亨廷頓·英格爾斯工業 (HII) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the first quarter 2025 HII earnings conference call. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎參加 2025 年第一季 HII 收益電話會議。（操作員指示）

Please be advised that today's conference is being recorded. (Operator Instructions)

請注意，今天的會議正在錄音。（操作員指示）

I would now like to hand the call over to Christie Thomas, Vice President of Investor Relations. Mrs. Thomas, you may begin.

現在我想把電話交給投資人關係副總裁克里斯蒂·托馬斯。托馬斯夫人，你可以開始了。

Thank you, operator, and good morning, everyone. Welcome to the HII first-quarter 2025 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 2025 年第一季電話會議。今天電話會議上討論的事項構成前瞻性陳述，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用的信息做出的判斷。這些風險和不確定性可能會導致我們的實際結果產生重大差異。

Additional information regarding these factors is contained in today's press release and the company's SEC filing. 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 at ir.hii.com.

有關這些因素的更多資​​訊包含在今天的新聞稿和該公司提交給美國證券交易委員會的文件中。我們也將參考某些非公認會計準則財務指標。有關這些非 GAAP 指標的更多揭露，包括與可比較 GAAP 指標的調節，請參閱此網路廣播附帶的幻燈片，這些幻燈片可在我們網站 ir.hii.com 的投資者關係頁面上找到。

On the call today are Chris Kastner, President and Chief Executive Officer; and Tom Stiehle, Executive Vice President and Chief Financial Officer.

今天參加電話會議的有總裁兼執行長 Chris Kastner；以及執行副總裁兼財務長 Tom Stiehle。

I will now turn the call over to Chris.

現在我將電話轉給克里斯。

Thanks, Christie. Good morning, everyone, and thank you for joining the call. I'll start by providing an update on our 2025 operational initiatives, which include enhancing shipbuilding throughput, reducing costs, and securing new contract awards.

謝謝，克里斯蒂。大家早安，感謝大家參加電話會議。我將首先介紹我們 2025 年營運計劃的最新情況，其中包括提高造船吞吐量、降低成本和獲得新的合約授予。

In the first quarter, we made progress against our goal of improving shipbuilding throughput by 20% year over year. Ingalls is largely on plan and their production milestones remain unchanged. Newport News is modestly behind plan. Half of this variance is driven by the atypical weather we experienced in January and February.

一季度，我們完成了船舶吞吐量年增20%的目標。英格斯的生產基本上按照計劃進行，其生產里程碑保持不變。紐波特紐斯略微落後於計劃。這種差異的一半是由我們在一月和二月經歷的非典型天氣造成的。

The most significant variance in Newport News resides with CVN 80. This is directly related to the late major equipment that is to be installed in the hull of the ship. These delays directly impact the construction approach and have limited the progress we can make on the ship. Once this equipment is received from our suppliers, which is scheduled throughout the summer, we anticipate an acceleration of progress.

紐波特紐斯最顯著的差異在於 CVN 80。這與後期即將在艦體上安裝的主要設備有直接關係。這些延誤直接影響了建造進度，並限制了我們在船舶建造上的進展。一旦我們從供應商收到該設備（預計整個夏季都會收到），我們​​預計進度會加快。

Additionally, for both shipyards, our outsourcing efforts continue, and we expect this to ramp throughout the year to support our throughput goals. Our South Carolina production facility is online and has already completed the first carrier unit for Newport News. The team remains focused on meeting our delivery schedules and is working with the Navy to identify additional initiatives that will accelerate scheduled performance.

此外，對於這兩家造船廠，我們的外包工作仍在繼續，我們預計全年外包工作將會加大，以支援我們的吞吐量目標。我們在南卡羅來納州的生產工廠已上線並已為紐波特紐斯完成了第一個航空母艦單元。團隊仍然專注於滿足我們的交付時間表，並正在與海軍合作，確定可以加速預定交付進度的其他措施。

Turning to our cost reduction efforts, plans are in place, and we intend to reach our goal of $250 million in annualized cost reduction by year's end. We have an agreement on the Block V FY24 two-boat contract, and we'll now turn our focus to the Block VI and Columbia Build II contracts.

談到我們的成本削減措施，我們已經制定了計劃，並計劃在年底前實現年度成本削減 2.5 億美元的目標。我們已經就 Block V FY24 雙船合約達成協議，現在我們將把重點轉向 Block VI 和 Columbia Build II 合約。

Also, I want to highlight how our strategic focus in 2025 aligns nicely with the administration's defense priorities. On April 9, the Trump administration released two executive orders, modernizing defense acquisitions and spurring innovation in the defense industrial base and restoring America's maritime dominance. We are working with our customers on strengthening the industrial base and accelerating the transition of new capabilities to the warfighter.

此外，我想強調的是，我們 2025 年的戰略重點與政府的國防重點完美契合。4月9日，川普政府發布兩項行政命令，對國防採購進行現代化改造、刺激國防工業基礎創新、恢復美國的海上優勢。我們正在與客戶合作，加強工業基礎並加速向作戰人員轉變新能力。

We are leaning into the use of other transaction authorities and are working with the Rapid Capabilities Office as a means to leverage new technologies. For example, in April, we delivered the first two Lionfish small uncrewed undersea vehicles to the US Navy under a program that could scale to 200 vehicles. The program was developed in partnership with the US Navy and Defense Innovation Unit to accelerate adoption of dual-use commercial technologies into US Department of Defense programs. This quarter, we also announced that our Mission Technologies Division was selected to develop an open architecture high-energy laser counter drone system for the US Army's Rapid Capabilities and Critical Technologies Office.

我們傾向於使用其他交易機構，並與快速能力辦公室合作，以利用新技術。例如，今年 4 月，我們向美國海軍交付了首批兩艘 Lionfish 小型無人水下航行器，該計劃規模可擴大至 200 艘。該計劃是與美國海軍和國防創新部門合作開發的，旨在加速將兩用商業技術應用於美國國防部計劃。本季度，我們也宣布，我們的任務技術部門被選中為美國陸軍快速能力和關鍵技術辦公室開發開放式架構高能量雷射反無人機系統。

HII will develop and test the high-energy laser prototype to acquire, track and destroy small to medium-sized unmanned aircraft systems.

HII 將開發和測試高能量雷射原型，用於捕獲、追蹤和摧毀中小型無人機系統。

On the shipbuilding side of the business, we established an MOU with HD Hyundai Heavy Industries. The MOU provides a framework for us to jointly explore opportunities to collaborate on accelerating ship production in support of defense and commercial shipbuilding projects. Like our existing strategic relationship with UK-based Babcock International, we believe international partnerships are crucial to strengthening the allied industrial base.

在造船業務方面，我們與HD現代重工簽署了諒解備忘錄。該諒解備忘錄為我們提供了一個框架，讓我們能夠共同探索合作機會，加速船舶生產，並支持國防和商業造船項目。就像我們與英國巴布科克國際公司現有的策略關係一樣，我們相信國際夥伴關係對於加強聯盟工業基礎至關重要。

Given our core business, these strategic relationships position us to support initiatives that may result from the maritime executive order.

鑑於我們的核心業務，這些戰略關係使我們能夠支持海事行政命令可能產生的舉措。

Turning to the results, first-quarter revenue was $2.7 billion and earnings per share was $3.79. We ended the first quarter with backlog of $48 billion, of which approximately $28 billion is currently funded.

談到業績，第一季營收為 27 億美元，每股收益為 3.79 美元。截至第一季度，我們的積壓訂單為 480 億美元，其中目前已獲得約 280 億美元的資金。

Now, let me share a few first quarter highlights. During the second quarter, at Ingalls Shipbuilding, we launched DDG 129 Jeremiah Denton, christened LPD 30 Harrisburg, and started fabrication of LPD 32 Philadelphia.

現在，讓我分享一些第一季的亮點。第二季度，我們在英格爾斯造船廠下水了 DDG 129“耶利米登頓”號，為 LPD 30“哈里斯堡”號命名，並開始建造 LPD 32“費城”號。

At Newport News, CVN 79 Kennedy continued catapult testing and achieved 95% of compartments turned over to the Navy. And on the Virginia CLASS program, we completed a major test event on the first boat of Block V, SSN 802 Oklahoma.

