Parsons Corp (PSN) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Parsons Corporation's First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Dave Spille, Senior Vice President of Investor Relations. Please go ahead.

早上好，歡迎參加帕森斯公司 2023 年第一季度收益電話會議。 （操作員說明）請注意此事件正在被記錄。我現在想將會議交給投資者關係高級副總裁戴夫·斯皮爾 (Dave Spille)。請繼續。

Thank you. Good morning, and thank you for joining us today to discuss our first quarter 2023 financial results. Please note that we provided presentation slides on the Investor Relations section of our website.

謝謝。早上好，感謝您今天加入我們討論我們 2023 年第一季度的財務業績。請注意，我們在網站的投資者關係部分提供了演示幻燈片。

On the call with me today are Carey Smith, Chair, President and CEO; and Matt Ofilos, CFO. Today, Carey will discuss our corporate strategy and operational highlights, and then Matt will provide an overview of our first quarter financial results and a review of our 2023 guidance. We then will close with a question-and-answer session. Management may also make forward-looking statements during the call regarding future events, anticipated future trends and the anticipated future performance of the company.

今天與我通話的是董事長、總裁兼首席執行官凱里·史密斯 (Carey Smith)；和首席財務官馬特·奧菲洛斯。今天，凱里將討論我們的企業戰略和運營亮點，然後馬特將概述我們第一季度的財務業績並回顧我們的 2023 年指導。然後我們將以問答環節結束。管理層還可能在電話會議期間就未來事件、預期未來趨勢和公司預期未來業績發表前瞻性聲明。

We caution you that such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Actual results may differ materially from those projected in the forward-looking statements due to a variety of factors. These risk factors are described in our Form 10-K for fiscal year ended December 31, 2022, and other SEC filings.

我們提醒您，此類聲明並不是對未來業績的保證，並且涉及難以預測的風險和不確定性。由於多種因素，實際結果可能與前瞻性陳述中的預測存在重大差異。這些風險因素在我們截至 2022 年 12 月 31 日的財政年度的 10-K 表格以及其他 SEC 文件中進行了描述。

Please refer to our earnings press release for Parsons' complete forward-looking statement disclosure. We do not undertake any obligation to update forward-looking statements. Management will also make reference to non-GAAP financial measures during this call, and we remind you that these non-GAAP financial measures are not a substitute for the comparable GAAP measures.

請參閱我們的收益新聞稿，了解帕森斯完整的前瞻性聲明披露。我們不承擔任何更新前瞻性陳述的義務。管理層還將在本次電話會議中參考非 GAAP 財務指標，我們提醒您，這些非 GAAP 財務指標不能替代可比較的 GAAP 指標。

And now I'll turn the call over to Carey.

現在我將把電話轉給凱里。

Thank you, Dave. Good morning, and welcome to Parsons' First Quarter 2023 Earnings Call. We have an excellent start to the year. We delivered all-time records for revenue of $1.2 billion and year-over-year organic revenue growth of 12%. We also delivered first quarter records for adjusted EBITDA and cash flow. In addition, our year-over-year contract awards increased by approximately 50% in both our Federal Solutions and Critical Infrastructure segments.

謝謝你，戴夫。早上好，歡迎參加帕森斯 2023 年第一季度收益電話會議。我們今年有一個良好的開端。我們創造了 12 億美元收入的歷史記錄，有機收入同比增長 12%。我們還公佈了第一季度調整後 EBITDA 和現金流的記錄。此外，我們的聯邦解決方案和關鍵基礎設施領域的合同授予量同比增長了約 50%。

We continued our hiring and retention momentum, and we acquired a strategic company that enhances Parsons' critical infrastructure protection capabilities in both of our business segments. I am very pleased with our results this quarter as we've strengthened our federal national security portfolio and our global critical infrastructure posture across all 6 of our end markets: Cyber and Intelligence, Space and Missile defense, critical infrastructure protection, transportation, environmental remediation and urban development.

我們繼續保持招聘和保留的勢頭，並收購了一家戰略公司，該公司增強了帕森斯在我們兩個業務部門的關鍵基礎設施保護能力。我對本季度的業績感到非常滿意，因為我們加強了聯邦國家安全投資組合以及我們在所有 6 個終端市場的全球關鍵基礎設施態勢：網絡和情報、太空和導彈防禦、關鍵基礎設施保護、交通、環境整治和城市發展。

As a result of our strong first quarter performance, we are increasing our 2023 guidance ranges for all financial metrics, which Matt will discuss in a few minutes. During the first quarter, we achieved a book-to-bill ratio of 1.2x on an enterprise basis, including 1.3x in Critical Infrastructure and 1.1x in Federal Solutions.

由於我們第一季度表現強勁，我們正在提高所有財務指標的 2023 年指導範圍，馬特將在幾分鐘內討論這一點。第一季度，我們的企業訂單出貨比達到了 1.2 倍，其中關鍵基礎設施為 1.3 倍，聯邦解決方案為 1.1 倍。

These results were driven by a 52% year-over-year increase in Federal Solutions contract award activity and a 49% increase in critical infrastructure award activity. This is now the 10th consecutive quarter in which Critical Infrastructure's book-to-bill ratio has exceeded 1.0x.

這些結果是由聯邦解決方案合同授予活動同比增長 52% 和關鍵基礎設施授予活動同比增長 49% 推動的。這已是關鍵基礎設施的訂單出貨比連續第 10 個季度超過 1.0 倍。

Our ability to successfully deliver our customers' missions has enabled us to continue to win large, new and recompete contracts in areas aligned with national security and global infrastructure priorities.

我們成功交付客戶任務的能力使我們能夠繼續在符合國家安全和全球基礎設施優先事項的領域贏得大型、新的和重新競爭的合同。

During the quarter, we were awarded 3 contracts that exceeded $100 million. And after the first quarter ended, we won 3 additional contracts that were worth more than $100 million each. These meaningful and long-duration contract wins span our 4 business units at our 6 end markets, which has solidified our financial outlook and positioned us well for the future.

本季度，我們獲得了 3 份超過 1 億美元的合同。第一季度結束後，我們又贏得了 3 份合同，每份合同價值超過 1 億美元。這些有意義且長期的合同涵蓋我們 6 個終端市場的 4 個業務部門，這鞏固了我們的財務前景，並為我們的未來奠定了良好的基礎。

Significant first quarter and early second quarter contract wins included a new 3-year $750 million State Department humanitarian support contract. Led by Xator, this delivery order contract includes a 1-year base period of $250 million and two 1-year option periods valued at $250 million each. For this significant contract win, we booked $250 million in the first quarter.

第一季度和第二季度初贏得的重大合同包括一項為期 3 年、價值 7.5 億美元的國務院人道主義援助新合同。這份交付訂單合同由 Xator 牽頭，包括 2.5 億美元的 1 年基期和兩個各價值 2.5 億美元的 1 年期權期。為了贏得這一重大合同，我們在第一季度預訂了 2.5 億美元。

Xator has won a substantial amount of new business and has performed exceptionally well in its first year with Parsons’. This recent win follows $119 million Department Estate award we announced last quarter to provide electronic security systems, operation centers and counter unmanned aerial systems worldwide.

Xator 贏得了大量新業務，並在與帕森斯合作的第一年表現異常出色。繼我們上季度宣布獲得 1.19 億美元的部門遺產獎之後，我們最近贏得了這一獎項，以在全球範圍內提供電子安全系統、運營中心和反無人機系統。

We were awarded an additional $214 million to continue overseeing the Giant Mine remediation program in Canada, which is one of the largest mine reclamation projects in the world. We won a new $164 million 4-year contract by the Army Corps of Engineers to deliver a new Explosive Decomposition Chamber facility at Holston Army Ammunition Plant. This follows Parsons' award of the Radford Army Ammunition Plant for a new Energetic Waste Incinerator and Contaminated Waste Processor. These strategic wins are part of the Army's larger and broader 15-year and more than $16 billion Ammunition Plant Modernization Plan to modernize the United States' depots, arsenals and ammunition plants.

