid out just over a year ago?

好吧，超級。然後是比這更好的核心基礎人物和地點節奏。您能否詳細介紹一下這與你們在 2025 年計畫中向我們提出的內容相比？相對於您一年多前製定的部門利潤率成長計劃，哪些進展比預期更快或更慢？

Yes. What we laid out over a year ago, Jerry, continues. With regards to the P&PS margin expectations in that strategic time period, that hasn't changed.

是的。傑瑞，我們一年多前製定的計劃仍在繼續。就該策略時期的 P&PS 利潤率預期而言，這一點並沒有改變。

Your next question comes from the line of Chad Dillard with Bernstein.

你的下一個問題來自查德·迪拉德和伯恩斯坦的對話。

So I just wanted to continue on the margin question. I was hoping you could bridge the 300 basis points, how much comes from CMS? How much comes from, I guess, the decision to include Divergent Solutions the cost out? And is there anything else that we should be thinking about when bridging today versus 2025?

所以我只想繼續討論保證金問題。希望你們能夠彌補 300 個基點，CMS 提供了多少？我猜，將 Divergent Solutions 納入成本的決定有多少？當今天與 2025 年過渡時，我們還應該考慮什麼？

So Chad, the 13.8% is the stand-alone Jacobs, so it excludes CMS and Cyber & Intelligence. And then the nature of those costs is the 3 buckets that I mentioned before, which are really corporate unlocated going from the $60 million run rate to $50 million run rate post separation, and then the operating model, which is $50 million in total run rate and then full elimination of stranded costs up to the separation.

所以 Chad，13.8% 是獨立的 Jacobs，因此不包括 CMS 和 Cyber​​ & Intelligence。這些成本的本質是我之前提到的3 個部分，它們實際上是企業非定位的，從6000 萬美元的運行率到分離後的5000 萬美元的運行率，然後是運營模式，即5000 萬美元的總運轉率然後完全消除直至分離為止的滯留成本。

Chad, if you were to take it in 2 buckets, Chad, if you're taking in 2 buckets, half is coming from the operating model of a cost structure that's more in line with the type of business that we will have and half is coming from margin expansion and margin mix. It's a higher margin, higher growth business. So think about it simplistically that way.

查德，如果你把它分成兩部分，查德，如果你把它分成兩部分，一半來自更符合我們將擁有的業務類型的成本結構的運營模式，一半來自來自利潤擴張和利潤組合。這是一項利潤率更高、成長速度更快的業務。那就這樣簡單思考一下吧。

Got you. Okay. That's helpful. And then just a question for you on backlog growth. I appreciate that gross margin in backlog is growing by 8%. But I was hoping maybe you could frame backlog growth, excluding the capacity revenues. Just really trying to understand what were some of the puts versus the takes, strength versus weakness that you're seeing underlying in People & Places? And then maybe you can talk about just the size of the pipeline.

明白你了。好的。這很有幫助。然後有一個關於積壓增長的問題。我意識到積壓訂單的毛利率增加了 8%。但我希望也許你可以框架積壓成長，不包括產能收入。只是想真正了解您在人物與地點中看到的一些看跌與看跌、優勢與劣勢是什麼？然後也許您可以只討論管道的大小。

Yes. I don't actually think, Chad, it's a weakness. Actually, I think it's really strong in our P&PS business right now. It's really on project life cycle. We measure that revenue growth based on where we are in the project life cycle, right? And so when we're deep into whether it be advanced facilities jobs or large infrastructure programs, we're going to be burning and booking -- booking and burning a lot higher revenue kind of models.

是的。查德，我其實並不認為這是一個弱點。事實上，我認為我們的 P&PS 業務目前非常強勁。這確實與專案生命週期有關。我們根據專案生命週期中的階段來衡量收入成長，對吧？因此，當我們深入研究無論是先進設施工作還是大型基礎設施項目時，我們都會燃燒和預訂——預訂和燃燒更高收入的模式。

But as our business continues to profile more into a consultancy world, we're executing higher value services over the project and program life cycle. So you'll have lower revenue, higher margin opportunities come into backlog, and it just depends on when that program life cycle is. So we've talked about it before, which one is accelerating at a faster rate. I'd kind of tie that to where are we in the cycle of some of the spends.

