雅各布工程 (J) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome you to the Jacobs Solutions fiscal first-quarter 2026 earning conference call and webcast. (Operator Instructions) Thank you.

女士們、先生們，感謝你們的耐心等待。我叫克麗絲塔，今天我將擔任你們的會議接線生。此時此刻，我謹代表 Jacobs Solutions 公司歡迎各位參加 2026 財年第一季業績電話會議和網路直播。（操作說明）謝謝。

I would now like to turn the call over to Bert Subin, Vice President, Investor Relations. Bert, you may begin.

現在我將把電話交給投資者關係副總裁伯特·蘇賓。伯特，你可以開始了。

Thank you, Krista, and welcome, everyone. Following market close, we issued our earnings announcement, filed our Form 10-Q, and we have posted a slide presentation on our website, which we will reference during the call. I would like to refer you to slide 2 of the presentation for information about forward-looking statements, non-GAAP financial measures, and operating metrics. Now let us turn to the agenda on slide 3.

謝謝克麗斯塔，也歡迎各位。市場收盤後，我們發布了盈利公告，提交了 10-Q 表格，並在我們的網站上發布了幻燈片演示文稿，我們將在電話會議中引用該演示文稿。有關前瞻性陳述、非GAAP財務指標和營運指標的信息，請參閱簡報的第2頁。現在讓我們來看看投影片 3 上的議程。

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 first-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 flow, and balance sheet data. Finally, Bob will provide closing remarks, and then we will open up the call for questions.

出席今天電話會議的有 Jacobs 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，並重點介紹我們第一季的業績以及獲得的重大獎項。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、現金流量和資產負債表資料的評論。最後，鮑伯將作總結發言，然後我們將開放提問環節。

With that, I will 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 afternoon, everyone, and thank you for joining us to discuss our first-quarter 2026 business performance. We delivered very strong results for Q1, exceeding our expectations across all key metrics and made incremental progress toward achieving our FY29 target. I will quickly highlight a few key takeaways

各位下午好，感謝各位參加本次會議，共同探討我們 2026 年第一季的業務表現。我們第一季業績非常強勁，所有關鍵指標均超出預期，並朝著實現 2029 財年目標穩步邁進。我將簡要地概括幾個關鍵要點。

First, adjusted EPS grew 15% to $1.53 supported by robust 8% net revenue growth and solid underlying margin performance. Second, our backlog grew 21% to over $26 billion setting a new record with our trailing 12-month book to bill rising to 1.4 times. And third, we announced an agreement with the shareholders of PA Consulting to acquire the remaining stake in the company. We see PA's core competencies in digital consulting, innovation, and AI advisory as a force multiplier for Jacobs and a key accelerant in our strategy to redefine the asset life cycle.

首先，在淨收入強勁增長 8% 和穩健的基本利潤率表現的支撐下，調整後每股收益增長 15% 至 1.53 美元。其次，我們的積壓訂單增加了 21%，超過 260 億美元，創下新紀錄，過去 12 個月的訂單出貨比上升至 1.4 倍。第三，我們宣布與 PA Consulting 的股東達成協議，收購該公司剩餘股份。我們認為 PA 在數位諮詢、創新和人工智慧諮詢方面的核心競爭力是 Jacobs 的力量倍增器，也是我們重新定義資產生命週期策略的關鍵加速器。

In summary, we are exiting Q1 with momentum, and the strong start to the year gives us confidence to increase our FY26 outlook for net revenue, adjusted EPS, and free cash flow margin, which Venk will go through in detail shortly.

總而言之，我們帶著強勁的勢頭結束了第一季度，今年的良好開局讓我們有信心提高對 2026 財年淨收入、調整後每股收益和自由現金流利潤率的預期，Venk 稍後將詳細闡述這一點。

Turning to slide 4, we provide a detailed overview of our quarterly results. We are very pleased with Q1 results as a strong operating performance paired with our lower share count drove the fourth straight quarter of double-digit growth in adjusted EPS. During Q1, we also reported a substantial increase in our quarterly book to bill to 2.0 times positioning us well for the rest of FY26 and beyond.

接下來請看第 4 張投影片，我們將詳細介紹我們的季度業績。我們對第一季的業績非常滿意，強勁的營運表現加上較低的流通股數量，推動了調整後每股收益連續第四個季度實現兩位數增長。第一季度，我們的季度訂單出貨比也大幅成長至 2.0 倍，這為我們 2026 財年剩餘時間及以後的發展奠定了良好的基礎。

Turning to slide 5, I would like to highlight a few notable I&AF project awards for the first quarter. Q1 included several marquee wins that reflect the breadth of our capabilities and the strength of demand across our end market. Starting with water and environmental, we were selected to lead the engineering design for the Bolivar Roads Gate System along the Texas Gulf Coast. Spanning the narrow strait connecting the Gulf to Galveston Bay, this project is expected to be amongst the largest storm surge barriers in the world

接下來請看第 5 張投影片，我想重點介紹第一季 I&AF 的一些值得關注的專案獎項。第一季取得了一些重大勝利，反映了我們強大的實力和終端市場強勁的需求。從水利和環境方面入手，我們被選中領導德州墨西哥灣沿岸博利瓦爾水道閘門系統的工程設計。該計畫橫跨連接墨西哥灣和加爾維斯頓灣的狹窄海峽，預計將成為世界上最大的風暴潮屏障之一。

Once completed, it will help protect more than 6 million people while safeguarding businesses and maintaining operations along the Houston Ship Channel, a critical energy corridor. This major program underscores our leadership in delivering complex and high-impact water infrastructure focused on long-term resilience.

建成後，它將有助於保護超過 600 萬人的安全，同時保障休士頓航道（一條重要的能源走廊）沿線企業的安全和營運。這項重大計畫凸顯了我們在提供複雜且影響深遠的水利基礎設施方面的領先地位，重點在於實現長期韌性。

In life sciences and advanced manufacturing, we were selected to provide engineering, procurement, and program management services for Hut 8 Riverbend Data Center in Louisiana, a flagship AI and high-performance computing project. The facility is poised to be one of the largest of its kind in North America. The region's power dense utility infrastructure enables the speed, reliability, and flexibility required for next-generation AI workload. This project demonstrates how we are leveraging our deep domain expertise in data centers, power, water, and digital twin technology to deliver increasingly complex facilities.

在生命科學和先進製造領域，我們被選中為路易斯安那州的 Hut 8 Riverbend 資料中心提供工程、採購和專案管理服務，這是一個旗艦級人工智慧和高效能運算專案。該設施有望成為北美同類設施中規模最大的設施之一。該地區電力密集的公用設施基礎設施能夠提供下一代人工智慧工作負載所需的速度、可靠性和靈活性。該專案展示了我們如何利用我們在資料中心、電力、水務和數位孿生技術方面的深厚專業知識來交付日益複雜的設施。

In critical infrastructure, we continue to secure high-value, mission-critical programs that underscore the strength of our combined Jacobs and PA Consulting capabilities. Notably in the UK, the Health Security Agency selected PA supported by Jacobs to act as delivery partner in its Trust Program, an initiative focused on strengthening resilience and safeguarding critical health data and infrastructure. Through advisory, technical, and delivery support, we will help the agency meet data security and cyber requirements ensuring the systems that underpin public health and emergency response remain resilient and secure. This award reflects the growing demand for our integrated consulting and delivery approach and reinforces our role in supporting some of the UK government's most critical priorities.

在關鍵基礎設施領域，我們不斷獲得高價值、任務關鍵型項目，這凸顯了 Jacobs 和 PA Consulting 合併後的強大實力。值得一提的是，在英國，衛生安全局選擇由 Jacobs 支持的 PA 作為其「信任計畫」的交付夥伴，該計畫旨在加強韌性並保護關鍵的健康數據和基礎設施。我們將透過諮詢、技術和交付支持，幫助該機構滿足資料安全和網路安全要求，確保支撐公共衛生和緊急應變的系統保持彈性和安全。該獎項反映了市場對我們一體化諮詢和交付方式日益增長的需求，並鞏固了我們在支持英國政府一些最關鍵優先事項方面所發揮的作用。

Also within critical infrastructure, we were selected to lead program and construction management services for the $1.6 billion modernization of Cleveland Hopkins International Airport. The program will modernize aging infrastructure and improve accessibility and passenger flow at Ohio's busiest airport.

在關鍵基礎設施領域，我們也被選中負責克利夫蘭霍普金斯國際機場耗資 16 億美元的現代化改造項目的專案和施工管理服務。該計劃將對俄亥俄州最繁忙的機場進行基礎設施現代化改造，並改善其無障礙設施和客流狀況。

Jacobs is ranked as Engineering News-Record's number one firm in aviation, a sector where we continue to see significant growth in demand for terminal upgrades, master planning for new builds, digital implementation, and AI advisory.

Jacobs 在《工程新聞記錄》的航空領域排名第一，我們持續看到該領域對航站樓升級、新建總體規劃、數位化實施和人工智慧諮詢的需求顯著增長。

In summary, we are deepening our relationships with key clients which is driving multifaceted multi-year program wins as demonstrated by our significant backlog growth in the quarter.

