通用動力 (GD) 2023 Q1 法說會逐字稿

Good morning, and welcome to the General Dynamics First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference call over to Howard Rubel, Vice President of Investor Relations. Please go ahead.

早上好，歡迎來到通用動力公司 2023 年第一季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。我現在想將電話會議轉交給投資者關係副總裁 Howard Rubel。請繼續。

Thank you, operator, and good morning, everyone. Welcome to the General Dynamics First Quarter 2023 Earnings 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. We will also refer to certain non-GAAP financial measures. For additional disclosures about these non-GAAP measures, including the reconciliations to comparable GAAP measures, please see the press release and slides that accompany this webcast, which are available on the Investor Relations page of our website, investorrelations.gd.com.

謝謝接線員，大家早上好。歡迎來到通用動力公司 2023 年第一季度收益電話會議。今天發表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。有關這些因素的更多信息包含在公司的 10-K、10-Q 和 8-K 文件中。我們還將參考某些非 GAAP 財務指標。有關這些非 GAAP 措施的更多披露，包括與可比較的 GAAP 措施的調節，請參閱本網絡廣播隨附的新聞稿和幻燈片，可在我們網站 investorrelations.gd.com 的投資者關係頁面上獲取。

On the call today are Phebe Novakovic, our Chairman and Chief Executive Officer; and Jason Aiken, Executive Vice President, Technologies and Chief Financial Officer. With the introductions complete, I turn the call over to Phebe.

今天的電話會議是我們的董事長兼首席執行官 Phebe Novakovic；和技術執行副總裁兼首席財務官 Jason Aiken。介紹完成後，我將電話轉給了 Phebe。

Thank you, Howard. Good morning, everyone, and thanks for being with us. As you can discern from our press release, we reported earnings of $2.64 per diluted share on revenue of $9.9 billion, operating earnings of $938 million and net earnings of $730 million. Revenue is up $489 million or 5.2% against the first quarter last year. Operating earnings are up $30 million and net earnings are flat against the year ago quarter. This increase in operating earnings was offset by a $31 million increase in the tax provision.

謝謝你，霍華德。大家早上好，感謝您與我們在一起。您可以從我們的新聞稿中看出，我們報告的攤薄後每股收益為 2.64 美元，收入為 99 億美元，營業收入為 9.38 億美元，淨收入為 7.3 億美元。與去年第一季度相比，收入增加了 4.89 億美元，增幅為 5.2%。營業收入增加 3000 萬美元，淨收入與去年同期持平。營業收入的增加被稅收準備金增加 3100 萬美元所抵消。

Recall that the first quarter 2022 tax provision was only 14%. Nevertheless, earnings per share are up $0.03 as a result of the stronger operating earnings and a lower share count. The operating margin for the entire company was 9.5%, 20 basis points lower than the year ago quarter. This reflected lower operating margins in Aerospace and Marine, which I will address in some detail later in these remarks. Revenue was $489 million better than first quarter '22. All of the defense units were up and Aerospace down slightly, less than 1% on fewer aircraft deliveries. We beat consensus by $0.05 per share. We have roughly $550 million more in revenue than anticipated by the sell side and lower-than-anticipated margins, leading to operating earnings basically consistent with expectations. The earnings per share beat was largely attributable to below the line items.

回想一下，2022 年第一季度的稅收撥備僅為 14%。儘管如此，由於營業收入增加和股票數量減少，每股收益增加了 0.03 美元。整個公司的營業利潤率為 9.5%，比去年同期低 20 個基點。這反映了航空航天和海洋的較低運營利潤率，我將在這些評論的後面部分詳細討論。收入比 22 年第一季度高出 4.89 億美元。所有國防單位都在上升，而航空航天則略有下降，飛機交付量減少不到 1%。我們以每股 0.05 美元的價格超出市場預期。我們的收入比賣方預期多出約 5.5 億美元，利潤率低於預期，導致營業收入與預期基本一致。每股收益超出預期主要歸因於以下項目。

As Jason will amplify, cash from operating activities and cash after CapEx was very strong. This is particularly impressive following a very strong cash performance in '22 and not at all typical for us in the first quarter. Obviously, we were off to a very good start from a cash perspective. This is an important respects, a strong quarter, a good foundation for the year, subject to some supply chain issues that I will try to eliminate as we discuss the business segments.

正如傑森將放大的那樣，來自經營活動的現金和資本支出後的現金非常強勁。在 22 年非常強勁的現金表現之後，這一點尤其令人印象深刻，而且在第一季度對我們來說一點也不典型。顯然，從現金的角度來看，我們有了一個很好的開端。這是一個重要的方面，一個強勁的季度，一個良好的年度基礎，受一些供應鏈問題的影響，我將在討論業務部門時嘗試消除這些問題。

At this point, let me ask Jason to provide detail on our order activity, solid backlog and very strong cash performance as well as commentary about the Technologies group in the quarter.

在這一點上，讓我請 Jason 詳細介紹我們的訂單活動、大量積壓訂單和非常強勁的現金表現，以及對本季度技術集團的評論。

Thank you, Phebe, and good morning. We had a solid quarter from an orders perspective with an overall book-to-bill ratio of 0.9:1 for the company. Order activity was particularly strong in the Combat Systems group, which had a book-to-bill of 1.5x. We ended the quarter with total backlog of $89.8 billion, off 1.4% from the end of last year, but up 3% from a year ago. Our total estimated contract value, which includes options and IDIQ contracts, ended the quarter at more than $128 billion.

謝謝你，Phebe，早上好。從訂單的角度來看，我們有一個穩定的季度，公司的整體訂單出貨比為 0.9:1。 Combat Systems 組的訂單活動特別強勁，訂單出貨率為 1.5 倍。本季度末，我們的積壓訂單總額為 898 億美元，比去年年底下降 1.4%，但比去年同期增長 3%。我們估計的合同總價值（包括期權和 IDIQ 合同）在本季度結束時超過 1280 億美元。

Turning to our cash performance for the quarter. It was another exceptional start to the year, with operating cash flow of $1.46 billion, representing 200% of net income. This very strong cash flow was heavily loaded in the last few weeks of the quarter. After capital expenditures, our free cash flow for the quarter was $1.3 billion, a cash conversion rate of 178%. While we continue to enjoy strong cash performance in Aerospace & Technologies, the Combat Systems group, in particular, delivered outstanding free cash flow this quarter. As expected, the U.K. resumed payments on the AJAX program. This coupled with the ongoing progress payments on our other large international vehicle program drove the group's cash performance. This is consistent with our expectation for the year of a cash conversion rate in excess of 100%.

轉向我們本季度的現金表現。這是今年又一個出色的開端，經營現金流為 14.6 億美元，占淨收入的 200%。這種非常強勁的現金流在本季度的最後幾週負載沉重。扣除資本支出後，我們本季度的自由現金流為 13 億美元，現金轉換率為 178%。雖然我們在航空航天和技術領域繼續享有強勁的現金表現，但戰鬥系統集團在本季度尤其提供了出色的自由現金流。正如預期的那樣，英國恢復了 AJAX 計劃的付款。再加上我們其他大型國際車輛項目的持續進度付款推動了該集團的現金業績。這與我們對今年現金轉換率超過 100% 的預期一致。

Now turning to capital deployment. Capital expenditures were $161 million or 1.6% of sales in the quarter. Similar to last year, you should expect capital expenditures to increase in subsequent quarters throughout the year. Also in the quarter, we paid $345 million in dividends and repurchased approximately 400,000 shares of stock for $90 million at just over $220 per share. We ended the quarter with a cash balance of over $2 billion and a net debt position of $8.5 billion, down nearly $800 million from year-end. As a reminder, we have $750 million of debt maturing in the second quarter and we are in a position to pay that down with the cash on hand following the receipts at the end of the first quarter.

