雅各布工程 (J) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Jacobs Fiscal Third Quarter 2025 Earnings Conference Call and Webcast. (Operator Instructions)

感謝您的支持。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 財年第三季財報電話會議和網路廣播。（操作員指示）

Thank you. I would now like to turn the conference over to Bert Subin, Head of Investor Relations. Bert, you may begin.

謝謝。現在我想將會議交給投資者關係主管 Bert Subin。伯特，你可以開始了。

Thank you, Krista, 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 we'll reference during the call. I would like to refer you to slide 2 of the presentation for information about our forward-looking statements, non-GAAP financial measures and operating measures.

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，我們將在電話會議中參考該演示。請您參閱簡報的第二張投影片，以了解有關我們的前瞻性陳述、非公認會計準則財務指標和營運指標的資訊。

Now let's turn to the agenda on slide 3. Speaking on today's call will be Jacobs' Chair and CEO, Bob Pragada; and CFO, Venk Nathamuni. Bob will begin by providing comments on the business as well as highlights from our third quarter results and a recap of notable awards. Venk will then provide a detailed review of our financial performance, including commentary on end market trends, cash flows and balance sheet data. Finally, Bob will provide closing remarks, and then we'll open up the call for questions.

現在讓我們來看看投影片 3 上的議程。今天的電話會議發言者將是 Jacobs 董事長兼執行長 Bob Pragada 和財務長 Venk Nathamuni。鮑伯將首先對業務發表評論，並回顧我們第三季度的業績亮點和值得注意的獎項。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。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, Bob Pragada.

說完這些，我將把麥克風交給我們的董事長兼執行長 Bob Pragada。

Thanks, Bert. Good day, everyone, and thank you for joining us to discuss our third quarter 2025 business performance. We delivered very strong results for Q3, meeting or exceeding our expectations across all key metrics. First, adjusted EPS grew 25% to $1.62, supported by 7% net revenue growth and meaningful year-over-year margin expansion. Second, PA Consulting capitalized on strong demand, delivering double-digit revenue and operating profit growth. And third, backlog grew 14% to nearly $23 billion, setting a new record.

謝謝，伯特。大家好，感謝您加入我們討論 2025 年第三季的業務表現。我們在第三季取得了非常強勁的業績，所有關鍵指標都達到或超越了我們的預期。首先，調整後的每股盈餘成長 25% 至 1.62 美元，這得益於 7% 的淨收入成長和利潤率的同比大幅成長。其次，PA Consulting 利用強勁的需求，實現了兩位數的營收和營業利潤成長。第三，積壓訂單成長14%，達到近230億美元，創下新高。

Overall, we are very pleased with our third quarter results, which enabled us to raise our FY '25 adjusted EPS guidance for the second time this year. We continue to monitor macro conditions and right now, we feel good about our operating environment. We are seeing secular growth drivers in life sciences, semiconductor, data center, energy and power and water sectors that have resulted in continued upward trends in spending across our business. We continue to manage well through an uncertain economic backdrop and expect to build on our strong Q3 performance in Q4.

總體而言，我們對第三季的業績非常滿意，這使我們能夠今年第二次提高 25 財年調整後每股收益預期。我們繼續監測宏觀條件，目前，我們對我們的經營環境感覺良好。我們看到生命科學、半導體、資料中心、能源電力和水務領域的長期成長動力，這導致我們整個業務的支出持續呈上升趨勢。在經濟情勢不確定的情況下，我們繼續保持良好的管理，並有望在第四季度延續第三季的強勁表現。

Turning to slide 4 and focusing on our results. Adjusted net revenue growth of 7% in Q3, combined with strong year-over-year margin expansion helped drive a more than 13% increase in adjusted EBITDA to $314 million. Excluding the mark-to-market impact from our investment in momentum stock, which we now have fully exited and other items, Q3 adjusted EPS was $1.62, a robust 25% increase compared to the previous year. The small difference between this and our GAAP EPS of $1.56 underscores what we view as improving earnings quality.

翻到幻燈片 4 並關注我們的結果。第三季調整後淨收入成長 7%，加上利潤率年增強勁成長，推動調整後 EBITDA 成長超過 13%，達到 3.14 億美元。不計入我們對動量股的投資（現已全部退出）和其他項目的市價計價的影響，第三季調整後的每股收益為 1.62 美元，較上年同期強勁增長 25%。這與我們的 GAAP EPS 1.56 美元之間的微小差異凸顯了我們認為的盈利品質提高。

Turning to bookings. Our trailing 12-month book-to-bill was 1.2x, with gross revenue in backlog of 14% year-over-year in Q3. Gross profit in backlog was also up 14% year-over-year, reflecting another strong quarter of sales. Our backlog growth and bookings momentum remained positive, positioning us well in the fourth quarter and into fiscal 2026.

轉向預訂。我們過去 12 個月的訂單出貨比為 1.2 倍，第三季積壓總營收年增 14%。積壓訂單的毛利也比去年同期成長了 14%，反映出又一個季度的銷售強勁。我們的積壓訂單成長和預訂動能依然保持積極，為我們在第四季和 2026 財年奠定了良好的基礎。

Turning to slide 5. I'd like to highlight a few notable Infrastructure and Advanced Facilities project awards from Q3. These wins highlight the power of our strategy to redefine the asset life cycle as we prioritize expanding our addressable markets with core clients. We continue to see strong global demand in water environmental, particularly in the water sector, which remains one of the most resilient and high-growth areas of our portfolio. Our full life cycle delivery model and deep domain expertise are helping our clients address aging infrastructure, water scarcity and regulatory challenges worldwide.

翻到幻燈片 5。我想重點介紹一下第三季的一些值得注意的基礎設施和先進設施項目獎。這些勝利凸顯了我們重新定義資產生命週期策略的力量，因為我們優先考慮透過核心客戶擴大我們的潛在市場。我們繼續看到全球對水環境的強勁需求，特別是水務領域，它仍然是我們投資組合中最具彈性和高成長的領域之一。我們的全生命週期交付模式和深厚的領域專業知識正在幫助我們的客戶解決全球老化的基礎設施、水資源短缺和監管挑戰。

This quarter in the water sector, we secured additional scope for the Little Miami wastewater treatment facility with the Metropolitan Sewer District of Greater Cincinnati. This critical modernization effort will support region-wide biosolids reuse for three wastewater treatment plants, providing a renewable energy source to operate a 70-year-old facility.

本季度，在水務領域，我們與大辛辛那提都會污水處理區合作，為小邁阿密污水處理廠爭取了額外的合作空間。這項重要的現代化工程將支援整個地區三個污水處理廠的生物固體再利用，為這座擁有 70 年歷史的設施提供再生能源。

Construction for the program is expected to be completed in late 2028. We continue to deliver solid growth in life sciences and advanced manufacturing end market with data centers becoming the fastest-growing submarket. At Jacobs, we have leveraged Digital Twin technologies for more than a decade to transform how critical infrastructure is designed, built and operated, most notably in the water and transportation markets.

該項目預計將於 2028 年底完工。我們繼續在生命科學和先進製造終端市場實現穩健成長，其中資料中心成為成長最快的子市場。在 Jacobs，我們十多年來一直利用數位孿生技術來改變關鍵基礎設施的設計、建造和運作方式，尤其是在水和運輸市場。

Today, we're applying that expertise to AI data centers, expanding beyond traditional design into intelligent integrated solutions. In a new partnership with NVIDIA, we're advancing the Omniverse Blueprint to create Digital Twins of AI factories, enabling high fidelity simulations that optimize power, cooling and network systems. Accordingly, we see the potential for this digital clean to serve as the reference framework for NVIDIA customers globally.

