Parsons Corp (PSN) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to the third quarter 2025 Parsons Corporation earnings conference call. (Operator Instructions)

大家好，歡迎參加 Parsons Corporation 2025 年第三季財報電話會議。（操作說明）

Please note, this conference is being recorded. Now it's my pleasure to turn the call over to the Vice President of Investor Relations, Dave Spille. Please proceed.

請注意，本次會議正在錄影。現在我很高興將電話轉交給投資者關係副總裁戴夫·斯皮爾。請繼續。

Thank you, Carmen. Good morning, and thank you for joining us today to discuss our third quarter 2025 financial results. Please note that we provided presentation slides on the Investor Relations section of our website. On the call with me today are Carey Smith, Chair, President and CEO; and Matt Ofilos, CFO. Today, Carey will discuss our corporate strategy and operational highlights, and then Matt will provide an overview of our third quarter financial results as well as a review of our 2025 guidance. We then will close with a question-and-answer session.

謝謝你，卡門。早安，感謝各位今天蒞臨現場，與我們共同探討2025年第三季的財務表現。請注意，我們已在網站的投資者關係部分提供了簡報。今天和我一起通話的是董事長、總裁兼執行長凱裡·史密斯，以及財務長馬特·奧菲洛斯。今天，凱瑞將討論我們的公司策略和營運亮點，然後馬特將概述我們第三季的財務業績，並回顧我們 2025 年的業績指引。最後我們將進行問答環節。

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

管理層也可能在電話會議中就未來事件、預期未來趨勢和公司預期未來業績發表前瞻性聲明。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 end December 31, 2024, and other SEC filings. Please refer to our earnings press release for Parsons' complete forward-looking statement disclosure. We do not undertake any obligation to update forward-looking statements.

由於各種因素，實際結果可能與前瞻性聲明中預測的結果有重大差異。這些風險因素已在我們的 2024 年 12 月 31 日結束的財政年度的 10-K 表格和其他美國證券交易委員會文件中進行了描述。有關 Parsons 的完整前瞻性聲明披露，請參閱我們的盈利新聞稿。我們不承擔更新前瞻性陳述的任何義務。

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

管理階層也會在本次電話會議中提及非公認會計準則財務指標，我們提醒您，這些非公認會計準則財務指標不能取代相應的公認會計準則指標。現在我把電話交給凱裡。

Thank you, Dave. Good morning. Welcome to Parsons third quarter 2025 earnings call. This quarter, we continued to deliver strong performance in a dynamic global environment as an advanced and differentiated technology leader that's aligned to the administration's and global priorities in national security and infrastructure, our portfolio is strategically positioned to continue to capitalize on long-term macro environment trends.

謝謝你，戴夫。早安.歡迎參加 Parsons 2025 年第三季財報電話會議。本季度，作為一家先進且具有差異化的技術領導者，我們在充滿活力的全球環境中繼續保持強勁的業績，我們的業務組合符合政府和全球在國家安全和基礎設施方面的優先事項，並具有戰略意義，能夠繼續利用長期宏觀環境趨勢。

In addition, we operate with speed in delivering operationally relevant solutions at a time where our customers need companies that can deliver rapid results. During the quarter, we continued to achieve industry-leading organic revenue growth, excluding our confidential contract, significantly expanded our adjusted EBITDA margins, exceeded our cash flow expectations and won strategic contracts.

此外，我們以快速且有效率的方式提供與營運相關的解決方案，而此時我們的客戶需要能夠快速交付成果的公司。本季度，我們繼續實現業界領先的有機收入成長（不包括我們的保密合約），大幅擴大了調整後的 EBITDA 利潤率，超出了現金流預期，並贏得了策略合約。

In addition, our win rates and hiring retention remained strong and we completed another accretive acquisition after the quarter ended in the fast-growing and profitable water market that strengthens our capabilities and enhances our Florida presence.

此外，我們的成交率和員工留任率依然強勁，在本季度結束後，我們在快速成長且利潤豐厚的水務市場完成了另一項增值收購，這增強了我們的能力，並提升了我們在佛羅裡達州的影響力。

Turning to our third quarter financial results. Our adjusted EBITDA, adjusted EBITDA margin, and cash flow results exceeded our expectations, and our total and organic revenue growth rates, excluding the impact from our confidential contract remained strong at 14% and 9%, respectively. This includes 18% total revenue growth in critical infrastructure and 9% in Federal Solutions.

接下來來看看我們第三季的財務表現。我們的調整後 EBITDA、調整後 EBITDA 利潤率和現金流量結果都超出預期，不計保密合約的影響，我們的總營收成長率和有機收入成長率分別維持在 14% 和 9% 的強勁水準。這其中包括關鍵基礎設施總收入成長 18%，聯邦解決方案總收入成長 9%。

This strong growth in both segments highlights the strength and synergies of our diversified portfolio, our strong hiring and retention, the successful integration of our acquisitions and our alignment to priority spending areas.

這兩個業務部門的強勁成長凸顯了我們多元化產品組合的優勢和協同效應、我們強大的招募和留任能力、我們成功整合收購專案以及我們與優先支出領域的契合度。

During the third quarter, we also delivered 60 basis points of margin expansion to 9.8%, $163 million of cash flow from operations and 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 time or better since our 2019 IPO.

第三季度，我們的利潤率也提高了 60 個基點，達到 9.8%，經營活動產生的現金流為 1.63 億美元，並且本季和過去 12 個月的訂單出貨比均為 1.0 倍。自 2019 年 IPO 以來，我們每季的滾動 12 個月訂單出貨比率都保持在 1.0 倍或更高，這一紀錄得以延續。

Finally, we are reiterating our 2025 adjusted EBITDA and cash flow guidance ranges at the midpoint and we're modifying our revenue outlook to reflect delays in sole-source task order awards products and material procurements. In addition to delivering solid financial results, we won four contracts over $100 million in the third quarter with two representing new work.

最後，我們重申 2025 年調整後 EBITDA 和現金流指引範圍的中點，並修改收入預期，以反映單一來源任務訂單授予產品和材料採購的延遲。除了取得穩健的財務業績外，我們在第三季還贏得了四份超過 1 億美元的合同，其中兩份是新合約。

Significant third quarter contract wins included a new large 10-year single-award task order contract as an exclusive subcontractor for design and modernization on the Holston Army ammunition plant government-owned contractor operated contract. We booked $50 million on this contract during the quarter. This win continues our success of winning industrial-based upgrades as per the $18 billion modernization plan and is our fourth contract win supporting the Army customer that's valued at more than $100 million.

第三季的重要合約中標包括一份新的大型 10 年期單一授予任務訂單合同，作為獨家分包商，負責霍爾斯頓陸軍彈藥廠（政府所有承包商營運合約）的設計和現代化改造。本季我們透過這份合約獲得了 5000 萬美元的收入。此次中標延續了我們在價值 180 億美元的現代化計劃中贏得工業升級項目的成功勢頭，也是我們為陸軍客戶贏得的第四份價值超過 1 億美元的合約。

A 6-year $133 million authorization to continue serving as the lead designer for the Georgia State Route 400 Express Lanes. This project will add new Express Lanes and use state of-the-art traffic, incident management and digital twin systems. As a Tier 1 focused state for persons, this expands our Georgia Department of Transportation presence with the state of Georgia expected to spend more than $20 billion over the next five years.

獲得為期 6 年、金額達 1.33 億美元的授權，繼續擔任喬治亞州 400 號州際公路快速車道的主要設計方。該項目將增設快速車道，並採用最先進的交通、事故管理和數位孿生系統。作為以人為本的一級州，這將擴大喬治亞州交通部的影響力，預計喬治亞州將在未來五年內投入超過 200 億美元。

We were awarded two new multiyear single-award defense and security contracts by Middle East government customers. One contract valued at more than $100 million represents new work to lead the design review and project and construction management of national security infrastructure. While the second contract is to design border security infrastructure and facilities.

我們獲得了中東政府客戶授予的兩份新的多年期單一授予國防和安全合約。其中一份價值超過 1 億美元的合約代表著一項新的工作，即領導國家安全基礎設施的設計審查、專案和施工管理。第二份合約是設計邊境安全基礎設施和設施。

These contracts reflect the strength of Parsons synergistic portfolio and our ability to bring comprehensive national security, critical infrastructure protection and program management capabilities to our Middle East and critical infrastructure customers.

這些合約體現了帕森斯協同產品組合的實力，以及我們為中東和關鍵基礎設施客戶提供全面的國家安全、關鍵基礎設施保護和專案管理能力的能力。

And during this quarter, we booked $107 million for these two contracts, MPA delivery partners, a joint venture of three companies, including Parsons is the managing partner was awarded a $665 million, 4.5-year contract extension by the Gateway Development Commission to continue managing the successful delivery of the Hudson Tunnel project.

本季度，我們為這兩份合約錄得 1.07 億美元的收入。 MPA 交付合作夥伴（由三家公司組成的合資企業，其中 Parsons 是管理合夥人）獲得了 Gateway Development Commission 授予的價值 6.65 億美元、為期 4.5 年的合約延期，以繼續管理 Hudson Tunnel 項目的成功交付。

This project will build a new two-tube rail tunnel under the Hudson River and rehabilitate the existing 115-year tunnel as well as 9 miles of new passenger rail track between New York and New Jersey. We were awarded an $88 million task order under the Air Base Air Defense contract. Parsons will provide integration, upgrades procurement and training across the Europe and Africa areas of responsibility for the United States Air Force. This contract includes a one-year base period and two one-year option periods, and we booked $82 million during the quarter.

