Tutor Perini Corp (TPC) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen and welcome to the Tutor Perini Corporation, third quarter, 2024 earnings conference call. My name is Matt and I'll be your coordinator for today.

女士們、先生們，美好的一天，歡迎參加導師佩里尼公司 2024 年第三季財報電話會議。我叫馬特，我將擔任你們今天的協調員。

(Operator Instructions) and now I'll turn the conference over to your host, Mr. Jorge Casado, Vice President of Investor relations. Thank you. You may begin.

（操作員指示）現在我將會議交給東道主投資者關係副總裁 Jorge Casado 先生。謝謝。你可以開始了。

Hello, everyone, and thank you for your participation today. With us on the call are Ronald Tutor, Chairman and CEO; Gary Smalley, President; and Ryan Soroka, Senior Vice President and CFO.

大家好，感謝大家今天的參與。與我們一起參加電話會議的有董事長兼執行長 Ronald Tutor；加里·斯莫利，總裁；以及資深副總裁兼財務長 Ryan Soroka。

Before we discuss our results, I will remind everyone that during this call, we will be making forward-looking statements which are based on management's current assessment of existing trends and information.

在我們討論我們的結果之前，我要提醒大家，在這次電話會議中，我們將根據管理層對現有趨勢和資訊的當前評估做出前瞻性陳述。

There is an inherent risk that our actual results could differ materially, you can find our disclosures about risk factors that could potentially contribute to such differences in our Form 10-K which we filed on February 28, 2024, and in our form 10-Q that we are filing today, the Company assumes no obligation to update forward-looking statements whether due to new information, future events or otherwise, other than as required by law.

我們的實際結果可能存在重大差異，您可以在我們於 2024 年 2 月 28 日提交的 10-K 表格和 10-Q 表格中找到我們對可能導致此類差異的風險因素的披露根據我們今天提交的文件，除法律要求外，本公司不承擔因新資訊、未來事件或其他原因而更新前瞻性聲明的義務。

Thank you. And with that, I will turn the call over to Ronald Tutor.

謝謝。然後，我會將電話轉給羅納德導師。

Thank you, Jorge. Good day. And thank you all for joining us. As you can tell from our earnings release today, we delivered mixed results for the third quarter of 2024, highlighted by amazing backlog growth and year-to-date operating cash flow, but negatively impacted by certain charges from recent dispute resolutions and litigation. Cash flow for the fourth quarter is expected to be outstanding, should allow us easily to break last year's record and enable us to prepay certain debt.

謝謝你，豪爾赫。再會。感謝大家加入我們。從我們今天發布的財報中可以看出，我們2024 年第三季度的業績好壞參半，突出表現是驚人的積壓增長和年初至今的運營現金流，但受到近期爭議解決和訴訟的某些費用的負面影響。第四季度的現金流預計將很出色，這將使我們能夠輕鬆打破去年的記錄，並使我們能夠提前償還某些債務。

Our backlog soared to $14 billion, up 35% compared to the prior quarter, setting a new record since the 2008 merger of Tutor Saliba and Perini and substantially above our previous record of $11.6 billion. The strong backlog growth was driven by the awards of several new projects during the quarter, namely the $1.66 billion City Center Guideway and Stations project in Honolulu, the $1.1 billion Kensico-Eastview Connection Tunnel in New York for Frontier-Kemper and a major health care campus project in California worth over $1 billion for Rudolph and Sletten. Our new awards continue to be strong in the fourth quarter as we recently won and announced the $331 million Apra Harbor Waterfront Repairs Project in Guam, which will be managed by our subsidiary, Black Construction.

我們的積壓訂單飆升至 140 億美元，比上一季成長 35%，創下了 Tutor Saliba 和 Perini 2008 年合併以來的新紀錄，大大高於我們之前 116 億美元的記錄。積壓訂單的強勁增長是由本季度幾個新項目的授標推動的，即價值16.6 億美元的檀香山市中心導軌和車站項目、價值11 億美元的紐約Frontier-Kemper 的Kensico-Eastview 連接隧道以及一個大型醫療保健項目Rudolph 和 Sletten 位於加州的校園項目價值超過 10 億美元。我們的新獎項在第四季度繼續強勁，我們最近贏得並宣布了價值 3.31 億美元的關島阿普拉港海濱修復項目，該項目將由我們的子公司 Black Construction 管理。

The contract includes nine options for additional anticipated scope items that, if exercised, could add another $230 million of backlog. We are confident they will all be exercised. In addition, this morning, we announced that our joint venture with O&G Industries in which we are the managing partner has been identified as the apparent selected proposal for the multi-billion dollar Manhattan Jail in New York. And we are entering into contract discussions with the expectation that we'd be awarded that design-build contract after those discussions have concluded in the short term.

該合約包括九項額外預期範圍項目的選擇權，如果執行，可能會額外增加 2.3 億美元的積壓訂單。我們相信他們都會得到鍛鍊。此外，今天早上，我們宣布，我們與 O&G Industries 的合資企業（我們作為管理合夥人）已被確定為價值數十億美元的紐約曼哈頓監獄的明顯選定方案。我們正在進行合約討論，期望在短期內討論結束後我們能夠獲得設計建造合約。

By the end of this year, the company's total backlog could reflect additional significant growth as we are also expecting owners decisions and potential awards this quarter for other large projects including the $1.5 billion Air-Train that we recently bid and the $550 million Raritan River Bridge Replacement that is bidding tomorrow.

到今年年底，該公司的未完成訂單總額可能會反映出額外的顯著增長，因為我們還預計本季度其他大型項目的業主決策和潛在獎勵，包括我們最近投標的15 億美元的空中列車和5.5億美元的Raritan 河大橋明天招標的替代品。

Other projects we are bidding in the months of November, December and January are the $750 million Manhattan Tunnel in New York on November 22, and the $2.2 billion Midtown Bus Terminal Replacement in New York in February of '25.

我們在 11 月、12 月和 1 月競標的其他項目包括 11 月 22 日耗資 7.5 億美元的紐約曼哈頓隧道項目，以及 25 年 2 月耗資 22 億美元的紐約中城巴士總站更換項目。

In addition, Rudolph and Sletten has various current health care and education projects underway that are in the preconstruction phase, with only a modest amount of our current backlog represented by those projects. Over the next two years, these projects are expected to advance into the construction phase and anticipate that we will book significant additional backlog.

此外，魯道夫和斯萊特恩目前正在進行各種處於施工前階段的醫療保健和教育項目，這些項目僅占我們目前積壓的一小部分。在接下來的兩年裡，這些項目預計將進入施工階段，並預計我們將預訂大量額外的積壓訂單。

As we've discussed in the past, most of our newer existing and prospective civil projects are higher margin, longer duration projects with improved contractual terms compared to other projects booked several years ago. This is a result of renegotiations of traditional terms into terms far more favorable and reasonable for the general contractor. So our contracts are no longer one sided, but equally fair.

