Parsons Corp (PSN) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Second Quarter 2025 Parsons Corporation Earnings Conference Call. (Operator Instructions)

您好，感謝您的支持。歡迎參加 2025 年第二季帕森斯公司財報電話會議。（操作員指示）

Please be advised that today's conference is being recorded. I'd now like to turn the conference over to Dave Spille, Senior Vice President, Investor Relations.

請注意，今天的會議正在錄製。現在，我想將會議交給投資者關係高級副總裁戴夫·斯皮爾 (Dave Spille)。

Thanks, Liz. Good morning, and thank you for joining us today to discuss our second quarter 2025 financial results. Please note that we provided presentation slides on the Investor Relations section of our website.

謝謝，莉茲。早安，感謝您今天加入我們討論我們的 2025 年第二季財務業績。請注意，我們在網站的投資者關係部分提供了簡報幻燈片。

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 second quarter financial results as well as a review of our 2025 guidance. We then will close with a question-and-answer session.

今天與我一起通話的有董事長兼執行長 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 Matt 將概述我們的第二季財務業績以及對我們 2025 年指導的回顧。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. Actual results may differ materially from those reflected 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.

管理層還可能在電話會議中就未來事件、預期未來趨勢和預期公司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。由於多種因素，實際結果可能與前瞻性陳述中反映的結果有重大差異。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。

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.

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。

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

現在我將把電話轉給 Carey。

Thank you, Dave. Good morning. Welcome to Parsons Second Quarter 2025 Earnings Call. We're pleased with our second quarter results as cash flow exceeded our forecast and our revenue and adjusted EBITDA were in line with our expectations and the guidance assumptions we outlined on June 2, 2025.

謝謝你，戴夫。早安.歡迎參加帕森斯 2025 年第二季財報電話會議。我們對第二季的業績感到滿意，因為現金流超出了我們的預測，我們的收入和調整後的 EBITDA 符合我們的預期以及我們在 2025 年 6 月 2 日概述的指導假設。

Excluding the revenue impact from our confidential contract for both Q2 2025 and Q2 2024, our second quarter total and organic revenue growth rates were 13% and 8%, respectively. This growth includes double-digit total revenue growth in 3 of our 4 business units with the fourth business unit growing 9% year-over-year. It also includes 8% organic growth for Parsons in both segments highlighting the strength of our balanced portfolio, our strong hiring and retention and our alignment to priority spending areas.

不包括 2025 年第二季和 2024 年第二季保密合約的營收影響，我們第二季的總營收和有機收入成長率分別為 13% 和 8%。這一增長包括我們 4 個業務部門中的 3 個部門的總收入實現兩位數增長，其中第四個業務部門同比增長 9%。它還包括帕森斯在兩個部門 8% 的有機成長，凸顯了我們均衡的投資組合、強大的招募和保留能力以及我們對優先支出領域的一致性的優勢。

During the second quarter, we delivered 40 basis points of margin expansion to 9.4%, a second quarter record. $160 million of cash flow from operations and achieved a free cash flow conversion rate of 151% for the quarter and 125% on a trailing 12-month basis. We also reported a book-to-bill ratio of 1.0 times for the quarter and trailing 12 months. This continues our streak of having a quarterly trailing 12-month book-to-bill ratio of 1.0 or better since our 2019 IPO.

第二季度，我們的利潤率擴大了 40 個基點，達到 9.4%，創下了第二季度的最高紀錄。經營活動產生的現金流達到 1.6 億美元，本季的自由現金流轉換率達到 151%，過去 12 個月的自由現金流轉換率達 125%。我們也報告了本季和過去 12 個月的訂單出貨比為 1.0 倍。這延續了我們自 2019 年 IPO 以來連續 12 個月保持季度訂單出貨比達到 1.0 或更高的勢頭。

Finally, we're increasing our full year revenue, adjusted EBITDA and cash flow guidance ranges to reflect our second quarter operating performance, Chesapeake Technology International acquisition and our outlook for the remainder of the year.

最後，我們提高了全年收入、調整後的 EBITDA 和現金流指導範圍，以反映我們第二季度的營運業績、切薩皮克技術國際公司的收購以及我們對今年剩餘時間的展望。

In addition to delivering solid financial results and program execution across our portfolio, we were recognized this quarter by engineering news record as the top program manager firm in the world. Also, Parsons was ranked number 2 in the professional services list, number 2 on the construction management -- program management for field list and number three, for construction management. This global recognition is a testament to our reputation for complex program delivery.

除了在我們的投資組合中實現穩健的財務表現和專案執行之外，本季我們還被《工程新聞記錄》評為全球頂級專案管理公司。此外，帕森斯在專業服務名單中排名第 2，在建築管理 - 專案管理領域榜單中排名第 2，在建築管理領域排名第 3。這項全球認可證明了我們在複雜專案交付方面的聲譽。

Further, we won 3 contracts over $100 million in the second quarter with 2 of the 3 contracts representing new work. Significant second quarter contract wins included a new $176 million single-award contract by the United States Army Corps of Engineers to provide design build delivery services for an Ammonium Nitrate Solution Tank Farm at the Holston Army Ammunition Plant.

此外，我們在第二季度贏得了 3 份價值超過 1 億美元的合同，其中 2 份是新工作。第二季的重要合約包括與美國陸軍工程兵團簽訂的一項價值 1.76 億美元的新單項合同，為霍爾斯頓陸軍彈藥廠的硝酸銨溶液儲罐場提供設計建造交付服務。

A new single-award contract for cyber work by the Defense Threat Reduction Agency with a ceiling value of $138 million. Under this contract, Parsons will perform cyber assessments, operations analysis and research. $134 million follow-on contract overseas remediation projects on the Giant Mine program in Canada, which is one of the largest mine reclamation projects in the world.

美國國防威脅降低局簽訂了一份新的網路工作單一合同，最高價值為 1.38 億美元。根據該合同，帕森斯將進行網路評估、營運分析和研究。加拿大巨型礦場計畫的後續海外修復計畫價值 1.34 億美元，是世界上最大的礦場復墾計畫之一。

Our Critical Infrastructure segment continues to thrive as we leverage our reputation, program management and design engineering expertise to capitalize on unprecedented infrastructure spending in both North America and the Middle East. Overall, second quarter total infrastructure revenue grew 14% and 8% on an organic basis.

我們利用自己的聲譽、專案管理和設計工程專業知識來利用北美和中東前所未有的基礎設施支出，我們的關鍵基礎設施部門繼續蓬勃發展。總體而言，第二季基礎設施總收入成長了 14%，有機成長了 8%。

In North America, total revenue grew 17% and 7% on an organic basis as we continue to win large new programs, execute on existing contracts and retain and hire new employees. Several large project wins contributed to second quarter growth and are expected to grow in the second half of 2025, including Georgia State Route 400, Newark AirTrain, Hawaii City Center rail and transit, Hudson River Tunnel and the I-55 Bridge replacement.

在北美，由於我們繼續贏得大型新項目、執行現有合約以及留住和僱用新員工，總收入增長了 17%，有機增長了 7%。幾項大型項目的勝利促進了第二季度的增長，預計 2025 年下半年還將增長，其中包括佐治亞州 400 號公路、紐瓦克航空列車、夏威夷市中心鐵路和交通、哈德遜河隧道和 I-55 大橋更換。

Our growth and success in North America are particularly exciting, given infrastructure spending from the IIJA is not expected to peak until 2028 with a six to eight-year tail after that plus discussions on the next Surface Transportation Reauthorization bill are already underway, and Secretary Duffy held a kick-off meeting on July 17 to emphasize that America is building again. This bill will provide more infrastructure spending once passed. Our focus on hard infrastructure such as roads and highways, bridges and airports has bipartisan support and is a priority for the administration.

我們在北美的成長和成功尤其令人興奮，因為 IIJA 的基礎設施支出預計要到 2028 年才會達到峰值，之後還有六到八年的時間，而且關於下一個地面運輸重新授權法案的討論已經在進行中，達菲部長於 7 月 17 日舉行了啟動會議，強調美國正在再次建設。該法案一旦通過將提供更多的基礎設施支出。我們對道路、高速公路、橋樑和機場等硬體基礎設施的關注得到了兩黨的支持，也是政府的優先事項。

Our Middle East infrastructure business also continues to excel, and we're the number 1 program manager throughout the region. We've operated in the Middle East for over 6 decades and have 7,000 employees in the region today. In 2024, we generated more than $1 billion of revenue, and we expect total revenue growth of over 10% in 2025, which would mark the fourth consecutive year with double-digit organic revenue growth in the Middle East.

我們的中東基礎設施業務也持續表現出色，我們是該地區排名第一的專案經理。我們在中東地區經營了 60 多年，目前在該地區擁有 7,000 名員工。2024 年，我們的營收超過 10 億美元，我們預計 2025 年總營收成長將超過 10%，這將是中東地區連續第四年實現兩位數的有機收入成長。

We continue to see significant demand for our master planning, design engineering and program and construction management solutions in the Middle East. We see this trend continuing as governments deliver their strategic vision as well as prepare for upcoming events such as the Asian Winter Games, World Expo and World Cup. We've expanded into the defense, hospitality and industrial manufacturing sectors with recent wins as these sectors are receiving major investments.

