Fluor Corp (FLR) 2024 Q4 法說會逐字稿

Good morning and welcome to Fluor's fourth quarter and full year 2024 results conference call. Today's call is being recorded. (Operator Instructions)

早安，歡迎參加福陸公司 2024 年第四季和全年業績電話會議。今天的通話正在錄音。（操作員指令）

A replay of today's conference call will be available at approximately 10:30 a.m. eastern time today, 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 7 days through a registration link, also accessible on Fluor's website at investor.fluor.com.

今天的電話會議重播將於今天東部時間上午 10:30 左右提供，可在 Fluor 的網站 investor.fluor.com 上查閱。線上重播將保留 30 天。也可以透過註冊鏈收聽為期 7 天的電話重播，也可以透過 Fluor 的網站 investor.fluor.com 存取。

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

現在，在開場發言時，我想將電話轉給投資者關係副總裁 Jason Landkamer。請繼續，蘭德卡默先生。

Thank you, operator, and welcome to the Fluor's 2024 quarter earnings call. David Constable, Fluor's Chairman and Chief Executive Officer; Joe Brennan, Fluor's Chief Financial Officer; Jim Brewer, our Chief Operating Officer; and John Regan, our current Chief Accounting Officer and soon to be CFO are here with us today. Fluor issued its fourth quarter earnings release earlier this morning, and a slide presentation is posted on our website that we will reference while making prepared remarks.

謝謝接線員，歡迎參加 Fluor 2024 年季度財報電話會議。福陸公司董事長兼執行長戴維‧康斯特布爾 (David Constable)；福陸公司財務長喬‧布倫南 (Joe Brennan)；我們的營運長 Jim Brewer；我們現任首席會計官、即將上任的財務長約翰·雷根 (John Regan) 今天也和我們在一起。福陸公司今天早上發布了其第四季度收益報告，我們的網站上發布了幻燈片演示，我們將在發表準備好的發言時參考該幻燈片演示。

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.

在開始之前，我想先請您參閱我們關於前瞻性陳述的安全港說明，該說明在第 2 張幻燈片中有總結。在今天的演講中，我們將做出前瞻性的陳述，這反映了我們對現有趨勢和資訊的當前分析。

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 2024 Form 10-K, which was filed earlier today.

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些時候提交的 2024 年 10-K 表中找到有關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. I'll now turn the call over to David Constable, Fluor's Chairman and Chief Executive Officer.

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報告中，並發佈在我們網站 investor.fluor.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布爾。

Thank you, Jason. Good morning, everyone, and thank you for joining us today.

謝謝你，傑森。大家早安，感謝大家今天的參與。

Please turn to slide 3. I would like to start by discussing the CEO transition announcement issued earlier this morning. It has been just over 4 years since we launched our Building a Better Future strategy and set our long-term financial targets.

請翻到幻燈片 3。我想先討論一下今天早上發布的執行長過渡公告。我們啟動「建立更美好未來」策略並製定長期財務目標已經過去四年多了。

In 2024, we achieved the goals under this strategy with strong cash flow and a robust capital structure, supporting a backlog that is not only majority reimbursable, but one that reflects our portfolio approach to our end markets. Importantly, we have met and in most cases, exceeded our strategic targets, bringing the fix and build portion of our strategy to a close.

2024 年，我們憑藉強勁的現金流量和穩健的資本結構實現了這一策略下的目標，支持了不僅可以大部分償還的積壓訂單，而且反映了我們對終端市場的投資組合方法。重要的是，我們已經達到並且在大多數情況下超越了我們的策略目標，從而結束了我們策略的修復和建構部分。

Consistent with our long-term succession plans and with the full support of Fluor's Board, it is now the right time for me to transition into the role of Executive Chairman and pass the Chief Executive Officer role on to Jim Brewer.

根據我們的長期繼任計劃，並在福陸公司董事會的全力支持下，現在是我轉任執行董事長並將首席執行官一職移交給吉姆布魯爾的最佳時機。

Starting on May 1 in my new role, I will be supporting Jim as he builds upon his relationships with clients and engages more fully with our stakeholders. In Jim's new role, he will be focused on developing the storylines for the next chapter of our strategy, which is thematically refocused on grow and execute. This will include revised growth targets and a laser focus on project delivery.

從 5 月 1 日開始，我將以新身分支持 Jim 建立與客戶的關係，並與我們的利害關係人進行更充分的接觸。在吉姆的新職位上，他將專注於制定我們策略下一章的故事情節，該策略的主題重新集中在成長和執行上。這將包括修改成長目標和高度關注專案交付。

We look forward to sharing our view of the markets over the next 4 years at our upcoming strategy update event on April 2, at one of our major ATLS sites.

我們期待在 4 月 2 日於我們的主要 ATLS 站點之一舉行的即將舉行的策略更新活動中分享我們對未來 4 年市場的看法。

On a personal note, back in 1982, when I first started at Fluor as an engineer in our Calgary office, I had no idea of the incredible experiences and opportunities that awaited me and my family over the next 5 decades. I'm filled with gratitude for the experiences, traditions, and proud moments that defined my journey with the corporation, and I'm really looking forward to seeing our new management team build upon Fluor's legacy.

就我個人而言，1982 年，當我剛在福陸公司卡加利辦事處擔任工程師時，我根本不知道在接下來的 50 年裡，我和我的家人將會擁有多麼不可思議的經歷和機會。我對自己在公司工作期間的經歷、傳統和自豪時刻充滿感激，並且非常期待看到我們的新管理團隊在福陸公司的傳統基礎上再接再厲。

Now, please turn to slide 4.

現在，請翻到投影片 4。

Our revenue for the year was $16.3 billion, marking a 5.4% increase from 2023. In 2024, we recorded new awards totaling $15.1 billion, achieving a book to burn ratio of just under 1. New awards for the year were 150 basis points above new award margins last year, and well supports our established margin corridor of 4 to 6%.

我們今年的營收為 163 億美元，比 2023 年成長 5.4%。2024 年，我們獲得的新獎項總額達到 151 億美元，書籍銷售比略低於 1。今年的新獎勵比去年的新獎勵利潤率高出 150 個基點，很好地支持了我們既定的 4% 至 6% 的利潤率區間。

Importantly, our 2024 net gross margin book to burn ratio was a healthy 107%. Through our disciplined contract pursuits, 85% of new awards for 2024 were reimbursable, and our total ending backlog is now approximately 80% reimbursable.

重要的是，我們 2024 年的淨毛利率帳面價值與現金流量比率達到健康的 107%。透過我們嚴謹的合約追求，2024 年 85% 的新合約是可報銷的，我們的期末積壓訂單總額現在約為 80% 可報銷。

Moving to the new US administration and the rapid pace of announcements that are coming out of the executive branch, we are tracking the executive orders closely. While it's still too early to be definitive about the long-term impacts, we are focusing on the broad economic themes of the administration's agenda, which are to promote capital investment and job creation.

隨著美國新政府的成立以及行政部門快速發布的聲明，我們正在密切關注行政命令。雖然現在判斷長期影響還為時過早，但我們正關注政府議程的廣泛經濟主題，即促進資本投資和創造就業機會。

Considering the underlying themes of pro-domestic energy, key minerals production, and AI infrastructure development in the executive orders, we see these directives as favorable to nuclear and thermal sources of energy, favorable to LNG exports and expedited permitting, favorable to increasing domestic mineral production, and favorable to significant data center buildouts. Therefore, we see positive elements across all of Fluor’s business segments and stand ready, as we always have to support our clients.

考慮到行政命令中支持國內能源、主要礦產生產和人工智慧基礎設施發展的潛在主題，我們認為這些指令有利於核能和熱能，有利於液化天然氣出口和加快許可，有利於增加國內礦產產量，並有利於大規模資料中心建設。因此，我們看到福陸公司所有業務部門的積極因素，並做好準備，因為我們始終要為我們的客戶提供支援。

Before I turn the call over to Jim, I want to thank Joe for partnering with me through this journey and for playing an instrumental role in strengthening our financial stability and positioning Fluor for long-term success. Jim will now take us through the fourth quarter highlights and prospects for 2025. Jim?

在我將電話轉給吉姆之前，我想感謝喬在這段旅程中與我合作，並在加強我們的財務穩定和為福陸公司的長期成功做好準備方面發揮了重要作用。吉姆現在將帶我們了解第四季的亮點和 2025 年的前景。吉姆？

Thank you, David, and good morning, everyone. Let me start by saying that I'm very excited to assume the role of CEO in May, and would like to thank the board for entrusting me with this responsibility and honor.

謝謝你，大衛，大家早安。首先，我要說的是，我很高興能在五月擔任執行長一職，並感謝董事會賦予我這項責任和榮譽。

Over my 31 years of Fluor , I've learned to appreciate and share the values that define this great company. I've seen firsthand the amazing work that we do around the world to support our clients and the many communities where we work.

在福陸公司工作的 31 年裡，我學會了欣賞和分享這家偉大公司的價值觀。我親眼目睹了我們為支持我們的客戶和我們工作所在地的眾多社區而在世界各地開展的出色工作。

David's leadership during these last 4+ years, our company is healthier financially and poised to meet the demand-driven growth we see around the world. As Fluor embarks on the next chapter of our strategy, I look forward to working closely with our employees, partners, and other stakeholders to continue to serve our clients through excellence and project delivery.

在過去 4 年多的時間裡，在 David 的領導下，我們公司的財務狀況更加健康，並準備好滿足全球需求驅動的成長。隨著福陸公司開啟其策略的下一章，我期待與我們的員工、合作夥伴和其他利害關係人密切合作，繼續透過卓越的專案交付為我們的客戶提供服務。

Now, moving to the results of the quarter and full year, please turn to slide 6.

