KBR Inc (KBR) 2024 Q2 法說會逐字稿

Good morning, everyone. Welcome to KBR's second quarter 2024 earnings conference call. My name is Kiki and I will be your conference operator today. (Operator Instructions) I will now hand you over to your host, Jamie DuBray, Vice President of Investor Relations to begin. Jamie, please go ahead.

大家早安。歡迎參加 KBR 2024 年第二季財報電話會議。我叫 Kiki，今天我將擔任你們的會議操作員。（操作員指示）我現在將把您交給主持人投資者關係副總裁傑米·杜布雷 (Jamie DuBray) 開始。傑米，請繼續。

Thank you. Good morning, and welcome to KBR's second quarter fiscal 2024 earnings call. Joining me are Stuart Bradie, President and Chief Executive Officer; as well as Mark Sopp, Executive Vice President and Chief Financial Officer. Stuart and Mark will provide highlights from the quarter and then open the call for your questions.

謝謝。早安，歡迎參加 KBR 2024 財年第二季財報電話會議。與我一起的還有總裁兼執行長 Stuart Bradie；以及執行副總裁兼財務長馬克索普。史都華和馬克將提供本季的亮點，然後開始電話詢問您的問題。

Today's earnings presentation is available on the Investors section of our website at kbr.com. This discussion includes forward-looking statements, reflecting KBR's views about future events and their potential impact on performance as outlined on slide 2.

今天的收益報告可在我們網站 kbr.com 的投資者部分查看。本討論包括前瞻性陳述，反映了 KBR 對未來事件及其對績效的潛在影響的看法，如投影片 2 所示。

These matters involve risks and uncertainties that could cause actual results to differ significantly from these forward-looking statements as discussed in our most recent Form 10-K available on our website. This discussion also includes non-GAAP financial measure that the company believes to be useful metrics for investors. A reconciliation of these non-GAAP measures to the nearest GAAP measure is included at the end of our earnings presentation. I will now turn the call over to Stuart.

這些事項涉及風險和不確定性，可能導致實際結果與我們網站上最新的 10-K 表格中討論的前瞻性陳述有顯著差異。此次討論也包括該公司認為對投資者有用的非公認會計準則財務指標。我們的收益報告末尾包含了這些非公認會計準則衡量標準與最接近的公認會計準則衡量標準的調節表。我現在將把電話轉給斯圖爾特。

Thanks, Jamie, and welcome to our second quarter earnings presentation. I will start on slide 5, as you've heard me say many, many times, KBR is a company that puts its people first. We strive to ensure our people have a strong sense of belonging that they feel connected to each other and the company of course, and can grow within an environment where they can bring their whole selves to work every day.

謝謝傑米，歡迎來到我們的第二季財報。我將從幻燈片 5 開始，正如您多次聽我說過的那樣，KBR 是一家以人為本的公司。我們努力確保我們的員工有強烈的歸屬感，讓他們感到彼此之間以及公司之間存在聯繫，並且能夠在每天都能全心投入工作的環境中成長。

So to test that we're actually delivering for people in a broader sense. We regularly do a people survey, which is in fact anonymous. And the feedback ensures we are focusing in the right areas as we seek continual improvement, and it really helps us avoid any complacency.

因此，為了測試我們是否真正為更廣泛意義上的人提供服務。我們定期進行人員調查，實際上是匿名的。這些回饋確保我們在尋求持續改進時專注於正確的領域，這確實有助於我們避免任何自滿。

The summary results are also important, particularly as we bring new entities into KBR or new employees into the company. This year, the participation levels increased 10% and were over 70%, which is actually our highest to date and we feel gives a solid representation of how our people are feeling about being part of KBR.

總結結果也很重要，特別是當我們將新實體引入 KBR 或將新員工引入公司時。今年，參與程度增加了 10%，超過 70%，這實際上是我們迄今為止的最高水平，我們認為這充分體現了我們的員工對成為 KBR 一部分的感受。

I'm pleased to share with you that we've been certified as a great place to work in 13 countries and over 84% of our team members feel KBR is indeed a great place to work and they would recommend KBR to friends.

我很高興與您分享，我們已被 13 個國家/地區認證為理想工作場所，超過 84% 的團隊成員認為 KBR 確實是理想工作場所，他們會向朋友推薦 KBR。

From an inclusion perspective, 85% feel they can be themselves heard and that this is very much a value I hold very dear, so good performance there. Obviously we are not perfect, but hopefully, this gives you a good feel that we walk the talk when it comes to our people and a big shout out to our people in fact.

從包容性的角度來看，85% 的人覺得他們自己的聲音可以被聽到，這是我非常珍惜的價值觀，所以他們的表現很好。顯然，我們並不完美，但希望這能讓您有一種良好的感覺，即我們在對待我們的員工時言出必行，並且實際上向我們的員工大聲疾呼。

So let's move on to slide 6 and discuss the quarter a little. So Q2, similar to the first quarter was a clean quarter with the businesses performing at or above expectations across all key metrics. As you can see, the revenue is up 6% year on year.

那麼，讓我們繼續看第 6 張投影片，稍微討論一下這個季度。因此，與第一季類似，第二季度是一個乾淨的季度，企業在所有關鍵指標上的表現都達到或高於預期。正如你所看到的，收入年增了6%。

But more importantly, adjusted EBITDA was up 13%, with margins at the group level, up 75 bps. Year-to-date cash conversion was a terrific 121%. So following on from a strong Q1, this gives us confidence to raise guidance, which Mark will cover in a moment. But in short, our people and thus KBR continue to deliver.

但更重要的是，調整後的 EBITDA 成長了 13%，集團層級的利潤率成長了 75 個基點。年初至今現金轉換率高達 121%。因此，繼第一季的強勁表現之後，這讓我們有信心提高指導意見，馬克稍後將對此進行介紹。但簡而言之，我們的員工以及 KBR 繼續提供服務。

On the business growth side, our group book-to-bill on a trailing 12-month basis was 1.0 and after adjusting for the large LNG project, was 1.2 times, which considering we also have substantially increased bid volume and awards awaiting decision. This really represents a strong quarter. We've been circa $2 billion at the group level and currently sit at 92% of work under contract for 2024. And this is an important takeaway, especially with continued volatility, both politically and geopolitically.

在業務成長方面，我們集團過去 12 個月的訂單出貨比為 1.0 倍，在對大型液化天然氣項目進行調整後，為 1.2 倍，考慮到我們的投標量和等待決定的獎項也大幅增加。這確實代表了一個強勁的季度。我們集團層級的投資額約為 20 億美元，目前 92% 的工作都簽訂了 2024 年合約。這是一個重要的收穫，特別是在政治和地緣政治持續波動的情況下。

Now onto slide 7. Firstly, I will start on STS. The book to bill, after adjusting for the large LNG project sits at 1.1 for the quarter, so good performance and 1.2 on a trailing 12-month basis. And as you can see from the awards highlighted below, we continue to lead the market in green ammonia for their first project in India and 10th project overall.

現在轉到投影片 7。首先，我將從STS開始。在對大型液化天然氣項目進行調整後，該季度的帳面價值為 1.1，表現良好，過去 12 個月的帳面價值為 1.2。正如您從下面突出顯示的獎項中看到的那樣，我們在印度的第一個項目和整個第十個項目中繼續引領綠色氨市場。

Blue ammonia, however, continues to be more prominent due to affordability of the contract with OCI reflects this. It's critical that we continue to ensure there is value add by delivering solutions that drive efficiency and improve yield. And this enables the energy transition. And I really think it's a key area of differentiation for KBR.

然而，由於與 OCI 簽訂的合約的承受能力反映了這一點，藍氨繼續更加突出。至關重要的是，我們必須繼續透過提供可提高效率和提高產量的解決方案來確保增值。這使得能源轉型成為可能。我確實認為這是 KBR 差異化的關鍵領域。

In fact, there's actually only two blue ammonia projects in the world that have actually FID, final investment decision. Both are using KBR's technology. These are the OCI plant in Beaumont, Texas and Fertiglobe in the UAE, which will make KBR's proprietary process technology the first to produce blue ammonia. So this in addition to our industry position in green ammonia as measured by licenses awarded puts us in a very, very strong position.

事實上，世界上實際上只有兩個藍氨項目實際上已做出最終投資決定。兩者都使用 KBR 的技術。這些是位於德克薩斯州博蒙特的 OCI 工廠和阿聯酋的 Fertiglobe 工廠，這將使 KBR 的專有工藝技術成為第一個生產藍氨的工廠。因此，除了我們在綠色氨領域的行業地位（透過授予的許可證來衡量）之外，這使我們處於非常非常有利的地位。

We're also very, very excited about the award of a five-year contract to help the Iraqi government develop their future plans across infrastructure, energy, and sustainable development. I believe this demonstrates our strong position in the Middle East that we highlighted at Investor Day and ensures we are very much part of the early development conversations.

我們也對獲得一份為期五年的合約感到非常非常興奮，該合約將幫助伊拉克政府制定基礎設施、能源和永續發展的未來計畫。我相信，這表明了我們在投資者日強調的在中東的強大地位，並確保我們在很大程度上參與了早期發展對話。

Onto the government side, our book-to-bill sits at 1.1 times in the quarter and up 1.2 times on a trailing 12-month basis, again, terrific performance. Awards under the IAC MAC IDIQ contract vehicle continued to be solid and we've highlighted in the slide, the re-compete win on the B-52 program that we've had actually for eight years, which had a significantly increased value for the additional scope for cyber security. It's a bit of a trade.

