Tutor Perini Corporation (TPC) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Tutor Perini Corporation first quarter 2026 earnings conference call. My name is Rob, and I will be your coordinator for today. (Operator Instructions) As a reminder, this conference call is being recorded for replay purposes. (Operator Instructions)

各位女士、先生，大家好，歡迎參加 Tutor Perini Corporation 2026 年第一季財報電話會議。我是 Rob，今天將擔任會議協調人。(接線員指示) 提醒各位，本次電話會議將錄音以供重播之用。(接線員指示)

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

現在我將把電話交給今天的主持人——投資人關係資深副總裁 Jorge Casado 先生。請開始。

Hello, everyone, and thank you for joining us. With us today are Gary Smalley, CEO and President; and Ryan Soroka, Executive Vice President and CFO.

各位好，感謝各位加入我們。今天與會者包括執行長兼總裁 Gary Smalley，以及執行副總裁兼財務長 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. 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-Q, which we are filing today; and in our Form 10-K, which was filed on February 26, 2026.

在討論我們的業績之前，我要提醒各位，本次電話會議中我們將作出前瞻性陳述，這些陳述係基於管理層對現有趨勢與資訊的目前評估。我們的實際結果可能出現重大差異，存在固有風險。您可在我們今天提交的 Form 10-Q，以及我們於 2026 年 2 月 26 日提交的 Form 10-K 中，查閱可能導致此類差異的風險因素揭露。

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. 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-K being filed today, both of which can be found in the Investors section of our website. Thank you.

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陳述的義務。此外，在今天的電話會議中，管理層將提及若干非 GAAP 財務衡量指標。您可在我們今天發布的財報新聞稿以及今天提交的 Form 10-K 中找到相關資訊與這些非 GAAP 財務衡量指標的調節表；兩者皆可於我們網站的投資人專區查閱。謝謝。

And with that, I will turn the call over to Gary Smalley.

接下來，我把電話交給 Gary Smalley。

Thanks, Jorge. Hello everyone, and thank you for joining us. Before we discuss our first-quarter results, we wanted to share with you tragic news regarding the recent incident that affected the Tutor Perini family. A few weeks ago, during Super Typhoon Sinlaku, our offshore cargo vessel, the Mariana, capsized at sea with a six-member crew that included two of our employees near the island of Saipan in the Northwestern Pacific Ocean.

謝謝你，Jorge。各位好，感謝各位加入我們。在討論第一季業績之前，我們想與各位分享一則關於近期影響 Tutor Perini 大家庭的悲痛消息。幾週前，在超級颱風「辛樂克」期間，我們的離岸貨船 Mariana 在西北太平洋塞班島附近海域翻覆，船上 6 名船員中包含我們的 2 名員工。

It’s an unimaginable loss for all of us at Tutor Perini, and we extend our deepest thoughts, prayers, and heartfelt condolences to the crew’s families, loved ones, and the entire affected community. We have been in close contact with the families to provide them with updates and to offer our support. We remain committed to the families and will continue to work with them to provide whatever support we can.

這對 Tutor Perini 的所有人而言都是難以想像的損失；我們向船員的家屬、摯愛以及所有受影響的社區致上最深切的關懷、祈禱與由衷哀悼。我們一直與家屬保持密切聯繫，提供最新進展並給予支持。我們將持續承諾陪伴家屬，並繼續與他們合作，盡我們所能提供任何協助。

I would like to express our sincerest appreciation to the US Coast Guard, the US Air Force, US Navy, as well as search teams from the Japan Coast Guard and the Royal New Zealand Air Force, for their professionalism and tireless efforts during an intensive, nearly two-week search and rescue mission. One of the bodies of the crew was found, but the other five were not.

我也要向美國海岸防衛隊、美國空軍、美國海軍，以及日本海上保安廳與紐西蘭皇家空軍的搜救隊伍，致上最誠摯的感謝，感謝他們在近兩週密集的搜救任務中展現的專業與不懈努力。目前已尋獲其中一名船員的遺體，但其餘五人仍未尋獲。

Before proceeding, I will now pause for a moment of silence to honor and remember the crew members and pray for their families and friends.

在繼續之前，我們將先默哀片刻，以悼念並追思船員，並為其家人與朋友祈禱。

Thank you. Turning to our usual agenda. We delivered strong first-quarter results, highlighted by record operating cash flow of $147 million, by far the highest first-quarter result ever, which was driven by collections on new and ongoing projects.

謝謝。接著回到我們的例行議程。我們交出強勁的第一季成績，亮點是營運現金流創下 1.47 億美元的紀錄，遠高於歷年任何第一季，主要由新案與在建專案的收款所帶動。

Our revenue grew 11% year over year to $1.4 billion, the highest revenue of any first quarter since 2009, driven by contributions from various larger, higher-margin projects that are in the early stages with significant scope of work remaining. Ryan will get into more of the details of our financial results shortly.

我們的營收年增 11% 至 14 億美元，為 2009 年以來任何第一季的最高營收，主要受惠於多個規模較大、毛利率較高且仍處於早期階段、尚有大量工作範圍待執行的專案貢獻。Ryan 稍後將更詳細說明我們的財務結果。

Our backlog remains very strong at $19.8 billion at the end of the first quarter. And we continue to expect that it will fuel much higher revenue and earnings, increased profitability, and continued strong cash flow for this year and beyond. The Civil segment produced its highest-ever first quarter operating income, which was up 10% year over year, and delivered a 12.6% operating margin, solid results for a first quarter, which is typically a slower quarter for us due to seasonality.

截至第一季末，我們的在手訂單（backlog）仍非常強勁，達 198 億美元。我們仍預期在手訂單將推動今年及未來更高的營收與獲利、提升的獲利能力，以及持續強勁的現金流。土木（Civil）事業部第一季營業利益創歷來新高，年增 10%，並繳出 12.6% 的營業利益率；以第一季而言屬於穩健表現，而第一季通常因季節性因素對我們而言較為淡季。

The building segment’s operating income was up an impressive 56% year over year, with an operating margin of 3.5%. And the Specialty Contractor segment continues to deliver solid execution on its current projects improved operating results, as evidenced by the fact that they were marginally profitable for the quarter, with further improvement still expected as the year unfolds. In fact, we see higher margins ahead for all three segments as many newer large projects continue to ramp up.

建築（Building）事業部的營業利益年增幅度達到令人印象深刻的 56%，營業利益率為 3.5%。專業承包（Specialty Contractor）事業部持續在現有專案上展現穩健執行並改善營運成果，從本季小幅獲利即可見一斑；隨著年度推進，預期仍將進一步改善。事實上，隨著多個較新的大型專案持續爬坡，我們預期三大事業部的毛利率都將走高。

In the first quarter, we booked nearly $700 million of new awards and contract adjustments. The largest additions to backlog included the following, which were all in California. $186 million of additional funding for the Eagle Mountain Casino phase two expansion project, $97 million of additional funding for a healthcare project that entered the construction phase, and approximately $66 million for two mass transit projects. Our strong backlog, which includes the nine mega projects we won over the last one to three years, provides us with excellent visibility for our future revenue and earnings over the next several years.

