Fluor Corp (FLR) 2024 Q3 法說會逐字稿

Good morning, and welcome to Fluor's third quarter 2024 earnings conference call. Today's call is being recorded. (Operator Instructions)

早安，歡迎參加福陸 2024 年第三季財報電話會議。今天的通話正在錄音。（操作員說明）

A replay of today's conference will be available at approximately 10:30 AM, Eastern Time, accessible on Fluor's website at investor.fluor.com. The web replay will be available for 30 days. A telephone replay will also be available for seven days through the registration link, also accessible on Fluor's website at investor.fluor.com.

今天會議的重播將於東部時間上午 10:30 左右重播，可透過福陸公司網站 Investor.flor.com 存取。網路重播將提供 30 天。也可透過註冊連結進行 7 天的電話重播，該連結也可在福陸公司網站 Investor.flor.com 上存取。

At this time, for opening remarks, I would like to turn the call over to Jason Landkamer, Head of Investor Relations. Please go ahead, sir.

現在，我想將電話轉給投資者關係主管傑森·蘭德卡默 (Jason Landkamer) 致開幕詞。請繼續，先生。

Thank you, operator, and welcome to Fluor's 2024 third quarter earnings call. David Constable, Fluor's Chairman and Chief Executive Officer; Joe Brennan, Fluor's Chief Financial Officer; and Jim Breuer, our Chief Operating Officer, are with us today.

謝謝您，營運商，歡迎參加福陸 2024 年第三季財報電話會議。David Constable，福陸公司董事長兼執行長； Joe Brennan，福陸財務長；我們的營運長 Jim Breuer 今天也與我們在一起。

Fluor issued its third-quarter earnings release earlier this morning, and a slide presentation is posted on our website that we will reference while making prepared remarks. Before getting started, I would like to refer you to our safe harbor note regarding forward-looking statements, which is summarized on slide 2.

福陸今天早上早些時候發布了第三季度收益報告，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。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。

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 our Form 10-Q, which was made available earlier today.

在今天的演講中，我們將做出前瞻性陳述，反映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。您可以在今天早些時候發布的 2023 年表格 10-K 和表格 10-Q 中找到可能導致此類差異的風險因素的討論。

During this 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.

在本次電話會議中，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 指標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。

I'll now turn the call over to David Constable, Fluor's Chairman and Chief Executive Officer. David?

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？

Thank you, Jason, and good morning, everyone. Thank you for joining us today. Please turn to slide 3.

謝謝傑森，大家早安。感謝您今天加入我們。請翻到幻燈片 3。

To begin today, I would like to acknowledge the impact of the recent devastation in the Southeast over the past few weeks. Hurricane Helene, shortly followed by Hurricane Milton, caused significant damage, including historic flooding, widespread power outages, and multiple deaths across the Southeast.

首先，我要承認過去幾週東南部發生的破壞所造成的影響。颶風海倫和緊隨其後的颶風米爾頓造成了嚴重破壞，包括歷史性洪水、大規模停電以及東南部多人死亡。

Our Greenville, South Carolina, office did sustain moderate damage. But thanks to our HSE and facilities management team, the office remains open and functional. However, almost all of our employees in the area were personally affected in some way.

我們位於南卡羅來納州格林維爾的辦公室確實遭受了中度損壞。但由於我們的 HSE 和設施管理團隊，辦公室仍然開放且正常運作。然而，我們在該地區的幾乎所有員工個人都受到了某種程度的影響。

In the face of this tragedy, we are helping communities. For example, the North Carolina Department of Transportation requested assistance from the I-26 Fluor-United Ashville team, and we promptly responded. The crews worked to clear roadways and provide temporary repairs, enabling utility teams to reach impacted areas and restore access for affected residents.

面對這場悲劇，我們正在幫助社區。例如，北卡羅來納州交通部向 I-26 Fluor-United Ashville 團隊請求援助，我們立即做出了回應。工作人員努力清理道路並提供臨時維修，使公用事業團隊能夠到達受影響的地區並恢復受影響居民的通道。

All states impacted by Hurricane Helene and Milton are in Fluor's FEMA public assistance contract. Mission solutions has more than 200 people deployed in the Southeast and expect at least 300 more to be deployed in the near future. Our thoughts go out to all families and residents impacted by these hurricanes, and we are honored to be supporting numerous communities in their recovery efforts.

所有受颶風海倫和米爾頓影響的州都包含在福陸的 FEMA 公共援助合約中。Mission Solutions 在東南部部署了 200 多人，預計在不久的將來將部署至少 300 人。我們關心所有受颶風影響的家庭和居民，我們很榮幸能夠支持許多社區的復原工作。

Now let's turn to our operating review, beginning on slide 4. Revenue for the third quarter was $4.1 billion. Consolidated new awards for the third quarter were $2.7 billion and included awards for a downstream project in Mexico and a mining and metals project in Australia.

現在讓我們從投影片 4 開始進行操作回顧。第三季營收為 41 億美元。第三季的綜合新合約金額為 27 億美元，其中包括墨西哥下游項目和澳洲採礦和金屬項目的合約。

Based on our new awards for the quarter, our total backlog is now $31.3 billion, of which 80% is reimbursable. Margins on new awards in the quarter continue to underpin our expected segment margin range. This is driven in part by the strength in our services margins, which have been in the 20% range for our traditional EPCM businesses this year.

根據我們本季的新獎項，我們的積壓總額目前為 313 億美元，其中 80% 是可償還的。本季新獎項的利潤率繼續支撐我們預期的細分市場利潤率範圍。這在一定程度上是由於我們的服務利潤率強勁所致，今年我們的傳統 EPCM 業務的利潤率已達到 20%。

Moving to our business segments, please turn to slide 6. Urban solutions, our most diversified group, reported segment profit of $68 million. New awards were $828 million in the third quarter, and ending backlog was $19 billion, a 72% increase in the past 12 months. Results in this segment reflect the ramp-up of execution activities on multiple advanced technology and life sciences projects.

轉向我們的業務部門，請參閱投影片 6。Urban Solutions 是我們最多元化的集團，其部門利潤為 6,800 萬美元。第三季新授予金額為 8.28 億美元，期末積壓金額為 190 億美元，在過去 12 個月中成長了 72%。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。

Now please turn to slide 7. During the quarter, mining and metals received a $289 million incremental award for a rare earth minerals refinery in Australia. Representing almost half of urban solutions' backlog, the mining and metals business line continues to be well positioned for large EPC projects in the near term, including a port debottlenecking project in Australia and lithium work in the United States.

現在請翻到幻燈片 7。本季度，採礦和金屬部門獲得了澳洲一家稀土精煉廠 2.89 億美元的增量獎勵。採礦和金屬業務線佔城市解決方案積壓量的近一半，在短期內繼續為大型 EPC 專案做好準備，包括澳洲的港口去瓶頸專案和美國的鋰專案。

The longer-term focus for clients in this space remains positive. For example, BHP notified us last week that we were awarded the Minera Escondida concentrator program in Chile. We will start the selection phase study for this megaproject in the fourth quarter.

客戶對該領域的長期關注仍然是積極的。例如，必和必拓上週通知我們，我們獲得了智利的 Minera Escondida 選礦廠專案。我們將於第四季開始這個大型專案的選型階段研究。

Moving to slide 8. In advanced technologies and life sciences, our focus for 2024 remains centered on talent allocation and development to support unprecedented market demand. New awards for the quarter included an incremental award for the current phase of our existing Eli Lilly project in Indiana and the design award for the next phase of this megaproject.

轉到投影片 8。在先進技術和生命科學領域，我們 2024 年的重點仍然是人才配置和發展，以支持前所未有的市場需求。本季的新獎項包括印第安納州現有禮來計畫當前階段的增量獎以及該大型計畫下一階段的設計獎。

Backlog for ATLS has increased nearly 90% over the past year. In the data center market, we continue to engage with large tech companies and expect growth in the first half of 2025 to reflect their expanding CapEx plans. We also believe that the size and supply chain requirements for these megafacilities represent a sweet spot for Fluor.

去年，ATLS 的積壓工作增加了近 90%。在資料中心市場，我們繼續與大型科技公司合作，預計 2025 年上半年的成長將反映他們不斷擴大的資本支出計畫。我們也認為，這些大型設施的規模和供應鏈要求對福地來說是最佳選擇。

In preparation for this work, we are not standing still. The company is working on several competitive advantages for data center execution. Currently, we are developing innovative cooling process concepts, and we've completed work with the client to develop offsite modularization design and production processes that will expedite the build-out of data centers.

在準備這項工作的過程中，我們並沒有停滯不前。該公司正在致力於資料中心執行的多項競爭優勢。目前，我們正在開發創新的冷卻製程概念，並已與客戶合作開發異地模組化設計和生產工藝，這將加速資料中心的建置。

In the semiconductor space, we continue to be engaged with Intel on select projects. However, a large manufacturing facility, where we were providing early work support, has been canceled. Despite the cancellation, the market remains robust, and we are redeploying that team to other ATLS projects. Our relationship with Intel continues to be strong.

在半導體領域，我們繼續與英特爾就選定的項目進行合作。然而，我們提供早期工作支援的大型製造工廠已被取消。儘管取消，市場仍然強勁，我們正在將該團隊重新部署到其他 ATLS 專案。我們與英特爾的關係依然牢固。

Over in life sciences, work continued to progress on the Eli Lilly facility in Indiana. Recent activities include the installation of siding and glazing on the pharmaceutical facility's central utilities building. Looking ahead, we see the opportunity for significant additional work for this client as well as other life sciences projects in Europe and in the US.

在生命科學領域，禮來公司位於印第安納州的工廠的工作持續取得進展。最近的活動包括在製藥廠的中央公用設施大樓上安裝壁板和玻璃。展望未來，我們看到了為該客戶以及歐洲和美國的其他生命科學專案進行大量額外工作的機會。

Please turn to slide 9. In infrastructure, we made considerable progress on both legacy and nonlegacy projects in the quarter. On the Gordie Howe International Bridge project, the team is headed towards its next major milestone, which is completion of the bridge overlay.