但隨著我們的業務繼續更多地進入諮詢領域，我們正在專案和計劃生命週期中執行更高價值的服務。因此，您的收入將會降低，而積壓的利潤會更高，這僅取決於該計劃生命週期的時間。所以我們之前也講過，哪個加速速度比較快。我想將其與我們在某些​​支出週期中所處的位置連結起來。

Your next question comes from the line of Michael Dudas with Vertical Research.

您的下一個問題來自垂直研究公司的 Michael Dudas。

Bob, maybe you could share maybe a touch of the pipeline of backlog. As you're entering 2024 in P&PS, you touched on water in your prepared remarks. What are some of the other areas that you see some interesting opportunities for new project backlog growth? And how much of -- you mentioned about the change in mix of the type of service that you're going to be providing to your client base. How quickly or how noticeable will that be maybe on the project management consultancy side as we run through the revenue model over the next maybe 2 to 3 years?

鮑勃，也許你可以分享一下積壓的流程。在 P&PS 進入 2024 年之際，您在準備好的演講中談到了水。您在哪些其他領域看到了新專案積壓成長的有趣機會？您提到了將向客戶群提供的服務類型組合的變化。當我們在未來 2 到 3 年內運行收入模型時，專案管理諮詢方面的變化速度有多快或有多明顯？

So two parts. One, Mike, you're asking about kind of what are some of the other end market secular trends that we're seeing? And then the second part of the question is around how do we see kind of revenue models as our consultancy business continues to grow -- consultancy type business. Is that fair?

所以分為兩部分。第一，麥克，您問的是我們看到的其他終端市場長期趨勢是什麼？問題的第二部分是隨著我們的諮詢業務持續成長，我們如何看待收入模式—諮詢類型業務。這樣公平嗎？

Yes, to drive that, the better mix that you're talking about over your...

是的，為了推動這一點，你所說的更好的混合...

Sure, sure. The other verticals, I mentioned of our top 30 wins, 9 are in water. If you take water and advanced facilities, it's -- half of the top 30 ones were in both of those sectors, 6 big advanced facilities markets, too. So we continue to see strong activity within the advanced facilities world, probably driven more so now as we bottomed out from an end market standpoint as far as sales goes within the semiconductor industry. Keep in mind, our clients continue to spend through there.

一定一定。在其他垂直領域，我提到我們前 30 場勝利中，有 9 場是在水中。如果你拿水和先進設施來說，前 30 名中有一半都在這兩個領域，也有 6 個大型先進設施市場。因此，我們繼續看到先進設施領域的強勁活動，從終端市場的角度來看，就半導體行業的銷售而言，現在可能會更加活躍。請記住，我們的客戶繼續在那裡消費。

But now with the GLP-1 drugs going on in life sciences and all the strength that we see with our clients we've had for years, advanced facilities is going to continue to be strong. And then the others, I'd highlight is energy transition. I highlighted a specific job, but the whole grid modernization of everything that we're seeing, and we're kind of in that consultancy component of that, and that's a strong piece, which is a segue to the second part.

但現在，隨著 GLP-1 藥物在生命科學領域的不斷發展，以及我們多年來與客戶取得的所有優勢，先進的設施將繼續保持強勁。然後其他的，我要強調的是能源轉型。我強調了一項具體的工作，但我們所看到的一切的整個網格現代化，我們都屬於其中的諮詢部分，這是一個強有力的部分，這是第二部分的延續。

I would say that, that continued profile of our portfolio within now, call it, independent Jacobs, is we're kind of in the early innings of that. And so it's going to be a balance. But I'd say over the course of the next 2 or 3, 4 years, it's going to drive that margin expansion even beyond what Claudia talked about post '25 with a cash conversion component to that that's very high.

我想說的是，我們現在投資組合的持續概況，稱之為獨立雅各布斯，是我們正處於早期階段。所以這將是一種平衡。但我想說，在接下來的 2、3、4 年裡，它將推動利潤率擴張，甚至超出 Claudia 所說的 25 年後的水平，現金轉換部分非常高。

Your next question comes 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）。

So just sorting through Q4 results, I know there's a lot of noise because of the announced deal, but EPS and upcoming in below the low end of your previous guidance range, could you give us more color into what exactly happened in the quarter that was below your expectations? And you mentioned the $40 million of temporary costs that you're carrying and how that's impacting your results. Should we simply be adding that $40 million back to your $1.53 billion to $1.6 billion EBITDA for '24 to get what guidance would have been if you weren't doing the RMT?

