雅各布工程 (J) 2025 Q4 法說會逐字稿

Good morning and welcome everyone to Jacob's fiscal fourth-quarter and full year 2025 earnings conference call and webcast. Today's conference is being recorded. (Operator Instructions)

早安，歡迎大家參加 Jacob 公司 2025 財年第四季及全年財報電話會議及網路直播。今天的會議正在錄影。（操作說明）

At this time, I would like to turn the conference over to Bert Subin, Senior Vice President, Investor Relations. Please go ahead.

此時，我謹將會議交給投資人關係資深副總裁伯特‧蘇賓。請繼續。

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

謝謝大家，大家早安。今天早上我們提交了盈利公告和 10-K 表格，並在網站上發布了幻燈片演示文稿，我們將在電話會議中提及該演示文稿。

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 metrics.

有關我們的前瞻性聲明、非GAAP財務指標和營運指標的信息，請參閱簡報的第2頁。

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. Bob will begin by providing comments on the business, as well as highlights from our fourth quarter and fiscal year results, and a recap of notable awards.

現在讓我們來看看投影片 3 上的議程。出席今天電話會議的有 Jacob 的董事長兼執行長 Bob Pragada 和財務長 Venk Nathamuni。鮑伯將首先對公司業務發表評論，並重點介紹我們第四季度和全年的業績，以及我們獲得的重大獎項。

Venk will then provide a detailed review of our financial performance, including commentary on end market trends, cash flow, balance sheet data, and our FY26 outlook. Finally, Bob will provide closing remarks, and then we'll open up the call for questions.

Venk 隨後將對我們的財務表現進行詳細審查，包括對終端市場趨勢、現金流量、資產負債表數據以及 2026 財年展望的評論。最後，鮑伯將作總結發言，然後我們將開放提問環節。

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

接下來，我將把發言權交給我們的董事長兼執行長鮑伯·普拉加達。

Good day, everyone, and thank you for joining us to discuss our fourth-quarter and fiscal year 2025 business performance. We delivered strong results for Q4 and are pleased to end FY25, the first year of our five-year strategy, on a positive note.

大家好，感謝各位參加本次會議，共同探討我們第四季和 2025 財年的業務表現。我們在第四季度取得了強勁的業績，很高興以積極的姿態結束了 2025 財年，這是我們五年戰略的第一年。

For both the quarter and the fiscal year, we drove strong double-digit growth in adjusted EPS supported by solid revenue growth and robust margin expansion. Our consolidated backlog grew 6% to $23.1 billion, setting a new record to close out the year, and PA Consulting capitalized on strong demand, delivering double-digit revenue and operating profit growth in the second half of FY25. Overall, we are very pleased with our results and we see great runway as we enter FY26.

無論是季度還是財年，在穩健的營收成長和強勁的利潤率擴張的支持下，我們實現了調整後每股收益兩位數的強勁成長。我們的合併積壓訂單成長了 6%，達到 231 億美元，創下新的年度紀錄，PA Consulting 充分利用了強勁的需求，在 2025 財年下半年實現了兩位數的收入和營業利潤增長。總的來說，我們對所取得的成績非常滿意，我們看到了進入 2026 財年後的巨大發展潛力。

Turn to slide 4, we provide a detailed overview of our quarterly and full fiscal year results. We grew Q4 adjusted EPS by 28% year-over-year, and this was primarily driven by 6% net revenue growth, a record quarterly adjusted EBITDA margin of just over 14.4%, and better below the line performance. For the full year we grew adjusted EPS 16%, largely as a result of mid-single-digit net revenue growth and strong margin expansion.

請翻到第 4 頁，我們詳細概述了季度和整個財政年度的表現。第四季調整後每股盈餘較去年同期成長 28%，這主要得益於淨收入成長 6%，季度調整後 EBITDA 利潤率創歷史新高，略高於 14.4%，以及離線業績的改善。全年調整後每股收益成長 16%，主要得益於中等個位數的淨收入成長和強勁的利潤率擴張。

We've also seen a solid EPS tailwind from share repurchases, which we increased significantly during FY25. Reflecting on our expectations last quarter, we guided to an adjusted EPS range of $6 to $6.10 for FY25, and we were able to finish the year above the high end of that range at $6.12.

我們也看到股票回購為每股盈餘帶來了強勁的利好，我們在 2025 財年大幅增加了股票回購。回顧上個季度的預期，我們預計 2025 財年的調整後每股收益為 6 美元至 6.10 美元，而我們最終的業績超過了該預期範圍的上限，達到了 6.12 美元。

Turning to slide 5, I'd like to highlight a few notable infrastructure and advanced facility project awards from Q4. These wins highlight the power of our strategy to redefine the asset life cycle as we prioritize expanding our addressable market with core clients.

接下來請看第 5 張投影片，我想重點介紹一下第四季一些值得關注的基礎設施和先進設施專案獎項。這些成功案例凸顯了我們重新定義資產生命週期策略的強大力量，因為我們優先考慮擴大核心客戶的目標市場。

We continue to see a positive outlook in Water and Environmental, particularly in the Water sector, which remains one of our most resilient and high growth areas of our portfolio. Our full life cycle delivery model enabled by deep domain expertise and leading digital capabilities helps our clients address aging infrastructure, scarcity issues, and regulatory changes around the world.

我們繼續看好水務和環境領域的前景，尤其是水務領域，該領域仍然是我們投資組合中最具韌性和高成長的領域之一。憑藉著深厚的領域專業知識和領先的數位化能力，我們提供全生命週期交付模式，幫助客戶應對全球範圍內的基礎設施老化、資源短缺和監管變化等問題。

Demonstrating the trust our clients place in Jacobs to deliver long-term outcomes, we extended our operational intelligence agreement with United Utilities, the largest listed water company in the UK, through 2030. Using our AI-powered Aqua DNA platform, we're helping modernize utility operations and deliver measurable, sustainable benefits for millions of people.

為了證明客戶對 Jacobs 能夠提供長期成果的信任，我們與英國最大的上市水務公司 United Utilities 續簽了營運智慧協議，有效期至 2030 年。利用我們基於人工智慧的 Aqua DNA 平台，我們正在幫助實現公用事業營運的現代化，並為數百萬人帶來可衡量的、可持續的效益。

In the Life Sciences and Advanced Manufacturing end Market, Data Centers and Life Sciences continue to be two of the fastest growing sectors in our portfolio. Additionally, our revenue growth in these sectors is now being complemented by new semiconductor investments.

在生命科學和先進製造終端市場中，資料中心和生命科學仍然是我們投資組合中成長最快的兩個產業。此外，我們在這些領域的營收成長目前正得到新的半導體投資的補充。

As an example, we were awarded the design for a commercial scale semiconductor fabrication facility by a confidential customer. Our scope encompasses the design and engineering of a Greenfield semiconductor manufacturing plant, along with its related infrastructure and manufacturing support facilities. We're also seeing strong demand across the critical infrastructure end market with all verticals performing well during Q4.

