KBR Inc (KBR) 2025 Q1 法說會逐字稿

Hello, everyone and thank you for joining us for today's KBR's first-quarter 2025 earnings conference call. My name is Drew and I'll be the operator today. During today's call, after the prepared remarks, there will be a Q&A session. (Operator Instructions)

大家好，感謝您參加今天的 KBR 2025 年第一季財報電話會議。我叫德魯，今天由我來擔任接線生。在今天的電話會議中，準備好的發言之後，將有一個問答環節。（操作員指示）

It's now my pleasure to hand over to Jamie DuBray to begin. Please go ahead when you're ready.

現在我很高興將演講時間交給 Jamie DuBray。準備好後請繼續。

Thank you. Good afternoon, and welcome to KBR's first quarter fiscal 2025 earnings call. Joining me are Stuart Bradie, President and Chief Executive Officer; and 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. Today's earnings presentation is available on the Investors section of our website at kbr.com.

謝謝。下午好，歡迎參加 KBR 2025 財年第一季財報電話會議。與我一起出席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 (Mark Sopp)。史都華和馬克將介紹本季的亮點，然後回答您的問題。今天的收益報告可在我們網站 kbr.com 的投資者部分查看。

This discussion includes forward-looking statements reflecting KBR's views about future events and their potential impact on performance as outlined on slide 2. 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.

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。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重大差異。

This discussion also includes non-GAAP financial measures 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 presentation.

此次討論也包括公司認為對投資者有用的非公認會計準則財務指標。我們在簡報的最後附上了這些非 GAAP 指標與最接近的 GAAP 指標的對帳。

I will now turn the call over to Stuart.

現在我將把電話轉給史都華。

Thank you, Jamie. Good morning, everyone. I will pick up on slide 4. Before discussing our financial performance in the quarter, we'll take a moment dedicated to zero harm. Today, we are highlighting our industry leading safety performance in 2024.

謝謝你，傑米。大家早安。我將從第 4 張投影片開始。在討論本季的財務表現之前，我們先花一點時間致力於實現零傷害。今天，我們要重點介紹我們在 2024 年行業領先的安全業績。

At KBR we are focused on maintaining the highest levels of safety, and we're constantly looking for ways to improve and to ensure that our people can work safely each and every day. Our total recordable incident rate for 2024 was a record low at 0.05. That's notably lower than the national average of 0.37 and representing our third consecutive year of improvement.

在 KBR，我們專注於保持最高水準的安全，並不斷尋找改進方法，確保我們的員工每天都能安全地工作。2024 年我們的總可記錄事故率創歷史新低，為 0.05。這明顯低於 0.37 的全國平均水平，並且代表我們連續第三年取得進步。

In 2024, we also set three new safety records. We achieved 26.8 million consecutive safe work hours. Secondly, we had a consecutive run of 101 days without a safety incident. And thirdly, we attained 94% zero harm days. We're doing even better thus far this year at 98% zero harm day rate. I thank all of our 38,000 global employees for the consistent dedication to safety every single day. And as I often say, good safety is good business.

2024年，我們也創下了三項新的安全紀錄。實現連續安全生產工時2680萬小時。二是連續運轉101天，無安全事故。第三，我們實現了94%的零傷害天數。今年到目前為止，我們的表現更加出色，零傷害日率已達到 98%。我感謝我們全球 38,000 名員工每天對安全的始終如一的奉獻。正如我常說的，好的安全就是好的生意。

Now on to slide 5. Today, we have five key messages. First, we delivered strong performance in the first quarter, including revenues of $2.1 billion and adjusted EBITDA of $243 million, both representing double-digit growth.

現在看投影片 5。今天，我們有五個關鍵訊息。首先，我們在第一季取得了強勁的業績，營收達到21億美元，調整後息稅折舊攤銷前利潤（EBITDA）達到2.43億美元，均實現了兩位數的成長。

Through our strong execution and focus, we generated an adjusted EBITDA margin of 11.8%, and that's up 40 basis points year-on-year. Second, we continue to successfully and methodically execute our growth strategy. The LinQuest acquisition continues to contribute. We are increasing our bid volumes, and we are agile and well aligned to our markets and our customers across the world.

透過強而有力的執行和專注，我們實現了 11.8% 的調整後 EBITDA 利潤率，年增 40 個基點。第二，我們繼續成功、有條不紊地執行我們的成長策略。LinQuest 收購持續發揮作用。我們正在增加投標量，並且我們靈活且與全球市場和客戶保持一致。

Third, our business is balanced, resilient and well positioned to perform in today's environment and we are taking proactive steps to ensure we remain prepared as conditions evolve. Fourth, we are leveraging our strong balance sheet and cash flow to deliver on our capital allocation priorities, returning record levels of capital to shareholders this quarter through share repurchases and dividends.

第三，我們的業務平衡、有彈性，在當今環境中表現良好，我們正在採取積極措施，確保我們在情況發生變化時做好準備。第四，我們利用強大的資產負債表和現金流來實現我們的資本配置優先事項，本季透過股票回購和股利向股東返還創紀錄的資本水準。

Finally, we remain confident in our financial outlook for 2025 and are reaffirming our previously provided guidance. Our cost reductions heading into 2025, our continued laser focus on execution with excellence and strong cash management are serving us well in volatile times. Now Mark will provide further details later.

最後，我們對 2025 年的財務前景仍然充滿信心，並重申我們先前提供的指導。我們在 2025 年削減成本、繼續專注於卓越執行和強大的現金管理，這些在動盪時期為我們提供了良好的服務。馬克稍後將提供更多詳細資訊。

On to slide 6. I will start with an update on our key contracts and recent wins. Starting with HomeSafe, our contract continued to ramp during Q1, and we saw significant operational improvement throughout the quarter. Our mission is to improve the move experience of the servicemen and women, while saving taxpayer money as we replace the inefficient and costly legacy program.

轉到投影片 6。我將首先介紹我們的主要合約和最近的勝利。從 HomeSafe 開始，我們的合約在第一季持續增加，並且我們在整個季度都看到了營運的顯著改善。我們的使命是改善男女軍人的遷移體驗，同時透過取代低效且昂貴的遺留計劃來節省納稅人的錢。

We are making solid progress against these objectives with customer satisfaction rising nicely. As we move into the summer peak season, we continue to work with TRANSCOM to synchronize moves to supplier capacity. This synchronization is healthy for the long-term program as it emphasizes quality and timeliness of the moves first.

我們正在朝著這些目標穩步前進，客戶滿意度也在穩步上升。隨著進入夏季旺季，我們將繼續與 TRANSCOM 合作，同步調整供應商的運能。這種同步對於長期計劃來說是有益的，因為它首先強調了舉措的品質和及時性。

We accordingly expect pace of move growth to be modest in Q2 with incremental step-ups in Q3 and Q4. The HomeSafe TRANSCOM relationship is strong with a commitment on both sides to make this program successful.

因此，我們預計第二季行動成長速度將保持溫和，第三季和第四季將逐步加快。HomeSafe 與 TRANSCOM 的關係十分牢固，雙方都致力於確保專案成功。

On Plaquemines, the project is progressing exceptionally well. Following first gas in Q4, LNG exports are either on or ahead of schedule. This success is due to the excellent execution by our joint venture and strong partnership with our customer, Venture Global.

在普拉克明，這個計畫進展非常順利。繼第四季度第一批天然氣出口後，液化天然氣出口已按計劃或提前完成。這項成功歸功於我們合資企業的出色執行以及與客戶 Venture Global 的牢固合作。

Our financial performance this quarter has been strong due to the successful delivery of key project milestones. I think the takeaway here is that our extensive experience in LNG, coupled with the advantageous characteristics of this commercial business model are delivering significant results.

由於成功實現關鍵專案里程碑，我們本季的財務業績表現強勁。我認為這裡的要點是，我們在液化天然氣方面的豐富經驗，加上這種商業模式的優勢特點，正在帶來顯著的成果。

Lastly, Lake Charles LNG. Our customer Energy Transfer has entered into an agreement with MidOcean to jointly develop the project. MidOcean will acquire a 30% equity stake in the project with a 5 million ton offtake. With the MidOcean agreement and other offtakes agreements that were recently secured, the project is progressing.

