5 2023 Integrated Report 01 Our Company and Strategy 02 Our Businesses 03 Our Functions 04 Our Corporate Information 72% 56% 65% 2021 2022 2023 46% 39% 37% 2021 2022 2023 41% 63% 76% 2021 2022 2023 55,000 130,000 73,000 2023 2022 2021 OUR STRATEGIC PRIORITIES REINFORCE FINANCIAL DISCIPLINE We are rebuilding and maintaining a solid balance sheet and strong cash position. Our debt-tocapitalization ratio continues to improve. FOSTER A HIGHPERFORMANCE CULTURE WITH PURPOSE We are fostering a highperformance culture with purpose, focused on highquality project execution, inclusivity and sustainability. As our people are our most important asset, we invest in and encourage ongoing learning and development. PURSUE FAIR AND BALANCED CONTRACT TERMS We are de-risking our backlog by reducing exposure to high-risk projects and increasing the percentage of reimbursable work in our backlog. We surpassed our goal to have more than 75% of our backlog reimbursable one year ahead of schedule. DRIVE GROWTH ACROSS THE PORTFOLIO We are diversifying our revenue across our portfolio into key growth markets, such as energy transition and advanced manufacturing. Progress is shown in the percentage of our revenue that is outside of traditional oil and gas. Debt-to-capitalization ratio Reimbursable backlog Revenue outside of traditional oil and gas Learning and development training hours PERFORMANCE AGAINST OUR STRATEGIC PRIORITIES Our four strategic priorities are enabling us to drive revenue growth in new markets, de-risk backlog, restore our capital structure and improve project execution. We revalidated our strategy with the Board of Directors in November 2023. This recent review, paired with the achievement of several strategic milestones in 2023, confirms that our strategy is working. The infographic below highlights the progress made since establishing our strategy in 2021. On the pages to come, members of the Fluor Management Team share more highlights achieved by their businesses and functions. You can also read more about our Board of Directors and their responsibilities on pages 10-11.
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