例如，我們曾經取得一位匿名客戶委託設計一座商業規模的半導體製造廠。我們的業務範圍涵蓋新建半導體製造工廠的設計和工程，以及相關的基礎設施和製造支援設施。我們也看到關鍵基礎設施終端市場需求強勁，所有垂直行業在第四季度均表現良好。

In the UK, together with PA Consulting, we were named to the Crown Commercial Services Management Consultancy Framework. This appointment expands our role advising public sector clients on delivering cleaner, smarter infrastructure, and maximizing value from public investment across transportation, cities, defense, and clean energy.

在英國，我們與 PA Consulting 一起被指定為英國皇家商業服務管理諮詢框架成員。這項任命擴大了我們在為公共部門客戶提供諮詢方面的作用，幫助他們提供更清潔、更智慧的基礎設施，並最大限度地提高交通、城市、國防和清潔能源等領域的公共投資價值。

In the US, we continue to build on strong momentum in the transportation sector. In New York, we were selected by the MTA, North America's largest transportation network, to deliver the Interborough Express Light Rail Project, a transformative new 14 mile transit line connecting Brooklyn and Queens. The project will enhance mobility, reduce travel times, and promote sustainable, transit-oriented growth for New York City communities.

在美國，我們持續保持交通運輸領域的強勁發展動能。在紐約，我們被北美最大的交通網絡 MTA 選中，負責交付 Interborough Express 輕軌項目，這是一條連接布魯克林和皇后區的具有變革意義的全新 14 英里長的交通線路。該計畫將提升紐約市社區的交通便利性，縮短行程時間，並促進以公共交通為導向的永續成長。

In summary, these awards reflect our continued momentum and highlight the broad secular tailwinds driving growth across our business. As I reflect on FY25, we met or exceeded all of our annual targets, continued to drive robust bookings, stayed true to our disciplined capital returns policy, and now enter year two of our strategy cycle on track to achieve our long-term outlook.

總而言之，這些獎項反映了我們持續的發展勢頭，並突顯了推動我們業務成長的廣泛長期利好因素。回顧 2025 財年，我們達到或超過了所有年度目標，繼續保持強勁的預訂量，堅持我們嚴謹的資本回報政策，現在正按計劃進入戰略週期的第二年，朝著實現我們的長期願景穩步前進。

Now turn the call over to the bank to review our financial results in further detail.

現在將電話轉給銀行，以便他們更詳細地審查我們的財務表現。

Thank you, Bob, and good day everyone. During fiscal year '25, we delivered on our commitment to drive profitable growth. Which consisted of double-digit growth in both EBITDA and adjusted EPS as well as a 7% free cash flow margin. We're demonstrating our differentiated business model through strong margin expansion, and we see continued opportunity to increase our margin profile moving forward.

謝謝你，鮑勃，大家今天愉快。在 2025 財年，我們實現了推動獲利成長的承諾。其中 EBITDA 和調整後每股盈餘均實現了兩位數成長，自由現金流利潤率達到 7%。我們透過強勁的利潤率成長來展示我們差異化的商業模式，並且我們看到未來還有持續提高利潤率的機會。

Now please turn to slide number 6, where I will walk through our results for Q4. We finished fiscal year 2025 on a strong note. In the fourth quarter, gross revenue increased 7% year-over-year, and adjusted net revenue, which excludes past-through revenue, grew by 6%.

現在請翻到第 6 張投影片，我將在其中介紹我們第四季的業績。我們以強勁的勢頭結束了2025財年。第四季度，總營收年增 7%，經調整後的淨收入（不包括過去收入）成長了 6%。

Q4 adjusted EBITDA was $324 million growing 12% year-over-year. Our adjusted EBITDA margin during Q4 came in strong at 14.4%, which is an increase of 79 basis points versus the same quarter last year. As a result, adjusted EPS rose to $1.75 a 28% increase year-over-year.

第四季調整後 EBITDA 為 3.24 億美元，較去年同期成長 12%。我們第四季的調整後 EBITDA 利潤率表現強勁，達到 14.4%，比去年同期成長了 79 個基點。因此，調整後的每股盈餘增至 1.75 美元，年增 28%。

Our disciplined cost management contributed to a new record adjusted EBITDA margin, both during the quarter and for the full fiscal year. And we're well positioned to build on this momentum in fiscal year '26. Consolidated backlog was up 6% year-over-year to a record $23.1 billion including our trading 12-month Book-to-Bill at 1.1 times. Notably, gross profit and backlog increased over 13% year-over-year during Q4, highlighting our strong sales performance.

我們嚴格的成本管理使我們本季和整個財年的調整後 EBITDA 利潤率都創下了新紀錄。我們已做好充分準備，在 2026 財年繼續保持這一發展勢頭。綜合積壓訂單年增 6%，達到創紀錄的 231 億美元，其中包括我們過去 12 個月的交易訂單出貨比為 1.1 倍。值得注意的是，第四季毛利和積壓訂單年增超過 13%，凸顯了我們強勁的銷售業績。

Moving on to slide 7, I'll recap fiscal year '25 results. Fiscal year '25, total gross revenue increased about 5% year-over-year, with adjusted net revenue rising more than 5%. Revenue growth and higher margins resulted in adjusted EBITDA and adjusted EPS increasing by 14% and 16% respectively.

接下來請看第 7 張投影片，我將回顧 2025 財年的業績。2025 財年，總營收年增約 5%，調整後淨收入成長超過 5%。營收成長和利潤率提高，使得調整後的 EBITDA 和調整後的每股盈餘分別成長了 14% 和 16%。

We're pleased to end fiscal year '25 in a strong position with mid-single-digit organic revenue growth, mid-teens adjusted EPS growth and a backlog that sets us up well for the future.

我們很高興以強勁的勢頭結束了 2025 財年，實現了中等個位數的有機收入增長、十幾位數的調整後每股收益增長，以及為未來奠定良好基礎的積壓訂單。

Regarding our performance by end markets and infrastructure and advanced facilities, let's now turn to slide number 8. At a high level, net revenue growth across our three end markets was fairly consistent in fiscal year '25. With Water and Environmental and Life Sciences and Advanced Manufacturing growing just over 4% and Critical Infrastructure at about 6%.

關於我們在終端市場、基礎設施和先進設施方面的業績，現在讓我們來看看第 8 張投影片。從整體來看，2025 財年我們三大終端市場的淨收入成長相當穩定。水資源、環境、生命科學和先進製造業的成長率略高於 4%，關鍵基礎設施的成長率約為 6%。

Focusing on Q4, net revenue increased more than 9% year-on-year in Critical Infrastructure. Our strong growth as a function of several key programs ramping up in the transportation sector and continued momentum in energy and power with favorable trends in both the US and internationally.

第四季度，關鍵基礎設施淨收入年增超過 9%。我們強勁的成長得益於交通運輸領域幾個關鍵項目的推進，以及能源和電力領域持續的成長勢頭，而美國和國際市場都呈現出有利的發展趨勢。

As we look ahead, we believe continued tailwinds in the transportation and energy and power sectors will be underpinned by improvement in cities and places. In our Life Sciences and Advanced Manufacturing end market, net revenue grew a little more than 5% in Q4, a modest improvement from Q3.