現在，請轉到本季和全年業績，請翻到投影片 6。

Beginning with Urban Solutions, the segment reported a profit for the quarter of $81 million versus $147 million a year ago. New awards for the quarter totaled $1.4 billion and ending backlog for the full year grew by 20% to $17.7 billion up from $14.8 billion a year ago.

從城市解決方案開始，該部門報告本季利潤為 8,100 萬美元，而去年同期為 1.47 億美元。本季新合約總額為 14 億美元，全年期末積壓訂單量從去年同期的 148 億美元成長 20% 至 177 億美元。

Please start to slide 7.

請從第 7 張投影片開始。

In ATLS, we received an incremental award of $243 million for our ongoing efforts at Lilly's LP1 project in Lebanon, Indiana. This project has grown from 200 to 1,000 personnel in 2024 and continues to progress with the installation of the facility's central utilities building along with steel and concrete placement at the peptides, small molecule, and tank farm areas of the facility. The workforce is expected to increase in size in the first half of 2025.

在 ATLS 計畫中，我們因在印第安納州黎巴嫩市禮來公司的 LP1 計畫中持續努力而獲得了 2.43 億美元的增量獎勵。到 2024 年，該項目的人員規模已從 200 人增加到 1,000 人，並將繼續推進設施中央公用設施大樓的安裝以及設施肽、小分子和油庫區域的鋼筋和混凝土的放置。預計 2025 年上半年勞動力規模將會增加。

On the semiconductor front, based upon our project performance, a major semiconductor manufacturer in Arizona has awarded Fluor more tool installation work. Growing our experience in to install scopes like this one, positions does well for future semiconductor opportunities in the United States.

在半導體方面，根據我們的專案表現，亞利桑那州的一家大型半導體製造商已授予 Fluor 更多的工具安裝工作。透過增加我們在安裝此類示波器方面的經驗，我們為未來在美國半導體領域的機會做好了準備。

For 2025, we see a robust slate of opportunities, including the next expansion phase of Lily's Indiana project and another major peptide manufacturing facility in the US. In addition, we've recently signed a master agreement with a leading technology provider and have received initial data center work under this agreement. This builds upon our extensive data center project experience in Asia and Europe.

展望 2025 年，我們看到了大量機遇，包括 Lily 印第安納計畫的下一階段擴建和美國另一家大型勝肽製造工廠。此外，我們最近與一家領先的技術提供者簽署了一項總協議，並根據該協議獲得了初步的資料中心工作。這是基於我們在亞洲和歐洲豐富的資料中心專案經驗。

Specific to the data center market, in addition to the opportunity I just mentioned, we're in conversations or have agreements with the Top 4 data center developers. We continue to see this market as a significant contributor to the grow and execute phase of our strategy.

具體到資料中心市場，除了我剛才提到的機會之外，我們正在與四大資料中心開發人員進行對話或達成協議。我們繼續將這個市場視為我們策略成長和執行階段的重要貢獻者。

Please turn to slide 8.

請翻到第 8 張投影片。

In mining and metals, we received an award for a port the bottlenecking project in Australia for a major mining company. This project will support increased production capacity across the clients' mines, rail, and related port infrastructure assets. The expected completion date is 2028.

在採礦和金屬領域，我們獲得了一家大型礦業公司在澳洲的港口瓶頸專案合約。該項目將支持客戶礦山、鐵路和相關港口基礎設施資產的生產能力提高。預計完工日期為 2028 年。

For 2025, we see a continued focus by our clients on developing additional capacity for key resources including copper, green steel, lithium, and iron ore. We're currently tracking mining and metals opportunities that represent tens of billions in awards over the next few years.

展望2025年，我們預期客戶將繼續致力於開發銅、綠色鋼鐵、鋰和鐵礦石等關鍵資源的額外產能。我們目前正在追蹤未來幾年將帶來數百億美元收益的採礦和金屬產業機會。

Please start the slide 9.

請開始第 9 張投影片。

Our infrastructure business continues to make good progress on the Gordie Howe project. Construction is now 94% complete, and handover of the US port of entry is in progress. Substantial completion is targeted for Q3 of 2025.

我們的基礎設施業務在戈迪豪專案上繼續取得良好進展。目前工程已完成94%，美國入境口岸移交工作正在進行中。預計 2025 年第三季基本完工。

Next, the LAX Automated People Mover project is now 93% complete, and the forecasted substantial completion date remains on track for Q4 of 2025. On the I-635 LBJ project, construction is now 70% complete. Substantial completion is forecasted for Q2 of 2026. For this business line as legacy projects wrap up, we are selectively pursuing opportunities and markets where we have strong client relationships and an appropriate risk profile. These include Texas, North Carolina, and the Netherlands.

接下來，洛杉磯國際機場自動旅客捷運系統專案目前已完成 93%，預計基本完工日期為 2025 年第四季。I-635 LBJ 專案目前已完成 70%。預計 2026 年第二季基本完工。對於這條業務線，隨著遺留項目的結束，我們正在選擇性地尋求與客戶關係緊密且風險狀況適當的機會和市場。其中包括德克薩斯州、北卡羅來納州和荷蘭。

Moving on to slide 10.

轉到投影片 10。

Energy Solutions reported fourth quarter segment profit of $63 million a significant increase from the $26 million recorded in 2023. Quarterly results from last year included $33 million of cost growth for the Penguins Legacy project.

能源解決方案部門報告第四季分部利潤為 6,300 萬美元，較 2023 年的 2,600 萬美元大幅成長。去年季度業績顯示，企鵝遺產項目的成本增加了 3,300 萬美元。

In the fourth quarter, new awards total $406 million which included additional scope on a revamp project in Sweden, full release on engineering for a regasification and power plant in Indonesia, and a front end award for the units 3 and 4 at the Cernavoda nuclear power plant in Romania. This award marks a significant milestone in Romania's efforts to enhance sustainability and energy security in the region.

第四季度，新合約總額達到 4.06 億美元，其中包括瑞典一項改造項目的額外範圍、印尼一座再氣化和發電廠的工程全面釋放，以及羅馬尼亞切爾納沃達核電廠 3 號和 4 號機組的前端合約。該獎項是羅馬尼亞為提高該地區永續性和能源安全所做的努力的一個重要里程碑。

Pending backlog for energy solutions was $7.6 billion compared to $9.7 billion a year ago. During the quarter, we helped support key accomplishments for our clients, including the TCO project in Kazakhstan Achieving First Oil, the BASF project in China, achieving 50 million hours without a loss on injury, and the recently completed lithium hydroxide project in China for Aldemar, which was named a 2024 Global Best Project by Engineering news record.

能源解決方案待處理積壓訂單金額為 76 億美元，而一年前為 97 億美元。本季度，我們協助客戶取得多項重要成就，包括哈薩克 TCO 項目首次產油、巴斯夫中國項目實現 5,000 萬小時無傷害損失，以及近期為 Aldemar 在中國完成的氫氧化鋰項目，該項目被《工程新聞記錄》評為 2024 年全球最佳項目。

At LNG Canada, the project has surpassed the 95% completion mark overall, with 771 of 838 systems having achieved mechanical completion. Additionally, the main refrigeration compression systems on train one are in final commissioning and preparation for cool down. The project is experiencing some challenges with the installation of insulation on piping and equipment.

在 LNG Canada，專案整體完成度已超過 95%，838 個系統中已有 771 個實現機械完工。此外，一號列車上的主要冷凍壓縮系統正在進行最後的調試和冷卻準備。該專案在管道和設備絕緣材料的安裝方面遇到了一些挑戰。

Additional skilled labor has been mobilized to site in order to expedite completion. However, we are on track to support the client's target to ship first cargoes by the middle of 2025. This project continues to track to management expectations.

為了加快完工速度，我們已調動更多熟練勞動力到現場。然而，我們正在按計劃支援客戶在 2025 年中期運送第一批貨物的目標。該項目繼續符合管理層的期望。

To date, our joint venture and the client have not yet fully resolved certain outstanding issues for COVID-related impacts to the project. We believe that the client and our joint venture will resolve these items fairly and equitably during 2025, similar to resolutions reached on previous changes on the project.

迄今為止，我們的合資企業和客戶尚未完全解決與 COVID 相關對專案影響的某些未決問題。我們相信，客戶和我們的合資企業將在 2025 年公平公正地解決這些事項，類似於對該專案之前變更達成的解決方案。

Looking ahead to 2025, our energy solutions business will be focused on reloading with front end engineering and design packages to support future EPCM work, including large chemicals facilities in the Middle East, carbon capture, and decarbonization.

展望2025年，我們的能源解決方案業務將專注於重新加載前端工程和設計包，以支援未來的EPCM工作，包括中東的大型化學設施、碳捕獲和脫碳。

We're seeing opportunities in the LNG space, including additional interest in mid-scale LNG facilities. On the power front, we are actively deploying our strategy in both nuclear and thermal solutions to support additional energy demand from data centers and other broad power needs.

我們在液化天然氣領域看到了機遇，包括對中型液化天然氣設施的額外興趣。在電力方面，我們積極部署核能和熱能解決方案策略，以支援資料中心和其他廣泛電力需求的額外能源需求。

Lastly, on new scale, we continue to negotiate with our strategic investor to reach an agreement on a long-term monetization and revenue stream to Fluor while moving new scale closer to commercialization. We believe our current path is the best way to bring value to shareholders and maximize our long-term investment in new scale.

最後，在新的規模上，我們繼續與我們的策略投資者進行談判，就 Fluor 的長期貨幣化和收入來源達成協議，同時使新的規模更接近商業化。我們相信，我們目前的道路是為股東帶來價值和最大化我們的新規模長期投資的最佳途徑。

Moving to Mission Solutions, please turn to slide 11.

