亨廷頓·英格爾斯工業 (HII) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the second quarter 2025 HII Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎參加 2025 年第二季 HII 收益電話會議。（操作員指示）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 second 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 年第二季電話會議。今天的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 filings. 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 和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 us on today's call. I'll start by providing a high-level summary of our financial performance, highlighting key achievements, and then I'll provide an update on our operational initiatives. Tom will discuss our quarterly results and full year 2025 outlook in more depth.

謝謝，克里斯蒂。大家早安，感謝你們參加今天的電話會議。我將首先概述我們的財務業績，重點介紹主要成就，然後介紹我們的營運舉措的最新情況。湯姆將更深入地討論我們的季度業績和 2025 年全年展望。

This morning, we reported second quarter sales of $3.1 billion and earnings per share of $3.86 and with backlog reaching $56.9 billion. Contract awards of $11.9 billion included DDG 145 and 146, LPD33 and two Block V submarines with associated investments in shipbuilder wages, workforce development, infrastructure and technology insertion. Free cash flow was $730 million, and we invested $93 million in CapEx.

今天上午，我們報告第二季銷售額為 31 億美元，每股收益為 3.86 美元，積壓訂單達到 569 億美元。合約金額達 119 億美元，包括 DDG 145 和 146、LPD33 和兩艘 Block V 潛艇，以及對造船廠工資、勞動力發展、基礎設施和技術引進的相關投資。自由現金流為 7.3 億美元，我們在資本支出上投資了 9,300 萬美元。

At Newport News, in the second quarter, we slowed it off SSN 800 Arkansas and are on track to deliver SSN 798 Massachusetts later this year. New carrier construction is also progressing. And on CVN 79 Kennedy, we are working with our customer to deliver the most complete and combat-ready ship to the Navy as early as possible and are scheduled to go to see for our first trials toward the end of the year.

在紐波特紐斯，我們在第二季度放慢了 SSN 800 阿肯色號的交付速度，並計劃在今年稍後交付 SSN 798 馬薩諸塞號。新航母建造也在推進中。對於 CVN 79 Kennedy 號，我們正在與客戶合作，儘早向海軍交付最完整、戰備狀態最好的艦艇，併計劃在今年年底進行首次試航。

CVN 80 Enterprise has received several of the late engine room components that I discussed previously, with the remaining equipment scheduled to come in over the next few months. Receipt of the remaining sequence critical components enables progress acceleration as our shipbuilders integrate the equipment into the ship and unlock associated delayed progress.

CVN 80 企業號已經收到了我之前討論過的幾個後期引擎室組件，其餘設備計劃在未來幾個月內到貨。當我們的造船工人將設備整合到船舶中並解鎖相關的延遲進度時，收到剩餘的序列關鍵部件可以加速進度。

Moving to Ingalls. In the second quarter, we completed main engine light off on DDG 128 Ted Stevens, and Christian DDG 129 Jeremiah Denton. And we continue to make progress on our anti programs as we completed fuel load on LPD 30 Harrisburg and generator light off on LHA 8 Bougainville.

搬到英格爾斯。在第二季度，我們完成了 DDG 128 Ted Stevens 號和 Christian DDG 129 Jeremiah Denton 號主引擎的關閉。隨著我們完成 LPD 30 哈里斯堡號的燃料裝載和 LHA 8 布干維爾號的發電機關閉，我們的反計畫繼續取得進展。

At Mission Technologies, we had another quarter of strong sales of $791 million. Key wins included a contract to provide live training solutions to the US Army's Program Executive Office for simulation, training and instrumentation. And in our own crude business, we delivered the first two Lion fish, small on crude undersea vehicles to the US Navy under a program that could scale to 200 vehicles. We also announced a commercial sale of Remus 300 UUVs to Hitachi.

在 Mission Technologies，我們又迎來了一個強勁的季度，銷售額達到 7.91 億美元。主要的勝利包括一份為美國陸軍計畫執行辦公室提供模擬、訓練和儀器現場訓練解決方案的合約。在我們自己的原油業務中，我們根據一項可擴展至 200 輛的計劃，向美國海軍交付了首批兩艘獅子魚小型原油海底航行器。我們也宣布向日立公司商業銷售 Remus 300 UUV。

Notably, our recent announcement of a technology partnership with C3 AI is a key strategic highlight for the quarter. This partnership enables us to leverage digital technologies in AI to accelerate shipbuilding throughput with a primary focus on schedule optimization to drive faster delivery.

值得注意的是，我們最近宣布與 C3 AI 建立技術合作關係，這是本季的一個重要策略亮點。透過此次合作，我們能夠利用人工智慧的數位技術來加速造船吞吐量，主要專注於進度優化以加快交付速度。

Now on to the operational update. Both Ingalls and Newport News performance was relatively stable in the quarter as we continue to work through ships that were contracted for prior to COVID. As I have indicated previously, the next 1.5 years will be challenging as we transition out of ships contracted for pre-COVID to our new contracts.

現在開始操作更新。由於我們繼續使用在 COVID 之前簽約的船舶，因此本季 Ingalls 和 Newport News 的表現都相對穩定。正如我之前所說，未來 1.5 年將充滿挑戰，因為我們將從新冠疫情之前簽訂的合約過渡到新合約。

As for the first operational initiative, increasing throughput and Ingalls is on plan and Newport News continues to be behind plan, primarily due to CVN 80 supply chain issues I previously discussed. Both shipyards increased throughput in the second quarter and I expect further acceleration on the back half of the year.

