雅各布工程 (J) 2025 Q1 法說會逐字稿

Ladies and Gentlemen, thank you for standing by.

女士們、先生們，感謝你們的支持。

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

我叫克里斯塔 (Krista)，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Jacobs Solutions fiscal first quarter 2025 earnings conference call and webcast.

現在，我歡迎大家參加Jacobs Solutions 2025財年第一季財報電話會議和網路廣播。

(Operator Instructions)

（操作員指令）

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

現在，我想將會議交給投資者關係資深副總裁 Bert Subin。

Bert, you may begin.

伯特，你可以開始啦。

Thank you, Krista, and good morning, everyone.

謝謝你，克里斯塔，大家早安。

Our earnings announcement and 10-Q were filed this morning, and we have posted a slide presentation our website which will reference during the call.

我們的收益公告和 10-Q 已於今天早上提交，並且我們在網站上發布了幻燈片演示，供電話會議期間參考。

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

請您參閱簡報資料的第二張投影片，其中有關於我們的前瞻性聲明、非差距財務指標和營運指標的資訊。

Turning to the agenda on slide 3.

前往投影片 3 上的議程。

Speaking onto this call will be Jacob's chair and CEO, Bob Pergada, and CFO, Venk Nathamuni.

Jacob 董事長兼執行長 Bob Pergada 和財務長 Venk Nathamuni 將在電話會議上發言。

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

鮑伯將首先概述最近的活動以及我們第一季的業績亮點。

Venk will then provide a detailed review of our financial performance, including commentary on end-market trends, cashflows, and balance sheet data.

然後，Venk 將對我們的財務表現進行詳細的審查，包括對終端市場趨勢、現金流量和資產負債表資料的評論。

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

最後，鮑伯將致結束語，然後我們將開始提問。

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

說完這些，我將把話題交給我們的主席兼執行長。

Good day, everyone, and thank you for joining us to discuss our first quarter 2025 business performance.

大家好，感謝您加入我們討論 2025 年第一季的業務績效。

Starting on slide 4.

從投影片 4 開始。

I want to highlight that we are excited to be hosting our 2025 Investor Day on February 18 in Miami.

我想強調的是，我們很高興將於 2 月 18 日在邁阿密舉辦 2025 年投資者日。

Our simplified structure global delivery model and end-to-end expertise position us extremely well to build on a great start to FY25.

我們簡化結構的全球交付模式和端到端的專業知識使我們能夠在 2025 財年取得良好開端。

We see a bright future ahead as we are creating value for our shareholders over the long term.

我們看到了光明的未來，因為我們正在為股東創造長期價值。

And at our Investor Day, we plan to lay out our vision for Jacobs' next exciting chapter.

在我們的投資者日，我們計劃闡述 Jacobs 下一個令人興奮的篇章的願景。

We look forward to providing you with more detail in just two weeks.

我們期待在兩週內為您提供更多詳細資訊。

Turning to slide 5.

翻到幻燈片 5。

Total gross revenue increased over 4% in Q1 with adjusted net revenue rising over 5%.

第一季總營收成長超過 4%，調整後淨收入成長超過 5%。

GAAP EPS was negative $0.10 and includes a negative $1.16 impact from the mark-to-market loss in our investment in Amentum.

GAAP EPS 為負 0.10 美元，其中包括我們對 Amentum 的投資以市價計算的損失造成的負 1.16 美元的影響。

Excluding this and other items, Q1 adjusted EPS was $1.33, an 8% decrease compared to the previous year.

除此項和其他項目外，第一季調整後每股收益為 1.33 美元，較上年下降 8%。

The year-on-year decline in adjusted EPS was a result of a favorable tax item last year that resulted in a $0.49 per share benefit in Q1 2024.

調整後每股收益同比下降是由於去年的一項有利的稅收項目導致 2024 年第一季每股收益為 0.49 美元。

Adjusted EBITDA for Q1 was $282 million, which represented a 24% year-on-year increase.

第一季調整後 EBITDA 為 2.82 億美元，年增 24%。

We are pleased with the strong underlying business performance, and we are seeing very good traction on adjusted EBITDA margin improvement.

我們對強勁的基礎業務表現感到滿意，我們看到調整後的 EBITDA 利潤率改善具有非常好的牽引力。

Our trailing 12-month book-to-bill was 1.3x as our consolidated backlog increased 19% year-over-year in Q1.

由於我們第一季的綜合積壓訂單年增了 19%，因此我們過去 12 個月的訂單出貨比為 1.3 倍。

We are encouraged by the trajectory we're delivering on, following two extremely strong quarters for new awards in the second half of 2024.

繼 2024 年下半年兩季新獎項表現極為強勁之後，我們對所取得的進展感到鼓舞。

Gross profit in backlog increased 12% year-over-year in the first quarter, reflecting back-to-back quarters of double-digit growth.

第一季積壓訂單毛利年增 12%，連續兩季達到兩位數成長。

Turning to slide 6.

翻到幻燈片 6。

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

我很高興地報告，在本季度，我們繼續在整個業務和地區取得巨大勝利，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。

We saw solid revenue growth year-over-year, mainly in our Infrastructure and advanced facilities segment.

我們的收入較去年同期穩定成長，主要集中在基礎設施和先進設施領域。

We are demonstrating impressive revenue growth globally in Water and Environmental with all major geographies showing strength in Q1.

我們在全球範圍內的水和環境業務中表現出令人矚目的收入成長，所有主要地區在第一季均表現強勁。

Notably, during Q1, we were selected to operate, maintain and provide capital projects program support for the water treatment system managed by JXN Water.

值得注意的是，在第一季度，我們被選中負責為 JXN Water 管理的水處理系統提供營運、維護和資本項目計畫支援。

This 10-year contract will continue to improve water service and water equity and has already provided 180,000 residents in and around Jackson, Mississippi with more reliable drinking water.

這份為期 10 年的合約將繼續改善供水服務和供水公平性，並已為密西西比州傑克遜及其周邊地區的 18 萬名居民提供了更可靠的飲用水。

In life sciences and advanced manufacturing, we continue to deliver strong results in life sciences with double-digit net revenue growth in Q1.

在生命科學和先進製造領域，我們持續在生命科學領域取得強勁業績，第一季淨收入實現兩位數成長。

Our backlog in life sciences has been rising over the last 12 months giving us good line of sight over the coming quarters.

過去 12 個月，我們在生命科學領域的積壓訂單一直在增加，這為我們未來幾季的前景提供了良好的預測。

Further, market activity remains very robust with our involvement spanning key areas such as GLP-1, monoclonal antibodies, antibody drug conjugates and cutting-edge R&D programs for leading biopharmaceutical companies.

此外，市場活動仍然非常活躍，我們的參與涉及 GLP-1、單株抗體、抗體藥物偶聯物和領先生物製藥公司的尖端研發項目等關鍵領域。

Turning to Critical Infrastructure.

轉向關鍵基礎設施。

During the quarter, we achieved significant milestones on two transformative projects.

本季度，我們在兩個轉型項目上取得了重要里程碑。

First, we were selected as part of the preferred alliance for the landmark River Torrens to Darlington project in South Australia.