第一季我們取得近 7 億美元的新得標與合約調整。在手訂單增加的最大項目包括以下皆位於加州的案子：Eagle Mountain Casino 二期擴建專案新增 1.86 億美元資金、某醫療保健專案進入施工階段後新增 9,700 萬美元資金，以及兩個大眾運輸專案合計約 6,600 萬美元。我們強勁的在手訂單（包含過去一至三年贏得的 9 個超大型專案）為未來數年的營收與獲利提供極佳能見度。

Recently, one of our major projects, the Brooklyn Jail in New York, reached a key milestone. The project held its topping out ceremony, marking the completion of the structure’s steel frame with the placement of the final and highest structural beam. Workers and dignitaries watched as the final beam, adorned with the traditional evergreen tree and American flag, rose 15 stories to its destination atop the building that, when completed, will be a 1 million-square-foot facility and have 1,040 beds. This project and all of our other major projects are all running very smoothly with solid business execution and strong financial performance.

近期，我們在紐約的一項重大專案——布魯克林監獄（Brooklyn Jail）——達成一項關鍵里程碑。該專案舉行封頂典禮（topping out ceremony），象徵結構鋼骨框架完成，並安裝最後一根、也是最高的一根結構梁。工人與貴賓見證最後一根鋼梁（依傳統裝飾常青樹與美國國旗）升至 15 層樓高，安置於建築頂部；該設施完工後將為 100 萬平方英尺，並設有 1,040 張床位。此專案以及我們其他所有重大專案皆進展順利，營運執行穩健，財務表現強勁。

As I have discussed previously, customer demand remains strong, and we continue to have numerous significant project bidding opportunities, particularly in the Northeast, the Midwest, the West Coast, and the Indo-Pacific region. We believe we are all well-positioned to continue winning our share of new projects later this year and over the next several years. We will continue to be very selective when we bid future projects, which will continue to enhance and help maximize shareholder value.

如我先前所提，客戶需求仍然強勁，我們也持續擁有眾多重要專案的投標機會，特別是在美國東北部、中西部、西岸，以及印太地區。我們相信，我們具備良好條件在今年稍晚及未來數年持續贏得應有份額的新專案。我們在未來專案投標時將持續保持高度選擇性，以持續提升並協助最大化股東價值。

Our focus remains on bidding projects with favorable contractual terms, limited competition, and higher margins. In addition to vibrant demand across the markets we serve, some of our existing projects are expected to spawn significant incremental work, which bolsters our confidence that our backlog will remain elevated. For example, we anticipate adding approximately $1 billion of additional backlog in the second half of the year for the finished trades scope of work for phase one of our Midtown Bus Terminal Replacement Project in New York.

我們的重點仍是投標具備有利合約條款、競爭有限且毛利率較高的專案。除了我們所服務市場的需求活絡外，部分既有專案預期將衍生可觀的增量工作，進一步強化我們對在手訂單將維持高檔的信心。例如，我們預期今年下半年，紐約 Midtown Bus Terminal Replacement Project 第一期的完工工種（finished trades）工作範圍，將為我們新增約 10 億美元的在手訂單。

Also, some of our building segment projects that are currently in the pre-construction phase are anticipated to advance to the construction phase later this year and the next year. The largest of these is a multi-billion dollar healthcare project in California expected to begin construction in late 2027 for which we currently only have a nominal amount of backlog.

此外，我們建築（Building）事業部目前處於施工前（pre-construction）階段的部分專案，預期將於今年稍晚及明年推進至施工階段。其中規模最大的是加州一項數十億美元的醫療保健專案，預計於 2027 年底開始施工；目前我們在該案僅有名目上的少量在手訂單。

Let’s talk about some of the significant bidding opportunities we expect to pursue over the next 12 to 18 months. They include the multi-billion-dollar Penn Station Transformation Project in New York, for which the US Department of Transportation has recently announced a substantial amount of committed funding and for which the selected development team is expected to be chosen later this month; the $1.4 billion I-535 Blatnik Bridge Project in Minnesota, for which the selected contractor is expected to be announced next month; a multi-billion dollar additional segment of the California High-Speed Rail Project bidding later this year; the $1 billion I-69 ORX Section 2 project connecting Indiana and Kentucky, also bidding later this year; the Sepulveda Transit Corridor Program in Southern California believed to be valued at approximately $12 billion and expected to be awarded under multiple contracts, with the initial contract expected to be bid next year; the $3.8 billion Southeast Gateway Line, also in Southern California, and bidding next year; and the $3 billion Newark Liberty International Airport Terminal B project in New Jersey, very similar to the award-winning Terminal A project that we recently completed at the same airport.

讓我們談談未來12至18個月內，我們預期將爭取的一些重大投標機會。其中包括：紐約數十億美元規模的賓州車站改造計畫（Penn Station Transformation Project），美國運輸部近期已宣布投入相當可觀的承諾資金，且預計本月稍晚將選定開發團隊；明尼蘇達州14億美元的I-535 Blatnik大橋計畫，預計下月公布得標承包商；加州高鐵計畫（California High-Speed Rail Project）今年稍晚將就另一個數十億美元的新增路段進行招標；連接印第安納州與肯塔基州、10億美元的I-69 ORX第2段（Section 2）計畫，也將於今年稍晚招標；南加州的Sepulveda運輸走廊計畫（Sepulveda Transit Corridor Program），據信估值約120億美元，預計將以多份合約方式授標，首份合約預計明年招標；同樣位於南加州、38億美元的Southeast Gateway Line，預計明年招標；以及新澤西州30億美元的紐瓦克自由國際機場B航廈（Terminal B）計畫，與我們近期在同一機場完成、屢獲殊榮的A航廈（Terminal A）計畫非常相似。

This enormous number of significant opportunities I just mentioned doesn’t even include numerous projects we are pursuing in the Indo-Pacific region, which collectively total more than $4 billion and include military infrastructure improvements at Naval Base Guam, airport and harbor projects on the island of Yap, and wharf and harbor improvement projects in the Republic of Palau.

我剛才提到的這一大批重大機會，甚至還不包括我們在印太地區正在爭取的眾多專案；這些專案合計超過40億美元，包括關島海軍基地（Naval Base Guam）的軍事基礎設施改善、雅浦島（Yap）的機場與港口專案，以及帛琉共和國（Republic of Palau）的碼頭與港口改善專案。

We also continue to have several large healthcare project opportunities on the West Coast and hospitality and gaming opportunities mostly in the Southwest. As a reminder, the majority of these opportunities start bidding and are expected to be awarded in the middle or second half of 2026 or to continue bidding through next year. Due to this timing and the significantly higher revenue we expect to recognize this year for work already in backlog, we continue to anticipate a modest sequential backlog reduction in the near term, followed by resumed backlog growth as we capture our share of major new projects.

我們在西岸也持續擁有數個大型醫療保健專案機會，並在西南部地區擁有以旅宿與博彩為主的機會。提醒一下，這些機會中的大多數將於2026年年中或下半年開始招標並預期授標，或將持續招標至明年。由於此一時程，以及我們預期今年將就既有在手訂單（backlog）中的工作認列顯著更高的營收，我們仍預期短期內在手訂單將出現溫和的連續性下滑，之後隨著我們取得重大新專案的份額，在手訂單將恢復成長。

We are confident in our ability to drive continued backlog growth over the medium to longer term even as we focus on profitability, free cash flow, earnings growth, quality, and safety as our primary performance indicators.

即使我們將獲利能力、自由現金流、盈餘成長、品質與安全作為主要績效指標，我們仍對在中長期推動在手訂單持續成長的能力充滿信心。

As you recall, last November, our Board of Directors authorized our first-ever quarterly cash dividend of $0.06 per share, as well as a share repurchase program totaling $200 million. Today, the Board declared another $0.06 quarterly dividend, which will be paid on June 4. And earlier this year, in the first quarter, we completed the first repurchase under our share repurchase program, buying back approximately 278,000 shares on the open market for $20 million at an average price of approximately $72 per share. We expect to make additional opportunistic share buybacks moving forward under this authorization to return excess capital to shareholders.

