通用動力 (GD) 2025 Q1 法說會逐字稿

Good morning and welcome to the General Dynamics first quarter 2025 earnings conference call. All lines have placed on mute to prevent any background noise. (Operator Instructions) Please note this event is being recorded. At this time, I'd like to turn the conference over to Nicole Shelton, Vice President of Investor Relations.

早安，歡迎參加通用動力公司2025年第一季財報電話會議。所有線路均已靜音，以防止背景噪音產生。（操作說明）請注意，本次活動正在錄影。此時，我謹將會議交給投資人關係副總裁妮可‧謝爾頓。

Thank you, operator. Good morning, everyone. Welcome to the General Dynamics first quarter 2025 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.

謝謝接線生。各位早安。歡迎參加通用動力公司2025年第一季財報電話會議。今天發表的任何前瞻性聲明都代表我們對公司前景的估計。這些估算存在一定的風險和不確定性。有關這些因素的更多信息，請參閱公司的 10-K、10-Q 和 8-K 文件。

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.

我們也會提及一些非GAAP財務指標。有關這些非GAAP指標的更多披露信息，包括與可比較GAAP指標的調節表，請參閱本次網絡直播的幻燈片，這些幻燈片可在我們網站的投資者關係頁面 investorrelations.gd.com 上找到。

On the call today are Phebe Novakovic, Chairman and Chief Executive Officer; Kimberly Kuryea, Chief Financial Officer; and Jason W. Aiken, Executive Vice President Technologies. I will now turn the call over to Phebe.

今天參加電話會議的有：董事長兼執行長 Phebe Novakovic；財務長 Kimberly Kuryea；以及技術執行副總裁 Jason W. Aiken。現在我將把通話轉給菲比。

Thank you, Nicole. Good morning, everyone, and thanks for being with us. As you can discern from our press release, we reported earnings of $3.66 per diluted share on revenue of $12.2 billion, operating earnings of $1268 million and net earnings of $994 million.

謝謝你，妮可。各位早安，感謝你們的收看。正如您從我們的新聞稿中看到的那樣，我們公佈的每股攤薄收益為 3.66 美元，收入為 122 億美元，營業利潤為 12.68 億美元，淨利潤為 9.94 億美元。

These results compare quite favorably to the year ago quarter. Revenue is up 13.9%, operating earnings are up 22.4%, and net earnings are up 24.4%. As a result, earnings per diluted share are $0.78 or 27.1% more than the year ago quarter.

這些結果與去年同期相比相當可觀。營收成長 13.9%，營業利潤成長 22.4%，淨利成長 24.4%。因此，稀釋後每股收益比去年同期成長 0.78 美元，增幅達 27.1%。

The operating margin for the entire company was 10.4%, a 70-basis point improvement over the year ago quarter. While aerospace led the way with a 45.2% revenue increase, each of the defense segments also enjoyed revenue increases.

該公司整體營業利潤率為 10.4%，比去年同期提高了 70 個基點。雖然航空航太產業以 45.2% 的收入成長領跑，但國防領域的各個細分產業也都實現了收入成長。

A similar pattern is true with respect to operating earnings. Aerospace led the way with a stunning 69.4% increase, and each of the defense segments contributed nice improvements to operating earnings as well. We have obviously opened the year with a very strong quarter. It is important to note that the comparative quarter in 2024 also showed very good growth in all respects over first quarter '23.

營業利益方面也呈現類似的模式。航空航太產業以驚人的 69.4% 的成長領先，國防領域的各個部門也都為營業利潤做出了可觀的貢獻。顯然，我們今年的開局非常強勁。值得注意的是，2024 年同期各方面也比 2023 年第一季有了非常好的成長。

We also be consensus by $0.16 in the quarter. At this point, let me ask Kimberly Kuryea, our CFO, to provide detail on our order activity, solid backlog and cache activity before I come back with segment observations.

我們也預計本季每股收益將成長 0.16 美元。此時，請我們的財務長 Kimberly Kuryea 詳細介紹我們的訂單活動、可靠的積壓訂單和快取活動，然後再讓我提出一些關於業務板塊的觀察結果。

Thank you, Phebe, and good morning. I'll start with orders and backlog. We had a solid quarter with over $10 billion of orders. Order activity was particularly strong in the technologies group with a book to build ratio of [1.1 to 1]. Our overall book to build ratio for the company was less than one time due in part to the 14% increase in revenue from last year.

謝謝你，菲比，早安。我先從訂單和積壓訂單開始。本季業績表現穩健，訂單金額超過100億美元。技術類訂單活動特別強勁，訂單交貨與實際交貨量之比為[1.1 至 1]。由於公司營收比去年成長了 14%，我們公司的整體訂單量與產能比率不到 1 倍。

This resulted in total backlog being slightly down from year end to $89 billion at quarter end. Our total estimated contract value, which includes options and IDIQ contracts, ended the quarter at a little over $141 billion. Turning to our cash performance for the quarter, we expected a slow start to the year. In terms of timing, this year will look a lot like last year with cash building throughout.

這導致季末總積壓訂單量較年底略有下降，至 890 億美元。本季末，我們的合約總估值（包括選擇權和無限期交付/無限期數量合約）略高於 1,410 億美元。展望本季現金流表現，我們預期年初開局會比較緩慢。從時間安排上看，今年的情況與去年非常相似，現金流將在整個過程中不斷累積。

The buildup of inventory as we approach certification and entry into service of the G800 impacted aerospace, and although technologies had a solid quarter, the defense businesses as a whole were impacted by a working capital buildup due to growth and timing.

隨著 G800 即將獲得認證並投入使用，庫存積壓對航空航太業造成了影響。儘管科技業本季表現穩健，但由於成長和時機問題，國防業務整體受到了營運資金積壓的影響。

As a result, our free cash flow for the quarter was a negative $290 million. This was better than expected as our business units worked to drive cash to the left. For the rest of the year, we expect modestly positive cash flow in the second quarter followed by substantially improving free cash flow in each of the third and fourth quarters.

因此，本季我們的自由現金流為負 2.9 億美元。由於各業務部門努力將現金流向左翼，因此結果比預期好。今年剩餘時間裡，我們預計第二季現金流將略微為正，隨後第三季和第四季的自由現金流將大幅改善。

Now to discuss capital deployment activities, capital expenditures were $142 million or 1.2% of sales in the quarter. Similar to last year, you should expect capital expenditures to increase in subsequent quarters throughout the year, as we anticipate spending around 2% of revenue on CapEx investments in our businesses this year.

現在來討論資本部署活動，本季資本支出為 1.42 億美元，佔銷售額的 1.2%。與去年類似，預計今年接下來的幾季資本支出將會增加，因為我們預計今年將把收入的 2% 左右用於我們業務的資本支出投資。

Also in the quarter we returned in excess of $980 million to shareholders in the form of dividends and share repurchases. This included $383 million paid in dividends and repurchases of approximately $2.4 million shares of stock for $600 million at an average price of just over $252 per share.

此外，本季我們也以股利和股票回購的形式向股東返還了超過 9.8 億美元。其中包括支付 3.83 億美元的股息，以及以平均每股略高於 252 美元的價格回購約 240 萬股股票，總計 6 億美元。

In addition, in late March, we repaid $750 million of notes that matured on April 1. As a reminder, we have an additional $750 million of notes maturing in May. Although we ultimately intend to refinance those notes, the timing of when we do that may be influenced by market conditions. When you add it all up, we ended the quarter with a cash balance of around $1.2 billion and a net debt position of $8.4 billion.

此外，3 月下旬，我們償還了 4 月 1 日到期的 7.5 億美元票據。再次提醒，我們還有7.5億美元的債券將於5月到期。雖然我們最終打算對這些票據進行再融資，但具體時間可能會受到市場狀況的影響。綜合來看，本季末我們的現金餘額約為 12 億美元，淨債務為 84 億美元。

Our net interest expense in the quarter was $89 million compared to $82 million last year. The increase was due to utilization of commercial paper during the quarter. Finally, turning to income taxes, we had a 17.2% effective tax rate in the quarter, generally consistent with our full year guidance. Phebe, that concludes my remarks. I'll turn it back over to you.

本季淨利息支出為 8,900 萬美元，而去年同期為 8,200 萬美元。此增長是由於本季度商業票據的使用所致。最後，關於所得稅，本季我們的實際稅率為 17.2%，與我們的全年預期基本一致。菲比，我的發言到此結束。我會把它還給你。

Thanks, Kim. Now let me review the quarter in the context of the business segments and provide detailed color as appropriate. First, Aerospace. Aerospace did particularly well in the quarter. It had revenue of $3.03 billion in operating earnings of $432 million with a 14.3% operating margin. Revenue is $942 million more than last year's first quarter, a 45.2% increase.

