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McKenzie says provision of residences for the indigent top priority information McKenzie says provision of residences for the indigent accurate priority Thursday, September 24, 2020 KINGSTON, Jamaica— the supply of homes for the indigent continues to be a precedence for the Ministry of native govt and Rural, says Minister Desmond McKenzie.
talking at a ceremony to welcome the new Minister of State Homer Davis, on the ministry the day prior to this, McKenzie noted that work is much advanced on a few tasks for the indigent. “We are expecting the soup kitchen at Church highway (Kingston) to be up and working with the aid of the conclusion of this month (September). they have got simply concluded the procurement for the gadget and we’re anticipating that. There are two indigent properties and a drop-in facility which are to be opened later this month in St Thomas,” the minister observed. The secretary of the board of supervision within the ministry introduced the addition of a soup kitchen on Church highway in July, to preserve the feeding programme the government begun earlier this year for the vulnerable inhabitants. McKenzie had also announced the govt’s plans to build 100 residences throughout the island for the indigent, with 12 projected to be completed before the conclusion of the 2020/2021 fiscal 12 months. These could be centred within St Andrew. “I will be breaking ground in West vital St Andrew in brief order, the place we are going to commence constructing out about 12 indigent homes and then i will stream into the South West St Andrew constituency to do an analogous assignment, but in a decreased number. So we might be concentrating in St Andrew during this new set of indigent residences that we’re going to be proposing,” the minister referred to. He highlighted the improvement of infrastructure at infirmaries, the construction of drop-in amenities, and work carried out to enhance the situations of the negative and destitute because the “signature achievement of the ministry” within the closing four years. The minister noted that besides the fact that children the ministry has gone through a name change, it nonetheless retains the general accountability for group building, and its affiliate company, the Social development fee, will play a vital position within the ministry’s new focus on rural construction.
Fluor enterprise (FLR) CEO Carlos Hernandez on this fall 2019 outcomes – salary call Transcript Fluor service provider (NYSE:FLR) q4 2019 effects convention call September 25, 2020 8:30 AM ET enterprise members Jason Landkamer – Director, IR Alan Boeckmann – executive Chairman Carlos Hernandez – CEO Joe Brennan – CFO convention call contributors Jamie cook dinner – credit Suisse Steven Fisher – usa04a7d3d609129a9296bf7ac0608c2097) Andy Kaplowitz – Citigroup Michael Dudas – Vertical research Andrew Wittmann – Baird Sean Eastman – KeyBanc Capital Markets Michael Feniger – bank of the united states Operator good morning, and welcome to Fluor employer’s 2019 10-ok earnings convention call. ultra-modern call is being recorded. at the moment, all individuals are in a listen-best mode. a question-and-answer session will comply with administration’s presentation. A replay of modern day conference may be attainable at approximately 10:30 am jap Time today, obtainable on Fluor’s site at investor.fluor.com. The internet replay will be attainable for 30 days. A mobilephone replay will also be accessible for seven days via a registration hyperlink, also attainable on Fluor’s web site at investor.fluor.com. at this time for opening remarks, I’d like to flip the call over to Jason Landkamer, Director of Investor family members. Please go ahead. Jason Landkamer thank you and welcome to Fluor’s 2019 10-k conference name. With us these days are Alan Boeckmann Fluor’s executive Chairman, Carlos Hernandez, Fluor’s Chief govt Officer; and Joe Brennan, Fluor’s Chief fiscal Officer. Our earnings announcement become released previous this morning. we’ve posted a slide presentation on our website which we can reference whereas making prepared remarks. before getting started, I’d want to refer you to our safe Harbor note related to forward-looking statements, which is summarized on slide 1. all over today’s presentation, we should be making ahead-searching statements which replicate our latest evaluation of existing traits and information. there is an inherent chance that specific effects and event might vary materially. you can discover a discussion of risk elements, which could potentially contribute to such alterations within the enterprise’s form 10-ok filed earlier these days. all through this call, we may additionally focus on certain non-GAAP fiscal measures. Reconciliations of those amounts to the similar GAAP measures are reflected in our salary free up and posted in the Investor family members component to our web site at investor.fluor.com. i may now turn the name over to Alan Boeckmann, Fluor’s executive Chairman, Alan? Alan Boeckmann thanks, Jason, and first rate morning. it be extremely good to be capable of communicate with all of you again. we’ve a couple of items to talk about nowadays. And earlier than we beginning, i would want to take the possibility to introduce all of you to Joe Brennan as our new Chief financial officer. And whereas Joe may well be new to this function, he’s not new to Fluor. With pretty much 30 years of adventure, Joe brings to the function a deep knowing and abilities involving challenge finance and controls. i might want to take this opportunity also to thank Mike Steuert for popping out of retirement, to help the company chart a brand new path forward. His perception and skills of the enterprise supplied critical help to our strategic manner. And he was instrumental in organising the manner to guide the moves that we’ve got been working on due to the fact earlier this yr. And with that, I are looking to birth with what has transpired for the reason that our last name in February, because it relates to the Board investigation. I’d ask you to turn to slide 2. With administration’s recommendation, impartial members of the Board of administrators based a unique committee to finished a evaluate on the accounting and monetary reporting for the Radford venture and a couple of additional initiatives. The special committee along with its impartial external advisors and economic consultants, had been working all over the pandemic to complete these reviews and put us in position to file our audited monetary statements. This committee decided that the scope of its review and had full access to the company’s personnel and documentation. This investigation covered document assortment and interviews across all Fluor EPC segments, both domestic and international. If i can put a finer aspect on the breadth of the assignment at hand, we reviewed projects from 2016 to 2019, and it represented a majority of the enterprise’s lump-sum portfolio in keeping with earnings. or not it’s reasonable to claim that the overview was complete and extremely thorough. per my very own feedback in February of 2020, the review concluded that the error were regarding the timing of costs and earnings, and never the magnitude. To proper for this, the company has restated its fiscal effects for the years 2016 via 2018, and for each of the intervening time quarterly periods in the past issued for 2018 and 2019, to reflect the underlying efficiency of the Radford venture. i’d refer you to the 10-ok for a full explanation because it relates to this mission. and likewise to the restatement on Radford, we additionally identified a couple of different errors that were quantitatively immaterial, but that have been also corrected within the restatement. moreover the restated quantities, we also recognized in total a reduction of cumulative pretax salary that had been said via September 30th of 2019, with the aid of a total of $3.8 million. Please flip to slip 3. as a result of this investigation, we decided that we had cloth weaknesses in our internal controls over fiscal reporting. In response, the business has begun to implement a remediation plan to handle these weaknesses. This plan comprises personnel movements, up to and together with