Tetra Tech Inc (TTEK) 2026 Q1 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 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 and CEO Designate. They will provide a brief overview of the results, and we'll then open up the call for questions.

今天與我們一同出席的管理階層有：董事長兼執行長 Dan Batrack；財務長 Steve Burdick；以及候任總裁兼執行長 Roger Argus。他們將簡要概述結果，然後我們將開放提問環節。

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. Actual results may 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. Except as required by law, Tetra Tech undertakes no obligation to update its forward-looking statements.

我想請大家注意今天演講中的「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。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。除法律要求外，Tetra Tech 不承擔更新其前瞻性聲明的義務。

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.

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。

(Operator Instructions)

（操作說明）

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

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, Diego, and good morning and welcome to our fiscal year 2026 first-quarter's earnings conference call. I'm glad to report this morning that we had a very strong first-quarter and beginning to our 2026 fiscal year. During this past year, we had many different points to navigate. And as last quarter, we now had a new one, the longest US government shutdown in history.

非常感謝迭戈，早安，歡迎參加我們2026財年第一季財報電話會議。我很高興地報告，我們2026財年第一季業績非常強勁，開局良好。在過去一年裡，我們遇到了許多不同的挑戰。和上個季度一樣，現在我們又迎來了一次新的政府停擺，這是美國史上持續時間最長的政府停擺。

But during all of these challenges, both during this last year and during the first-quarter of this year, we've remained very focused on the enduring markets of water supply, water treatment, flood control and environmental stewardship, all of which remain in very high demand. And yes, water is not going out of style.

但是，在過去一年和今年第一季的所有這些挑戰中，我們始終非常專注於供水、水處理、防洪和環境保護等持久市場，所有這些市場的需求仍然非常高。沒錯，水並沒有過時。

Now as you're going to hear this morning, even with the government shutdown, we grew our revenue 8%. We expanded our margins by 140 basis points on a GAAP basis. Steve Burdick will talk more about this in a bit. And we improved the quality of our backlog by winning more front-end work and increasing the embedded margins that we have in the new projects that we were awarded just this last quarter.

正如你今天早上將聽到的，即使政府停擺，我們的收入也增加了 8%。根據美國通用會計準則，我們的利潤率提高了 140 個基點。史蒂夫·伯迪克稍後會詳細談談這個問題。我們透過贏得更多前端工作，提高了積壓工作的質量，並增加了上個季度新專案中的內嵌利潤率。

Now today, Steve Burdick, our Chief Financial Officer, will provide additional details on our financial performance on a full GAAP basis. Roger Argus, Tetra Tech's President and CEO Designate, will provide an update on our growth markets and market outlook. And with that, I'd now like to share with you an update on our financial performance and business as we both performed in the first-quarter and as we see ourselves moving forward into the rest of 2026.

今天，我們的財務長史蒂夫·伯迪克將根據完整的GAAP準則，提供關於我們財務表現的更多細節。Tetra Tech 的候任總裁兼執行長 Roger Argus 將介紹我們的成長市場和市場前景的最新情況。接下來，我想和大家分享我們第一季的財務表現和業務狀況，以及我們對 2026 年剩餘時間的展望。

I'll start with, again, we began 2026 with a strong first-quarter, as I just indicated. We had a net revenue of $987 million in the quarter, which is up 8% from the prior year. In the quarter, we generated $131 million in operating income which is up 12% from the prior year.

我再次重申，正如我剛才所說，2026 年第一季我們開局強勁。本季淨收入為 9.87 億美元，比上年同期成長 8%。本季度，我們實現了 1.31 億美元的營業收入，比去年同期成長了 12%。

And finally, our earnings per share was up even more, up 17% from the first-quarter of last year resulted and an adjusted earnings per share of $0.34 for the quarter. And as an adjustment down from our GAAP number, our actual GAAP earnings per share was $0.40 in the quarter, and Steve Burdick will go through a bit more of that and the Chief Financial Officer's presentation in just a few moments.

最後，我們的每股盈餘成長幅度更大，比去年第一季成長了 17%，經調整後的每股盈餘為 0.34 美元。與我們的 GAAP 數據相比，本季的實際 GAAP 每股收益為 0.40 美元，而史蒂夫·伯迪克稍後將對此以及首席財務官的演示文稿進行更詳細的介紹。

I would like to present our performance by our segment. We do have two segments, the Government Services segment, and a Commercial and International Group segment. The Government Services Group segment delivered a strong quarter with margins of 18%, up 40 basis points from last year. In the first-quarter, our Government Services Group net revenue was $382 million, which grew 5% from last year, and that was during a quarter where the US government was shut down for about six weeks of that period or about half of the entire quarter.

我想按我們業務板塊來介紹一下我們的業績。我們有兩個業務部門，分別是政府服務部門和商業及國際集團部門。政府服務集團業務部門本季業績強勁，利潤率為 18%，比去年同期成長 40 個基點。第一季度，我們的政府服務集團淨收入為 3.82 億美元，比去年同期成長 5%。而就在這一季度，美國政府停擺了大約六週，約佔整個季度的一半。

Our Commercial and International Group segment also delivered a strong first-quarter. The Commercial International Group's revenue was up 10% to $605 million driven by growth in the United Kingdom and in Ireland with strong water programs in both geographies and with new digital automation programs in Australia.

我們的商業和國際集團部門第一季也取得了強勁的業績。商業國際集團的營收成長了 10%，達到 6.05 億美元，這主要得益於英國和愛爾蘭業務的成長，這兩個地區的水務項目都十分強勁；此外，澳洲也推出了新的數位自動化專案。

Our Commercial International Group's margin for the first-quarter was 13%, which was also similar to GSG, up 40 basis points from the prior year. Our Commercial International Groups benefited from strong performance in the United Kingdom, in Canada and an improving business in our Australian activities. I'd now like to provide an overview of our performance by our end customers.

我們商業國際集團第一季的利潤率為 13%，與 GSG 類似，比去年同期成長了 40 個基點。我們的國際商業集團受惠於在英國和加拿大的強勁業績，以及在澳洲業務的不斷改善。現在我想概述一下我們終端客戶的績效評價。

This quarter, our federal work was up about 7% from the prior year primarily for work with the US Army Corps of Engineers designing flood protection structures, upgrades to locks and dams and design of new inland waterway navigation systems. Overall, our US federal work was about 18% of our overall business in the first-quarter.

本季度，我們的聯邦工作量比去年同期成長了約 7%，主要包括與美國陸軍工程兵團合作設計防洪設施、升級船閘和大壩以及設計新的內河航道系統。整體而言，我們第一季在美國聯邦政府的業務量約占我們總業務量的 18%。

In the United States, our state and local markets continue to be very strong with a 10% growth rate driven by municipal water treatment and digital water modernization, especially in the water stress regions of Texas, Florida, California and Colorado, which Roger Argus will speak more to here in just a few moments. Our US Commercial work was actually down slightly, but this is pretty much as we expected.

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 10%，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、加利福尼亞州和科羅拉多州等水資源緊張地區。羅傑·阿格斯稍後將對此進行更詳細的闡述。我們的美國商業業務實際上略有下降，但這基本上符合我們的預期。

It was driven by reductions in renewable energy work this first-quarter of 2026 compared to a very strong renewable energy practice that we had a year ago. This reduction in our renewable energy work was partially offset by growth in high-voltage transmission and permitting and engineering work that we're doing here in the US. Our International work was 48% of our overall business or our overall revenues or net revenues and it grew at a 13% rate during the quarter.

這是由於 2026 年第一季再生能源工作量減少所致，而一年前我們的再生能源業務非常強勁。我們在美國進行的高壓輸電、許可和工程工作的成長，部分抵消了再生能源工作的減少。我們的國際業務占我們整體業務、總收入或淨收入的 48%，並且在本季度以 13% 的速度成長。

International growth included strong increases in the United Kingdom and Ireland, as I've mentioned earlier, primarily around the Water businesses. We also saw growth in our Canadian infrastructure programs which we see strengthening really all across Canada and has been one of the strong lights for us. And actually an improving business in our Australia activities where we actually saw the reductions abate during the first-quarter.

國際成長包括英國和愛爾蘭的強勁成長，正如我之前提到的，主要集中在水務業務方面。我們也看到加拿大基礎設施項目有所成長，這些項目在加拿大各地都在不斷加強，這已成為我們取得顯著成效的一大亮點。事實上，我們在澳洲的業務正在改善，第一季我們看到下滑趨勢有所緩解。

I'd now like to discuss our backlog, which held steady during a strong revenue quarter that included, as I've mentioned a few times, a US federal government shutdown. Overall, we see the quality of our backlog much higher than before as measured by the proportion of front-end work that we have embedded in our backlog, which also brings higher embedded margins.

現在我想談談我們的積壓訂單，儘管本季營收強勁，但訂單量依然保持穩定。正如我之前多次提到的，本季也經歷了美國聯邦政府的停擺。總體而言，我們看到待辦事項的品質比以前高得多，這可以從我們待辦事項中嵌入的前端工作比例來衡量，這也帶來了更高的嵌入利潤率。

As you can imagine, we did see a slowdown in our US Federal client orders in the first-quarter due to the government shutdown that began on October 1 and continued for the first six weeks of the fiscal year. And even with the federal government reopening on November 12, the start-up for the government was still pretty slow because it started up in November right before Thanksgiving and continued through the holiday season. So we never saw it fully return to a level that we would have either expected or hoped for.

如您所想，由於10月1日開始的政府停擺，以及本財年的前六週持續的停擺，我們在第一季的美國聯邦客戶訂單確實有所放緩。即使聯邦政府在 11 月 12 日重新開放，但政府的啟動速度仍然相當緩慢，因為它在 11 月感恩節前夕就開始運作，並持續到假期結束。因此，我們始終未能看到它完全恢復到我們預期或希望的水平。

While new project orders from the US government were slow in the first-quarter, new contract awards, task orders and project start-ups were very strong from our US state and local clients, commercial clients, international clients, collectively resulting in an overall stable, a pretty flat backlog from what we saw from the first-quarter of last year. As we look forward, we expect that with more clarity on US Federal budgets and appropriations, the pace of US Federal orders will increase beginning late in the second-quarter and continuing through the second half of our fiscal year.

雖然第一季來自美國政府的新項目訂單增長緩慢，但我們來自美國州和地方客戶、商業客戶、國際客戶的新合約授予、任務訂單和項目啟動情況非常強勁，總體而言，積壓訂單與去年第一季相比保持穩定，基本上持平。展望未來，我們預計隨著美國聯邦預算和撥款更加明朗，美國聯邦訂單的成長將從第二季末開始加快，並持續到本財年的下半年。

Now I'd like to turn the presentation over to Steve Burdick, our Chief Financial Officer, to present more details on our financials for the first-quarter. Steve?

現在，我想把演講交給我們的財務長史蒂夫·伯迪克，讓他詳細介紹我們第一季的財務狀況。史蒂夫？

Thank you, Dan. I'd like to now discuss an update of our reported first-quarter fiscal 2026 results, working capital, cash flows, and capital allocation. So as Dan just provided in our management analysis, our market-leading focus on front-end consulting and design for water, environmental projects are carrying higher margins across all of our end markets.

