Fluor Corp (FLR) 2025 Q2 法說會逐字稿

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

早上好，歡迎參加 Fluor 2025 年第二季財報電話會議。今天的通話正在錄音。（操作員指示）今日電話會議的重播將於美國東部時間今天上午10:30左右在福陸公司網站investor.fluor.com上提供。重播將保留30天。您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, Investor Relations. Please go ahead, Mr. Landkamer.

現在，為了開場發言，我想將電話轉給投資人關係副總裁 Jason Landkamer。請繼續，蘭德卡默先生。

Thank you, Tiffany. Welcome to Fluor's 2025 second 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 second quarter earnings release earlier this morning and a slide presentation is posted on our website that we will reference while making prepared remarks.

謝謝你，蒂芙尼。歡迎參加 Fluor 2025 年第二季財報電話會議。福陸公司執行長 Jim Breuer 和福陸公司財務長 John Regan 今天也與我們同在。福陸公司今天早上發布了其第二季度收益報告，並且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 would like to refer to our Safe Harbor note regarding forward-looking statements, which are summarized on slide 2. During today's presentation, we will be making forward-looking statements, which reflect our current analysis of existing trends and information. There is an inherent risk that actual results and experience could differ materially.

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，反映我們對現有趨勢和資訊的當前分析。存在實際結果和經驗可能存在重大差異的固有風險。

You can find a discussion of our risk factors, which could potentially contribute to such differences in our 2024 Form 10-K and our Form 10-Q, which was filed earlier today. 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.

您可以在我們今天早些時候提交的 2024 年 10-K 表和 10-Q 表中找到有關可能導致此類差異的風險因素的討論。在本次電話會議中，我們將討論某些非 GAAP 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, and good morning, everyone. Thank you for joining today. Please turn to slide 3. To start, I wanted to provide an update on our ownership of NuScale Class B shares. In the next few weeks, NuScale will convert 15 million shares into Class A securities. We see this as a positive step in returning value to our shareholders. As NuScale's largest shareholder and the only firm with NuScale EPC expertise, we continue to be excited about our investments and the opportunities to deploy NuScale technology in the power market. John will provide additional details in his remarks.

謝謝你，傑森，大家早安。感謝您今天的加入。請翻到幻燈片 3。首先，我想提供有關我們持有 NuScale B 類股票的最新情況。未來幾週內，NuScale 將把 1,500 萬股股票轉換為 A 類證券。我們認為這是向股東回報價值的正面一步。作為 NuScale 的最大股東和唯一擁有 NuScale EPC 專業知識的公司，我們對我們的投資以及在電力市場部署 NuScale 技術的機會感到興奮。約翰將在他的演講中提供更多細節。

Now let's turn to our operating review, beginning on slide 4. Revenue for the second quarter was $4 billion. Consolidated new awards for the second quarter were $1.8 billion and 72% reimbursable. In addition to these awards, we recognized $1.7 billion in positive backlog adjustments for scope changes on existing reimbursable work. For the first half of 2025, new awards were $7.6 billion with a book-to-burn PGM above 1. Total backlog remains around $28 billion, of which 80% is reimbursable.

現在讓我們轉到我們的營運回顧，從幻燈片 4 開始。第二季營收為40億美元。第二季合併新獎勵為 18 億美元，其中 72% 可償還。除了這些獎勵之外，我們還確認了 17 億美元的正積壓調整，用於對現有可報銷工作的範圍變化進行調整。2025 年上半年，新獎項金額達 76 億美元，PGM 的 Book-to-Discovery 比率超過 1。總積壓金額仍約為 280 億美元，其中 80% 可償還。

Moving to our business segments. Please turn to slide 6. Urban Solutions reported profit of $29 million in the second quarter. Results in this segment reflect a $54 million net impact of cost growth and expected recoveries on three infrastructure projects. I'll provide details on these charges in a moment. We also had lower take-up in the quarter on a couple of mining and metals projects as time lines were extended and we saw a slower-than-expected ramp-up in revenue on a large life sciences projects.

轉向我們的業務部門。請翻到幻燈片 6。Urban Solutions 報告第二季度利潤為 2900 萬美元。該部門的業績反映了三個基礎設施項目的成本增長和預期回收的淨影響為 5,400 萬美元。我稍後會提供有關這些指控的詳細資訊。由於時間線延長，本季我們幾個採礦和金屬專案的承接量也較低，我們看到大型生命科學專案的收入成長低於預期。

New awards for the quarter were $856 million compared to $2.4 billion a year ago. This includes the full release for the Reko Diq copper and gold mining project in Pakistan and an incremental award for a life sciences project in the US. As a note, the Reko Diq Award is a services-only contract and therefore, it excludes the typical CFM associated with similar large mining projects. Ending backlog in urban now at $20.6 billion represents 73% of Fluor's total backlog.

本季新獎勵金額為 8.56 億美元，去年同期為 24 億美元。其中包括對巴基斯坦雷科迪克銅金礦計畫的全面釋放以及對美國生命科學計畫的增量獎勵。值得注意的是，Reko Diq 合約是一份僅提供服務的合同，因此它不包括與類似大型採礦項目相關的典型 CFM。目前城市地區的最終積壓訂單金額為 206 億美元，佔 Fluor 公司總積壓訂單的 73%。

Now please turn to slide 7. During the quarter, we substantially completed the EPCM scope on two innovative colocation data centers in India for an important but confidential clients. Prospects for the ATLS business in the second half of 2025 include a pharmaceutical facility and additional data center work under our MSA with a major technology provider. We remain excited about the opportunities in the semiconductor and data center markets over the longer term.

現在請翻到第 7 張投影片。在本季度，我們為一個重要但保密的客戶基本完成了印度兩個創新主機託管資料中心的 EPCM 範圍。2025 年下半年 ATLS 業務的前景包括一家製藥廠以及根據我們與一家主要技術提供商簽訂的 MSA 開展的額外資料中心工作。我們仍然對半導體和資料中心市場的長期機會感到興奮。

Near term, in semiconductors, our clients' investment intentions have not yet translated into meaningful new awards. In the data center market, clients are refining our capital spending plans to solve for short-term demand in addition to addressing power and water needs for the ever-increasing scale of projects. Having said that, we continue to deepen our relationships with data center clients as they express a need for our capabilities, large-scale project acumen, and modularization expertise.

短期內，在半導體領域，我們客戶的投資意願尚未轉化為有意義的新獎項。在資料中心市場，客戶正在完善我們的資本支出計劃，以解決短期需求以及不斷擴大的專案規模的電力和水需求。話雖如此，我們仍在繼續深化與資料中心客戶的關係，因為他們表示需要我們的能力、大型專案敏銳度和模組化專業知識。

In Mining and Metals, while the fundamentals for capital spending by our clients remain very strong, the immediate enthusiasm for major capital deployment is currently tempered by the potential impact of global trade uncertainty. During the quarter, we built upon our relationships with our traditional clients including Anglo American, Barrick, BHP, Freeport-McMoran, Ma'aden and Rio Tinto. We also maintain our strong focus on execution and are leveraging our global capabilities from our traditional energy solutions offices to deliver high-quality results on ongoing projects.

在礦業和金屬產業，雖然我們的客戶資本支出的基本面仍然非常強勁，但目前對大規模資本部署的熱情受到全球貿易不確定性的潛在影響的抑制。本季度，我們與英美資源集團、巴里克黃金公司、必和必拓、自由港麥克莫蘭公司、Ma'aden 和力拓等傳統客戶建立了良好的關係。我們也高度重視執行，並利用我們傳統能源解決方案辦公室的全球能力為正在進行的專案提供高品質的成果。

For the next few quarters, our opportunities include additional scope on the Reko Diq project, copper work in Canada, green steel production in Europe and aluminum recycling in the Middle East. We're also very excited about opportunities in the United States, where we're already providing support and working on early engineering. These include several significant copper developments and a rare earth project in Wyoming.

在接下來的幾個季度中，我們的機會包括雷科迪克計畫的進一步發展、加拿大的銅礦開採、歐洲的綠色鋼鐵生產以及中東的鋁回收。我們也對美國的機會感到非常興奮，我們已經在美國提供支援並致力於早期工程。其中包括懷俄明州的幾個重要的銅礦開發案和一個稀土項目。

During the quarter, there were a number of announcements about the investment and development of mining projects in the US including rare earth and critical minerals such as an opportunity for MP materials. We're also seeing interest in steel production. We have strong relationships with many of these companies and believe that this market will be a source of opportunity in the next few quarters.

