Parsons Corp (PSN) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Parsons first-quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們，先生們，感謝你們的支持，歡迎參加帕森斯 2025 年第一季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。（操作員指示）請注意，今天的會議正在錄音。

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

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 first quarter of 2025 financial results. Please note that we provide a 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. Today, Carey will discuss our corporate strategy and operational highlights. And then Matt will provide an overview of our first-quarter financial results, as well as a review of our 2025 guidance. We then will close with the question and answer session.

謝謝，米歇爾。早安，感謝您今天加入我們討論 2025 年第一季的財務表現。請注意，我們在網站的投資者關係部分提供了簡報幻燈片。今天與我一起通話的有董事長、總裁兼執行長 Carey Smith 和財務長 Matt Ofilos。今天，Carey 將討論我們的公司策略和營運亮點。然後，馬特將概述我們的第一季財務業績，並回顧我們 2025 年的指引。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 in 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、預期未來趨勢以及公司預期未來業績做出前瞻性陳述。我們提醒您，此類聲明並非對未來業績的保證，並且涉及難以預測的風險和不確定性。

Actual results may differ materially from those projected in the forward-looking statements due to a variety of factors. These risk factors are described in our Form 10-K for fiscal year ended December 31, 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. Management will also make reference to non-GAAP financial measures during this call. We remind you that these non-GAAP financial measures are not a substitute for their comparable GAAP measures. And now, we'll turn the call over to Carey.

由於各種因素，實際結果可能與前瞻性陳述中預測的結果有重大差異。這些風險因素在我們截至 2024 年 12 月 31 日的財政年度的 10-K 表格和其他 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。管理階層也將在本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，我們將電話轉給 Carey。

Thank you, Dave. Good morning. Welcome to Parsons first-quarter 2025 earnings call. We're pleased with our performance this quarter as we achieved record first quarter results for total revenue, net income, earnings per share, adjusted EBITDA, and adjusted EBITDA margin.

謝謝你，戴夫。早安.歡迎參加帕森斯 2025 年第一季財報電話會議。我們對本季的表現感到滿意，因為我們在總收入、淨收入、每股收益、調整後 EBITDA 和調整後 EBITDA 利潤率方面取得了創紀錄的第一季業績。

In addition, total backlog and funded backlog are at all-time highs. We also delivered a $52 million year over year improvement in our operating cash flow, achieved our best employee retention since 2020, and we reported a 1.1 times book-to-bill ratio, which was supported by a 1.4 times ratio in our critical infrastructure segment.

此外，總積壓訂單和已資助積壓訂單均達到歷史最高水準。我們的營運現金流年增 5,200 萬美元，實現了 2020 年以來最好的員工留任率，訂單出貨比為 1.1 倍，這得益於關鍵基礎設施部門 1.4 倍的訂單出貨比。

We achieved these results despite our confidential Federal contract operating at a reduced volume compared to 2024. As we reported last quarter, our contract has continued; however, a related contract was paused due to a Presidential Executive Order, which has cost lower volume on our work.

儘管與 2024 年相比，我們的聯邦機密合約的營運量有所減少，但我們仍然取得了這些成果。正如我們上個季度報告的那樣，我們的合約仍在繼續；然而，由於總統行政命令，相關合約被暫停，這導致我們的工作量減少。

On today's call, to continue to provide transparency and illustrate the strength of our entire portfolio and the growth we're experiencing in the rest of our business, we will discuss revenue results both with and without this confidential contract.

在今天的電話會議上，為了繼續提供透明度並展示我們整個產品組合的實力以及我們在其他業務中經歷的增長，我們將討論有和沒有此保密合約的收入結果。

Additionally, we are reiterating all 2025 guidance metrics. As stated last quarter, the guidance midpoint is aligned to the negotiated value of option year two of the confidential contract. As we wait for the decision on this important mission to proceed, I commit to investors that we will continue to deliver best-in-class execution across the entire portfolio.

此外，我們重申所有 2025 年指導指標。如同上季所述，指導中點與保密合約第二年的選擇權協商價值一致。在我們等待這項重要任務的決定時，我向投資者承諾，我們將繼續在整個投資組合中提供一流的執行力。

In the critical infrastructure segment, we are capitalizing on unprecedented spending in both North America and Middle East infrastructure markets. In the United States, this is particularly exciting given the current infrastructure spend is not expected to peak until 2028, and we'll have a six to eight year tail after that. In addition, discussions on the next surface transportation bill are already underway. Our focus on hard infrastructure such as roads and highways, bridges, airports, and rail and transit has bipartisan support and is a priority for the new administration.

在關鍵基礎設施領域，我們正在利用北美和中東基礎設施市場前所未有的支出。在美國，這尤其令人興奮，因為目前的基礎設施支出預計要到 2028 年才會達到峰值，之後我們將有六到八年的時間來應對。此外，有關下一項地面運輸法案的討論已在進行中。我們對道路、高速公路、橋樑、機場、鐵路和交通等硬體基礎設施的關注得到了兩黨的支持，也是新政府的優先事項。

In the US, we continue to win some of the largest and highest priority projects in our company's history. Recognized by engineering news record in the top three companies and three categories, we are punching well above our weight class.

在美國，我們繼續贏得公司歷史上一些最大、優先級最高的項目。我們被工程新聞記錄評為三大公司和三大類別中的佼佼者，我們的表現遠遠超出了我們的水平。

Our Middle East infrastructure business also continues to excel where we're the number one program manager throughout the region.

我們的中東基礎設施業務也持續表現出色，我們是該地區第一的專案經理。

In Saudi Arabia, we're involved in nearly every major project throughout the kingdom as we help them achieve Saudi Vision 2030 and prepare for the upcoming world events including the Asian Games, the World Cup, and the Expo. The expected public investment fund giga project spend for infrastructure is $1.3 trillion by 2030.

在沙烏地阿拉伯，我們參與了該國幾乎所有的重大項目，幫助他們實現沙烏地阿拉伯 2030 願景，並為即將舉行的亞運會、世界盃和世博會等世界盛事做好準備。預計到 2030 年，用於基礎建設的公共投資基金千兆項目支出將達到 1.3 兆美元。

In the UAE, we're experiencing significant growth as Abu Dhabi implements their urban evolution program and Dubai deploys their 2040 Master Plan. Also, Qatar has a national vision 2030 objective which is driving our expansion in that country.

在阿聯酋，隨著阿布達比實施城市發展計畫和杜拜部署2040總體規劃，我們正在經歷顯著的成長。此外，卡達有 2030 年的國家願景目標，這推動了我們在該國的擴張。

The focus of the Gulf Cooperation Council countries on trade and tourism, diversification, and a booming real estate market is accelerating infrastructure demand. Given our six-decade history in the region and proving performance on delivering new complex projects, we are well positioned to continue to capitalize on these long term tailwinds. Representing 46% of Parsons Q1 revenue, we expect our global infrastructure portfolio to continue to thrive, not just this year, but well into the next decade.

海灣合作委員會國家注重貿易和旅遊、多樣化發展以及蓬勃發展的房地產市場，正在加速基礎設施需求。鑑於我們在該地區六十年的歷史以及在交付新的複雜項目方面所取得的成績，我們完全有能力繼續利用這些長期的順風。我們的全球基礎設施投資組合佔 Parsons 第一季營收的 46%，我們預計它將繼續蓬勃發展，不僅是今年，而且將持續到下一個十年。

In our Federal solution segment, we're excited about the upward momentum in the defense budget, with the congressional Republicans releasing a budget reconciliation bill that would increase defense spending in the coming years by $150 billion. Our portfolio aligns with major budget reconciliation areas, including missile defense, munitions, Pacific and nuclear deterrence, border security, and more.

在我們的聯邦解決方案部分，我們對國防預算的上升勢頭感到興奮，國會共和黨發布了一項預算協調法案，該法案將在未來幾年將國防開支增加 1500 億美元。我們的投資組合與主要預算協調領域一致，包括飛彈防禦、彈藥、太平洋和核威懾、邊境安全等。

In addition, plans were unveiled for the first potential $1 trillion defense budget in fiscal year 2026. Parsons' portfolio alignment to 10 of the 17 priority areas outlined in the February 2025 Department of Defense memo is encouraging since we anticipate 8% of the budget to be realigned to these focus areas for each year across the future years’ defense program.

此外，也公佈了2026財年首個可能達到1兆美元的國防預算計畫。帕森斯的投資組合與國防部 2025 年 2 月備忘錄中概述的 17 個優先領域中的 10 個領域一致，這令人鼓舞，因為我們預計未來幾年的國防計劃中每年將有 8% 的預算重新調整到這些重點領域。

Parsons’ strong position and differentiated capabilities in integrated air missile defense, aviation modernization, space superiority, counter remanned air systems, cyber operations, electronic warfare, munitions, and border security, as well as our geographic presence in the Indo-Pacific region will enable us to capitalize on this increased spending.