首先，我們被選為南澳大利亞具有里程碑意義的托倫斯河至達靈頓計畫的優先聯盟的一部分。

This $15.4 billion initiative by the South Australian government will deliver a 10.5 kilometer nonstop motorway completing the 78-kilometer north-south corridor.

南澳政府投資 154 億美元的這項計畫將建造一條長 10.5 公里不間斷的高速公路，完成長 78 公里的南北走廊。

The TTD project is poised to drive economic growth and development across Adelaide and South Australia.

TTD計畫預計將推動阿德萊德和南澳大利亞的經濟成長和發展。

Additionally, we've been chosen by Ireland's National Transport Authority to deliver the BusConnects Dublin program.

此外，我們也被愛爾蘭國家交通管理局選中來實施都柏林 BusConnects 計劃。

This ambitious 10-year initiative will enhance public transit by developing 230 kilometers of bus priority corridors and 200 kilometers of cycling and pedestrian paths.

這項雄心勃勃的十年計畫將透過建造 230 公里的公車優先走廊和 200 公里的自行車道和人行道來改善公共交通。

The project not only promotes sustainable growth and climate resilience but also strengthens connectivity in and around Dublin.

該計畫不僅促進了永續成長和氣候適應力，而且加強了都柏林及其周邊地區的連結性。

We are encouraged by the increased demand for large-scale international projects and critical infrastructure to complement the momentum we've been seeing in the US.

我們對大型國際項目和關鍵基礎設施的需求不斷增加感到鼓舞，這補充了我們在美國看到的勢頭。

In summary, we are pleased with our continued progress this quarter as we execute on our strategic priorities to deliver sustainable and profitable growth.

總而言之，我們對本季繼續取得的進展感到滿意，因為我們執行策略重點，實現可持續和獲利的成長。

We're excited for the future and look forward to presenting our strategic vision for Jacobs over the coming years at our upcoming Investor Day.

我們對未來充滿期待，並期待在即將到來的投資者日上展示未來幾年 Jacobs 的戰略願景。

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，讓他進一步詳細回顧我們的財務結果。

Thank you, Bob.

謝謝你，鮑伯。

Let me begin by summarizing a few of the financial highlights on slide 7 and I'll then provide additional context and detail around our strong quarterly performance.

首先，我總結第 7 張投影片上的幾個財務亮點，然後我將提供有關我們強勁的季度業績的更多背景資訊和詳細資訊。

First quarter gross revenue grew 4% year-over-year and adjusted net revenue, which excludes the impact of pass-through revenue, grew by 5% year-over-year.

第一季總營收年增 4%，不包括轉嫁收入影響的調整後淨收入年增 5%。

Q1 adjusted EBITDA was $282 million, growing 24% year-over-year.

第一季調整後 EBITDA 為 2.82 億美元，年增 24%。

Our adjusted EBITDA margin during Q1 came in strong at 13.5%, which is an increase of approximately 200 basis points year-over-year.

我們第一季的調整後 EBITDA 利潤率強勁達到 13.5%，較去年同期成長約 200 個基點。

First quarter adjusted EPS was $1.33, an 8% decrease versus the previous year, primarily due to an unfavorable tax comparison.

第一季調整後每股收益為 1.33 美元，較上年下降 8%，主要由於稅收對比不利。

As Bob mentioned in his prepared remarks, last year, we benefited from a discrete tax item that did not recur in 2025.

正如鮑伯在其準備好的演講中所提到的那樣，去年，我們受益於一項在 2025 年不會重複出現的單獨稅項目。

Please also note, GAAP EPS was impacted by a $145 million unrealized pretax loss associated with the mark-to-market adjustment of our investment in Amentum, which had no impact on adjusted EPS.

另請注意，我們對 Amentum 的投資的市價調整產生了 1.45 億美元未實現稅前損失，這對 GAAP EPS 產生了影響，但對調整後的 EPS 沒有影響。

Finally, consolidated backlog was up approximately 19% year-over-year and remains near record levels at $21.8 billion. Q1 book-to-bill

最後，合併積壓訂單年增約 19%，仍接近 218 億美元的歷史最高水準。第一季訂單出貨比

of 1.4x was solid.

1.4x 是可靠的。

Our trailing 12-month revenue book-to-bill ratio was 1.3x with gross profit and backlog increasing 12% year-over-year during Q1, highlighting our strong trailing 12-month sales performance.

我們過去 12 個月的訂單出貨比為 1.3 倍，第一季毛利和積壓訂單年增 12%，突顯了我們過去 12 個月強勁的銷售業績。

Going forward, we will focus our attention on trailing 12-month performance in our book-to-bill ratios as we believe this is a better indicator of future growth.

展望未來，我們將重點放在過去 12 個月的訂單出貨比表現，因為我們相信這是未來成長的更好指標。

Regarding our performance by end market, in infrastructure and Advanced Facilities, let's turn to slide 8.

關於我們在終端市場、基礎設施和先進設施方面的表現，請看第 8 頁。

Demand for our Water and Environmental Services remains strong across all major geographies, with adjusted net revenue increasing 11% compared to the same quarter last year.

所有主要地區對我們的水務和環境服務的需求仍然強勁，調整後的淨收入與去年同期相比增長了 11%。

This momentum is expected to continue beyond fiscal '25 and is supported by our robust backlog and pipeline.

預計這一勢頭將持續到25財年以後，並受到我們強勁的積壓訂單和產品線的支持。

We grew adjusted net revenue in our life sciences and advanced manufacturing end market by over 1% in Q1, as life sciences strength was largely offset by softness in advanced manufacturing.

我們第一季生命科學和先進製造終端市場的調整後淨收入成長了 1% 以上，因為生命科學的強勁表現在很大程度上被先進製造的疲軟所抵消。

We expect life sciences growth to remain robust for the foreseeable future as we continue to ramp on new projects.

隨著我們繼續開展新項目，我們預計生命科學成長在可預見的未來仍將保持強勁。

Additionally, we've seen a significant uptick in our life sciences pipeline.

此外，我們的生命科學管道也出現了顯著上升。

On the advanced manufacturing side, we expect growth to improve in the second half of the year as new projects start to ramp.

在先進製造業方面，隨著新項目開始加速，我們預計下半年成長將會改善。

This combination leads us to forecast similar growth in Q2 relative to Q1, followed by a pickup in the second half of the year.

綜合上述因素，我們預測第二季的成長將與第一季類似，並且下半年將有所回升。

In critical infrastructure, adjusted net revenue increased 5% year-over-year with North America outpacing total growth for the end market.

在關鍵基礎設施方面，調整後的淨收入年增 5%，北美的成長速度超過了終端市場的整體成長。

We're pleased with the sequential improvement in Critical Infrastructure growth and our backlog and pipeline, particularly in transportation, underpin an encouraging outlook.

我們對關鍵基礎設施成長的持續改善感到高興，我們的積壓訂單和管道，特別是在運輸領域，支撐了令人鼓舞的前景。

Moving on to slide 9, I will provide a quick overview of our segment financials.

接下來是第 9 張投影片，我將簡要概述我們各部門的財務狀況。

In Q1, Infrastructure and advanced facilities operating profit increased by 26% in total and 25% on a constant currency basis versus last year.