該項目將在哈德遜河下方建造一條新的雙管鐵路隧道，並對現有的115年歷史的隧道進行修復，同時在紐約和新澤西之間新建9英里的客運鐵路軌道。我們根據空軍基地防空合約獲得了價值 8800 萬美元的任務訂單。Parsons 將為美國空軍在歐洲和非洲的責任區提供整合、升級、採購和訓練服務。該合約包括一年的基本期限和兩個一年的選擇期，我們在本季度獲得了 8200 萬美元的收入。

For the first nine months of 2025, we've been awarded over $190 million in task orders on this IDIQ vehicle. Air Based Air Defense is increasingly important around the globe to safeguard military operations and Parsons is an industry leader in this domain with innovative solutions designed to rapidly detect, alert, deny or defeat threats, ranging from low-cost unmanned vehicles to sophisticated hypersonic weapons.

2025 年前九個月，我們已獲得價值超過 1.9 億美元的 IDIQ 合約任務訂單。在全球範圍內，空中防空對於保障軍事行動的重要性日益凸顯，而帕森斯公司是該領域的行業領導者，擁有創新的解決方案，旨在快速探測、發出警報、阻止或擊敗各種威脅，從低成本的無人飛行器到復雜的超音速武器。

Parsons was also awarded three PFAS contracts with a collective value of $23 million. These wins span both our Federal Solutions and Critical Infrastructure businesses and expand our portfolio in the highly strategic and rapidly growing PFAS market. Year-to-date, we've won nearly $70 million in PFAS contract awards, and the PFAS market represents a $40 billion addressable market for Parsons. These wins represent revenue synergies with our TRS Group acquisition.

Parsons公司也獲得了三份PFAS合同，總價值達2300萬美元。這些勝利涵蓋了我們的聯邦解決方案和關鍵基礎設施業務，並擴大了我們在具有高度戰略意義且快速成長的 PFAS 市場中的業務組合。今年迄今為止，我們已獲得近 7000 萬美元的 PFAS 合同，而 PFAS 市場對 Parsons 而言是一個價值 400 億美元的潛在市場。這些勝利反映了我們收購 TRS 集團後產生的營收綜效。

In addition to these large and important wins, we continued our successful track record of acquiring strategic companies in high-growth markets that strengthen our portfolio and have revenue growth and adjusted EBITDA margins of 10% or more. After the third quarter ended, we acquired Applied Sciences Consulting, a Florida-based engineering firm that specializes in water and storm water solutions for cities, counties and water management districts across the state.

除了這些重大勝利之外，我們還繼續保持在高速成長市場中收購策略性公司的成功記錄，這些公司增強了我們的投資組合，並且收入成長和調整後 EBITDA 利潤率達到 10% 或更高。第三季結束後，我們收購了應用科學顧問公司（Applied Sciences Consulting），這是一家總部位於佛羅裡達州的工程公司，專門為全州的城市、縣和水資源管理區提供水和雨水解決方案。

Water is our fastest-growing and most profitable market within our North America infrastructure business unit. This acquisition positions us to capitalize on Florida's significant investments in water infrastructure, resiliency and quality. We continue to deploy capital across both business segments to take advantage of the significant tailwinds in our markets and four of our last six acquisitions have been in our Critical Infrastructure segment.

在北美基礎設施業務部門中，水務是我們成長最快、利潤最高的市場。此次收購使我們能夠充分利用佛羅裡達州在水利基礎設施、韌性和品質方面的大量投資。我們繼續在兩個業務部門部署資本，以利用我們市場中顯著的順風，我們最近六次收購中有四次是在我們的關鍵基礎設施部門。

During the quarter, the company was recognized as one of the world's best companies by TIME and one of the best led companies by Glassdoor, we're particularly pleased with the Glassdoor rating since we were selected by our employees.

本季度，該公司被《時代》雜誌評為全球最佳公司之一，也被 Glassdoor 評為領導力最佳公司之一。我們對 Glassdoor 的評分尤其感到高興，因為這是由員工選出來的。

Parsons also received the prestigious Diamond Award in the Structural Systems category from ACEC New York for our work on the Brooklyn Bridge Rehabilitation Project.

Parsons 還因在布魯克林大橋修復項目中的工作而獲得了 ACEC 紐約頒發的結構系統類別的著名鑽石獎。

Looking forward, we are excited about our growth opportunities. Our relentless focus on strong program execution and our delivery reputation provides customers with the confidence they need to choose Parsons as their contractor of choice for their large, most complex and mission-critical challenges.

展望未來，我們對自身的發展機會感到興奮。我們始終專注於強大的專案執行力和良好的交付信譽，這讓客戶有信心選擇 Parsons 作為他們應對大型、最複雜和關鍵任務挑戰的首選承包商。

In addition, our unique and synergistic critical infrastructure and Federal Solutions portfolio which consists of 6 growing, profitable and enduring end markets is expected to drive mid-single digit or better organic revenue growth, excluding the confidential contract for the foreseeable future. This growth outlook excludes the FAA brand-new air traffic control system contract.

此外，我們獨特且具有協同效應的關鍵基礎設施和聯邦解決方案組合（由 6 個不斷增長、盈利且持久的終端市場組成）預計將在可預見的未來推動中等個位數或更高的有機收入增長（不包括保密合約）。這項成長預期不包括美國聯邦航空管理局全新的空中交通管制系統合約。

Regarding this opportunity, we believe a decision is imminent, and we felt we offered a compelling bid given we're the number-one program manager in the world offered a transformational approach strategically partnered with IBM, have strong past performance and assembled a team that is vendor-agnostic and understands the FAA.

關於這個機會，我們認為很快就會做出決定，而且我們認為我們提交了一份有競爭力的報價，因為我們是世界排名第一的專案管理公司，提供變革性的方法，與 IBM 建立了戰略合作夥伴關係，擁有強大的過往業績，並組建了一支不偏袒任何供應商且了解美國聯邦航空管理局的團隊。

In Critical Infrastructure, we continue to win some of the largest and highest priority projects in our geographies and are expanding into high-value adjacent markets by leveraging our entire portfolio with long-term tailwinds and 20 consecutive quarters of greater than 1.0 time book-to-bill. We expect continued growth into the next decade. In the United States, our focus on hard infrastructure such as roads and highways, bridges, airports and rail and transit is aligned to spending priorities.

在關鍵基礎設施領域，我們繼續贏得我們所在地區一些規模最大、優先級最高的項目，並透過利用我們整個投資組合的長期利好因素和連續 20 個季度超過 1.0 倍的訂單出貨時間，向高價值的鄰近市場擴張。我們預計未來十年將持續成長。在美國，我們對道路、高速公路、橋樑、機場、鐵路和公共交通等硬基礎設施的重視程度與支出優先事項一致。

The infrastructure investment and Jobs Act provided states with the confidence they needed to move forward with major infrastructure projects and discussions on the next surface transportation bill are underway. This bill is expected to provide additional budget for increased US infrastructure spending.

基礎設施投資和就業法案為各州提供了推進重大基礎設施項目所需的信心，目前關於下一項地面交通法案的討論正在進行中。預計該法案將為增加美國基礎設施建設支出提供額外預算。

Our Middle East infrastructure business also continues to excel. Our more than 60-year history in the region, outstanding reputation and Saudi joint venture has positioned us as a trusted partner to our customers and is a competitive advantage in the region.

我們在中東的基礎建設業務也持續表現優異。我們在該地區擁有超過 60 年的歷史、卓越的聲譽以及與沙烏地阿拉伯的合資企業，這使我們成為客戶值得信賴的合作夥伴，也是我們在該地區的競爭優勢。

We see significant demand for our engineering and program management solutions across the region as governments implement their strategic visions and prepare for upcoming world events. In addition, our expansion into the defense, security, hospitality and industrial manufacturing sectors has contributed to our recent growth as these markets are receiving major investments.

隨著各國政府實施其戰略願景並為即將到來的世界事件做準備，我們看到該地區對我們的工程和專案管理解決方案有著顯著的需求。此外，我們向國防、安全、酒店和工業製造領域的擴張也促進了我們近期的成長，因為這些市場正在獲得大量投資。

In Federal Solutions, Parsons has a strong position and differentiated capabilities in aviation modernization, integrated air and missile defense, space superiority, counter unmanned air systems, cyber operations, electronic warfare, industrial-based modernization and border security with a strong alignment, the administration's priorities and budget Parsons is well positioned to immediately capitalize on opportunities in these areas.

在聯邦解決方案領域，帕森斯公司在航空現代化、綜合防空和飛彈防禦、太空優勢、反無人機系統、網路作戰、電子戰、工業現代化和邊境安全方面擁有強大的地位和差異化能力，並且與政府的優先事項和預算高度契合，因此帕森斯公司能夠立即抓住這些領域的機會。

In summary, I am very pleased with our strong execution. We continue to deliver industry-leading growth with 14% total revenue growth and 9% organic growth, excluding our confidential contract. We expanded margins by 60 basis points, exceeded our cash flow expectations, won defense contracts in the administration's priority areas, and our Critical Infrastructure segment continues to hit on all cylinders by delivering double-digit organic revenue growth and adjusted EBITDA margins.

