雅各布工程 (J) 2024 Q1 法說會逐字稿

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Jacobs Fiscal First Quarter 2024 Earnings Conference Call and Webcast. Today's conference is being recorded. (Operator Instructions). At this time, I'd like to turn the conference over to Jonathan Evans, VP of Corporate Development and Investor Relations. Please go ahead.

早安.我叫奧德拉，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 Jacobs 2024 年第一季財報電話會議和網路廣播。今天的會議正在錄製中。 （操作員說明）。這次，我想將會議交給企業發展和投資者關係副總裁喬納森·埃文斯 (Jonathan Evans)。請繼續。

Thank you, Audra. 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. I would like to refer you to Slide 2 of the presentation material for information about our forward-looking statements, non-GAAP financial measures and operating metrics.

謝謝你，奧德拉。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。我想請您參閱簡報資料的投影片 2，以了解有關我們的前瞻性陳述、非公認會計準則財務指標和營運指標的資訊。

We have also introduced a new supplement that consolidates certain information, including our non-GAAP financial tables. Additionally, beginning with this quarter, the company will no longer apply an adjustment to adjusted net earnings from continuing operations and adjusted EPS, which previously resulted in the application of the expected annual tax rate to all quarterly periods. Prior comparable periods are also being presented on this basis.

我們也推出了新的補充資料，整合了某些訊息，包括我們的非公認會計原則財務表格。此外，從本季開始，該公司將不再對來自持續經營業務的調整後淨利潤和調整後每股收益進行調整，此前這導致對所有季度均適用預期年稅率。之前的可比較期間也在此基礎上列出。

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 first 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.

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一季業績的亮點。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。

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

接下來，我會將其交給執行長 Bob Pragada。

Thank you, Jonathan. Good day, everyone, and thank you for joining us to discuss our first quarter fiscal year 2024 business performance. We continue to prioritize simplifying our business model, optimizing our cost structure and accelerating profitable growth and margin expansion across our lines of business. .

謝謝你，喬納森。大家好，感謝您與我們一起討論我們 2024 財年第一季的業務表現。我們繼續優先考慮簡化業務模式、優化成本結構並加速各業務線的獲利成長和利潤率擴張。 。

Our team continues to demonstrate great resilience and dedication as we delivered better-than-expected underlying results in Q1, while also working to the added task of standing up 2 independent companies. At the corporate level, we are diligently working to create a leaner operating model that aligns Jacobs' position as a global leader in delivering science-based digitally-enabled solutions to our clients. And allowing us to benefit fully from the broad-based strength that we see in global infrastructure and sustainability investments.

我們的團隊繼續展現強大的韌性和奉獻精神，我們在第一季取得了好於預期的基本業績，同時也致力於建立兩家獨立公司的額外任務。在公司層面，我們正在努力創建更精簡的營運模式，以鞏固 Jacobs 作為全球領導者的地位，為客戶提供基於科學的數位化解決方案。並使我們能夠充分受益於我們在全球基礎設施和永續發展投資中看到的廣泛優勢。

We are confident that our actions we are taking are providing the foundation for multiyear improvement in profitability and margins, and we look forward to sharing more detail in the quarters to come.

我們相信，我們正在採取的行動將為盈利能力和利潤率的多年改善奠定基礎，我們期待在未來幾季分享更多細節。

Turning to Slide 4. I want to provide a brief update on a few key milestones related to the spin-off and merger of our Critical Mission Solutions in Cyber and Intelligence businesses with momentum. We continue to progress towards closing of the transaction in the second half of fiscal year 2024, consistent with our previous expectations. Together with momentum, we are making progress on preparing our Form 10 and private letter ruling request in keeping with the established time line of the transaction.

轉向投影片 4。我想簡要介紹與我們網路和情報業務關鍵任務解決方案的分拆和合併相關的幾個關鍵里程碑的最新情況。我們繼續努力在 2024 財年下半年完成交易，這與我們先前的預期一致。與勢頭一起，我們正在按照既定的交易時間表準備表格 10 和私訊裁決請求方面取得進展。

Additionally, we are progressing antitrust filings and regulatory approvals. Upon the public filing of the Form 10, we aim to offer more comprehensive information and look forward to introducing the combined leadership team to our investors and analysts later this spring.

此外，我們正在推動反壟斷備案和監管審批。在公開提交 10 號表格後，我們的目標是提供更全面的信息，並期待在今年春天晚些時候向我們的投資者和分析師介紹聯合領導團隊。

I would also likely -- like to briefly touch on the cost optimization plan that we outlined last quarter. Our transformation to a less vulnerable and higher-value, higher-margin portfolio is well underway. We continue to find new ways to streamline our operating model. And while it is too early to positively revise our targets, we are increasingly confident in our ability to enhance our long-term profitability. As we progress towards separation and optimizing our corporate cost structure, we now are able to better align costs to the applicable business units.

我也可能想簡單談談我們上季概述的成本優化計劃。我們轉型為更不易受到影響、價值更高、利潤率更高的投資組合。我們不斷尋找新的方法來簡化我們的營運模式。雖然現在積極修改我們的目標還為時過早，但我們對增強長期獲利能力的能力越來越有信心。隨著我們朝著分離和優化公司成本結構的方向前進，我們現在能夠更好地將成本與適用的業務部門保持一致。

As a result, we have made the decision to shift some corporate unallocated costs into the current P&PS segment, which will allow for greater long-term recovery of our corporate overhead. While this has the effect of temporarily weighing on our segment operating margins, this has no impact on our bottom line today. Rather, this will boost corporate profitability in the long run as we gradually recover cost from public sector clients. Providing upside beyond the initial 13.8% adjusted EBITDA margin target set for stand-alone Jacobs, post separation that we shared last quarter. This adds to our conviction that our transformation will drive multiyear value creation.

因此，我們決定將一些企業未分配成本轉移到目前的 P&PS 部門，這將使我們的企業管理費用獲得更大的長期回收。雖然這暫時影響了我們部門的營業利潤率，但這對我們今天的利潤沒有影響。相反，隨著我們逐步從公共部門客戶那裡收回成本，從長遠來看，這將提高企業獲利能力。在上季我們分享的分拆後，Jacobs 獨立後的調整後 EBITDA 利潤率目標達到了 13.8%，超出了最初的 13.8%。這讓我們更加堅信，我們的轉型將推動多年的價值創造。

Turning to Slide 5. In Q1, I'm pleased to report a strong first quarter revenue driven by 9.5% gross and 7.9% adjusted net revenue growth that is entirely organic. Backlog increased 5% year-over-year, and gross margin in backlog improved 29 basis points year-over-year, boosting confidence that our businesses can continue their profitable growth trends.

轉向幻燈片 5。在第一季度，我很高興地報告第一季收入強勁，毛收入增長 9.5%，調整後淨收入增長 7.9%，這完全是有機的。在手訂單年增 5%，在手訂單毛利率年增 29 個基點，增強了我們業務能夠持續獲利成長趨勢的信心。

This quarter's results include a onetime noncash $15 million inventory write-down. Excluding this item, adjusted operating profit would have increased versus the prior year period. We saw a continuation of strong organic growth in P&PS with 8.4% adjusted net revenue growth. We had a Q1 operating cash flow of $418 million, up 38% year-over-year. Strong cash conversion is a hallmark of our asset-light business model and remain robust in Q1 with $401 million in free cash flow, and we expect to generate greater than 100% adjusted free cash flow conversion in fiscal year 2024. The ultimate measure of our ability to create value is long-term growth of free cash flow per share, and that will continue to be our North Star.