我們獲得了 2.14 億美元的額外撥款，用於繼續監督加拿大的巨型礦山修復計劃，該項目是世界上最大的礦山復墾項目之一。我們贏得了陸軍工程兵團一份價值 1.64 億美元的為期 4 年的新合同，為霍爾斯頓陸軍彈藥廠提供新的爆炸分解室設施。此前，帕森斯授予雷德福德陸軍彈藥廠新的高能廢物焚燒爐和受污染廢物處理器的合同。這些戰略勝利是陸軍更大、範圍更廣、為期 15 年、耗資超過 160 億美元的彈藥廠現代化計劃的一部分，該計劃旨在實現美國的倉庫、軍火庫和彈藥廠的現代化。

In addition to the 3 wins greater than $100 million each, we were awarded a $94 million recompete contract to provide command, control, communications, computers, and capabilities development services to the United States Cyber Command. This important contract provides support to expand full-spectrum military cyberspace operations. The period of performance is one 12-month base period with four 12-month options.

除了 3 項均超過 1 億美元的勝利之外，我們還獲得了一份價值 9,400 萬美元的重新競爭合同，為美國網絡司令部提供指揮、控制、通信、計算機和能力開發服務。這份重要合同為擴大全方位軍事網絡空間行動提供支持。業績期為1個12個月基期，有4個12個月選項。

Finally, we won prime positions on several multiple award IDIQ vehicles, including a $75 billion ceiling contract with the Department of Health and Human Services Administration for the provision and operation of Influx Care Facilities.

最後，我們贏得了多個 IDIQ 獎項的主要地位，包括與衛生與公眾服務管理局簽訂的價值 750 億美元的上限合同，用於提供和運營湧入護理設施。

After the first quarter ended, we were awarded 3 contracts greater than $100 billion each. The first is a new 5-year single-award contract in our Federal Solutions segment from the General Services Administration with a potential value of $1.2 billion. This contract supports the Department of Defense and its strategic partners in delivering global quick reaction capabilities, leveraging advanced technology solutions across the all-domain battlespace.

第一季度結束後，我們獲得了3個價值超過1000億美元的合同。第一個是總務管理局在我們的聯邦解決方案部門簽訂的一份新的 5 年期單項合同，潛在價值為 12 億美元。該合同支持國防部及其戰略合作夥伴提供全球快速反應能力，利用跨域戰場的先進技術解決方案。

The second new contract is a 4-year single-award contract for roads and highways transportation project valued at more than $100 million. Additionally, after the first quarter ended, we successfully won our major Federal Aviation Administration Technical Support Services contract recompete. This $1.8 billion ceiling value contract will support the FAA’'s Aviation System Capital Investment Plan and includes a base period of 4 years and 2-, 3-year option periods.

第二份新合同是一份為期4年的單項合同，涉及道路和高速公路運輸項目，價值超過1億美元。此外，第一季度結束後，我們成功贏得了美國聯邦航空管理局技術支持服務的主要合同重新競爭。這份上限價值 18 億美元的合同將支持 FAA 的航空系統資本投資計劃，包括 4 年基期和 2 年、3 年選擇期。

Parsons has been the prime contractor for this work for more than 2 decades and support this critical customer for more than 4 decades. With the Infrastructure Investment and Jobs Act, the FDA has $5 billion of additional funding for facilities-related work.

二十多年來，帕森斯一直是這項工作的主承包商，並為這一關鍵客戶提供了四十多年的支持。根據《基礎設施投資和就業法案》，FDA 為設施相關工作提供了 50 億美元的額外資金。

With the FAA win, we have now won all 4 of our key recompete contracts over the last 2 years, including the TEAMS, FAA and Faro and Giant Mine contracts. These long-duration contracts span from 7 to 20 years and are worth approximately $2 billion each, which solidifies our financial outlook. These wins are a testament to our strong program execution, customer relationships and repeat win rates.

隨著 FAA 的勝利，我們現在已經贏得了過去 2 年中所有 4 個關鍵的重新競爭合同，包括 TEAMS、FAA 以及 Faro 和 Giant Mine 合同。這些長期合同期限從 7 年到 20 年不等，每份合同價值約 20 億美元，這鞏固了我們的財務前景。這些勝利證明了我們強大的項目執行力、客戶關係和重複獲勝率。

During the first quarter, we also announced the acquisition of IPKeys Power Partners. This strategic acquisition, which closed in April, expands Parsons' presence in two rapidly growing end markets, grid modernization and cyber resiliency for critical infrastructure.

第一季度，我們還宣布收購 IPKeys Power Partners。這項戰略收購於四月完成，擴大了帕森斯在兩個快速增長的終端市場的影響力：電網現代化和關鍵基礎設施的網絡彈性。

IPKeys enables Parsons to bring cybersecurity tools, technology and market experience to utility operators to secure operations, optimize efficiency and achieve grid resiliency. This acquisition is consistent with our strategy of completing accretive acquisitions of companies with revenue growth and adjusted EBITDA margins of 10% or more, while adding intellectual property that strengthens the company's existing portfolio in both business segments.

IPKeys 使帕森斯能夠為公用事業運營商帶來網絡安全工具、技術和市場經驗，以確保運營安全、優化效率並實現電網彈性。此次收購符合我們的戰略，即完成對收入增長和調整後 EBITDA 利潤率達到或超過 10% 的公司的增值收購，同時增加知識產權，以加強公司在兩個業務領域的現有投資組合。

With the macro environment focused on utility and water, critical infrastructure protection and modernization, we look forward to the contributions that IPKeys will bring to Parsons.

在以公用事業和水、關鍵基礎設施保護和現代化為重點的宏觀環境下，我們期待IPKeys將為帕森斯帶來貢獻。

We maintained our robust balance sheet and ended the first quarter with a 1.4x net leverage ratio. We continue to have an active M&A pipeline in both segments, and we'll use our strong balance sheet to complete additional accretive acquisitions that drive growth and margin expansion into our business.

我們保持了穩健的資產負債表，第一季度末淨槓桿率為 1.4 倍。我們在這兩個領域繼續擁有活躍的併購渠道，我們將利用我們強大的資產負債表完成額外的增值收購，推動我們業務的增長和利潤率擴張。

We continue to build on our long-standing commitment to ESG. During the first quarter, we were recognized for our initiatives that attract, hire and promote women, racial diversity, LGBTQ+ and other underrepresented people into the engineering industry. Additionally, we are proud that we were named one of the World's Most Ethical Companies by Ethisphere for the 14th consecutive year.

我們將繼續踐行對 ESG 的長期承諾。第一季度，我們因吸引、僱用和提升女性、種族多樣性、LGBTQ+ 和其他代表性不足的人群進入工程行業的舉措而受到認可。此外，我們連續 14 年被 Ethisphere 評為全球最具商業道德公司之一，對此我們深感自豪。

In April, we released our 2023 ESG report, highlighting key milestones and initiatives we achieved last year. These include year-over-year decreases in Scope 1, 2 and 3 emissions to reduce our carbon footprint. ESG is fundamental to our core values and how we operate as a company.