帕森斯在綜合防空飛彈防禦、航空現代化、太空優勢、反無人機系統、網路作戰、電子戰、彈藥和邊境安全方面的強勢地位和差異化能力，以及我們在印度-太平洋地區的地理存在，將使我們能夠利用這一增加的支出。

We are a non-traditional company that was purpose built to be agile and innovative. And we're therefore pleased to see the administration's focus on software acquisition pathways, commercial solutions opening, and other transaction agreements to enable us to rapidly deploy solutions that are operationally relevant.

我們是一家非傳統的公司，旨在變得敏捷和創新。因此，我們很高興看到政府專注於軟體採購途徑、商業解決方案開放和其他交易協議，以使我們能夠快速部署與營運相關的解決方案。

This approach aligns very well with our strategy that's been in place since the day that I became the CEO of Parsons to be an advanced solutions integrator that differentiates with software. Parsons' organic investments and strategic acquisitions have positioned us as a technology leader in important emerging national security markets, including artificial intelligence, assured position navigation and timing, cyber signals intelligence, and biometrics.

這種方法與我們的策略非常契合，自從我擔任 Parsons 執行長以來，我們就一直堅持我們的策略，即成為一家透過軟體實現差異化的先進解決方案整合商。帕森斯的有機投資和策略性收購使我們成為重要新興國家安全市場的技術領導者，包括人工智慧、保證位置導航和授時、網路訊號情報和生物辨識技術。

And finally, our synergistic national security and infrastructure portfolio uniquely positions us to help solve some of the world's most difficult challenges. These include critical infrastructure protection of our utilities, water facilities, transportation, and healthcare systems, PFOS, PFAS, emerging contaminant elimination, aviation modernization for both the Federal Aviation Administration and global airports, events management such as the upcoming Olympics, World Cup, and Expo, rebuilding of cities, towns, and countries throughout the world, and energy resilience. We are excited about the unique growth prospects at the intersection of critical infrastructure and Federal solutions, and how we've been able to leverage our differentiated portfolio.

最後，我們協同的國家安全和基礎設施組合使我們能夠幫助解決世界上一些最困難的挑戰。這些包括我們的公用事業、水利設施、交通和醫療保健系統的關鍵基礎設施保護、PFOS、PFAS、新興污染物消除、聯邦航空管理局和全球機場的航空現代化、即將舉行的奧運會、世界盃和世博會等活動管理、世界各地城市、鄉鎮和國家的重建以及能源彈性。我們對關鍵基礎設施和聯邦解決方案交叉領域的獨特成長前景以及我們如何能夠利用我們的差異化產品組合感到興奮。

Moving to our first quarter results, record total revenue for the first quarter was $1.6 billion, a 1% increase over the prior year period and a 2% decline on an organic basis. If you exclude the revenue impact from our confidential contract, our total inorganic revenue growth rates would have been 11% and 7% respectively.

回顧我們第一季的業績，第一季的總營收創歷史新高，為 16 億美元，比去年同期成長 1%，有機成長下降 2%。如果排除我們保密合約的收入影響，我們的總無機收入成長率將分別為 11% 和 7%。

These results are in line with the mid-single digit or better organic revenue growth target we provided on our fourth quarter of 2024 earnings call. This growth validates the strength of our portfolio and our alignment to national security and infrastructure priority spending areas.

這些結果與我們在 2024 年第四季財報電話會議上提出的中等個位數或更高的有機收入成長目標一致。這一增長證明了我們投資組合的實力以及我們與國家安全和基礎設施優先支出領域的一致性。

Margins were exceptionally strong in the first quarter as we achieved record first quarter adjusted EBITDA margins of 9.6% at the enterprise level and 10.3% within our critical infrastructure segment.

第一季的利潤率異常強勁，我們實現了創紀錄的第一季企業層級調整後 EBITDA 利潤率 9.6%，關鍵基礎設施部門調整後 EBITDA 利潤率 10.3%。

Our margin expansion is driven by our emphasis on our infrastructure core competencies including program management, owner's engineer, and design engineering. This deliberate focus and performance execution drove 40 basis points in margin expansion in the first quarter of 2025.

我們的利潤率成長源自於我們對基礎設施核心競爭力的重視，包括專案管理、業主工程師和設計工程。這種刻意的關注和績效執行推動 2025 年第一季的利潤率擴大了 40 個基點。

For the total year, margins are projected to expand 30 basis points after expanding 50 basis points in 2024. We also delivered record first quarter net income and earnings per share. Additionally, cash flow results were favorable as a result of strong collections in both segments.

就全年而言，利潤率預計將在 2024 年擴大 50 個基點之後再擴大 30 個基點。我們也實現了第一季淨收入和每股盈餘創紀錄。此外，由於兩個部門的強勁回款，現金流結果也十分良好。

During the first quarter, we achieved a book-to-bill ratio of 1.1 times on an enterprise basis driven by strong win rates of 68% and large contract wins. For the first time since our IPO, we exceeded $1 billion in quarterly contract awards in our critical infrastructure segment and achieved our 18th consecutive quarter with a book-to-bill ratio of 1.0 or greater.

在第一季度，我們實現了 1.1 倍的企業訂單出貨比，這得益於 68% 的強勁中標率和大額合約的簽訂。自首次公開募股以來，我們關鍵基礎設施領域的季度合約授予額首次超過 10 億美元，並連續 18 個季度實現訂單出貨比達到 1.0 或更高。

In our Federal solution segment, award activity met our expectations with a book-to-bill ratio of 0.9 times. In addition, this is the seventh consecutive quarter where a pipeline has exceeded $50 billion illustrating the demand for our solutions and only the second quarter in the history of our company with a backlog of more than $9 billion.

在我們的聯邦解決方案部門，合約授予活動符合我們的預期，訂單出貨比為 0.9 倍。此外，這是我們連續第七個季度的訂單量超過 500 億美元，這表明市場對我們解決方案的需求，這也是我們公司歷史上第二季的訂單量超過 90 億美元。

We continue to win large strategic contracts across both segments and all six and markets. In this quarter, we were awarded four contracts that each exceeded $100 million. Demonstrating the demand for Federal solutions in the national security alignment of our portfolio, three of the four wins greater than $100 million in the first quarter were in our Federal segment, and we won an additional $95 million Federal contract during the quarter. And just after the quarter ended, we were awarded another new Federal contract valued at greater than $100 million.

我們繼續在兩個部門和所有六個市場贏得大型策略合約。本季度，我們獲得了四份合同，每份合約價值都超過 1 億美元。這表明我們的投資組合中國家安全對聯邦解決方案的需求很大，第一季四項超過 1 億美元的合約中，有三項來自我們的聯邦部門，而且我們在本季度還贏得了一份價值 9500 萬美元的聯邦合約。本季結束後不久，我們又獲得了另一份價值超過 1 億美元的聯邦新合約。

With that background, let me discuss our first significant -- first quarter wins. We were awarded an option year totaling $243 million on a General Services Administration contract. This for both new and continuing defense work, delivering global quick reaction capabilities to leverage advanced technology solutions across the all domain battle space. This award is part of our cyber and intelligence end market, which continues to achieve double-digit revenue growth after two years with growth of more than 20%.

在這樣的背景下，讓我來討論我們的第一個重要勝利——第一季的勝利。我們獲得了總務管理局合約中總額為 2.43 億美元的選擇權年。這適用於新的和持續的國防工作，提供全球快速反應能力，以利用全領域戰場上的先進技術解決方案。該獎項是我們網路與情報終端市場的一部分，該市場在兩年後繼續實現兩位數的收入成長，增幅超過20%。

We received $232 million in auction year funding from a confidential customer in our critical infrastructure protection market. We were awarded a follow-on program and construction management contract in Dubai, valued at over $200 million. In the UAE, we're seeing continued growth in both our transportation and urban development markets.

我們從關鍵基礎設施保護市場的一位保密客戶那裡獲得了 2.32 億美元的拍賣年資金。我們獲得了杜拜後續專案和施工管理合同，價值超過2億美元。在阿聯酋，我們的交通運輸和城市發展市場都在持續成長。

An additional $125 million ceiling value modification was added to Parsons Cyber Threat Hunt Forward program. In space and missile defense, we received a new $95 million contract for operational fielding and sustainment of the United States Air Forces Europe air defense early warning capability to US and NATO partners across the European Command area of operations. And after the first quarter ended, we were awarded a new five-year task order for cyber assessment work supporting the Defense Threat Reduction Agency. This single-award contract has a ceiling value of $138 million.

帕森斯網路威脅搜尋前進計畫又增加了 1.25 億美元的上限價值修改。在太空和飛彈防禦領域，我們獲得了一份價值 9500 萬美元的新合同，用於為美國和北約歐洲司令部作戰區域內的伙伴提供美國歐洲空軍防空預警能力的作戰部署和維護。第一季結束後，我們獲得了一份新的五年任務訂單，為國防威脅降低局提供網路評估工作支援。這項單項合約的最高價值為1.38億美元。

During the first quarter, we acquired TRS Group, 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.

第一季度，我們收購了 TRS 集團，該公司是 PFAS、熱能和整體環境修復領域的行業領導者，為全球客戶清除土壤、地下水和滅火系統中的危險和有毒物質。

This $37 million acquisition enhances Parsons' environmental remediation capabilities in both operating segments and serves as a force multiplier for our industry-leading PFAS remediation solutions.