正如我們過去所討論的，與幾年前預訂的其他項目相比，我們大多數新的現有和未來的土木項目都是利潤率更高、工期更長、合約條款有所改善的項目。這是將傳統條款重新談判為對總承包商更有利和合理的條款的結果。所以我們的合約不再是單方面的，而是同樣公平的。

This provides us with excellent visibility and confidence in our outlook for strong revenue growth and continued earnings performance in the years ahead. Assuming we are successful in continuing to increase our backlog over the next few months, depending on the projects and what part of the country, we may decide to take a short term hiatus from bidding for some of the larger pursuits, depending on the markets. That period of time might be up to a year. But at that point, with a record backlog at such a level as to sustain us for the next five years, we will probably stop bidding or at least reduce that commitment.

這使我們對未來幾年強勁的收入成長和持續獲利表現的前景具有良好的可見性和信心。假設我們在接下來的幾個月裡成功地繼續增加積壓訂單，根據項目和該國的哪個地區，我們可能會決定根據市場情況，暫時停止競標一些較大的項目。這段時間可能長達一年。但到那時，由於積壓的創紀錄水平足以維持我們未來五年的生存，我們可能會停止投標或至少減少這項承諾。

However, as we look ahead over the next year to two, some of the more prospects include and are of interest, the $3.8 billion Southeast Gateway Line, a transit project in southern California, bidding within the next 18 months. That will be a perfect tie into the completion of the $2.5 billion Purple Line projects we're currently in a completion phase with LA Metro.

然而，當我們展望未來一兩年時，一些更具吸引力的前景包括耗資38 億美元的東南門戶線（Southeast Gateway Line），這是一個位於南加州的交通項目，將在未來18 個月內進行招標。這將與我們目前與洛杉磯地鐵一起處於竣工階段的價值 25 億美元的紫線項目的完成完美結合。

So that might tie in dramatically to work we're completing. Secondarily, the $1.8 billion South Jersey Light Rail in New Jersey, which will be proposed the end of next year or mid-year 2026. Those are the only projects of substance we are reviewing and keeping a finger on over the next year to 18 months.

因此，這可能與我們正在完成的工作密切相關。其次是新澤西州耗資18億美元的南澤西輕軌，擬於明年底或2026年年中興建。這些是我們在未來一年到 18 個月內審查和關注的唯一實質項目。

As we announced a few weeks ago, we made substantial progress during the third quarter of ‘24 in resolving various matters including seven of our largest outstanding disputed balances with four of the seven having favorable outcomes for Tutor Perini. A couple of these resolved, two to be exact, resulted in very -- well, maybe three, very unexpected and inexplicable legal decisions which we strongly disagree with and are appealing.

正如我們幾週前宣布的那樣，我們在2024 年第三季在解決各種問題方面取得了實質進展，其中包括七個最大的未清爭議餘額，其中七個對Tutor Perini 產生了有利的結果。其中有幾個解決了，確切地說是兩個，導致了非常——嗯，也許是三個，非常出乎意料和難以解釋的法律決定，我們強烈不同意這些決定，並正在上訴。

Overall, the recent resolutions negatively impacted our third quarter income by approximately $152 million and EPS by $2.13. In appeal, we hope to reverse much of this negative impact but that will be determined over time.

總體而言，最近的決議對我們第三季的收入產生了約 1.52 億美元的負面影響，對每股盈餘產生了 2.13 美元的負面影響。在上訴中，我們希望扭轉大部分負面影響，但這將隨著時間的推移而確定。

A positive is that we expect to collect over the next 30 to 60 days, $180 million associated with these resolves, most of which we will collect in the fourth quarter. We anticipate that we will continue making substantial progress in resolving the remainder of our disputed matters compared to the dozens of such disputed matters that we had a few years ago that backed up during COVID. Because of the substantial progress we have made over the last 2 to 3 years, we are now essentially down to a dozen or so matters of any significance. We expect to resolve these remaining legacy disputes and continue to collect substantial amounts of cash over the next 12 to 18 months, which combined with cash generated from normal operations should drive significant cash flow in '25 and '26.

積極的一面是，我們預計將在未來 30 至 60 天內收集與這些解決方案相關的 1.8 億美元，其中大部分將在第四季度收集。與幾年前新冠肺炎疫情期間出現的數十起此類爭議事項相比，我們預計我們將在解決其餘爭議事項方面繼續取得實質進展。由於過去兩三年我們取得了實質進展，現在我們基本上已經減少了十幾個具有重要意義的問題。我們預計將解決這些剩餘的遺留糾紛，並在未來 12 至 18 個月內繼續收集大量現金，再加上正常營運產生的現金，應會在 25 年和 26 年推動大量現金流。

Year-to-date through the end of the third quarter, our operating cash flow was $174 million. As we mentioned in our recent announcement, we expect tremendous fourth quarter operating cash flow in the range of a minimum of $250 million up to $400 million, much higher than we were anticipating in our last call. As a result, our full year 2024 operating cash flow is now expected to be $425 million to $575 million -- with even the low end of this range far exceeding our prior annual operating cash flow record of $308 million set last year. This would represent the third consecutive year that the Company has generated record operating cash flow. Note that any shortfall in achieving the estimated $575 million of operating cash at the upper end of the 2024 full year range is expected to be collected in the first quarter of '25.

年初至今，截至第三季末，我們的營運現金流為 1.74 億美元。正如我們在最近的公告中提到的，我們預計第四季度的營運現金流將在 2.5 億美元至 4 億美元之間，遠高於我們上次電話會議的預期。因此，我們 2024 年全年營運現金流預計為 4.25 億美元至 5.75 億美元，即使是該範圍的低端也遠遠超過我們去年創下的 3.08 億美元的年度營運現金流記錄。這將是該公司連續第三年創造創紀錄的經營現金流。請注意，在 2024 年全年範圍上限實現預計 5.75 億美元營運現金的任何缺口預計將在 25 年第一季收回。

Based on the adverse charges to earnings in the third quarter for the resolution of disputes that I mentioned earlier, we have withdrawn our EPS guidance for [corrected by the Company after the call] 2024, however still expect to initiate 2025 guidance in February when we report our full year results. We very much look forward to a significant return to profitability in 2025 and our confidence has increased around our expectations for significant increases in revenue and earnings growth in '26 and beyond, as these projects grow into fruition and operation.

根據我先前提到的第三季因解決爭議而對收益產生的不利費用，我們已撤回[公司在電話會議後更正] 2024 年每股收益指引，但仍預計在2 月份啟動2025 年指引，屆時我們將啟動2025 年每股盈餘指引。我們非常期待 2025 年顯著恢復盈利，並且隨著這些項目逐漸取得成果和運營，我們對 26 年及以後收入和盈利增長顯著增加的預期信心增強。

Thank you. And with that, I turn the call over to Gary.

