Parsons Corp (PSN) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the second quarter 2024 Parsons Corporation earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們先生們，謝謝你們的支持。歡迎參加帕森斯公司 2024 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I would like now to turn the conference over to Dave Spille, Senior Vice President, Investor Relations. Please go ahead.

現在我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。

Good. Thanks, Michelle. Good morning, and thank you for joining us today to discuss our second-quarter 2024 financial results. Please note that we provided presentation slides on the Investor Relations section of our website. On the call with me today are Carey Smith, Chair, President, and CEO; and Matt Ofilos, CFO.

好的。謝謝，米歇爾。早安，感謝您今天加入我們討論我們 2024 年第二季的財務表現。請注意，我們在網站的投資者關係部分提供了簡報幻燈片。今天與我通話的有董事長、總裁兼執行長凱裡‧史密斯 (Carey Smith)；和財務長馬特·奧菲洛斯。

Today, Carey will discuss our corporate strategy and operational highlights, and then Matt will provide an overview of our second-quarter financial results as well as a review of our increased 2024 guidance. We then will close with a question-and-answer session.

今天，凱裡將討論我們的企業策略和營運亮點，然後馬特將概述我們第二季度的財務業績，並對我們增加的 2024 年指導進行回顧。然後我們將以問答環節結束。

Management may also make forward-looking statements during the call regarding future events, anticipated future trends, and the anticipated future performance of the company. We caution you that such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict.

管理層還可能在電話會議期間就未來事件、預期未來趨勢以及公司預期未來業績做出前瞻性陳述。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。

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, 2023, and other SEC filings.

由於多種因素，實際結果可能與前瞻性陳述中的預測有重大差異。這些風險因素在我們截至 2023 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.

請參閱我們的收益新聞稿，以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。

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.

管理階層也會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 財務指標不能取代可比較的 GAAP 指標。

And now, we'll turn the call over to Carey.

現在，我們將把電話轉給凱裡。

Thank you, Dave. Good morning, and welcome to Parson's second-quarter 2024 earnings call. We are very pleased with our second quarter and year-to-date results and what the entire Parson's team continues to accomplish.

謝謝你，戴夫。早安，歡迎參加帕森斯 2024 年第二季財報電話會議。我們對第二季和今年迄今為止的業績以及整個帕森團隊繼續取得的成就感到非常滿意。

Over the last three years, we have transformed the company into a high-value solutions provider that differentiates by leveraging software and cutting-edge technologies, such as artificial intelligence, cloud computing, and advanced signal processing. This transition has enabled us to deliver record financial results, industry-leading organic revenue growth in both segments, improved win rates, and a demonstrated ability to win larger and higher-margin contracts.

在過去三年中，我們已將公司轉變為高價值解決方案提供商，透過利用軟體和尖端技術（例如人工智慧、雲端運算和高階訊號處理）來實現差異化。這一轉變使我們能夠實現創紀錄的財務業績、兩個領域行業領先的有機收入增長、提高的獲勝率以及贏得更大、更高利潤合約的能力。

Also, our strong balance sheet and free cash flow are enabling us to continue to make internal investments and accretive acquisitions that support our long-term growth and margin expansion goals, as well as strengthen our capabilities in both segments. These accomplishments are the result of our clear strategic intent and ability to execute.

此外，我們強大的資產負債表和自由現金流使我們能夠繼續進行內部投資和增值收購，以支持我們的長期成長和利潤擴張目標，並增強我們在這兩個領域的能力。這些成就是我們明確的策略意圖和執行能力的結果。

Our purpose-built federal solutions portfolio is addressing national security threats from near-peer adversaries that are increasingly aggressive. Our technology-driven infrastructure portfolio and our strong market position are enabling us to take advantage of the unprecedented global infrastructure spending.

我們專門構建的聯邦解決方案組合正在解決來自日益咄咄逼人的近鄰對手的國家安全威脅。我們的技術驅動的基礎設施投資組合和強大的市場地位使我們能夠利用前所未有的全球基礎設施支出。

As our financial results demonstrate, we are executing on our strategy and delivering on our customers' missions. And the benefits of our portfolio transformation have allowed us to capitalize on the tailwinds that are positively impacting both our federal solutions and critical infrastructure segments.

正如我們的財務表現所表明的那樣，我們正在執行我們的策略並實現客戶的使命。我們的投資組合轉型的好處使我們能夠利用對我們的聯邦解決方案和關鍵基礎設施領域產生積極影響的順風。

For the second quarter, we delivered record results for all three major financial metrics, including total revenue, adjusted EBITDA, and operating cash flow. This is the 10th consecutive quarterly record for revenue and the 11th consecutive quarterly record for adjusted EBITDA.

第二季度，我們的所有三個主要財務指標（包括總收入、調整後 EBITDA 和營運現金流）均創下了創紀錄的業績。這是營收連續第 10 季創紀錄，調整後 EBITDA 連續第 11 季創紀錄。

For the quarter, we generated $1.7 billion in revenue for the first time in our company's history and delivered organic revenue growth of 22%. This is now the fifth consecutive quarter in which we achieved year-over-year organic revenue growth of more than 20%. During the second quarter, we also delivered double-digit total revenue growth in all four business units in major geographies.

本季度，我們公司歷史上首次實現了 17 億美元的收入，並實現了 22% 的有機收入成長。這是我們連續第五個季度實現有機收入年增超過 20%。第二季度，我們在主要地區的所有四個業務部門的總收入也實現了兩位數的成長。

Adjusted EBITDA of $150 million was also a record and increased 27% year over year, which outpaced total revenue growth. We expanded our adjusted EBITDA margins by 30 basis points, as we continue to execute on higher-margin contracts and efficiently manage the business.

調整後 EBITDA 為 1.5 億美元，年增 27%，創歷史新高，超過了總收入成長。隨著我們繼續執行利潤率更高的合約並有效管理業務，我們將調整後的 EBITDA 利潤率擴大了 30 個基點。

In addition, we reported record second-quarter operating cash flow and increased our trailing 12-month cash flow by more than 115% from the prior year period. As a result of our strong second quarter performance, we are increasing our 2024 guidance ranges for all financial metrics, which Matt will discuss in a few minutes.

此外，我們報告了創紀錄的第二季度營運現金流，過去 12 個月的現金流較去年同期增加了 115% 以上。由於我們第二季度的強勁表現，我們正在提高所有財務指標的 2024 年指導範圍，馬特將在幾分鐘內討論這一點。

Our ability to win new business across both segments and all six end markets continues, with Parson's trailing 12-month book-to-bill ratio of 1.0 times, representing a 10% increase in contract award activity. In addition, the critical infrastructure segment has achieved a book-to-bill ratio of 1.0 or greater for the 15th consecutive quarter.

我們繼續在兩個細分市場和所有六個終端市場贏得新業務，帕森過去 12 個月的訂單出貨比為 1.0 倍，意味著合約授予活動增加了 10%。此外，關鍵基礎設施領域的訂單出貨比連續第15季達到1.0或更高。

Much of our success in the infrastructure market is due to our ability to infuse technology across our portfolio. For example, we've implemented artificial intelligence to automate construction supervision across many of our giga projects in the Middle East. This has led to reduced cost, increased productivity and safety, and margin expansion.

我們在基礎設施市場的成功很大程度上歸功於我們將技術融入我們的產品組合中的能力。例如，我們在中東的許多巨型專案中實施了人工智慧，以實現施工監督的自動化。這降低了成本，提高了生產力和安全性，並擴大了利潤。

In critical infrastructure, during the second quarter, we were awarded many new strategically important contracts. In Saudi Arabia, we were awarded over $160 million of awards during the quarter, including a confidential $41 million contract for technical consulting, $60 million of additional scope on existing contracts, approximately $30 million of new work for a resort and marina, and new work supporting a Saudi developer.

在關鍵基礎設施方面，第二季我們獲得了許多具有重要戰略意義的新合約。在沙烏地阿拉伯，本季我們獲得了超過1.6 億美元的獎項，包括價值4,100 萬美元的機密技術諮詢合約、現有合約的6,000 萬美元的額外範圍、約3,000 萬美元的度假村和碼頭新工程以及新工程支持沙烏地阿拉伯開發商。

Our momentum in the Middle East and the Saudi market, in particular, continues as both markets achieved double-digit year-over-year revenue growth in the second quarter, exceeding our second-quarter plan. We also increased our fiscal year 2024 forecast for both the EMEA and Saudi Arabia markets.

我們在中東和沙烏地阿拉伯市場的勢頭尤其持續，兩個市場在第二季度實現了兩位數的同比收入增長，超出了我們第二季度的計劃。我們也上調了 EMEA 和沙烏地阿拉伯市場 2024 財年的預測。

We currently have the largest qualified pipeline in our company's history in both Saudi and the Middle East overall. And our Saudi business is so diverse that no single contract represents more than 2% of Parsons total revenue.

目前，我們在沙烏地阿拉伯和中東擁有公司歷史上最大的合格管道。我們的沙烏地阿拉伯業務非常多元化，沒有任何一份合約佔帕森斯總收入的 2% 以上。

In Infrastructure North America, we received a new $46 million contract for operations and maintenance of intelligent transportation systems by the Virginia Department of Transportation and a new rail and transit project. During the quarter, the Gateway tunnel project secured the last piece of $16 billion of funding, signing the nearly $7 billion full funding grant agreement with the United States Department of Transportation and securing $4 billion in loans for the local match.

在北美基礎設施領域，我們獲得了弗吉尼亞州交通部簽署的一份價值 4600 萬美元的智慧交通系統運營和維護合約以及一個新的鐵路和交通項目。本季度，Gateway隧道計畫獲得了最後一筆160億美元的資金，與美國交通部簽署了近70億美元的全額資助協議，並為當地配套獲得了40億美元的貸款。

This is a milestone project we won as a delivery partner in the first quarter and represents the largest investment in a mass transit project in modern history. As I indicated last quarter, Parsons has recently won three of the largest North America transportation projects in our company's history, the Hudson River Tunnel, JFK International Airport Roadways, and Newark Bay Bridge projects. These three major awards, along with our second quarter wins, demonstrate the success that we're having in the transportation market.

這是我們作為交付合作夥伴在第一季贏得的里程碑項目，也是近代史上對公共交通項目最大的投資。正如我上季度指出的那樣，帕森斯最近贏得了我們公司歷史上最大的三個北美交通項目：哈德遜河隧道、甘迺迪國際機場道路和紐瓦克灣大橋項目。這三個主要獎項以及我們第二季的勝利證明了我們在運輸市場上的成功。

It also highlights that federal, state, local, and international funding continue to flow at a steady pace. In our federal solutions segment, during the second quarter, we received an option period award totaling $460 million under the company's Technical, Engineering, Advisory and Management Support, or TEAMS, contract.