謝謝你，金。現在讓我從業務部門的角度回顧一下本季的情況，並視情況提供詳細資訊。首先是航空航太領域。本季航空航太業表現尤為出色。該公司營收達 30.3 億美元，營業利潤為 4.32 億美元，營業利益率為 14.3%。營收比去年第一季增加了 9.42 億美元，增幅達 45.2%。

To give you a little color here, the increase was driven by a 50% increase in aircraft deliveries, including 13 new G700s and higher services revenue at both Gulfstream and Jet Aviation. The 36 deliveries in the quarter are about as planned. Recall, however, that there were no G700 deliveries in the first quarter of 2024.

簡單來說，此次成長主要得益於飛機交付量成長 50%，其中包括 13 架新的 G700，以及灣流和捷特航空服務收入的增加。本季交付的36件貨物基本符合計畫。但要注意的是，2024 年第一季並沒有 G700 的交付。

So this quarter really shows the robust revenue increase driven by the introduction of the G700. In addition, we saw improved margins on our G700 deliveries. In short, we expect revenue growth throughout the year, but at a slowing rate of growth because G700 deliveries began in the second quarter of last year.

因此，本季確實體現了G700推出後帶來的強勁營收成長。此外，我們的 G700 交付利潤率也有所提高。簡而言之，我們預計全年營收將持續成長，但成長速度將放緩，因為 G700 的交付是從去年第二季開始的。

As I indicated last quarter, the supply chain continues to improve and is performing better to both schedule and quality. We are finding fewer faults, and those we are finding are becoming easier to fix. In short, I am increasingly confident that we can meet this year's delivery plans.

正如我上個季度所指出的，供應鏈持續改善，在進度和品質方面都表現得更好。我們發現的故障越來越少，而且即使發現了故障，也越來越容易修復。總之，我越來越有信心我們能夠完成今年的交付計畫。

We are also pleased that the G800 was certified by both the FAA and the EASA on April 16. This is expected to be a smooth entry into service, and we have some reason to believe that we can exceed our planned deliveries of G800.

我們也很高興G800於4月16日同時獲得了美國聯邦航空管理局（FAA）和歐洲航空安全局（EASA）的認證。預計此次交付將順利進行，我們有理由相信我們能夠超額完成 G800 的計劃交付量。

I would be remiss if I failed to mention that Jet Aviation made a significant contribution to the quarter's results. Its revenue was up 8% and earnings up 22% over the year ago quarter on 160 basis point improvement and operating margins. This business has become a real jewel.

如果我不提及捷特航空對本季業績的重大貢獻，那就太失職了。該公司營收年增 8%，利潤年增 22%，營業利潤率提高了 160 個基點。這家企業已經成為一顆真正的明珠。

In summary, the Aerospace team has had a good quarter. G800, FAA, and EASA certification is behind us, and we are improving our G700 delivery cadence and operating margin. Turning to market demand, we had a 0.8% booked to bill in the quarter even as aircraft deliveries increased by 50%.

總而言之，航空航天團隊本季表現不錯。G800、FAA 和 EASA 認證已經完成，我們正在提高 G700 的交付節奏和營運利潤率。再來看市場需求，儘管飛機交付量增加了 50%，但本季我們的訂單出貨率僅為 0.8%。

Orders are consistent with our internal plan at about the same number of units as the first quarter in '23 and '24. We expect that the certification of the G800, it's better than planned performance characteristics and the early deliveries to customers will stimulate demand.

訂單數量與我們的內部計劃一致，與 2023 年和 2024 年第一季的訂單數量大致相同。我們預計 G800 的認證將優於計畫的性能特徵，並且提前交付給客戶將刺激需求。

We continue to see improved interest across all models in the US, albeit with cautious concern by customers about the macroeconomic environment and the impact of tariffs on their businesses. Middle East activity remains strong. So let's move on to the defense businesses.

儘管美國消費者對宏觀經濟環境和關稅對其業務的影響仍持謹慎擔憂，但我們仍然看到美國消費者對所有車型的興趣持續增長。中東市場活動依然強勁。接下來我們來談談國防企業。

Combat had revenue of $2.18 billion, up 3.5% over the year ago quarter. Earnings of $291 million are up 3.2%. Margins at 13.4% are consistent with the year ago quarter. It's interesting to observe that this year's revenue growth is on top of our first quarter 2024 growth of almost 20%. So nice compound growth.

戰鬥部門的收入為 21.8 億美元，比去年同期成長 3.5%。獲利2.91億美元，成長3.2%。利潤率為 13.4%，與去年同期持平。值得注意的是，今年的營收成長是在 2024 年第一季近 20% 的成長基礎上實現的。複合成長真不錯。

The increased revenue performance occurred at ordinance and tactical systems in European land systems held steady. We also experienced good order performance. Orders in the quarter drove backlog to $16.9 billion, up $1.3 billion from this time a year ago.

歐洲陸地系統的軍械和戰術系統收入表現有所提高，且保持穩定。我們也獲得了良好的訂單表現。本季訂單推動積壓訂單達 169 億美元，比去年同期增加 13 億美元。

Demand for combat system products continues to be robust, with particular strength in Europe. Orders for wheeled and tracked vehicles are up, reflecting the heightened threat environment. In addition to several new combat vehicle starts, we are working closely with the US Army to accelerate Abrams modernization.

對作戰系統產品的需求依然強勁，尤其在歐洲表現優異。輪式和履帶式車輛的訂單量增加，反映出威脅環境的加劇。除了啟動多個新型作戰車輛項目外，我們還與美國陸軍密切合作，以加速艾布拉姆斯坦克的現代化進程。

In the US, we are rapidly increasing munitions capacity and production with the opening of our projectile facility in Texas and our load and assembly and packed facility in Arkansas. All in all, combat had a solid quarter and is off to a good start for the year. Turning a marine system. Once again, our shipbuilding units are demonstrating impressive revenue growth.

在美國，隨著我們在德州開設彈丸生產設施，以及在阿肯色州開設裝彈、組裝和包裝設施，我們正在迅速提高彈藥產能和產量。總的來說，戰鬥部隊本季表現穩健，今年開局良好。轉動海洋系統。我們的造船部門再次展現出令人矚目的營收成長。

Let me repeat the recent history that I gave you this time last year with respect to growth in this decade. The first quarter of 2020 was up 9.1% against Q1'19. Q1'21 was up 10.6% over Q1'20. Q1'22 was up 6.8% over Q1'21. Q1'23 was up 12.9% over Q1'22.

讓我再回顧一下去年這個時候我向你們介紹的本十年成長情況。2020年第一季比2019年第一季成長了9.1%。2021年第一季較2020年第一季成長10.6%。2022年第一季較2021年第一季成長6.8%。2023 年第一季比 2022 年第一季成長 12.9%。

And Q1 2024 was up 11.3% over Q1'23. And finally, this quarter is up 7.7% over Q1'24. This has been a really nice rate of growth for the shipyards and the repair yards. This growth has come at significant cost for facilities and significant increase in hiring. The good news is we've been able to hire and train the people we require to support our growth.

2024 年第一季比 2023 年第一季成長 11.3%。最後，本季比 2024 年第一季成長了 7.7%。對於造船廠和修理廠來說，這是一個非常可觀的成長速度。這種成長為設施建設帶來了巨大的成本，也帶來了招募需求的顯著增加。好消息是，我們已經能夠招募和培訓我們發展所需的人才。

This particular quarter's growth was driven by Columbia class and Virginia class construction, as well as an increase in DDG-51 construction. Operating earnings are $250 million in the quarter, up 7.8% from the year ago quarter. Operating margin is identical to last year's quarter. We have struggled to achieve operating leverage to go with our rapid revenue growth, but operating earnings have grown on a consistent basis as well.

本季的成長主要得益於哥倫比亞級和維吉尼亞級驅逐艦的建造，以及DDG-51型驅逐艦建造量的增加。本季營業利潤為 2.5 億美元，比去年同期成長 7.8%。營業利潤率與去年同期持平。我們一直努力實現與快速收入成長相符的經營槓桿，但營業利潤也持續成長。

We continue to be impacted by delays and quality problems in the supply chain. Material and parts are late and sometimes exhibit quality escapes. And new shipbuilders continue to come down learning curves. We have more work to do, but we have made progress.