謝謝。說完，我把電話轉給加里。

Thanks Ron.

謝謝羅恩。

We see truly exciting times ahead with the future brighter than ever before, as we continue to put a significant number of disputed legacy items behind us and utilize another record year of cash generation to further deleverage our balance sheet, which has been a key capital allocation objective. We are pleased that the collection of large amounts of cash that we have foreseen and talked about for some time now is finally upon us. As we announced in October, from these cash collections, we plan to prepay $100 million to $150 million of our Term Loan B debt in the fourth quarter, with further prepayments of $50 million to $75 million expected in the first quarter of 2025.

我們看到了真正令人興奮的時刻，未來比以往任何時候都更加光明，因為我們繼續將大量有爭議的遺留項目拋在腦後，並利用又一個創紀錄的現金生成年來進一步去槓桿化我們的資產負債表，這一直是關鍵的資本配置客觀的。我們很高興我們已經預見並談論了一段時間的大量現金終於到了。正如我們在 10 月宣布的那樣，我們計劃從這些現金回收中在第四季度預付 1 億至 1.5 億美元的定期貸款 B 債務，預計在 2025 年第一季進一步預付 5,000 萬至 7,500 萬美元。

So in total, you can expect our term loan to be paid down between $150 million and $225 million in the next few months. Of this total expected payoff of the Term Loan, I should note that we have already paid down $50 million of the balance since our announcement in October. So we are well on track to do what we said we would do. Of course, the reduced debt level should result in a significant decrease in interest expense. With interest rates unpredictable but expected to come down more, it is hard to predict the precise impact, but using current rates, we estimate that we will have annual interest expense savings beginning in 2025 of between $15 million and $22 million, which translates to additional EPS of between $0.21 and $0.32.

因此，預計我們的定期貸款將在未來幾個月內償還 1.5 億至 2.25 億美元。在定期貸款的預期償還總額中，我應該指出，自 10 月宣布以來，我們已經償還了 5,000 萬美元的餘額。因此，我們正在按照我們所說的去做。當然，債務水準的降低應該會導致利息支出的大幅下降。由於利率不可預測，但預計會進一步下降，因此很難預測確切的影響，但根據當前利率，我們估計從 2025 年開始，我們每年將節省 1500 萬至 2200 萬美元的利息費用，這意味著額外每股收益在0.21 美元至0.32 美元之間。

With unprecedented cash flow and a record and growing backlog built on new awards with better margins and contractual terms, this is the dawn of a new era for Tutor Perini. The expected abundance of cash should give us the ability to continue to significantly pay down our debt. And our very strong backlog provides excellent visibility as to what we expect will be a profitable multi-year revenue stream.

憑藉前所未有的現金流、創紀錄且不斷增長的積壓訂單以及更好的利潤和合約條款，這是 Tutor Perini 新時代的曙光。預期的充裕現金應該會讓我們有能力繼續大幅償還債務。我們非常強大的積壓訂單為我們預期的多年獲利收入流提供了良好的可見性。

Thank you. And with that, I will turn the call over to Ryan to review the financial results.

謝謝。接下來，我會將電話轉給瑞安，以審查財務表現。

Thank you, Gary and good afternoon, everyone. As Ron and Gary mentioned, our operating cash is certainly one of the major highlights of our year-to-date results and those anticipated for the full year of 2024. We expect strong cash flows in 2025 and 2026 that will continue to be enhanced by the anticipated resolutions of disputes.

謝謝加里，大家下午好。正如 Ron 和 Gary 所提到的，我們的營運現金無疑是我們今年迄今為止的業績以及 2024 年全年預期業績的主要亮點之一。我們預計 2025 年和 2026 年將出現強勁的現金流，預期的爭議解決將持續增強現金流。

As Gary mentioned, we've already paid down $50 million of our Term Loan B in the fourth quarter and plan to further deleverage our balance sheet significantly in the near term by using any excess cash for debt reduction. We're delivering on our promise to improve our balance sheet and capital allocation.

正如加里所提到的，我們已經在第四季度償還了 5000 萬美元的定期貸款 B，並計劃在短期內透過使用多餘的現金來減少債務，進一步大幅降低我們的資產負債表的槓桿率。我們正在兌現改善資產負債表和資本配置的承諾。

Now, let's discuss our P&L results. Revenue for the third quarter of 2024 was $1.1 billion, up slightly compared to the same quarter last year. The growth was primarily driven by increased activities on certain Building and Civil segment projects, including various health care and educational facility projects in California and the Brooklyn Jail project in New York, as well as Civil segment projects in California, the Northern Mariana Islands and British Columbia. Civil segment revenue for the third quarter of 2024 was $546 million, up 5% compared to the third quarter last year. Through the first nine months of 2024, Civil segment revenue was up 10% compared to the same period in 2023. Building segment revenue for the third quarter of 2024 was $436 million, up 19% year over year, mostly driven by the increased activities I mentioned on health care and educational facility projects in California, as well as on the Brooklyn Jail project in New York. Specialty Contractors segment revenue was $101 million, down substantially compared to the third quarter of last year, primarily due to reduce activities on various electrical and mechanical projects in New York and Florida, all of which are complete or nearing completion.

現在，我們來討論一下我們的損益結果。2024年第三季營收為11億美元，較去年同期略有成長。這一增長主要是由於某些建築和民用部門項目活動的增加，包括加利福尼亞州的各種醫療保健和教育設施項目和紐約的布魯克林監獄項目，以及加利福尼亞州、北馬裡亞納群島和英國的民用部門項目哥倫比亞。2024年第三季民用部門營收為5.46億美元，比去年第三季成長5%。2024 年前 9 個月，民間部門營收較 2023 年同期成長 10%。2024 年第三季建築部門營收為 4.36 億美元，年增 19%，這主要是由於我提到的加州醫療保健和教育設施項目以及紐約布魯克林監獄計畫活動增加所致。專業承包商部門收入為 1.01 億美元，較去年第三季大幅下降，主要是由於紐約和佛羅裡達州各種電氣和機械項目的活動減少，所有這些項目均已完成或接近完成。

As Ron mentioned and the Company previously announced in October, we recorded net charges that now total approximately $152 million in the third quarter related to the progress we made in various of the resolutions for which we expect to collect $180 million of cash, mostly by the end of this year. Consequently, we reported a loss from construction operations of $107 million for the third quarter of 2024 compared to a loss of $13 million for the same quarter last year. Like last quarter, third quarter earnings were negatively impacted by $13 million of higher unrealized stock based compensation expense compared to the same quarter last year. That was due to the impact of a significant increase in our stock price in 2024 with the recognition of certain long term incentive compensation awards.

