Tutor Perini Corp (TPC) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the Tutor Perini Corporation's Q2 2025 earnings conference call.

女士們、先生們，大家好。歡迎參加 Tutor Perini Corporation 2025 年第二季財報電話會議。

My name is [Kerry]. I will be your coordinator for today.

我的名字是[克里]。我將擔任你們今天的協調員。

(Operator Instructions)

（操作員指示）

I will now turn the conference over to your host for today, Mr. Jorge Casado, Senior Vice President of Investor Relations. Please proceed.

現在，我將會議交給今天的主持人、投資者關係高級副總裁 Jorge Casado 先生。請繼續。

Hello. Thank you, all, for joining us.

你好。謝謝大家加入我們。

With us today are Gary Smalley, CEO and President; Ron Tutor, Executive Chairman; and Ryan Soroka, Executive Vice President and CFO.

今天與我們一起的有執行長兼總裁 Gary Smalley、執行董事長 Ron Tutor 和執行副總裁兼財務長 Ryan Soroka。

Gary and Ryan will review the details of the quarter and provide commentary regarding our outlook and guidance. Ron, in his role as Executive Chairman, is joining us to help answer any projects-specific questions, as he remains involved in the set-up of our newer major projects.

加里和瑞安將審查本季的詳細資訊並對我們的前景和指導發表評論。作為執行主席，羅恩 (Ron) 加入我們，幫助解答任何與專案相關的問題，同時他仍然參與我們新重大專案的建立。

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. There is an inherent risk that our actual results could differ materially. You can find our disclosures about risk factors that could contribute to such differences in our Form 10-K, which we filed on February 27, 2025, and in our Form 10-Q that we are filing today.

在我們討論結果之前，我要提醒大家，在本次電話會議中，我們將做出前瞻性陳述，這些陳述是基於管理層對現有趨勢和資訊的當前評估。我們的實際結果可能存在重大差異，這是一個固有風險。您可以在我們於 2025 年 2 月 27 日提交的 10-K 表和我們今天提交的 10-Q 表中找到有關可能導致此類差異的風險因素的揭露。

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.

除法律要求外，本公司不承擔更新前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。

In addition, during today's call, management will be referring to certain non-GAAP financial measures. You can find information and a reconciliation of these non-GAAP financial measures in the earnings release that we issued today and in the Form 10-Q that is being filed today.

此外，在今天的電話會議中，管理階層將參考某些非公認會計準則財務指標。您可以在我們今天發布的收益報告和今天提交的 10-Q 表中找到這些非 GAAP 財務指標的資訊和對帳。

Thank you. With that, I will turn the call over to Gary Smalley.

謝謝。說完這些，我將把電話轉給加里‧斯莫利 (Gary Smalley)。

Thanks, Jorge. Hello, everyone. Thank you for joining us.

謝謝，豪爾赫。大家好。感謝您加入我們。

Tutor Perini had an outstanding second quarter, one of our best quarters ever, setting new records across various metrics.

Tutor Perini 的第二季表現出色，是我們有史以來最好的季度之一，在各項指標上都創下了新紀錄。

Operating cash flow was extraordinarily strong for the quarter at $262 million and $285 million through the first six months of 2025, setting new records for each respective period. Our second-quarter cash flow was the second best for any quarter in the history of the company.

本季的經營現金流異常強勁，達到 2.62 億美元，2025 年前六個月的經營現金流達到 2.85 億美元，創下了各個時期的新紀錄。我們第二季的現金流是公司史上第二好的季度。

In addition, our backlog climbs significantly to a new all-time record of $21.1 billion, up 102% year over year and up 9% sequentially, driven by $3.1 billion of new awards that we booked during the quarter. I will provide further details on some of these new awards in a few moments.

此外，我們的積壓訂單大幅升至 211 億美元的歷史新高，年增 102%，環比增長 9%，這得益於我們在本季度獲得 31 億美元的新合約。我稍後將提供有關這些新獎項的更多詳細資訊。

Our second-quarter revenue was up 22% from last year to $1.37 billion. Our revenue for both the second quarter and the first six months of 2025 was the highest for each respective period since 2009, reflecting record quarterly and first-half 2025 revenue performance for the Civil segment and the best performance since 2020 for the Building segment.

我們第二季的營收比去年同期成長了 22%，達到 13.7 億美元。我們 2025 年第二季和上半年的收入均為 2009 年以來各自時期的最高水平，反映了土木工程部門創紀錄的季度和 2025 年上半年收入表現以及建築部門自 2020 年以來的最佳表現。

Operating income was up 89% to $76 million, reflecting strong operating performance and contributions from higher-margin projects in the Civil and Building segments.

營業收入成長 89%，達到 7,600 萬美元，反映了強勁的營運表現以及土木工程和建築部門高利潤專案的貢獻。

Our Civil segment delivered its highest segment operating income ever for both the second quarter and the first six months of the year, with margins that were exceptionally strong. Our Building segment's operating income for both periods of 2025 was the highest since 2011, with margins that were also strong.

我們的民間工程部門在第二季和今年上半年都實現了有史以來最高的部門營業收入，利潤率也異常強勁。我們建築部門 2025 年兩個時期的營業收入均創下 2011 年以來的最高水平，利潤率也同樣強勁。

Importantly, operating income for the quarter was very strong despite the substantial increase in share-based compensation expense that we experienced this quarter, as reflected in today's earnings release.

重要的是，儘管本季的股權激勵費用大幅增加，但本季的營業收入仍然非常強勁，正如今天的收益報告所反映的那樣。

As you may recall and as previously disclosed over the past few years, due to a depleted equity plan share pool combined with the previously low stock price, the company issued cash-settled, performance-based awards weighted heavily towards enhancing Tutor Perini's total shareholder return. As a result of our significant share price increase year to date, our share-based compensation expense also increased significantly.

您可能還記得，正如過去幾年所披露的那樣，由於股權計劃股票池耗盡，加上先前的股價較低，該公司發行了以現金結算的、基於績效的獎勵，這些獎勵主要側重於提高 Tutor Perini 的總股東回報。由於今年迄今我們的股價大幅上漲，我們的股權激勵費用也大幅增加。

In an effort to provide our shareholders with a clear view of Tutor Perini's true overall business performance, starting this quarter, we have elected to report adjusted earnings, which exclude the impact of share-based compensation expense net of associated tax benefit.

為了讓我們的股東清楚了解 Tutor Perini 真實的整體業務表現，從本季度開始，我們選擇報告調整後的收益，其中不包括扣除相關稅收優惠後的股權激勵費用的影響。

It is important to note that at our recent Annual Shareholders Meeting in May, shareholders approved management's proposal to authorize additional shares for incentive awards. So going forward, the company intends to issue share-settled instead of cash-settled equity, which should limit future earnings volatility and reduce our share-based compensation expense considerably, once these older cash-settled incentive compensation awards vest, some at the end of this year and the rest at the end of 2026.