因此，只需對第四季度的結果進行排序，我知道由於宣布的交易而產生了很多噪音，但每股收益和即將低於之前指導範圍的下限，您能否給我們更多關於該季度到底發生了什麼事的訊息？低於你的預期？您提到了您承擔的 4000 萬美元臨時成本以及這對您的業績有何影響。我們是否應該簡單地將這 4000 萬美元添加到您 24 年 15.3 億至 16 億美元的 EBITDA 中，以獲得如果您不進行 RMT 的話會是什麼樣的指導？

Yes. So Andy, so let's start with the first one, which is the big one and explains roughly half of the gap is the tax piece. And I had -- I included some of them in my remarks. So if I take, it's $0.06, so it's more the -- when you have a one-off allowance, and this is something that happens with your deferred tax. And -- so then the next one is going to be basically overhead costs or unallocated is one, we call it corporate unallocated. That's the other big piece. And then the share count, and I mentioned why we could do stock repurchases in the fourth quarter given -- based on the transaction. So that's at a high level what that means. Then I added some of the commentary that is on the temporary cost that we're carrying as we prepare CMS and the Cyber & Intelligence unit to operate independently. So that's the other piece of the puzzle, if you want.

是的。安迪，讓我們從第一個開始，這是一個很大的問題，解釋了大約一半的缺口是稅收部分。我在我的發言中包含了其中一些內容。所以如果我拿的話，它是 0.06 美元，所以它更多的是——當你有一次性津貼時，這是你的遞延稅發生的事情。那麼下一個成本基本上將是管理費用或未分配成本，我們稱之為企業未分配成本。那是另一塊大塊。然後是股份數量，我提到了為什麼我們可以根據交易在第四季度進行股票回購。這就是高層次的意義。然後我添加了一些關於我們在準備 CMS 和網路與情報部門獨立​​運作時所承擔的臨時成本的評論。如果你願意的話，這就是難題的另一部分。

Claudia, is it right to say that you could -- again, if you weren't doing the RMT, you would add that $40 million debt to EBITDA? Or is that not right to think like that?

克勞迪婭，您是否可以再次強調，如果您不執行 RMT，您會將這 4000 萬美元的債務添加到 EBITDA 中？或者這樣想是不對的嗎？

Absolutely. And that's what Bob mentioned that towards the end, that's really our earnings power should exclude that -- those temporary costs. We're very client-centric. It's our clients' mission, and we want to make sure we have quite a bit of value tied to this transaction and the upside that we included in this additional value that we're going to get in the transaction and the new entity. We want the 2 entities to be very successful. It's temporary. And is to make sure we're preparing to have a very -- the leader that we want and that we continue to be.

絕對地。這就是鮑伯在最後提到的，我們的獲利能力其實應該排除那些臨時成本。我們非常以客戶為中心。這是我們客戶的使命，我們希望確保我們擁有與此次交易相關的相當多的價值，以及我們將在交易和新實體中獲得的額外價值的優勢。我們希望這兩個實體非常成功。這是暫時的。是為了確保我們準備好擁有一個我們想要的、並且我們將繼續成為的領導者。

Just to clarify. So the EBITDA guidance that I gave at the end we're carrying it in that guidance.

只是為了澄清。因此，我最後給出的 EBITDA 指導我們將其納入該指導中。

Yes, that's clear. And then, Bob, just P&PS, net revenue up 11% year-over-year in Q4. I think you said you have good confidence in mid- to high single-digit organic revenue growth. Could you elaborate on the confidence, do you see P&PS backlog growing at that rate in FY '24? And then how are you thinking about sort of the balance between higher interest rates impacting projects and or geopolitical risks with all the fiscal stimulus, IIJA that you mentioned and so on.

是的，這很清楚。然後，鮑勃，只是 P&PS，第四季淨收入年增 11%。我認為您說過您對中高個位數的有機收入成長充滿信心。您能詳細說明一下信心嗎？您認為 24 財年 P&PS 積壓訂單是否會以這種速度增長？然後，您如何考慮影響專案的較高利率和/或地緣政治風險與所有財政刺激、您提到的 IIJA 等之間的平衡。

Yes. I think on the backlog piece of the question, Andy, my answer is yes, I think that mid- to high single-digit growth will continue. Remember, we've got a really nice diversity within P&PS. So if we think about some of the political risk or what's happening with interest rates, which might be affecting some of our private sector clients, there's not a full immunity, but our private sector clients continue to spend just because of the -- whether they be technology-based or global supply chain based, when I say technology-based science-based drivers or supply chain drivers that has continued, and that's really been driving the performance.