展望未來，我們相信交通運輸、能源和電力產業的持續利好將得益於城市和地區的改善。在我們的生命科學和先進製造終端市場，第四季淨收入成長略高於 5%，比第三季略有改善。

During the quarter, we saw strong net revenue growth in the Life Sciences and Data Center sectors, but a tougher comps in the industrial portion of the portfolio. Positively we're on track to fully lap the tougher comps and are seeing semiconductor programs ramp up, which we believe will benefit our set up in fiscal year '26.

本季度，生命科學和資料中心領域的淨收入實現了強勁成長，但工業領域的業績比較基數較高。令人欣慰的是，我們正朝著完全超越更強勁的競爭對手的目標穩步前進，並且半導體項目正在加速推進，我們相信這將有利於我們在 2026 財年的發展。

Net revenue for our Water and Environmental end market was roughly flat year-on-year in Q4. The demand across this end market was mixed, with continued strength in the water sector offset by softer revenue performance and environmental, particularly in the US, where both public and private clients moderated spending more than anticipated.

第四季度，我們水務和環境終端市場的淨收入與去年同期基本持平。該終端市場的需求喜憂參半，水務業的持續強勁被收入表現疲軟和環境因素所抵消，尤其是在美國，公共和私人客戶的支出都比預期有所減少。

Looking ahead to fiscal year '26, we expect water to remain a key growth driver, and on the environmental side, opportunities are re-emerging as we position for a return to growth. In summary, we're seeing favorable trends in each of our end markets and believe we're entering the new fiscal year with solid momentum.

展望 2026 財年，我們預期水資源仍將是關鍵的成長驅動力，而在環境方面，隨著我們為恢復成長做好準備，機會正在重新出現。總而言之，我們看到各個終端市場都呈現出有利的發展趨勢，相信我們能夠以強勁的勢頭進入新的財年。

Moving on to slide 9, I will provide a brief overview of our segment financials. In Q4, infrastructure and advanced facilities operating profit increased 16% year-on-year with a modest tailwind from FX.

接下來請看第 9 張投影片，我將簡單概述我們各部門的財務狀況。第四季度，基礎設施和先進設施的營業利潤年增 16%，這得益於匯率帶來的小幅利多。

In fiscal year '25, operating profit increased 13% year-over-year and on a constant currency basis. infrastructure and Advanced Facilities results were aided by both revenue growth and margin expansion.

2025財年，營業利潤年增13%（以固定匯率計算）。基礎設施和先進設施業務的業績成長得益於收入成長和利潤率提升。

Now, moving to PA Consultings performance, revenue increased 10% year-on-year in Q4. This contributed to a 17% increase in operating profit or 13% in constant currency on a strong operating margin of 23%. PA continues to benefit from rising demand for services in the public and national security sectors, driving double-digit growth in their backlog. For fiscal year '25, operating growth for PA was in line with Q4 performance. As we look ahead to fiscal year '26, we anticipate PA's revenue growth will be similar to our consolidated growth rate.

現在來看 PA Consulting 的業績，第四季營收年增 10%。這使得營業利潤成長了 17%，以固定匯率計算成長了 13%，營業利潤率高達 23%。公共和國家安全部門對服務的需求持續成長，推動PA的積壓訂單達到兩位數成長。2025 財年，PA 的營運成長與第四季業績持平。展望 2026 財年，我們預期 PA 的營收成長將與我們的綜合成長率相似。

Turning now to slide 10, we provide an overview of cash generation and our balance sheet. For fiscal year '25, free cash flow generation came in at $607 million. As a reminder, this does not add back the impact of restructuring or other charges. Good free cash flow generation and our high-quality balance sheet enabled us to repurchase $754 million of our shares and pay out $153 million in cash dividends.

現在請看第 10 張投影片，我們將概述現金產生狀況和資產負債表。2025 財年，自由現金流為 6.07 億美元。需要提醒的是，這並未計入重組或其他費用的影響。良好的自由現金流產生能力和高品質的資產負債表使我們能夠回購價值 7.54 億美元的股票，並支付 1.53 億美元的現金股息。

As a result, we returned approximately 150% of our free cash flow during the fiscal year. Adding in our dividend of Momentum shares distributed in May, we returned $1.1 billion to shareholders in fiscal year '25, a company record.

因此，我們在本財年實現了約 150% 的自由現金流回報。加上我們在 5 月派發的 Momentum 股票股息，我們在 2025 財年向股東返還了 11 億美元，創下公司紀錄。

We also paid down debt, ending the year with $1 billion in net debt, yielding a net leverage ratio of 0.8 times on LTM adjusted EBITDA, which is below our 1.0 times to 1.5 times target range.

我們也償還了債務，年底淨債務為 10 億美元，淨槓桿率為過去 12 個月調整後 EBITDA 的 0.8 倍，低於我們 1.0 倍至 1.5 倍的目標範圍。

Our balance sheet strength supports continued investment in the business along with continued returns to shareholders via share repurchases, as well as long-term dividend growth. Our commitment to return capital to shareholders is evidenced by a recently approved $0.32 per share dividend, representing 10% year-over-year growth and our material increase in shared repurchase activity this year.

我們穩健的資產負債表支持對業務的持續投資，並透過股票回購持續為股東帶來回報，以及實現長期股息成長。我們致力於向股東返還資本，最近批准了每股 0.32 美元的股息，同比增長 10%，並且今年我們大幅增加了股票回購活動，這都證明了這一點。

Finally, please turn to slide number 11 for our fiscal year '26 outlook. We expect adjusted net revenue to increase 6% to 10% year-over-year. Adjusted EBITDA margin to range from 14.4% to 14.7%. Adjusted EPS to range from $6.90 to $7.30. And free cash flow margin, which is free cash flow divided by adjusted net revenue to be in the range of 7% to 8%.

最後，請翻到第 11 頁，了解我們 2026 財年的展望。我們預計調整後淨收入將年增 6% 至 10%。調整後 EBITDA 利潤率預計在 14.4% 至 14.7% 之間。調整後每股收益預計在 6.90 美元至 7.30 美元之間。自由現金流利潤率（即自由現金流除以調整後淨收入）預計在 7% 至 8% 之間。

Notably, our outlook for fiscal year '26 implies 16% year-on-year growth in adjusted EPS at the mid-point. We provide relevant assumptions on the right side of the page to help with your modeling. One item to be mindful of is the fact that fiscal year '26 will include an extra week during Q4, adding just over a point and a half to our net revenue growth rate.

值得注意的是，我們對 2026 財年的展望意味著調整後每股盈餘年增 16%（取中間值）。我們在頁面右側提供了相關的假設，以幫助您進行建模。需要注意的一點是，2026 財年第四季將多出一周，這將使我們的淨收入成長率增加略高於 1.5 個百分點。

Additionally, as it pertains to Q1, we're forecasting 5.5% to 7.5% net revenue growth, and a low to mid 13% margin. Note that Q1 is typically our seasonally slowest quarter due to holiday timing.

此外，就第一季而言，我們預測淨收入將成長5.5%至7.5%，利潤率約13%。請注意，由於假日的影響，第一季通常是我們季節性最淡的季度。

In summary, fiscal year '25 was a great first year in our strategy cycle. We executed to our 13.9% EBITDA margin target. Which puts us well on our way to reaching 16% by fiscal year '29. We grew the top-line mid-single-digits, demonstrating resilience in a dynamic macro-environment.

