亨廷頓·英格爾斯工業 (HII) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the third quarter 2024 HII earnings conference call. (Operator Instructions) I would now like to hand the call over to Christie Thomas, Vice President of Investor Relations. Mrs. Thomas, you may begin.

女士們、先生們，感謝大家的支持，歡迎參加 2024 年第三季 HII 收益電話會議。（操作員指示）我現在想將電話轉給投資者關係副總裁克里斯蒂·托馬斯 (Christie Thomas)。托馬斯夫人，您可以開始了。

Thank you, operator, and good morning, everyone. Welcome to the HII third quarter 2024 conference call. Matters discussed on today's call that constitute forward-looking statements, including our estimates regarding the company's outlook, involve risks and uncertainties and reflect the company's judgment based on information available at the time of this call. These risks and uncertainties may cause our actual results to differ materially.

謝謝接線員，大家早安。歡迎參加 HII 2024 年第三季電話會議。今天電話會議上討論的構成前瞻性陳述的事項，包括我們對公司前景的估計，涉及風險和不確定性，並反映了公司根據本次電話會議時可獲得的資訊做出的判斷。這些風險和不確定性可能導致我們的實際結果出現重大差異。

Additional information regarding these factors is contained in today's press release and the company's SEC filing. We also will 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 at ir.hii.com. On the call today are Chris Kastner, President and Chief Executive Officer; and Tom Stiehle, Executive Vice President and Chief Financial Officer.

有關這些因素的更多資​​訊包含在今天的新聞稿和公司向 SEC 提交的文件中。我們也將參考某些非公認會計原則財務指標，以取得這些非公認會計原則指標的額外揭露，包括與可比較公認會計原則指標的調節。請參閱本網路廣播隨附的投影片，這些投影片可在我們網站 ir.hii.com 的投資者關係頁面上找到。今天參加電話會議的是總裁兼執行長克里斯·卡斯特納 (Chris Kastner)；執行副總裁兼財務長 Tom Stiehle。

I will now turn the call over to Chris.

我現在將把電話轉給克里斯。

Thanks Christie, and thank you for joining the call, everyone. Earlier today we released our third quarter results and announced the updated guidance for the year. Before I get to the results, I want to thank the 44,000 HII employees who build ships in our shipyards and we solve some of the most pressing technical challenges related to our national security within our mission technologies division.

謝謝克里斯蒂，也謝謝大家加入通話。今天早些時候，我們發布了第三季業績，並宣布了今年的更新指引。在得出結果之前，我要感謝在我們造船廠建造船舶的 44,000 名 HII 員工，我們在任務技術部門解決了一些與國家安全相關的最緊迫的技術挑戰。

At HII, our mission is clear, it is to deliver the most powerful ships and all domain solutions and service of our nation trading advantage for our customers to protect peace and freedom around the world.

在 HII，我們的使命很明確，那就是為我們的客戶提供最強大的船舶以及我們國家貿易優勢的所有領域解決方案和服務，以保護世界各地的和平與自由。

Now for the results, third quarter revenue was $2.7 billion and earnings per share was $2.56 down from $3.70 a year ago. We updated our shipbuilding revenue guidance for the full year to approximately $8.8 billion and our mission technology revenue guidance to a range of $2.8 billion to $2.85 billion.

現在來看業績，第三季營收為 27 億美元，每股收益為 2.56 美元，較去年同期的 3.70 美元下降。我們將全年造船收入指引更新為約 88 億美元，將任務技術收入指引更新為 28 億至 28.5 億美元。

We also updated our 2024 shipbuilding margin guidance to 5% to 6% and revised our 2024 free cash flow guidance to $0 to $100 million. I'll provide some operational milestone updates and division highlights prior to providing a more detailed discussion surrounding the quarter's performance and guidance changes.

我們也將 2024 年造船利潤指導值更新為 5% 至 6%，並將 2024 年自由現金流指導值修改為 0 至 1 億美元。在圍繞本季度的業績和指導變化進行更詳細的討論之前，我將提供一些營運里程碑更新和部門亮點。

During the quarter, Newport News shipped the final module of Virginia-class submarine Utah, SSN 801 and on CVN79 Kennedy, the ship is progressing into the test and turnover phase. 92% of compartments have been turned over to the navy and all 19 of the ship's combat systems are turned over to the government test team.

本季度，紐波特紐斯運送了弗吉尼亞級潛艇猶他號 SSN 801 的最後一個模組，以及 CVN79 肯尼迪號潛艇，該艦正在進入測試和交接階段。 92%的艙室已移交給海軍，艦上所有19個作戰系統都移交給政府測試小組。

Looking ahead, float off of SSN 800 Arkansas is moved to 2025 due to a customer driven design change that requires incorporation prior to launch. At Eagle Shipbuilding, we received the $9.6 billion award of the multi-ship procurement of amphibious warships which provides strong revenue visibility for years to come.

展望未來，由於客戶驅動的設計變更需要在發射前合併，SSN 800 阿肯色號的下水時間將推遲到 2025 年。在 Eagle Shipbuilding，我們獲得了 96 億美元的兩棲戰艦多船採購合同，這為未來幾年提供了強勁的收入可見性。

Combining this with a series of milestone achievements in the quarter and early October including the launch of LPD 30 Harrisburg, below it out of three or four hypersonic missile tubes into the DDG 1,000 ZumWalt Structure and just off on DDG 128 TED Stevens the second Ingalls Flight III destroyer, some solid progress is being made at Ingalls.

將此與本季和10 月初的一系列里程碑式成就相結合，包括LPD 30 哈里斯堡號的發射，在其下方從三到四個高超音速導彈發射管進入DDG 1,000 ZumWalt 結構，以及剛剛在DDG 128 TED Stevens 上進行第二次英格斯飛行III級驅逐艦，英格爾斯正在取得一些堅實的進展。

Our results also reflect strong performance at mission technologies with 14% revenue growth year-to-date over 2023 and a third quarter funded book to bill of 2.2, mission technologies had several significant contract wins in the third quarter, totaling $11 billion of potential contract value including a $6.7 billion contract to provide electronic warfare engineering and technical services support for the US Air Force.

我們的業績也反映了Mission Technologies 的強勁表​​現，2023 年迄今收入增長了14%，第三季度的資金賬面比為2.2，Mission Technologies 在第三季度贏得了幾項重大合同，潛在合同總額達110 億美元價值 67 億美元的合約為美國空軍提供電子戰工程和技術服務支援。

The single award indefinite delivery indefinite quantity contract is the largest ever awarded HII's Mission Technologies division. We were also awarded a $3 billion federal government single award task order for national security services and new and emergent technology, a $458 million contract to modernize us government comms and it networks and a $209 million contract to support US Air Force weapon systems development and sustainment.

此單一授予的無限期交付和無限數量合約是 HII 任務技術部門有史以來授予的最大合約。我們還獲得了一份價值30 億美元的聯邦政府單一獎勵任務訂單，用於國家安全服務和新興技術、一份價值4.58 億美元的合同，用於實現美國政府通信和IT 網絡的現代化，以及一份價值2.09 億美元的合同，用於支援美國空軍武器系統的開發和維護。

We ended the third quarter with backlog of $49.4 billion of which approximately $28 billion is currently funded further to results and guidance changes. Two issues have impacted our expectations for the year. First, based on constructive discussions with our Navy partner, we expected to reach an agreement for Virginia class block five and block six and Columbia class submarines in the second half of 2024.

截至第三季末，我們積壓了 494 億美元，其中約 280 億美元目前用於進一步資助業績和指導變更。有兩個問題影響了我們對今年的預期。首先，基於與海軍合作夥伴的建設性討論，我們預計在 2024 年下半年就維吉尼亞級第五級、第六級以及哥倫比亞級潛艦達成協議。

Starting this fall, some uncertainty emerged about the timing of that agreement. We're confident an agreement will be reached and discussions continue. We have updated our profitability and cash flow assumptions based on the uncertain timing and structure of that award.

從今年秋天開始，該協議的簽署時間出現了一些不確定性。我們有信心達成協議並繼續討論。根據該獎項的不確定時間和結構，我們更新了我們的獲利能力和現金流假設。

We continue to pursue innovative contracting approaches that incentivize greater investments in our workforce facilities and technology. These investments are critical to the goal of yielding accelerated program schedules that meet the urgent needs of the Navy.

我們繼續追求創新的承包方法，以激勵對我們的勞動力設施和技術進行更多投資。這些投資對於加快專案進度以滿足海軍的迫切需求的目標至關重要。

Second, our assumptions of performance improvement and risk reduction have not been achieved. This is due to late critical material deliveries and reduced experience levels within our teams. Both in production touch labor and supervision.

其次，我們關於績效改善和風險降低的假設尚未實現。這是由於關鍵材料交付延遲以及我們團隊的經驗水平降低所造成的。生產中都涉及勞動和監督。

The combination of material delivery delays and inexperience leads to labor inefficiency and in some cases to rework which affects program schedules. Late supply chain material has necessitated a renewed look at our labor plans and delivery schedules. This alignment of labor and material from the supply chain is critical to mitigating program cost.

材料交付延遲和缺乏經驗相結合會導致勞動力效率低下，在某些情況下還會導致返工，從而影響專案進度。供應鏈材料的延遲使得我們必須重新審視我們的勞動力計劃和交貨時間表。供應鏈中勞動力和材料的這種協調對於降低專案成本至關重要。

It bears repeating that nearly all the ships currently under construction were negotiated prior to COVID. These ship contracts which provide long term revenue visibility did not anticipate in their cost targets and risk limiting clauses, the significant disruption of our workforce and supply chain or the subsequent inflation experienced by us and the broader economy.

值得重申的是，目前正在建造的幾乎所有船舶都是在新冠疫情之前進行談判的。這些提供長期收入可見性的船舶合約在其成本目標和風險限制條款中並未預見到我們的勞動力和供應鏈的嚴重中斷或我們和更廣泛的經濟隨後經歷的通貨膨脹。

They did not anticipate the significant loss of shipbuilding experience in our yards through early retirements and the training requirements of new shipbuilders. As I said, the terms of these contracts are still governing the majority of the work underway now at Newport News.

他們沒有預料到由於提前退休和新造船廠的培訓要求，我們船廠的造船經驗會大量流失。正如我所說，這些合約的條款仍然適用於紐波特紐斯目前正在進行的大部分工作。

Let me be clear, delays and cost increases on these ships are unacceptable to me, my team and all of us at HII. Looking ahead, we continue to take decisive actions to focus on the fundamentals of shipbuilding to ensure that we finish these ships, get them delivered to the navy and transition to ships negotiated in the context of our current economic reality.

讓我明確一點，這些船舶的延誤和成本增加對我、我的團隊和 HII 的所有人來說都是不可接受的。展望未來，我們將繼續採取果斷行動，重點關注造船的基礎知識，以確保我們完成這些船舶，將它們交付給海軍，並過渡到在當前經濟現實背景下談判的船舶。

Further, regarding actions to improve performance, I'll focus on three points starting with workforce. I want to emphasize we have thousands of highly skilled and committed shipbuilders and their example and mentorship are invaluable as we develop a new generation of manufacturing talent to execute on our backlog and the demand ahead of us.

此外，關於提高績效的行動，我將重點放在從勞動力開始的三點。我想強調的是，我們擁有數千名技術精湛、忠誠的造船商，他們的榜樣和指導對於我們培養新一代製造人才來執行我們的積壓訂單和未來的需求是非常寶貴的。

We are making significant investments in craft proficiency training and leadership development, so that our deck plate executes safely efficiently and with first-time quality. Our innovative craft learning centers, virtual and augmented reality training cells and form and support strategies are helping to accelerate learning within the teams. In partnership with the submarine industrial base, the Hampton Roads regional training pipeline has grown its capacity allowing Newport News shipbuilding to hire 30% of craft new hires from a pre-hire training pipeline up from only 5%, 2 years ago.

我們在工藝熟練度培訓和領導力發展方面進行了大量投資，以便我們的甲板板能夠安全高效地執行並具有一流的品質。我們的創新工藝學習中心、虛擬和擴增實境培訓單元以及形式和支援策略正在幫助加速團隊內部的學習。透過與潛艇工業基地的合作，漢普頓路區域培訓管道的容量得到了提高，使得紐波特紐斯造船廠能夠從預聘培訓管道中僱用30% 的新員工，而兩年前這一比例僅為5%。

Also at Newport News remain focused on deploying and maturing a common operating system across all programs to improve execution. In trades where we first piloted this, we have seen meaningful throughput improvement by enabling our front line leaders to spend more time on the deck plate with their people and by standardizing and simplifying how they put their teams to work every day.

