Table of Contents ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-16129 FLUOR CORPORATION (Exact name of registrant as specified in its charter) Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Stock, $.01 par value per share FLR New ...

Fluor Corporation (NYSE:FLR) Q1 2023 Earnings Conference Call May 5, 2023 8:30 PM ET Company Participants Jason Landkamer - Head of IR David Constable - Chairman & CEO Joe Brennan - CFO Conference Call Participants Andy Wittmann - Baird Jamie Cook - Credit Suisse Sean Eastman - KeyBanc Capital Markets Michael Dudas - Vertical Research Brent Thielman - D.A. Davidson Steven Fisher - UBS Andrew Kaplowitz - Citigroup Operator Good morning, and welcome to Fluor's First Quarter 2023 Earnings Conference Call. Toda ...

[Part I: Financial Information](index=3&type=section&id=Part%20I%3A%20Financial%20Information) This section presents Fluor Corporation's unaudited condensed consolidated financial statements and management's discussion and analysis for the first quarter of 2023 [Item 1: Condensed Consolidated Financial Statements (Unaudited)](index=3&type=section&id=Item%201%3A%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) This section presents Fluor Corporation's unaudited condensed consolidated financial statements for the three months ended March 31, 2023, including a net loss of $130 million primarily due to project charges [Statement of Operations](index=3&type=section&id=Statement%20of%20Operations) The company experienced a significant shift from a net profit to a net loss year-over-year, with revenue increasing by 20.2% while gross profit turned negative Statement of Operations (in millions) | Financial Metric | 3ME March 31, 2023 (in millions) | 3ME March 31, 2022 (in millions) | | :--- | :--- | :--- | | **Revenue** | $3,752 | $3,122 | | **Gross Profit (Loss)** | $(38) | $123 | | **Operating Profit (Loss)** | $(141) | $96 | | **Net Earnings (Loss) Attributable to Fluor** | $(107) | $48 | | **Diluted EPS** | $(0.82) | $0.27 | - The company experienced a significant shift from a net profit to a net loss year-over-year, with revenue increasing by **20.2%** while gross profit turned negative[15](index=15&type=chunk) [Statement of Comprehensive Income (Loss)](index=4&type=section&id=Statement%20of%20Comprehensive%20Income%20%28Loss%29) This statement details the company's comprehensive income or loss, including net earnings and other comprehensive income components Statement of Comprehensive Income (Loss) (in millions) | Metric | 3ME March 31, 2023 (in millions) | 3ME March 31, 2022 (in millions) | | :--- | :--- | :--- | | **Net Earnings (Loss)** | $(130) | $56 | | **Total OCI, net of tax** | $46 | $29 | | **Comprehensive Income (Loss) Attributable to Fluor** | $(61) | $77 | [Balance Sheet](index=5&type=section&id=Balance%20Sheet) Total assets and total equity both decreased from the end of 2022, primarily reflecting a reduction in cash and cash equivalents and the net loss for the quarter Balance Sheet (in millions) | Account | March 31, 2023 (in millions) | December 31, 2022 (in millions) | | :--- | :--- | :--- | | **Cash and cash equivalents** | $2,137 | $2,439 | | **Total current assets** | $4,837 | $5,044 | | **Total assets** | $6,630 | $6,827 | | **Total current liabilities** | $3,166 | $3,216 | | **Total equity** | $1,907 | $1,996 | - Total assets and total equity both decreased from the end of 2022, primarily reflecting a reduction in cash and cash equivalents and the net loss for the quarter[20](index=20&type=chunk)[21](index=21&type=chunk) [Statement of Cash Flows](index=6&type=section&id=Statement%20of%20Cash%20Flows) Operating cash outflow improved slightly year-over-year, while financing activities saw a significant cash outflow largely due to debt retirement Statement of Cash Flows (in millions) | Cash Flow Activity | 3ME March 31, 2023 (in millions) | 3ME March 31, 2022 (in millions) | | :--- | :--- | :--- | | **Operating Cash Flow** | $(161) | $(188) | | **Investing Cash Flow** | $13 | $(105) | | **Financing Cash Flow** | $(161) | $(16) | | **Decrease in cash and cash equivalents** | $(302) | $(296) | - Operating cash outflow improved slightly year-over-year[22](index=22&type=chunk) - Financing activities saw a significant cash outflow of **$161 million**, largely due to the purchase and retirement of debt amounting to **$137 million**[22](index=22&type=chunk) [Statement of Changes in Equity](index=7&type=section&id=Statement%20of%20Changes%20in%20Equity) Total equity decreased from $1,996 million at the end of 2022 to $1,907 million as of March 31, 2023, primarily driven by a net loss partially offset by Other Comprehensive Income - Total equity decreased from **$1,996 million** at the end of 2022 to **$1,907 million** as of March 31, 2023[45](index=45&type=chunk) - The decrease was primarily driven by a net loss of **$130 million**, partially offset by **$46 million** in Other Comprehensive Income (OCI)[45](index=45&type=chunk) [Notes to Financial Statements](index=8&type=section&id=Notes%20to%20Financial%20Statements) This section provides detailed explanations for significant financial events, including project charges, divestitures, litigation, and debt redemptions - The Urban Solutions segment recorded a **$59 million** charge for rework and delays on the LAX Automated People Mover project[51](index=51&type=chunk) - The Mission Solutions segment included a **$21 million** charge for cost growth on a weapons facility project due to government-directed changes and schedule delays[91](index=91&type=chunk) - The company completed its AMECO divestiture with the sale of its South America business, recognizing a **$60 million** negative earnings impact, which included **$35 million** for foreign currency translation[55](index=55&type=chunk) - Regarding the Santos litigation, a non-binding draft report from a panel of referees recommended judgment for Fluor on claims valued at **AUD $700 million** but for Santos on other claims of roughly equivalent value[69](index=69&type=chunk) - The panel also found that a contractual liability cap of **AUD $236 million** did not apply[69](index=69&type=chunk) - The company's Remaining Unsatisfied Performance Obligations (RUPO), an indicator of future revenue, totaled **$24.4 billion** as of March 31, 2023[79](index=79&type=chunk) - In January 2023, the company redeemed the remaining **€129 million** of its 2023 Notes for **$140 million**[128](index=128&type=chunk) [Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=20&type=section&id=Item%202%3A%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%20%28MD%26A%29) Management discusses financial results, highlighting revenue growth offset by significant project charges and a divestiture loss, while maintaining stable backlog and sufficient liquidity [Results of Operations](index=22&type=section&id=Results%20of%20Operations) This section details segment-wise revenue and profit performance, new awards, and backlog, highlighting impacts from project charges and divestitures Segment Performance (in millions) | Segment | Revenue Q1 2023 (in millions) | Revenue Q1 2022 (in millions) | Segment Profit (Loss) Q1 2023 (in millions) | Segment Profit Q1 2022 (in millions) | | :--- | :--- | :--- | :--- | :--- | | **Energy Solutions** | $1,612 | $1,174 | $88 | $54 | | **Urban Solutions** | $1,208 | $1,061 | $(20) | $17 | | **Mission Solutions** | $649 | $593 | $7 | $58 | | **Other** | $283 | $294 | $(90) | $(14) | - Consolidated new awards for Q1 2023 were **$3.2 billion**, a significant increase from **$1.9 billion** in Q1 2022[96](index=96&type=chunk)[214](index=214&type=chunk) - Total backlog was **$25.6 billion**, remaining flat compared to the end of 2022[214](index=214&type=chunk) - The Urban Solutions segment profit was impacted by a **$59 million** charge on the LAX Automated People Mover project[95](index=95&type=chunk) - The Mission Solutions segment profit declined due to a **$21 million** charge on a weapons facility project[101](index=101&type=chunk) - The 'Other' segment loss of **$90 million** was primarily driven by the **$60 million** negative earnings impact from the sale of the AMECO South America business[95](index=95&type=chunk)[102](index=102&type=chunk) [Liquidity and Financial Condition](index=26&type=section&id=Liquidity%20and%20Financial%20Condition) The company's liquidity position, including cash reserves and credit facility availability, is discussed, along with factors affecting operating cash flow and debt management - The company's liquidity position includes **$2.3 billion** in cash and marketable securities as of March 31, 2023, down from **$2.6 billion** at the end of 2022[199](index=199&type=chunk) - Fluor maintains a **$1.8 billion** credit facility maturing in February 2026, with **$828 million** of borrowing capacity available as of March 31, 2023[198](index=198&type=chunk) - Operating cash flow was an outflow of **$161 million**, which is typical for the first quarter due to employee incentive payouts and was