KBR Inc (KBR) 2025 Q3 法說會逐字稿

Good morning. Thank you for attending today's KBR's third-quarter 2025 earnings conference call. My name is Megan, and I'll be your moderator today. (Operator Instructions) I would now like to pass the conference over to Jamie DuBray, VP of Investor Relations. Please go ahead.

早安.感謝您參加今天KBR公司2025年第三季財報電話會議。我叫梅根，今天我將擔任你們的主持人。（操作員指示）現在我將把會議交給投資者關係副總裁傑米·杜布雷。請繼續。

Thank you. Good morning, and welcome to KBR's third-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. This discussion includes forward-looking statements reflecting KBR's views about future events and their potential impact on performance as outlined on slide 2.

謝謝。早安，歡迎參加KBR 2025財年第三季財報電話會議。與我一同出席的還有總裁兼執行長史都華·布雷迪，以及執行副總裁兼財務長馬克·索普。Stuart 和 Mark 將介紹本季的重點內容，然後開放提問環節。今天的財報簡報可在我們網站 kbr.com 的投資者關係專區查看。此簡報包含前瞻性陳述，反映了 KBR 對未來事件及其對績效潛在影響的看法，具體內容請參閱投影片 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. These 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.

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聲明有重大差異，詳情請參閱我們網站上提供的最新 10-K 表格。這些討論也包括公司認為對投資者有用的非GAAP財務指標。我們在獲利報告的最後附上了這些非GAAP指標與最接近的GAAP指標的調節表。

I will now turn the call over to Stuart.

現在我將把電話交給史都華。

Thanks, Jamie, and good morning, everyone. I will pick up on slide 4. As with all meetings at KBR, we begin today with a brief Zero Harm moment. Last week, we published our 2024 sustainability report, and I would like to highlight several key achievements from this most recent publication. We are pleased to report an industry-leading health, safety security incident rate and over 93% zero-harm days. Additionally, 38% of KBR's fiscal 2024 revenue equivalent to $2.9 billion was allocated towards sustainability initiatives, marking an increase from the $2.5 billion in the previous year.

謝謝你，傑米，大家早安。我將從第4張投影片開始講解。與 KBR 的所有會議一樣，我們今天首先進行一個簡短的「零傷害」環節。上週，我們發布了 2024 年永續發展報告，我想重點介紹這份最新報告的幾項主要成就。我們很高興地宣布，我們的健康、安全保障事故率處於行業領先地位，零傷害日超過 93%。此外，KBR 2024 財年收入的 38%（相當於 29 億美元）被分配給永續發展計劃，比前一年的 25 億美元有所增加。

Furthermore, KBR has established and approved science-based near-term targets that align with our net zero objectives. These accomplishments distinguish KBR within our industry. For the third consecutive year, we have been awarded MSCI's top AAA rating, and we recently received a B- rating from ISS, ESG Corporate. This is a recognized prime rating and at the top of our peer group. These highlights represent only a portion of our progress, and I encourage you to review the full sustainability report, which is available on our website via the QR code.

此外，KBR 已製定並批准了以科學為基礎的近期目標，這些目標與我們的淨零排放目標一致。這些成就使KBR在業界脫穎而出。我們連續第三年獲得 MSCI 最高 AAA 評級，最近也獲得了 ISS ESG 企業評級的 B- 評級。這是公認的最高評級，在我們同類評級中名列前茅。這些亮點僅代表我們取得的部分進展，我鼓勵您查看完整的永續發展報告，該報告可透過我們網站上的二維碼取得。

Now on to slide 5. Let me start today with revenue. Revenue was flat in the quarter year on year and up 5% year-to-date from the prior year. While we are really encouraged by a strong book-to-bill of 1.4 times for the quarter, this was back-end weighted with little conversion to revenue in Q3. In MTS, as you know, we have significant contracts awarded to us, which are still under protest and conversion remains uncertain with the government shutdown environment.

現在來看第5張投影片。今天先從營收談起。本季營收與去年同期持平，但較上年同期成長 5%。雖然我們對本季 1.4 倍的強勁訂單出貨比感到非常鼓舞，但這主要是由於後端訂單佔比過高，第三季轉化為營收的比例很低。如您所知，MTS公司獲得了許多重要合同，但由於政府停擺，這些合約目前仍處於抗議狀態，能否履行仍不明朗。

In STS, we faced several headwinds in the first half of the year. LNG project development was delayed by prior administration decisions, oversupply in petrochemicals led to multiple project cancellations and delays, Middle East unrest caused temporary pauses, and new tariffs delayed investment. Additionally, a market shift towards energy affordability resulted in most of our green technology prospects being postponed or canceled.

今年上半年，STS面臨諸多不利因素。液化天然氣專案開發因前政府決策而延誤，石化產品供應過剩導致多個專案取消或延期，中東動盪導致專案暫時中止，新關稅也延緩了投資。此外，市場轉向能源價格可負擔性，導致我們的大部分綠色技術項目被推遲或取消。

With that in mind, however, the STS business has proven remarkably resilient. We have replaced the revenue reductions caused by the above headwinds. With geographical expansion, we talked about the Middle East and countries like Iraq last quarter, and we've really doubled down in better markets like LNG, ammonia for fertilizer, energy affordability, and circularity. STS book-to-bill in Q3 was pleasing. But as I said a moment ago, this was back-end weighted, and Mark will discuss the short-term impact of this in a moment.

但即便如此，STS 業務也展現了驚人的韌性。我們已經彌補了上述不利因素造成的收入減少。隨著地理擴張，上個季度我們談到了中東和伊拉克等國家，並且我們真正加大了對液化天然氣、化肥用氨、能源可負擔性和循環經濟等更好市場的投入。STS第三季的訂單出貨率令人滿意。但正如我剛才所說，這是後端影響，馬克稍後會討論這帶來的短期影響。

The recent bookings, we think, show a shift in momentum, which we expect to continue in Q4, setting us up nicely heading into 2026. Importantly, we focused on what we can control. We delivered excellent bottom-line performance in Q3 across all metrics. Adjusted EBITDA margins were up more than 100 basis points year on year at 12.4%, delivering an adjusted EBITDA of $240 million, up 10%. This is from a combination of delivery excellence, strong commercial management, and prudent cost control. This translated into an adjusted EPS of $1.02, an increase of 21% year over year.

我們認為，最近的預訂情況表明發展勢頭發生了轉變，我們預計這種勢頭將在第四季度繼續保持，為我們順利邁入 2026 年奠定基礎。重要的是，我們專注於我們能夠控制的事情。第三季度，我們在各項指標上都取得了優異的業績。經調整的 EBITDA 利潤率年增超過 100 個基點，達到 12.4%，經調整的 EBITDA 為 2.4 億美元，成長 10%。這是得益於卓越的交付能力、強大的商業管理和審慎的成本控制。這轉化為調整後的每股收益為 1.02 美元，年增 21%。

Now cash, really important. Cash was the standout in the quarter with conversion over 130% year-to-date, generating operating cash of $198 million in the quarter and $506 million year to date. And this takes us into a guided range for the full year, a terrific performance.

現在現金非常重要。現金流是本季最突出的表現，年初至今轉換率超過 130%，本季產生經營現金流 1.98 億美元，年初至今產生經營現金流 5.06 億美元。這樣一來，我們就能預測全年的指導價格區間，表現非常出色。

Thirdly, our book-to-bill in the quarter in both segments was solid, and we continue to be well positioned in key markets with a robust pipeline of opportunities awaiting award. In addition, we have several new wins in areas of strategic importance, more on this in a moment. In such volatile times, the quality of the work under contract and the pipeline are clear indicators of future earnings potential and thus worth more detail.

第三，本季我們在兩個業務領域的訂單出貨比都很穩健，我們在關鍵市場繼續保持良好的地位，並有大量機會等待授予。此外，我們在一些具有戰略意義的領域也取得了一些新的勝利，稍後會詳細介紹。在當前動盪的時期，已簽訂合約的工作品質和專案儲備是未來獲利潛力的明確指標，因此值得更詳細地了解。

Fourth, we'll remind you that circa 40% of KBR's group revenue and over 60%, 6-0 percent, of adjusted EBITDA, has zero exposure to the US government spending budgets and of course, risk related to the shutdown. Within MTS US, the majority of our portfolio, as we've discussed many times, is comprised of mission-essential operational work, many of which are well-funded multi-year programs. This provides short-term resilience to the government shutdown, and Mark will provide additional details in the outlook.

第四，我們要提醒您，KBR 集團約 40% 的收入和超過 60%（6-0%）的調整後 EBITDA 與美國政府支出預算無關，當然也與政府停擺相關的風險無關。正如我們多次討論的那樣，MTS US 的大部分業務組合都由對任務至關重要的營運工作組成，其中許多都是資金充足的多年期專案。這為應對政府停擺提供了短期緩衝能力，馬克將在展望報告中提供更多細節。

Fifth, we returned more than $120 million in capital to shareholders this quarter while managing leverage responsibly. Finally, work to progress the spin-off is on track, which I'll discuss in more detail later. On to slide 6 and some new contract wins. We were pleased to announce a number of new contract wins during the third quarter, a few of which I will highlight.