此外，紐波特紐斯仍致力於在所有專案中部署和完善通用作業系統，以提高執行力。在我們首次試點的行業中，透過使我們的第一線領導者能夠花更多時間與員工一起工作，以及透過標準化和簡化團隊每天的工作方式，我們看到了有意義的吞吐量提高。

We're also investing in data analytics and pilot projects utilizing AI to find faster solutions to material delivery delays and mitigate their impact to ship assembly schedules. Scaling the operating system across all production areas is our best near term opportunity to improve throughput while we pursue long term structural improvements to our infrastructure, supply base and workforce.

我們也投資於利用人工智慧的數據分析和試點項目，以找到更快的材料交付延遲解決方案，並減輕其對船舶組裝計畫的影響。在所有生產領域擴展作業系統是我們提高吞吐量的最佳近期機會，同時我們追求對基礎設施、供應基地和勞動力的長期結構性改進。

Second, supply chain and supplier development, we're working with the Navy, fueled by submarine industrial base funding to improve supply chain performance. With the goal of helping to accelerate throughput in the shipyards, we're also investing in new centralized manufacturing centers of excellence for high risk items to improve cost and schedule predictability for these build sequence critical parts.

其次，在供應鏈和供應商開發方面，我們正在與海軍合作，在潛艦工業基地資金的推動下，改善供應鏈績效。為了幫助提高造船廠的吞吐量，我們還投資於高風險專案的新的集中式卓越製造中心，以提高這些建造順序關鍵零件的成本和進度可預測性。

Third, capacity, we are outsourcing additional work to new suppliers which helps to rebuild the industrial base and takes the work to where there's additional workforce and investing in new industry 4.0 technologies including additive manufacturing and digital engineering.

第三，在產能方面，我們正在將額外的工作外包給新的供應商，這有助於重建工業基礎，並將工作轉移到有額外勞動力的地方，並投資於新的工業4.0 技術，包括增材製造和數位工程。

As an example, we're outsourcing over 1 million hours in 2024 and plan to increase that by over 30% in 2025, we are committed to growing the manufacturing ecosystem necessary to build these ships.

例如，我們將在 2024 年外包超過 100 萬小時，並計劃在 2025 年將其增加 30% 以上，我們致力於發展建造這些船舶所需的製造生態系統。

Additionally, we're reviewing cost across all three divisions to remain competitive and meet our cost objectives. This enterprise wide review includes a thorough evaluation of our overhead costs and support cost to ensure that each element supports our customer requirements. We're evaluating capital in a similar fashion and ensuring we focus our capital on improving throughput.

此外，我們正在審查所有三個部門的成本，以保持競爭力並實現我們的成本目標。這項企業範圍的審查包括對我們的間接費用和支援成本的徹底評估，以確保每個要素都支援我們的客戶需求。我們正在以類似的方式評估資本，並確保我們將資本集中在提高吞吐量上。

While our previous cash flow forecast included a capital expenditure target at 5% of sales from 2024 through 2026. We have reduced our planned spend for 2024 and we are thoroughly evaluating our 2025 and 2026 capital plans to reflect the uncertainty of the timing and structure of the future contracting activity.

而我們先前的現金流量預測包括 2024 年至 2026 年資本支出目標為銷售額的 5%。我們減少了 2024 年的計劃支出，並正在徹底評估 2025 年和 2026 年的資本計劃，以反映未來承包活動的時間安排和結構的不確定性。

Turning to Washington, while the government operates under a continuing resolution into December, we continue to engage with the navy on the most appropriate path forward on the submarine contracts as demonstrated with the recent multi ship procurement award for amphibious ships HII has a record of reaching equitable agreement on this type of contract that delivers sustainable returns for the company and savings to the customer.

轉向華盛頓，雖然政府根據一項持續到 12 月的決議行事，但我們繼續與海軍就潛艇合約的最適當前進道路進行接觸，最近的兩棲艦 HII 多艦採購合約就證明了這一點就此類合約達成公平協議，為公司帶來可持續回報，並為客戶節省成本。

In closing, before I turn the call over to Tom, I want to emphasize these primary points. First, we are confident we are focused on the right things on the fundamentals to execute on our current backlog. And once we transition to these post-COVID contracts, cost and schedule performance and predictability will improve.

最後，在將電話轉給湯姆之前，我想強調這些要點。首先，我們有信心我們專注於基本面上的正確事情，以執行我們目前的積壓工作。一旦我們過渡到這些新冠疫情後的合同，成本和進度績效以及可預測性就會得到改善。

Second, on the outstanding contract awards and shipbuilding, we expect agreement at a fair cost and schedule that reflects our current operating environment and we will continue to work with the navy until we get this complete.

其次，在未完成的合約授予和造船方面，我們期望以公平的成本和時間表達成協議，以反映我們當前的營運環境，我們將繼續與海軍合作，直到完成。

Finally, the long term value equation for HII has not changed. There's unprecedented demand for our products and services. We remain confident in our mid to long term guidance of 9% to 10% shipbuilding margins and we firmly believe the actions we are taking will enable us to stabilize performance as we continue to work through these ships. And now, Tom?

最後，HII 的長期價值方程式並沒有改變。對我們的產品和服務的需求前所未有。我們對 9% 至 10% 的造船利潤率的中長期指導仍然充滿信心，我們堅信我們正在採取的行動將使我們能夠在繼續開發這些船舶的過程中穩定業績。現在，湯姆？

Thanks, Chris, and good morning. Let me first start by briefly discussing our third quarter results and then I'll address our updated outlook. For more detail, please refer to the earnings release issued this morning and posted to our website.

謝謝克里斯，早安。讓我先簡要討論我們第三季的業績，然後我將討論我們最新的展望。如欲了解更多詳情，請參閱今天上午發布並發佈在我們網站上的收益報告。

Beginning with our consolidated results on slide 6 of the presentation, our third quarter revenues of approximately $2.7 billion decreased 2.4% compared to the same period last year. This decreased revenue was attributable to declines at both Ingalls Shipbuilding and Newport News Shipbuilding, partially offset by growth at mission technologies.

從簡報第 6 投影片中的綜合業績開始，我們第三季的營收約為 27 億美元，與去年同期相比下降了 2.4%。收入下降的原因是英格斯造船廠和紐波特紐斯造船廠的收入下降，但部分被任務技術的成長所抵消。

Operating income for the quarter of $82 million decreased by $90 million or 52.3% from the third quarter of 2023. An operating margin of 3% in the quarter compares to 6.1% in the same period last year. Decreased operating income was largely driven by declines at both Newport News and Ingalls which I will discuss in more detail in a moment.

該季度營業收入為 8,200 萬美元，較 2023 年第三季減少 9,000 萬美元，下降 52.3%。本季營業利益率為 3%，而去年同期為 6.1%。營業收入的下降主要是由紐波特紐斯和英格斯的下降造成的，我稍後將更詳細地討論這一點。

Net earnings in the quarter were $101 million compared to $148 million in the third quarter of 2023. Diluted earnings per share in the quarter were $2.56 compared to $3.70 in the third quarter of the prior year. Our contractual commitments increased by approximately $900 million in the period, bringing backlog to $49.4 billion at the end of the quarter.

本季淨利為 1.01 億美元，而 2023 年第三季淨利為 1.48 億美元。本季稀釋後每股收益為 2.56 美元，去年第三季為 3.70 美元。在此期間，我們的合約承諾增加了約 9 億美元，季末積壓訂單達到 494 億美元。

While we did secure the $9.6 billion award in the court at Ingalls for four amphibious ships, including LHA 10, LPD 33, 34 and 35, we recorded just the authorized value to date approximately $565 million in the quarter. We will see the awarded values of those ships grow over time as authorizations expand.

雖然我們確實在英格爾斯法院為四艘兩棲艦（包括LHA 10、LPD 33、34 和35）獲得了96 億美元的賠償，但本季迄今為止我們僅記錄了約5.65 億美元的授權價值。隨著授權的擴大，我們將看到這些船舶的授予價值隨著時間的推移而增長。

Moving to slide 7, Ingalls revenues of $664 million in the quarter decreased $47 million or 6.6% from the same period last year, driven primarily by lower volumes in the amphibious assault chips. And the National Security Cutter program partially offset by higher surface combatant volume.

轉到幻燈片 7，英格爾斯本季的收入為 6.64 億美元，比去年同期減少了 4,700 萬美元，即 6.6%，這主要是由於兩棲攻擊晶片銷量下降。國家安全切斷計畫部分被水面戰鬥人員數量增加所抵消。

Ingall's operating income in the quarter was $49 million and operating margin was 7.4% compared to $73 million and 10.3% respectively from the same period last year. The decreases were primarily due to lower performance on amphibious assault ships and surface combatants.

Ingall本季的營業收入為4,900萬美元，營業利益率為7.4%，而去年同期分別為7,300萬美元及10.3%。下降的主要原因是兩棲攻擊艦和水面戰鬥艦的性能下降。

At Newport News revenues of $1.4 billion in the quarter were down $41 million or 2.8% from the same period last year driven primarily by lower volumes and naval nuclear support services as well as the cumulative adjustments on the Virginia class submarine program and aircraft carriers partially offset by higher volumes in the Columbia class submarine program.

紐波特紐斯本季營收為 14 億美元，比去年同期下降 4,100 萬美元，或 2.8%，這主要是由於銷量和海軍核支援服務的減少以及弗吉尼亞級潛艇計劃和航空母艦的累計調整部分抵消了哥倫比亞級潛艇計畫的產量更高。

Newport News operating income in the quarter was $15 million, an operating margin of 1.1% compared to $90 million and 6.2% respectively in the prior year period. Newport news results included net unfavorable cumulative adjustments totaling $78 million, including $34 million on block 4 of the Virginia-class submarine program, $16 million on the Enterprise CVN 80 and Doris Miller CVN 81 two-carrier contract and $14 million on the refueling and complex overhaul of the USS John C, Stanis CVN 74.

紐波特紐斯本季營業收入為 1,500 萬美元，營業利潤率為 1.1%，而去年同期分別為 9,000 萬美元和 6.2%。紐波特新聞的業績包括總計7800 萬美元的淨不利累計調整，其中包括弗吉尼亞級潛艇項目第4 號潛艇項目的3400 萬美元、Enterprise CVN 80 和Doris Miller CVN 81 兩艘航母合約的1600 萬美元以及加油和綜合設施的1400 萬美元。

As Chris described these unfavorable adjustments were driven by both the change in our assumption around contract awards as well as program performance challenges as we have not achieved planned performance improvements. During the quarter, some welder issues were reported publicly that we had previously disclosed to our customer.

正如克里斯所描述的，這些不利的調整是由我們對合約授予的假設的變化以及專案績效挑戰造成的，因為我們尚未實現計劃的績效改進。在本季度，我們先前向客戶披露了一些焊接機問題被公開報導。

An initial assessment at Newport News shipbuilding determined that fewer than two dozen welders did not consistently follow procedures in their weld process. We continue to work alongside with the Navy through a comprehensive investigation and analysis to determine the extent of any financial impact.

紐波特紐斯造船廠的初步評估確定，不到兩打焊工在焊接過程中沒有一致地遵守程序。我們繼續與海軍合作，透過全面的調查和分析來確定財務影響的程度。

A Mission Technologies revenues of $709 million increased $24 million or 3.5% compared to the third quarter of 2023. Primarily due to higher volumes in cyber electronic warfare and space.

Mission Technologies 的營收為 7.09 億美元，與 2023 年第三季相比增加了 2,400 萬美元，即 3.5%。主要是由於網路電子戰和太空的數量增加。

Mission Technology operating income for the quarter was $33 million and operating margin was 4.7% compared to $24 million and 3.5% respectively in the third quarter of last year. The increases were primarily driven by higher cyber electronic warfare and space volumes as well as equity income from nuclear and environmental joint ventures.

Mission Technology 本季營業收入為 3,300 萬美元，營業利潤率為 4.7%，而去年第三季分別為 2,400 萬美元和 3.5%。這一增長主要是由於網路電子戰和太空容量的增加以及核和環境合資企業的股權收入推動的。

Third quarter results for mission technologies included approximately $25 million of amortization of purchased intangible assets. Mission Technologies even a margin in the third quarter was 8.9% compared to 8.2% in the third quarter of 2023 and 8.5% last quarter.

任務科技第三季業績包括約 2,500 萬美元的購買無形資產攤銷。Mission Technologies 第三季的利潤率為 8.9%，而 2023 年第三季為 8.2%，上季為 8.5%。

As Chris noted Mission Technology's performance in 2024 has been very strong with year-to-date sales growth of 14%. This follows 2023 revenue growth of 13.1% over 2022 mission technologies third quarter contract awards which entail new work and recompete wins across the service branches and multi domain operations represent nearly $11 billion in total potential contract value, a record for Mission Technologies.

正如 Chris 指出的那樣，Mission Technology 2024 年的業績非常強勁，年初至今的銷售額成長了 14%。在此之前，Mission Technologies 2023 年第三季合約授予收入較2022 年增長13.1%，其中涉及服務分支機構和多域業務的新工作和重新競爭勝利，潛在合約總價值接近110 億美元，這是Mission Technologies 的記錄。

Turning to slide 8, cash generated by operations was $213 million in the quarter. Net capital expenditures were $77 million or 2.8% of revenues. Free cash flow in the quarter was $136 million, cash contributions to our pension and other post-retirement benefit plans were $12 million in the quarter.