現在轉向資本配置。資本支出為 1.61 億美元，佔本季度銷售額的 1.6%。與去年類似，您應該預計全年隨後幾個季度的資本支出都會增加。同樣在本季度，我們支付了 3.45 億美元的股息，並以每股 220 美元多一點的價格以 9000 萬美元的價格回購了大約 400,000 股股票。本季度結束時，我們的現金餘額超過 20 億美元，淨債務頭寸為 85 億美元，比年底減少近 8 億美元。提醒一下，我們有 7.5 億美元的債務在第二季度到期，我們有能力在第一季度末收到收據後用手頭現金償還這筆債務。

Our net interest expense in the quarter was $91 million compared to $98 million last year. Benefiting from the debt repayment in the fourth quarter of 2022. Finally, we had a 17% effective tax rate in the quarter, consistent with our full year guidance.

我們本季度的淨利息支出為 9100 萬美元，而去年為 9800 萬美元。受益於 2022 年第四季度的債務償還。最後，我們在本季度的有效稅率為 17%，與我們的全年指引一致。

Now turning to operating performance in Technologies. We're off to a solid start. Revenue in the quarter of $3.2 billion was up 2.5% over the prior year, modestly ahead of our expectations for the start of the year. The measures implemented at Mission Systems to overcome what seems to be the new normal in the supply chain are taking effect, which gives us confidence about their outlook for the balance of the year. And GDIT had their highest quarterly revenue and earnings in 4 years as they continue to deliver on their year-over-year growth trajectory. Operating earnings of $299 million were consistent with last year, yielding a margin of 9.2%.

現在轉向技術部門的經營業績。我們有了一個堅實的開端。本季度的收入為 32 億美元，比去年同期增長 2.5%，略高於我們對年初的預期。 Mission Systems 為克服供應鏈新常態而採取的措施正在生效，這讓我們對他們今年剩餘時間的前景充滿信心。隨著 GDIT 繼續實現同比增長軌跡，GDIT 的季度收入和收益達到了 4 年來最高。營業收入為 2.99 億美元，與去年持平，利潤率為 9.2%。

As we discussed in January, margins will continue to be driven by the mix of IT service activity and hardware volume. Backlog grew during the quarter with the group achieving a book-to-bill ratio of 1:1 on strong order activity in IT services that included some important wins not yet factored into the backlog. This includes the Army's flight test school training support services contract valued at $1.7 billion. And Air Force IDIQ with a total potential value of $4.5 billion between 2 awardees for security support services, and a pair of IDIQ contracts with the EPA with a potential value of $380 million to support the agency's environmental and climate initiatives.

正如我們在 1 月份討論的那樣，利潤率將繼續受到 IT 服務活動和硬件數量的共同推動。由於 IT 服務的強勁訂單活動，該集團在本季度實現了 1:1 的訂單出貨比增長，其中包括一些尚未計入積壓的重要訂單。這包括價值 17 億美元的陸軍飛行測試學校培訓支持服務合同。空軍 IDIQ 的兩個安全支持服務獲獎者之間的總潛在價值為 45 億美元，以及與 EPA 簽訂的兩份 IDIQ 合同，潛在價值為 3.8 億美元，以支持該機構的環境和氣候舉措。

In fact, GDIT booked the highest orders they've seen since the second quarter of 2019. And their pipeline remains robust with $19 billion in submitted bids awaiting customer decision and another $84 billion in qualified opportunities identified.

事實上，GDIT 預訂了自 2019 年第二季度以來的最高訂單。他們的管道仍然強勁，提交的投標有 190 億美元等待客戶決定，另外還有 840 億美元的合格機會已確定。

Now let me turn it back to Phebe to review the other business segments.

現在讓我把它轉回 Phebe 來回顧其他業務部門。

Thanks, Jason. Now I may review the quarter in the context of the other business segments and provide detailed color as appropriate. First, Aerospace. Aerospace held its own in a very difficult operating environment. It had revenue of $1.9 billion and operating earnings of $229 million with a 12.1% operating margin. Revenue was $11 million less than last year's first quarter despite the delivery of 4 fewer aircraft. The fewer aircraft deliveries were almost completely offset by higher ball stream services, debt aviation volume and special missions work at Gulfstream. The 21 deliveries in the quarter are 3 fewer than planned, two 280s did not deliver because of late engine deliveries. The other plan, a large cabin for an international customer didn't deliver because of simple bureaucratic registration delays in the owner's country.

謝謝，傑森。現在我可以在其他業務部門的背景下回顧該季度，並酌情提供詳細的顏色。第一，航天。航空航天在非常困難的運營環境中保持了自己的地位。它的收入為 19 億美元，營業利潤為 2.29 億美元，營業利潤率為 12.1%。儘管交付的飛機減少了 4 架，但收入比去年第一季度減少了 1100 萬美元。飛機交付量的減少幾乎完全被更高的球流服務、債務航空量和灣流的特殊任務工作所抵消。本季度交付的 21 架比計劃少 3 架，兩架 280 因發動機交付延遲而未交付。另一個計劃，一個國際客戶的大客艙沒有交付，因為所有者國家的簡單官僚註冊延遲。

Importantly, this is the first quarter in which we have missed an airplane delivery as a result of supply chain issues. Up until now, we have managed to work around late to schedule parts delivery. Operating earnings of $229 million or $14 million behind last year's first quarter as a result of a 70 basis point degradation in operating margin. Operating margin in the quarter was under pressure as a result of fewer new airplane deliveries, a less attractive mix, severe supply chain issues, some modest cost increases from suppliers and the prebuild of G700. Let's take a look at some of these elements in greater detail.

重要的是，這是我們因供應鏈問題而錯過飛機交付的第一季度。到目前為止，我們已經設法解決延遲安排零件交付的問題。由於營業利潤率下降 70 個基點，營業利潤比去年第一季度低 2.29 億美元或 1400 萬美元。由於新飛機交付量減少、組合吸引力下降、嚴重的供應鏈問題、供應商的一些適度成本增加以及 G700 的預製，本季度的營業利潤率面臨壓力。讓我們更詳細地了解其中的一些元素。

The shortage of parts to schedule from the supply chain, especially from Honeywell has created significant out-of-station work, which is inherently less efficient. We have a young, well trained and capable workforce. They have, however, never previously been exposed out of station work. They are doing well. I am pleased to report, but it had an impact. The other impact of latest scheduled parts deliveries, apart from cost growth is that we cannot increase our build rate until the supply of parts is more predictable. The good news is that there is light at the end of the tunnel. We see the vast majority of this problem resolving early in the third quarter, but for 2 large suppliers who will take a little longer to resolve.

