Fluor Corp (FLR) 2025 Q1 法說會逐字稿

Good morning, and welcome to Fluor's first quarter 2025 earnings conference call. Today's call is being recorded. (Operator Instructions) A replay of this webcast will be available at approximately 10:30 AM Eastern Time today accessible at Fluor's website at investor.fluor.com. The web replay will be available for 30 days.

早上好，歡迎參加 Fluor 2025 年第一季財報電話會議。今天的通話正在錄音。（操作員指示）本次網路直播的重播將於今天美國東部時間上午 10:30 左右在 Fluor 的網站 investor.fluor.com 上提供。網路重播將保留 30 天。

A telephone replay will also be available for seven days through a registration link also accessible on Fluor's website at investor.fluor.com.

您也可以透過 Fluor 網站 investor.fluor.com 上的註冊鏈收聽為期七天的電話重播。

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

現在，為了開場發言，我想將電話轉給投資人關係主管 Jason Landkamer。請繼續。

Thanks, Ian. Good morning, and welcome to Fluor's 2025 first-quarter earnings call. Jim Breuer, Fluor's Chief Executive Officer; and John Regan, Fluor's Chief Financial Officer, are with us today. Fluor issued its first-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，伊恩。早上好，歡迎參加 Fluor 2025 年第一季財報電話會議。福陸公司執行長 Jim Breuer；以及福陸公司財務長約翰‧雷根 (John Regan) 今天也和我們在一起。福陸公司今天早上發布了第一季度收益報告，我們的網站上發布了幻燈片演示，我們將在準備發言時參考該幻燈片演示。

Before getting started, I'd like to refer 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 in 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 2024 Form 10-K and our 10-Q, which was filed earlier today.

在開始之前，我想參考我們關於前瞻性陳述的安全港說明，該說明在第 2 張投影片中有總結。在今天的演示中，我們將做出前瞻性陳述，反映我們對現有資訊趨勢的當前分析。存在實際結果和經驗可能存在重大差異的固有風險。您可以在我們今天早些時候提交的 2024 年 10-K 表格和 10-Q 表格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.

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。

With that, I'll now turn the call over to Jim Breuer, Fluor's Chief Executive Officer. Jim?

現在，我將把電話轉給福陸公司執行長吉姆布魯爾 (Jim Breuer)。吉姆？

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

謝謝你，傑森。大家早安，感謝大家今天加入我們。請翻到幻燈片 3。

I would like to start by thanking everyone who joined us last month in Indianapolis and on the webcast for our strategy update as we roll out the next chapter of our strategy for the period 2025 to 2028. As a quick recap, this slide provides a high-level look at how the strategy is going to evolve from chapter 1, fix and build, to chapter 2, grow and execute. Under reinforced financial discipline, our focus will shift from revitalizing the capital structure, which we've accomplished to generating cash and earnings.

首先，我要感謝上個月在印第安納波利斯和網路直播中與我們一起了解策略更新的所有人，我們將推出 2025 年至 2028 年期間策略的下一章。作為快速回顧，這張投影片從高層次介紹了該策略如何從第 1 章（修復和建構）演變到第 2 章（發展和執行）。在加強財務紀律的情況下，我們的重點將從重振資本結構（我們已經做到了）轉向創造現金和收益。

As we discussed a few weeks ago, we will continue to pursue fair and balanced contract terms, maintaining our robust pursuant and risk principles while focusing on commercial acumen across all levels of the company. As we grow across the portfolio, we will focus on target markets in our three segments and consider bolt-on acquisitions that add specific technical capabilities in certain areas.

正如我們幾週前討論的那樣，我們將繼續追求公平、平衡的合約條款，保持我們強有力的遵循和風險原則，同時關注公司各個層面的商業敏銳度。隨著我們投資組合的成長，我們將專注於三個領域的目標市場，並考慮在某些領域增加特定技術能力的額外收購。

And finally, at Fluor, our high-performance culture is centered around project delivery. This is how we create value for our stakeholders. Strong and healthy client relationships are a critical element to building trust and delivering results. We will continue to develop and promote these areas of excellence to ensure we remain at the forefront of our industry.

最後，在 Fluor，我們的高績效文化以專案交付為中心。這就是我們為利害關係人創造價值的方式。牢固而健康的客戶關係是建立信任和成果的關鍵因素。我們將繼續發展和推廣這些卓越領域，以確保我們始終處於行業前沿。

Now let's start to our operating review, beginning on slide 4. Revenue for the first quarter was $4 billion. Consolidated new awards for the quarter were strong at $5.8 billion, led by two significant awards in Urban Solutions. Our book-to-burn ratio for the quarter was 1.5. New awards were 87% reimbursable, and our total backlog is now $28.7 billion, of which 79% is reimbursable. Our backlog reflects significant awards in life sciences and infrastructure, offset by a reduction in scope on two large projects.

現在讓我們開始營運回顧，從第 4 張投影片開始。第一季營收為40億美元。本季合併新獎項金額強勁，達到 58 億美元，其中城市解決方案領域的兩個重要獎項位居榜首。本季我們的圖書銷售比為 1.5。新授予的款項中有 87% 是可償還的，我們的總積壓款項現在為 287 億美元，其中 79% 是可償還的。我們的積壓訂單反映了生命科學和基礎設施領域的重大獎項，但兩個大型項目範圍的縮小抵消了這一影響。

Moving to our business segments, please start to slide 6. Urban Solutions, our largest and most diverse business, reported profit of $70 million in the first quarter. Results in this segment reflect a significant ramp up of execution activities with a new award secured over the past 18 months, including several life sciences and metals projects. New awards for the quarter were $5.3 billion compared to $4.9 billion a year ago. Ending backlog, now at $20.2 billion, represents 70% of Fluor's total backlog.

前往我們的業務部門，請從第 6 張投影片開始。我們規模最大、最多元化的業務部門 Urban Solutions 報告稱，第一季利潤達 7,000 萬美元。該部門的表現反映了執行活動的顯著增加，過去 18 個月內獲得了新的獎項，包括多個生命科學和金屬項目。本季新獎項金額為 53 億美元，去年同期為 49 億美元。期末積壓訂單金額目前為 202 億美元，佔 Fluor 公司總積壓訂單的 70%。

Now please turn to slide 7. ATLS had another very strong quarter and continues to build our execution capabilities to meet client demand. Last month, we were pleased to announce a new award from one of the world's leading pharmaceutical makers to provide EPCM services for the next phase of their multi-billion-dollar investment. This combined program is a world class endeavor, underpinned by the close collaboration between Fluor, our customer, and our execution partners. It is also a great example of Fluor's continued commitment to the life sciences market. In fact, over the past 50 years, we've worked on 1,500 life sciences projects for clients in 30 countries.