請翻到投影片 9。在基礎設施方面，本季我們在遺留項目和非遺留項目上都取得了相當大的進展。在戈迪·豪國際大橋計畫中，團隊正朝著下一個重要里程碑邁進，完成橋樑覆蓋層。

At the LAX Automated People Mover project in Los Angeles, our joint venture has obtained final approval for the settlement we recognized last quarter. And in October, our JV consortium that built the Mario M. Cuomo Bridge filed a $1 billion breach of contract lawsuit against the New York State Thruway Authority for costs incurred before the bridge was successfully completed six years ago. Despite there being a clearly outlined dispute resolution process in our contract, it is disappointing that the New York State Thruway Authority has chosen to delay its liability for this bridge.

在洛杉磯的洛杉磯國際機場自動旅客捷運計畫中，我們的合資企業已獲得我們上季度認可的和解協議的最終批准。10 月，我們建造 Mario M. Cuomo 大橋的合資財團向紐約州高速公路管理局提起了價值 10 億美元的違約訴訟，要求賠償六年前大橋成功竣工之前產生的費用。儘管我們的合約中有明確規定的爭議解決程序，但令人失望的是，紐約州高速公路管理局選擇推遲對這座橋樑的責任。

Moving on to slide 10. Mission solutions reported segment profit of $45 million for the third quarter, driven in part by increased execution activities on two DOE contracts. New awards for the quarter were $274 million, and ending backlog for the quarter was $3.1 billion.

繼續看投影片 10。Mission Solutions 報告第三季部門利潤為 4,500 萬美元，部分原因是能源部兩份合約執行活動的增加。本季新授予金額為 2.74 億美元，本季期末積壓金額為 31 億美元。

Last quarter, we received notices to proceed on two projects: the Pantex management and operations contract and the Air Force Test Operations and Sustainment contract. I'm pleased to report that we've had seamless handovers and are now fully executing both megaprograms.

上季度，我們收到了繼續進行兩個專案的通知：Pantex 管理和營運合約以及空軍測試營運和維持合約。我很高興地報告，我們已經實現了無縫移交，現在正在全面執行這兩個大型計劃。

As we announced last month, the Fluor joint venture received a notice to proceed on the Hanford Integrated Tank Disposition Contract. The contract has an estimated ceiling of $45 billion over a 10-year period for environmental management operations in Washington state. As a minority partner, Fluor will recognize its share of earnings from this new program using the equity method of accounting starting in the fourth quarter of 2024.

正如我們上個月宣布的那樣，福陸合資企業收到了繼續執行漢福德綜合儲罐處置合約的通知。該合約預計在 10 年內為華盛頓州的環境管理業務提供 450 億美元的上限。作為少數股東，福陸將從 2024 年第四季開始使用權益會計法確認其在這項新計畫中的收益份額。

We're also pleased to announce that the National Nuclear Security Administration has selected a team that includes Fluor to conduct a year-long engineering study for a centrifuge pilot plan. Fluor will be the EPC service provider for the activity.

我們也很高興地宣布，國家核安局已選擇包括福陸在內的團隊對離心機試點計畫進行為期一年的工程研究。福陸將作為本次活動的EPC服務提供者。

This initiative, part of NNSA's domestic uranium enrichment centrifuge experiment program, seeks to maintain an advanced uranium enrichment technology for US national security needs. Continuing on this nuclear theme, the Department of Energy is rolling out plans for the domestic supply of high-assay, low-enriched uranium enrichment and deconversion facilities.

該舉措是國家核安局國內鈾濃縮離心機實驗計畫的一部分，旨在維持先進的鈾濃縮技術以滿足美國國家安全的需求。繼續圍繞這一核主題，能源部正在推出國內供應高含量、低濃縮鈾濃縮和轉化設施的計劃。

Fluor has been selected as one of a few partners for both of these activities to help with developing a path forward. Near-term prospects for mission solutions include an extension with the DOE for Portsmouth and Piketon, Ohio, and additional work in the intelligence services space.

福陸已被選為這兩項活動的少數合作夥伴之一，以幫助制定前進的道路。任務解決方案的近期前景包括與美國能源部合作對俄亥俄州朴茨茅斯和皮克頓進行擴展，以及情報服務領域的其他工作。

Now please turn to slide 11. In energy solutions, segment profit was $50 million for the third quarter. Results reflected lower-than-expected contributions from a large project in the late stages of completion and $18 million in cost growth on a construction-only subcontract executed by our joint venture partner in Mexico. More specifically on this project, the joint venture is close to an agreement that will address costs from now until project completion in 2025.

現在請翻到投影片 11。在能源解決方案領域，第三季的部門利潤為 5,000 萬美元。結果反映了一個大型專案在完工後期的貢獻低於預期，以及我們在墨西哥的合資夥伴執行的僅建築分包合約的成本增加了 1800 萬美元。更具體地說，就該專案而言，合資企業即將達成協議，將解決從現在到 2025 年專案完成期間的成本問題。

New awards for the quarter totaled $1.5 billion and included a full notice to proceed on a downstream project in Mexico, as well as an award for a large refinery unit in Texas. In Q3, we started the next phase of engineering and design work for RoPower's small modular nuclear reactor project in Romania, utilizing NuScale's industry-leading technology.

本季的新合約總額為 15 億美元，其中包括墨西哥下游項目的完整通知以及德州大型煉油廠的合約。第三季度，我們利用 NuScale 的行業領先技術，開始了 RoPower 位於羅馬尼亞的小型模組化核反應器專案的下一階段的工程和設計工作。

We continue to see strong interest in SMRs and traditional nuclear, both of which are viable carbon-free solutions for power generation. In addition to the SMR engineering work for RoPower, we are making great progress on securing a reimbursable front-end award for two conventional nuclear reactors in Romania. So more to come on that front.

我們繼續看到人們對中小型反應器和傳統核能的濃厚興趣，這兩者都是可行的無碳發電解決方案。除了 RoPower 的 SMR 工程工作外，我們還在為羅馬尼亞的兩座常規核反應器獲得可償還前端合約方面取得了巨大進展。因此，這方面還有更多內容。

With regard to LNG Canada, this project is now over 95% complete, and systems handover to the client is progressing. During the quarter, the team achieved a fuel gas in milestone. And in October, we started offloading refrigerants at the port and executed start-up operations for the refrigerant compressors.

至於加拿大液化天然氣公司，該專案現已完成95%以上，並向客戶的系統移交工作正在進行中。在本季度，該團隊實現了里程碑式的燃料氣體目標。10月份，我們開始在港口卸載冷媒，並對冷媒壓縮機進行啟動操作。

This project is on track to support LNG Canada's plan to ship first cargoes in 2025. The project continues to meet management expectations.

該項目預計將支持加拿大液化天然氣公司 (LNG Canada) 於 2025 年運送首批貨物的計畫。該項目繼續滿足管理層的期望。

Over the next few quarters, energy solutions' prospects include support for battery chemicals and the chemical recycling industries, with traditional upstream, petrochemicals, and LNG power projects following thereafter. Please turn to slide 12.

在接下來的幾個季度，能源解決方案的前景包括對電池化學品和化學品回收行業的支持，隨後是傳統上游、石化和液化天然氣發電項目。請翻到投影片 12。

Before I turn the call over to Jim, I wanted to share some of my observations as we close out 2024 and head into 2025 and beyond. Last quarter, we discussed the tremendous progress we made under our Building a Better Future strategy, and it was time to develop plans for our next chapter.

在將電話轉給吉姆之前，我想分享一下我在 2024 年即將結束、進入 2025 年及以後的觀察結果。上個季度，我們討論了在「建立更美好的未來」策略下取得的巨大進展，現在是為下一章制定計劃的時候了。

I see a few themes that will be underpinning our next strategic planning cycle. First, as several EPC projects wind down in energy solutions, the expected conversion of FEED packages to EPC awards has not yet come to fruition. This is due in part to delays in energy transition and to our risk management discipline that has served us well.

我看到一些主題將支撐我們的下一個策略規劃週期。首先，隨著多個能源解決方案EPC專案的逐步結束，預期的FEED包向EPC合約的轉換尚未實現。這在一定程度上是由於能源轉型的延遲以及我們的風險管理紀律對我們起到了很好的作用。

For perspective, over the past three years, we have no bid over $20 billion of projects in energy solutions due to unfavorable risk or contractual conditions. In the near term, the combination of traditional energy, energy transition, and low-carbon power projects will drive FEED packages.

從長遠來看，過去三年，由於不利的風險或合約條件，我們沒有投標超過 200 億美元的能源解決方案專案。短期內，傳統能源、能源轉型和低碳電力專案的結合將推動FEED包的發展。

Fluor continues to play a significant role in the chemical space, including large liquids-to-chemical programs in the Middle East. In urban solutions, we have an even greater potential than originally envisioned. While we have mobilized significant resources into this space, opportunity demands that we deploy additional capacity to capitalize on these time-to-market focused projects.

福陸繼續在化學領域發揮重要作用，包括中東的大型液體化工計畫。在城市解決方案中，我們的潛力比最初設想的還要大。雖然我們已經調動了大量資源進入這個領域，但機會要求我們部署額外的能力來利用這些以上市時間為重點的項目。

And lastly, in mission solutions, we continue to have great success in the environmental remediation market. The next phase of growth will be driven by work in the national security market and nuclear fuel arenas. Our ability to be a trusted partner will also be predicated on having high-quality technical experts ready to support the US government.

最後，在任務解決方案方面，我們繼續在環境修復市場取得巨大成功。下一階段的成長將由國家安全市場和核燃料領域的工作推動。我們成為值得信賴的合作夥伴的能力也取決於擁有準備支持美國政府的高素質技術專家。

And just to note here this week, we are pleased the election process delivered a clear winner. This creates an environment of certainty that our clients need in order to make major capital investment decisions.

本週需要指出的是，我們很高興選舉過程產生了明顯的勝利者。這創造了我們的客戶做出重大資本投資決策所需的確定性環境。

A key part of our strategic priorities was to drive growth across the portfolio. Our revenues from nontraditional oil and gas projects stand at 75% at the end of Q3 2024, surpassing our strategic target of 70%.

