雅各布工程 (J) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

My name is Krista, and I will be your conference operator today.

我叫克里斯塔，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to Jacobs Solutions fourth quarter and full year 2024 earnings conference call.

此時此刻，我謹歡迎大家參加 Jacobs Solutions 第四季和 2024 年全年財報電話會議。

(Operator Instructions)

（操作員說明）

And I would now like to turn the conference over to Bert Subin, Senior Vice President of Investor Relations.

現在我想將會議交給投資者關係高級副總裁伯特·蘇賓 (Bert Subin)。

Bert, you may begin.

伯特，你可以開始了。

Thank you, Krista, and good morning, everyone.

謝謝你，克里斯塔，大家早安。

Our earnings announcement was filed earlier this morning, and we have posted a slide presentation on our website, which we'll reference start this call.

我們的收益公告已於今天早上早些時候提交，並且我們已在我們的網站上發布了幻燈片演示文稿，我們將在本次電話會議開始時參考該幻燈片演示文稿。

Please note, our 10-K will be filed by no later than our due date of November 26.

請注意，我們的 10-K 將在截止日期 11 月 26 日之前提交。

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幻燈片 2，以了解有關我們的前瞻性陳述、非 GAAP 財務指標和營運指標的資訊。

Turning to the agenda on slide 3.

轉向幻燈片 3 上的議程。

Speaking on today's call will be Jacobs' Chair and CEO, Bob Pragada; and CFO, Venk Nathamuni.

Jacobs 董事長兼執行長 Bob Pragada 將在今天的電話會議上發言。財務長 Venk Nathamuni。

Bob will begin by providing an overview of recent activities and highlights from our fourth quarter and fiscal year results.

鮑伯將首先概述最近的活動以及我們第四季和財年業績的亮點。

Venk will then provide a detailed review of our financial performance, including commentary on end market trends, cash flows, balance sheet data and our FY25 outlook.

然後，Venk 將對我們的財務業績進行詳細審查，包括對終端市場趨勢、現金流量、資產負債表數據和我們 25 財年展望的評論。

Finally, Bob will provide closing remarks, and then we'll open up the call for questions.

最後，鮑伯將發表結束語，然後我們將開始提問。

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

接下來，我會將其交給我們的董事長兼執行長 Bob Pragada。

Thank you, Bert, and I'm delighted to welcome you to Jacobs at such an exciting time.

謝謝你，伯特，我很高興在如此激動人心的時刻歡迎您來到雅各布斯。

Good day, everyone, and thank you for joining us to discuss our fourth quarter and fiscal year 2024 business performance.

大家好，感謝您加入我們討論我們第四季和 2024 財年的業務表現。

Now moving to slide 4.

現在轉到投影片 4。

We reached a critical milestone on our strategic shift toward a simpler, higher value and higher-margin portfolio during the quarter as we closed the separation transaction involving our Critical Mission Solutions and Cyber Intelligence businesses on September 27, 2024, culminating with momentum successfully listing on the NYSE under the ticker AMTM.

我們於 2024 年 9 月 27 日完成了涉及關鍵任務解決方案和網路情報業務的分拆交易，最終在紐約證券交易所股票代碼為 AMTM 成功。

This strategic shift has been well received by the market, highlighting confidence in our focused direction and reinforcing our commitment to delivering sustained value and growth for our shareholders.

這一策略轉變受到了市場的好評，凸顯了我們對重點方向的信心，並加強了我們為股東提供持續價值和成長的承諾。

Upon closing the transaction, we received $911 million, which was concurrently used to repay existing debt.

交易完成後，我們收到了 9.11 億美元，同時用於償還現有債務。

Additionally, as a part of the transaction, we received a 7.5% equity ownership in Amentum, which could rise to 8%.

此外，作為交易的一部分，我們獲得了 Amentum 7.5% 的股權，這一比例可能上升至 8%。

At the same time, Jacob shareholders became 51% owners in shares of Amentum and their ownership stake could increase up to 55%.

同時，Jacob 股東成為 Amentum 51% 股份的所有者，其持股比例可能增加至 55%。

I want to take a moment to emphasize how important this transaction is for Jacobs.

我想花點時間強調這筆交易對雅各布斯來說有多重要。

As a more sharply focused company operating in robust end markets with strong secular growth tailwinds, we believe Jacobs is in an excellent position to create substantial shareholder value.

作為一家在強勁的終端市場中運作、擁有強大的長期成長動力、業務更加專注的公司，我們相信雅各布斯處於創造可觀股東價值的絕佳位置。

Our simplified structure, global delivery model and ongoing operating efficiencies positions us nicely to build on a strong end to FY24.

我們簡化的結構、全球交付模式和持續的營運效率使我們能夠很好地為 2024 財年的強勁業績奠定基礎。

This is a testament to the dedication and relentless efforts of our employees, whose hard work is paving the way forward for two exceptional companies.

這證明了我們員工的奉獻精神和不懈努力，他們的辛勤工作為兩家卓越的公司鋪平了道路。

I'd like to extend my deepest gratitude and congratulations to each of them for their role in this pivotal transformation.

我謹向他們每個人在這關鍵轉變中所扮演的角色表示最深切的感謝和祝賀。

Turning to slide 5.

轉到投影片 5。

We provide an overview of our financial performance for the fourth quarter and fiscal year 2024 with CMS and C&I under discontinued operations.

我們概述了 CMS 和 C&I 已終止營運的第四季度和 2024 財年的財務業績。

So please note the results we highlight are related only to continuing operations.

因此，請注意，我們強調的結果僅與持續經營相關。

Focusing in on the quarter.

專注於季度。

Total gross revenue increased 4% in Q4 with adjusted net revenue rising 4%.

第四季總營收成長 4%，調整後淨收入成長 4%。

GAAP EPS from continuing operations was $2.38 and includes a positive $120 impact from the mark-to-market of our investment in Amentum netted against the amortization of intangibles as well as a $0.19 impact from transaction restructuring and other related costs.

持續經營業務的 GAAP 每股收益為 2.38 美元，其中包括我們對 Amentum 的投資按市值計價扣除無形資產攤銷產生的 120 美元正面影響，以及交易重組和其他相關成本產生的 0.19 美元影響。

Excluding these items, fourth quarter adjusted EPS was $1.37, marking a 28% increase compared to the previous year.

排除這些項目，第四季度調整後每股收益為 1.37 美元，較上年增長 28%。

Adjusted EBITDA for Q4 came in at $289 million, which represented a 12% growth versus FY23.

第四季調整後 EBITDA 為 2.89 億美元，與 2023 財年相比成長 12%。

Overall, we are pleased to close out the year with such a positive performance.

總的來說，我們很高興以如此積極的表現結束這一年。

Looking at the full year.

縱觀全年。

Total gross revenue increased 6% with adjusted net revenue rising 5%.

總收入成長 6%，調整後淨收入成長 5%。

GAAP EPS from continuing operations was $4.79 and included a positive $0.50 impact related primarily to the net effect of amortization of acquired intangibles and the mark-to-market of our investment in Amentum and a negative impact of $1.07 from transaction, restructuring and other related costs, which again were materially driven by the separation transaction.

持續經營業務的GAAP 每股收益為4.79 美元，其中包括主要與收購的無形資產攤銷和我們對Amentum 投資按市值計價的淨影響相關的0.50 美元正面影響，以及來自交易、重組和其他相關成本的1.07 美元負面影響，這又是由分離交易實質推動的。

Excluding these items, adjusted EPS from continuing operations was $5.28, marking a 16% increase compared to the previous year.

排除這些項目，持續經營業務調整後每股收益為 5.28 美元，比上年增長 16%。

Adjusted EBITDA for FY24 was $1.06 billion, representing a 9% increase versus FY23.

2024 財年調整後 EBITDA 為 10.6 億美元，比 23 財年成長 9%。

Our trailing 12-month book-to-bill was 1.35 times as our consolidated backlog increased 23% year-on-year in Q4.

我們過去 12 個月的訂單出貨比為 1.35 倍，第四季我們的綜合積壓訂單年增 23%。

These are metrics will be watched closely, and we are encouraged by the trajectory we're delivering on with an extremely strong 1.67 times book-to-bill for the fourth quarter.

這些指標將受到密切關注，我們對第四季度訂單出貨比 1.67 倍的強勁表現感到鼓舞。

When we analyze our backlog, we are seeing this trend across gross revenue and backlog as well as gross profit in backlog, which is a good indicator as we think about our growth for FY25 and beyond.