謝謝你，丹。現在我想討論一下我們公佈的 2026 財年第一季業績、營運資本、現金流量和資本配置的最新情況。正如丹在我們的管理分析中所述，我們專注於水務和環境項目的前端諮詢和設計，這一市場領先的策略在我們所有終端市場都帶來了更高的利潤率。

As such, even as the first-quarter revenue was down from last year due to the decrease in revenue from our USA customer and virtually no revenues from hurricane disasters this year compared to last year. Our operating income increased significantly and EBITDA on net revenue for the quarter increased by 140 basis points to 14.2% in the first-quarter of fiscal 2026.

因此，儘管由於美國客戶的收入減少，以及今年颶風災害帶來的收入與去年相比幾乎沒有成長，第一季的收入比去年有所下降。2026 財年第一季度，我們的營業收入大幅成長，淨收入的 EBITDA 比率成長 140 個基點，達到 14.2%。

Now excluding our USA and Department of State activities in both periods, then our margin was up about 80 basis points. As a result of our ability to enhance our profit margins, we were able to increase EPS over last year as the $0.40 reported and the $0.35 as adjusted came in better due to the out performance in the growth of our international business. You can find a reconciliation with the divestiture and earn-out gains in the appendix of this presentation and in our Reg G reconciliation.

如果排除我們在這兩個時期在美國和國務院的活動，那麼我們的利潤率就上升了約 80 個基點。由於我們提高了利潤率，我們的每股收益比去年有所增長，報告的每股收益為 0.40 美元，調整後的每股收益為 0.35 美元，這主要得益於我們國際業務增長的優異表現。您可以在本簡報的附錄和我們的 Reg G 調節表中找到與剝離和獲利支付收益的調節表。

Now regarding our working capital, cash flows generated from operations in the first-quarter were $72 million, which represents an improvement of $59 million over fiscal 2025. Excluding the impacts of USA and Department of State business, our focus on working capital and cash flows has resulted in our DSO reflecting an industry-leading standard of 51 days, which is the lowest this key metric has been in over 10 years.

現在來說說我們的營運資金，第一季經營活動產生的現金流為 7,200 萬美元，比 2025 財年增加了 5,900 萬美元。排除美國和國務院業務的影響，我們對營運資金和現金流的關注使我們的應收帳款週轉天數 (DSO) 達到了行業領先的 51 天，這是該關鍵指標 10 多年來的最低水平。

Now this lower DSO metric provides significant insight into the 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.

現在，較低的 DSO 指標為我們提供了對核心業務的重要洞察，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 $565 million, and the net debt on EBITDA was at a leverage of 0.86 times, which is 20% lower as compared to our leverage one year ago. Now 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, we will continue to provide higher returns for our shareholders and improve our industry-leading return on capital employed. So for those following along in the presentation, I wanted to share a bit of our recent historical results relative to our net leverage and our current borrowing capacity.

我們的淨負債約為 5.65 億美元，淨負債與 EBITDA 的比率為 0.86 倍，比一年前的比率降低了 20%。現在，隨著我們繼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，營運資本降低，我們將繼續為股東提供更高的回報，並提高我們行業領先的資本回報率。因此，對於正在觀看演示的各位，我想分享我們最近的一些歷史業績，這些業績與我們的淨槓桿率和目前的借貸能力有關。

As I just reviewed, our strong balance sheet and healthy cash flows, we've continued to bring down our leverage from a high point when our net debt stood at over two times back in the second-quarter of 2023 when we acquired RPS. As of the first-quarter of fiscal '26, our net debt is less than the low end of our target range, and this provides us significant room to use our balance sheet for investing in growth and providing for higher returns to shareholders.

正如我剛才回顧的那樣，憑藉我們強勁的資產負債表和健康的現金流，我們一直在降低槓桿率，此前我們的淨債務在 2023 年第二季度收購 RPS 時曾達到兩倍多。截至 2026 財年第一季度，我們的淨債務低於目標範圍的下限，這為我們利用資產負債表進行投資成長和為股東提供更高回報提供了很大的空間。

For example, we could lever up to take on an additional $2 billion in debt capacity for larger acquisitions. With that perspective in mind, I'd like to now present our capital allocation strategy and overview. We have a very strong and healthy balance sheet, and our operating cash flow was over $500 million for the trailing 12-month period.

例如，我們可以增加槓桿，獲得額外 20 億美元的債務融資能力，用於更大規模的收購。基於以上考慮，我現在想介紹我們的資本配置策略和概況。我們擁有非常強勁且健康的資產負債表，過去 12 個月的營運現金流超過 5 億美元。

Our balance sheet and cash flows provide us with significant 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 priorities. 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 priorities in order to take advantage of these key business opportunities.

我們的資產負債表和現金流量為我們提供了充足的可用流動性，因為在過去一年中，我們調整了資本結構，利用信貸市場來支持我們的策略成長重點。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，可以投資於有機成長和收購成長的優先事項，以便抓住這些關鍵的商業機會。

And these opportunities include technology and automation, which continue to provide us a dominant position in the market and for acquisitions of technical leaders focused on defense such as Halvik in the US and Providence in Australia.

這些機會包括技術和自動化，它們繼續為我們在市場上佔據主導地位，並使我們能夠收購專注於國防領域的技術領導企業，例如美國的 Halvik 和澳洲的 Providence。

Now regarding our dividend program, I'm pleased to announce that our Board of Directors approved a quarterly cash dividend, which is a 12% increase year-over-year to be paid in the second-quarter. This is our 47 consecutive quarterly dividend and the increased dividend is in line with our practice of annual double-digit increases in the amounts paid. Based on the lower net leverage, we've continued our stock buyback program this year. And in the first-quarter of 2026, we bought back an additional $50 million.

關於我們的分紅計劃，我很高興地宣布，董事會已批准季度現金分紅，比上年同期增長 12%，將於第二季度支付。這是我們連續第 47 個季度派發股息，此次股息增加符合我們每年兩位數增長派息金額的慣例。基於較低的淨槓桿率，我們今年繼續推行股票回購計畫。2026 年第一季度，我們又回購了價值 5,000 萬美元的股票。

We do have $548 million available from stock buyback plans that have been approved by our Board as part of our capital allocation strategy. Overall, I'm very pleased to share these really strong results for the start of 2026, which has enabled us to increase shareholder returns.

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，並為此投入了 5.48 億美元。總的來說，我非常高興地與大家分享2026年初的這些強勁業績，這使我們能夠提高股東回報。

And since the second-quarter of fiscal 2023, when we completed the acquisition of RPS, we have increased our annual dividends every quarter and distributed a total of $180 million. We increased our stock buybacks and repurchased a total of $300 million. And we completed several accretive acquisitions, investing a total of $400 million. And we did this all while deleveraging our balance sheet and moving our net debt on EBITDA from more than two times to less than one time. I want to thank you all for your support, and I will now hand the call over to Roger to discuss Tetra Tech's future opportunities for 2026 and beyond.

自 2023 財年第二季完成對 RPS 的收購以來，我們每季都提高了年度股息，總共派發了 1.8 億美元。我們增加了股票回購規模，總共回購了價值 3 億美元的股票。我們完成了幾項增值收購，總投資額達 4 億美元。而且，我們做到這一切的同時，也降低了資產負債率，將淨債務與 EBITDA 的比率從兩倍多降至不到一倍。感謝大家的支持，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. 85% of Tetra Tech's business is to provide water and environmental-related services for our government and commercial clients. Today, I'd like to highlight some of the key market drivers for our municipal water and defense business globally.

謝謝你，史蒂夫。 Tetra Tech公司85%的業務是為我們的政府和商業客戶提供水務和環境相關服務。今天，我想重點介紹我們全球市政供水和國防業務的一些關鍵市場驅動因素。

In the US, our clients continue to invest in water infrastructure to meet long-term demand and to protect from droughts and contamination. Just last week, New York State announced a $3.75 billion investment in statewide water infrastructure programs.

在美國，我們的客戶持續投資水利基礎設施，以滿足長期需求，並防止乾旱和污染。就在上週，紐約州宣布投資 37.5 億美元用於全州水利基礎建設計畫。

And today, Tetra Tech is providing front-end water services in support of more than $22 billion in water and wastewater capital expenditure programs. Our services begin at the earliest stages of the program with planning, alternative analysis, digital automation assessment, and progress to first-of-a-kind designs to optimize water supply and wastewater treatment systems.

如今，Tetra Tech 為超過 220 億美元的水務和污水處理資本支出專案提供前端水務服務。我們的服務從專案的最早階段開始，包括規劃、替代方案分析、數位自動化評估，並逐步推進到首創設計，以優化供水和廢水處理系統。

One of the new emerging growth areas in municipal water is Colorado, where they are facing widespread concerns over water supplies. We are working with our clients in the region to investigate high-end alternatives to transform formerly unusable source water into long-term supplies. Digital automation provides another avenue for increasing efficiency in water delivery.

科羅拉多州是市政用水領域新興的成長地區之一，該地區普遍面臨供水問題。我們正在與該地區的客戶合作，研究高端替代方案，將以前無法使用的水源轉化為長期供水。數位化自動化為提高供水效率提供了另一條途徑。

In Texas, we are working with the Coastal Water Authority to optimize water systems that today deliver water to more than 2 million residents in the region. In the UK, we are seeing a continued ramp-up in water investments and contracts supporting the AMP8 cycle as well as increased investments in Ireland and the Netherlands. In fact, Irish water has recently doubled their projected investments to EUR11.8 billion. The front-end services we provide throughout the region include modernizing water supply systems and protecting water quality.

在德州，我們正與沿海水務局合作，優化供水系統，該系統目前為該地區 200 多萬名居民提供水。在英國，我們看到水務投資和合約持續增加，以支持 AMP8 週期，同時在愛爾蘭和荷蘭的投資也在增加。事實上，愛爾蘭水務公司最近已將其預計投資額增加了一倍，達到 118 億歐元。我們在該地區提供的前端服務包括供水系統現代化和保護水質。

As noted on the slide, we've added new contracts with four UK water utilities to provide these services. And in the Netherlands, we were awarded a contract to support the Netherlands Rijkswaterstaat Framework cooperative agreements in modernizing their critical water management infrastructure. We also provide our clients with software to advance their programs. In the US and Internationally, our Csoft subscription software is used by water utilities to optimize water systems to protect water quality.

正如幻燈片中所述，我們已與四家英國水務公司簽訂了新的合同，以提供這些服務。在荷蘭，我們獲得了一份合同，支持荷蘭公共工程和水資源管理部框架合作協議，以實現其關鍵水資源管理基礎設施的現代化。我們也為客戶提供軟體，以幫助他們推進專案進度。在美國和國際上，我們的 Csoft 訂閱軟體被水務公司用於優化供水系統，以保護水質。

And in the UK, our WaterNet software is widely adopted to manage water systems and reduce leakage, a high priority for water utilities under AMP8. During our last earnings call, I highlighted the increased funding levels for defense in the US, UK, and Australia. These funding increases will be used to expand and modernize defense facilities, including strengthening coastal resiliency and flood protection as well as expanding port facilities and infrastructure modernization.