現在請翻到第 7 張投影片。ATLS 又度過了一個非常強勁的季度，並繼續增強我們的執行能力以滿足客戶需求。上個月，我們很高興地宣布，我們與一家世界領先的製藥商簽訂了一項新合同，為其數十億美元投資的下一階段提供 EPCM 服務。這個聯合計畫是一項世界級的事業，由福陸公司、我們的客戶和我們的執行合作夥伴之間的密切合作所支持。這也是福陸公司持續致力於生命科學市場的一個很好的例子。事實上，在過去的 50 年裡，我們已經為 30 個國家的客戶開展了 1,500 個生命科學計畫。

This business line is also making significant advances on existing projects. For example, at a biotech project in Denmark, earlier this month, we successfully doubled bioreactor capacity. When fully operational, this will be the largest biologic facility of its kind. We're excited about the opportunities that lie ahead for ATLS.

該業務線在現有專案上也取得了重大進展。例如，本月初，在丹麥的一個生物技術計畫中，我們成功地將生物反應器的容量提高了一倍。全面投入營運後，它將成為同類中規模最大的生物製劑設施。我們對 ATLS 未來的機會感到非常興奮。

Over the next few quarters, we see opportunities in pharmaceuticals and advanced manufacturing. In the semiconductor space, we're tracking the clean room opportunity with an existing client. Finally, we continue to advance the design for a data center in the US under master services agreement we signed last year with a major technology provider.

在接下來的幾個季度中，我們將看到製藥和先進製造業領域的機會。在半導體領域，我們正在與現有客戶一起追蹤無塵室機會。最後，我們根據去年與一家主要技術供應商簽署的主服務協議，繼續推動美國資料中心的設計。

In Mining and Metals, we received a services award for the Reko Diq copper-gold project in Pakistan. This award is a precursor to future EP and CM support services on this project, and it further cements our reputation as the world leader in large-scale copper concentrators. Looking ahead, we see interest in green steel production, multiple opportunities with an existing aluminum client, and increasing focus on projects to grow copper production in North and South America.

在採礦和金屬領域，我們獲得了巴基斯坦雷科迪克銅金計畫的服務獎。該獎項是未來該專案 EP 和 CM 支援服務的先導，進一步鞏固了我們作為大型銅精礦全球領導者的聲譽。展望未來，我們看到了人們對綠色鋼鐵生產的興趣、與現有鋁業客戶的多重合作機會，以及對增加北美和南美銅產量項目的日益關注。

Moving to slide 8. In infrastructure, new awards include $682 million for a construction contract for TxDOT in the College Station area. The project involves widening a 12-mile stretch of highway from two lanes to three in each direction. This is a key commuter and commercial route for the state. Construction is set to begin this summer.

移至幻燈片 8。在基礎設施方面，新授予的獎項包括為德州交通部在大學城地區簽訂的 6.82 億美元建設合約。該項目涉及將一條 12 英里長的高速公路從雙向兩車道拓寬為雙向三車道。這是該州一條重要的通勤和商業路線。施工預計將於今年夏天開始。

The Gordie Howe project is now 96% complete, and we're on track to hand over the US port of entry in July, getting us closer to our completion date this fall.

戈迪豪計畫目前已完成 96%，我們預計在 7 月移交美國入境口岸，從而更接近今年秋季的竣工日期。

Moving to Energy Solutions, please turn to slide 9. Segment profit was $47 million compared to $68 million a year ago. Results reflect projects nearing completion and a reserve related to a long-completed project at our joint venture in Mexico. This was partially offset by increased profit recognition on the chemicals project due to a client direct change in scope and its impact on profit take-up.

關於能源解決方案，請翻到投影片 9。分部利潤為 4,700 萬美元，而去年同期為 6,800 萬美元。結果反映出該項目已接近完工，並且與我們在墨西哥的合資企業長期完工的項目相關的儲備。由於客戶直接改變範圍，導致化學品項目的利潤確認增加，且其對利潤吸收產生影響，因此部分抵消了這一增長。

New awards for the quarter totaled $315 million and included additional pre-FEED services for the Aramco Petrochemical facility in Saudi Arabia. In April, we learned [about] Dow's decision to slow down construction site activities or Path2Zero due to market and financial considerations. Dow has instructed Fluor to complete home office engineering and procurement efforts to enhance construction readiness in advance of equipment deliveries expected in the coming quarters.

本季的新合約總額為 3.15 億美元，其中包括為沙烏地阿拉伯阿美石化工廠提供的額外前期前端工程設計 (FEED) 服務。今年 4 月，我們了解到陶氏是出於市場和財務方面的考慮，決定放緩 Path2Zero 的施工現場活動。陶氏已指示福陸公司完成總部的工程和採購工作，以便在預計未來幾季的設備交付之前做好施工準備。

Dow has stated that they remain committed to completing the project. On LNG Canada, field progress is advancing to the final stages, with 782 out of 837 systems having achieved mechanical completion. In recent weeks, the project received an LNG commissioning cargo to facilitate equipment testing and cool down of the facility. This marks another important completion milestone. I'm increasingly confident in the progress made by our team as we enter the final stretch of this project.

陶氏表示他們仍致力於完成該專案。加拿大液化天然氣計畫現場進度正進入最後階段，837 個系統中已有 782 個實現機械完井。最近幾週，該項目收到了一批液化天然氣調試貨物，以方便設備測試和設施冷卻。這標誌著另一個重要的完成里程碑。隨著我們進入該專案的最後階段，我對我們團隊所取得的進展越來越有信心。

Our next significant milestone will be the achievement of Ready For Start Up on Train 1, which will enable the client to start producing LNG. Prospects for the next few quarters include a chemical recycling plant and the gas compression project.

