雅各布工程 (J) 2026 Q3 法說會逐字稿

Hello everyone. Thank you for joining us, and welcome to the Jacobs fiscal third-quarter 2026 earnings conference call and webcast.

各位好。感謝各位加入，歡迎收聽 Jacobs 2026 會計年度第三季財報電話會議與網路直播。

(Operator Instructions)

(接線員指示)

I will now hand the conference over to Bert Subin, Senior Vice President of Investor Relations. Please go ahead.

現在我將把會議交給投資人關係資深副總裁 Bert Subin。請開始。

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

謝謝接線員，也歡迎各位。在市場收盤後，我們發布了財報公告、提交了 10-Q 表格，並在官網上張貼了簡報投影片，我們將在本次電話會議中引用。我想請各位參閱簡報第 2 頁，了解我們的前瞻性陳述、非 GAAP 財務衡量指標與營運指標的相關資訊。

Now let's turn to the agenda on slide 3. Speaking on today's call will be Jacobs' Chair and CEO, Bob Pragada; and CFO, Venk Nathamuni. Bob will begin by providing comments on the business as well as highlights of our third-quarter results, and a recap of notable awards.

現在請看第 3 頁的議程。今天出席電話會議的有 Jacobs 董事長兼執行長 Bob Pragada，以及財務長 Venk Nathamuni。Bob 將先就業務狀況發表評論，並重點說明第三季業績，以及回顧重要獲獎情況。

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

接著 Venk 將詳細回顧我們的財務表現，包括終端市場趨勢、現金流與資產負債表數據，以及更新後的展望。最後，Bob 將作結語。之後我們將開放提問。

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

那麼，我把時間交給董事長兼執行長 Bob Pragada。

Good afternoon, everyone, and thank you for joining us to discuss our third-quarter 2026 business performance. We delivered strong results in Q3. I'll quickly highlight a few key takeaways.

各位下午好，感謝各位加入我們，一同討論 2026 年第三季的業務表現。我們在第三季交出強勁成果。我將快速重點整理幾項關鍵要點。

First, adjusted EPS grew approximately 14% to $1.84, supported by more than 8% adjusted net revenue growth, all organic, and more than 100 basis points of year-on-year margin expansion. Second, I&AF posted nearly $2.1 billion in net revenue, a 10% increase year-over-year, and a quarterly record for the segment.

第一，調整後每股盈餘（EPS）成長約 14% 至 1.84 美元，主要受惠於調整後淨營收成長超過 8%（全部為有機成長），以及年對年利潤率擴張超過 100 個基點。第二，I&AF 淨營收接近 21 億美元，年增 10%，並創下該事業部單季新高。

And third, our backlog grew 27% to $29 billion, setting another new record with a trailing 12-month book-to-bill of 1.4 times on gross revenue and 1.2 times on net revenue. As we look ahead, we see continued strong underlying business momentum as reflected by our third consecutive guidance raise for FY26, which Venk will walk through in more detail shortly.

第三，我們的在手訂單（backlog）成長 27% 至 290 億美元，再創新高；過去 12 個月的接單出貨比（book-to-bill）以總營收計為 1.4 倍、以淨營收計為 1.2 倍。展望未來，我們看到持續強勁的基本面動能；這也反映在我們對 FY26 連續第三次上調財測指引，Venk 稍後會更詳細說明。

Turning to slide 4. We provide a detailed overview of the quarter. We are very pleased with our Q3 results as strong operating performance paired with our lower share count drove the sixth straight quarter of double-digit growth in adjusted EPS. Our margin profile continues to trend higher with our business achieving an adjusted EBITDA margin above 15% in Q3, up over 100 basis points year-over-year and up almost 200 basis points when compared to the same period in 2024.

請看第 4 頁。我們提供本季的詳細概覽。我們對第三季結果非常滿意，強勁的營運表現加上較低的流通股數，推動調整後 EPS 連續第六季達成雙位數成長。我們的利潤率結構持續走升，第三季調整後 EBITDA 利潤率超過 15%，年對年提升逾 100 個基點，與 2024 年同期相比則提升近 200 個基點。

The combination of strong annual margin expansion, high single-digit organic growth and continued share repurchases enabled by strong free cash flow generation has created a powerful earnings growth algorithm. Further, we are seeing convergence of backlog growth and overall revenue growth, and we are positioned to deliver another strong bookings performance in Q4.

強勁的年度利潤率擴張、高個位數的有機成長，以及在強勁自由現金流帶動下持續進行庫藏股回購，三者結合形成強大的獲利成長方程式。此外，我們看到在手訂單成長與整體營收成長趨於一致，我們也有條件在第四季再交出強勁的接單表現。

Turning to slide 5. I'd like to highlight a few notable project awards from the third-quarter. In Water & Environmental, Jacobs is selected to provide program management and technical environmental services to the US Navy's environmental restoration program, primarily across the Mid-Atlantic and Puerto Rico. The work involves restoring contaminated sites, including PFAS and munitions related projects with the goal of reducing health and environmental risks and returning these sites to beneficial use.

請看第 5 頁。我想重點分享第三季幾項重要專案得標。在水務與環境領域，Jacobs 獲選為美國海軍的環境復育計畫提供專案管理與技術性環境服務，主要涵蓋大西洋中部地區與波多黎各。工作內容包括整治受污染場址，涵蓋 PFAS 與彈藥相關專案，目標是降低健康與環境風險，並使這些場址恢復為可受益使用的狀態。

It extends our 40-year partnership with the Navy and underscores our leadership in delivering complex high-impact environmental solutions. This key win as well as new awards with private sector clients, gives us increased confidence we will see a return to growth in the environmental sector in coming quarters.

這項合作延續我們與海軍長達 40 年的夥伴關係，也凸顯我們在提供複雜且高影響力環境解決方案方面的領導地位。這項關鍵勝利以及與民間客戶的新得標，讓我們更有信心在未來幾季環境業務將重回成長。

Also in Water & Environmental, we were selected to deliver Central Utah Water District's Strawberry High Line improvement project, which will modernize roughly 40 miles of aging canal infrastructure through new pipelines, a pump station, a regulating reservoir and related facilities. By converting a historic open canal into a modern pressurized system, the project will improve long-term water reliability for agricultural and municipal users while supporting regional growth and enhanced recreation along the corridor.

同樣在水務與環境領域，我們獲選承攬猶他州中部水務區（Central Utah Water District）的 Strawberry High Line 改善專案，將透過新管線、抽水站、調節水庫及相關設施，現代化約 40 英里的老舊運河基礎設施。透過將歷史性的明渠改造為現代加壓系統，該專案將提升農業與市政用戶的長期供水可靠性，同時支持區域成長並強化沿線的休憩機能。

It's part of the district's broader Nebo Regional Water Project, an approximately $1.5 billion program designed to sustain a doubling of the area's population in the coming decades. This also includes the South Utah Valley Regional Water Treatment Plant, where Jacobs is already under contract to lead design and engineering during construction. Shifting to Life Sciences and Advanced Manufacturing.