在政府方面，本季我們的訂單出貨比為 1.1 倍，在過去 12 個月的基礎上成長了 1.2 倍，再次表現出色。IAC MAC IDIQ 合約工具下的獎項繼續穩固，我們在幻燈片中強調了 B-52 項目的重新競爭勝利，我們實際上已經有八年了，這為我們帶來了顯著增加的價值網絡安全的額外範圍。這有點交易。

Now we do expect award volume to pick up in Q3 in this area with over $2 billion worth of bids submitted and awaiting award under the IAC MAC program alone, quite substantial in that area. We've highlighted two large multiple award contract wins also in the quarter, both at effectively a license to hunt and to enable rapid response mobilization if required.

現在，我們確實預計該領域的授標量將在第三季度有所增加，僅在 IAC MAC 計劃下提交並等待授標的投標價值就超過 20 億美元，在該領域相當可觀。我們還強調了本季度贏得的兩項大型多重合同，這兩項合約實際上都獲得了狩獵許可，並在需要時能夠進行快速響應動員。

They are notably MQS2 is with a new customer, which is always positive, the Defense Health Agency. And we will report ongoing progress as we move on to task orders under these contract vehicles in the coming months. As we highlighted at Investor Day, our volume of bids overall in the government business and across that whole portfolio has increased significantly in 2024 and currently sits at over $8 billion. I will now hand over to Mark who will give more detail on the financial performance. Mark?

值得注意的是，MQS2 的新客戶是國防衛生局，這一點始終是正面的。我們將在未來幾個月內報告這些合約工具下的任務訂單的持續進度。正如我們在投資者日強調的那樣，我們在政府業務和整個投資組合中的整體投標量在 2024 年顯著增加，目前超過 80 億美元。我現在將交給馬克，他將提供有關財務業績的更多詳細資訊。標記？

Fantastic. Hello, everyone. Thanks, Stuart. I'll pick up on slide 9. So as you just heard, we're really pleased with our Q2 performance and that follows an already strong Q1, registering healthy top-line growth, strong profit margins, double digit adjusted EPS growth, and year-to-date cash flow conversion of over 120%, all leading to a bump up in our full year guide.

極好的。大家好。謝謝，斯圖爾特。我將從幻燈片 9 開始。正如您剛才聽到的，我們對第二季度的業績非常滿意，第一季已經很強勁，實現了健康的營收成長、強勁的利潤率、兩位數的調整後每股收益成長以及年初至今的現金流轉換超過 120%，所有這些都導致​​我們的全年指南上升。

As I said, a number of times before the day-to-day project performance across hundreds of engagements is the foundation of our consistently strong financial results, and this also pays recurring dividends with respect to client retention and employee engagement.

正如我所說，數百項業務的日常專案績效是我們持續強勁的財務表現的基礎，這也為客戶留任和員工敬業度帶來了經常性紅利。

We've seen delivering for our clients in critically important missions and projects around the world as a key enabler for the people survey results that Stuart just covered. Of particular note, adjusted EBITDA margins came in at about 11.5%.

我們已經看到，為客戶提供世界各地極其重要的任務和項目是史都華剛剛報導的人員調查結果的關鍵推動因素。特別值得注意的是，調整後的 EBITDA 利潤率約為 11.5%。

This reflects superb client delivery and good cost discipline. Operating cash flow was $170 million for the quarter and $261 million year to date as a continued progress on driving lower DSOs and overall demonstration of our low capital intensity business model.

這反映了卓越的客戶交付和良好的成本紀律。本季營運現金流為 1.7 億美元，年初至今為 2.61 億美元，這是在降低 DSO 方面取得的持續進展以及我們低資本密集度業務模式的整體展示。

On to slide 10 for details on the segments. Sustainable tech has continued to deliver double digit year-over-year growth, excellent profit margins, and equally good contribution to enterprise cash flow generation. Revenues grew 14% to $458 million with all parts of the business contributing to that result.

有關各部分的詳細信息，請參閱幻燈片 10。永續技術持續實現兩位數的年成長、出色的利潤率以及對企業現金流產生同樣良好的貢獻。營收成長了 14%，達到 4.58 億美元，所有業務部門都為此業績做出了貢獻。

Margins were 21.4%, up from last year on a combination of intellectual property license mix, joint venture performance, and its highly efficient cost structure. The government revenue grew 3% overall, where again, we saw growth in international, defense and intelligence, and science and space, those are up 11%, 5%, and 1% respectively.

綜合智慧財產權授權組合、合資企業績效及其高效率的成本結構，利潤率為 21.4%，高於去年。政府收入整體成長了 3%，其中國際、國防和情報、科學和太空收入分別成長了 11%、5% 和 1%。

This is offset in part by contraction in readiness and sustainment, particularly for EUCOM activity down as funding delays earlier in the year are still trickling through related to the Ukraine conflict. However, this is beginning to reverse as sequential growth from Q1 was up 7% in the readiness and sustainment segment, pretty much attributed to this Ukraine area. Profit margins hit 10.4%, pretty much in line with expectations for GS in Q2.

這在一定程度上被戰備和保障方面的收縮所抵消，尤其是歐盟司令部活動的減少，因為今年早些時候與烏克蘭衝突相關的資金延誤仍然存在。然而，這種情況開始出現逆轉，準備和維持領域的環比成長比第一季成長了 7%，這很大程度上歸功於烏克蘭地區。第二季利潤率達到 10.4%，與 GS 的預期基本一致。

Now on to slide 11. Good capital deployment starts with good cash flow generation, which as discussed earlier, was terrific for Q2. This enabled higher buybacks this quarter and also year to date, yet still reduced our leverage, which finished the quarter at 1.9x trailing 12 adjusted EBITDA.

現在轉到投影片 11。良好的資本部署始於良好的現金流生成，正如前面所討論的，第二季度的現金流非常好。這使得本季和年初至今的回購量增加，但仍降低了我們的槓桿率，本季末的槓桿率為 1.9 倍，追蹤 12 調整後 EBITDA。

Specifically, we bumped up our buybacks to about $100 million in Q2 on top of the $50 million in Q1. Together with increased dividends in Q1, we have returned almost $200 million in cash to shareholders through the first half.

具體來說，我們在第一季的 5,000 萬美元的基礎上，在第二季將回購額提高到了約 1 億美元。加上第一季股利的增加，我們上半年已向股東返還了近 2 億美元的現金。

Now let me briefly cover how we plan to finance the acquisition of LinQuest. While we have cash and current revolver capacity to cover the full purchase price, we have commenced the process of tapping additional term loans to maximize our liquidity.

現在讓我簡單介紹一下我們計劃如何為收購 LinQuest 提供融資。雖然我們有現金和流動循環能力來支付全部購買價格，但我們已經開始利用額外的定期貸款，以最大限度地提高我們的流動性。

Assuming we do that, we expect any new debt to be at the same or better rates than our existing debt. We'll also structure any new debt to allow for repayments. So we have the option of delevering as cash flows are generated down the road.

假設我們這樣做，我們預計任何新債務的利率將與現有債務相同或更好。我們還將構建任何新債務以允許償還。因此，隨著現金流的產生，我們可以選擇去槓桿化。

We expect the transaction to raise our pro forma net leverage to approximately 2.7x, give or take post-closing. This leverage ratio is still at a comfortable level. And thus, we still have a capital deployment optionality across M&A, buybacks, and debt reduction options.

我們預計這筆交易將把我們預期的淨槓桿率提高到約 2.7 倍，無論交割後的結果如何。這一槓桿率仍處於舒適水平。因此，我們仍然可以在併購、回購和減債等方面進行資本配置。

Now on to slide 12, forward guidance. We are raising our guidance for the year on profit and cash metrics, which is all organically driven. We are not and will not factor in any expected contribution from LinQuest until it closes. We will consider an update then depending on when closing occurs and the materiality to the year at that point in time.

現在轉到投影片 12，前瞻性指導。我們正在提高今年對利潤和現金指標的指導，這都是有機驅動的。在 LinQuest 關閉之前，我們不會也不會考慮其任何預期貢獻。我們將根據交割時間以及當時對該年度的重要性考量進行更新。

Revenue guidance is unchanged at $7.4 billion to $7.7 billion. However, with a strong first half operating performance, we are bumping up adjusted EBITDA to a range of $825 million to $850 million with a midpoint of $838 million. Our adjusted EPS guidance is also increasing to $3.15 to $3.30 for the midpoint of $3.23. And finally, with a strong year-to-date cash flow conversion, we're increasing our adjusted operating cash flow guidance to $460 million to $480 million.

收入指引維持在 74 億至 77 億美元不變。然而，憑藉上半年強勁的經營業績，我們將調整後 EBITDA 上調至 8.25 億美元至 8.5 億美元之間，中間值為 8.38 億美元。我們調整後的每股盈餘指引也上調至 3.15 至 3.30 美元，中位數為 3.23 美元。最後，由於年初至今現金流量轉換強勁，我們將調整後的營運現金流量指引提高至 4.6 億美元至 4.8 億美元。

In summary, the core business is performing really well and we are increasing the outlook for profit and cash flow production, certainly a great testament to the performance of our STS and GS operating teams. In addition, we're truly excited about the addition of LinQuest.

總而言之，核心業務表現非常好，我們正在提高利潤和現金流量生產的前景，這無疑是對我們 STS 和 GS 營運團隊績效的有力證明。此外，我們對 LinQuest 的加入感到非常興奮。

In fact, I've known this business for a really long time and have high confidence, we will be an excellent home for their employees. The cultures align really well, and we expect robust synergy and customer delivery benefits for years to come. All of this really just can't wait to get started with our new colleagues on this exciting front. With that, back to Stuart.