值得注意的是，在我們最近於 5 月召開的年度股東大會上，股東批准了管理層授權額外股份作為激勵獎勵的提案。因此，展望未來，公司打算發行以股票結算而非現金結算的股權，這應該可以限制未來的盈利波動，並大幅降低我們的股權薪酬費用，一旦這些較早的以現金結算的激勵性薪酬獎勵歸屬，部分將在今年年底歸屬，其餘將在今年年底歸屬。

Returning to our results, for the second quarter of 2025, we delivered GAAP EPS of $0.38, up substantially compared to $0.02 for the same quarter of last year; adjusted EPS for the second quarter was $1.41 compared to $0.34 for the second quarter of 2024, again, demonstrating our strong core operating performance and reflecting the impact of contributions from higher-margin projects.

回顧我們的業績，2025 年第二季度，我們的 GAAP EPS 為 0.38 美元，較去年同期的 0.02 美元大幅增長；第二季度調整後的每股收益為 1.41 美元，而 2024 年第二季度為 0.34 美元，這再次證明了我們強勁的核心營運貢獻。

Overall, Tutor Perini's business continues to perform extremely well and frankly, even better than we anticipated at the start of this year.

總體而言，Tutor Perini 的業務繼續表現非常出色，坦白說，甚至比我們今年年初的預期還要好。

We are at the beginning of the life cycle for several major higher -margin projects that are expected to derive substantial growth, profitability, and cash flow as project execution activities continue. What you're seeing now is just a preview of what these projects should produce on a larger scale in the coming years.

我們正處於幾個主要高利潤專案的生命週期的開始階段，隨著專案執行活動的繼續，預計這些專案將獲得大幅成長、獲利能力和現金流。您現在看到的只是這些項目在未來幾年將大規模產生的成果的預覽。

Our record-breaking operating cash flow for the first six months of 2025 was primarily driven by collections from both newer and ongoing projects. I should add, however, that we have continued to make good progress in the resolution of certain disputed items that have also had a positive impact on cash generation, with only a modest impact on earnings. We expect the same formula to continue to drive strong cash flow for the remainder of the year.

我們 2025 年前六個月創紀錄的經營現金流主要得益於新項目和正在進行的項目的收款。不過，我要補充的是，我們在解決某些爭議項目方面繼續取得了良好進展，這些爭議項目也對現金產生了積極影響，但對收益的影響不大。我們預計，同樣的模式將在今年剩餘時間內繼續推動強勁的現金流。

As a result of the continued progress we have made on dispute resolutions during the quarter, our costs and estimated earnings in excess of billings, or CIE, is now down to $856 million at the end of the second quarter, which is a reduction of $91 million or 10%. Our CIE is now at the lowest level it has been in eight years.

由於本季我們在爭議解決方面不斷取得進展，我們的成本和超出帳單的預期收益（CIE）在第二季末已降至 8.56 億美元，減少了 9,100 萬美元，降幅為 10%。我們的 CIE 目前處於八年來的最低水準。

Taking a closer look at our record $21.1 billion of backlog mentioned earlier, following the strong first quarter that featured $2 billion in new awards, our volume of bookings increased during the second quarter with an impressive $3.1 billion in new awards. This latest record backlog represents a nearly threefold increase since the end of 2022 and includes record highs in both the Civil and Specialty Contractors segments. This strong foundation gives us tremendous confidence in our ability to deliver the substantial growth, profitability, and cash flow that I just mentioned we are expecting to generate over the coming years.

仔細看看我們之前提到的創紀錄的 211 億美元積壓訂單，繼第一季強勁增長（新增 20 億美元）之後，第二季度我們的預訂量也有所增加，新增訂單量達到了令人印象深刻的 31 億美元。這項最新創紀錄的積壓訂單量自 2022 年底以來增長了近三倍，其中包括土木工程和專業承包商領域的創紀錄高位。這一堅實基礎使我們對我們實現大幅增長、盈利能力和現金流的能力充滿信心，我剛才提到我們預計在未來幾年內將實現大幅增長、盈利能力和現金流。

Not surprisingly, our book-to-burn ratio for the second quarter was an impressive 2.2x.

毫不奇怪，我們第二季的購書量與銷售量之比達到了令人印象深刻的 2.2 倍。

The most significant new awards and contract adjustments in the second quarter included. the $1.87 billion Midtown Bus Terminal Replacement - Phase One project in New York; a $538 million healthcare project in California; two civil works projects in the Midwest, collectively valued at $127 million; $90 million of additional funding for a mass transit project in California; and $54 million of additional funding for another healthcare project in California.

第二季最重要的新獎項和合約調整包括：紐約市 18.7 億美元的中城巴士總站更換項目（第一階段）；加州 5.38 億美元的醫療保健項目；中西部兩個土木工程項目，總價值 1.27 億美元；加州公共運輸項目的 9,000 萬美元額外資金；以及加州另一個醫療保健項目的額外資金。

As we look ahead, we believe that our backlog will remain strong as our bidding pipeline for the Civil and Building segments remains full of opportunities this year and over the next several years, with key near- and medium-term prospects located mostly on the West Coast, in the Midwest, and in the Indo-Pacific region.

展望未來，我們相信，我們的積壓訂單將保持強勁，因為今年和未來幾年我們在土木工程和建築領域的招標渠道仍然充滿機遇，而主要的近期和中期前景主要位於西海岸、中西部和印度太平洋地區。

Among these opportunities are several Building segment projects currently in the pre-construction phase that are expected to advance to the construction phase later this year, including another California healthcare project valued at nearly $1 billion.

這些機會包括目前處於前期建設階段的幾個建築部門項目，預計將於今年稍後進入建設階段，其中包括另一個價值近 10 億美元的加州醫療保健項目。

Some of our major upcoming project opportunities include: the $12 billion Sepulveda Transit Corridor, the $3.8 billion Southeast Gateway line, the $1.2 billion Valley Link Phase 1 rail project, and the $650 million Foothill Gold Line light-rail project -- all of which are in California; and the $1.4 billion I-535 Blatnik Bridge project in Minnesota.

我們即將開展的一些重大項目機會包括：耗資 120 億美元的 Sepulveda 交通走廊、耗資 38 億美元的東南門戶線、耗資 12 億美元的 Valley Link 第一期鐵路項目以及耗資 6.5 億美元的 Foothill Gold Line 輕軌項目——這些項目均位於加利福尼亞州立大學；以及耗資 14 億美元的明尼蘇達州 535 Blatnik 大橋；

As we have discussed previously, there are also significant Indo-Pacific opportunities driven, in large part, by the US Defense Department's Pacific Deterrence Initiative.

正如我們之前所討論的，印度-太平洋地區也存在重大機遇，這在很大程度上是由美國國防部的太平洋威懾計劃所推動的。

Black Construction, our Guam-based subsidiary, has had extraordinary success in capturing various new projects in the region and continues to be well-positioned to win other major projects there over the next several years.

我們位於關島的子公司 Black Construction 在該地區贏得了多個新項目，並取得了非凡的成功，並將繼續在未來幾年內贏得該地區的其他重大項目。

Our record backlog continues to enable us to be highly-selective as to which opportunities we will pursue and to focus on bidding projects that have favorable contractual terms, limited competition, and higher margins.