總而言之，我們正在加深與重要客戶的關係，這推動了多方面、多年期專案的達成，正如我們本季積壓訂單的顯著成長所證明的那樣。

I will now turn the call over to Venk to review our financial results in further detail.

現在我將把電話交給 Venk，讓他更詳細地回顧我們的財務表現。

Thank you, Bob, and good afternoon, everyone. I would like to echo Bob's earlier comments on our announcement to acquire the remaining stake in PA Consulting. Our partnership over the last five years has truly differentiated our approach to our clients business, and we look forward to accelerating the integration of our combined offering. A year ago at our Investor Day, we talked about the power of focus, and increasing our ownership in PA Consulting to 100% will support our goal to simplify our structure, execute on our strategy, and produce predictable high-quality earnings over the long term. Now please turn to slide number 6, where I will walk through our results for Q1.

謝謝你，鮑勃，大家下午好。我同意鮑伯先前對我們宣布收購 PA Consulting 剩餘股份的評論。過去五年，我們的合作關係真正改變了我們服務客戶業務的方式，我們期待加快整合雙方的產品和服務。一年前的投資者日上，我們談到了專注的力量，將我們在 PA Consulting 的持股比例提高到 100% 將有助於我們實現簡化結構、執行策略並在長期內產生可預測的高品質收益的目標。現在請翻到第 6 張投影片，我將在其中介紹我們第一季的結果。

In the first quarter, gross revenue increased 12% year over year and adjusted net revenue, which excludes pass-through revenue, grew by more than 8%. Q1 adjusted EBITDA was $303 million, growing more than 7% with our margin coming in at about 13.4%. We saw that last year during Q1, we absorbed less PTO than anticipated, resulting in a margin tailwind that did not recur this year. Overall, adjusted EPS rose 15% year-over-year, a great start to fiscal year '26.

第一季度，總營收年增 12%，調整後的淨收入（不包括轉嫁收入）成長超過 8%。第一季調整後 EBITDA 為 3.03 億美元，成長超過 7%，利潤率約 13.4%。我們看到，去年第一季度，我們吸收的 PTO 比預期要少，從而帶來了利潤順風，但今年並沒有再次出現這種情況。整體而言，調整後每股盈餘年增 15%，為 2026 財年開了個好頭。

Consolidated backlog was up 21% year-over-year to a record $26.3 billion with our trailing 12-month book to bill rising to 1.4 times. Book to bill was particularly strong in Q1 driven in part by several large awards in the life sciences and advanced manufacturing end market. We expect these awards to contribute positively to net revenue growth through fiscal year '26 and beyond, but do note that they carry higher-than-normal pass-through revenue. Importantly, gross profit in backlog, which would not be impacted by this pass-through dynamic, increased 15% year-over-year during Q1, highlighting the underlying strength of our sales performance.

合併積壓訂單年增 21%，達到創紀錄的 263 億美元，過去 12 個月的訂單出貨比上升至 1.4 倍。第一季訂單出貨比表現特別強勁，部分原因是生命科學和先進製造終端市場獲得了幾筆大筆訂單。我們預計這些獎項將在 2026 財年及以後對淨收入成長做出積極貢獻，但請注意，它們會帶來高於正常水平的轉嫁收入。值得注意的是，積壓訂單的毛利不受這種轉嫁動態的影響，第一季同比增長 15%，凸顯了我們銷售業績的強勁勢頭。

Regarding our performance by end market and Infrastructure and Advanced Facilities, let us now turn to slide number 7. At a high level, all of our end markets performed well during the quarter with strong revenue growth in life sciences and advanced manufacturing and critical infrastructure within I&AF as well as PA Consulting. As a result, we finished above the high end of our Q1 forecast for enterprise net revenue growth.

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 7 張投影片。從總體上看，本季度我們所有終端市場的表現都很好，生命科學、先進製造和關鍵基礎設施（包括 I&AF 和 PA 諮詢）的收入均實現了強勁增長。因此，我們第一季的企業淨收入成長超過了預期上限。

Focusing in on life sciences and advanced manufacturing, net revenue grew 10% in Q1, a nice improvement from Q4 as programs in our advanced manufacturing vertical ramp up. As we have noted in past quarters, strong award activity in both the data center and semiconductor sectors is now helping drive higher growth. Additionally, we continue to see favorable trends in life sciences, and this combination positions us well for the remainder of the year. Our current expectation is that growth in this end market will lead I&AF in fiscal year '26 as programs ramp up during the second half of the year.

專注於生命科學和先進製造領域，第一季淨收入成長 10%，較第四季有了顯著改善，這得益於我們先進製造垂直領域的專案逐步推進。正如我們在過去幾季所觀察到的，資料中心和半導體產業的強勁訂單活動正在推動更高的成長。此外，我們持續看到生命科學領域的有利趨勢，這種組合使我們在今年餘下的時間裡處於有利地位。我們目前的預期是，隨著專案在下半年逐步推進，該終端市場的成長將引領 I&AF 在 2026 財年取得佳績。

Shifting now to critical infrastructure, net revenue increased 8% over Q1 2025. Critical infrastructure is performing well across the board with robust growth in transportation particularly in rail and aviation, driving strong overall growth for the end market.

現在轉向關鍵基礎設施，淨收入比 2025 年第一季成長了 8%。關鍵基礎設施全面表現良好，交通運輸領域，特別是鐵路和航空領域，實現了強勁增長，從而帶動了終端市場的整體強勁增長。

Net revenue growth in our water and environmental end market increased sequentially to 4% driven by high-single-digit growth in water and a modest easing of headwinds in environmental. We forecast year-on-year performance for environmental will improve as we move into the second half of the fiscal year. In summary, we performed well across our end markets during Q1, and we believe we are positioned nicely for the remainder of fiscal year '26 and beyond.

在水務和環境終端市場，淨收入環比增長 4%，這主要得益於水務業務的高個位數增長以及環境業務不利因素的略微緩解。我們預測，隨著進入本財年下半年，環境方面的年比業績將會改善。總而言之，我們在第一季在各個終端市場都表現出色，我們相信我們已經為 2026 財年剩餘時間及以後的發展做好了充分準備。

Now moving on to slide number 8, I will provide a brief overview of our segment financials. In Q1, I&AF operating profit increased modestly year on year with similar constant currency performance. PA Consulting operating profit increased 27% on 16% revenue growth at a strong operating margin of 24%. On a constant currency basis, operating profit grew 22%. PA continues to benefit from rising demand for digital consulting and advisory services in the public, national security, and energy sectors. As we look ahead, we expect PA's revenue growth to remain solid with fiscal-year '26 tracking in the high-single-digit range year on year.

接下來請看第 8 張投影片，我將簡單概述我們各部門的財務狀況。第一季度，I&AF 的營業利潤年增幅度不大，以固定匯率計算，業績表現與去年同期大致持平。PA諮詢公司的營業利潤成長了27%，營收成長了16%，營業利益率高達24%。以固定匯率計算，營業利潤成長了22%。PA持續受益於公共、國家安全和能源領域對數位化諮詢和顧問服務日益增長的需求。展望未來，我們預期 PA 的營收成長將保持穩健，2026 財年將實現高個位數年成長。

Moving on to slide 9, we provide an overview of cash generation and our balance sheet. For Q1, free cash flow came in at $365 million supported by solid working capital performance as well as a favorable cash timing item at the end of the quarter that will reverse in Q2. Excluding this timing item, underlying free cash flow performance was still very strong and gives us confidence to raise our full-year free cash flow outlook, which I will discuss shortly.

接下來是第 9 張投影片，我們概述了現金產生狀況和資產負債表。第一季自由現金流為 3.65 億美元，這得益於穩健的營運資本表現以及季度末有利的現金時間安排項目（該項目將在第二季度逆轉）。撇開這個時間因素不談，基本自由現金流表現依然非常強勁，這讓我們有信心提高全年自由現金流預期，我稍後會對此進行討論。

Focusing in on capital returns, we increased our share repurchase quantum during Q1 to take advantage of the dislocation in our shares in the second half of the quarter. As a result, we are starting the year well on our way to returning at least 60% of our free cash flow to shareholders. Additionally, we announced last week that we will be raising our quarterly dividend from $0.32 to $0.36 a share, a 12.5% increase. We have now more than doubled our quarterly dividend per share since 2019.

為了專注於資本回報，我們在第一季增加了股票回購規模，以利用該季度下半段股票價格的錯位。因此，今年我們開局良好，預計將至少 60% 的自由現金流返還給股東。此外，我們上週宣布，我們將把季度股息從每股 0.32 美元提高到 0.36 美元，增幅為 12.5%。自 2019 年以來，我們的季度每股股息已經翻了一番多。

Additionally, our net leverage ratio currently stands just below 0.8 times on LTM adjusted EBITDA, which is well below our 1.0 to 1.5 times target range. Our balance sheet strength has enabled us to increase share repurchases, raise our quarterly dividend, and enter into an agreement to purchase the remaining stake in PA Consulting. The acquisition of the remaining stake in PA will raise our net leverage to slightly above the high end of our 1.0 to 1.5 times target range upon closing, but we expect to return to the target range within a year.

