Fluor Corp (FLR) 2025 Q3 法說會逐字稿

Good morning and welcome to Fluor's third 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 seven days through a registration link also accessible on Fluor's website at investor.fluor.com.

早安，歡迎參加福陸公司2025年第三季財報電話會議。今天的通話將會被錄音。（操作說明）今天電話會議的錄音回放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。網路回放將保留30天。電話錄音回放也將在七天內提供，可透過 Fluor 公司網站 investor.fluor.com 上的註冊連結取得。

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，我謹將電話轉交給投資人關係副總裁傑森‧蘭德卡默，請他致開幕詞。請繼續，蘭德卡默先生。

Thanks, Ian. Good morning, everyone, and welcome to Fluor's 2025 third quarter earnings call. Jim Breuer, Fluor's Chief Executive Officer; and John Regan, Fluor's Chief Financial Officer, are both with us today. Fluor issued its third quarter earnings release earlier this morning, and a slide presentation is posted on our website that we will reference while making prepared remarks.

謝謝你，伊恩。各位早安，歡迎參加福陸公司2025年第三季財報電話會議。Fluor公司執行長Jim Breuer和財務長John Regan今天都來到了現場。Fluor公司今天早上稍早發布了第三季財報，相關投影片簡報已發佈在我們的網站上，我們將在發言時參考簡報。

Before getting started, I would like to refer you to our Safe Harbor note regarding forward-looking statements, which are summarized on slide 2. During today's presentation, we'll be making forward-looking statements which reflect our current analysis of existing trends and information. There is an inherent risk that actual results and experience could differ materially.

在開始之前，我想請您參閱我們關於前瞻性陳述的「安全港」聲明，該聲明已在第 2 頁進行了總結。在今天的演講中，我們將發表一些前瞻性聲明，這些聲明反映了我們目前對現有趨勢和資訊的分析。實際結果與經驗可能有重大差異，這其中存在固有的風險。

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.

您可以在我們的 2024 年 10-K 表格和今天早些時候提交的 10-Q 表格中找到有關可能導致這些差異的風險因素的討論。

During the call, we will discuss certain non-GAAP financial measures. Reconciliations of these amounts to the comparable GAAP measures are reflected in our earnings release and posted in the investor relations section of our website at investor.fluor.com.

在電話會議中，我們將討論一些非GAAP財務指標。這些金額與相應的 GAAP 指標的調整已反映在我們的獲利報告中，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 CEO. Jim?

接下來，我將把電話交給福陸公司執行長吉姆布魯爾。吉姆？

Thank you, Jason, and good morning, everyone. Thank you for joining us today. Please do (technical difficulty). To start, I'd like to comment on our very successful long-term investment in NuScale. I'm pleased to say that we've reached a major milestone with this investment since we pivoted earlier this year away from a strategic investor to a market-focused solution.

謝謝你，傑森，大家早安。感謝您今天蒞臨。請這樣做（技術難題）首先，我想談談我們對 NuScale 非常成功的長期投資。我很高興地宣布，自今年稍早我們從策略投資者轉型為以市場為中心的解決方案以來，我們在這項投資方面已經取得了重大里程碑式的進展。

Working with NuScale management and Board, we announced yesterday the conversion of our remaining investment into Class A shares. We will begin monetizing these shares in an orderly way starting next week and expect to complete this process in the second quarter of 2026. This accomplishment is a result of negotiations with NuScale over the past several quarters.

昨天，我們與 NuScale 管理層和董事會合作，宣布將我們剩餘的投資轉換為 A 類股份。我們將從下週開始有條不紊地將這些股份變現，預計將於 2026 年第二季完成這項程序。這項成果是過去幾季與 NuScale 進行談判的結果。

Our monetization plan ensures we can have line of sight to deliver the significant value of this investment to Fluor's shareholders, while also considering NuScale's own capital raising needs. John will provide details about Fluor's capital allocation plans in a moment.

我們的變現計畫確保我們能夠清楚地看到這項投資為 Fluor 的股東帶來的巨大價值，同時也考慮到 NuScale 本身的融資需求。約翰稍後將詳細介紹福陸公司的資本配置計畫。

Furthermore, this milestone accelerates our broader strategic journey, where we have moved successfully to an asset-like model with a majority reimbursable backlog, creating a strong foundation to fuel long-term growth.

此外，這一里程碑加速了我們更廣泛的策略轉型，我們已成功轉型為類似資產的模式，其中大部分積壓訂單可獲得補償，從而為長期成長奠定了堅實的基礎。

Now, let's turn to our operating review, beginning on slide 4. Revenue for the third quarter was $3.4 billion which includes a $653 million revenue reversal in energy solutions related to the Santos litigation. Consolidated new awards for the third quarter were $3.3 billion, a 99% reimbursable. In addition to these awards, we recognize nearly $800 million in positive backlog adjustments, which keeps our total backlog around $28 billion, of which 82% is reimbursable.

現在，讓我們進入營運回顧環節，從第 4 張投影片開始。第三季營收為 34 億美元，其中包括與 Santos 訴訟相關的能源解決方案 6.53 億美元收入衝回。第三季新增撥款總額為 33 億美元，其中 99% 可報銷。除了這些獎勵之外，我們還確認了近 8 億美元的積極積壓訂單調整，這使得我們的積壓訂單總額保持在 280 億美元左右，其中 82% 是可報銷的。

Moving to our business segments. Please turn to slide 6. We Urban Solutions reported profit of $61 million in the third quarter. Results in this segment reflect a ramp-up of recently awarded projects in ATLS and in Mining and Metals. New awards for the quarter totaled $1.8 billion, a significant increase from $828 million in the same period last year.

接下來進入我們的業務板塊部分。請翻到第6張投影片。We Urban Solutions公司第三季獲利6,100萬美元。該部分的表現反映了近期在ATLS和礦業金屬領域中標項目的加速成長。本季新增獎金總額達 18 億美元，較去年同期的 8.28 億美元大幅成長。

Awards for the quarter included incremental bookings for two projects, a copper mining project in Canada in a life sciences project in the United States. We were also awarded a front-end engineering and design services contract for MP Materials as they built a new rare earth magnet manufacturing facility in Texas.

本季獲得的獎勵包括兩個項目的新增訂單，一個是加拿大的銅礦開採項目，另一個是美國的生命科學項目。我們還獲得了 MP Materials 的前端工程設計服務合同，該公司在德克薩斯州建造了一座新的稀土磁鐵製造廠。

These awards reflect our exposure to growth markets and highlight our leadership in professional and technical solutions supported by our global engineering and construction expertise. Ending backlog now at $20.5 billion represents 73% of Fluor's total backlog.

這些獎項反映了我們對成長型市場的掌握，並突顯了我們在專業和技術解決方案方面的領先地位，而這得益於我們全球工程和建築方面的專業知識。截至目前，Fluor公司積壓訂單總額為205億美元，占公司總積壓訂單的73%。

Now please turn to slide 7. In infrastructure, we continue to make solid progress on the four remaining loss projects. At Gordie Howe, we anticipate completing all construction required to open for traffic in Q4 or early next year. On the LAX People Mover, construction activities will be largely complete and positioned for operation in early '26. The 635/LBJ project will reach substantial completion in Q2 of 2026. And on the I-35 E Phase 2 project, most of the major construction activities will be nearing completion in late '26.

現在請翻到第7張投影片。在基礎設施建設方面，我們繼續在剩餘的四個虧損項目上取得穩步進展。在戈迪·豪，我們預計將在第四季或明年年初完成所有必要的建設工作，並開放交通。洛杉磯國際機場旅客捷運系統的建設活動將基本完成，並於 2026 年初投入營運。635/LBJ 專案將於 2026 年第二季基本完工。I-35 E 二期工程的大部分主要建設活動將於 2026 年底接近完成。

On many of these projects, we continue to pursue cost recoveries and change orders from clients and subcontractors. While we ultimately expect to be successful in these recoveries, in many cases, these efforts materialize on an extended time line. One proof point for this is a favorable negotiation result in the third quarter on an infrastructure project that we completed in 2019.

在許多此類項目中，我們繼續向客戶和分包商追討成本和變更訂單。雖然我們最終期望這些恢復工作能夠成功，但在許多情況下，這些努力需要較長的時間才能實現。這方面的一個例證是，我們在2019年完成的一個基礎設施項目上，於第三季取得了有利的談判結果。

Please turn to slide 8. For the next few quarters, we remain very excited about the opportunities in the urban solution space. In Mining and Metals, we continue to engage clients developing copper, rare earth and critical minerals as well as aluminum and green steel. In Life Sciences, we anticipate a Q4 award for a pharmaceutical facility with the new clients.

請翻到第8張幻燈片。在接下來的幾個季度裡，我們仍然對城市解決方案領域的機會感到非常興奮。在礦業和金屬領域，我們繼續與客戶合作開發銅、稀土和關鍵礦物以及鋁和綠色鋼鐵。在生命科學領域，我們預計第四季將獲得一家製藥廠的新客戶合約。

In data centers, we're looking to translate our success in India and in Europe to North America. While many clients are asking for terms and conditions that don't align with our pursuit principles, we are confident in the value that we provide for the more complex programs, including hyperscalers.

在資料中心領域，我們希望將我們在印度和歐洲的成功經驗複製到北美。雖然許多客戶提出的條款和條件與我們的經營原則不符，但我們對我們為更複雜的專案（包括超大規模資料中心）提供的價值充滿信心。

Moving to Energy Solutions. Please turn to slide 9. For the quarter, Energy Solutions reported a segment loss of $533 million compared to a profit of $50 million a year ago. Results reflect a $653 million court ruling that we had previously announced in August. This was on the long completed reimbursable Santos project in Australia. John will provide further details in his comments.

