Fluor Corp (FLR) 2024 Q2 法說會逐字稿

Good morning, and welcome to Fluor's second quarter 2024 earnings conference call. Today's call is being recorded. (Operator Instructions) A replay of today's conference call will be available at approximately 10:30 AM. Eastern time today, accessible on Fluor's website at investor.fluor.com.

早安，歡迎參加福陸 2024 年第二季財報電話會議。今天的通話正在錄音。（操作員說明）今天的電話會議的重播將於上午 10:30 左右提供。今天東部時間，可透過福陸公司網站 Investor.flor.com 存取。

The website replay will be available for 30 days. A telephone replay will also be available for 7 days through the registration link, also accessible on Fluor's website at investor.flour.com. At this time, for opening remarks, I would like to turn the call over to Jason Landkamer, Head of Investor Relations. Please go ahead, Mr. Landkamer.

網站重播的有效期限為 30 天。還可以透過註冊連結進行 7 天的電話重播，該連結也可以在福陸公司的網站 Investor.flour.com 上存取。現在，我想將電話轉給投資者關係主管 Jason Landkamer 致開幕詞。請繼續，蘭德卡默先生。

Thank you, Ellie, and good morning. Welcome to Fluor's 2024 Second Quarter Earnings Call. David Constable, Fluor's Chairman and Chief Executive Officer; and Joe Brennan, Fluor's Chief Financial Officer are with us today. Fluor issued its second quarter earnings release earlier this morning and a slide presentation is posted on our website that we will reference while making prepared remarks.

謝謝你，艾莉，早安。歡迎參加福陸 2024 年第二季財報電話會議。David Constable，福陸公司董事長兼執行長；福陸首席財務官喬布倫南 (Joe Brennan) 今天與我們在一起。福陸今天早上早些時候發布了第二季度收益報告，並在我們的網站上發布了幻燈片演示文稿，我們將在發表準備好的評論時參考該演示文稿。

Before getting started, I would like to refer you to our safe harbor note regarding forward-looking statements, which is summarized on slide 2. During today's presentation, we'll be making forward-looking statements, which reflect our current analysis of existing trends and information. There is an inherent risk that actual results and experience could differ materially. You can find a discussion of our risk factors, which could potentially contribute to such differences in our 2023 Form 10-K and in our Form 10-Q, which was filed this morning.

在開始之前，我想向您推薦我們有關前瞻性陳述的安全港說明，該說明在投影片 2 中進行了總結。在今天的演講中，我們將做出前瞻性陳述，這反映了我們目前對現有趨勢和資訊的分析。存在實際結果和經驗可能存在重大差異的固有風險。您可以在我們今天早上提交的 2023 年表格 10-K 和表格 10-Q 中找到有關我們風險因素的討論，這些風險因素可能會導致這種差異。

During the call, we will discuss certain non-GAAP financial measures. Reconciliations of these amounts to the comparable GAAP measures are reflected in our earnings release and posted in the Investor Relations section of our website at investor.fluor.com. I'll now turn the call over to David Constable, Fluor's Chairman and Chief Executive Officer. David?

在電話會議期間，我們將討論某些非公認會計準則財務指標。這些金額與可比較 GAAP 衡量標準的對帳反映在我們的收益發布中，並發佈在我們網站 Investor.flor.com 的投資者關係部分。現在我將把電話轉給福陸公司董事長兼執行長戴維‧康斯特勃爾 (David Constable)。大衛？

Well, thank you, Jason. Good morning, everyone, and thank you for joining us today. Please turn to slide 3. To get started today, I wanted to briefly highlight the Fluor Fellows program. Fluor Fellows are a distinguished group of world-class subject matter experts whose knowledge and experience contribute significantly to Fluor's success, both internally and externally.

嗯，謝謝你，傑森。大家早安，感謝您今天加入我們。請翻到幻燈片 3。首先，我想簡單介紹一下福陸研究員計畫。福陸研究員是一群傑出的世界級主題專家，他們的知識和經驗對福陸內部和外部的成功做出了重大貢獻。

Our fellow's technical expertise sets Fluor apart from its competitors and frequently become the decisive factor for clients when selecting Fluor for future work. The Fluor Fellows program involves a robust nomination process. Candidates are nominated by department managers, executive management and existing fellows and senior fellows.

我們同事的技術專長使福陸在其競爭對手中脫穎而出，並經常成為客戶選擇福爾陸進行未來工作的決定性因素。福陸研究員計畫涉及嚴格的提名流程。候選人由部門經理、執行管理層以及現有研究員和高級研究員提名。

Fellows are selected based on their expertise, recognition from both peers and clients and the value they bring to the company on a global basis. These leaders have roles beyond projects, helping drive innovation and performance across the organization. I'm pleased to say that with the 2024 class, we now have 91 fellows and senior fellows driving world-class technical excellence.

研究員的選擇是基於他們的專業知識、同行和客戶的認可以及他們在全球範圍內為公司帶來的價值。這些領導者的職責超越了專案範圍，幫助推動整個組織的創新和績效。我很高興地說，在 2024 年畢業生中，我們現在有 91 名研究員和高級研究員在推動世界一流的技術卓越。

Now let's turn to our operating review beginning on slide 4. Revenue for the second quarter was $4.2 billion. Consolidated new awards for the second quarter were $3.1 billion, led by key awards in our Urban Solutions segment. Awards for the quarter do not reflect our substantial minority ownership in a joint venture that recently won the $30 billion Pantex M&O contract. More on that in a moment.

現在讓我們轉向從幻燈片 4 開始的營運回顧。第二季營收為 42 億美元。第二季的綜合新獎項為 31 億美元，其中以城市解決方案部門的關鍵獎項領銜。本季度的獎項並不反映我們在合資企業中擁有大量少數股權，該合資企業最近贏得了價值 300 億美元的 Pantex M&O 合約。稍後會詳細介紹。

New awards were 82% reimbursable and our total backlog is now $32.3 billion, of which 81% is reimbursable. Strong demand for our services continues to drive new award margins above the 4% to 6% segment margin range that underpins our strategy. Specific to the margin profile, new award margins continue to outpace margin on existing backlog by an average of over 150 basis points for the past 6 quarters.

新撥款中有 82% 是可報銷的，我們的積壓總額目前為 323 億美元，其中 81% 是可報銷的。對我們服務的強勁需求繼續推動新的獎勵利潤率高於 4% 至 6% 的細分利潤率範圍，這也是我們策略的基礎。具體到利潤率情況，過去 6 個季度新授予利潤率繼續超過現有積壓訂單利潤率，平均高出 150 個基點以上。

Our margin story is driven by strength in service margins, which have been in the 20% range this year for our traditional EPCM businesses. This strong demand for our services is driving our investment in resources and people. Our shift to an asset-light company provides us the opportunity to move resources quickly as we pursue a wide range of requests, which includes everything from pre-FEED and studies to large EPCM programs.

我們的利潤故事是由服務利潤的強勁推動的，今年我們傳統的 EPCM 業務的利潤一直在 20% 的範圍內。對我們服務的強勁需求正在推動我們對資源和人員的投資。我們向輕資產公司的轉變為我們提供了快速轉移資源的機會，因為我們追求廣泛的要求，其中包括從預前端設計和研究到大型 EPCM 專案的一切。

This flexibility also supports our diverse pipeline of opportunities in advanced technologies and life sciences, mining and metals, production and fuels and more broadly, energy transition.

這種靈活性也支持我們在先進技術和生命科學、採礦和金屬、生產和燃料以及更廣泛的能源轉型領域提供多樣化的機會。

Moving to our business segments. Please turn to slide 6. Urban Solutions, our most diverse segment, reported $105 million profit in the second quarter. Results in this segment reflect increased execution activities on multiple advanced technology and life sciences projects and the effects of a change order on a legacy infrastructure project.

轉向我們的業務部門。請翻到幻燈片 6。Urban Solutions 是我們最多元化的部門，第二季獲利為 1.05 億美元。此部分的結果反映了多個先進技術和生命科學專案執行活動的增加以及變更單對遺留基礎設施專案的影響。

This change order covers many of the matters that gave rise to the charge we recognized in second quarter of 2023. New awards for the quarter were $2.4 billion compared to $2.3 billion a year ago. Ending backlog continues to reflect the strength of our end markets and now stands at $19.6 billion. This represents an increase of nearly 70% over the past 12 months.