這是該水務區更大型的 Nebo 區域供水計畫的一部分；該計畫規模約 15 億美元，旨在支撐未來數十年該地區人口倍增。其中也包括南猶他谷區域淨水處理廠（South Utah Valley Regional Water Treatment Plant），Jacobs 已簽約在施工期間主導設計與工程。接著談生命科學與先進製造。

Jacobs was awarded a sole-source EPCM contract by Hut 8 to deliver Beacon Point, the company's second AI data center campus in the US located in Texas, the multiphase campus is designed to support 1 gigawatt of total capacity. This award is a follow-on to Hut 8's River Bend campus in Louisiana, where Jacobs is also leading program delivery. We'll apply proven design elements from that project and deploy our data center digital twin to simulate critical assets, helping to derisk commissioning and reduce time to first revenue by accelerating the deployment of AI workloads. Initial energization is targeted for 2027.

Jacobs 獲 Hut 8 以單一來源方式授予 EPCM 合約，負責交付 Beacon Point——該公司在美國的第二座 AI 資料中心園區，位於德州；此多期園區設計可支援總計 1 吉瓦的容量。此項得標是延續 Hut 8 位於路易斯安那州 River Bend 園區的合作，Jacobs 亦在該案中主導專案交付。我們將套用該專案已驗證的設計要素，並部署我們的資料中心數位孿生（digital twin）以模擬關鍵資產，協助降低試運轉風險，並透過加速 AI 工作負載部署，縮短至首次營收的時間。初次送電目標為 2027 年。

Winning a repeat sole-source contract at this scale reflects the confidence clients place in Jacobs to deliver complex AI infrastructure with speed, safety, and certainty. It also builds on our standing as Engineering News-Record's number one data center firm, a sector where we see substantial runway as AI investments increase.

在此規模下再次贏得單一來源合約，反映客戶對 Jacobs 以速度、安全與確定性交付複雜 AI 基礎設施的信心。這也鞏固我們作為《Engineering News-Record》評選的資料中心領域第一名公司的地位；隨著 AI 投資增加，我們認為該領域仍有可觀的成長空間。

And finally, PA is supporting the UK Royal Air Force's Optimise initiatives, enabling RAF leaders to use data-driven insights to further strengthen operational readiness and decision-making in an increasingly complex environment. The work turns data into confident, evidence-led decisions that support the RAF's readiness, and it reinforces our standing as a trusted delivery partner in the defense sector, delivering high tempo programs that have real operational impact.

最後，PA 正在支援英國皇家空軍（RAF）的 Optimise 計畫，使 RAF 領導層能運用數據驅動的洞見，在日益複雜的環境中進一步強化作戰準備與決策。這項工作將數據轉化為有把握、以證據為基礎的決策，以支持 RAF 的備戰狀態；同時也強化我們在國防領域作為值得信賴的交付夥伴地位，能以高節奏推動具實質作戰影響的計畫。

Now please turn to slide 6. Given the growth tailwind we are seeing from AI investments, I wanted to take a moment to quickly highlight our position in the AI infrastructure build-out. We've been serving data center clients since the 1990s and have long-standing relationships with semiconductor manufacturers that span over 50 years. Significant capital is being deployed to build AI data centers, and we have been able to grow our addressable market by expanding our scope of services, which now range from technical advisory and design to digital twins and full program delivery.

現在請翻到第 6 頁。鑑於我們看到 AI 投資帶來的成長順風，我想花點時間快速說明我們在 AI 基礎設施建置中的定位。自 1990 年代起，我們便開始服務資料中心客戶，並與半導體製造商建立超過 50 年的長期合作關係。目前正有大量資本投入建置 AI 資料中心，而我們透過擴大服務範疇來提升可服務市場規模；服務內容如今涵蓋從技術顧問與設計，到數位孿生與完整的專案交付。

Further, the AI data center build-out is increasing capacity requirements in the semiconductor industry where we are a leading facility designer, and we are leveraging our capabilities across water, environmental, power and digital to further expand our market share with both private sector clients and utilities.

此外，AI 資料中心的建置正在提高半導體產業的產能需求；我們在該領域是領先的設施設計商，並正運用我們在水務、環境、電力與數位方面的能力，進一步擴大我們在民間客戶與公用事業客戶中的市占率。

For context, as of Q3, the direct AI build-out represented 11% of our adjusted net revenue up approximately 100 basis points from last quarter, and our pipeline of future opportunities continues to grow meaningfully. Now I'll turn the call over to Venk to review our financial results in further detail.

作為背景說明，截至第三季，直接的 AI 建置占我們調整後淨營收的 11%，較上季增加約 100 個基點，而我們未來機會的案源管線也持續顯著成長。接下來我把電話交給 Venk，請他更詳細地說明我們的財務結果。

Thank you, Bob, and good afternoon, everyone. Please turn to slide number 7, where I'll walk through our results for Q3. Gross revenue increased more than 34% year-over-year, and adjusted net revenue, which excludes pass-through revenue grew by over 8%. Q3 adjusted EBITDA was $367 million, up 17%, with our margin at 15.2% or 109 basis points higher year-over-year. This resulted in adjusted EPS increasing 14% year-over-year.

謝謝你，Bob，各位下午好。請翻到第 7 頁投影片，我將帶各位回顧我們第三季的業績。總營收年增超過 34%，而調整後淨營收（不含轉付營收）成長超過 8%。第三季調整後 EBITDA 為 3.67 億美元，年增 17%，利潤率為 15.2%，較去年同期提高 109 個基點。因此，調整後每股盈餘（EPS）年增 14%。

Consolidated backlog was up more than 27% year-over-year to a record $29 billion with our trailing 12-month book-to-bill at 1.4 times. Book-to-bill was strong again in Q3, driven by good awards activity across our end markets with standout performance in the advanced manufacturing, environmental and transportation sectors. Additionally, on a year-over-year basis, net revenue and gross profit in backlog increased 11% and 14%, respectively, during Q3.

合併在手訂單（backlog）年增超過 27%，達到創紀錄的 290 億美元，過去 12 個月的接單出貨比（book-to-bill）為 1.4 倍。第三季接單出貨比再次表現強勁，主要受惠於各終端市場良好的得標活動，其中先進製造、環境與運輸領域表現尤為突出。此外，以年對年來看，第三季在手訂單中的淨營收與毛利分別增加 11% 與 14%。

We are demonstrating faster organic growth in the business today and strong recent awards activity positions us well as we look ahead to fiscal year '27. Regarding our performance by end market in Infrastructure and Advanced Facilities, let's turn to slide number 8.

我們目前展現出更快的有機成長，而近期強勁的得標活動也讓我們在展望 2027 會計年度時處於有利位置。關於我們在「基礎建設與先進設施」終端市場的表現，請看第 8 頁投影片。

At a high level, we continue to see strong growth rates in Life Sciences and Advanced Manufacturing as well as in critical infrastructure during Q3. Focusing on life sciences and advanced manufacturing, net revenue grew 24% in Q3, our highest growth rate since we began reporting end markets in late 2024.

整體而言，第三季我們在生命科學與先進製造，以及關鍵基礎建設方面，持續看到強勁的成長率。聚焦生命科學與先進製造，第三季淨營收成長 24%，為我們自 2024 年底開始揭露終端市場以來的最高成長率。

Strong performance in the data center and semiconductor sectors contributed to substantial year-on-year growth, and we anticipate that this trend will continue in Q4. We're seeing high demand for new projects across life sciences and advanced manufacturing, setting us up well for the new fiscal year. Shifting to Critical Infrastructure, net revenue increased 9% year-over-year.

