Parsons Corp (PSN) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Parsons' fourth quarter in fiscal year 2024 earnings conference call. (Operator Instructions) 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. Please go ahead, sir.

女士們、先生們，感謝你們的支持。歡迎參加帕森斯2024財年第四季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。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, Michel. Good morning and thank you for joining us today to discuss our fourth quarter and fiscal year 2024 financial results. Please note that we provide the 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.

謝謝，米歇爾。早安，感謝您今天加入我們討論我們的第四季和 2024 財年的財務表現。請注意，我們在網站的投資者關係部分提供簡報幻燈片。今天與我一起參加電話會議的有董事長、總裁兼執行長 Carey Smith 和 Matt Ofilos。

CFO today Carey will discuss our corporate strategy and operational highlights, and then Matt will provide an overview of our fourth quarter and fiscal year financial results, as well as a review of our 2025 guidance and long-term growth targets. We then will close with a question and answer session.

今天，財務長 Carey 將討論我們的公司策略和營運亮點，然後 Matt 將概述我們的第四季度和財年財務業績，以及對我們的 2025 年指引和長期成長目標的回顧。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中就未來事件、預期的未來趨勢以及公司預期的未來業績做出前瞻性陳述。我們提醒您，此類聲明並不能保證未來的表現，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 10K for fiscal year ended December 31, 2024 and other SEC filings. 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.

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 2024 年 12 月 31 日的財政年度的 10K 表和其他 SEC 文件中進行了描述。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。我們不承擔更新前瞻性陳述的任何義務。

Management will also make reference to non-gap financial measures during this call. We remind you that these non-gap financial measures are not a substitute for the comparable GAAP measures, and now we'll turn the call over to Carey.

管理層也將在本次電話會議中參考非缺口財務措施。我們提醒您，這些非差距財務指標不能取代可比較的 GAAP 指標，現在我們將電話轉給 Carey。

Thank you, Dave. Good morning and welcome to Parsons fiscal year 2024 and fourth quarter earnings call. Before I summarize our operating results, Matt and I want to express our deepest sympathies to everyone affected by the devastating California wildfires.

謝謝你，戴夫。早安，歡迎參加帕森斯 2024 財年和第四季財報電話會議。在總結我們的經營業績之前，馬特和我想向所有受到加州毀滅性野火影響的人表示最深切的同情。

Parsons was founded in Southern California over 80 years ago and has a significant presence there today, so the fires are impactful to our team and our communities. The safety and well-being of our employees is our top priority, and we continue to offer our assistance to help them move forward.

帕森斯公司 80 多年前在南加州成立，至今仍在那裡有著重要影響力，因此火災對我們的團隊和社區產生了影響。員工的安全和福祉是我們的首要任務，我們將繼續提供協助，幫助他們前進。

In parallel, we are committed to supporting the expeditious recovery and rebuild of Southern California. Moving to our fourth quarter in 2024 results, I want to thank our nearly 20,000 employees for their contributions to yet another exceptional year.

同時，我們致力於支持南加州的盡快恢復和重建。展望 2024 年第四季的業績，我要感謝我們近 20,000 名員工為另一個非凡的一年做出的貢獻。

Our team's strong execution and focus on our six growing end markets enables us to capitalize on the tailwinds that are positively impacting both our critical infrastructure and federal solution segments.

我們團隊的強大執行力和對六個不斷增長的終端市場的關注使我們能夠利用對關鍵基礎設施和聯邦解決方案部門產生積極影響的順風。

Parsons is well positioned with a unique portfolio in two complementary, high growth, enduring, and profitable business segments. Our federal portfolio is aligned to the new administration's priorities, including renewed and increased focus on missile defense, offensive cyber, electronic warfare, border security, and an emphasis on the Indo-Pacific region.

帕森斯在兩個互補、高成長、持久且盈利的業務領域中擁有獨特的投資組合，從而佔據了有利地位。我們的聯邦投資組合與新政府的優先事項一致，包括重新加強對飛彈防禦、進攻性網路、電子戰、邊境安全的關注，並重點關注印度-太平洋地區。

We are an agile and innovative company that can deliver operationally relevant and differentiated solutions to protect our nation's security at a time when it is needed most. As a firm that has both government and commercial businesses, we have a proven track record of being able to move with speed and apply commercial business models.

我們是一家敏捷而富有創新精神的公司，能夠在最需要的時候提供與營運相關的差異化解決方案來保護我們國家的安全。作為一家同時擁有政府和商業業務的公司，我們在快速發展和應用商業業務模式方面有著良好的記錄。

Additionally, our North American infrastructure portfolio includes transportation, environmental remediation, and water wastewater treatment, as well as capabilities to rebuild our communities, manage major events, and provide critical infrastructure protection which positions us for our country's needs today and into the future.

此外，我們的北美基礎設施組合包括交通運輸、環境修復和廢水處理，以及重建社區、管理重大事件和提供關鍵基礎設施保護的能力，這些能力使我們能夠滿足我們國家當前和未來的需求。

The United States and Middle East relations are strengthening, and as the premier program management consultant in the Middle East, we look forward to continuing our accelerated growth in the region. Turning to financial results for both the fourth quarter and the full year, we achieved record results for total revenue, adjusted EBA, and contract awards.

美國和中東的關係正在加強，作為中東地區首屈一指的專案管理顧問，我們期待在該地區繼續加速成長。回顧第四季度和全年的財務業績，我們在總收入、調整後的 EBA 和合約授予方面都取得了創紀錄的成績。

For the full year, we also had record adjusted EBITDA margin and operating cash flow since our IPO. We delivered organic revenue growth of 22% and adjusted even growth of 30% in fiscal year 2024.

就全年而言，我們自首次公開發行以來的調整後 EBITDA 利潤率和經營現金流也創下了歷史新高。2024 財年，我們的有機收入成長了 22%，調整後營收甚至成長了 30%。

We now have delivered organic revenue growth of more than 20% and adjusted EBE growth of more than 30% for the second consecutive year, demonstrating our commitment to above market growth and while efficiently managing the business to drive margin expansion. This discipline and creative growth enabled us to expand our adjusted Ebi margin by 50 basis points in 2024.

我們現在已經連續第二年實現了有機收入成長超過 20%，調整後 EBE 成長超過 30%，這表明我們致力於實現高於市場的成長，同時有效管理業務以推動利潤率擴大。這種紀律和創造性的成長使我們能夠在 2024 年將調整後的 Ebi 利潤率提高 50 個基點。

We ended the year with a strong balance sheet which will enable us to continue to invest ahead of demand in high growth areas such as artificial intelligence, cyber, biometrics, counter unmanned air systems, signals intelligence, assured position, navigation and timing, and POS PFAS for mediation.

我們以強勁的資產負債表結束了這一財年，這將使我們能夠繼續在人工智慧、網路、生物識別、反無人機系統、信號情報、保證定位、導航和授時以及用於調解的 POS PFAS 等高成長領域進行超前投資。

For the full year we exceeded $6.7 billion in revenue for the first time. Our organic revenue growth of 22% enabled us to continue to be an organic revenue growth leader in both of our business segments. Throughout the year we delivered consistent results and now we've reported double-digit organic growth in every quarter for the last two years.

我們全年收入首次超過 67 億美元。我們 22% 的有機收入成長使我們繼續成為兩個業務部門的有機收入成長領導者。我們全年都取得了穩定的業績，並且已經連續兩年每季都實現了兩位數的有機成長。

Winning and ramping up new business, delivering on contract growth and strong hiring and retention were drivers to achieving these outstanding results. For the full year, our record contract awards of $7 billion increased 17% over 2023, including over 15% growth in both segments, demonstrating the broad-based demand we're experiencing across our portfolio.

贏得和拓展新業務、實現合約成長以及強勁的招聘和保留是實現這些優異業績的驅動力。就全年而言，我們創紀錄的 70 億美元合約授予額比 2023 年增長了 17%，其中兩個部門均增長了 15% 以上，這表明我們整個投資組合都面臨著廣泛需求。

This record contract award activity was driven by our overall win rates of 71%, the highest level our company has ever achieved. Our strategy is working to move up the value chain and differentiate with advanced technology, software, and digital enablement. Our acquisitions have also played a key role in helping with new business.

此次創紀錄的合約授予活動得益於我們 71% 的整體中標率，這是我們公司有史以來取得的最高水準。我們的策略是努力提升價值鏈，並透過先進的技術、軟體和數位化支援實現差異化。我們的收購對於幫助新業務也發揮了關鍵作用。

During the fourth quarter, record contract awards increased to $1.7 billion or 34%. This quarter we won 6 single award contracts worth more than $100 million each. This brings our total to 15 contract wins worth more than $100 million for the full year, matching our quarterly and annual records from last year.

第四季度，創紀錄的合約授予金額增加至 17 億美元，增幅 34%。本季我們贏得了 6 份單項合同，每份價值超過 1 億美元。這樣，我們全年共贏得 15 份合同，價值超過 1 億美元，與去年的季度和年度記錄持平。

I'm proud of our team's ability to win work spanning both business segments, ALL4 business units, and ALL6 core and markets. Significant fourth quarter contract wins included two new three year contracts in Saudi Arabia totaling over $275 million. The company booked the first option period on both awards for a value of $81 million in the fourth quarter of 2024.

我為我們的團隊能夠贏得跨兩個業務部門、所有 4 個業務部門以及所有 6 個核心和市場的工作而感到自豪。第四季的重要合約包括與沙烏地阿拉伯簽訂的兩份新的三年合約，總額超過 2.75 億美元。該公司已預定了兩個合約的第一個選擇期，將於 2024 年第四季生效，價值為 8,100 萬美元。

Once our customer is ready, we look forward to announcing these very strategic wins that further strengthen our position in the Middle East. We booked a portion of a second auctioneer contract with a confidential customer for $242 million which runs through February 2026. However, a related program performed by others has recently been paused, which impacts our ability to complete the scope of our mission.

一旦我們的客戶做好準備，我們期待宣布這些非常具有戰略意義的勝利，這將進一步加強我們在中東的地位。我們與一位保密客戶簽訂了第二份拍賣合約的一部分，價值 2.42 億美元，有效期至 2026 年 2 月。然而，其他人執行的相關計劃最近已暫停，這影響了我們完成任務範圍的能力。

Our confidential program is continuing, but at a reduced volume today, and the long term continuation of our contract is contingent on the related work restarted. As developments occur, we will continue to be transparent and provide updates.

我們的機密項目仍在繼續，但目前規模有所減少，並且我們合約的長期延續取決於相關工作的重新啟動。隨著事態的發展，我們將繼續保持透明並提供最新資訊。

We were awarded a new lead design contract for the Newark AirTrain replacement program Guideway and Stations project. Parsons is a subcontractor on this $1.2 billion dollar project. As the lead designer, we will be responsible for designing 2.5 miles of elevated Guideway along with three new stations.

我們獲得了紐瓦克機場快線替代計劃導軌和車站項目的新的主要設計合約。帕森斯是這個價值 12 億美元的專案的分包商。作為首席設計師，我們將負責設計 2.5 英里的高架導軌以及三個新車站。

We also were awarded an auction period totaling $122 million by the Department of State, of which we booked $84 million. On this contract, Persons installs integrated security systems for 270 United States overseas diplomatic missions.

我們還獲得了美國國務院授予的總額為 1.22 億美元的拍賣期，其中我們預訂了 8,400 萬美元。根據該合同，Persons為270個美國海外外交使團安裝綜合安全系統。

Also includes counter manned aircraft systems, biometrics, mass notification, and alarm enunciation systems. We were awarded an auction year totaling $104 million on the company's General Services Administration C 5 ISR Exercise Operations and Information Services Contract, or COS.