轉向幻燈片 8，該季度營運產生的現金為 2.13 億美元。淨資本支出為 7,700 萬美元，佔收入的 2.8%。本季自由現金流為 1.36 億美元，本季退休金和其他退休後福利計畫的現金繳款為 1,200 萬美元。

We have provided an update to our 2024 and 2025 pension outlook in the appendix of today's slides. The cash flow impacts related to the updated forecasts are quite minimal. Pension related numbers are subject to year-end performance and measurement criteria.

我們在今天投影片的附錄中更新了 2024 年和 2025 年退休金展望。與更新的預測相關的現金流影響非常小。退休金相關數字取決於年終績效和衡量標準。

As usual, we plan to provide a multi-year update of pension estimates on our fourth quarter call in January. During the quarter, we repurchased approximately 134,000 shares at a cost of approximately $35 million, bringing the year-to-date total to 608,000 shares at a cost of $162 million. With cash from operations now below our initial expectations, consistent with our capital allocation priorities, we have throttled repurchases for the remainder of the year.

像往常一樣，我們計劃在 1 月的第四季度電話會議上提供退休金預估的多年更新。本季度，我們以約 3,500 萬美元的成本回購了約 134,000 股股票，使年初至今的股票總數達到 608,000 股，成本為 1.62 億美元。由於目前營運現金低於我們最初的預期，與我們的資本配置優先事項一致，我們在今年剩餘時間內限制了回購。

Also during the quarter, we paid cash dividends of $1.30 per share or $52 million in aggregate. Yesterday, we were pleased to announce an increase to our quarterly dividend to $1.35 per share or an increase of approximately 3.8%.

同樣在本季度，我們支付了每股 1.30 美元的現金股息，總計 5,200 萬美元。昨天，我們很高興地宣布將季度股息增加至每股 1.35 美元，增加約 3.8%。

Moving on to our updated outlook, which we have summarized in slide 9. We've increased mission technologies revenue by $50 million for the year now at $2.8 billion to $2.85 billion and increase the margin outlook to 3.75%. For shipbuilding, we have sent it on revenue guidance to the lower end of the range at $8.8 billion.

接下來是我們更新的展望，我們在投影片 9 中對此進行了總結。我們將今年的任務技術收入增加了 5,000 萬美元，目前從 28 億美元增至 28.5 億美元，並將利潤率前景提高到 3.75%。對於造船業，我們將其收入指引下調至區間下限，即 88 億美元。

Our prior shipbuilding revenue and margin guidance anticipated receiving an omnibus of submarine contract awards and contract modifications, incorporating opportunities to address key shipbuilding structural challenges across the Newport News enterprise, focusing on investments in our workforce, aiding attrition and training and investments in our infrastructure, buildings, facilities, manufacturing, tooling and aids for additional throughput and capacity across the Newport News portfolio.

我們先前的造船收入和利潤指引預計將收到一系列潛艇合約授予和合約修改，納入解決整個紐波特紐斯企業關鍵造船結構性挑戰的機會，重點關注對我們勞動力的投資，幫助減員和培訓以及對我們基礎設施的投資，建築物、設施、製造、工具和輔助設備，以提高紐波特紐斯產品組合的吞吐量和容量。

While we remain confident that we will ultimately receive the new contract awards, we are now uncertain of the timing and whether the overall contracting construct of those awards will enable full pursuit of near term key investments needed to accelerate performance rate and volume of the Newport News portfolio of contracts.

雖然我們仍然相信我們最終將獲得新的合同，但我們現在不確定這些合約的時間以及這些合約的整體合約結構是否能夠充分追求加快紐波特紐斯的績效和數量所需的短期關鍵投資合約組合。

Our initial guidance for 2024 also assumed incremental program performance improvement consistent with normal expectations to capture learning curve improvements and production efficiencies over time performance has not improved at the forecasted rate due to workforce and experience and delays with the supply chain which along with our updated contracting expectation has a near term impact on our ability to achieve progress milestones, burn down working capital and collect associated cash.

我們對2024 年的初步指導還假設增量計劃績效改進與正常預期一致，以捕捉學習曲線的改​​進和生產效率隨時間的推移，由於勞動力和經驗以及供應鏈的延誤以及我們更新的合同，績效並未按預測的速度改善。

The results and updated outlook announced today reflect the reduced performance trajectory aligned to current conditions. Our updated shipbuilding operating margin expectation for the year is now 5% to 6%. Our updated free cash flow is between $0 and 100 million and our capital expenditure outlay for the year has been reduced from 5.3% to 3.4% of sales.

今天公佈的業績和更新的前景反映了與當前狀況相符的業績軌跡下降。我們更新後的今年造船營業利潤率預期為 5% 至 6%。我們更新的自由現金流在 0 到 1 億美元之間，我們今年的資本支出已從銷售額的 5.3% 減少到 3.4%。

Prior guidance anticipated contract structures that would have allowed us to capture additional progress milestones as well as the inclusion of incentives related to the new contract awards. We expect to return to more normal free cash flow levels once we are able to work through the challenging portions of our current contracts and have a better understanding of the new submarine awards.

先前的指導預期合約結構將使我們能夠捕獲額外的進展里程碑，並納入與新合約授予相關的激勵措施。一旦我們能夠解決當前合約中具有挑戰性的部分並更好地了解新的潛艇合同，我們預計將恢復到更正常的自由現金流水平。

In light of this dynamic, we are withdrawing our five year free cash flow target. Beyond our operational guidance, we have also made modest updates to our outlook for pension related items, interest expense and our expected tax rate for the year which has declined to 17%.

鑑於這種動態，我們將撤銷五年自由現金流目標。除了我們的營運指導之外，我們還對退休金相關項目、利息支出和今年預期稅率（已降至 17%）的前景進行了適度更新。

The lower annual forecasted tax rate is driven by third quarter results that include an increase in the research and development tax credits for current and prior years resulting in an effective tax rate of approximately 10% for Q3.

較低的年度預測稅率是由第三季業績推動的，其中包括本年和往年研發稅收抵免的增加，導致第三季的有效稅率約為 10%。

Turning to the balance sheet, we ended the quarter with liquidity of approximately $1.3 billion and modest leverage of approximately 2.1 times net debt to trailing 12 month EBITDA. Our capital allocation priorities are unchanged including our commitment to investment grade credit rating, thoughtful investment in our shipyards, continued dividend growth and the return of excess cash through share repurchases.

轉向資產負債表，本季結束時，我們的流動性約為 13 億美元，槓桿比率適中，約為過去 12 個月 EBITDA 淨債務的 2.1 倍。我們的資本配置優先事項保持不變，包括我們對投資等級信用評級的承諾、對造船廠的深思熟慮的投資、持續的股息增長以及透過股票回購回報超額現金。

Within the third quarter, we expanded our revolver from $1.5 billion to $1.7 billion and raised our commercial paper program from $1 billion to $1.7 billion.

第三季度，我們將左輪手槍計畫從 15 億美元擴大到 17 億美元，並將商業票據計畫從 10 億美元提高到 17 億美元。

Consistent with our normal cost of business and given the more favorable interest rate environment, we are considering a new debt issuance in the coming months, proceeds would be used in part to support the redemption of the $500 million senior notes due in May 2025 and for other general corporate purposes. This plan is still under evaluation.

與我們的正常業務成本一致，並考慮到更有利的利率環境，我們正在考慮在未來幾個月內發行新的債券，所得款項將部分用於支持贖回將於2025 年5 月到期的5億美元優先票據，以及其他一般公司目的。該計劃仍在評估中。

Further to Chris' comments on our focus on cost efficiency, ongoing across the corporation, we recently announced the consolidation of mission technologies into four groups down from the previous six business units simplifying the division structure around key growth initiatives while enhancing competitive by reducing operational cost.

克里斯對我們對整個公司持續關注成本效率的評論進行了進一步的評論，我們最近宣布將任務技術從之前的六個業務部門合併為四個組，圍繞關鍵增長計劃簡化部門結構，同時通過降低運營成本來增強競爭力。

This more efficient alignment of the portfolio talent and resources will support continued long term business growth. To close, I will reiterate that while our updated guidance removes the assumption of a near term omnibus contract agreement for the next increment of VCS and Columbia submarines, we continue to advocate for innovative and sensible solutions to address the urgent shipbuilding industry challenges, we have discussed.

這種更有效地整合人才和資源組合將支持持續的長期業務成長。最後，我要重申，雖然我們更新的指導意見取消了為下一批 VCS 和哥倫比亞潛艇簽訂近期綜合合約協議的假設，但我們繼續倡導創新和合理的解決方案來應對緊迫的造船業挑戰，我們已經討論過。

We're confident in our ability to work through the current challenges. We will continue to focus on aggressively driving performance improvement in our shipyards, expanding capacity and throughput and securing equitable contract solutions that address the business realities of the current operating environment.

我們對應對當前挑戰的能力充滿信心。我們將繼續專注於積極推動造船廠的績效改進，擴大產能和吞吐量，並確保公平的合約解決方案，以滿足當前營運環境的業務現實。

With that, I'll turn the call back over to Christie to manage Q&A.

這樣，我會將電話轉回給科視來管理問答。

Thanks, Tom. (Operator Instructions) Operator, I will turn it over to you to manage the Q&A.

謝謝，湯姆。（操作員指示）操作員，我將把問答交給您來管理。

Thank you. We will now begin the Q&A session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員說明）

Gautam Khanna, TD Cowen.

高塔姆·卡納，TD·考恩。

Yeah. Hey guys, couple questions. Good morning. You mentioned it sounded like contingent on signing these new submarine contracts was an implicit assumption that you'd get relief on existing contracts that are in the yard. And so I'm curious how much of the negative cume catch-up at Newport news related to that, how that impacts the ongoing booking rate. So, I mean, it sounds like you were booking with this assumption in mind already. So I'm curious like what the incremental hit was and what was already established if you will. And then, so I guess that's my first question.

是的。大家好，有幾個問題。早安.你提到這聽起來像是簽署這些新的潛艇合約的條件是一個隱含的假設，即你會從院子裡的現有合約中得到緩解。所以我很好奇紐波特新聞的負面追趕有多少與此相關，這如何影響持續的預訂率。所以，我的意思是，聽起來您在預訂時已經考慮到了這個假設。所以我很好奇增量點擊是什麼以及已經建立的內容（如果你願意的話）。然後，我想這是我的第一個問題。

And then the second one is related to the wells. We work how much of the of the team catch up relates to that and then I'll leave it for someone else. Thanks.

第二個與水井有關。我們會研究團隊的進度與此相關的程度，然後我會留給其他人。謝謝。

Okay. Got them all. Let me handle this is Chris, I'll handle the first question and then I'll start in on the welds and Tom can answer it. But really, in the quarter, we had two issues impacting us. We had performance and execution on the deck plate, really on these pre-COVID ships.

好的。都得到了。克里斯，讓我來處理這個問題，我將處理第一個問題，然後我將開始焊接，湯姆可以回答。但實際上，在本季度，我們遇到了兩個影響我們的問題。我們在甲板上擁有性能和執行力，實際上是在這些新冠疫情之前的船上。

And then we had the assumption really for the year, the quarter end and in the guidance actually relative to the 17-ship contract, I think it helps to get into detail a little bit on what happened in the quarter from a performance standpoint.

然後我們對今年、季度末以及實際上與 17 艘船合約相關的指導進行了假設，我認為從績效的角度詳細了解本季度發生的情況會有所幫助。

And the largest impact was related to the block force submarines. And you have 798 and 800 nearing some critical milestones where you're going through the test program and you're buttoning some systems up and we just encountered rework on systems that we didn't expect and we have and that impact schedule and we're having to roll through that.

其中最大的影響與封鎖部隊潛艦有關。798 和 800 接近一些關鍵里程碑，您正在執行測試計劃，並且正在扣緊一些系統，我們剛剛遇到了我們沒有預料到的系統返工，這影響了進度，我們'我們必須經歷這個過程。

And that's really illustrative of what we're finding on these pre-COVID ships is there's unpredictability as you move into buttoning them up and, and entering into thes1e major milestones which creates this unpredictability going forward. On the 17 ship contract, we were making good progress, as I said in my script. And when you think about the 17 submarines, it's really a reset of the portfolio in Newport News. This is not business as usual. You can't simply just put that much work into a facility and expect it to be executed, especially in this environment that we're operating in relative to labor and the supply chain and the capacity in the industrial base.