我們的下一個重要里程碑是實現 1 號生產線的啟動準備，這將使客戶能夠開始生產液化天然氣。未來幾季的前景包括化學回收工廠和氣體壓縮項目。

Moving on to slide 10. Mission Solutions reported segment profit of $5 million for the first quarter compared to $22 million a year ago. Results reflect a reserve of $28 million stemming from a recent ruling on a long-standing claim related to a support services contract completed in 2019.

移至投影片 10。Mission Solutions 報告第一季分部利潤為 500 萬美元，而去年同期為 2,200 萬美元。結果反映出，最近對與 2019 年完成的支援服務合約相關的長期索賠作出了 2800 萬美元的裁決，從而產生了儲備金。

We were also informed that we lost a recompete for the strategic petroleum reserve. A project that Fluor has managed over the past 11 years. If we're unsuccessful in our protest, we would transition to work in the second half of this year. New awards of $164 million included bookings for the DOE, FEMA and the Army. Ending backlog for the quarter was $2.4 billion.

我們也被告知，我們在戰略石油儲備的重新競爭中失敗了。福陸公司在過去 11 年中一直管理此專案。如果我們抗議不成功，我們將在今年下半年轉職工作。新的 1.64 億美元撥款包括美國能源部、聯邦緊急事務管理署和陸軍的預訂。本季期末積壓訂單金額為 24 億美元。

Over the next few quarters, we expect to hear about the full release of the Savannah River Plutonium Pit Facility, as well as several strategic opportunities in the national security space.

在接下來的幾個季度裡，我們預計將聽到有關薩凡納河鈽坑設施全面釋放的消息，以及國家安全領域的幾個戰略機會。

Before I turn over the call to John, I wanted to share a few observations from my interactions with clients over the past few weeks in the context of the current economic sentiment. Our clients are always looking for the best way to deploy their capital on projects. Decisions include where to build, the size of facilities the best supply chain solution, and the timing of projects.

在將電話轉給約翰之前，我想結合當前的經濟形勢，並分享過去幾週我與客戶互動時的一些觀察。我們的客戶始終在尋找在專案上部署資本的最佳方式。決策包括在哪裡建造、設施的規模、最佳供應鏈解決方案以及專案的時間表。

Fluor's grow and execute strategy and supply chain acumen position us well to support these efforts, whether domestic or international. We're seeing clients forge ahead with our projects where there is a clear time-to-market driver. They're not slowing down. However, there are some clients that are more sensitive to cost and GDP growth, and they require further market clarity and cost certainty before committing to final investment decisions.

福陸公司的成長和執行策略以及供應鏈敏銳度使我們能夠很好地支持這些努力，無論是國內還是國際。我們看到客戶在有明確上市時間驅動因素的情況下大力推動我們的專案。他們沒有放慢腳步。然而，有些客戶對成本和 GDP 成長更為敏感，他們在做出最終投資決策之前需要進一步了解市場清晰度和成本確定性。

Nonetheless, these clients continue to issue work releases to advance the underlying engineering and design until full project awards are signed. Looking at our remaining new awards outlook for this year, we are already engaged and providing services on over 90% of underlying award revenue.

儘管如此，這些客戶仍繼續發布工作發布以推進基礎工程和設計，直到簽署完整的專案合約。縱觀我們今年剩餘的新獎項前景，我們已經參與並提供超過 90% 的基礎獎項收入的服務。

Let me now turn the call over to John for the financial update. John?

現在，讓我將電話轉給約翰，讓他報告一下財務最新情況。約翰？

Thanks, Jim, and good morning, everyone. Today, I'll review the results for the first quarter and go over guidance for the balance of the year. Please turn to slide 12.

謝謝，吉姆，大家早安。今天，我將回顧第一季的業績並討論今年剩餘時間的指導。請翻到第 12 張投影片。

Jim already referenced revenue and new awards for the quarter, but our consolidated segment profit for Q1 was $131 million. Our GAAP results notably reflect four items: first, a $15 million reduction in Urban Solutions margin due to 4x between the US and Canada on the Gordie Howe project; second, the Mission Solutions item from 2019 that Jim talked about, which amounted to $28 million. This matter still requires another hearing to determine an award amount, so results reflect our current best estimate.

吉姆已經提到了本季的收入和新獎項，但我們第一季的綜合分部利潤為 1.31 億美元。我們的 GAAP 結果主要反映了四個方面：首先，由於 Gordie Howe 項目美國和加拿大之間的差距為 4 倍，Urban Solutions 利潤率減少了 1500 萬美元；第二，吉姆談到的2019年的任務解決方案項目，總額為2800萬美元。此事仍需要另一次聽證會來確定賠償金額，因此結果反映了我們目前的最佳估計。

Third, the $22 million reserve that Jim also mentioned related to a long completed project at our joint venture in Mexico. And fourth, the $14 million were other negative income impacts of FX, including the embedded derivative in Mexico.

第三，吉姆提到的 2,200 萬美元儲備金與我們在墨西哥的合資企業早已完成的一個項目有關。第四，1,400 萬美元是外匯對其他收入的負面影響，包括墨西哥的嵌入式衍生性商品。

Adjusted EBITDA for Q1 was $155 million compared to $88 million a year ago. Our adjusted EPS was $0.73 compared to $0.47 in '24. Adjusted results for '25 exclude those four items I mentioned, except for Gordie Howe. Now all of that is detailed in the tables to our earnings release issued earlier today. G&A for the quarter was $36 million, down from $59 million a year ago. This reduction was primarily driven by compensation that is stock price sensitive.

第一季調整後的 EBITDA 為 1.55 億美元，而去年同期為 8,800 萬美元。我們的調整後每股收益為 0.73 美元，而 24 年為 0.47 美元。25 年的調整結果不包括我提到的四項，戈迪·豪 (Gordie Howe) 除外。所有這些都已詳細列在我們今天早些時候發布的收益報告表格中。本季的一般及行政費用為 3,600 萬美元，低於去年同期的 5,900 萬美元。此次削減主要是因為薪資對股票價格敏感。

Net interest income in Q1 was $17 million compared to $35 million in Q4 and $39 million a year ago. This results from lower cash balances for projects nearing completion as the advanced payments we had collected were used to fund our obligations to subcontractors. This is especially relevant for a couple of our JVs.