第一季度，基礎設施和先進設施營運利潤總計成長26%，以固定匯率計算成長25%。

PA Consulting results reflect roughly flat revenue performance year-on-year, but very good execution on the bottom line.

PA Consulting 的業績反映其營收表現與去年同期大致持平，但獲利表現非常好。

Q1 operating profit increased 22.6% year-over-year and 19.6% on a constant currency basis.

第一季營業利潤年增22.6%，以固定匯率計算成長19.6%。

We remain encouraged by recent bookings and anticipate revenue growth for PA Consulting will improve in fiscal '25 as the year progresses.

最近的預訂情況讓我們感到鼓舞，我們預計隨著時間的推移，PA Consulting 的營收成長將在 25 財年得到改善。

Moving on to slide 10, we provide an overview of cash generation and balance sheet data.

我們轉到第 10 張投影片，提供現金產生和資產負債表資料的概述。

For Q1, free cash flow was healthy at $97 million, and we repurchased $202 million in shares, a sequential increase of $145 million.

第一季度，自由現金流健康，達到 9,700 萬美元，我們回購了價值 2.02 億美元的股票，環比增加 1.45 億美元。

This combination resulted in our net leverage ratio remaining relatively flat at 1.1x on an LTM adjusted EBITDA basis as of Q1.

這一組合導致我們的淨槓桿率在 LTM 調整後的 EBITDA 基礎上保持相對平穩，截至第一季為 1.1 倍。

I'd note this remains below the midpoint of our 1.0 to 1.5x net leverage target.

我注意到，這仍然低於我們 1.0 至 1.5 倍淨槓桿目標的中點。

As we look ahead, we expect free cash flow for the full year to be similar to our previous expectation, but with a more back half-weighted cadence.

展望未來，我們預計全年自由現金流將與我們先前預期的相似，但會呈現後半部加權的節奏。

This is a function of higher cash tax payments in Q1 and Q2, which we expect to step down in Q3.

這是由於第一季和第二季現金稅收增加，我們預計第三季現金稅收將會下降。

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

我們資產負債表的實力將使我們能夠繼續對業務進行投資，並透過股票回購和長期股息成長為股東帶來回報。

At the end of Q1, we had $271 million in remaining authorization.

截至第一季末，我們剩餘的授權金額為 2.71 億美元。

Notably, we're pleased that our Board of Directors just approved a new $1.5 billion share repurchase authorization, which is the largest in company history.

值得注意的是，我們很高興董事會剛剛批准了一項新的 15 億美元股票回購授權，這是該公司歷史上最大的回購。

Our commitment to return capital to shareholders is evidenced by a $0.32 per share dividend, representing 10% year-over-year growth as well as our meaningful increase in share repurchase activity in the first quarter.

我們致力於向股東返還資本，每股 0.32 美元的股息證明了這一點，這比去年同期增長了 10%，而且我們第一季的股票回購活動也顯著增加。

We plan to continue repurchasing our shares at what we consider to be an aggressive pace in Q2.

我們計劃在第二季度繼續以我們認為積極的步伐回購我們的股票。

Additionally, in line with my comments from last quarter, we continue to expect to disposition our stake in Amentum in the first half of calendar '25, further aiding our financial position.

此外，根據我上個季度的評論，我們繼續預計在 25 年上半年處置我們在 Amentum 的股份，以進一步改善我們的財務狀況。

Finally, please turn to slide 11.

最後，請翻到第 11 張投影片。

We reiterate our fiscal '25 outlook for adjusted net revenue to grow mid- to high single digits year-over-year, adjusted EBITDA margin to range from 13.8% to 14% and reported free cash flow conversion to be more than 100%.

我們重申對 25 財年的預期：調整後淨收入將同比增長中高個位數，調整後 EBITDA 利潤率將在 13.8% 至 14% 之間，報告自由現金流轉換率將超過 100%。

We are raising our adjusted EPS guidance range from $5.80 to $6.20 to a new range of $5.85 to $6.20 to reflect good first quarter performance as well as our lower share count expectations.

我們將調整後的每股盈餘預期範圍從 5.80 美元到 6.20 美元上調至 5.85 美元到 6.20 美元的新範圍，以反映良好的第一季業績以及我們較低的股數預期。

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

我們對調整後每股收益的指導範圍中點表明同比增長超過 14%，我們對調整後 EBITDA 的指導範圍中點表明同比增長約 15%，突顯出我們對今年業務的持續樂觀展望。

To assist with your modeling, I will quickly highlight a few items related to fiscal '25.

為了幫助您建模，我將快速重點介紹一些與 25 財年相關的專案。

We anticipate revenue will rise sequentially through year-end with a more pronounced step-up between Q2 and Q3.

我們預計收入將在年底前連續成長，第二季和第三季之間的成長將更加明顯。

Regarding margins, we ended up seeing a greater-than-expected benefit from the Christmas holiday timing that shifted some profitability forward.

至於利潤率，我們最終看到聖誕假期帶來的利潤超出預期，提前帶來了一些獲利能力。

As a result, we now anticipate Q2 adjusted EBITDA margin to be below that of Q1.

因此，我們現在預計第二季調整後的 EBITDA 利潤率將低於第一季。

However, we continue to have good line of sight to reaching our 13.8% to 14% margin guidance for the full year and expect to see a nice step up in margins as we head into the second half of the year.

然而，我們仍有望實現全年 13.8% 至 14% 的利潤率預期，並且預計在進入下半年時利潤率將大幅上升。

Lastly, we are monitoring FX movement, particularly conversation rates for the British pound.

最後，我們正在監測外匯走勢，特別是英鎊的匯率。

We took a somewhat conservative view to our FX in our original forecast.

我們在最初的預測中對外匯持較保守的看法。

And as a result, we aren't seeing a significant incremental headwind today.

因此，我們今天沒有看到明顯的增量阻力。

However, should the dollar strengthen from here, that would have an adverse translation effect on revenue and operating income.

然而，如果美元從現在開始走強，這將對收入和營業利潤產生不利的影響。

In summary, we continue to be excited about the future of Jacobs and expect fiscal '25 to be a strong consolation on which we can build.

總而言之，我們繼續對 Jacobs 的未來感到興奮，並期望 25 財年能為我們帶來強而有力的安慰。

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

說完這些，我會把電話轉回給鮑伯。

Thank you, Venk.

謝謝你，Venk。

In closing, with a positive start to FY25, we are strategically positioned to leverage revenue growth momentum across the business.

最後，隨著 25 財年的良好開局，我們在策略上處於有利地位，可以利用整個業務的營收成長動能。

We returned capital to shareholders at a historically elevated pace in the first quarter and plan to keep doing so in the second quarter demonstrating the combined power of our strong financial position and highly cash-generative business model.

我們在第一季以歷史最高速度向股東返還資本，並計劃在第二季度繼續保持這一勢頭，展現了我們強大的財務狀況和高度現金創造業務模式的綜合實力。

With our sharpened focus and capabilities, we are confident in our ability to expand market share and meet the evolving needs of our clients across all facets of our business.