今天，我們將這些專業知識應用於人工智慧資料中心，從傳統設計擴展到智慧整合解決方案。在與 NVIDIA 建立新的合作夥伴關係後，我們正在推進 Omniverse 藍圖，以創建 AI 工廠的數位孿生，以實現優化電力、冷卻和網路系統的高保真模擬。因此，我們認為這種數位清理有潛力成為全球 NVIDIA 客戶的參考框架。

In addition to our key win with NVIDIA, we're also engaged by a confidential client during Q3 to provide engineering, procurement and construction management services for the transformation of a legacy manufacturing facility in the Southeastern and the United States into a cutting-edge high-performance data center. We captured meaningful scope on this program by leveraging our cross-sector capabilities, and we are seeing more and more opportunities like this in the market.

除了與 NVIDIA 取得的關鍵勝利之外，我們還在第三季與一位保密客戶合作，為將美國東南部一家傳統製造工廠改造成尖端高性能資料中心提供工程、採購和施工管理服務。我們利用跨行業能力在該計劃上取得了有意義的進展，並且我們在市場上看到越來越多這樣的機會。

We are also seeing solid demand across the critical infrastructure end market with all verticals performing well in Q3. Clients are prioritizing modernization, resilience and smart technologies as they advance the next generation of transportation systems, airports, building and energy infrastructure. We're helping them achieve these goals through integrated solutions that prioritize efficient capital investment.

我們也看到關鍵基礎設施終端市場需求強勁，所有垂直產業在第三季表現良好。客戶在推動下一代交通系統、機場、建築和能源基礎設施建設時，優先考慮現代化、彈性和智慧技術。我們正在透過優先考慮高效資本投資的綜合解決方案來幫助他們實現這些目標。

In Q3, we secured a landmark digital transformation engagement with our long-term client, Dallas Fort Worth International Airport in partnership with PA Consulting, leveraging our expertise in both artificial intelligence and airport infrastructure, we are helping DFW accelerate innovation and enhance operational efficiency. Our number one E&R ranking and airport design paired with our leading digital portfolio position us well for global demand across as air travel increases and airport investment needs rise.

在第三季度，我們與長期客戶達拉斯沃斯堡國際機場 (Dallas Fort Worth International Airport) 和 PA Consulting 達成了具有里程碑意義的數位轉型合作，利用我們在人工智慧和機場基礎設施方面的專業知識，幫助 DFW 加速創新並提高營運效率。隨著航空旅行的增加和機場投資需求的上升，我們排名第一的 E&R 排名和機場設計以及領先的數位產品組合使我們能夠很好地滿足全球需求。

Additionally, our energy and power team secured one of the company's largest wins in Australia year-to-date as the integrated delivery partner for the Marinus Link project. This 345-kilometer electricity and data interconnector between Tasmania and Victoria will provide 1,500 megawatts of capacity, enough to power 1.5 million homes playing a critical role in strengthening the reliability of Australia's East Coast electricity grid. This win highlights how we leverage global expertise in capital project execution and utility infrastructure to help clients meet their energy and sustainability goals. In summary, these awards reflect our focused execution in high-growth markets and our ability to deliver leading digitally-enabled solutions to our clients.

此外，我們的能源和電力團隊作為 Marinus Link 項目的綜合交付合作夥伴，贏得了該公司今年迄今為止在澳洲最大的勝利之一。塔斯馬尼亞州和維多利亞州之間這條 345 公里長的電力和數據互連線路將提供 1,500 兆瓦的容量，足以為 150 萬戶家庭供電，在加強澳洲東海岸電網的可靠性方面發揮關鍵作用。此次獲獎凸顯了我們如何利用資本項目執行和公用事業基礎設施的全球專業知識來幫助客戶實現其能源和永續發展目標。總而言之，這些獎項反映了我們在高成長市場的專注執行力以及我們為客戶提供領先的數位化解決方案的能力。

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 day, everyone. Let me begin by summarizing a few of the financial highlights on slide number 6, followed by additional context on our quarterly performance. In the third quarter, gross revenue increased 5% year-over-year and adjusted net revenue, which excludes pass-through revenue grew by 7%.

謝謝你，鮑勃，大家好。首先，我總結一下第 6 張投影片上的幾個財務亮點，然後再介紹一下我們季度業績的更多背景資訊。第三季度，總營收年增 5%，不包括轉嫁收入的調整後淨收入成長 7%。

Q3 adjusted EBITDA was $314 million, growing more than 13% year-over-year. Our adjusted EBITDA margin during Q3 came in strong at 14.1%, which is an increase of 80 basis points versus the same quarter last year. As a result, adjusted EPS close to $1.62, a 25% increase year-over-year.

第三季調整後的 EBITDA 為 3.14 億美元，年成長超過 13%。我們第三季的調整後 EBITDA 利潤率強勁達到 14.1%，比去年同期成長了 80 個基點。因此，調整後的每股盈餘接近 1.62 美元，年增 25%。

Our disciplined cost management contributed to a new record for margins, and we're well positioned to build on this momentum in Q4 and in fiscal year '26.

我們嚴格的成本管理推動利潤率創下新高，我們已準備好在第四季和 26 財年繼續保持這一勢頭。

Also, as Bob touched on, consolidated backlog was up 14% year-over-year to a record $22.7 billion, including our trailing 12-month book-to-bill at 1.2x. Gross profit in backlog also increased 14% year-over-year during Q3, a strong indicator of our positioning as we head into next year.

此外，正如鮑伯所提到的，合併未完成訂單年增14%，達到創紀錄的227億美元，其中包括我們過去12個月的訂單出貨比為1.2倍。第三季度，未完成訂單的毛利也較去年同期成長14%，這有力地顯示了我們邁向明年的良好定位。

Regarding our performance by end market and infrastructure and advanced facilities, let's now turn to slide number 7. Demand for services in the water, environmental end market remains favorable across all major geographies with very strong top line performance in the water sector during Q3.

關於我們在終端市場、基礎設施和先進設施方面的表現，現在我們來看第 7 張投影片。所有主要地區對水務、環境終端市場服務的需求依然良好，第三季水務業的營收表現非常強勁。

Total adjusted net revenue growth for water and environmental rose more than 5% in Q3, and we expect growth to remain in a similar range in Q4, aided by continued demand strength in water. In our life sciences and advanced manufacturing end market, adjusted net revenue also grew approximately 5% in Q3. We've seen notable growth in the data center submarket that has complemented continued strong performance in the Life Sciences sector. As we move into Q4, we expect growth to increase relative to our Q3 results.

第三季度，水務和環境業務的總調整後淨收入成長了 5% 以上，我們預計，在水務需求持續強勁的推動下，第四季的成長將保持在類似的範圍內。在我們的生命科學和先進製造終端市場，第三季調整後的淨收入也增加了約 5%。我們看到資料中心子市場顯著成長，這與生命科學領域持續強勁的表現相得益彰。隨著進入第四季度，我們預計成長將相對於第三季的業績增加。

In Critical Infrastructure, adjusted net revenue increased over 6% year-on-year. Within this end market, energy and power remain our fastest-growing sector, but improvement in transportation sector growth particularly in Europe, helped drive better year-on-year performance versus Q2. Encouragingly, growth in the cities and places vertical is also moving in the right direction on the back of Middle East strength. Looking ahead, we expect critical infrastructure growth to moderate slightly in Q4, but remain healthy.

