雅各布工程 (J) 2022 Q2 法說會逐字稿

Good day. My name is Savannah, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Jacobs Fiscal Second Quarter 2022 Earnings Conference Call and Webcast. Today's call is being recorded. (Operator Instructions) Thank you.

再會。我叫薩凡納，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 Jacobs 2022 年第二季財報電話會議和網路廣播。今天的通話正在錄音。 （操作員說明）謝謝。

And I would now like to turn the conference over to Jonathan Doros. Please go ahead.

現在我想將會議交給喬納森·多羅斯。請繼續。

Thank you, Savannah. Good morning to all. Our earnings announcement and 10-Q were filed this morning, and we have posted a copy of the slide presentation on our website, which will be referenced during the call.

謝謝你，薩凡納。大家早安。我們的收益公告和 10-Q 報告已於今天早上提交，並且我們已在我們的網站上發布了幻燈片演示文稿的副本，該副本將在電話會議期間引用。

I would like to refer you to Slide 2 of the presentation material for information about forward-looking statements, non-GAAP financial measures and pro forma figures. For pro forma comparisons, the current and prior periods include the results of recent acquisitions, including StreetLight Data and BlackLynx as well as our strategic investment in PA Consulting for the full period.

我想請您參閱簡報資料的幻燈片 2，以了解有關前瞻性陳述、非 GAAP 財務指標和預期數據的資訊。為了進行預期比較，本期和前期包括最近收購的結果，包括 StreetLight Data 和 BlackLynx 以及我們對 PA Consulting 的整個期間的策略投資。

Turning to the agenda on Slide 3. Speaking on today's call will be Jacobs' Chair and CEO, Steve Demetriou; President and Chief Operating Officer, Bob Pragada; and President and Chief Financial Officer, Kevin Berryman. Steve will begin by updating the progress we are making against our strategy and then discuss the launch of our Climate Action Plan. Bob will then review our performance by line of business. And Kevin will provide a more in-depth discussion of our financial metrics as well as a review of our balance sheet and cash flow. Finally, Steve will provide some details on our updated outlook, along with the closing remarks, and then we'll open the call for your questions.

轉向幻燈片 3 上的議程。Jacobs 的董事長兼首席執行官 Steve Demetriou 將在今天的電話會議上發言。總裁兼營運長 Bob Pragada；以及總裁兼財務長凱文·貝里曼。史蒂夫將首先更新我們在策略方面的進展，然後討論氣候行動計畫的啟動。然後鮑伯將按業務線審查我們的績效。凱文將對我們的財務指標進行更深入的討論，並對我們的資產負債表和現金流進行審查。最後，史蒂夫將提供有關我們更新的展望的一些詳細資訊以及結束語，然後我們將開始詢問您的問題。

Throughout the presentation and in the appendix of this presentation, we provide additional ESG-related information, including examples of our leading ESG solutions. With that, I'll now pass it over to Steve Demetriou, Chair and CEO.

在整個簡報和本簡報的附錄中，我們提供了其他 ESG 相關信息，包括我們領先的 ESG 解決方案的範例。現在，我將把它交給董事長兼執行長 Steve Demetriou。

Thank you, John. And thanks, everyone, for joining us today to discuss our second quarter fiscal year 2022 business performance and an update on our newly launched strategy.

謝謝你，約翰。感謝大家今天加入我們，討論我們 2022 財年第二季的業務業績以及我們新推出的策略的最新情況。

In March, we shared the details of our new strategy, Boldly Moving Forward, which unleashes a culture of inclusion, innovation and inspiration across Jacobs, enabling us to execute against one of the most exciting periods in our company's history. Our excitement surrounding the new strategy is driven by multiple robust growth opportunities across all lines of business with additional opportunities to accelerate our performance in the areas of climate response, consulting and advisory and data solutions.

三月份，我們分享了新策略「大膽前進」的細節，該策略在 Jacobs 中釋放了包容、創新和靈感的文化，使我們能夠在公司歷史上最激動人心的時期之一執行任務。我們對新策略的興奮來自於所有業務領域的多個強勁成長機會，以及加速我們在氣候應變、諮詢和諮詢以及數據解決方案領域績效的額外機會。

For those that are new to Jacobs, we are a professional services company that combines deep technical knowledge across a variety of scientific, engineering and technology disciplines with cutting-edge proprietary solutions. We serve a diverse set of sectors and global clients that are navigating the need to modernize their infrastructure and supply chains, protect national security while embarking upon multi-year digital transformations across all facets of their operational environments. This dynamic creates a compelling opportunity for decades of growth for Jacobs. By staying true to our values and purpose, we are a company like no other, reinventing the way we solve problems and shaping the next generation of innovative solutions for our clients.

對於那些剛接觸 Jacobs 的人來說，我們是一家專業服務公司，將各種科學、工程和技術學科的深厚技術知識與尖端的專有解決方案相結合。我們為不同的產業和全球客戶提供服務，這些客戶需要實現基礎設施和供應鏈現代化，保護國家安全，同時在其營運環境的各個方面開展多年的數位轉型。這種動態為雅各布斯數十年的成長創造了令人信服的機會。透過忠於我們的價值觀和宗旨，我們成為一家與眾不同的公司，重塑我們解決問題的方式，並為客戶打造下一代創新解決方案。

During the quarter, net revenue grew 10% year-over-year with growth across each line of business. Bookings were strong across the company, resulting in our revenue backlog up 9% year-over-year with an improving gross profit profile. We were awarded a record level of higher-margin professional services and People & Places Solutions, including several strategic wins, developing grants that will enable our clients to access funds from the U.S. Infrastructure and Jobs Act as well as an increasing number of larger opportunities entering our sales pipeline.

本季度，隨著各業務線的成長，淨收入年增 10%。全公司的預訂量都很強勁，導致我們的積壓收入年增 9%，毛利狀況也有所改善。我們獲得了創紀錄水平的高利潤專業服務和人員與場所解決方案，包括多項戰略勝利、開發贈款，使我們的客戶能夠從美國基礎設施和就業法案中獲得資金，以及越來越多的更大機會進入我們的銷售管道。

Critical Mission Solutions benefited from the large space intelligence win we disclosed last quarter. And PA Consulting had another outstanding quarter with 15% reported year-over-year revenue growth and 19% growth in constant currency while delivering adjusted operating profit margin of 23%. Our advanced facilities business continues to achieve record year-over-year growth rates, driven by wins in the semiconductor, life sciences and electric vehicle sectors.

關鍵任務解決方案受益於我們上季度揭露的大型太空情報勝利。 PA Consulting 的季度營收年增 15%，以固定匯率計算成長 19%，調整後營業利益率為 23%。在半導體、生命科學和電動車領域的勝利推動下，我們的先進設施業務繼續實現創紀錄的年增長率。

Given our increased visibility and confidence for the remainder of the year, we are tightening our fiscal 2022 adjusted EBITDA and adjusted EPS outlook with no change to the midpoint. Looking beyond 2022, we continue to expect strong organic growth with healthy cash flow conversion that affords us the ability to deploy capital for enhanced value creation.

鑑於我們對今年剩餘時間的可見度和信心不斷增強，我們正在收緊 2022 財年調整後 EBITDA 和調整後 EPS 前景，中點不變。展望 2022 年以後，我們繼續預期強勁的有機成長和健康的現金流轉換，使我們有能力部署資本來增強價值創造。

Turning to Slide 5. As we outlined during our new strategy launch, we are a purpose-led company with deep domain knowledge and a track record of delivering solutions to combat the global climate crisis. With this sense of urgency top of mind, we have made significant achievements both internally and externally with approximately $6 billion in revenue driven from ESG and climate-related solutions. We are playing a pivotal role in mitigating one of our generation's greatest threats. Working with our clients, we are co-creating solutions in energy transition, decarbonization, adaptation, resilience, national resource stewardship and ESG business transformation.

轉向投影片 5。正如我們在新策略發布期間所概述的那樣，我們是一家以目標為導向的公司，擁有深厚的領域知識和在提供應對全球氣候危機的解決方案方面的良好記錄。正是懷著這種緊迫感，我們在內部和外部都取得了重大成就，ESG 和氣候相關解決方案帶來了約 60 億美元的收入。我們在減輕我們這一代面臨的最大威脅之一方面發揮關鍵作用。我們與客戶合作，共同創造能源轉型、脫碳、調適、彈性、國家資源管理和 ESG 業務轉型等的解決方案。

Similarly, we have delivered on our corporate commitments through our significant emissions reductions and carbon neutrality status. And in April, we took another major step and launched our updated Climate Action Plan to align our net-zero commitments with a new recognized international standard. Our ambitious commitments include ensuring every client project we undertake becomes a client response opportunity, achieving net-zero emissions across our value chain by 2040 and maintaining carbon neutrality with 100% low-carbon electricity for our operations. I'm also proud to share that we are one of the world's first companies and the first consultancy organization to have validated net-zero targets approved by our Science Based Targets initiative.

同樣，我們透過大幅減排和碳中和狀態兌現了我們的企業承諾。四月份，我們又邁出了重要一步，啟動了更新的氣候行動計劃，以使我們的淨零承諾與新的公認國際標準保持一致。我們雄心勃勃的承諾包括確保我們承接的每個客戶專案都成為客戶響應的機會，到2040 年實現整個價值鏈的淨零排放，並透過為我們的營運提供100% 低碳電力來保持碳中和。我還很自豪地告訴大家，我們是世界上首批透過科學目標倡議批准的淨零目標的公司和顧問機構之一。

With that, I'll turn it over to Bob Pragada to provide more detail by line of business.

