Tetra Tech Inc (TTEK) 2025 Q4 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 this presentation with slides in the Investors 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 in part without the prior written permission of Tetra Tech is prohibited.

早安，感謝各位參加 Tetra Tech 的財報電話會議。提醒各位，Tetra Tech公司同時在其網站tetratech.com的投資者關係板塊直播本次演示，並附有幻燈片。本次電話會議應Tetra Tech公司要求進行錄音，錄音內容版權歸Tetra Tech公司所有。未經 Tetra Tech 事先書面許可，禁止全部或部分轉載此資訊。

With us today from management are Dan Batrack, Chairman and Chief Executive Officer; Steve Burdick, Chief Financial Officer; and Roger Argus, President. They will provide a brief overview of the results, and we'll then open the call for questions. I would like to direct your attention to the Safe Harbor statement in today's presentation.

今天與我們一同出席的管理階層有：董事長兼執行長丹‧巴特拉克；財務長史蒂夫‧伯迪克；以及總裁羅傑‧阿格斯。他們將簡要概述結果，然後我們將開放提問環節。我想請大家注意今天演講中的「安全港」聲明。

Today's discussion contains forward-looking statements about future business and financial expectations. Actual results may differ significantly from these projected in today's forward-looking statements due to various risks and uncertainties, including the risks described in Tetra Tech's periodic reports filed with the SEC.

今天的討論包含有關未來業務和財務預期的前瞻性陳述。由於各種風險和不確定性，包括 Tetra Tech 向美國證券交易委員會提交的定期報告中所述的風險，實際結果可能與今天前瞻性聲明中預測的結果有重大差異。

Except as required by law, Tetra Tech undertakes no obligation 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.

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，相應的GAAP財務調節表已發佈在Tetra Tech網站的投資者關係部分。

At this time, I'd like to inform you all that participants are in a listen-only mode. At the request of the company, we will open the conference up for questions and answers after the presentation. With that, I would now like to turn the call over to Dan Batrack. Please go ahead, Mr. Batrack.

此時，我想通知各位，所有與會者都處於唯讀模式。應公司要求，我們將在演講結束後安排問答環節。接下來，我會把電話交給丹·巴特拉克。請繼續，巴特拉克先生。

Thank you very much, Melissa, and good morning, and welcome to our fourth quarter and fiscal year 2025 earnings conference call. And I'd like to start this morning with sharing with you that I'm very glad to report that we had an excellent fourth quarter and record financial performance for all of fiscal year 2025.

非常感謝梅麗莎，早安，歡迎參加我們2025財年第四季及全年財報電話會議。今天早上，我想先和大家分享一個好消息：我們第四季業績出色，2025 財年全年財務表現也創下歷史新高。

But before I actually get to the numbers, I'd like to take just a moment here at the beginning to discuss how we successfully navigated this extraordinary year and ended up with these record results. By staying focused on our high-end consulting and our leadership in water, we've built an enduring competitive advantage and a long-term client base of trust with our end clients that we work with.

但在我正式公佈具體數字之前，我想先花一點時間談談我們是如何成功度過這非同尋常的一年，並最終取得這些創紀錄的成績的。透過專注於高端諮詢和水務領域的領先地位，我們建立了持久的競爭優勢，並與我們的終端客戶建立了長期的信任關係。

Our leading with science approach has provided us with a significant competitive advantage and highly adaptive workforce, long-standing client relationships that have ended up resulting in sustained demand for our services over decades. It is this focus that has allowed us to successfully navigate the recent changes in the US federal government's priorities and emerge with financial records and financial performance for fiscal year 2025.

我們以科學為導向的方法為我們帶來了顯著的競爭優勢和高度適應性的員工隊伍，以及長期的客戶關係，最終使我們的服務在幾十年內持續獲得需求。正是這種專注使我們能夠成功應對美國聯邦政府近期優先事項的變化，並取得 2025 財年的財務記錄和財務業績。

More importantly, as I look into fiscal year 2026 and beyond, I see our high-end water services in higher demand and more critical than ever, the fastest-growing markets in the United States and internationally. Today, Steve Burdick, our Chief Financial Officer, will provide additional details of our financial performance, both in the quarter and the year.

更重要的是，展望 2026 財年及以後，我看到我們的高端水務服務需求更高，比以往任何時候都更重要，這些服務也是美國和國際上成長最快的市場。今天，我們的財務長史蒂夫伯迪克將提供更多關於我們本季和本年度財務業績的細節。

And I'd also like to welcome today with us Roger Argus, our newly appointed President here at Tetra Tech who I personally have worked with for over 30 years here at Tetra Tech directly. Obviously, Roger goes back in the market and industry even farther than that. He brings a great understanding of our clients and our business worldwide and he's spearheading some of our highest opportunity growth initiatives that we have in the company today.

今天，我還要歡迎羅傑·阿格斯先生加入我們，他是 Tetra Tech 新任總裁，我個人與他在 Tetra Tech 共事超過 30 年。顯然，羅傑在市場和行業中的涉足程度甚至更遠。他非常了解我們全球的客戶和業務，並且正在領導我們公司目前一些最具發展潛力的成長計劃。

Roger will provide an update of our water-focused growth markets during this presentation this morning. And now I would like to share with you an update of our financial performance and our business. We had record results for the fourth quarter and for the entirety of fiscal year 2025 with record highs across the board for net revenue, operating income and earnings per share.

羅傑將在今天早上的演講中介紹我們以水資源為重點的成長市場的最新情況。現在我想和大家分享一下我們公司財務表現和業務的最新情況。我們在第四季和整個 2025 財年都取得了創紀錄的業績，淨收入、營業收入和每股盈餘均創歷史新高。

The fourth quarter results provided us with strong momentum as we exit the fiscal 2025 fiscal year and enter fiscal year 2026. These results are very broad-based, demonstrating the strength across all of our business sectors and our markets globally. We finished fiscal year 2025 with a strong fourth quarter, resulting in record net revenue, record operating income and significant operating margin expansion.

第四季的業績為我們結束 2025 財年、進入 2026 財年提供了強勁的發展勢頭。這些結果涵蓋範圍非常廣，充分展現了我們在全球所有業務領域和市場的強勁實力。我們在 2025 財年第四季表現強勁，實現了創紀錄的淨收入、創紀錄的營業收入和顯著的營業利潤率成長。

We had record net revenue of $1.07 billion, which is up 10% from the prior year. We significantly expanded our margins to the highest level in more than 30 years, which results in our operating income being up 23%, more than double the rate of revenue growth and reaching $168 million for the first time.

我們的淨收入創下歷史新高，達到 10.7 億美元，比前一年增長了 10%。我們的利潤率大幅提升至 30 多年來的最高水平，這使得我們的營業收入增長了 23%，是收入增長率的兩倍多，並首次達到 1.68 億美元。

And finally, the growth rate for earnings per share was even higher, up 29%, reaching $0.44 for the quarter. I'd like to present our performance by our segment or our client segments. The Government Services Group had an excellent year and delivered an extraordinary fourth quarter. In the fourth quarter, our GSG segment revenue grew by 17%, rising to $396 million compared to $338 million last year.

最後，每股盈餘成長率更高，成長了 29%，達到 0.44 美元。我想按我們業務板塊或客戶板塊來介紹我們的業績。政府服務集團全年表現出色，第四季業績尤為突出。第四季度，我們的GSG部門營收成長了17%，達到3.96億美元，去年同期為3.38億美元。

GSG segment also set a new record for margin performance at 22.9% or up 330 basis points from the prior year. This performance was driven by strong execution of our water infrastructure and our digital automation work for state and local clients, high utilization across our US operations during the completion of our fire disaster response work, and the reduction in our low-margin USAID work.

GSG 業務部門的利潤率也創下新紀錄，達到 22.9%，比上年增長 330 個基點。這項業績得益於我們在水利基礎設施建設和為州和地方客戶開展的數位化自動化工作方面的出色執行，以及我們在完成火災災害應變工作期間在美國各地業務的高利用率，以及我們低利潤的美國國際開發署工作的減少。

The Commercial/International Group also delivered a strong fourth quarter and a strong year. Our Commercial/International Group's fourth quarter revenue was up 7% to $676 million, and the CIG or Commercial/International Group's margin, excluding Australia, was up about 60 basis points in the quarter.

商業/國際集團第四季和全年業績均表現強勁。我們的商業/國際集團第四季營收成長 7% 至 6.76 億美元，除澳洲外，商業/國際集團的利潤率在本季度增長了約 60 個基點。

Now I'd like to provide an overview of our performance by our end customers. In the fourth quarter, international work was about 45% of our overall business and growing at a 9% rate. International organic growth included increases in the United Kingdom's water business and strong growth in our Canadian clean energy practice.

現在我想概述一下我們終端客戶的績效評價。第四季度，國際業務約占我們整體業務的 45%，並以 9% 的速度成長。國際有機成長包括英國水務業務的成長以及我們在加拿大清潔能源業務的強勁成長。

In the United States, our state and local markets continue to be very strong with a 19% growth rate driven by municipal water treatment and digital water modernization, especially in the water-stressed regions of Texas, Florida and California. Without the contribution of the disaster work in the quarter, our state and local work was up 13% year-over-year. The US commercial work overall was down slightly. Driven by reductions in renewable energy work but partially offset by growth in other sectors. Our US commercial work includes some sectors that had extraordinary growth rates in the quarter.

在美國，我們的州和地方市場繼續保持強勁勢頭，成長率達到 19%，這主要得益於市政水處理和數位化水務現代化，尤其是在德克薩斯州、佛羅裡達州和加利福尼亞州等缺水地區。如果不計入本季災害救援工作的貢獻，我們州和地方的工作量年增了 13%。美國商業工作整體略有下降。受再生能源工作量減少的影響，但部分被其他產業的成長所抵消。我們的美國商業業務涵蓋了一些本季成長率異常高的行業。

For example, our high-voltage transmission work in the United States is rapidly growing due to expanding energy demand, which is often associated with data centers. And finally, our US federal work is now 21% of our business compared to 31% a year ago. This quarter, our federal work was up 22% from the prior year, primarily for work with the US Army Corps of Engineers designing flood protection structures and providing disaster response services.

例如，由於能源需求不斷增長（這通常與資料中心有關），我們在美國的高壓輸電業務正在迅速成長。最後，我們目前在美國聯邦政府的業務佔比為 21%，而一年前這一比例為 31%。本季度，我們的聯邦業務比去年同期成長了 22%，主要包括與美國陸軍工程兵團合作設計防洪設施和提供災害應變服務。

I'd like now to discuss our backlog. We had a strong quarter of contract awards, ending the quarter with $4.14 billion in backlog during a record revenue quarter. As I've stated previously, we use a highly conservative approach to backlog reporting by including only work that is contracted, funded and authorized.

現在我想討論一下我們積壓的工作。本季合約授予情況強勁，在創紀錄的營收季度中，本季末積壓訂單達 41.4 億美元。正如我之前所說，我們在積壓工作報告方面採取了非常保守的方法，只包括已簽訂合約、已獲得資金和已獲得授權的工作。

The backlog we have today is of higher quality than ever before with higher embedded margins and with a higher portion of fixed price contracts, which gives us even more opportunity for margin expansion. This quarter, we were awarded over $1.2 billion in new contracts with US defense agencies that cover both US domestic and international operations. We announced another great win with United Kingdom for Portsmouth water with a $23 million contract that you can note on the webcast that we have here.

我們目前的積壓訂單品質比以往任何時候都更高，包含更高的利潤率，並且固定價格合約的比例也更高，這為我們提供了更大的利潤率擴張機會。本季度，我們獲得了超過 12 億美元的美國國防機構新合同，涵蓋美國國內和國際業務。我們宣布與英國就朴茨茅斯水務項目達成了一項價值 2300 萬美元的合同，這是又一次重大勝利，您可以在我們這裡的網絡直播中看到相關內容。

And we won two new awards for high-voltage transmission work in the United States and Ireland both areas where data centers are driving investments in power generation and transmission. Our US high-voltage transmission practice is now growing their backlog at 120% rate year-on-year here in the US. At this point, I'd like to turn the presentation over to our Chief Financial Officer, Steve Burdick to take us through the financials for fiscal year 2025. Steve?

