通用動力 (GD) 2026 Q1 法說會逐字稿

Good morning, and welcome to the General Dynamics' first-quarter 2026 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Nicole Shelton, Vice President of Investor Relations. Please go ahead.

早安，歡迎參加通用動力（General Dynamics）2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把會議交給投資人關係副總裁 Nicole Shelton。請開始。

Thank you, operator, and good morning, everyone. Welcome to the General Dynamics' first-quarter 2026 conference call. Any forward-looking statements made today represent our estimates regarding the company's outlook. These estimates are subject to some risks and uncertainties. Additional information regarding these factors is contained in the company's 10-K, 10-Q, and 8-K filings.

謝謝，接線員，各位早安。歡迎參加通用動力 2026 年第一季電話會議。今天所作的任何前瞻性陳述，均代表我們對公司前景的估計。這些估計受到若干風險與不確定性影響。關於這些因素的更多資訊，載於公司提交的 10-K、10-Q 與 8-K 文件中。

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

我們也將提及若干非 GAAP 財務衡量指標。關於這些非 GAAP 指標的額外揭露（包括與可比 GAAP 指標的調節表），請參閱本次網路直播隨附的簡報投影片；投影片可於我們網站的投資人關係頁面 investorrelations.gd.com 取得。

On the call today are Danny Deep, President; and Kim Kuryea, Chief Financial Officer. I will now turn the call over to Danny.

今天與會者包括總裁 Danny Deep，以及財務長 Kim Kuryea。現在我把電話交給 Danny。

Thank you, Nicole. Good morning, everyone, and thanks for being with us. The first thing I'll note is that our Chairman and CEO, Phebe Novakovic, had a family illness that required her absence. So I'll be conducting today's call along with Kim. At the very outset of these remarks, let me share with you our view that this was a very powerful quarter in all respects.

謝謝你，Nicole。各位早安，感謝各位與會。首先我要說明，我們的董事長兼執行長 Phebe Novakovic 因家人疾病需要缺席。因此今天的電話會議將由我與 Kim 一同主持。在一開始，我想先與各位分享我們的看法：本季在各方面都是非常強勁的一季。

Earlier today, we reported earnings of $4.10 per diluted share on revenue of $13.5 billion, operating earnings of $1.420 billion and net earnings of $1.125 billion. These results compare quite favorably to the year ago quarter, which in and of itself was a very good quarter. For example, revenue is up 10.3% and importantly, operating earnings are up 12% and net earnings are up 13.2%.

今天稍早，我們公布稀釋後每股盈餘 4.10 美元，營收 135 億美元，營業利益 14.20 億美元，淨利 11.25 億美元。這些結果與去年同期相比相當亮眼，而去年同期本身也是非常好的一季。例如，營收成長 10.3%；更重要的是，營業利益成長 12%，淨利成長 13.2%。

As a result, earnings per diluted share are up $0.44, 12% more than a year ago quarter. The operating margin for the entire company was 10.5%, a 10 basis points improvement over a year ago quarter, which, coupled with the revenue growth, led to very strong earnings growth.

因此，稀釋後每股盈餘增加 0.44 美元，較去年同期成長 12%。全公司營業利益率為 10.5%，較去年同期改善 10 個基點；再加上營收成長，帶動非常強勁的獲利成長。

While Aerospace and Marine led the way on revenue increases, each of the other two segments enjoyed revenue increases as well. A similar pattern is true with respect to operating earnings. Each of the segments demonstrated better performance led by Marine Systems with a 26.4% increase from improved operating performance across all of our shipyards, coupled with the revenue increase. We beat consensus by $0.43 in the quarter on more revenue and better operating margins than expected by the sell side. In short, this performance exceeded our own expectations.

在營收增幅方面，航太與海事領先帶動成長，另外兩個事業部門也同樣實現營收增加。營業利益亦呈現類似趨勢。各事業部門表現皆有提升，其中以海事系統最為突出：在所有船廠營運表現改善並伴隨營收成長的帶動下，營業利益增加 26.4%。本季我們較市場共識高出 0.43 美元，原因是營收更高、且賣方預期之外的營業利益率更佳。總之，本季表現也超出我們自身的預期。

We also had a terrific quarter from a cash flow perspective, together with strong order intake, which led to a larger backlog, which Kim will discuss in greater detail in a moment. From our perspective, we have opened the year on a very positive note.

從現金流角度來看，我們本季也表現非常出色；同時接單強勁，帶動在手訂單（backlog）增加，Kim 稍後會更詳細說明。就我們而言，我們以非常正面的態勢開啟了新的一年。

At this point, let me ask Kim Kuryea, our CFO, to provide details on our superb cash flow, order activity and solid backlog before I come back with segment observations.

接下來，我請我們的財務長 Kim Kuryea 先就卓越的現金流、接單活動與穩健的在手訂單提供細節，之後我再回來分享各事業部門的觀察。

Thank you, Danny, and good morning. Let me start by addressing our outstanding cash performance during the first quarter. The first quarter was a very strong start to the year with operating cash flow of $2.2 billion. We got out of the gate with our business units overwhelmingly exceeding their planned cash flow and driving operating working capital down. Compared to the first quarter of 2025, capital expenditures were up over 40% to $203 million.

謝謝你，Danny，各位早安。我先談第一季優異的現金表現。第一季以 22 億美元的營運現金流為今年帶來非常強勁的開局。我們一開始就看到各事業單位大幅超越其規劃的現金流目標，並推動營運週轉資金下降。與 2025 年第一季相比，資本支出增加逾 40%，達 2.03 億美元。

While capital expenditures were around 1.5% of sales in the quarter, we continue to expect capital expenditures between 3.5% and 4% of sales for the full year. You should expect the profile of our investment to grow each quarter as we continue to invest, especially in our shipyards to accelerate production and meet demand.

雖然本季資本支出約占銷售額的 1.5%，但我們仍預期全年資本支出將介於銷售額的 3.5% 至 4%。隨著我們持續投資，尤其是在船廠以加速生產並滿足需求，各位應可預期我們的投資規模將逐季增加。

After considering capital expenditures, our free cash flow for the quarter was just shy of $2 billion, yielding a cash conversion rate in the quarter of 174%. We continue to expect a free cash flow conversion rate of 100% of net income for the year, but the strong cash acceleration into the first quarter results in a profile that will look a little different than what I provided in January. We now expect the first quarter to represent the largest quarter of free cash flow with positive cash flow in each of the remaining quarters, supporting our continued efforts to drive cash to the left.

在扣除資本支出後，本季自由現金流接近 20 億美元，使本季現金轉換率達 174%。我們仍預期全年自由現金流轉換率為淨利的 100%，但第一季現金流大幅提前，使得現金流分布將與我在一月提供的展望略有不同。我們現在預期第一季將是全年自由現金流最高的一季，其餘各季也都將維持正向現金流，支持我們持續推動現金流「向左移」。

Also in the quarter, we paid dividends of approximately $400 million and repurchased about $200 million of our common stock to cover dilution. After adding it all up, we ended the quarter with a cash balance of $3.7 billion and a net debt position of $4.4 billion, down $1.3 billion from last quarter.

