通用動力 (GD) 2022 Q2 法說會逐字稿

Good morning, and welcome to the General Dynamics Second Quarter 2022 Earnings Call. My name is Brika, and I will be your event specialist today. (Operator Instructions)

早上好，歡迎參加通用動力公司 2022 年第二季度財報電話會議。我的名字是 Brika，今天我將成為您的活動專家。 （操作員說明）

I now have the pleasure of handing the call over to our host, Howard Rubel, Vice President of Investor Relations. So Howard, please go ahead.

我現在很高興將電話轉交給我們的主持人，投資者關係副總裁 Howard Rubel。那麼霍華德，請繼續。

Thank you, operator, and good morning, everyone. Welcome to the General Dynamics Second Quarter 2022 Conference Call. Any forward-looking statements made today represent our estimates regarding the company's outlook. These estimates are subject to some risks and uncertainties. Additional information regarding these factors is contained in the company's 10-K, 10-Q and 8-K filings.

謝謝接線員，大家早上好。歡迎來到通用動力公司 2022 年第二季度電話會議。今天所做的任何前瞻性陳述均代表我們對公司前景的估計。這些估計受到一些風險和不確定性的影響。有關這些因素的其他信息包含在公司的 10-K、10-Q 和 8-K 文件中。

We will also refer to certain non-GAAP financial measures. For additional disclosures about these non-GAAP measures, including reconciliations to comparable GAAP measures, please see the slides that accompany this webcast, which are available on the Investor Relations page of our website, investorrelations.gd.com.

我們還將參考某些非公認會計準則財務指標。有關這些非公認會計原則措施的更多披露，包括與可比公認會計原則措施的對賬，請參閱本網絡廣播隨附的幻燈片，這些幻燈片可在我們網站的投資者關係頁面上找到，investorrelations.gd.com。

With that completed, I would like to turn the call over to our Senior Vice President and Chief Financial Officer, Jason Aiken.

完成後，我想將電話轉給我們的高級副總裁兼首席財務官 Jason Aiken。

Thank you, Howard. Good morning, everyone, and thanks for being with us. Before we get started, I want to let you all know that our Chairman and Chief Executive Officer, Phebe Novakovic, isn't able to join us this morning. She recently came down with COVID, but not to worry, she's on the mend and doing well, but she's asked me to cover today's call.

謝謝你，霍華德。大家早上好，感謝您與我們在一起。在我們開始之前，我想讓大家知道，我們的董事長兼首席執行官 Phebe Novakovic 今天早上無法加入我們。她最近感染了新冠病毒，但不用擔心，她正在好轉並且做得很好，但她要求我接聽今天的電話。

With me is Bill Moss, our Vice President and Corporate Controller, who will cover some of the financial particulars that I would normally address. So with that, let's get into the results.

和我在一起的是我們的副總裁兼公司財務總監比爾·莫斯（Bill Moss），他將介紹我通常會處理的一些財務細節。因此，讓我們進入結果。

Earlier this morning, we reported earnings of $2.75 per diluted share on revenue of $9.2 billion, operating earnings of $978 million, earnings before taxes of $923 million and net income of $766 million. Revenue was essentially flat against the second quarter last year, but operating earnings were up $19 million. Earnings before taxes were up $42 million, and net earnings were up $29 million. Earnings per share were up $0.14, a 5.4% increase. To be a little more granular, we enjoyed revenue increases at Aerospace and Marine Systems, offset by declines at Combat Systems and technologies. We also had margin improvement in 3 of the 4 segments, which led to higher operating earnings and earnings before taxes against the year ago quarter. From a slightly different perspective, we beat consensus by $0.03 per share on somewhat lower revenue, but somewhat higher operating margin than anticipated by the sell side. This led to the modest earnings beat.

今天上午早些時候，我們報告每股攤薄收益為 2.75 美元，收入為 92 億美元，營業收益為 9.78 億美元，稅前收益為 9.23 億美元，淨利潤為 7.66 億美元。收入與去年第二季度基本持平，但營業收入增加了 1900 萬美元。稅前收益增加了 4200 萬美元，淨收益增加了 2900 萬美元。每股收益增長 0.14 美元，增長 5.4%。更具體一點，我們享受航空航天和海洋系統的收入增長，被戰鬥系統和技術的下降所抵消。我們還提高了 4 個部門中的 3 個部門的利潤率，這導致營業利潤和稅前利潤高於去年同期。從稍微不同的角度來看，我們在收入略低但營業利潤率略高於賣方預期的情況下，每股超出共識 0.03 美元。這導致了適度的收益節拍。

On a year-to-date basis, revenue for all practical purposes, was even with last year's first half. Similarly, operating earnings were essentially flat, but earnings before taxes were up $46 million, net earnings were up $51 million, and EPS was up $0.25, almost 5%. In the quarter, free cash flow of $435 million was 57% of net income. Cash flow from operating activities was 86% of net income. This was pretty good in light of the powerful first quarter cash. To that point, year-to-date free cash flow of $2.3 billion was 151% of net earnings. In summary, we had a solid quarter from an earnings perspective, and the year-to-date results give us a solid start to the year.

從年初至今，所有實際用途的收入與去年上半年持平。同樣，營業利潤基本持平，但稅前利潤增加了 4600 萬美元，淨收益增加了 5100 萬美元，每股收益增加了 0.25 美元，接近 5%。本季度，4.35 億美元的自由現金流為淨收入的 57%。經營活動產生的現金流量占淨收入的 86%。鑑於強勁的第一季度現金，這非常好。至此，年初至今 23 億美元的自由現金流是淨收益的 151%。總而言之，從收益的角度來看，我們有一個穩健的季度，年初至今的業績為我們今年的開局奠定了堅實的基礎。

So let me move right into some color around the performance of the business segments, have Bill add color around cash, backlog, taxes and deployment of cash, and then I'll provide updated guidance. I'll try to keep my remarks brief to leave ample opportunity for questions.

因此，讓我直接圍繞業務部門的表現進行一些顏色，讓比爾圍繞現金、積壓、稅收和現金部署添加顏色，然後我將提供更新的指導。我會盡量保持我的發言簡短，以留出充足的提問機會。

First, Aerospace. Aerospace had revenue of $1.9 billion, operating earnings of $238 million and a 12.7% operating margin. Revenue was $245 million more than the year ago quarter or 15.1%, largely as a result of higher service center sales at Gulfstream and higher service volume, particularly FBOs at Jet Aviation. Operating earnings are up $43 million or 22.1% on a 70 basis point improvement in margins. So increased sales volume, coupled with improved margins, leads to very good operating leverage.

首先，航空航天。航空航天的收入為 19 億美元，營業收入為 2.38 億美元，營業利潤率為 12.7%。收入比去年同期增加 2.45 億美元或 15.1%，主要是由於灣流服務中心銷售額增加和服務量增加，特別是 Jet Aviation 的 FBO。由於利潤率提高了 70 個基點，營業收入增加了 4300 萬美元或 22.1%。因此，銷量的增加，加上利潤率的提高，帶來了非常好的經營槓桿。

We captured improved revenue on only 22 deliveries. We didn't deliver 4 G500 and 600s that were scheduled to deliver in the quarter. They've been deferred at customer request to the third quarter, awaiting removal of the FAA wind directive. However, 9 G500s and 600s, in fact, were delivered to customers in the quarter. So we delivered 9 of the 13 that were planned in the quarter.

我們僅在 22 次交付中獲得了更高的收入。我們沒有交付計劃在本季度交付的 4 台 G500 和 600。他們已應客戶要求推遲到第三季度，等待取消 FAA 風能指令。然而，實際上本季度向客戶交付了 9 台 G500 和 600。因此，我們交付了本季度計劃的 13 個中的 9 個。

From an order perspective, we did very well once again. In dollar terms, Aerospace had a book-to-bill of 2:1. Gulfstream aircraft alone had a book-to-bill of 2.7:1, even stronger if expressed in unit terms. As previously discussed, sales activity truly accelerated in the middle of February 2021 and continued on to the second quarter of this year. The pipeline and sales activity remained strong as we enter this quarter. The Farnborough Air Show was a good one for us.

從訂單的角度來看，我們再次做得很好。以美元計算，Aerospace 的賬面比為 2:1。僅灣流飛機就有 2.7:1 的帳單比，如果以單位表示，則更高。如前所述，銷售活動在 2021 年 2 月中旬真正加速，並持續到今年第二季度。當我們進入本季度時，管道和銷售活動仍然強勁。範堡羅航展對我們來說是一場好戲。

From a new product perspective, the G500 and G600 continue to perform well. Margins are improving on a consistent basis, and quality is superb. We're making good progress in the flight test of the software update for landing and high winds and expect removal of the FAA directive in mid-September. You may recall that last quarter, we advised you of a risk of a 3- to 6-month delay for certification of the G700 to second quarter 2023 as a result of the time-consuming work on model-based software validation. As a result of the flight sciences engineering resources we needed to redeploy onto the work related to the G500 and 600 FAA limitation on landings and high wind conditions, the risk to the G700 schedule has become a reality. As we've previously advised, this will not adversely impact our financial plan for 2022 and 2023. We feel confident that the G800 will follow the G700 by about 6 months. Looking forward, we've planned 123 deliveries for the year, and we fully expect to do just that.

從新產品來看，G500 和 G600 繼續表現良好。利潤率不斷提高，質量上乘。我們在著陸和大風軟件更新的飛行測試方面取得了良好進展，並預計在 9 月中旬取消 FAA 指令。您可能還記得上個季度，由於基於模型的軟件驗證工作非常耗時，我們曾建議您將 G700 的認證延遲到 2023 年第二季度的 3 到 6 個月。由於我們需要將飛行科學工程資源重新部署到與 G500 和 600 FAA 限制著陸和強風條件相關的工作上，G700 計劃的風險已經成為現實。正如我們之前所建議的，這不會對我們 2022 年和 2023 年的財務計劃產生不利影響。我們相信 G800 將在 G700 之後大約 6 個月。展望未來，我們計劃今年交付 123 次，我們完全希望能做到這一點。

Turning to Defense, Combat Systems had revenue of $1.7 billion, down 12.3% over the year ago quarter. Revenue was impacted by AJAX at both Land Systems and ELS, bomb bodies at OTS and some program mix. Operating earnings of $245 million were off against last year's quarter by 7.9%, with a 70 basis point improvement in margins. Operating margin was a strong 14.7%. On a sequential basis, revenue was very similar to the first quarter, but operating earnings were up 7.9% or $18 million on a 110 basis point improvement in operating margin. For the first half, Combat Systems revenue was down 10.2%, and operating earnings were down only 7.5% on a 40 basis point improvement in margins.