在英國，我們的 WaterNet 軟體被廣泛用於管理供水系統和減少洩漏，這是 AMP8 下供水企業的重要優先事項。在上次財報電話會議上，我重點介紹了美國、英國和澳洲國防經費的增加。這些增加的資金將用於擴建和現代化國防設施，包括加強沿海地區的韌性和防洪能力，以及擴大港口設施和基礎設施現代化。

We continue to expand our contract capacity for coastal resiliency for programs in the US, UK, and Australia. We were recently selected for a $48 million single-award contract as part of the Texas Coastal Protection Program to help develop what will be one of the largest surge barriers in the world. Other recent awards in the US include contracts with the Army Corps, Baltimore and Portland districts, which will be used to support critical coastal infrastructure design, inland waterway upgrades and port expansions.

我們持續擴大在美國、英國和澳洲開展沿海地區韌性建設計畫的合約能力。我們最近被選中參與德克薩斯州海岸保護計劃，獲得一份價值 4800 萬美元的單一授予合同，以幫助開發世界上最大的防洪屏障之一。美國近期的其他中標項目包括與陸軍工程兵團巴爾的摩和波特蘭地區的合同，這些合約將用於支持關鍵的沿海基礎設施設計、內河航道升級和港口擴建。

And just after the quarter, we announced the addition of Halvik, further expanding our high-end consulting services to US defense programs. Their data analytics and AI capabilities will expand our resources to support the optimization of infrastructure facilities and resource management systems.

就在本季結束後不久，我們宣布收購 Halvik，進一步擴大了我們面向美國國防項目的高端諮詢服務。他們的數據分析和人工智慧能力將擴展我們的資源，以支援基礎設施和資源管理系統的最佳化。

In the UK, we are seeing increased budgets and expanding programs to address coastal protection and maritime facilities. Most recently, the UK announced a new GBP4 billion program to fund the modernization of ports. In Australia, our defense practice has been awarded two new programs. Both of these awards support extensive maritime upgrades and coastal zone management in Western Australia.

在英國，我們看到用於解決海岸保護和海事設施問題的預算增加，項目規模擴大。最近，英國宣布了一項新的40億英鎊計劃，用於資助港口現代化。在澳大利亞，我們的國防業務獲得了兩個新項目。這兩項獎項都旨在支持西澳大利亞州的大規模海洋設施升級和海岸帶管理。

After the first-quarter, we also announced the definitive agreement to acquire Providence, a high-end advisory firm specializing in supporting Australian defense programs. Their advisory services complement our existing advisory and program management expertise and brings us new contract capacity and new clients.

第一季結束後，我們也宣布了收購 Providence 的最終協議，Providence 是一家專門為澳洲國防專案提供支援的高端顧問公司。他們的諮詢服務是我們現有諮詢和專案管理專業知識的補充，並為我們帶來了新的合約能力和新客戶。

In summary, we're very excited about the opportunities these major market drivers and recent acquisitions present. I would now like to provide an overview of our outlook for FY26 by customer. Each of our customer sectors have growth drivers directly aligned to Tetra Tech's strengths. International growth is forecasted to have a 5% to 10% rate. This growth is supported by the water programs in the UK and Ireland as well as high priority defense spending in the UK and Australia. We are also seeing expanding investment in Canadian infrastructure and some improvement in Australian markets fueled by mining and infrastructure.

總而言之，我們對這些主要市場驅動因素和近期收購帶來的機會感到非常興奮。現在我想按客戶群概述我們對 2026 財年的展望。我們每個客戶領域的成長動力都與 Tetra Tech 的優勢直接相關。國際經濟成長率預估為5%至10%。這一增長得益於英國和愛爾蘭的水利項目，以及英國和澳洲的高優先國防開支。我們也看到加拿大基礎設施投資不斷擴大，澳洲市場也因採礦業和基礎建設而出現一些改善。

US commercial is forecasted to grow at a 5% to 10% rate, supported by water demand for data centers and advanced manufacturing and growth in the US power-related advisory, consulting, and engineering services. US state and local is forecasted to grow at 10% to 15%, supported by increasing investments by municipalities in water supplies expansion and upgrades and new initiatives for digital water automation.

美國商業用水預計將以 5% 至 10% 的速度成長，這得益於資料中心和先進製造業的用水需求，以及美國電力相關諮詢、顧問和工程服務的成長。美國州和地方政府預計將成長 10% 至 15%，這得益於市政當局加大對供水設施擴建和升級的投資，以及數位化水務自動化新措施的推動。

US Federal is forecasted to grow at 5% to 10% rate, driven by higher spending and priorities focused on defense and critical water infrastructure. I would now like to turn the presentation back to Dan to present our increased guidance for the second-quarter and FY2026.

受國防和關鍵水利基礎設施支出增加和優先事項的推動，美國聯邦經濟預計將以 5% 至 10% 的速度成長。現在我想把發言權交還給丹，讓他介紹我們提升後的第二季和 2026 財年的業績預期。

Thank you very much, Roger. As Roger indicated, I'd like to present our guidance for the second-quarter and our updated guidance for the entirety of fiscal year 2026. Our guidance is as follows. For the second-quarter, our guidance for net revenue is for a range of $975 million to $1.025 billion, with an associated adjusted earnings per share of $0.30 to $0.33. For the entire year, our updated and increased guidance for net revenue is for a range of $4.15 billion to $4.3 billion with an associated adjusted earnings per share of $1.46 to $1.56.

非常感謝你，羅傑。正如羅傑所指出的，我想介紹一下我們對第二季的業績預期以及我們對 2026 財年全年的最新業績預期。我們的指導意見如下。第二季度，我們預計淨收入為9.75億美元至10.25億美元，相應的調整後每股收益為0.30美元至0.33美元。全年，我們更新並上調了淨收入預期，預計淨收入為41.5億美元至43億美元，相應的調整後每股收益為1.46美元至1.56美元。

I will note, if you're following along on the webcast, you'll note on the right portion of the page, this does impute or calculate to the midpoint of the guidance range of a 9% increase in net revenue for the entirety of fiscal year 2026 and an 80 basis point expansion of EBITDA margins for the entirety of the year. Some of the assumptions included in this guidance, both for the quarter, second-quarter and for the entirety of the year is that it does include intangible amortization of $34 million. It does include depreciation of $25 million for the year. It does include interest expense of $34 million, a tax rate of 27.5%.

我要指出的是，如果您正在觀看網路直播，您會在頁面右側看到，這確實估算或計算出了 2026 財年全年淨收入增長 9% 和 EBITDA 利潤率增長 80 個基點的指導範圍的中點。該指引中包含的一些假設，無論是針對本季、第二季或全年，都包括 3,400 萬美元的無形資產攤銷。其中包括當年的折舊費 2500 萬美元。其中包括 3,400 萬美元的利息支出，稅率為 27.5%。

We do estimate at this time a 263 million average diluted shares outstanding. And as in the past, it does exclude this guidance for the second-quarter and the year does exclude contributions from future acquisitions. And it does include Providence that was just mentioned by Roger. We have signed a definitive agreement, and we do anticipate it will close toward the end of the second-quarter, and we'll update our guidance as we move forward.

我們目前估計平均稀釋後流通股數為 2.63 億股。與以往一樣，該預測不包括第二季的業績指引，全年業績指引也不包括未來收購帶來的貢獻。而且，它確實包括羅傑剛才提到的普羅維登斯。我們已經簽署了最終協議，預計將在第二季末完成，我們將隨著進展更新我們的預期。

And I will note, and you'll see it in the reconciliation tables referenced by our Chief Financial Officer, that this guidance does include the impact from the current disposition and less any gain on the sale.

我還要指出，你們也會在我們財務長引用的對帳單中看到，該指導意見確實包含了當前處置的影響，減去出售所得的任何收益。

With that, I'd like to move to close our prepared remarks with stating in summary, we had a really good first-quarter and an excellent beginning to our 2026 fiscal year. Tetra Tech's high-end consulting for water and environmental services continues to have strong demand and resilience through this rapidly changing geopolitical and economic landscape that we have today. Our leading with science approach to addressing water and environment priorities is well aligned with the long-term demand here in the United States and really all around the globe and internationally.

最後，我想總結一下，結束我們準備好的演講。我們第一季業績非常好，2026 財年也開局良好。在當今快速變化的地緣政治和經濟格局下，Tetra Tech 的高端水務和環境服務諮詢業務仍然保持著強勁的需求和韌性。我們以科學為導向來解決水資源和環境優先事項的方法，與美國乃至全球和國際上的長期需求高度契合。

And with our strong balance sheet, which I think Steve did a great job of presenting today, Tetra Tech is in an excellent financial position to invest in acquisitions to further advance our strategies and to move us and to continue moving our leadership in the industries that we're competing.

憑藉我們強勁的資產負債表（我認為史蒂夫今天做得很好），Tetra Tech 擁有良好的財務狀況，可以投資收購，以進一步推進我們的策略，並推動我們前進，繼續鞏固我們在所競爭行業的領先地位。

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

那麼，迭戈，接下來我想接受大家的提問。

(Operator Instructions)

（操作說明）

Tim Mulroone, William Blair.

提姆·穆爾魯恩，威廉·布萊爾。

I wanted to ask about your federal business first. It looks like it grew 7%, excluding the Department of State work, pretty good, I think, considering the government shutdown and kind of right in line with what you're targeting for the year. So I was curious if you could just talk in a little bit more detail about some of the areas where you are seeing strength that's helping drive that performance.

我想先問問您關於聯邦政府業務方面的情況。看起來成長了 7%，不包括國務院的工作，考慮到政府停擺，我認為這相當不錯，而且與你今年的目標基本一致。所以我很好奇，您能否更詳細地談談您認為哪些方面具有優勢，有助於提升業績。

Yes, it's a good question. I would say that was an area that we were extremely focused on coming into our first-quarter. Maybe as I to describe the first-quarter, maybe I'll just reflect just a little bit. Noticed that in -- you may have noticed in fiscal year 2025, we had an entire series of very large wins with the US Army Corps of Engineers.

是的，這是個好問題。我想說，這是我們在第一季重點關注的領域。或許，在描述第一季的時候，我只想稍微反思一下。您可能已經注意到，在 2025 財年，我們與美國陸軍工程兵團取得了一系列非常重大的勝利。

In fact, I think we had something in the order of one to two dozen very large awards that actually saw task orders come out late in 2025, so the months of August and September, and they really continued through our first-quarter, which was October, November and even December.

事實上，我認為我們有大約一到二十幾個非常大的獎項，這些獎項的任務訂單實際上是在 2025 年末，也就是 8 月和 9 月發布的，而且一直持續到我們的第一季度，也就是 10 月、11 月甚至 12 月。

We did see the shutdown or the likelihood of it coming into the quarter with the US federal government. It was somewhat telegraphed or indicated that, that was a possibility. So we work very closely with our clients, particularly with the Department of Defense, the US Army Corps of Engineers, to have task orders and projects put in place that would carry us through the first-quarter.

我們確實預見了美國聯邦政府停擺的可能性，或者說停擺在本季可能會發生。此前已有跡象表明，這是一種可能性。因此，我們與客戶，特別是國防部和美國陸軍工程兵團密切合作，以落實任務指令和項目，從而確保我們能夠順利度過第一季。

And we felt we -- that was successful for, I would say, a little over 30 days. We were really unimpacted to really most of our programs, but I'd say most notably, we did a good job with our clients, anticipating authorizations that would carry us through the first-quarter.