separations for personnel worried in initiatives linked to cloth weaknesses; extra monitoring processes to support be sure guidelines and approaches are normally followed after mission stage; more suitable information on mission forecasting principles, including the assessment of variable consideration at the challenge level; new tools and templates to standardized documentation and reporting; and ultimately, stronger and better practising on required guidelines and approaches, including our code of conduct and our procedure for elevating concerns. whereas it has taken longer than hoped to finished this evaluate and to situation our audited fiscal statements, we’re assured that the particular committee’s overview become complete and thorough and agree with we’re smartly down the course in restoring confidence in our financial reporting. next, I are looking to shift gears, and i are looking to discuss with you about where we stand relative to the strategic review that we held and announced closing of September. and that i’d ask you to show to slip four. Very soon after taking our positions in may of 2019, Carlos and that i initiated a strategic overview. And throughout that review, we realized that we have been facing massive challenge losses, and people have been associated with our announcement in the 2nd quarter. The business also experienced a credit score downgrade throughout that time. We knew that these losses might put critical force on the enterprise’s liquidity. consequently, our strategic review changed into focused specially on two elements, cash technology and de-risking our portfolio. And besides the fact that children we now have had the misfortune of working through this system below the overhang of COVID-19 and the Board investigation, i am completely satisfied to say that we have made huge growth as it relates to cutting back overhead fees, closing places of work, and continuing the system of exiting our AMECO company. moreover, we are focused on possibilities in our conclusion markets that agree to our revised pursuit standards. And as we had been concluding our inside and Board reports, it became apparent that we essential to speed up the tempo of alternate inside the company to address the truth of the world as it stands nowadays. So, a few weeks ago, we challenged the administration crew to undertake a very enormous strategic activity that I accept as true with will influence in a revised and greater approach to our markets and our corporate constitution, whereas decreasing our possibility profile and driving reliable profitability. The whole crew is engaged during this and is assured and cognizant of the should change amid latest challenges. To support management in this, the Board of administrators has based an advert-hoc committee to function a aid and a conduit for Board expectations and ideas. this will serve to align both in the early part of the system. We intend to share this transformation strategy with the investment community within the fourth quarter. There are however, two adjustments that we’re making automatically and will be part of our method going forward. Carlos will deliver the specifics in a moment, but i can inform you that it consequences how we tackle our markets in each the Infrastructure, and the energy & chemical substances business groups. Let me within reach announcing that in an organization as storied as ours, few instances are with out precedent. however, I consider, we are able to all agree, the movements over the closing 18 months truly are unheard of. Our means to conquer adversity and emerge better and smarter has described our success as a corporation. and that i don’t have any doubt in our skill to accomplish that once once more. With that, Carlos will now discuss what we have encountered in our end markets, and what we are expecting to achieve in 2020 to convey cost for our shareholders and shoppers. Carlos? Carlos Hernandez thanks, Alan, and good morning, everybody. earlier than I begin, I also are looking to congratulate Joe on his advertising into the role of CFO and likewise Mike for coming out of retirement to aid us through some very-challenging quarters. This 10-k represents the closing of a very lengthy chapter in Fluor’s background. today, we open a brand new chapter by which we appear ahead to giving more constant updates and moving into an everyday communique cadence over the arriving months. as it relates to our investigation at Fluor, we delight ourselves on being an moral business and preserving our employees to the highest requisites. unluckily, this evaluation unveils weaknesses in pockets of our business the place just a few people did not are living as much as those excessive requisites. whereas this changed into very-disappointing, i’m assured that we now have made the crucial alterations to separate those people and forestall these issues from reoccurring. Now, in case you would please turn to slip 5. because we closing spoke in February, the realm we all live and work in has modified vastly. I actually have been very inspired by means of the resiliency of our employees and how they have got tailored to this new work environment and moved forward even with new and unanticipated challenges. when you consider that mid-March, nearly all of our workplace employees worldwide correctly transitioned to a work-from-home atmosphere. during the tireless efforts of our suggestions expertise experts, our engineering and operations assist efforts continued with minimal disruption. over the last few months, we now have been slowly opening our places of work on a limited basis to guide social distancing instructions and different protocols to deliver a secure working ambiance. For our initiatives and group of workers in the fields, we carried out new protection and work protocols to assist COVID-19 prevention. a big component of our tasks continued all over the pandemic, as they have been deemed standard. whereas we did have a few shoppers at the beginning request a discount of box team of workers, many of these adjustments had been brief in nature and most of our projects are currently utterly staffed. whereas our response to the pandemic was brief and nimble, and we continue to be able to make vital alterations this autumn, the evaluation of the affect to the timeline and price of our projects is ongoing. We’re having conversations with our valued clientele on the most useful route ahead to success in this environment and are providing notices putting forward our rights beneath alternate of legislation and force majeure provisions. the style we view opportunity in our conclusion market, began to alternate before COVID. Now, drive on commodity costs has pushed a few our pre-COVID prospects additional into the long run and should require additional changes to our business model. Now, please turn to slide six. As Alan pointed out, we’re changing our method in power & chemical substances and Infrastructure. valuable automatically, power & chemicals will only pursue reimbursable or open book lump-sum conversion EPC tasks. Over time, our E&C community may be increasingly geared in opposition t reimbursable tasks. Let me extract that we don’t seem to be moving away from the power & chemical substances market. We believe that we have the skill to be at tremendous presence in this house, and that many knowledgeable purchasers understand that their most beneficial capital software outcomes come, when there is a balanced allocation of risk and the place both events work collaboratively to reduce typical possibility. Alan and i briefed a number of customers just before modern-day announcement, and every one in every of them has been supportive of this choice and acknowledged the issues that exist in modern capital markets. We’re inspired through the response and look ahead to working with them as we go ahead. within the Infrastructure company, we previously announced that we’d exit the markets in Europe and Australia, and focal point on choose markets in the united states. we are additional refining our method to this market and may now not pursue large scale initiatives for consumers where there’s a historical past of onerous contractual terms and inadequate application management. As with power & chemical substances, we believe