是的。我認為關於問題的積壓部分，安迪，我的答案是肯定的，我認為中高個位數增長將繼續。請記住，我們 P&PS 內部具有非常好的多樣性。因此，如果我們考慮一些政治風險或利率變化，這可能會影響我們的一些私部門客戶，我們並沒有完全的豁免權，但我們的私部門客戶繼續支出只是因為——無論他們以技術為基礎或以全球供應鏈為基礎，當我說基於技術的科學驅動因素或供應鏈驅動因素時，這些驅動因素一直在持續，並且確實推動了績效。

As far as IIJA or a larger infrastructure around energy transition outside the U.S., we have not seen that effect. In fact, our pipeline continues to grow at mid- to high single-digit percentages, and this is on a base that's very high.

就 IIJA 或美國以外的圍繞能源轉型的更大基礎設施而言，我們還沒有看到這種效果。事實上，我們的產品線繼續以中高個位數百分比成長，而且這是建立在非常高的基礎上的。

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

你的下一個問題來自 Bert Subin 和 Stifel 的對話。

Bob, maybe just taking that, I think that was more of a backlog question. You said in your prepared remarks, the outlook remains very healthy. Can you just walk us through how you're thinking about the organic growth profile for the company in this coming year? Just for Remainco, you think the previous range for FY '24 for P&PS was a 6% to 9% organic CAGR, with PA Consulting at 12% to 15%, do those remain intact? And on the advanced facility side, pretty positive comments there. Do you think that can keep growing double digits?

鮑勃，也許只是這麼說，我認為這更像是一個積壓的問題。您在準備好的演講中表示，前景仍然非常健康。您能否向我們介紹一下您對公司來年有機成長的看法？就 Remainco 而言，您認為 24 財年 P&PS 的有機複合年增長率為 6% 至 9%，而 PA Consulting 的有機複合年增長率為 12% 至 15%，這些是否保持不變？在先進設施方面，人們給予了相當正面的評價。您認為可以維持兩位數成長嗎？

Yes. So the first part of the question, Bert, my answer is yes. I think on advanced facilities, I would say the underlying growth is strong. A lot of these larger programs, whether they be in the semiconductor space or in the life sciences space, are -- there are several, in fact, from an account standpoint, it's probably the highest that it's been. It continues to stay at a very high level. We're seeing now kind of the next wave of -- I mentioned GLP-1, but also other novel therapies run, oncology and some of the neuroscience projects that we're seeing. So the numbers will stay -- as far as numbers of opportunities will stay high.

是的。所以問題的第一部分，伯特，我的答案是肯定的。我認為在先進設施方面，我認為潛在的成長是強勁的。許多大型項目，無論是在半導體領域還是在生命科學領域，實際上有幾個，從帳戶的角度來看，這可能是有史以來最高的。它繼續保持在很高的水平。我們現在看到了下一波浪潮——我提到了 GLP-1，還有其他正在運行的新型療法、腫瘤學和我們正在看到的一些神經科學計畫。因此，只要機會數量保持在高位，這個數字就會保持不變。

Where they are in the project life cycle will kind of balance -- imagine there's 2 curves. One is kind of coming down as far as the way that we saw. The others coming up, which kind of leads to a 12 to 13 -- I'm sorry, 12- to 18-month kind of reset there. Gather everything that I just said, your numbers work.

它們在專案生命週期中的位置將會達到某種平衡——想像一下有兩條曲線。一種是按照我們所看到的方式下降。其他的即將到來，這會導致 12 到 13 個月——對不起，12 到 18 個月的重置。收集我剛才所說的一切，你的數字有效。

Got it. Okay. And maybe just a level deeper into the P&PS side. You mentioned some positive remarks on water and on international opportunities. Can you just sort of give us the viewpoint on how you're thinking about, I guess, the regional disparity in FY '24? As Fx starts to become less of a factor, do you think what you're seeing in Europe and other parts of the world can rival sort of the growth we're expecting from IIJA in the U.S.?

