雅各布工程 (J) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to Jacobs Engineering's Second Quarter 2024 Earnings Conference Call and Webcast. (Operator Instructions)

謝謝你的支持。我叫克里斯塔，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 Jacobs Engineering 2024 年第二季財報電話會議和網路廣播。 （操作員說明）

I will now turn the conference over to Ayan Banerjee, Senior Vice President, Finance, Treasury, Investor Relations, and Corporate Development. Ayan, you may begin your conference.

我現在將會議交給負責財務、財務、投資者關係和企業發展的高級副總裁 Ayan Banerjee。阿揚，你可以開始你的會議了。

Thank you. Good morning. Our earnings announcement was filed this morning, and we have posted a slide presentation on our website, which we will reference during the call.

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該演示文稿。

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.

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。

Turning to the agenda on Slide 3. Speaking on today's call will be Jacobs' CEO, Bob Pragada; and interim CFO, Kevin Berryman. Bob will begin by providing an overview of recent activities, then summarizing highlights from our second quarter results. Kevin will provide a more in-depth discussion of our financial metrics as well as a review of our balance sheet and cash flow.

轉向幻燈片 3 上的議程。臨時財務長凱文貝里曼 (Kevin Berryman)。鮑伯將首先概述最近的活動，然後總結我們第二季業績的亮點。凱文將對我們的財務指標進行更深入的討論，並對我們的資產負債表和現金流進行審查。

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

接下來，我會將其交給執行長 Bob Pragada。

Thank you, Ayan, and good day, everyone, and thank you for joining us to discuss our second quarter fiscal year 2024 business performance. I want to welcome Kevin Berryman, previously our President and Chief Financial Officer, back following his appointment as interim CFO. Kevin brings a wealth of experience and expertise to this role, having served as our CFO for over 9 years. During his tenure, he played a pivotal role in navigating significant transformation and growth across our organization, and most recently, has demonstrated exceptional leadership in overseeing the ongoing separation of our Critical Mission Solutions and Cyber & Intelligence businesses as well as its planned strategic merger with Amentum. As we move forward, we have initiated a search for a permanent CFO with the assistance of an executive search firm. We are working towards concluding this search expeditiously and are grateful that Kevin has agreed to remain at Jacobs through the close of the separation transaction, to provide overlap with our next CFO and ensure a smooth transition.

謝謝阿揚，大家好，感謝您加入我們討論我們 2024 財年第二季的業務表現。我要歡迎我們的前總裁兼財務長凱文貝里曼 (Kevin Berryman) 在被任命為臨時財務長後回歸。 Kevin 擔任我們的財務長超過 9 年，為這一職位帶來了豐富的經驗和專業知識。在他任職期間，他在推動整個組織的重大轉型和增長方面發揮了關鍵作用，最近，他在監督關鍵任務解決方案和網絡與情報業務的持續分離以及計劃中的戰略合併方面表現出了卓越的領導力。隨著我們的前進，我們在獵人頭公司的協助下開始尋找永久財務長。我們正在努力盡快完成這項搜尋工作，並感謝 Kevin 同意在離職交易結束後繼續留在 Jacobs，以便與我們的下一任財務長重疊並確保順利過渡。

Now moving to Slide 4. I want to emphasize our solid progress on the cost optimization plan. We continue to prioritize simplifying our business model, optimizing our cost structure, expanding margin, and accelerating profitable growth across our lines of business. Our strategic shift towards a less complex, higher-value and higher-margin portfolio remains on track. We are actively identifying opportunities to streamline our operating model and enhance efficiency while continuing to deliver world-class, value-added, scientific-based, digitally-enabled solutions to create a more connected and sustainable world.

現在轉到投影片 4。我們持續優先考慮簡化業務模式、優化成本結構、擴大利潤率並加速各業務線的獲利成長。我們向不太複雜、更高價值和更高利潤的投資組合的策略轉型仍在進行中。我們正在積極尋找機會來簡化我們的營運模式並提高效率，同時繼續提供世界一流的、增值的、基於科學的、數位化的解決方案，以創建一個更互聯和可持續的世界。

We have made significant progress on our Critical Mission Solutions and Cyber & Intelligence separation planning. We're pleased to report that we have now achieved a significant milestone by receiving all approvals and clearances under competition and foreign direct investment laws that are conditioned to the separation transaction. We are steadily advancing our Form 10 filing targeted for early summer. We expect to fulfill the remaining closing conditions and complete the transaction in the second half of the fourth quarter of fiscal year 2024.

我們在關鍵任務解決方案和網路與情報分離規劃方面取得了重大進展。我們很高興地報告，我們現在已經取得了一個重要的里程碑，獲得了競爭法和外國直接投資法下以分拆交易為條件的所有批准和許可。我們正穩步推進初夏的 Form 10 申報工作。我們預計在 2024 財年第四季下半年滿足剩餘成交條件並完成交易。

Turning to Slide 5 and Q2. I'm pleased to report solid second quarter consolidated revenue driven by 5% growth and 3% adjusted net revenue growth that is entirely organic. Backlog increased 2% year-over-year and gross margin and backlog increased approximately 50 basis points year-over-year, boosting confidence that our business will continue to deliver profitable growth.

轉向投影片 5 和 Q2。我很高興地報告第二季合併收入強勁，成長 5%，調整後淨收入成長 3%，這完全是有機的。積壓訂單年增 2%，毛利率和積壓訂單年增約 50 個基點，增強了我們業務將繼續實現獲利成長的信心。

Turning to Slide 6. People & Places Solutions line of business reported another quarter of solid top line growth as we continue to execute against our strategy of prioritizing profitable growth over absolute growth, as demonstrated by P&PS record adjusted operating margin of 15.3% and strong adjusted operating profit growth of 15.3% year-on-year. We continue to drive organic revenue growth up 7.5% and adjusted up 5.6% year-over-year. Our pipeline remains robust and we continue to expect P&PS organic revenue growth of mid- to high single digits in FY '24.

轉向投影片6。和強勁的調整後營運利潤率證明了這一點。我們持續推動有機收入成長 7.5%，調整後年增 5.6%。我們的產品線仍然強勁，我們繼續預計 24 財年 P&PS 有機收入將實現中高個位數成長。

During the quarter, we have delivered several marquee wins across multiple core market sectors. In transportation, we have been selected as Amtrak's delivery partner for the $6 billion Frederick Douglas Tunnel Program, America's busiest passenger railroad, one of the largest national transportation and infrastructure investments and the most significant IIJA award to date. The team will provide program and construction management services from contract initiation through service commissioning for 2 high-capacity tunnel tubes for electrified passenger trains, improving rail systems and enhancing accessibility to transform this 10-mile section of the Northeast Corridor.

本季度，我們在多個核心市場領域取得了許多重大勝利。在交通運輸方面，我們被選為Amtrak 價值60 億美元的弗雷德里克·道格拉斯隧道項目的交付合作夥伴，該項目是美國最繁忙的客運鐵路、最大的國家交通和基礎設施投資之一以及迄今為止最重要的IIJA 獎。該團隊將為電氣化客運列車的 2 條大容量隧道管道提供從合約啟動到服務調試的項目和施工管理服務，改善鐵路系統並提高可及性，以改造東北走廊這一 10 英里路段。

PA Consulting is an integral part of our program management team, demonstrating their emerging presence in transport in the U.S. and the power of our collaborative partnership. In aviation, we continue our long-term relationship with Los Angeles World Airports to provide program management services at Los Angeles International Airport. Infrastructure improvements at LAX will enhance the city's preparedness for upcoming sporting events, including the Los Angeles '28 Olympics.

PA Consulting 是我們專案管理團隊不可或缺的一部分，展示了他們在美國交通運輸領域的新興影響力以及我們合作夥伴關係的力量。在航空領域，我們繼續與洛杉磯世界機場保持長期合作關係，在洛杉磯國際機場提供專案管理服務。洛杉磯國際機場的基礎設施改善將增強該市為即將舉行的體育賽事（包括洛杉磯 28 年奧運會）做好準備。

Water remains a critical growth catalyst with several strategic wins across our key geographies, further bolstering our position in the sector as evidenced by our appointment by Miami-Dade County Water and Sewer Department to design upgrades for the county's 3 wastewater treatment plants, benefiting nearly 2.4 million residents and hundreds of thousands of visitors each year. Jacobs will incorporate intelligent O&M, a digital one-water solution from its suite of digital products to provide our confident decision-making and to achieve greater efficiencies, reducing wastewater treatment costs and optimizing operational labor.