它也強調聯邦、州、地方和國際資金繼續穩定流動。在我們的聯邦解決方案部門，第二季度，我們根據公司的技術、工程、諮詢和管理支援 (TEAMS) 合約獲得了總額 4.6 億美元的期權期獎勵。

On this program, Parsons provides system engineering and integration for the nation's missile defense system. This includes engineering expertise to oversee the development of hardware and software builds, ensure cyber resilience, and provide war fighting capabilities to defend the United States homeland, our deployed forces, and our allies. This award continues Parsons more than 40-year history supporting the Missile Defense Agency with technology-enabled services such as digital engineering.

在這個專案中，帕森斯為國家飛彈防禦系統提供系統工程和整合。這包括監督硬體和軟體開發的工程專業知識，確保網路彈性，並提供作戰能力來保衛美國本土、我們部署的部隊和我們的盟友。該獎項延續了帕森斯學院 40 多年為飛彈防禦局提供數位工程等技術支援服務的歷史。

We also exercised the next option year totaling $110 million on the General Services Administration, C5ISR, Exercise, Operations, and Information Services or CEOIS contract. Under this program, we design, develop, trained, and deploy scalable machine learning solutions to extract actionable intelligence from vast amounts of data and deliver it to intelligence analysts and warfighters.

我們還在下一個選擇年執行了總務管理局、C5ISR、行使、營運和資訊服務或 CEOIS 合同，總額為 1.1 億美元。根據該計劃，我們設計、開發、訓練和部署可擴展的機器學習解決方案，從大量資料中提取可操作的情報，並將其提供給情報分析師和作戰人員。

In the [INDOPACOM] region, we continue to strengthen our presence. Right after the quarter ended, we were awarded a $69 million contract over three years to provide Army family housing. Our presence in Guam, Kwajalein, and Hawaii continues to strengthen and is aligned to the fiscal year 2025 Pacific Deterrence Initiative of $9.9 billion for targeted investment to enhance US force posture, infrastructure, presence, and readiness of US allies and partners in the Indo-Pacific region.

在[INDOPACOM]地區，我們繼續加強我們的存在。該季度結束後，我們獲得了一份為期三年、價值 6900 萬美元的合同，為陸軍家庭提供住房。我們在關島、誇賈林環礁和夏威夷的存在繼續加強，並與2025 財年太平洋威懾計劃保持一致，該計劃將進行99 億美元的有針對性的投資，以增強美國在印太地區的軍力態勢、基礎設施、存在以及美國盟友和夥伴的戰備狀態。

After the second quarter ended, we entered into a definitive agreement to acquire BlackSignal Technologies and a transaction valued at approximately $200 million. This acquisition, which is expected to close in August 2024, is consistent with our strategy of completing accretive acquisitions of companies we know well and have revenue growth and adjusted EBITDA margins of 10% or more, while adding critical intellectual property that strengthens our existing portfolio.

第二季結束後，我們簽訂了收購 BlackSignal Technologies 的最終協議，交易價值約 2 億美元。此次收購預計將於2024 年8 月完成，符合我們的策略，即完成對我們熟悉、收入成長和調整後EBITDA 利潤率達到或超過10% 的公司的增值收購，同時增加關鍵智慧財產權，以加強我們現有的產品組合。

BlackSignal is a next-generation digital signal processing, electronic warfare, and cybersecurity provider built to counter near-peer threats. They will expand Parsons' customer base across the Department of Defense and intelligence community and significantly strengthen Parsons positioning within offensive cyber operations and electronic warfare while adding new capabilities in the counterspace radio frequency domain, a market anticipated to grow more than 10% annually with double-digit margin expectations.

BlackSignal 是新一代數位訊號處理、電子戰和網路安全供應商，旨在應對同類威脅。他們將擴大帕森斯在國防部和情報界的客戶群，並顯著加強帕森斯在進攻性網路作戰和電子戰領域的定位，同時增加反空間射頻領域的新功能，該市場預計每年增長10% 以上，成長一倍。

BlackSignal uses artificial intelligence and machine learning to create innovative signal processing techniques that detect and disrupt difficult-to-access adversary command and control systems and platforms. We look forward to welcoming BlackSignal's talented employees into the Parsons family and the significant contributions they will make to our business.

BlackSignal 使用人工智慧和機器學習來創建創新的訊號處理技術，可以偵測和破壞難以存取的對手指揮和控制系統和平台。我們期待 BlackSignal 的優秀員工加入 Parsons 大家庭，並期待他們為我們的業務做出重大貢獻。

We continue our 80-year history of cultivating a responsible enterprise. As outlined in today's second-quarter earnings release, Parsons received multiple awards for our innovative approach to delivering resilient and sustainable infrastructure.

我們延續80年培育負責任企業的歷史。正如今天第二季財報中所述，帕森斯因其提供彈性和永續基礎設施的創新方法而獲得了多個獎項。

In addition, we were recognized by Engineering News-Record as one of the top three global companies in 2024 in three categories: program management, construction management, and program/construction management for fee. These rankings reflect the company's worldwide reputation and ability to successfully win and execute infrastructure programs. Parsons was also named as one of the best employers for new graduates by Forbes.

此外，我們也被《工程新聞記錄》評為 2024 年全球三大公司之一，涵蓋三個類別：專案管理、施工管理和收費專案/施工管理。這些排名反映了該公司的全球聲譽以及成功贏得和執行基礎設施項目的能力。帕森斯也被《富比士》評為應屆畢業生最佳雇主之一。

As I look forward, I'm extremely excited about our bright future. We have strong tailwinds in both segments and across our six core end markets and an experienced management team that consistently delivers strong financial results. In addition, we have a robust pipeline of accretive acquisitions that we will continue to pursue, given the strength of our balance sheet.

展望未來，我對我們光明的未來感到非常興奮。我們在這兩個細分市場和六個核心終端市場都擁有強大的推動力，並且經驗豐富的管理團隊始終如一地提供強勁的財務表現。此外，鑑於我們的資產負債表實力雄厚，我們擁有大量的增值收購，我們將繼續進行這些收購。

We also have significant financial visibility with approximately 3% of our revenue up for repeat in 2024 and less than 10% in 2025; a total backlog of $8.8 billion, of which 62% is funded. And we have $57 billion of qualified pipeline with $13 billion of single-award contract wins that are not yet included in either our bookings or our backlog.

我們也具有顯著的財務可見性，到 2024 年，我們的收入中約有 3% 會重複，而到 2025 年，這一比例將低於 10%；積壓總額為 88 億美元，其中 62% 已獲得資助。我們擁有 570 億美元的合格管道，其中 130 億美元的單項合約中標尚未包含在我們的預訂或積壓訂單中。

With that, I'll turn the call over to Matt to provide more details on our second-quarter financial results and our increased fiscal year 2024 guidance. Matt?

接下來，我將把電話轉給 Matt，以提供有關我們第二季度財務業績和增加的 2024 財年指導的更多詳細資訊。馬特？

Thank you, Carey. As Carey indicated, our momentum continued through the second quarter of 2024, and it was highlighted by record results for total revenue, adjusted EBITDA, and operating cash flow.

謝謝你，凱裡。正如 Carey 所言，我們的勢頭持續到 2024 年第二季度，總收入、調整後 EBITDA 和營運現金流創紀錄的業績凸顯了這一勢頭。

We are very pleased growth we achieved given our record results in the second quarter of 2023, resulting in a tough comparable period for the second quarter of 2024. Additionally, our growth was consistent across the portfolio as we experienced double-digit total revenue in all business units in major geographies. Turning to our results.

鑑於 2023 年第二季創紀錄的業績，我們對實現的成長感到非常高興，這導致 2024 年第二季的可比時期非常艱難。此外，我們的整個投資組合的成長是一致的，因為我們在主要地區的所有業務部門都實現了兩位數的總收入。轉向我們的結果。

Second-quarter revenue of $1.7 billion increased $314 million, or 23%, from the prior year period and is up 22% on an organic basis. For perspective, this significant growth was achieved off our record second quarter in 2023, where we grew $348 million, or 34%. Organic growth for the second quarter was driven by continued ramp-up on recent contract awards and execution on our backlog programs, including significant growth from our critical infrastructure protection, cyber, and urban development markets.

第二季營收為 17 億美元，較去年同期增加 3.14 億美元，成長 23%，有機成長 22%。從長遠來看，這一顯著成長是在 2023 年第二季創紀錄的基礎上實現的，當時我們成長了 3.48 億美元，即 34%。第二季的有機成長是由近期合約授予和積壓項目執行的持續增加所推動的，包括我們關鍵基礎設施保護、網路和城市發展市場的顯著成長。

SG&A expenses for the second quarter were 13.4% of total revenue compared to 15.6% in the prior year period, as we continue to focus on efficient growth across the portfolio while investing in the future through technology, business development, and hiring and retention initiatives.

第二季的銷售、管理及行政費用佔總收入的13.4%，而上年同期為15.6%，因為我們繼續專注於整個投資組合的高效增長，同時透過技術、業務開發以及招聘和保留計劃來投資未來。

Adjusted EBITDA of $150 million increased $32 million, or 27%, and adjusted EBITDA margin expanded 30 basis points to 9%. These year-over-year increases were driven primarily by higher volume on margin-accretive contracts, program execution, and a deliberate focus on indirect cost management.

調整後 EBITDA 為 1.5 億美元，增加了 3,200 萬美元，即 27%，調整後 EBITDA 利潤率擴大了 30 個基點，達到 9%。這些同比增長主要是由於利潤增值合約、專案執行量的增加以及對間接成本管理的刻意關注所致。

As with revenue, our adjusted EBITDA growth was compared to a very strong second quarter in 2023, where we experienced growth of 53% over the prior year period. Even with the strong performance last year, we outperformed in 2024. On a year-to-date basis, adjusted EBITDA margin at the Parsons level is 9.1% compared to 8.2% in 2023.

與營收一樣，我們調整後的 EBITDA 成長與 2023 年第二季的強勁成長相比，比上年同期成長了 53%。儘管去年表現強勁，但 2024 年我們的表現仍然出色。年初至今，帕森斯水準的調整後 EBITDA 利潤率為 9.1%，而 2023 年為 8.2%。

I'll turn to our operating segments, starting first with federal solutions, where second-quarter revenue increased $226 million or 30% from the second quarter of 2023. This increase was driven by organic growth of 27% and the contribution from our Sealing Tech acquisition. Organic growth was driven primarily by the ramp-up of recent contract wins and growth on existing contracts to include strength in our critical infrastructure protection and cyber markets.

我將轉向我們的營運部門，首先從聯邦解決方案開始，該部門第二季度的收入增加了 2.26 億美元，較 2023 年第二季度增長了 30%。這一增長得益於 27% 的有機增長以及我們收購 Sealing Tech 的貢獻。有機成長主要是由最近贏得的合約的增加和現有合約的成長推動的，其中包括我們在關鍵基礎設施保護和網路市場方面的實力。

Federal solutions adjusted EBITDA increased by $17 million or 20% from the second quarter of 2023. This increase was driven primarily by increased volume on accretive contracts and effective cost control.

