KBR Inc (KBR) 2025 Q2 法說會逐字稿

Excuse me, ladies and gentlemen, thank you for your patience. The call will begin momentarily. Again, thank you for your patience. The call will begin momentarily.

女士們、先生們，抱歉，感謝您的耐心等待。通話即將開始。再次感謝您的耐心。通話即將開始。

Good morning. Thank you for attending today's KBR's second-quarter 2025 earnings conference call. My name is Megan, and I'll be your moderator for today. (Operator Instructions)

早安.感謝您參加今天的 KBR 2025 年第二季財報電話會議。我叫梅根，今天我將擔任主持人。（操作員指示）

I would now like to turn the call over to Jamie DuBray, VP of IR with KBR. Please go ahead.

現在我想將電話轉給 KBR 投資者關係副總裁 Jamie DuBray。請繼續。

Thank you. Good morning, and welcome to KBR's second-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.

謝謝。早安，歡迎參加 KBR 2025 財年第二季財報電話會議。與我一起出席的還有總裁兼執行長 Stuart Bradie 和執行副總裁兼財務長 Mark Sopp。史都華和馬克將介紹本季的亮點，然後回答您的問題。

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 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.

今天的收益報告可在我們網站 kbr.com 的「投資者」版塊查看。本討論包含前瞻性陳述，反映了 KBR 對未來事件及其對績效的潛在影響的看法，詳見投影片 2。這些事項涉及風險和不確定性，可能導致實際結果與這些前瞻性陳述有重大差異，正如我們網站上最新的 10-K 表格中所述。

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 earnings 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。我們的收益報告末尾包含這些非 GAAP 指標與最接近的 GAAP 指標的對帳。

Beginning this quarter, for the current period and all prior periods, we are reporting results on a continuing operations basis with the impact of the wind down of HomeSafe Alliance JV reported as discontinued operations. Unless otherwise noted, the information presented herein reflects continuing operations only.

從本季開始，對於當前期間和所有先前期間，我們都將以持續經營為基礎報告業績，而 HomeSafe Alliance JV 的倒閉的影響則報告為已停止的經營。除非另有說明，本文提供的資訊僅反映持續經營情況。

Refer to Note 17 in our Form 10-Q for full details on discontinued operations. To facilitate investor modeling and analysis, we have provided an updated data sheet, which recast historical results on a continuing operations basis. This schedule is available on our Investor Relations website and available via the QR code shown in the appendix.

有關已終止經營的完整詳情，請參閱我們的 10-Q 表中的第 17 條註釋。為了方便投資者建模和分析，我們提供了更新的數據表，該數據表根據持續經營重鑄了歷史結果。此時間表可在我們投資者關係網站上查閱，也可透過附錄中顯示的二維碼取得。

With that, I will now turn the call over to Stuart.

說完這些，我現在將電話轉給史都華。

Thanks, Jamie, and good morning, everyone. I will pick up on slide 4. Today, as with all meetings at KBR, I'm starting off with a Zero Harm moment. The Safety Excellence awards are given each year to contractors or subcontractors with excellent safety records at an asset owner site. The award helps companies land from each other by sharing safety ideas, and best practices.

謝謝，傑米，大家早安。我將從第 4 張投影片開始。今天，與 KBR 的所有會議一樣，我以「零傷害」時刻開始。每年都會向在資產所有者現場擁有出色安全記錄的承包商或分包商頒發安全卓越獎。該獎項透過分享安全理念和最佳實踐幫助各公司相互競爭。

Each year, the industry business roundtable selects the top safety performers from nominated contractors and subcontractors. This year, our Brown & Root joint venture won the top award for Large Contractors.

每年，業界商業圓桌會議都會從提名的承包商和分包商中選出安全表現最佳的企業。今年，我們的 Brown & Root 合資企業榮獲大型承包商最高獎項。

Our Brown & Root JV continues to perform really well and is actually growing more than 30% post-COVID. We don't often talk about the value-add we bring to our unconsolidated JVs. But I think this is a great example of slowdown, world-class programs delivering top quintile performance. Really good stuff.

我們的 Brown & Root JV 繼續表現良好，在疫情後實際上增長了 30% 以上。我們並不常談論我們為非合併合資企業帶來的附加價值。但我認為這是放緩步伐、世界級專案實現前五分之一績效的一個很好的例子。真的是好東西。

Now on to slide 5 and some key messages. Now before we begin, I want to address the recent and unexpected termination of our HomeSafe Alliance joint venture contract by US TRANSCOM. Importantly, the company and our people put in a tremendous effort into this transformational program. We are, of course, disappointed with this outcome. And while we wish our perspective had been more fully considered, we acknowledge there were operational challenges.

現在就來看看第 5 張投影片和一些關鍵資訊。在我們開始之前，我想先談談美國運輸司令部最近意外終止我們的 HomeSafe Alliance 合資合約一事。重要的是，公司和我們的員工為這項轉型計劃付出了巨大的努力。我們當然對這個結果感到失望。雖然我們希望我們的觀點能夠得到更充分的考慮，但我們承認存在一些營運挑戰。

We are committed to learning from this experience. This allows us to refocus our energy on our core business of MTS, and our strategic vision is unchanged, and KBR remains strong in our markets.

我們致力於從這次經驗中學習。這使我們能夠將精力重新集中在 MTS 的核心業務上，我們的策略願景保持不變，KBR 在我們的市場上仍然保持強勁。

With that, now on to our Q2 performance. First, we delivered solid performance on the top line with revenues of $2 billion and strong bottom-line performance with adjusted EBITDA of $242 million. We generated an adjusted EBITDA margin of 12.4%, up 70 basis points year-over-year.

現在我們來談談我們第二季的業績。首先，我們的營收表現穩健，達到 20 億美元，調整後 EBITDA 達到 2.42 億美元，獲利表現強勁。我們的調整後 EBITDA 利潤率為 12.4%，較去年同期成長 70 個基點。

In volatile times, a strong focus on both bottom line and cash performance is extremely important. This includes cost management and delivering the excellence to improve margin performance overall. This focus really delivered for us in Q2 and of course, year-to-date.

在動盪時期，高度關注底線和現金表現極為重要。這包括成本管理和提供卓越服務以提高整體利潤表現。這一重點確實在第二季以及今年迄今為我們帶來了成果。

Second, we continue to successfully execute our growth strategy through customer simplicity and focus on key geographic markets. One of which is the Middle East. In addition, with the details of the Reconciliation Act of 2025 are now available, today, we will share how we are poised for growth in key defense areas.

其次，我們繼續透過簡化客戶和關注關鍵地理市場成功執行我們的成長策略。其中之一就是中東。此外，隨著《2025年和解法案》細節的出台，今天我們將分享我們如何為關鍵國防領域的成長做好準備。

Third, we continue to demonstrate consistent disciplined capital allocation with continued share repurchases and active management of leverage. Next, we are adjusting our previously provided 2025 guidance to remove HomeSafe and to address the impacts we've seen from DoD defunding of programs and delayed protest resolutions.

第三，我們繼續透過持續股票回購和積極管理槓桿來展現一貫嚴謹的資本配置。接下來，我們將調整先前提供的 2025 年指導，以取消 HomeSafe，並解決國防部取消專案資金和延遲抗議解決方案所帶來的影響。

The good news is there is no change to our profit and cash flow outlook, and we are confident some of the business will be restored or replaced in the out years as the new administration settles and incremental funding under the recently passed Reconciliation Act starts to flow.

好消息是我們的利潤和現金流前景沒有變化，我們相信，隨著新政府的安頓和最近通過的《和解法案》下的增量資金開始流入，部分業務將在未來幾年恢復或取代。

As HomeSafe also had considerable revenue embodied in our long-term targets, it's appropriate to remove those from expectations. Mark will be going into more detail on all of this later.

由於 HomeSafe 的長期目標中也體現了相當可觀的收入，因此將其從預期中剔除是合適的。馬克稍後會更詳細地介紹這一切。

Finally, we remain committed to creating shareholder value. Moving into this year, we reduced our organizational complexity by collapsing what was the international government portfolio, moving the appropriate business elements into what is now mission tech and sustainable tech to deliver greater alignment, synergy, and efficiency.

最後，我們仍然致力於創造股東價值。進入今年，我們透過合併原有的國際政府投資組合，將適當的業務元素轉移到現在的任務技術和永續技術中，以實現更大的協調性、協同性和效率，從而降低了組織的複雜性。

We are prioritizing pursuits in MTS to be commercially rigorous and aligned with the spending priorities in the new defense budget and expand geographical reach in STS as markets adjust to the new normal. This is intentional to enable strategic optionality for us to execute on opportunities to maximize shareholder value.