also negatively impacted by working capital increases on several large projects[202](index=202&type=chunk) - The company redeemed the remaining **€129 million** of its 2023 Notes for **$140 million** in January 2023 using cash on hand and aspires to partially retire some of its 2024 Notes during 2023[225](index=225&type=chunk) [Item 3: Quantitative and Qualitative Disclosures about Market Risk](index=28&type=section&id=Item%203%3A%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company states that there have been no material changes to its market risk during the first quarter of 2023 - There have been no material changes to market risk during the 2023 Quarter[115](index=115&type=chunk) [Item 4: Controls and Procedures](index=28&type=section&id=Item%204%3A%20Controls%20and%20Procedures) Disclosure controls and procedures were deemed effective, with no material changes to internal control over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of the end of the period[116](index=116&type=chunk) - No changes to the company's internal control over financial reporting (ICFR) occurred during the quarter that have materially affected, or are reasonably likely to materially affect, ICFR[207](index=207&type=chunk) [Part II: Other Information](index=30&type=section&id=Part%20II%3A%20Other%20Information) This section provides additional information on legal proceedings, risk factors, equity security sales, mine safety, and a list of exhibits [Item 1: Legal Proceedings](index=30&type=section&id=Item%201%3A%20Legal%20Proceedings) This section directs readers to the detailed disclosures on legal matters provided in Part I, Item 1 (Notes to Financial Statements) of the report - For additional information on legal proceedings, the report refers to the disclosures in Part I, Item 1, Notes to Financial Statements[119](index=119&type=chunk) [Item 1A: Risk Factors](index=30&type=section&id=Item%201A%3A%20Risk%20Factors) The company reports that there have been no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K - There have been no material changes from the risk factors as disclosed in the 2022 10-K[120](index=120&type=chunk) [Item 2: Unregistered Sales of Equity Securities and Use of Proceeds](index=30&type=section&id=Item%202%3A%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Fluor Corporation did not repurchase any equity securities during the first quarter of 2023, with over 10.5 million shares remaining authorized for repurchase Share Repurchase Activity | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | January 1 – January 31, 2023 | — | — | | February 1 – February 28, 2023 | — | — | | March 1 – March 31, 2023 | — | — | | **Total** | **—** | **—** | - As of March 31, 2023, **10,513,093 shares** may yet be purchased under the company's publicly announced repurchase plan[122](index=122&type=chunk) [Item 4: Mine Safety Disclosures](index=30&type=section&id=Item%204%3A%20Mine%20Safety%20Disclosures) This section of the report contains no mine safety disclosures - No information was provided under this item[141](index=141&type=chunk) [Item 6: Exhibits](index=31&type=section&id=Item%206%3A%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents and required certifications - The report includes a list of filed exhibits, such as the Amended and Restated Certificate of Incorporation, Bylaws, forms of stock-based compensation agreements, and CEO/CFO certifications pursuant to the Sarbanes-Oxley Act[142](index=142&type=chunk) [Signatures](index=32&type=section&id=Signatures) This section contains the required certifications and signatures from the company's principal executive and financial officers [Signatures](index=32&type=section&id=Signatures) The report is duly signed on May 5, 2023, by the company's Chief Financial Officer and Chief Accounting Officer - The report was signed on May 5, 2023, by Joseph L. Brennan (Chief Financial Officer) and John C. Regan (Chief Accounting Officer)[126](index=126&type=chunk)[145](index=145&type=chunk)

Fluor Corporation (NYSE:FLR) Q4 2022 Earnings Conference Call February 21, 2023 8:30 PM ET Company Participants Jason Landkamer - Head of Investor Relations David Constable - Chairman and Chief Executive Officer Joe Brennan - Chief Financial Officer Conference Call Participants Michael Dudas - Vertical Research Andy Wittmann - Baird Jamie Cook - Credit Suisse Brent Thielman - D.A. Davidson Steven Fisher - UBS Michael Feniger - Bank of America Operator Good morning, and welcome to Fluor's Fourth Quarter 2022 ...