轉向能源解決方案。請翻到第9頁投影片。本季度，能源解決方案部門虧損 5.33 億美元，去年同期獲利 5,000 萬美元。結果反映了我們先前在 8 月宣布的 6.53 億美元的法院裁決。這是在澳洲早已完工的桑托斯可償付項目上發生的。約翰將在評論中提供更多細節。

New awards and energy for the quarter totaled $222 million, mostly in services. If you'll recall last quarter, we rebaseline our full year expectations for our joint venture in Mexico and slowed down our execution activities pending payment from a client. I am pleased to report that the client has made significant payments during the quarter and again in October. This enabled us to begin a controlled ramp-up of our execution activities.

本季新增獎勵和能源總額達 2.22 億美元，其中大部分為服務業。如果你還記得上個季度的情況，我們重新調整了對墨西哥合資企業的全年預期，並放緩了執行活動，等待客戶付款。我很高興地報告，客戶在本季和 10 月都支付了相當可觀的款項。這使我們能夠有控制地逐步擴大執行活動。

Turning to slide 10. Last week at LNG Canada, we achieved RFSU on Train 2, and all systems have been handed over to the client. Our team is now focused on the remaining punch list items. This marks our final progress update. I want to congratulate the entire team and all workers for their dedication and hard work.

翻到第10張投影片。上週，我們在加拿大液化天然氣公司完成了 2 號生產線的 RFSU，所有系統都已交付給客戶。我們的團隊現在正專注於處理剩餘的待辦事項。這是我們的最後一次進度報告。我要祝賀整個團隊和所有員工的奉獻和辛勤工作。

This project will be remembered as one of the largest and most complex projects in Fluor's history and its success is a testament to our global capabilities, even in remote or difficult locations. Our work with the client continues as we update the fee package and estimate for a potential Phase 2 expansion.

該項目將被銘記為福陸歷史上規模最大、最複雜的項目之一，其成功證明了我們在全球範圍內的能力，即使在偏遠或條件艱苦的地區。我們與客戶的合作仍在繼續，我們將更新費用方案並估算潛在的第二階段擴展計劃。

Please turn to slide 11. Trade and policy uncertainty, oversupply of chemicals and defunding of energy transition have caused delays in our clients' FIDs and have impacted 2025 new awards. We're staying close to our clients by performing front-end work and remain encouraged by their commitment to traditional oil and gas. Most new awards in 2026 will be weighted towards the second half of the year.

請翻到第11頁。貿易和政策的不確定性、化學品供應過剩以及能源轉型資金的減少，導致我們客戶的最終投資決定 (FID) 延遲，並影響了 2025 年的新合約授予。我們透過進行前期工作與客戶保持緊密聯繫，他們對傳統石油和天然氣產業的投入也讓我們倍感鼓舞。2026 年的大部分新獎項將集中在下半年頒發。

Now with regards to growth opportunities, we're accelerating our efforts in the power market, given the increased need for power generation. Currently, we're active on the RoPower and Cernavodă projects in Romania. We're also executing a gas-fueled power plant in Indonesia and pursuing a number of opportunities in the US and internationally particularly where we have an operational footprint. We're also tracking short-term midsized opportunities in chemicals and in upstream.

就成長機會而言，鑑於發電需求不斷增長，我們正在加快在電力市場的投入。目前，我們正在羅馬尼亞積極參與 RoPower 和 CernavodÄ 計畫。我們也在印尼建造一座燃氣發電廠，並在美國和國際上尋求許多機會，尤其是在我們已經開展業務的地區。我們也關注化工和上游領域的短期中型投資機會。

Moving on to slide 12. Mission Solutions reported a segment profit of $34 million for the third quarter compared to $45 million a year ago. During the quarter, Mission Solutions continued to deliver solid performance across its portfolio of projects. However, third quarter results reflect allowances for certain questions and disputed costs on a defense support project. This was mostly offset by additional revenue recognized in connection with a favorable judgment on a long completed weapons project.

接下來是第12張投影片。Mission Solutions 第三季部門利潤為 3,400 萬美元，而去年同期為 4,500 萬美元。本季度，Mission Solutions 在其所有專案組合中繼續保持穩健的業績。然而，第三季業績已考慮了國防支援項目中的某些問題和有爭議的費用。這部分損失主要被一項早已完工的武器計畫勝訴判決所帶來的額外收入所抵銷。

New awards totaled $1.3 billion, compared to $274 million a year ago. This includes a $1.1 billion six-year contract for the DOE, which extends our presence on the Portsmouth project in Ohio. We also received a final extension for work at the strategic petroleum reserve, and we're also awarded a position under a contract for the Defense Threat Reduction Agency. This award provides the opportunity to compete for task orders with a combined value of up to $3.5 billion over 10 years.

新增獎勵總額達13億美元，而一年前僅2.74億美元。其中包括一份價值 11 億美元的六年期能源部合同，該合約擴大了我們在俄亥俄州朴茨茅斯計畫的參與範圍。我們還獲得了戰略石油儲備工作的最終延期，並且我們還根據一份合約獲得了國防威脅降低局的一個職位。該獎項提供了競爭機會，可以獲得總價值高達 35 億美元的 10 年期任務訂單。

On our project at Tinian Island, the stop work order has lifted, and we are ramping up operations. As we look ahead to the fourth quarter and the first part of 2026, prospects include work on the strategic range services contract for the Air Force additional work to support the intelligence community and work for the National Cancer Institute. We also anticipate hearing on a small but strategic ACAS-related award with our partner in Australia.

我們在提尼安島的專案停工令已經解除，我們正在逐步恢復營運。展望第四季和 2026 年上半年，前景包括為美國空軍提供戰略靶場服務合約、為情報界提供支援以及為國家癌症研究所工作。我們也預計將與我們在澳洲的合作夥伴就一項規模雖小但具有戰略意義的 ACAS 相關裁決進行磋商。

On the nuclear enrichment front, Fluor is well positioned on four prospects. We anticipate that over the next two quarters, DOE will announce grant awards to allow our clients to effectively move forward. The above opportunities and Fluor's current portfolio of projects could shift based on any further impacts related to the government shutdown.

在核濃縮領域，福陸公司在四個前景廣闊的項目上佔據了有利地位。我們預計，在接下來的兩個季度裡，美國能源部將宣布撥款，以便我們的客戶能夠有效地推進專案。上述機會和福陸目前的項目組合可能會因政府停擺帶來的任何進一步影響而改變。

Before I turn the call over to John, I want to provide an update on the business environment and how that aligns with our four-year strategic plan. Please turn to slide 13. During our strategic update in April, we set clear targets for the management team to achieve throughout the grow and execute phase of our strategy.

在將電話交給約翰之前，我想先介紹一下當前的商業環境以及它與我們的四年戰略計劃的契合情況。請翻到第13頁。在四月份的策略更新中，我們為管理團隊設定了明確的目標，要求他們在策略的成長和執行階段實現這些目標。

So far, in 2025, we have strengthened financial discipline, making significant progress in maintaining a robust capital structure while returning substantial capital to shareholders. This has been supported by our core business performance and will be enhanced by the monetization of NuScale.

截至目前，在 2025 年，我們加強了財務紀律，在保持穩健的資本結構的同時，向股東返還了大量資本，取得了顯著進展。我們的核心業務表現為此提供了支持，而 NuScale 的商業化將進一步增強這一優勢。

We have continued to pursue fair and balanced contract terms with a majority of reimbursable backlog. And when we take on fixed-price projects, we do so in areas where we have a distinct competitive advantage and without overburdening our backlog mix. And we have remained focused on project delivery, consistently executing at or above the as sold gross margin.

我們一直致力於爭取公平合理的合約條款，並確保大部分積壓訂單都能獲得補償。當我們承接固定價格項目時，我們會選擇我們具有明顯競爭優勢的領域，並且不會使我們的積壓項目過多。我們始終專注於專案交付，並持續保持或超過銷售毛利率。

Now while we're pleased with our strategic progress, External factors resulted in award delays, which means that our backlog remains level at $28 billion. These delays have put pressure on our EBITDA growth rate -- we still anticipate approaching $90 billion in new awards over the four-year planning cycle ended in 2028. But most of these awards will be concentrated in 2026 to 2028.

雖然我們對自身的策略進展感到滿意，但外部因素導致專案授予延遲，這意味著我們的積壓訂單仍維持在 280 億美元。這些延誤給我們的 EBITDA 成長率帶來了壓力——我們仍然預計在截至 2028 年的四年規劃週期內，新授予的合約金額將接近 900 億美元。但這些獎項大多將集中在 2026 年至 2028 年頒發。

With EBIT from these contracts coming in, in 2027 to 2029. Based on our current discussions with clients, these deferrals and cancellations are causing a roughly 4 quarter shift in EBIT delivery. To mitigate this, we've accelerated our plans to lean into markets where we can capture opportunities on a short to medium term. This includes deploying additional teams into mining and metals, power Advanced Technologies and LNG.

這些合約帶來的息稅前利潤將在 2027 年至 2029 年陸續到帳。根據我們目前與客戶的討論，這些延期和取消將導致 EBIT 交付時間推遲約 4 個季度。為了緩解這種情況，我們加快了進軍短期至中期市場、抓住機會的計畫。這包括向採礦和金屬、電力先進技術和液化天然氣領域增派團隊。

As a leading EPC firm, we are one of a few with high demand capabilities that include project execution leadership complex engineering acumen, robust supply chain and construction expertise. We can deliver projects that support global GDP growth and are confident in our ability to win work that meets our pursuit criteria.