水仍然是關鍵的成長催化劑，我們在關鍵地區取得了許多策略性勝利，進一步鞏固了我們在該行業的地位，邁阿密戴德縣供水和下水道部門任命我們為該縣的3 個污水處理廠進行設計升級證明了這一點，使我們受益近2.4每年有數百萬居民和數十萬遊客。 Jacobs 將採用智慧 O&M，這是其數位產品套件中的數位化單水解決方案，為我們提供自信的決策並實現更高的效率，降低廢水處理成本並優化營運勞動力。

Additionally, we were selected by United Utilities, one of the U.K.'s largest listed water companies, to its strategic solutions team supporting program optimization from major capital works through the AMP8 and AMP9 cycles, which cover the period from 2025 to 2035. Furthermore, we were selected by Water Corporation, the largest water utility in Western Australia, to design, build, operate, and maintain the Alkimos Seawater Desalination plant in Perth, Australia. The project, part of an alliance with Water Corporation and ACCIONA, is expected to ultimately produce 26 billion gallons of drinking water.

此外，我們也被英國最大的上市水務公司之一聯合公用事業公司選入其策略解決方案團隊，支援從主要基礎建設工程到 AMP8 和 AMP9 週期（涵蓋 2025 年至 2035 年）的專案最佳化。被西澳大利亞州最大的自來水公司Water Corporation 選中，負責設計、建造、營運和維護位於澳洲珀斯的Alkimos 海水淡化廠。該項目是與 Water Corporation 和 ACCIONA 聯盟的一部分，預計最終將生產 260 億加侖飲用水。

In recent weeks, significant regulatory steps have been taken in the environmental sector. The U.S. EPA set maximum contaminant levels for 5 PFAS compounds, the first major U.S. drinking water legislation in 20 years, and classified 2 PFAS compounds as hazardous under the Superfund program, expanding our potential for environmental management and compliance services. Internationally, the EU has also progressed, banning certain PFAS compounds and moving forward with risk evaluations. These developments are expected to increase demand for our consulting, engineering, and remediation services. We've been working with and advising our clients about how these anticipated regulations will impact them as discussions began some years ago.

最近幾週，環境領域採取了重大監管措施。美國EPA 設定了5 種PFAS 化合物的最高污染物水平，這是20 年來美國首個主要飲用水立法，並根據超級基金計劃將2 種PFAS 化合物列為危險物質，擴大了我們在環境管理和合規服務方面的潛力。在國際上，歐盟也取得了進展，禁止某些 PFAS 化合物並推動風險評估。這些發展預計將增加對我們的諮詢、工程和修復服務的需求。幾年前我們就開始討論這些預期的法規將如何影響他們，我們一直在與客戶合作並向他們提供建議。

Now that the regulations are finalized, we're having robust conversations with our clients about their options to navigate this next chapter. PA Consulting is working with companies that have PFAS materials in their products and advising on how to remove them from their products and supply chains as well as assessing how to create alternative materials. With our expertise, strong market presence, and leading position as demonstrated by our ongoing work with the Department of Defense, U.K. government and Australian aviation authorities, Jacobs is ready to lead in this evolving space.

現在法規已經最終確定，我們正在與客戶進行深入的對話，討論他們應對下一章的選擇。 PA Consulting 正在與產品中含有 PFAS 材料的公司合作，就如何將其從產品和供應鏈中移除提供建議，並評估如何創建替代材料。憑藉我們的專業知識、強大的市場影響力以及我們與國防部、英國政府和澳洲航空當局的持續合作所證明的領先地位，Jacobs 已準備好在這個不斷發展的領域發揮領導作用。

In life sciences, our overall pipeline continues to grow at double-digit rates year-over-year, driven by long-term relationships. There are significant opportunities in the pipeline and we are well positioned for continued growth. In CMS, Q2 revenue was up 3% year-over-year and adjusted operating profit increased 10% with approximately 50 basis points of margin expansion. The CMS team is executing well, and we continue to see several positive trends for long-term growth as the team prepares for the merger with Amentum.

在生命科學領域，在長期關係的推動下，我們的整體管道繼續以兩位數的速度同比增長。正在醞釀中的重大機遇，我們已做好持續成長的準備。在康哲藥業，第二季營收年增 3%，調整後營業利益成長 10%，利潤率擴大約 50 個基點。 CMS 團隊執行得很好，隨著團隊準備與 Amentum 合併，我們繼續看到一些長期成長的正面趨勢。

PA Consulting delivered among an industry-leading adjusted operating margin of 20.5% with solid execution and cost discipline. We continue to expect the remaining quarters in FY '24 to exceed 20% adjusted operating margin. Our partnership with PA continues to be a differentiator for us with some nice wins in the quarter, including the previously mentioned Frederick Douglass Tunnel and an appointment to the HM Revenue and Customs multibillion-pound framework in the U.K., intended to upgrade software systems across the government agency.

PA Consulting 憑藉紮實的執行力和成本控制，實現了 20.5% 的行業領先調整後營業利潤。我們繼續預期 24 財年剩餘季度的調整後營業利潤率將超過 20%。我們與PA 的合作關係仍然是我們的優勢所在，在本季度取得了一些不錯的成果，包括前面提到的Frederick Douglass 隧道以及英國稅務和海關總署的數十億英鎊框架的任命，旨在升級整個英國的軟​​體系統政府機關。

Divergent Solutions delivered a solid adjusted operating margin performance at approximately 10% and adjusted operating profit growth, which would have been approximately 13% excluding a large license sale to Palantir in the comparison period. Our suite of digital products and platforms are elevating the value we can provide to our clients globally.

Divergent Solutions 的調整後營業利潤率表現穩定，約為 10%，調整後營業利潤增長約為 13%，如果不包括比較期內向 Palantir 出售的大量許可證的話，調整後營業利潤增長約為 13%。我們的數位產品和平台套件正在提升我們為全球客戶提供的價值。

In summary, we remain well positioned to capitalize on the growth opportunities across our core market sectors.

總之，我們仍處於有利地位，可以充分利用核心市場領域的成長機會。

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

現在我將把電話轉給凱文，以進一步詳細審查我們的財務表現。

Thank you, Bob. We are pleased with our Q2 results, leading to another strong quarter. We are steadfast in our commitment to providing high-value solutions with improved margins, supported by our continued emphasis on operational excellence and execution. So let me begin by summarizing a few of the highlights for the quarter on Slide 7.

謝謝你，鮑伯。我們對第二季的業績感到滿意，這將帶來另一個強勁的季度。我們堅定不移地致力於提供高價值解決方案並提高利潤，並持續強調卓越營運和執行力。首先，讓我在投影片 7 上總結本季的一些亮點。

Second quarter gross revenue grew 5% year-over-year and adjusted net revenue grew 3%. GAAP operating profit was $281 million for the quarter and included $53 million of amortization from acquired intangibles and $58 million of transaction, restructuring and other costs including $47 million associated with the separation transaction. We still expect our total restructuring cost to be approximately $275 million for the fiscal year, materially driven by the separation transaction.

第二季總營收年增 5%，調整後淨收入成長 3%。本季 GAAP 營業利潤為 2.81 億美元，其中包括收購無形資產的 5,300 萬美元攤銷以及 5,800 萬美元的交易、重組和其他成本，其中包括與分拆交易相關的 4,700 萬美元。我們仍然預計本財年的重組總成本約為 2.75 億美元，這在很大程度上是由分拆交易推動的。

Our adjusted operating margin was 11.3%. I'll discuss the underlying dynamics during the reporting segment review. GAAP EPS from continuing operations was $1.29 per share and included a $0.28 impact related to the amortization charge of acquired intangibles and $0.34 from transaction, restructuring and other related costs, all of which were materially driven by the separation transaction. Excluding these items, second quarter adjusted EPS was $1.91, marking a 7% decrease compared to the previous year. When adjusting for last year's second quarter discrete tax benefit of $0.32, our current non-GAAP EPS represents an approximately 10% year-over-year increase.

調整後的營業利益率為 11.3%。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1.29 美元，其中包括與收購的無形資產攤銷費用相關的0.28 美元影響，以及交易、重組和其他相關成本的0.34 美元影響，所有這些都主要由分拆交易推動。剔除這些項目，第二季調整後每股收益為 1.91 美元，較前一年下降 7%。在對去年第二季 0.32 美元的離散稅收優惠進行調整後，我們目前的非 GAAP 每股收益年增約 10%。

Looking forward, we anticipate maintaining an annual effective tax rate of 22% for the full fiscal year. Q2 adjusted EBITDA was $393 million and was up 10% year-over-year, representing a strong 11.3% adjusted net revenue. Finally, backlog was up 2% year-over-year. The revenue book-to-bill ratio was 0.96x with our gross profit and backlog increasing 4% year-over-year. Excluding a onetime change in government funding strategy with regard to space ISR programs, which I'll describe in more detail during my segment comments, our book-to-bill ratio for the quarter would have been approximately 1.06x, with significant strength in pipeline growth and expected large wins in Q3 and Q4.