前往任務解決方案，請翻到投影片 11。

Mission Solutions reported a segment profit of $45 million in the fourth quarter compared to 31 million a year ago. New awards for the quarter were $429 million which included an eight-month extension for the Portsmouth decontamination and decommissioning program and FEMA task quarters for Florida, Georgia, and Virginia.

Mission Solutions 報告第四季分部利潤為 4,500 萬美元，去年同期為 3,100 萬美元。本季度的新獎項為 4.29 億美元，其中包括對朴茨茅斯淨化和退役計劃的八個月延期，以及對佛羅裡達州、喬治亞州和維吉尼亞州的聯邦緊急事務管理局任務季度的延期。

Our ending backlog for Mission Solutions was $2.7 billion compared to $3.9 billion a year ago. And as a reminder, backlog does not include approximately $5 billion in annual revenue for projects related to our equity method investment where we don't fully or partially consolidate our results.

我們的任務解決方案期末積壓訂單為 27 億美元，而一年前為 39 億美元。需要提醒的是，積壓訂單不包括與我們的權益法投資相關的項目每年約 50 億美元的收入，我們不會完全或部分合併我們的結果。

Finally, we're well positioned with our Department of Defense and Department of Energy customers on recompetes or extensions of existing contracts, including work for the Army on our LOGCAV contract in Africa and at the Portsmouth site.

最後，我們在與國防部和能源部客戶的重新競爭或延長現有合約方面處於有利地位，包括為陸軍在非洲和朴茨茅斯基地的 LOGCAV 合約工作。

With that, let me turn the call over to Joe for the financial update. Joe?

說完這些，讓我把電話轉給喬，讓他報告一下財務更新。喬？

Thanks, Jim, and good morning, everyone. This morning I'd like to discuss an overview of our financial performance and provide an update on the progress we have made in strengthening our capital structure.

謝謝，吉姆，大家早安。今天上午，我想討論一下我們的財務表現概況，並提供我們在加強資本結構方面取得的進展的最新情況。

Please turn to slide 13.

請翻到第 13 張投影片。

For the full year, floor reported revenue of $16.3 billion. And a net income of $2.1 billion or $12.30 per diluted share. Results for the year reflect the favorable impact of the NuScale deconsolidation and subsequent fair value accounting.

全年來看，地板業務營收為 163 億美元。淨利 21 億美元，即每股收益 12.30 美元。年度業績反映了 NuScale 拆分和隨後的公允價值核算的有利影響。

During the quarter, we recognized a $116 million provision related to a jury verdict against a Fluor joint venture on an infrastructure project completed over 12 years ago. The client sued over alleged incorrect designs performed by a subcontractor. We believe that the jury verdict does not accurately reflect the evidence at trial, and we are evaluating all options that may eliminate most, if not all, of the provision taken. The provision does not reflect any offsetting recoveries that we believe are owed to the joint venture. Our 2024 Form 10k filed today contains additional discussion on this matter.

在本季度，我們確認了 1.16 億美元的撥備，該撥備與陪審團對 Fluor 合資企業 12 年前完成的基礎設施項目的裁決有關。客戶因分包商涉嫌實施不正確的設計而提起訴訟。我們認為，陪審團的裁決並不能準確反映審判中的證據，我們正在評估所有可能消除大部分（如果不是全部）規定的選項。此準備金並未反映我們認為欠合資企業的任何抵銷回收款項。我們今天提交的 2024 年 10k 表格對此事進行了進一步討論。

Segment profit for the year was $635 million and adjusted EBITDA was $530 million. On an adjusted basis, our 2024 results were $2.32 per diluted share. Corporate G&A expenses for the year were $203 million compared to $232 million a year ago. The improvement over 2023 can be attributed to an ongoing focus on overhead optimization. And a reduction in performance-based compensation for the full year we reported net interest income of $150 million as our cash management team invested Fluor’s cash and high quality interest bearing assets which more than covered the $46 million in low cost fixed rate interest expense on our outstanding debt. Please turn to slide 14.

本年度分部利潤為 6.35 億美元，調整後 EBITDA 為 5.3 億美元。經過調整後，我們 2024 年的業績為每股攤薄收益 2.32 美元。本年度公司一般及行政開支為 2.03 億美元，去年同期為 2.32 億美元。2023 年的改善可歸因於對間接費用優化的持續關注。由於全年績效薪酬減少，我們報告的淨利息收入為 1.5 億美元，因為我們的現金管理團隊投資了 Fluor 的現金和高品質生息資產，這些資產足以覆蓋我們未償債務的 4,600 萬美元低成本固定利率利息支出。請翻到第 14 張投影片。

Cash and cash equivalents combined with marketable securities worth $3 billion representing a 14% increase from 2023. Our operating cash flow for the year of $828 million including meaningful distributions from two large joint ventures and IRS refunds, but also reflects strong core cash generation. This was our best year for operating cash flows since 2015.

現金和現金等價物加上有價證券價值 30 億美元，比 2023 年增長 14%。我們今年的營運現金流為 8.28 億美元，其中包括兩家大型合資企業的有意義分配和美國國稅局退稅，同時也反映了強勁的核心現金產生能力。這是自 2015 年以來我們經營現金流最好的一年。

During the year, legacy projects required $81 million in funding. We believe that these late stage legacy projects will require up to $200 million of funding in 2025.

今年，遺留項目需要 8,100 萬美元的資金。我們認為，這些後期遺留項目到 2025 年將需要高達 2 億美元的資金。

Over the course of 2024, we communicated our intent to restart our capital allocation program. Based on our strong financial footing and confidence and sustained cash flow generation, we started our share repurchase program with $125 million or 2.3 million shares purchased in the fourth quarter.

在 2024 年期間，我們傳達了重啟資本配置計畫的意圖。基於我們強大的財務基礎和信心以及持續的現金流創造，我們啟動了股票回購計劃，在第四季度回購了 1.25 億美元或 230 萬股。

Under this initial phase of our share repurchase program, we are targeting an additional $300 million in repurchases during 2025. Changes to our plan for share repurchases will hinge on potential proceeds from further monetization activities. Our performance over the past 4 years provides flexibility on capital allocation, including reinvesting in the business organically, the size and timing of our share repurchases, reinstating a dividend, and the ability to make select bolt on acquisitions to support the continued growth in the business.

在我們股票回購計畫的初始階段，我們的目標是在 2025 年額外回購 3 億美元。我們股票回購計畫的變化將取決於進一步貨幣化活動的潛在收益。我們過去四年的業績為我們提供了資本配置的靈活性，包括對業務進行有機再投資、股票回購的規模和時間、恢復股息，以及進行選擇性附加收購以支持業務持續成長的能力。

Before we discuss our guidance for 2025, I want to review a few additional items. Please turn to slide 15.

在我們討論 2025 年的指導之前，我想回顧一下其他一些事項。請翻到第 15 張投影片。

Last year we purchased $57 million of our outstanding 2028 notes. We will continue to chip away at these notes opportunistically at or below par. Last month we closed the sale of our Stork UK operations, which essentially completes our transition to an asset-like model. Led by our transaction of Stork and right sizing our office in Houston, we have been able to reduce our real estate footprint by more than half to 3.7 million square feet.

去年我們購買了價值 5,700 萬美元的未償 2028 年票據。我們將繼續伺機以票面價值或低於票面價值的價格削減這些票據。上個月，我們完成了 Stork UK 業務的出售，基本上完成了我們向資產類模式的轉型。在 Stork 交易和休士頓辦事處規模調整的帶動下，我們已能夠將房地產佔地面積減少一半以上，至 370 萬平方英尺。

Next, our investment in NuScale was deconsolidated in October of 2024, resulting in a $1.6 billion dollar pre-tax gain. Subsequent mark to market gains based on its prevailing stock price through 12/31 resulted in an additional pre-tax gain of $604 million for the fourth quarter of 2024.

接下來，我們對 NuScale 的投資於 2024 年 10 月脫離合併，產生了 16 億美元的稅前收益。隨後根據截至 12 月 31 日的現行股價進行市值調整，導致 2024 年第四季額外實現 6.04 億美元的稅前收益。

Since this will be my final earnings call, I wanted to introduce John Regan as my successor. John has worked side by side with me over the past 4 years and was a key part of the finance leadership team that led to the rebuilding of Fluor’s capital structure. John, I'll turn the call over to you.

由於這將是我最後一次的財報電話會議，因此我想介紹約翰·雷根作為我的繼任者。過去四年來，約翰一直與我並肩工作，是負責重建福陸公司資本結構的財務領導團隊的重要成員。約翰，我會把電話轉給你。

Thanks, Joe. What Fluor accomplished with the first chapter of our strategy has restored investor confidence and established the foundation for the next chapter. I'm excited to support the business as we pivot to the grow and execute phase. Back in December, I had the opportunity to speak with the analyst community, and I look forward to meeting our investors in the days ahead.

謝謝，喬。福陸公司透過實施我們的策略第一章所取得的成就恢復了投資者的信心，並為下一章奠定了基礎。當我們轉向成長和執行階段時，我很高興能夠支持這項業務。早在 12 月，我就有機會與分析師社群交談，我期待在未來的日子裡與我們的投資者見面。

Please turn to slide 16.

請翻到第 16 張投影片。

Looking to 2025, our EBITDA guidance is $575 to $675 million. Which lends itself to an operating cash flow range of $450 to $500 million. Our estimated cash flow reflects the underlying operational performance and working capital needs under a largely reimbursable profile. We expect our full year EPS to range between $2.25 to $2.75 per diluted share.