我們優先考慮 MTS 中​​的追求，使其具有商業嚴謹性並與新國防預算中的支出重點保持一致，並隨著市場適應新常態而擴大 STS 的地理覆蓋範圍。這是為了使我們能夠利用策略選擇性來抓住機會，實現股東價值最大化。

Today, both MTS and STS are delivering strong bottom-line numbers. Our pipeline and bids awaiting award are at record levels, and we are optimistic that conversions are forthcoming. We are committed to making both businesses stronger on a combined or a stand-alone basis.

如今，MTS 和 STS 均取得了強勁的獲利業績。我們的待批項目和投標均處於創紀錄水平，我們對即將到來的轉換充滿信心。我們致力於透過合併或獨立的方式使兩家公司的業務更加強大。

On to slide 6. I will highlight a few of our recent wins. Starting with MTS. We were awarded a subcontract with strategic resources to expand our psychological health services to aid Army training. We announced the win of the Djibouti based operations contract worth $476 million, which is one of our major recompetes this year.

轉到投影片 6。我將重點介紹我們最近的一些勝利。從 MTS 開始。我們獲得了一份具有戰略資源的分包合同，以擴大我們的心理健康服務，協助陸軍訓練。我們宣布贏得價值4.76億美元的吉布地作業合同，這是我們今年的重大複賽之一。

And the continued momentum with the Air Force Research Lab customer are winning multiple strategic contracts under the innovative cyber infrastructure threat assessment environment, which is called I-N-C-I-T-E, INCITE. Finally, we were awarded the LOGCAP V contract extension through to 2030 for both EUCOM and NORTHCOM.

空軍研究實驗室客戶繼續保持強勁勢頭，在創新的網路基礎設施威脅評估環境下贏得了多個戰略合同，該環境被稱為 I-N-C-I-T-E，INCITE。最後，我們獲得了美國歐洲司令部和北方司令部的 LOGCAP V 合約延至 2030 年。

Moving on to the STS segment. We recently won a large award for a well-scaled ammonia and urea complex. The client remains confidential. However, this one is significant as it demonstrates the commercial value of our integrated services and proprietary technologies, and we are looking to apply this on several other ammonia projects in our pipeline.

繼續討論 STS 部分。我們最近因規模龐大的氨和尿素綜合項目贏得了一項大獎。客戶資料保密。然而，這個項目意義重大，因為它展示了我們的綜合服務和專有技術的商業價值，我們希望將其應用於我們管道中的其他幾個氨項目。

Similarly, we won a FEED contract for the car electrical power production called KEPPT, in Iraq, based on the KBR proprietary ammonia technology also. We were selected for BP for both detailed engineering and procurement services for the largest oil and gas terminal in Azerbaijan, and for the Shah Deniz gas project also in Azerbaijan. We are the partner of choice because we have the local capabilities that are truly differentiated.

同樣，我們還贏得了伊拉克汽車電力生產（稱為 KEPPT）的 FEED 合同，該合同也基於 KBR 專有的氨技術。我們被英國石油公司選中，為阿塞拜疆最大的石油和天然氣終端以及阿塞拜疆的Shah Deniz天然氣專案提供詳細的工程和採購服務。我們是首選合作夥伴，因為我們擁有真正差異化的本地能力。

Finally, you may have seen that Mitsubishi Chemicals and ENEOS announced the opening of their plastics recycling plant in Japan this past month, which uses the exclusively licensed Hydro-PRT technology from KBR. At the group level, we ended the quarter with a 1.0 PTM book-to-bill and $21.6 billion in backlog and auctions.

最後，您可能已經看到，三菱化學和 ENEOS 上個月宣佈在日本開設塑膠回收工廠，該工廠採用 KBR 獨家授權的 Hydro-PRT 技術。在集團層面，本季末我們的訂單出貨比為 1.0，積壓訂單和拍賣金額為 216 億美元。

Slide 7. This quarter, I wanted to provide a little bit more color on our pipeline, and the award cadence we are seeing in both segments. In MTS, we currently have $19 billion in bids awaiting award, of which 72% represent new business. This includes significant contributions from National Security, Space, National Intelligence, Test and Evaluation, and other US government priorities.

幻燈片 7。本季度，我想對我們的產品線以及我們在兩個部分中看到的獎項節奏提供更多細節。在 MTS 領域，我們目前有 190 億美元的投標等待授予，其中 72% 代表新業務。其中包括國家安全、太空、國家情報、測試和評估以及其他美國政府優先事項的重大貢獻。

As mentioned last quarter, we still have $2 billion in contracts that have been awarded to us as the winning bidder, which remain under protest. The extended delays have contributed to revenue shortfalls this year, and Mark will touch on this later.

正如上個季度所提到的，我們作為中標人獲得了價值 20 億美元的合同，但這些合同仍受到抗議。長期延誤導致了今年的收入短缺，馬克稍後會談到這一點。

Encouragingly, we have seen recent success in our new business acquisition efforts. The win rates for the first half of 2025 are up compared to the first half of 2024, demonstrating that prior investments in BD are yielding positive results. In addition, we expect to increase our bids to missiles by 30% in 2025. And this underpins our confidence in continued growth within MTS when government operations stabilize.

令人鼓舞的是，我們最近在新業務收購方面取得了成功。2025 年上半年的成功率與 2024 年上半年相比有所上升，顯示先前對 BD 的投資正在產生積極的成果。此外，我們預計2025年導彈投標量將增加30%。這增強了我們對政府運作穩定後 MTS 持續成長的信心。

This being said, the government contracting environment is changing quickly, particularly in the US. More funds have been directed towards National Security with improved speed of delivery of advanced capability to the war fighter and cost effectiveness being driven hard by the new administration.

話雖如此，政府承包環境正在迅速變化，尤其是在美國。新政府大力推動向作戰人員提供先進能力的速度和成本效益，從而向國家安全投入了更多資金。

I'll cover tapping this opportunity shortly. In STS, the first half of 2025 presented a dynamic landscape with evolving market conditions, shifts in global trade, regulatory environments, and changes in energy priorities, including a greater focus on affordability and the balance between sustainability and energy access. And these have influenced project time and market approaches.

我很快就會介紹如何利用這個機會。在 STS 中，2025 年上半年呈現出動態的格局，市場條件不斷變化，全球貿易發生變化，監管環境發生變化，能源優先事項發生變化，包括更加註重可負擔性以及可持續性與能源獲取之間的平衡。這些都影響了專案時間和市場方法。

Despite these factors, the business has adapted to new opportunities, realigning priorities to meet the shifting demands of the industry. STS continued operations across multiple energy vectors, delivering projects in established and emerging markets.

儘管存在這些因素，但企業已經適應了新的機遇，重新調整了優先事項以滿足行業不斷變化的需求。STS 繼續在多個能源領域開展業務，在成熟市場和新興市場提供專案。

Results from Q2 reflected ongoing activity in core markets such as LNG, ammonia, and infrastructure. No significant competitive tenders were lost, but several large awards were deferred due to earlier challenges and are now anticipated in Q3.

第二季的業績反映了液化天然氣、氨水和基礎設施等核心市場的持續活動。沒有重大的競爭性投標失敗，但由於早期的挑戰，幾個大型獎項被推遲，預計將在第三季頒發。

Heading into the second half of 2025 and into next year, the STS pipeline remains robust and diversified with over $4.5 billion in opportunities for Q3 and Q4. We saw approximately $1 billion in potential awards shift from the first half to the second half of the year, bringing the total expected in the second half to more than $1.5 billion. In conclusion, demand remains strong, but decisions have been delayed. Thus, we remain confident in both our growth strategies and our execution.

進入 2025 年下半年和明年，STS 管道依然強勁且多樣化，第三季和第四季的機會超過 45 億美元。我們發現大約 10 億美元的潛在獎勵從上半年轉移到下半年，使得下半年的預期總額超過 15 億美元。總之，需求依然強勁，但決策已被推遲。因此，我們對我們的成長策略和執行情況仍然充滿信心。

On to slide 8. we have a four-pillar growth strategy centered on expanding in key markets through delivery and innovation, achieving leading margins and then deploying capital back to our shareholders. As you know, the Middle East has been a core geography for us to capture breakout growth as evidenced by the 20% growth in the region on a trailing 12-months basis.

轉到投影片 8。我們有一個四大支柱成長策略，其核心是透過交付和創新在關鍵市場擴張，實現領先的利潤率，然後將資本返還給我們的股東。如您所知，中東一直是我們實現突破性成長的核心地區，該地區過去 12 個月的成長率為 20% 就是明證。

And today, I want to take a deeper dive into this region. As we discussed earlier, the Middle East has been busy despite regional launches. While that our priority shifts in Saudi to gas development, including ammonia and infrastructure, with oil and petrochemical development a lesser priority. So starting through priorities across energy security, energy transition and infrastructure, we are seeing an offset in other countries, including Iraq, Kuwait and the UAE.