最後，查爾斯湖液化天然氣計畫。我們的客戶 Energy Transfer 已與 MidOcean 達成協議，共同開發此專案。MidOcean 將獲得該專案 30% 的股權，並擁有 500 萬噸的採購量。隨著最近達成的 MidOcean 協議和其他承購協議，該項目正在取得進展。

Now on to LinQuest. Integration is now substantially complete, and we're already realizing synergies. As an example, LinQuest was able to leverage KBR's financial backing and facility footprint in Colorado Springs to compete and win the recent ASCEND2 award with the US Space Force. A $970 million ceiling value single-award IDIQ, which runs through 2035. Now ASCEND stands for advanced solutions for collaborative engineering and digital development.

現在轉到 LinQuest。整合現已基本完成，我們已經實現了協同效應。例如，LinQuest 能夠利用 KBR 在科羅拉多斯普林斯的資金支援和設施足跡來與美國太空部隊競爭並贏得最近的 ASCEND2 獎。單一獎項 IDIQ 最高獎勵金額為 9.7 億美元，有效期至 2035 年。現在，ASCEND 代表協作工程和數位開發的先進解決方案。

This contract provides for digital engineering and decision support capabilities, including digital environments, and leverages our product-agnostic approach as a hybrid integrator, very exciting. We were pleased to announce a number of new contract wins during the first quarter, a few of which I will highlight.

該合約提供了數位工程和決策支援能力，包括數位環境，並利用我們作為混合整合商的產品無關方法，非常令人興奮。我們很高興地宣佈在第一季度贏得了一些新合同，我將重點介紹其中的一些。

First, we had several wins with the Department of Defense, indicating that the US government continues to award contracts in priority areas. Our new wins include ASTRO, which I'll cover in more detail later. Plus our $85 million procurement as a service contractor for airfield repair kits with the US Air Force and a $229 million contract for US Army cargo helicopter systems.

首先，我們與國防部取得了幾項勝利，這表明美國政府繼續在優先領域授予合約。我們的新勝利包括 ASTRO，稍後我將詳細介紹。此外，我們還作為服務承包商與美國空軍簽訂了價值 8500 萬美元的機場維修套件採購合同，並簽訂了價值 2.29 億美元的美國陸軍貨運直升機系統合約。

KBR's long-standing and differentiated involvement in aircraft operations with a deep mission expertise provides us a strong position from which we win contract wins such as these. Through our daily work, we know what is required to modernize army aircraft, and this yields unique insights that allow us to best serve our defense department customer.

KBR 在飛機營運領域有著長期而獨特的參與，並擁有深厚的任務專業知識，這為我們贏得了這樣的合約提供了強大的優勢。透過日常工作，我們知道了陸軍飛機現代化需要什麼，這讓我們獲得了獨特的見解，從而能夠為國防部客戶提供最好的服務。

In STS, we achieved strategic wins through our customer-centric initiative. We executed a global agreement with BP for engineering, procurement and construction management services, and are currently managing over circa $100 billion of work for BP's projects worldwide.

在 STS，我們透過以客戶為中心的措施取得了策略性勝利。我們與 BP 簽訂了工程、採購和施工管理服務的全球協議，目前正在為 BP 的全球專案管理約 1000 多億美元的工作。

We also signed a delivery partner agreement with TerraPower, a pioneer and new commercial scale reactor technologies focused on delivering scalable cost-effective energy solutions globally. In this partnership, KBR contributes its expertise in engineering complex systems and large-scale capital project delivery.

我們還與 TerraPower 簽署了交付合作夥伴協議，TerraPower 是一家先驅公司，專注於新型商業規模反應器技術，在全球範圍內提供可擴展且經濟高效的能源解決方案。在此次合作中，KBR貢獻了其在工程複雜系統和大型資本專案交付方面的專業知識。

Our first small module reactor SMR project will be located in Wyoming with plans for further reactor deployments into 2030s. Again, very exciting development. We ended the quarter with a 1.1 times TTM book-to-bill and over $20 billion in backlog and options.

我們的第一個小型模組反應器 SMR 專案將位於懷俄明州，並計劃在 2030 年代進一步部署反應器。再次，非常令人興奮的發展。本季結束時，我們的 TTM 訂單出貨比為 1.1 倍，積壓訂單和選擇權金額超過 200 億美元。

On the mission tech side, we maintained a high level of bidding activity in Q1. Our pipeline remains consistent with last quarter with roughly $17 billion of bids awaiting award in MTS and $2 billion in protest, which we believe will start to move forward as the year progresses. On the sustainable tech side, we see a growing pipeline of LNG and energy security projects and ammonia demand remains strong.

在任務技術方面，我們在第一季維持了高水準的競標活動。我們的管道與上一季保持一致，大約有 170 億美元的投標等待 MTS 授予，還有 20 億美元的抗議，我們相信，隨著時間的推移，這些投標將會開始向前推進。在永續技術方面，我們看到液化天然氣和能源安全項目不斷增加，對氨的需求仍然強勁。

It is worth noting that a number of our wins this quarter came from the global South. The United Arab Emirates, Saudi, Iraq and Indonesia, to name but a few, demonstrating the importance of this part of the world to future energy and KBR's positioning commitment and strong reputation.

值得注意的是，本季我們的許多勝利都來自全球南方。阿拉伯聯合大公國、沙烏地阿拉伯、伊拉克和印尼等國只是其中幾個例子，這表明了這一地區對未來能源的重要性以及 KBR 的定位承諾和良好聲譽。

On to slide 7. As we are focused on executing across all four pillars of our growth strategy, we are providing additional detail today on our first pillar. How we are thriving and expanding in core markets and new geographies to capture breakout growth.

轉到投影片 7。由於我們專注於執行成長策略的所有四大支柱，因此我們今天將就第一個支柱提供更多細節。我們如何在核心市場和新地區蓬勃發展和擴張，以實現突破性成長。

Our recent contract win with the Air Force Research Laboratory is an excellent example of winning in one of our core markets and successfully building upon a strong existing customer relationship. We are experiencing continued growth in the military space market, marked by our recent $176 million contract win to support advanced space technology, research and optimization.

我們最近與空軍研究實驗室簽訂的合約是我們贏得核心市場之一併成功建立牢固現有客戶關係的絕佳例證。我們在軍事太空市場持續成長，最近我們贏得了價值 1.76 億美元的合同，用於支援先進的太空技術、研究和最佳化。

The ASTRO contract represents a significant achievement and enhances our existing support operations at the Maui Space Surveillance complex in Hawaii. The Maui facility is focused on monitoring man-made objects in space, a critical national security capability and today is increasingly crowded and competitive space environment.

ASTRO 合約代表著一項重大成就，並增強了我們在夏威夷毛伊空間監視中心的現有支援業務。毛伊島設施專注於監測太空中的人造物體，這是一項重要的國家安全能力，並且如今太空環境日益擁擠且競爭激烈。

And bidding for this important seven-year contract, we were able to displace the incumbent, winning with our optical imaging capabilities, space domain awareness expertise and excellent project execution track record.

在競標這份重要的七年合約時，我們憑藉著光學成像能力、太空領域感知專業知識和出色的專案執行記錄，成功取代了現任供應商。

On to slide 8. In view of the near-term risks we read about on a daily basis, we would like to provide some additional perspective on how KBR is well positioned in today's uncertain environment. First, with regard to tariffs. KBR, as you know, is a high-end technology and professional services business and does not import or export products as a significant part of our business. Furthermore, we do not procure raw materials, nor do any manufacturing in China.

轉到投影片 8。鑑於我們每天讀到的近期風險，我們想提供一些額外的觀點，說明 KBR 如何在當今不確定的環境中佔據有利地位。第一，關於關稅。如您所知，KBR 是一家高端技術和專業服務企業，其進出口產品並不作為我們業務的重要組成部分。此外，我們不在中國採購原料，也不在中國進行任何製造。

That said, if our clients experience the cost of material increase due to tariffs, CapEx budgets may be reevaluated. As of now, we are not seeing a material change in customer behavior, but continue to monitor a situation. With steady global energy demand, KBR's international operating capability positions us to capture any potential geographical shifts in energy markets, and I think that's a key point.

