Target Hospitality Corp (TH) 2023 Q4 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Good morning, ladies and gentlemen, and welcome to the Target Hospitality year-end 2023 earnings conference call. (Operator Instructions) This call is being recorded on Wednesday, March 13, 2024. I would now like to turn the conference over to Mr. Mark Schuck.

    早安,女士們、先生們,歡迎參加 Target Hospitality 2023 年終收益電話會議。 (操作員說明)本次通話於 2024 年 3 月 13 日星期三進行錄音。我現在想將會議轉交給 Mark Schuck 先生。

  • Please go ahead.

    請繼續。

  • Mark Schuck - Senior Vice President - Investor Relations

    Mark Schuck - Senior Vice President - Investor Relations

  • Thank you. Good morning, everyone, and welcome to Target Hospitality's fourth-quarter and full year 2023 earnings call.

    謝謝。大家早安,歡迎參加 Target Hospitality 的第四季和 2023 年全年財報電話會議。

  • The press release we issued this morning outlining our fourth quarter and full year results can be found in the Investors section of our website.

    我們今天早上發布的概述第四季度和全年業績的新聞稿可以在我們網站的投資者部分找到。

  • In addition, a replay of this call will be archived on our website for a limited time.

    此外,本次通話的重播將在我們的網站上限時存檔。

  • Please note the cautionary language regarding forward-looking statements contained in the press release.

    請注意新聞稿中有關前瞻性陳述的警告性語言。

  • This same language applies to statements made on today's conference call.

    同樣的語言也適用於今天的電話會議上的發言。

  • This call will contain time sensitive information as well as forward looking statements, which are only accurate as of today, March 13, 2024.

    本次電話會議將包含時間敏感資訊以及前瞻性陳述,這些資訊僅截至今天(2024 年 3 月 13 日)準確。

  • Target Hospitality expressly disclaims any obligation to update or amend the information contained in this conference call to reflect events or circumstances that may arise after today's date, except as required by applicable law.

    Target Hospitality 明確表示不承擔更新或修改本次電話會議中包含的資訊以反映今天之後可能發生的事件或情況的義務,除非適用法律要求。

  • For a complete list of risks and uncertainties that may affect future performance, please refer to Target Hospitality's periodic filings with the SEC.

    有關可能影響未來業績的風險和不確定性的完整列表,請參閱 Target Hospitality 向 SEC 定期提交的文件。

  • We will discuss non-GAAP financial measures on today's call.

    我們將在今天的電話會議上討論非公認會計準則財務指標。

  • Please refer to the tables in our earnings release posted in the Investors section of our website to find a reconciliation of non-GAAP financial measures referenced in today's call and their corresponding GAAP measures.

    請參閱我們網站投資者部分發布的收益報告中的表格,查找今天電話會議中引用的非公認會計原則財務指標及其相應的公認會計原則指標的調節表。

  • For Leading the call today will be Brad Archer, President and Chief Executive Officer, followed by Jason velocity, Chief Financial Officer and Chief Accounting Officer.

    今天的電話會議將由總裁兼執行長 Brad Archer 主持,隨後由財務長兼首席會計長 Jason Velvet 負責。

  • After their prepared remarks, we will open the call for questions.

    在他們準備好發言後,我們將開始提問。

  • I'll now turn the call over to our Chief Executive Officer, Brad Archer.

    我現在將把電話轉給我們的執行長布拉德·阿徹 (Brad Archer)。

  • Brad Archer - President, Chief Executive Officer

    Brad Archer - President, Chief Executive Officer

  • Thanks, Mark.

    謝謝,馬克。

  • Good morning, everyone, and thank you for joining us on the call today.

    大家早安,感謝您今天加入我們的電話會議。

  • Our strong 2023 results continue to illustrate the benefits of our strategic accomplishments over the last several years.

    我們 2023 年的強勁業績持續說明了我們過去幾年策略成就的好處。

  • These accomplishments have supported an enhanced operating platform, which allows us to efficiently align network capabilities with changes in customer demand while consistently achieving our financial goals.

    這些成就支持了增強的營運平台,使我們能夠有效地將網路功能與客戶需求的變化結合起來,同時持續實現我們的財務目標。

  • This efficient operating structure and network scale allows us to provide our world-class customers with the premium service offerings they demand while simultaneously continuing to pursue strategic growth opportunities.

    這種高效的營運結構和網路規模使我們能夠為世界一流的客戶提供所需的優質服務,同時繼續尋求策略成長機會。

  • The scale and flexibility enabled target to quickly respond to a strategic growth initiative, which ultimately resulted in a materially expanded presence, providing critical humanitarian solutions to the US government.

    規模和靈活性使 Target 能夠快速回應策略性成長計劃,最終大幅擴大業務規模,為美國政府提供關鍵的人道主義解決方案。

  • We continue to benefit from this expanded presence with 72% of 2023 revenue being derived from committed contracts backed by the US government.

    我們繼續受益於業務擴張,2023 年收入的 72% 來自美國政府支持的承諾合約。

  • This benefit is illustrated in the success of our PCC. community, which is entering its 4th year of operations as an established component of the U.S. government's domestic humanitarian aid mission.

    我們 PCC 的成功就體現了這個優勢。作為美國政府國內人道援助使命的既定組成部分,該組織已進入第四年。

  • It is important to remember that since 2021.

    重要的是要記住自 2021 年以來。

  • This facility has evolved through multiple contract renewals and community expansions to be the longest serving inflection care facility in the United States.

    該設施經過多次合約續約和社區擴張,已發展成為美國服務時間最長的拐點護理設施。

  • Additionally, as the government sought to ensure the longevity of this critical solution.

    此外,政府力​​求確保這項關鍵解決方案的長期使用壽命。

  • They initiated a comprehensive and competitive bidding process, which took nearly a year to complete.

    他們啟動了全面且競爭性的招標過程,歷時近一年才完成。

  • This process was conducted under an indefinite delivery, indefinite quantity or IDIQ contracting vehicle.

    該流程是在無限期交付、無限數量或 IDIQ 合約工具下進行的。

  • The IDIQ. allows the government to appropriately establish required funding vehicle to support long-term contracts and ensure continuity of essential multi-year service offerings.