第五，本季我們向股東返還了超過 1.2 億美元的資本，同時負責任地管理了槓桿。最後，衍生公司的推進工作進展順利，稍後我會詳細討論這一點。接下來是第6張投影片，展示了一些新簽的合約。我們很高興地宣布，第三季度我們贏得了一系列新合同，我將重點介紹其中幾個。

Let me start with MTS. We were awarded a $2.5 billion ceiling value base-period contract, plus another $1 billion in option value to support astronaut health and human performance during space missions. This achievement represents our largest recompete this year. Human performance and space remains a key strategic area for NASA over the medium term as demonstrated by the significantly higher ceiling value awarded to us. Our booking value for this contract, to be clear, was below $1 billion, which is more consistent with the current run rate.

讓我先從MTS說起。我們獲得了一份價值 25 億美元的基準期合同，外加 10 億美元的選擇權合同，用於支持宇航員在太空任務期間的健康和人體機能。這項成績是我們今年規模最大的複賽。從中長期來看，人類能力和太空仍然是美國太空總署的關鍵戰略領域，這一點從我們被授予的更高的上限價值就可以看出。需要明確的是，我們這份合約的預定價值低於 10 億美元，這與目前的運行速度更為一致。

MTS also secured several strategic contracts with the Air Force Research Laboratory, utilizing our expertise in cybersecurity, trusted microelectronics, electronic warfare, digital forensics, and sensing. These technological solutions are used to enhance situational awareness and therefore, strengthen decision-making for our military customers, really important stuff. MTS was also recently awarded a contract for the US Space Force to deploy our groundbreaking collaborative digital engineering ecosystem called Integration Accelerator to enhance Space Force decision-making and accelerate capability deployment.

MTS 還利用我們在網路安全、可信任微電子、電子戰、數位取證和感測方面的專業知識，與美國空軍研究實驗室簽訂了多項戰略合約。這些技術解決方案用於增強態勢感知能力，從而加強我們軍事客戶的決策能力，這非常重要。MTS 最近還獲得了美國太空部隊的合約，將部署我們突破性的協作數位工程生態系統“整合加速器”，以增強太空部隊的決策能力並加速能力部署。

The design implementation for collaborative environment or DICE, together with Integration Accelerator will focus on establishing a state-of-the-art testing and training environment for the US Space Force at its national headquarters.

協作環境或 DICE 的設計實施，以及整合加速器，將致力於在美國太空部隊國家總部建立一個最先進的測試和訓練環境。

Moving to STS. We continue to be a strategic partner for [Basra] Oil Company and have extended our current contract two more years to continue to perform engineering, procurement, and construction management services for the Majnoon oil field in Iraq, and that's one of the country's most strategic assets.

轉向STS。我們仍然是巴士拉石油公司的戰略合作夥伴，並將我們目前的合約延長了兩年，繼續為伊拉克馬季努恩油田提供工程、採購和施工管理服務，這是該國最重要的戰略資產之一。

STS was also awarded a contract by the Abu Dhabi Transmission Company called TAQA, for program management consultancy services to manage the overall execution of the power and water transmission networks across multiple locations in the UAE to enable data center expansion. STS was also awarded a front-end engineering design contract for Kuwait oil company. That's for their heavy oil program, another strategic energy security project for the nation. Last but not least, STS was awarded the FEED contract for the (inaudible) onshore LNG project in Indonesia. This is a complex project, which has critical significance to national energy security and demonstrates KBR's long-standing track record in excellence in LNG.

STS 還獲得了阿布達比輸電公司 TAQA 的一份合同，為其提供專案管理諮詢服務，以管理阿聯酋多個地點電力和水輸送網路的整體執行，從而實現資料中心的擴展。STS 也獲得了科威特石油公司的前端工程設計合約。那是他們的重油項目，也是國家另一個戰略能源安全項目。最後，STS 獲得了印度尼西亞陸上液化天然氣項目的 FEED 合約。這是一個複雜的項目，對國家能源安全具有至關重要的意義，也展現了KBR在液化天然氣領域長期以來卓越的表現。

The book-to-bill for the group in the quarter was 1.4x with a trailing 12 months of 1.0 times. Backlog and options now stand at more than $23 billion, and this value represents a 13% or 1-3 percent increase since prior year-end, and is the highest backlog and option value in KBR's recent history. And I think this clearly provides for the growth capacity contemplated in our long-term view.

該集團本季訂單出貨比為 1.4 倍，過去 12 個月為 1.0 倍。目前積壓訂單和選擇權總額超過 230 億美元，這一數值比上年末增加了 13% 或 1-3%，是 KBR 近期歷史上最高的積壓訂單和選擇權總額。我認為這顯然能夠滿足我們長期規劃中所設想的成長能力。

On to slide 7. Next, I'll update you on our pipeline and award trends in both segments. Currently, MTS has $18 billion in bids pending award with over 75% representing new business opportunities. Some contracts such as HHPC have recently been awarded, while new proposals have also been submitted and are awaiting decisions. Although the government contract environment did show some signs of improvement in Q3, the shutdown has brought decisions to a halt, so more delays should be expected.

接下來是第7張投影片。接下來，我將向大家介紹我們在這兩個領域的專案進度和獲獎趨勢。目前，MTS 有價值 180 億美元的投標項目待授標，其中超過 75% 代表新的商機。最近，一些合約（例如 HHPC 合約）已經授予，同時，也提交了新的提案，目前正在等待決定。儘管政府合約環境在第三季出現了一些改善跡象，但政府停擺導致決策停滯，因此預計還會出現更多延誤。

In addition to the $18 billion, there are now $3 billion in contracts awarded to KBR as the winning bidder that remain under protest, and that's an increase of 50%, 5-0 percent, from the previous quarter. The major addition was a classified program in (inaudible), which is now included in this category. Overall, this year, both the amount bid and the amount won have increased compared to the previous year's levels at this time. While short-term conversion has been a challenge, matters under our control to grow backlog, options and pipeline have progressed well, and we remain confident in our strategic positioning moving forward.

除了 180 億美元之外，目前還有 30 億美元的合約授予了中標的 KBR 公司，但仍處於抗議狀態，比上一季增加了 50%（50%）。主要新增內容是一個（聽不清楚）的機密節目，現在已歸入此類別。總體而言，今年的投標金額和得標金額均比去年同期增加。雖然短期轉換率一直面臨挑戰，但我們可控範圍內的增加積壓訂單、選擇權和銷售管道的措施進展順利，我們對未來的策略定位仍然充滿信心。

MTS itself delivered a 1.4 times book-to-bill in the quarter and ended with $19.7 billion in backlog and options, and that's an increase of almost $2 billion versus the prior quarter. STS delivered a 1.2 times book-to-bill, excluding LNG, in the quarter and ended with $3.7 billion in backlog. We currently have over $5 billion in our near-term bid pipeline, and that excludes major LNG. This is up from the second quarter when we reported $4.5 billion. This is a 20% increase for our base business.

MTS 本季訂單出貨比為 1.4 倍，積壓訂單和選擇權總額為 197 億美元，比上一季增加了近 20 億美元。STS本季訂單出貨比為1.2倍（不含液化天然氣），積壓訂單總額為37億美元。我們目前近期投標項目總額超過 50 億美元，這還不包括大型液化天然氣項目。這比第二季報告的 45 億美元有所增長。這相當於我們基礎業務成長了20%。

You will also recall last quarter, we saw an anticipated circa $1.5 billion in awards expected to be approved during the second half of the year. In this quarter, we secured over $800 million in bookings, which I believe demonstrate the value of the STS global business model, our deep customer relationships and our laser focus on delivering value-add solutions to solve our customers' challenges.

您或許還記得，上個季度我們預計下半年將批准約 15 億美元的撥款。本季度，我們獲得了超過 8 億美元的訂單，我認為這證明了 STS 全球商業模式的價值、我們與客戶之間深厚的合作關係以及我們專注於提供增值解決方案以解決客戶挑戰的決心。

With that, I'll pass it over to Mark. Mark?

這樣，我就把麥克風交給馬克了。標記？

Thank you, Stuart, and good morning, everyone. I'll pick up on slide 9 and our Q3 performance highlights. Revenues in the quarter, as you heard from Stuart, were $1.9 billion, flat versus the prior year and up 5% on a year-to-date basis for the reasons Stuart covered earlier. Adjusted EBITDA was quite healthy at $240 million, up 10%, with margins at 12.4%, an increase of over 100 basis points versus the prior year. This contribution came from both segments with STS particularly strong.

謝謝你，斯圖爾特，大家早安。我將從第 9 頁投影片和我們第三季的業績亮點入手。正如史都華之前所說，本季營收為 19 億美元，與去年同期持平，年初至今成長 5%，原因史都華之前已經闡述過。調整後 EBITDA 表現相當健康，達到 2.4 億美元，成長 10%，利潤率為 12.4%，比上年增長超過 100 個基點。這項貢獻來自兩個領域，其中STS領域貢獻尤為顯著。

Adjusted EPS was $1.02 in the quarter, up 21%, driven by the growth in adjusted EBITDA performance as well as the benefits from buybacks we've made over the last year. Year to date, operating cash flow was $506 million, an increase of 24% from the prior year and a conversion rate of more than 130% against net income. This bumped up quite a bit in Q3. As Stuart mentioned earlier, strong cash performance was attributable to successful DSO reduction measures in both segments.

本季調整後每股收益為 1.02 美元，成長 21%，這主要得益於調整後 EBITDA 業績的成長以及過去一年我們進行的股票回購所帶來的收益。今年迄今為止，經營現金流為 5.06 億美元，比上年增長 24%，淨利潤轉換率超過 130%。第三季這數字大幅上升。正如史都華先前所提到的，強勁的現金流表現歸功於兩個業務部門成功採取了降低應收帳款週轉天數的措施。

I'll also add, we received about $80 million in investing cash flows from the turnover of private equity partners in our Brown & Root Industrial Services joint venture. While it's certainly good to add this to our treasury at this time, we do expect to fund new investments in this space with our new partner in the relatively short term. This will further expand our reach into the OpEx side of the STS business, which is perfectly aligned with our strategy of increasing exposure to recurring revenue streams in that area.