作為一家領先的EPC公司，我們是少數幾家擁有高需求能力的公司之一，這些能力包括專案執行領導力、複雜的工程敏銳度、強大的供應鏈和施工專業知識。我們能夠交付支援全球 GDP 成長的項目，並且我們有信心贏得符合我們競標標準的項目。

We see tremendous potential in our end markets. And with an asset-light model, and a flexible workforce, we intend to take advantage of our ability to pivot our key execution resources across the organization into areas where we have a clear and distinct advantage.

我們看到了終端市場的巨大潛力。憑藉著輕資產模式和靈活的員工隊伍，我們打算利用自身能力，將關鍵執行資源在整個組織內靈活調配到我們具有明顯優勢的領域。

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

那麼，現在我將把電話交給約翰，讓他為大家帶來最新的財務報告。約翰？

Thanks, Jim, and good morning, everyone. Today, I'll be going over third quarter results and sharing our view on financial guidance for the full year, plus the details on our ongoing capital allocation plan.

謝謝你，吉姆，大家早安。今天，我將回顧第三季業績，分享我們對全年財務指引的看法，以及我們正在進行的資本配置計畫的細節。

Please turn to slide 15. Our GAAP results notably reflect four items: one, fund the $653 million charge related to Santos, which because it's custom customer-related was recorded as a reduction to revenue in establishing the liability; two, a $400 million mark-to-market loss related to our investment in NuScale. But with the related tax benefit of $230 million, more on the tax effects later.

請翻到第15頁。我們的 GAAP 結果顯著反映了四項內容：第一，為與 Santos 相關的 6.53 億美元費用提供資金，由於該費用與定制客戶相關，因此在確定負債時計入收入減少；第二，與我們對 NuScale 的投資相關的 4 億美元按市值計價損失。但隨之而來的是 2.3 億美元的稅收優惠，關於稅收影響，我們稍後再詳細討論。

Three, a net charge of $13 million for additional infrastructure items; and four, anomalous tax outcomes wherein the Santos charge was not tax benefited, but the NuScale conversion yielded $125 million release of valuation allowances with no corresponding book income.

第三，淨支出 1300 萬美元用於額外的基礎設施項目；第四，異常的稅務結果，其中 Santos 支出沒有獲得稅收優惠，但 NuScale 轉換產生了 1.25 億美元的估值準備金釋放，卻沒有相應的賬面收入。

For Q3, our 10-Q reflects a consolidated segment loss of $439 million, impacted by many of those same enumerated items. When you remove the effects of the charge for Santos, results for the quarter trended well above our expectations. Adjusted EBITDA for Q3 was $161 million compared to $124 million a year ago.

第三季度，我們的 10-Q 報告顯示，合併後的部門虧損為 4.39 億美元，受到上述許多因素的影響。如果剔除桑托斯的收購費用，該季度的業績遠超我們的預期。第三季調整後 EBITDA 為 1.61 億美元，去年同期為 1.24 億美元。

Our adjusted EPS of $0.68 compared to $0.51 in 2024. Adjusted results exclude the mark-to-market effect of our investment in NuScale, the charge for the Santos legal ruling, customary FX impacts and notably for this quarter, the favorable judgments and settlements on two long completed projects.

我們調整後的每股收益為 0.68 美元，而 2024 年為 0.51 美元。調整後的結果不包括我們對 NuScale 的投資的市值影響、Santos 法律裁決的費用、慣常的外匯影響，尤其不包括本季度兩個早已完工的項目的有利判決和和解。

G&A for the quarter was $43 million, up from $37 million reported a year ago. Results actually reflected a reduction of G&A year-over-year when you set aside $12 million in restructuring costs included in the '25 figures. Some of that is the result of our share price reducing from $52 to $41 during the quarter and the related impact on stock-based comp.

本季一般及行政費用為 4,300 萬美元，高於去年同期的 3,700 萬美元。如果扣除 2025 年資料中包含的 1,200 萬美元重組成本，實際結果反映出一般及行政費用較去年同期下降。部分原因是由於本季我們的股價從 52 美元跌至 41 美元，以及由此對股票選擇權激勵計畫造成的相應影響。

Net interest income in Q3 was slightly lower than last quarter at $13 million and compares to $37 million a year ago. This reduction results from less cash on hand at a large JV project nearing handover and to a lesser extent, by lower prevailing interest rates.

第三季淨利息收入略低於上一季度，為 1,300 萬美元，而去年同期為 3,700 萬美元。這一減少是由於大型合資項目臨近交付時現金儲備減少，其次是由於現行利率下降。

Moving to slide 16. As Jim mentioned, we've seen marked improvement from last quarter in Mexico, where we scaled down execution activities for much of Q2 in the face of liquidity constraints related to unpaid AR. Since then, we've seen significant cash receipts, including JV level collections of $800 million in Q3 plus $300 million more in October.

切換到第16張投影片。正如吉姆所提到的，我們在墨西哥的情況比上個季度有了顯著改善。由於與未付應收帳款相關的流動性限制，我們在第二季的大部分時間縮減了執行活動。自那以後，我們看到了大量的現金收入，包括第三季合資企業層級的 8 億美元收入，以及 10 月的 3 億美元收入。

On a consolidated basis, we ended the quarter with $2.8 billion of cash and marketable securities up $0.5 billion from June 30. This included over $400 million in net proceeds from NuScale shares sold during the quarter. Not reflected in our Q3 numbers, or an additional $190 million in NuScale proceeds from October.

以合併基準計算，本季末我們持有現金及有價證券28億美元，比6月30日增加了5億美元。這其中包括本季出售 NuScale 股票獲得的超過 4 億美元的淨收益。未反映在我們的第三季數據中，也未反映 NuScale 從 10 月獲得的額外 1.9 億美元收益。

This initial 15 million share conversion and sale created no meaningful tax liability, cash tax liability due to the tax attributes we've talked about over the last several quarters. After this conversion, we have consumed most but not all of the attributes that we began the quarter with. That means the upcoming conversion will have the same but not complete tax shielding.

由於我們在過去幾季討論過的稅務屬性，最初的 1500 萬股轉換和出售沒有產生任何實質性的稅務責任，也沒有產生現金稅務責任。經過這次轉換，我們已經消耗了本季初的大部分屬性，但並非全部。這意味著即將進行的轉換將具有相同但不完全的避稅效果。

As guided, operating cash flow for the quarter was strong at $286 million. This was driven by reduced working capital on several large projects as well as distributions from a large energy solutions joint venture because our JV in Mexico is recognized under the equity method, the robust collections there have not yet impacted our balance sheet cash or our operating cash flow results.

如預期，本季經營現金流強勁，達到 2.86 億美元。這主要是由於幾個大型項目的營運資金減少，以及來自一家大型能源解決方案合資企業的分配，因為我們在墨西哥的合資企業採用權益法確認，那裡強勁的收款尚未對我們的資產負債表現金或經營現金流結果產生影響。

For the fourth quarter, we expect to send payment to Santos to enable the appeal process as is customary in Australia. The estimated payment will include several items which we can only currently estimate, including contributions from our insurance providers, interest on the ruling and legal fees. We continue to make progress with our carriers regarding their financial support for both the appeal payment and for the legal costs associated with the appeal. We'll update the markets once we finalize this and remit the funds.

第四季度，我們預計將向桑托斯支付款項，以啟動上訴程序，這在澳洲是慣例。預計的付款金額將包括我們目前只能估算的幾項項目，包括保險公司的賠償、判決的利息和律師費。我們與營運商就上訴費用和與上訴相關的法律費用的財務支援方面繼續取得進展。一旦完成此事並匯出資金，我們將向市場更新資訊。

As an update on our legacy projects in Q3, we provided $73 million in funding. Half of which came through operating cash flow and with the remainder reflected as an investing activity. For the fourth quarter, we expect legacy funding to be in the $70 million range, 20% coming from operating cash flow. And for 2026, we anticipate around $140 million, with 50% of that coming from operating cash flow.

第三季度，我們在傳統專案方面取得了最新進展，提供了 7,300 萬美元的資金。其中一半來自經營現金流，其餘則反映為投資活動。預計第四季傳統資金將達到 7,000 萬美元左右，其中 20% 來自經營現金流。預計到 2026 年，收入將達到約 1.4 億美元，其中 50% 將來自營運現金流。

I'd also like to point out that projects in a loss position represented $642 million of our total backlog, down $200 million from last quarter, reflecting our continued march to completion for these projects.

我還想指出，虧損項目占我們總積壓訂單的 6.42 億美元，比上一季減少了 2 億美元，這反映出我們正在繼續推進這些項目的完成。

Please turn to slide 17. On the capital allocation front, we bought back 1.4 million shares in Q3, spending $70 million to do so. Since last December, we've cut our outstandings by over 11 million shares. We modified the pace of the repo in Q3 when we believe the judgment on the Santos case could occur imminently, and in our desire to preserve capital for that potential event.

請翻到第17頁。在資本配置方面，我們在第三季回購了 140 萬股股票，為此花費了 7,000 萬美元。自去年12月以來，我們已減少了超過1,100萬股流通股。第三季度，我們調整了回購交易的節奏，因為我們認為桑托斯案的判決可能很快就會出爐，並且我們希望為這一潛在事件保留資金。

Last quarter, we lowered our full share repurchase plan in consideration of our concerns around operating cash flow. Since then, cash flow generation has improved, and we've monetized the initial conversion of [SMR] we now see a path to target an additional $800 million in repurchases through the end of February.

上個季度，考慮到我們對經營現金流的擔憂，我們下調了全部股票回購計畫。從那時起，現金流產生情況有所改善，我們已經實現了 [SMR] 的初步轉換，現在我們看到了一條途徑，目標是在 2 月底之前再進行 8 億美元的回購。

That would put us on pace for total share repurchases of $1.3 billion over the 15-month period beginning December 2024. We see this $800 million as a great addition to our existing repurchase program and expect to announce additional capital allocation programs next year with the clarity of the proceeds from the upcoming conversion.