總而言之，2025 財年是我們策略週期中非常成功的第一年。我們實現了 13.9% 的 EBITDA 利潤率目標。這樣一來，我們就能朝著2029財年達到16%的目標穩定邁進。我們實現了營收個位數中段的成長，展現了在動態宏觀環境中的韌性。

In addition, we returned record amounts of capital back to our shareholders. As we enter fiscal year '26, we believe we are very well positioned to build on our fiscal year '25 performance.

此外，我們也向股東返還了創紀錄的資金。進入 2026 財年，我們相信我們已做好充分準備，在 2025 財年業績的基礎上再創佳績。

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

這樣，我就把電話轉回給鮑伯了。

Thank you, Venk. In closing, we're proud of our continued strong execution in FY25. With the record backlog, expanding margins and healthy demand across the sectors we serve, we are entering FY26 with significant momentum.

謝謝你，文克。最後，我們對2025財年持續強勁的業績感到自豪。憑藉創紀錄的訂單積壓、不斷擴大的利潤率以及我們所服務行業的健康需求，我們以強勁的勢頭進入了 2026 財年。

Operator, we will now open the call for questions.

接線員，現在開始接受提問。

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

謝謝。現在開始問答環節。（操作說明）

Sangita Jain, KeyBanc.

Sangita Jain，KeyBanc。

Can I start with the federal government shutdown and if you think that had any impact on your fiscal '26 bookings to date?

我可以先問聯邦政府停擺這件事，您認為它對您2026財年至今的預訂量有任何影響嗎？

Fiscal '26 or '25?

是2026財年還是2025財年？

Well, the fiscal '25 ended and the shutdown started. So I'm trying to see if you had any impact in the early part of this year from the shutdown.

2025財年結束，政府停擺開始。所以我想了解一下，今年年初的停擺是否對你造成了任何影響。

No, we did not. The bookings trend was -- those awards in the federal government happened before the shutdown. So the short answer is no, Sangita.

不，我們沒有。預訂趨勢是－聯邦政府的那些獎項是在政府停擺之前獲得的。所以簡而言之，答案是否定的，桑吉塔。

All right. Great. And then can you give us an update on PA and how that process is unfolding?

好的。偉大的。那麼，您能否向我們介紹一下PA（賓州）的最新進展？

Sure. So our negotiations continue, and I would say they're progressing. We said from the beginning that we would be making a decision on that on or before March of '26, and we're on track to do so.

當然。所以我們的談判仍在繼續，而且我認為談判正在取得進展。我們從一開始就說過，我們將在 2026 年 3 月或之前對此做出決定，我們正按計劃推進。

Andy Wittmann, Baird.

安迪‧維特曼，貝爾德。

I guess, my first question is just on the water and environment portion of your business? Obviously, we saw some deceleration here, Bob, you mentioned the Environmental business has been a little weaker. I was hoping maybe you could just drill into that. It seems like the water side is strong, but what was it about the environmental side that caused a little bit of softness? Would you tie that to anything?

我想問的第一個問題是關於貴公司在水資源和環境方面的業務？顯然，我們看到這裡的成長速度有所放緩，鮑勃，你提到環境業務有點疲軟。我希望你能深入研究這個問題。水質方面似乎很強，但環境方面又是什麼原因導致它略顯柔和呢？你會把它和什麼連結起來嗎？

Maybe the administration change or something else? And what are the indications that you have today? You made some comments that you see that improving going forward. And I just wondering kind of what that's based on. So I thought you could drill in a little bit more there. Thank you.

或許是政府換屆，或許是其他原因？那麼，你今天掌握了哪些跡象呢？你曾發表過一些評論，表示你認為未來會有所改進。我只是想知道這是基於什麼得出的結論。所以我認為你可以再深入鑽探一下。謝謝。

Yes, absolutely, Andy. Maybe just -- I'll start with the positive. So the water sector continues to be strong. The pipeline is up double digits as well as our booking trends. So we still see high single-digit growth in the water sector moving forward into FY26 and beyond. And that's global. All major geographies are participating in that.

是的，當然，安迪。或許就——我先說說好的方面。因此，水務業依然保持強勁勢頭。訂單儲備量和預訂量均實現了兩位數成長。因此，我們預計水務業在 2026 財年及以後仍將保持高個位數成長。這是全球性的。所有主要地區都參與其中。

In the environmental sector, kind of two dynamics that played out during the year or actually during Q4 -- accentuated in Q4. One was we did have a onetime event, a positive on last year's comp. So that was one. But from kind of the core of the business, the regulatory volatility right now within the environmental world has put a bit of a pause for our private sector clients. And so until those kind of settled down, our private sector clients are tending to pull back a bit of the spend that we saw traditionally and these are some of the larger industrials as well as chemical folks.

在環境領域，今年或更確切地說是第四季度出現了兩種動態——在第四季度尤為突出。其中之一是我們確實舉辦了一場一次性活動，這是去年比賽中的一個積極因素。這是其中之一。但就業務核心而言，目前環境領域的監管波動已經為我們的私部門客戶帶來了一些阻礙。因此，在這些情況穩定下來之前，我們的私部門客戶往往會減少一些我們過去看到的支出，其中包括一些大型工業企業和化學企業。

On the public sector, it really was about disaster relief. The traditional -- the kind of switch of FEMA funding and application down to the state level. There was a bit of a pause on how the states were going to, especially after the [OBBBA] was passed, how states were going to reorganize their budgets. And so we saw some delays in awards as well as a pullback in FEMA.

在公共部門，主要工作是救災。傳統方式—將 FEMA 資金和申請下放到州一級。尤其是在[OBBBA]通過之後，各州將如何重組預算的問題出現了一些停滯。因此，我們看到撥款有所延遲，聯邦緊急事務管理局（FEMA）的撥款也有所減少。

Got it. Was the theme of the onetime item for the prior year? Or you're saying that's that affected this quarter?

知道了。去年的一次性活動主題是什麼？還是你是說這影響了本季？

No. The prior year -- the Q4 of FY24 onetime was a federal agency outside of the US that we had a onetime event.

不。前一年－2024 財年第四季度，我們曾與美國境外的一個聯邦機構有過一次一次性事件。

Got it. Okay. And then just for my follow-up, maybe for Venk. We saw the guidance here on free cash flow. Just the bridge you're now doing it as a percentage of revenue, but if you convert it back to the old way of doing it, it's under 100% targets.

知道了。好的。然後，就我後續的提問而言，或許是為了 Venk。我們看到了這裡關於自由現金流的指導。你現在只是以收入百分比來計算這部分費用，但如果你把它改回以前的方式，就達不到 100% 的目標了。

And I was wondering what the items in the '26 outlook are that bridge you because, obviously, the business fundamentally is equipped to deliver at 100% or greater. And so that means something is kind of unusual or included in this number that we should all about. And I thought maybe you could expand on that a little bit more.