展望 2025 年，我們的 EBITDA 預期為 5.75 億至 6.75 億美元。這使得營運現金流達到 4.5 億至 5 億美元。我們預期的現金流量反映了很大程度上可償還的情況下的基本營運績效和營運資本需求。我們預計全年每股收益在 2.25 美元至 2.75 美元之間。

We currently don't see any material items that need normalizing from our GAAP earnings other than FX and NuScale , which is now mark to market to their screen price across our 126 million shares. These expectations are based on our ability to successfully execute our strategic priorities, as well as capturing the demand for our services across the end markets we serve.

目前，除了 FX 和 NuScale 之外，我們還沒有發現任何需要從我們的 GAAP 收益中標準化的重要項目，目前這兩個項目的市價已按我們 1.26 億股的螢幕價格計算。這些期望是基於我們成功執行策略重點的能力，以及滿足我們所服務的終端市場對我們服務的需求的能力。

To provide a bit more granularity on the outlook for 25, our assumptions include a new awards book to burn ratio well above 1. Revenue growth of approximately 15%. Net interest income of approximately $80 million G&A expense of around $180 million and despite a potentially wide range of outcomes, we also see an effective tax rate of approximately 30 to 35%.

為了更詳細地了解 25 年的前景，我們的假設包括新獎勵書與燒錢比率遠高於 1。收入增長約15％。淨利息收入約為 8,000 萬美元，一般及行政開支約為 1.8 億美元，儘管結果可能各有不同，但我們也看到有效稅率約為 30% 至 35%。

Our expectations for 2025 segment margins are approximately 4% to 5% in Urban. 3.5% to 4.5% in Energy and 5% to 6% in Mission. For 2025, we expect the normal shaping of quarterly cash flow. For EBITDA , we expect an acceleration in the second half of the year as we ramp up execution activities, particularly on our urban solutions portfolio. As a housekeeping matter, we'll file an S3 later today solely to refresh our ability to capitalize on expedited financing opportunities in the future.

我們預計 2025 年城市細分市場的利潤率約為 4% 至 5%。能源領域成長 3.5% 至 4.5%，任務領域成長 5% 至 6%。對於 2025 年，我們預期季度現金流將呈現正常形態。對於 EBITDA，隨著我們加強執行力度，尤其是城市解決方案組合，我們預計下半年 EBITDA 將會加速成長。作為一項內部事務，我們將在今天稍後提交一份 S3 文件，只是為了刷新我們未來利用快速融資機會的能力。

Lastly, once NuScale files their 10k, we will file an amended 10k to incorporate their financial information into ours as required under the security laws.

最後，一旦 NuScale 提交他們的 10k，我們將提交一份修改後的 10k，以根據證券法的要求將他們的財務資訊納入我們的財務資訊中。

Operator, with that, we're now ready for our first question.

接線員，好了，我們現在可以回答第一個問題了。

(Operator Instructions)

（操作員指令）

Michael Dudas, Vertical Research.

邁克爾·杜達斯（Michael Dudas），垂直研究。

Mike. Good morning, Mike.

麥克風。早上好，麥克。

First, maybe for David or Jim, as you put together your outlook for 2025 and some of the crosscurrents that you've highlighted in your prepared remarks, On the book to bill that could be well above one, maybe a little bit more thought on timing in the areas. Certainly, you highlighted Energy Solutions reloading, but in the Urban side, which has really been a big driver in the last couple of years, maybe some a little bit more visibility on how that will be booked and the margins that you're seeing on some of these opportunities in the Urban Solutions area relative to the mixture business?

首先，對於 David 或 Jim 來說，當您整理 2025 年的展望以及您在準備好的發言中強調的一些矛盾時，在訂單與賬單比率可能遠高於 1 的情況下，也許需要對這些領域的時間安排多加考慮。當然，您強調了能源解決方案的重新加載，但在城市方面，這在過去幾年中確實是一個很大的推動力，也許對於如何預訂以及您在城市解決方案領域相對於混合業務的一些機會中看到的利潤率有一些更高的可見性？

Yeah, good morning, Mike. Maybe I'll start and ask Jim to comment as well.

是的，早上好，麥克。也許我會開始並請吉姆也發表評論。

As you look at the backlog at the end of the year, in '24, obviously we've seen Urban Solutions, kick up dramatically as we had laid out and planned for in our strategy to drive growth across the portfolio. So you see that backlog sitting at $17.7 billion Energy Solutions coming down as we expected as well and mission solutions holding firm so we expect that to continue. We do see a book to build significantly above 1 in 2025 just to emphasize that. And the margins we guided, we're comfortable, certainly comfortable with so where it's coming from specifically, Jim, some comments on that, please.

當您查看 24 年年底的積壓訂單時，顯然我們已經看到城市解決方案大幅提升，正如我們在策略中製定和計劃的那樣，以推動整個投資組合的成長。因此，您會看到積壓訂單金額為 177 億美元，能源解決方案的下降也符合我們的預期，而任務解決方案的保持穩定，因此我們預計這種情況將持續下去。我們確實看到到 2025 年這本書的銷量將大大超過 1，這只是為了強調這一點。我們指導的利潤率讓我們感到舒服，當然也讓我們感到舒服，那麼它的具體來源是什麼呢，吉姆，請對此發表一些評論。

Sure. Thanks, David. And thanks, Mike, for the words there. And looking forward to working with you and your colleagues going forward. Yes, so the book to bill is significantly above one.

當然。謝謝，大衛。謝謝麥克的發言。並期待未來與您和您的同事繼續合作。是的，因此訂單出貨比明顯高於 1。

A lot of good opportunities in ATLS. If you look at pharma and the market that we would have been very successful on in previous years, it's going to continue to be a good growth market for us. If you look at what we call the advanced technologies projects that includes semiconductors and data centers. Data centers is a market we're focusing on very strongly and we've already had some recent success on that in addition to building on our experience that we had in Europe and Asia. Mining has a significant slate of opportunities, some of them in front end work, some of them converting to EPCM.

ATLS 中有很多好機會。如果你看看製藥業和我們在前幾年非常成功的市場，它將繼續成為我們一個好的成長市場。如果你看看我們所說的包括半導體和資料中心在內的先進技術專案。資料中心是我們重點關注的市場，除了利用我們在歐洲和亞洲的經驗之外，我們最近還取得了一些成功。採礦業有大量機遇，有些是在前端工作，有些則轉換為 EPCM。

And then of course in government, we have a very strong position in with DOE and we expect some of those significant awards to come from that client. So it's urban and its mission primarily with a lot of front end work and energy preparing for subsequent years.

當然，在政府方面，我們與能源部的關係非常密切，我們預計一些重要的獎項將來自該客戶。因此，它是城市的，它的使命主要是進行大量的前期工作並投入大量精力為接下來的幾年做準備。

Yes. Just to Mike, just to kind of big picture support what Jim has just mentioned. We've got about in the next twelve months, we've got prospects just in the larger EPC, EPCM project, not the front end work, but just the full EPC awards, prospects of about $46.5 billion, with again, urban being about almost $24 billion of that and then evenly split between energy solutions and mission for the other 22 billion. So, that kind of supports where we're heading with our bookings in the coming year.

是的。只是對麥克來說，只是為了從大局上支持吉姆剛才提到的內容。在未來 12 個月內，我們在大型 EPC、EPCM 專案中擁有前景，不是前端工作，而是完整的 EPC 獎項，前景約為 465 億美元，其中城市項目約佔 240 億美元，其餘 220 億美元則平均分配給能源解決方案和任務。所以，這為我們明年的預訂提供了支持。

It might just to add, you asked a little bit about timing, I think. It's encouraging to see some of the announcements through the mining group this early in the year and also through kind of the data center activity that we're kind of we've got some inroads at the beginning of the cycle, so it should help and support the burn curves as we move through the year.

我覺得可能只是補充一下，你問了一些關於時間的問題。很高興看到今年年初採礦集團發布的一些公告以及資料中心活動表明我們在週期開始時取得了一些進展，因此它應該會在全年幫助和支援燃燒曲線。

Maybe how when you look at the maybe upcoming data center cycle relative to say your let's say life science or semi cycle and like where are we in in maybe early inning or what innings you're in and the magnitude and scope of what you would be providing and what those numbers would look like when you heard those kind of. Prospects of the bookings.

也許當您查看即將到來的資料中心週期相對於您的生命科學或半週期時，您可能會想，我們可能處於早期階段的哪個階段，或者您處於哪個階段，您將提供的服務的規模和範圍，以及當您聽到這些時這些數字會是什麼樣子。預訂的前景。

Mike, we missed the sorry, what was the specific area we missed the beginning of.

麥克，抱歉，我們錯過了，我們錯過的具體區域的開頭是哪個？

I'm sorry, I apologize. On the data center site, maybe compared to like your life science or semiconductor electronic space and what we're in and what when you convert those prospects, what type of size of projects and what scope that you'd be providing as you move through this looks like a long cycle of build out on the AI front.

對不起，我很抱歉。在資料中心站點，也許可以與生命科學或半導體電子領域相比，我們所處的領域以及當您轉換這些前景時，您將提供什麼類型的專案規模以及在您移動的過程中提供什麼範圍，這看起來像是在人工智慧方面進行長期構建的周期。

Yeah, thanks, Mike. I'll start that. This is Jim.

是的，謝謝，麥克。我來開始。這是吉姆。

We're in early phases. If you just if you look at the projections by just the big 5 data center hyperscalar here in the United States. They're talking about several $100 billion worth of announced investments, and I think given that the size of these projects is growing. They lend themselves to Fluor's project delivery expertise and model.

我們尚處於早期階段。如果您只看一下美國五大資料中心超標量的預測。他們正在談論宣布價值數千億美元的投資，我認為這些項目的規模還在不斷擴大。他們充分利用了福陸公司的專案交付專業知識和模式。

Now we're going to remain diligent and methodical in taking on this work, but building on our track record of recent data center projects like I said in Europe and Asia. We believe we're well positioned for this big wave of data centers that is projected for the United States.