that the Infrastructure company presents large opportunities to us to be a hit and carry consistent profitability however best under proper cases. competition on lump-sum tasks drives a couple of unintended penalties and creates a transactional market. during the past several years, this transactional procedure has disproportionately moved chance to the contractors’ facet of the equation. The outcomes has been an industry-vast destruction of cost. earlier than I hand the call over to Joe for a fiscal replace, I wish to highlight a number of initiatives and provide some commentary around what we’re seeing across our businesses from our consumers and also talk about one of the prospects we’re monitoring in the subsequent three hundred and sixty five days. in case you now please turn to slip seven. Up in Kitimat, our LNG Canada project is moving forward, albeit impacted by way of COVID-19, trade of law force majeure events. in keeping with the local rules, we had a substantial body of workers reduction in mid-March, however work with the provincial governments, multi-part reached our plant to renew activities. We’re blissful to record that our personnel is now lower back the place it turned into earlier than the drawdown, and we predict to raise it to 2,500 on-web page with the aid of the end of 2020. We trust that we’re in a position to try this safely and with endured focus on minimum infections. we now have strong regulations in region round travel to and from the site. We’re opening our Cedar Valley hotel on-website lodging in phases, with a purpose to permit our team of workers to stay on-web page and have housing, lodging, nutrients, entertainment, health care and other needs all met in a single area. at the moment, Cedar Valley resort can accommodate as much as 1,500 employees with a plan to add an extra 1,500 beds via yr-end and be absolutely operational with a highest occupancy for 4,500 throughout the first quarter of 2021. protection is and has all the time been a properly priority at Fluor and actual occupancy will be elegant on government rules and restrictions with admire to social distancing. As is pertains to our fabrication efforts for this undertaking, China is still restricting its borders as a result of COVID-19. however, the vast majority of our fabrication administration team are in a position to work remotely to progress our fabrication efforts in each yards. We do assume having the balance of our administration group mobilize lower back into China by means of yr-conclusion, depending of path on executive restrictions. At Kitimat, site prep activities are smartly underway. To-date, more than 1.5 million cubic meters of earth has been excavated with over three million cubic meters backfilled and compacted. Our piling actions are progressing neatly, exceeding the month-to-month plan and we count on that these activities can be 95% complete through the end of the year for coach one, and the OSBL areas. building of foundations and installing of underground cables and pipe are progressing — are proceeding. development of the LNG storage tank and marine offloading facility are also underway. as soon as finished, the marine offloading facility should be used to sell off the LNG modules which we anticipate will start getting delivered to website by the use of marine transport in the summertime of 2021. Now, please turn to slide eight. moving from Kitimat to the red Line. As we announced in might also, Fluor made a choice with our three way partnership partners to terminate our design-construct contract for the crimson Line rail challenge in Maryland. whereas this became a disappointing outcome for this challenge, our undertaking crew exhausted all different alternate options. The three way partnership experienced distinct delays on the mission backyard of our manage, and we were unable to gain the time and value aid from our customer. the lack of resolution on the influences of third-celebration losses delayed correct away acquisitions, and changes to laws and third-birthday party agreements made our continued participation on this mission unsustainable. past this month, a Maryland judge dominated in choose of our consortium, stoppage of work, and transitioned this assignment back to the customer. We are expecting this motion to be complete in the next three to four weeks. relocating to the offshore assignment we had discussed on previous calls. we have gained alignment on the undertaking completion date, including familiar COVID impacts with our customer and have our fabricator working to this date. The task and customer group are setting up additional contingency plans should still COVID influences resurface. Radford is progressing toward a late 2020 mechanical completion. We’re nevertheless assessing the have an impact on COVID has to our productiveness on the website, which could push handover into early 2021. On the F.E. Warren assignment, work is progressing and Fluor’s working amicably to get to the bottom of design linked considerations impacting construction. The venture is still on target for forecasted completion date in 2022. Now, please flip to slip 9. while our commodity-exposed customers are assessing their timeline as it pertains to new last investment choices, we nevertheless see a pipeline of possibilities together with a significant number of what we believe of as mid-sized reimbursable power & chemical compounds tasks. remaining time we spoke, I talked about our full roster of infrastructure tasks. This continues to be genuine as we’re bidding on simplest just a few infrastructure tasks right now. although, we’re maintaining a detailed eye on state DOT prospects and will be ready to take skills of the correct alternatives. We’re presently monitoring a handful of tasks for the Texas branch of Transportation. In Mining, we still see a healthy pipeline and were successful in profitable early FEED work, but have considered most of EPC scope shift into 2021. Our most important valued clientele are focused on further alternatives as it pertains to copper, lithium and bauxite. As we announced in February, we’re holding our executive enterprise and have been very encouraged by way of new awards in 2020. This contains a fresh announcement that our joint venture’s received the notice to proceed on the critical Plateau Cleanup Contract at the DOE’s Hanford web page. We were also awarded a position on the Air force Contract Augmentation software V for eight years. this is an IDIQ contract that enables us to compete for selected task orders for the Air drive. eventually, ultimate month we announced that NuScale acquired NRC acclaim for its design. This approval establishes new scale as the preeminent leader in the small modular reactor know-how market and allows for Fluor to respond to clients attempting to find a unique, flexible, secure and carbon free energy answer. We’re enticing with skills consumers, capital traders, producers and supply chain companions to circulate forward in our development efforts. We nonetheless see NuScale as an important part of our imaginative and prescient of featuring a wide array of environmental solutions because the power requirements around the world proceed to shift. And now, i may flip the call over to Joe to give a fiscal replace. Joe? Joe Brennan Thanks, Carlos. all the way through my pretty much 30 years at Fluor, I actually have been into a whole lot of roles and have always been impressed with the aid of the talented people during this corporation. Over the closing couple of months, i have been notably grateful for all of the complicated work that our finance crew has taken on to support our review and restatement manner. The depth of skill during this corporation is unmatched, and i am proud to take on this new problem as CFO and seem to be forward to working intently with Alan and Carlos. The main issues i would want to talk about nowadays are one, an overview of key fiscal metrics; two, an replace on our liquidity and economic place; three, an replace on our surprising initiatives; and four, an outlook for the business for the the rest of this yr. Please turn to slip 10. For 2019, Fluor pronounced a internet loss from carrying on with operations of $1.7 billion or a lack of $eleven.97 per diluted share. it’s