還包括反載人飛機系統、生物辨識、大眾通知和警報發音系統。我們贏得了該公司總務管理局 C 5 ISR 演習營運和資訊服務合約（COS）的年度拍賣，總價值為 1.04 億美元。

On this program, Parsons designs, develops, trains, and deploys scalable machine learning solutions to extract actionable intelligence from vast amounts of data and delivers it to intelligent analysts and war fighters.

在這個專案中，帕森斯設計、開發、訓練和部署可擴展的機器學習解決方案，從海量資料中提取可操作的情報並將其提供給智慧分析師和作戰人員。

We were awarded a 2 year follow-on cybersecurity contract valued at $96 million of which we booked $78 million. On this contract, we provide a wide range of services focused on identifying, mitigating, and reducing cyber risks to ensure mission resilience and operational readiness.

我們獲得了一份為期兩年、價值 9600 萬美元的後續網路安全合同，其中我們預訂了 7800 萬美元。根據此合同，我們提供廣泛的服務，重點是識別、緩解和降低網路風險，以確保任務彈性和作戰準備。

And finally, after the fourth quarter ended, we were awarded two more contracts exceeding $100 million. The first is a follow-on program and construction management contract in Dubai valued at over $200 million. This win highlights the strength of our entire Middle East portfolio and the acceleration in our UAE business.

最後，第四季結束後，我們又獲得了兩份價值超過 1 億美元的合約。第一份是杜拜的後續專案和建設管理合同，價值超過2億美元。這場勝利凸顯了我們整個中東地區投資組合的實力以及我們阿聯酋業務的加速發展。

The second contracts an additional 125 million ceiling value modification that was added to our cyber threat hunt forward program which came to us through our ceiling tech acquisition.

第二份合約是一項額外的 1.25 億美元上限價值修改，該修改已添加到我們的網路威脅搜尋轉發計劃中，該計劃是我們透過收購上限技術而獲得的。

In 2024, we acquired two preeminent companies, one in our federal solution segment and one in the critical infrastructure segment. The first acquisition, Black Signal, significantly strengthens Parsons positioning within an offensive cyber operations and electronic warfare, adding new capabilities in the counter space radio frequency domain.

2024 年，我們收購了兩家傑出的公司，一家屬於聯邦解決方案領域，另一家屬於關鍵基礎設施領域。第一次收購「黑訊號」大大加強了帕森斯在進攻性網路作戰和電子戰中的地位，增加了反空間射頻領域的新能力。

Black signal, which was built to counter near peer threats, uses artificial intelligence and machine learning to create innovative signal processing techniques that detect and disrupt difficult to access adversary command and control systems.

黑色訊號是為了對抗近鄰威脅而建立的，它使用人工智慧和機器學習來創建創新的訊號處理技術，以偵測和破壞難以存取的敵方指揮和控制系統。

The 2nd acquisition, BCC Engineering, which we completed in the fourth quarter, strengthens our position as an infrastructure leader in program management and design engineering and positions us as the #1 consultant in South Florida and doubles our presence with the Georgia Department of Transportation.

我們在第四季度完成的第二筆收購是 BCC Engineering，這加強了我們在專案管理和設計工程領域基礎設施領導地位，使我們成為南佛羅裡達州第一的顧問公司，同時使我們在喬治亞州交通部的業務範圍擴大了一倍。

This is consistent with our strategy to expand our presence in high growth regions. We are very happy with the performance and successful integration of both companies, and we have already realized revenue synergies with each.

這與我們擴大在高成長地區影響力的策略一致。我們對兩家公司的業績和成功整合感到非常滿意，我們已經實現了彼此的收入協同效應。

After the fourth quarter ended, we acquired TRS Group. TRS is an industry leader in PFAS, thermal, and holistic environmental remediation, having cleaned hazardous and toxic substances from soil, groundwater, and fire suppression systems for global clients.

第四季結束後，我們收購了TRS集團。TRS 是 PFAS、熱能和整體環境修復的行業領導者，為全球客戶清除土壤、地下水和滅火系統中的有害和有毒物質。

This $36 million dollar acquisition enhances persons' environmental remediation capabilities in both of our operating segments and serves as a force multiplier for our industry leading PFAS remediation solutions. Our discipline M&A program has been very successful, and we will continue to acquire companies to enhance our capabilities, expand our customer base, and drive growth and margin expansion.

此次價值 3,600 萬美元的收購增強了我們兩個營運部門的環境修復能力，並增強了我們業界領先的 PFAS 修復解決方案的力量。我們的學科併購計畫非常成功，我們將繼續收購公司以增強我們的能力，擴大我們的客戶群，並推動成長和利潤率擴大。

We have a robust candidate pipeline and anticipate acquiring Two to three companies in 2025. As noted in today's earnings press release, Parsons was named one of America's most trusted companies by Forbes, and our Kicking Horse Canyon project was awarded the prestigious 2024 Best Project Award in the Road Highway category by Engineering News recorder.

我們擁有強大的候選人管道，預計到 2025 年將收購兩到三家公司。正如今天的收益新聞稿中所述，帕森斯被《富比士》評為美國最值得信賴的公司之一，我們的踢馬峽谷計畫被《工程新聞》記錄者授予享有盛譽的 2024 年公路類別最佳項目獎。

In summary, we are executing on our strategy and delivering our customers' missions as we continue to post record results and strong growth rates across all key financial metrics. We also significantly expanded margins and generated exceptional cash flow and contract awards.

總而言之，我們正在執行我們的策略並完成客戶的使命，同時我們繼續在所有關鍵財務指標上創下創紀錄的業績和強勁的成長率。我們也大幅擴大了利潤率，並產生了優異的現金流和合約授予。

Finally, we closed two accretive acquisitions in 2024 that exceeded our strict financial metrics, fit Parsons culture, and share our passion for delivering innovative solutions for the national security and critical infrastructure markets. As we enter 2025 and my fourth year as person CEO, I am even more enthused about our future.

最後，我們在 2024 年完成了兩項增值收購，這兩項收購超出了我們嚴格的財務指標、符合帕森斯文化，並與我們一樣熱衷於為國家安全和關鍵基礎設施市場提供創新解決方案。當我們進入 2025 年以及我擔任個人執行長的第四年時，我對我們的未來更加充滿熱情。

We operate in six growing, enduring, and profitable in markets, and we have long-term tailwinds that span both segments. In critical infrastructure, global demand is strong in all major geographies where Parsons operates the United States, Canada, and the Middle East and is not expected to peak until the 2028 to 2030 time frame.

我們在六個不斷成長、持久且獲利的市場中開展業務，我們擁有橫跨兩個領域的長期順風優勢。在關鍵基礎設施方面，帕森斯營運所在的美國、加拿大和中東等所有主要地區對關鍵基礎設施的需求都很強勁，預計要到 2028 年至 2030 年才會達到高峰。

We continue to see increased worldwide infrastructure spending, given the benefits modern infrastructure provides, including helping countries grow economically, increasing productivity, creating jobs, and improving living standards.

鑑於現代基礎設施提供的好處，包括幫助各國經濟成長、提高生產力、創造就業機會和改善生活水平，我們持續看到全球基礎設施支出增加。

We are leveraging our core competencies in engineering design, program management, and owner's representative to win and deliver on large complex programs, whether it's designing the world's largest entertainment center in the Middle East, serving as the delivery partner for the Hudson Tunnel project, the largest.

我們利用我們在工程設計、專案管理和業主代表方面的核心競爭力來贏得和交付大型複雜項目，無論是設計中東最大的娛樂中心，還是擔任哈德遜隧道項目的交付合作夥伴，還是最大的項目。

For a mass transit project in modern history or being the lead designer on the 4.6 billion Georgia State Route 400 express lane project implement state of the art traffic, incident management, and digital twin systems, Parsons is ready to deliver on our customers' missions.

無論是現代歷史上的公共交通項目，還是作為耗資 46 億美元的佐治亞州 400 號公路快速車道項目的首席設計師，實施最先進的交通、事件管理和數位孿生系統，帕森斯都已準備好完成客戶的使命。

As an industry pioneer in applying digital transformation to infrastructure, we look forward to continuing to transform this industry and drive efficiencies.

作為將數位轉型應用於基礎設施的產業先驅，我們期待繼續改變這個產業並提高效率。

In our federal solution segment, we are operating in a dynamic environment. Parsons will continue to take advantage of our speed and agility, commercial business mindset and operating models, in a national security business that is aligned with the new administration's priorities to improve efficiency, reduce cost, and, most importantly, protect our nation. The threats to our nation have never been more concerning.

在我們的聯邦解決方案領域，我們處於動態的環境中運作。帕森斯將繼續利用我們的速度和敏捷性、商業思維和營運模式，開展與新政府的優先事項一致的國家安全業務，以提高效率、降低成本，最重要的是保護我們的國家。我們國家面臨的威脅從未如此令人擔憂。

Our purpose-built federal portfolio was engineered through internal research and development and accretive acquisitions to specifically address priority threat areas including cyber space, missile defense, electronic warfare, signals intelligence, and critical infrastructure protection solutions.

我們專門建構的聯邦投資組合是透過內部研究和開發以及增值收購而設計的，專門針對優先威脅領域，包括網路空間、飛彈防禦、電子戰、訊號情報和關鍵基礎設施保護解決方案。

Our focus remains on outpacing our nations near peer threats with differentiated solutions to support the new administration in defending our nation, war fighters, and intelligence communities to deter adversaries and protect our homeland. We have the right company, the right portfolio, and the right team at the right time to continue to drive results.

我們的重點仍然是透過差異化解決方案超越我們國家近鄰威脅，以支持新政府保衛我們的國家、作戰戰士和情報部門，以遏制對手並保護我們的國土。我們在正確的時間擁有正確的公司、正確的投資組合和正確的團隊，以繼續推動績效。

With that, I'll turn the call over to Matt to provide more details on our 2024 financial results, 2025 guidance, and our long-term financial targets. Matt.

接下來，我將把電話轉給馬特，以提供有關我們 2024 年財務業績、2025 年指引以及我們的長期財務目標的更多詳細資訊。馬特。

Thank you, Ky. As Carey indicated, 2024 is an exceptional year for Parsons. We raised all three guidance metrics every quarter, delivered over 20% organic revenue growth, expanded margins by 50 basis points, delivered record cash flow and free cash flow conversion rate of 116% of adjusted net income.

謝謝你，Ky。正如凱裡所說，2024年對帕森斯來說是個特別的一年。我們每季都上調了所有三個指導指標，實現了超過 20% 的有機收入成長，利潤率擴大了 50 個基點，實現了創紀錄的現金流和調整後淨收入 116% 的自由現金流轉換率。

We also reported record win rates and contract awards for the year. We're very pleased with our results, particularly against tougher comparable periods, given the significant growth we've realized over the last two years. During the two year period we've added over $2.5 billion or 61% to our top line with $1.3 billion coming in 2024.

我們還報告了今年創紀錄的中標率和合約授予率。我們對業績非常滿意，特別是與更艱難的可比時期相比，考慮到我們在過去兩年中實現的顯著增長。在這兩年期間，我們的營業收入增加了 25 億美元，增幅為 61%，其中 2024 年將增加 13 億美元。

Our growth continues to be strong across the company, with double-digit organic growth in all four business units in both segments in 2024. We are benefiting from unprecedented global infrastructure spending, and we have a federal portfolio built to counter near peer threats and aligned to the new administration's priorities.

