Tetra Tech Inc (TTEK) 2024 Q3 法說會逐字稿

Good morning and thank you for joining the Tetra Tech earnings call. As a reminder, Tetra Tech is also simulcasting the presentation with slides in the Investor section of its website at tetratech.com. This call is being recorded at the request of Tetra Tech, and this broadcast is the copyrighted property of Tetra Tech. Any rebroadcast of this information in whole or part without the prior written permission of Tetra Tech is prohibited.

早安，感謝您參加 Tetra Tech 財報電話會議。提醒一下，Tetra Tech 也在其網站 tetratech.com 的投資者部分同步播放簡報和幻燈片。本次通話是應 Tetra Tech 的要求錄製的，該廣播是 Tetra Tech 的版權財產。未經 Tetra Tech 事先書面許可，禁止全部或部分轉播此資訊。

With us today from management are Dan Batrack, Chairman and Chief Executive Officer; Steve Burdick, Chief Financial Officer; Leslie Shoemaker, Chief Innovation Officer; and Joseph Fong, High Performance Buildings Global Lead. They will provide a brief overview of the results and will then open the call for questions.

今天與我們一起出席的還有來自管理階層的董事長兼執行長 Dan Batrack；史蒂夫‧伯迪克，財務長； Leslie Shoemaker，首席創新長；和高性能建築全球負責人 Joseph Fong。他們將簡要概述結果，然後開始提問。

I would like to direct your attention to the Safe Harbor statement in today's presentation. Today's discussion contains forward-looking statements about future business and financial expectations as the results might differ significantly from those projected in today's forward-looking statements due to the various risks and uncertainties including the risks described in Tetra Tech's periodic reports filed with the SEC.

我想請您注意今天演講中的安全港聲明。今天的討論包含有關未來業務和財務預期的前瞻性陳述，因為由於存在各種風險和不確定性，包括Tetra Tech 向SEC 提交的定期報告中描述的風險，結果可能與今天的前瞻性陳述中預測的結果存在顯著差異。

Except as required by law, Tetra Tech undertakes no obligations to update its forward-looking statements. In addition, since management will be presenting some non-GAAP financial measures as references, the appropriate GAAP financial reconciliations are posted in the Investors section of Tetra Tech's website. (Operator Instructions)

除法律要求外，Tetra Tech 不承擔更新其前瞻性聲明的義務。此外，由於管理層將提供一些非 GAAP 財務指標作為參考，因此適當的 GAAP 財務調整表將發佈在 Tetra Tech 網站的投資者部分。（操作員說明）

With that, I would now like to turn the call over to Dan Batrack. Please go ahead, Mr. Batrack.

現在，我想將電話轉給 Dan Batrack。請繼續，巴特拉克先生。

Great. Thank you very much, Latonya. And good morning, and welcome to our third quarter's fiscal year 2024 earnings conference call. I'd like to start off with thanking everyone who attended our Investor Day that took place just a little over two months ago in New York City. Now at the event, we set out our vision and our goals for our fiscal year 2030, which focused on our high-end consulting in water, environment, and sustainable infrastructure.

偉大的。非常感謝你，拉托尼亞。早安，歡迎參加我們的 2024 財年第三季財報電話會議。首先，我要感謝所有參加我們兩個多月前在紐約舉行的投資者日活動的人。現在，在這次活動中，我們制定了 2030 財年的願景和目標，重點是水、環境和永續基礎設施的高端諮詢。

I'm pleased to report that Tetra Tech continued our strong performance through the third quarter of this fiscal year 2024, delivering both record quarterly revenue and an all-time high backlog of well over $5 billion for the first time in the company's history.

我很高興地向大家報告，Tetra Tech 在 2024 財年第三季繼續保持強勁業績，季度營收創歷史新高，積壓訂單量在公司歷史上首次超過 50 億美元，創歷史新高。

Through our focus on front-end advisory and consulting work, we've continued to expand our margins, with this quarter delivering a 13.3% EBITDA margin, up 120 basis points from last year. Due to our strong performance and visibility, I'm pleased to say that we've been able to raise our full-year guidance for fiscal year 2024, and I'll provide the details of that on our updated guidance slide here in just a few moments.

透過專注於前端諮詢和諮詢工作，我們繼續擴大利潤，本季 EBITDA 利潤率為 13.3%，比去年增長 120 個基點。由於我們強勁的業績和知名度，我很高興地說，我們已經能夠提高 2024 財年的全年指導，我將在此處的更新指導幻燈片中提供詳細信息一會兒。

During today's call, I'm going to begin this call with an overview of our third quarter and outlook for the remainder of the fiscal year. Steve Burdick, our Chief Financial Officer, will provide an overview of our financial performance. He will cover our capital allocation, and I'm pleased to say he will discuss the scheduled stock split and some of the details associated with that item.

在今天的電話會議中，我將首先概述我們的第三季和本財年剩餘時間的前景。我們的財務長 Steve Burdick 將概述我們的財務表現。他將負責我們的資本分配，我很高興地說他將討論計劃的股票分割以及與該項目相關的一些細節。

Dr. Leslie Shoemaker, our Chief Innovation Officer, will provide an update on our global water markets. I'm really pleased today to have Joseph Fong with us, our High Performance Buildings Lead, who's going to provide insight into some of the newest approaches that we have in that market, which include cooling of high-performance data centers and chip fab building systems.

我們的首席創新長 Leslie Shoemaker 博士將介紹我們全球水市場的最新情況。今天我真的很高興有我們的高性能建築主管 Joseph Fong 與我們一起，他將深入了解我們在該市場中擁有的一些最新方法，其中包括高性能數據中心和晶片工廠建設的冷卻系統。

For the third quarter, we had a very strong third quarter this year. Our net revenue increased 12% to $1.11 billion in the quarter, setting a new record for any quarter in the company's history for revenue. Our EBITDA increased 32% to $129 million in the quarter, which has almost tripled the rate of our net revenue growth, directly in line with our goal to increase margins more rapidly than our revenue growth. And finally in the quarter, we generated an all-time high for the third-quarter earnings per share of $1.59, up 42% from the prior year.

對於第三季度，我們今年的第三季表現非常強勁。本季我們的淨收入成長了 12%，達到 11.1 億美元，創下了公司歷史上任何季度的收入新紀錄。本季我們的 EBITDA 成長了 32%，達到 1.29 億美元，幾乎是淨收入成長率的三倍，這直接符合我們利潤率成長速度快於營收成長的目標。最後，在本季度，我們實現了第三季度每股收益 1.59 美元的歷史新高，比上年增長 42%。

I'd now like to present our performance by our reporting segments. In the third quarter, our government services group or the GSG segment is up 25% compared to last year to a total amount of $488 million, and the segment generated a strong 14.6% margin of 60 basis points from the prior year.

我現在想按報告部門介紹我們的業績。第三季度，我們的政府服務集團（GSG）業務總額比去年增長了 25%，達到 4.88 億美元，該業務利潤率高達 14.6%，比上年增長 60 個基點。

The key driver for GSG's margin expansion was an increase in higher-margin environmental and advanced water treatment work. The commercial international group or our CIG segment grew net revenue by 4% year over year and delivered a 13.9% margin, up an impressive 230 basis points from last year.

GSG 利潤成長的主要驅動力是利潤較高的環境和先進水處理工作的增加。商業國際集團或我們的 CIG 部門淨收入年增 4%，利潤率為 13.9%，比去年高出 230 個基點，令人印象深刻。

Now that 230 basis points increase, about half of that increase in CIG margin was driven by an increase in the RPS margins and the work that they perform from our international operations. The RPS activities have now reached an 11% margin for our third quarter of this year, which is up 400 basis points from last year's 7% margin that we had in the third quarter of fiscal year 2023.

現在增加了 230 個基點，其中 CIG 利潤率成長的大約一半是由 RPS 利潤率及其在我們國際業務中執行的工作的成長所推動的。今年第三季的 RPS 活動利潤率現已達到 11%，比去年 2023 財年第三季的 7% 利潤率提高了 400 個基點。

The other half of CIT's margin expansion was driven by strong performance in our international operations, especially associated with our front-end consulting, environmental work, and renewable energy projects that we have in all of our international locations.

CIT 利潤成長的另一半是由我們國際業務的強勁表現所推動的，特別是與我們在所有國際地點擁有的前端諮詢、環境工作和再生能源專案相關的表現。

And I'd like to provide an overview of our performance by our end customer. Work for US federal clients was up 34% from the same quarter last year, driven by increases in work that we do for USAID, our civilian and defense environmental programs. Without including the extraordinary work that we performed in Ukraine in the quarter, our federal revenues grew at an underlying 18% year-over-year rate.

我想向我們的最終客戶介紹我們的表現。由於我們為美國國際開發署、民用和國防環境項目所做的工作增加，為美國聯邦客戶提供的工作量比去年同期增加了 34%。如果不包括本季我們在烏克蘭所做的出色工作，我們的聯邦收入年增率為 18%。

For state and local, if you exclude our disaster response work, our state and local revenues grew at an 8% rate, continuing to be driven by the work that we do in advanced water treatment for cities and utilities all across the United States. Our US commercial net revenues were up 7% year over year, driven by renewable energy programs and environmental remediation services.

對於州和地方來說，如果排除我們的救災工作，我們的州和地方收入以 8% 的速度增長，這繼續受到我們為美國各地的城市和公用事業提供先進水處理工作的推動。在再生能源計劃和環境修復服務的推動下，我們的美國商業淨收入年增 7%。

And finally, our international revenue now represents about 40% of the company. And those revenues grew at a 5% rate during the quarter. As we've presented before on this call, we've been focusing on margin expansions in the RPS operations that joined us here just about 1.5 years ago.