我們持續看到中東地區對我們的總體規劃、設計工程、專案和施工管理解決方案的巨大需求。隨著各國政府實現其戰略願景並為亞冬會、世博會和世界盃等即將舉行的活動做好準備，我們看到這一趨勢將繼續下去。我們已將業務擴展到國防、酒店和工業製造領域，並最近取得了成功，因為這些領域正在獲得大量投資。

We were excited to participate in President Trump's second quarter Middle-East trip which included visits to Saudi Arabia, Qatar and the UAE, each of which represents significant existing work and future growth opportunities for Parsons. These visits underscore Parsons pivotal role as a premier leader in the region and our alignment with the administration's priorities.

我們很高興參加川普總統第二季度的中東之行，其中包括訪問沙烏地阿拉伯、卡達和阿聯酋，這些訪問對帕森斯來說都代表著重要的現有工作和未來的發展機會。這些訪問強調了帕森斯作為該地區主要領導人的關鍵作用以及我們與政府優先事項的一致性。

Parsons portfolio was acknowledged during events, including a signing ceremony for our 2 awards for the new King Salman International Airport. Our Middle East revenue growth is expected to accelerate in the second half of this year as we continue our strong hiring and retention and ramp-up contracts, including King Salman Park, the Riyadh Ring Roads program, the Dubai Metro Blue Line project and the King Salman International Airport. With significant wins in critical infrastructure Middle East and North America, we've achieved a book-to-bill ratio of 1.4 times and 1.2 times, respectively, in the first half of 2025.

帕森斯的作品集在多項活動中得到了認可，其中包括我們為新薩勒曼國王國際機場頒發的兩項獎項的簽字儀式。由於我們繼續履行強勁的招聘、保留和提升合同，包括薩勒曼國王公園、利雅得環城公路計劃、迪拜地鐵藍線項目和薩勒曼國王國際機場，預計今年下半年我們的中東收入增長將加速。憑藉在中東和北美關鍵基礎設施領域的重大勝利，我們在 2025 年上半年的訂單出貨比分別達到 1.4 倍和 1.2 倍。

In our Federal Solutions segment, we're excited about the growth we're delivering in our core business the significant large opportunities in our pipeline and the funding boost to the fiscal year '26 defense investment accounts due to the recently passed One Big Beautiful Bill, the reconciliation bill. Excluding the revenue impact from our confidential contract, our second quarter Federal Solutions year-over-year total and organic revenue growth rates were 11% and 8%, respectively. This growth was primarily driven by demand for our aviation, cyber and electronic warfare solutions.

在我們的聯邦解決方案部門，我們對核心業務的成長、我們管道中的巨大機會以及最近通過的「一項偉大的美麗法案」（和解法案）為 26 財年的國防投資帳戶帶來的資金增長感到非常興奮。不包括我們保密合約的收入影響，我們第二季聯邦解決方案的年比總收入和有機收入成長率分別為 11% 和 8%。這一增長主要受到對我們的航空、網路和電子戰解決方案的需求的推動。

We are benefiting from our exposure to large single award IDIQ contracts, including our 2 sizable General Services Administration, FEDSIM programs, the Missile Defense HC teams and our air-based air defense contract. Having existing single-award IDIQ contracts with high ceiling values is important to rapidly deploy solutions that address near-peer threats. In addition, we're experiencing growth on our FAA, Army Ammunition and Defense Threat Reduction Agency Red Team programs. These contracts are expected to continue to grow in the second half of 2025.

我們受益於大型單一授予 IDIQ 合同，包括我們的 2 個規模可觀的總務管理局、FEDSIM 項目、導彈防禦 HC 團隊和我們的空基防空合約。擁有現有的具有高上限價值的單一獎項 IDIQ 合約對於快速部署解決近乎同等威脅的解決方案非常重要。此外，我們的聯邦航空管理局、陸軍彈藥和國防威脅降低局紅隊計畫也在不斷發展。預計這些合約將在2025年下半年繼續成長。

We're excited about the passage of the reconciliation bill on July 4 that increases defense spending by $150 billion and adds an anticipated 25% to investment accounts for fiscal year '26. Our Federal portfolio aligns with major budget line items, including aviation modernization, missile defense, space, munitions facility modernization, Pacific deterrence, border security and more. Parsons portfolio also aligns to 10 of the 17 priority areas outlined the February 2025 Department of Defense Memorandum, which are expected to receive additional funding over the next 5 years.

我們對 7 月 4 日通過的和解法案感到非常興奮，該法案將國防開支增加 1500 億美元，並預計 26 財年的投資帳戶將增加 25%。我們的聯邦投資組合與主要預算項目一致，包括航空現代化、飛彈防禦、太空、彈藥設施現代化、太平洋威懾、邊境安全等。帕森斯的投資組合也與 2025 年 2 月國防部備忘錄中概述的 17 個優先領域中的 10 個領域一致，預計這些領域將在未來 5 年內獲得額外資金。

We are laser-focused on the budget line items that align with our core competencies and where our portfolio is well positioned with domain knowledge and leap ahead solutions. As a non-traditional company that was purpose-built with differentiated capabilities, we have the speed and agility to deliver transformational programs that achieve the administration's requirements and accelerated time lines.

我們專注於與我們的核心競爭力相符的預算項目，並且我們的產品組合憑藉領域知識和跨越式解決方案處於有利地位。作為一家專門打造具有差異化能力的非傳統公司，我們能夠快速且靈活地提供滿足政府要求和加速時間表的轉型計劃。

The FAA received $12.5 billion under the reconciliation bill to produce a new state-of-the-art air traffic control system. We are well positioned for the integrator contract given our transformational approach, partnership with IBM and a team that is vendor-agnostic, knows how to deliver advanced solutions, understands the FAA and has strong past performance. If we win the integrator contract, Parsons will gain additional FAA work and serve as a single point of accountability prime contractor to ensure mission success.

根據和解法案，美國聯邦航空管理局獲得了 125 億美元，用於打造全新的最先進的空中交通管制系統。鑑於我們的轉型方法、與 IBM 的合作夥伴關係以及一支不局限於供應商、知道如何提供先進解決方案、了解 FAA 並擁有出色過往業績的團隊，我們在整合商合約方面處於有利地位。如果我們贏得整合商合同，帕森斯將獲得額外的 FAA 工作，並作為單一責任點主承包商，以確保任務成功。

The Golden Dome for America initiative, an integrated air and missile defense shield for our country's Homeland Defense received $25 billion of funding under the reconciliation bill. Parsons have strong qualifications to address challenges that Golden Dome is trying to solve. We've exported the Missile Defense Agency for more than 40 years, and we're currently providing system engineering and integration on MDA's team's next system engineering contract.

「美國金色穹頂」計畫是美國國土防禦的綜合防空和飛彈防禦系統，根據和解法案，該計畫獲得了 250 億美元的資金。帕森斯擁有強大的資歷來應對金頂正在努力解決的挑戰。我們為飛彈防禦局提供出口服務已有 40 多年，目前正在為 MDA 團隊的下一個系統工程合約提供系統工程和整合服務。

Under this contract, we deliver capabilities that are directly aligned to Golden Dome such as engineering analysis and modeling and simulation on a vendor-agnostic basis. These solutions enable the development of an integrated and layered missile defense system to protect the United States and allied forces against ballistic hypersonic cruise missile and unmanned aircraft system threats.

根據該合同，我們將提供與 Golden Dome 直接相關的功能，例如工程分析以及與供應商無關的建模和模擬。這些解決方案有助於開發綜合分層的飛彈防禦系統，以保護美國及其盟軍免受彈道高超音速巡航飛彈和無人機系統的威脅。

Golden Dome encompasses defending against advanced missile and drone threats with kinetic weapons, such as missiles and non-kinetic capabilities such as cyber and electronic warfare. Having non-kinetic solutions embedded within the Golden Dome system is a game changer since it will enable our country to defeat adversary weapon systems either before or after a threat is launched. These capabilities can be used numerous times and against many types of threats while preserving valuable and costly kinetic resources.

金色穹頂包括防禦先進飛彈和無人機威脅，包括飛彈等動能武器以及網路和電子戰等非動能能力。在「金​​色穹頂」系統中嵌入非動能解決方案將改變遊戲規則，因為它將使我國能夠在威脅發起之前或之後擊敗對手的武器系統。這些能力可以多次使用，對抗多種類型的威脅，同時保留寶貴且昂貴的動能資源。

Our portfolio aligns with other major budget reconciliation line items, including munitions, Pacific Deterrence Border Security and more. The ammunitions production budget received $25 billion of funding under the reconciliation bill. We're involved in modernizing several of the largest Army ammunition plants, including Holston and Radford, like our most recent $176 million award for the new Ammonium Nitrate Solution Tank Farm at Holston.

我們的投資組合與其他主要預算調節項目一致，包括彈藥、太平洋威懾邊境安全等。根據和解法案，彈藥生產預算獲得了 250 億美元的資金。我們參與了包括霍爾斯頓和拉德福德在內的幾家最大的陸軍彈藥廠的現代化改造，例如我們最近為霍爾斯頓的新硝酸銨溶液罐區撥款 1.76 億美元。

The Pacific Deterrence initiative received $12 billion of new funding. We've been operating in the INDOPACOM region for 3 decades and have significant infrastructure work on Guam and Kwajalein Island along with important mission-critical cyber and electronic warfare programs in the region. This quarter, we further expanded our presence by winning a counter nuclear smuggling detection deterrence task order from the Department of Energy for the INDOPACOM region.