現在，我們將繼續勤奮、有條不紊地進行這項工作，但將以我在歐洲和亞洲所說的近期資料中心專案的業績為基礎。我們相信，我們已經為美國即將出現的這波資料中心浪潮做好了準備。

And as I said in the prepared remarks, we signed a major, we signed a master agreement with a major data center company. We're kicking off the initial stages of the first project under this agreement. This project is a co-location data center which is on the smaller scale. Call it between half a billion dollars and a billion dollars in scale. But this agreement allows you to build and work on data centers of all sizes, including hyper scalers that now you're talking about multiple billions of dollars.

正如我在準備好的演講中所說，我們與一家大型資料中心公司簽署了一項重要協議。我們正在啟動該協議下第一個專案的初始階段。此專案為規模較小的主機託管資料中心。其規模在五億美元到十億美元之間。但是該協議允許您建立和使用各種規模的資料中心，包括現在所討論的價值數十億美元的超大規模資料中心。

Now, those jobs take a little more time to mature and develop, but the neat thing about this agreement is that it allows us to build a longer term relationship with this client on multiple projects and therefore, take advantage of the benefits of replication of efficiencies, lessons learned on previous projects. So, I think we're in the to answer specifically your question, we're on the early stages of the cycle.

現在，這些工作需要更多的時間來成熟和發展，但這項協議的妙處在於，它使我們能夠與該客戶在多個專案上建立更長期的關係，從而利用複製效率和從以前的專案中學到的經驗教訓帶來的好處。所以，我認為我們正處於具體回答你的問題，我們正處於週期的早期階段。

We're going to approach the market methodically and with a proper project and pursue discipline, but we do believe that data centers will be a significant engine for our for our growth in this next chapter of the strategy.

我們將有條不紊地開展市場，制定適當的專案並追求紀律，但我們確實相信，資料中心將成為我們策略下一章中成長的重要引擎。

Yeah, and just adding to that, right. As Jim said, a significant contributor to our grow and execute phase, not only for the in the facilities data center facilities themselves, but also where Fluor can add value on the. Power demand side of the equation, right? Our expertise in power generation, both thermal and nuclear is going to play a key role in supporting our clients' needs, and we're already currently ramping up our capabilities further on the power side. The numbers are just astronomical for power demand for data centers.

是的，只是補充一點，對吧。正如吉姆所說，這是我們成長和執行階段的重要貢獻者，不僅對於設施資料中心設施本身，而且對於 Fluor 可以增加價值的地方也是如此。這是等式的電力需求方，對嗎？我們在火力發電和核能發電方面的專業知識將在支援客戶需求方面發揮關鍵作用，目前我們已經在進一步提升電力方面的能力。對於資料中心的電力需求來說，這些數字簡直是天文數字。

We've got 26,000 megawatts installed in the US right now. That's going to go to 90. They say 92,000 is required by. By the end of the decade, and then the numbers are even larger globally, but the US is about 40% of the market, so a big focus here on, data centers combined with power generation, which is obviously in our wheelhouse.

目前，美國已經安裝了 26,000 兆瓦的發電設施。這將達到 90。他們說需要92,000。到本世紀末，全球的數字將會更大，但美國佔了約 40% 的市場份額，因此我們的重點是資料中心與發電的結合，這顯然在我們的掌控之中。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc 資本市場。

If I can ask one on NuScale , I believe that there was a due date to execute a term sheet for the strategic virus. I'm just wondering if that is still the case or if there's a change in your thinking on the timing of the monetization.

如果我可以在 NuScale 上詢問一個人，我相信有一個截止日期來執行策略性病毒的條款清單。我只是想知道情況是否仍然如此，或者您對貨幣化時機的想法是否發生了改變。

As Jim mentioned in his prepared remarks, we're in detailed negotiations right now with our strategic investor to reach an agreement on a long-term monetization and revenue stream to Fluor while at the same time moving NuScale closer to monetization or commercialization.

正如吉姆在他的準備好的發言中提到的，我們目前正在與我們的策略投資者進行詳細談判，以就 Fluor 的長期貨幣化和收入來源達成協議，同時使 NuScale 更接近貨幣化或商業化。

And we continue to believe that our current path is the best way to bring value to Fluor shareholders to the strategic investor and also to NuScale and for that the business strategy to be successful, we need all three parties to win. So, the timeline to monetization has been slower than desired.

我們始終相信，我們目前的道路是為福陸公司股東、策略投資者以及 NuScale 帶來價值的最佳方式，而要讓該商業策略成功，我們需要三方共贏。因此，貨幣化的時間表比預期的要慢。

However, as you can imagine, anything in the nuclear space that is in a startup pre-commercialization mode does take patience and you know we want to get this right for decades to come. Not just for the next few years, so the overarching objectives are threefold here. First, to ensure the successful commercialization of the NuScale technology with our strategic investor, and then second to drive maximum value for shareholders on monetization.

然而，你可以想像，核能領域中任何處於初創預商業化模式的事情都需要耐心，你知道，我們希望在未來幾十年內做好這件事。這不只是針對未來幾年，因此整體目標有三個面向。首先，與我們的策略投資者一起確保 NuScale 技術的成功商業化，其次，透過貨幣化為股東實現最大價值。

And third, ensure Fluor’s execution services are considered. For NuScale installations on a global basis wherever we can add value to an opportunity. So, on a related note, as you, I think you may know, Fluor’s executing front end design work for ROE Power's SMR project in Romania, and that is utilizing NuScale , skill industry leading technology.

第三，確保福陸公司的執行服務得到考慮。對於全球範圍內的 NuScale 安裝，我們可以在任何可能的地方為機會增加價值。因此，相關地，我想您可能知道，Fluor 正在為羅馬尼亞 ROE Power 的 SMR 專案執行前端設計工作，並且利用了 NuScale 這一行業領先技術。

And Jim also talked about conventional work in nuclear power, which you've probably seen in the news recently. We've just kicked off with our joint venture partners on some front end design scope for conventional nuclear power, which is our scope on that program is being executed on a reimbursable basis. So work continues and we're positive about NuScales , monetization. In fact, I'll be personally in a meeting later this week to continue the discussion. We'll give you more information as it becomes available.

吉姆還談到了核電的常規工作，您可能最近在新聞中看到過。我們剛剛與合資夥伴啟動常規核電的一些前端設計範圍的合作，該計劃的範圍是以可償還的方式執行的。因此工作仍在繼續，我們對 NuScales 的貨幣化持樂觀態度。事實上，本週晚些時候我將親自參加會議繼續討論。一旦獲得更多信息，我們將及時告知您。

Great, I appreciate that, and I know you guys mentioned in your prepared marks regarding the new administration and the EO, but there's also been a lot of confusing news regarding spending freezes, so maybe you can give us an update on where you stand with your federal government contracts, whether it's FEMA or NNSA or the Department of Defense, and if you're seeing any movement there.

太好了，我很感激，我知道你們在準備好的成績單上提到了新政府和行政命令，但是關於凍結支出也有很多令人困惑的消息，所以也許你可以告訴我們你與聯邦政府合同的進展情況，無論是聯邦緊急事務管理局、國家核安全局還是國防部，以及你是否看到那裡有任何動向。

Yeah, I'll also ask Jim to comment here from what we can see because we primarily in the Mission Solution space and based on our, where we play in Department of Defense and Department of Energy two of our key clients plus FEMA at this point which is still firmly in place so you when you're talking about national security.

是的，我也會請吉姆根據我們所看到的情況在這裡發表評論，因為我們主要在任務解決方案領域，並且基於我們在國防部和能源部所扮演的角色，這兩個是我們的主要客戶，再加上聯邦緊急事務管理局，目前這些客戶仍然穩固存在，所以當你談論國家安全時。

And energy and nuclear cleanup plus nuclear support in the nuclear deterrent space, all that work that we're doing in Mission Solutions really is top priority and we've got indications that most of the work that we're focused on will. We'll continue because of that type of work that we do for the for the for the country.

能源和核子清理以及核威懾領域的核子支持，我們在任務解決方案中所做的所有工作確實都是重中之重，而且我們有跡象表明，我們重點關注的大部分工作都將會。我們會繼續努力，為國家做這類工作。

Jim, anything else you're..

吉姆，你還有什麼要說的嗎......

Right, David. I think we believe that the work we do and the support work we do for the government is tied to their very critical missions on these respective missions, so we expect the work to continue. There has been a lot of news coming out of Washington Sangita, but it seems like a lot of it's been updated and refreshed soon thereafter.

對的，大衛。我認為，我們相信我們所做的工作和我們為政府所做的支持工作與他們各自的非常關鍵的使命息息相關，因此我們希望這項工作能夠繼續下去。華盛頓桑吉塔傳來了很多新聞，但似乎很多新聞很快就得到了更新和刷新。

So then when it's all said and done, these programs are going to continue because they are mission critical, and we feel good about continuity of them and we feel good about our future opportunities and mission also with these two big departments with FEMA and other civil agencies that we're pursuing work for.

所以，當一切都說完了，這些項目將繼續下去，因為它們對於任務至關重要，我們對它們的連續性感到很滿意，我們對我們未來的機會和使命也感到很滿意，我們也為聯邦緊急事務管理局和我們正在為之工作的其他民間機構的這兩個大部門感到很滿意。

Jamie Cook, Truist Securities.

傑米庫克（Jamie Cook），Truist Securities。

I guess my first question just on LNGC, JGC announced cost increases I think last week in conjunction with their earnings, and you mentioned some stuff in your prepared remarks. So can you just give us more color there? Were there any cost increase that you guys incurred in the quarter associated with that project and your margins for ES next year 3.5 to 4.5%, so. At the low end, the margins are lower than what you're expecting this year at the low end of the range, so does that.