從供應鏈（尤其是霍尼韋爾）安排的零件短缺造成了大量的站外工作，這本來就很低效。我們擁有一支年輕、訓練有素、有能力的員工隊伍。然而，他們以前從未在車站外工作過。他們做得很好。我很高興地報告，但它產生了影響。除了成本增長之外，最新預定零件交付的另一個影響是，在零件供應更可預測之前，我們無法提高建造速度。好消息是隧道盡頭有光。我們看到這個問題的絕大部分在第三季度初得到解決，但對於 2 個大型供應商來說，他們需要更長的時間才能解決。

As most of you know, we plan to deliver a considerable number of G700s in the third and fourth quarters. To do that, we must build them now and incur some period costs without the related revenue. This has impacted the first quarter and will impact the second quarter, but relief is in sight as deliveries commence. Aerospace had a decent quarter from an order perspective with a book-to-bill of 0.9:1 in dollar terms and 1:1 in units. The quarter was looking quite good until the 2 regional bank failures in early March. This created a pause in the market for about 3 weeks. I am pleased to report that normal activity has resumed. Strong sales activity and customer interest is evident in this quarter. The U.S. has been strong and the Middle East as well. China remains slow. The G700 flight test and certification program continues to progress well. The aircraft design, manufacture and the overall program are very mature. We continue to target certification of the G700 for late summer this year.

正如你們大多數人所知，我們計劃在第三和第四季度交付相當數量的 G700。為此，我們必須現在就建造它們，並在沒有相關收入的情況下產生一些期間成本。這已經影響了第一季度並將影響第二季度，但隨著交付的開始，緩解在望。從訂單的角度來看，航空航天有一個不錯的季度，以美元計算的訂單出貨比為 0.9:1，以單位計算為 1:1。在 3 月初 2 家地區性銀行倒閉之前，該季度看起來相當不錯。這導致市場暫停了大約 3 週。我很高興地報告說，正常活動已經恢復。強勁的銷售活動和客戶興趣在本季度顯而易見。美國一直很強大，中東也很強大。中國仍然很慢。 G700 飛行測試和認證計劃繼續順利進行。飛機的設計、製造和整體方案都非常成熟。我們繼續以今年夏末的 G700 認證為目標。

Gulfstream remains committed to a safe and comprehensive certification test program. Production of customer G700 is well underway, and we are preparing for entry into service. We will deliver a mature, high-quality aircraft.

灣流始終致力於安全和全面的認證測試計劃。客戶 G700 的生產正在順利進行，我們正在為投入使用做準備。我們將交付一架成熟的、高質量的飛機。

Looking forward to the next quarter, we expect to deliver 26 aircrafts with rapid increases in the third and fourth quarter deliveries, as we have previously indicated. In short, the Aerospace team did a good job under difficult circumstances.

展望下一季度，我們預計將交付 26 架飛機，第三季度和第四季度的交付量將快速增長，正如我們之前指出的那樣。總之，航天團隊在困難的情況下完成了任務。

Next, Combat Systems. Combat had revenue of $1.76 billion, up 4.8% over the year ago quarter. Earnings of $245 million are up 7.9% and margins at 14% represent a 40 basis point improvement over the year ago quarter. So we saw a strong operating performance coupled with a nice revenue uptick. At Land Systems, Increased revenue came from the MPF ramp-up, Stryker SHORAD and new international vehicle programs for Poland and Australia. At European Land Systems, we had higher Parana volume and OTS enjoyed higher artillery program volume. So we saw increased revenue performance at each of the businesses.

接下來，戰鬥系統。 Combat 的收入為 17.6 億美元，比去年同期增長 4.8%。收益為 2.45 億美元，增長 7.9%，利潤率為 14%，比去年同期提高 40 個基點。因此，我們看到了強勁的運營業績以及不錯的收入增長。在 Land Systems，增加的收入來自 MPF 升級、Stryker SHORAD 以及波蘭和澳大利亞的新國際車輛計劃。在 European Land Systems，我們擁有更高的 Parana 數量，而 OTS 享有更高的砲兵計劃數量。因此，我們看到每項業務的收入表現都有所提高。

Here's a little additional color on Combat Systems revenue results. Foreign exchange fluctuations negatively impacted Combats revenue in the quarter due to the strength of the dollar versus the Canadian dollar, Euro and the British pound. But for the FX headwind, Combat Systems revenue growth would have been up 7.1% over the last year rather than the 4.8% we have just reported. We also experienced very strong order performance at Combat. Orders in the quarter are at their highest level in more than 8 years, evidencing the strong demand for munitions and international combat vehicles. There is clear upward pressure on our forecast for Combat Systems revenue and earnings in the year.

這是 Combat Systems 收入結果的一些額外顏色。由於美元兌加元、歐元和英鎊走強，外匯波動對該季度的 Combats 收入產生了負面影響。如果沒有外匯逆風，戰鬥系統的收入增長將比去年增長 7.1%，而不是我們剛剛報告的 4.8%。我們在 Combat 也經歷了非常強勁的訂單表現。該季度的訂單處於 8 年多以來的最高水平，證明了對軍需品和國際戰車的強勁需求。我們對今年 Combat Systems 收入和盈利的預測存在明顯的上行壓力。

Turning to Marine Systems. Once again, our shipbuilding units are demonstrating impressive revenue growth. As an aside, let me repeat a little recent history. The first quarter of 2020 was up 9.1% against the first quarter of '19. The first quarter of '21 was up 10.6% over '20 and first quarter 2022 was up 6.8% over '21. Finally, this quarter revenue of almost $3 billion is up 12.9% over 2022. This is an impressive growth ramp by any standard. This quarter's growth was led by Columbia class construction and engineering, DDG-51 construction and some T-AO volume. Operating earnings are $211 million in the quarter, exactly the same as a year ago, but with a 90 basis point decrement in operating margin. The primary driver of lower margins during the quarter was a charge on the Virginia program to reflect cost pressure within our supply chain and efficiency impacts at electric boat as a result of late material deliveries. This was partially offset by Colombia margin improvement.

轉向海洋系統。我們的造船部門再次展示了令人印象深刻的收入增長。順便說一句，讓我重複一下最近的歷史。 2020 年第一季度比 19 年第一季度增長 9.1%。 21 年第一季度比 20 年增長 10.6%，2022 年第一季度比 21 年增長 6.8%。最後，本季度近 30 億美元的收入比 2022 年增長了 12.9%。無論以何種標準衡量，這都是一個令人印象深刻的增長幅度。本季度的增長由哥倫比亞級建造和工程、DDG-51 建造和一些 T-AO 數量引領。本季度營業收入為 2.11 億美元，與一年前完全相同，但營業利潤率下降了 90 個基點。本季度利潤率下降的主要原因是弗吉尼亞計劃的費用，以反映我們供應鏈中的成本壓力以及由於延遲材料交付而對電動船的效率影響。這部分被哥倫比亞利潤率的提高所抵消。

Other modest margin impacts included an earnings decline at Bath as a result of a onetime pickup in the year ago quarter and cost inflation reimbursement that does not carry profits. Overall, earnings are what we expected, but revenue was higher, resulting in lower margins. We anticipate that this will improve as we progress through the year. As you know, we never update guidance at this time of the year. I would say, however, that our quarterly progression differs from prior years and that the second quarter will be our lowest quarter because of mix and volume across the business.