本季度，美國發布了多項礦業項目投資和開發公告，其中包括稀土和關鍵礦物，例如 MP 材料的機會。我們也看到了對鋼鐵生產的興趣。我們與許多這樣的公司保持著良好的關係，並相信這個市場將成為未來幾季的機會之源。

Moving to slide 8. As I mentioned, infrastructure experienced cost growth on three projects during the quarter. On Gordie Howe, cost increase in the second quarter as we experienced rework and additional efforts required to hand over both ports of entry. This project is now 97% complete and we expect substantial completion this fall.

移至幻燈片 8。正如我所提到的，本季基礎設施有三個項目的成本出現成長。對於戈迪豪港而言，第二季度的成本有所增加，因為我們需要返工並付出額外努力來移交兩個入境口岸。該項目目前已完成 97%，我們預計今年秋天將基本完工。

The 635 LBJ project experienced cost increases in construction materials as well as labor productivity impacts. This project is 78% complete with an expected substantial completion date in Q2 of 2026. Finally, on I-35 Phase II the project experienced increased costs due to a subcontractor default, third-party utility delays and mitigation costs related to these delays. This project is 58% complete and targeting substantial complete in Q4 of 2026.

635 LBJ 專案的建築材料成本增加以及勞動生產力受到影響。該項目已完成 78%，預計於 2026 年第二季基本完工。最後，由於分包商違約、第三方公用事業延誤以及與這些延誤相關的緩解成本，I-35 第二階段專案的成本增加。該專案已完成 58%，目標是在 2026 年第四季基本完成。

To address the issues across these projects, we have increased operations oversight and strengthening the execution teams. We're also taking action against certain subcontractors, including designers, for recovery of costs caused by their poor performance.

為了解決這些專案中的問題，我們加強了營運監督並增強了執行團隊。我們也對包括設計師在內的某些分包商採取行動，追回因其表現不佳而造成的成本。

Other projects in the infrastructure portfolio continue to perform to management expectations. For example, we are pleased to report that the Chicago Transit Authority Red Purple Line project opened up four stations and celebrated its first rider on July 19. And the Oak Hill Parkway project in Austin successfully completed a traffic switch to newly constructed roadways and bridges.

基礎設施組合中的其他項目繼續符合管理層的預期。例如，我們很高興地報告，芝加哥交通管理局紅紫線計畫於 7 月 19 日開放了四個車站並迎來了第一位乘客。奧斯汀的橡樹山公園大道計畫成功完成了向新建道路和橋樑的交通轉換。

Moving to Energy Solutions. Please turn to slide 9. Segment profit was $15 million compared to $75 million a year ago. Results reflect reduced contributions due to projects nearing completion, and the recognition of an unexpected $31 million arbitration ruling for a fabrication project completed by our Mexico joint venture in 2021.This impact is not reflected in our adjusted results.

轉向能源解決方案。請翻到第 9 張投影片。該部門利潤為 1500 萬美元，而去年同期為 7500 萬美元。結果反映出由於專案接近完工導致的貢獻減少，以及對我們 2021 年墨西哥合資企業完成的製造專案的意外 3,100 萬美元仲裁裁決的承認。這一影響未反映在我們的調整後結果中。

New awards for the quarter totaled $549 million. Prospects for the next few quarters are expected to be modest as the reload we discussed for 2025 is taking longer than expected. This is due to a number of factors, including reduced CapEx budgets, trade uncertainty and soft battery and chemicals markets.

本季新獎項總額為 5.49 億美元。由於我們討論的 2025 年重新加載所需的時間比預期的要長，因此預計未來幾季的前景將不容樂觀。這是由多種因素造成的，包括資本支出預算減少、貿易不確定性以及電池和化學品市場疲軟。

We continue to engage in multiple power opportunities for the medium term that are aligned with our proven pursuit principles of fair and balanced risk allocation. This includes the improved market and policy environment surrounding nuclear power investments as well as selective opportunities in the gas-fired power generation market.

我們將繼續參與中期的多種電力機會，這些機會符合我們已證實的公平和平衡風險分配的追求原則。這包括核電投資市場和政策環境的改善以及燃氣發電市場的選擇性機會。

Turning to slide 10. We are extremely proud of the multiple accomplishments on LNG Canada in recent months. We achieved RFS on Train 1 in the quarter and the clients shipped the first cargo of LNG meeting their announced time line. This milestone marks a significant achievement for the LNG Canada organization. and for our joint venture responsible for EPC execution.

翻到第 10 張投影片。我們對近幾個月來加拿大液化天然氣計畫的多項成就感到非常自豪。我們在本季度實現了 1 號生產線的 RFS，客戶按照其宣布的時間表運送了第一批液化天然氣。這一里程碑標誌著 LNG 加拿大組織和負責 EPC 執行的合資企業取得重大成就。

I congratulate the project team and the thousands of workers who help build this facility. Most importantly, this is a watershed moment for Canada, who is now becoming a significant player in the increasingly important LNG market.

我向專案團隊和幫助建造該設施的數千名工人表示祝賀。最重要的是，這對加拿大來說是一個分水嶺，加拿大現在正成為日益重要的液化天然氣市場的重要參與者。

Our team is now focused on achieving RFSU on Train 2. And in line with our previous comments regarding timing of resolution, I am pleased to report that our joint venture has recently reached a settlement agreement covering our COVID claims and other matters.

我們的團隊現在專注於在 2 號列車上實現 RFSU。與我們之前關於解決時間的評論一致，我很高興地報告，我們的合資企業最近就我們的 COVID 索賠和其他事項達成了和解協議。

And finally, this morning, we announced an award to our joint venture to update the feed package for a proposed Phase 2 expansion. If built, this expansion would potentially double the size of the facility. We look forward to supporting LNG Canada as they work towards a final investment decision.

最後，今天上午，我們宣布向我們的合資企業授予一項獎勵，用於更新擬議的第二階段擴建的飼料包。一旦建成，該擴建工程將有可能使該設施的規模擴大一倍。我們期待支持 LNG Canada 做出最終投資決定。

Moving on to slide 11. Mission Solutions reported a segment profit of $35 million for the second quarter compared to $41 million a year ago. Profits slightly declined due to a temporary stop work order for an existing project on Tinian Island. We look forward to the restart of the work in the near future. New awards of $363 million included short-term extensions at two DOE sites and additional funding for hurricane relief efforts.

移至投影片 11。Mission Solutions 報告稱其第二季的分部利潤為 3,500 萬美元，而去年同期為 4,100 萬美元。由於天寧島現有項目暫時停工令，利潤略有下降。我們期待不久的將來重新開始工作。新撥款 3.63 億美元，包括兩個能源部站點的短期延期以及對颶風救援工作的額外資助。

Ending backlog for the quarter was $2 billion. As a reminder, this excludes work reported under the equity method. For the balance of the year, we have the Portsmouth recompete and key prospects for projects that are supporting HALEU nuclear fuel efforts. We now expect the full release of work at the Savannah River Plutonium project in the first half of 2026 while we continue to work at full speed to progress engineering, long lead procurement and early side work.

本季的期末積壓訂單金額為 20 億美元。提醒一下，這不包括權益法報告的工作。在今年剩餘的時間裡，我們將重新競爭朴茨茅斯項目，並專注於支持 HALEU 核燃料工作的項目。我們現在預計薩凡納河鈽計畫將於 2026 年上半年全面啟動，同時我們將繼續全速推進工程、長期採購和早期輔助工作。

Before I turn the call over to John, I want to provide an update on our view of the overall business environment. Please turn to slide 12. In our last call, I mentioned that some clients were forging ahead with their time-to-market prospects, while others were exercising caution as their businesses are more sensitive to economic factors.

在將電話轉給約翰之前，我想先介紹一下我們對整體商業環境的看法。請翻到第 12 張投影片。在我們上次通話中，我提到一些客戶正在努力推進他們的產品上市時間，而其他客戶則保持謹慎，因為他們的業務對經濟因素更為敏感。

Over the past couple of months, we've seen more clients continue to take a wait-and-see approach due to a variety of reasons, including ongoing trade policy discussions and developments, cost escalation and interest rates. In a few cases, we've seen project cancellations or extended deferrals.

在過去的幾個月裡，我們看到越來越多的客戶由於各種原因繼續採取觀望態度，包括正在進行的貿易政策討論和發展、成本上漲和利率。在少數情況下，我們看到項目取消或延期。

So what does that mean for Fluor? It means that we are at a point in the cycle of short-term hesitation on our way to longer-term opportunity. We believe that the hesitation to release full EPC investments will subside once there is certainty and trade agreements and on their impact on client end markets, project costs, and importantly, the rebalancing of the supply chain.