太平洋威懾計畫獲得了120億美元的新資金。我們在印太司令部地區已經開展了 30 年的行動，在關島和誇賈林島開展了大量基礎設施工作，並在該地區開展了重要的關鍵任務網絡和電子戰項目。本季度，我們贏得了美國能源部針對印度太平洋司令部地區的反核走私偵測威懾任務訂單，進一步擴大了我們的存在。

Finally, Border Security and Enforcement received over $160 billion in the reconciliation bill. For decades, Parsons has worked on border security projects worldwide to improve our customers' ability to predict illicit activity, detect and track the illegal border crossings, identify and classify the incursions and prevent weapons of mass destruction.

最後，邊境安全和執法部門在和解法案中獲得了超過 1,600 億美元的資金。幾十年來，帕森斯一直致力於世界各地的邊境安全項目，以提高客戶預測非法活動、偵測和追蹤非法越境、識別和分類入侵以及防止大規模殺傷性武器的能力。

We supported the Defense Threat Reduction Agency, Customs and Border Protection, Federal Aviation Administration, Transportation and Security Administration and Department of Energy providing engineering, program management, infrastructure upgrades, integrated command and control, remote sensing surveillance systems, situational awareness and common operating picture systems. Our work is performed across the United States at Southwest border, land ports of entry and customs and border protection training facilities. And globally, in countries including Armenia, Georgia, Lebanon, Jordan and more.

我們為國防威脅降低局、海關和邊境保護局、聯邦航空管理局、運輸和安全管理局和能源部提供工程、專案管理、基礎設施升級、綜合指揮和控制、遙感監視系統、態勢感知和通用作戰圖系統。我們的工作在美國西南邊境、陸地入境口岸以及海關和邊境保護培訓設施中進行。在全球範圍內，包括亞美尼亞、喬治亞、黎巴嫩、約旦等國家。

We are very excited about the large opportunities in our pipeline that are substantial Federal funding. With excellent win rates over the last three years, and strategic investments and bid and proposal activity and key personnel, we've positioned the company to win these large pursuits that could accelerate our future organic revenue growth for years to come. As a result of Parsons strategic business positioning and purpose-built portfolio, these major projects are well aligned to our core competencies, and we are ready to deliver the additional demand.

我們對於我們擁有的大量聯邦政府資助的巨大機會感到非常興奮。憑藉過去三年的出色中標率、策略性投資、投標和提案活動以及關鍵人員，我們已使公司能夠贏得這些重大追求，這可能會加速我們未來幾年的有機收入成長。由於帕森斯的策略性業務定位和專門建構的投資組合，這些主要項目與我們的核心競爭力高度契合，我們已準備好滿足額外的需求。

I want to highlight our acquisition of Chesapeake Technology International. CTI is a developer of multi-domain technologies across the invisible battle space in areas of electronic warfare, cyber and autonomous systems. They enhance our position in the INDOPACOM region and strengthen our relationships with special operations forces and key research and development customers, including the Defense Threat Reduction Agency.

我想強調一下我們對切薩皮克技術國際公司的收購。CTI 是電子戰、網路和自主系統等領域的隱形戰場多域技術的開發商。它們增強了我們在印太司令部地區的地位，並加強了我們與特種作戰部隊和主要研發客戶（包括國防威脅降低局）的關係。

CTI's team awareness kit and Tactical Assault Kit, or TAK X situational awareness tool has been applied for border security, disaster relief, counter unmanned air systems and other applications. This acquisition meets our financial M&A criteria. CTI is a high-quality and unique company, and we're excited to welcome them to the Parsons team.

CTI 的團隊意識套件和戰術突擊套件，或 TAK X 態勢感知工具已應用於邊境安全、救災、反無人機系統和其他應用。此次收購符合我們的財務併購標準。CTI 是一家高品質且獨特的公司，我們很高興歡迎他們加入 Parsons 團隊。

In summary, I'm pleased with our second quarter results as our core business continues to deliver strong total and organic revenue growth. We expanded margins by 40 basis points, delivered exceptional cash flow and further position the company for continued long-term sustainable growth.

總而言之，我對第二季的業績感到滿意，因為我們的核心業務繼續實現強勁的總收入和有機收入成長。我們的利潤率提高了 40 個基點，實現了卓越的現金流，並進一步為公司持續的長期永續成長奠定了基礎。

In addition, we leveraged our balance sheet and closed another strategic accretive acquisition. We've now closed 1 acquisition in each of the last 4 quarters. Our diversified portfolio and 6 growing and profitable end markets are enabling us to achieve mid- to high single-digit organic growth across the entire company excluding the confidential contract. We have tailwinds in both segments and financial metrics that support long-term growth and margin expansion.

此外，我們利用資產負債表並完成了另一項策略性增值收購。在過去的 4 個季度中，我們每季都完成了 1 項收購。我們多元化的產品組合和 6 個不斷成長且獲利的終端市場使我們在整個公司（不包括保密合約）實現了中高個位數的有機成長。我們在兩個領域和財務指標上都擁有順風優勢，可以支持長期成長和利潤率的擴大。

Unprecedented and global infrastructure spending is expected to last into the next decade. The reconciliation bill was passed and Parsons capabilities will continue to play a vital role as near-peer threats become more aggressive and advanced cyber attacks increase across the US and global conflicts persist.

全球基礎設施支出規模空前，預計將持續到未來十年。和解法案已獲得通過，隨著近乎匹敵的威脅變得更加激進、美國各地的高級網路攻擊增加以及全球衝突持續存在，帕森斯的能力將繼續發揮至關重要的作用。

From a financial perspective, we have a total backlog of nearly $9 billion, of which 70% is funded. Approximately $11 billion of contract wins that we have not yet booked, a $55 billion pipeline that includes 114 opportunities of contracts worth $100 million or more and 14 opportunities worth $500 million or more. And we have less than 3% of our revenue, up for repeat in the second half of 2025.

從財務角度來看，我們總共積壓了近 90 億美元，其中 70% 已獲得資金。我們尚未預訂的價值約 110 億美元的合同，價值 550 億美元的管道包括 114 個價值 1 億美元或以上的合約機會和 14 個價值 5 億美元或以上的合約機會。而我們的收入中只有不到 3% 將在 2025 年下半年重複這種情況。

Our robust backlog, large-scale pursuits and excellent win rates provide a backdrop for Parsons to continue to outpace industry growth rates and deliver significant shareholder value over the long term. I look forward to our bright future, and I am proud of our more than 20,000 employees that are making a difference for our customers and communities around the world every day. It's a very exciting time to be at Parsons.

我們強勁的訂單量、大規模的追求和出色的中標率為帕森斯繼續超越行業增長率並在長期內創造顯著的股東價值提供了背景。我期待著我們光明的未來，並為我們每天為全球客戶和社區做出貢獻的 20,000 多名員工感到自豪。在帕森斯度過的時光令人非常興奮。

With that, I'll turn it over to Matt to provide more details on our second quarter financial results. Matt?

接下來，我將把時間交給馬特，讓他提供有關我們第二季度財務業績的更多詳細資訊。馬特？

Thank you, Carey. Q2 financials were highlighted by strong free cash flow, adjusted EBITDA margins and total and organic revenue growth, excluding our confidential contract. In addition, we continue to leverage our balance sheet and completed another accretive acquisition in the strategic national security space that strengthens capabilities and customer relationships. Turning to the details of our second quarter results.

謝謝你，凱裡。第二季的財務亮點是強勁的自由現金流、調整後的 EBITDA 利潤率以及總收入和有機收入成長（不包括我們的機密合約）。此外，我們繼續利用我們的資產負債表，並在國家戰略安全領域完成了另一項增值收購，以增強能力和客戶關係。談談我們第二季業績的細節。

Total revenue of $1.6 billion decreased 5% from the prior year period and was down 9% on an organic basis. Excluding our confidential contract, total revenue grew 13% and 8% on an organic basis, driven by growth in our transportation and cyber markets.

總營收為 16 億美元，較去年同期下降 5%，有機下降 9%。不包括我們的機密合同，總收入分別成長了 13% 和 8%，這得益於我們運輸和網路市場的成長。

SG&A expenses for the second quarter increased 13% from the prior year period. This increase was primarily driven by the inclusion of recent acquisitions and increased investments in bid and proposal activity and critical hires in support of our strong pipeline and large strategic pursuits aligned to the administration's priorities.

第二季銷售、一般及行政費用較去年同期增加 13%。這一成長主要得益於最近的收購、對投標和提案活動的投資增加以及關鍵招聘，以支持我們強大的管道和符合政府優先事項的大型戰略追求。

Adjusted EBITDA of $149 million was comparable with the second quarter of 2024. However, adjusted EBITDA margin expanded by 40 basis points to 9.4%, a second quarter record. Our margin increase was driven by improved program performance and accretive acquisitions.

調整後的 EBITDA 為 1.49 億美元，與 2024 年第二季相當。然而，調整後的 EBITDA 利潤率擴大了 40 個基點，達到 9.4%，創下第二季的最高紀錄。我們的利潤率成長得益於專案績效的提高和增值收購。

I'll turn now to our operating segments, starting first with Federal Solutions, where second quarter total revenue decreased 19% from the prior year period and 20% on an organic basis. Excluding our confidential contract, Q2 Federal Solutions total revenue increased 8% and 8% 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 and aviation markets.