在紐波特紐斯，CVN 79 甘迺迪號繼續進行彈射器測試，並已將 95% 的艙室移交給海軍。在弗吉尼亞級潛艇計畫中，我們在 Block V 的第一艘潛水艇 SSN 802 俄克拉荷馬號上完成了一項重大測試活動。

Also, at our recently acquired Newport News Charleston Operations, we retained 99% of the transitioning workforce, and these new shipbuilding team members are working on submarine and carrier units to help increase throughput at Newport News.

此外，在我們最近收購的紐波特紐斯查爾斯頓工廠，我們保留了 99% 的過渡勞動力，這些新的造船團隊成員正在開發潛艇和航空母艦，以幫助提高紐波特紐斯的吞吐量。

We also celebrated the graduation of 115 apprentices during the apprentice school graduations at both shipyards. These graduates started the apprentice program during COVID, and we look forward to higher numbers of graduates in upcoming years following the expanded enrollment we've recently experienced.

我們還在兩家船廠的學徒學校畢業典禮上慶祝了 115 名學徒畢業。這些畢業生在新冠疫情期間開始了學徒計劃，隨著我們最近擴大招生規模，我們期待未來幾年畢業生人數會更多。

Turning to mission technologies, in addition to delivering the initial line to small UUVs I mentioned earlier, we surpassed 700 REMUS uncrewed underwater vehicles sold and delivered to 30 countries. Key wins at mission technologies in the quarter, in addition to the high-energy laser weapon system, included a contract to expand shipboard and shore-based training support for the US Navy and coalition forces, a pilot training contract to support the nation's combat-ready force, an award from the US Air Force to protect systems and software, and a task order to support global air and space operations.

談到任務技術，除了我之前提到的交付小型 UUV 初始生產線外，我們還向 30 個國家銷售並交付了超過 700 艘 REMUS 無人水下航行器。本季在任務技術領域取得的關鍵勝利，除了高能量雷射武器系統外，還包括為美國海軍和聯軍擴大艦載和岸基訓練支援的合約、為支援國家戰備部隊而簽訂的飛行員訓練合約、美國空軍授予的保護系統和軟體的獎項，以及支援全球空天作戰的任務訂單。

Turning to activities in Washington for a moment, while a full-year continuing resolution for defense is unprecedented, we are pleased with the support provided for our shipbuilding programs, which supports our target of achieving more than $50 billion in new awards across 2025 and 2026. The full-year Continuing Appropriations and Extensions Act 2025 included funding for three Arleigh Burke-class surface combatants, one Virginia-class submarine, one San Antonio-class amphibious ship, and the RCOH for CVN 75.

談談華盛頓的活動，雖然全年持續的國防決議是前所未有的，但我們對我們的造船計劃提供的支持感到高興，這支持了我們在 2025 年和 2026 年實現超過 500 億美元新合約的目標。2025 年全年持續撥款與延期法案包括為三艘阿利·伯克級水面戰艦、一艘弗吉尼亞級潛艇、一艘聖安東尼奧級兩棲艦和 CVN 75 的 RCOH 提供資金。

I'll note that we do not expect a material impact related to tariffs. We purchase the vast majority of our material domestically. We have long-term purchase agreements in place for material that may be impacted by tariffs. In summary, I'm encouraged by the results to date and the progress our team has made against the operational initiatives we've laid out. But I also know there is significant work to be done as we continue to execute for our customers and create value for our shareholders.

我要指出的是，我們預計關稅不會產生重大影響。我們的大部分材料都是在國內採購的。對於可能受關稅影響的資料，我們已簽訂長期採購協議。總而言之，我對迄今為止的成果以及我們的團隊在製定的營運計劃方面所取得的進展感到鼓舞。但我也知道，在我們繼續為客戶提供服務和為股東創造價值的同時，還有很多工作要做。

Our outlook is unchanged, and over the next few years, as we execute on the pre-COVID contracts and transition into the post-COVID contracts, we will continue to reduce risk and align our portfolio baselines with the current environment. I fully expect top-line growth with a forecast of $15 billion of revenue by 2030, as well as margin of free cash flow normalization in the years ahead.

我們的展望沒有改變，在未來幾年裡，隨著我們執行疫情前的合約並過渡到疫情後的合同，我們將繼續降低風險，並使我們的投資組合基線與當前環境保持一致。我完全預計到 2030 年公司營收將實現 150 億美元的成長，並且未來幾年自由現金流也將正常化。

And now I'll turn the call over to Tom for some remarks on our financial performance. Tom?

現在我將把電話轉給湯姆，請他對我們的財務表現發表一些評論。湯姆？

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

謝謝，克里斯，早安。首先，我簡要討論我們的第一季業績，然後我將談談我們對今年的重申展望。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 5 of the presentation, our first-quarter revenues of approximately $2.7 billion decreased 2.5% compared to the same period last year. This decreased revenue was attributable to declines at Newport News Shipbuilding, Ingalls Shipbuilding, and Mission Technologies.

從簡報第 5 張投影片上的綜合業績開始，我們的第一季營收約為 27 億美元，與去年同期相比下降了 2.5%。收入下降是由於紐波特紐斯造船公司、英格斯造船公司和 Mission Technologies 公司的業績下滑。

Ingalls' revenues of $637 million decreased by 2.7% compared to the first quarter of 2024, driven primarily by lower volume on amphibious assault ships. Newport News revenues of $1.4 billion decreased by 2.6% compared to the first quarter of 2024, driven primarily by lower volumes in aircraft carriers and naval nuclear support services, partially offset by higher volumes in the Columbia-class submarine program.

英格爾斯的營收為 6.37 億美元，與 2024 年第一季相比下降了 2.7%，主要原因是兩棲攻擊艦的數量減少。紐波特紐斯的收入為 14 億美元，與 2024 年第一季相比下降了 2.6%，主要原因是航空母艦和海軍核子支援服務的數量下降，但哥倫比亞級潛艇計畫的數量增加部分抵消了這一影響。

Mission Technology revenues of $735 million decreased by 2% compared to the first quarter of 2024, driven primarily by lower volume in C5ISR. Results for the quarter exceeded our guidance. The year-over-year decline was expected and related to non-recurring sales in the first quarter of 2024.

任務技術收入為 7.35 億美元，與 2024 年第一季相比下降了 2%，主要原因是 C5ISR 數量下降。本季的業績超出了我們的預期。同比下降是意料之中的，與 2024 年第一季的非經常性銷售有關。

Moving on to slide 6, segment operating income of $171 million in the first quarter of 2025 increased less than 1% compared to the first quarter of 2024, driven by improved performance at Mission Technologies in cyber, electronic warfare in space, and uncrewed systems, which was largely offset by lower amphibious assault ship risk retirements at Ingalls.

繼續看幻燈片 6，2025 年第一季的分部營業收入為 1.71 億美元，與 2024 年第一季相比增長不到 1％，這得益於任務技術公司在網絡、太空電子戰和無人系統方面的業績提升，但這在很大程度上被英格爾斯兩棲攻擊艦風險退役率降低所抵消。

At Newport News, segment operating income improved by $3 million, or 3.7% compared to the first quarter of 2024. Results in the quarter included unfavorable performance-related adjustments for CVN 80 Enterprise, as well as Block IV and Block V of the Virginia-class program, which were offset by contract incentives. Consolidated operating income for the quarter of $161 million increased by $7 million, or 4.5% from the first quarter of 2024, an operating margin of 5.9% in the quarter compared to 5.5% in the same period last year.

紐波特紐斯的分部營業收入與 2024 年第一季相比增加了 300 萬美元，增幅為 3.7%。本季業績包括 CVN 80 企業號以及維吉尼亞級專案的 Block IV 和 Block V 的不利績效相關調整，但這些調整被合約激勵所抵銷。本季綜合營業收入為 1.61 億美元，較 2024 年第一季增加 700 萬美元，增幅為 4.5%，本季營業利潤率為 5.9%，去年同期為 5.5%。

The improvement was driven by a more favorable operating fast-cast adjustment, as well as the favorable segments results I've noted. Net earnings in the quarter were $149 million, compared to $153 million in the first quarter of 2024. Diluted earnings per share in the quarter were $3.79 compared to $3.87 in the same period last year. Our contractual commitments increased by approximately $2.1 billion in the period, bringing backlog to $48 billion at the end of the quarter.