此變更令涵蓋了導致我們在 2023 年第二季確認的費用的許多事項。本季的新獎勵金額為 24 億美元，而去年同期為 23 億美元。積壓訂單的結束繼續反映了我們終端市場的實力，目前已達到 196 億美元。這意味著過去 12 個月增長了近 70%。

Now please turn to slide 7. During the quarter, Mining and Metals received a $1.1 billion incremental award for an aluminum rolling facility in Alabama. Clients in this space continue to have a steady long-term vision for their CapEx plans. Over the next few quarters, we are preparing for new awards to support rare earth refining, iron ore port debottlenecking and a lithium project in the United States.

現在請翻到幻燈片 7。本季度，礦業和金屬公司獲得了阿拉巴馬州鋁軋製工廠 11 億美元的增量撥款。該領域的客戶對其資本支出計劃繼續保持穩定的長期願景。在接下來的幾個季度中，我們正在準備新的獎項，以支持稀土精煉、鐵礦石港口瓶頸和美國的鋰項目。

Moving to slide 8. Advanced Technologies and Life Sciences continues to ramp up to meet sustained client demand. New awards for the quarter included Phase 1 of the North Volt's large-scale lithium-ion battery manufacturing facility in Germany for $361 million.

轉到投影片 8。先進技術和生命科學不斷發展，以滿足持續的客戶需求。本季的新合約包括 North Volt 在德國的大型鋰離子電池製造工廠一期項目，投資額為 3.61 億美元。

North Volt headquartered in Sweden manufactures batteries for consumer and industrial products, electric vehicles and solutions for energy storage systems. During the quarter, our ATLS business line formed in align with Topsoe and ABB Limited to streamline construction of state-of-the-art electrolyzers for effective production of green hydrogen.

North Volt 總部位於瑞典，生產消費品和工業產品電池、電動車以及儲能係統解決方案。本季度，我們與托普索和 ABB Limited 合作組成了 ATLS 業務線，以簡化最先進電解槽的建設，以有效生產綠色氫氣。

We look forward to providing EPC support for this key energy transition effort. We continue to see strong investments in the semiconductor space, where the outlook is supported by the CHIPS Act funded here in the United States. From smaller tool install opportunities all the way up to large fabrication facilities, there's over $5 billion in potential prospects over the next 12 months.

我們期待為這項關鍵的能源轉型工作提供 EPC 支援。我們繼續看到半導體領域的強勁投資，該領域的前景得到了美國資助的《晶片法案》的支持。從小型工具安裝機會一直到大型製造設施，未來 12 個月的潛在前景將超過 50 億美元。

Over the next few quarters, the ATLS business line is pursuing opportunities in data centers and additional phases on large life sciences projects. In the data center market, we're building our relationships with large tech companies that are taking a disciplined approach to capital expenditures.

在接下來的幾個季度中，ATLS 業務線將在資料中心和大型生命科學專案的其他階段尋求機會。在資料中心市場，我們正在與大型科技公司建立關係，這些公司對資本支出採取嚴格的方法。

In infrastructure, productivity remains strong across the portfolio. During the quarter, we completed the deck connection on the Gordie project. This bridge is the longest cable state bridge in North America and the longest composite steel and concrete deck cable-stay bridge in the world.

在基礎設施方面，整個投資組合的生產力仍然強勁。本季度，我們完成了 Gordie 專案的甲板連接。這座橋是北美洲最長的索州橋，也是世界上最長的鋼混凝土組合橋面斜張橋。

The team is currently focused on completion and handover of both ports of entry. On the LAX automated People Mover Project in Los Angeles, our joint venture has reached a settlement with the client that covers already completed extra work dating back to August 2018 and the longer-than-anticipated construction time line. We will continue to work with the client while we seek final approval of the change order with the city of Los Angeles.

該團隊目前專注於兩個入境口岸的竣工和移交。在洛杉磯洛杉磯國際機場自動旅客捷運系統專案中，我們的合資企業已與客戶達成和解，涵蓋自 2018 年 8 月以來已完成的額外工作以及比預期更長的施工時間。我們將繼續與客戶合作，同時尋求洛杉磯市對變更令的最終批准。

While we recognized a $39 million improvement to our previous disclosed position for our portion of the settlement, this project remains in a loss position. Finally, plant and facility services secured a $533 million renewal from a large consumer products manufacturing client, where we are providing ongoing construction management services.

雖然我們認識到我們之前披露的和解部分的頭寸改善了 3900 萬美元，但該項目仍然處於虧損狀態。最後，工廠和設施服務從一家大型消費品製造客戶那裡獲得了 5.33 億美元的續約，我們為該客戶提供持續的施工管理服務。

Moving on to slide 9. Mission Solutions reported segment profit of $41 million for the second quarter compared to $40 million a year ago. New awards for the quarter were $63 million and included various task orders for FEMA. Ending backlog for the quarter was $3.8 billion.

繼續看投影片 9。Mission Solutions 報告第二季部門利潤為 4,100 萬美元，而去年同期為 4,000 萬美元。本季的新撥款為 6,300 萬美元，其中包括 FEMA 的各種任務訂單。本季末未完成訂單金額為 38 億美元。

During the quarter, our Paduca contract was extended for 2 years through June 2027. We have also received a notice of intent to extend our Portsmouth and DUF 6 contracts for up to 1 year through September 2025. I'm pleased to report that the F.E. Warren nuclear weapon storage and maintenance facility is substantially complete.

本季度，我們的帕杜卡合約延長了 2 年至 2027 年 6 月。我們也收到了一份意向通知，將我們的朴茨茅斯和 DUF 6 合約延長至 1 年至 2025 年 9 月。我很高興地報告，F.E.沃倫核武儲存和維護設施已基本完工。

The project represents the last legacy project in the Mission Solutions portfolio. In early July, notices to proceed were issued to 2 joint ventures in which Fluor has minority ownership interest. As previously mentioned, the NNSA Award awarded the Pantex M&O contract in Amarillo, Texas. Based on all 3 of the 5-year contract options being exercised. The contract will span 20 years at an estimated funding level of approximately $30 billion. The protest period on this project has passed and transition from the incumbent is underway.

該專案是任務解決方案組合中的最後一個遺留項目。7月初，向福陸擁有少數股權的兩家合資企業發出了繼續推進的通知。如前所述，國家核子安全局授予位於德克薩斯州阿馬裡洛的 Pantex M&O 合約。基於所有 3 個正在執行的 5 年期合約選項。該合約為期 20 年，預計融資額約 300 億美元。該計畫的抗議期已經過去，現任者的過渡正在進行中。

Also, we were notified in July that the protest for the incumbent on the Air Force test operations and sustainment contract was denied, and transition on this project is underway. Because we are a substantial minority partner in both joint ventures, our portion of earnings will be recognized as equity method income and not revenue.

此外，我們在 7 月接到通知，對現任空軍測試操作和保障合約的抗議被拒絕，該項目的過渡正在進行中。由於我們是兩家合資企業的重要少數股東，因此我們的收益部分將被確認為權益法收益而不是收入。

With the additional contributions from these 2 projects accounted for under the equity method of accounting, this segment is currently managing over $5 billion of additional project scope annually that is not reflected in our revenue.

考慮到這兩個項目的額外貢獻採用權益會計法核算，該部門目前每年管理超過 50 億美元的額外項目範圍，但這些項目並未反映在我們的收入中。

Other prospects for Mission Solutions include the Hanford Tanks project, which we have won, but are awaiting conclusion of the protest process. In addition, we are positioned to win additional work in the intelligence services space.

Mission Solutions 的其他前景包括漢福德坦克項目，我們已經贏得了該項目，但正在等待抗議程序的結論。此外，我們也準備贏得情報服務領域的額外工作。

Before I move to Energy Solutions, I want to highlight a new 50-50 partnership with Worley to pursue opportunities that support the Australia, UK, USA trilateral security partnership, formerly known as ACUS. The partnership brings deep maritime, defense and nuclear competencies required to build and maintain a nuclear Navy capability while also enabling the uplift of Australia's sovereign defense industrial base.