憑藉我們更專注和強大的能力，我們有信心擴大市場份額並滿足客戶在各個業務領域不斷變化的需求。

We look forward to engaging with you further at Investor Day, February 18.

我們期待在 2 月 18 日的投資者日與您進一步合作。

Operator, we'll now open the call for questions.

接線員，我們現在開始問答環節。

(Operator Instructions) Sabahat Khan, RBC Capital Market.

(操作員指示) Sabahat Khan，RBC 資本市場。

Thanks, and good morning.

謝謝，早安。

Maybe just to kick it off with a broad question that we've been getting on the whole space.

也許只是為了以我們在整個領域中一直在討論的一個廣泛問題來開始。

The numbers look obviously in line.

這些數字顯然看起來一致。

Guidance is reiterated.

重申指導意見。

But maybe if you can just talk about what you're hearing from your customers, what's reflected in your backlog in terms of the sentiment, and that's particularly focused on sort of the US, both government as well as commercial customers?

但是，如果您可以談談您從客戶那裡聽到的消息，從情緒上看，您的積壓訂單反映了什麼？

Just trying to get an understanding of what the customers are saying to you when they saw these headlines.

只是想了解顧客看到這些標題時會對您說些什麼。

Sure.

當然。

So Sabahat, it's something that we stay very, very close to.

所以，Sabahat 是我們非常非常重視的事情。

Right now, the sentiment of our customers continues to be positive.

目前，我們的客戶情緒仍然保持正面。

The political narrative obviously is pretty robust right now.

目前的政治論調顯然相當強勁。

And so we -- it's not that we are ignoring it, we're considering it, but we're staying close to what our customers are saying.

因此，我們並不是忽略它，而是在考慮它，但我們密切注意客戶的回饋。

And we're seeing that, and we made a couple of comments around it and the continued focus on the pipeline.

我們看到了這一點，並圍繞此發表了一些評論，並繼續關注管道。

And we're seeing double-digit pipeline growth across our end market sectors and the cadence of our awards is demonstrated in our backlog growth continues to be there.

我們看到整個終端市場領域的管道都呈現兩位數的成長，我們獲獎的節奏也反映在我們的積壓訂單持續成長上。

So we're actually not seeing dramatic shifts in our customer behavior as a result of the political narrative.

因此，我們實際上並沒有看到客戶行為因為政治敘事而劇烈轉變。

Okay.

好的。

Great.

偉大的。

And then maybe you could just talk about in terms of your margin guidance for this year.

然後您可能可以談談今年的利潤率指導。

What are some of the initiatives that you've been able to execute on thus far from the time of the spin closing till now?

從分拆結束到現在，您已經實施了哪些措施？

And what are some of the initiatives that may be more focused on in the back half?

那麼，下半年可能會更重視哪些措施呢？

Just trying to understand what's contributing to the margin improvement this year and within the context of some of the initiatives you outlined at the time of spin off.

只是想了解今年利潤率提高的因素有哪些，以及在分拆時您概述的一些舉措的背景。

Thank you.

謝謝。

Sabahat, thanks for the question.

Sabahat，感謝您的提問。

In terms of just the margin performance, as you pointed out, we came out with solid performance in Q1 with our EBITDA margin at 13.5%.

僅就利潤率表現而言，正如您所指出的，我們在第一季表現穩健，EBITDA 利潤率為 13.5%。

I'd say what contributed to it was primarily three or four major items.

我認為造成這結果的主要有三、四件大事。

Number one is the ongoing consideration of our cost controls and cost leverage that we've talked about in prior quarters.

第一是持續考慮我們在前幾個季度討論過的成本控制和成本槓桿。

And then as the revenue picks up, we certainly see some operating leverage in the model.

然後隨著收入的增加，我們肯定會在模型中看到一些營運槓桿。

And then a couple of other things where we're focused on internal execution is the mix as we go through the asset life cycle and engage earlier in the life cycle with our customers, that gives us a better margin profile.

然後，我們在內部執行方面關注的其他一些事情是，當我們經歷資產生命週期並在生命週期的早期與客戶接觸時，這為我們提供了更好的利潤狀況。

And then finally, we're also working on our global delivery model such that we can execute the functions across the globe.

最後，我們也正在致力於我們的全球交付模式，以便能夠在全球範圍內執行這些功能。

And say, so it's a combination of all those things that help us to get to where we are today.

所以說，正是所有這些因素的結合才幫助我們達到了今天的水準。

Just from a Q1 to Q2 timing standpoint, I highlighted the holiday timing, which will result in a slightly lower, call it, low 13s EBITDA margin for Q2, but we feel we have a good line of sight to getting to the 13.8% to 14% for the full year.

僅從第一季到第二季的時間角度來看，我強調了假期時間，這將導致第二季的 EBITDA 利潤率略低，即低 13%，但我們認為我們有望實現全年 13.8% 至 14% 的目標。

Great.

偉大的。

Thanks so much.

非常感謝。

Andy Kaplowitz, Citigroup.

花旗集團的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Hey, good morning, everyone.

嘿，大家早安。

Morning, Andy.

早安，安迪。

One, so Water and Environmental growing double digits, I think you said you have visibility even into '26 in those end markets.

首先，水和環境成長兩位數，我想你說過你甚至可以在 26 年看到這些終端市場。

Obviously, it's early in the new US. administration's tenure, but they have a big deregulation focus.

顯然，新美國還處於早期階段。但他們非常重視放鬆管制。

I would surmise you don't think that is going to impact that business at all, but maybe you could elaborate on what you're seeing in the confidence level and that continued growth in that segment.

我猜您認為這根本不會對業務產生影響，但也許您可以詳細說明您對信心水平以及該領域的持續增長的看法。

Sure.

當然。

Yes.

是的。

It's -- so we don't.

是的—所以我們不這麼做。

So short answer, Andy, is we don't see a slowdown just because of the needs, whether it be urbanization or age infrastructure, especially and as well as the effects of climate.

所以簡短的回答，安迪，我們認為經濟放緩並不單單是因為需求，無論是城市化還是老化的基礎設施，尤其是氣候的影響。

So we're not seeing that.

所以我們沒有看到這一點。

If -- and again, it's a global growth story that we have seen within the water sector across all geographies.

如果——再說一次，這是我們在所有地區的水務領域中看到的全球成長故事。

I will say this, some of the deregulation is actually -- it's serving as a catalyst to accelerate some of these jobs that we have had either in our backlog or that are in the pipeline.

我想說的是，一些放鬆管制的措施實際上——它起到了催化劑的作用，以加速我們積壓或正在籌備的一些工作。

So far, whether it be regulations that you would think that would stop jobs, we have not seen that.

到目前為止，我們還沒有看到任何你認為會導致失業的規定。

Andy, if I could just -- so Andy, if I could just add to that.

安迪，如果我可以──安迪，如果我可以補充一點。

One of the things we talked about in the last couple of quarters as you look at some of the large projects that we've executed, that actually gives us a lot of visibility into the out years as well.

我們在過去幾季中討論過的事情之一就是，當您回顧我們執行的一些大型專案時，這實際上也讓我們對未來幾年有了很大的了解。

So that's what gives us confidence in our Water and Environmental solutions.

這讓我們對我們的水和環境解決方案充滿信心。

Great.