最後，我們的國際收入現在約占公司的 40%。該季度這些收入以 5% 的速度成長。正如我們之前在本次電話會議上介紹的那樣，我們一直專注於大約 1.5 年前加入我們的 RPS 業務的利潤率擴張。

We've been very focused on reducing select programs that have become commoditized and represent low or no margins within RPS. So this changing of the portfolio has been resulted in RPS's international revenues, remaining relatively flat year over year. So if you exclude the RPS's international operations, which we are by purpose and objective reshaping, the remainder of our international revenues actually grew at nearly a 10% rate year over year.

我們一直非常注重減少已商品化且在 RPS 中利潤率低或無利潤的精選計劃。因此，這種投資組合的變化導致 RPS 的國際收入比去年同期保持相對穩定。因此，如果排除 RPS 的國際業務（我們有意和客觀地重塑該業務），我們其餘的國際收入實際上比去年同期增長了近 10%。

I'd now like to discuss our backlog, which increased to an all-time high of $5.23 billion, up 19% year over year and grew more than 10% sequentially. We received over $2 billion in orders during the third quarter alone, which represented a book-to-bill of 1.4, one of the highest rates that we've seen in some time here at Tetra Tech.

我現在想討論一下我們的積壓訂單，該訂單已增至 52.3 億美元的歷史最高水平，同比增長 19%，環比增長超過 10%。光是第三季我們就收到了超過 20 億美元的訂單，訂單出貨比為 1.4，這是我們一段時間以來在 Tetra Tech 看到的最高比率之一。

I'd also like to note that Tetra Tech only reports backlog on orders that are contracted, funded, and authorized for us to proceed to doing the work. So this does not include any unfunded orders, which is a completely different method and much more conservative than you'll see reported anywhere in the industry. percent

我還想指出的是，Tetra Tech 僅報告已簽訂合約、提供資金並授權我們繼續開展工作的訂單積壓情況。因此，這不包括任何無資金支持的訂單，這是一種完全不同的方法，並且比您在行業中任何地方看到的報告要保守得多。百分比

This quarter's orders included first-of-a-kind projects in PFAS, which we press released here just recently last week, large-scale programs for advanced water treatment, and major initiatives to address climate mitigation and adaptation worldwide.

本季度的訂單包括我們上週剛在這裡發布的首個 PFAS 項目、大型高級水處理項目以及解決全球氣候減緩和適應問題的重大舉措。

At this point, I'd now like to turn the presentation over to our Chief Financial Officer, Steve Burdick, to present the details of our financials. Steve?

現在，我想將簡報交給我們的財務長 Steve Burdick，以介紹我們的財務細節。史蒂夫？

Hey, thank you, Dan. I'd like to now provide an update on the results for year-to-date performance, as well as our working capital, cash flow, and capital allocation through the third quarter. So net revenues increased by 18% to over $3 billion year to date, driven by strong end markets across all the geographies. Our EBITDA and operating income increased at a higher rate than our top-line revenue growth.

嘿，謝謝你，丹。我現在想提供有關今年迄今為止的業績結果以及第三季度我們的營運資本、現金流和資本分配的最新資訊。因此，在所有地區強勁的終端市場的推動下，今年迄今的淨收入成長了 18%，達到超過 30 億美元。我們的 EBITDA 和營業收入成長速度高於我們的營收成長速度。

As Dan discussed earlier in the call, we continue to focus on the front-end consulting work for water and environment, which are carrying higher margins across all of our end markets. And as such, EBITDA came in at $414 million or at 41% year over year. And the EBITDA margins improved 200 basis points year over year.

正如丹早些時候在電話會議中討論的那樣，我們繼續專注於水和環境的前端諮詢工作，這些工作在我們所有的終端市場上帶來了更高的利潤。因此，EBITDA 為 4.14 億美元，年增 41%。EBITDA 利潤率年增了 200 個基點。

Our operating income increased 43% to $357 million and margin improved 190 base points year over year. These margin increases were primarily driven by improvements in operations across both our GSG and CIG markets. And in CIG, as Dan discussed, we are seeing the successful results of our efforts related to the RPS acquisition from optimizing RPS's portfolio of projects and better mix overall.

我們的營業收入成長了 43%，達到 3.57 億美元，利潤率年增了 190 個基點。這些利潤率的成長主要是由 GSG 和 CIG 市場營運的改善所推動的。正如 Dan 所討論的，在 CIG 中，我們透過優化 RPS 的專案組合和更好的整體組合，看到了與 RPS 收購相關的努力的成功結果。

Year to date, our EPS of $4.40 increased compared to last year. And if you recall, last year included an FX hedge gain of about $1.23. So excluding this one-time FX hedge gain, EPS grew at 53% year over year. I would like to now provide an update on our working capital and our cash flow for the third quarter.

今年迄今為止，我們的每股收益比去年增加了 4.40 美元。如果你還記得的話，去年的外匯對沖收益約為 1.23 美元。因此，排除這項一次性外匯對沖收益，每股盈餘較去年同期成長 53%。我現在想提供有關我們第三季營運資金和現金流的最新資訊。

So cash flows generated from operations for the third quarter were $141 million and exceeded net income by over 64%. The trailing 12 months totaled $376 million, which was up 23% from the previous trailing 12-month period. Now over the last 12 months, cash flows exceeded net income by more than 100%. And when we look back over the last -- our historical financial results, we noted that cash flow from operations has exceeded net income every fiscal year for the last two decades.

因此，第三季營運產生的現金流為 1.41 億美元，超過淨利 64% 以上。過去 12 個月的總收入為 3.76 億美元，比上一個過去 12 個月成長了 23%。過去 12 個月，現金流超過淨利 100% 以上。當我們回顧過去的歷史財務表現時，我們注意到過去二十年每個財年的營運現金流都超過了淨利潤。

Our focus on working capital and cash flows has resulted in our DSO reflecting an industry-leading standard of 54 days versus the industry average of about 80 days. The third-quarter results saw an improvement of four days from last year. And this historical low DSO for working capital is sustainable over the long term as we continue to make cash flows from operations a priority.

我們對營運資金和現金流的關注使我們的 DSO 反映了 54 天的行業領先標準，而行業平均約為 80 天。第三季業績較去年改善了四天。隨著我們繼續將營運現金流作為優先事項，這種營運資本 DSO 的歷史低點是長期可持續的。

The slower DSO metric also provides significant insight into our core business as it reflects the outstanding work that our project managers lead relative to higher-quality projects and highly satisfied clients in a broad portfolio across all of our end markets and geographies.

較慢的DSO 指標也為我們的核心業務提供了重要的洞察力，因為它反映了我們的專案經理在我們所有終端市場和地區的廣泛投資組合中相對於更高品質的專案和高度滿意的客戶所領導的出色工作。

And our net debt amounts to $650 million, and the net debt on EBITDA was at a leverage of 1.15x well below a year ago, which was at 1.73x. Furthermore, our current leverage is about half the leverage multiple at the time we acquired RPS as it was about 2.3x in January of 2023.

我們的淨債務達到 6.5 億美元，EBITDA 淨負債槓桿率為 1.15 倍，遠低於一年前的 1.73 倍。此外，我們目前的槓桿率約為我們收購 RPS 時槓桿倍數的一半，2023 年 1 月約為 2.3 倍。

I would like to now present our capital allocation overview as of the third quarter of fiscal 2024. We have a significant amount of liquidity available to invest in organic and acquisitive priorities. This balance between fixed rate and variable rate debt helps to mitigate interest rate risk as we look to invest in key strategic areas.

我現在想介紹一下截至 2024 財年第三季我們的資本配置概況。我們擁有大量流動資金可用於投資有機和收購優先事項。當我們尋求投資關鍵策略領域時，固定利率和浮動利率債務之間的平衡有助於減輕利率風險。

This current mix of debt exposure has resulted in a weighted average interest cost of borrowing at less than 4%, which is 30% lower than the current Fed borrowing rate. We have a strong pipeline for acquisitions, which is aligned towards technology innovation, especially in water and environmental spaces where we have led the markets.

目前的債務風險組合導致加權平均借貸利息成本低於 4%，比目前聯準會借款利率低 30%。我們擁有強大的收購管道，與技術創新一致，特別是在我們引領市場的水和環境領域。

Regarding our dividend program, I want to announce that our Board of Directors approved a $0.29 quarterly dividend, which is a 12% increase year over year. This is our 41st consecutive quarterly dividend, and our dividends have increased by double digits every year since we initiated these payments.

關於我們的股息計劃，我想宣布，我們的董事會批准了 0.29 美元的季度股息，年增 12%。這是我們連續第 41 個季度派息，自從我們開始發放這些股息以來，我們的股息每年都以兩位數的速度增長。

As we revised our capital structure in the last year to take advantage of the credit markets to support our financing needs, I want to remind our shareholders that we do have available a significant portion of the $400 million from the stock buyback plan approved by our Board of Directors as part of our disciplined capital allocation strategy.

當我們去年調整資本結構以利用信貸市場來支持我們的融資需求時，我想提醒我們的股東，我們確實可以使用董事會批准的股票回購計劃中的 4 億美元資金中的很大一部分。嚴格的資本配置策略的一部分。

And as we've continued to generate record financial results, our stock prices increased significantly over the last 10 years. I want to announce Tetra Tech's five-for-one stock split that was approved by our Board of Directors. The impetus for this decision was very much based on the input we received this year from both analysts and our investors.

隨著我們繼續創造創紀錄的財務業績，我們的股價在過去 10 年中大幅上漲。我想宣布 Tetra Tech 的一拆五股票分割計劃，該計劃已獲得我們董事會的批准。這項決定的動力很大程度上是基於我們今年從分析師和投資者那裡收到的意見。

The primary benefit for our shareholders is that we want to increase liquidity and lower trading costs for institutional and retail investors and our employees who will benefit from the stock split. The stock split will be effective after the close of trading on September 6. Thus, this five-for-one adjusted trading will begin when the market opens on September 9. And you can find additional details in our press release.