本季的業績包括一次性非現金 1500 萬美元的庫存減記。排除此項目，調整後的營業利潤將比上年同期增加。我們看到 P&PS 持續強勁的有機成長，調整後淨收入成長 8.4%。我們第一季的營運現金流為 4.18 億美元，年增 38%。強勁的現金轉換是我們輕資產業務模式的標誌，並在第一季保持強勁，自由現金流為 4.01 億美元，我們預計 2024 財年調整後的自由現金流轉換將超過 100%。創造價值的能力是每股自由現金流的長期成長，這將繼續成為我們的北極星。

Turning to Slide 6. Our People & Places line of business generated strong top line growth with adjusted net revenue up 8.4% year-over-year, marking the fifth consecutive quarter of greater than 6% organic growth. We continue to execute against our strategy of prioritizing profitable growth over absolute growth as demonstrated by gross profit and backlog increasing 7% year-over-year.

轉向幻燈片 6。我們的人員與地點業務線實現了強勁的營收成長，調整後淨收入同比增長 8.4%，標誌著連續第五個季度有機增長超過 6%。我們繼續執行優先考慮利潤成長而非絕對成長的策略，毛利和積壓訂單年增 7% 就證明了這一點。

Our pipeline remains robust, and we continue to expect P&PS organic growth of mid- to high-single digits in FY '24. We anticipate full year P&PS adjusted operating margins to increase year-over-year, inclusive of the previously mentioned increase in allocation of overhead costs.

我們的產品線依然強勁，我們繼續預計 24 財年的 P&PS 有機成長將達到中高個位數。我們預計全年 P&PS 調整後營業利潤率將同比增加，其中包括前面提到的管理費用分配的增加。

The water market remains to be a pacesetter within the company. In particular, water scarcity continues to trend across the globe, affecting billions of people. Decades of increasing population growth and agricultural demand have significantly depleted the quantity and quality of water resources. Jacobs is a leader in developing solutions to address water scarcity, including water reuse, groundwater management and desalinization.

水市場仍然是公司內部的領頭羊。特別是，水資源短缺在全球範圍內持續存在，影響著數十億人。幾十年來不斷增長的人口增長和農業需求已經嚴重消耗了水資源的數量和品質。 Jacobs 是開發解決水資源短缺解決方案的領導者，包括水回用、地下水管理和海水淡化。

In the Americas, California and Colorado have recently adopted regulations for direct potable reuse. And Arizona is making positive strides towards adopting similar regulations. Notably, the world's largest chipmaker, TSMC, is currently building a new semiconductor facility in Arizona. We've been selected for the first phase of the design and project delivery of the campus' industrial reclaimed water plant. In addition, multiple states in the U.S. are developing regional water supply plants to balance water availability and economic growth. As an example of such work, we were awarded a $191 million project in St. Johns County, Florida for the design and project delivery of a water reclamation facility.

在美洲，加州和科羅拉多州最近通過了直接飲用水再利用的法規。亞利桑那州在採用類似法規方面正在取得積極進展。值得注意的是，全球最大的晶片製造商台積電目前正在亞利桑那州建造一座新的半導體工廠。我們被選中負責校園工業再生水廠第一階段的設計和專案交付。此外，美國多個州正在開發區域供水廠，以平衡水資源供應和經濟成長。作為此類工作的一個例子，我們獲得了佛羅裡達州聖約翰縣一項價值 1.91 億美元的項目，用於水回收設施的設計和項目交付。

This facility will treat 3.25 million gallons of water daily for beneficial reuse with 13 miles of transitioning pipelines to deliver reclaimed water for residential irrigation.

該設施將每天處理 325 萬加侖的水，以進行有益的再利用，並透過 13 英里的過渡管道輸送再生水用於住宅灌溉。

In transportation, we have a long-term relationship with Brightline West and have been awarded the design of the 218-mile high-speed rail linking Las Vegas to Southern California. Brightline West through a partnership with Nevada successfully secured $3 billion in grants from the Federal Railroad Administration as part of the IIJA funding.

在交通方面，我們與Brightline West有著長期的合作關係，並獲得了連接拉斯維加斯和南加州的218英里高鐵的設計。 Brightline West 透過與內華達州合作，成功獲得聯邦鐵路管理局 30 億美元的撥款，作為 IIJA 資金的一部分。

In Life Sciences, we're supporting Lilly, with permitting and conceptual design for their injectable manufacturing facility in Alzey, Germany, to support an increased demand for their medicines, including their diabetes and obesity portfolio.

在生命科學領域，我們為禮來公司提供支持，為其位於德國阿爾蔡的注射劑製造工廠提供許可和概念設計，以支持其藥品（包括糖尿病和肥胖症產品組合）不斷增長的需求。

We continue to secure additional large engagements in the Middle East. For example, we've been appointed to provide preliminary and detail design and supervision services for utility and road infrastructure, including major road upgrades for Wadi Safar and Diriyah Gate 2 in Saudi Arabia.

我們繼續確保在中東進行更多的大規模活動。例如，我們被任命為公用事業和道路基礎設施提供初步和詳細設計及監督服務，包括沙烏地阿拉伯 Wadi Safar 和 Diriyah Gate 2 的主要道路升級。

In CMS, we performed very well in Q1, continuing the profitability trend demonstrated in FY '23. CMS' Q1 revenue was up 5% over year and operating profit increased 14% behind 63 basis points of margin expansion. Its pipeline and growth outlook remains strong with major award prospects in FY '24 and a light recompete schedule. The CMS team is executing well and has great momentum as they prepare to be an independent company.

在 CMS 方面，我們在第一季表現非常出色，延續了 23 財年的獲利趨勢。康哲藥業第一季營收年增 5%，營業利益成長 14%，利潤率擴大 63 個基點。其管道和成長前景仍然強勁，24 財年的主要獎項前景和輕鬆的重新競爭時間表。 CMS團隊執行力良好，並且在準備成為獨立公司方面勢頭強勁。

PA Consulting continues to take share as demonstrated by an 8.5% revenue growth in what continues to be a choppy macro environment, particularly in the U.K. Margins were light due to some softness in December. However, we continue to expect approximately 20% adjusted operating margins for the full year and have confidence in our ability to manage variable costs to achieve that goal.

PA Consulting 繼續佔據市場份額，在持續動盪的宏觀環境下（尤其是英國）收入增長了 8.5%。由於 12 月的疲軟，利潤率較低。然而，我們仍然預計全年調整後營業利潤率約為 20%，並對我們管理可變成本以實現這一目標的能力充滿信心。

Together with PA, we celebrated new wins with the office of gas and electricity markets in the U.K. for program management services and regulatory practices that will advance the safe and secure supply of hydrogen.

我們與 PA 一起慶祝了與英國天然氣和電力市場辦公室在專案管理服務和監管實踐方面的新勝利，這將促進氫的安全供應。

Our Divergent Solutions operating unit delivered a solid quarter with 5% adjusted net revenue growth. Profits were impacted by an approximately $15 million onetime in connection with the merger. Underlying performance in the business was strong and excluded this write-down. Adjusted operating margins would have been approximately 700 basis points higher and exceeded our expectations for the quarter.

我們的 Divergent Solutions 營運部門實現了穩健的季度業績，調整後淨收入成長了 5%。與合併有關的利潤一度受到約 1500 萬美元的影響。該業務的基本業績強勁，排除了此次減記。調整後的營業利潤率將提高約 700 個基點，超出我們對本季的預期。

In summary, we remain well positioned to grow while serving our clients with excellence and delivering science-based digitally-enabled solutions for a more connected and sustainable world. And we continue generating strong free cash flow conversion, which will enable us to return capital to shareholders as we chart our new path forward as 2 independent companies.

總而言之，我們仍然處於有利的發展地位，同時為客戶提供卓越的服務，並為更互聯和可持續的世界提供基於科學的數位化解決方案。我們將繼續產生強勁的自由現金流轉換，這將使我們能夠在規劃作為兩家獨立公司的新前進道路時向股東返還資本。

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. We are pleased with our Q1 results, which came in above our expectations. Our results illustrate our ability to deliver on our long-standing financial objectives, while at the same time, generating strong free cash flow and returning a significant portion of our cash to shareholders.

