Parsons Corp (PSN) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the third quarter, 2024 Parsons Corporation earnings conference call. (Operator Instructions)

女士們先生們，謝謝你們的支持。歡迎參加帕森斯公司 2024 年第三季財報電話會議。（操作員說明）

Please be advised that today's conference is being recorded. I would like now to turn the conference over to your speaker today, Dave Spille, Senior Vice President, Investor Relations. Sir, please go ahead.

請注意，今天的會議正在錄製中。現在我想將會議交給今天的發言人，投資者關係高級副總裁戴夫·斯皮爾 (Dave Spille)。先生，請繼續。

Thanks Michelle, good morning and thank you for joining us today to discuss our third 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.

謝謝米歇爾，早安，感謝您今天加入我們討論我們 2024 年第三季的財務業績。請注意，我們在網站的投資者關係部分提供了簡報幻燈片。今天與我通話的是董事長、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 third quarter financial results as well as a review of our increased 2024 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 Carey 將討論我們的企業策略和營運亮點，然後 Matt 將概述我們第三季度的財務業績以及對我們增加的 2024 年指導的回顧。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, 2023 and other SEC filings including the quarterly report filed with the Securities and Exchange Commission on October 30, 2024 on Form 10-Q for the quarter ended September 30, 2024.

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聲明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 日的財年的10-K 表格和其他SEC 文件中進行了描述，包括2024 年10 月30 日向證券交易委員會提交的截至9 月30 日的季度的10 -Q 表格季度報告，2024 年。

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 reference non-GAAP financial measures during this call. We remind you that these non-GAAP financial measures are not a substitute for the comparable GAAP measures. And now we'll turn the call over to Carey.

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。管理階層也將在此次電話會議中參考非公認會計準則財務指標。我們提醒您，這些非 GAAP 財務指標不能取代可比較的 GAAP 指標。現在我們將把電話轉給凱裡。

Thank you, Dave. Good morning and welcome to Parsons third quarter, 2024 earnings call. We are very pleased with our third quarter and year-to-date performance as we delivered record Q3 results for total revenue, organic revenue growth, net income, adjusted EBITDA, operating cash flow and contract awards.

謝謝你，戴夫。早安，歡迎參加帕森斯 2024 年第三季財報電話會議。我們對第三季和今年迄今的業績感到非常滿意，因為我們在總收入、有機收入成長、淨利潤、調整後 EBITDA、營運現金流和合約授予方面創造了創紀錄的第三季業績。

We also achieved strong growth across the portfolio delivering over 20% organic growth for the sixth consecutive quarter while efficiently managing the business as bottom-line growth continues to outpace our robust top line growth.

我們的整個投資組合也實現了強勁成長，連續第六個季度實現超過 20% 的有機成長，同時有效地管理業務，因為利潤成長持續超過我們強勁的營收成長。

In addition, we continue to leverage our strong balance sheet to invest in software and integrated solutions, as well as execute accretive acquisitions that either provide distinguished defense capabilities that counter near-pure threats or strengthen our engineering expertise and increase our geographical footprint in high growth infrastructure markets.

此外，我們繼續利用我們強大的資產負債表投資軟體和整合解決方案，並執行增值收購，這些收購要么提供應對近乎純粹威脅的卓越防禦能力，要么加強我們的工程專業知識並擴大我們在高增長中的地理足跡基礎設施市場。

As a result of our strong operating performance in our BlackSignal acquisition, we are raising our full year revenue, adjusted EBITDA, and cash flow guidance ranges. Our record results reflect the hard work and dedication of the entire Parsons team to deliver on our customers national security and infrastructure missions with the urgency and operational relevance required in today's SaaS based and dynamic environment.

由於收購 BlackSignal 後我們取得了強勁的經營業績，我們提高了全年營收、調整後 EBITDA 和現金流指導範圍。我們創紀錄的業績反映了整個帕森斯團隊的辛勤工作和奉獻精神，以當今基於 SaaS 的動態環境所需的緊迫性和操作相關性，為我們的客戶提供國家安全和基礎設施任務。

For the third quarter, we generated $1.8 billion in revenue for the first time in our company's history and delivered organic revenue growth of 26%. During the third quarter, we also delivered double-digit total revenue growth in both businesses segments illustrating the strength of our portfolio. This is now the 11th consecutive quarterly record for revenue and 12th consecutive record quarterly adjusted EBITDA.

第三季度，我們公司歷史上首次實現了 18 億美元的收入，並實現了 26% 的有機收入成長。在第三季度，我們兩個業務部門的總收入也實現了兩位數的成長，這說明了我們投資組合的實力。這是連續第 11 個季度營收創紀錄，也是連續第 12 季調整後 EBITDA 創紀錄。

I will also note that for the third quarter, and for the first nine months of 2024, total adjusted EBITDA growth exceeded revenue growth. In the third quarter, total revenue increased 28%, while adjusted EBITDA grew by 31%. And for the first nine months of 2024, total revenue grew 27% and adjusted EBITDA increased 36%.

我還要指出的是，第三季以及 2024 年前 9 個月，調整後 EBITDA 成長總額超過了營收成長。第三季總營收成長 28%，調整後 EBITDA 成長 31%。2024 年前 9 個月，總營收成長 27%，調整後 EBITDA 成長 36%。

By driving EBITDA growth faster than our robust revenue growth, our margins expanded 20 basis points in the third quarter and 60 basis points for the first nine months of the year. In addition, we had an exceptional quarter for operating cash flow and increased our trailing 12 month cash flow by more than 90% from the prior year period.

透過推動 EBITDA 成長快於我們強勁的營收成長，我們的利潤率在第三季擴大了 20 個基點，在今年前 9 個月擴大了 60 個基點。此外，我們的營運現金流在本季表現出色，過去 12 個月的現金流較上年同期成長了 90% 以上。

Our strong free cash flow and balance sheet support our ability to continue to make internal investments and accretive acquisitions to strengthen our capabilities and drive long-term growth and margin expansion. These investments are enabling us to win larger and more profitable contracts, as well as new business across both segments and all six end-markets.

我們強大的自由現金流和資產負債表支持我們繼續進行內部投資和增值收購的能力，以增強我們的能力並推動長期成長和利潤率擴張。這些投資使我們能夠贏得更大、利潤更高的合同，以及跨兩個細分市場和所有六個終端市場的新業務。

During the third quarter, we won four single award contracts over a $100 million each and reported a book-to-bill ratio of 1.0 times, which represents a 24% increase in contract award activity over the prior year period. In addition, the critical infrastructure segment achieved a book-to-bill ratio of 1.0 or greater for the 16th consecutive quarter.

第三季度，我們贏得了四份單項合約金額超過 1 億美元的合同，訂單出貨比為 1.0 倍，這意味著合約授予活動比上年同期增長了 24%。此外，關鍵基礎設施領域的訂單出貨比連續第16季達到或更高。

In critical infrastructure, during Q3, we were awarded Strategic Transportation and Middle East projects. In North America, we received a new award for the Georgia State Route 400 Express lanes, where Parsons will serve as the lead designer. This $4.6 billion project will add new express lanes in the state-of-the-art traffic, incident management and digital twin systems. Under the infrastructure investment and Jobs Act, Georgia is expected to receive at least $11 billion for roads and highways, bridges, public transportation, airports and resilient infrastructure.

在關鍵基礎設施方面，第三季度，我們獲得了戰略運輸和中東項目。在北美，我們獲得了喬治亞州 400 號公路快速車道的新獎項，帕森斯將擔任該車道的首席設計師。這個耗資 46 億美元的項目將在最先進的交通、事故管理和數位孿生系統中增加新的快速車道。根據基礎設施投資和就業法案，喬治亞州預計將獲得至少 110 億美元用於道路和高速公路、橋樑、公共交通、機場和彈性基礎設施。

We were awarded a new lead design contract for the Honolulu Authority for rapid transportation. On this $1.66 billion project, we are the lead designer for the City Center Guideway and Stations. The scope of work includes the design of six rail stations and approximately three miles of Elevated Rail Guideway and Engineering Services during construction.

我們獲得了檀香山管理局的一項新的快速交通主導設計合約。在這個耗資 16.6 億美元的項目中，我們是市中心導軌和車站的首席設計師。工作範圍包括六個火車站的設計和約三英里的高架鐵路導軌以及施工期間的工程服務。

Over the past 16 months, we've won five of the largest North America Transportation design projects in our company's history. The two wins this quarter, along with the recent Hudson River Tunnel project, JFK International Airport Roadways and Newark Bay Bridge wins demonstrate the success we are having in the transportation market. These awards also show that federal, state and local funding continues to flow at a healthy pace.

在過去 16 個月裡，我們贏得了該公司歷史上最大的五個北美交通設計項目。本季的兩場勝利，以及最近的哈德遜河隧道計畫、甘迺迪國際機場道路和紐瓦克灣大橋的勝利，證明了我們在運輸市場的成功。這些獎項還表明，聯邦、州和地方資金繼續以健康的速度流動。

Our momentum in the Middle East continues, as we achieved a book-to-bill ratio of 1.2 times in the third quarter and we currently have the largest qualified pipeline in our country's history in both the Middle East and Saudi Arabia.

我們在中東的勢頭仍在繼續，第三季的訂單出貨比達到了 1.2 倍，目前我們在中東和沙烏地阿拉伯擁有我國歷史上最大的合格管道。

In Saudi Arabia, we were awarded contracts valued at more than $200 million, including two large program management awards. In addition, third quarter headcount in both the Middle East and Saudi reached an all-time high and continues to grow. We're very excited about the future growth opportunities in the region and continue to invest capitalize on this unique opportunity.

在沙烏地阿拉伯，我們獲得了價值超過 2 億美元的合同，其中包括兩項大型專案管理合約。此外，第三季中東和沙烏地阿拉伯的員工人數均創歷史新高，並持續成長。我們對該地區未來的成長機會感到非常興奮，並將繼續利用這一獨特的機會進行投資。

In our federal solutions segment, we received option awards totaling $287 million, with a confidential customer during the third quarter. We also booked an option period totaling $245 million on a general services administration contract. This contract supports the Department of Defense and its strategic partners in delivering global quick reaction capabilities, leveraging advanced technology solutions across the all the main battle space.