我們的記錄積壓使我們能夠高度選擇性地追求機會，並專注於具有優惠合約條款、有限競爭和更高利潤的投標項目。

We are committed to pursuing projects where we can showcase Tutor Perini's differentiated approach, depth of operational talent, and history of outstanding project execution.

我們致力於開展能夠展示 Tutor Perini 差異化方法、深度營運人才以及出色專案執行歷史的專案。

As Jorge mentioned at the start of this call, Ron Tutor, in his role as Executive Chairman, continues to help drive the set-up of our newer major projects that we were awarded over the past several quarters. The importance of proper project set-up of these megaprojects cannot be understated as it is the first key step towards the successful execution of this work.

正如 Jorge 在本次電話會議開始時提到的那樣，Ron Tutor 作為執行主席，繼續幫助推動我們在過去幾個季度中獲得的新重大項目的建立。這些大型專案的正確專案設定的重要性怎麼強調也不為過，因為這是成功執行這項工作的第一步。

These projects are in the early stages but are going very well, thus far. Ron is here to help answer any project-specific questions that may come up during Q&A.

這些項目尚處於早期階段，但迄今為止進展非常順利。Ron 會在這裡幫忙解答問答過程中可能出現的任何與專案相關的問題。

As a result of our strong performance to date and greater confidence in what we expect to achieve for the rest of the year, I am pleased to announce that we are increasing our guidance for the second time this year and for just the second time in our history.

由於我們迄今為止的出色表現以及對今年剩餘時間預期實現目標的更大信心，我很高興地宣布，我們今年第二次提高業績指引，這也是我們歷史上第二次提高業績指引。

Our GAAP EPS for 2025 is now expected to be in the range of $1.70 to $2, up from the previous guidance of $1.60 to $1.95. Adjusted EPS for 2025 is expected in the range of $3.65 to $3.95, which compares to $2.45 to $2.80, the range we would have provided last quarter had we provided non-GAAP EPS guidance.

我們目前預計2025年GAAP每股盈餘將介於1.70美元至2美元之間，高於先前1.60美元至1.95美元的指引。 2025年調整後每股盈餘預計在3.65美元至3.95美元之間，而上季我們公佈的非GAAP每股盈餘指引則為2.45美元至2.80美元。

Importantly, our increased guidance continues to factor in a significant amount of contingency for various remaining unknown or unexpected outcomes and developments in 2025, including the potential for slower ramp-ups on our newer projects, project delays for existing and prospective work, lower-than-expected win rates for future bids, higher-than-currently-anticipated share-based compensation expense, and settlements or adverse legal decisions associated with the resolution of disputes.

重要的是，我們上調的指引繼續將 2025 年各種剩餘未知或意外結果和發展的大量應急因素考慮在內，包括新項目啟動速度可能放緩、現有和未來工作的項目延遲、未來投標的中標率低於預期、基於股票的薪酬費用高於目前預期，以及與解決爭議相關的和解或不利的法律決定。

Moreover, the outlook for Tutor Perini remains very bright beyond 2025. We anticipate that both our GAAP EPS and adjusted EPS in 2026 and 2027 will be significantly higher than the upper end of our increased guidance for 2025. We continue to expect strong operating cash flow for 2025 and beyond.

此外，Tutor Perini 在 2025 年以後的前景仍然非常光明。我們預計，2026 年和 2027 年的 GAAP EPS 和調整後 EPS 都將顯著高於我們對 2025 年上調的預期上限。我們繼續預期 2025 年及以後的營運現金流將強勁。

To reiterate, while we expect share-based compensation expense to be higher than previously anticipated for the full year of 2025, it is projected to decrease considerably in 2026 and further in 2027, once certain wards have vested.

需要重申的是，雖然我們預計 2025 年全年的股權激勵費用將高於先前的預期，但預計 2026 年該費用將大幅下降，2027 年（某些股權歸屬後）將進一步下降。

Finally, let me provide a quick update with respect to the broader macro environment. As we mentioned last quarter, we do not currently anticipate that tariffs will have a significant impact on our business. We also do not currently foresee the risk of any of our major projects and backlog being canceled, delayed, or defunded, including our work on the first phase of the California high-speed rail project. In recent discussions with this customer regarding the Federal government's decision to reduce funding on the overall program, the customer confirmed that our project is funded and authorized and is not expected to be adversely impacted.

最後，讓我簡單介紹一下更廣泛的宏觀環境。正如我們上個季度提到的，我們目前預計關稅不會對我們的業務產生重大影響。我們目前也沒有預見到任何重大項目和積壓項目被取消、推遲或資金不足的風險，包括我們在加州高速鐵路項目第一階段的工作。在最近與該客戶討論聯邦政府決定減少整個專案資金時，客戶確認我們的專案已獲得資金和授權，預計不會受到不利影響。

Thank you. With that, I will turn the call over to Ryan to discuss the details of our first-quarter results.

謝謝。說完這些，我會把電話轉給瑞安，討論我們第一季業績的細節。

Thanks, Gary. Good afternoon, everyone.

謝謝，加里。大家下午好。

I'll start off by discussing our results for the second quarter; after which, I will provide some commentary on our balance sheet and our updated 2025 guidance assumptions.

我將首先討論我們第二季的業績；之後，我將對我們的資產負債表和更新後的 2025 年指導假設提供一些評論。

Revenue for the second quarter of 2025 was $1.37 billion, up 22% compared to $1.13 billion for the second quarter of 2024. Civil segment revenue was $734 million, up 34% compared to $546 million last year. Building segment revenue was $462 million, up 11% compared to $418 million last year. And Specialty Contractors segment revenue was $177 million, up 9% compared to $163 million last year. Our revenue growth was driven by increased project execution activities on various newer, higher-margin projects that all have substantial scope of work remaining. These projects included the Brooklyn Jail; the Honolulu Rail project; the Manhattan Tunnel; the Newark AirTrain replacement; and the Purple Line, Section 3 stations project in California.

2025 年第二季的營收為 13.7 億美元，較 2024 年第二季的 11.3 億美元成長 22%。民間部門營收為 7.34 億美元，較去年的 5.46 億美元成長 34%。建築部門營收為 4.62 億美元，較去年的 4.18 億美元成長 11%。專業承包商部門營收為 1.77 億美元，較去年的 1.63 億美元成長 9%。我們的收入成長得益於各種較新、利潤率較高的專案的專案執行活動的增加，這些專案都還有大量剩餘的工作範圍。這些項目包括布魯克林監獄、檀香山鐵路項目、曼哈頓隧道、紐瓦克機場快線替代項目以及加州紫線第 3 區車站項目。

Civil segment income from construction operations was $140 million in the second quarter of 2025, up 85% compared to $76 million for the second quarter last year, with the increase driven by contributions related to the strong revenue growth I mentioned for the segment, as well as favorable adjustments totaling $28 million due to the settlement of certain change orders and changes in estimates due to improved performance on a mass transit project in the Midwest.