這確實說明了我們在這些新冠疫情之前的船舶上發現的情況，即當你開始扣緊它們並進入這些重大里程碑時，就會出現不可預測性，從而導致未來的不可預測性。正如我在劇本中所說，在第17艘船合約上，我們取得了良好的進展。當你想到 17 艘潛艇時，這實際上是紐波特紐斯的投資組合的重置。這不是平常的事。你不能簡單地將那麼多工作投入到一個設施中並期望它能夠得到執行，特別是在我們相對於勞動力、供應鏈和工業基地產能的營運環境中。

So we've been working very hard with the customer to try to get those 17 ships, right. And it's a broad based sort of a contract that we're working on that really unlocks investment in labor and infrastructure and technology across the portfolio. So we're going to keep working on it's we thought we were pretty close to getting it done. It's, it's in review still.

因此，我們一直在與客戶非常努力地合作，爭取這 17 艘船。我們正在製定一項基礎廣泛的合同，真正釋放整個投資組合中對勞動力、基礎設施和技術的投資。因此，我們將繼續努力，因為我們認為我們已經非常接近完成它了。是的，還在審核中。

And alternatives are being reviewed and we're supporting that conversation, but it's just created some unpredictability. Not only in the quarter in a year but in our outlook and we're working through that, but ultimately, I can represent that when that contract is executed, it's going to be a fair and equitable contract.

我們正在審查替代方案，我們支持這種對話，但這只是造成了一些不可預測性。不僅是在一年中的季度，而且在我們的前景中，我們正在努力解決這個問題，但最終，我可以表示，當合約執行時，它將是一份公平公正的合約。

It's going to be broad based and it's going to reflect the economic environment in which we're operating. It does none of us any good to agree to cost or schedules on the submarines that are so urgently needed that we can't achieve. So that's kind of what happened in the quarter in the year and in guidance, I don't think it's appropriate to parse it between performance.

它將具有廣泛的基礎，並將反映我們經營所在的經濟環境。同意我們迫切需要但無法實現的潛艇成本或時間表對我們沒有任何好處。這就是今年季度和指導中發生的情況，我認為在績效之間進行解析是不合適的。

And what we thought was going to happen with the 17 ship contract, there was incentives in that contract that we thought we would realize that we just didn't. But I think it's tough to parse it between the two. On the welds Tom, started that conversation a bit and I'll let him talk about the financials, but really this is a process issue. This is a small fraction of our -- some of some welders in the yard and a small fraction of welds that were impacted.

我們認為 17 艘船合約將會發生什麼，該合約中有一些激勵措施，我們認為我們會意識到我們只是沒有。但我認為很難在兩者之間進行解析。關於焊縫，湯姆開始了一些談話，我會讓他談談財務問題，但實際上這是一個流程問題。這只是我們的一小部分——院子裡的一些焊工和受影響的焊接的一小部分。

We're working very closely with the customer, to bound the issue and come through the issue and we think we'll, march through that, very smartly. So, Tom, do you want to comment on the financials related to that?

我們正在與客戶密切合作，以解決問題並解決問題，我們認為我們會非常明智地解決這個問題。那麼，湯姆，您想對與此相關的財務狀況發表評論嗎？

So as we proceed through the investigations and eventually close that out, we'll have a finality on the financial front. We have taken an initial booking. It's not material, it's not identified in the queue. It's just for the cost that we think that could be deemed not allowable on that. So we'll get you more information as we close that out.

因此，當我們繼續進行調查並最終結束調查時，我們將在財務方面做出最終決定。我們已接受初步預訂。這不是重要的，它在隊列中沒有被識別。只是因為我們認為這可能被認為是不允許的成本。因此，我們將在結束時為您提供更多資訊。

And, that's what I have to say about that. On that first part, I would just add as Chris was commenting, trying to the reason why we wouldn't pass out between performance and the new contract innovative approach that's still ongoing right now. In negotiations, there's optionality against that. We'll have to see how that plays out. It's not appropriate for us to comment at this time as, as we're trying to work and negotiate ourselves through that with a partner.

這就是我要說的。在第一部分中，我想補充一下克里斯評論的內容，試圖解釋為什麼我們不會在性能和目前仍在進行的新合約創新方法之間傳遞。在談判中，可以選擇反對這一點。我們得看看結果如何。我們現在不適合發表評論，因為我們正在努力與合作夥伴就此進行工作和談判。

Okay, thank you.

好的，謝謝。

Robert Spingarn, Melius Research.

羅伯特‧斯賓加恩 (Robert Spingarn)，Melius 研究中心。

Good morning. This is Scott Mike on for Robin Garden.

早安.我是羅賓花園的史考特·麥克。

Good morning, Scott.

早安，史考特。

Good morning. Chris, the press release and your opening remarks, you talked about innovative contracting approaches that incentivize greater investments in the workforce facilities and technology. Presumably you're referring to the SAS funding plan, where the Navy wants to pull funding from both that haven't started construction to support higher wages and infrastructure build right now.

早安.克里斯，在新聞稿和您的開場白中，您談到了激勵對勞動力設施和技術進行更多投資的創新承包方法。想必您指的是 SAS 融資計劃，海軍希望從尚未開始建設的項目中提取資金，以支持目前更高的工資和基礎設施建設。

So just wondering if you could talk about your thoughts on the SAS plan and then I have another follow up on that as well.

所以想知道您是否可以談談您對 SAS 計劃的想法，然後我也會對此進行進一步的跟進。

Well, the SAS plan has kind of broadly reported, I don't want to get into too much detail. You kind of hit the basics there. We support it. It was an excellent idea. It was a Navy initiative that we supported. I still believe it's the smartest, best way to get at this issue because it unlocks such investment in the workforce, the infrastructure and technology.

嗯，SAS 計劃已經得到了廣泛的報道，我不想透露太多細節。你已經掌握了基礎知識。我們支持它。這是一個很棒的主意。這是我們支持的海軍倡議。我仍然相信這是解決這個問題的最明智、最好的方法，因為它釋放了對勞動力、基礎設施和技術的投資。

We're still in discussions on alternatives with the Navy in and the Congress in supporting and asking questions on alternatives. But that salts plan is a is it was a very good idea that we think is still under review and potentially could be put under contract, although we don't forecast that happening over the balance of this year.

我們仍在與海軍和國會討論替代方案，支持替代方案並提出問題。但鹽計劃是一個非常好的主意，我們認為仍在審查中，並且可能會簽訂合同，儘管我們預計今年剩餘時間不會發生這種情況。

Okay. And then there was a letter from a bipartisan group of senators. It was regarding the SAS plan, but it also mentioned that there could be a $17 billion shortfall in funding on the Virginia class program over the next six years. I understand ship building costs have increased significantly but does a $17 billion shortfall sound remotely close to you and do you think Congress will support plugging that shortfall?

好的。然後是兩黨參議員團體的一封信。這是關於 SAS 計劃的，但它也提到未來六年弗吉尼亞級項目的資金可能會出現 170 億美元的缺口。我知道造船成本已大幅增加，但 170 億美元的缺口聽起來離您很遙遠嗎？

Yeah, so I'm not going to comment on the ability of Congress to obtain additional funding. The beauty of SAS was you didn't need any more funding. So, and I really don't think it's appropriate for me to comment on the baseline that was used for that for that increase. But look the teams are working very hard to come to a contract solution on the 17 ships, we need to make sure that that solution is equitable and reflects our current macroeconomic environment and also enables initial investment. So that we can get these critical assets to the fleet as soon as possible.

是的，所以我不會評論國會獲得額外資金的能力。SAS 的美妙之處在於您不需要更多資金。因此，我真的認為我不適合對用於增加的基線發表評論。但看看團隊正在非常努力地就 17 艘船達成合約解決方案，我們需要確保解決方案是公平的，並反映我們當前的宏觀經濟環境，並支持初始投資。這樣我們就能盡快將這些關鍵資產送到艦隊。

All right, thanks for taking the question.

好的，感謝您提出問題。

Myles Walton, Wolf Research.

邁爾斯·沃爾頓，沃爾夫研究中心。

Yeah, thanks. I was hoping you could talk and maybe give us a little bit of color on the $800 million cut to operating cash flow for the year. How much of that was specifically tied to the contract flipping out beyond this year and how much was tied to performance? I know you didn't want to do that for the EAC, but given the size of the cash cut, I hope you can do it for this.

是的，謝謝。我希望您能談談，也許能給我們一些有關今年營運現金流削減 8 億美元的資訊。其中有多少具體與今年之後到期的合約有關，有多少與績效有關？我知道您不想為 EAC 這樣做，但考慮到現金削減的規模，我希望您能這樣做。

Yeah. So let me start and Tom can step in. As you know, we really, when we think through guidance, we risk adjust everything. So it's really a combination of both the new contract as well as progress within the yards. So Tom, I don't know if you want to comment further on that.

是的。那麼讓我開始吧，湯姆可以介入。如您所知，當我們透過指導進行思考時，我們確實會冒著調整一切的風險。所以這其實是新合約和場地內進展的結合。湯姆，我不知道你是否想對此發表進一步評論。

So we talked a little bit about this in Q1 and Q2 where we had a pathway to make the guide. And obviously, at that time, you could see on the balance sheet that the working capital was rising right there. We had talked about progress, progress, timing making the major milestones up and out that we show you the minor milestones and the incentives for the capital performance behind the scenes.

因此，我們在第一季和第二季對此進行了一些討論，我們有一個製作指南的途徑。顯然，當時你可以在資產負債表上看到營運資金正在增加。我們討論了主要里程碑的進展、進展、時機，我們向您展示了次要里程碑以及幕後資本績效的激勵措施。

And then what we normally have just the run rate of un adjudicated change, change orders, REAs and things of that nature and compositely between the recoveries, the performance and the recoveries of those. I mean, that's how we pick up our margin in cash.

然後我們通常只有未經裁決的變更、變更指令、REA 和此類性質的事物的運行率，以及這些的恢復、性能和恢復之間的綜合。我的意思是，這就是我們獲得現金利潤的方式。

So the pathway was clearly at the beginning of the year when we laid out the plan and then in Q1 and Q2, we still had pathways from performance and from the investments that would come about with the 17 boats on that innovative contracting approach to be able to kind of hit our guide here.

因此，我們在年初制定計劃時就明確了這一路徑，然後在第一季度和第二季度，我們仍然有來自績效和投資的路徑，這 17 艘船將採用創新的承包方法來實現有點點擊我們的指南。

The backup that we've seen right now obviously, is twofold, is the awards. Certainly all 17 boats do not look eminent by the end of the year. I think we all know that and then from a performance standpoint, we've been able to make progress but not enough of the progress or the right progress and the progress timing is limiting us to be able to fill all the costs that are on the balance sheet right now.

我們現在看到的支持顯然是雙重的，那就是獎項。當然，到今年年底，所有 17 艘船看起來都不會很出色。我想我們都知道這一點，從績效的角度來看，我們已經取得了進展，但進展不夠或正確，而且進展時間限制了我們能夠填補所有成本。

So we thought it was prudent to take the $600 million to $700 million guidance that we've had at the beginning of the year, bring that down to $0 to $100 million. So again, it's a piece of the awards and that's a timing aspect. It's a piece on both the performance. Obviously, when we bring the 7.6% to 7.8% and margin for ship building down to 5% to 6% this year, less margin means less cash.

因此，我們認為謹慎的做法是將年初的 6 億至 7 億美元指引降至 0 至 1 億美元。再說一遍，這是獎項的一部分，也是時間上的問題。這是關於表演的一部分。顯然，當我們今年將7.6％至7.8％和造船利潤率降至5％至6％時，更少的利潤意味著更少的現金。

There's a piece. So that was a piece of it. There's a piece of timing where it moves from '24 to '25 and then there's just a piece of the operations here. So it's a mix of it. But we thought it was prudent after the Q2 call when we saw some headwinds on the innovative contracting approach being able to be pushed through and executed by the end of the year as well as Q3 performance to bring down guidance on this call.

有一塊。這就是其中的一部分。有一段時間是從 24 年移動到 25 年，然後這裡只是一部分操作。所以它是它的混合體。但我們認為，在第二季度電話會議之後，我們看到創新承包方法在年底前得以推進和執行以及第三季度業績方面存在一些阻力，從而降低了本次電話會議的指導，因此我們認為這是謹慎的做法。

Yeah. No, and I get the moving parts. I'm just hoping because obviously the timing piece is an important question if it's timing or if it's performance and the contract, I think we could perceive some of that is timing. And so I would just ask, is it three quarters related to the contracts? What is it that high or is it not that high?

是的。不，我得到了活動部件。我只是希望，因為顯然計時部分是一個重要的問題，無論是計時還是性能和合同，我認為我們可以認為其中一些是計時。所以我只想問，四分之三跟合約有關嗎？什麼是那麼高或沒有那麼高？

Yeah. So, Myles, I understand the question. I understand it's the split that you're asking. But the interesting thing about that 17 ships is the construct of that contract right now we just don't know. We've been in active discussions on what it's going to look like. I am very confident they're going to order those submarines. But we just don't know the ultimate construct of that. So it's a challenge to break that out for you.