正如Ron 提到的以及公司先前在10 月宣布的那樣，我們在第三季記錄的淨費用總計約為1.52 億美元，與我們在各種決議中取得的進展有關，我們預計將收取1.8 億美元的現金，其中大部分來自今年年底。因此，我們報告 2024 年第三季建築業務虧損 1.07 億美元，而去年同期虧損 1,300 萬美元。與上季一樣，第三季獲利受到比去年同期增加 1,300 萬美元的未實現股票補償費用的負面影響。這是由於我們的股價在 2024 年大幅上漲以及某些長期激勵薪酬獎勵得到認可的影響。

As a reminder of what we said last quarter, over the past few years, we've had to issue some incentive compensation awards as cash settled performance share units, or CPSUs, due to the combination of a somewhat depleted share pool and a very low stock price at the time of those awards -- because a low stock price causes dollar-based equity awards to eat into the share pool at a faster clip. The use of CPSUs was really a short term solution to deal with a depleted share pool and a low stock price. Since these awards will be paid out in cash, they are accounted for as liability awards and therefore require quarterly remeasurement to fair value, with any changes in fair value reflected in earnings.

提醒我們上個季度所說的，在過去的幾年裡，我們不得不以現金結算的績效股份單位（CPSU）的形式發放一些激勵性薪酬獎勵，因為股份池有些枯竭，而且股份率非常低。授予這些獎勵時的股價——因為低股價會導致以美元為基礎的股權獎勵更快地侵蝕股票池。使用CPSU確實是應對股票池枯竭和股價低迷的短期解決方案。由於這些獎勵將以現金支付，因此被視為負債獎勵，因此需要每季重新計量公允價值，公允價值的任何變化都反映在收益中。

We expect that future equity awards to management will be settled in stock, not cash, as done previously. This will eventually eliminate the earnings volatility we have seen this year due to the large increase in share based compensation expense compared to last year.

我們預計，未來給予管理階層的股權獎勵將以股票形式結算，而不是像以前那樣以現金形式結算。這最終將消除我們今年因股權激勵費用較去年大幅增加而出現的獲利波動。

The Civil, Building and Specialty contractors segments reported a loss from construction operations for the third quarter of 2024 of $13 million, $4 million and $57 million, respectively. The Civil segment's third quarter operating income was negatively impacted, in particular, by a previously announced unfavorable adjustment of $101.6 million related to an unexpected adverse arbitration decision on a legacy dispute related to a bridge project in California, which the company will appeal. The Building segment’s third quarter operating income was adversely affected by an unfavorable adjustment of $20 million for a settlement on a legacy dispute related to a government facility project in Florida, mostly offset by the increased activities I mentioned earlier. The Specialty Contractor segment's third quarter operating income was negatively impacted by reduced volume, as previously mentioned, and several immaterial unfavorable adjustments that totaled $43.4 million.

土木、建築和專業承包商部門報告 2024 年第三季建築業務虧損分別為 1,300 萬美元、400 萬美元和 5,700 萬美元。民間部門第三季的營業收入受到負面影響，特別是先前宣布的 1.016 億美元的不利調整，該調整與加州一座橋樑項目相關遺產糾紛意外的不利仲裁裁決有關，該公司將對此提起上訴。建築部門第三季的營業收入受到了 2000 萬美元的不利調整的不利影響，該調整是為了解決與佛羅裡達州政府設施項目相關的遺留糾紛，但大部分被我之前提到的活動增加所抵消。如前所述，專業承包商部門第三季的營業收入受到數量減少以及總計 4,340 萬美元的多項無關緊要的不利調整的負面影響。

The financial impacts of the recent dispute resolutions unfortunately masked otherwise solid operational performance. In other words, had it not been for the significant charges we took in the third quarter, both our revenue and operating income would have been significantly better than the reported results and consistent with what we had budgeted.

不幸的是，近期爭議解決方案的財務影響掩蓋了原本穩健的營運表現。換句話說，如果不是我們在第三季收取的巨額費用，我們的收入和營業收入都會明顯好於報告的結果，並且與我們的預算一致。

Corporate G&A expense was $33 million in the third quarter of 2024 compared to $21 million for the same quarter last year. The increase was primarily due to the increase in long term incentive compensation expense that I just mentioned. Other income was $4 million compared to $3 million for the third quarter last year. Interest expense was $21 million this quarter compared to $20 million for the same quarter last year. I think it's important to reiterate that our planned debt reductions in the fourth quarter of this year and first quarter of next year should result, at current interest rates, in a significant decrease in interest expense of between $15 million and $22 million annually, translating to additional EPS of between $0.21 and $0.32.

2024 年第三季的企業管理及行政費用為 3,300 萬美元，去年同期為 2,100 萬美元。增加的主要原因是我剛才提到的長期激勵薪酬費用的增加。其他收入為 400 萬美元，而去年第三季為 300 萬美元。本季利息支出為 2,100 萬美元，而去年同期為 2,000 萬美元。我認為有必要重申，我們計劃在今年第四季和明年第一季削減債務，以目前的利率計算，利息支出每年將大幅減少 1500 萬至 2200 萬美元，這意味著額外EPS 介於0.21 美元至0.32 美元之間。

Income tax benefit was $34 million in the third quarter of 2024 with a corresponding effective tax rate of 27.5%, compared to an income tax benefit of $4 million with an effective tax rate of 13.7% for the same quarter last year. Remember that the net operating losses we generated recently are helping to reduce our cash outlays for income taxes this year and will continue to help in future years.

2024 年第三季的所得稅優惠為 3,400 萬美元，相應的有效稅率為 27.5%，而去年同期的所得稅優惠為 400 萬美元，相應的有效稅率為 13.7%。請記住，我們最近產生的淨營運虧損有助於減少今年所得稅的現金支出，並將在未來幾年繼續發揮作用。

Net loss attributable to Tutor Perini for the third quarter of 2024 was $101 million or a loss of $1.92 per share compared to a net loss of $37 million, or a loss of $0.71 per share, in the third quarter of 2023.

2024 年第三季 Tutor Perini 的淨虧損為 1.01 億美元，即每股虧損 1.92 美元，而 2023 年第三季的淨虧損為 3,700 萬美元，即每股虧損 0.71 美元。

As Ron indicated earlier, the recent resolutions negatively impacted our third quarter EPS by $2.13. Our third quarter EPS was also negatively impacted by $0.23 due to the elevated share based compensation expense I mentioned earlier.