事實上，我對這個企業已經了解很久了，並且非常有信心，我們將成為他們員工的一個美好的家。這些文化非常契合，我們期望在未來幾年內能實現強大的綜效和客戶交付效益。所有這一切真的迫不及待地想與我們的新同事一起開始這個令人興奮的領域。說到這裡，回到史都華。

Thanks, Mark. Terrific job as always and on to slide 13 really to talk about LinQuest. What you see on the slide is the same as we published in our announcement last week. So I thought I would cover only a couple of points and then I will touch on how the feedback has been since the acquisition was announced and how we're thinking about integration.

謝謝，馬克。一如既往的出色工作，接下來到幻燈片 13 來真正談論 LinQuest。您在投影片上看到的內容與我們上週在公告中發布的內容相同。因此，我想我只討論幾點，然後我將談論自宣布收購以來的反饋情況以及我們如何考慮整合。

So LinQuest, they have 1,500-plus people. They really do amazing work, and they do that across national security space. So think Space Force, future air dominance. So think Air Force and JADC2 and connected battle space of the interoperability and digital, I mean, their capability is highly complementary to KBR's with little overlap, which I really think gives exciting synergy opportunities, and we've highlighted how those work on the slide in there.

LinQuest 擁有 1,500 多名員工。他們確實做了令人驚嘆的工作，而且他們在整個國家安全領域都做到了這一點。所以想想太空部隊，未來的製空權。因此，想想空軍和JADC2 以及互聯作戰空間的互通性和數位化，我的意思是，它們的能力與KBR 的功能高度互補，幾乎沒有重疊，我真的認為這提供了令人興奮的協同機會，我們在幻燈片上強調了這些功能的工作原理在那裡。

We're also excited the fact that margins at double digit as is the pre-synergy growth profile, so absolutely terrific. And from a people perspective, the feedback on the announcement has been incredibly positive, in fact positive on both sides. And we posted our first Town Hall with LinQuest team last week, and there's a lot of excitement.

我們也感到興奮的是，協同前的成長狀況一樣，利潤率達到了兩位數，這絕對是太棒了。從人們的角度來看，對這項公告的回饋非常積極，實際上對雙方都是正面的。上週我們與 LinQuest 團隊一起發布了第一個 Town Hall，大家都非常興奮。

LinQuest is a business, we know very well. As Mark said earlier, we're located in many of the same locations. We've worked with them on numerous occasions and importantly that people know and respect each other, which I think is absolutely unique. We have common values. We've commitment to mission. And I think from a culture perspective, we see this as really, really a terrific fit.

LinQuest 是一家企業，我們非常清楚。正如馬克之前所說，我們位於許多相同的地點。我們在許多場合與他們合作過，重要的是人們彼此了解並尊重，我認為這絕對是獨一無二的。我們有共同的價值觀。我們致力於使命。我認為從文化的角度來看，我們認為這真的非常非常合適。

In terms of integration, we're actually feeling really good about it. LinQuest already operates on many of the same ERP platforms. And for those that have done this before, that really is a big deal. So this greatly reduces the risk and importantly, the burden on the team's doing the integration.

在整合方面，我們實際上感覺非常好。LinQuest 已經在許多相同的 ERP 平台上運作。對於那些以前這樣做過的人來說，這確實是一件大事。因此，這大大降低了風險，更重要的是，降低了團隊進行整合的負擔。

So I'm sure you can tell we're super excited about LinQuest joining the KBR family. This is not only a great fit with little overlap, but an acquisition that's absolutely bang on strategy and focused on delivering revenue synergies and very well-funded in critical end markets. Obviously, in the coming weeks, we'll be working through the HSR process and hopefully, we'll close soon and more to comment, we'll update you at the next earnings call.

所以我相信您可以看出我們對 ​​LinQuest 加入 KBR 家族感到非常興奮。這不僅是一次非常契合、幾乎沒有重疊的收購，而且是絕對符合策略的收購，專注於提供收入協同效應，並且在關鍵終端市場資金充足。顯然，在接下來的幾週內，我們將完成 HSR 流程，希望我們能盡快結束並發表更多評論，我們將在下一次財報電話會議上向您通報最新情況。

Now on to slide 14, and I'll finish with some key takeaways. Firstly, we've delivered a really strong first half performance across all key metrics. And as a result, as Mark presented, we are pleased to raise full year '24 guidance on profit and cash flow.

現在轉到投影片 14，最後我將介紹一些關鍵要點。首先，我們在所有關鍵指標上都實現了非常強勁的上半年表現。因此，正如 Mark 所言，我們很高興提高 24 年全年利潤和現金流指引。

Secondly, our work under contract for 2024 today is at 92%, and bookings also ensure continued momentum. And the bids submitted and awaiting awards are at very, very high levels as we explained earlier. Thirdly, LinQuest, as I said earlier, is bang on strategy, and we are super excited about it, double digit growth and double-digit margins, really, really cool business.

其次，我們今天 2024 年的合約工作量已達 92%，預訂量也確保了持續的動能。正如我們之前所解釋的，已提交的投標和等待中標的投標水平非常非常高。第三，正如我之前所說，LinQuest 的策略非常出色，我們對此感到非常興奮，兩位數的成長和兩位數的利潤率，真的非常酷的業務。

Lastly, at Investor Day, we emphasized our vision to continually move KBR into technology-enabled markets, where our high-end technical, digital, and deep domain expertise really allow us to differentiate while adding value in critical areas for our customers all across the world.

最後，在投資者日，我們強調了我們的願景，即不斷將KBR 推向技術支援的市場，在這些市場中，我們的高端技術、數位和深厚的領域專業知識確實使我們能夠脫穎而出，同時在關鍵領域為我們的客戶增加價值。

We're following on these things from IR Day and with LinQuest as a catalyst, we believe there are opportunities to realign our business to operate even better based on our capabilities and markets. The objective of this realignment will be to reduce complexity, realize synergies like AUKUS and One Saudi as we presented at Investor Day.

我們正在追蹤 IR Day 的這些事情，並以 LinQuest 為催化劑，我們相信有機會重新調整我們的業務，以便根據我們的能力和市場更好地運作。這項調整的目標是降低複雜性，實現像我們在投資者日上介紹的 AUKUS 和 One沙烏地阿拉伯這樣的協同效應。

And it's likely we will manage both segments globally to allow greater standardization and business process optimization, which should drive efficiency. Then we'll be working on this through the remainder of 2024 with an expectation to report along these lines in full year '25. And to be clear, the segments and the enterprise targets for 2027 will remain intact through this realignment.

我們很可能會在全球範圍內管理這兩個部門，以實現更大程度的標準化和業務流程最佳化，從而提高效率。然後，我們將在 2024 年剩餘時間內致力於此工作，並預計在 25 年全年報告這些內容。需要明確的是，透過此調整，2027 年的細分市場和企業目標將保持不變。

This is very much a heads up, and we're going to continue to work on this through the remainder of the year. And we'll update you as we make progress. So please stay tuned. Thank you again for listening, and I'll now hand back to the operator who will open the call up for questions.

這在很大程度上是一個警告，我們將在今年剩餘時間內繼續致力於此。當我們取得進展時，我們會向您通報最新情況。所以請繼續關注。再次感謝您的收聽，現在我將把電話交還給接線員，接線員將打開電話詢問問題。

(Operator Instructions) Tobey Sommer, Truist.

（操作者說明）Tobey Sommer，真理論者。

Thank you. Good morning. I was wondering if you could expand on that last bit and offer some more color Stuart on the realignments in what you think that will achieve for the firm? Thank you.

謝謝。早安.我想知道您是否可以擴展最後一點，並為斯圖爾特提供一些您認為將為公司帶來的重組的更多信息？謝謝。

Yeah, thanks, Tobey. The objective will be to, as I said, reduce complexity, we'll move from three business units to two, effectively with bits of what we've been describing as GSI. And I'll give you a good example of that, the Diriyah Gate project, which is a full-on project management of a new sustainable city in Saudi Arabia that currently sits in the government segment and bucket, given its commercial contractual basis, given its program management at scale, and given where it is in Saudi to realize on One Saudi vision and leverage our position across a broader customer base.

是的，謝謝，托比。正如我所說，目標是降低複雜性，我們將從三個業務部門轉變為兩個業務部門，有效地利用我們一直描述為 GSI 的部分內容。我會給你一個很好的例子，迪里耶門項目，這是沙烏地阿拉伯一個新的永續城市的全面項目管理，鑑於其商業合約基礎，目前屬於政府部門和桶。 ，並考慮到它在沙烏地阿拉伯的地位，可以實現「一個沙烏地阿拉伯」的願景，並在更廣泛的客戶群中利用我們的地位。

That sort of project will move into STS going forward. So another example would be the Sellafield decommissioning that we do in the nuclear arena, very much a sustainable project currently sits within GSI, big programmatic, reducing carbon footprint, obviously managing a very tricky nuclear decommissioning piece of work and managing quite a significant supply chain. They are very much in the bailiwick of STS also.