也就是說，如果我們的客戶因關稅而面臨材料成本增加的情況，資本支出預算可能會重新評估。截至目前，我們尚未看到客戶行為發生重大變化，但仍在繼續監測情況。隨著全球能源需求的穩定，KBR的國際營運能力使我們能夠抓住能源市場任何潛在的地理變化，我認為這是關鍵點。

Secondly, government efficiency initiatives have also been a key area of focus in recent months. KBR has not experienced direct impacts from project cancellations. As noted last quarter, KBR has limited exposure to US federal civilian budgets outside of NASA which have been the primary focus of the efficiency reductions to date.

其次，政府效率措施也是近幾個月來關注的重點領域。KBR 尚未受到專案取消的直接影響。正如上個季度所指出的，KBR 對 NASA 以外的美國聯邦民用預算的投入有限，而 NASA 是迄今為止效率削減的主要重點。

Within NASA, KBR does not have material exposure to the science efforts, which are under scrutiny as you may have read. KBR's focus is primarily on human space flight missions where our decades of operational experience bring irreplicable capabilities, which will continue to be valued and are necessary.

在 NASA 內部，KBR 並未接觸過任何實質的科學研究，正如您可能讀到的那樣，這些研究正受到嚴格審查。KBR主要專注於載人太空任務，我們數十年的營運經驗帶來了不可複製的能力，這些能力將繼續受到重視並且是必要的。

Lastly, although we are not fully immune to an economic slowdown, we do believe we are well positioned due to our diversified global mix of business, including our role as a provider of mission-critical services to our customers globally, including the US government.

最後，儘管我們不能完全免受經濟放緩的影響，但我們確實相信，憑藉我們多元化的全球業務組合，我們處於有利地位，包括我們作為全球客戶（包括美國政府）的關鍵任務服務提供者的角色。

We are well aligned with strong secular growth trends, including global national and energy security, sustainability and digitalization. In addition, we are proactively taking actions such as reducing indirect costs and we'll control what we are able to control through a capital-light, flexible and largely variable cost structure.

我們與強勁的長期成長趨勢保持一致，包括全球國家和能源安全、永續性和數位化。此外，我們正在積極採取行動，例如降低間接成本，並透過輕資本、靈活且高度可變的成本結構來控制我們能夠控制的成本。

One of KBR's strengths is that our portfolio offers multiple paths to achieving our objectives, allowing us to successfully navigate different macro environments. In summary, we remain confident in our resiliency and ability to navigate today's challenging and changing conditions.

KBR的優勢之一是我們的投資組合提供了實現目標的多種途徑，使我們能夠成功應對不同的宏觀環境。總而言之，我們對我們的韌性和應對當今充滿挑戰和變化的條件的能力仍然充滿信心。

And with that, I'll turn it over to Mark

接下來，我將把時間交給馬克

Great. Thank you, Stuart. Good morning, everyone. Thanks for joining us. I'll start on slide 10, covering our Q1 financial performance. Revenues in the quarter were $2.1 billion, up 13% versus the prior year, driven by growth across both segments as well as the LinQuest acquisition we made in the third quarter of last year.

偉大的。謝謝你，斯圖爾特。大家早安。感謝您的加入。我將從第 10 張投影片開始介紹我們的第一季財務表現。本季營收為 21 億美元，較上年成長 13%，這得益於兩個部門的成長以及我們在去年第三季收購 LinQuest。

Organic growth was 5% in Q1. Adjusted EBITDA was $243 million. That's up 17% over last year with margins at 11.8%, an increase of 40 basis points against last year. This improvement came from STS performance, and I'll cover that here in a moment.

第一季有機成長率為 5%。調整後的 EBITDA 為 2.43 億美元。與去年相比，利潤率成長了 17%，達到 11.8%，比去年增加了 40 個基點。這項改進源自於 STS 效能，稍後我將介紹這一點。

Adjusted EPS was $0.98 in the quarter, up 27%. This exceeded the adjusted EBITDA growth rate driven primarily by a lower share count on repurchases that we've made over the last year which we substantially increased this past quarter.

本季調整後每股收益為 0.98 美元，成長 27%。這超過了調整後的 EBITDA 成長率，主要原因是我們去年回購的股票數量減少，而上個季度我們大幅增加了回購數量。

As you can see in the release, below the line items were flat year-over-year so it increased operating profit, this contributed to EPS growth as well. Operating cash flow was $98 million, an increase of 8% versus the prior year. As you might note, Q1 is typically a lower cash flow quarter seasonally. So pace should increase going forward, and we remain on track to meet our full year guide.

正如您在發布中看到的，以下項目與去年同期持平，因此增加了營業利潤，這也促進了每股收益的成長。經營現金流為 9,800 萬美元，較上年增長 8%。您可能注意到，第一季通常是季節性現金流較低的季度。因此，未來的步伐應該會加快，我們仍有望實現全年目標。

Now on to slide 11 and our segment performance. As we previewed in January, our operating segments are now Mission Technology Solutions or MTS and Sustainable Technology Solutions or STS. So I'll use those acronyms going forward. Starting with MTS revenues of $1.5 billion were up 14% versus the prior year with adjusted EBITDA of $145 million, up 11%.

現在轉到第 11 張投影片和我們的分部表現。正如我們在一月份預測的那樣，我們的營運部門現在是任務技術解決方案或 MTS 和永續技術解決方案或 STS。因此我以後會繼續使用這些縮寫。首先，MTS 的營收為 15 億美元，比上年成長 14%，調整後的 EBITDA 為 1.45 億美元，成長 11%。

Margins were slightly lower at 9.6% and consistent with our expectations due primarily to the ramp-up in HomeSafe. By business unit, defense and intelligence generated strong growth of 22%, readiness and sustainment was up 10%, and science, space and international were steady.

利潤率略低，為 9.6%，符合我們的預期，主要原因是 HomeSafe 業務的成長。按業務部門劃分，國防和情報部門強勁成長 22%，戰備和維持部門成長 10%，科學、太空和國際部門保持穩定。

MTS ended the quarter with 1.0 times book-to-bill on a trailing 12 basis. And as Stuart noted earlier, there were no de-bookings from government efficiency actions. In STS, revenues of $550 million were up 12% with adjusted EBITDA of $124 million, up 20%.

MTS 本季末的訂單出貨比為 1.0 倍（基於過去 12 年的數據）。正如斯圖爾特之前指出的，政府效率行動並未取消任何預訂。STS 的營收為 5.5 億美元，成長 12%，調整後的 EBITDA 為 1.24 億美元，成長 20%。

EBITDA margins were 22.5%, up 160 basis points over last year, supported by strong performance from the Plaquemines LNG project that Stuart mentioned earlier, also ongoing strong performance by our Brown & Root joint venture, and healthy increases in our international portfolio, including infrastructure work in Australia and also in the Middle East.

EBITDA 利潤率為 22.5%，比去年同期增長 160 個基點，這得益於 Stuart 之前提到的 Plaquemines LNG 項目的強勁表現、我們 Brown & Root 合資企業的持續強勁表現以及我們國際投資組合的健康增長，包括在澳大利亞和中東的基礎設施工程。

As for our Brown & Root joint venture, this is not a project but is an end-to-end industrial services business in the energy and chemicals sector. This business continues to grow and approximates $1.4 billion in annualized revenue with consistent profits and cash flow normative for this sector. Our 50% ownership continues to be a healthy contributor to STS financial performance. So we're really pleased with that.

至於我們的 Brown & Root 合資企業，這不是一個項目，而是能源和化學品領域的端到端工業服務業務。該業務持續成長，年收入約 14 億美元，利潤穩定，現金流為該行業所規範。我們的 50% 所有權繼續為 STS 的財務表現做出良好的貢獻。所以我們對此感到非常高興。

On to slide 12 and balance sheet and capital matters. As you can see here in Q1, we were more assertive in returning cash to shareholders. In addition to our increased dividend taking effect in March, buybacks exceeded $150 million this past quarter. This is one of the largest amount of buybacks we've ever made in the quarter, reflecting our high confidence in our outlook and in our intrinsic value.