總而言之，我對我們出色的執行力非常滿意。我們持續保持業界領先的成長勢頭，總收入成長 14%，有機成長 9%（不包括我們的保密合約）。我們將利潤率提高了 60 個基點，超出了現金流預期，在政府優先領域贏得了國防合同，我們的關鍵基礎設施部門繼續全力以赴，實現了兩位數的有機收入增長和調整後 EBITDA 利潤率。

Our win rates and hiring and retention remains strong, and we continue to leverage our balance sheet for strategic accretive acquisitions. We also have a total backlog of nearly $9 billion, of which 72% is funded, approximately $11 billion of contract wins that we have not yet booked, a $58 billion pipeline that includes more than 115 opportunities of contracts worth $100 million or more and 15 opportunities worth $500 million or more.

我們的勝率、招募和留任率依然強勁，我們將繼續利用資產負債表進行策略性增值收購。我們還有近 90 億美元的積壓訂單，其中 72% 已獲得資金；約 110 億美元的已中標合約尚未確認；580 億美元的儲備項目包括 115 多個價值 1 億美元或以上的合約機會和 15 個價值 5 億美元或以上的合約機會。

We believe our healthy forward-looking metrics, strong operating teams and industry tailwinds positions us to outpace industry growth rates and continue to deliver significant long-term shareholder value.

我們相信，我們健康的、前瞻性的指標、強大的營運團隊和行業利好因素使我們能夠超越行業成長速度，並繼續為股東創造巨大的長期價值。

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

接下來，我將把電話交給 Matt，讓他詳細介紹我們第三季的財務表現。馬特？

Thank you, Carey. Q3 financials were highlighted by strong revenue growth, adjusted EBITDA margins and free cash flow ahead of expectations. In addition, we continue to leverage our balance sheet and completed our third accretive acquisition of the year in the strategic water market.

謝謝你，凱瑞。第三季財務數據亮點包括強勁的營收成長、調整後的 EBITDA 利潤率和超出預期的自由現金流。此外，我們繼續利用資產負債表，並在策略水務市場完成了今年的第三筆增值收購。

Turning to the details of our third quarter results. Excluding our confidential contract, total revenue grew by 14% and 9% on an organic basis. These increases were driven by double-digit growth in our critical infrastructure protection, transportation and urban development markets. Total revenue, including the confidential contract decreased 10% from the prior year period and was down 14% on an organic basis.

接下來詳細看一下我們第三季的業績。除去我們的保密合同，總收入增長了 14%，有機增長了 9%。這些成長是由關鍵基礎設施保護、交通運輸和城市發展市場兩位數的成長所推動的。包括保密合約在內，總收入比去年同期下降了 10%，以有機成長計算下降了 14%。

SG&A expenses for the third quarter increased 6% from the prior year period. This increase was primarily driven by the inclusion of recent acquisitions and focused investments in bid and proposal activity and critical hires in support of our large strategic pursuits and pipeline aligned to the administration's priorities.

第三季銷售、一般及行政費用較上年同期成長 6%。這一增長主要得益於近期收購、對投標和提案活動的重點投資以及為支持我們的大型戰略項目和符合政府優先事項的項目儲備而進行的關鍵招聘。

Adjusted EBITDA margin expanded 60 basis points to 9.8%, driven by improved program performance and accretive acquisitions. Adjusted EBITDA of $158 million decreased 5% from the prior year period, driven by the revenue decline on our confidential contract.

經調整的 EBITDA 利潤率成長 60 個基點至 9.8%，主要得益於專案績效的提高和增值收購。調整後的 EBITDA 為 1.58 億美元，較上年同期下降 5%，主要原因是我們的保密合約收入下降。

I'll turn now to our operating segments, starting first with Critical Infrastructure, where third quarter revenue increased by $129 million or 18% from the third quarter of 2024. This increase was driven by organic growth of 13% and inorganic revenue contributions from our BCC and TRS acquisitions.

現在我將轉向我們的營運部門，首先是關鍵基礎設施部門，該部門第三季的營收比 2024 年第三季增加了 1.29 億美元，增幅達 18%。這一成長主要得益於 13% 的內生成長以及我們收購 BCC 和 TRS 帶來的外生收入貢獻。

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. Critical Infrastructure adjusted EBITDA increased 83% from the third quarter of 2024, and adjusted EBITDA margin increased 360 basis points to 10.3%. These increases were driven primarily by improved program performance, the ramp up of recent awards and our accretive BCC acquisition.

有機成長主要得益於近期在北美和中東地區新中標合約的增加以及現有合約的成長。關鍵基礎設施調整後 EBITDA 較 2024 年第三季成長 83%，調整後 EBITDA 利潤率成長 360 個基點至 10.3%。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我們收購 BCC 帶來的收益。

Moving to our Federal Solutions segment, where third quarter revenue increased 9% and 5% on an organic basis, excluding our confidential contract. These increases were driven by growth in our critical infrastructure protection, transportation and space and missile defense markets.

接下來看我們的聯邦解決方案部門，第三季營收成長了 9%，以有機成長計算成長了 5%（不包括我們的保密合約）。這些成長是由關鍵基礎設施保護、交通運輸以及航太和飛彈防禦市場的成長所推動的。

Total Federal Solutions revenue, including our confidential contract, decreased 29% from the prior year period and 31% on an organic basis. Federal Solutions adjusted EBITDA decreased 40% from the third quarter of 2024 with an adjusted EBITDA margin of 9.2%. The adjusted EBITDA was primarily impacted by lower volume on the fixed-price confidential contract.

聯邦解決方案總收入（包括我們的保密合約）比去年同期下降了 29%，以有機成長計算下降了 31%。聯邦解決方案調整後的 EBITDA 較 2024 年第三季下降了 40%，調整後的 EBITDA 利潤率為 9.2%。調整後的 EBITDA 主要受到固定價格保密合約銷售下降的影響。

Next, I'll discuss cash flow and balance sheet metrics. Our net DSO at the end of Q3 2025 was 62 days, an 11-day increase from the prior year period but still favorable to historical averages. This increase was primarily driven by lower volume on our confidential contract and the timing of collections in the Middle East. During the third quarter of 2025, we generated $163 million of operating cash flow, which was better than expected and drove free cash flow conversion of 135% for the quarter.

接下來，我將討論現金流和資產負債表指標。截至 2025 年第三季末，我們的淨應收帳款週轉天數為 62 天，比上年同期增加了 11 天，但仍優於歷史平均水準。這一增長主要是由於我們的保密合約數量減少以及中東地區的收款時間表所致。2025 年第三季度，我們產生了 1.63 億美元的經營現金流，這比預期要好，並推動該季度自由現金流轉換率達到 135%。

Capital expenditures totaled $13 million in the third quarter, relatively consistent with the prior year period. For fiscal year 2025, CapEx is expected to remain in line with our planned spend of approximately 1% of annual revenue.

第三季資本支出總額為 1,300 萬美元，與去年同期基本持平。預計 2025 財年資本支出將與我們計劃的支出保持一致，約為年度收入的 1%。

Our balance sheet remains strong, and we ended the third quarter with a net debt leverage ratio of 1.4 times. During the quarter, the remaining $85 million balance on the 2025 convertible senior notes was settled with cash on hand. Additionally, we repurchased approximately 323,000 shares in Q3 at an average price of $77.36 for an aggregate purchase price of $25 million. On a year-to-date basis, we have repurchased approximately 966,000 shares at an average price of $67.28 for an aggregate purchase price of $65 million.

我們的資產負債表依然穩健，第三季末淨負債槓桿比率為 1.4 倍。本季度，2025 年可轉換優先票據剩餘的 8,500 萬美元餘額已用手頭現金結算。此外，我們在第三季以平均每股 77.36 美元的價格回購了約 323,000 股股票，總購買價格為 2,500 萬美元。今年迄今為止，我們已以平均每股 67.28 美元的價格回購了約 966,000 股股票，總購買價格為 6500 萬美元。

Turning next to bookings. For the third quarter, we reported contract awards of $1.6 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 of 1.0 times 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 20th consecutive quarter with a book-to-bill ratio of 1.0 or greater.

接下來是預訂頁面。第三季度，我們報告的合約授予額為 16 億美元，企業層面的訂單出貨比為 1.0 倍。自公司上市以來，過去 12 個月的訂單出貨比每季都達到或超過 1.0 倍，這延續了我們的良好勢頭。在關鍵基礎設施領域，我們的訂單出貨比達到了 1.1 倍，這是連續第 20 個季度訂單出貨比達到 1.0 倍或更高。

In Federal Solutions, we reported a book-to-bill ratio of 0.8 times. Our backlog at the end of the third quarter totaled $8.8 billion, a 1% increase over Q3 2024. Additionally, our funded backlog is the highest since our IPO at $6.4 billion, a 10% increase year-over-year.

在聯邦解決方案業務中，我們的訂單出貨比為 0.8 倍。截至第三季末，我們的積壓訂單總額為 88 億美元，比 2024 年第三季成長 1%。此外，我們已獲資金支持的積壓訂單金額達到 64 億美元，創 IPO 以來新高，年增 10%。

In terms of our guidance, we are reiterating the midpoint of adjusted EBITDA and operating cash flow. However, we are updating revenue guidance to reflect the impact of federal customer capacity constraints impacting timing of sole-source task order awards, products and material procurements, and the inability to recover in Q4 due to the extended government shutdown. We expect total revenue to be between $6.4 billion and $6.5 billion.

就我們的績效指引而言，我們重申調整後 EBITDA 和經營現金流的中點數值。然而，我們正在更新收入預期，以反映聯邦客戶產能限制對單一來源任務訂單授予、產品和材料採購的時間造成的影響，以及由於政府長期停擺導致第四季度無法恢復的情況。我們預計總收入將在 64 億美元至 65 億美元之間。

This guidance represents total revenue growth of 14% and 10% on an organic basis, excluding the confidential contract. Including this contract, total revenue is anticipated to decline 4% at the midpoint of the range and 8% on an organic basis. Adjusted EBITDA remains between $600 million and $630 million.