我們在美國和愛爾蘭的高壓輸電工程項目中獲得了兩項新獎項，這兩個地區都是數據中心推動電力生產和傳輸投資的地區。我們在美國高壓輸電業務的積壓訂單量目前正以每年 120% 的速度成長。現在，我想把演講交給我們的財務長史蒂夫·伯迪克，讓他為我們介紹一下 2025 財年的財務狀況。史蒂夫？

Thank you, Dan. I'd like to now provide an update of our fiscal 2025 results, working capital, cash flows and capital allocation. But before I dive into these results, I want to point out and remind us all where we started the year. We initiated our 2025 revenue and earnings guidance in line with our longer-term 2030 goals.

謝謝你，丹。現在我想向大家報告我們 2025 財年的業績、營運資本、現金流量和資本配置。但在我深入探討這些結果之前，我想先指出並提醒大家，我們今年年初的情況如何。我們根據更長遠的 2030 年目標，制定了 2025 年的收入和獲利預期。

Now despite having our largest single client cancel hundreds of contracts midway through 2025 and other headwinds that could have knocked out to anybody else, Tetra Tech delivered all-time high revenue in earnings. And because of our high-quality clients and talented project managers across the globe, we generated a record setting cash from operations that approached $0.5 billion.

儘管我們最大的單一客戶在 2025 年年中取消了數百份合同，以及其他一些可能會擊垮其他公司的不利因素，但 Tetra Tech 仍然實現了有史以來最高的收入和利潤。由於我們擁有高品質的客戶和遍布全球的優秀專案經理，我們創造了創紀錄的營運現金流，接近 5 億美元。

Not only am I proud of our team's ability to execute on our 2025 results, I'm even more positive on our team's ability to execute on our long-term strategy in 2026 and beyond where our market-leading services are focused either directly or as a first derivative to our clients' water investment opportunities.

我不僅為我們團隊實現 2025 年目標的能力感到自豪，而且對我們團隊在 2026 年及以後執行長期策略的能力更加充滿信心，屆時我們將直接或間接地專注於我們市場領先的服務，以滿足客戶的水資源投資需求。

Now as Dan discussed earlier on this call, our market-leading focus on the front-end consulting and design for water and environmental projects are carrying higher margins across all of our end markets. As such, even as the fiscal 2025 revenue was up a solid 7% over last year, our operating income increased at a higher rate of 18% and EBITDA for the year increased 13%.

正如丹在本次電話會議中早些時候所討論的那樣，我們專注於水務和環境項目的前端諮詢和設計，這種市場領先的策略在我們所有的終端市場都帶來了更高的利潤率。因此，儘管 2025 財年的收入比上一年增長了 7%，但我們的營業收入增長了 18%，而該年度的 EBITDA 增長了 13%。

These results for the year further support our long-term strategic goals to increase net revenues while improving EBITDA margins by 50 basis points annually. I do want to point out that, as you can see here, our 2025 EBITDA margins and net revenue came in at a better 14.3%, which is an increase of over 80 basis points for this year as compared to last year.

今年的業績進一步支持了我們的長期策略目標，即每年提高淨收入，同時將 EBITDA 利潤率提高 50 個基點。我想指出的是，正如您在這裡看到的，我們 2025 年的 EBITDA 利潤率和淨收入達到了 14.3%，比去年提高了 80 多個基點。

As a result of our ability to enhance our profit margins and further manage our working capital, we were able to increase EPS by 24% over last year to $1.56. Now regarding our working capital. Cash flows generated from operations for fiscal 2025 were $458 million, which represents a 28% improvement over fiscal 2024.

由於我們提高了利潤率並進一步優化了營運資本管理，我們的每股盈餘較去年增長了24%，達到1.56美元。現在來說說我們的營運資本。2025 財年經營活動產生的現金流量為 4.58 億美元，比 2024 財年成長 28%。

And consistent with the last 20 years, these operating cash flows have continued to exceed net income by more than 100%. Our focus on working capital and cash flows has resulted in our DSO reflecting an industry-leading standard of 55.7 days. This lower DSO metric 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 our broad portfolio across all of our end markets and geographies.

與過去 20 年的情況一致，這些經營現金流持續超過淨收入 100% 以上。我們專注於營運資金和現金流，使我們的應收帳款週轉天數 (DSO) 達到了業界領先的 55.7 天。較低的 DSO 指標為我們的核心業務提供了重要的洞察，因為它反映了我們的專案經理在所有終端市場和地區的廣泛業務組合中，領導的高品質專案和高度滿意的客戶所取得的傑出成就。

Our net debt amounted to about $600 million, and our net debt on EBITDA was at a leverage of 0.9 times, which is lower than our leverage one year ago when it stood at 1.0 times. As we continue to execute on high-quality operating results with increasing margins, operating cash flows in excess of net income and lower working capital KPIs, we will continue to provide higher returns for our shareholders.

我們的淨債務約為 6 億美元，淨債務與 EBITDA 的比率為 0.9 倍，低於一年前的 1.0 倍。隨著我們持續取得高品質的經營業績，利潤率不斷提高，經營現金流超過淨收入，營運資本關鍵績效指標不斷降低，我們將繼續為股東帶來更高的回報。

Both higher shareholder financial returns are reflected in an improving return on capital employed which stands at over 20%, which is among the best in the industry. For those following along in the presentation, I would like to now present our capital allocation overview. We have a very strong balance sheet, probably the strongest balance sheet in our history, with well over $1 billion in available liquidity as we have revised our capital structure in the last year to take advantage of the credit market to support our strategic growth opportunities.

股東財務回報的提高反映在資本回報率的不斷提高上，目前資本回報率超過 20%，在業界名列前茅。對於正在觀看演示的各位，我現在想介紹我們的資本配置概覽。我們擁有非常強勁的資產負債表，可能是我們歷史上最強勁的資產負債表，可用流動資金超過 10 億美元，因為我們在過去一年中調整了資本結構，以利用信貸市場來支持我們的策略成長機會。

Now Roger will discuss our strategic growth areas later in this presentation, but I do want to point out that we have a significant amount of liquidity available to invest in organic and acquisitive growth opportunities in order to take advantage of these key business opportunities. These opportunities include the technology and automation, which continues to provide us a dominant position in the market and for acquisitions of technical leaders such as SAGE and Carron & Walsh.

羅傑將在本次演講的稍後部分討論我們的策略成長領域，但我確實想指出，我們擁有大量流動資金，可以投資於內生成長和收購成長機會，從而抓住這些關鍵的商業機會。這些機會包括技術和自動化，這使我們繼續在市場上佔據主導地位，並使我們能夠收購 SAGE 和 Carron & Walsh 等技術領導者。

Regarding our dividend program, I want to announce that our Board of Directors approved the fourth quarter dividend, which is a 12% increase year-over-year to be paid in the first quarter. This is our 42nd consecutive quarterly dividend with annual double-digit increases in the amounts paid.

關於我們的分紅計劃，我想宣布，我們的董事會已批准第四季度分紅，比上年同期增長 12%，將於第一季支付。這是我們連續第 42 個季度派發股息，而且每年派息金額都實現了兩位數的成長。

Based on the lower leverage, we have contributed -- we have continued our stock buyback program this year. In 2025, we bought back a total of $250 million, which includes $50 million in stock buybacks in the fourth quarter. We do have about $598 million available in the stock buyback plan approved by our Board as part of our capital allocation strategy.

由於槓桿率較低，我們得以繼續推動今年的股票回購計畫。2025 年，我們總共回購了 2.5 億美元的股票，其中包括第四季 5,000 萬美元的股票回購。作為我們資本配置策略的一部分，我們已批准股票回購計劃，目前有約 5.98 億美元可供使用。

I'm really pleased to share these financial results for fiscal '25, which has enabled us to increase shareholder returns as we pay -- we're paying increasing dividends, increasing our stock buybacks, engaging in accretive acquisitions, all the while deleveraging our balance sheet. So I want to thank you for your support. And I'll now hand the call over to Roger to discuss Tetra Tech's future opportunities in 2026 and beyond.

我非常高興地與大家分享 2025 財年的財務業績，這使我們能夠在支付股息的同時提高股東回報——我們不斷提高股息支付率，增加股票回購，進行增值收購，同時降低資產負債率。所以，我要感謝你們的支持。現在我將把電話交給羅傑，讓他來討論 Tetra Tech 在 2026 年及以後的發展機會。

Thank you, Steve. I'd like to highlight today's major growth drivers that will fuel Tetra Tech's growth in FY26 and beyond. For those of you following along on the webcast, I'd like to first draw your attention to the center of the slide. Greater than 85% of Tetra Tech's business is providing water services to our clients. Our high-end water services cover the full life cycle of water use from sourcing and management to reuse and treatment.

謝謝你，史蒂夫。我想重點介紹一下今天推動 Tetra Tech 在 2026 財年及以後發展的主要成長動力。對於正在觀看網路直播的各位，我首先想請大家注意幻燈片的中心部分。Tetra Tech 超過 85% 的業務是為客戶提供水務服務。我們的高端水務服務涵蓋水資源使用的整個生命週期，從水源獲取和管理到水的再利用和處理。

These services also include coastal resilience for flood protection, expansion of ports and harbors, digital automation and control systems to optimize water management and efficient use as well as water for mining, power generation and manufacturing. The drivers shown here represent large global investments in water-reliant infrastructure and share a few common characteristics. These drivers represent a total addressable market for Tetra Tech services measured in hundreds of billions of dollars.

這些服務還包括沿海防洪韌性、港口擴建、數位化自動化和控制系統以優化水資源管理和高效利用，以及為採礦、發電和製造業提供用水。這裡展示的驅動因素代表了全球對依賴水資源的基礎設施的大量投資，並且具有一些共同特徵。這些驅動因素代表了 Tetra Tech 服務的一個潛在市場，其規模達數千億美元。

Tetra Tech is already performing work in each of these markets, and is well positioned to benefit from these growing investments. In fact, Tetra Tech currently holds that contracts, master service agreements and frameworks with more than $30 billion in capacity to perform these services for our clients. Global investment in each of these markets supports the demand for Tetra Tech's high-end water services and is driving Tetra Tech's growth.

Tetra Tech 已在這些市場開展業務，並已做好充分準備，從這些不斷增長的投資中獲益。事實上，Tetra Tech 目前持有價值超過 300 億美元的合約、主服務協議和框架協議，能夠為我們的客戶提供這些服務。全球在這些市場的投資支撐了對 Tetra Tech 高端水務服務的需求，並推動了 Tetra Tech 的成長。

In the next two slides, I'd like to highlight two of the fastest-growing areas and illustrate how Tetra Tech is capitalizing on these trends. First, I'd like to talk about the data center market. Their estimates as high as $1 trillion to be invested over the next 10 years to expand data center processing capacity to address the needs of AI. The water demand for these systems is enormous.

在接下來的兩張投影片中，我想重點介紹兩個成長最快的領域，並說明 Tetra Tech 如何利用這些趨勢。首先，我想談談資料中心市場。他們估計，未來 10 年將投資高達 1 兆美元用於擴大資料中心處理能力，以滿足人工智慧的需求。這些系統對水的需求量龐大。

A large data center, for example, consumes about 5 million gallons of water per day. This sector's growing water footprint is reshaping how and where communities invest in water-related infrastructure. This slide illustrates that the data center market is not just the building housing the chip stacks.

例如，一個大型資料中心每天消耗約 500 萬加侖的水。該行業不斷增長的用水量正在重塑社區投資水利基礎設施的方式和地點。這張幻燈片表明，資料中心市場不僅僅是容納晶片堆的建築物。

In fact, many data center operators are using in-house template designs for these buildings. More importantly, the data center market includes resource management needs for water and power, which are geographically specific for each facility. Petrotech's high-end water expertise and geographic footprint allow us to address these requirements, which are unique for each data center.