前往第 12 張投影片，討論資產負債表和資本事項。正如您在第一季所看到的，我們更積極地向股東返還現金。除了 3 月生效的增加股息外，上個季度的回購金額還超過了 1.5 億美元。這是我們本季以來規模最大的回購之一，反映出我們對前景和內在價值的高度信心。

Net leverage finished Q1 at 2.6 times, in line with last quarter. Our capital allocation priorities remain unchanged. First, we are focused on funding organic growth and operating excellence through investment. Second, we are targeting a leverage ratio below 2.5 times. Growth in EBITDA should get us here quite soon.

第一季淨槓桿率為 2.6 倍，與上一季持平。我們的資本配置重點維持不變。首先，我們專注於透過投資來資助有機成長和卓越營運。第二，我們的目標是槓桿率低於2.5倍。EBITDA 的成長應該會讓我們很快實現這一目標。

Our next priority is returning capital to shareholders through buybacks and dividends. Our recently approved share repurchase program has approximately $600 million remaining under its authorization. And finally, we will continue to take a disciplined approach to acquisitions, focusing on bolt-ons that have strong strategic fit with an attractive financial profile.

我們的下一個優先事項是透過回購和股利向股東返還資本。我們最近批准的股票回購計畫還剩餘約 6 億美元的授權金額。最後，我們將繼續採取嚴謹的收購方式，並專注於具有強大策略契合度和良好財務狀況的附加收購。

So before moving on to guidance, I wanted to call your attention to a change we are making to our supplemental financial disclosure, specifically regarding our disclosure of disaggregated revenues. To date, we have provided disaggregated revenues by contract type, business unit and geography.

因此，在轉向指導之前，我想提請您注意我們對補充財務披露所做的更改，特別是有關分類收入的披露。到目前為止，我們已經提供了按合約類型、業務部門和地區分類的收入。

After evaluating peer disclosures and consulting with third-party advisers, we are revising our disclosures to better align with industry standards. This quarter, we are also providing revenues by customer type. We'll continue to provide revenues by business unit for the next three quarters and will phase out the business unit disclosure by the end of 2025.

在評估同儕披露並諮詢第三方顧問後，我們正在修改我們的揭露，以更好地符合行業標準。本季度，我們也按客戶類型提供收入。我們將在接下來的三個季度繼續按業務部門提供收入，並將在 2025 年底前逐步停止業務部門揭露。

We believe this provides our investors and analysts ample time to adjust to the new reporting approach. There's a slide in the appendix which outlines the phasing of our disclosure change for your reference. So with that, let me shift to our outlook for the balance of the year on to slide 13.

我們相信這為我們的投資者和分析師提供了充足的時間來適應新的報告方法。附錄中有一張投影片，概述了我們揭露變更的分階段安排，供您參考。因此，請允許我轉到第 13 張幻燈片上對今年剩餘時間的展望。

We are reaffirming our guidance for fiscal 2025. We expect revenue of $8.7 billion to $9.1 billion. We expect adjusted EBITDA of $950 million to $990 million. We expect adjusted earnings per share of $3.71 to $3.95. And lastly, for operating cash flows, we expect $500 million to $550 million.

我們重申對 2025 財年的指引。我們預計營收為 87 億美元至 91 億美元。我們預計調整後的 EBITDA 為 9.5 億美元至 9.9 億美元。我們預計調整後的每股收益為 3.71 美元至 3.95 美元。最後，我們預計經營現金流為 5 億至 5.5 億美元。

Regarding revenue, as we previously stated, our guide included an estimated revenue range for HomeSafe of $300 million to $500 million for this year. As Stuart mentioned, we expect the pace of move growth to be modest in Q2 with incremental step-ups in Q3 and Q4, and we'll provide an update on the ramp in our next Q2 call in late July.

關於收入，正如我們之前所說，我們的指南估計 HomeSafe 今年的收入範圍為 3 億至 5 億美元。正如史都華所提到的，我們預計第二季的行動成長速度將保持溫和，第三季和第四季將逐步加快，我們將在 7 月底的下一次第二季電話會議上提供有關成長的最新情況。

Additionally, within the greater macro, one of the areas of uncertainty continues to be the level of troop support in Eastern Europe. While we have not observed any significant impacts at this time, we continue to monitor the situation. Our guide assumes relative stability and I'll remind you that the run rate for this support is circa $200 million to $400 million on an annualized basis.

此外，從更大的宏觀角度來看，不確定的領域之一仍然是東歐的軍隊支援水平。雖然我們目前尚未觀察到任何重大影響，但我們會繼續監測情況。我們的指南假設相對穩定，我要提醒您，這種支援的運行率以年率計算約為 2 億至 4 億美元。

As we have stated before, these two programs are not consequential to profit and cash production in 2025, and thus, we remain confidently positioned to achieve our adjusted EBITDA, adjusted EPS and cash flow in accordance with our original guidance.

正如我們之前所說，這兩個計劃對 2025 年的利潤和現金生產不會產生影響，因此，我們仍然有信心按照我們最初的指引實現調整後的 EBITDA、調整後的 EPS 和現金流。

All other assumptions in our guidance are unchanged, including tax rates, capital expenditures and interest expense. And in closing, we are pleased to have capabilities and a global footprint that enables the strong and consistent profit and cash flow production that you've come to expect from KBR.

我們指引中的所有其他假設均保持不變，包括稅率、資本支出和利息支出。最後，我們很高興擁有能力和全球影響力，能夠實現您對 KBR 所期望的強勁而持續的利潤和現金流。

With that, I'll turn it back to Stuart.

說完這些，我就把話題轉回給史都華。

Thanks a lot, great job as always. I'm on slide 14 with some key takeaways. We delivered strong financial performance in the first quarter with double-digit revenue and EBITDA growth. Our people continue to deliver with excellence. We continue to successfully and methodically execute our growth strategy, increasing our bid volumes and winning new contracts.

非常感謝，一如既往的出色工作。投影片 14 上有我的一些要點。我們在第一季實現了強勁的財務業績，營收和 EBITDA 均實現兩位數成長。我們的員工將繼續提供卓越的服務。我們繼續成功且有條不紊地執行我們的成長策略，增加我們的投標量並贏得新合約。

We have a balanced and resilient business portfolio offering multiple pathways to growth. We are preparing proactively amid macro uncertainty. We are controlling the controllable, being prudent on cost and remaining agile.

我們擁有均衡且有彈性的業務組合，可提供多種成長途徑。我們正在宏觀不確定性中積極做好準備。我們正在控制可控因素，謹慎控製成本並保持敏捷。

We are maintaining a disciplined approach to capital allocation, standing on our share buyback authorization and returning capital to shareholders as Mark described earlier. Finally, we remain confident in our outlook for 2025 and are progressing well towards our 2027 objectives.

正如馬克先前所描述的，我們對資本配置保持嚴謹的態度，堅持股票回購授權並向股東返還資本。最後，我們對 2025 年的前景充滿信心，並且順利實現 2027 年的目標。

With that, we're happy to take questions, and I'll hand the call back to the operator.

我們很樂意回答您的問題，然後我會將電話轉回給接線生。

(Operator Instructions) Andy Kaplowitz, Citigroup.

（操作員指示）花旗集團的 Andy Kaplowitz。

Good morning, everyone. Book-to-bill of 1.1 times in STS was good, and I think you sound confident of continued backlog growth. But can you give more color into what you're seeing? It doesn't seem like you're seeing any energy transition type delays. But could you comment on that? And do you still expect the primary regions of strength in your business to be the Middle East and the US?

大家早安。STS 的訂單出貨比為 1.1 倍，這很好，我認為您對持續的積壓訂單成長很有信心。但您能為所見之事提供更多的色彩嗎？看起來您沒有看到任何能量轉換類型的延遲。但您能對此發表評論嗎？您是否仍預期中東和美國將是貴公司業務的主要優勢地區？

Thanks, Andy. I think we have discussed this previously. We are seeing in certain geographies and move away from energy transition or sustainable projects and more into energy security. And that is a thematic, I think, that's happening globally predominantly due to affordability issues.