在轉向能源解決方案之前，我想強調一下與 Worley 建立的新的 50-50 合作夥伴關係，以尋求支持澳洲、英國、美國三邊安全夥伴關係（以前稱為 ACUS）的機會。此夥伴關係帶來了建立和維持核海軍能力所需的深厚海事、國防和核子能力，同時也促進了澳洲主權國防工業基礎的提升。

Please turn to slide 10. In Energy Solutions, segment profit was $75 million for the second quarter compared to $89 million a year ago. Results for the quarter reflect several large projects in the late stages of execution. During the quarter, we recognized a modest charge on a construction-only subcontract with our joint venture entity in Mexico.

請翻到投影片 10。能源解決方案部門第二季獲利為 7,500 萬美元，去年同期為 8,900 萬美元。本季度的業績反映了多個處於執行後期的大型專案。在本季度，我們確認與墨西哥合資實體簽訂的僅建築分包合約收取了少量費用。

With this recognition, we are close to reaching an agreement with our client on the cost to complete this project. New awards for the quarter totaled $582 million and included incremental work for a petrochemical facility in Canada and an engineering study for Aramco. The Energy Solutions team had a number of accomplishments in the second quarter.

有了這種認識，我們即將與客戶就完成該專案的成本達成協議。本季的新合約總額為 5.82 億美元，其中包括加拿大石化設施的增量工程和沙烏地阿美公司的工程研究。能源解決方案團隊在第二季度取得了多項成就。

First, we moved our lead Energy Solutions office from our long-time location in Sugarland, Texas, to a fit-for-purpose location in Houston's Energy Corridor. This location optimizes our real estate footprint and increases exposure to a tremendous concentration of industry talent for our expected growth.

首先，我們將能源解決方案的主要辦公室從德州舒格蘭的長期所在地遷至休士頓能源走廊的一個合適地點。該地點優化了我們的房地產佈局，並增加了行業人才的集中度，以實現我們的預期成長。

Next, we opened a second office in India to support our global execution platform and to position us for significant in-country market growth. Finally, Energy Solutions only legacy contract, the Penguin's FPSO project was turned over to the client and towed to its final destination in the North Sea.

接下來，我們在印度開設了第二個辦事處，以支援我們的全球執行平台並為我們在國內市場的顯著成長做好準備。最後，Energy Solutions 唯一的遺留合同，Penguin 的 FPSO 專案被移交給客戶，並被拖至北海的最終目的地。

Shifting to LNG Canada, our team celebrated a major milestone with the final well on Train 1. The well took 48 hours of continuous work from teams of welders working in shifts. More than 380 pipe welders have worked on the project since construction began in 2018. To date, we have turned over one-third of the systems of the client and will be ready to import refrigerants in mid-August.

轉向加拿大液化天然氣公司，我們的團隊慶祝了一個重要的里程碑，即 1 號列車的最後一口井。該井需要焊工團隊輪班連續工作 48 小時。自 2018 年開工以來，已有 380 多名管道焊工參與此計畫。目前，我們已經交付了客戶三分之一的系統，並將於8月中旬準備進口冷媒。

This week, we announced a key contract award for the next phase of engineering and design for Road powers small modular reactor facility using NuScale Power's industry-leading technology. As a reminder, Fluor has a development agreement with NuScale, where we have a preferential right for work related to SMR opportunities.

本週，我們宣布了一項重要合同，用於使用 NuScale Power 行業領先技術的道路發電小型模組化反應器設施的下一階段工程和設計。提醒一下，Fluor 與 NuScale 簽訂了開發協議，我們擁有與 SMR 機會相關的工作的優先權。

For the remainder of 2024, prospects are led by traditional refining and battery manufacturing. After a 6-year cycle delivering on large-scale programs, including LNG Canada and TCO, we are now seeing this mature EPC backlog replaced by higher-margin pre-FEED and FEED opportunities that set the stage for new large-scale projects.

2024 年剩餘時間裡，傳統煉油和電池製造將引領前景。經過6 年周期交付大型專案（包括LNG Canada 和TCO）後，我們現在看到這種成熟的EPC 積壓工作被利潤率更高的預FEED 和FEED 機會所取代，這些機會為新的大型專案奠定了基礎。

With respect to the nuclear industry, I recently had a call with Energy Secretary Granholm about the importance of nuclear and the SMR specifically and how Fluor can play a key role in supporting a transition to low-carbon power in the United States.

關於核能產業，我最近與能源部長格蘭霍姆通了電話，討論了核能和 SMR 的重要性，以及福陸如何在支持美國向低碳電力轉型方面發揮關鍵作用。

I'm optimistic that the recently passed ADVANCE Act will increase the aperture for nuclear opportunities that the company is well positioned for. Finally, for fiscal year 2025, the House Energy and Water Appropriations Committee recently added $8 billion to the $900 million in fiscal year '24 to fund the completion of the advanced reactor demonstration program as well as an SMR demonstration project. While not law, this is a critical step to making advanced nuclear power a reality by the end of the decade. With that, let me turn the call over to Joe for the financial update. Joe?

我樂觀地認為，最近通過的《前進法案》將增加該公司處於有利位置的核機會的範圍。最後，對於 2025 財年，眾議院能源和水撥款委員會最近在 24 財年的 9 億美元基礎上增加了 80 億美元，以資助完成先進反應器示範計劃以及 SMR 示範項目。雖然這不是法律，但這是本世紀末使先進核電成為現實的關鍵一步。接下來，讓我把電話轉給喬，了解最新的財務狀況。喬？

Thanks, David, and good morning, everyone. Today, I will review our results for the second quarter and go over financial outlook assumptions that support our guidance. Please turn to slide 12. As David mentioned, for the second quarter of 2024, revenue was $4.2 billion.

謝謝大衛，大家早安。今天，我將回顧我們第二季的業績，並回顧支持我們指導的財務前景假設。請翻到投影片 12。正如 David 所提到的，2024 年第二季的營收為 42 億美元。

Our consolidated segment profit for the quarter was $194 million. Adjusted EBITDA for the second quarter was $165 million compared to $181 million a year ago. Our adjusted EPS was $0.85 compared to $0.76 in Q2 of 2023. EPS results benefited from a lower tax rate as revenue and tax advantaged locations increased.

本季我們的綜合部門利潤為 1.94 億美元。第二季調整後 EBITDA 為 1.65 億美元，去年同期為 1.81 億美元。調整後每股收益為 0.85 美元，而 2023 年第二季為 0.76 美元。隨著收入和稅收優勢地區的增加，每股盈餘的業績受益於較低的稅率。

When you adjust for the change order in infrastructure, the incremental cost growth on a project in Mexico and the timing of revenue contributions from large projects and energy solutions, Q2 results support our full year guidance. Our adjusted results for the quarter exclude $20 million for the positive income effects of FX on embedded derivatives in Mexico and nearly $50 million of other FX gains.

當您根據基礎設施的變更順序、墨西哥專案的增量成本成長以及大型專案和能源解決方案的收入貢獻時間進行調整時，第二季的結果支持我們的全年指導。我們本季的調整後業績不包括 2,000 萬美元的外匯對墨西哥嵌入式衍生性商品的正面收入影響以及近 5,000 萬美元的其他外匯收益。

G&A expenses for the quarter were $50 million, down from $60 million a year ago. Net interest income for the quarter was $38 million compared to $37 million a year ago. Net interest contributions reflect a higher for longer interest rate environment and our low-cost fixed rate debt. We anticipate interest income to remain near this level for the next 2 quarters. New awards of $3.1 billion in the quarter resulted in our ending backlog balance of $32.3 billion, which now stands at 81% reimbursable.

本季的一般管理費用為 5,000 萬美元，低於去年同期的 6,000 萬美元。本季淨利息收入為 3,800 萬美元，而去年同期為 3,700 萬美元。淨利息貢獻反映了長期較高的利率環境和我們的低成本固定利率債務。我們預計未來兩個季度的利息收入將保持在這一水平附近。本季新授予的 31 億美元使我們的期末積壓餘額達到 323 億美元，目前可償還金額為 81%。

Based on our prospect pipeline, we anticipate a book-to-burn ratio equal to 1 for the third straight year. The book to burn would be much higher if you included the unconsolidated revenue that Mission Solutions manages.