當我們分析我們的積壓訂單時，我們看到了總收入和積壓訂單以及積壓訂單毛利的這種趨勢，當我們考慮 2025 財年及以後的成長時，這是一個很好的指標。

Turning to slide 6 and building on my backlog and book-to-bill commentary.

轉向投影片 6，以我的積壓工作和訂單到帳單評論為基礎。

I'm excited to report that during the quarter, we continued to deliver substantial wins across the business and across geographies, a testament to our market positioning, deep domain expertise and long-term trusted client relationships.

我很高興地向大家報告，在本季度，我們繼續在整個業務和跨地區取得了巨大的勝利，這證明了我們的市場定位、深厚的領域專業知識和長期值得信賴的客戶關係。

As we move forward as a simpler and more focused company, we will be providing commentary on revenue across three key end markets, water and environmental, life sciences and advanced manufacturing and critical infrastructure.

隨著我們成為一家更簡單、更專注的公司，我們將提供對三個關鍵終端市場（水和環境、生命科學以及先進製造和關鍵基礎設施）收入的評論。

These end markets roll up to infrastructure and advanced facilities, which is comprised of our historic P&PS business and the retained portion of divergent solutions.

這些終端市場涉及基礎設施和先進設施，其中包括我們歷史悠久的 P&PS 業務和不同解決方案的保留部分。

PA Consulting remains in its own segment and is unchanged.

PA Consulting 仍屬於其自己的部門並且沒有變化。

On slide 14 in the appendix we provide a graphic that depicts our new structure and end market focus.

在附錄的投影片 14 中，我們提供了一張圖表，描述了我們的新結構和終端市場重點。

Moving on to how our end markets are performing.

接下來看看我們的終端市場表現如何。

Water Environmental is demonstrating impressive growth.

水環境正在展現出令人矚目的成長。

Water conveyance, water infrastructure, wastewater, potable reuse and efficient asset management are just some of the key drivers of our client spend.

輸水、水利基礎設施、廢水、飲用水再利用和高效資產管理只是我們客戶支出的一些關鍵驅動因素。

And we have been successful in servicing demand across these categories with double-digit growth in Q4.

我們成功地滿足了這些類別的需求，並在第四季度實現了兩位數的成長。

Notably, during Q4, we delivered several key wins, including our appointment by Los Angeles sanitation environment to provide progressive design-build services for the Donald C Tillman advanced water equalization basins, a critical part of LA's long-term plans to increase recycled water production by 2035.

值得注意的是，在第四季度，我們取得了幾項關鍵成果，包括被洛杉磯衛生環境局任命為Donald C Tillman 先進水均衡盆地提供漸進式設計建造服務，這是洛杉磯增加再生水產量長期計劃的重要組成部分到 2035 年。

Significantly, this is one of the single largest bookings in the water and environmental end market in our company's history.

值得注意的是，這是我們公司歷史上水和環境終端市場最大的單筆訂單之一。

In life sciences and advanced manufacturing, we continue to see robust demand from life sciences clients boosted by GLP-1 investment, and we expect this trend to continue in FY25.

在生命科學和先進製造領域，我們繼續看到生命科學客戶在 GLP-1 投資的推動下出現強勁需求，我們預計這一趨勢將在 2025 財年持續下去。

In semiconductors, we are diversifying our customer base and expanding our global reach.

在半導體領域，我們正在實現客戶群多元化並擴大我們的全球影響力。

One example is our recent design win for a new test and assembly facility with CG Semi in India.

一個例子是我們最近贏得了印度 CG Semi 的新測試和組裝設施的設計。

The facility will manufacture advanced and legacy packages for industries such as automotive, consumer, industrial and 5G communications and facilitate our strategic positioning in India where electronics manufacturing spend is expected to grow meaningfully.

該工廠將為汽車、消費、工業和 5G 通訊等行業生產先進和傳統封裝，並促進我們在印度的戰略定位，印度的電子製造支出預計將大幅增長。

Global investment spending across life sciences, semis and data centers is creating a robust backdrop for Jacobs in FY25 and beyond.

生命科學、半成品和資料中心的全球投資支出正在為 Jacobs 在 2025 財年及以後創造強勁的背景。

Moving on to critical infrastructure.

轉向關鍵基礎設施。

During the quarter, we secured a technical project manager role with the Department of Energy Security and Net Zero in the UK.

在本季度，我們獲得了英國能源安全和淨零部的技術專案經理職位。

A great example of how we are leveraging our differentiated offering in energy security and transition that demonstrates the power of our partnership and greater collaboration with PA Consultant.

這是我們如何利用我們在能源安全和轉型方面的差異化產品的一個很好的例子，展示了我們與 PA Consultant 的夥伴關係和更廣泛合作的力量。

We will provide project management and advisory services, along with associated strategic support to the hydrogen and industrial carbon capture program that includes consulting, end-to-end innovation, design and analytics.

我們將提供專案管理和諮詢服務，以及對氫和工業碳捕獲計劃的相關策略支持，包括諮詢、端到端創新、設計和分析。

We're also seeing continued traction in the Middle East as Saudi Vision 2030 significantly increases the number of opportunities across critical infrastructure.

隨著沙烏地阿拉伯 2030 年願景顯著增加關鍵基礎設施的機會數量，我們也看到中東地區的持續吸引力。

Notably, during Q4, we announced a new award to lead advisory, design and engineering for the King Salman International Airport in Riyadh, Saudi Arabia.

值得注意的是，在第四季度，我們宣布了一項新的獎項，以領導沙烏地阿拉伯利雅德薩勒曼國王國際機場的諮詢、設計和工程。

Our outlook for near and long-term expansion in the region remains intact.

我們對該地區近期和長期擴張的前景保持不變。

And we are seeing signals of strong demand for infrastructure projects across the globe in the early days of FY25.

我們在 25 財年初期看到了全球基礎建設項目強勁需求的訊號。

In summary, we remain confident in our ability to grow the business and deliver superior execution to meet our clients' expectations.

總之，我們對發展業務和提供卓越執行力以滿足客戶期望的能力充滿信心。

We're excited for the future as a more focused company and look forward to presenting our strategic vision for growth over the coming years at our Investor Day in Miami on February 18.

作為一家更專注的公司，我們對未來感到興奮，並期待在 2 月 18 日於邁阿密舉行的投資者日上展示我們未來幾年的成長策略願景。

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

現在，我將把電話轉給 Venk，進一步詳細審查我們的財務表現。

Thank you, Bob, and good day, everyone.

謝謝你，鮑勃，大家好。

We are pleased with our Q4 performance, which contributed to a strong year.

我們對第四季度的表現感到滿意，這為我們強勁的一年做出了貢獻。

Let me now begin by summarizing a few of the financial highlights on slides 7 and 8.

現在讓我先總結投影片 7 和 8 中的一些財務亮點。

Starting on slide 7, we show quarterly results and I'll provide additional context and detail around our performance from continuing operations.

從幻燈片 7 開始，我們展示季度業績，我將提供有關持續營運業績的更多背景資訊和詳細資訊。

As Bob noted, CMS and C&I have been excluded from our results as those businesses are listed under discontinued operations.

正如鮑勃指出的那樣，CMS 和 C&I 已被排除在我們的結果之外，因為這些業務被列為已終止經營業務。

We provide a reconciliation on page 24 in the appendix that will allow you to compare results for the enterprise, including the businesses that were separated in the fourth quarter.

我們在附錄第 24 頁提供了一個調節表，讓您可以比較企業的結果，包括在第四季度分拆的企業。

Notably, I want to highlight that in total, we did outpace the $7.95 adjusted EPS midpoint for fiscal '24 that we guided to with Q3 results.

值得注意的是，我想強調的是，總的來說，我們確實超過了我們在第三季業績中指導的 24 財年調整後每股收益中點 7.95 美元。

However, from here forth, we will only be discussing continuing operations.

然而，從現在開始，我們將只討論持續經營。

Fourth quarter gross revenue grew 4% year-over-year and adjusted net revenue, which excludes the impact of pass-through revenue also grew 4%.

第四季總營收年增 4%，調整後淨收入（不包括轉嫁收入的影響）也成長了 4%。

Q4 adjusted EBITDA was $289 million, growing 12% year-over-year to an adjusted EBITDA margin of 13.6%, which is an increase of approximately 100 basis points from last year.

第四季調整後 EBITDA 為 2.89 億美元，年增 12%，調整後 EBITDA 利潤率為 13.6%，比去年增加約 100 個基點。

Fourth quarter adjusted EPS from continuing operations was $1.37, marking a 28% increase compared to the previous year.