現在我將轉向我們的營運部門，首先是聯邦解決方案部門，該部門第二季總收入較去年同期下降 19%，有機下降 20%。不包括我們的保密合同，第二季聯邦解決方案總收入成長了 8%，有機成長了 8%。這些成長是由現有合約的成長和新任務訂單的增加所推動的，特別是在網路、情報和航空市場。

Our confidential contract generated $106 million of revenue in Q2 2025, in line with our expectations. At the beginning of the third quarter, this contract was terminated for convenience as anticipated.

我們的保密合約在 2025 年第二季創造了 1.06 億美元的收入，符合我們的預期。第三季初，該合約如預期般被便利終止。

Federal Solutions adjusted EBITDA decreased 35% from the second quarter of 2024, and adjusted EBITDA margin decreased 210 basis points to 8.3% driven primarily by contract mix and investments made in bid proposal activity and key personnel on strategic pursuits. Moving now to our Critical Infrastructure segment.

聯邦解決方案調整後的 EBITDA 較 2024 年第二季下降 35%，調整後的 EBITDA 利潤率下降 210 個基點至 8.3%，主要原因是合約組合以及對投標提案活動和策略追求的關鍵人員的投資。現在轉到我們的關鍵基礎設施部分。

Second quarter revenue increased by $97 million or 14% from the second quarter of 2024. This increase was driven by organic growth of 8% and inorganic revenue contributions from our BCC and TRS acquisitions.

第二季營收較 2024 年第二季增加 9,700 萬美元，增幅 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 driven primarily by the ramp-up of recent contract wins and growth on existing contracts in both North America and the Middle East. We are expecting growth to accelerate in the second half of the year as new and existing contracts ramp and strong hiring activity in the second quarter flows through to revenue.

有機成長主要得益於近期合約的增加以及北美和中東地區現有合約的成長。隨著新合約和現有合約的增加以及第二季強勁的招募活動轉化為收入，我們預計下半年成長將會加速。

Critical Infrastructure adjusted EBITDA increased 73% from the second quarter of 2024, and adjusted EBITDA margin increased 350 basis points to 10.5%, a second quarter record for the segment. These increases were driven primarily by improved program performance, the ramp up on recent awards and acquisitions to include BCC, where we are seeing significant synergy benefits both to revenue and margins. Next, I'll discuss cash flow and balance sheet metrics.

關鍵基礎設施調整後的 EBITDA 較 2024 年第二季成長 73%，調整後的 EBITDA 利潤率增加 350 個基點至 10.5%，創下該部門第二季的最高紀錄。這些成長主要得益於專案績效的提高、近期獎項的增加以及包括 BCC 在內的收購，我們看到了對收入和利潤的顯著協同效益。接下來，我將討論現金流和資產負債表指標。

Our net DSO at the end of Q2 '25 was 60 days, consistent with prior year period. During the second quarter of 2025, we generated $160 million of operating cash flow, which is also consistent with Q2 2024. On a trailing 12-month basis, we generated $574 million of operating cash flow which is a Q2 record and a 17% increase over the prior 12-month period. These increases were driven by strong collections in both segments and lower tax payments.

2025 年第二季末的淨 DSO 為 60 天，與去年同期一致。2025 年第二季度，我們產生了 1.6 億美元的營運現金流，這也與 2024 年第二季度一致。在過去 12 個月中，我們產生了 5.74 億美元的營運現金流，創下了第二季度的最高紀錄，比前 12 個月增長了 17%。這些成長是由兩個部門的強勁收入和較低的稅收所推動的。

Capital expenditures totaled $9 million in the second quarter of 2025 consistent with the prior year period. We expect CapEx to increase in the second half of the year in support of long-term growth, partially offset by reductions in facility square footage in several locations. For fiscal year 2025, CapEx is expected to remain in line with our planned spend of approximately 1% of annual revenue.

2025 年第二季的資本支出總額為 900 萬美元，與去年同期持平。我們預計下半年資本支出將增加，以支持長期成長，但部分抵消了多個地點設施面積的減少。對於 2025 財年，資本支出預計將與我們計劃的約佔年收入 1% 的支出保持一致。

At the end of Q2, 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 remains strong. Including the impact of our all cash acquisition of CTI, we ended the second quarter with a net debt leverage ratio of 1.5 times.

截至第二季末，自由現金流轉換率為過去 12 個月的 125%，重點在於合約執行、遺留索賠的解決以及現金管理和收款的改善。我們的資產負債表依然強勁。包括我們全現金收購 CTI 的影響，我們第二季末的淨負債槓桿率為 1.5 倍。

During the second quarter, we repurchased approximately 219,000 shares at an average price of $68.56 for an aggregate purchase price of $15 million. On a year-to-date basis, we've repurchased approximately 643,000 shares at an average price of $62.22 for an aggregate purchase price of $40 million. Turning now to bookings.

第二季度，我們以平均 68.56 美元的價格回購了約 219,000 股，總購買價為 1,500 萬美元。今年迄今為止，我們已以平均 62.22 美元的價格回購了約 643,000 股，總購買價為 4000 萬美元。現在開始預訂。

For the second quarter, we reported contract awards of $1.5 billion, representing a book-to-bill ratio of 1.0 times on an enterprise basis, which continued our streak with a trailing 12-month book-to-bill ratio of 1.0 or greater in every quarter since our IPO. In Critical Infrastructure, we achieved a book-to-bill ratio of 1.1 times, which is the 19th consecutive quarter with a book-to-bill ratio of 1.0 or greater.

就第二季而言，我們報告的合約授予額為 15 億美元，企業訂單出貨比為 1.0，這延續了我們自 IPO 以來每個季度過去 12 個月的訂單出貨比都達到或超過 1.0 的勢頭。在關鍵基礎設施領域，我們的訂單出貨比達到 1.1 倍，這是連續第 19 個季度訂單出貨比達到或超過 1.0。

Federal Solutions reported a book-to-bill ratio of 0.8 times. Our backlog at the end of the second quarter totaled $8.9 billion, a 1% increase over Q2 2024. Additionally, our funded backlog is the highest since our IPO at $6.2 billion, a 14% increase year-over-year. Next, I'll discuss updated guidance.

Federal Solutions 報告的訂單出貨比為 0.8 倍。我們第二季末的積壓訂單總額為 89 億美元，比 2024 年第二季成長 1%。此外，我們的融資積壓金額達到 62 億美元，是自首次公開募股以來的最高水平，年增 14%。接下來，我將討論更新後的指南。

We're increasing our revenue, adjusted EBITDA and cash flow guidance ranges provided on June 2 to reflect our second quarter results, CTI acquisition, changes to tax laws and our outlook for the remainder of the year. We expect total revenue to be between $6.48 billion and $6.68 billion. This guidance represents total revenue growth of 17% and 13% on an organic basis, excluding the confidential contract. Including this contract, total revenue is anticipated to decline 3% at the midpoint of the range and 6% on an organic basis. We expect growth to accelerate in the second half of the year as we ramp on recent contract wins, existing contracts expand, strong hiring and retain continues, and we realize the contributions from CTI.

我們將提高 6 月 2 日提供的收入、調整後 EBITDA 和現金流指導範圍，以反映我們的第二季度業績、CTI 收購、稅法變化以及我們對今年剩餘時間的展望。我們預計總收入將在 64.8 億美元至 66.8 億美元之間。此預期代表總收入成長 17%，有機成長 13%，不包括保密合約。包括這份合約在內，預計總收入將下降 3%（以區間中點計算），有機下降 6%。我們預計，隨著我們近期合約的簽訂、現有合約的擴大、強勁的招聘和保留的持續進行以及我們實現 CTI 的貢獻，下半年增長將會加速。

Adjusted EBITDA is now expected to be between $595 million and $635 million with a margin of 9.3% at the midpoint of our revenue and adjusted EBITDA guidance ranges. This represents adjusted EBITDA margin expansion of 30 basis points from 2024 and an 80 basis point increase since 2023.

調整後的 EBITDA 目前預計在 5.95 億美元至 6.35 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。這意味著調整後的 EBITDA 利潤率自 2024 年起擴大 30 個基點，自 2023 年起擴大 80 個基點。

Operating cash flow is now expected to be between $400 million and $440 million, given strong Q2 performance and the cash tax benefit related to the reconciliation bill. Other key assumptions in connection with our 2025 guidance, including quarterly cadences are outlined on Slide 11 in today's PowerPoint presentation located on the Investor Relations website.

鑑於第二季的強勁表現以及和解法案相關的現金稅收優惠，預計營業現金流將在 4 億美元至 4.4 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）在今天的投資者關係網站上的 PowerPoint 簡報的第 11 張幻燈片中進行了概述。

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

說完這些，我就把電話轉回給 Carey。

Thank you, Matt. During the second quarter, we delivered significant growth in our core business. 40 basis points of margin expansion, exceptional cash flow and free cash flow conversion and completed a strategic acquisition by maintaining our strong balance sheet, which will enable us to make future accretive acquisitions. We're optimistic about our future, given our team's proven execution, the tailwinds we have in both segments, our large total and funded backlog and the robust pipeline of large opportunities we have to pursue.