那麼這對福陸公司來說意味著什麼？這意味著我們在通往長期機會的道路上正處於短期猶豫的循環階段。我們相信，一旦確定了貿易協議，並確定了其對客戶端市場、專案成本以及重要的供應鏈重新平衡的影響，那麼對釋放全部 EPC 投資的猶豫就會消退。

Furthermore, and specifically in the US once the effects of the recently enacted pro-growth policies materialize, we expect clients to accelerate domestic investments in many of our end markets such as manufacturing, semiconductors, data centers, power, mining, metals and national security.

此外，特別是在美國，一旦最近頒布的促進成長政策的效果實現，我們預計客戶將加快對製造業、半導體、資料中心、電力、採礦、金屬和國家安全等許多終端市場的國內投資。

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

說完這些，讓我把電話轉給約翰，讓他報告一下財務更新。約翰？

Thanks, Jim, and good morning, everyone. Today, I'll cover our results for the second quarter and go over the revised guidance for the balance of the year. Please turn to slide 14 and the financial highlights. Jim already referenced revenue and new awards in the quarter. But as you can see, our consolidated segment profit for Q2 was $78 million.

謝謝，吉姆，大家早安。今天，我將介紹我們第二季的業績，並回顧今年剩下的修訂指南。請翻到第 14 張投影片查看財務要點。吉姆已經提到了本季的收入和新獎項。但如您所見，我們第二季的綜合分部利潤為 7,800 萬美元。

Our GAAP results notably reflect a $3.2 billion pretax mark-to-market gain for NuScale with a related tax impact of $757 million. It also includes a $31 million unfavorable arbitration ruling related to our JV in Mexico for a job completed long ago. It includes a $13 million deferral of PGM associated with the $1.7 billion in backlog adjustments that Jim described. And from a cash flow perspective, the cash payment for settlement of the NTTA matter that we accrued in Q4, which amounted to $33 million.

我們的 GAAP 結果明顯反映了 NuScale 32 億美元的稅前以市價計價收益，相關稅收影響為 7.57 億美元。其中還包括一項與我們在墨西哥的合資企業有關的、很久以前完成的一項工作的 3100 萬美元的不利仲裁裁決。其中包括與 Jim 所描述的 17 億美元積壓調整相關的 1,300 萬美元 PGM 延期。從現金流角度來看，我們在第四季度累計支付的 NTTA 問題解決現金金額為 3300 萬美元。

With respect to the $13 million deferral of PJM, I'd remind you, in Q1, we saw an acceleration of PGM associated with some de-scopes. The $13 million this quarter represents the inverse of that, but is unrelated to the same projects impacting Q1. Adjusted EBITDA for Q2 was $96 million compared to $165 million a year ago. Our adjusted EPS was $0.43 compared to $0.85 in '24. The reconciliation to GAAP figures can be found in our earnings release but adjusted EBITDA includes the infrastructure charges but not the Energy Solutions arbitration matter.

關於 PJM 的 1300 萬美元延期，我想提醒您，在第一季度，我們看到 PGM 加速發展，這與一些範圍縮小有關。本季的 1300 萬美元與此相反，但與影響第一季的相同項目無關。第二季調整後的 EBITDA 為 9,600 萬美元，而去年同期為 1.65 億美元。我們的調整後每股收益為 0.43 美元，而 24 年為 0.85 美元。在我們的收益報告中找到與 GAAP 數據的對賬，但調整後的 EBITDA 包括基礎設施費用，但不包括能源解決方案仲裁事宜。

G&A for the quarter was $52 million, similar to the $50 million reported a year ago. However, results for this quarter reflect lower performance-based compensation, offset by the recognition of some severance costs and a slight increase in our reserve for legacy legal claims. The restructuring activities principally related to reductions in head count in several non-US energy solutions offices. Although we accrued the expected costs in Q2, the funding of the underlying obligations will occur across the back half of '25.

本季的一般及行政費用為 5,200 萬美元，與去年同期的 5,000 萬美元持平。然而，本季的業績反映出基於績效的薪酬較低，但被部分遣散費用的確認和遺留法律索賠準備金的略微增加所抵消。重組活動主要涉及裁減幾個美國以外能源解決方案辦事處的員工人數。儘管我們在第二季度累積了預期成本，但相關債務的融資將在 2025 年下半年進行。

We continue to actively review our overhead footprint in light of our needs and scale of operations. This year, for example, we've rightsized our efforts in global sustainability compliance and reporting as a result of the CSRD deferral. On another note, weakness in the dollar contributed to an FX impact of $41 million in the quarter. This was uncharacteristically large but irrespective of its size was also excluded from our adjusted results.

我們將繼續根據我們的需求和營運規模積極審查我們的間接成本足跡。例如，今年，由於 CSRD 延期，我們已適當調整了在全球永續性合規和報告方面的努力。另一方面，美元疲軟導致本季外匯影響金額達 4,100 萬美元。這個數字異常大，但無論其規模如何，也被排除在我們的調整結果之外。

Net interest income in Q2 is unchanged from the last quarter at $17 million, but compared to $38 million a year ago. This reduction results from lower cash balances for projects nearing completion particularly at LNGC. Our share repurchases also impact the year-over-year decrease as did the slowdown at our JV in Mexico.

第二季淨利息收入與上一季持平，為 1,700 萬美元，但去年同期為 3,800 萬美元。減少的原因是即將完工的項目（尤其是 LNGC 項目）的現金餘額較低。我們的股票回購也影響了年減，就像我們在墨西哥的合資企業的放緩一樣。

As a reminder, at the JV in Mexico, we have some unique credit protection features, including an ability to ramp down execution activities and to novate subcontractor obligations in the event of nonpayment. With delays in payment, we unfortunately had to invoke some of those rights this quarter, which impacted the quarter from both PGM and interest income and does trickle into the additional effects in the back half of 2025 that are embedded within the revised guidance.

提醒一下，在墨西哥的合資企業，我們有一些獨特的信用保護功能，包括在發生不付款的情況下減少執行活動和更新分包商義務的能力。由於付款延遲，我們很遺憾不得不在本季度行使部分權利，這對本季度的 PGM 和利息收入均產生了影響，並且確實對修訂後的指引中包含的 2025 年下半年的其他影響產生了影響。

Moving to slide 15. At June 30, we had $2.3 billion of cash and marketable securities compared to $2.5 billion at March 31. Operating cash flow for the quarter fell short of our expectations with an outflow of $21 million compared to cash generation of $282 million a year ago. This shortfall versus expectation was a result of a number of factors.

移至投影片 15。截至 6 月 30 日，我們擁有 23 億美元現金和有價證券，而 3 月 31 日為 25 億美元。本季經營現金流低於我們的預期，流出金額為 2,100 萬美元，而去年同期的現金流出金額為 2.82 億美元。與預期相比的差距是由多種因素造成的。

One, increases in working capital on several large projects for a variety of factors, funding of some of the cost growth in the infrastructure space and the timing of AR collections and Mission Solutions and at our JV in Mexico. As a reminder, the '24 cash flow number reflected the resumption of dividends from LNGC and significant mobilization receipts for two then early-stage projects.

一是由於多種因素，幾個大型項目的營運資金增加，為基礎設施領域的部分成本增長以及 AR 收集和任務解決方案以及我們在墨西哥的合資企業的時機提供資金。需要提醒的是，24 年現金流數字反映了 LNGC 恢復分紅以及兩個當時處於早期階段的項目的大量動員收入。

As an update on our legacy projects in Q2, we provided $44 million of funding. Our original expectation of funding about $200 million on legacy projects for all of '25 holds true, although we now anticipate some more funding in '26 based on the revised project estimates. Also, some of the claims associated with the recovery for these jobs will likely extend into '26, which has a bearing on our OCF for this year.

作為我們第二季遺留項目的更新，我們提供了 4,400 萬美元的資金。我們最初預計在 25 年全年為遺留項目提供約 2 億美元的資金，但根據修訂後的項目估算，我們現在預計 26 年將獲得更多資金。此外，與這些工作復甦相關的一些索賠可能會延續到26年，這將對我們今年的OCF產生影響。

On the capital allocation front, we bought 4 million shares in the second quarter, spending $153 million. In light of our revised operating cash flow guidance, we are expecting to slow the repurchase cadence in the second half of '25. Based on current projections, we expect total repurchases to be between $450 million to $500 million versus the $600 million for all of '25 communicated after quarter one.