我們股東的主要好處是，我們希望為機構和散戶投資者以及將從股票分割中受益的員工增加流動性並降低交易成本。此次股票分割將於9月6日收盤後生效。因此，本次五換一調整交易將於9月9日開盤時開始。您可以在我們的新聞稿中找到更多詳細資訊。

Finally, we will provide to investors and analysts the financial disclosures related to the share account where we will recast all historical information in our next Form 10-K. So I'm very pleased to share these really strong results through the third quarter of 2024. I want to thank you all for your support.

最後，我們將向投資者和分析師提供與股票帳戶相關的財務揭露，我們將在下一份 10-K 表格中重新編寫所有歷史資訊。因此，我很高興與大家分享 2024 年第三季的這些非常強勁的業績。我要感謝大家的支持。

And I will now hand the call over to Leslie and Joseph to discuss our leading global water business.

現在我將把電話轉給萊斯利和約瑟夫，討論我們領先的全球水務業務。

Thank you, Steve. Two of the areas that we discussed during our Investor Day were our significantly expanded opportunities for water-related services in the United Kingdom and the new requirements for PFAS water treatment in the United States.

謝謝你，史蒂夫。我們在投資者日討論的兩個領域是英國水相關服務的顯著擴大機會和美國對 PFAS 水處理的新要求。

Most recently in the United Kingdom, we have a newly elected labor government, which has actually re-emphasized the importance of their water quality management in rivers, flood management, and water supply protection.

最近在英國，我們新當選的工黨政府實際上再次強調了水質管理在河流、洪水管理和供水保護方面的重要性。

These priorities and the associated aggressive goals that have been set for the new AMP 8 cycle, which is just beginning, directly align with our technically differentiated expertise and industry-leading software solutions, such as real-time control, spill management using CSOC, flood risk management using our FusionMap platform, and advanced leak detection solutions using our WaterNet system.

這些優先事項以及為剛開始的新 AMP 8 週期設定的相關積極目標，直接與我們的技術差異化專業知識和行業領先的軟體解決方案保持一致，例如即時控制、使用 CSOC 的洩漏管理、洪水使用我們的FusionMap 平台進行風險管理，並使用我們的WaterNet 系統進行先進的洩漏檢測解決方案。

In the US, similarly, the recently released national need survey reinforces increased concerns regarding water quality protection and advanced water treatment, again, directly in line with what we do. Today, we're seeing our municipal clients begin to include PFAS treatment in updates and expansion of their water treatment facilities, which is a good indication of the integration of PFAS into long-range branding across our more than 500 municipal clients.

同樣，在美國，最近發布的國家需求調查強化了人們對水質保護和先進水處理的日益關注，這再次與我們的工作直接一致。如今，我們看到市政客戶開始將 PFAS 處理納入其水處理設施的更新和擴建中，這很好地表明 PFAS 已融入我們 500 多家市政客戶的長期品牌建設中。

And in California, they've just paced on the ballot a new $10 billion bond measure that would commit funding directly aligned with our expertise in water quality, advanced water treatment, and watershed programs.

在加州，他們剛剛對一項新的 100 億美元債券措施進行了投票，該措施將直接根據我們在水質、先進水處理和流域項目方面的專業知識提供資金。

And with that, I'd like to turn the presentation over to Joseph Fong to discuss more of our water-related opportunities in high-performance buildings. Joseph?

說到這裡，我想將演講交給 Joseph Fong，討論我們在高性能建築中更多與水相關的機會。約瑟夫？

Thank you, Leslie. Tetra Tech's market-leading advanced water treatment expertise has become a key competitive advantage in two of our high-performance buildings' fastest growth markets, advanced manufacturing, fabrication, and high-tech data centers. As we shared during our Investor Day in May, the US's investment to boost chip production incentivized manufacturers to commit over $200 billion for fabrication manufacturing facilities.

謝謝你，萊斯利。Tetra Tech 市場領先的先進水處理專業知識已成為我們高性能建築成長最快的兩個市場（先進製造、製造和高科技資料中心）的關鍵競爭優勢。正如我們在 5 月的投資者日分享的那樣，美國為提高晶片產量而進行的投資激勵製造商投入超過 2000 億美元建設製造設施。

In addition to requiring high-performing energy-efficient building systems, these fabrication facilities also require the production of ultra pure water that is essential for the ultra clean processing of the silicon wafers used to create computer chips.

除了需要高性能節能建築系統外，這些製造設施還需要生產超純水，這對於用於製造電腦晶片的矽晶片的超清潔加工至關重要。

We are seeing increasing demand for advanced water treatment solutions as chip manufacturers initiate expanding their ultra-advanced water-processing capacity for new and upgraded facilities and municipalities invest in augmenting water supplies and pre-treatment to attract fab facilities into their jurisdiction.

隨著晶片製造商開始擴大其超先進水處理能力以建造新的和升級的設施，以及市政當局投資增加供水和預處理以吸引晶圓廠設施進入其管轄範圍，我們看到對先進水處理解決對方案的需求不斷增加。

Today's AI servers require more computing power and generate much more heat than their predecessors. Tetra Tech is working with our high-tech data center clients to implement advanced liquid cooling solutions, such as immersion liquid cooling and direct-to-chip cooling.

當今的人工智慧伺服器比前代伺服器需要更多的運算能力並產生更多的熱量。Tetra Tech 正在與我們的高科技資料中心客戶合作實施先進的液體冷卻解決方案，例如浸沒式液體冷卻和直接晶片冷卻。

Tetra Tech's expertise in water chemistry and hydraulics is essential to designing liquid cooling systems, which can capture up to 80% of the total heat production. With over $500 billion in future investment forecasted in new computing infrastructure, including a 50% increase of current global data center capacity by 2029, we expect the design of high-efficiency cooling solutions to be a significant growth market for us.

Tetra Tech 在水化學和水力學方面的專業知識對於設計液體冷卻系統至關重要，該系統可以捕獲高達 80% 的總熱量。預計未來對新運算基礎設施的投資將超過 5,000 億美元，其中包括到 2029 年將當前全球資料中心容量增加 50%，我們預計高效冷卻解決方案的設計將成為我們的一個顯著增長的市場。

I'll now turn to the presentation to Dan Batrack.

現在我將向丹·巴特拉克（Dan Batrack）做演講。

Thank you very much, Joseph. I'd now like to present our guidance for the fourth quarter and our updated guidance for all of fiscal-year 2024. Our guidance is as follows. For the fourth quarter, our range -- our guidance for the range of net revenue is a range of $1.09 billion to $1.14 billion with an associated diluted earnings per share at the range of $1.82 to $1.87.

非常感謝你，約瑟夫。我現在想介紹我們第四季的指導以及 2024 財年的最新指導。我們的指導如下。對於第四季度，我們對淨收入範圍的指引為 10.9 億美元至 11.4 億美元，相關稀釋每股收益為 1.82 美元至 1.87 美元。

For the entire fiscal year of 2024, our increased guidance is for a revenue range of $4.27 billion to $4.32 billion. The midpoint of that range would actually represent or does represent a 15% increase in our net revenue from what we realized in fiscal year 2023.

對於 2024 年整個財年，我們上調的指引是營收範圍為 42.7 億美元至 43.2 億美元。該範圍的中點實際上代表或確實代表我們的淨收入較 2023 財年實現的增長 15%。

Our updated earnings per share guidance range is for a total of $6.23 to an upper end of $6.28 or a $0.05 range. At the midpoint of that range represents a 23% increase in our earnings per share from what we realized in fiscal year 2023.

我們更新後的每股盈餘指引範圍為總計 6.23 美元，上限為 6.28 美元，即 0.05 美元。該範圍的中點代表我們的每股盈餘較 2023 財年實現的成長 23%。

A few assumptions, if you're following along on the webcast, you can see these are based on pre-stock split numbers, which represents our $54 million shares outstanding. It does include intangible amortization, which is approximately $0.67 per share.

一些假設，如果您關注網路廣播，您可以看到這些假設是基於股票分割前的數字，這代表我們已發行的 5400 萬美元的股票。它確實包括無形攤銷，約為每股 0.67 美元。

But we do assume in the fourth quarter, we will have approximately a 27% tax rate. And as in past presentations, this does exclude any contributions of revenue or income that may be realized from acquisitions that we would complete between now and the end of the fiscal year.

但我們確實假設第四季的稅率約為 27%。與過去的演示一樣，這確實不包括我們從現在到本財年末完成的收購中可能實現的任何收入或收入貢獻。

In summary, this morning, we see strong demand for our differentiated leading science services all across the water and environmental markets that we work in. Our third-quarter results set new all-time records for revenue, net revenue, backlog, and as Steve indicated, our day sales outstanding or our cash generation.

總之，今天早上，我們看到我們工作的整個水和環境市場對我們差異化領先科學服務的強勁需求。我們的第三季業績創下了收入、淨收入、積壓訂單的新歷史記錄，正如史蒂夫指出的那樣，我們的每日銷售額或現金產生量也創下了新的歷史記錄。

And we set third-quarter record results for operating income, EBITDA, and earnings per share. Our strategic focus on high-end water and environmental consulting is driving margin expansions very much in line with our longer-term goals that we presented in our Investor Day here back in May.