此外，本季我們支付股利約 4 億美元，並回購約 2 億美元普通股以抵銷稀釋。綜合以上，我們在季末的現金餘額為 37 億美元，淨負債為 44 億美元，較上季下降 13 億美元。

Moving now to orders and backlog. Our order activity and backlog continued to be a strong story and a highlight for us in the first quarter. We received over $26 billion of orders, achieving an overall book-to-bill ratio of 2:1 even as revenue grew by over 10% from the year ago quarter.

接著談訂單與在手訂單。第一季的接單活動與在手訂單持續是我們的一大亮點與強勁故事。我們取得超過 260 億美元的新訂單，即使營收較去年同期成長逾 10%，整體出貨比（book-to-bill）仍達 2:1。

The robust demand across our portfolio resulted in total backlog of $131 billion, an impressive 48% increase over last year and 11% higher than just a quarter ago. Total estimated contract value, which includes options and IDIQ contracts, ended the quarter at another record level of $188 billion, a 33% increase from last year.

我們產品組合的強勁需求使總在手訂單達 1,310 億美元，較去年增加 48%，也較僅一季前高出 11%。包含選擇權與 IDIQ 合約在內的合約估計總價值（total estimated contract value）在季末達到另一個創新高的 1,880 億美元，較去年增加 33%。

Now some final items in my area to address. We have $500 million of notes coming due in both June and August 2026 for a total of $1 billion. Our plan assumes that the $1 billion will be refinanced, but this is something that we will continue to evaluate throughout the year.

最後補充幾點我這邊需要說明的事項。我們在 2026 年 6 月與 8 月各有 5 億美元票據到期，合計 10 億美元。我們的規劃假設將為這 10 億美元進行再融資，但我們會在全年持續評估此事。

Turning to interest. Our net interest expense in the quarter was $69 million compared to $89 million in the respective 2025 period. The decrease is due almost entirely to the interest we paid for commercial paper borrowings in the first quarter of 2025.

接著談利息。本季淨利息費用為 6,900 萬美元，相較於 2025 年同期的 8,900 萬美元。下降幾乎完全是因為我們在 2025 年第一季為商業本票借款所支付的利息。

Wrapping up with income taxes. Our effective tax rate in the first quarter of 2026 was 17.8%, generally consistent with our full year guidance of 17.5%.

最後談所得稅。2026 年第一季有效稅率為 17.8%，大致與我們全年指引的 17.5% 一致。

Danny, that concludes my remarks. I'll turn it back over to you.

Danny，我的說明到此結束。我把電話交回給你。

Thanks, Kim. Now I'll review the financial performance for each of the groups. First, Aerospace. Aerospace did very well in the quarter. It had revenue of $3.3 billion and operating earnings of $493 million with a 15% operating margin.

謝謝你，Kim。現在我將回顧各事業群的財務表現。首先，航太。航太在本季表現非常出色。營收為33億美元，營業利益為4.93億美元，營業利益率為15%。

Revenue was $253 million more than last year's first quarter, an 8.4% increase. To give you a little perspective here, the increase was driven by two more aircraft deliveries and higher services revenue at both Gulfstream and Jet Aviation. The 38 deliveries in the quarter are exactly as planned.

營收較去年第一季增加2.53億美元，成長8.4%。為了讓各位更有概念，這項成長主要來自多交付兩架飛機，以及Gulfstream與Jet Aviation兩者的服務營收提高。本季交付38架，完全符合計畫。

Operating earnings of $493 million are up $61 million, driven in part by the increased revenue, but most importantly, by a 70 basis point improvement in operating margin. The comparison with last year's first quarter is particularly instructive from my point of view.

營業利益4.93億美元增加6,100萬美元，部分受惠於營收增加，但更重要的是營業利益率提升70個基點。以我的觀點來看，與去年第一季的比較特別具有啟發性。

The number of deliveries is similar, but up by two in the quarter. Neither quarter was significantly burdened by tariff costs and neither has any unusual items of significance. As a result, the improvement quarter-over-quarter comes from a lot of measurable improvements across the entire business.

交付架數相近，但本季多了兩架。兩個季度都未受到關稅成本的明顯拖累，也都沒有任何重大的非常項目。因此，季對季的改善來自於整體業務各面向許多可衡量的改進。

From an operational perspective, we are off to a strong start to the year. And as I mentioned, with 38 deliveries in the quarter, that happens to be the highest number of deliveries for any first quarter in Gulfstream history.

從營運角度來看，我們在今年開局強勁。而如我所提到的，本季交付38架，恰好是Gulfstream歷史上任何第一季最高的交付量。

We see durable productivity improvements on the G700 and 800 in both manufacturing and completions. Performance on the G800 has been a particular standout. This quarter, they delivered with very good gross margins. In fact, it was better than the G650s that it replaced, which delivered in the first quarter of 2025, quite remarkable given how recently G800s have entered into service. In fact, we will deliver only our 25th G800 this coming quarter, so very positive given how early we are in that program.

我們在G700與G800的製造與完工交付（completions）兩方面，都看到持續且穩健的生產力提升。G800的表現尤其突出。本季交付的毛利率非常好。事實上，甚至優於其所取代的G650（該機型於2025年第一季交付），考量到G800投入服役的時間仍相當短，這點相當令人驚豔。此外，我們在下一季才會交付第25架G800，因此以該專案仍處於早期階段而言，這是非常正面的表現。

Turning to market demand. We had a 1.2 book-to-bill in the quarter with 17 more airplane orders than the year ago quarter. We were on our way to a spectacular quarter, but numerous transactions slowed at the end of the quarter as a result of the conflict in the Middle East. The book-to-bill over the trailing 12 months is 1.3x. So we see very active interest across all models in the US, but some cautious concern for some customers in the Middle East.

接著談市場需求。本季出貨比（book-to-bill）為1.2，飛機訂單較去年同期多17架。我們原本正朝著一個極為亮眼的季度邁進，但由於中東衝突，季末有多筆交易放緩。過去12個月的出貨比為1.3倍。因此，我們看到美國市場對各機型的興趣非常活躍，但中東部分客戶則較為審慎。

We are also off to a solid start in the first month of this quarter. In summary, the Aerospace team had a special quarter operationally. So let's move on to the defense businesses. First, Combat Systems. Combat Systems had revenue of $2.28 billion, up almost 5% over the year ago quarter.

本季第一個月我們也有穩健的開局。總結而言，航太團隊在營運面繳出特別出色的一季。接下來我們談國防業務。首先，戰鬥系統（Combat Systems）。戰鬥系統營收為22.8億美元，較去年同期成長近5%。

Earnings of $310 million are up 6.5%. Margins at 13.6% are up 20 basis points against the year ago quarter. The increased revenue performance was at Ordnance and Tactical Systems and European Land Systems. We also experienced good order performance at 0.9:1 book-to-bill given the third and fourth quarters of 2025 book-to-bill of 2x and 4.3x, respectively.