我想我的第一個問題是關於 LNGC 的，JGC 上週宣布成本隨著其收益而增加，您在準備好的演講中提到了一些內容。那麼您能給我們更多細節嗎？你們在該專案相關季度產生的成本是否有增加？在低端，利潤率低於你今年預期的範圍低端，所以是這樣。

Reflect LNGC and then just my second question on the guide for the year, I think you mentioned that it would be more back end loaded if you could just help us, how we think about first half versus second half just so this street calibrates estimates correctly. Thank you.

反思 LNGC，然後只是我對年度指南的第二個問題，我想你提到，如果你能幫助我們，它將更加後端加載，我們如何考慮上半年與下半年，以便這條街正確校準估計。謝謝。

Morning, Jamie. Thanks for the question and I'll ask Jim's been spearheading all of our discussions at LNGC, and I'll ask him to comment on that, and then Joe could comment on the ES margins and Reagan can talk about the back end load and how we see the ramp up for the year.

早安，傑米。感謝您的提問，我會請 Jim 領導我們在 LNGC 的所有討論，並請他對此發表評論，然後 Joe 可以對 ES 利潤率發表評論，Reagan 可以談談後端負載以及我們如何看待今年的增長。

So as everyone knows, LNG Canada is obviously an important project for us, and we're working closely with our JV partner and our client in this final stretch. The commission efforts, as I said, are progressing well and are very advanced, and as I indicated, Train one is in advanced stages of commissioning and preparation for cool down.

眾所周知，LNG Canada 顯然對我們來說是一個重要的項目，我們正在與我們的合資夥伴和客戶密切合作，共同完成最後的衝刺。正如我所說，調試工作進展順利，非常先進，正如我所指出的，一號列車正處於調試和冷卻準備的高級階段。

Now, despite the fact that we have had to expend additional resources on the installation work, we are still on track to meet the client's objective of first cargo middle of this year. The project continues to perform. Jamie, tracking to management expectations. And we expect it to be a very successful project when it's all said and done. We continue our conversations with the client on the on the final commercial resolution. We we've had some good fruitful discussions in recent weeks and days. And again, we're confident this is going to be a successful project at the end of the day tracking to our expectations.

現在，儘管我們必須在安裝工作上投入額外的資源，但我們仍然有望實現客戶在今年年中運送第一批貨物的目標。該項目繼續進行。傑米 (Jamie)，符合管理階層的期望。我們期望最終這將是一個非常成功的項目。我們繼續與客戶就最終的商業解決方案進行對話。最近幾週和幾天我們進行了一些有成果的討論。我們再次堅信，這個計畫最終會成功，符合我們的預期。

So Joe, do you want to comment on how that weaves into margin guide for Energy Solutions?

那麼喬，你想評論一下這與能源解決方案的利潤指南有何關係嗎？

Yeah, if we look at kind of the burn off of some major programs flowing into kind of a reload. A situation for Energy Solutions around feed work. What you're seeing is kind of the pivot of a lot of those resources as we move over to the demand driven growth side of the model. So you'll see a little bit of a drag in the beginning of the year, and I think you'll see better strength in that margin performance as we get to the end of the year. But really this is kind of the pivot as we as we shift over to the Urban Solution side of the model. In terms of where we see the demand driven growth and the types of teams that we need in order to support that and open the aperture to that opportunity within and our backlog growth, so that's really where it's at right now. It's kind of the trail. Off of the projects that we're executing and as we pivot into pivot some of those resources over to the Urban Solutions.

是的，如果我們看一些主要程式的消耗並重新加載的情況。圍繞飼料工作的能源解決方案的情況。當我們轉向需求驅動的成長模式時，您會看到許多資源發生轉變。因此，您會在年初看到一點阻力，但我認為，到年底時，您會看到利潤率表現更加強勁。但實際上，當我們轉向城市解決方案模型時，這是一種支點。就我們所看到的需求驅動成長以及我們需要哪些類型的團隊來支持這一成長，並為我們的積壓成長提供機會，所以這確實是目前的情況。這就像一條小路。我們正在執行一些項目，並將部分資源轉向城市解決方案。

And I think a little bit of a testimony to the portfolio approach that, as you're coming off these big projects in the ES you really see a ramp in the urban side. In the back half of the year, so, I'm not going to give you too much color on the shaping, but, I'll say, we'll see a really high exit velocity from an EBITDA as we get into the second half of the year.

我認為這在一定程度上證明了投資組合方法的有效性，當你完成 ES 中的這些大項目時，你確實會看到城市方面的成長。因此，在下半年，我不會給你太多關於塑造的細節，但是，我會說，當我們進入下半年時，我們將看到 EBITDA 的退出速度非常高。

Andy Whitman, Baird.

安迪·惠特曼，貝爾德。

Yeah, great, and thanks for taking my questions. Maybe Joe, one for you. I just kind of looking at the cash flow guidance here $450 million, $500 million. That's that or maybe slightly above the net income guidance, which is a pretty good outcome. It's particularly concerned here. You've got, I guess $237 million of burn associated with these legacy projects, yet a pretty good OCF number. So I guess my question is, got a couple parts to it. Which is what are the offsets that are leading to maybe, considering you've got this burden for legacy, what's the offset on the positives that are there more JV cash distributions that are kind of propping up the

是的，太好了，感謝您回答我的問題。也許喬，一個適合你。我只是看一下這裡的現金流預測，4.5 億美元、5 億美元。這就是這個數字，或者可能略高於淨收入預期，這是一個相當不錯的結果。這裡特別令人擔憂。我猜這些遺留項目已經燒掉了 2.37 億美元，但 OCF 數字還不錯。所以我想我的問題是，它有幾個部分。考慮到你有遺留的負擔，那麼導致的抵銷因素是什麼呢？

The OCF guidance that you give here, are you expecting in 2024 you came into the year expecting to burn a lot more on the legacy projects than you actually did because during the year you got some you got some relief on those projects. I'm thinking about Gordie . I'm thinking about LAX . Of those things I think helps offset some of the cash. So are you looking for some of these offsets in 25 to deliver this number, or can you just talk maybe about some of the moving parts inside of that?

您在此處提供的 OCF 指導是否意味著，您預計在 2024 年，您在遺留項目上投入的資金會比實際多得多，因為在這一年中，您在這些項目上獲得了一些減免。我在想戈迪。我正在考慮洛杉磯國際機場。我認為這些東西有助於抵銷部分現金。那麼，您是否希望在 25 中通過一些偏移來實現這個數字，或者您是否可以談談其中的一些變動部分？

Thanks. No, I think you laid it out pretty correctly, as we're looking at, the bar that we set relative to the funding of the legacy projects at the beginning of the year, we had a similar number in 2024 and we drove that number down.

謝謝。不，我認為你說得很正確，正如我們所看到的，我們在年初為遺留項目的資金設定的標準，我們在 2024 年有一個類似的數字，而我們把這個數字降低了。

This is what the planning basis has laid out for us, so the $450 million to $500 million cash flow guide that we're providing absorbs that $200 million into that discussion, and we will fight obviously as we did in 2024 to bring that number to the lowest possible common denominator, and I would suggest there's maybe 20% to 30% of that guide. That is wrapped up into some of the additional dividends that we're repatriating in, not so much from Mexico, but principally probably from our operations up in Canada at this point. But yeah, there's a piece of it. It's probably a smaller piece, 20 to 30%. I would suggest the $450 million to $500 million probably represents is a better representation of what the ongoing business is going to present. And generate over the over the course of the planning period coming up.

這就是規劃基礎為我們列出的內容，因此，我們提供的 4.5 億至 5 億美元現金流指南將這 2 億美元納入了討論範圍，我們顯然會像在 2024 年所做的那樣，努力將這個數字降至盡可能低的共同標準差，我建議大概是該指南的 20% 到 30%。這包含了一些我們匯回的額外股息，大部分不是來自墨西哥，但主要可能來自我們在加拿大的業務。但確實有一部分。它可能佔比較小，20% 到 30%。我認為 4.5 億到 5 億美元可能更能反映正在進行的業務的狀況。並在即將到來的規劃期內產生。

Okay, appreciate that, and then I guess maybe David, one for you talked about the.

好的，我很感激，然後我想也許大衛，你談到了這一點。

The potential to attach power generation, including thermal to the data center and being a more holistic solution. I think obviously that makes a lot of sense and stands to reason, just as it relates to the thermal side. I mean this is a business obviously you guys have had a long issue you mentioned that, but from investors' point of view, this was a business that was kind of shut down because of the fixed price nature of the business.

將發電（包括熱能）連接至資料中心的潛力，成為更全面的解決方案。我認為，這顯然很有道理，而且合情合理，就像它與熱方面有關一樣。我的意思是，顯然你們已經就這個業務遇到過一個長期問題，但是從投資者的角度來看，由於業務的固定價格性質，這個業務已經被關閉了。

I would imagine that the experts that you had in the company might not any longer be with the company. How do you position the business rebuilding a team? Presumably you'd only do it on a reimbursable basis? How do you credibly rebuild that team? To deliver that solution, and can you just, as per the answer to that question, can you just talk about how advanced any discussions on the power generation side are for you on the thermal side.

我可以想像，你們公司以前的專家可能已經不再在公司了。您如何定位業務重建團隊？想必您只會以可報銷的方式這樣做？您如何可靠地重建該團隊？為了提供該解決方案，您能否根據該問題的答案，談談在熱能方面，發電方面的討論進展如何？

Yeah, it's exciting. The utility tell me it's exciting in electric times in the in the power generation world right now. Everyone out there is scraping and scratching for where they can get power generated, including coal to gas, fired SMRs, and thermal. Thermal power. I had the opportunity to run our power business back in the mid-2000s. I had a great run there with thermal power buildup and some clean coal facilities as well. So definitely we do know how to execute. That was all fixed price back then, but you're right. We want to move into this space, strategically and follow our, risk processes, risk management processes as we look to build up a power generation.