今天，我想更深入地探討這個地區。正如我們之前所討論的，儘管進行了區域發布，但中東地區仍然很繁忙。同時，我們在沙烏地阿拉伯的重點轉向天然氣開發，包括氨和基礎設施，而石油和石化開發的優先順序較低。因此，從能源安全、能源轉型和基礎設施等優先事項開始，我們看到其他國家（包括伊拉克、科威特和阿聯酋）的抵銷現象。

These countries are also making investments to further their strategic policies for economic diversification, leading to increased industrial technology and infrastructure spending and our key focus geographies for us. KBR represents a well-known and dependable supplier in these markets with reference projects and customers throughout this area.

這些國家也正在進行投資，以進一步推進其經濟多元化戰略政策，從而增加工業技術和基礎設施支出，並成為我們的重點關注地區。KBR 是這些市場上知名且可靠的供應商，在整個地區擁有參考項目和客戶。

In Iraq, we have a significant presence in country across several projects, including working with the Ministry of Planning directly to support the strategic direction of the country. Now Iraq aims to ramp up oil production and is investing in gas capture projects, petrochemical expansions and clean hydrogen economy initiatives.

在伊拉克，我們在多個專案中發揮了重要作用，包括直接與規劃部合作，以支持國家的戰略方向。目前，伊拉克的目標是提高石油產量，並正在投資天然氣捕獲項目、石化擴建和清潔氫經濟計畫。

Similarly, in Kuwait, we have a strong presence, and we also see a robust pipeline of opportunities. The company's Vision 2035 includes generating 15% of its electricity from renewables by 2030 and developing up to 25 gigawatts of green hydrogen and ammonia capacity by 2050.

同樣，在科威特，我們擁有強大的影響力，也看到了大量的機會。該公司的「2035願景」包括到2030年利用再生能源發電15%，到2050年開發高達25千兆瓦的綠色氫能和氨能產能。

In addition, Kuwait plans to increase oil output and is expanding gas production, refining capacity, and renewable energy initiatives. And in the UAE, KBR has been a trusted partner to ADNOC for years, and manages over $100 billion in CapEx on key programs within ADNOC's portfolio.

此外，科威特計劃增加石油產量，並正在擴大天然氣產量、煉油能力和再生能源計畫。在阿聯酋，KBR多年來一直是阿布達比國家石油公司值得信賴的合作夥伴，並管理阿布達比國家石油公司投資組合中關鍵項目的超過1000億美元的資本支出。

Additionally, KBR has recently been awarded the TAQA Nexus project to enable expansion of electricity and water distribution to plant data center investments. The UAE is investing over $400 billion by 2035 in energy diversification, decarbonization, LNG expansion, digital infrastructure, making it a global leader in energy and digital infrastructure investments.

此外，KBR 最近獲得了 TAQA Nexus 項目，以擴大對工廠資料中心的電力和供水分配投資。到2035年，阿聯酋將在能源多樣化、脫碳、液化天然氣擴張、數位基礎設施方面投資超過4,000億美元，使其成為能源和數位基礎設施投資的全球領導者。

Our strategy focuses on building customer intimacy, really understanding client sustainability goals and offering tailored associates. We maximize in-country value by boosting local employment, enhancing training, and of course, developing local talent.

我們的策略重點是建立客戶親密度，真正了解客戶的永續發展目標並提供量身訂製的服務。我們透過促進當地就業、加強培訓以及培養當地人才來最大化國內價值。

Our differentiators include deep local engagement, strong partnerships, rapid solution deployment, and advanced digital capabilities. This is another example of how KBR's multiple pathways to growth provide an agile, resilient business model.

我們的優勢包括深入的本地參與、強大的合作夥伴關係、快速的解決方案部署和先進的數位能力。這是 KBR 的多種成長途徑如何提供靈活、有彈性的商業模式的另一個例子。

On to slide 9. The details of mixed use defense budget requests are now available, and the Reconciliation Act has been approved through the House and Senate, as I'm sure you're well aware. So we have line of sight to the first of a $1 trillion defense budget, which is lined up for 2026.

轉到投影片 9。混合用途國防預算申請的細節現已公佈，《和解法案》已在眾議院和參議院獲得批准，我相信你們都很清楚。因此，我們預計將看到 2026 年 1 兆美元國防預算中的第一筆撥款。

This includes an incremental $150 billion in spending for national security priorities on top of the President's budget request of about $850 billion for baseline defense spending. And it's a great time to discuss what this means to KBR. The new administration prioritizes efficiency and mission outcomes, of which KBR is directly aligned through our technology integrated solutions and operational focus, which have differentiated in the market.

這包括在總統預算要求的約 8,500 億美元基本國防開支基礎上，增加 1,500 億美元的國家安全重點支出。現在是討論這對 KBR 意味著什麼的好時機。新政府優先考慮效率和任務成果，而 KBR 透過我們的技術整合解決方案和營運重點直接與此保持一致，這在市場上脫穎而出。

Now starting with the RDT&E Wedge of the defense budget, which is well aligned to our defense and its old business units. US Space Force budget, including reconciliation is programmed for an incremental circa $11 billion. Now that's 35% more than full-year '25 levels.

現在從國防預算的 RDT&E Wedge 開始，它與我們的國防及其舊業務部門緊密結合。美國太空部隊預算（包括和解）預計將增加約 110 億美元。這比 25 年全年水準高出 35%。

KBR is well positioned to capitalize on this budget increase following our acquisition of LinQuest & Centauri and our positions on several existing contracts including USSF specific IDIQs with limited competition. Golden Dome, funding of $25 billion was included in the reconciliation bill. As this program matures programmatically, KBR is very well positioned through existing USSF, Army, Air Force, and intelligence community contracts.

在收購 LinQuest 和 Centauri 以及在包括 USSF 特定 IDIQ 在內的多個現有合約中佔據一席之地且競爭有限之後，KBR 已做好準備利用這一預算增加的機會。金色穹頂，250 億美元的資金被納入和解法案。隨著該計劃的程序化成熟，KBR 透過現有的美國空軍、陸軍、空軍和情報界合約佔據了非常有利的地位。

KBR has a long history of engineering support to the Missile Defense Agency on platforms, including Patriot, THAAD, Army IBCS and various sensors, including over-the-horizon radar, and low-tier air and missile defense sensors.

KBR 長期為飛彈防禦局提供工程支持，支援的平台包括愛國者、薩德、陸軍 IBCS 和各種感測器，包括超視距雷達和低級防空和飛彈防禦感測器。

Given the urgency of the Golden Dome timeline, we expect much of this funding to flow to existing contracts and vehicles, which we are well placed such as the IAC MAC and SIBUR Phase IIIs. $40 billion of investment in future weapon systems creates significant opportunity that KBR is already actively positioning to capture.

鑑於「金頂」計畫時間表的緊迫性，我們預計大部分資金將流向現有合約和車輛，我們在這方面處於有利地位，例如 IAC MAC 和 SIBUR 第三階段。 400 億美元的未來武器系統投資創造了重大機遇，KBR 已在積極定位以抓住這一機會。

We have a strong pedigree of engineering expertise and technical support to several programs that are in higher demand in the new budget, including PATRIOT Missile Defense, LTAMDS centers, THAAD, and IBCS. KBR's intelligence community portfolio is well positioned for growth also with both national and military intel budgets up significantly.

我們擁有豐富的工程專業知識和技術支持，可以為新預算中需求量更大的幾個項目提供支持，包括愛國者飛彈防禦系統、LTAMDS 中心、薩德系統和 IBCS。隨著國家和軍事情報預算的大幅增加，KBR 的情報界投資組合也具備良好的成長潛力。

Moving on to the O&M wedge. There is good opportunity here as well, addressable by our readiness and sustainment business unit. Geopolitical tensions heightened the need for additional O&M spending. And R&S, as you know, has a good position globally relative to O&M increases going forward as well as unmatched capability and contingency operations for rapid and expeditionary support.

繼續討論 O&M 楔子。這裡也存在著很好的機遇，我們的準備和維持業務部門可以抓住這個機會。地緣政治緊張局勢加劇了額外營運和維護支出的需求。如您所知，R&S 在未來 O&M 成長方面在全球範圍內佔據著良好的地位，並且擁有無與倫比的快速和遠徵支援能力和應急行動。

The reconciliation bill provides $16 billion more in O&M for Army, Navy, and the US Air Force sustainment. All customers and areas where KBR currently have strategic portion and market share. Munitions storage and transport are also key funding priorities for this administration, and we will be pursuing opportunities here through our leading digital solutions for asset management, optimization, and readiness.