偉大的。

And then maybe in the advanced manufacturing area, kind of weak right now.

然後也許在先進製造業領域，現在有點弱。

I think you said you see some projects maybe ramping up in the second half of the year.

我想您說過您看到一些項目可能會在今年下半年加速推進。

So maybe talk about visibility around that because life sciences is quite strong right now, advanced manufacturing must be quite weak.

所以也許可以談談這個方面的可見性，因為生命科學現在相當強大，而先進製造業一定相當弱。

So where do you get the incremental growth from and visibility toward the bookings starting to ramp up in that segment?

那麼，您從哪裡獲得增量成長以及該細分市場預訂量開始上升的可見性呢？

Yeah, Let me kind of break it down, Andy.

是的，讓我來詳細分析一下，安迪。

If you break down that whole sector, life sciences, we talked about.

如果你分析整個領域，我們討論過生命科學。

And in advanced manufacturing, we are kind of seeing a flattish performance right now in our semi business, which is actually not bad as jobs have kind of restarted and our portfolio has diversified both from a client standpoint and a geography standpoint.

在先進製造業方面，我們的半導體業務目前表現平淡，但這實際上並不壞，因為工作已經重新開始，而且我們的投資組合無論從客戶角度還是從地理角度來看都已經多樣化。

So the pipeline continues to be good there.

因此那裡的管道狀況持續良好。

Data centers continue to be a real positive for us.

資料中心對我們來說仍然具有真正的正面意義。

I mean we are double-digit growth in our data center business.

我的意思是我們的資料中心業務實現了兩位數的成長。

And it's now to the size where you could actually see it, it's still 40, 50 basis points, but it's actually contributing to the overall growth of the company.

現在它已經達到了你實際能看到的規模，雖然仍然有 40 到 50 個基點，但它實際上正在促進公司的整體成長。

The area that we say has been soft, and we see -- and the pipeline is growing, and that's why we have confidence in the second half is in kind of the Industrial Manufacturing.

我們所說的領域一直很疲軟，我們看到 - 而且通路正在成長，這就是為什麼我們對下半年的工業製造業充滿信心。

You saw that in the ISM data, and it's now kind of spiking back up.

您可以在 ISM 資料中看到這一點，現在它又開始回升了。

So we're starting to see those jobs and especially the reshoring efforts that would be coming back to the US we would be a beneficiary for that.

因此，我們開始看到這些工作，特別是回歸美國的回流努力，我們將從中受益。

So we're being a bit cautious on how that flows through the pipeline into our backlog, but we see some green shoots there.

因此，我們對這些如何透過管道流入我們的積壓工作持謹慎態度，但我們看到了一些復甦的跡象。

Andy Whitman, Baird.

安迪·惠特曼，貝爾德。

Great, thanks for taking my questions.

太好了，謝謝您回答我的問題。

I guess I just wanted a clarification to help understand the quarter a little bit better.

我想我只是想澄清一下，以便更好地了解本季的情況。

For probably this one's for Venk.

可能這個是給 Venk 的。

I was looking to some of your bridges, and it looks like you're taking out $3.6 million of revenue from the transition services agreement.

我查看了你們的一些橋樑，看起來你們從過渡服務協議中獲得了 360 萬美元的收入。

And you're adding back $7.9 million of cost.

而且你還要加上 790 萬美元的成本。

So I guess kind of a two-part question on this one.

所以我想這個問題可以分成兩個部分。

Is that right?

是嗎？

Right now, are you losing on a GAAP basis, $4 million on the TSA?

目前，按照 GAAP 計算，您在 TSA 上的損失是否為 400 萬美元？

And then I guess, more -- maybe the more important question is, once the TSA is over, how confident are you that you're going to be able to address that $8 million of cost in the quarter, but it's not an adjusted margin headwind a year from now?

然後我想，也許更重要的問題是，一旦 TSA 結束，您有多大信心能夠在本季度解決 800 萬美元的成本問題，但這不會成為一年後調整後的利潤率的阻力？

Yeah, Andy, thanks for the question.

是的，安迪，謝謝你的提問。

Yes, great question.

是的，很好的問題。

So as it relates to the TSA, clearly, we get the TSA income that's offset by the TSA expenses that we incur and it's still a profitable engagement for us.

因此，就 TSA 而言，顯然，我們獲得的 TSA 收入與我們承擔的 TSA 費用相抵消，這對我們來說仍然是一項有利可圖的業務。

But as you look ahead to the end of the year, clearly, we do see opportunity for us to optimize those costs, and we'll provide more color on it, but suffice it to say that, that is an opportunity for us to improve our profitability once the TSA ends and not a headwind.

但展望年底，我們顯然確實看到了優化這些成本的機會，我們將對此提供更多細節，但我只想說，這是我們在 TSA 結束後提高盈利能力的機會，而不是逆風。

Okay.

好的。

Great.

偉大的。

I guess for my follow-up question, I wanted to ask on the backlog.

我想對於我的後續問題，我想問積壓問題。

I think I heard that you said that on a go-forward basis, you're going to refer more often to the trailing 12-month backlog as you said it's a better reflection of what's going.

我想我聽到您說過，在未來，您將更頻繁地參考過去 12 個月的積壓訂單，因為您說這更能反映出正在發生的事情。

I think that's probably fair and true.

我認為這可能是公平且真實的。

But can you also just talk about what you're seeing in the pipeline?

但您也可以談談您在管道中看到的情況嗎？

You said a lot of positive things about the health of your end markets, but is the focus on TTM, a reflection of like the next couple of quarters of awards that maybe are a little bit softer, even though maybe for the year, it's strong?

您對終端市場的健康狀況說了很多積極的話，但重點關注 TTM 是否反映了未來幾季的獎項可能略有減弱，儘管就全年而言可能表現強勁？

I'm just -- maybe I'm parsing this too closely, but I wanted to understand the change.

我只是——也許我對此分析得太仔細了，但我想了解這種變化。

No, it's a fair question.

不，這是一個合理的問題。

So it's not a reflection of things weakening.

所以這並不代表事物正在衰弱。

We had some larger wins.

我們取得了一些更大的勝利。

And these -- some of the larger wins, especially in life sciences in water, tend to blip those up.

而這些——一些較大的勝利，特別是在水生命科學領域的勝利，往往會掩蓋這些缺陷。

You remember, we had a 1.7x book-to-bill in one quarter, another 1.6 in another quarter.

你記得嗎，我們的訂單出貨比在一個季度是1.7倍，在另一個季度是1.6倍。

And those are those big hitters that come through, which tend to smooth out when you look at the profile of the types of jobs that we're winning.

這些都是成功的重大因素，當你查看我們贏得的工作類型的概況時，這些因素往往會變得非常平滑。

So that's why we felt like the trailing 12 months was more reflective.

這就是為什麼我們覺得過去的 12 個月更能反映情況。

What we wanted to demonstrate from a strength standpoint is the actual growth year-to-year in the backlog.

從實力角度來看，我們想要展示的是積壓訂單量逐年的實際成長。

And hence, the 19% number is the number and it's been double digit for several quarters in a row.