如各位所記得，去年11月，我們董事會核准公司史上首次的季度現金股利，每股0.06美元，並核准總額2億美元的庫藏股回購計畫。今天，董事會再次宣告每季0.06美元的股利，將於6月4日發放。此外，今年稍早在第一季，我們已完成該回購計畫下的首次回購，在公開市場以2,000萬美元回購約27.8萬股，平均價格約每股72美元。我們預期未來將在此授權下，視機會進行額外的策略性回購，以將多餘資本回饋給股東。

Next, let’s turn to our outlook and guidance. First, I am pleased with the excellent start to the year as we delivered results in line with our expectations. We continue to benefit from favorable macroeconomic tailwinds that are driving strong, sustained market demand across all segments, which is a great sign for future awards, growth, and value creation. Our business is resilient, and we remain confident in our outlook for consistent revenue and earnings growth over the next several years.

接下來，讓我們談談展望與財測指引。首先，我對今年的優異開局感到滿意，因為我們交出的成果符合預期。我們持續受惠於有利的總體經濟順風，推動各業務分部強勁且持續的市場需求，這對未來得標、成長與價值創造而言是非常正面的訊號。我們的業務具韌性，且我們對未來數年營收與盈餘能夠穩健成長的展望仍具信心。

Based on our outlook and assessment of the current market, we continue to anticipate double-digit revenue growth and strong earnings in 2026 with even higher earnings expected in 2027, by which time many of the newer large projects in our backlog should be in the construction phase. Accordingly, we are affirming our 2026 adjusted EPS guidance in the range of $4.90 to $5.30 per share.

基於我們的展望與對當前市場的評估，我們仍預期2026年營收將呈現兩位數成長且盈餘強勁，並預期2027年盈餘更高；屆時，我們在手訂單中許多較新的大型專案應已進入施工階段。因此，我們重申2026年調整後每股盈餘（adjusted EPS）指引區間為每股4.90至5.30美元。

Our guidance continues to factor in a significant amount of contingency for unknown or unexpected outcomes and developments in 2026, including the possibility of a lower-than-anticipated success rate for future project pursuits, the potential for project delays, slower ramp-ups for our newer projects, and any unexpected settlements, and/or adverse legal decisions associated with the resolution of disputes. We also continue to expect strong operating cash generation in 2026 and beyond due to increasing project execution activities on our newer mega projects and the anticipated resolution of remaining legacy disputes.

我們的指引仍納入相當程度的備抵（contingency），以因應2026年可能出現的未知或非預期結果與發展，包括：未來專案爭取的成功率可能低於預期、專案可能延宕、較新專案的爬坡速度較慢，以及任何非預期的和解，及／或與爭議解決相關的不利法律裁決。我們也持續預期，隨著較新的超大型專案執行活動增加，以及剩餘歷史爭議（legacy disputes）預期獲得解決，2026年及之後將維持強勁的營運現金創造能力。

Before I turn the call over to Ryan, I’d like to comment on one of those remaining legacy disputes. Last month, we received an unfavorable legal ruling and were assessed damages of approximately $175 million related to a dispute with our customer regarding the W/Element Hotel in Philadelphia, a building segment project that we completed in 2021 and that opened to the public the same year. We strongly disagree with the ruling and firmly believe it does not reflect the merits of the case.

在我把電話會議交給Ryan之前，我想就其中一項仍在進行的歷史爭議補充說明。上個月，我們收到一項不利的法律裁定，並就我們與客戶之間、關於費城W/Element飯店（W/Element Hotel）的爭議被判賠約1.75億美元；該案為我們於2021年完工、並於同年對外營運的一項建築分部專案。我們強烈不同意該裁定，並堅信其並未反映本案的實質是非。

To be respectful to the legal process and since it is ongoing litigation, we will not comment specifically about what we believe to be significant legal flaws in the court’s decision. We do intend to appeal and will continue to vigorously pursue all appropriate legal remedies to defend ourselves against the damages awarded to the customer and to collect amounts contractually due to us.

為尊重法律程序，且由於此案仍在訴訟進行中，我們不會就我們認為法院判決中存在的重大法律瑕疵作具體評論。我們確實打算提出上訴，並將持續積極採取一切適當的法律救濟，以就判給客戶的損害賠償為自身辯護，並追討依合約應支付給我們的款項。

The appeal process is likely to take two years, perhaps even longer, so this recent development represents another step along the path of an ongoing lengthy legal dispute. As a result of the ruling and after a close review of our claims against the owner and certain subcontractors, we recognize an immaterial charge to earnings in the first quarter.

上訴程序可能需要兩年，甚至更久，因此這項最新進展只是這場漫長法律爭議過程中的又一步。由於該裁定，且在我們仔細檢視對業主及部分分包商的求償後，我們在第一季認列了一筆對盈餘影響不重大的費用。

Thank you. And with that, I will turn the call over to Ryan to discuss the details of our financial results.

謝謝。接下來，我將把電話會議交給Ryan，請他說明我們財務結果的細節。

Thanks, Gary. Good day, everyone. I will begin by discussing our results for the first quarter, after which I’ll provide some commentary on our balance sheet and our 2026 guidance assumptions. All comparative references will be against the first quarter of last year, unless otherwise stated.

謝謝你，Gary。各位好。我將先說明第一季的營運結果，接著會就資產負債表以及我們2026年財測指引的假設提供一些評論。除非另有說明，所有比較基準皆以去年第一季為對照。

As Gary mentioned, we generated a record $147 million of operating cash for the quarter, up 542% year over year and well ahead of any first quarter cash flow result ever. I’m pleased to see our cash flow momentum from last year’s record year continuing this year. Our cash flow this quarter was largely driven by collections from newer and ongoing projects, reflecting a significant increase in project execution and improved working capital management, with only an immaterial amount attributable to the resolution of disputes.

如Gary所提到，我們本季創下1.47億美元的營運現金流入紀錄，年增542%，也遠高於過往任何第一季的現金流表現。我很高興看到去年創紀錄年度所帶動的現金流動能，今年仍在延續。本季現金流主要來自較新與進行中專案的收款，反映專案執行顯著增加以及營運資金管理改善；其中僅有不重大的部分可歸因於爭議解決。

We anticipate that we will continue to generate solid cash flow in 2026 and beyond, with most of our cash to be derived from organic operations, that is, from the new and existing projects, and enhanced from time to time by cash collected following dispute resolutions. Revenue for the first quarter of 2026 was $1.4 billion, up 11%, with the growth primarily due to increased project execution activities on certain large, newer, and higher margin civil and building segment projects, especially in the Northeast. This included, among others, the Midtown Bus Terminal Phase 1 Project, the Manhattan Tunnel Project, the Manhattan Jail, and the Newark AirTrain replacement.

我們預期2026年及之後將持續產生穩健的現金流，其中大部分現金將來自有機營運，也就是來自新舊專案的營運，並不時因爭議解決後的收款而進一步增強。2026年第一季營收為14億美元，年增11%；成長主要來自部分大型、較新且毛利率較高的土木與建築分部專案之執行活動增加，尤其是在美國東北部。其中包括（但不限於）Midtown巴士總站第一期專案（Midtown Bus Terminal Phase 1 Project）、曼哈頓隧道專案（Manhattan Tunnel Project）、曼哈頓監獄（Manhattan Jail），以及紐瓦克AirTrain汰換專案（Newark AirTrain replacement）。

Civil segment revenue was $698 million, up 14% due to increased project execution activities on some of the projects I just mentioned, which have substantial scope of work remaining. It was the Civil segment’s highest revenue of any first quarter ever, reflecting the solid, sustained demand that Gary noted.

