雅各布工程 (J) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Jacobs fiscal second-quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Jacobs 2025 財年第二季財報電話會議。（操作員指示）

Thank you. And I would now like to turn the conference over to Bert Subin, Senior Vice President Investor Relations. Bert, you may begin.

謝謝。現在我想將會議交給投資者關係資深副總裁 Bert Subin。伯特，你可以開始了。

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

謝謝你，克里斯塔，大家早安。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-GAAP financial measures, and operating metrics. Now let's turn to the agenda on slide 3. Speaking on today's call will be Jacob's Chair and CEO, Bob Pragada; and CFO, Venk Nathamuni.

我想請您參閱簡報資料的第二張投影片，以了解有關我們的前瞻性聲明、非公認會計準則財務指標和營運指標的資訊。現在讓我們來看看投影片 3 上的議程。今天的電話會議演講者將是 Jacob 董事長兼執行長 Bob Pragada；和財務長 Venk Nathamuni。

Bob will begin by providing comments on the business as well as highlights from our second-quarter results and a recap of notable awards. Venk will then provide a detailed review of our financial performance, including commentary and market trends, cash flows, and balance sheet data.

鮑伯將首先對業務發表評論，並回顧我們第二季度的業績亮點和值得關注的獎項。然後，Venk 將對我們的財務業績進行詳細的審查，包括評論和市場趨勢、現金流量和資產負債表數據。

Finally, Bob will provide closing remarks and then we'll open up the call for questions. With that, I'll turn it over to our Chair and CEO, Bob Pragada.

最後，鮑伯將致結束語，然後我們將開始提問。說完這些，我將把麥克風交給我們的董事長兼執行長 Bob Pragada。

Good day, everyone, and thank you for joining us to discuss our second-quarter 2025 business performance. I'm pleased to begin today's call by highlighting several key milestones we achieved in the separation of our former CMS and C&I businesses during March and April.

大家好，感謝您加入我們討論 2025 年第二季的業務表現。我很高興在今天的電話會議上重點介紹我們在 3 月和 4 月分開前 CMS 和 C&I 業務時取得的幾個關鍵里程碑。

This includes completing the planned equity for debt exchange and finalizing the remaining post-closing adjustments. These actions enabled us to exit our retained stake, reduce outstanding indebtedness, and on May 30, we will make a final distribution of Amentum shares to our shareholders.

這包括完成計劃中的股權債務交換和最終確定剩餘的交易後調整。這些行動使我們能夠退出保留的股份，減少未償債務，並且我們將於 5 月 30 日向股東進行 Amentum 股份的最終分配。

While we will continue to provide transition services to Amentum for the next few months, we view the primary aspects of the transaction as now complete. We delivered strong operating performance during Q2, and I'd like to highlight a few key points.

雖然我們將在接下來的幾個月繼續為 Amentum 提供過渡服務，但我們認為交易的主要方面現在已經完成。我們在第二季取得了強勁的營運業績，我想強調幾點要點。

First, our adjusted EPS grew over 22% to $1.43 supported by solid year over year margin expansion. Second, PA Consulting's revenue growth inflected positively, reaching mid-single digits and driving double-digit operating profit growth; and third, our backlog grew 20% to more than $22 billion a new record.

首先，在利潤率同比穩定成長的推動下，我們的調整後每股盈餘成長超過 22%，達到 1.43 美元。其次，PA Consulting的營收成長呈現正態勢，達到中位數個位數，並帶動營業利潤達到兩位數成長；第三，我們的積壓訂單成長了20%，達到2,20多億美元，創下新高。

Overall, we are very pleased with our Q2 results. A good start to the first half, paired with strong bookings Amentum, enables us to reaffirm our full year guidance metrics. As noted in our earnings press release, we recorded a reserve during the quarter as a result of a legal matter involving a consolidated JV in which we have a 50% interest. The impact to adjusted net revenue and adjusted operating profit was meaningful.

整體而言，我們對第二季的業績非常滿意。上半年開局良好，加上 Amentum 的強勁預訂量，使我們能夠重申全年指導指標。正如我們的收益新聞稿中所述，由於涉及我們擁有 50% 權益的合併合資企業的法律問題，我們在本季度記錄了一筆儲備金。這對調整後的淨收入和調整後的營業利潤的影響是巨大的。

The associated project falls within our water and environmental and market in I&AF and has been ongoing since 2016, but is now over 97% complete. The fact that we were able to absorb this impact in Q2, grow adjusted EBITDA, adjusted EBITDA margin, and particularly adjusted EPS by 22% year-over-year is a testament to our strong operating performance and capital return strategy.

相關項目屬於我們的水和環境以及 I&AF 市場，自 2016 年以來一直在進行，但目前已完成 97% 以上。事實上，我們能夠在第二季度吸收這一影響，使調整後的 EBITDA、調整後的 EBITDA 利潤率以及調整後的 EPS 同比增長 22%，這證明了我們強勁的營運業績和資本回報策略。

Before I get into more details on the quarter, I'd like to briefly touch on the current geopolitical backdrop. Overall, our business remains well positioned with infrastructure and consulting services in high demand and opportunities to capitalize on secular growth trends in front of us.

在詳細介紹本季的情況之前，我想先簡單談談目前的地緣政治背景。總體而言，我們的業務仍然處於有利地位，基礎設施和諮詢服務需求旺盛，並且有機會利用我們面前的長期成長趨勢。

The impact related to the rollout of the Department of Government Efficiency, or DOGE, has so far been deminimous, and we continue to anticipate growth opportunities with the US Department of Defense. As a reminder, approximately 9% of our total revenue comes from US federal infrastructure and related services, most of which are tied to DOD engagement.

到目前為止，政府效率部（DOGE）的推出帶來的影響還很小，我們繼續期待與美國國防部合作的成長機會。提醒一下，我們總收入的約 9% 來自美國聯邦基礎設施和相關服務，其中大部分與國防部的參與有關。

Regarding tariffs, we remain focused on supporting our clients as they assess potential supply chain challenges. Our client centric model built on redefining the asset life cycle will create opportunities to add value as our clients navigate this period of uncertainty.

關於關稅，我們仍然專注於支持我們的客戶評估潛在的供應鏈挑戰。我們建立在重新定義資產生命週期基礎上的客戶中心模型將在我們的客戶度過這段不確定時期時創造增值機會。

Turning to slide 4 and focusing on our results. Adjusted net revenue rose over 3% in Q2. Revenue growth during Q2 was adversely impacted by the JV matter I noted earlier as well as FX. On a constant currency basis alone, we would have grown 80 basis points faster or approximately 4% year on year.

翻到幻燈片 4 並關注我們的結果。第二季調整後淨收入成長超過 3%。我之前提到的合資問題以及外匯問題對第二季的營收成長產生了不利影響。僅以固定匯率計算，我們的成長率將比去年同期快 80 個基點，約 4%。

Adjusted EBITDA for Q2 was $287 million, representing an 8% year-over-year increase. We are seeing very good traction on adjusted EBITDA margin improvement with solid underlying business performance. Excluding the mark-to-mark impact from our investment in Amentum stock and other items, Q2 adjusted EPS was $1.43 a robust 22% increase compared to previous year.

第二季調整後 EBITDA 為 2.87 億美元，年增 8%。我們看到調整後的 EBITDA 利潤率改善勢頭良好，基礎業務表現穩健。不包括我們對 Amentum 股票和其他項目的投資產生的按價影響，第二季調整後每股收益為 1.43 美元，較上年同期強勁增長 22%。

Our trailing 12-month book-to-bill was 1.3 times with consolidated backlog of 20% year-over-year in Q2. Gross profit and backlog increased 15% year-over-year, reflecting another strong quarter for bookings. Our backlog growth and booking's Amentum remain positive, and we are currently forecasting sequential growth in our second half results, which I think we'll walk through in more detail shortly.

我們過去 12 個月的訂單出貨比為 1.3 倍，第二季合併積壓訂單年增 20%。毛利和積壓訂單年增 15%，反映出本季訂單量再創強勁。我們的積壓訂單成長和預訂的 Amentum 仍然保持正成長，我們目前預測下半年業績將實現連續成長，我想我們很快就會更詳細地介紹這一點。

Turning to slide 5, I'd like to highlight a few notable I&AF project awards from Q2. As we discussed our Investor Day in February, the core pillar of our strategy is to redefine the asset life cycle for our clients. Today and going forward we'll highlight how our awards align with our five-year strategy.

翻到第 5 張投影片，我想重點介紹第二季獲得的一些值得注意的 I&AF 專案獎項。正如我們在二月的投資者日所討論的那樣，我們策略的核心支柱是為客戶重新定義資產生命週期。今天以及未來，我們將重點介紹我們的獎項如何與我們的五年策略保持一致。

In water and environmental, we continue to see strong underlying revenue growth, especially in water, where global demand remains high among the highest in our portfolio. Our differentiation of water stems from our full life cycle coverage and proprietary technology suite.

在水務和環境領域，我們繼續看到強勁的潛在收入成長，尤其是水務領域，該領域的全球需求仍處於我們投資組合中最高水準。我們對水的差異化源於我們完整的生命週期覆蓋和專有技術套件。

In Q2, we secured an OT cybersecurity contract with Hampton Roads Sanitation District, one of the largest in the US water sector. This project provides end to end cybersecurity for wastewater treatment operations serving 1.9 million people in Southeast Virginia.