因此，19% 這個數字已經連續幾季保持兩位數。

And it's probably more reflective of the profile of our work from consulting and advisory, program management design in some of our larger alternative delivery jobs.

它可能更能反映我們在諮詢、顧問、專案管理設計等領域的一些較大替代交付工作的情況。

Okay, got it, thanks a lot.

好的，明白了，非常感謝。

Sangita Jain, KeyBanc.

Sangita Jain，KeyBanc。

Hey, thank you so much for taking my question.

嘿，非常感謝您回答我的問題。

So if I can ask on PA Consulting, obviously, the margins have held up really strong, but the revenue ramp is still lacking.

因此，如果我可以詢問 PA Consulting，顯然，利潤率一直保持強勁，但營收成長仍然不足。

So maybe you can talk about how you're seeing revenue growth build through the year and where that may be coming from?

那麼，您能否談談您如何看待今年的收入成長以及收入成長的來源？

Yeah, So let me answer the second part first.

是的，那麼讓我先回答第二部分。

The revenue ramp, we can definitely see it, and we're seeing that in our pipeline and we're seeing it in the backlog.

我們確實可以看到收入的成長，而且我們在我們的管道中和積壓訂單中也看到了這一點。

Some of the slowness in getting the top line back to growth mode has been the speed by which the UK government has come back on some of the procurements, mostly in the public sector.

英國政府恢復部分採購（主要是公共部門採購）的速度太快，是導致英國營收恢復成長模式緩慢的原因之一。

We've won a few larger jobs for major UK public entities that we're just waiting for the actual finalization and starting.

我們已經為英國主要公共實體贏得了一些較大的工作，只是等待實際的完成和開始。

And then once those start, we'll see that pop back in the top line.

一旦這些開始，我們就會看到它重新回到頂線。

In other parts of the business, for example, the US we're seeing strong double-digit top line growth.

在其他業務領域，例如美國，我們看到強勁的兩位數營收成長。

It's a smaller part of the business.

這只是業務的一小部分。

So overall, some real positives in how the business is coming back, we're back in a hiring mode right now, too.

整體而言，業務復甦確實出現了一些正面跡象，我們現在也恢復了招募模式。

I think the real positive here is that while that's going on, utilization has gone up, margins have continued to expand.

我認為真正的正面因素是，在這種情況下，利用率上升，利潤率持續擴大。

And the business has got a nice healthy balance to it moving forward.

而且業務在向前發展過程中已經獲得了良好的健康平衡。

So we're positive about the future with PA.

因此，我們對 PA 的未來充滿信心。

Got it.

知道了。

And as a follow-up, can I ask about capital allocation.

另外，我可以問一下有關資本配置的問題嗎？

So you initiated a new share buyback, you're planning to sell Amentum shares in the first calendar first half.

因此，您發起了新的股票回購，您計劃在第一個日曆年上半年出售 Amentum 股票。

So just wondering if you're seeing any dislocations in the US market from the macro and policy headwinds that would encourage you to maybe look at M&A?

所以我想知道您是否看到美國市場因宏觀和政策逆風而出現任何混亂，從而鼓勵您考慮併購？

Yeah, Sangita, great question.

是的，桑吉塔，這個問題問得很好。

As you rightly pointed out, we did increase our authorization for the share buybacks.

正如您正確指出的那樣，我們確實增加了股票回購的授權。

And in the last quarter, we did $202 million of purchases, and we expect to continue to be repurchasing our shares that are what we consider to be an aggressive pace.

上個季度，我們進行了 2.02 億美元的回購，我們預計將繼續回購我們的股票，我們認為這是一個積極的步伐。

Now having said that, our priorities for capital allocation is number one in organic growth.

話雖如此，我們的資本配置重點是有機成長。

That continues to be what we focus on from the standpoint of executing on what we think are clearly lots of secular megatrends.

從執行我們認為的許多明顯的長期大趨勢的角度來看，這仍然是我們關注的重點。

We will continue to return cash.

我們將繼續返還現金。

And M&A is certainly an option.

而併購當然是一種選擇。

It's not an immediate focus for us doesn't mean that we don't do something, but we will characterize our entire strategy as we will lay out at Investor Day in a couple of weeks.

這不是我們目前的重點，並不意味著我們不採取行動，但我們將在幾週後的投資者日上闡述我們的整個策略。

But suffice it to say, organic growth is top priority, continue to return cash in the form of buybacks and dividends and then M&A is certainly an accelerating for us.

但可以說，有機成長是重中之重，繼續以回購和股息的形式返還現金，然後併購對我們來說無疑是一種加速。

Great.

偉大的。

Appreciate the response.

感謝您的回覆。

Thank you.

謝謝。

Chad Dillard, Bernstein.

查德·迪拉德、伯恩斯坦。

Hi, good morning.

嗨，早安。

This is (inaudible) for Chad.

這是（聽不清楚）給乍得的。

I would like to focus on how much US federal government exposure that Jacobs have both been?

我想重點關注的是雅各布斯兩人受到多少美國聯邦政府的曝光？

And is there any risk to contract payment from those?

這些合約付款是否有風險？

How do you ring phase that risk?

您如何評估這項風險？

So we don't have -- I think the question -- sorry, you're a little broken up there.

所以我們沒有 - 我認為這個問題 - 抱歉，你有點崩潰了。

I think the question was around our exposure to potential federal spending and the DOGE efforts that are going on right now.

我認為問題在於我們對潛在聯邦支出以及目前正在進行的 DOGE 努力的風險敞口。

We don't have exposure to DOGE in its fullest form, less than 10% of our business is tied to a federal agency.

我們並未全面接觸 DOGE，我們的業務中只有不到 10% 與聯邦機構有關。

And probably 80% of that is in the defense infrastructure world where these would be buildings, infrastructure work that we do for the US DoD and others.

其中大概 80% 是在國防基礎設施領域，包括我們為美國國防部和其他機構進行的建築和基礎建設工作。

And those have continued during some of the political narratives.

在一些政治敘事中，這種情況仍在繼續。

So we have not seen those effects, and we're staying very close to our customers, as I mentioned before, moving forward.

因此，我們還沒有看到這些影響，而且正如我之前提到的那樣，我們將與客戶保持密切聯繫。

So hopefully, that helps.

希望這能有所幫助。

Yes, thank you very much.

是的，非常感謝。

Michael Dudas, Vertical Research.

邁克爾·杜達斯（Michael Dudas），垂直研究。

Good morning, gentlemen.

先生們，早安。

Obviously, you have some positive trends out of UK Maybe you can talk a little bit more about your European business, what's going on in the Middle East, there should be some pretty good green shoots going on over there?

顯然，您在英國看到了一些積極的趨勢。

And the Australian project is pretty broad.

澳洲的項目相當廣泛。

I assume there's more growth coming from that region as well?

我認為該地區也會出現更多的成長嗎？

It's fair.

這很公平。

Maybe I'll take them in kind of a flipped order there, Mike, when you're talking about Europe, Middle East, Australia.

麥克，當你談論歐洲、中東、澳洲時，也許我會按照顛倒的順序來講。

Maybe I'll start with the Middle East.

也許我應該從中東開始。

In fact, I was just there a few weeks ago and really strong pipeline of work that we continue to see.