我們持續受到供應鏈延誤和品質問題的影響。材料和零件供應不足，有時還會出現品質問題。而新的造船企業也不斷克服學習曲線的瓶頸。我們還有更多的工作要做，但我們已經取得了進展。

In addition, one of the unions, the draftsman, a largely white collar union that converts engineering specs to drawing, has voted to authorize the strike. We are working closely with the navy and the new administration to continue to address the problems in the supply chain and look for opportunities to improve throughput and performance of the shipyard.

此外，其中一個工會——繪圖員工會（一個主要由白領組成的工會，負責將工程規範轉化為圖紙）——已經投票授權罷工。我們正與海軍和新政府密切合作，繼續解決供應鏈中的問題，並尋找機會提高造船廠的產量和性能。

The growth profile continues to look strong, and demand is not abated. Our job is to continue to improve ourselves and to help the industrial base get stronger with the help of the government. The technologies group had a strong start to the year with revenue of $3.43 billion. This was an increase of 6.8% of the first quarter of 2024. Both businesses contributed to the growth in the quarter, with GDIT up 9% emission systems up almost 2%.

成長動能依然強勁，需求並未減弱。我們的職責是不斷提升自身能力，並在政府的幫助下增強工業基礎。該科技集團年初開局強勁，營收達 34.3 億美元。這比 2024 年第一季成長了 6.8%。這兩家業務都對本季度的成長做出了貢獻，GDIT 成長了 9%，排放系統成長了近 2%。

Operating earnings of $328 million were up 11.2% over the year ago quarter on a 40 basis point improvement in operating margins from 9.2% to 9.6%. The operating margin improvement is encouraging given the top line shift toward IT services would carry a lower margin than the defense electronics side of the portfolio. This reflects strong performance admission systems as the transition from legacy programs to new franchises continues.

營業利潤為 3.28 億美元，比去年同期成長 11.2%，營業利潤率從 9.2% 提高到 9.6%，提高了 40 個基點。考慮到營收重心轉向 IT 服務所帶來的利潤率低於國防電子產品業務，營業利潤率的提高令人鼓舞。這反映出，隨著傳統計畫向新計畫的過渡持續進行，招生製度的績效考核體係也得到了有效落實。

The group's order activity was also encouraging, with a book to bill of 1.1 times for the quarter and a trailing 12 months even against the strong revenue growth. As a result, the group's backlog is up almost 7% from a year ago, and their total estimated contract value is up more than 10% over the same period.

該集團的訂單活動也令人鼓舞，本季和過去 12 個月的訂單出貨比為 1.1 倍，即使營收成長強勁。因此，該集團的積壓訂單比一年前增加了近 7%，其合約總估值比同期增長了 10% 以上。

Their focus on advanced technology enabling autonomous platforms, smart munitions, subsea warfare, and strategic deterrence, as well as advanced AI, cloud, cyber, 5G, and quantum solutions is driving demand for the group. Their pipeline of qualified opportunities remains strong at $120 billion, and their win and capture rates in the 80% range reflect the compelling value they are providing their customers.

他們專注於先進技術，以實現自主平台、智慧彈藥、水下作戰和戰略威懾，以及先進的人工智慧、雲端運算、網路安全、5G 和量子解決方案，這推動了對該集團的需求。他們擁有的合格商機儲備仍然強勁，高達 1,200 億美元，80% 左右的成交率和專案獲取率反映了他們為客戶提供的巨大價值。

While this year is off to a strong start, a significant amount of uncertainty hangs over the market, particularly on the IT services side of the business, as the administration establishes its own spending priorities. That said, our team has a great understanding of the government's emerging technology needs and is committed to innovating to solve the toughest technical challenges across the government at the best return for their customers.

雖然今年開局強勁，但市場仍存在很大的不確定性，尤其是在IT服務領域，因為政府正在製定自己的支出優先事項。也就是說，我們的團隊對政府新興的技術需求有著深刻的理解，並致力於創新，以最佳方式為政府客戶解決最棘手的技術難題。

As you know, we never update guidance at this time of year. Apart from what I've already said about Aerospace, I will continue with that practice. There is, however, no hiding from this quarter's performance and its implication for the year.

如您所知，我們每年這個時候都不會更新指南。除了我之前提到的航空航太領域之外，我還會繼續從事這方面的工作。然而，本季的業績及其對全年的影響是無法迴避的。

Let me speak to [Terrace] for a moment. We cannot yet discern to what extent the defense businesses will be impacted over time. The more potentially impactful problem is in the Aerospace, where we are a significant net provider of export revenue to the US.

讓我和[特雷斯]說幾句話。我們目前還無法判斷國防企業在多大程度上會受到長期影響。更具潛在影響的問題在於航空航太領域，因為我們是美國重要的出口淨收入提供者。

We do not know the scope and breadth of the terrorist issue at the moment, and that will not for a while. Accordingly, anything I might say on that subject would be sheer speculation. So I do not intend to answer questions on the subject of tariffs because anything I say on that subject, given our lack firmer knowledge, will almost certainly be wrong.

我們目前還不了解恐怖主義問題的範圍和廣度，而且在一段時間內也不會了解。因此，我對此發表的任何言論都純屬猜測。因此，我不打算回答有關關稅的問題，因為鑑於我們對關稅缺乏更確切的了解，我所說的任何話幾乎肯定都是錯的。

Rest assured that we are working with the related issues diligently. This concludes my remarks about a good quarter and let me turn the call back to Nicole to take questions.

請放心，我們正在積極處理相關問題。我的演講到此結束，關於本季業績良好的部分，現在讓我把電話交還給妮可，讓她回答問題。

Thank you, Phebe. As a reminder, we asked participants to ask one question, and one follow up so that everyone has a chance to participate. Operator, could you please remind participants how to enter the queue.

謝謝你，菲比。再次提醒，我們要求參與者提出一個問題和後續問題，以便每個人都有機會參與。操作員，請您提醒一下各位參與者如何排隊。

(Operator Instructions)

（操作說明）

Peter Arme, Baird.

Peter Arme，Baird。

Yeah, thanks. Good morning, Phebe, Kim, Jason, Nicole, nice results. If Phebe, maybe just given in the spirit of everything that's going on, GDI technology segment had a really good bookings quarter, kind of bucking the trend of the industry.

嗯，謝謝。早安，菲比、金、傑森、妮可，結果不錯。如果菲比（Phebe）認為，考慮到目前的情況，GDI 技術部門的預訂量在一個季度表現非常出色，某種程度上逆轉了行業的趨勢。

Maybe could you talk a little bit about, I guess, any visibility or any discussions that GD is supporting kind of the GSA and their efforts and just how are things looking from a from a bookings in a cost savings environment with the current administration?

或許您可以談談，GD在支持GSA及其相關工作方面，有哪些公開透明的討論或舉措，以及在當前政府的領導下，在節省成本的環境下，預訂情況如何？

Yeah, Peter, that's a good question. I asked Jason to join us on the call to provide us more color for those of you who wanted some, so I'll turn that over to Jason.

是的，彼得，問得好。我邀請了傑森加入我們的電話會議，為那些想了解更多細節的人提供更多信息，現在我把麥克風交給傑森。

Thanks, Phebe. Good morning, Peter. I think as you'd expect, along with a number of GDIT's peers that I'm sure you've heard from, we've been in active conversation and actively working with the customer to identify opportunities for savings, for increased value, and so on from the services and the solutions that we provide,.

謝謝你，菲比。早安，彼得。我想正如您所料，我們和 GDIT 的一些同行（我相信您也聽說過）一直在積極與客戶溝通合作，以尋找在我們提供的服務和解決方案中節省成本、增加價值等的機會。

I think it's important to as a reminder that we are not strictly in the consulting business per se. We deliver mission driven solutions, we deliver solutions to the customer's most challenging technology issues, and but the fact is we are in the conversation and as part of that conversation we are going to partner with our customer and we are going to find the savings that they're looking for.

我認為有必要提醒大家，我們嚴格來說並不從事顧問業務。我們提供以使命為導向的解決方案，我們為客戶最具挑戰​​性的技術問題提供解決方案，但事實上，我們參與對話，作為對話的一部分，我們將與客戶合作，找到他們所尋求的節省。

At this point, the only thing I could comment in terms of what we're seeing in our results is you saw, you heard about the strong results in the quarter. First quarter was very strong, not only from a revenue and earnings standpoint, but also the order book was healthy.