聯邦解決方案調整後 EBITDA 較 2023 年第二季增加了 1,700 萬美元，即 20%。這一增長主要是由於增值合約數量的增加和有效的成本控制所致。

Adjusted EBITDA margin of 10.4% was down from the prior year period as a result of the $20 million in non-recurring incentive fees realized in Q2 of 2023. Excluding these incentive fees, our federal solutions adjusted EBITDA margin would have increased by 160 basis points from the second quarter of 2023. On a year-to-date basis, federal adjusted EBITDA margins of 10.3% are ahead of plan and guidance as a result of improved business mi times.

由於 2023 年第二季實現了 2,000 萬美元的非經常性激勵費用，調整後 EBITDA 利潤率為 10.4%，較上年同期下降。如果不包括這些激勵費用，我們的聯邦解決方案調整後的 EBITDA 利潤率將比 2023 年第二季增加 160 個基點。今年迄今，由於業務改善，聯邦調整後 EBITDA 利潤率為 10.3%，高於計劃和指導。

Moving now to our critical infrastructure segment. Second-quarter revenue increased 15% from the prior year period on both an organic and inorganic basis. Organic growth was driven by higher volume in our Middle East and North American infrastructure portfolios.

現在轉向我們的關鍵基礎設施部分。第二季有機收入和無機收入均較上年同期成長 15%。有機成長是由我們的中東和北美基礎設施投資組合銷量增加所推動的。

Critical infrastructure adjusted EBITDA increased by $15 million or 46% from the second quarter of 2023. Adjusted EBITDA margin increased 150 basis points to 7%. The adjusted EBITDA increases were driven by growth on accretive programs and improved operating performance.

與 2023 年第二季相比，關鍵基礎設施調整後 EBITDA 增加了 1,500 萬美元，即 46%。調整後 EBITDA 利潤率增加 150 個基點至 7%。調整後的 EBITDA 成長是由增值計劃的成長和營運績效的改善所推動的。

Year to date, critical infrastructure margins at 7.3% are 140 basis points ahead of 2023. And we're optimistic we will continue to see improvement as we complete legacy programs and drive growth on higher-margin contracts.

今年迄今為止，關鍵基礎設施的利潤率為 7.3%，比 2023 年提高了 140 個基點。我們樂觀地認為，隨著我們完成遺留項目並推動高利潤合約的成長，我們將繼續看到進步。

Next, I'll discuss cash flow and balance sheet metrics. During the second quarter of 2024, we generated $161 million of operating cash flow compared to $23 million in Q2 of 2023. On a trailing 12-month basis, we generated a record $492 million of operating cash flow, a 117% increase over the prior 12-month period. These increases were primarily driven by improved profitability and strong collections across the portfolio.

接下來，我將討論現金流量和資產負債表指標。2024 年第二季度，我們產生了 1.61 億美元的營運現金流，而 2023 年第二季度為 2,300 萬美元。在過去 12 個月的基礎上，我們產生了創紀錄的 4.92 億美元營運現金流，比前 12 個月增加了 117%。這些成長主要是由於獲利能力的提高和整個產品組合的強大產品系列所推動的。

During the second quarter, net DSO declined year over year by 16 days to 60 days. Capital expenditures totaled $9 million in the second quarter of 2024, which is relatively consistent with last quarter in the prior year period.

第二季度，淨 DSO 年減 16 天至 60 天。2024年第二季資本支出總計900萬美元，與去年同期相對一致。

CapEx continues to be well controlled and remains in line with our planned spend of less than 1% of annual revenue, while continuing to invest in strategic areas like expanding classified facilities and space technology to support future growth. Free cash conversion was 150% for the second quarter and 124% on a trailing 12-month basis, with an intentional focus on improved contract terms and cash collections.

資本支出繼續得到良好控制，並保持與我們低於年收入 1% 的計劃支出保持一致，同時繼續投資於擴大機密設施和太空技術等戰略領域，以支持未來的成長。第二季的自由現金轉換率為 150%，過去 12 個月的自由現金轉換率為 124%，並專注於改善合約條款和現金回款。

Our balance sheet remains strong as we ended the second quarter with a net debt leverage ratio of 1.3 times compared to 1.6 times at the end of the first quarter of 2024. Considering the future impact of the $200 million all-cash BlackSignal acquisition, our pro forma net debt leverage ratio would be 1.7 times when calculated on a second-quarter results.

我們的資產負債表仍然強勁，第二季末的淨債務槓桿率為 1.3 倍，而 2024 年第一季末為 1.6 倍。考慮到 2 億美元全現金收購 BlackSignal 的未來影響，根據第二季業績計算，我們預期的淨債務槓桿率為 1.7 倍。

Our strong free cash flow is enabling us to delever the balance sheet while continuing to make additional internal investments and accretive acquisitions that support our long-term growth objectives. During the quarter, we were opportunistic and repurchased $10 million of Parsons stock at an average price of $76.30. On a (inaudible) basis, we purchased $65 million of stock at an average price of $41.54.

我們強大的自由現金流使我們能夠去槓桿化資產負債表，同時繼續進行額外的內部投資和增值收購，以支持我們的長期成長目標。本季度，我們投機取巧，以 76.30 美元的平均價格回購了 1000 萬美元的帕森斯股票。在（聽不清楚）基礎上，我們以 41.54 美元的平均價格購買了 6,500 萬美元的股票。

Turning next to bookings. On a trailing 12-month basis, contract awards increased 10% and our book-to-bill ratio was 1.0 times. In our critical infrastructure segment, we achieved a quarterly book-to-bill ratio of 1.0 in the second quarter, marking the 15th consecutive quarter with a book-to-bill ratio of 1.0 or greater.

接下來轉向預訂。在過去 12 個月的基礎上，合約授予量增加了 10%，我們的訂單出貨比為 1.0 倍。在我們的關鍵基礎設施領域，我們第二季的季度訂單出貨比達到了1.0，這是連續第15個季度訂單出貨比達到1.0或更高。

Second-quarter contract award activity decreased 22% year over year to $1.5 billion for a book-to-bill ratio of 0.9 times. Contract awards decreased from the prior year period due to the timing of large contracts in both the second quarter of 2023 and the first quarter of 2024.

第二季合約授予活動年減 22%，至 15 億美元，訂單出貨比為 0.9 倍。由於大型合約的時間表在 2023 年第二季度和 2024 年第一季度，合約授予量較上年同期有所減少。

With industry-leading organic growth and a robust pipeline of new opportunities, we continue to have confidence in our ability to sustain above-market growth rates. We ended the second quarter with total backlog of $8.8 billion, which is consistent with the prior year period. As previously noted, this does not include $13 billion of contract wins.

憑藉著業界領先的有機成長和強勁的新機遇，我們繼續對維持高於市場成長率的能力充滿信心。第二季末，我們的積壓訂單總額為 88 億美元，與去年同期持平。如前所述，這不包括 130 億美元的合約。

Now, let's turn to our guidance. We're increasing our 2024 guidance ranges as a result of our record second-quarter performance, recent contract wins and option awards, positive end market exposure, and our favorable outlook for the remainder of the year. For 2024, we are increasing our revenue range by $200 million at the midpoint to $6.35 billion to $6.55 billion. This represents total revenue growth of 19% at the midpoint and 18% on an organic basis.

現在，讓我們轉向我們的指導。由於我們創紀錄的第二季度業績、最近贏得的合約和期權授予、積極的終端市場敞口以及我們對今年剩餘時間的樂觀前景，我們正在提高 2024 年的指導範圍。到 2024 年，我們的營收範圍將增加 2 億美元，達到 63.5 億至 65.5 億美元。這意味著總收入中位數成長 19%，有機成長 18%。

Additionally, we are increasing our adjusted EBITDA range. We now expect adjusted EBITDA to be between $555 million and $595 million, which represents 24% growth at the midpoint of the range and continues to exceed our revenue growth. Margin at the midpoint of our increased revenue and adjusted EBITDA ranges remains at 8.9%, which is 40 basis points above our fiscal 2023 results.

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 5.55 億美元至 5.95 億美元之間，這意味著該範圍中位數增長 24%，並繼續超過我們的收入成長。我們增加的收入和調整後的 EBITDA 範圍的中點利潤率保持在 8.9%，比我們 2023 財年的表現高出 40 個基點。

We are also increasing our cash flow guidance. We now expect operating cash flow to be between $395 million and $455 million. At the midpoint of the guidance range, we expect free cash flow conversion to be approximately 100% of adjusted net income. Other key assumptions in connection with our 2024 guidance are outlined on slide 10 in today's PowerPoint presentation located on our Investor Relations website.

我們也提高了現金流指導。我們目前預計營運現金流在 3.95 億美元至 4.55 億美元之間。在指導範圍的中點，我們預期自由現金流轉換約為調整後淨利的 100%。今天位於我們投資者關係網站上的 PowerPoint 簡報的第 10 張幻燈片中概述了與我們 2024 年指導相關的其他關鍵假設。

In summary, we've had an exceptional first half of the year with great top and bottom line and cash flow results. We are putting the balance sheet to use after announcing another strategic acquisition, which we believe will further enhance our technology offerings and support long-term growth expectations.

總而言之，我們今年上半年表現出色，營收、利潤和現金流結果都非常出色。在宣布另一項策略性收購後，我們正在利用資產負債表，我們相信這將進一步增強我們的技術產品並支持長期成長預期。

Our execution has been strong across all business units and major geographies. We are confident in our ability to achieve our increased 2024 guidance ranges.

我們在所有業務部門和主要地區的執行力都很強大。我們對實現 2024 年擴大的指導範圍充滿信心。

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

這樣，我會將電話轉回給凱裡。

As some of you may know, this month is my three-year anniversary as the CEO of Parsons. As I reflect over the last three years, I am very proud of what the entire Parsons team has accomplished.

你們有些人可能知道，這個月是我擔任帕森斯執行長三週年。正如我回顧過去三年，我對整個帕森斯團隊所取得的成就感到非常自豪。

We have a laser-focused strategy that has transformed the company into a solutions provider that differentiates with software and advanced technology. We intentionally positioned the company in six enduring, growing, and profitable end markets. This has resulted in record revenue, profitability, and cash flow; industry-leading organic growth; improved win rates; and a demonstrated ability to move up the value chain and win larger and more profitable jobs.