這將使我們在 2024 年 12 月開始的 15 個月內實現 13 億美元的股票回購總額。我們認為這 8 億美元是對我們現有回購計畫的極大補充，並預計明年在明確即將到來的轉換所得收益後，將宣布額外的資本配置計畫。

Moreover, this deployment should be a clear signal of the confidence we have in our strategy and the operating ability we have to execute against it. Regarding our NuScale investment, I want to reiterate that our conversion happens in November and funds from the sale of these shares are partially tax shielded monetization should begin next week.

此外，此次部署應該清楚地表明我們對自身策略的信心以及我們執行該策略的營運能力。關於我們對 NuScale 的投資，我想重申，我們的轉換將在 11 月進行，出售這些股份所得資金部分享受稅收優惠，變現應該在下週開始。

Moving to Slide 18 and the outlook. Based on the results from this quarter, we are increasing our '25 adjusted EBITDA guidance to $510 million to $540 million and our adjusted EPS guidance to $2.10 and to $2.25. Our guidance, like many of our competitors doesn't assume that the government shutdown ends relatively soon. Our expectations for operating cash flow increased and we now expect $250 million to $300 million generated for the full year, excluding the anticipated payment of Santos.

接下來是第18張投影片，展望未來。根據本季業績，我們將2025年調整後EBITDA預期上調至5.1億美元至5.4億美元，調整後每股盈餘預期上調至2.10美元至2.25美元。與許多競爭對手一樣，我們的預期並未假設政府停擺會很快結束。我們對經營現金流的預期有所提高，現在預計全年將產生 2.5 億美元至 3 億美元的現金流，不包括預計支付給 Santos 的款項。

Key assumptions and expectations for CAL '25 are shown on the slide but include a new awards outlook of $13 billion and revenue roughly flat with 2024 when excluding the Santos effect. Our expectations for segment margins in Cal or approximately 2.5% for Urban Solutions, approximately 6% for Energy Solutions when excluding the Santos effect and approximately 4.5% for Mission Solutions.

幻燈片上顯示了 CAL '25 的關鍵假設和預期，其中包括 130 億美元的新獎勵前景，以及在不考慮桑托斯效應的情況下，收入與 2024 年大致持平。我們對加州各業務部門利潤率的預期為：城市解決方案部門約為 2.5%，能源解決方案部門約為 6%（不計桑托斯效應），任務解決方案部門約為 4.5%。

With respect to income taxes, in Q4, we hope to find a better outcome on deductibility for the Santos ruling. Moreover, we note that our income tax rate for the balance of 2025 will hinge significantly on the taxes arising from the conversion of our NuScale shares later this week.

關於所得稅方面，我們希望在第四季能就桑托斯裁決的扣除問題找到更好的結果。此外，我們注意到，2025 年剩餘時間的所得稅率將很大程度上取決於本週稍後 NuScale 股份轉換所產生的稅款。

We generally expect to fully utilize the remaining tax attributes to shield some of that step up. We, of course, would have tax effects for the gain or loss on sale that could arise after conversion. While we are not prepared to give detailed guidance for 2026, I do want to echo Jim's comments that the ongoing market conditions have had a meaningful impact on our ability to capture new awards and earnings in the short to medium term. Early indications would suggest EBITDA generation will be marginally better than our guide for full year 2025.

我們通常會充分利用剩餘的稅收優惠來抵消部分稅收成長。當然，轉換後出售可能產生的收益或損失會產生稅務影響。雖然我們目前還無法提供 2026 年的詳細指導，但我確實想附和 Jim 的觀點，即當前的市場狀況對我們在中短期內獲得新合約和收益的能力產生了重大影響。初步跡象表明，2025 年全年 EBITDA 產量將略好於我們的預期。

In February, we'll provide more perspective for full year 2026 after we finalize the operating plan. And with that, Ian, we're now ready to field our first question.

2月份，我們將最終確定營運計劃，屆時將提供更多關於2026年全年的展望。伊恩，那我們現在可以回答第一個問題了。

(Operator Instructions)

（操作說明）

Jamie Cook with Truist Securities.

Jamie Cook，來自 Truist Securities。

Congratulations on NuScale. I know it's been a long time coming. Anyway, I guess just my first comment, John, you talked about 2026 and 2026 in EBITDA being marginally better than 2025. Just try -- that even could be aggressive just given what you're saying about bookings in ES being more back-end loaded in 2026. So can you just help me understand what the puts and takes are? Is it just less noise related to the problem projects? Is it Mexico, like stuff that was deferred into 2025 goes into 2026. Just trying to understand your thoughts there, and it sounds like flat to up modestly at best.

恭喜您使用 NuScale。我知道這一天已經醞釀很久了。總之，約翰，我先說一下，你提到 2026 年的 EBITDA 比 2025 年略好。試試看——考慮到你所說的 ES 的預訂量在 2026 年會更多地集中在後半段，這甚至可能有點激進。所以你能幫我理解什麼是賣出價和賣出價嗎？是不是只是與問題項目相關的噪音減少了？是不是像墨西哥那樣，原本推遲到 2025 年的事情現在推遲到 2026 年了？我只是想了解你的想法，聽起來充其量也就是持平或小幅上漲。

And then my second question, understanding you don't want to get too granular, but the margins in ES, excluding Santos was pretty good. Just trying to understand there's I know there's two factors that drove the margin outperformance if we exclude Santos. How would we think about a normalized margin in that -- in the quarter, just so we can think about that going forward? And last, on Santos, just how you're planning to fund it? Does any of the funding come from NuScale?

我的第二個問題是，我知道您不想問得太細，但是 ES 的利潤率（不包括 Santos）相當不錯。我只是想弄清楚，我知道如果排除桑托斯，有兩個因素導致了利潤率的超額收益。我們應該如何考慮季度內的正常化利潤率，以便我們今後可以考慮這個問題？最後，關於桑托斯項目，你們打算如何籌集資金？這些資金中有來自 NuScale 的嗎？

Yes. So one question 7 parts, Jamie, with respect to guidance, so with respect to 2026 guidance, yes, it's part of overall the portfolio nature of our business. So we do see significant contributions coming in growth in Urban Solutions, I'd say, particularly in the Metals and Mining space.

是的。所以，Jamie，關於指導意見，也就是 2026 年的指導意見，有一個問題，分為 7 個部分，是的，這是我們業務整體組合性質的一部分。因此，我認為，城市解決方案的成長將帶來顯著貢獻，尤其是在金屬和採礦領域。

Energy Solutions does catch a tailwind based on the resumption of work in Mexico. So that will normalize in 2026 to kind of 2024 levels for us. So that's what we're thinking. And as I may have suggested in the prepared remarks, based on our guide for 2026 and where consensus is -- I'm sorry, based on our guide for '25 and where consensus is for '26, probably trending somewhere in the middle. And it's continued progression in the business and unburdened by what we expect will be completion of some of those legacy projects.

隨著墨西哥復工復產，能源解決方案業務也迎來了利好。所以到 2026 年，這種情況會恢復到 2024 年的水準。這就是我們的想法。正如我在準備好的演講稿中可能提到的那樣，根據我們對 2026 年的指導意見以及目前的共識——抱歉，是根據我們對 2025 年的指導意見以及目前對 2026 年的共識，可能會呈現中間趨勢。而且，公司業務持續發展，不受一些預期將要完成的遺留項目的影響。

On ES operating margin, the significant impact there, very clearly, we are reaching the end of the line on LNGC with handover on Train 2 having occurred earlier this month. So very naturally, the risk mitigation process that comes with handover would suggest that there are some reductions in reserves giving them a bit of a tailwind there.

就 ES 營運利潤率而言，影響非常顯著，很明顯，隨著 2 號生產線在本月初完成交接，LNGC 的生產線即將完工。因此，很自然地，交接過程中伴隨而來的風險緩解措施表明，儲備金會減少，這給他們帶來了一些有利因素。

But moreover, it is on the strength of what's happening in Mexico and where that resumption of work is taking us. So in terms of normalized margin, we'll have to coalesce around that figure and potentially get back to you.

但更重要的是，這取決於墨西哥正在發生的事情以及復工復產將帶我們走向何方。因此，就標準化利潤率而言，我們需要圍繞這個數字進行討論，並可能稍後回覆您。

In terms of the Santos payment, you should be thinking -- we've been planning for this for a long time. And in fact, the step down of our share repo intensity that came out of Q2 was in large part to preserve capital from our core business to fund that liability. And so it's my expectation that the $600 million-ish payment that we're expecting will come from cash on balance sheet generated from our core operations, not just in '25, but through the last several years.

關於桑托斯的付款，你應該想——我們為此計劃了很久。事實上，我們第二季開始逐步減少股票回購力度，很大程度是為了保留核心業務的資金來償還這筆負債。因此，我預計我們預計的約 6 億美元的付款將來自我們核心業務產生的資產負債表上的現金，不僅是 2025 年，而且是過去幾年產生的現金。

And so as a consequence, it is generally my intent to deploy everything that we generated from the early NuScale, the first conversion of NuScale as part of the $800 million program that I described over the next three months or so. And then from the second conversion, we'll feed into the March and beyond share repurchase program. So not using NuScale and the benefits they're in for Santos, but to honor our commitment to deploy those proceeds for the benefit of our shareholders.