目前，就我們目前的業績而言，我唯一能評論的就是，你們都看到了，也聽說了本季強勁的業績。第一季業績非常強勁，不僅營收和獲利雙雙成長，訂單量也十分可觀。

So, on the one hand, we're seeing a little bit of sluggishness in the solicitation and the proposal and award process, no different than the rest of our peers, but we'll have to see how that plays out, how long that sustains, and how much of that is just an impact of a new administration setting their priorities and no different than any transition we see with a new administration.

一方面，我們看到招標、提案和授標過程略顯緩慢，這與其他同行並無不同，但我們必須看看這種情況會如何發展，會持續多久，以及這在多大程度上僅僅是新政府設定優先事項的影響，而與我們看到的任何新政府過渡時期並無不同。

So a lot still to be determined. Nothing to change yet. The outlook for the year remains the same, and I think we'll know a lot more by the midpoint of the year.

所以還有很多事情尚待確定。目前無需更改任何內容。今年的前景依然不變，我認為到年中我們會了解更多情況。

Thanks, Jason. Thanks, Phebe.

謝謝你，傑森。謝謝你，菲比。

Jason Gursky, Citi

傑森古爾斯基，花旗集團

Hey, good morning. First question, Phebe, maybe just get some comments from you and your take on the administration's desire to stand up. I'm office of shipbuilding inside the White House and all the efforts that we're seeing from them on supporting the industrial base here in the United States. We just love to get your take on what you're hearing.

嘿，早安。菲比，第一個問題，我想聽聽你對政府想要挺身而出的看法。我負責白宮造船辦公室的工作，並看到了他們為支持美國本土工業基礎所做的所有努力。我們非常想聽聽你對所聽到的內容的看法。

Yeah, so, we've been in touch with the office. We're very happy to have the focus on, shipbuilding across the enterprise. So we consider that all goodness, and we've had productive conversations with multiple elements of the administration and we're working with them to see.

是的，我們已經和辦公室聯絡過了。我們非常高興看到整個企業都將重點放在造船上。所以我們認為這都是好事，我們已經與政府多個部門進行了富有成效的對話，我們正在與他們合作，看看情況如何。

In some cases, how we can accelerate throughput productivity and shore up, how we can shore up the industrial base, particularly on the defense side, and opportunities for more commercial shipbuilding where they may arise. So I think attention on a subject of national import is always beneficial.

在某些情況下，我們如何加快生產效率並鞏固工業基礎，尤其是在國防方面，以及在可能出現的地方，如何獲得更多商業造船的機會。所以我認為，關注具有國家重要性的議題總是有益的。

Okay, great. And then a quick follow up question would just be on the executive orders that hit last week about the potential for seems like a rewrite of federal acquisition regulation. I just would love to get your take on, this administration's approach to procurement reform.

好的，太好了。然後，我想快速追問上週發布的行政命令，這些命令似乎有可能重寫聯邦採購法規。我很想聽聽您對本屆政府採購改革方針的看法。

Seems like every administration comes in and wants to reform how acquisition is done. Just curious if you think this one's going to be any different kind of potential opportunities and risks as we go through this process for the industrial base for at large. Thanks.

似乎每一屆政府上台後都想改革採購方式。我只是好奇，您認為在我們經歷這個過程的過程中，對於整個工業基礎而言，這是否會帶來一些不同的潛在機會和風險。謝謝。

So, I think that acquisition reform is always laudatory, and I think the extent to which it succeeds is understanding what works in the acquisition process and what and what doesn't. So, I think that part of the dialogue that we're all having is here's the good things, because there are an awful lot of good things within the process.

所以，我認為收購改革總是值得稱讚的，我認為它成功與否取決於對收購過程中哪些做法有效、哪些無效的理解。所以，我認為我們所有人都在進行的對話的一部分是，這裡是好的方面，因為這個過程中有很多好的方面。

So, here are all the impediments, the cost drivers, the elements that tend to slow down or build bureaucracy. So, I think that's a, I think those are good conversations and we've always been supportive of acquisition reform.

因此，這裡列出了所有阻礙因素、成本驅動因素以及容易導致速度減慢或官僚主義滋生的因素。所以，我認為這些都是很好的對話，我們一直都支持收購改革。

David Strauss, Barclays.

大衛‧史特勞斯，巴克萊銀行。

Thanks, good morning.

謝謝，早安。

Hi David.

你好，大衛。

Phebe, has there been any change in kind of the order activity or customer interest any noticeable change that you've seen at Gulfstream, post all the tariff announcements in early April, any slowing or anything?

菲比，在4月初所有關稅公告發布之後，灣流公司的訂單活動或客戶興趣方面是否有任何變化？你觀察到是否有任何明顯的變化，例如訂單放緩或其他情況？

The pipeline remains good. I'd say everyone's a little bit cautious, figuring out to the extent to which the tariffs will impact any one of their businesses, but the pipeline remains strong across the portfolio of products. So, so far so good.

管道狀況良好。我認為大家都有些謹慎，都在琢磨關稅會對各自的業務造成多大影響，但產品組合的整體發展勢頭依然強勁。目前為止一切順利。

Okay, and a follow up on the on the marine side. Could you give an update on getting the money, the significant funding that was in the CR under contract and maybe progression on the larger Block VI Virginia Class contract?

好的，接下來是關於海軍方面的一些情況。能否介紹一下資金到位情況，CR 中已簽訂合約的大量資金，以及更大的第六批弗吉尼亞級合約的進展？

So, we're working with the administration on getting the supplemental funding in the CR under contract and so we've had very productive conversations, and we'll continue those, so I don't think it's appropriate to talk more about that.

所以，我們正在與政府合作，爭取透過合約落實 CR 中的補充資金，我們已經進行了非常有成效的對話，並將繼續進行這些對話，所以我認為現在不宜再多談此事。

But to the extent to which that we get those funds into the shipyards into wages and additional throughput capacity. That's all beneficial in the big conversations that have to happen around Block VI and the second build of Columbia.

但前提是，我們能夠將這些資金投入造船廠，用於支付工資和增加生產能力。這對圍繞第六區和哥倫比亞二期工程的重大討論都大有裨益。

So, the Navy intends for those to happen this year, but I think we need a lot of building blocks before we get there, including getting the supplemental under contract and starting to execute there.

所以，海軍打算今年完成這些工作，但我認為在我們實現這一目標之前，我們需要很多基礎工作，包括簽訂補充合約並開始執行。

Robert Stallard, Vertical Research Partners

Robert Stallard，Vertical Research Partners

Thanks very much. Good morning.

非常感謝。早安.

Good morning.

早安.

Phebe, you said some positive things about the Aerospace supply chain, that you've experienced in the last couple of months. But I was wondering if in recent weeks this whole tariff thing has shifted the landscape here, particularly with regard to engines.

菲比，你談到了你在過去幾個月對航空航太供應鏈的一些正面看法。但我很想知道，最近幾週的關稅問題是否改變了這裡的格局，尤其是在引擎方面。

So let's just be clear about the supply chain. They've made very good progress and but the problems are not all behind us and so we continue to work out of station work and continue to find some issues. I think it's a little soon to tell within the supply chain the extent to which we've got real concerns, the suppliers have real concerns.

所以，我們先來明確一下供應鏈的狀況。他們取得了非常好的進展，但是問題還沒有完全解決，所以我們繼續進行站外工作，並且繼續發現一些問題。我認為現在就斷言供應鏈內部存在多大程度的真正擔憂，以及供應商存在多大程度的真正擔憂，還為時過早。

I would say that a lot of what we consume, internal consumption material, has a significant amount of US content. So how all of this plays out is remains to be seen here.

我認為，我們消費的很多東西，尤其是內部消費材料，都含有大量的美國元素。這一切最終將如何發展，還有待觀察。

Kristine Liwag, Morgan Stanley

克莉絲汀‧利瓦格，摩根士丹利

Hi, good morning, Everyone.

大家早安。

Good morning.

早安.

Jason, I want to focus on technologies a little bit. You mentioned that you're working on savings that you can provide the customer. It seems like GSA; the GSA was disappointed with the initial proposals from the industry about cost savings.

傑森，我想稍微重點談談技術方面的問題。您提到您正在努力為客戶提供節省成本的服務。看來美國總務署（GSA）對業界最初提出的節省成本方案感到失望。

So can you talk about what's the potential size of savings you could provide with the new approach and if we could size the potential effect on your revenue stream as this materializes. That'd be great, thanks.