我們在第三季的營業收入、息稅折舊攤提前利潤 (EBITDA) 和每股盈餘方面創下了歷史記錄。我們對高端水和環境諮詢的策略重點正在推動利潤率擴張，這與我們在五月的投資者日上提出的長期目標非常一致。

As a result of our strong performance and confidence in our outlook, I'm pleased that we were able to raise our guidance for fiscal year 2024 for both net revenue and earnings per share. We're looking forward to implementing our stock split, as Steve indicated a few moments ago, effective after market close on September 6 in 2024 to provide even broader access to Tetra Tech stock for all of our investors. And with that, Latonya, we'd like to open the call up for questions.

由於我們強勁的業績和對前景的信心，我很高興我們能夠提高 2024 財年淨收入和每股收益的指導。我們期待實施我們的股票分割，正如 Steve 剛才指出的那樣，在 2024 年 9 月 6 日收盤後生效，以便為我們所有投資者提供更廣泛的購買 Tetra Tech 股票的機會。拉托尼亞，我們現在開始接受提問。

(Operator Instructions) Tim Mulrooney, William Blair.

（操作員說明）Tim Mulrooney、William Blair。

Yes, good morning. Thanks for taking my questions. I mean, your backlog is really healthy right now, up about 20% year over year. It's the first thing that caught my eye on your release. And I'm just curious how investors -- how you think investors should interpret this in terms of your visibility for hitting that annual organic growth target of 6% to 10% as you head into the fourth quarter and into next year.

是的，早安。感謝您回答我的問題。我的意思是，您的積壓訂單目前非常健康，比去年同期成長約 20%。這是你獲釋後引起我注意的第一件事。我只是好奇投資者如何看待——您認為投資者應該如何解釋這一點，即您在進入第四季度和明年時實現 6% 至 10% 的年度有機增長目標的可見性。

Well, that's a really good question. That's a great question. If I have any commentary with respect to details on net increase, I know that we're up 19% in the quarter year over year. I will say that some of that, I think, was timing that I anticipated some of the orders would have come in our second quarter. So I will say there's a little bit of catch up included.

嗯，這是一個非常好的問題。這是一個很好的問題。如果我對淨成長的細節有任何評論，我知道我們本季同比增長了 19%。我想說的是，我認為其中一些是我預計一些訂單將在第二季到來的時機。所以我想說其中包括一些追趕。

So one thing I would caution our investors is not to interpret that the backlog growth is going to directly translate into our net revenue growth. You do see the 6% to 10% ranges between double to triple the level of our 6% to 10%. I would say that we did have one extraordinary area. One question I know we've had internally and certainly when I saw the numbers is very much at the high end or above what we'd expect.

因此，我要提醒投資者的一件事是，不要解釋積壓訂單的成長將直接轉化為我們的淨收入成長。您確實看到 6% 到 10% 的範圍是我們 6% 到 10% 水平的兩倍到三倍。我想說，我們確實有一個非凡的領域。我知道我們內部有一個問題，當然當我看到這些數字時，這個問題非常高或超出了我們的預期。

We did have some extraordinary contributions of orders that went into backlog from Ukraine, but I don't want there to be misunderstanding that Ukraine was the majority of the contribution through USAID. It represented about a third of that increase. So of the 19%, about 6% of that or about $160 million would have been extraordinary in the quarter.

我們確實有一些來自烏克蘭的積壓訂單的非凡貢獻，但我不希望有人誤解烏克蘭是透過美國國際開發署貢獻的大部分訂單。它約佔增量的三分之一。因此，在這 19% 中，其中約 6% 或約 1.6 億美元在本季度就已經是非同尋常的了。

So we still are well over double digit. year over year, which is above what we anticipate our organic growth rates we've been targeting at this time. So it should give us great visibility, of course, coming into the fourth quarter, but really all the way in through 2025.

所以我們仍然遠遠超過兩位數。年比成長，這高於我們目前設定的有機成長率預期。因此，當然，從第四季度開始，到 2025 年，它應該會給我們帶來很大的可見性。

Okay, that's helpful color. I want to switch gears really quickly to a regulatory conversation because it represents proponents of questions that we've been getting from investors lately and was hoping you could comment on this.

好吧，這個顏色很有用。我想迅速將話題轉向監管對話，因為它代表了我們最近從投資者那裡收到的問題的支持者，並希望您能對此發表評論。

We heard that there are certain environmental regulations that may be more susceptible to being overturned now that Chevron deference is gone. Are there areas of your business that you think are exposed or susceptible to changes in regulation as a result of this ruling?

我們聽說，由於雪佛龍的尊重已經消失，某些環境法規可能更容易被推翻。您認為您的業務領域是否存在因該裁決而受到或容易受到監管變化的影響？

That's a really good question. It certainly was -- it gave a heightened sense of analysis and evaluation. What does the Chevron doctrine or the Chevron deference mean to our business? And we actually dove into it quite deeply over the past couple months since the Supreme Court's ruling on this has come out. And we actually try to simplify it in three different ways.

這是一個非常好的問題。當然是——它增強了分析和評估的意識。雪佛龍原則或雪佛龍尊重對我們的業務意味著什麼？事實上，自從最高法院對此作出裁決以來，我們在過去幾個月對此進行了相當深入的研究。我們實際上嘗試透過三種不同的方式來簡化它。

First of all, most of the work that we do for environmental compliance activities is actually regulated at the state and local level. So it's state regulations, it's regulations by local counties and cities, and it's actually not driven by federal regulation interpretation. So it only has a very small intersection or nexus with respect to the work we actually do.

首先，我們為環境合規活動所做的大部分工作實際上都是在州和地方層級進行監管的。所以這是州法規，是地方縣市的法規，實際上不是由聯邦法規解釋所驅動的。因此，它與我們實際所做的工作只有很小的交集或連結。

Second of all, the largest programs that we have are for the US federal government. So it would be like the Department of Defense work that we do or work that we do for the Army Corps of Engineers.

其次，我們最大的項目是針對美國聯邦政府的。因此，這就像我們為國防部所做的工作或為陸軍工程兵團所做的工作一樣。

And it's not the practice of the US federal government to contest regulatory determinations and take it to court. So the US federal government doesn't sue themselves and go to court over this. So the items that are determined or agreed to with the regulators at the federal level, might be the Environmental Protection Agency or some of these others, actually they are just straight implemented.

美國聯邦政府的做法並不是對監管決定提出異議並將其告上法庭。所以美國聯邦政府不會因此而起訴自己並上法庭。因此，聯邦一級監管機構確定或同意的項目可能是環境保護局或其他一些項目，實際上它們只是直接實施。

So we see that as essentially not applicable or doesn't really impact it. And the last item we saw, and this is what sounds a little contrarian to the underlying, I guess, presumption is that if the Chevron doctrine is going to cause some uncertainty and regulatory interpretation, it's bad for your business.

因此，我們認為這基本上不適用或不會真正影響它。我們看到的最後一項，這聽起來有點與潛在的相反，我想，假設是，如果雪佛龍原則將導致一些不確定性和監管解釋，這對您的業務不利。

I don't know on the commercial side. If you're going to be -- if you're going to go contest the regulator's interpretation and go to a court, you better be clear. You better be compelling. Yes, you may need some attorneys. Yes, you need people who can argue it, argue the positions, and support the basis of your arguments. But all of it has to be based on data. It's not just an opinion.

商業方面我不知道。如果你打算對監管機構的解釋提出異議並上法庭，你最好說清楚。你最好表現得有說服力。是的，您可能需要一些律師。是的，你需要能夠爭論、論證立場並支持你的論點基礎的人。但這一切都必須基於數據。這不僅僅是一個意見。

It has to be based on data, data analytics. And actually, if you want to take it and boil it down to its essence, you actually have to lead with science. You actually have to bring in a technical, well positioned, technical -- scientific basis. And now there is a firm out there that the tagline is Lead with Science.

它必須基於數據、數據分析。事實上，如果你想把它歸結為本質，你實際上必須以科學為主導。實際上，你必須引入技術、定位良好、技術——科學基礎。現在有一家公司的口號是「以科學為引領」。

And so, they might actually vote very well for Tetra Tech with respect to who you want to bring in to support your interpretations to the courts. So I actually see if this thing does have any legs to it with respect to where there may be something contested by some of the large commercial clients, it actually could begin presenting new opportunities that didn't exist for us before. So in some ways, it actually maybe indirectly be good for our business.

因此，對於您希望聘請誰來支持您對法庭的解釋，他們實際上可能會非常支持 Tetra Tech。因此，我實際上看到，對於某些大型商業客戶可能存在爭議的情況，這件事是否確實有任何作用，它實際上可能開始為我們提供以前不存在的新機會。所以在某些方面，它實際上可能間接地有利於我們的業務。

Understood. Very clear. Thanks, Dan.

明白了。非常清楚。謝謝，丹。

Yes. Thank you very much, Tim.

是的。非常感謝你，提姆。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc 資本市場。

Yes, thank you so much for taking my questions. So if I can ask one on the revenue that you may be getting currently from the high-performance buildings in data centers, if you've broken that out, and also how much faster is that slice growing compared to the rest of your CIG segment?

是的，非常感謝您回答我的問題。因此，如果我可以問一下您目前可以從資料中心的高效能建築中獲得的收入，如果您已經詳細說明了這一點，以及與您的CIG 細分市場的其他部分相比，該部分的成長速度有多快？

Yes, that's a really good question. And we had Joseph Fong actually present those specific details in earlier meetings we've had. Joseph?

是的，這是一個非常好的問題。我們讓 Joseph Fong 在我們先前的會議中實際介紹了這些具體細節。約瑟夫？

Yes, thank you for that question. I shared during our Investor Day in May, we did share kind of the breakdown of those numbers in terms of our revenue and how our advanced manufacturing fabrication and our data centers revenue are part of our high performance building total revenue. We had shared that this year we are tracking towards a $100 million revenue target for those two sectors, and we are expecting a 20% caterer for that market. So right now, we are again trending towards $100 million between those two markets.