根據我們的前景預測，我們預期帳面銷毀比率將連續第三年等於 1。如果算上 Mission Solutions 管理的未合併收入，要燒掉的帳本會更高。

Moving on to slide 13. Our cash and marketable securities balance for the quarter was $2.6 billion. This excludes amounts held by NuScale Operating cash flow for the second quarter was $282 million compared to $62 million outflow a year ago. This reflects distributions from our joint ventures customer payments on several large projects and a refund from the IRS amounting to $77 million.

繼續看投影片 13。本季我們的現金和有價證券餘額為 26 億美元。這不包括 NuScale 持有的金額，第二季營運現金流為 2.82 億美元，而去年同期流出為 6,200 萬美元。這反映了我們的合資企業客戶在幾個大型項目上的付款分配以及美國國稅局 (IRS) 的退款，金額達 7,700 萬美元。

Additional IRS refunds of approximately $90 million are anticipated to be recovered later this year. During the quarter, we distributed $21 million in cash to fund legacy projects. We currently estimate that our funding requirements on the 3 remaining legacy projects is $50 million for the balance of 2024.

國稅局預計將在今年稍後收回約 9000 萬美元的額外退款。本季度，我們分配了 2,100 萬美元現金來資助遺留項目。目前，我們估計 2024 年剩餘 3 個遺留項目的資金需求為 5,000 萬美元。

The sale of Stork UK operations is progressing and dependent upon regulatory approval timing, which is likely to happen towards the end of 2024. Regarding NuScale, I want to note that NuScale's ongoing capital efforts may reduce Fluor's ownership below the threshold for consolidation.

Stork UK 業務的出售正在進行中，具體取決於監管部門的批准時間，這可能會在 2024 年底前完成。關於 NuScale，我想指出的是，NuScale 持續的資本努力可能會將福陸的所有權降低到整合的門檻以下。

While this would result in us no longer consolidating NuScle, we would expect to recognize our investment under the equity method. Before I close with details on our outlook, I want to provide an update on our view of capital structure. Year-to-date, we have made considerable progress in entitlement negotiations, free cash flow conversion and investing in our people. These elements all support our stated goal of initiating a plan to return capital to shareholders.

雖然這將導致我們不再合併 NuScle，但我們預計會根據權益法確認我們的投資。在詳細介紹我們的前景之前，我想先介紹一下我們對資本結構的最新看法。今年迄今為止，我們在權利談判、自由現金流轉換和員工投資方面取得了顯著進展。這些要素都支持我們啟動向股東返還資本計畫的既定目標。

Please turn to slide 14. We are affirming our 2024 adjusted per share guidance of $2.50 to $3 and tightening our adjusted EBITDA guidance range from $600 million to $700 million to a range of $625 million to $675 million. Our expectations for operating cash flow are now between $500 million and $600 million.

請翻到投影片 14。我們確認 2024 年調整後每股盈餘指引為 2.50 至 3 美元，並將調整後 EBITDA 指引範圍從 6 億至 7 億美元收緊至 6.25 億至 6.75 億美元。我們目前對營運現金流的預期在 5 億至 6 億美元之間。

Our assumptions for 2024 include revenue growth of approximately 15%; G&A expense of approximately $215 million and an effective tax rate of between 30% to 35%. Our expectations for 2024 full year segment margins are approximately 5% in Energy Solutions, approximately 4% in Urban Solutions and approximately 6% in Mission Solutions. Before we head to Q&A, I'll turn the call back over to David for an organizational change announcement. David?

我們對 2024 年的假設包括營收成長約 15%；一般管理費用約為 2.15 億美元，有效稅率為 30% 至 35%。我們對 2024 年全年分部利潤率的預期是，能源解決方案約為 5%，城市解決方案約為 4%，任務解決方案約為 6%。在我們進行問答之前，我會將電話轉回給 David，以發布組織變更公告。大衛？

Thanks, Joe. As we enter the second half of the year and successfully wrap up Chapter 1 of our building a better future strategy, we're looking ahead and developing plans for the next chapter. Going forward, our objectives will be to maximize opportunities in growth markets, remain laser-focused on execution, generate consistent operating cash flow and continue to develop our pipeline of talent.

謝謝，喬。隨著我們進入下半年並成功完成建立更美好未來策略的第一章，我們正在展望未來並製定下一章的計劃。展望未來，我們的目標將是最大限度地利用成長市場的機會，繼續專注於執行，產生穩定的營運現金流，並繼續發展我們的人才管道。

In support of our objectives, we are making changes to our Flour management team to prepare for the future, we require a more holistic view of our markets, strengths and needs in project execution and talent allocation across our businesses.

為了支持我們的目標，我們正在對麵粉管理團隊進行變革，為未來做好準備，我們需要更全面地了解我們的市場、專案執行的優勢和需求以及整個業務的人才分配。

Please turn to slide 16. To this end, effective August Jim Breuer, who is currently the Group President of Energy Solutions, will assume the role of Fluor's Chief Operating Officer reporting to me, with our 3 business segment group presidents for Energy, mission and urban solutions reporting to Jim. Succeeding Jim as Group President of Energy Solutions is Mike Alexander, currently the Chemicals business line president within the segment.

請翻到投影片 16。為此，現任能源解決方案集團總裁 Jim Breuer 將擔任福陸首席營運官，向我匯報，能源、使命和城市解決方案 3 個業務部門集團總裁向 Jim 匯報。接替吉姆擔任能源解決方案集團總裁的是麥克亞歷山大 (Mike Alexander)，他目前是該部門的化學品業務線總裁。

Next, to strengthen and optimize our supply chain capabilities, Effective October 1, Raj Desai will join the Fluor management team as Fluor's Chief Procurement Officer. Currently, Raj is responsible for our supply chain and commercial strategies groups. In addition to these duties, Raj will also assume responsibility for our information and technology organization, furthering Fluor's expertise in leveraging technology and product execution.

接下來，為了加強和優化我們的供應鏈能力，從 10 月 1 日起，Raj Desai 將加入福陸管理團隊，擔任福陸首席採購長。目前，Raj 負責我們的供應鏈和商業策略團隊。除了這些職責之外，Raj 還將負責我們的資訊和技術組織，進一步提升福陸在利用技術和產品執行方面的專業知識。

Robert Taylor, our current Chief Information Officer, has advised a intention to retire at the end of 2025 March 2025 after nearly 34 years with Fluor. And lastly, after a career with Fluor that spans almost 40 years, John Reynolds, our Chief Legal Officer and Corporate Secretary, confirmed its decision to retire from the company effective mid-May 2025.

我們現任資訊長 Robert Taylor 在福陸工作了近 34 年後，建議於 2025 年底退休。最後，在福陸工作了近 40 年後，我們的首席法務官兼公司秘書 John Reynolds 確認了從 2025 年 5 月中旬退休的決定。

Effective August 5, Kevin Hammons will join the Fluor management team as Chief Legal Officer. Over the coming months, John will transition his responsibilities to Kevin for the past several years, served as Senior Vice President and Managing Counsel of the Americas. Until his retirement in May 2025, John will remain in service to the company as Corporate Secretary to the Board of Directors.

自 8 月 5 日起，Kevin Hammons 將加入福陸管理團隊，擔任首席法務長。在接下來的幾個月裡，約翰將把過去幾年的職責移交給凱文，擔任美洲區高級副總裁兼執行法律顧問。約翰將繼續擔任公司董事會秘書，直至 2025 年 5 月退休。

I'd like to take this opportunity to warmly thank Robert and John for their service and dedication to Fluor Corporation and congratulate Mike, Raj and Kevin on their upcoming appointments to the FMT and Jim on his new role as Chief Operating Officer. For your reference, the abridged profiles for Jim, Mike, Raj and Kevin are attached as an appendix to the earnings call presentation. And with that, operator, we're now ready for our first question.