因此，我的總體目標是在接下來的三個月左右的時間裡，將我們從早期 NuScale 中產生的所有成果，也就是 NuScale 的第一次轉換，作為我所描述的 8 億美元計劃的一部分進行部署。然後，從第二次轉換開始，我們將為三月及以後的股票回購計畫提供資金。因此，我們不打算利用 NuScale 及其為 Santos 帶來的好處，而是履行我們對股東的承諾，將這些收益用於造福我們的股東。

Wow, John, I'm impressed you got all those questions. You answered all my questions. Thank you. I'll get back in.

哇，約翰，你居然答對了這麼多問題，真讓我佩服。你解答了我所有的問題。謝謝。我稍後會回去。

I also had coffee, Jamie.

傑米，我也喝了咖啡。

Sangita Jain, KeyBanc

桑吉塔·賈恩，KeyBanc

So first off, can you talk a little bit more about the opportunity set for next year I know, Jim, you said you're going to maybe accelerate momentum in some of the power gen opportunities. So can you talk about the data center ecosystem, whether it's gas-fired power or just data centers where you are in the process of standing up your power gen practice? And what kind of opportunities you're looking for, the sizes of opportunities?

首先，能否再詳細談談明年的發展機會？我知道，吉姆，您說過您可能會加快一些發電領域的發展勢頭。那麼，您能否談談資料中心生態系統，無論是燃氣發電還是您正在建立發電業務的資料中心？您在尋找什麼樣的機會？機會的規模如何？

Thanks, Sangita. And good morning, everyone. And again. Yes. So let me spend a little bit of time talking about the short-term opportunities. Of course, many of these projects were already working on the front end, so we have good line of sight event.

謝謝你，桑吉塔。大家早安。又來了。是的。那麼，讓我花一點時間談談短期機會。當然，這些專案中有很多專案已經在前端運行，所以我們對事件有很好的了解。

It's a little hard for us to determine the exact timing of the full release. But the good news is we are inside of many of these opportunities. In urban -- let me start with urban, there's a lot of momentum around mining and metals, particularly copper. So there's some good opportunities there in the coming quarters. There's also aluminum projects in the Middle East.

我們很難確定正式版的確切發佈時間。但好消息是，我們已經身處其中許多機會之中。在城市地區——讓我先從城市地區說起——採礦和金屬產業，特別是銅礦，發展勢頭強勁。所以未來幾季會有一些不錯的機會。中東地區也有鋁業項目。

There's a pharma project here in the United States, in addition to just a general wave of opportunities in all our other businesses. And let me get back to data centers in a minute. But in energy, there is a good, healthy pipeline of midsized projects I mentioned specialty chemicals and the chlorine space.

除了我們其他所有業務領域普遍湧現的機會之外，美國這裡還有一個製藥項目。稍後我會再談資料中心的話題。但在能源領域，我提到的特種化學品和氯氣領域，有許多良好、健康的中型專案正在籌備中。

I mentioned a midstream project in upstream midstream in the United States. There is some services work in Europe around a large integrated petrochemical refining complex. There are some services work in Canada. And of course, in Mission, we are looking at various opportunities for the government, such as the O&M opportunity in multiple bases for the Air Force.

我提到了一個美國上游中游領域的中游計畫。歐洲一些大型綜合石化煉油廠附近有一些服務工作。有些服務業在加拿大開展業務。當然，在 Mission 計畫中，我們正在為政府尋找各種機會，例如空軍在多個基地的運作和維護機會。

As far as Power is concerned, in addition to the current work that I mentioned in Romania and in Indonesia, we have accelerated our efforts in our conversations with US-based clients for gas-fired opportunities. We are talking to several of the major utilities in the US around their needs to engage reliable contractors early on to help work with them in shaping and developing these projects.

就電力領域而言，除了我剛才提到的在羅馬尼亞和印尼開展的工作之外，我們還加快了與美國客戶洽談天然氣發電機會的步伐。我們正在與美國幾家大型公用事業公司洽談，以了解他們是否需要儘早聘請可靠的承包商來幫助他們規劃和開發這些專案。

So we're not looking, Sangita, at competitive bidding. We got three to four bidders and lowest price wins. We're looking at strategic relationships where clients are trying to secure key resources, get involved early and then jointly get to an EPC contract. That is -- that fits better our preferred pursue criteria.

所以，桑吉塔，我們不打算進行公開招標。我們收到了三到四個競標者，最終出價最低者得標。我們正在研究策略合作關係，客戶希望獲得關鍵資源，儘早參與，然後共同達成EPC合約。也就是說——這更符合我們優先考慮的標準。

But on the flip side, it takes a little longer [indiscernible] so that's the year for gas in the US. And as far as nuclear, we're active both internationally and domestically, again, talking to the various technology providers, early conversations, how do we position and jointly to get these projects off the ground?

但另一方面，這需要更長的時間[聽不清楚]，所以那一年對美國汽油來說就是​​如此。至於核能領域，我們在國際和國內都非常活躍，再次與各種技術供應商進行早期對話，探討我們如何定位並共同啟動這些專案？

Obviously, scope definition, risk allocation are important component. And so we're excited about those opportunities -- we're being diligent and shaping them and making sure that the commercial side of it fits our criteria, and we think we're going to have some very good progress next year and maturing these projects and turning them into real opportunities.

顯然，範圍界定和風險分配是重要組成部分。因此，我們對這些機會感到興奮——我們正在努力塑造它們，確保其商業方面符合我們的標準，我們認為明年我們將取得非常好的進展，使這些項目成熟並將它們變成真正的機會。

As far as data centers, as I said in my prepared remarks, we've been very successful in Asia and in Europe. What we're seeing in the US for the smaller projects. The terms and cities and the conversions are not always ideal for what we're looking for, but we're still very well positioned for the bigger, more complex projects that the campuses, the big hyperscalers. We continue to talk to multiple clients about those opportunities.

至於資料中心，正如我在準備好的演講稿中所說，我們在亞洲和歐洲都取得了巨大的成功。我們在美國小型專案中看到的是這種情況。條款、城市和轉換並不總是符合我們的需求，但我們仍然非常擅長處理園區、大型超大規模資料中心這類規模更大、更複雜的專案。我們持續與多家客戶探討這些合作機會。

We have not yet announced any, but we continue to work on those diligently. So we hope to see some good news there in the coming quarters.

我們尚未公佈任何消息，但我們會繼續努力推進這些工作。所以我們希望在接下來的幾個季度看到一些好消息。

That was very comprehensive. So I appreciate that. And then just one more following up on the same theme on the White House memo on Trump's visit to Japan. They cited a couple EPCs who would be working on the Westinghouse buildout. I'm just curious if you think that list is final or if it's a work in progress, and if you have even have an interest in being part of the mix. I know it's a long lead time, but just kind of wanted to hear your thoughts.

內容非常全面。我很感激。然後，還有一篇後續文章，同樣是關於白宮關於川普訪問日本的備忘錄。他們提到了幾家將參與西屋電氣擴建計畫的EPC公司。我只是好奇你認為這份名單是最終版本還是還在完善中，以及你是否有興趣參與其中。我知道時間比較長，但我還是想聽聽你的想法。

Yeah, no, great question, Sangita. We are in conversations with multiple technology providers, including the one you mentioned about collaborating on projects. There's, there are a lot of opportunities out there, some in the US, some overseas. There are very few companies in the world that can really tackle these projects. We are one of them.

是的，桑吉塔，問得好。我們正在與多家技術供應商洽談合作專案事宜，包括您提到的那家。有很多機會，有些在美國，有些在海外。世界上真正能夠承接這些項目的公司寥寥無幾。我們也是其中之一。

And so, yeah, we, we're excited about those opportunities. You're right, they will take time, but you got to get there early. And we're talking to all the big players about being a part of that market.

所以，是的，我們對這些機會感到興奮。你說得對，這需要時間，但你必須早點到。我們正在與所有大型企業洽談，希望他們能參與這個市場。

Good. I appreciate it. Thank you.

好的。謝謝。謝謝。

Yeah.

是的。

Andy Kaplowitz with Citigroup.

安迪‧卡普洛維茨，花旗集團。

Hey, good morning, everyone.

嘿，大家早安。

Thank you.

謝謝。

Jim or John, maybe just on NuScale again. What does it mean when you talk about a green up some of your economic rights. I know there's been negotiation around Fluor doing back-end NuScale work, but maybe talk about sort of where you are in the new agreement here on that.

吉姆或約翰，或許又在 NuScale 上活躍了。談到“綠色環保”，也就是保護部分經濟權利，這意味著什麼？我知道 Fluor 一直在就 NuScale 的後端工作進行談判，但也許可以談談你們在新協議中在這方面的進展。

I'll start maybe with the nonfinancial side of it, and I'll let John talk about the more technical financial stuff. So on the rights to do work, we have modified the rights to -- [we have same right] to do work, but we still have those in the fence that -- we have the opportunity to bid on the projects that they have with their strategic partner, and we have the same rights for projects that are not involving that strategic partner.

我先從非財務方面入手，至於更專業的財務面，就讓約翰來談談吧。因此，關於工作權利，我們已經修改了權利——[我們擁有同樣的權利] 進行工作，但我們仍然有一些限制——我們有機會競標他們與其戰略合作夥伴共同開展的項目，並且對於不涉及該戰略合作夥伴的項目，我們擁有同樣的權利。

But more importantly, what we've analyzed Andy is if you think about -- a step back and think about it, we're the only EPC contractor that has real project experience on (technical difficulty) we did the first of the project that ended up not going forward for economic reasons, but we have that experience. Now we're working in the Romania project at some active projects that we're doing the feed and the estimate and the execution plan.