知道了。好的。也許只是更深入地了解 P&PS 方面。您提到了一些關於水和國際機會的正面言論。您能否向我們介紹一下您對 24 財年地區差異的看法？隨著匯率開始變得不那麼重要，您認為在歐洲和世界其他地區看到的情況可以與我們對美國 IIJA 的成長預期相提並論嗎？

I don't know if it will get to that level, Bert. I think it will be robust. And I think Claudia mentioned it, our European business, despite these macro headwinds that it faced has done well. And so I think water transportation, energy transition that's driving the U.S., probably more pronounced around energy transition in Europe. Middle East is across all of our sectors -- P&PS sectors in the Middle East. And then in Southeast Asia and Australia and New Zealand, those have remained strong. Our business in APAC this year grew at significant double digits. And so a smaller base in the rest of the world. So I'd say all in all, the geographic diversity that we have in our business really, really is strong and helps us.

我不知道它是否會達到那個水平，伯特。我認為它會很堅固。我認為克勞蒂亞提到過，我們的歐洲業務儘管面臨這些宏觀阻力，但仍然表現良好。因此，我認為推動美國的水運和能源轉型，在歐洲的能源轉型中可能更為明顯。中東涉及我們所有的部門—中東的 P&PS 部門。然後在東南亞、澳大利亞和紐西蘭，這些仍然強勁。今年我們在亞太地區的業務實現了兩位數的大幅成長。因此，在世界其他地區的基地規模較小。所以我想說，總而言之，我們業務中的地理多樣性確實非常強大，並且對我們有幫助。

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

你的下一個問題來自瑞銀集團的史蒂文費雪。

I just wanted to follow up on the mix element of the 300 basis point margin bridge. I think, Bob, when you were talking about the half before that's mix, like how much of that is related to just not having the lower margin in CMS in there versus achieving better margins in P&PS? I guess I'm wondering when all is said and done with your cost optimization, will your segment-level margins be better? Or will that come out of some other initiatives over time?

我只是想跟進 300 個基點保證金橋的混合要素。我想，鮑勃，當你談論之前的一半時，就像其中有多少與 CMS 的利潤率不較低與 P&PS 的利潤率更高有關？我想我想知道當您的成本優化完成後，您的細分市場利潤率會更好嗎？或者隨著時間的推移，其他一些措施會出現這種情況嗎？

Yes. So Steven, let me just make sure I understand. So I'll recap what Bob said, and then I'll address the segment margins. So the first one is the going up to 13.8%, roughly half is just the mix. And by mix, I mean, just what remains with us. The other half is the cost optimization, the streamlining of the operating model. And that is really a function of the remaining businesses removing costs and also the addition of our digital enablement and all that. So that in other words is the segment remain with us or the businesses that stay with us are going to increase their individual margins. Does that answer your question?

是的。史蒂文，讓我確保我理解了。因此，我將回顧鮑伯所說的內容，然後我將討論段邊距。所以第一個是上升到 13.8%，大約一半只是混合。我所說的混合，就是我們所剩下的。另一半是成本優化，營運模式的精簡。這實際上是剩餘業務消除成本以及增加我們的數位支援等等的功能。換句話說，留在我們這裡的部分或留在我們這裡的業務將增加他們的個人利潤。這是否回答你的問題？

Yes, it does. So as part of the cost optimization, there is segment level efficiency initiatives as opposed to just sort of the corporate level element. Yes, that's helpful.

是的，它確實。因此，作為成本優化的一部分，存在部門級效率舉措，而不僅僅是公司級元素。是的，這很有幫助。

Post separation that's what the operating model, that's where it shows, overall as a company. Yes.

分開後，這就是營運模式，這就是它所展示的，作為一家公司的整體。是的。

Okay. Great. And just trying to think about your debt position in about 12 months from now. I'm not sure if I missed if you framed this out or not, but $1.9 billion of net debt now, $1 billion of dividend coming back from the separation to pay down debt. Free cash flow looks like it would be about another $1 billion before whatever cash restructuring expenses you're calling out. I don't know how much that is. But are you assuming close to sort of a net cash position exiting 2024?

好的。偉大的。試著想想從現在起 12 個月後您的債務狀況。我不確定我是否錯過了你是否陷害了這一點，但現在有 19 億美元的淨債務，10 億美元的股息從分居中回來，用於償還債務。除去你所說的任何現金重組費用，自由現金流看起來還需要大約 10 億美元。我不知道那是多少。但您是否假設 2024 年將接近淨現金部位？

Yes. So all our decisions are guided by a few principles. The first one is maintaining an investment-grade rating. Very important for us to maintain the strategic flexibility that we want. So those decisions are guided by our conversations with the rating agencies, especially with this transaction. And the other one is our commitment to return cash to our shareholders.