4 月，我們發布了 2023 年 ESG 報告，強調了我們去年實現的關鍵里程碑和舉措。其中包括範圍 1、範圍 2 和範圍 3 排放量的逐年減少，以減少我們的碳足跡。 ESG 是我們核心價值觀以及我們公司運營方式的基礎。

In summary, we delivered record first quarter total revenue, organic revenue growth, adjusted EBITDA and cash flow results. We also achieved a healthy book-to-bill ratio by increasing contract awards by approximately 50% in both segments. Additionally, we continue to execute on our strategic M&A program by acquiring IPKeys. These results illustrate our continued momentum, and I am proud of the work our talented employees deliver every day on our customers' most critical missions.

總之，我們實現了創紀錄的第一季度總收入、有機收入增長、調整後 EBITDA 和現金流結果。我們還通過將這兩個領域的合同授予量增加了約 50%，實現了健康的訂單出貨比。此外，我們通過收購 IPKeys 繼續執行我們的戰略併購計劃。這些結果說明了我們持續的發展勢頭，我為我們才華橫溢的員工每天為客戶最關鍵的任務所做的工作感到自豪。

Looking forward, I am very excited about our business. We have the right portfolio, the right team at the right time to capitalize on unprecedented global infrastructure spending and growing demand for national security solutions. We've solidified our financial outlook by winning a significant amount of new and repeat business, and we have a strong balance sheet that will enable us to continue to make accretive acquisitions to drive revenue growth and margin expansion.

展望未來，我對我們的業務感到非常興奮。我們在正確的時間擁有正確的投資組合、正確的團隊，以利用前所未有的全球基礎設施支出和對國家安全解決方案不斷增長的需求。通過贏得大量新業務和回頭客業務，我們鞏固了我們的財務前景，並且我們擁有強大的資產負債表，這將使我們能夠繼續進行增值收購，以推動收入增長和利潤率擴張。

With that, I'll turn the call over to Matt to discuss our first quarter financial highlights. Matt?

接下來，我將把電話轉給馬特，討論我們第一季度的財務亮點。馬特？

Thank you, Carey. As Carey indicated, our first quarter was highlighted by record results in a number of areas, including total revenue, organic revenue growth, adjusted EBITDA and cash flow from operations.

謝謝你，凱里。正如凱里指出的那樣，我們第一季度在多個領域取得了創紀錄的業績，包括總收入、有機收入增長、調整後的 EBITDA 和運營現金流。

Total revenue of $1.2 billion for the first quarter of 2023 increased 24% from the prior year period and was up 12% on an organic basis. Organic growth was driven by new and existing contracts. Our Xator acquisition contributed approximately $112 million of revenue in the first quarter.

2023 年第一季度的總收入為 12 億美元，較上年同期增長 24%，有機增長 12%。有機增長是由新合同和現有合同推動的。我們收購的 Xator 在第一季度貢獻了約 1.12 億美元的收入。

SG&A expenses for the first quarter were 17% of total revenue compared to 19.5% in the first quarter of 2022 due to efficient growth across the portfolio. Adjusted EBITDA of $90 million increased 22% from the first quarter of 2022. This increase was driven primarily by the ramp-up of new and existing contracts as well as contributions from our Xator acquisition.

由於整個投資組合的高效增長，第一季度的 SG&A 費用佔總收入的 17%，而 2022 年第一季度為 19.5%。調整後 EBITDA 為 9000 萬美元，較 2022 年第一季度增長 22%。這一增長主要是由於新合同和現有合同的增加以及我們收購 Xator 的貢獻所致。

The year-over-year margin decrease to 7.7% was driven by lower equity and earnings as a result of contract change orders, which are delaying the timing of profit recognition into future quarters as well as legacy program impacts.

同比利潤率下降至 7.7%，原因是合同變更訂單導致股本和收益下降，從而推遲了未來季度利潤確認的時間以及遺留計劃的影響。

I'll turn now to our operating segments, starting first with Federal Solutions. Our first quarter revenue increased by $143 million or 29% from the first quarter of 2022. This increase was driven by organic growth of 6% and $112 million from Xator.

我現在將談談我們的運營部門，首先從聯邦解決方案開始。我們第一季度的收入較 2022 年第一季度增加了 1.43 億美元，即 29%。這一增長是由 Xator 的有機增長 6% 和 1.12 億美元推動的。

Organic growth was driven primarily by higher volume on existing contracts. Federal Solutions adjusted EBITDA increased by $13 million or 32% from the first quarter of 2022, and adjusted EBITDA margin increased 20 basis points to 8.9%. These increases were driven by operating leverage and higher margin growth related to our Xator acquisition.

有機增長主要是由現有合同數量增加推動的。聯邦解決方案調整後 EBITDA 較 2022 年第一季度增加 1300 萬美元，即 32%，調整後 EBITDA 利潤率增加 20 個基點至 8.9%。這些增長是由運營槓桿和與我們收購 Xator 相關的更高的利潤增長推動的。

Moving now to our Critical Infrastructure segment. First quarter revenue increased by $81 million or 18% from the first quarter of 2022, all of which was organic. This strong growth was driven by higher volume in both our Middle East and North America operations. Critical Infrastructure adjusted EBITDA increased by $3 million or 8% from the first quarter of 2022. Adjusted EBITDA margin decreased 60 basis points to 6.3%. The adjusted EBITDA increase was driven by higher volume on new and existing contracts, offset by lower equity and earnings as a result of change orders and legacy program impacts.

現在轉向我們的關鍵基礎設施部分。第一季度收入較 2022 年第一季度增長 8100 萬美元，即 18%，全部是有機增長。這一強勁增長是由我們的中東和北美業務銷量增加推動的。與 2022 年第一季度相比，關鍵基礎設施調整後 EBITDA 增加了 300 萬美元，即 8%。調整後 EBITDA 利潤率下降 60 個基點，至 6.3%。調整後的 EBITDA 增長是由新合同和現有合同數量增加推動的，但被訂單變更和遺留項目影響導致的股本和收益下降所抵消。

Next, I'll discuss cash flow and balance sheet metrics. Our net DSO at the end of Q4 2022 was 69 days, down 7 days from the prior year period. During the first quarter of 2023, we consumed $9 million of operating cash compared to the use of $26 million in the prior year period. The $17 million improvement was driven by higher net income and strong collections across the company to include the Middle East.

接下來，我將討論現金流量和資產負債表指標。截至 2022 年第四季度末，我們的淨 DSO 為 69 天，比去年同期減少 7 天。 2023 年第一季度，我們消耗了 900 萬美元的運營現金，而上年同期為 2600 萬美元。 1700 萬美元的增長是由於更高的淨利潤和整個公司（包括中東）的強勁收款推動的。

Capital expenditures totaled $8 million in the first quarter of 2023. CapEx continues to be well controlled and remains in line with our planned spend of approximately 1% of annual revenue. Our balance sheet remains strong as we ended this quarter with a net debt leverage ratio of 1.4x. Considering the impact of the $43 million all-cash IPKeys acquisition, which closed in April, our pro forma net debt leverage ratio would be approximately 1.5x post transaction.

2023 年第一季度的資本支出總計 800 萬美元。資本支出繼續得到良好控制，並與我們約佔年收入 1% 的計劃支出保持一致。我們的資產負債表依然強勁，本季度末淨債務槓桿率為 1.4 倍。考慮到 4 月份完成的 4300 萬美元全現金 IPKeys 收購的影響，我們預計交易後淨債務槓桿率約為 1.5 倍。

Our low leverage and undrawn borrowing capacity enables us to continue to make internal investments and accretive acquisitions to support long-term growth. As part of our $100 million share repurchase program, we repurchased approximately 140,000 shares for an aggregate purchase price of $6 million during the first quarter.