我們整個公司的成長勢頭持續強勁，到 2024 年，兩個部門的所有四個業務部門都將實現兩位數的有機成長。我們受益於前所未有的全球基礎設施支出，並且我們建立了聯邦投資組合以應對近乎同等的威脅，並與新政府的優先事項保持一致。

Turning to the details of our results, total revenue of $1.7 billion for the fourth quarter of 2024 increased 16% from the prior year period and was up 14% on an organic basis. Organic growth was primarily driven by strong growth in our critical infrastructure protection and cyber markets which grew 31% and 24% respectively during the quarter.

談到我們的業績細節，2024 年第四季的總營收為 17 億美元，較去年同期成長 16%，有機成長 14%。有機成長主要得益於關鍵基礎設施保護和網路市場的強勁成長，本季這兩個市場的成長率分別達到 31% 和 24%。

Adjusted EBITA of $147 million increased 14% from the fourth quarter of 2023, and adjusted EBITA margin decreased 10 basis points to 8.5%. The adjusted E increase was driven by the ramp up of recent contract wins and growth on existing contracts with effective cost control.

調整後的 EBITA 為 1.47 億美元，較 2023 年第四季成長 14%，調整後的 EBITA 利潤率下降 10 個基點至 8.5%。調整後的 E 成長主要得益於近期合約中標數量的增加以及有效成本控制下現有合約的成長。

Our adjusted even at the margin for the quarter was negatively impacted by $29 million of adjustments on two critical infrastructure programs. The first program was our last remaining legacy contract which achieved substantial completion on December 301. The scheduled delay realized in the quarter drove additional costs.

本季我們的調整後利潤率受到兩個關鍵基礎設施項目 2,900 萬美元調整的負面影響。第一個項目是我們剩下的最後一個遺留合同，該合約於 12 月 301 日基本完工。本季度實現的預定延遲導致了額外的成本。

The second program impact was a claim settlement on a joint venture. While the final value did not achieve our booked position, it did allow for favorable schedule relief and cash flow. Normalized margin excluding these two adjustments would have been 10% in the fourth quarter, supporting our long term target of double digit margins.

該計劃的第二個影響是對合資企業的索賠解決。雖然最終價值沒有達到我們的預定位置，但確實帶來了有利的進度緩解和現金流。排除這兩項調整後的標準化利潤率在第四季度將達到 10%，支持我們實現兩位數利潤率的長期目標。

Total revenue for fiscal year 2024 increased 24% from the prior year and was up 22% on an organic basis. The strong organic growth throughout the year was driven by the ramp up of recent contract wins and growth on existing contracts.

2024 財年總營收較前一年成長 24%，有機成長 22%。全年強勁的有機成長得益於近期合約中標數量的增加和現有合約的成長。

As union expenses for 2024 were 1414.1% of total revenue compared to 16% in 2023 and 18.5% in 2022. Fiscal year 2024 adjusted EBITA $605 million increased 30% from 2023, and adjusted EBITA margin increased 50 basis points to 9%.

2024 年工會費用佔總收入的 1,414.1%，而 2023 年為 16%，2022 年為 18.5%。2024 財年調整後 EBITA 為 6.05 億美元，較 2023 年成長 30%，調整後 EBITA 利潤率增加 50 個基點至 9%。

The adjusted even day increases outperformed our investor day goal of 20 to 30 basis points per year and were driven by growth on a creative contracts, contributions from acquisitions, and continuing to effectively manage cost.

調整後的偶數日增幅超過了我們投資者日每年 20 至 30 個基點的目標，這得益於創意合約的成長、收購帶來的貢獻以及持續有效的成本管理。

Before I discuss our operating segments, I want to mention that during the fourth quarter we early adopted a new accounting standard that retroactively changes the partial repurchase of our convert convertible senior notes which occurred in the 1st quarter of 2024.

在討論我們的經營分部之前，我想提一下，在第四季度，我們提前採用了一項新的會計準則，該準則追溯改變了 2024 年第一季度發生的可轉換優先票據的部分回購。

The new accounting standard resulted in reversing the $162 million net loss we originally reported in the first quarter to a $14 million net loss under the new accounting rules. As a result of this change, GAAP diluted earnings per share for the first quarter of 2024 is now $0.37 compared to a loss per share of $1.01 previously reported.

新會計準則導致我們在第一季最初報告的1.62億美元淨虧損被扭轉為新會計規則下的1400萬美元淨虧損。由於這項變化，2024 年第一季的 GAAP 稀釋每股收益現為 0.37 美元，而先前報告的每股虧損為 1.01 美元。

The impacts from this transaction continue to be excluded from our adjusted and adjusted EPS calculations. We included a revised first quarter income statement in today's earnings press release. I'll turn now to our operating segments starting first with federal solutions, where fourth quarter revenue increased by $160 million or 19% from the fourth quarter of 2023.

該交易的影響繼續被排除在我們的調整後和調整後每股收益計算之外。我們在今天的收益新聞稿中加入了修訂後的第一季損益表。現在我將介紹我們的營運部門，首先是聯邦解決方案，該部門第四季度的收入比 2023 年第四季增加了 1.6 億美元，即 19%。

This increase was driven by organic growth of 17% and the contribution from our black signal acquisition. Organic growth was driven primarily by the ramp up of recent contract winds and growth on existing contracts. Federal solutions adjusted Eit increased by 21% from the fourth quarter of 2023, and adjusted EBIT of margin increased 20 basis points to 10%.

這一成長主要得益於 17% 的有機成長以及黑色訊號收購的貢獻。有機成長主要得益於近期合約數量的增加和現有合約的成長。聯邦解決方案調整後息稅前利潤較 2023 年第四季成長 21%，調整後息稅前利潤率增加 20 個基點至 10%。

These increases were driven primarily by higher volume and improved mix with effective indirect cost control. For the full year, Federal Solutions revenue increased by $986 million or 33% from 2023. This increase was driven by organic growth of 30% in contributions from our ceiling tech and black signal acquisitions.

這些成長主要得益於銷售增加、產品組合改善和有效的間接成本控制。全年而言，聯邦解決方案收入較 2023 年增加 9.86 億美元，增幅 33%。這一成長主要得益於我們的天花板技術和黑訊號收購貢獻的 30% 的有機成長。

A strong organic growth was led by our critical infrastructure protection and cyber markets. Federal Solutions adjusted even for the full year increased $126 million or 43% from 2023, and adjusted even to margin increased 80 basis points to 10.4%. These increases were driven primarily by increased volume on accretive contracts and contributions from high margin acquisitions.

強勁的有機成長是由我們的關鍵基礎設施保護和網路市場推動的。聯邦解決方案全年調整後利潤較 2023 年增加 1.26 億美元，增幅 43%，利潤率調整後利潤率增加 80 個基點，至 10.4%。這些成長主要得益於增值合約量的增加以及高利潤收購的貢獻。

Moving now to our critical infrastructure segment. Fourth quarter revenue increased by $80 million or 12% from the fourth quarter of 2023. This increase was driven by organic growth of 9% and inorganic revenue contributions from our BCC and IS engineers acquisitions.

現在轉到我們的關鍵基礎設施部分。第四季營收較 2023 年第四季增加了 8,000 萬美元，即 12%。這一成長主要得益於 9% 的有機成長以及我們收購 BCC 和 IS 工程師所帶來的無機收入貢獻。

Organic growth was driven by higher volume of new awards in both our Middle East and North America infrastructure markets. Critical infrastructure adjusted UDA increased by 2% from the fourth quarter of 2023.

有機成長的動力源自於中東和北美基礎設施市場新合約數量的增加。關鍵基礎設施調整後的 UDA 較 2023 年第四季增加了 2%。

Adjusted even margin decreased 60 basis points to 6.4%. Our adjusted even to figures were impacted by the $29 million of adjustments previously discussed, partially offset by profits from a creative organic growth on both new and existing contracts. Excluding these adjustments, Q4 critical infrastructure margins were 10.2%. For the full year, critical infrastructure's revenue increased by $321 million or 13%, almost all of which was organic.

調整後均衡利潤率下降60個基點至6.4%。我們調整後的數字受到了先前討論過的 2,900 萬美元調整的影響，但新合約和現有合約的創造性有機成長帶來的利潤部分抵消了這一影響。不包括這些調整，第四季關鍵基礎設施利潤率為 10.2%。全年來看，關鍵基礎設施的收入增加了 3.21 億美元，增幅為 13%，幾乎全部都是有機成長。

Organic growth was driven by expansion in both the Middle East and North America. Critical infrastructures adjusted EBITA for the full year increased by $14 million or 8% from 2023. An adjusted EBITA margin decreased 30 basis points to 6.9%. The adjusted EBITA increase was driven primarily by organic growth and operating leverage.

有機成長主要得益於中東和北美的擴張。關鍵基礎設施全年調整後 EBITA 較 2023 年增加 1,400 萬美元，即 8%。調整後的 EBITA 利潤率下降 30 個基點至 6.9%。調整後的 EBITA 成長主要得益於有機成長和營運槓桿。

The lower margin for the year was the result of adjustments on two programs previously discussed. Excluding these impacts, critical infrastructure margins were 10.1% for the total year. Next, I'll discuss cash flow and balance sheet metrics. Our net DSO at the end of Q4 2024 was 55 days, down 4 days from the prior year period and down 14 days from the fourth quarter of 2022.

本年度利潤率較低是由於對先前討論過的兩個計劃進行調整的結果。除掉這些影響外，全年關鍵基礎設施利潤率為 10.1%。接下來，我將討論現金流和資產負債表指標。截至 2024 年第四季末，我們的淨 DSO 為 55 天，比去年同期減少 4 天，比 2022 年第四季減少 14 天。

Our fourth quarter operating cash flow totaled $127 million compared to $190 million in the prior year period. Operating cash flow for the full year increased 28% to $524 million. Our strong cash flow for the year was driven by higher profitability and improved working capital. Our free cash flow conversion rate for the year was 116%.

我們第四季的營運現金流總計 1.27 億美元，而去年同期為 1.9 億美元。全年經營現金流成長28%至5.24億美元。我們本年度強勁的現金流是由更高的獲利能力和改善的營運資本所推動的。我們今年的自由現金流轉換率為116%。

Capital expenditures totaled $19 million in the fourth quarter of 2024 and $49 million for the full year. Cap expend was in line with our plan of less than 1% of annual revenue. Our balance sheet remained strong as we entered the fourth quarter with a net debt leverage ratio of 1.3 times even after closing two strategic acquisitions worth $430 million in 2024.

2024 年第四季資本支出總計 1,900 萬美元，全年資本支出總計 4,900 萬美元。資本支出符合我們的計劃，低於年收入的 1％。即使在 2024 年完成兩項價值 4.3 億美元的策略性收購後，我們的資產負債表仍保持強勁，進入第四季後，淨債務槓桿率為 1.3 倍。

Including the cash acquisition of TRS in Q1, perform and leverage would be approximately 1.4 times based on Q4 results. As part of our $100 million share repurchase program, we repurchased approximately 156,000 shares for an aggregate purchase price of $15 million during the fourth quarter. For the full year, we repurchased approximately 287,000 shares for an aggregate purchase price of $25 million.

如果包括第一季對 TRS 的現金收購，根據第四季度的業績，業績和槓桿率將約為 1.4 倍。作為我們 1 億美元股票回購計畫的一部分，我們在第四季度回購了約 156,000 股，總購買價為 1,500 萬美元。全年我們回購了約 287,000 股，總購買價為 2,500 萬美元。

Turning next to bookings for the fourth quarter, year over year contract award activity increased 34% to a record $1.7 billion driven by growth of 26% in federal solutions and 41% in our critical infrastructure segment. Our trailing 12 month book to bill ratio at the end of the fourth quarter was 1.0 times.