第四季持續經營業務調整後每股收益為 1.37 美元，較上年增長 28%。

Please note that during the quarter, GAAP EPS benefited from a $187 million pretax gain associated with the mark-to-market adjustment of our investment in Amentum with no benefit to adjusted EPS.

請注意，本季度，GAAP 每股收益受益於我們對 Amentum 投資進行按市價調整相關的 1.87 億美元稅前收益，但調整後每股收益沒有受益。

Additionally, PA Consulting contributed $0.10 of EPS dilution to GAAP EPS from periodic fair value change impacts on our redeemable noncontrolling interest balances, and this impact was added back to adjusted EPS in Q4.

此外，由於定期公允價值變動對我們的可贖回非控制性利息餘額的影響，PA Consulting 對GAAP 每股收益稀釋了0.10 美元，這一影響已加回到第四季度的調整後每股收益中。

We provide a walk-through of our adjusted EPS calculation for continuing operations on slide 23.

我們在投影片 23 上提供了針對持續營運的調整後每股盈餘計算的演練。

Finally, consolidated backlog was up almost 23% year-over-year to $21.8 billion.

最後，綜合積壓訂單年增近 23%，達到 218 億美元。

The trailing 12 month revenue book-to-bill ratio was 1.35 times with our gross profit and backlog increasing 12% year-over-year.

過去 12 個月的營收訂單出貨比為 1.35 倍，毛利和積壓訂單年增 12%。

As Bob noted earlier, this is an encouraging data point as we look ahead to fiscal '25.

正如鮑伯之前指出的，當我們展望 25 財年時，這是一個令人鼓舞的數據點。

The Q4 book-to-bill of 1.67 times, though partly a function of higher pass-through revenue is still very positive and helped us end the year on a high note.

第四季的訂單出貨比為 1.67 倍，儘管部分是由於更高的轉嫁收入，但仍然非常積極，並幫助我們以高調結束了這一年。

Moving on to slide 8, I'll recap fiscal '24 results.

轉到投影片 8，我將回顧 24 財年的表現。

Fiscal '24 total gross revenue increased 6% year-over-year, with adjusted net revenue rising 5%.

2024 財年總營收年增 6%，調整後淨收入成長 5%。

Adjusted EBITDA increased 9% as a function of higher revenue and just over 40 basis points of margin expansion.

由於營收增加和利潤率擴張略高於 40 個基點，調整後 EBITDA 成長了 9%。

Adjusted EPS from continuing operations increased 16% year-on-year.

持續經營業務調整後每股盈餘較去年同期成長 16%。

We are pleased to end fiscal '24 in a strong position with solid organic revenue growth, double-digit EPS growth and a backlog that sets us up for continued growth in fiscal '25 and beyond.

我們很高興以穩健的有機收入增長、兩位數的每股收益增長和積壓的訂單在 24 財年結束時保持強勢地位，這為我們在 25 財年及以後的持續增長奠定了基礎。

Regarding the performance of our end markets in the quarter, let's now turn to slide 9.

關於本季終端市場的表現，我們現在轉向投影片 9。

As Bob noted earlier, we're reporting our business as infrastructure and advanced facilities and PA Consulting, and we will discuss revenue trends in our three key end markets.

正如鮑勃之前指出的，我們將我們的業務報告為基礎設施和先進設施以及 PA 諮詢，我們將討論我們三個關鍵終端市場的收入趨勢。

This should provide helpful context to supplement our overall results.

這應該提供有用的背景來補充我們的整體結果。

We focus on adjusted net revenue in our discussion as we believe this is a better indicator of business trends as it excludes pass-through revenues.

我們在討論中專注於調整後的淨收入，因為我們認為這是業務趨勢的更好指標，因為它不包括傳遞收入。

However, we do list gross revenue growth across each end market for your reference.

不過，我們確實列出了每個終端市場的總收入成長供您參考。

In Water & Environmental, growth was solid, with adjusted net revenue increasing 13% versus the same quarter last year.

水與環境業務成長穩健，調整後淨收入較去年同期成長 13%。

Water environmental demand has been strong, and we expect that to continue in fiscal '25 based on our current backlog and pipeline.

水環境需求一直很強勁，根據我們目前的積壓訂單和管道，我們預計這種需求將在 25 財年持續下去。

Encouragingly, demand is being driven by multiple geographies with North America, UK, Ireland, Australia and New Zealand, all growing double digits in the quarter.

令人鼓舞的是，北美、英國、愛爾蘭、澳洲和紐西蘭等多個地區推動了需求，本季均實現了兩位數成長。

Our life sciences and advanced manufacturing end market revenue grew 3% in Q4 with strength partially offset by an unfavorable revenue adjustment related to an EV battery manufacturer customer bankruptcy in Europe.

我們的生命科學和先進製造終端市場收入在第四季度增長了 3%，但由於歐洲一家電動車電池製造商客戶破產導致的不利收入調整，部分抵消了我們的成長勢頭。

Our outlook for this end market is for Life Sciences to be the primary driver of revenue growth in fiscal '25 as capital investment from our life sciences customers remains robust.

我們對該終端市場的展望是，生命科學將成為 25 財年收入成長的主要驅動力，因為我們生命科學客戶的資本投資仍然強勁。

We're also seeing our customer base broaden in semis and the AI data center opportunity is expanding.

我們也看到我們的半成品客戶群不斷擴大，人工智慧資料中心的機會也在擴大。

As we look into fiscal '25 and beyond, we anticipate top line growth in this end market not only from rising industry investment, but also differentiation through our cross-cutting water and energy capabilities.

當我們展望 25 財年及以後時，我們預期該終端市場的營收成長不僅來自產業投資的增加，還來自我們跨領域的水和能源能力的差異化。

In Critical Infrastructure, adjusted net revenue increased 1% with North America showing steady growth while certain international markets have lagged.

在關鍵基礎設施方面，調整後的淨收入成長了 1%，其中北美地區呈現穩定成長，而某些國際市場則表現落後。

We expect to see improvement across critical infrastructure in fiscal '25 with our backlog and pipeline underpinning a strong recovery as transportation project demand is rising.

隨著運輸項目需求的上升，我們預計 25 財年關鍵基礎設施將得到改善，我們的積壓訂單和管道將支撐強勁復甦。

Putting this all together, we have line of sight to maintaining strong revenue growth in Water and Environmental and increasing our growth rates in life sciences and advanced manufacturing as well as critical infrastructure end markets in the coming year relative to Q4.

綜上所述，我們的目標是在未來一年保持水和環境領域收入的強勁成長，並提高生命科學和先進製造以及關鍵基礎設施終端市場相對於第四季的成長率。

Now moving on to slide 10.

現在轉到投影片 10。

I will provide a quick overview of our segment financials.

我將快速概述我們部門的財務狀況。

We saw strong trends in Q4 for Infrastructure and Advanced Facilities operating profit, which increased 12% year-over-year in total and 12% on a constant currency basis.

我們看到第四季基礎設施和先進設施營運利潤呈現強勁趨勢，較去年同期成長 12%，以固定匯率計算成長 12%。

In fiscal '24, operating profit increased 9% year-over-year and 9% on a constant currency basis.

24 財年，營業利潤年增 9%，以固定匯率計算成長 9%。

Infrastructure and Advanced Facilities results were aided by both revenue growth and margin expansion.

基礎設施和先進設施的業績得益於收入成長和利潤率擴張。

Moving on to PA Consulting results reflect modest top line growth, but good execution on the bottom line.

接下來來看 PA Consulting 的業績，反映出營收成長溫和，但獲利執行良好。

Q4 operating profit increased 4% year-over-year and fiscal '24 operating profit increased 1%.

第四季營業利潤年增 4%，24 財年營業利潤成長 1%。

Growth was slightly negative on a constant currency basis.

以固定匯率計算，成長略為負值。

However, we are encouraged by recent bookings and anticipate that growth will trend higher in fiscal '25.

然而，我們對最近的預訂感到鼓舞，並預計 25 財年的成長將呈更高趨勢。

Moving on to slide 11, we provide an overview of cash generation and balance sheet data.

轉到投影片 11，我們概述了現金產生和資產負債表資料。

For fiscal '24, free cash flow from continuing operations was strong at $718 million and enabled us to repurchase $403 million in shares and pay $143 million in cash dividends.

24 財年，來自持續經營業務的自由現金流強勁，達到 7.18 億美元，使我們能夠回購 4.03 億美元的股票並支付 1.43 億美元的現金股息。

We also paid down debt and ended the year with roughly $1.1 billion in net debt, which represented a net leverage ratio of 1.0 times on LTM adjusted EBITDA.