    IDIQ。允許政府適當建立所需的融資工具,以支持長期合約並確保重要的多年服務提供的連續性。

  • As we announced in December of last year target and our nonprofit partner were successfully awarded this multiyear IDIQ contract.

    正如我們去年 12 月宣布的那樣,Target 和我們的非營利合作夥伴成功獲得了這份多年期 IDIQ 合約。

  • The successful outcome of this competitive process, coupled with Target's a long-standing reputation as a proven provider of these critical humanitarian solutions to the US government supports our belief that the PCC community is well positioned to remain a critical component of the government and flux carrier facility solutions through 2028 and beyond.

    這個競爭過程的成功結果,加上塔吉特作為美國政府這些關鍵人道主義解決方案的久經考驗的供應商的長期聲譽,支持了我們的信念,即PCC 社區有能力繼續成為政府和助焊劑載體的重要組成部分到 2028 年及以後的設施解決方案。

  • Further target remains actively engaged and continues to build strategic partnerships to jointly pursue the creation of new ICF sites, not currently in the government's portfolio.

    進一步的目標仍然是積極參與並繼續建立戰略夥伴關係,共同追求創建新的 ICF 站點,這些站點目前不在政府的投資組合中。

  • In addition, our South Texas Family Residential Center is entering its 10th year of operations, a testament to the operational success of that community.

    此外,我們的南德克薩斯家庭住宅中心即將進入運營第十個年頭,證明了該社區運營的成功。

  • The longevity of these established communities and critical solutions they provide will continue to support a high degree of revenue visibility and strong cash generation for years to come.

    這些成熟社區的壽命及其提供的關鍵解決方案將在未來幾年繼續支持高度的收入可見度和強勁的現金產生。

  • Regarding our HFS. segment, we continue to benefit from strong customer demand, which supported select asset acquisitions in 2023.

    關於我們的 HFS。在細分市場中,我們繼續受益於強勁的客戶需求,這支持了 2023 年的精選資產收購。

  • This demand illustrates the value our world-class customers find in the premium hospitality solutions we provide, coupled with continued operational efficiency gains.

    這項需求說明了我們的世界級客戶在我們提供的優質飯店解決方案中發現的價值,以及持續的營運效率提升。

  • We anticipate positive momentum across this segment over the coming quarters.

    我們預計未來幾季該領域將呈現正面動能。

  • These elements continue to support impressive operating income and industry leading cash conversion, which has allowed us to achieve several strategic balance sheet objectives last year and established a highly flexible capital structure.

    這些要素繼續支持令人印象深刻的營業收入和領先業界的現金轉換,這使我們能夠實現去年的多項策略資產負債表目標,並建立高度靈活的資本結構。

  • We believe this is the ideal position to continue evaluating a robust pipeline of value-enhancing growth initiatives as we continue to pursue unique organic and inorganic opportunities.

    我們相信,在我們繼續追求獨特的有機和無機機會的同時,這是繼續評估一系列強大的增值成長計劃的理想位置。

  • These initiatives remain centered on elements of our existing core competencies.

    這些舉措仍然以我們現有核心能力的要素為中心。

  • We believe these naturally adjacent opportunities will complement our existing service offerings while establishing multiple avenues to expand Target's long-term growth opportunity set.

    我們相信,這些自然相鄰的機會將補充我們現有的服務產品,同時建立多種途徑來擴大塔吉特的長期成長機會集。

  • As we evaluate these initiatives, we remain committed to achieving defined objectives of our growth strategy.

    在評估這些措施時,我們仍然致力於實現成長策略的既定目標。

  • Our primary objective is focused on diversifying our customer base and contract portfolio, which we believe is essential in broadening our long term growth pipeline.

    我們的主要目標是使我們的客戶群和合約組合多樣化,我們認為這對於擴大我們的長期成長管道至關重要。

  • By accomplishing this, we will establish a foundation to identify and consistently execute repeatable growth opportunities while remaining focused on generating strong operating income and industry-leading cash conversion.

    透過實現這一目標,我們將建立一個基礎來識別並持續執行可重複的成長機會,同時繼續專注於產生強勁的營業收入和領先業界的現金轉換。

  • In summary, we remain focused on sustaining the momentum we have created over the past several years, we have established a strong financial and operating platform to continue supporting our world-class customers while simultaneously pursuing the most robust growth pipeline we have seen in many years I'll now turn the call over to Jason to discuss our fourth quarter financial results, recent balance sheet initiatives and expanding capital allocation and growth opportunities in more detail.

    總而言之,我們仍然致力於維持過去幾年所創造的勢頭,我們已經建立了強大的財務和運營平台,以繼續支持我們的世界級客戶,同時追求我們多年來看到的最強勁的增長渠道我現在將把電話轉給傑森,更詳細地討論我們第四季度的財務表現、最近的資產負債表計劃以及擴大資本配置和成長機會。

  • Thank you, Brad.

    謝謝你,布拉德。

  • Jason Vlacich - Chief Financial Officer and Chief Accounting Officer

    Jason Vlacich - Chief Financial Officer and Chief Accounting Officer

  • In the fourth quarter, we continued to benefit from our efficient operating platform and network scale, which allows us to seamlessly align with customer demand while consistently delivering strong financial results.

    第四季度,我們繼續受益於高效的營運平台和網路規模,這使我們能夠無縫地滿足客戶需求,同時持續交付強勁的財務表現。

  • Fourth quarter 2023, total revenue was $126 million and adjusted EBITDA was $68 million.

    2023 年第四季,總營收為 1.26 億美元,調整後 EBITDA 為 6,800 萬美元。

  • Our government segment produced quarterly revenue of approximately 88 million.

    我們的政府部門季度收入約為 8800 萬歐元。

  • The sequential decrease in revenue was primarily driven by noncash nonrecurring infrastructure enhancement revenue associated with the significant expansion that occurred at our PCC. community in 2022 which was fully amortized as of November 2023.