在關鍵基礎設施方面，調整後的淨收入年增超過 6%。在這個終端市場中，能源和電力仍然是我們成長最快的產業，但運輸業成長的改善（特別是在歐洲），有助於推動與第二季相比更好的年比業績。令人鼓舞的是，在中東實力的推動下，城市和地方的垂直成長也正朝著正確的方向發展。展望未來，我們預計關鍵基礎設施成長在第四季度將略有放緩，但仍將保持健康。

Now moving on to slide number 8, I will provide a brief overview of our segment financials. In Q3, infrastructure and advanced facilities operating profit increased over 13% year-on-year with a modest tailwind from FX. PA Consulting built on strong second quarter improvement and delivered a notable uptick in revenue growth to 15% during the third quarter. This resulted in operating profit increasing 15% year-over-year in total and 9% in constant currency on a 22% operating margin.

現在轉到第 8 張投影片，我將簡要概述我們各部門的財務狀況。第三季度，在外匯的溫和推動下，基礎設施和先進設施的營業利潤年增超過 13%。PA Consulting 在第二季強勁成長的基礎上，第三季營收成長顯著上升至 15%。這使得營業利潤整體年增 15%，以固定匯率計算成長 9%，營業利益率為 22%。

PA Consulting's momentum in the US and across the private sector was augmented by improving public sector spending in the UK We continue to see favorable trends in PA's, backlog and pipeline which have both increased double digits year-on-year. We believe growth in these metrics is a positive leading indicator of future results.

英國公共部門支出的改善增強了 PA Consulting 在美國和整個私營部門的發展勢頭。我們繼續看到 PA、積壓訂單和管道呈現良好趨勢，年比均實現了兩位數成長。我們相信這些指標的成長是未來結果的正面領先指標。

Now 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 Q3, inclusive of record capital returns through the first three quarters of fiscal year '25.

現在請看投影片 9。我們提供了現金產生和資產負債表的概述。總體而言，我們的資產負債表在第三季結束時仍然保持良好狀態，包括 25 財年前三個季度創紀錄的資本回報。

Focusing on the quarter, Q3 free cash flow was $271 million, which was in line with our expectation for free cash generation to inflect in the second half of the year, as earnings increased and working capital improved.

集中於本季度，第三季度自由現金流為 2.71 億美元，這符合我們對下半年自由現金產生的影響的預期，因為收益增加且營運資本改善。

During the quarter, we repurchased $101 million in shares, bringing our fiscal year-to-date repurchases to a record $653 million. Additionally, early in Q3, we received $70 million in favorable working capital adjustments from the CMS transaction, and finalize ownership of Amentum shares previously held in Escrow. We use these cash proceeds to further reduce our debt.

本季度，我們回購了價值 1.01 億美元的股票，使我們本財年迄今的回購額達到創紀錄的 6.53 億美元。此外，在第三季初，我們從 CMS 交易中獲得了 7,000 萬美元的有利營運資本調整，並最終確定了先前託管的 Amentum 股份的所有權。我們利用這些現金收益進一步減少我們的債務。

In addition to our quarterly cash dividend, we also distributed the Amentum shares released from Escrow to our shareholders on a pro rata basis. This represented approximately $159 million in incremental capital returns to shareholders based on the Amentum share price when declared.

除了季度現金股利外，我們還按比例將從託管中釋放的 Amentum 股份分配給股東。根據 Amentum 宣佈時的股價計算，這代表著向股東帶來約 1.59 億美元的增量資本回報。

Our balance sheet strength supports continued investment in the business, along with continued returns to shareholders via share repurchases and long-term dividend growth. 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 material increase in share repurchase activity this year.

我們的資產負債表實力支持對業務的持續投資，以及透過股票回購和長期股息成長持續向股東帶來回報。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，這比去年同期增長了 10%，而且我們今年的股票回購活動也大幅增加。

We continue to view our shares as an attractive investment and have remained consistent buyers as a result. In total, we returned $927 million to shareholders through repurchases and dividends over the past three quarters alone.

我們繼續將我們的股票視為一項有吸引力的投資，並因此一直是穩定的買家。僅在過去三個季度，我們就透過回購和股息向股東返還了 9.27 億美元。

Summing this all up, we ended the quarter at the low end of our 1.0 to 1.5x net leverage target and we're on track to return well more than 100% of adjusted free cash flow in fiscal year '25. This puts us in a strong financial position as we close out the year.

總而言之，在本季結束時，我們的淨槓桿率處於 1.0 至 1.5 倍目標的低端，並且我們預計在 25 財年實現遠超 100% 的調整後自由現金流回報。這使得我們在年底時擁有強大的財務狀況。

Finally, please turn to slide number 10. As we enter Q4, we are updating our outlook for fiscal year '25. We now expect adjusted net revenue to grow approximately 5.5% year-over-year. Adjusted EBITDA margin to be approximately 13.9% and adjusted EPS range of $6 to $6.10 and we'll continue to expect reported free cash flow conversion to be more than 100%.

最後，請翻到第 10 張投影片。隨著進入第四季度，我們正在更新 25 財年的展望。我們現在預計調整後的淨收入將年增約 5.5%。調整後的 EBITDA 利潤率約為 13.9%，調整後的 EPS 範圍為 6 美元至 6.10 美元，我們將繼續預計報告的自由現金流轉換率將超過 100%。

As it relates to the fourth quarter, the midpoint of our guidance implies sequential improvement in net revenue, adjusted EBITDA margin and adjusted EPS. In summary, strong Q3 performance, combined with our forecast for Q4, support our decision to raise the midpoint of our full year adjusted earnings outlook.

就第四季而言，我們指引的中點意味著淨收入、調整後的 EBITDA 利潤率和調整後的 EPS 將連續改善。總而言之，第三季的強勁表現，加上我們對第四季度的預測，支持我們上調全年調整後獲利預期中位數的決定。

Now looking ahead to fiscal year '26, we feel good about our positioning. Since we're still in the planning phase, we'll provide a more detailed update on our expectations for fiscal year '26 next quarter. What we can share now is that we expect revenue growth to be ahead of fiscal year '25 with continued margin improvement as our gross margin initiatives begin to face it. Altogether, this should result in solid adjusted EPS growth next year. In summary, we expect to finish the fiscal year on a strong note and plan to build on this performance in fiscal year '26.

現在展望 26 財年，我們對自己的定位感到滿意。由於我們仍處於規劃階段，我們將在下個季度提供有關 26 財年預期的更詳細更新。我們現在可以分享的是，我們預計收入成長將超過 25 財年，並且隨著我們的毛利率計劃開始面臨挑戰，利潤率將繼續提高。總而言之，這將導致明年調整後的每股盈餘穩健成長。總而言之，我們預計本財年將以強勁的業績結束，並計劃在 26 財年繼續鞏固這一業績。

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. With FY '25 nearly complete, we are preparing for continued success in FY '26, aided by our record backlog and strong pipeline. We've navigated our first few quarters following the CMS and divergence solution separations very well and are just beginning to unlock the full potential of our business. As global secular trends take hold in our strategy to redefine the asset life cycle gains momentum, we see significant opportunity ahead.

謝謝你，Venk。隨著 25 財年即將結束，我們正準備在創紀錄的訂單量和強大的產品線的幫助下，在 26 財年繼續取得成功。在 CMS 和分歧解決方案分離後的最初幾個季度裡，我們表現得非常出色，並且剛開始釋放我們業務的全部潛力。隨著全球長期趨勢在我們重新定義資產生命週期的策略中佔據主導地位，我們看到了未來的重大機會。

Operator, we will now turn the call over for questions.