我想藉此機會熱烈感謝 Robert 和 John 對福陸公司的服務和奉獻，並祝賀 Mike、Raj 和 Kevin 即將被任命為 FMT 成員，並祝賀 Jim 擔任營運長。為了供您參考，吉姆、麥克、拉傑和凱文的簡要簡介作為收益電話會議簡報的附錄附在後面。接線員，我們現在準備好回答第一個問題了。

(Operator Instructions)

（操作員說明）

Sangita Gan from KeyBanc Capital Markets. .

來自 KeyBanc 資本市場的 Sangita Gan。。

So if I could start with the capital allocation comments that you guys just made and the plan to return cash to shareholders. Can you tell us a little bit more about that on what that exactly means and what the timing of that would be?

因此，我可以從你們剛剛發表的資本配置評論以及向股東返還現金的計劃開始。您能否告訴我們更多關於這到底意味著什麼以及具體時間是什麼？

Yes. Thanks Sangita for the question. I think as we laid out at the beginning of the year, by the end of the year that we would be kind of in a position to firm up what that plan would look like and the timing of it. I think one of the elements, I think we satisfied a lot of what we're doing internally. And as we're embarking on the 2024 strategic plan I think that's the last piece of this to kind of close off the circle and allow us to kind of roll out with our communication related to to the shareholder allocation plan will be.

是的。感謝桑吉塔提出的問題。我認為，正如我們在年初制定的那樣，到年底，我們將能夠確定該計劃的內容及其時間表。我認為其中一個因素是，我們對內部所做的許多事情感到滿意。當我們開始實施 2024 年策略計畫時，我認為這是最後一部分，以結束這個循環，並允許我們推出與股東分配計畫相關的溝通。

So we're kind of in that process. We'd like to vet off 1 more thing. But it's coming by the end of the year. And then we'll be a little bit more granular about what that looks like. I don't think we're prepared to talk about the granularity of it. But I would say a lot of the things that are occurring in the quarter are giving us more and more confidence. And as we close off the strategic plan, I think we'll be in a good position to have that discussion.

所以我們正處於這個過程中。我們還想審查另外一件事。但它會在今年年底到來。然後我們將更詳細地了解它的樣子。我認為我們還沒有準備好討論它的粒度。但我想說，本季發生的很多事情給了我們越來越多的信心。當我們完成戰略計劃時，我認為我們將處於進行討論的有利位置。

Great. And one more on the lost project outlay that seems to be now lower than the $150 million that you gave last quarter? Is it fair to assume that that's a reflection of the positive adjustment at LA People mover?

偉大的。還有一個關於損失的項目支出，現在似乎低於您上季度提供的 1.5 億美元？可以認為這是洛杉磯旅客捷運公司積極調整的反映嗎？

It is in terms of the settlement value and the fact that we don't have that cash outlay, Sangita, that's a fair logic tie there. That's a piece of it, for sure.

就結算價值而言，以及我們沒有現金支出這一事實，桑吉塔，這是一個公平的邏輯關係。當然，這就是其中的一部分。

Okay understood, thank you so much.

好的明白了，非常感謝。

Jamie Cook from Truist Securities.

來自 Truist 證券公司的傑米庫克。

Congratulations on a fairly clean quarter here. I guess it's my first question, Joe, just on the cash flow guide increase. It was nice to see. What was not embedded in your guidance? I'm just wondering, I know you said the cash reflects distributions from joint ventures and you had the IRS refund and et cetera. I'm just wondering how much cash outperformed your initial expectations. And then it's nice to see you're starting to get cash from the joint ventures, what's embedded in the guide? Or where would there be upside?

恭喜這裡有一個相當乾淨的季度。喬，我想這是我的第一個問題，關於現金流量指南的增加。很高興看到。您的指導中沒有包含哪些內容？我只是想知道，我知道你說現金反映了合資企業的分配，並且你得到了國稅局的退款等等。我只是想知道有多少現金超出了您最初的預期。然後很高興看到你開始從合資企業獲得現金，指南中包含了什麼？或是哪裡會有好處？

I'm just wondering if we should get more positive that these distributions are coming and sort of the magnitude of that? And then I guess, David, on the bookings for the rest of the year, I think before you've talked about a book-to-bill of over [1] I know bookings are lumpy. Just your confidence level there, in particular, what you're seeing on the data center side.

我只是想知道我們是否應該更加積極地了解這些分佈的即將到來以及其規模？然後我想，大衛，關於今年剩餘時間的預訂，我想在你談論超過 [1] 的訂單到賬單之前，我知道預訂是不穩定的。只是您的信心水平，特別是您在資料中心方面看到的情況。

Thanks, Jamie. I'll start with the cash, we had an outlay at the beginning of the year from a planning perspective of $360 million to fund legacy projects. And today, we currently have managed through the reestablishment of entitlements and excellence in execution. We've dropped that number from a $360 million outlay potentially to now $126 million. And even within that $126 million and the balance of 2024 I see ways to kind of improve that outlay.

謝謝，傑米。我將從現金開始，從規劃的角度來看，我們在今年年初支出了 3.6 億美元，用於資助遺留項目。今天，我們已經成功重建了權利並實現了卓越的執行。我們已經將這個數字從 3.6 億美元的潛在支出減少到現在的 1.26 億美元。即使在 1.26 億美元和 2024 年剩餘時間內，我也看到了改善支出的方法。

So I think that's going to help us drive to the upper end of the guide that we've laid out relative to OCF. And I'm getting more and more confidence that, that's kind of the direction that we're heading. But I see more opportunity to get to the upper end of that guide, but I think some time needs to play out here.

因此，我認為這將幫助我們達到我們針對 OCF 制定的指南的上限。我越來越有信心，這就是我們前進的方向。但我認為有更多機會達到該指南的上限，但我認為這裡需要一些時間。

Okay. Jamie. On the book-to-bill and the 1-0 confidence, we've had a really good first half, right? We booked 10 billion in the first half of the year. So basically right on track with our that's $50 billion over the past 2.5 years and booking $20 billion in each of the in '22 and '23. So about the same run rate. New award bookings remain strong, right, higher margin profile versus the existing backlog as we mentioned in the prepared remarks, Q2, in fact, new awards were 250 basis points above the backlog margin. So that's great to see.

好的。傑米.就訂單出貨比和 1-0 的信心而言，我們上半場的表現非常好，對吧？上半年我們訂了100億。因此，我們在過去 2.5 年中的投資額為 500 億美元，並且在 22 年和 23 年每年都達到了 200 億美元，這基本上是正確的。所以運行速度大致相同。正如我們在第二季度準備好的評論中提到的，新獎勵預訂仍然強勁，與現有積壓訂單相比，利潤率更高，事實上，新獎勵比積壓訂單利潤高出 250 個基點。所以很高興看到這一點。

As far as what it's shaping up like for new awards in the second half, ATLS and mining markets remain very promising. But also if you look at the Q3 major prospects, they'll be in mining, traditional refining, chemicals, semiconductors, DOE maintenance and energy transition projects across the portfolio. And then in Q4, DOE environmental management bookings, more mining, LNG, data centers, some large data center work and then some more chemicals prospects.

就下半年新獎項的情況而言，ATLS 和挖礦市場仍然非常有前景。但如果你看看第三季的主要前景，它們將涉及整個投資組合的採礦、傳統煉油、化學品、半導體、能源部維護和能源轉型項目。然後在第四季度，能源部環境管理預訂、更多採礦、液化天然氣、資料中心、一些大型資料中心工作以及更多化學品前景。

So confidence level, yes, I'd say we'll be right around 1, I think thereabouts. I think that's what we've been messaging for the past several quarters. And obviously, we've got revenue growth of about 15% guidance this year, just so you can track it that way as well to get to what that book to burn would be. So that's where we're at.

所以信心水平，是的，我想說我們會在 1 左右，我想大約是這樣。我認為這就是我們過去幾個季度一直在傳達的訊息。顯然，我們今年的收入成長約為 15%，這樣您就可以以這種方式追蹤它，並了解要燒掉的書的內容。這就是我們現在的情況。

Andy Kaplowitz from Citi Group.