正如 Ron 早些時候指出的，最近的決議對我們第三季每股收益產生了 2.13 美元的負面影響。由於我之前提到的股權激勵費用增加，我們第三季的每股盈餘也受到了 0.23 美元的負面影響。

Now, let me discuss the balance sheet. Our total debt as of September 30, 2024, was $681 million, down $218 million, or 24%, compared to $900 million as of December 31, 2023, mostly because of the $91 million payment we made earlier this year on the Term Loan B and the refinancing we completed in the spring in which we replaced $500 million of 2017 senior notes with $400 million of new 2024 senior notes. As of September 30, 2024, we are in compliance with the covenants under our credit agreement and expect to continue to be in compliance in the future. I'd like to point out that for the first time since 2011, we are in a net BIE, or net “Billings in Excess”, position whereby our BIE exceeds our CIE, or “Costs in Excess.” As a reminder, BIE is essentially deferred revenue and represents billings that we have issued and payments that we have received in advance of incurring anticipated costs of our projects, whereas CIE represents costs that we have incurred on projects which we are not yet contractually able to bill to our customers. So being in a net BIE position is a great thing from our perspective as it means that we are operating in a net cash positive position across our portfolio of projects using our customers money instead of our own to fund the projects.

現在，讓我討論一下資產負債表。截至2024 年9 月30 日，我們的總債務為6.81 億美元，與截至2023 年12 月31 日的9 億美元相比，減少了2.18 億美元，即24%，主要是因為我們今年早些時候在定期貸款B 上支付了9,100 萬美元我們在春季完成了再融資，用 4 億美元的 2024 年新高級票據取代了 5 億美元的 2017 年優先票據。截至 2024 年 9 月 30 日，我們遵守信貸協議項下的承諾，並預期未來將繼續遵守。我想指出的是，自 2011 年以來，我們第一次處於淨 BIE（淨「比林超額」）狀態，我們的 BIE 超過了我們的 CIE（「超額成本」）。提醒一下，BIE 本質上是遞延收入，代表我們在產生專案預期成本之前已發出的帳單和收到的付款，而 CIE 代表我們在合約上尚未能夠承擔的專案上產生的成本。開立賬單。因此，從我們的角度來看，處於淨BIE 頭寸是一件好事，因為這意味著我們在我們的專案組合中以淨現金正頭寸運營，使用客戶的資金而不是我們自己的資金來為專案提供資金。

Thank you. And with that, I'll turn the call back over to Ron.

謝謝。說完，我會把電話轉回給羅恩。

Thanks, Ryan. To recap the highlights, we delivered 35% backlog growth in the third quarter compared to the [second quarter of] (added by the Company after the call) 2024, with further pending awards that we hope will increase that backlog between now and the end of the year. We have also generated strong operating cash flow through the first nine months of the year with potential for a record shattering operating cash flow for the [fourth] (corrected by the Company after the call) quarter and the full year 2024. As previously stated, we've already paid down the debt $50 million and will expect to pay our term loan down significantly by year end, and I believe paid off by the end of the first quarter. We have made excellent progress in resolving many of our legacy disputes with only about a dozen or so matters of significance left to be resolved, which I would expect would occur over the next 12 to 18 months, and by the end of that period, only a handful of open issues remaining.

謝謝，瑞安。回顧一下要點，與2024 年[第二季度]（由公司在電話會議後添加）相比，我們第三季度的積壓訂單增長了35%，我們希望還有更多懸而未決的獎項，從現在到年底，積壓訂單數量將增加今年的。我們也在今年前 9 個月產生了強勁的營運現金流，並有可能在 [第四]（由公司在電話會議後更正）季度和 2024 年全年創下創紀錄的營運現金流。如前所述，我們已經償還了 5000 萬美元的債務，預計將在年底前大幅償還定期貸款，我相信會在第一季末還清。我們在解決許多遺留爭議方面取得了巨大進展，只剩下大約十幾個重大問題需要解決，我預計這些問題將在未來 12 到 18 個月內發生，到該時期結束時，僅仍有一些懸而未決的問題。

We anticipate that our operating cash flow will continue to grow and be even stronger in 2025 and 2026 with revenue growth and a significant return to profitability in '25, with even higher revenue and earnings in 2026, as these newer projects progress from design to the construction phase. Thank you. And with that, I turn the call over to the operator for your questions.

我們預計，隨著這些新項目從設計到交付，我們的營運現金流將在2025 年和2026 年繼續成長，甚至更加強勁，收入成長並在25 年顯著恢復盈利，2026 年收入和收益甚至更高。謝謝。然後，我將電話轉給接線員詢問您的問題。

Great. Thank you. We'll now be conducting a question and answer session. (Operator Instructions)

偉大的。謝謝。我們現在將進行問答環節。（操作員說明）

Steven Fisher, UBS.

史蒂文費雪，瑞銀。

Thanks, good afternoon, and congratulations on all the project awards and cash flow -- continued improvement there. I wanted to ask now, you know, sort of the next step on all these awards is really kind of getting them into to burning revenues.

謝謝，下午好，恭喜所有專案獎項和現金流——持續改進。我現在想問，你知道，所有這些獎項的下一步實際上是讓他們燃燒收入。

Can you talk about what the shape of the curve looks like there on, on all these projects when we really start to see that's substantively coming through your revenues? Is it sort of like second half of 25? Is it 26? Is it first half of 25? How do -- how do we think about that curve and how it works towards the peak?

當我們真正開始看到您的收入實質成長時，您能談談所有這些項目的曲線形狀是什麼樣的嗎？有點像25年下半年嗎？是26嗎？是25號上半年嗎？我們如何看待這條曲線以及它如何走向頂峰？

The way the way these work is we initially have significant billings on award because we post bonds and insurance, and then there is a design phase. So before you see, for example, if it's a $2 billion job over five years before you see $400 million a year of cost, it takes between six and nine months to get design completed up to where it gets ahead of construction.

這些工作的方式是，我們最初有大量的獎勵帳單，因為我們發布了債券和保險，然後是設計階段。例如，如果您在五年內完成一項價值 20 億美元的工程，然後每年花費 4 億美元，那麼需要六到九個月的時間才能完成設計並提前施工。

So all of these awards you're seeing currently, you'll see major construction beginning somewhere between June and September of next year. So although there'll be some significant increase in volume in the second half of the year, where it will hit remarkably will be in '26 and '27 and '28 because these are all five year jobs with steady income streams and significant profitability.

因此，您目前看到的所有這些獎項，您將看到主要建設在明年六月到九月之間開始。因此，儘管下半年的數量會有一些顯著增加，但最顯著的增長將是在26 年、27 年和28 年，因為這些都是五年期工作，具有穩定的收入流和可觀的盈利能力。

That's very helpful. And then just thinking about what happens with the specialty business earnings from here, how much does -- do all these wins sort of get your specialty group involved? And how do we think about that reflecting back to profitability and the ramp of the profit curve there?

這非常有幫助。然後想想這裡的專業業務收入會發生什麼，所有這些勝利在多大程度上讓您的專業團隊參與其中？我們如何看待這反映在獲利能力和利潤曲線斜坡上的情況？

Well, as you can see, the Specialty group in the quarter was down to a relatively low revenue. And what we've done is shrunk, finished off all of the bad work. And conversely, almost every one of these jobs has a large component. When I say large, relative to the job size components, set aside for our various specialty contractors. Be it east coast or west coast. They will -- that revenue will ramp up in Specialty, and as we have, they have significant margins and should do significantly better going forward in the marketplace we're in today, as opposed to where we were three, four and five years ago.