我們制定了專注的策略，使公司成為一家以軟體和先進技術脫穎而出的解決方案提供者。我們有意將公司定位於六個持久、不斷成長且有利可圖的終端市場。這導致了創紀錄的收入、獲利能力和現金流；業界領先的有機成長；提高勝率；並表現出向價值鏈上游移動並贏得更大、更有利可圖的工作的能力。

In addition, we continue to lead with technology transformation in critical areas, including cyber, artificial intelligence, space, electronic warfare, advanced transportation systems, and emerging contaminants. I'm extremely pleased with our last three years of performance, which is a direct result of our 18,000 employees' focused on delivering our customers' critical missions.

此外，我們持續引領關鍵領域的技術轉型，包括網路、人工智慧、太空、電子戰、先進運輸系統和新興污染物。我對我們過去三年的業績非常滿意，這是我們 18,000 名員工專注於交付客戶關鍵任務的直接結果。

Operator, you can open the line for questions, please.

接線員，您可以撥打電話提問。

Thank you. (Operator Instructions) Sheila Kahyaoglu, Jefferies.

謝謝。（操作員說明）Sheila Kahyaoglu，Jefferies。

Hey. Good morning, guys, and thank you very much. Carey, congrats on your three-year anniversary. So -- and good job on -- great job on margins, up 40 bps. But the guidance was unchanged at 8.9%. So maybe if you could just talk about how we should think about profitability, because it's been an issue in the rest of the sector, as your new wins ramp given your organic growth?

嘿。早安，夥計們，非常感謝你們。凱裡，恭喜你結婚三週年。所以，做得很好，利潤率也很好，上漲了 40 個基點。但指引保持在 8.9% 不變。那麼，也許您可以談談我們應該如何考慮盈利能力，因為這一直是該行業其他領域的一個問題，因為隨著您的有機增長，您的新勝利不斷增加？

Yeah. Thanks, Sheila. So first, I would say we are pleased with our profit. We're up 90 basis points year to date. We were up 30 basis points for this quarter. And we expect to be up 40 basis points for the year.

是的。謝謝，希拉。首先，我想說我們對我們的利潤感到滿意。今年迄今為止，我們已經上漲了 90 個基點。本季我們上漲了 30 個基點。我們預計今年將上漲 40 個基點。

And in addition, as we look forward, we expect to be up 20 to 30 basis points each year and years after. So I think we've done a great job of expanding margin, plus our EBITDA dollars have been growing faster than our revenue growth. In this quarter, we were at 27% versus 23% on revenue growth.

此外，展望未來，我們預計每年及之後的幾年都會上漲 20 至 30 個基點。因此，我認為我們在擴大利潤率方面做得很好，而且我們的 EBITDA 美元成長速度快於營收成長速度。本季度，我們的營收成長分別為 27% 和 23%。

We do feel on the critical infrastructure side, we can still get further margin expansion. Eventually, that's a business that we expect to be double digits. We do have one legacy program remaining that we expect to wrap up in the third quarter. And once that's behind us, we expect that we'll see some additional tailwinds.

我們確實認為在關鍵基礎設施方面，我們仍然可以進一步擴大利潤率。最終，我們預計該業務將達到兩位數。我們確實還有一項遺留計劃，預計將在第三季完成。一旦這一切過去，我們預計會看到一些額外的有利因素。

Great. And then if I could ask one more on the [unbooked] pipeline, that's been really helpful. But I believe it came down from $14 billion to $13 billion. So how do you think about unbooked pipeline coming into the backlog and how we think about that, the cadence of conversion there?

偉大的。然後，如果我能再問一個關於[未預訂]管道的問題，那真的很有幫助。但我相信它會從 140 億美元下降到 130 億美元。那麼，您如何看待未預訂的管道進入積壓狀態以及我們如何看待這一點以及那裡的轉換節奏？

Yeah, thanks. Great question, Sheila. It was $14 billion; now, it's just over $13 billion. We converted two programs, which we announced on the call, the TEAMS and the CEOIS. Those were previously in that award and not booked. So those converted during the quarter.

是的，謝謝。很好的問題，希拉。140 億美元；現在，它剛剛超過 130 億美元。我們轉換了兩個計劃，並在電話會議上宣布：TEAMS 和 CEOIS。這些以前曾在該獎項中，但未預訂。所以這些在本季進行了轉換。

We do expect as we get new awards, that gets replenished. And that's a metric that we're going to continue to attract. So it is very important since we don't reflect that $13 billion in our $8.8 billion backlog or in our bookings.

我們確實希望當我們獲得新獎項時，這些獎項會得到補充。這是我們將繼續吸引的指標。因此，這非常重要，因為我們沒有在 88 億美元的積壓訂單或預訂中反映這 130 億美元。

Got it. Thank you so much and great quarter.

知道了。非常感謝你們，很棒的季度。

Thank you.

謝謝。

Tobey Sommer, Truist Securities.

托比·索默（Tobey Sommer），Truist 證券公司。

Thank you. Could you please discuss any programs or contracts that are winding down or coming to some natural completion and contrast that with any new wins that are ramping that could provide a basis for a sequential revenue trajectory in the second half of the year?

謝謝。您能否討論一下正在逐步結束或自然完成的任何計劃或合同，並將其與任何正在增加的新勝利進行對比，這些新勝利可以為下半年的連續收入軌跡提供基礎？

Yeah. On the ones that are winding down, it's about $86 million this year. And we tend to run about $100 million on any given year, and it's really three contracts that price that.

是的。今年即將結束的項目約為 8600 萬美元。我們每年的營運成本約為 1 億美元，實際上是三份合約的價格。

The ones that are ramping up, I would say the GSA $1.2 billion award that we had over a year ago, we're starting to see some ramp up there. We continue to do well in all of our cyber work across various contracts, CCMS, CEOIS, and others. That's been a strong 25% growth for us.

那些正在增加的項目，我想說的是，一年多前我們獲得了 GSA 12 億美元的獎勵，我們開始看到那裡的資金增加。我們繼續在各種合約、CCMS、CEOIS 等方面的所有網路工作中表現出色。這對我們來說是 25% 的強勁成長。

Also on the infrastructure side of the house, I've mentioned all the Middle East wins that we've had, including the additional $160 million that we received this quarter. That's been strong.

同樣在基礎設施方面，我提到了我們在中東的所有勝利，包括本季我們收到的額外 1.6 億美元。那已經很強了。

In North America, winning our three largest programs within the last 12 months have all ramped up. And that's obviously what's been a key contributor to driving such strong organic growth across both business segments.

在北美，過去 12 個月內贏得的三個最大項目均有所增加。這顯然是推動兩個業務部門實現如此強勁的有機成長的關鍵因素。

Thanks. Could you also discuss the -- maybe put a little bit more color on the decline in backlog and slower bookings in the quarter and your expectations for contract activity and bookings as you look into the second half of the year?

謝謝。您是否還可以討論一下——也許可以對本季度積壓訂單的下降和預訂放緩以及您在展望下半年時對合約活動和預訂的預期進行更多的描述？

Sure. So backlog was relatively flat. The book-to-bill, as you're aware, is lumpy. We had a very strong book-to-bill of 1.4 times in Q1, followed by 0.9 times in Q2. So year to date, we're doing very well at 1.12 times.

當然。因此積壓情況相對穩定。如您所知，訂單到帳單的情況是不穩定的。第一季我們的訂單出貨比非常強勁，達到 1.4 倍，第二季為 0.9 倍。今年迄今為止，我們的表現非常好，為 1.12 倍。

I would also highlight that both segments are over 1.1 times year to date. And then trailing 12 months for Parsons has been greater than 1.0 times. And once again, both segments are over 1.0 times.

我還要強調的是，今年迄今為止，這兩個細分市場的成長率都超過 1.1 倍。帕森斯過去 12 個月的表現已經超過 1.0 倍。再次，這兩個部分都超過了 1.0 倍。

I think bookings are interesting. I think organic revenue growth is what really matters, and we're really pleased that we've had five consecutive quarters of greater than 20% growth.

我認為預訂很有趣。我認為有機收入成長才是真正重要的，我們非常高興能夠連續五個季度實現超過 20% 的成長。

On the backlog, I would also highlight that that does not reflect again the $13 billion of single-award work that Parsons has already won.

關於積壓工作，我還要強調的是，這並沒有再次反映出帕森斯學院已經贏得的 130 億美元的單一獎項工作。

I think I'll sneak one more if I could. Could you elaborate a little bit on opportunities for revenue synergies with BlackSignal and comment about what the prospective pipeline of M&A? It looks like you're going to be able to get quota or target for the year?

我想如果可以的話我會再偷偷拿一張。您能否詳細說明一下與 BlackSignal 實現收入綜效的機會，並評論一下未來的併購管道？看起來你能達到今年的配額或目標嗎？

Yeah. So I would say, first, very excited about BlackSignal. It's directly aligned with Parsons' solution selling vision. They have 90% intellectual property enabled offerings and they drive 67% of sole-source awards. It strengthens our position in key markets, offensive cyber operations and electronic warfare.

是的。所以我想說，首先，我對 BlackSignal 感到非常興奮。它與帕森斯的解決方案銷售願景直接一致。他們擁有 90% 的智慧財產權支援產品，並推動了 67% 的獨家獎項。它加強了我們在關鍵市場、進攻性網路行動和電子戰中的地位。

And if I just delve a bit deeper into that, I would say in the offensive cyber side, they've played a lot more in the research and development. We're strong in the operations. So it really strengthens our full-spectrum cyber operations capability.

如果我更深入地研究這一點，我會說在進攻性網路方面，他們在研發方面發揮了更多作用。我們的營運能力很強。所以它確實增強了我們全方位的網路作戰能力。

In the electronic warfare space, we both play there, but we happen to look at different signals of interest; and both of us leverage our advanced digital signal processing capabilities. And then they provide new capabilities for us in the counterspace radio frequency domain area, again, that's expected to see double-digit growth. They also improved our posture in the INDOPACOM region, which I talked about a little bit on the call.

在電子戰領域，我們都在那裡玩，但我們碰巧會關注不同的感興趣的信號；我們雙方都利用我們先進的數位訊號處理能力。然後他們在反空間射頻領域為我們提供了新的能力，預計將再次實現兩位數的成長。他們也改善了我們在印太司令部地區的態勢，我在電話中談到了這一點。

And then in the electronic warfare area, also, I would point out that we play mostly with Title 10 tactical military, whereas they bring a lot of Title 50 strategic. So overall, this is just a terrific acquisition. We have customer alignment. They're strong with the Air Force, with the Navy, with [DARPin], the intel community. We're strong with the Army and different parts of the intel community.

然後在電子戰領域，我也想指出，我們主要使用 Title 10 戰術軍事，而他們帶來了許多 Title 50 戰略。總的來說，這是一次很棒的收購。我們有客戶一致性。他們在空軍、海軍、[DARPin]、情報界都很強大。我們與陸軍和情報界的不同部分保持著強大的關係。

So extremely complementary. And as with all of our acquisitions, we really look for them to drive us up the value chain. On your second question, the pipeline is still very strong. We have a lot of candidates within both critical infrastructure and within federal, and we're on track to do two to three acquisitions this year.