接下來，我會將其交給 Bob Pragada，以按業務線提供更多詳細資訊。

Thank you, Steve. Moving on to Slide 6 to review Critical Mission Solutions. The CMS business continued its strong backlog performance in the second quarter, increasing 8% on a pro forma basis to $10.6 billion.

謝謝你，史蒂夫。前往投影片 6，回顧關鍵任務解決方案。 CMS 業務在第二季持續保持強勁的積壓業績，預計成長 8%，達到 106 億美元。

Our CMS strategy is focused on creating resilient revenue growth and margin expansion by offering technology-enabled solutions aligned to critical national priorities. This strategy is underpinned by our focus on key capabilities tied to our growth accelerators, data and cyber solutions, climate response and consulting and advisory, across our core customer markets of national security, space and energy. Three market trends that we are seeing offering continued strong growth this year and beyond include all-source intelligence, energy transition and space exploration.

我們的 CMS 策略專注於透過提供符合國家關鍵優先事項的技術支援解決方案，創造有彈性的收入成長和利潤成長。這項策略的基礎是我們對與成長加速器、數據和網路解決方案、氣候應變以及諮詢和諮詢相關的關鍵能力的關注，涉及國家安全、太空和能源等核心客戶市場。我們看到今年及以後持續強勁成長的三個市場趨勢包括全源情報、能源轉型和太空探索。

Beginning with all-source intelligence. The increasing intelligence threat levels require analysts to utilize and coordinate multiple sources, including human, signal, open source, geospatial and measurement and signature, to allow for better real-time decision-making. All-source intelligence offerings are advancing to include specialized collection management, visualization and dissemination as a service, aligned to specific threats like drug trafficking, organized crime and threat finance.

從全源情報開始。不斷增加的情報威脅等級要求分析人員利用和協調多個來源，包括人力、訊號、開源、地理空間以及測量和簽名，以實現更好的即時決策。全源情報產品正在不斷發展，包括專門的收集管理、視覺化和傳播服務，以應對販毒、有組織犯罪和威脅金融等特定威脅。

Jacobs cyber and intelligence business has a full spectrum of all-source intelligence solutions to guide our national security clients through these increasingly sophisticated digital threats. In the second quarter, Jacobs won the U.S. Army's Intelligence Operations Support contract to provide comprehensive 24/7 all-source intelligence analysis to the Army's Joint Task Force, combatant commands and Service Component Commands. Also, we were awarded a seat on the DoD's Joint Artificial Intelligence Center's Data Readiness for AI Development, which encompasses all tasks required to prepare, manage and secure data sets in DoD AI models and assist DevSecOps.

Jacobs 網路和情報業務擁有全方位的全源情報解決方案，可引導我們的國家安全客戶應對這些日益複雜的數位威脅。第二季度，雅各布斯贏得了美國陸軍情報行動支援合同，為陸軍聯合特遣部隊、作戰司令部和軍種司令部提供全面的24/7全源情報分析。此外，我們還獲得了國防部聯合人工智慧中心人工智慧開發資料準備的席位，其中涵蓋了準備、管理和保護國防部人工智慧模型中的資料集以及協助 DevSecOps 所需的所有任務。

Moving on to energy transition. Nuclear energy, along with renewables, are critical components of the global energy portfolio to transition economies away from fossil fuels. There is now a growing recognition that to achieve net zero, we must include the always-on, emission-free generation that only nuclear power can provide. Every year, nuclear power averts 1 gigaton of carbon dioxide emissions, equivalent to the annual emissions of more than 217 million cars. Power generated from nuclear provides stability and resilience to electrical grids due to its unique ability to ensure 24/7 energy supply, regardless of weather conditions.

繼續能源轉型。核能與再生能源一樣，是全球能源組合的重要組成部分，以實現經濟轉型，擺脫化石燃料。現在人們越來越認識到，要實現淨零排放，我們必須包括只有核電才能提供的始終在線、無排放的發電。每年，核電可避免 10 億噸二氧化碳排放，相當於超過 2.17 億輛汽車每年的排放量。核能發電具有獨特的能力，無論天氣條件如何，都能確保 24/7 的能源供應，為電網提供穩定性和彈性。

And Jacobs is well positioned as a leader in delivering global nuclear solutions. We were recently awarded a contract by EDF Energy, operator of the Sizewell B nuclear plant located in Suffolk, U.K. to support the extension of the station's operating life by 20 years to 2055. Another aspect of our nuclear science expertise is our strong remediation capabilities. Our environmental team has successfully phased in the Idaho Cleanup Project at the Idaho National Laboratory and won the Oak Ridge Reservation Contract to perform environmental remediation work for the Department of Energy in Eastern Tennessee.

雅各布斯在提供全球核子解決方案方面處於領先地位。我們最近獲得了位於英國薩福克塞茲韋爾B 核電站運營商EDF Energy 的一份合同，支持將核電站的運行壽命延長20 年至2055 年。我們核科學專業知識的另一個方面是我們強大的修復能力。我們的環保團隊已成功分階段開展愛達荷國家實驗室的愛達荷清理項目，並贏得了橡樹嶺保護區合同，為能源部在田納西州東部進行環境修復工作。

Finally, demand for space exploration. In March, Jacobs supported NASA in rolling out the fully integrated Space Launch System for the Artemis I mission with launch to occur this summer. Artemis I will be the first uncrewed flight mission in NASA's deep space human exploration program. The Artemis program aims to return humans to the moon by 2025, including the first woman and first person of color. Also for NASA, we were recently awarded the NASA Ames test operations and maintenance contract, the fifth consecutive victory for Jacobs on this contract, which we originally won in 1998. This 5-year $220 million win will book in Q3 but highlights the continuing and strong NASA-Jacobs partnership.

最後是太空探索的需求。三月，雅各布斯支援美國太空總署為阿耳忒彌斯一號任務推出完全整合的太空發射系統，並將於今年夏天發射。阿耳忒彌斯一號將是美國太空總署深空人類探索計畫中的首次無人駕駛飛行任務。阿耳忒彌斯計畫的目標是到 2025 年讓人類重返月球，其中包括第一位女性和第一位有色人種。同樣對於NASA，我們最近獲得了NASA 艾姆斯測試操作和維護合同，這是Jacobs 連續第五次贏得這份合同，我們最初是在1998 年贏得的。這項為期5 年、價值2.2 億美元的合約將在第三季預訂，但凸顯了持續和美國太空總署與雅各布斯的牢固合作關係。

This quarter, Jacobs was also awarded a contract from Australia's Department of Defence Space Command to support the implementation of new space capabilities in deep space advanced radar, ground-based electrooptical deep space surveillance and space control. In summary, we continue to see solid demand for our solutions in the second half of 2022 and beyond. The CMS pipeline remains robust with the next 18-month qualified new business at more than $25 billion, including $15 billion in source selection with an expanding margin profile.

本季度，雅各布斯還獲得了澳洲國防部太空司令部的合同，以支援在深空先進雷達、地基光電深空監視和太空控制等方面實施新的太空能力。總而言之，我們繼續看到 2022 年下半年及以後對我們的解決方案的強勁需求。 CMS 管道仍然強勁，未來 18 個月的合格新業務將超過 250 億美元，其中包括 150 億美元的來源選擇以及不斷擴大的利潤率。

Now on to Slide 8, I'll discuss our People & Places Solutions business. Our strategy is being actualized in real time with strong quarter backlog performance at 9% growth while building sales momentum across multiple markets and geographies, specifically in our advanced manufacturing, health and life sciences and U.S. infrastructure markets. I will discuss the P&P results under the themes of supply chain diversification, climate response, data solutions and infrastructure monetization.

現在轉到投影片 8，我將討論我們的人員與場所解決方案業務。我們的策略正在即時實現，季度積壓業績強勁，成長 9%，同時在多個市場和地區建立銷售勢頭，特別是在我們的先進製造、健康和生命科學以及美國基礎設施市場。我將在供應鏈多元化、氣候應變、數據解決方案和基礎設施貨幣化等主題下討論 P&P 結果。

Starting with supply chain diversification. We continue to respond to increasing demand and supply chain realignment that secures supply for health and life sciences and semiconductor manufacturing. For example, we are seeing an expansion of both organic and contract manufacturing for life sciences capacity in the U.S., Ireland and Denmark. And in Singapore, we are bringing a world-class team of clinical specialists and facility experts to reimagine sustainable patient-centered care models for expanded facilities at Alexandra Hospital.

從供應鏈多元化開始。我們繼續應對不斷增長的需求和供應鏈重組，確保健康和生命科學以及半導體製造的供應。例如，我們看到美國、愛爾蘭和丹麥生命科學領域的有機和合約製造能力不斷擴大。在新加坡，我們引進了一支由臨床專家和設施專家組成的世界一流團隊，為亞歷山大醫院擴建後的設施重新構想以患者為中心的可持續護理模式。

To address the global semiconductor shortage, Jacobs is leveraging global resources, expertise and design automation to deliver critical capacity expansion for multiple semiconductor manufacturing clients in the U.S. and Europe. In a related industry, Jacobs is working with clients in all phases of the electric vehicle ecosystem, implementing state-of-the-art facilities that co-locate lithium-ion battery and electric vehicle production to improve system delays and resilience. Across geographies, alternative fuel planning continues to drive investment for transportation agencies with recent awards for Michigan and Nevada DOT to unlock U.S. Infrastructure Act funding.