嗯，正如您所看到的，本季特種業務部門的收入下降到相對較低的水平。而我們所做的就是縮水，完成了所有不好的工作。相反，幾乎每一項工作都有很大的組成部分。當我說大時，相對於工作規模的組成部分，為我們的各種專業承包商預留。無論是東海岸還是西岸。他們將會——專業領域的收入將會增加，正如我們一樣，他們擁有可觀的利潤，並且在我們今天所處的市場上應該會做得更好，而不是我們三、四年和五年前的情況。

Okay. I guess a very timely question here. Curious if you guys have any thoughts on the election outcome and what it might mean for the construction industry.

好的。我想這是一個非常及時的問題。很好奇你們對選舉結果以及這對建築業可能意味著什麼有什麼想法。

Well, as Ron Tutor, I'm elated that Trump won and wiped Kamala Harris out. I know that's not, I'm not supposed to say things like that, but I'm delighted. But I don't know that it will have an impact one way or another on us. Most of these are federally funded, approved, and moving forward, or is in New York City and state funded. So I don't know that it has a plus or a minus other than I've always considered Trump good for business and since his background is construction, I can't imagine him being anything but positive.

好吧，作為羅恩導師，我很高興川普獲勝並消滅了卡馬拉·哈里斯。我知道那不是，我不應該說這樣的話，但我很高興。但我不知道這會對我們產生這樣或那樣的影響。其中大部分是由聯邦政府資助、批准並推動的，或者是在紐約市和州政府資助的。所以我不知道這有什麼好處或壞處，只是我一直認為川普對商業有利，而且由於他的背景是建築業，我無法想像他除了積極之外還有其他什麼。

Okay. Terrific. I will leave it there. Thanks a lot.

好的。了不起。我會把它留在那裡。多謝。

Adam Thalhimer, Thompson Davidson Company.

Adam Thalhimer，湯普森戴維森公司。

Hey, good afternoon, guys.

嘿，下午好，夥計們。

Good afternoon.

午安.

The jobs that you guys are winning today -- can you remind us how the contracts differ at all from legacy projects? And Ron, you mentioned in your prepared remarks that you see the contracts as equally fair, just hoping you can expand on that a little bit.

你們今天贏得的工作－你能提醒我們這些合約與遺留項目有何不同嗎？羅恩，您在準備好的發言中提到，您認為合約同樣公平，只是希望您能對此進行擴展。

Well, in the past, in, in my entire career over the past, let's call it 60 years, all contracts were written by owners completely one sided, onerous and dictatorial. And as long as they had 5 to 7 bidders on every job regardless of comment, when I would protest, the answer would be well, then don't bid if you don't like our terms. So over the years, we came to accept onerous terms, negative terms, no mobilization, excessive retentions and so on as a part of doing business.

那麼過去呢,在我過去的整個職業生涯,就說六十年吧,所有的合同都是業主寫的,完全是一邊倒的,繁重的,獨裁的。只要他們每項工作都有 5 到 7 個競標者，無論評論如何，當我抗議時，答案就很好，如果你不喜歡我們的條款，就不要競標。因此多年來，我們開始接受繁重的條款、消極的條款、不動員、過多的保留等作為開展業務的一部分。

Well, as you can see, over those years, the seven and eight bidders has shrunk to one and two, and the handful of us that are left that are quoting these jobs, we now sit down and talk terms and everything that's unreasonable, including excessive retention, any excessive liquidated damages, schedules that are too short, we basically take the position that you either negotiate with us something reasonable and acceptable to us, or we don't bid. And when you have only two prospective bidders and one of them says he's not going to bid now, you're down to one, you can't bid it.

嗯，正如你所看到的，這些年來，七個和八個投標者已經縮減為一個和兩個，而我們剩下的少數人正在引用這些工作，我們現在坐下來談論條款和一切不合理的事情，包括過多的保留、任何過多的違約金、太短的時間表，我們基本上採取的立場是，您要么與我們協商合理且我們可以接受的事情，要么我們不投標。當你只有兩個潛在的投標人，其中一個說他現在不打算投標時，你就只剩下一個了，你就不能投標了。

So we've been able to negotiate upfront mobilization payments that heretofore were difficult, reduced retention, better contract terms in terms of cure periods and the inability for them to assess consequential damage. Literally, every onerous term has been eliminated. And I'll give you a classic example. When I first got the original contract terms from the New York City Department of Corrections on the New York City Jails, I read them with our legal department, send it back a letter and said your terms are so onerous. Although we appreciate the size of the projects and your needs, by looking at your contract terms, we've decided they’re entirely too onerous. We will not be a bidder. Thank you. And that was the end of it. Three months go by, get a letter back and says, basically, you're right. They're entirely too onerous. We want you to bid. We’d like to discuss and meet what you expect. We met. We got every single term of reason. And it isn't that we were unreasonable. It's fair terms that are equally reasonable with upfront cash payments, on the theory, we build these projects with your money, not our money.

因此，我們能夠協商預先動員付款，而這在以前是很困難的，減少了保留，在治療期限方面有更好的合約條款，並且他們無法評估間接損失。從字面上看，所有繁瑣的術語都被消除了。我會給你一個經典的例子。當我第一次從紐約市懲教局收到關於紐約市監獄的原始合約條款時，我與我們的法律部門一起閱讀了這些條款，然後寄回了一封信，說你們的條款太繁瑣了。儘管我們了解專案的規模和您的需求，但透過查看您的合約條款，我們認為它們過於繁瑣。我們不會成為投標者。謝謝。事情就這樣結束了。三個月過去了，收到一封回信，說，基本上，你是對的。它們實在太繁重了。我們希望您出價。我們願意討論並滿足您的期望。我們見面了。我們得到了每一個理由。這並不是說我們無理取鬧。這是公平的條款，與預付現金支付同樣合理，從理論上講，我們用您的錢而不是我們的錢來建立這些項目。

So that's across the board in every job we now bid - better terms, better schedules or the response is simple. We're not bidding, and with us being one of the few remaining risk takers that will bid these big jobs, it typically generates the changes we need.

因此，我們現在投標的每項工作都是如此——更好的條件、更好的時間表或簡單的回應。我們不會競標，而且我們是為數不多的願意競標這些大型工程的冒險者之一，它通常會產生我們需要的改變。

Okay, great color. And then as investors, how should we think about as you execute on these jobs at these terms, what kind of margin ranges people should expect as you think out to '25 and '26 and '27?

不錯，顏色很棒。然後，作為投資者，當您按照這些條件執行這些工作時，我們應該如何考慮，當您考慮「25」、「26」和「27」時，人們應該期望什麼樣的利潤範圍？

I don't understand. What do you mean by '25, '26?