這種改善是由更有利的快速施法調整以及我注意到的有利的細分結果所推動的。本季淨利為 1.49 億美元，而 2024 年第一季淨利為 1.53 億美元。本季每股攤薄收益為 3.79 美元，去年同期為 3.87 美元。我們的合約承諾在此期間增加了約 21 億美元，使本季末的積壓訂單達到 480 億美元。

Turning to slide 7, cash used in operations was $395 million in the quarter. Net capital expenditures were $67 million, or 2.5% of revenues. Free cash flow in the quarter was negative $462 million. This was within our free cash flow guidance range for the quarter, though at the low end of the range, due to timing of incentives and normal fluctuations in program receipts and disbursements. During the quarter, we did not repurchase any shares. We did pay a cash dividend of $1.35 per share, or $53 million in aggregate.

翻到第 7 張投影片，本季營運現金使用量為 3.95 億美元。淨資本支出為 6,700 萬美元，佔收入的 2.5%。本季自由現金流為負4.62億美元。這在我們本季的自由現金流指導範圍內，但由於激勵措施的時間安排和計劃收支的正常波動，處於範圍的低端。本季度，我們沒有回購任何股票。我們確實支付了每股 1.35 美元的現金股息，總計 5,300 萬美元。

Turning to liquidity and the balance sheet, we ended the quarter with a cash balance of $167 million and liquidity of approximately $1.5 billion. Today, we are repaying a $500 million note and plan to utilize a revolving credit facility and commercial paper program to support interim liquidity as free cash flow generation ramps through the year. This is in line with our prior expectations and was contemplated in the interest expense guidance that we had previously provided and are reiterating today.

談到流動性和資產負債表，本季末我們的現金餘額為 1.67 億美元，流動性約為 15 億美元。今天，我們正在償還 5 億美元的票據，並計劃利用循環信貸額度和商業票據計劃來支持臨時流動性，因為自由現金流的產生將在全年不斷增加。這符合我們先前的預期，並且在我們之前提供的利息支出指南中有所體現，今天我們再次重申這一點。

Our capital allocation parties are unchanged. We value our investment-grade credit rating. We will continue to strategically invest in our shipyards, thoughtfully grow our dividend, and return excess cash through share repurchases.

我們的資本配置方保持不變。我們重視我們的投資等級信用評級。我們將繼續對我們的造船廠進行策略性投資，謹慎增加我們的股息，並透過股票回購返還多餘的現金。

Moving on to our outlook on slide 8, we are reiterating all elements of the 2025 guidance, and there is no change to our medium to long-term thinking in terms of growth and profitability expectations. Our guidance is predicated on achieving the operational initiatives we have laid out for 2025. As Chris noted, we are progressing on each of these items, and we expect to achieve a meaningful improvement in throughput over the course of the year.

延續第 8 張投影片上的展望，我們重申 2025 年指引的所有要素，並且我們的中長期成長和獲利預期沒有改變。我們的指導以實現我們為 2025 年制定的營運計劃為前提。正如克里斯所說，我們在每項工作上都取得了進展，我們期望在今年內實現吞吐量的顯著提升。

For shipbuilding, we expect second quarter sales of approximately $2.2 billion and margins near the low end of our annual guidance range. For mission technologies, we expect second quarter sales that are relatively flat sequentially and margins of 3% to 3.5%. We expect second quarter free cash flow to be between $200 million and $300 million.

對於造船業，我們預計第二季的銷售額約為 22 億美元，利潤率將接近年度指引範圍的低端。對於任務技術，我們預計第二季的銷售額將與上一季持平，利潤率將在 3% 至 3.5% 之間。我們預計第二季自由現金流將在 2 億至 3 億美元之間。

To close, I will echo Chris's positive sentiment regarding the company's mid- to long-term outlook. We've seen credible demand for critical products and services that we provide, and are heartened by the administration's clear focus on growing our domestic shipbuilding capability and supporting a strong maritime industrial base.

最後，我要贊同克里斯對公司中長期前景的正面看法。我們看到了對我們提供的關鍵產品和服務的可信需求，並且對政府明確致力於發展國內造船能力和支持強大的海洋工業基礎感到鼓舞。

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

說完這些，我將把電話轉回給克里斯蒂負責問答環節。

Thanks, Tom. (Event Instructions)

謝謝，湯姆。（活動須知）

Operator, I will turn it over to you to manage the Q&A.

接線員，我將把問答環節交給您來管理。

Thank you very much, Christie. (Operator Instructions)

非常感謝，克里斯蒂。（操作員指示）

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

We've seen with the CR with additional money for shipbuilding infrastructure and then this big authorization proposal that came up on the weekend. Now, when you look at all of this, there should be more money there.

我們看到 CR 為造船基礎設施提供了額外資金，然後在周末又提出了這項重大授權提案。現在，當你看到這一切時，那裡應該有更多的錢。

But the thing that I've sort of struggled with here is how to take that money and convert it into a plan that can address what you, say, on the Virginia Class U electric boat and the whole infrastructure needs to happen to really get throughput up. Can you comment on where the responsibilities lie, what the Navy is actually doing so that we can have confidence that not just the money is there, but the real actions are there to change the way things have been going over the last few years?

但我一直在努力解決的問題是如何利用這些資金並將其轉化為一項計劃，以解決弗吉尼亞 U 級電動船和整個基礎設施需要解決的問題，從而真正提高吞吐量。您能否評論一下責任在哪裡，海軍實際上在做什麼，以便我們可以確信不僅有資金，而且有真正的行動來改變過去幾年的情況？

Sure, Doug. Let me give that a shot. That's a big question. And it's not only the budget, the FY24 two-boat, the executive orders related to commercial shipbuilding, and then reconciliation. There's just a lot of tailwinds right now related to shipbuilding that we need to participate in.

當然，道格。讓我嘗試一下。這是一個大問題。這不僅涉及預算、FY24 兩艘船、與商業造船相關的行政命令，然後是和解。目前，造船業面臨許多有利因素，我們需要參與其中。

Now, the first step in seeing what the investments are in that regard is this FY24 two-boat contract. That was a product of really a couple years of effort by the Navy and the shipbuilders to evaluate the investments that were required to get at accelerating throughput. You see that in the award of that contract. It was very thoughtfully put together. It's a wage support and workforce development support. It's very targeted investments to increase the submarine build rate. So that's all very positive.

現在，了解這方面的投資的第一步是這份 FY24 兩艘船的合約。這是海軍和造船廠經過數年努力評估提高吞吐量所需投資的成果。您可以從該合約的授予中看到這一點。這是經過深思熟慮後組合起來的。這是工資支持和勞動力發展支持。這是旨在提高潛艇建造率的非常有針對性的投資。這一切都是非常正面的。

And then when you look at the SIB and the MIB funding that have been applied to the supplier base, that's also very positive. And you see a buildup of the infrastructure in shipbuilding that will support the growth that we think is ahead of us. So it's really, I would think, an industry-wide, all-hands-on-deck effort to identify a buildout of that industrial base.

然後，當您查看已應用於供應商基礎的 SIB 和 MIB 資金時，這也是非常積極的。我們看到，造船業的基礎設施正在不斷建設，這將支持我們認為未來的成長。所以我認為這實際上是一項全行業共同努力，以確定該工業基礎的建設。

Now, it's not easy. It takes time. These are heavy manufacturing facilities and equipment. This is building a workforce in a challenging environment, but I think it's only positive for HII and positive for shipbuilding.

現在，這並不容易。這需要時間。這些是重型製造設施和設備。這是在充滿挑戰的環境中建立一支勞動力隊伍，但我認為這對 HII 和造船業都有積極作用。

But I guess the challenge here is that there's been a lot of discussion about this over the last few years. Are there some specific things, like if you start to look at what you need to get to that rate of two Virginia class per year, what's the trajectory for this? Are there specific things that will enable you and your partner to get there?

但我想這裡的挑戰是過去幾年對此已經進行了許多討論。是否存在一些具體的事情，例如，如果您開始考慮需要什麼才能達到每年兩屆弗吉尼亞級課程的水平，那麼這個軌跡是什麼？有什麼具體的事情可以幫助你和你的伴侶實現目標嗎？

Absolutely. And really the first step of that is this FY24 two-boat contract. Targeted investments in workforce, equipment, facilities, training that will accelerate the throughput. We have a lot of confidence that when these investments take hold, it's going to start to ramp throughput for the submarine program. And this shouldn't end here. We're going to negotiate Block VI of the Columbia Build II contracts. We've identified additional investments that could potentially be applied to further accelerate.