此次 3,700 萬美元的收購增強了 Parsons 在兩個營運部門的環境修復能力，並成為我們業界領先的 PFAS 修復解決方案的力量倍增器。

As a testament to the importance of ethics and integrity in our company, we are proud to be named one of the world's most ethical companies by Ethicsphere for the 16th consecutive year.

作為我們公司道德和誠信重要性的證明，我們很榮幸連續 16 年被 Ethicsphere 評為全球最具道德的公司之一。

In summary, I am pleased with our first quarter results as we achieved records across the financial metrics. In addition, we leveraged our balance sheet and closed in a creative acquisition and opportunistically executed on our share repurchase program.

總而言之，我對我們的第一季業績感到滿意，因為我們在各項財務指標上都創下了紀錄。此外，我們利用資產負債表，完成了創造性的收購，並抓住機會執行了我們的股票回購計劃。

Our balanced portfolio and six growing and profitable end markets are enabling us to achieve mid- to high-single digit organic growth across the company, excluding the confidential contract. Simultaneously, our adjusted EBITDA continues to expand faster than our top line, resulting in marginal expansion.

我們均衡的產品組合和六個不斷成長且獲利的終端市場使我們在整個公司實現了中高個位數的有機成長（不包括保密合約）。同時，我們的調整後 EBITDA 繼續以快於營業收入的速度成長，從而實現邊際擴張。

In critical infrastructure, we're capitalizing on unprecedented global infrastructure spending and leveraging our strong position and reputation in the North American and Middle East markets. In Federal solutions, our portfolio is aligned with the new administration's national security priorities, as well as their desire to deliver fast, innovative, and operationally relevant solutions that outpace near peer threats.

在關鍵基礎設施方面，我們利用前所未有的全球基礎設施支出，並利用我們在北美和中東市場的強大地位和聲譽。在聯邦解決方案中，我們的產品組合與新政府的國家安全優先事項一致，也符合他們提供快速、創新和具有可操作性的解決方案以超越同等威脅的願望。

As we look to the future, we have long-term tailwinds in both segments. In addition, we have record total backlog of $9.1 billion of which 69% is funded, approximately $12 billion of contract wins that we have not yet booked. A $55 billion pipeline that includes over 100 opportunities that are worth more than $100 million each and 19 opportunities worth more than $500 million each, and we have only 2% of our revenue up for repeat in 2025.

展望未來，我們在兩個領域都有長期的順風優勢。此外，我們的積壓訂單總額達到創紀錄的 91 億美元，其中 69% 已獲得資金，約有 120 億美元的合約尚未簽訂。價值 550 億美元的管道包括 100 多個價值超過 1 億美元的商機和 19 個價值超過 5 億美元的商機，而我們只有 2% 的收入將在 2025 年重複出現。

As a result of these tailwinds and the proven confidence I have in our team's ability to deliver strong financial results, I'm extremely excited about our bright future and our ability to continue to drive long-term shareholder value.

由於這些順風以及我對我們團隊實現強勁財務表現的能力的信心，我對我們的光明未來和繼續推動長期股東價值的能力感到非常興奮。

With that, I'll turn the call over to Matt to provide more details on our first quarter financial results. Matt.

說完這些，我將把電話轉給馬特，讓他提供有關我們第一季財務業績的更多詳細資訊。馬特。

Thank you, Carey. As Carey indicated, our first quarter results were highlighted by record revenue and profitability despite headwinds on our confidential program. Excluding this one contract, the company is delivering results in line with expectations through strong execution and six end markets aligned to critical infrastructure and national security priority spending areas.

謝謝你，凱裡。正如 Carey 所指出的，儘管我們的機密計劃面臨阻力，但第一季的業績仍以創紀錄的收入和盈利為亮點。除這份合約外，該公司透過強有力的執行力和與關鍵基礎設施和國家安全優先支出領域一致的六個終端市場，實現了符合預期的業績。

Turning to the details of our results. Total revenue of $1.6 billion for the first quarter of 2025 increased 1% from the prior year period and was down 2% on an organic basis. Excluding our confidential contract, total revenue growth was 11% and organic revenue growth was 7%, driven by double-digit growth in our cyber, transportation, and environmental remediation markets.

轉向我們結果的細節。2025 年第一季總營收為 16 億美元，較去年同期成長 1%，但有機收入下降 2%。不包括我們的機密合同，總收入增長 11%，有機收入增長 7%，這得益於我們的網絡、運輸和環境修復市場兩位數的增長。

SG&A expenses for the first quarter increased 10% from the prior year period, but decreased 8% from the fourth quarter of 2024. This year-over-year increase was primarily driven by the inclusion of recent acquisitions.

第一季的銷售、一般及行政費用較去年同期增加 10%，但較 2024 年第四季減少 8%。這一同比增長主要得益於近期收購的推動。

The sequential decrease was driven by a reduction in incentive-based compensation and transaction-related expenses. SG&A expenses for Q1 were 15.7% of total revenue compared to 14.4% in the prior year period.

環比下降是由於激勵性薪酬和交易相關費用的減少。第一季銷售、一般及行政費用佔總營收的 15.7%，而去年同期為 14.4%。

Adjusted EBITDA of $149 million increased 5% from the prior quarter of the first quarter of 2024. An adjusted EBITDA margin increased 40 basis points to 9.6%, our first-quarter record.

調整後 EBITDA 為 1.49 億美元，較 2024 年第一季上一季成長 5%。調整後的 EBITDA 利潤率上升了 40 個基點，達到 9.6%，創下我們第一季的最高紀錄。

The adjusted EBITDA increase was driven by a creative acquisitions and improved program performance partially offset by shifting contract mix. I'll turn now to our operating segments starting first with Federal solutions where the first quarter total revenue decreased 7% from the prior year period and 9% on an organic basis.

調整後的 EBITDA 成長是由創造性收購和專案績效的提高所推動的，但合約組合的變化部分抵消了這一增長。現在我將轉向我們的營運部門，首先從聯邦解決方案開始，該部門第一季的總收入較去年同期下降了 7%，有機下降了 9%。

Excluding our confidential contract, Federal solutions revenue increased 8% and 6% on an organic basis. These increases were driven by growth on existing contracts and the ramp up of new task order wins specifically in the cyber and intelligence markets.

不包括我們的保密合同，聯邦解決方案收入有機增長了 8% 和 6%。這些成長是由現有合約的成長以及網路和情報市場中新任務訂單的增加所推動的。

Federal solutions adjusted EBITDA decreased by 18% from the first quarter of 2024, and adjusted EBITDA margin decreased 120 basis points to 9%, driven primarily by contract mix. As anticipated in our guidance, strong growth on strategic cost type programs will impact Federal margins in 2025 while the business continues to execute well.

聯邦解決方案調整後的 EBITDA 較 2024 年第一季下降了 18%，調整後的 EBITDA 利潤率下降了 120 個基點至 9%，這主要受合約組合的影響。正如我們的指引所預期的那樣，戰略成本類型項目的強勁成長將影響 2025 年的聯邦利潤率，同時業務將繼續表現良好。

Moving now to our critical infrastructure segment. First quarter revenue increased by $86 million or 14% from the first quarter of 2024. This increase was driven by organic growth of 8% and inorganic revenue contributions from our BCC and TRS acquisitions.

現在轉到我們的關鍵基礎設施部分。第一季營收比 2024 年第一季增加了 8,600 萬美元，增幅為 14%。這一成長得益於 8% 的有機成長以及 BCC 和 TRS 收購帶來的無機收入貢獻。

Organic growth was primarily driven by the ramp up of recent contract wins in our North America business unit. Our Middle East business also grew but was impacted by the timing of holidays and new business ramp.

有機成長主要得益於我們北美業務部門近期贏得的合約數量的增加。我們的中東業務也有所成長，但受到假期和新業務成長時間的影響。

Large long-term contracts and recent winds in the Middle East are expected to drive additional growth in the second quarter of 2025 and continue for several years.

預計大型長期合約和中東地區近期的風力發電將推動 2025 年第二季的進一步成長，並持續數年。

Critical infrastructure adjusted EBITDA increased 51% from the first quarter of 2024, and adjusted EBITDA margin increased 260 basis points to 10.3%, a company record. These increases were driven primarily by the ramp up of new programs, a creative acquisitions, and stronger program performance.

關鍵基礎設施調整後的 EBITDA 較 2024 年第一季成長 51%，調整後的 EBITDA 利潤率增加 260 個基點至 10.3%，創下公司最高紀錄。這些成長主要得益於新項目的增加、創造性的收購以及更強勁的項目表現。

Next, they'll discuss cash flow and balance sheet metrics. Our net DSO at the end of Q1 2025 was 58 days, a five-day improvement from the prior year period and a record low for the first quarter. During the first quarter of 2025, we consumed $12 million of operating cash compared to the use of $63 million in the prior year period.