那麼，您能否談談採用新方法後可能節省多少成本，以及隨著新方法的實施，它對您的收入流可能產生的影響？那太好了，謝謝。

Yeah, I'm afraid I'm going to give you an answer you're not going to be happy with, Kristine. The point is, as I said, we are in a good, healthy, active discussion with that customer. We are identifying savings. Some of that, as you might imagine is from a conversation that's been discussed quite a bit around shifting the fixed price and outcome-based type contracts, which we very much welcome.

是啊，恐怕我要給你一個你不會滿意的答案，克里斯汀。關鍵在於，正如我所說，我們正在與這位客戶進行良好、健康、積極的討論。我們正在尋找節省成本的方法。正如你可能想像的那樣，其中一些內容源於圍繞轉變固定價格和結果導向合約的多次討論，我們對此表示非常歡迎。

We have a good healthy portion of that in our backlog and portfolio already. But the fact is it's an ongoing dialogue with the customer and so, I think it'd be inappropriate to get out ahead of that in a public conversation and get ahead of them on that.

我們目前在待辦事項清單和項目組合中已經擁有相當可觀的此類項目。但事實上，這是與客戶持續進行的對話，因此，我認為在公開場合搶先一步，在這個問題上領先於客戶是不合適的。

Great, thank you. And then Phebe, if I could have a follow on Gulfstream, I mean, you now have the G800 certified, and you had previously had the G700 as well. At this point with the new products for Gulfstream coming out, it looks like there's a little uptick on the older G600 coming to market.

太好了，謝謝。然後菲比，如果我可以問你一些關於灣流的問題，我的意思是，你現在已經獲得了 G800 的認證，而你之前也獲得了 G700 的認證。目前，隨著灣流公司新產品的推出，舊款 G600 似乎也開始重新進入市場。

I know you mentioned that there hasn't been significant change in demand, but I was wondering if you could provide color regarding customer behavior and how the deliveries of these newer jets are affecting the older pieces and how you expect that to play out regarding pricing.

我知道您提到需求沒有顯著變化，但我很想知道您能否詳細說明一下客戶行為，以及這些新型飛機的交付對舊款飛機的影響，以及您預計這會對價格產生怎樣的影響。

It's interesting. Old is relative. He's a brand new. So I take your point, but a little bit of humor here. The interest in the 500 and 600 continued to be very strong. Each one has its market segment, fulfills different missions.

很有意思。老舊是相對的。他是個全新的人。我明白你的意思，不過這裡也想開個玩笑。人們對 500cc 和 600cc 摩托車的興趣依然非常濃厚。每款產品都有其特定的市場定位，並承擔不同的使命。

Just so an older airplane again though from a relative point of view is the 650. I think we deliver the last 650s this quarter, so that's kind of a seminal end to really an extraordinary airplane and I would say a real market changer for the last 15 years.

不過從相對角度來看，650 又是一架比較老的飛機了。我認為我們將在本季度交付最後一批 650 型飛機，這對於一款真正非凡的飛機來說，算是一個具有里程碑意義的結束，而且我認為它在過去 15 年裡真正改變了市場。

So, but demand remains good. The deliveries are on cadence, largely on cadence, but again, we still have some perturbations from the supply chain, and, but we'll hopefully get some of those behind us as supply chain or fully recovers. I hope that answers your question.

所以，需求依然旺盛。交付基本上按計劃進行，但供應鏈仍然受到一些幹擾，不過隨著供應鏈的完全恢復，我們希望能夠克服其中一些幹擾。希望我的回答能解答你的疑問。

Ken Herbert, RBC Capital Markets

肯‧赫伯特，加拿大皇家銀行資本市場

Hi Phebe, and everybody, good morning.

嗨，菲比，大家早安。

Good morning.

早安.

Nice Gulfstream deliveries in the first quarter, Phebe. It sounds like supply chains getting better, sounds like maybe there's some incremental upside to pull your expectations, but can you provide any commentary on cadence of deliveries as we think about second quarter and second half of the year from Gulfstream?

菲比，第一季灣流飛機交付量不錯。聽起來供應鏈正在好轉，聽起來或許會有一些逐步增長的空間來提高您的預期，但是考慮到灣流公司第二季度和下半年的交付節奏，您能否提供一些評論？

I pretty consistent. We'll have some mixed changes quarter over quarter like we typically do, but pretty consistent and we're sticking with our, with the estimate that we gave you on the last call. As you all know, we never, I think once in the last 12,13 years have, we once or twice have we ever updated in the second quarter or in the first quarter we always wait till the second quarter. So, we'll give you more clarity to the extent that there are any changes in the, in that second quarter update.

我相當穩定。像往常一樣，每季都會有一些變化，但整體上會比較穩定，我們會堅持上次電話會議上給出的預估。眾所周知，在過去的 12、13 年裡，我們從未在第二季或第一季進行過更新，我想大概只有一兩次，我們總是等到第二季才進行更新。因此，如果第二季更新中有任何變化，我們將向您提供更清晰的說明。

Okay, great. And just as a follow up, you called out Middle East good order activity there. Are you seeing anything else geographically, maybe any areas of softness or anything else that sticks out, in terms of customer activity on Gulfstream?

好的，太好了。另外，您剛才提到了中東地區的良好訂單活動。從地理位置來看，您是否發現灣流航空的客戶活動方面有任何異常情況，例如任何疲軟的區域或其他突出現象？

A pretty much consistent with what we've seen recently. The US is strong and Middle East is strong. So, so far I haven't seen any systemic changes here.

與我們最近看到的情況基本一致。美國實力強大，中東實力也很強。所以，到目前為止，我還沒有看到任何系統性的改變。

Scott Mikus, Melius Research LLC

斯科特·米庫斯 (Scott Mikus)，Melius 研究有限責任公司

Morning.

早晨。

Morning.

早晨。

Phebe, quick question on Marine General Cotton of US Strategic Command recently stated that the Columbia programmer record may need to be increased given today's elevated threat environment, considering the Navy's fleet of 14 Ohio-class submarines carry 280 SLBMs, but each Columbia is only designed to carry 16 SLBMs.

菲比，關於美國戰略司令部海軍陸戰隊上將科頓最近表示的哥倫比亞導彈防禦系統計劃記錄可能需要增加的問題，因為考慮到海軍的14艘俄亥俄級潛艇攜帶了280枚潛射彈道導彈，而每艘哥倫比亞導彈防禦系統僅設計攜帶16枚潛射彈道導彈，鑑於當前威脅環境的加劇。

Is there interest from the DOD that you've heard about increasing the Columbia program to maintain a one to one replacement of SLBM launch capability?

您是否聽說美國國防部有意增加哥倫比亞號火箭的發射計劃，以保持與潛射彈道飛彈發射能力的一對一替換？

That's an interesting question. That has been a national security question on and off, I'd say for the last 15 years or so. So, I haven't heard anything new, particularly on that subject, but it's is frequently a question that comes up or a subject that comes up in extended conversations. So I'm sure it is on people's minds.

這是一個有趣的問題。在過去的15年左右的時間裡，這始終是國家安全問題。所以，我沒有聽到任何新的消息，尤其是在這個話題上，但這經常是一個會被提出的問題，或者說是一個會在長時間談話中被提及的話題。所以我相信大家都在關心這個問題。

Okay and then turning to Gulfstream deliveries are very good this quarter. Were there any customers that tried to accelerate the deliveries to get ahead of the tariffs?

好的，接下來我們來看看灣流飛機本季的交付情況，非常好。是否有客戶試圖加快交貨速度以避開關稅？

Not that I'm aware of.

據我所知沒有。

Okay, thanks very much.

好的，非常感謝。

Gavin Parsons, UBS

瑞銀集團的加文·帕森斯

Thanks. Good morning.

謝謝。早安.

Good morning.

早安.

Phebe, you mentioned the improvement in the G700 margin. Was 1Q better than your plan, and do you still expect to step down in the 2Q and 3Q margin?

菲比，你提到了G700利潤率的提升。第一季業績是否超乎預期？您是否仍預計第二季和第三季利潤率會下降？

Yeah, we're holding consistent for a whole series of reasons that including Mik among others, in the second quarter, pretty much the progression that we gave you last, last call in January. So again, if that will, if that changes, we'll update you at the end of Q2. But so far that's still our plan.