第一季淨利息收入為 1,700 萬美元，而第四季為 3,500 萬美元，去年同期為 3,900 萬美元。這是因為即將完工的專案的現金餘額較低，因為我們收取的預付款被用來支付我們對分包商的義務。這對我們的幾家合資企業來說尤其重要。

Moving to slide 13. We had $2.5 billion of cash and marketable securities at March 31, a decrease of just over $400 million from year-end, which is mostly attributable to our share repurchase program, increased working capital on a couple of our larger projects, and the typical cash flows for the first quarter, including incentive payments for the prior year.

移至幻燈片 13。截至 3 月 31 日，我們的現金和有價證券為 25 億美元，比年底減少 4 億美元多一點，這主要歸因於我們的股票回購計劃、幾個較大項目的營運資本增加以及第一季度的典型現金流，包括上一年的獎勵金。

Operating cash flow for the quarter was an outflow of $286 million compared to an outflow of $111 million a year ago. This results from the working capital growth on the projects that I mentioned, though some of that has normalized in April, the incentive payments and separately, timing of AR collections and mission solutions. Also, 2024 cash flow included a $40 million positive effect from NuScale, which was still consolidated at that time.

本季經營現金流出 2.86 億美元，去年同期經營現金流出 1.11 億美元。這是由於我提到的項目的營運資本增長所致，儘管其中一些已在 4 月份恢復正常，激勵性支付以及 AR 收集和任務解決方案的時間安排也分別如此。此外，2024 年的現金流量還包括 NuScale 帶來的 4,000 萬美元的正面影響，當時 NuScale 仍處於合併狀態。

For our legacy infra projects, in Q1, we provided $70 million in funding. As a reminder, due to our JV ownership structure, most of this is reflected as an investing activity and not in operating cash flow. Our expectation of funding about $200 million on legacy projects for all of 2025 remains unchanged. During the quarter, we recognized an $84 million positive benefit related to the settlement of a jury verdict that had been rendered against an infra JV in Q4. As a reminder, this project was completed over 12 years ago. With this settlement, we consider our remaining P&L exposure to be closed.

對於我們遺留的基礎設施項目，在第一季度，我們提供了 7000 萬美元的資金。提醒一下，由於我們的合資企業所有權結構，其中大部分反映為投資活動，而不是經營現金流。我們預計在 2025 年全年為遺留項目提供約 2 億美元的資金，這一預期保持不變。在本季度，我們確認了 8,400 萬美元的正收益，該收益與第四季度針對一家基礎設施合資企業作出的陪審團裁決的和解有關。提醒一下，這個專案已經完成 12 年多了。透過此次結算，我們認為我們剩餘的損益風險已消除。

As you may recall, this item is reflected in equity method results in our P&L. Separately, equity method also reflects the mark-to-market of our investment in NuScale, which was a $477 million negative in Q1 as their stock price slipped from approximately $18 to just over $14, though they have recovered to around $17 through yesterday. Finally, as a point of reference, our adjusted results exclude both of the equity method item.

您可能還記得，此項反映在我們的損益表中的權益法結果中。另外，權益法也反映了我們對 NuScale 投資的市價，該投資在第一季為負 4.77 億美元，因為其股價從約 18 美元下滑至略高於 14 美元，不過到昨天已經回升至 17 美元左右。最後，作為參考，我們的調整結果排除了權益法項目。

Switching to capital returns. Our organic cash flow generation continues to underpin our objectives in this area. In line with our previously announced share repurchase program, we seized upon the dip in our share price by repurchasing 3.6 million shares during Q1, spending $142 million.

轉向資本回報。我們的有機現金流生成繼續支撐我們在這一領域的目標。按照我們先前宣布的股票回購計劃，我們抓住股價下跌的機會，在第一季回購了 360 萬股，耗資 1.42 億美元。

We now anticipate up to $600 million in repurchases for all of 2025, including approximately $150 million in Q2. We'll continue to leverage our robust financial foundation to pursue the most advantageous capital allocation opportunities for our shareholders, whether that is through reinvestment in the business, repurchasing shares, executing bolt-on acquisitions, or other forms of capital return.

我們現在預計 2025 年全年回購額將高達 6 億美元，其中包括第二季的約 1.5 億美元。我們將繼續利用我們強大的財務基礎，為股東尋求最有利的資本配置機會，無論是透過對業務進行再投資、回購股票、執行附加收購或其他形式的資本回報。

Moving to guidance on slide 14. We are holding to our 2025 adjusted EBITDA guidance of $575 million to $675 million and our adjusted EPS guidance of $2.25 to $2.75. However, EPS may be impacted by the ultimate tempo of our share repurchase activity.

轉到第 14 張投影片上的指示。我們維持 2025 年調整後 EBITDA 指引 5.75 億美元至 6.75 億美元，調整後 EPS 指引 2.25 美元至 2.75 美元。然而，每股盈餘可能會受到我們股票回購活動的最終節奏的影響。

Our expectations for operating cash flow remain between $450 million and $500 million. Key assumptions for '25 continue to include a new awards book-to-burn ratio above 1, revenue growth of approximately 15%, as well as the other guidance listed on the slide. We also maintained our [Cal '25] segment margins of approximately 4% to 5% in Urban, approximately 3.5% to 4.5% in Energy, and approximately 5% to 6% in Mission.

我們對經營現金流的預期仍在 4.5 億美元至 5 億美元之間。25 年的關鍵假設仍然包括新獎項的書籍與燒毀比率高於 1、收入增長約 15% 以及幻燈片中列出的其他指導。我們也將 [Cal '25] 細分市場的利潤率保持在城市業務約 4% 至 5%、能源業務約 3.5% 至 4.5% 以及任務業務約 5% 至 6%。

As a final modeling note, through our lens, the effective tax rate in Q1 was approximately 20%. This is illustrated on page 20 of the 10-Q. Over the course of 2025, we expect this rate to decline closer to 30% for the full year based on where we execute the projects in our backlog.

最後，從我們的模型來看，第一季的有效稅率約為 20%。10-Q 第 20 頁對此進行了說明。根據我們執行積壓項目的地點，我們預計到 2025 年全年這一比率將下降近 30%。

And with that, Ian, we're ready for our first question.

伊恩，我們已經準備好回答第一個問題了。

(Operator Instructions) Michael Dudas, Vertical Research Partners.