在資本配置方面，我們在第二季購買了 400 萬股，花費 1.53 億美元。根據我們修訂的經營現金流指引，我們預計在 25 年下半年放慢回購節奏。根據目前的預測，我們預計總回購額將在 4.5 億美元至 5 億美元之間，而第一季後公佈的 2025 年全年回購額為 6 億美元。

At our Investor Day, we implied roughly $1 billion of stock repurchases across the planning cycle. Even at this reduced tempo, we still outpaced the straight-line effect of that target, and we are not revising that figure. As a reminder, all of these repurchase expectations come on the back of our base operations not through any SMR monetization more on that in the outlook.

在我們的投資者日，我們暗示整個規劃週期內將回購約 10 億美元的股票。即使速度減慢，我們仍然超過了該目標的直線效應，而且我們不會修改該數字。提醒一下，所有這些回購預期都來自我們的基本運營，而不是透過任何 SMR 貨幣化，更多的是來自前景。

That said, there are a number of important milestones in the next 90 days. which will address the contingency wedge of my cash forecast wheel from Investor Day, which itself subsumes several items such as litigation, taxes feeds and other matters. The final outcome of these matters over the next quarter will influence where we land within that repurchase range.

話雖如此，在接下來的 90 天內仍有許多重要的里程碑。這將解決我在投資者日的現金預測輪中的應急楔子，它本身包含訴訟、稅務回饋和其他事項等幾個項目。下一季這些問題的最終結果將影響我們在回購範圍內的位置。

Coming back to LNGC, the JV remains focused on the completion of Train 2 and the remaining open punch list items. With future releases of dividends, to the JV partners tied to the completion of Train 2 and the normal progression of the warranty period. The COVID settlement agreement largely mirrors the expectations we had embedded in earlier forecasts but it does provide more insight into when the JV will be able to collect for such items and make future dividends to its partners.

回到 LNGC，合資公司仍然專注於完成 2 號生產線和剩餘的未完成專案。未來向合資夥伴發放的股利與第 2 號生產線的完工和保固期的正常進度掛鉤。COVID 和解協議在很大程度上反映了我們在早期預測中所嵌入的預期，但它確實提供了更多關於合資企業何時能夠收回此類項目並向其合作夥伴支付未來股息的見解。

For several quarters, we've described our efforts to monetize our ownership of NuScale. Within the strategic sale pursuit, most of the discussion is centered around how to convey the B shares without converting them into the registered securities. With NuScale stock performance in the last few months, we see it is increasingly difficult for the strategic buying community to consummate a transaction at fair value. Accordingly, we are more embracing a stock market-facing solution, which can be better accomplished with the conversion into A shares.

幾個季度以來，我們一直在努力將我們對 NuScale 的所有權貨幣化。在策略出售追求中，大部分討論集中在如何轉讓 B 股而不將其轉換為註冊證券。從過去幾個月 NuScale 股票的表現來看，我們發現策略性購買群體越來越難以以公允價值完成交易。因此，我們更傾向於面向股市的解決方案，而透過轉換為A股可以更好地實現這一目標。

As Jim mentioned, we expect to complete a 15 million share conversion of NuScale shares this month. We further expect to unveil our monetization plan over the next quarter, but I don't want to be too specific on how or when at this juncture. In the meantime, the conversion will go a long way to utilizing the tax credits that I've mentioned before. In any event, we still expect to use NuScale to contribute to our capital return objectives across the planning cycle.

正如吉姆所提到的，我們預計本月將完成 1500 萬股 NuScale 股票的轉換。我們也預計將在下個季度公佈我們的貨幣化計劃，但目前我還不想太具體地說明如何或何時公佈。同時，這種轉換將大大有助於利用我之前提到的稅收抵免。無論如何，我們仍然希望利用 NuScale 為整個規劃週期內的資本回報目標做出貢獻。

Moving to the outlook on slide 16. We are revising our '25 adjusted EBITDA guidance to $475 million to $525 million and our adjusted EPS guidance to $1.95 to $2.15. As you think about this revised guidance, the big factor is causing the decrease are the hesitancy prevailing in the market and the related impact to book and burn, plus the decrease associated with Infra and the slowdown in Mexico, roughly with similarly equivalent weighting.

轉到第 16 張投影片上的展望。我們正在將2025年調整後EBITDA指引調整至4.75億美元至5.25億美元，並將調整後每股盈餘指引調整至1.95美元至2.15美元。考慮到這項修訂後的指引，導致業績下降的主要因素是市場普遍存在的猶豫不決及其對帳面價值和損耗的影響，以及與基礎設施相關的業績下降和墨西哥經濟放緩，這些因素的影響權重大致相同。

Our expectations for operating cash flow now range from $200 million to $250 million for the full year or $500 million to $550 million for the second half of the year. This reflects the lower guidance range for EBITDA and the timing of expected claims recovery for the infrastructure projects but excludes the effects, if any, on legal settlements.

我們對全年經營現金流的預期目前為 2 億至 2.5 億美元，或下半年經營現金流的預期為 5 億至 5.5 億美元。這反映了 EBITDA 的較低指導範圍和基礎設施項目預期索賠回收的時間，但不包括對法律和解的影響（如果有的話）。

Key assumptions and expectations for 2025 include: a new awards outlook of $13 billion to $15 billion as we now expect the release for SR PPF, our largest prospect for '25 will extend into the first half of 2026. New awards are also expected to be impacted by the economic observations that Jim made earlier. We see revenue growth of approximately 5% to 10% compared against '24, alongside the other guidance listed on the slide. Our expectations for Cal 25 segment margins are unchanged, except for urban, where we now expect a range of approximately 2.5% to 3.5%, largely reflective of Q2 results.

2025 年的關鍵假設和預期包括：新的獎勵前景為 130 億美元至 150 億美元，因為我們現在預計 SR PPF 的發布，我們對 2025 年的最大前景將延續到 2026 年上半年。預計新獎項也將受到吉姆先前所作的經濟觀察的影響。我們預計，與 24 年相比，收入將成長約 5% 至 10%，同時幻燈片中也列出了其他指導意見。我們對 Cal 25 細分市場利潤率的預期保持不變，但城市地區除外，我們目前預計該細分市場的利潤率約為 2.5% 至 3.5%，這在很大程度上反映了第二季的業績。

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

蒂芙尼，現在我們可以回答第一個問題了。

(Operator Instructions)

（操作員指示）

Andy Kaplowitz, Citi.

花旗銀行的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Jim, so I know you've talked about delays in project decisions. Maybe just talk about -- if I look at the bookings environment these days, you've seen a little bit of stabilization in the tariff environment. Have you seen any sort of stabilization in customer conversations?

吉姆，我知道你談到了專案決策的延遲。也許只是談論 - 如果我看一下最近的預訂環境，你會看到關稅環境穩定。您是否發現客戶對話有任何形式的穩定？

I know John just talked about the $13 million to $15 million in new awards for this year. Should we be thinking that you really don't turn back to backlog growth in the first half of '26? Is that the sort of goal at this point? And where is that going to come from besides the Plutonium project?

我知道約翰剛剛談到今年 1300 萬至 1500 萬美元的新獎項。我們是否應該認為您真的不會在 26 年上半年恢復積壓成長？這就是目前的目標嗎？除了鈽計畫之外，這些資金還能從哪裡獲得？

Yes. Thank you, Andy, for the question. So yes, we -- you hit it several points here, so let me try to hit them in order. As far as the trade policy topic, it is having a significant impact on client sentiment and their willingness to make long-term decisions, investment decisions. We have seen some clarity, as you say, there were some announcements around Japan, EU.

是的。謝謝安迪提出的問題。是的，我們——你在這裡提到了幾個要點，所以讓我試著按順序講一下。就貿易政策議題而言，它對客戶情緒以及他們做出長期決策和投資決策的意願產生了重大影響。正如您所說，我們已經看到了一些明確的消息，日本和歐盟都發布了一些公告。

I personally would like to see more progress in the conversations with China, with Canada, with Mexico, those -- just those three countries are very relevant to our world. And I think we're still seeing a developing story around tariffs and all you need to do is read the headlines for the last few days.

我個人希望看到與中國、加拿大、墨西哥的對話取得更多進展，這三個國家對我們的世界至關重要。我認為我們仍在關注關稅問題的發展，您只需閱讀過去幾天的頭條新聞即可。

So I think what our clients are looking for is a little more stability and certainty around where that's going to go in terms of several things. One, costs, project costs, but almost equally important, how is that supply chain going to rebalance. We're having these conversations with our active clients and our bids right now as the tariff matrix, if you will, on one axis countries on a different axis to the commodities.