在我們的聯邦解決方案部門，我們在第三季從一位保密客戶那裡獲得了總計 2.87 億美元的選擇權獎勵。我們也為一份總服務管理合約預訂了總價值 2.45 億美元的選擇期。該合約支持國防部及其戰略合作夥伴提供全球快速反應能力，在所有主戰場上利用先進技術解決方案。

We were awarded $134 million of contracts in the INDOPACOM region. We won a three-year $69 million contract on Kwajalein in the Marshall Islands to provide Army family housing. We also were awarded $37 million in signals intelligence and cyber operations work.

我們在 INDOPACOM 地區獲得了價值 1.34 億美元的合約。我們在馬紹爾群島的誇賈林環礁贏得了一份價值 6,900 萬美元的三年合約，為陸軍家庭提供住房。我們還獲得了 3700 萬美元的資金用於信號情報和網路運作工作。

In addition, we've received two contracts worth $28 million to perform advanced geophysical classification in unexploded ordinance work on Guam and upgrade utility monitoring and control systems.

此外，我們還收到了兩份價值 2800 萬美元的合同，用於在關島的未爆炸彈藥工作中進行高級地球物理分類，併升級公用事業監控和控制系統。

Parson's presence in Guam, Kwajalein, and Hawaii continues to strengthen and is aligned to the fiscal year '25 pacific deterrence initiative of $9.9 billion for targeted investment to enhance force posture, infrastructure, presence and readiness of the United States and its allies in the Indo-Pacific region.

帕森在關島、誇賈林環礁和夏威夷的存在繼續加強，並與25 財年的99 億美元太平洋威懾計劃保持一致，該計劃旨在進行有針對性的投資，以增強美國及其盟國在印度的部隊態勢、基礎建設、存在和戰備狀態-太平洋地區。

Finally, we booked an option period totaling $54 million on the combatant commands cyber mission support contract. This contract includes support of multi-domain operations across cyber, space, air, ground, and maritime.

最後，我們在作戰司令部網路任務支援合約上預訂了總計 5,400 萬美元的選擇期。該合約包括對網路、太空、空中、地面和海上多域作戰的支援。

During the third quarter, we announced and closed our BlackSignal Technology's acquisition in an accretive deal valued at $204 million. This company is the next-generation digital signal processing, electronic warfare, and cybersecurity provider, built to counter near-pure threats.

在第三季度，我們宣布並完成了對 BlackSignal Technology 的收購，這是一筆價值 2.04 億美元的增值交易。該公司是下一代數位訊號處理、電子戰和網路安全供應商，旨在應對近乎純粹的威脅。

BlackSignal expands Parsons' customer base across the Department of Defense and intelligence community, and significantly, strengthens Parsons positioning within offensive cyber operations and electronic warfare, while adding new capabilities in the counter space radio frequency domain.

BlackSignal 擴大了帕森斯在國防部和情報界的客戶群，並顯著加強了帕森斯在進攻性網路作戰和電子戰中的定位，同時增加了反空間射頻領域的新功能。

This strategic acquisition provides a strong cleared workforce, 90% intellectual property-enabled offerings, 67% directive sole source work and an expanded customer set enabling immediate revenue synergies.

此次策略性收購提供了強大的清理勞動力、90% 的智慧財產權支援的產品、67% 的指令性獨家來源工作以及擴大的客戶群，可實現即時收入協同效應。

After the third quarter ended, we entered into a definitive agreement to acquire BCC Engineering, one of the Southeast region's leading transportation engineering firms, in an all-cash transaction valued at $230 million.

第三季結束後，我們簽訂了最終協議，以價值 2.3 億美元的全現金交易收購 BCC Engineering（東南地區領先的交通工程公司之一）。

BCC is a full-service engineering firm that provides planning, design, and management services for transportation civil and structural engineering projects in Florida, Georgia, Texas, South Carolina and Puerto Rico.

密件副本是一家全方位服務工程公司，為佛羅裡達州、喬治亞州、德克薩斯州、南卡羅來納州和波多黎各的交通土木和結構工程項目提供規劃、設計和管理服務。

This acquisition will strengthen our position as an infrastructure leader, while expanding our reach in the Southeastern United States, an area where the Infrastructure Investment and Jobs Act has provided approximately a $100 billion in federal highway administration formula funds for fiscal years 2022 through 2026.

此次收購將鞏固我們作為基礎設施領導者的地位，同時擴大我們在美國東南部的影響力，基礎設施投資和就業法案在該地區為2022 至2026 財年提供了約1000 億美元的聯邦公路管理公式資金。

BCC was our top-ranked acquisition target for geographical expansion into the Florida market and will enable us to become the number one consultant in South Florida. BCC will also double our presence and resources working with the Georgia, Department of Transportation.

BCC 是我們進入佛羅裡達市場地域擴張的首要收購目標，將使我們成為南佛羅裡達州第一大顧問。BCC 也將與喬治亞州交通部合作，將我們的影響力和資源增加一倍。

These two acquisitions are consistent with our strategy of completing preemptive accretive acquisitions of companies we know well and have revenue growth and adjusted EBITDA margins of 10% or more. We continue to have an active M&A pipeline in both segments and we will use our strong balance sheet to complete accretive acquisitions that provide technology differentiation and drive both growth and margin expansion.

這兩項收購符合我們對我們熟悉的公司進行先發性增值收購的策略，這些公司的收入成長和調整後的 EBITDA 利潤率達到或超過 10%。我們在這兩個領域繼續擁有活躍的併購管道，我們將利用我們強大的資產負債表來完成增值收購，以提供技術差異化並推動成長和利潤擴張。

In summary, our record performance so far this year demonstrates we are executing on our strategy to move up the value chain to drive exceptional revenue growth, margins, and cash flow. For the first nine months of this year, we have achieved 25% organic revenue growth, expanded margins by 60 basis points and increased operating cash flow by 82% to $397 million.

總之，我們今年迄今創紀錄的業績表明，我們正在執行向價值鏈上游邁進的策略，以推動收入、利潤和現金流的出色成長。今年前 9 個月，我們實現了 25% 的有機收入成長，利潤率擴大了 60 個基點，營運現金流增加了 82% 至 3.97 億美元。

We continue to leverage our strong balance sheet and free cash flow to make internal investments and acquire strategic assets that differentiate our solutions through software and advanced technologies.

我們繼續利用強大的資產負債表和自由現金流進行內部投資並收購策略資產，透過軟體和先進技術使我們的解決方案脫穎而出。

We are capitalizing on the market tailwinds and unprecedented global infrastructure spend in the evolving geopolitical environment that is driving increased demand for our National Security Solutions. Given our strong operating performance, our outlook for the remainder of the year, we are raising all guidance metrics.

我們正在利用市場順風和不斷變化的地緣政治環境中前所未有的全球基礎設施支出，這推動了對我們國家安全解決方案的需求增加。鑑於我們強勁的經營業績以及對今年剩餘時間的展望，我們正在提高所有指導指標。

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

接下來，我將把電話轉給 Matt，以提供有關我們第三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 third quarter of 2024 and was highlighted by record third quarter results for total revenue, organic revenue growth, net income, adjusted EBITDA, operating cash flow and contract awards.

謝謝你，凱裡。正如Carey 所言，我們的勢頭持續到2024 年第三季度，第三季度總收入、有機收入增長、淨利潤、調整後EBITDA、營運現金流和合約授予等方面創紀錄的業績突顯了我們的勢頭。

We're very pleased with our results, particularly against tougher comparable periods, given the significant growth realized in the second half of 2023. Our revenue growth remains strong across the portfolio with double-digit growth in both segments.

鑑於 2023 年下半年實現的顯著成長，我們對我們的業績非常滿意，尤其是在比較困難的時期。我們整個投資組合的營收成長依然強勁，兩個領域均實現兩位數成長。

Turning to our results. Third quarter revenue of $1.8 billion increased $392 million or 28% from the prior year period and was up 26% on an organic basis. For perspectives, this significant growth was achieved off our record third quarter in 2023, where we grew $284 million or 25%, Organic growth for the third quarter was driven by the ramp up of recent contract wins and growth on existing contracts in our critical infrastructure protection in cyber and intelligence markets.

轉向我們的結果。第三季營收為 18 億美元，較上年同期成長 3.92 億美元，成長 28%，有機成長 26%。從長遠來看，這一顯著增長是在2023 年第三季度創紀錄的基礎上實現的，該季度我們增長了2.84 億美元，即25%。的增加以及我們關鍵基礎設施中現有合約的成長所推動的網路和情報市場的保護。

SG&A expenses for the third quarter were 13.6%. 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.

第三季的銷售、管理及行政費用為 13.6%。與去年同期的 15.6% 相比，我們繼續專注於整個投資組合的高效成長，同時透過技術、業務開發以及招募和保留計畫投資未來。

On a year to date basis, SG&A as a percentage of revenue was 13.8%, compared to 16% in 2023. Adjusted EBITDA of $167 million increased $39 million or 31% and adjusted EBITDA margin expanded 20 basis points to 9.2%.These year over year increases were driven primarily by higher volume on margin accretive contracts and a deliberate focus on indirect cost management.

年初至今，SG&A 佔營收的百分比為 13.8%，而 2023 年為 16%。調整後 EBITDA 為 1.67 億美元，增加了 3,900 萬美元，即 31%，調整後 EBITDA 利潤率擴大了 20 個基點，達到 9.2%。年比成長主要是由於利潤增值合約數量的增加以及對間接成本管理的刻意關注。

As with revenue, our adjusted EBITDA growth was compared to a very strong third quarter in 2023, where we experienced growth of 24% over the prior year period. On a year to date basis, adjusted EBITDA margin up a Parson's level increased 60% basis points to 9.1%, compared to 8.5% in 2023.