但更重要的是，安迪，我們分析的結果是，如果你退後一步思考一下，我們是唯一一家在（技術難題）方面擁有真正項目經驗的EPC承包商，我們完成了第一個最終因經濟原因而未能繼續進行的項目，但我們擁有這方面的經驗。現在我們正在羅馬尼亞參與一些正在進行的項目，我們正在進行項目資訊收集、估算和執行計劃制定。

And so we feel we're very well positioned to do NuScale work in the future. We have the expertise for large complex projects. But we're also very clear to say we're going to do work following our pursuit criteria and where we have a competitive advantage. So there's still a favorite position there. And we were very excited about the market.

因此，我們感覺我們已經做好了充分準備，在未來開展 NuScale 專案。我們擁有承接大型複雜專案的專業技術。但我們也明確表示，我們將按照我們的追求標準，在我們具有競爭優勢的領域中開展工作。所以那裡仍然有一個最受歡迎的位置。我們對市場前景感到非常興奮。

We look forward to working with NuScale and their clients and our [collective] clients for the future. I think we -- there can be some good opportunities there for us. As far as the technical side of things, John, maybe you can explain that?

我們期待未來與 NuScale 及其客戶以及我們（共同的）客戶合作。我認為我們——那裡可能會有一些很好的機會。約翰，關於技術方面的問題，也許你能解釋一下？

Yes. I mean, I think to Jim's point, I think we remain commercially in a favorite nation status because of the work we've done for them. And we expect that as they continue to deploy their technology with their strategic partner or otherwise, that we'll be in the role with X and on speed Dow for them to deliver EPC services.

是的。我的意思是，我同意吉姆的觀點，我認為我們之所以在商業上仍然保持最惠國地位，是因為我們為他們所做的工作。我們預計，隨著他們繼續與戰略合作夥伴或其他方部署其技術，我們將與 X 和陶氏化學一起為他們提供 EPC 服務。

But the overarching message in the bargain was the cores that we heard from our shareholders about getting something done and providing clarity as to value. And so in the new negotiation, there are gives and gets. And for us, we feel like we get around speedy transaction with lots of clarity and then the ability for our shareholders to measure our progress against that in very short order was extremely valuable to us.

但此次交易中最核心的訊息是我們從股東那裡聽到的，那就是要完成一些事情，並且明確價值所在。因此，在新一輪談判中，雙方都有讓步和收穫。對我們來說，我們覺得快速、透明的交易方式對我們來說非常有價值，股東們能夠在很短的時間內衡量我們的進展，這對我們來說意義重大。

And so that was the crown jewel as it were of the bargain. And I don't want anything on the commercial arrangement side to diminish the shine that comes from that crown jewel.

所以，這可以說是這筆交易中最耀眼的明珠。我不想讓商業安排方面的任何事情削弱這顆皇冠上的明珠的光彩。

Very helpful, guys. And then, Jim, I just want to follow up on your commentary on data center gas power plants. Just -- I know you said you hope to book a data center. But as you know, I mean, we're getting much larger in these projects. And Fluor historically been very good at megaprojects. I mean you're talking about a gig data center, there's a couple of trillion dollars of potential spend out there. So I mean, do you expect to book 1 in '26 or '27, can you get it at the terms that you want? I know you said you hope to, but should we expect 1 over the next 12 to 24 months or more, given your historical prowess in doing this stuff?

非常感謝各位的幫助。吉姆，我還想就你之前關於資料中心燃氣發電廠的評論做個後續討論。我知道你說過你希望預訂一個資料中心。但正如你所知，我的意思是，我們在這些項目中規模越來越大。而且福陸公司歷來非常擅長大型專案。我的意思是，你談論的是千兆資料中心，那裡有幾萬億美元的潛在支出。我的意思是，你預計在 2026 年或 2027 年預訂 1 號房嗎？你能按照你想要的條件預訂嗎？我知道你說過你希望如此，但考慮到你以往在這方面的出色表現，我們是否可以期待在未來 12 到 24 個月或更長時間內看到 1 個？

Well, look, Andy, we're confident in our capabilities. We're confident that we can sell a compelling story to clients -- we're talking to multiple clients about the more complex projects, many of them Tier 1 companies. But we're going to make sure we follow our pursuit criteria and our commercial discipline.

安迪，你看，我們對自己的能力很有信心。我們有信心向客戶講述一個引人入勝的故事——我們正在與多家客戶洽談更複雜的項目，其中許多客戶都是一流公司。但我們將確保遵循我們的追求標準和商業準則。

I cannot guarantee that we're going to win one, but tell you that our team is very focused and we have some very clear expectations and plans to get there. So I'm hopeful and I'm confident that we can break into the markdown to complex projects. But we'll see what the next quarter in --

我不能保證我們一定能贏，但我可以告訴你，我們的團隊目標明確，我們有非常清晰的期望和計劃來實現這些目標。所以我充滿希望，並且有信心我們能夠突破 Markdown 的限制，並發展出複雜的專案。但我們看看下個季度會怎麼樣。--

We think we've got the credentials. We think we're sitting in the right space. We've got the right relationships. It's just do the commercial terms come to us in a way that is sufficiently appetizing.

我們認為我們具備相應的資格。我們認為我們坐在合適的位置。我們擁有合適的人脈關係。關鍵在於，商業條款能否以足夠吸引人的方式呈現給我們。

John, just a quick follow-up. You mentioned on the infrastructure projects that they were offset by a refinement of expected claims against your subcontractors, do you pick that up in short order? Is that just a change in accounting? Like how does that work to offset incremental cost?

約翰，還有一個後續問題。您提到基礎設施項目可以透過調整對分包商的預期索賠來抵消損失，您能否很快解決這個問題？這只是會計方法上的改變嗎？這樣如何抵銷新增成本呢？

Yes. So to be clear, on the infrastructure projects, what we had was a negotiated outcome for a long completed project that gave us some favorable results in the P&L. And that was offset by some changes in our views on variable consideration. And so you shouldn't think of it as cost growth or schedule extension or anything like that, just some things that we thought were we were entitled to under the contract through June 30 began to dissipate for us in Q3.

是的。所以說清楚點，在基礎建設項目方面，我們達成了一個早已完成的項目的談判結果，該結果在損益表上為我們帶來了一些有利的結果。而我們對可變對價的看法的一些改變抵消了這些影響。所以你不應該把它看作是成本增長或工期延長之類的，只是我們認為根據合約在 6 月 30 日之前有權獲得的一些東西，在第三季度開始消失。

We'll continue to negotiate to get a better outcome there, but we're dealing in some of the vagaries of contracts. So it is not really cost growth. So I don't want to leave you with that impression. That was the impact during the quarter. But on an aggregate basis, those are around $12 million or $13 million for the good guy that came coupled with the reduction in the expected consideration.

我們將繼續談判以爭取更好的結果，但我們必須面對合約中一些不確定因素。所以這其實並不是成本成長。所以我不想給你留下那樣的印象。這就是本季的影響。但總的來說，由於預期對價的降低，這位好人最終獲得的賠償金約為 1,200 萬至 1,300 萬美元。

Helpful, thank you guys.

很有幫助，謝謝各位。

Steven Fisher, UBS.

史蒂文費雪，瑞銀集團。

Thanks. Good morning and congrats, not only on the NuScale, but also pretty much closing out the chapter on the first phase of LNG Canada, a very long process, but, good to see that. Can you just maybe remind us on the $90 billion of potential awards? What's the competitive set overall look like on those? How much of that is sole source and really how to think about the potential win rate there because, even though it's over a few years, it is still obviously quite substantial relative to your existing backlog.

謝謝。早安，恭喜你們不僅成功完成了 NuScale 項目，而且也基本上完成了加拿大液化天然氣項目的第一階段，這是一個非常漫長的過程，但很高興看到這一成果。您能否提醒我們一下，潛在的賠償金額高達900億美元？這些比賽的整體競爭格局是怎麼樣的？其中有多少是獨家來源？以及如何考慮潛在的勝率？因為即使時間跨度長達幾年，相對於你現有的積壓訂單而言，這顯然仍然相當可觀。

Thanks, Steve. Let me start that. This is Jim. It's spread across the three businesses, Steve, with perhaps more focus on urban in the first half of the remaining period, if you will, and then shifting to beyond the second half. So if you look at urban, I would say, the biggest contributor not the only one, but perhaps a more significant one would be in mining and metals and our position in copper, Steve, is extremely strong, and we're already working on the front end of a lot of those opportunities North America, South America, Australia.

謝謝你，史蒂夫。讓我來開始吧。這是吉姆。史蒂夫，這項業務涵蓋了這三項業務，如果你願意這麼說的話，在剩餘時期的前半段可能會更側重於城市業務，然後轉向後半段及以後的業務。所以，如果你看看城市發展，我認為最大的貢獻者（雖然不是唯一貢獻者，但或許更重要的貢獻者）是採礦和金屬產業。史蒂夫，我們在銅領域的地位非常強大，我們已經在北美、南美和澳大利亞等地開展了許多此類機會的前端工作。

And so our whole source, I would sell -- the way I would characterize it is we're already on the project of questions, will they get FID or not. On the other urban markets around life sciences, advanced technologies, data centers, et cetera. We have a leading position in science some others will have to be not necessarily competitively bid, but negotiate and again, we feel pretty good about our position there.

因此，我們整個消息來源，我會這樣描述——我們已經在討論一個問題，那就是他們是否會獲得最終投資決定。在其他圍繞生命科學、先進技術、資料中心等的城市市場。我們在科學領域處於領先地位，其他一些領域則不一定需要透過競標來競爭，而是需要談判，而且我們對自己在該領域的地位感到非常滿意。

We already talked about data centers and our situation there. We're also looking at semiconductors. And again, to the extent that these are large projects and many of them will be large projects, we have a competitive advantage there. So I think we're well positioned there.