我們還清了債務，年底淨債務約為 11 億美元，相當於 LTM 調整後 EBITDA 的淨槓桿率為 1.0 倍。

This is at the low end of our 1.0 times to 1.5 times target.

這是我們 1.0 倍至 1.5 倍目標的低端。

Our balance sheet strength will enable continued investment in the business as well as returns to shareholders through share repurchases and long-term dividend growth.

我們的資產負債表實力將使我們能夠持續投資業務，並透過股票回購和長期股息成長為股東帶來回報。

We currently have $472 million in remaining authorization under our repurchase program and recently declared a dividend of $0.29, a 12% increase year-over-year.

目前，我們的回購計畫剩餘授權為 4.72 億美元，最近宣布派發股息 0.29 美元，年增 12%。

And finally, please turn to slide 12 for our fiscal '25 outlook.

最後，請參閱投影片 12 以了解我們的 25 財年展望。

We expect adjusted net revenue to increase mid- to high single digits year-over-year, adjusted EBITDA margin to range from 13.8% to 14%, adjusted EPS to range from $5.80 to $6.20 and reported free cash flow conversion to be more than 100% -- we will have cash outflows related to restructuring of $75 million to $95 million in fiscal '25 with that impact declining through fiscal '25.

我們預計調整後淨收入將年增中高個位數，調整後EBITDA 利潤率將在13.8% 至14% 之間，調整後每股收益將在5.80 美元至6.20 美元之間，報告的自由現金流轉換將超過100 %——在 25 財年，我們將有 7,500 萬至 9,500 萬美元的與重組相關的現金流出，而這種影響在 25 財年會逐漸下降。

The midpoint of our guidance range for adjusted EPS would indicate about 14% growth year-over-year and the midpoint of our guidance range for adjusted EBITDA would indicate approximately 15% growth year-over-year, highlighting our strong outlook for business performance this year.

我們調整後每股收益指引範圍的中點將顯示同比增長約 14%，調整後 EBITDA 指導範圍的中點將表明同比增長約 15%，凸顯了我們對今年業務表現的強勁前景。

We provide relevant assumptions on the right side of the page to help you with your modeling.

我們在頁面右側提供了相關假設，以幫助您進行建模。

One item to be mindful of is our projected tax rate of approximately 26%.

需要注意的一項是我們預期的稅率約為 26%。

Our fiscal '25 tax rate is expected to be several points higher than in fiscal '24 and fiscal '23 and is a function of multiple discrete tax benefits in those historical periods that are not expected to recur.

我們的 25 財年稅率預計將比 24 財年和 23 財年高幾個百分點，並且是那些預計不會重複出現的歷史時期的多個離散稅收優惠的函數。

Despite the higher tax rate, we still anticipate strong adjusted EPS growth in fiscal '25.

儘管稅率較高，我們仍預期 25 財年調整後每股盈餘將強勁成長。

I'd note from a trend perspective, we expect to start fiscal '25 with Q1 revenue, adjusted EBITDA margin and earnings below Q4 of fiscal '24, reflecting typical seasonality.

我想從趨勢的角度來看，我們預計 25 財年第一季的營收、調整後的 EBITDA 利潤率和收益將低於 24 財年第四季度，這反映了典型的季節性。

However, as we progress through fiscal '25, we expect to see sequential growth in our financial results through Q4.

然而，隨著我們 25 財年的進展，我們預計第四季度的財務表現將持續成長。

Overall, we're excited about the future of Jacobs and are entering fiscal '25 in a strong position financially with positive underlying momentum in the business.

總體而言，我們對 Jacobs 的未來感到興奮，並且在進入 25 財年時，財務狀況良好，業務具有積極的潛在動力。

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

這樣，我會將電話轉回給鮑伯。

Thank you, Venk.

謝謝你，文克。

In closing, as a more focused enterprise, we are exceptionally well positioned to capitalize on the momentum in the water and environmental, life sciences and advanced manufacturing and critical infrastructure end markets, and we remain confident in our ability to grow market share and to build the needs of our clients across our business over time.

最後，作為一家更專注的企業，我們處於非常有利的地位，可以利用水和環境、生命科學以及先進製造和關鍵基礎設施終端市場的勢頭，並且我們對擴大市場份額和建立隨著時間的推移，我們業務中客戶的需求。

Operator, we will now open the call for questions.

接線員，我們現在開始提問。

Thank you.

謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Michael Dudas, Vertical Research.

邁克爾·杜達斯，垂直研究。

Congrats on a very active and successful spin and recap.

恭喜這次非常活躍和成功的旋轉和回顧。

Thank you, Mike.

謝謝你，麥克。

Thank you, Mike.

謝謝你，麥克。

So impressive stand-alone backlog growth and heading into 2025.

進入 2025 年，獨立積壓訂單成長令人印象深刻。

Maybe you can talk about the pipeline you see maybe amongst the three major end markets growth in pipeline year-over-year?

也許您可以談談您在三大終端市場中看到的同比增長的管道？

And how much of your 2025 net revenues and EBITDA do you currently have kind of in backlog or insight and what's required to achieve your midpoint year targets?

您目前有多少 2025 年淨收入和 EBITDA 處於積壓狀態或洞察力，以及實現年中目標需要什麼？

.

。

Sure.

當然。

So Michael, on the first question, pipeline growth has been really strong.

邁克爾，關於第一個問題，管道成長非常強勁。

If you look at the kind of the big verticals, water and environmental up double digits on a pipeline basis.

如果你看看大型垂直產業的類型，水和環境在管道的基礎上成長了兩位數。

Advanced facilities really driven by Life Sciences.

真正由生命科學驅動的先進設施。

We're seeing double-digit growth in that pipeline.

我們看到該管道的兩位數成長。

And in critical infrastructure, which is really driven by transportation, we're seeing a nice comeback on the pipeline, specifically in our European to include the UK and Australia and New Zealand end markets.

在真正由交通驅動的關鍵基礎設施方面，我們看到管道的良好復甦，特別是在歐洲，包括英國、澳洲和紐西蘭終端市場。

Middle East continues to grow too.

中東地區也持續成長。

So if you kind of aggregate those the pipeline looks really strong.

因此，如果你將這些匯總起來，管道看起來非常強大。

On the second, I don't want to go too far on the actual number.

關於第二點，我不想在實際數字上走得太遠。

But I'd say, historically, we would see a certain percentage of our next fiscal year revenue in backlog.

但我想說，從歷史上看，我們下一財年的收入會有一定比例的積壓。

That percentage is a higher percentage this year.

今年這個比例更高。

Now on a 1.7 times book-to-bill.

現在訂單出貨比是 1.7 倍。

That's not all in one year.

這還不是一年內的全部。

That's a multiyear booking.

這是一個多年預訂。

But -- the kind of contracted component for FY25 is a very strong number.

但是，25 財年的合約組件數量非常強勁。

That's helpful.

這很有幫助。

My follow-up is, Bob, maybe you can share views from your client base and how Jacob is positioning relative to the election and some of the machinations we're hearing out of the federal government, how that could translate to your (inaudible) business in the US.

我的後續行動是，鮑勃，也許你可以分享你的客戶群的觀點，雅各布對選舉的定位，以及我們從聯邦政府聽到的一些陰謀，這如何轉化為你的（聽不清楚）在美國開展業務。

Sure.

當然。

So maybe two parts to that question.

所以這個問題可能有兩個部分。

We kind of see it overall as a net neutral.

我們總體上認為它是一個網路中立的。

If you look at those end markets that we're now as the new Jacobs honed in on, these are jobs that were either tied to some level of state and local element, which are continuing, kind of think water and environmental.

如果你看看我們現在作為新雅各布斯磨練的那些終端市場，這些工作要么與某種程度的州和地方因素相關，這些因素仍在繼續，有點像水和環境。

And the transportation jobs that we're in the middle of at a national level in the US have got long tails on them, and we still see the pipeline really strong.

我們在美國國家層級從事的交通運輸工作有長尾效應，而且我們仍然看到管道非常強大。

So infrastructure-wise, we're feeling it's a net neutral.

因此，就基礎設施而言，我們認為它是網路中立的。

Just as a note, lately been seeing some softness within the federal market.

需要注意的是，最近聯邦市場出現了一些疲軟。

In now our portfolio, about 10% of our business is in that federal market.

現在，在我們的投資組合中，大約 10% 的業務位於聯邦市場。

However, it's -- of that 10%, a majority of that is in DoD and DoD infrastructure, specifically which we see that pipeline continuing on.