2025 年第二季度，土木工程部門來自建築業務的收入為 1.4 億美元，與去年第二季度的 7600 萬美元相比增長了 85%，這一增長得益於我提到的該部門強勁收入增長相關的貢獻，以及由於某些變更單的解決和由於中西部公共交通項目績效提高導致的估算變化而產生的總計 2800 萬美元的有利調整。

Building segment income from construction operations was $22 million in the second quarter of 2025 compared to $5 million last year, with the increase primarily due to contributions related to the increased project execution activities I mentioned.

2025 年第二季度，建築部門來自建築運營的收入為 2200 萬美元，而去年為 500 萬美元，增長主要歸因於我提到的增加的項目執行活動相關的貢獻。

The Specialty Contractors segment posted a loss of $18 million for the second quarter of 2025 compared to a loss of $8 million last year. The increased loss was primarily due to unfavorable adjustments this quarter that totaled about $15 million related to the settlement of certain legacy claims in the Northeast, partially offset by contributions associated with the revenue growth for the segment.

專業承包商部門 2025 年第二季虧損 1,800 萬美元，去年同期虧損 800 萬美元。虧損增加主要是由於本季度與東北地區某些遺留索賠的解決有關的不利調整，總額約為 1500 萬美元，但該部門收入增長帶來的貢獻部分抵消了這一影響。

We anticipate improved operating income over the rest of this year and next year for the Specialty segment, as our revenue is expected to increase due to their involvement in several of our newer, large projects that are ramping up, which will help to cover the segment's G&A cost.

我們預計今年剩餘時間和明年專業部門的營業收入將會提高，因為我們的收入預計會因他們參與我們正在加緊的幾個較新的大型項目而增加，這將有助於支付該部門的一般及行政費用。

Segment operating margins for the second quarter of 2025 are strong for the Civil and Building segments at 19.1% and 4.9%, respectively. Other income was $6 million, at level with other income reported in the second quarter, last year.

2025 年第二季土木工程和建築工程部門的營業利潤率強勁，分別為 19.1% 和 4.9%。其他收入為 600 萬美元，與去年第二季報告的其他收入持平。

Interest expense was $14 million, down 41% compared to $23 million for the same period last year because of our substantial debt reduction since last year.

利息支出為 1,400 萬美元，與去年同期的 2,300 萬美元相比下降了 41%，這是由於我們自去年以來大幅減少了債務。

Income tax expense for the second quarter of 2025 was $22 million, with a corresponding effective tax rate of 31.8% compared to $7 million for the same period last year, with a corresponding effective tax rate of 31.3%. We had to (inaudible) our tax provision this quarter and our new projected effective tax rate for 2025 is now higher than previously anticipated, all due to the significant increase in shared-based compensation expense that Gary mentioned and the fact that nearly all the higher expense is non-deductible.

2025年第二季的所得稅費用為2,200萬美元，相應的有效稅率為31.8%，而去年同期的所得稅費用為700萬美元，相應的有效稅率為31.3%。我們本季必須（聽不清楚）繳稅，而我們 2025 年的新預計有效稅率現在高於先前的預期，這都是因為 Gary 提到的共享薪資費用大幅增加，而且幾乎所有更高的費用都是不可扣除的。

On a GAAP basis, net income attributable to Tutor Perini for the second quarter of 2025 was $20 million or $0.38 of earnings per share, up substantially compared to $1 million or $0.02 of earnings per share for last year's second quarter. For the first six months of 2025, net income attributable to Tutor Perini was $48 million or $0.90 of earnings per share, also up substantially compared to $17 million or $0.31 of earnings per share for the same period last year.

根據 GAAP 計算，2025 年第二季歸屬於 Tutor Perini 的淨收入為 2,000 萬美元或每股收益 0.38 美元，較去年第二季的 100 萬美元或每股收益 0.02 美元大幅成長。2025 年前六個月，Tutor Perini 的淨收入為 4,800 萬美元或每股收益 0.90 美元，與去年同期的 1,700 萬美元或每股收益 0.31 美元相比也大幅成長。

Our second-quarter GAAP EPS was ahead of our expectations, even with the impact of the significantly higher-than-anticipated share-based compensation expense.

儘管受到遠高於預期的股權激勵費用的影響，我們的第二季 GAAP EPS 仍超出了我們的預期。

Adjusted net income attributable to Tutor Perini -- which, again, excludes the impact of share-based compensation expense net of the related tax benefit -- was $75 million or $1.41 of adjusted earnings per share for the second quarter of 2025, up very meaningfully compared to $18 million or $0.34 of adjusted earnings per share for last year's second quarter.

2025 年第二季度，歸屬於 Tutor Perini 的調整後淨收入（同樣不包括扣除相關稅收優惠後的股權激勵費用的影響）為 7500 萬美元，即調整後每股收益 1.41 美元，與去年第二季度的 1800 萬美元或調整後每股收益 0.34 美元相比有顯著增長。

For the first six months of 2025, adjusted net income attributed to Tutor Perini was $110 million or $2.06 of adjusted earnings per share, also up substantially compared to $39 million or $0.73 of adjusted earnings per share for the same period, last year.

2025 年前六個月，Tutor Perini 的調整後淨收入為 1.1 億美元，即調整後每股收益 2.06 美元，與去年同期的 3,900 萬美元或調整後每股收益 0.73 美元相比也大幅增長。

As Gary mentioned, our operating cash flow for the second quarter and first six months of 2025 was stellar at $262 million and $285 million, respectively, with both results setting new records for the periods. We expect that our operating cash flow will continue to be strong in 2025, as well as over the next several years, driven largely by organic cash collections that is from new and existing projects and occasionally enhanced by collections associated with dispute resolutions.

正如加里所提到的，我們 2025 年第二季和前六個月的經營現金流分別為 2.62 億美元和 2.85 億美元，均創下了同期的新紀錄。我們預計，我們的營運現金流在 2025 年以及未來幾年將繼續保持強勁，這主要得益於來自新項目和現有項目的有機現金回款，偶爾也會受到與爭議解決相關的回款的推動。

Now, I will address the balance sheet. Our total debt as of June 30, 2025, was $419 million, down 21% compared to $534 million at the end of 2024. But perhaps more impressive is that due our record operating cash flow in the second quarter, for the first time since 2010, our cash exceeded our total debt. As of June 30, 2025, our cash was $526 million or $107 million greater than total debt.

現在，我將討論資產負債表。截至 2025 年 6 月 30 日，我們的總債務為 4.19 億美元，與 2024 年底的 5.34 億美元相比下降了 21%。但也許更令人印象深刻的是，由於我們第二季創紀錄的營運現金流，自 2010 年以來，我們的現金首次超過了總債務。截至 2025 年 6 月 30 日，我們的現金為 5.26 億美元，比總債務多 1.07 億美元。

As Gary noted, our CIE was $856 million at the end of the second quarter, down $91 million or 10% compared to the balance at the end of the first quarter of 2025. It stands at its lowest level it has been since the second quarter of 2017. The CIE decrease was mostly due to billing and collections activity and to a much lesser extent from charges related to litigation and settlement on older disputes.