是的。所以，邁爾斯，我理解這個問題。我明白你問的是分割。但關於這 17 艘船的有趣之處在於，我們現在還不知道該合約的結構。我們一直在積極討論它的外觀。我非常有信心他們會訂購這些潛水艇。但我們只是不知道其最終結構。因此，為您解決這個問題是一個挑戰。

Okay. Maybe the follow up question and I'll leave. It is so it going into next year in terms of normalcy of cash generation of this business. What would be the framework that you'd suggest for thinking about cash generation of the business?

好的。也許後續問題我會離開。就該業務的現金產生正常而言，進入明年也是如此。您建議考慮企業現金產生的框架是什麼？

Well, I think it's going to be choppy for a couple of years, quite Honestly, Myles. We're taking a hard look at all our expenses, our capital, we're re looking at that. But it's all going to be the indicators of cash are all going to be about performance and how that ship, how that contract comes together, how we execute at the deck plate and proceed and just how we transition into those new contracts. It's -- that's going to be the story from a cash flow standpoint for the next couple of years for us.

好吧，我認為這幾年會很不穩定，老實說，邁爾斯。我們正在認真審視我們所有的開支、我們的資本，我們正在審視這一點。但這一切都將是現金指標，都將與績效以及這艘船如何、合約如何整合、我們如何在甲板上執行和繼續以及我們如何過渡到這些新合約有關。從現金流的角度來看，這將是我們未來幾年的故事。

Okay. Thank you.

好的。謝謝。

Pete Skibitski, Olympic Global.

皮特·斯基比特斯基，奧林匹克全球。

Yeah, good morning guys. I guess just on the Block -- just on the Block IV charges, did the design change? Did the Navy request it on the 800, did they kind of -- did they pay you guys for that or did that for some of the negative EAC?

是的，早上好，夥計們。我想就在 Block IV 充電上，設計有改變嗎？海軍是否要求在 800 上這樣做？ 他們是否為此付錢給你們，或者是為了一些負面的 EAC？

Yeah, so it's both boats backed up in the quarter. A part of that is the design change related data under there's probably some upside on that when that gets negotiated, potentially, it's clearly a class one change for work that needed to get done before we floated off. But that was not the only issue in the quarter for 800 there could potentially be some outside related to that.

是的，所以兩艘船都在本季備用。其中一部分是與設計變更相關的數據，當進行協商時，可能會有一些好處，這顯然是我們在漂浮之前需要完成的工作的一級變更。但這並不是 800 本季唯一的問題，可能還有一些與此相關的外部問題。

Okay. And then just at Ingalls, it seemed like on the last call, you guys had a feel that things were going to improve imminently at Ingalls and it seems like they're largely in serial production down there. So I'm just wondering if you can categorize or characterize. Is there pretty meaningful net attrition issues at Ingalls as well? Or why are things kind of going in the wrong direction there?

好的。然後就在英格爾斯，似乎在最後一次通話中，你們感覺英格爾斯的情況很快就會改善，而且看起來他們在那裡很大程度上正在進行批量生產。所以我只是想知道你是否可以分類或描述。英格斯是否也有相當嚴重的淨流失問題？或者為什麼事情會朝著錯誤的方向發展？

Yeah, I wouldn't necessarily say they're going in the wrong direction at Ingalls. They do have the same issues that everyone in manufacturing is facing relative to green labor and they're working very hard to address that. The issue with Ingalls right now is there's just less opportunity for positive adjustments.

是的，我不一定會說他們在英格爾斯的方向是錯的。他們確實面臨著製造業中每個人都面臨的與綠色勞動力相關的相同問題，並且他們正在努力解決這個問題。英格爾斯現在的問題是積極調整的機會越來越少。

You don't see significant negative adjustments, but you don't see significant positive either. So they're fighting through the same issues as everyone in manufacturing in the United States is fighting through relative to green labor, fragile supply chain. But I got a lot of confidence in Ingalls team.

您沒有看到重大的負面調整，但也沒有看到重大的正面調整。因此，他們正在努力解決與美國製造業中的每個人都在努力解決與綠色勞動力、脆弱的供應鏈相關的問題。但我對英格斯團隊充滿信心。

They're making their milestones and they're proceeding on their programs and that bundle contract was very positive. It's really representative of the type of contract we need going forward to reflect our current macroeconomic environment, ensuring we protect ourselves against the risk of inflation and a fragile supply chain. So yeah, I got a lot of confidence in the team.

他們正在實現他們的里程碑，他們正在繼續他們的計劃，而且捆綁合約非常積極。它確實代表了我們未來需要的合約類型，以反映我們當前的宏觀經濟環境，確保我們保護自己免受通貨膨脹和脆弱供應鏈的風險。所以是的，我對球隊很有信心。

Okay, thank you.

好的，謝謝。

Sure.

當然。

David Strauss, Barclays.

大衛‧史特勞斯，巴克萊銀行。

Morning, thank you.

早安，謝謝。

Morning.

早晨。

Morning, in terms of the submarine industrial base money, all the money that's being thrown at this. Where is it going? And are you seeing any evidence that it's actually helping at this point?

早上，就潛艇工業基礎資金而言，所有投入於此的資金。它要去哪裡？您是否看到任何證據表明它目前確實有幫助？

Yeah, so the industrial based funding really positive developments there from Congress and the Navy to flow that money in the industrial base. It gets distributed primarily in the supply base, but we benefit from it as well and there will be benefits related to it. The problem is it just doesn't happen very quickly when you're talking about potentially new tooling, new buildings. It takes a while to get that stuff done and then to reap the benefits from it.

是的，所以國會和海軍以工業為基礎的資金確實取得了積極的進展，使這些資金流向了工業基礎。它主要分佈在供應基地，但我們也從中受益，並且會有與之相關的好處。問題是，當你談論潛在的新工具、新建築時，它不會很快發生。完成這些事情然後才能從中獲益需要一段時間。

So we're actually rebuilding the industrial base related to shipbuilding right now and expanding capacity both through navy investments, as well as our investments. So I think it's a very positive development. I think actually I know there's going to be benefits that come from it. It's just we're going to have to be a bit patient.

因此，我們現在實際上正在重建與造船相關的工業基礎，並透過海軍投資和我們的投資擴大產能。所以我認為這是一個非常積極的發展。我想實際上我知道它會帶來好處。只是我們必須要有一點耐心。

Okay. And as a follow up, I think to Myles question. Tom, maybe just going after the working capital side of things, I guess you're about 9% right now on working capital. I'm guessing your guide for the full year implies something like Q4, we get down to around 6% to 7%. Is that right? And do you still view kind of a normal level of working capital around 5%?

好的。作為後續行動，我想到了邁爾斯的問題。湯姆，也許只是追求營運資金方面，我猜你現在的營運資金大約是 9%。我猜你的全年指南暗示了第四季度的情況，我們下降到了 6% 到 7% 左右。是這樣嗎？您是否仍認為營運資金處於 5% 左右的正常水準？

Yes. I think obviously you can calculate we are in the upper 8% right now and we are going to take a couple of 100 basis points to 200 basis points out of that by the end of the year, there's a range of variability between a 0 and 100. I do think once we get past these ships here, the pre-COVID ships, we'll get back to a normal range of cash flow. As Chris said, that could be 12-18 months by the end of '24 into '25.

是的。我認為顯然你可以計算出我們現在處於前 8% 的水平，到年底我們將採取 100 到 200 個基點，其中存在 0 到 0 之間的變化範圍。我確實認為，一旦我們超越了這裡的這些船隻，即新冠疫情之前的船隻，我們將恢復到正常的現金流範圍。正如克里斯所說，到 24 世紀末到 25 世紀末，這可能需要 12-18 個月。

So just going to have to work ourselves through that. We're making progress. The cost is there on the balance sheet. We just have to finish these ships up and get paid. The cash will come as we make our deliveries. So it's just a function of us grinding through the current portfolio of ships.

所以我們只能自己努力解決這個問題。我們正在取得進展。成本是在資產負債表上的。我們只需要完成這些船隻並獲得報酬。當我們交貨時現金就會到帳。所以這只是我們磨練目前船舶組合的功能。

All right. Thank you. Well done.

好的。謝謝。幹得好。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Hey, good morning.

嘿，早安。

Morning, Scott.

早安，史考特。

Tom, the low end of the shipbuilding margin guide seems to imply significantly more negative EACs in the fourth quarter. So I guess you see risk there. So my question is what prevents that risk from crystallizing other than getting the ship -- the submarine contract and then why not just book those negative EACs now if you're going to guide to them.

湯姆，造船利潤率指南的低端似乎意味著第四季度的負 EAC 顯著增加。所以我猜你看到了那裡的風險。所以我的問題是，除了獲得船舶-潛艇合約之外，還有什麼可以阻止這種風險的具體化，那麼如果你要指導他們，為什麼不現在就預訂那些負面的EAC呢？

So we give you a range for 5% to 6% for the end of the year. Obviously with the actuals that you have for Q1, Q2, Q3, you can kind of calculate where that lands. There's a little volume against that. But generally speaking, there's still a spread there about 300 basis point between the low end and the high end 400 basis points between the low end and the high end.

因此，我們為您提供的年底利率範圍為 5% 至 6%。顯然，根據 Q1、Q2、Q3 的實際值，您可以計算出其落地位置。有一點反對的聲音。但整體而言，低端與高端之間仍有約300個基點的利差，低端與高端之間仍有400個基點左右的利差。

And it just depends on how we perceive we have Q4 performance, right? We have making progress in milestones, making those incentives. I talked about both the CapEx incentives and performance incentives on that. And then kind of getting paid by the end of the year on the cash side, on the margin side we're watching the EACs and finding a footing against the ships that we have here right now.

這只取決於我們如何看待第四季的表現，對嗎？我們在里程碑方面取得了進展，並制定了這些激勵措施。我談到了資本支出激勵和績效激勵。然後在年底之前在現金方面獲得付款，在保證金方面，我們正在觀察 EAC 並找到與我們現在擁有的船舶相比的立足點。

So we wanted to make sure we had an appropriate range that had all outcomes that there's upside to it too as you see between 5% and 6%. And we'll just -- we'll see how the year proceeds as we close out.

因此，我們希望確保我們有一個適當的範圍，能夠產生所有有好處的結果，正如您所看到的 5% 到 6% 之間。我們將在結束時看看這一年的進展。

We did wash out as we mentioned in the scripts, the investment upside that you'd get as the investment dollars flow through here for the VCS and Columbia build too. So that's not a factor as far as the year-end close out.

正如我們在腳本中提到的，我們確實消除了投資優勢，因為投資資金也流經這裡進行 VCS 和哥倫比亞建設。因此，就年終結算而言，這不是一個因素。

Okay, thank you. And then Chris, sorry if I missed it, but do you still expect to deliver CVN 79 in 2025? And is that pre-COVID ship seeing any issues or rework requirements in the testing phase, like those you referenced on Block IV Virginia class?

好的，謝謝。然後克里斯，抱歉，如果我錯過了，但您仍然希望在 2025 年交付 CVN 79 嗎？那艘新冠疫情之前的船在測試階段是否遇到任何問題或返工要求，就像您在 Block IV Virginia 級中提到的那樣？

Yeah, so no change in the milestones. Other than what I referenced on my script. We're absolutely impacted on all those pre-COVID ships by additional rework and really the fragility of the supply chain. We've talked previously about it at the kind of the variability in the supply chain going down from an inflation and predictability standpoint.

是的，所以里程碑沒有改變。除了我在腳本中引用的內容之外。我們絕對會受到額外返工和供應鏈脆弱性的影響。我們之前已經從通貨膨脹和可預測性的角度討論過供應鏈的可變性。

But when something breaks, when you're going through the test program, something breaks and you have to go reorder or you have to rebuild it. There's just the arthritis in the system related to getting that back, which causes schedule risk. So yeah, no change to 79 right now. But it's just going to be a challenge completing any ship that was done -- negotiated pre-COVID.

但是，當某些東西發生故障時，當您執行測試程序時，某些東西會發生故障，您必須重新排序或重建它。只是系統中存在與恢復相關的關節炎，這會導致進度風險。所以是的，現在沒有更改為 79。但要完成在新冠肺炎疫情之前商定的任何船舶，都將是一項挑戰。

Thank you.

謝謝。

Jason Gursky, Citi.

賈森古爾斯基，花旗銀行。

Yeah, thanks and good morning, everybody. Hey, Chris. I'm just kind of curious how you go about managing the business with this much uncertainty going on the start new contracts and just kind of how you're going to go about managing through this.

是的，謝謝大家，早安。嘿，克里斯。我只是有點好奇，在新合約的不確定性如此巨大的情況下，你將如何管理業務，以及你將如何管理這一切。

And then I can't help but wonder if slowing down here for some period of time might be helpful as you try to convert some of your green labor into more experienced labor. I'm just kind of curious, could we wake up someday and see that we just hit the pause button, let you guys figure out how to get this work done more methodically and we can restart. Is that a bad idea? I'm just trying to understand how this gets fixed.