我們的低杠桿率和未提取的借款能力使我們能夠繼續進行內部投資和增值收購，以支持長期增長。作為 1 億美元股票回購計劃的一部分，我們在第一季度回購了約 140,000 股股票，總購買價為 600 萬美元。

On a run rate basis, this is slightly more than our annual repurchase target of $20 million. As of the end of Q1, $50 million remains available under the program.

按運行率計算，這略高於我們 2000 萬美元的年度回購目標。截至第一季度末，該計劃尚有 5000 萬美元可用。

Turning to bookings for the first quarter. Year-over-year contract award activity increased 51% to $1.4 billion, driven by growth of 52% in Federal Solutions and 49% in our Critical Infrastructure segment. Our book-to-bill ratio for the first quarter was 1.2x with Critical Infrastructure at 1.3x and Federal Solutions at 1.1x. Our backlog at the end of the first quarter totaled $8.4 billion, up $186 million from the fourth quarter of 2022.

轉向第一季度的預訂。受聯邦解決方案部門增長 52% 和關鍵基礎設施部門增長 49% 的推動，合同授予活動同比增長 51%，達到 14 億美元。我們第一季度的訂單出貨比為 1.2 倍，其中關鍵基礎設施為 1.3 倍，聯邦解決方案為 1.1 倍。截至第一季度末，我們的積壓訂單總額為 84 億美元，比 2022 年第四季度增加了 1.86 億美元。

Now, let's turn to our guidance. We are increasing all of our 2023 guidance ranges provided on February 15 to reflect our record first quarter results, recent large contract wins, hiring and retention momentum, positive end market exposure and our outlook for the remainder of the year.

現在，讓我們轉向我們的指導。我們正在提高 2 月 15 日提供的所有 2023 年指導範圍，以反映我們創紀錄的第一季度業績、最近贏得的大型合同、招聘和保留勢頭、積極的終端市場敞口以及我們對今年剩餘時間的展望。

For 2023, we are increasing our revenue range by $125 million to $4.5 billion to $4.7 billion. This represents total revenue growth of 10% at the midpoint and 5% on an organic basis. Additionally, we are increasing our adjusted EBITDA range. We now expect adjusted EBITDA to be between $375 million and $415 million, which represents 12% growth at the midpoint of the range. Margin at the midpoint of our revenue and adjusted EBITDA remains at 8.6%.

到 2023 年，我們的收入範圍將增加 1.25 億美元，達到 45 億美元至 47 億美元。這意味著總收入中點增長 10%，有機增長 5%。此外，我們正在擴大調整後的 EBITDA 範圍。我們現在預計調整後的 EBITDA 將在 3.75 億美元至 4.15 億美元之間，即該範圍中值增長 12%。我們的收入和調整後 EBITDA 的中點利潤率保持在 8.6%。

We're also increasing our cash flow guidance. We now expect operating cash flow to be between $275 million and $335 million, representing 28% growth at the midpoint. Free cash flow conversion is expected to remain above 100% of adjusted net income.

我們還增加了現金流指導。我們目前預計運營現金流將在 2.75 億美元至 3.35 億美元之間，中間值增長 28%。自由現金流轉換預計將保持在調整後淨利潤的 100% 以上。

Other key assumptions in connection with our 2023 guidance are outlined on Slide 10 in today's PowerPoint presentation located on our Investor Relations website.

今天投資者關係網站上的 PowerPoint 演示文稿的幻燈片 10 概述了與我們 2023 年指導相關的其他關鍵假設。

In summary, we had a very strong start to the year with great top and bottom line results. We collected significant cash, raised guidance for all metrics, effectively leveraged our balance sheet with the IPKeys acquisition, and we're confident in our ability to achieve our updated 2023 guidance.

總而言之，我們今年有一個非常強勁的開局，取得了出色的營收和利潤。我們籌集了大量現金，提高了所有指標的指導，通過 IPKeys 收購有效地利用了我們的資產負債表，並且我們對實現更新的 2023 年指導的能力充滿信心。

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

這樣，我會將電話轉回給凱里。

Thank you, Matt. In closing, I am pleased with our start to 2023. We delivered on our commitments, resulting in record first quarter revenue, organic revenue growth, adjusted EBITDA and cash flow. We also won strategic large contracts in both segments, driving a 51% increase in contract award activity.

謝謝你，馬特。最後，我對 2023 年的開局感到滿意。我們兌現了承諾，第一季度收入、有機收入增長、調整後 EBITDA 和現金流均創歷史新高。我們還在這兩個領域贏得了戰略性大合同，推動合同授予活動增加了 51%。

In addition, we maintained our hiring and retention momentum, acquired a strategic company that enhances our Critical Infrastructure protection capabilities, and we increased all 3 of our 2023 guidance metrics.

此外，我們保持了招聘和保留勢頭，收購了一家戰略公司來增強我們的關鍵基礎設施保護能力，並提高了 2023 年的全部 3 項指導指標。

Looking forward, I'm excited about our business given the significant amount of new and recompete business we've won. Our strong backlog and robust balance sheet that will enable us to continue to make accretive acquisitions to drive future revenue growth and margin expansion.

展望未來，鑑於我們贏得了大量新業務和重新競爭業務，我對我們的業務感到興奮。我們強大的積壓訂單和穩健的資產負債表將使我們能夠繼續進行增值收購，以推動未來的收入增長和利潤率擴張。

With that, we will now open the line for questions.

現在，我們將開通提問熱線。

(Operator Instructions) The first question is from Greg Konrad of Jefferies.

（操作員說明）第一個問題來自 Jefferies 的 Greg Konrad。

Great quarter. Maybe just to start, I mean, you kind of touched on it in the script. But I mean, looking at the improved outlook for the year, can you maybe talk about the weighting of the drivers? How much is tied to improved awards on contract growth? You had a smaller deal in the quarter? And then how much maybe hiring above expectations has contributed to the improved outlook?

很棒的季度。也許只是開始，我的意思是，你在劇本中觸及了它。但我的意思是，考慮到今年前景的改善，您能否談談驅動因素的權重？有多少與合同增長的獎勵改善有關？您在本季度有一筆較小的交易嗎？那麼，超出預期的招聘對前景的改善有多大貢獻呢？

Yes, Greg. So I would say it's mostly tied to the awards predominantly, but also some on-contract growth. Hiring, we are exceeding or meeting our expectations. But I would say we're doing as well as we did last year and maintaining our momentum. We were up on hiring 27% this quarter over a year ago. So I would, again, predominantly the very large awards that we've won.

是的，格雷格。所以我想說，這主要與獎項有關，但也與合同增長有關。招聘時，我們超出或達到了我們的期望。但我想說，我們的表現和去年一樣好，並保持著我們的勢頭。本季度我們的招聘人數比一年前增加了 27%。因此，我再次主要關注我們贏得的非常大的獎項。

And then just on the margin, I mean, you typically have a back half ramp. I mean, it's a pretty steep ramp through the back half of the year. You mentioned some of the equity income in CI in the quarter. When you think about that ramp, I mean, how much is tied to volume versus maybe mix or just anything else to call out that kind of drives that sequential margin improvement?