來自花旗集團的安迪‧卡普洛維茲。

David, maybe I'll follow up on Jamie's questions around data centers. You mentioned that you're building relationships with tech customers, and they're taking a disciplined approach to projects. So maybe what does that mean? Do you start seeing more bookings this year? Is it more a 25% ramp up in bookings there? And maybe talk about Fluor's competitive positioning, do you think the majority of the projects will actually be cost invisible.

大衛，也許我會跟進傑米有關資料中心的問題。您提到您正在與技術客戶建立關係，並且他們正在對專案採取嚴格的方法。那麼也許這意味著什麼？今年您是否開始看到更多預訂？那裡的預訂量是否增加了 25%？也許談論福陸的競爭定位，您是否認為大多數項目實際上都是隱形成本。

Yes. So like I said to Jamie, the data center work right now for the larger programs are starting in Q4 is what we're seeing right now and then into '25 like you mentioned. So that's where we're at with data centers. It's just a really big demand right now. I think as everyone on the call knows the need for data centers has rapidly increased based on cloud-based technology and artificial intelligence, right? So in the US market alone, the power consumption to reflect the number of servers of data centers that they can house is going to reach, we think, or we've looked at the data, and we think it will reach about 35,000 megawatts by 2030. And there's, what, about 17,000 in place right now.

是的。因此，就像我對 Jamie 所說的那樣，我們現在看到的大型專案的資料中心工作將於第四季度開始，然後像您提到的那樣進入 25 年。這就是我們資料中心的現況。現在的需求確實很大。我想大家都知道，基於雲端技術和人工智慧的資料中心需求正在快速成長，對嗎？因此，僅在美國市場，反映數據中心可容納伺服器數量的功耗將達到，我們認為，或者我們查看了數據，我們認為到2020年將達到約35,000兆瓦。現在大約有 17,000 人就位。

So a huge growth in data centers. And the US is going to account for 40% of the global market. So lots of data center work to say grace over here. And from what we've seen, it is primarily reimbursable, right? So that's also encouraging or reimbursable with incentives on cost and schedule. So right in our wheelhouse to in our contract, our risk profile and fair and balanced contract term strategic priority to go after these data centers. And they are large, right?

資料中心的巨大成長。美國將佔全球市場的40%。因此，許多資料中心都在努力在這裡表達謝意。從我們所看到的來看，這主要是可報銷的，對吧？因此，這也是令人鼓舞的，或者可以透過成本和進度的誘因來補償。因此，在我們的合約、風險狀況以及公平和平衡的合約條款中，我們的策略重點是追求這些資料中心。而且它們很大，對吧？

So there's only a few contractors in the country who can really take on these really large projects. And Fluor is obviously 1 of those that will be right in the mix for the data center build-outs that's coming. So we're very bullish on data centers, but also semiconductor facilities right now more in the global markets and also life sciences in ATLS. So ATLS is shaping up very nicely here going forward.

因此，國內只有少數承包商能夠真正承擔這些大型工程。福陸顯然是即將到來的資料中心擴建的最佳選擇之一。因此，我們非常看好資料中心，現在也看好全球市場上的半導體設施以及 ATLS 中的生命科學。因此，ATLS 的發展非常順利。

Helpful, David. And maybe can you give us more color regarding what you're seeing specifically within Energy Solutions. Backlog is up year-over-year, but revenue is down and you have owned Canada, as you said, winding down. So what kind of visibility toward revenue growth in the business do you have over the coming quarters and in '25. Could there be a lull before as you said, you do a bunch of feeds, but then you get into TPC, I guess, later in '25 or '26. How does it evolve?

有幫助，大衛。也許您可以給我們更多關於您在能源解決方案中看到的具體情況的資訊。積壓訂單逐漸增加，但收入下降，正如您所說，您已經擁有了加拿大，正在逐漸破產。那麼，您對未來幾季和 25 年的業務收入成長有何看法？正如你所說，之前可能會有一段平靜，你做了一堆提要，但後來你進入了 TPC，我猜，是在 25 年或 26 年晚些時候。它是如何演變的？

Yes. It's we've had a good run in Energy Solutions. Backlog is up, as I mentioned, right, up to $8.5 billion, up quite a bit over Q2 of '23. So that's good news. But also, we have been finishing off some major projects coming to the end at LNGC and TCO is ramping down somewhat. But as we look at all the FEED work and prospects in FEED work, there's about $420 billion of potential projects out there that we can go after. And a good portion of that is in Energy Solutions, right.

是的。我們在能源解決方案方面取得了良好的進展。正如我所提到的，積壓訂單增加了，高達 85 億美元，比 23 年第二季增加了不少。這是個好消息。而且，我們已經完成了 LNGC 的一些即將結束的重大項目，TCO 正在下降。但當我們審視所有 FEED 工作以及 FEED 工作的前景時，我們可以追求約 4,200 億美元的潛在項目。其中很大一部分是能源解決方案，對吧。

Just in the if you just look at the prospects of front-end work, it split pretty evenly between of the $207 billion that we're tracking right now. It's split very evenly between Energy Solutions and Urban Solutions, about $104 billion for Energy Solutions. And that's across chemicals and refining, refining in Mexico, specifically nuclear power. And then a very big chunk is in downstream production and fuels, which covers off a lot of the energy transition.

如果你只看一下前端工作的前景，你會發現它在我們目前追蹤的 2,070 億美元中所佔的份額相當均勻。能源解決方案和城市解決方案各佔一半，約 1,040 億美元用於能源解決方案。這涉及墨西哥的化學品和煉油行業，特別是核電行業。然後很大一部分是下游生產和燃料，這涵蓋了許多能源轉型。

So I think with everything that's either in-house, which is another $200 billion studies that we've got that we think will proceed. A lot of good things are coming. If you look at full projects, EPC EPC, EPCM, there's about $60 billion of prospects in the next 18-months for the company and $25 billion of that is Energy Solutions. So yes, it's I wouldn't call it a lull, but it's going into that front-end work where our strategy is to get in early and stay late. So we're busy on some more front-end work in energy solutions that will see them growing nicely in the coming quarters.

因此，我認為，無論是內部的一切，還是我們認為將繼續進行的另一項耗資 2000 億美元的研究。很多好事即將到來。如果你看完整的項目，EPC EPC，EPCM，公司在未來 18 個月內的前景約為 600 億美元，其中 250 億美元是能源解決方案。所以，是的，我不會稱之為平靜，但它正在進入前端工作，我們的策略是早入晚出。因此，我們正忙於能源解決方案方面的更多前端工作，這將使它們在未來幾季取得良好成長。

Steven Fisher from UBS.

瑞銀的史蒂文·費雪。

Congratulations. I just wanted to clarify whether the Urban Solutions change order you had in the quarter was already kind of probability weighed in the guidance? And if it was, was there something else that offset that since the midpoint of EBITDA was kept the same. And then I'll just ask my second question now. David, you cited that the average of 150 basis points of higher margins going into backlog over the last 6 quarters. How should we think about the trajectory of margins going into backlog from here kind of relative to that 150 basis points. Is that kind of flattening now? Or do you think there's still room for putting higher margins in?

恭喜。我只是想澄清一下，您在本季度收到的 Urban Solutions 變更單是否已經在指導中權衡了機率？如果是的話，是否有其他因素可以抵消這一影響，因為 EBITDA 的中點保持不變。然後我現在就問第二個問題。David，您提到過去 6 個季度積壓的利潤率平均提高了 150 個基點。我們應該如何考慮相對於 150 個基點的利潤率從這裡開始積壓的軌跡。現在是這樣的扁平化嗎？或者您認為還有提高利潤的空間嗎？

Steven, I'll take kind of the view on guidance for the quarter. I guess the way I would frame it for you is the results for the quarter kind of reflect the underlying quality of the existing backlog that we booked over the last couple of years. That $50 billion up through the end of $23 million an additional $10 billion plus what's coming in on Pantex. We understand there were some puts and takes in the quarter, but we still have confidence in our core results and I think those results suggest the run rate of $165 million that we've shown in the quarter.