與營收一樣，我們調整後的 EBITDA 成長與非常強勁的 2023 年第三季相比，比上年同期成長了 24%。年初至今，調整後的 EBITDA 利潤率較帕森森水準提高了 60% 個基點，達到 9.1%，而 2023 年為 8.5%。

I'll turn now to our operating segments, starting first with federal solutions where third quarter revenue increased by $325 million or 42% from the third quarter of 2023. This increase was driven by organic growth of 39% and the contribution from our SealingTech and BlackSignal acquisitions.

我現在將轉向我們的營運部門，首先從聯邦解決方案開始，該部門第三季的收入比 2023 年第三季增加了 3.25 億美元，即 42%。這一增長得益於 39% 的有機成長以及我們收購 SealingTech 和 BlackSignal 的貢獻。

Organic growth was driven primarily by the ramp up of recent contract wins and growth on existing contracts in our critical infrastructure protection and cyber and intelligence markets.

有機成長主要是由我們關鍵基礎設施保護以及網路和情報市場中最近贏得的合約的增加以及現有合約的成長所推動的。

Federal solutions adjusted EBITDA increased by $55 million or 84% from the third quarter of 2023. Adjusted EBITDA margin increased 260 basis points to 10.9% from 8.3% in the prior year period. These increases were driven primarily by increased volume on accretive contracts, contributions from high margin acquisitions, and improved program execution.

與 2023 年第三季相比，聯邦解決方案調整後 EBITDA 增加了 5,500 萬美元，即 84%。調整後 EBITDA 利潤率從去年同期的 8.3% 增加 260 個基點至 10.9%。這些成長主要是由於增值合約數量的增加、高利潤收購的貢獻以及專案執行的改進而推動的。

Moving now to our critical infrastructure segment. Third quarter revenue increased 10% from the prior year period on both an organic and inorganic basis. Growth was driven by higher volume in both our North America and Middle East infrastructure portfolios. Critical infrastructure adjusted EBITDA decreased by $16 million or 25% from the third quarter of 2023.

現在轉向我們的關鍵基礎設施部分。第三季營收較去年同期成長 10%，有機收入和無機營收均成長 10%。成長是由北美和中東基礎設施投資組合銷量增加所推動的。關鍵基礎設施調整後 EBITDA 較 2023 年第三季減少 1,600 萬美元，即 25%。

Adjusted EBITDA margin decreased 6.7% from 9.8% in the prior year. The adjusted EBITDA decreases were driven a write-down on the legacy program that is expected to reach substantial completion in Q4 of 2024. On a pro forma basis, our CI adjusted EBITDA margin would have been 9.7%, excluding this $23.5 million write-down.

調整後 EBITDA 利潤率較前一年的 9.8% 下降 6.7%。調整後的 EBITDA 下降是導致遺留項目減記的原因，該項目預計將在 2024 年第四季基本完成。根據預計，不包括這 2,350 萬美元的減記，我們的 CI 調整後 EBITDA 利潤率為 9.7%。

Next, I'll discuss cash flow and balance sheet metrics. During the third quarter of 2024, we generated $299 million of operating cash flow, compared to $204 million in Q3 of 2023. On a trailing 12 month basis, we generated a record $587 million of operating cash flow, a 91% increase over the prior 12 month period.

接下來，我將討論現金流量和資產負債表指標。2024 年第三季度，我們產生了 2.99 億美元的營運現金流，而 2023 年第三季為 2.04 億美元。在過去 12 個月的基礎上，我們產生了創紀錄的 5.87 億美元營運現金流，比前 12 個月成長了 91%。

These increases were primarily driven by strong collections across the portfolio and improved profitability. During the third quarter, net DSO declined year-over-year by 14 days to 51 days, our record low.

這些成長主要是由整個投資組合的強勁產品系列和獲利能力的提高所推動的。第三季度，淨 DSO 年減 14 天至 51 天，創歷史新低。

Capital expenditures totaled $12 million in the third quarter of 2024, which is relatively consistent with prior year period. 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 technologies to support future growth

2024 年第三季資本支出總額為 1,200 萬美元，與去年同期相對一致。資本支出繼續得到良好控制，並保持在低於年收入 1% 的計劃支出範圍內，同時繼續投資於擴大機密設施和太空技術等戰略領域，以支持未來成長

Free cash conversion was 247% for the third quarter, and 139% on a trailing 12 month basis with an intentional focus on contract execution, settlement of legacy claims and improved cash management and collections.

第三季自由現金轉換率為 247%，過去 12 個月為 139%，重點關注合約執行、遺留索賠的解決以及改善現金管理和收款。

Our balance sheet remains strong as we ended the third quarter with a net debt leverage ratio of 1.2 times to include the impact of the all cash acquisition of BlackSignal. On a pro forms basis, net leverage would be 1.6 times after the recently announced $230 million all cash acquisition of BCC.

我們的資產負債表仍然強勁，第三季結束時，我們的淨債務槓桿率為 1.2 倍，其中包括全現金收購 BlackSignal 的影響。在最近宣布以 2.3 億美元全現金收購 BCC 後，以預計形式計算，淨槓桿率將達到 1.6 倍。

Our strong cash flow is enabling us to continue to make strategic internal investments and accretive acquisitions to support our long-term growth objectives.

我們強勁的現金流使我們能夠繼續進行策略性內部投資和增值收購，以支持我們的長期成長目標。

Turning to bookings. On a trailing 12 month basis, contract awards increased 13%, and our book-to-bill ratio was 1.0 times. In our critical infrastructure segment, we achieved a book-to-bill ratio of 1.1 in the third quarter, marking the 16th consecutive quarter with a book-to-bill ratio of 1.0 or greater.

轉向預訂。在過去 12 個月的基礎上，合約授予量增加了 13%，我們的訂單出貨比為 1.0 倍。在我們的關鍵基礎設施領域，我們第三季的訂單出貨比達到了1.1，這是連續第16個季度訂單出貨比達到1.0或更高。

Third quarter contract award activity increased 24% year-over-year to $12.8 billion for a book-to-bill ratio of 1.0 times. With $8.8 billion of backlog, 66% of which is currently funded, and $13 billion of awards not reflected in book-to-bill or backlog, we continue to have confidence in our ability to deliver growth.

第三季合約授予活動年增 24%，達到 128 億美元，訂單出貨比為 1.0 倍。憑藉 88 億美元的積壓訂單（其中 66% 目前已獲得資助）以及 130 億美元的獎勵未反映在訂單到帳單或積壓訂單中，我們仍然對自己實現增長的能力充滿信心。

Now let's turn to our guidance. We're increasing our 2024 guidance ranges as a result of our record third quarter performance. BlackSignal acquisition and our favorable outlook for the remainder of the year. For 2024, we are increasing our revenue range by $250 million at the midpoint to $6.6 billion to $6.8 billion. This represents total revenue growth of 23% at the midpoint and 22% on an organic basis.

現在讓我們轉向我們的指引。由於我們創紀錄的第三季業績，我們正在提高 2024 年的指導範圍。BlackSignal 收購以及我們對今年剩餘時間的樂觀展望。到 2024 年，我們的營收範圍將增加 2.5 億美元，達到 66 億至 68 億美元。這意味著總收入中位數成長 23%，有機成長 22%。

Additionally, we're increasing our adjusted EBITDA range by $30 million at the midpoint of the range. We now expect adjusted EBITDA to be between $590 million and $620 million, which represents 30% growth at the midpoint of the range and continues to exceed revenue growth.

此外，我們還將調整後 EBITDA 範圍的中點增加了 3,000 萬美元。我們現在預計調整後的 EBITDA 將在 5.9 億美元至 6.2 億美元之間，這意味著該範圍中點增長 30%，並繼續超過收入增長。

At the midpoint of our increased revenue and adjusted EBITDA ranges, we are increasing our margin outlook by 10 basis points, to 9.0%, which is a 50 basis points improvement to fiscal 2023 results. We're also increasing our cash flow guidance. We now expect operating cash flow to be between $425 million and $465 million. At the midpoint of the guidance range, we expect free cash flow conversion to be approximately 100% of adjusted net income.

在我們增加的收入和調整後的 EBITDA 範圍的中點，我們將利潤率預期提高了 10 個基點，達到 9.0%，比 2023 財年業績提高了 50 個基點。我們也增加了現金流指導。我們目前預計營運現金流在 4.25 億美元至 4.65 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%。

Other key assumptions in connection with our 2024 guidance are outlined on slide 11 in today's PowerPoint presentation located on our Investor Relations website.

今天位於我們投資者關係網站上的 PowerPoint 簡報的第 11 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 nine months of the year with great top and bottom-line and cash flow results. We're putting the balance sheet to use after announcing two strategic acquisitions over the last months, which we believe will further enhance our technology offerings, geographical footprint and support long-term growth.

總而言之，今年前九個月我們表現出色，營收、利潤和現金流都表現出色。在過去幾個月宣布兩項策略性收購後，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、地理足跡並支持長期成長。

Our execution has been strong across all business units and major geographies and 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勁，我們對實現 2024 年提高的指導範圍充滿信心。

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

說完，我會把電話轉回給凱裡。

Thank you, Matt. In closing, I am very pleased with our company's performance through the first nine months of the year. Our operating results continue to exceed our expectations as we once again delivered record results across all guidance metrics.

謝謝你，馬特。最後，我對我們公司今年前九個月的業績感到非常滿意。我們的經營業績持續超出我們的預期，我們再次在所有指導指標上取得了創紀錄的業績。

Our 19,000 employees are consistently executing and taking advantage of the strong tailwinds that are positively impacting both of our business segments. I am thankful to be leading such a great team and I expect our momentum to continue given our portfolio is well aligned to important macro environment trends, and two well-funded segments and six growing and enduring markets.

我們的 19,000 名員工始終如一地執行並利用對我們兩個業務部門產生積極影響的強勁順風。我很高興能夠領導這樣一支優秀的團隊，並且鑑於我們的投資組合與重要的宏觀環境趨勢以及兩個資金充足的細分市場和六個不斷增長和持久的市場非常吻合，我預計我們的勢頭將繼續下去。

(Operator Instructions)

（操作員說明）

Sheila Kahyaoglu, Jeffries.

