Parsons Corp (PSN) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to Parsons Corporation's first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝各位稍候，歡迎參加 Parsons Corporation 2026 年第一季財報電話會議。(接線員指示) 提醒各位，今天的會議將被錄音。

And now, I'd like to introduce your host for today's program, David Spille, Vice President, Investor Relations. Please go ahead, sir.

現在，我想介紹今天會議的主持人：投資人關係副總裁 David Spille。先生，請開始。

Good morning, and thank you for joining us today to discuss our first-quarter 2026 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.

各位早安，感謝今天加入我們，一同討論 2026 年第一季財務結果。請注意，我們已在公司網站的投資人關係專區提供簡報投影片。今天與我一同出席電話會議的有：董事長、總裁暨執行長 Carey Smith，以及財務長 Matt Ofilos。

Today, Carey will discuss our corporate strategy and operational highlights, and then Matt will provide an overview of our first-quarter financial results as well as a review of our 2026 guidance. We then will close with a question-and-answer session.

今天 Carey 將說明公司的企業策略與營運重點，接著 Matt 將概述第一季財務結果，並回顧我們對 2026 年的財測指引。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.

管理團隊也可能在本次電話會議中就未來事件、預期的未來趨勢，以及公司預期的未來表現發表前瞻性陳述。我們提醒各位，此類陳述並非對未來表現的保證，且涉及難以預測的風險與不確定性。

Actual results may differ materially from those projected in the forward-looking statements due to a variety of factors. These risk factors are described in our Form 10-K for fiscal year ended December 31, 2025, and other SEC filings. Please refer to our earnings press release for Parsons' complete forward-looking statement disclosure. We do not undertake any obligation to update forward-looking statements.

由於多種因素，實際結果可能與前瞻性陳述中所預測者有重大差異。這些風險因素已載於我們截至 2025 年 12 月 31 日止會計年度的 Form 10-K，以及其他向 SEC 提交的文件中。請參閱我們的財報新聞稿，以取得 Parsons 完整的前瞻性陳述揭露。我們不承擔更新前瞻性陳述的任何義務。

Management will also make reference to non-GAAP financial measures during this call. We remind you that these non-GAAP financial measures are not a substitute for the comparable GAAP measures. Please refer to our earnings press release and presentation slides for a reconciliation of the non-GAAP financial measures.

管理團隊也將在本次電話會議中提及非 GAAP 財務衡量指標。我們提醒各位，這些非 GAAP 指標不能取代相對應的 GAAP 指標。請參閱我們的財報新聞稿與簡報投影片，以取得非 GAAP 指標的調節表。

And now, we'll turn the call over to Carey.

現在，我們把電話交給 Carey。

Thank you, Dave. Good morning. Welcome to Parsons' first-quarter 2026 earnings call. I wanted to begin by recognizing the dedication and performance of Parsons' more than 21,000 employees who delivered a strong start to the year.

謝謝你，Dave。各位早安。歡迎參加 Parsons 2026 年第一季財報電話會議。我想先肯定 Parsons 超過 21,000 名員工的投入與表現，讓我們在今年有一個強勁的開局。

Most importantly, I'm pleased to share that our 7,500 team members in the Middle East region have remained safe during their current regional conflict. They've shown tremendous resilience in managing volatility while continuing to deliver our customers' critical missions.

最重要的是，我很高興分享，我們在中東地區的 7,500 名團隊成員在目前的區域衝突中都持續平安。他們在管理波動的同時展現了極大的韌性，並持續交付客戶的關鍵任務。

As we'll discuss later in the call, our Middle East business produced solid financial results this quarter, and I am very proud of what the team has achieved. As demonstrated by the current military operations, our differentiated solutions spanning cyber, electronic warfare, air-based defense, counter unmanned aerial systems, and intelligence and operations centers are vitally important to protecting both our nation's and our allies' security.

如同我們稍後在電話會議中將討論的，我們的中東業務本季繳出穩健的財務成果，我對團隊的成就感到非常自豪。從目前的軍事行動可見，我們具差異化的解決方案涵蓋資安、電子戰、空基防禦、反無人機系統，以及情資與作戰中心，對於保護我國及盟友的安全至關重要。

Post-conflict, Parsons is prepared to support the Middle East's path to recovery by providing essential capabilities, including critical infrastructure protection, airbase defense, integrated air and missile defense, transportation solutions, and the reconstruction of conflict-affected areas. We believe Parsons is well-positioned to advance allied priorities with our nearly 70 years in the region, extensive footprint, and performance reputation. We are proud of the work we do in defense, security, and infrastructure for our global customers.

在衝突結束後，Parsons 已準備好支持中東的復原之路，提供必要能力，包括關鍵基礎設施防護、空軍基地防禦、整合式防空與飛彈防禦、交通運輸解決方案，以及受衝突影響地區的重建。我們相信，憑藉在該地區近 70 年的經驗、廣泛的在地布局與良好的履約口碑，Parsons 具備推進盟友優先事項的有利定位。我們以為全球客戶提供國防、安全與基礎設施相關工作為榮。

The first quarter highlighted the resilience of our business and our team's high level of execution as we delivered our highest adjusted EBITDA margin ever, reached record levels for both total and funded backlog, achieved a robust book-to-bill ratio of 1.4 times in both segments, and generated record first-quarter cash flow. Revenue performance was in line with our expectations, and we continue to complement our organic growth with strategic accretive acquisitions that enhance our differentiation and drive long-term shareholder value.

第一季凸顯了我們業務的韌性與團隊高度的執行力：我們創下歷史最高的調整後 EBITDA 利潤率，總積壓訂單與已資金化積壓訂單均達到創紀錄水準，兩個事業部門的接單出貨比（book-to-bill）皆達 1.4 倍，並創下第一季營運現金流新高。營收表現符合我們的預期；同時，我們持續以策略性、具增益性的併購補強有機成長，強化差異化並推動長期股東價值。

Looking at our first-quarter financials in more detail, total revenue increased by 8%, and organic revenue grew 3%, excluding our confidential contract. This total revenue growth was driven by 12% growth in our Federal Solutions segment and 3% growth in Critical Infrastructure..

更詳細來看第一季財務表現，總營收成長 8%；若排除我們的機密合約，有機營收成長 3%。總營收成長主要來自 Federal Solutions 事業部門 12% 的成長，以及 Critical Infrastructure 事業部門 3% 的成長。

Our record adjusted EBITDA margin of 10.1% was driven by a 10.8% margin in Critical Infrastructure, marking our highest first-quarter performance in that segment. The 50 basis points of margin expansion at the corporate level in Q1 builds on the 40 basis points of expansion we delivered in the first quarter of 2025. In addition, we significantly exceeded our cash flow target and closed the quarter with record total and funded backlog of $9.3 billion and $6.6 billion, respectively.

我們創紀錄的調整後 EBITDA 利潤率 10.1%，主要由 Critical Infrastructure 事業部門 10.8% 的利潤率所帶動，這也創下該部門第一季的最佳表現。第一季公司層級利潤率擴張 50 個基點，延續我們在 2025 年第一季達成的 40 個基點擴張。此外，我們的現金流大幅超越目標，並在季末以總積壓訂單 93 億美元與已資金化積壓訂單 66 億美元，雙雙創下新高。

On the bookings front, contract awards increased 17% year over year, resulting in a strong book-to-bill ratio of 1.4 times. Our Critical Infrastructure segment reported a book-to-bill of 1.4 for the quarter, marking 22 consecutive quarters above 1.0.

在接單方面，合約得標金額年增 17%，帶動強勁的接單出貨比達 1.4 倍。Critical Infrastructure 事業部門本季接單出貨比為 1.4，並已連續 22 個季度高於 1.0。

Performance in the Middle East was outstanding, with a book-to-bill ratio of 1.5. In Federal Solutions, contract awards increased 38% year over year, resulting in a book-to-bill ratio of 1.4 times. These strong bookings provide a foundation for continued organic growth in both segments.

中東地區表現極為出色，接單出貨比達 1.5。在 Federal Solutions 方面，合約得標金額年增 38%，使接單出貨比達 1.4 倍。這些強勁的接單為兩個事業部門持續的有機成長奠定基礎。

A key driver of our future performance is the strategic importance of our contract wins. During the first quarter, we secured four single award contracts valued at more than $100 million. These included a $593 million contract extension under the Federal Aviation Administration's Technical Support Services, or TSSC-5 contract, with $410 million booked in Q1.

推動我們未來表現的一項關鍵因素，是我們得標合約的策略重要性。第一季期間，我們取得四項單一授標（single award）合約，單筆價值皆超過 1 億美元。其中包括在美國聯邦航空總署（FAA）的 Technical Support Services（技術支援服務，TSSC-5）合約下取得 5.93 億美元的合約延展案，並於第一季認列 4.10 億美元接單。

This award exercises the first option period, extends performance through 2030, and supports the FAA's Aviation System Capital Investment Plan. TSSC- 5 has a $1.8 billion ceiling value with a four-year base period and two three-year option periods.

此項得標啟動第一個選擇權期間，將履約期限延長至 2030 年，並支援 FAA 的 Aviation System Capital Investment Plan（航空系統資本投資計畫）。TSSC- 5 的上限合約金額為 18 億美元，包含四年基本期間與兩個各三年的選擇權期間。

We received a production award notification from the United States Cyber Command for the Joint Cyber Hunt Kit Solution, a new sole-source contract with a ceiling value of up to $500 million, with $250 million booked in Q1. Importantly, this contract was another transaction agreement, which allows for faster, customized, and collaborative industry partnerships.

我們收到美國網路司令部（United States Cyber Command）針對 Joint Cyber Hunt Kit Solution 的量產授標通知；這是一項新的單一來源（sole-source）合約，上限金額最高可達 5 億美元，其中第一季認列 2.50 億美元接單。重要的是，該合約屬於另一項交易協議（Other Transaction Agreement），可促成更快速、客製化且協作式的產業合作夥伴關係。

Parsons is an industry leader in the use of these delivery vehicles. We were awarded a new five-year contract valued at over $340 million to provide program management services for a major transportation project in the Middle East, booking over $300 million in Q1. Our transportation work in the region spans rail and transit, roads and highways, bridges, airports, and intelligent transportation systems.

Parsons 是運用這類交付載具的產業領導者。我們獲得一項新的五年期合約，價值超過 3.40 億美元，將為中東一項重大交通運輸專案提供專案管理服務，並於第一季認列超過 3.00 億美元接單。我們在該地區的交通運輸業務涵蓋鐵路與大眾運輸、道路與高速公路、橋梁、機場，以及智慧運輸系統。

We were awarded more than $145 million under the GARDEM contract. Under these task orders, Parsons will enhance command and control, space, and intelligence surveillance and reconnaissance technologies for the Air Force and other federal customers. We will develop and sustain next-generation software, deliver on-site training, and rapidly deploy advanced mission applications. We booked $38 million on these contracts during the first quarter.

我們在 GARDEM 合約項下獲得超過 1.45 億美元的授標。依據這些工作指令（task orders），Parsons 將為空軍及其他聯邦客戶強化指揮與管制、太空，以及情資、監視與偵察（ISR）技術。我們將開發並維持下一代軟體，提供現地訓練，並快速部署先進任務應用。我們在第一季於這些合約上認列 3,800 萬美元接單。

We also received an additional $150 million on two contracts to continue serving as the main construction manager for remediation projects on the Faro Mine and Giant Mine programs in Canada, two of the largest and most complex mine reclamation projects in the world. We booked the full amount on these contracts during the first quarter.

我們也在兩份合約上額外獲得1.5億美元，以持續擔任加拿大Faro礦與Giant礦計畫整治專案的主要施工管理者；這兩項計畫是全球規模最大且最複雜的礦區復育專案之一。我們已於第一季將這些合約的全額入帳。

After the first quarter ended, we received four more strategic federal awards previously unannounced. First, we were awarded $400 million for two other transaction agreements, each having a three-year period of performance. This new work shows the continued demand for our mission-critical defense and intelligence capabilities and our ability to deliver solutions to our national security customer base rapidly.

第一季結束後，我們又獲得四項先前未公布的策略性聯邦獎項。首先，我們獲頒4億美元的兩份其他交易協議（Other Transaction Agreements），每份履約期間為三年。這些新業務顯示市場對我們關鍵任務的國防與情報能力持續有需求，以及我們能快速為國家安全客戶群提供解決方案的能力。

Next, we were awarded a single award classified IDIQ contract with a ceiling value of $184 million over seven years that represents entirely new work for the company. We were awarded this contract based on our differentiated technology, including our unique biometrics capabilities.