是的，謝謝你提出這個問題。我在五月的投資者日分享了我們的收入狀況，以及我們的先進製造製造和資料中心收入如何成為我們高性能建築總收入的一部分。我們曾表示，今年我們將朝著這兩個產業 1 億美元的營收目標邁進，我們預期該市場的餐飲服務將佔比 20%。所以現在，這兩個市場之間的收入再次接近 1 億美元。

Got it, that's helpful. And if I can ask one on M&A, as you pointed out, your leverage is trending towards the low end of your target range. And we just talked about rising uncertainty of policy outcomes in the US. Would that make you consider shifting more of your revenue base overseas as you look at M&A?

明白了，很有幫助。如果我可以詢問有關併購的問題，正如您所指出的，您的槓桿率正趨向於目標範圍的低端。我們剛剛談到了美國政策結果的不確定性上升。當您考慮併購時，這是否會讓您考慮將更多收入基礎轉移到海外？

That's a good question. And I would say no. I would say that the world's largest economy is right here in the United States. The dollar set aside for environmental stewardship or clean water, even compliance with new regulations, things like PFAS are measured in multiples of what they exist in other locations.

這是個好問題。我會說不。我想說，世界上最大的經濟體就在美國。為環境管理或清潔水預留的資金，甚至是遵守新法規、PFAS 等項目的資金，都是其他地方現有資金的數倍。

Now I do think the technology is one area we're very focused on. Steve had mentioned that in his comments with respect to priorities for our acquisitions or looking for people to join us. And the one thing that that provides us or allows us is the transfer of what we would -- let's say we acquired here in the US or if it came through Canada, Australia, or the United Kingdom, it's actually transferable across all of our platforms to all of our clients.

現在我確實認為科技是我們非常關注的領域之一。史蒂夫在他關於我們收購的優先事項或尋找人才加入我們的評論中提到了這一點。為我們提供或允許我們的一件事是轉移我們想要的東西 - 假設我們在美國這裡獲得的，或者如果它來自加拿大，澳大利亞或英國，它實際上可以在我們所有的平台上轉移致我們所有的客戶。

And it gives us a -- gives us a technical differentiation or competitive advantage to move it across all of our operations and our more than 550 offices in the company. So we're going to find the best technology. We're going to find the best new innovations that exist anywhere in the world. It could be in the US or elsewhere.

它為我們提供了技術差異化或競爭優勢，將其推廣到我們所有的營運部門以及公司 550 多個辦事處。所以我們要找到最好的技術。我們將尋找世界上任何地方存在的最好的創新。它可能在美國或其他地方。

But as far as taking a precedent and moving because of potential elections or potential changes in the legal systems, that is not biasing us outside the US. This is still the largest market in the world, and we have a top position in each of these markets that we're focused on, whether it's water, environmental, climate change, coastal protection, flood protection. We're in first place and the only thing we're focused on is distancing ourselves even more in those areas.

但就採取先例並因潛在的選舉或法律體系的潛在變化而採取行動而言，這並不會對美國以外的我們產生偏見。這仍然是世界上最大的市場，我們在我們關注的每個市場中都處於領先地位，無論是水、環境、氣候變遷、海岸保護、防洪。我們位居第一，我們唯一關注的就是在這些領域進一步拉開距離。

All right. Thanks so much, Dan.

好的。非常感謝，丹。

Thanks, Sangita.

謝謝，桑吉塔。

Sabahat Khan, RBC.

薩巴哈特汗，加拿大皇家銀行。

Okay. Thanks, and good afternoon. I guess just broadly, you're taking up your guidance for this year, a few moving pieces in the backdrop. I guess, how would you characterize 2024 within the context of your overall guidance? You obviously have the fiscal '23 numbers out there.

好的。謝謝，下午好。我想大體上來說，你正在接受今年的指導，背景中有一些感人的內容。我想，在您的整體指導背景下，您會如何描述 2024 年？顯然您已經掌握了 23 財年的數據。

Over the next, at least, two, three years, should we expect some elevated trends like we've seen this year on the top line on margins? Or just trying to think about the cadence over the next two to three years of how kind of the numbers evolve and some of the funding from these larger US bills flows through. Thank you.

在接下來的至少兩三年裡，我們是否應該預期利潤率會出現一些上升趨勢，就像我們今年在利潤率上看到的那樣？或者只是想一下未來兩到三年的節奏，這些數字將如何演變，以及這些較大的美國票據的部分資金將如何流動。謝謝。

Hey, good questions, Sabahat. I'm glad you talked about sort of a longer trend. We're pretty clear, and Steve had presented, and I don't want to overly continue to reference the Investor Day. But the cornerstone or the underpinning of Investor Day is 2030. And Steve indicated in great detail, it's an organic growth rate between 6% and 10%. And so what you'd ask what's it look like over the next two or three years, I'll say what's it going to look like over the next five years and say it's going to be between 6% and 10% organic growth rate.

嘿，好問題，Sabahat。我很高興你談到了一種更長期的趨勢。我們很清楚，史蒂夫已經介紹過，我不想繼續過度提及投資者日。但投資者日的基石或基礎是 2030 年。Steve 詳細表示，有機成長率在 6% 到 10% 之間。所以你問未來兩三年會是什麼樣子，我會說未來五年會是什麼樣子，並說有機成長率將在 6% 到 10% 之間。

That happens to be -- we were slightly over that this quarter, third quarter, but I would say not drastically so. So it's nice if you're going to be outside that range that you're on the top end, which we have been for some time. But I would say over this next several-year period, we think that's about right.

這恰好是——我們這個季度、第三季的業績稍微超過了這一水平，但我想說，情況並非如此。因此，如果你能夠超出這個範圍，那麼你就處於頂端，這是很好的，我們已經有一段時間了。但我想說，在接下來的幾年裡，我們認為這是正確的。

And then with respect to acquisitions or having people come join us -- and we talked about a wide range of 5% to 10%. I think for modeling purposes, we've used 4% or 5%. And I think we've been well within -- with that. It seems quite achievable. So I think if you look at a longer trend, and I would append your two to three years to, let's talk up to five years, I think we'll be within these ranges we just talked about. And of course, it's very hard to talk about growth rates without talking about margin because revenue without income contribution, it's like a day without sunshine here.

然後關於收購或讓人們加入我們——我們討論了 5% 到 10% 的廣泛範圍。我認為出於建模目的，我們使用了 4% 或 5%。我認為我們已經很好地做到了這一點。這似乎是完全可以實現的。所以我認為，如果你著眼於更長期的趨勢，我會將你的兩到三年加上，讓我們談談最多五年，我認為我們將在我們剛才談到的這些範圍內。當然，如果不談利潤率，就很難談論成長率，因為沒有收入貢獻的收入，就像這裡沒有陽光的一天。

So we do think that if you wanted to just use a general guide, about 50 basis points a year. We've been at that number of expanding our overall EBITDA margins. We've been about that rate for the past several years, and we expect that to continue on into the future. So I don't really want to provide 2025 details. We're only a little over 90 days. Or at our next investor call, we'll provide the final tale of our performance for fiscal year '24, and we'll provide fiscal year '25 for the next one year. But if you want to look a little bit broader, those ranges just provided, it should be pretty representative.

因此，我們確實認為，如果您只想使用一般指南，每年大約 50 個基點。我們的整體 EBITDA 利潤率一直以這個數字成長。過去幾年我們一直在這個速度上，我們預計未來會繼續這樣。所以我真的不想提供 2025 年的詳細資訊。我們只有90多天了。或者在下一次投資者電話會議上，我們將提供 24 財年業績的最終報告，並提供下一年的 25 財年業績。但如果你想看得更廣一些，剛才提供的這些範圍應該很有代表性。

Great, and then just to get on the M&A side, obviously, you provided some parameters around the discipline on the metrics. Can you maybe just talk a bit more about some of the more in-focus areas where you might want to compliment some expertise, whether it's regions, whether it's specific markets within water that might be of interest over the next few years?

太棒了，然後為了進入併購方面，顯然，您提供了一些有關指標紀律的參數。您能否多談談一些您可能想要讚揚一些專業知識的更關注的領域，無論是地區，還是未來幾年可能感興趣的特定水市場？

Yes, I'd say there's a couple that we're really focused on. I think in the United Kingdom, we're doing well, but we can do better with respect to a presence supporting the AMP structure and programs, which is the asset management program for water utilities across all the United Kingdom. We've got some very large cornerstone programs. I think we can get more.

是的，我想說有些是我們真正關注的。我認為在英國，我們做得很好，但在支持 AMP 結構和計劃（即全英國水務公司的資產管理計劃）方面我們可以做得更好。我們有一些非常大的基石計劃。我想我們可以得到更多。

So I would say if we can add additional capability and contract capacity, so we'd look for that in the UK. Same would be true in Australia. So look for additional acquisitions that would be around water, and that is called mostly municipal water, or in the UK you call it water utilities. And then technology, I'll repeat what I just said a few moments ago.

所以我想說，如果我們可以增加額外的能力和合約能力，那麼我們會在英國尋找這樣的能力。在澳洲也是如此。因此，尋找與水有關的額外收購，這主要被稱為市政供水，或在英國稱為自來水公司。然後是技術，我會重複我剛才所說的。

We're really focused on how can we technically differentiate ourselves even more so in the market. And it's not so much exactly focused on peers or competitors, we're focusing on how we can deliver better value to our clients. We want to deliver higher delivery, faster response, lower price point, and have better outcomes from our clients than ever before. And we think that that can largely be contributed through technology.