和解法案為陸軍、海軍和美國空軍的維持提供了額外的 160 億美元營運和維護資金。KBR 目前擁有戰略份額和市場份額的所有客戶和地區。彈藥儲存和運輸也是本屆政府的重點資助領域，我們將透過領先的資產管理、優化和準備數位解決方案來尋求機會。

I also want to touch briefly on the outlook for the 2026 NASA budget, which is well aligned to our science and space business unit. Of course, the budget today is not yet final, and any impact to KBR will be in 2026. While the presidential budget requests saw significant NASA budget cut, both the reconciliation bill and congressional appropriators into fund NASA closer to the full year 2025 enacted levels.

我還想簡單談談 2026 年 NASA 預算的前景，該預算與我們的科學和太空業務部門非常契合。當然，今天的預算還不是最終的，對 KBR 的任何影響都將在 2026 年顯現。儘管總統的預算請求大幅削減了 NASA 的預算，但和解法案和國會撥款委員會為 NASA 提供的資金將更接近 2025 年全年頒布的水平。

KBR's work is operational and core to NASA's primary mission. We fly the ISS, we perform space launches, spacecraft development and operations, and we build the next generation of space suits, and we prepare NASA and private astronauts for their missions, and we fully expect these activities to be supported in the 2026 budget.

KBR 的工作對於 NASA 的主要任務而言具有操作性且是核心。我們駕駛國際太空站，進行太空發射、太空船開發和操作，建造下一代太空服，並為美國太空總署和私人太空人的任務做準備，我們完全希望這些活動能夠在 2026 年的預算中得到支援。

Specifically, there is $10 billion in the budget reconciliation for NASA aimed at strengthening NASA's national security missions, while House and Senate committees are working to preserve funding for key science programs. This should provide support for our work on the Artemis program and our ongoing work supporting the ISS out of the Johnson Space Center.

具體來說，NASA的預算調節中有100億美元旨在加強NASA的國家安全任務，而眾議院和參議院委員會正在努力保留對關鍵科學項目的資金。這應該會為我們在阿爾忒彌斯計劃上的工作以及我們在約翰遜航天中心支持國際太空站的持續工作提供支持。

KBR has provided six decades of support to the moon and other space missions. While details are not clear on which science programs will be funded, it's good to see more support and our exposure here is not significant to the bottom line.

KBR已為月球和其他太空任務提供了六十年的支援。雖然目前尚不清楚哪些科學計畫將獲得資助，但很高興看到更多的支持，而且我們在這裡的曝光對底線的影響並不大。

Last but not least, we see future growth opportunities with commercial space and also with the necessary future expansion of the space launch infrastructure. Although not related to the US government budget, it is also important to note that international portfolio within the D&I business unit is also well positioned. Both the UK and Australian governments just came out of post-election strategic planning, and are now moving to execute sovereign priority investments that KBR is well positioned to capitalize on, including space, maritime, missile defense and Intel domains.

最後但同樣重要的一點是，我們看到了商業航太的未來成長機會，以及未來航太發射基礎設施必要擴張的機會。雖然與美國政府預算無關，但值得注意的是，D&I 業務部門內的國際投資組合也處於有利地位。英國和澳洲政府都剛完成選舉後的戰略規劃，目前正著手實施KBR能夠充分利用的主權優先投資，包括太空、海洋、飛彈防禦和英特爾領域。

We support the AUKUS program, which remains a key component for Indo-Pacific deterrence and continues to get strong bipartisan support. We have also just completed a small acquisition taking us strategically into the classified market in the UK called Infrastar.

我們支持AUKUS計劃，該計劃仍然是印度-太平洋威懾的關鍵組成部分，並繼續得到兩黨的大力支持。我們也剛完成了一項小型收購，這將使我們策略性地進入英國名為 Infrastar 的分類市場。

On to slide 10. We have intentionally positioned the company effectively to capitalize on these priority funding areas of advanced defense technologies, military space superiority, digital engineering, intelligence and mission cybersecurity.

轉到投影片 10。我們有意有效地定位公司，以利用先進國防技術、軍事太空優勢、數位工程、情報和任務網路安全等優先資助領域。

In line with this strategic focus, I would like to outline the key objectives for MTS to capture these opportunities and bringing advanced capabilities to the war fighter and in turn, further drive top line growth and drive margin expansion.

根據這項策略重點，我想概述 MTS 的關鍵目標，以抓住這些機會並為作戰人員帶來先進的能力，進而進一步推動營收成長並擴大利潤率。

We will strategically realign resources and investment to capture new priority areas, particularly those incrementally funded by the Reconciliation Act. We are accelerating model-based systems engineering and AI solutions to a broader set of government customers.

我們將策略性地重新調整資源和投資，以佔領新的優先領域，特別是那些由《和解法案》逐步資助的領域。我們正在加速向更廣泛的政府客戶提供基於模型的系統工程和人工智慧解決方案。

So for example, KBR developed a digital test environment where we are accelerating the development and testing activities for the Air Force's collaborative combat aircraft program across six O&M contractors using cutting-edge model-based system engineering platforms. And this digital capability will reduce the development time from decades to just a few years, driving greater speed and lower cost of capability to the war fighter.

例如，KBR 開發了一個數位測試環境，我們正在使用基於模型的尖端系統工程平台，加速六個 O&M 承包商的空軍協作戰鬥機計畫的開發和測試活動。這種數位化能力將把開發時間從幾十年縮短到幾年，從而提高作戰速度並降低作戰成本。

There are many, many broader applications for this type of digital capability, and it can be applied to most weapon systems. In another example, we're using our digital lab in Huntsville, Alabama to assess digital maturity for army command control challenges across integrated missile defense, ground vehicles, aviation platforms and centers. This work includes moving away from traditional manual methods and creating innovative digital environments that provide faster data driven insights to the customer for improved design, effectiveness and speed.

這種數位化能力有非常廣泛的應用，可以應用於大多數武器系統。另一個例子是，我們正在使用位於阿拉巴馬州亨茨維爾的數位實驗室來評估陸軍在綜合飛彈防禦、地面車輛、航空平台和中心指揮控制方面面臨的數位成熟度。這項工作包括擺脫傳統的手動方法，創造創新的數位環境，為客戶提供更快的數據驅動洞察，從而改善設計、效率和速度。

We're also strengthening government relations to communicate our agile capabilities to shape new opportunities tap existing contract vehicles and leverage KBR's broader commercial acumen. We are also expanding our presence in high-margin international markets and continue to add scale through a unique combination of technical consulting and program delivery.

我們也正在加強政府關係，以傳達我們的敏捷能力，創造新機遇，利用現有的合約工具並利用 KBR 更廣泛的商業敏銳度。我們也正在擴大我們在高利潤國際市場的影響力，並透過技術諮詢和專案交付的獨特組合繼續擴大規模。

And a good example of this is leveraging Frazer-Nash consulting engagement across the whole nuclear ecosystem.

一個很好的例子就是利用 Frazer-Nash 諮詢參與整個核生態系統。

And fifth, we are driving operational excellence to enable increased investment in growth, and this will include further enhancing shared services and digital and implement for our support functions. We welcome the administration center of urgency to accelerate digital and commercial solutions to improve national security effectiveness, which aligns to our own business profile and our strategy.

第五，我們正在推動卓越運營，以增加對成長的投資，這將包括進一步加強共享服務和數位化，並實施我們的支援功能。我們歡迎行政中心緊急加速數位和商業解決方案，以提高國家安全效能，這符合我們自己的業務狀況和策略。

With this, I will now hand over to Mark.

現在我將把時間交給馬克。

Great. Thank you, Stuart. I'll start on slide number-12. So as Stuart just laid out, the first half of 2025 has seen its fair share of challenges. However, I'm pleased to report our results and outlook speak to our resiliency and multiple paths to deliver bottom line profits and cash flow.

偉大的。謝謝你，斯圖爾特。我將從第 12 張投影片開始。正如史都華剛才所說，2025 年上半年將面臨相當大的挑戰。然而，我很高興地報告，我們的業績和前景表明我們具有韌性，並有多種途徑實現底線利潤和現金流。

Revenues in the quarter were $2 billion, up 6% versus the prior year, driven by growth across both segments. Stuart touched on the reasons for this being lighter than expected, which extends to our outlook.