接線員，我們現在將把電話轉交給提問者。

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）

Sangita Jain with KeyBanc Capital Markets.

Sangita Jain 與 KeyBanc 資本市場。

Yeah, good morning. Thank you for taking my questions. So the first one, I would say on the data center submarket growth that you guys talked about. Can you maybe expand on that? Are you seeing bigger scopes being designed to Jacobs? And what type of work does it involve? Is it related to power engineering or water or just data center design?

是的，早安。感謝您回答我的問題。因此，首先我想談談你們談到的資料中心子市場的成長。能詳細闡述嗎？您是否看到 Jacobs 正在設計更大的範圍？它涉及什麼類型的工作？它與電力工程或水利工程有關嗎，或只是與資料中心設計有關？

Yes. So Sangita, thanks for the question. It's all of the above. So right now, if you kind of look at the three distinct sectors of data centers, hyperscalers, colos and now what we're seeing with regards to vertically integrated -- vertical integration going on in different sectors and companies organically having their own data centers. We're seeing the source of those opportunities come through that. The number of inquiries as well as engagements we have, have grown substantially in the highest as they've been this quarter.

是的。所以 Sangita，謝謝你的問題。以上皆是。因此現在，如果你看一下資料中心這三個不同的領域，即超大規模資料中心、託管資料中心，以及我們現在看到的垂直整合——垂直整合發生在不同的領域，公司有機地擁有自己的資料中心。我們看到這些機會的源頭就在這裡。本季度，我們收到的諮詢和預約數量均大幅成長，達到歷史最高水準。

The second is that they are multi scope in that before we were doing predominantly the design, both of the gray space and the white space inside the kind of the boundary limits of the data center. Now we're seeing that scope expand into the power requirements as well as the water requirements, which in AI data centers is substantial.

第二，它們是多範圍的，因為之前我們主要進行設計，包括資料中心邊界限制內的灰色空間和白色空間。現在我們看到範圍擴展到電力需求和水需求，這在人工智慧資料中心是相當重要的。

And then from a delivery model, traditionally, we were exclusively an engineer. And as I mentioned in the script, we're actually now expanding that scope to deliver full program and kind of full project delivery around that. One other item, Sangita, just to add is that this opportunity with NVIDIA is pretty transformational in that this will be the reference design and the plan of record that NVIDIA will give to their customer base using the NVIDIA chip, which we're already getting inquiries from those customers back into Jacobs, so we're excited.

從交付模式來看，傳統上，我們只是一名工程師。正如我在腳本中提到的，我們實際上正在擴大該範圍，以提供完整的程序和完整的專案交付。桑吉塔，還有一點需要補充的是，與 NVIDIA 合作的這個機會具有相當大的變革意義，因為這將是 NVIDIA 使用 NVIDIA 晶片向其客戶群提供的參考設計和記錄計劃，我們已經從這些客戶那裡得到了 Jacobs 的詢問，所以我們很興奮。

Great. That's helpful. And then maybe on the backlog growth in the quarter, can you talk about the makeup of that backlog and the pace of burn you expect on it? Is it more faster book and burn work or longer duration projects, just as we start thinking about F '26 top line?

偉大的。這很有幫助。然後也許關於本季的積壓訂單成長，您能否談談積壓訂單的組成以及您預期的消耗速度？正如我們開始考慮 F'26 的頂線一樣，是更快的預定和刻錄工作還是更長的項目？

Yes, I'll start off and then maybe Venk can add to it. I'd say as far as the end market profile of that backlog, it is growing in the advanced facilities and water sector probably at a faster rate than the others. And those two sectors and to your second part of your question, tend to have larger and longer kind of longer tail burn profile to them. When I say longer tail, there's still fast-based projects, but these are projects that span multiple quarters. And we've been putting those in our backlog to date. The other sectors, good backlog, but then you'd be talking about kind of four-, five-, six-year type of burn profiles in transportation and some of our consultancy work for defense and security and PA as well as in the public sector. I don't know, Venk if you want to add.

是的，我先開始，然後 Venk 也許可以補充一些。我想說，就該積壓訂單的最終市場概況而言，先進設施和水務領域的成長速度可能比其他領域更快。而對於您問題的第二部分，這兩個扇區往往具有更大、更長的尾部燃燒輪廓。當我說長尾時，仍然有基於快速的項目，但這些是跨越多個季度的項目。到目前為止，我們一直將這些放入待辦事項中。其他領域的積壓情況不錯，但你會談論交通運輸領域四年、五年、六年的燒傷概況，以及我們為國防、安全、巴勒斯坦權力機構以及公共部門提供的一些諮詢工作。我不知道，Venk，如果你想添加的話。

Yes, you had it, Bob. I'd say, in addition to what Bob said, pretty good balance of new wins across multitude of end markets. From a burn profile, Sangita, to answer your question specifically on burn, as you know, the life sciences and advanced manufacturing tends to have a faster world, and we're seeing some good improvement in that business as well.

是的，你做到了，鮑伯。我想說，除了鮑伯所說的之外，在眾多終端市場中，新的勝利也取得了相當好的平衡。桑吉塔，從燒傷概況來回答您關於燒傷的具體問題，如您所知，生命科學和先進製造業往往擁有更快的發展速度，我們也看到了該業務的一些良好改善。

As a matter of fact, for our upcoming Q4, we have guided for that business to grow pretty strongly. And so we're seeing that momentum continue into fiscal year '26 as well. But I would say it's a pretty broad-based mix across the various end markets, with water and critical infrastructure being a slightly slower burn, but gives us a lot of visibility well beyond fiscal '26.

事實上，對於即將到來的第四季度，我們預計該業務將實現相當強勁的成長。因此，我們看到這種勢頭將持續到 26 財年。但我想說的是，這是涵蓋各個終端市場的相當廣泛的組合，其中水和關鍵基礎設施的燃燒速度稍慢一些，但卻為我們提供了 26 財年之後的很大可見性。

And then if I could add one more thing to what Bob said on the data center point, we have more than 150 engagements today on data center, and that pipeline is growing quite nicely for us.

然後，如果我可以對鮑伯在資料中心點上所說的內容再補充一點，那麼我們今天在資料中心方面有超過 150 個約定，並且該頻道對我們來說成長得相當順利。

I really appreciate it.

我真的很感激。

Thank you.

謝謝。

Andy Wittman with Baird

安迪威特曼與貝爾德

Great. I wanted to ask Bob about the puts and takes associated with the One Big Beautiful Bill here. Obviously, there's a lot of new policy that we've got uncertainty and from the federal government here. Certainly, you'll talk about the increase to the Department of Defense. But there's also some impact there are some secondary impacts to the state and local government, whereby you're seeing cuts in Medicaid and maybe some education programs in there. So I was hoping, since you didn't comment on the script on how this could affect the business, I thought I'd give you a form right here to talk about the puts and takes surrounding that. And if you're seeing anything back in terms of commentary from your customers at this point?

偉大的。我想向鮑勃詢問與「一張美麗的大鈔」相關的利弊。顯然，聯邦政府推出的許多新政策都存在不確定性。當然，你會談論國防部的增資問題。但它也會對州和地方政府產生一些次要影響，例如醫療補助和一些教育計畫可能會被削減。所以我希望，既然你沒有評論這會如何影響業務，我想我會在這裡給你一個表格來討論圍繞這一點的利弊。那麼您現在是否看到了客戶的任何評論？

Yes. Let me talk first, Andy, about the put. You said it's putting some more stability in the state and local government, specifically around transportation and probably a little bit more of a backstop around water. But I would say the two biggest puts are around DoD and DoD infrastructure, and that's on the OBBBA Bill but also what's going on in Europe right now with regard to GDP spend as a percent -- the defense spend as a percentage of GDP.