為了解決全球半導體短缺問題，Jacobs 正在利用全球資源、專業知識和設計自動化，為美國和歐洲的多個半導體製造客戶提供關鍵的產能擴張。在相關產業，Jacobs 正在與電動車生態系統各個階段的客戶合作，實施最先進的設施，將鋰離子電池和電動車生產放在一起，以改善系統延遲和彈性。在各個地區，替代燃料規劃繼續推動交通機構的投資，最近密西根州和內華達州交通部獲得了美國基礎設施法案資金的資助。

Moving to climate response. Jacobs remains on the forefront of advising our clients on true carbon impacts in areas ranging from biodegradable materials with an award from NatureWorks to embodied carbon calculations with a recent study for a major data center client. We are seeing material pipeline growth in our climate response and energy transition portfolio as evidenced by wins with National Grid in the U.K. to deliver innovative clean energy transmission; a wind farm in Australia; large coastal resiliency programs in Louisiana; and an offshore wind project in the northeastern United States to convert an underutilized port to support one of the largest, most advanced offshore wind facilities in the country. In addition, our innovation investments in PFAS solutions have resulted in an award for its first-of-its-kind program to study nature-based remediation options at more than 35 airports across Australia.

轉向氣候應對。 Jacobs 始終站在為客戶提供真正碳影響建議的最前沿，其領域包括榮獲 NatureWorks 獎項的生物可降解材料，以及最近為一家主要數據中心客戶進行的一項研究中的具體碳計算。我們看到我們的氣候響應和能源轉型投資組合中的材料管道不斷增長，與英國國家電網在提供創新清潔能源傳輸方面的勝利就證明了這一點；澳洲的一個風力發電場；路易斯安那州的大型沿海防災計畫；以及美國東北部的一個離岸風電項目，旨在改造一個未充分利用的港口，以支持該國最大、最先進的離岸風電設施之一。此外，我們對 PFAS 解決方案的創新投資因其在澳洲超過 35 個機場研究基於自然的修復方案的首個項目而獲獎。

Moving to data solutions. Our deep domain expertise, combined with our digital platforms, bring world-class technology-enabled solutions to our clients. Our recent acquisition, StreetLight, is working with Siemens and New York state to forecast impacts of renewables and EV charging infrastructure to plan strategic investment upgrades. In the U.K., Jacobs and PA Consulting are transforming Hampshire with multi-sector digital-enabled solutions to support economic growth, social equity and environmental protection. Additionally, we've had an exciting new win for smart, connected and secure infrastructure with national highways and confidential manufacturing clients.

轉向數據解決方案。我們深厚的領域專業知識與我們的數位平台相結合，為我們的客戶帶來世界一流的技術解決方案。我們最近收購的 StreetLight 正在與西門子和紐約州合作，預測再生能源和電動車充電基礎設施的影響，以規劃策略性投資升級。在英國，Jacobs 和 PA Consulting 正在透過多部門數位化解決方案改造漢普郡，以支持經濟成長、社會公平和環境保護。此外，我們在國家高速公路和機密製造客戶的智慧、互聯和安全基礎設施方面取得了令人興奮的新勝利。

Now discussing infrastructure modernization. Faced with aging infrastructure and financial and social equity challenges, Jacobs is helping our clients reimagine infrastructure. In Melbourne, our delivery excellence resulted in a renewed contract with Yarra Valley Water, representing up to 18 years of partnership. In Los Angeles, we are expanding our legacy of being a trusted adviser to the Department of Water and Power by delivering a $17 billion master plan development for water reuse facilities. And for the Port of Alaska, we were recently awarded a contract extension to create a safer, more efficient and resilient port with coastal protection.

現在討論基礎設施現代化。面對老化的基礎設施以及金融和社會公平的挑戰，雅各布斯正在幫助我們的客戶重新構想基礎設施。在墨爾本，我們卓越的交付能力使我們與亞拉河谷水務公司續簽了合同，雙方的合作關係長達 18 年。在洛杉磯，我們正在透過提供價值 170 億美元的水回用設施總體規劃開發來擴大我們作為水電部值得信賴的顧問的傳統。對於阿拉斯加港，我們最近獲得了一份延期合同，旨在創建一個更安全、更有效率、更有彈性的港口，並提供沿海保護。

This quarter, we saw significant growth in rail and transit with two clients awarding Jacobs their largest expansion ever. This includes an underground rail line in Singapore and New York Metropolitan Transportation Authority's leveraging of the U.S. Infrastructure Act to strengthen the regional rail system and equitably bridge communities. We also expanded our portfolio in Continental Europe in partnership with NIRAS with two 8-year framework agreements for the Copenhagen Metro and The Greater Copenhagen Light Rail. Overall, we're seeing double-digit pipeline growth that is strengthening due to global infrastructure stimulus across transportation, water, energy and environment as well as advanced manufacturing.

本季度，我們看到鐵路和交通領域顯著成長，兩家客戶授予 Jacobs 有史以來最大規模的擴張。這包括新加坡的地下鐵路線和紐約大都會交通局利用美國基礎設施法案來加強區域鐵路系統並公平地連接社區。我們也與 NIRAS 合作，為哥本哈根地鐵和大哥本哈根輕軌簽署了兩項為期 8 年的框架協議，擴大了我們在歐洲大陸的投資組合。總體而言，由於交通、水、能源和環境以及先進製造業等領域的全球基礎設施刺激措施，我們看到兩位數的管道成長正在加強。

Turning to PA Consulting on Slide 8. As Steve mentioned, PA had another impressive quarter. Their unique digital consultancy services enables clients to accelerate new growth ideas from concept through to commercial success. This allows PA to capitalize quickly and efficiently on global trends and growth markets, such as climate response and health and life sciences. Specifically in the health market, PA continues to use its skills as a force for good and is currently advising the American College of Emergency Physicians on how to build and operate a first-of-its-kind national registry. This next-generation digital platform will transform health care for the nation's infants, children, adolescents and young adults.

轉向幻燈片 8 上的 PA Consulting。正如 Steve 所提到的，PA 又經歷了一個令人印象深刻的季度。他們獨特的數位諮詢服務使客戶能夠加速新的成長想法從概念到商業成功。這使得 PA 能夠快速有效地利用全球趨勢和成長市場，例如氣候反應以及健康和生命科學。特別是在醫療市場，PA 繼續利用其技能作為正義的力量，目前正在就如何建立和運營首個國家登記處向美國急診醫師學會提供建議。這個下一代數位平台將改變國家嬰兒、兒童、青少年和年輕人的醫療保健。

Focusing on climate response, there are two examples which demonstrate the breadth of PA's capabilities. The first is for the U.K. government, where PA provided consultancy services for a launch of a new infrastructure fund to drive the rollout of electric vehicle charging infrastructure across the country. Secondly, PA and the Swedish R&D and IP company, PulPac, continue to accelerate their exclusive global development partnership for their revolutionary patented technology. PulPac uses renewable pulp and cellulose to produce fiber-based packaging and single-use products as an alternative to plastics, creating up to an 80% lower CO2 footprint. The partnership recorded three strategic confidential wins this quarter and have developed a solid go-to-market plan for the United States.

圍繞著氣候響應，有兩個例子展示了 PA 能力的廣度。第一個是針對英國政府，PA 為推出新的基礎設施基金提供諮詢服務，以推動電動車充電基礎設施在全國各地的推廣。其次，PA與瑞典研發和智慧財產權公司PulPac持續加速其革命性專利技術的獨家全球開發合作關係。 PulPac 使用可再生紙漿和纖維素生產纖維包裝和一次性產品，作為塑膠的替代品，二氧化碳足跡減少高達 80%。該合作夥伴關係本季取得了三項戰略機密勝利，並製定了可靠的美國市場進入計劃。

It is evident from all these examples that PA continues to be a crucial part of our strategy with their alignment to Jacobs' three growth accelerators. I had the privilege of joining the 1-year PA Consulting and Jacobs celebratory roadshow last month, attending sessions at 6 different PA offices in 4 different countries. PA's CEO, Ken Toombs, and I met over 1,300 PA employees with extremely positive feedback. We continue to build on collective success during our first year. And I look forward to continued collaborative successes for our clients and the world.

從所有這些例子可以明顯看出，PA 仍然是我們策略的重要組成部分，因為它們與 Jacobs 的三個成長加速器保持一致。上個月，我有幸參加了為期一年的 PA Consulting 和 Jacobs 慶祝路演，參加了在 4 個不同國家的 6 個不同 PA 辦事處舉行的會議。 PA 的執行長 Ken Toombs 和我會見了 1,300 多名 PA 員工，他們得到了非常正面的回饋。我們在第一年繼續在集體成功的基礎上再接再厲。我期待著我們的客戶和世界能夠繼續取得成功。

I'll now turn it over to Kevin to discuss our financial results.

現在我將把它交給凱文討論我們的財務表現。

Thank you, Bob, and good day to all that are joining us on the call today. I'd like to turn to Slide 10 for a financial overview of our second quarter fiscal 2022 results.

謝謝鮑勃，祝今天參加我們電話會議的所有人美好一天。我想轉到投影片 10，了解我們 2022 財年第二季業績的財務概況。

Second quarter gross revenue grew 8% year-over-year, although net revenue grew 10% and was up 3% pro forma for acquired revenue. Currency negatively impacted revenue growth by approximately 150 basis points. And given current spot FX rates, we expect FX pressure to continue for the remainder of the year. Exiting Q2, we fully lapped the impact from the lower-margin CMS procurement contract and the timing difference between our two large environmental remediation contracts. For the second half of the fiscal year, we expect total net revenue growth in the mid- to high single digits.