所以非常互補。與我們所有的收購一樣，我們確實希望它們能夠推動我們向價值鏈上游邁進。關於你的第二個問題，管道仍然非常強大。我們在關鍵基礎設施和聯邦內部都有很多候選人，今年我們預計將進行兩到三次收購。

Thank you very much.

非常感謝。

Thank you, Tobey.

謝謝你，托比。

Bert Subin, Stifel.

伯特·蘇賓，史蒂菲爾。

Hey. Good morning.

嘿。早安.

Good morning, Bert.

早安，伯特。

Morning, Bert.

早安，伯特。

Maybe just to start with the higher-level question. I mean, if we go back to early '23 when you guys hosted your Investor Day, looking for growth on the federal side, more in the low to mid-single digits; critical infrastructure, mid-single digits. And obviously, you've blown through those expectations, and here you are with five straight quarters of 20%-plus organic.

也許只是從更高層次的問題開始。我的意思是，如果我們回到 23 年初，當時你們舉辦了投資者日，尋找聯邦方面的成長，更多是低至中個位數；關鍵基礎設施，中個位數。顯然，您已經超出了這些預期，並且連續五個季度有機成長率超過 20%。

I guess the question is, as your visibility toward growth improved, do you see Parsons as moving more to position being a growth company? And if you think about that trajectory, what do you think drives that more? Is it going to continue to be the federal side? Or do you think infrastructure will be the greater grower longer term?

我想問題是，隨著您對成長的可視性提高，您是否認為帕森斯將進一步定位為成長型公司？如果你考慮一下這個軌跡，你認為是什麼推動了這個軌跡？會繼續是聯邦方面嗎？或者您認為從長遠來看，基礎設施將成為更大的成長者？

Yeah. So I would say what's happened since our Investor Day. First, we have a very clear strategic intent. We're focused on six core end markets that are all enduring, growing, and sustainable and profitable. I would say all four business units, both the segments, all major geographies have hit on all cylinders.

是的。所以我想說一下自從投資者日以來發生的事情。首先，我們有非常明確的戰略意圖。我們專注於六個核心終端市場，這些市場都是持久的、不斷成長的、可持續的和有利可圖的。我想說的是，所有四個業務部門、兩個細分市場、所有主要地區都全力以赴。

Everybody is delivering double digits, and that's expected for the year. And that's what's been happening. As far as our visibility increasing, I think we always have pretty good visibility, both on the federal and the critical infrastructure side. Our trajectory is a growth company. We intend to keep growing.

每個人的業績都達到兩位數，這是今年的預期。這就是正在發生的事情。就我們的知名度不斷提高而言，我認為我們在聯邦和關鍵基礎設施方面始終擁有相當好的知名度。我們的軌跡是一家成長型公司。我們打算繼續成長。

Yeah, Bert. I'd just add, if you think back to the Investor Day, what -- some of the things we outlined at the time, obviously, the overall labor market was uncertain. We had this uncertain inflation environment, budgets were pretty challenged.

是的，伯特。我想補充一點，如果你回想一下投資者日，我們當時概述的一些事情，顯然，整個勞動市場是不確定的。我們面臨不確定的通貨膨脹環境，預算面臨很大的挑戰。

And of course, win rates, in a traditional year, we planned 40% to 50% from a win rate perspective. Through the second quarter, our win rate is 72% at the company level. So things like that, we saw last year really strong win rates as well.

當然，贏率，在傳統的一年中，從贏率的角度來看，我們計劃是 40% 到 50%。在整個第二季度，我們公司層面的勝率是 72%。所以像這樣的事情，我們去年也看到了非常高的勝率。

So all of those things contributed. Each one came in better than we were expecting back in the Investor Day, labor markets are better, budget environments settled down. And so all in all, I think it's -- that's what's been helping drive the growth.

所以所有這些事情都有貢獻。每一項的表現都比我們在投資者日的預期好，勞動市場更好，預算環境穩定下來。總而言之，我認為這就是推動成長的因素。

And to your point, we're definitely -- our goal is long-term growth and sustained growth. And I think it will be balanced. I think CI and federal are both well positioned to continue to grow.

就您的觀點而言，我們的目標絕對是長期成長和持續成長。我認為這將會是平衡的。我認為 CI 和聯邦都處於繼續增長的有利位置。

Yeah. Just to add to that, we were 72% in Q2. We're 76% win rates year-to-date, and that's up from 66% a year ago and 49% the year before that.

是的。除此之外，我們在第二季的佔比為 72%。今年迄今為止，我們的勝率是 76%，高於一年前的 66% 和前年的 49%。

Got it. Very helpful. On the critical infrastructure side, this is the first quarter we've seen North America growth exceed Middle East. Is that a trend you think will persist? It seems like Middle East is still growing nicely. And I know Carey, you've made some comments about strength in Saudi and seeing improvement in Abu Dhabi. But I'm just curious, is the set up even better for the North American side?

知道了。非常有幫助。在關鍵基礎設施方面，這是我們看到北美成長超過中東的第一個季度。您認為這種趨勢會持續下去嗎？中東地區似乎仍然成長良好。我知道凱裡，你對沙烏地阿拉伯的實力發表了一些評論，並看到阿布達比的進步。但我只是好奇，北美方面的設定是否更好？

Yeah. I think we're going to continue to see growth in both of those, Bert. And I think, as I indicated, they're both expected to grow double digits this year.

是的。我認為我們將繼續看到這兩者的增長，伯特。我認為，正如我所指出的，它們今年預計都會實現兩位數成長。

What we're starting to see is more of the infrastructure bill funds be led out and also the state and local matching funds that are coming about. So that's why we've seen some of -- such large infrastructure projects, some of the biggest ones in our company's history, be awarded over the last 12 months.

我們開始看到更多的基礎設施法案資金以及即將出現的州和地方配套資金。這就是為什麼我們在過去 12 個月中看到了一些如此大型的基礎設施項目，其中一些是我們公司歷史上最大的項目。

They both have very strong pipelines, and I think it will be interesting to mix the two business units give each other a race because I'm excited about the Saudi and the Middle East market as well. The Middle East business this year grew at 12% this quarter and Saudi grew at 18%, so very strong.

他們都有非常強大的管道，我認為將兩個業務部門混合起來互相競爭會很有趣，因為我也對沙烏地阿拉伯和中東市場感到興奮。今年中東業務本季成長了12%，沙烏地阿拉伯成長了18%，非常強勁。

Yeah. Bert, you'll remember last year, Middle East grew about 30%-plus. So coming off a little bit tougher comps there, where North America was high single digits. So we're -- to Carey's point, North America will follow suit and start to challenge Middle East. And we like the idea of the competition.

是的。Bert，你會記得去年，中東地區的成長率約為 30% 以上。因此，那裡的比賽比較艱難，北美地區的比賽成績較高個位數。因此，按照凱裡的觀點，北美將效仿並開始挑戰中東。我們喜歡競賽的想法。

Thanks. Just one clarification question. I don't know if you -- I might have missed this in your prepared remarks, but is BlackSignal included in guidance or will that be additive?

謝謝。只是一個澄清問題。我不知道您是否——我可能在您準備好的發言中錯過了這一點，但是 BlackSignal 是否包含在指南中，或者會是附加的嗎？

It's additive to guidance. It is not included.

它是指導的補充。它不包括在內。

So just to give some scope. This year, we can expect about $30 million worth of revenue, double-digit margins. And then next year, I think it was in the release, but just under $100 million in double-digit margins.

所以只是給一些範圍。今年，我們預計收入約為 3000 萬美元，利潤率為兩位數。然後明年，我認為它已經發布了，但利潤率接近 1 億美元。

Thank you.

謝謝。

Thanks, Bert.

謝謝，伯特。

Alex Dwyer, KeyBanc Capital.

亞歷克斯·德懷爾（Alex Dwyer），KeyBanc Capital。

Hey. Thanks for taking my questions.

嘿。感謝您回答我的問題。

Thank you Alex.

謝謝你，亞歷克斯。

Hey. Thanks. I wanted to ask about the SG&A leverage and the focus on the indirect cost management we've been seeing. Can you talk a little bit about what specifically has been driving that? And then what should we expect going forward in terms of SG&A for the business? Should this continue to trend down as a percent of revenue going forward?

嘿。謝謝。我想問 SG&A 槓桿以及我們所看到的間接成本管理的重點。能具體談談是什麼推動了這個趨勢嗎？那麼我們對業務的 SG&A 未來發展有何期望？未來該收入佔收入的百分比是否會持續下降？

Yeah. Alex, I'd say that we're -- Carey and I are pretty comfortable about where we're at right now, call it, low to mid-teens. We have seen favorable trends, obviously, as revenue growth has been in the 20% to 30% over the past few quarters.

是的。亞歷克斯，我想說，我們——凱里和我對我們現在的位置非常滿意，可以這麼說，低到十幾歲。顯然，我們已經看到了有利的趨勢，過去幾季的營收成長在 20% 到 30% 之間。

We've been controlling costs. We've been doing effective things like, obviously, a lot of folks are pulling facility cost out and things. But obviously, to support the growth, we've been spending in important areas like technology, (inaudible) things like that.

我們一直在控製成本。我們一直在做有效的事情，例如，顯然，很多人都在降低設施成本之類的事情。但顯然，為了支持成長，我們一直在科技等重要領域進行支出（聽不清楚）。

So I think from a modeling perspective, that low to mid-teens is a good number for us. But overall, again, really strong performance, and we're heading in the right direction and critical IRAD investments that will benefit long-term growth as well. So -- but I think low to mid-teens is a good number from SG&A. I don't think it will go far below that.

所以我認為從建模的角度來看，這個數字對我們來說是一個很好的數字。但總的來說，我們的業績再次非常強勁，我們正朝著正確的方向前進，IRAD 的關鍵投資也將有利於長期成長。所以，但我認為 SG&A 中的低至中位數是一個不錯的數字。我認為它不會遠低於這個水平。

Got it. Thank you. That's very helpful. And then secondly, can you talk about the equity and earnings line during this quarter? I think it included a $22 million write-down from a design build JV. Can you just talk about what happened there?

知道了。謝謝。這非常有幫助。其次，您能談談本季的股本和收益線嗎？我認為其中包括設計建造合資企業 2200 萬美元的減記。你能簡單談談那裡發生的事情嗎？

Was this the same project from last quarter? And then what's built into the guidance in terms of that equity and earnings line for the remainder of the year?

這是上個季度的同一個項目嗎？那麼，今年剩餘時間的股本和收益線指引包含哪些內容呢？

Yeah, I'll take the first part, and Matt will take the last part. So first, we're very happy with our margin performance. On a year-to-date basis, margins are up 90 basis points. And so the businesses are performing quite well. We're also still projecting 40 basis points of margin expansion this year at our midpoint of guidance and 20 to 30 basis points after that.