事實上，許多資料中心營運商都在使用內部模板設計來建造這些建築。更重要的是，資料中心市場還包括對水和電力等資源的管理需求，而這些需求因地理位置而異，每個設施都有其特殊性。Petrotech 的高端水處理技術和地理覆蓋範圍使我們能夠滿足每個資料中心的獨特需求。

As we look at this figure from left to right, first, it's important to note that more than 97% of water used by major data center operators is currently purchased from municipal drinking water systems, many of which are already under stream. Let me provide you with just one example of how water demand for data centers is driving growth for Tetra Tech.

當我們從左到右觀察這張圖時，首先需要注意的是，目前主要資料中心營運商使用的水有 97% 以上是從市政飲用水系統購買的，其中許多系統已經投入使用。讓我舉一個例子來說明資料中心用水需求如何推動 Tetra Tech 的成長。

Just last week, it was announced that Texas will make the largest investment in its water supply in the state's history. Voters approved a proposition authorizing $20 billion to be spent on water systems, including water supply projects to address the growing requirements of data centers. Tetra Tech currently holds more than 60 state and local contracts in Texas.

就在上週，德州宣布將對該州的水資源供應進行該州歷史上最大規模的投資。選民批准了一項提案，授權撥款 200 億美元用於水利系統，包括供水項目，以滿足資料中心日益增長的需求。Tetra Tech目前在德克薩斯州擁有超過60份州和地方合約。

We are already working with these clients, providing our full suite of water services, and we will directly benefit from this new funding. In addition, within the data center itself, Tetra Tech provides water handling, digital control system automation and commissioning services directly to the building operations.

我們已與這些客戶合作，提供全套水務服務，並將直接受益於這筆新的資金。此外，在資料中心內部，Tetra Tech 也直接向建築營運部門提供水處理、數位控制系統自動化和調試服務。

In fact, we currently hold contracts with more than a dozen of the major data center hyperscale and colocation operators to provide these services. And ultimately, these facilities require our expertise for water reconditioning for reuse or treatment for disposal. This work will be done through contracts with data center operators or with local municipalities to expand their wastewater management capacity. Defense budgets in each of our major geographic markets is up significantly.

事實上，我們目前與十幾家主要的超大規模資料中心和託管營運商簽訂了合同，為他們提供這些服務。最終，這些設施需要我們的專業知識來進行水處理，以便重複使用或進行處置。這項工作將透過與資料中心營運商或當地市政當局簽訂合約來完成，以擴大其廢水處理能力。我們各主要地理市場的國防預算均大幅成長。

The US is up $150 billion, the UK is up $4 billion, and Australia is up $4 billion on already large annual budgets. These funding increases will be used to expand defense facilities, including ports and harbors, strengths in coastal resiliency in flood protection and address water contaminants of concern such as PFOS.

美國增加了 1,500 億美元，英國增加了 40 億美元，澳洲在原本就龐大的年度預算基礎上又增加了 40 億美元。這些增加的資金將用於擴大國防設施，包括港口和碼頭，增強沿海地區防洪能力，並解決令人擔憂的水污染物問題，例如 PFOS。

The expansion of naval facilities is included as a key focus of this funding. This will result in the growth of Tetra Tech's work in ports and harbors, including evaluation, planning and design of marine infrastructure. We currently provide these services to our defense clients in the US, UK and Australia through contracts with an aggregate available capacity of more than $10 billion of the $30 billion I referred to earlier. I'd like to provide one brief example of how Tetra Tech is benefiting from this increased funding.

擴建海軍設施是這項資金的重點用途之一。這將促進 Tetra Tech 在港口和碼頭領域的業務成長，包括海洋基礎設施的評估、規劃和設計。我們目前透過合約向我們在美國、英國和澳洲的國防客戶提供這些服務，總可用產能超過 100 億美元，而我之前提到的總產能為 300 億美元。我想舉一個簡單的例子來說明 Tetra Tech 如何從這筆增加的資金中受益。

In fiscal year '25, the Australian Department of Defense awarded Tetra Tech a $67 million contract to support infrastructure upgrades to facilities along the Northern shore of Australia. The scope of this contract includes front-end studies, analytics and project management to support governmental, regulatory and community approvals for these critical upgrades, which will ensure safe, secure and resilient operation of these defense facilities.

在 2025 財年，澳洲國防部授予 Tetra Tech 公司一份價值 6,700 萬美元的合同，用於支持澳洲北部海岸沿線設施的基礎設施升級。該合約的範圍包括前期研究、分析和專案管理，以支持政府、監管機構和社區對這些關鍵升級的批准，這將確保這些國防設施安全、可靠和有彈性地運作。

Coastal resiliency work, which includes flood protection to strengthen the facilities and safeguard the lives of military and civilian populations will also receive additional funding. Tetra Tech has long been a leader in flood protection. And in fact, in the fourth quarter, we've been awarded about $1 billion in new contract capacity from the US Army Corps of Engineers. Additionally, these increased defense budgets will provide greater funding to Tetra Tech's ongoing defense contracts to eliminate sources and clean up water contamination related to PFAS and other persistent chemicals in the environment.

包括加強防洪以保護設施和保障軍民生命安全的沿海韌性建設工作也將獲得額外資金。Tetra Tech長期以來一直是防洪領域的領導者。事實上，在第四季度，我們從美國陸軍工程兵團獲得了約 10 億美元的新合約。此外，這些增加的國防預算將為 Tetra Tech 正在進行的國防合約提供更多資金，以消除污染源並清理與環境中 PFAS 和其他持久性化學物質相關的水污染。

In the fourth quarter, we were awarded a new $240 million contract with the Navy, which is intended to focus on assessment of contamination in water that enable installations, including PFAS. In summary, we are very excited about the opportunities these growth drivers present and the resulting growth that Tetra Tech can achieve. I will now turn the presentation over to Dan.

第四季度，我們與海軍簽訂了一份價值 2.4 億美元的新合同，旨在重點評估用於設施建設的水體污染，包括 PFAS。總而言之，我們對這些成長驅動因素帶來的機會以及 Tetra Tech 能夠實現的成長感到非常興奮。現在我將把演講交給丹。

Thank you, Roger. Thank you very much. I'd now like to provide an overview of our outlook for fiscal year 2026 by each of our end customers. Each of our customer sectors have growth drivers relevant to our business, as you've heard from Roger and myself, and I'll start with our international growth. International growth is forecasted to grow at a rate between 5% and 10% in fiscal year 2026, supported by $130 billion in AMP8 program in the United Kingdom.

謝謝你，羅傑。非常感謝。現在，我想依照我們各個終端客戶的狀況，概述一下我們對 2026 財年的展望。正如你從我和羅傑那裡聽到的，我們每個客戶產業都有與我們業務相關的成長驅動因素，我將從我們的國際成長開始說起。預計到 2026 財年，國際經濟成長率將達到 5% 至 10%，這得益於英國 AMP8 計畫提供的 1,300 億美元資金。

Programs like the $200 billion Canadian infrastructure program has just recently been passed. And in Australia, the spending in preparation for the Olympics that are going to take place in Brisbane. Our US commercial work is forecasted to grow in fiscal year 2026 at a rate between 5% and 10%, supported by water demand for data centers and advanced manufacturing and power-related services to address the US energy demand that is increasing so quickly.

諸如加拿大耗資 2000 億美元的基礎設施建設項目等計劃最近剛剛獲得通過。在澳大利亞，為迎接布里斯班奧運會而進行的準備工作也在增加支出。預計到 2026 財年，我們的美國商業業務將以 5% 至 10% 的速度成長，這得益於資料中心和先進製造業對水的需求，以及為滿足美國快速增長的能源需求而提供的電力相關服務。

Our US state local work is forecasted to grow at a 10% to 15% rate, which is very consistent to what we've seen over the past several years. That's being driven by strong and sustained budgets for municipal water supplies and digital water modernization. And finally, our US federal work is forecasted to grow at a 5% to 10% rate and is expected to ramp up over this range throughout the year as the procurement processes align with the new priorities of the new administration and budget increases are implemented that are associated with the One Big Beautiful Bill Act that's passed just recently.

我們預計美國州地方業務將以 10% 至 15% 的速度成長，這與我們過去幾年所看到的非常一致。這主要得益於市政供水和水務數位現代化方面強有力的持續預算投入。最後，我們預計美國聯邦政府的工作量將以 5% 到 10% 的速度增長，並且隨著採購流程與新政府的優先事項保持一致，以及與最近通過的《一項宏偉法案》相關的預算增加的實施，預計全年都將在這個範圍內逐步增加。

Now I'd like to present our guidance for the first quarter and for the entirety of fiscal year 2026. Our guidance is as follows: for net revenue, for Q1, it's for a range of $950 million to $1 billion with an associated earnings per share of $0.30 to $0.33. For the entirety of fiscal year 2026, our net revenue range is $4.05 billion to $4.25 billion with an associated earnings per share of $1.40 to $1.55.

現在，我想介紹一下我們對 2026 財年第一季和整個財年的業績預期。我們的業績指引如下：第一季淨收入預計在9.5億美元至10億美元之間，每股收益預計在0.30美元至0.33美元之間。 2026財年全年淨收入預計在40.5億美元至42.5億美元之間，每股收益預計在1.40美元至1.55美元之間。

Now if you're following along on the webcast, you can see these assumptions, and I'll highlight them very briefly. It is assumed within this guidance, a charge for intangible amortization of $27 million, we anticipate depreciation of approximately $25 million, interest expense of $30 million, an effective tax rate quite similar to this last year of 27.5%. And does assume that we have 264 million shares of Tetra Tech stock outstanding.

如果您正在觀看網路直播，您就能看到這些假設，我將簡要地重點介紹一下。在本指導原則中，假設無形資產攤銷費用為 2,700 萬美元，預計折舊約為 2,500 萬美元，利息支出為 3,000 萬美元，有效稅率與去年非常相似，為 27.5%。並假設我們有 2.64 億股 Tetra Tech 股票流通在外。

And as in the past, these guidance numbers, both for revenue and earnings per share do not include any anticipated contributions for acquisitions, but they will be -- we do expect them to contribute to the year and we'll update our guidance accordingly as they join the company.

與以往一樣，這些收入和每股盈餘的預期數字均不包括任何預期收購帶來的貢獻，但它們將會——我們預計它們將對今年的業績做出貢獻，隨著它們加入公司，我們將相應地更新我們的預期。

In summary, we had a record fourth quarter and record fiscal year 2025, which most importantly, has positioned us for an excellent beginning to the 2026 fiscal year. Our focus on high-end consulting for water and environmental priorities is absolutely aligned with the long-term trends of supplying clean water to our communities, water supply for manufacturing and a healthy environment for our children, all of which are enduring drivers and are not measured in years but are measured in decades.

總而言之，我們在第四季度和 2025 財年都取得了創紀錄的業績，最重要的是，這為我們 2026 財年的良好開局奠定了基礎。我們專注於為水資源和環境優先事項提供高端諮詢服務，這與為我們的社區提供清潔用水、為製造業提供用水以及為我們的孩子創造健康環境的長期趨勢完全一致，所有這些都是持久的驅動因素，不是以年來衡量，而是以十年來衡量。

The company has never been in a better financial position as Steve Burdick, our CFO, just outlined, and we're in an excellent position to support our organic growth and to invest in having the best partners out in the industry actually come join us here at Tetra Tech actually improving our growth rates, improving our margins and making Tetra Tech even more competitive in the future.

正如我們的財務長史蒂夫·伯迪克剛才概述的那樣，公司目前的財務狀況從未如此之好，我們完全有能力支持我們的內生增長，並投資於業內最優秀的合作夥伴，讓他們加入我們 Tetra Tech，從而提高我們的增長率、利潤率，並使 Tetra Tech 在未來更具競爭力。

And with that, Melissa, I'd like to open up the call for questions.

那麼，梅麗莎，接下來我將開始接受提問。

(Operator Instructions)

（操作說明）

Tim Mulrooney, William Blair.