是的。因此，我們所有的決定都遵循一些原則。第一個是維持投資等級評等。保持我們想要的戰略靈活性對我們來說非常重要。因此，這些決定是根據我們與評級機構的對話（尤其是此次交易）進行的。另一個是我們向股東返還現金的承諾。

So as we go to the transaction, I think one of the elements is also the element of distribution to our shareholders, and that's one of the reasons I highlighted so much we returned this quarter -- this year, and that is an important guiding principle for us is on a risk-adjusted basis to make the best decisions for our shareholders. And so I think that's an important element in the equation.

因此，當我們進行交易時，我認為其中一個要素也是向股東分配的要素，這就是我在本季度（今年）如此強調我們回報的原因之一，這是一項重要的指導原則對我們來說，這是在風險調整的基礎上為股東做出最佳決策。所以我認為這是方程式中的重要元素。

Your next question comes from the line of Gautam Khanna with TD Cowen.

你的下一個問題來自 Gautam Khanna 和 TD Cowen 的對話。

I was wondering if you could characterize the risk profile of some of the projects you've been booking in the backlog given the margins seem to be higher. Are these mostly fixed price jobs, what allows the profits to be higher? Just the mix of fixed price? Is there any more -- just how would you characterize those?

我想知道您是否可以描述您在積壓訂單中預訂的一些項目的風險狀況，因為利潤似乎更高。這些都是固定價格的工作，什麼能讓利潤更高呢？只是固定價格的組合嗎？還有更多嗎——你會如何描述這些？

Yes. No, Gautam, it's a great question because it's where we're playing within the client business. I mean we're talking about a level of scientific and technical offering that is at the highest part of the business of our clients' business. And so whether it be in our pure-play PA Consulting work or in our science-based technical offering in the infrastructure and advanced facility space, that garners a higher level commercial model, Part 1.

是的。不，高塔姆，這是一個很好的問題，因為這是我們在客戶業務中所涉足的領域。我的意思是，我們談論的是科學和技術產品的水平，這是我們客戶業務的最高部分。因此，無論是在我們純粹的 PA 諮詢工作中，還是在我們在基礎設施和先進設施領域提供的基於科學的技術產品中，都獲得了更高水平的商業模式，第 1 部分。

Part 2 is around the digital enablement, right? We're actually offering outcome-based solutions rather than the historical, I'm going to get margin from a commercial model that's either fixed or reimbursable and trade on a productivity gain. We're able to get those types of margins with -- we'll get them in a reimbursable scenario or we'll get them in a fixed-price services scenario just because of the level of impact that we're having in our clients' business.

第 2 部分是圍繞數位化支持，對吧？我們實際上提供的是基於結果的解決方案，而不是歷史性的解決方案，我將從固定或可報銷的商業模式中獲得利潤，並以生產力的提高進行交易。我們能夠獲得這些類型的利潤——我們將在可報銷的情況下獲得它們，或者我們將在固定價格服務的情況下獲得它們，只是因為我們對客戶的影響程度' 商業。

Okay. And just one quick follow-up. You guys have talked about your PFAS technology. I was just curious if it had any commercial traction yet? And if not, when do you anticipate booking some of that PFAS-related work?

好的。只需一個快速跟進。你們已經談論了你們的 PFAS 技術。我只是好奇它是否有任何商業吸引力？如果沒有，您預計什麼時候會預訂一些 PFAS 相關的工作？

Yes, it has. It has in the PFAS work, to segregate it out as an end market, we haven't. Where we're seeing the PFAS gain is in our water center. These wins that I'm referencing as well as some of the larger framework agreements that we have for water clients, whether they be federal, state or local around the world, that comes into play. We're actually making PFAS type of consultancy arrangements around that, too.

是的，確實如此。它在 PFAS 工作中，將其隔離為終端市場，但我們沒有。我們看到 PFAS 增加的地方是我們的水中心。我所引用的這些勝利以及我們為水客戶（無論是聯邦、州還是世界各地的地方）簽訂的一些更大的框架協議都發揮了作用。實際上，我們也在圍繞這個問題做出 PFAS 類型的諮詢安排。

The real PFAS for PFAS sake across the industry comes when you get type of super fund type of application in these containments being highlighted on public dockets. So we're -- we see growth, but I would look at that growth probably from a perspective of how it affects our end market sectors. And then when you get kind of in the 25%, 26%, 27% range and you start to get some compliance related items that are even further driving those end market sectors it gets bigger.