接下來，他們將討論現金流和資產負債表指標。2025 年第一季末，我們的淨 DSO 為 58 天，比去年同期改善了 5 天，創下了第一季的最低紀錄。2025 年第一季度，我們消耗了 1,200 萬美元的營運現金，而去年同期則使用了 6,300 萬美元。

The $52 million improvement was driven by higher net income and strong collections in both segments. Capital expenditures total $13 million in the first quarter of 2025 compared to $9 million in the prior year period.

5,200 萬美元的成長得益於兩個部門的淨收入增加和強勁的收款。2025 年第一季的資本支出總額為 1,300 萬美元，而去年同期為 900 萬美元。

CapEx continues to be well controlled and remains in line with our planned spend of approximately 1% of annual revenue. Higher 2025 CapEx spend is focused on strategic classified facility expansion, product investments, and enterprise systems improvements, which all support long-term growth and efficiency for Parsons.

資本支出繼續得到良好控制，與我們計劃的約佔年收入 1% 的支出保持一致。2025 年更高的資本支出主要集中在戰略機密設施擴建、產品投資和企業系統改進，所有這些都支持帕森斯的長期成長和效率。

Free cash flow conversion was 125% on a trailing 12-month basis with an intentional focus on contract execution, settlement of legacy claims, and improved cash management and collections. Our balance sheet remained strong as we entered the first quarter with a net debt leverage ratio of 1.6 times including the impact of our all cash TRS acquisition.

過去 12 個月的自由現金流轉換率為 125%，重點在於合約執行、遺留索賠解決以及改善現金管理和收款。進入第一季度，我們的資產負債表依然保持強勁，淨債務槓桿率為 1.6 倍（包括全現金 TRS 收購的影響）。

In addition to deploying capital for M&A, our Board of Directors recently increased our stock repurchase authorization to $250 million to drive incremental shareholder value. During the first quarter, we repurchased approximately 424,000 shares at an average price of $58.95 for an aggregate purchase price of $25 million.

除了為併購部署資本外，我們的董事會最近還將股票回購授權增加至 2.5 億美元，以推動股東價值的提升。第一季度，我們以平均 58.95 美元的價格回購了約 424,000 股，總購買價為 2,500 萬美元。

The $25 million in share repurchase was a quarterly high and reflects our confidence in the company's strategic direction, predictable cash performance, and our commitment to return capital to shareholders.

2,500 萬美元的股票回購額創下季度新高，反映了我們對公司策略方向、可預測的現金表現以及向股東返還資本的承諾的信心。

Inception to date, we've repurchased approximately 2.1 million shares at an average price of $48.98 for an aggregate purchase price of $105 million. $225 million of authorization remains under our current increased share repurchase program and will continue to be opportunistic regarding future purchases.

自成立至今，我們已以平均 48.98 美元的價格回購了約 210 萬股，總購買價為 1.05 億美元。我們目前增加的股票回購計畫仍授權 2.25 億美元，並將繼續考慮未來的購買。

Turning to bookings for the quarter. We reported contract awards of $1.8 billion representing a book-to-bill ratio of 1.1 times on an enterprise basis, 1.4 times in our critical infrastructure, and 0.9 times in Federal solutions. As Carey mentioned earlier, our critical infrastructure segment achieved its 18th consecutive quarter with a book-to-bill ratio of 1.0 or greater.

轉向本季的預訂。我們報告的合約授予金額為 18 億美元，這意味著企業訂單出貨比為 1.1 倍，關鍵基礎設施訂單出貨比為 1.4 倍，聯邦解決方案訂單出貨比為 0.9 倍。正如 Carey 之前提到的，我們的關鍵基礎設施部門連續 18 個季度實現了訂單出貨比達到 1.0 或更高。

On a trailing 12-month basis, our book-to-bill ratio is 1.0 times on an enterprise basis, 1.2 times in critical infrastructure, and 0.85 times in Federal solutions. Our backlog at the end of the first quarter totaled $9.1 billion, a company record. Additionally, our funded backlog is the highest since our IPO at 69%.

在過去 12 個月中，我們的訂單出貨比在企業領域為 1.0 倍，在關鍵基礎設施領域為 1.2 倍，在聯邦解決方案領域為 0.85 倍。我們第一季末的積壓訂單總額達到 91 億美元，創下了公司最高紀錄。此外，我們的融資積壓量達到了 69% 的首次公開發行 (IPO) 以來的最高水準。

Now, let's turn to our guidance. We are reiterating all of our 2025 guidance ranges provided on February 19 based on our financial results for the first quarter of 2025 and our outlook for the remainder of the year.

現在，讓我們轉向我們的指導。我們重申 2 月 19 日根據 2025 年第一季的財務業績和對今年剩餘時間的展望提供的所有 2025 年指導範圍。

We expect total revenue to be between $7.0 billion and $7.5 billion. This represents 7% growth at the midpoint of the range and 5% growth on an organic basis. Excluding our confidential contract, we expect total revenue growth of 18% and organic revenue growth of 15%.

我們預計總收入將在 70 億美元至 75 億美元之間。這代表著中間值 7% 的成長和有機成長 5% 。不包括我們的保密合同，我們預計總收入將成長 18%，有機收入將成長 15%。

We are pleased with our record total and funded backlog, approximately $12 billion of contract wins that we have not yet booked, and $55 billion pipeline, and our exceptional win rates. Adjusted EBITDA is expected to be between $640 million 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.

我們對創紀錄的總訂單量和已籌資金的積壓訂單量、尚未預訂的約 120 億美元合約、550 億美元的合約儲備以及卓越的中標率感到滿意。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%，這是我們收入和調整後的 EBITDA 指導範圍的中間值。這意味著從 2024 年起調整後的 EBITDA 將成長 12%，利潤率將擴大約 30 個基點。

We continue to expect cash flow from operating activities to be between $420 million and $480 million. Other key assumptions in connection with our 2025 guidance, including quarterly cadence, are outlined on slide 13 in today's PowerPoint presentation located on our investor relations website.

我們繼續預期經營活動現金流將在 4.2 億美元至 4.8 億美元之間。與我們 2025 年指引相關的其他關鍵假設（包括季度節奏）已在我們投資者關係網站上今天的 PowerPoint 簡報的第 13 張投影片中概述。

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

說完這些，我就把電話轉回給 Carey。

Thanks, Matt. During the quarter, we achieved record top- and bottom-line results, improved operating cash flow, and reported a book-to-bill ratio of 1.1 times. Our unique and synergistic portfolio is a differentiator for Parsons, and we'll continue to benefit from unprecedented global infrastructure spending, as well as a Federal portfolio that's aligned to the new administration's priorities. Our strategy of moving up the value chain is an advanced solutions integrator that differentiates with software has been working, and will continue to position us well for the future.

謝謝，馬特。本季度，我們的營收和淨利潤均創歷史新高，營運現金流量有所改善，訂單出貨比達到 1.1 倍。我們獨特且協同的投資組合是帕森斯的差異化因素，我們將繼續受益於前所未有的全球基礎設施支出，以及符合新政府優先事項的聯邦投資組合。我們提升價值鏈的策略是成為與軟體差異的先進解決方案整合商，這項策略一直在發揮作用，並將繼續為我們的未來奠定良好的基礎。

Our demonstrate ability to expand margins and deploy capital and strategic acquisitions will drive long-term shareholder value. We are very excited about Parson's future, and I thank all approximately 20,000 employees worldwide for their ability to consistently deliver results.

我們展現的擴大利潤率和部署資本以及策略性收購的能力將推動長期股東價值。我們對帕森的未來感到非常興奮，我感謝全球約 20,000 名員工始終如一地取得成果的能力。

Thank you for your support. We will now open the line for questions.

感謝您的支持。我們現在開放問答熱線。

(Operator Instructions) Andrew Whitman, Baird.

（操作員指示）安德魯·惠特曼，貝爾德。

Great. Thanks for taking my questions, and good morning. I guess I'm going to start with this kind of a technical question here for Matt. Just in the critical infrastructure segment margins were actually -- were very strong this quarter over 10%, and it's been kind of the place where you're kind of trying to get to for some time, and I guess my question is it looks like the 10-Q says there was no big adjustments on any kind of percentage of completion or anything? Were there any closeouts or anything that contributed unusually to that margin performance in the quarter because obviously, the first quarter is seasonally not usually a particularly strong quarter yet your results were so -- I was hoping that you could just speak to that a little bit more detail, please.

偉大的。感謝您回答我的問題，早安。我想我將首先向馬特提出一個這樣的技術問題。僅在關鍵基礎設施領域，本季度的利潤率就非常強勁，超過了 10%，這也是您一段時間以來一直試圖達到的水平，我的問題是，看起來 10-Q 報表顯示，任何完成百分比或其他方面都沒有大的調整？是否存在任何清倉或任何對本季度利潤表現產生異常影響的情況，因為顯然，第一季度通常不是特別強勁的季度，但您的業績卻如此 - 我希望您能更詳細地談談這個問題。

Yeah, thanks, Andy, and good morning, and thanks for the question, great question. Yeah, we're -- as Carey and I've mentioned for a couple of years now, we're really excited about the underlying performance of the CI business. Obviously, we've had the headwinds related to the legacy programs that dragged the margins down last year.