接著，我們獲頒一份單一獎項、列為IDIQ的合約，七年期合約上限金額為1.84億美元，這對公司而言完全是全新業務。我們之所以獲得此合約，係基於我們具差異化的技術能力，包括我們獨特的生物辨識能力。

And finally, we were awarded an $87 million increase on its current national security prime contract. Importantly, in all of our federal solution wins, we are leveraging our artificial intelligence capabilities to enhance our solutions and create differentiated outcomes.

最後，我們在其現有的國家安全主承包合約上獲得8,700萬美元的增額。重要的是，在我們所有聯邦解決方案的得標案中，我們都在運用人工智慧能力來強化解決方案並創造差異化成果。

I would now like to highlight some additional accomplishments during this quarter. We closed our acquisition of Altamira Technologies Corporation in an all-cash transaction valued at up to $375 million. Altamira advances high-priority national security missions, supporting intelligence community and Department of War customers by providing multi-intelligence technology solutions and performing critical operations.

接下來我想強調本季的一些其他成就。我們以全現金交易完成對Altamira Technologies Corporation的收購，交易價值最高可達3.75億美元。Altamira推進高優先級的國家安全任務，透過提供多源情報技術解決方案並執行關鍵作業，支援情報界與戰爭部客戶。

Altamira expands Parsons' market presence in signals intelligence, missile warning, space, and foreign military exploitation; and adds critical customer depth with the National Air and Space Intelligence Center, National Security Agency, and other classified intelligence customers.

Altamira擴大Parsons在訊號情報、飛彈預警、太空與外國軍事利用等領域的市場版圖；並在國家空天情報中心（National Air and Space Intelligence Center）、國家安全局（National Security Agency）及其他機密情報客戶方面，增加關鍵客戶深度。

We were named one of the world's most ethical companies by Ethisphere for the 17th consecutive year, and we were honored for our project excellence on two major infrastructure initiatives. In Georgia, our team received the Engineering Excellence Honor Award from the American Council of Engineering Companies for the Acres Mill Ramp Extension in Cobb County. Internationally, we were recognized with the Refurbishment and Retrofit Project of the Year at the Big Project Middle East Awards for our work on the King Abdullah Financial District residential uplift project.

我們連續第17年獲Ethisphere評選為全球最具商業道德的公司之一，並因兩項重大基礎建設計畫的卓越表現而獲表揚。在喬治亞州，我們團隊就Cobb郡的Acres Mill匝道延伸工程，獲美國工程公司協會（American Council of Engineering Companies）頒發工程卓越榮譽獎。在國際方面，我們因承作King Abdullah金融區住宅提升（uplist）專案，於Big Project Middle East Awards獲頒「年度整修與翻新專案」。

Looking forward, we are optimistic about Parsons' future. The synergies between our Critical Infrastructure and Federal Solutions segments across six growing, profitable, and enduring end markets set us apart and create significant opportunities for us to meet or exceed our financial goals.

展望未來，我們對Parsons的前景保持樂觀。我們的關鍵基礎設施（Critical Infrastructure）與聯邦解決方案（Federal Solutions）兩大事業部在六個成長中、具獲利性且長期存在的終端市場之間的協同效應，使我們脫穎而出，並為我們創造顯著機會，以達成或超越財務目標。

In Critical Infrastructure., we continue to see strong demand in both North America and the Middle East. Our focus on hard infrastructure, roads and highways, bridges, airports, rail and transit, and intelligent transportation systems is aligned with the spending priorities in these geographies.

在關鍵基礎設施方面，我們持續看到北美與中東兩地的強勁需求。我們聚焦於硬體基礎設施、公路與高速公路、橋梁、機場、鐵路與大眾運輸，以及智慧運輸系統，與這些地區的支出優先順序一致。

Also, there's a need for urban development, support to major events, and advanced manufacturing that match our core competencies. Our number one ranked program management, number three ranked construction management, and AI-enabled solutions underpin our success.

此外，城市開發、重大活動支援以及先進製造也有需求，這些都與我們的核心能力相符。我們在專案管理排名第一、施工管理排名第三，以及AI賦能的解決方案，構成我們成功的基礎。

While we continue to monitor geopolitical developments, including the ongoing war in Iran, our momentum and our customers' commitment to advancing their projects forward give us confidence in continued growth. Although our business has not been affected by the conflict of date, our customers remain focused on ensuring their budgets are aligned with the right priorities and their programs are properly faced.

儘管我們持續關注地緣政治發展，包括伊朗持續進行的戰爭，但我們的動能以及客戶推動其專案向前的承諾，使我們對持續成長充滿信心。雖然截至目前我們的業務尚未受到衝突影響，但客戶仍專注於確保其預算與正確的優先事項一致，且其計畫能妥善分期推進。

Across the Middle East, the emphasis on diversifying economies, hosting major global events, and addressing defense, security, and infrastructure requirements is expected to continue driving demand for our expertise.

在整個中東地區，對經濟多元化、主辦重大全球活動，以及因應國防、安全與基礎設施需求的重視，預期將持續帶動對我們專業能力的需求。

Turning to Federal Solutions, we are encouraged by the momentum in the United States' defense spending. In fiscal year 2026, $1 trillion has been appropriated for defense, and we're beginning to see funds flow from both the base budget and reconciliation industry.

轉向聯邦解決方案方面，我們對美國國防支出動能感到振奮。在2026會計年度，已撥款1兆美元用於國防，我們也開始看到資金自基礎預算與調和法案（reconciliation）產業兩方面流入。

For fiscal year 2027, the administration has submitted a $1.5 trillion defense budget comprising a $1.15 trillion base and $350 billion in reconciliation funding. This proposed 44% increase over current funding levels, which is focused on modernization, would represent the largest defense budget in history.

對於2027會計年度，政府已提交1.5兆美元的國防預算，其中包含1.15兆美元的基礎預算與3,500億美元的調和法案資金。此提案較目前資金水準增加44%，並聚焦於現代化，將成為史上最大的國防預算。

The fiscal year 2027 budget presents substantial opportunities for Parsons that are closely aligned with our strengths, including missile defense, cyber, space, counter unmanned aerial systems, electronic warfare, facilities modernization, critical minerals, countering weapons and mass destruction, and joint all-domain command and control.

2027會計年度預算為Parsons帶來可觀機會，且與我們的優勢高度契合，包括飛彈防禦、資安、太空、反無人機系統、電子戰、設施現代化、關鍵礦物、反制武器與大規模毀滅性武器，以及聯合全域指揮與控制（JADC2）。

Our purpose-built Federal Solutions portfolio is aligned with our nation's defense and security priorities. And because of our strategic acquisitions and sustained research and development investments, we've built differentiated capabilities that help safeguard our nation and outpace evolving threats. We are encouraged by the strong bipartisan commitment to increasing US defense spending in response to the evolving global security challenges.

我們為任務量身打造的聯邦解決方案產品組合，與我國的國防與安全優先事項一致。而且，憑藉策略性收購與持續的研發投資，我們建立了具差異化的能力，協助守護國家並超前不斷演變的威脅。面對全球安全挑戰的演變，我們對兩黨強力承諾提高美國國防支出感到鼓舞。

Our leading indicators, including our $54 billion pipeline; strong win rates of 60%; total backlog of $9.3 billion, of which 71% is funded; and our $11 billion of contract wins not yet booked give us confidence that we will continue to remain an industry growth leader, excluding the impact of our confidential contracts in both segments.

我們的領先指標，包括540億美元的商機管線（pipeline）；60%的強勁得標率；93億美元的總在手訂單（backlog），其中71%已獲資金支持；以及110億美元尚未入帳的合約得標金額，使我們有信心在不計兩大事業部機密合約影響的情況下，仍將持續保持產業成長領導地位。

We operate in two large and well-funded segments across six end markets, and our favorable financial outlook is supported by our proven execution and effective capital deployment. We are reaffirming our 2026 guidance ranges, which Matt will review shortly.

我們在六個終端市場中營運兩個規模龐大且資金充足的事業部，而我們有利的財務展望，來自於經驗證的執行力與有效的資本配置。我們重申2026年的財測區間，Matt稍後將進一步說明。

In summary, we had a strong start to the year, delivering new records for adjusted EBITDA margin and total unfunded backlog, exceptional book-to-bill ratios in both segments, and record first-quarter cash flow. Our operational discipline, strategic contract wins, and additional corporate achievements reinforce our position as an industry leader. We remain optimistic about our future and are confident in our ability to drive long-term shareholder value.

總結而言，我們今年開局強勁，調整後EBITDA利潤率與未資金支持在手訂單（unfunded backlog）均創新高，兩大事業部的接單出貨比（book-to-bill）表現出色，且第一季現金流創下紀錄。我們的營運紀律、策略性合約得標，以及其他企業層面的成就，進一步鞏固我們作為產業領導者的地位。我們對未來仍保持樂觀，並有信心推動長期股東價值。

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

接下來，我把電話交給Matt，請他提供更多第一季財務結果的細節。Matt？

Thank you, Carey. We've started 2026 with solid results and favorable forward-looking indicators toward future growth. With a strong book-to-bill in both segments, record adjusted EBITDA margins, and our highest total in funded backlog to date, we are well positioned to deliver for our customers and shareholders. We continue to effectively deploy capital, investing in strategic acquisitions, internal research and development, and increased share buybacks, all to support long-term growth and create shareholder value.

謝謝你，Carey。我們以穩健的成果開啟2026年，且前瞻性指標有利於未來成長。兩大事業部皆有強勁的接單出貨比、調整後EBITDA利潤率創新高，以及截至目前最高的已資金支持在手訂單總額，使我們具備良好條件為客戶與股東交付成果。我們持續有效配置資本，投資於策略性收購、內部研發，以及增加庫藏股回購，以支持長期成長並創造股東價值。

Turning to the details of our first-quarter results, total revenue grew 8% and 3% on an organic basis, excluding the confidential contract. These increases were driven by growth in our critical infrastructure. protection, space and missile defense, and transportation markets. Highlights included strong growth on key contract drivers for the year, such as Air-Base Air-Defense and the FAA TSSC-5 contract.

接著說明第一季業績細節：總營收成長8%，若排除機密合約，按有機基礎計算成長3%。這些增幅主要由關鍵基礎設施、防護、太空與飛彈防禦，以及運輸市場的成長所帶動。亮點包括在年度關鍵合約驅動因素上的強勁成長，例如Air-Base Air-Defense以及FAA TSSC-5合約。

Total revenue, including the confidential contract, decreased 4% from the prior-year period and was down 8% on an organic basis. SG&A expenses for the first quarter increased 10% from the prior-year period, primarily driven by costs related to recent acquisitions and higher transaction expenses.

包含機密合約在內的總營收較去年同期下降4%，按有機基礎計算下降8%。第一季SG&A費用較去年同期增加10%，主要由近期收購相關成本及較高的交易費用所致。

Record first-quarter adjusted EBITDA of $151 million increased 1% from the prior-year period. Adjusted EBITDA margin expanded 50 basis points to a record 10.1%. These increases were driven by improved execution and contributions from accretive acquisitions.

第一季調整後 EBITDA 創下 1.51 億美元的紀錄，較去年同期成長 1%。調整後 EBITDA 利潤率擴大 50 個基點至創紀錄的 10.1%。這些增長主要由於執行改善，以及具增益性的併購所帶來的貢獻。

I'll turn now to our operating segments, starting first with the Critical Infrastructure, where first-quarter revenue increased by 3% from the first quarter of 2025. This increase was driven by organic growth of 2% and inorganic revenue contributions from our TRS and Applied Sciences acquisitions. Organic growth was primarily driven by strength in the global transportation markets.

接下來我將說明我們的營運部門，先從關鍵基礎設施（Critical Infrastructure）開始，第一季營收較 2025 年第一季成長 3%。此增長主要來自 2% 的有機成長，以及我們 TRS 與 Applied Sciences 併購案帶來的非有機營收貢獻。有機成長主要由全球運輸市場的強勁表現所帶動。

As a reminder, Middle East revenues were negatively impacted by the number of workdays in Q1, given the holiday schedule compared to 2025. We expect this to resolve in Q2, where there are three additional workdays compared to the prior year.

提醒一下，由於與 2025 年相比的假期安排不同，第一季中東地區營收受到工作天數較少的負面影響。我們預期此情況將在第二季改善，因為相較去年同期將多出三個工作天。

Critical Infrastructure adjusted EBITDA of $79 million increased 8% from the first quarter of 2025 and adjusted EBITDA margin expanded 50 basis points to 10.8%. Both adjusted EBITDA dollars and margins were first quarter records for Critical Infrastructure. These increases were driven by the ramp-up of recent awards, accretive acquisitions, and strong program execution.