我們覺得──可以說，這種做法在30多天的時間裡是成功的。我們的大多數專案實際上並未受到影響，但最值得一提的是，我們為客戶做好了充分的準備，提前獲得了足夠的授權，這足以支撐我們度過第一季。

So what sustained that 7% growth was, one, advanced planning. We have seen a shutdown time or two in the past; and two, working very closely with our clients to have critical programs that really would save the government a lot of expense without having to go through a demobilization and restart-ups. So it was actually financially in the best interest of our clients and actually supported that 7% growth through the first-quarter. But the primary driver was through the US Army Corps of Engineers, which has now become the company's largest client.

因此，維持7%成長的因素有：一是周密的計畫。我們過去經歷過一兩次停工；其次，我們與客戶緊密合作，開展關鍵項目，這些項目確實可以為政府節省大量開支，而無需經歷撤離和重啟的過程。因此，這實際上符合我們客戶的最大財務利益，並且實際上支持了第一季 7% 的成長。但主要動力來自美國陸軍工程兵團，該兵團現在已成為該公司最大的客戶。

And of course, that shows up in US Federal, and that was really the underpinning for the 7% growth in the quarter.

當然，這反映在美國聯邦儲備系統中，而這正是該季度 7% 成長的真正基礎。

That's good extra color. I assume many of those programs will be ongoing throughout fiscal '26. But I do actually just want to pivot to your International business, which continues to accelerate. It's obviously very strong this quarter. I know you touched on it in your prepared remarks, but I was hoping you could walk through each of your three main geographies.

這增添了不錯的色彩。我估計其中許多項目將在 2026 財政年度持續進行。但我其實更想談談你們的國際業務，這項業務正在不斷加速發展。本季表現顯然非常強勁。我知道您在準備好的演講稿中已經提到過這一點，但我希望您能分別詳細介紹一下您的三個主要地理區域。

And just talk about where you're seeing traction. I mean, how much of that growth is being driven by strength in the UK versus maybe getting more traction in Canada or seeing more of a stronger recovery in Australia? Just any detail there?

就說說你在哪些方面看到了成效。我的意思是，這種成長有多少是由英國經濟的強勁成長所推動的，又有多少是由於加拿大經濟的進一步發展或澳洲經濟的強勁復甦所推動的？有什麼細節嗎？

Well, I'm glad you asked for the three primary international markets for us because that is how we look at it here at Tetra Tech. The area that has been the strongest going back for the -- more than the last year, year and a half year has been the United Kingdom. And we traditionally have said the European Union, but really, it's been primarily Ireland. So I'll call it the UK. and Ireland. Those programs have been very strong for us. Growth has been well into the double digits. It's what's driven the numbers in the past. In fact, I have made comments when you've seen our international growth at 5%, 6%, 7%.

很高興您問到我們三大主要國際市場，因為在 Tetra Tech，我們也是這樣看待市場的。在過去一年到一年半的時間裡，表現最強勁的地區一直是英國。我們傳統上會說歐盟，但實際上，主要指的是愛爾蘭。所以我就稱它為英國和愛爾蘭吧。這些項目對我們來說非常有效。增長率已達到兩位數。這正是過去推動數位變化的原因。事實上，當你們看到我們的國際成長率達到 5%、6%、7% 時，我曾經發表過評論。

My comments have been the UK and Ireland are being underrepresented or unrecognized to the public with respect to their contributions because they've been well into the double digits, and they continue to be. And of course, as you heard in my prepared remarks, I think I hope I didn't say it too many times, driven by large water programs. Roger spoke of them, I've spoke of them, and it's certainly been a common theme now for many quarters.

我的評論是，英國和愛爾蘭的貢獻沒有得到公眾的充分重視或認可，因為它們的貢獻已經遠遠超過兩位數，而且還在繼續保持這一水平。當然，正如你們在我事先準備好的演講稿中聽到的那樣，我希望我沒有因為大型水利工程而重複太多次。羅傑談到這些，我也談到過這些，而且這無疑已經成為許多方面普遍關注的話題。

So those two are double digit. We have great visibility, good backlog, and they're really, in many instances, first-of-a-kind programs for the priority on the asset management program or the AMP8 program in the UK and similar programs in Ireland. So I would say if you -- that's the -- I want to say that's the hot or that's the biggest up driving it.

所以這兩個數字都是兩位數。我們擁有良好的市場前景、充足的專案儲備，而且在許多情況下，這些專案都是英國資產管理計劃或 AMP8 計劃以及愛爾蘭類似計劃的首創專案。所以我想說，如果你——那就是——我想說，那就是最熱門的，或者說，那就是推動它發展的最大因素。

Canada has actually done quite well for us. There was a little bit of a -- I don't want to call it a stumble, but a little bit of a pause during the -- roughly a year ago during the initial tariff discussions between the US and Canada that caused, I would say, a fair amount of disruption. In Canada, we saw those growth rates come down to sort of middle to just slightly below that growth, still growing, still quite profitable. But I'm very impressed with what Canada has done with respect to responding for alternative trading, continue negotiating with the US and investing a very large committed amount for infrastructure to commit to ports, harbors.

加拿大其實對我們幫助很大。大約一年前，在美加兩國最初的關稅談判期間，出現了一點——我不想稱之為挫折，但確實出現了一點停頓——我認為這造成了相當大的混亂。在加拿大，我們看到這些成長率下降到中等水平甚至略低於之前的水平，但仍在成長，仍然相當有利可圖。但我對加拿大在應對替代貿易、繼續與美國談判以及為港口基礎設施投入巨額資金方面所做的工作印象深刻。

I've seen recently is a significant investment coming out of the Canadian government, both for their defense and civil agencies across the Arctic. Of course, Greenland being in the topic over the past few months has taken much more discussion with respect to national security of North America and much of it is going to be directed toward that area, which is the entire Arctic interface on the coastal area, where we have a very large presence, and we've actually seen some early planning work coming out of that.

我最近看到加拿大政府對北極地區的國防和民用機構進行了大量投資。當然，過去幾個月來，格陵蘭島一直是人們關注的焦點，這引發了關於北美國家安全的更多討論，而且許多討論都將集中在該地區，即整個北極沿海地帶，我們在那裡擁有非常強大的軍事存在，我們實際上已經看到了一些早期的規劃工作。

And so that's been, I would say, contributing well. It's sort of in the middle to upper single digits, not quite where the UK and Ireland are, but I would say very strong in the upper end of the range that we've established. And Australia, you've heard words we're using like recovery, strengthening. I will say that it's been difficult. And not just for Tetra Tech, I have looked at other consulting and engineering firms, and it's been -- had their own challenges across the Australian and New Zealand activities.

所以，我認為這方面做了很好的貢獻。大概在個位數的中高段位，雖然還不及英國和愛爾蘭，但我認為在我們確定的範圍內，它處於非常強勁的高端水平。澳大利亞，你們可能已經聽到了我們使用的一些詞語，例如復甦、加強。我必須說，這很困難。而且不只是 Tetra Tech，我還檢視了其他顧問和工程公司，發現它們在澳洲和紐西蘭的業務也都面臨著各自的挑戰。

I would say a year ago, we were looking at sort of a minus 15% type numbers. So it was really offsetting a lot of the strength in the UK, Ireland and even a bit of Canada. We've seen that as predicted, it actually come back. Now I wouldn't say we're in a growth mode there yet. But going from minus 15 to 0 being flat feels pretty good.

我想說，一年前，我們面臨的大概是負15%左右的數字。因此，它實際上抵消了英國、愛爾蘭甚至加拿大的一些強勁勢頭。正如我們預測的那樣，它確實回來了。現在我並不認為我們那邊已經進入成長階段。但是從零下15度到零度平坦的感覺真不錯。

Now we may not be in the sunshine yet, but we're headed there. But when you go from minus 15 to 0, one, I like the trend, I said it the right way. And two, it's now actually not a headwind. And so if you take those, altogether, that's what -- where we put for the quarter. I think we're going to see a similar and improving performance out of Australia. I expect Canada is going to stay where it's at and maybe improve a bit more.

現在我們可能還沒有沐浴在陽光下，但我們正在朝著那個方向前進。但是，當從 -15 到 0 時，我喜歡這個趨勢，我說得沒錯。第二，現在這其實已經不是逆風了。所以，如果你把這些加起來，那就是——我們本季給出的結果。我認為澳洲的表現將會保持類似水平，並且還會不斷進步。我預期加拿大會維持現狀，或許還會略有進步。

And we don't have an expectation that we're going to be running -- I'm not going to call it red hot, but at really high levels out of the UK and Ireland because these much higher performance numbers will annualize, and you'll still see nice growth, but it should put us in a good position for performing well within that 5% to 10% growth rates that we forecasted that Roger presented just a few moments ago for international. I hope that's not too much detail, Tim.

我們並不期望在英國和愛爾蘭的業務會達到——我不會稱之為火爆，但會達到非常高的水平，因為這些更高的業績數字會逐年累積，你仍然會看到不錯的增長，但這應該能讓我們處於一個良好的位置，在羅傑剛才提出的國際業務5%到10%的增長率預測範圍內取得不錯的成績。提姆，希望我沒有說得太詳細。

No, Dan, I could talk to you all day about this. I want more detail. I want to learn more about what's happening in Canada. That sounds like a lot of exciting opportunities. I mean, I guess in the Arctic, is that -- what kind of work would you be doing there?

不，丹，我可以跟你聊一整天這個話題。我需要更多細節。我想更多地了解加拿大正在發生的事情。聽起來有很多令人興奮的機會。我的意思是，我想在北極，你會在那裡從事什麼樣的工作？

Is that like work around the ports and harbors and export terminals? What kind of -- sorry, I know this is a third question. I'm only supposed to ask two, but I'm just very curious.

那是指在港口、碼頭和出口碼頭附近工作？什麼類型的——抱歉，我知道這是第三個問題了。我本來只能問兩個問題，但我真的很好奇。

Yes, I'll just make a comment. I've said this before. I have to go back a few years in my career, my first year working with Tetra Tech, I worked in the Arctic. That was my first two years as an employee of Tetra Tech. I was mostly on the Alaska Arctic, but it went over to the Canadian as far as Tuktoyaktuk but there are no ports and harbors for navigable waterways for refueling or anything across the Arctic anywhere.

是的，我只想說幾句。我以前說過。我必須回顧我職業生涯中的幾年前，我在 Tetra Tech 工作的第一年，我在北極工作。那是我在 Tetra Tech 工作的前兩年。我主要在阿拉斯加北極地區活動，但也去了加拿大，最遠到了圖克托亞圖克，但是北極地區沒有任何港口和碼頭，無法通航加油或其他任何設施。

You can go short a little bit in a skiff or something. But this will actually be planning winter roads that will go up to the North Coast. By the way, the Ice Road Truckers television series highlights Tetra Tech's ice road clearance work. That's the work we do on the geotech work. So if you see very closely some of those slides, you'll see Tetra Tech or our field division's logos there.

你可以乘小艇之類的東西短途旅行。但實際上，這是在規劃通往北海岸的冬季道路。順便一提，《冰路卡車司機》電視系列節目重點介紹了 Tetra Tech 的冰路清理工作。這就是我們在岩土工程方面所做的工作。所以，如果你仔細觀察這些投影片，你會看到 Tetra Tech 或我們現場部門的標誌。

So this will be providing access roads up to the north and then building out ports and harbors and infrastructure facilities to allow navigational support across the Canadian and Alaskan Arctic. That's the type of work we'll be doing. And it's not just for civil. Of course, it's for trading routes, but it's also become, if you listen to the news recently, concerns regarding threats in the Arctic regarding naval facilities. And so all of a sudden, even in the last 30 days, we've seen Canadians put more priority on defense facilities across the Arctic.