我不明白。「25」、「26」是什麼意思？

No, what kind of margin ranges that you think you can do in the segments as these jobs turn into profit?

不，當這些工作轉化為利潤時，您認為在這些細分市場中可以達到什麼樣的利潤範圍？

That's -- I know what the ranges are. The interesting aspect is -- is this something -- we normally don't discuss in a public format, our bid profits. Let me gauge it with this. You've seen the margins we produced in Civil, Building and Specialty in the past - significantly up. Particular emphasis on both Building and Specialty because over $7 billion, or excuse me, almost $6.5 billion of the backlog is going to the Building. And in New York City, with significantly increased margins, far more than the Building group normally gets. In all of our Civil group, in the new backlog, I would say starting in 2000 -- the end of 2023 and certainly '24 significantly increased with the margins you're used to in past Civil where they made 11% to 12% on revenue.

那是——我知道範圍是什麼。有趣的是，我們通常不會以公開形式討論我們的出價利潤。讓我用這個來衡量一下。您已經看到我們過去在土木、建築和專業領域創造的利潤率顯著上升。特別強調建築和專業，因為超過 70 億美元，或者對不起，積壓的資金中有近 65 億美元流向了建築。在紐約市，利潤率顯著增加，遠超過建築集團通常獲得的水平。在我們所有的民用部門中，在新的積壓訂單中，我想說從2000 年開始到2023 年底，當然還有24 年，你已經習慣了過去民用部門的利潤率，他們的利潤率為11%到12%。

Does that help?

這樣有幫助嗎？

That's perfect. And last one, I know we're focused on the long term, but we have to stick something in the model for Q4. I'm just curious if that, if you expect that to be a profitable quarter or how we should model that.

那很完美。最後一個，我知道我們關注的是長期目標，但我們必須在第四季度的模型中保留一些內容。我只是好奇，如果你預計這個季度會獲利，或者我們應該如何建模。

The only thing I can say is I believe you can interpret in the numbers we presented that Q3 would have been profitable, and you can probably back into the earnings it would have been, were it not particularly for Shasta and all of the write-offs.

我唯一能說的是，我相信您可以從我們提供的數據中解釋第三季度將實現盈利，並且您可能可以回到本來的收益，如果不是特別是 Shasta 和所有沖銷的話。

I don't see anything major in the fourth quarter, but I've got four or five virtual disputes in various stages of negotiation and potential settlement that I think will get settled by mid-December. I really can't tell until then. And it's not going to be anything resembling this third quarter, but I'm reluctant to say we're going to make the margin in the fourth quarter because as you can see, I'm pushing to be rid of all these legacy disputes, collecting a lot of cash and moving into this tremendous backlog with reduced debt and significant cash balances so we can earn what we got to earn.

我認為第四季不會發生任何重大事件，但我在談判和潛在解決的各個階段有四到五個虛擬爭議，我認為這些爭議將在 12 月中旬解決。到那時我真的無法判斷。它不會像第三季度那樣，但我不願意說我們將在第四季度實現利潤，因為正如你所看到的，我正在努力消除所有這些遺留糾紛，收集大量現金，並以減少債務和大量現金餘額的方式處理大量積壓的訂單，這樣我們就可以賺到我們該賺到的錢。

Okay, great color.

不錯，顏色很棒。

I think I danced around it, but it's the best way to --

我想我會繞著它跳舞，但這是最好的方式--

No, no, no. Very clear. Thank you.

不，不，不。非常清楚。謝謝。

We've got profit forecast in the fourth quarter.

我們有第四季的獲利預測。

Okay, thanks again.

好的，再次感謝。

Alex Rygiel, B. Riley Securities.

Alex Rygiel，B. Riley 證券公司。

Thank you and a very nice quarter. Congratulations on the wins there. A couple quick questions. Can you help us, could you help us to bracket sort of the value potential in disputes that are remaining?

謝謝你，這是一個非常美好的季度。恭喜你在那裡取得勝利。幾個簡單的問題。你能幫助我們嗎？

I'd say between now and the end of next year, between $450 million and $500 million.

我想說從現在到明年年底，4.5 億美元到 5 億美元之間。

And then -- very helpful. And then kind of a two part question. Can you talk about the CapEx needs and working capital needs? As you start to step into this really big backlog build and then when you think about your capital structure, what's the optimal leverage on the business? And you know, what do you plan on doing with your cash after you get to that point?

然後——非常有幫助。然後是一個由兩個部分組成的問題。能談談資本支出需求和營運資金需求嗎？當你開始進入這個非常大的積壓建設，然後當你考慮你的資本結構時，對業務的最佳槓桿是什麼？你知道，到了那時候你打算用你的現金做什麼？

Well, let me try to deal with it. First, the way we bid these jobs, we bid them on the basis that the owner provides all of the cash necessary in the mobilization upfront to our, if our backlog goes to $20 billion, our existing working capital doesn't finance it. The owner payments do, and that we've insisted on and been 100% successful. We don't finance any of the work. Their payments to us finance their own work.

好吧，讓我試著處理一下。首先，我們投標這些工作的方式是，我們投標的基礎是業主預先提供動員所需的所有現金，如果我們的積壓訂單達到 200 億美元，我們現有的營運資金將無法為其提供資金。業主付款做到了，我們一直堅持並且100%成功。我們不資助任何工作。他們付給我們的錢資助他們自己的工作。

Secondarily, the capital expenditures are consistent with the past. We own most of the equipment necessary for this work and that which we don't, the jobs pay for as they are 4 to 5 year rentals and the cost is baked into the job. So you're not going to see any significant CapEx beyond what it's been in the past between $25 million and $30 million a year.

其次，資本支出與過去保持一致。我們擁有這項工作所需的大部分設備，而我們沒有的設備則由工作支付，因為它們是 4 到 5 年的租金，並且成本已計入工作中。因此，除了過去每年 2500 萬美元到 3000 萬美元的資本支出外，您不會看到任何重大資本支出。

And then your optimal capital structure.

然後是你的最佳資本結構。

Pardon?

赦免？

What is the optimal capital? What is the optimal capital structure of this business? In other words, you know, what kind of debt to cap ratio do you want to run at? And when you get there, kind of what are you going to do with the excess cash?

什麼是最優資本？該企業的最佳資本結構是怎麼樣的？換句話說，您知道您希望維持什麼樣的負債上限比率？當你到達那裡時，你打算用多餘的現金做什麼？

Well, my optimal basis would be to pay off all our debt with the exception of that abysmal bond issue where we were unfortunate enough to finance it at [11 and 7/8].

好吧，我的最佳基礎是還清我們所有的債務，除了那次糟糕的債券發行，我們很不幸地以[11和7/8]。

And as we continue to generate these significant levels of cash, that's a decision that we and the Board are going to have to make over the next 12 months because I think I've made it clear we're going to pay off all debt and have a revolver, as needed. But we expect the needs of that revolver to be minimal and it's there as insurance. And as we continue to accumulate cash, we're going to have to make a decision what we do with it.