正如加里所指出的，我們的 CIE 在第二季末為 8.56 億美元，與 2025 年第一季末的餘額相比下降了 9,100 萬美元，降幅為 10%。該數字處於2017年第二季以來的最低水準。CIE 的減少主要是由於計費和收款活動，其次是與訴訟和舊糾紛和解相關的費用。

Finally, let me provide you with our latest updated assumptions regarding our increased earnings guidance. G&A expense for 2025 is now expected to be between $360 million and $380 million, with the increase from our previous assumption due entirely to increased share-based compensation expense. Depreciation and the amortization expense is still anticipated to be approximately $55 million in 2025, with depreciation at $53 million and amortization at $2 million.

最後，讓我向您提供關於我們增加獲利預期的最新更新假設。目前預計 2025 年的 G&A 費用將在 3.6 億美元至 3.8 億美元之間，這一數字高於我們先前的假設，完全是由於股權激勵費用的增加。預計 2025 年的折舊和攤提費用仍約為 5,500 萬美元，其中折舊為 5,300 萬美元，攤提為 200 萬美元。

Interest expense for 2025 is still expected to be approximately $55 million; of which, about $5 million will be non-cash. This is $34 million or 38% lower than our interest expense of $89 million in 2024.

2025 年的利息支出預計仍約為 5,500 萬美元；其中約 500 萬美元為非現金支出。這比我們 2024 年的 8,900 萬美元利息支出低 3,400 萬美元，即 38%。

Our effective income tax rate for 2025 is now expected to be approximately 26% to 28%, higher than previously anticipated due to the increase in share-based compensation expense, nearly all of which is non-deductible.

我們預計 2025 年的有效所得稅率約為 26% 至 28%，高於先前的預期，因為股權激勵費用增加，而且幾乎所有費用都是不可扣除的。

We now anticipate non-controlling interest to be between $75 million and $85 million, significantly higher than last year due to increased contributions from certain joint ventures. We still expect approximately 53 million weighted average diluted shares outstanding for 2025. Capital expenditures are still anticipated to be approximately $140 million to $150 million, with the vast majority of the CapEx in 2025 now estimated at approximately $120 million to $130 million to be owner-funded for large equipment items on certain large new projects, such as tunnel boring machines.

我們現在預計非控制權益將在 7,500 萬美元至 8,500 萬美元之間，由於某些合資企業的貢獻增加，這一數字將比去年大幅增加。我們仍預期 2025 年的加權平均稀釋流通股數約為 5,300 萬股。預計資本支出仍約為 1.4 億至 1.5 億美元，其中 2025 年絕大部分資本支出目前估計約為 1.2 億至 1.3 億美元，將由業主出資用於某些大型新項目的大型設備，例如隧道掘進機。

Thank you. With that, I'll turn the call back over to Gary.

謝謝。說完這些，我就把電話轉回給加里。

Thank you, Ryan.

謝謝你，瑞安。

To briefly recap, we delivered extraordinary results for the second quarter that, once again, exceeded our expectations, with record operating cash flow; and continued strong revenue, operating income, and earnings growth; and with backlog that has doubled year over year to a new all-time record of $21.1 billion. This record backlog should enable us to generate double-digit revenue growth and strong earnings for the foreseeable future, while also serving as a catalyst for continued strong cash flow, as the newer projects progress through design and into construction.

簡單回顧一下，我們在第二季度取得了非凡的業績，再次超出了我們的預期，創下了營業現金流的新高；並且繼續保持強勁的收入、營業收入和盈利增長；積壓訂單同比增長了一倍，達到 211 億美元的歷史新高。這項創紀錄的積壓訂單將使我們能夠在可預見的未來實現兩位數的收入增長和強勁的盈利，同時隨著新項目從設計到施工的進展，也將成為持續強勁現金流的催化劑。

Our outstanding performance to date, combined with our greater confidence in how the second half of this year should conclude, has enabled us to increase our 2025 EPS guidance for the second time this year, while still maintaining what we believe is an appropriate level of contingency for unknown or unanticipated developments. More specifically, we are raising the midpoint of our 2025 adjusted EPS guidance by a staggering $1.17 or 45% with the latest increase.

我們迄今為止的出色表現，加上我們對今年下半年結果的更大信心，使我們能夠今年第二次提高 2025 年每股收益預期，同時仍然保持我們認為對未知或意外發展適當的應急水平。更具體地說，我們將 2025 年調整後每股盈餘預期的中點提高了驚人的 1.17 美元或 45%。

Our strong results, so far, this year reflect the impact of contributions from higher-margin Civil and Building projects, many of which are still in the early stages but are ramping up.

今年迄今為止，我們強勁的業績反映了利潤率較高的土木工程和建築項目的貢獻，其中許多項目仍處於早期階段，但正在加速發展。

Last quarter, I concluded in my earnings call commentary on May 7 by stating that "there has never been a better time to be a Tutor Perini shareholder, as we believe we are at the dawn of a new era for the company."

上個季度，我在 5 月 7 日的收益電話會議評論中總結道，“現在是成為 Tutor Perini 股東的最佳時機，因為我們相信我們正處於公司新時代的黎明。”

With the stock price doubling since then, combined with our outstanding second-quarter results that we are reporting today, I think it is easy to see why I was so optimistic then. With what we continue to see on the horizon for this year and beyond, I still believe that statement to be true and there remains tremendous opportunity ahead for further substantial shareholder value creation.

隨著股價從那時起翻了一番，再加上我們今天報告的出色的第二季度業績，我想很容易看出為什麼我當時如此樂觀。從我們今年及以後的展望來看，我仍然相信這一說法是正確的，並且未來仍有巨大的機會進一步創造股東價值。

Thank you. With that, I will turn the call over to the operator for your questions.

謝謝。說完這些，我將把電話轉給接線員來回答您的問題。

Thank you. We will now be conducting a question-and-answer session.

謝謝。我們現在將進行問答環節。

(Operator Instructions)

（操作員指示）

Michael Dudas, Vertical Research.

邁克爾·杜達斯，垂直研究。

Good afternoon, gentlemen.

先生們，下午好。

Kudos to the operating team, terrific results. It goes without saying. You summarized it very well.

向營運團隊致敬，取得了出色的成果。不言而喻。你總結得很好。

This quarter, maybe as we look through 2025, any major project close-outs that you will be experiencing? On top of that, how do you think about percentage of your win expectation rate on the new business that you listed some of the larger projects that may get announced here in the next several weeks or several quarters? Do you have an expectation on a percentage or probability weighted and how that will continue to help offset some of the close-outs that we may see in the next six to nine months?

本季度，也許當我們展望 2025 年時，您將經歷任何重大專案結束嗎？除此之外，您如何看待新業務的成功預期率百分比？您列出了一些可能在未來幾週或幾個季度內宣布的較大項目？您對百分比或機率加權有何預期？這將如何繼續幫助抵消我們在未來六到九個月內可能看到的一些清算？

Yeah, Mike. Thanks. I'll take the first part and then, let Ron help out also.

是的，麥克。謝謝。我先負責第一部分，然後讓羅恩也幫忙。

Look, it's not really about projects wrapping up for us, at this point. It's about projects starting up, ramping up, and generating even more revenue and profit and cash than what they've done, so far. So we don't see in the next quarter or so or any short-term period of time anything of significance winding down.