然而，這 10% 中的大部分是在國防部和國防部基礎設施中，特別是我們看到該管道仍在繼續。

Advanced Facilities continued strong, that industrial reshoring, onshoring as well as what's happening in the world of science and technology specifically in the US, we're feeling confident about it.

先進設施持續強勁，工業回流、在岸以及科技界特別是美國正在發生的事情，我們對此充滿信心。

Steven Fisher, UBS.

史蒂文費雪，瑞銀。

I'll add my congratulations on the completion of the deals.

我將對交易的完成表示祝賀。

And thanks for all the color on the growth rates within the segment.

感謝該細分市場成長率的所有色彩。

It's a pretty wide range of growth rates between water versus the life sciences versus the critical infrastructure, 1,000 basis points or more.

水、生命科學和關鍵基礎設施之間的成長率相差很大，有 1,000 個基點或更多。

It seems like -- and I know you said you expect the slower ones to accelerate.

看起來——我知道你說過你希望較慢的加速。

Can you just maybe frame for us kind of how big a gap you're expecting or how much you can close that gap between them?

您能否為我們描述一下您期望的差距有多大，或者您可以在多大程度上縮小它們之間的差距？

I'm just curious was there that big a gap or a drag from that EV cancellation in the quarter?

我只是好奇本季取消電動車是否有那麼大的差距或拖累？

And was there any sort of weather impact as one of your peers cited.

正如您的一位同行所說，是否有任何天氣影響？

Yes.

是的。

So let me answer the last part, Steve, first, and just kind of breaking down those three main areas.

因此，史蒂夫，讓我先回答最後一部分，並簡單地分解這三個主要領域。

And your next question -- your first question, -- it was a gap that EV cancellation.

你的下一個問題——你的第一個問題——就是電動車取消的差距。

So on the AF or the advanced facilities component, we do see closing that gap, it would have been closed already, but the future looks very bright there and represented by our backlog.

因此，在 AF 或先進設施部分，我們確實看到了縮小這一差距，它本來就已經縮小了，但未來看起來非常光明，並以我們的積壓工作為代表。

Wire environmental, we see continued growth.

電線環保，我們看到持續成長。

And on transportation, specifically critical infrastructure, what we're seeing in our pipeline as well as Q1.

在交通運輸方面，特別是關鍵基礎設施方面，我們在管道和第一季中看到的情況。

So to be reported wins in transportation, specifically outside the US is really that gap was outside the US.

因此，據報道，運輸方面的勝利，特別是在美國以外的地區，差距實際上是在美國以外的地區。

That's already -- we've already seen that in real time. certainty in the budget in the UK is giving us confidence there as well as some really strong wins that we've had in Australia and New Zealand coming out.

我們已經實時看到了這一點。英國預算的確定性給了我們信心，同時我們在澳洲和紐西蘭也取得了一些非常強勁的勝利。

So -- we don't really see that gap being a big one.

所以——我們並不認為這種差距很大。

Okay.

好的。

That's helpful.

這很有幫助。

And then just a follow-up.

然後只是後續行動。

How should we think about the progress now on some of the corporate costs that you have embedded in the segment reporting in '25 versus '24.

我們現在應該如何考慮您在 25 年與 24 年的分部報告中嵌入的一些企業成本的進展。

And relative to the restructuring costs, it sounds like that will kind of continue on through the year.

相對於重組成本，聽起來這種情況將持續一整年。

Do you think fourth quarter will still have some of that in there or will be done by the time fourth quarter starts.

您認為第四季還會有一些內容還是會在第四季開始時完成。

Yes.

是的。

Thank you, Steve.

謝謝你，史蒂夫。

So a couple of questions.

有幾個問題。

So one on the overall cost structure.

那麼關於整體成本結構的問題。

As you can tell, we made a pretty significant progress in fiscal '24 in terms of our operating margin and EBITDA margin expansion.

如您所知，我們在 24 財年在營業利潤率和 EBITDA 利潤率擴張方面取得了相當大的進展。

And I would say there's still room there in terms of improving the margins over time.

我想說，隨著時間的推移，利潤率仍有提高的空間。

And that's why we guided to a 100 basis points increase year-on-year for fiscal '25.

這就是為什麼我們指導 25 財年年增 100 個基點。

And if you look at the various parts of it, clearly, from the standpoint of operational efficiency, we still have room there.

如果你看看它的各個部分，很明顯，從營運效率的角度來看，我們仍然有空間。

We've had a -- we'll have a full year of what you call annualization of operating efficiencies because lot of it happened towards the second half of fiscal '24.

我們已經經歷了一整年的營運效率年化，因為其中許多發生在 24 財年下半年。

You'll see a lot of that manifest in this entirety in fiscal '25.

你會在 25 財年看到很多這樣的情況。

And then overall cost control is something that we are focused on.

然後總體成本控制是我們關注的重點。

And last but not least, we are continuing to improve our mix of our business as well as how we implement these projects from a global connectivity standpoint.

最後但並非最不重要的一點是，我們正在繼續改進我們的業務組合，以及我們如何從全球連接的角度實施這些專案。

So multiple facets to this margin story over time.

隨著時間的推移，這個邊緣故事有多個面向。

And then your second question about restructuring.

然後是關於重組的第二個問題。

So as you pointed out, we did have restructuring in fiscal '24.

正如您所指出的，我們確實在 24 財年進行了重組。

Clearly, as you know, we have a commitment to Amentum to continue to do transition services that will last maybe another two, three quarters.

顯然，如您所知，我們承諾 Amentum 將繼續提供過渡服務，該服務可能會持續另外兩到三個季度。

So we should see a pretty dramatic decline in our restructuring going from fiscal '24 to fiscal '25, and we quantified it in the range of $75 million to $95 million.

因此，從 24 財年到 25 財年，我們的重組應該會出現相當大的下降，我們將其量化在 7,500 萬美元到 9,500 萬美元之間。

Obviously, we'll try to do our best to make sure that, that marks the end of our restructuring in a meaningful way.

顯然，我們將盡力確保這以有意義的方式標誌著我們重組的結束。

Yes.

是的。

And then the other part of the restructuring is obviously having some ownership of liability with the PA Consulting business as well.

重組的另一部分顯然是對 PA 諮詢業務也擁有一定的責任所有權。

Andrew Wittmann, Baird.

安德魯·惠特曼，貝爾德。

Great.

偉大的。

I guess I wanted to build on an earlier question again and just kind of talk about the backlog as it relates to the outlook.

我想我想再次以之前的問題為基礎，談談與前景相關的積壓工作。

I mean, your backlog is up 22.5% year-over-year, which is great.

我的意思是，你們的積壓訂單年增了 22.5%，這非常棒。

But your revenue guidance is up mid- to high single digits.

但你們的收入指導是中高個位數。

That seems like a really wide gap.

這看起來確實是一個很大的差距。

And so I heard some of the comments about some longer projects.

所以我聽到了一些關於一些較長項目的評論。

But is there stuff in the backlog that's not moving is some of the backlog, these bigger chunkier bookings like you're doing for maybe advanced technology and life sciences were doing construction management scope.

但是，積壓中是否有一些東西沒有移動，是一些積壓，這些更大的、更厚重的預訂，就像你為先進技術和生命科學所做的那樣，正在做施工管理範圍。

Is that kind of -- does that flow through as lower margin?

這是否會導致利潤率降低？

There's a lot going on there, but I think the discrepancy between the backlog growth and the revenue guidance is worth digging into a little bit deeper.

那裡發生了很多事情，但我認為積壓成長和收入指導之間的差異值得更深入地研究。

So if you could comment on that, I think, would be helpful.

因此，如果您能對此發表評論，我認為將會有所幫助。

Thanks, Andy.

謝謝，安迪。

So a couple of things.

有幾件事。

Yes, it is the most significant book-to-bill that we've had probably in the history of the company and really proud of that.

是的，這可能是我們公司歷史上最重要的訂單出貨量，我們對此感到非常自豪。

The life sciences and the water bookings that we've had are large and they're multiyear.

我們的生命科學和水預訂量很大，而且是多年期的。

And so they're not any -- they're not degradating to margins.

所以它們不是什麼——它們不會退化到邊緣。

These are at and in certain cases, above our kind of corporate margins that we've demonstrated here in the last few quarters.

在某些情況下，這些利潤率高於我們在過去幾季所展示的公司利潤率。

So it's the multiyear component of that, that is driving the revenue guidance and we also gave room on the mid- to high single digits to kind of compensate for the bell shaped curve on a project life cycle, too.