提姆·穆魯尼，威廉·布萊爾。

Hi, this is Luke McFadden on for Tim. So it looks like your backlog was about flat year-over-year. Your guidance calls for organic growth of 8% at the midpoint for fiscal 2026. Both of these figures exclude USA, so it fuels apples-to-apples. So can you maybe just help us understand in a little more detail why you'd expect revenue growth to be so decoupled from backlog growth this year?

大家好，我是盧克·麥克法登，替蒂姆為您報道。看來你們的積壓訂單量與去年同期大致持平。您的預測顯示，2026 財年有機成長率中位數為 8%。這兩個數字均不包括美國，因此可以進行公平的比較。那麼，您能否更詳細地解釋一下，為什麼您預計今年的營收成長與積壓訂單成長會如此脫鉤？

That's a great question. That's actually a really good question. In fact, we began the foresight and expectation of that decoupling actually in our last investor call 90 days ago. I think in the call we had on the previous quarterly results, we actually indicated that expected backlog to be flat, in fact, even down.

這是一個很好的問題。這確實是個好問題。事實上，早在 90 天前的上一次投資者電話會議上，我們就開始預見並預期這種脫鉤現象了。我認為在我們上一季業績電話會議上，我們實際上已經表示，預計積壓訂單將保持不變，甚至可能下降。

And with it coming out flat, in a certain extent, it actually was at the upper end or surpassed our expectations. And if you take a look at the backlog, there's a couple of things going on. Number one, the US federal government's backlog or the funding of their tasks have become much shorter.

雖然最終結果平平，但在某種程度上，它實際上已經達到了甚至超過了我們的預期。如果你看一下待辦事項清單，你會發現有好幾件事正在進行中。第一，美國聯邦政府的積壓工作或任務經費已大大減少。

So instead of being funded for a quarter or for six months or for a full year, we're being funded for almost like a book and burn one quarter at a time. So we're seeing the visibility actually shrink with the US federal government, but not the actual spending of revenue. We're just getting the work in smaller pieces and more frequent quarterly task orders.

所以，我們不是按季度、半年或一整年獲得資助，而是像出書燒錢一樣，一個季度一個季度地獲得資助。所以我們看到美國聯邦政府的財政可見度實際上正在下降，但實際的收入支出並沒有下降。我們現在只是把工作分成更小的部分，並更頻繁地按季度下達任務指令。

I will say that if we actually tracked and reported our backlog similar to most others in this industry, our backlog would be up very, very significantly. It's been an amazing federal government quarter of new orders -- of new contracts that have been awarded. And so our contract capacity has gone up a lot.

我想說的是，如果我們像業內大多數其他公司一樣追蹤和報告我們的積壓訂單，我們的積壓訂單數量將會大幅增加。本季聯邦政府的新訂單——即新授予的合約——數量驚人。因此，我們的合約承包能力大幅提升。

In fact, we've seen it grow by about 15%. And I think the comments I had earlier that we had well over $1 billion in new contract awards with the Corps of Engineers, although the task orders coming out are much smaller, shorter duration and a quicker burn. Now you think that if that was the case and the rest of our business was static, you'd actually see the backlog go down. But we've seen our state and local work and our US commercial and international backlogs actually growing fast.

事實上，我們看到它增長了約 15%。我認為我之前的評論是，我們與美國陸軍工程兵團簽訂了超過 10 億美元的新合同，儘管新下達的任務訂單規模要小得多，持續時間更短，消耗速度也更快。現在你可能會想，如果情況真是如此，而我們其他業務保持不變，那麼實際上應該會看到積壓訂單減少。但我們看到，州和地方的工作量以及美國商業和國際積壓訂單實際上都在快速成長。

In fact, they've grown enough to keep our backlog flat sequentially, which is what you've seen in the results, as you've just indicated. So that's why we're actually seeing growth in, as I've just indicated, 5% to 10% in US commercial, in international, 10% to 15% in state and local, all with growing backlog. And in fact, that growing backlog has been enough to offset the reduction in the duration of the task orders we've been getting from the federal government.

事實上，他們的成長足以使我們的積壓訂單量保持平穩，正如你剛才指出的那樣，這正是你在結果中看到的。所以這就是為什麼我們實際上看到，正如我剛才提到的，美國商業增長了 5% 到 10%，國際增長了 10% 到 15%，州和地方增長了 10% 到 15%，所有這些增長都伴隨著不斷增長的積壓訂單。事實上，不斷增長的積壓工作足以抵消我們從聯邦政府獲得的任務訂單期限縮短的影響。

So that's where you see the decoupling. And it sounds like a lot of detail but it's something we've seen coming since this new administration has been in. We've been watching the backlog drop irrespective of international development with the federal government, but it doesn't mean less revenue. It just means that we're getting more smaller task orders on larger contracts that we've actually had.

所以這就是解耦之處。聽起來細節很多，但自從這屆新政府上台以來，我們就預料到這種情況會發生。我們一直在關注積壓案件數量的下降，這與聯邦政府的國際發展無關，但這並不意味著收入減少。這意味著我們在更大的合約中接到了更多的小任務訂單，而這些小任務訂單是我們之前實際擁有的。

So I know that's a bit of detail. But I think that decoupling is going to be for a good portion of this fiscal year 2026. But I think as the US federal government gets its sea legs under it with respect to our contracting officers in place, gets the cadence of task orders that actually come out a little bit longer duration, you're going to watch the federal government's task orders get larger through the year, and you'll actually watch that begin to climb, not driven so much by commercial, state and local and international because they're already very strong but actually returning a contract cadence with the US federal government.

我知道這算是細節問題。但我認為，脫鉤現象將在 2026 財年的大部分時間持續下去。但我認為，隨著美國聯邦政府在合約官員方面步入正軌，任務訂單的節奏逐漸加快，持續時間也逐漸延長，你會看到聯邦政府的任務訂單規模在一年中不斷擴大，而且你會看到它開始攀升，這並非主要由商業、州、地方和國際事務推動，因為它們已經非常強大，而是真正由美國聯邦政府恢復了合約節奏。

I know there's probably a lot of detail, but there's a lot of pieces we're looking into that, that actually underpin how we're seeing very strong organic growth, but it's not being seen as directly correlated to the backlog, which we've seen the case for many, many decades here, but this new administration has really changed that because of the US federal government's task order issuance.

我知道其中可能有很多細節，但我們正在研究很多方面，這些方面實際上支撐著我們看到的強勁的內生增長，但這種增長並沒有被視為與積壓訂單直接相關，這種情況我們已經看到了很多很多年了，但新政府由於美國聯邦政府的任務訂單發布，確實改變了這種情況。

Thanks, Dan. That's really helpful color. Appreciate it. And maybe pivoting to performance in your international business for my follow-up, which came in stronger than we were expecting for the fourth quarter and had a nice pickup from the third quarter as well.

謝謝你，丹。這個顏色真的很有幫助。謝謝。接下來，我想談談貴公司國際業務的業績，第四季的業績比我們預期的要好，而且比第三季也有了不錯的成長。

Can you walk us through some of the puts and takes on each of your three business lines in a little more detail here, where you saw strength and how you're thinking about the three main geographies as you move through fiscal 2026?

您能否更詳細地為我們介紹貴公司三大業務線的投入和收穫，您認為哪些方面表現強勁，以及在 2026 財年伊始，您如何看待這三大主要地區？

Yes, it's interesting. It's really that, that growth was really driven by a change in one geography, but I'll start with the strongest areas for us. The water programs, those have been the biggest underlying drivers for our United Kingdom and Europe, which is primarily Ireland and Netherlands operations. That's been growing at about a 10% rate has been the strongest. And in fact, the water component of our UK and Europe operations have been even at a higher rate than that.

是的，這很有意思。實際上，這種成長確實是由一個地理區域的變化所驅動的，但我將從我們最強勁的地區開始說起。水利計畫一直是我們在英國和歐洲（主要是愛爾蘭和荷蘭的業務）的最大潛在驅動力。其中成長最強勁的要數以10%左右的速度持續成長。事實上，我們在英國和歐洲的業務中，水務部分的成長率甚至更高。

So that's continued. I would say there's been a little change in the previous quarters. So that's really been our top growth rate and top performer of our international geographies. Canada has been good, and I actually think it's going to get better for those that I've spoken with at different conferences and seminars.

所以這件事還在繼續。我認為前幾個季度發生了一些變化。所以，這確實是我們國際市場中成長速度最快、表現最好的地區。加拿大一直都很好，就我在不同會議和研討會上交談過的人來看，我認為情況還會越來越好。

I think on a relative basis, Canada may be the biggest -- one of the biggest drivers. And I think that the short-term disruption of tariffs between the United States and Canada, have caused some disruption. I am totally convinced that Canada is going to remain a major trading partner with global economies.

我認為相對而言，加拿大可能是最大的驅動力之一。我認為，美國和加拿大之間關稅的短期波動已經造成了一些混亂。我完全相信加拿大將繼續保持在全球經濟體中的重要貿易夥伴地位。

And if it can't come down south, it's going to go east and west and in fact, north to the Arctic trading routes that are now open. And you saw that Canada just passed its largest infrastructure and spending bills at USD200 billion, Canadian of course, much larger numbers. And Canada is growing as it has been at about 5%, 6%. That's been very strong for us.

如果不能南下，它就會向東、向西，甚至向北，進入現在已經開通的北極貿易航線。你也看到了，加拿大剛剛通過了最大的基礎設施和支出法案，金額高達 2000 億美元，當然，這是加拿大的數字，比這大得多。加拿大經濟成長率一直維持在 5% 到 6% 左右。這對我們來說非常重要。

But the item that's been -- that was a change this last quarter has really been Australia. And Australia had gone from shrinking or reducing its revenue contribution by 10% to 15%. I think we've seen it kind of bottom out. And so on a year-on-year comparison, it's getting closer to flat. We did have a couple of percent contributed by the SAGE acquisition that came in, in the fourth quarter.

但上個季度最大的變化是澳洲。澳洲的收入貢獻已經從下降或減少 10% 到 15%。我認為我們已經看到它觸底反彈了。因此，與上年同期相比，這一數字越來越接近持平。第四季度，我們透過收購 SAGE 獲得了百分之幾的收益。

So it really didn't add much at all for fiscal year 2025 a little bit for the fourth quarter, but Australia actually hitting the bottom with respect to reductions as that is the big change. So if you go from a minus 10 or 15 in Australia and you move that to a zero, that largely accounted for that 9% increase.

所以，對於 2025 財年來說，它實際上並沒有增加多少，只是在第四季度略有增加，但澳洲在減稅方面實際上已經觸底，這是最大的變化。所以，如果澳洲的利率從 -10 或 -15 變為 0，這在很大程度上解釋了 9% 的成長。

And I actually think that during the year, fiscal year 2026, is going to start ramping up, now one, in Australia specifically because that one, when you're at the bottom, there's not really too many directions to go from there, I hope. And two, as we're seeing more funding and actually infrastructure projects moving forward at the very front end for the Olympics that are going to take place in Brisbane.

而且我認為，在 2026 財年，尤其是在澳大利亞，情況將會開始好轉，因為當你處於低谷時，並沒有太多的發展方向，我希望如此。第二，我們看到越來越多的資金和基礎設施項目正在為即將在布里斯班舉行的奧運會做準備，這些項目都在前期推進。

And so who's the firm that would be engaged in it very early on? That's upfront planning, permitting, geotech, all the initial design, technology selection for all the different venues, transportation and others. So I think that's going to be a good number for us. And it was Australia was the change in the quarter that drove that number.

那麼，哪家公司會很早就參與其中呢？這包括前期規劃、許可、地質技術、所有初始設計、各種場館的技術選擇、交通運輸等等。所以我覺得這對我們來說會是個不錯的數字。而正是澳洲的變化推動了這個數字的上升。

Appreciate all the color. Great. Thank you.

欣賞這繽紛的色彩。偉大的。謝謝。

Sabahat Khan, RBC Capital Markets.