資料中心與半導體領域的強勁表現帶動顯著的年對年成長，我們預期此趨勢將在第四季延續。我們看到生命科學與先進製造的新專案需求旺盛，為新會計年度奠定良好基礎。轉向關鍵基礎建設，淨營收年增 9%。

Critical Infrastructure trends remained similar to Q2 with Transportation and Energy and Power activity leading to strong growth versus last year. We continue to expect Critical Infrastructure to grow in the mid- to high single-digit range over the medium term. Net revenue growth in our Water & Environmental end market was a little more than 1%. Net revenue growth for water remains strong. And as we indicated last quarter, we did continue to face year-over-year headwinds in the environmental sector.

關鍵基礎建設的趨勢與第二季相近，運輸以及能源與電力相關活動帶動相較去年強勁成長。我們仍預期關鍵基礎建設在中期將以中到高個位數的幅度成長。我們在水務與環境終端市場的淨營收成長略高於 1%。水務的淨營收成長仍然強勁。且如同我們上季所指出的，我們在環境領域仍持續面臨年對年的逆風。

On a positive note, we're forecasting growth for the Water & Environmental end market to sequentially improve in Q4 based on good awards activity in the quarter. In summary, strong Life Sciences and Advanced Manufacturing performance during Q3 was complemented by good demand across the majority of our sectors.

正面的是，基於本季良好的得標活動，我們預測水務與環境終端市場的成長將在第四季較前一季改善。總結而言，第三季生命科學與先進製造的強勁表現，並搭配我們多數領域的良好需求。

Moving now to slide number 9, I'll provide a brief overview of our segment financials. In Q3, I&AF operating profit increased 14% year-over-year on 10% net revenue growth. PA Consulting operating profit increased 2% on flattish revenue and operating margin, again came in strong at above 22%.

接著看第 9 頁投影片，我將簡要概述各事業部的財務表現。第三季 I&AF 的營業利益在淨營收成長 10% 的帶動下，年增 14%。PA Consulting 的營業利益在營收大致持平的情況下成長 2%，營業利潤率同樣維持強勁，再次高於 22%。

Both segments saw only a minor operating profit growth impact from foreign exchange during the quarter. Focusing on PA, the segment experienced some temporary disruption from the recent change in governmental leadership in the UK, which delayed project start dates.

本季兩個事業部的營業利益僅受到匯率影響而出現輕微的成長影響。聚焦 PA，該事業部因英國近期政府領導層更迭而出現一些短暫干擾，導致專案啟動日期延後。

Importantly, we are already seeing a return to normal, and our forecast indicates solid quarter-on-quarter revenue growth in Q4, supported by recent awards activity, new project commencements as well as performance quarter-to-date.

重要的是，我們已經看到情況回復正常，而我們的預測顯示第四季將有穩健的季對季營收成長，並受近期得標活動、新專案啟動以及截至目前的季度表現所支撐。

Now moving on to slide 10. We provide an overview of cash generation and our balance sheet. For Q3, we generated $541 million in adjusted free cash flow which removes the impact of $110 million in payments related to proceeds for the PA transaction as we had indicated last quarter. This brings year-to-date adjusted free cash flow to $633 million. Please note, we will not make adjustments to free cash flow in Q4 and will return to providing guidance for reported free cash flow margin in fiscal year '27.

接下來看第 10 頁投影片。我們提供現金創造能力與資產負債表的概覽。第三季我們產生 5.41 億美元的調整後自由現金流，該數字剔除了 1.10 億美元與 PA 交易款項相關的支付影響，正如我們上季所指出。這使得年初至今的調整後自由現金流達到 6.33 億美元。請注意，我們不會在第四季對自由現金流進行調整，並將在 2027 會計年度恢復提供以申報口徑（reported）的自由現金流利潤率指引。

Focusing on capital returns, we remain aggressive buyers of our shares during Q3 to take advantage of the dislocation in our share price. As a result, our total repurchases through Q3 rose to $614 million, which combined with dividends paid, puts us on track to return more than 100% of free cash flow to our shareholders for the second consecutive year.

在資本回饋方面，第三季我們仍積極回購自家股票，以把握股價偏離所帶來的機會。因此，截至第三季的累計回購金額上升至 6.14 億美元；加上已支付的股利，我們有望連續第二年向股東回饋超過自由現金流的 100%。

This brings total share repurchases since the beginning of fiscal year '25 to $1.4 billion, and we see continued runway moving forward, given our strong outlook for free cash flow. Shifting now to the balance sheet. At the end of Q3, our net leverage ratio declined to 1.8 times, achieving our target for net leverage to be below 2.0 times, a quarter early, and we still plan to deliver to approximately 1.5 times by the end of fiscal year '27.

這使得自 2025 會計年度開始以來的累計股票回購總額達到 14 億美元；鑑於我們對自由現金流的強勁展望，我們認為未來仍有持續推進的空間。接著看資產負債表。第三季末，我們的淨槓桿比率降至 1.8 倍，較原計畫提前一季達成淨槓桿低於 2.0 倍的目標，且我們仍計畫在 2027 會計年度末達到約 1.5 倍。

Please turn to slide 11 for our updated fiscal year '26 outlook. We're increasing our fiscal year '26 adjusted net revenue growth range to 9.5% to 10% year-over-year, narrowing our adjusted EBITDA margin range to 14.7% to 14.8%, raising our adjusted EPS range to $7.20 to $7.30 and raising our adjusted free cash flow margin forecast to 8%.

請翻到第 11 頁投影片，查看我們更新後的 2026 會計年度展望。我們將 2026 會計年度調整後淨營收年增率區間上調至 9.5% 至 10%，並將調整後 EBITDA 利潤率區間收斂至 14.7% 至 14.8%，同時把調整後 EPS 區間上調至 7.20 至 7.30 美元，並將調整後自由現金流利潤率預測上調至 8%。

Notably, our outlook for fiscal year '26 now implies nearly 19% year-on-year growth in adjusted EPS at the midpoint. As it pertains to Q4, we expect our adjusted EBITDA margin to be approximately 16%, with year-over-year net revenue growth of approximately 14%. Furthermore, we expect our tax rate to be roughly 27.5% and a quarterly free cash flow to be approximately $150 million.

值得注意的是，我們對 2026 會計年度的展望在中位數下，意味著調整後 EPS 將接近 19% 的年對年成長。至於第四季，我們預期調整後 EBITDA 利潤率約為 16%，淨營收年對年成長約為 14%。此外，我們預期稅率約為 27.5%，單季自由現金流約為 1.5 億美元。

Overall, we're very pleased with our year-to-date performance and our Q4 outlook highlights that we expect a strong finish to fiscal year '26. With that, I'll turn the call back over to Bob.

整體而言，我們對年初至今的表現非常滿意，而我們對第四季的展望也凸顯我們預期 2026 會計年度將強勁收官。接下來我把電話交回給 Bob。

Thank you, Venk. In closing, I'd like to express my gratitude for the trust our clients continue to place in Jacobs and to our more than 47,000 talented employees for their continued commitment to delivering excellence. We're tracking very well heading into the final quarter of the fiscal year with strong Q3 performance, enabling us to increase the midpoint of our full year adjusted EPS outlook for the third consecutive time. Our backlog is at a record level, and our pipeline continues to expand, positioning us for profitable growth in FY27 and beyond.