接下來看看第四季的預訂情況，合約授予活動年增 34%，達到創紀錄的 17 億美元，這得益於聯邦解決方案增長 26% 和關鍵基礎設施部門增長 41%。我們第四季末的過去 12 個月訂單出貨比為 1.0 倍。

Which continues our quarterly streak with a trailing 12 month book to bill ratio of 1.0 or better since our IPO in 2019. In our critical infrastructure segment, we achieved a quarterly book to bill ratio of 1.2% in the fourth quarter, marking the 17th consecutive quarter with a book to bill ratio of 1.0 or greater.

自 2019 年 IPO 以來，我們連續 12 個月的訂單出貨比都達到或超過 1.0，這延續了我們季度連續成長的勢頭。在我們的關鍵基礎設施部門，我們第四季的季度訂單出貨比達到 1.2%，這是連續第 17 個季度訂單出貨比達到或超過 1.0。

In our federal solution segment, we achieved a quarterly book to bill ratio of 0.8 in the fourth quarter, which is the best Q4 book to bill ratio in the last four years. For fiscal year 2024, contract awards increased 17%, and our book to build ratio was 1.0 times.

在我們的聯邦解決方案部門，我們在第四季度實現了0.8的季度訂單出貨比，這是近四年來最好的第四季訂單出貨比。2024 財年，合約授予增加了 17%，我們的訂單與建造比率為 1.0 倍。

In our critical infrastructure segment, contract awards increased 15% in 2024, and our book to build ratio was 1.2 times. In federal solutions, contract awards increased 19% over fiscal year 2023, and our book to build ratio is 1.0 times even with revenue growth of nearly a billion dollars in 2024.

在我們的關鍵基礎設施領域，2024 年合約授予增加了 15%，我們的訂單與建設比率為 1.2 倍。在聯邦解決方案方面，合約授予比 2023 財年增加了 19%，即使 2024 年收入增長近 10 億美元，我們的訂單與建設比率仍為 1.0 倍。

Our backlog at the end of the fourth quarter totaled $8.9 billion up 4% from the fourth quarter of 2023. Additionally, our funded backlog is the highest since our IPO at 66%. Now let's turn to guidance. For 2025, we expect revenue to be between 7.0 and $7.5 billion. This represents approximately 7.5% growth at the midpoint of the range and 5% growth on an organic basis.

我們第四季末的積壓訂單總額為 89 億美元，比 2023 年第四季成長 4%。此外，我們的融資積壓量達到 66%，是自 IPO 以來的最高水準。現在讓我們來談談指引。到 2025 年，我們預計營收將在 70 億美元至 75 億美元之間。這代表著中間值約 7.5% 的成長和有機成長 5% 的趨勢。

As previously discussed, we are expecting lower volumes on our confidential contract as well as transitioning programs. Excluding these contracts, the rest of the portfolio is projected to grow double digits organically.

如同前面所討論的，我們預期機密合約和過渡項目的數量將會減少。除這些合約外，其餘投資組合預計將實現兩位數的有機成長。

It is worth noting that our 2025 growth rates are off a total revenue base that has increased more than $3 billion or nearly 85% since the end of 2021. Adjusted EBITDA is expected to be between $640 and $710 million with a margin of 9.3% at the midpoint of our revenue and adjusted EBITDA guidance ranges. This represents adjusted EBITDA growth of 12% and margin expansion of approximately 30 basis points from 2024.

值得注意的是，我們 2025 年的成長率是基於自 2021 年底以來增加超過 30 億美元或近 85% 的總收入基礎。調整後的 EBITDA 預計在 6.4 億美元至 7.1 億美元之間，利潤率為 9.3%，位於我們的收入和調整後的 EBITDA 指導範圍的中間值。這意味著自 2024 年起調整後的 EBITDA 將成長 12%，利潤率將擴大約 30 個基點。

The growth in adjusted EBITDA and associated margins is expected to be driven by completion of our legacy programs and improved execution. Cash flow from operating activities is expected to be between $420 and $480 million.

調整後的 EBITDA 和相關利潤率的成長預計將受到我們遺留項目的完成和執行力提升的推動。預計經營活動現金流在4.2億美元至4.8億美元之間。

At the midpoint of the guidance range, we expect free cash flow conversion to be approximately 86% of adjusted net income. 2025 cash flow is expected to be down year by year due to the timing of the incentive fees collected in 2024, and a change in our 401k match benefit, which results in a one-time impact of approximately $300 million for the year as we shift from an annual to a quarterly match.

在指導範圍的中點，我們預期自由現金流轉換率約佔調整後淨收入的 86%。由於 2024 年收取激勵費用的時間安排以及我們的 401k 匹配福利的變化，預計 2025 年的現金流將逐年下降，這導致當我們從年度匹配轉為季度匹配時，當年的一次性影響約為 3 億美元。

Our 2025 guidance contemplates domestic budget uncertainty, a competitive labour market, and current estimates related to government procurements.

我們的 2025 年指導方針考慮了國內預算的不確定性、競爭性的勞動力市場以及與政府採購相關的當前估計。

These macro conditions are offset by significant tailwinds, including the unprecedented global infrastructure spend, a federal portfolio that is closely aligned to the new administration's priorities, we compete risk of less than 5% of 2025 total revenue. $8.9 billion of total backlog including record funded backlog and over $12 billion of contracts awarded to Parsons but not yet booked into backlog.

這些宏觀條件被顯著的順風因素所抵消，包括前所未有的全球基礎設施支出、與新政府優先事項緊密結合的聯邦投資組合，我們競爭的風險不到 2025 年總收入的 5%。總積壓訂單量為 89 億美元，包括創紀錄的資金資助積壓訂單量和授予帕森斯但尚未計入積壓訂單量的價值 120 多億美元的合約。

Other key assumptions in connection with our 2025 guidance and our quarterly cadence are outlined on slide 16 in today's PowerPoint presentation located on our investor relations website.

與我們 2025 年指引和季度節奏相關的其他關鍵假設在我們投資者關係網站上今天的 PowerPoint 簡報的第 16 張投影片中概述。

In terms of our long term financial targets, our outlook continues to support mid single digit or better organic revenue growth with the 20 to 30 basis points of margin expansion each year and a free cash flow conversion rate of at least 100% of adjusted net income.

就我們的長期財務目標而言，我們的前景將繼續支持中等個位數或更高的有機收入成長，每年利潤率擴大 20 至 30 個基點，自由現金流轉換率至少達到調整後淨收入的 100％。

We also expect to supplement our organic growth with 2 to 3 acquisitions per year. In summary, I couldn't be more excited about where the company is headed. We are aligned to markets with growing demand and have clear line of sight to delivering expanded margins.

我們還希望透過每年 2 到 3 次收購來補充我們的有機成長。總而言之，我對公司的發展方向感到無比興奮。我們與不斷增長的需求保持一致，並明確致力於提高利潤率。

Our balance sheet is in great shape and allows us to continue to deploy capital on strategic internal investments, acquisitions, and share buybacks which create long term value for the company and our shareholders. With that, I'll turn the call back over to Gary.

我們的資產負債表狀況良好，使我們能夠繼續將資本用於策略性內部投資、收購和股票回購，從而為公司和股東創造長期價值。說完這些，我將把電話轉回給加里。

Thanks, Matt. 2024 was an outstanding year. Our team's strong execution enabled us to deliver record results across all major financial metrics. Our balanced portfolio and the speed and agility with which we operate has enabled us to improve efficiency, reduce costs, and protect our nation from adversaries, as well as to take advantage of unprecedented global infrastructure spending.

謝謝，馬特。 2024年是傑出的一年。我們團隊強大的執行力使得我們在所有主要財務指標上都取得了創紀錄的成績。我們均衡的投資組合以及營運的速度和靈活性使我們能夠提高效率，降低成本，保護我們的國家免受敵人的侵害，同時也能利用前所未有的全球基礎設施支出。

Parsons is well aligned with market growth drivers, and I'm extremely excited about our long-term future, and we look forward to continuing to deliver consistent results and drive long term shareholder value.

帕森斯與市場成長動力保持一致，我對我們的長期未來感到非常興奮，我們期待繼續提供持續的成果並推動長期股東價值。

Thank you. (Operator Instructions) And our first question will come from Toby Sommer with Trust. Your line is now open.

謝謝。(操作員指示) 我們的第一個問題來自 Trust 的 Toby Sommer。您的線路現已開通。

Thank you. I was hoping you could give us, an update to the extent you can on the contours and developments with your confidential, customer and project. Thank you.

謝謝。我希望您能盡可能向我們更新有關您的機密、客戶和專案的概況和進度。謝謝。

Sure, thanks Toby and good morning. On the confidential contract, option year two has been exercised, and that option runs until February 2026. We've booked the portion of the option that's funded for $242 million. Our 2025 plan is aligned to the negotiated value of the option year two contract, and I mentioned there's a related program that's been paused.

當然，謝謝托比，早安。在保密合約中，第二年的選擇權已行使，該選擇權有效期至 2026 年 2 月。我們已經預定了價值 2.42 億美元的選擇權部分。我們的 2025 年計畫與第二年選擇權合約的談判價值一致，我提到有一個相關計畫已經暫停。

So if you think about that, let's say you have five steps to complete in a process. Parsons performs steps one to four. Other companies perform step five, but you can't complete step four without step five moving forward. That's sort of the situation we're in.

所以如果你考慮一下，假設你需要在一個過程中完成五個步驟。帕森斯執行第一至第四步。其他公司會執行第五步，但如果第五步沒有完成，就無法完成第四步。這就是我們現在所處的境況。

So while we aggressively are working to get that related program restarted, we're also focusing in parallel on the rest of our portfolio which has 3,400 contracts and it's growing double digits.

因此，在我們積極努力重啟相關計劃的同時，我們也將同時關注我們投資組合中的其餘部分，該投資組合共有 3,400 份合同，並且以兩位數的速度增長。

I want to take just a minute in fact to talk about that opportunity within the portfolio and the strong alignment to Trump administration priorities. 44% of our portfolio is not funded under the federal government, and the 56% that is funded is directly aligned with the priorities as I highlighted in my remarks.

事實上，我想花一點時間來談談投資組合中的這個機會以及與川普政府優先事項的高度一致。我們的投資組合中有 44% 不是由聯邦政府資助的，而 56% 的資助與我在發言中強調的優先事項直接相關。

That includes missile defense and air systems, electronic warfare, cyber counter effects for cruise missiles and hypersonics, border security, counter unmanned air systems, and space surveillance.

其中包括飛彈防禦和空中系統、電子戰、巡航飛彈和高超音速的網路對抗、邊境安全、反無人機系統和太空監視。

And as you look at the FY25 and '26 budgets, these are likely to be beneficiaries of incremental dollars. I'd like to add to, as announced this week, the ground-based infrastructure portion of the Sentinel program is being restructured, and Parsons has been involved in every intercontinental ballistic program except for Sentinel, and we look forward to being involved in that one.

當你查看 25 財年和 26 財年的預算時，你會發現這些很可能是增量資金的受益者。我想補充一點，正如本周宣布的那樣，哨兵計劃的地面基礎設施部分正在重組，帕森斯參與了除哨兵計劃之外的所有洲際彈道計劃，我們期待著參與該計劃。

And then our Indo Paycom regional alignment is very aligned with the Trump administration. Our focus on cyber, electronic warfare space and building out our critical infrastructure and our presence that has been in Guam for over three decades, strong presence in Hawaii and Quin.

我們的 Indo Paycom 區域聯盟與川普政府高度一致。我們專注於網路、電子戰領域以及建立關鍵基礎設施，我們在關島的存在已經超過三十年，在夏威夷和奎因也有強大的存在。

And then I'd say also as we look to a potential settlement of some of the conflicts whether it's Russia, Ukraine, or Israel, Gaza that will benefit persons with the rebuild opportunity as we were heavily involved in Iraq and we're rebuilding currently futuristic. Cities in Saudi mixed use development, residential projects in the UAE and performing hospitality and tourism projects.