value noting that govt become considered part of discontinued operations for 2019 and will revert to carrying on with operations for 2020 results. results for 2019 encompass, a non-money charge of $731 million regarding establishing valuation allowances against web deferred tax assets; $293 million in non-cash impairment prices concerning equity formulation investments, goodwill and intangible client relationships; a non-cash price of $138 million linked to the settlement of the United Kingdom pension plan; $240 million in restructuring activities; and $839 million in undertaking changes and reforecasts. corporate G&A expenses for 2019 were $159 million, up from $118 million a 12 months ago, basically due to the outcomes of overseas transactional beneficial properties and losses. Please flip to slip eleven. whereas we are not prepared to talk about outcomes for 2020, I do wish to make some everyday feedback. throughout the conclusion of June, new awards were $6 billion, led by means of tasks and Mining and government. this is up a bit compared to the first half of 2019, with a major majority of our awards being reimbursable contracts. Preliminary earnings for the primary six months changed into about $8 billion, together with the executive neighborhood, which is down compared to the first half of 2019. money steadiness at the conclusion of August changed into $2.1 billion and our attainable home money steadiness represents 35% of complete cash. As noted in our 8-okay earlier this month, we decided to undertake an meantime impairment look at various because of a steep decline in commodity expenses and the influence of COVID-19 in Q1 2020. as a result of these impairment exams, we count on a non-money impairment of about $450 million to $475 million in Q1, concerning the impairment of goodwill, intangibles, equity formulation investments, assets held on the market, and different device as well as losses linked to reserves for adjustments in customer credit risk. whereas we do not expect extra impairments backyard of these fees, we now have yet to peer the complete have an effect on of COVID-19 on our company, and the want for other stability sheet alterations may come up. moving to capital structure and liquidity. We continue to trust that we now have considerable liquidity to fulfill the demands of present projects and future potentialities. for the reason that the final name, Fluor changed into downgraded to a non-funding rating through Moody’s. while this changed into unfortunate and counter to the moves we are taking to stabilize and enhance our credit standing over time, it did not have a big affect to our operations. I also need to point out that we now have amended our credit settlement to permit us to comprehensive our filings by way of December 31st. In early August, we received a notice from the trustee as it pertains to the timely submission of economic statements for our bonds, while the submitting of our 10-okay and our expectations because it relates to the timing of the subsequent 10-Q, we intend to be compliant earlier than the conclusion of the treatment period. before I discuss our outlook, I are looking to provide an update on a number of of the fiscal initiatives that were addressed on the strategic review name last yr. In 2020, we have persevered the manner of monetizing our funding in AMECO, our equipment condominium business. during the past few months, we sold our operations in Jamaica, closed operations in Mexico and bought the machine condominium company owned with the aid of Stork. as far as the remaining AMECO business, we received bids remaining month and predict to make an announcement on steps in the close future. we’re continuing to growth on cutting back overhead prices across the organization. we have accelerated our cost mark downs publish COVID and expect to exceed our up to now disclosed run fee of $100 million in annual reductions with the aid of the fourth quarter of this year. whereas our initiatives around P3 monetization and real property have proceeded slower than anticipated this yr, they continue to be vital contributors to enhancing our cash position. Please turn to slip 10. due to the fact that our closing caller in February, we’ve experienced a significant shift in our conclusion markets. subsequently, we consider it’s prudent to droop our guidance for 2020. i know the significance of counsel for traders and that i appear ahead to proposing 2021 tips, after we file our 2020 10-ok. here’s what you can are expecting over the next few months. We are expecting to file Q1 2020 consequences inside the next month, adopted about four weeks later by using Q2 2020 with Q3 consequences, approximately four weeks after that. we are able to host our subsequent call with the investment neighborhood in conjunction with the release of our Q3 outcomes. As previously outlined, our cash stability on the end of August changed into $2.1 billion. I predict the cash stability to continue to be around that degree in the course of the end of 2020. This comprises cash crucial to fund difficulty tasks. Fluor has sufficient liquidity to meet all operational and venture needs and has no amount drawn on the revolving loans beneath its credit score facilities. before we open the call for questions, I are looking to remind you all that we’re only capable of focus on financial results from 2019. we are working to get current on our financials and appear forward to discussing 2020 when we close the books for those quarters within the coming months. With that operator, we’re able to take questions. query-and-answer Session Operator thanks. [Operator Instructions] We’ll go first to Jamie cook with credit Suisse. Jamie cook hello. good morning. first rate to listen to from you guys, finally. I guess, a few questions. One, just the announcement that you’ll now not be pursuing mounted cost aggressive energy & chemical compounds initiatives. I guess, simply to take it type of a step extra, why even agree with open e-book lump-sum initiatives, and why are not we on the grounds that exiting mounted price work within the section outdoor of energy & chemical compounds, simply form of given the complications that we’ve got had in Infrastructure & power, or even inside govt on lump-sum tasks? and then, my second query, Joe, congrats on the CFO function. Two questions to you. What are the metrics as a CFO that you will use to variety of evaluate Fluor’s mission relative to how prior CFOs regarded at the business, no matter if it’s extra of a return metric or backlog or revenue, et cetera? and then, my 2d query is only in keeping with the commentary concerning what you referred to about cash move via yr conclusion, and that assumes, funding difficulty projects et cetera. are you able to just provide some greater parameters round what you are assuming with type of the negatives and positives linked to money circulate, in specific funding problem initiatives? Thanks. Carlos Hernandez Jamie, good listening to your voice once again, good speakme to you once again. With admire to fastened — lump-sum mounted cost initiatives, as we noted, we’re simplest going to be negotiating these in the energy & chemical substances. We’re not going to bid in opposition t anybody. And our valued clientele are receptive to that. In Infrastructure, undoubtedly, we can not — no longer bid competitively lump-sum initiatives, however we’re only going to do it in a really, very selective way. We’re nonetheless dealing with legacy of infrastructure initiatives and we now have some prices on those projects. however, i will be able to inform you that nothing has been signed up on the grounds that can also 1 of 2019 that does not meet our very selective criteria. And we have discovered some training, undoubtedly, as we’ll be — we’re now not going to be bidding initiatives the place we don’t consider that the customer can accurately manipulate the venture. in terms of the relaxation of the business, we’re definitely now not doing a lot of any lump-sum work anywhere else. We’re not doing it in governments in any large approach. And with recognize to Mining, that’s essentially a reimbursable enterprise. So, now we have actually narrowed the scope of lump-sum work across the business. Alan Boeckmann Jamie, here is