Sabahat Khan，加拿大皇家銀行資本市場。

Great. Thanks, and good morning. Just kind of following on the same line of questions along the outlook. I guess, just given some of the moving pieces in the backdrop, how did you sort of build out that range for the fiscal '26 guidance, more thinking on the top line versus the EPS line.

偉大的。謝謝，早安。只是順著同樣的思路，繼續探討前景問題。我想，考慮到一些不確定因素，您是如何制定 2026 財年業績指引範圍的？您更多考慮的是營收還是每股盈餘？

If you can just maybe walk through as it kind of relates to disaster relief, some of the other moving pieces, how should we think about the low end versus the high end? Or what needs to happen for you to come somewhere in the middle of that range? If you can just share some of the puts and takes that you consider as you build out that range for the top line?

如果您能就災難救援以及其他一些相關方面進行講解，我們應該如何看待低端與高端之間的關係？或者說，你需要滿足什麼條件才能達到這個範圍的中間位置？如果您能分享您在建立頂級產品線範圍時考慮的一些買入和賣出策略就太好了？

Yes. So top line or revenue growth. I'll start with what's sort of the midpoint. So I would say that the numbers I just ran through, 5% to 10%. So if you want to pick a midpoint of that 7.5% I'd say that's sort of the number we're looking at for international, US commercial and for US government. And the 10% to 15% for municipal, you pick a sort of 12.5%. If you took out disasters for this last quarter, they were at 13%, so right there. So we -- so the midpoint is actually the midpoint of those growth.

是的。所以，指的是營收成長。我先從中間點說起。所以我認為我剛才提到的數字是 5% 到 10%。所以，如果你想選一個 7.5% 的中間值，我會說，這大概就是我們對國際、美國商業和美國政府所關注的數字。市政稅的稅率是 10% 到 15%，你可以選擇 12.5% 這個數字。如果把上個季度的災害損失剔除，那麼災害損失佔比為 13%，就在這個水準。所以——所以中點其實是這些成長的中點。

And if you take those numbers from this last year, imply those growth rates, you'll find that we actually get to that midpoint or just over $4.1 billion for fiscal year 2026. Now what could cause us to deviate up and down from that? It's not going to be perfectly linear. I will say that the US -- let me use an example of the US commercial. You saw this last quarter, we were at minus 2%. I expect that it's going to remain very low.

如果採用去年的這些數字，並假設這些成長率，你會發現，到 2026 財年，我們實際上可以達到中點，也就是略高於 41 億美元。那麼，是什麼原因導致我們偏離這個規律上下波動呢？它不會是完全線性的。我想說的是，美國——讓我舉個美國商業廣告的例子。你們上個季度也看到了，我們的虧損是-2%。我預計它會保持在非常低的水平。

It's going to be below that 5% to 10% rate in the first quarter or to a fiscal year 2026. Because a year ago, we had a lot of renewable energy work. And some of the biggest projects were offshore wind. Now these areas have been significantly impacted by policy and executive orders and other items. And so the big headwind or the difficult year-on-year comparisons are Q1 and Q2.

第一季或至 2026 財年，利率將低於 5% 至 10%。因為一年前，我們有很多再生能源的工作要做。其中一些最大的項目是海上風電項目。現在，這些領域已經受到政策、行政命令和其他事項的重大影響。因此，最大的不利因素或最困難的年比比較是第一季和第二季。

Now we've got a very fast-growing transmission, practice high voltage transmission other programs that we have here in the US that I thought Roger did a great job of outlining with respect to water supply for different manufacturing, which includes data centers, chip fabs and other reshoring.

現在，我們有一個發展非常迅速的輸電項目，實踐高壓輸電，以及我們在美國的其他一些項目。我認為羅傑很好地概述了不同製造業（包括資料中心、晶片製造廠和其他回流工廠）的供水情況。

So I think we'll be at the high end of that 5% to 10% in the latter quarter, so quarter three and four. So look for that to ramp. I think the same is going to be true with the US. You've had, call it, some dysfunction. Obviously, a six-week shutdown here with the US government in Q1, which has already been included in our guidance for Q1.

所以我認為在後半段季度，也就是第三季和第四季度，我們會達到 5% 到 10% 的高階水準。所以要留意這一點，看看它會如何發展。我認為美國的情況也會如此。你們之間出現了一些問題，姑且稱之為功能障礙吧。顯然，美國政府在第一季停擺了六週，這已經納入了我們對第一季的預期。

And some of the questions I've had are what's the impact of the shutdown and life got a little bit easier on that forecasting with the government opening up just last night. And so we had a small impact that's actually embedded in our guidance, both for the quarter and the year. For us, it was probably $15 million to $20 million, and most of it came in the latter part of that 6-week shutdown. We were really unaffected early on.

我遇到的一些問題是，政府停擺會產生什麼影響？隨著政府昨晚重新開放，預測情況變得稍微容易了一些。因此，我們產生了一定的影響，這實際上已經體現在我們的季度和年度業績預期中。對我們來說，損失可能在 1500 萬到 2000 萬美元之間，而且大部分損失都發生在那 6 週停工期的後半段。早期我們幾乎沒受到影響。

So I think you'll watch a federal government ramp also during the year. So we've got our 5% to 10%, and I would say we're not going to start with a zero like commercial up to 10%, but we'll start at 5% ,6%, and we'll end up at 10%. International, you've already seen, we're at the upper end and same is true with the midpoint on state and local.

所以我認為你今年也會看到聯邦政府的步伐加快。所以我們有 5% 到 10% 的區間，我想說我們不會像商業一樣從 0% 直接到 10%，而是從 5%、6% 開始，最後達到 10%。國際方面，你已經看到了，我們處於高端；州和地方方面，情況也是如此，我們處於中端。

What would drive us to the high end of this, I would say actually a little bit more clarity on international. I think international could move to the high end, and I'd like to see the baseline be 8%, 9%, 10% and actually, the performance come out above that. And I think it will just be clarity with respect to tariffs and trading so that individuals can select what they're going to move forward with respect to their manufacturing.

促使我們達到這一目標的，我認為實際上是對國際情勢更加清晰的認識。我認為國際市場可以朝高端邁進，我希望基準線能達到 8%、9%、10%，而實際表現能夠超過這個水準。我認為關鍵在於明確關稅和貿易政策，以便個人可以選擇他們製造業的發展方向。

And I would say in case of Canada, how quickly they can actually deploy what's just been authorized with their infrastructure work. I would say what would also could take us to the high end. We've not included really any material dollars for the US State Department.

就加拿大而言，我想問的是，他們能夠以多快的速度實際部署剛剛獲得授權的基礎設施建設專案。我想說，還有什麼能讓我們走向高端市場呢？我們實際上並沒有給美國國務院撥付任何實體資金。

And we are still present, although I would say close to dormant in places like Ukraine specifically. But if that actually became more constructive or more funding came through it, that certainly could push it to the upper end. With respect to what could bring us to the low end? Well, they passed a continuing resolution to the end of January. And if we're right back here at the end of January and that they want to eclipse the new record they just set for the past six weeks is something we'd have to take a look at.

我們仍然存在，儘管在像烏克蘭這樣的地方，我們幾乎處於休眠狀態。但如果這件事真的變得更有建設性，或者有更多的資金投入進來，那肯定會把它推向更高的水平。那麼，究竟是什麼原因導致我們陷入低谷呢？他們通過了一項延期決議，有效期至一月底。如果到了1月底，我們又回到了這裡，而他們想要打破過去六週才剛創下的新紀錄，那我們就得好好研究一下了。

And that's not really been much of a financial impact to us. This first six weeks of shutdown, but you have to take a look at each one of these as they come and what's impacted. So I think unusual things like recessions and unusual things like a prolonged shutdown could drive us to the low end. Things that could drive us to the high end is a little bit more clarity on tariffs, which will help both on acceleration of US commercial for reshoring here in the US.

這並沒有對我們造成太大的經濟影響。停工的前六週，但你必須逐一查看這些情況以及受影響的方面。所以我認為像經濟衰退這樣的不尋常事件，以及像長期停工這樣的不尋常事件，都可能使我們跌入低潮。推動我們走向高端市場的因素之一是關稅方面更加明朗，這將有助於加速美國商業發展，並促進製造業回流美國。

And honestly, a lot of activity internationally with respect to what they're going to move forward with, with respect to their own manufacturing. And is it going to come to the US irrespective of the price increases on the tariffs, or are they going to have other trading partners. So a little more clarity on that. I'm not saying that high or low tariffs make a big difference, just clarity of what the number is that actually make a very positive construct for moving us to the high end.

說實話，他們在國際上進行了許多活動，以推動他們自身的製造業發展。即使關稅上漲，這些產品還會進入美國市場嗎？還是他們會尋找其他交易夥伴？所以，這一點還需要更清楚說明。我並不是說高關稅或低關稅會產生很大的影響，只是想明確究竟是什麼樣的數字才能真正對我們向高關稅方向發展起到非常積極的作用。

Great. Thanks very much for that color. And then sort of just continuing on that discussion kind of post this continuing resolution. Is it I guess based on your past experience with such government closures is a two-part question. One, is it usually a smooth sort of turning on of all the functions that were stopped?

偉大的。非常感謝您提供的顏色。然後，就此決議之後的討論繼續進行。根據你過去應對政府關閉措施的經驗，這可以算是包含兩部分的問題。第一，所有停止的功能通常都能平穩地重新啟動嗎？

And then secondly, we've been hearing some commentary about with the EPA just taking a while or just kind of shutting down on issuing permits, et cetera? Has that been a headwind? And where do we stand on that now on the EPA front?

其次，我們也聽到一些評論說，美國環保署（EPA）發放許可證的速度有所放緩，或者乾脆停止發放許可證等等？那算不算逆風？那麼，我們現在在環保署（EPA）這方面立場如何呢？

Yes, good question. I would say that when we're in what I would call discretionary revenues from the federal government, it ramps back up slowly. But most of our revenues now have actually transitioned because of what took place in fiscal year '25 to essential services. So we really didn't have that much of it put on hold for the federal government because a lot of our revenues being driven by Department of Defense.

是的，問得好。我認為，當我們獲得聯邦政府的可自由支配收入時，收入會緩慢回升。但由於 2025 財年發生的事情，我們現在的大部分收入實際上已經轉移到了基本服務領域。因此，我們並沒有因為聯邦政府而真正被擱置太多資金，因為我們的收入很多都來自國防部。

So you say, is it going to ramp back up? My comment would be it didn't ramp back down. So we didn't really see that as an impact. So I think the federal government is not going to see much of a disruption from having gone down and back up. Now with respect to permits coming out of EPA. We don't do a lot of work that is driven by petrol regulation that requires EPA or national US federal either headquarters or region approval before it goes forward.

所以你的意思是，它會重新開始成長嗎？我的看法是，它並沒有逐漸減弱。所以我們並沒有真正意識到這會造成什麼影響。所以我認為聯邦政府不會因為系統宕機和恢復運作而受到太大影響。現在來說說美國環保署核發的許可證。我們不做很多受汽油法規驅動的工作，這些工作需要美國環保署或國家聯邦政府總部或地區批准才能進行。

There's a little bit of it where they're co-regulated to compliance, both at the federal and state level, and you need sort of two sign-offs, so that's actually affected some of the dollars. But for us, it's been pretty small. But I would say the one that's been -- it's going to be seen a little bit more interestingly enough is actually in our state and local. And you would think that a government shutdown would not impact state and local. What do they got to do with the federal government?

在某種程度上，它們受到聯邦和州的兩級共同監管，需要兩份簽字才能合規，所以這實際上影響了一些資金。但對我們來說，影響非常小。但我認為，更有趣的是，這件事實際上發生在我們州和地方層級。你可能會認為，政府停擺不會影響州和地方政府。他們跟聯邦政府有什麼關係？

There's a lot of projects that have co-funding with the federal government. And I would say Department of Transportation, where you have large grants or other funding incremental funding as part of projects to go forward. When those grants and other things are completely put on hold or you had to go back for sign-off or next milestones, you saw those projects put on pause that are on hold until the government workers were actually back in place.