此外，我們目前的淨槓桿率（基於過去12個月調整後的EBITDA）略低於0.8倍，遠低於我們1.0至1.5倍的目標範圍。我們雄厚的資產負債表實力使我們能夠增加股票回購，提高季度股息，並達成協議收購 PA Consulting 的剩餘股份。在收購 PA 的剩餘股份後，我們的淨槓桿率將在交易完成後略高於我們 1.0 至 1.5 倍目標範圍的上限，但我們預計一年內將回到目標範圍。

Finally, please turn to slide number 10 for our updated fiscal year '26 outlook. We are increasing our forecast for adjusted net revenue growth, adjusted EPS growth, and free cash flow margin relative to our guidance from last quarter. We are increasing our fiscal-year '26 net revenue range to 6.5% to 10% year over year, adjusted EPS range to $6.95 to $7.30, and free cash flow margin range to 7% to 8.5%. Our expectation remains unchanged for an adjusted EBITDA margin range of 14.4% to 14.7%. Notably, our outlook for fiscal year '26 implies over 16% year-on-year growth in adjusted EPS at the midpoint.

最後，請翻到第 10 頁，查看我們更新後的 2026 財年展望。與上一季的預期相比，我們提高了調整後淨收入成長、調整後每股盈餘成長和自由現金流利潤率的預測。我們將 2026 財年淨收入年增率預期提高至 6.5% 至 10%，調整後每股盈餘預期提高至 6.95 美元至 7.30 美元，自由現金流利潤率預期提高至 7% 至 8.5%。我們對調整後 EBITDA 利潤率的預期仍然不變，為 14.4% 至 14.7%。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超過 16%（取中間值）。

We provide relevant assumptions on the right side of the page to help with your modeling. Please note that our guidance does not reflect the announced acquisition of the remaining stake in PA Consulting, and we plan to update our outlook once the deal closes likely with our Q2 results in May. Based on current assumptions, we expect the acquisition to be accretive to adjusted EPS in the first 12 months following closing. We anticipate the $16 million to $20 million in projected cost synergies will begin to phase in during fiscal-year '26 with revenue synergies providing incremental upside.

我們在頁面右側提供了相關的假設，以幫助您進行建模。請注意，我們的業績指引並未反映已宣布的對 PA Consulting 剩餘股份的收購，我們計劃在交易完成後更新我們的展望，預計將在 5 月份發布第二季度業績報告時進行更新。根據目前的假設，我們預計此次收購將在交易完成後的前 12 個月內提高調整後的每股盈餘。我們預計 1,600 萬至 2,000 萬美元的成本綜效將在 2026 財年開始逐步實現，而營收綜效將帶來額外的成長空間。

As it pertains to Q2, we expect our adjusted EBITDA margin to be in the range of 13.8% to 14% with year-over-year net revenue growth of approximately 6.5%. In summary, we are off to a great start in fiscal-year '26 and remain focused on strong execution, profitable growth, and continued capital returns.

關於第二季度，我們預計調整後的 EBITDA 利潤率將在 13.8% 至 14% 之間，淨收入年增約 6.5%。總而言之，我們在 2026 財年開局良好，並將繼續專注於強有力的執行、獲利成長和持續的資本回報。

With that, I will 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 tracking very well to the start of the new fiscal year. We performed ahead of our expectations in Q1, enabling us to increase our full-year outlook across three key metrics after just one quarter. Our strong execution, secular growth tailwinds, and the announced acquisition of the remaining stake in PA Consulting position us extremely well to deliver on our FY29 targets.

謝謝你，文克。最後，我們一切進展順利，即將迎來新的財政年度。我們在第一季的業績超出預期，僅一個季度後，我們就提高了全年三個關鍵指標的預期。我們強大的執行力、長期成長的有利因素以及已宣布收購 PA Consulting 的剩餘股份，使我們處於非常有利的地位，能夠實現 2029 財年的目標。

Operator, we will not open the call for questions.

接線員，我們不接受提問。

(Operator Instructions)

（操作說明）

Sabahat Khan, RBC Capital Markets.

Sabahat Khan，加拿大皇家銀行資本市場。

Maybe just a higher level question on the outlook here, and obviously, this last calendar quarter to end the year had some concerns about a government shutdown. It doesn't to have flowed into your numbers. Similarly obviously, some puts and takes on the macro. If you can just walk us through what's reflected in your guidance, what it would take to get you closer to the higher end of the top-line guide versus the lower end, and how you have baked in some of the potential green shoots and potential government-related consideration into this updated guidance to start off?

或許這裡應該從更高的層面來探討前景，顯然，今年最後一個季度存在一些關於政府停擺的擔憂。它並沒有反映在你的數據中。同樣顯而易見的是，宏觀經濟中也存在一些買賣雙方。如果您能詳細介紹一下您的指導意見中體現了哪些內容，需要做些什麼才能使您的指導意見更接近指導意見的高端部分而不是低端部分，以及您是如何將一些潛在的增長跡象和潛在的政府相關因素融入到這份更新後的指導意見中的呢？

Yeah, sure, Sabahat, just on your first one with regard to how we position ourselves within that revenue range that we talked. I would say that it would be the burn profile of the backlog. We had some really nice wins within our life sciences and advanced manufacturing group driven by data centers and chip manufacturing. Those tend to have pretty high velocity to them, and so if those continue to go at the pace that they are, that would be a driver.

是的，當然，Sabahat，就你剛才提到的第一個問題，關於我們如何在我們討論過的收入範圍內定位自己。我認為這將是積壓工作的消耗。在生命科學和先進製造領域，我們取得了一些非常好的成就，這主要得益於資料中心和晶片製造業務的發展。這些輪胎往往速度很快，所以如果它們繼續以目前的速度行駛，那就會成為輪胎的驅動力。

And we are also seeing a nice pickup across the international business. Our international business grew over 9% this year, and that was pretty broad based in Europe, Middle East, as well as in APAC. And so I think that balance of our business and not feeling the effects of the government shutdown has given us confidence in the range that we put out there. But again, it would be the velocity of that private sector work that would get us to the higher range.

國際業務也出現了良好的回升跡象。今年我們的國際業務成長超過 9%，而且成長範圍相當廣泛，涵蓋歐洲、中東以及亞太地區。因此，我認為我們業務的平衡以及沒有感受到政府停擺的影響，讓我們對我們推出的產品系列充滿信心。但是，正是私營部門的工作速度才能使我們達到更高的水平。

Great, and then just for my follow up. I think Venk's comment around the environmental services side of the business doing better in H2. That was a business that investors had some questions about last year just given some of the evolutions and the backdrop. Nice to hear that's trending in the right direction.

好的，接下來我再補充一點。我認為 Venk 關於公司環境服務業務在下半年表現更好的評論。鑑於去年的一些發展變化和背景，投資者對這家公司有一些疑問。很高興聽到情況正朝著正確的方向發展。

Can you maybe just talk about, is it a specific end market that is driving that or is it just maybe some catch up? What are the bigger picture demand drivers of the environmental services business because it has been a bit of a focus for investors?

您能否談談，是某個特定的終端市場在推動這一趨勢，還是只是一種追趕行為？環境服務業一直是投資人關注的焦點，那麼從宏觀角度來看，該產業的需求驅動因素是什麼？

Yeah, Sabahat. I would segregate it into three buckets of how it affected us over the course of calendar '25, and now we're starting to see a bit of an inflection point in our pipeline that's why we are pointing to the second half as a recovery. The government component of that for us is very centric toward the United States Department of Defense, and now we are starting to see some larger programs specifically for the Navy and the Army Corps of Engineers come through with some optimism on where we position long-time clients of ours. And so that's kind of one piece. The second piece -- and that would -- had some of the indirect effects of DOGE if you think back to '25, so now we're seeing that flow through.

是的，薩巴哈特。我會將它在 2025 年對我們的影響分為三個方面，現在我們開始看到我們的業務出現了一個轉折點，這就是為什麼我們將下半年視為復甦期。對我們來說，政府部分主要集中在美國國防部，現在我們開始看到一些專門針對海軍和陸軍工程兵團的大型專案取得進展，這讓我們對長期客戶的定位感到樂觀。所以，這算是其中一部分。第二點——而且確實如此——如果你回想一下 2025 年，你會發現它對狗狗幣產生了一些間接影響，所以現在我們看到了這種影響的顯現。

The second is around the -- the transfer around the disaster relief work from the federal government to state and local. That has taken a longer time to settle down, and so as that continues to play out, we are starting to see some early indications of that in our pipeline. And then the third is, we have seen the pick-up in this component is the private sector, and this is kind of the diversity of how we apply our environmental practitioners across our private sector in whether it be industrial or in life sciences and advanced manufacturing.