絕對地。而實際上第一步就是這份 FY24 兩艘船的合約。針對勞動力、設備、設施和培訓進行有針對性的投資，以加速生產量。我們非常有信心，當這些投資到位後，它將開始提高潛艇項目的吞吐量。而這一切不該就此結束。我們將就哥倫比亞號二號建造合約的第六區塊進行談判。我們已經確定了可能用於進一步加速的額外投資。

So it's going to, as I said before, it's going to take a while. You just don't build a building overnight. You don't build a workforce overnight. But I absolutely think that these are the right investments to get at the build rate.

所以，正如我之前所說的，這需要一段時間。一棟建築不可能在一夜之間建成。你不可能一夕之間就建立起一支勞動力隊伍。但我絕對認為，為了達到建設率，這些都是正確的投資。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

Following up on the CR money, the FY24 two contract that was announced yesterday, it looks like it's some form of cost contract. How is that? I thought we were operating under fixed price on Virginia class. So how is that potentially different? What does that contract contemplate differently, I guess, than prior contracts?

繼 CR 資金之後，昨天宣布的 FY24 兩份合約看起來是​​某種形式的成本合約。怎麼樣？我以為我們在維吉尼亞級船上的營運價格是固定的。那麼這可能有何不同？我想，這份合約與之前的合約相比，有哪些不同之處？

Yeah, it's a bit of a hybrid, but I'll kick it over to Tom. He can answer that.

是的，它有點像混合體，但我會把它交給湯姆。他可以回答這個問題。

Yeah. So it's a cost type contract. It covers both parties, the Navy and ourselves concerns as far as what wants to be put on contract. It's a good mix and blend between affordability and profitability, and it covers the business environment that we find ourselves operating in.

是的。所以它是一種成本型合約。它涵蓋了雙方、海軍和我們自己對於合約內容的關注。它是可負擔性和盈利能力的良好結合，並且涵蓋了我們所處的商業環境。

So it's a CPIF, and it has some constraints as far as some parameters around the outskirts of where costs can land. But we're happy that we were able to get that done. We've worked hard with the Navy, and it was approved through the government channels. And as you saw, it was awarded last night. So we're excited about that to get going on that contract.

所以它是一個 CPIF，並且對於成本可能落入的範圍周圍的一些參數有一些限制。但我們很高興能夠完成這件事。我們與海軍進行了艱苦的合作，並透過政府管道獲得了批准。正如您所見，該獎項已於昨晚頒發。因此，我們對於履行該合約感到非常興奮。

Okay. And any more detail on, obviously, the shipbuilding margins in total came through better than what you had guided to. Newport News got a fair amount better. Ingalls kind of continued to step back. Can you just a little bit more detail on exactly what's going on and why you're forecasting kind of a margin step down again in Q2? And if you also want to talk about what EACs were in the quarter. Thanks.

好的。顯然，有關造船業整體利潤率的更多細節比您所指導的要好。紐波特紐斯的情況有了相當大的改善。英格爾斯繼續後退。您能否更詳細地說明一下到底發生了什麼，以及為什麼您預測第二季的利潤率會再次下降？如果您還想談談本季的 EAC 是什麼。謝謝。

Yeah, sure. So hey, we got it [55] for the quarter, so we're happy with where we landed. We landed about 90 bps above that. Ingalls came in at [72], and it was a pacing quarter for them. I guess I can start with the EAC adjustments. We had 80 up and 80 down for a net of zero. So there's no breakout for you.

是的，當然。嘿，我們本季的成績為 [55]，我們對目前的成績感到滿意。我們的利率比這個高出約 90 個基點。英格爾斯的成績為[72]，這對他們來說是一個節奏較快的季度。我想我可以從 EAC 調整開始。我們有 80 個上升，80 個下降，淨值為零。所以你無法突破。

So there was no cumulative adjustments across the company as a net. Ingalls pacing quarter, I would say right now, we're watching how [ANFIBs] are performing. We show a little pressure on sales, on the sales front. And it's kind of working ourselves through the heart of those programs down there.

因此，整個公司範圍內不存在累積調整。英格爾斯 (Ingalls) 步調一致，我想說現在我們正在觀察 [ANFIBs] 的表現。在銷售方面，我們面臨一些銷售壓力。這有點像是我們自己透過那裡的程序的核心來工作。

From a Newport News perspective, it was a good quarter as they came in at 6.1% on the margin side. It was a mix of some pressures that we've seen on CV and 80 that Chris talked about in his remarks, as we're waiting for parts to pop in there. It's just having a little bit of a draw on the EAC and schedule on that front.

從紐波特紐斯的角度來看，這是一個好的季度，因為他們的利潤率達到了 6.1%。正如克里斯在他的評論中提到的，這是我們在 CV 和 80 上看到的一些壓力的混合，因為我們正在等待零件彈出。這只是對 EAC 和日程安排有一點影響。

And then the VCS program, as we're working people and parts to make sure we have enough people, talented people. The wage element of this recent award will help that. And on the parts side, just making sure we can feed that production line as that production line ramps up and wants to get to the one plus two that we've talked about earlier here. So the new award assisted with that with some incentives that helped offset that.

然後是 VCS 計劃，我們正在調配人員和零件以確保我們有足夠的人才。此次最新獎勵中的薪資部分將有助於實現這一目標。在零件方面，我們只是確保隨著生產線的擴大，我們可以為生產線提供零件，並希望達到我們之前討論過的「一加二」的目標。因此，新獎項透過一些激勵措施來幫助解決這個問題。

But as I said, overall, it was net neutral for (inaudible) adjustments across the corporation.

但正如我所說，總體而言，它對整個公司的（聽不清楚）調整是淨中性的。

Yeah, David, this is Chris. I think you're seeing a bit of frustration regarding the timing of incentives across the portfolio. I've spoken previously that we just have more incentives on our contracts now and the timing is variable at some point. So we try to guide based on what we see in front of us. And if incentives fall before or after, then it adjusts that a bit. But we're comfortable with our guidance.

是的，大衛，這是克里斯。我認為你對整個投資組合的激勵時機感到有些沮喪。我之前說過，我們現在的合約中有更多的激勵措施，而且時間在某些時候是可變的。因此，我們嘗試根據眼前所見來提供指導。如果激勵措施在此之前或之後下降，那麼它會進行一些調整。但我們對我們的指導感到滿意。

From an [MEC] perspective, we saw that they had a very strong quarter. The CEW business unit performed well against the contracts they had. And the uncrewed business unit that we have there is performing well right now. So there's a couple of dollars of margin created on that front. The guide for Q2 that you asked about, I think we're just being conservative right now.

從[MEC]的角度來看，我們看到他們本季的表現非常強勁。CEW 業務部門在履行合約方面表現良好。我們的無人駕駛業務部門目前表現良好。因此，在這方面創造了幾美元的利潤。對於您詢問的第二季度指南，我認為我們現在只是持保守態度。

As Chris said, there's a lot of work to do. Although we're on pace and where we want to be on cost reductions and throughput and the contract awards, we've got the first increment of this one here in the spring. And then we have VCS Block VI and Columbia Build II at the back half of the year. But I think it's just conservatism and prudence on our side that we went back to the lower end of the range.

正如克里斯所說，還有很多工作要做。儘管我們的進度和成本削減、產量以及合約授予都達到了我們的預期，但我們在春季才獲得了第一個增量。然後我們在下半年推出了 VCS Block VI 和 Columbia Build II。但我認為，我們回到範圍的低端只是出於保守和謹慎。

Scott Mikus, Melius Research.

米庫斯（Scott Mikus），Melius Research。

I wanted to follow up on David's question about the two-boat Virginia contract. It was surprising to see that it was cost plus. But obviously, there's funding in there for workforce development. Electric Boat has an ongoing labor negotiation. I think Newport News has three collective bargaining agreements expiring in '27. So until those negotiations are wrapped up, should we expect a greater share of shipbuilding orders over the remainder of this year and next year to be more cost plus incentive fee type structures?