第二季總營收年增 8%，淨收入成長 10%，預期收購收入成長 3%。貨幣對收入成長產生約 150 個基點的負面影響。鑑於目前的即期匯率，我們預計今年剩餘時間外匯壓力將持續。結束第二季後，我們完全接受了利潤率較低的 CMS 採購合約以及兩份大型環境修復合約之間的時間差異的影響。對於本財年下半年，我們預期總淨收入成長將達到中高個位數。

Adjusted gross margin in the quarter as a percentage of net revenue was 26.6%, up 80 basis points, driven by improvement in People & Places and PA's improved mix impact, partially offset by the revenue ramp from the large new environmental remediation project win in CMS. Looking past 2022, as we execute against our strategy to drive a higher technology and consulting revenue mix, we expect our gross margins to continue to expand.

本季調整後毛利率佔淨收入的百分比為26.6%，成長80 個基點，這主要得益於人員和場所改善以及PA 組合影響的改善，但部分被CMS 大型新環境修復項目中標帶來的收入成長所抵消。展望 2022 年，隨著我們執行推動更高技術和諮詢收入組合的策略，我們預期毛利率將繼續擴大。

Adjusted G&A as a percentage of net revenue was up year-over-year to 16.5%, down slightly from our first quarter. Within G&A, we are making investments to prepare for the increase in opportunities from the recently passed U.S. infrastructure stimulus as well as other investments to improve the efficiency of business through our Focus 2023 initiative. We expect our G&A as a percentage of revenue to trend lower for the remainder of the fiscal year.

調整後的一般管理費用佔淨收入的百分比較去年同期上升至 16.5%，較第一季略有下降。在 G&A 範圍內，我們正在進行投資，為最近通過的美國基礎設施刺激計劃帶來的機會增加做好準備，並透過我們的 Focus 2023 計劃進行其他投資，以提高業務效率。我們預計在本財年剩餘時間內，我們的一般行政費用佔收入的百分比將呈下降趨勢。

GAAP operating profit was $166 million and was mainly impacted by a $99 million charge associated with the legacy CH2M matter we disclosed in April and other related legal costs. Also included in GAAP operating profit was $48 million of amortization costs from acquired intangibles. Other acquisition deal costs and restructuring efforts were $18 million with around half related to acquisition-related costs. Adjusted operating profit was $332 million, up 7% year-over-year and down slightly on a pro forma basis. Our adjusted operating profit to net revenue was 10.1%.

GAAP 營業利潤為 1.66 億美元，主要受到我們 4 月披露的與 CH2M 遺留問題相關的 9,900 萬美元費用以及其他相關法律費用的影響。 GAAP 營業利潤還包括來自收購無形資產的 4,800 萬美元攤銷成本。其他收購交易成本和重組費用為 1,800 萬美元，其中約一半與收購相關成本有關。調整後營業利潤為 3.32 億美元，年增 7%，預計略有下降。我們調整後的營業利潤佔淨收入的比例為 10.1%。

GAAP EPS from continuing operations was $0.68 per share and included: a $0.63 charge related to the settlement of the previously mentioned legacy CH2M matter and related legal costs; a $0.25 impact related to our amortization charge of acquired intangibles; $0.09 of transaction and other restructuring costs, which continued to trend significantly lower; and a $0.07 impact from a higher tax rate in the quarter versus our expected rate for the full year. Excluding these items, second quarter adjusted EPS was $1.72.

持續經營業務的 GAAP 每股收益為 0.68 美元，其中包括： 與解決前述遺留 CH2M 問題及相關法律費用相關的 0.63 美元費用；與我們收購的無形資產攤銷費用相關的 0.25 美元影響；交易和其他重組成本為 0.09 美元，繼續顯著降低；與我們全年預期稅率相比，本季稅率上升帶來 0.07 美元的影響。排除這些項目，第二季調整後每股收益為 1.72 美元。

Jacobs' consolidated Q2 adjusted EBITDA was $340 million and was up nearly 3% year-over-year and represented 10.4% of net revenue. Finally, turning to our bookings during the quarter, the revenue book-to-bill ratio was just under 1x at 0.94x but was 1.12x on a gross profit basis as we saw a continued increase in profitability in our backlog.

Jacobs 第二季合併調整後 EBITDA 為 3.4 億美元，較去年同期成長近 3%，佔淨收入的 10.4%。最後，從我們本季的預訂來看，營收訂單出貨比為 0.94 倍，略低於 1 倍，但毛利為 1.12 倍，因為我們看到積壓訂單的獲利能力持續成長。

Regarding our LOB performance, let's turn to Slide 11. Starting with CMS, Q2 revenue was up 4% year-over-year and up 3% on a pro forma basis. FX negatively impacted growth by nearly 100 basis points. During the quarter, CMS revenue growth lapped the impact from the contract runoff of a lower-margin large procurement contract and benefited from the timing of our large DOE environmental remediation win at Idaho.

關於我們的 LOB 績效，讓我們轉向投影片 11。從 CMS 開始，第二季營收年增 4%，預計成長 3%。外匯對經濟成長產生了近 100 個基點的負面影響。本季度，CMS 收入成長克服了利潤較低的大型採購合約的合約徑流的影響，並受益於我們在愛達荷州贏得能源部大型環境整治的時機。

As a result, we expect CMS revenue to show double-digit second half 2022 revenue growth, driven by: strong performance in space intelligence from our recent large new award; continued increase from the large environmental contracts to its expected full run rate; accelerating performance in our telecom business, driven by our strategic relationships with 5G providers; and cyber and intel awards delayed during the continuing resolution beginning to ramp.

因此，我們預計 CMS 收入將在 2022 年下半年呈現兩位數的收入成長，其推動因素為：我們最近的大型新獎項在空間情報方面的強勁表現；大型環保合約持續增加至預期滿產率；在我們與 5G 供應商的策略關係的推動下，加速我們電信業務的表現；在持續解決方案開始增加期間，網路和英特爾獎項被推遲。

Q2 CMS operating profit was $113 million, down 1%. Operating profit margin was down approximately 40 basis points year-over-year to 8.3%. As expected, operating margins were impacted by the ramp-up of our large environmental remediation win and the delay of the higher-margin, shorter-cycle awards that were pushed to the right due to the continuing resolution. We expect operating profit margin to trend slightly above Q2 levels for the remainder of fiscal 2022.

第二季 CMS 營業利潤為 1.13 億美元，下降 1%。營業利益率年減約 40 個基點至 8.3%。正如預期的那樣，營業利潤受到我們大型環境整治勝利的增加以及由於持續解決而被推向右側的更高利潤、更短週期獎勵的延遲的影響。我們預計 2022 財年剩餘時間內的營業利潤率將略高於第二季的水準。

Moving to People & Places. Q2 net revenue was up 2.8% year-over-year and was negatively impacted by 150 basis points from foreign exchange. Our advanced facilities business net revenue growth again was up double digits year-over-year, driven by investments in the semiconductor and pharma supply chains. We expect continued robust growth from advanced facilities throughout fiscal 2022. Our international business also had strong Q2 year-over-year growth despite the impact from currency, driven by more steady government funding. For the second half of fiscal 2022, we expect net revenue growth from our international business to moderate with pressure from the unfavorable impact of FX.

轉向人物和地點。第二季淨收入年增 2.8%，受到外匯匯率 150 個基點的負面影響。在半導體和製藥供應鏈投資的推動下，我們的先進設施業務淨收入比去年同期再次實現兩位數成長。我們預計先進設施將在 2022 財年持續強勁成長。儘管受到貨幣影響，但在更穩定的政府資金推動下，我們的國際業務第二季也將年比也強勁成長。對於 2022 財年下半年，我們預期國際業務的淨收入成長將因外匯不利影響的壓力而放緩。

Moving to People & Places Americas. Net revenue growth in Q2 improved from Q1, driven by front-end work related to the infrastructure stimulus. We are seeing the benefit from the budget resolution, a meaningful build in our 12- to 18-month pipeline from the infrastructure stimulus projects. Our second quarter gross margin bookings and pipeline provides us confidence in sequential gross profit growth in the second half of fiscal 2022 versus the first half. Total P&PS Q2 gross profit grew year-over-year, but Q2 operating profit was down year-over-year, driven by increased G&A expenses as we continued to spend against strategic investments that position us for the projected acceleration in our business longer term.

搬到美洲的人物和地點。在基礎設施刺激相關的前端工作的推動下，第二季的淨收入成長較第一季有所改善。我們看到了預算決議帶來的好處，這是我們 12 至 18 個月的基礎設施刺激項目的一個有意義的建設。我們第二季的毛利率預訂和管道讓我們對 2022 財年下半年相對於上半年的毛利環比成長充滿信心。第二季 P&PS 毛利總額年增，但第二季營業利潤年減，這是由於我們繼續對策略投資進行支出，使我們的業務在長期內預計加速成長，從而導致一般管理費用增加。

In terms of PA's performance, PA contributed $297 million in revenue and $68 million in operating profit for the quarter. Q2 revenue grew 15% year-over-year in U.S. dollars and 19% in constant currency. Q2 adjusted operating profit margin was 23%. As a quick reminder, PA grew revenue in constant currency 24% year-over-year for fiscal year 2021 and delivered a 23% operating profit margin, thus making year-to-date revenue and margin performance even more impressive. Our non-allocated corporate expenses were $41 million, up year-over-year and within our expectations as medical costs moderated. We now expect our non-allocated corporate costs to be at the lower end of our previously communicated range of $200 million to $250 million for fiscal 2022.