第二點是關於災害救援工作從聯邦政府轉移到州和地方政府的任務。這件事需要更長的時間才能穩定下來，隨著事態的不斷發展，我們開始在我們的研發管線中看到一些早期跡象。第三點是，我們看到私部門在這一領域的參與度有所提高，這反映了我們在私部門應用環境從業人員的多樣性，無論是在工業領域還是在生命科學和先進製造業領域。

Those jobs have started to pick up. They are smaller in scale, so they are not having an effect right now, but as that continues to grow and we're seeing it again in our pipeline, that pipeline is up double digits, so that's where we're pointing the second half.

這些工作機會開始增多。它們的規模較小，所以目前還沒有產生影響，但隨著規模的不斷擴大，我們在產品線中再次看到了這種增長，產品線實現了兩位數的增長，所以這就是我們下半年的重點。

Michael Dudas, Vertical Research Partners.

Michael Dudas，Vertical Research Partners。

Very impressive certainly on book to bill (technical difficulty)

非常令人印象深刻，絕對物超所值。（技術難題）

Pardon the interruption. Michael, we are having a hard time hearing you.

打擾一下，不好意思。邁克爾，我們聽不太清楚你說話。

Can you hear me now?

現在能聽到我說話嗎？

Yeah, got you now, Mike.

是的，我抓到你了，麥克。

So Bob, very impressive on the book to bill backlog growth in Q1. Maybe you could share on the -- it looks like the projects are getting larger, a little longer for gestation but much more complex, and how that plays toward what your current pipeline looks, maybe that two-year pipeline look and the ability to gain more, I guess, life cycle revenues or business out of the bidding that you're working on with the negotiation with these larger projects with the clients that certainly we've been reading about in the press that seem to be accelerating their cap spend especially in your important private sector markets?

所以鮑勃，第一季訂單積壓成長非常出色。或許您可以分享一下——看起來專案規模越來越大，週期也越來越長，但複雜度也更高，以及這會對您目前的專案儲備產生怎樣的影響，例如兩年的專案儲備情況，以及您能否透過與這些大型專案客戶的談判，從中獲得更多的生命週期收入或業務。我們當然也從媒體上了解到，這些客戶似乎正在加快增加支出，尤其是在您重要的私部門市場？

I would say maybe one comment on the overall portfolio, and I will talk specifically about what we are seeing in the private sector accelerate at a faster pace. Overall, this has always been our strategy. We talked about it at Investor Day with regard to redefining the asset life cycle and continuing to work across that. That is happening on a broad base. I'd say that gestation period of the work probably is going faster within water, a little longer in transportation and energy and power, but we're moving at a pace.

我只想就整體投資組合發表一點看法，我將具體談談我們看到私營部門正在加速發展的現象。總的來說，這始終是我們的策略。我們在投資者日上討論了重新定義資產生命週期以及繼續圍繞這一主題開展工作的問題。這種情況正在廣泛發生。我認為，水利領域的研發週期可能更快，交通運輸、能源和電力領域的研發週期可能稍長一些，但我們都在穩步前進。

Private sector is happening in real time and a lot of it is for just the demand cycle that is happening in those end markets whether it be data centers, chip manufacturing, and life sciences. So for us, that business is in growth mode. We are seeing the pipeline grow at some significant rates. I'd say that two-year pipeline that you're referencing, one year is greater than 50% if I were to have a composite rate and as you get past that period. In private sector, we don't really get past 18 months with any kind of high level of surety in pipeline, but that 12 to 18 months, definitely greater than 50% on a composite rate.

私營部門正在即時運作，其中許多都是為了滿足終端市場（例如資料中心、晶片製造和生命科學）的需求週期。所以對我們來說，這項業務正處於成長階段。我們看到管道建設正以相當快的速度成長。我認為你提到的兩年管道，如果我有一個綜合利率，一年就超過 50%，而且隨著你度過那個時期，情況會越來越好。在私部門，我們通常無法保證超過 18 個月的專案儲備有較高的保障，但 12 到 18 個月的儲備，綜合利率肯定超過 50%。

I appreciate that. Excellent, Bob. And my follow up for Venk, with the very strong Q1 start of cash flow and the dynamics throughout the year. So given the financing that you are participating on PA and such, the 60% free cash of the company is still targeted towards again the share repurchase on a more rateable basis. You feel still comfortably to delever and add opportunistically when the market requires on your capital allocations in this year?

我很感激。太好了，鮑伯。我接下來要說的是 Venk，其第一季現金流開局非常強勁，全年發展勢頭良好。因此，鑑於您參與了 PA 等融資項目，該公司 60% 的自由現金流仍將用於以更合理的比例回購股票。今年，當市場對您的資本配置提出要求時，您是否仍然覺得可以放心地降低槓桿率並伺機增持？

Yeah, Mike. Thanks for the question, and as you pointed out, pretty strong start to the year in terms of free cash flow generation. And we feel pretty good about where we end the year, which is why we raised the guidance. So as it relates to our current position in terms of repurchases, obviously we increased our repurchases in Q1 to take advantage of the market dislocation as I mentioned in the script, but we also increased our dividends. So we feel very good about our commitment to returning 60%-plus of free cash flow to shareholders.

是的，麥克。感謝你的提問，正如你所指出的，今年開局自由現金流表現相當強勁。我們對今年的最終業績感到非常滿意，所以我們提高了業績預期。所以，就我們目前的回購情況而言，顯然，正如我在演講稿中提到的，我們在第一季增加了回購，以利用市場錯位，但我們也增加了股息。因此，我們對向股東返還 60% 以上的自由現金流的承諾感到非常滿意。

At the same time, with the solid balance sheet and the good cash flow that we are generating, we also want to quickly delever from the 1.0 to 1.5 times range when we do the PA financing. We have good line of sight to be able to get to that range within the first four quarters. So a solid cash position to start with, really good cash flow, and we have enough firepower to allocate our capital between repurchases as well as debt paid out.

同時，憑藉穩健的資產負債表和良好的現金流，我們也希望在進行 PA 融資時，迅速將槓桿率從 1.0 到 1.5 倍的範圍內降低。我們很有希望在前四個季度內達到那個距離。因此，我們擁有穩健的現金狀況和良好的現金流，並且有足夠的資金將資金分配到股票回購和償還債務。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc 資本市場。

If I can follow up on the cash flow question, Venk, you said the cash in the quarter was quite high but some of it may reverse in the second quarter. Could you elaborate on what that reversal relates to? And also, I was under the impression there were going to be some cash tax payments that you would have to take care of in the first half. Has the timing of that changed?

Venk，關於現金流的問題，我想繼續追問。你說過本季的現金流相當高，但其中一部分可能會在第二季回落。您能否詳細說明一下這種逆轉與什麼有關？另外，我之前以為上半年你還需要繳一些現金稅。時間安排有變化嗎？

As you pointed out, really good cash flow in the first fiscal quarter. I would say the vast majority of that strong cash flow was driven by really fantastic working capital performance across the entirety of our customer base, so that was number one. We also had a one-time impact from a customer in the data center space where we collect the revenue and the cash during a particular quarter, and then we pay the subcontractor in subsequent quarters. So that's what's going to drive the free cash flow performance in Q2, but we have very good visibility that in the first half, we will still be free cash flow positive.

正如你所指出的，第一財季的現金流確實非常強勁。我認為，強勁的現金流主要得益於我們所有客戶群非常出色的營運資本表現，所以這是首要因素。我們也受到一位客戶在資料中心領域的一次性影響，該客戶在一個季度內收取收入和現金，然後在隨後的幾個季度向分包商付款。所以這將影響第二季的自由現金流表現，但我們非常有信心，上半年我們仍將保持自由現金流為正。

And the tax payment, as you mentioned, is going to be a Q2 phenomenon, so that will impact Q2. But when you look at the first half and -- first couple of quarters in aggregate, we feel pretty good about our free cash flow being positive for the first six months of the year and obviously continued strength in Q3 and Q4 such that we are able to get to the 7% to 8.5% range.

正如您所提到的，稅款繳納將是第二季度的事情，因此會對第二季度產生影響。但從上半年和前幾季的整體情況來看，我們對今年前六個月的自由現金流為正感到非常滿意，並且顯然第三季和第四季將繼續保持強勁勢頭，從而能夠達到 7% 到 8.5% 的水平。

And then just a follow up, can I ask about the Sizewell C contract that you press released a while back in the UK, and if you can elaborate on the size of that and if there is a chance that the scope on that may increase over time?

最後還有一個後續問題，能否請您談談您前段時間在英國發布的 Sizewell C 合約？能否詳細說明合約的規模，以及隨著時間的推移，合約範圍是否有可能擴大？

It could. We are doing -- just to clarify on that, Sangita, we're performing the enabling works and the program management around the enabling works. And so that has continued through -- actually it started even before '25 -- '24, '25, and will continue into '26. There is opportunity for continued scope growth on that, and our relationship there with Sizewell C is strong, so we would anticipate so.

有可能。我們正在做的——桑吉塔，為了澄清這一點，我們正在進行前期準備工作以及圍繞這些前期準備工作的專案管理。因此，這種情況一直持續到——實際上甚至在 2025 年之前就開始了——2024 年、2025 年，並​​將持續到 2026 年。該領域仍有持續成長的空間，而且我們與 Sizewell C 的關係也很牢固，所以我們預計會如此。

Steven Fisher, UBS.