Alan. Very respectable question. I believe, you ought to seem to be at the closing couple of years. and i believe, as we went via this investigation, that you can see the words in our 10-k. it is a very confident view of being capable of bid and not a superb observe-up on strengthening our risk evaluation criteria. Fluor during the past, and in lump-sum projects where we get the opportunity to work together with the customer, to take the possibility off the table, to pursue it in a reimbursable charge style after which to transform as we — just as we go into box, has at all times been a really a success mannequin for us. It wasn’t successful to the extent that it become practiced in the outdated few years, once more, as a result of that optimism and the inability of genuine possibility evaluation. Carlos and that i are fully dedicated and that i suppose the — our buyers can take it for granted, we aren’t going to let anything are available in to this backlog that does not have the appropriate terms and conditions, and the suitable assessment and allotment of chance. So, I think we will be able to address our shoppers in that approach. and that i consider we can be a very mighty participant in the energy & chemical substances. Now, I do suppose one issue will take place. you’ll delivery to peer a extra rational shift is percent of backlog that goes via reimbursable costs through following this mannequin. however — so, I think we are going to have a reliable backlog and one which we are able to carry to the base line. Joe Brennan yes. Thank, Jamie. And it be good to confer with you. i may hit the metrics, and that i’m going to play off the back of what Alan simply mentioned. I feel, the first key that i’m and is definitely sort of the benchmark is what do you put — what’s the satisfactory of labor that we’re putting into backlog, and in terms of now not best combine but how we move through our bidding technique. And we have now narrowed the bidding procedure up over the remaining six or eight months, and even on cutting-edge name, now we have narrowed it even extra. I suppose, that’s the starting element for the fine of your profits downstream, definitely cash movement, and terms and stipulations in those contracts and the way we can get out in front of the cash move curve, and in the end what we do with that inside our cash structure. So, these are probably the two largest facets that i may be , as we birth this. when it comes to where we are in funding our lost initiatives, as we stand on an outlook groundwork for 2020, we can have funded nominally $four hundred million of the misplaced initiatives while keeping $2.1 billion in money, and we can have a carryover into 2021 of an further — 2021 and beyond of an further $200 million that we should be funding over the course of likely two years after that. Operator we will take our subsequent query from Steven Fisher with UBS. Steven Fisher Thanks. good morning. Congratulations on the entire development that you guys made right here. You mentioned that the strategic assessment is still ongoing. wonder in case you can give us some experience of the possible outcomes of the leisure of that review? I imply, it sounds just like the Board nevertheless believes that Fluor should still be an EPC firm, in some way, shape or perform, or is it probably to evolve into anything else, or different 4 conclusion markets or enterprise lines that Fluor could exit or possibly even probably a sale of the company. How should still we feel about how big the scope and dramatically results could be? Alan Boeckmann Steve, thanks for that question. I need to go lower back to my remarks that I made initially of this call. I suppose, you must distinction it with what we did and we came out with in September of 2019. Our outlook, then especially, in spite of the fact that we looked at a fine looking broad list of alternatives, our focal point at the moment became really on getting control of this backlog, making sure nothing else came in that could be damaging to the company and also strengthening our stability sheet. That changed into fully the center of attention. And thank goodness, we — Carlos and his group did the issues to definitely get us lower back in equilibrium on money stream, and we had been in a position to pull back our resolution on promoting the government company. And that become a very fine outcomes for us that we had not truly resolution, we failed to basically want to absorb September, but felt we needed to. I now contrast that with where we’re at today, to return out of this investigation, we have put ourselves back in steadiness in terms of getting a address on our backlog and making sure that nothing else is available in. We’re now equipped to definitely seem principally at how this company should be structured going forward. and i received’t are trying to prejudge on how — what the results of which are going to be, as a result of we’re in the middle of that at this time. but, I do feel it’s — at the same time as we live in EPC in definite areas, we will be a lot, a good deal more focused on what I call, the price delivered capabilities. and that’s even in the EPC facet. and i think, it truly is the direction we intend to head. How that unfolds when it comes to the structure and the markets we tackle, we’ll be popping out and giving very specific tips on our actions there. Steven Fisher Thanks, Alan, for that. Very useful. just also, you guys mentioned, the notification of force majeure your protections to consumers. are you able to simply clarify what that means? Does that mean that there are unapproved can charge increases that Fluor will nevertheless need aid on and have wide are these notifications? and then, I wager, do we assume that if there have been any material can charge overruns on any of the initiatives in 2020, you could possibly ought to reveal that these days? Carlos Hernandez There are a few bases for us searching for relief on cost and time table, force majeure being one among them and then trade of legislation provisions in our contract. And in widely wide-spread, throughout our portfolio of tasks, valued clientele respect that COVID-19 has impacted schedules and cost. And for probably the most half, we’re in discussions with purchasers on a way to investigate the affects. And the affects are not promptly and simply assessed. they have knock-on effects down the road with the schedule. So, we’re in discussions with consumers on that. To the extent that we get to a place the place we’d admire or now not appreciate the can charge impact of COVID-19, we will divulge this. but, at this factor, we’re at ease where we are from an accounting viewpoint and with admire to the prices that we’re incurring on projects. Steven Fisher k, first rate. And welcome, Joe. thank you. Joe Brennan Thanks, Steve. Operator thanks. we will take our subsequent query from Andy Kaplowitz with Citigroup. Andy Kaplowitz hiya. respectable morning, guys. Carlos Hernandez first rate morning. Alan Boeckmann respectable morning. Andy, good speakme to you. Andy Kaplowitz respectable speakme to you. Carlos or Alan, you have got been requested specifically about LNG Canada in one experience and also you outlined the personnel discounts there. Is the task behind the normal timeline now as a result of the pandemic? Carlos Hernandez yes. Andy, thanks for that question. LNG Canada is — it is behind as a result of the pandemic. And each, the customer and us — and we acknowledge that and we’re engaged in discussions with the client about this. basically, we had a dialog the day before today. Alan and that i met with their — a few of their leadership the day prior to this. So on the other hand, the challenge has been progressing very smartly. i know that americans are involved about this assignment. but, on an overall groundwork, if you take a composite of the engineering, procurement, construction, fabrication, et cetera, this undertaking is ready 27.5% finished. Now, certainly, it really is now not development, development is less than that. however, we’re comfy with the growth that has been made to this point. We outlined in our prepared remarks that the timing has gone very smartly. we’ve got had considerations in regards to the timing, not — we have not, however