    收入環比下降主要是由於與我們的 PCC 大幅擴張相關的非現金非經常性基礎設施增強收入。社區於 2022 年建成,截至 2023 年 11 月已全部攤提。

  • As a reminder of this segment's revenue is centered around committed minimum revenue contracts backed by the US.

    提醒一下,該部門的收入主要圍繞著美國支持的承諾最低收入合約。

  • Government's these contracts inclusive of our new PCC. contract, which we announced in December of last year, provides significant long-term revenue and cash flow.

    政府的這些合約包括我們新的 PCC。我們在去年 12 月宣布的合約提供了可觀的長期收入和現金流。

  • Visibility for HFS in other segments delivered quarterly revenue of $39 million compared to $37 million in the same period last year.

    HFS 在其他領域的知名度使季度收入達到 3,900 萬美元,而去年同期為 3,700 萬美元。

  • This increase was driven by sustained momentum in customer demand for Target's premium service offerings, which supported select asset acquisitions in 2023, further illustrating the value our customers sign in our premier network flexibility and hospitality solutions for current corporate expenses for the quarter were approximately $10 million, and we anticipate these will remain around 9 to 10 million per quarter for the remainder of the year.

    這一增長是由客戶對Target 優質服務產品的持續需求推動的,這支持了2023 年的精選資產收購,進一步說明了我們的客戶在我們一流的網絡靈活性和酒店解決方案中所簽下的價值,本季當前企業支出約為1000 萬美元,我們預計今年剩餘時間內每季將保持在 900 至 1000 萬左右。

  • Total capital spending for the quarter was approximately $5 million with the majority related to enhancing assets focused on supporting the government's humanitarian aid mission.

    本季的總資本支出約為 500 萬美元,其中大部分用於增強資產,並專注於支持政府的人道主義援助任務。

  • During the fourth quarter, we took deliberate steps to further strengthen our financial position, including the expansion of our credit facility and successful completion of the senior note exchange.

    第四季度,我們採取了審慎措施,進一步加強我們的財務狀況,包括擴大信貸額度和成功完成高級票據交換。

  • These actions significantly increased our liquidity profile while simultaneously extending our senior note maturity time line, which now extends to 2025.

    這些行動顯著提高了我們的流動性狀況,同時延長了我們的優先票據到期期限,目前已延長至 2025 年。

  • We ended the quarter with $104 million in cash, $275 million of liquidity, with zero borrowings under our Company's 175 million revolving credit facility and a net leverage ratio of 0.2 times.

    截至本季末,我們擁有 1.04 億美元現金、2.75 億美元流動資金,公司 1.75 億循環信貸額度下的借款為零,淨槓桿率為 0.2 倍。

  • These impressive financial results illustrate the strength of our operating platform and the sustained positive momentum we have created over the last several years.

    這些令人印象深刻的財務表現說明了我們營運平台的實力以及我們在過去幾年中創造的持續積極勢頭。

  • This Optimiz financial position supports our preliminary 2024 financial outlook, which consists of total revenue of between 410 and 425 million and adjusted EBITDA between 195 and 210 million.

    這項 Optimiz 財務狀況支持了我們 2024 年的初步財務展望,其中總收入在 410 至 4.25 億美元之間,調整後 EBITDA 在 195 至 2.1 億美元之間。

  • Excluding potential acquisitions, we anticipate capital expenditures of between 25 and $30 million.

    不包括潛在收購,我們預計資本支出在 2500 至 3000 萬美元之間。

  • Moving on to our capital allocation initiatives and continued focus on strategic growth opportunities.

    繼續我們的資本配置計劃並繼續關注策略成長機會。

  • The strength of our balance sheet, high degree of revenue visibility and continued strong cash conversion provides the ability to simultaneously consider multiple value-enhancing capital allocation initiatives.

    我們的資產負債表實力、高度的收入可見度和持續強勁的現金轉換使我們能夠同時考慮多種增值資本配置計劃。

  • Included in these initiatives is our previously announced 100 million share repurchase program, which allows the Company to evaluate a holistic opportunity set focused on maximizing value creation through all available means.

    這些舉措包括我們先前宣布的 1 億股股票回購計劃,該計劃使公司能夠評估專注於透過一切可用手段最大化價值創造的整體機會集。

  • This focus supported our decision to execute a series of share repurchases beginning in January of this year.

    這項重點支持了我們從今年 1 月開始執行一系列股票回購的決定。

  • As a result, through March eighth, 2024, we have returned approximately 18 million to our shareholders by repurchasing 1.9 million shares of common stock.

    截至 2024 年 3 月 8 日,我們已透過回購 190 萬股普通股向股東返還約 1,800 萬股。

  • This illustrates our focus on utilizing a broad range of initiatives to pursue value-enhancing opportunities for our shareholders.

    這顯示我們致力於利用廣泛的措施為股東尋求增值機會。

  • In addition, we continue to actively evaluate and pursue an expanding pipeline of strategic growth initiatives, including both organic and inorganic opportunities.

    此外,我們繼續積極評估和尋求擴大策略成長計劃的管道,包括有機和無機機會。

  • These opportunities are designed to jointly leverage Target's operating expertise and existing core competencies to establish a robust service offering across various U.S. government agencies and commercial applications.

    這些機會旨在共同利用塔吉特的營運專業知識和現有核心能力,在美國各個政府機構和商業應用程式中建立強大的服務產品。

  • These initiatives encompass Target's existing full turnkey hospitality solutions while also focusing on opportunities to broaden Target's contract and service offering portfolio through individual elements of our existing core competencies.

    這些舉措涵蓋了塔吉特現有的全套交鑰匙酒店解決方案,同時也重點關注透過我們現有核心能力的各個要素來擴大塔吉特合約和服務產品組合的機會。

  • We are focused on establishing a platform to continue diversifying our revenue streams while simultaneously creating repeatable growth vectors to continue expanding our customer base and service offerings.

    我們專注於建立一個平台,以繼續實現收入來源多元化,同時創建可重複的成長向量,以繼續擴大我們的客戶群和服務範圍。

  • We view these opportunities as a seamless extension of our existing portfolio, providing greater confidence and consistently achieving our desired returns.