事實上，我幾週前才剛到那裡，我們持續看到了非常強大的工作管道。

We've been very selective in the work that we've been going after, but especially in Saudi, that aspirational narrative envision, I can see it on the ground happening in real time, and we're in the middle of all of it.

我們對於所進行的工作非常挑剔，尤其是在沙特，這一宏偉的敘事設想，我可以看到它在現實中發生著，而我們正處於這一切的中心。

So hopefully, some exciting additional wins on the radar here, there.

因此，希望在這裡能夠取得一些令人興奮的額外勝利。

So feeling good about that, predominantly in the water and the infrastructure space as well as in some of the cities and places work that kind of brings all of our skills and capabilities together.

對此我感到很高興，主要是在水和基礎設施領域以及在一些城市和地方的工作將我們所有的技能和能力結合在一起。

In Europe, I'd say that our energy and power business really supporting the transition, everything from the interconnect work that we continue to do as well as the grid modernization work and time to renewables, that continues.

在歐洲，我想說我們的能源和電力業務確實支持轉型，從我們繼續進行的互連工作以及電網現代化工作和可再生能源的時間，一切都在繼續。

As well as advanced facilities, specifically around life sciences and semi work that we're starting to see the latter parts of the ship EU chips money that was going through.

除了先進的設施外，特別是圍繞生命科學和半工業化工作的設施，我們開始看到歐盟晶片資金的後期流逝。

So overall -- and in Scandinavia transportation.

總體而言——斯堪的納維亞的交通也是如此。

We've had a couple of nice awards that were going on there.

我們在那裡頒發了幾個很棒的獎項。

So as the economies have been in a bit of a balance, we've continued to see nice incremental growth in Continental Europe outside of the UK Australia, nice turn.

因此，隨著經濟保持一定平衡，我們繼續看到英國和澳洲以外的歐洲大陸出現良好的增量成長，這是一個很好的轉變。

In fact, it was one of our, from a geographic standpoint, growth areas for the quarter, driven obviously by transportation, but we're continuing to see nice continued growth in the water sector.

事實上，從地理角度來看，這是我們本季的成長領域之一，顯然受到交通運輸的推動，但我們繼續看到水務領域持續良好的成長。

In addition to the big desal plant we announced a couple of quarters ago continued water growth in Australia.

除了我們在幾個季度前宣布的大型海水淡化廠之外，澳洲的水資源也持續成長。

So overall, a positive narrative.

整體來說，這是一個正面的敘述。

Appreciate that.

非常感謝。

And Venk maybe as we look through 2025 on cash, operating cash flow, some of the puts and takes, working capital changes, et cetera.

也許當我們展望 2025 年時，Venk 會看到現金、營運現金流、一些投入和產出、營運資本變化等等。

The comfort level of ramping as we move through the year to achieve the conversion targets that you're putting forth?

隨著時間的流逝，我們實現您所提出的轉換目標的舒適程度如何？

Yeah, Thanks, Mike.

是的，謝謝，麥克。

So I'd say just from the standpoint of our capital allocation, as I mentioned before, the organic growth is the primary objective here.

因此，我想說，從我們的資本配置的角度來看，正如我之前提到的，有機成長是這裡的主要目標。

And so with that in mind, in terms of just the margin profile, as we said, off to a very strong start to the year with 13.5% EBITDA margin.

考慮到這一點，就利潤率狀況而言，正如我們所說，今年開局非常強勁，EBITDA 利潤率達到 13.5%。

We see a little bit of a dip in Q2 just because of timing reasons on the holiday that I mentioned on the prepared remarks.

我們看到第二季度出現了小幅下滑，僅僅是因為我在準備好的評論中提到的假期時間原因。

And then we should see a nice pick up in Q3 and Q4.

然後我們應該會看到第三季和第四季的良好回升。

And then as it relates to free cash flow and conversion, we're still on target to get to the 100% plus free cash flow conversion.

然後，就自由現金流和轉換而言，我們仍然致力於實現 100％ 以上的自由現金流轉換。

A couple of onetime items to think about in Q1 and Q2.

在第一季和第二季需要考慮的幾個一次性事項。

In Q1, we had some one-off cash tax payment associated with the divestiture of the CMS business.

在第一季度，我們支付了一些與 CMS 業務剝離相關的一次性現金稅。

And then in Q2 is when we do a traditional estimated tax payments.

然後在第二季我們進行傳統的預估稅繳。

So when you take that into account, the first couple of quarters, we'll see a little bit below, but overall, for the full year, still pretty comfortable with the 100% plus free cash flow conversion.

因此，當你考慮到這一點時，前幾個季度，我們會看到略低一些，但總體而言，就全年而言，100％以上的自由現金流轉換仍然相當舒適。

Thanks guys, see you in Miami.

謝謝大家，邁阿密見。

Judah Aronovitz, UBS.

瑞銀的 Judah Aronovitz。

Hey, good morning, taking my last quarter.

嘿，早上好，這是我的最後一季。

This is Judah Aronovitz on for Stephen Fisher.

這是史蒂芬費雪 (Stephen Fisher) 的朱達阿羅諾維茨 (Judah Aronovitz

Last quarter, I think you talked about a second half reacceleration in international infrastructure markets.

上個季度，我想您談到了國際基礎設施市場下半年的重新加速。

So it sounds like there's some good momentum there.

聽起來那裡有一些很好的勢頭。

And if that's still kind of the expectation, what's giving you the confidence in that reacceleration?

如果這仍然是一種預期，那麼是什麼讓您對這種重新加速充滿信心？

Is that work in backlog already?

這份工作已經積壓了嗎？

Or are you expecting some more bookings?

或您期待更多預訂？

Yes.

是的。

I think when we made that comment, Judah, we talked about kind of the consistent growth in the water market across geographies, and that was in our international markets as well.

我認為，當我們發表這一評論時，猶大，我們談論的是跨地區水市場的持續成長，這也是我們國際市場的情況。

So yes, that has continued in driving that growth in the second half.

是的，這將繼續推動下半年的成長。

The other piece is in what we call our cities and places work, which is around some of the GigaCity and larger programs that we see.

另一部分是我們所謂的城市和地方工作，圍繞著我們看到的一些 GigaCity 和更大的項目。

Middle East gets highlighted quite a bit, and it should be.

中東問題備受關注，這是理所當然的。

But we're starting to see that effort in the UK as well as in Australia and Southeast Asia as well.

但我們也開始看到英國、澳洲和東南亞的這種努力。

So overall, I'd say it's a pretty much diversified blend of our end markets showing promise in the international space.

所以總的來說，我認為我們的終端市場是相當多元化的，在國際領域顯示出良好的前景。

Thanks.

謝謝。

That's it for me.

對我來說就是這樣了。

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇（Jerry Revich）。

Hi, good morning.

嗨，早安。

This is Adam on for Jerry.

這是亞當代替傑瑞上場。

In program management, that's a service line that engineering news record shows you having a really strong market position and its service line we're hearing is benefiting from a rising mix of a project.

在專案管理中，這是一條服務線，工程新聞記錄顯示它擁有非常強大的市場地位，而且我們聽說它的服務線正受益於專案組合的上升。

How big is that business for you today?