其他適度的利潤率影響包括 Bath 的收益下降，這是由於去年同期的一次性回升以及不帶來利潤的成本通脹補償。總體而言，收益符合我們的預期，但收入較高，導致利潤率較低。我們預計，隨著我們今年的進展，這種情況會有所改善。如您所知，我們從不在每年的這個時候更新指南。然而，我要說的是，我們的季度進展與往年不同，第二季度將是我們最低的季度，因為整個業務的組合和數量。

Nonetheless, we look forward to very strong third and fourth quarters. We will give you a comprehensive update at the end of next quarter as is our custom. This concludes my remarks with respect to what was a challenging but in many respects, rewarding quarter.

儘管如此，我們期待非常強勁的第三和第四季度。按照我們的慣例，我們將在下個季度末為您提供全面的更新。這是我對一個具有挑戰性但在許多方面有益的季度的評論。

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

謝謝，菲比。 （接線員說明）接線員，請您提醒與會者如何進入隊列？

(Operator Instructions) Your first question comes from the line of Seth Seifman from JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Seth Seifman。

Thanks very much, and good morning, everyone. Phebe, I wonder to ask a question about Marine and at the risk of asking the question that you just said that we never update guidance at this time of year. If you can just give us some color, given what we thought about revenue and margin at Marine coming in. The revenue is clearly much stronger in Q1, the margin weaker for the obvious reason of the Virginia charge. Can you help us from here in terms of how the Virginia contribution changes from Q1 going forward now that the charge is done? And it seems Columbia is maybe coming in stronger. And if I could tack on one follow-up, there's been a lot of talk about the Columbia schedule, both in congressional testimony, GAO reports, et cetera. If you can give us the latest update on how you view the schedule for Columbia.

非常感謝，大家早上好。 Phebe，我想問一個關於 Marine 的問題，並且冒著問你剛才說我們從不在每年的這個時候更新指南的問題的風險。如果你能給我們一些顏色，考慮到我們對 Marine 的收入和利潤率的看法。第一季度的收入顯然要強得多，由於弗吉尼亞收費的明顯原因，利潤率較弱。既然收費已經完成，你能從這裡幫助我們了解弗吉尼亞州的貢獻從第一季度開始的變化嗎？看來哥倫比亞可能會變得更強大。如果我可以進行一項後續行動，那麼在國會證詞、GAO 報告等方面，已經有很多關於哥倫比亞大學日程的討論。如果你能告訴我們你如何看待哥倫比亞的日程安排的最新更新。

So we think that we plan to have Q1 as our lowest margin quarter. And we'll continue to work to that. Virginia is -- it will stabilize once we get the schedule and supply chain issues resolved. But at this point, it's some comment on electric boat to continue to do better to offset those costs. So with respect to revenue, there's clearly some upside pressure there, but we're going to hold any other additional comment for the moment.

所以我們認為我們計劃將第一季度作為我們利潤率最低的季度。我們將繼續為此努力。弗吉尼亞是——一旦我們解決了時間表和供應鏈問題，它就會穩定下來。但在這一點上，一些關於電動船繼續做得更好以抵消這些成本的評論。因此，就收入而言，那裡顯然存在一些上行壓力，但我們暫時不發表任何其他評論。

So let's go to Colombia. And I think just the Navy has clearly articulated it -- firmly articulated that we are ahead of the contract schedule. The contract schedule is what matters. So let's put a little context on this. We are on the Colombia. We are 16 years into the 20-year lead ship schedule. I think within that context, it's indicative of the actions we have taken heretofore and those that we will continue to take to keep this program on schedule.

那麼讓我們去哥倫比亞吧。我認為只有海軍已經清楚地表達了這一點——堅定地表明我們提前完成了合同時間表。合同時間表很重要。因此，讓我們對此進行一些背景介紹。我們在哥倫比亞。我們已經進入 20 年的先導船計劃 16 年了。我認為在這種情況下，它表明了我們迄今已採取的行動以及我們將繼續採取的行動以確保該計劃如期進行。

Your next question comes from the line of Robert Stallard from Vertical Research.

您的下一個問題來自 Vertical Research 的 Robert Stallard。

Phebe, I may be wrong, but it sounds like these supply chain issues in Q1 got worse. So I was wondering if you could comment on that. And also, what sort of mitigation plans you're putting in place to correct these problems?

Phebe，我可能是錯的，但聽起來第一季度的這些供應鏈問題變得更糟了。所以我想知道你是否可以對此發表評論。此外，您正在製定什麼樣的緩解計劃來糾正這些問題？

Specifically, are you talking about a particular group?

具體來說，你是在談論一個特定的群體嗎？

Well, it seems like it's Aerospace and the Virginia-class submarine and marine.

好吧，好像是航空航天和弗吉尼亞級潛艇和海軍陸戰隊。

Yes. So with Aerospace, we have -- let's be clear, we have been dealing with supply chain issues for some time, and we've been able to manage through them. This quarter, we had 2 large suppliers get worse. We have, however, as I noted in my remarks, light at the end of the tunnel by our clear visibility in -- through our clear visibility into the third and fourth quarters where the majority of the supply chain improves. And we're working very hard with all suppliers, both in terms of teams and additional production help and to also encourage them to allocate the necessary resources in order to make their contracting schedules.

是的。因此，對於航空航天，我們已經 - 讓我們明確一點，我們處理供應鏈問題已有一段時間了，並且我們已經能夠通過這些問題進行管理。本季度，我們有 2 家大型供應商變得更糟。然而，正如我在發言中指出的那樣，通過我們對第三和第四季度的清晰可見性，我們在隧道盡頭看到了曙光，其中大部分供應鏈得到改善。我們正在與所有供應商一起努力工作，包括團隊和額外的生產幫助，並鼓勵他們分配必要的資源以製定合同時間表。

So we are pretty comfortable that we can resolve these issues in the third and fourth quarter. But Gulfstream has done a magnificent job heretofore in even this quarter and managing through these challenges. With respect to the Virginia-class program, we have been talking about the supply chain challenges for some time. And as with all heavy manufacturing and labor-intensive manufacturing construction projects, manpower is a significant impact and the impact from the -- and the ramifications from the pandemic hit that supply chain pretty hard. We're beginning to see that remedy with the help of the Navy and a lot of support. So we'll continue to work with our supply chain and all elements of that supply chain as well as our customer who is very engaged to ensure that we can get that Virginia cadence back on schedule.

所以我們很高興我們可以在第三和第四季度解決這些問題。但即使在本季度，灣流在應對這些挑戰方面也做得非常出色。關於弗吉尼亞級計劃，我們一直在談論供應鏈挑戰。與所有重型製造業和勞動密集型製造業建設項目一樣，人力是一個重大影響，而這一影響——以及大流行的後果對該供應鏈造成了相當大的打擊。在海軍的幫助和大量支持下，我們開始看到這種補救措施。因此，我們將繼續與我們的供應鍊和該供應鏈的所有元素以及我們非常投入的客戶合作，以確保我們能夠按計劃恢復弗吉尼亞的節奏。

Your next question comes from the line of Doug Harned from Bernstein.

你的下一個問題來自 Bernstein 的 Doug Harned。

Phebe, on -- when we're looking at the situation in Europe right now, I mean, 2 things seem to stand out to us with respect to Combat. One is, as you mentioned, the demand for munitions. But we've seen in the 2024 budget, there was actually a reduction in the budget for munitions, which we found somewhat surprising. How do you think about the trajectory there? And your ability to -- assuming we are going to see significant growth in munitions demand and your ability to ramp up production over time?