（操作員指示） Michael Dudas，Vertical Research Partners。

Jim, maybe to further elaborate on your prepared remarks on your discussion with clients, so relative to maybe the fourth-quarter conference call, our meeting in Indiana in April and today, the change of sentiment tender amongst the clients, maybe you can -- which clients are more sensitive relative to ones they are more time to market? I assume it's much of the Urban Solutions area, but maybe a little bit more sense on that.

吉姆，也許您可以進一步闡述您在與客戶討論時準備好的評論，因此相對於第四季度電話會議、我們四月份在印第安納州的會議以及今天，客戶情緒的變化，也許您可以 - 哪些客戶相對於那些需要更多時間進入市場的客戶更敏感？我認為它屬於城市解決方案領域的大部分，但可能對此更有意義一些。

And your comment about your new business award opportunities and you're working for that 90%, how that would reflect relative to maybe other periods of time in Fluor's history? Thanks.

您對新業務獎勵機會的評論以及您為那 90% 而努力的努力，與 Fluor 歷史上的其他時期相比，這有何反映？謝謝。

Thank you, Michael. Yeah. We have been engaging with our clients at various levels, including the very senior levels of our key clients, and I would say that most of the projects in the markets we're tracking, the fundamentals of those projects are still there, whether it's the time to market projects. And you're correct, they're mostly in the urban space, particularly in the ATLS space. Those, for sure, are moving forward.

謝謝你，麥可。是的。我們一直與各個層次的客戶接觸，包括我們主要客戶的高層，我想說，我們所追蹤的市場中的大多數項目，無論是否是上市項目的時間，這些項目的基本面仍然存在。你說得對，它們大多位於城市空間，尤其是 ATLS 空間。毫無疑問，這些都在向前發展。

But even the other ones that are more price-sensitive and GDP growth and market certainty. Those still have very sound fundamentals behind them. What those clients are looking for is certainty in the environment. I think you -- I mean, it's no surprise that the entire business community is watching very carefully what's happened with the trade negotiations, and we're hopeful that there's going to be some good news on certain fronts in the coming days and weeks, so that we can start seeing some clarity in the broader picture.

但即使是其他對價格、GDP 成長和市場確定性更為敏感的因素。這些仍然具有非常良好的基本面。這些客戶尋求的是環境的確定性。我認為——我的意思是，整個商界都在密切關注貿易談判的進展，這並不奇怪，我們希望在未來幾天和幾週內某些方面會出現一些好消息，這樣我們就可以開始從更廣泛的角度看清形勢。

But projects in energy, projects in copper, I would say, are requiring a little bit more certainty, whereas projects in the ATLS arena and project in the Mission Solutions space, I would say, I have greater clarity today and are proceeding as planned. As far as our pipeline of prospects for the near term, the 90% comment on the underlying awards, Mike, it's similar to previous cycles in Fluor. I would -- maybe it's perhaps a little bit higher. We have spent a lot of effort in the last few quarters or a couple of years in the strategy to really focus on quality pursuits and bet on feeds that we think have a high conversion to EPCM, EPC.

但我想說，能源項目、銅項目需要更多的確定性，而 ATLS 領域的項目和任務解決方案領域的項目，我想說，我今天對它們有了更清晰的認識，並且正在按計劃進行。就我們近期的前景而言，90% 的評論都與基礎獎勵有關，邁克，這與 Fluor 之前的周期類似。我會的——也許它會稍微高一點。在過去的幾個季度或幾年裡，我們投入了大量的精力製定策略，真正專注於追求質量，並押注那些我們認為對 EPCM、EPC 轉換率高的供稿。

So we feel good about that 90%. Some of that already materialized in, and we expect that trend to continue in the coming quarters.

所以我們對這 90% 感到滿意。其中一些已經實現，我們預計這種趨勢將在未來幾季繼續下去。

Maybe on the clients that are a little more price sensitive I'm not sure our procurement group has ever been busier in terms of price refreshing on the projects. So we are there alongside our customers as they're trying to put a finer point on project estimates and moving towards their FIDs.

也許對於那些對價格更敏感的客戶來說，我不確定我們的採購團隊在專案價格更新方面是否比以前更忙。因此，當客戶試圖對專案估算進行更精細的評估並朝著最終決定 (FID) 邁進時，我們與他們並肩作戰。

Excellent. Thanks, gentlemen.

出色的。謝謝各位。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Thank you for the additional disclosure on the earnings call and in the press release. It was helpful. I guess my first question, I can't believe I'm asking this, but if I look at your EBITDA for the first quarter, it was $155 million. If we just multiply that by four years at the high end of -- I mean your EBITDA guidance for the year. And I guess how much conservative would you say there is in your numbers? I mean, I'm just looking at your revenue has (inaudible) growth has to accelerate in the remaining three quarters for you to make your 15% top-line guide, you know what I mean, so it implies your EBITDA should be growing from the first quarter level. So I guess I'll start that with my first question.

感謝您在收益電話會議和新聞稿中做出的補充披露。這很有幫助。我想我的第一個問題是，我不敢相信我會問這個問題，但如果我看第一季的 EBITDA，它是 1.55 億美元。如果我們將其乘以四年的高端——我的意思是您今年的 EBITDA 指導。我想您認為您的數字中有多少是保守的？我的意思是，我只是在看你的收入（聽不清楚）成長必須在剩下的三個季度加速，才能使你的營業收入達到 15% 的指引，你明白我的意思，所以這意味著你的 EBITDA 應該從第一季的水平開始增長。所以我想我將從第一個問題開始。

Yeah, we got some sage counsel on how to improve our earnings release. So thank you for that. So I think as you're thinking about the shape of the EBITDA curve, the one thing that we couldn't have predicted was the behavior of our stock price. And so as I mentioned in the prepared remarks, we had a significant tailwind, unfortunately, for us, in terms of the executive compensation results associated with our share price.

是的，我們得到了一些關於如何改善收益發布的明智建議。謝謝你。因此，我認為，當您考慮 EBITDA 曲線的形狀時，我們無法預測的一件事就是我們的股價走勢。正如我在準備好的發言中提到的那樣，不幸的是，就與我們的股價相關的高階主管薪酬結果而言，我們遇到了明顯的順風。

And so you should think about roughly $0.08 or $0.09 of adjusted earnings or EPS attributable to that. So that kind of distorts the shape of the curve. And so I don't know that it's conservatism. I think we remain confident in the outlook for the year. And I would say when you probably normalize for the share price impact puts us a little more squarely in the midpoint of that.