我們之前已經討論過資料中心以及我們在這方面的情況。我們也在關注半導體領域。再說一遍，鑑於這些都是大型專案（其中許多都是大型專案），我們在這方面具有競爭優勢。所以我認為我們在這方面處於有利地位。

And then on Energy Solutions, LNG Phase I, you know where we are there. That job is obviously not guaranteed because we're going through a process with a client, but it's a negotiated position. on the power side, we are refocusing on power. We we're rebuilding those relationships. But like I said earlier, we're not looking at these competitive bidding processes, but we're looking at more relationship-driven engagements where clients are realizing.

至於能源解決方案，LNG 第一階段，你們都知道我們目前的狀況。這份工作顯然不能保證，因為我們正在與客戶洽談，但這是一個協商的結果。在權力方面，我們正在重新聚焦權力。我們正在重建這些關係。但正如我之前所說，我們不關注這些競爭性投標流程，而是專注於以關係為導向的合作，而客戶正在意識到這一點。

The market has really changed. It used to be a lot more competitive price-driven market 5, 10 years ago. Now it's more about secured resources and having good execution plans, and that's where we come in. So it's a combination of -- we're already on the project. We need to go to the next phase with. Yes. We have to convince our clients that we are the right solution and we think we have a very compelling story for many of these markets.

市場確實發生了變化。5到10年前，市場競爭更加激烈，價格才是主導因素。現在更重要的是保障資源安全和製定良好的執行計劃，而這正是我們能發揮作用的地方。所以這是多種因素共同作用的結果——我們已經在進行這個計畫了。我們需要進入下一階段。是的。我們必須說服客戶，我們才是正確的解決方案，而且我們認為，對於許多市場而言，我們都有非常有說服力的故事。

And then on the mission side, of course, we've been talking about SR PPF for some time. But also, we have a very strong position with DOE and some of the other agencies. So again, we think we are well positioned to win that work. So we feel good about the convertibility of the $90 billion and we were very focused on doing that going forward.

當然，在任務方面，我們已經討論 SR PPF 一段時間了。此外，我們與能源部和其他一些機構的關係也非常密切。所以，我們再次認為我們有能力贏得這項工作。因此，我們對這 900 億美元的可兌換性感到樂觀，我們一直非常專注於在未來實現這一點。

Yeah. I might just chime in with a little bit on the nuclear front and then a little bit in the growing relationship with the Department of War. [We expect better] in terms of national security also being rather critical elements to getting to the $90 billion

是的。我可能會就核問題以及與戰爭部日益密切的關係發表一些看法。 [我們預期]在國家安全方面有所改進，因為這些都是實現900億美元目標的關鍵因素。

Great. That's very helpful. And then just on NuScale, I'm not sure how much you can say on this, but I'm just curious if there are multiple options for how you plan to execute this monetization? Is it just going to be sort of in the kind of the chunky sales like we've seen you do to date just more of them and more frequently? Or are there other options that you're considering for how to get this done by the end of the second quarter? Thank you.

偉大的。那很有幫助。至於 NuScale，我不確定您能透露多少信息，但我很好奇您計劃如何實現這種盈利模式是否有多種選擇？是不是會像你們之前做的那樣，以大批量銷售的形式進行，只是數量更多、頻率更高？或者，您是否正在考慮其他方案，以便在第二季末完成這項工作？謝謝。

Yes. So I think in the first conversion, we did a very transparent market-based approach, daily kind of for form requirements. And it was 15 million shares, but it did allow for a little gamesmanship in the marketplace there. So it's my expectation that when we get to conversion and get into the market next week that it will be under a structured program, you should probably expect to see a [144] filing out there.

是的。所以我覺得在第一次轉型中，我們採取了一個非常透明的、以市場為導向的方法，每天都會根據表單需求進行調整。雖然只有 1500 萬股，但這確實為市場上的一些投機行為提供了空間。因此，我預計下週當我們進行轉換並進入市場時，它將在一個結構化的計劃下進行，你們可能會看到一份[144]文件。

But we expect a program that will be executed across the balance of the year and into the new year, and you won't see quite the Form 4, 10, but we're working with our financial advisers on a program that we think will get us the overall best NPV and allow us to add the most turbocharging to that repo program.

但我們預計，該計劃將在今年剩餘時間和新年期間執行，您可能不會看到完整的 4 號和 10 號表格，但我們正在與財務顧問合作制定一項計劃，我們認為該計劃將為我們帶來最佳的淨現值，並使我們能夠為回購計劃增加最大的動力。

Very good, thank you.

非常好，謝謝。

Andy Wittman, Baird.

安迪威特曼，貝爾德。

I just wanted to clarify a couple of things that I think you touched on. Maybe the first one is for John. John, I think maybe I misheard this, but on the Mexican joint venture, talked a lot about how the cash is coming in, you're restarting the work, and that's great. Did I hear you say that the cash that came in, in the quarter, I think it was $800 million during the quarter than $300 million after the quarter. Did you say the $800 million was not on the balance sheet? Or did that -- if -- is that correct, how is that not on the balance sheet if you've collected it?

我只是想澄清一下你剛才提到的一些事情。或許第一首是給約翰的。約翰，我想我可能聽錯了，但是關於墨西哥合資企業，你談到了很多關於資金如何流入、你正在重新啟動工作的內容，這很棒。我沒聽錯吧，您說本季流入的現金，我記得本季 8 億美元，而季末流入的現金為 3 億美元。你說那8億美元不在資產負債表上？或者，如果是這樣——如果——這是正確的，既然已經收回了款項，為什麼資產負債表上沒有這筆款項呢？

Yeah, I did explicitly say that. So again, I caveat it because it's a equity method JV. And so when the JV collects it, it sits on their balance sheet, but I am consolidating them into a single line item on my balance sheet called investments. So their entire balance sheet is collapsed into that single line item. And when that JV or any JV that is equity method makes a distribution to its partners, that is when it comes into the frame for purposes of recognition as cash and cash flow in my statements.

是的，我的確明確說過。所以，我再次提醒，這是權益法合資企業。因此，當合資企業收到款項時，這筆款項會記入其資產負債表，但我將其合併為我資產負債表上的一個名為「投資」的單一項目。所以他們的整個資產負債表都被簡化成了這個項目。當該合資企業或任何採用權益法的合資企業向其合夥人進行分配時，該分配就會進入我的報表中現金和現金流量確認的範疇。

Okay. That makes total sense. I thought when you say we collected it, I thought you meant floor we not JV or we so that makes sense.

好的。完全說得通。我以為你說我們收集它的時候，指的是我們地板，而不是合資企業或我們，所以這樣就說得通了。

I think if I said JV level collections.

我覺得如果我說的是合資企業等級的收藏品。

You probably did. These are complicated things. I hear you now. Okay. just the other one here, just the $800 million backlog adjustment. We've had a couple of these in the last few quarters. Was that another kind of a change on the -- on how you're recognizing customer furnished materials, or was this actual incremental scope with profit dollar, real profit dollars attached?

你可能真的這麼做了。這些事情很複雜。我現在明白了。好的，就剩下另一項了，就是那8億美元的積壓訂單調整。過去幾季我們已經遇到過幾次這種情況了。這是在認可客戶提供的材料方面發生的另一種變化，還是實際的增量範圍，並附帶了實際的利潤？

Yes. So it was across a couple of projects. And it did subsume both some CFM growth as well as some overall growth and I would say it was kind of single-digit million -- I'm sorry, deferral of income in the current quarter. So stuff that we had expected to recognize in quarter three drifting into the remaining term of those handful of projects.

是的。所以這種情況貫穿了好幾個項目。它確實吸收了一些 CFM 的成長以及一些整體成長，我認為它相當於幾千萬——抱歉，是本季的收入遞延。因此，我們原本預計在第三季實現的成果，會延續到那幾個專案的剩餘期限內。

Got it. And then just finally on Santos here and kind of the cash associated with that understand $650 million-ish. I guess that number is -- I just want to confirm, that's net of insurance does go to hear you say that you still think there's potentially more insurance that could go against that. Is that right?

知道了。最後，關於桑托斯，以及與之相關的現金，約 6.5 億美元。我想那個數字是——我只是想確認一下，這是扣除保險後的淨額，聽到你仍然認為可能還有更多保險因素會對此產生不利影響，我感到很困惑。是這樣嗎？

Yes. So we'll do a full accounting retailing of this next week, Andy. But essentially the insurance proceeds that we recognized in the quarter were those committed proceeds where we had signatures saying from the carriers that we are going to fund this. we continue to chop wood in terms of the rest of the carriers in the program.

是的。所以下週我們會對這筆零售款項進行全面的會計核算，安迪。但基本上，我們本季確認的保險賠款是那些已承諾的賠款，也就是保險公司簽署確認我們將提供資金的賠款。至於其他參與該計劃的保險公司，我們仍在努力爭取。

And once we -- so we are expecting the payment in quarter four. So we're very busy in the negotiations with the carriers. And that's why I said in my prepared remarks, when we actually remit the payment, we will have crystallized the interest component, the legal fee component and the insurance contribution component.

我們預計將在第四季度收到款項。所以我們現在正忙著與營運商進行談判。所以，我在事先準備好的發言稿中說，當我們實際匯款時，我們將確定利息部分、法律費用部分和保險繳款部分。

But you should expect the insurance to only get better from what we recognized in the quarter as we hope to bring more carriers into the agreed upon path forward.