獲利3.10億美元，成長6.5%。13.6%的利潤率較去年同期提升20個基點。營收成長主要來自彈藥與戰術系統（Ordnance and Tactical Systems）以及歐洲陸地系統（European Land Systems）。在訂單表現方面也不錯，本季出貨比為0.9:1；考量到2025年第三季與第四季的出貨比分別為2倍與4.3倍。

In fact, on a trailing 12-month basis, the book-to-bill has been 2.1x. Demand for Combat Systems' products is strong, driven primarily by US allies. Wheeled and tracked vehicles are up, reflecting the increased threat environment. In addition, Ordnance and Tactical Systems continue to lead this group's growth with particularly strong growth in munitions.

事實上，以過去12個月計算，出貨比為2.1倍。戰鬥系統產品需求強勁，主要由美國盟友帶動。輪式與履帶式車輛需求上升，反映威脅環境升高。此外，彈藥與戰術系統持續引領本事業群成長，其中彈藥（munitions）成長尤為強勁。

What is encouraging for Combat is during this period of recapitalization and transition to next-generation platforms for our US land force customers is the breadth of this portfolio with both international vehicles as well as our munitions group that continue to provide a nice growth outlook with very solid margins.

對戰鬥系統而言，令人鼓舞的是：在美國陸軍客戶進行汰換更新（recapitalization）並轉向下一代平台的期間，這個產品組合的廣度——包含國際車輛以及我們的彈藥事業——仍能提供良好的成長展望，且利潤率非常穩健。

Turning to Marine Systems. Once again, our shipbuilding units are demonstrating strong revenue growth. Revenue has continued to increase to reflect increased demand and importantly, increased throughput across all of our shipyards.

接著談海事系統（Marine Systems）。我們的造船單位再次展現強勁的營收成長。營收持續增加，反映需求提升，更重要的是，我們所有船廠的產出量（throughput）也在提高。

This quarter's growth of 21% was driven primarily by the Columbia- and Virginia-class programs, followed by the oiler at NASSCO. Repair volume has also increased at both our East and West Coast repair yards. Of significance, earnings improved 26.4% on improved productivity in each of our shipyards. As you know, to support this growth, we have made significant investments in each of our shipyards, particularly at Electric Boat, and we will continue to invest as we go forward to support the additional demand we see. Turning to operating performance.

本季21%的成長主要由Columbia級與Virginia級專案帶動，其次是NASSCO的加油船（oiler）。我們東岸與西岸的維修船廠，維修量也有所增加。值得注意的是，受惠於各船廠生產力提升，獲利成長26.4%。如各位所知，為了支撐這項成長，我們已在各船廠進行重大投資，尤其是在Electric Boat；未來也將持續投資，以支援我們所看到的額外需求。接著談營運表現。

Momentum is building at each of our shipyards. At Electric Boat on the Columbia program, we have seen a 29% increase in the number of hours earned as compared to first quarter of 2025. And while we still have areas in the supply chain where we need an increased cadence, we have seen a marked improvement versus first quarter a year ago. For sequence critical material, we have seen a 52% increase in the number of items received as compared to this time period last year.

我們各船廠的動能正在累積。在Electric Boat的Columbia專案上，與2025年第一季相比，我們看到已賺取工時（hours earned）增加29%。雖然供應鏈仍有一些領域需要提高節奏（cadence），但相較於去年第一季，我們已看到明顯改善。就關鍵序列物料（sequence critical material）而言，與去年同期相比，收到的項目數量增加52%。

At Bath Iron Works, the DDG-51 program continues to improve in both efficiency and schedule. And at NASSCO, we'll deliver the final Expeditionary Sea Base ship this summer with capacity to support additional TAOs or other auxiliary or commercial programs. And finally, Technologies. This group also experienced growth in revenue and earnings, albeit not at the pace of the other segments. Revenue of $3.6 billion was an increase of 4.2% over the first quarter of 2025.

在Bath Iron Works，DDG-51專案在效率與進度上持續改善。而在NASSCO，我們將於今年夏天交付最後一艘遠征海上基地艦（Expeditionary Sea Base），並具備產能以支援更多TAO或其他輔助艦或商用專案。最後是科技事業群（Technologies）。該事業群的營收與獲利也有所成長，但增速不如其他部門。營收36億美元，較2025年第一季增加4.2%。

Both businesses contributed to the growth, but Mission Systems led the way with an 11.7% increase. Operating earnings of $339 million were up 3.4% over the year ago quarter. Operating margins decreased 10 basis points from 9.6% to 9.5%. The group's order activity was also encouraging with a book-to-bill of 1.3x for the quarter and 1.2x for the trailing 12 months. This segment continues to compete very well in its markets with win and capture rates between 80% and 90%.

兩項業務都對成長有所貢獻，其中以任務系統（Mission Systems）領先，成長11.7%。營業利益3.39億美元，較去年同期成長3.4%。營業利益率下降10個基點，從9.6%降至9.5%。本事業群的接單活動也令人鼓舞，本季出貨比為1.3倍，過去12個月為1.2倍。該事業群在其市場中持續展現強勁競爭力，得標率與攫取率（win and capture rates）介於80%至90%。

For GDIT, we're seeing strong demand for our AI and cyber capabilities. Q1 orders exceeded our internal plans across the portfolio with particular strength in defense. And despite elongated procurement cycles and fewer customer adjudications, GDIT ended the quarter with a 5% increase in the backlog as compared to year-end 2025, which is encouraging given their near record revenue this quarter.

就GDIT而言，我們看到市場對我們的AI與資安能力需求強勁。第一季訂單在整體產品組合上超出我們的內部計畫，國防領域表現尤其突出。儘管採購週期拉長且客戶裁決（adjudications）次數減少，GDIT在本季結束時的在手訂單（backlog）較2025年年底增加5%；考量到本季營收接近歷史新高，這是令人鼓舞的。

Mission Systems had a strong quarter from an operational standpoint with a 50 basis point expansion in margins as compared to a year ago, driven by a favorable product mix and their broader transition away from legacy programs to highly differentiated systems.

從營運角度來看，Mission Systems 本季表現強勁，受惠於有利的產品組合，以及其更廣泛地從傳統（legacy）專案轉向高度差異化系統，毛利率較去年同期擴張 50 個基點。

So to wrap things up, while we historically have not updated our guidance after the first quarter, given our strong start, we thought it would be prudent to revise our EPS guidance to reflect our performance thus far and its implication for the full year. As a reminder, in January, we told you to assume an EPS range of $16.10 to $16.20. Our updated guidance for 2026 would be an EPS range of $16.45 to $16.55.

總結來說，雖然我們過去一向不會在第一季後更新財測，但鑑於開局強勁，我們認為審慎起見，應修正 EPS 指引，以反映迄今的表現及其對全年之影響。提醒一下，我們在 1 月曾請各位假設 EPS 區間為 16.10 至 16.20 美元。我們更新後的 2026 年指引為 EPS 區間 16.45 至 16.55 美元。

Looking at the year from a quarterly perspective, the first and fourth quarters would represent the high points, favoring the fourth quarter given its typical increased volume with the second and third quarters trailing a bit on expected mix. As is our long-standing practice, we will refresh our internal forecast in detail during the second quarter and elaborate more on the specifics by segment on the July call.