然後我想說，當我們期待一些衝突的潛在解決方案時，無論是俄羅斯，烏克蘭還是以色列，加薩都會為人們帶來重建的機會，因為我們深入參與了伊拉克事務，我們目前正在重建未來。沙特混合用途開發的城市、阿聯酋的住宅項目以及酒店和旅遊項目。

So to say I'm excited about the future and the overall alignment with the Trump administration, I think our portfolio fits really well.

所以說我對未來以及與川普政府的整體配合感到興奮，我認為我們的投資組合非常契合。

Thanks, if I could ask a follow up, you mentioned sort of lateral impact from a choice related to a different program. What is the procurement environment like for what you're bidding on and has anything changed sort of since the quarter in the recent weeks and year-to-date in terms of the cadence and timing of contract awards, etc.

謝謝，如果我可以問一個後續問題，您提到了與不同程序相關的選擇所產生的橫向影響。您所投標的採購環境是什麼樣的？ 自本季度以來，最近幾週以及今年迄今為止，在合約授予的節奏和時間等方面有什麼變化嗎？

Yes, so your first question as far as the procurement environment, again, our program has been funded and it's continuing, but it's a related program so we're trying to work to get that program on pause with the exception of that, we have only seen two contracts paused for less than $3 million in our portfolio.

是的，所以你的第一個問題是關於採購環境的，我們的項目已經得到資助並且還在繼續，但這是一個相關項目，所以我們正努力暫停該項目，除此之外，我們只看到我們的投資組合中有兩份合約暫停，金額不到 300 萬美元。

We're fortunate that we don't have a big dependency on many of the federal civilian agencies which are seeing some disruption, such as the IRS, USAID, FEMA, Department of Energy, OSHA, VA. We don't have work with those agencies, so it hasn't disrupted our portfolio, and I'll highlight again that 44% of our portfolio is not dependent on the federal government.

我們很幸運，我們不需要過度依賴許多正在遭遇混亂的聯邦民事機構，例如國稅局、美國國際開發署、聯邦緊急事務管理局、能源部、職業安全與健康管理局、退伍軍人事務部。我們沒有與這些機構合作，因此這並沒有擾亂我們的投資組合，我要再次強調，我們 44% 的投資組合並不依賴聯邦政府。

The cadence that we're seeing is a little slower, but I would say the offset to that is we're seeing many more extensions and ceiling increases, which is positive for our business. And as we enter 2025, we have less than 5% of our business up fore. Thank you very much, Terry that's helpful. Thanks, Toby.

我們看到的節奏稍微慢了一點，但我想說與此相抵消的是，我們看到了更多的延期和上限增加，這對我們的業務來說是積極的。當我們進入 2025 年時，我們的業務將只佔不到 5% 的份額。非常感謝，特里，這很有幫助。謝謝，托比。

And the next question comes from Louie DiPalma with William Blair. Your line is open.

下一個問題來自 William Blair 的 Louie DiPalma。您的線路已開通。

Carry and Matt and Dave, good morning.

Carry、Matt 和 Dave，早安。

Good morning, Louie.

早安，路易。

As it relates to the confidential contract, I know you're limited in what you can say, but you indicated that you received the $242 million and the funded option. And are you assuming that you recognize the $242 million in revenue this year and is that $242 million is that impacted by the adjacent contract such that $242 million may come in significantly lower if that adjacent contract is not resolved.

至於保密合同，我知道你能說的內容有限，但你表示你收到了 2.42 億美元和資助選項。您是否假設您確認了今年的 2.42 億美元收入，並且這 2.42 億美元是受到相鄰合約的影響，因此如果相鄰合約無法解決，2.42 億美元的收入可能會大幅下降。

So, we believe that $242 million is solid for the year. What we've put into our plan is the negotiated value of the full auctioneer with the customer since it has been exercised.

因此，我們認為今年的 2.42 億美元是穩定的。我們在計劃中納入的是拍賣師自行使拍賣權以來與客戶協商的價值。

Yeah, think about the initial funded initial funding for the year.

是的，想想今年最初籌集的初始資金。

Okay, so are you saying that the unfunded portion may not be fully realized because of the adjacent contract then?

好的，那麼您的意思是，由於相鄰的合同，未撥付的部分可能無法完全實現？

It may not. We don't have any certainty at this time. All we know is that our auctioneer has been exercised as we work to help the related program get restarted.

或許不會。目前我們還沒有任何確定性。我們唯一知道的是，我們的拍賣師一直在努力幫助相關項目重啟。

Okay, so like if it does get restarted then that $242 million could increase then.

好的，如果它確實重新啟動，那麼 2.42 億美元可能會增加。

That's correct and we have a we have a negotiated contract with our customer for our work.

沒錯，我們已經與客戶就我們的工作達成了協議合約。

Great, that is definitely. That definitely clarifies a lot of things. Thanks, and you mentioned Sentinel, can you discuss The role that your team's contract could play with Iron Dome in the Trump administration and pass Missile defense programs that you're involved with whether it's the proliferated warfare space architecture or other ones.

太好了，確實是這樣的。這確實澄清了很多事情。謝謝，您提到了 Sentinel，您能否討論一下您的團隊與鐵穹防禦系統的合約在川普政府中可能發揮的作用，並透過您所參與的飛彈防禦計劃，無論是擴散式戰爭空間架構還是其他計劃。

Thanks. Sure. And let me just elaborate a little bit on Sentinel. So, what the Air Force has announced is they're going to be restructuring the ground infrastructure portion, so the launch. Facilities in the control centers again, Parsons has done every single intercontinental ballistic missile program infrastructure, and the only one we were not involved in was Sentinel.

謝謝。當然。讓我稍微詳細地介紹一下 Sentinel。因此，空軍宣布他們將重組地面基礎設施部分，以便發射。再次是控制中心的設施，帕森斯完成了每一個洲際彈道飛彈計畫的基礎設施，而我們沒有參與的唯一一個是哨兵飛彈計畫。

So we really look forward to having the opportunity to re-engage in that contract relative to your specific question on Iron Dome. The pure state rogue national I say cruise missile threat requires what's called a layered defense strategy.

因此，我們非常期待有機會重新參與有關「鐵穹」防禦系統的具體問題的合約。我認為，針對純粹的國家流氓國家巡航飛彈威脅需要所謂的分層防禦戰略。

So you have to protect against everything from intercontinental ballistic missiles to hypersonics to cruise missiles all the way down to unmanned air systems, and that needs a multi-layered architecture that's going to be built upon missile defense agency and space development agency space infrastructure.

因此，你必須防禦一切威脅，從洲際彈道飛彈到高超音速飛彈、從巡航飛彈到無人機系統，而這需要一個建立在飛彈防禦局和太空發展局太空基礎設施之上的多層架構。

And it may also involve the integration and development of space-based interceptors. There's been introduced the Iron Dome Act by Republican senators, which is proposing $19.5 billion of funding in fiscal year '26 to implement the plan, and they would like to largely use existing technologies.

而且還可能涉及天基攔截器的整合和發展。共和黨參議員提出了《鐵穹法案》，提議在26財政年度撥款195億美元實施該計劃，他們希望主要使用現有技術。

This is beneficial for persons as we've worked for 40 years supporting the missile defense agency, providing system engineering and integration. We're the largest technical advisor for MDA, and we provide engineering expertise to oversee the development of missile defense platforms.

這對人們來說是有益的，因為我們已經為導彈防禦局支援了 40 年，提供系統工程和整合。我們是 MDA 最大的技術顧問，提供工程專業知識來監督飛彈防禦平台的發展。

We also have a role in cyber resiliency and provide war fighting capabilities to defend the US homeland as well as our deployed forces and allies, and we're involved in defense of Guam. In addition to our partnership with MDA, we do have experience working with Israel's Iron Dome system, specifically the David Sling system on engineering assessments and data integration.

我們也在網路彈性方面發揮作用，並提供作戰能力來保衛美國本土以及我們部署的部隊和盟友，我們也參與了關島的防禦。除了與 MDA 的合作之外，我們還有與以色列鐵穹系統合作的經驗，特別是與大衛斯林系統在工程評估和數據整合方面的合作。

Just to elaborate further on what we can bring to Iron Dome, we also have exquisite cyber and electronic warfare solutions. So if you think about it, you deliver non-kinetic effects that provide force protection for the homeland and the allies, and we're able to operate across all domains from sea, ground, air, cyber, and space.

為了進一步闡述我們能為鐵穹防禦系統帶來什麼，我們還擁有精湛的網路和電子戰解決方案。所以如果你仔細想想，你提供的非動能效應可以為國土和盟友提供武力保護，而且我們能夠在海上、地面、空中、網路和太空等所有領域開展行動。

So Non-kinetic electromagnetic defeat capabilities can augment kinetic missile systems, and this missile kill chains both before and after launch. I'd say the final area is we have integrated counter unmanned air systems capability, and we have a solution. It's called the drone swarms solution.

因此，非動能電磁擊敗能力可以增強動能飛彈系統，而這種飛彈的殺傷鏈在發射前和發射後均可增強。我想說的最後一個領域是我們已經整合了反無人機系統能力，我們有一個解決方案。這被稱為無人機群解決方案。

Which has a fire control and control sensor and a factor architecture, and it's designed specifically to defeat cruise missiles, counter Groups one to five unmanned air systems, and other advanced aerial targets. We also provide airbase air defense. We have a contract over in Europe. It has a billion-dollar ceiling, and that was specifically applicable.

它具有火控和控制感測器以及因素架構，專門設計用於擊敗巡航飛彈、對抗一至五組無人機系統和其他先進空中目標。我們也提供空軍基地防空。我們在歐洲有一份合約。它有一個 10 億美元的上限，而且這是特別適用的。

When you look at Iron Dome, because our contract was to defend against unmanned air systems, cruise missile systems, hypersonics all the way up to ICBMs. So, by the end of the month, we will be providing RFI responses to both MDA and SDA and look forward to contributing to the important effort of Iron Dome for America.

當你看到鐵穹防禦系統時，因為我們的合約是防禦無人機系統、巡航飛彈系統、高超音速飛彈一直到洲際彈道飛彈。因此，到月底，我們將向 MDA 和 SDA 提供 RFI 回應，並期待為美國的鐵穹防禦系統的重要努力做出貢獻。

Thanks, Carrie, and one last one, it appears that your infrastructure business is firing on all cylinders, and you discussed the new contract wins in Saudi Arabia and you're doing really well domestically. Do you envision any impact, For your US projects as it relates to federal funding or what is the status there?

謝謝，Carrie，最後一個問題，看來您的基礎設施業務正在全速發展，您討論了在沙特阿拉伯贏得的新合同，您在國內的業務做得很好。您是否預計這會對您的美國計畫產生任何影響，因為它與聯邦資金有關，或者那裡的現狀如何？

Yeah, great question. So, all of our funding comes from state and local and for federally it's the Infrastructure Investment and Jobs Act. The area that they're looking at reducing within the Infrastructure Investment and Jobs Act are things that are related to social inequity.

是的，很好的問題。因此，我們所有的資金都來自州和地方，而對聯邦來說，則是基礎設施投資和就業法案。他們在《基礎設施投資和就業法案》中考慮減少的領域是與社會不公平相關的領域。

And electrification and broadband, we don't receive any funds from there. They're instead looking on how do they take those funds, reapply them to what you call hard infrastructure, which is where we play. So if you think roads and highways and bridges as an example, and we again get no funding from the inflation Reduction Act.