是的。安迪，讓我先談談看跌期權。您說這給州和地方政府帶來了更多的穩定性，特別是在交通方面，並且可能在水資源方面提供了更多的支持。但我想說，最大的兩個問題是國防部和國防部基礎設施，這是關於 OBBBA 法案，也是關於歐洲目前發生的 GDP 支出百分比——國防開支佔 GDP 的百分比。

The second, I would say, is around FAA, and that actually presents a really nice opportunity. It's still kind of in the forming stage right now, but that's going to go really fast. And this bill put some backstop on that as well. And then the last thing I'd probably point to is the reshoring activity. And for us, with 40% of our business in the private sector, that -- we're seeing that already, even prior to the bill, the bill kind of puts a bit of backstop there. So overall, we see it as a net positive.

我想說的第二個是圍繞 FAA，這實際上提供了一個非常好的機會。現在它仍處於形成階段，但進展會非常快。該法案也對此提供了一些支持。我最後要指出的一點是回流活動。對我們來說，40% 的業務在私營部門，我們甚至在該法案出台之前就已經看到這一點，該法案在某種程度上為私營部門提供了一些支持。所以總體而言，我們認為這是一個淨收益。

Some of the -- that's the puts some of the takes, I don't know how state and local governments are going to balance those requirements that the Medicaid drop presents. But today, our clients are not as far as right now -- not talking about that. I think the secular trends and the needs are going to prevail here.

其中一些——這就是一些需要，我不知道州和地方政府將如何平衡醫療補助下降所帶來的這些要求。但今天，我們的客戶還沒有達到現在的水平——更不用說了。我認為長期趨勢和需求將會在這裡佔據主導地位。

Got it. And then maybe for my follow-up, Venk, this one is for you. I just thought maybe given that you've progressed now with the separation and some of the changes that go along with that for the organization, I just want to give you an opportunity to update us on where you are seeing the onetime costs associated with the split. I think you talked about as you get kind of later into this year that you'll be progressing past those. But can you give us for '25, the updated budget or reiterate the budget for what those costs are going to be for this year and how you're thinking about '26 in terms of onetime costs, if at all?

知道了。然後也許對於我的後續行動，Venk，這個是給你的。我只是想，也許考慮到你們現在已經在分離方面取得了進展，並且組織也隨之發生了一些變化，我只是想給你一個機會來向我們通報你們看到與分離相關的一次性成本的情況。我想您談到隨著今年稍後的到來，您將會超越這些目標。但是，您能否為我們提供 25 年的最新預算，或者重申今年的預算成本是多少，以及您如何考慮 26 年的一次性成本（如果有的話）？

Yes, Andy, thanks for the question. So as you rightly pointed out, with the separation mostly behind us, we are seeing a pretty significant reduction in our onetime restructuring costs. We've guided to, I think, $75 million to $95 million. We're well on track with that. And just for reference, that was almost 3x that number in the prior fiscal year, so a dramatic decrease in onetime restructuring costs.

是的，安迪，謝謝你的提問。因此，正如您正確指出的那樣，隨著分離基本上完成，我們的一次性重組成本已大幅減少。我認為我們的預期金額是 7500 萬至 9500 萬美元。我們目前進展順利。僅供參考，這個數字幾乎是上一財年的 3 倍，因此一次性重組成本大幅下降。

And this particular quarter, as you've seen, this is probably one of the cleanest quarters we've had in terms of the difference between the GAAP and the non-GAAP. And looking ahead to fiscal '26, we expect this restructuring to come down even more dramatically. And we'll obviously provide you more detailed guidance in our next quarter earnings call as we talk about fiscal '26 in totality.

如您所見，就 GAAP 和非 GAAP 之間的差異而言，這個季度可能是我們最乾淨的季度之一。展望26財年，我們預期這種重組將更加大幅減少。在下一季的收益電話會議上，我們將全面討論 26 財年的整體情況，顯然會為您提供更詳細的指導。

Thank you.

謝謝。

Andy Kaplowitz with Citigroup.

花旗集團的 Andy Kaplowitz。

Bob or Venk, I think you said that you expect FY '26 growth to be ahead of FY '25 growth. I think it's a pretty big statement as we sit here in August. So maybe just the confidence around that. Is it coming from this advanced facilities area in particular? Just more color around where it's coming from.

Bob 或 Venk，我想您說過，您預計 26 財年的成長將超過 25 財年的成長。我認為，對於我們八月來說，這是一個非常重要的聲明。所以也許只是對此有信心。它是特別來自這個先進設施區域嗎？只是它的來源處有更多顏色。

Sure. Maybe I'll start off, Andy, from an end market perspective, and then Venk can kind of talk about how those are actualizing themselves in our backlog today. But from an end market standpoint, I'd point to three main areas, Andy. One is life sciences. The second is around data centers, which these are smaller type bookings, but they go fast.

當然。安迪，也許我應該從終端市場的角度開始，然後文克可以談談這些是如何在我們今天的積壓工作中實現的。但從終端市場的角度來看，我會指出三個主要領域，安迪。一是生命科學。第二個是關於資料中心的，這些是較小類型的預訂，但速度很快。

And as I mentioned on the question that Sangita asked, our scope is growing on those opportunities. And then the third is water. And this isn't something that happened this quarter. We've been talking about our backlog growth for the better part of four straight quarters. So that's the confidence that we're seeing going into FY '26 because those project cycles are now starting to come to a kind of a material burn piece. So Venk, I don't know if you want to add anything else.

正如我在桑吉塔提出的問題中提到的那樣，我們在這些機會上的範圍正在擴大。第三是水。這不是本季發生的事情。我們已經連續四個季度都在談論積壓訂單的成長。這就是我們在進入 26 財年時所看到的信心，因為這些專案週期現在開始進入一種物質消耗階段。那麼 Venk，我不知道您是否還想補充其他內容。

No, I think you covered it, Bob. Life Sciences, not only are we're seeing some good momentum in the coming quarter, but we see a good strong pipeline. Water, as Bob mentioned, last three or four quarters, we've talked about really multifaceted wins across not only various aspects of the water cycle, but also in terms of the multitude of years that we have visibility. And we're seeing a lot of those projects coming into fruition in Q4 and in fiscal '26 and beyond.

不，我想你已經講清楚了，鮑伯。生命科學領域，我們不僅看到了未來一個季度的良好勢頭，而且還看到了強勁的管道。正如鮑勃所提到的那樣，在過去的三四個季度中，我們談論的不僅是水循環各個方面的真正多方面的勝利，而且還有我們多年來所看到的勝利。我們看到很多專案將在第四季、26財年及以後取得成果。

Very helpful. And then, Rob or Venk, you mentioned improvement in critical infrastructure in Europe and I think cities and places in the Middle East, which I think have been kind of watch items for you guys over the last couple of quarters. So maybe you can talk about what you're seeing there, whether it's Continental Europe or the UK and the Middle East and how you think about those areas going into '26.