我還要補充一點，我們從 Brown & Root 工業服務合資企業的私募股權合作夥伴的更迭中獲得了約 8000 萬美元的投資現金流。雖然此時將這筆資金納入我們的資金庫當然是件好事，但我們預計在相對較短的時間內，我們將與新合作夥伴一起為該領域的新投資提供資金。這將進一步擴大我們在STS業務營運支出方面的影響力，這與我們增加在該領域經常性收入來源的策略完全一致。

Now I'll move on to slide 10 and our segment performance. Starting with MTS, revenues of $1.4 billion were flat versus the prior year. Breaking that down by business unit, Defense and Intelligence generated growth of 14%, with contribution from the international side and also LinQuest. That business, LinQuest, as you'll recall, has added increased volume in military space and digital modernization with quite of that work being in the classified category.

現在我將轉到第 10 張投影片，介紹我們部門的業績。以MTS為例，其營收為14億美元，與前一年持平。按業務部門細分，國防和情報部門實現了 14% 的成長，這得益於國際業務和 LinQuest 的貢獻。您可能還記得，LinQuest 公司在軍事航太和數位現代化領域取得了顯著的業務成長，其中相當一部分工作屬於機密類別。

Readiness and Sustainment was down 22%, primarily due to Department of War strategic shifts, including customer reductions in the OPTEMPO in the European Command Theater and preposition stock programs. We discussed both of those developments last quarter. After this quarter end, the APS2 preposition program has come out of protest and in our favor, but the notice to proceed is hung up due to the shutdown. This will represent a future booking once that condition reverses.

戰備和保障下降了 22%，主要是由於戰爭部戰略轉變，包括歐洲戰區作戰節奏和預置庫存計畫的客戶減少。我們上個季度討論過這兩項進展。本季結束後，APS2 預置計畫已擺脫抗議，對我們有利，但由於政府停擺，開工通知被擱置了。這將代表該條件逆轉後的未來預訂。

Importantly, revenue for RNS was flat sequentially. So other than any shutdown effects, we think we have cycled out of the areas that the Department of War is deemphasizing and have meaningful growth opportunities in protest and in the pipeline. Science and Space was down 5%, while we did have the HHPC recompete win, which was terrific, there's really been a lack of new award activity outside of that. And there's an overall funding and decision delays in NASA overall in recent months. It's been a tough year at the agency, but we're certainly hopeful of more visibility and stability in the coming months as they navigate through the '26 budget process in Congress and once the shutdown lifts. Adjusted EBITDA for MTS was $143 million, commensurate with the revenue level with margins at a little over 10%.

值得注意的是，RNS 的收入環比持平。因此，除了停擺的影響之外，我們認為我們已經擺脫了戰爭部正在弱化的領域，並且在抗議活動和正在籌備的項目中擁有有意義的成長機會。科學與太空領域的獎項數量下降了 5%，雖然我們贏得了 HHPC 的重新競爭，這非常棒，但除此之外，確實缺乏新的獎項活動。近幾個月來，NASA整體的資金和決策都出現了延誤。對於該機構而言，今年是艱難的一年，但我們當然希望在接下來的幾個月裡，隨著國會推進 2026 年預算流程以及政府停擺的解除，能夠有更大的發展前景和穩定性。MTS 的調整後 EBITDA 為 1.43 億美元，與營收水準相符，利潤率略高於 10%。

Now I'll move on to STS. Revenues of $525 million in Q3 were down about 1% due to back-end weighted awards in the quarter. Positively, though, adjusted EBITDA came in at $123 million, up 13%. Adjusted EBITDA margins were 23.5% roughly, reflecting continued strong contribution from the Plaquemines LNG project coming through in equity and earnings, offset by heavier proprietary equipment mix, which adds to the installed base, but also has lower than normative margins. We advanced more milestones on the Plaquemines project than originally planned in Q3, and that bumped up our profit recognition this quarter, but we do expect Q4 to look more normative as the rate we had in the first half of this year.

現在我將繼續講解STS。第三季營收為 5.25 億美元，由於該季後期加權獎勵，營收下降了約 1%。不過，令人欣慰的是，調整後的 EBITDA 為 1.23 億美元，成長了 13%。調整後的 EBITDA 利潤率約為 23.5%，反映出 Plaquemines LNG 專案在權益和收益方面持續強勁的貢獻，但被較重的專有設備組合所抵消，雖然這增加了裝置容量，但也降低了利潤率。第三季度，我們在 Plaquemines 專案上取得了比原計劃更多的里程碑進展，這提高了本季度的利潤確認，但我們預計第四季度將更接近今年上半年的正常水平。

On to slide 11 for the balance sheet and capital matters. We had really good outcomes in the quarter. Stuart covered those earlier, highlighted by the strong cash flow. We continue to delever now down to a net leverage ratio of 2.2 times. While doing that, we have deployed over $300 million for buybacks so far this year, and that certainly was continued in Q3. This amounts to 4.5% of outstanding shares removed over the course of this year. Dividends add another $60 million in capital returned to shareholders as well on a year-to-date basis. And you'll also note that we have returned to normalized CapEx below 0.5% of revenue.

接下來是第 11 張投影片，內容是資產負債表和資本事項。本季我們取得了非常好的業績。史都華之前已經介紹過這些內容，其中最突出的是強勁的現金流。我們繼續去槓桿化，目前淨槓桿率已降至 2.2 倍。同時，我們今年迄今已投入超過 3 億美元用於股票回購，第三季也延續了這項措施。這相當於今年內移除了已發行股份的 4.5%。今年迄今為止，股息還為股東返還了 6,000 萬美元的資本。您還會注意到，我們的資本支出已恢復到收入的 0.5% 以下。

So with that, let me shift to our outlook for the balance of the year on to slide 12. First, let me start by addressing our near-term outlook in light of the government shutdown. As Stuart mentioned earlier, our diversified international portfolio reduces concentration risk relative to the US government. For our US government contracting business, as Stuart said earlier, most of our work is deemed essential. And furthermore, we have good stability in our funded backlog.

那麼，接下來讓我們轉到第 12 張投影片，展望今年剩餘時間的情況。首先，讓我先談談在政府停擺的情況下，我們的近期前景如何。正如史都華先前所提到的，我們多元化的國際投資組合降低了相對於美國政府的集中風險。正如史都華之前所說，對於我們的美國政府承包業務而言，我們的大部分工作都被認為是至關重要的。此外，我們已獲資助的積壓訂單也保持良好的穩定性。

Specifically, US funded backlog was $2 billion at the end of Q3, which is over five months of our current revenue run rate. This is slightly up from Q2. With these factors, we have seen no material impacts from the shutdown in October and are confident we can navigate through November with minimal impact to revenue. The main areas impacted by the shutdown to KBR are the further slowdown of new awards as well as the resolution of protests outstanding.

具體來說，截至第三季末，美國資助的積壓訂單為 20 億美元，相當於我們目前收入運行速度的五個多月。這比第二季度略有上升。鑑於這些因素，我們沒有看到 10 月停工造成任何實質影響，我們有信心能夠順利度過 11 月，將對收入的影響降到最低。KBR停工對主要方面的影響是新合約授予速度進一步放緩以及未決抗議的解決。

As earlier stated, we now have $3 billion in awards, which we have won but cannot book or start until the protest clears. The shutdown does mean the conversion of these awards to revenue will be even further delayed, which modestly lowers our outlook for MTS in the fourth quarter.

如前所述，我們目前有價值 30 億美元的獎金，雖然我們已經贏得了這些獎金，但在抗議活動結束之前，我們無法預訂或開始使用。此次停工意味著這些獎勵轉化為收入的時間將進一步推遲，這略微降低了我們對 MTS 第四季業績的預期。

Now moving on to STS. As Stuart mentioned earlier, STS experienced a number of headwinds so far in 2025. These delays have caused conversion challenges, which impacted our revenue growth outlook for the year. With some awards coming in late Q3, we have good visibility to modestly improved revenues in Q3 to Q4, but still short of what we had planned for the year.

接下來是STS。正如史都華之前提到的，STS 在 2025 年至今遇到了一些不利因素。這些延誤造成了轉換方面的挑戰，影響了我們今年的營收成長預期。由於一些獎項將在第三季末發放，我們有理由相信第三季到第四季的收入將略有改善，但仍低於我們全年的計劃。

So with all of that, we are updating our revenue guidance today for 2025 to a range of $7.75 billion to $7.85 billion for the year with an updated midpoint of $7.8 billion flat. We are reaffirming profit metrics due to the strong year-to-date performance. Adjusted EBITDA remains within the range of $960 million to $980 million. We're also reconfirming the corresponding adjusted EPS guidance of $3.78 to $3.88. We're also keeping operating cash flow in the same $500 million to $550 million range. Given our year-to-date cash flow was $506 million, we have effectively delivered 96% of the guide at midpoint already.