瞧，目前這對我們來說其實並不是關於專案結束的問題。這是關於專案的啟動、升級，以及比迄今為止所做的產生更多的收入、利潤和現金。因此，我們認為在下一季左右或任何短期內都不會出現任何重大的衰退。

On the proposal front, Ron -- with the prospects that we have out there, we feel good about our chances -- anything else you want to add to that?

關於提案方面，羅恩——考慮到我們所擁有的前景，我們對自己的機會充滿信心——您還有什麼要補充的嗎？

Yeah. There's only two jobs of any consequence that are in the final stages. Those would be defined as finishing the end of next year. So any reduction in revenue on those two jobs as they work toward their completion is more than offset by the tremendous ramping up of all of these new jobs, where they will continue to explode, revenue-wise, this year, next year, and the following year.

是的。只有兩項重要的工作處於最後階段。這些將被定義為明年年底完成。因此，在這兩項工作即​​將完成的過程中，任何收入的減少都將被所有這些新工作的大幅增加所抵消，從收入方面來看，今年、明年和後年，這些新工作的收入將繼續激增。

You will see dramatic revenue increases from all these major new jobs hitting us in the next quarters and continuing.

您將看到，在接下來的幾個季度中，所有這些重要的新工作都將為我們帶來大幅的收入成長，並且這種成長將持續下去。

Mike, to your question on the prospects, look, we feel really good about all the prospects. We're not going to get them all -- these major ones -- but we know that we're one of a few bidding for them. And so we expect to land one or two of them. That should help as they ramp up. As they materialize, they will replace the work that Ron just mentioned that we're winding down next year at the end of '26 and early in '27.

麥克，關於你提出的前景問題，看，我們對所有前景都感到非常滿意。我們不會全部獲得這些重要的項目，但我們知道我們是少數幾個競標者之一。因此，我們希望能夠獲得其中的一到兩枚。這應該會對他們的發展有所幫助。當它們實現時，它們將取代羅恩剛才提到的我們將在明年（26 年底和 27 年初）結束的工作。

Gary, you mentioned in your prepared remarks that even the first-half results are better than you anticipated. Maybe you can assess how that occurred or what was some of the drivers of that, relative to the plan; and how the execution certainly came through this first half?

加里，您在準備好的發言中提到，甚至上半年的業績也比您預期的要好。也許您可以評估一下這是如何發生的，或者相對於計劃而言，有哪些驅動因素導致了這種情況發生；以及上半年的執行情況如何？

Yeah. I think there are a couple of things. One, the project execution -- the ramp-up of some of these projects was a little quicker than we anticipated. We factored in some contingency or some expectation that things would not go as brilliantly, let's say, as they did. So that certainly was a factor.

是的。我認為有幾件事。首先，專案執行－其中一些專案的進度比我們預期的要快一些。我們考慮到了一些意外情況或預期，即事情不會像實際那樣順利進行。所以這肯定是一個因素。

We also had a real good quarter, as we talked about in the prepared remarks, of reducing CIE, cost in excess of billings. That came down further than what we thought -- than what we anticipated for the first quarter, anyway.

正如我們在準備好的發言中談到的，我們也度過了一個非常好的季度，減少了 CIE，即超出帳單的成本。無論如何，這比我們想像的要低得多——比我們對第一季的預期要低得多。

We also benefited by the fact that there were a lot fewer write-downs than what we had seen, recently. We had put contingency in for that possibility. We did not have to use much contingency there.

我們也受益於這樣一個事實：最近減記的數量比我們看到的少得多。我們已經為這種可能性做好了應急準備。我們沒有必要採取太多應急措施。

And then, overall, work in some of the units -- some of the smaller work came in, we'll say, more timely than what we anticipated. And so that also helped.

然後，總體而言，一些單位的工作——一些較小的工作，我們會說，比我們預期的更及時。這也有幫助。

I'll just say that we have contingency that we have for the year, we don't disclose, of course, what that is. But for half of the year, we've used about a third of the contingency. So I think that even with these outstanding results, we didn't use the contingency that we had anticipated that we would use for the first six months.

我只想說，我們今年有應急計劃，當然，我們不會透露具體是什麼。但半年來，我們已經使用了大約三分之一的應急資金。因此我認為，即使取得了這些出色的成績，我們也沒有使用我們預期在前六個月會使用的應急措施。

That's what I said, Gary. My final question, maybe for Ryan. Obviously, the cash flow is going to continue quite strong next couple of quarters and into next year. (inaudible) track earnings, any adjustments that you can see there?

這就是我所說的，加里。我的最後一個問題可能是問瑞安的問題。顯然，未來幾個季度以及明年，現金流將繼續保持強勁。 （聽不清楚）追蹤收益，您能看到任何調整嗎？

And then, Gary, certainly, where does the Board stand on figuring out what to do all the benefits that your company is generating here, especially as you bring this cash into the company?

那麼，加里，當然，董事會對於如何利用貴公司在這裡產生的所有利益，特別是當您將這些現金帶入公司時，持什麼立場？

Yeah. I think in previous calls, we stated that we expected cash to be closer to somewhere between what we produce in 2022 and 2023. Roughly, $200 million to $300 million of operating cash.

是的。我認為在先前的電話會議中，我們曾表示，我們預計現金水準將更接近 2022 年和 2023 年的產量。大約有 2 億至 3 億美元的營運現金。

Obviously, as we sit here at $285 million of operating cash year to date, we're looking certainly north of that. Maybe, on the lower end, approximately $350 million of operating cash; and then at the higher end, approaching what we achieved last year, around $500 million.

顯然，由於我們今年迄今為止的營運現金為 2.85 億美元，我們肯定會瞄準這個數字的北部。或許，最低的營運現金約為 3.5 億美元；最高的營運現金則接近我們去年的水平，約 5 億美元。

Yeah. Somewhere in that range.

是的。在那個範圍內的某個地方。

And then, your question about -- what was your last question, sorry?

然後，您的問題是關於——抱歉，您的最後一個問題是什麼？

The Board and figuring out an allocation policy.

董事會正在製定分配政策。

Yeah. Look, we continue to talk to the Board. We will next week, when we reconvene with them. There's still, of course, a lot of alternatives out there for us.

是的。瞧，我們繼續與董事會交談。下週我們將與他們再次會面。當然，我們還有很多其他選擇。

One thing I will say, we are going to be fiscally conservative in this. We want to accumulate more cash. We're not quite ready to go down a path. We're still looking at all options. We will do something someday but that day is not quite upon us. So we ask for everyone's continued patience in that.

我想說的是，我們在這方面將採取財政保守的態度。我們想累積更多的現金。我們還沒準備好走這條路。我們仍在考慮所有選擇。我們終有一天會做一些事情，但那一天還沒到來。因此，我們請求大家繼續保持耐心。

Everyone has been patient for a long time to see the results that we've generated. We want to stock away some more cash, again, to be fiscally conservative than just start paying a dividend, let's say, or something.