談到國防，Combat Systems 的收入為 17 億美元，比去年同期下降 12.3%。收入受到陸地系統和 ELS 的 AJAX、OTS 的炸彈體和一些程序組合的影響。營業利潤為 2.45 億美元，與去年同期相比下降 7.9%，利潤率提高了 70 個基點。營業利潤率高達 14.7%。在連續的基礎上，收入與第一季度非常相似，但營業利潤增長了 7.9% 或 1800 萬美元，營業利潤率提高了 110 個基點。上半年，Combat Systems 收入下降 10.2%，營業利潤僅下降 7.5%，利潤率提高 40 個基點。

In June, Land Systems was awarded the Mobile Protected Firepower contract, the first all-new combat vehicle for the army in decades. The initial award for LRIP 1 was $410 million for 25 vehicles. The program of record for LRIP is $1.1 billion for 95 vehicles through 2026. The entire program requirement is 500 vehicles for more than $5 billion. The program filled a critical gap in the Army's infantry brigade combat force, and we expect to move out swiftly on the program.

6 月，Land Systems 獲得了移動保護火力合同，這是幾十年來軍隊的第一款全新戰車。 LRIP 1 的初始獎勵為 4.1 億美元，用於 25 輛車。到 2026 年，LRIP 的記錄計劃是 11 億美元，用於 95 輛汽車。整個計劃的要求是 500 輛汽車，價值超過 50 億美元。該計劃填補了陸軍步兵旅作戰部隊的一個關鍵空白，我們希望迅速推進該計劃。

The quarter was very good for Combat Systems from an orders perspective with a 1.4:1 book-to-bill, leading to an increase in total backlog and estimated potential contract value. Demand for our products, particularly our combat vehicles, remained strong with Europe leading the way. International order opportunities for Abrams are particularly strong. This was an impressive operating performance once again by the Combat Systems group in a constrained revenue environment.

從訂單的角度來看，本季度對 Combat Systems 來說非常好，訂單與賬單的比率為 1.4:1，導致總積壓和估計的潛在合同價值增加。對我們的產品，尤其是我們的戰車的需求依然強勁，歐洲處於領先地位。艾布拉姆斯的國際訂單機會尤其強勁。在收入有限的環境下，Combat Systems 集團再次取得了令人印象深刻的運營業績。

At Marine Systems, revenue of $2.65 billion was up $115 million over the year ago quarter. It was flat sequentially but up year-to-date. In the quarter, growth was led by Columbia, TAO and repair work volume. For the first half, revenue was up $283 million or 5.6%. This is very impressive continued growth. Operating earnings were $211 million in the quarter, essentially flat with the year ago quarter as a result of a 30 basis point reduction in margin. The margin compression was the result of the impact on Electric Boat of additional scheduled delays in the Virginia program from the supply chain as it struggles with recovering from COVID.

Marine Systems 的收入為 26.5 億美元，比去年同期增加了 1.15 億美元。環比持平，但年初至今有所上升。本季度，哥倫比亞、TAO 和維修工作量引領增長。上半年，收入增長 2.83 億美元或 5.6%。這是非常令人印象深刻的持續增長。由於利潤率下降了 30 個基點，本季度的營業收入為 2.11 億美元，與去年同期基本持平。利潤壓縮是由於供應鏈在弗吉尼亞州計劃中的額外計劃延誤對電動船的影響，因為它正在努力從 COVID 中恢復。

EB is working closely with the Navy and suppliers, including embedding operating and engineering personnel on-site to restore the necessary Virginia program cadence. Nonetheless, Electric Boat's performance remained strong, and while still early in the Columbia first ship construction contract, the program remains on cost and schedule. Total backlog of almost $42 billion remains robust and is by far the largest of our operating groups.

EB 正在與海軍和供應商密切合作，包括在現場部署操作和工程人員以恢復必要的弗吉尼亞計劃節奏。儘管如此，Electric Boat 的表現依然強勁，雖然仍處於哥倫比亞第一艘船舶建造合同的早期階段，但該計劃仍按成本和進度進行。近 420 億美元的總積壓仍然強勁，是我們迄今為止最大的運營集團。

And lastly, Technologies. The segment had revenue of $3 billion in the quarter, down $158 million from the year ago quarter or 5%. 2/3 of the decline was attributed to Mission Systems, largely related to their continuing struggle with a shortage of chips which continues to plague their ability to deliver certain products. On the other hand, operating earnings of $304 million were down only $4 million or 1.3% on a 40 basis point improvement in operating margin to 10.1%. EBITDA margin was an impressive 14.1%, including state and local taxes, which are a 50 basis point drag on that result. Operating performance at GDIT was particularly strong, 140 basis points better than the year ago quarter. These are industry-leading margin figures.

最後，技術。該部門本季度的收入為 30 億美元，比去年同期下降 1.58 億美元或 5%。 2/3 的下降歸因於 Mission Systems，這在很大程度上與他們持續與芯片短缺作鬥爭有關，這繼續困擾著他們交付某些產品的能力。另一方面，營業利潤為 3.04 億美元，僅下降 400 萬美元或 1.3%，營業利潤率提高 40 個基點至 10.1%。 EBITDA 利潤率達到令人印象深刻的 14.1%，包括州和地方稅，這對該結果造成了 50 個基點的拖累。 GDIT 的經營業績特別強勁，比去年同期高出 140 個基點。這些是行業領先的利潤率數據。

Technologies had a good order activity in the quarter with book-to-bill of 1:1 and good order prospects on the horizon. Mission Systems had nice orders for many of their product offerings, especially those impacted by the chip shortage. The IT pipeline remains healthy in most of our federal IT lines of business as the government continues to modernize and upgrade its mission support systems. GDIT has the opportunity to submit $35 billion in opportunities this year, including $17 billion in the third quarter, most of which represents new work.

科技公司在本季度的訂單活動良好，訂單比為 1:1，訂單前景良好。 Mission Systems 的許多產品都有很好的訂單，尤其是那些受芯片短缺影響的產品。隨著政府繼續對其任務支持系統進行現代化和升級，我們大多數聯邦 IT 業務線的 IT 管道保持健康。 GDIT 今年有機會提交 350 億美元的機會，其中包括第三季度的 170 億美元，其中大部分是新工作。

That concludes my remarks with respect to a solid quarter and first half. I'll now turn the call over to Bill for further remarks, and then I'll provide our updated guidance.

我對穩定的季度和上半年的評論到此結束。我現在將把電話轉給比爾以徵求進一步的意見，然後我將提供我們更新的指導。

Thank you, Jason, and good morning. Starting with cash performance in the quarter. From an operating cash flow perspective, we generated over $650 million, which following our strong first quarter performance brings us to over $2.6 billion for the first 6 months of the year. This was achieved once again on the strength of the Gulfstream order book and additional collections on our large international combat vehicle contract, which continues to receive payments as scheduled according to the contract restructure that occurred in 2020.

謝謝你，傑森，早上好。從本季度的現金業績開始。從運營現金流的角度來看，我們創造了超過 6.5 億美元，繼我們強勁的第一季度業績之後，我們在今年前 6 個月達到了超過 26 億美元。憑藉灣流訂單簿和我們大型國際戰車合同的額外收款，我們再次實現了這一目標，根據 2020 年發生的合同重組，該合同將繼續按計劃收到付款。

Including capital expenditures, our free cash flow was $435 million for the quarter and $2.3 billion year-to-date, yielding a conversion rate of 151% year-to-date. The strong performance so far reinforces our outlook for the year of free cash flow conversion at or above 100% of net income. And of course, as a reminder, that outlook assumes current law with respect to the tax treatment of research and development expenditures. If the Congress acts to defer or reverse the current capitalization requirement, we would expect free cash flow for the year at or above 110% of net income.

包括資本支出，我們本季度的自由現金流為 4.35 億美元，年初至今為 23 億美元，年初至今的轉化率為 151%。迄今為止的強勁表現強化了我們對自由現金流轉換為或高於淨收入 100% 的年度的展望。當然，提醒一下，這種前景假設現行法律對研究和開發支出的稅收處理。如果國會採取行動推遲或撤銷當前的資本化要求，我們預計當年的自由現金流將達到或高於淨收入的 110%。

Looking at capital deployment, capital expenditures were $224 million in the quarter or 2.4% of sales. That's up from last year, consistent with our expectation to be around 2.5% of sales for the year. For the first 6 months, we're closer to 2% of sales, but 2.5% remains our full year target. We also paid $349 million in dividends and spent approximately $800 million on the repurchase of 3.6 million shares. That brings year-to-date repurchases to 4.9 million shares for just shy of $1.1 billion.

從資本部署來看，本季度的資本支出為 2.24 億美元，佔銷售額的 2.4%。這比去年有所上升，與我們預計今年銷售額的 2.5% 左右一致。前 6 個月，我們接近銷售額的 2%，但 2.5% 仍然是我們的全年目標。我們還支付了 3.49 億美元的股息，並花費了大約 8 億美元回購了 360 萬股股票。這使得年初至今的回購量達到 490 萬股，價格接近 11 億美元。

The net result at the end of the second quarter was a cash balance of $2.2 billion and a net debt position of $9.3 billion, down more than $2 billion from this time last year. As a result, net interest expense in the quarter was $95 million, down from $109 million in the second quarter of 2021. That brings the interest expense for the first half of the year to $193 million, down from $232 million for the same period in 2021. At this point, we continue to expect our interest expense for the year to be approximately $380 million including the assumed repayment of $1 billion of notes that mature in the fourth quarter.