我想跟進大衛關於弗吉尼亞兩艘船合約的問題。令人驚訝的是，這是成本加成。但顯然，其中有用於勞動力發展的資金。電船公司目前正在進行勞資談判。我認為紐波特紐斯有三項集體談判協議將於 27 年到期。因此，在這些談判結束之前，我們是否應該預期今年剩餘時間和明年的造船訂單中將有更多的成本加激勵費用類型的結構？

Yeah, I wouldn't necessarily assume that. We need to really get the wage support that's provided in the two boat out to our workforce as quickly as we can. I'm not going to get into dates or commitments about when that happens because we do have to discuss that with our labor unions. But we believe that when we get the wage support to our workforce that retention will improve and productivity will improve and we'll be able to make our throughput and our schedule commitments.

是的，我不一定會這麼認為。我們需要盡快將這兩艘船提供的薪資支援發給我們的勞動力。我不會透露具體日期或承諾，因為我們必須與工會討論此事。但我們相信，當我們為員工提供薪資支持時，員工留任率將會提高，生產力將會提高，我們將能夠實現我們的產量和進度承諾。

So I wouldn't necessarily think that that would dictate the contract types. We're going to evaluate the appropriate contract types based on the situation at hand when we negotiate the contracts. So we're just going to have to kind of move ahead from here on Block VI and Columbia Bill II. The hybrid approach that essentially was put in place with the two-boat contract forms an interesting basis to roll into those discussions. But we're going to have to establish those contract types as we engage with the customer and our partner.

所以我並不認為這會決定合約類型。我們將在協商合約時根據實際情況評估適當的合約類型。因此，我們必須從這裡開始推進第六區塊和第二哥倫比亞法案。透過兩艘船合約實質上實施的混合方法為開展這些討論奠定了有趣的基礎。但在與客戶和合作夥伴接觸時，我們必須建立這些合約類型。

Okay, and then the Golden Dome is also a big priority for the administration and that's going to require a lot of equipment, especially radars and potentially the Aegis system. Lead times on radars are also very long. So has there been communication between shipbuilding and the administration about how to produce enough radars for both the Golden Dome and what the Navy needs for shipbuilding priorities?

好的，金色穹頂也是政府的一大優先事項，這將需要大量設備，特別是雷達和潛在的宙斯盾系統。雷達的交付週期也非常長。那麼，造船廠和政府之間是否就如何為「金色穹頂」生產足夠的雷達以及海軍造船優先事項進行過溝通？

Yeah, so we have not been involved in those discussions to date. I'm unaware of any discussions with the Navy and potential suppliers for that. So I will say our DDG 51 program, Aegis program, is going well. We saw 129 go on the water. 128 will get to its first trials this year. So we're making progress on our milestones there, but relative to those ships with those new radars. But I'm unaware of any discussions relative to Golden Dome with our product.

是的，到目前為止我們還沒有參與這些​​討論。我不知道海軍和潛在供應商就此進行過任何討論。所以我想說我們的 DDG 51 計畫、宙斯盾計畫進展順利。我們看到 129 艘船下水。 128 將於今年進行首次試驗。因此，我們在里程碑方面取得了進展，但這是相對於那些配備新雷達的船隻而言的。但我不知道有關 Golden Dome 與我們的產品有任何相關的討論。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

I guess Chris or Tom, I'm not sure, but kind of a complicated situation. But you guys have nearly $50 billion in total backlog right now. And you're talking about an incremental $50 billion in new awards in the relative near term. How can we not think that there's upward pressure on that 4% shipbuilding revenue growth guide in this type of backdrop? Is it still just early or labor situation that confounding? And I assume the 4% doesn't include the $150 billion in defense ads. Potentially coming down the pike as well. So I just want to hear your thoughts on that.

我猜是克里斯或湯姆，我不確定，但情況有點複雜。但你們目前總共積壓了近 500 億美元。你說的是近期內新增 500 億美元的獎勵。在這種背景下，我們怎麼能不認為4%的造船收入成長目標有上行壓力呢？還是只是早期或分娩情況令人困惑？我認為 4% 不包括 1500 億美元的國防廣告。也有可能出現這種情況。所以我只是想聽聽你對此的看法。

Yeah, so the $50 billion in new awards includes the FY24 two boat contract, Block VI, and the Columbia second build. It also includes the amphib bundle down in Ingalls. So I wouldn't necessarily correlate it to a $50 billion ad in backlog from our current backlog levels.

是的，500 億美元的新合約包括 FY24 兩艘船的合約、Block VI 和哥倫比亞號的第二艘建造合約。它還包括英格爾斯的兩棲動物捆綁包。因此，我不會將其與我們目前的積壓水平相關的 500 億美元廣告積壓聯繫起來。

Now, tailwinds related to the 4% absolutely could happen. I'm not going to go there from a guidance standpoint at all right now. But the tailwinds between reconciliation, the executive order, these contracts being put under contract, the investments that are being made in the industrial base, and the shipyards, there's absolutely medium-term upside related to that top-line growth number. So we just need to take advantage of it. And that's what we're going to work to do over the next couple years.

現在，與 4% 相關的順風絕對有可能出現。從指導的角度來看，我現在根本不會去那裡。但是，在和解、行政命令、這些合約的簽訂、對工業基地和造船廠的投資等因素的推動下，營收成長數字絕對具有中期上漲空間。所以我們只需要利用它。這就是我們未來幾年要努力做的事情。

Okay, I appreciate it. Just one last one for me on Ingalls margin. It used to be kind of reliably in the double digits. And it's kind of regressed over the past five quarters or so. What timeframe is reasonable for us to think about, you know, the current environment changing to one where positive EAC adjustments are more, you know, maybe more likely than not?

好的，我很感激。關於英格爾斯邊緣，我還有最後一個問題。它曾經穩定地保持在兩位數。過去五個季度左右，這種趨勢有所倒退。您知道，對我們來說，什麼樣的時間框架是合理的，可以讓我們考慮當前的環境是否轉變為更有可能進行積極的 EAC 調整的環境？

Yeah, I think you nailed it there, Pete. The culprit is positive EAC adjustments. It's not so much that we're realizing kind of negative adjustments, but we're staying on our run rate and we're neutral there. You know, all three of those programs are in a production environment, the engineering works, the facilities up and running, we've come through the shipyard of the future and we've facilitated. It's really just about people and parts, being able to hire enough and keep the retention.

是的，我認為你說對了，皮特。罪魁禍首是積極的 EAC 調整。這並不是說我們意識到了某種負面調整，而是我們保持了運行率並且保持中立。您知道，所有這三個項目都處於生產環境中，工程工作、設施已啟動並運行，我們已經通過了未來的造船廠並提供便利。這其實只是關於人員和零件的問題，能夠僱用足夠的員工並保持留任。

And as we go forward with that, to make sure that we feed the factory to run its production environment there. So I'm comfortable with the leadership down there and that we understand those ships. I think it's just coming post COVID and getting the stand out of the gears there and having the production flow run as fast as possible. We are down probably a couple of years and hours of experience down there that just works itself through maybe not as cost efficient to realize those upsides and maybe a little bit more rework from time to time.

隨著我們繼續推動這項工作，我們將確保為工廠提供充足的生產環境。因此，我對那裡的領導層感到滿意，並且我們了解這些船隻。我認為這只是在 COVID 之後發生的事情，讓那裡的齒輪脫穎而出，並讓生產流程盡可能快地運行。我們可能已經在那裡浪費了幾年和幾個小時的經驗，這些經驗只是自然而然地積累起來的，可能不那麼具有成本效益，也無法實現這些優勢，而且可能時不時地需要進行一些返工。

Maybe a piece of material, whether it's CFE or GFE, just all conspires to maybe not have, you know, a month or two early in schedule or an EAC reduction that we just kind of finish on par. But I'm comfortable with where they are right now. I mean, I'd love to see upsides every quarter, but we have not seen like major setbacks down there.

也許某一材料，無論是 CFE 還是 GFE，都可能合謀不讓進度提前一兩個月或 EAC 減少，而我們只是按標準完成。但我對他們現在的狀況感到滿意。我的意思是，我希望看到每個季度都有上漲，但我們還沒有看到重大挫折。

So I think they understand what's in front of them. It's the throughput we talked about, more cost efficiency, keep the factory fed with parts and that shipyard, that portfolio has a legacy of performance. I think that they'll turn the corner. We haven't given you the timeframe yet and we'll keep you informed quarterly as we watch that proceed forward.