謝謝你，鮑伯。我們對第一季的業績感到滿意，超出了我們的預期。我們的業績顯示我們有能力實現長期財務目標，同時產生強勁的自由現金流並將大部分現金回饋給股東。

So let me begin by summarizing a few of the highlights for the quarter on Slide 7. First quarter gross revenue grew 9.5% year-over-year and adjusted net revenue grew 7%. GAAP operating profit was $204 million for the quarter and included $51 million of amortization for acquired intangibles and $60 million of other transaction, separation related restructuring and other costs. This includes $51 million associated with the separation of CMS. Our adjusted operating margin was 9.8%. I'll discuss the underlying dynamics during the reported segment review.

首先，讓我在投影片 7 上總結本季的一些亮點。第一季總營收年增 9.5%，調整後淨收入成長 7%。該季度 GAAP 營業利潤為 2.04 億美元，其中包括 5,100 萬美元收購無形資產攤銷以及 6,000 萬美元其他交易、與分拆相關的重組和其他成本。其中包括與 CMS 分離相關的 5,100 萬美元。我們調整後的營業利益率為 9.8%。我將在報告的分部審查期間討論潛在的動態。

GAAP EPS from continuing operations was $1.37 per share. And included a $0.27 impact related to the amortization charge of acquired intangibles and $0.37 from transaction, restructuring and other related costs. Excluding these items, first quarter adjusted EPS was $2.02, up 28% year-over-year. Our adjusted EPS included a $0.49 benefit related to a discrete tax item and a $0.09 headwind related to the noncash inventory write-down.

持續經營業務的 GAAP 每股收益為 1.37 美元。其中包括與收購的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 0.37 美元影響。排除這些項目，第一季調整後每股收益為 2.02 美元，年增 28%。我們調整後的每股盈餘包括與離散稅項相關的 0.49 美元收益和與非現金庫存減記相關的 0.09 美元逆風。

Q1 adjusted EBITDA was $328 million and was down 3.1% year-over-year, representing 10% of our adjusted net working capital. Excluding the inventory write-down, adjusted EBITDA would be roughly flat year-over-year. The effective tax rate of 4.2% benefited from $61.6 million in discrete tax benefits related to the permanent reinvestment of capital gains associated with an overseas subsidiary. This tax benefit was incorporated in our annual guidance and we continue to forecast the 22% annual effective tax rate to fiscal year 2024.

第一季調整後 EBITDA 為 3.28 億美元，年減 3.1%，佔調整後淨營運資本的 10%。排除庫存減記，調整後的 EBITDA 將與去年同期大致持平。 4.2% 的有效稅率受益於與海外子公司相關資本利得永久再投資相關的 6,160 萬美元離散稅收優惠。這項稅收優惠已納入我們的年度指導，我們繼續預測到 2024 財年的年度有效稅率為 22%。

We will no longer be adjusting our non-GAAP EPS to align with our full year effective tax rate expectations. With the entirety of the deferred tax benefit in Q1, we now expect quarterly effective tax rate to approximate 26% to 27% for each quarter of the remainder of the fiscal year.

我們將不再調整非公認會計原則每股收益以符合我們的全年有效稅率預期。考慮到第一季的全部遞延稅收優惠，我們現在預計本財年剩餘時間每季的季度有效稅率約為 26% 至 27%。

Finally, backlog was up 5% year-over-year. The revenue book-to-bill ratio was just over 1.12x, with our gross profit in backlog increasing 6.1% year-over-year. Regarding the performance of our (inaudible) in the quarter, let's turn to Slide 8.

最後，積壓訂單年增 5%。收入訂單出貨比略高於 1.12 倍，未訂單毛利年增 6.1%。關於我們（聽不清楚）本季的表現，讓我們轉向投影片 8。

Starting with People & Places Solutions. Q1 adjusted net revenue was up 8.4% year-over-year. Adjusted operating profit was down slightly, resulting in adjusted operating margins of 13.7%. However, excluding the impact of cost allocation changes previously mentioned, adjusted operating profit would have resulted in approximately 7% year-over-year growth. We continue to see solid momentum in both growth and profitability in the business and anticipate full year P&PS adjusted operating margins to increase year-over-year, inclusive of the previously mentioned increase in allocation of overhead costs.

從人員和場所解決方案開始。第一季調整後淨收入年增 8.4%。調整後營業利益略有下降，調整後營業利益率為 13.7%。然而，排除前面提到的成本分配變化的影響，調整後的營業利潤將導致約7%的年成長。我們繼續看到業務成長和盈利的強勁勢頭，並預計全年 P&PS 調整後的營業利潤率將同比增長，包括前面提到的管理費用分配的增加。

Moving to Critical Mission Solutions. Our Q1 revenue increased 5% year-over-year with backlog up 9%, continuing a consistent trend of high-single-digit growth over multiple quarters. We also continue to find avenues through operational improvement with CMS operating margins rising by 63 basis points year-over-year.

轉向關鍵任務解決方案。我們第一季的營收年增 5%，積壓訂單成長 9%，延續了多個季度高個位數成長的一致趨勢。我們也持續尋找改善營運的途徑，CMS 營運利潤率較去年同期成長 63 個基點。

Shifting to Divergent Solutions. In Q1, our adjusted net revenue increased by 4.7% year-over-year. Underlying execution was strong. Adjusted operating profit was $8 million, including the $15 million inventory write-down. Excluding the one-off write-down, performance was above expectations.

轉向發散解決方案。第一季度，我們調整後的淨收入年增 4.7%。底層執行力很強。調整後營業利潤為 800 萬美元，其中包括 1500 萬美元的庫存減記。剔除一次性減記，業績超乎預期。

Now let's turn our attention to PA Consulting. Q1 saw an 8.5% year-over-year revenue increase. PA continues to deliver ongoing positive momentum in bookings and pipeline. However, the U.K.'s ongoing election cycle introduces macro risks that we are closely monitoring. We remain confident in our ability to navigate these factors by managing variable costs and are targeting approximately 20% adjusted operating margins for the full year. In total, it was a strong quarter for each of our segments from an execution standpoint.

現在讓我們把注意力轉向PA Consulting。第一季營收年增 8.5%。 PA 繼續在預訂和管道方面提供持續的積極勢頭。然而，英國正在進行的選舉週期帶來了我們正在密切監控的宏觀風險。我們對透過管理變動成本來應對這些因素的能力仍然充滿信心，並目標是全年調整後營業利潤率約為 20%。總的來說，從執行的角度來看，我們每個部門的季度表現都非常強勁。

Our adjusted unallocated corporate costs were $59 million in Q1. This quarter's cost excluded previously mentioned costs that are now being allocated to the P&PS segment. As we continue to enhance operational efficiencies and optimize our operating model, we expect this line item to trend towards $50 million per quarter or $200 million annually post debt pressure.

第一季調整後的未分配企業成本為 5,900 萬美元。本季的成本不包括先前提到的現在分配給 P&PS 部門的成本。隨著我們不斷提高營運效率並優化營運模式，我們預計該專案在債務壓力後將趨於每季 5,000 萬美元，或每年 2 億美元。

Turning to Slide 9 to discuss our balance sheet and cash flow. We posted another quarter of strong cash flow generation, which is indicative of the quality of our earnings and cash conversion. As Bob mentioned, we generated strong quarterly free cash flow of $401 million. As a result, we are well positioned to deliver our anticipated 100% reported and adjusted free cash flow conversion to adjusted net earnings.