史蒂文，我對本季的指導持某種看法。我想我為您建造的方式是，本季的結果反映了我們過去幾年預訂的現有積壓訂單的基本品質。這 500 億美元到 2,300 萬美元結束時還有 100 億美元加上 Pantex 的投資。我們知道本季有一些看跌和看跌，但我們仍然對我們的核心業績充滿信心，我認為這些結果表明我們在本季度顯示的 1.65 億美元的運行率。

As we move forward, Steven, I think what we'll see is less and less volatility as the results, we're continuing to close out our existing legacy projects. We've made significant progress there. And our derisked project portfolio of 80% reimbursable will begin to mature as it pulls through the pipeline.

史蒂文，隨著我們的前進，我認為我們將看到結果的波動性越來越小，我們將繼續關閉現有的遺留項目。我們在那裡取得了重大進展。我們的 80% 可償還風險的專案組合將隨著管道的通過而開始成熟。

But as we laid out in prepared remarks, we did have some delayed revenue recognitions over some of our major programs in Energy Solutions, which are coming in, in the back half of the year. And so that gives us the confidence in being able to support the guidance and certainly up to the midpoint at this point.

但正如我們在準備好的發言中指出的那樣，我們確實對能源解決方案中的一些主要項目延遲了收入確認，這些項目將於今年下半年推出。因此，這讓我們有信心能夠支持這項指導意見，並且肯定能達到目前的中點。

Steve. Yes, on margins and going into backlog, that's been a good run that we've seen, and it continues to pull our backlog margins up. So our backlog continues to get healthier. As we've said, we're over 80% reimbursable now, which has met our surpassed our strategic priority target of reimbursable work in backlog. So I'd say it's looking at it, I'd say it will continue. I think we'll continue to book new awards above our plan margins.

史蒂夫.是的，在利潤率和積壓方面，我們看到了良好的運行，並且它繼續拉動我們的積壓利潤。因此，我們的積壓工作持續變得更加健康。正如我們所說，我們現在的可償還率超過 80%，這已經超出了我們積壓可償還工作的策略優先目標。所以我想說它正在考慮它，我想說它會繼續下去。我認為我們將繼續預訂高於計劃利潤的新獎項。

A lot of it has to do with services margins that we're booking right now. A lot of this front-end work that we're back into in Energy Solutions, obviously brings with it much higher margins when it services only. So that's a big contributor to what we'll be seeing over the next several quarters. So I think that will continue I wouldn't want to it's better to get there and then tell you what it is after the fact. But I think we'll continue to see margins coming into new awards that are above our planned expectations.

這很大程度上與我們現在預訂的服務利潤有關。我們在能源解決方案中重新進行的許多前端工作，顯然在僅提供服務時會帶來更高的利潤。因此，這對我們未來幾季將看到的情況做出了重大貢獻。所以我認為這種情況會繼續下去，我不想最好先到那裡，然後事後告訴你它是什麼。但我認為我們將繼續看到新獎項的利潤率超出我們的計劃預期。

Mike Dudas from Vertical Research Partners.

來自垂直研究合作夥伴的 Mike Dudas。

First for Joe. Joe, with the positive success of cash flow improvement this year and versus a year ago, after we go through all the puts and takes and the legacy projects moving out and some of the better business moving in backlog through the P&L. What do you expect from a normalized kind of conversion rate when Fluor is kind of running on those cylinders without some of the even though there will be some special movements intra-quarter what that can be? And has that changed from what your expectations would have been?

首先是喬。喬，與一年前相比，今年現金流的改善取得了積極的成功，在我們檢查了所有的看跌期權和拿貨項目以及搬出的遺留項目以及通過損益表轉移積壓的一些更好的業務之後。當福陸在這些氣缸上運行時，您對標準化轉換率有何期望，儘管季度內會有一些特殊的變動，但可能會發生什麼？這與您的期望相比有變化嗎？

No, thanks for the question, Mike. We have stated that 60% to 70% conversion rate as we move forward, and I would expect I've gone back and kind of looked at our historical Fluor and at times, we've been up in the 75% range in a similar asset-light model. So I think the goal would be to drive to levels in the 70% to 75% range. But as we transition here, I think that 60% to 70% conversion view is probably an appropriate 1 as we kind of progress through the next few quarters.

不，謝謝你的提問，麥克。我們已經說過，隨著我們前進，轉換率將達到 60% 到 70%，我希望我會回頭看看我們歷史上的 Fluor，有時，我們的轉換率會達到 75% 的範圍，類似的情況輕資產模式。所以我認為目標是達到 70% 到 75% 範圍內的水平。但當我們在此過渡時，我認為 60% 到 70% 的轉換率可能是合適的 1，因為我們在接下來的幾個季度會取得進展。

That's helpful, Joe. And for David, you mentioned in your prepared remarks the booking from the NuScale Power, your discussion with the Department of Energy Secretary. How how real, how are your thoughts on what potential that could be for for, whether it's through new scale or other opportunities at other years on the nuclear side and maybe an update on monetization opportunities for your majority of your holdings.

這很有幫助，喬。對於 David，您在準備好的演講中提到了 NuScale Power 的預訂，以及您與能源部長的討論。真實程度如何？

Yes, Mike. Yes, great topic right now based on as we talked about the data centers and everything that's going on for power demand requirements not only in the US but globally. I think we said last quarter, the demand or the interest, I'll say the interest in SMR technology, carbon-free power has never been greater. We obviously are seeing supporting Nuscale, but also supporting their commercialization and their development partner and commercialization globally.

是的，麥克。是的，現在是一個很好的話題，基於我們談論的資料中心以及不僅在美國而且在全球範圍內電力需求需求所發生的一切。我想我們上個季度說過，需求或興趣，我會說對 SMR 技術、無碳電力的興趣從未如此強烈。顯然，我們看到了對 Nuscale 的支持，同時也支持他們的商業化以及他們的開發合作夥伴和全球商業化。

So we've got a pretty good insight into all the opportunities out there with tech companies and with utilities to crack this nut on power demand and the requirement for it to be clean energy. So pretty exciting times. We're excited about Row power. We're excited for Nuscale about their technology being chosen over their support from the US government as well. And we're looking forward to getting started on that front-end package for row power. And we believe there's going to be a lot more of it, both internationally.

因此，我們對科技公司和公用事業公司解決電力需求及其清潔能源需求的所有機會有了很好的了解。非常激動人心的時刻。我們對 Row power 感到非常興奮。我們對 Nuscale 的技術被選中而不是美國政府的支持感到興奮。我們期待著開始開發用於行電源的前端套件。我們相信，無論是在國際上，這樣的事情都會有更多。

And I think the floodgates will start to open here in the US as well as either with utilities taking on the assets in their facilities or over the fence, build on operate. Different business models are available and the tech companies are coming. I think they'll lean more towards PPA's power purchase agreements with the SMR developers out there.

我認為美國的閘門將開始打開，公用事業公司將接管其設施中的資產，或越過圍欄，繼續運作。不同的商業模式可供選擇，科技公司也隨之而來。我認為他們會更傾向於 PPA 與 SMR 開發商的購電協議。

So Yes. times are good. Like I said, we have preferential rights with NuScale, and we know the technology best from an engineering design and constructability perspective. So it's shaping up to be something going forward that we'll be all over. So exciting times. On the monetization, we're still working with our strategic investor, I think everything I've just said about how positive things are shaping, that is definitely going to get the investment, I think, over the goal line here, we'll probably be talking more about it at the end of the year and letting you know where that stands with Fluor's shares and selling down the majority of our shares to a strategic investor that will take the commercialization forward.

所以是的。時機很好。就像我說的，我們擁有 NuScale 的優先權，並且從工程設計和可施工性的角度我們最了解這項技術。因此，這將成為我們將要結束的事情。如此激動人心的時刻。在貨幣化方面，我們仍在與戰略投資者合作，我認為我剛才所說的關於積極的事情正在形成的一切，這肯定會獲得投資，我認為，超過這裡的目標線，我們將可能會在今年年底多談它，讓您知道福陸股票的情況，並將我們的大部分股票出售給將推動商業化的策略投資者。

Thanks, Mike.

謝謝，麥克。

Andy Wittmann from Baird.