    我們將這些機會視為我們現有投資組合的無縫延伸,提供更大的信心並持續實現我們期望的回報。

  • As previously stated, Target is prepared to allocate over 500 million of net growth capital to these high-return opportunities over the next several years.

    如前所述,塔吉特準備在未來幾年內向這些高回報機會分配超過 5 億美元的淨成長資本。

  • Importantly, as we evaluate these initiatives, we will remain focused on ensuring these opportunities meet our return criteria, including maintaining a high level of continued discretionary cash flow conversion.

    重要的是,當我們評估這些措施時,我們將繼續專注於確保這些機會符合我們的回報標準,包括維持高水準的持續可自由支配現金流轉換。

  • We are pleased with the breadth of these opportunities and look forward to providing additional updates in the coming quarters as these initiatives continue progressing.

    我們對這些機會的廣泛性感到滿意,並期待在未來幾個季度隨著這些舉措的不斷進展提供更多更新。

  • With that, I'll turn the call back over to Brad for closing comments.

    這樣,我會將電話轉回布拉德以徵求結束意見。

  • Brad Archer - President, Chief Executive Officer

    Brad Archer - President, Chief Executive Officer

  • Thanks, Jason.

    謝謝,傑森。

  • Our impressive 2023 results are a testament to the operational efficiencies and scale.

    我們令人印象深刻的 2023 年業績證明了我們的營運效率和規模。

  • We have created, which has enabled us to consistently exceed our financial goals and continue to strengthen our financial position.

    我們的創造使我們能夠持續超越我們的財務目標並繼續加強我們的財務狀況。

  • Over the past three years, we have taken deliberate actions to diversify the business while strategically positioning the Company to pursue value-enhancing growth opportunities, we have significantly high-graded our contract structure and materially enhanced our long-term revenue visibility while prudently strengthening our balance sheet.

    在過去的三年裡,我們採取了審慎的行動來實現業務多元化,同時對公司進行戰略定位,以追求增值的增長機會,我們顯著提高了我們的合同結構,實質性地提高了我們的長期收入可見性,同時審慎地加強了我們的業務。資產負債表。

  • These accomplishments have optimized our financial position and established a highly flexible capital structure.

    這些成就優化了我們的財務狀況並建立了高度靈活的資本結構。

  • With this foundation, we are evaluating and pursuing the strongest pipeline of growth opportunities we have seen in many years.

    在此基礎上,我們正​​在評估和追求多年來最強勁的成長機會。

  • We are excited about the future and believe the foundation we have established supports our capital allocation initiatives focused on continuing to create value for our shareholders.

    我們對未來感到興奮,並相信我們所建立的基礎將支持我們專注於繼續為股東創造價值的資本配置計劃。

  • I appreciate everyone joining us on the call today, and thank you again for your interest in Target Hospitality.

    我感謝大家今天加入我們的電話會議,並再次感謝您對 Target Hospitality 的興趣。

  • I will now turn the call back over to the operator.

    我現在將把電話轉回給接線生。

  • Operator

    Operator

  • (Operator Instructions) Scott Schneeberger from Oppenheimer.

    (操作員說明)來自 Oppenheimer 的 Scott Schneeberger。

  • Scott Schneeberger - Analyst

    Scott Schneeberger - Analyst

  • Yes, thanks very much.

    是的,非常感謝。

  • Good morning, everyone.

    大家,早安。

  • I guess, Jason, probably the first question is for you this is, I believe the first public conference call since late December when when kind of finalized terms of the updated PCC. contract were completed on, which will be a big part of this question in mind, which is I was hoping you could bridge for us on the 2023 EBITDA of 344 million.

    我想,Jason,第一個問題可能是給你的,我相信這是自 12 月底以來第一次公開電話會議,當時更新的 PCC 條款已最終確定。合約已完成,這將是這個問題的重要組成部分,我希望您能為我們解決 2023 年 3.44 億美元的 EBITDA。

  • Just give us the top three to five components of the bridge, getting us to say the midpoint of the 2024 EBITDA guidance of 202 million.

    只要告訴我們橋樑的前三到五個組成部分,我們就可以得出 2024 年 EBITDA 指導值 2.02 億美元的中點。

  • Jason Vlacich - Chief Financial Officer and Chief Accounting Officer

    Jason Vlacich - Chief Financial Officer and Chief Accounting Officer

  • Yes, sure.

    是的,當然。

  • Appreciate the question.

    感謝這個問題。

  • So primary item right off the bat is the amortization of the upfront payment, the construction expansion payment that we received in August of 2022.

    因此,首要項目是預付款的攤銷,也就是我們在 2022 年 8 月收到的興建擴建款項。

  • So that's about 118 million of that.

    所以這大約是 1.18 億。

  • And then the other component is the fixed minimum revenue commitments otherwise known as the cold status, which we reduced a bit on the new contract as we switched over from the old, which had $196 million in minimum revenue component.

    然後另一個組成部分是固定的最低收入承諾,也稱為“冷狀態”,當我們從舊合約切換時,我們在新合約上減少了一點,舊合約的最低收入部分為 1.96 億美元。

  • And now we've switched to $178 million.

    現在我們已經改為 1.78 億美元。

  • So those are the primary drivers of the difference between the 2023 adjusted EBITDA number in 2024.

    因此,這些是 2023 年調整後 EBITDA 數字與 2024 年之間差異的主要驅動因素。

  • Does that answer your question?

    這是否回答你的問題?

  • Scott Schneeberger - Analyst

    Scott Schneeberger - Analyst

  • Thanks, that's helpful.

    謝謝,這很有幫助。

  • Just just a follow-up there on Jason, what is what is the implied at the high end and the low end of the guidance range?

    只是傑森的後續行動,指導範圍的高端和低端意味著什麼?

  • What is the implied some contribution for for variable occupancy revenue?

    可變入住收入的隱含貢獻是什麼?

  • Jason Vlacich - Chief Financial Officer and Chief Accounting Officer

    Jason Vlacich - Chief Financial Officer and Chief Accounting Officer

  • Yes, sure.