然後就在邊緣，我的意思是，你通常有一個後半坡道。我的意思是，今年下半年的增長非常陡峭。您提到了本季度 CI 的一些股權收入。當你考慮這種增長時，我的意思是，有多少與銷量相關，或者與混合或其他任何因素相關，以喚起這種連續利潤率改善的驅動力？

Yes, Greg. The main point that I would make is relative to equity and earnings. When we look at Q1, the biggest impact we had about -- we had a $7 million impact on equity and earnings related to the change orders we mentioned during the script. That's -- we expect a little bit of a recovery throughout the year. That $7 million. We talked about change orders a couple of quarters now. And the positive story is that over the next 4 years, that will contribute $20 million more in equity and earnings. So we're positive around the equity and earnings recovery toward the back half of the year. And so we still expect equity and earnings to be about $22 million, you can call low $20 million range before the end of the year. So if you lay that out, it's $8-plus million for the rest of the quarters.

是的，格雷格。我要說的主要觀點是與股本和收益相關的。當我們看第一季度時，我們產生的最大影響是——與我們在腳本中提到的變更單相關的股本和收益產生了 700 萬美元的影響。也就是說，我們預計全年會出現一些復甦。那700萬美元。我們已經討論了幾個季度的變更訂單。積極的一面是，在未來 4 年裡，這將為股本和收益貢獻 2000 萬美元。因此，我們對今年下半年的股本和盈利復甦持樂觀態度。因此，我們仍然預計股本和收益約為 2200 萬美元，您可以在年底前將其稱為 2000 萬美元的低區間。因此，如果你算出來的話，剩下的季度的收入將達到 8 多萬美元。

And then maybe just sneaking in one last one. I mean, you had the acquisition close the IPKeys. Historically, most of the deals have been in FS and you've talked about kind of the targets for M&A. Are you seeing maybe increased opportunity to add to CI inorganically, just thinking about maybe the pipeline going forward?

然後也許只是偷偷溜進最後一件。我的意思是，您通過收購關閉了 IPKey。從歷史上看，大多數交易都發生在金融服務領域，您也談到了併購的目標。您是否認為無機地添加到 CI 的機會可能會增加，只是考慮一下未來的管道？

Yes. Great question, Greg. We certainly are -- we have a robust M&A candidate list that spans both of the business segments. To touch upon IPKeys a little more, why we were particularly excited about that. It kind of plays well at the intersection between our balanced portfolio. So when you look at a company that is servicing utility companies, water companies and providing cyber monitoring capabilities, it really is at the right intersection for both federal and critical infrastructure. I'd also point out IPKeys brought us hundreds of new customers. Now, we can take the entire Parsons portfolio and sell it to that new slate, but yet more M&A, both segments, Federal and Critical Infrastructure.

是的。好問題，格雷格。我們當然是——我們有一個涵蓋兩個業務部門的強大的併購候選名單。進一步談談 IPKey，為什麼我們對此特別興奮。它在我們平衡的投資組合之間的交叉點上表現良好。因此，當您看到一家為公用事業公司、自來水公司提供服務並提供網絡監控功能的公司時，您會發現它確實處於聯邦和關鍵基礎設施的正確交叉點。我還想指出 IPKeys 為我們帶來了數百個新客戶。現在，我們可以將整個帕森斯投資組合出售給新的石板，但還有更多的併購，兩個部門，聯邦和關鍵基礎設施。

The next question is from Bert Subin with Stifel.

下一個問題來自 Bert Subin 和 Stifel。

Hey, Carey and Matt. Maybe just following up to the first question there. So if I look at your revised guidance assumptions, they're now incrementally more weighted towards Federal Solutions. You were sort of targeting 53% to 54%, and now you're looking at 54% of sales coming from that. And that's despite a pretty strong start to the year for Critical Infrastructure and then the IPKeys acquisition. Can you just walk us through maybe some more granularity on what's driving the outperformance in Federal Solutions and how we should think about the ramp phase for the State Department contract?

嘿，凱里和馬特。也許只是跟進第一個問題。因此，如果我看看你們修訂後的指導假設，它們現在越來越傾向於聯邦解決方案。您的目標是 53% 到 54%，現在您看到 54% 的銷售額來自於此。儘管關鍵基礎設施今年開局相當強勁，然後是 IPKeys 收購，但情況還是如此。您能否向我們詳細介紹一下推動聯邦解決方案表現優異的因素以及我們應該如何考慮國務院合同的升級階段？

Sure, Greg. So what's driving it is new business wins. When you look at the CARE's contract, $750 million over 3 years, the large FEDSIM contract will also come into play, again that going to announce shortly at the end of the first quarter. That's $1.2 billion over 5 years. You look at the Holston contract, $164 million over 4 years. The FAA contract recompete win, which is going to get some upside due to the Infrastructure Bill. Those are all key contributors.

當然，格雷格。所以推動它的是新業務的勝利。當你看看 CARE 的合同時，三年期 7.5 億美元，大型 FEDSIM 合同也將發揮作用，同樣將在第一季度末不久宣布。這相當於 5 年內 12 億美元。你看看霍爾斯頓的合同，4年1.64億美元。美國聯邦航空局合同重新競爭獲勝，由於基礎設施法案，這將獲得一些好處。這些都是關鍵貢獻者。

As far as the CARE's ramp, it's early days yet on that contract. So we did about $40 million in Q1, and we're just watching the ramp-up pace. And we will adjust guidance going forward as needed upward if we need to, based on the ramp.

就 CARE 的擴張而言，該合同還處於早期階段。因此，我們在第一季度投入了大約 4000 萬美元，我們只是在觀察增長速度。如果需要的話，我們將根據需要向上調整指導方針。

Yes. So Bert, specifically, I was going to add, Bert, the -- specifically for Xator, we had targeted $300 million when we put the guidance out previously. We're now at $400 million, which is obviously for the current calendar year, which is obviously weighted towards Federal.

是的。因此，Bert，具體而言，我要補充一點，Bert，特別是針對 Xator，當我們之前發布指南時，我們的目標是 3 億美元。我們現在的資產為 4 億美元，這顯然是當前日曆年的數據，顯然偏向聯邦。

Okay. Just to clarify that, I mean, you're including within that $400 million, the State Department. So that assumes -- you're assuming more like $100 million instead of the -- or maybe $250 million once you lap a full year there?

好的。只是為了澄清這一點，我的意思是，這 4 億美元中包括了國務院。那麼假設——你假設更多的是 1 億美元而不是——或者一旦你在那裡跑了一整年，可能是 2.5 億美元？

Correct. Yes. So we're adding $100 million for Xator. Yes. So it's about $125 million associated with the CARE's contract.

正確的。是的。因此，我們為 Xator 增加了 1 億美元。是的。因此，與 CARE 的合同相關的金額約為 1.25 億美元。

Got it. Okay. And just one follow-up. If I look at sales in the Middle East region, at least based on sort of preliminary numbers in the queue, it looks like that was up 38% year-over-year in the first quarter, which I believe is the highest growth rate for the region since you became a public company. Can you just help us think through sort of what that scale wind should look like going forward? Carey, I know at the Investor Day, you talked about how Middle East could remain a pretty strong growth contributor for a couple of years. Is that still the view?

知道了。好的。只有一個後續行動。如果我看一下中東地區的銷售額，至少根據隊列中的初步數據，第一季度同比增長了 38%，我認為這是該地區最高的增長率。自您成為上市公司以來的地區。你能幫助我們思考一下未來風的規模應該是什麼樣子嗎？凱里，我知道在投資者日，您談到中東如何在未來幾年內保持相當強勁的增長貢獻者。現在還是這樣的景色嗎？

Yes, it's still the view. We were fortunate, and we've been awarded 5 of the 5 giga projects in the Middle East. So we're seeing very strong demand there. The programs, particularly, I would say, NEOM, Oxagon, and NEOM The Line have been significant contributors, but also the largest entertainment city that's being built outside of Riyadh is important. Our hiring there has been very strong, and that's been driving our growth.