我們策略重點的關鍵部分是推動整個投資組合的成長。截至2024年第三季末，我們來自非傳統油氣專案的營收達到75%，超過了我們70%的策略目標。

We see strong CAGR growth for revenue and EBITDA in the next strategic planning period through 2028. This growth will be supported by robust cash generation and improved long-term TSR delivery. As a reminder, TSR performance under the current planning period is 191%.

我們預計到 2028 年的下一個策略規劃期間，營收和 EBITDA 的複合年增長率將強勁成長。這一成長將得到強勁的現金產生和改善的長期股東總回報率的支持。提醒一下，目前規劃期間內的股東總回報率為 191%。

With that, let me turn the call over to Jim Breuer to provide some details on how we are already positioning for the next chapter in Fluor's strategy. Jim?

接下來，讓我將電話轉給吉姆‧布勞爾 (Jim Breuer)，他會詳細介紹我們如何為福陸戰略的下一章做好定位。吉姆？

Thank you, David, and good morning, everyone. Please turn to slide 13.

謝謝大衛，大家早安。請翻到投影片 13。

As David indicated, our portfolio of businesses is diversified, and these markets fluctuate in their own business cycles. At Fluor, we want to maintain our position in key markets while we take maximum advantage of our current growth opportunities.

正如大衛所指出的，我們的業務組合是多元化的，這些市場會隨著自己的商業週期而波動。在福陸，我們希望保持在關鍵市場的地位，同時最大限度地利用當前的成長機會。

To support these projects, we're taking a more holistic view of our markets to align our resources and project delivery model, resulting in a workforce and an execution platform that are flexible and that can shift from one business to another to fully leverage our global capacity. As a first step in this direction, we recently launched a new model to manage our distributed execution centers in the Philippines, Poland, and India. These are highly competent execution centers that perform project work globally but historically have specialized in only a few industries.

為了支持這些項目，我們正在更全面地了解我們的市場，以調整我們的資源和項目交付模式，從而形成一個靈活的員工隊伍和執行平台，可以從一個業務轉移到另一個業務，以充分利用我們的全球業務容量。作為朝這個方向邁出的第一步，我們最近推出了一個新模型來管理我們位於菲律賓、波蘭和印度的分散式執行中心。這些都是非常有能力的執行中心，在全球範圍內執行專案工作，但歷史上只專注於少數行業。

Going forward, these offices will no longer report to a single business segment but, instead, will be fully leveraged by all of Fluor so that their excellent resource pool and experience can be accessed by all of our projects. This new model, which encompasses approximately 35% of our home office execution capabilities, will better match the demand for trained resources with the supply in these operation centers, will foster diversity in employee skills across industries, and support increased stability and growth for our backlog.

展望未來，這些辦事處將不再向單一業務部門匯報，而是將被整個福陸公司充分利用，以便我們所有的專案都能利用他們優秀的資源庫和經驗。這種新模式涵蓋了我們約35% 的家庭辦公室執行能力，將更好地將訓練有素的資源需求與這些營運中心的供應相匹配，將促進跨行業員工技能的多樣性，並支持我們積壓訂單的穩定性和成長。

Our new execution model directly supports David's observations of industry trends and increases the flexibility and speed needed by our clients in today's market. Many of our current projects and pursuits demand a time-to-market response, and Fluor is activating our full set of execution capabilities to address this need.

我們的新執行模型直接支持 David 對行業趨勢的觀察，並提高了客戶在當今市場上所需的靈活性和速度。我們目前的許多項目和追求都需要及時回應市場需求，福陸正在啟動我們的全套執行能力來滿足這一需求。

I look forward to sharing additional information about our evolving execution platform in the new year and getting better acquainted with the investment community. With that, let me turn the call over to Joe for the financial update.

我期待在新的一年分享有關我們不斷發展的執行平台的更多信息，並更好地了解投資界。接下來，讓我把電話轉給喬，了解最新的財務狀況。

Yeah. Thanks, Jim, and good morning, everyone. Today, I will review our results for the third quarter and go over our financial outlook assumptions that support our guidance. Please turn to slide 15.

是的。謝謝吉姆，大家早安。今天，我將回顧我們第三季的業績，並回顧支持我們指導的財務前景假設。請翻到投影片 15。

Our consolidated segment profit for the quarter was $117 million. This was impacted by lower-than-planned results in energy solutions and the timing of settlements and infrastructure.

本季我們的綜合部門利潤為 1.17 億美元。這是受到能源解決方案結果低於計劃以及定居點和基礎設施建設時間的影響。

Adjusted EBITDA for the third quarter was $124 million compared to $216 million a year ago. Our adjusted EPS was $0.51 compared to $1.02 in Q3 of 2023. The EPS result was encumbered by a higher effective tax rate as revenue in Mexico and Canada increased, which could not be offset in locations with operating losses.

第三季調整後 EBITDA 為 1.24 億美元，去年同期為 2.16 億美元。調整後每股收益為 0.51 美元，而 2023 年第三季為 1.02 美元。隨著墨西哥和加拿大收入的增加，每股盈餘的結果受到更高的有效稅率的影響，而這無法在經營虧損的地區抵消。

Our adjusted results for the quarter exclude $20 million for the positive effects of FX on the embedded derivative. G&A expenses for the quarter were $37 million, down from $56 million a year ago as the quarter reflects a reduction in anticipated incentive compensation.

我們本季的調整後業績不包括 2,000 萬美元的外匯對嵌入式衍生性商品的正面影響。本季的一般管理費用為 3,700 萬美元，低於去年同期的 5,600 萬美元，因為該季度反映出預期激勵薪酬的減少。

Net interest income for the quarter was $37 million compared to $42 million a year ago. Net interest contributions continue to benefit from an elevated interest rate environment, combined with our low-cost fixed rate debt.

該季度的淨利息收入為 3,700 萬美元，而去年同期為 4,200 萬美元。淨利息貢獻持續受益於利率上升的環境以及我們的低成本固定利率債務。

Based on our prospect pipeline, we anticipate a book-to-burn ratio approaching 1 for the third straight year. We currently stand at a book-to-burn ratio of 1.1 for the first three quarters of 2024. As a reminder, the book-to-burn would be much higher if you include the unconsolidated revenue that mission solutions manages.

根據我們的前景預測，我們預計帳面銷毀比率將連續第三年接近 1。目前，2024 年前三個季度的帳面銷毀比率為 1.1。提醒一下，如果算上任務解決方案管理的未合併收入，則需銷毀的書籍會高得多。

Moving on to slide 16. Our cash and marketable security balances for the quarter was $2.9 billion. This excludes amounts held by NuScale. Operating cash inflows for the third quarter was $330 million compared to $3 million a year ago. This reflects distributions from our joint ventures, customer payments on several large projects, and a refund from the IRS amounting to $92 million.

繼續看投影片 16。本季我們的現金和有價證券餘額為 29 億美元。這不包括 NuScale 持有的金額。第三季營運現金流入為 3.3 億美元，而去年同期為 300 萬美元。這反映了我們合資企業的分配、幾個大型項目的客戶付款以及美國國稅局 (IRS) 的退款，金額達 9,200 萬美元。

During the quarter, our legacy projects continue to operate in a cash-efficient manner, with only $2 million of required funding. This compares favorably to the $45 million in funding a year ago. We currently estimate that our funding requirements for the remaining legacy projects in the fourth quarter will be approximately $30 million.

本季度，我們的遺留項目繼續以現金高效的方式運營，所需資金僅為 200 萬美元。與一年前 4500 萬美元的資金相比，這數字相當可觀。我們目前估計第四季剩餘遺留項目的資金需求約為 3,000 萬美元。

Our backlog of legacy work has declined to $859 million across the five projects. We expect to complete the sale of Stork UK operations as early as the first quarter of 2025, pending regulatory approval for the proposed transaction. Upon conclusion of this transaction, we will have divested all legacy portions of the business, with the exception of our overseas fab yard.

這五個項目的遺留工作積壓已減少至 8.59 億美元。我們預計最早將於 2025 年第一季完成 Stork UK 業務的出售，目前正在等待監管部門對擬議交易的批准。此交易完成後，我們將剝離除海外晶圓廠外的所有遺留業務部分。

Regarding NuScale and its ongoing capital efforts resulted in Fluor's ownership being deconsolidated early in October of 2024. As a result, we anticipate recognizing a gain of $1.6 billion in the fourth quarter of 2024 based on a stock price of $13.15 for our 126 million shares.

關於 NuScale 及其持續的資本努力導致福陸的所有權於 2024 年 10 月初被解除合併。因此，根據我們 1.26 億股的股價 13.15 美元，我們預計 2024 年第四季將實現 16 億美元的收益。

We will recognize the fair value of our investment in NuScale prospectively on a mark-to-market basis based upon the prevailing price of their stock on our balance sheet dates so you can easily determine how NuScale will impact our financial results.

我們將根據資產負債表日股票的現行價格，按市值計價，前瞻性地確認我們對 NuScale 投資的公允價值，以便您可以輕鬆確定 NuScale 將如何影響我們的財務表現。

The incredible excitement surrounding the use of SMRs as a carbon-free solution for data centers is turbocharging NuScale's commercial model. The timing could not be better for our investment.

使用 SMR 作為資料中心的無碳解決方案令人難以置信的興奮正在推動 NuScale 的商業模式。對我們的投資來說，時機再好不過了。

We are pleased with the progress made to date with the strategic investor, and we'll be taking actions in the first half of 2025 to capture a portion of this value for Fluor. Any actions undertaken will be done with the intent to support both Fluor and SMR shareholders.

我們對迄今為止與戰略投資者的進展感到高興，我們將在 2025 年上半年採取行動，為福陸獲取部分價值。採取的任何行動都將旨在支持 Fluor 和 SMR 股東。

Before I close with the details on our outlook, I want to provide an update on our view of the capital structure. Based on our improved capital position and liquidity, we will soon be initiating a plan to return capital to our shareholders.