因此，我認為我們的客戶所尋求的是在某些方面更加穩定和確定。首先是成本、專案成本，但幾乎同樣重要的是，供應鏈將如何重新平衡。我們正在與活躍的客戶進行這些對話，並且我們現在將投標作為關稅矩陣，如果你願意的話，在一個軸上是國家，在另一個軸上是商品。

As that matrix continues to evolve how do we shift and pivot and mitigate those risks on projects. And that is an ongoing story. So that has not fully sorted itself out. We hope that it does in the near future. Our clients need that stability. These are big decisions, big investments.

隨著該矩陣的不斷發展，我們如何轉變、調整和減輕專案的風險。這是一個仍在繼續的故事。所以這個問題還沒有完全解決。我們希望不久的將來就能實現。我們的客戶需要這種穩定性。這些都是重大決策、重大投資。

Now as far as the opportunities for the near term, we feel very strong that we're pursuing work in the right markets. If you look at what we presented in April in our Investor Day, we said we would be focusing on mining, and there's a big push for mining work both in the US and internationally. We said we would focus on advanced manufacturing data centers and life sciences.

現在就近期的機會而言，我們非常有信心我們正在正確的市場中開展工作。如果你看一下我們四月在投資者日上展示的內容，你會發現我們說過我們將專注於採礦業，而且美國和國際上都大力推動採礦業的發展。我們說過我們將專注於先進的製造資料中心和生命科學。

And there's a lot of activity there. We talked about power. We talked about selective LNG. You saw the announcement on Phase 2. So Phase 2, the feed that we announced, that's going to take some time, but it can be a really, really good opportunity for next year. In mission, national security, DOE work -- of course, SR PPF is the largest opportunity, but it's not the only opportunity we're pursuing there.

那裡有很多活動。我們談論了權力。我們討論了選擇性液化天然氣。您看到了第二階段的公告。因此，我們宣布的第二階段將需要一些時間，但它可能是明年的一個非常非常好的機會。在任務、國家安全、能源部工作方面——當然，SR PPF 是最大的機會，但這並不是我們在那裡追求的唯一機會。

And even though there's softness in some of the ES markets, namely, say, chemicals, which is we're very strong in chemicals, we're still pursuing a couple of interesting chemicals opportunities. So I think, Andy, the portfolio is similar. I think we're seeing things slowing down a little bit. There's some hesitation today, but the opportunities will come from those markets that I just mentioned to.

儘管一些 ES 市場（例如化學品）表現疲軟，而我們在化學品領域非常強大，但我們仍在尋求一些有趣的化學品機會。所以我認為，安迪，投資組合是相似的。我認為我們看到事情正在放緩一點。今天有些猶豫，但機會將來自我剛才提到的那些市場。

Helpful. And then, John, I know you don't want to talk too much about the NuScale conversion, but obviously, it's a it's a topic du jour these days. So maybe just the mechanics of the 15 million, do you take a tax gain when that class be converted to A? And can you offset that?

很有幫助。然後，約翰，我知道你不想談論太多關於 NuScale 轉換的事情，但顯然，這是最近的一個熱門話題。因此，也許只是 1500 萬的機制，當該等級轉換為 A 級時，您是否會獲得稅收收益？你能抵消這一點嗎？

And then if you just step back, I think you talked about sort of resolving it over the next quarter. So obviously, we've talked about this for a very long time. Do we think that you get more of a resolution here over the next quarter or so, as you said, we'll get more of an update than we got today?

然後如果你退一步來看，我想你談論的是下個季度如何解決這個問題。顯然，我們已經討論這個問題很久了。我們是否認為您會在下個季度左右獲得更多解決方案，正如您所說，我們會比今天獲得更多的更新？

Yeah, without question, Andy, several things in there. On the tax and then the credit utilization, absolutely, as I said in the prepared remarks, we do have a tax gain associated with the step up. And so you can -- it will all come to fruition when we make the conversion. So you should generally think about the tax gain being roughly equivalent to whatever their screen price is on that day multiplied by the 15 shares -- 15 million shares. But we will be able to shield substantially all of that through the tax credit profile that we have.

是的，毫無疑問，安迪，這裡面有幾件事。關於稅收和信貸利用，正如我在準備好的發言中所說的那樣，我們確實獲得了與提高相關的稅收收益。所以你可以——當我們進行轉換時，一切都會實現。因此，您通常應該認為稅收收益大致相當於當天的螢幕價格乘以 15 股（1500 萬股）。但我們可以透過現有的稅收抵免政策來基本上掩蓋所有這些問題。

So not much in the way of cash leakage associated with the conversion. And then the monetization itself becomes one of not trying to top the market but trying to do it in a way that captures a lot of the value without taking a steep discount associated with it. And again, we've got a long time to get that done. And I know there's a lot of anxiousness in the market for that to happen yesterday, but we're going to continue to be measured about it.

因此，與轉換相關的現金洩漏並不多。然後，貨幣化本身就變成了不試圖超越市場，而是試圖以一種能夠獲得大量價值的方式，而無需與之相關的大幅折扣。再說一次，我們還有很長的時間來完成這件事。我知道昨天市場上有很多人擔心這件事會發生，但我們將繼續對此保持謹慎。

Appreciate the color guys.

欣賞這些色彩。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Sorry, another follow-up question on NuScale, just to make sure I understand. Beyond this 15 million shares, I mean, I think that was -- it's a good start, but people probably expected more shares, just given where NuScale stock. Is this the path going forward? And is the -- has the conversations with the strategic buyer? Is that debt? I'm just trying to think your's was just the way forward or there other alternatives besides this to continue to reduce your percentage of ownership in NuScale?

抱歉，我還有一個關於 NuScale 的後續問題，只是為了確保我理解。除了這 1500 萬股之外，我的意思是，我認為這是一個好的開始，但人們可能會期待更多的股票，因為 NuScale 的股票價格很高。這是前進的道路嗎？並且——與戰略買家進行對話了嗎？那是債務嗎？我只是想想想，你的做法只是前進的方向，還是有其他選擇，可以繼續減少你在 NuScale 的所有權百分比？

And then my second question, Jim, obviously, we want to be sensitive on LNGC, and it's -- I guess, a positive you made an agreement on the COVID claims. But any more color you can add there on how positive, what it implies for cash flow. And then sorry, last, what's the $1.7 billion in positive backlog adjustments?

然後我的第二個問題是，吉姆，顯然，我們希望對 LNGC 保持敏感，而且 - 我想，你們就 COVID 索賠達成了協議，這是積極的。但是，您能否補充更多細節來說明它有多積極，它對現金流意味著什麼。抱歉，最後，17 億美元的正積壓調整是什麼？

Maybe I'll start, Jamie, and then I'll pass it on to John. So on LNGC, yeah, we're very pleased with the settlement of the COVID claim. As I think, John, you mentioned, there's no significant change to management expectations as a result of that change order?

也許我會開始，傑米，然後我會把它傳給約翰。關於 LNGC，是的，我們對 COVID 索賠的解決方案感到非常滿意。約翰，正如您所說，我認為該變更單不會對管理層的期望產生重大變化嗎？

Correct.

正確的。

And so anyway, go ahead on the new scale question.

無論如何，請繼續討論新的規模問題。

Yes. So on the NuScale front. So Jamie, I think the 15 million has a lot of applicability One, it does go a long way to consuming the tax credits, as we just talked about to, it does demonstrate the path to the B to A conversion. And importantly, we're expecting a monetization of those figures to more than cover our initial investment in NuScale. And so it suggests that the remaining 111 million-ish shares or so are all upside opportunity from that initial investment.

是的。因此在 NuScale 方面。所以傑米，我認為這 1500 萬美元具有很大的適用性，首先，它確實在很大程度上消耗了稅收抵免，正如我們剛才談到的，它確實展示了 B 到 A 轉換的途徑。重要的是，我們預計這些數字的貨幣化將超過我們對 NuScale 的初始投資。因此，這表明剩餘的約 1.11 億股股票都是初始投資的上漲機會。

Now admittedly, it doesn't cover cost of capital over that period of time that we've invested in, but we do recoup that initial investment through this transaction. And then I think as I said in my prepared remarks, we do see it increasingly difficult for the strategic buying community to transact at this relative screen price for, I'll say, the 111 million shares. So it's a big number for someone to swallow. So if we can get this monetized through the normal stock market mechanisms, then that might be -- might [harbing] the way we're going to do this moving forward.