關鍵基礎設施調整後 EBITDA 為 7,900 萬美元，較 2025 年第一季成長 8%，調整後 EBITDA 利潤率擴大 50 個基點至 10.8%。無論是調整後 EBITDA 金額或利潤率，皆為關鍵基礎設施第一季的歷史新高。這些增長主要由近期得標案的放量、具增益性的併購，以及強勁的專案執行所驅動。

Moving to our Federal Solutions segment, where first-quarter revenue increased 12% and 4% on an organic basis, excluding the confidential contract. These increases were driven by growth in our Critical Infrastructure protection, space and missile defense, and transportation markets. Total Federal Solutions revenue, including the confidential contract, decreased 10% from the prior-year period and 17% on an organic basis.

接著看我們的聯邦解決方案（Federal Solutions）部門，第一季營收成長 12%；若排除機密合約，則有機成長為 4%。這些增長主要來自我們在關鍵基礎設施防護、太空與飛彈防禦，以及運輸市場的成長。聯邦解決方案總營收（包含機密合約）較去年同期下降 10%，有機基礎則下降 17%。

Federal Solutions adjusted EBITDA, decreased 5% from the first quarter of 2025, while adjusted EBITDA margin expanded 40 basis points to 9.4%. The adjusted EBITDA dollars were primarily impacted by lower volume on the fixed-price confidential contract. The adjusted EBITDA margin increase was primarily driven by accretive contract growth and acquisitions.

聯邦解決方案調整後 EBITDA 較 2025 年第一季下降 5%，但調整後 EBITDA 利潤率擴大 40 個基點至 9.4%。調整後 EBITDA 金額主要受到固定價格機密合約量能下降的影響。調整後 EBITDA 利潤率的提升主要由具增益性的合約成長與併購所帶動。

Next, I'll discuss cash flow and balance sheet metrics. Our net DSO at the end of Q1 2026 was 72 days, a 14-day increase from the prior-year period. This increase was primarily driven by lower volume on the confidential contract and timely collections in the Middle East. During the first quarter of 2026, we used $4 million of operating cash, which was an $8 million improvement from the prior year period.

接下來我將說明現金流與資產負債表指標。截至 2026 年第一季末，我們的淨 DSO 為 72 天，較去年同期增加 14 天。此增加主要由機密合約量能較低，以及中東地區回款時點所致。2026 年第一季我們的營運現金流出為 400 萬美元，較去年同期改善 800 萬美元。

Capital and expenditures totaled $15 million in the first quarter of 2026. Looking ahead, we expect CapEx spend to ramp in Q2 as investments in classified facilities and upgrades to our enterprise systems accelerate to support Parsons' long-term growth and drive greater efficiency throughout the business. Trailing 12-month free cash conversion was 102%, reflecting our disciplined focus on contract execution and collections.

2026 年第一季資本支出合計 1,500 萬美元。展望未來，我們預期第二季資本支出將加速，因為對機密設施的投資以及企業系統升級將加快，以支持 Parsons 的長期成長並提升整體營運效率。過去 12 個月的自由現金流轉換率為 102%，反映我們對合約執行與收款的紀律性聚焦。

Our balance sheet remained strong as we ended the first quarter with a net debt leverage ratio of 2.0 times. This includes the impact of the upfront cash consideration of $330 million for the acquisition of Altamira in the quarter. During Q1, we repurchased approximately 583,000 shares for an aggregate purchase price of $35 million.

我們的資產負債表維持強勁，第一季末淨負債槓桿比為 2.0 倍。其中包含本季收購 Altamira 所支付 3.30 億美元預付現金對價的影響。第一季期間，我們回購約 583,000 股股票，總回購金額為 3,500 萬美元。

Turning next to bookings. In the first quarter, we secured $2 billion in contract awards, a 17% increase year over year, driving a strong enterprise book-to-bill ratio of 1.4 times. On a trailing 12-month basis, our book-to-bill stood at 1.1 times, which extends our track record of a trailing 12-month book-to-bill of 1.0 or greater for every quarter since the IPO.

接著談訂單（bookings）。第一季我們取得 20 億美元的合約得標金額，年增 17%，帶動公司整體強勁的接單出貨比（book-to-bill）達 1.4 倍。以過去 12 個月計算，我們的接單出貨比為 1.1 倍，延續自 IPO 以來每一季過去 12 個月接單出貨比皆達 1.0 或以上的紀錄。

Both segments reported a book-to-bill ratio of 1.4 times for the quarter. Our Critical Infrastructure segment continued its impressive streak with its 22nd consecutive quarter above 1.0, with particularly outstanding performance in the Middle East where we achieved a book-to-bill ratio of 1.5 times. In Federal Solutions, contract awards increased 38% year over year.

兩個部門本季的接單出貨比皆為 1.4 倍。關鍵基礎設施部門延續亮眼表現，已連續第 22 季高於 1.0；其中中東地區表現尤為突出，接單出貨比達 1.5 倍。在聯邦解決方案方面，合約得標金額年增 38%。

Our backlog at the end of the first quarter totaled $9.3 billion, a 3% increase from the prior-year period. Funded backlog of $6.6 billion remains the highest since our IPO and increased 7% year over year. At the end of Q1, our funded backlog represented 71% of total backlog.

第一季末我們的在手訂單（backlog）總額為 93 億美元，較去年同期成長 3%。已獲資金支持的在手訂單（funded backlog）為 66 億美元，仍為 IPO 以來最高水準，且年增 7%。截至第一季末，已獲資金支持的在手訂單占總在手訂單的 71%。

Now let's turn to our guidance. We are reiterating our 2026 guidance ranges provided on February 11 based on our financial results for the first quarter of 2026 and our outlook for the remainder of the year. These guidance ranges are outlined in our earnings press release and PowerPoint presentation, both of which are located on our Investor Relations website. On slide 11 of our PowerPoint presentation, we also included other key assumptions in connection with our 2026 guidance, including quarterly cadences.

現在來看我們的財測指引。基於 2026 年第一季的財務結果以及對今年剩餘期間的展望，我們重申 2 月 11 日提供的 2026 年指引區間。這些指引區間已載於我們的財報新聞稿與簡報（PowerPoint）中，兩者皆可於投資人關係網站取得。在簡報第 11 頁，我們也納入與 2026 年指引相關的其他關鍵假設，包括各季節奏。

Our 2026 guidance reflects the evolving budget environment, a competitive labor market, and the realities of a challenging government procurement landscape. While these factors present challenges, we're also benefiting from the tailwinds, including unprecedented global infrastructure spend, a federal portfolio that's tightly aligned with the administration's priorities, recompute risk of less than 3% of 2026 total revenue, and a record $9.3 billion in total backlog, including our highest-funded backlog ever.

我們的 2026 年指引反映了預算環境的演變、競爭激烈的勞動市場，以及充滿挑戰的政府採購環境現實。儘管這些因素帶來挑戰，我們也受惠於多項順風，包括前所未有的全球基礎建設支出、與政府施政優先事項高度一致的聯邦業務組合、2026 年總營收的重新計算風險（recompute risk）低於 3%，以及創紀錄的 93 億美元總在手訂單，其中包含我們史上最高的已獲資金支持在手訂單。

On top of that, we have $11 billion in awarded contracts still to be booked, which further strengthens our outlook. We have lowered second-quarter expectations due to the timing of recent wins. However, we continue to believe strong backlog and recent awards are supportive of growth projections in the full-year guidance.

此外，我們仍有 110 億美元已得標但尚未入帳的合約，進一步強化我們的展望。由於近期得標案的時點因素，我們下調了第二季的預期。然而，我們仍相信強勁的在手訂單與近期得標案，將支持全年指引中的成長預測。

In summary, we delivered strong results for adjusted EBITDA margins, contract awards, total unfunded backlog, and our revenue was in line with expectations despite a complex global environment. We could continue to deploy capital effectively, investing in organic growth opportunities, acquisitions, share repurchases to support our growth strategy.

總結來說，我們在調整後 EBITDA 利潤率、合約得標、未獲資金支持的在手訂單總額等方面交出強勁成果；儘管全球環境複雜，我們的營收仍符合預期。我們也持續有效地部署資本，投資於有機成長機會、併購，以及股票回購，以支持我們的成長策略。

All of this reflects our disciplined execution, and we remain confident in our ability to achieve commitments and create long-term value for our shareholders by delivering critical capabilities for our customers around the world.

這一切都反映了我們紀律嚴謹的執行力；我們仍對達成承諾充滿信心，並透過為全球客戶提供關鍵能力，為股東創造長期價值。

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

接下來我把電話交回給 Carey。

Thank you, Matt. This quarter's results underscore the strength and durability of the Parsons portfolio. With a robust pipeline, high win rates, strong book-to-build performance in both segments, record levels of total unfunded backlog, and $11 billion in contract wins awarded yet to be booked, we are confident in our outlook.

謝謝你，Matt。本季的結果凸顯了 Parsons 產品組合的實力與韌性。憑藉強勁的商機管線、高得標率、兩個部門皆有強勁的接單出貨表現、創紀錄的未獲資金支持在手訂單水準，以及 110 億美元已得標但尚未入帳的合約，我們對展望充滿信心。

With that, we will now open the line for questions.

接下來我們開放提問。

Sangita Jain, KeyBanc.

KeyBanc 的 Sangita Jain。

First off, Carey, it's really good to hear that all your personal team members are safe, and you had very strong 1Q results. Can you elaborate on some of the conversations you may be having with your customers about the balance between the short-term disruptions and the long-term opportunities?

首先，Carey，很高興聽到你所有的個人團隊成員都平安無事，而且你們第一季的表現非常強勁。你能否進一步說明，你們與客戶的對話中，如何看待短期擾動與長期機會之間的平衡？

Certainly. Thanks, Sangita. I appreciate your question.

當然可以。謝謝你，Sangita。我很感謝你的提問。

As you mentioned, our first concern is always for the safety and security of our employees, and all 7,500 are safe and secure. Most importantly, all the employees are working on the job sites and in the offices. We really have not seen an impact to date.

如你所提到的，我們首要關切一向是員工的安全與保障，而我們全部 7,500 名員工都平安無虞。更重要的是，所有員工都在工地與辦公室正常工作。截至目前我們確實尚未看到任何影響。

I will point out, too, the conflict has not delayed any of our funding. The Middle East exceeded their first quarter cash forecast. We have not seen any slower contract awards or positive negotiations. That's clearly reflected by our strong 1.5 times book-to-bill. And we've not had any force majeure insurance claims.

我也要指出，這場衝突並未延遲我們任何資金到位。中東地區第一季現金流超出原先預測。我們沒有看到合約授予速度變慢，或是正向談判放緩。這也清楚反映在我們強勁的 1.5 倍接單出貨比（book-to-bill）上。而且我們也沒有任何不可抗力（force majeure）的保險理賠申請。

One thing that's good about our portfolio is that no Middle East program represents more than 1.6% of our revenue, and we have 20% of Middle East backlog. The contracts are pretty long in duration as well. The average contract duration is 4.7 years, and 49% of our revenue is tied to long-term frameworks. And we're clearly holding our full-year guidance for the Middle East of 8.5% organic.

我們投資組合的一個優勢是：沒有任何單一中東專案的營收占比超過 1.6%，而中東地區的在手訂單（backlog）占比為 20%。合約期限也相當長。平均合約期限為 4.7 年，且我們 49% 的營收與長期框架合約綁定。我們也明確維持中東地區全年 8.5% 有機成長的指引不變。

What we're seeing, Sangita, to your question, is that many of the GCC company -- countries are using the periods of high oil prices to fund diversification in the non-oil sectors and advanced technology such as artificial intelligence and digital infrastructure so that they're less vulnerable to future price swings.

Sangita，回到你的問題，我們看到許多 GCC 國家正利用油價高檔期間的資金，推動非石油產業多元化，以及人工智慧、數位基礎設施等先進科技投資，讓它們在未來面對價格波動時更不易受影響。

I do want to point out that post conflict, we believe there's going to be significant investment in areas including redundancy and resiliency. So not only will Parsons be doing our traditional areas of transportation, water and environment, and urban development; but we're going to expand into prioritized areas including integrated air and missile defense, border security, counter unmanned air system, critical infrastructure protection, water security and desalination, rail, pipeline security, and rebuild opportunities.

我也想指出，我們相信衝突之後，包含備援與韌性在內的領域將出現顯著投資。因此，Parsons 不僅會持續深耕我們傳統的交通、水務與環境、以及城市開發等領域；我們也將擴展至優先領域，包括整合式防空與飛彈防禦、邊境安全、反無人機系統、關鍵基礎設施防護、水資源安全與海水淡化、鐵路、管線安全，以及重建相關機會。

And there's also a priority to take key assets into hardened underground facilities, such as data centers, treatment plants, and military assets. Just reported on the defense front -- it was April 27 -- Arabian Gulf Business indicated that the defense spending in the Middle East is expected to rise by 20% over the next three years.