是的，謝謝安迪，早安，謝謝你的提問，很好的問題。是的，正如 Carey 和我幾年來提到的那樣，我們對 CI 業務的潛在表現感到非常興奮。顯然，我們遇到了與遺留項目相關的阻力，導致去年利潤率下降。

CI was just below 7%, but in Q1 we did not have any favorable adjustments, whether through claims or pickups or anything. So really, as I mentioned, no negative impacts of substance either. So this is just really the underlying business performing on its backlog, and the new business, and the accretive acquisitions we've done as of late. So really great sign of the long-term expectations of our CI business.

CI 略低於 7%，但在第一季度，我們沒有任何有利的調整，無論是透過索賠、提貨或其他任何方式。所以實際上，正如我所提到的，物質也沒有負面影響。因此，這實際上只是基礎業務在其積壓訂單、新業務以及我們最近的增值收購方面的表現。這確實標誌著我們對 CI 業務的長期期望。

But what's the implication for the balance of the year if it's this strong in this seasonally the weak quarter? Should we read anything into like the momentum in that business for the balance of the year then? Because it seems like you'd be tracking well above what your plan would be for that segment.

但如果在這個季節性疲軟的季度表現如此強勁，那麼對全年的平衡有何影響？那麼，我們是否應該解讀一下今年剩餘時間該業務的發展動能？因為看起來你的追蹤結果遠高於你為該部分制定的計畫。

Yeah. So total year, Andy, we're expecting the CI margin is the midpoint of guide is about 9.1%. So we do -- we have some final closeout, some change orders, some claims, things like that that we've got to get through on final completion on these contracts. But I think, all in all, again, the underlying performance of that business is quite strong. Middle East is mid-teens margins, so really great performance across the entire portfolio and the next three quarters are just driven by getting through the closeouts on these legacy programs.

是的。因此，安迪，我們預計全年 CI 利潤率是指導中點，約為 9.1%。所以我們確實需要——我們有一些最終的結算、一些變更單、一些索賠等事情，我們必須在這些合約的最終完成時完成這些事情。但我認為，總的來說，該業務的潛在表現相當強勁。中東的利潤率處於十幾歲左右，因此整個投資組合的表現都非常出色，而接下來的三個季度只是透過完成這些遺留項目的收尾工作來推動的。

Got it. And then Carey, just on that Middle East, I think there was a comment in your prepared remarks related to the Middle East talking about how you're expecting a little bit better growth as the year goes on. I think there's something -- some comments about larger contracts in the Middle East, maybe with a delayed start or delayed ramp.

知道了。然後，凱裡，就中東問題而言，我認為您在準備好的發言中對中東問題發表了評論，談到您預計今年中東地區的經濟成長會略有改善。我認為有一些關於中東較大合約的評論，可能是由於啟動延遲或產能提升延遲。

Maybe you can clarify that comment a little bit more. But you just talk to what's behind maybe a little bit slower start of some of these larger contracts, and what gives you confidence that they are indeed going to ramp. Just vis-a-vis the overall economic environment given oil prices, I guess.

也許您可以進一步澄清一下該評論。但是，你只需談論一下這些較大合約啟動速度可能稍微慢一些的原因，以及是什麼讓你有信心它們確實會加速發展。我想，這只是相對於油價而言的整體經濟環境。

Yeah, thanks, Andy. So we have won some larger contracts. If you look last quarter, we announced two large contracts greater than $275 million. Those were a little slower to ramp than what we anticipated, and we did have more holidays within a quarter than usually occurs within Q1. We are very well positioned once again in Saudi Arabia. What we're seeing is a big emphasis around Riyadh and focus on getting ready to be on the world stage in 2029 for the Asian Games followed by the Expo in 2030 and the World Cup in 2034.

是的，謝謝，安迪。因此我們贏得了一些更大的合約。如果你看一下上個季度，我們宣布了兩份價值超過 2.75 億美元的大合約。這些成長速度比我們預期的要慢一些，而且我們在一個季度內的假期確實比通常第一季內的假期要多。我們在沙烏地阿拉伯再次佔據了非常有利的地位。我們看到，利雅德受到了高度重視，並致力於為 2029 年亞運會、2030 年世博會和 2034 年世界盃做好準備。

Once again, we're kind of on every major program there. We are bringing some roads. We were awarded a sole-source traffic management contract, King Abdullah Financial District, Cadea, the world's largest entertainment city, Jedda City, we're going to be the program manager for the new stadium there for the World Cup. So really great performance.

再一次，我們參與了那裡的每一個主要項目。我們正在建造一些道路。我們獲得了阿卜杜拉國王金融區、卡迪亞、世界最大娛樂城、傑達城的獨家交通管理合同，我們將擔任那裡世界杯新體育場的項目經理。表現真的很棒。

We've got a hiring demand of over 200 people per month. We're going to be hiring, so expecting double-digit results from that business for the full year, very much on track. I'd say in addition to that we're seeing a lot of strength out of the UAE. In fact, if you look at Saudi, UAE, and Qatar, we're over double digit in each of those with UAE being about 30% growth driven by the reasons that I mentioned in terms of diversification, the real estate market booming. So a lot more infrastructure transportation projects.

我們每個月的招募需求超過 200 人。我們將進行招聘，因此預計該業務將全年取得兩位數的業績，一切進展順利。我想說的是，除此之外，我們還看到了阿聯酋的巨大實力。事實上，如果你看看沙烏地阿拉伯、阿聯酋和卡達，你會發現這些國家的經濟成長都超過了兩位數，其中阿聯酋的成長率約為 30%，這得益於我提到的多元化、房地產市場蓬勃發展等原因。因此，基礎設施交通項目將會增加。

Okay, I will, leave it there. Thank you so much.

好的，我會的，把它留在那裡。太感謝了。

Mariana Perez Mora, Bank of America.

美國銀行的瑪麗安娜·佩雷斯·莫拉 (Mariana Perez Mora)。

Good morning, everyone.

大家早安。

Good morning, Mariana.

早安，瑪麗安娜。

So my first question is about the solicitation award environment. I'm surprised to see like quite resilient award environment or backlog for Federal solutions. And I'd like to know if you can add any color about like post -- continual resolution extension and with this reconciliation if you have seen any speeding up of the solicitation environment, and what are your expectations for the full year?

我的第一個問題是關於招標授予環境。我很驚訝地看到聯邦解決方案的獎勵環境或積壓情況相當有彈性。我想知道您是否可以添加任何有關帖子的內容 - 持續的解決方案擴展以及透過這種協調，您是否看到招標環境有所加快，您對全年的期望是什麼？

Yeah, thanks, Mariana. So we were pleased because Q1's traditionally a slower quarter for the Federal business. So we were pleased with 0.9 book-to-bill. We expect over 1.0 for the full year and again, at the person's level, we've been over a 1.0 book-to-bill since our IPO. As far as continuing resolution, this one was a little bit different in that they can add new funds and they can also shift funds around. A good example of that is the $138 million cyber award that we received just after the quarter end shows that new funds can be allocated.

是的，謝謝，瑪麗安娜。因此我們很高興，因為第一季對於聯邦業務來說傳統上是一個較慢的季度。因此我們對0.9的訂單出貨比感到滿意。我們預計全年訂單出貨比將超過 1.0，從個人層面來看，自首次公開募股以來，我們的訂單出貨比一直超過 1.0。就持續解決方案而言，這次略有不同，因為他們可以增加新資金，也可以轉移資金。一個很好的例子就是，我們在季度末之後收到的 1.38 億美元網路獎勵表明可以分配新的資金。

The reconciliation bill I'm particularly excited about, as you're aware, the House marked up the bill yesterday. And the House bill will now be sent to the House Budget Committee. They'll compile it with the bills from 10 other committees, and that'll become the reconciliation bill. The goal of the House Republicans is to pass the bill by Memorial Day and then send it to the Senate, and the objective is that the President would like to sign it by July 4.

我對這份和解法案特別感興趣，正如你所知，眾議院昨天對該法案進行了修訂。眾議院法案現在將送交眾議院預算委員會。他們將把該法案與其他 10 個委員會的法案彙編在一起，形成和解法案。眾議院共和黨的目標是在陣亡將士紀念日之前通過該法案，然後將其提交給參議院，而總統則希望在 7 月 4 日之前簽署該法案。

I'd say what we're particularly excited about is what was in the bill. When you look at $150 billion defense package and typically a reconciliation bill could be spent over 10 years. But the view is that this is going to be very front end loaded and could be spent over a window as short as a two- to four-year period.

我想說，我們特別興奮的是法案的內容。如果你看一下 1500 億美元的國防計劃，你會發現通常一項和解法案可能需要 10 年的時間才能完成。但人們認為，這筆資金將投入到前期，可能在短短兩到四年的時間內花完。

There was $25 billion for Golden Dome missile defense, as you recall, we've been supporting Missile Defense Agency for four decades. The real key with Golden Dome that you need to get new system. Out there for space-based interceptors, but it's really about integrating a lot of the systems that exist. And we're currently the system engineering technical support contractor for MDA.