非常有幫助。然後，Rob 或 Venk，你提到了歐洲以及中東城市和地區關鍵基礎設施的改善，我認為這些是過去幾個季度以來你們關注的重點。所以也許您可以談談您在那裡看到的情況，無論是歐洲大陸還是英國和中東，以及您如何看待這些地區進入26年。

Sure, absolutely. Maybe I'll kind of split them into critical infrastructure, really, what we're seeing in Europe is a bit of a rebound we saw. We kind of telegraphed this happening. Maybe it happened a couple of quarters maybe later than what we expected. But as the UK budget has stabilized, and we saw this in the PA performance as well, that transportation component, whether it be national highways or high-speed rail, those budgets are now being firmed up, and we're the recipient of both those.

當然，絕對是如此。也許我會把它們分成關鍵基礎設施，實際上，我們在歐洲看到的是一點反彈。我們在某種程度上預示了這事件的發生。也許它發生的時間比我們預期的晚了幾個季度。但隨著英國預算趨於穩定，我們在 PA 表現中也看到了這一點，交通運輸部分，無論是國家高速公路還是高速鐵路，這些預算現在都已確定，我們是這兩者中的接受者。

So kind of that transportation spend there, driven in the UK, but also in Ireland as well as what we're seeing in the Nordics has been solid and on the rebound, and we're getting a fair share of that.

因此，英國、愛爾蘭以及北歐地區的交通運輸支出一直保持穩健並呈現反彈趨勢，我們從中獲得了相當大的份額。

In the Middle East, cities and places, which is our kind of our major venue, major program piece, strong double-digit growth, and we're hopefully going to have some announcements here in the next few weeks, but that growth continues, especially as we move closer to time-based events like the Expo and the World Cup and some other major events that are happening there. So nice growth on both of those fronts as well.

在中東，我們的主要場館和主要項目所在的城市和地方都實現了強勁的兩位數增長，我們希望在接下來的幾週內在這裡發布一些公告，但這種增長仍在繼續，特別是隨著我們越來越接近世博會、世界杯和其他一些在那裡舉行的重大活動等時間性活動。因此，這兩個方面都取得了良好的成長。

Sabahat Khan with RBC Capital Markets.

加拿大皇家銀行資本市場的 Sabahat Khan。

Great. I just wanted to get a bit more perspective on sort of some of the evolution that we've seen over the recent quarters. As you look ahead, it sounds like a positive outlook to 2026. In the commentary that you provided, is there a view that some of this IIJA funding also accelerates and there it sounds like it all needs to be more or less allocated by next year. But just wondering how the flow of funds from that bill has been contributing? And do you expect sort of an uptick? Or how do you expect that to evolve over the next sort of 12 to 24 months?

偉大的。我只是想更深入地了解最近幾季我們看到的一些變化。展望未來，2026 年的前景似乎一片光明。在您提供的評論中，是否有觀點認為部分 IIJA 資金也在加速，並且聽起來所有資金都需要在明年或多或少分配。但只是想知道法案的資金流是如何做出貢獻的？您預期會出現某種上升趨勢嗎？或者您預計未來 12 到 24 個月內情況會如何發展？

Yes, Sabahat, I'd characterize my answer is balanced. But I think that if you look at our portfolio, the dependence on a strong stream of funds coming through IIJA, especially and the fact that it's been longer than what was originally anticipated. The balance in our portfolio has allowed us to weather the ebbs and flows of IIJA spend.

是的，Sabahat，我認為我的答案是平衡的。但我認為，如果你看看我們的投資組合，你會發現我們對透過 IIJA 獲得的強大資金流的依賴，尤其是它持續的時間比最初預期的要長。我們的投資組合的平衡使我們能夠經受住 IIJA 支出的起伏。

Now -- we don't believe that it's all going to get allocated in the next year because it was two years late. So we think that, that -- we're only a little over one-third spent through that bill. So there are discussions about what's the follow-on. So we see that continuing to flow while the diversity in our portfolio allows us to continue to grow, and that's the profile of the backlog that we've seen.

現在——我們不相信所有資金會在明年分配，因為已經晚了兩年。所以我們認為，我們通過這項法案只花了三分之一多一點。因此，關於後續行動正在進行討論。因此，我們看到，我們的投資組合的多樣性使我們能夠繼續成長，而這正是我們所看到的積壓。

So kind of that first half, second half of our growth projections in '25 is representative of that, and then the second half kind of flowing into next year with what is in backlog. So this isn't speculative on what's coming, but rather what's in backlog is where we're getting that confidence.

因此，我們對 25 年上半年和下半年成長的預測就反映了這一點，而下半年則會隨著積壓訂單流入明年。因此，這並不是對即將發生的事情的推測，而是積壓的事情讓我們獲得了信心。

Great. And then maybe if we could dig a little bit into the PA Consulting side. The top line is trending well. I think the operating profit, at least on a run rate basis, is trending quite a bit above where sort of the last three years of events. So maybe if you can just talk about the sustainability of the progress in this business. A bit more color on sort of the underlying drivers here? And how is that expected to trend into 2026?

偉大的。然後也許我們可以深入了解 PA 諮詢方面。營收趨勢良好。我認為，至少從營運率來看，營業利潤的趨勢比過去三年的水平高出不少。所以也許您可以談談這項業務進展的可持續性。能否更詳細地介紹這裡的底層驅動因素？預計到 2026 年這一趨勢將如何？

Thank you.

謝謝。

Yes. So on PA, yes, the top line, we talked about it last quarter, it's inflected to a robust number this quarter and visibility for that to continue, really driven by stability in the UK government and an inflection point in what we're seeing as a transformational spend in defense and security and the public sector in the UK as well as the UK MOD or Ministry of Defense leadership position that they're taking in Continental Europe.

是的。因此，關於 PA，是的，我們上個季度討論過這個頂線問題，本季度該數字已經轉為強勁增長，並且這種趨勢有望持續下去，這主要是由於英國政府的穩定以及我們所看到的英國國防和安全以及公共部門支出轉型的轉折點，以及英國國防部在歐洲大陸的領導地位。

The origins of PA actually come from the UK government post World War II, that's the genesis of PA and being kind of the strategic consultant as well as the delivery of programs within the UK government. So if you look at that growth, it is backed by a 16% backlog growth this quarter as well. And the profile of that is really coming from that public sector backed by what we're seeing in Life Sciences and in Energy & Utilities in Mattress Europe, those last two also we're driving double-digit growth in the US, too. So overall, we see kind of a nice trajectory for PA.

PA 的起源實際上來自第二次世界大戰後的英國政府，這是 PA 的起源，它是一種戰略顧問，同時也是英國政府內部計畫的實施者。因此，如果你看一下這一成長，你會發現本季 16% 的積壓訂單成長也為其提供了支撐。而這項特徵其實來自於公共部門的支持，我們看到生命科學和歐洲床墊市場的能源與公用事業領域也在美國推動兩位數的成長。所以總體而言，我們看到 PA 的發展軌跡不錯。

Great, thanks very much.

太好了，非常感謝。

Michael Dudas with Vertical Research Partners.

Vertical Research Partners 的 Michael Dudas。

Morning, gentlemen.

早安，先生們。

Bob, how would you assess the benefits on your focus, as you talked about in February on the total life cycle on projects and opportunities impacting your accelerated backlog or bookings we saw solid bookings growth and your potential to enhance operating margins. And amongst those several markets that you've called out may be impacted by the life cycle focus, which ones might be your best, let's say, next shot to focus on growth in business? .