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。基於我們改善的資本狀況和流動性，我們很快就會啟動一項向股東返還資本的計畫。

To support this effort, Fluor Board of Directors has increased our existing share repurchase program to 30.5 million shares authorized for repurchase. Please turn to slide 17.

為了支持這項努力，福陸董事會已將現有的股票回購計畫增加至 3,050 萬股授權回購股票。請翻至投影片 17。

We are tightening our previous 2024 adjusted earnings per share guidance of $2.50 to $3 to a range of $2.55 to $2.75, and lowering our adjusted EBITDA guidance from $625 million to $675 million to a range of $525 million to $575 million. Our guidance for adjusted EPS excludes the benefit of any potential share repurchases.

我們將先前 2024 年的調整後每股盈餘指引從 2.50 至 3 美元收緊至 2.55 至 2.75 美元，並將調整後 EBITDA 指引從 6.25 億至 6.75 億美元降至 5.25 億至 5.75 億美元。我們對調整後每股盈餘的指導不包括任何潛在股票回購的好處。

We intend to provide guidance for 2025 on our views on longer-term value creation during our year-end call in February. Supported by a strong Q3 operating cash flow, we are increasing our cash flow guidance for the full year to approximately $700 million. This full-year outlook compares to operating cash flows of $212 million in 2023.

我們打算在 2 月的年終電話會議上就我們對長期價值創造的看法提供 2025 年的指導。在第三季強勁的營運現金流的支持下，我們將全年現金流指引提高至約 7 億美元。相較之下，2023 年全年營運現金流為 2.12 億美元。

Our assumptions for 2024 include revenue growth of approximately 10%, G&A expenses of $200 million, and an effective tax rate between 35% and 40%. Our expectations for 2024 full-year segment margins are approximately 4% in energy solutions, 4% in urban solutions, and 6% in mission solutions.

我們對 2024 年的假設包括營收成長約 10%、一般管理費用 2 億美元、有效稅率在 35% 至 40% 之間。我們對 2024 年全年分部利潤率的預期是，能源解決方案約為 4%，城市解決方案約為 4%，任務解決方案約為 6%。

With that, I will turn it over to the operator for our first question.

這樣，我將把它交給接線員來回答我們的第一個問題。

(Operator Instructions) Jamie Cook, Truist Securities.

（操作員指示）Jamie Cook，Truist 證券公司。

Two questions. One, Joe, just on the guide. The fourth quarter guide still implies a pretty significant ramp in revenues, I think, like up 30%. So just trying to understand your comfort level there and what would be driving the acceleration in revenues.

兩個問題。一，喬，就在指南上。我認為，第四季度的指導仍意味著收入將大幅成長，例如成長 30%。因此，只是想了解您在那裡的舒適程度以及推動收入加速成長的因素。

And then your implied margins in energy solutions, given your lower margin guide, implies like a 3% margin in energy solutions. So just trying to understand what's happening there.

然後，考慮到較低的利潤指導，能源解決方案的隱含利潤意味著能源解決方案的利潤率為 3%。所以只是想了解那裡發生了什麼事。

And then on the positive, obviously, the free cash flow guide was better. Is that just less funding of problem projects? Or is there something structural and handicap the opportunity for you guys to start buying back the stock given the increased authorization?

從積極的方面來看，顯然，自由現金流指南更好。這只是問題項目的經費減少了嗎？或者是否有一些結構性因素阻礙了你們在授權增加的情況下開始回購股票的機會？

Yeah, I'll start with the challenged projects and what we've been able to do in 2024, Jamie. We had started the year with an outlook of about $260 million worth of funding requirements for our legacy challenged projects. We've been able to manage that through a lot of financial discipline, clawing back entitlements to a number of $80 million for the full year.

是的，傑米，我將從具有挑戰性的專案以及我們在 2024 年能夠做的事情開始。今年伊始，我們預計遺留挑戰計畫的資金需求約為 2.6 億美元。我們已經能夠透過大量的財務紀律來管理這一點，全年收回了 8000 萬美元的權利。

So we've shown a lot of progress in that regard. On the margin reduction for Q3 and Q4 and in '24, it's really a reflection of the delay in the revenue recognition on a large project that is slipping really into -- a portion of it in Q4, and it will move out into '25. And it's really based in that POC calc, which is driving that larger project.

因此，我們在這方面取得了很大進展。關於第三季和第四季以及 24 年的利潤率下降，這實際上反映了一個大型專案收入確認的延遲，該專案確實滑入了第四季度的一部分，並將進入 25 年。它確實基於 POC 計算，該計算正在推動更大的項目。

But if you factor in the cancellations and the delays on three other programs, that's created a pocket here in the year. Those resources have been shifted over to other projects that are in different stages of execution. So the contributions from that will be generated, but it's been pushed to the right. So we've been able to reallocate those resources. So we feel comfortable about where they're headed.

但如果你考慮到其他三個項目的取消和延誤，那麼今年就創造了一個口袋。這些資源已轉移到處於不同執行階段的其他項目。因此，由此產生的貢獻將會產生，但它被推到了右邊。所以我們已經能夠重新分配這些資源。所以我們對他們的發展方向感到放心。

And the way I would break it up is what we look at in 2024 in the Q3, Q4 quarter. We got about a two-thirds impact from cancellations and about a one-third impact from the delays that are impacting our overall guide for 2024. But I do want to reiterate that we are not -- we do not have a change or an expectation for our long-term segment margin between 4% to 6%.

我的分解方式是我們在 2024 年第三季、第四季所看到的情況。我們約三分之二的影響來自於取消，約三分之一的影響來自於延誤，這些影響了我們 2024 年的整體指南。但我確實想重申，我們沒有對 4% 至 6% 之間的長期細分利潤率做出任何改變或預期。

Sorry, go ahead, Jamie.

抱歉，傑米，請繼續。

Sorry, I thought I was getting cut off. Just obviously, the share -- increased your authorization is a positive there. But how would you handicap you guys actually doing something and also an opportunity for reinstating the dividend?

抱歉，我以為我要被切斷了。顯然，增加授權的份額是正面的。但是，你會如何阻礙你們實際做某件事以及恢復股利的機會呢？

Yeah. Listen, we're going to come out in the fourth quarter and talk about holistically what the shareholder return plan looks like, Jamie. This is one piece of it, and it's an element of it. And we have cleared all the hurdles internally, and we have generated that free operating cash flow.

是的。聽著，傑米，我們將在第四季全面討論股東回報計畫。這是其中的一部分，也是其中的一個元素。我們已經清除了內部的所有障礙，並且已經產生了自由的營運現金流。

And we've got a very good view into how cash will be generated moving forward in a business model that's 80% reimbursable and 20% risk based. And then you see what we've been able to do with the legacy projects, and I think we'll be able to clear up a position and a discussion with the Board that we all had a significant amount of confidence relative to being able to open the aperture on the return of that capital to our shareholders.

我們對如何在 80% 可償還和 20% 基於風險的商業模式中產生現金有一個很好的了解。然後你會看到我們能夠對遺留項目做些什麼，我認為我們將能夠澄清立場並與董事會進行討論，我們都對能夠打開向股東返還資本的大門。

And I would suggest to you we're going to describe what that holistic plan looks like as we move into Q4, but we will begin to start that as soon as practical. And I just want to clarify, this -- anything that we're doing on the NuScale side, this is coming from really the last four years of recovering the business, rebuilding, and separating the financial and the execution risk.

我建議您在進入第四季度時我們將描述整體計劃，但我們將盡快開始實施。我只是想澄清一下，我們在 NuScale 方面所做的任何事情，實際上都來自過去四年的業務恢復、重建以及財務和執行風險的分離。

And we're in a position where we do have excess funds and it is time to open that tap and return it back to shareholders. And if you look at it, there is some symmetry to the 30 million shares relative to what we had to do three or four years ago to dilute in order to get the company back to where we are today.

我們確實擁有多餘的資金，現在是打開水龍頭並將其退還給股東的時候了。如果你仔細觀察一下，你會發現，這 3000 萬股股票與我們三、四年前必須進行的稀釋以使公司回到今天的水平存在一定的對稱性。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

David and Joe, I think you still have the '26 adjusted EBITDA target out there of $800 million to $950 million. Can you get there in the current environment?

大衛和喬，我認為你們仍然有 26 年調整後的 EBITDA 目標，即 8 億至 9.5 億美元。在現在的環境下你能到達嗎？

And then as we think about '25 -- I know you said you'll update us in February, but can you give us any initial thoughts? Do you still see an environment that supports backlog and revenue growth in '25? And then are there any puts and takes to think about in delivering margin versus what you're doing in '24?

然後，當我們考慮 25 年時，我知道您說過您會在 2 月份更新我們的信息，但您能給我們一些初步的想法嗎？您是否仍然看到支持 25 年積壓訂​​單和收入成長的環境？那麼，與您在 24 年所做的事情相比，在提供利潤方面是否需要考慮任何看跌期權和看跌期權？

Yeah. Good morning, Andy. I'll take that first one on 2026. And we're just going through our strategic planning -- our next chapter of our strategic plan as we speak, really; present that to the Board; and finalizing it now for discussions in February with you all.

是的。早安，安迪。我將在 2026 年接受第一個。我們剛剛完成我們的策略規劃——我們所說的策略計劃的下一章，真的；將其提交給董事會；現在將其定稿，以便二月與大家討論。

So what I can see right now is, to your question on -- you remember, we set that EBITDA target -- I guess, it was late 2022 when we updated our original strategic plan of 2021. And that had that $800 million to $950 million out there in EBITDA.

所以我現在能看到的是，對於你的問題——你記得，我們​​設定了 EBITDA 目標——我猜，我們更新了 2021 年最初的戰略計劃時已經是 2022 年末了。其中 EBITDA 為 8 億至 9.5 億美元。

To me, it looks like we're probably four quarters behind that range right now. So that's how we see it in our -- in the numbers. Again, we're just still finalizing them. That's what it looks like.