因此，您應該考慮由此產生的調整後收益或每股盈餘 (EPS) 約為 0.08 美元或 0.09 美元。這會扭曲曲線的形狀。所以我不知道這是保守主義。我認為我們對今年的前景仍然充滿信心。我想說的是，當你將股價影響正常化時，我們就會更準確地處於這個中間點。

Okay. And I guess just my second question on the (technical difficulty) started out sort of in the hole on cash flow for the first quarter, but you increased your -- you doubled your share repurchase authorization maintained your cash flow guide. I'm just wondering if there's opportunities on upside on the cash flow guide, whether it's coming from funding less of those legacy projects, if you could just characterize.

好的。我想我關於（技術難題）的第二個問題開始於第一季的現金流出現缺口，但你增加了——你將股票回購授權增加了一倍，維持了你的現金流指南。我只是想知道現金流指南是否存在上行機會，是否來自對那些遺留項目的資助減少，您是否可以描述一下。

Yeah, I'll tackle that, Jamie. I think you've cracked up a little bit on our end. But in terms of where the cash flow guide is, Q1 performance and ultimately, the impact on share repurchases. Again, we're signaling some confidence in where cash flow generation is, as I suggested in the prepared remarks. We did see a little bit of an uptick in April in terms of working capital conversion to cash.

是的，我會解決這個問題，傑米。我覺得你從我們的角度來說有點崩潰了。但就現金流指南、第一季業績以及最終對股票回購的影響而言。再次，正如我在準備好的演講中所暗示的那樣，我們表現出對現金流產生地點的信心。我們確實看到四月份營運資本轉換為現金的幅度略有上升。

And so underpinning kind of the uplift from the $300 million to the $600 million of share repo, you should consider our confidence in the outlook as part and parcel to that. Yeah, I don't know if -- you cut off for a few seconds, Jamie. So I'm not sure we caught the whole question.

因此，在股票回購金額從 3 億美元增加到 6 億美元的基礎上，您應該將我們對前景的信心視為其中不可或缺的一部分。是的，我不知道——你停頓了幾秒鐘，傑米。所以我不確定我們是否理解了全部問題。

Yeah. Thank you, and nice quarter.

是的。謝謝，祝您一切順利。

Andy Kaplowitz, Citigroup.

花旗集團的安迪‧卡普洛維茲 (Andy Kaplowitz)。

I just wanted to follow up on Jamie's question in one sense. I think you said you're more comfortable -- it's obviously a big range for EBITDA and EPS, like you're more comfortable maybe with the midpoint after a strong start, but how do we think about the second half of the year, given the slow decision-making? I think, Jim, you mentioned the Dow project delay, the recompete loss in Mission Solutions. Do we need to worry about like underutilization in the second half? Or there's enough projects in terms of that book-to-bill still being over 1 that you can sort of fill the gap.

我只是想從某種意義上回答傑米的問題。我想您說過您更放心——EBITDA 和 EPS 的範圍顯然很大，就像您在強勁開局後可能對中點更放心，但考慮到決策緩慢，我們如何看待下半年？吉姆，我想你提到了陶氏專案的延遲，以及任務解決方案的重新競爭損失。我們是否需要擔心下半年的使用率不足問題？或者，就訂單出貨比而言，有足夠的項目可以填補這一缺口。

Andy, let me start, and maybe John can chime in later. Yeah. Let me start with the Dow project versus -- Dow came out and very clearly explained the reasons for slowing down construction activities or not slowing down engineering and procurement, and it had to do with a combination of decisions around their market, the timing of the pricing of their products, and so on.

安迪，讓我先開始，也許約翰可以稍後加入。是的。讓我先從陶氏計畫開始——陶氏出面非常清楚地解釋了減緩建設活動或不減緩工程和採購的原因，這與他們的市場決策、產品定價時機等有關。

We don't think -- we're not seeing a trend of that in our other clients, Andy. As people who are having yet FID projects are looking for further clarity and certainty. We're not seeing a trend. And because we're involved on these projects, and like John said, we're working hand-in-hand with our clients with these mitigation strategies around the tariffs and other factors, we feel pretty strongly about the quality of the backlog and our ability to convert.

我們不認為——我們在其他客戶身上沒有看到這種趨勢，安迪。因為尚未進行 FID 專案的人們正在尋求進一步的清晰度和確定性。我們沒有看到任何趨勢。因為我們參與了這些項目，而且正如約翰所說，我們正在與客戶攜手製定有關關稅和其他因素的緩解策略，我們對積壓訂單的品質和轉換能力非常有信心。

The exact timing of the conversion may be a little uncertain, maybe they push out just a tad. But we're not expecting significant underutilization compared to what the baseline was a month or two ago. John, anything you'd like to add?

轉換的具體時間可能有點不確定，也許他們只是稍微推遲了一點。但與一兩個月前的基線相比，我們預期利用率不會有顯著的不足。約翰，您還有什麼要補充的嗎？

Yeah. I think a couple of points. One, just part and parcel of our execution strategy is an early buyout on the procurement front. So the things that are in backlog and ongoing tend to -- it's our belief that they're going to continue moving forward. And then maybe Jim's prepared remarks was also hinting at kind of the earnings potential of the backlog.

是的。我認為有幾點。首先，我們執行策略的一部分就是在採購方面進行早期收購。因此，積壓的和正在進行的事情往往——我們相信它們會繼續向前發展。那麼也許吉姆準備好的發言也暗示了積壓訂單的獲利潛力。

So even as things are slowing down, we are performing work on the vast majority of the things we see coming. And so from an earnings potential kind of unmitigated there, but obviously, a little bit of disruption on the new award front.

因此，即使事情進展緩慢，我們仍在努力解決絕大多數我們預見的問題。因此，從獲利潛力來看，這種影響是沒有減輕的，但顯然，新獎項方面存在一些混亂。

Very helpful, guys. And then you kept guidance of still book-to-bill over 1 times, as you said. Jim, maybe you talked about some things that maybe need a little bit more time to get through, but confidence level on sort of end markets that can go through the fastest? Or where do you get the confidence to continue to sort of tell us book-to-bill over 1. Is it a couple of chunky projects? Is it a couple of particular end markets? Where does the confidence come from, given the macro uncertainty?