others have expressed subject concerning the timing no longer going neatly, however it’s basically long gone very neatly, should be carried out this 12 months. So, we’re very comfy with where we’re. definitely, COVID has impacted every person. And the customer and i have had those discussions for a while now. So, at this aspect, things are in addition to they can be below the instances. Andy Kaplowitz it’s helpful, Carlos. and then, consolidated backlog, $32 billion at the end of 2019, most likely you mentioned the pandemic disruption is trigger. So, simply given your client conversations, do you have got a view in the event you feel backlog may flip? Do you see bigger awards may develop within the first half of ’21, will we nonetheless wait until the conclusion of ’21 or even 22? after which, separately, may you tell us how a great deal of your E&C backlog is aggressive EPC lump-sum big contracts and different stuff that you just need to get out of at this aspect? Carlos Hernandez well, let me start with that remaining query first. undoubtedly, LNGC is a huge a part of that backlog and that i see it as a lump-sum. nevertheless it is a lump-sum that we’re not fearful about because it was negotiated — was well-nigh a negotiated lump-sum with a shopper, there turned into an additional competitor, however they in fact desired critical competitor. I don’t know the accurate percentage. possibly Joe has that. however, in case you seem to be throughout our enterprise, we’ve a govt company that is not been impacted by the pandemic in any respect. it be in fact been doing very neatly. We do have — we do are expecting to be leaving Afghanistan next 12 months. So, it really is going to cause a little bit of an have an impact on. we’ve received a existence sciences enterprise that we now have lots of respectable prospects on. we now have a mining enterprise which whereas down now because of commodities, we see lots of — we’re doing a lot of FEED work and predict in 2021 and 2022 tasks would stream forward. In energy & chemical substances, our conversations with our purchasers are such — and obviously this is not a shock, oil prices being where they’re and what’s came about to that trade, they are being very, very selective and things that pushed for certain. however the people that we speak to are nonetheless telling us that they have large capital tasks planned and may be pursuing those in 2021 and 2022. So, overall, I suppose our possibilities are very least expensive given the place we are with the market that we’re serving. And we’re positive that in some of those we’re going to be doing — we’ll have some increase opportunities with govt, existence Sciences, and Mining. Alan Boeckmann One element to your question, with appreciate to the tasks which are nevertheless in our backlog with aggressive lump-sum, actually apart from LNGC, all of them ones which have developed projects have been competitively bid. And that can be — as I referred to, that’s a convention we can now not be moving into. Andy Kaplowitz And Joe, may I simply ask you one follow-up on the disclosure that you just had for the first half of the 12 months. can you tell us how lots lower Q2 become than Q1, given we be aware of there are undertaking stoppages in the Q2. So, it will be useful to be aware the run expense going into the pandemic, in case you may additionally? Joe Brennan Andy, I missed — we neglected the primary a part of your question. Andy Kaplowitz sure. You disclosed the [Technical Difficulty] curious as to Q2 versus Q1, in case you might divulge that, because most likely, venture stoppages must have impacted Q2 vastly greater than Q1? Joe Brennan yes. Andy, I believe we’re going to — once we get to the Q3 submitting and we’re able to have a bit bit greater open talk around that, I consider we are going to be in a position to go through these metrics. however, I believe at the present, we’re confining our feedback broadly speaking to 2019. Operator thank you. we will take our next question from Michael Dudas with Vertical research. Michael Dudas perhaps Alan after which probably Carlos, simply looking to the ten-ok and studying probably the most language, it’s pretty shocking and disappointing, obviously, routine that came about earlier than you guys took over and such. i used to be simply wondering, what you guys learned from the deep dive from this total system in regards to the positioning of the business and the tradition and like — and where your personnel are set going forward, principally within the light of — certainly assumes like there goes to be a reduction in dimension of the opportunities or impediments of the company to alternate Fluor from maybe the place it changed into a number of years ago beneath prior administrations to what you guys are looking nowadays? Carlos Hernandez Mike, we had a bit difficulty hearing you. but, I consider you were asking about some of the things that we discovered in our investigation. And what was clear — what’s clear is that right through the last 5 – 6 years, we — in addition to others in the industry — the business have been pursuing a boom method and in an more and more risky atmosphere, and we have been unrealistically confident in our pursuit and the way we chase projects to win. That evidently has changed. we’ll be very objective and simple with our criteria. So, I do not see us having that same type of risk profile. We won’t have the identical variety of possibility profile going forward. I suggest, I’ve answered your entire question, but when you wish to repeat it or… Alan Boeckmann It changed into hard, you had been breaking apart a little bit there, Mike. however, I suppose to the extent that the choice we’re talking about, let’s say, power & chemicals, if there’s — it’s going to cut back our addressable market a bit of, however it really is basically — I see that as a superb element. during this investigation, one of the most things that we noticed was a growth approach that changed into flying right within the face of the — at a time the place our consumers were turning very transactional and having a procurement led bids and contracting. And so, I believe, it truly is drives us to the choice we just made in power & chemical substances. So, to the extent the market and the part of the market wants to be transactional, continues in that mode, we’re no longer going to play in it. So,, anything we address, I nonetheless consider we’ve an excellent opportunity working with valued clientele to have a major backlog, but it surely’ll be executed on a foundation that we will perform towards and we can be a hit, not just at Fluor, but for our customers as neatly. And Carlos outlined the discussions we now have had over this last week, very encouraging discussions. I think, our purchasers have seen what’s happened within the trade, they’ve viewed a few our competitors exit the trade. And we’re nevertheless there. We’re not leaving this business, but we will play in it, in a extremely, very distinctive set of rules. Carlos Hernandez shoppers have indicated to us without delay or not directly that they want to live in the market, in the oil and fuel market. however, they understand that there isn’t a manner that we’re going to be pursuing initiatives and taking competitively bid projects as we now have during the past, and very, very figuring out of that place. Michael Dudas I admire that. just to qualify what you indicated earlier than. The strategic assessment it really is ongoing, you consider that you just’ll have the closing consequences of that assessment by the time you liberate the third quarter outcomes, and you come lower back to the investor community, or just there goes to be an replace in opposition t that to a goal of someday in the first a part of 2021? Alan Boeckmann Mike, presently, our target is to do that towards the — i would say the latter a part of q4. And so, i suspect we doubtless may have put out our Q3 effects by the point we have this dialogue. however once we do that, we’ll do it in a means that in reality does provide us a large audience inside our investor neighborhood and probably have a fine looking giant investor name to announce the outcomes of this. Operator we’ll take our subsequent query from Andrew Wittmann with