轉向投影片 9 來討論我們的資產負債表和現金流。我們又公佈了一個季度強勁的現金流生成，這表明我們的利潤和現金轉換品質。正如鮑伯所提到的，我們產生了 4.01 億美元的強勁季度自由現金流。因此，我們有能力實現預期的 100% 報告和調整後自由現金流轉換為調整後淨利潤。

Regarding capital allocation, we opportunistically repurchased $100 million of shares during the quarter, reflecting our commitment to delivering consistent returns to our shareholders. We still have $775 million remaining under last year's repurchase authorization. And as we have said, we will remain dedicated to returning capital to shareholders in aligning with our overarching goal of compounding free cash flow per share.

在資本配置方面，我們在本季機會性地回購了 1 億美元的股票，體現了我們為股東提供持續回報的承諾。去年的回購授權還剩 7.75 億美元。正如我們所說，我們將繼續致力於向股東返還資本，以實現複合每股自由現金流的總體目標。

We remain committed to maintaining an investment-grade credit profile. We ended the quarter with cash of $1.14 billion and gross debt of $2.9 billion. Our Q1 net debt to adjusted EBITDA of approximately 1.2x is a clear indication of the continued strength of our balance sheet. As of the end of Q1, approximately 35% of our debt is tied to floating rate debt, and our weighted average interest rate was approximately 5.1%.

我們仍然致力於維持投資等級信用狀況。本季結束時，我們的現金為 11.4 億美元，總債務為 29 億美元。我們第一季的淨債務與調整後 EBITDA 比率約為 1.2 倍，清楚地表明我們的資產負債表持續強勁。截至第一季末，我們約 35% 的債務與浮動利率債務掛鉤，我們的加權平均利率約為 5.1%。

Finally, with our strong balance sheet and free cash flow, we remain committed to our quarterly dividend. The Board has authorized an 11.5% increase to $0.29 per quarter, and our quarterly dividend will be paid on March 22. With this, we have increased our dividends each year since 2018, driving a nearly 12% dividend CAGR over that period.

最後，憑藉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。董事會已批准每季增加 11.5% 至 0.29 美元，我們的季度股息將於 3 月 22 日支付。因此，自 2018 年以來我們每年都增加股息，推動同期股息複合年增長率接近 12%。

Now I will turn it back to Bob.

現在我將把它轉回給鮑伯。

Thank you, Claudia. Turning to Slide 10. We continue to be energized as interest in our science-based digitally-enabled solutions remains robust as clients engage Jacobs to solve their most complex challenges. Internally, we remain focused on execution and continuing to deliver against our operational and financial objectives. .

謝謝你，克勞迪婭。轉向投影片 10。隨著客戶與 Jacobs 合作解決他們最複雜的挑戰，人們對我們基於科學的數位化解決方案的興趣依然濃厚，我們繼續充滿活力。在內部，我們仍然專注於執行並繼續實現我們的營運和財務目標。 。

We reiterate our outlook for fiscal 2024 adjusted EBITDA of $1.53 billion to $1.60 billion, with adjusted EPS of $7.70 to $8.20, representing 9% and 10% growth at midpoints, respectively. This guidance incorporates Q1 adjusted EPS of $2.02 and as Claudia shared, a 26% to 27% adjusted effective tax rate each quarter for the remainder of this fiscal year.

我們重申對 2024 財年調整後 EBITDA 的預期為 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%。該指引將第一季調整後每股收益調整為 2.02 美元，正如克勞迪婭分享的那樣，本財年剩餘時間內每季調整後的有效稅率為 26% 至 27%。

Though we expect a heavier than normal cost structure until separation, particularly in (inaudible), we anticipate accelerating EPS growth in the second half of the fiscal year.

儘管我們預計在分離之前，成本結構會比正常情況更重，特別是在（聽不清楚），但我們預計本財年下半年每股收益將加速成長。

In closing, we've maintained focus on standing up both independent Jacobs and CMS for success while streamlining and optimizing our operating model and positioning both companies for long-term value creation.

最後，我們一直致力於支援獨立的 Jacobs 和 CMS 成功，同時簡化和優化我們的營運模式，並為兩家公司創造長期價值創造定位。

Operator, we will now open the call for questions.

接線員，我們現在開始提問。

(Operator Instructions) We'll go first to Andy Wittmann at Baird.

（操作員說明）我們先去找貝爾德 (Baird) 的安迪‧維特曼 (Andy Wittmann)。

Oh, great. I guess for those who are unfamiliar, including myself to some extent here, on the SG&A reallocation into the segment, I think what you're saying there is if -- in these reimbursable public sector customers that you have, if you can show -- if it's in the segment, you can get paid basically for those costs. I think that's the mechanism. I just wanted to clarify that. And maybe, Claudia, could you talk about what the dollar amount on an annual basis is on the reallocation from the SG&A line into the segment? .

哦，太好了。我想對於那些不熟悉的人，包括我自己，在某種程度上，對於SG＆A重新分配到該細分市場，我認為你所說的是，如果-在你擁有的這些可報銷的公共部門客戶中，如果你能證明- - 如果它在該細分市場中，您基本上可以獲得這些費用的報酬。我認為這就是機制。我只是想澄清這一點。克勞迪婭，您能否談談每年從 SG&A 線重新分配到該細分市場的金額是多少？ 。

Yes, Andy, it's a great question. It's actually a nice lead-in. So your assessment of that recoverability is correct. And if you just kind of just moment -- for a moment, kind of pre planning for the separation and outpost. Pre, we had a lot of shared costs. And so the direct applicability through the segment was not as clear. And since we started this, we had a great opportunity to now have direct line of sight to where these are being applied. Hit it right in the beginning of the audit cycle, the government audit cycle in Q1 and now have the full year of applying those costs.

是的，安迪，這是一個很好的問題。這實際上是一個很好的引導。所以你對可恢復性的評估是正確的。如果你只是一會兒——一會兒，為分離和前哨做好預先計劃。在此之前，我們有許多共同成本。因此，該細分市場的直接適用性就沒那麼明確。自從我們開始這項工作以來，我們有一個很好的機會可以直接看到這些應用的地方。在審計週期開始時、即第一季的政府審計週期中就採取行動，現在全年都將應用這些成本。

So that's -- that's correct. Now on the full year amount, it would be the $17 million that we identified this year -- I'm sorry, this quarter multiplied by 4. But remember, over each quarter that goes down because of the recoverability effect. Did that make sense?

所以這是——這是正確的。現在，就全年金額而言，這將是我們今年確定的 1700 萬美元——抱歉，是本季度乘以 4。但請記住，由於可恢復性效應，每個季度的金額都會下降。這樣有道理嗎？

Yes, I guess it does. The -- I mean the -- so I guess, with -- in the corporate unallocated reported at $59 million for the quarter, I guess what you're saying is unadjusted, that number would have been $17 million higher. In other words, that $59 million benefits from the $17 million that was moved?

是的，我想是的。我的意思是，所以我想，在本季度公司未分配的報告中，報告為 5900 萬美元，我想你所說的是未經調整的，這個數字會高出 1700 萬美元。換句話說，這 5900 萬美元是從轉移的 1700 萬美元中受益的嗎？

That's correct.

這是正確的。

Can you just talk about -- underlying that business -- or underlying the underlying costs for the corporate unallocated. Were there any other costs that are notable in terms of separation or other things through the SG&A line right now? Certainly, there's been these efficiency initiatives, Bob, that you've talked a lot about. But is there anything else we should know about that wasn't excluded from that corporate unallocated line?

您能否談談——該業務的基礎——或公司未分配的基礎成本。目前在 SG&A 計畫中是否存在任何其他在離職或其他方面值得注意的成本？當然，鮑勃，您已經多次談論過這些效率舉措。但是，還有什麼我們應該知道的、沒有被排除在公司未分配線路之外的事情嗎？

No. No, the $9 million of transition costs took it to $59 million and then the $17 million that we were able to, from a positive standpoint, move into P&PS and get recoverability on it was it. I will say, Andy, we are making progress on kind of our overall cost optimization or reductions that we started at the beginning of the year, to where we'll be right on plan of what we identified last quarter.