對我來說，看起來我們現在可能落後這個範圍四分之四。這就是我們在數字中的看法。再說一遍，我們仍在敲定它們。看起來就是這樣。

I will say that the original plan, the 2021 strategic plan, the EPS that we're guiding right now is tracking to that 2021 strategic plan target on a comparable basis. So definitely hitting that target and -- over the planning period for that chapter 1, if you will, of fixing and building the company, Fluor's market cap has increased, what, 720%; and share price is up 675%.

我想說的是，原來的計劃，2021 年戰略計劃，我們現在指導的每股收益正在可比的基礎上跟踪 2021 年戰略計劃目標。因此，肯定會達到該目標，並且在第一章的規劃期間（如果您願意的話）修復和建設公司，福陸的市值已經增加了 720%；股價上漲675%。

So now, the cash is starting to be generated. And Joe has talked about the share buybacks, which the Board fully supports. So that's where we're at right now. But again, we'll get into -- in the prepared remarks, I really want to highlight that the CAGR growth that we're seeing for revenue and EBIT over planning period is very strong. And so we'll -- again, we'll get back to that in February 2025.

所以現在，現金開始產生。喬談到了股票回購，董事會完全支持。這就是我們現在所處的情況。但我們將再次討論——在準備好的發言中，我真的想強調，我們在計劃期內看到的收入和息稅前利潤的複合年增長率非常強勁。因此，我們將在 2025 年 2 月再次討論這個問題。

Yeah, let me add a few words here, Andy. It's a good question. As David said, we're going through our strategic plan and our operating plan for next year. And there are some highlights and some -- a lot of excitement around the opportunities in our various segments.

是的，讓我在這裡補充幾句話，安迪。這是一個好問題。正如大衛所說，我們正在製定明年的策略計劃和營運計劃。有一些亮點，還有一些——我們各個細分市場的機會令人興奮。

If you look at urban, it's going to be our primary engine of growth in the short term with a lot of EPCM work in data centers, in pharma, in mining. Energy is reloading a new wave of front-end work that should convert in the later years in the planning cycle.

如果你看看城市，它將成為我們短期內成長的主要引擎，在資料中心、製藥業和採礦業有大量的 EPCM 工作。能源正在重新加載新一波的前端工作，這些工作應該在規劃週期的後期進行轉換。

And of course, mission, looking at maintaining its leadership position in nuclear and environmental. But with geopolitical developments, the election, and some other factors -- national security becoming an increasing area of attention for us also provides significant growth.

當然，還有使命，即維持其在核能和環境領域的領導地位。但隨著地緣政治的發展、選舉和其他一些因素——國家安全日益成為我們關注的領域，也帶來了顯著的成長。

So we feel good about the future. And we're going to target these markets in a very deliberate way, focusing on our ongoing selectivity and our focus on project delivery. But we do see the next four years to provide opportunity for some significant growth.

所以我們對未來感覺良好。我們將以非常審慎的方式瞄準這些市場，專注於我們持續的選擇性和對專案交付的關注。但我們確實看到未來四年將提供一些顯著成長的機會。

Okay. And maybe just on NuScale. Obviously, it's tough to pin down timing, but you pushed it out a little bit to the first half of '25 despite the nuclear market, obviously, looking better. So why at this point does the potential agreement continue to get delayed? And is there anything you could do to lock in more value for Fluor?

好的。也許只是在 NuScale 上。顯然，很難確定時間，但你把它推遲到了 25 年上半年，儘管核市場顯然看起來更好。那麼，為什麼此時潛在的協議仍然被推遲呢？您可以採取哪些措施來為福陸鎖定更多價值？

So Andy, on NuScale, right -- I mean, I think we all know there's a strong appetite for nuclear energy to meet incredible demand for power globally, right? Interest has never been greater. The market potential for NuScale SMRs to deliver carbon-free power just to the industry and to utilities is massive.

安迪，在 NuScale 上，對吧——我的意思是，我想我們都知道人們對核能有著強烈的興趣，以滿足全球對電力的巨大需求，對吧？興趣從未如此強烈。NuScale SMR 為工業和公用事業提供無碳電力的市場潛力是巨大的。

So we continue to engage positively with our strategic investor on the best commercialization model to capture Fluor and SMR shareholder value and also ensure that NuScale is successful -- has a successful path forward in their markets. And we certainly remain committed to supporting the build-out of NuScale projects globally.

因此，我們繼續與我們的策略投資者就最佳商業化模式積極互動，以獲得 Fluor 和 SMR 股東價值，並確保 NuScale 取得成功——在他們的市場上擁有成功的前進道路。我們當然仍致力於支持 NuScale 計畫在全球的建置。

And as I mentioned on the -- in the prepared remarks, we started front-end design work for RoPower's SMR project in using -- utilizing NuScale's technology. And remember, NuScale is the only US NRC-approved SMR technology in the market. There are a lot of smoke and mirrors out there.

正如我在準備好的演講中所提到的，我們利用 NuScale 的技術開始了 RoPower 的 SMR 專案的前端設計工作。請記住，NuScale 是市場上唯一獲得美國 NRC 批准的 SMR 技術。那裡有很多煙霧和鏡子。

Other technologies -- with other technologies, if they ever get approved, they're years and years behind NuScale. So that's a fact, unless you want to go to Russia or China. So that's where we're at at NuScale. We're very excited about the opportunities for Fluor and for SMR shareholders and the commercialization model that we're finalizing.

其他技術－其他技術，如果獲得批准，就會落後 NuScale 好多年。所以這是事實，除非你想去俄羅斯或中國。這就是 NuScale 的現況。我們對福陸和 SMR 股東的機會以及我們正在最終確定的商業化模式感到非常興奮。

Steven Fisher, UBS.

史蒂文費雪，瑞銀。

Wondering if you could just -- if you could talk, David, just about the overall strength of the demand picture and whether you think, at this point, you're able to be as selective in your bookings as you'd still like and still hit your growth objectives. I think you talked about some no-bid things. So are we still able to be as selective as we were and achieve these growth objectives?

想知道你是否可以 - 大衛，如果你可以談談需求情況的整體實力，以及你是否認為，在這一點上，你能夠像你仍然希望的那樣有選擇性地進行預訂，並且仍然能實現您的成長目標。我想你談到了一些非投標的事情。那麼，我們是否仍然能夠像以前一樣有選擇性並實現這些成長目標？

Most definitely, right? We are sticking with our strategic priorities that we've had for the past four years and, going forward, fair and balanced contract terms. And the reimbursable backlog targets will be at or above. I think we've hit that and improved on that actually at 80%.

絕對是這樣，對吧？我們將堅持過去四年來的戰略重點，並展望未來，公平和平衡的合約條款。可償還積壓目標將達到或更高。我認為我們已經達到了這個目標，並且實際上已經提高了 80%。

So that will continue. We're not going to go anywhere but down the selectivity path with stringent pursuit criteria. And that CAGR growth that we'll be talking about for the next planning period in February is predicated on those same principles across the company.

所以這將繼續下去。除了遵循嚴格的追求標準，我們不會去任何地方。我們將在二月的下一個規劃期討論的複合年增長率是基於整個公司的相同原則。

The business lines, the business segments fully understand that that's how we are running the company going forward. So no changes at all.

業務線、業務部門充分理解，這就是我們未來營運公司的方式。所以根本沒有改變。

And I just -- from a demand picture perspective, we've talked about it in past calls. You look at our 12 commercial -- top 12 commercial clients, say, spending $164 billion in CapEx in 2023. That is outlooking about $195 billion in 2024. And then in 2025 and beyond, that ranges from $195 billion to $210 billion.

我只是 - 從需求圖的角度來看，我們在過去的電話中討論過這個問題。你看看我們的 12 個商業客戶——比如說，排名前 12 的商業客戶，2023 年的資本支出為 1640 億美元。預計到 2024 年，這一數字將達到約 1,950 億美元。到 2025 年及以後，這一數字將達到 1,950 億美元至 2,100 億美元。

So -- and then, of course, you add in the government spending with the DOD and the DOE and intelligence agencies, which Jim mentioned here. And then just TxDOT alone, that takes that spending -- that CapEx is over $1 trillion in '23, and it's over $1 trillion here this year, and it's expected to continue.

那麼，當然，你還要加上吉姆在這裡提到的國防部、能源部和情報機構的政府支出。光是 TxDOT 就需要這筆支出——23 年的資本支出超過 1 兆美元，今年也超過 1 兆美元，而且預計將繼續下去。

So I just think that the demand picture looks very strong. And it's -- there's more than enough to stay grace over. So we will continue to be selective. That's where it's at.

所以我認為需求狀況看起來非常強勁。而且它——有足夠的東西來保持恩典。因此，我們將繼續進行選擇性。那就是它所在的地方。

Just a little more on energy solutions, right? It feels a bit like the foot is being taken off the energy transition pedal somewhat, primarily in North America. In energy transition, the stars really have to align completely for energy transition projects to get -- to FID in North America, right?

只是更多關於能源解決方案，對嗎？感覺有點像腳在某種程度上脫離了能量轉換踏板，主要是在北美。在能源轉型方面，能源轉型專案確實必須完全一致才能獲得北美的 FID，對吧？

One of our projects, which has done so, required government grants and tax holidays and a CO2 trunk line running past the sites, up and running, installed near the facility. So having said that, we see significant energy transition prospect activity in Europe.

我們的一個專案已經做到了這一點，需要政府撥款和免稅期，並在設施附近安裝一條經過這些地點、啟動並運行的二氧化碳幹線。話雖如此，我們看到歐洲的能源轉型前景活躍。

It's a regional -- you have to look at energy transition regionally. So our -- we currently have five energy transition EPCM projects in progress, and four of them -- four of those five are in Europe.

這是一個區域性的──你必須從區域性的角度來看待能源轉型。因此，我們目前有五個能源轉型 EPCM 計畫正在進行中，其中四個，其中四個位於歐洲。

So I just -- I think energy transition in the US is going to be pivoting to energy addition. That's how we're talking about it internally, driven by multiple fuel sources, thermal power, thermal power with carbon capture, nuclear. And that's right in Fluor's wheelhouse.