非常有幫助，夥計們。然後，正如您所說，您仍然保持訂單出貨比超過 1 倍的指導。吉姆，也許你談到了一些可能需要更多時間才能完成的事情，但對於能夠最快完成的終端市場，你的信心水平如何？或者您如何獲得信心繼續告訴我們訂單出貨比超過 1。這是幾個大型專案嗎？這是幾個特定的終端市場嗎？鑑於宏觀不確定性，信心從何而來？

Andy, the confidence comes in our close collaboration with these clients on the front-end work. And when you look at whether it's copper, whether it's further additional pharmaceutical work, whether it's data centers, there's a midstream compression project in the US. There's a sustainable chemicals project. There's a project with a power and LNG component feeding a new power plant. These are real projects with clear economic incentives. Some of it is US-based. Some of it is international. So our diversification is helping us.

安迪，我們的信心來自於我們與這些客戶在前端工作上的密切合作。當你觀察它是否是銅，是否是進一步的製藥工作，是否是資料中心時，美國都有一個中游壓縮計畫。有一個可持續化學品項目。有一個項目，其中電力和液化天然氣組件為新發電廠提供動力。這些都是具有明確經濟誘因的真實項目。其中一些位於美國。其中一些是國際性的。因此，我們的多樣化對我們有幫助。

There are some large opportunities out there. I'll remind you of SR PPS. That's a significant opportunity. We're tracking that. That's part of the plan. So we have high confidence that there is a compelling need for our clients to move forward with that project.

那裡存在著一些巨大的機會。我會提醒你 SR PPS。這是一個重要的機會。我們正在追蹤此事。這是計劃的一部分。因此，我們非常有信心，我們的客戶迫切需要推進該專案。

So despite the nervousness in the market, some of these key strategic pursuits, we feel are solid enough and have a compelling enough reason that we feel good about it. Of course, the tariff story, Andy, is a developing story. It's still out there. We would like to see clarity on that in the short term, one way or another. I think the market will adjust to that. But I think that there needs to be clarity coming forward.

因此，儘管市場緊張，但我們認為其中一些關鍵的策略追求足夠穩健，並且有足夠令人信服的理由讓我們對此感到滿意。當然，安迪，關稅故事是一個正在發展的故事。它還在那裡。不管怎樣，我們都希望在短期內看到這個問題的明朗。我認為市場將會適應這一點。但我認為需要進一步明確。

But having said that, I think some of our key -- most of our key prospects have very strong floating underneath them.

但話雖如此，我認為我們的一些關鍵——大多數關鍵前景都非常強勁。

Appreciate all the color.

欣賞所有的色彩。

Andy Wittman, Baird.

安迪威特曼，貝爾德。

Great. Thanks for taking my questions. I had several here to just help understand the quarter. And first thing I wanted to ask about was making sure that I heard something correctly related to the Urban Solutions segment and the $84 million benefit that you recognized during the quarter. Did I hear it correctly that that's an equity income and therefore, not reported in that segment profit results. Is that right, John?

偉大的。感謝您回答我的問題。我在這裡有幾個只是為了幫助了解本季的情況。我想問的第一件事是確保我聽到的與城市解決方案部門以及您在本季度確認的 8400 萬美元收益相關的信息正確無誤。我是否聽得正確？這是股權收入，因此未在該部門利潤結果中報告。是這樣的嗎，約翰？

You're spot on.

你說得完全正確。

And therefore, it was added back or excluded from your adjusted results. Is that right?

因此，它被添加回來或從您的調整結果中排除。是嗎？

Yes. The $84 million is not in the $155 million to be super clear.

是的。非常清楚的是，8,400 萬美元並不在 1.55 億美元之內。

Yeah. And it's not in the Urban segment either.

是的。而且它也不屬於城市領域。

Correct.

正確的。

Okay. That's helpful. Okay. So then you talked about how two projects that got descoped were allowed you to -- because you're, therefore, further along in your percentage of completion on these two projects, it allowed you to, I guess, accelerate some profit recognition into this quarter from the descoping process. We have to love E&C accounting.

好的。這很有幫助。好的。那麼，您談到如何允許您縮小兩個項目的範圍 - 因為您在這兩個項目的完成率上更進一步，我想這允許您從縮小範圍的過程中加速本季度的一些利潤確認。我們必須熱愛 E&C 會計。

Could you tell us either by segment for Urban and Energy where those, I think, two projects resided in each. Could you tell us either individually per segment or in total, how much benefit that POC change afforded you in the quarter? I think this will help all of us get at Jamie's question that she asked about the kind of underlying EBITDA run rate.

您能否按城市和能源部分告訴我們，我認為這兩個項目分別位於哪裡。您能否告訴我們，按細分市場或總體而言，POC 變化在本季度為您帶來了多少收益？我認為這將有助於我們所有人理解 Jamie 所問的有關基礎 EBITDA 運行率的問題。

Sure. So the first thing I'd probably point out is that we were expecting the burn across both of those projects across the balance of '25. Maybe there was a small impact to '26. So the pull forward is not -- I mean, inasmuch as you may think of it as a onetime event. It was always kind of inside of our 2025 thinking. But you should think about those as around probably $0.09 of EPS in both of the segments directionally.

當然。因此，我可能要指出的第一件事是，我們預計這兩個項目在 25 年的剩餘時間內都會出現虧損。也許對 26 年有一點影響。因此，向前拉動並不是——我的意思是，儘管你可能認為它是一次性事件。它始終存在於我們 2025 年的思考之中。但您應該認為這兩個部分的 EPS 方向約為 0.09 美元。

Got it. Just because your tax rate is always jumpy here, what would that be on an EBITDA basis?

知道了。只是因為你們的稅率在這裡總是波動，那麼在 EBITDA 基礎上會是多少呢？

So you're probably looking at around $20 million each. Okay.

所以每個人的花費大概在 2000 萬美元左右。好的。

So total of $40 million then.

所以總計是 4000 萬美元。

Yeah.