Baird. Andrew Wittmann or not it’s spectacular, the stage of aspect that your investigation went through, each job over $50 million, et cetera, et cetera, and yet, simplest $3.8 million as pre-tax adjustments handiest and timing, now not on magnitude. So, absolutely, that’s definitely a stunning respectable outcome. Are there implications from that, in certain for the reason that that so a great deal of this looked like it revolved around awarded contract, you have got implications on the DOJ inquiry, both positively or negatively, however looks find it irresistible could have a favorable implication there. however, are these connected? Am I extrapolating too a good deal? And what are you able to say about what the accounting investigation skill for the DOJ inquiry? Alan Boeckmann neatly, we are continuing to cooperate with the SEC and DOJ, and definitely are sharing the results of our investigation with them. Their process will continue on and we’ll continue to work with them. So, i would not hazard a bet as to what on the way to imply. or not it’s hard to call the indisputable fact that we had an investigation at all in a positive experience. however, I do suppose we discovered an awful lot coming out of it. I believe, in addition to the restatements, the material weaknesses we did, we have learned some things that may reinforce our controls and make them even improved. And we’ll, as I mentioned, we’ll put in force those alterations and lessons realized right through and have already begun that as a remember of fact. Carlos Hernandez sure. additional to that, we’ve been — as you might predict, we have been totally clear with the agencies. and that i suppose you might be appropriate, we discovered some things that we are able to enhance upon. however typical, restatement on a quantitative groundwork didn’t have a big have an impact on apart from the Radford undertaking. So, we do not know how long — we can’t talk about or speculate as to how long this can take or what path it could take. but, we’re totally collaborating. Andy Wittmann okay. it truly is fair. I also desired to ask, I wager, a query for Joe on the steadiness sheet here. within the feedback that you just do not are expecting the cash place to change lots between now and 12 months-conclusion, is that inclusive of the belongings that you’ve got on the market, or would any of the belongings, AMECO parts that you still have or the PPPs or the actual estate that you just’re potentially exiting right here, would that be a favorable money impact between now and yr-conclusion, or how to consider about that? And if you may, is there whatever thing, at the least on the steadiness sheet, that you may point to for the price of the PPPs or the abilities capital that you simply might raise from all of those income just so that we can get a new viewpoint? prior to now, without doubt, the company talked about over $1 billion, and it was govt and AMECO. And now Governments, I believe you could have up-to-date that. So, if there is any manner you might provide context for what the proceeds from any asset earnings could or should be, I feel that could be constructive for anybody. Joe Brennan yes. Andrew, it could be accretive to our latest projected ending cash balances for 2020. And if I had been a range, someplace within the $200 million to $300 million range could be some thing you possibly can — you could doubtless trust. Andy Wittmann that is super helpful. i wanted to ask one last question right here, simply related to the undeniable fact that you guys had been adjusting your charge structure in response to the brand new company alternatives and understanding that there are some — some of those loss-making contracts which are flowing through at zero margins nowadays. but, as those run off over the direction of the subsequent couple of years, do you think like, Carlos, that the cost structure at Fluor is ready to deliver margins returned when Fluor turned into executing more correctly and according to the business’s goals and i guess EBITDA margins have been more within the four% to 6% range? I suggest, is the new earnings base and the new can charge constitution going to be aligned to deliver at that stage of efficiency, or how may still we consider about that? Carlos Hernandez yes. smartly, the reply to it is sure, however let me intricate a bit bit more. i mentioned previous that we nonetheless have a couple of what I name legacy infrastructure projects that as we have improved into the box, we’ve might be competent to more suitable verify the place we are on those tasks. and you saw or you will see that we took some fees on those tasks. youngsters, these — and those initiatives, I can not make sure that there might not be taking additional costs. however, i will inform you that at the moment we suppose, given our — the place we’ve assessed these initiatives that we’re fully booking the expenses correctly. we now have a extremely, very operational focused management team in that company community. So, we’re feeling relatively good about those. definitely, we nonetheless need to run these out. when it comes to the can charge structure, we all started closing yr with a discount within the run cost of $100 million per yr. We completed that run expense ultimate yr. This yr, we’ll exceed $one hundred million in charge mark downs. That excludes restructuring and some of the cost of the investigation. however, these are, for the most part I feel can charge discounts that will not be — will stick. And as part of our strategic plan assessment, we can even be taking a look at a bottoms-up can charge constitution, consistent with the way we come out of this evaluate. So, i’m very high quality about the can charge savings. and that’s translated into — among other issues, to a very fit money steadiness that we now have been in a position to retain this yr as we’ve funded one of the crucial misplaced tasks. Operator we will go next to Sean Eastman with KeyBanc Capital Markets. Sean Eastman I just desired to beginning on the form of problem challenge portfolio. The disclosure within the 10-k indicated about $1.7 billion of backlog for initiatives and loss place. just wanted to get a roundup of or replace on how many tasks characterize that quantity. How plenty of that burns in 2020 and the way much burns in 2021 and beyond? Carlos Hernandez Let me just tell you one aspect. i could let ask Joe to reply the leisure of it. That $1.7 billion might be decreased by using between $500 million and $550 million as a result of we will be taking the purple Line out of that quantity as we transition out of that project. So, that basically takes us down to below $1.2 billion. Joe, you need to add additional? Joe Brennan yes. Sean, we’re looking at about sixteen initiatives that make up that complete, except purple Line now once we take it out in Q3 from backlog. at the end of the day — and as i discussed in the opening query according to Jamie, we’re — we are going to likely burn via approximately $400 million of those loss provisions in 2020. we’ve had some extra losses for q4, which then puts us capable the place for ’21 and beyond we’ll be passing a different nominally $200 million through our money move fashions for loss provisions as well. Sean Eastman ok, bought it. it’s positive. but, how many of the initiatives — how many of those sixteen tasks will in fact be entire in 2020, and how many will complete in 2021 and past? Carlos Hernandez that is an excellent query. I do not know the actual quantity. however, lots of the projects — most of the sixteen, variety of the 16 have already been achieved. definitely, crimson Line is not one of the 16, however it’s going to be up. I suppose, we’ve got got the offshore mission it really is nonetheless being accomplished. we have bought both government initiatives that are going to be achieved, one is late this year and the different one is 2022. And the Infrastructure tasks that have been part of that, they are smartly alongside. they’re no longer — some of them will be achieved this yr. I can not — we will must get again to you on what — which of them are going to be accomplished this 12 months or next year. Joe Brennan and maybe — I’ve got a bit bit of statistics in front — sure, a bit little bit of records