然後我不禁想知道，當你試圖將一些綠色勞動力轉化為更有經驗的勞動力時，在一段時間內放慢速度是否會有所幫助。我只是有點好奇，能否有一天我們醒來，發現我們只是按下了暫停按鈕，讓你們弄清楚如何更有條理地完成這項工作，然後我們就可以重新開始。這是一個壞主意嗎？我只是想了解如何解決這個問題。

Well, so that's -- Jason, thank you for that question. And first of all, I don't think there's any backup related to the urgency that's required to get these ships delivered and we're doing all we can to, to get these ships delivered to the Navy. But you bring up a very good point related to green labor. And while we're on our hiring plan for the year, we're actually repositioning our strategy relative to hiring where we're reducing our reliance on green labor, we're just going to hire less and we're going to focus on more experienced labor because we're just out of alignment or out of balance from an experience level right now, which leads to rework, which leads to inefficiency and it's not good for anyone.

嗯，那就是──傑森，謝謝你提出這個問題。首先，我認為沒有任何與交付這些艦艇所需的緊迫性相關的後備，我們正在盡一切努力將這些艦艇交付給海軍。但你提出了一個與綠色勞工相關的非常好的觀點。雖然我們正在製定今年的招聘計劃，但我們實際上正在重新定位我們的招聘策略，減少對綠色勞動力的依賴，我們只會減少招聘，我們將專注於更有經驗的勞動力，因為我們現在的經驗水平不協調或不平衡，這會導致返工，導致效率低下，這對任何人都沒有好處。

So we're repositioning that a bit, which I don't consider that slowing down. I consider that, investing in the workforce so that you're more efficient. And really aligning and that's what we're doing with our capital plans and our cost structure as well, Jason, is we're aligning those investments and that cost structure with what we think the pace of activity will be going forward.

所以我們正在稍微重新定位，我不認為這會放緩。我認為，投資勞動力可以提高效率。傑森，真正的調整是我們正在對我們的資本計畫和成本結構所做的事情，我們正在將這些投資和成本結構與我們認為未來活動的步伐進行調整。

As I said previously, it doesn't do anyone any good to have to meet your hiring plan and then not have supply chain material there, right. So, I think you bring up a good point. I think we have to be very disciplined in how we do that. I think we have to be really disciplined in how we put these ships under contract as well.

正如我之前所說，必須滿足您的招聘計劃，然後那裡沒有供應鏈材料，這對任何人都沒有任何好處，對吧。所以，我認為你提出了一個很好的觀點。我認為我們在如何做到這一點上必須非常自律。我認為我們在如何將這些船隻納入合約方面也必須嚴格遵守紀律。

We can't sign a contract and hope, we have to do that, we have to do it. Understanding the current macroeconomic environment, understanding the proficiency of our labor force, the fragility of the supply chain, potential for increased inflation and all of the work that's happening within the shipyard.

我們不能簽署合約並希望，我們必須這樣做，我們必須這樣做。了解當前的宏觀經濟環境，了解我們勞動力的熟練程度、供應鏈的脆弱性、通貨膨脹加劇的可能性以及造船廠內發生的所有工作。

So you bring up a good point. We're thoughtful about it, we're thinking about it and we're making sure that we do it responsibly.

所以你提出了一個很好的觀點。我們深思熟慮，我們正在考慮它，我們確保我們負責任地這樣做。

Right? Okay. I appreciate that. And then somebody's got to ask a question about Mission Technologies, right? I mean, that business continues to perform well, nice growth, margins are doing well there. So maybe just talk a little bit about the next few years at Mission Tech, the pipeline that you have there, the outlook for book-to-bills, the mix that you have in the current backlog and kind of what you're chasing and just the potential for book to bills growth rates, margins, kind of just give us a mosaic for the next few years to think about that business. Thanks.

正確的？好的。我很欣賞這一點。然後有人會問 Mission Technologies 的問題，對嗎？我的意思是，業務繼續表現良好，成長良好，利潤率也不錯。所以也許只是談談 Mission Tech 未來幾年的情況、那裡的管道、訂單到賬單的前景、當前積壓的組合以及你正在追求的東西和賬面增長率、利潤率的潛力，就為我們提供了未來幾年思考該業務的馬賽克。謝謝。

Sure. Mission Technology is doing very well and they've grown at 14% year-to-date over last year. Some really big wins, $11 billion of wins. The outlook for that business couldn't be better and it's broadly across their portfolio.

當然。Mission Technology 的表現非常好，今年迄今比去年成長了 14%。一些非常重大的勝利，價值 110 億美元。該業務的前景再好不過了，而且它廣泛存在於他們的投資組合中。

The team just restructured their business to focus on where they think the higher growth areas are. You think about C5ISR, electronic warfare, unmanned or uncrewed vehicles. So they're doing very well. The pipeline is strong. The team seems to be very focused.

團隊剛剛重組了他們的業務，專注於他們認為更高成長的領域。你會想到 C5ISR、電子戰、無人駕駛車輛。所以他們做得很好。管道很強大。團隊看起來非常專注。

And I look forward to them performing over the next few years consistent with the growth rates or even beyond the growth rates that we communicated at our investor day. So yeah, very pleased with mission technologies. The team is executing very well. Tom, do you have anything to add on Mission Technologies?

我期待他們在未來幾年的表現與成長率保持一致，甚至超過我們在投資者日傳達的成長率。所以，是的，對任務技術非常滿意。團隊執行得非常好。湯姆，您對 Mission Technologies 有什麼要補充的嗎？

No, I mean, just to hop on the back end there on top of the growth rate that we've seen this year at 14% year-to-date has been 13% from '22 to '23. So I'm excited by that. The efficiency that Chris talked about from six business units to four. We're leveraging the strongest leaders there, the portfolio, the talent we're aligning to be even more efficient on new bids there from a rate structure.

不，我的意思是，我們今年的成長率為 14%，從 22 年到 23 年迄今為止，成長率為 13%。所以我對此感到興奮。克里斯談到的效率從六個業務部門減少到四個。我們正在利用那裡最強大的領導者、投資組合和人才，以便透過費率結構更有效地進行新的投標。

So I'm excited with what they're doing there as they're honing the business and the line acquisition was in 2021. And each year we're finding opportunity set to either take more cost out or get some additional synergies within the division and the interfacing within in shipbuilding.

因此，我對他們在那裡所做的事情感到興奮，因為他們正在磨練業務，生產線收購是在 2021 年進行的。每年我們都會尋找機會，要么降低更多成本，要么在造船部門和內部介面內獲得一些額外的協同效應。

And then the opportunity set there continue to grow and how we can leverage Mission Technologies, applications and tech into how we construct and support our shipbuilding. So I'm excited about the future. We kind of set that up with a thesis of 7% to 9% growth, 8% to 10% EBITDA.

然後那裡的機會繼續成長，以及我們如何利用任務技術、應用程式和技術來建造和支援我們的造船業。所以我對未來感到興奮。我們的目標是成長 7% 至 9%，EBITDA 成長 8% 至 10%。

I know that first year was at 4% from 2021 to '22. But as I say, the last two years have been 13% and 14% higher than the initial hope and the projection that we gave for a 7% to 9% growth. And it's nice to see a couple of what here where the margins have themselves up a lot of cost type contracts over that. But as we continue to mature the portfolio and the relationships with the customers and additional contracts that the opportunity set to kind of build out from just, 80% to 85% cost type into other type of contract and delivery orders against those BOA contracts that will offer opportunity sets for higher returns as well, more products and services than just engineering solutions and studies.

我知道從 2021 年到 22 年第一年的成長率為 4%。但正如我所說，過去兩年的成長率比最初的希望和我們給出的 7% 至 9% 的預測高出 13% 和 14%。很高興看到這裡的一些內容，其中利潤本身就增加了許多成本類型的合約。但是，隨著我們的產品組合以及與客戶的關係以及其他合約的不斷成熟，機會將把 80% 到 85% 的成本類型擴展到其他類型的合約和交付訂單，這些合約將針對那些 BOA 合約提供更高回報的機會、更多的產品和服務，而不僅僅是工程解決方案和研究。

So I think it's going well right now and I'm excited that it brings about a new line of customer sets, different avenues of funding. We talked at Investor Day, the opportunity sets, we have there to go international, commercial contracting, Australia over to England and with the office opportunity sets in front of us, too. So that's hitting on all cylinders for us.

所以我認為現在進展順利，我很高興它帶來了新的客戶群和不同的融資管道。我們在投資者日上談到了機會集，我們在那裡走向國際，商業承包，澳大利亞到英國，而且我們面前也有辦公室機會集。所以這對我們來說是全力以赴的。

Right? Okay, I appreciate that color and (inaudible)

正確的？好的，我很欣賞這個顏色（聽不清楚）

Thanks, Jason.

謝謝，傑森。

Seth Seifman, J.P. Morgan.

賽斯‧塞夫曼，摩根大通。

Thanks very much and good morning. I wanted to ask, you mentioned doing more outsourcing and, kind of hiring less. How do we think about how that affects returns and cost estimates when more of the work is done with outsourcing and, when we see all this money going into the submarine industrial base and some of it going into kind of are restarting small and medium sized shipyards elsewhere, should we think about a greater percentage of the work being outsourced going forward and kind of what does that mean for margins?

非常感謝，早安。我想問，你提到做更多外包，減少招募。當更多的工作是透過外包完成時，當我們看到所有這些資金都進入潛艇工業基地，其中一些資金進入正在重啟的中小型造船廠時，我們如何看待這如何影響回報和成本估算在其他方面，我們是否應該考慮未來將更大比例的工作外包，這對利潤率意味著什麼？

Yeah, I think there's going to be a greater percentage of our work outsource going forward. There is a premium related to that. And you're seeing that impact in the profitability of our current portfolio. Now, I don't think it's going to be a significant impact going forward on these ships because we pretty much made most of those decisions.

是的，我認為未來我們的工作外包比例將會更高。有與此相關的溢價。您會看到這種影響對我們目前投資組合的獲利能力。現在，我認為這不會對這些船隻產生重大影響，因為我們幾乎做出了大部分決定。

But we will increase the industrial base and increase in outsource partners on our future contracting activity and we make sure we protect those potential increases in those targets. That's what I mean about when I talk about ensuring that our new ships reflect the current macroeconomic environment, which means you're going to outsource more, which means it costs more. So we will outsource more. We need to expand the capacity in shipbuilding. We'll do that, but we need on these new contracts to ensure we protect ourselves.

但我們將在未來的承包活動中擴大工業基礎並增加外包合作夥伴，並確保保護這些目標的潛在成長。這就是當我談到確保我們的新船反映當前宏觀經濟環境時的意思，這意味著你將外包更多，這意味著成本更高。所以我們會外包​​更多。我們需要擴大造船能力。我們會這麼做，但我們需要這些新合約來確保我們保護自己。

I hop on the back end of that to you. I wouldn't want you to -- like to take away that we're going to significantly reduce hiring, the hiring, the training, working on retention. The backdrop that we've given you is that there's going to be additional growth in shipbuilding right from 3% to 4%.

我跳到後面給你。我不希望你知道我們將大幅減少招募、招募、培訓以及保留工作。我們提供給您的背景是造船業將額外成長 3% 至 4%。

So there needs to be more volume and capacity, right? It's not out of the inability just for us to hire enough, but because of the top line growing, so we'll be outsourcing what makes sense and compared to maybe the inefficiency of some things we do inside that we don't have the capacity to do it all that goes into the business as we outsource. We'll insource there's teams that we can have pop into the yard, painters and welders at times on ships that they can pop in here for a month or a couple of quarters and help out as well.

所以需要更多的體積和容量，對嗎？這並不是因為我們無法僱用足夠的員工，而是因為收入不斷增長，所以我們將外包一些有意義的事情，並與我們內部做的一些事情的效率低下相比，我們沒有能力我們將業務中涉及的所有事情都外包出去。我們將外包一些團隊，我們可以派他們到院子裡，有時在船上派油漆工和焊工，他們可以派到這裡待一個月或幾個季度，並提供幫助。

And again, if there may be a slight premium, a lot of times you don't pay like the benefit end of that. And then coming in here to offset the inefficiency that we have maybe schedule growth of the inefficiencies of the inexperience, some of the inexperience that we have in the yard here.

再說一次，如果可能有輕微的溢價，很多時候你不會像福利那樣支付。然後來到這裡來抵消我們的低效率，也許會安排缺乏經驗的低效率的增長，我們這裡的院子裡有一些缺乏經驗的人。

All that's rolled into the EAC right here. So I see that as nothing but positive. Also, there's opportunity sets for us to do other things like operating centers, manufacturing, operating centers, and that's in the mix. We're always kind of studying that. So we're not flatfooted here. We've kind of talked over the last two or three years since COVID about hiring and we were successful with that.