當你在公共記錄中突出顯示這些遏制措施中的超級基金類型的應用程式時，整個行業中真正的 PFAS 就出現了。所以我們——我們看到了成長，但我可能會從它如何影響我們的終端市場部門的角度來看待這種成長。然後，當您達到 25%、26%、27% 的範圍時，您開始獲得一些與合規性相關的項目，這些項目甚至進一步推動這些終端市場領域變得更大。

Your next question comes from the line of Sabahat Khan with RBC Capital Markets.

您的下一個問題來自加拿大皇家銀行資本市場的薩巴哈特汗 (Sabahat Khan)。

I guess I just want to get a little bit of perspective on maybe just the medium term even if it's directionally. As you look at the 13.8% in fiscal '25, and maybe just think about your mix by end market and region. If we just think moving on from that, is there opportunity whether to maybe look within P&PS for maybe lower margin businesses? Or where you expand geographically? I'm just thinking about the levers kind of going forward you see for the P&PS margins beyond just cost optimization to sort of get to that level in a few years?

我想我只是想對中期有一點看法，即使是定向的。當您查看 25 財年的 13.8% 時，也許只需考慮一下終端市場和地區的組合。如果我們只是想繼續前進，是否有機會在 P&PS 中尋找利潤率較低的業務？或您的地理擴張範圍在哪裡？我只是在考慮您所看到的 P&PS 利潤率的槓桿，而不僅僅是成本優化，以便在幾年內達到這一水平？

You go ahead.

你先走。

Yes. So I'd say this is something that we do -- we're doing currently, and we do all the time. So I would say 2 big levers are the -- our global delivery platform is one, very important, and we have one of the best platforms, if not the best, and it's been for several years. That's the first one. The other one is the digital enablement. And you see at some of the projects that we highlighted today are you see a clear differentiation that we have compared to our competitors, where we -- the digital enablement and the outcome based that Bob mentioned before, drives those more profitable projects.

是的。所以我想說，這是我們正在做的事情——我們目前正在做，而且我們一直在做。所以我想說，兩大槓桿是——我們的全球交付平台是其中之一，非常重要，我們擁有最好的平台之一，即使不是最好的，而且已經持續了好幾年了。這是第一個。另一個是數位化賦能。在我們今天強調的一些項目中，您會發現我們與競爭對手相比有明顯的差異，我們——鮑勃之前提到的數字支持和基於結果，推動了那些更有利可圖的項目。

Yes. And just to add one more thing, Sabahat, on the kind of the -- what we don't need. We don't -- we feel really strongly that our portfolio in the end markets that we're in is strong. Claudia talked about our 2 biggest enablers. I'll add a third, which is our consultancy enablement as well.

是的。再補充一件事，Sabahat，關於我們不需要的東西。我們沒有—我們非常強烈地感覺到我們在終端市場的投資組合很強大。克勞迪婭談到了我們的兩個最大的推動者。我將添加第三個，這也是我們的諮詢支援。

But it's not like we need to go search for new geographies or buy skill sets in an end market sector. It's really the expansion through the digital and consultancy-based enablement, coupled with access to global talent, which -- I'll be in high agreements that we're one of the best in how we deliver on that.

但這並不意味著我們需要去尋找新的地區或購買終端市場領域的技能。這實際上是透過數位化和基於諮詢的支持進行的擴張，再加上獲得全球人才的機會，我非常同意，我們是實現這一目標的最佳企業之一。

Okay. Great. And then as you think about your guidance for kind of next year, kind of the numbers embedded in your 3-year plan, you laid out the 6% to 9% for P&PS. And even as you look out sort of maybe another year beyond that, what mix of price versus volume do you anticipate given some of the funding that's in the system right now? And how should we think about that mix over the next couple of years, particularly in the kind of infra space?

好的。偉大的。然後，當您考慮明年的指導、三年計劃中嵌入的數字時，您為 P&PS 制定了 6% 到 9% 的比例。即使你展望再過一年，考慮到目前系統中的一些資金，你預期價格與數量的組合是怎樣的？我們應該如何考慮未來幾年的這種組合，特別是在基礎設施領域？

Yes. I think that that's going to be tied to this enablement component. It's not -- this is honed in because it's kind of a different -- probably a different answer for different components of that infrastructure in advanced facility space, but let's just hone in on infrastructure. Our clients are capped with how much they can spend for the infrastructure needs. So what we do is we come in with an offering where we're gaining margin with the enablement of outcomes-based solutions. So there's a price component that -- but with a higher margin is what we're driving with our digital enablement. So we see that driving to the bottom line as we do all the things that Claudia talked about is creating a more simplified and streamlined organization.