在第二季度，我們與美國水務業最大的機構之一漢普頓路衛生區簽訂了 OT 網路安全合約。該計畫為維吉尼亞州東南部 190 萬人口的廢水處理作業提供端到端的網路安全。

Another key area of focus for our water clients is emerging contaminants. PFAS and other contaminants present major challenges, and we are at the forefront of providing early stage solutions for our clients. In Q2 we were selected by the city of Boynton Beach, Florida to design upgrades at two water treatment plants to remove PFAS from groundwater.

我們的水務客戶關注的另一個重點領域是新興污染物。PFAS 和其他污染物帶來了重大挑戰，我們站在為客戶提供早期解決方案的最前線。在第二季度，我們受佛羅裡達州博因頓海灘市的委託，為兩座水處理廠設計升級方案，以去除地下水中的 PFAS。

Beyond addressing emerging contaminants regulations, these upgrades will modernize aging infrastructure and meet the region's growing demand for clean drinking water. In life sciences and advanced manufacturing, we continue to deliver strong results. Life sciences and data centers were the primary drivers of end-market revenue growth, both seeing double digit increases during the quarter.

除了解決新出現的污染物法規之外，這些升級還將使老化的基礎設施現代化，並滿足該地區對清潔飲用水日益增長的需求。在生命科學和先進製造領域，我們持續取得強勁成果。生命科學和資料中心是終端市場收入成長的主要驅動力，本季均實現了兩位數的成長。

Life sciences growth is being driven by broad-based investment, including a new engineering procurement and program management work for Merck's $1 billion oncology products facility in Delaware. The facility will have the capability to manufacture drugs like Keytruda, and we expect to see backlog spend continue through the facility's estimated completion in 2028.

生命科學的成長受到廣泛投資的推動，包括默克在特拉華州價值 10 億美元的腫瘤產品工廠的新工程採購和專案管理工作。該工廠將有能力生產 Keytruda 等藥物，我們預計，在該工廠預計於 2028 年竣工之前，積壓支出將持續存在。

Focusing on data centers where we offer holistic cross-sector solutions that span advanced facilities, energy and power, water, environmental, and digital, we were selected by Psi Quantum as the owner engineer for one of the world's first utility scale quantum computing facilities in Brisbane, Australia.

我們專注於資料中心，提供涵蓋先進設施、能源和電力、水、環境和數位領域的整體跨行業解決方案，並被 Psi Quantum 選為位於澳洲布里斯班的世界上第一個公用事業規模量子計算設施之一的業主工程師。

Backed by our number one ENR ranking in data centers, we're proud to help bring this next generation computing capability to life, and see a great opportunity to expand our global data center footprint in the coming quarters.

憑藉我們在資料中心領域排名第一的 ENR 排名，我們很自豪能夠幫助實現下一代運算能力，並看到了在未來幾個季度擴大我們全球資料中心足蹟的絕佳機會。

Turning to critical infrastructure, rising global travel demand, transportation modernization, and energy security requirements are reshaping client priorities. We see global aviation investment as a durable growth driver for our transportation segment and one where we can leverage our core competencies in consulting and program management.

轉向關鍵基礎設施，不斷增長的全球旅行需求、交通現代化和能源安全要求正在重塑客戶的優先事項。我們認為全球航空投資是我們運輸部門的持久成長動力，也是我們可以利用諮詢和專案管理的核心競爭力的動力。

Notably in Q2, we were selected as the owner engineer for Denver International Airport's continued expansion of its transportation system. This is a prime example of Jacobs helping cities prepare for future growth with smarter, more connected infrastructure.

值得注意的是，在第二季度，我們被選為丹佛國際機場繼續擴大其交通系統的業主工程師。這是 Jacobs 幫助城市透過更智慧、更互聯的基礎設施為未來發展做好準備的典型例子。

In summary, our significant awards this quarter reinforce our alignment to high growth markets. We remain focused on delivering sustainable, profitable growth by providing differentiated digitally enabled solutions to the world's most complex challenges.

總而言之，我們本季獲得的重大獎項鞏固了我們向高成長市場看齊的勢頭。我們始終致力於透過提供差異化的數位化解決方案來應對世界上最複雜的挑戰，實現可持續的獲利成長。

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，讓他更詳細地回顧我們的財務結果。

Thank you, Bob, and good morning everybody. Let me begin by summarizing a few of the financial highlights on slide number 6, followed by additional context of quarterly performance. Second quarter gross revenue grew 2% year-over-year and adjusted net revenue which excludes pass through revenues grew by 3%.

謝謝你，鮑勃，大家早安。首先，我在第 6 張投影片上總結一些財務亮點，然後再介紹更多季度業績的背景資訊。第二季總營收年增 2%，不包括轉嫁收入的調整後淨收入成長 3%。

As Bob noted, we experienced an FX headwind in the second quarter and also absorbed the impact of the previously noted legal reserve in connection with a matter involving a consolidated 50-50 joint venture. Due to the consolidation of the joint venture, the full amount of the reserve was taken against revenue and as a result, impacted operating profits.

正如鮑勃所指出的，我們在第二季度經歷了外匯逆風，並且還吸收了與合併 50-50 合資企業事宜有關的先前提到的法定儲備金的影響。由於合資企業的合併，全部儲備金均被計入收入，影響了營業利潤。

However, the JV partner's allocable portion is included in non-controlling interest. Therefore, the impact on EBITDA and EPS is half of the impact on revenue. Q2 adjusted EBITDA was $287 million, growing more than 8% year-over-year. Our adjusted EBITDA margin during Q2 came in strong at 13.4%, which is an increase of 62 basis points versus the same quarter last year. We were able to offset the anticipated impact in Q2 from holiday timing as well as the impact of the JV matter through some strong performance on gross margin and discipline on G&A costs.

然而，合資夥伴的可分配部分包含在非控制權益中。因此，對 EBITDA 和 EPS 的影響是收入影響的一半。第二季調整後的 EBITDA 為 2.87 億美元，較去年同期成長超過 8%。我們第二季的調整後 EBITDA 利潤率強勁達到 13.4%，比去年同期成長了 62 個基點。透過在毛利率和一般及行政成本方面的出色表現，我們能夠抵消第二季度假期時間預期的影響以及合資問題的影響。

As a result, in the second quarter, adjusted EPS close to $1.43, a 22% increase year-over-year. Please note, GAAP EPS was impacted by a $109 million pretax loss associated with the mark-to-market adjustment of our investment in Amentum. This had no impact on adjusted EPS.

因此，第二季調整後每股收益接近 1.43 美元，年增 22%。請注意，我們對 Amentum 的投資因按市價調整而產生的 1.09 億美元稅前損失對 GAAP EPS 產生了影響。這對調整後的每股盈餘沒有影響。

Finally, consolidated backlog was up 20% year-over-year to a record $22.2 billion. Our trailing 12-month book-to-bill of 1.3 times remains very healthy. And gross profit in backlog increased 15% year-over-year during Q2, a strong indicator of our positioning over the coming quarters and years.

最後，合併積壓訂單年增 20%，達到創紀錄的 222 億美元。我們過去 12 個月的訂單出貨比為 1.3 倍，這仍然非常健康。第二季度，積壓訂單的毛利年增 15%，這有力地預示了我們未來幾季和幾年的定位。

Now regarding our performance by end markets in Infrastructure and Advanced Facilities, let's turn to slide number 7. Demand for services in the water and environmental end market remains strong across all major geographies, with particularly good underlying performance in water during Q2. Not only with core performance positive, but we also continue to grow our revenue in backlog, and our pipeline in water is growing by double digits.

現在關於我們在基礎設施和先進設施終端市場的表現，讓我們翻到第 7 張幻燈片。所有主要地區對水和環境終端市場的服務需求仍然強勁，其中第二季水務領域的基本表現尤為良好。不僅核心績效表現良好，而且我們的積壓訂單收入也持續成長，我們的水資源管道也實現了兩位數的成長。

Total adjusted net revenue growth for water and environmental was 2% in Q2, which includes the adverse impact from the previously mentioned JV matter. As we shift into the second half of the year, we expect net revenue growth to improve to the mid-to-high single-digit range.

第二季水務和環境業務的總調整後淨收入成長率為 2%，其中包括前面提到的合資問題帶來的不利影響。隨著進入下半年，我們預期淨收入成長將提高至中高個位數。

In our life sciences and advanced manufacturing end market, adjusted net revenue grew approximately 6% in Q2. Facing better than our guidance, the revenue growth will be similar to Q1. We continue to see favorable demand in both the life sciences and data center markets, and we expect to see improvement in semiconductors in the coming quarters.

在我們的生命科學和先進製造終端市場，第二季調整後的淨收入成長了約 6%。由於業績優於我們的預期，營收成長將與第一季相似。我們繼續看到生命科學和資料中心市場需求旺盛，我們預計未來幾季半導體市場將有所改善。

Overall, we anticipate life sciences and advanced manufacturing growth will remain healthy in the second half of the year. In critical infrastructure, adjusted net revenue increased over 2% year-on-year. Within this end market, energy and power is our fastest-growing vertical, a trend we expect to continue. On the transportation side, we saw solid growth aided by the Middle East.

總體而言，我們預計生命科學和先進製造業將在下半年保持健康成長。在關鍵基礎設施方面，調整後的淨收入年增超過2%。在這個終端市場中，能源和電力是我們成長最快的垂直領域，我們預期這一趨勢將會持續下去。在運輸方面，我們看到在中東的推動下實現了穩健的成長。

Mid-single-digit revenue growth collectively in these two verticals was partially offset by flatter growth in CDs and places due to specific timing-related items. Looking ahead, we like our positioning in critical infrastructure and anticipate sequential revenue growth from Q2 to Q3.