本季營收為 20 億美元，較上年成長 6%，這得益於兩個部門的成長。史都華談到了低於預期的原因，這也延伸到了我們的展望。

Adjusted EBITDA was $242 million, up 12% with margins at 12.4%, an increase of 70 basis points versus the prior year. Margins were stable in MTS and improved in STS with strong performance in all areas.

調整後的 EBITDA 為 2.42 億美元，成長 12%，利潤率為 12.4%，比上年增加 70 個基點。MTS 的利潤率保持穩定，STS 的利潤率有所提高，所有領域均表現強勁。

Adjusted EPS was $0.91 in the quarter, up 10%, reflecting a mix of normative interest and taxes with net unfavorable non-op expenses despite the lowered share count from buybacks. Year-to-date operating cash flow was $308 million. That's up 20% versus the prior year by the conversion rate against net income of 123%. Now on to Slide 13 and our segment performance. I'll start with MTS.

本季調整後每股收益為 0.91 美元，成長 10%，儘管回購導致股票數量減少，但反映了規範利息和稅收以及淨不利非營運支出的混合影響。年初至今的營運現金流為 3.08 億美元。與前一年相比，淨收入轉換率成長了 20%，為 123%。現在轉到投影片 13 和我們的分部表現。我將從 MTS 開始。

Revenues of $1.4 billion were up 7% versus the prior year with adjusted EBITDA of $141 million, up 6%. Margins were 10% flat and in line with our targets. By business unit, Defense and Intelligence generated strong growth of 21% due to the LinQuest acquisition made in Q3 of last year and growth in international, particularly Australia, which was up 10%.

營收為 14 億美元，較上年成長 7%，調整後 EBITDA 為 1.41 億美元，成長 6%。利潤率維持 10% 不變，符合我們的目標。按業務部門劃分，國防和情報部門由於去年第三季度收購了 LinQuest 而實現了 21% 的強勁增長，並且國際業務（尤其是澳大利亞）也實現了增長，增長了 10%。

Readiness and sustainment contracted due to a slowdown in certain activity within the European theater, and a pause in some logistics work tied to the Army's transformation initiative. And science and space remain consistent with growth opportunities currently limited due to uncertain NASA funding policy so far under the new administration.

由於歐洲戰區某些活動的放緩，以及與陸軍轉型計畫相關的一些後勤工作暫停，戰備和保障工作有所縮減。由於新政府迄今為止對 NASA 的資助政策不明確，科學和太空領域的成長機會仍然有限。

Over to STS revenues of $540 million were up 2% year-over-year, reflecting some softness in new awards and conversion so far this year, driven by the factors Stuart mentioned earlier.

STS 的營收為 5.4 億美元，年增 2%，反映出今年迄今為止新獎項和轉換方面有所疲軟，這是受 Stuart 之前提到的因素影響。

The good news is that similar to MTS, STS has built a solid pipeline that we believe is well positioned for conversion once uncertainty settles down.

好消息是，與 MTS 類似，STS 已經建立了堅實的管道，我們相信，一旦不確定性平息，該管道就能夠很好地進行轉換。

Adjusted EBITDA was $129 million, up 17% with margin of 23.9% in STS, an improvement of more than 300 basis points. The margin strength continues to be driven by unconsolidated joint ventures, particularly LNG performance as we continue to unlock value through strong project execution and excellent production metrics for the clients.

調整後的 EBITDA 為 1.29 億美元，成長 17%，STS 利潤率為 23.9%，提高了 300 多個基點。利潤率的強勁成長持續受到非合併合資企業的推動，尤其是液化天然氣的表現，因為我們繼續透過強大的專案執行和出色的生產指標為客戶釋放價值。

We expect to continue progressing on key LNG milestone and retiring risk over the course of this year, next year and into 2027. Based on our current milestone schedule, we anticipate fairly stable equity and earnings contributions from unconsolidated joint ventures in STS across the first and second half of this year, and similar levels in 2026 as well.

我們預計今年、明年以及 2027 年將繼續在液化天然氣關鍵里程碑上取得進展並消除風險。根據我們目前的里程碑計劃，我們預計今年上半年和下半年 STS 的非合併合資企業的股權和獲利貢獻將相當穩定，2026 年也將達到類似的水平。

So again, pretty flat expected performance from first half this year to second half this year and doing that again in 2026. That's the current expectation.

因此，預計今年上半年至下半年的表現將相當平穩，2026 年也將如此。這是目前的預期。

Now that we have covered continuing operations, let me quickly address the wind down of HomeSafe. Details of this discontinued operation are provided in our 10-Q, but here are some of the main figures. Year-to-date after-tax loss on discontinued operations, which was attributable to KBR was $36 million year-to-date. Of this amount, losses from operating the underlying program were about $24 million with the remaining $12 million comprised of impairment of assets and provisions.

既然我們已經討論了持續營運的問題，那麼讓我快速談談 HomeSafe 的關閉問題。我們的 10-Q 中提供了有關此已停止運營的詳細信息，但以下是一些主要數據。年初至今，因停止經營而產生的稅後虧損（歸因於 KBR）為 3,600 萬美元。其中，營運基礎計畫的損失約為 2,400 萬美元，其餘 1,200 萬美元為資產減損和撥備。

The year-to-date cash impact was about $30 million outgoing, of course. And going forward, we expect some fairly minor trailing expenses with estimated cash outflow for the second half of about $20 million, including net liabilities carried over.

當然，今年迄今的現金支出約為 3,000 萬美元。展望未來，我們預計下半年將出現一些相當小的尾隨費用，預計現金流出約為 2000 萬美元，包括結轉的淨負債。

Now I move on to slide 14, balance sheet and capital matters. During the quarter, we did continue to execute our balanced capital deployment strategy. We ended the quarter with a net leverage of 2.4 times, down from 2.6 times in the prior quarter. That's the deleveraging we talked about at the beginning of the year.

現在我轉到第 14 張投影片，資產負債表和資本事項。在本季度，我們確實繼續執行平衡的資本配置策略。本季末，我們的淨槓桿率為 2.4 倍，低於上一季的 2.6 倍。這就是我們年初講的去槓桿。

During Q2, we returned $70 million of capital to shareholders, comprising $22 million in dividends and $48 million in share repurchases, bringing total capital return to shareholders to $245 million year-to-date, delivering a 3% reduction in share count so far this year.

在第二季度，我們向股東返還了 7,000 萬美元的資本，其中包括 2,200 萬美元的股息和 4,800 萬美元的股票回購，使年初至今向股東返還的總資本達到 2.45 億美元，今年迄今股票數量減少了 3%。

Our capital allocation priorities remain unchanged, focusing on returning capital to shareholders while maintaining responsible leverage. So with that, let me shift my comments to the balance of the year outlook.

我們的資本配置重點保持不變，重點是向股東返還資本，同時保持負責任的槓桿率。因此，讓我將我的評論轉向對今年的平衡展望。

So over to slide 15. We are updating our revenue guidance for fiscal 2025 from $8.7 billion to $9.1 billion as a range to the new range of $7.9 billion to $8.1 billion with a midpoint of $8 billion. We have provided a walk from our previous revenue guide midpoint to our revised guide midpoint on the right side of this chart, and here, I'll cover the components.

請翻到第 15 張投影片。我們將更新 2025 財年的營收預期，從 87 億美元至 91 億美元，調整為 79 億美元至 81 億美元，中間值為 80 億美元。我們在此圖表的右側提供了從先前的收入指南中點到修訂後的指南中點的走勢，在這裡，我將介紹各個組成部分。

First, our original guidance was based on assumptions that HomeSafe would provide estimated revenues in the range of $300 million to $500 million for 2025. And as such, we've removed $400 million at the midpoint from our guidance.

首先，我們最初的指導是基於這樣的假設：HomeSafe 在 2025 年將帶來 3 億至 5 億美元的預期收入。因此，我們從指導中點刪除了 4 億美元。

Second, our original guidance and also assume a continuation of the current European command work supporting the Ukraine conflict, which had a run rate of $200 million to $400 million per year. Additionally, we are seeing impacts from the Army transformation initiative I mentioned earlier as they sort out various logistics priorities around the world. Together, we are reducing revenue guidance by $250 million for the year for these two items.

其次，我們最初的指導方針也假設繼續目前歐洲指揮部支持烏克蘭衝突的工作，該工作的運作率為每年 2 億至 4 億美元。此外，我們也看到了我之前提到的陸軍轉型計畫的影響，因為他們正在整理世界各地的各種後勤優先事項。我們將把這兩項產品的年度收入預期削減 2.5 億美元。

And lastly, we are removing $250 million of revenue for delays in protest resolution. Of our various awards last year, $2 billion in contracts awarded to us remain in an extended protest process. Our plan for this year included significant revenue contribution from these in the second half of this year. And as they are still in protest with no affirmative data resolution, we are removing them from our guide.