此類項目今後將進入 STS。另一個例子是我們在核領域進行的塞拉菲爾德退役項目，這在很大程度上是一個可持續項目，目前位於GSI 內，是一個大型計劃，減少碳足跡，顯然管理著一項非常棘手的核退役工作，並管理相當重要的供應鏈。他們也在很大程度上屬於 STS 的管轄範圍。

So that's the sort of thing we'll be pushing across STS will get bigger as a consequence, as I said, the guide that we've given won't change. So we expect margins to hold up in STS as we go through this, but it certainly will obviously give us, I guess, an overhead advantage as well as we go from three to two, and I think allow a standardization and more commercial acumen in the areas where it's required. But the clear objective is to realize the synergies that we laid out on Investor Day. Does that make sense?

因此，我們將在 STS 上推動的事情將會變得更大，正如我所說，我們提供的指南不會改變。因此，當我們經歷這個過程時，我們預計STS 的利潤率將保持不變，但我想，這顯然會給我們帶來管理費用優勢，並且我們從三個變為兩個，而且我認為允許標準化和更具商業頭腦。但明確的目標是實現我們在投資者日所提出的綜效。這樣有道理嗎？

Absolutely. If I may sneak in a follow-up, from a geographic perspective, where do you see the most rapid growth across the enterprise over the next year or two?

絕對地。請容許我從地理角度進行跟進，您認為未來一兩年整個企業的成長速度最快的地方在哪裡？

I mean, I think ultimately you're going to see a lot of growth in what we described as the golden south, particularly the Middle East. I think you've seen that. And if you look at our documents for this quarter, you'll see the increase in activity in the Middle East in particular. So I do see that from an energy perspective going to be the area of significant activity.

我的意思是，我認為最終你會看到我們所說的黃金南部地區，特別是中東地區的大量成長。我想你已經看到了。如果您查看我們本季的文件，您會發現中東地區的活動尤其增加。因此，我確實認為從能源角度來看，這將是重要活動的領域。

In terms of the government side, obviously, with the LinQuest acquisition, we obviously see a lot of activity happening in the US also. But also, I think, continued emphasis in the Pacific, so we do see increasing activity across things like AUKUS and then sharing intelligence data and things across the allied forces. So I think you're going to see it in multiple places, depending on which business to be.

就政府方面而言，顯然，隨著 LinQuest 的收購，我們顯然也看到美國也發生了許多活動。但我認為，繼續強調太平洋地區，因此我們確實看到 AUKUS 等活動不斷增加，然後在盟軍之間共享情報數據和事物。所以我認為你會在多個地方看到它，這取決於具體的業務。

Thank you.

謝謝。

Michael Dudas, Vertical Research.

邁克爾·杜達斯，垂直研究。

Good morning, Jamie, Stuart, Mark. Stuart you talked about visibility in the pipeline and then you highlighted some government service opportunities. Maybe you could share a little bit on the STS side, on the pipeline. And looking at 2025, how comfortable are you relative to what's in backlog and near term bookings today to at least achieve the growth targets that you have?

早安，傑米、史都華、馬克。史都華（Stuart）您談到了管道中的可見性，然後您強調了一些政府服務機會。也許您可以分享一些關於 STS 方面、管道方面的內容。展望 2025 年，相對於目前的積壓訂單和近期預訂量，您對至少實現既定的成長目標是否滿意？

Yeah. I think as we've presented I mean, the bookings at STS in the quarter, excluding the LNG project were 1.1. So there's strong momentum there, I think, as similar to last quarter and actually on a trailing 12 months basis sitting at 1.2. So good continued bookings in STS, a strong pipeline really globally.

是的。我認為正如我們所介紹的，本季 STS 的預訂量（不包括液化天然氣項目）為 1.1。因此，我認為，這方面的勢頭強勁，與上季類似，實際上過去 12 個月的成長率為 1.2。 STS 的預訂量非常好，這是一個真正全球性的強大管道。

But as I said earlier, I think a lot of activity in the Middle East, in fact, I was in Saudi last week with Jay and so continued confidence in their investment profiles there. So we're not seeing a slowdown at all in that arena and energy security is very much on the agenda in a decarbonized way, as we've talked about for as well as energy transition, probably energy transition moving a little bit slower due to affordability questions.

但正如我之前所說，我認為中東有很多活動，事實上，我上周和傑伊一起去了沙特，因此對他們在那裡的投資狀況繼續充滿信心。因此，我們在該領域根本沒有看到放緩，能源安全以脫碳方式提上議程，正如我們所討論的以及能源轉型一樣，可能由於以下原因，能源轉型進展緩慢一些負擔能力問題。

But it just brings energy security more to the fore because the demand in energy is still very much the same. So yeah, no real change to really what we presented in Investor Day around that, Mike.

但這只是讓能源安全更加突出，因為能源需求仍然非常相似。所以，是的，麥克，我們在投資者日所展示的內容並沒有真正的改變。

Thank you. My follow-up is there any early read on the new government in the UK and how things may shake out?

謝謝。我的後續行動是否有關於英國新政府的早期報導以及事情可能會如何發展？

Yeah, good question. I mean, the UK moves a bit quicker than some jurisdictions when it's election process, it sort of happened in a few weeks, the new government was elected on July 4 and the covenant was in place by July 5. So it's a fully operational government.

是的，好問題。我的意思是，英國在選舉過程中比某些司法管轄區的行動要快一些，大約在幾週內就發生了，新政府於 7 月 4 日選出，盟約於 7 月 5 日生效。所以這是一個全面運作的政府。

Parliament is back, they'll go back at holiday, of course, in August like most places. But it's all working. I do think there will be, as there always is with new governments a review process, whether in defense or in other areas. But what we've seen so far is that the UK is very, very committed to NATO and what's happening in supporting Ukraine and already the defense and foreign ministers have engaged with, in fact, Zelenskyy was in the UK last week.

議會回來了，他們會在假期回來，當然，像大多數地方一樣，在八月。但這一切都在發揮作用。我確實認為，無論是在國防領域還是在其他領域，新政府都會有一個審查程序，就像新政府一直存在的那樣。但到目前為止我們看到的是，英國非常非常致力於北約以及支持烏克蘭方面所發生的事情，國防部長和外交部長已經進行了接觸，事實上，澤倫斯基上週就在英國。

And so we don't see any slowdown in commitment there. And in terms of their commitment to new energy, I think Labor is actually even more committed to energy transition. And so we see that as a good opportunity going forward.

因此，我們沒有看到承諾有任何放緩。就他們對新能源的承諾而言，我認為工黨實際上更致力於能源轉型。因此，我們認為這是一個前進的好機會。

Thank you, Stuart.

謝謝你，斯圖爾特。

Bert Subin, Stifel.

伯特·蘇賓，史蒂菲爾。

Hey, thank you. Good morning/afternoon, Mark and Stuart. Maybe just to kick off, it was a really strong second quarter for STS, I mean, the EBITDA growth was quite a bit better than expected. Sales growth continues to be robust. I know you look at the book-to-bill in this business. And there's some questions around like as Plaquemines starts to step back, you know what the direction of the business is going to be.

嘿，謝謝你。早安/下午好，馬克和斯圖爾特。也許剛開始，STS 的第二季表現非常強勁，我的意思是，EBITDA 成長比預期好很多。銷售成長持續強勁。我知道你會關注這個行業的訂單到帳單。還有一些問題，例如當 Plaquemines 開始退後一步時，你知道業務的方向是什麼。

So could you give us some commentary just maybe on like what's your what you're seeing in the second half? Do you expect these kind of growth rates to persist and then as you think out the '25, '26, '27, and beyond, I mean, you highlighted the Middle East big program, we're still sort of waiting to hear from is liquid chemicals, the Aramco? I'm just curious if there's any update there.

那麼您能給我們一些評論嗎？您是否預計這種增長率會持續下去，然後當您考慮“25”、“26”、“27”及以後時，我的意思是，您強調了中東大計劃，我們仍在等待聽到是液體化學品，阿美石油公司？我只是好奇那裡是否有任何更新。

Yeah. I mean, I think in short, I mean, we're standing by our guidance and it was very clear on that, but we'll move up the guidance for this year, obviously. But our '27 guide and our growth rates that we committed to at Investor Day, are still there very much robust and we think we can achieve them. But that's probably the first statement that you could get your arms around.

是的。我的意思是，我認為簡而言之，我們堅持我們的指導方針，這一點非常明確，但顯然我們會提高今年的指導方針。但我們的 27 年指南和我們在投資者日承諾的成長率仍然非常強勁，我們認為我們可以實現這些目標。但這可能是第一個讓你可以擁抱的聲明。

STS is performing really, really well. I do think that we're seeing some movement in the LNG industry as well, post the Biden sort of moratorium there. I think some projects have been released. I think that will be progressive until Election Day in November, and I think that market will start to move again. So we're feeling pretty upbeat about that.

STS 的表現非常非常好。我確實認為我們也看到液化天然氣行業發生了一些變化，拜登宣布暫停該行業。我認為一些項目已經發布了。我認為這將在 11 月選舉日之前取得進展，我認為市場將再次開始波動。所以我們對此感到非常樂觀。

And in terms of the Middle East, I think, yeah, I covered off at Investor Day that, you know, the Middle East is more than just LTC. And Saudi is more than just LTC with commitments around ammonia, commitments around new gas development, and et cetera. And that's the same in the UAE, it's the same in Kuwait, and it's the same in Oman.

就中東而言，我認為，是的，我在投資者日強調，中東不僅僅是 LTC。沙烏地阿拉伯不僅僅是承諾氨、新天然氣開發等等的 LTC。阿聯酋也是如此，科威特也是如此，阿曼也是如此。

So I think there's lots happening across that area. And we are very well present in all those markets. LTC, I know very much as for stating, but we are very client friendly as you can be well aware and appreciate. And we have been not able to announce anything on that program. We still feel really good about it, but we are not yet at liberty to disclose anything until we get permission from the customer, and that is yet to be forthcoming. So I apologize that, but that's the best I can do right now. I'd say that again, we're feeling pretty good about where we sit.