此預期代表總收入成長 14%，有機成長 10%（不包括保密合約）。包括這份合約在內，預計總收入將下降 4%（以區間中位數計算），或下降 8%（以有機成長計算）。調整後 EBITDA 仍維持在 6 億美元至 6.3 億美元之間。

At the midpoint of our revenue and adjusted EBITDA guidance ranges, our margin increased to 9.5% from 9.3%, this represents adjusted EBITDA margin expansion of 50 basis points from 2024 and a 100% -- a 100 basis point increase since 2023. Operating cash flow is expected to be between $380 million and $460 million.

在我們收入和調整後 EBITDA 指導範圍的中點，我們的利潤率從 9.3% 提高到 9.5%，這代表調整後 ​​EBITDA 利潤率從 2024 年起增長 50 個基點，從 2023 年起增長 100%——增長 100 個基點。預計經營現金流將在 3.8 億美元至 4.6 億美元之間。

While the midpoint remains the same, we did want to widen the range to incorporate any potential impacts from the extended government shutdown. Other key assumptions in connection with our 2025 guidance are outlined on slide 11 in today's PowerPoint presentation located on our Investor Relations website. With that, I'll turn the call back over to Carey.

雖然中點保持不變，但我們確實想擴大範圍，以納入政府長期停擺可能帶來的任何影響。有關我們 2025 年業績指引的其他關鍵假設，請參閱今天發佈在我們投資者關係網站上的 PowerPoint 簡報的第 11 頁。這樣，我就把電話轉回凱裡了。

During the third quarter, we delivered double-digit revenue growth, excluding our confidential contract, 60 basis points of margin expansion, free cash flow conversion of 135% and we completed a strategic acquisition while maintaining our strong balance sheet, which will enable us to make future accretive acquisitions. We remain optimistic about our future, given our team's proven execution, the tailwinds we have in both segments, our strong total and funded backlog and the robust pipeline of large opportunities we have to pursue.

第三季度，我們實現了兩位數的收入成長（不包括保密合約），利潤率提高了 60 個基點，自由現金流轉換率達到了 135%，並且完成了一項策略性收購，同時保持了強勁的資產負債表，這將使我們能夠在未來進行增值收購。鑑於我們團隊已證明的執行力、我們在兩個領域都擁有的順風、我們強大的總訂單量和已獲資金的訂單儲備，以及我們有大量大型機會可以追求，我們對未來仍然保持樂觀。

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

接下來，我們將開放提問環節。

(Operator Instructions) Sangita Jain, KeyBanc Capital Markets.

（操作員指示）Sangita Jain，KeyBanc Capital Markets。

So Carey, and Matt, just -- it looks like there was some revenue from the confidential contract in 3Q. I know it was a much smaller number than the previous run rate. So I was kind of wondering if there was some included in your 4Q guide as well or if you're still presuming that it's going to be 0?

所以凱瑞和馬特，看起來第三季從那份保密合約中獲得了一些收入。我知道這個數字比之前的運行率小得多。所以我想知道，你們的第四季指南中是否也包含了相關訊息，還是你們仍然認為這個數字會是0？

Yes, there was some revenue included in our third quarter guidance. At this point, it's very small and immaterial. The program is in a wind-down state, so we're basically demobilizing.

是的，我們第三季的業績預期中包含了一些收入。這一點微不足道，無關緊要。該專案已進入逐步結束階段，所以我們基本上正在撤離。

Got it. And on C&I margins, it's three quarters in a row now that you've done 10%-plus margins. I know you were expecting a softer second half as you close out some legacy projects. So kind of I just want to get some more color on what may have driven the 3Q strength and if we should expect a 10% to 10.5% as the new run rate heading into '26.

知道了。在工商業利潤率方面，你們已經連續三個季度實現了 10% 以上的利潤率。我知道你原本預期下半年會比較輕鬆，因為你需要完成一些遺留項目。所以，我其實是想更詳細地了解是什麼因素推動了第三季的強勁成長，以及我們是否應該預期到 2026 年新的成長率將達到 10% 到 10.5%。

Yes, I'll start, and Matt will jump in. But I would say, first and foremost, critical infrastructure has had outstanding program execution. We'd always indicated that we expected this business to be double-digit margins, and we weren't sure how quickly we could get there. And obviously, we've had 3 consecutive quarters to your point. So I would say continuing that solid execution looking forward. We've got some higher-margin business that will be coming in as we have been winning some new bids based on the demand that's out there, both in North America as well as the Middle East and then any acquisitions that we do are going to be accretive as well.

好的，我先開始，馬特隨後加入。但首先我要說的是，關鍵基礎設施專案執行得非常出色。我們一直表示，我們期望這項業務的利潤率能達到兩位數，但我們不確定我們能以多快的速度實現這一目標。顯然，我們已經連續三個季度印證了你的觀點。所以我認為，展望未來，我們應該繼續保持這種穩健的執行力。隨著我們在北美和中東贏得一些新的競標，我們將獲得一些利潤更高的業務，這都得益於市場需求。此外，我們進行的任何收購也將帶來收益成長。

Yes. And to give some numbers on a year-to-date basis, to your point, CI is at 10.4%. So really great performance out of the CI business. Q4, we have modeled in kind of the high 9s, low 10s for a total year in kind of the low 10s, as I mentioned, but again, to Carey's point really strong margins out of the CI business, north of 10% throughout the year. And so really excited about the stability throughout the calendar year.

是的。就今年迄今為止的數據而言，正如您所說，CI 為 10.4%。CI業務表現非常出色。第四季度，我們預計利潤率將在 9% 到 10% 之間，全年利潤率預計在 10% 左右，正如我之前提到的。但是，正如凱瑞所說，CI 業務的利潤率非常強勁，全年利潤率將超過 10%。因此，我對全年的穩定性感到非常興奮。

Andrew Wittmann, Baird.

安德魯‧維特曼，貝爾德。

I wanted to ask about the top line here in the quarter and in the fourth quarter guidance. I think maybe it was a little bit lighter than you expected in the third quarter. I was wondering if you could Carey, talk about what was the variance there? And then just as it relates to the fourth quarter guidance, I heard your comments in the prepared remarks, you talked about federal customer capacity, some things about the material. I just thought maybe you could elaborate on some of that.

我想問一下本季的營收狀況以及第四季的業績預期。我覺得第三節的比賽可能比你預期的輕鬆。凱瑞，我想問你能否談談這方面的差異是什麼？至於第四季度業績指引，我聽了您在準備好的發言稿中的發言，您談到了聯邦客戶的產能，以及一些與材料相關的內容。我只是想問一下，或許您可以詳細解釋其中的一些內容。

When you talk about like materials procurement, was that like you couldn't procure because the government was shutdown? Or was there something else behind that? When you talked about customer -- federal customer capacity, is that again shutdown related? Or is there something else behind it? I think just understanding kind of what's changing or what you're seeing in the top line performance is an important topic for today.

您說的物資採購，是不是因為政府停擺而無法採購？或者，背後還有其他原因？您剛才提到的客戶－聯邦政府客戶的產能問題，是否也與政府停擺有關？或者背後還有其他原因？我認為，了解當前情勢的變化或你所看到的業績表現，是當今一個重要的主題。

Yes. Thanks, Andrew. I appreciate the question. So first, our challenge in this quarter was strictly due to timing. So we've had things move to the right. These were actually on contracts that were already awarded to us. Most of the work was our Air Base Air Defense contract had a task order that was awarded later than anticipated. And then we're still awaiting on some of our defensive cyber threat hunt kit awards, and that is impacted by the shutdown.

是的。謝謝你，安德魯。感謝您的提問。首先，我們本季面臨的挑戰完全是由於時間安排問題。所以事情已經向右發展了。實際上，這些項目都屬於已經授予我們的合約範圍。大部分工作都是我們空軍基地防空合約中的一項任務訂單，但該訂單的授予時間比預期要晚。此外，我們也正在等待一些防禦性網路威脅搜尋工具包的撥款，而這受到了政府停擺的影響。

We indicated in Q2 that we did -- we knew we had a second half that was going to be higher than the first half. And that we were optimistic that things will get moving. But I would say, unfortunately, we are still seeing delays and so we wanted to make sure that we were going to achieve our guidance. And so setting for the rest of the year, we had to assume that the shutdown may last as long as until the end of the year.

我們在第二季就表明了這一點——我們知道下半年業績會高於上半年。我們當時樂觀地認為事情會好轉。但遺憾的是，我們仍然看到一些延誤，所以我們想確保我們能夠實現預期目標。因此，在為今年剩餘時間做準備時，我們不得不假設停工可能會持續到年底。

Yes. And Andy, I'd just add, if I look at Fed and I'll talk excluding the confidential contract, call it, 9-ish percent growth for Q3, we are forecasting about 15% for Q4. So to Carey's point, some was a slide to the right from Q3 to Q4. We do expect acceleration in Q4, just with the government shutdown, the timing on task order awards, approvals on material purchases, things like that. All those things are kind of impacting our ability to recover before the end of the calendar year, but should be obviously first half next year.