有許多計畫都得到了聯邦政府的共同資助。我還要提到交通部，那裡有大量的撥款或其他資金，作為推進計畫的一部分，會有增量資金。當這些撥款和其他事項完全暫停，或者你必須回去簽字或完成下一個里程碑時，你會發現這些項目都被暫停了，直到政府工作人員真正回到崗位上。

So I think the impact for us is going to be the federal government workers weren't there during the first half of our Q1 or the federal government's Q1 with respect to pushing out orders. And last I looked at the calendar, we're only a couple of weeks away from Thanksgiving here and then we're going into Christmas. So it's not like you did a six-week shutdown and then you're moving into blue skies.

所以我認為，對我們來說，影響在於聯邦政府工作人員在我們第一季上半年或聯邦政府第一季發布訂單方面不存在崗位。我上次看日曆的時候，距離感恩節只有幾週了，然後就到聖誕節了。所以，這並不是說你停工了六週，然後就一切恢復正常了。

You're moving into holiday time. So I think the optics of backlog or task order issuance could be impacted in Q1. And again, I think that's mostly optics because we've got plenty of backlog to drive revenue right through this. But if you'd ask what are you going to see from the impact of this slow comeback.

你即將進入假期。所以我認為第一季積壓訂單或任務訂單發放的視覺效果可能會受到影響。而且，我認為這主要是為了營造假象，因為我們有大量的積壓訂單可以保證收入在這段時間內持續成長。但如果你問的是，這種緩慢復甦會帶來什麼影響。

I think you're going to see the optics on your backlog, and you may see some optics or short-term impact on funding through state and local for us. Permitting approvals for commercial clients and others, de minimis, de minimis. There just aren't that many programs, except for super fund that are driven by the federal government EPA approval process. So I think it sounds like it's a big driver, not so much.

我認為你會看到積壓案件的輿論影響，而且你可能會看到州和地方政府的撥款在短期內對我們產生一些影響。向商業客戶和其他客戶發放少量許可，微不足道，微不足道。除了超級基金之外，其他由聯邦政府環保署審批程序驅動的項目並不多。所以我覺得這聽起來像是一個很大的驅動因素，其實不然。

Alright, thanks very much for that call. And just one last quick one on sort of capital allocation and M&A you've highlighted M&A as a focus, firms call it, in the medium-sized range. But can you talk about the general pipeline of those opportunities that meet your criteria? And then does things like the government shutdown influenced that either up or down in terms of the opportunity set or seller willingness?

好的，非常感謝你的來電。最後再快速問一個關於資本配置和併購的問題，您強調併購是中型企業關注的重點。您能否談談符合您標準的那些機會的整體發展路徑？那麼，像政府停擺這樣的事件是否會對機會集或賣方意願產生影響，是增加還是減少呢？

Well, I'm going to -- I'll just say a few words on the -- from a 100,000 foot sort of on the landscape, and then Steve can talk about the financial dollar satisfied. But well, this -- the disruption and the volatility that's taken place in the markets because of the new administration have sent some shock waves through some firms have impacted them more than others.

好吧，我打算——我先從宏觀的角度簡單談談這個領域，然後史蒂夫就可以談談經濟效益了。但是，由於新政府的政策，市場出現了混亂和波動，這給一些公司帶來了衝擊波，對它們的影響比其他公司更大。

And I think for some, they've actually felt that through this volatility, a place that's safer is on a bigger ship. So if I'm in a small robot or middle-sized boat and the waters get really choppy. Maybe I want to get on a bigger vessel. So we've actually seen these small firms or even middle-sized firms actually come to market and be more transactable.

我認為對某些人來說，他們確實感受到，在這種動盪時期，更安全的地方是在更大的船上。所以，如果我乘坐小型機器人或中型船隻，而水面變得非常波濤洶湧。或許我想換一艘更大的船。所以我們已經看到這些小型公司甚至中型公司真正進入市場，並且更容易進行交易。

So if they were not selling -- for sale before and all of a sudden, you don't know what's going to happen either on your federal government, state or commercial. Maybe I'm going to go join a bigger partner who has a bigger platform, has access to clients that are maybe outside the US or that are more stable.

所以，如果他們之前沒有出售——突然之間，你不知道聯邦政府、州政府或商業機構會發生什麼。也許我會加入一家規模更大的合作公司，這家公司擁有更大的平台，可以接觸到美國以外的客戶，或擁有更穩定的客戶群。

And no doubt, Tetra Tech, if you're looking to join a technical leader and a market leader and you're in the fields that we're interested in, we're about as safe and as prosperous of a firm to join to progress where you're at and actually make your business even better and reduce your risk. So I'd say there's more opportunity today because of this.

毫無疑問，Tetra Tech，如果您想加入一家技術領先、市場領先的公司，並且您從事我們感興趣的領域，那麼加入我們公司，對於希望在現有基礎上取得進步、讓您的業務變得更好並降低風險的人來說，我們無疑是最安全、最有發展前景的公司之一。所以我覺得，正因如此，如今的機會更多了。

And the other thing is that there's more available and for those that are looking for the sale, not to be their last move but their next move to become better, Tetra Tech is the right home for them. So I think pricing has become more moderated, our valuations have come down a bit. I would say that the investment bankers are still asking for an unbelievable dizzying valuations if you're in power or if you're in data centers.

另外，還有更多機會可供選擇，對於那些希望透過出售房產而不是將其作為下一步發展方向的人來說，Tetra Tech 是他們的理想選擇。所以我認為定價已經趨於溫和，我們的估值也略有下降。我想說，如果你身居要職或身處資料中心，投資銀行家仍然會要求令人難以置信的、令人眼花撩亂的估值。

But other than those two, I think valuations have gotten quite more modest. And the number of firms that are small to midsize have actually grown quite a bit. So I think our pipelines actually look bigger than we've seen before. No doubt, with consolidation in the market, there are fewer large firms, the ones that, of course, the scarcity premium for these really large firms. But when those fit right for us, we'll look at those, we'll be opportunistic. If it fits right, we'll look at it. And maybe Steve can just say a word about -- is there anything outside our range or with respect to the ability that we could become constructive on?

但除了這兩隻股票之外，我認為它們的估值已經變得相當合理了。而中小型企業的數量實際上增加了不少。所以我覺得我們的管道規模實際上比以前看到的要大得多。毫無疑問，隨著市場整合，大型企業數量減少，當然，這些真正的大型企業也因此享有稀缺溢價。但當這些機會適合我們時，我們會考慮它們，我們會抓住機會。如果尺寸合適，我們會考慮的。或許史蒂夫可以簡單說幾句──有沒有什麼超出我們能力範圍或我們能力範圍的事情，我們可以就此進行建設性討論？

Yes. So I think as I talked about in my earlier comment, we've got a really strong balance sheet and we're going to be able to use our balance sheet to make acquisitions that we think are going to have a long-term benefit. When I look at the capital markets and how we want to finance that, we have a bank credit facility that has 100% dry powder on our revolver, and it has options to increase it beyond what's in the facility now. So that's available.

是的。所以我覺得，正如我之前的評論中提到的，我們擁有非常強勁的資產負債表，我們將能夠利用我們的資產負債表進行我們認為具有長期效益的收購。當我審視資本市場以及我們希望如何為其融資時，我們發現銀行信貸額度中已有 100% 的可用資金，並且還有增加額度的選擇權，使其超過目前的額度。所以，這個選項是可用的。

And outside of the bank market, you see that we -- two years ago, we entered into a convertible debt. That capital is available at probably better terms today than two years ago. And so there are various capital markets and funding vehicles for us to really address anything that makes sense for Tetra Tech either small, medium or even larger firms in terms of who can join Tetra Tech.

在銀行市場之外，您可以看到，兩年前，我們發行了可轉換債券。如今獲得這筆資金的條件可能比兩年前更好。因此，我們有各種資本市場和融資工具，可以真正解決任何對 Tetra Tech 有意義的事情，無論是小型、中型或大型公司，都可以加入 Tetra Tech。

Thanks very much.

非常感謝。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc 資本市場。

Great. Thank you. Thanks for taking my question. So one, I want to ask about GSG margins. Outside of the elimination of USAID, can you tell us if there are other factors contributing to that margin expansion? Maybe it's an evolution of the mix of projects or more fixed price work that is driving that? And how we should think about it for '26?

偉大的。謝謝。謝謝您回答我的問題。首先，我想問一下GSG利潤率的問題。除了取消美國國際開發署的撥款之外，您能否告訴我們還有哪些因素促成了利潤率的擴大？或許是專案組合的演變或固定價格工作的增加導致了這種情況？那麼，我們該如何看待2026年呢？

Yes. It's -- well, no doubt, as you commented, we're finishing up a number of deliverables and items for the disaster response, which drove really high utilization in GSG. So that was, I would say, the single figures driver that drove it up near 23% in the quarter. But the other two are just what you said is, one, we have more fixed price work. One of our goals for a while has been to take our fixed price amount of the work that we have.

是的。毫無疑問，正如您所評論的，我們正在完成許多災害應變方面的交付成果和項目，這推動了 GSG 的利用率非常高。所以，我認為，正是這個個位數成長因素推動了該季度股價上漲近 23%。但另外兩點正如你所說，第一點，我們有更多固定價格的工作。我們一段時間以來的目標之一就是以固定價格完成我們手邊的工作。

It has historically been, if you follow Tetra Tech or investor reports that we have online and attached to our press release. Historically, we've been around 35%, a little more than one-third fixed price. It's been a really focus over the past two, three years to move that to more fixed price as we've actually develop more tools that will make us more efficient.

如果您關注 Tetra Tech 或我們在線上發布的投資者報告以及我們新聞稿中附帶的報告，您會發現，從歷史角度來看，情況一直如此。從歷史數據來看，我們的固定價格比例約為 35%，略高於三分之一。過去兩三年，我們一直致力於將價格模式轉向更固定的價格，同時我們也開發了更多能夠提高效率的工具。

So we can get our clients a better price point with respect to performing the work and gives us higher margins. So we did hit essentially 50% of the revenue that we had this last quarter was fixed price. That's the highest we've seen in I don't know I want to say ever, but certainly in many decades. So that actually was a big contributor to it. And the other is mix.

這樣一來，我們就能為顧客爭取到更優惠的價格，同時也能為我們帶來更高的利潤。所以，在我們上個季度的收入中，固定價格收入的佔比實際上達到了 50%。這是我們看到的最高值，我不知道該說是“有史以來”，但肯定是幾十年來最高的。所以這實際上是造成這種情況的一個重要原因。另一種是混合。

It is that we have time and materials contracts on where there's a very competitive rate structures. We do a bit of upfront design work. Actually, about 30% of it is very high-end upfront design but when we move into what I'll call a more detailed design, we end up being compared on a price point to some of these low-cost offshore design centers.

我們簽訂的是工時和材料合同，這種合約的費率結構非常有競爭力。我們前期會做一些設計工作。實際上，其中約 30% 是非常高端的前期設計，但當我們進入我稱之為更詳細的設計階段時，我們最終會在價格上與一些低成本的海外設計中心進行比較。

And those carry lower margin, and we've been migrating out of doing that and moving our design work to earlier in the project execution cycle. And those that are already early, we're moving them into consulting or even advisory. So it is mix shift. We are moving to where it's higher margins for the work, more differentiated work. Work is not generally competed. It's sole sourced. It's we're under existing contracts and frameworks.

而這些工作的利潤率較低，我們一直在逐步減少這類工作，並將設計工作提前到專案執行週期的早期階段。而對於那些已經處於早期階段的人，我們會將他們轉移到顧問或顧問領域。所以這是混合模式的轉變。我們正在向利潤率更高、工作更具差異化的領域發展。工作通常不涉及競爭。它是獨家供應的。因為我們受現有合約和框架的約束。

And then the work that is closer to being commoditized, we're moving it more to the front end. So mix, number one. Number two, more fixed price. And then the third, of course, is when we do have very high utilization driving lower indirect cost, it then shows up in our margins, which was like the firework by this last quarter. So those are sort of the three big drivers.