謝謝，安迪。我想我們之前已經討論過這個問題。我們看到某些地區正在從能源轉型或永續專案轉向能源安全。我認為，這是一個全球性的問題，主要是因為負擔能力問題。

But in some regions, Europe, in particular, we're still seeing energy transition high on the agenda, and we continue to work across both segments, if you like, both markets. So we've got to be agile as we said on the call, we're very global as we said on the call and we have intimate relationship with customers, depending on their needs and depending on what's happening geopolitically in their environment.

但在某些地區，特別是歐洲，我們仍然看到能源轉型被列為重要議程，我們將繼續在這兩個領域（如果你願意的話，兩個市場）開展工作。因此，正如我們在電話中所說的那樣，我們必須保持敏捷，我們非常全球化，我們與客戶保持著密切的關係，這取決於他們的需求以及他們所處環境中的地緣政治情況。

So yes, we are very confident looking forward with the STS portfolio. And I think we've got a very balanced outlook in the way we look at energy transition and energy security.

所以是的，我們對 STS 產品組合非常有信心。我認為我們在看待能源轉型和能源安全方面有著非常平衡的看法。

Helpful, Stuart. And maybe like a similar question on the MTS side. I know I think you've dialed in like mid single-digit organic growth for the year in HomeSafe and LinQuest. Given what you see out there, I mean, obviously, the new President's budget just came out and besides of defense, as you know, maybe deemphasized NASA a little bit.

很有幫助，斯圖爾特。也許在 MTS 方面也存在類似的問題。我知道我認為你已經實現了 HomeSafe 和 LinQuest 今年中等個位數的有機成長。鑑於你所看到的情況，我的意思是，顯然，新總統的預算剛剛出台，除了國防之外，如你所知，可能稍微弱化了對 NASA 的重視。

So how confident are you of that mid single-digit growth? Is the growth drivers changing at all? Or is it still very much your defense business is going to lead growth? And how do you think about the NASA business now?

那麼您對於中等個位數的成長有多大信心？成長動力是否發生了變化？或者您的國防業務仍將在很大程度上引領成長？您現在如何看待 NASA 的業務？

So correct. There is a $1 trillion defense budget with $150 billion still package in motion, as you are well aware. Our initial look at this is kind of as investment priorities look like being things like Golden Dome, for the missile defense agencies, munitions, shipbuilding, nuclear deterrence, space dominance and of course, border security, many of these areas, of course, are well aligned to what we do today.

非常正確。眾所周知，國防預算為 1 兆美元，其中還有 1500 億美元的計畫正在實施中。我們最初的看法是，投資重點似乎是金頂之類的東西，用於導彈防禦機構、彈藥、造船、核威懾、太空優勢，當然還有邊境安全，其中許多領域當然與我們今天所做的非常一致。

And increases in funding are expected to flow into our DT&E, where we're very strong and in procurement. And so, overall, I believe we're very well positioned, opposite these budget priorities. And in terms of NASA, it appears there's increased funding to human space exploration and whether that's to Moon and Mars missions, we'll find out later.

預計增加的資金將流入我們的 DT&E 部門，我們在這些部門和採購方面非常強大。因此，總的來說，我相信我們在這些預算優先事項方面處於非常有利的地位。就美國國家航空暨太空總署 (NASA) 而言，似乎增加了對人類太空探索的資助，至於這是否用於月球和火星任務，我們稍後會知道。

But that's very much aligned to our differentiated capabilities as we talked about many times. We are a leader in human space flight and that seems to be where the focus is. And I think the recommitment to fund the International Space Station through 2030 is also a good point.

但正如我們多次談到的，這與我們差異化的能力非常一致。我們是載人航太領域的領導者，這似乎是我們關注的重點。我認為重新承諾為國際太空站提供資金直至2030年也是一個很好的舉措。

And we'll have a role as they transition to commercial replacement. So all up, I think it's a very strong alignment with where KBR sits and where we've positioned the business going forward, and we feel confident that we're in the right places.

在它們向商業替代過渡的過程中，我們將發揮重要作用。總而言之，我認為這與 KBR 的現狀以及我們未來業務的定位非常一致，我們有信心我們處於正確的位置。

Steven Fisher, UBS.

瑞銀的史蒂文·費雪。

Thanks. Good Morning. Just wanted to follow up on the mission technology discussion. And sorry, if I missed this, there was some overlapping calls before, but if you could just give us a status of I think you cited a $2 billion of awards under protest. I think that was up from maybe $1.5 billion last quarter.

謝謝。早安.只是想跟進任務技術討論。抱歉，如果我沒注意到這一點，之前確實有一些重疊的電話，但如果您能告訴我們具體情況的話，我想您提到了一項 20 億美元的獎項遭到了抗議。我認為這比上一季的 15 億美元有所增加。

You can correct me if I'm wrong. What's moving in and out of that, what's progressing, what isn't? And generally, just the potential to see bookings activity pick up in the mission technology segment for the next couple of quarters?

如果我錯了你可以糾正我。其中什麼東西在進進出出，什麼東西在進步，什麼東西沒有進步？整體而言，未來幾季任務科技領域的預訂活動是否有可能回升？

Thanks, Steve. Unfortunately, it is a trend in government awards that there's protests almost in every major award. We are flat quarter-to-quarter. It was circa $1.8 billion -- so $2 billion this quarter. And there is a process that one has to go through.

謝謝，史蒂夫。不幸的是，政府獎項的一個趨勢是幾乎每個重大獎項都會遭到抗議。我們的季度環比持平。約為 18 億美元——因此本季為 20 億美元。並且必須經歷一個過程。

There's a number of days that the government has to respond to these protests. And we said in the prepared remarks, we expect these to be resolved going into the second half of the year.

政府需要花幾天時間來應對這些抗議活動。我們在準備好的發言中表示，我們預計這些問題將在今年下半年解決。

Okay. That's helpful. And then, again, not sure if I missed this, but in terms of HomeSafe, just how would you characterize the scope of the work that you're going to be capturing during the peak moving season here? And how much that could still shift around as the next few months unfold?

好的。這很有幫助。然後，再次，不確定我是否錯過了這一點，但就 HomeSafe 而言，您如何描述在搬家高峰期您將要開展的工作範圍？隨著未來幾個月的進展，這種情況還會發生多大的變化？

Good question, Steve. It is seasonal, as you're aware. We said in our prepared remarks, we expect volumes in Q2 to be similar to Q1 with increases going into Q3 and again into Q4. We are very happy with the performance on HomeSafe. Again, we covered that in our prepared remarks, the customer satisfaction rates are up. And remember, that's the primary objective is to improve the move experience for the service men and women.

問得好，史蒂夫。正如您所知，它是季節性的。我們在準備好的評論中說過，我們預計第二季的交易量將與第一季相似，第三季和第四季將再次增加。我們對 HomeSafe 的表現非常滿意。我們再次在準備好的演講中提到，客戶滿意度上升。請記住，主要目標是改善男女軍人的行動體驗。

The second objective is to save the taxpayers money, and we are achieving that also. So we're very happy with how things are going. The relationship with TRANSCOM is excellent and we look forward to progressing with what is a fantastic transformational program deploying IT at scale, using a lot of digital tools and really transforming an industry to be more efficient and more accountable as we go forward. So feeling really good about where HomeSafe sits today.

第二個目標是節省納稅人的錢，我們也正在實現這一目標。我們對目前的情況非常滿意。我們與 TRANSCOM 的關係非常好，我們期待推進這項出色的轉型計劃，大規模部署 IT，使用大量數位工具，真正實現行業轉型，使其更加高效、更加負責。所以我對 HomeSafe 目前所處的位置感到非常滿意。

Michael Dudas, Vertical Research.

邁克爾·杜達斯，垂直研究。

Good morning, Jamie, Stuarta and Mark. Stuart, some positive news certainly from Plaquemines and certainly on Lake Charles. What's your thoughts on additional capacity for us with such incoming opportunities for the industry in general, I'm sure KBR, in particular, of capacity and how you want to structure any additional type contracts in LNG?

早安，傑米、斯圖爾塔和馬克。斯圖爾特，普拉克明和查爾斯湖肯定傳來了一些正面的消息。鑑於整個產業都面臨這樣的機遇，您對我們的額外產能有何看法，我相信 KBR 尤其如此，您希望如何建立液化天然氣領域的任何額外類型的合約？

And maybe also the Brown & Root discussion that Mark shared was pretty interesting. Any flow business activity insight that you could share that supports where many people are thinking about whether in that business or around energy and industrials in the US?