此外，也有一項優先事項是將關鍵資產移入加固的地下設施，例如資料中心、處理廠與軍事資產。在國防方面，阿拉伯海灣商業（Arabian Gulf Business）於 4 月 27 日報導指出，中東國防支出預計在未來三年將增加 20%。

That's super helpful, Carey. And maybe one for Matt. Can you talk about some of the puts and takes that went into your guidance? Since your FS margins have recovered really well and your CI margins are very strong, but you decided to keep the full-year margin outlook on the change, can you help us walk through that?

這非常有幫助，Carey。也許接著問 Matt 一題。你能談談你們指引中納入的一些正反因素（puts and takes）嗎？由於你們 FS 的利潤率復甦得很好、CI 的利潤率也非常強勁，但你們仍決定維持全年利潤率展望不變，你能帶我們梳理一下其中的考量嗎？

Yeah. Thanks, Sangita. So to your point, really strong Q1 at north of 10% margin, 10.1%. CI now has five straight quarters north of 10%, so the performance there has been really strong.

可以。謝謝你，Sangita。如你所說，第一季表現非常強勁，利潤率超過 10%，達到 10.1%。CI 現在已連續五個季度利潤率都在 10% 以上，因此那邊的表現確實非常強。

Obviously, still early in the year, 9.7% is 10 basis points this year, but on the back of 110 basis points over the last couple of years. So we're still bullish on our margin expansion opportunities over the next couple of years but obviously want to be thoughtful it's still early in the year.

顯然現在仍在年初，9.7% 今年只比去年高 10 個基點，但這是建立在過去幾年累計提升 110 個基點的基礎上。因此，我們對未來幾年的利潤率擴張機會仍然樂觀，但也希望審慎一些，畢竟現在還在年初。

When we look at Fed, Fed is 9.4% in Q1, where high 8% to low 9% is a target for us for the year. And then infrastructure, we're 10.5% at the midpoint, so 10.8% to start the year is a little bit better than total year expectations.

就 Fed 而言，第一季是 9.4%，而我們對全年目標是高 8% 到低 9% 的區間。至於基礎建設，我們在中位數是 10.5%，因此年初的 10.8% 略優於全年預期。

But obviously, early in the year, we will expect within Federal, we'll have some additional growth and cost types. We've talked previously about mix is always the biggest driver to Fed margins.

但顯然在年初階段，我們預期在 Federal 方面會有一些額外的成長與成本型合約（cost types）。我們先前也談過，組合（mix）一向是影響 Fed 利潤率的最大驅動因素。

And then on the infrastructure side, we had a little bit lighter pass throughs in materials in Q1. It's a little bit of pressure there on margins. So again, early in the year, a great start to the year; but we'll watch over the next couple of quarters.

而在基礎建設方面，第一季材料的轉嫁（pass-throughs）稍微少一些。這對利潤率造成了一點壓力。所以再次強調，年初開局很棒；但我們會在接下來幾個季度持續觀察。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Maybe, Carey, can you just talk about -- the Middle East seems okay. But aside from that, how do you think about the first half versus the second half growth trends? What's really driving the upswing in the second half and some of the major program drivers there?

Carey，也許你可以談談——中東看起來還好。但除此之外，你如何看待上半年相較下半年的成長趨勢？下半年成長回升主要是由什麼驅動？有哪些主要專案在帶動？

Yeah. Thank you very much, Sheila, for the question. I appreciate it. So both -- we anticipate both of the segments to grow within the second half of the year. What's driving it, let me start with Federal, are the new awards.

好的。非常感謝你，Sheila，提出這個問題。我很感謝。我們預期兩個事業部門在下半年都會成長。至於驅動因素，我先從 Federal 談起，是新得標案。

We just highlighted the four awards, three of which were Federal, that occurred during Q1, and then the four awards that have already occurred after Q1 ended. So very strong start to the year for Federal.

我們剛剛重點提到第一季發生的四個得標案，其中三個屬於 Federal；另外還有四個是在第一季結束後已經發生的得標案。因此 Federal 在今年有非常強勁的開局。

Also seeing significant growth on FAA. FAA, we achieved 25% growth in the first quarter, and we expect the FAA to be strong throughout the year.

我們也看到 FAA 有顯著成長。FAA 第一季我們達成 25% 的成長，我們預期 FAA 全年都會維持強勁。

So I would highlight, besides the awards I mentioned during the call, areas such as munitions, Holston, and Nammo. Those programs are ramping up. Also, a lot of classified work and other transaction agreements, FAA and then our Missile Defense Agency team's contract, which we expect to achieve over 10% growth this year as we're supporting the important Golden Dome program.

因此我會特別指出，除了我在電話會議中提到的得標案之外，還有彈藥、Holston 與 Nammo 等領域。這些專案正在加速爬坡。另外也有許多機密工作與其他交易協議（other transaction agreements）、FAA，以及我們飛彈防禦署（Missile Defense Agency）團隊的合約；我們預期今年可達到超過 10% 的成長，因為我們正在支援重要的 Golden Dome 計畫。

Within the Critical Infrastructure segment, I mentioned the Riyadh Metro. So we expect that to have to ramp up in the latter half of the year. Within the North America group, we expect P3s, particularly on the East Coast, to ramp up.

在關鍵基礎設施（Critical Infrastructure）事業部門方面，我提到了利雅德地鐵（Riyadh Metro）。我們預期它會在今年下半年加速爬坡。在北美團隊方面，我們預期 P3（公私合夥）專案，特別是在東岸，會加速推進。

And then we had some recent winds on the West Coast, including the L.A. Metro Line A extension, the I-70 in Missouri, and the Silver Line in Texas. And probably a couple other programs I'll highlight in the Middle East would be Qiddiya, the entertainment city; as well as King Salman International Airport.

此外，我們近期在西岸也有一些得標，包括洛杉磯地鐵 A 線延伸案、密蘇里州的 I-70，以及德州的 Silver Line。另外在中東我可能再補充幾個專案，包括娛樂城 Qiddiya，以及薩勒曼國王國際機場（King Salman International Airport）。

Sheila, the only other one I would add that is we've talked previously about the Joint Cyber Hunt Kits through Sealing Technology. That program is an LRIP, as you know, and so second half will transition to production and have some critical deliveries before the end of the year. So that's also benefiting the second half.

Sheila，我唯一還想補充的是，我們先前談過透過 Sealing Technology 的 Joint Cyber Hunt Kits。如你所知，該專案目前處於 LRIP（低率初期生產）階段，因此下半年將轉入量產，並在年底前有一些關鍵交付。所以這也在帶動下半年的表現。

Got it. And maybe to follow-up, Matt, on that. You said Q2 is a little bit lower given award timing. Can you just give us a little bit more color on that? What are you seeing in the outlay environment? Why was it lower?

了解。也許再追問一下，Matt。你提到因為得標時點的關係，第二季會稍微低一些。你能再多給我們一些細節嗎？你在預算支出（outlay）環境方面看到了什麼？為什麼會比較低？

Yeah. So some of the awards that Carey that came in start of Q2 were expected earlier in the year, call it January, February, so we thought we'd be ramping on those.

是的。因此，Carey 在第二季初拿到的一些獎項原本預期會在年初、也就是一月、二月就到位，所以我們原本以為會在那些案子上開始加速爬坡。

Additionally, some phasing within the Middle East. Middle East makes up about half of the reduction to Q2. So that's really just phasing as we see the customers' prioritizations. But again, the second-half ramp on those awards is going to benefit the Middle East business. But overall, again, the reductions are really just phasing and timing of awards.

另外，中東地區內部也有一些時程分配。中東約占第二季下修幅度的一半。所以這其實只是我們看到客戶優先順序調整所造成的時程遞延。但同樣地，下半年這些得標案的爬坡將會讓中東業務受益。但整體而言，這些下修主要就是得標時點與時程安排的問題。

And it's super exciting to see the Federal momentum that we had.

而且看到我們在聯邦業務上的動能，真的非常令人振奮。

John Godyn, Citi.

John Godyn，花旗。

Maybe we could just revisit the $1.5 trillion budget. You described it as a generational investment well aligned with the Parson portfolio. Could you just elaborate on what's most exciting there for you?

也許我們可以再回到 1.5 兆美元的預算。你把它形容為一項世代級投資，且與 Parson 的產品組合高度契合。你能否再多談談，對你而言其中最令人興奮的是什麼？

And then a quick follow-up to that. Obviously, there's some concern about the $1.5 trillion budget going through. You guys don't have a perfect crystal ball. But any thoughts on how that may play out as we just sort of form our own views?

接著一個簡短追問。顯然，市場對 1.5 兆美元預算能否通過有些疑慮。你們也不可能有完美的水晶球。但就我們形成自己的看法而言，你們對它可能如何發展有什麼想法嗎？

As you mentioned, it is exciting. It is a generational investment. It's been recognized on a bipartisan basis that we're facing one of the most complex and dangerous threat environments in our nation's history with adversaries advancing capabilities. And so the need for that budget is there.

如你所說，這確實令人振奮。這是一項世代級投資。兩黨都已認知到，我們正面臨國家史上最複雜且最危險的威脅環境之一，對手也在提升其能力。因此，這項預算的需求確實存在。

The budget's focused around three pillars, and I'll hit on where Parsons plays in each of those pillars. The first one is supercharging America's defense and industrial base. So while that pillar talks about shipbuilding and air power, also within that pillar is a focus on critical minerals onshoring and energy independence and emerging technologies, both areas where Parsons plays.

這份預算聚焦在三大支柱，我會說明 Parsons 在每個支柱中扮演的角色。第一個是強化美國的國防與工業基礎。因此，雖然該支柱談到造船與空中戰力，但其中也聚焦於關鍵礦物回流本土（onshoring）、能源獨立，以及新興科技，這兩個領域 Parsons 都有參與。

The area probably is most important to us is the second pillar, securing America's military advantage in the homeland. Counter unmanned air systems and autonomy are going to see big increases of greater than $70 billion on the topline for drone dominance and counter unmanned air systems.

對我們而言可能最重要的是第二個支柱：確保本土的美國軍事優勢。反無人機系統與自主化將會大幅增加，無人機制空與反無人機系統在總額上將增加超過 700 億美元。

The Pacific deterrence initiative is going to increase from $10 billion to $11.7 billion and $3 billion of that is aligned to infrastructure improvements. In cybersecurity, there's going to be over $20 billion of additional funding.

太平洋嚇阻倡議將從 100 億美元增加到 117 億美元，其中有 30 億美元與基礎設施改善相關。在資安方面，將新增超過 200 億美元的資金。

There's, in artificial intelligence, $58.5 billion of investment in AI as well as joint all-domain command and control. And then there's going to be a significant hike in both procurement and research development and technology overall, particularly in the space area, which is going to be more than double the 2026 and active level.

在人工智慧方面，將投資 585 億美元於 AI，以及聯合全域指揮與控制（JADC2）。此外，整體採購與研發與技術（RD&T）也將顯著提高，特別是在太空領域，將較 2026 年及現行水準增加一倍以上。

Missile defense is a budget priority. Missile defense agencies to receive $17.9 billion. And then if you look at Golden Dome, that's supposed to receive $17 billion. That would be within the budget.

飛彈防禦是預算優先項目。飛彈防禦署將獲得 179 億美元。另外，如果看「Golden Dome」，預計將獲得 170 億美元。這會包含在預算之內。

The next pillar focuses on securing America's military readiness, and we play in two areas there. The first one is modernizing the nuclear triad. We're involved in nuclear command, control, and communications. And the second area is in improving infrastructure for our warfighters, which is right up our alley. So overall, I'd say, looking at a procurement increase of 85% and RD&T increase of 63% is good.

下一個支柱聚焦於確保美國的軍事戰備，我們在其中有兩個參與領域。第一是核三位一體的現代化。我們參與核指揮、控制與通訊。第二是改善作戰人員的基礎設施，這正是我們的強項。所以整體來看，採購增加 85%、RD&T 增加 63% 是正面的。

As you mentioned, it's not for certain. And I'd say in particular, the discussion right now is over the reconciliation bill. Reconciliation 2.0 is moving forward, but the future's not real clear yet.

如你所提，這並非板上釘釘。我會說，特別是目前的討論焦點在於預算協調法案（reconciliation bill）。Reconciliation 2.0 正在推進，但未來走向還不太明朗。

Speaker Johnson is planning on a floor vote sometime this week, which would be based on the senators -- the Senate's budget resolution. But there's a discrepancy between some of the House Republicans. Some want to add additional items that are election-related and additional DHS provisions.