是的，仍然是這樣的景色。我們很幸運，獲得了中東 5 個千兆項目中的 5 個。所以我們看到那裡的需求非常強勁。我想說，這些項目，特別是 NEOM、Oxagon 和 NEOM The Line 都是重要的貢獻者，而且利雅得以外正在建設的最大的娛樂城也很重要。我們在那裡的招聘非常強勁，這一直在推動我們的增長。

The next question is from Tobey Sommer of Truist Securities.

下一個問題來自 Truist Securities 的 Tobey Sommer。

I wanted to get your expectations for mix between the segments over time. Clearly, there are some strong drivers within Critical Infrastructure with the activity in the Middle East and the Infrastructure Bill, but it was only a couple of years ago that we were expecting a mix shift towards the federal government space to occur over time. How do you think about that over a longer stretch of time than 2 or 3 years? And is there a preference for where to apply capital in terms of acquisitions?

我想了解您對一段時間內各細分市場之間的混合的期望。顯然，中東的活動和《基礎設施法案》對關鍵基礎設施有一些強大的驅動力，但就在幾年前，我們還預計隨著時間的推移，會出現向聯邦政府領域的混合轉變。在超過兩三年的時間內，您如何看待這個問題？在收購方面，資本的使用方向是否存在偏好？

Yes. Tobey, great question. We like our balanced portfolio. I think we're unique in the industry and this diverse portfolio really helps us. Obviously, very pleased with the strong organic growth that we had, 12%, 18% from Critical Infrastructure, 6% from Federal. Very pleased with the awards that we're seeing in both segments. And when you look at our 6 end markets, 3 in each of the segments, they're all 6 growing. So for us, it's just a really great place to be and it's the right portfolio. And from M&A, again, we have targets in both areas. So we'll continue to acquire the best companies that would deliver like Xator has.

是的。托比，好問題。我們喜歡我們平衡的投資組合。我認為我們在行業中是獨一無二的，這種多元化的產品組合確實對我們有幫助。顯然，我們對強勁的有機增長感到非常滿意，12%、18% 來自關鍵基礎設施、6% 來自聯邦。我們對在這兩個領域所獲得的獎項感到非常滿意。當你看看我們的 6 個終端市場（每個細分市場 3 個）時，它們都在增長。所以對我們來說，這是一個非常好的地方，也是正確的投資組合。從併購來看，我們在這兩個領域都有目標。因此，我們將繼續收購能夠像 Xator 那樣提供服務的最佳公司。

And in terms of your reinvestment into the business, how are you choosing to do that as the top line growth has accelerated and you've had better-than-expected top line results. What sort of tactical choices are you making? And where are you placing those sort of additional dollars?

就您對業務的再投資而言，隨著收入增長加速並且您的收入結果好於預期，您將如何選擇這樣做。你正在做出什麼樣的戰術選擇？您將這些額外的資金放在哪裡？

Yes. So we have a very focused research and development program, and we refresh that as we go throughout the year. And what we do is invest in areas where we have technology differentiation. I can't talk too much. We do the classification level about the award that we just won, but I will say that was the $1.2 billion FEDSIM won. I will say that our investments have been targeted on winning awards such as that. We also invest in areas where we're technologically differentiated. A great example there would be PFAS investment.

是的。因此，我們有一個非常集中的研發計劃，並且我們會在全年中不斷更新該計劃。我們所做的是投資於我們擁有技術差異化的領域。我不能說太多。我們對我們剛剛贏得的獎項進行了分類，但我會說那是 FEDSIM 贏得的 12 億美元。我想說的是，我們的投資就是為了贏得這樣的獎項。我們還投資於我們具有技術差異化的領域。 PFAS 投資就是一個很好的例子。

Appreciate that. And you mentioned hiring up 27% year-over-year. What's your expectation for headcount growth for the year? And have you noticed any changes in terms of the component pieces to achieve that growth year-to-date, either retention or sort of acceptance rates? We've heard from other companies in our coverage about some changes in those dimensions.

感謝。您提到招聘人數同比增長 27%。您對今年員工人數增長的預期是多少？您是否注意到今年迄今為止實現增長的組成部分有任何變化，無論是保留率還是接受率？我們從報導中的其他公司那裡了解到這些方面的一些變化。

Yes. So what we're planning on is hiring that's roughly the same as what we achieved last year. That was what we had booked into our plan. And obviously, we're very pleased with getting up to a strong start of 27% increase. We are seeing improvement on both the hiring and the retention. Our retention improved this quarter. We continue to be ahead of the PwC industry benchmarks. And that's across all of our businesses, which is good. And I would say in the hiring, again, a lot was in the Middle East, but seeing strength as well in North America. So, it's the labor market, I think, has become better for us.

是的。因此，我們計劃的招聘規模與去年的招聘規模大致相同。這就是我們在計劃中預訂的內容。顯然，我們對實現 27% 的強勁增長感到非常高興。我們看到招聘和保留方面都有所改善。本季度我們的保留率有所提高。我們繼續領先於普華永道行業基準。我們所有的業務都是如此，這很好。我想說，在招聘過程中，很多都是在中東，但在北美也看到了優勢。所以，我認為，勞動力市場對我們來說變得更好了。

And last one for me, if I could sneak one in. How would you describe the bids you have submitted or are working on for relatively large programs? How would you describe that piece of your pipeline?

最後一個是我的，如果我可以偷偷地進來一下的話。您會如何描述您已經提交的或正在為相對較大的項目進行的投標？您會如何描述您的管道的那一部分？

Yes. So first, I would say we have awarded not booked value of $7 billion. We have an awaiting notice of award value of $14 billion. And by the way, that's up from $9 billion in the last quarter. Within the $14 billion, there are 20 programs greater than $100 million. Then when you look at our qualified pipeline, it's $48 billion, and there are 90 awards greater than $100 million in that.

是的。首先，我想說的是，我們已授予未賬面價值 70 億美元的合同。我們正在等待價值 140 億美元的獎勵通知。順便說一句，這比上個季度的 90 億美元有所增加。在這140億美元中，有20個項目超過1億美元。然後，當你查看我們的合格管道時，會發現其價值為 480 億美元，其中有 90 個獎項超過 1 億美元。

The next question is from Andy Wittmann of Baird.

下一個問題來自貝爾德 (Baird) 的安迪·維特曼 (Andy Wittmann)。

I guess, I just want to understand the margins a little bit better in the Critical Infrastructure segment. Matt, I guess you talked about the $7 million equity in earnings, which is really just an accounting result of the change order that you received a few quarters ago, and you've been talking about that. But it sounded like there's also a charge on the legacy project in a joint venture. So I was hoping, -- I mean, the quarter was good despite what looks like there was a charge, but like how much better could it have been? What was the size of the charge that you took on the legacy JV project?

我想，我只是想更好地了解關鍵基礎設施領域的利潤。馬特，我想您談到了 700 萬美元的收益權益，這實際上只是您幾個季度前收到的變更單的會計結果，而且您​​一直在談論這一點。但聽起來合資企業的遺留項目也有收費。所以我希望，——我的意思是，儘管看起來有收費，但這個季度的表現還是不錯的，但還能好多少呢？您對遺留合資項目承擔的費用有多大？

Yes. So we also had that we took a charge of about $4 million related to one of the legacy contracts that we've talked about in the past. That's the program that's scheduled to wrap up. We call them Q3, late Q3 time frame. So we're kind of coming up on the back end of that program, which is positive. If you pro forma is the change order plus the write-offs, it would be about 8.5% for CI.