最後，我們將取消 2.5 億美元的收入，以彌補抗議解決的延誤。在我們去年授予的各項合約中，有 20 億美元的合約仍處於延長的抗議程序中。我們今年的計劃包括在今年下半年從這些領域獲得可觀的收入貢獻。由於他們仍在抗議，且沒有得到肯定的數據解決方案，我們將他們從指南中刪除。

Typically, new wins would offer some offset to these types of unexpected reductions. However, despite the buildup of bids awaiting decision, we're at the point in the year where conversion of awards to revenue, including likely further protest delays may be difficult to achieve.

通常，新的勝利會在一定程度上抵消這些意外的減少。然而，儘管等待決定的投標不斷增加，但我們正處於將獎項轉化為收入的階段，包括可能進一步的抗議延遲，可能很難實現。

Our guide assumes the opportunity shift to 2026. Importantly, and has been indicated on prior calls, we did not factor in profit contribution from HomeSafe in our original guidance this year. Also, the margins on our EUCOM, Ukraine support and the logistics programs frozen are very low. At the same time, the profit contribution from other areas in KBR are either on or above track, providing an equivalent offset.

我們的指南假設機會將轉移到 2026 年。重要的是，正如先前的電話會議所指出的，我們在今年最初的指引中沒有考慮 HomeSafe 的利潤貢獻。此外，我們對歐盟司令部、烏克蘭的支持以及凍結的物流計劃的利潤非常低。同時，KBR其他領域的利潤貢獻也達到或超過了正常水平，提供了等效的抵銷。

Accordingly, the reduction in our revenue outlook does not impact our adjusted EBITDA outlook. Below the line items were a little high in Q2, as I said earlier, but they are normative on a year-to-date basis. As with our adjusted EBITDA outlook, there is no change to our adjusted EPS outlook for the year.

因此，我們收入預期的下調不會影響我們調整後的 EBITDA 預期。正如我之前所說，第二季的離線專案有點高，但從年初至今來看，它們是常態。就像我們的調整後 EBITDA 展望一樣，我們對今年調整後的 EPS 展望沒有改變。

With the first half behind us, we are narrowing the range on both adjusted EBITDA and EPS metrics with the midpoint remaining unchanged. Operating cash flows were healthy for the first half with no change to the bottom line expectations. Our cash flow guide of $500 million to $550 million for this year is unchanged.

隨著上半年的結束，我們正在縮小調整後的 EBITDA 和 EPS 指標的範圍，中點保持不變。上半年經營現金流狀況良好，獲利預期沒有變動。我們今年的現金流指導價為 5 億至 5.5 億美元，維持不變。

With the removal of HomeSafe, we're also updating our CapEx guidance to take out about $20 million, bringing our expected CapEx for the year to be between $30 million and $40 million for continuing operations. All of the key assumptions in our guidance are unchanged, including tax, depreciation and interest expense.

隨著 HomeSafe 的移除，我們也將更新我們的資本支出指引，支出約 2,000 萬美元，使我們預計今年持續營運的資本支出在 3,000 萬至 4,000 萬美元之間。我們指南中的所有關鍵假設均保持不變，包括稅金、折舊和利息費用。

Now I'll shift to our long-term targets for 2027 on slide 16. These targets include a meaningful contribution from HomeSafe, so it's appropriate to address those impacts today. Starting with revenue. We previously gave a consolidated target at $11.5 billion plus and a segment growth, compounded annual growth rate of 11% to 15% for both segments.

現在我將轉到第 16 張投影片上的 2027 年長期目標。這些目標包括 HomeSafe 的重大貢獻，因此今天解決這些影響是適當的。從收入開始。我們先前設定的綜合目標是 115 億美元以上，兩個部門的分部成長、複合年增長率均為 11% 至 15%。

The MTS segment growth CAGR is being restored to the pre HomeSafe range of 5% to 8% and the STS segment growth CAGR remains intact at 11% to 15%. We're setting the 2027 target to $9 billion plus in revenues in terms of value.

MTS 部門的複合年增長率正在恢復到 HomeSafe 推出之前的 5% 至 8% 的範圍，而 STS 部門的複合年增長率則保持在 11% 至 15% 不變。我們設定的 2027 年營收目標是價值 90 億美元以上。

These targets do include contributions from the LinQuest acquisition we made last year. Despite recent market disruptions in government contracting, global commitment to national security spending remains strong. With incremental funding from the Reconciliation Act and the factors discussed earlier, we believe the 5% to 8% growth targets for MTS are still achievable.

這些目標確實包括我們去年收購 LinQuest 所帶來的貢獻。儘管近期政府採購市場出現混亂，但全球對國家安全支出的承諾依然強勁。我們相信，憑藉《和解法案》提供的增量資金以及前面討論過的因素，MTS 的 5% 至 8% 的成長目標仍然是可以實現的。

Regarding STS, we see recent soft bookings as temporary since underlying fundamentals continue to support robust opportunities as demand for energy security, energy transition and critical infrastructure solutions grows worldwide.

關於 STS，我們認為最近的疲軟預訂只是暫時的，因為隨著全球對能源安全、能源轉型和關鍵基礎設施解決方案的需求不斷增長，基本面繼續支持強勁的機會。

For profitability, our goal for 2027 was to provide $1.15 billion of EBITDA on an adjusted basis. And as you can see, this year, we're guiding a midpoint of just under $1 billion. With these growth assumptions I've just laid out an ongoing strong margin delivery, the $1.15 billion of adjusted EBITDA is within the reach for 2027.

為了實現獲利，我們 2027 年的目標是實現調整後 EBITDA 11.5 億美元。如您所見，今年我們的指導中點略低於 10 億美元。有了這些成長假設，我剛剛列出了持續強勁的利潤率，到 2027 年，11.5 億美元的調整後 EBITDA 是可以實現的。

For EBITDA margins, we had expected some dilution in MTS from the HomeSafe program. Hopefully, you'll recall that. With this being removed, our target is now 10% plus for MTS and we're modifying STS to THAAD to, say, 20% plus going forward in our targets.

對於 EBITDA 利潤率，我們預計 HomeSafe 計劃會對 MTS 造成一定程度的稀釋。希望您能記得這一點。隨著這一目標的取消，我們現在的目標對 MTS 來說是 10% 以上，而我們正在修改 STS 到 THAAD 的目標，比如說，在我們的目標中，要達到 20% 以上。

Lastly, we're updating the operating cash flow target to $650 million in 2027. While the EBITDA target is unchanged, HomeSafe was designed to run on very low DSOs, which had a boost to cash flow generation in our previous targets. So the revised targets now reflect a normative working capital profile for MTS and STS.

最後，我們將 2027 年的經營現金流目標更新為 6.5 億美元。雖然 EBITDA 目標沒有變化，但 HomeSafe 的設計目標是以非常低的 DSO 運行，這在我們先前的目標中促進了現金流的產生。因此，修訂後的目標現在反映了 MTS 和 STS 的規範營運資本狀況。

In conclusion, you might recall that our previous EBITDA target for 2025 was $925 million which included some HomeSafe contribution. Our current 2025 guide is well above that target with no HomeSafe contribution. So this provides a good demonstration of our ability to tap multiple pathways to achieve results from our global business space with particular focus and execution on profit generation.

總而言之，您可能還記得，我們​​之前 2025 年的 EBITDA 目標是 9.25 億美元，其中包括一些 HomeSafe 貢獻。我們目前的 2025 年指南遠高於該目標，且沒有 HomeSafe 貢獻。因此，這很好地證明了我們有能力利用多種途徑在全球業務領域取得成果，並特別注重和執行利潤創造。

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

說完這些，我就把話題轉回給史都華。

Thank you, Mark. I'm on slide 17 with some key takeaways. In closing, we delivered solid financial performance in the second quarter. We continue to execute our strategy, increasing our bid volumes and winning new contracts. We have a balanced and resilient business portfolio offering multiple pathways to growth.

謝謝你，馬克。我現在在第 17 張投影片上講一些關鍵要點。最後，我們在第二季取得了穩健的財務表現。我們繼續執行我們的策略，增加我們的投標量並贏得新的合約。我們擁有均衡且有彈性的業務組合，可提供多種成長途徑。

We are maintaining our disciplined approach to capital allocation, as Mark shared earlier, actioning on our share buyback authorization and returning capital to shareholders. We have updated our annual guidance and importantly, our long-term targets for the impacts of HomeSafe.