希拉·卡哈奧格魯，杰弗里斯。

Good morning guys, and great quarter, as always. If I could ask two questions, maybe first on the top-line, just give the performance has been so, stellar. The $13 billion un-booked pipeline is relatively unchanged, but still a very good book-to-bill of 1 times, which seems nearly impossible with your growth rate. How do we think about as we enter 2025, what year growth rate could potentially look like?

早安，夥計們，一如既往的美好季度。如果我可以問兩個問題，也許首先是最重要的問題，只是表現得如此出色。130 億美元的未預訂管道相對沒有變化，但訂單出貨比仍為 1 倍，這在您的成長率看來幾乎是不可能的。進入 2025 年，我們如何看待哪一年的成長率可能會是什麼樣子？

Thank you, Sheila, and good morning. So, the top-line has remained relatively flat and -- only awarded not booked and the reason for that is that we booked four of our repeats between July 2021 and January of 2023. So it's kind of reached a peak because they were all greater than $2 billion each.

謝謝你，希拉，早安。因此，收入保持相對平穩，並且僅授予未預訂，原因是我們在 2021 年 7 月至 2023 年 1 月期間預訂了四次重複。所以它已經達到了頂峰，因為它們的價值都超過了 20 億美元。

What I think is important to look at is a combination of the $13 billion awarded not booked, plus the $8.8 billion and backlog, which is up significantly over 2022. I would also recommend that the 66% of funded backlog and that's the amount that we expect to convert within the next 12 to 18 months is very strong and probably close to an industry high.

我認為重要的是要考慮未登記的 130 億美元，加上 88 億美元和積壓的資金，這比 2022 年大幅增加。我還建議，66% 的資金積壓以及我們預計在未來 12 到 18 個月內轉換的金額非常強勁，可能接近行業最高水平。

Looking forward from a top-line perspective, we anticipate being at mid-single-digits were better as we've indicated.

從收入的角度來看，我們預期中等個位數的收入會更好，正如我們所指出的。

Great. And if I could ask one more, if you don't mind, on CI, the margins, exit charge were closer to 9% once again. This fluctuated quite a bit, Matt, over the past few quarters. What's the right way to think about the run rate margin once legacy programs are run-off?

偉大的。如果我可以再問一個問題，如果你不介意的話，在 CI 上，利潤率、退出費用再次接近 9%。馬特，在過去的幾個季度裡，這個數字波動很大。一旦遺留專案結束，考慮運行率裕度的正確方法是什麼？

Yeah, thanks Sheila. I'd say we talk a lot about the CI with the underlying business kind of performing in the 9 to 10 range. Long-term goal, of course is double-digits. We have a path to get there, but it's kind of a slow charges we get through these programs to your point. We were expecting kind of wrap up that program. We had a couple week delay, which is not unexpected as we kind of get to the end of these programs.

是的，謝謝希拉。我想說，我們談論了很多關於 CI 的基礎業務類型，其表現在 9 到 10 範圍內。長期目標當然是兩位數。我們有一條途徑可以實現這一目標，但我們透過這些計劃達到您的目的是一種緩慢的收費。我們期待著該計劃的結束。我們延遲了幾週，這並不意外，因為我們即將結束這些計劃。

But $23 million charge within the quarter was down little bit of the schedule slip and then as we to close out and kind of negotiations with customer on close out, that was the biggest driver behind the charge. But generally speaking, we think, that underlying margins for the backlog that we've recently booked and the work that we are really performing on is kind of north of 9%.

但本季 2300 萬美元的費用比進度表少了一點，然後當我們結束並與客戶就結束進行談判時，這是費用背後的最大推動因素。但總的來說，我們認為，我們最近預訂的積壓訂單和我們實際執行的工作的基本利潤在 9% 以上。

So it's kind of just have a slope that which we can get there. I've kind of said 20 basis points to 30 basis points per year of margin expansion if you think about the federal business being kind of stable, you'd think 40 basis points to 60 basis points from CI per year. So that's the way we are kind of looking at it, Sheila.

所以它只是有一個我們可以到達那裡的斜坡。我說過，如果你認為聯邦業務比較穩定，每年的利潤率擴張 20 個基點到 30 個基點，你會認為 CI 每年增長 40 個基點到 60 個基點。這就是我們看待它的方式，希拉。

I would also add, yeah, I would also add that we are really excited to get rid of these legacy programs. These were jobs that were way back in the 2010 to 2015 timeframe. As we entered the year, we only had two of these remaining.

我還要補充一點，是的，我還要補充一點，我們很高興能夠擺脫這些遺留程序。這些工作早在 2010 年至 2015 年就已經存在了。當我們進入這一年時，我們只剩下了其中的兩個。

We wrapped one up in the first quarter and this last one as Matt indicated, is just a couple of weeks away, we're 98% complete right now. So it's really exciting to have those in the mirror, because improved performance execution on our Critical Infrastructure side is going to be the biggest driver of margin expansion.

我們在第一季完成了一個任務，正如馬特指出的那樣，距離最後一個任務只有幾週的時間，我們現在已經完成了 98%。因此，將這些納入鏡像確實令人興奮，因為我們關鍵基礎設施方面的性能執行改進將成為利潤成長的最大驅動力。

Thank you.

謝謝。

Thanks, Shiela

謝謝，希拉

Thank, you.

謝謝。

Andy Wittmann, Baird.

安迪‧魏特曼，貝爾德。

Great. Good morning. And thank you for taking my questions, Matt. I guess, I wanted to just understand the quarter a little bit better here because I was reading some stuff in the Q that it seems like it relates to the CI equity and income charge you've said on your comments, your $23.5 million write-down in the Q it's at $6.7 million write-down.

偉大的。早安.謝謝你回答我的問題，馬特。我想，我想在這裡更好地了解這個季度，因為我在 Q 中讀到了一些內容，它似乎與您在評論中所說的 CI 股權和收入費用有關，您的 2350 萬美元寫- Q 期減記額為670 萬美元。

And so, I was hoping you just could bridge the gap. May maybe there were some positive write-ups or close-outs that were offsets. Maybe can you just help explain some of the moving pieces so that we can understand that segment's performance a little bit better.

所以，我希望你能彌補這一差距。也許有一些正面的增記或平倉被抵銷了。也許您可以幫助解釋一些令人感動的部分，以便我們可以更好地理解該部分的表現。

Yeah, sure. Very good question, Andy. So, we'll talk about equity and earnings first. So to your point, we did take a smaller -- of $23.5 million look the outsize impact for the quarter, so it's why we kind of gave the pro forma of that. But additionally, the program that we had some supply chain risk last year, we've kind of been taken our way through completing design and kind of little bit of a schedule extension, some approvals around the partials design there has kind of extended out.

是的，當然。很好的問題，安迪。因此，我們首先討論股本和收益。因此，就您的觀點而言，我們確實認為該季度的影響較小，即 2350 萬美元，這就是我們給出預估影響的原因。但除此之外，去年我們的專案存在一些供應鏈風險，我們已經完成了設計，進度有所延長，部分設計的一些批准也有所延長。

So we did take a $6 million charge within equity and earnings to your point. The $23.5 million will roll through the CI operating results so would it be in equity and earnings have been the normal op profit. So kind of combined to your point may be the - you need to think about it as $30 million worth of total impacts. There were some favorable adjustments, as well through some smaller extent.

因此，我們確實在股本和收益中收取了 600 萬美元的費用，以符合您的觀點。這 2,350 萬美元將計入 CI 的營運業績，因此它計入股本，而收益則屬於正常營運利潤。因此，結合您的觀點可能是 - 您需要將其視為價值 3000 萬美元的總影響。出現了一些有利的調整，但幅度較小。

But all in all, even if I did a kind of a pro forma on both of those excluding the $23.5 million we go from 6.5 -- [6.7] to [9.7] and then if we also excluded this [6.5], we'd probably in the [10.5] range. But again, I think there is some of the smaller ones. There is still be fluctuations in any given quarter.

但總而言之，即使我對排除 2350 萬美元的兩項進行了某種預估，我們也會從 6.5 - [6.7] 到 [9.7]，然後如果我們也排除這個 [6.5]，我們就會可能在[ 10.5]範圍內。但同樣，我認為還有一些較小的。任何特定季度仍然存在波動。

Got it. Yeah, yeah including some of those positives, maybe some of those positive eat into that 6, when we've play this mental accounting game of what's in and what's out. But appreciate the color on that line. And then, just curious just it's coming up a lot in investor conversations, you addressed it in your prepared remarks. But I think it's probably works in air time on the Middle East, some of your competitors has - some scope there and you talked about being slow walked on some of the projects.

知道了。是的，是的，包括一些積極的因素，當我們玩這個關於什麼是進什麼出的心理帳戶遊戲時，也許其中一些積極因素會影響到這 6 個因素。但欣賞那條線上的顏色。然後，只是好奇這個問題在投資者的談話中經常出現，你在準備好的發言中談到了這個問題。但我認為這可能在中東的播出時間裡有效，你的一些競爭對手在那裡有一些範圍，你談到在一些項目上進展緩慢。

Maybe you could just, I mean, you talked about the growth there, you talked about the book-to-bill being, in the Middle East being better than your segment average. But maybe if you could just talk about what you are seeing there and the confidence that you have and work that you're on today continuing at full steam ahead, as well as the prospects of future wins there as you head through 20 - do our backfills both the good work that you are doing today.

也許你可以，我的意思是，你談到了那裡的成長，你談到了中東地區的訂單到帳單的情況比你的細分市場平均水平要好。但是，也許如果您能談談您在那裡所看到的情況、您所擁有的信心以及您今天繼續全速前進的工作，以及您在進入 20 年後在那裡取得勝利的前景 - 做我們的回饋你今天所做的出色工作。

Sure, thank you, Andy. I actually just returned from there. So it's perfect question for this time and Matt needs to go there next week. So that was terrific to be on the ground and see firsthand the tremendous progress that we're making both in Saudi Arabia programs, as well as in the UAE.