謝謝你，馬特。在第二季度，我們的核心業務實現了顯著成長，利潤率擴大了 40 個基點，現金流和自由現金流轉換異常，並透過保持強勁的資產負債表完成了策略性收購，這將使我們能夠進行未來的增值收購。鑑於我們團隊已證明的執行力、我們在兩個領域的順風優勢、我們龐大的總訂單量和資金積壓以及我們必須追求的大量機遇，我們對我們的未來充滿樂觀。

With that, we'll now open the line for questions.

現在，我們將開放提問熱線。

(Operator Instructions)

（操作員指示）

Toby Summer, Truist.

托比·薩默 (Toby Summer)，Truist。

Thank you. Good morning.

謝謝。早安.

I wanted to ask about the opportunities in front of the company sort of over the near to medium term with respect to Golden Dome and the very large FAA procurement. Could you just discuss how you're pursuing those? And I know that we've heard that the FAA procurement is sort of fluid, they're soliciting a lot of advice, and it's not yet determined kind of how that path will proceed, but is there sort of an optimal way that, that could proceed from your perspective?

我想詢問一下公司在中短期內就金頂和 FAA 的大型採購項目所面臨的機會。您能否討論一下您是如何實現這些目標的？我知道我們聽說聯邦航空局的採購有點不穩定，他們正在徵求很多建議，但還沒有確定這條路徑將如何進行，但從您的角度來看，有沒有一種最佳的方式可以進行？

Yes. Thanks, Tobey. Appreciate the question. Thanks for joining the call today.

是的。謝謝，托比。感謝你的提問。感謝您今天參加電話會議。

We're very excited about the FAA program. We've fortunately supported the FAA for nearly 5 decades. We have excellent past performance. We've done a lot of the infrastructure and facilities work. We've put together a very strong team to pursue the FAA integration contract. What is going to be important in that contract just making sure that you have a company that knows how to deliver.

我們對 FAA 計劃感到非常興奮。我們很高興已經支援 FAA 近 50 年了。我們過去的表現非常出色。我們已經完成了很多基礎設施和設施工作。我們已經組建了一支非常強大的團隊來爭取 FAA 整合合約。合約中最重要的是確保你擁有一家知道如何交付的公司。

Parsons is the number 1 program manager in the world per Engineering News-Record and we've partnered with IBM, a very strong technical partnership. And we felt that we're very well ready to take on the single point of accountability, integration role and provide the FAA a safe, resilient reliant system that also transforms for the future. That's $12.5 billion of funding and the reconciliation bill. We're anticipating a request for solicitation sometime soon. They had hoped to make an award by the end of September, but that's really now dependent on the timing of the request for solicitation.

根據《工程新聞記錄》報道，帕森斯是世界排名第一的專案經理，我們與 IBM 建立了非常強大的技術合作夥伴關係。我們覺得我們已經做好了充分的準備，承擔起單一的責任和整合角色，並為聯邦航空局提供一個安全、有彈性且可適應未來的可靠系統。這是 125 億美元的資金和和解法案。我們預計很快就會收到徵集請求。他們原本希望在九月底之前做出決定，但現在這實際上取決於招標請求的時間。

Under Golden Dome, that's $25 billion of reconciliation funding. And most of these, by the way, the FAA and Golden Dome are both projected to receive more in the future. On FAA, they indicated they need about $31.5 billion. And for the Golden Dome, they've indicated they need about $175 billion for the total contract. Very similar to FAA, we're extremely well positioned for the Golden Dome. We've been supporting the Missile Defense Agency for 4 decades, providing system engineering and integration capabilities along with modeling, simulation and analysis capabilities. We have a current contract vehicle. It's worth $2.2 billion. On that vehicle, we still have $1 billion remaining, so that can be used to get Golden Dome kick started right away.

根據《金色穹頂》的規定，這是 250 億美元的和解金。順便說一下，其中大部分是聯邦航空局和金色穹頂預計未來都會收到更多。美國聯邦航空管理局表示，他們需要大約 315 億美元。對於金色穹頂，他們表示整個合約需要約 1750 億美元。與美國聯邦航空管理局 (FAA) 非常相似，我們在金色穹頂方面擁有極其優越的定位。我們已經為導彈防禦局提供支援 40 年，提供系統工程和整合能力以及建模、模擬和分析能力。我們目前有一份合約。其價值為22億美元。在該專案上，我們仍剩餘 10 億美元，可以用來立即啟動金頂專案。

In addition to that, we also have non-kinetic capabilities, as I mentioned during the script that we think are very novel and unique to counter threats on a non-kinetic way. I'd also highlight again under the bill because I'm really excited about the reconciliation bill and how well it aligned our portfolio. The munitions budget of $21 billion. So it will continue to expand beyond our current capacity that we have at Holston and Radford and then the Border Security funding of $160 billion that's really going to leverage our decades of experience all over the globe and providing border security solutions.

除此之外，我們還擁有非動能能力，正如我在腳本中提到的那樣，我們認為這些能力非常新穎且獨特，可以用非動能的方式應對威脅。我還要再次強調該法案，因為我對這項和解法案以及它如何很好地協調我們的投資組合感到非常興奮。軍需品預算210億美元。因此，它將繼續擴大我們目前在霍爾斯頓和拉德福德的容量，然後是 1600 億美元的邊境安全資金，這將真正利用我們在全球範圍內數十年的經驗並提供邊境安全解決方案。

Yes. So the only thing I would add, and Carey kind of commented on it, but on the existing IDIQ vehicles between those two areas with MDA and FAA, we have almost $3 billion worth of ceiling remaining. So just a great opportunity to move on existing vehicles or new. So it's a really great opportunities on both for us.

是的。因此，我唯一要補充的是，Carey 也對此發表了評論，但在 MDA 和 FAA 這兩個領域之間現有的 IDIQ 工具上，我們剩餘的上限價值接近 30 億美元。因此，這是一個在現有車輛或新車輛上進行改進的絕佳機會。所以這對我們雙方來說都是一個非常好的機會。

Thanks. If I could ask a follow-up. What's your expectation for the calendar 3Q which is seasonally the industry's strongest from a book-to-bill perspective. And this year, we've seen obligation action sort of lagging pretty significantly. Do you expect a bigger-than-normal seasonal catch-up for the industry and yourselves?

謝謝。如果我可以問一個後續問題。從訂單出貨比來看，第三季是該產業季節性最強勁的季度，您對第三季有何期望？今年，我們發現義務行動明顯落後。您是否預計行業和您自己將出現比正常情況更大的季節性追趕？

I would say we're definitely expecting a more robust Q3. And that traditionally, as you point out, Tobey, is for the federal business, the strongest quarter. Within Critical infrastructure, obviously, we've had 19 consecutive quarters greater than 1.0 book-to-bill. Orders can be lumpy. I always like myself to look at the revenue growth.

我想說，我們肯定期待更加強勁的第三季。正如托比所指出的，傳統上，這是聯邦業務最強勁的一個季度。在關鍵基礎設施領域，顯然我們已經連續 19 個季度的訂單出貨比超過 1.0。訂單可能會不穩定。我總是喜歡關注收入的成長。

I think where we've done a tremendous job in our federal business is driving task orders on to that $11 billion of unused ceiling that has been awarded to Parsons that we haven't yet put into bookings.

我認為，我們在聯邦事務方面所做的巨大工作是推動任務訂單達到已授予帕森斯的 110 億美元未使用限額，而我們尚未將其納入預訂。

I was glad this quarter on the federal business that we did see 2 new large awards move forward, the Holston and the defense threat reduction in cyber. But we are anticipating a 1.0 book-to-bill for the full year for both CTI and for federal and expect Q3 will be a stronger quarter.

我很高興本季在聯邦事務方面看到兩個新的大獎取得進展，即霍爾斯頓獎和網路防禦威脅減少獎。但我們預計 CTI 和聯邦全年的訂單出貨比將達到 1.0，並且預計第三季的表現將更加強勁。

Thank you.

謝謝。

Andrew Whitman, Baird.

安德魯·惠特曼，貝爾德。

Great. Good morning and thank you for taking my questions.

偉大的。早上好，感謝您回答我的問題。

I guess, Carey, I thought I would just check in here and get your comments on how the One Big Beautiful Bill, which obviously, you've articulated the aspects on the federal side. Can you talk about how it might impact your infrastructure side, particularly as it relates to the state and local budgets that are out there and how they might be affected if you're hearing anything from your customers on that side of the house of how the bill might impact them.

凱裡，我想我只是來這裡看看，聽聽你對「一個美麗的大法案」的評論，顯然，你已經闡明了聯邦方面的觀點。您能否談談它將如何影響您的基礎設施方面，特別是它與現有的州和地方預算的關係，以及如果您從那邊的客戶那裡聽到該法案將如何影響他們，它們將受到怎樣的影響。

Yes. So I think, Andrew, the biggest thing I'd say is we're aligned with the administrations and bipartisan priorities. There's going to be a shift from soft infrastructure areas like climate change, renewables, electrification over to hard infrastructure which road and highways, bridges, airports. And those are the areas where Parsons portfolio is very well aligned.