所以我認為該地區正在發生很多事情。我們在所有這些市場上都有很好的表現。LTC，我非常了解這一點，但我們對客戶非常友好，您可以清楚地了解和欣賞。我們還無法宣布該計劃的任何內容。我們仍然對此感到非常滿意，但在獲得客戶許可之前，我們還不能自由透露任何信息，而這還沒有得到客戶的許可。所以我很抱歉，但這是我現在能做的最好的事。我想再說一遍，我們對自己的位置感覺很好。

No, that's super helpful. Thank you, Stuart. Just as a follow up on the other side of the house in GS. You talked about a pretty substantial ramp up in bids. And it sounds like you're starting to see that. Could you maybe just help us understand like what changes by segments you had based on what I think Mark said, 5% growth in D&I, 1% in S&S. So how do those ramp up into the targets you've given at Investor Day? And then regarding RNS, can you just give us some color on maybe early days of HomeSafe?

不，這非常有幫助。謝謝你，斯圖爾特。就像 GS 房子另一邊的後續行動一樣。您談到了出價的大幅上漲。聽起來你已經開始看到這一點了。您能否幫助我們了解一下，根據我認為馬克所說的，您的細分市場發生了哪些變化，D&I 成長 5%，S&S 成長 1%。那麼，這些如何才能達到您在投資者日設定的目標呢？關於 RNS，您能給我們一些有關 HomeSafe 早期的資訊嗎？

Yeah. So I think our bids, a big target for this year is circa $12 billion in GS, and I think we've achieved eight to date. So we're well on the path to achieve that, which is terrific. And what we've done is we've refined costs in other areas and put more effort into BD to ensure that rates are still competitive.

是的。因此，我認為今年我們的投標目標是大約 120 億美元的 GS，而且我認為迄今為止我們已經實現了 8 個目標。因此，我們正在實現這一目標，這真是太棒了。我們所做的就是優化其他領域的成本，並在 BD 上投入更多精力，以確保費率仍然具有競爭力。

We've centralized, I guess, a big acquisitive project group into a centralized group that overseas and drives more, I guess, more volume, but obviously more quality through that pipeline. And we're seeing that manifest itself.

我想，我們已經將一個大型收購專案小組集中到一個海外集中小組，並透過該管道推動更多的數量，但顯然品質更高。我們看到了這一點。

And I think as I described earlier, we've really got a very strong IDIQ machine, obviously, IAC MAC, we've got $2 billion awaiting award in that program alone, and that is absolutely significant. And we do expect, I guess, some ramp up in volumes of awards between now and October just because of the cycle of government. And hopefully we'll see that coming in Q3, but this was all part and parcel of how we positioned Investor Day, very much strategically how we aligned our targets, how we thought through, how we could achieve those targets.

我認為正如我之前所描述的，我們確實擁有非常強大的 IDIQ 機器，顯然是 IAC MAC，僅在該專案中我們就有 20 億美元等待獎勵，這絕對是重要的。我猜想，我們確實預計，從現在到 10 月，獎勵數量會因為政府的周期而增加。希望我們能在第三季度看到這一點，但這都是我們如何定位投資者日的重要組成部分，非常策略性地我們如何調整我們的目標，我們如何思考，我們如何實現這些目標。

So I think what you're showing is strategy and action and strategy to work and achieve your outcomes, you've got to also just deliver and I think our teams are actually doing just that. So that's probably the best way to put that.

所以我認為你所展示的是策略和行動以及工作和實現成果的策略，你還必須交付，我認為我們的團隊實際上正在這樣做。所以這可能是最好的表達方式。

Okay. And then just on the HomeSafe, I think it was April, I think when we spoke, it just started. So maybe how that's progressing thus so far?

好的。然後就在 HomeSafe 上，我想那是四月，我想當我們談話時，它才剛剛開始。那麼到目前為止進展如何？

Yeah. I mean, the early moves have gone very, very well. The feedback on the quality and the service have been terrific. As you can imagine, the volumes are quite low. So we're all over that. So you'd expect it so, but so far, so good in that sense. We know, we've got the supply chain lined up in terms of what we're thinking about we've got to achieve in the next little while, so no issues there.

是的。我的意思是，早期的行動進展得非常非常順利。對品質和服務的回饋非常好。正如您可以想像的那樣，數量非常低。所以我們已經結束了。所以你會期望如此，但到目前為止，從這個意義上來說，一切都很好。我們知道，我們已經按照我們在接下來的一段時間內要實現的目標排列了供應鏈，所以沒有問題。

In terms of public statements, TRANSCOM came out in May and basically said that we'll be progressively ramping up particularly in the fall as we look at interstate moves, which is aligned with our program we're testing for that the systems right now, and so far, so good with a view that we'll be doing full domestic moves in the busy season of 2025.

就公開聲明而言，TRANSCOM 在 5 月發布，基本上表示，我們將逐步加大力度，特別是在秋季，因為我們正在考慮州際搬遷，這與我們目前正在測試系統的計劃是一致的，到目前為止，一切進展順利，我們將在2025 年的繁忙季節進行全面的國內搬遷。

Now obviously, the targets that we gave in Investor Day are a bit more conservative than that. And rightfully so it's a new program, but we're doing all we can to achieve that and may not behind our expectation. But that's kind of where we sit today.

顯然，我們在投資人日給的目標比這要保守一些。理所當然，這是一個新計劃，但我們正在盡一切努力實現這一目標，但可能不會低於我們的預期。但這就是我們今天所處的位置。

Thanks very much, Stuart.

非常感謝，斯圖爾特。

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼，D.A.戴維森。

Hey, thanks. Good morning, Mark or Stuart, can you just talk about your expectations for RNS and I guess particularly your activities in Europe as you're moving into the second half of the year? And what's embedded in your outlook?

嘿，謝謝。早安，馬克或斯圖爾特，你們能談談你們對 RNS 的期望嗎？您的觀點包含哪些內容？

Yeah, I'll start and Mark can jump in. I mean, RNS is actually quite interesting in what's happening there and its activity levels. So as you know, it slowed down a bit with the Ukraine supplemental not being approved for some time [and a bit of CR], both of them are behind us and we're seeing some movement there in EUCOM.

是的，我先開始，馬克也可以加入。我的意思是，RNS 實際上對那裡發生的事情及其活動水平非常感興趣。如您所知，由於烏克蘭補充文件在一段時間內未獲得批准[以及一些 CR]，它的速度有所放緩，兩者都在我們身後，我們看到 EUCOM 出現了一些動向。

But actually, if you look at the sequential growth, much of the sequential growth in RNS is actually coming from non-LOGCAP activities. So really a broader base operational support business, which is actually a terrific fact set because we do expect EUCOM and the impact of EUCOM to come through in Q3 and Q4 based on our outlook. So I think that's quite an interesting dynamic there. Mark, any more to say on that?

但實際上，如果您查看連續成長，您會發現 RNS 的大部分連續成長實際上來自非 LOGCAP 活動。因此，這確實是一個更廣泛的基礎營運支援業務，這實際上是一個很棒的事實，因為根據我們的前景，我們確實預計 EUCOM 以及 EUCOM 的影響將在第三季和第四季實現。所以我認為這是一個非常有趣的動態。馬克，對此還有什麼要說的嗎？

Yeah, I think you said, and I think RNS is more diversified than one might think. And so they've been active, as we talked about up in a bid submittals by 50% this year. They're very much included and they've expanded their reach and their markets and are doing really well.

是的，我想你說過，而且我認為 RNS 比人們想像的更加多元化。所以他們一直很活躍，正如我們在今年的投標提交中談到的那樣，增加了 50%。他們的參與度很高，並且擴大了影響力和市場，而且做得非常好。

On Ukraine, we will see I did say that the trickle down was a little slow in Q2. It did pick up toward the end. So we're optimistic the second half will be a little bit better than the first. And then we'll just, you know, play that as the government dictates longer term.

關於烏克蘭，我們會看到我確實說過第二季的涓滴效應有點慢。到最後它確實有所回升。因此，我們樂觀地認為下半年會比上半年好一點。然後我們就會按照政府的長期指示來發揮作用。

And I've got a couple of recent bids that as ever you're told you have won and then they go into protest and we do think these will be added as the protest resolves in our favor. But we'll obviously update you and hopefully in Q3 earnings. So we feel pretty good about RNS and that whole business performance.

我最近收到了一些出價，正如您被告知的那樣，您已經獲勝，然後它們進入了抗議，我們確實認為，隨著抗議以對我們有利的方式解決，這些將被添加。但我們顯然會向您通報最新情況，並希望在第三季的收益中。因此，我們對 RNS 和整個業務績效感覺非常好。

Got it. Okay. And then, Stuart, just your answer to one of the previous questions, talking around the opportunity in LNG percolating. I guess, in particular some of the opportunities here in the US, what might be embedded into your 2027 financial targets for STS versus what isn't especially related to those types of opportunities here in the US?

知道了。好的。然後，斯圖爾特，只是您對先前問題之一的回答，談論液化天然氣滲透的機會。我想，特別是美國的一些機會，哪些內容可能包含在您的 2027 年 STS 財務目標中，哪些內容與美國的這些類型的機會沒有特別相關？

Yeah, I mean the '27 numbers and the reason we put out to '27 is to is to really answer that question. We do believe there's enough globally in LNG, not just the US. And we've talked about our project management work in Abu Dhabi, and we've talked about where we are in the Middle East, in the broader Middle East as well, and the activities we're doing in and around Oman.

