Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $4 billion, with consolidated new awards of $1.8 billion, 72% of which were reimbursable [6][7] - Total backlog remains around $28 billion, with 80% being reimbursable [8] - Adjusted EBITDA for Q2 was $96 million, down from $165 million a year ago, and adjusted EPS was $0.43 compared to $0.85 [27][36] Business Segment Data and Key Metrics Changes - Urban Solutions reported a profit of $29 million, impacted by a $54 million net cost growth on three infrastructure projects [8][14] - Energy Solutions segment profit was $15 million, down from $75 million a year ago, due to nearing project completions and an arbitration ruling [16][17] - Mission Solutions reported a segment profit of $35 million, down from $41 million a year ago, due to a temporary stop work order [20] Market Data and Key Metrics Changes - New awards for the quarter totaled $7.6 billion for 2025, with a book-to-burn ratio above one [7] - The company noted a slowdown in capital spending in the Mining and Metals sector due to global trade uncertainty [12] - The infrastructure segment experienced cost growth on three projects, with significant impacts from design errors and material escalation [14][91] Company Strategy and Development Direction - The company is focusing on markets such as mining, advanced manufacturing, data centers, and life sciences for future growth [46][48] - Management expressed optimism about the long-term opportunities in the LNG market, particularly with the recent achievements in LNG Canada [19][81] - The company plans to convert 15 million NuScale Class B shares into Class A, viewing it as a positive step for shareholder value [5][34] Management's Comments on Operating Environment and Future Outlook - Management noted a short-term hesitation in client investment decisions due to trade policy uncertainties and cost escalations [22][23] - The company expects that once trade agreements stabilize, clients will accelerate investments in various end markets [23][102] - Management remains confident in the long-term growth strategy despite current market hesitations [100][102] Other Important Information - The company reported a cash and marketable securities balance of $2.3 billion as of June 30, down from $2.5 billion at the end of Q1 [30] - Operating cash flow for the quarter was an outflow of $21 million, significantly lower than the cash generation of $282 million a year ago [31] - The company plans to slow share repurchases in 2025, expecting total repurchases to be between $450 million to $500 million [32] Q&A Session Summary Question: Insights on the bookings environment and backlog growth - Management acknowledged that trade policy impacts client sentiment and investment decisions, but they are pursuing work in the right markets [41][46] Question: Details on NuScale conversion and tax implications - The conversion of Class B shares to A shares will have a tax gain associated with it, which can be shielded through tax credits [50][51] Question: Clarification on backlog adjustments - The $1.7 billion in positive backlog adjustments relates to ongoing reimbursable work, primarily in the Urban Solutions segment [63][64] Question: Comments on infrastructure project performance - Management expressed disappointment with the results of three infrastructure projects but is committed to addressing the issues and completing them [91][92]