是的。所以我認為，安德魯，我要說的最重要的事情是我們與政府和兩黨的優先事項保持一致。人們將從氣候變遷、再生能源、電氣化等軟基礎設施領域轉向道路、高速公路、橋樑、機場等硬基礎設施領域。這些都是帕森斯投資組合非常吻合的領域。

We are also super excited about the next five-year Surface Transportation Reauthorization Bill kicking off. And we expect additional funding to come through that, Bill. When you're looking at the current IIJA not peaking until 2028, six to eight-year tail overlaying a new surface transportation bill and then a shift in funding from soft to hard targets infrastructure, that really benefits Parsons.

我們也對下​​一個五年期地面運輸重新授權法案的啟動感到非常興奮。比爾，我們期望透過這種方式獲得額外的資金。當你看到目前的 IIJA 要到 2028 年才會達到頂峰時，六到八年的尾期將覆蓋一項新的地面運輸法案，然後資金將從軟目標轉向硬目標基礎設施，這對帕森斯來說確實有利。

Got it. Okay. And then just my follow-up for Matt, easy one here. But just the guidance increase at least here on the income statement. It looks like it's mostly the contribution of the incremental acquisition that you did in the quarter. It looks like the income statement for the company for the quarter was mostly in line. Is that the correct way of thinking about the guidance increase or is there some other nuance there that we should be aware of?

知道了。好的。然後是我對馬特的後續問題，這裡很簡單。但至少在損益表上，指導值增加。看起來這主要是您在本季進行的增量收購的貢獻。看起來該公司本季的損益表基本上符合預期。這是對指導增加的正確思考方式嗎？還是其中還有其他一些我們應該注意的細微差別？

Yes. No, Andy, CTI is a big contributor, $30 million to the top line and then $5 million in the bottom line, a little bit more aggressive on the bottom line given the outperform first half. So a little bit of that is organic. On the cash flow side, it's mainly organic. So the big effect was the R&D tax credits, so we got almost $20 million worth of benefit from the reconciliation bill on the R&D tax credit. So that flowed through the cash but the other -- the top and bottom line were all CTI mainly.

是的。不，安迪，CTI 是一個很大的貢獻者，為公司貢獻了 3000 萬美元的營收，為公司貢獻了 500 萬美元的利潤，考慮到上半年的優異表現，CTI 在利潤方面的貢獻會更大一些。所以其中有一點是有機的。從現金流方面來看，主要是有機的。因此，最大的影響是研發稅收抵免，我們從研發稅收抵免的協調法案中獲得了近 2000 萬美元的收益。因此，這透過現金流動，但其他的——頂線和底線主要都是 CTI。

Thank you very much.

非常感謝。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Good morning, guys. Thanks so much and thanks for mentioning Armenia in the script. I don't think I've heard that before. So I appreciate that.

大家早安。非常感謝，感謝您在劇本中提到亞美尼亞。我想我以前沒有聽過。我很感激。

Maybe if we could just talk about the organic growth outlook a little bit more, Carey. How do you think about the puts and takes? It seems like we're down 1 point to 6% organic, given CTI contribution? How do we think about the second half contributors playing into that and the ramp-up?

也許我們可以再多談談有機成長前景，凱裡。您如何看待投入和產出？考慮到 CTI 的貢獻，我們似乎下降了 1 個百分點至 6% 的有機率？我們如何看待下半年的貢獻者將發揮怎樣的作用以及將如何提升？

Yes. So excluding the confidential contract, we're going to grow 18% organic in the second half. And that breaks out, let's see, that would end up being.

是的。因此，不包括保密合同，我們下半年的有機成長率將達到 18%。然後我們就看看，事情會如何發展。

About 13% within CI on an organic basis and then north of 20% on Fed. So really strong growth on both sides of the company.

在有機基礎上，CI 內部約佔 13%，然後在 Fed 上佔 20% 以上。因此，公司雙方都實現了強勁成長。

Yes. And let me kind of walk through the pieces for that because I think it's important to note that this is largely based on work that we've already won today. So when you look at what's going to accelerate in the second half, critical infrastructure in North America, Georgia State Route 400, Newark AirTrain, Hawaii rail and transit, Hudson River Tunnel, I-55, Middle East King Salman Park, Riyadh Ring Roads, Dubai Metro, King Salman International Airport, Engineered Systems, FAA, Holston Ammonium Nitrate, Defense Threat Reduction Red Team, United States Postal Service and Defense and Intelligence, the Missile Defense Agency Teams Contract, GSA FedSIM, additional sealing tech product sales, Airbase Air Defense.

是的。讓我來詳細闡述這些部分，因為我認為需要注意的是，這很大程度上是基於我們今天已經贏得的工作。因此，當您觀察下半年將會加速發展的領域時，您會發現北美的關鍵基礎設施、喬治亞州 400 號公路、紐瓦克空中列車、夏威夷鐵路和交通、哈德遜河隧道、I-55、中東國王薩勒曼公園、利雅得環城公路、迪拜地鐵、薩勒曼國王國際機場、助理系統、美國聯邦航空局、B硝酸銨、國防局威脅、GSA、GSA、GSA、A銨FedSIM、額外的密封技術產品銷售、空軍基地防空。

I think what's important is we do have our July results, they were very favorable, and they're on track to achieve the back half acceleration. We also had in July record hiring within the Middle East. So quite excited. I think we've got industry-leading organic growth in both segments.

我認為重要的是我們確實有七月份的業績，這些業績非常有利，而且有望實現下半年的加速。七月我們在中東地區的招募數量也創下了紀錄。所以非常興奮。我認為我們在兩個領域都實現了領先業界的有機成長。

What changed to cut the core by 1 point since your last update? And then my second question, if I can squeeze that into just on CI, the performance has been quite stellar 10.4% margins year-to-date. Just any update on the programs that previously faced supply chain challenges.

自上次更新以來，核心減少了 1 點，發生了什麼變化？然後是我的第二個問題，如果我可以將其壓縮到 CI 中，那麼今年迄今為止的表現相當出色，利潤率為 10.4%。只是對之前面臨供應鏈挑戰的專案的任何更新。

Yes, Sheila, I can start off with the 5% to 6%. Actually, it's really just rounding. It was 5.4%, went to 5.5%. So there's really nothing more behind that at the core. The organic revenue stayed constant. It's just the contribution from CTI changed the base. So just no implied delta on the organic. So Carey, you want to cover CI.

是的，希拉，我可以從 5% 到 6% 開始。事實上，這只是四捨五入而已。之前是 5.4%，現在上升到 5.5%。所以從本質上來說，這背後並沒有其他什麼。有機收入維持不變。只是 CTI 的貢獻改變了基礎。因此，有機物上沒有隱含的增量。那麼 Carey，你想涵蓋 CI。

Critical Infrastructure margins. So what's been good on Critical Infrastructure is really program execution. The team has done a very good job this year of just executing. We've always indicated that the long-term margins for critical infrastructure should be double digit, and that's what we're seeing. So I'd say continued program execution. We're seeing demand much greater than supply, both in North America and in the Middle East, double-digit growth within those and those margins long term that we would expect to deliver.

關鍵基礎設施利潤。因此，關鍵基礎設施方面真正取得進展的是專案執行情況。今年，該團隊的執行工作做得非常出色。我們一直表示，關鍵基礎設施的長期利潤率應該是兩位數，而這正是我們所看到的。所以我想說繼續執行程序。我們看到北美和中東地區的需求量遠大於供應量，這些地區都實現了兩位數的成長，我們預計長期利潤率將實現成長。

Awesome. Thank you.

驚人的。謝謝。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

Hey, good morning, everyone. Matt, what's the second half Federal Solutions organic ex confidential that's now in the guidance? Because just looking at the slide you have that shows that confidential was still just over $100 million in the second quarter. If I take that out sequentially, it looks like a bit of a lift to overcome that sequentially unless seasonality is in your favor or there's an acceleration kind of everywhere else?

嘿，大家早安。馬特，現在指導中的聯邦解決方案有機前機密的後半部分是什麼？因為只要看一下投影片就會發現，第二季的機密金額仍然略高於 1 億美元。如果我按順序將其取出，那麼除非季節性對您有利或其他地方出現加速，否則按順序克服它似乎需要一點提升？

Yes. No, you're right. No, Fed organic growth in the second half is expected to be just north of 20% so a little bit better than first half, which was closer to a high single, low double digit. And so we're seeing really strong growth on programs. We have some key deliveries of the FAA ramp that Carey talked about, MDA is growing. We have some product deliveries within the Sealing Tech acquisition we've done. So we see really strong demand across the portfolio on the federal side. But to your point, it is going to expand in the second half of the year.

是的。不，你是對的。不，預計聯準會下半年的自然成長率將略高於 20%，因此比上半年略好一些，上半年的成長率更接近高個位數、低兩位數。因此，我們看到這些項目確實實現了強勁成長。我們已向 FAA 交付了一些關鍵的坡道，正如 Carey 所說，MDA 正在不斷發展。我們在完成 Sealing Tech 收購的過程中交付了一些產品。因此，我們看到聯邦方面對整個投資組合的需求非常強勁。但正如您所說，今年下半年將會擴大。

And also the new business wins we highlighted with Holston Defense Threat Reduction Agency, I go back to our July results are right in line with our plan.

此外，我們還強調了與霍爾斯頓國防威脅降低機構合作取得的新業務成果，我回顧一下我們 7 月的業績，這完全符合我們的計劃。

Yes, Carey, I guess, you've cited a number of specifics for the basis for that. But from a top-down perspective, I guess, how much risk is there just in the slower contracting environment that we're in to assume double the growth rate in that business in the back half versus the first half?