是的，我們保持穩定的原因有很多，包括 Mik 等人在第二季度的表現，基本上與我們在 1 月最後一次向大家介紹的情況一致。所以，如果情況有變，我們會在第二季末向您報告。但目前為止，這仍然是我們的計劃。

Okay, appreciate it. And you mentioned you expect G800 certification to drive a step up in orders there. Did you book any G800s in the first quarter?

好的，謝謝。您提到您預計 G800 認證將推動該地區的訂單量成長。第一季你們預訂了G800嗎？

We've had, yeah. I'm almost certain we did, and we've had certainly additional interest since the certification. It's a popular airplane. Let's recall that airplane is the replacement for the 650, 650s, as I noted. Leave, that it's out of out of production at the end of this quarter.

是的，我們有。我幾乎可以肯定我們做到了，而且自從獲得認證以來，我們確實收到了更多關注。這是一架很受歡迎的飛機。正如我之前提到的，讓我們回顧一下，這架飛機是 650、650s 的替代品。離開，因為它將在本季末停產。

It's already out of production actually, largely, and we're in the delivery mode. So the last delivery will be this quarter. So, that'll be an additional, I think stimulant to demand.

實際上，該產品已基本停產，我們現在正處於交付階段。所以最後一次交貨將在本季進行。所以，我認為這將進一步刺激需求。

Seth Seifman, JP Morgan

摩根大通的賽斯‧塞夫曼

Okay, thanks very much and good morning, everyone. I want to ask you and Marine, just, starting off with the 7% margin kind of slightly higher than what was initially expected for the year and potentially, bringing those last two Block V votes under contract, well hopefully bringing those boats under contract this year, we'll see about the rest.

好的，非常感謝，大家早安。我想問您和 Marine，首先，7% 的利潤率比年初預期的略高一些，而且有可能將最後兩艘 Block V 的投票合約簽訂，希望今年能將這些船隻的合約簽訂，至於其他的，我們再看情況吧。

Does that create maybe a little bit less risk, when we think about the marginal like for Marine versus the past two years?

與過去兩年相比，考慮到 Marine 的邊際效益，這是否會降低一些風險？

I think to the extent that we can continue to stimulate through productivity in the supply chain as well as at the shipyard, that is always a risk reduction. So I think every time that we can facilitate that is a good thing. I will recall, I'll just note on the 7% margin.

我認為，如果我們能夠繼續透過提高供應鏈和造船廠的生產力來刺激生產，那麼這始終是一種風險降低。所以我認為，每次我們能夠促成這件事都是一件好事。我會記得的，我只需記下7%的利潤率。

We had a charge in the fourth quarter last year that didn't revisit, and that was some mix driven, but we're but you didn't ask this question, but I'll answer it anyway. You we we'll stick with as we stand today with our, we're going to hover in the upper sixes in margin, but yes, as I said, any action on the part of the government to stimulate productivity always takes risk out of the out of the profile.

去年第四季我們有一個費用沒有重新計算，這主要是由於一些因素造成的，但你沒有問這個問題，但我還是會回答的。我們將繼續維持現狀，我們的利潤率將保持在6%以上，但是，正如我所說，政府為刺激生產力而採取的任何行動總是會降低風險。

Okay, thanks, and then just as a follow up on the capital deployment and balance sheet, with the share purchases in in the first quarter, I guess, will affect the share account for the year. The, yeah, I think, Kim, you mentioned maybe waiting potentially to refinance, some of the debt that's due in the in the second quarter.

好的，謝謝。關於資本部署和資產負債表，我想補充一點，由於第一季進行了股票購買，這將對全年的股票帳戶產生影響。是的，我想，金，你提到或許可以等到第二季再對一些到期的債務再融資。

Should we think about some incremental interest expense at all this year that maybe offset some of the goodness from share report or how to, I guess how do those two things kind of net out and then, Phebe, I think you said over time that you're typically opportunistic on share report and this was, a bigger quarter than we're used to seeing and so you what was kind of the thought process around that?

我們是否應該考慮今年增加一些利息支出，以抵銷股價報告帶來的部分利多？或者說，這兩件事該如何互相抵銷？菲比，我想你之前說過，你通常會抓住股價報告帶來的機會，而這個季度的業績比我們以往看到的要好得多，那麼你當時是怎麼想的呢？

Sure, I'll start with, just to clarify, I didn't necessarily say we were waiting, we're just watching what's happening in the market in terms of the rates related to the refinancing of the debt. So, just wanted to clarify on that.

當然，首先我要澄清一下，我並沒有說我們一直在等待，我們只是在觀察市場中與債務再融資相關的利率走勢。所以，我只是想澄清一下。

And as you stated, we did have significant share repurchase in the first quarter, and we continue to look at share repurchase throughout the rest of the year depending on the facts and circumstances as they present themselves. And so I would say that we will likely have, slightly more interest expense predicted for the rest of the year.

正如您所說，我們在第一季進行了大量的股票回購，並且我們將繼續在今年餘下的時間裡根據實際情況考慮股票回購。因此，我認為今年剩餘時間的利息支出可能會略有增加。

And I would say to our general attitude about capital deployment is unchanged and our share repurchases are opportunistic, but the stock was a good buy for a lot of instances this quarter.

我想說，我們對資本部署的整體態度沒有改變，我們的股票回購是機會主義的，但本季很多情況下，這隻股票都是不錯的買進選擇。

Andre Madrid, BTIG

安德烈·馬德里，BTIG

Good morning, everyone.

各位早安。

Good morning.

早安.

Given all the recent tension around trade, do you think there's a reluctance moving forward for allies to work with US contractors? I mean, you saw several Northern European nations kind of coming together and saying that they were intending to collectively buy a competing infantry combat vehicle Like, do we expect stuff of this magnitude kind of moving forward?

鑑於最近圍繞貿易的種種緊張局勢，你認為盟友們今後是否會不願與美國承包商合作？我的意思是，你看到幾個北歐國家聯合起來表示，他們打算共同購買一輛有競爭力的步兵戰車。我們是否可以期待這種規模的事情會繼續發展下去？

And yeah, like I said, do we expect trade to kind of linger and weigh on, allies dealing with contractors like GD?

是的，就像我說的，我們是否預期貿易問題會持續存在並給與像GD這樣的承包商打交道的盟友帶來壓力？

I think that we have to see how all that plays out, but we, I think you know that we are a little bit different, and this is largely talking about combat systems because that's our preeminent business in Europe, but this is a European business run by Europeans with manufacturing facilities in Europe, sourced in Europe almost exclusively.

我認為我們必須看看這一切會如何發展，但是，我想你知道，我們有點不同，這主要指的是作戰系統，因為這是我們在歐洲最重要的業務，但這是一個由歐洲人經營的歐洲企業，在歐洲設有製造工廠，幾乎完全從歐洲採購。

So, these are long standing 30 year in some instances, companies in in in their home countries. So, I think we're a little bit different. I would say that the demand on the first quarter for European-made-sourced GD products was certainly there, and European Land Systems has a superb portfolio of products to offer, and we have seen increased demand and increased spending. So that bodes well from our perspective for the for these businesses.

所以，這些公司在其本國都有長達 30 年的歷史。所以，我覺得我們有點不一樣。我認為，第一季對歐洲製造的GD產品的需求確實存在，歐洲陸地系統公司擁有卓越的產品組合，我們已經看到需求和支出都在增加。所以從我們的角度來看，這對這些企業來說是個好兆頭。

Got it. That's helpful. And then if I could just squeeze in one more, I think some of your peers pointed out a slower pace of contract awards in the first quarter. Did you see anything of this nature? Could you provide more color there?

知道了。那很有幫助。如果我能再補充一點，我認為你們的一些同行指出，第一季的合約授予速度有所放緩。你有看過類似的情況嗎？能提供更多細節嗎？

Yeah, not on, not in the majority of the portfolio, but Jason, go ahead.

是的，沒有，大部分投資組合中沒有，但傑森，你繼續吧。

Ahead. Yeah, I think it relates to the technologies group, as you saw in the results. It was actually a very encouraging quarter from an order's perspective, on a pretty meaningful uptick in revenue, we had a book to build greater than one to one. So, so far we're not seeing an impact, through the end of the first quarter, and as Phebe said, the pipeline for the business remains very strong.

前方。是的，我認為這與技術組有關，正如你在結果中看到的那樣。從訂單的角度來看，這實際上是一個非常令人鼓舞的季度，收入出現了相當大的增長，我們的訂單量比超過了1:1。所以，截至第一季末，我們還沒有看到任何影響，正如菲比所說，業務前景仍然非常強勁。

The issue that I think most people are talking about and we're seeing frankly the same thing is what I would refer to as perhaps a sluggishness, if you will, in the cadence of solicitations and award activity. But as a reminder, that's not necessarily something new for this business.