PA業績方面，本季度PA貢獻了2.97億美元的收入和6,800萬美元的營業利潤。第二季營收以美元計算年增 15%，以固定匯率計算年增 19%。第二季調整後營業利益率為 23%。快速提醒一下，PA 在 2021 財年的營收以固定匯率計算年增 24%，營業利潤率達到 23%，從而使年初至今的營收和利潤率表現更加令人印象深刻。隨著醫療成本的下降，我們的非分配企業費用為 4,100 萬美元，年成長，符合我們的預期。我們現在預計 2022 財年的非分配企業成本將處於先前溝通的 2 億至 2.5 億美元範圍的下限。

Let's turn now to Slide 13 to discuss our cash flow and balance sheet. We had another quarter of solid cash flow generation with $96 million in reported free cash flow, which was in line with our expectations, given the timing of PA employee tax-related costs associated with our annual bonus payments and the net working capital impact of discrete items, which effectively offset each other. DSOs ticked up modestly year-over-year, driven by the timing of new CMS wins and the ramp of the large environment Idaho win in our CMS line of business.

現在讓我們轉向投影片 13 來討論我們的現金流量和資產負債表。我們又一個季度產生了穩定的現金流，報告的自由現金流為9600 萬美元，考慮到與我們的年度獎金支付相關的PA 員工稅務相關成本的時間以及離散資產的淨營運資本影響，這符合我們的預期。項，有效地相互抵消。受新 CMS 獲勝時機以及愛達荷州大環境在我們 CMS 業務線中獲勝的推動，DSO 年比小幅增長。

The quarter's cash flow included a net $40 million cash benefit related to monetizing an Australian dollar FX hedge related to the CH2M legal matter settlement, partially offset by cash restructuring. To date, since March, we have repurchased approximately $135 million of our shares. As we have said before, we will remain agile and opportunistically repurchase our shares.

該季度的現金流量包括與 CH2M 法律問題和解相關的澳元外匯對沖貨幣化相關的 4,000 萬美元淨現金收益，部分被現金重組所抵銷。迄今為止，自 3 月以來，我們已回購了約 1.35 億美元的股票。正如我們之前所說，我們將保持敏捷並伺機回購我們的股票。

Next quarter, we expect free cash flow to be affected by the gross cash settlement of the CH2M-related legal matter of $480 million with nearly $100 million in cash tax benefits, partially offsetting that amount over the next few quarters. Adjusting for the impact of the legal settlement and our other restructuring items, we remain on track toward achieving our one-time free cash flow conversion to adjusted net income target and expect similar or better free cash flow conversion going forward.

下個季度，我們預計自由現金流將受到 CH2M 相關法律事務總現金結算額 4.8 億美元的影響，其中包括近 1 億美元的現金稅收優惠，部分抵銷了未來幾季的這筆金額。在調整法律和解和其他重組項目的影響後，我們仍有望實現一次性自由現金流轉換為調整後淨利潤目標，並預期未來類似或更好的自由現金流轉換。

As a result of the strong cash flow, we ended the quarter with cash of $1.2 billion and a gross debt of $3.2 billion, resulting in $2 billion of net debt. Pro forma for the legal settlement and including our estimated second half cash flow, we expect Q4 net debt to adjusted 2022 EBITDA of approximately 1.5x, a clear indication of the continued strength of our balance sheet and our cash flow. Finally, given our strong balance sheet and free cash flow, we remain committed to our quarterly dividend, which we recently announced.

由於現金流強勁，本季末我們的現金為 12 億美元，總負債為 32 億美元，淨負債為 20 億美元。根據法律和解的形式，包括我們預計的下半年現金流，我們預計第四季度淨債務調整後的 2022 年 EBITDA 約為 1.5 倍，這清楚地表明我們的資產負債表和現金流持續強勁。最後，鑑於我們強勁的資產負債表和自由現金流，我們仍然致力於我們最近宣布的季度股息。

Now I'll turn it back over to Steve for Slide 14.

現在我將投影片 14 回給 Steve。

Thank you, Kevin. Our diverse portfolio has proven resilient, providing us the ability to grow under multiple economic scenarios with an asset-light business model and the ability to manage pricing during an inflationary environment. Given our increased visibility and confidence for fiscal 2022, we are tightening our outlook and maintaining the midpoint guidance.

謝謝你，凱文。事實證明，我們多元化的投資組合具有彈性，使我們能夠透過輕資產商業模式在多種經濟情境下實現成長，並能夠在通膨環境下管理定價。鑑於我們對 2022 財年的可視性和信心增強，我們正在收緊前景並維持中點指引。

We expect adjusted EBITDA to be in the range of $1.385 billion to $1.435 billion from the $1.37 billion to $1.45 billion previous guidance. And our adjusted EPS outlook is now in the range of $6.95 to $7.35 from $6.85 to $7.45 previously. Looking past fiscal 2022, our backlog performance and increasing sales pipeline provides us with continued conviction in achieving the multiyear financial growth targets we provided during our March strategy launch.

我們預計調整後 EBITDA 將從先前指引的 13.7 億美元至 14.5 億美元增至 13.85 億美元至 14.35 億美元。我們調整後的每股盈餘預期從先前的 6.85 美元至 7.45 美元調整為 6.95 美元至 7.35 美元。展望 2022 財年，我們的積壓業績和不斷增加的銷售管道使我們對實現 3 月份策略啟動期間提供的多年財務成長目標充滿信心。

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

接線員，我們現在開始提問。

(Operator Instructions) And our first question will come from Jerry Revich with Goldman Sachs.

（操作員說明）我們的第一個問題將來自高盛的傑瑞·雷維奇（Jerry Revich）。

This is Adam on for Jerry today.

今天是亞當替傑瑞發言。

Jerry, can you hear us on your end?

傑瑞，你聽得到我們這邊的聲音嗎？

Hello, can you hear me? Hello?

你好，你聽得到我說話嗎？你好？

Switch over to one of the lines in case you can hear us.

切換到其中一條線路，讓您聽到我們的聲音。

(technical difficulty)

（技術難度）

This is Adam on for Jerry. Can you hear me?

這是亞當替傑瑞演的。你聽得到我嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Can you just talk about how you're thinking about recent FX movements in context of the guidance?

您能否談談您如何根據指導意見考慮近期的外匯走勢？

Yes. Look, thanks for the question. It's a good one. As we've seen actually over the last week, a significant change in certain of the foreign exchange rates, specifically in pound sterling. But we do think that there is some incremental challenges in the second half relative to the potential associated with that, probably $0.05-plus.

是的。聽著，謝謝你的提問。這是一件好事。正如我們在上週實際看到的那樣，某些外匯匯率（特別是英鎊匯率）發生了重大變化。但我們確實認為，相對於與之相關的潛力，下半年存在一些增量挑戰，可能超過 0.05 美元。

But it's almost in the range of being able to offset that with other things going on in our guidance for the year. So as we think about going forward, certainly there's an incremental risk profile that's developed over the last couple of days. But effectively, we're still holding to the guidance at this point in time. And we'll obviously be monitoring that on an ongoing basis.

但這幾乎可以用我們今年指導中發生的其他事情來抵消。因此，當我們考慮未來時，過去幾天肯定會出現增量風險狀況。但實際上，我們目前仍然堅持這項指導意見。我們顯然會持續監控這種情況。

That's helpful. And then in your strategy update, you laid out expectations for PA Consulting revenues to grow 12% to 15% CAGR through 2024 but with margins flat. Is the assumption for flat margins the result of changing geographic mix? And then once we get a steady mix, how should we think about margin expansion in this business?

這很有幫助。然後，在您的策略更新中，您預計 PA Consulting 收入到 2024 年複合年增長率將成長 12% 至 15%，但利潤率持平。利潤率持平的假設是地理組合變動的結果嗎？一旦我們獲得了穩定的組合，我們應該如何考慮這項業務的利潤擴張？

I think that there's a couple of things going on as it relates to the mix dynamic. As we have said in the past, the incremental strength of that business even over and above kind of what the plans have been. Both in our deal model and for the team at PA, they've been running at very, very high utilization factors, which we don't believe is sustainable longer term. So it's really more about getting back to a utilization rate that's probably more sustainable longer term, which mitigates upward trends in gross margin and profitability.

我認為有幾件事與混音動態有關。正如我們過去所說，該業務的增量實力甚至超出了計劃。無論是在我們的交易模型中還是在 PA 團隊中，他們都以非常非常高的利用率運行，我們認為這種情況無法長期持續。因此，更重要的是要恢復到可能更永續的長期利用率，從而緩解毛利率和獲利能力的上升趨勢。

But that ultimately, that level of profitability is being held longer term just because of the incremental strength of the margin profile of the new business coming in. So all in all, while it's a flat margin outlook, it's a really strong underlying because they're actually increasing or decreasing their utilization factors, which has been offset by underlying gross margin improvements in the business.

但最終，這種獲利水準能夠長期維持，只是因為新業務的利潤率狀況不斷增強。所以總而言之，雖然利潤率前景持平，但它的基礎非常強大，因為它們「實際上，他們的利用率有所增加或減少，但已被業務的潛在毛利率改善所抵消。

Our next question will come from Bert Subin with Stifel.