來自貝爾德的安迪·惠特曼。

Great. I guess just wanted to ask on the SG&A guidance. I guess, is up this quarter versus what you were thinking last quarter. And so I was wondering if you could discuss what's in there, Joe. Is there something onetime? Is it incentive comp because you're turning out well? Maybe if you could just talk about the change there.

偉大的。我想只是想問 SG&A 指導。我想這個季度的數字比你上個季度的想法有所上升。所以我想知道你是否可以討論一下裡面有什麼，喬。有什麼一次性的嗎？是因為你表現出色而獲得獎勵嗎？也許你能談談那裡的變化。

No, it's a onetime impact, partly due to some of the investment that flowed through into the build-out of our office in Houston, and it will be non-recurring, Andy, as we move forward.

不，這是一次性的影響，部分原因是一些投資流入了我們休斯頓辦事處的擴建，安迪，隨著我們的前進，這將是非經常性的。

Got it. Okay. So we still like the $190 million as kind of the underlying rate for the company.

知道了。好的。因此，我們仍然喜歡 1.9 億美元作為該公司的基本利率。

That's fair.

這很公平。

Yes. Okay. I just wanted to talk about the change order that you got in infrastructure on people mover. During the quarter, there was an announcement publicly about some resolutions in the change order. Then there was a second announcement from LA on this one. that was actually more substantial in the headlines. But I don't know if that was Fluor's scope. So I was hoping you could clarify that. So was there any scope or is there any relief given in the second wave of L.A. money? And was that recognized in the quarter in the second quarter? Or could that be recognized in the third quarter? Just thought maybe you could comment on that one, too, Joe.

是的。好的。我只是想談談旅客捷運基礎設施中的變更單。本季度，公開宣布了變更指令中的一些決議。然後洛杉磯就此事發布了第二個公告。這實際上在頭條新聞中更為重要。但我不知道這是否是福陸的範圍。所以我希望你能澄清這一點。那麼，洛杉磯的第二波資金是否有任何範圍或是否有任何緩解？這是在第二季的季度中得到承認的嗎？或者說這一點可以在第三季得到認可嗎？只是想也許你也可以對此發表評論，喬。

Sure, Andy. Yes, the settlement that we've reached is a global settlement and the position that we've taken reflects our position to complete the project.

當然，安迪。是的，我們達成的和解是全球性的和解，我們所採取的立場反映了我們完成該專案的立場。

Entirely the second quarter, yes.

整個第二季度，是的。

This settlement gets us to the finish line. And we don't expect any other changes other than if we're able to execute the job in terms of how we utilize reserves and contingencies. But this is the settlement that sets the kind of the mark for handing over the facility to the client.

這項和解讓我們到達了終點線。除了我們能夠在如何利用儲備和應急措施方面執行這項工作之外，我們預計不會發生任何其他變化。但這是為將設施移交給客戶奠定了基礎的和解協議。

Brent Thielman from D.A. Davidson.

來自 D.A. 的布倫特·蒂爾曼戴維森。

David or Joe, I actually just wondering if you can clarify why the upper end of the EBITDA guidance range came down. It seems like you've got some really good momentum going into the second half? Is it just the pace that you're seeing the new business deploy or anything else?

大衛或喬，我實際上只是想知道您是否可以澄清為什麼 EBITDA 指導範圍的上限下降。看來你進入下半場的勢頭非常好？這僅僅是您看到的新業務部署的速度還是其他什麼？

It's a good question, Brent. It is the pace of the deployment of some of these programs and they're coming online. It's more of where we are in the cycle, the burn cycle and the maturity of those projects. And as we see kind of where we are in that progress, it made sense to kind of bring us off the top end of the range. and hold the midpoint. But all that backlog is going to continue to burn as we move out through '24 and into '25. So this is more just a function of where we are in the maturity of of the cycle relative to the work that we've onboarded, the $60-plus billion of work that we've onboarded in the last 3 years.

這是個好問題，布倫特。這是其中一些程式的部署速度，而且它們正在上線。更多的是我們所處的周期、燃燒週期和這些項目的成熟度。當我們看到我們在這一進展中所處的位置時，讓我們脫離這個範圍的高端是有意義的。並保持中點。但隨著我們從 24 年進入 25 年，所有積壓的訂單將繼續燃燒。因此，這更取決於我們相對於我們已開展的工作（過去 3 年我們已開展的 60 多億美元的工作）所處的周期成熟度。

Okay. I appreciate that, Joe. And I guess my second question, I mean, it's sort of interesting. I mean, Urban Solutions now 60% of your backlog compared to less than 40% a few years ago, just curious, bigger picture, is this sort of a new look for Fluor going forward? I know you've got this potential pipeline of work energy solutions that could come down the line. But I guess I'm just curious whether yes, so this is sort of a new look for Flour going forward or just a product of where the markets are right now.

好的。我很感激，喬。我想我的第二個問題，我的意思是，這有點有趣。我的意思是，Urban Solutions 現在佔了你們積壓訂單的 60%，而幾年前還不到 40%，只是好奇，從更大的角度來看，這是 Fluor 未來的新面貌嗎？我知道您已經有了潛在的工作能量解決方案管道，可以繼續使用。但我想我只是好奇是否是這樣，所以這是麵粉未來的新面貌，或者只是目前市場狀況的產物。

Yes. Thanks for the question. It's really encouraging to see that our strategic priority that we said back in early '21, based on mega trends we were seeing around the world driving growth across the portfolio outside of traditional energy outside of traditional and gas has really come to fruition and really lined up exactly as we thought it would, and you're seeing that in Urban Solutions backlog of almost $20 billion.

是的。謝謝你的提問。看到我們在21 年初所說的戰略重點，基於我們在世界各地看到的推動傳統能源和天然氣以外的傳統能源投資組合增長的大趨勢，我們的戰略重點確實取得了成果，並且真正得到了落實，這確實令人鼓舞。

But at that same time, we also wanted to grow traditional and gas, and we're happy that could come along and be a strong part of the the mix, and I think it will be for the future, both in energy transition, but also in traditional. So and nuclear sits in energy solutions as well. Just be aware that, that, as we just talked about with Mike, we'll be sitting at those projects will be sitting in Energy Solutions going forward.

但同時，我們也希望發展傳統能源和天然氣，我們很高興這能出現並成為其中的重要組成部分，我認為這將是未來的能源轉型，但也是傳統的。因此，核能也屬於能源解決方案。請注意，正如我們剛剛與麥克談論的那樣，我們將參與這些項目，並將參與能源解決方案的發展。

So going forward, we're hoping and thinking that all boats will be raised across the 3 segments. And we'll enjoy watching energy solutions and Urban Solutions battle it out for who's got the most backlog. But right now, it's definitely ATLS based on data centers, semiconductor Life Sciences, Mining and Metals is very, very strong, as we've talked about. So I guess I'd say it's coming across all the business lines.

因此，展望未來，我們希望並認為所有船隻都將在這三個部分中升起。我們將喜歡觀看能源解決方案和城市解決方案來爭奪誰擁有最多的積壓訂單。但現在，正如我們所討論的，基於資料中心、半導體生命科學、採礦和金屬的 ATLS 絕對非常非常強大。所以我想我會說它遍及所有業務領域。

That concludes our question-and-answer session for today. I'd now like to hand back the call over to Mr. David Constable for final remarks.

我們今天的問答環節到此結束。現在我想將電話轉交給戴維·康斯特勃爾先生作最後發言。

Thank you, operator. Many thanks to all of you for participating on the call today. I'm very pleased with the company's performance to date and our trends for 2024, and our focus on bidding discipline and product performance continues to serve us well. So I appreciate your interest in Fluor. Thanks again for joining. Thanks.

謝謝你，接線生。非常感謝大家參加今天的電話會議。我對公司迄今為止的業績和 2024 年的趨勢感到非常滿意，我們對投標紀律和產品性能的關注繼續為我們提供良好服務。所以我感謝您對福陸的興趣。再次感謝您的加入。謝謝。

Thank you for joining today's conference call. Have a wonderful day. You may now disconnect.

感謝您參加今天的電話會議。祝你有美好的一天。您現在可以斷開連線。