由於特定的時間相關項目，這兩個垂直領域總體上實現了中等個位數的收入成長，但被 CD 和場所的平緩成長部分抵消。展望未來，我們看好我們在關鍵基礎設施領域的定位，並預計第二季至第三季的營收將持續成長。

Now moving on to slide number 8. I'll provide a brief overview of our segment financials. In Q2, infrastructure and advanced facilities operating profit was approximately flat in total and on a constant currency basis versus last year. As we noted earlier, Q2 operating profit was impacted by the reserve taken in connection with the JV matter.

現在請看第 8 張投影片。我將簡要介紹我們各部門的財務狀況。第二季度，基礎設施和先進設施的營業利潤總額和以固定匯率計算與去年同期基本持平。正如我們之前提到的，第二季的營業利潤受到與合資事宜相關的儲備金的影響。

As we had guided, PA Consulting delivered a meaningful return to revenue growth this quarter along with strong bottom line execution. This resulted in operating profit increasing 12% year-over-year in total and on a constant currency basis, with a strong 22% margin performance. PA Consulting's Amentum in energy & utilities and life sciences has been augmented by improving public sector spending in the UK. We continue to see favorable trends in PA's backlog and pipeline, both of which serve as positive leading indicators.

正如我們所預期的，PA Consulting 本季實現了可觀的營收成長，同時實現了強勁的獲利表現。這使得營業利潤以固定匯率計算年增 12%，利潤率達到 22%。透過改善英國公共部門的支出，PA Consulting 在能源與公用事業和生命科學領域的實力得到了增強。我們繼續看到 PA 的積壓訂單和管道呈現良好趨勢，這兩者都是積極的領先指標。

Moving on to slide number 9. We provide an overview of cash generation and our balance sheet. Overall, our balance sheet remains in excellent shape exiting Q2. We returned a record amount of capital back to shareholders during the second quarter, with very little effect on our net leverage ratio.

轉到第 9 張投影片。我們提供了現金產生和資產負債表的概述。整體而言，我們的資產負債表在第二季末依然保持良好狀態。我們在第二季向股東返還了創紀錄的資本，但對我們的淨槓桿率影響很小。

As we look ahead to the second half of the year, we're forecasting strong free cash flow generation. Focusing on the quarter, during Q2, free cash flow was negative $114 million, which was in line with our expectations and our prior guidance. This reflects a few seasonal cash timing events consistent with patterns we've seen in prior years.

展望下半年，我們預測將產生強勁的自由現金流。關注本季度，第二季度，自由現金流為負 1.14 億美元，符合我們的預期和先前的指導。這反映了一些季節性現金時機事件，與我們前幾年看到的模式一致。

During the quarter, we repurchased $351 million in shares, which is a quarterly record for Jacobs. We also finalized an equity for debt transaction using our retained stake in Amentum, which reduced our outstanding debt by $312 million. Summing this all up, we ended the quarter right at the midpoint of our 1.0 times to 1.5 times net leverage target.

本季度，我們回購了價值 3.51 億美元的股票，創下了 Jacobs 的季度紀錄。我們也利用我們在 Amentum 保留的股份完成了股權換債務交易，這使我們的未償債務減少了 3.12 億美元。總而言之，本季結束時，我們的淨槓桿比率正好處於 1.0 倍至 1.5 倍淨槓桿目標的中間點。

Subsequent to Q2, we received $70 million in favorable working capital adjustments and finalize ownership and shares of Amentum that were previously held in ESCO. We used the cash received from the working capital adjustment to further reduce our debt during Q3.

第二季之後，我們獲得了 7000 萬美元的有利營運資本調整，並最終確定了先前由 ESCO 持有的 Amentum 的所有權和股份。我們利用營運資本調整收到的現金在第三季進一步減少了債務。

In addition, following recent board approval, we will distribute the Amentum shares released to ESCO to our shareholders on a prorata basis at the end of this month. Based on yesterday's closing price, this represents approximately $159 million in incremental capital returns to shareholders. Our balance sheet then supports continued investment in the business, along with returns to shareholders via share repurchases and long-term dividend growth.

此外，根據最近的董事會批准，我們將在本月底按比例將向 ESCO 發行的 Amentum 股份分配給我們的股東。根據昨日的收盤價計算，這意味著向股東帶來約 1.59 億美元的增量資本回報。我們的資產負債表支持對業務的持續投資，並透過股票回購和長期股息成長向股東回報。

Our commitment to return capital to shareholders is evidenced by our $0.32 per share dividend, representing 10% year-over-year growth as well as our meaningful increase in share repurchase activity in the first half of the year. In total, we returned $628 million to shareholders through repurchases and dividends over the past two quarters alone. This puts us on track to potentially return more than 100% of adjusted free cash flow in fiscal year '25, excluding the distribution of Amentum shares.

我們致力於向股東返還資本，這體現在我們每股 0.32 美元的股息上，年增 10%，同時上半年我們股票回購活動的顯著增加。僅在過去兩個季度，我們就透過回購和股息向股東返還了 6.28 億美元。這使我們預計在 25 財年返還超過 100% 的調整後自由現金流（不包括 Amentum 股份的分配）。

While we plan to remain consistent buyers of our own shares, we also continue to evaluate increasing our investment in PA Consulting Finally, please turn to slide number 10. We are pleased to reaffirm 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%; reported free cash flow conversion to be more than 100%; and adjusted EPS of $5.85 to $6.20.

雖然我們計劃繼續持續購買我們自己的股票，但我們也將繼續評估增加對 PA Consulting 的投資。最後，請翻到第 10 張投影片。我們很高興地重申我們對 25 財年的展望，即調整後的淨收入將同比增長中高個位數；調整後的 EBITDA 利潤率範圍為 13.8% 至 14%；報告自由現金流轉換率超過 100%；調整後每股收益為 5.85 美元至 6.20 美元。

Now to assist with your modeling, let me highlight a few items related to the remainder of fiscal year '25. We continue to anticipate revenue will rise sequentially through year-end, with Q3 net revenue expected to grow 5% to 7% year-on-year based on our current view of global market conditions. Notably, a significant portion of our expected revenues in the second half of the year will come from our backlog.

現在，為了幫助您建模，讓我重點介紹與 25 財年剩餘時間相關的一些專案。我們繼續預計到年底收入將持續成長，根據我們目前對全球市場狀況的看法，預計第三季淨收入將年增 5% 至 7%。值得注意的是，我們預計下半年收入的很大一部分將來自我們的積壓訂單。

On margins, we expect to approach a 14% adjusted EBITDA margin in Q3, and we remain well positioned to meet our full year guidance range of 13.8% to 14%. We will control discretionary spending in response to market conditions. Overall, we feel positive about our adjusted EPS trajectory.

在利潤率方面，我們預計第三季調整後的 EBITDA 利潤率將接近 14%，並且我們仍有可能實現全年 13.8% 至 14% 的預期範圍。我們將根據市場情況控制可自由支配的支出。整體而言，我們對調整後的每股盈餘走勢持樂觀態度。

In summary, we continue to expect sequential improvement in net revenue and operating profit as we progress through the second half of the fiscal year. We're very pleased with our margin performance and strong trailing 12-month bookings, both of which set us up for profitable growth in the quarters and years ahead.

總而言之，隨著本財年下半年的到來，我們預計淨收入和營業利潤將繼續環比成長。我們對我們的利潤率表現和強勁的過去 12 個月的預訂量感到非常滿意，這兩者都為我們未來幾季和幾年的獲利成長奠定了基礎。

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

說完這些，我就把電話轉回給鮑伯。

Thank you, Venk. In closing, with a solid first half of FY25 behind us, we see a good setup in the second half of the year, aided by continued booking strength and margin Amentum. With our sharpened portfolio aligned to critical global mega trends and our five-year strategy driving focus and discipline, we are confident in our ability to deliver sustainable, profitable growth over the long term.

謝謝你，Venk。最後，2025 財年上半年表現穩健，我們預計下半年將有一個良好的開端，這得益於 Amentum 持續的預訂實力和利潤率。我們的投資組合與全球重大趨勢一致，我們的五年策略推動著重點和紀律，我們有信心能夠長期實現可持續的獲利成長。

Operator, we will now open the call for questions.

接線員，我們現在開始提問。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Andy Kaplowitz, Citi.

花旗銀行的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Hey, good morning, everyone.

嘿，大家早安。

Morning, Andy.

早安，安迪。

Bob and Venk, so backlog, impressive up 20% year-over-year. But as you know, adjusted net revenue growth is -- was up 3%. Maybe you can quantify the reserve for us in revenue? And I know you have longer duration projects in backlog, but are you seeing more careful spending with customers? And then sort of the visibility to get to 5% to 7% growth in Q3, do you need to see an acceleration in customers spend to get there in Q3?

Bob 和 Venk，積壓訂單量較去年同期成長了 20%。但如您所知，調整後的淨收入成長率為 3%。也許您可以為我們量化收入中的儲備？我知道你們積壓了較長期限的項目，但你們是否看到客戶在支出方面更加謹慎？那麼，要想在第三季實現 5% 到 7% 的成長，您是否需要看到客戶支出加速成長才能在第三季實現這一目標？

So Andy, maybe I'll answer the second half of your question and then on the legal reserve, I'll turn it over to Venk. On the second half of your question, so we were very clear on that the second half, we actually have predominance of that in backlog today and have a level of confidence on how that backlog is going to burn over the course of the next two quarters and beyond. So our confidence level is strong on that front.