史蒂文費雪，瑞銀集團。

Just in light of the backlog growth, obviously we know from some of the press releases descriptions of what your scope is on some of these projects, but just curious what some of the pass-through things are that are going through there. And maybe if you can give us maybe a sense of maybe looking at the profit, increase in backlog might be more representative. I know you said 15% year over year, curious if you can give us some measure of that sequentially.

鑑於積壓項目不斷增加，我們顯然從一些新聞稿的描述中了解到你們在這些項目中的範圍，但只是好奇其中一些傳遞出去的東西是什麼。或許，如果您能給我們一些關於利潤和積壓訂單增加情況的參考，可能會更有代表性。我知道您說同比增長了 15%，很想知道您能否提供環比增長情況。

Yeah, let me go -- I will go back to the sequential gross profit in backlog, but I would say, Steve, that the majority of the pass through is related to, as you know in the data center, tremendous amount of electrical equipment and equipment purchase that will be -- and it was announced on who is going to be providing that equipment in modular form. So the interconnects and how that equipment is arriving to site in modular form would all be around the envelope of a pass through.

好的，讓我先走了——我會繼續討論積壓訂單的連續毛利潤，但我想說，史蒂夫，大部分轉嫁成本都與數據中心相關的，正如你所知，大量的電氣設備和設備採購——而且已經宣布了誰將以模組化形式提供這些設備。因此，互連以及這些設備如何以模組化形式到達現場，所有這些都將圍繞著一個直通式結構。

We would do the design and not just that, but also the balance of plant to house as well as the interconnections of all the utilities. The trade contractors also end up making that pass through too. And traditionally, we put a fee on both of those. On the gross profit sequentially, growth, say it's high-single-digits sequentially quarter to quarter. Year on year, that 15% number is a strong number.

我們會進行設計，不僅如此，還會進行房屋的輔助設備以及所有公用設施的互連設計。各分包商最終也會進行這筆交易。按照慣例，我們會對這兩項都收取費用。毛利環比成長，比如說，季度環比成長接近兩位數。與往年相比，15% 這個數字非常可觀。

Okay. Very helpful, Bob. And then just obviously last quarter in the last few months, there has been lots of discussion and follow ups about AI, and I am just curious if there has been any change to either what you have observed in your own business, anything that has developed or your own thinking or message that you would like to give on the AI outlook impact for the industry and the company?

好的。鮑勃，你幫了我大忙。顯然，在過去的幾個月裡，關於人工智慧的討論和後續行動很多，我很好奇，您在自己的業務中觀察到的情況是否有任何變化，或者有什麼新的進展，或者您想就人工智慧對行業和公司的影響發表什麼看法或觀點？

Yeah, absolutely, Steve, nothing has changed. We felt strongly about AI before the November event that happened, and we feel equally and more strong about AI moving forward. The main things we have been talking about not just in Q1 -- I'm sorry, for the Q4 call in Q1, and that we have been talking about since 2019, we are getting great data advantage in what we do.

是的，沒錯，史蒂夫，一切都沒有改變。在 11 月事件發生之前，我們就對人工智慧抱持強烈的信心；而展望未來，我們對人工智慧的信心絲毫不減，甚至更加堅定。我們一直在討論的主要事情，不僅僅是在第一季度——抱歉，是在第一季度的第四季度電話會議上——而且我們從 2019 年就開始討論了，我們在所做的事情中獲得了巨大的數據優勢。

Our datasets and our information continue to be strong, strong platforms for us to use for insights as well as build the models that we are building for our clients. It is helping. When I say it, digital enablement in AI with the scarcity of resources that we are continuing to face. We are growing headcount while we are using digital enablement to continue to grow at the same time as that scarcity.

我們的數據集和資訊仍然是我們獲取洞察以及建立為客戶構建的模型的強大平台。很有幫助。我說的是，在資源持續匱乏的情況下，人工智慧領域的數位化賦能至關重要。在資源日益稀缺的情況下，我們一邊增加員工人數，一邊利用數位化手段來實現持續成長。

And I would say, the biggest piece has really been around what is happening in the AI ecosystem from chip manufacturing to power and water requirements all the way to the data center. We are playing across that continuum and seeing that we will see it in the numbers, right, so kind of the ultimate test of the power of AI is coming through in our bottom-line results.

我認為，最大的變化在於人工智慧生態系統中正在發生的事情，從晶片製造到電力和水資源需求，一直到資料中心。我們正在探索這個連續體，並且看到它將在數字中體現出來，對吧，所以人工智慧力量的最終考驗將體現在我們的最終結果上。

Adam Bubes, Goldman Sachs.

Adam Bubes，高盛集團。

Maybe just one follow-up on the AI point. So you've been talking about AI machine learning for a couple of years now. And so just wondering if you could expand on to what extent AI machine learning is impacting projects and productivity today? And just how those conversations with clients have gone in terms of your ability to capture value from either improved productivity or high-grading your offerings?

關於人工智慧那一點，或許可以補充一點。所以你已經談論人工智慧機器學習好幾年了。所以我想請您詳細談談人工智慧和機器學習在多大程度上影響了當今的專案和生產力？那麼，你與客戶的對話進度如何？你是否能夠透過提高生產力或提升產品和服務品質來創造價值？

Yeah. So a couple of things. One, as far as how we're talking to our clients about it and how we are driving it is a value differentiator for our clients. If you think about the speed right now that we are going at, especially not just in the private sector but also in the water market as well and transportation the schedules and the delivery model for these can't be done without the use of the AI platforms. And when I say AI Machine Learning, the automation of tasks that we put into play. So it is driving backlog growth through differentiation in our award rates and the bookings.

是的。有兩件事。第一，我們如何與客戶溝通以及如何推進這項工作，對我們的客戶來說是一個價值差異化因素。想想我們現在的發展速度，尤其是在私營部門，以及水務市場和交通運輸領域，如果沒有人工智慧平台的使用，這些領域的日程安排和交付模式都無法實現。而我所說的人工智慧和機器學習，指的是我們投入使用的任務自動化。因此，它透過提高獎勵費率和預訂量來推動積壓訂單成長。

The other is that in the field, we're using some strong predictive analytics to platform called Acuity in order to really get out in front of field level issues that are coming up in real time. And that's been a real game changer for us. We've got acuity deployed across all of our end markets. in the field program management work that we do. And then the last thing, and we've talked about this several times, but we're seeing more -- we use Replica as our digital twinning.

另一方面，在現場，我們正在使用一些強大的預測分析平台 Acuity，以便真正提前發現並解決現場即時出現的問題。這對我們來說確實是一個顛覆性的改變。我們在所有終端市場都部署了敏銳的洞察力，並將其運用到我們所做的現場專案管理工作中。最後一點，我們已經討論過好幾次了，但我們看到越來越多的人使用 Replica 作為我們的數位孿生技術。

But now digital twinning not just in the water sector, but now in the manufacturing sector and the data center sector is allowing for us to get to the data insights in the simulation technologies -- with the simulation technologies in a much faster rate in order to solve for some really, really complex issues that we're solving for our clients.

但現在，數位孿生技術不僅應用於水務領域，還應用於製造業和資料中心領域，使我們能夠更快地利用模擬技術獲取資料洞察，從而解決我們正在為客戶解決的一些非常非常複雜的問題。

So overall, it's coming through. We've got a whole slew and suite of platforms that we're using.

總的來說，效果還不錯。我們使用了一整套平台。

And then really strong PA consulting margin performance, I think, 24% this quarter. Any outsized benefit to call out there? Or what's the right way to think about sustainability of those margins in the balance of the year?

而且，PA諮詢業務的利潤率表現非常強勁，我認為本季達到了24%。有什麼特別值得一提的好處嗎？或者，在今年剩餘的時間裡，如何才能正確地考慮這些利潤的可持續性？

Yeah, Adam, great question. So I would say, yes, as you point out, really strong performance. Most of it is driven by the fact that there's a solid top line beaten we had some operating leverage there as well. What we have stated all along is that we want to balance really high single-digits growth for PA with margins that are, as you know, already industry best. So a 22% margin is kind of the way we think about as a long-term model there, and we want to make sure that we have a good balance between high revenue growth and high industry-leading margins.

是的，亞當，問得好。所以，正如你所指出的，我同意，表現非常出色。大部分原因是營收穩定成長，我們也利用了一定的營運槓桿。我們一直以來都強調，我們希望在保持賓州（PA）高個位數成長的同時，保持業內最佳的利潤率。因此，22% 的利潤率是我們考慮的長期模式，我們希望確保在高收入成長和行業領先的高利潤率之間取得良好的平衡。

So the way to model PA margins going forward is about 22%. But clearly, we had a really strong performance there in the just concluded quarter.

因此，未來 PA 利潤率的預測值約為 22%。但很顯然，我們在剛結束的這個季度表現非常出色。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Congratulations on a nice quarter. I guess, sorry, Bob, another question on AI. Just as you sit here today, and think about AI and the opportunity for Jacobs, both on the revenue on the margin side. How do you balance the two? Do you know what I mean?