所以我認為他們明白他們面臨的是什麼。我們談論的是產量、更高的成本效率、為工廠和造船廠提供零件，這些產品組合都具有優良的表現。我認為他們會渡過難關。我們尚未給出時間表，但我們會每季向大家通報進度。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Maybe Chris, could you start by talking a little bit about the workforce and how it trended in the first quarter? I think you probably picked up about 500 employees with W International and the press release is still talking about 44,000 employees. So was there much of a movement in net hiring and how's attrition doing?

克里斯，您能否先談談勞動力以及第一季的趨勢？我認為 W International 可能擁有約 500 名員工，而新聞稿中仍提到有 44,000 名員工。那麼淨招募量有很大變動嗎？人員流失狀況如何？

Yeah, so interesting. Good question, Myles. We hired 1,000 people in the first quarter, 1,000 craftsmen and women. That's directly related to the change in the strategy in both shipyards to hire more experienced personnel and improve the mix of experience versus new hires. We think that strategy makes sense. We're going to continue to execute on that.

是啊，很有趣。問得好，邁爾斯。我們在第一季僱用了 1,000 名員工，包括工匠和女工。這與兩家造船廠的戰略變化直接相關，這些戰略都是為了聘用更多經驗豐富的人員，並改善經驗人員與新員工的比例。我們認為這個策略是合理的。我們將繼續執行這一目標。

The good news is attrition is down in both shipyards. Not materially down, not back to pre-COVID levels, but it is definitely moving in the right direction. So yeah, I hired 1,000, which is a bit south of where we wanted to be, but it's consistent with our strategy and attrition is a bit better in both shipyards, which is very positive.

好消息是兩家船廠的人員流失率都有所下降。雖然沒有實質下降，也沒有回到疫情之前的水平，但肯定正朝著正確的方向發展。是的，我僱用了 1,000 名員工，這比我們想要的人數略少，但這符合我們的策略，而且兩個造船廠的員工流失率都有所降低，這是非常積極的。

Okay. And regarding the 35% increase in outsourcing, can you comment on where you are with respect to that and sort of how the performance quality is looking from what you're outsourcing?

好的。關於外包量增加 35%，您能否評論一下您在這方面的進展以及外包業務的績效品質如何？

Actually, the way we've executed on our outsourcing program has been very positive. We have some tough lessons learned back at Ingalls in outsourcing in the early 2000s, and we've used those lessons learned and applied them in both shipyards.

實際上，我們執行外包計劃的方式非常積極。早在 21 世紀初，英格斯在外包方面就累積了一些慘痛的教訓，我們將這些教訓運用到了兩家造船廠。

So the quality is pretty good. We do pilots in these manufacturing yards before they actually execute work at scale, and we learn through that process. They've done that. We are on schedule in both yards in outsourcing for the year, and the quality looks good.

所以品質非常好。在這些製造廠實際大規模執行工作之前，我們會先在這些製造廠進行試點，並透過這個過程進行學習。他們已經這麼做了。我們今年在兩個船廠的外包工作都按計劃進行，而且品質看起來不錯。

So we're going to continue it. We need to. The industrial base is expanding. We need to take advantage of it, but we need to make sure that it's always high quality, because if it's not, you have to redo it, and that doesn't help us at all. So yeah, it's very positive right now.

因此我們將繼續下去。我們需要。產業基礎不斷擴張。我們需要利用它，但我們需要確保它始終是高品質的，因為如果不是，你必須重做它，這對我們根本沒有幫助。是的，現在的情況非常積極。

Okay. And the last one, on the SAWS program, is there a direct benefit to the carrier programs, or is it more of an indirect benefit with the submarines being the direct beneficiaries?

好的。最後一個問題，關於 SAWS 計劃，它對航母計劃有直接好處嗎？還是更多的間接好處，因為潛水艇是直接受益者？

Yeah, it supports the entire nuclear industrial base and nuclear infrastructure. So aircraft carriers get support in that as well.

是的，它支持整個核工業基礎和核子基礎設施。因此航空母艦也得到了支援。

Seth Seifman, JPMorgan.

摩根大通的賽斯‧塞夫曼。

hen we think about the direct impact of the contract that was announced last night, is there kind of a sizable cash advance associated with it, and is that part of the cash guidance for Q2, and does it enable signing the contract, give you opportunity to change some of the assumptions across the different work at Newport News beyond just the two subs that were contracted?

當我們考慮昨晚宣布的合約的直接影響時，是否有與之相關的大量現金預付款，這是第二季現金指導的一部分嗎？它是否能夠簽署合同，讓您有機會改變紐波特紐斯不同工作的一些假設，而不僅僅是簽約的兩艘潛艇？

Let me start with that. So guidance assumes execution of the Block V two boat contract it has all year, and we assume incentives and capital incentives in all of our guidance. So there are some incentives in Q2 related to that contract as well as other contracts. So it's all in the mix when we come through our guidance for pre-cash flow for Q2 as well as the end of the year. I'd love, Tom, if you want to add anything in regard to that.

讓我從那開始。因此，指導假設全年執行 Block V 兩艘船合同，並且我們在所有指導中都假設激勵和資本激勵。因此，第二季有一些與該合約以及其他合約相關的激勵措施。因此，當我們制定第二季度以及年底的預現金流指導時，所有這些都是綜合考慮的。湯姆，如果你想就此補充什麼的話，我會很高興的。

I mean, it was incorporated into the guide that we gave you for Q2. We mentioned at the very beginning of the year expectation to have both that award and then in the back half of the year, BCS Block VI and Columbia Bill II. So we're really happy we got that done here.

我的意思是，它被納入了我們為第二季度提供的指南中。我們在年初就提到希望獲得這兩個獎項，然後在下半年獲得 BCS Block VI 和 Columbia Bill II。所以我們真的很高興我們完成了這件事。

Cash comes from margin and margin can come from operational performance, capital incentives, performance incentives. With the new contract ad, it helps out incrementally, but it was in the mix and it was in line with what we expected here. So I'm comfortable with both the guide that we've given you now for Q2 at [$200 million to $300 million], supports the [$300 million to $500 million] for the entire year with no change. We have pathways to get there. So I appreciate the question.

現金來自利潤，利潤可以來自經營績效、資本激勵、績效激勵。有了新的合約廣告，它會逐漸提供幫助，但它是混合的，並且符合我們的預期。因此，我對我們現在給出的第二季指導價 [2 億至 3 億美元] 感到滿意，也支持全年 [3 億至 5 億美元] 保持不變。我們有途徑到達那裡。我很感謝你提出這個問題。

Okay. And on the assumed, on the booking rate part of that?

好的。那麼關於假設，關於預訂率部分呢？

Well, it's all included in our guide and in our accounting. So it's, we had always assumed this contract was going to get done this year in all of our, in our accounting and in our guidance.

嗯，這些都包含在我們的指南和會計中。因此，在我們的所有會計和指導中，我們一直認為這份合約將在今年完成。

Okay. And then just a little bit bigger picture, you know, you have this announcement with, I think with Hyundai during the quarter and, you know, one of the, you know, one of the topics that some people in Washington are discussing in terms of ways to accelerate shipbuilding is through partnership with other countries. This seems like a pretty early effort based on what was in the press release, but, you know, how do you think about where that could go and where international partners might actually be able to fit in?

好的。然後從更大的角度來看，您知道，您在本季度與現代汽車公司宣布了這一消息，並且，您知道，華盛頓的一些人正在討論的加速造船業的方法之一是通過與其他國家合作。根據新聞稿中的內容，這似乎是一項相當早期的努力，但是，您知道，您認為這項努力將走向何方，以及國際合作夥伴實際上可以參與其中嗎？

Yeah, thank you for that question. Yeah, it is early on in a strategic relationship that's very broad in nature, and it's going to apply to commercial shipbuilding and potentially taking advantage of the economic situation arising out of the executive order on commercial shipbuilding to see if there's an economic model that makes sense for expanding the commercial shipbuilding base in the United States, and then best practices in defense and military shipbuilding.