第二季度末的淨結果是現金餘額為 22 億美元，淨債務頭寸為 93 億美元，比去年同期減少超過 20 億美元。因此，本季度的淨利息支出為 9500 萬美元，低於 2021 年第二季度的 1.09 億美元。這使上半年的利息支出從 2021 年同期的 2.32 億美元降至 1.93 億美元。 2021 年。在這一點上，我們繼續預計本年度的利息支出約為 3.8 億美元，其中包括假設償還 10 億美元在第四季度到期的票據。

The tax rate in the quarter was 17%, bringing the rate for the first half to 15.6%, so no change to our outlook of 16% for the full year. But of course, that implies a rate in the mid-16% range for the second half of the year to arrive at that outcome. To shape that for you, we expect the rate to be somewhat lower in the third quarter and higher in the fourth.

本季度的稅率為 17%，上半年的稅率為 15.6%，因此我們對全年 16% 的展望沒有變化。但是，當然，這意味著在今年下半年達到這個結果的利率在 16% 的中間範圍內。為了為您塑造這一點，我們預計第三季度的利率會略低，第四季度會更高。

Order activity and backlog were once again a strong story in the second quarter with a 1.1:1 book-to-bill for the company as a whole. As Jason mentioned, order activity in Aerospace led the way with a 2x book-to-bill, which is the fifth consecutive quarter the book-to-bill for the group has been 1.6x or higher. As a result, Aerospace backlog is up over $5 billion in the past year, an increase of almost 40%. During the quarter, we finalized negotiations on the restructure of the last of our arrangements with a fractional aircraft operator, which resulted in a roughly $300 million reduction in the Aerospace backlog and a $900 million reduction in aircraft options. This action essentially clears our backlog of any exposure to fractional customers and has no impact on our production and revenue forecast for 2022 and beyond.

訂單活動和積壓訂單在第二季度再次成為一個強勁的故事，整個公司的訂單與賬單比率為 1.1:1。正如 Jason 所提到的，航空航天的訂單活動以 2 倍的訂單出貨率領先，這是該集團的訂單出貨比連續第五個季度達到 1.6 倍或更高。結果，航空航天積壓在過去一年中增加了超過 50 億美元，增長了近 40%。在本季度，我們與一家部分飛機運營商完成了關於重組最後一項安排的談判，這導致航空航天積壓減少了大約 3 億美元，飛機選擇減少了 9 億美元。這一行動基本上清除了我們對部分客戶的任何積壓，並且對我們對 2022 年及以後的生產和收入預測沒有影響。

On the Defense side, Combat Systems and Technologies also had solid quarters with a 1.4x and a 1x book-to-bill, respectively. The increase in the Combat Systems backlog was particularly notable given a headwind from foreign exchange rate fluctuations of over $200 million in the quarter and $300 million year-to-date. Incidentally, the FX fluctuations also negatively impacted Combat's revenue by $65 million in the first half of the year as the euro fell to near parity with the dollar. We finished the quarter with a total backlog of $87.6 billion while total potential contract value, including options and IDIQ contracts was $126 billion.

在國防方面，作戰系統和技術也有穩定的季度業績，分別為 1.4 倍和 1 倍。鑑於本季度外匯匯率波動超過 2 億美元和年初至今 3 億美元的不利因素，作戰系統積壓的增加尤為顯著。順便說一句，由於歐元跌至與美元接近的水平，外匯波動也對 Combat 上半年的收入產生了 6500 萬美元的負面影響。我們在本季度末的總積壓為 876 億美元，而包括期權和 IDIQ 合同在內的總潛在合同價值為 1260 億美元。

That concludes my remarks. I'll turn it back over to Jason to give you an update on our guidance for 2022 and wrap-up remarks.

我的發言到此結束。我將把它交還給 Jason，讓您了解我們對 2022 年的指導和總結性評論的最新情況。

Thanks, Bill. Let me do my best to give you an updated forecast. The figures I'm about to give you are all compared to our January forecast, which I won't repeat. There is, however, a chart with respect to this that will be posted on our website, which should be helpful.

謝謝，比爾。讓我盡我所能為您提供最新的預測。我將要給你的數字都是與我們一月份的預測相比的，我不再重複了。但是，我們的網站上將發布與此相關的圖表，這應該會有所幫助。

In Aerospace, we expect an additional $200 million of revenue with an operating margin of around 12.9%, which is 10 basis points higher than we previously forecast. This will result in additional operating earnings. There could be some upside here if we can deliver out a few more planes in the year. With respect to the Defense businesses, Combat Systems should be on the low end of our revenue range with an improvement of up to 50 basis points of operating margin, so total revenue of around $7.1 billion and operating margin around 15%. There's no change to Marine Systems revenue, but 30 basis points lower margin, so annual revenue of $10.8 billion with an operating margin around 8.3% for the reasons I have previously described to you. Technologies revenue will be in the middle of the forecast revenue range at the same operating margin driven by GDIT with 3.5% year-over-year growth.

在航空航天領域，我們預計將增加 2 億美元的收入，營業利潤率約為 12.9%，比我們之前的預測高出 10 個基點。這將帶來額外的營業收入。如果我們能在一年內交付更多的飛機，這裡可能會有一些好處。在國防業務方面，戰鬥系統應該處於我們收入範圍的低端，營業利潤率提高多達 50 個基點，因此總收入約為 71 億美元，營業利潤率約為 15%。 Marine Systems 的收入沒有變化，但利潤率降低了 30 個基點，因此年收入為 108 億美元，營業利潤率約為 8.3%，原因我之前向您描述過。技術收入將處於預測收入範圍的中間，在 GDIT 的推動下，營業利潤率保持不變，同比增長 3.5%。

So for the group, we expect annual revenue of around $12.9 billion with an operating margin around 10%. So on a company-wide basis, we see annual revenue at the higher end of our initial guidance and an overall operating margin around 10.8%, which is unchanged. This rolls up to EPS at the high end of our previous guidance range. In short, we expect only modest deviation from our initial guidance.

因此，對於該集團而言，我們預計年收入約為 129 億美元，營業利潤率約為 10%。因此，在整個公司範圍內，我們認為年收入處於初始指導的高端，整體營業利潤率約為 10.8%，沒有變化。這會在我們之前的指導範圍的高端上升到 EPS。簡而言之，我們預計與我們最初的指導只會有適度的偏差。

That concludes my remarks, and we'll be pleased to take your questions.

我的發言到此結束，我們很樂意回答您的問題。

Thank you, Jason. (Operator Instructions) Operator, could you please remind participants how to enter the queue?

謝謝你，傑森。 （操作員說明）操作員，請您提醒參與者如何進入隊列？

(Operator Instructions)

（操作員說明）

We have our first question from Robert Stallard of Vertical Research.

我們的第一個問題來自 Vertical Research 的 Robert Stallard。

Jason, I'll kick it off with one for you. The big question we've been getting from folks is what the impact could be on business jet and the Aerospace division from a slowdown in the global economy. I was wondering if you could give us some perspectives on how this could play out and how aerospace is differently positioned from where it was, say, in 2007, 2008?

傑森，我會先給你一個。我們從人們那裡得到的一個大問題是，全球經濟放緩會對公務機和航空航天部門產生什麼影響。我想知道您是否可以就這如何發揮作用以及航空航天與 2007 年、2008 年的情況有何不同，給我們一些看法？

Yes. So I think the most important point here, Rob, is the robust nature of the demand. We've seen up to this point, the order activity that, that's resulted in, in the extended backlog that, that provides us. not to mention, frankly, and Bill spoke to this a little bit in terms of some of the cleanup in the quarter, but the durability of the backlog that continues to just increase the quality of that order book as we move forward.

是的。所以我認為這裡最重要的一點，Rob，是需求的穩健性。到目前為止，我們已經看到了在擴展積壓中為我們提供的訂單活動。更不用說，坦率地說，比爾就本季度的一些清理工作談到了這一點，但是隨著我們前進，積壓的持久性繼續提高了訂單的質量。

So obviously, we can't predict when and what any type of slowdown will look like. There's a lot of talk out in the market about interest rates, inflation, the stock market, recession, potential and so on. But to be completely frank with you, we have not yet seen any impact of that in terms of our order pipeline and the resulting order activity that we've seen. There continues to be very strong customer demand. We're continuing to see that as we embark here into the third quarter.

所以很明顯，我們無法預測任何類型的放緩會在何時以及以何種形式出現。市場上有很多關於利率、通貨膨脹、股市、衰退、潛力等的討論。但坦率地說，我們還沒有看到這對我們的訂單管道和我們所看到的訂單活動產生任何影響。客戶需求仍然非常強勁。當我們進入第三季度時，我們將繼續看到這一點。

And so I think bottom line between the size of the backlog, the ongoing order activity, the durability of that backlog, which at this point is in excess of 2.5x our annual sales for the group. Notwithstanding the possibility of economic slowdown or similar conditions, we remain very confident and steadfast in our outlook for the next couple of years that we provided in terms of '23, '24 and beyond.

所以我認為積壓的規模、正在進行的訂單活動、積壓的持久性之間的底線，在這一點上是我們集團年銷售額的 2.5 倍以上。儘管可能出現經濟放緩或類似情況，但我們仍然對我們在 '23、'24 及以後提供的未來幾年的前景充滿信心和堅定不移。

Okay. And then as a follow-up, you mentioned the AJAX program in the Combat Systems division. Could you give us an update of what the situation is there and how it's to pan out from here?

好的。然後作為後續，您提到了戰鬥系統部門的 AJAX 程序。您能否向我們提供最新情況以及如何從這裡發展出來？

Sure. So the program is proceeding. The vehicle tests are continuing, and they continue to confirm, frankly, the vehicle performance that we've seen to date. With respect to some of the things that the customer has been focused on, when it comes to vibration in the vehicle, some concerns that emerged in some of the early customer trials, have been addressed at this point. And we are working right now on -- with the customer on securing appropriate communications gear.

當然。所以程序正在進行中。車輛測試仍在繼續，坦率地說，它們繼續證實我們迄今為止所看到的車輛性能。關於客戶一直關注的一些事情，當涉及到車輛的振動時，在一些早期客戶試驗中出現的一些問題，在這一點上已經得到解決。我們現在正在與客戶一起努力確保適當的通信設備。

So I think the key here at this point is that this is going to really be all about how soon approvals can move through the system as we undergo this series of deliberate tests that take time, as would be the case on any new platform development program. Frankly, this is not inconsistent with experience that we would expect on any new platform development. But like I said, we continue to work with the customer, and they continue to assure us of their commitment to the program, as well as of their need for this transformational capability. So it's an ongoing path forward, continuing to make progress, and we expect to see ourselves to the other side of this testing and trials period soon enough and onward and upward with the program.