我們真正關注的是如何在技術上使自己在市場上更加與眾不同。我們並非完全專注於同行或競爭對手，而是專注於如何為客戶提供更好的價值。我們希望提供更高的交付、更快的回應、更低的價格，並為客戶提供比以往更好的結果。我們認為這很大程度上可以透過技術來實現。

Whether or not it's our digital water programs through remote monitoring and automation of water treatment plants, which we do believe over the next decade or so, there's 150 thousand different water systems in the United States or water utilities. We think that eventually, they're all going to go to remote monitoring and automation.

無論是我們透過遠端監控和水處理廠自動化實現的數位水項目（我們確實相信在未來十年左右的時間），美國或自來水公司都會有 15 萬個不同的供水系統。我們認為最終他們都會走向遠端監控和自動化。

And we're not even in the first inning on that. And we want to be the leader in the forefront for that. So how can we do that? For sure, we have it internal, but acquisitions and identifying those that can come in. And I'm glad to say that just this last quarter, since our last investor call, we had Convergence join us. Well, it's just a handful of individuals. the intellectual property and the technologies that they brought are really quite significant. So look for us to continue to add those over the next year and beyond.

我們甚至還沒有進入第一局。我們希望成為這方面的領導者。那我們要怎麼做才能做到這一點呢？當然，我們有內部的，但收購並確定那些可以進來的。我很高興地說，就在上個季度，自從我們上次投資者電話會議以來，Convergence 加入了我們。好吧，這只是少數人。他們帶來的智慧財產權和技術確實非常重要。因此，期待我們在明年及以後繼續添加這些內容。

Great. Thanks very much for the color.

偉大的。非常感謝你的顏色。

Thanks, Sabahat.

謝謝，薩巴哈特。

Andy Wittmann, Baird.

安迪‧魏特曼，貝爾德。

Great. Good morning. Thank you for taking my questions, guys. I guess I just wanted to start out a little bit in asking about Ukraine. Maybe just for context, Dan, can you just talk about what the Ukraine contribution was to this quarter?

偉大的。早安.謝謝你們回答我的問題，夥伴們。我想我只是想先詢問一下烏克蘭的情況。也許只是為了了解背景，丹，你能談談烏克蘭對本季的貢獻嗎？

And then recognizing that you did book $160 million, I just wanted to see -- I mean, you would not put that in your backlog if you didn't have great visibility and the contract to do that, right? So I'm just trying to see how much visibility you have there.

然後認識到您確實預訂了 1.6 億美元，我只是想看看 - 我的意思是，如果您沒有很好的可見性和合同，您不會將其放入待辦事項中，對嗎？所以我只是想看看你在那裡有多少知名度。

By my calculations, you did somewhere between $50 million and $60 million this quarter. So does that mean that you've got three and a half quarters of work with a $160 million or how should we think about that?

根據我的計算，您本季的營收在 5,000 萬到 6,000 萬美元之間。那麼，這是否意味著您已經完成了三個半季度的工作，資金為 1.6 億美元，或者我們應該如何看待這一點？

Yes. Well, you've got the numbers about right. I'll help refine this a little for you. So in the third quarter, we did about $60 million worth of net revenue. So it was a good quarter. It's interesting coming in, and I think we spoke on last quarter's call that we expected the second half of fiscal year '24, so this year, we do about $100 million. So I think we're about $10 million above for the quarter where we thought we would be.

是的。嗯，你得到的數字基本上正確。我會幫你稍微完善一下。因此，在第三季度，我們的淨收入約為 6,000 萬美元。所以這是一個很好的季度。有趣的是，我想我們在上個季度的電話會議上表示，我們預計在 24 財年下半年實現，所以今年我們的投資額約為 1 億美元。因此，我認為本季我們的營收比預期高出約 1000 萬美元。

And interestingly enough, we were over the top of our guidance range for net revenue by about $10 million. So everything was very strong. It took us to the very high end of our own range, and then Ukraine pushed it up even higher. So we did do about $160 million. It's a great question on does that mean you have a good portion?

有趣的是，我們的淨收入超出了指導範圍的上限約 1000 萬美元。所以一切都非常強烈。它把我們帶到了我們自己的範圍的非常高端，然後烏克蘭把它推得更高。所以我們確實做了大約 1.6 億美元。這是一個很好的問題，這是否意味著你有一個很好的部分？

Well, we burned -- we put $160 million in, but we burned $60 million. So you really would take a look at net on that. But if you take a look at our backlog slide and our press release, you'll notice we presented on the first line $439 million new addition for work in Ukraine. That's a contract or contract capacity. There's a new program referred to as Spark with USAID. It allows us to continue the work that we have. And only a very small portion of that was actually obligated that went into our backlog in Q3.

好吧，我們燒了錢——我們投入了 1.6 億美元，但我們燒掉了 6000 萬美元。所以你真的應該看看網路上的內容。但如果您看一下我們的待辦事項投影片和新聞稿，您會注意到我們在第一行提出了 4.39 億美元的烏克蘭新增工程。這就是合約或合約能力。美國國際開發署有一個名為 Spark 的新計劃。它使我們能夠繼續我們的工作。其中只有很小一部分實際上是有義務進入我們第三季度的積壓工作的。

So we've got more contract capacity. We have more orders. We actually finished with a higher order book for Ukraine. And of course, the reaffirmation by the US government to stand behind and with Ukraine does give us visibility with respect to, I would say, the political will.

所以我們有更多的合約能力。我們還有更多訂單。實際上，我們為烏克蘭完成了一本更高階的書。當然，美國政府重申支持烏克蘭，確實讓我們看到了政治意願。

And I know there's been a lot of questions. Some have asked me if there is a change in administration, could that get turned off? And my comment is maybe, if everybody -- with one phone call, the conflict is over. May we all hope that becomes true. I think it may actually allow additional restoration work through USA that we have never seen before.

我知道有很多問題。有人問我，如果管理方式發生變化，可以關閉嗎？我的評論是，如果每個人——只要一個電話，衝突就結束了。願我們都希望這能成為現實。我認為它實際上可能允許在美國進行額外的修復工作，這是我們以前從未見過的。

You can actually do more work when someone is not firing overhead, than you can while you are in a conflict zone. So we have contract capacity measured in several hundreds of millions of dollars. An the $439 million that's listed first in our backlog presentation slide and our press release isn't the only contract that we have there. We are much broader.

實際上，當有人沒有在頭頂開火時，你可以做的工作比你在衝突地區時可以做的工作更多。因此，我們的合約產能達數億美元。我們的待辦事項簡報投影片和新聞稿中首先列出的 4.39 億美元並不是我們擁有的唯一合約。我們的範圍更廣。

And some have asked, well, what if there is some disruption regarding US commitments to move forward with the contracts in place? I will tell you there is a lot of countries lined up behind to actually want to help once restoration started. And these are our clients, whether it's UK Aid, whether it's the European Union, or whether it's a coalition that includes places like Australia where we are one of the largest international development supporters.

有些人問，如果美國履行合約的承諾受到一些幹擾怎麼辦？我會告訴你，一旦恢復開始，有很多國家都願意提供協助。這些都是我們的客戶，無論是英國援助署，無論是歐盟，還是包括像澳洲這樣的國家的聯盟，我們是澳洲最大的國際發展支持者之一。

So this is not a singular question. And in fact, even the singular question actually may have significant upside in the event the conflict is actually resolved. So those are the numbers we have with respect to going into the fourth quarter for contract capacity, the $60 million. I will say we are still standing by our $100 million for the second half, so it's pretty easy to take $100 million minus the $60 million in Q3. And I think we will do around $40 million in Q4, but we will give you more specifics on the next call how that would actually turn out.

所以這不是一個單一的問題。事實上，如果衝突得到真正解決，即使是單一的問題也可能具有重大的好處。這些是我們掌握的第四季合約產能數據，即 6,000 萬美元。我想說的是，我們仍然堅持下半年的 1 億美元，所以很容易就拿 1 億美元減去第三季的 6,000 萬美元。我認為我們將在第四季度投入約 4000 萬美元，但我們將在下次電話會議上向您提供更多具體信息，具體結果如何。

That's really helpful context and thank you for that answer. I wanted to ask my follow-up question on RPS. You made the comment that you've been running off some of the lower-margin work. That was always part of the plan. You said that when you acquired it.

這是非常有用的背景，感謝您的回答。我想問有關 RPS 的後續問題。你曾評論說你一直在逃避一些利潤較低的工作。這始終是計劃的一部分。你買的時候就這麼說了。

But you've owned it for 1.5 years here, still kind of running some of that off. I'm just wondering, how long is that tail? How much more -- I guess it would be contracted backlog or something that you have there that needs to be gone through before you think that you can show the underlying growth that you talked about there in the double digits for that international segment.

但你已經在這裡擁有它 1.5 年了，但仍然在使用其中的一些。我只是想知道，這條尾巴有多長？還有多少——我想這將是合約積壓的問題，或者是你在那裡需要經歷的事情，然後你才能認為你可以以兩位數的速度展示你所談到的國際市場的潛在增長。

Yes, that's a really good question. You're right, it's been about five quarters right now, so just a little over a year since they joined us. We've always indicated we want to shape their mix of [this]. [It seems] to be similar to Tetra Tech. We want to put high-end technically differentiated in front of everything, less competition, higher margin, completely in collaboration with the rest of the company.

是的，這是一個非常好的問題。你是對的，距離他們加入我們已經過去了大約五個季度，也就是一年多一點。我們一直表示我們希望塑造他們的[這個]組合。 [看起來]與 Tetra Tech 類似。我們希望將高端技術差異化置於一切之上，減少競爭，提高利潤，完全與公司其他部門合作。

I think we've got another one or two quarters -- I'm not going to go to the dollar amount, but I think we've got one or two quarters left before we've got the, what I call it, commoditized with the low or no margin work. That's also, funny enough, I've always found it ironic that if you get low or no margin on some of this work, it typically carries the highest risk to it.