是的，我的意思是「27」的數字，我們推出「27」的原因是為了真正回答這個問題。我們確實相信全球液化天然氣供應充足，而不僅僅是美國。我們討論了我們在阿布達比的專案管理工作，我們討論了我們在中東以及更廣泛的中東地區的情況，以及我們在阿曼及其周邊地區開展的活動。

So I'm thinking that LNG will pick up also in the US. But really our targets in '27 are not dependent on LNG. We think the markets are broader. We think our positioning in those markets are strong enough to achieve targets.

所以我認為液化天然氣在美國也會有所成長。但實際上我們 27 年的目標並不依賴液化天然氣。我們認為市場更廣闊。我們認為我們在這些市場的定位足以實現目標。

You know, LNG does factor in a bit, but we're not absolutely holistically dependent on that. And as you know, we run a probabilistic model when we do, what's the chances of projects going ahead, what's the chances of getting them? So there's a whole mix of opportunity in there. If we win our fair share, I think we can -- if we win LNG, that's great. But at the end of the day, I think there's enough opportunities to stand behind those targets.

你知道，液化天然氣確實發揮了一點作用，但我們並不完全完全依賴它。如你所知，當我們這樣做時，我們會運行一個機率模型，專案進行的機會有多大，獲得它們的機會有多大？所以那裡有各種各樣的機會。如果我們贏得公平的份額，我認為我們可以——如果我們贏得液化天然氣，那就太好了。但歸根結底，我認為有足夠的機會來支持這些目標。

Very good. Thank you.

非常好。謝謝。

Steven Fisher, UBS.

史蒂文費雪，瑞銀。

Hi, thanks. Good morning. Nice to see the guidance increase. I'm just curious on that guidance increase, if you could maybe bridge us between the old EBITDA and EPS guidance to the new guidance. I'm curious, was it more kind of contingency captures in the first half that drove the increase, or was it more on the business wins? And then I'm curious to know if there was anything that was restraining the outlook there and any new headwinds that came up that had to be, blended in that guidance change.

你好，謝謝。早安.很高興看到指導增加。我只是對指導的增加感到好奇，如果你能在舊的 EBITDA 和 EPS 指導與新的指導之間架起橋樑。我很好奇，是上半年的意外事件推動了成長，還是更多的是業務勝利？然後我很想知道是否有任何因素限制了那裡的前景，以及是否出現了任何新的阻力，這些阻力必須融入指導的變化中。

Steve, the increase in guidance was driven by operational performance, full stop. I mean, our people deliver day in, day out. I've said it many times, they're absolutely terrific and they continue to perform. So really, really strong operational performance that drove the guide.

史蒂夫，指引的增加是由營運績效推動的，句點。我的意思是，我們的員工日復一日地交付成果。我已經說過很多次了，他們絕對棒極了，而且他們的表現還在繼續。非常非常強大的營運績效推動了指南的發展。

In terms of our outlook, we gave, I guess, modest increase in guidance, but an increase, nonetheless. And, we're about to enter quite volatile times in the US, as you can imagine, with elections looming and all the noise before then and probably after then also.

就我們的前景而言，我認為我們給出了適度的指導，但仍然增加。而且，正如你可以想像的那樣，美國即將進入相當動盪的時期，選舉迫在眉睫，在那之前甚至之後可能也會出現各種噪音。

So we've been a little bit sensible and prudent in terms of how much we raised. And we'll see where we land in Q3. And, we'll see what's in the backlog and how we're performing and what impact some of this volatility has, both in the US and outside, of course. And that's really the basis of why we've guided up, but perhaps been quite prudent in doing so.

因此，我們在籌集資金方面有點明智和謹慎。我們將在第三季度看到我們的情況。而且，我們將了解積壓的情況、我們的表現以及這種波動對美國和國外的影響。這確實是我們進行指導的基礎，但這樣做可能相當謹慎。

Okay, that's helpful. And then related to the LinQuest, relative to the 12%-plus growth rate that you cited in 2024, what's the growth rate that you're embedding in there in the multiple that you called out, I guess, implied EBITDA for 2025?

好的，這很有幫助。然後與 LinQuest 相關，相對於您在 2024 年提到的 12% 以上的增長率，您在您所說的倍數中嵌入​​的增長率是多少，我想，隱含 2025 年的 EBITDA？

It seems like you're implying around $65 million to $70 million EBITDA next year, but it's a little hard to tell based on the tax benefits trying to back into it. And then is that going to be immediately accretive upon close or will it take some time to be accretive?

您似乎暗示明年的 EBITDA 約為 6500 萬至 7000 萬美元，但根據試圖恢復的稅收優惠，這有點難以判斷。那麼，這會在交易結束後立即增值，還是需要一段時間才能增值？

Yeah, the growth that we've looked at going into '25 is in low-double digits. And we think, well, we know through diligence, they've got the backlog and the contract vehicles to achieve that. And that excludes synergies. So I think we're feeling really good about that.

是的，我們預計進入 25 年的成長是低兩位數。我們認為，我們透過勤奮知道，他們擁有積壓的訂單和合約工具來實現這一目標。這排除了協同效應。所以我認為我們對此感覺非常好。

And in terms of accretion, yeah, it's accretive from day one on a cash basis and yeah, as you would expect with something of that growth and those margin performances. And I think we paid a sensible multiple for it. We didn't get deal fever or anything like that. We had a very sensible discussion with the owners, Madison Dearborn. And I think they recognized KBR was a good home for this business. And certainly the two management teams got on very well, as I said, through the process. So we're feeling real good about it.

就增值而言，是的，從第一天起，它就以現金為基礎開始增值，是的，正如您對成長和利潤表現的預期那樣。我認為我們為此付出了合理的倍數。我們沒有出現交易熱或類似的情況。我們與業主麥迪遜迪爾伯恩進行了非常明智的討論。我認為他們認識到 KBR 是這項業務的好歸宿。當然，正如我所說，在整個過程中，兩個管理團隊相處得很好。所以我們對此感覺非常好。

Great. Thank you very much.

偉大的。非常感謝。

Mariana Pérez Mora, Bank of America.

瑪麗安娜·佩雷斯·莫拉，美國銀行。

Hi, this is Samantha Stiroh on for Mariana. So you mentioned that the volume of bids at GS is increasing substantially. So for those new bids, is it kind of a greater volume of the same types of work? Or have you been seeing KBR able to address maybe like a wider scope of type of work, if that makes sense?

大家好，我是瑪麗安娜的薩曼莎·斯特羅。您提到 GS 的出價量正在大幅增加。那麼對於這些新的投標來說，同類型的工作量是否更大？或者您看到 KBR 能夠解決更廣泛的工作類型（如果這有意義的話）？

Yeah, it does. I think it's a bit of both. I certainly think that, there are obviously similar pieces of work as we do now because we're very ever present in those markets. But we are seeing, I guess, a lot of activity and things like human health performance that we got involved in through initially NASA and then the port of contract and we're seeing, we strategically went forward there we think we've got great differentiation in performance and we're obviously penetrated into new customers as we presented today.

是的，確實如此。我認為兩者兼而有之。我當然認為，顯然有與我們現在所做的類似的工作，因為我們一直存在於這些市場中。但我想，我們看到了很多活動和諸如人類健康表現之類的事情，我們最初是透過美國宇航局參與的，然後是合約港，我們看到，我們戰略性地向前推進，我們認為我們已經取得了很大的進展正如我們今天介紹的那樣，我們顯然已經滲透到了新客戶中。

So I think it's really a bit of both. We're seeing far more opportunity in the digital cyber world than we'd seen historically and that again obviously -- that's obviously market driven but I think our credentials stand up to scrutiny there. So I do think it's a bit of both, but we're forever aligning on our vision and that's to continually move up market and be differentiated based on our technologies and our capabilities. And those are the new type bids we're going after.

所以我認為這確實是兩者兼而有之。我們在數位網路世界中看到的機會比我們歷史上看到的要多得多，這顯然是由市場驅動的，但我認為我們的資歷經得起那裡的審查。所以我確實認為兩者兼而有之，但我們永遠致力於我們的願景，那就是不斷提升市場並根據我們的技術和能力實現差異化。這些就是我們正在追求的新型標案。

Great, okay. I'll keep it at one. Thank you so much.

太好了，好吧。我會把它保持為一。太感謝了。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

Hey good morning everyone. Stuart, obviously you're still bullish on STS, GS but just to be clear with the understanding that Plaquemines will still burn do you think you could grow backlog from here over the next few quarters in STS? And maybe elaborate on this transition from energy transition type projects in STS to energy security? Some of it could be LNG as you said, but what are other types of energy security projects that you're seeing that could offset or more than offset if energy transition works a little slower?

嘿大家早安。Stuart，顯然您仍然看好 STS、GS，但要明確一點，即 Plaquemines 仍會燃燒，您認為在接下來的幾個季度中您是否會增加 STS 的積壓訂單？也許可以詳細說明從 STS 能源轉型型專案到能源安全的轉變？正如您所說，其中一些可能是液化天然氣，但如果能源轉型速度慢一點，您看到的其他類型的能源安全項目是否可以抵消或超過抵消？

Yeah. So just on the market in general to start there. So the energy demand is growing and it's growing significantly particularly in the Global South as the more developing nations become more developed and you know that's -- and you can see that. So that dynamic is not going away.