現在不可否認的是，它不包括我們投資的那段時間的資本成本，但我們確實透過這筆交易收回了最初的投資。然後我想，正如我在準備好的演講中所說的那樣，我們確實看到戰略購買界越來越難以以這個相對螢幕價格進行交易，我想說的是 1.11 億股。所以，對某些人來說，這是一個難以接受的巨大數字。因此，如果我們能夠透過正常的股票市場機制將其貨幣化，那麼這可能是我們未來實現這一目標的方式。

Okay. That's helpful. Sorry, and on the $1.7 billion backlog adjustment, any color you can add there?

好的。這很有幫助。抱歉，關於 17 億美元的積壓調整，您可以添加什麼顏色嗎？

Yeah, I missed that, Jamie. So yeah, those were adjustments to ongoing work on reimbursable work. A lot of it is CFM. If you recall, last quarter, we had the reverse effect on different projects and not the same projects. But it's an unusually high CFM and backlog adjustment number. That's why we felt it was important to disclose it. And I think John had resulted in a deferral of PJM to the tune of about $13 million in the quarter.

是的，我錯過了，傑米。是的，這些都是對正在進行的可報銷工作所做的調整。其中很多是 CFM。如果你還記得的話，上個季度，我們對不同的項目而不是相同的項目產生了相反的效果。但 CFM 和積壓調整數字異常高。這就是為什麼我們認為披露這一點很重要。我認為約翰已導致 PJM 本季的延期付款金額達到約 1,300 萬美元。

Yeah, that's correct. And so that's just going through the normal POC speculation. So it's not abandoned profit. It's profit that will scoop up later in the year or across the execution profile of those projects.

是的，沒錯。這只是正常的 POC 推測。所以這不是放棄利潤。這些利潤將在今年稍後或在這些項目的執行過程中逐漸增加。

It was -- it's all reimbursable work. It was mostly urban, I think was a little bit of -- yes.

這都是有償工作。它主要位於城市，我認為有一點——是的。

It was all urban.

一切都是城市化的。

Okay. Thank you.

好的。謝謝。

(Operator Instructions)

（操作員指示）

Andy Wittman, Baird.

安迪威特曼，貝爾德。

I just want to build on the last one because I think for many people, these accounting things about delayed profit and CFM customer furnished materials, and gross profit margins. These are complicated topics. So last quarter, and I think you said it was a chemical project, you descoped it that allowed you to recognize profit. This quarter, different projects, it sounds like you didn't have the CFM and now you do have the CFM. So that increases your backlog and then the profit recognition is the opposite of that year. you're delaying it now and you'll get it in the future. I just wanted to kind of say it another way for everyone's benefit because these are complicated topics. John, do I have that pretty close to right or not?

我只是想在最後這一點的基礎上再接再厲，因為我認為對於許多人來說，這些會計事項涉及延遲利潤、CFM 客戶提供的材料以及毛利率。這些都是複雜的話題。所以上個季度，我認為您說過這是一個化學項目，您縮小了它的範圍，以便您可以實現利潤。本季度，不同的項目，聽起來你以前沒有 CFM，現在你有了 CFM。因此，這會增加您的積壓訂單，然後利潤確認與那一年相反。您現在推遲它，但將來您會得到它。我只是想換個方式來表達，讓大家明白，因為這些都是複雜的話題。約翰，我說的是否基本上正確？

Yeah, I think it was you that was proven on this in Q1, and yes, you've got it nailed.

是的，我認為你在第一季就證明了這一點，是的，你已經搞定了。

Okay. All right. So then I guess my other question. We don't want to go in that tier.

好的。好的。那我想我還有另一個問題。我們不想進入那個層級。

Andy, while you're thinking about it. So in its simplest terms, the project has equivalent profitability before and after the additional scope, similar, a little bit more, but generally speaking, similar. But it's just saying that as those furnished materials haven't yet landed when they land, that's when I'll take up the profit. So what we saw was the percent of complete from an accounting perspective, go slightly backwards as a consequence of the additional scope. So I don't know if that's helpful or not, but --

安迪，當你思考這個問題的時候。因此，用最簡單的話來說，該項目在增加範圍之前和之後的盈利能力是相同的，差不多，稍微多一點，但總體來說，差不多。只是說那些裝潢材料還沒到岸呢，到時候再拿利潤。因此，從會計角度來看，我們看到完成百分比由於附加範圍的增加而略有倒退。我不知道這是否有用，但是--

Yeah, makes sense. And because it's large, the urban revenue burn because now you're recognizing the customer furnished materials, through that segment, your revenue burn, all else equal would go up. Now there's other moving pieces, but that's what people otherwise should expect. Right?

是的，有道理。而且由於規模很大，城市收入消耗很大，因為現在你認識到客戶提供的材料，透過這一部分，你的收入消耗，在其他條件相同的情況下，都會上升。現在還有其他活動部件，但這也是人們應該期待的。正確的？

Fair. Yeah.

公平的。是的。

Okay. So I guess my next question is kind of related to this. But in mining, you said that the copper mine here is services only. It's a little bit unusual, I guess, historically, you've booked EPCM on that, which would have come with customer furnished materials here. you're just getting services here. So the implication there is that this should be higher margin work.

好的。所以我想我的下一個問題與此有關。但是在採礦業中，您說這裡的銅礦僅用於服務。我想，這有點不尋常，從歷史上看，您已經預訂了 EPCM，它將附帶客戶提供的材料。您只是在這裡獲得服務。所以這意味著這應該是利潤更高的工作。

I don't know if you could give some subjective commentary on how we, as the investment community should think about what these margins are. I think historically, when you've had the EPCM it's been like kind of 3%, maybe 4% margin stuff because there's a lot of pass-through. But here, you don't have that. So what's the profit profile that we should think of on a project like this one?

我不知道您是否可以就我們作為投資界應該如何看待這些利潤率給出一些主觀評論。我認為從歷史上看，當你擁有 EPCM 時，它的利潤率大概是 3% 或 4%，因為有很多轉嫁。但在這裡，你沒有這個。那麼，對於這樣的項目，我們應該考慮什麼樣的利潤狀況呢？

So Andy, that's -- I think your assessment is correct. In this particular case, given the nature of the scope of work, we did not take CFM. The magnitude of effort from us, it's similar to a traditional project, so you can assume that the magnitude of services and therefore, the magnitude of margin is very similar to a project that would otherwise have attracted CFM. And I think your estimation of the margin percentage is correct as this has been a fully CFM project.

所以安迪，那是——我認為你的評估是正確的。在這種特殊情況下，考慮到工作範圍的性質，我們沒有採用 CFM。我們付出的努力與傳統項目類似，因此您可以假設服務的規模以及利潤的規模與原本會吸引 CFM 的項目非常相似。我認為您對利潤百分比的估計是正確的，因為這是一個完全的 CFM 項目。

Maybe put differently, the services margin is akin to what it would be on the services margin on a different mining project.

換言之，服務利潤率類似不同採礦項目的服務利潤率。

Okay. And then just final question for me on LNGC Phase 2. Obviously, the feed here puts you in a good position. The execution on Phase I, frankly, puts you in probably a pretty good position here for Phase 2. Obviously, going back many years now that Phase 1 was done on a largely fixed price basis through COVID and through all this, you guys have negotiated yourself to a pretty good position through all these things. So congratulations on that.

好的。然後我還有關於 LNGC 第二階段的最後一個問題。顯然，這裡的資訊會讓您處於有利位置。坦白說，第一階段的執行可能會讓您在第二階段處於相當有利的位置。顯然，回顧多年前，第一階段是透過 COVID 和所有這些事情以基本固定的價格完成的，你們已經透過所有這些事情談判達到了相當好的地位。對此我表示祝賀。

But now I think investors are going to turn their attention to what the risk profile could be and should be or might be for Phase 2? And I understand that, that contract has not been inked. And I know that just given that, that is a negotiation that has to evolve here still. But what can you tell investors about how you're thinking about that as you sit here today, what you're willing to do, recognizing the general success you had on Phase 1 and how that might be applicable to how investors should be thinking about Phase 2?

但現在我認為投資者將把注意力轉向第二階段的風險狀況可能是什麼、應該是什麼或可能是什麼？據我了解，該合約尚未簽署。我知道，有鑑於此，談判仍需繼續進行。但是，當您今天坐在這裡時，您能告訴投資者您對此有何看法，您願意做什麼，並認識到您在第一階段取得的整體成功，以及這可能如何適用於投資者對第二階段的看法？

Thank you, Andy. That's a very relevant question. I appreciate that. So absolutely, we are well positioned with our partner for Phase 2. I think our performance on Phase 1 has proven that we can deliver on a large complex project with the right execution, contractual and commercial model. I will tell you that Phase 2 will be -- will have largely lump sum elements to it, but you're right. We're having those discussions with the client right now. So I don't want to get too far ahead of myself.