而在電氣化和寬頻方面，我們並沒有從那裡獲得任何資金。他們正在研究如何利用這些資金，將其重新應用到所謂的硬體基礎設施上，而這正是我們發揮作用的地方。因此，如果你以道路、高速公路和橋樑為例，我們再次沒有從通貨膨脹削減法案中獲得資金。

Awesome thanks Carrie thanks man.

太棒了，謝謝 Carrie，謝謝老兄。

And our next question will come from Andrew Wittmann with Baird. Your line is open.

我們的下一個問題來自貝爾德的安德魯威特曼 (Andrew Wittmann)。您的線路已開通。

Oh great, good morning. Excuse me. And thank you for taking my questions. I guess I just wanted to understand a little bit on the Federal Aviation Administration understood it. I think this is a decent customer for you for you all, and I was just wondering, there's been some reports that the Doge team was coming in there. Can you just remind us all what your scope and size of work is for that?

噢，太好了，早安。打擾一下。感謝您回答我的問題。我想我只是想稍微了解一下聯邦航空管理局的情況。我認為這對你們所有人來說都是一個不錯的客戶，我只是想知道，有報道稱 Doge 團隊即將到來。您能否提醒我們您的工作範圍和規模是多少？

Agency is and the types of things that you're working on and if you've seen anything from the team in terms of what they're looking at.

代理商是您正在處理的事情類型，以及您是否從團隊那裡看到了他們正在關注的事情。

Yeah, thanks, Sandy, and good morning. We think there's actually an opportunity with us for us with the FAA, so we've supported the FAA for four decades in our role is to provide technical services. Those would include things like project management, how do you modernize the infrastructure, which is going to be a big area of focus, installing systems and equipment at over 600. Locations.

是的，謝謝，桑迪，早安。我們認為與聯邦航空局合作實際上對我們來說是一個機會，因此四十年來我們一直為聯邦航空局提供支持，我們的職責是提供技術服務。其中包括專案管理等方面的內容，如何實現基礎設施的現代化，這將是我們關注的一個重點領域，安裝超過 600 個系統和設備。位置。

And then we're also supporting their capital investment plan by providing engineering, construction and project management services. Our contract is called the FAA technical Support Services Contract five, and on that we have over 500 people that are FAA cleared and qualified to be able to provide that support.

然後我們也透過提供工程、施工和專案管理服務來支持他們的資本投資計劃。我們的合約稱為 FAA 技術支援服務合約五，其中我們有超過 500 名經過 FAA 批准並具備資格提供該支援的人。

So, we're currently in year two of a 10 year $1.8 billion single award contract. There's obviously due to the tragic accidents that have happened, a recent renewed emphasis on the air transportation safety.

因此，我們目前正處於為期 10 年、價值 18 億美元的單項授予合約的第二年。顯然，由於發生的悲慘事故，人們最近再次強調航空運輸安全。

So there's going to be opportunities to upgrade and replace the aging equipment, the systems, and the infrastructure. We feel that we're well positioned to execute the assessment, the sustainment, and the modernization. And be able to help also with air traffic control and air traffic management needs.

因此將有機會升級和更換老化的設備、系統和基礎設施。我們覺得我們有能力執行評估、維持和現代化。並且也能夠協助空中交通管制和空中交通管理需求。

Yes, Andy, just importantly, as Carey mentioned, we have over $1.6 billion worth of sailing left on that contract, so great opportunity for us.

是的，安迪，重要的是，正如凱裡提到的，我們在該合約上還剩下價值超過 16 億美元的航行空間，這對我們來說是個好機會。

Got it. That's a helpful context on that one, I guess just Matt, I just want to make sure that everybody heard it or understands that correctly. On the on the $29 million here, one was a claim, so that's old and done, and the other one is a project that you closed out on [1,231], so that's old and done as well. There's no charges here on anything that has any future revenue expectation to it, is that right?

知道了。這是一個很有幫助的背景訊息，我想馬特，我只是想確保每個人都聽到了或正確理解了這一點。關於這裡的 2900 萬美元，一個是索賠，所以已經是舊的並且已經完成了，另一個是你結束的一個項目 [1,231]，所以這也是舊的並且已經完成了。這裡對任何有未來收入預期的東西都不收取費用，對嗎？

No half right. So, there were two issues. The first one was a program that was our last legacy, so we're happy that we're never going to talk about legacy contracts on an earnings call again that ended on December 30, first, and these contracts again go back to the time frame in the company between 2010 and 2015 when these were bids.

沒有一半是對的。因此，有兩個問題。第一個項目是我們最後的遺產，所以我們很高興我們再也不會在 12 月 30 日結束的財報電話會議上談論遺留合同，首先，這些合同可以追溯到公司在 2010 年至 2015 年之間的時間段，當時這些都是出價。

So those are kind of in the rearview mirror. The second one is a contract that we refer to where we had a supply chain issue due to COVID. We had a settlement with the customer on that. We did not achieve our booked value, but importantly, We were able to get some schedule extension and some cash flow.

所以這些都只是後視鏡而已。第二個是我們提到的由於 COVID 而導致的供應鏈問題合約。我們就此事與客戶達成了和解。我們沒有實現帳面價值，但重要的是，我們能夠獲得一些時間表延期和一些現金流。

What I'm very pleased with on that program, it is executing very well and ahead of schedule. So now that we have that settlement on the COVID issue behind us, we can continue just to move on and execute.

我對該計劃感到非常滿意，它執行得非常順利，而且提前完成了計劃。因此，既然我們已經就 COVID 問題達成了協議，我們就可以繼續前進並執行。

Okay, that makes sense. I appreciate that context. I think I'll leave it there. Thank you very much.

好的，這很有道理。我很欣賞這種背景。我想我會把它留在那裡。非常感謝。

Thanks.

謝謝。

And our next question comes from Sheila Kahyaoglu with Jefferies. Your line is open.

我們的下一個問題來自 Jefferies 的 Sheila Kahyaoglu。您的線路已開通。

Good morning guys, and thank you for the time. I know I carry lots of questions on the top line and I'm sure you're prepared for it, but I kind of wanted to, clarify a few things because I'm still confused. So, your guidance range is $7billion to $7.5 billion for 2025. It's a bit wider than normal.

大家早安，感謝你們抽出時間。我知道我有很多疑問，我相信你已經做好了準備，但我想澄清一些事情，因為我仍然感到困惑。因此，您指導的範圍是 2025 年 70 億美元到 75 億美元。它比正常的要寬一點。

The bottom end suggests about 2% organic growth versus the 20% plus you've been doing over the last two years. So, for that. Confidential contract is it fair to assume your guidance. Has about $240 million of the let's say $600 million this contract is. In the guide or does it include the full amount. And what are sort of the big drivers to get to the bottom end given the growth you've seen?

底端顯示有機成長率約為 2%，而過去兩年的成長率已超過 20%。所以，就此而言。保密合約是否公平地承擔您的指導。這份合約價值 6 億美元，其中約 2.4 億美元。在指南中或是否包含全額。那麼，考慮到您所看到的成長情況，哪些因素是推動其走向底層的主要因素呢？

Yes, so the guidance includes option here to negotiated amount with the customer. We always say you aware Sheila, we have puts and takes any given year. We always have programs ramping down, programs ramping up, so we have some of those dynamics going on.

是的，因此指南包括與客戶協商金額的選項。我們總是說，希拉，你知道，我們每年都有所得和所失。我們總是有項目在減少，也有項目在增加，所以我們有一些動態在進行。

I would say the biggest variance though between the organic growth is that confidential program. We were aware that it, we had peaked last year, which we had discussed and we had built that into our guidance and again we are reiterating our guidance.

我想說，有機成長之間最大的差異在於那個機密計畫。我們意識到了這一點，去年我們已經達到了頂峰，我們已經討論過這一點，並將其納入了我們的指導中，我們再次重申我們的指導。

Okay. And then maybe, On the pipeline, if we could talk about that, just how we think about, it seems like you've called up $12 billion imported contracts that have not yet been booked in backlog, and this is a pretty good lead indicator to your organic growth, but it's down from $13 billion over the last few quarters. But yet the contract awards were quite strong, up 34% year over year. So can you walk through the moving pieces there, please?

好的。然後也許，在管道上，如果我們可以談論這個問題，我們的想法是，似乎你已經召集了 120 億美元的進口合同，這些合同還沒有被積壓預訂，這是你有機增長的一個相當好的領先指標，但在過去幾個季度裡，這一數字比 130 億美元有所下降。但合約授予仍然相當強勁，年增34％。那麼，您能介紹一下那裡移動的部分嗎？

Yes, so first I'd say we're very pleased with our pipeline. We've had a pipeline now greater than $50 billion over the last six quarters. It's currently at $54 billion. The other thing we've done is we've moved up the value chain. So now we've got 111 opportunities greater than $100 million within the pipeline. But even more importantly, we have about 15 opportunities greater than $500 million.

是的，首先我想說我們對我們的管道非常滿意。在過去六個季度裡，我們的投資管道已經超過 500 億美元。目前為 540 億美元。我們所做的另一件事是提升價值鏈。所以現在我們已經有 111 個價值超過 1 億美元的投資機會。但更重要的是，我們有大約 15 個價值超過 5 億美元的機會。

So doing exactly as we intend to do for our strategy, specifically on the 12.4. If awarded, not booked, we move some things so our goal again is we will have a contract see us I'll use because that's an example we cited today or the Georgia State Route 400. We will win a contract. We don't book the full value, but once we win new work and get the funded on that value, then we'll book like the next exercise option or the next.

因此，我們完全按照我們的戰略意圖去做，特別是在 12.4 上。如果授予了合同，但沒有預定，我們會移動一些東西，所以我們的目標再次是我們將有一份合同，我會使用這個合同，因為這是我們今天引用的一個例子，或者是佐治亞州 400 號公路。我們將贏得一份合約。我們不會預訂全部價值，但一旦我們贏得新的工作並獲得該價值的資金，我們就會預訂下一個行使選擇權或下一個。

Phase of that program, so we have pulled a couple of things over and done exactly what we wanted to do, which was win new work and be able to pull that over. So, we have $8.9 billion of backlog out of that our funded backlog is very high at 66% and that $12.4 billion of awarded not booked that we can leverage.

該計劃的一個階段，因此我們已經完成了一些事情並做了我們想做的事情，那就是贏得新的工作並且能夠將其完成。因此，我們有 89 億美元的積壓訂單，其中，我們的資金積壓訂單非常高，達到 66%，我們可以利用 124 億美元的未預訂獎勵訂單。

Okay, thank you so much.

好的，非常感謝。

Thanks, Sheila.

謝謝，希拉。

And the next question comes from Noah Poponak with Goldman Sachs. Your line is open.

下一個問題來自高盛的諾亞·波波納克。您的線路已開通。

Hey, good morning Everyone.

嘿，大家早安。

Good morning, Noah.

早上好，諾亞。

Carrie, one more for you on the classified program you've been discussing here. Is there any risk in your view that, if the, if that fifth stage does not get restarted, that the $2242 million you're citing is zero for the year?

卡麗，再問你一個關於你在這裡討論的機密節目的問題。您認為如果第五階段不重啟，那麼您所說的 22.42 億美元今年的預算是否就會變成零呢？

I don't, my perspective though is that a good portion of that will be consumed and probably was even consumed in January some portion, so I would say the 242 is unlikely to be zero.

我不這麼認為，但我的觀點是，其中很大一部分將被消耗，甚至可能在一月份就被消耗掉了一部分，所以我認為 242 不太可能為零。

Okay. And Matt, the other contract you had talked about when you were citing 5% to 15% coming into the year for re-compete with CCMS, can you just level set us on where how that has, shaken out and what's in the full year plan for that?