是的。所以市場上一般就從那裡入手。因此，能源需求正在成長，而且成長顯著，尤其是在南半球，隨著更多的發展中國家變得更加發達，你知道這一點，你也可以看到這一點。所以這種動力不會消失。

Energy transition projects are still growing, but I think the whole market believed they would go faster but there are affordability issues particularly around green molecules versus say blue. And I presented a bit of that in my prepared remarks. So we are seeing energy transition growing, but to meet demand energy security has to grow faster albeit in a decarbonized way.

能源轉型計畫仍在成長，但我認為整個市場都相信它們會進展得更快，但存在負擔能力問題，特別是在綠色分子與藍色分子方面。我在準備好的發言中介紹了一些內容。因此，我們看到能源轉型正在成長，但為了滿足需求，能源安全必須以脫碳的方式更快成長。

So I think the programs that were mentioned earlier, things like liquid to chemicals, gas monetization, LNG projects, all your traditional sort of hydrocarbons transition fuel type opportunities. As I say with electric drives or using renewable power or carbon sequestration et cetera to make them more blue is really sort of at the forefront.

所以我認為前面提到的項目，例如液體到化學品、天然氣貨幣化、液化天然氣項目，以及所有傳統的碳氫化合物過渡燃料類型的機會。正如我所說，透過電力驅動或使用再生能源或碳封存等使它們更加藍色確實是最前沿的。

So that's kind of where the market is heading today and certainly that was echoed by Aramco when I met the CEO last week. It was echoed by [Sadiq] when I met the CEO there last week and I think you're hearing it from the majors like BP and Shell other than Exxon et cetera.

這就是當今市場的發展方向，上週我會見阿美公司執行長時，阿美公司也肯定對此表示贊同。當我上週在那裡會見執行長時，[薩迪克]也表達了同樣的看法，我想你是從英國石油公司和殼牌公司等除埃克森美孚等公司那裡聽到的。

But at the same time you are seeing companies like BP and Shell move into the ammonia market for the very, very first time. And I think our recent announcements and our successes with those international energy companies as they diversify the portfolio to get ready for energy transition is clear.

但同時，您會看到像英國石油公司和殼牌這樣的公司第一次進入氨市場。我認為我們最近的公告以及我們與這些國際能源公司的成功是顯而易見的，因為他們使投資組合多樣化，為能源轉型做好了準備。

So I think we're really very well-positioned in both sides and as I say demand overall is not reducing, fulfilling that demand and the balance between it may differ a little. But I think we're very well-placed to take advantage of both sides and actually take advantage of the overall demand.

因此，我認為我們在雙方方面都處於非常有利的位置，正如我所說，整體需求並未減少，滿足該需求及其之間的平衡可能會略有不同。但我認為我們處於有利地位，可以充分利用雙方的優勢，並真正利用整體需求。

And given where a lot of that demand is happening, again you have to be ever present or omnipresent there. And I think we have presented that at Investor Day that we're very well-positioned in these markets. So I think that's why you're seeing strong performance in STS, that's why we remain kind of bullish on the performance and the outlook for STS and so may it continue.

考慮到大量需求發生的地方，您必須再次出現或無所不在。我認為我們在投資者日已經表明我們在這些市場中處於非常有利的地位。因此，我認為這就是為什麼您會看到 STS 的強勁表​​現，這就是為什麼我們仍然看好 STS 的表現和前景，因此這種情況可能會持續下去。

And then Stuart or Mark equity and earnings of unconsolidated affiliates is continuing to pick up in Q2 is higher again. Is that Plaquemines contribution continuing to pick up or is anything else helping and is the run-rate in Q2 the right level of equity earnings to model moving forward?

然後，史都華或馬克的未合併附屬公司的股本和收益在第二季繼續回升，再次走高。Plaquemines 的貢獻是否持續增加，或者有其他什麼幫助嗎？

I think I would say Andy, that Plaquemines is or VG sometimes said is pretty much at peak right now. And so that is contributing quite a bit to the equity and earnings that you're seeing. It'll stay strong and it'll start to wane off from that project a little bit in '25 and more so in '26.

我想我會說 Andy，Plaquemines 或 VG 有時說現在幾乎處於巔峰狀態。因此，這對您所看到的股本和收益做出了相當大的貢獻。它會保持強勁，並且會在 25 年開始從該項目中減弱一點，在 26 年更是如此。

What we're also seeing which is terrific is really strong programs like ASPIRE or our Brown & Root joint venture is benefiting from the energy security dynamics that Stuart mentioned earlier and that those contributions have continued to grow not at quite the pace as the LNG project as it is ramped up to its peak here, but has really come along really well.

我們還看到，像 ASPIRE 或我們的 Brown & Root 合資企業這樣真正強大的項目正在受益於斯圖爾特之前提到的能源安全動態，而且這些貢獻持續增長，但速度不及液化天然氣項目因為它在這裡達到了頂峰，但進展得非常好。

And so it's more diversified than you might think in that line. And that is healthy for a lot of reasons. But that number might dissipate, just a little bit this year from the 40 you see this quarter but not much it's pretty steady.

因此，它比您想像的更加多元化。出於很多原因，這是健康的。但這個數字可能會消失，今年僅比本季的 40 個有所減少，但不會太多，相當穩定。

Appreciate the color.

欣賞顏色。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc 資本市場。

Hi, thanks for taking my questions. So the first one on a Plaquemines, can you tell us when we should expect that book-to-bill headwind to go away? I understand it's burning at peak rates right now but just from a modeling perspective, when should we think of that normalizing?

您好，感謝您回答我的問題。那麼第一個關於 Plaquemines 的文章，您能告訴我們什麼時候我們應該預期訂單到帳單的逆風會消失嗎？我知道它現在正在以峰值速度燃燒，但僅從建模的角度來看，我們什麼時候應該考慮正常化？

Probably halfway through next year.

明年大概就過一半了。

Okay got it. And as a follow-up can I ask you about the LinQuest acquisition? It seems like it was an acquisition from a private equity firm. Was that a competitive process and are you seeing more or less of those kind of deals coming through your way these days?

好的，明白了。作為後續，我可以問您有關 LinQuest 收購的問題嗎？看起來這是一家私募股權公司的收購。這是一個競爭過程嗎？

Yeah. It was a competitive process, but through that process I think that we very much aligned with management on values and outlook and opportunity. And I think that played a part into us getting into a very strong position at the end. But yes, it was a competitive process that was circumvented somewhat and narrowed down quite quickly, which was terrific. But again, I would say that we kept our discipline through the process.

是的。這是一個競爭的過程，但透過這個過程，我認為我們在價值觀、前景和機會方面與管理層非常一致。我認為這對我們最終取得非常有利的地位起到了一定作用。但是，是的，這是一個競爭過程，在某種程度上被規避了，並且很快就縮小了範圍，這真是太棒了。但我想說的是，我們在整個過程中都遵守了紀律。

In terms of what we're seeing, yeah there's quite a bit in the market today. But like all things in this area, they have to be at a reasonable price but also they have to fit strategically. We don't buy to bulk out we buy for strategic acceleration et cetera.

就我們所看到的而言，是的，今天市場上有相當多的產品。但與該領域的所有產品一樣，它們的價格必須合理，但也必須具有戰略意義。我們購買不是為了擴大規模，而是為了策略加速等等。

So we'll continue to look as Mark said, we do have some firepower. We are happy for the leverage to take up a bit if it makes sense. And we've got a de-leveraging story and we're still very much in the healthy balance sheet zone. But yeah the market's quite active just now.

所以我們會繼續像馬克所說的那樣，我們確實有一些火力。如果有道理的話，我們很高興槓桿率能上升。我們已經實現了去槓桿化，而且我們的資產負債表仍然處於健康的區域。但是，是的，現在市場相當活躍。

Great, thank you so much.

太好了，非常感謝。

In saying all that we need to close LinQuest, get through HSR through the integration, deliver if there's any upside to that, deliver it this year, and really get that business off to a firm footing. And that's really our primary mission.

總而言之，我們需要關閉 LinQuest，透過整合完成 HSR，如果有任何好處的話，在今年交付，並真正讓該業務站穩腳跟。這確實是我們的首要任務。

Understood thank you.

明白了謝謝。

Gautam Khanna, TD Cowen.

高塔姆·卡納，TD·考恩。

Thanks, good morning. I was curious the mechanics that you expect on liquid to chemicals, like how does that appear in backlog and when like what sort of the milestones that we should be looking for? And is it going to be like a major kind of lump sum booking at some point in the next couple quarters or is it going to be more incremental over a number of years if you could frame that for us.

謝謝，早安。我很好奇您對液體到化學物質的期望機制，例如積壓訂單中如何出現以及我們應該尋找什麼樣的里程碑？在接下來的幾個季度中的某個時候，它是否會像一次主要的一次性預訂，或者如果您能為我們制定的話，它是否會在幾年內變得更加增量。

Yeah. I think Gautam, the way that Aramco typically work in these big programs is they do things called [Weirs], which is a work authorization request and you agree what the level of effort is there. So it's more incremental than the big bang booking.

是的。我認為高塔姆，阿美石油公司在這些大型專案中通常的工作方式是他們做一些叫做[Weirs]的事情，這是一個工作授權請求，你同意那裡的努力程度。所以它比大爆炸預訂更具增量性。

And so that's the way it's going to come through in backlog. So I think the best way that when we can talk about it we will describe what we think it could be, but we'll be very clear of what is and what is not in backlog and how we see that coming through over time. But typically, it's more a slow burn than a big bang.