土木分部（Civil segment）營收為6.98億美元，年增14%，主要因我剛提到的部分專案之執行活動增加，且這些專案仍有相當可觀的剩餘工作範圍。這是土木分部歷來任何第一季的最高營收，反映Gary所提到的穩健且持續的需求。

Building segment revenue was $473 million, up slightly compared to the first quarter last year, with the segment’s revenue growth expected to increase substantially later this year. All our major Building segment projects, including the Brooklyn and Manhattan Jail projects in New York and a large healthcare campus project in California, are running smoothly and also have substantial scope of work remaining.

建築事業部營收為4.73億美元，較去年第一季小幅增加，且預期該事業部的營收成長將於今年稍晚顯著加速。我們所有主要的建築事業部專案（包括紐約的布魯克林與曼哈頓監獄專案，以及加州一項大型醫療園區專案）均進展順利，且仍有相當可觀的剩餘工作範圍。

Specialty segment revenue was $219 million, up a solid 24%, with the segment’s growth continuing to be primarily driven by increased activities on various electrical and mechanical projects in New York and Texas. The Specialty segment’s strong revenue growth began in the second half of 2025, and we expect the growth to continue this year and next year as those projects and other newer mega projects advance.

專業事業部營收為2.19億美元，強勁成長24%，其成長主要仍由我們在紐約與德州多項電氣與機械專案活動增加所帶動。專業事業部的強勁營收成長始於2025年下半年，我們預期隨著這些專案及其他較新的大型專案推進，今年與明年成長將持續。

Our operating income for the quarter was $59 million, down 9% compared to last year. Our operating income was driven by improved contributions from each of our three segments, but those contributions were offset by a $23 million increase in share base compensation expense in the first quarter of 2026 compared to the first quarter of 2025, primarily due to our stock price being substantially higher in 2026 as compared to the same period last year, which affects the fair value of liability classified awards.

本季營業利益為5,900萬美元，較去年下降9%。營業利益受惠於三個事業部各自貢獻提升所帶動，但被2026年第一季相較2025年第一季增加2,300萬美元的股份基礎薪酬費用所抵銷；主要原因在於2026年股價較去年同期大幅提高，影響負債分類獎酬的公允價值。

As a reminder, our share base compensation expense is expected to decrease in 2026 and decline much more significantly next year as some of these liability-classified awards vested at the end of last year and most of the remaining awards will vest by the end of 2026. We are no longer awarding liability-classified awards, which should meaningfully reduce earnings volatility starting next year.

提醒一下，我們的股份基礎薪酬費用預期將於2026年下降，並在明年更顯著下滑，因為部分負債分類獎酬已於去年底歸屬，而其餘大多數獎酬將於2026年底前歸屬。我們已不再授予負債分類獎酬，這應可自明年起顯著降低獲利波動。

Civil segment operating income was $88 million, up 10% and the highest first-quarter result ever for the segment, with a corresponding segment operating margin of 12.6%, a very solid result for a first quarter given typical seasonality. The increase in the operating income was primarily due to contributions associated with the increased project execution activities on various higher margin projects that are ramping up, partially offset by an unfavorable adjustment of $60 million in the first quarter of 2026 on a mass transit project in California due to changes in estimates resulting from ongoing negotiations of change orders, which we will expect will generate significant cash once they are ultimately approved.

土木事業部營業利益為8,800萬美元，年增10%，並創該事業部歷來第一季最高紀錄；相對應的事業部營業利益率為12.6%，考量季節性因素，第一季能有此表現相當穩健。營業利益增加主要來自多項正加速推進之高毛利專案的執行活動增加所帶來的貢獻；但部分被2026年第一季在加州一項大眾運輸專案上不利調整6,000萬美元所抵銷，該調整源於變更單持續協商導致估計變動；我們預期一旦最終獲核准，將帶來可觀現金流入。

We anticipate continued Civil segment margins in the range of 12% to 15%.

我們預期土木事業部利潤率將持續落在12%至15%的區間。

Building segment operating income was $16 million, up a strong 56%, with the increase driven by contributions from certain newer, higher margin projects in New York and California, with substantial scope of work remaining. The segment’s operating margin was 3.5% compared to 2.3% last year, with the improvement primarily driven by contributions related to the increased higher margin project execution activities I mentioned. We anticipate Building segment margins in the range of 3% to 6%, fueled by continued contributions from certain higher margin projects.

建築事業部營業利益為1,600萬美元，強勁成長56%；成長主要由紐約與加州部分較新且毛利較高的專案貢獻所帶動，且仍有相當可觀的剩餘工作範圍。該事業部營業利益率為3.5%，高於去年的2.3%；改善主要來自我先前提到的較高毛利專案執行活動增加所帶來的貢獻。我們預期建築事業部利潤率將落在3%至6%的區間，並由部分高毛利專案的持續貢獻所驅動。

Specialty Contractor segment operating income was approximately $600,000 for the quarter, compared to a loss from construction operations of $7 million for the first quarter of last year. The improvement compared to last year was primarily due to contributions related to increased project execution activities on the electrical and mechanical projects I mentioned earlier. Many of these projects are in the early stages and are expected to ramp up substantially over the next several years.

專業承包事業部本季營業利益約為60萬美元，相較去年第一季建造營運虧損700萬美元。相較去年之改善主要來自我先前提到的電氣與機械專案執行活動增加所帶來的貢獻。其中許多專案仍處於早期階段，預期未來數年將大幅加速推進。

The Specialty segment had a handful of small, immaterial, unfavorable project adjustments this quarter related to legacy disputes that adversely affected its results for the quarter, though the segment was still profitable and its results reflected a significant improvement year over year.

本季專業事業部因與歷史爭議相關，出現少數小額且不具重大性的、不利的專案調整，對本季結果造成負面影響；不過該事業部仍維持獲利，且其表現較去年同期顯著改善。

Corporate G&A expense for the first quarter of 2026 was $45 million, compared to $18 million last year, with increase mostly due to the substantially higher share-based compensation expense that I mentioned.

2026年第一季公司一般及管理費用（Corporate G&A）為4,500萬美元，去年為1,800萬美元；增加主要來自我先前提到的股份基礎薪酬費用大幅提高。

Income tax expense for the quarter was $17 million, with a corresponding effective tax rate of 30.1% for the period, compared to $13 million last year, with a corresponding effective tax rate of 23.2% in that period. The higher effective tax rate this year is attributable to the significant increase in share-based compensation expense, which is almost entirely non-deductible.

本季所得稅費用為1,700萬美元，期間有效稅率為30.1%；去年為1,300萬美元，期間有效稅率為23.2%。今年有效稅率較高，係因股份基礎薪酬費用大幅增加，而該費用幾乎完全不得稅前扣除。

Net income attributable to Tutor Perini for the first quarter of 2026 was $26 million, or $0.48 of GAAP earnings per share, compared to $28 million, or $0.53 of GAAP earnings per share in the first quarter of last year. Excluding the impact of share-based compensation expense, net of the associated tax benefit, adjusted net income attributable to Tutor Perini for the first quarter of 2026 was $55 million, or $1.03 of adjusted earnings per share, compared to $34 million, or $0.65 of adjusted earnings per share in the same quarter last year.