因此，正是其中的多年組成部分推動了收入指引，我們也留出了中高個位數的空間，以補償專案生命週期中的鐘形曲線。

So we're feeling really good.

所以我們感覺非常好。

These are some of the largest bookings that we've had, and I think I mentioned in the script in the history of the company, which kind of goes to the testament of our market positioning right now.

這些是我們所擁有的一些最大的預訂，我想我在公司歷史上的劇本中提到過，這證明了我們現在的市場定位。

Got it.

知道了。

It's kind of a question I want to ask also, I mean, the restructuring, obviously, this was kind of expected.

這也是我想問的問題，我的意思是，重組，顯然，這是預料之中的。

You've got -- you've got the Amentum transition services and all the first year things that go with the spin-off.

你已經得到了 Amentum 過渡服務以及與分拆相關的所有第一年的東西。

But Bob, as you look at '26, do you feel like '26 is the year that we get pretty clean results.

但鮑勃，當你看看 26 年時，你是否覺得 26 年是我們相當乾淨結果的一年。

It sounds like even at the end of this year, it's pretty clean.

聽起來即使在今年年底，它也很乾淨。

But I thought maybe I'd have you comment on kind of -- I think it's a part of the question.

但我想也許我應該讓你評論一下——我認為這是問題的一部分。

It's a very important question, and thanks for asking it.

這是一個非常重要的問題，感謝您提出這個問題。

I'd say second half, you're going to see a significant decay.

我想說的是，下半年，你會看到明顯的衰退。

In '26, short answer yes.

在 26 年，簡短的回答是肯定的。

Yes, being

是的，正在

-- .

——。

Sabahat Khan, RBC Capital Markets.

Sabahat Khan，加拿大皇家銀行資本市場。

Okay.

好的。

Great.

偉大的。

Just Bob, to your earlier comment around some of the buffer that you've built into the 5% or sort of call the mid- to high single-digit organic growth rate to allow for some of these longer life projects.

鮑勃，您之前對您在 5% 或所謂的中高個位數有機增長率中建立的一些緩衝的評論，以允許其中一些壽命較長的項目。

This seems to be in line with the guidance you provided pre-election.

這似乎符合您在選舉前提供的指導。

I guess, would you say that range also build in some buffer for maybe administration change or just kind of seeing how things evolve in early part of the year.

我想，你會說這個範圍也為可能的政府變化建立了一些緩衝，或者只是為了看看今年早些時候事情如何發展。

Just trying to understand how you're thinking about the low end versus the high end given some of the moving pieces, particularly on the US side.

只是想了解您如何看待低端與高端，考慮到一些不斷變化的因素，特別是在美國方面。

Yes.

是的。

Saba, my answer was really was based on our clients' activity.

薩巴，我的回答其實是基於我們客戶的活動。

And going back to any type of potential delays that happen as a result of the election those would -- we don't feel like those would pertain to these jobs that are going forward at the state and local level supporting some pretty large events that are happening in Los Angeles and other venues around the world, specifically on the water and transportation side.

回到由於選舉而發生的任何類型的潛在延誤，我們認為這些工作與州和地方層面正在推進的支持一些相當大的活動的工作無關，這些工作發生在洛杉磯和世界各地的其他場所，特別是在水和交通方面。

And then on the advanced facility side, these are commitments that our clients have made to the end market on some pretty critical therapies that the world needs.

然後在先進設施方面，這些是我們的客戶對終端市場的承諾，涉及世界需要的一些相當關鍵的療法。

So these are tied to global trends that are probably a little segregated from what might happen with regards to churn in the Beltway.

因此，這些與全球趨勢有關，可能與環城公路的流失可能發生的情況有些不同。

So those are two separate.

所以它們是兩個獨立的。

And Saba, if I could add.

還有薩巴島，如果可以補充的話。

The range that we provided from our guidance perspective, we try to guide for what we think is the most likely outcome.

我們從指導的角度提供的範圍，我們試圖指導我們認為最有可能的結果。

And obviously, as Bob alluded to, it depends on the profile of the customer burn and so forth.

顯然，正如鮑勃所提到的，這取決於客戶消耗情況等。

And so that's what's imputed in our guidance, and that's why we provided the range in the mid- to high single digits for revenue growth.

這就是我們的指導中所估算的內容，這就是為什麼我們提供中高個位數的收入成長範圍。

All right.

好的。

Good.

好的。

That's helpful.

這很有幫助。

And then maybe just on the market outside of the US as we look at maybe the UK, the Middle East.

然後可能只是在美國以外的市場，像是英國、中東。

It looks like some changing priority in the Middle East, but it sounds like from your commentary, that's going well.

看起來中東的優先事項發生了一些變化，但從你的評論來看，進展順利。

Can you maybe just talk about kind of the -- kind of your focus on those regions, what drives you kind of to continue to be exposed there?

您能否談談您對這些地區的關注，是什麼驅使您繼續在那裡曝光？

It looks like there's a lot of dollars there, particularly in Middle East, but a bit of an evolution in how they're going about their development for the next few years?

看起來那裡有很多美元，特別是在中東，但未來幾年他們的發展方式會發生一些變化嗎？

And also if you can just comment on post the recent election in the UK, how you see the spending priorities reflected in the recent infrastructure or so the recent budget and how they align with what you're doing in that market?

另外，如果您可以對英國最近的選舉發表評論，您如何看待最近的基礎設施或最近的預算中反映的支出優先事項，以及它們如何與您在該市場所做的事情保持一致？

I just want to get a bit more perspective on those two larger regions for you outside of the US.

我只是想為您提供美國以外這兩個較大地區的更多視角。

Sure, sure.

當然，當然。

So let me kind of break down the question here.

讓我在這裡分解一下這個問題。

On the two geographies, and actually, this comment is going to apply to every single one of our geographies.

在這兩個地區，實際上，這一評論將適用於我們的每個地區。

We are in the locales that we're in to service those local clients.

我們在當地為當地客戶提供服務。

And so just on that element with regard to the UK and the Middle East, those are strong markets.

因此，就英國和中東而言，這些都是強勁的市場。

And yes, there's -- there are economic ebbs and flows in those markets.

是的，這些市場中存在著經濟衰退和流動。

But our client base, especially now with our kind of our focused portfolio, these are long-term kind of trends.

但我們的客戶群，尤其是現在我們專注的投資組合，這些都是長期趨勢。

So any kind of near-term oscillations, if you look at it on the long term, they're solid.

因此，任何類型的近期振盪，如果你從長期角度來看，它們都是穩固的。

And in the UK, in the Middle East, we're seeing some nice tailwinds that they're coming about might not be as strong as 10 years ago or before.

在英國、中東，我們看到了一些不錯的順風車，但它們帶來的順風車可能不像十年前或更早那麼強勁。

But compared to recent times, we're seeing some of that come through.

但與最近相比，我們看到其中一些已經實現。

.

。

How do we gauge that?

我們如何衡量這一點？

We gave that through our pipeline, and we're seeing our pipeline grow.

我們透過我們的管道提供了這一點，並且我們看到我們的管道正在成長。

And so those kind of on that.

諸如此類。

Water in the UK never slowed down.

英國的水流從未放緩。

So really, the upside that we're talking about is more honed in on transportation as well as some of our advanced facilities world.

所以實際上，我們談論的好處更多是體現在交通以及我們的一些先進設施領域。

But the key is that us staying in those geographies is really more about our talent and that talent ends up addressing both the local market, but also there's some really key talent that we have in UK, Europe, India, Australia and New Zealand that are being deployed around the world.

但關鍵是，我們留在這些地區實際上更多的是我們的人才，這些人才最終會解決當地市場的問題，而且我們在英國、歐洲、印度、澳大利亞和新西蘭也有一些真正關鍵的人才，正在世界各地部署。

So that talent piece is really key in how we think about our global model.

因此，人才是我們如何思考我們的全球模式的關鍵。

On the elections, we -- again, we don't think that is going to affect what we're talking about as far as the strength in the end market.

關於選舉，我們再次認為這不會影響我們正在談論的最終市場的實力。

And so we stand behind the numbers that we put up.

因此，我們支持我們提供的數字。

Andy Kaplowitz, Citi.

安迪‧卡普洛維茨，花旗銀行。

This is Natalia (inaudible) on behalf of Andy Kaplowitz.

我是安迪·卡普洛維茨的代表納塔莉亞（聽不清楚）。

First question that I'd like to ask, in PA Consulting, exit margins reflect continued improvement.