是的。安迪，我還要補充一點，如果我看看聯準會的政策，撇開那份保密合約不談，假設第三季成長9%左右，我們預測第四季將成長約15%。所以正如凱瑞所說，從第三季到第四季度，確實出現了一些向右下滑的趨勢。我們預計第四季度經濟將加速成長，但這主要是由於政府停擺、任務訂單授予時間、材料採購審批等因素的影響。所有這些因素都在一定程度上影響了我們在今年年底前恢復的能力，但顯然應該能在明年上半年恢復。

Got it. Okay. Great. And then I guess from my follow-up, I wanted to just drill in and get a little bit more from you on FAA. Obviously, the government has shutdown. This one notionally had a October 31 award target date. Obviously, the government controls that and can slide. But I was just wondering, you said imminence on the call. Like are the contracting personnel at the FAA on staff? Is there a dialogue happening there? What can you tell us a little bit more detail on that one in particular?

知道了。好的。偉大的。然後，我想透過我的後續提問，進一步了解美國聯邦航空管理局（FAA）的情況。顯然，政府已經停擺。該項目原定於10月31日授予合約。顯然，政府可以控制這一點，並且可以採取一些措施。但我只是好奇，你在電話裡說的是迫在眉睫。例如，美國聯邦航空管理局的合約人員是否在職？那裡正在進行對話嗎？關於這一點，您能再詳細說嗎？

Yes. Fortunately, the FAA brand-new air traffic control system is not impacted by the shutdown and an award is imminent. This program, again, is going to use the $12.5 billion of funding that was awarded under the reconciliation bill. This is a critically important program to our country.

是的。幸運的是，美國聯邦航空管理局全新的空中交通管制系統並未受到此次政府停擺的影響，授標指日可待。該計劃將再次使用根據和解法案撥付的 125 億美元資金。這對我國來說是一個至關重要的計畫。

We need to improve the safety, reliability, redundancy and efficiency of the National Aerospace System. And in parallel, we have to transform that for the future. I feel that our team has offered a very compelling offer. Parsons, again, as the #1 program manager ranked by Engineering News-Record. This is the type of work we do for a living. We partnered with IBM as our strategic technology partner, and both we and IBM have very deep system engineering expertise.

我們需要提高國家航空航天系統的安全性、可靠性、冗餘性和效率。同時，我們必須為未來做出改變。我覺得我們團隊提出的方案非常有魅力。Parsons再次被《工程新聞記錄》評為排名第一的專案經理。這就是我們賴以謀生的工作。我們與 IBM 建立了策略技術合作夥伴關係，我們和 IBM 都擁有非常深厚的系統工程專業知識。

We also have the right team and a team that knows the FAA and has excellent past performance with the FAA. I mean, our motto has been right team, right time. We're ready now. We certainly look forward to partnering with the FAA on this brand new air traffic control system and achieving the results by December 2028.

我們也擁有合適的團隊，這個團隊了解美國聯邦航空管理局 (FAA)，並且在與美國聯邦航空管理局的過往合作中表現出色。我的意思是，我們的座右銘一直是「合適的團隊，合適的時機」。我們準備好了。我們非常期待與美國聯邦航空管理局合作開發這個全新的空中交通管制系統，並爭取在 2028 年 12 月之前取得成果。

Got it. So just as an addendum to that, then, I think in the past, you've talked about like the dollar amount of awards that you're awaiting notice on. I think in the quarter, this one, among others, many others, went in as awards that you're awaiting notice on. What does that metric stand out here at the end of the third quarter?

知道了。所以，作為補充說明，我想你過去曾談到你正在等待通知的獎金金額。我認為本季度，包括這個獎項在內的許多獎項，都屬於你正在等待通知的獎勵。第三季末，這項指標的突出之處是什麼？

Yes. So awaiting notice of award right now is just under $10 billion, Andy. And that compares to prior years of an average between 4 and 6. So obviously, a big part of that is FAA, but all in all, just under $10 billion awaiting notice of award. So bids submitted awaiting adjudication.

是的。安迪，目前等待授獎通知的金額略低於 100 億美元。而往年平均在 4 到 6 之間。顯然，其中很大一部分是聯邦航空管理局（FAA）的撥款，但總而言之，還有近 100 億美元的項目等待授標通知。因此，已提交的投標書正在等待裁決。

Yes, I'd also highlight the strength of our pipeline. $58 billion is a record pipeline for the company. And the number of awards that we have potentially greater than $500 million being over 15 is also a record for the company. So we're really seeing a lot of needs and demand for our business across both segments.

是的，我還想強調一下我們強大的專案儲備。 580億美元的項目儲備是公司有史以來的最高紀錄。此外，我們獲得的獎金總額超過 5 億美元的潛在獎項數量超過 15 個，這也創下了公司的紀錄。因此，我們看到這兩個領域對我們的業務都有許多需求。

Tobey Sommer, Truist.

Tobey Sommer，Truist。

Given the slightly lower top line exiting the year, I'm just wondering how we should think about modeling next year based on the midpoint of the new top line guidance, it looks like consensus is around 8% total revenue growth, which I know wouldn't necessarily be an organic number, but any color you could provide there without specific guidance, of course, at this stage would be helpful.

鑑於年底營收略有下降，我想知道我們應該如何根據新的營收預期中位數來預測明年的業績。目前看來，市場普遍預期總營收成長約為 8%，我知道這不一定是自然成長，但在這個階段，即使沒有具體的業績指引，您也能提供一些參考信息，這將非常有幫助。

Yes. Obviously, we'll provide full year 2026 guidance during the February call. But to your point, solid run rate in Q4 positions us well for 2026. We've said previously mid-single digit or better organic growth, excluding the confidential contract. So that's the number that we're holding to. That would exclude any what I'll call binary large items, think FAA or others that Carey mentioned, Southern border or Golden Dome that are obviously large items. So mid-single digit or better organic, excluding confidential contract and supported by a solid Q4 run rate.

是的。顯然，我們將在二月的電話會議上提供 2026 年全年業績指引。但正如您所說，第四季度穩健的運行速度讓我們為 2026 年做好了充分準備。我們之前說過，有機成長率將達到個位數中段或更高，不包括保密合約。所以，這就是我們堅持的數字。這就排除了我稱之為二元大型項目的任何項目，例如 FAA 或 Carey 提到的其他項目，南部邊境或金色穹頂，這些顯然都是大型項目。因此，有機成長率達到個位數中段或更高，不包括保密合同，並得到第四季度穩健增長的支撐。

And Matt, what would the total contribution this year be from confidential contract just so we have that math equation squared away?

馬特，為了把這個數學問題解決，今年保密合約的總貢獻額是多少？

Yes. It's about $350 million, so just 5%-ish.

是的。大約是 3.5 億美元，也就是 5% 左右。

And Carey, you highlighted water as an area with the recent acquisition in critical infrastructure, you talked about the growth, et cetera. Are there any verticals within critical infrastructure that you would like to sort of further fortify or maybe gain exposure where you might not have it currently?

凱裡，你最近在關鍵基礎設施收購中重點提到了水資源領域，你談到了成長等等。在關鍵基礎設施領域，您是否希望進一步加強某些垂直領域的實力，或者希望在目前尚未涉足的領域中獲得一定的曝光度？

I would say water and environment, which is one of our six end markets has been rapidly growing. We expect this year for that market to be around $650 million. And I mentioned the water portion of that is also our most profitable. So we have been kind of doubling down there. The acquisition of Applied Sciences Consulting was critical for us because Florida is spending billions of dollars and making sure that they have resiliency. And this company is very well positioned to help us capitalize on it by combining our collective capabilities. So it has been an area of focus for M&A.

我認為水和環境（我們的六大終端市場之一）正在迅速增長。我們預計今年該市場規模約為 6.5 億美元。我還提到過，水處理部分也是我們最賺錢的部分。所以我們一直在加大投入。收購應用科學顧問公司對我們來說至關重要，因為佛羅裡達州正在投入數十億美元，以確保其具有韌性。這家公司擁有非常有利的地位，可以透過結合我們雙方的優勢來幫助我們充分利用這一機會。因此，這一直是併購領域的焦點。

Okay. And then during the shutdown, there's been kind of a new wrinkle with the administration halting funding of various things in states. Have you seen any impact from this particular facet of the shutdown. And in particular, maybe a comment on Gateway would be interesting. We have our offices nearby and it looks like there's plenty of equipment and workers still plugging away, but would love your perspective.

好的。而在政府停擺期間，又出現了一個新的變數，那就是政府停止了對各州各種項目的撥款。您是否觀察到此次停工的這一特定方面造成了任何影響？尤其是，或許可以對 Gateway 發表一些評論。我們的辦公室就在附近，看起來那裡有很多設備和工作人員仍在辛勤工作，但很想聽聽您的意見。

Yes. And you're absolutely right there, Tobey. So the Gateway program continues, as I mentioned on the call, we were awarded $665 million follow-on effort for that. We have five major construction projects that are underway on the Gateway program as we speak and the state funding that's available for Gateway is $5 billion. So we continue to work.

是的。托比，你說的完全正確。正如我在電話會議上提到的，Gateway 專案仍在繼續，我們為此獲得了 6.65 億美元的後續資金。目前，Gateway計畫中有五個大型建設項目正在進行中，州政府為Gateway計畫提供的資金為50億美元。所以我們會繼續努力。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

I was wondering if you could comment on the EBITDA contribution from the confidential contract in Q3 and for the year, just so we have a sense for what the comp to overcome is in '26?

我想請您就第三季和全年的保密合約對 EBITDA 的貢獻發表一些看法，以便我們了解 2026 年需要克服的比較差距是多少？

Yes. Round numbers, Gautam, when you think about this as a fixed price international contract. So it would be accretive to our Fed business, I think kind of low double-digit margin.