而那些更接近商品化的工作，我們正在將其更多地轉移到前端。所以，混合，第一點。第二，價格更固定。當然，第三點是，當我們的利用率非常高，間接成本降低時，就會反映在我們的利潤率上，就像上個季度的煙火一樣。所以，這大概就是三大驅動因素。

I will say we still have a lot more upside with respect to margins. One of it, I had aimed 50% for a target for fixed price work, even though we'd hit that this last quarter, I want to see us stay there for a few quarters in a row because some of that's individual project driven. But I think we're going to move our target from 50% up to 60% since that will be our next milestone we'll move. So we have more margin expansion there.

我認為，就利潤率而言，我們還有很大的進步空間。其中一項目標是固定價格工作佔比達到 50%，雖然上個季度我們已經實現了這個目標，但我希望我們能連續幾個季度保持在這個水平，因為其中一些工作是由個別項目驅動的。但我認為我們會將目標從 50% 提高到 60%，因為這將是我們下一個要邁出的里程碑。因此，我們在這方面還有更大的利潤空間。

And I think there's still a lot more margin contribution opportunity by using more of these digital tools. And yes, that includes AI and yes, it includes different SaaS products we have. But I think the next phase that will contribute is being much more efficient. And if we can apply more efficient execution to a fixed price contract, I think that means more margin expansion for the company and its shareholders.

我認為，透過更多地使用這些數位化工具，還有很大的利潤提升空間。是的，這包括人工智慧，也包括我們擁有的各種SaaS產品。但我認為下一個階段的關鍵在於提高效率。如果我們能夠更有效地執行固定價格合同，我認為這將意味著公司及其股東的利潤率將得到更大的提升。

That's super helpful, Dan. And if I can follow up on the US commercial business and the puts and takes that you talked about renewables kind of like becoming a little bit softer in data centers and power transmission picking up. Can you compare for us if the scope of what you're losing on the renewable side is similar to what you're picking up on the power and data center side and if also the margin profiles are similar?

丹，這太有幫助了。如果我能繼續探討美國商業領域以及您剛才提到的再生能源的供需情況，例如資料中心和電力傳輸領域的一些變化，情況似乎有所改善。您能否幫我們比較一下，您在再生能源方面的損失規模是否與您在電力和資料中心方面的收益規模相似，以及利潤率是否也相似？

Yes. I will say of any of the areas that we have flex or change taking place. That's one of them that we're still -- we're sort of in the middle of this transition. So the -- we were doing much more full-scale permitting for siting, construction oversight, for permit compliance, for these renewable energy projects.

是的。我會說，在我們所有有靈活調整或正在改變的領域，情況都是如此。這是我們目前仍在經歷的轉變之一——我們正處於這種轉變的過程中。因此，我們當時正在對這些再生能源項目進行更全面的選址許可、施工監督和許可合規性審查。

And I'd say one of the examples, of course, is offshore wind, where we have marine vessels and many other items. I thought Roger did a really good job of identifying that the work that we're looking to grow our data center work, in particular, and I would say the high-voltage engineering is much less on environmental compliance, which was being driven by -- which was what we were doing for renewable energy and much more for design for the commercialization in getting these different facilities online.

當然，其中一個例子就是離岸風電，那裡有船舶和許多其他設備。我認為羅傑很好地指出了我們正在尋求發展資料中心的工作，特別是高壓工程，與環境合規性關係不大，而環境合規性是我們為再生能源所做工作的驅動力，更多的是為了將這些不同的設施上線，實現商業化設計。

So I think that's the difference. So on high-voltage transmission, we're actually doing the high-voltage engineering. We're doing the actual design of the transformer stations and the interconnect. So we're actually doing what I would call very high end. It's limited in service availability in the marketplace. There just aren't that many people that can do this. We're one of them.

所以我覺得這就是差別所在。所以在高壓輸電方面，我們其實是在進行高壓工程。我們正在進行變電站和互連線路的實際設計。所以，我們實際上做的是我所謂的高端產品。其在市場上的服務覆蓋範圍有限。能做到這一點的人並不多。我們也是其中之一。

And so that's what I would say is different margins. I think, are actually a little better because of the scarcity of people doing this type of work for the grid and for high-voltage transmission. And I would say that it's just emerging now with our engagement in the data centers, which is not in the building itself.

所以，這就是我所說的不同的利潤率。我認為，由於從事電網和高壓輸電這類工作的人員稀少，情況實際上會稍微好一點。我認為，隨著我們參與資料中心專案（資料中心本身並不在建築物內），這種趨勢才剛開始顯現。

I thought Roger made a good point. The gold rush to do detailed design for the data center buildings itself. There's a lot of people rushing to that gold strike. But a lot of that work is being done internal. And a lot of it has been standardized so that all of the data centers are similar.

我覺得羅傑說得很有道理。資料中心建築本身的詳細設計工作正掀起一股淘金熱潮。很多人都湧向那處金礦。但很多工作都是內部完成的。而且很多方面都已標準化，因此所有資料中心都大同小異。

And maybe that there's more miners than there are gold in that area. But actually, those selling the products in order to go mine for that gold is how do you get 5 million gallons per day for a large data center where do you get that from? And as Roger commented right now, it's from the municipal -- municipalities.

或許是因為那個地區的礦工比黃金還多。但實際上，那些出售產品以去開採黃金的人會問：如何為大型資料中心每天獲得 500 萬加侖的水？這些水從哪裡來？正如羅傑剛才評論的那樣，它來自市政當局。

As water becomes more scarce, they're going to be looking for us to find other water -- dedicated water supplies. Groundwater, surface water, water reuse, water recycling. So I think it's going to carry higher margins. So what we're migrating into is higher margins and, frankly, less competition.

隨著水資源日益匱乏，他們會希望我們能去尋找其他水源──專用水源。地下水、地表水、水資源再利用、水資源循環利用。所以我認為它的利潤率會更高。因此，我們正在邁向的是更高的利潤率，坦白說，還有更小的競爭。

Great, super helpful.

太好了，非常有幫助。

Maxim Sytchev, National Bank Capital Markets.

Maxim Sytchev，國家銀行資本市場。

Hi, good morning, gentlemen. I was wondering if it's possible to get a bit of an update on your digital initiatives. And maybe if you can talk about the clients where the adoption rates or the velocity is a little bit higher? And why that potentially could be the case? Maybe any color there would be much appreciated.

各位先生，早安。我想了解貴公司在數位轉型方面的一些最新進展。或許您可以談談那些採用率或轉換速度較高的客戶？為什麼可能會出現這種情況？或許任何顏色都會很受歡迎。

Well, the -- I can just clarify and define the question because if it's -- our digital products is in our recurring revenue or SaaS. If -- just to clarify.

嗯，我可以澄清並定義一下這個問題，因為如果是的話——我們的數位產品屬於我們的經常性收入還是 SaaS。如果——只是為了澄清一下。

Yes.

是的。

It's interesting. That's been the one area that I would say we have been stymied or that has -- it's the smallest area of revenue that was one of our growth areas. I will say that if you went back to May of 2024, our SaaS or recurring revenue or our software products for subscription by our end clients. We've reported was about $25 million a year at, I think, on an overall EBIT margin of about 50%.

很有意思。可以說，這是我們唯一遇到阻礙或發展受阻的領域——它是我們收入最少的領域，而它原本是我們的成長領域之一。我想說的是，如果你回顧到 2024 年 5 月，我們的 SaaS 或經常性收入，或是我們面向終端客戶的訂閱軟體產品。據我們報道，年收入約為 2500 萬美元，我認為整體 EBIT 利潤率約為 50%。

I regret to say that 1.5 years later, there's still about $25 million and where the margins are about the same. I will say what's been disruptive for us is our number one strategy was to take the software products, which were developed for our US government clients, primarily the government was the subscription, and I would say US federal government. I would say the new administration has actually created more of a disruption there than anywhere else for us.

遺憾的是，一年半過去了，資金仍只有大約 2,500 萬美元，利潤率基本上也保持不變。我想說，對我們來說具有顛覆性的是，我們最重要的策略是將軟體產品（主要是為美國政府客戶開發的軟體產品，主要是訂閱制，而且我認為是美國聯邦政府）推廣到其他地區。我認為，新政府在那裡造成的混亂實際上比在其他任何地方都大。

The good news is it's $25 million out of our total revenues at well over $4 billion. So it's the smallest of small revenue numbers. But I will say our strategy to actually take it and to bring in unique products that would help the government in these areas dramatically has actually been put essentially on hold.

好消息是，這筆支出僅占我們總收入（超過 40 億美元）的 2,500 萬美元。所以這是極小的收入數字。但我要說的是，我們原本計劃採取這項行動，引進能夠大大幫助政府在這些領域發展的獨特產品，但這項策略實際上已被基本擱置。

There's been an essentially a moratorium on new software packages for being purchased or leased or subscribed to at the federal government. We are retooling very quickly our go-to-market strategy to go to what we had called Phase 2, which has now become -- so Plan B has now become Plan A, which is for things like OceansMap instead of having it placed with the US.

聯邦政府基本上已經暫停購買、租賃或訂閱新的軟體包。我們正在迅速調整市場進入策略，進入我們之前稱之為第二階段的階段，現在它已經變成了——所以 B 計劃現在變成了 A 計劃，用於像 OceansMap 這樣的項目，而不是將其部署在美國。

Coast Guard and the Navy and other specialty agencies within the federal government. We're going to ports and harbors and individuals who actually have requirements to understand what's the impact of an oil spill or of builds discharge or anything else of man overboard actually in the local port and harbor environment.

海岸防衛隊、海軍以及聯邦政府內的其他專業機構。我們將前往港口和碼頭，與那些真正需要了解石油洩漏、建築物排放或其他人員落水事件對當地港口和碼頭環境的影響的人們進行交流。

So there's a lot more of them. It is a different approach for us. And I'd say that's also true where we've been placing software packages with Department of Defense for our FusionMap. And I could go through FAA with respect to our Volans environmental air traffic approach lanes. So we are moving to what I would call secondary, which were originally our Phase 2 but we've been taking things like Volans for the FAA, and we're now actually having it deployed across Europe.

所以它們的數量要多得多。這對我們來說是一種不同的方法。我認為，在我們為國防部部署 FusionMap 軟體套件的過程中，情況也是如此。我可以透過美國聯邦航空管理局（FAA）了解我們Volans環境空中交通進場航道的相關情況。所以我們正在轉向我所謂的二級方案，這原本是我們的第二階段方案，但我們一直在為美國聯邦航空管理局（FAA）開發 Volans 等項目，現在我們實際上正在歐洲各地部署這些項目。

And we're using it in places like Heathrow right now and other major cities across Europe. So I will say that just because it looks like this road has -- the federal government has slowed or not gone through right now. We've -- we are taking, I'd say, two steps back, one over and three or four steps forward.

目前，我們正在希思羅機場以及歐洲其他主要城市使用這項技術。所以我要說的是，儘管這條路看起來好像——聯邦政府目前已經放緩或沒有通過。我覺得，我們現在是後退兩步，前進一步，然後又向前走了三、四步。

So I expect that to be much more productive and have some better growth rates here over the next year or two. But I would say the good news is it's only a small part of our revenue. In fact, the smallest of small. But the bad news is it has pushed us back, I would say, at least a year from what we expected to be at this point.

所以我預計，在未來一兩年內，這方面的生產力會更高，成長率也會更好。但好消息是，這只是我們收入的一小部分。事實上，是最小的。但壞消息是，它使我們比預期的時間至少倒退了一年。

Sure. That's very helpful. And maybe one quick one if I can squeeze on for Steven. In terms of obviously, the balance sheet is extremely healthy and delevered. In terms of the desire to do anything more or of size relative to your history, do you mind maybe providing some guardrails in terms of how we should be thinking about that?