眾議院議長 Johnson 計畫在本週某個時間進行院會表決，將以參議院的預算決議為基礎。但眾議院共和黨內部存在分歧。有些人希望加入更多與選舉相關的項目，以及更多國土安全部（DHS）的條款。

ANd other Republicans are recommending that the skinny vote basically be passed. So I would say this week, we expect the next step on the reconciliation to see whether or not the Senate and House do pass the identical reconciliations, which would move that bill forward.

而其他共和黨人則建議基本上通過「精簡版」表決。所以我會說，本週我們預期會看到協調程序的下一步，看看參議院與眾議院是否會通過完全相同的協調版本，若是如此，法案就會往前推進。

That was excellent. And if I could just ask one totally separate question on M&A, you guys closed three deals in the last 12 months and a relatively large one just recently. Can you just refresh us on M&A pipeline thoughts from here and how we should be thinking about the M&A strategy maybe for the next 12 or 24 months?

講得非常好。如果我可以再問一個完全不同、關於併購（M&A）的问题：你們在過去 12 個月完成了三筆交易，最近又剛完成一筆相對較大的交易。你能否再幫我們更新一下接下來的併購案源（pipeline）想法，以及我們應該如何看待未來 12 到 24 個月的併購策略？

So M&A remains our number one focus for capital deployment. As you mentioned, we closed three deals last year, followed by a deal the first quarter of this year. We anticipate this year, we'll close between two to four deals.

因此，併購仍然是我們資本配置的第一優先。如你所說，我們去年完成了三筆交易，今年第一季又完成了一筆。我們預期今年將完成 2 到 4 筆交易。

We've got a strong pipeline in both Federal and Critical Infrastructure. We continue to keep our high bar growing greater than 10% on the topline, greater than 10% EBITDA margin. We're continuing with our strategy of preemptive as well.

我們在聯邦與關鍵基礎設施兩個領域都有強勁的案源。我們持續維持高門檻：營收端（topline）成長超過 10%，EBITDA 利潤率超過 10%。我們也持續採取先發制人的策略。

We like to get with companies that we know well, that we've worked with, we have a similar mission and culture. And that way, we're more certain for success after the integration of those assets. So you can expect to see us continue to focus most of our capital on M&A.

我們喜歡與我們很熟悉、曾經合作過、且使命與文化相近的公司合作。如此一來，在整合這些資產之後，我們對成功更有把握。所以你可以預期我們會持續把大部分資本投入在併購上。

I think it's been a significant differentiator for the company. In fact, as I look over the Federal wins that I cited on the script, I would say many of those are due to the fact of our revenue synergies that we've been able to drive across the federal business.

我認為這一直是公司非常重要的差異化因素。事實上，當我回頭看我在講稿中提到的聯邦得標案，我會說其中很多是因為我們能在聯邦業務中推動跨業務的營收協同效益。

Andrew Wittman, Baird.

Andrew Wittman，Baird。

Matt, I just wanted to help understand the quarter a little bit better. The holiday timing in the Middle East, how did that affect -- can you quantify the effect or estimate the effect on the growth rate in the CI segment for the quarter and then how much of the benefit you're going to pick up here in the second quarter, just to understand that -- those moving pieces a little bit more clearly?

Matt，我想更好地理解一下本季表現。中東的假期時點對業績有何影響——你能否量化或估算一下，對本季關鍵基礎設施（CI）部門成長率的影響？以及你們在第二季會回補多少好處？我想更清楚理解這些變動因素。

Yeah, it was about three days from Q1 to Q2, so think of it as $10 million to $15 million of impact. So we had a little bit of a headwind in Q1. A nice part for when we originally guided to first quarter for Middle East, we're expecting flattish to down a bit. It actually came in up 2.5%, and so a little bit of a strong start to the year for the Middle East and some tailwinds into Q2.

是的，大約有三天從第一季移到第二季，所以可以把它想成約 1,000 萬到 1,500 萬美元的影響。因此第一季我們有一點逆風。有趣的是，當我們最初對第一季中東業務給指引時，我們預期大致持平到小幅下滑。實際上卻成長了 2.5%，所以中東在年初有一個相對強勁的開局，也為第二季帶來一些順風。

Got it. Okay. And then, Carey, on the $11 billion of awarded but unbooked, that number has been pretty steady there. Is that getting worked down and then just getting replenished to the same level or is it stagnant? I'm just curious as to the dynamics of what's going on in there.

了解。好。然後，Carey，關於那筆已得標但尚未入帳的110億美元，那個數字一直相當穩定。這是正在被消化掉，然後又補回到同樣水位，還是其實停滯不動？我只是好奇裡面發生的動態。

Yeah. Great question, Andy. So what we did is we moved the FAA work, which we booked for [410]. So that basically moved out of a way where it had not booked. But as you saw by the announcements that we made of the stuff that we've already won post Q1, we're going to be well over that. So that number is going to go right back up as we go into the next quarter.

是的。問得很好，Andy。我們做的是把FAA的工作移過來，也就是我們已經入帳的[410]。所以基本上就把它從「尚未入帳」的狀態移出。但如你從我們在Q1之後已宣布贏得的案子所看到的，我們會遠遠超過那個數字。因此，隨著我們進入下一季，那個數字會再回升。

So I think the important thing as well is to look at our book-to-bill ratios, which very strong, again, across the board -- 1.4 per Parsons, 1.4 for Federal and Critical Infrastructure -- and our backlog of $9.3 billion, and then add to that $11 billion. And again, the $11 billion, to your point, is going to be replenished by these new awards.

我認為同樣重要的是看我們的接單出貨比（book-to-bill），整體都非常強勁——Parsons為1.4，聯邦與關鍵基礎設施也為1.4——以及我們93億美元的在手訂單（backlog），再加上那110億美元。而且如你所說，這110億美元會由這些新得標案補回來。

Okay. And then I guess maybe just one final thing. Just on cash flow, Matt. Your contract assets number, so your unbilled receipt -- or contract assets, cash that you've got or that you don't have, work that you performed, is up a decent amount. Maybe you could just drill into that a little bit.

好。然後我想最後再問一點。關於現金流，Matt。你們的合約資產數字，也就是未開立帳單的應收——或合約資產，你已經做了但尚未收現的工作——增加了不少。也許你可以再深入說明一下。

Is this a certain type of work that you're starting to perform in greater amounts today? Is this a geographic thing with somebody that you're working for and have that asset? It's sticking out. And with the DSOs up a little bit, obviously, there's a seasonal effect there. And just digging into some of these working capital pieces are -- it would be interesting to understand those dynamics.

這是你們現在開始大量執行的某一類工作嗎？還是地理區域因素，或是你們為某個客戶服務而形成的資產？這個數字很突出。而且DSO也略有上升，顯然有季節性影響。我想深入了解這些營運資金項目的動態，會很有意思。

Yeah. Good question, Andy. So to your point, DSO is up about 14 days, which is a good number. And so overall, really happy with the cash performance in Q1.

是的。問得好，Andy。如你所說，DSO大約增加了14天，這其實是個不錯的數字。整體而言，我們對Q1的現金表現非常滿意。

We do have a higher balances. A lot of it is related in the Federal business to milestones on some of the munitions projects that it will deliver over the next two quarters. So I expect that number to come down over the next two quarters.

我們確實有較高的餘額。其中很大一部分與聯邦業務中某些彈藥專案的里程碑有關，這些專案會在接下來兩個季度交付。所以我預期這個數字會在未來兩個季度下降。

I don't think we will continue to expand. I think when we get into production on the Cyber Hunt Kits, we may have a little bit of fluctuation, but not to the same scale. So I'd say the biggest driver has been the munitions programs and the upcoming milestones there.

我不認為它會持續擴大。我想當我們進入Cyber Hunt Kits的量產時，可能會有些波動，但不會到同樣的規模。所以我會說最大的驅動因素是彈藥計畫以及即將到來的那些里程碑。

Gavin Parsons, UBS. Your question, please.

UBS的Gavin Parsons。請提問。

Carey, how big is your CUAS business? And are you seeing any accelerated procurement yet, given Middle East learnings?

Carey，你們的CUAS業務規模有多大？鑑於中東的經驗教訓，你們是否已看到任何加速採購？

Yeah, so the big part of the Counter UAS, we have two components. One is our non-kinetic business, and that mostly goes through the Army TENCAP program. And as I mentioned, it's deployed in the Middle East right now.

是的，反無人機（Counter UAS）很大一部分，我們有兩個組成。一個是我們的非動能業務，主要透過陸軍TENCAP計畫進行。如我提到的，它目前已部署在中東。

The second part of it is our DroneArmor, which is a system of systems. And that's basically -- it's a technology readiness level nine that's been deployed . It is currently deployed in Laredo on the southern border. So if I pull those two components out, I would guess probably $100 million-ish If I had to make an estimate.

第二部分是我們的DroneArmor，這是一個系統之系統（system of systems）。基本上——它的技術成熟度等級（TRL）為9，已經部署。目前部署在南部邊境的拉雷多（Laredo）。所以如果把這兩個組成拆開來看，我猜大概是1億美元左右，如果要我估算的話。

Yes, we see growth as far as the -- we see future growth as far as the Middle East. So we were brought in the Middle East originally to fix another company system that was not working. So our system had basically replaced that, and there's ongoing demand.

是的，就中東而言，我們確實看到成長——也就是未來的成長。我們最初被帶到中東，是為了修復另一家公司無法運作的系統。因此我們的系統基本上取代了它，而且需求仍在持續。

We also see demand within the United States. There's a couple of procurements that we're waiting on award from the Department of Homeland Security and Customs and Border Protection and the Coast Guard.

我們也看到美國境內的需求。目前有幾項採購案，我們正在等待國土安全部、海關與邊境保護局以及海岸防衛隊的決標。

The ABAD contract, I think that might also possibly fall in that category. I mean, is that just Europe and Africa? Are there other geographical opportunities?

ABAD合約，我想那也可能屬於同一類。我的意思是，那只是歐洲和非洲嗎？還有其他地理區域的機會嗎？

Yeah, that's a great point, Gavin. I didn't include that in the number I just threw out. But the Air-Base Air-Defense, that's roughly $1 billion over five years, and we're on a run rate to achieve that. So if I throw that in the counter unmanned air systems, it's much higher.

是的，這點很好，Gavin。我剛才拋出的數字沒有把那個算進去。但空軍基地防空（Air-Base Air-Defense），五年大約10億美元，而我們正以達成該目標的速度在推進。所以如果把它也算進反無人機系統，那規模就高得多。

We think air-based defense is going to continue to increase within the region as well as within INDOPACOM. Our contract within Europe has rapidly expanded. It's currently being used for early warning for the Middle East activities.

我們認為基地防空在該區域以及在印太司令部（INDOPACOM）內都會持續增加。我們在歐洲的合約已快速擴張。目前它被用於針對中東活動的早期預警。

Gautam Khanna, TD Securities.

TD Securities的Gautam Khanna。

I was wondering, what's the latest on the FAA program that Peraton won? I didn't know if much work has come your way yet. What's your latest expectation on that?

我想問一下，Peraton贏得的FAA計畫最新進展如何？我不確定是否已有不少工作流向你們。你們對此最新的預期是什麼？

Yeah. So just to recap, we've been supporting the FAA for over five decades. We've supported them for 24 years on the technical support service contract. The FAA just issued our extension for three years, one full year early, indicating their intent to fully use that contract.

是的。簡單回顧一下，我們支援FAA已超過五十年。在技術支援服務合約（TSSC）上，我們已支援他們24年。FAA剛剛提前整整一年核發我們三年的延長，顯示他們有意全面使用該合約。

Under that contract, we provide engineering and design support, installation, integration services. We do projects construction management and also technical, logistics, and field support. Importantly, we've supported about 1,000 FAA sites.

在該合約下，我們提供工程與設計支援、安裝與整合服務。我們也做專案施工管理，以及技術、後勤與現場支援。重要的是，我們已支援約1,000個FAA站點。

We have people pretty much everywhere embedded in the facilities and equipment work that occurs with the National Airspace system, whether it's radars, navigation aids, communications, surveillance, automation towers. We do the Terminal Radar Approach Control system. There are route traffic control centers and much more.

我們的人員幾乎無所不在，嵌入在國家空域系統（National Airspace System）的設施與設備相關工作中，不論是雷達、導航輔助設備、通訊、監視、自動化塔台。我們負責終端雷達進場管制（TRACON）系統。還有航路交通管制中心等等，遠不止這些。

Our FAA revenue, as I mentioned, is projected to grow at 25% this year on just the TSSC contract, and we were at 25% for the first quarter. We also had additional growth in FAA on areas like voice communication switches and some contracts that we have outside the TSSC, putting us at around a 35% growth rate.