謝謝你，安迪。這是一個非常相關的問題。我很感激。因此，我們與合作夥伴絕對已經為第二階段做好了準備。我認為我們在第一階段的表現已經證明，我們可以透過正確的執行、合約和商業模式完成一個大型複雜專案。我會告訴你，第二階段將主要包含一次性付款部分，但你是對的。我們現在正在與客戶進行這些討論。所以我不想走太遠。

Part of the FEED update is a negotiation of the contracts but the advantage here though, Andy, is there are so many positive learnings from Phase 1. If you look at what has transpired on Phase 1, we have a proven project delivery model, the self-perform part, the part that we relied on third-party contractors and vendors. We have established working relationships with the local unions, the First Nations, extremely important in this case, the local government community. We're going to use, to a large extent, the same subcontractors and vendors that were used in Phase 1.

FEED 更新的一部分是合約談判，但安迪，這裡的優勢在於，從第一階段可以獲得很多積極的經驗教訓。如果你看看第一階段發生的事情，我們有一個經過驗證的專案交付模型，即自我執行部分，以及我們依賴第三方承包商和供應商的部分。我們與當地工會、原住民以及當地政府社區建立了工作關係，在這種情況下，這一點極為重要。在很大程度上，我們將使用與第一階段相同的分包商和供應商。

By the way, on Phase 2, for those who are interested in engineering, 80% -- 80% of the design is replicated. So we have that design. We're tweaking it in the FEED update, but 80% is replicated. And we have extensive experience in self-performed construction in Canada. So all these ingredients -- and let me add another ingredient, we have a very collaborative, good relationship with the clients.

順便說一句，在第二階段，對於對工程感興趣的人來說，80%——80%的設計都被複製了。所以我們有這樣的設計。我們正在 FEED 更新中對其進行調整，但 80% 已被複製。且我們在加拿大擁有豐富的自行施工經驗。所有這些因素——讓我補充一點，我們與客戶之間有著非常良好的合作關係。

We put all these ingredients, we are confident that at the end of the planning period if the project gets funded and move forward, that we're going to come up with a contract that reflects those learnings has the proper allocation of responsibilities between the JV and the clients, and we're going to end up with a better contract and a better execution plan in Phase 1 in the way that we're going to be confident that Phase 2 is going to be a very successful project.

我們綜合考慮了所有這些因素，我們相信，如果項目在規劃期結束時獲得資金並向前推進，我們將簽訂一份反映這些經驗教訓的合同，在合資企業和客戶之間合理分配責任，我們將在第一階段達成更好的合同和更好的執行計劃，我們相信第二階段將是一個非常成功的項目。

Thank you.

謝謝。

Michael Dudas, Vertical Research.

邁克爾·杜達斯，垂直研究。

Jim, maybe you could share some further thoughts on the infrastructure projects. Obviously, (technical difficulty) creep into the process here. Where do we stand? I know you talked about it a lot completion, but some of the issues behind that and other projects that maybe we hadn't [seen it] (technical difficulty), guess, that wasn't mentioned, but is this -- how [ring-sensed] business as we kind of move through the planning trade over the next 6 to 12 months?

吉姆，也許您可以分享一些關於基礎設施項目的進一步想法。顯然，（技術難題）已經滲透到這個過程之中。我們的立場是什麼？我知道您已經多次談論了它的完成情況，但是這背後的一些問題以及其他我們可能沒有 [看到]（技術難度）的項目，您猜，這些都沒有提到，但是這是 - 在未來 6 到 12 個月內，當我們進行規劃交易時，[環感] 業務如何？

Yeah, I would say that we're disappointed with the results in the quarter on these 3 projects, as I said in my remarks, the impacts were caused for a variety of reasons, specifically limited to the three projects, whether it's design errors by third parties or material escalation or labor challenges. We are addressing very aggressively these issues and have taken actions both on the execution front and on the recovery from third parties.

是的，我想說我們對這三個項目本季的結果感到失望，正如我在發言中所說，造成影響的原因多種多樣，具體到這三個項目，無論是第三方的設計錯誤還是材料升級或勞動力挑戰。我們正在積極解決這些問題，並在執行方面和從第三方恢復方面採取了行動。

And yes, it is true that unfortunately, we are still experiencing some pain from projects that were bid many years ago with different pursuit principles and cover targets. But having said that, we are committed to finishing them as safely and as expeditiously as possible.

是的，不幸的是，我們仍然遭受多年前採用不同的追求原則和覆蓋目標招標的項目所帶來的痛苦。但話雖如此，我們仍致力於盡可能安全、迅速地完成它們。

Michael, we've learned valuable lessons that have shaped and will continue to shape our strategies going forward. And specifically for these three projects, as I quoted in my remarks, one of them is essentially almost done, one of them is well advanced. The other one is about 58%. So you got 97%, 78% and 58%. And we're going to be tracking them very closely to make sure we keep them within the current forecast.

邁克爾，我們吸取了寶貴的經驗教訓，這些教訓已經並將繼續影響我們未來的策略。具體到這三個項目，正如我在發言中提到的，其中一個項目基本上已經完成，另一個項目進展順利。另外一個大約是58%。所以你得到了 97%、78% 和 58%。我們將密切追蹤它們，以確保它們符合當前的預測。

Yeah. Mike, I just might add too that the current results reflect the probable recoveries and the possible recoveries are substantially larger than we embedded into the project forecast. And so just as we did earlier this decade across Gordie and across LAX, where things haven't been or we're going to fight real hard to reach an accretable outcome on those things as well. So the story here is not done from an upside perspective. And just as we've done before, we'll continue to ply away at that.

是的。麥克，我還要補充一點，目前的結果反映了可能的復甦，而可能的復甦遠大於我們在專案預測中嵌入的復甦。因此，就像我們本世紀初在戈迪和洛杉磯國際機場所做的那樣，在那些事情尚未解決的地方，我們將竭盡全力爭取在這些事情上取得可累積的成果。所以這裡的故事並不是從正面的角度來講述的。正如我們以前所做的那樣，我們將繼續努力。

I appreciate that. Jim, as you assess the second half of the year, maybe into 2026, can you share like how relative to a normalized level on project performance and executing against the margin? How that's been saved to these three projects in the Mexican project. And that maybe success relative to the deferrals from some clients, do you expect that could lead a bit more into 2026 as some of these issues have to sort through.

我很感激。吉姆，當您評估今年下半年，也許到 2026 年時，您能否分享一下相對於專案績效和利潤執行的正常化程度如何？如何將其保存到墨西哥項目中的這三個項目中。相對於一些客戶的延期付款，這也許是成功的，您是否認為這可能會導致 2026 年出現更多問題，因為其中一些問題必須解決。

Michael, so the project performance outside of the three infrastructure projects and the slowdown in Mexico is going very well. We had -- as I think we alluded to earlier, there's some reimbursable work that is just burning a little bit slower than initially anticipated, but that's just a pace issue. It's not a performance issue. And we had the [sawtooth] due to the additional backlog adjustments. But I would say that by and large, the rest of the portfolio is doing very well, in some cases, exceeding initial expectations.

邁克爾，除了三個基礎設施項目和墨西哥經濟放緩之外，其他項目的表現都很好。我們有——我想我們之前提到過，有些可報銷的工作進展比最初預期的要慢一點，但這只是一個速度問題。這不是一個效能問題。由於額外的積壓調整，我們出現了[鋸齒狀]。但我想說，總體而言，投資組合中的其餘部分錶現非常好，在某些情況下，甚至超出了最初的預期。

And as far as the outlook for this rest of the year and next year, Michael, I think it just depends on whether the economic environment settles down. I think some of the prospects we're pursuing have a high certainty of going forward regardless. But in other cases, clients really need that certainty.

至於今年剩餘時間和明年的前景，邁克爾，我認為這取決於經濟環境是否穩定下來。我認為，無論如何，我們所追求的一些前景都具有很高的確定性。但在其他情況下，客戶確實需要這種確定性。

And I think if you look at some of the commodities that may be affected by tariffs, whether it's steel or copper, even rebar that's tied to the steel market, piping, electrical equipment that comes from overseas. These are pretty significant inputs to projects and clients are looking for certainty on cost and on origin of supply.