好的。馬特，您談到的另一份合約是，當您提到今年與 CCMS 重新競爭的費用為 5% 至 15% 時，您能否告訴我們這項合約的結果如何，以及全年計劃是怎樣的？

Yes, I would say again our re-compete going into this year are less than 5%, around 4%, which is very low for us. We were fortunately able to retain almost all the work, 70% on CCMS.

是的，我想說的是，我們今年的重新競爭率不到 5%，大約是 4%，這對我們來說非常低。幸運的是，我們能夠保留幾乎所有的工作，其中 70% 是 CCMS 上的。

We were performing very important mission work for our customers, and the customers wanted to stick with Parsons, so we had another GSA vehicle that we have placed that work onto.

我們正在為客戶執行非常重要的任務工作，客戶希望繼續使用帕森斯，因此我們準備了另一輛 GSA 車輛來執行這項工作。

Okay, great. And then on the, on this critical infrastructure margin, fully adjusted for the $29 million in the quarter, it's pretty high. In order to get to the implied margin for 2025, it can't be where it was on a fully adjusted basis in the fourth quarter for the year and especially to have 21% of the full year in the first quarter. The 1st quarter can't be anywhere near the fourth quarter on a fully adjusted basis.

好的，太好了。然後，就這個關鍵基礎設施利潤率而言，經過全面調整後，本季的利潤為 2,900 萬美元，相當高。為了達到 2025 年的隱含利潤率，它不能達到當年第四季經過全面調整後的水平，尤其是在第一季達到全年的 21%。在全面調整後的基礎上，第一季的業績不可能接近第四季的業績。

So man, maybe you can just talk me through how that. Happens and I know you've talked in the past about there's kind of some lingering close out, but if you can just help me better understand the moving pieces there and maybe the progression of the CI margin through the year.

那麼，兄弟，也許你可以跟我講講這是怎麼回事。確實發生了，而且我知道您過去曾談到過存在一些揮之不去的收尾問題，但如果您能幫助我更好地理解那裡的移動部分以及 CI 利潤率在全年的進展情況，那該怎麼辦？

Yeah, sure, and kind of kind of spot on. No. If you look at, if I look at the parsons as a whole, the 30 basis points of margin expansion is going to come from kind of a mix. If we look at the federal business as the confidential contract kind of stabilized a little bit, we're probably going to grow faster on the cost side of the business. So we are expecting a little bit of margin compression on the federal side of the business.

是的，確實如此，而且相當準確。不。如果你看一下，如果我把帕森斯當作一個整體來看，30 個基點的利潤率擴張將來自某種混合。如果我們將聯邦業務視為機密合同，稍微穩定下來，我們業務成本方面可能會成長得更快。因此，我們預期聯邦業務的利潤率會被壓縮。

So we're kind of thinking that business will in the high nines. It's kind of where we're planned at this point. And then on the CI side we wrapped up 2024 with a 6.9% margin. We're looking at 8.8% for the total year,

因此我們認為業務將會非常出色。這有點像我們目前的計畫。然後在 CI 方面，我們以 6.9% 的利潤率結束了 2024 年。我們預計全年成長率為 8.8%，

so almost 200 basis points of margin expansion within CI. Agree it's not quite the 10%, but to your point, there's just close out items. There's negotiations with customers and things, so we're just kind of baking in a little bit of a little bit of opportunity in case of any unexpected.

因此，CI 的利潤率擴大了近 200 個基點。同意這不完全是 10%，但就你的觀點而言，這只是清倉商品。我們與客戶進行談判等等，因此我們只是在為任何意外情況留出一點機會。

Okay. And then last one for you, Matt, if I go back to your 2023 investor day outlook, your 2025 cash flow guidance provided today actually matches the high end of your 2023 investor day cash flow, free cash flow guidance, and that's despite now adding over $2 billion of revenue and over $200 million of IBA to that '23. How can that be?

好的。馬特，最後我想問一下，如果我回顧你對 2023 年投資者日的展望，你今天提供的 2025 年現金流指引實際上與你 2023 年投資者日現金流、自由現金流指引的高端相匹配，儘管現在為 23 年增加了超過 20 億美元的收入和超過 2 億美元的 IBA。怎麼會這樣？

Yeah, so if I look back on the last two years, kind of exceptional cash performance in 2023 and 2024, in 2023 we had about 120% cash conversion. 2024 was 116%, 117%. So really strong two years in a row, delivered, over.

是的，如果我回顧過去兩年，2023 年和 2024 年的現金表現非常出色，2023 年我們的現金轉換率約為 120%。 2024年分別為116%、117%。連續兩年表現非常強勁，圓滿結束。

Million dollars ahead of our initial guide for 2024. So, I would say, just really strong in the last two years and you know over time of course cash conversion will trend toward 100%. And so, as I mentioned during the call, the 2025 guide is somewhat impacted by A $30 million and one-time impact on this [401k] switch from an annual to a quarterly.

比我們最初的 2024 年指導價高出數百萬美元。所以，我想說，過去兩年確實非常強勁，而且隨著時間的推移，現金轉換率當然會趨向於 100%。因此，正如我在電話會議中提到的那樣，2025 年指南在一定程度上受到了 3000 萬美元的影響，並且對 [401k] 從年度轉換為季度產生了一次性影響。

So, in 2025 we'll pay out, Q1 will be for all of 2024's [401k] match, and then we'll have quarterly matches after that, so $10 million per quarter, a little bit of a $300 there and on the other the other part for. 25 is, we do expect accelerated growth within the Middle East in the CI business as federal start comes down a bit in terms of the growth rate.

因此，我們將在 2025 年支付，第一季將支付 2024 年的全部 [401k] 匹配金額，然後我們將在此之後進行季度匹配，因此每季度 1000 萬美元，那裡支付 300 美元，另一部分支付。 25 我們確實預期中東地區的 CI 業務將加速成長，因為聯邦起步時的成長率將會略有下降。

So the DSO is up a day or two in the plan, but all those kind of mixed together, know it to be, confident in the guide, but we've really done a great job over the last two years accelerating, closing up kind of the claims and things that have benefited cash and incentive fees over the last Two years.

因此，DSO 在計劃中提前了一兩天，但所有這些都混在一起了，我們知道這一點，對指南充滿信心，但在過去的兩年裡，我們在加速、結束索賠等方面確實做得很好，這些索賠和過去兩年中受益於現金和獎勵費用的事情。

Okay, thank. You.

好的，謝謝。你。

Thanks.

謝謝。

Thank you.

謝謝。

And the next question will come from Marianna Perez Moura with Bank of America. Your line is open.

下一個問題來自美國銀行的 Marianna Perez Moura。您的線路已開通。

Thank you and good morning, everyone. My first question is going to be around like the new administration and how should we think about PIFAS and any like environmental remediation work, how fast that could grow and like where you including your 25 expectations.

謝謝大家，早安。我的第一個問題是關於新政府以及我們應該如何看待 PIFAS 和任何類似的環境修復工作，這些工作能夠發展多快，以及您對此有何期望。

Yes, so I would say the selection of Lee Zeldin as the PFAS or the EPA administrator will be helpful. We believe that PFAS. He was originally involved in setting up the minimum or the maximum contaminant levels that went into the EPA legislation, and he's been a big supporter of PFAS remediation. I'll take this opportunity just to mention the acquisition of TRS Group.

是的，所以我認為選擇 Lee Zeldin 擔任 PFAS 或 EPA 管理員將會有所幫助。我們相信 PFAS。他最初參與制定了 EPA 立法中的最低或最高污染物含量，並且一直是 PFAS 修復的堅定支持者。我要藉此機會提一下 TRS 集團的收購。

We're really excited about this acquisition and how it strengthens our PFAS position. They provide thermal environmental remediation solutions and it's split nicely 50/50 between the. In the private sector, so kind of the nexus of our portfolio. They have emerging PFAS remediation capability. They've got patented technologies.

我們對此次收購以及它如何加強我們的 PFAS 地位感到非常興奮。他們提供熱環境修復解決方案，並且其分配比例達到 50/50。在私部門，這是我們投資組合的核心。他們擁有新興的 PFAS 修復能力。他們擁有專利技術。

They've got projects today with the Defense innovation Unit focused on soil remediation, and they've got presence in a lot of airports such as Seattle, Denver, and LA, just to name a few where they're working on firefighting foam change out.

他們今天與國防創新部門合作進行以土壤修復為重點的項目，並且他們在西雅圖、丹佛和洛杉磯等許多機場都有業務，這只是他們致力於更換消防泡沫的幾個例子。

They have they're patented remediation-based technologies basically remediate the PFAS and unsaturated soil, and that complements technology that we've talked about in the past called RAESO Tech technology, which is designed to destructively remediate PFAS. The water table and saturated soil.

他們擁有專利的基於修復的技術，基本上可以修復 PFAS 和不飽和土壤，這是對我們過去談到的 RAESO Tech 技術的補充，該技術旨在破壞性地修復 PFAS。地下水位和飽和土壤。

So the combination of these will give us collectively arsons and TRS the first proven full scale destructive capability to address PFAS and both soil and groundwater at the same time, really a small acquisition but super exciting for us.

因此，這些結合起來將使我們集體縱火，而 TRS 則首次擁有經過驗證的全面破壞能力，可以同時解決 PFAS 以及土壤和地下水問題，這確實是一個小收穫，但對我們來說卻非常令人興奮。

Thank you. And following on the line of like [M1A], could you please discuss how is the pipeline of opportunities, where is it like stronger, and mostly when you think about this new focus on efficiencies and incorporating commercially technologies, how do you decide what type of skills do you want to own versus skills you want to partner with?

謝謝。並且根據 [M1A] 的思路，您能否討論一下機會管道是怎樣的，它在哪些方面更強大，以及當您考慮這種對效率和結合商業技術的新關注時，您如何決定您想擁有什麼類型的技能以及您想與之合作的技能？

Yeah, thanks, Mariana. So we always do kind of a build buyer partner, and the question is we like to build internally if we can. We will buy something if we can get technology quicker at a lower cost because we do have to make market demands.

是的，謝謝，瑪麗安娜。因此，我們總是採取某種方式建立買方合作夥伴，問題是，如果可以的話，我們願意在內部建立。如果我們能夠以更低的成本更快地獲得技術，我們就會購買一些東西，因為我們確實必須滿足市場需求。

I think a great example of two smaller acquisitions we made fit that category TRS I just described and also when we acquired [Echori], they had a software to find radio that helped with assured possession navigation. And timing capabilities quicker than we could have developed it under our own IRA.

我認為我們進行的兩次較小規模的收購就是一個很好的例子，它符合我剛才描述的 TRS 類別，而且當我們收購 [Echori] 時，他們有一個可以查找無線電的軟體，可以幫助實現有保證的佔有導航。而且計時能力比我們在自己的 IRA 下開發的要快得多。

We also partner quite a bit with commercial companies and if they have kind of a secret sauce that sits well with Parsons, that's a great opportunity to partner, great example. We just signed an agreement with MAW Telecom. They're a Polish company, and they're going to be our agent to sell our deployable cyber flyaway kits.

我們也與許多商業公司建立了合作關係，如果他們擁有某種能讓帕森斯滿意的秘訣，那麼這就是合作的好機會，很好的例子。我們剛剛與 MAW Telecom 簽署了協議。他們是一家波蘭公司，他們將成為我們的代理商，銷售我們的可部署網路飛行套件。

And then we've also discussed in the past our partnership with GlobalStar for satellite communication and contested environments, and we partner with Microsoft for cloud and AI, and we also work with a company called Open Space AI, which provides AI capabilities for our infrastructure business. M&A pipeline remains very strong, both with candidates in the federal and the critical infrastructure.