如我提到的，我們的FAA營收今年僅就TSSC合約預計成長25%，而第一季我們也達到25%。此外，我們在FAA還有其他領域的額外成長，例如語音通訊交換機，以及一些TSSC以外的合約，使我們整體約達35%的成長率。

In addition to the legacy work that we've performed on the TSSC, we're starting to perform work for the implementation of the new air traffic control system. And that work includes voice communication, automation, and training systems.

除了我們在TSSC上執行的既有工作之外，我們也開始為新空中交通管制系統的導入執行工作。而這些工作包含語音通訊、自動化以及訓練系統。

We've been working very closely with Peraton. We have an associate contractor agreement, as well as with the FAA. Both the FAA and Peraton want to continue to use Parsons as the implementer for that work.

我們一直與 Peraton 非常密切地合作。我們與 FAA 以及 Peraton 都有一份關聯承包商協議。FAA 與 Peraton 都希望繼續由 Parsons 作為該項工作的執行方。

And I just wanted to also circle back to the Q2 commentary. It sounded like bookings have been pretty strong to start the quarter. What would you expect -- do you have a view on what book-to-bill could be in the second quarter based on what's in the pipeline and what you've already been awarded?

另外我也想回到第二季的評論。聽起來本季一開始的接單表現相當強勁。基於目前管線中的案子以及你們已獲授予的合約，你們對第二季的接單出貨比（book-to-bill）有什麼預期或看法？

Yeah. To your point, Gautam, really strong start to the year. We are expecting north of 1.0 again at the Parsons level in Q2.

是的。如你所說，Gautam，今年開局非常強勁。我們預期第二季在 Parsons 整體層級的接單出貨比將再次高於 1.0。

Okay. And within the segments, is there any skew? Is one particularly strong relative to the other?

好的。那在各事業部門之間，有沒有任何偏向？是否某一個部門相對另一個特別強？

Not really. I think they'll both just be around 1 or better. I don't think we'll see another 1.4 necessarily, but I think they're both in a good place to be north of 1.

沒有特別。我認為兩個部門都會大約在 1 左右或更好。我不認為會再看到 1.4 那樣的數字，但我認為兩者都處於良好狀態，有望高於 1。

And again, Critical Infrastructure, 22 consecutive quarters greater than 1.0. And our trailing 12-month as a company has been over 1.0 since IPO.

再者，關鍵基礎設施（Critical Infrastructure）已連續 22 個季度高於 1.0。而公司層面的過去 12 個月（trailing 12-month）自 IPO 以來一直都高於 1.0。

Great. And then you did -- I mean, obviously you touched on the Middle East business being more resilient than I think people worry about. At what point do you start to worry about this? I mean, I'm just curious in terms of -- does it disrupt the pace of contract awards?

很好。接著你也提到，中東業務比大家擔心的更具韌性。你們在什麼情況下會開始擔心？我想了解的是——這是否會干擾合約授予的節奏？

I know you mentioned there's a long duration to the backlog there. But I'm just curious, at what point should we worry because it does seem like an overhang?

我知道你提到那邊的在手訂單（backlog）期間很長。但我只是好奇，什麼時候我們才需要擔心？因為看起來確實像是一個壓力因素（overhang）。

Yeah. Again, I would say we are not worried. The work that we're performing there is Critical Infrastructure work. And now we've actually added additional defense capabilities supporting the war.

是的。再次強調，我會說我們並不擔心。我們在當地執行的工作是關鍵基礎設施相關工作。而且現在我們實際上也新增了支援戰事的額外國防能力。

Hitting on the Critical Infrastructure work first, 60% of our work is in Saudi Arabia. The Public Investment Fund just released their priority six ecosystems this week. So whether it's tourism, travel and entertainment, urban development, advanced manufacturing, industrials and logistics, clean energy, NEOM, we play in every single one of those areas.

先談關鍵基礎設施工作，我們 60% 的業務在沙烏地阿拉伯。公共投資基金（Public Investment Fund）本週剛公布其優先的六大生態系。無論是觀光、旅遊與娛樂、城市發展、先進製造、工業與物流、潔淨能源、NEOM，我們在每一個領域都有參與。

They also reiterated that they're going to maintain all giga projects. They don't see any cancellations. So there's only been minor rephasing of programs, but they've got to get ready to be on the world stage, which is going to be 2030 for the Expo, 2034 for the World Cup.

他們也再次重申會維持所有超大型專案（giga projects）。他們不認為會有任何取消。因此目前只有些微的計畫時程重排（rephasing），但他們必須為登上世界舞台做好準備：2030 年的世博會（Expo）以及 2034 年的世界盃。

And I'll point out in Saudi Arabia, importantly, 80% of the investments can be deployed within Saudi Arabia. We've been there for seven decades. We have a 50/50 joint venture company, so we see that as very stable.

另外我也要指出，在沙烏地阿拉伯很重要的一點是，80% 的投資可以在沙國境內部署。我們在那裡已經深耕七十年。我們有一家 50/50 的合資公司，因此我們認為那是非常穩定的。

Within the UAE, we're focused still on a lot of development work. There's still a lot of development that has been going on, so we don't see any slowdown there.

在阿聯酋（UAE），我們仍聚焦於大量的開發工作。目前仍有很多開發正在進行，因此我們沒有看到任何放緩。

And Qatar, our focus is primarily on two areas with Ashghal as our primary customer. And then we do a lot of work in the city of Lusail, for which we just got the contract recompete win. So we've been very strong.

在卡達，我們主要聚焦兩個領域，並以 Ashghal 作為我們的主要客戶。此外，我們在盧塞爾市（Lusail）也做了大量工作，而我們剛在那裡贏得合約重新競標（recompete）勝出。所以我們表現一直很強勁。

As a result of the war, we've been supporting during the war effort cyber, electronic warfare, counter unmanned air systems, air-based defense. And then we see, as I mentioned earlier, post-war, that we're going to have opportunities, particularly when you look at areas like Critical Infrastructure protection.

由於戰事，我們在戰時支援了網路（cyber）、電子戰（electronic warfare）、反無人機系統（counter unmanned air systems）、空基防禦（air-based defense）。此外，如我先前提到的，戰後我們也將有機會，特別是在關鍵基礎設施防護等領域。

A lot of the attacks from Iran have been on data centers, water, utilities. So those assets are all going to have to be protected, potentially put underground, but definitely have Critical Infrastructure protection.

伊朗發動的許多攻擊都針對資料中心、水務與公用事業。因此這些資產都必須受到保護，可能需要地下化，但無論如何都必須進行關鍵基礎設施防護。

And then there's going to be additional rebuild. So to have a company that has a long, deep history within the region, very demonstrated, proven performance as a trusted partner, we look forward to continuing to work across the Middle East and be able to help that region very quickly recover.

接著還會有額外的重建需求。因此，作為一家在該地區擁有悠久且深厚歷史、具備明確且經驗證的績效、並被視為可信賴合作夥伴的公司，我們期待能持續在中東各地開展工作，並協助該地區迅速復原。

Jonathan Siegman, Stifel.

Jonathan Siegman，Stifel。

On the Cyber Hunt contract win, interesting work, and it's new for Parsons. You mentioned it's going to start ramping up in the second half. Can you maybe level set just how steep that ramp could be and any differences in margins or capital intensity of that type of work?

關於 Cyber Hunt 合約得標，這是很有意思的工作，而且對 Parsons 來說是新的。你提到它會在下半年開始加速成長。你能否大致說明一下這個爬坡（ramp）可能有多陡，以及這類工作在毛利率或資本密集度方面是否有差異？

So I'll start. Matt can jump in as well, but we're excited about the Joint Cyber Hunt Kit award. It started off as another transaction agreement. Over 100 companies submitted white papers. They downselected the three companies to build prototypes, and then we were ultimately selected as the successful winner.

我先說。Matt 也可以補充，但我們對聯合網路獵捕套件（Joint Cyber Hunt Kit）的得標感到很振奮。它一開始是以其他交易協議（Other Transaction Agreement）形式啟動。有超過 100 家公司提交白皮書。他們篩選出三家公司來製作原型，最後我們被選為最終的得標者。

We've already started the low-rate initial production, and we'll be moving into production in the fall. I will note that we've produced over 500 of these kits. We're expecting another 500 to 750 as we go forward on the new contract.

我們已經開始低速率初期生產（low-rate initial production），並將在秋季進入量產。我也要指出，我們已經生產了超過 500 套這些套件。在新合約推進下，我們預期未來還會再生產 500 到 750 套。

Another unique thing that was in our solution is it's the first use of a generic AI in a threat hunt kit solution, and we think that was a big discriminator in helping us win that award. It's margin accretive. It is double-digit margins.

我們方案中另一個獨特之處是，這是威脅獵捕套件解決方案中首次使用通用型 AI（generic AI），我們認為這是協助我們贏得該合約的重要差異化因素。它能提升整體利潤率（margin accretive）。其利潤率為雙位數。

Yeah. So John, just to add on to Carey, $500 million ceiling over a relatively short window, three to five-year contract. Booked the first $250 million within the quarter, so I feel really good about that work. We've already started long lead material purchases on the production orders to get ahead of schedule and help out there.

是的。John，我補充 Carey 的說法：合約上限（ceiling）為 5 億美元，期間相對較短，為 3 到 5 年期合約。我們在本季已入帳（booked）首筆 2.5 億美元，所以我對這項工作非常有信心。我們也已經開始針對生產訂單採購長交期物料（long lead material），以提前進度並提供支援。

I would say for second half versus first half, we're seeing about a $50 million growth on those -- on that contract, which is helping our second half, of course. And then I think from a margin perspective this year, it's favorable and accretive. I think we'll see more benefit in the out years as we get further into the production and deliveries.

我會說，相較於上半年，我們在下半年預計會因該合約帶來約 5,000 萬美元的成長，這當然有助於我們的下半年表現。此外，就今年的利潤率而言，它是有利且具增益的（accretive）。我認為隨著我們更深入量產與交付，未來年度（out years）會看到更多效益。

Fantastic. And maybe one more for you, Matt. And I think your earlier comments tied to this, but just to confirm directly, remaining performance obligations for fellow solutions was down sequentially and diverged from funded backlog. Is that just the phasing that you mentioned earlier or is there anything else to kind of keep in mind?

太好了。再問一個給你，Matt。我想你先前的評論也有提到，但我想直接確認：Fellow Solutions 的剩餘履約義務（remaining performance obligations）較前一季下降，且與已資助在手訂單（funded backlog）走勢出現分歧。這只是你先前提到的時程配置（phasing）因素，還是還有其他需要留意的地方？

Yeah. No, exactly. It was the phasing that I mentioned and nothing else behind that. That's it.

是的。不，完全正確。就是我提到的時程分段（phasing），除此之外沒有別的原因。就這樣。

Toby Sommer, Truist Securities.

Toby Sommer，Truist Securities。

I want to double-click on the Middle East again, if we could. With some of your customers experiencing less oil, petrochemical revenue currently, is there -- how do you look at the risk that the eventual rebuilding of that to generate revenue could crowd out or elongate the projects that you are working on and pressure a little bit of revenue growth there?

我想再深入追問一下中東的部分，如果可以的話。目前你們有些客戶的石油、石化收入較少，你們如何看待這樣的風險：未來這些收入回升、重建後，可能會排擠或拉長你們正在進行的專案，並對那邊的營收成長造成一些壓力？

Yeah. First, Toby, I'd say that among the three major investment funds, Abu Dhabi, Qatar, and Saudi Public Investment Fund, they've amassed over $5 trillion of wealth. So when you look at Abu Dhabi Investment Fund, they're like the fourth largest sovereign fund in the world.

是的。首先，Toby，我會說在三大主要投資基金之中——阿布達比、卡達，以及沙烏地公共投資基金——他們累積的財富已超過 5 兆美元。所以你看阿布達比投資基金，它大概是全球第四大的主權基金。

The Public Investment Fund is the fifth largest sovereign fund in the world. So they have amassed a lot of wealth over time regarding oil prices. They also have the capability, both in the UAE and Saudi, that they aren't dependent on the Strait of Hormuz. They both have oil pipelines that they can continue to transport oil.

公共投資基金是全球第五大的主權基金。所以他們長期以來因油價而累積了大量財富。此外，無論在阿聯或沙烏地，他們也具備不依賴荷姆茲海峽的能力。兩國都有輸油管線，可以持續運輸原油。

The focus within the regions is very strong. There's a Saudi Vision 2030. There's visions in the UAE for 2030 and 2040. There's a national vision for Qatar for 2030. Their whole focus has been how do they diversify their dependence away from oil. So to be able to do that and achieve that, they're still going to prioritize infrastructure investments and to be on the world stage and be present for those events.