以季度角度來看全年，第一季與第四季將是高點；考量第四季通常因出貨量增加而更具優勢，第二季與第三季則因預期產品組合而略為落後。依我們長期以來的慣例，我們將在第二季期間詳細更新內部預測，並在 7 月的電話會議上就各事業部門的細節做更進一步說明。

Nicole, back to you.

Nicole，交還給你。

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

謝謝你，Danny。(活動說明) 接線員，能否請你提醒與會者如何加入提問隊列？

(Operator Instructions)

(接線員說明)

Robert Stallard, Vertical Research.

Robert Stallard，Vertical Research。

Danny, I was wondering if you could comment on the supply chain situation. You seem to have touched on it a little bit in Marine, but I was wondering how you're getting on across the broader group and whether there are any tight points that you're trying to address?

Danny，我想請你評論一下供應鏈狀況。你在 Marine（海事）部分似乎稍微提到了一些，但我想了解在整個集團更廣泛的層面目前進展如何，以及是否有任何你們正試圖解決的瓶頸？

Yes. I would say, broadly speaking, as it relates to the supply chain for the whole Marine group, we have seen an increased cadence. On-time deliveries are up. I think we're not seeing the same number of quality issues that we saw in the previous year. I think we still see some areas in the supply chain where we need to get the cadence up.

是的。我會說，整體而言，就整個 Marine 事業群的供應鏈來看，我們看到節奏有所加快。準時交付率提升。我認為我們沒有再看到去年那樣多的品質問題。不過我認為供應鏈仍有一些領域需要把供應節奏再拉上來。

And those problems tend to be where we have complex components or complex systems where there are just single sources of supply. But broadly speaking, we are seeing improvements.

而這些問題通常出現在我們使用複雜零組件或複雜系統、且供應來源為單一來源的地方。但整體而言，我們確實看到改善。

Okay. And then a quick follow-up. It looks like the AJAX program is back in testing again in the UK. Maybe for Kim, I was wondering if there had been any accounting or financial implications of the stoppage from the restart?

好的。接著一個簡短追問。看起來 AJAX 專案在英國又回到測試階段。也許問 Kim：從停工到復工，是否有任何會計或財務上的影響？

No, there have not. Everything is business as usual from an AJAX perspective.

沒有，沒有任何影響。就 AJAX 而言，一切照常運作。

Kristine Liwag, Morgan Stanley.

Kristine Liwag，Morgan Stanley。

When you look at the fiscal year '27 budget request from the White House, there's a fairly large step-up in shipbuilding dollars. You guys have talked about the tightness in labor historically and the supply chain issues in Marine. But I was wondering, as you look at the significant step-up in opportunity, are there things that General Dynamics could do though to capture more of this growth sooner? It seems like there's more of an urgency to rebuild our Navy.

當你們看白宮提出的 2027 財年預算請求時，造船經費有相當大幅的增加。你們過去談過 Marine 的勞動力緊缺與供應鏈問題。但我想問的是，面對這個顯著增加的機會，General Dynamics 是否有什麼作法可以更早、更快地掌握更多成長？看起來重建海軍的急迫性更高了。

Yes. Like as you can imagine, the lead times for producing these ships are pretty extensive. And I think what we see in the budget is good support for the programs that are already in work and certainly helps the volume, but we don't anticipate that any of these awards are going to change dramatically the number of ships that we have to produce in the immediate term.

是的。如你所想，建造這些艦艇的前置期相當長。我認為我們在預算中看到的是對既有在建專案的良好支持，當然也有助於提升量能，但我們不預期這些合約授予會在短期內大幅改變我們必須立即生產的艦艇數量。

And then also, when we look at that force projection by number of ships, you've got your traditional programs. But then there's also some of these smaller surface vehicles and smaller unmanned undersea vehicles. I was wondering, can you talk about the opportunities for that? And is there a way for you to capture more of that smaller end market, especially if we're looking at higher volumes?

另外，當我們看以艦艇數量為基礎的兵力投射規劃時，有傳統的專案。但也有一些較小型的水面載具與較小型的無人水下載具。我想請你談談這方面的機會。若未來量更大，你們是否有方式能掌握更多這個較小端市場？

Yes. So we have been investing in the unmanned undersea platforms for a number of years with our Mission Systems group through Bluefin. So we're, I think, poised well to participate in the growth in that market. As far as smaller ships on the surface combatant side, we don't really see that. We're going to focus on what we do at NASSCO with oilers and sea lift and subtenders and at Bath Iron Works with DDG-51s and the next destroyer that's up there. But we don't anticipate moving into the smaller ships surface-wise.

是的。我們透過 Mission Systems 事業群旗下的 Bluefin，多年來一直投資於無人水下載具平台。因此我認為我們已具備良好條件參與該市場的成長。至於水面作戰艦艇端的較小型艦艇，我們並不太看到那方面。我們會聚焦於我們在 NASSCO 所做的油輪、海運補給（sea lift）與潛艦支援艦（subtenders），以及在 Bath Iron Works 所做的 DDG-51 與下一代驅逐艦等。但我們不預期會在水面端進入較小型艦艇。

Peter Arment, Baird.

Peter Arment，Baird。

Danny, maybe if you could give some comments on just any impacts you've seen out of the Middle East, whether it's affecting Gulfstream or whether you've had any other impacts more favorably, I guess, on the munition side of things. Maybe just some overall color of any feedback from Middle East operations.

Danny，也許你可以談談你們在中東看到的任何影響，不論是對 Gulfstream 的影響，或是我猜在彈藥相關業務上是否有較正面的影響。能否就中東行動帶來的回饋提供一些整體看法？

Sure. So let me just maybe focus on Aerospace initially. As I think we said in our comments, we were having a spectacular quarter from an order standpoint across the board here in the United States as well as the Middle East. And then as the conflict started to take form, we saw some slowing in order intake in the Middle East. So certainly impacted on the order side, albeit still pretty robust.

當然。我先聚焦在航太（Aerospace）。如同我們在評論中提到的，從訂單角度來看，本季在美國本土以及中東市場整體都非常亮眼。但隨著衝突逐漸成形，我們看到中東的接單動能有所放緩。因此訂單端確實受到影響，但整體仍相當強勁。

From a supply side, as you can imagine, some of what we get from that part of the world is impacted, and it's really a labor force issue. So all of the airplanes that we delivered in the first quarter of 2026, we actually had those airplanes in inventory ready for completion prior to the conflict.

在供應端，如你所想，我們部分來自該地區的供應受到影響，主要是勞動力問題。因此，我們在 2026 年第一季交付的所有飛機，其實在衝突發生前就已在庫存中、準備完成最後完工。

So I mean, we're watching that, but certainly, world events could impact supply there. From a demand side on the defense side, I mean, it's a little early and we're certainly in plenty of discussions with a number of customers where we've had long-standing relationships, but we haven't necessarily matured those opportunities to the point where I can comment that we see increased demand. But I think a lot will depend on how long this goes and what sort of demand we see in terms of refilling their inventories.