2026年第一季歸屬於Tutor Perini的淨利為2,600萬美元，GAAP每股盈餘為0.48美元；去年第一季為2,800萬美元，GAAP每股盈餘為0.53美元。若排除股份基礎薪酬費用影響（扣除相關稅務利益後），2026年第一季歸屬於Tutor Perini的調整後淨利為5,500萬美元，調整後每股盈餘為1.03美元；去年同期為3,400萬美元，調整後每股盈餘為0.65美元。

As you can see, our adjusted EPS was up a strong 58% year over year, reflecting the high margin contribution and outstanding performance we are seeing from our projects and backlog.

如各位所見，我們的調整後每股盈餘年增強勁達58%，反映我們在專案與在手訂單（backlog）上所展現的高毛利貢獻與卓越表現。

Now I’ll address the balance sheet. Our record cash generation enabled us to continue paying down our total debt, which stood at $399 million at the end of the first quarter. We ended the quarter with cash and cash equivalents exceeding total debt by $404 million, a very strong net cash position, and $533 million better than we were just one year ago when we were in a net debt position.

接下來我將說明資產負債表。創紀錄的現金創造能力使我們得以持續償還總負債；第一季末總負債為3.99億美元。本季末我們的現金及約當現金較總負債多出4.04億美元，淨現金部位非常強勁；相較一年前我們仍為淨負債部位，改善了5.33億美元。

Our cash available for general corporate purposes was $321 million at the end of the first quarter of 2026, up 18% compared to $271 million at the end of 2025. Our balance sheet is stronger than it’s ever been, and our solid net cash position provides us with excellent capital allocation flexibility. We anticipate refinancing our existing senior notes by around mid-year to secure a more favorable interest rate and extend our debt maturities, which should result in substantially reduced interest expense going forward.

截至2026年第一季末，可供一般公司用途的現金為3.21億美元，較2025年底的2.71億美元增加18%。我們的資產負債表為歷來最強，穩健的淨現金部位為我們提供極佳的資本配置彈性。我們預期約在年中為現有優先票據進行再融資，以取得更有利的利率並延長債務到期日，這應可在未來大幅降低利息費用。

Lastly, all assumptions I provided last quarter pertaining to our 2026 guidance remain unchanged.

最後，我們上季所提供、與2026年財測相關的所有假設均維持不變。

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

謝謝。接下來我把電話交回給Gary。

Thank you, Ryan. To recap, we have kicked off 2026 with excellent first-quarter results marked by record operating cash flow of $147 million; solid revenue growth; adjusted EPS of $1.03, which was up 58% year over year; and continued strong backlog of approximately $20 billion. This backlog underpins the confidence we have in our ability to deliver double-digit revenue and earnings growth and continued strong annual cash flow in 2026 and beyond as our newer projects progress through design and into construction.

謝謝你，Ryan。總結來說，我們以優異的第一季表現揭開2026年序幕，亮點包括創紀錄的營運現金流1.47億美元、穩健的營收成長、調整後每股盈餘1.03美元（年增58%），以及持續強勁、約200億美元的在手訂單。這些在手訂單支撐我們的信心：隨著較新的專案完成設計並進入施工階段，我們有能力在2026年及其後實現營收與獲利的雙位數成長，並維持強勁的年度現金流。

Our business continues to perform well, and we expect our solid project execution to continue. The long-term outlook for Tutor Perini remains very bright given today’s backlog of long duration, higher margin projects with improved contractual terms, operational improvements we have made in our Specialty Contractor segment, persistent favorable macroeconomic tailwinds, and strong public and private customer funding that is fueling vibrant market demand and numerous major bidding opportunities.

我們的業務持續表現良好，且我們預期穩健的專案執行將持續。在當前具長工期、較高毛利且合約條款改善的在手訂單支撐下，加上我們在專業承包事業部所做的營運改善、持續有利的總體經濟順風，以及強勁的公私部門客戶資金挹注所帶動的活絡市場需求與眾多重大投標機會，Tutor Perini的長期展望仍非常光明。

And importantly, we also believe that we are getting closer to the time when all of our segments will be firing on all cylinders, which will allow us to demonstrate more fully our growth and earnings potential.

更重要的是，我們也相信，我們正逐步接近所有事業部都能全面發力的時點，這將使我們能更充分展現成長與獲利潛力。

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

謝謝。接下來我把電話交給接線員，開始回答各位的提問。

(Operator Instructions) Michael Dudas, Vertical Research Partners.

(接線員指示) Vertical Research Partners 的 Michael Dudas。

I share my prayers with those families as well.

我也為那些家庭祈禱。

Thank you.

謝謝。

Sure. First, Gary, so you talked about several large projects that will be coming up for bid second half this year 2027. Maybe you could assess that relative to what projects may be rolling off in some of those regions. And it seems like there’s so much business that can be done in Northeast, especially in New York area, certainly in California. I mean, again, all over, but how you balance, like where the opportunities are, your capacity, and maybe even see if you can think a little bit more on the Guam, because you mentioned some pretty large numbers and some opportunities in the Pacific, which certainly should have a pretty good tail given all the money that’s been spent over there.

當然。首先，Gary，你提到今年下半年到 2027 年會有幾個大型專案要開始投標。也許你可以就此評估一下，對比那些地區可能有些專案會逐步結束（rolling off）。而且看起來東北部、尤其是紐約地區，當然還有加州，都有很多生意可以做。我的意思是，機會到處都有，但你們如何在機會所在、你們的產能之間取得平衡？

Yeah, great, Mike. First of all, some of these opportunities are already in the hopper, so to speak. They’ve been submitted. We’re waiting on the results. we should know something, as we talked about in some cases, later this month, sometime in some cases next month.

是的，很好，Mike。首先，其中一些機會可以說已經在管線裡了。它們已經送件。我們正在等結果；正如我們提到的，有些案子我們應該會在本月稍晚知道消息，有些則可能在下個月的某個時間點。

Capacity, look, you should feel just rest assured we’re not going to pursue something we can’t handle. We do have some work that’s that’s winding down in California, and we’ll use some of those resources to staff this other work. But all the work we’re pursuing, we have people ready and raring to go, and we will execute the work soundly. Yeah, so I don’t think that should be a concern.

至於產能，你可以放心，我們不會去追逐我們無法承接的案子。我們在加州有一些工作正在收尾，我們會把其中一部分資源用來配置到其他工作上。但我們正在追求的所有工作，我們都有人員準備好、蓄勢待發，我們也會把工作穩健地執行好。所以我不認為這會是個需要擔心的問題。

If I would look at what’s out there and what we would expect to book, provided we get anywhere close to our fair share, I would say that it’s going to be a by far a net add. There are just so many opportunities, as you noted. The opportunities that we have as we sit here today and we compare that to the last time we talked, there’s more out there. Some of it’s moved closer to fruition. In other cases, there are new opportunities that we’re pursuing.

如果我看目前市場上的機會，以及在我們拿到接近合理市占（fair share）的前提下預期能簽下的訂單，我會說這絕對會是淨增加（net add）。正如你所說，機會實在太多了。以我們今天所看到的機會，和上次我們談到時相比，外面的機會更多了。其中一些已經更接近落地。另外也有一些是我們正在追逐的新機會。

The pipeline is rich, and we think we’re well positioned for a fair amount of these opportunities. And then if we get to a point, and we’d love for this to happen, if we get to a point where we can’t handle any more, then we’ll sit on the sidelines. But we’re not there yet. We don’t think we will be there at this point. And we look forward to when we get together another quarter or two to report on increased backlog as these opportunities come home.