Phebe，繼續——當我們現在審視歐洲的情況時，我的意思是，關於 Combat，有兩件事對我們來說似乎很突出。一個是，正如你提到的，對軍火的需求。但我們在 2024 年預算中看到，彈藥預算實際上有所減少，這讓我們感到有些驚訝。你如何看待那裡的軌跡？你的能力 - 假設我們將看到彈藥需求的顯著增長以及你隨著時間的推移提高產量的能力？

We have been working very closely with DoD and the Army to ensure that we increase production and move...

我們一直與國防部和陸軍密切合作，以確保我們增加產量並移動……

Hello?

你好？

Hello, can you hear us?

你好，你能聽到我們嗎？

Operator?

操作員？

He appears to have lost audio.

他似乎失去了音頻。

Okay. Are we still...

好的。我們還是...

Let me answer, Doug. Can the rest of the call here us?

讓我回答，道格。剩下的可以打電話給我們嗎？

Yes, we are still live.

是的，我們還活著。

Okay. So let me answer Doug's question. We've been working very closely with DoD and the Army to increase production and throughput. And we've done that in a couple of ways, upgrading existing facilities increasing the number of shifts and building new facilities with more modern equipment. So to, again, accelerate production, we have already done so and are quite confident in our ability to do even more.

好的。那麼讓我回答道格的問題。我們一直與國防部和陸軍密切合作，以提高產量和吞吐量。我們已經通過多種方式做到了這一點，升級現有設施以增加輪班次數並使用更現代化的設備建造新設施。因此，為了再次加速生產，我們已經這樣做了，並且對我們做得更多的能力充滿信心。

So we are -- we've been receiving adequate and -- completely adequate funding to execute all of this. And we are quite confident that we will move throughput much quicker and will expedite the delivery of this critical capability to the Army.

因此，我們 - 我們一直在獲得充足且 - 完全充足的資金來執行所有這一切。我們非常有信心，我們將更快地提高吞吐量，並將加快向陸軍交付這一關鍵能力。

Your next question comes from the line of Peter Arment from Baird.

您的下一個問題來自 Baird 的 Peter Arment。

Phebe, thanks for the color on Gulfstream. Just on the overall demand kind of restrengthening in the quarter post the banks in the Middle East and certainly the U.S. Are you still seeing kind of broad interest across all the models? I know you've mentioned G650 in particular the last like 2 years has been very strong.

Phebe，感謝灣流的顏色。就整體需求而言，在中東銀行和美國銀行之後的季度中，您是否仍然看到對所有模型的廣泛興趣？我知道您特別提到過 G650，過去 2 年非常強勁。

Broad interest across all the models. We're doing quite well. Do you want to ask another question?

對所有模型都有廣泛的興趣。我們做得很好。你想問另一個問題嗎？

Yes, sure. No, I appreciate that. Just staying within Gulfstream. Just I know that you're not going to update kind of guidance, but I -- the deliveries that you missed this quarter, are they expected to recover in the second quarter? How are we thinking about that? Or is this all kind of second half related?

是的，當然。不，我很感激。只是留在灣流內。只是我知道你不會更新某種指導，但我 - 你本季度錯過的交付，他們預計會在第二季度恢復嗎？我們怎麼想的？或者這與下半場有關？

We will resolve -- we expect to resolve all of the supply chain issues. And what you ought to think about is the third quarter and fourth quarter being quite robust. And I think what you're getting at is the deliveries that we expect to execute for the year at about 145. We're pretty confident we can get there. If we miss, it's just going to be by a little.

我們將解決 - 我們希望解決所有供應鏈問題。你應該考慮的是第三季度和第四季度非常強勁。而且我認為你得到的是我們預計今年將執行的交付量約為 145 次。我們非常有信心能夠實現這一目標。如果我們錯過了，那隻會差一點。

Your next question comes from the line of Myles Walton from Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Myles Walton。

Phebe, I was hoping you could talk to how you balance within Marine higher-priority national -- the national level of the Columbia class, which is under a lower financial risk cost plus contract versus the higher financial pressure, Virginia class which is under fixed price contract, but you might have to pull resources away and just how you're managing that from a financial risk perspective?

Phebe，我希望你能談談你如何在海軍陸戰隊更高優先級的國家級之間取得平衡——哥倫比亞級的國家級，它處於較低的財務風險成本加上合同與較高的財務壓力，弗吉尼亞級處於固定狀態價格合同，但你可能不得不撤走資源，以及你如何從財務風險的角度管理它？

So implicit in your question is the fact that Colombia enjoys a higher national rating in terms of urgency than Virginia. We had fully contemplated that with the U.S. Navy when we negotiated the most recent block of Virginia that was in concert timing wise with the Columbia negotiation. So we're working with the Navy to ensure that the language that we had incorporated into the Virginia contract to accommodate any such impacts on Virginia from a Columbia prioritization could be addressed. And the Navy has been working very closely with us. So we were mindful of that and have been for some time.

在你的問題中隱含的事實是，哥倫比亞在緊迫性方面比弗吉尼亞享有更高的國家評級。當我們就最近的弗吉尼亞區塊進行談判時，我們已經與美國海軍充分考慮過這一點，這與哥倫比亞談判的時間安排是一致的。因此，我們正在與海軍合作，以確保我們納入弗吉尼亞合同的語言能夠解決哥倫比亞優先級對弗吉尼亞造成的任何此類影響。海軍一直與我們密切合作。所以我們注意到這一點並且已經有一段時間了。

And so I guess just for a clarification, Phebe. Did the current financials reflect that assumption playing out? Or would there be a sort of equitable relief in the future if they agree with the position?

所以我想只是為了澄清一下，Phebe。當前的財務狀況是否反映了這一假設？或者，如果他們同意該立場，將來會有某種公平救濟嗎？

I'm not going to speculate on how this will be addressed ultimately with our customer. But, this is more of a future issue rather than in the moment issue. That was not the primary driver of the quarter.

我不會推測最終將如何與我們的客戶一起解決這個問題。但是，這更多是未來的問題，而不是當下的問題。這不是本季度的主要驅動力。

Your next question comes from the line of George Shapiro from Shapiro Research.

您的下一個問題來自 Shapiro Research 的 George Shapiro。

If you hadn't had the loss of 3 weeks from the bank failures, I assume then the book-to-bill would have been above 1 in the first quarter. And is that likely to continue then in the second quarter where you're saying we are seeing significant strength now?

如果您沒有因銀行倒閉而損失 3 週，我認為第一季度的訂單出貨比將高於 1。並且這種情況是否可能會在第二季度繼續，您說我們現在看到了顯著的實力？

So our plan going before March 10, was that, in fact, we had anticipated a book-to-bill -- full book-to-bill of 1:1 on at that point, higher deliveries. So on a going-forward basis, it's our working assumption that we will continue to see 1:1. And at the moment, we see no reason why that can't be achieved.

因此，我們在 3 月 10 日之前的計劃是，事實上，我們曾預計到那時會有 1:1 的訂單到賬單，更高的交付量。因此，在未來的基礎上，我們的工作假設是我們將繼續看到 1:1。目前，我們認為沒有理由無法實現這一目標。

Okay. So the delivery expectations for next year would still be the same as what you had laid out before?

好的。那麼明年的交付預期仍會與您之前製定的一樣嗎？

We are holding to what we gave you in terms of out-year expectations for Aerospace.