是的，我將承擔第一部分，馬特將承擔最後一部分。首先，我們對我們的利潤率表現非常滿意。年初至今，利潤率上升了 90 個基點。因此，這些企業的表現相當不錯。我們也預計今年的利潤率將在指導中點的基礎上擴大 40 個基點，之後再擴大 20 至 30 個基點。

And the critical infrastructure segment in the quarter was up 150 basis points. We did, to your point, take a $22 million adjustment. It was on a joint venture, specifically a construction joint venture project; and that's reflected within equity and earnings.

本季關鍵基礎設施部分成長了 150 個基點。就您而言，我們確實進行了 2200 萬美元的調整。這是一個合資企業，具體來說是一個建築合資項目；這反映在股本和收益上。

This is the program we mentioned in the fourth quarter that had some supply chain issues. And so we're still in discussions with the customer on various scope and schedule challenges. Pro forma, the critical infrastructure margin would have been at 10.2%, and the Parsons margin would have been at 10.3%.

這是我們在第四季度提到的存在一些供應鏈問題的計劃。因此，我們仍在與客戶就各種範圍和進度挑戰進行討論。預計，關鍵基礎設施利潤率為 10.2%，帕森斯利潤率為 10.3%。

And I'd also like to remind you, Alex, this is business that we no longer pursue. Since I became CEO, we've stopped bidding construction joint ventures.

我還想提醒你，亞歷克斯，這是我們不再追求的生意。自從我擔任執行長以來，我們已經停止投標建築合資企業。

And Alex, just from a modeling perspective, you can assume, call it, $3 million to $5 million in the second half for equity and earnings, so a couple of million a quarter. On a normal run rate where we wouldn't have any impacts, we think equity and earnings for the company should run, call it between $10 million and $20 million. So if you want to say 15-ish. I think that's probably $13 million to $15 million is probably a fair number.

亞歷克斯，僅從建模的角度來看，你可以假設下半年的股本和收益為 300 萬至 500 萬美元，所以每季有幾百萬美元。在我們不會產生任何影響的正常運作率下，我們認為公司的股本和獲利應該在 1,000 萬美元到 2,000 萬美元之間運作。所以如果你想說15歲左右。我認為 1300 萬至 1500 萬美元可能是一個合理的數字。

Thank you. I'll turn it over there.

謝謝。我會把它轉到那裡。

Thanks, Alex.

謝謝，亞歷克斯。

Andrew Wittmann, Baird.

安德魯·惠特曼，貝爾德。

Yeah, great. Thanks for taking my questions. Yeah, so that $22 million, I think, is important to note. As I read the cue here, it looks like there was also some positive offsets on the equity income line. I mean that's a big penalty.

是的，太棒了。感謝您回答我的問題。是的，所以我認為 2200 萬美元值得注意。當我讀到這裡的提示時，股權所得線似乎也出現了一些正面的抵銷。我的意思是這是一個很大的懲罰。

Was there notable or material or can you quantify the positive offsets that were against that $22 million? I'm just trying to get a better understanding on the quarter on the CI segment in particular to start out with.

是否有值得注意的或實質性的，或者您能否量化這 2200 萬美元的積極抵消？我只是想更了解本季的 CI 細分市場，尤其是首先。

Yah. Nothing, I would say, material, Andy. It's just our normal run rate. If you think about the numbers I just gave about a normal year, [$15 million], we should be seeing $4 million, $5 million a quarter worth of equity and earnings, normalized. So to your point, $22 million minus the -- offset by the positives is net (inaudible) equity and earnings position.

嗯。我想說，沒什麼實質的，安迪。這只是我們正常的運行速度。如果你考慮我剛剛給出的關於正常年份的數字，[1500 萬美元]，我們應該會看到每季 400 萬美元、500 萬美元的股本和收益標準化。因此，就您的觀點而言，2,200 萬美元減去被正面因素所抵銷的淨（聽不清楚）股本和獲利狀況。

Okay. All right. Great. Can you just -- sorry, I missed the start of the call. So did you give your percent complete on that project in particular or can you? And then if you could, could you just, Carey, address a little bit more on the backlog funnel?

好的。好的。偉大的。你能不能——抱歉，我錯過了通話的開始。那麼，您是否特別給出了該項目的完成百分比？然後，如果可以的話，凱裡，你能在積壓漏斗中多解決一點問題嗎？

You talked about the $13 billion of single-award contracts not yet in backlog. Can you talk about the pipeline size or the amount awaiting notice as well.

您談到了尚未積壓的 130 億美元單一授予合約。您能談談管道規模或等待通知的金額嗎？

Sure. So first on, the percent complete on that program, it's around 20% to 25%. The important thing to note, though, is that the procurement is nearly complete, and that's where the supply chain issues occurred. On the backlog, the $13 billion -- I'm sorry, your question was?

當然。首先，該計劃的完成百分比約為 20% 到 25%。不過，要注意的是，採購已接近完成，而這正是供應鏈問題發生的地方。關於積壓訂單，130 億美元——抱歉，你的問題是？

Can you talk about the size of the total pipeline today and/or the amount of awards that you've submitted and that you're waiting notice for?

您能談談今天總管道的規模和/或您已提交且正在等待通知的獎項數量嗎？

Sure. So the total pipeline is $57 billion. Within the $57 billion, we have 121 programs that are greater than $100 million. And then the value of outstanding proposals awaiting award at the end of the quarter is $6 billion.

當然。因此，管道總規模為 570 億美元。在 570 億美元中，我們有 121 個項目金額超過 1 億美元。季度末等待授予的未決提案價值為 60 億美元。

Within that, we have 14 programs greater than $100 million. And we don't have much under protest. It's about $200 million, and the majority of that is multiple award contracts. And I will point out --

其中，我們有 14 個項目金額超過 1 億美元。我們沒有太多抗議。總價值約為 2 億美元，其中大部分是多項授予合約。我會指出--

Thank you. That's all my questions.

謝謝。這就是我的所有問題。

Yeah. This is one of the strongest pipelines that we've had in our company's history.

是的。這是我們公司歷史上最強大的管道之一。

Great. Thank you for that context. Have a good day.

偉大的。謝謝你的背景。祝你有美好的一天。

Thanks, Andrew.

謝謝，安德魯。

Mariana Perez Mora, Bank of America.

瑪麗安娜·佩雷斯·莫拉，美國銀行。

Thank you, and good morning, everyone.

謝謝大家，大家早安。

Good morning, Mariana.

早安，瑪麗安娜。

I'm going to tap again on the margin question. I'm curious if you have any visibility on the backlog and the pipeline of opportunities, where you should be like three or five years from now, excluding any inorganic upside.

我將再次討論保證金問題。我很好奇您是否對積壓的訂單和機會管道有任何了解，從現在起三到五年後您應該會看到這些情況，排除任何無機上行空間。

Yeah, Mariana. I think the short answer on that is when we bid jobs and we're -- what's in the backlog is accretive to the overall margin, if you think about the two businesses individually. Carey and I previously have talked about federal.

是的，瑪麗安娜。我認為簡短的答案是，當我們競標工作時，如果您單獨考慮這兩個業務，那麼積壓的訂單會增加整體利潤。凱里和我之前討論過聯邦。

We're comfortable with federal in the mid-9%s. I think given a little bit of a mix shift -- I haven't really talked about this yet. But if you look at fixed-price T&M at the company level this year versus last, it's about a 7% increase in fixed-price T&M.

我們對 9% 左右的聯邦感到滿意。我認為考慮到一點混合轉變——我還沒有真正談論過這個。但如果你看看今年公司層面的固定價格 T&M 與去年相比，固定價格 T&M 大約增加了 7%。

So we're seeing a mix shift that's helped us drive the margins up. You'll see federal north of 10%. So Carey and I are excited about the mix of both acquisitions, SG&A, a little bit everything that we're doing to try to improve margins.

因此，我們看到了一種混合轉變，這幫助我們提高了利潤率。你會看到聯邦以北10%。因此，凱里和我對這兩項收購、SG&A 以及我們為提高利潤率所做的一切感到興奮。

So overall, federal, we like in, I'll call it, the high 9%s. The CI margins, you'll see in the 7%s. And Carey and I believe, long term, that should trend towards 10%, just how quickly we can get there as we get out from underneath these legacy programs. In the back -- to your point, the backlog and the bid support that.

所以總的來說，聯邦，我們喜歡，我稱之為，高 9% 的人。 CI 邊際，您將在 7% 中看到。凱里和我相信，從長遠來看，這個數字應該會趨向於 10%，也就是當我們擺脫這些遺留項目時我們能以多快的速度達到這個目標。在後面——就你的觀點而言，積壓訂單和出價支持了這一點。

Yeah, that was my question. Like what are the key milestones that you're looking at to actually go from 7% to 10% in critical infrastructure?

是的，這就是我的問題。例如，您希望在關鍵基礎設施領域實現從 7% 到 10% 的關鍵里程碑是什麼？

Yeah, so several levers. One is continuing to explore cost constant as our revenue increases. Second one is pricing premium. Demands so much greater than supply, whether you're talking about North America or the Middle East. So we are seeing higher margins come in.

是的，有這麼幾個槓桿。一是隨著我們收入的增加，繼續探索成本常數。第二個是定價溢價。無論是北美還是中東，需求遠大於供應。因此，我們看到利潤率更高。

The other area is, again, derisking the portfolio and not getting into some of these legacy construction joint ventures, which we have not done since I took over three years ago. So those are all levers that we have, and then accretive margins. The companies that we're buying are all greater than 10% EBITDA.

另一個領域是，再次降低投資組合的風險，不要進入一些遺留的建築合資企業，自從我三年多前接任以來，我們還沒有這樣做過。所以這些都是我們擁有的槓桿，然後就是加值利潤。我們購買的公司的 EBITDA 都超過 10%。

Thank you. And then could you mind tapping on the election? What risk do you see going into election? Any uncertainty, actually, I don't know, affecting the way that your customers buy? And how do you think this could affect indirectly, like any spending, on like the infrastructure bill or even the state and local funding?

謝謝。那你介意利用選舉嗎？您認為選舉有哪些風險？實際上，我不知道有什麼不確定性會影響客戶的購買方式嗎？您認為這會如何間接影響基礎設施法案甚至州和地方資金等支出？

Yeah. So we do not see any impact from the election, whether it's over Republican or Democratic administration. Starting with federal, what we do in national security is very well supported. If you look at the National Defense strategy, whether it was published by the Republicans or the Democrats, it's focused on near-peer adversaries.