謝謝你，Venk。在結語中，我想對客戶持續信任 Jacobs 表達感謝，也感謝我們超過 47,000 名優秀員工持續致力於交付卓越成果。憑藉強勁的第三季表現，我們在進入本財政年度最後一季時進展非常順利，使我們得以連續第三次上調全年調整後 EPS 展望的中位數。我們的在手訂單創下歷史新高，且商機管道持續擴大，讓我們在 FY27 及之後具備實現獲利成長的有利定位。

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

接線員，我們現在開放提問。

(Operator Instructions)

(接線員指示)

Andy Kaplowitz, Citigroup.

Andy Kaplowitz，花旗集團。

Bob or Venk, so backlog growth has obviously been accelerating over the last several quarters. I think you mentioned 1.2 times book-to-bill on net revenue, as you said. So I know it's early to talk about FY27, but your exit rate in Q4 will be in the double digit at 14%. So does that mean it's possible to grow FY27 net revenue as faster, faster than FY26 or at least at this point you have much higher visibility than usual towards that normal algorithm of mid- to high single-digit growth that you have?

Bob 或 Venk，在手訂單成長顯然在過去幾個季度持續加速。我想你提到如你所說，以淨營收計算的接單出貨比為 1.2 倍。我知道現在談 FY27 還早，但你們在第四季的退出率將達到兩位數、約 14%。那是否意味著 FY27 淨營收有可能成長得更快、比 FY26 更快？或者至少就目前而言，你們對於你們一貫的中到高個位數成長「演算法」的能見度是否比以往更高？

Yes, Andy, I'll take the question. Yes. So obviously, as you pointed out, good solid growth in Q4 that we're projecting and good growth for the full year. Certainly, our backlog is in a really good position. I think we will defer specifics on the growth algorithm for fiscal '27 on the next call. But suffice it to say that looking at our current backlog position, we feel pretty good about growth at least in line with the long-term average that we put on there.

好的，Andy，我來回答這個問題。是的。如你指出的，我們預期第四季將有穩健的成長，全年也會有良好成長。我們的在手訂單確實處於非常有利的位置。關於 2027 財年的成長「演算法」細節，我們會留到下一次電話會議再談。但可以說的是，從目前的在手訂單狀況來看，我們對至少能達到與我們所提出的長期平均一致的成長感到相當有信心。

Okay. That's helpful. And then you had comments about sort of the data center business in life sciences and advanced manufacturing in general. I mean it does keep increasing as a percentage of NSR. So maybe how are we thinking about that sector now versus your Investor Day 1.5 years ago, whatever it was, can you grow that business sort of double digits for the foreseeable future based on sort of what you see in maybe the share gains that you've had.

好的。這很有幫助。另外，你也提到生命科學與先進製造等領域中的資料中心業務。我的意思是，它占 NSR 的比重確實持續提高。所以，與你們 1.5 年前左右的投資人日相比，我們現在應該如何看待這個產業？基於你們看到的市占提升，你們是否能在可預見的未來讓這項業務維持兩位數成長？

Yes, Andy, we absolutely can. It's a growth engine right now but is deep and broad for us with the entirety to that ecosystem. And if we look all the way from kind of what we're doing in the high-bandwidth memory chips, the water and power requirements that are feeding the data center and then the complexity that's going into the data center, our share is increasing, and the clients that we're working for have got long pipelines ahead. So the answer is an absolute yes.

是的，Andy，我們絕對可以。它目前是我們的成長引擎，而且我們在整個生態系中布局深且廣。如果我們從高頻寬記憶體晶片相關工作、供應資料中心所需的用水與電力需求，一直到資料中心本身的複雜度來看，我們的市占正在提升，而我們所服務的客戶也都有很長的未來管道。所以答案是絕對肯定。

Sangita Jain, KeyBanc.

Sangita Jain，KeyBanc。

One, I want to ask on Water & Environment, like it seems like last quarter, you had a lot of good wins, a couple of them, Bob, you highlighted in your prepared remarks. How should we think about the scope of some of those bookings and the period over which they're going to burn? I'm trying to figure out how we should think about Water & Environmental growth going forward.

第一個問題想問水務與環境（Water & Environment）。看起來上季你們有不少漂亮的得標，其中有幾個 Bob 也在事先準備的發言中提到。我們應該如何看待其中一些訂單的工作範圍，以及它們將在多長期間內逐步轉為收入（burn）？我想釐清未來水務與環境業務的成長該如何看。

Yes. So Sangita, the wins that we had in the quarter will start to burn in Q4. So kind of that inflection point that we've always been telegraphing that would come at the end of the year, it's right in front of us. So you'll see sequential growth in the quarter.

好的。Sangita，本季拿下的案子將從第四季開始轉為收入。所以，我們一直在對外預告、會在年底出現的那個拐點，就在眼前。因此你會看到本季相較前季的成長。

And then going into FY27, we're positioned extremely well to be on those growth rates that we highlighted during the Investor Day of that mid- to high single-digit growth for Water & Environmental and the water sector continues to be high single-digit growth for us and the pipeline as well as the forward outlook is very bright. So we're excited about the sector.

此外，展望 FY27，我們的定位非常好，可望達到我們在投資人日所強調的水務與環境中到高個位數成長率；而水務領域對我們而言仍將維持高個位數成長，商機管道與前瞻展望也非常亮眼。所以我們對這個領域感到很興奮。

Got it. And then maybe one for Venk. Your SG&A as a percent of sales in 3Q was lower than it has been in a very long time. And I'm wondering if there was anything one time or if it's just a function of what you've been saying that you're going to grow your OpEx at a slower pace than your revenue, and that's starting to show maybe.

了解。再來可能問 Venk 一題。你們第三季 SG&A 占銷售比重降到很長一段時間以來的低點。我想知道是否有任何一次性因素，或只是你們一直在說的：營運費用（OpEx）成長會低於營收成長，而現在開始反映出來？

Yes, Sangita, that's exactly right. As our revenues continued to accelerate over the last several quarters and based on the guidance we provided, we made a commitment to spend less than the revenue growth rate, and that's exactly what you're seeing in terms of operating leverage. And you'll see more of that coming through in Q4 as well.

是的，Sangita，正是如此。隨著過去幾季營收持續加速，並基於我們提供的指引，我們承諾支出增幅會低於營收成長率，而你現在看到的正是營運槓桿的展現。第四季也會看到更多這樣的效果。

Steven Fisher, UBS.

Steven Fisher，瑞銀（UBS）。

A nice uptick there in the book-to-bill in the quarter. So as you guys look at your pipeline, how should we think about that book-to-bill from here? It seems like the growth is poised to accelerate. So with that faster burn, how sustainable do you think, say, 1.5 times or better is as you accelerate? And how lumpy do you think it's going to be from here?