展望未來，我們預計整個財年的年度有效稅率維持在 22%。第二季調整後 EBITDA 為 3.93 億美元，較去年同期成長 10%，調整後淨收入強勁成長 11.3%。最後，積壓訂單年增 2%。收入訂單出貨比為 0.96 倍，毛利和積壓訂單年增 4%。不包括政府對太空ISR 計劃的一次性資助策略的改變（我將在我的分部評論中更詳細地描述這一點），我們本季度的訂單出貨比約為1.06 倍，並且管道的實力顯著增強成長和預期第三季和第四季的巨大勝利。

Regarding the performance of our lines of business in the quarter, let's turn to Slide 8. We are particularly pleased with our performance in People & Places Solutions. Q2 adjusted net revenue was up 5.6% year-over-year. Adjusted operating profit growth was strong at 15.3%. Reflecting our commitment to higher-end profitable growth, the segment saw a record adjusted operating margin of 15.3%, up approximately 130 basis points year-over-year. We continue to see solid momentum in both growth and profitability in the business. Our backlog has grown by 2% year-over-year, and we've seen a 7% increase in the gross profit in our backlog. This improvement reflects our ongoing efforts to enhance the quality of our bids and project wins as we expect some critical large wins to occur in Q3.

關於本季我們業務線的表現，讓我們轉向投影片 8。第二季調整後淨收入年增 5.6%。調整後營業利潤成長強勁，達 15.3%。該部門的調整後營業利潤率達到創紀錄的 15.3%，年成長約 130 個基點，反映出我們對高端利潤成長的承諾。我們繼續看到業務成長和獲利的強勁勢頭。我們的積壓訂單年增了 2%，積壓訂單的毛利成長了 7%。這項改進反映了我們為提高投標和專案中標品質所做的持續努力，因為我們預計第三季將出現一些關鍵的大型中標。

Moving to Critical Mission Solutions. Our Q2 revenue increased 3.2% year-over-year with backlog up 3.9%. Our adjusted operating profit was up 10.3% year-over-year, while CMS adjusted operating margin rose by approximately 50 basis points year-over-year as the business continued to find avenues of operational improvements. While a recent program loss will put some short-term pressure on the second half, our recent successes in shorter-cycle awards is expected to help mitigate the impact. Our work remains mission-critical, allowing the business to show long-term resilience against shifts in government funding and program adjustments.

轉向關鍵任務解決方案。我們第二季的營收年增 3.2%，積壓訂單成長 3.9%。我們的調整後營業利潤年增 10.3%，而 CMS 調整後營業利潤率年增約 50 個基點，因為該業務繼續尋找營運改善的途徑。雖然最近的計劃失敗會給下半年帶來一些短期壓力，但我們最近在較短週期獎勵方面取得的成功預計將有助於減輕影響。我們的工作仍然是關鍵任務，使企業能夠針對政府資金和計劃調整的變化表現出長期的彈性。

Let's now focus on Divergent Solutions. During Q2, we observed an 11% year-over-year decrease in adjusted net revenue and 24% decrease year-over-year in adjusted operating profit. Excluding a onetime Palantir license in the previous period, adjusted operating profit would have been up 13% year-over-year. While backlog was negatively impacted by a change in funding strategy with the DoD on space-based ISR programs, we are encouraged by the positive momentum in near-term sales, which we believe will contribute to our ongoing success.

現在讓我們專注於發散解決方案。第二季度，我們觀察到調整後淨收入年減 11%，調整後營業利潤年減 24%。不包括上一時期的一次性 Palantir 許可證，調整後的營業利潤將年增 13%。雖然積壓訂單受到國防部天基 ISR 計畫融資策略變化的負面影響，但我們對近期銷售的正面勢頭感到鼓舞，我們相信這將有助於我們持續成功。

Now let's turn our attention to PA Consulting. Q2 saw a slight decline of 2% in year-over-year revenue, driven by a continued challenging macro environment in the consulting industry and a solid year-ago comparable. However, cost and execution discipline helped deliver a strong adjusted operating margin of 20.5%, a 270 basis point increase from the previous sequential quarter. As we emphasized during our last earnings call, our industry position is uniquely differentiated and our work is both purposeful and critical. As a result, PA continues to deliver ongoing positive momentum in bookings and pipeline growth.

現在讓我們把注意力轉向PA Consulting。由於諮詢業宏觀環境持續充滿挑戰以及去年同期的穩健表現，第二季營收年減 2%。然而，成本和執行紀律幫助實現了 20.5% 的強勁調整後營業利潤，比上一季增加了 270 個基點。正如我們在上次財報電話會議中所強調的那樣，我們的行業地位具有獨特的差異化，我們的工作既具有目的性又至關重要。因此，PA 繼續在預訂和管道成長方面保持持續的積極勢頭。

We remain confident in our ability to deliver strong adjusted operating profit margins targeting above 20% for the second half of the year. Our adjusted unallocated corporate costs were $59 million in Q2. We continue to make progress on simplifying and optimizing our operating model and driving costs down. We expect this line item post separation to trend towards $50 million per quarter or $200 million annually.

我們對今年下半年實現強勁的調整後營業利潤率目標超過 20% 的能力仍然充滿信心。第二季調整後的未分配企業成本為 5,900 萬美元。我們在簡化和優化營運模式以及降低成本方面不斷取得進展。我們預計該專案在分離後將趨向於每季 5,000 萬美元或每年 2 億美元。

Turning to Slide 9 to discuss our balance sheet and cash flow. After delivering a strong free cash flow in Q1, our quarterly free cash flow was negative $71 million in Q2 as working capital increased the planned levels from the exceptional performance in Q1. Despite this impact in the second quarter, our reported free cash flow conversion for the first half of the year has remained at approximately 100%. And as a result, we are well positioned to deliver on our forecast, maintaining 100% reported as well as adjusted free cash flow conversion for the full year.

轉向投影片 9 來討論我們的資產負債表和現金流。在第一季實現強勁的自由現金流後，第二季的季度自由現金流為負 7,100 萬美元，因為營運資本比第一季的出色表現提高了計畫水準。儘管第二季受到這種影響，我們報告的上半年自由現金流轉換率仍維持在 100% 左右。因此，我們有能力實現我們的預測，保持全年 100% 的報告和調整後自由現金流轉換。

Regarding capital allocation, we opportunistically repurchased $95 million of shares during the quarter, reflecting our commitment to delivering consistent return of capital to our shareholders. We still have $679 million remaining under our current repurchase authorization. And as we have said, we will remain dedicated to returning capital to shareholders while remaining committed to maintaining an investment-grade credit profile.

在資本配置方面，我們在本季機會性地回購了 9,500 萬美元的股票，這體現了我們為股東提供持續資本回報的承諾。我們目前的回購授權仍剩餘 6.79 億美元。正如我們所說，我們將繼續致力於向股東返還資本，同時繼續致力於維持投資等級信用狀況。

We ended the quarter with cash of $1 billion and gross debt of $3 billion. Our Q2 net debt to adjusted EBITDA of approximately 1.3x remains a clear indication of the continued strength of our balance sheet. Given the strength of the balance sheet, we feel comfortable with a portion of our debt having become current in Q2. We have ample options: refinancing, using proceeds from our upcoming separation transaction and/or accessing our revolver. As of the end of Q2, approximately 37% of our debt is tied to floating rate debt, and our weighted average interest rate was approximately 5.2%.

本季結束時，我們的現金為 10 億美元，總債務為 30 億美元。我們第二季的淨債務與調整後 EBITDA 比率約為 1.3 倍，這仍然清楚地表明我們的資產負債表持續強勁。考慮到資產負債表的實力，我們對部分債務在第二季成為流動債務感到滿意。我們有充足的選擇：再融資、使用即將進行的分離交易的收益和/或使用我們的左輪手槍。截至第二季末，我們約 37% 的債務與浮動利率債務掛鉤，我們的加權平均利率約為 5.2%。

Finally, given our strong balance sheet and year-to-date free cash flow, we remain committed to our quarterly dividend. The Board has authorized a quarterly dividend of $0.29, an 11.5% year-over-year increase to be paid on June 21.

最後，鑑於我們強勁的資產負債表和今年迄今的自由現金流，我們仍然致力於季度股息。董事會已批准於 6 月 21 日支付季度股息 0.29 美元，年增 11.5%。

Bob, back over to you.