所以我們正在關注這點，但世界事件確實可能影響那邊的供應。至於國防端的需求面，現在談還稍早；我們確實與多位長期合作的客戶進行許多討論，但這些機會尚未成熟到我可以評論我們看到需求增加的程度。不過我認為很大程度將取決於衝突持續多久，以及他們在補充庫存方面會出現何種需求。

No, appreciate that. And just a quick follow-up. Just you mentioned Colombia construction is progressing. Can you just give us the latest on like where you are on kind of the first haul and where things are progressing otherwise?

了解，謝謝。再一個簡短追問。你提到 Columbia 的建造正在推進。你能否提供最新進度，例如第一艘的下水（first haul）目前到哪個階段，以及其他方面的進展？

Sure. Really positive momentum on Colombia. All the major modules we received by the end of last year. And so we're in the process of integrating and assembling those in one of our larger yards and expect to have a real key milestone achieved by the end of this year and on a path to deliver that first boat in -- by the end of 2028. So excellent progress in the last six or nine months on the Columbia program on the path to deliver.

當然。Columbia 專案動能非常正面。我們在去年底前已收到所有主要模組。因此我們正在其中一座較大型船廠進行整合與組裝，並預期在今年底前達成一個非常關鍵的里程碑，且正朝在 2028 年底前交付第一艘艦艇的路徑前進。過去六到九個月，Columbia 專案在交付路徑上取得了非常出色的進展。

Seth Seifman, J.P. Morgan.

Seth Seifman，摩根大通。

I wanted to ask about Aerospace. And I know you said you weren't refreshing guidance within the segments, but the first quarter came in nicely ahead of the expectation for the year on margin rate. The reasons for that, that you mentioned seem to be fairly enduring. Are there particular things we should be watching for that would be pushing margin down going forward? Or has Gulfstream, in particular, maybe Aerospace more broadly kind of gotten over the hump with regard to some of these supply chain challenges and margin headwinds that you faced?

我想問一下航太業務。我知道你說過不會在各事業部門內更新指引，但第一季的利潤率表現明顯優於全年預期。你提到的原因看起來相當具有持續性。未來是否有什麼我們應該特別留意、可能會把利潤率往下拉的因素？或者就 Gulfstream 而言，乃至更廣泛的航太業務，是否已經在某種程度上跨過了先前面臨的供應鏈挑戰與利潤率逆風的高峰？

Yes. Look, I think, as you know, we had a pretty strong quarter at Aerospace and Gulfstream specifically. I think you'll see some mix movement in the second and third quarter, but certainly as planned, and then you'll see a really strong fourth quarter. From a delivery standpoint, we should expect that second quarter will be very similar to first quarter and then the third and fourth will be our highest, and that's per plan. So I think all of those things give us some optimism about where we are in Aerospace in terms of margins and to use your word, it's certainly durable.

是的。你也知道，我們在航太業務、尤其是 Gulfstream，第一季表現相當強勁。我認為第二季與第三季會看到一些產品組合的變動，但這完全符合規劃，然後第四季會非常強勁。從交付角度來看，第二季應該會與第一季非常接近，而第三季與第四季會是我們交付量最高的季度，這也都在計畫之內。所以我認為這些因素讓我們對航太業務的利潤率走勢更有信心；用你的用詞來說，這確實具有相當的持久性。

Yes. Okay. Excellent. And then maybe in Combat, if you could talk a little bit about the facility in Mesquite. I think the release talked about some goodness in artillery and you mentioned OTS in your comments. If we've been reading the trade press over the past couple of months, there's been some customer concerns expressed about Mesquite and the ramp-up there. How should we be thinking about both the risks and the opportunities around that facility?

是的。好的。非常好。另外在戰鬥系統方面，能否談談 Mesquite 的那座工廠？我想新聞稿提到火砲彈藥方面有一些正面進展，而你在發言中也提到了 OTS。如果我們過去幾個月有看產業媒體報導，裡面提到客戶對 Mesquite 以及那邊的產能爬坡表達了一些疑慮。我們應該如何看待該設施相關的風險與機會？

Yes. So I think as you've seen, the customer put out a recent release on that. We've reached agreement with the Army customer on the path forward for that facility. We are very well aligned. We expect that we will be in production next year and producing artillery rounds for the foreseeable future. So we have a very, very good path forward with the customer. And as I said, we're well aligned. So just I think, think about that happening and coming online next year.

是的。我想你也看到，客戶最近就此發布了一份公告。我們已與陸軍客戶就該設施的後續推進路徑達成一致。我們的立場非常一致。我們預期明年會進入量產，並在可預見的未來持續生產火砲彈藥。因此，我們與客戶之間有一條非常、非常清晰且良好的前進路徑。如我所說，我們彼此高度一致。所以我認為，你可以把它視為明年會上線並開始運作。

Ken Herbert, RBC.

Ken Herbert，RBC。

I just wanted to follow up on the Aerospace comments. It sounds like, Danny, when you think about some of the production coming out of Israel on some of your programs, how has that been impacted? And is that a potential risk as we think about sort of the next few quarters?

我想追問一下航太業務的評論。Danny，聽起來當你考量到你們某些專案有部分生產是在以色列進行時，這部分受到什麼影響？而這是否可能成為我們在接下來幾季所要考量的一項潛在風險？

Yes. So as I mentioned, all of the airplanes that we delivered in Q1, we had received a fair bit ago, and we completed them over the quarter and delivered which weren't impacted this quarter. I think we could see a small impact the longer this goes on. They're still producing those airplanes ready for us to complete. But we could see some minor impact. And as you know, that's on the G280.

是的。如我提到的，我們在第一季交付的所有飛機，其實我們在更早之前就已經收到，並在本季完成整備後交付，因此本季沒有受到影響。我認為如果這個情況持續更久，我們可能會看到一些小幅影響。他們仍在生產那些飛機，並準備好讓我們完成後續整備。但我們可能會看到些微影響。而你也知道，這主要是在 G280 上。

Great. And then maybe, Kim, really nice cash generation in the quarter. Can you give any comments maybe around any onetime advances or other items that could have been supported some of the upside in the quarter and how we think about specifically then the progression here into the second and third quarter as cash steps down relative to the strong first quarter?

很好。另外，Kim，本季現金創造表現非常亮眼。你能否評論一下是否有任何一次性預收款或其他項目，支撐了本季現金表現的超預期？以及我們該如何看待第二季、第三季相較於強勁第一季的現金回落走勢？

Sure. First, let me start out with, and I think I mentioned in my remarks that it was really outperformance on our own expectations across the business units. If we think of our 10 business units, I think they all exceeded expectations. And so that was really great performance. When I think about customer advances specifically, they sort of come with the business.

當然。首先我先說明一下，我想我在發言中也提到，這主要是我們各事業單位都超出我們自身預期的表現。如果看我們的 10 個事業單位，我認為它們全都超出預期。所以這真的是非常好的營運表現。至於客戶預收款（advances）本身，它們基本上是隨著業務自然發生的。

So it wasn't anything of terrible significance and -- from that standpoint. And certainly, anything that we got from an advance standpoint was planned. So I would say this was more outperformance against our expectations for the quarter, which does mean moving some of the cash from second quarter into the first quarter. So as I mentioned, cash will be positive, but down in the quarters to follow, but very strong for the year. And we're certainly looking at the cash conversion rate for the year in terms of is it possible that we could exceed 100%, and we'll see where we go there, too.