是的，很令人興奮。公用事業公司告訴我，現在發電業的電氣時代令人興奮。每個人都在拼命尋找可以發電的地方，包括煤炭轉氣、小型模組堆發電和熱力發電。火力發電。我在 2000 年代中期有機會經營我們的電力業務。我在那裡取得了很大的成績，建立了火力發電廠並配備了一些清潔煤設施。所以我們確實知道如何執行。那時候都是固定價格，但你是對的。我們希望策略性地進入這一領域，並遵循我們的風險流程、風險管理流程，以建立發電廠。

To support the broad power demands going forward. So we're rebuilding the capabilities, when you see our traditional, I think of our traditional clients, the likes of Chevron and ExxonMobil. Just announcing this this quarter, both of them that they're developing power solutions for US data centers and we've got our traditional clients looking at that so which helps us obviously with our relationships and how to get involved with those projects, but we do need to look at a deal shaping and. And either reimbursable or hybrid models where the risk is put in the right places on these generators. So I'll ask Jim to comment a little more because he's close to having a Chief Operating Officer working closely with Energy Solutions and what they're doing to get ready.

支持未來廣泛的電力需求。因此，我們正在重建能力，當你看到我們的傳統時，我會想到我們的傳統客戶，例如雪佛龍和埃克森美孚。他們在本季度剛剛宣布，他們都在為美國資料中心開發電源解決方案，我們的傳統客戶也在關注這一點，這顯然有助於我們建立關係以及如何參與這些項目，但我們確實需要考慮交易的形成。無論是可償還模式還是混合模式，風險都被置於這些發電機的正確位置。因此，我會請吉姆再發表一些評論，因為他即將聘請一位營運長與能源解決方案部門密切合作，並了解他們正在做哪些準備工作。

And you brought up some interesting points in your question, stuff that we are discussing internally to make sure we are approaching this the right way. Let me just first say we've not forgotten the lessons of the past. And when we pursue power work, we're going to be very deliberate in our approach to the market. I think there are great opportunities out there driven by data centers, but in general just driven by greater demand for power for a variety of reasons.

您在問題中提出了一些有趣的觀點，我們正在內部討論這些觀點，以確保我們以正確的方式處理這個問題。首先我要說的是，我們沒有忘記過去的教訓。當我們從事電力工作時，我們將非常謹慎地採取市場方法。我認為資料中心帶來了巨大的機遇，但總體而言，由於各種原因，對電力的需求增加只是推動因素。

Today we're currently involved selectively in several power projects, both nuclear and natural gas. We've entered these projects early at the front end, working closely with our clients, looking for the best technical solutions, and during the front end we're shaping the EPC EPCM faces to a commercial profile that makes sense for everyone.

今天，我們目前正在選擇性地參與幾個電力項目，包括核能和天然氣項目。我們在前端很早就進入了這些項目，與我們的客戶密切合作，尋找最好的技術解決方案，並且在前端我們將 EPC EPCM 面貌塑造為對每個人都有意義的商業形象。

So we are doing that today, like I said, nuclear and thermal, and we're going to follow the same process for future opportunities as David said, we're in discussions with several utilities about their project needs, and we believe we have a lot to add there in terms of our execution and project management capabilities.

因此，就像我說的，我們今天正在做核能和熱能，我們將遵循同樣的流程來尋找未來的機會，正如大衛所說的，我們正在與幾家公用事業公司討論他們的專案需求，我們相信我們在執行和專案管理能力方面還有很多可以補充的地方。

And let me add our expertise in supply chain. So much of the success of a project today is driven by supply chain, not just the main equipment, but all the other ancillary equipment and making sure all that gets delivered on time both for engineering and for the construction. So I think there's a lot of Fluor can add value in this market without having to go to a competitive lump sum bidding process, late conversions, partially reversible hybrids. There's a lot of models we can implement and the clients today are more amenable to follow these more innovative creative models given that they know there's limited capacity out there and that project delivery certainty is what they need.

讓我補充一下我們在供應鏈方面的專業知識。如今，專案的成功很大程度上取決於供應鏈，不僅是主要設備，還包括所有其他輔助設備，並確保所有工程和施工設備都按時交付。因此，我認為福陸公司可以在這個市場上增加很多價值，而無需經過競爭性的總價招標程序、後期轉換和部分可逆混合。我們可以實施許多模型，而如今的客戶更願意遵循這些更具創新性的創意模型，因為他們知道現有的產能有限，而專案交付的確定性才是他們所需要的。

Yeah, there's a lot of the existing power EPC service providers are stretched right now in their execution capabilities, so that brings opportunity for floor as Jim said, we need to be very careful and have patience, right?

是的，許多現有的電力 EPC 服務提供者的執行能力都捉襟見肘，所以這為我們帶來了機會，正如 Jim 所說，我們需要非常小心並且要有耐心，對吧？

One of the bigger issues in this in this space is that the turbine. The turbin OEMs are sold out till 2028, so that's another challenge that we've got on our projects to make sure we can get the supply chain right and the timing right, but we're going to be very careful and measured in this space.

這個領域的一個較大問題是渦輪機。渦輪機原始設備製造商的訂單到 2028 年都已售罄，因此這是我們在項目中面臨的另一個挑戰，即確保我們能夠獲得正確的供應鏈和正確的時間，但我們會在這個領域非常小心和慎重。

Steven Fisher, UBS.

瑞銀的史蒂文·費雪。

But thanks, good morning and congratulations to all of the new roles. Just wanted to follow up on the NuScale discussion. I'm just curious data, I mean, has anything changed in terms of the negotiations? I mean, are you actually making progress? I know investors are kind of sitting a little bit anxiously hoping you're able to lock in some of the value in the marketplace, so I understand it's probably hard to discuss negotiations that are ongoing, but I'm just wondering if there's any other comfort you can offer investors that that you are actually making tangible progress towards some monetization.

但還是要感謝你，早安，並祝賀所有新職位。只是想跟進 NuScale 討論。我只是好奇數據，我的意思是，談判方面有什麼改變嗎？我的意思是，你真的有進步了嗎？我知道投資者有點焦急地希望你能夠鎖定市場上的一些價值，所以我明白討論正在進行的談判可能很難，但我只是想知道你是否可以為投資者提供其他安慰，即你實際上在實現某些貨幣化方面取得了切實的進展。

As you said, we're in negotiations, not a lot I can say other than these are detailed discussions and which, as I said, I'll be participating in later in the week. So as I said, it takes patience in the nuclear space and you know we're at the very front end, we're in the first inning on SMRs and commercialization of the NuScale technology.

正如你所說，我們正在談判，除了這些都是詳細的討論之外，我沒有太多可以說的，而且正如我所說，我將在本週晚些時候參加討論。所以正如我所說的，在核能領域需要耐心，你知道我們處於最前沿，我們正處於 SMR 和 NuScale 技術商業化的第一階段。

But the demand and the interest in that type of business model going forward is really off the charts.

但未來對此類商業模式的需求和興趣確實超出預期。

As soon as soon as some power purchase agreements get signed up, I really think the floodgates are going to open up wide. So I'm very positive on the opportunity for Fluor and for our strategic investor and for NuScale supporting with their technology and like I said, we're in detailed discussions and hope to have some news for you soon.

一旦一些電力購買協議簽署，我真的認為閘門將會打開。因此，我對 Fluor 和我們的策略投資者以及 NuScale 的技術支援的機會非常樂觀，就像我說的，我們正在進行詳細的討論，希望很快能為您帶來一些消息。

Okay, that's helpful. And then just to follow up on Jamie's question about the Energy Solutions margins, I guess I'm still a little unclear about why the first half at least is a little bit low, given that it sounds like the mix should be. Much higher in terms of engineering services, which should be higher margins. Is it was the point that you basically there's just an under absorption of the project management resources and staffing that you have and that offsets that the higher engineering mix.

好的，這很有幫助。然後，只是為了跟進傑米關於能源解決方案利潤率的問題，我想我仍然有點不清楚為什麼至少上半年有點低，因為這聽起來應該是混合的。工程服務方面的利潤率要高得多，這應該會帶來更高的利潤。是因為您基本上對現有的專案管理資源和人員的吸收不足，而抵消了更高的工程組合。

And then I guess more broadly, David, I think during a lot of your tenure, the message has really been about a focus on putting higher margins into backlog. And I'm wondering if that under Jim and John, is that going to be sort of still the ongoing message here or is anything kind of changed in in that regard?

然後我想從更廣泛的角度來說，大衛，我認為在你任職的大部分時間裡，你的訊息實際上是專注於為積壓訂單帶來更高的利潤。我想知道，在吉姆和約翰的領導下，這是否仍是這裡持續傳達的訊息，或者在這方面是否發生了任何改變？

Yeah, I'll talk a little bit about what I'm trying to describe is the pivot as we came off the back end of some of these bigger programs. We have a significant amount of infrastructure that was in place to support those big programs, and as they start to trail off and we pivot to demand driven growth, there is a little bit of friction in that process as we get the right people in place in order to open the aperture into what we see is a fairly robust opportunity slate within an Urban Solutions.

是的，我將稍微談論一下我試圖描述的當我們從一些大型專案的後端走出來時所發生的變化。我們擁有大量的基礎設施來支持這些大型項目，但隨著這些項目的逐漸減少，我們開始轉向需求驅動的增長，在我們找到合適的人才來打開城市解決方案中相當強勁的機遇之門的過程中，會出現一些摩擦。

So it's just a bit of the friction that's going to occur in the beginning of the year through the first quarter into a portion of the second quarter, but as that starts to shift, you'll start to see better leverages coming through Energy Solutions and you'll start to see better backlog growth into Urban Solutions, and that'll help normalize your margin profile across the spectrum of the segments that we have.