鮑勃，回到你身邊。

Thank you, Kevin. Turning to Slide 10. Due to our continued momentum across our business, we feel confident in our ability to reach our previously stated objectives. As a result, we are narrowing the range for fiscal year 2024 adjusted EBITDA to $1.54 billion to $1.585 billion, and adjusted EPS to $7.80 to $8.10, representing a 9% and 10% growth year-over-year at the midpoints, respectively. This guidance incorporates Q2 adjusted EPS of $1.91 and a 26% to 27% adjusted effective tax rate each quarter for the remainder of the fiscal year. Additionally, this represents a 13% EPS growth in the second half of fiscal year 2024 versus the year-ago period.

謝謝你，凱文。轉向投影片 10。因此，我們將 2024 財年調整後 EBITDA 範圍縮小至 15.4 億美元至 15.85 億美元，調整後每股收益至 7.80 美元至 8.10 美元，中點分別年增 9% 和 10%。該指引包括第二季調整後每股收益 1.91 美元以及本財年剩餘時間內每季調整後 26% 至 27% 的有效稅率。此外，這意味著 2024 財年下半年的每股盈餘較去年同期成長了 13%。

In closing, we are invigorated as demand for our science-based digitally-enabled solutions remains strong, with clients continuing to select Jacobs to address their most complex challenges. We are exceptionally well positioned to capitalize on the momentum in the critical infrastructure market. And we remain confident in our ability to grow market share and fulfill the needs of our clients across key sectors.

最後，我們感到振奮，因為對我們基於科學的數位化解決方案的需求仍然強勁，客戶繼續選擇 Jacobs 來解決他們最複雜的挑戰。我們處於非常有利的位置，可以利用關鍵基礎設施市場的勢頭。我們對擴大市場份額和滿足關鍵領域客戶需求的能力仍然充滿信心。

Operator, we will now open the call for questions.

接線員，我們現在開始提問。

(Operator Instructions) Your first question comes from the line of Andy Kaplowitz with Citigroup.

（操作員說明）您的第一個問題來自花旗集團的安迪·卡普洛維茨（Andy Kaplowitz）。

Bob or Kevin, can you give us more color into what's going on with Jacobs' backlog and how to think about it going forward? I know that you said backlog in People & Places is up about 2% year-over-year, but can you elaborate a bit more on the larger prospects you're talking about for Q3? Do you see a nice acceleration in backlog growth in the second half in People & Places? And then maybe just a change in the space-based ISR impacting Divergent, that business is going with CMS, the deal or correct, but could you give us some more color on what happened there?

鮑伯或凱文，您能給我們更多關於雅各布斯積壓訂單的情況以及如何思考未來的情況嗎？我知道您說過 People & Places 的積壓量同比增長了約 2%，但您能否詳細說明您所談論的第三季度的更大前景？您認為下半年「人員與地點」的積壓成長是否有明顯加速？然後，也許只是天基 ISR 的變化影響了分歧者，該業務正在與 CMS 進行，交易或正確，但你能給我們更多關於那裡發生的事情的信息嗎？

Sure. So maybe I'll start off with P&PS and then Kevin can talk about kind of the entirety. So in P&PS, Andy, a couple of things. One is timing. We've got -- let me first off by saying that as a gross number, the P&PS backlog represents a record backlog for the segment since we formed it nearly 5 years ago. So kind of point 1 there. As far as the growth, we've kind of got tied a little bit into some timing of some of the larger programs that drive the backlog. Our book-to-bill is still over 1x, and in the second half with expected awards, some of which we've already received in the first month of the quarter, we're going to see a real acceleration in the backlog in P&PS.

當然。所以也許我會從 P&PS 開始，然後 Kevin 可以談論整個內容。安迪，在 P&PS 中，有幾件事。一是時機。我們首先要說的是，從總數來看，P&PS 積壓訂單代表了該部門自近 5 年前成立以來的創紀錄積壓訂單。第 1 點就是這樣。就成長而言，我們有點與一些導致積壓的大型專案的時間安排有關。我們的訂單出貨比仍超過 1 倍，下半年，隨著預期的獎勵（其中一些我們已經在本季度第一個月收到），我們​​將看到 P&PS 積壓的真正加速。

Kevin, you want to talk about the overall as well as Divergent?

凱文，你想談談整體以及分歧嗎？

Yes. Look, I think the dynamics associated with Divergent, and you're right, that part of the business is going to be part of the separation, so it's in the parameter of the separation transaction, Andy. And look, there was a change in funding strategy, whereby the technology and associated projects that we have are still considered viable and probably the best technologies to be utilizing going forward, but because of deciding how they were going to be funding it, DoD is handing over that responsibility to the intelligence community.

是的。看，我認為與 Divergent 相關的動態，你是對的，這部分業務將成為分離的一部分，所以它在分離交易的參數中，安迪。看，資助策略發生了變化，我們擁有的技術和相關項目仍然被認為是可行的，並且可能是未來使用的最佳技術，但由於決定如何資助它，國防部將這一責任移交給情報界。

So while long term, we have a reduction -- well, short term, we have a reduction in our backlog because the DoD is handing that over, we're starting to, right now, see immediate build back up in some of those projects being now embedded into the intelligence community. While it represents certainly a delay in some of the burn of that project, our expectation is longer term, that DVS will start to see that same backlog come back into their kind of backlog over the course of the next year-plus, and consequently, we'll have to build up the burn once again.

因此，雖然從長遠來看，我們的積壓工作有所減少，但從短期來看，我們的積壓工作有所減少，因為國防部正在將其移交，我們現在開始看到其中一些項目立即恢復現在正在融入情報界。雖然這肯定代表了該項目的一些燃燒的延遲，但我們的期望是長期的，DVS 將開始看到相同的積壓在明年多的過程中重新回到他們的積壓中，因此，我們必須再次加強燃燒。

And so if you think about those 2 dynamics, I think those are kind of short-term dynamics when you include People & Places. And when you see the outlook for the rest of the year, we're feeling pretty good about our backlog growth and book-to-bill over the balance of the year.

因此，如果你考慮這兩種動態，我認為當你包括人物和地點時，這些都是短期動態。當你看到今年剩餘時間的前景時，我們對今年剩餘時間的積壓訂單增長和訂單出貨量感到非常滿意。

Very helpful. And then just People & Places margins, obviously very good performance. I know you've been sort of allocating corporate costs. Maybe how much did you end up allocating to the segment? And can you talk about whether you're actually in a better trajectory than you guided when you talked about it being better than the 14.6% that you did last year in People & Places?

很有幫助。然後是人員和地點利潤，顯然表現非常好。我知道你一直在分配公司成本。也許您最終為該細分市場分配了多少資金？您能談談您實際上是否處於比您去年在《人物與地點》中所取得的 14.6% 更好的指導軌跡上嗎？

Yes. So on the first part, that allocation hasn't changed since we talked about it last quarter, so that's remained consistent. And we're not going to change that philosophy. Really, this quarter, the mix that we saw specifically around water and life sciences, when we think about it, those are 2 segments, Andy, that are growing at double-digit rates. And from a pipeline standpoint, I mean, both are nearly -- the pipelines are doubling on a year-on-year basis. So that mix of higher-margin work that's coming in is really driving that growth.

是的。因此，在第一部分中，自從我們上個季度討論以來，分配就沒有改變，所以保持一致。我們不會改變這個理念。事實上，本季度我們特別看到了水和生命科學領域的混合，當我們思考時，安迪，這兩個領域正在以兩位數的速度成長。從管道的角度來看，我的意思是，管道數量幾乎都在逐年翻倍。因此，即將到來的高利潤工作組合確實推動了這種成長。

Kevin, welcome back even though that you really didn't leave.

凱文，歡迎回來，儘管你真的沒有離開。

Thanks, Andy.

謝謝，安迪。

Your next question comes from the line of Judah Aronovitz with UBS.

你的下一個問題來自瑞銀集團的 Judah Aronovitz。

Calling in for Steve Fisher. First question is, what has changed in the background in the second half that drove your guidance change?

打電話給史蒂夫費雪。第一個問題是，下半年背景發生了什麼變化，導致您的指導發生變化？

Can you say that again? I'm sorry.

你能再說一次嗎？對不起。

Sorry, I didn't follow the question.

抱歉，我沒有聽清楚問題。

Yes, sorry. I guess what's changed in the background that drove your guidance change? Like anything going on in the second half that is maybe different than your prior expectations?

是的，抱歉。我猜是什麼背景發生了變化，導致了您的指導方針發生了變化？就像下半年發生的任何事情可能與您之前的預期不同？

No. Look, I think at the end of the day, we feel as if we're being prudent in our guidance, and it still represents a 13% year-over-year kind of increase in EPS. So I think at the end, we're sitting here saying, that's a good ending result. We're being prudent in the establishment of that. And of course, it's offsetting some of the things that we know are already in our numbers, the inventory write-offs that we had in the first quarter. So I think it's quite actually a positive.