不。不，900 萬美元的過渡成本使其達到 5900 萬美元，然後從積極的角度來看，我們能夠將 1700 萬美元轉移到 P&PS 並獲得可恢復性。我想說，安迪，我們在年初開始的整體成本優化或削減方面正在取得進展，我們將按照上季度確定的計劃進行。

We'll go next to Mike Dudas at Vertical Research Partners.

接下來我們將採訪 Vertical Research Partners 的 Mike Dudas。

Maybe you can share a little bit more on PP&S (sic) [P&PS] relative to the pipeline as it stands today. You talked a little bit in your prepared remarks about margin improvement in backlog. How does that track as we go through fiscal year 2024? Is the -- are you getting better share on higher-margin projects, maybe early consulting advisory relative to design work in some of these projects? And what areas do you anticipate some of the better revenue and booking growth in the PP&S (sic) P&PS segment as we move through '24?

也許您可以分享更多關於 PP&S（原文如此）[P&PS] 相對於目前管道的資訊。您在準備好的發言中談到了積壓訂單利潤率的改善。 2024 財年的進度如何？您是否在高利潤項目上獲得了更好的份額，也許是與其中一些項目的設計工作相關的早期諮詢諮詢？當我們進入 24 世紀時，您預期 PP&S（原文如此）P&PS 細分市場的哪些領域的營收和預訂成長會更好？

Yes. Mike, it's a great question. So the short answer is yes. We are starting to see that margin increase according to the profile and the mix. And I'd probably index more towards the water market right now on the mix. Just to give you a statistic, year-on-year growth in our bookings in water have gone up 30%. The other kind of notable one is what we call cities and places, but it's kind of our built environment business, it's been really driven by the Middle East. That year-on-year has been about 40%. And what's kind of positive about both of those -- and I never thought that I'd say this before, but from a cash standpoint and a margin standpoint, we're hitting company-wide type of margin targets in the Middle East, which is a positive. And then the water sector has traditionally been our higher-margin component of our business. So kind of 2 trends there.

是的。麥克，這是一個很好的問題。所以簡短的回答是肯定的。我們開始看到利潤率根據概況和組合而增加。我現在可能會在混合上對水市場進行更多索引。給大家一個統計數據，我們的水上預訂量年增了 30%。另一個值得注意的是我們所說的城市和地方，但這是我們的建築環境業務，它實際上是由中東推動的。年比約40%。這兩者都有什麼正面的一面——我以前從未想過我會這麼說，但從現金的角度和利潤的角度來看，我們正在中東實現全公司範圍的利潤目標，這是一個積極的。水務業歷來是我們業務中利潤率較高的組成部分。那裡有兩種趨勢。

Perfect. And what about for bookings and outlook as we move through 2024? Are those the areas you concentrated or are there other areas, given life science, (inaudible) et cetera?

完美的。 2024 年的預訂量和前景又如何呢？這些是您關注的領域還是有其他領域（考慮到生命科學）（聽不清楚）等等？

Yes. So moving forward, we're starting to see some pretty exciting developments happening within the life sciences world. That -- as we've talked about it before, it's been red hot for several years. I'd say, the last couple of quarters, we've seen -- it hasn't declined, but it hasn't been accelerating the way it was in the past. Just in the last 6 weeks, we've had some really deep conversations but these are Tier 1 clients we've had forever, that hopefully we'll be reporting some really good news next quarter on those jobs.

是的。因此，展望未來，我們開始看到生命科學領域正在發生一些非常令人興奮的發展。正如我們之前討論過的那樣，它已經炙手可熱了好幾年了。我想說，過去幾個季度，我們看到——它沒有下降，但也沒有像過去那樣加速。就在過去的 6 週內，我們進行了一些非常深入的對話，但這些都是我們永遠擁有的一級客戶，希望我們能在下個季度報告有關這些工作的一些真正的好消息。

I did mention the Lilly job in Germany. That portfolio, specifically around GLP-1 has continued to be strong. Novo just announced the acquisition of Catalent. Those Catalent facilities are going to need to be retrofitted and we were already in the middle of Novo's work. So that's a real positive too.

我確實提到了禮來公司在德國的工作。該產品組合，特別是圍繞 GLP-1 的產品組合，持續強勁。 Novo 剛剛宣布收購 Catalent。這些 Catalent 設施需要改造，而我們已經開始了 Novo 的工作。所以這也是一個真正的正面因素。

So I'd look at life sciences getting back. And then the chip manufacturing world has been kind of at the -- as our design work continued from an external semi market standpoint, we're now on the upswing of a new cycle. And so we're seeing more work around the tool OEM. So a lot of the R&D work in order to support these manufacturing facilities on higher-powered chips really driven by AI has been a nice early bookings. So kind of concept work that's happening there.

所以我會關註生命科學的回歸。然後，晶片製造世界一直處於這樣的狀態——隨著我們的設計工作從外部半導體市場的角度繼續進行，我們現在正處於一個新周期的上升階段。因此，我們看到了更多圍繞工具 OEM 的工作。因此，為了支援這些真正由人工智慧驅動的更高功率晶片的製造設施，大量的研發工作是一個很好的早期預訂。那裡正在進行這樣的概念工作。

We'll move to our next question from Andrew Kaplowitz at Citigroup.

我們將轉向花旗集團安德魯·卡普洛維茨提出的下一個問題。

So Bob, just following up on Mike's question. You mentioned water overall, the Middle East driving your overall People & Places business, which is great. But are there any areas that you are worried about on that side. You mentioned the U.K. for PA, but not really for People & Places. And your backlog was up nicely in the quarter. Does it just continue to sequentially rise from here?

鮑勃，請繼續回答麥克的問題。您提到了整個水務領域，中東推動了您的整體人員與場所業務，這非常棒。但在這方面有沒有您擔心的地方呢？您在 PA 中提到了英國，但在 People & Places 中卻沒有提到英國。本季您的積壓訂單數量大幅增加。它會從這裡繼續連續上升嗎？

Yes, I'd say the answer to the last part, Andy, is yes. And from a margin -- from a P&L margin perspective, we feel comfortable that our year-on-year increase that I mentioned in the script, is real. And so year-on-year margin increased year-on-year. If there were areas where I'd say soft might be too strong, but if there are areas that we've got a high level of attention on, it is the U.K. We've been able to stay flat in the U.K., which is a positive. But we did have the national infrastructure and construction report just published here, I think it was Friday. And the U.K. government committing to the same level of spend, GBP 775 billion over the course of the next 10 years, with some consideration for inflation. So that's an area that we're continuing to put some attention on to make sure that we continue to grow, but overall positive.

是的，安迪，我想說最後一部分的答案是肯定的。從利潤率來看——從損益利潤率的角度來看，我們對我在劇本中提到的同比增長是真實的感到滿意。因此，年比利潤率較去年同期增加。如果說在某些領域我認為軟性可能太強，但如果有哪些領域我們受到高度關注的話，那就是英國。我們在英國的表現一直保持平穩，這是積極的。但我們確實剛剛在這裡發布了國家基礎設施和建設報告，我想那是星期五。英國政府承諾在未來 10 年內支出同樣水準的 7,750 億英鎊，並考慮到通貨膨脹。因此，這是我們繼續關注的一個領域，以確保我們繼續成長，但總體上是積極的。

That's helpful. And then maybe just on divergent solutions. I know a piece of it is going to go with the RMT, but maybe a little more color on the inventory write-down. Divergence just as you know, like underlying margin is good, but it's kind of been all over the place a little bit over the last several quarters. So what does Divergent look like as you go forward, let's say, post RMT for Jacobs?