所以從那個角度來看，並沒有什麼特別重大的單一項目。而且，任何我們收到的預收款也都是在計畫之內。因此我會說，這更多是相對於我們對本季的預期出現了超額表現，這也意味著把原本預期在第二季實現的一部分現金提前到了第一季。所以如我所提到的，後續季度現金仍會是正數，但會較低；不過全年仍會非常強勁。我們也會關注全年現金轉換率，看看是否有可能超過 100%，我們也會再觀察進展。

Ron Epstein, Bank of America.

Ron Epstein，美國銀行。

So Danny, a quick question for you. We've seen, I guess, the DOW putting pressure on some contractors to make investments for, how do I say it, the promise of future volume. Have you seen that? Have you guys had to make some investments upfront? And how are you handling that, particularly in the munitions and defense consumable area?

Danny，我有個簡短問題。我們看到，我想是國防部（DOD）正在對一些承包商施壓，要求他們先行投資，以換取未來產量的承諾。你們有看到這種情況嗎？你們是否也必須先行投入一些前期投資？特別是在彈藥與國防消耗品領域，你們是如何應對的？

Yes. So in particular, for munitions, we have been investing. We've been investing in artillery capabilities, solid rocket motors, energetics and some of the down components to support the missile primes. So we have been doing that and are continuing to do that, and we're fully committed to making sure that we're part of the solution as it relates to the munitions issue. And as you know well, we've been investing for a long time on the Marine side, and we anticipate that continuing for a number of years.

是的。就彈藥而言，我們確實一直在投資。我們在火砲產能、固體火箭發動機、含能材料（energetics），以及一些下游零組件上進行投資，以支援飛彈主承包商。所以我們一直在做，也會持續投入；我們完全承諾要確保自己成為解決彈藥問題方案的一部分。而你也很清楚，我們在 Marine 這一塊已經投資很長一段時間，並預期這樣的投入還會持續多年。

So I don't know that I would necessarily say that we saw pressure from the administration. I think we've been investing because we see that the demand is there and the need is there and the threat environment is dictating that, and that has been happening for a while with us.

所以我不確定我會把它描述為來自政府的壓力。我認為我們之所以投資，是因為我們看到需求存在、需要存在，而且威脅環境也在驅動這件事；而我們這樣做已經有一段時間了。

Got you. And then maybe just shifting to Marine. There's been discussion about this Trump-class battleship, when would you expect some more details on that, a possible down select or as outsiders looking in, when do you think we could learn more about it?

了解。那再把話題轉到 Marine。外界一直在討論這個 Trump 級戰艦，你預期何時會有更多細節，例如可能的縮編入選（down select）？或者以外部觀察者的角度，你認為我們何時能了解更多？

Yes. Look, I think we're in the very early stages of that. We're working with the partner on doing some of the detailed design now. I know that the administration wants to move as quickly as possible on it. But it's just a little early now for us to be able to define exact time lines, but we're part of that process today, but it's in the early stages.

是的。我想我們還在非常早期的階段。我們目前正與合作夥伴一起進行一些細部設計工作。我知道政府希望盡可能快速推進。但就我們而言，現在還稍早，還無法界定精確的時間表；不過我們今天已經參與其中，只是仍處於早期階段。

David Strauss, Wells Fargo.

David Strauss，富國銀行。

I wanted to ask about Mission Systems. I think, Danny, I heard you said it was up around 12% in the quarter. I think the business has been flat to down for quite a while. Now you had some programs rolling off. What's driving the growth there? And maybe touch on the growth outlook from here and what that might mean for margins overall for Technologies?

我想請教一下任務系統（Mission Systems）。我想，Danny，我聽你說本季大約成長了12%。我認為這項業務已經有一段時間持平到下滑。現在你們有一些專案到期結束。那邊的成長是由什麼驅動的？另外也請談談從現在起的成長展望，以及這對Technologies整體利潤率可能意味著什麼？

Yes. Look, I think Mission Systems has done an excellent job of transitioning from what we term legacy programs into very highly differentiated systems that are in demand. And if you look at where they have invested and focused a lot of their attention, over the last several years. And as they look forward, it's in areas that are very much aligned with the administration's priorities. So think strategic deterrents, unmanned systems, proliferated space and contested space, encryption modernization, next-generation command and control and precision munitions.

是的。你看，我認為任務系統在從我們所稱的傳統（legacy）專案，轉型到高度差異化、且市場需求強勁的系統方面，做得非常出色。如果你看他們過去幾年投資的方向與投入大量心力聚焦的領域，以及他們往前看的方向，都是與本屆政府的優先事項高度一致的領域。例如：戰略嚇阻、無人系統、分散式太空與受爭奪太空、加密現代化、下一代指揮與控制，以及精準彈藥。

So I think all of those things, given the alignment with some of the administration's priorities and where Mission Systems has focused their attention, it bodes well for them in the future. And I'm not sure that margins were at 12.6% that you mentioned, but we'll come back to you. I think they're even a little higher than that. And we're continuing to be bullish about where we think they can be.

所以我認為，這些事項與政府部分優先方向的對齊，以及任務系統所聚焦的重點，都讓他們未來的前景相當正面。至於你提到的12.6%利潤率，我不確定是否正確，但我們會再回覆你。我認為甚至還略高於那個數字。而我們也持續對他們可能達到的水準保持樂觀。

I think you said the growth in Mission Systems was 12%. Yes. That's right.

我想你說任務系統的成長是12%。是的。沒錯。

Yes, the growth was at 12%. That's right. And yes, and we feel good about the growth in that part of the portfolio going forward based on all the things I just mentioned.

是的，成長是12%。沒錯。而且，是的，基於我剛才提到的所有因素，我們對該投資組合中那一部分未來的成長感到很有信心。

Okay. Great. And Kim, in terms of the CapEx step-up this year, your updated thoughts on your ability to kind of recover that through working capital over the near term?

好的。了解。Kim，關於今年資本支出（CapEx）上調，你對於在短期內透過營運資金來某種程度回收／抵消的能力，有沒有更新的看法？

Yes. I mean it's certainly -- as we continue to invest throughout the year, it certainly has an impact on our cash flow, and that's what we're evaluating as it impacts the quarter. But we're certainly driving to get our working capital off the balance sheet to offset the increase in CapEx.

是的。我的意思是，隨著我們在全年持續投資，這確實會對我們的現金流造成影響，而這也是我們在評估其對季度表現影響的部分。但我們也確實在推動把營運資金從資產負債表上釋放出來，以抵消資本支出增加的影響。

Myles Walton, Wolfe Research.

Wolfe Research的Myles Walton。

Danny, you mentioned 1Q represented the highest output for jets at Aerospace. And so where does capacity currently sit for large cabin production at this point on an annual basis? I noticed in the fourth quarter of last year, you had a pretty material step-up in CapEx. And so I imagine you're expanding capacity. So maybe you can just update us on the trajectory to get to whatever capacity you're targeting.