是的。因此，我們認為這次選舉不會產生任何影響，無論是對共和黨還是民主黨政府。從聯邦開始，我們在國家安全方面所做的工作得到了很好的支持。如果你看一下國防戰略，無論它是由共和黨還是民主黨發布的，你都會發現它的重點是勢均力敵的對手。

So the capabilities that we've put into our purpose-built federal portfolio as far as cyber, space, electronic warfare, and the convergence of those areas is really where the country is focused and needs to be. And that has bipartisan support.

因此，我們在網路、太空、電子戰以及這些領域的整合方面投入專門構建的聯邦投資組合的能力確實是國家關注和需要的。這得到了兩黨的支持。

On the infrastructure side of the house, the infrastructure bill has been passed into law. So it basically would take a lot to overturn it. And a lot of that funding, $454 billion as of May, had already been delved out. State and local also is coming up with their own funding.

在房屋基礎設施方面，基礎設施法案已通過成為法律。所以基本上要推翻它需要很大的努力。其中大部分資金（截至 5 月為 4,540 億美元）已經投入使用。州和地方也正在拿出自己的資金。

So I do not see any change in the work that we do as far as infrastructure. President Trump -- former President Trump stated in a recent speech how important infrastructure was to the country and in particular, transportation. That's the area that we play.

因此，我認為我們在基礎設施方面所做的工作沒有任何變化。川普總統—前總統川普在最近的一次演講中表示，基礎設施，特別是交通運輸，對國家有多重要。這就是我們玩的區域。

Thank you very much.

非常感謝。

Cai von Rumohr, TD Cowen.

蔡·馮·魯莫爾，TD·考恩。

Yes. Thanks so much. Terrific growth at federal solutions. So there were a couple of contracts that really -- or had a disproportionate impact on that growth, specifically that one contract, I think, you've noted with a confidential customer. And were any of the big drivers in terms of contracts -- are any of those starting to reach their expected run rate?

是的。非常感謝。聯邦解決方案的驚人增長。因此，有幾份合約確實對這種增長產生了不成比例的影響，特別是我認為您與一位機密客戶注意到的那份合約。就合約而言，有哪些重要的推動因素——有哪些開始達到預期的運作率嗎？

Yes, Cai. So I would say it was in several areas. First, in the critical infrastructure protection area, we saw strong growth, and part of it was on the classified contract. Also saw strong growth in cyber at 25% in the quarter. Other areas, too, like our Army ammunition plant work that's ramping up at Radford and Holston, that's been important. And I would say the INDOPACOM area still continues to be very strong for us.

是的，蔡。所以我想說這是在幾個領域。首先，在關鍵基礎設施保護領域，我們看到了強勁的成長，其中一部分是在分類合約上。本季網路業務也出現了 25% 的強勁成長。其他領域也很重要，例如我們在雷德福德和霍爾斯頓的陸軍彈藥廠工作正在增加。我想說，印太司令部地區對我們來說仍然非常強大。

Yeah. So Cai, I'd just add to your question. I think the confidential customer, to your point, I think that one has -- we're about a year into that job. And so we're starting to see -- we've seen what the budgets will support in terms of that contract. So we're starting to stabilize on that one.

是的。蔡，我想補充一下你的問題。我認為機密客戶，就您的觀點而言，我認為我們已經從事這項工作大約一年了。所以我們開始看到——我們已經看到預算將支持該合約的內容。所以我們開始穩定這一點。

But as Carey mentioned earlier, we saw 30%-plus growth in cyber in Q1, 25%-plus in Q2. So the cyber business, on top of the things Carey mentioned, is also quite strong.

但正如凱里之前提到的，我們看到第一季網路成長超過 30%，第二季成長超過 25%。因此，除了凱裡提到的事情之外，網路業務也相當強大。

Terrific. And do you have -- I think Lou's mentioned that they were impacted by delay in Ukraine funding, their [Ucom] business. Do you have any Ucom business or any other business where a funding delay could impact your rate of growth?

了不起。我想 Lou 提到他們受到了烏克蘭資金（他們的 [Ucom] 業務）延遲的影響。您是否有任何 Ucom 業務或任何其他業務，融資延遲可能會影響您的成長率？

No, we do not.

不，我們不這樣做。

Okay. Terrific. Thank you very much. Great quarter.

好的。了不起。非常感謝。很棒的季度。

Thanks, Cai.

謝謝，蔡。

Louie DiPalma, William Blair.

路易·迪帕爾瑪，威廉·布萊爾。

Carey, Matt, and Dave, good morning and congrats on the five quarters in a row above 20% organic growth. That it's very impressive. I don't think it's been done before.

Carey、Matt 和 Dave，早安，恭喜您連續五個季度有機增長超過 20%。這是非常令人印象深刻的。我認為以前沒有這樣做過。

Thank you, Louie.

謝謝你，路易。

Thanks Louie.

謝謝路易。

From a high level and following up on the previous question from Cai, the end to the Ukraine and Gaza military conflicts could be negative for much of the defense industry. However, could the end to the conflicts actually be positive for Parsons, given your role as one of the largest infrastructure providers in the world?

從高層來看，繼蔡先前的問題之後，烏克蘭和加薩軍事衝突的結束可能對大部分國防工業產生負面影響。然而，考慮到帕森斯作為世界上最大的基礎設施提供者之一，衝突的結束實際上會對帕森斯產生積極的影響嗎？

Yeah. Great question, Louie, and the answer is yes. So we have capabilities to provide such as demining capabilities, environmental remediation to be able to get people back in their homes, and most importantly, I would say, the rebuild, which is going to be critical for both of those areas.

是的。很好的問題，路易，答案是肯定的。因此，我們有能力提供諸如排雷能力、環境修復能力，以便能夠讓人們返回家園，最重要的是，我想說的是重建，這對這兩個領域都至關重要。

Parsons was heavily involved in the Iraq rebuild years ago. And so we do intend whenever those conflicts get settled to be able to assist there.

帕森斯多年前就積極參與了伊拉克的重建工作。因此，我們確實打算在這些衝突得到解決時能夠提供協助。

Great. That is very helpful in terms of the perception of Parsons as defense contractor versus infrastructure. And also on the infrastructure side, is the US IIJ funding peak in your eyes, Carey, still expected in 2027? Are the dollars flowing?

偉大的。這對於帕森斯作為國防承包商與基礎設施承包商的看法非常有幫助。還有在基礎建設方面，凱裡，您眼中的美國 IIJ 資金高峰是否仍預計在 2027 年？美元在流動嗎？

I know that you discussed winning roles on the three largest US projects that were awarded over the past year. But are there other large US projects in the pipeline that can cause the momentum to continue?

我知道您討論了過去一年中授予的三個最大的美國項目的獲勝角色。但美國還有其他大型計畫正在醞釀中，可以讓這股勢頭持續下去嗎？

Yeah. We do believe the peak is still going to be in the 2027 time frame, and then you'll see a six- to eight-year tail after that. So there's a lot of longevity. And we do have good visibility, a very strong pipeline because a lot of these capital plans get put together years in advance. So very optimistic about our infrastructure pipeline in North America.

是的。我們確實相信峰值仍將出現在 2027 年的時間範圍內，然後您將看到六到八年的尾巴。所以壽命很長。我們確實擁有良好的知名度和非常強大的管道，因為許多資本計劃都是提前幾年制定的。因此對我們在北美的基礎設施管道非常樂觀。

Great. And one more speculative question. And it's well known that Parsons is one of the major industry leaders of critical infrastructure in the Middle East, and you have a six-decade relationship. In the news, there's been discussions of the US and Saudi Arabia negotiating a defense pact.

偉大的。還有一個推測性問題。眾所周知，帕森斯是中東關鍵基礎設施的主要產業領導者之一，雙方有著長達六年的合作關係。新聞中，有關於美國和沙烏地阿拉伯就防務協議進行談判的討論。

And I was wondering, is there any long-term, and I emphasize long-term, opportunity for Parsons to cross-sell some of its defense solutions to that region. I know you're already involved in [Centcom]. But is there an opportunity for you to become even more involved on the defense side given your history in the region?

我想知道，從長遠來看，帕森斯是否有機會（我強調長期）向該地區交叉銷售其一些防禦解決方案。我知道你已經參與其中[中央通信]。但考慮到您在該地區的歷史，您是否有機會更多地參與防守？

Yeah, we do believe that there is. We're currently involved in a couple of efforts. We do a little bit of F16 maintenance activity, and then we're involved in program with the Army Corps of Engineers supporting missile defense efforts like inflation of Patriot tab batteries.

是的，我們確實相信有。我們目前正在進行幾項工作。我們做了一些 F16 維護活動，然後我們參與了陸軍工程兵團支持導彈防禦工作的計劃，例如愛國者標籤電池的充氣。

But we're currently putting together a more robust pipeline around, specifically, defense once the defense security pact is concluded. And also around areas we can uniquely play like should all indeed become a permanent base.

但我們目前正在圍繞國防建立更強大的管道，特別是在國防安全協議締結後的國防方面。在我們可以獨特發揮的區域周圍，就像所有區域確實都應該成為永久基地一樣。

We're a company that does both infrastructure and protection. And if you look at areas like cybersecurity, physical security, there's a lot of needs there. And once again, we're uniquely positioned with our portfolio. So that is definitely an opportunity for the company.

我們是一家既做基礎建設又做保護的公司。如果你看看網路安全、實體安全等領域，你會發現那裡有很多需求。我們的產品組合再次處於獨特的地位。所以這對公司來說絕對是一個機會。

Awesome. Thanks, Carey. Thanks, Matt and Dave.

驚人的。謝謝，凱裡。謝謝，馬特和戴夫。

Thanks, Louie.

謝謝，路易。

Thank you, Louie.

謝謝你，路易。

(Operator Instructions) Noah Poponak, Goldman Sachs.

（操作員指示）Noah Poponak，高盛。

Hey. Good morning, everyone.

嘿。大家早安。

Good morning, Noah.

早上好，諾亞。

If I go to the midpoint of the revenue guide, 3Q and 4Q would be lower than 2Q in absolute dollars. That would be atypical relative to your historical seasonality. Maybe -- I'm not sure that's ever happened. So can you walk me through what would drive that to occur?

如果我轉到收入指南的中點，以絕對美元計算，第三季和第四季將低於第二季。相對於您的歷史季節性而言，這將是非典型的。也許——我不確定這是否曾經發生過。那麼你能告訴我什麼會導致這種情況發生嗎？

Yeah. So overall, Noah, I'd say we're very happy with the year-to-date performance. Updated guidance is obviously 19% growth at the midpoint. Second half still does have some sequential growth. It's pretty nominal, to your point, but it is showing some growth. It flattens a bit with the mix of seasonality.