綜上所述，我們今天將 2025 年的營收預期更新為 77.5 億美元至 78.5 億美元，其中數值更新為 78 億美元。由於年初至今業績強勁，我們重申獲利指標。調整後 EBITDA 仍維持在 9.6 億美元至 9.8 億美元的範圍內。我們也再次確認相應的調整後每股收益預期為 3.78 美元至 3.88 美元。同時，我們維持營運現金流預期在 5 億美元至 5.5 億美元之間。鑑於我們今年迄今的現金流為 5.06 億美元，我們實際上已經實現了指導目標中點的 96%。

With STS, the international government cash streams have been unchanged and some payments are still being made actually on the US government side. So we're confident we can manage working capital effectively to achieve operating cash flow neutrality through year-end with our underlying assumptions. Speaking of that, our guidance is based on the assumption that the government shutdown is resolved in November. Other key assumptions in our guidance are unchanged, including tax, CapEx, and interest expense.

有了STS，國際政府資金流並沒有改變，有些款項實際上仍由美國政府支付。因此，我們有信心，在現有假設下，我們能夠有效管理營運資金，從而在年底前實現經營現金流中性。說到這裡，我們的指導是基於政府停擺問題在11月解決的假設。我們指導意見中的其他關鍵假設保持不變，包括稅收、資本支出和利息支出。

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

接下來，我將把話題交還給斯圖爾特，讓他來總結一下。

Thank you very much, Mark. Before the key takeaways, I will give you an update on the spin-off, which was previously announced on September 24. We are spinning off our Mission Technologies segment, which I will refer to as SpinCo for now until a new name is announced later. New KBR will comprise the Sustainable Technology Solutions business. Our intent is to pursue this as a tax-free spin and upon completion of which KBR and its shareholders will benefit from ownership in two pure-play public companies with enhanced strategic focus, operational independence, and financial flexibility.

非常感謝你，馬克。在總結要點之前，我將向大家介紹分拆計畫的最新進展，該計畫先前已於 9 月 24 日宣布。我們將分拆出 Mission Technologies 部門，暫且稱之為 SpinCo，待日後公佈新名稱後再做介紹。新成立的KBR將包括永續技術解決方案業務。我們的目標是將其作為免稅分拆進行，完成後，KBR 及其股東將受益於兩家純粹的上市公司的所有權，這兩家公司將擁有更強的戰略重點、營運獨立性和財務靈活性。

Of course, the transaction will be subject to final approval by KBR's Board of Directors and other customary conditions. The expected benefits of the spin-off include enhanced strategic and management focus, organizational agility and streamlined decision-making, increased end market focus, prioritized commercial resources and sharpened go-to-market approach, greater capital allocation flexibility to support strategic imperatives, including potential future M&A transactions directed at each separate business. And there will be distinct and compelling investment profiles for each.

當然，該交易還需獲得 KBR 董事會的最終批准以及滿足其他慣例條件。分拆的預期好處包括：增強策略和管理重點、提高組織靈活性和簡化決策流程、更加關注終端市場、優先考慮商業資源和改進市場進入策略、提高資本配置靈活性以支持戰略要務，包括針對每個獨立業務的潛在未來併購交易。每種投資都將有其獨特且引人注目的投資前景。

Now on to slide 14 and a status update. The spin-off will take place in three phases. Number one, advanced preparation; number two, public filing and execution; and number three, post distribution. KBR is targeting completion of the spin-off by mid- to late 2026. And in order to meet this date, we are broadly aiming for the time line shown. Of course, schedules are subject to change, and we'll be communicating with our investment community along the way as things progress.

接下來是第 14 張投影片，內容是最新進展。分拆將分三個階段進行。第一，提前準備；第二，公開備案和執行；第三，分配後。KBR的目標是在2026年中後期完成分拆。為了實現這個目標，我們大致按照所示的時間表進行。當然，計劃可能會有所變動，我們會隨著事態發展與投資界保持溝通。

Today, spin-off preparations are advancing according to plan. Presently, we are conducting audits of historical carved-out financial statements and preparation of the pro forma financials, while also laying the groundwork for the Form 10. Additionally, recruitment processes for the CEO and CFO positions for SpinCo are progressing alongside preliminary work on naming and branding strategies. We have been very deliberate to set up a separate project team in order to minimize disruption to our operations and allow our teams to focus on their core business.

目前，分拆準備工作正按計畫推進。目前，我們正在對歷史剝離的財務報表進行審計，並編制模擬財務報表，同時也為 10 號表格做準備。此外，SpinCo 的 CEO 和 CFO 職位招募流程正在推進，同時，命名和品牌策略的初步工作也在進行中。我們特意設立了一個獨立的專案團隊，以最大程度地減少對我們營運的干擾，並讓我們的團隊專注於他們的核心業務。

Now on to slide 15 and some key takeaways from today. First, revenue was flat year-on-year, but in line with expectations given the slower award environment and the step down in MTS [Yucon] work communicated earlier. Second, we delivered strong bottom line performance with adjusted EBITDA of $240 million, and that's up 10%. And we also generated an adjusted EBITDA margin of 12.4%, up more than 100 basis points year over year, really, really pleasing. Adjusted EPS was up 21% and the standout for the quarter being operating and free cash flow.

接下來是第 15 張投影片，以及今天的主要內容。首先，收入與去年同期持平，但考慮到先前公佈的較慢的授標環境和 MTS [Yucon] 工作量的減少，這一結果符合預期。其次，我們的獲利表現強勁，調整後的 EBITDA 為 2.4 億美元，成長了 10%。此外，我們的調整後 EBITDA 利潤率也達到了 12.4%，年成長超過 100 個基點，這真的非常令人滿意。調整後每股收益成長 21%，本季最突出的業績是營運現金流和自由現金流。

Third, book-to-bill in the quarter in both segments was strong, aggregating to 1.4x. And we continue to be well positioned in key markets and have a robust pipeline of opportunities awaiting award. Work under contract or backlog increased, which together with the pipeline are strong indicators of future growth and earnings potential.

第三，本季兩個業務部門的訂單出貨比均表現強勁，合計達1.4倍。我們在關鍵市場繼續保持良好的市場地位，並擁有大量待授標的專案儲備。合約工作量或積壓訂單增加，加上在建項目，這些都是未來成長和獲利潛力的有力指標。

Next, we are highlighting our resilience and operational focus due to the fact that over 60% of adjusted EBITDA has zero exposure to the US government spending budgets, and we have seen no material impacts from the shutdown through today. We continued with our disciplined capital allocation, returning over $360 million to shareholders year to date. And finally, our spin-off is progressing nicely.

其次，我們強調我們的韌性和營運重點，因為超過 60% 的調整後 EBITDA 與美國政府支出預算無關，而且到目前為止，我們還沒有看到停擺產生任何實質影響。我們繼續執行嚴格的資本配置策略，今年迄今已向股東返還超過 3.6 億美元。最後，我們的衍生公司進展順利。

With that, I'll pass it back to the operator, who will open the call for Q&A. Thank you.

這樣，我就把電話轉回接線生，由他/她開啟問答環節。謝謝。

(Operator Instructions)

（操作說明）

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

Stuart or Mark, can you give more color into how you're thinking initially about STS going into '26? I know you mentioned you have to kind of replace these energy transition type projects and you're doing that. And obviously, you have continued good EBITDA performance. I think you said, Stuart, that you think STS should remain in your growth algorithm. But do you have visibility to still grow that business in that sort of 11% to 15% range in '26? And where does that come from at this point?

Stuart 或 Mark，你們能否更詳細地談談你們最初對 STS 在 2026 年的看法？我知道你提到需要對這些能源轉型類型的專案進行某種程度的替換，而你也正在這樣做。顯然，你們的 EBITDA 業績一直保持良好。斯圖爾特，我想你說過你認為STS應該保留在你的成長演算法中。但是，您認為到 2026 年，這項業務還能維持 11% 到 15% 的成長速度嗎？那麼，這種想法從何而來呢？

Thanks, Andy. Good question, and not unexpected given the revenue performance during the course of the year for the matters we discussed in the prepared remarks. The book-to-bill in Q3 and the expected book-to-bill in Q4 with, as Mark said, the modest revenue pickup between Q3 and Q4 gives us pretty good insight, and I think good momentum heading into 2026. We are going through our budget cycle right now. In fact, as we head towards the end of the year, and we've got good line of sight for continued momentum in that business aligned with our stated 2027 CAGRs, which if you work that backwards from '23 to '27, we need double-digit growth in STS, and we're still committing and aligned with that target.

謝謝你，安迪。問得好，考慮到我們準備的發言稿中討論的事項在今年的收入表現，這個問題並不出乎意料。第三季的訂單出貨比和預計第四季的訂單出貨比，正如馬克所說，第三季到第四季之間的收入略有增長，這讓我們對市場有了相當清晰的了解，我認為到 2026 年將迎來良好的發展勢頭。我們目前正處於預算編制週期。事實上，隨著年底臨近，我們有很好的前景來展望該業務的持續成長勢頭，這與我們設定的 2027 年複合年增長率 (CAGR) 相一致。如果從 2023 年倒推到 2027 年，我們需要 STS 實現兩位數的成長，我們仍然致力於實現這一目標。

Got it. And then maybe just a similar question in the outlook for MTS. Obviously, you mentioned defense and intel up 14%, which is offsetting some of the other pieces of the business. As I think about going into '26, can you keep up that kind of strength in that business along with international and it helps offset if readiness and sustainment, for instance, or NASA is still weaker? How do you think about the interplay of the different pieces of the business, Stuart?