是的。我認為這將與這個支援組件相關聯。這不是——這是經過磨練的，因為它是一種不同的——可能是對先進設施空間中基礎設施的不同組件的不同答案，但讓我們只關注基礎設施。我們的客戶可以花多少錢來滿足基礎設施需求。因此，我們所做的就是提供一種產品，透過基於結果的解決方案的實現來獲得利潤。因此，價格因素是我們透過數位化支援所推動的，但利潤率更高。因此，我們看到，當我們做克勞蒂亞談到的所有事情時，追求底線正在創建一個更簡化和精簡的組織。

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

你的最後一個問題來自安迪·魏特曼和貝爾德的對話。

I guess it would just be kind of helpful to understand the timing on the $275 million of costs associated with all these actions. It sounds like there's going to be some here ahead of the transaction, but some probably translate to after the transaction. Claudia, can you just talk about the timing of those cash items and recognition of those on the income statement?

我想了解與所有這些行動相關的 2.75 億美元成本的時間表會很有幫助。聽起來好像會有一些在交易之前，但有些可能會轉化為交易之後。克勞迪婭，您能談談這些現金項目的時間表以及損益表中這些項目的確認嗎？

So Andy, this is very closely linked to the execution of the separation. So there will be more towards the end, you will have more because of elimination of -- we talked about the stranded costs and the advisers and all that, but very much throughout if you're going to see it because of the advisory fees and all that I mentioned before. So that's just aligned with the time line of the separation.

所以安迪，這和分居的執行有非常密切的關係。因此，到最後會有更多，因為消除了 - 我們討論了擱淺成本和顧問等等，但如果你要看到它，因為諮詢費和所有這些，那麼你會得到更多。所有我之前提到的。所以這正好與分開的時間線一致。

Okay. And then I guess -- I don't want to do next. I guess on the 1Q guide, I guess I just want to get a little bit more comfortable with that. I don't think you're saying that the corporate unallocated cost run rate is going to be higher in 1Q. It sounds like you're saying it's going to be about the same. I just wanted to confirm that. Then when you talk about the seasonality, I guess, there's always seasonality in 1Q. What's different about this year's seasonality? Is it just the fact that the items that were called out in last year's footnote that present a tough comp that weren't excluded? And I guess maybe related to that, if there are costs that are related to restructuring and separation, why aren't those being excluded in the first quarter?

好的。然後我想──接下來我不想做。我想在 1Q 指南中，我想我只是想對此感到更舒服一些。我認為您並不是說第一季企業未分配成本運行率會更高。聽起來你是說情況會是一樣的。我只是想確認這一點。那麼當你談論季節性時，我想第一季總是有季節性。今年的季節性有何不同？難道只是去年腳註中提到的那些表現出艱難的競爭的項目沒有被排除在外嗎？我想也許與此相關，如果存在與重組和分離相關的成本，為什麼第一季沒有排除這些成本？

No, I think we talked about -- well, there is a seasonality of the business. So yes, I'd say yes to that one. And then the ones that I mentioned of the $40 million, just at a high level, the cost that we're carrying to support the separation of CMS. So it's really linked to the transaction or the preparing CMS to operate in the new environment. So those, I would say -- that one amplifies the impact. But I didn't say it would be higher on the $60 million is more what we carry in extra throughout or across the company to support CMS -- CMS and Cyber & Intelligence.

不，我想我們討論過——嗯，業務有季節性。所以是的，我會同意這一點。然後是我提到的 4000 萬美元，只是較高的水平，我們為支援 CMS 的分離而承擔的成本。因此，它實際上與事務或準備 CMS 在新環境中運作有關。所以，我想說的是——這會放大影響。但我並沒有說這會更高，因為我們在整個公司或整個公司額外投入了 6000 萬美元來支援 CMS（CMS 和網路與智慧）。

At this time, there are no more questions. And now I would like to turn the call back over to the team.

此時，已經沒有更多的疑問了。現在我想將電話轉回給團隊。

Yes. Thank you, everyone. We're excited about the future, and we look forward to providing more updates as we progress our exciting plan forward. Thank you, everyone.

是的。謝謝大家。我們對未來感到興奮，並期待在推進我們令人興奮的計劃時提供更多更新。謝謝大家。

Thank you.

謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。