in entrance. We’re taking a look at about 5 – 6 of the infra initiatives that nonetheless have a tail and the offshore assignment, but the other tasks relative to vigour and Radford will basically be closed out this yr. after which we will have some observe-on work for the Warren venture moving into ’21. Sean Eastman ok, obtained it. and perhaps from an improved stage, simply thinking about this further tightened bid parameter for the E&C segment, i am just curious, as we stand nowadays, what the bid pipeline appears like within that new philosophy for bidding. I suggest, is there a major amount of labor out there that you can realistically win under these new parameters? Is there a particular subsector inside E&C that we may still be lasered-in on where you see that type of balanced possibility profile? and maybe what does this new bid parameter suggest for form of the go forward normalized E&C phase margin run rate? Carlos Hernandez first of all, on even if we will win work below this new profile? fully. really, there are a few tasks that we have converted from the valued clientele which have reached — convert from lump-sum to reimbursable format. So, it truly is no longer a concern of ours at this factor. when it comes to the potentialities, sure, potentialities in oil and fuel are down presently because — it really is no longer dazzling. So, i’m not involved about our capability to compete in that market. Operator we have time for one ultimate query. we’ll go to Michael Feniger with bank of the usa. Michael Feniger whats up, guys. sure. Thanks for just squeezing me in. i know this changed into asked, but can you simply support through some buckets of — your cash steadiness at one aspect this 12 months turned into in the $1.7 billion to $2 billion range, and now it be at $2.1 billion. can you simply give us some buckets of how your cash balance is in reality slightly — a little up? i do know you might be going to are trying to conclude with this range by means of the conclusion of the year. simply stroll us via — you mentioned $four hundred million of damaged initiatives it is getting carried out this 12 months. I suppose you talked about whatever thing about asset revenue. Are there mission closeouts? Is there anything else we should kind of take into account once we’re brooding about that cash balance? And the 2nd query on that is, I think, before 2020, we notion $500 million of cash used for these broken projects. Is that $500 million now could be $600 million, since it’s $four hundred million this 12 months and $200 million 2021? And simply to be clear, with all the disclosure and commentary you could have given us on 2020, does that imply we may not see that quantity extend? Will different projects be delivered to that? i do know there become the impairment charge that you just guys have already performed. however does that imply we’re within the clear when it involves challenge expenses and write-downs when we get the ten-k — when we get the ten-Qs in Q1 and Q2, in response to the commentary? Joe Brennan sure. Thanks, Michael, for the question. Let me beginning with the cash balances. What we’ve got viewed, as a part of ongoing operations and venture closeouts, that represents a reasonably big portion of that money boom. I consider, the different factor of it is the restructuring plan that become initiated against the starting of 2019, closure of workplaces, reduction of footprint, and subleasing has generated significant sum of money. I believe, Carlos alluded to the $a hundred million and in my feedback as well. That appears to be sticking at the end of the day. and then, the earnings of definite discrete belongings have all contributed to these money balances, however I consider the lion’s share of that is just sort of the continuing operations as we see them these days and the positive money circulate that we’re getting out of our non-issue initiatives. I believe, one of the vital issues it is essential to word is, if we looked at our backlog relative to these issue projects, it best represents 10% of our backlog. right? So, we’ve an extra 90% of our backlog that is healthy and is generating working cash move. when it comes to the $500 million is what we had outlined in February, you might be suitable, and in this fall, we had some additional challenges on the infra projects which have — and our offshore task that have created some more money circulate necessities into 2021 and past. So, that number is at $600 million nowadays. Michael Feniger okay. it’s advantageous. after which, i am just questioning, Joe, I suggest, Mike Steuert mentioned earlier than 2020, he wanted to actually double the cash on hand. Do you wish to pay down some — elevate $1 billion to pay down some debt and double the cash available? Now, now we have had this large pandemic and commodity downturn, is there any sort of exchange on your guys’ view of that, how a great deal money you guys need reachable? I mean, we just mentioned this $500 million number, the fund target simply form of creeped up to $600 million. And do you should submit extra money collateral or challenge ensures or letters of credit? anything else that you may kind of shed easy on that and how you might be viewing that as you go into 2021? Joe Brennan smartly, no — and it’s difficult to assess the place the pandemic is going to take us on the end of the day. but, I believe what we had mentioned in a single of the previous questions that we obtained is we still have other property that are on the market which are accretive to that present money stability, with the intention to assist stability out money requirements relocating forward and what we do in terms of balancing our capital constitution, and if it’s paying down probably the most debt, we will take a look at that. but there still are some relocating pieces obtainable that haven’t been a part of our warfare chest relative to our money balances. Alan Boeckmann Mike, here’s Alan. probably the most issues I believe perhaps we might leave this convention call with is we are relocating out of this backlog. We’re processing through these tasks, we’re completing them, and we’re making bound that nothing comes into the backlog that reasons us this type of hurt once more. So, as we go ahead, we’ll continue to peer, I think, a strengthening money circulate and an typical extra nice place for Fluor. it truly is our purpose. and that i suppose, you could comply with — after we come up with Q3, which you could adjudge and see how now we have completed against that. Michael Feniger okay. it’s useful. but just — we talk an awful lot about — you disclosed a great deal nowadays on 2020, which is really useful. and you guys have already form of shed mild on the impairment look at various. Does that provide us actual indication on — in Q2 in the 2nd quarter, may we — is there still perhaps to peer task fees and write-downs when we see the Q1 and Q2 effects, or is that sort of already been disclosed as you guys spoke of being not off course, on time table so far progressing LNG Canada and these initiatives? Carlos Hernandez Thanks for that query. I cannot inform you that there may not be, however i can inform you that we’re very comfy with the place we ended up in 2019 in terms of project expenses. Operator That does conclude modern question-and-reply session. i would like to flip the call lower back over to Mr. Hernandez for any extra or closing remarks. Carlos Hernandez thanks, operator, and due to all of you for participating on our call nowadays. 2020 has basically marked an extraordinary chapter for Fluor as COVID-19 has modified the world we all are living and work in. here at Fluor, we now have also have had to navigate via our internal undertaking reviews, management adjustments while managing uncertainty and commodity costs. We continue to be convinced that we’re on the right route ahead. And once once more, we are looking to thank you, our stakeholders and shareholders for patiently navigating through these unclear times with us. We look ahead to updating you all again quickly with 2020 financials. enormously respect your help of Fluor and thank you. Operator That concludes contemporary name. We appreciate your participation. 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