我想知道 2026 年展望中有哪些項目能夠幫助您實現目標，因為很明顯，從根本上來說，公司有能力達到 100% 甚至更高的交付水準。所以這意味著這個數字裡包含了一些不尋常的東西，值得我們關注。我想或許您可以再詳細闡述。

Yes. Thanks, Andy, for the question. I'd say, first of all, I'd point out that as we stated at Investor Day, free cash flow margin of 10% target, we're well on track for that. We delivered 7% this year, and we're guiding to between 7% and 8%. What we have imputed in that guidance is that there is a kind of a onetime tax event unrelated to our continuing operations that we're expecting some time in fiscal '26. So we just want to give transparency to that.

是的。謝謝安迪的提問。首先，我想指出，正如我們在投資者日上所說，我們設定了 10% 的自由現金流利潤率目標，目前我們正朝著這個目標穩步前進。我們今年實現了 7% 的成長，預計今年的成長幅度將在 7% 到 8% 之間。我們在該指導方針中暗示，在 2026 財年的某個時候，將會出現與我們的持續經營無關的一次性稅務事件。所以我們希望讓這件事更透明。

And then on top of it, as Bob alluded to in response to Sangita's question, we are expecting a resolution on our combination with PA and we're just assuming some cash expenses associated with that. So those are the things that we want to factor in. We feel really good about our free cash flow margin expansion, and we think that will be a true indicator of the efficiency of the business. And you're absolutely right, our efficiency has been improving, and we see continued growth in that in fiscal '26 and beyond.

此外，正如鮑伯在回答桑吉塔的問題時所暗示的那樣，我們正在等待與賓州合併事宜的解決方案，我們預計會有一些與之相關的現金支出。所以這些都是我們需要考慮的因素。我們對自由現金流利潤率的擴張感到非常滿意，我們認為這將是衡量企業效率的真實指標。您說得完全正確，我們的效率一直在提高，我們預計在 2026 財年及以後，效率將持續成長。

Jamie Cook, Truist.

Jamie Cook，Truist。

Congrats on a nice quarter. I guess my first question, with regards to the margin performance in Infrastructure and Advanced Facilities, we saw a nice improvement there. Anything unusual in margins and how to think about the cadence of margins in that segment as in 2026?

恭喜你本季業績出色。關於基礎設施和先進設施的利潤率表現，我的第一個問題是，我們看到這方面有了不錯的改善。利潤率方面是否有任何異常情況？如何看待該細分市場在 2026 年的利潤率變化趨勢？

And then my second question, Bob, to you sort of more strategically, your peer -- one of your public peers came out this week talking about their competitive advantage on AI and what that means for margins for them over the longer term. You have similar business models. Just wondering how you're merging AI? And is there a margin opportunity outside what you've already announced given your peers came out with much more bullish margin targets longer term?

鮑勃，我的第二個問題是，從戰略角度來說，你的同行——你的一位公開同行本周公開談論了他們在人工智慧方面的競爭優勢，以及這對他們長期利潤率的意義。你們的商業模式很相似。我想知道你們是如何融合人工智慧的？鑑於同行們給出了更樂觀的長期保證金目標，除了您已經宣布的保證金目標之外，是否還有其他保證金增長的機會？

Great. Thanks, Jamie. On the first part with regards to margins in I&AF, I'll let take that, and then I'll address the AI question following. So Venk?

偉大的。謝謝你，傑米。關於 I&AF 利潤率的第一部分，我先回答一下，然後再回答 AI 問題。所以，文克？

Great. Jamie, thanks for the comments. I'd say in terms of our margin performance I&AF continues to up into the right, really solid performance across the entirety of our business, also a good job of improving our cash collections and so forth.

偉大的。Jamie，謝謝你的評論。就我們的利潤率表現而言，我認為 I&AF 繼續穩步提升，我們整個業務的表現都非常穩健，我們在改善現金回收等方面也做得很好。

I'd say as we guided to in the prepared remarks, when it comes to Q1, there will be a sequential slowdown and a seasonal slowdown driven by a couple of factors. One is fringe as it relates to things like medical insurance costs and health benefits that typically have an impact in Q1, but you get the recovery in subsequent quarters. So we'll see a linear progression in margins throughout the rest of fiscal year '26, but we wanted to make sure that we were transparent in terms of how to model it for fiscal Q1. So that's number one.

正如我們在準備好的演講稿中提到的那樣，就第一季而言，由於幾個因素的影響，將出現環比放緩和季節性放緩。其中之一是與醫療保險成本和健康福利等相關因素有關，這些因素通常會在第一季產生影響，但隨後幾季會有所恢復。因此，在 2026 財年剩餘的時間裡，我們將看到利潤率呈線性增長，但我們希望確保在第一財季的建模方式方面保持透明。這是第一點。

And as it relates to the overall free cash flow margin target of 7% to 8% imputed in that, as I mentioned earlier, is the fact that we're continuing to see operational improvements in the margin performance, combined with some of the onetime items that we expect to happen in fiscal '26. And all of that is imputed in our margin guidance.

至於我之前提到的 7% 到 8% 的整體自由現金流利潤率目標，我們持續看到利潤率表現的營運改善，再加上我們預計在 2026 財年將發生的一些一次性項目。所有這些都已計入我們的利潤率預期中。

And then on the AI question, Jamie, we've been very vocal about this since dating all the way back to 2021. In fact, if you remember in our '19 and '22 strategy, we -- and it was the origins of the partnership with PA Consulting as well. So this is a journey we've been on for over five years.

至於人工智慧問題，Jamie，我們從 2021 年起就一直在積極討論這個問題。事實上，如果你還記得我們在 2019 年和 2022 年的策略，我們——這也是我們與 PA Consulting 建立合作關係的起源。所以，這段旅程我們已經走了五年多了。

How it's transpired. We see it as an accelerant and differentiator, a space that we continue to use to primarily provide greater solutions externally for our clients. And that has realized itself, and these are things that we've highlighted in the past.

事情經過是這樣的。我們將其視為加速器和差異化因素，我們將繼續利用這一領域，主要為我們的客戶提供更好的外部解決方案。而這些已經成為現實，這些都是我們過去曾經強調過的事情。

All the way back to 2021 being able to deliver a transformational effort for Intel as they were expanding their business model into a foundry model back in '21 that was done through machine learning and digital replication.

早在 2021 年，英特爾就透過機器學習和數位複製技術，將其業務模式擴展到代工模式，從而實現了轉型。

That then led to our partnership with Palantir and all of the water platforms that we have developed since '22 in reference on in Aqua DNA as well as Intelligent O&M that's really creating a differentiated position to gain efficiencies for our clients.

這促成了我們與 Palantir 的合作，以及自 2022 年以來我們開發的所有水處理平台，參考 Aqua DNA 和智慧運維，這真正為我們的客戶創造了差異化優勢，從而提高了效率。

Most recently, we announced a partnership with NVIDIA where we're utilizing AI enablement platforms as well as digital cleaning technology to simulate gigawatt plus type data centers and creating a reference design for NVIDIA clients and even going all the way up to today where street light data is providing unbelievable transportation analytics for major metropolitan areas around the country. In fact, over 26 state DOTs are utilizing the Streetlight platform. And so kind of you look at that portfolio and it's creating a differentiated position for growth in the market. And it is contributing to our margin expansion as we continue to go up the value chain.