因此，我認為此時的關鍵在於，當我們經歷一系列需要時間的深思熟慮的測試時，這將真正關乎審批通過系統的速度，就像任何新平台開發計劃的情況一樣.坦率地說，這與我們在任何新平台開發中所期望的經驗並不矛盾。但就像我說的那樣，我們繼續與客戶合作，他們繼續向我們保證他們對該計劃的承諾，以及他們對這種轉型能力的需求。因此，這是一條持續前進的道路，不斷取得進展，我們希望看到自己盡快進入這個測試和試驗期的另一端，並隨著該計劃向前發展。

We now have a question on the line from Seth Seifman of JPMorgan.

我們現在有一個來自摩根大通的塞思·塞夫曼的問題。

Just to start off, I'm sure you've gotten this question a bunch of times, but with regard to moving forward on G500 and 600 and the landing restriction, it sounds like you're still on track to have that lifted this quarter. And just any color you can give on what gives you the confidence there given that the Gulfstream, I think, has done all its work, but you're dependent on the FAA to do their work?

剛開始，我相信你已經多次收到這個問題，但是關於在 G500 和 600 上前進以及著陸限制，聽起來你仍然有望在本季度取消這個問題.考慮到灣流已經完成了所有工作，你可以給出任何顏色給你帶來信心，但你依賴 FAA 來完成他們的工作？

No, you kind of summed it up nicely there, Seth. The fact is we have the software fix for this issue completed. It's been developed. It has been tested. It has been flown. And so we have great confidence in the efficacy of that software fix. And we are currently working with the FAA, Gulfstream and the FAA working concurrently toward the initiative to get this airworthiness directive resolved. The program plan for that is to complete by or before mid-September.

不，你總結得很好，賽斯。事實上，我們已經完成了針對此問題的軟件修復。它被開發了。它已經過測試。它已經飛了。因此，我們對該軟件修復的有效性充滿信心。我們目前正在與 FAA、灣流和 FAA 合作，共同致力於解決這一適航指令的倡議。該計劃計劃在 9 月中旬或之前完成。

To your point, we are, in part, dependent on the resources of the FAA to make that happen. But they have been very good about this. They are committing the resources that we think are necessary and the teams are working together. And right now, everything seems to be right on track for a resolution of this by the end of the third quarter.

就您而言，我們在一定程度上依賴 FAA 的資源來實現這一目標。但他們在這方面做得很好。他們正在投入我們認為必要的資源，並且團隊正在共同努力。現在，一切似乎都在正確的軌道上，以便在第三季度末解決這個問題。

And then just as a follow-up still in Aerospace. This might be kind of a crude measure, but just looking at the revenue per aircraft in the quarter, it looks pretty strong. But obviously, we don't necessarily have all the information about mix and price and stuff like that. Can you tell us what the service of growth was to help us hone in on that?

然後就像航空航天領域的後續行動一樣。這可能是一種粗略的衡量標準，但僅從本季度每架飛機的收入來看，它看起來相當強勁。但很明顯，我們不一定擁有關於組合和價格之類的所有信息。你能告訴我們成長的服務是什麼幫助我們磨練這一點嗎？

And then you mentioned a fractional settlement. Did that have any impact on the revenue in the quarter or any other backlog mechanics. Did those affect the revenue?

然後你提到了部分結算。這對本季度的收入或任何其他積壓機制有什麼影響嗎？這些對收入有影響嗎？

Yes. So on the service side, we did see very strong growth in the quarter. That's a continuing trend that we've seen since we've been emerging from the pandemic, both including sort of flight hour ramp-up as activity and flight activity picks up around the world, as well as FBO activity at our Jet Aviation business, particularly on the U.S. side. So I think we had somewhere in excess of 35% growth year-over-year in the quarter in service activity. And it's, frankly, that service activity that is driving the upside to the revenue and the outlook for the Aerospace group for the year.

是的。因此，在服務方面，我們確實在本季度看到了非常強勁的增長。自從我們擺脫大流行以來，這是一個持續的趨勢，包括隨著全球活動和航班活動的增加而增加的飛行時間，以及我們的 Jet Aviation 業務的 FBO 活動，尤其是在美國方面。因此，我認為我們在本季度的服務活動同比增長超過 35%。坦率地說，正是這種服務活動推動了航空航天集團今年的收入和前景。

As I mentioned earlier, we're still expecting our 123 aircraft deliveries for the year. So a couple of hundred million dollars of additional revenue for the year is coming from that service side of the business. And I know you referenced the cleanup, we mentioned the backlog, but I sort of missed the latter part of your question. Do you mind repeating what you were getting at there? I'm sorry, Seth.

正如我之前提到的，我們仍預計今年將交付 123 架飛機。因此，今年有幾億美元的額外收入來自業務的服務方面。我知道你提到了清理，我們提到了積壓，但我有點錯過了你問題的後半部分。你介意重複你在那裡得到的嗎？對不起，賽斯。

He has already dropped off the line. Perhaps you were getting at whether the cleanup in the backlog has affected any of the revenue or other aspects of the Aerospace outlook. And the fact is, no, we're in good shape there. The cleanup, as I mentioned, or I think as Bill mentioned in the remarks, was related to an ongoing negotiation we had with our really last sizable fractional customer in that backlog and we've come to a settlement with that customer, removed some of the airplanes and expired some of the options there. And none of that activity has any impact on the outlook for the business. So all forecasts remain intact.

他已經下線了。也許您正在了解積壓中的清理是否影響了航空航天前景的任何收入或其他方面。事實是，不，我們在那裡的狀態很好。正如我提到的，或者我認為正如比爾在評論中提到的，清理工作與我們與該積壓中最後一個相當大的部分客戶進行的正在進行的談判有關，我們已經與該客戶達成和解，刪除了一些飛機和那裡的一些選項到期。這些活動都不會對業務前景產生任何影響。所以所有的預測都保持不變。

We now have our next question from David Strauss of Barclays.

我們現在有來自巴克萊的大衛施特勞斯的下一個問題。

Jason, when we were down at Gulfstream back in June, I think you talked about being about 70% of the way through the software validation test on the 700. Can you just give us an update exactly where that stands today?

Jason，當我們在 6 月份訪問灣流時，我想你談到了 700 的軟件驗證測試已經完成了大約 70%。你能告訴我們今天的最新情況嗎？

Yes. I don't have an exact number on the update of 70%. Obviously, the progress on that software validation has been slowed somewhat by the fact that we've had to divert common resources in terms of those flight sciences engineers over to the fix on the 500 and 600. So that, as I mentioned before, is really what's sort of affirming our risk on the slip of the 700 entry into service. So there's been some modest progress there, but, call it, in that 70-plus percent range remains where we are at this point. As soon as we get through that airworthiness directive resolution, we'll get those resources back on that program and moving forward to that updated EIS date.

是的。我沒有關於 70% 更新的確切數字。顯然，由於我們不得不將那些飛行科學工程師的共同資源轉移到修復 500 和 600 上，因此軟件驗證的進展有所放緩。所以，正如我之前提到的，是真的是什麼在肯定我們在 700 投入使用時的風險。因此，那裡取得了一些適度的進展，但是，可以說，在 70% 以上的範圍內，我們目前仍處於這一水平。一旦我們通過適航指令決議，我們將把這些資源重新用於該計劃，並推進到更新的 EIS 日期。

Okay. And as a follow-up, can you update us on supply chain? Any constraints you're kind of seeing on the Gulfstream side of things? I think when we were down there, it was discussed about some shortages on the engine side. How do you feel about the overall supply chain at Gulfstream and your ability to hit that 123 delivery number for the full year?

好的。作為後續行動，您能否向我們介紹供應鏈的最新情況？您在灣流方面看到的任何限制？我想當我們在那裡的時候，有人討論過發動機方面的一些短缺。您如何看待灣流的整體供應鏈以及您全年達到 123 個交付數量的能力？

Yes. So as you referenced, supply chain is definitely, not to sugarcoat it, it's an ongoing issue for the industry. It's no surprise or no secret that I think the commercial aerospace industry has had a fragile supply chain even before COVID hit. So it's probably no surprise that that's only been exacerbated. And I'd say, it's a daily battle. But that said, I think there's no team that I'd rather have tackled this issue than the Gulfstream team down there. They have people embedded throughout the supply chain, actively managing these issues with our partners to help them meet our commitments to our customers.

是的。因此，正如您所提到的，供應鏈絕對不是粉飾它，它是該行業持續存在的問題。毫無疑問，我認為商業航空航天業甚至在 COVID 爆發之前就已經存在脆弱的供應鏈。因此，這種情況只會加劇，這可能不足為奇。我想說，這是一場日常戰鬥。但話雖如此，我認為沒有哪個團隊比那裡的灣流團隊更願意解決這個問題。他們在整個供應鏈中都有人員，與我們的合作夥伴積極管理這些問題，以幫助他們履行我們對客戶的承諾。

And so I think while there can be issues from supplier to supplier and it's an active management activity that's going on, it's important to consider the impact of any part or subsystem or so on to the overall tack time of the airplane production process and ultimately, the delivery schedule. So just because, let's say, a particular part may be missing its due on dock date doesn't necessarily mean that, that's going to impact overall completion of the airplane or delivery of the customer between workaround that our team has and other efforts to keep the overall aircraft flow moving, we don't see any impact to the delivery outlook that we have for the year. Obviously, these types of activities aren't optimal. We want to get this corrected frankly, for the benefit of the entire ecosystem. But we continue to have great confidence in the team at Gulfstream to get through the challenge and they'll meet their aircraft delivery forecast for the year.