該區域內的聚焦力道非常強。有沙烏地「願景 2030」。阿聯也有 2030 與 2040 的願景。卡達也有 2030 的國家願景。他們整體的重點一直是：如何把對石油的依賴多元化、降低依存度。因此，為了做到並達成這些目標，他們仍會優先投入基礎建設投資，並在世界舞台上扮演角色、出席那些活動。

What we're seeing -- and I'll take Public Investment Fund's strategic plan that they just published -- is they're rephasing and moving things away from other sectors or other priorities to stay laser-focused on what's going to drive economic and social benefit to the region. And that's where we play.

我們看到的是——我以公共投資基金剛發布的策略計畫為例——他們正在重新調整時程（rephasing），把資源從其他產業或其他優先事項移開，以保持高度聚焦在能為該區域帶來經濟與社會效益的事情上。而那正是我們發揮的地方。

Appreciate that. And then, if I could, with respect to the cyber kits and that aspect of your business related to technology and products, how do you envision that growing and becoming a more meaningful part of the company? And if you could, dovetail your M&A strategy in coming years with your response?

了解，謝謝。接著，如果可以的話，關於你們的 Cyber kits，以及你們業務中與科技與產品相關的那一塊，你們如何看待它的成長，並讓它成為公司更重要的一部分？另外也請把未來幾年的併購（M&A）策略與你的回答結合說明？

So we have a lot of products within the portfolio, Cyber Hunt Kit being one of those. We also have -- I'll just give you a few examples, assured position, navigation, and timing. So if you lose your GPS signal, you can get location information.

我們的產品組合裡有很多產品，Cyber Hunt Kit 是其中之一。我們也有——我舉幾個例子——可信定位、導航與授時（assured position, navigation, and timing）。所以如果你失去 GPS 訊號，仍然可以取得位置資訊。

We have a product called TReX, which is an emulator product that can emulate certain signals that's been useful in Ukraine and can also be useful in INDOPACOM and in the Middle East region. In the space side, we have a space series of products that's called the [ACES] products that are involved with a lot of the control timing of satellite vehicles.

我們有一個叫 TReX 的產品，是一種模擬器產品，可以模擬特定訊號；它在烏克蘭已被證明很有用，也可用於印太司令部（INDOPACOM）以及中東地區。在太空端，我們有一系列稱為 [ACES] 的太空產品，涉及許多衛星載具的控制授時。

We have space ground systems. We've delivered over 170 different ground system solutions. And then on the infrastructure side, we have the intelligent transportation system, where we're the most globally deployed system in the world today, just extending our reach now into the Middle East. We had our first deployment there, and we've won some real big statewide procurements recently, including Georgia.

我們也有太空地面系統。我們已交付超過 170 種不同的地面系統解決方案。另外在基礎建設端，我們有智慧運輸系統；就目前而言，我們是全球部署最廣的系統，現在也正把觸角延伸到中東。我們在那裡完成了首次部署，且最近也贏得一些非常大型的州級採購案，包括喬治亞州。

So products is definitely a focus for us. I'm going to put products into two categories. We have products that you might call hardware products. And I'll take like our BlueFly system. It's a search and rescue system that's able to assist local law enforcement as well as Customs and Border Protection.

所以產品確實是我們的重點。我會把產品分成兩類。一類是你可以稱為硬體產品的產品。例如我們的 BlueFly 系統。它是一套搜救系統，能協助地方執法單位以及海關與邊境保護局。

But the secret sauce within there is really the digital signal processing, and that's an area that we focus on as a company. So our product offerings include both software as well hardware. And I would say a lot of the companies that we have been acquiring, in addition to Sealing Tech, which produced the Joint Cyber Hunt Kit, do have products capacity and focus, and you can expect to see that going forward.

但其中真正的關鍵（secret sauce）其實是數位訊號處理，而這也是我們公司聚焦的領域。因此，我們的產品供應同時包含軟體與硬體。我也會說，我們近年收購的許多公司——除了生產聯合網路 Cyber Hunt Kit 的 Sealing Tech 之外——也都具備產品能力與產品導向，你們未來可以期待看到這一點持續延伸。

We think that that helps with our differentiation as a company. We think that's driven our very strong win rates, which have been consistent over the past three years. And they're also margin accretive.

我們認為這有助於提升公司差異化。我們認為這也帶動了我們非常強勁的得標率，而且過去三年一直維持一致。同時，這些也能增厚利潤率（margin accretive）。

Mariana Perez-Mora, Bank of America.

Mariana Perez-Mora，美國銀行。

So this first one is a little bit on the budget. The market is mostly concerned about now, like, the $1.5 trillion ask, but actually how much could actually be done in an election year? How do you think about growth and how much is already like funded or procured if you were to think about like a full-year continual resolution? And how are you positioned to that scenario?

第一個問題有點關於預算。市場現在主要在擔心例如 1.5 兆美元的預算請求，但實際上在選舉年到底能做多少？如果以全年持續決議（continuing resolution, CR）的情境來看，你如何看待成長，以及有多少其實已經有資金或已完成採購？你們在這種情境下的定位如何？

Yeah, First, so I would say in an election year, a full-year continuing resolution is probably very likely. We know how to live with continuing resolutions. We've lived with them for decades. The key for us is really getting these large -- on the Federal side, large task order awards, which we've just announced, two that are worth $400 million over the next three years.

是的。首先，我會說在選舉年，全年持續決議很可能會發生。我們知道如何在持續決議下運作。我們已經在這種情況下運作了數十年。對我們而言，關鍵其實是拿到這些大型——在聯邦端的大型任務訂單（task order）授標；我們剛宣布了兩個，未來三年合計價值 4 億美元。

Because once you have those, then you don't really fall under the CR. All you need to do is deliver task orders to those. Another important thing, obviously, with our portfolio is 50% of our portfolio does not fall under the federal government. So half of our business is immune from that.

因為一旦你拿到那些，你就不太會受 CR 影響。你只需要在其下交付任務訂單即可。另外一個重要點當然是，就我們的組合而言，有 50% 的組合不屬於聯邦政府範疇。所以我們一半的業務對此是免疫的。

I would say the budget, we are excited about not just this upcoming budget, but excited to see the $150 billion of prior reconciliation that are starting to flow, whether that's for Golden Dome, the munitions, Pacific deterrence, the FAA modernization. That all benefits our portfolio.

我會說，對於預算，我們不只對即將到來的這次預算感到振奮，也很期待看到先前和解法案（reconciliation）中的 1,500 億美元開始流入——不論是用於 Golden Dome、彈藥、太平洋嚇阻、FAA 現代化。這些都會讓我們的業務組合受益。

We do have a record backlog as well. And out of that backlog, 71% is funded and $11 billion of awards not booked yet. So I think we're well prepared as a company to run for a long time. And having these large other transaction agreements and IDIQs puts us in a good spot.

我們也有創紀錄的在手訂單（backlog）。在這些在手訂單中，71% 已有資金到位，且還有 110 億美元的得標尚未入帳。所以我認為，作為一家公司，我們已經準備好可以長期穩健運作。而擁有這些大型的其他交易協議（other transaction agreements）與 IDIQ 合約，也讓我們處於有利位置。

And then if I can be more specific, there is -- about like a month ago, the Department of State put out a request for information for the second iteration of DIPS, the Diplomatic Platform Support Services contract at Xator. You actually benefited from that, and you got the confidential contract within that main award.

然後如果我可以更具體一點，大約一個月前，國務院針對 DIPS 的第二次迭代——也就是 Xator 的外交平台支援服務（Diplomatic Platform Support Services）合約——發布了資訊徵詢（request for information）。你們其實從中受益，並在該主要授標中拿到了機密（confidential）合約。

How do you think about that? Because when you look at the areas they are looking at, cars, transportation, logistics, security with physical and electronic security support, infrastructure, maintaining and construction and remediation, and if we think about the activity going on in the Middle East right now, I could just have expect those volumes to pick up.

你如何看待這件事？因為從他們關注的領域來看，包含車輛、運輸、物流、安全（含實體與電子安全支援）、基礎設施、維護與施工及整治；如果再考量目前中東正在發生的活動，我會預期這些量能會增加。

How are you thinking about that contract right now? How are you thinking about like the request for information and your position towards that?

你現在是如何看待那份合約的？你現在如何看待像是資訊徵詢（RFI）的要求，以及你對此的立場？

So the DIPS contract, to your point, is coming out for re-procurement again. I believe we were the number one awardee at the very top on the last DIPS contract. We are definitely planning to bid and prepare to win that contract.

所以就 DIPS 合約而言，如你所說，它又要重新進行採購招標了。我相信在上一份 DIPS 合約中，我們是排名第一、位居最前的得標者。我們 निश्चित會規劃投標，並準備贏得那份合約。

Within the Department of State today, the majority of our work is with diplomatic security. We provide for diplomatic security electronic security systems. We do biometrics capabilities and counter unmanned air systems. We've deployed those at over 250 embassies and consulates to date throughout the world, and I'd say that's our ongoing continuous business. But the DIPS contract, we are going to be bidding.

在目前的美國國務院內，我們的大部分工作都與外交安全（Diplomatic Security）相關。我們為外交安全提供電子安全系統。我們具備生物辨識能力以及反無人機空中系統能力。迄今我們已在全球超過 250 個大使館與領事館部署這些系統，我會說那是我們持續且連續的核心業務。但 DIPS 合約我們也會去投標。

Louie DiPalma, William Blair.

Louie DiPalma，William Blair。

On the space front, last year, you announced a strategic partnership with Globalstar. And I was wondering, do you anticipate any potential positive impacts from the proposed Amazon acquisition? Perhaps you could become one of Amazon's main satellite partners for defense applications across their LEO broadband and also their LEO cellular constellations that are in the process of being built out.

在太空方面，去年你們宣布與 Globalstar 建立策略夥伴關係。我想請問，你是否預期擬議中的 Amazon 收購案會帶來任何潛在的正面影響？也許你們可以成為 Amazon 在國防應用上的主要衛星合作夥伴之一，涵蓋其正在建置中的 LEO 寬頻以及 LEO 行動通訊星座。

And also related to the Globalstar partnership, is there as a potential that your technology could be embedded into drones and other unmanned platforms to provide resiliency in the various theaters right now, whether it's the Middle East, Ukraine, or the Asia Pacific?

另外也與 Globalstar 的合作相關，你們的技術是否有可能嵌入到無人機與其他無人平台中，以在目前各個戰區提供韌性，不論是中東、烏克蘭或亞太地區？

I appreciate the question. On the second part, the answer is yes, it could be embedded into drones to be able to support. We're excited about the acquisition of the Globalstar by Amazon, and we are starting to engage with Amazon. I don't want to get ahead of those discussions, but I'd be happy to discuss that on future upcoming calls.

謝謝你的提問。就第二部分而言，答案是肯定的，它可以嵌入到無人機中以提供支援。我們對 Amazon 收購 Globalstar 感到振奮，也已開始與 Amazon 接洽。我不想在這些討論上言之過早，但我很樂意在未來接下來的電話會議中再進一步說明。

And there's been a lot of questions and answers on the Middle East, but are you reiterating the prior full-year outlook for 8.5% growth in the region? And has there been any change in the long-term view? And in terms of the variables, how important is the price of oil in terms of the long-term picture here in the Middle East?

關於中東已經有很多問答，但你們是否重申先前對該地區全年 8.5% 成長的展望？長期觀點是否有任何改變？就變數而言，油價在中東長期前景中有多重要？

Yes, we are reiterating our 8.5% growth for the Middle East. Long-term view, we're very optimistic about the Middle East.

是的，我們重申中東 8.5% 的成長目標。就長期觀點而言，我們對中東非常樂觀。

One thing we've done very well is, first, we've been positioned there seven decades. We have gotten in at ahead of need. We're seen as their trusted partner for all their big programs.

我們做得非常好的一點是：首先，我們在那裡已經布局了七十年。我們在需求出現之前就提前進場。在他們所有大型計畫上，我們被視為值得信賴的合作夥伴。

We positioned intentionally around Riyadh about three years ago because we knew if there ever became funding challenges, they would focus on Riyadh because of the Expo and because of the World Cup. So we're involved in transportation. We're involved in urban development. We're involved in water and environment.

大約三年前，我們刻意把布局重點放在利雅德周邊，因為我們知道一旦資金出現挑戰，他們會把重點放在利雅德，原因是世博會以及世界盃。因此我們參與交通運輸。我們參與城市開發。我們參與水務與環境。

Then we expanded our capabilities recently into defense and security. So we won a border wall project, and we won a project with the Ministry of Defense. So we've moved into other sectors.