但您可以預期，隨著我們希望讓更多保險公司加入我們商定的發展道路上，保險業只會比本季度我們所看到的更好。

Got it. Okay. Yes. It looks like there was 15 of the 20 carriers have signed up an agreed and it sounds like you got to get those other 5 on board to collect that portion? Is that the right way to think about it? And are all carriers, the same size inside of this we would --

知道了。好的。是的。看起來20家承運商中有15家已經簽約同意了，聽起來你還得讓剩下的5家也加入進來才能收取那部分費用？這種思考方式正確嗎？而且所有這些載體，在這個裡面的尺寸都一樣嗎？--

Gosh. No, no. Our program is very complicated, obviously, has many different layers. It is absolutely a like untangling of [bolused] to get to it. So it's very complicated. But in broad strokes, yes, there are several carriers, many of them play at different layers in the tower. But anyway, I expect we'll have some form of announcement in the next 30 days around the ultimate cash. And as I said, the contribution that came from the tower.

天哪。不，不。我們的程序非常複雜，顯然，它包含許多不同的層面。要拿到它，就必須像解開[推注]一樣費力。所以情況非常複雜。但總的來說，是的，有好幾家運營商，其中許多都在塔的不同層級發揮作用。但無論如何，我預計在接下來的 30 天內，我們會就最終現金問題發布某種形式的公告。正如我所說，這座塔樓做出了貢獻。

Okay. All right, I'll leave it there. Thanks.

好的。好了，我就說到這裡吧。謝謝。

Yeah, thanks.

嗯，謝謝。

Michael Dudas, Vertical Research.

邁克爾·杜達斯，垂直研究。

Good morning, gentlemen.

早安，先生們。

Good Morning, Mike.

早上好，麥克。

Jim, you've been very helpful with the color on opportunities and new bidding in the pipeline over the next several years. But maybe you could step back from when you discuss your four-year plan in April with us, and obviously, there's been quite a bit of changes in the last several months.

吉姆，你對未來幾年即將出現的機會和新投標項目的分析非常有幫助。但或許您可以回顧一下您在四月份與我們討論四年計劃時的情景，顯然，在過去的幾個月裡已經發生了相當大的變化。

But how does the -- like that fee opportunities like the amount of FEED work that you're looking into when you put together your 4-year plan how does that look today? How much of the change to bid? Has it gotten better? Is there still this expectation of clients want to do work and they want to invest. Obviously, we've had some delays in certain end markets, but there's still that sensitivity.

但是，像是費用機會，例如你在製定四年計劃時正在考慮的 FEED 工作量，現在的情況如何？應該出價多少零錢？情況好轉了嗎？客戶是否仍抱持這樣的期望：他們既想做項目，又想投資？顯然，我們在某些​​終端市場遇到了一些延誤，但這種敏感性仍然存在。

And then just a follow-up, can we assume that the five-year -- the plan of 10% to 15% EBITDA through 2028, that's pushed out, so that would be likely 2029? Is there any changes or amplitudes on that? I don't want to get too far ahead, just directionally how we think about the outlook given with some of the changes we've seen in the last couple of quarters.

那麼，我們能否假設到 2028 年實現 10% 至 15% EBITDA 的五年計畫被推遲，那麼很可能要到 2029 年才能實現？這方面有任何變化或幅度嗎？我不想展望太遠，只是想根據過去幾季我們看到的一些變化，大致談談我們對前景的看法。

Yes. Thanks, Michael. So let me respond to two questions. The quality of the FEED pipeline is still very good across urban and energy. For example, the awards in Q3 for energy, Granted, the absolute number was fairly low. Most of that was in services. So the pipeline still is getting FEED.

是的。謝謝你，麥可。那麼，讓我來回答兩個問題。城市和能源領域的FEED管道品質仍然非常好。例如，第三季能源領域的獎項，誠然，絕對數量相當低。大部分都投入了服務業。所以管道仍在接收物料。

Similarly in urban, I'll repeat myself, but in mining and metals and life sciences and some of the other markets, aluminum, copper, et cetera, very healthy pipeline of FEED work. So the tone hasn't changed.

同樣地，在城市地區，我再說一遍，在採礦、金屬、生命科學以及其他一些市場，如鋁、銅等，FEED 工作都有非常健康的管道。所以語氣沒有改變。

I would say, energy transition that has more permanently or at least for the foreseeable future, slow down because of just a change in with (technical difficulty) in Europe around the funding of energy transition, but tube and the impact of the tax legislation, tax legislation. So on the flip side, traditional oil and gas is picking up steam. So we're seeing some increased activity there. We're looking at the Middle East there, closely or potentially do a lot of front-end PMC services type work there. So we still feel good about the FEED pipeline, Michael.

我認為，能源轉型已經更加持久地，或至少在可預見的未來，由於歐洲能源轉型資金方面的（技術困難）變化，以及稅收立法的影響，而放緩。另一方面，傳統石油和天然氣產業正在蓬勃發展。所以我們看到那裡的活動增加。我們正在密切關注中東地區，或者有可能在那裡開展大量的前端專案管理諮詢服務類型的工作。所以，我們對FEED管道仍然充滿信心，Michael。

As far as growth rates, the growth rates that we mentioned at the beginning of the year, as I said in my remarks, we're probably looking at a four quarter shift in EBITDA generation which would take us to the lower range of that growth rate. But I think we still expect to see significant growth between 2025 and 2028. But I think it'd be a good way to look at it to say that 2028 ultimate goal a shift to 2029.

至於成長率，正如我在年初的演講中所說，我們可能會看到 EBITDA 產生情況出現四個季度的變化，這將使我們的成長率處於該成長率範圍的下限。但我認為我們仍然預期在 2025 年至 2028 年間會顯著成長。但我認為，比較恰當的理解是，2028 年的最終目標應該要延後到 2029 年。

Now I would like to just append that with some of the tailwinds that could amplify those numbers coming in the form of settlement of sort of trade policy on a global basis. Certainly, the trend in interest rates generally should be encouraging of more capital investments. And so that's certainly the land of the day, but there are some things that could lead to an even better outcome there.

現在我想補充一點，一些利多因素可能會放大這些數字，例如全球貿易政策的某種和解。當然，利率的整體趨勢應該會鼓勵更多的資本投資。所以，這當然是今天的重點，但有些事情可能會帶來更好的結果。

John and Jim, that makes perfect sense. Thanks for your thoughts. Appreciate it.

約翰和吉姆，這完全說得通。謝謝你的想法。謝謝。

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼，D.A.戴維森。

Great. Just, I guess, a clarification on that. The $800 million in additional share repurchases through February, that's completely exclusive of the monetization of the remaining new scale stake?

偉大的。我想，需要對此做個澄清。截至2月的8億美元額外股票回購，完全不包含剩餘新增持股份的變現？

Yes, the conversion of, I'll say, today, has no bearing on the [$800 million] that we're going to repo. Now obviously, it feeds into the confidence that there's near-term augmentation to our liquidity, that will come from the monetization of the [111], but directly, no, none of the proceeds from the program we're about to embark on feed into the $800 million.

是的，我可以說，今天的貨幣轉換與我們將要回購的[8億美元]沒有任何關係。顯然，這增強了我們對近期流動性增加的信心，這種增加將來自[111]的貨幣化，但直接而言，不，我們即將啟動的計劃的任何收益都不會流入這8億美元。

Got it. And then just from the perspective of the award cycle over the next kind of 12 to 18 months, maybe if I look at Urban Solutions, it seems like that's where you've got most momentum, pretty healthy pipeline. Are you -- I guess, with what you see coming forward within your sort of visibility. Can you sustain a book-to-bill over 1 times in that segment with all the things in front of you there.

知道了。然後，從未來 12 到 18 個月的獎勵週期來看，如果我看看城市解決方案，似乎你們在這方面發展勢頭最強勁，專案儲備也相當健康。我想，你——根據你目前所能看到的情況來看。面對眼前的所有挑戰，你能否在該領域保持超過 1 倍的訂單出貨率？

Let me start, Brent. We're still working through our operating plan for 2026. So we don't yet have full visibility. But I'll tell you that, for the next few quarters will be more weighted on the Urban side. Starting on the second half of 2026 and 2027, we're expecting more awards in the Energy Solutions side. So it's initially weighted on urban back in the '26 and into '27 and greater contribution from energy. And a steady stream from mission across the quarters

我先來，布倫特。我們仍在製定2026年的營運計畫。所以我們目前還無法完全了解狀況。但我可以告訴你，接下來的幾個季度，城市發展的權重會更高。從 2026 年下半年到 2027 年下半年開始，我們預計在能源解決方案領域將獲得更多獎項。因此，2026 年和 2027 年的城市發展較為重要，能源貢獻也更大。源源不絕地從各營區傳教。

Caveat it only by SR PDPS and when that award comes and how chunky or not that award [ultimately is].

請注意，此獎項僅由 SR PDPS 頒發，且需說明獎項何時發放以及金額多少。[最終是]。

Okay, got it. I'll leave. Thank you.

好的，明白了。我走了。謝謝。

There are no further questions at this time. I would like to hand things back over to Jim Breuer for closing remarks.

目前沒有其他問題了。我謹將發言權交還給吉姆·布魯爾，請他作總結發言。

Thank you, operator, and many thanks to all of you for participating in our call today. As the year draws to a close, I'm encouraged to see that our strategic priorities of project delivery and financial discipline continue to guide us through today's economic landscape. I'm also pleased to see that with our announced agreement, we can deliver significant value in the short-term to our shareholders. We appreciate your interest in Fluor, and thank you again for your time.

謝謝接線員，也非常感謝各位今天參加我們的電話會議。隨著年末臨近，我感到欣慰的是，我們以專案交付和財務紀律為策略重點的做法，繼續指導我們應對當今的經濟狀況。我也很高興地看到，透過我們宣布的協議，我們可以在短期內為股東創造巨大的價值。感謝您對福陸公司的關注，再次感謝您抽出寶貴時間。