最近，我們宣布與 NVIDIA 建立合作夥伴關係，利用人工智慧賦能平台和數位清潔技術來模擬千兆瓦以上的資料中心，並為 NVIDIA 客戶創建參考設計，甚至一直到今天，路燈資料正在為全國各大都市區提供令人難以置信的交通分析。事實上，已有超過 26 個州的交通部門正在使用 Streetlight 平台。所以，仔細看看這個投資組合，它正在為市場成長創造差異化地位。隨著我們不斷向價值鏈上游發展，也有助於我們擴大利潤率。

Andrew Kaplowitz, Citi.

安德魯‧卡普洛維茨，花旗集團。

This is Natalia on behalf of Andy Kaplowitz from Citi. Congrats on the quarter. Maybe first question I'll start off with. You cited that transportation was a contributor to growth. But I'm just curious how the funding visibility under IIJ is progressing? Are you seeing any delays or accelerations as new money flows through the states?

我是代表花旗銀行的安迪‧卡普洛維茲的娜塔莉亞。恭喜你本季取得佳績。也許這是我首先要問的問題。你提到交通運輸是促進經濟成長的因素之一。但我很好奇IIJ的資金透明度進展如何？隨著新資金流入各州，您是否觀察到任何延誤或加速的情況？

We're not. We're not. That continues to be a catalyst. But I would say that transportation number, we're seeing globally. It's not just in the US, but nice growth that we experienced in Europe, Middle East as well as in Australia and New Zealand. So it's something where -- and again, it kind of goes to the previous question too, differentiated position, utilizing strong transportation analytics and driving mobility concerns. So it's -- I'd say IIJ is a component budget clarity in the UK is another component. Growth in the Middle East as well as Australia continues to be a really strong market for us in the transportation space.

我們不是這樣。我們不是這樣。這仍然是一個催化劑。但我認為，我們看到的全球運輸量數據就是如此。不僅在美國，我們在歐洲、中東以及澳洲和紐西蘭也經歷了良好的成長。所以，這涉及到——而且，這也有點與先前的問題有關——差異化的定位，利用強大的交通分析和推動出行問題。所以——我認為IIJ是英國預算清晰度的一個組成部分，而預算清晰度是另一個組成部分。中東和澳洲的成長動能依然強勁，這兩個市場對我們來說在交通運輸領域都非常有利。

Got it. That's super helpful. And maybe just continuing on the strength that you see globally transportation, maybe more so just curious about the regional performance across your end markets, which regions outperformed expectations? And which ones are you expecting maybe to be a little softer in 2026?

知道了。這太有幫助了。或許可以繼續保持全球運輸業的強勁勢頭，或許更想了解各個終端市場的區域表現，哪些區域的表現超出了預期？那麼，你預期哪些因素在 2026 年可能會有所緩和？

Yes. We're seeing growth across the board, Andre. It's -- our business domestically in the US has got some strong tailwinds behind it. But we're not seeing -- let me say it in the positive. Our business outside the US and internationally is in growth mode. We've got double-digit growth going on in the Middle East. Europe is going through a nice recovery. And Southeast Asia and Australia and New Zealand are really being buoyed by strong transportation and water growth. So it's pretty uniform for us across the globe.

是的。安德烈，我們看到各方面都在成長。我們在美國國內的業務目前正處於強勁的發展勢頭之中。但我們並沒有看到——讓我用正面的話來說。我們在美國以外和國際市場的業務正處於成長階段。我們在中東地區實現了兩位數的成長。歐洲正在經歷良好的復甦。東南亞、澳洲和紐西蘭的經濟確實受益於強勁的交通運輸和水運發展。所以，對我們全球各地的人來說，情況都相當一致。

And if I could add to just what Bob said, I mean that's true of the PA business as well. We're seeing some good solid momentum in the PA business, especially in the UK and Continental Europe.

如果我能補充一下鮑伯所說的，我的意思是，這同樣適用於公共廣播業。我們看到公共廣播業務發展勢頭良好，尤其是在英國和歐洲大陸。

Steven Fisher, UBS.

史蒂文費雪，瑞銀集團。

I wonder, if I could just follow up on Jamie's question on the margin in terms of bridging the expansion in margins between fiscal '25 and fiscal '26, if you can kind of be a little more specific on some of the major puts and takes, be it cost savings, operating leverage, any specific investments that you're making to support AI and digital? Anything that you can help us sort of bridge what's in that.

我想就 Jamie 關於 2025 財年和 2026 財年利潤率擴張銜接方面提出的問題，能否請您更具體地談談一些主要的投入和投入，例如成本節約、營運槓桿，以及您為支持人工智慧和數位化所做的任何具體投資？任何能幫助我們理解其中含義的資訊都非常感謝。

Yes. Thank you, Steve. So as we mentioned in the prepared remarks, fiscal '25, solid performance in terms of 110 basis points margin expansion. And we're guiding for between 50 basis points and 80 basis points for fiscal '26. A lot of what happened in fiscal '25 was driven by some of the operating leverage and cost actions as well as some early improvements in margin as it relates to gross margins.

是的。謝謝你，史蒂夫。正如我們在準備好的發言稿中所提到的，2025 財年業績穩健，利潤率擴張了 110 個基點。我們預計 2026 財年將實現 50 個基點至 80 個基點的成長。2025 財年發生的許多事情都是由一些營運槓桿和成本控制措施以及毛利率方面的一些早期改善所推動的。

we see a much bigger contribution, especially on the gross margin line going forward, driven by three things that we outlined at Investor Day, global delivery being a big component of it. As we look at the mix of business across the globe, we see that there's tremendous adoption of global delivery across our various end markets.

我們看到，未來毛利率將有更大的成長，這主要得益於我們在投資者日上概述的三件事，其中全球交付是重要組成部分。當我們審視全球業務組合時，我們發現全球交付在我們的各個終端市場都得到了廣泛的應用。

So that should be a meaningful driver of margin expansion for us this year. And then we talk about commercial models and how with the adoption of AI that's increasing across the multi-let of end markets that Bob talked about, that also makes a meaningful contribution to margin expansion.

因此，這應該會成為我們今年利潤率擴張的重要驅動力。然後我們討論了商業模式，以及隨著人工智慧在鮑勃提到的眾多終端市場中的應用日益普及，這也對利潤率的擴張做出了有意義的貢獻。

So I would say multiple levers on the gross margin front. And then we are committing to maintaining our operating leverage, meaning we want to grow our OpEx at a slower pace than our revenue growth, and that's driven by both efficiencies as well as what we do internally as well as externally for our clients. So a multitude of factors, we feel really good about our margin expansion story, and we're guiding for 65 basis points at the midpoint after a 110 basis points expansion in fiscal '25.

所以我認為在毛利率方面可以採取多種槓桿措施。然後，我們致力於維持營運槓桿，這意味著我們希望營運支出成長速度慢於收入成長速度，這既得益於效率的提高，也得益於我們內部以及外部為客戶提供的服務。有鑑於許多因素，我們對利潤率擴張前景感到非常樂觀，繼 2025 財年利潤率擴張 110 個基點之後，我們預期利潤率中位數為 65 個基點。

Very helpful. And then, Bob, maybe on the data center side, since I think you guys have a pretty interesting perspective and role in the industry. being on the front end of things. I'm curious if you could talk about the changes in the assignments that you're getting this year versus a year ago. What are your customers asking you that's different this year? What are the -- how are the projects different? Is there anything more international or more domestic. Any changes there? Just curious your perspective on how things are different entering '26 versus '25?