案源管線很充沛，我們認為自己在相當多的機會上都處於有利位置。如果到了某個時點——我們也很希望發生——如果我們真的忙到再也接不下更多，那我們就會先在場邊觀望。但我們還沒到那一步。以目前來看，我們也不認為會到那一步。我們也期待在接下來一兩個季度再聚在一起時，隨著這些機會落袋，向各位報告在手訂單（backlog）的增加。

Appreciate that. My follow-up, Gary, would be as you assess the margin performance, which again for Q1 results seemed quite solid across the board, but the cadence of it as we move through 2026, is it just a function of ramping up the volume and capacity? Are there similar other areas where between the low and high end of those ranges where what could help you achieve those versus maybe pushing them out to, let’s say 2027?

了解，謝謝。我的追問是，Gary，當你評估毛利率表現時——第一季的結果看起來整體都相當穩健——但若看 2026 年一路往後的節奏（cadence），這是否只是量能與產能爬坡（ramping up）的函數？在你給的區間低端與高端之間，還有沒有其他類似的因素，能幫助你達到那些水準，而不是把它推遲到例如 2027 年？

It’s exactly what you said. It’s about volume. the first quarter is always a slower quarter for us. It’s difficult to estimate what the first quarter’s going to be. It’s harder than the others because you don’t know the extent of -- we didn’t know we were going have all the rain that we had in Southern California, for example. And we didn’t know that New York out your way -- Mike, I had a trip that I canceled because of the weather being so bad and the airport being closed and things of that nature.

就是你說的那樣。重點在於量。第一季對我們來說一向比較慢。第一季很難預估會是什麼樣子。它比其他季度更難，因為你不知道影響程度——例如我們事先不知道南加州會下那麼多雨。我們也不知道你那邊的紐約——Mike，我有一趟行程就因為天氣太差、機場關閉之類的原因而取消。

So you just don’t know. As we progress during -- through the year, the volume goes up. Also our margins are expected to go up. These larger projects that we’ve been booking, they’re ramping up right now. They’re only going to get stronger as the year progresses, and some of that is the weather, but other factors that they’re just early in their development, and so they’re going to start blowing and going. Some already have, and others will gain more momentum as we continue.

所以你就是無法預先知道。隨著一年往下走，量會上來。同時我們也預期毛利率會上升。我們近來簽下的這些大型專案，現在正在爬坡。隨著年度推進，它們只會更強；其中一部分是天氣因素，但也有其他因素——它們才剛進入開發初期，所以接下來會開始加速推進、全面展開。有些已經開始了，其他的也會在我們持續推進的過程中獲得更大的動能。

So I would expect 2026 to gain strength each quarter, and '27 will just be a follow-on to that.

所以我預期 2026 年會每一季都更強，而 2027 年則會延續這個趨勢。

Judah Aronovitz, UBS.

UBS 的 Judah Aronovitz。

On Christine Fisher. The first question, I noticed that you changed the language around 2027 EPS expectations to significantly higher on the upper end of the 2026 guide from just higher. Is that right? And if so, I guess what makes you more confident now relative to three months ago? Can you talk about your confidence level in achieving this level of earnings in '27? And specifically, is the work already in backlog, or is there still more work to book?

我是代 Christine Fisher 提問。第一個問題，我注意到你把對 2027 年 EPS 的措辭，從「高於」2026 年指引上緣，改成「顯著高於」2026 年指引上緣。是這樣嗎？如果是的話，相較於三個月前，現在是什麼讓你更有信心？你能談談你們對在 2027 年達到這個獲利水準的信心程度嗎？另外具體來說，這些工作是否已經在在手訂單（backlog）裡，還是仍需要再簽更多新案？

Yes. If we didn’t book any more work, '27 is going to be a blowout year, as is 2026. But there is going to be more work to book, so it’ll be even better. So what gives us a little bit more optimism or confidence, Judah, is time has gone by. We see how things have developed. We see how the new work is progressing. We see how settlement discussions are progressing. So all those things together make us as confident as we can be.

是的。即使我們不再簽任何新案，2027 年也會是爆發性的一年，2026 年也是。但我們還會再簽到更多工作，所以表現會更好。那麼是什麼讓我們更樂觀或更有信心呢，Judah？就是時間過去了。我們看到事情如何發展。我們看到新工作推進的狀況。我們也看到和解（settlement）討論的進展。所以這些因素加在一起，讓我們在可達的範圍內盡可能有信心。

Look, we didn’t -- we affirmed guidance. We didn’t raise guidance, and that’s always something at least as we go forward that you should expect is maybe a raise or at least consideration for it. We did consider it this time because we do feel a lot better about how things are shaping up.

你看，我們——我們是重申指引。我們沒有上調指引；但至少就往後來看，你應該可以期待我們可能會上調，或至少會把上調納入考量。這次我們確實有考慮，因為我們對事情的成形方式感覺好很多。

We also want to be conservative in our approach. Yes, we do feel more confident, and it’s just the way all the details are coming together right now. We’re very pleased with where we are with respect to the execution of all this new work, and also, very optimistic about building on this great backlog we already have.

我們也希望在作法上保持保守。是的，我們確實更有信心，而這就是目前所有細節逐步到位的結果。我們對所有這些新工作的執行進度非常滿意，同時也對在既有的優質在手訂單（backlog）基礎上再往上堆疊，感到非常樂觀。

Okay. That makes sense. Good to hear. My follow-up, relative to inflation, what are you seeing in the business now, and how comfortable are you with your contingencies in areas where you don’t have the ability to re-index to inflation? Thank you.

好的。這很合理。很高興聽到。我的追問是，關於通膨，你們目前在業務上看到什麼情況？以及在那些你們無法把價格重新與通膨連動（re-index to inflation）的領域，你們對自身的預備金／應急預留（contingencies）有多大把握？謝謝。

Gary Smalley, Chief Executive Officer and President, Tutor Perini Corporation: Yeah, good question because you even indicated that in some cases you implied that we do have the ability to re-index with inflation, and that is the case. In those instances where we’re still being impacted by inflation as everyone else is look, we’re covered. We’re very conservative in how we addressed contingency, but also we have this buyout that we have we talked about before on calls, where early on we look at firming up commitments with respect to subcontractors and also vendors to make sure that we pass that risk on to them if there’s any change in pricing. We’re good with respect to inflation.

Tutor Perini Corporation 執行長兼總裁 Gary Smalley：是的，問得很好，因為你也提到在某些情況下，你暗示我們確實有能力隨通膨重新調整指數，而確實如此。在那些我們仍像其他人一樣受到通膨影響的情況下，你看，我們是有保障的。我們在處理預備金（contingency）方面非常保守，但同時我們也有一項我們之前在電話會議中談過的「買斷」（buyout）作法：在早期我們會著手鞏固對分包商以及供應商的承諾，確保若價格有任何變動，我們能把該風險轉嫁給他們。就通膨而言，我們沒有問題。

Liam Burke, B. Riley Securities.

B. Riley Securities 的 Liam Burke。

Gary, your balance sheet is much stronger. Your cash position is great. You’re returning cash to shareholders. Does your strong liquidity position allow you to undertake larger projects without having to consider a joint venture partner?

