Fluor Corp Strategy Update Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Jamie Cook - Truist Securities - Analyst : Jamie Cook, Truist Securities. I guess my first question, obviously, cash flow seems to be a very positive story for Fluor over the -- through 2028. As you're thinking about 50% of cash going back to shareholders, I guess how do you think about share repurchase in the sense that should we view -- are you going to be opportunistic in terms of like how you think the stock is valued? Or are we going to assume you'll just buy back the stock sort of every year? Just trying to understand, do you have an intrinsic value when you're thinking about Fluor stock given like the multiple of trading at relative to the peers, which is a pretty big discount. So I'm just wondering, obviously, you're implying the stock is cheap because you said you bought back $150 million in the first quarter and you -- but just the intrinsic value of Fluor stock, how you're thinking about that? And then my second question, just on Energy Solutions. Obviously, the big story today, is Fluor's commitment to reimbursable back work, right? Just trying to understand how that impacts your business, like outside of LNGC, which would be fixed-price, just your customers' appetite for reimbursable and what that means for ES in terms of like -- is it smaller over the next couple of years relative to the rest?