因此，這只是從年初到第一季到第二季部分時間會出現的一些摩擦，但隨著這種情況開始轉變，您將開始看到透過能源解決方案獲得更好的槓桿作用，您將開始看到城市解決方案的積壓訂單有更好的增長，這將有助於使您的利潤率在我們擁有的各個細分市場中正常化。

Right, and then on higher margins and the focus on higher margins and the healthier backlog going forward and also moving to primarily reimbursable backlog as part of that, our strategic priorities which we'll talk about in April with you, have not changed. We've got a little more focus on project delivery.

是的，然後是更高的利潤率以及對更高利潤率和未來更健康的積壓訂單的關注，以及轉向主要可報銷的積壓訂單作為其中的一部分，我們的戰略重點沒有改變，我們將在四月份與您討論這一點。我們更加關注專案交付。

Because we're growing and we have to make sure we cover all our bases and execute with excellence as we grow and not get stretched, so the strategic priorities are pretty well the same that you'll hear about and when we talk about fair and balanced contract terms.

因為我們正在成長，我們必須確保涵蓋所有基礎，並在成長過程中出色地執行，而不會感到壓力過大，因此戰略重點與您在談論公平和平衡的合約條款時所聽到的幾乎相同。

And getting paid properly for the value we provide that is still firmly in place going forward and again that's what you'll be hearing more about here in April, so I guess I should turn it to. Jim and Regan, because you've asked them the question as well.

並且，我們所提供的價值將得到適當的報酬，這種報酬在未來仍然會牢固確立，這也是你們將在四月份聽到更多關於這一點的內容，所以我想我應該把它講一下。吉姆和瑞根，因為你們也問過他們這個問題。

That's right, David. There's going to be a focus on the proper returns on a risk adjusted basis. The fact that the portfolio is majority reimbursable helps with that.

沒錯，大衛。我們將重點放在風險調整後的適當回報。投資組合中大部分可償還的事實有助於實現這一點。

Yeah, there is a, there is a pivot in energy solutions and that's a market I know well because I ran that business for several years and we're reloading with a lot of significant work including the power discussion we had a minute ago.

是的，能源解決方案有一個支點，我很了解這個市場，因為我經營該業務已有數年，我們正在重新開展許多重要的工作，包括我們剛才討論的電力問題。

But there's other opportunities, LNG and decarbonization and downstream and chemicals, so we expect that market, probably in the ‘26 time frame to start picking up. In the meantime, urban is going to be our primary edge in the growth.

但還有其他機會，液化天然氣、脫碳、下游和化學品，因此我們預計市場可能在 26 年期間開始回升。同時，城市將成為我們成長的主要優勢。

So yeah, there is a lot of focus on margin, but there's also a lot of focus on risk and making sure the margins we are getting are proper for the risk profile so. The priority is going to be the same in a methodical and a rigorous manner like that.

所以是的，我們非常關注利潤，但也非常關注風險，並確保我們獲得的利潤適合風險狀況。優先順序將會以同樣有條不紊、嚴謹的方式保持不變。

I just echo that. It'll continue to be a focus. I think the phenomenon of The absorption issue that you raise is real. I think, as Jim pointed out that will normalize as we get closer to 2026, and we'll see some of the leverage to the margins in as we get into that latter half of the year. So your question was intuitive and a bit leading, but I think you you've heard us all echo the continued focus on the margins coming into the backlog.

我只是重複一下。它將繼續成為關注的焦點。我認為你所提出的吸收問題現像是真實存在的。我認為，正如吉姆所指出的那樣，隨著我們接近 2026 年，這種情況將會正常化，而且隨著我們進入下半年，我們將看到利潤率的一些槓桿作用。所以你的問題很直觀，也有點引導性，但我想你已經聽到我們所有人都在回應對積壓利潤的持續關注。

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼（Brent Thielman），地區檢察官戴維森。

I just had a question on the financial guidance inputs and specifically just around the interest income expectation of $80 million in 2025. I think you realized $150 in 2024. It just, it, can you bridge the difference there? Are there any other cash outflows you need to be aware of, understand you're going to have some share repurchases in there, but. I want to understand that.

我只是對財務指導意見有一個疑問，特別是關於 2025 年 8000 萬美元的利息收入預期。我認為你在 2024 年實現了 150 美元。只是，你能彌合那裡的差異嗎？您是否需要注意其他現金流出，了解您將進行一些股票回購，但是。我想了解這一點。

So as you think about it, your intuition is again spot on. You are seeing a little bit of the impact of the share repo, which kicked off and will remain, in progress in earnest across all of the 25. The biggest thing that maybe you're not thinking about is the cash that we've held at a couple of our significant joint ventures, notably in Canada and in Mexico, and so we had significant repatriation of those dollars back into Fluor Corp and out of the JV.

所以，當你思考這一點時，你的直覺又是正確的。大家已經看到了股票回購帶來的一些影響，股票回購已在 25 個國家啟動並將繼續認真推進。您可能沒有想到的最大的事情是我們在幾個重要的合資企業中持有的現金，特別是在加拿大和墨西哥，因此我們將這些資金大量匯回福陸公司而不是合資企業。

And so you wouldn't have necessarily seen that cash, but it has now come back into To the corporate portfolio and so we were kind of generating interest on cash you couldn't see because of the nature of the JV accounting. So the biggest difference there in addition to a little bit lower interest rates across the balance of the year, but the biggest thing is really the JV cash that has now been redeployed back to the JV partners. And we're returning and we're returning shareholder and we're buying back shares too right?

因此，您不一定會看到這些現金，但現在這些現金又回到了公司投資組合中，因此，我們在某種程度上產生了現金利息，而由於合資會計的性質，您看不到這些現金利息。因此，除了全年餘額中利率略低之外，最大的差異在於合資現金現已重新部署給合資夥伴。我們正在回歸，我們正在回歸股東，我們也正在回購股票，對嗎？

Understood. Yeah, and I guess just to follow up and all the conversation around the stronger book to burn , I think, well understood Urban Solutions is going to continue to be a nice driver here. I guess I'm more curious on the timing and Energy Solutions as we advance through 2025. Are you so cautiously optimistic or optimistic, we might see an inflection in this kind of downward trend and backlog. It's developed more recently I'm just trying to get a sense of when you think some of these opportunities start to accelerate there.

明白了。是的，我想只是為了跟進以及圍繞更強大的書籍的所有討論，我認為，充分理解城市解決方案將繼續成為這裡的一個很好的推動力。我想我更感興趣的是 2025 年的時機和能源解決方案。您是謹慎樂觀還是樂觀，我們可能會看到這種下降趨勢和積壓的轉折點。它是最近才發展起來的，我只是想知道當您認為其中一些機會何時開始在那裡加速發展時。

Yeah Brent, this is Jim. Yeah, 2025 is the reloading year, so, and look, we don't always control the timing of awards. We can get ready for the projects. We develop the teams, the proposals, the execution plans. Sometimes these front end efforts drag on because their clients.

是的，布倫特，這是吉姆。是的，2025 年是重新加載的一年，所以，你看，我們並不總是能控制獎勵的時間。我們可以為專案做好準備。我們組成團隊，制定提案和執行計劃。有時這些前端工作會因為客戶而拖延。

It's interesting the crimes in the energy market. Have been a little more careful and prudent in launching their FID and the clients we see in other markets that are more time to market and are willing to jump the gun earlier. So when you ask when will the inflection point turn upward. It depends a little bit on these FIDs.

能源市場的犯罪行為很有趣。在推出 FID 時，他們更加謹慎和審慎，而我們看到其他市場的客戶有更長的上市時間，並且願意儘早採取行動。所以當你問拐點何時會向上轉變時。這在一定程度上取決於這些 FID。

I would say '26 is a higher chance for sure than '25, but, perhaps even the second half of 26. So we're doing everything we can to set up the projects for success, doing quality front end work, helping the clients maneuver the challenges of the supply chain.

我想說 26 年的機會肯定比 25 年更高，甚至可能是 26 年的後半段。因此，我們竭盡全力確保專案成功，並做好高品質的前端工作，幫助客戶應對供應鏈中的挑戰。

Helping them maneuver the challenges of potential tariffs and other issues. So there's a lot of good work that happens on the front end to set these projects for success. The exact timing of them, it's up to the clients and specifically to your question, I'm probably looking at a 26 time frame.

幫助他們應對潛在關稅和其他問題的挑戰。因此，在前端需要做很多出色的工作才能確保這些專案成功。它們的具體時間取決於客戶，具體到您的問題，我可能正在考慮 26 個時間範圍。

Due to time constraints, this concludes our Q&A session. I will now turn the call back to David Constable, Chief Executive Officer, for closing remark.

由於時間限制，我們的問答環節到此結束。現在我將請執行長戴維康斯特布爾 (David Constable) 致最後總結。

Thank you, operator, and many thanks to everyone for participating on our call today.

謝謝接線員，也非常感謝大家今天參加我們的電話會議。

As we close out the 2024 financial year, really pleased with our cash generation trajectory and our ability to return capital to shareholders. In addition, we have significant near term prospects that will support further revenue growth and broad-based industry diversification for the company. So we appreciate your interest in Fluor Corporation and thanks again for your time today.

隨著 2024 財年結束，我們對我們的現金創造軌跡和向股東返還資本的能力感到非常滿意。此外，我們近期的前景看好，這將支持公司進一步的收入成長和廣泛的行業多元化。我們非常感謝您對福陸公司的關注，並再次感謝您今天抽出時間。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。