所以安迪，也許我會回答你問題的後半部分，然後關於法律儲備，我會把它交給 Venk。關於您問題的後半部分，我們非常清楚，在今天的積壓訂單中，後半部分實際上佔了主導地位，並且對未來兩個季度及以後積壓訂單的消耗情況有一定信心。因此，我們在這方面信心十足。

As far as customer decisions with the macro backdrop right now, the procurement cycle is extending a bit, sure. But we see -- we're not seeing broad cancellations or delays in the execution. It's probably more on the front end of the procurement cycle. So Venk, with that, maybe the legal reserve?

就目前宏觀背景下的客戶決策而言，採購週期肯定會延長一點。但我們看到——我們並沒有看到大規模的取消或執行延遲。它可能更多地處於採購週期的前端。那麼 Venk，有了這個，也許就可以成為法定儲備金了？

Thank you, Andy. So clearly, we absorbed the impact of the legal reserve. But to kind of quantify it, given that it's a legal matter, we -- and it's an ongoing JV matter, we want to be cognizant of all the implications there.

謝謝你，安迪。顯然，我們吸收了法定儲備的影響。但為了量化它，考慮到這是一個法律問題，而且這是一個正在進行的合資問題，我們希望認識到其中的所有影響。

But suffice it to say that this included as part of our noncontrollable interest accounting or NCI accounting and it's a consolidated JV, will clarify that it's 50-50. And so as we use NCI accounting, which we are fully disclosed in our queue and in our footnotes, it's easy for you to figure out what those numbers are.

但我只想說，這包括在我們的非控制性權益會計或 NCI 會計中，並且它是一個合併合資企業，將澄清它是 50-50。因此，當我們使用 NCI 會計時，我們會在佇列和腳註中完整揭露，因此您可以輕鬆弄清楚這些數字是什麼。

All I can say is that this is something that we feel we're appropriately reserved for. And this is something, obviously, there was a headwind to our current quarter, but we clearly absorbed it and came out with the results that we did.

我只能說，我們認為這是我們適當保留的事情。顯然，本季我們遇到了一些阻力，但我們顯然吸收了這些阻力，並取得了相應的成果。

That's helpful. And maybe you guys can talk about what you're seeing by region? You mentioned PA picked up. backlog there is actually pretty strong. So maybe just PA and then the overall UK business, is it still a little bit more choppy? Middle East, is it hang in there? What are you assuming for FX given the recent weakness of the US dollar?

這很有幫助。也許你們可以談談你們所看到的各個地區的情況？您提到 PA 已接通。那裡的積壓情況其實相當嚴重。那麼也許只是 PA 以及整個英國業務，是否仍然有點不穩定？中東，還能撐下去嗎？鑑於近期美元疲軟，您對外匯有何預期？

Sure. Maybe I'll cover kind of the regions and then Venk can talk about FX. PA, really good quarter inflecting the growth. energy & utilities and health & life sciences in Europe, PA is really starting to see some nice tailwinds there. And PA's US business is now up nearly 15% year-on-year. So the continued growth in the US backlog growing at solid double digits.

當然。也許我會介紹一些地區，然後 Venk 可以談談 FX。PA，這確實是一個好的季度，促進了成長。在歐洲的能源和公用事業以及健康和生命科學領域，PA 確實開始在那裡看到一些很好的順風。目前，PA 的美國業務年增近 15%。因此，美國積壓訂單繼續以兩位數的穩定速度成長。

But one of the areas that probably from a rate of growth with PA is picking up, and this kind of goes, Andy, to your second point with regards to the UK, and I'll kind of go into the Jacobs broader enterprise as well, is defense and security.

但是，從巴勒斯坦權力機構的成長率來看，其中一個領域可能正在回升，安迪，這與你關於英國的第二點有關，我也會談談雅各布斯更廣泛的企業，那就是國防和安全。

So PA is one of the leaders in defense and security, advising both MOD as well as other EU countries. And that has seen a significant uptick in the quarter and with backlog. So for the balance of the year, we see a good trajectory there with PA.

因此，巴勒斯坦權力機構是國防和安全領域的領導者之一，為國防部和其他歐盟國家提供諮詢。本季出現了顯著的上升，積壓訂單也隨之增加。因此，就今年的平衡而言，我們看到 PA 的發展軌跡良好。

With the Jacobs business, transportation and water continued to be strong for us in the UK, mid-single digits with regards to those areas. Some of the buildings work or what we call cities and places, a bit of a longer procurement cycle.

憑藉 Jacobs 的業務，我們在英國的交通運輸和水務業務繼續保持強勁增長，這些地區的銷售額均保持在個位數的中等水平。有些建築物或我們所說的城市和地方的採購週期會稍微長一些。

But overall, we're not seeing any kind of any major headwinds in Europe and more specifically in the UK, if anything, I'd probably characterize it as a bit of a rebound. Middle East, strong. We continue to grow at double digits in the Middle East. Again, we were very selective on the programs that we were in the middle of.

但總體而言，我們並沒有看到歐洲，尤其是英國出現任何重大阻力，如果有的話，我可能會將其描述為一種反彈。中東，強勁。我們在中東地區持續保持兩位數的成長。再次強調，我們對正在進行的專案非常挑剔。

We're now involved with some time-based programs that have kind of end dates to them with world events that are happening and tourists coming into the Middle East. So overall, we're positive on the Middle East and being very sensitive to any type of macro oscillations there. Thank you.

我們現在參與了一些基於時間的項目，這些項目都有結束日期，隨著世界大事的發生和遊客來到中東。因此總體而言，我們對中東持樂觀態度，並且對那裡的任何宏觀波動都非常敏感。謝謝。

Venk, do you want to talk about the FX?

Venk，你想談談 FX 嗎？

FX. Yeah, thanks, Bob. So as we noted in the prepared remarks, FX was clearly a headwind for us in Q2. I think we said, our revenue would have been 80 bps higher if it were not for the FX impact. Now fortunately, as we look ahead into Q3, if FX rates were to remain where they are today, that will be a recent tailwind. Hard to quantify it, but certainly, if things persist as they are so far, it will be a positive for us in Q3.

特效。是的，謝謝，鮑伯。因此，正如我們在準備好的評論中所指出的那樣，外匯顯然是我們第二季面臨的阻力。我想我們說過，如果沒有外匯影響，我們的收入將會高出 80 個基點。幸運的是，展望第三季度，如果外匯匯率維持在目前的水平，那將是近期的順風。很難量化，但可以肯定的是，如果情況持續下去，這對我們第三季來說將是一個利好。

Appreciate the call, guys.

謝謝大家的來電。

Andy Wittmann, Baird.

安迪‧維特曼，貝爾德。

Yeah, great, thanks for taking my questions. I guess on free cash flow, maybe for Venk. Obviously, there's always the first half of the year is always slower than the second half of the year, but I was just hoping you could kind of help us understand how you get to the 100% greater than 100% conversion this year in terms of the quarterly cadence?

是的，太好了，感謝您回答我的問題。我猜想對 Venk 來說可能是自由現金流。顯然，上半年總是比下半年慢，但我只是希望您能幫助我們了解今年如何在季度節奏方面實現 100% 以上的轉換率？

Do you expect here the fiscal third quarter to start chipping away and get you back to where you need to be to hit that level? Or do you feel like it's going to be very fourth quarter loaded?

您是否預計第三財季業績會開始回升，並使您回到達到該水準所需的水平？或者您覺得第四季的情況會非常嚴峻？

Andy, thanks for the question. And you're exactly right. This is -- Q2 tends to be a seasonally slow quarter for cash collections. And usually, it's typified by payments of 401(k), cash taxes and so forth. And for looking ahead for Q3 and Q4, we feel pretty good about our cash flow outlook.

安迪，謝謝你的提問。你說得完全正確。這是——第二季度往往是現金收款的季節性緩慢季度。通常，它以 401(k) 支付、現金稅等為代表。展望第三季和第四季度，我們對現金流前景感到十分樂觀。

And it's going to be a pretty substantial step up in Q3. So it's not just Q4 back end loaded. So we feel pretty good about where we're going to end Q3. And that gives us good confidence that our free cash flow for the full year will be in excess of 100%.

這將是第三季的一個相當大的進步。因此，它不僅僅是 Q4 後端加載。因此，我們對第三季的結束感到非常滿意。這讓我們有信心全年自由現金流將超過 100%。

Got it. And then maybe, Bob, for you with my follow-up, I wanted to ask about your profit margins and heard the approaching 14% adjusted EBITDA guidance here that you talked about for the third quarter. Maybe if you could just talk about the organization right now and discuss where your utilizations rate -- your utilization rates stand this year as compared to last year and other and progress on any other initiatives that you have in the organization to improve your efficiencies, and where those programs and processes stand? Thank you.

知道了。那麼鮑勃，也許在我的後續問題中，我想問一下你的利潤率，並聽到你談到的第三季度接近 14% 的調整後 EBITDA 指引。也許您現在可以談談組織情況，並討論一下您的利用率——今年的利用率與去年相比如何，以及組織中為提高效率而採取的任何其他舉措的進展情況，以及這些計劃和流程的現狀如何？謝謝。

Sure. So maybe I'd characterize it in two parts, Andy. Just we did start off the year, I'd call it kind of early January. And I think we telegraphed a little bit in the last earnings call, where utilization was down a bit where we had that kind of shifting of the holiday season spilling over into Q2. Since January, our utilization has picked up.