    是的,當然。

  • So it's important to note at the lower end of the range, it's primarily driven by the fixed minimum revenue commitments that are part of that contract structure.

    因此,值得注意的是,在該範圍的下限,它主要是由作為合約結構一部分的固定最低收入承諾所驅動的。

  • And so there's very little, if any variable revenue contribution embedded in that low end of the range.

    因此,在該範圍的低端,幾乎沒有任何可變收入貢獻。

  • Scott Schneeberger - Analyst

    Scott Schneeberger - Analyst

  • Okay.

    好的。

  • Thanks.

    謝謝。

  • And then I'm just curious, you know, a lot of the tie you guys are in great shape on the balance sheet.

    然後我只是很好奇,你知道,你們的許多領帶在資產負債表上都處於良好狀態。

  • So this is for kind of all of you.

    這是為你們所有人準備的。

  • The Are there opportunities that you've been pursuing for a long time national defense projects, rare earth, etc., could you just give us an update in also a third on ICF contract that the government has been contemplating?

    您長期以來一直在追求的國防項目、稀土等項目中是否有機會,您能否向我們介紹政府一直在考慮的第三份 ICF 合約的最新情況?

  • Could you give us an update on kind of all of the above?

    您能否向我們介紹上述所有內容的最新情況?

  • And just how ripe are these?

    這些到底有多成熟?

  • Are these potential opportunities and has the the pipeline expanded from last time we touch basics?

    這些是潛在的機會嗎?與我們上次接觸基礎知識相比,管道是否有所擴大?

  • Brad Archer - President, Chief Executive Officer

    Brad Archer - President, Chief Executive Officer

  • Yes.

    是的。

  • Hey, Scott, good morning, it's Brad.

    嘿,史考特,早安,我是布萊德。

  • Let me take that.

    讓我來吧。

  • And if you don't mind, what I'll do is kind of holistically and I give you some feedback on the organic opportunities, but also I think it's important.

    如果你不介意的話,我會做的是整體性的,我會給你一些關於有機機會的回饋,但我認為這很重要。

  • We touch on the inorganic and kind of some of the things we're doing there.

    我們涉及無機物以及我們在那裡所做的一些事情。

  • But I'll start with the third ICS that we've been talking about.

    但我將從我們一直在討論的第三個 ICS 開始。

  • We continue to be in pursuit of that project.

    我們將繼續推進該專案。

  • We're doing all types of design work, working on numbers.

    我們正在做各種類型的設計工作,研究數字。

  • The biggest thing we're waiting for and we've been in discussions with the government is the final bid to be worked out, right?

    我們正在等待並且一直在與政府討論的最重要的事情就是最終的出價,對吧?

  • We expect that to hit the market sometime in the middle of 2024 is what they're telling us right now with an award on the back half of the year.

    他們現在告訴我們,我們預計該產品將於 2024 年中期上市,並在今年下半年頒獎。

  • Right.

    正確的。

  • I don't know if that's going to be towards the end of the year in the middle of the third quarter, we don't know, we'll update you as we get more information, but it's active discussions.

    我不知道這是否會在今年年底第三季中期進行,我們不知道,我們會在獲得更多資訊後向您更新,但這是一個積極的討論。

  • We look for that bid to come out.

    我們期待該出價的出來。

  • So we have a team working on that as we speak and then let me just more holistically on the organic opportunities.

    因此,在我們發言時,我們有一個團隊正在研究這個問題,然後讓我更全面地討論有機機會。

  • And I'll break this into kind of two buckets, one being the government and then one being all things nongovernment, if you will on this government piece will set ICF to the side in the past few months.

    我將把它分成兩類,一類是政府的,另一類是非政府的,如果你願意的話,在過去的幾個月裡,政府的這篇文章將把 ICF 放在一邊。

  • You can imagine with all of the border issues, there's definitely much more conversations happening with our team around support around the border issues, right?

    您可以想像,對於所有邊境問題,我們的團隊肯定會圍繞邊境問題的支持進行更多對話,對吧?

  • So discussions with multiple different agencies and some we've actually provided bids to for services that we already do at PCC in other locations.

    因此,我們與多個不同的機構進行了討論,其中一些機構實際上已經為我們在其他地點的 PCC 提供的服務提供了投標。

  • So they're coming to us knowing they're going to need something to help with this border border issue.

    所以他們來找我們,知道他們需要一些東西來幫助解決這個邊境問題。

  • I can't give you a date or time on that.

    我無法給你具體的日期或時間。

  • What I would tell you is that part of our government business has ramped up considerably as far as the cause of discussions the meetings, right?

    我要告訴你的是,就會議討論的議題而言,我們政府的部分業務已經大幅增加,對吧?

  • So so we're encouraged by that on the other organic opportunities, nongovernment, very active pipeline consisting, as you mentioned, large industrial projects throughout the US, high-tech infrastructure, et cetera, and natural resource projects.

    因此,我們對其他有機機會、非政府的、非常活躍的管道感到鼓舞,正如您所提到的,包括遍布美國的大型工業項目、高科技基礎設施等以及自然資源項目。

  • The steel industries for one that we're dealing with right now.

    我們現在正在處理的鋼鐵業就是其中之一。

  • Oil and gas look still a big part of our business.

    石油和天然氣看起來仍然是我們業務的重要組成部分。

  • There are some really large customers that we're in discussions with.

    我們正在與一些非常大的客戶進行討論。

  • We'll see where that goes with it would be selective on that long term type in the oil and gas and carbon capture is another one that's out there.

    我們將看到這將在石油和天然氣的長期類型上有選擇性,而碳捕獲是另一種類型。

  • That's really starting to take hold in some areas and then I think the more exciting piece is the critical minerals, copper lithium rare earths, just to name a few that we're in active discussions with and what are some of these, as you know, have very long gestation periods.

    這確實開始在某些領域佔據主導地位,然後我認為更令人興奮的是關鍵礦物、銅鋰稀土,僅舉幾個我們正在積極討論的例子,如你所知,其中有哪些,有很長的妊娠期。

  • What I would say is the pipeline has gotten stronger and this will eventually produce some really nice wins for if you look at our history.