因此，這將提供通往北部的道路，然後建造港口、碼頭和基礎設施，以便為加拿大和阿拉斯加北極地區的航行提供支援。這就是我們將要從事的工作類型。而且這不僅適用於民事領域。當然，這關係到貿易路線，但如果你最近關注新聞，你會發現它也引發了人們對北極海軍設施面臨威脅的擔憂。因此，在過去的30天裡，我們看到加拿大人更加重視北極地區的國防設施。

And other than the defense early warning systems, the early do line sites, there's nothing up there, and that was all air fly in. So all of this build-out, I think, is dead center for Tetra Tech and has left me pretty bullish on Canada.

除了國防預警系統、早期防禦線站點之外，上面什麼都沒有，而且那些都是空投進來的。所以我認為，所有這些建設都正中 Tetra Tech 的核心位置，也讓我對加拿大市場非常看好。

Sabahat Khan, RBC Capital Markets.

Sabahat Khan，加拿大皇家銀行資本市場。

Maybe just taking that commentary you just shared on the setup across the various regions. And how have you reflected the range of potential outcomes within your guidance? It sounds like at the very least, some of the markets are stabilizing, others might be accelerating. But just if you think about the range you've provided for full year revenue and earnings, what have you reflected in those assumptions across the range? Maybe just to bring all that together.

或許可以參考你剛剛分享的關於各個地區配置狀況的評論。您在指導中是如何體現各種可能的結果？聽起來至少有些市場正在穩定，而有些市場可能正在加速發展。但如果你仔細想想你給予的全年收入和獲利範圍，你在這些假設中體現了哪些內容呢？或許只是為了把所有這些連結起來。

Well, I would say midpoint, which I'm pleased to say is at the 9% that you saw on the revenue growth would assume the -- roughly the midpoints of the growth rates that Roger presented in each of our key client end markets. So -- and I think that's about what we see. Now what would take us to the low end? Obviously, our guidance isn't a single point. It's a range.

嗯，我會說中點，我很高興地說，就是你們看到的 9% 的收入成長率，這大致相當於 Roger 在我們每個主要客戶終端市場提出的成長率的中點。所以——我想這就是我們所看到的。那麼，什麼會讓我們跌到低階呢？顯然，我們的指導並非只有一個重點。這是一個範圍。

But we've not -- what we -- it would be embedded in the low point. What could cause it to be at the low end of that? Well, I regret to say that it's still possible we'll have a shutdown here within the next few days. We still don't have a bill pass. Although I will say our guidance has contemplated, it's certainly not in our range in Q2 as we speak to you today, that if there's a shutdown, it would take us to the lower end. I think the shutdown, if it does happen, will only be a partial shutdown. I'm pleased to say in the past few weeks, we've actually had appropriations signed off on a number of areas.

但是我們並沒有──我們所──它會深深地嵌入低谷之中。是什麼原因導致它處於較低水平？很遺憾，未來幾天內我們這裡仍有可能再次停工。我們仍然沒有通過法案。雖然我要說的是，我們已經考慮到了這一點，但就我們今天與您交談的第二季度而言，這肯定不在我們的預期範圍內，如果出現停工，我們的預期將會下降。我認為，如果真的發生停擺，也只會部分停擺。我很高興地告訴大家，在過去的幾周里，我們已經批准了多個領域的撥款。

So even though it's been impacted materially, EPA has been funded on out through the year. A number of others have been funded out through the year. The ones that have not been funded are defense and a few others. And we think that if there's a shutdown, it would only be partial. And much of the partial is not even for areas that we work in.

因此，儘管受到實質影響，環保署全年都獲得了資金支持。今年還有其他一些計畫獲得了資助。尚未獲得資金支持的項目包括國防和其他一些項目。我們認為，即使停工，也只會部分停工。而且其中許多部分甚至不是我們工作的地區。

So Homeland Security and others are really not affected by our client set. The areas we do, do work for defense are often considered essential services. And so even if they do shut down, we'll still remain at our post and at work. But nevertheless, I would say and things that would take us to the low end could be a shutdown or any other major disruption from this administration, whether it's a shutdown or I'd say continued significant volatility in things like tariffs or trading or things that actually are causing slowdown of decisions even on the commercial. We see a little impact on our state and local with respect to these federal activities and little on international.

因此，國土安全部和其他機構實際上並不受我們客戶群的影響。我們所從事的領域，以及為國防服務所做的工作，通常被視為必不可少的服務。所以即使他們真的關閉了，我們仍然會堅守崗位，繼續工作。但即便如此，我認為，導致我們陷入低谷的因素可能是政府停擺或本屆政府的任何其他重大干擾，無論是政府停擺，還是關稅或貿易等方面的持續劇烈波動，或者其他實際上導致商業決策放緩的因素。這些聯邦活動對我們州和地方的影響很小，對國際的影響也微乎其微。

But still, that represents the low end. On the high end, it would be we could have some bipartisan support. Now I know that may seem like a trip to Mars tomorrow. But hey, it is what we're hoping for. It is what we're expecting. And any type of bipartisan support on any of these large clients would put us, I think, toward the upper end. I think that would help accelerate our commercial work with respect to reshoring. I think it would help certainly with visibility that we expect coming in the year for federal government.

但即便如此，這仍然代表了最低水準。從理想情況來看，我們或許能獲得一些兩黨支持。我知道這聽起來可能像是明天去火星一樣遙遠。但是，這正是我們所希望的。正如我們所預期的。我認為，如果能在這些大客戶中獲得任何形式的兩黨支持，就能讓我們處於有利地位。我認為這將有助於加快我們在回流方面的商業工作。我認為這肯定有助於提高聯邦政府今年的透明度。

State and local, I expect to continue. And by the way, state and local has actually been funded from the federal government at a relatively full level. I know it's been an area of speculation and discussion that federal funding to state and local would be minimized or otherwise reduced. We've not seen that. In fact, it's really come out at a full level. And so -- and that includes state revolving funding includes with, the water infrastructure funding avenue.

我預計會繼續在州和地方層級工作。順便說一句，州和地方政府實際上已經從聯邦政府獲得了相對充足的資金。我知道一直以來都有人猜測和討論聯邦政府對州和地方政府的撥款將會減少或削減。我們還沒見過這種情況。事實上，它已經完全展現出來了。因此——包括州循環資金在內的水利基礎設施資金管道。

So any of those pickups, I think, would take us to the high end. And while we're not counting on it, we do have -- I don't want to use it to call it a wildcard, but we do have a card in our hand that continues to see funding. And it was one of the items that drove us well over the top end of our own guidance, which is funding on US State Department work, and that specifically means Ukraine.

所以我覺得，任何一款拾音器都能把我們帶到高階市場。雖然我們並不指望它，但我們確實有一張牌——我不想用“王牌”這個詞來形容它，但我們確實有一張牌，它一直在獲得資金支持。而正是這件事讓我們遠遠超出了我們自己制定的指導方針的最高限額，即美國國務院的工作經費，這尤其意味著對烏克蘭的資助。

So it is possible that, that could actually see more work on the power engineering side, which is what we do there, and that could actually take it and drive it to the upper end or even higher.

因此，這實際上可能會促使我們在電力工程方面投入更多精力，而這正是我們所做的事情，這實際上可能會將其推向更高水平甚至更高。

Great. And then there's a bit of discussion on this call in your slide deck about the balance sheet capacity, the focus on M&A. If you can maybe just talk about whether there's maybe a bit more of an enhanced focus on the inorganic opportunities. Is your sort of new role that you're transitioning to maybe a bit focused on them? Maybe just talk us through the views on M&A, type, and size of assets you might be interested in and your potential involvement on sort of the strategic stuff and the role that you're transition to?

偉大的。然後，你的投影片中也討論了一些關於資產負債表能力、併購重點等的內容。能否請您談談，公司是否會更重視非有機成長機會？你即將轉任的新職位是否與他們有些關聯？或許您可以談談您對併購的看法，您感興趣的資產類型和規模，以及您可能參與的策略方面的內容和您正在過渡到的角色？

Yes. That's a good question, Saba. So Steve has generated a bank account for me with checkbook. And I will say this will be the last call that I'll be presenting as the Chief Executive Officer, CEO, responsible for day-to-day operations for the company and strategy and vision and direction. I personally want to make just a brief comment on this through my journey starting here as a field technician and field engineer to my role today, I've never felt it as a chore or an obligation to work in the details of the project.

是的。薩巴，你問得好。所以史蒂夫已經為我開設了一個有支票簿的銀行帳戶。我還要說，這將是我作為執行長（CEO）最後一次發表講話，我將負責公司的日常營運、策略、願景和方向。就我個人而言，我想就此簡單談談我的經驗。從我最初擔任現場技術員和現場工程師，到如今擔任這個職位，我從未覺得參與專案的細節工作是苦差事或義務。

Frankly, that's my first love. If I can go out on a project site or meet with a client, I still call and talk to individuals on a daily basis, and we'll continue to do that up until February 19, our shareholders' meeting. But I will say that, that level of extreme detail in the day-to-day operations of the company, I am transitioning to Roger. And Roger has been doing much of that for a while now.

坦白說，那是我最愛的東西。如果我可以去專案現場或與客戶會面，我仍然每天都會打電話與個人交談，我們將繼續這樣做，直到 2 月 19 日的股東大會。但我要說的是，公司日常營運中那種極其細緻的程度，我正在把它移交給羅傑。羅傑在這方面已經做了很久了。

And what I'm hoping to do then is through my tenure in this role, which is now in its 21 year, I actually do have a lot of colleagues and friends in the industry from teaming partners and competitors and even individuals that grew up in similar positions as I did that are now CEOs and Chairman of other key companies. And I hold many of them in the highest regard.

我希望在我擔任這個職務的 21 年間，能夠結識很多業內同事和朋友，包括合作夥伴、競爭對手，甚至還有一些和我一樣從小就擔任類似職位的人，他們現在已經成為其他重要公司的首席執行官和董事長。我對他們中的許多人都非常敬重。

And I actually would like to spend more of my time on what I would consider needle-moving trying not to use the word big game hunting because it's not a predatory move, but how we can actually partner with some of our biggest peers out in the market to change the market by them joining Tetra Tech and finding things that finding combinations that are good under strategy that will help transform this industry, that will make Tetra Tech and our partners better than ever and actually set a new high bar that nobody has envisioned yet. And that's what I'm going to focus my time on.

實際上，我更想把更多的時間花在我認為能帶來實質性改變的事情上，盡量避免使用“獵殺大型獵物”這個詞，因為這不是掠奪性的做法，而是我們如何才能與市場上一些最大的同行合作，通過他們加入 Tetra Tech 來改變市場，找到一些在戰略下行之有效的組合，這將有助於改變這個行業，使 Tetra Tech 和我們以往的任何時候都更加強大。這就是我接下來要集中精力做的事情。

And Steve's establishment of -- by the way, the $2 billion is what we can go essentially get tomorrow with just within our revolver. The actual ceiling is substantially higher if you begin considering access to equity and other financing means that are available to Tetra Tech. And so I want to spend my time actually more on vision and direction in combinations with other partners out there that will help transform this industry.