也許馬克分享的布朗和魯特的討論也相當有趣。您可以分享任何有關流程業務活動的見解，以支持許多人正在思考的領域，無論是在該業務中還是在美國能源和工業領域？

I will answer the LNG question first. The LNG activity has increased over the past couple of quarters, as you would expect. I think the performance in Plaquemines has been a true demonstration of our capability and our delivery excellence in that market but also demonstrates our commercial discipline.

我先回答一下液化天然氣的問題。正如您所預料的，過去幾季液化天然氣活動有所增加。我認為普拉克明的表現不僅真實地證明了我們在市場上的能力和卓越的交付能力，也體現了我們的商業紀律。

And we would not be entering into any contract in the future that had any levels of lump sum EPC or any machinations that were like that. So we'll keep our commercial discipline. But today, we have LNG, obviously, in the US. We've started work on a program in Indonesia.

我們將來不會簽訂任何包含任何級別的 EPC 總價或類似安排的合約。因此我們會保持我們的商業紀律。但今天，美國顯然擁有液化天然氣。我們已經開始在印尼開展一項計劃。

We're working a program in Oman, with project managing in Abu Dhabi, quite a large LNG development there. So the activity levels are high across the world. It's a very global business, LNG and energy in general, as you're well aware. So we're feeling pretty good about the outlook for that.

我們正在阿曼開展一個項目，在阿布達比進行專案管理，那裡有一個相當大的液化天然氣開發項目。因此，世界各地的活動水平都很高。如您所知，液化天然氣和能源總體而言是一項非常全球化的業務。因此，我們對此前景感到非常樂觀。

In terms of the Brown & Root joint venture, Mark was quite right. We haven't really talked much about Brown & Root joint venture as it doesn't really impact our revenue line. But that business over the past since COVID has really recovered extremely well. They did well during COVID but obviously had activity levels down like most businesses.

就 Brown & Root 合資企業而言，馬克說得很正確。我們實際上並沒有談論太多關於 Brown & Root 合資企業的事情，因為它對我們的收入沒有太大影響。但自從新冠疫情爆發以來，該業務確實恢復得非常好。他們在疫情期間表現良好，但顯然與大多數企業一樣，活動水準有所下降。

And since then, has really picked up pace. It's got a fantastic reputation, particularly in the southern states. It's delivering on its promises to customers and winning more work as a consequence and has grown nicely to the $1.3 billion, $1.4 billion revenue that Mark cited with typical margins for that venture.

從那時起，步伐就真正加快了。它享有盛譽，尤其是在南部各州。它兌現了對客戶的承諾，並因此贏得了更多的工作，並且已經順利增長到馬克所說的 13 億美元、14 億美元的收入，利潤率也達到了該企業的典型水平。

And we see as new facilities, particularly, moving into areas like LNG and into the broader refining and chemicals markets. It's quite an exciting area for that business to move into. So it really helps us as well in terms of having a strong footprint in the operational side, so the OpEx side of the spend, and we couldn't be happier with the performance.

我們看到，新設施正在進入液化天然氣等領域以及更廣泛的煉油和化學品市場。對於該企業來說，這是一個相當令人興奮的領域。因此，它在營運方面也確實為我們提供了強大的幫助，因此在營運支出方面，我們對績效感到非常滿意。

That's one reason I brought it up, Mike, is I think a real key skill set company has is managing risk and tapping opportunity through joint venture relationships like Brown & Root and others, [Aspire] (inaudible) et cetera.

麥克，這就是我提出這個問題的原因之一，我認為公司真正擁有的關鍵技能是透過合資關係管理風險和挖掘機遇，例如 Brown & Root 和其他公司，[Aspire]（聽不清楚）等等。

And so, as Stuart mentioned, having access to the OpEx market, particularly, as you go through the cycles is a healthy way to achieve multiple paths. It's one of the things that Stuart talked about in his prepared remarks and just enabling as many opportunities as we can to leverage the strengths of our legacy in this case. The fruitful benefits has really been great to see.

因此，正如斯圖爾特所提到的，進入 OpEx 市場，特別是在經歷週期時，是實現多種路徑的健康方式。這是史都華在準備好的發言中談到的事情之一，只是讓我們盡可能地利用機會來利用我們在這種情況下的傳統優勢。所獲得的豐碩成果確實令人欣喜。

Mariana Perez Mora, BofA.

美國銀行的瑪麗安娜·佩雷斯·莫拉 (Mariana Perez Mora)。

Hi. This is Samantha Stiroh on for Mariana. I was wondering -- I know you talked a little bit about the energy transition and energy security dynamics internationally. I was wondering if you could touch a little more on the international side, particularly as it relates to MTS?

你好。我是 Samantha Stiroh，代表 Mariana。我想知道—我知道您談了一些國際能源轉型和能源安全動態。我想知道您是否可以再多談談國際方面，特別是與 MTS 相關方面？

So MTS for KBR is really in two countries in the main. It's in the UK and in Australia. The business performance in the UK is underpinned by very, very long-term contracts. Aspire, we've talked about many times, it runs out to 2041. The UK has come through elections recently as you're well aware.

因此，KBR 的 MTS 實際上主要分佈在兩個國家。它在英國和澳大利亞。英國的業務表現受到非常長期合約的支撐。Aspire，我們已經討論過很多次了，它的使用壽命為 2041 年。正如您所知，英國最近剛剛舉行了選舉。

They are announcing they're coming out with their defense review on May 8, actually. And so, we'll have more clarity into the strategic spend priorities of the UK government as it moves forward. But what has been public is the increase in spending opposite GDP up to 2.5%, which I think is a good indicator of increased spending in the MTS arena internationally in the UK.

實際上，他們宣布將於 5 月 8 日發布國防評估報告。因此，我們將更清楚地了解英國政府未來的戰略支出重點。但已公開的消息是，支出佔 GDP 的比例已增至 2.5%，我認為這是英國在國際 MTS 領域支出增加的一個很好的指標。

In Australia, we continue to do extremely well. That business has outperformed in truth and continues to book very solid long-term contracts, multi-year contracts in attractive areas related to digitalization, and mission IT and also in the areas of sustainment and things like satellite communications. So it's a very good business in both countries, and we expect the margins are attractive in these countries also being a little bit less regulated, and we continue to perform really well in both the UK and Australia, and we're excited about their future.

在澳大利亞，我們繼續表現得非常出色。事實上，該業務表現出色，並繼續在數位化、任務 IT 以及維持和衛星通訊等領域簽訂非常穩固的長期合約和多年期合約。因此，在這兩個國家，這都是一項非常好的業務，我們預計這些國家的利潤率也很有吸引力，而且監管也比較寬鬆，我們在英國和澳洲都繼續表現良好，我們對它們的未來感到興奮。

Thank you. And then switching gears a little bit. I was wondering if you could discuss the M&A environment and where some of these bolt-on acquisitions, what kind of technologies you're looking at?

謝謝。然後稍微轉換一下話題。我想知道您是否可以討論一下併購環境以及這些附加收購中您正在關注的是哪種技術？

So we are very clear about our strategic priorities and the strategic vectors that we wish to grow into. We do not do anything for bulk or anything like that we acquire to strategically accelerate in the growth vectors that we've identified. And those strategic vectors, our expansion internationally in the government arena, into more areas where we're probably not as present as we could be, in intelligence community, in areas like that would be attractive to us.

因此，我們非常清楚我們的策略重點以及我們希望發展的策略方向。我們不會為了大量生產或類似目的而進行任何收購，以策略性地加速我們已經確定的成長方向。這些戰略載體，也就是我們在政府領域的國際擴張，進入更多我們可能尚未涉足的領域，在情報界，這些領域對我們來說很有吸引力。

And we're always looking in the STS portfolio for additional technologies and innovative and entrepreneurial ways to tap into emerging technologies, and we've done so with plastics recycling, as you're aware with sustainable aviation fuel and more recently with our pure lithium offering, which is taking waste water and being able to extract lithium, which could be a very, very attractive technology of the future, given how much wastewater there is around the world, particularly in the energy market.