所有這些都已納入 EAC 中。所以我認為這只是積極的。此外，我們還有機會做其他事情，例如營運中心、製造、營運中心，這些都在其中。我們一直在研究這一點。所以我們在這裡並不措手不及。自從新冠疫情爆發以來，我們在過去兩三年裡一直在談論招募問題，而我們在這方面取得了成功。

We see the attrition is a draw here and now we're kind of pivoting to like, hey, the answer to that is more training, more relationships and engagement with our new hires. And then where we need to supplement that's where we either outsource, in-source or look at other operating centers that we can team with team acquire or things of that nature. So, I mean, all that's in play on how we're trying to manage the business as we see going forward.

我們看到這裡的人員流失是一個吸引力，現在我們有點轉向喜歡，嘿，答案是更多的培訓，更多的關係和與我們的新員工的互動。然後我們需要補充的地方就是我們外包、內包或尋找其他營運中心，我們可以與團隊收購或類似性質的事情合作。所以，我的意思是，所有這些都與我們未來如何管理業務有關。

Right? Okay. And then maybe then to follow up, you mentioned kind of that 3% to 4% annual ship building growth, that target I think was also based on the investments that you guys thought you were making with the elevated CapEx over three years. Now this year for sure and it seems like maybe going forward, the capital plan is much lighter without the kind of capacity and productivity that that would come from that capital spending. Is it still appropriate to be thinking about that sort of 3% to 4% top line over the next few years?

正確的？好的。然後，也許接下來，您提到了每年 3% 到 4% 的造船成長率，我認為這個目標也是基於你們認為在三年內透過增加資本支出進行的投資。現在，如果沒有資本支出帶來的產能和生產力，今年的資本計畫肯定要輕得多，而且似乎可能會繼續下去。未來幾年考慮 3% 到 4% 的收入是否仍然合適？

So, absolutely. Right. I wouldn't want anyone to see the signal of the CapEx that reduced for this year. We had guided 5% for the next three years from '24, '25 and '26 with '24 being 5.3%. So we prudently kind of hedged that back and, and we're managing accordingly because we want to see, is it going to be an incremental approach? Are we still going to do something more globally like an omnibus approach for the 17 boats that we have?

所以，絕對是。正確的。我不希望任何人看到今年資本支出減少的訊號。我們在 24 年、25 年和 26 年的未來三年指導了 5%，其中 24 年為 5.3%。因此，我們謹慎地對沖了這一點，並且我們正在進行相應的管理，因為我們想看看，這是否會是一種漸進的方法？我們是否仍會在全球範圍內採取一些措施，例如對我們擁有的 17 艘船採取綜合方法？

But none of that work has moved out every year, we replan our 10 year annual operating plan and none of that work has moved out of the plan. So the business, the value equation that we have, the specific skills and the opportunities that we have with the growing Navy requirement, the 30-year shipbuilding plan, the 5-year 5F, all that's in place here.

但這些工作每年都沒有移出，我們重新規劃了 10 年年度營運計劃，而且這些工作都沒有移出計劃。因此，我們擁有的業務、價值方程式、隨著海軍需求不斷增長而擁有的具體技能和機會、30 年造船計劃、5 年 5F，所有這些都在這裡。

As Chris said, we're trying to make sure that we marry the business environment and the headwinds that we see with both the labor needs and the and the supply chain availability. We're trying to very home to fair and equitable contracts going forward that protects finds the right balance between affordability and profitability.

正如克里斯所說，我們正在努力確保將商業環境和我們看到的不利因素與勞動力需求和供應鏈可用性結合。我們正在努力製定公平公正的合同，以保護在負擔能力和盈利能力之間找到適當的平衡。

So that has not changed the value equation of HII. It does mean that for the remaining part of this year, as we're trying to get rid of a little bit of the cloudiness and how that's going to play out and see the footing on performance to take hold in Q4 and going forward, we throttled back just from a CapEx and cash position to be prudent in the short term, but medium to long term, really nothing changes from what we envisioned and what we walked the industry through at Investor day, right?

所以這並沒有改變 HII 的價值方程式。這確實意味著，在今年剩餘的時間裡，當我們試圖擺脫一點陰雲以及這將如何發揮作用並看到第四季度和未來的業績基礎時，我們短期內，為了謹慎起見，我們只是從資本支出和現金頭寸上進行了限制，但從中長期來看，我們的設想以及我們在投資者日所經歷的行業確實沒有任何變化，對嗎？

That was a medium to long term. We talked about 3% to 5% for medium and 5 to 10 year. The thesis of HII investment and what -- how we see the business playing out has not changed at all.

那是一個中長期的。我們討論了中期和 5 到 10 年的 3% 到 5%。HII 投資以及我們如何看待業務發展的主題根本沒有改變。

Great. Thanks very much.

偉大的。非常感謝。

Thanks.

謝謝。

Ron Epstein, Bank of America.

羅恩愛潑斯坦，美國銀行。

Yeah, good morning.

是的，早安。

Morning.

早晨。

I think we've been kind of through this, but I'm still trying to get my head around -- back at the Investor Day when you guys gave your outlook. How could you not see this coming?

我想我們已經經歷了這一切，但我仍在努力理清思路——回到投資者日，當時你們給出了自己的展望。你怎麼會看不到這一切的到來呢？

Yeah. So it's a good question, Ron. You talk about Investor Day. It was kind of a broad look at the business, at a medium to long term take on growth rates and where we thought performance was going. And consistent with Investor Day, we said we had to get through these pre-COVID contracts and our assumptions of how we were going to get through them. Were just a little bit too optimistic.

是的。所以這是一個很好的問題，羅恩。你談到投資者日。這是對業務、中長期成長率以及我們認為業績走向的廣泛審視。與投資者日一致，我們表示我們必須完成這些疫情前的合約以及我們對如何完成這些合約的假設。我們只是有點過於樂觀了。

So, we're having to deal with it. We have a very good accounting process where we roll through our EACs every quarter. And we have to take an issue if it shows up. So it's not grossly inconsistent with the challenges we knew we had on these contracts over negotiated pre-COVID. We're just going to have to get through them and transition to these new contracts that reflect our current environment.

所以，我們必須處理它。我們有一個非常好的會計流程，每個季度都會更新我們的 EAC。如果出現問題，我們必須採取行動。因此，這與我們在新冠肺炎疫情發生之前就這些合約所面臨的挑戰並不完全不一致。我們只需要克服它們並過渡到這些反映我們當前環境的新合約。

Got it. And then how should we think about margins in the next year? I mean, can you talk about that?

知道了。那我們該如何考慮明年的利潤率呢？我的意思是，你能談談嗎？

Yeah. So they're going to be, we're not going to provide guidance until the end of January on that. And it's going to be a reflection of how we execute over the next couple of months, our expectation of execution for the balance of the year, those risk and opportunities and then the what we think that 17 ship submarine contract looks like whether it gets awarded together, whether it gets awarded separately in the FY24 boats.

是的。因此，我們要到一月底才會提供相關指引。這將反映我們在接下來的幾個月中如何執行、我們對今年剩餘時間執行的預期、這些風險和機遇，以及我們認為 17 艘潛艇合約是否會被授予的情況一起，是否在2024 財年船隻中單獨授予。

What that construct looks like and what the incentives are look like on that. So, we'll give that that information and out in for guidance in 2025 in January. And those are the factors that will influence it. Tom, I don't know if you have anything you want to add to that.

這個結構是什麼樣的，以及對此的激勵措施是什麼樣的。因此，我們將在 2025 年 1 月提供這些資訊並提供指導。這些都是影響它的因素。湯姆，我不知道你是否還有什麼要補充的。

You kind hit it. It's just going to be a function of the performance and then these new contract awards that we have going forward. So I think it's premature right now for us to kind of guide that, I mean, we give you a range to get out of this year. And then we'll give you a perspective, kind of going forward. We understand what's impacting us. We're throwing a lot of horsepower, internal investment, on our labor front and on the supply chain. I mentioned -- to your question on the investment I mentioned about, how to work off the existing ships, that have been during COVID and post-COVID the last three, four years now.

你好心擊中了它。這只是業績的函數，然後是我們未來授予的新合約。因此，我認為現在對我們進行指導還為時過早，我的意思是，我們給了你今年的退出範圍。然後我們會給你一個展望，一種前進的方向。我們了解是什麼在影響我們。我們在勞動力方面和供應鏈上投入了大量的精力和內部投資。對於你提到的投資問題，我提到如何對現有船舶進行改造，這些船舶在過去三、四年一直在新冠疫情期間和後新冠疫情期間使用。

I know a lot of people say, hey COVID is behind us, but the contract value that we brought in here was pre-COVID. And then with the loss of heads and the experience and the fragility of the supply chain. I mean, the impacts are still real today, whether it's impacting the ship at the deck plate parts and labor or it's just a cumulative effect of higher costs over the performance of the ships in both as they run through the three or four years of three years of COVID, 9%-plus percent inflation for a couple of years and now a tightening of the labor market.

我知道很多人說，嘿，新冠疫情已經過去了，但我們在這裡帶來的​​合約價值是新冠疫情之前的。然後是人員的流失、經驗的流失、供應鏈的脆弱性。我的意思是，這些影響在今天仍然是真實的，無論是影響船舶的甲板部件和勞動力，還是只是更高的成本對船舶性能的累積效應，因為它們在三年或四年的三年中運行多年來的新冠疫情、連續幾年超過9% 的通貨膨脹率以及現在勞動力市場的緊縮。

Those are real impacts that we're kind of living each day. So if you recall, I broke that down, hey, we got every year we get rid of a couple of boats and ships that went through that. We start some new boats and ships.

這些都是我們每天都在經歷的真實影響。所以如果你還記得的話，我把它分解了，嘿，我們每年都會處理掉一些經歷過這種情況的船隻。我們開始建造一些新的船隻。

And then it's about the equity of the new contracts that we bring home with additional backstops on clauses, more alignment on program schedules and then the cost returns that we see would get cranked into the new bids. And we find that that overlap between affordability and profitability on the new awards. And there's a transition period of that. The new portfolio replacing the existing portfolio we have here. But I think that's the color we have to know that.

然後是關於我們帶來的新合約的公平性，這些合約有額外的條款支持，專案時間表更加一致，然後我們看到的成本回報將被納入新的投標中。我們發現新獎項的負擔能力和獲利能力之間存在重疊。並且有一個過渡期。新的投資組合取代了我們這裡現有的投資組合。但我認為這就是我們必須知道的顏色。

Yeah. And then maybe just one more question. I mean -- tell me if I'm just oversimplifying this. But when you look at the commercial airlines as an example, they had a pilot shortage until they paid their pilots a lot more. And then the shortage went away. I mean, is it as simple in the yard is just paying the shipbuilders more and you'll get more talented people with more experience. Is there a way to work with the Navy to do that?

是的。也許還有一個問題。我的意思是——請告訴我我是否過於簡化了。但以商業航空公司為例，他們的飛行員短缺，直到他們向飛行員支付更高的薪水。然後短缺就消失了。我的意思是，在船廠裡是不是很簡單，只要向造船廠支付更多費用，就會得到更多有才華、有更多經驗的人。有沒有辦法與海軍合作來做到這一點？

Yeah, that's why we're working with the Navy to do that now. We've worked with them on some interesting projects relative to increasing the labor and we're seeing some promising results for that. So, Ron, you're bringing up a good point. It's something we're working very closely with the Navy to address on the 17 ship submarine contract.

是的，這就是我們現在與海軍合作這樣做的原因。我們與他們合作了一些與增加勞動力相關的有趣項目，我們看到了一些有希望的結果。所以，羅恩，你提出了一個很好的觀點。我們正在與海軍密切合作，在 17 艘潛艇合約中解決這個問題。

We've done it at Ingalls already in some area and we're seeing some positive results. So it is an oversimplification, but we think that is one lever you can pull to improve retention, improve performance and improve predictability.

我們已經在英格爾斯的某些地區做到了這一點，並且看到了一些積極的成果。所以這是一種過於簡單化的說法，但我們認為這是你可以用來提高保留率、提高績效和提高可預測性的槓桿。

Yeah, makes sense. All right. Thank you.

是的，有道理。好的。謝謝。

Sure.

當然。

Robert Stallard, Vertical Research.

羅伯特·斯塔拉德，垂直研究。

Thanks so much. Good morning.

非常感謝。早安.

Good morning.

早安.

Chris, I don't want to belabor this 17 ship issue, but I was wondering if you could elaborate on what the potential sticking points are here. Is it very basically that the cost per unit has gone up significantly versus what the Navy is prepared to pay or had budgeted or that you were trying to get some sort of recompense on the older pre-COVID contract. So, what exactly is the issue here?