所以我認為美國的能源轉型將轉向能源增加。這就是我們在內部討論的方式，由多種燃料來源、火力發電、碳捕獲熱力發電、核能驅動。這正是福陸的駕駛室。

So we're excited about our opportunities in the power markets. And yeah, so ET products are going to be lighter in the US. However, with -- over in Europe, it's a different world, right? They've got their CSRD, their corporate sustainability reporting directive, over there. And it's driving energy transition to very high levels required for those -- for our clients in the European arena.

因此，我們對電力市場的機會感到興奮。是的，所以 ET 產品在美國將會變得更輕。然而，在歐洲，這是一個不同的世界，對吧？他們在那裡有他們的 CSRD，他們的企業永續發展報告指示。它正在推動能源轉型達到我們歐洲舞台上的客戶所需的非常高的水平。

So that's where we see the strongest opportunities for our ET differentiated service offerings in the European region and, I'll say, in California and in Canada. So that's the demand picture as we see it right now, Steven.

因此，這就是我們在歐洲地區（我想說的是在加利福尼亞州和加拿大）看到我們的 ET 差異化服務產品最有機會的地方。這就是我們現在看到的需求情況，史蒂文。

Can I just add? I was just going to say, Steven, I think what's interesting through our diversification, as we've grown urban solutions, we're now realizing that there is some additional opportunity even within the construct of tripling the size of that business, which will allow us to provide a diversification; ability to maintain growth; as David discusses, what's moving through the energy transition pipeline.

我可以直接添加嗎？我只是想說，史蒂文，我認為透過我們的多元化，有趣的是，隨著我們開發城市解決方案，我們現在意識到，即使在業務規模擴大兩倍的情況下，也存在一些額外的機會，這將讓我們提供多元化；維持成長的能力；正如大衛所討論的，能源轉型管道正在發生什麼變化。

So just because we see a portion of our portfolio resetting here as it loads up on FEEDs, we do have other growth opportunities within our diversification. So it will maintain strong CAGRs moving forward from our perspective.

因此，僅僅因為我們看到我們的投資組合的一部分隨著 FEED 的加載而在這裡重置，我們的多元化確實有其他成長機會。因此，從我們的角度來看，它將保持強勁的複合年增長率。

Okay. That's very helpful. Part of the reason I was asking was because we talked about Mexico a few quarters ago. And it just seems like it's still creating challenges from performance execution, but we're still booking more work there. And so I'm just wondering if that was just out of necessity to keep the business going, but it sounds like you have other prospects there.

好的。這非常有幫助。我問這個問題的部分原因是我們幾個季度前談論過墨西哥。看起來它仍然對績效執行帶來挑戰，但我們仍然在那裡預訂更多工作。所以我只是想知道這是否只是出於保持業務發展的需要，但聽起來你還有其他前景。

And I guess related to that, the follow-up then, is about staffing levels. As you go through this transition, I'm curious how well your staffing levels align with the opportunities you have over the next year or so. As you're rolling off some of these bigger projects. I'm just wondering if we should be concerned about overstaffing and maybe how that -- if there's any context here or relationship to this new execution model that you talked about on the call today.

我想與此相關的是，後續行動是關於人員配置水準的。當您經歷這一轉變時，我很好奇您的人員配置水平與您在未來一年左右的機會的契合程度如何。當你正在進行一些更大的專案時。我只是想知道我們是否應該擔心人員過多的問題，以及如何擔心——這裡是否有任何上下文或與您今天在電話中談到的新執行模型有任何關係。

Yeah. Steven, Jim can definitely answer the resources question and maybe touch on Mexico as well.

是的。史蒂文、吉姆絕對可以回答資源問題，或許還可以觸及墨西哥。

Steve, two good points you bring up. Let me start with Mexico first, and I spent quite a few years there in my Fluor career. So yeah, this challenged project is an outlier in an otherwise extremely successful portfolio of projects.

史蒂夫，你提出了兩個好點。讓我先從墨西哥開始，我在福陸的職業生涯中在那裡度過了好幾年。所以，是的，這個充滿挑戰的專案是其他非常成功的專案組合中的一個異常值。

If you look at our joint venture there, I think David has said this in the past, it's perhaps our most successful joint venture in the history of the company and a JV that had its most successful years in the last two or three years, executing very successfully large number of refinery projects. So this specific project is just an outlier in an otherwise very successful enterprise.

如果你看看我們在那裡的合資企業，我想大衛過去說過，這可能是我們公司歷史上最成功的合資企業，也是過去兩三年裡最成功的合資企業，執行大量煉油項目非常成功。因此，這個特定專案只是一個非常成功的企業中的一個異常值。

We continue -- I mean with the new elections just having passed in Mexico and the new administration coming in for a new six-year cycle, it's going to take a little bit of time for the country to get its agenda -- its CapEx agenda established. So we expect another wave of work coming up in the coming years.

我們繼續——我的意思是，墨西哥剛剛通過新的選舉，新政府即將進入新的六年週期，該國需要一點時間來製定其議程——其資本支出議程已確立的。因此，我們預計未來幾年將會出現另一波工作。

As far as staffing, yeah, there are -- as you would expect, there are projects that are winding down, and there are other projects that are picking up and have a quick demand for resource growth. On the net side, we see net growth.

就人員配置而言，是的，正如您所期望的那樣，有些專案正在結束，而其他專案正在加速，並且對資源成長的需求很快。在淨值方面，我們看到淨成長。

If you look at some of these major programs in the current backlog and the work that we're bidding that's going to be decided in the next few months, a lot of these projects require fairly quick ramp-up. And so we do see the need to shift resources from certain parts of the company to other parts and hence, the increased focus on having a more flexible workforce, and look -- and trying to optimize the equation globally as opposed to having to optimize locally so that we can more quickly and more efficiently transfer.

如果你看看當前積壓的一些主要項目以及我們正在投標的工作，這些工作將在未來幾個月內決定，那麼很多項目都需要相當快的啟動。因此，我們確實看到需要將資源從公司的某些部門轉移到其他部門，因此，我們更加專注於擁有更靈活的員工隊伍，並嘗試在全球範圍內優化方程式，而不是在本地進行優化以便我們能夠更快、更有效率地進行轉移。

It's not just people. It's people, but it's also work processes. It's office space. It's information systems tools and fully leveraging our large project capability to these newer markets. So I think we -- it's a task that we need to go through, but I think it's something we can manage to make sure we continue to drive high utilization in our resource pool.

不只是人。是人，也是工作流程。這是辦公空間。它是資訊系統工具，並充分利用我們的大型專案能力來開拓這些新市場。所以我認為我們——這是我們需要完成的一項任務，但我認為我們可以設法確保我們繼續推動資源池的高利用率。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc 資本市場。

Great. So my first one will be on data centers. You referenced that in your prepared remarks, and I'm curious as to whether your discussions are focused on one-off project opportunities or more programmatic global opportunities. And then the modular capabilities that you're developing, I'm wondering if they're being developed on behalf of a client or if you're doing that preemptively to secure some bookings.

偉大的。所以我的第一個目標是資料中心。您在準備好的發言中提到了這一點，我很好奇您的討論是集中在一次性專案機會還是更具計劃性的全球機會。然後是您正在開發的模組化功能，我想知道它們是代表客戶開發的，還是您先發製人以確保某些預訂。

So thanks, Sangita, for the question. Yeah, the data center market is very exciting for us, both co-located data centers and hyperscale data centers, going forward. It is -- the clients in that space, the big tech companies, they want those colos and hyperscale centers not now, but right now, so hence, the comments around time to market that you've heard.

謝謝桑吉塔提出的問題。是的，資料中心市場對我們來說非常令人興奮，無論是託管資料中心還是超大規模資料中心，都在向前發展。是的——這個領域的客戶，大型科技公司，他們想要這些託管和超大規模中心不是現在，而是現在，因此，因此，您聽到了有關上市時間的評論。

And we really are not just looking at one-offs. We're looking at, to your term, programmatic opportunities in this space. And with one large tech company, we've signed off an umbrella master agreement that allows us to go after many, many standardized data centers for them, primarily in North America. But we're actually working with them over in Asia as well.

我們確實不只是專注於一次性的。根據您的說法，我們正在尋找這個領域的計劃機會。我們與一家大型科技公司簽署了一份總括主協議，使我們能夠為他們建立許多標準化資料中心，主要是在北美。但我們實際上也在亞洲與他們合作。

So I think that's where we're probably looking at it from a modularization perspective. That was -- that study was done for a specific client, and it's certainly adding value and putting us ahead of the other competition, in fact, potentially putting us in a sole-source position for a large number of data centers with the tech company that you would certainly know.

所以我認為這就是我們可能從模組化角度看待它的地方。那是——這項研究是針對特定客戶進行的，它肯定會增加價值並使我們領先於其他競爭對手，事實上，有可能使我們處於與科技公司合作的大量數據中心的獨家來源位置你一定會知道的。

And the only other thing I would add to that, David, is we've got some good experience in providing combined cycle power solutions. We have conventional nuclear experience. And we have an SMR company, so we can also provide the power solution to support their time-to-market investment through the AI data center model.

大衛，我要補充的唯一一件事是，我們在提供聯合循環電力解決方案方面擁有一些良好的經驗。我們有常規核經驗。而且我們有一家SMR公司，所以我們也可以透過AI資料中心模式提供電源解決方案來支援他們的上市時間投資。

Got it. And my follow-up is also for urban solutions. So you talked about an Intel project cancellation, but you also referenced in the deck that you're talking to them about additional semi projects. So I'm just trying to understand what gives you conviction that this time it's for real when you're talking to them about new projects, and if they're doing anything else different in structuring your contract.

知道了。我的後續行動也是針對城市解決方案。因此，您談到了英特爾項目的取消，但您也在演講中提到您正在與他們討論其他半項目。因此，我只是想了解，當您與他們談論新專案時，以及他們在建立合約時是否做了任何其他不同的事情時，是什麼讓您確信這次是真的。

No. On the Intel work, yeah, that was a project that has gone away for now. There's been a pause basically. It was a megaproject, but we're still doing work at that specific site. And there's additional work within the project that we're currently completing.