恭喜你本季業績出色。我想，抱歉，鮑勃，我又要問一個關於人工智慧的問題了。就像你今天坐在這裡，思考人工智慧以及它對 Jacobs 帶來的機會一樣，無論是在收入方面還是利潤方面。如何平衡這兩者？你明白我的意思嗎？

I mean over time, if you had to pick one versus the other, do you think there's an opportunity to grow the top line at a quicker rate and perhaps operating profit more so versus the margin? Just sort of how you're thinking about that balance as AI impacts your business model? I guess it's my first question, and then I'll ask another one after that.

我的意思是，從長遠來看，如果必須在兩者之間做出選擇，你認為相比利潤率，哪種方式能更快地提高營收和營業利潤？您是如何看待人工智慧對貴公司商業模式的影響，以及如何平衡這種影響的？我想這是我的第一個問題，之後我還會問另一個問題。

Okay. Great. Jamie, if the world was plentiful with qualified resources for all the work that's out there, from filling the denominator of the TAMs that we play in. I think that we would probably be making choices between top line and bottom line, we're not. We are in a resource constraint market that AI is enabling us to grow the top line while we're operating with -- in a resource-constrained environment and driving efficiencies and type of solutions that we're delivering to our clients.

好的。偉大的。傑米，如果世界上有足夠的合格資源來完成所有工作，從填補我們所參與的 TAM 的分母開始。我認為我們原本可能需要在營收和利潤之間做出選擇，但現在我們不需要。我們身處一個資源受限的市場，人工智慧使我們能夠在資源受限的環境下實現營收成長，並提高效率，同時為客戶提供更優質的解決方案。

So not a choice as well as not a pivot. We feel like we're well positioned to do both.

所以這不是一個選擇，也不是一個轉捩點。我們覺得自己有能力做到這兩點。

Okay. And then I guess, Venk, just on the margin performance in I&AF in the back half of the year. Obviously, we're expecting some margin improvement to achieve besides PA Consulting strong margins to help get to your full year adjusted EBITDA margin forecast, just what's driving that? Is it more mix? Is it self-help?

好的。然後我想，Venk，就下半年I&AF的邊際表現而言。顯然，除了 PA Consulting 強勁的利潤率之外，我們還期望利潤率有所提高，以幫助實現您全年調整後 EBITDA 利潤率的預測，那麼是什麼因素推動了這一目標的實現呢？是混合口味嗎？這是自助書嗎？

Just trying to understand what's driving the margin improvement in I&AF in the back half of the year?

我只是想了解一下是什麼因素推動了I&AF在下半年的利潤率提升？

Yes. Jamie, thanks for your question, and thanks for your comments as well about the quarter. I'd say lots of really positive trends for us from a margin perspective. Obviously, Q1, we came in at 13.4%. And Q2, we're guiding for a 50-basis point sequential improvement.

是的。Jamie，謝謝你的提問，也謝謝你對本季的評論。從利潤率的角度來看，我認為有很多非常積極的趨勢對我們有利。顯然，第一季我們的成績是 13.4%。第二季度，我們預計將季增 50 個基點。

And then we see a linear progression in Q3 and Q4. So a few things that drive that margin expansion for us. Number one, continued operating leverage. So we're going to maintain the discipline in terms of ensuring that our OpEx grows at a slower pace than revenue growth. And then clearly, from the standpoint of some of the gross margin drivers that we talked about at Investor Day, with the way we expect our global delivery to step up, which is already happening, and we see more of that coming in Q2, Q3 and Q4.

然後我們看到第三季和第四季呈線性成長。以下是一些推動我們利潤率擴張的因素。第一，持續經營槓桿。因此，我們將繼續保持紀律，確保營運支出成長速度低於收入成長速度。然後，很明顯，從我們在投資者日上談到的一些毛利率驅動因素來看，隨著我們預計全球交付量將會增加（這種情況已經發生），我們預計第二季、第三季和第四季將有更多成長。

And then also on the commercial model side, right? So with the extent -- to the extent that we are engaging more with some of the life sciences and advanced manufacturing clients, that also helps from the standpoint of driving those commercial models. So I would say it's not 1 thing. It's a combination of several things that we talked about at Investor Day, more of that coming to fruition in Q2, Q3 and Q4. and we feel really good about our margin performance for the full year.

在商業模式方面也是如此，對吧？因此，隨著我們與一些生命科學和先進製造業的客戶進行更多接觸，這也有助於推動這些商業模式的發展。所以我覺得這不是單一因素造成的。這是我們在投資者日上討論的幾項措施的綜合結果，其中更多措施將在第二季、第三季和第四季逐步落實。我們對全年的利潤率表現感到非常滿意。

Obviously, just for context, in fiscal '25, we grew our margins by 110 basis points, and we're guiding for a range of 50 to 80 basis points increase in fiscal '26.

顯然，為了便於理解，在 2025 財年，我們的利潤率成長了 110 個基點，我們預計 2026 財年利潤率將成長 50 至 80 個基點。

Maybe one add to that is that in the second half is really where we're starting to see the advanced facilities or some of these bookings that we have from a mix perspective. You have a contribution to that linear progression in our margins and confidence.

或許還可以補充一點，在下半場，我們才真正開始看到一些先進的設施，或者從組合的角度來看，我們的一些預訂情況。你對我們利潤率和信心的線性成長做出了貢獻。

Andy Wittmann, Baird.

安迪‧維特曼，貝爾德。

I wanted to ask about this very good backlog. It's very exciting. Obviously, in some of these really marquee projects. Bob, I thought maybe given that there's a little bit more mix here to some of this EPCM scope, I want to ask about how you're managing the risk criteria here. Are these contracts -- are you basically able to offload any risk to these two the subcontractors that you are managing on this?

我想問一下關於這個非常好的積壓工作。這太令人興奮了。顯然，在一些真正意義上的重磅項目中。鮑勃，鑑於這裡的一些 EPCM 範圍比較複雜，我想問你是如何管理這裡的風險標準的。這些合約——你基本上能否將所有風險轉移給你管理的這兩家分包商？

Or do you bear any? I'm just wondering because, obviously, some of these projects are pretty significant and percent changes on large numbers could actually kind of matter in the future. So maybe I'll let you address that, please?

你懷孕了嗎？我只是好奇，因為很明顯，其中一些項目意義重大，大數字的百分比變化在未來可能會產生實際影響。那麼，或許我可以讓你來回答這個問題，好嗎？

Yes, absolutely. So our risk profile, Andy, has not changed. And so the same EPCM delivery model that we've been very focused on for the balance of 20 years, in life sciences. We do a lot in the water sector as well. Those are the same risk profiles we're taking now.

是的，絕對的。所以，安迪，我們的風險狀況並沒有改變。因此，我們在生命科學領域也採用了過去 20 年來一直非常關注的 EPCM 交付模式。我們在水務領域也做了很多工作。這些正是我們目前採取的風險評估方式。

And as you know, we've been pretty consistent on how we flow those to our supply chain. So the awards that we're getting right now, we have not inflected to a different risk profile. We're utilizing the same risk profile we have for the balance of the 20 years in those sectors.

如您所知，我們在將這些產品輸送到供應鏈方面一直保持著相當一致的做法。所以，我們目前獲得的這些獎項，並沒有改變我們的風險狀況。在這些產業，我們將繼續沿用未來 20 年的風險狀況。

Okay. Great. And then I just wanted to get a clarification on PA and the capital deployment that went along with that as well. It's obviously a large capital deployment. So when I was looking at the press release, the EBITDA increase that you're getting from PA is because PA is already consolidated, the EBITDA that you're picking up is really only the reduction of the noncontrolling interest.

好的。偉大的。然後，我還想了解 PA 以及與之相關的資本部署。這顯然是一筆巨大的資金投入。所以，當我查看新聞稿時，發現您從 PA 獲得的 EBITDA 增長是因為 PA 已經合併，您獲得的 EBITDA 實際上只是少數股東權益的減少。

Obviously, noncontrolling interest is after tax. You'd have to gross that $52.3 million up to a larger number. But even when you do that, against the $1.6 billion capital outlay the math that I get here for the multiple is substantially larger than the 13 times.

顯然，少數股東權益是指稅後權益。你得把這 5,230 萬美元的票房收入提高到更高的數字。但即使這樣計算，考慮到 16 億美元的資本支出，我在這裡得到的倍數也遠大於 13 倍。

And so I know there's some kind of different accounting -- GAAP accounting that's maybe around this. And I just thought for the benefit of everybody, you could address how that works and why it works out that way, please?

所以我知道存在某種不同的會計方法——可能是GAAP會計方法。我想，為了大家的利益，您能否解釋一下它是如何運作的，以及為什麼會這樣運作？

Yes. Andy, thanks for the question. And I know that we -- obviously, you mentioned that in your report as well. So at a high level, as you rightly pointed out, there's a slight difference between the accounting and economic ownership. So just for everybody's benefit here, the economic ownership of 65% and the accounting ownership of 70%.