這很有幫助。然後也許只是不同的解決方案。我知道其中一部分將與 RMT 相關，但也許在庫存減記方面會有更多色彩。正如您所知道的那樣，差異就像基本保證金一樣好，但在過去幾個季度中，這種情況有點到處都是。那麼，當你繼續前進時，比如說，為 Jacobs 發布 RMT 後，Divergent 會是什麼樣子呢？

Yes. So let me just clarify one thing, Andy. The inventory write-down has to do with the Cyber & Intelligence business, and that actually is in the perimeter and will be going. And it's really a part of the separation financials and inventory that we had to disposition. So that's not in the piece that will continue with independent Jacobs. .

是的。安迪，讓我澄清一件事。庫存減記與網路與情報業務有關，這實際上是在外圍並且將會繼續。這實際上是我們必須處置的分離財務和庫存的一部分。所以這不是獨立的雅各布斯將繼續的作品。 。

We see more of it and we're working on this operating model right now. Transportation, water and what we're doing in the built environment around digital enablement, being a strong horizontal cross cutter through now the entirety of the business. So simplifying our reporting as well as taking all the successes that we had within the transportation and water digitization and digital enablement. And integrating them into now what will be independent Jacobs. And so much more to follow on that.

我們看到了更多這樣的情況，我們現在正在研究這種營運模式。交通、水務以及我們在圍繞數位化支援的建築環境中所做的事情，成為現在整個業務的強大橫向交叉工具。因此，簡化我們的報告，並利用我們在交通和水務數位化和數位化支援方面取得的所有成功。並將它們整合到現在將獨立的雅各布斯中。還有更多後續內容。

Next, we'll move to Steven Fisher at UBS. .

接下來，我們將邀請瑞銀的史蒂文費雪。 。

Bob, you mentioned that you're on track with the cost expectations you identified at the beginning of the year. So does that mean the $40 million of temporary costs and $275 million of restructuring are still the numbers to keep in mind. And if so, how much of that has been incurred to date? Is that the $17 million plus the $9 million? Or should the $40 million be lower now that you're going to be getting reimbursed for some of that.

鮑勃，您提到您正在按照年初確定的成本預期前進。那麼這是否意味著 4000 萬美元的臨時成本和 2.75 億美元的重組仍然是需要牢記的數字。如果是這樣，迄今為止已經發生了多少？是1700萬美元加上900萬美元嗎？或者，既然您將獲得其中部分費用的報銷，那麼 4000 萬美元應該會更低嗎？

Yes. Yes, Steve, thanks for the question. That's a good clarification. So the first part of your question is yes, those $275 million and the $40 million are still very much in play. I'd say on the $40 million, that's not the -- the $9 million was what was incurred in the first quarter. And so the balance would be over the course of the next 3 quarters, and we're indexing probably more in the first half than the second half. So hopefully, that clarifies that.

是的。是的，史蒂夫，謝謝你的提問。這是一個很好的澄清。所以你問題的第一部分是肯定的，那 2.75 億美元和 4000 萬美元仍然發揮著很大的作用。我想說的是，4000 萬美元不是——900 萬美元是第一季產生的。因此，平衡將在接下來的三個季度中進行，而且我們上半年的索引可能比下半年更多。希望這能澄清這一點。

But yes, we're still on track within the numbers that we highlighted in the previous quarter. The $17 million is not included in that. The $17 million is our costs that are with us. They're recoverable. That's why we moved them into the segment.

但是，是的，我們仍然在上一季強調的數位範圍內走上正軌。這1700萬美元不包含在其中。 1700 萬美元是我們的成本。它們是可以恢復的。這就是我們將它們移至該細分市場的原因。

And Steve, I'll add to the $275 million, we're also on track. And for that, it's a $51 million that I mentioned in my prepared remarks.

史蒂夫，我將增加 2.75 億美元，我們也步入正軌。為此，我在準備好的演講中提到了 5,100 萬美元。

Okay. That's helpful. And then the 14.6% margin for P&PS, is that on the same basis as the 13.7% in Q1? I assume it is. And if so, and then how quickly do we get above that 14.6% to kind of deliver it for the full year given the lighter side in Q1?

好的。這很有幫助。那麼 P&PS 的利潤率為 14.6%，是否與第一季的 13.7% 相同？我想是的。如果是這樣，那麼考慮到第一季的疲軟情況，我們要多快才能達到 14.6% 以上才能在全年實現這一目標？

Yes. Steve, the answer to the first question is yes. And I'd say within the next few quarters.

是的。史蒂夫，第一個問題的答案是肯定的。我想說的是在接下來的幾個季度內。

Okay. So in other words, Q2, we should still be expecting it to be below that? Or...

好的。換句話說，第二季度，我們仍然應該預期它會低於這個水平？或者...

No, no, no, no. It will sequentially increase over the next few quarters to where Q4 will be above where we were last year.

不不不不。在接下來的幾個季度中，這一數字將依次增加，第四季將高於去年的水平。

Okay. I'm just.

好的。我只是。

For the year. Yes.

今年。是的。

For this year?

今年？

For this year. This year will be higher than the last year, year-on-year total.

今年。今年的總量將高於去年。

Right. This year, you're guiding to 14.6%, right? Do I have that right?

正確的。今年，您的目標是 14.6%，對嗎？我有這個權利嗎？

Better than 14.6%. So last year was 14.6%. And then this year will be better than 14.6% full year.

好於 14.6%。所以去年是14.6%。那麼今年將好於全年 14.6%。

And if you're 14.7% for the quarter, you got to start being better than 14.6%. So I guess I'm just trying to figure out how quickly we get better than 14.6%. Is that...

如果您本季的成長率為 14.7%，那麼您必須開始優於 14.6%。所以我想我只是想弄清楚我們要多快才能超過 14.6%。就是它...

It will be a gradual increase.

這將是一個逐漸增加的過程。

And we'll see that within our reported financials. That's why that -- Steve, that's why I said a few quarters.

我們將在我們報告的財務數據中看到這一點。這就是為什麼——史蒂夫，這就是我說幾個季度的原因。

We'll take our next question from Jerry Revich at Goldman Sachs.

我們將回答高盛 (Goldman Sachs) 的 Jerry Revich 提出的下一個問題。

This is Adam on for Jerry today. Can you talk about -- can you talk a bit more about what drove the 280 plus margin decline in PA Consulting even with revenues higher sequentially? And then what drives visibility on the margin ramp through the balance of the year?

今天是亞當替傑瑞發言。您能否談談 — 即使收入環比增長，PA Consulting 的利潤率仍下降 280% 以上的原因是什麼？那麼，是什麼推動了今年餘下時間利潤率成長的可見性呢？

Sure. So what drives -- I'm going to answer the second part first, Adam. The pipeline as well as the -- we call it stock of work in PA, but its backlog, is driving the optimism there as well as the team really does have better arms around the variable cost structure of the entity. Similar to Jacobs, it's a people business, asset-light and services-oriented.

當然。那麼驅動因素是什麼——我將首先回答第二部分，亞當。管道以及——我們稱之為 PA 的工作庫存，但它的積壓工作正在推動那裡的樂觀情緒，而且團隊確實對實體的可變成本結構有更好的控制。與雅各布斯類似，它是一家以人為本、輕資產、以服務為導向的企業。

The drop was probably driven a little bit by some volatility with our clients in December. And the discretionary spend of -- and it was kind of more in the U.K. business and around what was going on within U.K. government, defense and security as well as the public sector work. And so that was -- that kind of -- if it stops on a dime, we can't make those variable cost actions. And so we ended up seeing that in the quarter. That has since kind of returned and then we're managing our variable costs ahead of it, similar to what we did in mid last year.

這一下降可能是由於 12 月我們客戶的一些波動造成的。可自由支配的支出更集中在英國企業以及英國政府、國防和安全以及公共部門工作中發生的事情。所以，如果它突然停止，我們就無法採取這些變動成本行動。所以我們最終在本季看到了這一點。從那時起，這種情況已經回歸，然後我們正在提前管理我們的可變成本，類似於我們去年年中的做法。

And then on the top line, solid growth this quarter, high-single digits, but the comps get a little harder from here. How are you thinking about the organic growth outlook in the balance of the year amid some of the things going on in the U.K. market?