我們過去也曾討論過與 GlobalStar 在衛星通訊和對抗環境方面的合作，與微軟在雲端運算和人工智慧方面的合作，我們也與一家名為 Open Space AI 的公司合作，該公司為我們的基礎設施業務提供人工智慧功能。併購通路依然十分強勁，既有聯邦領域的候選人，也有關鍵基礎建設領域的候選人。

We continue to look at and pass on multiple companies any given month. We're still very strict with our criteria, growing greater than 10% on the top line, greater than 10% even on margin, and needs to have some type of technology differentiation. So, we look forward to doing two to three deals again this year. Thank you so much. Thanks Mariana.

我們每個月都會繼續關注並放棄多家公司。我們對於標準仍然非常嚴格，營業收入成長率要超過 10％，利潤率成長率也要超過 10％，並且需要有某種類型的技術差異化。因此，我們期待今年再次達成兩到三筆交易。太感謝了。謝謝瑪麗安娜。

(Operator Instructions) The next question comes from [Gwanumanna] with Cohen. Your line is open. [Guamana], your line is now open.

（操作員指示）下一個問題來自 Cohen 的 [Gwanumanna]。您的線路已開通。 [Guamana]，您的線路現已開通。

Oh, I apologize. Something was going on with my headset. Hey, I got two questions related to the confidential contract. First, I was wondering, can you say whether it was the current administration that extended it that earlier in January, or was it the former administration?

哦，我很抱歉。我的耳機出了點問題。嘿，我有兩個與保密合約相關的問題。首先，我想知道，您能否說一下，是現任政府在 1 月初延長了這一期限，還是前任政府？

So the auctioneer was exercised during the transition.

因此拍賣師在過渡期間受到了鍛鍊。

During the transition means under the Trump administration.

過渡期間意味著在川普政府的領導下。

From Biden to Trump administration, it's the time period in which it was exercised.

從拜登到川普政府，這是該政策得以實施的時期。

So, it was authorized by Biden's administration, not the Trump administration. I'm just technically that's before January 20, or after.

因此，這是拜登政府授權的，而不是川普政府授權的。從技術上來說，那是在 1 月 20 日之前或之後。

It was before.

以前是的。

Okay. And then the related contract, why is that being paused? Is it a funding issue or is it a policy issue related to executive orders or something else?

好的。那麼相關合約為什麼要暫停呢？這是資金問題，還是與行政命令或其他相關的政策問題？

It it's a policy issue related to the executive orders.

這是與行政命令相關的政策問題。

Okay. And I think in the past you guys have size the re-compete. 5% to 15% or something of that nature which Allow people to triangulate. That that Work scope of somewhere in the $500 million range annually is that so the $240 million that you're assuming is that basically that would be half of what the work was last year?

好的。而且我認為過去你們已經規模重新競爭。 5% 到 15% 或類似的數字允許人們進行三角測量。每年的工作量約為 5 億美元，那麼您假設的 2.4 億美元基本上是去年工作量的一半嗎？

Yeah, unfortunately, the customer's confidential, the work scope's confidential, and they do not permit us to share the value on the contract due to national security reasons.

是的，不幸的是，這是客戶的機密，工作範圍也是機密，而且由於國家安全原因，他們不允許我們分享合約價值。

Okay. But I did hear it correctly to think that if in fact the work was fully unleashed and the and the related Work was unleashed to allowed to happen, the $240 million would grow. Right, that's what you were saying?

好的。但我確實聽得沒錯，如果事實上這項工作完全啟動，並且相關工作得以啟動並允許發生，那麼 2.4 億美元的資金就會增加。對了，您剛才是這麼說的嗎？

In order to get to the midpoint of guide, we need the $240 million to grow to the full value. That's the initial funding allotment.

為了達到指南的中點，我們需要 2.4 億美元來實現全部價值。這是初始資金分配。

Got you and you're just not willing to tell us what the full value is, but.

明白了，但你只是不願意告訴我們全部價值是多少，但是。

We can we're not we're not, yeah, we're not permitted unfortunately we TRY and be very transparent, but we are not allowed by the customer.

我們可以，但是我們不能，是的，不幸的是我們不被允許，我們嘗試保持透明，但是客戶不允許我們這樣做。

And so, then I do, I do wonder because they're interrelated, what gives you the confidence that if the policy shift has impacted the related contract and put it on pause.

所以，我確實想知道，因為它們是相互關聯的，是什麼讓你有信心，如果政策轉變影響了相關合約並使其暫停。

Why that won't bleed over into the work scope that Parsons is responsible for. Like what gives you, is it, is there enough buy-in that senior administration people who have looked at the work scope that Parsons is doing? To give you that assurance or is that just, yeah, thank.

為什麼這不會影響到帕森斯負責的工作範圍。例如，是什麼讓您感到足夠認同，高階主管是否已經了解了帕森斯所從事的工作範圍？向您提供保證，或者只是，是的，謝謝。

You. I would, yeah, I would say it's an extremely important mission for the nation.

你。是的，我想說這對國家來說是一項極為重要的使命。

Great, thanks guys. That's all I have.

太好了，謝謝大家。這就是我的所有了。

Thanks.

謝謝。

And the next question comes from Alex Dwyer with KeyBanc. Your line is open.

下一個問題來自 KeyBanc 的 Alex Dwyer。您的線路已開通。

Hey, good morning, thanks for taking my questions. Yeah, Alex. Hi, so it sounds like there was some award momentum that continued into the first quarter. There was a couple $100 million dollar wins, but then it also seems like, that the cadence of like procurements and new awards is a bit slower now.

嘿，早上好，感謝您回答我的問題。是的，亞歷克斯。嗨，聽起來一些獎項的勢頭似乎持續到了第一季。雖然有幾項價值 1 億美元的中標，但似乎採購和新獎項的節奏現在有點慢了。

Do you think we should expect some softness in the book to build in the first quarter or the 2nd quarter, or do you think this. Your exposure to where the new awards is slow, do you think it's not meaningful enough to see it impact the backlog?

您認為我們應該預期第一季或第二季的銷售情況會疲軟嗎，或者您認為是這樣。您對新獎項的曝光速度很慢，您是否認為它對積壓的影響還不夠有意義？

Yeah, so we have planned for 1.0 times for the year. Again, 44% of our business, that's irrelevant for, that's the 44% that's at 17 consecutive quarters greater than 1.0 booked a bill for the federal business, we have $12.4 billion of awarded not books. So, what our priority is right now is to continue to push and drive that work onto those vehicles as we have been.

是的，所以我們計劃今年推出 1.0 版。再說一遍，我們的 44% 的業務，這與此無關，這是連續 17 個季度超過 1.0 的 44% 的聯邦業務賬單，我們有 124 億美元的授予未記賬。因此，我們現在的首要任務是繼續像以前一樣推動和推動這項工作在這些車輛上進行。

Yeah, Alex, the way I'm thinking about it is, there, I think the government officials are going through a capacity story and trying to figure out how many, take a new pursuit as an example. There's a lot that goes into that long time.

是的，亞歷克斯，我的想法是，我認為政府官員正在研究容量故事，並試圖找出有多少，以新的追求為例。在這麼長的時間內有很多事情要做。

To get these things through acquisition process, I think from a capacity perspective we're expecting that total activity will probably be similar. Some of it may end up being more kind of ceiling raises and extensions versus new business. That's kind of where our heads.

為了完成收購流程，我認為從產能角度來看，我們預期整體活動可能會相似。與新業務相比，其中一些可能最終會成為更多上限的提高和擴展。這就是我們的想法。

Now the one thing we didn't talk about is the budget, and if you look at the budget. Right now the House has $100 billion plan for armed services, $90 billion for Homeland Security, and that's largely going towards border security that's in their budget resolution. That's over a 10 year period. The Senate has a $150 billion cap for armed services, $175 billion for homeland.

現在我們還沒有討論的事情是預算，如果你看預算。目前，眾議院已經為武裝部隊撥款 1000 億美元，為國土安全撥款 900 億美元，這些資金主要用於預算決議中的邊境安全。這已經是十年多前的事了。參議院對武裝部隊的撥款上限為 1500 億美元，對國土安全部的撥款上限為 1750 億美元。

That's within again their budget resolution, so we'll see how that all shakes out once they get to conference. The other thing I would highlight, we're looking ahead to FY26 and what's going on there, and the Department of Defense has preliminary indicated that they're looking to reduce spending but shift the funds to Trump aligned priorities.

這又在他們的預算決議之內，所以我們將看看他們開會後一切將如何發展。我想強調的另一件事是，我們正在展望 26 財年以及那裡發生的情況，國防部已初步表示，他們正在考慮削減開支，但將資金轉移到符合川普的優先事項上。

So what they're going to do is basically look at areas such as DEI, anything that was there for climate. And those funds are going to get shifted to areas that benefit Parsons, specifically the areas I talked about earlier, cyber missile defense, border security. We didn't have a chance to get to that, but counter on and their systems and other areas that align well with our federal portfolio.

所以他們要做的基本上就是觀察諸如 DEI 之類的領域以及與氣候有關的任何事物。這些資金將轉移到有利於帕森斯的領域，特別是我之前談到的領域，網路飛彈防禦、邊境安全。我們沒有機會實現這一點，但我們反對他們的系統以及其他與我們的聯邦投資組合相符的領域。

Okay, got it. Thank you. And then I just wanted to follow up on this GSA contract that you had mentioned in in the response to a question earlier. It seems like the GSA is another agency that. The Trump administration or Doge is coming after in terms of budget cuts.

好的，明白了。謝謝。然後，我只是想跟進一下您在之前回答問題時提到的 GSA 合約。看起來 GSA 是另一個機構。川普政府或總督府在預算削減方面緊隨其後。

I was just wondering if you're seeing any impacts to this contract or do you think this one is kind of well insulated from these budget cuts that are being discussed?

我只是想知道您是否看到該合約受到任何影響，或者您是否認為該合約與正在討論的預算削減沒有太大關係？

Yes, so this contract's already awarded, and they have to have line of sight to 75% of the funding before they can award a contract. So this was already awarded for $1.2 billion. So we've got the work where we're seeing most of the targeting thus far within GSA is more around the facilities type of areas and how they reduce. Footprint.

是的，這個合約已經授予了，他們必須確保 75% 的資金到位才能授予合約。所以這筆錢已經給了12億美元。因此，我們發現，到目前為止，GSA 內的大部分目標更多地圍繞著設施類型的區域及其減少方式。腳印。

Yeah, and Alex, I would just say if there were a threat to some of these GSA contracts we have other vehicles outside of GSA where you know the part of maintaining the relationship and the capability with the end users and we can steer them toward other vehicles and.

是的，亞歷克斯，我想說的是，如果 GSA 的某些合約受到威脅，那麼我們在 GSA 之外還有其他工具，您可以了解這些工具可以維護與最終用戶的關係和能力，我們可以引導他們使用其他工具。

It's a great point, Matt, because we hold about somewhere over 50, less than 100 vehicles, so we have a lot of room to move.

馬特，這是一個很好的觀點，因為我們大約有 50 多輛、不到 100 輛汽車，所以我們有很大的移動空間。

Thank. You.

感謝。你。

Thanks.

謝謝。

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

這是我們回答問題的所有時間。現在我想將電話轉回給戴夫·斯皮爾 (Dave Spille) 做結束語。

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

謝謝大家，也謝謝大家今天早上加入我們。如果您有任何疑問，請隨時打電話給我。我們期待在接下來的幾週內與你們進行交談。今天的通話到此結束。祝你有美好的一天。

This does conclude today's conference call.

今天的電話會議到此結束。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線。