正如馬克之前分享的那樣，我們將繼續保持嚴謹的資本配置方法，執行股票回購授權並向股東返還資本。我們更新了年度指導，更重要的是，更新了針對 HomeSafe 影響的長期目標。

We remain committed to creating shareholder value intentionally enabling future strategic optionality. So thank you for joining the call. And with that, we're happy to answer your questions. And I'll hand back to the operator to do so. Thank you.

我們始終致力於創造股東價值，有意實現未來的策略選擇。感謝您參加此次電話會議。我們很樂意回答您的問題。我會將此事交還給操作員。謝謝。

Tobey Sommer, Truist.

托比·索默 (Tobey Sommer)，Truist。

Thank you. I appreciate the detail in your updated guidance and the long-term targets. As you were putting it together, what were the sort of upside and downside risks factors, maybe the top couple that you were considering in kind of setting those numbers?

謝謝。我很欣賞您更新的指導和長期目標中的細節。當您將它們放在一起時，有哪些上行和下行風險因素，也許是您在設定這些數字時考慮的最重要的幾個因素？

Thanks, Tobey. Yes, quite an exercise to do in the time frame, so a big shout-out to the teams for pulling this together, particularly in the long-term outlook. We, of course, like many others are confident of increased conversion of our pipeline, I would say that that's a key factor in the funding that flows from that as the presidential budget and the Reconciliation Act that start to take shape and mature. And that's really the principal key factor in addition to actually looking at geopolitical movements and what's happening across, particularly the Middle East.

謝謝，托比。是的，在時間範圍內要做相當多的工作，因此要大力讚揚各個團隊的共同努力，特別是從長遠來看。當然，我們和許多其他人一樣，對管道轉換率的提高充滿信心，我想說，隨著總統預算和和解法案開始成形和成熟，這是資金流出的關鍵因素。除了實際觀察地緣政治運動和各地（尤其是中東）發生的事情之外，這確實是主要的關鍵因素。

And I mean, for example, during this quarter, the situation with Iran caused close to two weeks delay in terms of awards and as people were worried, of course, with the broader situations billing over. So you've got to make the assumptions that things will remain in operable in a geopolitical sense, because we cannot predict that. But really, the key fundamental was really just getting the understanding where we're positioned. That's why we spent quite a bit of time in the scripted remarks, really sort of trying to strategically educate where we would be positioned in the future administration's priorities as the funding flows and the assumption is that coming flow.

我的意思是，例如，在本季度，伊朗局勢導致獎項頒發延遲近兩週，當然，由於人們擔心更廣泛的局勢，獎項頒發也延遲了。所以你必須假設從地緣政治的角度來看事情仍將保持可操作性，因為我們無法預測這一點。但實際上，關鍵的基礎只是了解我們的定位。這就是為什麼我們在稿子上花了相當多的時間，實際上試圖從戰略上闡明，隨著資金流動以及假設資金流入，我們將在未來政府的優先事項中處於什麼位置。

And you'll notice that the targets themselves, the long-term targets will move HomeSafe, and are really floor numbers. So logically, that would mean we're at the bottom end of the CAGR ranges there, which makes perfect sense. So there -- I think we've been quite thoughtful of how we position those long-term targets.

您會注意到目標本身，長期目標將推動 HomeSafe 發展，並且實際上是樓層數字。因此從邏輯上講，這意味著我們處於複合年增長率範圍的底端，這完全合理。所以——我認為我們已經非常認真地考慮過如何定位這些長期目標。

My follow-up would be from a reputational standpoint related to HomeSafe. And with that not that specific customer, but that's set up customers, how do you feel like the company is positioned from an ability to win and retain work? Do you think that your win rates on recompetes and new business will suffer as a result of the experience?

我的後續行動將從與 HomeSafe 相關的聲譽角度進行。這不是針對特定客戶，而是已建立的客戶，您認為公司在贏得和保留工作方面處於什麼位置？您是否認為，由於這次經歷，您在重新競爭和新業務中的勝率會受到影響？

No. I mean, HomeSafe was a joint venture. We were a joint venture partner within that environment. But no, we don't foresee any impact. I think KBR has got strong relationships with its customers.

不。我的意思是，HomeSafe 是一家合資企業。在那種環境下，我們就是合資夥伴。但不，我們預計不會有任何影響。我認為 KBR 與其客戶建立了牢固的關係。

We are engaged with them every day. And in fact, that engagement has increased as a consequence of how we need to interact with the government today, and we're not seeing any impact.

我們每天都與他們接觸。事實上，由於我們今天需要與政府互動，這種參與度有所提高，但我們並沒有看到任何影響。

Michael Dudas, Vertical Research.

邁克爾·杜達斯，垂直研究。

Good morning, Jamie, Stuart, Mark. Stuart, looking at Sustainable Technologies, you talked about in earlier in your presentation about the new normal. I just want to contrary that the new normal, are we talking about BBB, Big B for bill, the geopolitics. And just the sense of how -- where you were thinking maybe a year or 2 ago, where the puck was going, where the markets are. how that you're adjusting to that to allow to maintain this revenue target through 2027 and assuming pretty healthy margins to offset some of the uncertainty on the MTS side.

早安，傑米、史都華、馬克。斯圖爾特，談到可持續技術，您在之前的演講中談到了新常態。我只是想反駁一下新常態，我們談論的是 BBB、Big B 法案、地緣政治。您可能在一兩年前就想過，冰球會去向何方，市場在哪裡。您如何進行調整以保持這一收入目標直至 2027 年，並假設相當健康的利潤率可以抵消 MTS 方面的一些不確定性。

Yes. I think the new normal relates much to, as you rightly said, just the geopolitical shifts and where the markets are ebbing and flowing. And again, we try to provide some color on, I guess, the vision of where certain countries are growing and our position within them, which I think is a key differentiator. I think secondly is really around the settling down of tariffs and the impact of tariffs to capital spending, and certainly how that sort of makes itself over the medium to long term.

是的。我認為新常態與地緣政治變化以及市場興衰有很大關係，正如您所說。再次，我想，我們試圖提供一些關於某些國家的發展前景以及我們在其中的地位的描述，我認為這是一個關鍵的區別因素。我認為第二個問題實際上是圍繞關稅的穩定以及關稅對資本支出的影響，以及這種影響在中長期內將如何產生。

But what we're seeing today is really there was a pause because of the issues in the Middle East, but there's also the ethologies in the Middle East as well this quarter. And we are confident that the cadence of awards will pick up as we move through into Q2. And in fact, we've announced a number of them in July already. So I think we've got some basis to make that statement.

但我們今天看到的是，由於中東問題，確實出現了停頓，但本季中東地區也存在一些問題。我們相信，隨著進入第二季度，獎項的頒發節奏將會加快。事實上，我們在七月就已經宣布了其中的一些計劃。所以我認為我們有理由做出這樣的聲明。

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼、D.A.戴維森。

Hey, thank you. Good morning. I had a question on MTS. I know that the resolution of protests is a difficult thing to predict, especially timing. But absent that, should we anticipate a more robust second half bookings environment than what you've seen year-to-date?

嘿，謝謝你。早安.我有一個關於 MTS 的問題。我知道抗議活動的解決是一件很難預測的事情，尤其是時間問題。但除此之外，我們是否應該預期下半年的預訂環境會比今年迄今的預訂環境更加強勁？

It's -- I mean, we've talked through quite carefully about the size of our pipeline and that being at record scales today and bids are waiting award similarly. So if the award cadence picks up, which logically it should now the budgets are particularly reconciliation budget is coming to fruition. I think at least we want to expect a pickup in award cadence as we head through the rest of this year. And historically, it really has been the third quarter. But my expectation is that will also lead into the fourth quarter with the reconciliation.

我的意思是，我們已經非常仔細地討論過我們的管道規模，而且目前管道規模已達到創紀錄的水平，投標也在等待授予。因此，如果獎勵節奏加快，從邏輯上講，現在的預算，特別是和解預算，應該即將實現。我認為，至少我們希望在今年剩餘時間內，獎項的頒發節奏能夠有所加速。從歷史上看，這確實是第三季。但我預計，這也將導致第四季出現和解。

Yeah, and Brent, a reason why we were cautious in the conversion outlook for this -- impacting this year. I mentioned very specifically, we assume things will unlock trending into next year. There's been a lot of change in government, particularly in the contracting offices. And people had retired, they left for other reasons.

是的，布倫特，這就是我們對今年的轉換前景持謹慎態度的原因。我非常具體地提到，我們假設事情將在明年呈現趨勢。政府發生了很大變化，特別是承包辦公室。有些人已經退休，他們因為其他原因離開。

And so despite the customer engagement at the end user level, sometimes engagements are not even possible at the contractor office level. And so the decisions coming out reside on those people, and there's less of them. And so that's why we were prudent in our outlook this year. And eventually, they'll figure it out, and I think we'll get our fair share, but I think timing is a question mark.