我們的下一個問題將由 Bert Subin 和 Stifel 提出。

Bob, in your prepared remarks, you mentioned semi and EV CapEx is rising across the industry. I think that comes as no surprise to anyone. How are you thinking about the growth progression of advanced facilities as you sort of march towards your $10 EPS target?

鮑勃，在您準備好的發言中，您提到整個行業的半成品和電動車資本支出正在上升。我認為這對任何人來說都不足為奇。當您向 10 美元每股收益目標邁進時，您如何看待先進設施的成長進程？

Strong. I think that right now -- and you know that business, Bert, it's anywhere from a 12- to 18-month kind of look-forward, sometimes 6. For the first time in a long time for us being in that space, we're seeing visibility from a pipeline perspective well into '23 and in certain cases, into '24. So in this strategy cycle, it will play a material part.

強的。我認為現在——伯特，你知道這個行業，它的展望期從12 到18 個月不等，有時是6 個月。對我們來說，很長一段時間以來，我們第一次進入這個領域，我們從管道的角度來看，我們可以看到 23 世紀以及在某些情況下，24 世紀的前景。所以在這個戰略週期中，它將扮演重要角色。

And our next question will come from Michael Dudas with Vertical Research.

我們的下一個問題將來自垂直研究公司的邁克爾·杜達斯（Michael Dudas）。

Maybe for any of you, intrigued about a couple of things. One, could you discuss maybe, Bob, the pipeline, you mentioned in the prepared remarks the $25 billion and $15 billion on the CMS side, maybe a little more discussion on the pipeline opportunities. You mentioned just now the advanced facilities, but other areas, and as you indicated, some more international exposure that could be supportive in addition to what the IIJA will provide.

也許你們中的任何一個人都會對一些事情感興趣。第一，鮑勃，您能否討論一下管道，您在準備好的發言中提到了 CMS 方面的 250 億美元和 150 億美元，也許可以對管道機會進行更多討論。您剛才提到了先進的設施，但其他領域，正如您所指出的，除了 IIJA 將提供的之外，一些更多的國際曝光可能會提供支援。

And Kevin, the book-to-bill on the margin of 1.12 is an interesting data point. How does that compare? How does that trend and as we think about not only better bookings but better margins into that backlog over the next, say, several quarters?

Kevin 表示，訂單出貨比接近 1.12 是一個有趣的數據點。相比之下如何？當我們考慮在接下來的幾個季度中，不僅有更好的預訂，而且在積壓訂單中獲得更好的利潤時，這種趨勢如何？

Bob, Kevin, do you want to go first?

鮑伯、凱文，你們想先走嗎？

I'll pick it up here, it's Steve. So the -- look, as far as moving to the other -- Kevin talked about PA. But as far as P&PS goes, as Bob said, we're going to see continued strength in advanced facilities moving through the rest of this year and into the next few years. And then on the backs of that, we're going to start to see the Americas business ramp up. We're already seeing the pipeline significantly increase. We'll start to see sequential growth in the second half of this year in P&PS U.S. And we expect that to really start to ramp up more significantly as we enter 2023.

我會在這裡接的，我是史蒂夫。所以，看，就轉向另一個而言，凱文談到了 PA。但就 P&PS 而言，正如鮑伯所說，我們將看到先進設施在今年剩餘時間和未來幾年持續強勁。在此基礎上，我們將開始看到美洲業務的成長。我們已經看到管道顯著增加。今年下半年，我們將開始看到美國 P&PS 的環比增長，我們預計，進入 2023 年，這一增長將真正開始更顯著。

As far as the infrastructure stimulus, that incremental $550 billion of money that is going to flow into the U.S., about close to $100 billion now has been specifically earmarked for defined programs and projects. And we're tracking that and obviously on the front end of that grant process. Early on, a lot of that's going to be formulaic. And so that should start to flow nicely as we enter 2023. And then our federal infrastructure business and environmental, because of a lot of the dynamics going on globally, should really be also something that's going to help drive growth.

就基礎設施刺激而言，將流入美國的 5500 億美元增量資金（目前已接近 1000 億美元）專門用於既定計劃和項目。我們正在追蹤這一點，顯然是在撥款過程的前端。在早期，很多內容都是公式化的。因此，當我們進入 2023 年時，這應該會開始順利進行。然後，由於全球範圍內發生的許多動態，我們的聯邦基礎設施業務和環境也應該真正有助於推動成長。

On the Critical Mission Solutions, what's really playing out nicely is the diversity of our portfolio. Right now, we're seeing a lot of strength in telecom, obviously the space intelligence on the back of that classified win. Cyber and intelligence is going to start to ramp up now as the continuing resolution gets finalized. And the ramp-up of our nuclear business is robust. And we have an excellent pipeline of opportunities that should start to hit as we finish up this year and roll into 2023.

在關鍵任務解決方案中，真正發揮出色的是我們產品組合的多樣性。現在，我們在電信領域看到了很大的優勢，顯然是在機密勝利的支持下的太空情報。隨著持續解決方案的最終確定，網路和情報將開始加速發展。我們的核能業務成長勢頭強勁。我們擁有大量的機會，當我們今年結束並進入 2023 年時，這些機會應該會開始出現。

So all in all, we're pretty excited about the prospects of the second half and especially as we move into '23 and beyond. And as far as that gross profit book-to-bill, the bookings in the last quarter specifically was more significant in margin because of a higher professional services ratio. And so what we are seeing is an increase in book-to-bill on our gross profit, as you outlined, and we're pretty excited about that going forward.

總而言之，我們對下半年的前景感到非常興奮，尤其是當我們進入 23 年及以後的時候。就訂單毛利而言，由於專業服務比率較高，上一季的訂單利潤率更為顯著。因此，正如您所概述的，我們看到的是我們的毛利的訂單出貨比增加，我們對此感到非常興奮。

And next, we have a question from Sean Eastman with KeyBanc.

接下來，我們有來自 KeyBanc 的 Sean Eastman 的問題。

So Kevin, I heard a very clear top line growth outlook for CMS in the second half. But I'm not sure I heard one for P&PS. I'm just curious, is there still some variability there that keeps you from putting some bumpers on the P&PS trajectory into the second half? I guess, what I'm really trying to get at is that all-in sort of exit growth rate as we're going into 2023. So any color or perspective you can provide around that would be very helpful.

凱文，我聽說 CMS 下半年的營收成長前景非常明確。但我不確定我是否聽過 P&PS 的歌。我只是很好奇，是否仍然存在一些變化，導致您無法在下半年的 P&PS 軌跡上增加一些保險桿？我想，我真正想要了解的是進入 2023 年時的整體退出增長率。因此，您可以提供的任何顏色或觀點都會非常有幫助。

Look, the dynamic associated with calling out of the CMS is really because of the strong growth that we're seeing in the second half of the year with CMS. I wanted to make sure that we called that out. It's not an editorial comment on lack of growth in People & Places. We do believe sequentially, we're going to be able to see some growth as we get into Q3. And when you compare it to the year-ago figures, that means an accelerated level of growth as well. So look, it's not necessarily in the double-digit figures that we were talking about in CMS, but we see sequential growth in third quarter versus second quarter or even stronger in Q4 versus Q3.

看，與退出 CMS 相關的動態實際上是因為我們在今年下半年看到 CMS 的強勁成長。我想確保我們已經明確了這一點。這不是《人物與地方》缺乏成長的社論評論。我們確實相信，隨著進入第三季度，我們將能夠看到一些成長。當你將其與去年同期的數據進行比較時，這也意味著成長水準的加速。所以看，它不一定是我們在 CMS 中討論的兩位數數字，但我們看到第三季與第二季相比的連續成長，或者第四季與第三季相比甚至更強。

So we think we're getting positioned for a strong Q2 -- 2023 as a result of that. So look, I think what's really a tribute to the teams here is the great work that our program management office is doing in really highlighting and helping to sort out the incremental monies that are going to be coming into play for the infrastructure bill and helping our customers figure out when that's going to hit and where they are going to be able to gain access. And I think that's going a long way for us to start to identify that longer-term build in our infrastructure pipeline. So we're feeling good about it.

因此，我們認為，我們將因此為 2023 年第二季的強勁表現做好準備。所以看，我認為真正值得向這裡的團隊致敬的是我們的專案管理辦公室正在做的出色工作，他們真正強調並幫助整理將用於基礎設施法案的增量資金，並幫助我們客戶知道什麼時候會發生以及他們能夠在哪裡獲得訪問權限。我認為這對於我們開始確定基礎設施管道中的長期建設來說還有很長的路要走。所以我們對此感覺良好。

And just one other point about P&PS that as we look at sequentially moving into the third, fourth quarter is that the margin profile is going to improve with the G&A that we pre-invested, that Kevin talked about, that held down our margins in the second quarter. We're going to start to see a significant change in the utilization of that G&A that's going to give us a much better profile in the second half on our margin.

關於 P&PS 的另一點是，當我們依次進入第三、第四季時，利潤率狀況將隨著我們預先投資的 G&A 而改善，凱文談到，這壓低了我們在第二季度。我們將開始看到 G&A 的利用率發生重大變化，這將使我們在下半年的利潤率上獲得更好的表現。

And our next question will come from Chad Dillard with Bernstein.

我們的下一個問題將來自查德·迪拉德和伯恩斯坦。

This is [Brandon] on for Chad. Can you please give some more color on the volume of new inquiries on the infrastructure design side? How has that picked up year-over-year? And when do you think this activity will peak over the next few years?