接著我們最近把能力擴展到國防與安全領域。因此我們拿下了一個邊境牆專案，也拿下了與國防部的一個專案。所以我們已經進入其他產業領域。

We've also gotten into data centers. We're currently involved in about 12 data center projects within the region and also artificial intelligence projects.

我們也切入了資料中心。目前我們在該地區參與約 12 個資料中心專案，以及人工智慧專案。

So I think what the team has done there very well is successfully moved from our core, which is going to continue, into new areas. And I believe that we're focused on the right priorities.

所以我認為團隊在那裡做得非常好的一點，是成功地從我們的核心業務（這部分仍會持續）拓展到新的領域。而我相信我們聚焦在正確的優先事項上。

If you look at Saudi Arabia, 49% of their GDP is now based on non-oil. So the countries over there have been very successful in diversifying away from oil. I'm really excited about our prospects in the country. I think they're going to only increase after the war with Iran ends.

如果你看沙烏地阿拉伯，他們的 GDP 現在有 49% 來自非石油產業。因此那邊的國家在降低對石油依賴、推動多元化方面非常成功。我對我們在該國的前景感到非常興奮。我認為在與伊朗的戰爭結束後，這些前景只會進一步提升。

Great. And so even if priorities shift, you expect to maintain your share because Parsons' ability to be versatile in terms of like perhaps shifting from a transportation project or an entertainment project to a data center project? Or what shifts do you expect to potentially take place?

很好。所以即使優先事項轉移，你也預期能維持你們的市占，因為 Parsons 具備多元彈性，能在例如從交通專案或娛樂專案轉到資料中心專案之間切換？或者你預期可能會出現哪些轉變？

So I would say, again, Public Investment Fund in Saudi just reiterated their six priorities. So they're laser-focused on tourism and entertainment, urban development, advanced manufacturing, industrial logistics, clean energy, and NEOM. We're in all six of those areas.

所以我會說，再次強調，沙烏地的公共投資基金（PIF）剛剛重申了他們的六大優先事項。他們非常聚焦在觀光與娛樂、城市開發、先進製造、工業物流、潔淨能源，以及 NEOM。我們在這六個領域都有布局。

So whether it's doing airports, the world's largest entertainment city, participating in the World Cup and the Expo, tourism and hospitality sector we're in. We do a lot of urban development with the developers there.

所以不論是機場、全球最大的娛樂城、參與世界盃與世博會，我們都在觀光與旅宿產業裡。我們也與當地開發商做大量的城市開發工作。

I mentioned we're doing the data center work in country. We're building industrial cities. We're performing logistics efforts. We do a lot of water work, desalination work, renewable work. So I think we're just really well positioned where the money's going to be spent.

我提到我們在國內做資料中心的工作。我們在建造工業城市。我們在執行物流相關工作。我們做很多水務、海水淡化、再生能源相關工作。所以我認為我們在資金將投入的方向上，確實處於非常有利的位置。

Noah Poponak, Goldman Sachs.

Noah Poponak，Goldman Sachs。

Matt, is it possible to quantify what's in the full-year revenue guidance? What are you assuming for organic revenue growth in Federal Solutions, ex-confidential, and organic revenue growth at CI? And how do you expect those to split first half versus second half?

Matt，你能否量化一下全年營收指引中包含了什麼？你們對 Federal Solutions（不含機密合約）的有機營收成長假設是多少，以及 CI 的有機營收成長是多少？你預期這些在上半年與下半年之間會如何分配？

Yeah. So federal, excluding confidential contract, organic revenue growth is 6.6%; and then CI is just north of 6%, 6.1%. And first half or second half, call it just about 4% on Federal versus 9% in the second half; and then infrastructure is 3%-ish first half and then 9% second half. So that's the ramps that we talked about earlier.

可以。所以聯邦業務方面，排除機密合約後，有機營收成長是 6.6%；而 CI 則略高於 6%，為 6.1%。至於上半年或下半年，大致來說，聯邦業務上半年約 4%、下半年 9%；基礎建設則是上半年約 3% 左右、下半年 9%。這就是我們先前談到的成長爬坡。

Helpful. And, Matt, on the CI margin, I guess a lot of progress there in the last 18 months. The guidance implies that slows down quite a bit through the rest of the year. Can you talk a little bit more about that? It's trying to figure out if that's truly mix and other inputs or if you're still living in ultra-conservative mode because of the history of that margin.

很有幫助。另外，Matt，關於 CI 的利潤率，我想過去 18 個月進展很大。但指引暗示今年剩餘期間改善幅度會放緩不少。你能再多談一點嗎？我想釐清這是否真的是組合與其他投入因素所致，還是你們因為過去該利潤率的歷史而仍採取極度保守的模式。

Yeah. So without a doubt, very happy with the performance of the CI margin over the past five quarters -- 18 months, to your point. And so again, 10.5% at the midpoint is about 10 basis points above 2025. We still have these legacy contract closeouts that we're going, so I would say there's some thought in my mind around some flexibility for Carey and I if we were to accelerate some of these closeouts.

是的。毫無疑問，對於 CI 利潤率在過去五個季度——如你所說的 18 個月——的表現，我們非常滿意。再者，以中位數來看 10.5%，大約比 2025 年高 10 個基點。我們仍在處理一些歷史合約的結案作業，所以我會說，在我心中，若 Carey 和我決定加速其中一些結案，仍保留一定的彈性空間。

But generally speaking, to your point, the performance within the business is quite strong, and so we feel really good. Generally, the only other thing I would add is Q1 was a little bit stronger than expected with lower pass-throughs in materials, as I mentioned before.

但整體而言，回到你剛才的重點，業務內部的表現相當強勁，所以我們感覺非常好。另外我想補充的是，如我先前提到的，由於材料的轉嫁成本較低，第一季（Q1）比預期稍微更強。

And so there's some natural headwinds over the next three quarters as we ramp on some of those newer programs. But all in all, again, just really strong performance out of Middle East and North America and some favorable trends.

因此，隨著我們在一些較新的專案上加速推進，接下來三個季度會有一些自然的逆風。但總體來說，再次強調，中東與北美的表現非常強勁，且有一些有利的趨勢。

Okay. And Carey, you mentioned munitions and missile support missions work a few times on this call. Remind us what you do there and maybe how big that is. And then you also mentioned reshoring of critical minerals. What does Parsons do there?

好的。Carey，你在這通電話會議中多次提到彈藥以及飛彈支援任務相關工作。請提醒我們你們在那方面做些什麼，以及規模大概有多大。另外你也提到關鍵礦物的回流本土（reshoring）。Parsons 在那方面做什麼？

Yeah. So Matt will give you the numbers on how big that is in just a second. But let me hit on what we do, the munitions.

是的。Matt 等一下會給你數字，說明那部分規模有多大。但我先談談我們在彈藥方面做的事情。

So we currently have projects at both Holston and Radford, and we've been awarded four of those projects, two at each. And what we're doing is modernizing the facilities. When you go to these facilities, they're old. They're like three to five decades old.

我們目前在 Holston 和 Radford 兩地都有專案，而且我們已獲得其中四個專案的授標，每個地點各兩個。我們所做的是讓設施現代化。你去到這些設施會發現它們很老舊。大概已有三到五個十年之久。

So we will go in, for example, and put in a new incinerator system that is more modern, doesn't have as many environmental issues. That would be a sample project. We filled a great moat around this because we actually have not had competition on most of these projects. So we're really well positioned there.

因此我們會進場，例如安裝更現代化的焚化爐系統，環境問題也比較少。這就是一個示例專案。我們在這方面建立了很深的護城河，因為這些專案大多數其實沒有競爭對手。所以我們在那裡的定位非常有利。

The most recent one that we have was the Nammo award, and that was a unique one because that's with a commercial Norwegian company to stand up an energetics facility within the United States. So when you look forward, both under the reconciliation funds that were already passed and you look forward at the next budget, there's a big focus to redo our plants, recognizing the importance of both ammunition and munitions. And I think we're in a really strong spot for those.

我們最近拿到的是 Nammo 的授標，這個案子很特別，因為是與一家挪威的商業公司合作，在美國境內建立一座含能材料（energetics）設施。所以往前看，不論是已通過的和解法案資金（reconciliation funds），或是展望下一個預算，都非常聚焦於翻新我們的工廠，並認知到彈藥與軍火的重要性。我認為我們在這方面處於非常有利的位置。

And then your second question on critical minerals. So we provide -- we're a delivery partner to private clients as well as federal agencies across mining projects, industrial projects, and infrastructure programs. Our history in the mining and critical minerals space dates back to 2013, and it really started with the two mine projects I mentioned on the call, Giant and Faro Mines.

接著是你第二個問題：關鍵礦物。我們提供——我們是私營客戶以及聯邦機構在採礦專案、工業專案與基礎建設計畫上的交付合作夥伴。我們在採礦與關鍵礦物領域的歷史可追溯到 2013 年，真正的起點是我在電話會議中提到的兩個礦山專案：Giant 與 Faro 礦。

Those are two of the most complex, high-risk environmental programs in North America. They're up in northern Canada. So at Giant Mine, for example, we're managing the safe deconstruction of the roaster complex, stabilizing the underground workings, and containing about 237,000 tons of underground arsenic trioxide.

那是北美最複雜、風險最高的兩個環境治理計畫。它們位於加拿大北部。以 Giant 礦為例，我們負責管理焙燒爐（roaster）複合設施的安全拆除、地下作業區的穩定化，以及封存約 237,000 噸地下三氧化二砷。

And at Faro Mine, we leak contaminated water treatment, dam safety management, landform reconstruction, and habitat. These are most multi-billion dollar. They're each over $2 billion, and they range from $12 billion to $20 billion.

而在 Faro 礦，我們處理受污染水的處理、壩體安全管理、地形地貌重建，以及棲地相關工作。這些都是多十億美元等級的專案。每個都超過 20 億美元，範圍從 120 億美元到 200 億美元。

So the expertise that we have there is very applicable to some of the critical minerals onshoring activities, where they're going to need companies that come in and they understand the technology, they understand speed of production, can manage program and construction management, perform contaminated waste management, deal with indigenous communities, and understand how to do the environmental work.

因此，我們在那裡累積的專業能力非常適用於一些關鍵礦物回流本土（onshoring）的活動；他們將需要能夠進場、理解技術、理解生產速度、能做計畫管理與施工管理、執行受污染廢棄物管理、與原住民社群互動，並且了解如何進行環境工作的公司。

Matt, over to you.

Matt，交給你。

Yeah, just high level, each one of these contributes $40 million to $50 million apiece. Radford is a little bit smaller this year as it scales back in terms of delivery. But all in all, a really strong market that's growing and we're really excited to be part of it. Obviously, it's a high demand for the administration, and so we're happy to show -- use our capabilities here and be able to grow this market.

是的，先講高層次的概況，這些專案每一個大約貢獻 4,000 萬到 5,000 萬美元。Radford 今年因交付規模縮小而略小一些。但整體而言，這是一個非常強勁且正在成長的市場，我們很興奮能參與其中。顯然，這對本屆政府而言需求很高，因此我們很高興能展示——運用我們在這裡的能力，並推動這個市場成長。

And each of the five projects I mentioned are over $100 million in revenue.

而且我提到的五個專案，每一個的營收都超過 1 億美元。

Over the period, it's about $48 million, $50 million per year.

在整個期間內，約為每年 4,800 萬、5,000 萬美元。

Jonathan Siegman, Stifel.

Jonathan Siegman，Stifel。

Just back on some of these products. The ironclad controller that you guys offer, can you just sketch out the opportunity for that product? And is that something that might have been used on some of the drones that were deployed in Epic Fury or maybe partnered with some of the drone dominance programs?

回到其中一些產品。你們提供的 Ironclad 控制器（controller），你能否概述一下這個產品的機會？另外，這是否可能用在 Epic Fury 中部署的一些無人機上，或是與某些無人機制霸（drone dominance）計畫合作？

Yeah, the name's not ringing a bell with me, John. I'll have to get back to you on that one.

是的，John，這個名稱我一時沒有印象。我得再回覆你這個問題。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to David Spille for any further remarks.

謝謝。今天節目的問答環節到此結束。我想把節目交回給 David Spille，請他做進一步的說明。

Thank you all for joining us this morning. And if you have any additional questions, please feel free to contact me directly. We look forward to connecting with many of you over the coming weeks. And with that, we'll end today's call. Have a great day.

感謝各位今天早上加入我們。如果你們還有任何其他問題，歡迎直接與我聯繫。我們期待在接下來幾週與各位中的許多人交流。那麼，今天的電話會議就到此結束。祝各位有美好的一天。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝各位女士、先生參與今天的會議。本節目到此結束。您現在可以掛線。祝您愉快。