我們一直在 STS 產品組合中尋找其他技術以及利用新興技術的創新和創業方式，我們已經在塑料回收方面做到了這一點，正如您所知，我們在可持續航空燃料方面也做到了這一點，最近我們又推出了純鋰產品，該產品可以利用廢水提取鋰，考慮到世界各地，特別是在能源市場中產生的廢水量，這可能是未來非常有吸引力的技術。

So we continue to look for those and trying to be as innovative and creative as we can be as we look to what will be in demand in the future as well as what's in demand today.

因此，我們將繼續尋找這些，並盡可能地創新和創造，以期了解未來的需求以及當前的需求。

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇。

Yes. Hi. Good morning, everyone. Stuart, can you just expand on the progress that you folks are making on HomeSafe? You mentioned improving customer satisfaction scores. Can you just quantify how that's trending? And also, can you just give us an update, please, on vendor sign-ups? How is that going relative to plan and relative to the ultimate target of moves on a multi-year basis?

是的。你好。大家早安。斯圖爾特，您能否詳細談談您在 HomeSafe 方面取得的進展？您提到提高客戶滿意度分數。你能量化一下這種趨勢嗎？另外，您能否向我們提供有關供應商註冊的最新情況？這與計劃以及多年期行動的最終目標相比進展如何？

Customer satisfaction has increased to just under 90%. It's the number we've achieved to date, but it has increased markedly over the past several weeks. The main reason for that is the adoption of the technology. We put a lot of effort into training drivers and as well as the companies who utilize the technology.

客戶滿意度已上升至近 90%。這是我們迄今為止取得的數字，但在過去幾週內已顯著增加。主要原因是採用了該技術。我們投入了大量精力來培訓司機以及使用該技術的公司。

And as a consequence of that, our adoption by suppliers is increasing. At the same time, we've really put a lot of effort into our customer care service and increased the level of staffing and training from our side into that capability, and that's proving a real winner with the service men and women.

因此，供應商對我們的採用正在增加。同時，我們在客戶服務方面投入了大量精力，並提高了人員配備和培訓水平，事實證明，這對男女軍人來說都是真正的利好消息。

We have not computers or robots that answer the phone, but real people that help them with whatever issue they may have. And the other part to this is that there are always issues in moving. Anyone who's ever moved on this call, I'm sure. And there's always issues, but we have settled 100% of all of the claims on time as it relates to any discomfortment or anything that's been damaged, et cetera, by the movers themselves.

我們不是有電腦或機器人來接聽電話，而是有真人來幫助他們解決可能遇到的任何問題。另一方面，搬家過程中總是會出現一些問題。我確信，任何接到這通電話的人都會這麼做。雖然總是會出現問題，但我們已經按時解決了 100% 的所有索賠，包括任何不適或搬運工自己造成的損壞等。

So I think all up, I think that's what's driving the performance and customer satisfaction. We put a lot of effort, Jerry, into synchronizing moves with TRANSCOM and really making sure that we don't impact service members, making sure we've got the supply chain to actually execute the moves and our capacity continues to increase.

所以我認為總的來說，我認為這就是推動業績和客戶滿意度的因素。傑瑞，我們付出了很多努力來與運輸司令部同步行動，真正確保我們不會對服務成員產生影響，確保我們擁有實際執行行動的供應鏈，並且我們的能力不斷提高。

And as we head into the peak season or the busy season or summer season as some call it, there are different dynamics during that season, and we're working daily with TRANSCOM to make sure the right decisions are made by this for the service members. That's our priority.

當我們進入旺季或繁忙季節或一些人所說的夏季時，該季節會出現不同的動態，我們每天都會與運輸司令部合作，以確保為服務成員做出正確的決策。這是我們的首要任務。

So I think we are very much lockstep with TRANSCOM. TRANSCOM went to Congress and the [House Armed Service Committee] recently and reaffirmed their commitment to the program and have done so publicly and politically, and we are absolutely in lockstep with them in that commitment. And as I said in my other statement, we are very confident in the future of this program.

所以我認為我們與 TRANSCOM 的步調非常一致。運輸司令部最近前往國會和眾議院軍事委員會重申了對該計劃的承諾，並已在公開場合和政治場合這樣做了，我們在這一承諾上與他們完全一致。正如我在其他聲明中所說，我們對該計劃的未來非常有信心。

Super. Yeah. I think many of us would sign up for 90% customer satisfaction and our personal moves. In terms of the LNG side, can we just expand on that? Thank you for the update on the offtake on Lake Charles. When are you expecting final investment at this point?

極好的。是的。我想我們中的許多人都會為了 90% 的客戶滿意度和我們的個人舉措而簽約。關於液化天然氣方面，我們能詳細說明一下嗎？感謝您提供有關查爾斯湖供水情況的最新消息。您預計什麼時候能完成最終投資？

And then any particular timelines on additional potential projects that you folks are bidding on any timelines that you might be able to share with us in terms of other opportunities for sizable LNG work?

那麼，你們正在競標的其他潛在項目有什麼具體的時間表嗎？就其他大規模液化天然氣工作的機會而言，您能與我們分享時間表嗎？

Thanks, Jerry. It's actually Energy Transfer's earnings day today. So I would point you to that call, if you want a real update from, I guess, on the [horse's] mouth on their thinking and their view of the timing and the progress on the project rather than us do that for them.

謝謝，傑瑞。今天其實是 Energy Transfer 的獲利日。因此，如果您想從負責人口中了解他們的想法以及他們對專案時間和進度的看法，而不是由我們替他們做的話，我建議您參考那個電話。

I would point you to their earnings, which fortunately is the same as ours today. In terms of the future LNG and timings, most of the projects other than the big project in Abu Dhabi, we're project managing, which is in the execute phase. So we've got a few years of project managing to conclusion.

我想向你指出他們的收入，幸運的是，他們的收入與我們今天的收入相同。就未來的液化天然氣和時間表而言，除了阿布達比的大項目之外，大多數項目都是由我們進行管理，目前處於執行階段。因此，我們還需要幾年的時間才能完成專案管理。

The work in Indonesia is early stages. The work in Oman is just completing the front-end design. So that will move into the execute phase later this year. And so, they're all at different stages. Jerry, which is a good fact pattern because you get in early and therefore, you can move resources and capability where the needs are, not everything is hitting at once.

印尼的工作尚處於早期階段。阿曼的工作剛完成前端設計。因此，這將在今年稍後進入執行階段。所以，他們都處於不同的階段。傑瑞，這是一個很好的事實模式，因為你介入得早，因此，你可以將資源和能力轉移到需要的地方，而不是所有事情同時發生。

So I think it's a good fact partner for us to really. It's a good question because it allows us to make that statement that we're very well placed to cater for these projects as we move through these different phases.

所以我認為這對我們來說確實是一個很好的合作夥伴。這是一個好問題，因為它讓我們能夠表明，隨著我們經歷這些不同階段，我們完全有能力滿足這些項目的需求。

Sangita Jain, KeyBanc.

Sangita Jain，KeyBanc。

Hi. Good morning. I just have a couple of brief follow-ups. On HomeSafe, should we think of the ramp as something that is entirely as you improve your customer satisfaction and does increase moves? Or is TRANSCOM looking for some kind of a metric before they unlock more capacity for you?

你好。早安.我只想簡單問幾句後續問題。在 HomeSafe 上，我們是否應該將坡道視為一種完全可以提高客戶滿意度並增加移動的東西？或者 TRANSCOM 在為您解鎖更多容量之前是否正在尋找某種指標？

I believe we have performed really strongly in terms of the tech and the interface with TRANSCOM's tech. I think we've proven that works. We've proven the operation can deliver not just in terms of technology but customer satisfaction. And we've proven we can educate and train the supply chain in the way that they need to be adopters of the technology.