當然。所以也許我會把它分成兩個部分，安迪。我們剛開始新的一年，我稱之為一月初。我認為我們在上次收益電話會議上已經透露了一些信息，利用率有所下降，因為假期的影響延續到了第二季度。自一月以來，我們的利用率已經回升。

And I'd say it's on par from where we were in not just last year, but previous years. Going into the second half, what we're seeing is, if you remember back in Q3 and Q4 of last year, we had some lumpy wins. That's a good thing.

我想說，這不僅與去年的水平相當，而且與前幾年的水平也相當。進入下半年，我們看到的是，如果你還記得去年第三季和第四季度，我們取得了一些不平衡的勝利。這是一件好事。

In Q3 and Q4, those early phases of those major programs, those are now inflecting into kind of the detailed design, the production engineering component of those jobs. So we're seeing utilization just in the early part of Q3, pick up to exceed where we were in previous quarters. So that's how kind of we're seeing the utilization profile.

在第三季度和第四季度，這些主要項目的早期階段，現在正轉變為詳細設計和這些工作的生產工程部分。因此，我們看到第三季初期的利用率有所回升，超過了前幾季的水準。這就是我們所看到的利用率概況。

PA utilization is definitely better than it was last year, and that is a testament to all the initiatives that the team has been working on over the course of the last six-plus quarters. I'd say from an initiative standpoint, we are seeing some really, really nice growth in our digital business.

PA 利用率肯定比去年更好，這證明了團隊在過去六個多季度中一直致力於的所有舉措。我想說，從主動性的角度來看，我們的數位業務確實取得了良好的成長。

So if you look at just as we measure it as a P&L and then we measure our digital platforms, how they're catalyzing the balance of our business. Just as an individual business, that business has grown smaller number, double digit on the bottom line from an OP standpoint. So I think the digital enablement really working on that horizontal that we talked in the Investor Day, all of those are coming through in real time.

因此，如果您看一下我們將其作為損益表來衡量，然後再衡量我們的數位平台，您會發現它們是如何催化我們業務的平衡的。就像一家獨立的企業一樣，從 OP 的角度來看，該企業的底線成長數字較小，為兩位數。因此，我認為數位化支援確實在我們在投資者日討論的層面上發揮作用，所有這些都是即時實現的。

And if I could add to it, Andy, I'd say from a margin perspective, clearly, you've seen us execute to the 13.4% for this quarter. We're guiding to close to 14% in Q3, that's driven by the fact that, as we mentioned at Investor Day, there are multiple levers that we can pull in terms of margin performance, utilization, obviously is one aspect of it. But clearly, from the standpoint of the mix improvements, more global delivery and so forth.

安迪，如果我可以補充一點，我想說，從利潤率的角度來看，顯然，你已經看到我們本季的執行率達到了 13.4%。我們預計第三季的利潤率將接近 14%，這是因為，正如我們在投資者日提到的那樣，我們可以在利潤率表現、利用率方面採取多種措施，這顯然是其中的一個方面。但顯然，從混合改進、更多全球交付等的角度來看。

So a lot of those things are still in the early stages of implementing. And we feel and finally, with the operating leverage that we talked about, I think the combination of those things give us good line of sight to get to the close to 14% in Q3 and for the full year at 13.8% to 14% range.

因此，很多事情仍處於實施的早期階段。最後，我們認為，結合我們談到的經營槓桿，我認為這些因素的結合使我們有很好的前景，可以在第三季度達到接近 14% 的水平，全年達到 13.8% 至 14% 的水平。

Great. Thank you.

偉大的。謝謝。

Steven Fisher, UBS.

瑞銀的史蒂文·費雪。

Thanks. Good morning. Just wanted to follow up about the JV project here. And I know it's a sensitive topic, so I'm not sure how much more you can say. But it sounds like it's almost complete. Just curious how this ruling is reflective or not on sort of productivity and performance of the project? And just anything we should be aware of for the remaining kind of handful of percent of complete that needs to get done here?

謝謝。早安.只是想跟進一下這裡的合資項目。我知道這是一個敏感話題，所以我不確定你還能說多少。但聽起來它已經快完成了。只是好奇這項裁決是否反映了專案的生產力和績效？對於這裡需要完成的剩餘百分之多少的完成度，我們該注意什麼？

Yeah, I can't necessarily go into that level of detail, Steve. But I would say that we were appropriately reserved. And the remaining items on the program are well within reach. So we're not overly concerned there. As far as any detail on the content of what is bad, can't disclose. But what we will say though is that we are working hard with our partner in order to close it out and don't have a high level of concern there.

是的，我無法講得那麼詳細，史蒂夫。但我想說，我們還是適當保留了。該計劃的其餘項目也都已觸手可及。所以我們對此並不太擔心。至於內容到底有什麼不好，細節還不能透露。但我們要說的是，我們正在與合作夥伴一起努力解決這個問題，我們對此並不太擔心。

I will say this, though, Steve, is that this is not indicative of any kind of shift in our risk profile. We still have a low risk profile. And if you kind of track us over the course of the last 10 years-plus, these are events that are very infrequent if you count them on one finger. So that's kind of how we look at it.

不過，史蒂夫，我要說的是，這並不表示我們的風險狀況發生了任何轉變。我們的風險狀況仍然較低。如果你追蹤我們過去 10 多年的歷程，你會發現這些事件用一根手指數起來非常少見。這就是我們看待這個問題的方式。

Okay, that's helpful. And you were talking before with any capital is about some of the kind of procurement delays. I mean we're hearing broadly about just rising cost of construction in recent weeks and it's not surprising in light of steel and tariffs, et cetera. I'm curious what you're hearing from your customers specifically about higher construction cost.

好的，這很有幫助。您之前談到的任何資本都與某種採購延遲有關。我的意思是，最近幾週我們廣泛聽到有關建築成本上漲的消息，考慮到鋼鐵和關稅等因素，這並不奇怪。我很好奇您從客戶那裡聽到了什麼有關建築成本上漲的具體消息。

Does that drive any sort of value engineering opportunity for you? Does it sort of lengthen the planning period since you said it's sort of like kind of front end of the cycle? Just sort of wondering what the balance of puts and takes are for Jacobs on sort of a higher construction cost landscape?

這是否會為您帶來任何形式的價值工程機會？由於您說這有點像週期的前端，因此這是否會延長規劃期？我只是有點想知道，在更高的建築成本情勢下，雅各布斯的投入和產出平衡是什麼？

Yeah, so maybe I'll start off by saying the projects that we're involved with that have a pretty sizable fuel component, these are jobs that are less, if any, discretionary based and more based on business transformation. So if you think about the private sector life sciences, data centers, these are investments that the clients are going forward and making.

是的，所以我首先要說的是，我們所參與的專案含有相當大的燃料成分，這些工作很少（如果有的話）基於自由裁量權，而更多地基於業務轉型。因此，如果你考慮私部門的生命科學、資料中心，這些都是客戶正在進行的投資。

And then in water, these water jobs are long held on the books and have to deal with clean drinking water as well as the effects of climate and other impacts of natural disasters have had. So these are jobs that are going forward. As far as the delays that we're seeing on those, that's an opportunity for the client to step back.

然後是水資源，這些水資源工作長期以來一直存在，必須處理清潔飲用水以及氣候和其他自然災害的影響。這些是正在進行的工作。就我們所看到的延遲而言，這對客戶來說是一個退後的機會。

You appropriately said, Steve, look at some value engineering opportunities. But what this is really opening up is supply chain scenario planning. We have been working with our clients on global supply chain networks.

你恰當地說，史蒂夫，看看一些價值工程機會。但這真正開啟的是供應鏈情境規劃。我們一直與客戶合作建立全球供應鏈網路。

PA has got a really nice platform there with regards to supply chain consulting, and helping our clients look for alternate avenues in the event, just remember, a lot of these tariffs have not happened. In the event these tariffs occur, what are some of the options that they have. And so that has created a bit of some consulting and advisory work for us to be in the middle of this.

PA 在供應鏈諮詢方面擁有一個非常好的平台，可以幫助我們的客戶尋找替代途徑，但請記住，很多關稅都沒有發生。如果這些關稅真的發生，他們有哪些選擇？因此，這為我們提供了從事這方面諮詢和顧問工作的機會。

Perfect. Thank you very much.

完美的。非常感謝。

Sabahat Khan, RBC Capital Markets.

Sabahat Khan，加拿大皇家銀行資本市場。

Great, thanks, and good morning. I guess, sounds like there's some headline volatility during the quarter, but net-net, the backlog turned out well. I'm just curious, was that enough of a macro shock for some of your larger government customers that you deal with to start to think about maybe some level of stimulus spending through the back half of this year, like we maybe saw post the COVID shock? Or is it just too early in the sort of the time line or the macro situation for those type of discussions? Thanks.

太好了，謝謝，早安。我想，聽起來本季整體情況有些波動，但總體而言，積壓訂單結果良好。我只是好奇，這對您打交道的一些較大的政府客戶來說，是否足以造成宏觀衝擊，讓他們開始考慮在今年下半年實施一定程度的刺激性支出，就像我們在新冠疫情衝擊後可能看到的那樣？或者從時間軸或宏觀形勢來看，現在進行此類討論還為時過早？謝謝。

Yeah, Saba, I would probably would be not in a good place to articulate the size of it, but you're spot on. Some of those early, let's hit the pause button, especially with our DOD infrastructure clients, not knowing kind of which way the wins were going to blow. We are starting to see that come back into the second half.