February 21, 2023 Q4 2022 Results This presentation contains forward-looking statements (including without limitation statements to the effect that the Company or its management "will," "believes," "expects," "plans," "intends," "continue," is "positioned" or other similar expressions). These forward-looking statements, including statements relating to strategic and operational plans, projected operating results, forecasts, market outlook, new awards, backlog levels, and liquidity are based on current manag ...

• Many of our employees continue to work remotely. While many of our employees can effectively perform their responsibilities while working remotely, some work may not be completed as efficiently as if it were performed on site. • Various vaccine mandates issued by clients or governments could negatively impact our ability to attract and retain qualified employees, increase costs and administrative burden and make us subject to fines. • Illness, travel restrictions or other workforce disruptions have affect ...

Financial Data and Key Metrics Changes - Revenue for Q3 2022 was $3.6 billion, an increase attributed to the ramp-up of execution activities on refinery projects in Mexico and a recently awarded reimbursable LNG project [39] - Segment profit decreased to $31 million from $116 million a year ago, primarily due to $107 million in legacy infrastructure project charges [39] - Adjusted EBITDA for the quarter was $26 million, with diluted adjusted EPS at $0.07 [40] - Operating cash flow improved to $118 million, with cash and marketable securities balances at $2.6 billion [42][43] Business Line Data and Key Metrics Changes - Urban Solutions reported a segment loss of $54 million due to infrastructure cost growth on legacy projects, with new awards approaching a one-to-one book-to-burn ratio at $929 million [15][39] - Mission Solutions reported segment profit of $29 million, consistent with expectations, with new awards including a $4.5 billion extension with the U.S. Department of Energy [26][27] - Energy Solutions segment profit was $59 million, reflecting an embedded derivative loss and declines in execution activity for nearing completion projects [29] Market Data and Key Metrics Changes - New awards for Q3 totaled $9.7 billion, improving backlog to $25.4 billion, with reimbursable backlog at 58% [42] - The company is tracking $131 billion in high-quality new award prospects, with 40% related to energy transition [14] - The outlook for Mission Solutions is optimistic with upcoming renewals and new work opportunities [28] Company Strategy and Development Direction - The company is focusing on fair and balanced contract terms, with 91% of new awards being reimbursable [13] - A strategic priority is driving growth across the portfolio, particularly in the Urban Solutions segment with the retention of Stork's North American operations [16][17] - The company is narrowing its infrastructure focus to regional road and bridge work, declining to bid on approximately $28 billion in infrastructure work that did not meet risk mitigation criteria [24] Management's Comments on Operating Environment and Future Outlook - Management acknowledges recessionary pressures and inflation but expects capital spending to remain strong among key clients [70][71] - The company anticipates continued backlog growth and improved margins, particularly in reimbursable work [75] - Management is optimistic about the energy transition projects and the potential for significant new awards in the chemical sector [57] Other Important Information - The company is actively engaged in formalizing entitlement positions on legacy projects to seek relief for cost growth and delays [12] - The company plans to retire $145 million in debt maturing in March 2023 using available cash [47] - The fourth quarter adjusted EPS guidance is set at $0.50 to $0.60, with expectations for revenue exceeding $4 billion [49] Q&A Session All Questions and Answers Question: Prospective award potential in semiconductors, mining, and energy - Management discussed strong relationships with clients like Intel, with expected CapEx increases and upcoming mining projects anticipated to convert to full awards in the next quarters [54][56][57] Question: Update on infrastructure project completion dates - Completion forecasts for LBJ 635, Gordie Howe, and LAX projects were provided, with LBJ expected to complete in Q2 2025 and LAX in Q2 2024 [64][65] Question: Expectations for Urban Solutions margins and performance - Management indicated confidence in achieving a 4% margin in Urban Solutions for Q4, with expectations for improved performance as challenged projects are resolved [81][82] Question: Impact of inflation on LNG Canada project - Management stated that procurement is complete for the LNG Canada project, with inflation risks largely mitigated through project labor agreements [90] Question: Cash flow generation improvement timeline - Management confirmed that improved cash flow generation is expected in 2023, with potential sources of cash from key projects [96]