是的，謝謝你的提問。是的，這是兩國戰略關係的早期階段，其性質非常廣泛，它將適用於商業造船業，並可能利用商業造船行政命令帶來的經濟形勢，看看是否存在一種合理的經濟模式，可以擴大美國的商業造船基地，然後在國防和軍用造船業中尋找最佳實踐。

We've been in their shipyard, they've been in our shipyard, they're a great shipbuilder, we're a great shipbuilder, and we can learn from each other. So it's very broad in its nature right now. I think it's, when you think about having allies participate in shipbuilding, that only makes sense.

我們去過他們的船廠，他們也去過我們的船廠，他們是很棒的造船商，我們也是偉大的造船商，我們可以互相學習。所以它現在的性質非常廣泛。我認為，當你考慮讓盟友參與造船時，這是有意義的。

An expansion of the capacity only makes sense, and bringing the best people to the table to execute against this is only the right thing to do. So we don't know where it's exactly going to take us at this point. It's in the initial talks, but we need, it's part of taking advantage of what we see as a pretty significant tailwind in shipbuilding.

擴大產能是唯一合理的選擇，而招募最優秀的人才來執行這項任務才是正確的做法。所以我們現在不知道它到底會把我們帶往何方。目前尚處於初步談判階段，但我們需要利用造船業中非常重要的順風機會。

Jason Gursky, Citigroup

傑森古爾斯基，花旗集團

Chris, we've talked about this kind of in bits and pieces throughout the call today, and I think in prior calls, but I'd like to just ask kind of a step back, bigger picture question about the timing of the transition from pre-COVID to post-COVID ships, and maybe give you an opportunity to kind of update us on any changes to the timing and maybe the major risks and opportunities in that timeline.

克里斯，我們在今天的電話會議中，以及我想在之前的電話會議中，已經零零碎碎地討論了這個問題，但我想問一個退一步的、更大的問題，關於從新冠疫情之前到新冠疫情之後的過渡時間，也許可以給你一個機會，向我們通報一下時間上的任何變化，以及這個時間表上的主要風險和機遇。

So I think you announced today some modest delays on the carrier side. So I just want to make sure we're kind of re-baselined here on the expectations on timing of that transition.

所以我認為你們今天宣布了承運商方面的一些適度延遲。所以我只是想確保我們對這一轉變的時間預期重新進行了調整。

And I think we said that 50% was going to, we're going to hit the 50% mark or beyond 50% mark in '27, that's correct. You're correct to pick up on the issues with CBN 80 related to the equipment that's late in the bottom of the ship.

我認為我們說過 50% 將會實現，我們將在 27 年達到 50% 大關或超過 50% 大關，這是正確的。您正確地指出了與船底較晚的設備有關的 CBN 80 問題。

We expect to get that over the summer, and then when that gets in, we'll start to make more progress. But there's no change in the balance of our milestones. We're in a pretty good place there, so I still expect that transition to be on schedule.

我們期望在夏天實現這一目標，然後當這一目標實現時，我們將開始取得更多進展。但我們的里程碑的平衡並沒有改變。我們目前處於一個相當不錯的位置，所以我仍然希望這一轉變能夠按計劃進行。

Okay, great. And then I think Christie's restricting us to one follow-up question, so this might be like a couple, three parts here. I'm just kind of curious on all the reform in the executive orders that have been coming our way, to get your thoughts on a couple of different things.

好的，太好了。然後我認為克里斯蒂限制我們只問一個後續問題，所以這可能分為幾個、三個部分。我只是對我們即將頒布的行政命令中的所有改革感到好奇，想聽聽您對一些不同事情的看法。

First on shipbuilding assistance and investment that might go into the shipbuilding industrial base, kind of what strings might be attached to it, and do you need to invest ahead of getting funds, and does that change the potential cashflow profile ahead for you? And then you mentioned OTAs in your prepared remarks, and I think it's kind of tied up in the potential for acquisition reform, acquisition reform of FAR and DFARs specifically.

首先，關於造船援助和可能進入造船工業基地的投資，可能會附加什麼條件，您是否需要在獲得資金之前進行投資，這是否會改變您未來的潛在現金流狀況？然後您在準備好的演講中提到了 OTA，我認為這與採購改革的潛力有關，特別是 FAR 和 DFAR 的採購改革。

So I'm kind of curious, is that something that is going to impact, those kinds of mechanisms will impact the mission systems business more than shipbuilding per se? And what do you think is the long-term impact on the mission systems business from a risk in opportunities and margins? Thanks.

所以我有點好奇，這會產生影響嗎？這些機制對任務系統業務的影響會比對造船業本身的影響更大嗎？您認為機會和利潤風險對任務系統業務的長期影響是什麼？謝謝。

Thanks, Jason. So first things first, the reform executive orders and cashflow profile, look, I think it's too early for that right now. There's a lot of work going into making recommendations on how those are rolled out. If you read the executive order, significant amount of activity that we need to participate in quite actually, because we think we can add a lot of, provide a lot of input to them, so we can kind of get it the right answer.

謝謝，傑森。因此，首先要做的事情是改革行政命令和現金流狀況，看，我認為現在還為時過早。關於如何實施這些措施的建議還有很多工作要做。如果你有讀過行政命令，你會發現我們實際上需要參與大量的活動，因為我們認為我們可以增加很多內容，為他們提供很多意見，這樣我們就能得到正確的答案。

But so yeah, a lot of work by the team, the government team in the shipbuilding office over the next 30, 60, 90 days to further define what those mean, what the economics mean, what the investments mean. And we'll know more, but I don't see a definitely a cashflow drain by us related to that at this point, but more to come.

但是的，造船辦公室的政府團隊將在接下來的 30、60、90 天內做大量工作來進一步明確這些意味著什麼、經濟意味著什麼、投資意味著什麼。我們會了解更多信息，但目前我還沒有看到與此相關的現金流流失，但未來還會有更多。

On the OTAs, those are only positive, things happen faster in an OTA environment. We're pretty good at them. We are uncrewed, small uncrewed vehicle was an OTA that was converted to a program of record and very positively.

對於 OTA 來說，這些都是積極的，在 OTA 環境中事情發生得更快。我們在這方面相當擅長。我們是無人駕駛的小型無人飛行器，是一個 OTA，已轉換為記錄程序，並且非常積極。

So we only see upside related to that. We're comfortable with it. We're going to lean into it. So there's potential upside within mission technologies related to that activities and the rapid capability office sort of activities with our high energy laser that we're providing for the Army is also positive. So I think you have to lean into this stuff.

因此，我們只看到與此相關的上行空間。我們對此感到滿意。我們將全心投入其中。因此，與該活動相關的任務技術具有潛在的優勢，而且我們為陸軍提供的高能量雷射快速能力辦公室活動也具有積極意義。所以我認為你必須傾向於這些東西。

Historically, our mission technologies division has been very good at applying commercial technologies to some of the biggest problems that the DoD has. We're going to continue to do that. We have a team that can do that within mission technologies. So as I said before, we're going to lean into it and I see potential upside related to it.

從歷史上看，我們的任務技術部門非常擅長將商業技術應用於國防部面臨的一些最大問題。我們將繼續這樣做。我們有一個可以在任務技術領域內完成這項工作的團隊。因此，正如我之前所說，我們將傾向於此，並且我看到了與此相關的潛在優勢。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

It was reported in the press and I think you discussed that there was a draft of the maritime executive order that included a There was a draft of the maritime executive order that included the SAWS language. And then, you know, we now have the executive order. It doesn't include it. And, you know, we have kind of a, I mean, I know it's a very long cycle business, but I put a long planning process to sort out where to go from here. I was curious what your sense is for why that changed in the process and how likely or unlikely it is that you eventually see SAWS.

據媒體報道，我認為您也討論過，有一份海事行政命令草案，其中包括 SAWS 語言。然後，你知道，我們現在有了行政命令。它不包括它。而且，你知道，我們有一種，我的意思是，我知道這是一個非常長的周期業務，但我制定了一個長期的規劃過程來理清下一步該怎麼做。我很好奇您對為什麼在過程中發生變化的看法，以及您最終看到 SAWS 的可能性有多大。

Yeah, so that's probably not important to how it did not end up in the final executive order. I'm sure that's why there are drafts that go through review with the different elements of the government and ultimately it wasn't included.

是的，所以這可能對於為什麼它沒有出現在最終的行政命令中並不重要。我確信這就是為什麼草案要經過政府不同部門的審查，但最終卻沒有被採納。

Do I think SAWS will happen in the future? Look, SAWS did a lot of really interesting things. It was very innovative. It accelerated investment into the shipyards to get at the submarine production rate. But right now our baseline is the Block V contract, the Block VI contract, and Columbia Bill II. And we're working with our customer to March 4 to get those under contract.