Gary，你們的資產負債表強健許多。你們的現金部位很棒。你們也在回饋現金給股東。你們強勁的流動性部位，是否讓你們能承接更大型的專案，而不必考慮找合資夥伴？

You know what? It absolutely does. And that’s what our preference is, of course, because we have great joint venture partners, and we appreciate what they bring to the table. But at the same time, if we can do the work on our own and not have to share 20% or 25% or 30% margin in cash with them, that’s the ideal position that we’d like to be in. And certainly, when you’re a stronger company, as we are now compared to a year ago and the year before that, it does offer us opportunities to do more things on our own.

你知道嗎？絕對可以。而這當然也是我們的偏好，因為我們有很棒的合資夥伴，也很感謝他們帶來的價值。但同時，如果我們能自己做、不必把 20% 或 25% 或 30% 的利潤以現金形式與他們分享，那就是我們理想中希望處於的位置。而且，當你是一家更強健的公司——就像我們現在相較於一年前、以及再前一年——確實會給我們更多機會去獨立完成更多事情。

Great. In terms of talking about bidding activity and potential projects expanding, is that increasing the competitive field or are things pretty much the same? Part of it is that data center activity has pulled some of the competitors off the projects that you’re bidding on.

很好。就投標活動與潛在專案擴張而言，這是否會增加競爭者的範圍，還是大致維持不變？其中一部分原因是資料中心的活動把一些競爭對手從你們正在投標的專案中拉走了。

Yeah. I would say that, if there is a change, it’s -- from last quarter there’s probably not much of a change to be honest with you. But look, the trend has been to be less competitive in whether it’s data centers or just the volume of work such as what we’ve talked about. Certainly, there’s not going to be more competition, at least in the short term, medium term, or even as far as we can see, looking out, because of all the just the magnitude of work. And so few of us that can do the complex work that we pursue.

是的。我會說，如果有變化的話——老實跟你說，和上一季相比可能沒有太大變化。但你看，趨勢一直是競爭變得較少，不論是資料中心，或是我們談到的那種工作量。可以確定的是，至少在短期、中期，甚至就我們可預見的未來來看，競爭不會變得更多，因為工作量的規模實在太大。而能做我們所追求的複雜工程的公司又很少。

So I would say that the competition is probably a little less and would likely be -- continue to be less than what it is currently. But certainly we don’t see, new competitors coming into the market right now.

所以我會說競爭可能稍微少一些，而且很可能——會持續比目前更少。但我們當然沒有看到新的競爭者在此刻進入市場。

Min Cho, Texas Capital Securities.

Texas Capital Securities 的 Min Cho。

My first question has to do with Black Construction. I know that’s a higher margin business for you. Can you talk about your annual run rate of revenue there and just kind of what you have in backlog? And how big do you feel like that business can get? And if you can just talk about any of the bottlenecks to driving more growth from Black Construction. Thank you.

我的第一個問題與 Black Construction 有關。我知道那對你們而言是毛利率較高的業務。你能談談那邊的年度營收運行率（run rate），以及你們目前的在手訂單（backlog）大概是多少嗎？你覺得那項業務可以做到多大規模？另外也請談談推動 Black Construction 進一步成長的任何瓶頸。謝謝。

Yeah. Hi, Min. In the past, what we’ve really steered away from talking too much about specific business units and what they bring to the overall consolidated Tutor Perini. Just, I guess to try to address your question in some way, we’re looking at Black.

好的。嗨，Min。過去我們其實一直避免過多談論特定事業單位，以及它們對 Tutor Perini 合併報表整體的貢獻。不過，為了某種程度回應你的問題，我們正在看 Black。

I won’t talk about revenue, but I’ll talk about backlog. It exceeds $1 billion. If you look at the run rate, some of their work is two, three years in duration. Other projects are a bit longer, maybe four, five years. And we’re looking to build that. We’ve got the capabilities there. It’s a extraordinary business for us, just very talented workforce. So look for that. It probably won’t double, but it could grow significantly from that beginning point.

我不談營收，但我可以談在手訂單。它超過 10 億美元。如果看運行率，他們有些工作期程是兩到三年。其他專案會更長一些，可能四到五年。而我們希望把它再做大。我們具備相關能力。這對我們而言是一項非常出色的業務，擁有非常有才華的勞動力。所以請期待。它可能不會翻倍，但從目前的起點來看，確實可能顯著成長。

Great. Thank you. And then also, your recent Army Corps MATOC award to support the Energy Resilience and Conservation Investment Program, how much of that $2 billion is within TPC’s kind of addressable business? And if you can just talk a little bit about the types of construction projects that are expected there.

很好，謝謝。另外，你們近期獲得陸軍工兵團（Army Corps）的 MATOC 合約，用於支援「能源韌性與節能投資計畫」（Energy Resilience and Conservation Investment Program）。在那 20 億美元中，有多少屬於 TPC 可承作（addressable）的業務範圍？也請你稍微談談預期會有哪些類型的建設專案。

All of it is within what we do and what we do well. And the type of work for -- that’s available under that MATOC, it varies. It can be building work, it can be civil work, it can be specialty work as well, specialty contractors work.

全部都在我們的業務範圍內，而且是我們擅長的。在該 MATOC 之下可提供的工作類型很多元。可能是建築工程、也可能是土木工程，也可能是專業工程（specialty work），以及專業承包商的工作。

Our workforce at Black and in Guam and the surrounding areas, again, I mentioned before it was very talented, but we’re very diversified. We can do whatever work that’s out there. We also have PMSI, which is one of our business units, and likewise, they are very equipped in whatever part of the world that they operate to do all types of building work or all types of construction work.

我們在 Black、關島以及周邊地區的團隊——我之前也提過——非常有才華，而且我們的能力非常多元。外面有什麼工作我們都能做。我們也有 PMSI，這是我們的事業單位之一；同樣地，不論他們在世界哪個地方營運，都非常有能力承作各類建築工程或各類施工工程。

Their emphasis is generally more on the building side. But really between the two of those entities, we can do just about anything.

他們的重點通常更偏向建築端。但其實這兩個單位加在一起，我們幾乎什麼都能做。

Excellent. If I can just squeeze in one more question. Can you just talk a little bit about Tutor’s position currently on pursuing some of the mission-critical kind of high-tech projects like the data centers or semiconductor campuses?

非常好。如果我可以再塞一個問題。你能否談談 Tutor 目前在爭取一些任務關鍵（mission-critical）的高科技專案（例如資料中心或半導體園區）方面的定位？

Yes. So this is something that we’re looking at very closely. We are actually doing some data center work with -- on the specialty side. And we’re exploring ways to expand that currently. So we want to make sure that we don’t give up the core market because we know one day that and who knows how long down the road that will be, whether it’s 5 years or 10 years down the road that the data center work at some point in time, probably won’t be there, at least not as strong as it is now. So we want to make sure that we’re still well-positioned to do the work that is our standard bread and butter.

可以。這是我們正在非常密切關注的事情。我們其實已在專業工程（specialty）端做一些資料中心的工作。而我們也正在探索目前擴大這部分的方法。因此我們想確保不會放棄核心市場，因為我們知道總有一天——誰也不知道會是多久以後，可能是 5 年或 10 年後——資料中心的工作在某個時間點很可能會不復存在，至少不會像現在這麼強勁。所以我們要確保自己仍然在我們一貫的主力市場（bread and butter）上保持良好定位。

But at the same time, the data center work is very exciting for us. We see it as an opportunity that where we can expand margins and increase revenue as well. So we’re looking at it very closely, and I think not too far down the road, certainly before the year is up, you’ll hear more from us as far as maybe new strategy to explore some of that market or at least explore it more than what we’re already doing.