隨著我們繼續產生大量現金，這是我們和董事會在未來 12 個月內必須做出的決定，因為我認為我已經明確表示我們將償還所有債務，並且根據需要有一把左輪手槍。但我們預計該左輪手槍的需求量很小，並且它是作為保險而存在的。隨著我們繼續累積現金，我們將不得不決定如何使用它。

Very helpful. Great quarter. Thanks.

非常有幫助。很棒的季度。謝謝。

Michael Dudas, Vertical Research Partners.

麥可‧杜達斯 (Michael Dudas)，垂直研究合作夥伴。

Good afternoon, gentlemen. Ron, you mentioned in your program remarks about taking a hiatus from bidding. So a little more, some thoughts on that. Is there -- like your win rates probably have been getting much better and you have a lot of opportunities over the next few months which you've highlighted. Is that like kind of close to like the capacity, like you're comfortable with those types of large projects on board, given your risk mitigation, your profile?

下午好，先生們。羅恩，您在節目評論中提到暫停競標。那麼更多一點，對此有一些想法。是否有—就像您強調的那樣，您的勝率可能已經變得更好，並且在接下來的幾個月中您有很多機會。考慮到您的風險緩解和您的個人資料，這是否類似於容量，就像您對船上的此類大型專案感到滿意？

And that is the market, you know, I assume that others -- are others looking the same way that there's just everybody's getting very busy and that the capacity and (inaudible) so maybe some owners might be a little bit nervous on that front.

這就是市場，你知道，我認為其他人也有同樣的看法，每個人都變得非常忙碌，容量和（聽不清楚）所以也許一些業主可能在這方面有點緊張。

Well, I can't really speak for our peers because there's very few of them that compete with us, but all of the major jobs, $500 million and up, which is what we call a major project, essentially come across my desk for approval to bid and then review of estimates. And we try to look at the entirety of the company, where it's located. If it's east coast Civil, it's a matter of their capacity inhouse. Do they have the people? Do they have the resources? If they do, we don't hesitate to support them. If we don't, we turn off the tap and say you've got an adequate backlog with significant cash flow and major earnings. Go out and deliver it.

嗯，我不能真正代表我們的同行說話，因為很少有人能與我們競爭，但所有主要工作，5 億美元及以上，也就是我們所說的重大項目，基本上都會經過我的辦公桌尋求批准投標，然後審查估價。我們嘗試著眼於公司的整體及其所在地。如果是東岸民事，那就是他們內部能力的問題。他們有人民嗎？他們有資源嗎？如果他們這樣做，我們會毫不猶豫地支持他們。如果不這樣做，我們就會關掉水龍頭，並說您有足夠的積壓訂單，擁有大量現金流和主要收入。出去送吧。

We’ll talk. Meanwhile, all of the operations have day to day bids to sustain themselves. Our civil group in the mid-west, Lunda, is a consistent profit earner. They bid anything and everything they like up to that $500 million without a lot of needed approval from me because of their record. So we keep a tab on them, and all we want to be sure is you have the resources and people to build the work and be certain there are no onerous contract terms.

我們會談談。同時，所有業務都需要透過日常競標來維持自身運作。我們位於中西部的民間團體隆達（Lunda）是個穩定的獲利者。由於他們的記錄，他們想出價什麼都可以，最高可達 5 億美元，而沒有得到我很多必要的批准。因此，我們密切關注它們，我們想要確定的是，您擁有資源和人員來進行這項工作，並確保沒有繁瑣的合約條款。

So as long as that continues, when I say we'll shut off the work, it's in the billion plus category, the day to day, $100 million, $200 million jobs will continue across the board. Those are typically 18 months to three year jobs that the subsidiaries will determine on their own.

因此，只要這種情況繼續下去，當我說我們將停止工作時，它屬於十億以上類別，日復一日，價值 1 億美元、2 億美元的工作將會全面繼續。這些工作通常為期 18 個月到三年，由子公司自行決定。

And Mike, this is Gary. Just to clarify. We're not at that point yet, right. We haven't shut off the spigot. We continue to pursue the work, but it's just the potential pause if we continue with the win rate, the improved win rate that you mentioned, and then some of the business units implied with what Ron was saying, some of the business units won't be impacted at all, not just because of the size of the work, but just because they're not at anywhere close to that capacity.

麥克，這是加里。只是為了澄清。我們還沒到那個地步，對吧。我們還沒有關閉龍頭。我們繼續進行這項工作，但如果我們繼續提高勝率，你提到的勝率提高，然後一些業務部門暗示羅恩所說的，一些業務部門會贏，那麼這只是潛在的停頓。 ，不只是因為工作量大，還因為他們根本沒有達到這個能力。

That's very helpful. All good issues to have. Thanks gentleman.

這非常有幫助。所有好的問題都有。謝謝先生。

Thank you.

謝謝。

Adam Thalheimer, Thompson Davison Company.

亞當·塔爾海默，湯普森·戴維森公司。

Thanks guys. Hey, Ryan, can you expand? You said that share based compensation is going to change a little bit, I think to the point where it won't be revalued every quarter. Is that something that happens in 2025? I didn't quite follow that.

謝謝你們。嘿，Ryan，你能擴充一下嗎？您說基於股份的薪酬將會發生一些變化，我認為不會每季都會重新評估。這是 2025 年發生的事嗎？我不太明白。

Yeah, it's a good question. So the – what we anticipate is structuring awards to be settled in shares in the future. We still have outstanding awards that are out there today that are liability-classified that we'll have to continue to remeasure. Although we anticipate, like I said, the future awards will be settled in shares. So you won't see this. You won't see the volatility that spikes up or spikes down related to the comp expense.

是的，這是一個好問題。因此，我們預期未來將獎勵以股票形式結算。今天我們仍然有一些傑出的獎項，這些獎項是按責任分類的，我們必須繼續重新衡量。儘管正如我所說，我們預計未來的獎勵將以股票形式結算。所以你不會看到這個。您不會看到與補償費用相關的波動性上升或下降。

So it doesn't go away in '25? It starts to taper from '25 on?

那麼它不會在25年消失嗎？從25年開始逐漸減少？

That's fair.

這很公平。

Okay, perfect. Thanks.

好的，完美。謝謝。

No problem.

沒問題。

This concludes the question and answer session. I'd like to turn it back to management for any closing comments.

問答環節到此結束。我想將其轉回給管理層以獲取任何結束意見。

Thank you, everybody. Very positive meeting and look forward to more of the same.

謝謝大家。非常積極的會議，並期待更多類似的會議。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you again for your participation.

今天的電話會議到此結束。此時您可以斷開線路。再次感謝您的參與。