Danny，你提到第一季代表Aerospace噴射機的最高產出。那麼就目前而言，大型客艙機型的年化產能大概在什麼水準？我注意到去年第四季你們的資本支出有相當明顯的上升。所以我猜你們正在擴充產能。能否請你更新一下，朝你們目標產能前進的軌跡與進度？

Yes. So from a demand and backlog standpoint, certainly, we have enough of that to increase production on the long-range and the ultra-long-range family of airplanes. I think the issue here really is the supply chain and their ability to ramp up as quickly. And so in terms of overall capacity, we're putting it in place because the demand is there, and it's just a matter of when the supply chain can ramp up to support that.

是的。就需求與在手訂單（backlog）而言，我們當然有足夠的需求與訂單，來提高長程與超長程系列機型的產量。我認為這裡真正的問題其實在於供應鏈，以及他們能否同樣快速地拉升產能。因此就整體產能而言，我們正在把產能建置到位，因為需求確實存在；接下來只是供應鏈何時能夠拉升以支援這些需求的問題。

Okay. And in your tariff outlook, is it still contemplating $40 million or north thereof after the Supreme Court and 232 and all the other changes that have taken place?

好的。那在你們對關稅的展望中，在最高法院裁決、232條款以及其他已發生的變化之後，是否仍然是以4,000萬美元或更高的水準來假設？

Yes. I think when you referenced the $41 million, you're talking about what we reported in the fourth quarter of 2025. And so as we mentioned in the remarks, when you make a comparison of first quarter 2025 to first quarter 2026, neither of those two quarters had any tariffs to speak of. And then we only assumed a very modest amount -- or included a very modest amount of recovery in the first quarter. So really nothing material. And then going forward, as it relates to these IEEPA tariffs, we haven't assumed anything different.

是的。我想你提到的4,100萬美元，是指我們在2025年第四季所揭露的數字。因此如同我們在發言中提到的，當你比較2025年第一季與2026年第一季時，這兩個季度基本上都沒有什麼關稅可言。而且我們在第一季只假設了非常小的金額——或只納入了非常小幅度的回收。所以實際上沒有任何重大影響。至於往後，針對這些IEEPA關稅，我們沒有做出任何不同的假設。

Sheila Kahyaoglu, Jefferies.

Jefferies的Sheila Kahyaoglu。

Danny, really strong start across the businesses. Is it fair to say that the 2% EPS raise is primarily related to Aerospace and the 15% margins versus the 14% guide? And maybe how much of that came from 800 accretion versus maybe services, onetime items with fuel?

Danny，各項業務的開局都非常強勁。是否可以說，EPS上調2%主要與Aerospace有關，因為利潤率達到15%，高於指引的14%？另外，其中有多少來自800（機型/專案）的增厚（accretion），以及有多少可能來自服務業務或燃油相關的一次性項目？

Yes. I think the increase in guidance is for what we see today. I mean, I think as we mentioned in the remarks, we'll have more fidelity in the second quarter to share. The contribution to that increase came from more than Aerospace, also from Marine and a little bit from Technologies. So the expectation for Aerospace is that we will continue to execute the way we're executing, and we'll see what that means for the second quarter.

是的。我認為指引上調是基於我們目前所看到的情況。我的意思是，如同我們在發言中提到的，我們在第二季會有更高的確定性可以分享。這次上調的貢獻不只來自Aerospace，也來自Marine，以及Technologies的一小部分。因此對Aerospace的預期是，我們會持續以目前的方式執行，然後看看這對第二季意味著什麼。

Great. And then sticking to Aerospace, just a follow-up. Two business jet OEMs have called out supply chain issues, Honeywell more publicly. Maybe if you could just talk about -- you're still growing deliveries 25% year-over-year in Aerospace. Should we expect any cadence changes to deliveries for the rest of the year for biz jets?

很好。接著仍聚焦在Aerospace，追問一下。有兩家商務噴射機OEM點出供應鏈問題，Honeywell更是公開提到。也許你可以談談——你們Aerospace的交付量仍年增25%。對於今年剩餘時間的商務噴射機交付節奏，我們是否應該預期會有任何變化？

For us specifically, I think you should expect second quarter to look a lot -- from a cadence and delivery standpoint, a lot like what you just saw in the first quarter. And then third and fourth quarter will be higher and fourth quarter will be our strongest, both from a mix and a margin standpoint. So from a supply chain perspective, as I mentioned, they're keeping up for us.

就我們而言，我認為你應該預期第二季在節奏與交付方面，會與你剛看到的第一季非常相似。然後第三季與第四季會更高，而第四季會是我們最強的一季，無論在產品組合（mix）或利潤率方面都是如此。所以就供應鏈角度而言，如我所提到的，他們對我們的供應仍跟得上。

John Godyn, Citi.

Citi的John Godyn。

First, Marine Systems alignment with the $1.5 trillion budget, extremely clear. Can you elaborate a bit more on Combat Systems and Technologies just in light of the priorities proposed in the $1.5 trillion?

首先，Marine Systems與1.5兆美元預算的對齊非常清楚。能否就Combat Systems與Technologies再多談一些，特別是考量到1.5兆美元中所提出的優先事項？

Yes. As you mentioned, I think it's very clear where the marine programs sit in the base budget, and we're encouraged by that. As far as Combat goes, I think there's good support for where we are in the munition space. And as far as combat vehicles goes, they're really in a period of transition, the Army and even the Marine Corps to some extent. And so there's a fair bit of development activity going on.

是的。如你所提到的，我認為海事相關專案在基礎預算（base budget）中的位置非常清楚，我們也因此受到鼓舞。至於Combat，我認為在彈藥領域，我們目前的布局獲得了良好的支持。而就戰鬥車輛而言，陸軍、甚至在某種程度上也包括海軍陸戰隊，正處於轉型期。因此目前有相當多的研發活動正在進行。

And so during this period and speak specifically to next-generation main battle tank with M1E3, we'll see some lower volumes on the current version of the tank. And as it relates to Stryker program, for example, those rates are down, although that vehicle and that platform continues to be versatile and used in a number of different applications, those rates won't replace what we had seen historically.

因此在這段期間，若具體談到下一代主戰坦克M1E3，我們會看到現行版本坦克的出貨量較低。而就例如Stryker專案而言，其產率也在下降；雖然該車輛與平台仍具多用途性，並被用於多種不同應用，但這些產率無法取代我們過去歷史上所看到的水準。

But certainly supported from an RDT&E standpoint for the programs that we're pursuing, and that includes M1E3 and advanced reconnaissance vehicle for the Marine Corps. From a technology standpoint, the areas, we see good alignment in the budget. And as you can imagine, in their space, there are a lot more line items to look at. But in the areas, whether it's cyber and space and some of the areas I mentioned earlier for Mission Systems, we see good support in the budget for programs that we are heavily involved in.

但就我們正在推進的計畫而言，從研發測試與評估（RDT&E）的角度來看，確實獲得了支持，其中包括陸戰隊的 M1E3 與先進偵察車。從技術角度來看，我們看到預算在相關領域有良好的一致性。而且如各位所想，在他們的領域裡，有更多的預算科目需要檢視。但在這些領域，不論是網路、太空，以及我先前提到的任務系統部分領域，我們都看到預算對我們深度參與的計畫提供了良好支持。

Great. And just changing gears on capital returns and appetite for buyback. Obviously, that was sort of an interesting topic last quarter for a lot of the companies. But as we sit here today, you guys are executing well. The stock is still kind of down on the year.