順便說一句，史蒂夫建立的這套體系——20億美元，基本上就是我們明天僅憑循環信貸額度就能獲得的金額。如果考慮 Tetra Tech 可獲得的股權和其他融資方式，實際上限要高得多。因此，我希望將更多的時間花在願景和方向上，並與其他合作夥伴攜手，共同推動這個產業的改變。

And that's where I'm excited about it. I haven't had as much time to spend in that area as I think I could or should have. Nobody does everything perfect all the time. And I would think that acquisitions that have made a difference for Tetra Tech like Coffey and White Young Green, WYG and RPS, I would hope would only be the beginning of what we can see in our future.

這就是我感到興奮的地方。我覺得我應該花更多時間在這個領域，但我沒有。沒有人能永遠做到完美。而且我認為，像 Coffey 和 White Young Green (WYG) 以及 RPS 這樣對 Tetra Tech 產生重大影響的收購，我希望只是我們未來發展的一個開始。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc 資本市場。

So Dan, I have to follow up on that M&A discussion that you just had. As Steve pointed out, you've rarely ever gone above like two turns even with RPS. So four seems very high. I just want to understand what type of opportunity would take you -- would make you feel comfortable going that high? And are we thinking a single opportunity that's $2 billion or a sequence of such transactions that takes you up to four times?

丹，我得跟進一下你剛才提到的併購話題。正如史蒂夫指出的那樣，即使使用 RPS，你很少會超過兩圈。所以四這個數字看起來很高。我只是想了解什麼樣的機會才能讓你覺得願意去那麼高的地方發展？我們指的是一次價值 20 億美元的單一機會，還是一系列此類交易，最終價值可達四倍？

Well, I think it could be either, although I would say, generally speaking, I anticipate something that would take us up to the four-- leverage of four would be for something that is larger and actually required more of a -- more capital available. Now I will say that if you begin thinking about two, it is interesting. Most of the opportunities that we've identified are sourced through our Tetra Tech teaming partners, subcontractors, JV partners. And I think that we have well within the one to two, the ability to continue with the bolt-ons that we've been doing.

嗯，我認為兩者都有可能，不過總的來說，我預計槓桿率達到四倍的項目規模更大，實際上需要更多可用資金。現在我想說，如果你開始思考兩個人，那就很有意思了。我們發現的大部分機會都來自我們的 Tetra Tech 團隊合作夥伴、分包商和合資夥伴。我認為我們完全有能力在一到兩年內繼續進行我們一直在做的附加改造。

So we've targeted, Steve, specifically targeted in our Investor Day of May of 2024, a 4% to 5% revenue contribution, which we can do that through M&A and really stay at a 1% or even below. I think we've talked about because of the USA removal from our portfolio, again, not because of anything we've done, but we could take that number and move it up to essentially double that up to 6%, 7%, even 8% and still be within the 1% to 2%.

所以，史蒂夫，我們在 2024 年 5 月的投資者日上明確提出了 4% 到 5% 的收入貢獻目標，我們可以透過併購來實現這一目標，而實際貢獻率可能只有 1% 甚至更低。我認為我們已經討論過，由於美國從我們的投資組合中移除，再次強調，這並不是因為我們做了什麼，但我們可以將這個數字提高到 6%、7% 甚至 8%，仍然保持在 1% 到 2% 的範圍內。

What I'm talking about, what we're talking about is something that would be strategic and actually help change the direction and frankly, valuation for our shareholders. And I would expect it to be accretive. And any time we would get anywhere toward the upper end of four, I think you would see it very similar to Steve's chart during the prepared remarks that we deleverage quite quickly.

我所說的，我們正在談論的是一些具有策略意義的事情，這些事情實際上有助於改變公司的發展方向，坦白說，也能提升股東的估值。我預計它會是累進的。任何時候，只要我們接近 4 的上限，我認為你就會發現它與史蒂夫在準備好的演講稿中展示的圖表非常相似，那就是我們很快就會去槓桿化。

So it's not a new location that we would reside for very long, but it is something we could do very easily with almost no time expended in that. Whereas if you're talking about a lower leverage, now you're talking about, which seems to be pretty common in the industry, but not with Tetra Tech, we haven't diluted our shareholders at all.

所以這不是一個我們會長期居住的新地方，但我們幾乎不用花任何時間就能輕鬆做到這一點。但如果你指的是較低的槓桿率，這在業界似乎很常見，但 Tetra Tech 並​​非如此，我們根本沒有稀釋股東權益。

We've done many, many different acquisitions, including those ones up toward $1 billion in annual revenue and not issued any equity or diluted our shareholders, and we brought the leverage down. So I would expect the scenario that Steve had outlined in his presentation is simply how we would use cash, which is the lowest cost of capital for our shareholders, particularly at the interest rates that exist today. So no, it's not turning up a lot more small ones. I think the small ones will continue as you've seen.

我們進行了許多不同的收購，包括年收入高達 10 億美元的收購，而且沒有發行任何股權或稀釋股東權益，我們降低了槓桿率。因此，我認為史蒂夫在演講中概述的情景，就是我們將如何使用現金，現金是股東最低的資本成本，尤其是在目前的利率水準下。所以，並沒有發現更多的小問題。我認為小規模的衝突還會持續下去，正如你所看到的。

And I'm glad to report that since our last investor call, which was, I don't know, just a little over 60 days ago because the last call was the end of our fiscal year. So it wasn't really that long ago, we've announced two acquisitions. And I think some have asked, wow, do you actually have anything in play?

我很高興地報告，自從我們上次投資者電話會議以來（我不知道，大概是60多天前，因為上次電話會議是我們財政年度的結束），情況發生了變化。所以其實沒多久，我們就宣布了兩項收購。我想有些人可能會問，哇，你們真的有什麼計畫嗎？

And we said, well, we'll announce them when they're there. But I'm glad to announce Halvik at 600 people. You've got Providence at just over 100 people. And so those fit right in our numbers that we've talked about between 100 and 1,000 people and expect that type of cadence to continue. But that is not what's going to drive us up to the four.

我們說，到時候我們會宣布的。但我很高興地宣布 Halvik 已有 600 名員工。普羅維登斯鎮只有一百多人。因此，這些數字與我們之前討論過的 100 到 1000 人之間的數字完全吻合，我們預計這種節奏將繼續下去。但這並不是我們能夠晉級第四名的原因。

It would be something more material. And I don't want to go so far as to say transformational, but I'll use the word something more material.

那會是一些更物質的東西。我不想用「變革性」這個詞，但我會用一個更具體、更貼切的詞來形容。

Got it. Helpful. And then on the Halvik and Providence acquisitions, on your cash flow statement, I see that you also divested some assets. So I just kind of want to understand what you sold and if there was any revenue associated with that sale and what's the purchase price for those two transactions?

知道了。很有幫助。然後，關於 Halvik 和 Providence 的收購，從你們的現金流量表中，我看到你們也剝離了一些資產。所以我想了解你賣了什麼，這些銷售是否有任何收入，以及這兩筆交易的購買價格是多少？

Yes. So in the first-quarter, as we announced back in the fourth-quarter, we held for sale or we had for sale our Norway operation that came to us with the RPS acquisition. And we determined that it was non-core and really didn't fit with the rest of Tetra Tech in any meaningful way. So we sold our Norway operation in early December and that's what you see in terms of what's sitting on the cash flow statement.

是的。因此，正如我們在第四季度宣布的那樣，在第一季度，我們保留了待售或已經出售了我們在挪威的業務，該業務是我們在收購 RPS 時獲得的。我們認定它是非核心業務，與 Tetra Tech 的其他業務沒有任何實質的聯繫。因此，我們在 12 月初出售了我們在挪威的業務，這就是您在現金流量表上看到的金額。

I'll just make one comment on that, Sangita. As we see it, that was closed right before Christmas. I'll also make a note that our backlog that you saw was down 1.8% year-over-year, also included our taking out the backlog that was included in the Norway operation. So it's not all apples and apples. That reduction wasn't -- if you actually added that in for a fair comparison from a year ago because our Norway operation was included in it last year.

桑吉塔，關於這一點，我只想說一句。據我們所知，那家店在聖誕節前夕關門了。我還要補充一點，您看到的積壓訂單年減了 1.8%，其中也包括我們剔除了挪威業務的積壓訂單。所以，兩者並非完全一樣。如果把去年的挪威業務也算進去，以便與一年前進行公平的比較，那麼這個降幅就不是那麼明顯了。

So -- but the -- if you take a look at what Halvik, which came in, in January, mid-to-late January, and you take a look at the Norwegian operations with respect to contribute revenue, yes. And in fact, the annual numbers are pretty close. So we see that the withdrawal of our Norwegian operation and the put of Halvik roughly offset each other. So don't add too much into our consensus number for Halvik because we do have the offset for Norway.

所以——但是——如果你看看 Halvik，它是在 1 月中下旬加入的，再看看挪威的業務對收入的貢獻，是的。事實上，年度數字非常接近。因此，我們可以看到，我們撤出挪威業務和出售 Halvik 大致相互抵消了。所以不要在我們對哈爾維克的共識數字中加入太多，因為我們有挪威的抵銷。

Andy Wittmann, Baird.

安迪‧維特曼，貝爾德。

Okay. Roger, congratulations on the promotion. And Dan, it's been a pleasure. I know you're not going far, but since we won't have you on this call, you will be missed. So my question, I guess, is a clarification, just kind of building off the last question.

好的。羅傑，祝賀你升職。丹，和你合作非常愉快。我知道你不會走遠，但既然這次通話你不在，我們會想念你的。所以，我的問題，我想，是一個澄清，算是對上一個問題的補充。

My first impression here was that your guidance on an organic basis was largely unchanged. My thought was that -- and you beat the quarter or it was over the -- you beat the revenue, the guidance, you beat the EPS guidance, and it kind of felt like you passed that through to the year, but the balance of the year kind of felt unchanged was my original assessment. I don't know if that's right or wrong.

我的第一印像是，你們在有機種植方面的指導方針基本上沒有改變。我的想法是——如果你季度業績超支，或者說營收、業績指引、每股收益都超過了預期，感覺就像你把這些業績延續到了全年，但今年剩餘的時間裡，業績似乎並沒有發生變化，這就是我最初的評估。我不知道這樣做是對是錯。

So I was hoping you could address that. I thought the Halvik acquisition was -- explained most of the revenue delta beyond the beat in the quarter. But maybe, Steve, you want to address that one? And if I'm wrong here, please do clarify any other contributors to the -- or the significance of the contributor of Ukraine would also be interesting to know at least its impact on the quarter and how you're thinking about that in your consideration for guidance.

所以，我希望您能解答這個問題。我認為收購 Halvik 解釋了本季營收超出預期之外的大部分收入差異。不過，史蒂夫，或許你想談談這個問題？如果我理解有誤，請澄清其他貢獻者——或者烏克蘭貢獻者的重要性，至少了解其對本季度的影響，以及您在製定業績指引時如何考慮這一點，也很有趣。

Yes. You got that about right, Andy. It's -- our revised guidance for the year, which increased in terms of net revenue and EPS did take into account our Q1 beat, and that's the adjusted EPS, not the $0.40 with the onetime gains from the sale and other stuff. So the net revenue does reflect our Q1 beat. And as Dan talked about, some of that came from more USA work, but also more from our international business.