金頂飛彈防禦系統耗資 250 億美元，正如你們所記得的那樣，我們已經支援飛彈防禦局四十年了。Golden Dome 的真正關鍵在於您需要獲得新系統。雖然那裡有太空攔截器，但實際上它是關於整合許多現有的系統。我們目前是MDA的系統工程技術支援承包商。

The munitions production budget of $21 billion. We're currently involved in modernizing several of the largest army ammunition plants, Holston and Radford, so we think that's a good indication for the future there. Expediting innovation to the war fighter was for $14 billion as a company that was purpose built to drive innovation, to get solutions out fast. And in non-traditional firms, we see that as a very good move.

軍火生產預算為210億美元。我們目前正在參與霍爾斯頓和拉德福德等幾家最大的陸軍彈藥廠的現代化改造，因此我們認為這對那裡的未來來說是一個好兆頭。作為一家致力於推動創新、快速提供解決方案的公司，該公司斥資 140 億美元為作戰人員提供創新支援。對於非傳統公司來說，我們認為這是一個非常好的措施。

Nuclear deterrence of $13 billion. The is -- there that we're looking at are risk reduction on the Sentinel program. Once again, Parsons has been the intercontinental ballistic missile engineer of record for every intercontinental program. And then there's also money that is going to be allocated towards system improvements on the existing [MenAM] program, which was a Parson's design. $11 billion for the Pacific Deterrence Initiative, we've been positioning out in the Indo [Paycom] region for the last three decades and have a strong position.

130億美元的核武嚇阻。我們正在研究如何降低哨兵計畫的風險。帕森斯再次成為每個洲際計畫的洲際彈道飛彈工程師。此外，還將撥款用於現有 [MenAM] 計劃的系統改進，該計劃是帕森斯設計的。 110 億美元用於太平洋威懾計劃，過去 30 年來，我們一直在印度 [Paycom] 地區部署，並佔據強勢地位。

Then there's an additional $15 billion for FAA modernization for radars, facilities, and personnel controllers. Parsons holds the facilities contract $1.8 billion ceiling with $1.5 billion remaining. So we look forward quickly helping the FAA modernize. And there's an additional over $50 billion for border security. We've done border security for two decades around the world. So that's an area that we plan to tap into. And there's additional funding to support security for the Olympics and the FIFA World Cup.

此外，FAA 還將額外撥款 150 億美元用於雷達、設施和人員控制員的現代化改造。帕森斯持有設施合約 18 億美元的上限，剩餘金額為 15 億美元。因此，我們期待迅速幫助 FAA 現代化。另外還有超過 500 億美元用於邊境安全。我們在世界各地從事邊境安全工作已有二十年。這是我們計劃進軍的領域。另外還有額外資金用於支持奧運和世界盃的安保。

Parsons has been involved in Olympics, World Cups, and Expos since 2016. So reconciliation bill, we're really pleased that that's moving forward. And then I just quickly say for FY26. I mentioned that that's going to potentially be a $1 trillion budget. There's 10 of the 17 priority areas aligned to Parsons' activities, including Southwest border, nuclear modernization, homeland missile defense, counter-unmanned air systems, cybersecurity, munitions, and more. So very happy with Federal budget alignment.

自 2016 年以來，帕森斯一直參與奧運、世界盃和博覽會。因此，我們非常高興和解法案能夠取得進展。然後我快速說一下 FY26。我提到過，這可能達到 1 兆美元的預算。17 個優先領域中有 10 個與帕森斯的活動一致，包括西南邊境、核現代化、國土飛彈防禦、反無人機系統、網路安全、彈藥等。我對聯邦預算的調整非常滿意。

Thank you so much. That that was a great color. And then if I can follow up on the confidential contract, I know you're limited to what you could say, but I don't know if you can share any call around. Remember last call you defined the program as like steps one to five and you're managing steps one to four and there's this fifth step that didn't depend on you. Have they resolved, how they managed this last piece of the mission or not? What are your expectations there and how is the program trending so far in terms of like volumes versus last year and how that compares to your expectations for the full year?

太感謝了。那顏色真棒。然後，如果我可以跟進保密合同，我知道您能說的內容有限，但我不知道您是否可以分享任何電話。記得上次您將程式定義為第一步到第五步，並且您正在管理第一步到第四步，而第五步並不依賴您。他們是否已經解決瞭如何完成這最後一項任務的問題？您對此有何期望？與去年相比，該計劃迄今為止的趨勢如何？與您對全年的預期相比如何？

Yes. So as a reminder, January 20, President Trump signed an executive order. It was 14169, which mandated a re-evaluation of the United States Foreign Assistance Program. And so it paused some obligations and disbursements for a 90-day period to review the programs to see whether the aid spending still aligns with US interests. On April 17, they announced that the Foreign Assistance review was going to be extended by an additional 30 days or until mid-May.

是的。提醒一下，1 月 20 日，川普總統簽署了一項行政命令。該法案編號為 14169，要求重新評估美國對外援助計畫。因此，美國暫停了部分債務和支出90天，以審查這些項目，確定援助支出是否仍然符合美國的利益。4月17日，他們宣布對外援助審查將延長30天，即延長至5月中旬。

We're not sure if they'll complete on time or if it'll receive a further extension. So as of today, our contract continues. It is at a reduced run rate. For the first quarter, we were at about an 80% run rate. And it wasn't our contract that's been paused, but to your point, it's a related contract that's been paused. If we receive any material positive or negative information in mid-May or later, we'll make sure to update you as needed.

我們不確定他們是否能按時完成或是否會進一步延期。因此從今天起，我們的合約仍然有效。它的運行速度有所降低。第一季度，我們的運行率約為 80%。暫停的不是我們的合同，而是相關合約被暫停了。如果我們在五月中旬或之後收到任何重大正面或負面訊息，我們將確保根據需要向您更新。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Toby Summer, Truist.

托比·薩默（Toby Summer），Truist。

Thank you, Carey. I appreciate the illustrative examples for the new budget alignment. I'm curious if there's been anything on the other side of the ledger relative to DOGEDOGE or perhaps civil agency activities where investors broadly seem to think there's the most risk that activities could be diminished going forward?

謝謝你，凱裡。我很欣賞新預算調整的說明性範例。我很好奇，在與 DOGEDOGE 或民事機構活動相關的帳簿的另一邊是否有任何情況，投資者普遍認為未來活動減少的風險最大？

No, Toby, we've seen two contracts. They were in South Africa that were canceled. It was less than $3 million annually. That's really been it. I would say on the DOGE side, for us, our engagement has been rather positive. The example I'll use is Federal Aviation Administration. The DOGEDOGE team has come in to see how we can accelerate the aviation modernization efforts to improve aviation safety.

不，托比，我們已經看到了兩份合約。他們在南非的行程被取消了。每年不到300萬美元。確實如此。我想說，就 DOGE 方面而言，我們的參與相當正面。我將使用的例子是聯邦航空管理局。DOGEDOGE 團隊來此探索如何加速航空現代化進程，提高航空安全。

So at this point, because we don't do work with the agencies like IRS, Veterans Affairs, USAID. The Department of Education, Department of Agriculture, all the ones that have been impacted by DOGE, and we're also not an IT consulting firm. We don't appear in the top 100 when you run consulting firms. We don't anticipate an impact there.

所以目前，因為我們不與國稅局、退伍軍人事務部、美國國際開發署等機構合作。教育部、農業部等所有受到 DOGE 影響的部門，而且我們也不是 IT 顧問公司。當你經營顧問公司時，我們不會出現在前 100 名。我們預計不會產生影響。

I'm curious. Do you think that there will be material and tangible change towards fixed-price contracting? And if so, what kind of change an order of magnitude may result?

我很好奇。您認為固定價格承包會發生實質的改變嗎？如果是這樣，那麼會導致什麼樣的數量級變化？

Yes. So I would say at first, we -- our business is 60% fixed-price time and material, 40% cost reimbursable. If you look at critical infrastructure, we're about 75% fixed-price time material, 25% cost reimbursable, whereas on Federal we're about 45% fixed price time material, 55% reimbursable.

是的。所以我首先要說的是，我們的業務 60% 是固定價格的時間和材料，40% 是可報銷成本。如果你看一下關鍵基礎設施，我們大約有 75％ 是固定價格的時間材料，25％ 是可報銷的成本，而在聯邦方面，我們大約有 45％ 是固定價格的時間材料，55％ 是可報銷的。

So net net, we are very used to working in a fixed-price type of environment. We have not yet seen any contracts shifted. We have talked with our customers on areas that we feel they could go to a fixed-price model where it's work that we've been doing for a long time and we'd be comfortable working in a fixed-price environment. But at this point, we have not yet seen that movement. I think their priority has really been on the various agencies and also the consulting.

所以總的來說，我們非常習慣在固定價格的環境中工作。我們尚未看到任何合約發生變動。我們已經與客戶討論過我們認為他們可以採用固定價格模式的領域，我們已經做了很長時間的工作，並且我們很樂意在固定價格環境中工作。但目前我們還沒有看到這一動靜。我認為他們的首要任務確實是各個機構以及諮詢。

And then if I could just ask the last question on the M&A front, what are your expectations for the balance of the year, and do you have -- are you seeing more or less opportunities in any on either side of the business?