不。是的，關於英特爾的工作，這個計畫現在已經消失了。基本上有一個停頓。這是一個大型項目，但我們仍在該特定地點進行工作。我們目前正在完成該項目中的其他工作。

And we're also looking at interesting projects with Intel in the tool install space, where we bring direct hire capabilities for tool installations within their facilities. And we continue to work with them over in Asia on their -- on the program.

我們也在工具安裝領域與英特爾一起研究有趣的項目，我們在其設施內提供直接僱用工具安裝的功能。我們繼續在亞洲與他們就該計劃進行合作。

So like I said, the relationship is strong. And as they go through their planning process and their CapEx, which expansion programs which they are committed to, we'll be there to support Intel.

就像我說的，這種關係很牢固。當他們完成規劃流程和資本支出以及他們承諾的擴展計劃時，我們將隨時為英特爾提供支援。

Andrew Wittmann, Baird.

安德魯·惠特曼，貝爾德。

I guess I just wanted to dig in a little bit more to the energy solutions segment. And specifically, I heard you guys talk about the delayed profit recognition in the quarter. I guess first question is, is it all just delay? Or was it reduced at all? Were there any other factors that we should be aware of that contributed to the performance of -- in the quarter?

我想我只是想深入了解能源解決方案領域。具體來說，我聽到你們談論本季延遲確認利潤。我想第一個問題是，這一切只是延遲嗎？還是根本就減少了？我們還應該注意哪些其他因素對本季的業績做出了貢獻？

And I guess maybe bigger picture. Obviously, you've had one very large project there and a couple of other ones as well. As those are now ramping down, are we getting a glimpse this quarter of what the energy solutions contribution could be when those projects are done, done, if you will? Or is there enough other underlying work here to find growth off of this new lower base when the megaprojects maybe are done?

我想也許有更大的前景。顯然，您在那裡有一個非常大的項目以及其他幾個項目。隨著這些項目現在正在減少，我們是否可以在本季度看到當這些項目完成時，能源解決方案的貢獻可能是什麼？或者，當大型專案完成時，這裡是否有足夠的其他基礎工作可以在這個新的較低基礎上找到成長？

Maybe I'll take the LNGC discussion around the margins, Andy, and then we can talk -- maybe Jim can take this. So what I would tell you about LNGC, where we are, even though we have some of the experience of the project variability regarding earnings recognition at this point, the project overall continues to perform within management's expectations.

也許我會在邊緣進行 LNGC 討論，安迪，然後我們可以談談——也許吉姆可以接受這個。因此，我想告訴您關於 LNGC 的情況，儘管我們目前在收益確認方面擁有一些專案可變性的經驗，但該專案的整體表現仍符合管理層的預期。

It is a timing issue only related to revenue recognition really within the POC calc, Andy, and we would expect to pick this up in outward years. So it is not a function of where we are in terms of performance on the job and being able to meet the clients' expectations of the mid-2025 gas.

這是一個時間問題，僅與 POC 計算中真正的收入確認相關，安迪，我們預計在未來幾年內解決這個問題。因此，這與我們的工作績效和能否滿足客戶對 2025 年中期天然氣的期望無關。

The underlying earnings power question, Jim, did you want to touch on that one?

基本的獲利能力問題，吉姆，你想談談這個問題嗎？

Andrew, so yeah, it is true that there are several large programs that are winding down. You know which ones they are.

安德魯，是的，確實有幾個大型專案正在結束。你知道他們是誰。

As I said before, energy solutions, it's reloading the hopper with significant front-end work, both in traditional markets, energy transition. We're putting together a very deliberate strategy around power and low-carbon power. And you heard about the nuclear work.

正如我之前所說，能源解決方案，它正在透過重要的前端工作重新裝載料斗，無論是在傳統市場還是能源轉型中。我們正在圍繞電力和低碳電力製定一項非常審慎的策略。你聽過核子工作。

And so our expectation is -- and again, we're still working through the strategic plan that we're going to share with you early next year. But the expectation is that the -- that new wave of projects will come to fruition to EPC, EPCM, on the second half of the planning cycle.

因此，我們的期望是——我們仍在製定戰略計劃，我們將在明年初與您分享。但預計新一波項目將在規劃週期的後半段以 EPC、EPCM 的方式取得成果。

So the major contributors for our plan are going to be in the urban arena in the first half. And then urban is going to pick up and contribute its -- a higher contribution in the second half of the planning cycle.

因此，我們的計劃的主要貢獻者將在上半年集中在城市領域。然後城市將在規劃週期的後半段做出更大的貢獻。

Andy, let me just add there that we're talking about -- again, we'll talk about the CAGR growth over the planning period that's coming, and energy solutions will be contributing significantly. Energy clients are starting to invest more in traditional oil and gas work, and then you've got all the chemicals work.

安迪，讓我補充一下我們正在討論的內容——我們將再次討論即將到來的規劃期內的複合年增長率，能源解決方案將做出重大貢獻。能源客戶開始更多地投資於傳統的石油和天然氣工作，然後你就得到了所有的化學品工作。

So as we look at our front-end programs right now, front-end work is in-house. And field FEED programs, front-end engineering and design programs, that are likely to progress, right -- so we've scrubbed them- is like $254 billion of total installed cost. And $174 billion of that is in energy solutions, whether it's chemicals and liquids to chemicals or LNG or nuclear power or downstream production in fuels.

因此，當我們現在查看我們的前端程式時，前端工作是在內部進行的。現場 FEED 專案、前端工程和設計專案可能會取得進展，對吧——所以我們已經取消了它們——總安裝成本約為 2540 億美元。其中 1,740 億美元用於能源解決方案，無論是化學品和液體化學品、液化天然氣、核電或燃料的下游生產。

There's still obviously a huge chunk of work coming forward in energy solutions. And in the prospects that we're chasing for front end, out of that $230 billion in front of us in the next 18 months, energy solutions is $133 billion of that so -- again, spread across chemicals, nuclear, production fuels, LNG and chemicals. So we still feel very good about it going forward, and we will see that in our -- in the planning period and talk about it more in February.

顯然，能源解決方案仍有大量工作要做。在我們追求的前端前景中，未來 18 個月我們面前的 2300 億美元中，能源解決方案佔 1330 億美元，因此，同樣，分佈在化學品、核能、生產燃料、液化天然氣領域和化學品。因此，我們仍然對未來的發展感到非常滿意，我們將在計劃期間看到這一點，並在二月份更多地討論它。

Andy, not to beat this a little bit, but with the regulatory environment changing with the new administration, I think there's -- the plan that we have built up -- considered the regulatory environment that we were working in, what's it going to look like as we move forward?

安迪，不是為了稍微擊敗這一點，而是隨著新政府的監管環境發生變化，我認為我們制定的計劃考慮了我們正在工作的監管環境，它會是什麼樣子就像我們前進一樣？

Is the regulatory environment going to be more favorable? There are things that we'll figure out as we move forward in the next two to three months as things become clear and what that -- what impact that has across our energy solutions business, sure.

監管環境會更有利嗎？隨著事情變得清晰，我們將在未來兩到三個月內解決一些問題，以及這對我們的能源解決方案業務的影響，當然。

Great. Then just as my follow-up, I guess I wanted to look at the implied fourth quarter guidance and just understand it a little bit more. We talked about you're going to pick up some of the delayed revenue recognition in energy solutions.

偉大的。然後，就像我的後續行動一樣，我想我想看看隱含的第四季度指導，並進一步了解它。我們談到您將獲得能源解決方案中的一些延遲收入確認。

I think in the prepared remarks, there was a comment on some timing around an infrastructure recognition item as well. Maybe, Joe, could you comment about other more chunkier things that we should understand or know about that are implicit in that fourth quarter guidance?

我認為在準備好的發言中，也對圍繞基礎設施認可項目的某些時間表發表了評論。也許，喬，您能否評論一下我們應該理解或了解的第四季度指導中隱含的其他更重要的事情？

Obviously, the thing that, I think, we're all trying to get at here is what the underlying earnings power could be or is for Fluor as we turn the calendar to 2025. And not looking for guidance, but just trying to get a sense of what the underlying run rate is maybe on an EBITDA basis. And having some of these moving pieces, I think, would be helpful.

顯然，我認為，當我們將日曆轉向 2025 年時，我們都想了解福陸的潛在盈利能力可能是什麼或是什麼。並不是尋求指導，而是只是想了解基於 EBITDA 的潛在運行率是多少。我認為，擁有一些這些令人感動的作品會很有幫助。

Yeah, Andy. I think we're having less and less reliance on one-offs. The Q4 number was bolstered by -- or will be bolstered by a settlement that we thought we were going to achieve, but it's tens of million dollar type settlement that we thought we would achieve in third quarter. And it will shift out into fourth quarter in that regard. And then the second part of your question, sorry?

是的，安迪。我認為我們對一次性產品的依賴越來越少。第四季的數字受到或將受到我們認為將要實現的和解的支撐，但我們認為我們將在第三季度實現的是數千萬美元類型的和解。在這方面，它將轉移到第四季。然後是你問題的第二部分，抱歉？

Just any other items -- again, you talked about the delayed -- yes.

只是任何其他項目 - 再說一遍，你談到了延遲 - 是的。

Let me put it in this context, Andy. We're down to $850 million worth of legacy projects to complete and close off the books. We had a starting point for the year of $260 million worth of cash calls that we've reduced dramatically.

讓我在這個背景下說一下，安迪。我們需要完成並結帳帳簿的遺留項目價值已減少至 8.5 億美元。我們今年的起點是價值 2.6 億美元的現金催繳，但我們已經大幅減少了這筆金額。

So we've made a significant amount of progress on what we would consider to represent the volatility portion of our P&L, which is becoming more and more part of our rearview mirror at this point. So I would expect more and more -- less and less volatility moving forward as we transition into possibly a larger portion of our backlog being contained within the urban solutions business at this point.

因此，我們在表示損益表波動性部分的方面取得了重大進展，目前這正越來越成為我們後視鏡的一部分。因此，我預計隨著我們的積壓工作的大部分可能包含在城市解決方案業務中，未來的波動性會越來越小。

But I would tell you, there's going to be a lot less volatility moving forward. Some of these cancellations and delays are normal, cyclical challenges that occur in our normal operating quarters. But in terms of the one-offs and the real volatility relative to the P&L and the legacy projects we've been pulling forward, I'll tell you, the majority of that is behind us.