當然，謝謝你，安迪。其實我剛從那裡回來。所以這是一個完美的問題，馬特下週需要去那裡。因此，能夠來到現場並親眼目睹我們在沙烏地阿拉伯和阿聯酋的專案中取得的巨大進展真是太棒了。

Overall, the region is performing as expected. There's always going to be fluctuations from one quarter to another, but if you look at year to date, our Saudi business has grown 17%. And this is following a year in which the Middle East revenue grew last year 33%. We expect to have for the full year double-digit growth within the Middle East, as well as year-to-date.

總體而言，該地區的表現符合預期。每個季度總會有波動，但如果你看看今年迄今為止，我們的沙烏地阿拉伯業務成長了 17%。此前一年，中東地區的收入成長了 33%。我們預計中東地區全年以及年初至今將達到兩位數成長。

So, they're meeting and exceeding all their key performance indicators as expected. We continue to win our fair share of work we highlighted in the second quarter. We won over $160 million in Saudi wins and we won more than $200 million in the third quarter. So, our book-to-bill was [1.2] for the Middle East and [1.3] for Saudi. And again, this is part of the Critical Infrastructure group continuing to have 16 consecutive quarters of [1.0] book-to-bill or better.

因此，他們達到並超越了預期的所有關鍵績效指標。我們繼續贏得我們在第二季度強調的工作中應有的份額。我們在沙烏地阿拉伯的勝利中贏得了超過 1.6 億美元，在第三季度我們贏得了超過 2 億美元。因此，中東地區的訂單出貨比為 [1.2]，沙烏地阿拉伯的訂單出貨比為 [1.3]。同樣，這是關鍵基礎設施集團的一部分，該集團連續 16 個季度的訂單出貨比達到 [1.0] 或更好。

I'll also highlight that the funding is still on the uptick. So, when you look at the ramp up, we don't even expect the funding in the Middle East to peak until about the 2030 to 2032 timeframe. We're in an all-time high this quarter for both the pipeline and for headcount.

我還要強調的是，資金仍在增加。因此，當你觀察成長情況時，我們甚至預期中東的資金要到 2030 年至 2032 年左右才會達到高峰。本季我們的通路和員工人數都處於歷史最高水準。

Saudi is going to be on the world stage many times coming up over the next decade. They're hosting major events like The Asian Winter Games in 2029. They've got the World Expo in 2030 and they have the FIFA World Cup in 2034. So, a lot of these projects need be done in time for those critical events. And infrastructure is going to continue to get prioritized and receive significant funding in Saudi Arabia.

未來十年，沙烏地阿拉伯將多次登上世界舞台。他們將舉辦 2029 年亞洲冬季運動會等重大活動。他們在 2030 年舉辦了世博會，在 2034 年舉辦了 FIFA 世界盃。因此，許多此類項目需要及時完成以應對這些關鍵事件。沙烏地阿拉伯的基礎設施將繼續優先考慮並獲得大量資金。

I'd also highlight we are on pretty much all the premier programs over there, which is very exciting. I had the opportunity to visit Qiddiya, once again, the world's largest entertainment city. We're working on NEOM. Matt is going to be visiting that next week. We just were awarded reach peak for the King Salman Park. We are involved in King Abdullah Financial District. We're involved in Diriyah Gates. We're involved in Al Soudah. So almost every major contract over there Parsons as program manager and these projects continue to come. So, we've got a really bright future.

我還要強調的是，我們幾乎參與了那裡所有的頂級節目，這非常令人興奮。我有機會再次參觀了奇迪亞，這是世界上最大的娛樂城。我們正在研究 NEOM。馬特將於下週去拜訪那裡。我們剛剛獲得了薩勒曼國王公園的巔峰獎。我們參與阿卜杜拉國王金融區。我們參與了德拉伊耶蓋茲事件。我們參與了 Al Soudah 活動。因此，幾乎所有主要合約都由帕森斯擔任專案經理，這些專案仍在繼續。所以，我們有一個非常光明的未來。

I would mention in addition to Saudi Arabia though, we've also seen growth in the UAE and Qatar and that's basically on the back of other infrastructure investments. If you'll recall, there was this big storm event, which was very unfortunate this year. So Parsons is involved in a lot of storm water drainage improvement programs in Dubai, Abu Dhabi and Qatar.

我想說的是，除了沙烏地阿拉伯之外，我們還看到阿聯酋和卡達的成長，這基本上是在其他基礎設施投資的支持下。如果你還記得的話，今年發生了一場非常不幸的大風暴事件。因此，帕森斯參與了杜拜、阿布達比和卡達的許多雨水排放改善計畫。

And then we've seen a resurgence in the UAE properties market that remains very robust and a lot of associated development since there is a lot of people that are moving into the country. And this doesn't even include an area that we're starting to look at which is opportunities for the federal business, defense in Saudi and in the UAE because we do have such a great reputation.

然後我們看到阿聯酋房地產市場的復甦，該市場仍然非常強勁，並且有許多相關的開發，因為有很多人正在遷入該國。這甚至還不包括我們開始關注的領域，即沙烏地阿拉伯和阿聯酋聯邦業務、國防的機會，因為我們確實擁有如此高的聲譽。

So, bottom-line, they are performing as expected, they're going to exceed their plan and I'm very excited about the opportunities there.

因此，最重要的是，他們的表現符合預期，他們將超越他們的計劃，我對那裡的機會感到非常興奮。

Appreciate that. One last technical question. But in the past, you guys have commented on your various win rates, but maybe, you could inform us what your win rate was in the quarter, by segment that's interesting as well, but just overall, if you could understand the character there?

很欣賞這一點。最後一個技術問題。但在過去，你們對你們的各種勝率發表了評論，但也許，你們可以告訴我們你們在本季度的勝率是多少，按部分劃分也很有趣，但總的來說，如果你們能理解那裡的角色？

Yes, the win rate for the quarter is 74%. The win rate year-to-date is 75%.

是的，本季的勝率為 74%。今年迄今的勝率是 75%。

Thank you very much. Have a good day.

非常感謝。祝你有美好的一天。

Thank you.

謝謝。

Cai von Rumohr, TD Cowen.

蔡·馮·魯莫爾，TD·考恩。

Yes, thanks, so much and uh, terrific quarter again. Your engineering portion of federal solutions grew 70% and you mentioned Critical Infrastructure Protection, I mean, is that that one very large contract that you have with a confidential customer?

是的，非常感謝，呃，又是一個很棒的季度。您的聯邦解決方案的工程部分增長了 70%，並且您提到了關鍵基礎設施保護，我的意思是，這是您與機密客戶簽訂的一份非常大的合約嗎？

Yes, so we are seeing growth on that contract, we're also seeing growth in other areas. I would highlight industrial base modernization as an example where we are doing a lot of the army ammunition plant works. We are also seeing some growth in the biometrics efforts that we have in place. And then we had the wins in the INDOPACOM region, particularly excited about the Kwajalein win. We have been performing, Kwajalein airfield. We won the first Kwajalein housing contract.

是的，所以我們看到該合約的成長，我們也看到其他領域的成長。我想以工業基地現代化為例，我們正在進行大量的陸軍彈藥廠工程。我們也看到我們在生物辨識方面的努力取得了一些進展。然後我們在印度太平洋司令部地區取得了勝利，尤其對誇賈林環礁的勝利感到興奮。我們一直在誇賈林機場表演。我們贏得了第一份誇賈林環礁住房合約。

Now we just won the second Kwajalein housing contract and we won some additional work in trying to clean up the Island of Guam. So that the Missile Defense Agency come in and put equipment in for Defense of Guam. So, excited about our Hawaii Engineering Systems business.

現在我們剛剛贏得了第二份誇賈林環礁住房合同，並贏得了一些額外的工作來清理關島。這樣飛彈防禦局就會介入並為關島防禦提供設備。因此，我們對我們的夏威夷工程系統業務感到興奮。

So, you've been doing great, but I think you mentioned at one point that the time -- the duration of engineering contracts can be a little bit shorter than normal fed solution contracts. So, is there any worry that particularly this one critical infrastructure protection contract is very big, but it could sunset relatively quickly at some point. Or should it just continue on the relatively slow rate?

所以，你做得很好，但我想你曾經提到過，工程合約的期限可能比正常的聯邦解決方案合約要短一些。那麼，是否有人擔心這項關鍵基礎設施保護合約規模非常大，但在某個時候可能會相對較快地終止。還是應該繼續以相對較慢的速度發展？

Yeah, I would say that's a great question. So, where we're at on that contract? Right now, the first option period extends through February 2025. We do have the second option period, that if it's exercised we'd run through February 2026. It's a customer did recently advised that even though we have very strong performance that they're considering whether or not they're going to exercise the section - second option period, they will extend it or otherwise repeat the contract.

是的，我想說這是一個很好的問題。那麼，我們的合約進展到什麼程度了呢？目前，第一個選擇期延長至 2025 年 2 月。我們確實有第二個選擇期，如果執行的話，我們將持續到 2026 年 2 月。一位客戶最近表示，儘管我們的業績非常強勁，但他們正在考慮是否要行使第二部分選擇權期限，他們將延長該期限或以其他方式重複合約。

If they do repeat the contract, we intend to submit a proposal for the continued performance of the work, and I will note that we have an average of 95% repeat win rates, including 98% year-to-date repeat win rates. At the present time though there's no announced acquisition strategy, and there's no draft or final RFP.

如果他們確實重複簽訂合同，我們打算提交一份繼續履行工作的提案，我會指出，我們的重複獲勝率平均為 95%，包括年初至今 98% 的重複獲勝率。目前，尚未公佈收購策略，也沒有草案或最終徵求建議書。

So what this means, we had indicated that we expected our 2025 recompete percent to be around 10%, which what we have in any given year. So, I would say right now, we anticipate our repeat for 2025 to be somewhere in the range of 5% to 15%.