是的。

Okay. Okay. And then just on cash flow --

好的。好的。然後只談現金流--

Andy, let me -- so as we're thinking about it, I know you look at it through a slightly different lens. So I think about the $40 million is kind of the credit amount. A certain portion of that would have been inside the frame for even Q1 thinking. So it's probably a little bit lower than that. But --

安迪，讓我——當我們思考這個問題時，我知道你會從稍微不同的角度看待這個問題。所以我認為 4000 萬美元是一種信用額度。其中一定一部分甚至會處於 Q1 思考的框架之內。所以可能比這還要低一點。但--

Yeah. (inaudible) over the year? That makes sense. (inaudible) over the year. It's [$40 million]. It has been maybe [$10 million] already here and [$30 million] for the rest of the year, be straight lining it kind of (inaudible).

是的。 （聽不清楚）一年多來？這很有道理。 （聽不清楚）一年多來。它是[4000萬美元]。可能現在已經有 [1000 萬美元] 了，今年剩餘時間還有 [3000 萬美元]，算是直線上升（聽不清楚）。

Yeah. There you go. Well done.

是的。就這樣。做得好。

Yes. That makes sense. Okay. Thanks for that clarification. I also wanted to ask about North Texas. It looks like that project has resolution, and you recognized it, I guess, in fourth quarter and then some offset here for a net impact.

是的。這很有道理。好的。感謝您的澄清。我還想問一下有關北德克薩斯州的情況。看起來該項目已經解決，我想您在第四季度就認識到了這一點，然後在這裡進行了一些抵消，以產生淨影響。

But another complexity of E&C accounting here. It looks like the settlement was actually like $400 million to the joint venture, but you took a benefit here in the quarter that we're talking about here for the kind of $84 million.

但工程與建築會計的另一個複雜性就在這裡。看起來，對於合資企業來說，這筆和解金實際上只有 4 億美元，但你們在我們討論的這個季度獲得了 8,400 萬美元的收益。

Question is not so much on the income statement here. But I guess the question is, has the cash already been exchanged for this? Is that done as of the balance sheet that we see today? And if not, how much cash is going to be associated with this when you finally get out of that cash position and when?

這裡的問題不在於損益表。但我想問題是，這已經兌換成現金了嗎？從我們今天看到的資產負債表來看，這是否已經完成？如果不是，那麼當您最終擺脫現金狀況時，將會有多少現金與此相關？什麼時候？

Yeah. So I was very artful in the remarks to say we've closed out the P&L, but we will need to fund that in the balance of [$25 million], and you should think about it in the $30 million range.

是的。因此，我在評論中非常巧妙地表示，我們已經結清了損益表，但我們需要在餘額中為此提供資金 [2500 萬美元]，你應該考慮在 3000 萬美元的範圍內。

Okay. That's helpful. Okay. Those are my clarifying questions. Great. Thank you so much for helping me clarify those things.

好的。這很有幫助。好的。這些都是我要澄清的問題。偉大的。非常感謝您幫我澄清這些事情。

Yes. Thank you. It's certainly subsumed in the operating cash flow guidance that I rendered.

是的。謝謝。它肯定包含在我提供的經營現金流指導中。

[Judah Arabits], UBS.

[Judah Arabits]，瑞銀。

Thanks for taking the question. On for Steve Fisher. What exposure is left in Mexico on legacy projects and ongoing work that could cause any margin drag?

感謝您回答這個問題。替補史蒂夫費雪上場。墨西哥在遺留項目和正在進行的工作上還存在哪些可能導致利潤率下降的風險？

Thank you for the question. Our joint venture in Mexico has a portfolio of projects with Pemex. Some are very close to completion. Some are in the middle of execution. We feel good about those projects. They're active under strategic projects for the country.

謝謝你的提問。我們在墨西哥的合資企業與 Pemex 擁有一系列專案。有些已經接近完工。有些正在執行中。我們對這些項目感到滿意。他們積極參與國家戰略項目。

The LNG project we've been talking about last year, that's proceeding well, and we don't expect any additional surprises there. The announcement we made in this call around Mexico had to do with a project that was completed many, many years ago.

我們去年談論的液化天然氣項目進展順利，我們預計不會再有任何意外。我們在墨西哥此次電話會議上宣布的消息與一個很多年前完成的項目有關。

And so that was a decision we made to take that reserve. But other than that, I think we're in good shape in Mexico.

因此，我們決定採取這項儲備措施。但除此之外，我認為我們在墨西哥的情況很好。

Yeah, I would agree. It's probably four major ongoing projects down there, at least half of which are probably the ninth inning and maybe late middle innings on the other. So again, to the exposure question, we don't feel like there's a lot of forward-looking exposure.

是的，我同意。那裡可能有四個正在進行的主要項目，其中至少有一半可能是第九局，另一半可能是中後期。因此，再次回到曝光問題，我們覺得前瞻性曝光並不多。

Okay. Thanks. And then just on cash. What is the cash collection potential from JV this year?

好的。謝謝。然後就只用現金。今年合資企業的現金回收潛力是多少？

I would say probably a little bit lower than last year. Certainly, we're sort of expecting to recoup some of the profits out of Canada with a little more confidence than we are in Mexico. But again, all of that subsumed in the cash flow guidance that we published today.

我想說可能比去年略低一點。當然，我們期望從加拿大收回部分利潤，而且比在墨西哥更有信心。但同樣，所有這些都包含在我們今天發布的現金流指導中。

Okay. There are no further questions at this time. I'd like to hand the call back over to Jim Breuer for some closing remarks.

好的。目前沒有其他問題。我想將電話轉回給吉姆·布魯爾 (Jim Breuer)，讓他做一些結束語。

Thank you, Ian, and many thanks to all of you participating in the call today. As you can see, we had a strong first quarter and a successful launch to our grow and execute strategy. I want to take this opportunity to thank David and Joe for their service and leadership. We look forward to working with David in his new capacity as Executive Chairman and wish Joe the best going forward.

謝謝你，伊恩，也非常感謝今天參加電話會議的所有人。如您所見，我們第一季表現強勁，並成功啟動了我們的成長和執行策略。我想藉此機會感謝大衛和喬的服務和領導。我們期待與大衛在執行主席的新職位上合作，並祝喬未來一切順利。

And to our audience, we appreciate your interest in Fluor, and thank you for your time.

對於我們的觀眾，我們感謝您對 Fluor 的關注，並感謝您抽出時間。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。