但我想告訴你，未來的波動性將會大大減少。其中一些取消和延誤是我們正常營運季度中發生的正常週期性挑戰。但就相對於損益表和我們一直在推進的遺留項目而言的一次性和實際波動性而言，我告訴你，其中大部分都已經過去了。

Michael Dudas, Vertical Research.

邁克爾·杜達斯，垂直研究。

Maybe back to nuclear, a couple of things. One, in the traditional nuclear -- and we're seeing all the news about large companies wanting to directly restart nuclear plants.

也許回到核能，有幾件事。第一，在傳統核電領域－我們看到了所有有關大公司希望直接重啟核電廠的新聞。

So how does your experience and your long-time profile in that space align with your current opportunities for risk mitigation? And are those real opportunities that Fluor might be involved with somehow? And I'll just start there, and I have a couple -- just a follow-up after that.

那麼，您在該領域的經驗和長期形像如何與您當前的風險緩解機會相符？福陸可能以某種方式參與這些真正的機會嗎？我就從這裡開始，我有幾個──在那之後只是一個後續行動。

Okay. So thanks. Goo morning, Mike. Yeah, conventional nuclear, right, that's -- I think Fluor has built over 70 nuclear plants right around the country going way, way back in time, very successfully, by the way. And there are -- obviously, as you said, there's interest in conventional nuclear, both restarts and life extensions and potentially additional new projects, certainly in North America and in Europe, which I mentioned.

好的。所以謝謝。早上好，麥克。是的，傳統核電站，對，就是——我認為福陸公司已經在全國各地建造了 70 多個核電站，順便說一句，很早以前就非常成功。顯然，正如您所說，人們對常規核能、重啟和壽命延長以及潛在的其他新項目感興趣，當然在我提到的北美和歐洲。

A couple of units over in Romania that we're looking at. That will be on a reimbursable basis. Just want to make sure that that's clear that the Cernavoda plant in Romania will be reimbursable. And exactly, we're not -- as I said to an earlier question, we are not changing our selectivity or risk profile whatsoever for any of the new markets and growth markets that we'll be looking at, certainly in power, and it will be fully aligned with our risk profile that we have for the company.

我們正在考察羅馬尼亞的幾個單位。這將是在可償還的基礎上。只是想確保羅馬尼亞的切爾納沃達工廠能夠得到補償。確切地說，正如我在前面的一個問題中所說，我們不會改變我們將關注的任何新市場和成長市場的選擇性或風險狀況，當然是權力市場，而且它將與我們對公司的風險狀況完全一致。

So could you look at some hybrid scenarios where you could fix services costs and potentially procurement costs to support the project? That's something we're -- we'd be comfortable with. But each project will be looked at stand-alone and will go through the normal selectivity and pursuit criteria as usual. Jim?

那麼您能否考慮一些混合場景，在這些場景中您可以固定服務成本和潛在的採購成本來支援該專案？我們對此感到滿意。但每個項目都將被單獨考慮，並將像往常一樣通過正常的選擇和追求標準。吉姆？

Yeah. Let me just add, Mike. We are working very closely with several technology providers in the nuclear space and conventional nuclear. There's one partner we are working with on this Romania project. We're talking to a US-based technology provider for a variety of opportunities around the world, mostly in the US and Europe.

是的。讓我補充一下，麥克。我們正在與核能空間和常規核能領域的多家技術供應商密切合作。我們正在與一個合作夥伴合作進行這個羅馬尼亞計畫。我們正在與一家美國技術供應商洽談在世界各地（主要是美國和歐洲）的各種機會。

We're doing the study. We've done a study with them this year on a potential project in Western Europe. But it's -- as David said, we're going to be very diligent in our commercial profile on these projects. And I think the technology providers understand that.

我們正在做研究。今年我們與他們一起對西歐的一個潛在項目進行了研究。但正如大衛所說，我們將非常努力地關注這些項目的商業形象。我認為技術提供者明白這一點。

The mature clients understand that, that everyone is going to have to come to the table on these projects to make them happen. It's not going to be a give me a price for the whole thing and you take all the risk scenario. I think it's going to have to be a much more nuanced commercial solution to get these projects built.

成熟的客戶明白，每個人都必須參與這些專案才能使它們實現。這不會是一個給我整個事情的價格並且你承擔所有風險的情況。我認為必須有一個更細緻的商業解決方案才能建造這些項目。

That's encouraging to hear. My follow-up is on NuScale. Maybe, David, two parts. One, David, your thoughts on such a lead that the technology has over competitors, certainly, which has been better documented.

聽到這個消息真是令人鼓舞。我的後續行動是在 NuScale 上。也許，大衛，分為兩個部分。第一，大衛，你對這項技術相對於競爭對手的領先地位的看法，當然，這已經得到了更好的記錄。

When do you think, in the United States, one of those will be up and running, maybe just a little estimate on that front? Has that happened before or after Romania?

您認為在美國，其中一個何時會啟動並運行，也許只是在這方面進行一點估計？這發生在羅馬尼亞之前還是之後？

And then given the excitement and the valuation of NuScale and certainly things have changed dramatically in the -- versus, say, 6, 12 months ago when you're starting this process, how do you think about, going forward, ownership, having investment, balancing that versus monetizing and certainly rewarding shareholders for their patience in this as we move to the 2025 plan?

然後考慮到 NuScale 的興奮和估值，當然，與 6、12 個月前您開始這個過程時相比，情況發生了巨大變化，您如何思考、前進、所有權、投資在我們轉向2025 年計劃時，平衡這一點與貨幣化並肯定獎勵股東的耐心？

Yeah. So yeah, two parts there. I'll let Joe talk about the ownership balance and making sure we capture value for Fluor shareholders and SMR shareholders, but also think about the upside that we believe is coming in the SMR space. But I'll let Joe talk about that in a minute.

是的。是的，有兩個部分。我會讓 Joe 談談所有權平衡，並確保我們為 Fluor 股東和 SMR 股東獲取價值，但也會考慮我們認為 SMR 領域即將到來的好處。但我稍後會讓喬談談這個問題。

From a leadership perspective, NuScale is clearly the leader because of their NRC approval. You can go to the NRC website and see it's mostly all about NuScale's approvals and their expected approval for the uprate that's coming in the first half of 2025.

從領導者的角度來看，NuScale 顯然是領導者，因為他們獲得了 NRC 的批准。您可以訪問 NRC 網站，查看主要內容是關於 NuScale 的批准以及他們對 2025 年上半年的升級的預期批准。

So again, heads and shoulders above the competition. And so as far as timing goes, as you mentioned, Romania is actually probably leading right now .But you asked about the US, where NuScale and their developer -- their commercialization developer is looking at different opportunities, primarily with utilities that are trying to get a jump on carbon-free power solutions, new solutions, new technologies, and with the tech companies -- heavy discussions with tech companies where SMRs will play.

再次強調，在競爭中遙遙領先。正如您所提到的，就時機而言，羅馬尼亞實際上現在可能處於領先地位但你問到了美國，NuScale 和他們的開發商——他們的商業化開發商正在尋找不同的機會，主要是那些試圖在無碳電力解決方案、新解決方案、新技術方面取得飛躍的公用事業公司，以及科技公司——與 SMR 將發揮作用的科技公司進行深入討論。

And again, they're going to play first there because they've got an approval. So that's why we're very positive on it. And that's how we're looking at it right now. And as I've said, we're very, very supportive of NuScale's -- and NuScale build-out projects in the US here going forward. Joe?

再說一遍，他們將首先在那裡比賽，因為他們已經獲得了批准。這就是為什麼我們對此非常積極。這就是我們現在的看法。正如我所說，我們非常非常支持 NuScale 以及 NuScale 在美國的擴張項目。喬？

Yeah, no, Mike, good question. I mean we're extremely supportive. What's occurred over the last four to six months, as you see the strategy within NuScale crystallizing, in terms of how they pointed themselves into the data center market and our strategic investor and the work that he's done, has pulled together a strategy that has symmetry in terms of what's going on within the macro economy. And it's driving valuations.

是的，不，麥克，好問題。我的意思是我們非常支持。過去四到六個月發生的事情，正如您所看到的，NuScale 內部的策略正在具體化，就他們如何將自己定位到資料中心市場而言，我們的策略投資者和他所做的工作，已經整合了一個具有對稱性的策略就宏觀經濟內部發生的情況而言。這正在推動估值。

And we are in a position in the process here where we want to do something that allows for both companies to continue to be successful and be accretive to their shareholders. So I don't want to get into the details of what we're going to do.

在這個過程中，我們希望做一些事情，讓兩家公司繼續取得成功，並為股東帶來利益。所以我不想透露我們將要做什麼的細節。

And we'll talk about that as we get out into the February phone call, but we do want to capture value for our shareholders, but we want to maintain the value for the overall transaction across all the constituents at this point. And I think there's a clear pathway to get there with the events that have occurred over the last four to six months.

我們將在二月的電話會議中討論這一點，但我們確實希望為股東獲取價值，但我們希望此時維持所有成分股的整體交易價值。我認為，透過過去四到六個月發生的事件，有一條明確的途徑可以實現這一目標。

This concludes our question-and-answer session. I'd now like to hand back over to David Constable for further remarks.

我們的問答環節到此結束。現在我想請戴維·康斯特勃爾進一步發表評論。

All right. Thank you, operator. Many thanks to all of you for participating on our call today. As we close out 2024, very pleased to see our cash generation trajectory and the opportunities to support the return of capital to shareholders. We appreciate your interest in Fluor, and thank you again for your time today.

好的。謝謝你，接線生。非常感謝大家今天參加我們的電話會議。2024 年即將結束，我們很高興看到我們的現金產生軌跡以及支持股東資本回報的機會。我們感謝您對福陸的關注，並再次感謝您今天抽出時間。

(technical difficulty) for attending today's call.

（技術難度）參加今天的電話會議。