Slide 1: Q1 2022 Results
Q1 2022 Results May 6, 2022 © 2022 Fluor Corporation. All Rights Reserved.
Slide 2: Safe Harbor Statement
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 st
Slide 3: Opening Comments
OPENING COMMENTS FLUOR.
Slide 4: Opening Comments
Opening Comments Community Relations – Raised awareness of STEM-based careers to more than 23,000 students – Fluor Cares connects employees to charitable causes around the world. Recent opportunities include South African flood and Ukraine humanitarian relief efforts Ukraine update – No longer
Slide 5: Urban Solutions
URBAN SOLUTIONS FLUOR.
Slide 6: Urban Solutions – Results and Mining & Metals
Urban Solutions – Results and Mining & Metals Q1 segment profit of $15 million ̶ Reflects the impact of cost growth on a completed advanced manufacturing project ̶ Timing associated with the closing of a P3 transaction Mining & Metals ̶ Working on limited notices to proceed for two projects in S
Slide 7: Urban Solutions - Infrastructure
Urban Solutions - Infrastructure Gordie Howe International Bridge LAX Automated People Mover Green Line Extension >30% complete 60% complete Anticipated completion Q2 2022 Tower legs completed 2.25 mile elevated train guideway Handover of Urban Square branch Two piers will stand 722 fe
Slide 8: Urban Solutions – Advanced Technologies and Life Sciences
Urban Solutions – Advanced Technologies and Life Sciences Advanced Technologies Increased interest in onshoring semiconductor manufacturing Currently executing multiple projects for Intel Q1 new awards include data center projects in Asia Life Sciences Pursuing a large scale biologics manufa
Slide 9: Mission Solutions
MISSION SOLUTIONS FLUOR.
Slide 10: Mission Solutions
Mission Solutions Q1 segment profit of $58 million – Includes favorable resolution of a 2017 project in Puerto Rico New awards – 6-month extension from DOE on our project in Portsmouth, Ohio – 2-year extension on a classified project supporting the Intelligence Community – Anticipate transition
Slide 11: Energy Solutions
ENERGY SOLUTIONS FLUOR.
Slide 12: Energy Solutions
Energy Solutions Highlights New Awards Q1 segment profit of $54 million Reimbursable, self-perform construction Increased execution activities on North contract for a chemical facility in the U.S. American projects Gulf Coast Reduction in overhead costs Reimbursable award for NFE FAST LNG
Slide 13: Energy Solutions
Energy Solutions Energy Transition LNG Canada Carbon capture and sequestration project in North Over 60% complete Dakota 24 modules delivered in Q1 Ongoing work to support various clients in their First ISBL module for Train #1 delivered efforts to decarbonize facilities Continue to trac
Slide 14: NuScale
NUSCALE
Slide 15: NuScale Accomplishments
NuScale Accomplishments NuScale is now trading on NYSE under ticker ”SMR” Interest in zero carbon power generation evident by low redemption rate of 37.5% Fluor now owns 57% of SMR PIPE investment expanded to $235M Combined cash on hand @ May 2: ~$380M MOU with Dairyland Power Cooperativ
Slide 16: Q1 2022 Financial Results
Q1 2022 FINANCIAL RESULTS © 2022 Fluor Corporation. HO20220115 16
Slide 17: Q1 2022 Financial Results
Q1 2022 Financial Results Highlights – $3.1 billion revenue – $115 million segment profit – $0.16 diluted adjusted EPS Results include higher than anticipated tax expenses – Stork and AMECO no longer meet requirements to be classified as discontinued operations and are now included in the “Other
Slide 18: Q1 2022 Financial Results
Q1 2022 Financial Results Cash – $2.1B ending cash – Q1 operating cash outflow of $188M Expect operating cash flow to be flat to slightly positive for the year – Received $110M in April from Japan NuScale Innovation Capital Structure – $1.2B outstanding notes – Intend to use existing liquidity
Slide 19: Divestiture Update
Divestiture Update Asset Sales – AMECO Continuing effort to sell operations in South America and Mozambique – Stork Exclusivity agreement for Stork’s European operations Anticipate close 2H 2022 – Canadian P3 investment Agreement reached and will recognize cash proceeds of ~$25M in Q2 © 20
Slide 20: Outlook
Outlook Guidance – Reaffirming 2022 adjusted EPS guidance of $1.15 to $1.40 2022 Assumptions: – 10% increase in revenue – Adjusted G&A expense of $50M/quarter – 28% tax rate Maintaining segment margin guidance: – Energy Solutions: ~5.0%* – Urban Solutions: 3.5%-4.5% – Mission Solutions: ~4.0%
Slide 21: Appendix
APPENDIX © 2022 Fluor Corporation. HO20220115 21
Slide 22: Reconciliation of U.S. GAAP Net Earnings and EPS to Adjusted EPS
RECONCILIATION OF U.S. GAAP NET EARNINGS AND U.S. GAAP EARNINGS PER SHARE TO ADJUSTED EPS THREE MONTHS ENDED MARCH 31, (In millions, except per share amounts) 2022 2021 Net earnings (loss) attributable to Fluor $ 48 $ (86) Less: Earnings from Stork and AMECO (7) (1) * Net earnings (loss) from core o