是的。安迪，謝謝你的提問。我知道我們——顯然，你在報告中也提到了這一點。所以從宏觀層面來看，正如你所正確指出的那樣，會計所有權和經濟所有權之間存在細微差別。為了大家的利益，這裡規定經濟所有權為 65%，會計所有權為 70%。

But there's obviously some dilution from what we call C shares, which are basically shares that the employees own. So to make a long story short, that's the delta. But in terms of the absolute valuation, as we mentioned in the press release, it's a 13 times multiple on EBITDA. And then if you take into account the synergies at the 12.3% multiple, so we feel really good about the valuation for this and the value creation. But happy to take additional questions and maybe Bert, you can add to it as well.

但顯然，我們所說的 C 股（基本上是員工擁有的股份）會稀釋部分股權。簡而言之，這就是增量。但就絕對估值而言，正如我們在新聞稿中提到的，它是 EBITDA 的 13 倍。如果考慮到 12.3% 的倍數所帶來的綜效，我們對此估值和價值創造感到非常滿意。不過我很樂意回答其他問題，伯特，你也可以補充一些內容。

Yeah, sure. Maybe what is actually what's happening here is -- when you take the accounting ownership, which was 70% and you reduce it by the employee benefit for us, we get down to a 60% ownership. And so we acquired 40% of the stake, which we highlighted. On the NCI, what we did is we reduced EBITDA by an after-tax number. And so reduced EBITDA by a smaller amount.

當然可以。也許這裡實際發生的情況是——當你把會計上的所有權比例從 70% 減去員工福利後，我們的所有權比例就降到了 60%。因此，我們收購了40%的股份，這一點我們已經重點提及。在 NCI 中，我們所做的就是將 EBITDA 減去稅後數字。因此，EBITDA 的減少幅度較小。

So essentially, we'll be adding back that NCI component to our EBITDA going forward. I think the important takeaway that we -- Venk highlighted in his prepared remarks is we expect this to be accretive to earnings and we see a lot of opportunity from both the revenue and cost synergy with the combination of PA and Jacobs. So we can take some of the more specifics offline, what we talk later on.

所以本質上，我們將把NCI部分重新加回我們的EBITDA中。我認為 Venk 在事先準備好的演講稿中強調的重要一點是，我們預計這將增加收益，我們看到 PA 和 Jacobs 合併後在收入和成本協同效應方面都存在很多機會。所以我們可以把一些更具體的事情私下討論，以後再談。

Chad Dillard, Bernstein.

查德·迪拉德，伯恩斯坦。

So I wanted to spend some time on the project pipeline. I think you talked about it being up double digits. Could you break that down by the core end markets? And maybe you can comment about fixed versus reimbursable? And then finally, just on the global delivery model?

所以我想花些時間研究一下專案流程。我想你之前說過漲幅達到了兩位數。能否依核心終端市場進行細分？您能否就固定費用和報銷費用發表一下看法？最後，就全球交付模式而言呢？

How much of that is deployed using that method versus what's in your revenue today?

透過這種方法部署的資金佔比與目前收入相比如何？

Yes. Maybe I'll simplify it, Chad. If you look at our three main verticals, water environmental up, the pipeline is up. And when I say double digits, very much double digits that are 25% and above. In life sciences and advanced manufacturing, double-digit pipeline growth, those are 50% and up.

是的。或許我可以把它簡化一下，查德。如果你看一下我們的三大主要垂直領域，水務、環境、管道都在向上發展。我說的兩位數，指的是25%以上的兩位數。在生命科學和先進製造業領域，兩位數成長的研發管線，也就是 50% 以上的成長率。

And in our critical infrastructure, we're talking kind of high single digits and low-double-digit pipeline growth. That's not acutely focused on the US. That's a global number. And so the pipeline is strong, and that's a 12- to 18-month pipeline that we look at that -- then there's win rates and everything else. But the markets that we're serving are in a really strong state right now.

而在我們的關鍵基礎設施領域，我們談論的是一個位數高點到兩位數低位的管道成長。這並非專門針對美國。這是一個全球性數字。因此，人才儲備充足，我們關注的是 12 到 18 個月的人才儲備——然後還有勝率和其他所有因素。但我們所服務的市場目前情況非常強勁。

Got you. That's helpful. And then maybe circling back on the AI topic. So how are you communicating to your customers the value creation from deploying AI like in a particular project? Are you having explicit conversations about sharing that?

抓到你了。那很有幫助。然後或許可以再回到人工智慧的話題上來。那麼，您該如何向客戶傳達在特定專案中部署人工智慧所創造的價值呢？你們之間有就分享這些內容進行過明確的對話嗎？

Maybe just like talk about if you can even give me a particular example, that would be very helpful.

如果你能舉個具體的例子，那就太好了。

Yes. Well, in order to do that, I think you got to go back and our clients' issues right now we're not solving for issues that were around or even contemplated 5 years ago, 10 years ago, 20 years ago. And so how we're articulating this to our clients is not in the form of thoughts or agents or people being replaced with AI figures. How we're discussing it is the use of data to give greater data insights to solve for complex issues and deliver outcomes at a faster and more predictable rate. That's how we're describing it to our clients, and our clients are co-creating with us in the platforms that we develop kind of part one.

是的。嗯，為了做到這一點，我認為你必須回顧過去，我們現在解決的客戶問題並不是 5 年前、10 年前、20 年前存在甚至考慮過的問題。因此，我們向客戶闡述這一點的方式，不是用人工智慧取代思想、代理人或人。我們正在討論的是利用數據來提供更深入的數據洞察，從而解決複雜問題，並以更快、更可預測的速度交付成果。我們就是這樣向客戶描述的，我們的客戶正在與我們共同創造我們開發的平台的第一部分。

The second, where we go to market is around AI advisory where we have, whether it be in the aviation space or it be in the transportation space. We've got a lot of our clients that want to understand how AI can enable their business even more. And so now with PA, we've now doubled the size of our AI, not just on the development side, but also AI consultancy component as well. And this is an AI consultancy just driving business transformation.

第二，我們進入市場的領域是人工智慧諮詢，無論是在航空領域或交通運輸領域。我們有許多客戶都想了解人工智慧如何能進一步助力他們的業務發展。因此，現在有了 PA，我們的 AI 規模已經翻了一番，不僅在開發方面，而且在 AI 諮詢方面也是如此。這是一家專注於推動業務轉型的AI顧問公司。

This is AI consultancy on how they can effectively serve their client base even greater. So we've -- the investment thesis around increasing our investment in PA coupled with what -- how PA is growing in that space across all the end markets and then us going to market together is really creating an exciting story going forward.

這是關於人工智慧諮詢如何幫助他們更有效地服務客戶群的諮詢服務。因此，我們——圍繞著增加對 PA 的投資這一投資理念，再加上 PA 在所有終端市場中的成長情況，以及我們共同進入市場，這確實創造了一個令人興奮的未來故事。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

Bob, I just want to dig in on a couple of areas. I think historically, you guys have been very strong in semicon, particularly on the memory side. So what are you seeing in terms of investment there? Could we actually be an acceleration mode again? Like it seems like we are, but maybe any more detail there would be helpful.

鮑勃，我只想深入研究幾個方面。我認為從歷史上看，你們在半導體領域，尤其是在記憶體方面，一直非常強大。那麼，您認為那裡的投資情況如何？我們真的有可能再次進入加速模式嗎？看起來我們確實是，但或許提供更多細節會有幫助。

Absolutely. Short answer is yes. Yes, Andy, we are in acceleration mode. There are three main players around the world. One is American.

絕對地。簡而言之，答案是肯定的。是的，安迪，我們正處於加速模式。全球有三大主要參與者。其中一位是美國人。

And the advances in high-bandwidth memory that the American provider is going to market with at record pace took 20 years during the traditional DRAM cycle to advanced nodes, that 20 years is now being shortened into two to three. And so to get the plant ready and delivering on those chips, is a big deal. So they've made some announcements in Idaho and New York, and we're squarely in the middle of those.

這家美國供應商正以創紀錄的速度將高頻寬記憶體推向市場，而傳統的 DRAM 週期到先進節點需要 20 年時間，現在這 20 年的時間正在縮短到兩到三年。因此，讓工廠做好準備並按時生產這些晶片是一件大事。所以他們在愛達荷州和紐約州發布了一些公告，而我們正處於這些公告的中心。

And then, Bob, just following up on the water vertical. I mean, I think you answered a question earlier about environmental, water has been strong for you guys for a while. I get some questions occasionally about municipal spending, what eventually happens as IIJA starts to run down. So -- maybe you can talk about -- I think you've had good bookings here recently in water, but maybe you can talk about the longevity of the water infrastructure cycle as you see it?

然後，鮑勃，接著說說水垂直方向的情況。我的意思是，我覺得你之前回答過一個關於環境的問題，水資源對你們來說一直是個優勢。我偶爾會收到一些關於市政支出的問題，以及當 IIJA 開始衰落後最終會發生什麼。所以——也許您可以談談——我認為您最近在水務方面的預訂情況不錯，但也許您可以談談您眼中的水利基礎設施循環的長期性？

Yes. It's high single digits for us right now and how it's flowing through, Andy. And so maybe I'd kind of divide it between US and international. Maybe start with the real positive.