目前這項業務對您來說規模有多大？

What's the growth trajectory look like?

成長軌跡是什麼樣的？

And is there an opportunity to expand further there going forward?

未來還有機會進一步擴張嗎？

Yes.

是的。

I'd say, Adam, it's a strong capability.

我想說，亞當，這是一種強大的能力。

We don't see that as a vertical.

我們不認為這是垂直的。

We see it as a cross-cutting capability across our end markets as well as our geographies.

我們將其視為跨越我們終端市場和地理的跨領域能力。

So it's a great, great skill set that we have.

所以，我們擁有一套非常出色的技能。

And from a growth standpoint, it is -- it's in line and higher.

從成長角度來看，它是一致的，甚至更高。

It's driving that growth trajectory for the company.

它正在推動公司的成長軌跡。

And it's something that if you think about any one of our end markets, that program management capability allows us to play across the entirety of the asset life cycle, from Business Advisory all the way through to delivery of the program, driving business transformation for our clients.

如果你考慮我們的任何一個終端市場，你會發現專案管理能力使我們能夠涵蓋整個資產生命週期，從業務諮詢一直到專案交付，推動客戶的業務轉型。

And then can you just put into context the benefit from your initiatives to engage with clients at the early phases of the project in terms of that benefit to margins?

然後，您能否從利潤角度談談您在專案早期階段與客戶接觸的舉措所帶來的好處？

How much do margins on those more advisory consulting lines differ from the portfolio average?

這些諮詢業務的利潤率與投資組合的平均利潤率有多少差異？

Yeah, Thanks for the question.

是的，謝謝你的提問。

I'd say, at a high level, what it allows us to initially is to be involved with the customer at an earlier stage of the process.

我想說，從高層次來看，它最初允許我們在流程的早期階段參與客戶。

So it gives us a lot of visibility into their long-term thinking and help shape their long-term thinking.

因此，它使我們更多地了解他們的長期想法，並有助於塑造他們的長期思維。

That's one of the big benefits that gives us additional scope across the entire project lifetime, if you will.

如果你願意的話，這是一個很大的好處，它為我們整個專案生命週期提供了額外的空間。

And then the added benefit is obviously, as we move up the value chain, we're able to get higher margins than corporate average.

而額外的好處顯然是，隨著我們沿著價值鏈向上移動，我們能夠獲得比企業平均更高的利潤率。

But clearly, it varies from engagement to engagement.

但顯然，它因參與度而異。

So it's hard to quantify exactly what that is.

所以很難準確量化這是什麼。

It will depend on the nature of the project and the nature of the end market and so forth.

這將取決於項目的性質和最終市場的性質等等。

But suffice it to say, on average, it's higher than the corporate gross margins.

但可以說，平均而言，它高於企業毛利率。

Great.

偉大的。

Thanks so much.

非常感謝。

Kevin Wilson, Truist Securities.

凱文威爾森（Kevin Wilson），Truist Securities。

Hey, good morning.

嘿，早安。

I'm calling on behalf of Jamie Cook.

我代表傑米庫克 (Jamie Cook) 打電話來。

My question is on tariffs.

我的問題是關於關稅的。

Of course, the state of play sort of changes every day there.

當然，那裡的情況每天都在改變。

I think you have relatively small exposure to the markets that are initially the target, Canada, Mexico, China, just in terms of where your projects are actually happening.

我認為，就你們計畫實際進行的市場而言，你們最初針對的市場（加拿大、墨西哥、中國）的曝光率相對較低。

But I'm curious, bigger picture as a US-based firm, to what extent are you thinking about the risk to projects in the pipeline or your win rates or your competitive positioning in international broadly just in light of more aggressive US foreign policy in the form of tariffs or otherwise?

但我很好奇，作為一家美國公司，從更大的角度來看，在美國以關稅或其他形式採取更激進的外交政策的情況下，您在多大程度上考慮了正在進行的項目的風險、您的中標率或您在國際上的競爭地位？

Thanks for the question, Kevin.

謝謝你的提問，凱文。

We actually -- we're not going to speculate on what is -- what it could mean because right now, what we do is we're staying close to our clients, what it means for their business.

實際上，我們不會去猜測這意味著什麼，因為現在，我們所做的就是與客戶保持密切聯繫，以了解這對他們的業務意味著什麼。

And let's take the Canadian one, for example.

我們以加拿大為例。

As the narrative is getting way out ahead, what this does represent for us is an opportunity to be a key and trusted adviser for our clients in how that might have an effect on their supply chains.

隨著敘事的不斷推進，這對我們來說確實代表著一個機會，讓我們成為客戶值得信賴的關鍵顧問，了解這可能會如何影響他們的供應鏈。

And actually, our clients have been coming to us asking for that type of advice.

事實上，我們的客戶一直來找我們尋求這類建議。

So we're not seeing it as a huge threat.

所以我們並不認為這是一個巨大的威脅。

Rather, we see it as an opportunity to assist our clients while that political narrative continues to oscillate in different directions.

相反，在政治敘事繼續朝著不同方向搖擺的同時，我們將其視為協助客戶的機會。

Okay.

好的。

That's helpful.

這很有幫助。

And then my follow-up is just on restructuring costs.

然後我的後續問題只是關於重組成本。

Perhaps I missed it, but I'm wondering if you could provide an update on your expectations for the year.

也許我錯過了，但我想知道您是否可以提供您對今年的期望的最新情況。

I think last quarter, you guided to $75 million to $95 million there, just the Q1 number at a lower run rate than that.

我認為上個季度您的預計收入為 7500 萬至 9500 萬美元，只是第一季的數字低於這個數字。

So just updated expectations on level and cadence for restructuring for the rest of the year.

因此，我們只是更新了對今年剩餘時間重組水平和節奏的預期。

Thanks.

謝謝。

Kevin, great question.

凱文，這個問題問得好。

As you rightly pointed out, last time we guided for $75 million to $95 million We're still sticking with that guidance and on track to be in line with that.

正如您正確指出的那樣，上次我們的預期是 7500 萬至 9500 萬美元，我們仍然堅持該預期並將按該預期進行。

I'd just say from a timing standpoint, obviously, it depends on invoicing and such.

我只是想說，從時間的角度來看，顯然這取決於發票等。

But suffice it to say, we don't see a major spike in any given quarter.

但可以說，我們在任何一個季度都沒有看到大幅上漲。

It should be fairly steady through the rest of the fiscal year for us and well within that range.

對我們來說，在本財政年度的剩餘時間內，它應該會相當穩定，並且遠在這個範圍內。

Understood.

明白了。

Thank you.

謝謝。

Thank you.

謝謝。

And ladies and gentlemen, that does conclude our question-and-answer session.

女士們、先生們，我們的問答環節到此結束。

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

現在我將會議交還給 Bob Pragada 進行最後發言。

Well, thank you everyone for joining our Earnings call.

好吧，感謝大家參加我們的財報電話會議。

We look forward to sharing our long-term strategy and speaking with all of our investors and analysts during our upcoming investor day.

我們期待在即將到來的投資者日分享我們的長期策略並與我們所有的投資者和分析師進行交談。

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。