不，我認為歸根結底，我們感覺我們的指導是謹慎的，而且每股收益仍然同比增長了 13%。所以我想最後，我們坐在這裡說，這是一個很好的結局。我們在建立這一點時持謹慎態度。當然，它抵消了我們已知的一些數據，即我們在第一季的庫存沖銷。所以我認為這實際上是積極的。

Okay, that's helpful. And my second question is about project selectivity. How is that playing out in your business and what kind of projects are you saying no to, and how often are you saying no?

好的，這很有幫助。我的第二個問題是關於專案選擇性。這種情況在您的業務中表現如何？

Yes. Project selectivity is, we've always had that. And that has become kind of a primary focus for us as the opportunities have increased. Talk a little bit about water and life sciences. In our transportation business right now, our win rates have been the highest, you could say, they're highest in the market. And they've been the highest that we've experienced, and a lot of that comes from because it's subjective evaluation from what we put our effort and our money behind on trending.

是的。專案選擇性是，我們一直都有。隨著機會的增加，這已成為我們的主要關注點。談水和生命科學。現在我們的運輸業務，我們的勝率是最高的，可以說是市場上最高的。它們是我們經歷過的最高水平，其中許多來自於我們在趨勢上投入的努力和資金的主觀評價。

Probably the biggest component of that is around long-term client relationships. We're not out looking for work. We've been with our clients for decades. And if you think about 3,700 clients around the world and over the course of the last 20 years, that's a 2% client turnover. And so when we're with a client, we're there for the long term.

其中最大的組成部分可能是長期的客戶關係。我們不是出去找工作。我們已經與我們的客戶合作了數十年。如果考慮過去 20 年全球範圍內的 3,700 名客戶，這相當於 2% 的客戶流失率。因此，當我們與客戶合作時，我們會長期服務。

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 and Kevin, and welcome back as well. Bob, you mentioned in your prepared remarks life science and an expanded pipeline. And maybe generally in life science, semi data centers, some of the more facilities work. The conversion timing and level relative to those businesses, I certainly haven't -- the diversity helps. So maybe you can share a little bit about how that plays through and maybe through the second half, which might incorporate some of those projects you're talking about and still the momentum from the client work that you're seeing into 2025.

鮑伯和凱文，也歡迎回來。鮑勃，您在準備好的發言中提到了生命科學和擴展的管道。也許一般來說在生命科學、半資料中心，一些更多的設施可以工作。相對於這些業務的轉換時間和水平，我當然沒有——多樣性有所幫助。因此，也許您可以分享一些有關如何貫穿整個下半年的信息，其中可能會包含您正在談論的一些項目，以及您在 2025 年看到的客戶工作的動力。

Sure. So maybe I'll start with life sciences and then talk about semi, kind of the electronics world right now. I mentioned this before, Mike. Within our life sciences world, you've heard a lot about GLP-1 and everything that's going around the obesity drug. If you look at the 2 biggest ones that are in that space, our work that we do for them represents nearly over 50% of the capital that they put in place. So that work continues to be a big driver.

當然。所以也許我會從生命科學開始，然後談論半電子世界。我之前提到過這一點，麥克。在我們的生命科學領域，您已經聽說過很多關於 GLP-1 以及有關肥胖藥物的所有資訊。如果你看看該領域最大的兩家公司，我們為他們所做的工作幾乎佔他們投入資本的 50% 以上。因此，這項工作仍然是一個重要的推動力。

But what's also happening is 2 other dynamics. One is around oncology. There are quite a few advances that are happening around oncology. And so timing on those was maybe a little slower than we wanted over the course of the last few quarters. But going into the second half, those jobs are right in front of us and we're well positioned for those.

但同時發生的還有另外兩個動態。一是圍繞腫瘤學。腫瘤學方面正在取得相當多的進展。因此，在過去幾個季度中，這些時間安排可能比我們想要的要慢。但進入下半年，這些工作就擺在我們面前，我們已經做好了充分的準備。

The last dynamic around life sciences is just sheer capacity. Here, the CEOs of life sciences companies and biotech companies talk about capacity as the biggest choke point. The contract manufacturing world is on the rise as well. So we'll have some good news here in the second half, actually in Q3, around what's going on in that contract manufacturing space.

生命科學的最後一個動力就是純粹的能力。在這裡，生命科學公司和生物技術公司的執行長將產能視為最大的瓶頸。合約製造領域也在崛起。因此，我們將在下半年（實際上是第三季）收到一些關於合約製造領域的好消息。

Semiconductor, a lot of stuff in the news right now about the ubiquitous world of chip manufacturing and how AI is driving not just chip manufacturing but also data centers. We're seeing that. The CHIPS Act money has now been delivered to the market and some of the largest players have benefited from that. So we're seeing projects that we've already been involved with talk about phase 2 of those. And so we'll have more to say as those become public in the second half. But it's really the entirety of the ecosystem of the chip manufacturing and semiconductor world, starting from the R&D facilities through manufacturing. And now you'll hear a lot more about test and assembly and those test and assembly facilities coming to the U.S.

半導體，現在新聞中有很多關於無處不在的晶片製造世界的內容，以及人工智慧如何不僅推動晶片製造，而且推動資料中心。我們正在看到這一點。 《CHIPS 法案》的資金現已投入市場，一些最大的參與者已從中受益。因此，我們看到我們已經參與的專案正在談論其中的第二階段。因此，隨著這些內容在下半年公開，我們將有更多話要說。但這其實是晶片製造和半導體世界的整個生態系統，從研發設施到製造。現在您將聽到更多有關測試和組裝以及來到美國的測試和組裝設施的資訊。

So we're excited about what's going on. And then in data centers, the power usage of these are creating opportunities for us with regards to power and cooling, the water requirements on now what could be 1-gigawatt data centers. So really, really positive story there.

所以我們對正在發生的事情感到興奮。然後在資料中心，這些電力的使用為我們在電力和冷卻方面創造了機會，現在可能是 1 吉瓦資料中心的水需求。那裡的故事非常非常積極。

And my follow-up is maybe for either one on PA. How are you seeing the macro in the second half of the year? And certainly seems like internal opportunities are helping drive a bit more on the margin. And is there an opportunity to get some more maybe profit growth along with some net revenue growth into 2025 as you're looking at it today?

我的後續行動可能是針對 PA 上的任何一個。您對下半年宏觀情勢有何看法？當然，內部機會似乎有助於提高利潤。正如您今天所看到的那樣，到 2025 年，是否有機會獲得更多的利潤成長以及一些淨收入成長？

Yes. Maybe I'll make a couple of comments on the opportunities and on backlog and then Kevin can talk about the margins. What gets embedded in is the PA backlog was actually up 8% year-over-year. And so we're starting to see that momentum of those opportunities and those collaborative opportunities come through. So that's exciting news there. And a lot around the U.K. macro has been driving the business with at least hopefully some clarity that there'll be an election in the U.K. in the second half of the year. We're already starting to see the pipeline grow. And the sales performance in the last month of the quarter kind of drove the business. So the momentum is there, and then Kevin will talk about the margin.

是的。也許我會就機會和積壓問題發表一些評論，然後凱文可以談論利潤。其中包含的一點是 PA 積壓實際上同比增長了 8%。因此，我們開始看到這些機會和合作機會的動力正在顯現。這是令人興奮的消息。英國宏觀的許多因素一直在推動業務發展，至少希望人們能清楚知道英國將在今年下半年舉行大選。我們已經開始看到管道的成長。本季最後一個月的銷售業績推動了業務發展。所以勢頭就在那裡，然後凱文將談論利潤。

Yes. Look, I think the team has done a really good job, Mike, relative to right-sizing the organization, given some of the challenges in the overall consulting industry, which obviously is impacting PA to a certain extent. But they're very well positioned, especially in the U.K. market. And so we're feeling good about their ability to be delivering that 20%-plus margin in the back half of the year. And so longer term, I think that, that translates into numbers going on from there as well.

是的。麥克，我認為考慮到整個諮詢行業面臨的一些挑戰（這顯然在一定程度上影響了 PA），該團隊在調整組織規模方面做得非常好。但他們的定位非常有利，尤其是在英國市場。因此，我們對他們在今年下半年實現 20% 以上利潤率的能力感到滿意。因此，從長遠來看，我認為這也會轉化為接下來的數字。

And look, I think as we enter the end of the calendar year, we do have the dynamic of the U.K. election so we're going to have to watch that carefully to see what impacts there are. But what we have right now is pretty clear visibility on our Q3 and Q4 reported numbers in terms of the health of the PA business. Not substantial growth, but certainly, good, solid execution in the balance of the fiscal year for us.