當然。那很有幫助。如果我能擠出時間，也許還能幫史蒂文快速拍一張。顯而易見，資產負債表非常健康，而且已去槓桿化。就您以往的成就而言，您是否希望取得更大的成就，或規模更大？您能否就我們應該如何思考這個問題提供一些指導原則？

Well, I think if you look over the Tetra Tech's history, we've -- our acquisitions have been kind of that medium size add 2%, 3%, 7% of revenue per year when you add them all up. But what you have noticed also over the last couple of years is we have acquired other public companies that were larger than normal.

嗯，我認為如果你回顧一下 Tetra Tech 的歷史，我們的收購規模都屬於中等水平，加起來每年能為公司增加 2%、3% 或 7% 的收入。但您在過去幾年也注意到，我們收購了一些規模比一般上市公司更大的公司。

That took a bit more creative financing, regulatory approvals. And we brought them into Tetra Tech and turned them around and they're performing at much better rates than they ever were as their own public companies. And those were on the much larger size comparatively speaking.

這需要一些更具創意的融資方式和監管批准。我們把它們收購到 Tetra Tech 公司，扭轉了它們的頹勢，現在它們的表現比它們作為獨立上市公司要好得多。而且相對來說，它們的尺寸要大得多。

So I would say that our strategy and appetite is anywhere from the small to medium-sized companies to the larger public or private equity health companies that -- and I believe that both with our current balance sheet, our current bank credit facilities and the capital markets that are available to us. We have a lot of different choices with at significantly bigger sizes than even RPS, which was our largest acquisition in the history of the company just three years ago.

因此，我認為我們的策略和投資興趣涵蓋了從小型到中型公司到大型上市或私募股權醫療保健公司——而且我相信，憑藉我們目前的資產負債表、目前的銀行信貸額度和可供我們使用的資本市場，我們都能做到這一點。我們有很多不同的選擇，而且規模比 RPS 還要大得多，而 RPS 是我們公司三年前歷史上最大的收購項目。

Okay, that's great. Thank you so much.

好的，太好了。太感謝了。

Michael Dudas, Vertical Research Partners.

Michael Dudas，Vertical Research Partners。

Good morning, gentlemen. I guess, 1.5 years ago, we had your Investor Day in New York, how much has happened since then and how much has happened since then. Just wanted -- maybe you can share a little reset. As you look out your 2030 targets, I'm more confident, less confident are you given all the disruption that you've witnessed and successfully overcoming during fiscal year 2025.

早安，先生們。我想，大約一年半前，我們在紐約舉辦了你們的投資者日活動，從那時起發生了多少事情？只是想說——或許你可以分享我的放鬆方法。展望 2030 年的目標，我比你更有信心，但考慮到你在 2025 財年所經歷並成功克服的所有乾擾，你的信心可能會有所下降。

And as we think about that, does because of where your balance sheet is and the opportunities, does acquisitions become a little bit more important to achieving those longer-term goals and maybe it would have been 18 months ago?

當我們思考這個問題時，由於資產負債表的現狀和機遇，收購對於實現這些長期目標是否變得更加重要，而這在 18 個月前或許是更重要的？

That's a great question. So I've been asked that question in many different ways really since probably February of this year with the new administration coming in and with USA actually being eliminated as a federal agency and I bet even asked as directly as you regret having come out with those targets for 2030.

這是一個很好的問題。所以，自從今年二月新政府上台，以及美國實際上被取消聯邦機構以來，我已經以各種不同的方式被問到過這個問題，我敢肯定，甚至有人直接問我，你是否後悔提出了 2030 年的那些目標。

And a nice reversion of that is, do you want to do a reset and actually put your number at different set of numbers up there. My comment is well, I don't know if I should put a bigger numbers quite yet. But I will tell you that there's no doubt that it's been an interesting year. And what's the old adage, the Chinese proverb, progress, may you live in interesting times. This has been the most interesting of times.

一個很好的反例是，您是否想要重置號碼，並將您的號碼設定為不同的號碼？我的評論是，嗯，我還不確定是否應該現在就給出更大的數字。但我可以肯定地說，今年是充滿變數的一年。還有一句古老的諺語，一句中國諺語怎麼說來著：“進步，願你生活在有趣的時代。”這是有史以​​來最有趣的時代。

But what interesting times do get us, and I'll tell you one thing I'm so proud of the management team here at Tetra Tech and all of the employees that we've lived through in change, change represents opportunity. And for each door that's gotten closed and one has been completely closed with AID, we didn't close the door, someone closed it on us.

但時代的確充滿變數，我要說的是，我為 Tetra Tech 的管理團隊和所有員工感到無比自豪，我們一起經歷了變革，因為變革代表著機會。對於每一扇被關上的門，以及一扇因 AID 而完全關閉的門，都不是我們沒有關上的，而是別人關上了它。

I'll tell you, those same staff have actually been able to find new opportunities or new windows that have opened, and the windows are actually larger than the doors that were closed. For instance, the margins that we -- the doors that was closed in AID, has actually been opened. The windows that have been opened have new opportunities that have much higher embedded margin, in fact, double, even triple the number that we had.

我告訴你，這些員工實際上已經找到了新的機會或新窗口，而且這些窗口實際上比之前關閉的門要大。例如，我們在 AID 中關閉的那些門，實際上已經被打開了。已經打開的窗口帶來了新的機遇，這些機會蘊含著更高的利潤空間，實際上，利潤空間是我們以前擁有的兩倍，甚至三倍。

So there was two numbers on the 2030 plan. One was the total growth and no doubt that's been impacted, and I'll come back to that, which is top line. But the second was margin basis points. And Steve Burdick very eloquently presented how we were going to expand 50 basis points per year over the five years from that time of the presentation to 2030, I don't know, someone else closing out US AID for us actually took us almost a 50 basis points jump on a baseline up.

所以2030年計畫中有兩個數字。一是總成長，毫無疑問這受到了影響，我稍後會再談到這一點，也就是總收入。但第二個因素是利潤率基點。史蒂夫·伯迪克非常雄辯地介紹了我們將如何在從演講之時到 2030 年的五年內每年擴大 50 個基點，我不知道，美國國際開發署的其他人實際上讓我們在基線基礎上實現了近 50 個基點的增長。

And then on top of that, we've said we now look like we're going to grow more like 60, 70, 80 basis points. So as far as the margin goes, I think it wasn't actually a headwind. It actually became a tailwind and somebody gave us a boost up on that. With respect to top line, no doubt, someone says if you just had $550 million subtract from you and the rule of compounding is going to make that even more difficult on you, my comment would be that the rule of compounding all is going to hurt me if I don't actually close that gap in the next couple of years.

而且，我們也說過，我們現在看來，經濟成長幅度可能會達到 60、70、80 個基點。所以就差距而言，我認為這實際上並不是逆風。這反而變成了順風，有人還藉此機會幫我們一把。就營收而言，毫無疑問，有人會說，如果你一下子損失了 5.5 億美元，而複利法則會讓你的處境更加艱難，我的評論是，如果我不能在未來幾年內彌補這個缺口，複利法則最終會傷害到我。

And we only had a 4% to 5% contribution from M&A for our mergers and acquisitions, and I'll focus on acquisitions, people joining us. Steve just went over, we have more this vernacular dry powder, which is access to capital. I'll comment that while you'd say, if you go to market right now and you have excellent credit rating, you'll get 4%, 5%, 6% interest rates thanks to Steve's foresight, Tetra Tech had a 2% interest rate because of the convert that we put in place 1.5 years ago.

在我們的併購交易中，併購貢獻僅佔 4% 到 5%，我將專注於收購和人員加入我們的情況。史蒂夫剛才說了，我們現在有了更多這種通俗的說法，那就是“乾粉”，也就是獲得資金的管道。我想說的是，雖然你會說，如果你現在進入市場，並且你的信用評級非常好，由於史蒂夫的遠見卓識，你可以獲得 4%、5%、6% 的利率，但 Tetra Tech 的利率只有 2%，因為我們在 1.5 年前實施了轉換機制。

So we have the lowest cost of capital. We have -- we could actually do acquisitions at half again or double the 4% to 5% presented in the 2030 plan that we presented in May of 2024. So we could do double that number and not actually go outside the range of 1 to 2 leverage that we identified.

因此，我們的資金成本最低。我們實際上可以以 2024 年 5 月提出的 2030 年計劃中提出的 4% 到 5% 的比例再增加一半或兩倍進行收購。所以我們可以將這個數字翻倍，而實際上並沒有超出我們確定的 1 到 2 倍槓桿的範圍。

So with respect to closing the gap that's just created, I don't see that as an issue. Yes, it means that we'll turn up our M&A a bit. But as my comments on an earlier question on this, this call is -- are there actually firms available that in as a price point? I think I answered that, I hope, in enough detail to say, absolutely, and even at a better multiple -- and by the way, someone who's going to join Tetra Tech isn't getting a lower multiple. They're getting a better home.

所以，就彌合剛剛產生的差距而言，我不認為這是一個問題。是的，這意味著我們將加強併購力度。但正如我之前對這個問題的評論一樣，這次的問題是——是否有公司能夠以這樣的價格滿足需求？我認為我已經回答了這個問題，希望我的回答足夠詳細，可以肯定地說，而且倍數還會更高——順便說一句，加入 Tetra Tech 的人不會得到更低的倍數。他們將住進更好的房子。

And so I think that, yes, M&A will become a bigger part, and I think we can get to that number without having put any additional pressure on our organic growth targets, which is 6% to 10%. I think you've seen even in this period of great turmoil or may live in interesting times, we're coming right out of the gate, we're right at the middle of that range organically at 8%. So yes, M&A will have to be a bit larger. But I don't see financially or opportunity availability being an issue for that.

所以我認為，是的，併購將成為更重要的組成部分，我認為我們可以在不給6%到10%的有機成長目標施加任何額外壓力的情況下達到這個數字。我認為你們已經看到，即使在當前這個動盪的時期，或者說，即使在這樣一個有趣的時代，我們仍然取得了開門紅，我們的有機增長率達到了 8%，處於該區間的中間位置。所以，併購規模確實需要更大一些。但我認為經濟條件或機會多少都不會成為問題。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Batrack for closing comments.

謝謝。女士們、先生們，我們的問答環節到此結束。現在我把發言權交還給巴特拉克先生，請他做總結發言。

Great. Thank you very much, Melissa, and thank all of you for joining us on the call today. Thank you for being supporters of the company through all the fiscal year 2025. I'd like to reiterate that I could not be prouder of the performance of the Tetra Tech employees all around the world and really how we navigated 2025. And I can't see a better demonstration of how that performance actually was other than the all-time records, nearly every field.

偉大的。非常感謝梅莉莎，也感謝各位今天參加我們的電話會議。感謝您在2025財年對公司的支持。我想再次強調，我對 Tetra Tech 全球員工的表現以及我們成功應對 2025 年挑戰的方式感到無比自豪。除了幾乎每個領域都打破了歷史紀錄之外，我想不出還有什麼比這更能體現那場比賽的真實表現了。

As I just indicated in this last question came, how is it looking with all the changes? I do think that there's more opportunities there for Tetra Tech, particularly in the market leadership positions we're in to make 2026 just a fantastic year. And I really look forward to reporting back to all of you in roughly 90 days from now or at the end of Q1 to report how we started out in fiscal year 2026.

正如我在最後一個問題中提到的，所有這些變化之後情況如何？我認為 Tetra Tech 在那裡還有更多機會，尤其是在我們目前所處的市場領導方面，我們完全有能力讓 2026 年成為輝煌的一年。我非常期待在大約 90 天后，或是在第一季末，向大家報告我們在 2026 財年的開局情況。

And with that, I hope you all have a safe and a successful day today. I will likely not talk to you collectively before the holidays. So I hope you have a great holiday wherever you happen to be located. Thank you very much, and have a great week.

最後，祝大家今天平安順利。假期前我可能不會和大家集體談話。所以，無論你身在何處，我都祝你假期愉快。非常感謝，祝您一週愉快。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。