每個人都耐心等待了很長時間才看到我們所取得的成果。我們希望儲存更多的現金，再次強調，為了財政保守，而不是只是開始支付股息，或其他什麼。

We also recognize that we need cash for working capital. We're growing the business at a very significant clip. So that adds to the reason for our conservatism in coming up with some type of capital-allocation decision.

我們也認識到我們需要現金作為營運資金。我們的業務正在以非常顯著的速度成長。因此，這增加了我們在製定某種資本配置決策時採取保守態度的理由。

Well, patience has been rewarded in 2025, Gary. Thanks for your time. I appreciate it.

好吧，加里，耐心將在 2025 年得到回報。感謝您的時間。我很感激。

Thank you, Mike.

謝謝你，麥克。

Adam Thalhimer, Thompson Davis.

亞當·塔爾希默、湯普森·戴維斯。

Hey. Good afternoon, guys. Congrats on all the success here.

嘿。大家下午好。恭喜您所取得的一切成功。

Thanks, Adam.

謝謝，亞當。

Can you comment just on the project funnel and the project outlook? I'm just curious -- you're obviously being more selective than you've been in the past but do you still see a good flow of projects that meet your criteria?

您能就專案漏斗和專案前景發表評論嗎？我只是好奇——您顯然比過去更加挑剔，但您是否仍然看到大量符合您標準的項目？

Yeah. We do, Adam. Look, obviously, we can be even more selective than we have been in the past. There aren't as many of these huge projects out there to bid because we ended up getting a lion's share of those projects.

是的。是的，亞當。看，顯然，我們可以比過去更有選擇性。由於我們最終獲得了其中大部分項目，因此可供競標的大型項目並不多。

But where we're seeing projects now, we see some larger projects materializing in .A. We see in the Indo-Pacific region. We see some opportunities in the Midwest. So there are significant opportunities out there.

但我們現在看到的項目，我們看到一些更大的項目正在實現.A. 我們在印度太平洋地區看到了。我們在中西部看到了一些機會。因此，這裡存在著重大機會。

We'll be selective. We will look for those projects that geographically make the most sense for us and where we can get higher margins with less competition. There are opportunities out there. We just don't feel the need to, we'll say, be aggressive with price, as we have not seen that need in the last couple of years.

我們會有所選擇。我們將尋找那些對我們來說地理位置最合理、能夠以較少競爭獲得更高利潤的項目。那裡有很多機會。我們只是覺得沒有必要在價格上採取激進的措施，因為過去幾年我們並沒有看到這種需要。

Great. And then, Ryan, I was hoping you could expand on -- you gave some color on your expectations for Specialty, going forward, I was hoping you could just put a little more meat on the bone in terms of the revenue and the margins there?

偉大的。然後，瑞安，我希望您能詳細說明一下——您對 Specialty 未來的期望，我希望您能就收入和利潤率方面再多說一點？

Yeah. As we look through to the second half of the year, ultimately, the expectation is for Specialty to end up around breakeven or even north of breakeven as they start to execute on some of the newer work that they that they're performing on, which is a lot of that work; in particular, the Northeast is on Tutor Perini projects. So we have some good insights into those projects.

是的。展望下半年，我們最終預期 Specialty 將實現收支平衡，甚至超過收支平衡，因為他們開始執行一些他們正在進行的新工作，其中許多工作；特別是東北地區的 Tutor Perini 專案。因此我們對這些項目有一些很好的見解。

As they expand and ramp up production, looking forward into 2026 and beyond, obviously, we're looking at some growth that comes along with those larger projects that they're operating on and certainly expect the margins to continue to enhance.

隨著他們的擴張和產量的提高，展望 2026 年及以後，顯然，我們看到他們正在運營的那些大型項目帶來的一些增長，並且肯定預計利潤率將繼續提高。

I think, ultimately, the expectation, once some of these legacy disputes are behind us, is for Specialty to get up into that 5% to 8% margin range.

我認為，最終，一旦這些遺留糾紛得到解決，我們的預期是特種產品的利潤率將達到 5% 到 8% 的範圍。

Great. I'll turn it over. Thanks, guys.

偉大的。我把它翻過來。謝謝大家。

Thank you, Adam.

謝謝你，亞當。

Steven Fisher, UBS.

瑞銀的史蒂文·費雪。

Congrats on the continued good progress.

恭喜您繼續取得良好進展。

Just wanted to come back to the change in guidance, again. It sounds like it's a combination of less contingency needs and maybe, things were ramping up a little bit faster. Are there any other things that you can call out that bridge the guidance to the extent that you can talk about whether it's in Civil, whether it's in Building. Is it the work that you've now put in the backlog in Q2 that might already have some impact in the second half?

我只是想再次回顧指導方針的變化。這聽起來像是應急需求減少和事情進展得更快一些的結合。您是否可以指出其他任何可以銜接指導的內容，以便您可以談論它是否適用於土木工程，是否適用於建築工程。您現在在第二季積壓的工作是否可能對下半年產生一些影響？

Just any of the other factors that drove the change here in the guidance.

這只是指導中推動變化的任何其他因素。

Yeah. Certainly, as we look ahead, Civil is going to continue to drive the company's results. It always has and it always will. But Building is going to contribute quite healthily to the results, as well, because, obviously, we have one of the two large sales really blown and going now; and the other one will soon, in a year or so.

是的。當然，展望未來，Civil 將繼續推動公司的業績。它一直存在並且永遠存在。但是建築業務也將對業績做出相當健康的貢獻，因為顯然，我們的兩筆大額銷售中的一筆現在已經非常成功，並且正在進行中；而另一筆也將在大約一年後很快完成。

So in the results to date, I mentioned we had good progress in some settlements without any significant impact on the results on earnings. In one, in particular, we had a really healthy project that was very successful for us. We advanced some settlement discussions and that came really close to completion. We were able to continue to see some reserves on that project.

因此，在迄今為止的結果中，我提到我們在一些和解方面取得了良好進展，而對收益結果沒有任何重大影響。特別是在其中一個項目中，我們有一個非常健康的項目，對我們來說非常成功。我們推進了一些和解談判，並且已經接近完成。我們能夠繼續看到該項目的一些儲備。

We don't have anything large in the back half of the year but the adjusted EPS guidance was really -- as we mentioned in the prepared remarks, it all comes around the uncertainty with executive comp, the liability-based executive comp awards -- that has created volatility. When we eliminate that with the adjusted EPS, the contingency that we have remaining is, we think, very healthy and very sufficient to accomplish the guidance that we're coming out with today.

我們在下半年沒有任何重大舉措，但調整後的每股盈餘指引確實——正如我們在準備好的評論中提到的那樣，這一切都源於高階主管薪酬的不確定性，即基於負債的高階主管薪酬獎勵——這造成了波動。當我們透過調整後的每股盈餘消除這一因素時，我們認為，我們剩下的應急資金非常健康，足以實現我們今天發布的指導。

Hopefully, that addressed your question.

希望這能解答您的問題。

Yeah. That's helpful. I'm wondering, as we think about the modeling out of the Civil segment for the second half of the year, are the margins that you embed in there now higher than what you had previously, for the second half specifically?