這就是積壓的處理方式。因此，我認為最好的方式是，當我們可以談論它時，我們將描述我們認為它可能是什麼，但我們會非常清楚積壓的內容和不包含的內容，以及我們如何看待隨著時間的推移而實現的情況。但通常情況下，它更像是一個緩慢的燃燒而不是一個大爆炸。

Okay and then just to put a finer point on the second quarter STS bookings, recognize that the backlog came down but some of that reflects the Plaquemines. What were the orders the actual like dollar value of orders that were received in the quarter for STS?

好的，然後對第二季的 STS 預訂進行更詳細的說明，積壓訂單有所下降，但其中一些反映了 Plaquemines 的情況。STS 本季收到的訂單的實際美元價值是多少？

Well, it was 1.1 times the burn excluding -- yeah it's 1.1 times the revenue that's actually stated because obviously the Plaquemines burn doesn't come through revenue.

嗯，這是燃燒的 1.1 倍，不包括——是的，這是實際所說的收入的 1.1 倍，因為顯然 Plaquemines 的燃燒不是來自收入。

Roughly $500 million give or take.

約 5 億美元的給予或接受。

Yeah.

是的。

Okay roughly $500 million. And then last question on LinQuest, I was curious did they have any set aside business that may fade over time or is that 100% full and open?

好吧，大約 5 億美元。關於 LinQuest 的最後一個問題，我很好奇他們是否有任何預留業務可能會隨著時間的推移而消失，或者是 100% 完整且開放的嗎？

It's 100% full and open. There's no small business in there at all.

它是 100% 完整且開放的。裡面根本就沒有什麼小企業。

Thanks a lot guys.

非常感謝大家。

Jerry Revich, Goldman Sachs.

傑瑞·雷維奇，高盛。

Hi this is Adam on for Jerry, good morning. You were selected as one of the 11 awardees on the $43 billion MQS2 contract. What percent of that $43 billion could flow to KBR over time and how are you thinking about the timing of that ramp?

大家好，我是亞當替傑瑞發言，早安。您被選為價值 430 億美元的 MQS2 合約的 11 名獲獎者之一。隨著時間的推移，這 430 億美元中的百分之幾可能會流向 KBR？

Yeah, I think as I said we're very excited about the award. I mean it's a substantial ceiling value. We are very excited, it's a new customer and really sort of reinforces our credentials in the human health side of our business. But given it's a new customer and a new contract, I really don't want to speculate Adam, as to the volume that could come through each of the awards is a separate work order if you like.

是的，我想正如我所說，我們對這個獎項感到非常興奮。我的意思是這是一個很大的上限。我們非常興奮，這是一個新客戶，確實增強了我們在人類健康業務方面的信譽。但考慮到這是一個新客戶和一份新合同，我真的不想猜測亞當，因為如果你願意的話，每個獎項可能達到的數量是一個單獨的工作訂單。

I think it could get up to well we don't know is the answer. But $40 million, $50 million, $60 million a year as a sort of base, if it's less or more than that I guess we'll tell you but I'm absolutely speculating. We're just brand new in. We think it could do very well for us. But I don't want to get out in front of skis. I would very much say it's new business for us.

我認為它可能會很好地解決我們不知道的答案。但每年 4000 萬美元、5000 萬美元、6000 萬美元作為基礎，如果少於或多於這個數字，我想我們會告訴你，但我絕對是猜測。我們剛剛進來。我們認為這對我們來說非常有用。但我不想在滑雪板前出去。我想說這對我們來說是一項新業務。

So it's kind of upside. And as we get into a bit more, I'm sure we can report I guess some activities there. But I think you should view it as very, very good news. I think you should view it as a step forward strategically in that arena. And I think you should see as potential upside as we move forward.

所以這是有好處的。隨著我們深入了解，我確信我們可以報告我猜那裡的一些活動。但我認為你應該將其視為非常非常好的消息。我認為你應該將其視為在該領域策略上向前邁出的一步。我認為，隨著我們的前進，你應該看到潛在的好處。

And I'll add that you know we've really been on a good run in this area as we said earlier. Health and human performance is a real niche and great performer within our portfolio. I'll also add that on this particular award, we're really the only quote-unquote household name of the awardees.

我還要補充一點，正如我們之前所說，我們在這領域確實進展順利。健康和人類績效是我們產品組合中真正的利基市場和出色的表現。我還要補充一點，在這個特殊的獎項上，我們確實是獲獎者中唯一家喻戶曉的名字。

And so there are niche players in the other 10, but we're I think the biggest and the most recognizable maybe most -- able to deliver a wide variety of capabilities here. So pretty excited about that, but it's early days as Stuart said.

因此，其他 10 家公司中也有一些小眾參與者，但我認為我們是最大、最知名的，也許是最有能力在這裡提供各種功能的。對此我感到非常興奮，但正如史都華所說，現在還為時過早。

And then in STS can you just update us on your plastics monetization progress? Where do we stand in the construction progress on projects that have moved forward so far? And what's the timing of additional projects moving to construction phase?

那麼在 STS 中，您能否向我們介紹一下您的塑膠貨幣化進展？目前已推進的工程建設進度到什麼程度了？其他工程進入施工階段的時間是？

Yeah, so we've got again as we -- I think we said this at investor day we've got three under construction today. The one in the UK, the Wiltshire site is a stick build. It started before we got involved with Mura. They have progressed slower than expected and we do expect them to be producing product in Q3, so that's sort of right now.

是的，所以我們又得到了——我想我們在投資者日說過，我們今天有三個正在建設中。位於英國威爾特郡的站點是一個木造建築。這件事在我們接觸 Mura 之前就已經開始了。他們的進展比預期慢，我們確實預計他們將在第三季生產產品，所以現在就是這樣。

And the other one where we have been involved is in Korea with LG Chem where we modularize the solution. And I think it's been proven that we've taken a year off the execution schedule as a consequence. And they're looking to reach mechanical completion at the end of Q3, so very much on schedule and doing very, very well. And then the third one is in Japan, which will be in Q1 next year. Again we've been partying to that.

我們參與的另一個項目是在韓國與 LG Chem 合作，我們將解決方案模組化。我認為事實已經證明，我們的執行計劃因此推遲了一年。他們希望在第三季末實現機械完工，非常按計劃進行，而且做得非常非常好。第三個是在日本，將於明年第一季舉行。我們再次為此狂歡。

So I think that's where the three under construction sit. Over and above that, we have opportunities in Europe and North America that are very well mature. The key to unlock is actually, this is a Stuart view if you like is actually producing product in one of these sites but probably in the UK. We've had a number of interested parties through the site to see progress and to see what the plant looks like in face to face if you like and all very, very positive.

所以我認為這就是正在建造的三個項目所在的位置。除此之外，我們在歐洲和北美擁有非常成熟的機會。解鎖的關鍵實際上是，如果您願意，這是斯圖爾特視圖，實際上是在這些網站之一（但可能在英國）生產產品。我們已經有很多感興趣的團體透過該網站來了解進展情況，如果您願意的話，還可以面對面看看工廠的樣子，而且大家都非常非常積極。

So there's a number coming behind it, but the key to unlock the market is to buy call new technologies although we're very, very confident. We've got to get this facility up and running and producing. And I think once that happens, I think you'll see a lot of activity in that marketplace.

因此，背後有一個數字，但打開市場的關鍵是購買新技術，儘管我們非常非常有信心。我們必須讓這個設施啟動、運作和生產。我認為一旦發生這種情況，您就會在該市場上看到很多活動。

Great. Thank you.

偉大的。謝謝。

Thank you. As we currently have no further questions, I will now hand back to Stuart Bradie for closing remarks.

謝謝。由於我們目前沒有進一步的問題，我現在將請斯圖爾特布雷迪（Stuart Bradie）發表結束語。

Thank you, Kiki. So thank you again for taking the time to listen to our prepared remarks and the questions obviously today. We're very excited about the addition of LinQuest as you've had on numerous occasions through this call. We think it's a terrific acquisition and really accelerates our strategy in particularly around the mission IT set. It's a real capability and customer play for us and really strong synergy opportunities.

謝謝你，琪琪。再次感謝您今天抽出時間聆聽我們準備好的演講和問題。我們對 LinQuest 的加入感到非常興奮，正如您在本次電話會議中多次遇到的那樣。我們認為這是一次了不起的收購，確實加速了我們的策略，特別是圍繞 IT 任務集合。這對我們來說是真正的能力和客戶參與，也是真正強大的協同機會。

I'll reiterate none of that is in the guidance. And so once we get through HSR and close, obviously we'll be having a look at that. But to get halfway through the year with a little bit of over performance prudently raise guidance in a volatile world, I think really sends a strong signal to the market. We're feeling really good about our operational performance and our backlog and also our pipeline of potential bookings going forward.

我會重申指南中沒有這些內容。因此，一旦我們通過高鐵並關閉，顯然我們會考慮這一點。但在今年過半時，在動盪的世界中謹慎地提高業績指引，確實會向市場發出強烈的信號。我們對我們的營運績效、積壓訂單以及未來潛在預訂的管道感到非常滿意。

So all up, very pleased with where the company's at halfway through the year. A lot of work and a lot of wood to chop, obviously to get to the end of the year. But so far so good, so thank you very much.

總而言之，我們對公司今年中期的表現非常滿意。顯然要到年底，要做大量的工作和砍伐大量的木材。但到目前為止一切順利，非常感謝。

This concludes today's conference call. You may now disconnect your lines. Thank you.

今天的電話會議到此結束。現在您可以斷開線路。謝謝。