本季接單出貨比有不錯的上升。所以你們看商機管道時，我們接下來應該如何看待接單出貨比？看起來成長動能有望加速。在出貨（burn）更快的情況下，你們認為例如 1.5 倍或更高的水準有多可持續、在加速時能維持多久？另外，你們覺得從現在起波動性會有多大？

Yes, Steve, I think if you look at the gross revenue book-to-bill versus the net revenue book-to-bill, let me kind of segregate those, the lumpiness in the gross revenue book-to-bill, where we would have a 1.5 or 1.6, you probably remember last year, we had a 1.7 for a quarter. That's going to come up and down as some of these larger full program delivery jobs are booked. But the 1.1 to 1.3-ish net revenue growth, pretty consistent.

是的，Steve，我想如果你看總營收（gross revenue）的接單出貨比與淨營收（net revenue）的接單出貨比，我先把兩者區分一下：總營收接單出貨比的波動性——例如 1.5 或 1.6 倍——你可能記得去年我們有一季達到 1.7。這會隨著一些較大型的整體方案交付（full program delivery）專案被簽下而上下起伏。但淨營收接單出貨比約 1.1 到 1.3 左右，則相當一致。

Okay. Sounds good. And then wondering if, Bob, you can give us an update on two things. One, Middle East activity in general, how you're managing that over there? And just international overall. Is the pace of that business picking up? Clearly, you've had some good wins. Just kind of curious on how those two things are developing.

好的。聽起來不錯。另外想請 Bob 更新兩件事。第一，中東整體活動情況，你們在那邊如何管理？以及整體國際業務。那邊的業務節奏是否正在加快？顯然你們拿到一些不錯的案子。想請你談談這兩件事的發展狀況。

Yes. So Steve, maybe I'll take the second part first and then home in on the Middle East. Internationally, we've done well. We're kind of in that 9% growth rate internationally. And that is probably more skewed a little bit to Australia and New Zealand and Asia.

好的。Steve，我先回答第二部分，再聚焦到中東。在國際市場方面，我們表現不錯。國際業務大約維持在 9% 的成長率。而這可能稍微更偏向澳洲、紐西蘭以及亞洲。

The Middle East is stable, and we've continued to do well there. But I'd say the European areas again, stable mid-single digits. So overall, internationally, we see some continued pipeline growth as well as stability as we look forward to the Q4 as well as into -- going into next year.

中東局勢穩定，我們在那裡也持續表現良好。但我會說歐洲地區同樣穩定，維持在中個位數的成長。因此整體而言，在國際市場方面，展望第四季以及——進入明年，我們看到管線持續成長，同時也保持穩定。

Jamie Cook, Truist.

Jamie Cook，Truist。

Congrats on a nice quarter. I guess just two questions. One, Venk, there's still -- we're one quarter left, there still implies a significant ramp Q3 to Q4, which makes sense, like given the top line growth of 14% you're talking about. But I guess why so much variability to $0.10 around the fourth-quarter, what would be the drivers behind the low end versus the high end of the guide. And then my second question, I guess, sort of what struck me about the quarter was the margin uplift then, I guess the implied 15% and then implied margins going to 16% in the fourth-quarter.

恭喜這一季表現不錯。我想問兩個問題。第一個，Venk，現在——我們只剩下一季，但從第三季到第四季仍暗示會有相當明顯的拉升，這也合理，因為你們談到營收年增 14%。但我想問的是，為什麼第四季指引會有大約 0.10 美元的波動區間？指引低端與高端之間的驅動因素會是什麼？第二個問題，我想這一季讓我印象深刻的是毛利率（或利潤率）的提升，然後我想你們暗示約 15%，並且第四季暗示利潤率會到 16%。

As I think about the trajectory for 2027 and we're thinking about a world where organic growth is accelerating and margins can expand, is it fair to say more of the margin uplift would come from I&AF versus PA Consulting or any comments you want to make around that?

當我思考 2027 年的走勢，以及我們在一個有機成長加速、利潤率可以擴張的情境下，是否可以說利潤率提升更多會來自 I&AF，而不是 PA Consulting？或是你對此有任何想補充的評論？

Yes. First of all, thank you for your comments, Jamie. Obviously, a really good quarter. So I'll split the response into two halves, right? One is just focused on the net revenue growth as well as the margin expansion. So on the net revenue growth, we guided to about 14% for the quarter.

是的。首先，謝謝你的評論，Jamie。顯然這是一個非常好的季度。所以我會把回覆分成兩個部分，對吧？一部分聚焦在淨營收成長以及利潤率擴張。就淨營收成長而言，我們對本季的指引大約是 14%。

As you know, we have an extra week in the Q4. So that in and of itself accounts for about, call it, 6% to 7%. So when you normalize it, we are growing at 8% for the quarter. So given the fact that we grew 7.5%, 8% or 8.3% in Q3, we see good line of sight to be able to grow to 14% for Q4.

如你所知，第四季多了一週。所以光是這一點本身就大約貢獻了——可以說——6% 到 7%。因此若把它正常化，本季我們的成長約為 8%。所以考量到我們在第三季成長了 7.5%、8% 或 8.3%，我們對第四季達到 14% 的成長有很好的能見度。

That's number one. It's driven by the fact that the program ramps that we talked about in Q3 and in Q2, they are now coming into full fruition in Q4, which drives up utilization, and we have good visibility into that. So that's from a revenue perspective. When you look at it from a margin perspective, we've done a pretty good job of increasing our margins sequentially over the last three quarters as well as year-on-year. As you recall, I think we started the year at 13.4%.

這是第一點。其驅動因素在於我們在第三季與第二季談到的那些專案爬坡（ramp），現在在第四季已經進入全面開花結果的階段，帶動稼動率（utilization）上升，而我們對此有很好的可視性。以上是營收面。從利潤率角度來看，過去三個季度我們在季比以及年比上，都做得相當不錯，利潤率持續提升。如你所記得的，我想我們年初是從 13.4% 開始。

We went to 14.1%. And in this quarter, we had 15.2%. So 110 basis points of sequential growth as well as good year-on-year growth and what we're guiding for in Q4 is 16%. So really good line of sight to be able to achieve that with the increased utilization that we talked about as well as increased use of global delivery. So a really good visibility into achieving those targets for both revenue as well as EBITDA margin.

之後提升到 14.1%。而在本季，我們達到 15.2%。也就是季比提升 110 個基點，同時年比也有不錯的成長；而我們對第四季的指引是 16%。因此，憑藉我們剛才提到的稼動率提升，以及全球交付（global delivery）使用增加，我們對達成該目標有非常好的能見度。所以無論在營收或 EBITDA 利潤率方面，我們對達成這些目標都有很好的可視性。

And Jamie, I think on the question that you had with regards to '27 and where we could see that continued margin expansion, I'd say it's pretty balanced that we would continue to get it from both I&AF as well as PA Consulting because we're right in the middle of the cost synergies that we're working on with PA consulting. Just as a reminder, PA Consulting does have the highest margins in that space. So we're continuing to grow on a base that's really high.

Jamie，關於你提到的 2027 年以及我們可能在哪裡看到持續的利潤率擴張，我會說相當均衡：I&AF 與 PA Consulting 兩邊都會貢獻，因為我們正處於與 PA Consulting 推動成本綜效的中段。提醒一下，PA Consulting 在該領域的利潤率是最高的。所以我們是在一個本來就很高的基礎上持續成長。

Andrew Wittmann, Baird.