知道了。那麼，對於 MTS 的前景，或許也有類似的問題。顯然，您提到國防和情報業務成長了 14%，這抵消了其他一些業務的成長。展望 2026 年，你們能否在業務和國際領域保持這種實力？這是否有助於彌補戰備和保障等方面的不足，例如，如果 NASA 仍然比較薄弱的話？斯圖爾特，你如何看待公司各部門之間的互動？

Yes. Again, very good question. And as you rightly state, it is an interplay. There's pressure on the Science and Space budgets because of what's around NASA. But of course, there's increased spending, and we've covered off how we sit on programs like Golden Dome, just where we think increased spending in Space Force and sort of the connected battlefield and what we're doing sort of being able to enhance command and control decisions with our software development sort of technology, et cetera.

是的。這又是一個很好的問題。正如你所言，這是一種相互作用。由於美國太空總署（NASA）面臨的困境，科學和太空預算面臨壓力。當然，支出也在增加，我們已經談到了我們在「金色穹頂」等項目上的情況，以及我們認為太空部隊支出增加和互聯戰場的情況，還有我們正在利用軟體開發技術來增強指揮和控制決策等。

So very well placed in the defense and intel part of the portfolio. And I would say that RNS, with a number of things that we have secured that are under protest, is well positioned coming off a reasonably low base with the reduction in the EUCOM work this year is well positioned to grow into next year. And when you combine that with what's happening in international, in the UK, they've come through the defense review and they're going through the process in November, maybe into early December on what you would call appropriations.

因此，該公司在國防和情報領域佔據了非常有利的地位。我認為，RNS 已經取得了一些成果，這些成果目前正受到抗議。由於今年 EUCOM 的工作量減少，RNS 的基數相對較低，但它仍處於有利地位，預計明年將實現成長。再加上國際上正在發生的事情，在英國，他們已經完成了國防審查，他們正在經歷一個過程，可能要到 11 月，甚至 12 月初才能完成所謂的撥款程序。

But just how they're going to spend their money, and we've done the analysis of where we think those priority spends are and our capability set in (inaudible) defense business in the UK is very well positioned to really react to that. And as we've said many times, our Australia business continues to outperform, growing double digits.

但是，他們究竟會如何花錢，我們已經分析了我們認為的優先支出領域，而我們在英國國防業務方面的能力配置非常有利於真正應對這種情況。正如我們多次所說，我們在澳洲的業務持續表現出色，並實現了兩位數的成長。

So when you lay that all out and you put the puts and takes and you think about delays with this continued environment for protests that delay awards and things like that, we're pretty confident that we can actually achieve the growth that we stated in the ranges that we've put out for that business in the past. And it may well be -- we probably at the lower end of that as we go into next year, but those decisions have not been made yet. But certainly, we are progressing towards that sort of outcome, and we're confident we can continue to grow the business coming out of the shutdown.

所以，當你把所有因素都考慮進去，把利弊權衡之後，考慮到持續的抗議活動會導致合約授予延遲等等情況，我們相當有信心能夠實現我們過去為該業務設定的增長目標。很有可能——明年我們可能會處於這個數字的下限，但這些決定還沒有做出。但可以肯定的是，我們正在朝著這個目標邁進，我們有信心在疫情停擺結束後繼續發展業務。

Augie Smith, DA Davidson.

奧吉史密斯，DA戴維森。

This is Augie Smith on for [Brent Thielman]. So just -- thank you -- so just first, you guys touched on it briefly, but could you provide a little bit more in-depth on your thoughts in regards to NASA exposure and proposed budget cuts, specifically in consideration of the impact for MTS the rest of this year and then potentially into 2026?

這是奧吉史密斯為您帶來的報導。[布倫特·蒂爾曼]所以——謝謝——首先，你們剛才簡要地提到了這一點，但能否更深入地談談你們對 NASA 曝光和擬議預算削減的看法，特別是考慮到這對 MTS 今年剩餘時間以及可能到 2026 年的影響？

For the rest of this year, it was very little impact, particularly under the shutdown environment where things just continue as is. We do have one particular contract that's deemed nonessential, but it's not material to our numbers. So I'm not expecting too much change for the rest of this year.

今年剩餘時間裡，影響非常小，尤其是在疫情封鎖期間，一切照舊。我們確實有一份被認為非必要的合同，但這對我們的財務數據影響不大。所以我預計今年剩下的時間不會有太大變化。

As we head into next year, we've got an unclear picture, I would say, Mark, as we've got the presidential push for a reduction in the Science area. We've got congressional budgets holding at the current level and where that all sit and shakes out is difficult to assess. I would say that in the NASA environment, it's the lower margin piece of our work. So from the bottom-line perspective, it's probably less material.

展望明年，我認為情況並不明朗，馬克，因為總統正在推動削減科學領域的預算。國會預算維持在當前水平，最終結果如何難以評估。我認為在 NASA 的環境下，這是我們工作中利潤較低的部分。所以從最終結果來看，這可能不是實質的。

In terms of looking forward, we've got about less than 25% of our portfolio, maybe even less exposed to the Science area. And I think there's going to be increased investment in the human space performance piece of that as we look at (inaudible) 3 going back to the moon and (inaudible) 4, whether that's across what we're doing in human health performance or what we're doing in the broader Johnson and the Space [suit] program, et cetera. So there'll be some puts and takes. And I guess, more color, we'll be able to describe more color on that in year-end earnings. But certainly through the course of this year, I don't expect too much disruption. And certainly, I stick by my comments I made in my earlier remarks about the overall portfolio and the puts and takes allowing us to grow overall in line with our stated targets.

展望未來，我們投資組合中只有不到 25% 的資金，甚至可能更少，投資於科學領域。我認為，隨著我們展望（聽不清楚）3 重返月球和（聽不清楚）4，無論是在人類健康性能方面，還是在更廣泛的約翰遜航天中心和太空服計劃等方面，對人類太空性能方​​面的投資將會增加。所以會有買賣雙方。我想，關於這方面，我們會在年終財報中提供更多細節。但可以肯定的是，在今年內，我預計不會出現太大的混亂。當然，我堅持我之前關於整體投資組合以及買賣操作能夠讓我們實現既定目標的整體成長的觀點。

Okay. And then if I could just squeeze one more in. Within STS, could you guys touch on how active you guys see opportunities in LNG, if you have any advanced discussions there, or just what you're seeing with potential other LNG terminal projects moving forward?

好的。如果還能再擠出一個就好了。在STS內部，你們能否談談你們對LNG領域機會的看法？你們是否正在進行任何深入的討論？或者你們對其他潛在的LNG終端專案有何進展？

Yeah. I'll touch on a few there. I mean LNG is a really -- topic at the moment, as you can expect. I'll start with (inaudible), our work continues to progress well. As we stated before, we see equity and earnings running all the way through at the current levels through '26 and into early '27. In fact, VG themselves have announced that they've got approval to bring in gas to the second block. So Phase 2, if you like, of Plaquemines. But that's not the -- really it's not a hard stop for us because we've got a lot of completions and commissioning and work to do through the course of this year and early into '27. So that's aligned with our previous statements.

是的。我在這裡簡單提一下。我的意思是，正如你所料，液化天然氣目前是一個非常熱門的話題。我先說（聽不清楚），我們的工作進展順利。正如我們之前所說，我們認為權益和收益將一直保持在目前的水平，直到 2026 年以及 2027 年初。事實上，VG公司自己已經宣布，他們已獲準向第二個區塊輸送天然氣。所以，如果你願意的話，可以稱之為普拉克明治療的第二階段。但這並不是——真的不是我們的終點，因為我們在今年以及 2027 年初還有很多竣工、調試和工作要做。這與我們先前的聲明一致。

On Lake Charles, I'll take you back to the -- there's been some press statements about certainly the delay in FID decisions into Q1 next year. But some press had said that was related to increased cost. That is not correct. They had said very clearly in the Q2 call, and I can confirm that the EPC pricing and overall cost, including the impact of tariffs is bang on expectation, and that has not changed. So in terms of ET, and I think you should really listen into their call, which I believe is next week, November 5, and they will give you an update of their thinking and the current progress on the project.

關於查爾斯湖，我帶你回到——有一些新聞聲明指出，最終投資決定（FID）肯定會推遲到明年第一季。但一些媒體報道稱，這與成本增加有關。那不正確。他們在第二季電話會議上已經非常明確地表示，我可以確認，EPC定價和總成本（包括關稅的影響）完全符合預期，這一點沒有改變。所以，關於ET，我認為你應該認真聽聽他們的電話會議，我相信會議將在下週，也就是11月5日舉行，他們會向你介紹他們的想法以及該計畫的最新進展。

So that's where that sits. We announced that we had been awarded the front-end design for [Baddie], which is a very, very large project in Indonesia, and that work has kicked off. And we continue to do work supporting Oman LNG. We're doing the PMC work in Ruwais LNG in Abu Dhabi. And we've got a number of opportunities that we're looking at in the US in addition to Lake Charles and Plaquemines. So it's a very active global market for KBR and one we're bullish on.

事情就是這樣。我們宣布我們獲得了 [Baddie] 的前端設計，這是一個在印尼進行的非常非常大的項目，目前這項工作已經啟動。我們將繼續為阿曼液化天然氣計畫提供支援。我們正在阿布達比的魯瓦伊斯液化天然氣專案進行專案管理諮詢工作。除了萊克查爾斯和普拉克明斯之外，我們還在美國考察了一些機會。因此，對於KBR來說，這是一個非常活躍的全球市場，我們對此持樂觀態度。

Michael Dudas, Vertical Research Partners.