我認為 SAWS 將來會出現嗎？瞧，SAWS 做了很多非常有趣的事。這是非常有創新性的。它加快了對造船廠的投資，以達到潛艇的生產速度。但目前我們的基準是 Block V 合約、Block VI 合約和哥倫比亞法案 II。我們正在與客戶合作，直到 3 月 4 日簽約。

Now, the really good part about SAWS is it identified in detail the investments we thought we needed to get this done. You see those investments show up in the Block V contract. And as we move through Block VI and Columbia Bill II, they should show up there as well.

現在，SAWS 的真正優點在於它詳細地確定了我們認為完成這項工作所需的投資。您會看到這些投資出現在 Block V 合約中。當我們穿過第六區塊和第二哥倫比亞法案時，它們也應該會出現在那裡。

So SAWS called another name, but the investments are required. The team knows it. They put those investments together as a team. So we need to make sure that we continue to make those investments to get to the build rate. So SAWS is something that is a name at this point that could or could not happen in the future, but the investments have to happen in order to get to the build rate.

因此，國家安監總局叫了另一個名字，但投資是必須的。團隊知道這一點。他們作為一個團隊將這些投資整合在一起。因此，我們需要確保繼續進行這些投資以達到建設率。因此，SAWS 目前只是一個名稱，未來可能會也可能不會實現，但為了達到建設速度，必須進行投資。

Okay. Chris, how much have you been able to raise wages in recent periods to get the attrition improvement that you referenced? And how much more do you have to raise wages to make much more significant strides on that front?

好的。克里斯，最近一段時間，為了達到你提到的員工流動率改善效果，你把薪水提高了多少？那麼，您還需要將薪資提高多少才能在這方面取得更顯著的進步？

So I think the attrition improvement has really been a result of the targeted hiring of more experienced labor. We have addressed wages very tactically, very tactically, both at Ingalls and Newport News, but we do have labor arrangements, so we haven't been able to do broad labor adjustments. But I think the attrition improvement is more directly related to our hiring strategies to focus on more experienced people.

因此，我認為員工流動率的改善實際上是有針對性地僱用更有經驗的勞動力的結果。無論是在英格斯還是紐波特紐斯，我們都以非常策略性的方式解決了工資問題，但我們確實有勞動力安排，所以我們還不能進行廣泛的勞動力調整。但我認為人員流失率的改善與我們的招募策略更直接相關，即專注於更有經驗的人才。

Okay. And then lastly, Tom, can you just give us the very specifics on why both the shipbuilding and the MT margin are down a decent amount sequentially in the second quarter?

好的。最後，湯姆，您能否具體解釋為什麼第二季度造船業務和 MT 利潤率都環比下降很多？

Yeah. So as we said earlier, just the guy that we're giving is on the conservative side. We saw from MT, crew and uncrewed and CEW do well for the quarters as they booked up and they closed out some projects. We don't want to get ahead of ourselves.

是的。正如我們之前所說，我們所給的這個人是保守派。我們看到 MT、機組人員、非機組人員和 CEW 在季度中表現良好，因為他們的預訂已經完成並完成了一些項目。我們不想超越自己。

And then from a shipbuilding side, I think we're just being conservative. We have some risks to burn down through the year, and the initiatives that we've talked about, more progress and the cost reductions, I want to see them kind of play out.

從造船方面來看，我認為我們只是比較保守。我們在今年要消除一些風險，而我們所討論的舉措、更多的進展和成本削減，我希望看到它們能夠發揮作用。

We do have plans in place for that to occur, but with risk and variability, we're just staying and guiding close to the low end of the range there. I'm still comfortable with the guy that we have from [5.5 to 6.5]. It was a good first quarter out of the gate, and we'll adjust kind of going forward as we see successive quarters do well.

我們確實已製定計劃以實現這一目標，但由於風險和可變性，我們只能保持並引導接近該範圍的低端。我仍然對我們現有的人感到滿意[5.5 到 6.5]。第一季的開局表現不錯，隨著接下來幾季的良好表現，我們會進行相應調整。

Ron Epstein, Bank of America.

美國銀行的羅恩愛潑斯坦。

I'm going back to a couple of questions we've heard before, maybe Doug's earlier. What has to happen in the shipyards to really update the manufacturing process? I mean, when you look at how the Koreans do it, and their commercial operations, it seems like there's more automation, they build ships differently. I mean, realistically, how much of that can be deployed in our military shipyards to improve throughput, the whole nine yards?

我回顧我們之前聽過的幾個問題，也許是 Doug 之前提出的問題。造船廠需要做些什麼才能真正更新製造流程？我的意思是，當你觀察韓國人的做法和商業運作時，你會發現他們似乎更自動化，而且他們建造船舶的方式也不同。我的意思是，實際上，其中有多少可以部署在我們的軍事造船廠以提高整個造船廠的吞吐量？

Yeah, I like the distinction you're making between the commercial manufacturing process and the defense process. They are different. When you're getting at a rate on fairly simple ships to build that aren't as dense, it's just a different process.

是的，我喜歡您對商業製造流程和防禦過程的區分。它們是不同的。當你以一定的速度建造密度不那麼大的相當簡單船隻時，這只是一個不同的過程。

So what's it going to take? Fortunately, we've been doing this work for a while now, identifying what's it going to take to increase the submarine throughput. And it's going to show up on that FY24 two-boat contract.

那我們需要做些什麼呢？幸運的是，我們已經做了一段時間這項工作，確定瞭如何提高潛艇的吞吐量。它將出現在 FY24 兩艘船的合約上。

These are targeted investments to create capacity and increase the efficiency on how the ships and how the manufacturing works through the process. We've been working very hard at it. We know where the constraints are. Once they get implemented, I'm very confident that things are going to improve.

這些都是有針對性的投資，旨在創造產能並提高船舶和製造流程的效率。我們一直在為此努力。我們知道限制在哪裡。一旦這些措施得到實施，我非常有信心情況會有所改善。

And, I mean, is it more automation? I mean, are there things like that that you can do to take out variability?

我的意思是，它是否更加自動化？我的意思是，你可以做類似的事情來消除可變性嗎？

It's more about streamlining. There's some automation that could take place at the front end of the process. We have AI pilots going on in both shipyards where we can be more efficient in analysis of scheduling, per se, or quality. But this is more about efficiency of the manufacturing process and eliminating roadblocks or ensuring that your critical path is squared away. It's not real automation when you get to the back half of the process. This is all about throughput and efficiency and throughput.

這更多的是關於精簡。可以在流程的前端實現一些自動化。我們在兩個船廠都進行了人工智慧試點，以便我們可以更有效地分析調度本身或品質。但這更多的是關於製造過程的效率和消除障礙或確保關鍵路徑的順利進行。當你進入流程的後半部時，它就不再是真正的自動化了。這一切都與吞吐量、效率和吞吐量有關。

Got it. And then, maybe just one more. What do you think in terms of demand for your unmanned product, for the autonomous stuff?

知道了。然後，也許再來一次。您認為無人駕駛產品和自主產品的需求如何？

Yeah. So really good in the uncrewed space. As I said in my remarks, we have really a couple hundred in backlog. We could have significant ramp this year executing on that small uncrewed underwater vehicle space. So demand's only improving in the underwater uncrewed space, not only for that product, but derivatives of that product, both domestically and internationally. So some very positive developments in the uncrewed space.

是的。在無人太空中表現非常好。正如我在發言中所說，我們確實有幾百個積壓案件。我們今年可以在小型無人水下航行器領域取得顯著進展。因此，無論是在國內還是國外，對水下無人空間的需求都在不斷提高，不僅是對該產品，還包括該產品的衍生產品。無人航太領域取得了一些非常積極的進展。

Thank you very much. I'm not showing any further questions at this time. I would now like to hand the call back over to Mr. Kestner for any closing remarks.

非常感謝。我目前沒有其他問題。現在我想將發言權交還給凱斯特納先生，請他做最後發言。

Thanks again for your interest and participation today. I look forward to providing updates as we progress throughout the year.

再次感謝您今天的關注與參與。我期待著隨著我們全年的進展提供最新資訊。