    我想說的是,管道已經變得更加強大,如果你看看我們的歷史,這最終會帶來一些非常好的勝利。

  • We continue to take down some some large large contracts.

    我們繼續拿下一些大合約。

  • The problem is not very programmable, right?

    這個問題不太可編程,對吧?

  • It fits kind of the peaks and valleys.

    它適合山峰和山谷。

  • And then let me just touch really quickly on the inorganic opportunity.

    然後讓我快速談談無機機會。

  • We discussed inorganic opportunities many times in the past and with our balance sheet being stronger than any time in the Company history, we will begin to lean even further into this.

    我們過去曾多次討論過無機機會,並且由於我們的資產負債表比公司歷史上的任何時候都要強勁,我們將開始進一步關注這一機會。

  • To help with this, we're continuing to build out the strategy and corporate development team, and we'll add more human capital to this department by department and reports directly to me.

    為了幫助實現這一目標,我們將繼續建立策略和企業發展團隊,我們將逐一部門向該部門增加更多的人力資本,並直接向我報告。

  • I'm leading that charge.

    我負責這項工作。

  • I think it's very important as we continue to move to diversify the Company.

    我認為這對我們繼續實現公司多元化非常重要。

  • But our goal with any inorganic opportunity we do in the future is to broaden our customer base, further diversify the revenue streams and create a platform for revenue growth and doing all of this while maintaining a strong cash flow profile with good visibility on future revenues.

    但我們未來所做的任何無機機會的目標都是擴大我們的客戶群,進一步實現收入來源多元化,並創建一個收入增長平台,並在完成所有這一切的同時保持強勁的現金流狀況,並對未來收入具有良好的可見性。

  • So we'll be very thoughtful in this in terms of fit and kind of financial profile when assessing any potential inorganic deal.

    因此,在評估任何潛在的無機交易時,我們會在財務狀況和財務狀況方面非常周到。

  • But we feel very strongly the growth through inorganic opportunities can help us deliver the goals I mentioned.

    但我們強烈感覺到,透過無機機會實現的成長可以幫助我們實現我所提到的目標。

  • We think it's very important to continue to diversify the revenue stream and de-risk the business.

    我們認為繼續實現收入來源多元化並降低業務風險非常重要。

  • So we're all over that.

    所以我們已經結束了。

  • There's even more focus to get that done quicker.

    我們需要更加專注才能更快地完成這項工作。

  • But we're going to we're not going to do something that's not right for all the investors so I think where we sit with the capital we have available, we're set set up pretty nicely over the next few years on the organic inorganic side of the business and Thanks, Fred.

    但我們不會做一些不適合所有投資者的事情,所以我認為,憑藉我們現有的資本,我們在未來幾年的有機發展方面已經做好了準備。業務的無機方面,謝謝,弗雷德。

  • Scott Schneeberger - Analyst

    Scott Schneeberger - Analyst

  • Just real quick a follow-up to that.

    只是快速跟進。

  • On the inorganic.

    論無機物。

  • Should we be thinking something core to what you do already or will it be more of the path of the diversification they speak to.

    我們應該思考一些你已經做的事情的核心內容,還是更多地考慮他們所說的多元化之路。

  • Brad Archer - President, Chief Executive Officer

    Brad Archer - President, Chief Executive Officer

  • Thanks.

    謝謝。

  • I'll turn it over their preliminary.

    我會把它交給他們的預審。

  • I think you can do both of what you just said, right, something we already are very good at that diversifies us, and I'm not going to get into specifics here, but I'd just tell you kind of and the segments that would that we're kind of circling around specialty rental.

    我認為你可以做你剛才所說的兩件事,對吧,我們已經非常擅長使我們多元化,我不打算在這裡詳細說明,但我只是告訴你一些以及哪些細分市場我們是否會圍繞專業租賃進行思考?

  • We already do that, right.

    我們已經這樣做了,對吧。

  • There's many different things in the specialty rental business that you can go and do that kind of fits in our wheelhouse that we're very good at.

    在專業租賃業務中有很多不同的事情,您可以在我們非常擅長的駕駛室中進行這些事情。

  • We have some expertise at.

    我們有一些專業知識。

  • So that's one of the segments we're focused on.

    這是我們關注的領域之一。

  • Government services is another one that we're focused on.

    政府服務是我們關注的另一項。

  • So that's kind of where we're leaning into.

    這就是我們所傾向的地方。

  • We're not going to not look at some others, but those are kind of the two.

    我們不會不看其他一些,但這些都是其中的兩個。

  • But to answer directly, look, we're not going to get so far out of our out of our wheelhouse that we don't know what we're doing.

    但要直接回答,看,我們不會脫離我們的駕駛室太遠以至於我們不知道我們在做什麼。

  • We're going to we're going to stay within kind of what we do really well, but it will, you know the things on the inorganic side definitely need to kind of hit those three buckets right now to broaden our customer base, further diversify the revenue streams and give us repeatable programmable growth.

    我們將保持在我們做得很好的範圍內,但它會,你知道無機方面的東西現在肯定需要達到這三個目標,以進一步擴大我們的客戶群使收入來源多樣化,並為我們帶來可重複的、可編程的增長。

  • There's no secret right, the risk.

    沒有什麼秘密,只有風險。

  • Those are two contracts that in the business, we think those are long term.

    在業務中,我們認為這兩份合約是長期的。

  • They've proven they have been.

    他們已經證明了。

  • So we're very comfortable with us.

    所以我們對我們感到很舒服。

  • But we also realize we need to continue to diversify that stream.

    但我們也意​​識到我們需要繼續使這項管道多樣化。

  • Scott Schneeberger - Analyst

    Scott Schneeberger - Analyst

  • Thanks, Brad.

    謝謝,布拉德。

  • Operator

    Operator

  • (Operator Instructions) Alec Scheibelhoffer, Stifel.

    (操作員說明)Alec Scheibelhoffer,Stifel。

  • Alec Scheibelhoffer - Analyst

    Alec Scheibelhoffer - Analyst

  • Good morning, everyone, and thanks for taking my questions.

    大家早安,感謝您提出我的問題。

  • So a good morning, so just to kick us off here, is this kind of a three-part question?