是的。因此，我們還收取了約 400 萬美元的費用，該費用與我們過去討論過的一份遺留合同有關。這就是計劃結束的計劃。我們稱之為第三季度，即第三季度後期的時間範圍。所以我們有點接近該計劃的後端，這是積極的。如果您預計變更單加上沖銷，則 CI 約為 8.5%。

And I think the key thing there, and we were asked earlier about the ramp-up in margin since the end of the year. So the legacy programs will be wrapped up again in the third quarter, but also the change orders, we anticipate positive change orders starting in the second quarter.

我認為關鍵是，我們早些時候被問到自今年年底以來利潤率的上升情況。因此，遺留項目將在第三季度再次完成，變更訂單也將完成，我們預計從第二季度開始將出現積極的變更訂單。

Got it. Okay. Good. That's my only question. Thanks.

知道了。好的。好的。這是我唯一的問題。謝謝。

(Operator Instructions) The next question is from Josh Sullivan of The Benchmark Company.

（操作員說明）下一個問題來自 Benchmark Company 的 Josh Sullivan。

The comment in the prepared remarks looking at 10th quarter with a book-to-bill over 1x. Just looking at the future spending coming forward, how long do you think that cycle can generally last? And clearly, quarter-to-quarter, there's going to be variability. But where do you think we are in that cycle?

準備好的評論中的評論著眼於第十季度的訂單出貨比超過 1 倍。看看未來的支出，您認為這個週期一般可以持續多久？顯然，每個季度都會出現變化。但你認為我們處於這個週期的哪個階段？

So, I would look at 3 dynamics. First is Canada. Canada passed its Infrastructure Bill back in 2016. So those programs are often ramping. And we're kind of in the sweet spot of that. When you look at the Infrastructure Bill, we haven't started to see the strong uptick yet. We're expecting that at the end of this year to early 2024.

所以，我會關註三個動態。首先是加拿大。加拿大早在 2016 年就通過了基礎設施法案。因此，這些項目往往會不斷推進。我們正處於最佳狀態。當你看一下基礎設施法案時，我們還沒有開始看到強勁的增長。我們預計在今年年底至 2024 年初實現這一目標。

And then when you look at the Middle East, that's going to continue for quite a while because the programs that we're on are part of Saudi Vision 2030. So if you look at a program like NEOM The Line, the goal is to have like 9 million people living in the city by 2030. So these are really long duration programs and long spend. U.S. Infrastructure Bill again is $1.2 trillion, $550 billion of that is billion is new. And then if you look at the Middle East, it's $1.5 trillion, with about 60% to 70% of that new funding.

然後，當你看看中東時，這種情況將持續相當長一段時間，因為我們正在進行的計劃是沙特 2030 年願景的一部分。因此，如果你看看像 NEOM The Line 這樣的計劃，目標是到 2030 年，大約有 900 萬人居住在這座城市。所以這些都是持續時間較長的項目，花費也較長。美國基礎設施法案又是 1.2 萬億美元，其中 5500 億美元是新的。如果你看看中東，就會發現這一數字為 1.5 萬億美元，其中大約有 60% 到 70% 的新資金。

Got it. And then, I mean, as far as just the headlines around debt ceiling negotiations, have you seen any change in customer behavior or scenario planning at this point?

知道了。然後，我的意思是，就債務上限談判的頭條新聞而言，您目前是否看到客戶行為或情景規劃有任何變化？

Well, first, we don't think that the debt ceiling will have a material impact of Parsons. And also, we feel it's highly unlikely the country will default on its debt. The debt ceiling has been increased 20x since 2001. So it's highly likely that, that will happen again. I'd also say that we're fortunate compared to many of our peers because we have our diverse portfolio. So 50% will not even be impacted by the debt ceiling and that includes our international business, our state and local business and our commercial business. And then, when you look at the remainder in Federal, a good portion of the Federal Solutions backlog is already funded.

嗯，首先，我們認為債務上限不會對帕森斯產生實質性影響。而且，我們認為該國債務違約的可能性極小。自 2001 年以來，債務上限已提高了 20 倍。因此，這種情況很可能會再次發生。我還想說，與許多同行相比，我們很幸運，因為我們擁有多元化的投資組合。因此，50% 甚至不會受到債務上限的影響，其中包括我們的國際業務、我們的州和地方業務以及我們的商業業務。然後，當您查看聯邦的剩餘部分時，聯邦解決方案積壓的很大一部分已經得到資助。

The next question is from Cai von Rumohr of Cowen.

下一個問題來自 Cowen 的 Cai von Rumohr。

So your guide hike of $125 million. I mean, basically, you pick up at least $100 million from Xator and the CARE's that you pick up IPKeys, which suggests that you're really not adding anything else given what you have very, very good bookings. And you talk of good retention. But I mean, throughout your sector, everybody is talking about retention as a whole lot better than it was last year, which presumably should help you on your utilization. So I mean, normally, people don't raise their guide this early in the year. I mean, it looks like just at the factors that this is a guide hike that has some opportunity. Is that a reasonable assumption?

因此，您的指導價上漲了 1.25 億美元。我的意思是，基本上，您從 Xator 和 CARE 獲得至少 1 億美元，您獲得 IPKeys，這表明您實際上沒有添加任何其他東西，因為您有非常非常好的預訂。你談到了良好的保留率。但我的意思是，在整個行業中，每個人都在談論整體留存率比去年好得多，這可能會幫助您提高利用率。所以我的意思是，通常情況下，人們不會在今年這麼早就提出他們的指南。我的意思是，僅從這些因素來看，這是一次有機會的導遊徒步旅行。這是一個合理的假設嗎？

Yes. So I would say, again, we try and keep a very measured approach to guidance to make sure that we can achieve it. It is early in the year. We've won a lot of new work and we want to see how those programs ramp up.

是的。所以我想說，我們會嘗試並保持一種非常審慎的指導方法，以確保我們能夠實現這一目標。現在是年初。我們已經贏得了很多新的工作，我們想看看這些項目的進展如何。

Got it. And so you're really off to sort of a very strong start here in terms of bookings in this quarter. Leidos reported yesterday, and they were talking about expecting to see the award flow, which kind of was very slow last year that, that's really starting to pick up very aggressively as folks try to get money put under contract before what could be a tough CR later this year. Are you seeing that too? I mean, beyond what you've already got, but if you look at the additional potentials for Q2 and early Q3 that the bookings potential looks pretty good.

知道了。因此，就本季度的預訂而言，您確實有了一個非常強勁的開端。 Leidos 昨天報導，他們正在談論期望看到獎勵流，去年獎勵流非常緩慢，但隨著人們試圖在可能是艱難的 CR 之前將資金投入合同，獎勵流確實開始非常積極地增長今年晚些時候。你也看到了嗎？我的意思是，超出了您已經獲得的範圍，但如果您看看第二季度和第三季度初的額外潛力，您會發現預訂潛力看起來相當不錯。

Yes. We're also seeing, Cai, similar trends. And that's why I wanted to include a couple of the wins that we got just after the end of Q1, but we have seen good progress. And again, we have quite a big awaiting notice of award that we're hoping it starts to get awarded soon and a large pipeline.

是的。蔡，我們也看到了類似的趨勢。這就是為什麼我想包括我們在第一季度結束後取得的幾場胜利，但我們已經看到了良好的進展。再說一次，我們有相當多的等待獲獎通知，我們希望它能盡快開始獲獎，並且有一個龐大的管道。

Yes. Cai, from a specifics perspective, I'd tell you that I suspect in Q2, that will be the first time in over a year, probably 1.5 years where awaiting notice of award will come down. Carey talked about FAA happening in Q2 and a couple of other billion-plus jobs. So that kind of -- that number is kind of been stacking up over the last 18 months. And so it will probably be the first quarter where that number starts to come down, which is evidence of what you asked.