是的。安迪，你說的基本沒錯。這是我們修訂後的年度業績預期，淨收入和每股收益均有所增長，其中已考慮了我們第一季業績超預期的情況。這是調整後的每股收益，而不是包含一次性銷售收益和其他因素的 0.40 美元。因此，淨收入確實反映了我們第一季業績超出預期。正如丹所說，其中一些來自更多的美國業務，但也來自我們的國際業務。

And then on a go-forward basis, we did account for a little bit of that increase from Halvik a little bit. But as Dan also discussed, we had a disposition that took our net revenue down a little bit from the sale of our Norway operation. So I think what you see in terms of our guidance for net revenue and EPS is higher than what we originally came out with. And -- but within that range pretty much encompasses a lot of the things that Dan was talking about earlier and in this Q&A with some of the different puts and takes that we're -- we still need to consider for the rest of this year.

然後，展望未來，我們也考慮了 Halvik 帶來的部分成長。但正如丹也討論過的那樣，我們出售挪威業務導致我們的淨收入略有下降。所以我認為，你們看到的我們對淨收入和每股盈餘的預期都高於我們最初給出的預期。而且——但在這個範圍內，基本上涵蓋了丹之前在問答中談到的許多事情，以及我們——在今年剩下的時間裡仍然需要考慮的一些不同的觀點和看法。

Okay. Great. Then just for my follow-up, I wanted to ask about the opportunities in real three submarkets, so one question, three parts. But these are all topical areas that I think the investment community is thinking a lot about today. So the things that I was hoping you could address, Dan, would be nuclear permitting.

好的。偉大的。然後，作為我的後續問題，我想詢問三個實際子市場的機會，所以一個問題，三個部分。但我認為這些都是目前投資界正在熱議的話題。所以，丹，我希望你能談談核能許可的問題。

We saw that there was a press release that you announced that came out for helping permit Nukes along with Westinghouse and kind of a terms of agreement there. Just wondering kind of time frame, opportunity set there. Then lots of -- you guys have been a very good provider for the FAA over the years.

我們看到您發布了一份新聞稿，宣布與西屋公司合作，協助批准核能建設，並達成了一項協議條款。只是想了解大概的時間範圍和機會安排。然後還有很多——多年來，你們一直是美國聯邦航空管理局非常好的供應商。

And obviously, with the modernization that's going on out there, I was just wondering if Tetra Tech -- you think that Tetra Tech has a credible chance at a role as a subcontractor now that the prime has been announced there. And then also, I think people are wondering about the SHIELD contract that went out there and what kind of scope and role contract, please?

顯然，隨著現代化進程的推進，我只是想知道，既然主承包商已經公佈，你認為 Tetra Tech 是否有可能成為分包商？另外，我認為大家可能也想知道神盾局的合約內容，以及合約的範圍和角色是什麼？

Well, fortunately, Andy, I'm quite familiar with all three of those contracts. So the first one, let me just clarify, that was a press release sent not out by us by Westinghouse. So that was not Tetra Tech press release at all. Now we were very flattered that they included us prominently in this. This is work for Canada. It's a memorandum of understanding an MOU between us and Westinghouse.

幸運的是，安迪，我對這三份合約都非常熟悉。所以，讓我澄清一下，第一份新聞稿並非由我們發布，而是由西屋公司發布的。所以那根本不是 Tetra Tech 的新聞稿。他們如此重視我們，讓我們感到非常榮幸。這是為加拿大工作。這是我們與西屋公司之間的諒解備忘錄（MOU）。

There's a couple of other parties also part of this. And this is for really a continuation, including new build for nuclear power generation as part of the clean energy in Canada. And it's in Ontario, we've had a great relationship with the actual power generation owners like the Bruce and OPG and others up there.

還有其他幾個方面也參與其中。這其實是加拿大清潔能源計畫的延續，包括新建核電廠。而且它位於安大略省，我們與當地的發電企業，如布魯斯電力公司、安大略電力公司等，都保持著良好的關係。

And I think this is going to continue what we've been doing because we do, do the engineering, not just the permitting, but we actually do the engineering portions for some of the cooling systems and other items with respect to water handling, pumps, valves and other items associated with the water movement systems up there. And so this is new activities with respect to new build, and I think it will just continue what we've been doing up there with an incremental upside.

我認為這將延續我們一直在做的事情，因為我們不僅負責審批，還負責一些冷卻系統和其他與水處理、水泵、閥門以及與那裡的水流動系統相關的其他項目的工程設計部分。因此，這是新建專案的新活動，我認為它將延續我們一直在做的工作，並在此基礎上逐步提升。

So that's what that is. So I would say, yes, don't take a look -- don't look for a huge step function. No, we're not going to go from -- it's not going to materially change our outlook in 2026, but it's going to continue to support our outlook in 2026, and we'll see how it grows even more in '27.

原來如此。所以我會說，是的，不要去看——不要尋找巨大的階躍函數。不，我們不會——這不會實質地改變我們對 2026 年的展望，但它將繼續支持我們對 2026 年的展望，我們將看看它在 2027 年如何進一步增長。

FAA, the integrator contract, we were never a prime. We do a lot of work on the communication system. We're very close in the meetings with the integrator and of course, where we sit as a technical adviser to the FAA on this type of work. They have committed funds for radar and other hardware and systems that have now been deployed or put in place by the FAA for the integrator contract. It does take time to produce those.

FAA（美國聯邦航空管理局）是整合商合約方，我們從來都不是主承包商。我們在通訊系統方面做了很多工作。我們與整合商的會議非常密切，當然，我們也作為技術顧問為美國聯邦航空管理局 (FAA) 提供此類工作。他們已承諾為雷達和其他硬體及系統提供資金，這些硬體和系統現在已由美國聯邦航空管理局根據整合商合約部署或安裝到位。製作這些確實需要時間。

We would be a great choice to actually assist in the implementation and deployment of those. No, we won't be driving the trucks that haul them out to the locations, but we will actually be helping with respect to how are they going to be integrated, how are they going to be plugged in, so to speak? How are they going to have power to them? How are you going to have security access to all these facilities because we're at all these locations. And in fact, we did some of the roll out of some of the space-based telecommunication systems in Alaska going back about a year ago that were put out as sort of a first trial.

我們將是協助實施和部署這些專案的絕佳選擇。不，我們不會親自駕駛卡車將它們運送到目的地，但我們將協助解決如何整合它們、如何將它們連接到系統等問題。他們要如何才能獲得權力？你們打算如何確保所有這些設施的安全准入？因為我們在所有這些地點都有業務。事實上，大約一年前，我們在阿拉斯加推出了一些天基電信系統，作為初步試驗。

So that's an example where FAA came directly to us. So it seems to us, we're a great choice. We're there. But I think you're not going to do that until such time as the hardware is available for deployment. And while I'm not -- we're not familiar with the exact time schedule of that, we think that's not a 2026, at least our fiscal year '26 item, but we do think it's a good opportunity for 2027.

所以，這是美國聯邦航空管理局直接聯絡我們的一個例子。所以在我們看來，我們是一個絕佳的選擇。我們到了。但我認為，在硬體可供部署之前，你們不會這樣做。雖然我不太清楚——我們也不熟悉具體的時間表，但我們認為這至少不是 2026 年的項目，至少不是我們 2026 財年的項目，但我們確實認為這是 2027 年的好機會。

I have been asked, don't you get started today in 2026 and do all of the front-end work so it can be ready to go when it shows up in '27. We've had those discussions. And if you're not going to do it the way FAA does it, if it's going to be a new day with the integrator contract with somebody who's new to the process, a lot of it becomes just-in-time planning so that you can be very efficient with respect to your spending. So it's not, let's start now nine months in advance or a year in advance. Let's do it as it gets closer to delivery.

有人問我，為什麼不從 2026 年就開始著手準備，把所有前期工作都做完，這樣到 2027 年就能立即投入使用了。我們已經討論過這些問題了。如果你不打算按照美國聯邦航空管理局 (FAA) 的方式來做，如果與一個對流程不熟悉的整合商簽訂新的合同，那麼很多事情就變成了臨時計劃，這樣你才能在支出方面非常高效。所以，這並不是說我們要提早九個月或一年開始。臨近交貨日期的時候我們再做吧。

So I expect that opportunity to be more material for us and potentially material in numbers, too, dollars, but I think it's a 2027 fiscal year item. And finally, the SHIELD, we issued a press release three weeks ago on the SHIELD contract. It's $151 billion, I'll call it, down payment on what might be a golden dome. There are -- let me put this in context. The US government has issued these contracts to individuals and companies that could possibly support this activity in any and all areas. And the number of contracts that people hold, the number ranges in excess of 2,000. So first of all, is the Tetra Tech 1 of 1? No. Are we 1 of 10?

所以我預計這個機會對我們來說會更加重要，而且在金額上可能非常重要，但我認為這是 2027 財年的項目。最後，關於 SHIELD 計劃，我們三週前發布了關於 SHIELD 合約的新聞稿。我姑且稱之為1,510億美元的首付款，這筆錢或許是為一座金色圓頂建築支付的。有——讓我解釋一下背景。美國政府已向可能在任何領域支持這項活動的個人和公司發放了這些合約。人們持有的合約數量超過 2000 份。首先，Tetra Tech 是 1/1 嗎？不。我們是十個中的一個嗎？

No. We're 1 of 2,000, and I think it's close to 2,100 or 2,200. Now the work we would do, and we've done this for the Department of Defense and the government in the past. We frankly are the upfront planners in the environmental permitters. And I would call it overall, the environmental stewards of any plan that might be put in place.

不。我們是 2000 家公司中的一家，我認為實際數字接近 2100 或 2200。現在我們要做的事情，我們過去也曾為國防部和政府做過。坦白說，我們是環境許可審批中的前期規劃者。總的來說，我認為任何可能實施的計畫都應該由環境管理者來負責。

Whether or not something is deployed or not, time will tell. But the first thing that would have to be done is if you're going to have remote sensing or remote monitoring or remote locations, it starts with a planning document and where would it be? And is it going to go across the wetland? Is it going to go across National Park? Does it even have access to it? How would you get there?

最終是否部署，時間會證明一切。但首先要做的是，如果你要進行遙感、遠端監控或遠端部署，那麼首先要製定一份規劃文件，並確定部署地點在哪裡？它會穿過濕地嗎？它會穿過國家公園嗎？它有權限存取嗎？你會怎麼去那裡？

All of those have environmental impacts, both to local communities, state and federal and frankly, in some instances with this, even international implications because of the stretch of covering much of North America, there's issues that you would need to have big presence in places like Canada and the North.

所有這些都會對環境產生影響，無論是對當地社區、州還是聯邦，坦白說，在某些情況下，甚至會產生國際影響，因為該計畫涵蓋了北美的大部分地區，這需要在加拿大和北方等地擁有強大的影響力。

It sounds like you're talking about Tetra Tech. So we would do a lot of work. And in fact, I was commenting to somebody here at Tetra Tech our Chief Engineer here at Tetra Tech, you can see them on our website, Dr. Bill Brownley, PhD. Caltech, world famous civil engineer, was our program manager back in the 1980s when he led that program. He's still here. I actually did some work on it on a mobile Rail Garrison program was Tetra Tech's biggest contract by far. And it's where we did the environmental assessment, monitoring potential environmental impacts.