很好。接著換個話題談資本回饋以及回購意願。顯然，上季這對很多公司來說都是個頗有意思的議題。但就目前而言，你們執行得很好。股價今年以來仍然有點下跌。

We'll see how this all plays out. But maybe you could just kind of remind us what the appetite and the view on buybacks may be if you continue to execute well this year and the stock is -- lags the market.

我們再看看接下來會如何發展。但也許你可以提醒大家，如果你們今年持續執行良好，而股價—落後於大盤時，對回購的意願與看法可能會是什麼？

Yes. So as you know, share repurchases are highly sensitive subject in this current environment. And so I think in this atmosphere, it behooves us to continue to be cautious, and that's exactly what we've been. And as Kim mentioned, we only acquired shares to address dilution. And that's really dilution from our compensation programs, and we think that's just fair to all that are concerned.

是的。如各位所知，在目前環境下，庫藏股回購是高度敏感的議題。因此在這樣的氛圍中，我們更應該持續保持審慎，而我們也確實如此。正如 Kim 提到的，我們只為了因應稀釋而買回股份。而那主要是來自我們的薪酬計畫所造成的稀釋，我們認為這對所有相關方而言是公平的。

In terms of dividends, we have and we remain committed to paying our dividend. We've increased it for 29 straight years and really think it's part of our investment identity and part of our value proposition. So that's sort of how we see it. But we'll continue to be cautious and -- as we move forward.

至於股利，我們一直以來並且仍然承諾支付股利。我們已連續 29 年提高股利，並且確實認為這是我們投資者形象的一部分，也是我們價值主張的一部分。所以我們大致是這樣看待的。但我們仍會保持審慎，並且—在往前推進的過程中。

Doug Harned, Bernstein.

Bernstein 的 Doug Harned。

In Marine, you had a large increase in revenues, which you attributed mainly to Virginia-class and Columbia-class. But can you separate what items led to that growth, such as sort of mix pricing, throughput improvement, additional labor funding or some specific milestones? How should we think about where that growth is coming from?

在海事業務方面，你們營收大幅成長，主要歸因於維吉尼亞級與哥倫比亞級。但你能否拆解一下是哪些項目帶動了這個成長，例如產品組合/定價、產能吞吐改善、額外的勞務資金，或某些特定里程碑？我們應該如何理解這個成長的來源？

Yes. Look, I think you should think about it as a story of throughput. And I think both in terms of labor output and so more earned hours as well as material. So both of those things. But I think what drives it, I mean, obviously, there's always a mix change quarter-to-quarter.

是的。我認為你應該把它視為一個「吞吐量」的故事。我認為這同時反映在勞動產出（也就是更多已賺取工時）以及材料兩方面。所以是這兩者共同作用。但我認為驅動因素是—我的意思是，顯然每一季都會有一些產品組合的變化。

But what has been driving that growth is throughput and that throughput is both labor and material.

但推動成長的是吞吐量，而這個吞吐量同時來自勞動與材料。

So when you look at the throughput now, how do you see this as sort of getting on the way to the goal of, say, two deliveries per year for Virginia-class, that target that's been so difficult to progress against over time?

那麼當你現在看吞吐量時，你如何看待這是否正在朝著例如維吉尼亞級每年交付兩艘的目標前進？這個目標長期以來一直很難取得進展。

Sorry, can you repeat that? How are we doing towards the delivery of two per year? Is that the question?

抱歉，你可以重複一下嗎？我們在每年交付兩艘方面進展如何？你的問題是這個嗎？

Yes, it is progressing towards that, yes.

是的，就是在朝那個方向推進，是的。

Yes. So we are progressing towards that. I won't get into the specific rates that we're currently producing at, but suffice to say that it's up significantly over last year already. And the path to two Virginias and one Columbia per year can't predict the exact timing, but we are on the way there. And certainly, that is the target. But I don't think it's prudent to get into specific rates over this call.

是的。所以我們正在朝那個方向推進。我不會談目前具體的生產速率，但可以說，與去年相比已經顯著提升。至於每年兩艘維吉尼亞級加上一艘哥倫比亞級的路徑，我無法預測確切時點，但我們正在往那裡前進。而且那當然是目標。但我認為在這通電話中談具體速率並不審慎。

So Eudora, I think we have time for one more question.

所以 Eudora，我想我們還有時間再問一個問題。

Scott Mikus, Melius Research.

Melius Research 的 Scott Mikus。

Danny, Kim, very nice results. Just a couple of quick questions on Columbia Build II, Virginia Block VI contracts. Just wondering when you're expecting that to be awarded. And then also going back to Rob's question earlier on the supply chain at Marine. Is there any chance that you or the Navy could dual source the steam turbine on the Columbia program to improve supply chain resilience?

Danny、Kim，成果非常不錯。關於哥倫比亞計畫 Build II、維吉尼亞 Block VI 合約，我有兩個簡短問題。想請問你們預期何時會授標？另外回到 Rob 先前關於海事供應鏈的問題。為了提升供應鏈韌性，你們或海軍是否有可能在哥倫比亞計畫的蒸汽渦輪機上採取雙來源供應？

Yes. So as it relates to Block VI and Build II, we have had and have been in ongoing and detailed discussions with the Navy on that. And we'll update you in more detail when we have something to report, but that continues to proceed, and we're in detailed discussions, and we've only assumed that it will come in due course. As it relates to -- sorry, remind me of your second question.

是的。就 Block VI 與 Build II 而言，我們一直並且仍在與海軍進行持續且深入的討論。當我們有可對外說明的內容時，會再更詳細更新各位；但相關工作仍在推進中，我們正進行細部討論，而我們的假設只是它會在適當時點到來。至於—抱歉，提醒我一下你的第二個問題。

Is there a possibility that you or the Navy could seek to dual source the steam turbine on the Columbia turbine just to improve supply chain resilience?

是否有可能你們或海軍會尋求在哥倫比亞計畫的蒸汽渦輪機上採取雙來源供應，以提升供應鏈韌性？

Yes. Look, I think there's been some activity with the Navy over the last several years on adding some capacity to be able to build turbine generators. And so they've been the focus of that activity. And I think that is, as I mentioned, some of the challenges with single-source suppliers, you can conclude which some of those are. That's an area that is very critical to the overall success of the submarine enterprise.

是的。我認為過去幾年海軍在增加渦輪發電機製造產能方面已有一些動作。因此他們一直把重點放在這些工作上。而且我想，正如我提到的，單一來源供應商確實帶來一些挑戰，你們也可以推斷其中一些是哪一些。這個領域對整個潛艦產業體系的整體成功至關重要。

So the Navy has been working on that for a little while now.

所以海軍在這方面已經推動了一段時間。

Well, thank you, everyone, for joining our call today. 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 703-876-3152.

感謝各位今天參與我們的電話會議。請參考 General Dynamics 的網站，以取得第一季財報新聞稿與重點簡報。若有其他問題，可致電 703-876-3152 與我聯繫。

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。感謝各位的參與。您現在可以掛線。