    早安,首先,這是一個由三個部分組成的問題嗎?

  • I was wondering if you could provide some details on exactly how the variable variable piece of the government and contract works ended up, if if Trump wins the election are you concerned about the utilization of this facility or the renewal of the one year contracts and as a third party.

    我想知道您是否可以提供一些關於政府和合約的可變部分到底如何運作的詳細信息,如果川普贏得選舉,您是否擔心該設施的使用或一年合約的續約以及作為第三方。

  • Can you just talk about the differences you see in under that Trump's prior presidency versus budget?

    您能談談您在川普上任總統期間看到的預算與預算之間的差異嗎?

  • Jason Vlacich - Chief Financial Officer and Chief Accounting Officer

    Jason Vlacich - Chief Financial Officer and Chief Accounting Officer

  • Yes.

    是的。

  • So the variable revenue piece, again, as a reminder, is a small component of our our outlook.

    因此,再次提醒一下,可變收入部分只是我們前景的一小部分。

  • We usually plan for very minimal amounts of that variable revenue contributions.

    我們通常會規劃非常少量的可變收入貢獻。

  • Matter fact, our 2023 results include a minimum amount of that's primarily based on the fixed minimum revenue commitments.

    事實上,我們 2023 年的業績包括主要基於固定的最低收入承諾的最低金額。

  • Having said that, yes, there is an element of occupancy driven component associated with that, and there's the bed bands allocation as well.

    話雖如此,是的,有一個與此相關的佔用驅動組件,還有床帶分配。

  • So anyway, it's generally driven by occupancy levels, population fluctuations for the unaccompanied minors, which is always going to fluctuate over the year.

    因此,無論如何,這通常是由入住率和無人陪伴未成年人的人口波動所驅動的,這些波動在一年中總是會波動。

  • And so therefore, we plan for very minimal amounts of that variable revenue.

    因此,我們計劃的可變收入非常少。

  • Brad Archer - President, Chief Executive Officer

    Brad Archer - President, Chief Executive Officer

  • Yes.

    是的。

  • And let me take your elections question.

    讓我回答你的選舉問題。

  • History tells us to expect very little change if any, in our facilities.

    歷史告訴我們,我們的設施即使有變化,也不會發生任何變化。

  • We have served the many different administrations to date and again, we just not we don't see a need to know or anticipate any changes.

    到目前為止,我們已經為許多不同的政府提供服務,但我們只是認為沒有必要了解或預期任何變化。

  • I would also add based on the populations we serve and the regulations and laws surrounding that this also provides us with some surety around long-term use.

    我還要補充一點,根據我們服務的人群以及相關的法規和法律,這也為我們提供了長期使用的一些保證。

  • Alec Scheibelhoffer - Analyst

    Alec Scheibelhoffer - Analyst

  • Got it.

    知道了。

  • That makes sense.

    這就說得通了。

  • And then just kind of shifting gears a little bit to your capital allocation framework in 24, you commenced some of the share repurchases, as you mentioned, some thus far in 1Q 24.

    然後,就像您提到的那樣,您在 24 年對資本配置框架進行了一些調整,開始了一些股票回購,其中一些是在 24 年第一季進行的。

  • Just curious how how we should think about your capital requirements.

    只是好奇我們應該如何考慮您的資本要求。

  • Should you secure that contract with the government and just some of the moving pieces behind some of the inorganic and organic growth that you're contemplating?

    您是否應該與政府簽訂合同,以及您正在考慮的一些無機和有機增長背後的一些推動因素?

  • Jason Vlacich - Chief Financial Officer and Chief Accounting Officer

    Jason Vlacich - Chief Financial Officer and Chief Accounting Officer

  • Yes.

    是的。

  • Thanks for the question.

    謝謝你的提問。

  • So where we're obviously focused on growth, right?

    那麼我們顯然專注於成長,對吧?

  • But the share repurchase program is still in play.

    但股票回購計畫仍在進行中。

  • It's certainly something that's an important consideration for us.

    這對我們來說當然是一個重要的考慮因素。

  • We executed upon.

    我們執行了。

  • It will continue.

    它將繼續。

  • We continue to evaluate that as an accretive allocation of our capital.

    我們繼續將其評估為我們資本的增值配置。

  • But we'll also continue to remain extremely focused on our growth initiatives, both inorganic and organic, right?

    但我們也將繼續高度關注我們的成長計劃,無論是無機的還是有機的,對吧?

  • So we're not losing sight of the organic pipeline.

    因此,我們並沒有忽視有機管道。

  • It's very strong and continue to focus on that.

    它非常強大,並將繼續關注這一點。

  • We're pleased with the breadth of opportunities there, but it's Brad.

    我們對那裡的廣泛機會感到滿意,但這是布拉德。

  • Yes, as I mentioned, we're definitely focused on our inorganic piece as well for the various reasons he's outlined and for the various reasons we outlined at the start of the call as well as in the earnings release and in past calls.

    是的,正如我所提到的,由於他概述的各種原因以及我們在電話會議開始時以及在收益發布和過去的電話會議中概述的各種原因,我們肯定也專注於我們的無機部分。

  • So that's kind of how we're thinking about it.

    這就是我們的想法。

  • Again, that share repurchase program is in play and we executed upon it.

    同樣,股票回購計劃正在實施,我們也執行了該計劃。

  • And that will continue to be an option for us as we move forward.

    隨著我們的前進,這將繼續成為我們的一個選擇。

  • Alec Scheibelhoffer - Analyst

    Alec Scheibelhoffer - Analyst

  • Okay.

    好的。

  • Great.

    偉大的。

  • I appreciate the color, and I'll turn it back.

    我很欣賞這個顏色,我會把它轉回來。

  • Thank you.

    謝謝。

  • Operator

    Operator

  • Greg Gibas, Northland Securities.

    吉巴斯 (Greg Gibas),北國證券。

  • Greg Gibas - Analyst

    Greg Gibas - Analyst

  • Yes, hey, good morning, Brad.

    是的,嘿,早安,布拉德。

  • Jason, thanks for taking the questions.