我想問的第一個問題是，在 PA Consulting，退出利潤率反映了持續的改善。

As we think about fiscal year '25, do you expect that trend to continue?

當我們考慮 25 財年時，您預期這種趨勢會持續下去嗎？

And then can you provide more color on your visibility towards revenue growth expectations for the segment?

然後您能否提供更多關於該細分市場收入成長預期的可見性？

You have relatively easier comps and backlog seems to be picking up?

你們的比較相對容易，而且積壓的工作似乎正在增加？

Any detail would be helpful.

任何細節都會有幫助。

Sure.

當然。

Why don't I answer the first one, and then Venk will address kind of the confidence in revenue growth coming into the year.

我為什麼不回答第一個問題，然後 Venk 將討論對今年營收成長的信心。

As far as the margins go, we continue to see during -- even during the run-up to the election in the UK as well as other areas that PA has a presence the margins have stayed true, and the team has done a really good job at continuing to focus in on higher value as well as strength of the offering that they have for their clients.

就利潤率而言，我們繼續看到，即使是在英國大選前夕，以及 PA 存在的其他地區，利潤率仍然保持真實，而且該團隊做得非常好他們的工作是繼續專注於為客戶提供更高的價值和產品的強度。

So -- we don't -- we see that margin profile continuing.

所以——我們不認為——我們看到利潤率狀況仍在繼續。

Moving forward, Venk, you want to talk about the revenue growth?

展望未來，Venk，您想談談收入成長嗎？

Yes, absolutely.

是的，絕對是。

So in terms of just revenue growth for the PA Consulting business, we -- we've had good insight into their pipeline, especially over the last several quarters.

因此，就 PA 諮詢業務的收入成長而言，我們對他們的管道有很好的了解，尤其是在過去幾個季度。

And we're feeling pretty good about the inflection point in PS business in terms of the growth really coming together in fiscal '25.

就 25 財年真正實現的成長而言，我們對 PS 業務的轉折點感覺非常好。

Now when we provided the high-level guidance for our overall revenue growth to mid- to high single digits, that certainly infuses PA Consulting also providing that the growth acceleration from the prior year.

現在，當我們為整體收入成長提供中高個位數的高水準指導時，PA Consulting 肯定會感到興奮，同時也提供了比上一年成長加速的資訊。

So all of that is taken into account as we give our overall guidance for all of PA Consulting plus Jacobs.

因此，當我們為 PA Consulting 和 Jacobs 提供整體指導時，所有這些都被考慮在內。

And we feel that there is certainly an inflection point in fiscal '25 with regards to the growth from PA Consulting.

我們認為，25 財年 PA Consulting 的成長肯定會出現一個轉折點。

And the backlog grew at the same rate as ours did.

積壓訂單的成長速度與我們相同。

That's right.

這是正確的。

Got it.

知道了。

Helpful.

有幫助。

And maybe just one more follow-up question for me.

也許對我來說還有一個後續問題。

It appears the near-term focus with respect to capital deployment seems to be towards debt paydown and share repurchases.

資本部署的近期焦點似乎是債務償還和股票回購。

But as you now sit with your new portfolio, are there any areas in your portfolio where potential M&A could sold the gap?

但當您現在坐在新的投資組合中時，您的投資組合中是否存在潛在的併購可以彌補差距的領域？

Yes.

是的。

No, great question.

不，很好的問題。

So first of all, and I'd like to reiterate that, as I mentioned in the script, we are committed to returning cash to shareholders in form of buybacks and dividends, and we returned almost 60% of free cash flow in fiscal '24.

首先，我想重申，正如我在腳本中提到的，我們致力於以回購和股息的形式向股東返還現金，並且我們在 24 財年返還了近 60% 的自由現金流。

So we're continuing to commit to a significant portion of our free cash flow being returned to shareholders.

因此，我們繼續致力於將自由現金流的很大一部分返還給股東。

On top of it, as you pointed out, we have been paying down debt.

最重要的是，正如您所指出的，我們一直在償還債務。

We did get about $911 million in amendment and proceeds on day one of the transaction, which we then used to pay down debt.

在交易的第一天，我們確實獲得了約 9.11 億美元的修正案和收益，然後我們用它來償還債務。

And we do still have a 7.5% to 8% retained stake that we hope to monetize in the first half of calendar '25.

我們仍然擁有 7.5% 至 8% 的保留股份，我們希望在 25 年上半年將其貨幣化。

And then beyond that, as I look at the capital allocation priorities for us, -- there's a lot of excitement about organic growth opportunities in the business.

除此之外，當我審視我們的資本配置優先事項時，我們對業務中有機成長的機會感到非常興奮。

So number one priority will continue to be investing in the organic growth of the business.

因此，第一要務將繼續是投資於業務的有機成長。

Number two, as I said before, is turning cash to shareholders in form of both dividends and buybacks, and we're committed to that.

第二，正如我之前所說，是以股息和回購的形式向股東提供現金，我們致力於這一點。

And then finally, from an M&A perspective, certainly, that is an accelerant for us in the long term.

最後，從併購的角度來看，從長遠來看，這當然對我們來說是一個促進劑。

We'll talk a lot more about it during Investor Day, but suffice it to say that we have lots of optionality with the balance sheet position that we have, the significant free cash flow that we generate and our ability to return that to shareholders as well.

我們將在投資者日期間詳細討論這一問題，但只要說我們擁有很多選擇權，我們擁有的資產負債表狀況、我們產生的大量自由現金流以及我們將其返還給股東的能力，出色地。

Sangita Jain, KeyBanc.

桑吉塔‧賈恩 (Sangita Jain)，KeyBanc。

So, if I could just take the growth outlook to a higher level.

所以，如果我能夠將成長前景提升到更高的水平。

Can you help us understand if you're thinking higher growth internationally versus domestic given the elections?

您能否幫助我們了解，考慮到選舉，您是否認為國際經濟成長比國內經濟成長更高？

I know we've discussed elections a few times already on this call.

我知道我們已經在這次電話會議中討論過幾次選舉。

No, Sangita that's the way it came across that wasn't the case.

不，桑吉塔，事實並非如此。

We had some flattening growth outside the US in our infrastructure end markets.

我們在美國以外的基礎設施終端市場的成長有些趨於平緩。

We were talking about that inflecting forward.

我們正在談論這種向前發展的情況。

Within the US, those numbers have been positive for the last fiscal year.

在美國，上一財年的這些數字一直是正面的。

And how about your outlook for the upcoming year?

您對來年的展望如何？

Do you think the US will still grow faster?

您認為美國的成長速度還會更快嗎？

Or how do you see it.

或者說你怎麼看。

We do.

我們做到了。

We do.

我們做到了。

And we're seeing that in our pipeline right now growing as well as well as our book-to-bill and the double-digit growth that we've had in backlog.

我們現在看到我們的通路正在成長，我們的訂單出貨量和積壓訂單也呈現兩位數成長。

Okay.

好的。

Then if I can follow up on your talent pool.

那麼我是否可以跟進您的人才庫。

Let's just say -- we don't really know the policy priorities of the new administration yet, et cetera.

這麼說吧——我們還不真正了解新政府的政策重點等等。

But let's just say public spending in the US does slow down.

但我們只能說美國的公共支出確實放緩了。

How fungible is your talent pool should you have to reallocate resources?

如果您必須重新分配資源，您的人才庫的可替代性如何？

Yes.

是的。

I don't know if I would use the word fungible, but they're very deployable and work on work all over the world, both in the US, outside the US and from outside the US in it's really important to understand the mix of our people in the US and outside the US does not map to our US versus non-US revenue stream.

我不知道我是否會使用「可替代」這個詞，但它們非常可部署，並且可以在世界各地工作，無論是在美國、美國境外還是美國境外，了解它們的組合非常重要我們在美國和美國境外的員工並不對應於我們在美國與非美國的收入流。

And so that is a very balanced look on how we utilize our people around the world.

因此，這是我們如何利用世界各地的員工的一個非常平衡的視角。

Chad Dillard, Bernstein.

查德·迪拉德，伯恩斯坦。

.

。

So my question is on the algorithm for adjusted operating margins for the Infrastructure and Defense Facilities business.

所以我的問題是關於基礎設施和國防設施業務調整後的營運利潤率的演算法。

So I guess, like maybe you can break it out in two ways.

所以我想，也許你可以用兩種方式來打破它。

So first of all, I'm just trying to figure out the three subsegments, like it sounds like the water business is going fast through life sciences business is growing faster.

首先，我只是想弄清楚這三個細分市場，聽起來水務業務正在快速發展，生命科學業務正在快速成長。

To an extent is that accretive to margins?