鮑勃，您如何評價您所關注的益處？正如您在二月談到的，整個專案生命週期和機會影響您的加速積壓或預訂量，我們看到了穩健的預訂量成長和提高營業利潤率的潛力。在您提到的可能受到生命週期重點影響的幾個市場中，哪些市場可能是您下一步業務成長的最佳選擇？。

So the short answer, Mike, would be that life cycle focus, especially getting involved early on with PA in the Business Advisory in capital planning component of that cycle with our customers is in real time and it's working. These life sciences, water data center jobs that we were talking about. We were involved with our clients at that early business planning, business advisory stage, and it's equating and actualizing into our clients going with us for the entire life cycle.

因此，麥克，簡短的回答是生命週期重點，特別是在早期與 PA 一起參與該週期中與客戶進行資本規劃部分的業務諮詢是實時的，並且正在發揮作用。我們正在談論的這些生命科學、水資料中心的工作。我們在早期的業務規劃、業務諮詢階段就與客戶進行了合作，並將其等同於並實現為客戶在整個生命週期中與我們同行。

So I'd say, to answer the second part of your question, it is having a strong effect. And I think we're only in the first year of our strategy. We're going to see that continue to evolve over the next few years into energy and power, transportation and in other sectors of our business as well.

所以我想說，回答你問題的第二部分，它正在產生強大的影響。我認為我們的策略才剛開始第一年。我們將看到它在未來幾年繼續向能源和電力、交通以及我們業務的其他領域發展。

I appreciate it. Then my follow-up maybe for Venk. Two thoughts. One, as you look at the margins into backlog and your margin performance, how would you break down from the mix from scale, from cost efficiency, how that looked this quarter and how that looks as you enter into your 2026 planning budget. And maybe you can touch on some of the organic investments that you highlighted in your prepared remarks on what you're spending internal capital line to help grow the business.

我很感激。然後我的後續行動可能是針對 Venk。兩個想法。首先，當您查看積壓訂單的利潤率和利潤率表現時，您會如何從規模、成本效率等方面進行細分，本季度的情況如何，以及進入 2026 年規劃預算時的情況如何。也許您可以談談您在準備好的發言中強調的一些有機投資，即您花費內部資本線來幫助業務成長。

Yes, Mike, thanks for the question. So as rightly pointed out, good improvement in margins. And as we guided to for the full year, on track to deliver 13.9% EBITDA margin for the full year, which, by the way, represents a 110 basis point year-on-year increase. And as we stated, not only at Investor Day, but in subsequent earnings calls, the vast majority of those margin enhancements have come through what we call self-help and making sure that we are disciplined in our cost initiatives and so forth.

是的，麥克，謝謝你的提問。正如正確指出的那樣，利潤率有了很好的提高。正如我們對全年的預期，全年 EBITDA 利潤率預計將達到 13.9%，年增 110 個基點。正如我們所說的那樣，不僅在投資者日，而且在隨後的收益電話會議上，絕大多數利潤率的提高都是透過我們所謂的自助來實現的，並確保我們在成本計劃等方面保持紀律。

Where we see substantial further progress in our margins is on the gross margin front through three assets that we talked about in terms of mix, commercial models, use of our global delivery and so forth. We made really good progress on global delivery and mix. And I think we're still in the early stages of realizing substantial improvements in gross margins across those other vectors that I mentioned. And that's what gives us confidence that our margin profile should improve in a meaningful way in coming years, and we'll quantify the exact impact of that margin improvement in fiscal '26 coming up.

我們的利潤率在毛利率方面取得了實質性的進一步增長，這得益於我們在組合、商業模式、全球交付的使用等方面討論的三項資產。我們在全球交付和組合方面取得了非常好的進展。我認為我們仍處於實現我提到的其他領域毛利率大幅提高的早期階段。這使我們相信，未來幾年我們的利潤率狀況將有顯著改善，我們將在即將到來的 26 財年量化利潤率改善的具體影響。

And on organic investment?

那麼有機投資呢？

Yes. Thank you. From that standpoint, you've heard us talk about our investments in terms of our customer engagements with AI with a lot of the products. Lot of investments also happening internally from an efficiency standpoint, looking at enterprise functions in terms of how we can improve the efficiency through automated tools, agentic AI and so forth, and we'll provide a lot more color, but suffice it to say, those are all in the early stages of providing some substantial operating leverage for us going forward.

是的。謝謝。從這個角度來看，您已經聽到我們談論我們在客戶與人工智慧互動方面的許多產品的投資。從效率的角度來看，內部也進行了大量投資，從如何透過自動化工具、代理人工智慧等提高效率的角度來審視企業職能，我們將提供更多信息，但可以說，這些都處於為我們未來提供一些實質性運營槓桿的早期階段。

Thanks, man. Thanks.

謝謝，老兄。謝謝。

Chad Dillard with AB Bernstein.

AB Bernstein 的 Chad Dillard。

Hi, good morning. This is Federico, good evening for chat. Thanks for taking my question. So have you seen a change in customer activity in the design business as it relates to the change in bonus depreciation, particularly for the Advanced Manufacturing segments?

嗨，早安。我是費德里科，晚上好，歡迎聊天。感謝您回答我的問題。那麼，您是否看到設計業務中的客戶活動發生了變化，因為它與獎金折舊的變化有關，特別是對於先進製造業領域？

Yes, I'll take that. So in terms of bonus depreciation, obviously, that's one of the benefits of the OBBBA deal. And we will see some tangible improvement in that in fiscal '26. I think it's too early to quantify it. We are going through the analysis. And when it comes into effect, we think it will have a big positive impact both in terms of cash taxes as well as in terms of bonus depreciation. So we'll quantify that for our fiscal '26 guide. But as it stands, no impact in the current quarter.

是的，我接受。因此，就獎金貶值而言，顯然這是 OBBBA 協議的好處之一。我們將在26財年看到一些實際的改善。我認為現在量化還為時過早。我們正在進行分析。一旦生效，我們認為它將對現金稅和獎金折舊產生巨大的正面影響。因此，我們將根據 26 財年指南對此進行量化。但就目前情況而言，本季沒有影響。

Okay, thank you.

好的，謝謝。

Judah Aronovitz with UBS

瑞銀集團的 Judah Aronovitz

Hi, good morning. Thank you. Just a follow up on the PA Consulting question. The revenue growth was impressive in the quarter. Does the backlog growth you've seen over the past few quarters in addition to the pipeline growth support continued double-digit growth. And then on the margins, the margins have been pretty steady even as growth has accelerated. Are there investments you're making or kind of costs you're incurring that's holding back the margin? And I guess, where the utilization rate maybe year-over-year relative to Q2?

嗨，早安。謝謝。這只是對 PA 諮詢問題的後續跟進。本季的營收成長令人印象深刻。除了管道成長之外，過去幾季您看到的積壓訂單成長是否支持持續的兩位數成長？從利潤率來看，即使成長加速，利潤率仍然相當穩定。您進行的投資或產生的成本是否阻礙了利潤？我猜，與第二季度相比，利用率可能比去年同期有所提高嗎？

So maybe I'll break those down into three, the top line margin and utilization, utilization actually driving margins. Yes. On the top line, I'd say we continue to guide to that high single digits. The -- keep in mind of the double-digit growth, there was some tailwinds with regards to FX on that. But we're feeling confident about the performance from an organic standpoint in constant currency. So that's strong.

所以也許我會把它們分成三個部分，頂線利潤率和利用率，利用率實際上推動了利潤率。是的。總體而言，我想說我們將繼續引導這一高個位數的成長。請記住，兩位數的成長，在外匯方面有一些順風。但從固定匯率的有機角度來看，我們對業績充滿信心。所以這很強大。

On the margins and the utilization that are tied together, utilization has come back, which is strong. We're getting to the point where we are now hiring in specific areas, specifically in defense and security, public sector, life sciences and energy and utilities. And so we do have an opportunity for increased margin. That's going to take some time.