是的，凱裡，我想，你已經引用了一些具體依據。但從自上而下的角度來看，我想，在我們所處的較慢的收縮環境中，假設下半年該業務的增長率是上半年的兩倍，會有多大的風險？

So the most important thing is those are largely contracts have already been awarded and we're ramping up, which we've been accelerating throughout the year. FAA is a real good example of that, which we've seen strong outperformance over the last year. So I would say a lot of that is one. We also have the $11 billion of awarded not booked that is predominantly in the federal area. And we've done a great job of driving task orders over to that.

因此，最重要的是這些合約大部分已經授予，我們正在加快步伐，全年都在加速推進。FAA 就是一個很好的例子，我們看到它在過去一年中表現強勁。所以我想說，很多都是其中之一。我們還有 110 億美元的已授予但尚未入帳的資金，主要集中在聯邦地區。我們在推動任務訂單方面做得非常出色。

Environment has been a little slower, but I'd say we're optimistic that it is starting to pick up. I look at the amount of -- in the volume of proposals that we've been submitting, it's right in line with what we would expect. And it's great to see some of these big large new awards come through this quarter.

環境發展有點慢，但我想說，我們樂觀地認為它正在開始好轉。我查看了我們提交的提案數量，發現它完全符合我們的預期。很高興看到本季獲得了一些重要的新獎項。

Okay. And it sounds like you're saying you're able to say right now that July -- I mean, it's one month, but July at least, is tracking to that directional plan.

好的。聽起來您好像是說您現在可以說七月——我的意思是，雖然是一個月，但至少七月，正在按照那個方向計劃進行。

That's correct. July results were favorable and demonstrate that we're on track to achieve the back half acceleration.

沒錯。七月的業績表現良好，顯示我們有望實現下半年的加速發展。

Okay. Great. Just last one for me. The Federal Solutions margin has come down. How much was confidential helping that margin? And maybe you can just -- was there anything abnormal in the quarter or where does that go in the back half from here?

好的。偉大的。對我來說這只是最後一個。聯邦解決方案的利潤率已經下降。保密資訊對這利潤有多大幫助？也許您可以—本季有什麼異常情況嗎？或是下半年會發生什麼事？

Yes. So as you point out, the biggest driver, of course, was the lower volume on our confidential contract that came down about $250 million year-over-year. Fixed-price contracts obviously are accretive. So the impact from that put a damper on the margins. But in addition to that, I think Carey mentioned in her script, but it was -- we had some additional spend from a BNP perspective back to the expanding capture environment and some strategic hires that we put in place ahead of expected awards. So those two things are the big driver to the Fed margin for the quarter.

是的。正如您所指出的，最大的驅動因素當然是我們的保密合約額度下降，年減了約 2.5 億美元。固定價格合約顯然具有增值作用。因此，其影響對利潤率產生了抑製作用。但除此之外，我認為 Carey 在她的腳本中提到過，但事實是 - 從 BNP 的角度來看，我們有一些額外的支出，用於擴大捕獲環境，以及我們在預期獎勵之前進行的一些戰略性招聘。因此，這兩件事是本季聯準會利潤率的主要驅動力。

For the rest of the year, we expect Fed margins to be kind of in the low 9% range to get back up near 9% for total year. We have some incentive fees timing in the second half. We've got some product sales, as I mentioned before, and then operating leverage as you see the outpaced revenue growth, you'll start to see the margins trend back up as well. So those are the big drivers for second half think long term, we're kind of in that. We're happy in that kind of low to mid-9s given the breadth of the portfolio, the amount of cost type work we do, that's kind of more on the front end, R&D-focused. And so all in all happy with where the investments are going and long-term outlook for the Fed margins.

對於今年剩餘時間，我們預計聯準會利率將在 9% 左右的低點徘徊，全年利率將回升至 9% 左右。我們在下半年有一些激勵費用的時間安排。正如我之前提到的，我們有一些產品銷售，然後當你看到收入成長超過預期時，經營槓桿，你也會開始看到利潤率趨勢回升。因此，從長遠來看，這些都是下半年的主要動力，而我們正處於其中。考慮到產品組合的廣度、我們所做的成本類型工作的數量，我們對這種低到中等 9 分的評分感到滿意，這些工作更多的是在前端，以研發為重點。總的來說，我對投資走向和聯準會利潤的長期前景感到滿意。

Okay, thanks so much.

好的，非常感謝。

Mariana Perez Mora, Bank of America.

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

Hi. Good morning. This is Samantha Steyer on from Mariana.

你好。早安.我是來自馬裡亞納的 Samantha Steyer。

Sticking with the FS margin, you highlighted strategic personnel hires. So with that, how has the hiring environment been? And then how -- what is your ability to move people within the company around to these kind of high priority areas?

堅持 FS 利潤率，您強調了策略人員聘用。那麼，招募環境如何？那麼，您如何——您有什麼能力將公司內部的人員調動到這些高優先級的領域？

Yes. Thanks for the question. Hiring environment has been very strong and also the retention. Our retention is the best that it's been since 2020. And we do have a great ability to hire.

是的。謝謝你的提問。招募環境非常好，留任率也很高。我們的保留率是自 2020 年以來最好的。我們的招募能力確實很強。

I think really as a result of our mission focus and our culture people want to come to Parsons. Our ability to win with strong win rates of 72% this year, similar to what we've delivered in the last two years. We were winning these great new exciting projects.

我認為，正是因為我們的使命重點和我們的文化，人們才願意來到帕森斯。我們今年的勝率高達 72%，與過去兩年的勝率相似。我們贏得了這些令人興奮的偉大新項目。

We do have an ability to move people around. We have kind of a common program management pool of people. We have an engineering design group of people. And I always like to highlight somebody who today works an internal audit that's a person that worked in federal or worked in critical infrastructure, worked in North America, worked in the Middle East. So she's kind of been all over the company. And I think we do a great job of that and giving people new experiences and development opportunities.

我們確實有能力調動人。我們有一個共同的專案管理人才庫。我們有一個工程設計團隊。我總是喜歡強調今天從事內部稽核的人，他們曾在聯邦政府或關鍵基礎設施部門工作過，曾在北美或中東工作。所以她好像已經走遍了整個公司。我認為我們在這方面做得很好，為人們提供了新的體驗和發展機會。

Great. Thank you. I'll keep it at one.

偉大的。謝謝。我會保持為 1。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

Yes. Thanks. Good morning.

是的。謝謝。早安.

Morning.

早晨。

I was wondering if you could elaborate on the unbooked backlog, if you will, I think it changed by $1 billion in the quarter. Maybe you touched on it and I missed it, but $12 billion worth of money...

我想知道您是否可以詳細說明未預訂積壓訂單的情況，如果可以的話，我認為本季度積壓訂單變化了 10 億美元。也許你提到了這一點而我錯過了，但價值 120 億美元的資金...

Yes, sure. So it's just over $11 billion now. We had about $600 million that was in for the confidential contract so we obviously have removed that. Then we've done exactly as we indicated, which has driven task orders onto some of our IDIQ vehicles. So it came down slightly because of that. And that's, again, our full intention.

是的，當然。所以現在剛好超過 110 億美元。我們為保密合約投入了大約 6 億美元，因此我們顯然已經取消了這筆費用。然後我們就按照我們所說的去做了，這給我們的一些 IDIQ 車輛帶來了任務訂單。因此價格略有下降。這也是我們的全部意圖。

Okay. And maybe -- did you guys comment on what your outstanding bids are as of the end of the quarter?

好的。也許——你們是否評論過截至本季末你們的未完成出價是多少？

We have $6 billion of awaiting notice of award. We have a $55 billion pipeline.

我們有 60 億美元的款項正在等待裁決通知。我們擁有價值 550 億美元的管道。

Okay. And is there any risk of the second -- you mentioned you've booked a lot of the stuff already that gives you confidence in the second half ramp. But is there any sort of change in the funding environment, the funded backlog that you're seeing that raises any risk to that outlook or does that look well aligned at this point?

好的。第二個風險是什麼？您提到您已經預訂了很多東西，這讓您對下半年的成長充滿信心。但是，您所看到的融資環境、融資積壓情況是否發生了變化，這給前景帶來了風險，還是目前看起來情況良好？

Our funded backlogs the highest. It's been at 70%, so very strong.

我們的資助積壓量最高。目前已經達到 70%，非常強勁。

Yes. I would say funding is coming in, in line, cash is paying clean. So I'd say, all in all, we're looking pretty good, Gautam.

是的。我想說的是，資金正在流入，現金正在支付。所以我想說，總的來說，我們看起來非常好，高塔姆。

Terrific. Thank you.

了不起。謝謝。

(Operator Instructions)

（操作員指示）

Jonathan Siegman, Stifel.

喬納森·西格曼，Stifel。

Hey. Good morning, Carrie, Matt and Dave. Thanks for taking my question.

嘿。早安，Carrie、Matt 和 Dave。感謝您回答我的問題。

So maybe just to tease a bit more on the second half ramp in Federal Solutions. I think maybe what's optically struggling is looking at the backlog that hasn't sequentially down with your expectations of higher growth. But when I look at your remaining performance obligations being in Federal Solutions at an all-time high, up double digits. I think that's consistent with your confidence, but I just wanted to see if that indicated -- that's the right interpretation of it or whether that's being distorted by Chesapeake at all. Thank you.