Michael Dudas，Vertical Research Partners。

First, maybe following on the STS business, maybe, Stuart, away from LNG, when you talk about that $5 billion in pipeline that's visible and some really strong activity maybe for the end of this year into next. What are some of the other areas that are bringing a focus given some of the dynamics and shifts in what client desires are because of green and affordability and how that can play into visibility, maybe especially in some of your key ammonia and also maybe even an update on the Mura opportunities and ramp-ups?

首先，也許可以接手STS業務，斯圖爾特，暫時放下液化天然氣，說到那50億美元的管道項目，這很顯眼，而且今年年底到明年可能會有一些非常強勁的活動。鑑於客戶對綠色環保和價格承受能力的需求發生了一些變化，以及這些變化如何影響品牌知名度，還有哪些領域值得關注？或許可以聚焦在一些關鍵的氨產品，以及 Mura 的機會和產能提升。

Yeah, quite right. Michael, we were quite specific to exclude LNG from that just because of the scale, just to show you the progress we're making outside of LNG in the business. So I picked up on. Increasing that backlog by the opportunity set by 20%, I think, is indicative as was the book-to-bill in the quarter. And we expect that book-to-bill and that to progress similarly in Q4.

沒錯，完全正確。邁克爾，我們特意將液化天然氣排除在外，就是因為規模太大，這樣才能向你展示我們在液化天然氣以外的業務領域所取得的進展。所以我注意到了。我認為，將積壓訂單量增加 20%（即機會創造額）是一個指標，就像本季訂單出貨比一樣。我們預計第四季訂單出貨率也將呈現類似的成長趨勢。

So what are we seeing? We're seeing increased activity, as we said, across the Middle East, and we had a number of wins I touched on, whether it be in Kuwait or Iraq. And we see those national agendas being pushed hard, and we're very well placed to take advantage of those. And I expect more announcements in those arenas to come forward over the course of the next couple of quarters. So I think international expansion and following the money around national agendas is key, and we'll continue to do that. And that's more about energy security as a thematic.

那我們看到了什麼？正如我們所說，我們看到整個中東地區的活動都在增加，而且我們取得了一些勝利，我剛才也提到了，無論是在科威特還是在伊拉克。我們看到這些國家議程正在大力推進，而我們完全有能力從中獲益。我預計在接下來的幾個季度裡，這些領域將有更多消息公佈。所以我認為，國際擴張以及圍繞國家議程的資金流向是關鍵，我們將繼續這樣做。這更多是關於能源安全這個主題。

When I look across -- we talked a little bit about LNG, of course, which is very positive. Ammonia continues to be a very active market for us, and we've got a number of near- and medium-term pursuits, and we expect that to continue. And as you rightly state, that's more around traditional ammonia as it pertains to fertilizers rather than hydrogen. I think that's also been pushed to the right a bit as the affordability and economics have come into play. But that continues to be a very attractive market for us.

當我環顧四周——我們當然也談到了液化天然氣，這當然是非常積極的。氨氣市場對我們來說仍然非常活躍，我們有很多近期和中期的項目正在進行，我們預計這種情況還會持續下去。正如您所說，這更多是指用於化肥的傳統氨，而不是氫。我認為，隨著經濟承受能力和經濟因素的介入，這種情況也稍微向右傾斜了一些。但對我們來說，那仍然是一個極具吸引力的市場。

And on Mura, the current situation is we continue to progress similar to next quarter, replacing particularly valves that ultimately have sort of eroded, if you like, under the high-pressure, high-temperature environment but with certain feedstocks that have made the progress in commissioning a bit slower than we had hoped for. I do not expect those plants to be up and running until Q1 at the moment, certainly the one in Wilton.

至於 Mura，目前的情況是，我們繼續推進與下一季類似的進展，特別是更換那些在高壓高溫環境下最終被侵蝕的閥門，但由於某些原料的緣故，調試進度比我們預期的要慢一些。目前我預計這些工廠要到第一季才能投入營運，尤其是威爾頓的那家。

But outside of that, there's nothing sinister or any sort of big red flags. I think it's first-of-a-kind technology start-up issues. And these are not unexpected. We did hope for a Q4 startup, but if it slips to Q1, so be it. I mean these are long-term plays for us. And if that picks up, then terrific going into next year. And it should present us a super opportunity once the facilities are up and running. There's not a month that goes by without potential investors in plants across the world coming to visit the site and they're just waiting to make sure that we've got an operating manual we can hand over that with a set of equipment specs that actually avoids a typical lease commissioning challenges for the next plant. So as you would expect.

但除此之外，沒有什麼不祥之兆，也沒有任何明顯的危險訊號。我認為這是科技新創公司遇到的首例問題。這些都在意料之中。我們原本希望在第四季啟動，但如果延到第一季度，那也沒辦法。我的意思是，這些都是我們的長期策略。如果這種情況持續下去，那麼明年就太好了。一旦這些設施投入使用，它將為我們帶來絕佳的機會。每個月都有來自世界各地的潛在投資者前來參觀工廠，他們都在等待確認我們是否有操作手冊可以交給他們，以及一套設備規格，從而避免下一個工廠在租賃調試過程中遇到的典型挑戰。不出所料。

So it's quite an active portfolio. Team is working hard. I think the resilience in the business has been demonstrated by the way that we've managed to pivot to the well-funded pieces of work in the industry and in the markets geographically across the world. So hats off to the team. But yes, quite excited about the future.

所以這是一個相當活躍的投資組合。團隊正在努力工作。我認為，我們能夠迅速轉型，承接業內以及全球各地市場上資金雄厚的項目，這充分體現了公司的韌性。所以，向團隊致敬。是的，我對未來感到非常興奮。

Excellent. And maybe just a quick follow-up. When you cite the protest levels, again, I know difficult to predict, but going into like when do you get the sense of the cadence? Is there certain projects further along or have to get started and how that could break to maybe get that conversion to show up in '26 or in a better level?

出色的。或許還需要一個簡短的後續問題。當你提到抗議活動規模時，我知道這很難預測，但具體到什麼時候，你才能感受到抗議活動的節奏？是否有一些專案進展更快或必須啟動，以及如何才能使轉換效果在 2026 年或更高水平上體現出來？

Yes. I think we certainly -- I think we're all aware that the government shutdown precludes those protests being resolved and the award being worked. Even the protest that has been resolved, we can't get them to give us a start work order because there's -- we're not able to do that under this environment. So there will be pickups, the (inaudible) in Europe that has come out of protest in our favor will add about $160 million or so to backlog, and we'll book that once we get the work order. And as we look forward, the confidential or classified opportunity into (inaudible), we expect if the government does come out of shutdown to that to be awarded before or the protest to be resolved before the end of the year. It's likely that the big piece of work in Iraq will be resolved in Q1.

是的。我認為我們當然都清楚，政府停擺阻礙了這些抗議活動的解決和裁決的執行。即使是已經解決的抗議活動，我們也無法讓他們給我們開工令，因為──在這種環境下我們做不到這一點。所以會有提貨，歐洲的（聽不清楚）抗議活動對我們有利，這將使積壓訂單增加約 1.6 億美元，一旦我們收到工作訂單，我們就會把這筆錢記下來。展望未來，如果政府能夠結束停擺，我們預計在年底前授予該機密或保密機會，或抗議活動能夠解決。伊拉克的大工程很可能在第一季解決。

So if that does happen, and there's a question mark over that just on timing and how quickly it gets to the top of the priority list to resolve these matters, it will have a significant upside into next year. But if it delays, obviously, the longer it delays, the less of the impact. But we should be able to give you a very much clearer picture at year-end. But it's a good fact pattern. It's $3 billion under protest that we've won and resolution of that would certainly give strong momentum in the STS segment going into '26 and into '27 for that matter.

所以，如果這種情況真的發生（目前還存在一個疑問，何時以及解決這些問題能否迅速成為優先事項），那麼到明年將會有很大的好處。但顯然，如果拖延下去，拖延的時間越長，影響就越小。但到年底我們應該能夠提供您一個更清晰的情況。但這是一個很好的事實案例。我們贏得了 30 億美元的賠償，這筆賠償是在抗議聲中取得的。解決這個問題肯定會為 STS 領域在 2026 年乃至 2027 年帶來強勁的發展勢頭。

Tobey Sommer, Truist.

Tobey Sommer，Truist。

Could you tell us if you've -- since announcing the spin, received any interest from outside parties in acquiring either of the businesses?

請問自宣布分拆以來，是否有外部人士對收購這兩家公司中的任何一家表示興趣？

Tobey, you know I can't answer that question. I'm sorry. I cannot answer that question. The thing that we have announced is going well in terms of under (inaudible) is progressing as expected and on track. It is typical, I would say, that once you announce such things that you do get inbounds, but we are not at liberty to discuss them in any way, shape or form, I'm sorry.

托比，你知道我無法回答這個問題。對不起。我無法回答這個問題。我們宣布的事情進展順利，低於（聽不清楚）的進展符合預期，並且正在按計劃進行。我覺得，一旦你宣布了這類事情，就會有人來打擾你，這是很正常的。但很抱歉，我們不能以任何方式、任何形式討論這些事情。

Okay. Have you given any more thought to the appropriate comparables for valuation purposes versus the stand-alone businesses in terms of existing public companies that trade at multiples that you think are matched more businesses?