Andrew Wittmann，Baird。

Yes. Great. So I just -- I think I heard a comment that you said in the fourth-quarter, you're going to report free cash flow without any adjustments, and that's great. Is there a similar comment that you can make like that related to your income statement? I know that, obviously, over a year ago, you announced some actions for the I&AF segment.

是的。很好。所以我——我想我聽到你提到第四季你們將在不做任何調整的情況下報告自由現金流，這很棒。那你能否就損益表也做出類似的說法？我知道，顯然在一年多以前，你們針對 I&AF 部門宣布了一些行動。

But now, Bob, you just mentioned that you're kind of integrating PA. So what should the investment community expect in terms of income statement adjustments between GAAP and non-GAAP, and not just maybe for 4Q, but how long are you going to continue to recognize something there? And when can those 2 converge.

但現在，Bob，你剛提到你們正在整合 PA。所以投資社群在 GAAP 與 non-GAAP 之間的損益表調整方面應該預期什麼？不只是第四季，還包括你們打算持續認列這類項目多久？以及這兩者何時會收斂？

Yes, Andy, I'll take that question. I would say, obviously, you've seen with this Q3 print, the gap between GAAP and non-GAAP EPS was primarily driven by just a tax item. But overall, you've seen a pretty significant convergence between our GAAP and non-GAAP numbers, except for the PA acquisition. So from that standpoint, we feel pretty good about the quality of the earnings, and we will continue to make additional progress in Q4 and beyond. You'll see it from both the P&L side as well as on the free cash flow side.

是的，Andy，我來回答這個問題。我會說，顯然從這次第三季的公布來看，GAAP 與 non-GAAP EPS 之間的差距主要是由一個稅務項目所驅動。但整體而言，除了 PA 併購之外，你已經看到我們的 GAAP 與 non-GAAP 數字之間有相當明顯的收斂。因此從這個角度來看，我們對盈餘品質感到相當有信心，而且我們會在第四季以及之後持續取得更多進展。你會在損益表端以及自由現金流端都看到。

And we've already taken M&A off the table. So you don't have to expect a lot of these variances between GAAP and non-GAAP going forward. So our view is that with Q4, as we stated on the Q3 call, the fact that there was a tax delta because of how the PA compensation expenses was treated. So that will have an impact on Q4 because it's for the full fiscal year. But going forward, that gap will reduce substantially and will be more in line with our non-GAAP and GAAP tax rates.

而且我們已經把併購（M&A）從選項中拿掉了。所以你不需要預期未來 GAAP 與 non-GAAP 之間還會有很多這類差異。因此我們的看法是，正如我們在第三季電話會議中所說，因為 PA 薪酬費用的處理方式，造成了稅務差異（tax delta）。所以這會對第四季產生影響，因為它是針對整個會計年度。但往後，這個差距會大幅縮小，並且會更接近我們的 non-GAAP 與 GAAP 稅率水準。

Got it. I guess just on my follow-up then, I wanted to dig in on the environmental side. Obviously, it sounds like you had some wins here in 3Q that are going to help that growth rate improve in 4Q. Just was hoping you'd be a little bit more specific. Are these -- is there a general context to something?

了解。那我追問一下，我想深入了解環境相關業務。顯然聽起來你們在第三季拿下了一些案子，將有助於第四季的成長率改善。希望你能再具體一點。這些——是否有一個大致的背景脈絡？

Is it state and local? Is this federal money flowing better? Is this PFA -- I mean, there's lots of different things that you do in this and just thought that since this is an area that seems to be undergoing a little bit better momentum, maybe you'd want to elaborate on that a little bit more.

是州與地方層級的嗎？是聯邦資金流動更順暢了嗎？是 PFAS——我的意思是，你們在這方面做的事情很多，只是覺得既然這個領域似乎出現了更好的動能，也許你會想再多談一點。

Yes, Andy, happy to. So we had two sizable wins in the private sector. And unfortunately, I can't name the two clients, but they are in the industrial space. So private sector industrial space long-term contracts that we won, and we were successful in the book-to-bill, ironically are -- as a result in the quarter was over 1.3 just for the environmental business.

是的，Andy，很樂意。所以我們在民間部門拿下了兩個相當可觀的案子。很可惜我不能透露這兩家客戶的名稱，但他們都在工業領域。因此，我們贏得了民間部門工業領域的長期合約；而且在接單出貨比（book-to-bill）方面也很成功。諷刺的是——就本季而言，僅環境業務的接單出貨比就超過 1.3。

So that balance between private and public, we're holding true to it because in the public sector, those things that you just mentioned with regards to PFAS and the DoD continuing to go back to some of those regulatory items that got paused in 2025. We're capitalizing on that work, too. So going into FY27, we're feeling confident that our environmental business will return back to the levels that we previously had.

因此，在民間與公部門之間的平衡上，我們仍然維持既定策略；因為在公部門方面，正如你剛提到的，關於 PFAS，以及國防部（DoD）持續回到一些在 2025 年被暫停的監管事項。我們也正在把握那部分工作。所以展望 FY27，我們對環境業務能回到先前的水準感到有信心。

Chad Dillard, Bernstein.

Chad Dillard，Bernstein。

So question for you guys on the Infrastructure and Advanced Facilities business. It looks like on a constant currency basis, margins were up about 50 basis points. Can you talk about some of the moving parts there? How much is mix? How much is pricing? How much was leverage from technology? And then as we're thinking through our 2027 bridge, how do you think about that opportunity going forward?

我想請教你們關於「基礎建設與先進設施」業務的問題。看起來以固定匯率計算，利潤率大約提升了 50 個基點。你們能談談其中一些變動因素嗎？有多少來自組合（mix）？有多少來自定價？有多少是科技帶來的槓桿效益？另外，當我們思考 2027 年的橋接（bridge）時，你們如何看待未來的機會？

Yes. So Chad, thanks for the question. So I'd say, as you pointed out, good expansion in margins both sequentially as well as on a year-over-year basis. As you may recall, when we announced our margin trajectory at the February 2025 Investor Day, we laid out specific things in terms of the drivers of that margin. I'd say we've shown, as Sangita pointed out earlier, good operating leverage that continues to be a part of the core principle to drive continued margin expansion.

是的。Chad，謝謝你的提問。我會說，正如你指出的，我們的利潤率無論是季比（sequentially）或年比（year-over-year）都有不錯的擴張。你可能還記得，在 2025 年 2 月的投資人日（Investor Day）我們公布利潤率軌跡時，曾就利潤率的驅動因素列出具體項目。我會說，我們已經展現出——如 Sangita 先前提到的——良好的營運槓桿，而這仍是推動利潤率持續擴張的核心原則之一。

So that will be a main stay going forward. But in addition to that, with the other three buckets you might recall, we talked about mix. We talked about the commercial models and then also use of global delivery really good progress in global delivery, especially with our life sciences and advanced manufacturing businesses use a lot of global delivery implementation.

因此，這將會是未來的主要支柱。但除此之外，關於你可能記得的另外三個面向，我們談到組合（mix）。我們談到商業模式（commercial models），以及全球交付（global delivery）的運用——在全球交付方面也取得了很好的進展，特別是我們的生命科學與先進製造業務在導入上大量使用全球交付。

So that's driving a lot of the margin expansion. I'd say on the mix side, you'll see more of an impact coming in FY27 and beyond, but operating leverage and global delivery are the bigger drivers in the first, call it, four to five quarters since we announced the targets.