是的。高塔姆，如果你把這看作是一份固定價格的國際合同，那麼數字就是整數。因此，我認為這將對我們的聯準會業務有所好處，利潤率應該在兩位數左右。

Okay. And then I know on the FAA modernization opportunity, there was -- it sounded like there were just 2 bidders yourselves and Peraton. And there's some anecdotes that there might be some risks associated with the terms of the contract. I just wanted to get your view on how to kind of insulate the company from some risk? And how you may have gone about that bid in a way that doesn't -- is a good thing if you win it as opposed to something we should be concerned about?

好的。我知道在 FAA 現代化改造計畫中，似乎只有你們和 Peraton 兩家競標者。還有一些傳聞稱，該合約條款可能存在一些風險。我只是想聽聽您對如何幫助公司規避某些風險的看法？如果你的競標方式導致最終得標，這不是一件好事嗎？這不應該讓我們感到擔憂嗎？

Yes. First, as a company, we will not take that business. And the FAA brand-new air traffic control system is not a bad contract. It's a good contract. There are only two bidders. There were various reasons for that. I think we got off the dime very quickly, announced our partnership with IBM back in June.

是的。首先，作為一家公司，我們不會承接這項業務。而且，美國聯邦航空管理局全新的空中交通管制系統合約也不錯。這是一份不錯的合約。只有兩家競標者。造成這種情況的原因有很多。我認為我們行動非常迅速，早在六月就宣布了與 IBM 的合作關係。

We tend to be a very agile company that delivers operationally relevant solutions. And so we kind of got out pretty fast. And I think some of the competitors were worried about that. Other competitors dropped out due to potential organizational conflicts of interest because if you want to provide systems, it's kind of hard to sit in an integrator role where you may be selecting and evaluating and acquiring those systems. So we're very excited about the FAA contract. It's going to be a good contract, and we look forward to an imminent announcement.

我們是一家非常靈活的公司，致力於提供與營運相關的解決方案。於是我們很快就脫身了。我認為一些競爭對手對此感到擔憂。其他競爭對手則因為潛在的組織利益衝突而退出，因為如果你想提供系統，就很難同時扮演整合商的角色，因為你可能需要選擇、評估和取得這些系統。所以我們對獲得美國聯邦航空管理局的合約感到非常興奮。這將是一份不錯的合同，我們期待盡快公佈。

Mariana Perez Mora, Bank of America.

Mariana Perez Mora，美國銀行。

You highlighted space and missile defense as a growth driver for FS. I was wondering if you could talk a little bit more about that, (technical difficulty) what can you expect (technical difficulty)

您強調了太空和飛彈防禦是FS的成長驅動力。我想請您再詳細談談這方面的問題（技術難題），您預計會有什麼結果？（技術難題）

Yes, you're breaking up a little, but I think I caught the gist of it. So space of missile defense being a growth driver. First, I would start with our missile defense contract. We are the system engineer and integration contractor for the Missile Defense Agency on the team's contract. That work will lead into Golden Dome efforts, and we are starting to ramp up in anticipation of that. We expect some of the Golden Dome funds, there was $25 billion in the reconciliation bill to start hitting around the December time frame, and we've been closely working with the Missile Defense Agency on areas like architecture.

是的，你說話有點斷斷續續的，但我認為我明白了你的意思。因此，導彈防禦領域成為成長動力。首先，我想從我們的飛彈防禦合約說起。我們是導彈防禦局團隊合約中的系統工程師和整合承包商。這項工作將為金穹頂的建設奠定基礎，我們正在為此加緊準備。我們預計部分「金穹頂」資金（和解法案中有 250 億美元）將在 12 月左右開始到位，我們一直在與飛彈防禦局在建築等領域密切合作。

Relative to our space business, we're involved in space situational awareness, an area that's seen uptick as there's been a lot more activity going on in space, we're also involved in space ground systems. We've delivered over 170 different ground systems for a variety of customers. And then an area of space we're particularly excited about would be our assured position navigation and timing solution.

就我們的太空業務而言，我們參與了太空態勢感知領域，隨著太空活動的增多，該領域的業務也出現了增長；我們也參與了太空地面系統領域。我們已為各類客戶交付了超過 170 種不同的地面系統。此外，我們特別興奮的一個領域是我們的可靠位置導航和授時解決方案。

We've partnered with Globalstar. We're using their constellation and our software-defined radio capability to be able to get location information in the case of GPS' jam. A great example is we just deployed it over in the Ukraine and European theater and our timing results and location results were better than anticipated and additional units have now been purchased for the INDOPACOM region. So exciting business. We have seen growth there, and that's an area that we project to continue to be strong, particularly as it relates to the Golden Dome program.

我們已與環球之星公司建立了合作關係。我們利用他們的衛星星座和我們的軟體定義無線電功能，以便在 GPS 訊號受阻時獲取位置資訊。一個很好的例子是我們剛剛在烏克蘭和歐洲戰區部署了它，我們的時間結果和地點結果都比預期的要好，現在印太司令部已經購買了額外的設備。真是令人興奮的生意。我們已經看到這方面的成長，我們預計這方面將繼續保持強勁成長，尤其是在與金頂計畫相關的方面。

(Operator Instructions) Sheila Kahyaoglu, Jefferies.

（操作說明）Sheila Kahyaoglu，傑富瑞集團。

Maybe if we could talk about two questions. First on FS growth. How do we think about the FS growth given the order decline in the quarter? How much of it was attributable to the shutdown? And I know, I think, Matt, you said mid-single-digit growth outlook for '26. How we could think about the order flow and the pipeline selling together to get that growth outlook?

或許我們可以談談兩個問題。首先是 FS 成長。鑑於本季訂單量下降，我們如何看待金融服務業務的成長？其中有多少是停工造成的？我知道，我想，馬特，你說過 2026 年的成長預期是個位數中段。我們如何將訂單流和銷售管道結合起來考慮，以獲得成長前景？

Yes. I'll start. Matt will jump in. So on the growth, how much attributed to the shutdowns, it's a little hard to tell because we're -- I think we're dealing with two things at one time. One is federal contracting capacity. There's been some delays in getting things signed off. And the second is the shutdown, which I would say the big impact there that we saw was kind of limiting our recovery in the fourth quarter not knowing how long the shutdown is going to continue.

是的。我先來。馬特會加入進來。所以，關於成長，有多少成長歸功於停工停產，這有點難以判斷，因為我們——我認為我們同時在處理兩件事。一是聯邦政府的承包能力。審批流程出現了一些延誤。第二點是停工，我認為它帶來的最大影響是，由於不知道停工會持續多久，這在一定程度上限制了我們第四季的復甦。

So we plan for it to continue for the rest of the year. But the big issue for us has been material procurements on existing contract awards. I want to reiterate this is not new business we have to go win. It's not about any program losses. It's strictly a timing issue.

因此，我們計劃讓這種情況持續到今年年底。但對我們來說，最大的問題在於現有合約授予範圍內的物資採購。我想再次強調，這不是我們必須去贏得的新業務。這與節目播出中斷無關。這完全是個時機問題。

Yes. And the only thing I'd add, Sheila, if I look at total year 2025 Fed, excluding confidential contract, the outlook is high single-digit growth, 11% total growth. So it's a -- the business is performing quite well. If we can kind of maintain that run rate, it's kind of above market and taking share. So we're happy with those kind of rates.

是的。Sheila，我唯一要補充的是，如果我查看 2025 年全年美聯儲的政策，不包括保密合同，那麼前景是接近兩位數的增長，總增長 11%。所以，這家公司——它的業績相當不錯。如果我們能維持目前的運行速度，就能高於市場平均並搶佔市場份額。所以我們對這樣的利率很滿意。

Got it. And then maybe if I could ask one on CI, please. The performance there has been pretty good. Margins are now hitting this 10% stride, what's driving that? How do we think about mix going forward?

知道了。然後，我能不能問一個關於CI的問題？他們在那裡的表現相當不錯。利潤率目前已達到 10% 的成長速度，是什麼因素推動了這項成長？我們未來該如何看待混音？

Yes. CI definitely has had an excellent year, I'd say on all fronts, winning new business for the last 20 quarters, also the strong margins throughout the year. And we're -- this quarter to be able to do 18% total and 13% organic is excellent. We're seeing strong growth in both North America and the Middle East, and that growth is going to continue for as long as we can see.

是的。CI今年的表現絕對非常出色，可以說在各個方面都取得了成功，連續20個季度贏得了新業務，而且全年利潤率也很高。我們本季能夠實現總成長率 18% 和有機成長率 13% 的目標非常出色。我們看到北美和中東市場都呈現強勁成長，而且這種成長動能預計還會持續下去。

The IIJA, again, funding has not peaked yet. It won't peak until the 2028 time frame. It's going to have a six- to eight-year tail after that. The next surface transportation five-year bill is expected to be passed by November of 2026. So that's going to be additive to what we're seeing.

IIJA再次強調，資金尚未達到高峰。要到 2028 年左右才會達到高峰。此後還會有六到八年的尾聲。下一項五年期地面交通法案預計將於 2026 年 11 月通過。所以這將對我們目前所看到的情況起到補充作用。

In the Middle East, our expansion there continues. We've had four years of double-digit growth in the Middle East. We've not just been growing in our core market of urban development and transportation, but we've now moved into 3 new markets, which are receiving significant investments, defense, security and tourism and hospitality.