然後在營收方面，本季實現了穩健成長，高個位數，但從這裡開始，比較變得更加困難。在英國市場發生的一些事情中，您如何看待今年剩餘時間的有機成長前景？

Yes. I think we're still in that kind of mid-single digits to mid-high singles. (inaudible) for 3 years. 3 years has been double-digit growth. And so we're still growing. I think we're probably kind of in that mid-single-digit growth now.

是的。我認為我們仍然處於中個位數到中高個位數的水平。 （聽不清楚）3 年。 3年來一直呈現兩位數成長。所以我們仍在成長。我認為我們現在可能處於中等個位數的成長。

And next, we'll move to Chad Dillard at Bernstein.

接下來，我們將轉向伯恩斯坦的查德·迪拉德。

So I wanted to spend a little more time on just like what you're seeing from a booking standpoint, in People & Places. So first place is just like on the semiconductor side. So it sounds like there's a number of grants to be announced by the U.S. in March. To what extent do you think that could potentially unlock with more activity from a design standpoint. And then just like what are you seeing from like a domestic versus international perspective, just for semi design?

因此，我想花更多的時間來了解您從預訂角度看到的人物與地點。所以第一名就像在半導體方面一樣。聽起來美國將在三月宣布多項補助。從設計的角度來看，您認為在多大程度上可以透過更多活動來解鎖。然後，就像您從國內與國際角度看到的一樣，就半設計而言？

Yes. So let me answer the first one, Chad, just writing some notes on. On the grants that are coming out, I would probably -- similar to what I said to Mike Dudas is that those grants are being utilized predominantly in the R&D side, right? Because these larger facilities need to get to full production and so the larger IDM or the integrated device manufacturers are probably thinking more about the semiconductor buy cycle, right, and timing their output or the start-up of those large plants. So those grants then go to where technology advancements are happening, and that's happening at the tool OEMs. And so actually those -- that's kind of driving our bookings right now as well, those tool OEMs. The great thing here about Jacobs is we're inside the technology of the tool and understand the facility requirements for them. So we got a nice position there, and that's what's kind of driving the bookings within the semi piece.

是的。所以讓我回答第一個問題，查德，只是寫一些筆記。關於即將發放的贈款，我可能會——類似於我對麥克杜達斯所說的是，這些贈款主要用於研發方面，對吧？因為這些較大的設施需要全面生產，所以較大的 IDM 或整合設備製造商可能會更多地考慮半導體購買週期，以及確定其產出或這些大型工廠啟動的時間。因此，這些撥款將流向正在發生技術進步的地方，即工具原始設備製造商。實際上，這些工具 OEM 也正在推動我們的預訂。 Jacobs 的優點在於我們深入了解工具的技術並了解它們的設施需求。所以我們在那裡得到了一個很好的位置，這就是推動半片區域預訂的原因。

Right now, I'd say that predominantly, it's domestic. We are seeing some activity in Europe around the EU Chips Act. But really, the business is probably more indexed towards the domestic piece. I would say that the country that we're really watching and are in the midst and was just there in December is the growth of foreign direct investment in India.

現在，我想說主要是國內的。我們看到歐洲圍繞歐盟晶片法案開展了一些活動。但實際上，該業務可能更傾向於國內業務。我想說的是，我們真正關注的國家是印度的外國直接投資的成長，去年 12 月就在那裡。

And as chip manufacturing potentially pivots from China in India, so into India. And so we're kind of on the front end of that as well, both large-scale Indian clients as well as foreign companies that are non-Indian clients coming into India.

由於晶片製造可能會從中國轉移到印度，因此也會轉移到印度。因此，我們也處於領先地位，無論是大型印度客戶還是進入印度的非印度客戶的外國公司。

Got it. That's super helpful. And then just going back to the cost reallocation from (inaudible) allocated to People & Places. Just wanted to get a sense for like how long it will take before you actually can hit the P&L. Do you have to go through like a full bid cycle. So in other words, do you have to like fully turn over the backlog before you see those benefits?

知道了。這非常有幫助。然後回到分配給人員和地點的（聽不清楚）成本重新分配。只是想了解真正達到損益表需要多長時間。您是否必須經歷一個完整的投標週期？換句話說，您是否必須完全移交積壓的訂單才能看到這些好處？

No, it's gradual. It's gradual. So those (inaudible) starts the next quarter, I'd say from a full kind of actualization of those costs that goes in, it's about a 12 to 24-month cycle. But just to reiterate, Chad, we're reiterating our year-on-year margin improvement even with the gradual recoverability of that overhead.

不，是循序漸進的。這是漸進的。因此，這些（聽不清楚）從下個季度開始，我想說，從這些成本的全面實現來看，這大約是一個 12 到 24 個月的周期。但乍得，我要重申一下，即使管理費用逐漸可收回，我們仍重申我們的利潤率同比有所改善。

We'll go next to Sabahat Khan at RBC. .

接下來我們將前往 RBC 的薩巴哈特汗 (Sabahat Khan)。 。

Just a follow-up on the PA conversation earlier. Obviously, we see the bookings number. But I guess, as you're talking to your clients in that space, are you seeing a bit of a pipeline build up there. That business is obviously a bit more macro impacted than the P&PS business but just wondering where sort of the conversations are that aren't in the backlog right now for that business line?

只是之前 PA 談話的後續。顯然，我們看到了預訂數量。但我想，當您與該領域的客戶交談時，您是否看到了一些管道的建立。該業務顯然比 P&PS 業務受到更大的宏觀影響，但只是想知道該業務線目前沒有積壓的哪些對話？

Sure. I'd say that, so the 2 areas within PA that we're getting 1 actually is kind of ubiquitous in today's world as well as within the PA world. And then I'll go to an end market sector, is the use of AI and AI enablement in our clients' business as a driver of business transformation. And so to kind of toggle here, it's good for PA, it's good for Jacobs, in that the AI enablement is the start of the conversation. I think some clients now this kind of goes to how quickly does that get into an engagement, get into backlog, we realize in P&L. That's kind of where we are right now as far as where we are in the cycle. So AI is a big driver. But the timing and speed of how our clients are embracing it is driving some of the booking cycle.

當然。我想說的是，所以我們得到的 PA 內的 2 個領域 1 實際上在當今世界以及 PA 世界中無處不在。然後我將討論終端市場領域，即在客戶業務中使用人工智慧和人工智慧支援作為業務轉型的驅動力。所以在這裡切換一下，這對 PA 有好處，對 Jacobs 有好處，因為人工智慧的支援是對話的開始。我認為現在有些客戶關心的是如何快速地參與進來，進入積壓工作，我們在損益表中意識到。就我們在週期中所處的位置而言，這就是我們現在所處的位置。所以人工智慧是一個很大的驅動力。但我們的客戶接受它的時機和速度正在推動部分預訂週期。

The second from an end market standpoint is Life Sciences. And so PA has been able to take not just AI, but other knowledge and look at the transformation of the whole clinical study program, especially as that's kind of gotten more patient-centric with different types of therapies for each patient. PA has rightly been right in the middle of all of that. And so that kind of got a tail on it as well.

從終端市場的角度來看，第二個是生命科學。因此，PA 不僅能夠利用人工智慧，還能夠利用其他知識，並著眼於整個臨床研究計畫的轉變，特別是因為它變得更加以患者為中心，為每位患者提供不同類型的治療。 PA 理所當然地處於這一切之中。所以這也有尾巴。

And then the last one that is really kind of starting to develop in our pipeline at PA is around the use of AI in early-stage drug discovery piece, and it's real, real early stage. I mean clearly, the Tier 1s are way out ahead. But PA does it from more of a standpoint of how that's going to transform kind of the Tier 2 and Tier 3 clients. So some good stuff. I'd say this the timing right now of how quickly those get embraced while clients are thinking about their own business is causing some of that near-term softness.