因此，儘管在最終用戶層面有客戶參與，但有時在承包商辦公室層級甚至不可能參與。因此，最終的決定權在於這些人，而這些人的數量卻越來越少。這就是我們今年對前景持謹慎態度的原因。最終，他們會找到答案，我認為我們也會得到公平的份額，但我認為時機還是個問號。

Okay. Understood. And then sticking with MPS in the context of the targets on the new set of targets for 2027. I guess, could you talk a little more specifically about what we would need to see over the course of the next several quarters in support of that range, presumably, maybe a few of these protests or all the protests go your way, NASA isn't too disrupted. I'm just trying to get a sense of what we need to see and not see in support of that.

好的。明白了。然後在 2027 年新目標的背景下堅持 MPS。我想，您能否更具體地談談我們在接下來的幾個季度中需要看到什麼來支持這一範圍，大概是其中一些抗議或所有抗議都會按照您的意願進行，NASA 不會受到太大的干擾。我只是想了解我們需要看到什麼以及不需要看到什麼來支持這一點。

I think -- well, interestingly, when we look at our outlook for this year and as we look at the CAGRs going forward, we're actually -- the CAGR is to achieve our targets are coming off quite a low base with what's happened in the European theater. So that gives us more confidence in terms of where we're starting from.

我認為——嗯，有趣的是，當我們回顧今年的前景並展望未來的複合年增長率時，我們實際上——考慮到歐洲戰場的情況，實現我們目標的複合年增長率處於相當低的基數上。因此，這讓我們對我們的起點更有信心。

In terms of our ability to meet those targets, I think this conversion of the pipeline comes back exactly to what we said last time around. And if we win our fair share of what's in front of us, our pipeline continues to grow because the bidding environment has not changed significantly.

就我們實現這些目標的能力而言，我認為這次管道轉換與我們上次所說的完全一致。如果我們贏得了我們面前的公平份額，我們的管道就會繼續增長，因為投標環境並沒有發生重大變化。

And when you combine that with our ability to bring in our commercial skills, particularly from STS and international government, into the changing environment commercially within the US government. I think we stand very well placed to meet the CAGR we put forward, and we would not put them forward if we don't think we can meet.

當你將其與我們將商業技能（特別是來自 STS 和國際政府的技能）引入美國政府內部不斷變化的商業環境的能力結合起來時。我認為我們完全有能力實現我們提出的複合年增長率，如果我們認為我們無法實現，我們就不會提出這些目標。

Well, I'll just add that the Reconciliation Act puts money to work quite quickly provided all the supports there, as I mentioned a moment ago. but we're quite concentrated in our business in the RDT&E funding area, which is a healthy recipient.

好吧，我只想補充一點，正如我剛才提到的，在《和解法案》提供的所有支持下，資金很快就能發揮作用。但我們的業務主要集中在 RDT&E 資助領域，這是一個健康的接受者。

As you heard in my earlier remarks, same with O&M. And so our teams are pursuing more and bigger opportunities on some of the very specific initiatives that are high priority of the administration. And we think we're quite -- they're quite motivated to get that going quickly. We're platform diagnostic. We can really bring a lot of digital capabilities together.

正如您在我之前的評論中聽到的，O&M 也是如此。因此，我們的團隊正在政府高度重視的一些非常具體的措施上尋求更多、更大的機會。我們認為，他們非常有動力盡快實現這一目標。我們是平台診斷者。我們確實可以將許多數位能力整合在一起。

That's a clear emphasis with our clients. And so we're expecting that to be a successful outlook for us in the '26, '27 period and well beyond, of course.

這是我們向客戶明確強調的。因此，我們期望這將是我們在 26、27 年及以後取得成功的前景。

And lastly, just to pile on a little bit is really what's happening internationally. As you've seen, there's a commitment for defense spending to rise to 5% of GDP across the European arena by 2035, with the UK leading the charge there somewhat, but also in Australia, and we're seeing that coming through in the growth that we are experiencing in international, which I'll remind you comes with higher margins, and it's more commercial in nature, which suits our DNA.

最後，再補充一點，這就是國際上真正發生的事情。如您所見，歐洲承諾到 2035 年國防開支將佔 GDP 的 5%，其中英國將略佔領先地位，澳洲也是如此，我們看到國際業務的成長也體現了這一點，我要提醒您，國際業務的利潤率更高，而且本質上更具商業性，這符合我們的 DNA。

There are no additional questions waiting at this time. So I will now pass the conference back over to you, Mr. Bradie for closing remarks.

目前沒有其他問題。現在我將會議交還給布雷迪先生，請您致閉幕詞。

Okay. Thank you very much. Just to reiterate, I'll sort of leave you with some key takeaways and thank you again for joining. We have completed a multiyear transformation becoming a leader in providing differentiated, innovative, and increasingly upmarket services, technologies and engineering solutions. And we're doing that increasingly at large scale and obviously, with a global reach.

好的。非常感謝。再次重申一下，我會為你們留下一些關鍵的收穫，再次感謝你們的加入。我們已經完成了多年的轉型，成為提供差異化、創新性和日益高端的服務、技術和工程解決方案的領導者。我們正在不斷擴大這一規模，顯然，其影響力已擴大至全球。

And I would be remiss if I didn't say the quality of earnings is something we've talked about many times, and this has been and continues to be a key focus area, and you can see that coming through in the bottom line.

如果我不說獲利品質是我們多次討論過的問題，那我就是失職了，這一直是並且將繼續是一個重點關注的領域，你可以在底線中看到這一點。

As you know, we serve diverse, attractive end markets. But importantly, these are aligned, we believe, with strong secular growth trends. We have amazing people, really top talent that combining deep domain expertise, which will be continually increasingly in demand, similarly with our proprietary technologies.

如您所知，我們服務於多樣化、有吸引力的終端市場。但重要的是，我們相信，這些與強勁的長期成長趨勢是一致的。我們擁有優秀的人才，他們是真正頂尖的人才，擁有深厚的領域專業知識，他們的需求將不斷增加，我們的專有技術也是如此。

But as you have seen from our results, not just this quarter, but for the last several years, and in our outlook, we have an unwavering focus on execution. And we specialize in sort of key technologies, difficult solutions and solving them for our customers as well as complex, harsh and mission-critical work.

但正如您從我們的業績中看到的，不僅是本季度，而且是過去幾年，在我們的展望中，我們始終堅定不移地專注於執行。我們專注於研究關鍵技術、解決難題並為客戶解決這些問題以及處理複雜、嚴酷和關鍵任務的工作。

We are excellent partners. That's very much part of our DNA. I think that's going to be an increasing need into the future as we look at different solutioning. We are operating in dynamic teams to solve our customers' most complex challenges. And this has resulted in recurring long-term engagements. And of course, as we said in the script remarks, over $21.6 billion in backlog and options.

我們是優秀的合作夥伴。這在很大程度上是我們 DNA 的一部分。我認為，當我們尋找不同的解決方案時，這將成為未來日益增長的需求。我們以充滿活力的團隊來解決客戶最複雜的挑戰。這也導致了長期的反覆合作。當然，正如我們在劇本評論中所說，積壓訂單和選擇權超過 216 億美元。

Our diversification, our asset-light model and disciplined capital allocations have and will continue to generate stable predictable cash flows and compelling shareholder returns. And we have growth and margin expansion plans in light that are billing fruit.

我們的多元化、輕資產模式和嚴格的資本配置已經並將繼續產生穩定可預測的現金流量和可觀的股東回報。我們制定了成長和利潤擴張計劃，並取得了豐碩的成果。

Finally, we remain alert and agile as we need to be in this environment. We are monitoring the current dynamic situations across the world and taking strategic and proactive solutions at pace to ensure KBR remains well positioned to deliver for our employees and customers and, of course, our shareholders.

最後，我們保持警覺和敏捷，因為這是我們在這種環境下所需要的。我們正在監控全球當前的動態情況，並迅速採取策略性和主動性的解決方案，以確保 KBR 始終能夠為我們的員工、客戶以及股東提供服務。

So thank you very much for joining today's call, and of course, for your interest in KBR and we look forward to updating you again next quarter. Thank you.

非常感謝您參加今天的電話會議，當然也感謝您對 KBR 的關注，我們期待下個季度再次向您通報最新情況。謝謝。

That concludes today's earnings conference call. Thank you for your participation. I hope you have a great rest of your day.

今天的收益電話會議到此結束。感謝您的參與。我希望你今天剩下的時間過得愉快。