是的，薩巴，我可能不太適合描述它的大小，但你說得對。其中一些是早期的，讓我們按下暫停鍵，特別是對於我們的國防部基礎設施客戶，不知道勝利將會以何種方式到來。我們開始看到這種情況在下半場再次出現。

And so these things, as I mentioned on previous quarters, these were never canceled, they were only maybe paused or a bit delayed and those programs that have been approved and funds been appropriated are starting to come back. On the state and local business, not just in the States but globally, those have not stopped. So we didn't necessarily see that dynamic is probably more federal infrastructure, DOD infrastructure that if that applied to.

正如我在前幾個季度提到的那樣，這些事情從未被取消，它們只是可能暫停或稍微推遲，那些已經獲得批准和撥款的項目正在開始恢復。在州和地方事務方面，不僅在美國，而且在全球範圍內，這些都沒有停止。因此，我們不一定認為這種動態可能更多的是聯邦基礎設施、國防部基礎設施（如果適用的話）。

Great. And then as we kind of think back to some of the areas of focus or the end markets that you're talking about at your Investor Day, some of the things around semiconductor, healthcare, things like that. Just wondering if across some of these end markets, you have seen some talk of reshoring-related projects or initial discussions, whether it's manufacturing or some of the other end markets that you operate in, maybe are some of those early discussions happening? Thanks.

偉大的。然後，我們回想一下您在投資者日上談到的一些重點領域或終端市場，例如半導體、醫療保健等領域。只是想知道，在這些終端市場中，您是否看到一些有關回流相關項目的討論或初步討論，無論是製造業還是您經營的其他終端市場，也許其中一些早期討論正在進行中？謝謝。

They are. They are. So maybe I'll hone in on two end markets, life sciences and our semi focus. These are clients that are looking at global supply chains and have had on their capital road map, projects that are in multiple locations, predominantly the US and Europe.

是的。是的。因此，也許我會專注於兩個終端市場，即生命科學和我們的半焦點。這些客戶正在關注全球供應鏈，並在其資本路線圖上列出了位於多個地點的項目，主要是美國和歐洲。

So right now, we're kind of seeing the pull and push on either geography and that's kind of leaning towards the US, which kind of plays right into our sweet spot. Semi is the same way. So some of the high bandwidth manufacturers as well as even some of the larger players are starting to point those jobs into the US. I would say that it's early though. It's early days, which actually still benefits Jacobs because we're on the early front-end planning, site selection of these programs. So discussions are in real time.

所以現在，我們看到了地理位置上的拉力和推力，而且這種拉力有點傾向於美國，這正好滿足了我們的最佳需求。Semi 也是一樣的。因此，一些高頻寬製造商以及一些較大的公司開始將這些工作轉移到美國。我想說現在還太早。現在還處於早期階段，但這實際上對 Jacobs 有利，因為我們正處於這些專案的早期前端規劃和選址階段。因此討論是即時的。

And the great thing about kind of the Jacobs platform is that we're there in any form. And if it goes into one geography over the other, our global delivery model allows us to continue to use that talent across multiple geographies, whichever way it goes. But definitely a lot of scenario planning happening in real time.

Jacobs 平台的偉大之處在於我們可以以任何形式存在。如果它進入一個地區而不是另一個地區，我們的全球交付模式允許我們繼續在多個地區使用該人才，無論它走向何方。但肯定有很多情境規劃是即時發生的。

Great, thanks very much.

太好了，非常感謝。

Thank you.

謝謝。

Michael Dudas, Vertical Research.

邁克爾·杜達斯，垂直研究。

Morning, Bert, Bob, Venk.

早安，伯特、鮑伯、文克。

Morning, Mike.

早上好，麥克。

Well, Bob, maybe you could share some further thoughts you called out in your prepared remarks, fast-growing water and fast-growing energy power. Any interesting dynamics around that, especially with energy power tied towards some of your larger SAM customers?

好吧，鮑勃，也許你可以分享一下你在準備好的發言中提出的一些進一步的想法，快速增長的水資源和快速增長的能源力量。周圍有什麼有趣的動態嗎，尤其是與一些較大的 SAM 客戶相關的能源力量？

Yeah, so the grid modernization and kind of the electrification of all, Mike, has continued, not just in the US tied to probably more of that data center positioning that's happening right now, but in Europe with regards to some energy security items that are happening, and we're seeing it and in Southeast Asia as well as Australia and New Zealand.

是的，麥克，電網現代化和電氣化一直在繼續，不僅在美國，可能與目前正在發生的更多資料中心定位有關，而且在歐洲，就一些正在發生的能源安全項目而言，我們也看到了這一點，在東南亞以及澳大利亞和紐西蘭也是如此。

So that continues to grow. That sector, though it's a smaller component, but growing at a very fast rate, continues to grow at strong double digits. And I think tied to the kind of the data center component, we're going to continue to see growth on that front.

因此，這一數字還在持續增長。儘管該行業佔比較小，但成長速度非常快，並持續保持強勁的兩位數成長。我認為，與資料中心組件相關，我們將繼續看到這方面的成長。

Water, it is uniform across the world right now. These programs, whether it be in the UK, the AMP8 cycle as well as some larger frameworks that are coming up now. We, I think, publicly disclosed what's going on with Central Utah, the West Basin in Southern California.

水，目前全世界的水都是均勻的。這些項目，無論是在英國、AMP8 週期，或是現在正在出現的一些更大的框架。我認為，我們公開揭露了猶他州中部、南加州西部盆地的情況。

These jobs that were -- that we've been working on for nearly a decade are now coming to fruition. And so we're seeing kind of that double-digit pipeline growth in multiple geographies as well as strong P&L performance year-on-year. So we believe that water is going to continue to become a larger part of our overall portfolio. Today, it represents about 25%. That's going to continue to grow.

我們近十年來一直致力於的這些工作現在終於有了成果。因此，我們看到多個地區的管道數量都實現了兩位數成長，損益表現同比強勁。因此，我們相信水將繼續成為我們整體產品組合中更重要的組成部分。如今，這一比例約為 25%。這一數字還會持續成長。

Thank you, Bob, and my follow-up is maybe share some thoughts on your the comments about PA and increasing your investment. What's the genesis of that? And how has that evolved over the last couple of years?

謝謝你，鮑勃，我的後續行動可能是就你關於 PA 和增加投資的評論分享一些想法。它的起源是什麼？過去幾年情況如何？

Yeah, maybe I'll start off and then Venk, you can talk about some of the mechanics. So when we went into the PA investment back four years ago. We had kind of the PE style approach where a partner invested model as well as ourselves with a liquidity event that would occur after year four and before year five. So this is all public information as well.

是的，也許我會開始，然後 Venk，你可以談論一些機制。所以當我們四年前開始進行 PA 投資時。我們採用了一種 PE 風格的方法，即合作夥伴投資模式以及我們自己，流動性事件將發生在第四年之後和第五年之前。所以這也是所有公開資訊。

And so now we're looking at what this is a great opportunity to increase our investment in PA and continue to build on what a lot of hard work and a lot of equity has gone into the partnership and taking it to the next phase, really great time.

所以現在我們正在尋找一個絕佳的機會來增加我們對 PA 的投資，並繼續在合作夥伴關係的基礎上進行大量的努力和投入，並將其帶入下一階段，這真的是一個美好的時刻。

PA is coming off of some real strong backlog growth of reemergence in the UK as well as the Europe business. And together, just what we talked about at Investor Day, that strong consulting and advisory business driving the redefining of the asset life cycle is a great opportunity for us looking forward. So more to follow on that base.

PA 在英國和歐洲業務的復甦中實現了真正強勁的積壓成長。總之，正如我們在投資者日所討論的那樣，強大的諮詢和顧問業務推動著資產生命週期的重新定義，這對我們來說是一個很好的機會。因此，還有更多內容需要關注。

Yeah, and Mike, if I could add to what Bob said. Clearly, from the standpoint of the partnership, it's deepening, it's strengthening in multitude of ways, and we're seeing that showing up in the results and we feel pretty good about the outlook for the remainder of the year, at least for Q3 and beyond. So I'd say, with that having said, we certainly have a very strong balance sheet, a lot of good cash generation ahead of us as well. And we're committed to returning cash to shareholders.

是的，麥克，我可以補充鮑伯所說的內容。顯然，從合作關係的角度來看，這種關係正在不斷深化，並在多方面得到加強，我們看到了這一點在業績中得到體現，我們對今年剩餘時間的前景，至少是第三季度及以後的前景感到十分樂觀。所以我想說，話雖如此，我們的資產負債表確實非常強勁，未來還將產生大量良好的現金。我們致力於向股東返還現金。

We're also -- we've stated all along that we are considering increased stake in PA. And that's something that we're actively looking into. And we'll keep you posted at the right time.

我們也一直表示，我們正在考慮增加 PA 的股份。我們正在積極研究這個問題。我們會在適當的時候向您通報最新情況。

Thanks gentlemen.

謝謝各位先生。

Thank you.

謝謝。

Thanks, Mike.

謝謝，麥克。

Chad Dillard, Bernstein.

查德·迪拉德，伯恩斯坦。

Hey, good morning, guys. I wanted to go back to the prepared remarks when you talked about gross profit and backlog up 15%. I was hoping you could break down the drivers, self-help versus mix, just a relative portion. And when do we see this inflection? Is it more of a 2025 event or is this more of an opportunity for '26? Thanks.