因此，這正在推動相當多的利潤率擴張。我會說，在組合方面，你會在 FY27 及之後看到更明顯的影響；但自我們宣布目標以來的前四到五個季度，營運槓桿與全球交付是更大的驅動因素。

So well on track in terms of margin expansion. And just for everybody's benefit, you'll recall that in fiscal year '25, we increased our margins by 110 basis points. And in fiscal year '26, at the midpoint of the guidance that we provided, that will represent another 90 basis points of margin expansion. So 200 basis points of margin expansion, which we think is industry leading, and we have lots more margin expansion ahead of us as well.

所以在利潤率擴張方面進展非常順利。也為了讓大家更清楚，你們會記得在 2025 會計年度，我們的利潤率提升了 110 個基點。而在 2026 會計年度，以我們提供的財測區間中點來看，將再代表約 90 個基點的利潤率擴張。也就是合計 200 個基點的利潤率擴張；我們認為這在業界屬於領先水準，而且我們前方還有更多的利潤率擴張空間。

Great. That's helpful. And then second question is on data centers. So with the shift from 54-volt to 800-volt architecture, are you starting to see those sorts of data centers coming through your design pipeline, how does the design intensity change when you're making that shift? Any color you think about that?

很好。這很有幫助。第二個問題是關於資料中心。隨著架構從 54 伏特轉向 800 伏特，你們是否開始在設計案源（design pipeline）中看到這類資料中心？在進行這種轉換時，設計強度（design intensity）會如何改變？你們能否提供一些看法？

Yes. There's complexities that are going on, Chad, that I'd say is increasing our scope. So that 800-volt DC solid-state transformer is a big deal has been well publicized. But I'd say -- I wouldn't point to that as the single source of that inflection point. The complexity in all of the utility requirements to feed the next generation of chips is increasing the complexity as well as the scale.

是的。Chad，目前有一些複雜性正在發生，我會說這正在擴大我們的工作範疇。800 伏特直流（DC）固態變壓器（solid-state transformer）確實是個重大議題，也已被廣泛報導。但我會說——我不會把它視為那個拐點的唯一來源。為了供應下一代晶片，所有公用事業（utility）需求的複雜度正在上升，同時也推升了複雜性與規模。

And so that's where kind of -- it's in the sweet spot of Jacobs. And so if we look at the clients that we're working for, not just the hyperscalers, but also the neo clouds, we're on that journey with them. And hence, you can see the results in our performance.

因此，這正好落在 Jacobs 的甜蜜點（sweet spot）。如果我們看正在合作的客戶，不僅是超大規模業者（hyperscalers），也包括新型雲端（neo clouds），我們正與他們一起走在這段旅程上。因此，你也能從我們的表現中看到成果。

Michael Dudas, Vertical Research.

Michael Dudas，Vertical Research。

Bob, just maybe you could share some further thoughts on critical infrastructure and the tone of the types of business and what the areas, say with highway, maybe any brief comments on what may happen out of the next IIJA bill. And on PA, with the change in government should be helpful, but anything with the integration over the past several months and how that could drive some more growth in some maybe the business with your current customers in the US or other parts of the world to help drive helpful on the margin and also the growth for PA itself.

Bob，也許你可以再分享一些對關鍵基礎建設的看法，包括業務類型的氛圍（tone）以及相關領域；例如公路方面，對下一個 IIJA 法案可能會發生什麼，有沒有簡短評論。另外關於 PA，隨著政府更迭應該會有幫助，但在過去幾個月的整合方面有沒有什麼進展，以及這如何能在美國或世界其他地區、透過你們現有客戶帶動更多成長，同時也有助於利潤率，並推動 PA 本身的成長。

Sounds great. So a lot there, Mike. Let me kind of take one at a time with regards to critical infrastructure, again, really solid growth. Just as a kind of a recap, that vertical contains our transportation business, Energy & Power, and Cities & Places. Our Transportation business continues to be a real growth vector for us in all geographies and growing at a high single-digit rate.

聽起來很好。Mike，你問的內容很多。我先就關鍵基礎建設逐一回答：整體而言仍是非常扎實的成長。簡單回顧一下，這個垂直領域包含我們的運輸業務、能源與電力（Energy & Power），以及城市與場所（Cities & Places）。我們的運輸業務在所有地理區域持續成為重要的成長動能，並以高個位數的速度成長。

I'd say the subsectors that are channelling that growth are around aviation, the rail business globally as well as in the ports and maritime world. Highways and bridges was a nice element in Q3. But those three, we've got a market-leading position there, and we're seeing a lot of activity there. E&P has been really, really strong, double-digit growth predominantly in the US around our T&D efforts, and I'd say outside the US, more on the generation side.

我會說，帶動這個成長的次產業主要在航空、全球鐵路業務，以及港口與海事領域。公路與橋梁在第三季也有不錯的表現。但上述三個領域我們都具備市場領先地位，也看到大量活動。能源與電力（E&P）表現非常、非常強勁，主要在美國以輸電與配電（T&D）相關工作帶動雙位數成長；而在美國以外，則更多是在發電端（generation）方面。

And so if you think SuedLink or Marinus Link, the renewables effort that's going on outside the US has really been a nice growth trajectory for us. And then in Cities & Places, nice growth in the US. That Cities & Places team has some really, really strong building design capabilities, which we're able to not only apply to venues, but also has been with the resource needs that we have in data centers. The team has really been facilitating that growth that we're seeing in the data center business.

因此，如果你想到 SuedLink 或 Marinus Link，美國以外正在進行的再生能源（renewables）相關工作，對我們而言確實形成了很好的成長軌跡。接著在城市與場所（Cities & Places）方面，美國市場也有不錯的成長。該團隊具備非常、非常強的建築設計能力，我們不僅能將其應用在場館（venues），也能因應資料中心所需的資源需求。這個團隊確實在促進我們在資料中心業務所看到的成長。

I'd say probably the one area that we continue to monitor is a bit of, I'd say, a temporarily pause in the Middle East. So grew in the Middle East overall because of our utility work. But that would be the only area where I'd say a little bit of a pause, but definitely some pipeline work that would show upside next year. On IIJA, we actually feel -- we've been saying this for a while. With a possible extension going into December, we feel like the funding flows coming from IIJA will continue.

我會說，我們持續關注的一個領域，可能是中東出現了一點——我會說——暫時性的停頓。因此，中東整體仍有成長，主要來自我們的公用事業（utility）工作。但那會是唯一一個我會說有些停頓的區域；不過確實也有一些案源（pipeline）工作，可能在明年帶來上行空間。至於 IIJA，我們其實覺得——我們已經講了一段時間了。若可能延長到 12 月，我們認為來自 IIJA 的資金撥付（funding flows）將會持續。

We've always said that there was always a two to three year lag from the expiry date just as monies are obligated and then spent, we're still kind of at that 50% level spend. And so going into the midterms and coming out of the midterms and everything that's being set up for Build America 250 hopefully next year, the funding levels have been pretty solid as a result of those stimulus bills, and we'll continue on, feeding all those things that I aforementioned around transportation.