PA 管道中真正開始開發的最後一項是圍繞在早期藥物發現部分中使用人工智慧，這是真正的早期階段。我的意思很明顯，一級公司遙遙領先。但 PA 更多是從如何改變 2 級和 3 級客戶的角度來做這件事。所以一些好東西。我想說的是，當客戶考慮自己的業務時，這些技術很快就被接受了，這導致了近期的疲軟。

Great. And then I guess on the P&PS side, there's been some discussion about when some of the larger funding packages really got going. But -- maybe if you could provide a little bit of color around your top line guidance for P&PS. And what assumption is in there from kind of contribution from the IIJA or the IRA. And -- or how much of it is from kind of just base level business and how maybe the government funding is tracking relative to initial expectations?

偉大的。然後我想在 P&PS 方面，已經對一些較大的融資計劃何時真正開始進行了一些討論。但是，也許您可以為 P&PS 的頂線指導提供一些色彩。 IIJA 或 IRA 的貢獻是什麼？或者其中有多少來自基礎業務，以及政府資金相對於最初預期的追蹤情況如何？

Sure. Yes, I'd say that, that guidance that we've been pretty true to and I kind of -- I mentioned a statistic there that 6% to 9% or mid- to high-single-digit growth and for the last 5 quarters, we've been right there on the high end of that range is where we're seeing the IIJA component of that is we just saw some statistics that we're -- from a time line standpoint, halfway through, but on some of the larger rail and highway specifically, we're 25% outlaid -- 15% obligated and 25% outlaid on the actual money. So it hasn't been a big piece of the growth. But the positive news is that it looks like that 5-year cycle is definitely going to get extended.

當然。是的，我想說的是，我們一直非常忠實於這一指導方針，我提到了一項統計數據，過去 5 年增長率為 6% 到 9% 或中高個位數幾個季度，我們一直處於該範圍的高端，我們看到了IIJA 的組成部分，我們剛剛看到了一些統計數據——從時間線的角度來看，已經過了一半，但在某些方面具體來說，對於較大的鐵路和高速公路，我們支出了25%－15% 是義務支出，25% 是實際支出。因此，這並不是成長的主要部分。但好消息是，5年周期看起來一​​定會延長。

Our next question comes from Bert Subin at Stifel.

我們的下一個問題來自 Stifel 的 Bert Subin。

Bob, just to follow up on that point. If we look beyond '24 and maybe into '25 and past that, it sounds like your visibility is generally improving not just in advanced facilities but in large parts of P&PS. As you think about potentially toggling you're above what your medium-term view is for the segment, what would drive that? Is that more a function of winning some specific larger projects? Or is it the flow of funding under some of these programs?

鮑勃，我只是想跟進這一點。如果我們展望 24 年後，也許是 25 年及之後，聽起來您的可見度普遍提高，不僅在先進設施中，而且在 P&PS 的大部分地區。當您考慮潛在的轉變時，您超越了對該細分市場的中期看法，是什麼推動了這一轉變？這更多的是贏得一些特定的大型專案的功能嗎？還是其中一些計劃的資金流動？

Yes, Bert. And are you saying independent of advanced facilities to the other kind of non-advanced facility sectors or to inclusive of.

是的，伯特。您是說獨立於先進設施還是其他類型的非先進設施部門還是包容性。

No. I think inclusive of, I guess, from what you were saying, Bob, in your earlier comments, it sounds like you feel like you're more on that upslope and you're seeing sort of the path of some of that CapEx will be beneficial for you. So including that and thinking about what you just mentioned about IIJA and some of the other programs, it seems like your visibility is quite good. If you were to say, several years from now, look at you and you were growing at 9% or faster than your 6% to 9% growth range. I'm just curious if that's more a function of winning some of those larger projects that are out there? Or is it just the funding needs to flow sort of on time?

不。我認為，鮑勃，從你之前的評論中所說的來看，我認為包括你所說的，聽起來你覺得你更處於上升趨勢，並且你看到了一些資本支出的路徑將會對你有益。因此，考慮到您剛才提到的有關 IIJA 和其他一些計劃的內容，您的知名度似乎相當不錯。如果你說，幾年後，看看你，你會發現你的成長速度是 9%，或比你的 6% 到 9% 的成長範圍更快。我只是好奇這是否更多是為了贏得一些更大的項目？或只是資金需要按時流動？

I would say it's probably more of winning those projects in the market that I would index towards is water. The pipeline growth in water, and I mentioned it last quarter, Bert, and it actually has continued this quarter. It's not as big as transportation, but if transportation continues at the same kind of clip even with the IIJA comment, but water continues at the rate that it is right now, and we're having this conversation 6 to 8 quarters from now, water and then water and environmental for those 2 are kind of interdependent on each other. I'd say, is the one where we're seeing not only the projects being announced but the funding be applied, and a lot of that is being driven around water scarcity.

我想說，這可能更多是為了贏得市場上的那些項目，我將水作為索引。伯特，我在上個季度提到供水管道的成長，實際上這個季度還在繼續。它不像運輸那麼大，但如果運輸繼續以同樣的速度進行，即使有 IIJA 的評論，但水繼續以現在的速度發展，我們將在 6 到 8 個季度後進行這次對話，水然後水和環境對這兩者來說是相互依賴的。我想說的是，我們不僅看到了正在宣布的項目，而且還看到了資金的應用，其中許多都是圍繞著水資源短缺而推動的。

And look at what's going on in California right now, it's either we got too much and we got to figure out where to put it or we don't have enough and we got to figure out how to find it and treat it. And so I'm oversimplifying, but that's probably what I'd say.

看看加州現在正在發生的事情，要么我們得到了太多，我們必須弄清楚把它放在哪裡，要么我們沒有足夠，我們必須弄清楚如何找到它並處理它。所以我過於簡化了，但這可能是我想說的。

Got it. Okay. That's super helpful. Maybe just a cost side question. If we look at that bridge that you guys put in the deck going from 10.8% to 13.8%, can you just help us think through how much of that is cost cutting related and how much of that is just improved mix? Sounds like you're pretty bullish on the margin opportunity in P&PS. So is that a function of just you're getting better projects? Or is it more cost cutting? Or is it sort of 50-50?

知道了。好的。這非常有幫助。也許只是一個成本方面的問題。如果我們看看你們在甲板上從 10.8% 到 13.8% 的橋樑，你能否幫助我們思考其中有多少與成本削減相關，有多少只是改進的組合？聽起來您非常看好 P&PS 的保證金機會。那麼這是否只是因為你獲得了更好的專案？還是進一步削減成本？還是50-50？

I'd say it's balanced. Probably 50-50. There's a 50% mix, but 50% is a leaner organization with now and we've started as of Q1, a level of recoverability and optimization of our cost structure rather than the straight variability of, if you're busy, you spend and if you're not, you cut, right? We want to get more of in the steady state.

我想說的是，這是平衡的。大概是50-50。有 50% 的混合，但 50% 是一個更精簡的組織，我們從第一季度開始，我們的成本結構的可恢復性和優化水平，而不是直接的可變性，如果你很忙，你花費和如果你不是，你就砍，對吧？我們希望在穩定狀態下獲得更多。

And there are no further questions at this time. I would like to turn the conference over to Bob Pragada for closing remarks.

目前沒有其他問題。我想請鮑伯‧普拉加達 (Bob Pragada) 致閉幕詞。

Yes. Thank you, everyone, for joining us on the call. A lot of exciting things happening in the business right now, and we look forward to giving you further updates in quarters to come.

是的。謝謝大家加入我們的電話會議。目前，業界正在發生許多令人興奮的事情，我們期待在未來幾季為您提供進一步的更新。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。