這是查德的[布蘭登]。能否進一步說明基礎建設設計的新詢問量？逐年回升情況如何？您認為這項活動在未來幾年什麼時候會達到高峰？

Bob, did you hear that?

鮑勃，你聽到了嗎？

Sure. Yes, I did. So incrementally, when you look at it from a Q2 to Q2 standpoint, '21 to '22, but if you look at the bookings profile of what we accomplished in Q2 and how those jobs burn over the course of the next 2 to 3 quarters, it is a unique inflection point that we're seeing in the business. And those are on the front-end studies and on some of these more lumpy jobs that were actually already in the planning mode.

當然。是的，我做到了。因此，逐步地，當您從第二季度到第二季度（21 到22）的角度來看它時，但是如果您查看我們在第二季度所完成的預訂概況以及這些工作在接下來的2 到3 個季度中如何燃燒，這是我們在行業中看到的一個獨特的轉折點。這些都是關於前端研究和一些實際上已經處於規劃模式的更不穩定的工作。

And now when the CR was approved and monies were available, these were the immediate recipients of these jobs, which are going to really hone in on that design component. So we're actually feeling good. Outside of the U.S., we are seeing some of the biggest rail and transit opportunities. Haven't booked them yet, but we're in the middle of them that we have in quite a bit -- quite a long time, specifically in the U.K. and in Australia. So overall, positive.

現在，當 CR 獲得批准並且資金到位時，這些人就是這些工作的直接接受者，這些工作將真正磨練出該設計組件。所以我們實際上感覺很好。在美國以外，我們看到了一些最大的鐵路和交通機會。還沒有預訂，但我們已經在相當長的一段時間內處於其中，特別是在英國和澳大利亞。總體而言，積極。

And our next question will come from Steven Fisher with UBS.

我們的下一個問題將來自瑞銀集團的史蒂文費雪。

So you narrowed your range and that suggests more confidence in your outlook in general. I guess, I'm wondering what you see as still the biggest areas of uncertainties. And more typically, with Jacobs, we would expect kind of still some upside potential on the upper end of the range. So by taking that down, I'm wondering if there are other things that we should be considering here, the sort of upside scenarios and downside scenarios.

因此，您縮小了範圍，這表明您對整體前景更有信心。我想，我想知道您認為最大的不確定性領域是什麼。更典型的是，對於雅各布斯，我們預計該範圍的上限仍有一些上行潛力。因此，透過記下這一點，我想知道我們是否應該在這裡考慮其他事情，即有利的情況和不利的情況。

Yes, I think the -- obviously, raising the bottom was an indication of more confidence. The top side, I'd say, is what's on our mind is the FX uncertainty that's out there specifically. And just the question of -- with all this political activity, geopolitical activity, just how projects and programs are going to get across the finish line and get awarded, we're confident that there's no concern about anything getting canceled. It's really more around just the timing of how things unfold in the second half. And so that's where we sort of decided to keep our midpoint, where it is, in spite of the strong second quarter.

是的，我認為——顯然，抬高底部表明信心增強。我想說的是，我們最關心的是外匯市場的不確定性。只是問題是——對於所有這些政治活動、地緣政治活動，以及計畫和計劃將如何跨越終點線並獲得獎勵，我們相信不擔心任何事情被取消。實際上更多的是關於下半場事情如何展開的時間安排。因此，儘管第二季表現強勁，我們還是決定保持中點不變。

And our next question will come from Sabahat Khan with RBC Capital Markets.

我們的下一個問題將來自加拿大皇家銀行資本市場的 Sabahat Khan。

Just a commentary around the strategic investments ahead of the infrastructure bill. Can you maybe talk about where in the life cycle of those investments you are? Is this something that's going to continue until you sort of have full run rate contribution from that bill?

只是對基礎設施法案之前的戰略投資進行評論。您能談談您目前處於這些投資生命週期的哪個階段嗎？這種情況會一直持續到你從該帳單中獲得全額運行率貢獻嗎？

And just the second part, in terms of the -- you indicated there's some gains coming in from the U.S. IIJA. How are those coming in relative to what you would have expected at this point in the timeline?

就第二部分而言，您表示美國 IIJA 取得了一些進展。與您在時間軸上此時的預期相比，這些內容的情況如何？

Let me go first and certainly address the strategic investments. We have investments that are supporting the Focus 2023 initiative, which are substantive this year specifically and will -- depending upon how the program goes forward, will be less into the future but more substantive this year specifically.

讓我先談談戰略投資。我們有支持「聚焦 2023」計畫的投資，這些投資在今年是實質性的，並且根據該計畫的進展情況，未來的投資將較少，但今年的實質投資將更加實質。

I think the biggest number though in terms of the investments really are people-related because we're building up our employee headcount specifically relative to be able to satisfy the developing pipeline that's there. And ultimately, when that translates into our backlog and starts to burn, we need to make sure we're ahead of the curve as it relates to being able to deliver the high-quality and strategic value-added solutions that we provide to our clients. So that's the single biggest.

我認為，就投資而言，最大的數字確實與人有關，因為我們正在建立我們的員工人數，特別是為了能夠滿足那裡的開發管道。最終，當這轉化為我們的積壓並開始燃燒時，我們需要確保我們處於領先地位，因為這關係到我們能夠向客戶提供高品質和策略​​性的增值解決方案。這是最大的一個。

So as we start to get that momentum build, which we talked about sequential growth in People & Places and CMS, when you have a particular part of our teams which are occupied 50% of the time versus 85% of the time, that idle time ultimately is charged to our G&A figure. So as we start to ramp, that G&A numbers are going to come -- those G&A numbers come down, profitability goes up. And fundamentally, that's the single biggest investment we're making that's in terms of the people.

因此，當我們開始建立勢頭時，我們談到了人員和地點以及 CMS 的連續增長，當我們團隊中的某個特定部分佔用 50% 的時間而不是 85% 的時間時，空閒時間最終記入我們的一般行政費用數字。因此，當我們開始擴大規模時，G&A 數字就會出現——這些 G&A 數字下降，獲利能力上升。從根本上說，這是我們在人員方面所做的最大投資。

And our next question will come from Andy Wittmann with Baird.

我們的下一個問題將由安迪·魏特曼和貝爾德提出。

I guess, for Kevin, I wanted to ask about the adjusted unallocated corporate expense comments that you had here in the prepared remarks. I guess, you said you're going to be at the lower end of the $200 million to $250 million range. I guess, in the quarter, it came in at $41 million. It's been running in the mid-50s. The guidance you just said implies that the last 2 quarters of the year are going to be around $50 million each if it's the very low end.

我想，對於凱文，我想詢問您在準備好的發言中提出的調整後的未分配公司費用評論。我想，您說過您將處於 2 億至 2.5 億美元範圍內的較低端。我猜，本季的營收為 4,100 萬美元。它已經運行在 50 年代中期。您剛才所說的指導意味著，如果是最低端的話，今年最後兩季每季的收入將約為 5,000 萬美元。

And so that implies that something unique happened in the fiscal second quarter. I was wondering if you could discuss what that was that made it so low in the second quarter. Then if you could also talk a little bit more about the tax rate in the quarter, the $0.07 that you called out there, what was that related to? It sounds like your tax rate is going to be higher. Was this an adjustment only for this year? Or was this for a prior period outside of this year as to why that $0.07 was called out?

因此，這意味著第二財季發生了一些獨特的事情。我想知道你是否可以討論一下是什麼導致了第二季的業績如此之低。那麼，如果您還可以多談談本季的稅率，即您所說的 0.07 美元，這與什麼有關？聽起來你的稅率會比較高。這是今年才有的調整嗎？或者這是今年以外的前一個時期的情況，為什麼要支付 0.07 美元？

No. Look, let me go to the G&A first and talk about that. It really is a matter of timing as to when we're making the investments as opposed to when we're not. And so think about it really from a timing perspective in terms of the management of our programs. And we don't pre-spend when we don't need to. So ultimately, think about it from a timing perspective. That's really all it is, Andy.

不，聽著，讓我先去討論一下一般事務和行政費用（G&A），然後談談這個。我們什麼時候進行投資，什麼時候不進行投資，這確實是一個時間問題。因此，從時間的角度來考慮我們專案的管理。當我們不需要時，我們不會預先支出。所以最終，要從時機的角度來考慮。這就是全部，安迪。

As it relates to the other issue on tax, but effectively as we've talked about in the past, beginning last year, we took to -- on our adjusted tax rate just to book to what our expected effective tax rate is going to be for the year. And then of course, our GAAP rate fluctuates around that, either plus or minus relative to that.

因為它與稅收的另一個問題有關，但實際上正如我們過去所討論的那樣，從去年開始，我們採取了調整後的稅率，只是為了預定我們預期的有效稅率今年。當然，我們的 GAAP 比率會圍繞該值波動，相對於該值可能是正值，也可能是負值。

So really, this is just an adjustment to get it back to what that effective tax rate is going to be on an adjusted basis for the full year. Until which time we think that number is different, we will always book to that adjusted figure in the quarter. So that really is all it is. And it's just the difference between the GAAP and the adjusted figure that we expect for the full year. Hopefully, that's clear.

實際上，這只是一項調整，目的是使其恢復到全年調整後的有效稅率。在我們認為該數字有所不同之前，我們將始終按照該季度調整後的數字進行預訂。所以這確實就是全部了。這只是 GAAP 與我們預期的全年調整後數字之間的差異。希望這是清楚的。

And we have a follow-up from Bert Subin with Stifel.