Financial Data and Key Metrics Changes - Revenue for Q2 2022 was $3.3 billion, reflecting projects nearing completion and the pace of limited versus full notice to proceed on projects [35] - Segment profit increased to $108 million from $95 million a year ago, with adjusted EBITDA for the quarter at $65 million, slightly below expectations due to project charges and foreign exchange impacts [35][36] - Ending backlog improved to $19.5 billion, with new awards for the quarter exceeding a one-to-one book-to-burn ratio at $3.6 billion [37] Business Segment Data and Key Metrics Changes - Urban Solutions reported segment profit of $8 million, with new awards approaching a 2:1 book-to-burn ratio at $1.9 billion compared to $617 million a year ago [11] - Mining & Metals saw significant activity, with contracts awarded for projects in Australia and Indonesia, and a pipeline of approximately $5 billion in upcoming awards [18] - Energy Solutions reported segment profit of $65 million, including new awards for a lithium chemicals project in China and a refinery upgrade project in Mexico [25] Market Data and Key Metrics Changes - 73% of new awards for the quarter were reimbursable, with nearly 40% related to energy transition opportunities [9] - The company is pursuing $28 billion of front-end prospects in energy transition, with $38 billion in potential future work across segments [33] - The LNG Canada project is over 60% complete, transitioning to a different phase of construction [28] Company Strategy and Development Direction - The company is focused on energy transition projects, differentiating itself through subject matter expertise across all business lines [48][64] - The strategy includes being selective in infrastructure pursuits, emphasizing fair and balanced contract terms [16] - The company aims to maintain a strong capital structure while investing in growth opportunities, particularly in energy transition and advanced technologies [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the new awards and ongoing projects, indicating solid CapEx plans across various sectors despite economic uncertainties [47] - The company anticipates a strong Q3 with significant new awards, particularly in energy transition and semiconductor manufacturing [52][62] - Management noted that the effective tax rate is expected to decline as U.S.-based revenue ramps up in 2023 [42] Other Important Information - The company achieved a 15% reduction in Scope 2 emissions from 2020 to 2021, supporting its net zero commitment for 2023 [6][7] - The company is on track to capture nearly $100 million in ongoing cost savings in 2022, two years ahead of its goal [38] - The company has a debt-to-capital ratio under 40%, with plans to retire 2023 notes using existing liquidity and monetization of non-core business units [39] Q&A Session Summary Question: Insights on project confidence and client CapEx plans - Management indicated strong confidence in new awards and CapEx plans across top customers, projecting $175 billion in 2022 and $190 billion in 2023 [48] Question: Updates on CHIPS Act and semiconductor projects - Management confirmed participation in semiconductor projects, expecting incremental awards in the hundreds of millions, with potential for billions in the first quarter of next year [52] Question: Context on Q2 awards margins and inflation impacts - Management clarified that Q2 awards margins were 550 basis points above the operating plan, primarily from reimbursable contracts, with expectations for quicker project burn rates [54][56] Question: Guidance on revenue and cash flow expectations - Management expects revenue to accelerate in the second half of the year, with a flat cash balance due to servicing obligations [60] Question: Competitive environment in energy transition projects - Management highlighted differentiation in energy transition projects, with a high probability of winning based on value delivered rather than price [66]