因此，我認為，雖然供應商之間可能存在問題，而且這是一項正在進行的積極管理活動，但重要的是要考慮任何部件或子系統等對飛機生產過程的整體快速時間的影響，最終，交貨時間表。因此，假設某個特定部件可能會在停靠日期未到期，並不一定意味著，這將影響飛機的整體完成或在我們團隊的解決方法和其他努力保持之間的客戶交付整體飛機流量移動，我們認為對我們今年的交付前景沒有任何影響。顯然，這些類型的活動並不是最佳的。為了整個生態系統的利益，我們希望坦率地糾正這一點。但我們仍然對灣流團隊克服挑戰充滿信心，他們將實現今年的飛機交付預測。

We now have the next question from Ron Epstein of Bank of America.

我們現在有來自美國銀行的羅恩愛潑斯坦的下一個問題。

So Jason, question for you on, again, kind of maybe going back to the supply chain, but focusing a little bit more on Defense. So it seems like at Gulfstream, you guys are managing the constraints well. We've heard from some of the engine producers that castings and forgings and things are tight, and you're managing through that. But it seems like you've got a lot more flexibility in your commercial business than you do in your defense business. And one of the themes that seems to have emerged from this quarter is that because of the way defense contracting is done, we continue to hear shortages of A, B and C.

所以傑森，再次向你提問，可能會回到供應鏈，但更多地關注防禦。所以看起來在灣流，你們管理得很好。我們從一些發動機生產商那裡聽說，鑄件和鍛件等東西都很緊，而您正在設法解決這個問題。但您的商業業務似乎比國防業務擁有更多的靈活性。本季度似乎出現的一個主題是，由於國防承包的方式，我們繼續聽到 A、B 和 C 的短缺。

Is there anything you guys can do about chip shortages, buying inventory ahead? Or are you just so constrained by the kind of the materials management, acquisition rules that you can't do that? Because it seems like defense is just sort of fundamentally this sort of just-in-time business, but we're in sort of a just-in-case world, if you get the gist of the question?

對於芯片短缺，你們可以做些什麼，提前購買庫存？還是您只是受制於材料管理、採購規則而無法做到這一點？因為從根本上來說，防禦似乎只是一種即時業務，但我們處於一個以防萬一的世界，如果你明白問題的要點嗎？

Yes. No, it's a great question, Ron, and I'll kind of break that down into 2 aspects of our business, sort of the short-term side and the long-term side. And the piece that we're seeing a bigger issue in on the short-term side, and you referred to the chip shortage, it's really that the Mission Systems piece that we've talked about for some time now. And again, that's because these are quick turn orders. They're product-driven. They're dependent on these chips, and you got to get them out the door. And obviously, these are highly engineered, high-end design engineering type products.

是的。不，這是一個很好的問題，羅恩，我將把它分解為我們業務的兩個方面，短期方面和長期方面。我們在短期內看到了更大的問題，你提到了芯片短缺，這確實是我們已經討論了一段時間的任務系統部分。再一次，那是因為這些是快速輪換訂單。他們是產品驅動的。他們依賴於這些芯片，你必須把它們弄出去。顯然，這些都是高度工程化的高端設計工程類型產品。

So to your point, the specifications are quite specific. That said, number one, I think the team is doing a tremendous job trying to develop workarounds. They are out there ordering parts in advance where they can. It's tough to get your spot in line because this is an issue affecting not just the industry, but the broader economy, but they're doing their best they can on that front. They are also working to change designs, modify designs, accept alternate parts where they can and be as nimble as they can on that front, but that obviously takes some time.

因此，就您而言，規格非常具體。也就是說，第一，我認為團隊正在努力開發解決方法。他們在那裡盡可能提前訂購零件。很難讓自己的位置保持一致，因為這不僅會影響行業，還會影響更廣泛的經濟，但他們在這方面正在盡其所能。他們還在努力改變設計，修改設計，在可能的情況下接受替代部件，並且在這方面盡可能靈活，但這顯然需要一些時間。

I think importantly, for that side of the business, this is just a timing issue we've seen here. If you take, for example, the second quarter and the product it wasn't able to ship at the end of the quarter, we've seen the vast majority of that actually get shipped in the first month of the third quarter. So that is flowing through.

我認為重要的是，對於這方面的業務，這只是我們在這裡看到的時間問題。例如，如果您以第二季度和該季度末無法發貨的產品為例，我們已經看到其中絕大多數實際上是在第三季度的第一個月發貨的。所以它正在流過。

It doesn't mean we're out of the woods yet. I think this is going to be something that's going to bug us for the balance of the year and maybe spill over a little into next year. But the fact is we've seen some of the strongest order activity from the customer in this area. So I think this is just a timing thing. We'll come through it and the order demand is there so that this will continue on into the balance of this year and beyond. So that's sort of on the short-term side of the business. The other big supply chain side that we're seeing, frankly, is a little bit different. It's on, frankly, the longest leg side of the business, and that's in the shipbuilding side.

這並不意味著我們已經走出困境。我認為這將成為今年餘下時間困擾我們的事情，並且可能會蔓延到明年。但事實是，我們已經看到該地區客戶的一些最強勁的訂單活動。所以我認為這只是一個時間問題。我們將通過它並且訂單需求在那裡，以便這將繼續到今年及以後的餘額。所以這有點像業務的短期方面。坦率地說，我們看到的另一個大型供應鏈方面有點不同。坦率地說，這是業務中最長的腿，那就是造船業。

And really there, it's less about parts or material availability. It's about the availability of labor, the price and availability of skilled labor. And so we're seeing that really hit the supply chain for us. And for us, it's focused primarily on the Virginia Class program. When you think of NASCO out on the West Coast and frankly, the Columbia program at Electric Boat, those are all hitting this in stride. But on the Virginia program, the supply chain has stumbled a little bit more.

實際上，它與零件或材料的可用性無關。這是關於勞動力的可用性、熟練勞動力的價格和可用性。因此，我們看到這確實對我們的供應鏈產生了影響。對我們來說，它主要關注弗吉尼亞級課程。當你想到西海岸的 NASCO 和坦率地說，電船的哥倫比亞項目時，這些項目都大步向前。但在弗吉尼亞項目中，供應鏈的問題更多了。

And when you think about it, we have been working hard even prior to COVID to ramp up our resources on those programs to support 2 per year Virginia as well as the addition of Columbia. And we were making pretty good headwind on that. And then COVID hit, and you take 2 steps back instead or at least a pause instead of needing to take 2 steps forward. So when you think about shipbuilding and the nature of that business, a shock like that to the system can hit it quickly, but it just takes time for it to recover. And so that's what we're seeing on the Virginia program as the supply chain is struggling to catch back up and sort of hit that cadence that they need to be on.

仔細想想，我們甚至在 COVID 之前就一直在努力增加我們在這些項目上的資源，以支持每年 2 個弗吉尼亞州以及哥倫比亞的加入。我們在這方面做得很好。然後 COVID 來襲，您改為後退 2 步，或者至少暫停一下，而不是需要向前走 2 步。因此，當您考慮造船業和該業務的性質時，對系統的此類衝擊可能會很快對其造成影響，但它需要時間才能恢復。這就是我們在弗吉尼亞項目中看到的情況，因為供應鏈正在努力追趕並達到他們需要的節奏。

But again, like Gulfstream, like Mission Systems, Electric Boat has got all the resources that we can bring to bear and all the sense of urgency to apply to that supply chain. And once we can get that schedule right, I think we'll be back on track. But in the meantime, that schedule extension brings cost, and that cost brings an impact to margins, and that's what's affecting our outlook for that business.

但是，就像灣流和 Mission Systems 一樣，Electric Boat 擁有我們可以承擔的所有資源，以及適用於該供應鏈的所有緊迫感。一旦我們能把那個時間表安排好，我想我們就會回到正軌。但與此同時，延期會帶來成本，而成本也會影響利潤率，而這正是影響我們對該業務前景的影響。

So that's -- I'm trying to give you a complete answer as I can on the supply chain as it hits the defense side. So that's sort of both ends of the spectrum from my perspective.

所以這就是——我試圖在供應鏈上給你一個完整的答案，因為它觸及到防禦方。所以從我的角度來看，這是光譜的兩端。

Yes. Got it. And then maybe just one quick follow-up on Combat. With all the awards that have been coming in and the activity in Europe, when would you expect that to flow through the business? Is that a '23 kind of thing? When would we expect to see that kind of -- at least on the top line?

是的。知道了。然後也許只是對 Combat 的快速跟進。隨著所有獎項的到來以及在歐洲的活動，您預計什麼時候會通過業務？這是23年的事情嗎？我們什麼時候會看到這種——至少在頂線上？

Yes, good question. I want to take a step back and maybe give a little clarity on what we've seen through the first half of this year and then what that means and where we're going.

是的，好問題。我想退後一步，也許對我們在今年上半年看到的情況以及這意味著什麼以及我們要去哪裡做一些澄清。

Obviously, in the first half of the year, we're down notionally a little bit more than you would expect given our full year outlook. I think we're about 10% down year-to-date. If you do some quick checking, you'll see that what -- that's really a function of it that last year, our revenue per quarter was essentially consistent throughout the year, first quarter, second quarter, third quarter, which is really in contrast to the tried and true annual cycle that we see in Combat Systems and we're, frankly, once again, seeing this year, which is a sequential ladder, if you will, lowest in the first quarter, rising to the fourth quarter. So that created a little unusual headwind in terms of the year-over-year comparisons. But we're still -- based on the way the second half plays out, still expecting to be at the low end of our revenue forecast.

顯然，在今年上半年，考慮到我們的全年展望，我們名義上的跌幅比您預期的要多一點。我認為我們今年迄今下降了約 10%。如果你做一些快速檢查，你會發現 - 這真的是它的一個功能，去年，我們每季度的收入在全年基本上是一致的，第一季度，第二季度，第三季度，這真的是對比回到我們在戰鬥系統中看到的久經考驗的真實年度週期，坦率地說，我們再次看到今年，這是一個連續的階梯，如果你願意的話，第一季度最低，上升到第四季度。因此，就同比比較而言，這造成了一些不尋常的逆風。但我們仍然 - 基於下半年的表現，仍然預計將處於我們收入預測的低端。

So what does that imply? That implies about a 3.5% growth in the second half versus the second half of last year, and I think that's imminently achievable by that group. But looking beyond that, to your point, there's a tremendous amount of activity in this market. Obviously, as I mentioned before, the MPF award is a big one for us. That's a whole new additive space in the infantry brigade combat structure there. And there's tremendous demand signals internationally, as you mentioned. Obviously, we're working toward the tank opportunity in Poland. There's other international tank opportunities, as I mentioned before.