然後，如果我可以問關於併購方面的最後一個問題，您對今年剩餘時間的期望是什麼？您是否看到業務任何方面的機會更多或更少？

Yes. So we expect to do two to three acquisitions this year. We obviously already acquired TRS Group, so that's one. We have a robust pipeline, still both within Federal and within critical infrastructure. It'd be great if we can do one acquisition in each this year, but I'd say pipeline continues.

是的。因此我們預計今年將進行兩到三次收購。我們顯然已經收購了 TRS 集團，所以這是其中之一。我們擁有強大的管道，既在聯邦內部，也在關鍵基礎設施內部。如果我們今年能夠在每個領域完成一次收購，那就太好了，但我認為收購管道還會繼續。

Critical infrastructure, probably a little more robust. Some Federal companies are kind of uncertain on whether to go to market right now. Given that we do our deals preemptively though on the Federal side, these are generally companies we've been courting for quite a while that want to be with Parsons.

關鍵基礎設施，可能更強大一些。一些聯邦公司目前還不確定是否要進入市場。鑑於我們在聯邦方面先發制人地進行交易，這些公司通常是我們已經追求了很長時間並且希望與帕森斯合作的公司。

Thank you.

謝謝。

Thanks.

謝謝。

(Operator Instructions) Sheila Kahyaoglu, Jefferies.

（操作員指示） Sheila Kahyaoglu，Jefferies。

Good morning, Carey, Matt, Dave. Carey, I want to focus on the revenues. I'm sorry, I'm going to have to ask you so many questions on this confidential program and how we think about it.

早安，Carey、Matt、Dave。凱裡，我想重點談談收入。很抱歉，我不得不問您很多關於這個機密計劃以及我們對此的看法的問題。

So maybe broader actually, on slide 13 you point to a sequential increase in Q2. But it still implies sales are about flattish year over year or down low-single organic. So when we think about the first half, second half dynamics, what drives that second half inflection? And maybe more broadly, you're targeting 15% organic growth for the full year, I think. How do we think about that ramp up?

因此實際上可能更廣泛，在第 13 張投影片上您指出了第二季的連續成長。但這仍然意味著銷售額與去年同期持平或有機下降。那麼，當我們思考上半年、下半年的動態時，是什麼推動了下半年的改變呢？也許更廣泛地說，我認為，你們的目標是全年實現 15% 的有機成長。我們如何看待這種成長？

Yes, so excluding the confidential contract, we're targeting 18% total growth, 15% organic to your point. First, I'll start with credit card infrastructure. We've had 18 consecutive quarters greater than 1.0 book-to-bill. We've won our largest contracts in the United States over the last 18 to 24 months in the company's history. In the Middle East, we're involved in pretty much every major program going on in Saudi Arabia, and I mentioned double-digit growth in all three of our major countries, so a lot of ramp up is going to occur on the work that we've already won.

是的，所以不包括保密合同，我們的目標是總增長 18%，有機增長 15%。首先，我將從信用卡基礎設施開始。我們的訂單出貨比已連續 18 個季度超過 1.0。在過去的 18 到 24 個月裡，我們贏得了公司歷史上在美國最大的合約。在中東，我們幾乎參與了沙烏地阿拉伯正在進行的每一個重大項目，我提到我們三個主要國家都實現了兩位數的成長，因此，我們已經贏得的工作將會有很大的成長。

Within Federal business, or cyber area probably -- I'd highlight in particular in our GSA contract has experienced tremendous ramp. And then we've also obviously just stored a brand new cyber contract that we're going to expect to ramp.

在聯邦業務或網路領域，我想特別強調的是，我們的 GSA 合約經歷了巨大的成長。然後，我們顯然也剛剛儲存了一份全新的網路合同，我們期望它能夠得到加強。

We've been driving work over to our sailing contracts. So if you recall, we have $12 billion of awarded not booked, that's work that's been awarded to Parsons that way reflected in bookings or backlog. Out of that about half is sealing contracts. So we've done a great job of driving new and continuing work over to those contracts. And then once again, the reconciliation will help as soon as that starts to take place, which could be as early if they really get it signed by July, we could start to see programs moving forward as early as August.

我們一直在努力完成航行合約的工作。所以如果你還記得的話，我們有 120 億美元的合約尚未預訂，這些工作已經授予帕森斯，從而反映在預訂或積壓訂單中。其中約有一半是簽約。因此，我們在推動這些合約的新工作和持續工作方面做得非常出色。然後再次強調，一旦和解開始，和解就會有所幫助，如果他們真的在 7 月簽署和解，那麼我們最早可以在 8 月開始看到專案取得進展。

Got it, thank you so much. And then maybe one on just the FS margins then being at 9%, the confidential contract, I think, is a creative. So just how do we think about the path to get back to 9%? Or sorry, how do we get to the high 9% range back again?

明白了，非常感謝。然後也許只有 FS 利潤率為 9%，我認為保密合約是一種創意。那我們該如何考慮回到 9% 的路徑呢？或者抱歉，我們如何才能再次回到 9% 的高點範圍？

Yes, Sheila, I would say our goal for this year was mid-9s% for the Federal businesses, a couple contributing factors. Obviously, as you noted, the fixed price volume from the confidential contract coming down puts a little bit of pressure on. But we've also, as Carey mentioned, ramped up quickly on that GSA Fed some work, that is of course cost type. So a faster rampant cost type. If you look year-over-year our cost type within Federal has gone from 45% to 55%, so a pretty substantial shift in mix on the Federal side.

是的，希拉，我想說我們今年的目標是聯邦企業達到 95% 左右，有幾個因素。顯然，正如您所說，保密合約的固定價格量下降帶來了一點壓力。但正如 Carey 所提到的那樣，我們也迅速增加了 GSA Fed 的一些工作力度，這當然是成本類型的。因此是一種速度更快的猖獗成本類型。如果按年來看，聯邦內部的成本類型已從 45% 上升至 55%，因此聯邦方面的成本結構發生了相當大的變化。

Overall, Federal business is performing quite well. No real charges or anything like that. It's really just kind of a mix of work that we're executing on. For the total year, we are expecting about 9.5%, so you will see a ramp as kind of the confidential contract comes back in. And as we see, kind of stabilization on the cost type, and new fixed price work, and acquisitions have a bigger impact. So overall we're happy with that 9.5%-ish based on the portfolio and the strong growth on cost type.

整體而言，聯邦業務表現相當良好。沒有任何實際費用或類似的東西。這實際上只是我們正在執行的混合工作。就全年而言，我們預計成長率約為 9.5%，因此隨著保密合約的恢復，你會看到成長率上升。正如我們所見，成本類型的穩定性、新的固定價格工作和收購具有更大的影響。因此，總體而言，基於投資組合和成本類型的強勁成長，我們對 9.5% 左右的成長率感到滿意。

Great. Thank you so much.

偉大的。太感謝了。

Thank you.

謝謝。

Gautam Khanna, TD Securities.

道明證券的 Gautam Khanna。

Hey, thanks. Good morning, guys.

嘿，謝謝。大家早安。

Good morning.

早安.

Just to clarify, I wanted to ask again about DOGE. So have you guys had extensive dialogue with the DOGE liaisons at some of your customers and literally the result is only a couple contracts of de minimis value that have been removed or is this still an ongoing dialogue? So that we could actually see something more substantial in terms of negative impact a quarter or two from now. What's your best guess on that?

只是為了澄清一下，我想再次詢問有關 DOGE 的問題。那麼，你們是否與一些客戶的 DOGE 聯絡人進行了廣泛的對話，實際上的結果是只有幾個最低價值的合約被刪除了，還是這仍然是一個持續的對話？因此，從現在起一兩個季度後我們實際上可以看到更嚴重的負面影響。您對此的最佳猜測是什麼？

Well, so first it's my understanding that DOGE met with consulting firms, and I mentioned earlier we're not a consulting firm. So we have not had discussions in that regard.

嗯，首先據我了解，DOGE 與顧問公司會面，我之前提到我們不是顧問公司。所以我們還沒有就此進行過討論。

The only area really that we've had discussions are on how to accelerate the FAA modernization, which has received $15 billion in the reconciliation bill to be spent over three years. And so we were very pleased. Our team was engaged through our customer on how can we help accelerate that initiative. So our discussions have been positive.

我們真正討論的唯一領域是如何加速聯邦航空管理局的現代化建設，該建設已在和解法案中獲得了 150 億美元的撥款，將在三年內完成。因此我們非常高興。我們的團隊透過客戶探討如何幫助加速這項措施。所以我們的討論是正面的。

Yes, Gautam, just as an example on the FAA, we talked a lot about accelerating, permitting, and different approvals that are required and kind of how quickly we can get capability to the end users, and so that's kind of been the majority of the discussions around DOGE to date.