我相信我們在技術方面以及與 TRANSCOM 技術的介面方面表現非常出色。我認為我們已經證明這是有效的。我們已經證明，這項營運不僅可以提高技術水平，還可以提高客戶滿意度。我們已經證明，我們可以以供應鏈採用該技術所需的方式對其進行教育和培訓。

All that is a good fact pattern in terms of moving forward with the program and attracting more of the supply chain as we move into the rest of this year. There is no real metric that TRANSCOM lay down, but customer satisfaction is a key area they look at because their mission is to improve like ours, the move experience of the servicemen and women. So that would be the one metric they look at.

就推進該計劃以及在今年剩餘時間內吸引更多供應鏈而言，這一切都是良好的事實模式。運輸司令部沒有製定真正的衡量標準，但客戶滿意度是他們關注的關鍵領域，因為他們的使命是像我們一樣改善男女軍人的行動體驗。所以這將是他們關注的指標。

I think the level of synchronization we have with TRANSCOM today is really improving our ability to respond, our ability to pick up on time, deliver on time, and that all falls down to the customer satisfaction reports, of course. So there's no real one metric or one key thing. I think it's just proving that we're committed and we're executing and that we're growing the supply chain. And as that grows, we'll do more moves.

我認為我們今天與 TRANSCOM 的同步水平確實提高了我們的響應能力、準時提貨和準時交貨的能力，當然，這一切都取決於客戶滿意度報告。因此，不存在真正的單一指標或單一關鍵因素。我認為這只是證明我們的承諾、我們的執行以及我們正在擴大供應鏈。隨著其發展，我們將採取更多措施。

Got it. And just one on DOGE, hasn't come up in a while, and it doesn't look like that was an impact on your 1Q. So just trying to see if that is still an overhang on how things are being done in Washington?

知道了。只有一個關於 DOGE 的問題，已經有一段時間沒有出現了，而且看起來這對您的 1Q 沒有影響。所以只是想看看這是否仍然是華盛頓做事方式的一個懸而未決的問題？

In our prepared remarks, we're very clear. We've not seen any impact to date from government efficiency initiatives. That work, I'm assuming in Washington is not yet done. So who knows what the future holds. But I think the key part is really looking about where our business is pointed and the areas that are aligned with the skinny budget that's been put forward, we're very well placed. So far, no real impact from government efficiency.

在我們準備好的發言中，我們已經說得非常清楚了。到目前為止，我們還沒有看到政府效率措施的任何影響。我認為華盛頓的這項工作尚未完成。所以誰知道未來會發生什麼事。但我認為關鍵在於真正了解我們的業務方向以及與提出的少量預算相符的領域，我們處於非常有利的位置。到目前為止，政府效率尚未產生真正的影響。

(Operator Instructions) Jean Veliz, D.A. Davidson.

（操作員說明）Jean Veliz, D.A.戴維森。

Hi. Good morning and thank you for the time. For my first question, regarding LinQuest, are we still expecting about a $400 million contribution for 2025?

你好。早上好，感謝您抽出時間。我的第一個問題是關於 LinQuest 的，我們是否仍期待 2025 年獲得約 4 億美元的捐款？

Sorry I was talking to Jamie for a moment. Jean, could you repeat that question, please?

抱歉，我剛才和傑米說話了。Jean，你能重複一下這個問題嗎？

Yeah. No problem. Just regarding LinQuest. Are we still expecting somewhat $400 million contribution for this year for 2025?

是的。沒問題。僅關於 LinQuest。我們是否仍期望今年能為 2025 年帶來 4 億美元的捐款？

From an inorganic perspective, yeah. So there was just short of $200 million last year and it's a [$600 million-ish] business, give or take, so you're close. That's not the total business. That's just the inorganic piece, if that's what you're looking for.

從無機角度來看，是的。因此，去年的營業額略低於 2 億美元，而這是一筆 [6 億美元左右] 的業務，差不多了。這還不是全部的事情。如果這就是你要找的東西，那麼它就是無機部分。

Yeah. That's fine. Thank you, And could you provide some color around the ammonia industry? And perhaps what type of projects are you seeing in your pipeline currently?

是的。沒關係。謝謝！能介紹一下氨工業嗎？您目前正在籌備哪些類型的專案？

We stated in our prepared remarks, the ammonia market remains strong. We have a number of pursuits that are in our pipeline today, many of which are really driven more to the fertilizer usage, I would say, rather than hydrogen usage just given what's changed in the markets recently. But there's still a very attractive part of our business going forward.

我們在準備好的評論中指出，氨市場依然強勁。目前，我們正在進行多項研究，其中許多研究實際上更多是為了肥料的使用，而不是為了氫氣的使用，因為最近市場發生了變化。但我們未來的業務仍然有一個非常有吸引力的部分。

Perfect. We have no further questions in the queue at this time. So that does conclude today's Q&A session. I'll now hand back over to Stuart Bradie for closing remarks.

完美的。目前我們沒有其他問題。今天的問答環節到此結束。現在我將發言權交還給 Stuart Bradie 做最後發言。

Thank you very much. Thank you all for taking the time to listen in. I know this has been a busy day for earnings on the Street. So thank you for your time and your questions and your interest. So really, the key takeaways for me and the investment thesis for KBR really. We remain excited about the path for KBR in 2025 and beyond. And we're confident in our ability to continue creating value for our shareholders.

非常感謝。感謝大家抽空收聽。我知道今天對華爾街的獲利來說是忙碌的一天。感謝您抽出時間提問並感興趣。所以，這對我來說確實是關鍵的收穫，也是 KBR 的投資論點。我們仍然對 KBR 在 2025 年及以後的發展道路充滿期待。我們有信心我們有能力繼續為股東創造價值。

We have completed a multi-year transformation, and you've had a ring seat for that to become a leader in providing differentiated innovative upmarket science and technology, and engineering solutions with large scale and global reach.

我們已經完成了多年的轉型，而您已在其中佔據一席之地，成為提供差異化創新高端科學技術和工程解決方案的領導者，具有大規模和全球影響力。

We serve diverse attractive end markets aligned with strong secular growth trends, as we've presented. And I truly believe we have top talent combining deep domain expertise, proprietary technologies and an unwavering focus on execution that really has delivered fantastic results on an enduring basis.

正如我們所展示的，我們服務於與強勁的長期成長趨勢一致的多樣化、有吸引力的終端市場。我堅信，我們擁有頂尖人才，他們集深厚的領域專業知識、專有技術以及對執行的堅定關注於一身，確實在持久的基礎上取得了出色的成果。

We are excellent partners, as Mark said. We're operating in dynamic teams to solve our customers' most complex challenges, which has resulted in recurring long-term engagements. We have many long-term contracts to underpin future earnings and over $20.5 billion in backlog in options.

正如馬克所說，我們是優秀的合作夥伴。我們以充滿活力的團隊來解決客戶最複雜的挑戰，從而實現了長期的合作。我們擁有許多長期合約來支撐未來的收益，並且有超過 205 億美元的選擇權積壓訂單。

Our diversification, our global footprint, our asset-light model and disciplined capital allocation generate stable predictable cash flows and compelling shareholder returns. We have growth in margin expansion plans in flight.

我們的多元化、全球影響力、輕資產模式和嚴謹的資本配置產生了穩定可預測的現金流量和可觀的股東回報。我們已製定了利潤率擴張計劃。

Finally, we remain alert and agile monitoring the current dynamic environment as you would expect and taking precautionary and proactive actions to ensure KBR remains very well positioned to deliver for our employees, our customers and, of course, our shareholders.

最後，正如您所期望的，我們將繼續保持警惕和敏捷，監控當前的動態環境，並採取預防性和主動性的行動，以確保 KBR 始終處於有利地位，為我們的員工、客戶，當然還有股東提供服務。

I'd like to extend my sincere thanks to our 38,000 employees all around the world for their hard work and dedication in delivering solutions for our customers each and every day. They do a terrific job. So thank you again for joining today's call and for your interest in KBR, and we look forward to updating you again next quarter. Thank you.

我要向我們遍佈全球的 38,000 名員工表示誠摯的感謝，感謝他們每天辛勤工作、全心奉獻，為客戶提供解決方案。他們做得非常出色。再次感謝您參加今天的電話會議以及您對 KBR 的關注，我們期待下個季度再次向您更新最新情況。謝謝。

That concludes today's call. You may now disconnect your line.

今天的電話會議到此結束。現在您可以斷開線路了。