是的。安迪，目前我們這邊的氣溫是接近兩位數，而且氣溫還在持續下降。所以，我可能會把它分成美國和國際兩大類。或許可以先從真正正面的方面著手。

The result of the AMP8 cycle in the UK is driving kind of double-digit growth for us in the water market there in Europe, but we're also seeing strong tailwinds in the Middle East and in Australia. Australia has been a real highlight for us, both in water and in transportation. The municipal spending and the tie to IIJA never really was a strong one. IIJA really was focused heavily on transportation.

英國的 AMP8 週期為我們在歐洲的水務市場帶來了兩位數的成長，同時我們也看到中東和澳洲市場強勁的成長動能。澳洲對我們來說一直是一大亮點，無論是在水利方面還是在交通運輸方面。市政支出與 IIJA 之間的聯繫從來都不算牢固。IIJA 確實非常重視交通運輸領域。

And so that has continued. And again, the whole water scarcity aged assets and just the sheer effects of climate. These aren't -- I'm not saying they're completely delinked from funding opportunities that state in local hat, but definitely have risen up on the priority list just because of the severity. So we see kind of a long-term tail on that.

這種情況一直持續至今。再說，水資源短缺、老舊資產以及氣候變遷帶來的巨大影響。這些並非——我不是說它們與地方政府提供的資金機會完全無關，但它們肯定因為問題的嚴重性而在優先事項清單上上升了。所以我們看到這種情況會持續很久。

And Andy, if we could add to just what Bob said, there's been tremendous strength in bookings in water over the last several quarters, and we've highlighted some marquee wins that typically take multiple years to play out. So we see that pipeline continue to grow and the visibility for a multiyear period. So we feel really good about our water market overall.

安迪，如果我們可以補充鮑勃所說的，過去幾個季度水上運動的預訂量非常強勁，我們已經重點介紹了一些通常需要數年時間才能實現的重大勝利。因此，我們看到專案儲備持續成長，並且未來幾年都將保持成長動能。所以我們對整體水市場狀況非常滿意。

Jerry Revich, Wells Fargo.

傑瑞·雷維奇，富國銀行。

Can I ask on critical infrastructure, really impressive performance relative to the end markets that you folks are clearly gaining share. Could you just double-click for us in terms of the drivers of the share gains? Is it just part of the market where you folks have higher concentration. Have you been on the right projects moving forward? Can you just expand on the drivers of what looks to be about 5, 6 points of end market outgrowth that you're delivering?

我可以問一下關於關鍵基礎設施方面的問題嗎？相對於你們顯然正在佔領的終端市場而言，你們的表現確實令人印象深刻。您能否雙擊一下，幫我們分析股價上漲的驅動因素？你們是不是只在部分市場集中投入了更多資源？你一直以來參與的專案都對嗎？能否詳細說明一下，是什麼因素促成了您目前實現的約 5、6 個百分點的終端市場成長？

Yes. Well, maybe I'd most succinctly talk about it in two main areas, Jerry. One is that our international business in transportation nothing has been strong, very strong. And that's been highlighted by really key wins that we've had in Europe, in the Middle East and in Australia. Australia, it's been really nice growth there as well.

是的。嗯，傑瑞，或許我可以最簡潔地從兩個主要方面來談談這個問題。一是我們在國際運輸業務方面一直表現不佳，非常不佳。我們在歐洲、中東和澳洲的關鍵勝利充分證明了這一點。澳洲的成長也非常可觀。

Aviation and rail has really been the strong drivers there. We still do a lot of work on the highways work, but those two have been really strong drivers. And then the US, with continued growth in the aviation sector there, coupled with now some high-speed opportunities as well as faster rail in locations. We've been capturing share gain in that area as well.

航空和鐵路一直是推動當地經濟發展的主要動力。我們仍然在高速公路建設方面投入大量精力，但這兩項工作一直是強勁的推動力。然後是美國，航空業持續成長，加上一些高速鐵路和快速鐵路的出現，使得美國航空業發展前景更加廣闊。我們在該領域也取得了市場份額的成長。

So strong internationally, driven by aviation and rail and highways strong in the US, driven by Aviation and rail.

國際上實力強勁，主要由航空、鐵路和公路推動；在美國實力強勁，主要由航空和鐵路推動。

And if we could just pull on that market share threat into the AI theme, you folks on the semi plant side with the use of digital twins have been able to allow your customers to deliver projects really quickly. Just it sounds like based on your comments earlier on the call, Bob, you see yourselves as gaining share in that type of environment. What's the outlook for the broader industry structure as you see it 5 years down the line, 10 years down the line companies that look like Jacobs gain share to companies like Jacobs do more EPCM type work for an integrated solution like you're doing here on the data center example that you gave us.

如果我們能把市場份額威脅融入人工智慧主題，那麼半導體工廠的各位透過使用數位孿生技術，已經能夠讓你們的客戶非常快速地交付專案。鮑勃，根據你之前在電話會議上的發言，聽起來你們似乎認為你們在這種環境下會獲得更大的市場份額。您認為未來 5 年、10 年，整個產業結構的發展前景如何？像 Jacobs 這樣的公司會獲得市場份額，並像 Jacobs 這樣的公司會做更多 EPCM 類型的工作，提供像您在這裡舉的資料中心範例那樣的整合解決方案。

Can you just talk about how you see this all playing out for the industry as a whole because you folks have been ahead of the pack in terms of your digital twin investments, et cetera?

您能否談談您認為這一切對整個產業將產生怎樣的影響？因為你們在數位孿生投資等方面一直處於領先地位。

Yes. So maybe -- and just to clarify, Jerry, you were talking specifically about semi? Or were you talking kind of broader base across the kind of the tech landscape?

是的。所以也許──傑瑞，為了確認一下，你指的是半自動嗎？或者您指的是更廣泛的科技領域？

Bob, I was just talking across the broader tech landscape, right, in other words, you folks have clearly used digital tools and led the market gain share. And I just want your perspective on where you see the industry headed in five years now that the tools are getting better and better.

鮑勃，我剛才說的是整個科技領域的情況，對吧？換句話說，你們顯然已經利用了數位工具，並在市場佔有率方面取得了領先地位。我想聽聽您對未來五年產業發展方向的看法，因為現在工具越來越好。

Got it. Got it. So I kind of talk about it from our participation across the ecosystem of, call it, the electron landscape. So everything from the chip at the semi side through power and water, whether it be at the grid level or what eventually goes into the data center. Our participation across that ecosystem, I think, has been a big differentiator.

知道了。知道了。所以我從我們參與整個生態系統（姑且稱之為電子領域）的角度來談論這個問題。所以，從半導體端的晶片到電力和水，無論是電網層面還是最終進入資料中心的環節，所有的一切。我認為，我們參與整個生態系統是一個很大的優勢。

And so when I look out five years from now, the partnership that we have with NVIDIA and the kind of the tech relationship down to the chip design and how that affects utilities for these plants, whether it be with any of the high-bandwidth memory players or other traditional logic players. That's what's driving that out-year growth because as these plants -- no plant is the same as these plants are continuing to become more and more complicated, we're out in front of those.

因此，當我展望五年後的未來時，我們與 NVIDIA 的合作關係，以及我們在晶片設計方面的技術關係，以及這些關係如何影響這些工廠的公用事業，無論是與任何高頻寬記憶體廠商還是其他傳統邏輯廠商合作。這就是推動未來幾年成長的原因，因為這些植物——沒有一種植物是相同的，這些植物正變得越來越複雜——我們走在了它們的前面。

Now you back all that up with design automation, AI tools in order to get greater data insights. And we're continuing to really -- and digital twins, like you said -- I'm sorry, Jerry, then that protective -- I don't know if I'm allowed to call it a moat, but I will, that moat starts to develop, and we go from there. So we're excited about where we're positioned. This is something we've been in for the better part of 40 years, and we see that going forward for another 40.

現在，您可以利用設計自動化和人工智慧工具來支援所有這些工作，從而獲得更深入的數據洞察。我們正在繼續努力——就像你說的，數字孿生——對不起，傑瑞，然後那種保護性的——我不知道我能不能稱之為護城河，但我還是會這麼說，那條護城河開始形成，我們就從那裡開始。所以我們對目前的市場地位感到很興奮。在過去40年裡，我們一直都在做這件事，我們預計未來40年還會繼續做這件事。

And that concludes our question-and-answer session. 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。現在我將把會議交還給鮑伯·普拉加達，請他作總結發言。

Thank you, Krista. Thank you, everyone, for joining the earnings call. Some great questions. Really excited about the performance last quarter and our performance for the balance of the year, and we look forward to engaging with many of you over the coming days and weeks. Thanks, everyone.

謝謝你，克麗斯塔。感謝各位參加財報電話會議。問得好。我們對上個季度的業績以及今年剩餘時間的業績感到非常興奮，並期待在接下來的幾天和幾週內與大家進行交流。謝謝大家。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，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了。