我們堅持我們對航空航天的年度預期。

Your next question comes from the line of Louie DiPalma from William Blair.

你的下一個問題來自 William Blair 的 Louie DiPalma。

Is the lead Columbia approximately 1/3 complete now?

領先的哥倫比亞現在大約完成了 1/3 了嗎？

Yes.

是的。

Great. And as a follow-up, you referenced supply chain headwinds with Virginia and Aerospace. Is the supply chain for Mission Systems improving at all?

偉大的。作為後續行動，您提到了弗吉尼亞和航空航天公司的供應鏈逆風。 Mission Systems 的供應鍊是否有所改善？

It absolutely is. We saw a good trajectory and gaining some traction in the quarter. That's part of the reason why volume was up nicely in the quarter, and they seem to be on a good path to overcoming that bottleneck in their system. So gives us confidence for the opportunities we have in the second half of the year.

絕對是。我們看到了良好的發展軌跡，並在本季度獲得了一些關注。這就是本季度交易量大幅增長的部分原因，而且他們似乎正走在克服系統瓶頸的良好道路上。所以讓我們對下半年的機會充滿信心。

Your next question comes from the line of Kristine Liwag from Morgan Stanley.

你的下一個問題來自摩根士丹利的 Kristine Liwag。

Phebe, per new plans unveiled last month under the August pack, it looks like Australia could buy up to 5 Virginia-class submarines potentially in the early 2030s. So with the backlog now of 17 Virginia is delivering through 2032, how are you thinking about this opportunity? And what's the production capacity required to meet this demand?

Phebe，根據上個月在八月計劃下公佈的新計劃，看起來澳大利亞可能會在 2030 年代初購買多達 5 艘弗吉尼亞級潛艇。因此，由於弗吉尼亞州現在積壓了 17 台，到 2032 年交付，您如何看待這個機會？滿足這種需求需要多少產能？

So we are working with our Navy customer to clarify timing and capacity and throughput. But at the moment, we have no particular insight, not really deferring to the Navy on and the timing and specificity of their long-range planning?

因此，我們正在與我們的海軍客戶合作，以明確時間、容量和吞吐量。但目前，我們沒有特別的見解，不是真的聽從海軍的考慮，以及他們的長期計劃的時間安排和特殊性嗎？

And if I could sneak another one, maybe switching to combat. Look, it seems like the Army is pushing significantly to ramp artillery production, particularly the 155-millimeter shells and planning to double monthly production to about 24 per month by year-end. And then increasing production 6x over the next 5 years. How are you thinking about this opportunity? And again, do you see -- what do you need to do in order to meet this demand? Should it materialize? And are you seeing the orders come through?

如果我能再偷偷摸摸，也許可以轉戰。看起來，陸軍似乎正在大力推動火砲生產，尤其是 155 毫米砲彈，併計劃在年底前將月產量翻一番，達到每月 24 門左右。然後在未來 5 年內將產量提高 6 倍。您如何看待這個機會？再說一次，您是否明白——您需要做什麼才能滿足這一需求？它應該實現嗎？你看到訂單通過了嗎？

We have seen the orders come through. And we do not yet have out your clarity on the exact timing of the additional production, but we will see additional production. And because of the priority of the 155, I think the nation has learned a lot about 155 artillery shelf. So we've done a lot to increase production already, and we are quite confident that we can go even faster.

我們已經看到訂單通過了。我們還沒有明確了解額外生產的確切時間，但我們會看到額外的生產。而且因為155的優先級，我覺得國人對155火砲架子學習了很多。所以我們已經做了很多工作來增加產量，我們非常有信心我們可以走得更快。

Your next question comes from the line of Matt Akers from Wells Fargo.

你的下一個問題來自富國銀行的 Matt Akers。

I wanted to ask kind of a high-level question on pilots for biz jet. On the commercial side, lack of kind of staffing with standing like pilots and crews has been kind of a pacing item. What's your sense for business jets or your customers kind of better off in that respect? Or could that potentially be a bottleneck for biz jet as well?

我想問一個關於公務機飛行員的高級問題。在商業方面，缺乏像飛行員和機組人員這樣的站立人員一直是一個節奏項目。您認為公務機或您的客戶在這方面會更好嗎？或者這也可能成為公務機的瓶頸？

Well, I think during the height of COVID, there was so much disruption at all labor markets that we may have seen some issue then. But frankly, it didn't impact us. We're not seeing anything at the moment that is impacting our ability to fly, our customers' ability to fly or frankly, flying hours.

好吧，我認為在 COVID 的高峰期，所有勞動力市場都出現瞭如此多的混亂，以至於我們當時可能已經看到了一些問題。但坦率地說，這並沒有影響我們。我們目前沒有看到任何影響我們飛行能力、客戶飛行能力或飛行時間的因素。

Your next question comes from the line of David Strauss from Barclays.

你的下一個問題來自巴克萊銀行的 David Strauss。

The G700 is in there. Is software validation, the pacing item still? And if so, how far are the way through that are you?

G700 就在那裡。軟件驗證，步調項目還在嗎？如果是這樣，你的路有多遠？

No, it is not. And we are in pretty good shape here with respect to our certification. And look, this is an extremely mature, safe and sophisticated aircraft. So we're working very closely with the FAA to ensure that they've got the proper resources here to execute the certification, but it is coming.

不它不是。就我們的認證而言，我們在這裡的狀況非常好。你看，這是一架極其成熟、安全、精密的飛行器。因此，我們正在與美國聯邦航空局密切合作，以確保他們在這裡擁有適當的資源來執行認證，但它即將到來。

Okay. A quick follow-up. Jason, you mentioned 8 resumptions of the AJAX payments. Can you update us on kind of the schedule for the liquidation there? How you expect that to play out and also on the Canada program?

好的。快速跟進。 Jason，你提到了 AJAX 支付的 8 次恢復。你能告訴我們那裡清算的時間表嗎？您希望它如何發揮作用以及在加拿大計劃中如何發揮作用？

Yes. So obviously, it was a positive development to see the payments resume here in the first quarter as we expected. The path forward with the customer is an ongoing discussion, we've worked through the revised schedule for the program. But some of the other particulars around milestone payments and progress on that schedule are still in the works. So it would be probably remiss of me to get out ahead of that.

是的。很明顯，正如我們預期的那樣，第一季度在這裡恢復付款是一個積極的發展。與客戶的前進道路是一個持續的討論，我們已經完成了該計劃的修訂時間表。但有關里程碑付款的其他一些細節和該時間表的進展仍在製定中。因此，提前退出可能是我的疏忽。

In terms of the Canadian program, things are continuing to proceed well. That customer for the past 3-plus years has paid on time as per that schedule we negotiated. And so a couple more payments to come this year. And then really, what you can think about it is the entire arrears that we were dealing with some 2, 3 years ago will have been paid down and will be in a normal program cadence and schedule at that point, so by the end of this year.

就加拿大計劃而言，事情繼續順利進行。在過去 3 年多的時間裡，該客戶一直按照我們協商的時間表按時付款。所以今年還會有幾筆付款。然後真的，你能想到的是，我們在大約 2、3 年前處理的全部欠款都已經付清，屆時將處於正常的計劃節奏和時間表中，所以到這結束時年。

Your next question comes from the line of Ken Herbert from RBC Capital Markets.