我們一直都說，從到期日開始通常會有兩到三年的落後期，因為資金先被承諾、之後才會支出；我們目前的支出水準仍大約在 50% 左右。因此，無論是進入期中選舉、走出期中選舉，以及為明年希望能推動的 Build America 250 所做的各項準備，由於那些刺激法案的影響，資金水位一直相當穩健；我們也會持續推進我先前提到的所有與交通運輸相關的事項。

PA, I'd say the areas where we're starting to see some real growth, again, notwithstanding my comment in Q3 on the kind of the temporary disruption that we're already seeing to see come back in July. Defense and security in Europe as the UK MOD has taken a leadership position on what an independent Europe defense posture looks like, PA is right in the middle of that.

PA，我會說我們開始看到一些真正成長的領域；再次強調，儘管我在第三季提到我們已經看到、並在 7 月開始回復的那種暫時性干擾。歐洲的國防與安全方面，隨著英國國防部（UK MOD）在「獨立的歐洲防務態勢」應該長什麼樣子上扮演領導角色，PA 正處於其中的核心位置。

And the synergies with the US with Jacobs, in the I&AF business on setting up that defense infrastructure, whether it be ports and maritime or manufacturing facilities for the defense primes, is something that we've already started to see some nice progress there. And the transportation in the US, PA has got a strong presence in the UK, and that's serving as a nice synergistic value as we look at the US and the revenue synergies coming out of the PA relationship. So hopefully, that gives you kind of a broader overview.

此外，與 Jacobs 在美國的協同效應——在 I&AF 業務中建置該防務基礎設施，不論是港口與海事，或是為國防主承包商（defense primes）打造的製造設施——我們已經開始看到相當不錯的進展。而在美國的交通運輸方面，PA 在英國具有強勢據點；當我們觀察美國市場以及來自 PA 關係所帶來的營收協同時，這也提供了很好的協同價值。希望這能讓你對整體情況有更廣泛的了解。

(Operator Instructions)

（接線員指示）

Jerry Revich, Wells Fargo.

Jerry Revich，富國銀行。

This is Andrew Azzi on for Jerry Revich. I just wanted to ask, last quarter, you saw a significant expansion in the AI specific data center infrastructure pipeline. I was curious if we can get an update on how that's progressing this quarter. How much of that pipeline is awarded or in backlog? And what's kind of the conversion rate that you're embedding into your guidance and maybe even into next year?

我是 Andrew Azzi，代替 Jerry Revich 發言。我想請教一下，上季你們看到 AI 專用資料中心基礎設施的案源（pipeline）大幅擴張。我想了解本季進展如何。其中有多少已得標或已納入在手訂單（backlog）？以及你們在指引中、甚至可能在明年的規劃中，所假設的轉換率大概是多少？

Yes. Maybe I'll take the front part of that and then, Venk, you can take kind of how much of that is in backlog. So Andrew, our backlog growth just in the data center space is -- has been significant. And I'd say kind of in the order of doubling over the period of time, the pipeline has gone up three times. And so the visibility that we see before it was probably six to nine months, we're getting visibility into the pipeline that extends out two to three years.

是的。也許我先回答前半段，然後 Venk 你可以補充其中有多少已在在手訂單裡。所以 Andrew，我們在資料中心領域的在手訂單成長——非常顯著。我會說大概在這段期間翻倍，而案源則成長了三倍。因此，我們過去能見度可能只有六到九個月；現在我們看到的案源能見度已延伸到兩到三年。

And so this is something that we see. And again, we're being selective because there is also a lot of speculative work that's out there. So the work that we are pursuing or let me back up, winning, executing and continue to pursue are those where they're established customers of ours that we've had for a while, the neo cloud providers are coming in are normally backed by folks that we've known for a long time within the hyperscale world. So overall, really strong trajectory in the data center space.

所以這是我們所看到的情況。而且再次強調，我們會有選擇性，因為市場上也有很多投機性的案子。因此，我們正在追求——我先修正一下——我們正在贏得、執行並持續追求的工作，主要是那些我們合作已久的既有客戶；新興雲端供應商（neo cloud providers）進場時，通常背後支持者也是我們在超大規模（hyperscale）領域認識很久的人。整體而言，資料中心領域的走勢非常強勁。

Yes. And extended beyond data centers into just the overall AI ecosystem, you recall last quarter, we said it was roughly 10% of our business. Now it's at 11% and the growth is actually accelerating. So we are doing a good job of converting that backlog into real revenue and that's driving not only growth for us in Q4, but we expect significant growth in fiscal '27, which we'll quantify. I also want to add to this, the previous question about revenue synergies.

是的。而且不只是在資料中心，也延伸到整體 AI 生態系；你還記得上季我們說大約占我們業務的 10%。現在是 11%，而且成長其實正在加速。因此，我們在把在手訂單轉化為實際營收方面做得很好，這不僅推動我們第四季的成長，我們也預期在 2027 財年會有顯著成長，屆時我們會量化說明。我也想補充一下前一題關於營收協同的問題。

Obviously, AI is a big part of what PA does as well in terms of implementing agentic AI for not only their clients, but it's an opportunity for us to also use it internally, both within the PA ecosystem as well as the Jacobs ecosystem. So AI is really a big driver of our growth for us, and you've seen that being demonstrated in terms of our revenue growth, but also over time with margin expansion.

很明顯，AI 也是 PA 所做工作的很大一部分，例如為其客戶導入代理式 AI（agentic AI）；同時，這也讓我們有機會在內部使用，不論是在 PA 生態系內，或是在 Jacobs 生態系內。因此，AI 確實是我們成長的重要驅動力；你已經看到它在營收成長上的展現，同時也會隨時間帶來利潤率擴張。

I appreciate that. I guess, secondly, are customers kind of still indicating that the US semiconductor construction activity is accelerating and maybe what are your -- some of your early thoughts for FY27 on that front?

了解，謝謝。第二個問題是，客戶是否仍在表示美國半導體建廠活動正在加速？另外，你們對 2027 財年在這方面有什麼初步看法？

Short answer, Andrew, is absolutely yes. Our customers are pushing us to accelerate those designs and we're working for the largest high-bandwidth memory chip manufacturer in the US today. So that pipeline continues to grow.

簡短回答，Andrew，絕對是。我們的客戶正推動我們加速這些設計工作，而我們目前正為美國最大的高頻寬記憶體（HBM）晶片製造商提供服務。因此，那個案源持續成長。

And now with some of the announcements that you've heard from Intel moving forward, as we have publicly stated, we've been the engineer of record for Intel for a couple of decades. And that relationship, we stayed with them during this kind of slower time and we're starting to see that pipeline grow going into '27.

另外，隨著你聽到 Intel 接下來的一些公告，正如我們公開說過的，我們擔任 Intel 的登記工程師（engineer of record）已經有數十年。在這段較為放緩的期間，我們仍與他們維持合作，而我們開始看到在邁向 2027 年時案源正在成長。

There are no further questions at this time. I will now turn the call back to Bob Pragada for closing remarks.

目前沒有其他問題。我現在把電話交回給 Bob Pragada 作結語。

Well, thank you, everyone, for joining us for our earnings call. We look forward to engaging with many of you over the coming weeks and have a great evening.

好的，感謝各位參加我們的法說會。我們期待在接下來幾週與各位中的許多人交流，祝各位晚安。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。