是的。蔡，從具體的角度來看，我想告訴你，我懷疑在第二季度，這將是一年多以來，可能是 1.5 年來第一次，等待獲獎通知的時間將會下降。凱里談到了美國聯邦航空局在第二季度發生的事情以及其他幾個價值超過十億美元的就業機會。所以這個數字在過去 18 個月裡一直在增加。因此，這個數字可能會在第一季度開始下降，這證明了您的要求。

The next question is from Louie DiPalma of William Blair.

下一個問題來自威廉·布萊爾的路易·迪帕爾瑪。

Geopolitical tension has been increasing on multiple fronts. Do you expect increased demand for your missile defense and space services as it relates to the Indo-Pacific and Guam?

地緣政治緊張局勢在多個方面不斷加劇。您預計與印度-太平洋和關島有關的導彈防禦和太空服務需求會增加嗎？

Yes. I would say definitely. And again, I can't talk too much about that $1.2 billion contract. But just I will say it is in those areas. Overall in INDOPACOM and Guam, we have a pretty good presence. We've been on Guam for a couple of decades providing infrastructure support. We're doing the Kwajalein airfield program. And we run a lot of our cyber work, particularly for the combat and commander program out of Hawaii. So INDOPACOM and the Pacific Deterrence Initiative of $9.1 billion is very much in our line of site for expansion and growth.

是的。我肯定會說。再說一次，我不能過多談論那份 12 億美元的合同。但我只想說是在那些領域。總體而言，我們在印太司令部和關島的表現相當不錯。幾十年來，我們一直在關島提供基礎設施支持。我們正在進行誇賈林島機場計劃。我們開展了大量的網絡工作，特別是夏威夷以外的戰鬥和指揮官計劃。因此，印太司令部和 91 億美元的太平洋威懾倡議非常適合我們的擴張和增長。

And you discussed the Xator $250 million 1-year contract and how a portion of that is expected to be recognized for this year. But do you have any visibility in terms of that contract renewing for the option years in year 2 and year 3? Is it consider the type of service that would only be for 1 year? Or do you think that is sustainable?

您還討論了 Xator 價值 2.5 億美元的一年期合同，以及預計今年將如何確認其中的一部分。但是您對第二年和第三年期權年的合同續簽有任何了解嗎？是否考慮只提供一年的服務類型？或者您認為這是可持續的嗎？

Yes. We believe it's sustainable and could perhaps even continue beyond the 3-year period based on the demand and the requirements.

是的。我們相信它是可持續的，甚至可能根據需求和要求持續超過 3 年。

(Operator Instructions) The next question is from Noah Poponak of Goldman Sachs.

（操作員指令）下一個問題來自高盛的諾亞·波波納克（Noah Poponak）。

Just back to the question on sort of how the top line outlook is revised today and the pacing of the year. I mean, was there anything kind of pulled into the end of the quarter, pulled forward into the quarter? Just because -- just given where the growth rate was, and then it seems like the sort of sequential pacing for the rest of the year is a little bit different than what you had previously indicated?

回到今天如何修改營收展望以及今年的節奏的問題。我的意思是，是否有任何事情被拉到了季度末，拉到了季度前？僅僅因為——只要考慮到增長率，那麼今年剩餘時間的連續節奏似乎與您之前指出的有點不同？

Yes, Noah, what I'd point to is we've talked a little bit about the headwinds around Kwajalein. The majority of that $70 million is weighted towards Q2, Q3, really Q3 as the peak. So I'd say from a modeling perspective, Q3 was $40-plus million of revenue. That's non-recurring, given the program was completed. And so that's the biggest driver to the cyclicality or the updated quarterly outlook.

是的，諾亞，我要指出的是，我們已經討論了誇賈林環礁周圍的逆風。這 7000 萬美元中的大部分都集中在第二季度、第三季度，實際上第三季度是峰值。所以我想說，從建模的角度來看，第三季度的收入超過了 40 多萬美元。鑑於該計劃已完成，這不是重複發生的。因此，這是周期性或更新的季度前景的最大驅動因素。

Okay. You just had an Investor Day where you gave a longer-term look at the top line. Given where this year is now tracking, given what you're seeing on the order activity, that implies a deceleration in the growth rate. Obviously, the larger the revenue base gets, the harder to compare. But with the program you just mentioned as a headwind this year, but then not beyond and the bookings, what they are, I guess, why would the growth rate decelerate over the next 2 years?

好的。您剛剛舉辦了投資者日，您對營收進行了更長期的審視。考慮到今年的情況，考慮到訂單活動的情況，這意味著增長率正在放緩。顯然，收入基礎越大，比較就越困難。但是，您剛才提到的計劃是今年的逆風，但不超出預訂量，我猜它們是什麼，為什麼未來兩年增長率會減速？

Yes. So I would say at Investor Day, first, we didn't have a couple of those very large awards that we've just won in hand. So that was kind of a point in time. What we want to do is, obviously, see how these programs ramp up, and then we'll take a look at our longer-term targets.

是的。所以我想說，在投資者日，首先，我們手中並沒有剛剛贏得的幾個非常大的獎項。所以那是一個時間點。顯然，我們想做的是看看這些計劃如何推進，然後我們將看看我們的長期目標。

Okay. Yes. Okay. That's fair. And then last one, just, Carey, you've given some good detail here on what happened with the CI margin and how the sort of terms of trade, I guess, in the contracts play out. The -- I think you made -- I forget the exact wording, but you made a comment about when you get into the middle of this year being out of some legacy -- being out of legacy contracts. Are you referring to a specific contract? Or I guess, what's kind of the timing of where you're off of everything you consider to be legacy in terms of the contract terms in CI?

好的。是的。好的。這還算公平。最後一個，凱里，您在這裡提供了一些有關 CI 保證金發生的情況以及我猜合同中的貿易條款如何發揮作用的詳細信息。我想你說過，我忘記了確切的措辭，但你評論說，當你進入今年年中時，就會失去一些遺留合同。您指的是具體的合同嗎？或者我猜，您在 CI 合同條款中認為是遺留下來的一切的時間是什麼？

Yes. So we had some contracts and these were bid back in the 2015 time frame that we've been trying to wind out of the portfolio. As we've mentioned, we've had 2 remaining as we entered this year. So one of those is going to wrap up our estimate right now is third quarter. And then the second one will wrap up the second quarter of 2024. And once those are behind us, it's really going to help the CI margin, because those have been a drag on the margin.

是的。所以我們有一些合同，這些合同是在 2015 年的時間範圍內競標回來的，我們一直試圖從投資組合中退出。正如我們所提到的，今年進入時我們還剩下 2 個。因此，其中之一將是我們現在對第三季度的估計。然後第二個將在 2024 年第二季度結束。一旦這些都過去了，它確實會有助於 CI 利潤率，因為這些一直拖累利潤率。

That is all the time we have for questions today. So this concludes our question-and-answer session. I would like to turn the conference back over to Dave Spille for closing remarks.

這就是我們今天提問的時間了。我們的問答環節到此結束。我想將會議轉回戴夫·斯皮爾 (Dave Spille) 致閉幕詞。

Thank you, and thank you for joining us this morning. If you have any questions, please don't hesitate to give me a call. We look forward to speaking with many of you over the coming weeks. And with that, we'll end today's call. Have a great day.

謝謝您，也感謝您今天早上加入我們。如果您有任何疑問，請隨時給我打電話。我們期待在未來幾週內與你們中的許多人交談。我們就這樣結束今天的通話。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。