好的。您是否進一步考慮過，在估值方面，除了那些您認為估值倍數更高的現有上市公司之外，還有哪些合適的可比公司更適合作為獨立業務？

Yes. So when I look at MTS, I think the market, we've got -- well, let me put it this way. We have an amazing opportunity to rebrand that business, shake off perceptions of the past. There's still -- when I talk to people even in Wall Street that perhaps don't know us so well, they still think of, I guess, (inaudible) KBR back in history and don't understand the transformative journey we've been on to position the company in the areas of D&I and science and space and internationally as well as sort of digitalize our platform around readiness and sustainment. So I think there's an amazing opportunity to relaunch the image of the company and tell the story as it is today, not what it was yesterday.

是的。所以當我審視MTS時，我認為市場，我們已經——好吧，讓我這麼說吧。我們有一個絕佳的機會來重塑這家企業的品牌形象，擺脫過去的固有印象。即使在華爾街，當我與那些可能不太了解我們的人交談時，他們仍然會想到，我想，（聽不清楚）KBR 的歷史，而不了解我們為將公司定位在多元化與包容性、科學、太空和國際領域，以及圍繞戰備和保障實現平台數字化而進行的變革之旅。所以我認為這是一個絕佳的機會，可以重塑公司形象，講述公司今天的故事，而不是講述公司昨天的故事。

So we're quite excited about that. I mean the margin of the business, I mean, it's progressively grown over time, and we expect that to continue as part of the investment thesis as we go forward. And so I mean, you know the typical peers in the government services realm. I don't have to go over those. But we're certainly a more quality business than people are probably appreciating today. So there's an amazing opportunity, and we're very excited about that opportunity to sort of reinvigorate the market around what will be a new brand and a compelling story of an investment thesis that sits around it. And we're working hard on the strategy to support that for Investor Day right now.

我們對此感到非常興奮。我的意思是，公司的利潤率一直在穩步增長，我們預計隨著公司未來的發展，利潤率將繼續增長，這也是我們投資理念的一部分。所以我的意思是，你知道，政府服務領域的典型同行。我不需要再贅述那些了。但我們公司的品質肯定比人們現在可能認為的要好得多。所以這是一個絕佳的機會，我們非常興奮能抓住這個機會，圍繞著一個新品牌和圍繞其展開的引人入勝的投資理念，重振市場。我們正在努力製定策略，以支持投資者日活動。

And we just had a session on it this week, in fact, and it was -- yes, you could tell the room was very upbeat. So that was good. On the sustainable tech side, it's a very similar story. And we've talked about this last time around. There are no real comps that do what we do that are publicly traded. Lummus is rumored to be coming to market via an IPO, but I'm not privy to the timing of that or whether now is a good time or not to do that. So that would be a really good comp if that did happen before we expand MTS. But as Mark went through last time, as we looked at companies that were -- had energy enablers that had exposure to professional services, the way that we do or technologies the way we do with the same sort of growth and margin profiles as we are projecting to companies like (inaudible) and Jacobs to some extent, et cetera. So we talked that through, I think, last quarter.

事實上，我們本週剛剛就此進行了一次會議，而且—是的，你可以感覺到會議室裡的氣氛非常活躍。那很好。在永續技術方面，情況也非常相似。我們上次也討論過這個問題。目前市面上還沒有與我們業務類似的上市公司。據傳 Lummus 將透過 IPO 上市，但我並不清楚具體時間，也不知道現在是否是上市的好時機。如果在我們擴展 MTS 之前真的發生了這種情況，那將是一個非常好的對比。但正如馬克上次所闡述的那樣，當我們審視那些擁有能源賦能技術、並且像我們一樣涉足專業服務或技術領域的公司時，這些公司與我們預期的（聽不清）和 Jacobs 等公司有著相似的增長和利潤率。所以我覺得我們上個季度已經討論過這個問題了。

Happy to sit down with you in a separate session and talk through that logic. We've obviously got anchors, Goldman, who are supporting us on this transaction who laid out those comps and the trading expectations that are surround those. So that's where we are in that journey. And I think to admire the business for its metrics because there is no direct peer unless Lummus really goes to market before we do, we get there.

我很樂意另約時間與您詳細探討這個邏輯。顯然，我們有高盛這樣的權威機構支持我們完成這筆交易，他們列出了可比公司以及圍繞這些可比公司的交易預期。這就是我們目前在這段旅程中的位置。我認為應該欣賞這家企業的各項指標，因為除非 Lummus 真的在我們之前進入市場，否則沒有直接的競爭對手，而我們最終也做到了。

I'll just add, Tobey, since the door open a little bit here, Stuart mentioned the branding opportunity and the perception change is possible through this transaction. We view that as applying to both STS and MTS. But also, that's more than that, a lot has changed in the world this year, and we're using this opportunity to make both of our businesses better in the months ahead, leading up to what will be to Investor Days, hopefully in the spring. We're talking about on the MTS side, in particular, we've got rich history in Houston. We'll keep quite a bit of operations there.

托比，我再補充一點，既然這裡出現了一點機會，史都華提到了品牌推廣的機會，而且透過這筆交易有可能改變人們的看法。我們認為這既適用於STS，也適用於MTS。但不僅如此，今年世界發生了許多變化，我們正在利用這個機會，在接下來的幾個月裡讓我們的兩家公司都變得更好，為即將到來的投資者日做準備，希望投資者日能在春季舉行。我們指的是MTS方面，尤其是在休士頓，我們有著悠久的歷史。我們將在那裡保留相當一部分業務。

We serve Johnson there that kind of started all the way back when, but we're going to really increase our Washington presence and our intended impact relative to our customers there. That's a mixture of the Pentagon, of course, and the executive branch. And so we're really going to increase our resourcing there and our focus, not only in branding, but really articulating the story of how we can help customers be more successful in the changing environment that they're facing. And so a lot of investment is going to go into our impact for business development from an engagement with customer perspective. And so we're building that into the plan. And there are similar improvements that are going to be built into the STS story as well. So we're excited to not only rebrand, if you will, but to tell a different story when it's our time to do so out there in a few months.

我們為約翰遜公司提供服務，這項服務可以追溯到很久以前，但我們將真正加強我們在華盛頓的業務，並提高我們對當地客戶的預期影響。當然，這其中既包括五角大樓，也包括行政部門。因此，我們將加大對該領域的資源投入和關注，不僅要注重品牌建設，還要真正闡明我們如何幫助客戶在他們所面臨的不斷變化的環境中取得更大的成功。因此，我們將投入大量資金，從客戶互動的角度出發，提升我們在業務發展上的影響力。因此，我們正在將這一點納入計劃中。STS 故事中也將融入類似的改進。所以，我們不僅很興奮能夠進行品牌重塑，而且在幾個月後時機成熟時，還能向外界講述一個不同的故事。

Mariana Perez Mora, Bank of America.

Mariana Perez Mora，美國銀行。

So first, I'd like to dig a little bit deeper on STS. And I was surprised about the margins when you exclude the contribution from the unconsolidated equity in earnings. It was low double digits versus mid-teens range that you usually have. Like how should we think about those margins going forward?

首先，我想更深入地探討一下STS。如果將未合併權益對收益的貢獻排除在外，利潤率會讓我感到驚訝。這次是兩位數以下，而不是通常的十幾位數。那麼，我們未來該如何看待這些利潤空間呢？

I think it's -- Mariana, good question. It's timing. Mark talked in his prepared remarks that in this particular quarter, we saw a lot of proprietary equipment come through the revenue line. And as we've discussed previously, the way we sell technology is we sell the license fee, the basic engineering and then the proprietary equipment and the combined overall margins are in line with our typical expectations, but the lower margin piece of that is the proprietary equipment, and there was more that came through in the quarter. And we've seen that in the past. We've talked about that to the market in previous quarters where we've seen margins double up or double down as a consequence.

我覺得是──瑪麗安娜，問得好。關鍵在於時機。馬克在事先準備好的發言稿中提到，在本季度，我們看到許多專有設備的收入都計入了營收。正如我們之前討論過的，我們銷售技術的方式是出售許可費、基礎工程和專有設備，綜合總利潤率符合我們通常的預期，但利潤率較低的部分是專有設備，而且本季度這部分收入有所增加。我們過去也見過這種情況。我們在前幾個季度已經向市場討論過這個問題，結果發現利潤率要么翻倍上升，要么大幅下降。

So some quarters, we get very high margins as a consequence of having more of the licensing. But so it's a blended margin over time. So again, nothing sinister there. That is just the timing, but the strength of the portfolio overall delivered, I guess, very attractive margins overall for STS, and we talked about the contribution from Plaquemines, but the contribution from Brown & Root was up markedly as well, and that comes through the equity and lines, which is a sustaining piece of our portfolio. So I think it's -- yes, that's the answer.

因此，在某些季度，由於我們擁有更多的授權許可，我們獲得了非常高的利潤率。但隨著時間的推移，這是一個綜合利潤率。所以，這裡面沒有什麼陰謀。這只是時機問題，但整體投資組合的強勁表現，我認為為STS帶來了非常可觀的利潤率。我們談到了Plaquemines的貢獻，但Brown & Root的貢獻也顯著增長，這體現在股權和信貸額度上，這是我們投資組合的持續組成部分。所以我覺得——是的，這就是答案。

So it's still the mid-teens is sustainable near term or like midterm target?

所以，短期內（或中期目標）能否維持在十度的水準？

(inaudible) It's just timing.

（聽不清楚）只是時機問題。

And then you mentioned that you expected Plaquemines to continue to contribute until like getting into '27. Is this new $70 million a quarter run rate, the new normal? Or it's more like average year-to-date?