Chris，我不想詳細說明 17 艘船的問題，但我想知道您是否可以詳細說明這裡潛在的癥結所在。基本上，單位成本與海軍準備支付或預算的成本相比是否顯著上升，或者你試圖從新冠疫情前的舊合約中獲得某種補償。那麼，這裡到底有什麼問題呢？

Yeah, so fundamentally the budgets that were established for those boats was a few years ago and it didn't really have the our current environment baked into the budget scenario. So that creates a risk just that creates a risk in getting those under contract.

是的，所以從根本上來說，為這些船隻制定的預算是幾年前的事，並沒有真正將我們當前的環境納入預算方案中。因此，這就產生了一個風險，就像讓這些人簽訂合約一樣產生風險。

But it also doesn't, if we were to just kind of go business as usual to put those under contract, it doesn't address the significant investment that's required to meet the critical need for the submarine schedules. And so whenever you do something that's somewhat innovative and create an asset that can be used for investment, it just takes longer to get that approved.

但它也不是，如果我們只是像往常一樣把這些業務納入合同，它並不能解決滿足潛艇時間表的關鍵需求所需的大量投資。因此，每當你做一些有點創新的事情並創建可用於投資的資產時，就需要更長的時間才能獲得批准。

We still think it's the right approach. So it's a combination of both of the things you mentioned, which the budget was not enough, but it also doesn't unlock all the investment that we need to make in the industrial base to meet our contract schedules. So it's a little bit of budgeting challenge, but also how do we attack this issue kind of holistically so we can accelerate submarine production.

我們仍然認為這是正確的方法。所以這是你提到的這兩件事的結合，預算不夠，但它也沒有釋放我們需要在工業基地進行的所有投資來滿足我們的合約時間表。因此，這是一個預算挑戰，但我們如何從整體上解決這個問題，以便加快潛艇的生產。

Great. And then just a quick one for Tom. Mission Technologies in Q4, it looks like things step down. Is there a reason for that?

偉大的。接下來是湯姆的快速介紹。Mission Technologies 在第四季的表現似乎有所下降。這是有原因的嗎？

Yeah, we're being conservative right now on the way that plays out a piece of the performance that we see here is timing. So -- and -- but we're still -- if you notice we're raising the guide both on the top line and the bottom line addition technology.

是的，我們現在在表現我們在這裡看到的部分錶現的方式上是保守的，那就是時機。所以——而且——但我們仍然——如果你注意到我們正在提高頂線和底線附加技術的指南。

So there's no issue or problem there and we'll just let it play out. They've met or exceeded where we thought they land in each chord and I'm feeling positive about that, but there's still another 2-plus months to kind of play out here and I'm looking forward to provide us some good news in February.

所以那裡沒有問題，我們就讓它發揮出來。他們已經達到或超過了我們認為的每個和弦的水平，我對此感到積極，但還有另外 2 個多月的時間在這裡發揮，我期待為我們提供一些好消息二月。

Thanks, Tom.

謝謝，湯姆。

Doug Barnet, Bernstein.

道格·巴尼特，伯恩斯坦。

Hey, guys, this is Mike McCormick on for Doug.

嘿，夥計們，這是邁克·麥考密克（Mike McCormick）替道格（Doug）發言。

Just a quick question on labor. I know that we talked about some of the outsourcing and hiring goals. But can you just touch on attrition in the quarter? I know last quarter, I said not really improving, but an update there would be helpful and then I have a quick follow up.

只是一個關於勞工的簡單問題。我知道我們討論了一些外包和招募目標。但您能談談本季的人員流失嗎？我知道上個季度，我說過並沒有真正改善，但更新會有幫助，然後我會快速跟進。

Yeah, we haven't seen market improvement in attrition. That's why we're kind of repositioning the way we're hiring and focusing on less entry level and more experienced labor because they tend to stay. So yeah, no meaningful change in attrition.

是的，我們還沒有看到市場流失率有改善。這就是為什麼我們要重新定位招募方式，並專注於入門級較低和經驗豐富的勞動力，因為他們往往會留下來。所以，是的，損耗沒有發生有意義的變化。

Okay. Thank you. And then just on CVN79 I guess as we get through to 80 and 81, any comments on how we should think about sort of the margin profile should expect margin expansion on these ships as we move (inaudible) Just any color on that would be helpful, too.

好的。謝謝。然後就在 CVN79 上，我想當我們到達 80 和 81 時，任何關於我們應該如何考慮利潤概況的評論都應該預期在我們移動時這些船舶的利潤會擴大（聽不清）只要任何顏色都會有幫助， 也。

Yeah, I'm sorry, Mike. I have a bit of a trouble understanding what your question is, but I think it was margin profile on aircraft carriers. And we don't give margin by program. So it's just not something we do, but I do, I'm still very confident it's a 9% to 10% business. We just need to transition out of these pre-COVID contracts.

是的，我很抱歉，麥克。我有點難以理解你的問題是什麼，但我認為這是航空母艦的利潤狀況。我們不會按計劃提供保證金。所以這不是我們做的事情，但我做，我仍然非常有信心這是一項 9% 到 10% 的業務。我們只需要擺脫這些疫情前的合約。

Okay. Thank you.

好的。謝謝。

Thanks.

謝謝。

Noah Poponak, Goldman Sachs.

諾亞·波波納克，高盛。

Hey, good morning, (inaudible) Hey, thanks. Can you frame the timing at which you will no longer have pre-pandemic contracts flowing through your financials.

嘿，早上好，（聽不清楚）嘿，謝謝。您能否制定一個時間，讓您的財務狀況不再有疫情前的合約流動？

And so it transitions out. I think between '24 and '28, about 50% to 60% of the work is pre-COVID and just depending on the pace and tempo of the new awards, you saw we got the -- if I break down the new awards post-COVID, FY23 on the destroyers, you saw Ingalls just picked up the bundle in Q3.

所以它就轉變了。我認為在24 到28 年間，大約50% 到60% 的工作是在新冠疫情之前進行的，並且僅取決於新獎項的進度和節奏，你會看到我們得到了——如果我細分一下新獎項的帖子-2023 財年驅逐艦上的新冠肺炎，你看到英格爾斯剛剛在第三季度收到了包裹。

We're talking about the 17 boats here for the last two and FY24 Block IV on the next 10 boats for Block VI and then the Columbia Bill two. And then CVN75 RCH, we're already on contract for long lead on that and that comes in here from a construction standpoint, I believe at the end of '25, '26.

我們在這裡討論的是最後兩艘的 17 艘船，以及 2024 財年的 Block IV，接下來的 10 艘船是 Block VI，然後是 Columbia Bill 兩艘。然後是 CVN75 RCH，我們已經簽訂了長期領先合同，從施工的角度來看，我相信是在 25 年、26 年底。

So it's two, three, four years out as it starts to meaningfully ramp and we switch over in a couple of years that there'll be more of post-COVID awarded jobs than there are pre-COVID here. So, that's in the '27, '28 time frame where we swing over. But it's more post than pre.

因此，再過兩年、三年、四年，它就會開始有意義地成長，幾年後我們就會發現，新冠疫情之後授予的工作將會比新冠疫情之前更多。所以，這是我們在 27 年、28 年的時間範圍內進行的。但它比事前更多。

Yeah. Okay. And Tom, I guess just on -- you had had a multi-year free cash flow framework for a while and talked about kind of normalized recurring annual levels. Is there any new way you're framing the recurring annualized number? I guess it's a little surprising you pulled that because you're showing you can toggle the CapEx by a not insignificant amount and you've referenced timing, although I guess if it's a multi-year window where the margins are just structurally lower from pre-pandemic contracts, then maybe not.

是的。好的。湯姆，我想你剛剛已經有了一個多年的自由現金流框架一段時間了，並談到了某種標準化的經常性年度水平。您是否有任何新的方法來建立經常性的年化數字？我想你這麼做有點令人驚訝，因為你展示了你可以將資本支出調整一個不小的數額，並且你已經提到了時間安排，儘管我猜想如果這是一個多年窗口，其中利潤率在結構上比之前要低-流行病合同，那麼也許不會。

So, I don't know if there's any additional color you can provide on how you're thinking about the beyond '24 free cash.

所以，我不知道您是否可以提供任何其他資訊來說明您如何看待 24 年後的免費現金。

Yeah. I can, we did think about that. But if you think about the five year guide and here we are the first of the five years and we've gone from $600 million to $700 million to 0 to $100, so you can easily do the quick math and just say, hey, the old (inaudible) is now like a $3 billion area. But it's so close up front of the five year run here.

是的。我可以，我們確實考慮過這一點。但如果你考慮一下五年指南，我們是五年中的第一年，我們已經從6 億美元到7 億美元，再到0 到100 美元，所以你可以輕鬆地快速算一下，然後說，嘿，舊的（聽不清楚）現在就像一個價值 30 億美元的區域。但距離這裡的五年運行已經很近了。

We really want to kind of get out of this year with actuals, see what's happening on the new omnibus incremental innovative contracting approach, see how that takes hold, the timing and the pace and the investments on that. And we just thought it was better to take it off the table right now and we'll evaluate when we feel good enough that we can give you a number that we can hang on right now.

我們真的希望在今年結束時了解實際情況，看看新的綜合增量創新承包方法發生了什麼，看看它是如何紮根的、時機、速度以及投資。我們只是認為現在最好將其從桌面上刪除，當我們感覺足夠好時我們將進行評估，以便我們可以給您一個我們現在可以保留的數字。

So, we could have adjusted it and then it could either be higher than that or less than that, depending on the pace and tempo of the awards and performance. So we're going to hold that back. I mean, we hold our guides near and dear.

因此，我們可以對其進行調整，然後它可以高於或低於該值，這取決於獎項和表演的速度和節奏。所以我們要阻止這一點。我的意思是，我們非常珍惜我們的嚮導。

At times you've been on the call with us for many years. We talk about our ability to meet or exceed our guide. We want a good run there from a cash since we started this cash flow perspective back at the end of 2019, from '20 to '24, each guide we met or exceeded. And of course, we're missing it kind of big time here this year and we thought it was just more prudent for us to take a break, understand what we have here, see how the contracting landscape plays out over the next 6 to 12 months. And then we can revisit that in the future.

有時您已經與我們通話很多年了。我們談論我們達到或超過指南的能力。自從我們在 2019 年底開始這種現金流視角以來，我們希望從現金中獲得良好的運行，從 20 世紀 20 到 24 世紀，我們達到或超過了每一個指南。當然，我們錯過了今年的重要時刻，我們認為更謹慎的做法是休息一下，了解我們這裡有什麼，看看未來 6 到 12 年內承包情況如何發展。然後我們可以在將來重新審視這一點。

I would say to my early comments that I still think, -- yeah, I would say to my earlier comments that still the HII value -- investment value has not changed, right? The 30 year shipbuilding plan, the five year 5F, our backlog, it's a pace and tempo piece on performance and throughput on the existing work. And then it's the modification, the new awards, as Chris said, the business as usual or as we kind of look for additional investments in labor and capacity and throughput and our supply chain which needs dollars which will assist us as far as -- I mention in Q1 and Q2 call, those new contract awards bring equity in terms of margin and cash for investments and they facilitate unlocking the value of the existing contracts that we have the funds that are on there.

我想說，對於我早期的評論，我仍然認為，——是的，我想說，對於我之前的評論，HII 價值——投資價值沒有改變，對嗎？30 年造船計畫、五年 5F、我們的積壓工作，是現有工作績效和吞吐量的節奏和節拍。然後是修改、新獎項，正如克里斯所說，一切照舊，或者我們在勞動力、產能、吞吐量和我們的供應鏈方面尋求額外的投資，這需要美元，這將幫助我們——我在第一季度和第二季度的電話會議中提到，這些新合約授予帶來了投資保證金和現金方面的權益，並且有助於釋放我們擁有的資金的現有合約的價值。

So it it's a fairly decent swinger on changing the trajectory of performance capacity and throughput and the recovery and the improvement going forward. And we just have to see how that plays out over the next couple of quarters.

因此，它在改變性能容量和吞吐量以及恢復和改進的軌跡方面是一個相當不錯的搖擺者。我們只需要看看接下來幾季的情況如何。

Okay, I appreciate it. Thank you.

好的，我很感激。謝謝。

Thank you, Noah.

謝謝你，諾亞。

Thank you. I am not showing any further questions at this time. I would now like to hand the call back over to Mr. Kastner for any closing remarks.

謝謝。我目前不會提出任何進一步的問題。現在我想將電話轉回給卡斯特納先生，讓他發表結束語。

Sure. Thank you to wrap it up today. I'd like to summarize that we remain focused on optimizing our operations, improving our cost structure and shipbuilding performance and driving higher throughput. We believe the actions we're taking will enable us to stabilize performance as we continue to work through these ships. Thanks again for your interest and participation today.

當然。謝謝你今天的總結。我想總結一下，我們仍然專注於優化營運、改善成本結構和造船績效以及提高吞吐量。我們相信，我們正在採取的行動將使我們能夠在繼續處理這些船舶的過程中穩定性能。再次感謝您今天的關注與參與。

That does conclude today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。