那麼這意味著什麼，我們已經表示，我們預計 2025 年的重新競爭百分比將在 10% 左右，這是我們在任何一年的情況。因此，我現在想說的是，我們預計 2025 年的重複率將在 5% 到 15% 之間。

And it's dependent on that contract plus one other contract that we continue to receive extensions. I mean, what I'm excited about is, as we look into next year, hopefully we will be around the 10%, but at the high-end 15%. We've got a very strong repeat win rate. We continue to win extensive work off a higher base. 1.1 times book-to-bill year-to-date.

我們能否繼續獲得延期取決於該合約以及另一份合約。我的意思是，令我興奮的是，當我們展望明年時，希望我們能達到 10% 左右，但最高可達 15%。我們的重複獲勝率非常高。我們繼續在更高的基礎上贏得廣泛的工作。年初至今，訂單出貨比為 1.1 倍。

Continue to acquire more companies through the share potentially three. And we've had six quarters of greater than 20% organic growth and our awards activity, as Matt highlighted during his script has increased 24% over the prior year period and 13% on a trailing 12 months off a higher base. So we have a lot of momentum in the business.

繼續透過潛在三股收購更多公司。我們已經有六個季度的有機成長超過 20%，正如馬特在劇本中所強調的那樣，我們的獎勵活動比去年同期成長了 24%，在過去 12 個月的基礎上成長了 13%。所以我們的業務有很大的動力。

Terrific. Great answer. Thanks so much.

了不起。很好的答案。非常感謝。

Thanks.

謝謝。

Thanks Cai.

謝謝蔡。

Toby Sommer, Truist.

托比·薩默，真理主義者。

Thanks. When we think about the guidance range, could you break down the contribution from organic performance in acquisitions and at this point with the acquisitions already in hand, what is the acquired revenue that will fold into the P&L in 2025?

謝謝。當我們考慮指導範圍時，您能否細分收購中有機績效的貢獻？

Yeah so, Tobey, let me give you a kind of a -- so final three months of the quarter or total revenue growth at the midpoint is just under 13%, of which about 12% is organic. So relatively minor contribution within the fourth quarter. When we look at next year, we expect BlackSignal will contribute just over $100 million and then BCC, which is not in any guidance yet would be an additional over $100 million.

是的，托比，讓我給你一個——本季最後三個月或中點總收入增長略低於 13%，其中約 12% 是有機增長。因此第四季的貢獻相對較小。當我們展望明年時，我們預計 BlackSignal 將貢獻略多於 1 億美元的資金，然後是尚未納入任何指導的 BCC，將額外貢獻 1 億多美元。

So, you can probably think about $200 million worth of inorganic, maybe a little bit lighter than that because we have BlackSignal for a few months this quarter - this year. So let's say, somewhat or call it the high $100 million so low $200 million, but we can get more details in that later. So about $80 million is from our Black - so, $80 million to $90 million is BlackSignal and in BCC it would be another $100 million-plus.

因此，您可能會考慮價值 2 億美元的無機資產，也許比這個數字要輕一些，因為今年本季我們有幾個月的 BlackSignal。因此，我們可以說，或稱之為高 1 億美元，低 2 億美元，但我們稍後可以了解更多細節。因此，大約 8000 萬美元來自我們的 Black，因此，8000 萬到 9000 萬美元來自 BlackSignal，而在 BCC 中，這將是另外 1 億多美元。

Okay. Thank you. And then, could you talk about what the outlook is for revenue synergies associated with BCC and BlackSignal? Historically, you've acquired firms that are with whom you have a relationship, you by the work you bid on things together or competing and sometimes had line of sight into near-term opportunities.

好的。謝謝。然後，您能談談 BCC 和 BlackSignal 的收入綜效前景如何嗎？從歷史上看，你收購了與你有關係的公司，你透過共同投標或競爭的工作，有時可以看到近期的機會。

Yeah, I'll start with BlackSignal. As I mentioned, they provide digital signal processing, Electronic warfare, and cybersecurity. When you look at their capabilities, they fit in very nicely with Parsons' capabilities. We're both doing digital signal work, but we look at different per to the electromagnetic spectrum and also for different customers.

是的，我將從 BlackSignal 開始。正如我所提到的，它們提供數位訊號處理、電子戰和網路安全。當你觀察他們的能力時，你會發現他們與帕森斯的能力非常契合。我們都在做數位訊號工作，但我們針對不同的電磁頻譜和不同的客戶著眼於不同的工作。

On the cybersecurity side, we are both involved in offensive, the legacy Parsons was more historically on the Department of Defense side. BlackSignal was more on the intelligence community side. And then, when you look at space, we see a lot of synergies to develop a space training range. BlackSignal is the Hack-A-Sat market leader that use on-orbit digital twin technologies and they basically create a cyber-war gaming platform for space systems.

在網路安全方面，我們都參與進攻，帕森斯的遺產在歷史上更站在國防部一邊。BlackSignal 更多的是在情報界方面。然後，當你觀察太空時，我們會看到許多開發太空訓練場的協同作用。BlackSignal 是 Hack-A-Sat 市場的領導者，使用在軌數位孿生技術，他們基本上為太空系統創建了一個網路戰遊戲平台。

This is complementary with Parson's capability of system that we have called TReX, which is an emulator system. So we are combining those capabilities. As you noted, we do buy companies that we've worked with quite a bit. We've known BlackSignal for a long time and also their legacy companies and it really fit in nice with us. We've already been able to capitalize on synergies, particularly on the GSA growth that I mentioned.

這與 Parson 的系統功能（我們稱為 TReX）是互補的，TReX 是一個模擬器系統。所以我們正在結合這些能力。正如您所指出的，我們確實收購了與我們合作過很多的公司。我們很早就認識 BlackSignal 及其遺留公司，它非常適合我們。我們已經能夠利用協同效應，特別是我提到的 GSA 成長。

BCC is very exciting. They will be adding about 450 employees to our business. We both have presence in Florida. We both have presence in Georgia, as well as Texas, South Carolina. I would say they are much stronger in Florida, and we're going to be consolidating the legacy Parsons Florida activities under them. Their headquarters is in Miami. They're involved in four areas. They do design services. They do construction engineering and inspection design build and general engineering capabilities.

BCC 非常令人興奮。他們將為我們的業務增加約 450 名員工。我們都在佛羅裡達州有業務。我們在喬治亞州、德克薩斯州、南卡羅來納州都有業務。我想說他們在佛羅裡達州更強大，我們將在他們的領導下鞏固帕森斯佛羅裡達州的遺產活動。他們的總部位於邁阿密。他們涉及四個領域。他們做設計服務。他們具有建築工程和檢查設計、建造和一般工程能力。

Also, I mentioned during the script but they doubled the amount of resources that we have work in the Georgia Department of Transportation. We're really excited about that particularly with our recent win on the State Route 400 job, because there's a lot of big opportunities coming up within Georgia. I will note on BCC, they also have 50%, fixed price, 50% time and material. So we anticipate that that's going to help us on the margin side as well on CI.

另外，我在劇本中提到過，他們將我們在喬治亞州交通部的資源數量增加了一倍。我們對此感到非常興奮，尤其是我們最近贏得了 400 號國道工程，因為喬治亞州內出現了許多巨大的機會。我會在 BCC 上註明，他們也有 50% 的固定價格，50% 的時間和材料。因此，我們預計這將在利潤方面以及 CI 方面對我們有所幫助。

Thank you.

謝謝。

Thank you.

謝謝。

Thanks Toby.

謝謝托比。

Alex Dwyer, KeyBanc Capital Markets.

Alex Dwyer，KeyBanc 資本市場。

Hi, Carey, Matt and Dave. Good morning.

嗨，凱裡、馬特和戴夫。早安.

Good Morning.

早安.

Good morning. So, I think, Parsons has now won five of the largest North American transportation projects in the history of the company over the past year or so. Can you talk about the pipeline of seeing more of these large transportation projects? Are you still seeing many more of these out there that could be awarded in the next year or so? And kind of what your capacity is to take more of these on?

早安.因此，我認為帕森斯在過去一年左右的時間裡贏得了該公司歷史上五個最大的北美交通項目。您能談談看到更多這些大型交通項目的計劃嗎？您是否仍然看到更多可能在明年左右頒發的獎項？你有什麼能力承擔更多這樣的事情？

Yeah, thanks Alex, for that question. We have won five of the largest -- we had mentioned the Gateway project. That's was the largest rail and transit project for the Hudson river tunnel. It's a largest infrastructure project occurring in the United States and we're really proud to be the program manager, there. We were awarded the JFK roads and highways.

是的，謝謝亞歷克斯提出這個問題。我們已經贏得了其中五個最大的項目——我們之前提到過 Gateway 項目。這是哈德遜河隧道最大的鐵路和交通項目。這是美國最大的基礎設施項目，我們非常自豪能夠成為那裡的專案經理。我們獲得了甘迺迪公路和高速公路。

Those could be -- New York City will be happy that we are improving, the area around the airport. And we were awarded the Newark Bay Bridge over a $140 million project for us. We are a project leader in bridge design, having designed over 4500 bridges, and particularly a leader in long span bridges. And then the two awards that we just highlighted this quarter with Hawaii HART Rail and Transit System, which the next phase of that extension as well as State 400 Route.

這些可能是——紐約市會很高興我們正在改善機場周圍的地區。我們還獲得了價值 1.4 億美元的紐瓦克灣大橋計畫。我們是橋樑設計領域的專案領導者，已設計了 4500 多座橋樑，尤其是大跨度橋樑領域的領導者。然後是我們本季剛剛強調的兩個獎項，即夏威夷 HART 鐵路和交通系統，該系統是該延伸的下一階段以及州 400 路線。

What we are particularly excited about is we've had 16 consecutive quarters of greater than 1.0 book-to-bill and the IIJA is still on the ramp up. Recent data shows there was out of the $1.2 trillion of funding, $550 billion of that was new. And we're nearly three years into the five year loss actually may have the share with the halfway point. 40% of the IIJA funds have been announced and that covers 60,000 projects.