我認為大多數人都在談論的問題是，坦白說，我們看到的也是同樣的問題，那就是徵集和授予活動的節奏可能有些遲緩。但需要提醒的是，這對這個產業來說並不算是新鮮事。

In the GDIT side in particular we've talked for some time about dealing with these types of issues of protracted and drawn out, adjudications and award activities, protests and other things that sort of extend that order cadence beyond what would be a regular order.

尤其是在 GDIT 這邊，我們已經討論了一段時間，如何處理這類曠日持久的裁決和獎勵活動、抗議以及其他一些會延長命令節奏超出正常命令範圍的問題。

So while this is something we're tracking and it's something everybody's talking about, I don't necessarily think it's something aberrationally different than what we've been used to dealing with in the past. And so we'll just have to see how it plays out as we go forward.

所以，雖然我們正在關注這件事，而且每個人都在談論這件事，但我並不認為這與我們過去習慣處理的事情有什麼異常的不同。所以，我們只能拭目以待，看看接下來的發展如何。

Sheila Kahyaoglu, Jefferies & Company.

Sheila Kahyaoglu，傑富瑞公司。

Good morning, Phebe, Kim. Phebe, or Kim, maybe, two follow-ups if I can, both on margins, one on Aerospace and one on Marine. On Aerospace, can you just update us on how we think about the last G650 being delivered in this quarter as the G800 ramps and how we think about the different blocks with G700 progressing throughout the year?

早安，菲比，金。菲比，或者金，也許可以，如果可以的話，我想做兩個後續跟進，都與利潤率有關，一個關於航空航天，一個關於海洋。關於航空航太領域，您能否簡要介紹一下，隨著 G800 的量產，我們是如何看待本季度最後一架 G650 的交付，以及隨著 G700 在今年逐步推進，我們是如何看待各個模組的？

So, we're continuing to improve G700 margins. We are not, however, at what I would call a normal cadence yet. And so once we hit that, then we will begin to progress margins even further. The G650 will deliver at high margins and the G800 will come in at higher margins than the G700 because it's not carrying as much burden of R&D as the G700s did for a lot of G700s. So, these are all, I think, beneficial to us, and you had a question on the Marine margins.

因此，我們正在持續提高 G700 的利潤率。然而，我們還沒有達到我所說的正常節奏。因此，一旦我們達到那個目標，我們就會開始進一步提高利潤率。G650 將以高利潤率交付，而 G800 的利潤率將高於 G700，因為它不像 G700 系列那樣承擔大量的研發負擔。所以，我認為這些都對我們有益，而且你也問了關於海洋邊緣的問題。

Yes, please. Yeah. I just thought your prepared remarks mentioned the government and working with them a lot more. So I was wondering over the last quarter or two, what's really changed, whether it was the hiring cadence, the investment required from GD or is the government customer working closer with you to support, the Marine build out.

好的，謝謝。是的。我只是覺得你事先準備好的發言稿更多地提到了政府以及與政府合作。所以我想知道在過去的一兩個季度裡，究竟發生了什麼變化，是招募節奏，還是GD所需的投資，又或者是政府客戶與你們更緊密地合作以支持海軍陸戰隊的建設。

So, there's a step up in engagement on the civilian side of the government with us on building that cadence, getting the throughput up, getting productivity, increases, ensuring that we can continue to hire the workers that we have been hiring, that the wage structure is appropriate and that the investments take us to the next level.

因此，政府民事部門正在加大力度與我們合作，以建立這種節奏，提高吞吐量，提高生產力，確保我們能夠繼續僱用我們一直在僱用的工人，確保工資結構適當，並確保投資將我們提升到一個新的水平。

And I suspect that the next series of investments you'll see some investment in resiliency, a lot in again additional productivity and throughput with increased automation, even more increased automation. We have quite a bit that we've spent, the last decade and recently, putting it in the shipyards.

我懷疑下一輪投資將會增加對韌性的投資，還會增加對生產力和吞吐量的投資，透過提高自動化程度，甚至進一步提高自動化程度。過去十年以及最近幾年，我們花了不少錢在造船廠。

And then, additional fixtures for additional throughput so that we can really get our pace to where it needs to be, to deliver what the nation needs, and then, again, continued efforts on the part of the government to support the supply chain and get the supply chain stabilized. It's better in places, but we've got a ways to go.

此外，還需要增加額外的設備以提高吞吐量，以便我們能夠真正加快生產速度，滿足國家的需求；同時，政府也需要繼續努力支援供應鏈，穩定供應鏈。有些地方情況有所好轉，但我們還有很長的路要走。

Ronald Epstein, Bank of America.

羅納德·愛潑斯坦，美國銀行。

Good morning, everyone. This is Mariana Perez Mora for run today.

各位早安。這是瑪麗安娜·佩雷斯·莫拉今天為大家帶來的跑步報道。

Good morning.

早安.

So I wanted to do a follow up on combat systems. Could you mind discussing what is the pipeline of opportunities in Europe, especially because we continue to see headlines on like, increased commitment to build up their defenses?

所以我想對戰鬥系統做個後續研究。您能否談談歐洲有哪些發展機遇，特別是考慮到我們不斷看到有關各國加大國防投入的新聞報道？

So we've seen increased discussions, and really throughout Europe, the Eastern Europe as well as Central Europe now and those conversations have accelerated. They started in earnest with the invasion of Ukraine, and they have picked up even more as each one of those governments has allocated an increasing amount of its resources to defense spending. So I would say it's across the board.

因此，我們看到相關討論增多，而且在整個歐洲，包括東歐和中歐，這些討論都在加速進行。他們真正開始入侵烏克蘭，隨著這些國家的政府將越來越多的資源用於國防開支，他們的行動也愈演愈烈。所以我認為這種情況很普遍。

Thank you. And my follow-up is going to be on Europe. What are your expectations for, especially in this macro environment or evolving uncertainty? What are your expectations for a book to be on Gulfstream for the full year?

謝謝。我的後續報道將聚焦在歐洲。尤其是在當前宏觀環境或不斷變化的不確定性下，您有何預期？您對一本關於灣流飛機的書能否全年暢銷抱持著什麼樣的期望？

So, we are close to one to one for the year. I think we're actually at 0.9, but why picnics, that's pretty close to one. So we continue to see that as achievable in the moment. Should that change, we'll let you know in Q2.

所以，我們今年的預測接近1比1。我認為我們實際上是 0.9，但是為什麼是野餐呢？這已經非常接近 1 了。因此，我們仍然認為這是目前可以實現的。如果情況有變，我們會在第二季通知您。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

Thanks, Phebe, I realize you can't put precision on the tariffs from the step in the land mine here.

謝謝菲比，我知道你不能從這顆地雷中精確計算關稅。

Are you right about that?

你的說法正確嗎？

I know. So, so your confidence that you alluded to in the full year outlook, is that encompassing your assessment of what you're going to see? I just want to make (inaudible)

我知道。所以，您在全年展望中提到的信心，是否涵蓋了您對未來發展趨勢的評估？我只是想做（聽不清楚）

Sure, we don't think the defense guys get hit much. There will be some Gulfstream impacts, and nothing we see so far is extraordinary. But we have a long way to go, and I think a lot of the supply chains have to assimilate these changes and see the impacts to the extent that they have them on them.

當然，我們認為防守球員很少會被撞到。灣流飛機可能會受到一些影響，但目前我們看到的一切都不算特別嚴重。但我們還有很長的路要走，我認為很多供應鏈都必須適應這些變化，並且看到這些變化對它們的影響程度。

But that's all I can give you. If I were any more specific, the one thing I could assure you is it would be wrong, and you all would be highly irritated that I gave you a wrong number. So, I'm giving you really how we see it from our foxhole moment.

但我只能告訴你這些了。如果我給更具體的數字，我可以向你們保證，那肯定是錯的，你們都會因為我給了你們錯誤的號碼而非常生氣。所以，我今天要跟你們說說我們身處戰壕時的真實感受。

Alright, and then to follow up, we talked through the call about the administration's fingerprints on the marine business with the Shipbuilding Act and technologies with some of their initiatives on government services. Is there anything you're seeing as it relates to your combat business and their view on the role of the army and maybe the XM30 and M10 as being prioritized or deprioritized in the framework?