這在一定程度上會增加利潤嗎？

And then, I guess, on the second part, you guys talked about cost savings.

然後，我想，在第二部分，你們談到了節省成本。

Like how do you think about like the year-on-year boosting margins from that?

您如何看待由此帶來的年比利潤成長？

.

。

Yes, Chad, thanks for those questions.

是的，查德，謝謝你提出這些問題。

So I'd say the first on the end markets, the way we model our business is to obviously go after the best opportunities that we have across these different end markets and continue to focus on top line growth, but also in a way that optimizes margin so that it meets our corporate average, right.

因此，我想說，首先在終端市場上，我們的業務建模方式顯然是追求我們在這些不同終端市場上擁有的最佳機會，並繼續專注於營收成長，但同時也以一種優化的方式保證金達到我們公司的平均水平，對吧。

So in any given quarter, any given in the first half or second half of the year, we can certainly have ups and downs with regards to the margin profile.

因此，在任何特定季度，無論是上半年還是下半年，我們的利潤率肯定會起伏。

But what we try to optimize for is the good balance between continued revenue growth as well as gross margins and operating margins improving over time.

但我們試圖優化的是持續收入成長與毛利率和營業利潤率隨著時間的推移而提高之間的良好平衡。

And that's what we have quantified in terms of our expectation for fiscal '25.

這就是我們對 25 財年預期的量化結果。

So I wouldn't say one business is any different from another from the standpoint of the optimization.

因此，從優化的角度來看，我不會說一項業務與另一項業務有任何不同。

But certainly, we want to continue to focus on profitable revenue growth, such that both our revenue as well as margins expand over time.

但當然，我們希望繼續專注於獲利性收入成長，以便我們的收入和利潤率隨著時間的推移而擴大。

So that's the move on.

這就是繼續前進。

And then going to your second question about cost savings.

然後再回答第二個問題，也就是節省成本。

As I alluded to in response to a previous question, we have made significant strides in terms of improving the operating efficiency but you had just Six months of that take effect in fiscal '24.

正如我在回答先前的問題時所提到的，我們在提高營運效率方面取得了重大進展，但在 24 財年只有六個月的時間生效。

So we'll have the annualization of operating efficiencies, take full effect in fiscal '25, and that's part of the margin expansion story for us.

因此，我們將實現營運效率的年化，並在 25 財年全面生效，這也是我們利潤率擴張故事的一部分。

But it's not just that.

但不僅如此。

In addition to it, as I mentioned before, we are optimizing our go-to-market.

除此之外，正如我之前提到的，我們正在優化我們的市場推廣。

We're optimizing our global connectivity and so forth.

我們正在優化我們的全球連接等。

So we do see a multiyear trend in terms of focusing on improving our profitability over time, not just on the cost side, but certainly from a business mix standpoint as well as from an efficiency standpoint.

因此，我們確實看到了多年來的趨勢，即隨著時間的推移，重點關注提高我們的盈利能力，不僅僅是在成本方面，而且當然是從業務組合的角度以及效率的角度來看。

Great.

偉大的。

That's helpful.

這很有幫助。

And then the second question has to do with your revenue guidance for the full year, that mid- to high single digits.

第二個問題與全年的收入指導有關，即中高個位數。

So I guess, to get to that higher end of that range, like what needs to go right, either from like a geographic standpoint or from a macro standpoint?

因此，我想，要達到該範圍的較高端，無論是從地理角度還是從宏觀角度來看，需要採取哪些正確措施？

Like what do you need to see there?

例如你需要在那裡看到什麼？

It would be if the -- if we see an acceleration in the jobs we're on, that heavy focus now from the backlog growth coming from our water as well as life sciences sector is those could be accelerated and we could find ourselves on the higher end of that range.

如果我們看到我們正在從事的工作加速成長，那麼現在我們重點關注的來自水務和生命科學行業的積壓增長，這些工作可能會加速，我們可能會發現自己處於該範圍的高端。

So we're watching that very closely.

所以我們正在非常密切地關注這一點。

.

。

Jerry Revich, Goldman Sachs.

傑瑞·雷維奇，高盛。

Congratulations.

恭喜。

Can I ask for the legacy people and places business?

我可以請求遺留人員和地點業務嗎？

You folks have delivered steady margin expansion.

你們已經實現了穩定的利潤成長。

You're now running scope margins in the low teens as you think about the margin upside that you discussed over the course of this call, what do you think is a reasonable target or bogey where you can drive that business over time?

當您考慮在本次電話會議中討論的利潤上升空間時，您現在的範圍利潤率處於較低水平，您認為隨著時間的推移可以推動該業務的合理目標或目標是什麼？

Are we talking about tens of basis points improvement?

我們正在談論數十個基點的改進嗎？

Or are the initiatives that you spoke about earlier, can we see a more significant margin upside in that line of business?

或是您之前提到的舉措，我們能否看到該業務線的利潤率有更顯著的上升空間？

Yes, Jerry, thank you for the question.

是的，傑瑞，謝謝你的提問。

And yes, certainly, we feel good about the margin expansion for fiscal '25 that I alluded to both in the prepared remarks as well as in response to a couple of questions.

是的，當然，我們對 25 財年的利潤率擴張感到滿意，我在準備好的發言以及回答幾個問題時都提到了這一點。

And as we look ahead beyond fiscal '25, certainly, we'll provide you a lot more clarity when it comes to Investor Day, not just in terms of our revenue growth and end market mix as well, but also in terms of capital allocation and margin expansion story.

當然，當我們展望 25 財年之後的情況時，我們將在投資者日為您提供更多的信息，不僅包括我們的收入增長和終端市場組合，還包括資本配置和利潤擴張的故事。

So suffice it to say that we do feel good about our margin expansion in fiscal '25.

可以這麼說，我們確實對 25 財年的利潤率擴張感到滿意。

And beyond that, we'll cover in more detail.

除此之外，我們將更詳細地介紹。

Okay.

好的。

And let me ask you -- I know it's early -- very early post momentum, but obviously, the business leaders have been focused on the new Jacobs for quite some time now over a year.

讓我問你——我知道現在還為時過早——非常早的後勢頭，但顯然，商業領袖在一年多的時間裡一直關注新的雅各布斯。

Can you just talk about at the operating level, what kind of difference in performance that you're seeing or any developments that are notable as a result of the change in focus or the more narrow change in focus so far?

您能否談談在營運層面上，您所看到的效能差異，或者由於焦點變化或更窄的焦點變化而導致的任何顯著進展？

Yes.

是的。

Jerry, it's a great question.

傑瑞，這是一個很好的問題。

I'd say that -- the operating model is in focal effect.

我想說的是──營運模式具有焦點效應。

Right now, you're right.

現在，你是對的。

We got out ahead of that during the course of the year.

我們在這一年中提前擺脫了這一困境。

I think the biggest change has been getting back to where we came from, where we were externally focused on our clients' business.

我認為最大的變化是回到了我們的出發點，我們在外部專注於客戶的業務。

And that has really come to the core of how we think about the world and instead of being internally focused on some of the transactions that we were doing, whether they'd be over the course of the last couple of years or leading up to this quarter.

And that has really come to the core of how we think about the world and instead of being internally focused on some of the transactions that we were doing, whether they'd be over the course of the last couple of years or leading up to this四分之一.

So that's been the real change understanding our clients' business, and we're seeing it in our sales performance in Q3 and Q4 of last year.

因此，這是我們對客戶業務的理解發生的真正變化，我們在去年第三季和第四季的銷售業績中看到了這一點。

So we're excited because those actions and those behaviors are turning into a 22% backlog growth and a 1.67 book-to-bill.

所以我們很興奮，因為這些行動和行為正在轉化為 22% 的積壓成長和 1.67 的訂單出貨比。

And that's kind of -- that's -- the proof is in the numbers.

這就是——那就是——證據就在數字中。

So we're excited.

所以我們很興奮。

And I will now turn the conference back over to Bob Pragada for closing remarks.

現在，我將把會議轉回鮑勃·普拉加達 (Bob Pragada) 致閉幕詞。

Well, thank you, everyone, for joining our call.

好的，謝謝大家加入我們的電話會議。

I look forward to providing further updates and visiting with investors and analysts in the coming weeks and months.

我期待在未來幾週和幾個月內提供進一步的最新消息並拜訪投資者和分析師。

Thank you very much.

非常感謝。

Ladies and gentlemen, this does conclude today's conference call.

女士們先生們，今天的電話會議到此結束。

Thank you for your participation, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。