那麼這意味著什麼？這意味著下半年與去年下半年相比增長約 3.5%，我認為該集團很快就能實現這一目標。但除此之外，就您而言，這個市場上有大量的活動。顯然，正如我之前提到的，強積金獎對我們來說是一個很大的獎項。那是那裡步兵旅戰鬥結構中一個全新的附加空間。正如你所提到的，國際上有巨大的需求信號。顯然，我們正在為波蘭的坦克機會而努力。正如我之前提到的，還有其他國際坦克機會。

And then you alluded to sort of demand generally, internationally, and everybody has kind of the suspicion that everything going in Eastern Europe is going to lead to significant growth for the -- on the defense side. And certainly, we are seeing those demand signals. I think the key thing that we all have to keep in mind here is to keep and check our expectations with respect to timing. The demand signals are there. We are having regular dialogue and ongoing conversation with those customers about that interest, but it just takes time for interest to turn into budgets to turn into appropriations to turn into contracts to turn into revenue.

然後你提到了國際上普遍的需求，每個人都有種懷疑，東歐的一切都會導致國防方面的顯著增長。當然，我們看到了這些需求信號。我認為我們所有人都必須記住的關鍵是保持並檢查我們對時間的期望。需求信號就在那裡。我們正在與這些客戶就這種興趣進行定期對話和持續對話，但興趣轉化為預算，轉化為撥款，轉化為合同，轉化為收入只是需要時間。

So I think it's all consistent with our long-term outlook that by 2024 and beyond, we ought to see a nice uptick trajectory in Combat Systems. We're still talking low to mid-single-digit growth, but we ought to see an inflection point to grow in that period. And all of that is supportive of this. But in the meantime, I'd just reiterate our emphasis that the focus and the story for Combat Systems is a margin one. And you've seen how well, once again, this group can perform on the margin side and be a really good cyclical no matter what's happening on the top line.

因此，我認為這與我們的長期前景一致，即到 2024 年及以後，我們應該看到戰鬥系統的良好上升軌跡。我們仍在談論低至中個位數的增長，但我們應該看到那個時期的增長拐點。所有這些都支持這一點。但與此同時，我只想重申我們的重點，即戰鬥系統的重點和故事是邊緣之一。而且您已經再次看到，無論收入水平如何，該組都可以在邊緣方面表現出色，並且是一個非常好的周期性。

The next question comes from Robert Spingarn of Melius Research.

下一個問題來自 Melius Research 的 Robert Spingarn。

Jason, I just want to go back to labor and talk across all the businesses, where you stand, where -- obviously, you said shipbuilding is a tough one. So maybe that's the most challenging area. But when you look across the business, what is the labor and talent acquisition situation?

傑森，我只是想回到工作崗位，談談所有的業務，你站在哪裡，在哪裡——顯然，你說造船是一項艱難的工作。所以這也許是最具挑戰性的領域。但縱觀整個業務，勞動力和人才獲取情況如何？

Yes, you touched on it, Rob. The shipbuilding side has been the toughest one. We've seen that in Maine. We've seen that all over sort of the New England shipyards as we've tried to ramp up. And frankly, those are the 2 shipyards at EB and Bath that we have the most opportunity to ramp up. And so you got -- it's not like a lot of other industries where you're hearing things about remote work and the ability to pull people from all over the country and all over the world, you've got to get shipbuilders in those states and in those regions to do that work. And so that's what presents the challenge.

是的，你談到了它，羅布。造船方面一直是最艱難的。我們已經在緬因州看到了這一點。當我們試圖擴大規模時，我們已經在新英格蘭造船廠看到了這種情況。坦率地說，這是我們最有機會擴大規模的 EB 和巴斯的兩家造船廠。所以你得到了 - 它不像很多其他行業，你會聽到關於遠程工作以及從全國和世界各地吸引人們的能力，你必須在這些州找到造船廠並在這些地區開展這項工作。所以這就是挑戰。

The good news is we -- as I mentioned, well before COVID, we had been ramping up and anticipating ramp-up. And so we've had a lot of resources put in place as well as great partnerships at the state and local levels to get the kind of trade schools and apprenticeships and so on to make that happen.

好消息是我們——正如我所提到的，早在 COVID 之前，我們就一直在加速增長並期待加速增長。因此，我們已經投入了大量資源，並在州和地方層面建立了良好的合作夥伴關係，以獲得貿易學校和學徒制度等來實現這一目標。

So I think the resources are in place. We've just got to keep our flow moving through those processes, keep our training capabilities up and running, and we can catch back up with this. It's just going to take time. And again, that's just sort of the nature of shipbuilding, and it's a challenge that those teams are up to.

所以我認為資源已經到位。我們只需要在這些流程中保持我們的流程，保持我們的培訓能力正常運行，我們就可以趕上這一點。這只是需要時間。再說一次，這只是造船業的本質，也是這些團隊要應對的挑戰。

When you look on the other end of the spectrum, I think it's all about GDIT. And obviously, they are in a hypercompetitive market for hyper-skilled talent, and that only gets more competitive all the time. I think the leading positions they have in their markets, the strong culture they have and continue to build with that workforce and the opportunities that they provide their workforce within the company continue to, I think, put them in a good position to compete and keep and grow that talent. I'm not going to sugarcoat it though, it's a war for talent every day and we just -- it's our job to keep up with that and punch above our weight and continue to retain and draw in the kind of talent they need to do that work and as that business grows. So those are kind of the 2 ends of the spectrum.

當你看到光譜的另一端時，我認為這都是關於 GDIT 的。顯然，他們處於一個競爭激烈的市場，需要高技能人才，而且競爭只會越來越激烈。我認為他們在市場中的領先地位、他們擁有並繼續與這些員工一起建立的強大文化以及他們在公司內為員工提供的機會繼續使他們處於競爭和保持良好地位並培養這種才能。不過，我不會粉飾它，這是一場每天都在爭奪人才的戰爭，我們只是——我們的工作就是跟上這一點，超越我們的體重，繼續留住和吸引他們需要做的那種人才這項工作以及隨著業務的增長。所以這些是光譜的兩端。

I think the other area that we monitor closely is at Gulfstream. Obviously, with the growth they have, you need people to do that. I think not to underestimate the challenge that they have, but I think they've done a really good job of keeping up with it, and I don't see that as being as high a nail and item for Gulfstream in the moment. There's nothing that we can take our eye off the ball, and they've got to keep at it, but I think they're up to that challenge as well.

我認為我們密切關注的另一個領域是灣流。顯然，隨著他們的成長，你需要人們這樣做。我認為不要低估他們所面臨的挑戰，但我認為他們在跟上挑戰方面做得非常好，而且我認為目前對於灣流來說，這還不是一件很重要的事情。沒有什麼可以讓我們把目光從球上移開，他們必須堅持下去，但我認為他們也能應對挑戰。

Okay. And then just as a follow-up, going specifically to Electric Boat and the focus on getting Columbia ramped up and the labor situation you just talked about there, have we seen any work packages move between Electric Boat and Newport News in order to manage volumes and address labor shortages either for you or for them?

好的。然後作為後續行動，專門針對電動船，重點是讓哥倫比亞大學加速發展以及您剛才談到的勞動力狀況，我們是否看到任何工作包在電動船和紐波特紐斯之間轉移以管理數量並為您或為他們解決勞動力短缺問題？

So Rob, I hate to give you this answer, but that's the kind of thing I don't think I should probably get into too great a detail. We obviously work very closely with them as our teaming partner on Virginia as well as our subcontractor on Columbia. And it's a 3-part conversation between us, Newport and the Navy to make sure that we're doing everything we can to support that customer and the growth that they need. And I think that's the most important message. We're going to do everything we can to support that customer, and we're working together as a team to do that. And both sides, I think, have a mutuality around that, that's very important and very supportive. So...

所以Rob，我不想給你這個答案，但我認為我不應該太詳細地討論這種事情。作為我們在弗吉尼亞州的合作夥伴以及我們在哥倫比亞的分包商，我們顯然與他們密切合作。這是我們、紐波特和海軍之間的三部分對話，以確保我們正在盡一切努力支持該客戶及其所需的增長。我認為這是最重要的信息。我們將盡我們所能來支持該客戶，並且我們將作為一個團隊共同努力做到這一點。我認為，雙方在這方面有共同之處，這是非常重要和非常支持的。所以...

We now have the next question on the phone line from Doug Harned of Bernstein.

我們現在有來自伯恩斯坦的 Doug Harned 的電話線上的下一個問題。

I wanted to see if you could give us a little bit of a picture on the mix of Gulfstream orders. And in particular, the G650 has extended longer than I think you all first expected strong demand. Can you give us a sense of what the mix is and then also how you're looking at G650 production over time?

我想看看你能不能給我們一些關於灣流訂單組合的圖片。特別是，G650 的延長時間比我認為你們所有人最初預期的強勁需求要長。您能否告訴我們混合是什麼，以及隨著時間的推移您如何看待 G650 的生產？

Yes, you're absolutely right. The G650 order activity continues to be robust, frankly, beyond even what we, I think, perhaps conservatively expected. I think we've said a couple of times now in the past, and it continues to be the case that the announcement of the G700 and the G800 have absolutely for our market and our customers clarified where we are with this family of aircraft. And it clarifies what the 650 is in terms of an opportunity for those customers. So that airplane, I think, continues to have legs to it.

是的，你完全正確。坦率地說，G650 訂單活動繼續強勁，甚至超出了我認為可能保守的預期。我想我們過去已經說過幾次了，而且 G700 和 G800 的發布對我們的市場來說絕對是這樣，我們的客戶澄清了我們在這個飛機系列中的位置。它闡明了 650 對這些客戶的機會是什麼。所以那架飛機，我認為，繼續有腿。

To make no mistake about it, the 800 is the replacement for the 650. And as the 800 comes into service, we will work the 650 out. There may be some modest overlap as we feather in from one to the other. But I think what this outsized demand on the 650 does is it gives us a lot of optionality. It gives us opportunity if this demand environment continues with respect to our outlook for '23 and 2024, we'll have to see how that plays out.