讓我們特別興奮的是，我們已經連續 16 個季度的訂單出貨比超過 1.0，而且 IIJA 仍在不斷上升。最近的數據顯示，在 1.2 兆美元的資金中，有 5,500 億美元是新資金。我們近三年來的五年損失實際上可能有一半的份額。 IIJA 資金的 40% 已公佈，涵蓋 60,000 個項目。

So this leaves $720 billion yet to be allocated. And I would note that there are announced that means our captured from agency press releases, but that doesn't mean are yet awarded which is actual obligation. So we are still very much on the up ramp here.

因此，這還剩下 7,200 億美元尚未分配。我要指出的是，已宣布這意味著我們從機構新聞稿中捕獲，但這並不意味著尚未授予這是實際義務。所以我們仍然處於上升階段。

I would also indicate that state, local are contributing quite a bit of funding, as well once they saw the certainty of the IIJA passage in November 2021 they started to contribute. As far as capacity, we are doing a terrific job hiring. Terrific job retaining. We have our lowest retention rates that we've ever had within the North America critical infrastructure business. So, we're going to continue to pursue and win these large jobs through the United States, particularly focused on our Tier 1 states.

我還要指出的是，州、地方政府正在貢獻大量資金，一旦他們看到 2021 年 11 月 IIJA 通過的確定性，他們就開始捐款。就產能而言，我們的招募工作做得非常出色。保住工作非常棒。我們的保留率是北美關鍵基礎設施業務中有史以來最低的。因此，我們將繼續在美國尋求並贏得這些大量就業機會，特別是在我們的一級州。

And Alex, just to add some numbers related to what Carey mentioned, I am looking at kind of Q1 2023, about $17 billion worth of pipeline within infrastructure. Right now, we are at almost at $21 billion. So you are up about 23.5% over the 18 months. So, really strong evidence of continued growth there.

Alex，只是添加一些與 Carey 提到的相關的數字，我正在研究 2023 年第一季度，基礎設施內價值約 170 億美元的管道。目前，我們的資產接近 210 億美元。因此，您在 18 個月內上漲了約 23.5%。因此，這是持續成長的有力證據。

Got it. Okay. Thank you so much. And then, I guess, just I wanted to ask about just the general hiring needs across the entire company. As we think about the next 12 months. I guess, like, over this past year, has there been areas of the business where it's been more challenging to hire or less challenging to hire? And then, just talk about where the business development teams are most focused on hiring for the next year plan?

知道了。好的。太感謝了。然後，我想，我只是想詢問整個公司的一般招募需求。當我們思考未來 12 個月。我想，在過去的一年裡，是否有一些業務領域的招募難度更高或難度較低？然後，就談談業務開發團隊在明年的招募計畫中最關注的重點在哪裡？

Yes, so I would say we've done a great job on both hiring and retention. The easiest area to hire would be the critical infrastructure business, Middle East, we actually hire from about 50 countries around the world today. And also critical infrastructure North America would be pretty easy. When you get to the federal side, part of the engineered systems, particularly the group that is not cleared is not very difficult to hire. So the highest parts always going to be that cleared area of our portfolio. But again, I am happy with what we've done there.

是的，所以我想說我們在招募和留任方面都做得很好。最容易招募的地區是中東的關鍵基礎設施業務，我們今天實際上從全球約 50 個國家招募員工。北美的關鍵基礎設施也將非常容易。當你到達聯邦方面時，部分工程系統，特別是那些未經許可的群體，並不是很難僱用。因此，最高的部分始終是我們投資組合中已清理的區域。但我再次對我們在那裡所做的事情感到滿意。

From a retention perspective, we measure ourselves against PWC industry benchmarks. We are lower than the benchmarks. So we're doing better than industry average in both the federal and the critical infrastructure segments. From a business development perspective, we are going to be focused on the same areas that we have been.

從保留的角度來看，我們根據普華永道產業基準來衡量自己。我們低於基準。因此，我們在聯邦和關鍵基礎設施領域的表現都優於產業平均。從業務發展的角度來看，我們將專注於我們一直在關注的領域。

Our six core end-markets, all of which are growing between 5% to 12% compound annual growth rate and continuing to hire their both BD talent as well as performance execution talent to get ahead of winning these large jobs.

我們的六個核心終端市場均以 5% 至 12% 的複合年增長率成長，並繼續聘用業務拓展人才和績效執行人才，以搶先贏得這些大型職位。

Thank you.

謝謝。

Thank you, Alex.

謝謝你，亞歷克斯。

Josh Sullivan, Benchmark Company.

喬許·沙利文，基準公司。

Hey, good morning.

嘿，早安。

Good morning.

早安.

Good morning, Josh.

早上好，喬許。

Carey, to your credit, you've been very deliberate in your willingness to invest in any geographic region, especially when growth wasn't obvious. But in your opening comments, you called out geographic expansion. So just curious what the current philosophy on that global expansion is. Should we expect you are just looking in the same regions which have been delivering? Or are there any new opportunities opening up, I am thinking of Europe there.

凱裡，值得稱讚的是，您在任何地理區域的投資意願都非常謹慎，尤其是在成長不明顯的情況下。但在您的開場白中，您提到了地理擴張。所以只是好奇當前全球擴張的理念是什麼。我們是否應該期望您只專注於已交付的相同區域？或者有沒有新的機會出現，我想到的是歐洲。

Yeah, so I would say, we have been very deliberate. We're fortunate that we're in the right places, right now. If you look at the North America growth with the infrastructure build, not peaking until '27 timeframe. If you look at the Middle East, not peaking till the 2030, 2032 timeframe.

是的，所以我想說，我們是經過深思熟慮的。我們很幸運，現在我們處於正確的位置。如果你看看北美的基礎建設成長情況，你會發現直到 27 年才達到頂峰。如果你看看中東，要到 2030 年、2032 年才會達到高峰。

I would say it's areas if I to talk about any expansion within federal, we highlighted INDOPACOM. That's been a very big focus for us because we have a purpose built federal solutions company that we've put together to basically outpace near-pure threats.

我想說的是，如果我談論聯邦內部的任何擴張，我們強調了印度太平洋司令部。這對我們來說是一個非常重要的焦點，因為我們有一家專門建立的聯邦解決方案公司，我們將其整合在一起基本上超越了近乎純粹的威脅。

So, the type of work that we're doing whether it's on the defense and intelligence side, signals and intelligence, electronic warfare, information operations, cybersecurity, or it's on the engineered systems side with environmental remediation and infrastructure builds, INDOPACOM is going to be a significant area of focus in expansion.

因此，我們正在做的工作類型，無論是在國防和情報方面、信號和情報、電子戰、資訊作戰、網路安全，或是在環境整治和基礎設施建設的工程系統方面，印度太平洋司令部都將成為擴張的重點領域。

And as I mentioned a little bit earlier, we're also going to start to look at opportunities in the Middle East because we have such a strong - such high win rates. We've felt that we can take our federal portfolio there, as well.

正如我之前提到的，我們也將開始尋找中東的機會，因為我們擁有如此強大、如此高的勝率。我們覺得我們也可以將我們的聯邦投資組合帶到那裡。

I would say in critical infrastructure, we're going to stay laser-focused on North America as well as the Middle East. We have a small presence in Europe. We do some rail and transit work in Marseille and in Paris, France. So we might -- and also in the Netherlands. So we might see a little expansion off of that. But when you're in a position where your growth is so strong, we just really need to continue to focus and deliver.

我想說的是，在關鍵基礎設施方面，我們將繼續專注於北美和中東。我們在歐洲的業務規模很小。我們在馬賽和法國巴黎從事一些鐵路和交通工作。所以我們可能——而且在荷蘭也是如此。所以我們可能會看到一些擴充。但是，當您處於成長如此強勁的位置時，我們確實需要繼續專注並實現目標。

Okay. And then, kind of a similar question on software capabilities that you mentioned. How are you approaching this, obviously, it can be a difficult expansion, but also very fruitful one, but we are seeing other partnerships announced like with L&T and L3. There should we think of your approach being more organic.

好的。然後，關於您提到的軟體功能的類似問題。顯然，這可能是一次艱難的擴張，但也非常富有成果，但我們看到宣布了其他合作夥伴關係，例如與 L&T 和 L3 的合作夥伴關係。我們應該認為你的方法比較有機。

Yeah. So I would say we partner on a selective basis, and to win certain pursuits. We have such a strong software base. It's really our key differentiator. And when we talk about kind of purpose building the federal solutions portfolio, it's often about software. I think hardware is going to become more commoditized. That's really key areas like digital signal processing, where we are one of the industry leaders.

是的。所以我想說，我們是有選擇性地合作，並贏得某些追求。我們擁有如此強大的軟體基礎。這確實是我們的關鍵差異化因素。當我們談論建立聯邦解決方案組合的目的時，通常涉及軟體。我認為硬體將變得更加商品化。這確實是數位訊號處理等關鍵領域，我們是該領域的行業領導者之一。

Artificial Intelligence, again, where we've had a strong presence for the last couple of decades and we applied almost every program that we do. Software is going to be the nugget. In addition, the federal I'd highlight a couple areas, I think critical infrastructure mostly on intelligent infrastructure, transportation business and our advanced traffic management system work, our intelligent interception-as-a-service work.

人工智慧，在過去的幾十年裡，我們在人工智慧領域擁有強大的影響力，我們幾乎應用了我們所做的每一個程式。軟體將成為核心。此外，我想強調聯邦的幾個領域，我認為關鍵基礎設施主要集中在智慧基礎設施、交通業務和我們先進的交通管理系統工作、我們的智慧攔截即服務工作。

Those are also heavily software-driven. We use an agile approach, we have a dev sec ops secure capability and we are going to continue to lean in on software.

這些也是很大程度上由軟體驅動的。我們使用敏捷方法，我們擁有開發安全操作安全能力，我們將繼續依靠軟體。

Great. Thank you for the time.

偉大的。謝謝你的時間。

Thank you.