你的下一個問題來自 RBC 資本市場的 Ken Herbert。

I just wanted to see -- I wanted to see if we could put a finer point on the Aerospace margins in the second quarter with supply chain issues and other timing around the certification and prebuild. Is it -- or second quarter margins expected to be similar to first quarter or was first quarter expected to be the trough for the year?

我只是想看看 - 我想看看我們是否可以在第二季度的航空航天利潤率上提出一個更好的觀點，包括供應鏈問題以及圍繞認證和預構建的其他時間安排。是 - 還是第二季度利潤率預計與第一季度相似，或者第一季度預計將是今年的低谷？

I think you may need to think about the second quarter being our lowest quarter and then with a very steep and executable ramp-up in third -- third and fourth quarter, I tried to give you guys an awful lot of color in the remarks about the puts and takes on all the margins with respect to Aerospace. But we -- we'll get through the second quarter. And frankly, these first 2 quarters are aberrational in terms of Gulfstream margins, and then we ought to see nice pickup in third and fourth quarter.

我認為您可能需要考慮第二季度是我們最低的季度，然後在第三 - 第三和第四季度出現非常陡峭且可執行的增長，我試圖在評論中給你們很多顏色關於看跌期權和承擔與航空航天相關的所有利潤。但是我們 - 我們將度過第二季度。坦率地說，就灣流利潤率而言，前兩個季度是反常的，然後我們應該會在第三和第四季度看到不錯的回升。

Okay. And then just as a follow-up, just considering the roughly 100 aircraft implied in the guidance for the second half deliveries and the supply chain issues, are you having at this point to maybe look at second sources? Or is there anything else you're doing now? Obviously, it's very late in the game, but to maybe improve or do you further derisk the supply chain beyond just the execution?

好的。然後作為後續行動，僅考慮下半年交付指南中暗示的大約 100 架飛機和供應鏈問題，您此時是否需要查看第二來源？或者你現在還有什麼正在做的嗎？顯然，現在已經很晚了，但是除了執行之外，您是否可以改進或進一步降低供應鏈的風險？

So we've been doing that for some time. As you all know, the supply chain on the Aerospace side has been taxed for quite a bit of time. So they were not taking any new actions that we haven't already executed, and we're just ramping up some of those actions as we -- in the first quarter and then as we go into the second.

所以我們這樣做已經有一段時間了。眾所周知，航空航天方面的供應鏈已經被徵稅了很長一段時間。因此，他們沒有採取我們尚未執行的任何新行動，我們只是在第一季度和第二季度加強其中一些行動。

But we have, as I said earlier, a very clear line of sight into the third and fourth quarters and the majority of these suppliers fully anticipate getting better. And we'll work with the remaining ones to ensure they've got the resources to execute the contract.

但正如我之前所說，我們對第三季度和第四季度的前景非常清晰，而且這些供應商中的大多數都完全預計會變得更好。我們將與其餘的合作，以確保他們有資源來執行合同。

Your next question comes from the line of Ron Epstein from Bank of America.

你的下一個問題來自美國銀行的 Ron Epstein。

Maybe just a quick question, maybe 2. What are the synergies so far from merging the 2 businesses in kind of mission Tech? How has that gone?

也許只是一個簡單的問題，也許是 2. 到目前為止，將這兩家公司合併為類似任務技術的協同效應是什麼？怎麼樣了？

So keep in mind, Ron, when we talk about merging those businesses, they still remain 2 independent and stand-alone operating units within our model. So not really anything to think about from a cost synergy perspective, I think the way to think about that is more of a revenue synergy point of view in that what we talked about is -- those 2 businesses are seeing a real convergence on a number of fronts within their markets, what their customers are interested in procuring in terms of end-to-end solutions that include the IT service side, software solutions as well as hardware as well as where their competitors are going in the market to address those demands.

所以請記住，羅恩，當我們談論合併這些業務時，它們在我們的模型中仍然是兩個獨立的獨立運營單位。因此，從成本協同的角度來看，實際上沒有什麼可考慮的，我認為考慮這一點的方式更多是從收入協同的角度來看，因為我們談到的是——這兩家企業在一個數字上看到了真正的融合他們的市場前沿，他們的客戶有興趣在包括 IT 服務端、軟件解決方案和硬件在內的端到端解決方案方面採購什麼，以及他們的競爭對手將在市場上的哪些地方滿足這些需求.

So bringing those 2 businesses together has put us on a good footing to address that market and those demands. And that's what we're seeing, and you're seeing that in the positive order performance in the quarter and book-to-bill, capture rates, win rates and so on. So all of that gives us good confidence in terms of the trajectory of the outlook that we see for each of those businesses.

因此，將這兩項業務合併在一起，使我們在應對該市場和這些需求方面處於良好的基礎。這就是我們所看到的，你在本季度的積極訂單表現和訂單出貨比、捕獲率、贏單率等方面看到了這一點。因此，所有這些都讓我們對我們看到的每個業務的前景軌跡充滿信心。

Got it. Got it. And then maybe just one quick follow-on. How much of the free cash flow in the quarter can be attributed to AJAX?

知道了。知道了。然後也許只是一個快速的後續行動。本季度有多少自由現金流可歸因於 AJAX？

Yes. So we have factored the net of payments to the supply chain, which has been very patient through this whole period into our estimates for the year.

是的。因此，我們已將支付給供應鏈的淨額考慮在內，這在整個時期都非常耐心地納入了我們今年的估計。

Yes. So I want to make sure I understood your question correctly. It was a roughly GBP 480 million payment that was received. And to Phebe's point, that the net impact of that after paying out supply chain elements on the program, all of that's factored into the outlook that we have for the year. So that 105-ish percent conversion rate for the year that we talked about is now intact and all that much more certain based on the activity in the first quarter.

是的。所以我想確保我正確理解了你的問題。收到的款項約為 4.8 億英鎊。對於 Phebe 的觀點，在支付供應鏈元素後的淨影響，所有這些都被納入了我們今年的前景。因此，我們談到的當年 105% 左右的轉化率現在完好無損，而且根據第一季度的活動更加確定。

Your next question comes from the line of Pete Skibitski from Alembic Global.

您的下一個問題來自 Alembic Global 的 Pete Skibitski。

The issues on the Virginia supply chain, it seems like it's been a little bit of a black box. So just -- I was wondering if I can get more detail. Does it relate to multiple suppliers? And can you give us a sense of what parts are involved? And then are we feeling good that as the mix shifts to the Block 5 that margins will improve there?

弗吉尼亞供應鏈上的問題，似乎有點像一個黑匣子。所以只是 - 我想知道我是否可以獲得更多細節。它是否涉及多個供應商？你能告訴我們涉及哪些部分嗎？然後我們是否感覺良好，因為混合轉移到 Block 5，那裡的利潤率會提高？

So it's multiple suppliers, some large and some small. And we have, again, continued to work with the Navy to address the challenges that they all have faced. And even though you have different sized businesses, many of them have been confronted with the same labor dysfunctions that we saw coming out of COVID. The Navy has been providing as well as the Congress been and providing funding to address some of the challenges within the industry -- some Marine industrial base, and we're hopeful that over time, that will resolve.