Q1 2022 Performance and Guidance - Q1 2022 Ongoing Operations Adjusted EBITDA was $547 million[14] - Vistra reaffirmed its 2022 Ongoing Operations Adjusted EBITDA guidance of $2810 million - $3310 million[14] - Vistra reaffirmed its 2022 Adjusted FCFbG guidance of $2070 million - $2570 million[14] Capital Allocation - Vistra executed ~$1195 million of the authorized $2 billion share repurchase program as of May 3, 2022[20] - ~4318 million shares remain outstanding as of May 3, 2022, a ~105% reduction since November 2021[20] - The board approved a quarterly dividend of $0177 per share that will be paid on June 30, 2022 (~18% increase over dividend paid June 30, 2021)[20] - Available liquidity as of May 5, 2022, was ~$21 billion[20] Hedging Strategy - As of March 31, 2022, Vistra is 93% and 96% hedged in Texas and East, respectively, for 2022[22] - As of March 31, 2022, Vistra is 60% and 67% hedged in Texas and East, respectively, for 2023[22] - Vistra's Ongoing Operations Adjusted EBITDA mid-point opportunity is in the range of $35 billion - $37 billion from 2023 to 2025[24] Vistra Zero Portfolio - Vistra expects to grow the Vistra Zero portfolio to ~7300 MW by 2026[27] - Construction completed on 158 MW of additional solar generation[12, 30] - Construction completed on 260 MW of battery storage[12, 33]

Financial Data and Key Metrics Changes - For Q1 2022, revenue was $3.1 billion, which was lighter than anticipated due to seasonality and COVID-related slowdowns [23] - Segment profit nearly doubled to $115 million compared to 2021, driven by a favorable settlement related to a contract in Puerto Rico and increased execution activity on energy solution projects [23] - Diluted adjusted earnings per share for the quarter were $0.16, with tax expenses impacted by jurisdictional earnings recognition [24] Business Line Data and Key Metrics Changes - Urban Solutions reported segment profit of $15 million, affected by cost growth on an advanced manufacturing project and timing of a P3 transaction [8] - Mining and Metals has over $6 billion in new work opportunities, including projects in South America and a decarbonization program for a steel company [9] - Mission Solutions reported segment profit of $58 million, benefiting from a favorable resolution of a U.S. Army Corps of Engineers project [12] - Energy Solutions achieved a segment profit of $54 million, reflecting increased execution activities and a reduction in overhead costs [14] Market Data and Key Metrics Changes - The overall energy market has shifted, with clients assessing capital allocation needs for energy security and transition, despite rising oil prices [16] - Significant prospects include a large international petrochemical facility and additional refinery work in Mexico [16] Company Strategy and Development Direction - The company is focused on executing current road and bridge projects, with optimism regarding federal infrastructure funding supporting future opportunities [10] - Advanced Technologies and Life Sciences are seeing increased interest in semiconductor manufacturing and data centers, with multiple projects for Intel and discussions on multibillion-dollar opportunities [11] - The company aims to maintain a strong, flexible balance sheet to support EBIT-generating activities and is on track to capture $97 million in ongoing savings through its cost optimization program [32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about new awards, with Q1 new awards totaling $1.9 billion and expectations for significant improvement in the second quarter [7] - The pipeline for new awards is strong, with broad-based opportunities across various sectors, including government, mining, and energy transition [38][39] - Management remains confident in achieving the 2024 guidance of $2.50 to $2.90 per share, supported by strong execution and a healthy backlog [21] Other Important Information - The company has made the decision to cease operations in Russia and is winding down current projects there due to the ongoing crisis in Ukraine [7] - Fluor's ownership in NuScale Power is now 57%, with significant investor interest following its recent listing on the NYSE [18] Q&A Session Summary Question: Can you elaborate on the booking margins and pipeline? - Management noted a strong pipeline with booking margins exceeding expectations by 470 basis points, indicating a positive outlook for the year [37][39] Question: What are the opportunities in the semiconductor business? - Management highlighted strong relationships with key manufacturers and a competitive edge in delivering large-scale semiconductor facilities [42][43] Question: How is the LNG Canada project progressing? - The LNG Canada project is over 60% complete, with good progress on module deliveries despite some COVID-related challenges [53][55] Question: What is the outlook for new awards and backlog? - Management expects to see a book-to-burn ratio above 1.0 by the end of Q2, with several significant projects anticipated to contribute to backlog [68] Question: How are terms and conditions shaping up for new projects? - Management reported favorable terms and conditions in negotiations, allowing for a balanced risk profile in contracts [83]