謝謝。

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 results.

凱裡、馬特和戴夫。早上好，恭喜結果。

Thank you very much, Louie.

非常感謝你，路易。

Carey and Matt, investors often ask about the difference between your recent string of 20%-plus organic growth and the long-term guidance for mid-single-digit growth. And we are wondering, is there anything specific that would prevent this year's momentum and last year's momentum from continuing next year?

Carey 和 Matt，投資者經常詢問你們最近 20% 以上的有機成長與中個位數成長的長期指導之間的差異。我們想知道，是否有任何具體因素會阻止今年的勢頭和去年的勢頭在明年繼續下去？

We did mention the one confidential contract we're awaiting to see if the customer is going to exercise the option here. Or if they are going to beat it. I think the key thing is, for us, making sure that we beat and raise and set guidance that's realistic.

我們確實提到了我們正在等待的一份保密合同，看看客戶是否會在這裡行使該選擇權。或者如果他們要打敗它。我認為對我們來說關鍵是確保我們擊敗、提高並設定切合實際的指導。

We anticipate as we go into next year, we'll probably have our usual run off of programs in the amount of about $80 million to $100 million, which is typical for us. Recompetes, as I mentioned about 5% to 15%, but I would say, continue doing what we're doing. We've got to get the high win rates as we've been able to deliver wins and move up the value chain, wait and win larger drops and continue to execute.

我們預計，進入明年，我們的專案金額可能會達到通常的 8,000 萬至 1 億美元左右，這對我們來說是典型的情況。重新競爭，正如我提到的大約 5% 到 15%，但我想說，繼續做我們正在做的事情。我們必須獲得高勝率，因為我們已經能夠取得勝利並提升價值鏈，等待並贏得更大的下降並繼續執行。

Great Carey. And at the AUSA Conference, you showcased your digital twins software. And we were wondering, is this software being utilized for several of these recent large transportation infrastructure IIJA contracts such as the Newport Bay Bridge, JFK Airport, Hudson River Tunnel Inglewood project. And are you able to use this digital twin software for both federal solutions and infrastructure?

偉大的凱裡。在 AUSA 會議上，您展示了您的數位孿生軟體。我們想知道，該軟體是否被用於最近的幾項大型交通基礎設施 IIJA 合同，例如紐波特灣大橋、甘迺迪機場、哈德遜河隧道英格爾伍德計畫。您是否能夠將此數位孿生軟體用於聯邦解決方案和基礎設施？

Yes. So we are able to use digital twin capabilities for both federal and infrastructure and we shared those capabilities across the portfolio. I would say, our biggest application is with Missile Defense Agency that we've been applying it.

是的。因此，我們能夠將數位孿生功能用於聯邦和基礎設施，並且我們在整個產品組合中共享這些功能。我想說，我們最大的應用是導彈防禦局，我們一直在應用它。

We have a framework that we've build out called Parsons Digital Engineering Framework and we've been applying it there for quite a while. We also now have digital twin capability on orbit with the BlackSignal acquisition. On the infrastructure side of the house, we've been applying Digital Twins mostly to our airport projects.

我們建立了一個名為帕森斯數位工程框架的框架，我們已經在那裡應用了很長一段時間。透過收購 BlackSignal，我們現在還擁有在軌數位孿生能力。在基礎設施方面，我們主要將數位孿生應用於我們的機場專案。

Great. And following up on these transportation infrastructure projects, how should we think of the revenue trajectory and duration as, it seems that these are fairly long-term contracts. And also related, is the scope of work for these contracts significantly different from your legacy contracts that have featured write-downs. And are there any risk for write-downs for these types of IIJA contracts?

偉大的。跟進這些交通基礎設施項目，我們應該如何看待收入軌跡和持續時間，因為這些似乎是相當長期的合約。同樣相關的是，這些合約的工作範圍與具有減記功能的遺留合約顯著不同。這些類型的 IIJA 合約是否有減記風險？

Yes. Let me take the second part first. We derisked our portfolio starting when I took over as Chief Operating Officer in November 2018. And we've gone back to what I am going to call our core groups.

是的。我先來說第二部分。當我於 2018 年 11 月接任營運長時，我們就開始降低投資組合的風險。我們又回到了我所說的核心團隊。

The core groups are the companies that we are a designer. We do program management and we do owners engineer, where we help the owners deliver the technical design. So we have stopped bidding, those legacy programs back in the 2015 timeframe. That's why we're really happy this year to be wrapping up the last one of those.

核心群是我們作為設計師的公司。我們負責專案管理，我們負責業主工程師，幫助業主交付技術設計。因此，我們早在 2015 年就停止了那些遺留項目的投標。這就是為什麼我們今年非常高興能夠完成最後一個項目。

So the projects that we've won the one in Hawaii, the rail and transit system, and the State Route 400, we are the lead design subcontractor on both of those. Again, that's what Parsons has done for eight years since the company was created. So, no, we don't anticipate write-downs like we've had on some of these legacy construction programs.

因此，我們贏得了夏威夷的鐵路和交通系統以及 400 號國道項目，我們是這兩個項目的主要設計分包商。這也是帕森斯自公司成立以來八年來所做的事。因此，不，我們預計不會像某些遺留建設項目那樣進行減記。

When you look at our scope, because we are the designer, the majority of our work does get done early on the project. So if a project that's five to eight years, will be done in the very early parts of that project. Good example is the JFK, we're nearly done with the design on that we won about 16 months ago.

當你看看我們的範圍時，因為我們是設計師，所以我們的大部分工作確實在專案的早期就完成了。因此，如果一個專案需要五到八年的時間，那麼將在該專案的早期階段完成。甘迺迪國際機場就是一個很好的例子，我們即將完成大約 16 個月前贏得的設計。

Great, thanks everyone.

太好了，謝謝大家。

Thanks Louie.

謝謝路易。

Thanks Louie.

謝謝路易。

Noah Poponak, Goldman Sachs.

諾亞·波波納克，高盛。

Hey, good morning, everyone.

嘿，大家早安。

Good morning Noah.

早上好，諾亞。

Carey, it sounds like you are saying there are two contracts, mainly that are creating that range that you are referencing a 5% to 15% for recompete next year and you were talking about the one large confidential in the engineering business. Are you able to say what the second one is?

Carey，聽起來您是在說有兩份合同，主要是創建您明年重新競爭的 5% 到 15% 的範圍，並且您正在談論工程業務中的一項重大機密。你能說出第二個是什麼嗎？

The second one is a contract that we continue to receive extensions. Right now, we're extended through February. Those extensions may or may not continue indefinitely. We're waiting on some actions from the customer.

第二份合約是我們不斷收到延期的合約。現在，我們的期限已延長至二月。這些延期可能會也可能不會無限期地持續。我們正在等待客戶採取一些行動。

Okay. Okay. And Matt, what's in the fourth quarter margin by segment approximately just to get to the full year EBITDA range?

好的。好的。馬特，為了達到全年 EBITDA 範圍，第四季各細分市場的利潤率約為多少？

Yeah. So right now, we have federal just let's call it kind of high [9s] low [10s], and then CI in the low [7s]. So think that as kind of constant quarter over quarter and federal kind of a little bit lower than where they have been.

是的。所以現在，我們有聯邦，我們稱之為高 [9s] 低 [10s]，然後是低 CI[7秒]。因此，我們認為，季度環比保持不變，聯邦政府的水平比以前的水平略低一些。

Okay. And maybe you could update us on what you are now expecting as the end timing of the remaining legacy work in CI? And maybe also just talk about how you would expect that to progress the crunch really from here?

好的。也許您可以向我們介紹一下您現在預計 CI 剩餘遺留工作的結束時間是什麼？也許只是談談您希望如何從這裡真正推進緊縮工作？

Yeah. So, we really have just the one project and we're expecting to meet with the customer within the next few weeks to achieve substantial completion.

是的。因此，我們確實只有一個項目，我們希望在接下來的幾週內與客戶會面，以實現實質完成。

Okay. So, Carey, you said that had previously been expected in - inside of the third quarter and now that's expected in the fourth quarter?

好的。那麼，凱裡，你說之前預計會在第三季內發生，現在預計會在第四季發生？

That's correct. There were some additional systems that were added that we had to our process,

這是正確的。我們在流程中加入了一些額外的系統，

And I guess, once that is complete, does the CI margin just kind of flip to what it's been adjusted for charges or is there for some other reason some more gradual ramp to it?

我想，一旦完成，CI 利潤率是否會翻轉到根據費用調整後的水平，或者是否由於其他原因而逐漸增加？

Yes, our goal is, of course, to kind of get to the adjusted number, but Carey and I are cautious substantial completion has some kind of trail through where you are negotiating with customers and kind of completing the job.

是的，我們的目標當然是達到調整後的數字，但凱里和我對實質完成持謹慎態度，在與客戶談判和完成工作的過程中會有某種線索。

So, I would say, kind of that 40 basis points to 60 basis points per year should get us there within a couple of years. But generally speaking, the substantive write-downs that we've had will be behind us with substantial completion.

所以，我想說，每年 40 個基點到 60 個基點應該能讓我們在幾年內實現這一目標。但總的來說，我們已經進行的實質減記將在實質完成後過去。

We've indicated 20 basis points or 30 basis points at the Parsons level for our long-term guidance as Matt mentioned, we are expecting that to come from the CI segment.

正如馬特所提到的，我們已經在帕森斯層級上表明了 20 個基點或 30 個基點作為我們的長期指導，我們預計這將來​​自 CI 領域。

Okay, great. Thank you so much.

好的，太好了。太感謝了。

Thank you Noah.

謝謝諾亞。

This is all the time that we do have for questions. I would like to turn the call back over to Dave Spille for closing remarks.

這是我們一直有提問的時間。我想把電話轉回給戴夫·斯皮爾 (Dave Spille)，讓其致閉幕詞。

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 many of you over the coming weeks and with that, we'll end today's call. Have a great day.

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，我們將結束今天的電話會議。祝你有美好的一天。

This concludes 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。