我們在中東的擴張仍在持續。我們在中東地區已經連續四年實現了兩位數的成長。我們不僅在城市發展和交通運輸的核心市場取得了成長，而且現在還進入了三個新的市場，這些市場正在獲得大量投資，分別是國防、安全以及旅遊和酒店業。

So critical infrastructure, we've got great long-term tailwinds. We've been able to capitalize on it with very strong win rates, both in North America and in the Middle East. When you look at split between the businesses, though, I would have to say the real large jobs are in the federal business as you look to the near future. We talked about the $12.5 billion that the FAA is receiving for the reconciliation as we await that imminent award. There's $25 billion for Golden Dome.

因此，在關鍵基礎設施領域，我們擁有巨大的長期發展優勢。我們憑藉著這項優勢，在北美和中東都取得了非常高的勝率。不過，從各產業的組成來看，展望未來，我認為真正的大項目還是在聯邦政府領域。我們討論了美國聯邦航空管理局 (FAA) 將收到的 125 億美元和解金，同時我們也在等待即將到來的撥款。金頂大廈的建設預算為250億美元。

We're well positioned, not just in the area I mentioned earlier for system engineering and integration, but we also have nonkinetic effects capability and command and control capacity. There's $25 billion for Pacific Deterrence -- or I'm sorry, $25 billion for more for border security, $161 billion in total, but a lot of that's addressable to us.

我們不僅在我前面提到的系統工程和整合領域佔據了有利地位，而且我們還擁有非動能效應能力以及指揮和控制能力。太平洋威懾計畫獲得了 250 億美元的撥款——或者更準確地說，是邊境安全計畫獲得了 250 億美元的撥款，總計 1,610 億美元，但其中許多資金都可以由我們來承擔。

We do border security all over the world. So we've got currently two very large opportunities that are in bid within the border security area. And then Pacific Deterrence got an additional $12 billion in new funding and we're well positioned there with our presence on Kwaj and Guam, and that we're able to capitalize on that from the Federal group.

我們在世界各地進行邊境安全工作。目前，我們在邊境安全領域有兩個非常大的招標項目。然後，太平洋威懾計畫又獲得了 120 億美元的新資金，憑藉我們在誇傑島和關島的存在，我們處於有利地位，並且能夠從聯邦政府那裡獲得這筆資金。

So CI rapidly growing, I'd say the big game changer opportunity is largely in federal. I should mention one that kind of passes both groups too, which would be rebuilt. We expect to be involved in Syria, first in eliminating the chemical weapons and then the rebuild of Syria, which is being very much supported by the Gulf countries.

因此，CI 正在快速發展，我認為最大的變革機會主要在於聯邦政府。我還應該提一下，有一個方案也符合這兩個群體的要求，那就是重建。我們預計將參與敘利亞事務，首先是消除化學武器，然後是重建敘利亞，而敘利亞的重建工作得到了海灣國家的大力支持。

We're looking at the rebuild of Ukraine and also the rebuild of Israel Gaza. And then a final area just to hit that I put in that game changer category is our position in critical minerals and leveraging our processing and refining capabilities as we start to onshore our critical minerals in the United States.

我們正在關注烏克蘭的重建，以及以色列和加薩走廊的重建。最後，我想強調的是，我認為具有變革意義的領域是我們在關鍵礦產領域的地位，以及隨著我們開始在美國本土開採關鍵礦產，我們如何利用自身的加工和提煉能力。

Louie DiPalma, William Blair.

路易·迪帕爾馬，威廉·布萊爾。

Following up on your recent answer, it seems you've made significant progress with providing defense services to some of your Middle East customers. What types of solutions are gaining traction on the defense side? And what's the long-term outlook there?

根據您最近的答复，看來您在為一些中東客戶提供國防服務方面取得了重大進展。在國防領域，哪些類型的解決方案正在獲得認可？那麼，那裡的長期前景如何？

Yes. So I'd say the areas that we've gotten into are kind of a combination leveraging our entire portfolio. So we're basically doing work for the Ministry of Defense that is infrastructure work due to the proprietary nature of it, I can't go beyond that. But if you think about infrastructure builds for the Ministry of Defense.

是的。所以我覺得我們涉足的領域，是充分利用我們全部資產組合的一種組合。所以，我們基本上是在為國防部做一些基礎設施的工作，因為這項工作具有專有性質，我不能透露更多。但如果你想想國防部的基礎建設。

Also on the security side, we're doing border security work. We've been involved in border security for a long time through our work with Defense Threat Reduction Agency Armenia, Lebanon, Georgia, other locations.

在安全方面，我們也在進行邊境安全工作。我們長期以來一直參與邊境安全工作，曾與國防威脅降低局在亞美尼亞、黎巴嫩、喬治亞和其他地區合作。

We do work with customs and border protection down on the southern border, we've been involved a little bit with immigration and customs enforcement, and we do the counter nuclear smuggling detection and deterrence program for Department of Energy. So we've been able to take those competencies now and expand them, and we were awarded a job through the Ministry of Interior for border security in Saudi Arabia.

我們與南部邊境的海關和邊境保護部門合作，我們參與了一些移民和海關執法工作，我們也為能源部開展反核走私偵測和威懾計畫。因此，我們能夠運用這些能力並加以擴展，並透過沙烏地阿拉伯內政部獲得了一份邊境安全的工作。

Excellent, Carey. And in addition to the FAA brand-new air traffic control systems contract that you're pursuing, you already have an existing FAA facilities contract and should that contract also benefit from the reconciliation bill funding? And related to this, are you starting to already receive awards in October? Or did you receive awards in October that were funded from the reconciliation bill funding? Is that funding starting to flow?

太好了，凱瑞。除了您正在爭取的 FAA 全新空中交通管制系統合約之外，您目前還有一份 FAA 設施合同，那麼該合約是否也應該從和解法案的資金中受益呢？另外，您是否已經開始在十月收到獎項了？或者，您是否在十月獲得了由和解法案撥款資助的獎項？資金開始到位了嗎？

Yes. So I would say, to your first question, that contract will also benefit. That contract's technical support services contract. We've supported the FAA for 50 years as a company. We've been on the TSSC contract for 24 years, excellent past performance. And it will benefit from the brand-new air traffic control system separate from our integrator work that we're looking forward to receiving. As far as reconciliation funding, I would say it's going to start to flow, we think this month and next.

是的。所以，對於你的第一個問題，我的回答是，這份合約也會從中受益。該合約是技術支援服務合約。我們公司已經為美國聯邦航空管理局 (FAA) 提供支援 50 年了。我們與TSSC簽訂合約24年，過去業績優異。它還將受益於全新的空中交通管制系統，該系統獨立於我們的整合商工作之外，我們期待收到該系統。至於和解資金，我認為資金將在本月和下個月開始到位。

And Louie, just the numbers on your question around FAA. As we've mentioned previously, that is a growth driver for us. I mentioned transportation is a key driver. We're expecting that FAA contract to grow 25% to 30% this year in 2025. So to your point, it's a great growth driver for us with or without.

還有 Louie，關於你問的 FAA 相關數據。正如我們之前提到的，這是我們的成長動力。我提到交通運輸是一個關鍵驅動因素。我們預計到 2025 年，FAA 的合約金額將成長 25% 至 30%。所以正如你所說，無論有沒有它，它對我們來說都是一個巨大的成長動力。

Jonathan Siegmann, Stifel.

喬納森·西格曼，斯蒂費爾。

So maybe just back on the shutdown, you've made some really helpful comments on that. But maybe if you could talk a little bit about the other side, when the government is open, can we expect a surge of activity? Or is the backlog so great at this point that we might still be talking about capacity problems next year assuming the government opens in the next couple of weeks?

所以，關於停擺這件事，你提出了一些非常有幫助的意見。但或許您可以談談另一方面，當政府開放時，我們是否可以期待經濟活動激增？或者說，目前的積壓工作量是否已經大到即使政府在未來幾週內重新開放，我們明年可能仍會面臨產能問題？

Yes, thanks. And one thing I should mention is 50% of our business, again, is not impacted by the shutdown because 50% of our business is not federal government-related work. But I would say as far as when the government's open, I do expect that we're going to see a surge because they are backlogged with contracting actions.

好的，謝謝。還有一點要說明的是，我們 50% 的業務不受政府停擺的影響，因為我們 50% 的業務與聯邦政府無關。但我認為，一旦政府重新開放，我們預計會激增，因為他們積壓了大量合約工作。

Yes. And so as I mentioned earlier, John, as I think about almost $10 billion of awaiting notice of award typically in the Middle East, processes quickly. So the majority of that is within the Federal group, that being 40% or 50% above the norm is evidence that there's a building backlog and hopefully, they'll transact quickly so that we can get working on these jobs.

是的。正如我之前提到的，約翰，我想到中東地區通常有近 100 億美元的項目正在等待授標通知，而授標流程通常很快。因此，大部分積壓項目都集中在聯邦集團內部，比正常水平高出 40% 或 50%，這表明存在建築積壓，希望他們能盡快完成交易，以便我們能夠開始這些工作。

They almost have to when you look at the reconciliation funds and the fact that the government would like to spend those upfront over the next few years. So to be able to accomplish things if you look at the brand-new air traffic control system, as an example, we need to achieve those milestones by December 2028 with no excuses.

從和解資金以及政府希望在未來幾年提前花掉這些資金的情況來看，他們幾乎不得不這樣做。因此，以全新的空中交通管制系統為例，為了能夠完成這些事情，我們需要在 2028 年 12 月之前實現這些里程碑，沒有任何藉口。

We've got to deliver. And when you look at the -- a lot of the other funding that's in that build, there's a lot of milestones that have to be achieved. So I think things are going to have to get moving forward.