我們還有 Bert Subin 和 Stifel 的後續作品。

I just got cut off earlier and had a quick clarification question for Bob. On the advanced facilities commentary, the visibility you mentioned sort of being more extended, is that the result of just what we're seeing on the semiconductor CapEx side? Or are you also starting to see a step function change on the EV and biotech side?

我剛剛被打斷，想向鮑伯快速澄清一個問題。在先進設施評論中，您提到的可見性有所擴大，這就是我們在半導體資本支出方面看到的結果嗎？或者您也開始看到電動車和生物技術的階躍功能變化？

Yes, Bert, it's both. On The semiconductor side, it's really -- it's kind of the concentration of clients that we have and those clients being on the forefront of the chip shortage and as well as one of those clients that we've talked about before, also changing a bit of the business model to become more of a foundry. So that's extending out that visibility.

是的，伯特，兩者都是。在半導體方面，這確實是我們擁有的客戶的集中度，這些客戶處於晶片短缺的最前沿，以及我們之前討論過的客戶之一，也發生了一些變化商業模式變得更像是一家代工廠。這樣就擴大了可見性。

From an EV perspective, the biggest one is one that's driving some of that visibility and the spend that, that company is going through. But these -- not just the classic OEMs, the Fords, the GMs, but we're seeing kind of this next generation of EV providers come into play, which is giving us greater visibility to '23 and beyond. So we're getting that information from our clients, not necessarily exclusively market data.

從電動車的角度來看，最大的一個是推動該公司正在經歷的一些知名度和支出的一個。但這些——不僅僅是經典的原始設備製造商、福特、通用汽車，而且我們看到下一代電動車供應商開始發揮作用，這讓我們對 23 世紀及以後的情況有更大的了解。因此，我們從客戶那裡獲取這些信息，而不一定只是市場數據。

And our next question will come from Andrew Kaplowitz with Citi.

我們的下一個問題將來自花旗銀行的安德魯·卡普洛維茨。

Bob or Kevin, maybe you could give us a little more color into the double-digit growth forecast for CMS in the second half of the year, which I think is better than some of your government services peers. Obviously, we know about Idaho ramping up and some of the recent wins. But how much is cyber helping? For instance, I think you mentioned telecom ramping up. And one of your peers suggested that the space is a little sluggish right now. But it doesn't seem like that for you.

鮑勃或凱文，也許您可以給我們更多關於 CMS 下半年兩位數增長預測的信息，我認為這比一些政府服務同行要好。顯然，我們了解愛達荷州的崛起以及最近取得的一些勝利。但網路有多大幫助呢？例如，我想你提到了電信的發展。你的一位同行表示，現在的空間有點呆滯。但對你來說似乎並非如此。

Well, look, as I outlined in our previous remarks earlier in the call, Andy, look, I think there's a multitude of things. There's a little bit of an incremental revenue we'll see from the ramp on the Idaho project. That's not the driver. That's ultimately a small piece of it. It really is the incremental space intelligence business that's starting to burn relative to the win that we announced, I think it was last quarter. And that's going to be helping drive some incremental growth.

好吧，正如我在電話會議早些時候的演講中概述的那樣，安迪，你看，我認為有很多事情。我們將從愛達荷州計畫的坡道中看到一些增量收入。那不是司機。這最終只是其中的一小部分。與我們宣布的勝利相比，增量空間情報業務確實開始燃燒，我認為是上個季度。這將有助於推動一些增量成長。

And then, of course, we also are seeing good cybersecurity ramp in terms of the continuing resolution was putting pressure as it relates to that opportunity. So those are all positives as it relates to that. And telecom, while it's not a huge part of our business, it is a high-growth business that's occurring, given the focus on the 5G stuff. So all of that added together, I think, exhibits the power of the diversity of the portfolio within CMS. And so we're excited about getting back to really strong growth numbers in Q3 and Q4. And we've been calling out that we expected it to happen and now it's going to be happening.

當然，我們也看到網路安全的良好發展，因為與該機會相關的持續解決方案帶來了壓力。因此，這些都是與此相關的正面因素。電信雖然不是我們業務的重要組成部分，但鑑於對 5G 業務的關注，它是一項正在發生的高成長業務。因此，我認為，所有這些加在一起，展現了 CMS 內產品組合多樣性的力量。因此，我們很高興在第三季和第四季恢復真正強勁的成長數據。我們一直在呼籲我們預料到它會發生，現在它將會發生。

And our next question will come from Jamie Cook with Crédit Suisse.

我們的下一個問題將來自瑞士信貸銀行的傑米庫克。

I'm going to apologize, I'm managing through four calls. But we're getting lots of questions from investors on just which business models would be more resilient during a potential recession, given the macro concerns out there. So can you sort of just help me understand which parts of your business would be more resilient sort of on a top line and a margin side? And to what degree do some of the restructuring and cost-cutting actions help you? And you know as well how PA Consulting performed in prior downturns.

我要道歉，我正在打四通電話。但考慮到宏觀擔憂，我們收到了投資者的許多問題，詢問在潛在的經濟衰退期間哪種商業模式將更具彈性。那麼，您能否幫助我了解您業務的哪些部分在營收和利潤方面更具彈性？一些重組和成本削減措施對您有多大幫助？您也知道 PA Consulting 在先前的經濟低迷時期的表現如何。

And then Kevin, my other question, just -- and I'm sorry if you asked this -- if someone asked you this, then I can just go back. But to what degree -- what are you thinking right now in terms of preference for repo versus acquisition? I know you did buy back stock in the quarter. But any help there?

然後凱文，我的另一個問題，如果你問這個我很抱歉如果有人問你這個，那麼我可以回去。但您現在對回購與收購的偏好程度如何？我知道您在本季確實回購了股票。但有什麼幫助嗎？

So let me start with resilience. And I'll turn it over to Kevin for the capital deployment question. But look, we've spent a lot of time on this, Jamie, as you know. And we believe we've really positioned our portfolio going forward to be even more resilient than Jacobs in the past, which had a good resilient track record.

讓我從韌性開始。我將把資本部署問題交給凱文。但是，傑米，你知道，我們在這件事上花了很多時間。我們相信，我們確實將我們的投資組合定位為比過去具有良好彈性記錄的雅各布斯更具彈性。

Clearly, leading that is going to be the infrastructure side with the fact that as we get into potential uncertainty and economic sluggishness that governments around the world, especially in the U.S., are going to look to stimulate the economy and create jobs with infrastructure. And then on top of that, we've got the IIJA, that law. And so we're pretty positive about the momentum on that in the backlog, the pipeline that's building and that's going to play out.

顯然，引領這一趨勢的將是基礎設施方面，因為隨著我們陷入潛在的不確定性和經濟低迷，世界各國政府，尤其是美國政府，將尋求透過基礎設施刺激經濟並創造就業機會。除此之外，我們也制定了 IIJA 法律。因此，我們對積壓訂單、正在建造的管道以及即將發揮作用的勢頭非常樂觀。

And then of course, we have what's going on with the whole geopolitical side, the increased needs around defense spending and cyber protection and critical infrastructure around the world. And so that's going to bode well for resiliency on our Critical Mission Solutions. And then even in the advanced facilities business, which could be historically impacted by economic slowdown with the dynamics of a chip shortage, which is going to continue even in some economic downturn and the need with pent-up demand on life sciences because of all the focus on the pandemic and the energy transition that has to happen, we feel pretty good about where Jacobs stands in an uncertain environment going forward. Kevin, on the capital deployment?

當然，我們還有整個地緣政治方面正在發生的事情，世界各地國防開支、網路保護和關鍵基礎設施的需求不斷增加。因此，這對我們關鍵任務解決方案的彈性來說是個好兆頭。然後，即使在先進設施業務中，該業務在歷史上也可能受到經濟放緩和晶片短缺動態的影響，即使在某些經濟低迷時期，這種情況也將持續下去，並且由於所有的原因，對生命科學的需求被壓抑。專注於大流行和必鬚髮生的能源轉型，我們對雅各布斯在未來不確定的環境中所處的位置感到非常滿意。凱文，關於資本部署？

Yes. We -- thanks, Jamie, for the question. We like the investment in the shares at this current time. But that doesn't mean that there aren't a list of opportunities on the M&A side that could potentially be executed against. With the recent large settlement that we will be paying out relative to the impacts, we're probably not doing any real large deals at this particular point in time. But certainly, given the dislocation in our share price over the last few months, we like that investment. So I think certainly repos are in the mix and probably maybe some smaller acquisitions.

是的。我們——謝謝傑米提出的問題。我們喜歡目前的股票投資。但這並不意味著併購方面沒有一系列可能被執行的機會。鑑於最近我們將根據影響支付巨額和解金，因此我們在這個特定時間點可能不會進行任何真正的大額交易。但當然，考慮到過去幾個月我們股價的混亂，我們喜歡這項投資。所以我認為回購肯定也在其中，也許還有一些規模較小的收購。

And that will conclude the question-and-answer session. I would now like to turn the call back to Steve Demetriou for any closing remarks.

問答環節就此結束。現在我想將電話轉回史蒂夫·德米特里奧 (Steve Demetriou)，請他發表結束語。

Thanks, everyone, for your attention and focus, and we look forward to talking to you next quarter. Thank you.

感謝大家的關注和關注，我們期待下個季度與您交談。謝謝。

And that will conclude today's conference. Thank you for your participation, and you may now disconnect.

今天的會議就到此結束。感謝您的參與，您現在可以斷開連接。