很有幫助。然後，鮑勃，或許可以從數據中心方面談起，因為我認為你們在這個行業中有著非常有趣的視角和角色，你們身處前端。我很想知道您能否談談今年您收到的作業與去年相比有哪些變化。今年客戶提出的問題有哪些與往年不同的面向？這些項目有什麼區別？還有更國際化的還是更國內化的？那方面有什麼變化嗎？只是好奇你覺得進入2026年和進入2025年相比，有哪些不同？

Sure. Well, let me start with the geography and then go to how our scope is expanding in that area. We're seeing interest now in data center starts in the Middle East and in Europe in addition to the US. The U.S. continues to be the strongest of the three. So -- but it is expanding into Europe and to the Middle East as well.

當然。好，我先從地理位置說起，然後再談談我們在該領域的業務範圍是如何擴大的。除了美國之外，我們現在也看到中東和歐洲對資料中心建設表現出濃厚的興趣。美國仍然是三國中最強大的。所以——而且它也正在向歐洲和中東擴張。

From a scope standpoint, our scope has traditionally been within the white space. the white and the gray space are now emerging. And so especially the work that we're doing now for NVIDIA is translating into a more innovation happening within the server rack in that white space area.

從範圍上看，我們的範圍傳統上一直局限於空白領域。而現在，空白領域和灰色領域正逐漸顯現。因此，我們現在為 NVIDIA 所做的工作，正在轉化為伺服器機架空白領域的更多創新。

And then broadly, solutions around the power requirements behind the meter as well as reclaimed water that we're expanding our scope on that front, too. So all of that put together has really been a net benefit.

此外，我們也正在擴大對錶後電力需求以及再生水解決方案的關注範圍。所以綜合起來，所有這些因素確實都帶來了淨收益。

Just another data point, Steve. In the last quarter, our pipeline in the data center space has gone up 5 times. And so we're actually being selective on how we deploy that talent and growing that talent not just in the US, but in the Philippines and in India as well.

這只是另一個數據點，史蒂夫。上個季度，我們在資料中心領域的業務成長了 5 倍。因此，我們實際上對如何部署和培養這些人才有著嚴格的選擇，不僅在美國，而且在菲律賓和印度也是如此。

Michael Dudas, Vertical Research.

邁克爾·杜達斯，垂直研究。

Bob, maybe tailing off your last comment on pipeline, which is for maybe you could share you've put out, I guess, in your investor day, two-year pipeline outlook and you of the segments. Maybe you can refresh on that, how that looks today versus a year ago? And what areas should we be looking at as we monitor on bookings and progress as the year goes through, there are a certain couple of areas.

鮑勃，也許可以接續你上次關於產品線的評論，也就是你在投資者日上發布的兩年產品線展望以及你對各個細分市場的看法。或許你可以回顧一下，現在的情況與一年前有何不同？隨著一年的進行，我們在監測預訂情況和進展時，我們應該關注哪些方面？主要有兩個面向。

I mean, you just touched on some of them, but roll for the pipeline. and whether the conversions are going to happen sooner rather than later that might drive the -- to 10% range of '26 numbers.

我的意思是，你剛才只是提到了其中的一些，但要專注於整個流程。轉換率是否會盡快提高，可能會影響到 2026 年數據的 -10% 到 10% 的範圍。

Sure. Maybe Mike, I'll kind of segregate it into two categories, one by sector and then second, by geography. By sector, I'd say the fastest-growing pipelines, and I can quote some numbers here in the data center world just mentioned, pipeline is up 5 times. In the semiconductor world, we're seeing more growth there after some flatness over the course of the last year, and it's really centered around high bandwidth memory for the American client in the US semiconductor pipeline is up 20%.

當然。或許麥克，我會把它分成兩類，一類依行業，另一類依地理位置。按行業劃分，我認為成長最快的是管道，我可以引用一些數據，在剛才提到的數據中心領域，管道增長了 5 倍。在半導體領域，我們看到在經歷了過去一年的平穩期後，出現了更大的增長，這主要集中在面向美國客戶的高頻寬記憶體上，美國半導體管道增長了 20%。

And Life Sciences continues to be strong. And in all those areas that we mentioned before, that's really been driven in the US. That pipeline is up 50%. And the water sector. The water sector continues to be a strong sector for us globally, and that's up 50%.

生命科學領域依然保持強勁勢頭。在我們之前提到的所有領域，這實際上都是由美國推動的。該管道容量增加了 50%。還有水務業。全球水務產業仍然是我們表現強勁的產業，成長了 50%。

So overall, the pipeline is looking really, really strong as we go into FY26. The reason why I mentioned those four sectors is because that's where we see the fastest conversion of that pipeline in '26 and in early '27. From a geography standpoint, it's the Middle East. We just announced the award for New Murabba, specifically The Mukaab component of that. That's a huge -- a really good job for us.

所以總的來說，進入 2026 財年，產品線看起來非常非常強勁。我之所以提到這四個領域，是因為我們看到在 2026 年和 2027 年初，這些領域的轉換速度最快。從地理角度來看，它是中東。我們剛剛宣布了 New Murabba 的獎項，特別是其中的 Mukaab 部分。這對我們來說是一份非常棒的工作。

We're now on the expo and we've got a few opportunities at Abu Dhabi and Etihad Rail that could convert here shortly. So across the Middle East region, we're seeing good growth leading up to not just the Expo, but also the World Cup coming up to.

我們現在正在參加博覽會，我們在阿布達比和阿提哈德鐵路公司有一些機會，這些機會可能很快就會轉化到這裡。因此，在中東地區，我們看到不僅在世博會之前，而且在即將到來的世界盃之前，都出現了良好的成長。

Give me the visit in Washington this week from the Saudi certainly can add to that visibility, I would assume. -- The second question, I think, just as we think about cadence through 2026 on free cash and share repurchase, just 2025 had a lot of artistic onetime issues. But how do we think about as you allocate that cash relative to share repurchase and whatever, maybe target on that relief or what have you as we look through '26?

我認為，沙烏地阿拉伯本週訪問華盛頓無疑會提升公司的知名度。 ——第二個問題，我認為，正如我們考慮2026年之前的自由現金流和股票回購節奏一樣，2025年也出現了許多一次性的藝術性問題。但是，當我們展望 2026 年時，在分配這筆現金時，我們應該如何考慮將其用於股票回購等用途，或許可以將其作為緩解經濟壓力或其他目標？

Yes, Mike, thanks for the question. So I'll answer the margin question first, which is as we guided to expecting linear progression in margins, Q1 being probably the slowest in terms of margins and then a steady increase right through the rest of the year, such that we feel good about the 50 to 80 basis points for the full year.

是的，麥克，謝謝你的提問。所以我先回答利潤率的問題，正如我們之前所預測的那樣，利潤率將呈線性增長，第一季利潤率增長可能最慢，然後全年穩步增長，因此我們對全年 50 至 80 個基點的增長感到滿意。

As it relates to our use of cash, as we pointed out, our net leverage ratio is right now at 0.8 times. We do want to maintain the optionality for additional deployment of cash for a potential increase in our stake in PA as we've been stating all along. But outside of that, we want to be regular buyers of our stock.