所以它是多個供應商，有大有小。我們再次繼續與海軍合作，應對他們都面臨的挑戰。即使你有不同規模的企業，他們中的許多人都面臨著我們在 COVID 中看到的同樣的勞動障礙。海軍和國會一直在提供和提供資金來解決行業內的一些挑戰——一些海洋工業基地，我們希望隨著時間的推移，這將得到解決。

And we'll continue to see, I believe, improvement as we get into Block 5 and the supply chain stabilizes, but we've got ways to go there. And I think importantly, and this is the way we certainly think about it, Electric Boat just has to get better and faster to overcome any unexpected additional future supply chain challenges that may hit us. But we're not going to get into listing parts. This is an enormous supply chain. You can imagine with thousands of suppliers all over the nation.

我相信，隨著我們進入 Block 5 和供應鏈穩定，我們將繼續看到改進，但我們有辦法去那裡。我認為重要的是，這就是我們的思考方式，Electric Boat 必須變得更好更快，以克服未來可能給我們帶來的任何意外的額外供應鏈挑戰。但我們不打算列出零件。這是一個巨大的供應鏈。您可以想像全國有成千上萬的供應商。

That's fair. And kind of one follow-up Phebe. How is the -- how are you judging the pace of hiring and the labor risk kind of through the midterm at EB, just given the kind of the huge increases in volume that are required there?

這還算公平。還有一種跟進 Phebe。鑑於那裡需要大量增加數量，你如何判斷 EB 中期的招聘速度和勞動力風險？

So again, coming out of COVID, I think we all felt a little bit of the labor constraint. But one of the reasons that we saw increased revenue in this quarter was extremely strong throughput coming out of as a result of robust hiring that they have executed and the training of those workers so that they hit the ground running, and we're able to have additional -- execute additional throughput up at So we consider that a good bellwether for our ability to continue to hire to meet our needs.

所以再次，從 COVID 中走出來，我想我們都感到了一點勞動力限制。但我們看到本季度收入增加的原因之一是由於他們執行的強勁招聘和對這些工人的培訓使他們能夠快速上手，因此產生了非常強勁的吞吐量，我們能夠有額外的 - 執行額外的吞吐量所以我們認為這是我們繼續僱用以滿足我們需求的能力的一個很好的領頭羊。

Your next question comes from the line of Robert Spingarn from Melius Research.

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

Phebe, Combat has been discussed throughout the call, but just a couple of quick things. Would you -- is it fair to assume that the book-to-bill will continue to be above 1 for this year and beyond, just given the strength? And then the second part of this is, as armament munition sales grow will they be margin accretive or dilutive to the overall segment?

Phebe，在整個電話會議中都討論了戰鬥，但只是一些簡單的事情。您是否可以假設，鑑於實力，今年及以後的訂單出貨比將繼續高於 1？然後第二部分是，隨著軍火銷售的增長，它們會增加還是稀釋整個部門的利潤率？

So when you look at historically Combat orders, they tend to be pretty lumpy. I think the important way to think about it is the underlying credit could exist, let's say, it is an increasingly insecure and threat-driven environment, and that will drive additional orders, when those execute, will be a little bit lumpy, but we have -- we expect to see a continued demand, including on the munition side.

因此，當您查看歷史上的戰鬥命令時，它們往往非常參差不齊。我認為重要的思考方式是潛在的信用可能存在，比方說，這是一個越來越不安全和威脅驅動的環境，這將推動額外的訂單，當這些訂單執行時，會有點不穩定，但我們有——我們預計會看到持續的需求，包括在彈藥方面。

But we have planned in -- for our plan this year, we've executed, we've anticipated margins that are pretty consistent with what they've been doing. It's just executing, operating, ensuring that we've got operating leverage, including on these new facilities that we're putting in place. But recall, this is a group that has extremely strong operating leverage and based on their efficiency and blocking and tackling on the shop floor. So we'll expect to see margins continue.

但我們已經計劃 - 對於我們今年的計劃，我們已經執行，我們預計利潤率與他們一直在做的事情非常一致。它只是執行、運營，確保我們有運營槓桿，包括我們正在實施的這些新設施。但請記住，這是一個具有極強運營槓桿的團隊，並且基於他們在車間的效率以及阻止和解決問題。所以我們希望看到利潤率會繼續。

And operator, we'll take this one last question, please, and then we'll wrap up the call.

接線員，我們將回答最後一個問題，然後我們將結束通話。

Certainly, your final question comes from the line of Cai von Rumohr from TD Cowen.

當然，你的最後一個問題來自 TD Cowen 的 Cai von Rumohr。

Yes. So Phebe, I'm still a little confused about your statement that Q2 earnings should be the lowest because pretty clearly, it looks like Marine should be better absent the VCM charge. Combat usually is a little better. GDIT is stable. And you've highlighted Aerospace, but the volume is going to be higher than it was in the first quarter. Margins given where the volume was actually looked pretty good in the first quarter. So it would seem to imply a pretty steep drop-off in margins. Could you give us some color in terms of what is creating that situation? And is that something we should be worried about will continue in the third and fourth quarter?

是的。所以 Phebe，我仍然對你關於第二季度收益應該是最低的說法感到有點困惑，因為很明顯，看起來 Marine 應該沒有 VCM 費用更好。戰鬥通常會好一點。 GDIT 穩定。你強調了航空航天，但數量將高於第一季度。第一季度實際成交量的利潤率看起來相當不錯。因此，這似乎意味著利潤率急劇下降。您能否就造成這種情況的原因給我們一些顏色？我們應該擔心的事情會在第三季度和第四季度繼續嗎？

I tried to be pretty clear that we do not anticipate any -- at Gulfstream, the margin performance in these 2 first quarters replicating in third and fourth quarter. In fact, we see a fairly strong ramp to increase margins. These margins are aberrational and we do expect some additional perturbations on the supply chain and out of station work Gulfstream as well as mix issues.

我試圖明確表示，我們預計在灣流，這兩個第一季度的利潤率表現不會在第三和第四季度複製。事實上，我們看到利潤率增長相當強勁。這些利潤率是異常的，我們確實預計供應鍊和灣流站外工作以及混合問題會出現一些額外的擾動。

With respect to Marine systems, it's material timing between first and second quarters. And in technologies, it's transitioned from mature programs that are winding down and being replaced by some follow-on new starts. So in each one of these groups, we are seeing a convergence of in the quarter, particularly lower margins and lower earnings and sales than we typically see. We usually have a steady build through the year. This is rather, as I said, aberrational, but we'll get through this. And importantly, we don't see these issues leading into third and fourth quarter, we anticipate a very strong third and fourth quarter, and that is unchanged.

關於海洋系統，這是第一季度和第二季度之間的重要時機。在技術方面，它是從成熟的項目過渡而來的，這些項目正在逐步結束，並被一些後續的新項目所取代。因此，在這些集團中的每一個集團中，我們都看到了本季度的趨同，特別是比我們通常看到的更低的利潤率和更低的收益和銷售額。我們通常全年都有一個穩定的構建。正如我所說，這是反常的，但我們會度過難關的。而且重要的是，我們沒有看到這些問題會導致第三和第四季度，我們預計第三和第四季度會非常強勁，而且這一點沒有改變。

Thank you for joining our call today. And as a reminder, please refer to the General Dynamics website for the first quarter earnings release and highlights presentation. If you have additional questions, I can be reached at (703) 876-3117.

感謝您今天加入我們的電話會議。提醒一下，有關第一季度收益發布和亮點介紹，請參閱通用動力網站。如果您還有其他問題，可以撥打 (703) 876-3117 與我聯繫。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。