嘿，大家早安。我想回到您談到毛利和積壓訂單增加 15% 時的準備好的發言。我希望您能分解驅動因素，自助與混合，只是一個相對的部分。我們什麼時候會看到這種轉變？這更像是 2025 年的事件，還是 2026 年的機會？謝謝。

Yeah, Ted, thanks for the question. So I'd say, obviously, we will continue to see good growth in our gross profit and backlog. To the extent that we are showing revenue growth for the full year, we do see a lot of opportunity for us to expand on that growth in the coming quarters and years.

是的，泰德，謝謝你的提問。因此我想說，顯然，我們的毛利和積壓訂單將繼續保持良好的成長。就我們全年收入的成長而言，我們確實看到未來幾季和幾年有很多機會擴大這一成長。

From a profitability standpoint, you can tell that the profitability has been steadily up and to the right, and we expect that to continue in Q3 and Q4 as well, so that for the full year at the midpoint of our guidance range, we'll be at a 13.9% EBITDA margin. And so a lot of factors associated with it. It's just the quality of our engagement. And we talked about at Investor Day, our commercial models and global delivery models and so forth.

從獲利能力的角度來看，我們可以看出獲利能力一直在穩步上升，我們預計這種趨勢在第三季和第四季也將繼續，因此，就我們指導範圍的中點而言，全年的 EBITDA 利潤率將達到 13.9%。還有很多相關因素。這只是我們參與的品質。我們在投資者日討論了我們的商業模式和全球交付模式等等。

So multitude of ways for us to increase the gross profit over time, and that will translate into EBITDA margin as well as free cash flow in the coming quarters.

因此，我們可以透過多種方式來提高毛利，這將轉化為未來幾季的 EBITDA 利潤率以及自由現金流。

Great. And then just in terms of your second half revenue guide, can you walk through the moving parts within like the sub segments of IA&F just to get there?

偉大的。那麼，就您下半年的收入指南而言，您能否詳細介紹 IA&F 子部分中的活動部分？

Yeah, why I kick it off, Chad, then Venk can follow up. I'd say that I'd point to five main drivers of the second half revenue growth. And these are, like I spoke about earlier, are coming off of some of these awards have been public, but some of them also we can't disclose.

是的，為什麼我要先開始，Chad，然後 Venk 可以跟進。我想指出下半年收入成長的五個主要驅動力。正如我之前提到的，其中一些獎項已經公開，但有些獎項我們還不能透露。

But starting off with Life Sciences, some large wins. We disclosed the Fuji win, talked about the Merck win. Those are now coming into play as well as continued growth within GLP-1. These, again, were jobs that have gone into our backlog over the course of the last few quarters.

但從生命科學開始，我們取得了一些重大勝利。我們披露了富士的勝利，討論了默克的勝利。這些現在正在發揮作用，同時 GLP-1 也在持續成長。這些工作都是我們在過去幾季積壓的工作。

Water has been uniform, and that is now coming into the second half of the year. AMP8 has been well discussed as well as Jackson, Mississippi and this West Basin win driving those. And so these are just some reference points to highlight the growth. Semi, that high-bandwidth memory work that we're doing in the international work, that's now coming into play. So you can kind of see this theme of energy and power and data centers also adding to that, giving us some real strong wins.

水勢一直保持平穩，現在已經進入下半年。AMP8 以及傑克遜、密西西比和西盆地的勝利都引起了廣泛的討論。這些只是突出增長的一些參考點。Semi，我們在國際工作中所做的高頻寬記憶體工作，現在正在發揮作用。因此，你可以看到能源、電力和資料中心這個主題也對此有所貢獻，為我們帶來了一些真正的強大勝利。

And those is more steady growth for us. We have been steadily kind of mid-single digits growing in Transportation, not just in the US but also in Southeast Asia and specifically ANZ and Europe. So those are all kind of been off the backs back of Aviation, but some really strong highway and rail work too.

這對我們來說是更穩定的成長。我們在交通運輸領域的業務一直保持中等個位數的穩定成長，不僅在美國，而且在東南亞，特別是澳新銀行和歐洲。所以這些都是航空業的後盾，但也有一些非常強大的公路和鐵路工作。

Right. Yeah. And just to add to what Bob said, when you look at it across these different end markets that Bob highlighted and the specific wins, we've been talking about some of these bookings wins in the last several quarters. A lot of them are coming to fruition. We started some of them happening in Q2, but you're seeing an acceleration of that in Q3 and Q4, that's what gives us visibility into the 5% to 7% sequential growth in Q3 and driven by the specific market opportunities as well as wins that we have demonstrated over the last several quarters.

正確的。是的。補充鮑伯所說的內容，當你查看鮑勃強調的這些不同終端市場和具體勝利時，我們一直在談論過去幾個季度的一些預訂勝利。其中很多都已取得成果。其中一些舉措在第二季度就開始實施，但您會看到在第三季度和第四季度這一進程加速，這讓我們能夠看到第三季度 5% 至 7% 的連續增長，並且受到特定市場機會以及我們在過去幾個季度中取得的勝利的推動。

Great, thanks guys.

太好了，謝謝大家。

Thank you.

謝謝。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc 資本市場。

Hey, thank you for taking my question. Most of them have been answered, so I'm just going to follow up on details on a couple. One is on margins. I understand you gave us second half outlook, but I just want to make sure I understand which segment we should expect to inflect more strongly in third quarter since PA Consulting seems to be growing at that 22% range anyway. So should we expect more of an inflection in I&AF?

嘿，謝謝你回答我的問題。大多數問題都已得到解答，因此我只想跟進幾個問題的細節。一是利潤率。我知道您給了我們下半年的展望，但我只是想確保我了解我們應該預期哪個部門在第三季度表現更強勁，因為 PA Consulting 似乎無論如何都會以 22% 的幅度增長。那麼我們是否應該期待 I&AF 會出現更多變化？

Yeah, you're exactly right, Sangita. I think I&AF is where we see the biggest margin improvement opportunity. And it's a combination of not only the mix and GID and other things that we talked about in the past, but the fact that we are also seeing some good growth in some of these businesses that span the entirety of the life cycle, so to speak.

是的，你說得完全正確，桑吉塔。我認為 I&AF 是我們看到的最大利潤提升機會。這不僅是我們過去談到的組合、GID 和其他因素的結合，而且事實上我們也看到一些涵蓋整個生命週期的業務實現了良好的成長。

And we certainly also want to point out that we did absorb the full effect of the JV matter in the quarter. And therefore, we feel pretty good about where our margins can be in Q3 and Q4, such that it gives us a good visibility to get to the 13.8% to 14% margins.

我們當然也想指出，我們確實在本季吸收了合資問題的全部影響。因此，我們對第三季和第四季的利潤率感到非常滿意，這讓我們能夠很好地實現 13.8% 至 14% 的利潤率。

Got it thanks. That was helpful. And on the backlog, it -- should we I know last couple of quarters, you've said that your backlog is longer duration, and thus the stronger backlog growth versus revenue growth. Should we assume that the case in this quarter also? And is this maybe a strategic decision on your part to book these kind of larger, longer duration projects?

明白了，謝謝。這很有幫助。關於積壓訂單，我知道過去幾個季度，您說過積壓訂單持續時間較長，因此積壓訂單成長比收入成長更強勁。我們是否也應該假設本季的情況也是如此？承接這類規模更大、持續時間更長的專案是否是您做出的策略決策？

When you say this quarter, Sangita, you're talking about Q2?

桑吉塔，您說的這個季度是指第二季嗎？

Q2, yes.

Q2，是的。

Yeah, Q2. As far as a strategic decision to go after the larger programs, that's always been a part of our pedigree for several years. So we're working with our clients and our clients capital portfolio. There are larger jobs at times in their capital portfolio, there's smaller jobs. So if you look at the 25,000-plus engagements, projects, programs that we have with our clients around the world, there'll be a spread to the size of the jobs.

是的，第二季。至於追求更大專案的策略決策，這多年來一直是我們血統的一部分。因此，我們正在與我們的客戶和客戶的資本組合合作。他們的資本組合中有時有較大的工作，有時也有較小的工作。因此，如果你看一下我們與世界各地客戶簽訂的 25,000 多個合約、專案和計劃，就會發現工作量大小不一。

I think the key point is that we're not chasing jobs. We're in the middle of our clients capital budgets, and those have a spread and a profile to them.

我認為關鍵在於我們不是在追逐工作。我們處於客戶資本預算的中間，這些預算對他們來說具有一定的範圍和特徵。

And Sangita, if I can add to it. I would say it's more of a portfolio approach, right? So depending on the end market, depending on how complete the asset life cycle is covered by a particular project, we kind of pick and choose.

還有 Sangita，如果可以補充的話。我想說這更像是一種投資組合方法，對嗎？因此，根據最終市場以及特定項目涵蓋資產生命週期的完整程度，我們會進行選擇。

Having said that, we certainly want to have a nice balance between things that are faster burning such that it has an immediate impact and things that are longer term in nature because that has a lot of visibility as well. So that it's kind of a balanced approach. And on top of it, clearly, from a margin expansion standpoint, we certainly want to drive value for the value that we provide to clients.

話雖如此，我們當然希望在那些燃燒速度較快、能產生直接影響的事物和那些長期性事物之間取得良好的平衡，因為長期性事物也具有很大的可見性。這是一種平衡的方法。最重要的是，顯然，從利潤擴張的角度來看，我們當然希望透過我們為客戶提供的價值來創造價值。

Great, I appreciate the answers. Thank you.

