Fluor Corporation (NYSE:FLR) Q4 2019 Earnings Conference Call - Final Transcript

Good morning and welcome to Fluor Corporation's 2019 10-K Earnings Conference Call. [Operator Instructions]

A replay of today's conference will be available at approximately 10:30 AM Eastern Time today and accessible on Fluor's website at investor.fluor.com. The web replay will be available for 30 days. A telephone replay will also be available for seven days through a registration link, also accessible on Fluor's website at investor.fluor.com.

At this time, for opening remarks, I'd like to turn the call over to Jason Landkamer, Director of Investor Relations. Please go ahead.

Thank you, and welcome to Fluor's 2019 10-K conference call.

With us today are Alan Boeckmann, Fluor's Executive Chairman; Carlos Hernandez, Fluor's Chief Executive Officer; and Joe Brennan, Fluor's Chief Financial Officer.

Our earnings announcement was released earlier this morning. We have posted a slide presentation on our website which we will reference while making prepared remarks.

Before getting started, I'd like to refer you to our safe harbor note regarding forward-looking statements which is summarized on slide one. During today's presentation, we will be making forward-looking statements which reflect our current analysis of existing trends and information. There is an inherent risk that actual results and experience could differ materially. You can find a discussion of our risk factors, which could potentially contribute to such differences, in the Company's Form 10-K filed earlier today.

During this call, we may discuss certain non-GAAP financial measures. Reconciliations of these amounts to the comparable GAAP measures are reflected in our earnings release and posted in the Investor Relations section of our website at investor.fluor.com.

I'll now turn the call over to Alan Boeckmann, Fluor's Executive Chairman. Alan?

Thank you, Jason, and good morning.

It's great to be able to speak with all of you again. We have a number of items to discuss today. And before we start, I'd like to take the opportunity to introduce all of you to Joe Brennan as our new Chief Financial Officer. And while Joe may be new to this role, he is not new to Fluor. With almost 30 years of experience, Joe brings to the role a deep understanding and expertise related to project finance and controls. I'd like to take this opportunity also to thank Mike Steuert for coming out of retirement to help the Company chart a new path forward. His insight and knowledge of the Company provided critical support to our strategic process, and he was instrumental in establishing the process to support the actions that we've been working on since earlier this year.

And with that, I want to start with what has transpired since our last call in February as it relates to the Board investigation. I'd ask you to turn to slide 2. With management's recommendation, independent members of the Board of Directors established a special committee to complete a review on the accounting and financial reporting for the Radford project and a number of additional projects. The special committee, along with its independent external advisors and financial experts, have