聽起來你指的是 Tetra Tech 公司。所以我們會做很多工作。事實上，我當時正在和 Tetra Tech 的一位同事——我們的首席工程師 Bill Brownley 博士（您可以在我們的網站上看到他）——討論這個問題。加州理工學院，這位世界著名的土木工程師，在 20 世紀 80 年代擔任我們的專案經理，當時他領導了這個專案。他還在。實際上，我參與過一個移動鐵路駐軍項目，那是 Tetra Tech 迄今為止最大的合約。我們正是在這裡進行了環境評估，監測潛在的環境影響。

Nothing ever got deployed, but it was an enormous contract. And there's a lot of aspects of this program that could be similar long before it ever gets deployed. So I think it is something that has to get out of contemplation. But if it moves forward, I think Tetra Tech could be from an environmental stewardship perspective, one of the first to participate in the program. And offline, I can give a lot more detail on all three.

雖然最終沒有部署任何東西，但這卻是一份數額巨大的合約。而且，這個專案在正式部署之前，很多方面都可能已經變得相似了。所以我覺得這件事必須從思考中解決。但如果該計劃得以推進，我認為從環境管理的角度來看，Tetra Tech 可能是首批參與該計劃的公司之一。私下里，我可以更詳細地介紹這三點。

I don't think I probably went too long on those three already. So -- but thank you, Andy.

我覺得我在這三個問題上可能還沒花太久。所以——不過還是要謝謝你，安迪。

Michael Dudas, Vertical Research Partners.

Michael Dudas，Vertical Research Partners。

Dan, on a historic run you put forth. Congratulations.

丹，你創造了歷史性的佳績。恭喜。

Thank you very much, Michael. Thank you.

非常感謝你，麥可。謝謝。

And plus, this is your last call, Dan. You can pretty talk for as much as you'd like. I mean who's going to what to do, right?

還有，丹，這是你最後一次打電話了。你可以盡情地誇誇其談。我的意思是，誰來做這件事？對吧？

Our CFO is going to pull the plug on me.

我們的財務長要解僱我了。

He is that kind of guy right now. Yes, just quickly, just a follow-up on your discussion on M&A and capital allocation moving forward. Talking about all this capacity and all the opportunities, the pipeline seems pretty full, and there's a lot of chances -- as you think about your business mix of revenues with 45% international and the mix you have in your other three customer bases and also in your exposure in the water and water-related areas, as you evolve in the next few years, are those going to change dramatically? Do you feel like you need less or more international exposure? Does it -- are you agnostic towards it?

他現在就是那種人。是的，簡單問一下，關於您剛才討論的併購和未來資本配置方面的問題，我想補充一點。談到所有這些產能和所有機會，專案儲備似乎相當充足，而且有很多機會——考慮到你的業務收入組成（其中 45% 來自國際市場），以及你在其他三個客戶群體中的收入組成，還有你在水和水相關領域的業務，隨著你在未來幾年的發展，這些會發生巨大的變化嗎？你覺得自己需要減少還是增加國際交流機會？你對此持不可知論態度嗎？

And also on your exposure with the growing global TAM of water, are there other areas you want to be more and less involved in? I just want to get a sense of that as we monitor your actions over the next several quarters?

另外，鑑於您在全球水資源市場中日益增長的潛在需求，您是否希望更多地參與或減少參與其他領域的相關事務？我只是想在接下來的幾個季度裡，透過觀察你們的行動，來了解一下情況。

Yes, that's a great question. I will, first of all, start with the word agnostic. I am not overly partial to US over the UK, over Canada, over Australia, over Ireland or New Zealand. We really want to follow our clients where their priorities are and where we can make a difference, and we can provide them solutions that nobody else can.

是的，這是一個很好的問題。首先，我將從「不可知論者」這個詞開始。我並沒有特別偏愛美國勝過英國、加拿大、澳洲、愛爾蘭或紐西蘭。我們真心希望跟隨客戶的腳步，專注於他們的優先事項，並在我們能夠發揮作用的地方提供幫助，為他們提供其他任何人都無法提供的解決方案。

And for some have asked me legitimately, there's been so much volatility with the US Federal government. Why don't you just go international and get away from the volatility and the uncertainty that seems to have been present, including the government shutdown this last quarter. And my comment is it's still the largest client in the world by far, not by a little bit by far. So I don't expect and we've been a support -- we are agnostic with respect to geographies and frankly, political parties.

有些人確實問過我，美國聯邦政府的動盪局勢確實很大。為什麼不乾脆走向國際市場，擺脫目前存在的動盪和不確定性，包括上個季度政府停擺的影響呢？我的評論是，它仍然是迄今為止世界上最大的客戶，而且遙遙領先，不是一點點。所以我並不期望，而且我們一直都支持——我們對地理位置和坦白說，對政黨都持開放態度。

We're here to solve the problems for our clients where we're an expert. And our job is to actually further their successes in areas associated with clean water, flood control, clean environment, sustainable infrastructure. And I would add the word resilient so that it doesn't get knocked down the next fire, flood, tornado, ice storm that it's unimpacted. And much of the work and I would tell you our resume, when we go there, it's not just our price.

我們致力於為客戶解決我們擅長領域的難題。我們的工作是進一步鞏固他們在清潔用水、防洪、清潔環境、永續基礎設施等領域取得的成功。我還要加上「堅韌」這個詞，這樣它就不會在下一次火災、洪水、龍捲風、冰暴中被摧毀，而是毫髮無損。而且，當我們去那裡的時候，我還會告訴你我們的履歷，這不僅僅是我們的價格。

Our resume is the inner harbor navigational channel that we designed, the largest sea barrier, flood barrier the United States has ever constructed and in fact, one of the largest in the world has now withstood a dozen storms, including those approaching or equal to the size of Katrina and protected New Orleans.

我們的履歷是我們設計的內港航道，它是美國有史以來建造的最大海堤和防洪堤，事實上，它也是世界上最大的海堤和防洪堤之一，它已經經受住了十幾次風暴的考驗，其中包括一些接近或等於卡特里娜颶風規模的風暴，保護了新奧爾良。

Our resume is our work product, and that supports everyone in any of those locations. So if they have a priority as a government, we want to work for them. The 45%, I know we were 48% this last quarter, international. That seems to feel about right. I don't necessarily see it going over 50%.

我們的履歷就是我們的工作成果，它能為所有身處不同地點的人提供支持。所以，如果他們作為政府有優先事項，我們就願意為他們工作。我知道上個季度國際業務佔比是 48%，也就是 45%。感覺差不多就是這樣。我並不認為它會超過50%。

But if, in fact, if more funds are put toward that type of work in places like, I will call it at this time, the very large English-speaking Commonwealth countries. So Australia, Canada, the UK, Ireland, NZ, and EU will be there to support them and frankly, for better outcomes for them, including the United States. So extremely agnostic, but we want to follow our clients who put these as a priority for them and have funding that will have better outcomes for their communities and their countries. I do think we're going to stay water. My comment on water is not going out of style.

但是，如果，事實上，如果將更多資金投入到像，我暫且稱之為，非常大的英語國家英聯邦這樣的地方，從事這類工作。因此，澳洲、加拿大、英國、愛爾蘭、紐西蘭和歐盟將支持他們，坦白說，是為了他們（包括美國）取得更好的結果。因此，我們採取極其開放的態度，但我們希望跟隨那些將這些作為優先事項並擁有能夠為他們的社區和國家帶來更好結果的資金的客戶。我認為我們最終還是會留在水邊。我對水的評論不會過時。

I really believe that. I really, really believe that. You've heard me going back to our Investor Day 2024 in May, and I talked about these being trends or macro trends that are measured in decades, not years. And so any volatility that we would see here, we're going to navigate as we have this last year. And -- but I'll tell you, in the long term, I believe the supply of water, the protection of our coastlines and the environmental landscape, both for our current citizens and for the children are going to be of higher demand than ever before.

我真的相信這一點。我真的真的相信這一點。你們都聽我說過，早在五月的 2024 年投資者日上，我就談到過這些趨勢或宏觀趨勢是以十年而不是年來衡量的。因此，我們將像去年一樣應對這裡可能出現的任何波動。但我可以告訴你，從長遠來看，我相信，無論是對我們現在的公民還是對子孫後代而言，供水、保護我們的海岸線和環境景觀的需求都將比以往任何時候都更高。

And for those that would say, I see this administration or I see this given geopolitical decision that's deemphasizing it. My comment is that just means there's more to clean up and more to provide for tomorrow. So I've had this item on coastal protection all the way back in Katrina when I was in this role was you can pay me now or you can pay me later. And I prefer that we do the work now to protect our citizens and our communities. But if you don't want to do it, I'll tell you what, it's still going to have to be done later.

而有些人會說，我看到本屆政府或某些地緣政治決定正在淡化這一點。我的評論是，這意味著我們需要清理的東西更多，需要為明天準備的東西也更多。所以，早在卡崔娜颶風期間，我擔任這個職位時，我就一直關注海岸保護問題，當時的問題是，你可以現在付錢給我，也可以以後付錢給我。我更希望我們現在就著手保護我們的公民和社區。但如果你不想做，我告訴你，以後還是要做。

And I'll tell you, I don't see a substitute for that at all. So I think we're in the right spot. It builds on a legacy of 60 years now. And one thing for sure about -- and I am talking too long, but the people you're going to talk to after me are better, brighter, smarter, more energetic and more forward-looking than I. So the best years of Tetra Tech for sure, are to come.

我告訴你，我完全看不到任何可以取代它的東西。所以我覺得我們現在的位置很適合。它建立在60年的歷史傳承之上。還有一點可以肯定──我知道我有點囉嗦了──但你們接下來要接觸的人比我更優秀、更聰明、更有活力、更有遠見。所以，Tetra Tech 最輝煌的時期肯定還在後頭。

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

問答環節到此結束。現在我將把會議交還給丹·巴特拉克，讓他做總結發言。

Well, thank you very much, Diego, and thank you all for attending the call today, both those that asked questions and that just attended to listen in. Thank you very much for each of the questions from our analysts. I have great questions, and thank you for allowing me to answer them for you today. While I won't be leading this call, you may hear me back on this call in the future, but I am not going anywhere. I'm staying here at Tetra Tech as Executive Chairman and doing my absolute best to contribute to the success of the future of the company.

非常感謝迭戈，也感謝今天所有參加電話會議的人，包括提問的人和只是旁聽的人。非常感謝各位分析師提出的每一個問題。我有很多很好的問題，感謝您今天允許我為您解答。雖然我不會主持這次電話會議，但將來你們可能會再聽到我參與其中，但我不會離開。我將繼續留在 Tetra Tech 擔任執行董事長，並將竭盡全力為公司的未來成功做出貢獻。

And I'll tell you, could not be in better hands on the day-to-day operations with the exceptional talents that we have in the company, including Roger Argus and so with frankly and 25,000 others that are just the best in the industry. And with that, I know we all here at Tetra Tech look forward to talking to you again next quarter. And thank you very much. Bye.

我可以告訴你，公司日常營運交給我們絕對不會錯，因為我們擁有眾多傑出人才，包括羅傑·阿格斯，以及其他 25,000 名業內最優秀的人才。因此，我知道我們 Tetra Tech 的所有人都期待著下個季度再次與您交流。非常感謝。再見。

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，我們今天的會議到此結束。感謝各位的參與，祝福大家有個美好的一天。所有參與者現在可以斷開連接。