是的。這很有幫助。我想知道，當我們考慮下半年民用工程部門的建模時，您現在嵌入的利潤率是否比以前的利潤率更高，特別是下半年的利潤率？

Yeah. I would say they probably have ticked up 1 point higher. It depends, geographically.

是的。我想說他們可能已經上升了 1 個百分點。從地理位置上看，這取決於情況。

That's why we always quote a range. But we're probably up to 15% now for Civil segment margin, where years ago, we were 8% to 10%, then we were 10% to 12%, and recently, we've signaled 12% to 14%. I'd say 12% to 15% is probably a good range for Civil margins.

這就是我們總是引用一個範圍的原因。但我們現在民用部門的利潤率可能已經達到 15%，幾年前是 8% 到 10%，然後是 10% 到 12%，最近我們表示要達到 12% 到 14%。我認為 12% 到 15% 可能是民用產品利潤率的一個好範圍。

We'd like to expand on that further. But in the short term, it looks like 12% to 15% probably is the best range.

我們想進一步闡述這一點。但從短期來看，12%到15%可能是最佳範圍。

Okay. That's helpful. And then, you mentioned that you don't expect any real impact from the tariffs. I'm just thinking that the tariffs really haven't hit construction costs yet, from what I can tell in chatting with folks in the industry.

好的。這很有幫助。然後，您提到您預計關稅不會產生任何實際影響。我只是認為，從我與業內人士的交談中了解到的情況來看，關稅實際上還沒有影響建築成本。

And so I'm wondering what happens if it's by the end of this year and as we get into next year, if we really start to see costs picking up a little bit, how much wiggle room is there and contingency in your backlog to account for a few higher percentage points of overall construction costs?

所以我想知道，如果到今年年底，當我們進入明年時，如果我們真的開始看到成本略有上升，那麼你們的積壓訂單中有多少迴旋餘地和應急資金可以占到整體建築成本的幾個百分點？

Yeah. Let me explain.

是的。讓我解釋一下。

First of all, when we were talking about tariffs not have an impact, we're not just talking about up to now. We're talking about looking forward, as well. For each of our major projects, what we did, we renewed or revisited an analysis that we had done last quarter and we looked at every one of these major projects to see any possible exposure that we might have for tariffs.

首先，當我們談論關稅不會產生影響時，我們談論的不僅僅是到目前為止的情況。我們也在談論展望未來。對於我們的每一個重大項目，我們所做的就是更新或重新審視我們上個季度所做的分析，並研究每一個重大項目，以了解我們可能面臨的關稅風險。

I can tell you that it was even less exposure than what we had seen last quarter. We've done a very good job in these projects -- what we call buying out the materials and also subs -- such that the risk is just not there because now we pass the risk on to, let's say, vendors where we've locked in steel prices for various projects or other pricing.

我可以告訴你，它的曝光度甚至比我們上個季度看到的還要低。我們在這些專案中做得非常好——我們稱之為買斷材料和分包商——這樣風險就不存在了，因為現在我們將風險轉移給了供應商，我們已經鎖定了各種專案的鋼材價格或其他定價。

So we will not have an issue with the current projects that we have in backlog. We're absolutely confident of that.

因此，我們目前積壓的項目不會出現問題。我們對此絕對有信心。

As we look ahead with future projects, then we'll, of course, bid at the higher rates. And then, we'll do our best to mitigate that risk, primarily through buy-out and then, also through contingency. We just don't foresee that being the impact.

當我們展望未來的項目時，我們當然會以更高的價格競標。然後，我們將盡力降低這種風險，主要透過收購，然後也透過應急措施。我們只是沒有預見到這會產生影響。

So yes, the impact on the pricing is like what you said, it has not materialized, at least not in a significant way. But when it does, we're protected or we will be protected.

所以是的，對定價的影響就像你所說的那樣，它還沒有實現，至少沒有顯著地實現。但當它發生時，我們就會受到保護，或者說我們會受到保護。

Perfect. I'll leave it there. Thank you.

完美的。我就把它留在那裡。謝謝。

Yeah. Thank you.

是的。謝謝。

Liam Burke, B. Riley Securities.

Liam Burke，B. Riley 證券。

In earlier discussions, you talked about your larger projects. You've worked yourself into a significant competitive advantage, in terms of your bidding. But are you seeing less comp competitive bidding on the bidding front?

在之前的討論中，您談到了更大的項目。就競標而言，您已經為自己贏得了顯著的競爭優勢。但是，您是否發現投標方面的競爭性投標減少了？

What do you mean by less competitive bidding?

競爭性投標較少是什麼意思？

Are you seeing fewer competitors looking to bid against you on larger projects?

您是否發現在大型專案中與您競標的競爭對手越來越少？

Well, I've talked about that for the last two, three years. We have never seen more than one other bidder in the last two years.

嗯，過去兩三年來我一直在談論這個問題。在過去的兩年裡，我們從未見過超過一個的競標者。

On two occasions, we were the only bidder. So yeah, nothing's changed. The competition is minimal.

有兩次，我們都是唯一的競標者。是的，什麼都沒有改變。競爭很小。

Fair enough. And there seems to be a little more support from the Department of Transportation on transit investment. Are you seeing any of that now? Or are you just working on the funded projects?

很公平。交通部似乎對交通投資給予了更多的支持。你現在看到這些了嗎？還是您只是在從事受資助的專案？

Well, all of our work is funded -- and a great deal of which -- by the FDA and the Federal administration.

嗯，我們的所有工作都由 FDA 和聯邦政府資助，其中很大一部分資金來自 FDA 和聯邦政府。

Our AirTrain is a typical transit-funded project. There's more and more money going into transit, which is our biggest strength.

我們的AirTrain是一個典型的交通資助計畫。越來越多的資金投入運輸業，這是我們最大的優勢。

So you're right. We're the beneficiary of that. Hopefully, it continues.

所以你是對的。我們是其中的受益者。希望這種情況能夠持續下去。

All right. Thank you.

好的。謝謝。

Thanks, Liam.

謝謝，利亞姆。

There are no further questions at this time, I would like to turn the floor back over to Gary Smalley for closing comments.

目前沒有其他問題，我想將發言權交還給加里·斯莫利 (Gary Smalley) 進行最後評論。

Thank you very much.

非常感謝。

We are at -- what, six months -- really, seven months into the year and things are going better than what we thought. There's an expression: so far, so good. I'd like to modify that expression, at this point, and say, so far, so excellent because we know that we still have a long way to go,

今年已經過去六個月了，實際上已經過去了七個月，事情的進展比我們想像的要好。有一句話是：到目前為止，一切都很好。我想修改這個表達，說到目前為止，一切都很好，因為我們知道我們還有很長的路要走，

But I think you can see the exceptional progress that we're making here at Tutor Perini -- really, across the board. So we look forward to demonstrating that this excellence will continue as we move forward.

但我想您可以看到 Tutor Perini 所取得的非凡進步——事實上，是全面進步。因此，我們期待證明，隨著我們不斷前進，這種卓越品質將繼續保持下去。

I want to thank you for your continued support in what we are doing. We look forward to talking to you again next quarter.

我想感謝您對我們工作的持續支持。我們期待下個季度再次與您交談。

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

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。