但同時，資料中心的工作對我們而言也非常令人振奮。我們把它視為一個可以擴大利潤率並同時提升營收的機會。所以我們正在非常仔細地評估；我想在不久的將來——當然在今年結束之前——你會聽到我們更多訊息，例如可能會有新的策略去探索那個市場，或至少比我們目前所做的更深入地探索。

We’ll talk more publicly about it at some point too. We just -- we’re not quite there, but we’re getting closer.

我們也會在某個時間點更公開地談論這件事。我們只是——我們還沒完全到那一步，但正在更接近。

Adam Thalhimer, Thompson Davis.

Adam Thalhimer，Thompson Davis。

Great quarter. I liked Min’s question. Can I just keep going on that? Are you thinking that you might look at data center work for other segments or just within the specialties?

這一季表現很棒。我喜歡 Min 的問題。我可以就這個繼續問下去嗎？你們在想的是，可能會把資料中心的業務拓展到其他部門，還是只在專業領域內？

Yeah. Right now, it’s a little too early to get out in front of any more than what I said, Adam. But specialty is probably where we see the most, we’ll say, current type opportunities. But we’re looking at other areas as well, and it’s something that we’re talking about as management. We’ll talk more about it with the Board as we learn a little bit more. But certainly, there’s a lot of excitement internally as we look at opportunities that could be out there for Tutor Perini.

是的。Adam，就目前而言，現在要在我剛才所說之外再多講一些，還稍微早了點。但專業領域大概是我們看到最多、我們姑且稱之為、目前類型機會的地方。不過我們也在看其他領域，這也是我們管理層正在討論的事情。隨著我們再多了解一些，我們也會和董事會更深入地討論。但可以肯定的是，當我們審視 Tutor Perini 可能存在的機會時，內部確實非常振奮。

Okay, great. The buyback, I was curious. Good to see you do $20 million in Q1. How would you like to pace that from here?

好的，很棒。我對回購有點好奇。很高興看到你們在第一季做了 2,000 萬美元。接下來你們希望以什麼節奏進行？

Well, it’s certainly something that, would we buy back at $72 on average price, right? So yeah, and we -- there are some -- it wasn’t without some debate internally because we’re a stock that has grown quite well over the last year or so. And some of us felt a strong conviction to even buy with our own money, such as myself, and I’ve done that a couple of times in the last several months.

嗯，這當然是我們在考量的事情——我們會以平均約 72 美元的價格回購，對吧？所以是的，而且我們——內部其實也有一些——並非沒有爭論，因為我們的股價在過去一年左右成長得相當不錯。我們當中有些人甚至很有信心用自己的錢買進，例如我本人，我在過去幾個月也做過幾次。

So for me, it was pretty easy on the buyback. Now that we’re 90-ish or something like that, it’s not as compelling for us. But at the same time, we know that we’ve got a lot of upward trajectory that’s to come. And so, I think there will be -- we’re going to be opportunistic, and I think there will be opportunities in front of us.

所以對我來說，回購這件事相當容易。現在股價大概在 90 美元左右之類的，對我們而言就沒那麼有吸引力了。但同時，我們也知道未來還有很大的上行趨勢。因此，我認為——我們會採取機會主義，我也認為我們面前會有機會。

But we’re not really planning it to say, okay, we’re going to do $X million every quarter or six months. We’ll just see where the opportunities are, weigh that with the cash needs and how quickly we’re building our cash balances and then go from there. So I know it’s not a specific answer for you, but we’re very aware that we’ve got a lot of room left with the buyback. We are very bullish on what the opportunities are right now with -- very bullish on what the share price could continue to do.

但我們並沒有真的規劃說，好，我們每一季或每六個月就要做 X 百萬美元。我們會看機會在哪裡，並把這和現金需求、以及我們累積現金餘額的速度一起權衡，然後再決定。所以我知道這不是一個很具體的答案，但我們非常清楚回購額度還有很大的空間。我們對目前的機會非常看多——也非常看多股價接下來可能持續的表現。

So either on a personal basis or a company basis, I think there’ll be more coming. But again, we just don’t know exactly when.

所以不論是以個人層面或公司層面，我認為後續還會有更多動作。但同樣地，我們也不知道確切會在什麼時候。

Great. Ryan, the refinancing you said is coming in the next few months. Can you give us a sense for the target structure and potential interest rate savings?

很好。Ryan，你提到再融資會在接下來幾個月內進行。你能否讓我們了解一下目標結構，以及可能節省的利息成本？

Yeah, sure. I think, at this point, we’re looking to refinance the notes 1-to-1. Maybe that could change a little. We’re looking at the interest savings of somewhere between 400 or 500 basis points as we look at the marketplace. Again, there’s still a little bit of volatility out there related to some of the geopolitical issues going on. So that remains to be seen.

好的，當然。我想在這個時間點，我們是打算以 1 比 1 的方式為票據再融資。也許之後會有些微調整。就我們觀察市場，我們預期利息節省大約在 400 到 500 個基點之間。不過，因為一些正在發生的地緣政治議題，市場仍有些波動。所以還要再看。

But I think at the same time, what we also intend to do is take a look at our credit facility, right, and looking to upsize that and extend those maturities. So ultimately, the goal is to refinance some notes with significant interest savings and then extend the maturity and have some -- extend the maturity on the credit facility with significant extension and maturity as well.

但同時，我們也打算檢視我們的信用額度安排，對吧，並考慮擴大規模以及延長到期日。所以最終目標是：以顯著的利息節省來為部分票據再融資，然後延長到期日，並且——也在信用額度上做顯著的展期與延長到期。

Our goal is to get somewhere with the six-handle compared to the horrible rate that we have right now on the bond spread.

我們的目標是把利率做到 6% 開頭，相較於我們目前債券利差所對應的糟糕利率。

Yeah, that’d be great. Then last one for me. You gave the margin outlook for the other segments, Ryan, but I didn’t hear it for specialty. I was curious what the range is there that you’re working towards. And also, what percent of their work now is for other TPC segments?

是的，那會很棒。那我最後一個問題。Ryan，你給了其他部門的毛利率展望，但我沒有聽到專業領域的。我想知道你們努力的區間目標是多少。另外，他們現在有多少比例的工作是為 TPC 其他部門做的？

Sure. For 2026, we’re probably looking in the, call it, 1%, 2% to 3% range. Ultimately, we expect that specialty to get up into the 5% to 8% range. I mean, look, we still have a little bit of overhang with some legacy disputes. That’s why I’m kind of tempering 2026 in that 1% to 3% range. At this point, specialty’s backlog, about two-thirds of it is with -- is on, call it, other Tutor Perini subsidiary projects.

當然。以 2026 年來看，我們大概會落在——就說——1%、2% 到 3% 的區間。最終我們預期專業領域可以提升到 5% 到 8% 的區間。我的意思是，你看，我們仍然有一些歷史爭議案件帶來的些許拖累。這也是為什麼我把 2026 年的預期稍微保守地放在 1% 到 3% 的區間。目前專業領域的在手訂單中，大約三分之二是——就說——來自其他 Tutor Perini 子公司專案。

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。我想把時間交回給 Gary Smalley 作結語。

Thank you, everyone, for your participation today. We look forward to continuing to deliver excellent results and to speaking with you again next quarter. Thanks again.

感謝各位今天的參與。我們期待持續交出優異的成果，並在下個季度再次與各位交流。再次感謝。

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。您現在可以掛斷電話線。感謝您的參與。