我認為我們還有一兩個季度——我不會談論美元金額，但我認為在我們實現我所說的商品化之前，我們還剩下一兩個季度低利潤或無利潤的工作。這也很有趣，我總是覺得諷刺的是，如果你在某些工作上獲得的利潤很低或沒有利潤，它通常會帶來最高的風險。

And to say this just seems like it shouldn't go together, and we agree. It shouldn't go with us. So I think one or two quarters, I think you'll see us by probably pretty close to the end of the calendar year, sort of the culling of the last small work that doesn't really belong in our portfolio should be finished and then you'll see the contribution on international come with RPS along with all the rest of our international operations. So I hope that timing is helpful.

這麼說似乎不應該放在一起，我們同意。它不應該和我們一起走。所以我認為一兩個季度，我想你會在接近日曆年年底的時候看到我們，對不屬於我們投資組合的最後一個小作品的剔除應該完成，然後您將看到RPS 以及我們所有其他國際業務對國際業務的貢獻。所以我希望時機能有所幫助。

It is. Thank you very much. Have a good day.

這是。非常感謝。祝你有美好的一天。

Thank you very much, Andy.

非常感謝你，安迪。

Ryan Connors, Northcoast Research.

瑞安康納斯，北海岸研究中心。

Thanks, good morning. First off, congrats on the stock split. I know those aren't generally in vogue, but I wish more companies would follow your lead. I think that's very positive. I wanted to come on the issue of the margin outlook from a different slice. Dan, you mentioned 50 basis points a year is what you laid out in the 2030 game plan there.

謝謝，早安。首先，祝賀股票分割。我知道這些通常並不流行，但我希望更多的公司能夠效仿您的做法。我認為這是非常積極的。我想從不同的角度來討論利潤率前景的問題。Dan，您提到每年 50 個基點是您在 2030 年遊戲計劃中製定的。

But we look at the backlog and the composition of the backlog. You did mention one-third of it is the USAID work. And you've said in the past that that tends toward the lower margin side of what you do. So is that in fact the case with that particular -- those particular jobs with USAID? And any color you can share on what the backlog composition would tell us about, kind of the margin trajectory in the next -- relatively near term.

但我們會查看積壓訂單以及積壓訂單的組成。您確實提到其中三分之一是美國國際開發署的工作。您過去曾說過，這往往會導致您所做的事情利潤率較低。那麼，美國國際開發署的那些特定工作實際上就是這種情況嗎？您可以分享的任何顏色都可以告訴我們積壓的組成，即下一個相對近期的利潤軌跡。

Yes, that's a great question. And it's very insightful, Ryan. Let me make one comment about our margin increase, the 60 basis points for Q3. You're absolutely right that the work that we do for international development generally and USAID specifically is almost all cost-plus work. It's pre-negotiated low margin. If you're taking low financial risk, you get a lower margin.

是的，這是一個很好的問題。瑞安，這非常有洞察力。讓我對我們的利潤率成長（第三季 60 個基點）發表評論。你說得完全正確，我們為國際發展所做的工作，特別是美國國際開發署，幾乎都是成本加成的工作。這是預先協商好的低利潤。如果您承擔的財務風險較低，那麼您獲得的利潤就會較低。

So if we did not have any Ukraine work, and I would say that work, not just Ukraine but USAID, carries about a 7% margin. If you took that from our portfolio, our government services group, GSG, would have been up over 100 basis points, and we would have been well into the upper 15% for the quarter. So I don't like to use the word weigh, but it is a lower margin when you do the calculation.

因此，如果我們沒有任何烏克蘭工作，我想說的是，不僅是烏克蘭工作，還有美國國際開發署，其利潤率約為 7%。如果你從我們的投資組合中得出這一點，我們的政府服務集團 GSG 的漲幅將超過 100 個基點，並且我們本季將遠遠躋身前 15%。所以我不喜歡使用「稱重」這個詞，但當你進行計算時，它是一個較低的餘裕。

Let me clarify one item. The incremental contribution of the backlog was about a third of it, not it represents a third of our overall backlog. So let me just clarify that. I simply was referring to how much was contributed in the quarter or the increase in the $500 million that we had sequentially.

讓我澄清一項。積壓的增量貢獻約為其三分之一，而不是我們總體積壓的三分之一。讓我澄清一下。我只是指本季貢獻了多少，或者我們連續增加了 5 億美元。

So I do think the rest of our business is growing and at a higher margin expansion. And the 50 basis points is with international development, whether it's US, Australia, or UK included in the business. We are not de-emphasizing that. We are big-time supporters of our clients in all three jurisdictions. And it is included in the margin expansion.

因此，我確實認為我們的其他業務正在成長，並且利潤率更高。50個基點是國際發展的，無論是美國、澳洲或英國的業務。我們並沒有淡化這一點。我們是所有三個司法管轄區客戶的堅定支持者。並且它包含在利潤擴張中。

Now what's the margin? Embedded in the backlog that we have overall, the $5.2 billion. It's pretty close to representing the 50-basis-points expansion that we expect to see. So we're not expecting some new big win or a C-state change in the business that we're performing. It's actually embedded in the work that we're being awarded and funded through the orders that comprise our backlog.

現在利潤是多少？我們的積壓訂單總額為 52 億美元。這非常接近我們預期的 50 個基點擴張。因此，我們並不期望我們正在進行的業務會出現新的重大勝利或 C 狀態變化。它實際上嵌入到我們透過構成我們積壓訂單的訂單獲得和資助的工作中。

Got it. Okay. Thanks for that. And then back on the Chevron issue, I think you make a really interesting point, Dan, kind of a counterintuitive point that it could actually be a tailwind in some areas. My question is, how big is litigation support today for Tetra Tech? Is that an area where -- I mean, I would imagine, yes, it's lead with science, but there are nuanced differences to that type of business. And obviously, the relationships are different.

知道了。好的。謝謝你。然後回到雪佛龍問題，丹，我認為你提出了一個非常有趣的觀點，這是一個違反直覺的觀點，即它實際上可能在某些領域成為順風車。我的問題是，現在 Tetra Tech 的訴訟支援有多大？我的意思是，我想，是的，這是一個以科學為主導的領域，但這種類型的業務存在細微差別。顯然，這些關係是不同的。

Is that something where you feel -- how big is it today and would you be staffed appropriately, or would you have to move people, or could that actually be an area of potential M&A opportunity if in fact your counterintuitive take on that that it does create some additional business?

這是你的感受嗎——今天有多大，你是否會配備適當的人員，或者你是否必須調動人員，或者這實際上可能是一個潛在的併購機會的領域，如果事實上你的反直覺的看法確實如此創造一些額外的業務？

Another good question. This actually has, what I would call -- you really have to understand the business to parse that. So what it would look like at the most surface level is, are you going to go support somebody litigating? What we would do is we would actually want to be the technical support for the data collection, the analysis, and the, I'll call it -- I'm trying not to use the word conclusion because the courts may become the final arbiter on this, but the technical conclusion with respect to the presence, the movement, the fate, and the final recommendations or interpretation.

另一個好問題。這實際上有，我所說的——你真的必須了解業務才能解析它。所以從最表面的層次來看，你會去支持某人的訴訟嗎？我們要做的是，我們實際上希望成為資料收集、分析的技術支持，我會盡量不使用「結論」這個詞，因為法院可能成為最終的仲裁者在此之上，而是關於存在、運動、命運以及最終建議或解釋的技術結論。

With respect to when you talk about, when we talk about experts that are going to be supporting litigation, as soon as you use the word L, litigation, generally, it means expert testimony in court, on the stand. Sometimes referred to as hired guns, even if they're technical, Dr. Smith, Dr. Jones. And we try to stay out of that.

關於當你談論的時候，當我們談論將支持訴訟的專家時，只要你使用“L”這個詞，訴訟，一般來說，它意味著法庭上、證人席上的專家證詞。有時被稱為僱傭槍手，即使他們是技術性的，史密斯博士，瓊斯博士。我們盡量避免介入。

There are people that make their livings being in-court litigators. We simply want to provide an objective quantitative measure that is technically supported by data analytics, science, the rest of it. We'll leave the expert testimony in the stand to others. Because what we've seen is every time you're in court, there's somebody on the other side of that.

有些人以法庭訴訟律師為生。我們只是想提供一個客觀的定量衡量標準，並在技術上得到數據分析、科學等的支持。我們將把專家證詞留給其他人。因為我們看到的是，每次出庭時，都會有人站在另一邊。

And we don't want to be actually providing an opinion or an opine on what the data is. For us, the data is quantitative, it's objective, it's scientifically supported. And there are firms, and we certainly know many of them, that actually have in-court hired guns testimony. And don't look for us to try to turn our PhD experts in hydrology, water mechanics, chemistry, remediation in court.

我們並不想真正對數據是什麼提供意見或看法。對我們來說，數據是定量的、客觀的、有科學根據的。有些公司（我們當然知道其中很多）實際上在法庭上有僱傭槍支的證詞。不要指望我們試圖將我們的水文學、水力學、化學、修復的博士專家告上法庭。

So I think that our people that we have within the company can support that work because that's the work we're doing for both our government, federal, state, local, commercial. And that data can be used whether or not it's used currently to support the work we're doing or some other person's objective work. But I don't see that actually having to change the under fabric of what we do as a company.

因此，我認為我們公司內部的員工可以支持這項工作，因為這是我們為政府、聯邦、州、地方和商業所做的工作。無論這些數據目前是否用於支持我們正在做的工作或其他人的客觀工作，都可以使用。但我認為實際上不必改變我們作為一家公司所做的事情的底層結構。

Got it. And then I assume we're near the end of the queue. So if I could just sneak one more in, you mentioned the potential change of administration. I guess what we've learned since the last conference call is that there's going to be a change of administration one way or the other. We've got a new candidate.