看，我認為，當我們進入日曆年年底時，我們確實面臨英國大選的動態，因此我們必須仔細觀察，看看會產生什麼影響。但我們現在可以清楚地看到第三季和第四季報告的 PA 業務健康狀況數據。雖然不是大幅成長，但對我們來說，本財年的餘額肯定是良好、穩健的執行力。

Your next question comes from the line of Jamie Cook with Truist Securities.

您的下一個問題來自 Truist Securities 的 Jamie Cook。

A couple of questions. One on People & Places, the margins implied in the back half of the year, Kevin, I think, are down relative to where we were in the second quarter. I know you spoke to mix, but with backlog -- with gross margins and backlog being up, I'm just wondering what's going on there. Or is there just some level of conservatism in your margin guidance?

有幾個問題。在人員和地點方面，我認為凱文今年下半年的利潤率相對於第二季度的水平有所下降。我知道你談到了混合，但由於積壓——隨著毛利率和積壓的增加，我只是想知道那裡發生了什麼。或者你們的保證金指引是否存在某種程度的保守？

And then my second question, just on the large awards that you're expecting in the back half of the year. I'm assuming that you don't need any of these awards to make your guide for 2024. So I guess I'll start with those.

然後是我的第二個問題，關於您預計下半年會獲得的大獎項。我假設您不需要任何這些獎項來製作 2024 年指南。

Well, let me start on the first one. Look, I think 15.3% that we saw People & Places is a record, is at a high level. And consequently, I don't think we can assume that every quarter is going to be 15.3% just because of the factors associated with cost of mix and what actually hit us during a particular quarter. I will say that as we think about our margin profile, we're feeling better about it today than we felt last quarter. So I can characterize it from that perspective. It doesn't mean we're going to hit 15.3% in Q3 and Q4, but I think we're going to end the year at numbers that are going to be pretty darn attractive.

好吧，讓我從第一個開始。看，我認為我們看到人物與地點的 15.3% 是一個記錄，處於很高的水平。因此，我認為我們不能僅僅因為與混合成本相關的因素以及特定季度實際對我們造成的影響就假設每個季度都會是 15.3%。我想說的是，當我們考慮我們的利潤狀況時，我們今天的感覺比上個季度的感覺更好。所以我可以從這個角度來描述它。這並不意味著我們將在第三季和第四季達到 15.3%，但我認為我們將以非常有吸引力的數字結束今年。

And then on the awards, Jamie, those are -- when I say are they part of the guide or not part of the guide, our guide incorporates a probability weighting for the award. But we're feeling optimistic about not just the award, anticipated awards, but the pipeline. The pipeline is looking extremely robust in P&PS.

然後關於獎項，傑米，當我說它們是指南的一部分還是不屬於指南的一部分時，我們的指南包含了獎項的機率權重。但我們不僅對獎項、預期的獎項感到樂觀，而且對管道也感到樂觀。 P&PS 的管道看起來非常強勁。

Your next question comes from the line of Sangita Jain with KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Sangita Jain。

So I just wanted to ask about Saudi Arabia, and the Kingdom seems to be scaling back on parts of the NEOM project. So I just wanted to hear what you guys are hearing and what your exposure there might look like.

所以我只想問一下沙烏地阿拉伯的情況，該王國似乎正在縮減 NEOM 專案的部分規模。所以我只是想聽聽你們所聽到的話以及你們在那裡的曝光情況。

Sure. So maybe I'll just talk about broadly, Saudi, and then specifically on NEOM. Broadly, Saudi, the pipeline of work continues. And for us, it's a diverse pipeline. We don't index towards a specific type of offering. We've got value-added services that we provide to the entire life cycle of these programs. And if you look at the pipeline, the infrastructure component of it, the transportation, whether it be in aviation or in rail as well as the water opportunities that we've had have been pretty robust.

當然。所以也許我會廣泛地談論沙特，然後具體談論 NEOM。總的來說，沙烏地阿拉伯的工作仍在繼續。對我們來說，這是一條多元化的管道。我們不會針對特定類型的產品進行索引。我們為這些計劃的整個生命週期提供增值服務。如果你看看管道，它的基礎設施部分，運輸，無論是航空還是鐵路，以及我們所擁有的水機會都相當強勁。

So we just announced a major expansion of the new Riyadh Airport that's going on that's in full force as well as the water infrastructure that we're putting in place. Our exposure on NEOM, even with the pullback on NEOM as far as the 170 kilometers, the work that's going on right now has not -- ours has not abated and continues to go on schedule for not just the personnel that we're dedicating towards the job but the growth that we see in the job as well.

因此，我們剛剛宣布對新利雅德機場進行重大擴建，該機場正在全力擴建，我們正在建造供水基礎設施。我們在 NEOM 上的曝光，即使 NEOM 的距離縮短至 170 公里，我們現在正在進行的工作並沒有減弱，並且繼續按計劃進行，不僅僅是針對我們致力於服務的人員工作，以及我們在工作中看到的成長。

That's super helpful. And if I can ask, you gave us a rundown of a lot of your key end markets. Maybe just a little bit on the power and energy markets and what you may be seeing there here as well as in the U.K. on power, transmission, and renewables.

這非常有幫助。如果我可以問的話，您向我們提供了許多關鍵終端市場的概要。也許只是一些關於電力和能源市場的內容，以及您可能在這裡以及英國看到的有關電力、輸電和再生能源的內容。

Sure. So overall, solid. The work that we're seeing both in Southeast Asia, in Australia, New Zealand and in Europe, and Europe, clearly driven by the geopolitical kind of impact that it's had on energy transition, that continues. The interconnectors that we are, not just in the middle of in Europe, but the additional pursuits that we have in place kind of put some tailwinds there.

當然。所以整體來說，紮實。我們在東南亞、澳洲、紐西蘭和歐洲看到的工作，顯然是受到地緣政治對能源轉型影響的推動，而且仍在繼續。我們不僅是歐洲中部的互聯者，而且我們所採取的額外追求也為那裡帶來了一些順風。

I'd say in the U.S., it's been not just a market on its own but it's also been an enabling market. Our expertise around renewables and then taking that energy expertise and taking it to areas such as data centers and the EV ecosystem with regards to transportation, that's probably been a greater level of focus in the U.S. So kind of the diversity of our skill sets is really helping that energy and power group that we have. Again, it started off from a smaller base but it doubled in size just in a year.

我想說，在美國，它本身不只是一個市場，也是一個有利的市場。我們在再生能源方面的專業知識，然後將這些能源專業知識運用到資料中心和交通方面的電動車生態系統等領域，這可能在美國受到更大程度的關注。確實是幫助我們擁有的能源和電力集團。同樣，它的起步規模較小，但僅一年之內規模就擴大了一倍。

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 in your prepared remarks, you talked about the PFAS legislation that was just handed down. Just trying to get a sense for how to think about timing for potential awards in your backlog. Like what's the design cycle for that? And then can you also talk about how Jacobs is positioned to win there?

因此，在您準備好的發言中，您談到了剛剛頒布的 PFAS 立法。只是想了解如何考慮積壓中潛在獎項的時機。例如設計週期是怎麼樣的？然後你能談談雅各布斯如何在那裡獲勝嗎？

Yes. So Chad, you probably heard this before, kind of the $200 billion that spans over the course of the next 25 years, that is across multiple end markets. And so we can see a direct time line to that over a long period of time as regulations continue to become more and more part of the law. The way PFAS -- within the DoD, DoD agencies, specifically the Navy and the Air Force as well as the Corps of Engineers, that's showing up as individual pursuits, and it's kind of in that $75 million to $100 million of annual revenue for us as an offering.

是的。 Chad，您可能以前聽說過，未來 25 年將涉及 2000 億美元，涉及多個終端市場。因此，隨著法規不斷成為法律的一部分，我們可以在很長一段時間內看到一個直接的時間表。 PFAS 在國防部、國防部機構，特別是海軍、空軍以及工程兵團中，以個人追求的形式出現，這為我們帶來了 7500 萬至 1 億美元的年收入作為祭品。

What you don't see is probably the bigger piece of PFAS, which is in drinking water. And so the work that the PFAS remediation and PFAS consulting that we do within a water offering or within a -- whether it be water treatment or wastewater reclamation project, that continues to grow. So to look at this as an incremental is going to be a little cloudy, but to see it as a catalyst for scope growth on existing work is kind of how we're looking at it. And these are, like I said on the first question, these are clients that we've had for a long time and will continue to be a critical part of our offering.