好的，接下來，我們透過電話討論了政府透過《造船法》對海洋產業的影響，以及他們在政府服務方面的一些舉措所體現的技術。就您的作戰業務而言，您是否注意到他們對軍隊角色的看法，以及XM30和M10在框架中的優先順序如何？

So, one of the things that is a truism about Washington that is now a truism on steroids is that rumor is rampant. So I want to see what the budgets actually show, but the CR did fund. A striker and Abrams at a lesser rate. I think the Army's plan had been one full brigade of Abrams, third of the brigade of strikers, and they cut that request by about a third.

所以，關於華盛頓的一條不爭的事實，如今更是被無限放大，那就是謠言四起。所以我想看看預算實際顯示的內容，但CR確實提供了資金。一名前鋒和艾布拉姆斯，價格較低。我認為陸軍的計劃原本是採購一個完整的艾布拉姆斯坦克旅，以及三分之一的突擊者旅，但他們後來將採購量削減了大約三分之一。

So we need to find a little bit more stable a funding profile, particularly for the supply chain, that really perturbates the supply chain badly. There is great interest on the part of the army, and we are working daily with them to accelerate the next generation Abrams. So we consider that a very positive step in army recapitalization and modernization.

因此，我們需要找到更穩定的資金來源，特別是對於供應鏈而言，因為供應鏈真的受到了嚴重的干擾。軍方對此表現出濃厚的興趣，我們每天都在與他們合作，以加快下一代艾布拉姆斯坦克的研發。因此，我們認為這是軍隊更新換代和現代化過程中非常積極的一步。

Noah Poponak, Goldman, Sachs & Co.

諾亞·波波納克，高盛公司

Hey, good morning, everyone.

嘿，大家早安。

Good Morning.

早安.

I just wanted to go back to technologies, Jason and or Phebe, and it's interesting you mentioned engagement with the customer and that this dialogue back and forth dialogue is going on. I wondered how much are they just asking for reductions versus how much are you showing them capability that can help them gain efficiencies while adding revenue to your business?

我只是想回到技術方面的話題，Jason 和 Phebe，你們提到與客戶的互動以及這種來回的對話，這很有意思。我想知道，他們只是要求降低成本，還是你向他們展示了能夠幫助他們提高效率並為你的企業增加收入的能力？

And then additionally, I'm curious how much discussion is there on contract structure and how that could impact margins, whether positively or negatively.

此外，我還想知道關於合約結構以及這會對利潤率產生怎樣的影響（無論是積極的還是消極的）的討論有多少。

Yeah, look, in short, I'd say it's all of the above, not to mince words. They are looking for reductions across the board, and we are actively participating in that and making recommendations to help them solve, the problem they're trying to solve.

是啊，簡而言之，我認為以上所有情況都符合，毫不誇張地說。他們正在尋求全面削減開支，我們也積極參與其中，並提出建議以幫助他們解決他們正在努力解決的問題。

But to your point, there are opportunities down the road because the fact is, when you look at the types of efficiencies they're trying to drive the type of headcount reductions they're looking for. It is absolutely the very types of things that we provide in terms of these technology solutions and digitization and so on that enable those types of reductions.

但正如你所說，未來還有機會，因為事實上，當你觀察他們試圖提高效率的類型以及他們所尋求的裁員類型時，就會發現這一點。正是我們提供的這些技術解決方案和數位化等方面的服務，才使得這些類型的減少成為可能。

So there's going to be a period where it's a shorter term conversation and then it's going to turn to a longer term conversation and to your point about opportunity in that, I think, look, we talked about fixed price slash outcome based type contracts, and again I mentioned we're comfortable with that, we have a good bit of that in our portfolio, and that should bring an opportunity for us.

所以會有一段時間是短期對話，然後會轉為長期對話。至於你提到的機會，我認為，你看，我們討論過固定價格/結果導向型合同，我再次提到我們對此感到滿意，我們的投資組合中有很多這類合同，這應該會給我們帶來機會。

The fact is it's no different than any other contract geometry, fixed price versus cost plus. When you take on more risk, there should be an opportunity for a little better margin, but all of it comes at a better price and a better outcome for the customer.

事實上，它與其他任何合約結構（固定價格與成本加成）並無不同。承擔更多風險，就有機會獲得更高的利潤，但這一切都是以更優惠的價格和更好的客戶體驗為代價的。

I guess if I were to add one other thing to watch out from a risk standpoint, we need to be careful from a mission perspective that if there's dueling priorities of significantly reducing workforce within the government and at the same time on a meaningful level insourcing this type of work to the customer that can come at great peril, and we need to be mindful of that in these conversations and make sure we don't compromise any mission capability.

我想，如果從風險角度來說，我還要補充一點需要注意的地方，那就是從任務角度來看，我們需要謹慎。如果政府內部大幅削減員工人數，同時又在很大程度上將這類工作內部化給客戶，這兩種優先事項相互衝突，可能會帶來巨大的風險。我們需要在這些討論中註意這一點，並確保我們不會損害任何任務能力。

I appreciate all that detail, Jason. And just one quick one, Kim, what's your updated thinking for full year free cash flow and an income conversion?

傑森，我很欣賞你提供的所有細節。Kim，最後再問一個問題，你對全年自由現金流和收入轉換的最新想法是什麼？

I think we're sticking with the forecast that we gave you in January. At this point in time, we're obviously always trying to improve upon that, but at this point in the year we're going to stick to that forecast.

我認為我們還是會堅持一月份給出的預測。目前，我們當然一直在努力改進，但在今年的這個階段，我們將堅持先前的預測。

Okay, [Audra], I think now we have time for just one last question.

好的，奧德拉，我想我們現在還有時間問最後一個問題了。

Gautam Khanna, TD Cowen

高塔姆·卡納，TD Cowen

Yeah, thank you guys. Jason, I wanted to just follow up on the prior question. Have you actually seen [Doge] or whatever we want to call this, [Dbook] terminate contracts with GDIT. Has that happened? And if so, can you quantify what that aggregates to?

是啊，謝謝大家。傑森，我想就之前的問題做個後續說明。你真的看過[Doge]或我們想怎麼稱呼它都行，[Dbook]終止與GDIT的合約嗎？這件事發生了嗎？如果是這樣，你能量化一下最終結果嗎？

Yeah, I'm sure if you look at the public information around do they list all the contract actions that they've taken action on, and we have been a part of that. There have been some stop work orders, some partial stop work orders, and so on. In terms of impact of that, I'm not going to quantify that for the year, as I said, the outlook for the year for the business remains the same.

是的，我相信如果你查看相關的公開信息，他們會列出所有他們已經採取行動的合約行動，而我們也參與其中。已經下達了一些停工令，有些是部分停工令，等等。至於其影響，我不會對今年的影響進行量化，正如我所說，公司今年的前景依然不變。

If anything, I think I would remind you that historically the way General Dynamics puts contract value into backlog is materially different and more conservative than most of GDIT's peers. We're very rigorous about that and so from a color standpoint, I think I'll put it that way. But we're those things are going on and it's going to be part of the conversation.

如果有什麼需要提醒您的，那就是通用動力公司在歷史上將合約價值計入積壓訂單的方式與大多數 GDIT 同行截然不同，而且更加保守。我們在這方面非常嚴格，所以從顏色角度來說，我想我會這樣說。但這些事情正在發生，而且它們也將成為討論的一部分。

Gotcha. And it's factored in. Okay, and then just to follow up on Gulfstream. Phebe, could you remind us what percentage of the pipeline of opportunities on the large cabin side are with non-US customers? Like a rough percentage, is it half? Is it a quarter?

明白了。而且這一點已被考慮在內。好的，接下來再補充一下關於灣流飛機的情況。菲比，你能提醒我們一下，大型客艙業務的潛在商機中，有多少百分比是來自美國以外的客戶嗎？大概算個百分比，是一半嗎？是25美分嗎？

Yeah, no, it's less than half. I think it typically runs 60, 40 something like that, [60 US].

不，還不到一半。我認為它通常運行速度在60到40左右。[60 美國]。

Great. Well, thank you everyone for joining our call today. As a reminder, please refer to the General Dynamics website for the first quarter earnings release and highlights presentation. If you have any additional questions, I can be reached at 703-876-3152.

偉大的。感謝各位今天參加我們的電話會議。再次提醒，請造訪通用動力公司網站查看第一季財報和亮點介紹。如果您還有其他問題，可以撥打 703-876-3152 與我聯絡。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。