    傑森,感謝您提出問題。

  • I guess just to follow-up another question, Jason, when you kind of saying that the lower end of the EBITDA guidance range assumes it targets only receiving that fixed component for the Pecos contract?

    我想只是為了跟進另一個問題,傑森,當你說 EBITDA 指導範圍的下限假設它的目標是只接收 Pecos 合約的固定組件時?

  • Jason Vlacich - Chief Financial Officer and Chief Accounting Officer

    Jason Vlacich - Chief Financial Officer and Chief Accounting Officer

  • No, necessarily.

    不,必然。

  • There is some elements of the variable revenue component in there, but it's minimal.

    其中有一些可變收入成分,但數量很少。

  • Greg Gibas - Analyst

    Greg Gibas - Analyst

  • Got it.

    知道了。

  • And I'm curious, it seems like that kind of maybe potentially drove some of the upside in Q4 on the variable piece.

    我很好奇,這似乎有可能推動第四季度可變部分的一些上漲。

  • Curious if you saw that kind of continue into early 2024.

    很好奇您是否看到這種情況持續到 2024 年初。

  • And maybe what you're I mean, is it fair to kind of assume a midpoint of that guidance range, just given what we're seeing on the variable side thus far?

    也許你的意思是,考慮到我們迄今為止在變數方面看到的情況,假設該指導範圍的中點是否公平?

  • Jason Vlacich - Chief Financial Officer and Chief Accounting Officer

    Jason Vlacich - Chief Financial Officer and Chief Accounting Officer

  • So in Q4, I think you're referring maybe to the outperformance, which is primarily driven by cost efficiencies that we realized ahead of what we anticipated.

    因此,在第四季度,我認為您可能指的是出色的表現,這主要是由我們提前實現的成本效率所推動的。

  • So that was sort of a function of us switching over to the new contracts and population fluctuations at the community.

    所以這在某種程度上是我們轉向新合約和社區人口波動的一個功能。

  • And we just realized our operational efficiencies ahead of schedule.

    我們剛剛提前意識到我們的營運效率。

  • And so we don't necessarily expect that to continue into 2024.

    因此,我們不一定期望這種情況會持續到 2024 年。

  • But again, in 2020, a minimal variable revenue contribution consider there, and it's more heavily weighted towards the fixed minimum revenue contracted component of the contract Yes, Greg, this is Mark.

    但同樣,在 2020 年,我們會考慮最小可變收入貢獻,而且它更傾向於合約中固定最低收入合約部分。是的,格雷格,我是馬克。

  • Brad Archer - President, Chief Executive Officer

    Brad Archer - President, Chief Executive Officer

  • Just to add on to what Jason said that we did capture some of the very minimal variable revenue that is embedded in the 2024 outlook so far in 2024 on to look certainly gets back to what Jason was describing as P&I a very small amount to consider there as it relates to the full year outlook, but specifically to your question around on kind of where to be with that range.

    只是補充一下Jason 所說的,我們確實捕獲了2024 年迄今為止的2024 年展望中嵌入的一些非常小的可變收入,看看肯定會回到Jason 所描述的P&I 中需要考慮的非常小的金額。因為它與全年展望有關,但特別是關於您關於該範圍的問題。

  • Yes, look at the midpoint is fine there.

    是的,看看中間點就可以了。

  • But I think importantly, just staying within that range is what we feel comfortable and certainly was the basis for us reiterating that and today and in this morning in the release.

    但我認為重要的是,只要保持在這個範圍內,我們就會感到舒服,這當然也是我們今天和今天早上在新聞稿中重申這一點的基礎。

  • Greg Gibas - Analyst

    Greg Gibas - Analyst

  • Great.

    偉大的。

  • Yes, I appreciate the color.

    是的,我很欣賞這個顏色。

  • There and really nice to hear that that pipeline is improving on the organic growth initiative side, um, and you know, it seems like there's kind of a range of opportunities from the wanted to get a sense of that timing there, right.

    很高興聽到該管道在有機增長計劃方面正在改善,嗯,你知道,似乎有一系列機會來自想要了解那個時機的人,對吧。

  • It seems like the third ICF would be a huge opportunity that's closer to the back half 2024, but I'm guessing there are some smaller opportunities that you've maybe been evaluating for a while or any sense on when those pension contracts could be

    看起來第三次ICF 將是一個接近2024 年下半年的巨大機會,但我猜還有一些較小的機會,您可能已經評估了一段時間,或者對這些退休金合約何時可以生效有任何意義。

  • Brad Archer - President, Chief Executive Officer

    Brad Archer - President, Chief Executive Officer

  • an it's just too hard to put a timeframe on it on it at this point.

    現在很難給它設定一個時間表。

  • But there's definitely some look, if everything goes right, that could happen in 2024.

    但如果一切順利的話,這肯定會在 2024 年發生。

  • But I don't want to put a timeframe on it just point.

    但我不想為此設定一個時間表。

  • Greg Gibas - Analyst

    Greg Gibas - Analyst

  • Okay, fair enough.

    好吧,很公平。

  • Thank you.

    謝謝。

  • Operator

    Operator

  • Thank you.

    謝謝。

  • And there are no further questions at this time.

    目前沒有其他問題。

  • I'd now like to turn the call back over to Mr. Archer for final closing comments.

    現在我想將電話轉回阿徹先生以徵求最後的總結意見。

  • Brad Archer - President, Chief Executive Officer

    Brad Archer - President, Chief Executive Officer

  • I want to thank you all for joining the call today and have a great day, and we look forward to speaking again in May when when we deliver our numbers for the first quarter.

    我要感謝大家今天參加電話會議,祝您度過愉快的一天,我們期待在五月公佈第一季度的數據時再次發表講話。

  • Thank you.

    謝謝。

  • Operator

    Operator

  • Thank you.

    謝謝。

  • Ladies and gentlemen, this concludes your conference call for today.

    女士們、先生們,今天的電話會議到此結束。

  • We thank you for participating and ask that you please disconnect your lines and have a lovely day.

    我們感謝您的參與,並請您斷開線路並祝您度過愉快的一天。