您看不到的可能是飲用水中較大的 PFAS。因此，我們在供水或水處理或廢水回收專案中所做的 PFAS 修復和 PFAS 諮詢工作持續成長。因此，將其視為增量會有點模糊，但將其視為現有工作範圍成長的催化劑正是我們看待它的方式。正如我在第一個問題中所說，這些是我們長期以來的客戶，並將繼續成為我們產品的關鍵部分。

That's helpful. And then just over on the infrastructure side, specifically on transportation. Can you talk about like how your pipeline is evolving? Has it changed this quarter versus maybe a year ago? Any color on that would be helpful.

這很有幫助。然後是基礎設施方面，特別是交通方面。您能談談您的管道是如何演變的嗎？本季與一年前相比有變化嗎？任何顏色都會有幫助。

Sure. Pipeline growth is there, probably more indexed towards the U.S. in what's the IIJA focus that's come through and you've seen that in some of our awards. So I'd say the larger rail opportunities we talked about last quarter, we talked about this quarter, those continue. The highways work is continuing to grow. And then in Australia and in the Middle East as well, we're seeing continued growth in transport.

當然。管道增長是存在的，可能更多地針對美國，這是 IIJA 關注的重點，您已經在我們的一些獎項中看到了這一點。因此，我想說的是，我們上季度討論過的更大的鐵路機會，本季度我們也討論過，這些機會仍在繼續。高速公路工程正在持續發展。在澳洲和中東，我們看到交通持續成長。

I'd say that the areas that as there's more stability that comes within the U.K., that we could see the growth coming in would be in the U.K. And then what's differentiating us amongst our -- not just our competitive pool, but creating more value for our clients is how we're enabling that with our digital platforms. So the use of StreetLight Data not just in our own work but how that's kind of almost revolutionizing our offering to clients is something that we've got it firmly embedded in the U.S. But we're now starting to see use cases come about both in the U.K. as well as in the Middle East and soon to come in Australia.

我想說的是，隨著英國國內更加穩定，我們可以看到成長的領域將在英國。的客戶來說，我們如何透過我們的數位平台來實現這一點。因此，街燈資料的使用不僅在我們自己的工作中，而且這幾乎徹底改變了我們為客戶提供的產品，這是我們在美國牢牢紮根的東西。領域。

Your next question comes from the line of Justin Hauke with Baird.

你的下一個問題來自 Justin Hauke 和 Baird 的對話。

I just -- I wanted to clarify one thing on the guidance. The CMS outlook for the back half of the year, I think previously you guys were talking about kind of a mid-single-digit constant currency growth rate. It's a little bit below in the first half, but I think you were talking about some program losses that are going to pressure the second half. And so I just wanted to make sure that we understood kind of what that commentary meant and what your expectations are for the revenue growth in the back half of the year at CMS.

我只是想澄清指南中的一件事。今年下半年的 CMS 前景，我想你們之前談論的是中等個位數的恆定貨幣成長率。上半場略低一些，但我認為您正在談論一些會給下半場帶來壓力的計劃損失。因此，我只是想確保我們理解該評論的含義以及您對 CMS 下半年收入成長的期望。

Yes, Justin, we did have a loss, one that was somewhat sizable, which impacts, I would say, the short term and I would call short-term Q3, Q4. While we have a lot of short-cycle awards that are filling in the gap, fundamentally offsetting and mitigating the impacts of that, it probably puts us in the short run, to be more flattish as opposed to seeing the growth of single digits, mid-single digits. So I think that's the dynamic at least in Q3, Q4.

是的，賈斯汀，我們確實遭受了損失，損失相當大，我想說，這影響了短期，我稱之為短期第三季、第四季。雖然我們有很多短期獎勵來填補空白，從根本上抵消和減輕其影響，但從短期來看，這可能會讓我們更加持平，而不是看到個位數的增長，中期- 個位數。所以我認為至少在第三季、第四季是這樣的。

I would remind you that this is the business that is going to be transferred over. But I would tell you the team is doing an amazing job in filling in and positioning for as exiting 2024, putting itself back in a place to be seeing incremental growth in 2025.

我想提醒您的是，這是要轉讓的業務。但我想告訴你，該團隊在 2024 年結束時的填補和定位方面做得非常出色，使自己回到了 2025 年實現增量增長的位置。

And maybe just one thing to add. The operational efficiencies that the team has really delivered through, that double-digit bottom line growth for this quarter and we mentioned it last quarter as well, with operating margins that are now the highest that we've seen in the business is another real highlight for what we're doing within CMS.

也許只需要補充一件事。該團隊真正實現的營運效率，本季兩位數的底線成長，我們上個季度也提到過，營運利潤率目前是我們在該業務中看到的最高水平，這是另一個真正的亮點對於我們在CMS 所做的事情。

And that's a good point, Bob, because we shouldn't be seeing impacts on the margin profile, even though we're discussing this one item. But the team has done a really nice job on the margin front.

鮑勃，這是一個很好的觀點，因為即使我們正在討論這個項目，我們也不應該看到對利潤狀況的影響。但該團隊在利潤方面做得非常好。

Okay. And I guess my second one is just to ask on the corporate unallocated costs. The trending down to the $50 million, you're not expecting that line item to come down until post separation though, right? So this kind of $58 million that you've had the last 2 quarters, that's kind of the run rate for the balance of the year. And then with the spin, that's when you would expect like the step function change in the first quarter of '25? Is that still the right way to kind of think about it?

好的。我想我的第二個問題只是問公司未分配成本。趨勢下降到 5000 萬美元，但您預計該訂單項目在分離後不會下降，對嗎？因此，過去兩個季度的 5,800 萬美元就是今年剩餘時間的運行率。然後隨著旋轉，您會期望階躍函數在 25 年第一季發生變化嗎？這仍然是正確的思考方式嗎？

That's correct.

這是正確的。

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。

This is Sahej on for Bert. Seems like a lot of good questions have been asked, so I will ask about IIJA ramp. I think we've heard commentary more broadly from the industry and then even for you guys of an expectation of IIJA funding ramp to around '26 or 2027. Are you still seeing that trend? Are you seeing that trend faster than expected? Any color there would be helpful.

這是 Bert 的 Sahej。似乎已經問了很多好問題，所以我會問一下 IIJA Ramp 的問題。我認為我們已經從行業中聽到了更廣泛的評論，甚至您們也都預計 IIJA 資金將增加到 26 年或 2027 年左右。您看到這種趨勢的速度是否比預期更快？任何顏色都會有幫助。

No, it's kind of still trending to that. The trend on the new awards and how that money flows, '26, '27, I think we've mentioned last quarter that, that looks like it could be extended but that's not because it's slowing down right now, but it's because it started later than what was anticipated. But these awards that we've not just talked about today, but also what we've telegraphed for the second half of the year, those are really being catalyzed by IIJA.

不，目前的趨勢仍然是這樣。新獎項的趨勢以及資金的流動方式，'26，'27，我想我們上個季度已經提到過，看起來可以延長，但這並不是因為它現在正在放緩，而是因為它開始了比預期晚。但我們今天不僅討論了這些獎項，而且還電報了下半年的獎項，這些獎項確實是由 IIJA 催化的。

That's helpful. And then maybe a follow-up on the prior question related to unallocated expenses. You've given good visibility into the post spin. I think I look at it as I was quickly doing the math, you're trending at about 2% on a trailing 12-month sales. So maybe on a percentage basis trailing 12-month post spin, where are you looking to get? I think it's been elevated post your PA Consulting acquisition in '21?

這很有幫助。然後也許是先前與未分配費用相關的問題的後續行動。您對後旋轉有了很好的了解。我認為我在快速計算時看到了這一點，過去 12 個月的銷售額趨勢約為 2%。那麼，也許以 12 個月後旋轉的百分比為基礎，您希望得到什麼？我認為在 21 年收購 PA Consulting 後，這數字有所提升？

Well, look, I don't have the -- we're not targeting a percentage. We're targeting an absolute number which we've communicated. There's a lot of moving pieces in that which I just want to highlight. For example, we're conveying cost of the new organization. Part of our corporate infrastructure is going to be conveyed. There is going to be TSA revenue that we will receive from the transition period. So there's a lot of moving pieces, but I think it's safe to say that we're going to be targeting that number to be at that $50 million net number at the end of the day as we go into 2025. Got a lot of work to be able to execute against that.

好吧，聽著，我沒有——我們的目標不是百分比。我們的目標是我們已經傳達的絕對數量。其中有很多感人的內容，我只想強調一下。例如，我們正在傳達新組織的成本。我們公司的部分基礎設施將被轉移。我們將從過渡期獲得 TSA 收入。因此，有很多變化，但我認為可以肯定地說，當我們進入 2025 年時，我們將把這個數字的目標定為 5000 萬美元的淨值。

And look, the amount of effort that's being expended in this company right now relative to ensuring that we're creating a stand-alone entity that's going to be able to, day 1, look to accelerate its level of growth, given its effective focus on the government service side is not inconsequential. And I just want to reinforce that because it has impacts relative to the short-term ability for us to further reduce numbers. And at the end of the day, I can't tell you how pleased and proud I am actually of the teams, not only those that are actually dedicated to the separation and standup management office but the rest of the organization, which is getting pulled away from their day jobs to help support the separation. So we're feeling really good about it.

