Troy Rudd: Yes. So we may have given the statistic in the past and it’s improved. What we talked about is that wins over the size of $25 million have increased substantially. They go back a number of years, and I think it might be 2,000 – I mean, the low – I’ll call it, low teens as a percentage of our wins, that’s been improving. And in this quarter, we were about one-third of our overall wins were over $25 million. So that’s a very substantial increase over the course of the last four years. And as we continue to advance forward, we see that remaining consistent and most likely continue to improve. I’ll say that in terms of the size and the nature of projects that are in the market and the ambitions of our clients that the size of the programs and projects they’re taking on are very large.
Again, I think we made a reference in our prepared comments to the increase in the number of programs or projects that are well over $1 billion. And so sort of when you look at a firm like us, given our scientific expertise and the expertise we build in program management, we really are unrivaled in terms of our ability to deliver those large complex infrastructure projects on behalf of our clients. And that puts us in a market leading position. And the best evidence of that market leading position, we said, is that in our last 16 large bids, which are over $25 million, we won 15 of them. So again, when we think about the opportunity is someone with the ability that we have and the size and the scale that we have to take advantage of that. That’s where you go in the marketplace as to those large complex projects where we have the opportunity to help our clients like no one else.
Vlad Bystricky: Appreciate that, Troy. Thanks.
Operator: Your next question comes from the line of Steven Fisher with UBS. Please go ahead.
Steven Fisher: Thanks. Good morning. Just wanted to follow-up on the business development costs. I know, Gaur, you said that you will hit the margin targets this year. How should we think about the trajectory of those business development costs? And when should we think about the margins, specifically in Americas starting to grow again on a year-over-year basis?
Gaurav Kapoor: Yes. So, Steven, in terms of the trajectory of it, what I commented was and how you guys should look at it is these organic investments have historically delivered to us 40 plus percent ROI. And as we look at the enterprise level as to our commitment to deliver 15.6% margin for the year, if you just look at our historical phasing, including the Americas and international segment, and apply that historical phasing to the second half, it will lead you to the same conclusion we have, which is full confidence in delivering the year target of 15.6% on margin delivery.
Steven Fisher: And does that imply within the Americas that the margins will be growing year-over-year in the second half?
Gaurav Kapoor: Again, we manage to the consolidated margin target, right? And we’re going to evaluate all the different opportunities that that exist at that point in time to decide what are the best investments to make at enterprise. So not only do we continue to deliver our promises for today, but we continue to deliver strength-to-strength as we move into the future. So yes, I think Troy said this in past quarters, too, if our margins are within each segment, 25 to 30 bps of whatever the models may stay, we’re comfortable with that. Again, we’re focused at the overall health of the business, strong backlog growth that you’re seeing in the market. These investments that we have made in the past and we’re continuing to make, they’re the ones leading to 1.3 book-to-burn in our biggest market in Americas, 1.7 in the U.K., 1.3 in [indiscernible].
These are great results on back of very, very healthy NSR growth that we’re delivering in our businesses. So again, I would kind of sway away from really being very fixed and tunnel vision into some particular segment margin target, but just focus on the overall healthy growth we’re delivering, and expectations going forward to deliver the 17% and then 17-plus percent from there on.
Steven Fisher: Fair enough. And then just in terms of the time lag between when you incur these expenditures on business development relative to when it’s should translate into organic growth. Is there any particular correlation there? What would be the typical time frame for or seeing that translate into organic growth? Is it just within a couple of quarters? Or might it be longer than that given the scale of these opportunities?
Troy Rudd: So Steve, typically, we would see it translate into a number of quarters. But as the wins become larger and larger, it does take a longer period of time for them to start and then to ramp up to scale. And so what typically would have been a few quarters and some of these larger programs and projects is a little bit longer than that. But of course, the benefit is that large projects last for a very long period of time and give us visibility and certainty in the business that we haven’t had in the past.
Steven Fisher: Perfect. Thank you.
Troy Rudd: Thank you.
Gaurav Kapoor: Thank you.
Operator: Your next question comes from the line of Michael Dudas with Vertical Research. Please go ahead.
Michael Dudas: Good morning gentlemen and Lara.
Lara Poloni: Good morning.
Troy Rudd: Good morning.
Michael Dudas: A couple of in your prepared remarks, one about customers and clients having less capacity to do the work that maybe have done in the past and relying on firms like yours more? And secondly, the enterprise system that you have relative to engineering centers and such, how are those two dynamics going to aid not only the growth and maybe your shift towards project management work. And secondly, how it impacts generating the margins that you guys are anticipating for here in the future?
Troy Rudd: So just in terms of the program management business is when we saw this opportunity with the significant investments starting years ago in infrastructure that the size of the project and really the complexity of the projects and programs was getting to a point where it’s clear that customers would need help to actually manage that. And so that created a market opportunity for us. And then coupled with, again, I’ll say, our design expertise, our engineering and scientific ability, put us in a position to be the best person to ride those – again, those owner side services. The other thing that was happening as kind of go back to the trend around COVID, within our customer base, there were a lot of people that were leaving the industry.