知道了。然後我假設我們已經接近隊列的末端了。所以，如果我能再偷偷插一句的話，你提到了政府可能的改變。我想自上次電話會議以來我們了解到的是，政府將會以某種方式改變。我們有了一位新候選人。

Is there any daylight that you've -- as you look at the Biden administration versus Harris kind of priorities, is there any difference, nuanced differences there? The potential approach versus the current administration, or is it pretty much they're on the same page with most, most things that relate to Tetra Tech?

當你審視拜登政府與哈里斯政府的優先事項時，你是否有任何線索，其中是否有任何差異、細微差別？與現任政府相比，潛在的方法，還是他們與大多數與 Tetra Tech 相關的事情都達成了一致？

Yes, it's what I've heard in the hallways here is a new voice, same platform or similar platform, and we've not seen any changes. I think that there might be a little bit more emphasis on environmental justice and actually prioritizing areas that might have been lower in the queue, which is actually good for us, that would put more work on orphan sites that work for -- would be done by EPA and others. And that's certainly work that we do already. And we could see that actually seeing a plus up.

是的，我在走廊上聽到的是新的聲音，相同的平台或類似的平台，我們沒有看到任何變化。我認為可能會更強調環境正義，並實際上優先考慮隊列中可能排在後面的領域，這實際上對我們有好處，這將在孤兒網站上投入更多的工作——將會完成由美國環保署和其他機構。這當然是我們已經在做的工作。我們可以看到，實際情況有所改善。

I think they could see reprioritization and speeding up some superfund site activity to get it done quicker to actually end it, because many of these locations are in underprivileged locations across the country. So you could see some of that. But I would say that the fundamental platforms are very similar. I won't go so far as to say identical, but I think the general adage is a different voice, same platform is a good way to look at it.

我認為他們可以看到重新確定優先順序並加快一些超級基金網站的活動，以更快地完成它並真正結束它，因為其中許多地點位於全國各地的貧困地區。所以你可以看到其中的一些。但我想說的是，基本平台非常相似。我不會說完全相同，但我認為一般的格言是不同的聲音，相同的平台是一個很好的看待它的方式。

Understood. Thanks for your time.

明白了。感謝您抽出時間。

Thank you very much, Ryan.

非常感謝你，瑞安。

Tate Sullivan, Maxim Group.

泰特·沙利文，馬克西姆集團。

Hi, thank you. Just to follow up on the RPS and revenue growth, you said international revenue, excluding RPS, was 10% year over year. Was that -- what was the comment you specifically said about that? I think you said something in addition to running off some lower-margin projects, or can you review that, please?

你好，謝謝。為了跟進 RPS 和收入成長，您說國際收入（不包括 RPS）年增 10%。那是——你對此具體發表了什麼評論？我想你除了跑掉一些利潤較低的項目之外還說了些什麼，或者你能回顧一下嗎？

Well, what I was saying is that the RPS component of our international revenues has been relatively flat or same number, no growth. So the growth rate on that would be -- when I say flat, I guess, I mean zero. And I think that because what's happening is we are adding work within the work -- and I'm going to try it as we go forward, trying quite a bit this year, try to even double down on it next year.

嗯，我想說的是，我們國際收入中的 RPS 部分相對持平或相同，沒有成長。因此，當我說持平時，我想我的意思是零。我認為，因為正在發生的事情是我們正在工作中增加工作——我將在前進的過程中進行嘗試，今年嘗試了很多，明年甚至嘗試加倍努力。

Not use RPS as a different component of the company because they're as much part of Tetra Tech as I or anybody else is. RPS is doing a great job. They've got a number of individuals who are leading major divisions for Tetra Tech. They are technical leaders. They're financial leaders. They're just among the best that we have in the entire corporation.

不要將 RPS 用作公司的不同組成部分，因為它們與我或其他人一樣是 Tetra Tech 的一部分。RPS 做得很好。他們有許多人領導 Tetra Tech 的主要部門。他們是技術領導者。他們是金融領袖。他們是我們整個公司中最優秀的人之一。

However, they are still in a transition. It's been five quarters since they've joined us. And we did indicate that we wanted to take some of the revenues that have been more commoditized or was carrying lower or more margin or higher risk out of the business.

然而，他們仍處於轉型期。他們加入我們已經過去五個季度了。我們確實表示，我們希望將一些已經更加商品化或帶來較低或較高利潤或較高風險的收入從業務中剔除。

So at the beginning, we actually saw in the first several quarters, revenues actually for RPS went down. So people had come in, and I know I had our investor relationships, Jim Wu and others, to talk to investors and analysts that we were going to grow through subtraction. And so margins are going to go up, profits are going to go up, and we're going to actually do less work for it.

所以一開始，我們實際上看到在前幾個季度，RPS 的收入實際上下降了。所以人們進來了，我知道我有我們的投資者關係，Jim Wu 和其他人，與投資者和分析師談論我們將透過減法實現成長。因此，利潤率將會上升，利潤將會上升，而我們實際上會為此做更少的工作。

Now we've got to the point where it's not shrinking anymore, that the amount we're taking out of the business is roughly equal to the amount we're putting in. But still, the amount is going down by 4% or 5% this last quarter, but we've added that amount of higher-margin work.

現在我們已經到了不再萎縮的地步，我們從業務中取出的金額大致等於我們投入的金額。但上個季度的數量仍然下降了 4% 或 5%，但我們增加了利潤率較高的工作量。

So what do you see? You see flat on revenues, but you see margins up by 400 basis points year over year. And I think that this phenomenon of it taking out as much as you had, the taking out part is just one or two quarters away. And then you'll see RPS contributing not only on margin expansion but also on revenue contribution internationally. So that is really the dynamic that I'm referring to. And I hope that helps with making it a little clearer.

那你看到了什麼？您會看到收入持平，但利潤率年增 400 個基點。我認為這種現象，它與你擁有的一樣多，取出的部分只有一兩個季度。然後您將看到 RPS 不僅對利潤率擴張做出貢獻，而且對國際收入貢獻也做出貢獻。這就是我所說的動態。我希望這有助於讓它變得更清晰一些。

Absolutely. Thank you very much.

絕對地。非常感謝。

Thank you, Tate.

謝謝你，泰特。

Michael Dudas, Vertical Research Partners.

麥可‧杜達斯 (Michael Dudas)，垂直研究合作夥伴。

Good morning, everyone. Can you hear me?

大家早安。你聽得到我嗎？

Yes, Michael.

是的，邁克爾。

Okay, thank you. Leslie mentioned in her prepared remarks about a new water bond proposed, $10 billion in California. What's the history on success of those types of initiatives in the state? And when something like that gets passed, maybe in the historical levels or what you've been involved with, how quickly that business can start to flow into your consultant advisory work?

好的，謝謝。萊斯利在她準備好的演講中提到了加州提議的 100 億美元的新水債券。該州此類舉措的成功歷史有哪些？當類似的事情通過時，也許在歷史水平或你所參與的事情上，該業務可以多快開始流入你的顧問諮詢工作？

Good question. We've actually seen in the past, they are relatively successful. So I wouldn't want to predict what's going to happen in an election, but water quality and water programs have had a great track record of being approved.

好問題。我們過去實際上已經看到，他們相對成功。因此，我不想預測選舉中會發生什麼，但水質和水計劃在獲得批准方面有著良好的記錄。

We actually had other measures that were related to water management and stormwater that were passed in previous years and then were integrated over probably a one- to two-year period, they get integrated into the various local agencies and in their implementation plans and funding. So we would expect this one would run pretty much along that same cycle of organization and planning and bidding in the first year and then actually seeing it in actual proposals in the second year.

實際上，我們在前幾年通過了與水管理和雨水相關的其他措施，然後在可能一到兩年的時間內進行整合，將它們納入各個地方機構及其實施計劃和資金中。因此，我們預計這個項目將在第一年幾乎沿著相同的組織、規劃和招標週期運行，然後在第二年的實際提案中實際看到它。

That's very helpful, Leslie. I appreciate that. Thanks, everyone.

這很有幫助，萊斯利。我很欣賞這一點。謝謝大家。

Thank you, Michael.

謝謝你，麥可。

This will conclude the Q&A session. I will now turn the conference back over to Mr. Dan Batrack to conclude.

問答環節到此結束。我現在將會議交回丹·巴特拉克先生結束。

Thank you very much, Latonya. And I thank all of you for attending the call today. I very much appreciate the questions that we had today, those that we received through Investor Relations and other avenues that we can actually incorporate into our presentations. We really do want to be as transparent and forward thinking and communicative as possible.

非常感謝你，拉托尼亞。我感謝大家參加今天的電話會議。我非常感謝我們今天提出的問題，那些我們透過投資者關係和其他管道收到的問題，我們實際上可以將其納入我們的演示中。我們確實希望盡可能保持透明、前瞻性思維和溝通。

I look forward to speaking to you all again in our next quarterly call, where we'll present the results of our fourth quarter and all of fiscal year 2024, which of course after three quarters is off to a really, really strong start, and probably most importantly to sharing with you our guidance and outlook for fiscal year 2025. And with that, I hope you have a great rest of your Thursday and a great rest of the week. Thank you.

我期待在下一個季度電話會議中再次與大家交談，我們將在會上介紹第四季度和 2024 財年的業績，當然，三個季度之後，這將是一個非常非常強勁的開端，也許最重要的是與您分享我們對2025 財年的指導和展望。就這樣，我希望你週四和本週都能好好休息。謝謝。

Ladies and gentlemen, this concludes our conference for today. Thank you all for participating and have a nice day. All parties may disconnect now.

女士們、先生們，今天的會議到此結束。感謝大家的參與並祝您有美好的一天。所有各方現在都可以斷開連接。