我認為，如果你看看一些可能受到關稅影響的商品，無論是鋼鐵還是銅，甚至是與鋼鐵市場相關的鋼筋、管道、來自海外的電氣設備。這些都是對專案相當重要的投入，客戶正在尋求成本和供應來源的確定性。

And so I think we do need to see the market settle down a little bit and have some further clarity to be able to properly predict when exactly those projects are going to start taking off.

因此，我認為我們確實需要看到市場稍微穩定下來，並有進一步的清晰度，以便能夠正確預測這些項目何時會開始起飛。

Thank you.

謝謝。

Judah Aronovitz, UBS.

瑞銀的 Judah Aronovitz。

Just wanted to ask about the long-term target, the 10% to 15% EBITDA CAGR. With the reduction in guidance for '25, I guess how are you thinking about that target, now implies a pretty big acceleration. So is it fair to say that we're trending towards the lower end? And if not, what gives you confidence in reacceleration.

只是想問長期目標，也就是 10% 到 15% 的 EBITDA CAGR。隨著 25 年指導的減少，我想您如何看待這個目標，現在意味著相當大的加速。那麼，我們可以說我們正趨向於低端嗎？如果沒有，是什麼讓您對重新加速充滿信心？

Thanks, Judah, for the question. So we feel pretty good about our strategy, Judah. If you go back to what we presented in April at Investor Day, those same markets are poised to do a lot of growth to experience a lot of growth in the coming years in the planning cycle. Yes, we're seeing a greater extent of hesitation today than we would have predicted two or three months ago. We're hopeful that, that hesitation is short term. and that the clarity will take place, and therefore, the decisions for investments will accelerate as the economy here is doing well.

謝謝 Judah 提出這個問題。所以我們對我們的策略感到非常滿意，猶大。如果回顧我們四月在投資者日上提出的內容，你會發現這些市場在未來幾年的規劃週期中將大幅成長。是的，今天我們看到的猶豫程度比我們兩三個月前預測的還要大。我們希望，這種猶豫只是暫時的，情況將會明朗，因此，隨著當地經濟的良好發展，投資決策將會加速。

In general, the world economy is progressing in a positive manner. You see the build recently enacted here that has some very targeted and strong policy endorsements around certain industries where we feel strongly we can play a big role. Europe, it's starting to show some level of increased economic activity.

整體來看，世界經濟持續呈現積極向好態勢。您可以看到，我們最近頒布的法案針對某些行業制定了一些非常有針對性和強有力的政策支持，我們強烈認為我們可以在這些行業中發揮重要作用。歐洲開始顯示出一定程度的經濟活動成長。

In Mexico, Judah, Mexico had elections late last year. it's very normal that in the initial cycle of the Mexican presidential six-year term, the initial cycle is a little slow and then the country starts picking up. And we -- as you know, we have a presence in Mexico, we've been very successful there in the past.

在墨西哥，猶大，墨西哥在去年年底舉行了選舉。在墨西哥總統六年任期的初始週期中，初始週期有些緩慢，然後國家開始回升，這是很正常的。而且正如你所知，我們在墨西哥有業務，過去我們在那裡非常成功。

So if you add up all these ingredients, I think we feel pretty good about the strategy and the long-term objectives of the four-year planning cycle. We just need some short-term clarity so that this distraction and this uncertainty at least gets reduced, I don't know if it's going to be eliminated completely, but at least significantly reduce so that we can see some decisions going forward.

因此，如果把所有這些因素加在一起，我認為我們對四年規劃週期的策略和長期目標感到非常滿意。我們只是需要一些短期的清晰度，以便至少減少這種幹擾和不確定性，我不知道它是否會被完全消除，但至少會顯著減少，以便我們可以看到一些未來的決定。

Yeah, I definitely think that the one big beautiful bill should create some tailwinds domestically, and it's in all the markets that we're playing with, playing in and Jim covered them in his prepared remarks. You just basically go down the line where we operate. So I think from a strategy perspective and across the planning cycle, I don't see a need to pivot at this point. And I think as the trade policy settles, as our customers are better able to assess their end markets, I think we're going to have a lot more clarity in the coming quarters.

是的，我確實認為這項美麗的大法案應該會在國內創造一些順風，而且它會影響到我們正在參與的所有市場，吉姆在準備好的發言中已經談到了這些。您基本上只要沿著我們經營的路線走就可以了。因此我認為從策略角度和整個規劃週期來看，目前還沒有必要進行調整。我認為，隨著貿易政策的穩定，隨著我們的客戶能夠更好地評估他們的終端市場，我認為我們在未來幾季將會有更加清晰的認識。

Okay. And are you already having conversations kind of around the bill? And yeah, I mean, how are customers thinking about prospects maybe across copper, domestic, mining, manufacturing, pharma, life sciences. Are you hearing that from customers already?

好的。你們是否已經開始討論該法案了？是的，我的意思是，客戶如何看待銅、國內、採礦、製造、製藥、生命科學等領域的前景。您已經從客戶那裡聽到這個消息了嗎？

Judah, it's -- we are hearing it's a little early. I mean the bill was just passed a few weeks ago. These things take time. But even before the build, we were already talking to these customers. So I don't want to give you the impression that just after the bill, we started to talk to new customers. I mean if you look at rare earth in the US, we have relationships with clients that are working in that space. If you look at copper in the US, we have a long-standing relationship and have a lot of project work under our belt, a very successful project for domestically and internationally, with the largest copper producer in the US.

猶大，我們聽說這有點早。我的意思是該法案幾週前剛剛通過。這些事情需要時間。但甚至在建造之前，我們就已經在與這些客戶交談了。所以我不想給你們留下這樣的印象：我們剛收到帳單就開始與新客戶交談。我的意思是，如果你看看美國的稀土，我們與在該領域工作的客戶有關係。如果你看美國的銅，你會發現我們與美國最大的銅生產商有著長期的合作關係，並且已經完成了許多項目，這些項目在國內和國際上都非常成功。

Obviously, you know we're doing a very large life sciences projects, so we have a strong resume there. And so yes, our existing clients will benefit from the bill and those incentives and favorable conditions. I just think it's not about flipping the switch and it happens overnight. I think it takes a little bit of time.

顯然，您知道我們正在進行非常大的生命科學項目，因此我們在這方面擁有強大的履歷。是的，我們現有的客戶將從該法案以及這些激勵措施和優惠條件中受益。我只是認為這不是一下子就能實現的，而是一夕之間就能實現的。我認為這需要一點時間。

And it's helpful to the industries that specifically get called out in the bill but more generally, things like more ability to deduct interest, R&D expenditure deductions and modus depreciation are kind of agnostic as to industries but they all feed into feeding the machine from a capital investment perspective. And so we think that's going to be in that positive in the quarters to come.

這對法案中特別提到的行業很有幫助，但更普遍的是，諸如更多的利息扣除能力、研發支出扣除和折舊方式等對於行業來說有點不可知，但從資本投資的角度來看，它們都為機器提供了動力。因此我們認為未來幾季這將是正面的表現。

Okay. Fair enough. And then just a clarification question on the LNG, the change order, it sounds like maybe it won't impact margin, but what about the cash flow? I don't know if I heard that right.

好的。很公平。然後只是關於液化天然氣、變更單的一個澄清問題，聽起來它可能不會影響利潤，但現金流呢？我不知道我是否聽對了。

Yeah. No, that's exactly what I was intimating in the prepared remarks. So the JV structure there creates a little additional nuance. So the JV itself needs to collect the money attendant to the amendment and then subsequently make dividends. So as pertains to Fluor, the operating cash flow will come to us when the dividends are made. So the JV collecting it is an important first step and they should have additional clarity by virtue of the amendments.

是的。不，這正是我在準備好的發言中所暗示的內容。因此，那裡的合資企業結構創造了一些額外的細微差別。因此，合資企業本身需要收取修訂帶來的資金，然後再支付股息。因此，就 Fluor 而言，當支付股利時，經營現金流就會流向我們。因此，合資企業收取稅款是重要的第一步，他們應該根據修訂內容獲得進一步的明確。

That concludes our question-and-answer session. I will now turn the call back over to Jim Breuer for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給吉姆·布魯爾 (Jim Breuer) 作結束語。

Thank you, operator, and many thanks to all of you for participating in our call today. We appreciate your interest in Fluor, and thank you again for your time.

謝謝接線員，也非常感謝大家今天參加我們的電話會議。我們感謝您對 Fluor 的關注，並再次感謝您抽出時間。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。