毫無疑問，800 是 650 的替代品。隨著 800 投入使用，我們將淘汰 650。當我們從一個羽化到另一個時，可能會有一些適度的重疊。但我認為對 650 的這種超大需求的作用在於，它給了我們很多選擇餘地。如果這種需求環境在我們對 23 年和 2024 年的展望方面繼續下去，它會給我們帶來機會，我們將不得不看看結果如何。

It's also giving us the optionality to deal with some of these issues we've talked about with the certification process. As the 700 slips, we're not backtracking on our commitments to the delivery units, the revenue and the earnings forecast that we've given for '22, '23 and '24. And frankly, the 650 demand is helping with that as well as the demand environment in general.

它還讓我們可以選擇處理我們在認證過程中討論過的一些問題。由於 700 次下滑，我們不會回溯我們對 22 年、23 年和 24 年的交付單位、收入和盈利預測的承諾。坦率地說，650 的需求正在幫助解決這一問題以及總體需求環境。

And to that point, you kind of asked about the whole portfolio. And I think there's some question and speculation out there among the community about this airworthiness directive and what that might mean for the 500 and 600. And I'd tell you, again, we delivered the vast majority of the airplanes that we intended to this quarter. We expect that to be resolved by the end of the third quarter. And when you look at the order activity in the second quarter, I think the 500 and 600 represented about half the order activity that we had.

到那時，您有點詢問整個投資組合。而且我認為社區中存在一些關於該適航指令的問題和猜測，以及這對 500 和 600 可能意味著什麼。我想再次告訴你，我們交付了我們打算為此的絕大多數飛機四分之一。我們預計這將在第三季度末得到解決。當您查看第二季度的訂單活動時，我認為 500 和 600 代表了大約一半的訂單活動。

So there's no signs of slowing down there. Our customers understand what this little bump in the road is, and so those platforms continue to be very well supported.

所以那裡沒有放緩的跡象。我們的客戶了解這個小小的障礙是什麼，因此這些平台繼續得到很好的支持。

So across the board -- and I didn't even mention the G280, that continues to have great order demand. I think the mid-cabin space has really picked up in the aftermath of COVID. So really across the board, in the portfolio, we see broad-based demand for our airplanes.

所以全面 - 我什至沒有提到 G280，它仍然有很大的訂單需求。我認為中艙空間在 COVID 之後確實有所回升。因此，在投資組合中，我們確實看到了對我們飛機的廣泛需求。

And then just as a follow-up, switching over to Technologies, I mean, I know there's been -- you've had challenges with award protests, and so there have been some difficulties. But this is something where we've been looking for growth for a long time. And if you look out over the next few years, I mean, how are you thinking about technologies in terms of a growth trajectory because we just haven't really seen it yet?

然後作為後續行動，切換到技術，我的意思是，我知道曾經——你在獎項抗議方面遇到了挑戰，所以也遇到了一些困難。但這是我們長期以來一直在尋求增長的地方。如果你展望未來幾年，我的意思是，你如何看待技術的增長軌跡，因為我們還沒有真正看到它？

So obviously, this is a conversation we've been in for some time now. And I think if you look back, we had low single-digit growth last year. We're expecting modestly better growth this year. And as I reiterated earlier, our updated outlook for the year is spot on in the middle of our revenue forecast range we gave back in January.

很明顯，這是我們已經進行了一段時間的對話。我認為，如果你回顧一下，去年我們的個位數增長很低。我們預計今年的增長會略有改善。正如我早些時候重申的那樣，我們對今年的最新展望處於我們在一月份給出的收入預測範圍的中間。

Obviously, we're off to a little bit of a slower start to the year, but I'd say, a little bit of a slower start, and that's largely attributable to Mission Systems. I won't reiterate those issues, but we do believe that, that is a timing issue for us.

顯然，我們今年的開局有點慢，但我想說，開局有點慢，這主要歸功於任務系統。我不會重申這些問題，但我們確實認為，這對我們來說是一個時間問題。

GDIT is flat for the first half, but we absolutely have a clear line of sight to growth for them in the second half. And so look, I mean, what gives us confidence in this outlook? I think the way we look at it is not any one particular win or loss or one program or another. It's really about all of the key what I think about as leading indicator data or statistics that are around a business that is made up of thousands of contracts across the portfolio. You're talking about order activity, win and capture rates on new as well as recompete business, book-to-bill, backlog, potential contract value, so on and so forth. And all of those metrics for us continue to support an outlook for this business of low to mid-single-digit growth.

GDIT 上半年持平，但我們對他們下半年的增長有明確的看法。所以看，我的意思是，是什麼讓我們對這種前景充滿信心？我認為我們看待它的方式不是任何一個特定的贏或輸或一個或另一個程序。這真的是關於我認為的所有關鍵指標數據或圍繞業務的領先指標數據或統計數據，該業務由整個投資組合中的數千份合約組成。您正在談論訂單活動、新業務和再競爭業務的贏取率和捕獲率、訂單到賬單、積壓、潛在合同價值等等。對我們來說，所有這些指標繼續支持這項業務的低到中個位數增長的前景。

And when you look at GDIT, for example, they had awards in the first half that were valued at about $7 billion. And that's significantly higher than the first half of last year, and the vast majority of that represents new work. So obviously, this can be frustrating, I think, for you all. And sometimes it is for us given the particularly lumpy aspect of this business when it comes to the protest and delayed award adjudication process. So it can come in fits and starts. But we remain bullish on this and we think bottom line, we're talking about a low to mid-single-digit growth outlook.

例如，當您查看 GDIT 時，他們在上半年獲得了價值約 70 億美元的獎項。這明顯高於去年上半年，其中絕大多數代表了新作品。很明顯，我認為這對你們所有人來說都是令人沮喪的。有時對於我們來說，在涉及抗議和延遲裁決過程時，這項業務的特別不穩定方面。所以它可以斷斷續續地出現。但我們仍然看好這一點，我們認為底線是，我們談論的是低到中個位數的增長前景。

And frankly, as I think about it, you may have noticed a couple of weeks after the quarter, we had the announcement of the Air Force European support contracts, some $900-plus million opportunity. If that had happened a couple of weeks earlier, it would be kind of a completely different conversation around the book-to-bill for the Technologies group in the quarter. So that's just a one-off example, but it speaks to the point that while timing can be frustrating and lumpy and the pipeline can be a challenge to get through, it doesn't change our long-term outlook for this business.

坦率地說，正如我所想的那樣，您可能已經註意到本季度後的幾週，我們宣布了空軍歐洲支持合同，大約 900 多萬美元的機會。如果這發生在幾週前，那將是本季度技術組圍繞帳單到帳單的完全不同的對話。所以這只是一個一次性的例子，但它說明了雖然時間可能令人沮喪和顛簸，並且管道可能是一個挑戰，但它不會改變我們對該業務的長期前景。

We now have Peter Arment of Baird.

我們現在有了 Baird 的 Peter Arment。

Maybe we can get just your updated thoughts on -- we've seen the markups from defense budget working their way through the Senate and the House. How is that impacting some of your defense business? And obviously, I mean, there's been a focus on combat and technology, so kind of returning to growth. And just kind of any color you can provide there, that would be helpful.

也許我們可以得到你的最新想法——我們已經看到國防預算的加價在參議院和眾議院中發揮作用。這對您的一些國防業務有何影響？顯然，我的意思是，重點放在了戰鬥和技術上，所以有點恢復增長。你可以在那裡提供任何顏色，這會很有幫助。

Yes. I think the 2 things that I'd point out, it's obviously still very early in that process. But bottom line as you'd expect, shipbuilding remains extremely well supported. You can see the numbers there. And so that, I think, just continues to be supportive of our -- an underpinning of our outlook for the ongoing $400 million to $500 million a year growth in the Marine Systems business. So all positive there.

是的。我想我要指出的兩件事，顯然在這個過程中還很早。但正如您所期望的那樣，造船業仍然得到了極好的支持。你可以看到那裡的數字。因此，我認為，這將繼續支持我們 - 這是我們對海洋系統業務每年持續增長 4 億至 5 億美元的展望的基礎。所以那裡都是積極的。

I think the greater area of maybe anxiety or speculation is around Combat Systems and the Army budgets, we'll see where that goes. This is obviously something that ebbs and flows and has a lot higher beta in terms of an Army budget on an annual basis than on the Navy strategic side. But the fact is we can't ignore the fact that there is a significant amount of support among the Congress for increasing defense budgets.

我認為可能焦慮或猜測的更大領域是圍繞戰鬥系統和陸軍預算，我們會看到它的去向。這顯然是起起落落的事情，並且在陸軍年度預算方面比在海軍戰略方面具有更高的貝塔係數。但事實是，我們不能忽視國會對增加國防預算的大量支持這一事實。

So Abrams, Stryker, those continue to be very critical assets in the Army infrastructure, and we think there's continued support for those. And so while there's a lot of chatter around it, those are going to decline and what's going to happen, let's just see how it plays out. I think we'll have to stay tuned and see.

所以艾布拉姆斯、史崔克，這些仍然是陸軍基礎設施中非常重要的資產，我們認為這些資產將繼續得到支持。因此，雖然周圍有很多議論，但這些議論會減少，會發生什麼，讓我們看看結果如何。我想我們將不得不繼續關注和觀察。

Okay. And just as a quick follow-up. Your thoughts on just any impact if we have a continuing resolution. Obviously, this is not -- you guys have managed through a lot of continuing resolutions. So just thoughts on any impact there?

好的。就像快速跟進一樣。如果我們有持續的解決方案，您對任何影響的想法。顯然，這不是——你們已經通過了很多持續的決議。所以只是想那裡的任何影響？

Yes. I don't see any real high anxiety in the moment. It's obviously something to your point that we've learned to work with and work around. It's certainly not desirable by any stretch of the imagination, but it's almost become part of our annual reality. I think until these things get into a 6-, 7-month-plus type of situation, that's when it really starts to affect our shorter-cycle business on the technology side, perhaps in the munition side. But beyond that, we really don't see a significant impact at this point. Again, it's unfortunate we don't like it, but we've learned to try to operate around it.