是的。總的來說，諾亞，我想說我們對今年迄今為止的表現非常滿意。更新後的指引顯然是中間值 19% 的成長。下半年仍然有一些環比增長。就您而言，這只是名義上的，但它正在顯示出一些增長。隨著季節性的混合，它變得有點平坦。

I think I've talked before when Cai asked the question about the -- we do see some programs potentially dealing with some seasonality through the summer. So that might be new this year. And then normally, we have completing programs. Carey talked about almost $100 million worth of completing programs, but that's offset by the growth on the recent awards and the backlog.

我想我之前已經談過，當蔡問這個問題時，我們確實看到一些項目可能會處理整個夏季的一些季節性問題。所以今年這可能是新的。通常情況下，我們都會完成計劃。凱裡談到了價值近 1 億美元的完成項目，但這被最近獎項和積壓的成長所抵消。

So tougher comps coming into the second half. But overall, we're really happy. I think, like I said, the second half is trending in the right direction. The award positioning is good, the capture rates are great. So all in all, we're comfortable with the second-half guide.

下半場的比賽更加艱難。但總的來說，我們真的很高興。我認為，正如我所說，下半年的趨勢是正確的。獎項定位好，得獎率高。總而言之，我們對下半年的指南感到滿意。

Okay. And Matt, I guess, similarly on the cash flow cadence and the guidance, the guidance would imply that the back half as a percentage of the year would be pretty different compared to history and that's a pretty big cash flow number you just had in the second quarter compared to how that usually turns through the year. I guess the working -- it looks like you had a positive change in working capital, but it's not a massive number. What's behind that?

好的。馬特，我想，同樣在現金流節奏和指導方面，指導將意味著下半年所佔的百分比與歷史相比將有很大不同，這是一個相當大的現金流量數字第二季度與全年通常情況相比。我猜想，營運資金看起來好像有正面的變化，但這並不是一個很大的數字。這背後是什麼？

Yeah. Overall, we're just really happy with the collections. We had some major milestones that we're completing. As we've talked about, completing some of these legacy programs will benefit cash flow. And so I would say, just generally speaking, really strong cash flow from across the board.

是的。總的來說，我們對這些系列非常滿意。我們正在完成一些重要的里程碑。正如我們所討論的，完成其中一些遺留項目將有利於現金流。所以我想說，一般來說，全面的現金流非常強勁。

Federal business, obviously, is pretty consistent quarter over quarter given just underlying cash that builds out every other week or monthly. And so this is really just on the CI side, great performance out of the Middle East. DSO is down pretty significantly in the Middle East as well as North America. So some upfront payments on some big jobs. So all in all, just really great cash performance across the board.

顯然，考慮到每隔一周或每月增加的基礎現金，聯邦業務的季度環比相當穩定。所以這實際上只是在 CI 方面，中東地區的出色表現。中東和北美的 DSO 下降幅度相當大。所以一些大工程需要預付款。總而言之，全面的現金表現確​​實非常出色。

Okay. And could you just update us on what EBITDA margin you're assuming for the year for each segment to roll up into the total?

好的。您能否向我們介紹一下您預計今年每個細分市場的 EBITDA 利潤率總計為多少？

Yeah. So if I look at second half specifically, Noah, we are -- we have FS, call it, in the high 9%s, 9.8% at the midpoint, and CI [74]. So a little bit better on CI and a little bit of depression in FS.

是的。所以，如果我具體看下半場，諾亞，我們－我們有 FS，稱之為高 9%s，中點 9.8%，以及 CI [74]。因此，CI 上好一點，FS 上有一點沮喪。

As you'd suspect, I mentioned earlier -- I can't remember whose question it was -- but we saw a little bit of a mix shift, stronger fixed price. As we continue to grow on some of these programs, specifically the GSA FEDSIM win, that's a cost-type job.

正如你所懷疑的，我之前提到過——我不記得是誰的問題了——但我們看到了一些混合轉變，固定價格更強勁。隨著我們在其中一些項目上不斷發展，特別是 GSA FEDSIM 的勝利，這是一項成本型工作。

So as we see significant growth on that job, the mix will probably come back a little bit, and we expect Federal to balance back out in the high 9%s. And then CI, we are expecting slight improvements, but opportunity there if we can get through these last couple of programs.

因此，當我們看到該工作的顯著增長時，混合情況可能會有所回升，我們預計聯邦將在 9% 的高水準上恢復平衡。然後是 CI，我們預計會略有改進，但如果我們能夠完成最後幾個項目，我們就有機會。

Okay, great. Thanks so much.

好的，太好了。非常感謝。

Thanks, Noah.

謝謝，諾亞。

Josh Sullivan, The Benchmark Company.

喬許·沙利文，基準公司。

Hey. Good morning.

嘿。早安.

Morning, Josh.

早上好，喬許。

Carey, congratulations on the first year -- three years here and the transformation that you've ushered in. But maybe if you look at the next three years, what do you think characterizes Parsons in your efforts?

凱裡，恭喜你在這裡的第一年──三年以及你所帶來的轉變。但也許如果你展望未來三年，你認為帕森斯在你的努力中有何特色？

Thank you. So I would say as we look at the next three years, continuing, number one, to stay laser focused on our customers' emerging missions. We like to play in the new news space and figure out how we're going to help fix their challenges of tomorrow versus try and run around and take away, for example, other people's recompetes.

謝謝。因此，我想說，當我們展望未來三年時，第一要務是繼續專注於客戶的新興使命。我們喜歡在新的新聞空間中發揮作用，並弄清楚我們將如何幫助他們解決明天的挑戰，而不是試圖四處奔波並奪走其他人的重新競爭。

So I would say if you look at infrastructure, very excited about the work we're doing in the Middle East. Those are all greenfield projects. We're having an opportunity to transform a country, which is a once-in-a-lifetime opportunity; build new transportation systems, new residential areas, new marinas, new tourism centers, entertainment centers.

所以我想說，如果你看看基礎設施，你會對我們在中東所做的工作感到非常興奮。這些都是綠地專案。我們有機會改變一個國家，這是千載難逢的機會；建造新的交通系統、新的住宅區、新的碼頭、新的旅遊中心、娛樂中心。

As I look at North America, I would say it's more brownfield opportunities, and those are equally as challenging. How do you -- for example, we just were awarded the Inglewood project which is a rail and transit project out in California to help Los Angeles get ready to host the World Cup and get ready for the Olympics. So how do you position for some of these big events? And that's going to carry us through the end of the decade.

當我觀察北美時，我會說這是更多的棕地機會，而這些機會同樣具有挑戰性。例如，我們剛剛獲得了英格爾伍德項目，這是加州的鐵路和交通項目，旨在幫助洛杉磯為舉辦世界盃和奧運會做好準備。那麼您如何看待這些重大事件呢？這將帶領我們度過本世紀末。

As I look forward to, I would say, on the federal side of the house, we're going to continue to do what we've been doing very successfully, position ourselves as an exquisite federal company against near-peer adversaries; stay laser focused in the areas where we're very strong, offensive cyber capabilities, electronic warfare, space, digital signal processing; continue to move up the value chain; bid and win larger jobs; and keep a playbook for us that's been working and staying on the leading edge of our customers' challenges.

正如我所期待的，我想說的是，在聯邦方面，我們將繼續做我們一直在做的非常成功的事情，將自己定位為一家優秀的聯邦公司，對抗幾乎同等的對手；專注於我們非常強大的領域，進攻性網路能力、電子戰、太空、數位訊號處理；繼續向價值鏈上游移動；競標並贏得更大的工作；並為我們保留一本一直在應對客戶挑戰並保持領先的行動手冊。

Got it. And then just maybe to put a fighter point on, you talked about the Middle East there and your Saudi exposure. I think you mentioned no programs larger than 2%. And there has been some conversation around the space of some of those investments in the region. What are you guys seeing currently?

知道了。然後也許是為了表達一個鬥士的觀點，你談到了中東和你在沙烏地阿拉伯的風險。我認為您提到沒有超過 2% 的計劃。關於該地區一些投資的空間也存在一些討論。你們現在在看什麼？

Yeah. So Saudi Vision 2030 was launched by the Crown Prince in January 2016 to diversify the economy away from oil and transform it economically, socially, and culturally. And they're going to be on the world stage several times over the next decade. They're going to host Asian Games -- Asian Winter Games 2029, the World Expo 2030, and the FIFA World Cup in 2034.

是的。因此，王儲於 2016 年 1 月發起了“沙烏地阿拉伯 2030 年願景”，旨在實現經濟多元化，擺脫對石油的依賴，並在經濟、社會和文化方面進行轉型。在接下來的十年裡，他們將多次登上世界舞台。他們將舉辦亞運會－2029年亞洲冬季運動會、2030年世博會和2034年世界盃。

So as a result, infrastructure is going to be prioritized. It's going to receive significant funding in order for Saudi to achieve its vision and be on the world stage over the next 5 to 10 years. I would also highlight the public investment funds, the sovereign wealth fund for Saudi Arabia. It's one of the world's largest funds, controlling an estimated assets of nearly $1 trillion. And it's directly mandated to realize Saudi Vision 2030.

因此，基礎設施將優先考慮。沙烏地阿拉伯將獲得大量資金，以實現其願景並在未來 5 到 10 年內登上世界舞台。我還要強調公共投資基金，也就是沙烏地阿拉伯的主權財富基金。它是世界上最大的基金之一，控制著估計近1兆美元的資產。它直接受命實現沙烏地阿拉伯 2030 年願景。

They're going to be increasing their annual deployment of capital from $40 billion to $50 billion a year up to $70 billion a year after 2025. And total construction output in Saudi Arabia is estimated to be $121 billion in 2024. Infrastructure construction is projected to grow at a compound annual growth rate of 6% through 2027.

他們將把每年的資本部署從 400 億美元增加到 500 億美元，2025 年後每年增加到 700 億美元。預計 2024 年沙烏地阿拉伯的建築總產值為 1,210 億美元。到 2027 年，基礎設施建設預計將以 6% 的複合年增長率成長。

We've been there a long time. We have extremely close relationships with customers. I just visited the region last month, had the opportunity to be with the CEOs of some of the major giga projects that are going on. So we well understand the timing of these projects and the imperative to get them accomplished for Saudi Arabia.

我們已經在那裡很久了。我們與客戶有著極為密切的關係。我上個月剛訪問了該地區，有機會與一些正在進行的大型千兆項目的首席執行官會面。因此，我們非常了解這些項目的時機以及沙烏地阿拉伯完成這些項目的必要性。

Perfect. Thanks for the time.

完美的。謝謝你的時間。

Thank you.

謝謝。

That is all the time that we have for questions. I would now like to hand the call back over to Dave Spille for closing remarks.

這就是我們提問的所有時間。現在我想將電話轉回戴夫·斯皮爾 (Dave Spille) 進行結束演講。

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

謝謝您，也謝謝您今天早上加入我們。如果您有任何疑問，請隨時打電話給我。我們期待盡快與您交談。我們就這樣結束今天的通話。祝你有美好的一天。

This does conclude today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。