關於現金使用情況，正如我們先前指出的，我們目前的淨槓桿率為 0.8 倍。正如我們一直以來所說的那樣，我們希望保留進一步部署現金以潛在增加我們在PA股份的選擇權。但除此之外，我們希望成為我們股票的常規買家。

We truly believe in the value of being predictable in terms of buying back shares, and we'll do it at a regular quantum. And it won't be at the same level as it was last year, 150%, but we made the commitment at Investor Day to return at least 60% of our free cash flow in the form of share repurchases and dividends, and we're committed to that.

我們堅信在股票回購方面保持可預測性的價值，我們將定期進行股票回購。雖然不會達到去年的 150% 的水平，但我們在投資者日承諾將至少 60% 的自由現金流以股票回購和股息的形式返還給投資者，我們承諾將實現這一目標。

Jerry Revich, Wells Fargo.

傑瑞·雷維奇，富國銀行。

Given the top line outlook you have for the year and Venk, which you shared for the first quarter, you could be exiting if you at the high end of the range with, call it, 13% top line growth in the fourth quarter. Can you just talk about if you do hit the high end of the range?

鑑於你對今年的營收展望以及你分享的第一季業績，如果你在第四季營收成長達到預期上限（例如 13%），你就可以退出了。您能談談如果達到價格上限會是什麼情況嗎？

Given the color you provided earlier, Bob, which end markets do we need to see that pipeline turn into bookings if we're talking about the high end of the outlook being feasible and exit to get that teens growth rate in the fourth quarter, if that plays out?

鮑勃，根據你之前提供的信息，如果我們要實現預期前景的高端目標，並在第四季度達到兩位數的增長率，那麼我們需要看到哪些終端市場將這些潛在客戶轉化為實際訂單？

Yes, Jerry, I'll take the first part of the question, and then Bob can add a lot more color. I would say in terms of the sequential nature of the growth profile as well as the margin profile, you expect -- we expect to see continued momentum right through the year.

是的，傑瑞，我來回答問題的第一部分，然後鮑伯可以補充更多細節。就成長曲線的連續性以及利潤率曲線而言，我認為——我們預計全年都將保持成長勢頭。

And as we stated, Q4 is the one which will have the extra week, so that will have an extra room for fuel in terms of both revenue contribution as well as margin contribution. But in terms of the end markets, it's pretty broad-based, and maybe Bob can add more color on how we expect that to play out.

正如我們所說，第四季度會多出一周時間，因此在收入貢獻和利潤貢獻方面都會有額外的成長空間。但就終端市場而言，它的基礎相當廣泛，也許鮑勃可以更詳細地說明我們預計它將如何發展。

Yes. The ones that would drive the high end of the range, Jerry, would be life sciences and data centers, clearly, and really that's a matter of those sectors moving at pace. That wouldn't have to be accelerated. Just need to move at pace, and that will be a big contributor. We're seeing semiconductor fabrication facilities start to move.

是的。傑瑞，顯然，推動高端市場發展的將是生命科學和資料中心，而這實際上取決於這些產業的發展速度。那不需要加速。只需要加快步伐，這將起到很大的作用。我們看到半導體製造廠開始搬遷。

And so if that were to accelerate, that would definitely be a tailwind. Momentum, I think on Citi's question with regards to transportation, that international transportation market would provide some momentum as well. And then major prospects. We're seeing major prospects in cities and places in the Middle East, but also we're now starting at the LA Olympics as well FAA and a few other kind of larger initiatives that would drive the higher end.

所以如果這種情況加速發展，那肯定會是個順風。我認為，就花旗銀行提出的交通運輸問題而言，國際運輸市場也將提供一些動力。然後是極具潛力的球員。我們看到中東一些城市和地區有很大的發展前景，但我們現在也開始關注洛杉磯奧運、美國聯邦航空管理局以及其他一些更大的項目，這些項目將推動高端市場的發展。

And then, Bob, on data center, specifically, you mentioned a fivefold increase in that pipeline for you. Obviously, that market is very hot, but I don't think it's up 5 times. Are you folks expanding the scope of what you're doing within data centers? Or is it people are looking further out to lock in services? Can you just expand on that fivefold comment? And if you're willing to share off of what base from a Jacobs' standpoint, that would be helpful.

然後，鮑勃，關於資料中心，你特別提到你的管道數量增加了五倍。顯然，那個市場非常火爆，但我認為它不會上漲5倍。你們是否正在擴大在資料中心領域的業務範圍？或者，人們是否在著眼更遠的地方來鎖定服務？能詳細解釋一下您提到的五倍效應嗎？如果你願意從 Jacobs 的角度分享一下依據是什麼，那就太好了。

Yes. Just to put in perspective, it's about a $200 million business for us today. And over time, I won't be specific on time, but that business could be as big as our Life Sciences business today in a few years. So that's kind of where it's headed. I'd say it's across the board. It's hyperscalers. It's what we call kind of the neo cloud providers as well as multi-tenant players as well.

是的。為了讓大家有個概念，目前這對我們來說是一個價值約 2 億美元的事業。隨著時間的推移（具體時間我無法給出具體數字），這項業務幾年後可能會發展到與我們今天的生命科學業務一樣大的規模。所以事情大概會朝著這個方向發展。我認為這種情況普遍存在。是超大規模資料中心。我們也稱之為新型雲端服務供應商以及多租戶服務提供者。

And it's in just sheer numbers of people that are coming into the market. Our scope has expanded from a content standpoint, going within the battery limits of the data center into the water requirements as well as power needs and that's a nice kind of adjacency with our Energy and Power group.

而這完全是因為湧入市場的人數眾多。從內容角度來看，我們的範圍已經擴大，從資料中心的電池限制擴展到用水需求以及電力需求，這與我們的能源和電力集團有著很好的契合點。

And then alternative delivery. So similar to what we do in the life sciences sector, where we -- as well as in the water sector, where we do not just design but program management for the delivery of the facility, we're now in that mode in the -- I'm sorry, in the data center space as well.

然後是其他配送方式。所以，就像我們在生命科學領域所做的那樣，以及在水務領域，我們不僅設計，還負責設施交付的專案管理，現在我們在資料中心領域也採用了這種模式。

And anything you could do to improve traffic in the New York area. A lot of us on the call would be grateful.

以及任何能改善紐約地區交通狀況的措施。我們這些參與通話的人都會感激不盡。

We're working on it, Jerry.

我們正在努力，傑瑞。

And that concludes our Q&A session. I will now turn the conference back over to Bob Pragada for closing remarks.

我們的問答環節到此結束。現在我將把會議交還給鮑伯·普拉加達，請他作閉幕致詞。

Well, thank you. Thank you, everyone, for joining our earnings call. We look forward to engaging with many of you over the coming days and weeks as we go on the road and hope all that are celebrating the US Thanksgiving have a happy holiday.

謝謝。感謝各位參加我們的財報電話會議。在接下來的幾天和幾周里，我們將在旅途中與大家互動交流，並祝福所有慶祝美國感恩節的人們節日快樂。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。