太好了，我很感謝你的回答。謝謝。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Hi, good morning. I guess just two quick follow-up questions. One, just on PA Consulting, it sounds like that's moving forward earlier, I think, than some people would have thought. I guess just broader, Bob, how are you thinking about besides size PA Consulting as we look to 2026? How are you -- what's your appetite for sort of broader M&A in addition to PA consulting?

嗨，早安。我想只需問兩個簡單的後續問題。首先，僅就 PA Consulting 而言，我認為，這聽起來比一些人想像的要早得多。我想更廣泛地說，鮑勃，當我們展望 2026 年時，除了 PA Consulting 的規模之外，您還考慮什麼？您好嗎？除了 PA 諮詢之外，您對更廣泛的併購有什麼興趣？

And then my follow-up question, Venk, just on the guide, given where we are, where earnings came out in the first half of the year, it seems like, I don't know the high end or anything above the midpoint is probably more challenged to get there? I mean is that how your viewing things should we look at the sort of the low end to mid-end of the guide is more likely versus high end on, thanks on EPS?

然後我的後續問題是，Venk，僅就指南而言，考慮到我們現在的情況，今年上半年的收益情況，似乎我不知道高端或中點以上的任何數字可能更難達到？我的意思是，我們應該如何看待事物，指南的低端到中端更有可能與高端相比，感謝 EPS？

Sure. Sure. So Jamie, maybe on the first one, let me the PA timing, and maybe that's just how we articulate. The PA timing has not been pulled forward. That was always it's kind of on schedule. We really wanted to make sure that we were at a point where the strength of the partnership and the collaboration that we're seeing on different opportunities has really come to fruition.

當然。當然。所以 Jamie，也許在第一個問題上，讓我了解 PA 時間，也許這就是我們表達的方式。PA 時間尚未提前。這總是按計劃進行的。我們確實希望確保我們所處的階段能夠真正發揮合作夥伴關係和在不同機會上所看到的協作的力量。

So that's actually, I'd call it right on track and a lot of hard work been done by both parties to get it there. And so more to follow on that front. As far as anything further, not now. This is an organic execution play. We feel really strongly, along with PA, that the portfolio is where we need it. We need to continue to focus in on our clients, ourselves and the model that we have in the return of capital to shareholders. And so that's the path that we're on right now.

所以實際上，我認為一切都已步入正​​軌，雙方都為實現這一目標付出了很多努力。關於這方面還有更多後續內容。至於進一步的事情，現在還不行。這是一個有機執行的劇本。我們和 PA 一樣強烈地感覺到，這個投資組合正是我們所需要的。我們需要繼續關注我們的客戶、我們自己以及我們向股東返還資本的模式。這就是我們現在所走的路。

Yeah, and Jamie, if I take the second part of your question was just on the guidance. So clearly, we've given guidance for Q3, which is based on everything that you heard Bob and I talk about in terms of our end market exposure and so forth, we feel comfortable with the 5% to 7% growth rate. And then the more important part is on the margin expansion front. So we feel really good about the 13.8% to 14% margin.

是的，傑米，如果我理解你的問題的第二部分只是關於指導。因此很明顯，我們已經給出了第三季度的指導，這是基於你聽到的鮑勃和我談論的有關我們的終端市場曝光度等方面的所有內容，我們對 5% 到 7% 的增長率感到滿意。然後更重要的部分是利潤擴張方面。因此，我們對 13.8% 至 14% 的利潤率感到非常滿意。

So when you take all of that into account, from the standpoint of our EPS, we feel pretty good about getting there, just driven by not only the revenue growth, but as well as the margin expansion as well as EPS. And then obviously, we are cognizant of what's happening in the macro. So we continue to watch it, and we will take appropriate actions. But suffice it to say that where we stand right now with the business key metrics that we're watching, we feel comfortable with the 5% to 7% sequential growth rate.

因此，當你考慮到所有這些因素時，從我們的每股盈餘的角度來看，我們對實現這一目標感到非常高興，這不僅是由於收入成長，還得益於利潤率和每股盈餘的擴大。顯然，我們知道宏觀發生了什麼。因此我們會繼續關注，並採取適當的行動。但我可以說，就我們目前所關注的業務關鍵指標而言，我們對 5% 至 7% 的連續成長率感到滿意。

Thank you.

謝謝。

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇。

Yes, hi, good morning everyone.

是的，大家早安。

Hi, good morning, Jerry.

嗨，早上好，傑瑞。

Hi. As we look at the performance geographically, you folks had outstanding growth in Middle East and India, nearly half of your dollar growth in the quarter. Can you just talk about how much runway you have to grow in those regions?

你好。從地理分佈來看，你們在中東和印度地區取得了顯著的成長，佔本季美元成長的近一半。您能否談談在這些地區還有多少發展空間？

And separately, US has been roughly flattish just given the projects that you folks spoke about. Can you just put a finer point on whether you expect your top line growth to accelerate in the US as you laid out the framework over the balance of the year?

另外，就你們談到的項目而言，美國的情況大致持平。您能否更詳細地說明一下，正如您在今年餘下時間制定的框架一樣，您是否預計美國地區的營收成長將會加速？

Sure. So let me address the first part, India and Middle East. Jerry, we see -- I don't want to go so far to say limitless, but our growth potential in the Middle East and India is not constrained by resource. And with our global delivery model, where if you go to the Middle East on any of these larger programs that we have, we literally have the United Nations there on site, and it's a testament to our very inclusive culture that we've worked on so hard at Jacobs.

當然。那麼讓我來談談第一部分，印度和中東。傑瑞，我們看到──我不想說無限，但我們在中東和印度的成長潛力並不受資源的限制。透過我們的全球交付模式，如果你去中東執行我們任何一個大型項目，你會發現聯合國就在那裡，這證明了我們在雅各布斯努力打造的包容性文化。

So I think the use of people and talent from around the world in the Middle East continues to facilitate that growth trajectory. In India, it's kind of the reverse. The ability for our Indian talent to not only support now what's happening with regard to technology manufacturing in India as well as India for the rest of the world continues to grow. So I think that those two areas continue to be really strong areas of growth, not just for that geography, but also how those geographies facilitate the balance of growth.

因此我認為，中東地區利用來自世界各地的人才將繼續促進這一成長軌跡。在印度，情況正好相反。我們的印度人才不僅能夠支持印度的技術製造，而且能夠支持印度為世界其他地區所取得的進展，這種能力正在不斷增強。因此，我認為這兩個地區將繼續成為真正強勁的成長領域，不僅對於該地區而言，而且對於這些地區如何促進成長平衡。

On the US, I think that you might be looking at a gross number. The net service revenue that we are experiencing in the US right now across our verticals is in growth mode. So maybe we could talk a little bit more about that offline and kind of showing that full picture. But that growth in the US continues to be a strong part of our business.

關於美國，我認為你可能正在看一個總數。目前，我們在美國各垂直領域的淨服務收入都處於成長模式。因此，也許我們可以在線下多談談這個問題，並展示完整的畫面。但美國市場的成長仍然是我們業務的重要組成部分。

Super. And then just to put a finer point on the project selection part of the conversation, the write-down in water and environmental. Can you just talk about, for you folks, obviously, unusual relative to history, are there any other projects that are of similar vintage or a similar risk within the portfolio or any projects where you're monitoring risk factors given the write-down?

極好的。然後，為了更詳細地說明對話中關於項目選擇的部分，將水和環境方面的內容寫下來。您能否談談，對於您們來說，顯然，相對於歷史而言是不尋常的，是否有其他具有類似年份或投資組合中類似風險的項目，或者您是否正在監控減記風險因素的項目？

Yeah, Jerry, our project risk doctrine, with strong governance over that, remains strong across the entire portfolio. Hence, these are not events that happen, not even routine, but even in a decade. So I think that this project selection, we've been involved with this job well, I said 2016 the early conceptualization of these programs are even beyond that. And it's something that we've worked with the client for a long time, and it's one that has had a tremendous impact on the community.

是的，傑瑞，我們的專案風險原則，在強有力的治理下，在整個投資組合中仍然保持強勁。因此，這些都不是會發生的事件，甚至不是例行公事，甚至連十年都不會發生。所以我認為這個專案選擇，我們已經很好地參與了這項工作，我說過 2016 年這些專案的早期概念化甚至超越了這一點。這是我們與客戶長期合作的項目，並且對社區產生了巨大的影響。

So selection, I'm not questioning that at all and as well as the tools and the risk mitigation that we utilize across our portfolio remains very strong. These are just -- these are situations that happen. And again, we're appropriately reserved and feel strongly about the entirety of the portfolio.

因此，我完全不質疑選擇，而且我們在整個投資組合中使用的工具和風險緩解措施仍然非常強大。這些只是——這些是確實發生的情況。再次強調，我們保持適當的保留態度，並對整個投資組合抱持強烈的信心。

Okay, thank you.

好的，謝謝。

And that concludes our question-and-answer session. And I will now turn the conference back over to Bob Pragada for closing comments.

我們的問答環節到此結束。現在我將會議交還給 Bob Pragada 進行總結發言。

Everyone, thank you for joining our earnings call. We look forward to engaging with many of you over the coming days and weeks and look forward to a strong second half. Thank you, everyone.

大家好，感謝你們參加我們的財報電話會議。我們期待在未來幾天和幾週內與你們中的許多人進行交流，並期待下半年取得強勁進展。謝謝大家。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。