是的。目前我沒有看到任何真正的高度焦慮。顯然，我們已經學會了使用和解決問題。無論如何，這肯定是不可取的，但它幾乎已成為我們年度現實的一部分。我認為，在這些事情進入 6 個月、7 個月以上的情況之前，它才會真正開始影響我們在技術方面的較短週期業務，也許是在彈藥方面。但除此之外，我們在這一點上確實沒有看到重大影響。同樣，不幸的是我們不喜歡它，但我們已經學會了嘗試圍繞它進行操作。

We would now like to have the next question from Sheila Kahyaoglu from Jefferies.

我們現在希望 Jefferies 的 Sheila Kahyaoglu 提出下一個問題。

I wanted to maybe ask a shorter-term question, to follow up on Doug's on Technologies. It was down 3% in the first half and up 10% growth in the second half implied with the guidance. GDIT seems to be doing well, like fairly flat. Can you maybe bridge us on mission and how you think about supply chain getting back growing in the second half timing of funding because a lot of the GDIT peers have complained about that. Maybe if you could just bridge us shorter term.

我想問一個短期的問題，以跟進 Doug 的技術。指引暗示，上半年下降 3%，下半年增長 10%。 GDIT 似乎做得很好，就像相當平淡。您能否在任務上架起我們的橋樑，以及您如何看待供應鏈在資金的下半年恢復增長，因為很多 GDIT 同行都抱怨過這一點。也許如果你能在短期內為我們搭建橋樑。

Yes. You've touched on the key issues, but I think the biggest piece of it is what I mentioned before is that we're already seeing here in the third quarter our ability to catch back up on some of that delayed product shipment from the second quarter. We really got that balled up there toward the end of the second quarter, and that hampered the revenue for the first half.

是的。您已經談到了關鍵問題，但我認為其中最重要的部分是我之前提到的，我們已經在第三季度看到我們有能力從第二季度開始趕上一些延遲的產品發貨四分之一。我們真的在第二季度末得到了控制，這阻礙了上半年的收入。

But we -- look, I don't want to sugarcoat the challenges. Mission Systems is not out of the woods. So they're going to fight and scrap their way, but they're seeing their way toward workarounds on that supply chain side. And I have a good deal of confidence that they can get there.

但是我們——看，我不想粉飾挑戰。 Mission Systems 並沒有脫離險境。因此，他們將努力爭取並放棄自己的方式，但他們正在尋找解決供應鏈方面的方法。而且我非常有信心他們可以到達那裡。

On the GDIT side, it is a frustrating environment in terms of the slow pace of the outlays. Frankly, we've seen that a bit on both the Mission Systems and GDIT side. But I think the hill that they have to climb in the second half is not as high. And I think we've got reasonable line of sight in terms of the work that's in the books and they just got to go execute on that should get them there in the second half. They've just got a little bit of go to get in the second half. So I feel even greater confidence on the GDIT side.

在 GDIT 方面，就支出步伐緩慢而言，這是一個令人沮喪的環境。坦率地說，我們在 Mission Systems 和 GDIT 方面都看到了這一點。但我認為他們下半場要爬的山並沒有那麼高。而且我認為我們在書中的工作方面已經有了合理的視線，他們只需要繼續執行就可以在下半場讓他們到達那裡。他們在下半場還有一點機會。所以我對 GDIT 方面更有信心。

Okay. And then I just wanted to ask a cleanup on Aerospace. When we think about the 123 delivery side, how much of that includes G700s? And then given the raise was on service, how much of the services business is in the backlog?

好的。然後我只想問一個關於航空航天的清理工作。當我們考慮到 123 交付方面，其中有多少包括 G700？然後考慮到加薪是關於服務的，有多少服務業務在積壓中？

So I don't necessarily get into detailed order -- backlog and ordering cancellations on an aircraft-by-aircraft basis. I apologize, I'm going to have to punt on that one.

因此，我不一定會詳細了解訂單 - 積壓和訂單取消以逐個飛機為基礎。對不起，我將不得不踢那個。

But on the service side, we typically don't have much in the way of service activity in the backlog. We have a very modest amount in the aerospace unfunded backlog category that is related to longer-term maintenance arrangements that we have with some larger customers. But the service activity across the board at Jet Aviation and Gulfstream is really a book-and-bill basis on a quarterly and annual basis, so sort of a one-to-one typically there.

但在服務方面，我們通常沒有太多積壓的服務活動方式。我們在航空航天無資金積壓類別中的數量非常少，這與我們與一些大客戶的長期維護安排有關。但是，Jet Aviation 和灣流的全面服務活動實際上是按季度和年度按帳單結算的，因此通常是一對一的。

Operator, we will just take one more question.

接線員，我們再回答一個問題。

Thank you. We have the last question from Cai von Rumohr of Cowen.

謝謝你。我們有來自 Cowen 的 Cai von Rumohr 的最後一個問題。

Yes. So orders at Gulfstream for aircraft, you mentioned about half in the quarter was for the 500, 600. You mentioned that the 650 is doing well. How is the 800? Because that's been introduced relatively lately. You now have a new competitor in the market that looks like they match you in range with 4 versus 3 sections. So how is the 800 doing?

是的。所以灣流的飛機訂單，你提到本季度大約有一半是 500、600。你提到 650 表現不錯。 800怎麼樣？因為這是最近才引入的。您現在在市場上有一個新的競爭對手，看起來他們在 4 對 3 部分的範圍內與您相匹配。那麼800的表現如何？

Yes. The demand for that aircraft is quite solid, Cai. It's doing well every quarter. Booking orders, I think, between the fact that the 650 is still taking orders and the fact that the EIS for the 800 is still a good ways out, we're not expecting a massive surge in orders. As we start to move closer to that transition, you might expect it to pick up and shift more from the 650 to the 800. But right now, I'd tell you, it's just good, solid order activity that is very much supportive of our EIS timing and our expectations for that airplane.

是的。蔡，對那架飛機的需求相當穩定。每個季度都做得很好。我認為，在 650 仍在接受訂單這一事實與 800 的 EIS 仍然是一個很好的出路之間，我們預計訂單不會大幅增加。隨著我們開始接近這種轉變，您可能會期望它會回升並從 650 轉移到 800。但是現在，我要告訴您，這是非常好的、可靠的訂單活動，非常支持我們的 EIS 時間安排和我們對那架飛機的期望。

Terrific. And could you give us a little bit more color in terms of the order potential for Combat? You mentioned Europe is strong. You mentioned Abrams. How about the rest of your vehicles? How about the munitions business?

了不起。就 Combat 的訂單潛力而言，您能否給我們更多的色彩？你提到歐洲很強大。你提到了艾布拉姆斯。你的其他車輛呢？軍火生意怎麼樣？

So the rest of the vehicles, you have to think about our European Land Systems business. They have an extremely large installed base of wheeled and tracked combat vehicles that, on the one hand, have a replacement cycle with them that offers some opportunity in the out years as well as it provides incentive for those who are trying to bring up their level of defense spending to do so in a way that aligns with their allies. And if their allies are operating and fighting one particular platform or another, that's an incentive for those who are starting to spend up more to achieve commonality with those allies. So we think that puts us in good stead for these opportunities that are coming out of threats in Europe.

所以剩下的車輛，你必須考慮我們的歐洲陸地系統業務。他們擁有龐大的輪式和履帶式戰車安裝基地，一方面，他們有一個更換週期，這在未來幾年提供了一些機會，同時也為那些試圖提高水平的人提供了激勵國防開支以與其盟友保持一致的方式這樣做。如果他們的盟友正在運營並與一個或另一個特定平台作戰，這對那些開始花費更多錢與這些盟友實現共同點的人來說是一種激勵。因此，我們認為這使我們能夠很好地把握這些來自歐洲威脅的機會。

Across the board, though, to be a little more specific, a lot of this stuff is either in the backlog or on the horizon. When you think about the Spanish 8x8 vehicle, you've got, again, the potential or the -- I shouldn't say the potential, the impending order for tanks out of Poland. We're talking with Romania, Switzerland, all of those are sort of bread-and-butter countries are all looking at increased spending on a variety of platforms.

然而，更具體一點，全面來說，很多這樣的東西要么在積壓中，要么在地平線上。當您想到西班牙的 8x8 車輛時，您再次獲得了潛力，或者——我不應該說潛力，即將從波蘭訂購坦克。我們正在與羅馬尼亞、瑞士進行談判，所有這些國家都在考慮增加在各種平台上的支出。

So that plus just sort of this, again, generic increased level of indicated interest across Europe, particularly Eastern Europe, I think it provides tremendous potential opportunity. It's just too early to try and count any of that and anticipate exactly when or what that looks like. Timing in Europe often can be a challenge. So it would probably be a bit of a fool's errand for me to try and get too specific around that. But we do see a good robust environment supportive of combat.

因此，再加上這一點，歐洲，特別是東歐的普遍興趣水平的提高，我認為它提供了巨大的潛在機會。現在嘗試計算其中任何一個並準確預測何時或是什麼樣子還為時過早。歐洲的時機往往是一個挑戰。因此，對我來說，嘗試對此進行過於具體的處理可能有點愚蠢。但我們確實看到了一個支持戰鬥的良好穩健環境。

And Brika, operator, I think we are done with the question-and-answer period, and I thank everybody for joining the call today. As a reminder, please refer to the General Dynamics website for the second quarter earnings release and the highlights presentation, which will contain our earnings outlook.

接線員 Brika，我想我們已經完成了問答環節，感謝大家今天加入電話會議。提醒一下，請參閱通用動力網站了解第二季度收益發布和重點介紹，其中將包含我們的收益展望。

If you have any additional questions, I can be reached at (703) 876-3117. Brika, you can now indicate the call is over, please.

如果您有任何其他問題，請致電 (703) 876-3117 聯繫我。 Brika，你現在可以表明通話結束了，拜託。

Thank you. That does conclude today's call. Thank you all again for joining. You may now disconnect your lines.

謝謝你。這確實結束了今天的電話會議。再次感謝大家的加入。您現在可以斷開線路。