在利潤率和利用率相互連結的情況下，利用率已經回升，而且表現強勁。我們目前正在招募特定領域的人才，特別是國防和安全、公共部門、生命科學以及能源和公用事業。因此我們確實有機會增加利潤。這需要一些時間。

We have the highest margins in the sector or from the peer comp standpoint within the consulting world. And so greater efficiencies on some of the things that Venk talked about with regards to internal efficiencies driven by AI enablement as well as some of the combined offers, the previous question from my duties around the asset life cycle.

無論從顧問業同業角度來看，或是從業界角度來看，我們的利潤率都是最高的。Venk 談到的一些事情的效率更高，涉及由人工智慧支援推動的內部效率以及一些綜合優惠，這是我在資產生命週期職責方面提出的先前問題。

When we're going to market together and we've seen this, and we highlighted a couple in the earnings presentation, these are solutions and outcome-based type of commercial models that we're driving with our customers. The size of those transactions are small. But over time, when we have continued successes, we're going to see that grow.

當我們一起進行行銷時，我們已經看到了這一點，並且在收益報告中強調了其中的幾點，這些是我們與客戶共同推動的解決方案和基於結果的商業模式。這些交易的規模很小。但隨著時間的推移，當我們不斷取得成功時，我們將看到它不斷成長。

Okay. That's helpful. And then just on the NSR growth guidance, I think you maybe took it down slightly. And then the Q4 implies growth, I think, decelerating relative to Q3. I would think that assumes kind of a deceleration in PA, as you mentioned, and then a slight acceleration in IIS. But just curious how you're thinking about that? And then what do you need to see to hit the implied Q4 guidance?

好的。這很有幫助。然後就 NSR 成長指引而言，我認為您可能將其略微下調了。那麼我認為第四季意味著成長相對於第三季有所放緩。我認為這假設 PA 出現某種減速，正如您所提到的，然後 IIS 出現輕微加速。但我只是好奇你怎麼想的？那麼您需要看到什麼才能達到隱含的第四季指引？

Yes, I'll take that fair question. I would say, obviously, as you saw in Q3, pretty solid performance in terms of top line growth of 7%. So if you take the full year guidance of 5.5% and impute what it means for Q4, roughly similar outcomes. So I would say nothing significantly different from that standpoint. If anything, the PA business should continue to hold steady as it has in Q2, which was a pretty substantial improvement quarter-on-quarter. And we're seeing similar performance in our I&AF business as well. So very similar performance between Q3 and Q4, and we feel pretty good about where we stand right now, and not decelerating.

是的，我會回答這個公平的問題。我想說，顯然，正如您在第三季度看到的那樣，7% 的營收成長表現相當穩健。因此，如果您採用 5.5% 的全年指導價並推斷其對第四季度的意義，結果大致相似。因此，從這個角度來看，我認為沒有什麼重大差異。無論如何，PA 業務應該會繼續保持穩定，就像第二季度一樣，與上一季相比有相當大的改善。我們的 I&AF 業務也表現出了類似的表現。因此，第三季和第四季的表現非常相似，我們對目前的狀況感到很滿意，而且沒有減速。

Kevin Wilson with Truist Securities. .

Truist Securities 的 Kevin Wilson。。

Hey, good morning, Calling on behalf of Jamie Cook. Within water environmental, can you speak to the trends for environmental specifically? Was this quarter a bit weaker than expected there? And then just how do you think about the differences in performance between water and environmental in the context of your long-term targets of, I think, 8% to 10% for water and 4% to 6% CAGR for environmental over the next few years?

嘿，早安，我代表 Jamie Cook 打電話給您。在水環境方面，您能具體談談環境趨勢嗎？本季的表現是否比預期略弱？那麼，您如何看待水資源和環境資源在表現上的差異？我認為，您的長期目標是，未來幾年水資源的複合年增長率為 8% 到 10%，環境資源的複合年增長率為 4% 至 6%。

Yes. Kevin, as far as the projections that we put out on both of those as they break down, we're standing right behind them. In fact, right now, our water sector is performing at higher than those rates today. So we see continued growth there. On the environmental piece, I really think that this is -- and we kind of saw this in the early part of the calendar year on what was going on as an indirect impact of some of the US administration government actions that were being taken.

是的。凱文，就我們對這兩項舉措的預測而言，我們全力支持它們。事實上，目前，我們的水務部門的表現已經高於這些水準。因此，我們看到那裡持續成長。關於環境方面，我確實認為這是——我們在今年年初就看到了這一點，這是美國政府採取的一些行動的間接影響。

And so some slowdown and some pausing in some of those environmental as was federal infrastructure type of projects for the first half. And so we're seeing that from a year-on-year comp standpoint play out. Those are coming back.

因此，上半年一些環境項目（如聯邦基礎設施類型的項目）的進展出現放緩和暫停。因此，我們從同比角度來看，情況就是這樣的。那些正在回來。

And so I think as we move forward from the next quarter forward, you'll see that environmental business started to inflect forward as kind of the regulatory environment starts to stabilize a bit. So we're seeing this as very near term in the environmental sector.

因此，我認為，隨著下個季度的推進，隨著監管環境開始穩定，您會看到環境業務開始向前發展。因此，我們認為這是環境領域近期內發生的事情。

Got it. And then for my follow-up, any update on the investment in PA Consulting last quarter, I think you made a point to highlight now, I think, six or seven months out from that March 2026 deadline. Just to run your options you're considering and how you think about valuation for that business.

知道了。然後，對於我的後續問題，關於上個季度對 PA Consulting 的投資有任何更新嗎？我想您現在強調了這一點，我認為，距離 2026 年 3 月的最後期限還有六到七個月的時間。只是為了考慮您正在考慮的選擇以及您對該業務的估值的看法。

Yes, it continues to -- the dialogue with our partners at PA continues to go well. We're being thoughtful both sides are being very, very thoughtful on how we look at performance, both from a retro standpoint as well as moving forward. And so the diligence that's going through and the collaboration on the synergistic value moving forward are all being incorporated into how we value as well as how we structure moving forward. There's been a lot of positive learnings as well as successes over the last four years, and we're structuring ourselves to where those moving forward are even going to unlock even more value in the combined partnership. So overall, I'd say positive.

是的，我們與 PA 合作夥伴的對話繼續順利進行。我們雙方都非常認真地考慮如何看待性能，既從過去的角度，也從未來的角度。因此，正在進行的盡職調查和為實現協同價值而進行的合作都被納入到我們的估值方式和未來結構中。過去四年來，我們取得了許多積極的收穫和成功，我們正在進行結構調整，以便未來的發展能夠在雙方的合作中釋放更多的價值。所以總體來說，我認為是積極的。

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。

Yes. Thank you. We're excited about going forward, and we really look forward to next quarter as well as FY '26, really, really good momentum in the business, and we've demonstrated that over the course of this quarter. Thank you, everyone, for joining our earnings call, and we look forward to engaging with many of you over the coming days and coming weeks. And have a great rest of your day.

是的。謝謝。我們對未來充滿期待，我們非常期待下個季度以及 26 財年，業務發展勢頭確實非常好，我們已經在本季度證明了這一點。感謝大家參加我們的收益電話會議，我們期待在未來幾天和幾週內與大家交流。祝您今天剩餘的時間過得愉快。

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。