看看，這家公司目前正在付出多少努力，以確保我們正在創建一個獨立的實體，鑑於其有效的重點，該實體在第一天就能夠加快其增長水平在政府服務方面也並非無關緊要。我只是想強調這一點，因為它對我們進一步減少數量的短期能力有影響。歸根結底，我無法告訴你我對這些團隊有多高興和自豪，不僅是那些真正致力於分離和獨立管理辦公室的團隊，而且是組織的其他成員，這些團隊正在被拉動離開他們的日常工作來幫助支持分離。所以我們對此感覺非常好。

And then just last one for me is you mentioned the Riyadh Airport. I think I saw some news flow on Dubai potentially expanding their airport. Is that a project that you guys are actively interested in pursuing and/or are in conversations around? Any color there would be incrementally helpful as a tailwind into the Middle East region more specifically.

對我來說，最後一個就是你提到的利雅德機場。我想我看到了一些關於杜拜可能擴建機場的新聞。這是你們積極感興趣和/或正在討論的項目嗎？更具體地說，那裡的任何顏色都將逐漸成為進入中東地區的順風車。

Yes and yes. It's our presence in Dubai on multifaceted infrastructure work, water, transportation and within transportation, aviation is reaching -- we've been there for a decade, and that will continue to be a primary area of focus for us within the Middle East. And so the answer is yes.

是的，是的。我們在杜拜的多方面基礎設施建設、水利、交通以及交通、航空領域的存在已經達到了目標——我們已經在那裡工作了十年，這將繼續成為我們在中東的主要關注領域。所以答案是肯定的。

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

你的下一個問題來自高盛的傑瑞·雷維奇（Jerry Revich）。

Bob, I'm wondering if you could just talk about the data center opportunity for you, folks. What does the scope of CapEx looks like for data centers for you folks compared to semi-cap equipment and your market share? When we last spoke, the outlook for data center CapEx was, I don't know, probably 30% lower. So I'm wondering as you think about the outlook for advanced facilities, could growth actually accelerate if your content on data centers is remotely similar to what it is for the semi-cap equipment?

鮑勃，我想知道您是否可以談談數據中心對您來說的機會，夥計們。與半資本設備相比，你們資料中心的資本支出範圍如何？當我們上次交談時，我不知道資料中心資本支出的前景可能會降低 30%。因此，我想知道，當您考慮先進設施的前景時，如果您有關資料中心的內容與半電容設備的內容非常相似，那麼成長實際上是否會加速？

Yes. Jerry, if you look at data centers as a percentage of -- from a deployed capital perspective of a percentage of kind of call it the electronics universe, it is just -- this is not Jacobs. It just is a minority share of the billions that get put into chip manufacturing and then the entire life cycle of the chip delivery profile to the market. So that's kind of point one. But the rate of growth really driven by AI and the needs for these data centers is what's driving our business. So we see that growing.

是的。傑瑞，如果你把資料中心視為電子世界的一部分——從部署資本的角度來看，它只是——這不是雅各布斯。它只是投入晶片製造以及晶片交付到市場的整個生命週期的數十億美元中的一小部分。這就是第一點。但真正由人工智慧驅動的成長率和對這些資料中心的需求才是推動我們業務發展的動力。所以我們看到這種成長。

From a pure design perspective, these are not overall -- the facility itself is not the real complicated component. What's becoming more complicated are the power needs and the cooling needs, the water needs. So that's what our teams are really focused in on. You've seen probably some of the bigger power management companies, Eaton and Schneider and others talk about how it's driving their business that goes into the hardware that's going into data centers. But the consultancy piece, that power and water usage is going to be a bigger piece of how we kind of expand that value proposition there.

從純粹的設計角度來看，這些都不是整體——設施本身並不是真正複雜的組件。電力需求、冷卻需求和水需求變得更加複雜。這就是我們團隊真正關注的事情。您可能已經看到一些較大的電源管理公司，伊頓和施耐德以及其他公司談論它如何推動他們的業務進入資料中心的硬體。但諮詢方面，電力和水的使用將成為我們如何在那裡擴展價值主張的重要組成部分。

And in terms of within People & Places, really good top line growth and you mentioned there's some bookings coming up. Can you just calibrate us which of your end markets were the biggest drivers of growth in the quarter? And based on what's in backlog and bookings, which end markets do you expect to be above segment average growth over the next couple of quarters?

就人員與場所而言，收入成長非常好，您提到即將出現一些預訂。您能否向我們介紹一下您的哪些終端市場是本季成長的最大推手？根據積壓訂單和預訂量，您預計哪些終端市場在未來幾季的成長將高於細分市場平均？

Water and life sciences. Those 2 right now, even as far as rates, at the point in time, Q2, that represents probably over 50% of that P&PS growth. And then when we look at the pipeline moving forward, those are pipelines that are, as I mentioned before, doubling in size, and that's global. So areas that might have some geoeconomic challenges such as the U.K., if you look at the water bookings and the growth in water in those geographies, that's growing. And of course, that's been a driver both in the U.S. as well as in Australia and the Middle East, too. So life sciences, Europe and U.S. Water globally.

水和生命科學。目前，即使就第二季的利率而言，這兩個因素也可能佔 P&PS 成長的 50% 以上。然後，當我們看到未來的管道時，正如我之前提到的，這些管道的規模翻了一番，而且是全球性的。因此，在英國等可能面臨一些地緣經濟挑戰的地區，如果你看看這些地區的水預訂量和水量增長，你會發現水量正在增長。當然，這也是美國、澳洲和中東地區的推動力。因此，生命科學、歐洲和美國的全球水務。

Your next question comes from the line of Josh Sullivan with The Benchmark Company.

您的下一個問題來自 The Benchmark Company 的 Josh Sullivan。

Can you just comment maybe on labor availability, inflation retention on a geographic basis? Where is it still hot? Where is it getting a little better?

您能否就按地域劃分的勞動力可用性、通膨保持率發表評論？哪裡還熱？哪裡好一點了？

Yes, it's hot all over. And as far as wage inflation, we still -- it's there, but our ability to kind of look at value-added solutions for our clients and looking on how we can continue to deliver at a price point that drives the capital deployment from our clients, that has not really changed as we continue to innovate in that space.

是的，全身都很熱。就薪資通膨而言，我們仍然存在，但我們有能力為客戶尋找增值解決方案，並考慮如何繼續以推動客戶資本部署的價格點提供服務，隨著我們在該領域的不斷創新，這一點並沒有真正改變。

What's really helped us, Josh, has been our global delivery model. If we look at the engagements that we have, whether they'd be smaller consultancy engagements or larger programs, these jobs and these engagements with our clients have literally got people from all over our global delivery platforms. And so -- and we're going to continue with that because it's not necessarily the cost arbitrage that might be an outcome, but it's the talent arbitrage, and our talent is literally in every geography that we have today. So it has not really been a big issue for us.

喬什，真正對我們有幫助的是我們的全球交付模式。如果我們看看我們所擁有的業務，無論是較小的諮詢業務還是較大的項目，這些工作以及與客戶的業務實際上吸引了來自我們全球交付平台各地的人員。因此，我們將繼續這樣做，因為結果不一定是成本套利，而是人才套利，而我們的人才實際上遍布今天的每個地區。所以這對我們來說並不是一個大問題。

And then just on the short-cycle wins you mentioned in the comments there, where specifically were those? Any structural shift in focus or is that just opportunistic?

然後，就您在評論中提到的短週期勝利而言，這些勝利具體在哪裡？焦點是否發生了結構性轉變，還是這只是機會主義？

No. It's probably been focused around telecom, weapon sustainment, and then some scope growth that we see in our aerospace work as well.

不。

That concludes our question-and-answer session, and I will now turn the conference back over to Bob Pragada for closing remarks.

我們的問答環節到此結束，現在我將把會議轉回鮑勃·普拉加達 (Bob Pragada) 作閉幕詞。

Thank you, everyone, for joining our earnings call. We really look forward to providing further updates and visiting with all of you and investors and analysts in the months to come, and look forward to engaging firsthand. Thank you, everyone.

感謝大家參加我們的財報電話會議。我們真誠地期待在未來幾個月內提供進一步的最新消息，並拜訪你們所有人、投資者和分析師，並期待與你們進行直接接觸。謝謝大家。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。