我們必須兌現承諾。而且，當你查看該專案的其他資金時，你會發現有很多里程碑需要達成。所以我覺得事情必須向前推進了。

As we think about next year, you've already quantified the headwind from the confidential contract. Is there anything else that you'd highlight today that we should be thinking about maybe a larger recompetes in the classified area that we should be contemplating as we think about next year?

當我們展望明年時，您已經量化了保密合約帶來的不利影響。今天您還有什麼想強調的嗎？例如，在保密領域進行更大規模的重新競爭，這是我們在考慮明年的事情時應該考慮的？

No. Fortunately, going into next year, our recompete rate is about 6% to 7%, so it's pretty small and there are no major contracts that are in that recompete. We secured our four contracts that are greater than $2 billion in July of 2021 is when the last one was won. So those have been secured for the next 7 to 20 years, respectively. That would be the two mine jobs, the FAA TSSC job in the Missile Defense Agency system engineering and integration job. So our big recompetes are still a ways out like 2029 time frame.

不。幸運的是，進入明年，我們的重新競標率約為 6% 至 7%，所以比例很小，而且沒有重大合約需要重新競標。我們在 2021 年 7 月獲得了四份總額超過 20 億美元的合同，最後一份合約也是在那時獲得的。因此，這些權益分別在未來 7 到 20 年內都得到了保障。那指的是兩份礦業工作、FAA TSSC 工作以及導彈防禦局系統工程和整合工作。因此，我們的大型重新競爭還要過一段時間才會發生，例如到 2029 年左右。

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛集團。

Matt, can you just level set me or remind me the numbers on Federal Solutions organic growth, excluding confidential. What was it in the first half? What was it in 3Q? And what do you now have for 4Q?

Matt，你能幫我理清聯邦解決方案有機成長的具體數據嗎？ （不包括機密資訊）。上半場講的是什麼？第三季是什麼情況？那麼，你們對第四季有什麼計畫？

Yes. So first half, we're looking at -- the total is just about 10%. Second half, we're looking at 12%, driven by Q4 at almost 15%. So a little bit of a ramp in Q4, but something as I mentioned, a lot of the things that slipped from Q3 are on track for Q4. So that's really what's driving the Q3 to Q4 sequential.

是的。所以上半年，我們看到的是──總數大約只有 10%。下半年預計成長 12%，其中第四季成長接近 15%。所以第四季會有一些成長，但正如我所提到的，許多在第三季延誤的專案在第四季都已按計劃完成。所以這就是推動第三季到第四季業績環比成長的真正原因。

Okay. Yes, I guess, how did you think about building that? I mean it's 1 quarter, but just given how that's progressed? how did you think about building that acceleration in 4Q versus 3Q or first 9 months in a government shutdown?

好的。是的，我想也是。你是怎麼想到要建造那個的？我的意思是，這只是一個季度，但就目前的發展情況來看呢？您是如何考慮在第四季而不是第三季或政府停擺的前九個月實現加速成長的？

Yes. Obviously, we went through -- we don't take lowering top line guide without a lot of effort going into exactly what the outlook is. So we went through line by line, every program, material that's been ordered, timing on those deliveries products. So I would say we're highly confident in the midpoint. I would say, if we see an extended government shutdown through the end of the calendar year, as an example, Noah, I would say it would be biased towards the lower end of the guide. But I think a lot of the story we're hearing is, over the next couple of weeks is likely to come out of the shutdown.

是的。顯然，我們經過了深入研究——我們不會在沒有投入大量精力來準確分析前景的情況下就降低營收預期。所以我們逐行檢查了每一個項目、訂購的材料以及這些產品的交付時間。所以我認為我們對中點非常有信心。例如，諾亞，如果我們看到政府停擺持續到年底，我認為情況會更傾向於指南的下限。但我認為，接下來幾週我們聽到的許多消息可能會從停擺中浮出水面。

Okay. And Matt or Carey, I guess, we've been in this environment with lower outlays in some of your government customer markets, but you've still had that 10% federal core. If next year, some of the things that have gummed up the system get better, can that core accelerate? Or is that too optimistic just given the overall backdrop?

好的。我想，Matt 或 Carey，我們一直處於政府客戶市場支出減少的環境下，但你們仍然擁有 10% 的聯邦核心份額。如果明年一些阻礙系統運作的問題改善，核心動力能否加速提升？或者，考慮到整體背景，這種樂觀是否過於樂觀了？

I would say that we have the opportunity to accelerate. I mentioned the very large programs that we have in front of us, and I feel we're well-positioned.

我認為我們有機會加速發展。我提到了我們面前的那些非常龐大的項目，我覺得我們已經做好了充分的準備。

Just curious if I was sort of thinking of that, excluding like putting FAA aside or -- maybe you have so many large opportunities that putting them aside, is not a relevant question, but excluding any one large program totally changing the growth rate, just thinking more about the diversified core FS ex-confidential?

我只是好奇我是否在考慮這一點，例如排除像 FAA 這樣的項目——或許你們有很多大的機會，排除它們並不是一個相關的問題，而是排除任何一個會徹底改變增長率的大型項目，更多地考慮多元化的核心 FS（前機密）？

Yes. So this year, we'll deliver for federal for the full year, about 8.3% organic growth, again, which is industry leading. So I would say we're in all the right markets, not even talking about any of the game changer programs, and we've indicated that we would deliver mid-single-digit or better, excluding the confidential contract as we go into next year. That's excluding game changer contracts.

是的。因此，今年我們將實現全年聯邦政府訂單約 8.3% 的有機成長，再次成為業界領先者。所以我認為我們已經進入了所有正確的市場，甚至還沒談到任何改變遊戲規則的項目，而且我們已經表示，除了明年即將簽訂的保密合約外，我們將實現個位數或更高的成長率。這還不包括那些足以改變遊戲規則的合約。

Okay. Can you frame for us for whoever wins FAA, approximately how large it could become on an annual revenue basis and then what the margins would look like roughly?

好的。您能否為我們估算一下，無論誰贏得美國聯邦航空管理局（FAA），其年收入大概能達到多少，利潤率大概會是多少？

Yes. Unfortunately, because we're in a competition and the award is imminent, I can't share financial information at this time.

是的。很遺憾，由於我們正在參加比賽，獎項即將公佈，我現在無法透露財務資訊。

Okay. Last one, Matt, just on the FS margins because you had talked about confidential was accretive to the margin. And then as that came out, the margins came down a bit, but back up sequentially here nicely in the third quarter despite that. So as we move forward, what's your latest thinking on where the FS margin lands?

好的。最後一個問題，Matt，就 FS 利潤率而言，因為你之前說過保密業務對利潤率有促進作用。然後，隨著那件事的發生，利潤率略有下降，但儘管如此，第三季利潤率還是很好地回升了。那麼展望未來，您對FS利潤率的最新看法是什麼？

Yes. So if I look at Q3 specifically, cost type represents about 60% of the federal business. So in an environment where cost type is greater than 50%. There's always going to be a little bit of pressure on the margin, so we're comfortable in kind of the high 8s, low 9s, Noah. Acquisitions will help with long-term expansion as we always target 10%-plus EBITDA on our acquisitions, a shift to fixed price.

是的。因此，如果我具體看一下第三季度，成本類型約佔聯邦業務的 60%。因此，在成本類型大於 50% 的環境中。邊線總是會有些壓力，所以我們覺得8分多、9分出頭比較穩，諾亞。收購將有助於長期擴張，因為我們始終以收購目標為目標，爭取 10% 以上的 EBITDA，並轉向固定價格。

We haven't necessarily seen it as of yet. We're obviously open in a lot of cases to that. And so I think high 8s to low 9s is a good a good target based on the existing mix. And we do have some great opportunities. We've talked -- Carey mentioned in her script a little bit about the Joint Cyber Hunt kit, things like that, where a little bit more product, a little bit more materials that are accretive could also benefit.

我們目前還沒有看到這種情況。在很多情況下，我們顯然對此持開放態度。所以我認為，根據現有的組合，8 分高段到 9 分低段是一個不錯的目標。我們確實有一些絕佳的機會。我們已經討論過——凱瑞在她的劇本中稍微提到了聯合網絡獵殺工具包之類的東西，其中多一些產品，多一些可累積的材料也可能有所幫助。

In Q3, we did have that benefit from the incentive fee that we talked about in Q2 and then Q4 will help from the products. So all those things add up to kind of a high 8s, low 9s is a good number, opportunities around expanding products and acquisitions.

第三季度，我們確實從第二季度提到的激勵費用中受益，而第四季度產品也將有所幫助。所以所有這些因素加起來，8 分以上，9 分以下是一個不錯的數字，這為產品擴張和收購提供了機會。

Thank you. And ladies and gentlemen, this is all the time we have for your questions. I will pass it back to Dave Spille for final comments.

謝謝。女士們、先生們，提問時間到此結束。我將把這個問題轉交給戴夫·斯皮爾做最終評論。

Thanks again for joining this morning. If you have any questions, please don't hesitate to call, and we look forward to talking to many of you over the coming days. Have a great day. Thank you.

再次感謝您今天早上的參與。如有任何疑問，請隨時致電，我們期待在接下來的幾天與大家交流。祝你有美好的一天。謝謝。

And this concludes our conference. Thank you for participating. You may now disconnect.

我們的會議到此結束。感謝您的參與。您現在可以斷開連線了。