然後你提到你預計 Plaquemines 會一直貢獻到 2027 年左右。這種每季7,000萬美元的營收速度，會成為新的常態嗎？或者更像是年初至今的平均？

Yes, I also addressed that in my remarks. So we did have a spike in Q3 due to milestone progression, which we're quite proud of and pleased and the customer happy on that front. But if you go back to the first half of this year and you take an average of those two quarters, that is the quarterly pace that we expect by and large in 2026 with some spillover into '27. We'll probably have some volatility with that as milestones as they time as often does in this type of business. But for the year, take that pace as a run rate as a good proxy for now.

是的，我在發言中也提到了這一點。由於里程碑的推進，我們在第三季確實出現了一個成長高峰，我們對此感到非常自豪和高興，客戶也對此感到滿意。但如果你回顧今年上半年，取這兩個季度的平均值，那就是我們預計 2026 年的季度增速，並且可能會延續到 2027 年。我們可能會因為這些里程碑事件的發生而出現一些波動，因為這類業務的里程碑事件經常會出現這種情況。但就今年而言，目前可以將這種速度作為運行率的一個良好參考指標。

Right. How should we think about those onetimes or achieving those milestones and recognizing them in the P&L versus the cash flow impact?

正確的。我們該如何看待這些一次性事件或里程碑的達成，以及如何在損益表中反映它們與現金流的影響？

They're very well connected to cash. This is (inaudible) and we will not extract cash out of the joint venture ahead. And so I think as we realize the profit, we will extract the cash and the customer is paying as well in that regard. So cash conversion should be similar for next year, if that's the question.

他們與現金來源聯繫非常緊密。這是（聽不清楚），我們不會從合資企業中提取現金。所以我認為，當我們實現利潤時，我們會提取現金，而客戶在這方面也付出了代價。如果這是你的問題，那麼明年的現金轉換率應該也差不多。

Great. And then on STS backlog, you guys have been executing on the backlog, and it has come down from like the $4 billion to $5 billion range to like now like in the, I don't know, high 3s. How should we think about the timing on the $5 billion that you mentioned in the prepared remarks that you have in the bid pipeline and how that should impact backlog?

偉大的。至於 STS 的積壓訂單，你們一直在執行積壓訂單，訂單金額已經從 40 億到 50 億美元左右降到了現在的 30 多億美元。您在準備好的發言稿中提到的50億美元投標項目的進度安排，以及這將如何影響積壓訂單，我們該如何看待？

Yes. Near term is over the next six to eight months. It's not like the government procurement pipeline, you can see for quite a ways off, and you can see it coming down the funnel. Obviously, STS is a very different market. And so that's why we talk about near-term backlog. If we looked at long-term backlog, the number would be so big that you wouldn't believe it and rightfully so because some of these projects go away or whatever. So it's far better that we concentrate on what's real. And what's real for us is that sort of $5 billion or so in near-term backlog, which is six to eight months. And as I said before, that excludes things like Lake Charles and those sort of big one-timers that would obviously distort the picture.

是的。近期指未來六到八個月。這不像政府採購流程，你可以很早就看到，你可以看到它沿著漏斗向下流動。顯然，STS市場與STS市場截然不同。所以這就是我們討論近期積壓訂單的原因。如果我們查看長期積壓項目，數量會非常龐大，你簡直難以置信，這也不奇怪，因為其中一些項目會被取消或其他原因。所以，我們最好還是專注於現實。對我們來說，真正重要的是大約 50 億美元的近期積壓訂單，這相當於六到八個月的訂單量。正如我之前所說，這不包括像查爾斯湖這樣的大型一次性賽事，這些賽事顯然會扭曲事實。

Great. And last one, switching gears a little bit to mission technologies and national security. Could you give us -- would you mind giving us some color on how are things going in Australia and the UK as you -- because you mentioned like international strength, how is the pipeline of opportunities there? And if they are like moving in line with the speed -- expected speed?

偉大的。最後，我們稍微轉換一下話題，談談任務技術和國家安全。您能否為我們介紹一下澳洲和英國的情況？因為您提到了國際實力，那麼那裡的機會儲備情況如何？如果它們的運動速度與預期速度一致呢？

Yes. Very good question. I don't think we spent enough time talking about our international portfolio. It continues to perform in the aggregate in the mid-teens in terms of margin. So it's very attractive. Talk about Australia first, they came through the defense review probably 18 months ago. They are growing nicely. I think we talked last quarter about them going up double digits. Their pipeline remains really strong. They're very well positioned. They're very well thought of as well.

是的。問得好。我認為我們沒有花足夠的時間討論我們的國際投資組合。從整體來看，其利潤率持續維持在十幾個百分點點左右。所以它非常有吸引力。先說說澳大利亞，他們大概在18個月前通過了國防審查。它們長得很好。我認為我們上個季度討論過它們將實現兩位數成長。他們的人才儲備依然非常強勁。他們的地理位置非常優越。他們也備受好評。

Our brand recognition there is really, really good. are very much part of the fabric of the Australian defense market and the Australian infrastructure and STS market for that matter. So we continue to see good potential upside in the Australian market, and that's pretty clear, and we've been very consistent on that. Mark, any more on Australia?

我們在澳洲的品牌知名度非常高。我們是澳洲國防市場以及澳洲基礎設施和STS市場的重要組成部分。因此，我們繼續看好澳洲市場，認為其具有良好的上漲潛力，這一點非常明確，我們一直以來也一直堅持這一觀點。馬克，還有關於澳洲的消息嗎？

That's the fastest-growing part of the business. It's a little more than 10% sequentially. And -- well, year-over-year, actually, now they see that and sequentially for that matter. So Nick and the team are doing a fabulous job there with the military customer. You asked about the UK We talked about changes in government, changes in policy, a little bit slower in that market. Team is doing the best they can with the opportunities they have. And so they're trying to up the bids and -- they have similar sort of conversion issues that we've had in the States, but we're certainly optimistic for the longer term on that being a strong contributor at better margins than the US for sure.

這是業務中成長最快的部分。環比增長略高於 10%。而且——實際上，他們現在看到了逐年以及按順序來看都是如此。所以尼克和他的團隊在服務軍方客戶方面做得非常出色。你問到了英國的情況，我們談到了政府的變動、政策的變化，以及英國市場成長稍慢的情況。團隊正在盡其所能，把握住現有的機會。因此，他們正試圖提高出價，而且——他們也面臨著與我們在美國遇到的類似的轉換問題，但我們當然對長期前景持樂觀態度，認為它肯定會成為一個強有力的貢獻者，而且利潤率肯定會比美國更高。

So it's a very important market for us to continue to do well. And I think there's -- as Europe continues or starts to spend more discretionary in the defense sector, we'll start to really think about other opportunities in that broader market beyond UK as very carefully and selectively, but certainly, that's the right area for spend for the next several years. And so we have a developing strategy to tap that as best we can.

因此，對我們來說，在這個市場繼續取得成功至關重要。我認為，隨著歐洲繼續或開始在國防領域增加可自由支配的支出，我們將開始非常謹慎和選擇性地認真考慮英國以外更廣泛市場中的其他機會，但可以肯定的是，在未來幾年，這仍然是支出的正確領域。因此，我們正在製定一項策略，盡可能地利用這一優勢。

Yes. And we've got -- just to give you some sort of near-term benchmarks again sequentially, that's up double digits. The UK, Europe piece is doing extremely well sequentially now that the dust has settled in the way the UK defense has come through. So very optimistic about the increasing demand for our services in that environment.

是的。我們－再給您一些近期基準數據，較上季成長兩位數。英國和歐洲板塊目前進展非常順利，因為英國國防方面的事情已經塵埃落定。因此，我對這種環境下我們服務需求的成長非常樂觀。

Our last question goes to the line of Sangita Jain with KeyBanc Capital Markets. With no response, I will close the line. We have no further questions, apologies. Go ahead, Stuart, with your closing remarks.

最後一個問題請KeyBanc Capital Markets的Sangita Jain回答。如果沒有回應，我將掛斷電話。我們沒有其他問題了，抱歉。斯圖爾特，請開始你的總結發言。

Yes. Thanks, Megan. So in closing, very excited about the future. We talked quite -- we're quite animated about the excitement around the strategic thesis for both businesses and the opportunity it presents. I think the book-to-bill that we've posted this quarter and the bottom line metrics underpin where our focus is, and that's certainly coming through in the results. Cash being a standout, which is very timely as we discussed. And we do remain very excited about the path for both companies, both New KBR and SpinCo, and we're confident in our ability to continue creating value for our shareholders as we progress towards executing the spin. So thank you very much for your time today, and I look forward to talking to you one-on-one or whatever after the call. Thank you.

是的。謝謝你，梅根。最後，我對未來感到非常興奮。我們進行了熱烈的討論——我們對這一戰略論點及其為兩家企業帶來的機會感到非常興奮。我認為我們本季公佈的訂單出貨比和最終指標體現了我們的關注重點，這一點也確實在業績中得到了體現。現金表現突出，正如我們之前討論的那樣，這非常及時。我們對新KBR和SpinCo兩家公司的未來發展道路仍然感到非常興奮，我們有信心在推進分拆的過程中繼續為股東創造價值。非常感謝您今天抽出時間，我期待通話結束後與您進行一對一或其他形式的交流。謝謝。

Thank you. That concludes today's earnings conference call. Thank you for your participation, and enjoy the rest of your day.

謝謝。今天的財報電話會議到此結束。感謝您的參與，祝您今天餘下的時間愉快。