因此，也許只是為了對聯邦解決方案的後半部分進行更多的預告。我認為，也許表面上困難的是積壓訂單沒有按照你對更高成長的預期連續下降。但當我看到聯邦解決方案中剩餘的履約義務達到了歷史最高水平，成長了兩位數。我認為這與您的信心一致，但我只是想看看這是否表明 - 這是正確的解釋，或者這是否被切薩皮克扭曲了。謝謝。

Yes. No real distortion from Chesapeake. I think you're right, between RUPO and funded backlog, we see really strong next 12 to 18 months. I'd say that helps us build the confidence. We see timing on the awards, the ramps, the milestone deliveries. There's a lot of things that are all help us build confidence. Obviously, 20% is a sporty number, but we are fully committed and we're going to deliver.

是的。切薩皮克沒有做出真正的扭曲。我認為你是對的，在 RUPO 和資助積壓之間，我們預計未來 12 到 18 個月將會非常強勁。我想說這有助於我們建立信心。我們看到了獎項、坡道和里程碑交付的時間。有很多事情可以幫助我們建立信心。顯然，20% 是一個不切實際的數字，但我們全力以赴，一定會實現這一目標。

And again, our funded backlog is up 14%, so very strong.

而且，我們的資金積壓成長了 14%，非常強勁。

Appreciate that. Thank you.

非常感謝。謝謝。

Louie DiPalma, William Blair.

路易·迪帕爾馬、威廉·布萊爾。

Carry, Matt and Dave, good morning.

卡里、馬特和戴夫，早安。

Good morning, Louie.

早安，路易。

Carey, you discussed the strong second half growth for -- I think, 7 large US infrastructure programs. For these programs, will the revenue trajectory take the shape of a bell curve? And does that peak funding for these programs should it resemble general peak funding for IIJA. I think you mentioned that there should be funding that should increase for IIJA through 2028. And so is that how we should assume the revenue trajectory for these programs?

凱裡，您討論了美國 7 個大型基礎設施項目下半年的強勁成長。對於這些項目，收入軌跡是否會呈現鐘形曲線？這些項目的峰值資金是否應該類似於 IIJA 的一般高峰資金？我認為您提到到 2028 年對 IIJA 的資助應該會增加。那我們該如何假設這些項目的收入軌跡呢？

Yes. So it really varies. Let me just give you two specific examples.

是的。所以它確實有所不同。我僅舉兩個具體例子。

Georgia State Route 400, we're part of a public-private partnership. We are the design engineer. So what you'll see is most of our work at the very beginning of that project. Another example would be the Dubai Metro Blue Line. We're the program manager. So in that instance, we will provide program management capabilities throughout that entire contract at a steady state.

喬治亞州 400 號公路，我們是公私部門合作的一部分。我們是設計工程師。因此，您將看到的是我們在該專案開始時所做的大部分工作。另一個例子是杜拜地鐵藍線。我們是專案經理。因此在這種情況下，我們將在整個合約期間以穩定的狀態提供專案管理能力。

So it really depends on the type of work we're performing on each contract. Another example in the US, the Hudson River Tunnel, which is the largest rail transit infrastructure project in the US, we are the program manager on that. So we'll be on for that entire duration.

所以這實際上取決於我們在每份合約中執行的工作類型。再來如美國的哈德遜河隧道，它是美國最大的軌道交通基礎設施項目，我們是它的專案經理。所以我們會一直在線上。

Okay. I guess as a whole for these programs, would there be difficult comps in 2028 or 2027 for the ones that are front-end loaded or how should we think about them collectively?

好的。我想，對於這些項目來說，總體而言，2028 年或 2027 年對於前端加載的項目來說是否會有困難的競爭，或者我們應該如何集體考慮它們？

Yes. No, because we continue to win new business. So 19 consecutive quarters greater than 1.0 book-to-bill. Projects still coming out larger than we've seen in both North America and the Middle East, not even at a peak yet where the funding has been outlaid out of the IIJA and then adding a new surface transportation bill on top of that.

是的。不，因為我們不斷贏得新業務。因此，連續 19 個季度的訂單出貨比都大於 1.0。正在上演的項目規模仍然比我們在北美和中東看到的更大，甚至還沒有達到IIJA資金支出的頂峰，而且還要在此基礎上增加新的地面運輸費用。

Like I said, we'll continue to win projects. And again, very proud of the fact of where we've moved up on the Engineering News-Record ratings to be number 1 now on program management in the world.

正如我所說的，我們將繼續贏得項目。再次，我們非常自豪我們在《工程新聞記錄》的排名中已經上升到現在全球專案管理第一名。

Great, Carey. And for the confidential contract, was there any breakup fee or should we assume 0 in revenue in the third quarter or how should we think about that?

太好了，凱裡。對於保密合同，是否有分手費，或者我們是否應該假設第三季度的收入為 0，或者我們應該如何考慮？

Yes. So for that contract, we did $181 million in Q1, $106 million in Q2, so $286 million, consistent with our guidance that we updated on June 2. We are in the process of negotiating a demobilization contract line item for the wind down of the project. It's not yet negotiated, but we expect it to be very scaled back and immaterial, less than 1% of revenue.

是的。因此，對於該合同，我們在第一季的支出為 1.81 億美元，在第二季度的支出為 1.06 億美元，總計為 2.86 億美元，與我們在 6 月 2 日更新的指導一致。我們正在就該專案的結束階段的複員合約專案進行談判。目前尚未協商，但我們預計該金額將會大幅縮減且不重要，不到收入的 1%。

Okay. Thanks. And is it possible, Matt, could you provide the quarterly for the confidential contract for the third quarter and fourth quarter of last year?

好的。謝謝。馬特，您能否提供去年第三季和第四季的保密合約的季度數據？

Yes. So we didn't really give -- remember, we had some complexities with the customer, given the total scale of the contracts. So I would say -- I'll kind of give you a directional Q2 and Q3 where the peak Q4 was lighter. And so I would say this kind of Q2 number was a little bit bigger in Q3 and then Q4 was lower.

是的。所以我們並沒有真正給予——記住，考慮到合約的總規模，我們與客戶之間存在一些複雜問題。所以我想說——我會給你一個方向性的 Q2 和 Q3，其中峰值 Q4 較輕。所以我想說，第二季的數字在第三季會稍微大一點，而第四季則會比較低。

Great. And one final one. Earlier this week, Carey and Matt, you announced a satellite communications partnership with Globalstar to bring services to Europe, and what does that partnership entail? The reason I'm asking is as everybody on the call are aware, there has been significant GPS jamming attacks across Europe with the conflict. And so does your Globalstar partnership provide any types of alternative like position navigation and timing services to help alleviate those jamming attacks? Thanks.

偉大的。最後一個。凱里和馬特，本週早些時候，你們宣布與 Globalstar 建立衛星通訊合作夥伴關係，為歐洲提供服務，這種合作關係意味著什麼？我之所以問這個問題，是因為電話中的每個人都知道，隨著衝突的爆發，歐洲各地發生了嚴重的 GPS 幹擾攻擊。那麼，你們與 Globalstar 的合作關係是否提供了任何類型的替代方案，例如位置導航和計時服務，以幫助緩解這些幹擾攻擊？謝謝。

Yes. Great question, Louie, and that's exactly what it does. We've partnered with Globalstar, we've got a very innovative solution, and it takes our person's proprietary software-defined satellite communications technology, integrates it with Globalstar's low earth orbit satellite constellation. And we developed it specifically to target complex and congested areas as you're referring to in Ukraine.

是的。路易，這個問題問得很好，它的作用也是如此。我們與 Globalstar 合作，得到了一個非常創新的解決方案，它採用了我們專有的軟體定義衛星通訊技術，並將其與 Globalstar 的低地球軌道衛星星座結合。我們專門針對您所提到的烏克蘭複雜和擁擠的地區開發了它。

We think that this partnership is going to unlock previously impossible mission-critical solutions and provide unique responses for Assured PNT within radio frequency congested environments and also set a new standard for global communication services and complex and challenging operating conditions. We did deploy the system at three different locations across the theater. It is active within a conflict scenario, and we were very pleased with the performance results. We're now looking at how we expand that into INDOPACOM and other areas.

我們認為，此次合作將解鎖以前不可能實現的關鍵任務解決方案，為無線電頻率擁擠環境中的保證 PNT 提供獨特的響應，並為全球通訊服務和複雜且具有挑戰性的操作條件樹立新的標準。我們確實在劇院的三個不同地點部署了該系統。它在衝突場景中很活躍，我們對效能結果非常滿意。我們現在正在研究如何將其擴展到印太司令部和其他地區。

Excellent. So you can potentially bring into other geographies as well?

出色的。那麼您也可以將其引入其他地區嗎？

Yes.

是的。

Great. Thanks, Carey, Matt and Dave. Have a great day.

偉大的。謝謝，Carey、Matt 和 Dave。祝你有美好的一天。

That's all the time we have for questions today. I'd like to turn the call back to Dave Spille for closing remarks.

今天我們的提問時間就到這裡了。我想將電話轉回給 Dave Spille 做最後發言。

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

謝謝，再次感謝您今天早上的參加。如果您有任何疑問，請隨時給我打電話，我們期待在接下來的幾週內與您聯繫。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。