是的，Gautam，以 FAA 為例，我們討論了很多關於加速、許可和所需的不同批准，以及我們能夠多快地將功能提供給最終用戶，所以這是迄今為止圍繞 DOGE 的大部分討論。

Okay. And there was some discussion early in the quarter from the new administration on stopping offensive cyber operations against Russia, and what have you. And I know you guys are involved in some of that type of activity, and there was no discernible impact from some of those initiatives on the business.

好的。本季度初，新政府曾討論過停止針對俄羅斯的網路攻擊行動等議題。我知道你們參與了一些這類活動，但其中一些舉措對業務沒有明顯的影響。

Yes, we don't expect offensive cyber capabilities to be stopped. We continue to support our customers in that area and have been continuing to receive new awards.

是的，我們不希望網路攻擊能力被阻止。我們將繼續為該領域的客戶提供支持，並不斷獲得新的獎項。

Got you. And just on the confidential contract with respect to guidance, I think, just to be clear, the midpoint assumes what you assumed at the beginning of the year, right? That it will get to whatever rate you anticipated it to get to, which is still down year over year. I want to make sure that's right, and then -- is that right?

明白了。就指導方面的保密合約而言，我認為，為了清楚起見，中點假設了您在年初所假設的內容，對嗎？它會達到你預期的任何速度，但這一速度仍然比去年同期有所下降。我想確保這是正確的，然後——這是正確的嗎？

Yeah. That's correct. Our 2025 guidance is aligned with the negotiated value of our auctioneer two contract.

是的。沒錯。我們的 2025 年指引與拍賣商兩份合約的協商價值一致。

Which is done from 2024.

從 2024 年開始實施。

And given that Q1 seemed to be underrunning that rate, is there -- if first like in May or whenever, if they go ahead and say let's turn it back on at full rate. Is there enough time to catch that under run level from Q1 up in the year and if not -- if you could just quantify, what is that delta?

鑑於第一季的產量似乎低於該速度，那麼，如果他們首先在 5 月或任何時候繼續說讓我們以全速恢復產量，那麼他們是否會這樣做呢？是否有足夠的時間來趕上今年第一季以來的運行水平？如果沒有—如果您可以量化，那麼這個增量是多少？

Yes, we believe there is. And again, we've been running at 80% run rate, but there would be -- after that May date on continuation of the contract, we would anticipate a surge to meet the mission requirements.

是的，我們相信有。再說一次，我們的運行率一直是 80%，但在合約延續到 5 月之後，我們預計會出現激增以滿足任務要求。

And so Gautam, we're tracking kind of demand signal and funding, and both of those have remained constant.

因此，Gautam，我們正在追蹤需求訊號和資金，這兩者都保持不變。

Okay. And last one for me, it sounds like bookings since the quarter end also seem pretty upbeat. I'm just curious, what are you seeing broadly in terms of procurement pace of adjudications in the second calendar quarter, and do you expect a big flush in the third calendar quarter of the year as we typically have?

好的。對我來說最後一個是，聽起來自季度末以來的預訂量似乎也相當樂觀。我只是好奇，您大致看到第二季的裁決採購速度如何，您是否預計今年第三季會出現像往常一樣的大幅成長？

Yes. So I'd say procurement has been on track. We look at the volume of proposals we submit. If you look last year, we submitted about $13 billion in proposals. Q1, we were over $3 billion in proposals, so we're on kind of that same pace.

是的。所以我想說採購已經步入正軌。我們會查看所提交的提案的數量。如果你看去年，我們提交了大約 130 億美元的提案。第一季度，我們的提案金額超過 30 億美元，因此我們的步伐大致相同。

Yeah, I would say that at the end of the third quarter, there usually is a big flush and we're using our current IDIQ vehicles between now and then as well to drive work to those.

是的，我想說在第三季末，通常會有一次大規模沖洗，從現在到那時，我們也將使用我們目前的 IDIQ 車輛來推動這些工作。

And do you expect Q2 to be pretty strong with respect to the contract awards given what you have outstanding?

考慮到您尚未完成的合約授予，您是否預計第二季的合約授予情況會非常強勁？

We're estimating over a 1.0 for every quarter.

我們估計每季都會超過 1.0。

Great. Thank you, guys. I appreciate it.

偉大的。謝謝你們。我很感激。

(Operator Instructions) Josh Sullivan, The Benchmark Company.

（操作員指示）Josh Sullivan，The Benchmark Company。

Hey, good morning. (multiple speakers) Just going to keep it to one here just given the dynamics around DOGE various programs being curtailed, buyouts being offered. What are you seeing on the hiring front for cleared personnel? Are you in better position to hire and access more of your backlog going forward?

嘿，早安。（多位發言者）鑑於 DOGE 的各種計劃正在縮減、正在提供收購，這裡我只能只說一位。您對已獲批准人員的招募情況有何看法？您是否處於更有利的位置來招募和獲得更多積壓的人才？

Yes. So let me start with retention, which has been great. We have our best retention since 2020. Very pleased with that, and I'd say people are kind of happy with the company in the direction we're going, so they're staying. From a hiring perspective, we've been doing a very good job also.

是的。因此，讓我先從保留開始，這非常棒。我們的留存率達到了 2020 年以來的最高水準。對此我非常高興，我想說人們對公司的發展方向感到滿意，所以他們會留下來。從招募的角度來看，我們也做得很好。

We obviously would not be able to achieve the organic growth rates that we have over the last two years or the projected 15% organic growth rate without the confidential contract this year without getting that necessary hiring. So I'd say we're doing pretty well. There's actually more Federal workers available and so we are looking at hiring cleared Federal workforce.

顯然，如果沒有今年的保密合約和必要的招聘，我們就不可能實現過去兩年的有機成長率或預計的 15% 的有機成長率。所以我想說我們做得很好。實際上有更多的聯邦工作人員可用，因此我們正在考慮僱用經過審核的聯邦勞動力。

Thank you for your time.

感謝您抽出時間。

Thank you.

謝謝。

Alex Dwyer, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Alex Dwyer。

Hey, thanks for taking my question, good morning. (multiple speakers) Hey, so I think last quarter, you mentioned a $54 billion pipeline and several $100 million and some $500 million awards. Apologies if I missed it, but did you provide an update on this today and how it trended in the first quarter? And I guess, should we think of your 68% win rate as you pursue this pipeline? Should we expect this to sustain or should we ultimately expect this to come back down to defense industry averages?

嘿，感謝您回答我的問題，早安。（多位發言者）嘿，所以我認為上個季度，您提到了一條價值 540 億美元的管道以及幾筆 1 億美元和一些 5 億美元的獎項。如果我錯過了，請原諒，但您今天有沒有提供有關此事的最新消息以及第一季的趨勢？我想，在您追求這個管道時，我們是否應該考慮您的 68% 的成功率？我們是否應該預期這種情況會持續下去，還是最終會回落至國防工業平均？

Yes, so our pipeline is $55 billion this quarter, and we have about 114 opportunities greater than $100 million and 19 opportunities greater than $500 million so very robust pipeline. We're pleased with the win rates we've been achieving. It's roughly about 100% on our [rake peats] and 60% on our competitive. We kind of plan to about a 40% to 45%, but I would say the team's done a great job of being able to win not just [rake peats] but also competitive business. So we'll keep our same playbook.

是的，本季我們的管道價值為 550 億美元，其中約有 114 個機會價值超過 1 億美元，19 個機會價值超過 5 億美元，因此管道非常強大。我們對所取得的勝率感到非常滿意。我們的 [耙式泥炭] 大約佔 100%，而競爭對手則佔 60%。我們計劃將比例控制在 40% 到 45% 左右，但我想說的是，團隊做得非常出色，不僅贏得了 [rake peats]，還贏得了競爭激烈的業務。因此我們將保留相同的劇本。

Got it. Okay. And I appreciate the 2% recompete exposure comment for this year. But I guess as we're thinking about next year, I think the confidential contract was supposed to be rebid in February, but did that get exercised early in the rebid, or is that really the only major contract as we think about 2026 recompete, or are there any other larger ones we should be thinking about?

知道了。好的。我很欣賞今年 2% 的重新競爭曝光度評論。但我想，當我們考慮明年時，我認為機密合同應該在二月份重新招標，但它是否在重新招標的早期就得到了行使，或者這真的是我們考慮 2026 年重新競爭時唯一的主要合同，或者還有其他更大的合同我們應該考慮嗎？

That's really the only major one that we would be looking at for 2026 and we'd be estimating somewhere around a 10%.

這確實是我們在 2026 年關注的唯一重大議題，我們估計其影響約為 10%。

So Alex, the period of performance on this option year two that we're executing under right now goes February '25, February '26.

所以亞歷克斯，我們現在執行的這個選擇權第二年的履行期是 2025 年 2 月到 2026 年 2 月。

Okay, thank you.

好的，謝謝。

Thanks.

謝謝。

Thanks.

謝謝。

That 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.

我們回答問題的時間就這麼多了。現在我想將電話轉回給戴夫·斯皮爾 (Dave Spille) 做結束語。

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

感謝您今天上午加入我們。如果您有任何疑問，請隨時打電話給我。我們期待在未來幾週與你們中的許多人進行交談。今天的通話就到此結束。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。