至於第一個營運舉措，增加吞吐量，英格爾斯號按計劃進行，而紐波特紐斯號仍然落後於計劃，這主要是由於我之前討論過的 CVN 80 供應鏈問題。兩家造船廠在第二季的吞吐量均增加，我預計今年下半年吞吐量將進一步加速。

It's important to note that progress is being made on improving performance due to the sustained and significant investment by the Navy and Congress along with our internal investments, leading indicators in the labor pipeline and retention are showing positive trends. And on the supply chain front, we expect continued stability but risk remains for some major equipment. While these early indicators are encouraging, there is still tremendous work to be done.

值得注意的是，由於海軍和國會的持續大量投資以及我們的內部投資，我們在提高績效方面正在取得進展，勞動力管道和保留方面的領先指標呈現出積極的趨勢。在供應鏈方面，我們預計將繼續保持穩定，但一些主要設備仍有風險。雖然這些早期指標令人鼓舞，但仍有大量工作要做。

We know that it will require sustained improvement to achieve our long-term targets. Also, the industrial base is expanding with significant outsourcing taking place, increasing the capacity of the shipbuilding industry as a whole and our technology efforts to increase efficiency are off to a strong start.

我們知道，要實現我們的長期目標，就需要持續改進。此外，隨著大量外包的進行，工業基礎正在擴大，整個造船業的產能正在提高，我們提高效率的技術努力也取得了良好的開端。

The second operational initiative is our $250 million annualized cost reduction effort, and we expect to achieve this by year's end. Finally, regarding the third operational initiative, contract awards, we announced the award for two Block V submarines and associated investments on April 30.

第二項營運措施是每年削減 2.5 億美元的成本，我們預計在年底前實現這一目標。最後，關於第三項營運舉措，即合約授予，我們於 4 月 30 日宣布授予兩艘 Block V 潛艇及相關投資。

This award reflects a significant step solidifying the investment our customer is making in the shipbuilding industrial base and highlighting the critical and urgent need for these submarines. The shipbuilding and Navy teams have now pivoted to negotiate agreements for Virginia Class Block V and Columbia bill 2, and I expect these agreements to be completed later this year.

該合約標誌著我們客戶在造船工業基礎方面的投資邁出了重要一步，並凸顯了對這些潛艇的迫切需求。造船和海軍團隊現在已經轉向就弗吉尼亞級 Block V 和哥倫比亞號 Bill 2 進行協議談判，我預計這些協議將於今年稍後完成。

Turning to activities in Washington. The reconciliation bill and the FY26 budget includes significant support for our shipbuilding programs. Specifically, the reconciliation bill includes a second FY26 Virginia-class submarine, 2 DDG-51 Harley Burke destroyers, funding for the Amphibious Warship bundle funding for expansion of USD EUV production and $4.9 billion for the shipbuilding industrial base.

談到華盛頓的活動。和解法案和 2026 財政年度預算對我們的造船項目提供了大力支持。具體來說，和解法案包括第二艘26財年維吉尼亞級潛艦、2艘DDG-51哈雷伯克驅逐艦、用於擴大USD EUV生產的兩棲戰艦捆綁資金以及49億美元的造船工業基地資金。

Additionally, the President's budget for fiscal year 2026 is now under consideration by Congress and the proposed budget reflects continued investment in our shipbuilding programs with funding provided for the Columbia class and Virginia class submarine programs for CVN 80 and 81 construction and CVN 82 advanced procurement. And for the second of three years of funding for the refueling and overhaul of CVN 75.

此外，總統的 2026 財政年度預算目前正在國會審議中，擬議的預算反映了我們對造船項目的持續投資，為 CVN 80 和 81 的哥倫比亞級和弗吉尼亞級潛艇計劃建造以及 CVN 82 的先進採購提供了資金。這是 CVN 75 加油和大修的第二筆三年資助。

In summary, we had a solid Q2 that was largely consistent with our expectations as we remain focused on executing our operational initiatives, increasing throughput, achieving cost reductions and capturing new contract awards.

總而言之，我們第二季的業績表現穩健，基本上符合我們的預期，因為我們仍然專注於執行營運計劃、提高產量、降低成本和獲得新的合約獎勵。

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 second quarter results, and then I'll address our outlook for the year. For more detail, please refer to the earnings release issued this morning and posted to our website. Beginning with our consolidated results on slide 6 of the presentation, our second quarter revenues of approximately $3.1 billion increased 3.5% compared to the same period last year. The higher revenue was attributable to year-over-year growth at all three divisions.

謝謝，克里斯，早安。首先，我將簡要討論我們的第二季業績，然後我將談談我們對今年的展望。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。從簡報第 6 張投影片上的綜合業績開始，我們的第二季營收約為 31 億美元，與去年同期相比成長了 3.5%。收入增加歸因於三個部門的同比增長。

Ingall's revenues of $724 million increased by 1.7% compared to the second quarter of 2024, driven primarily by higher volume on the guided missile destroyer program, partially offset by lower volume on the LHA and LPD programs. Newport News revenues of $1.6 billion increased by 4.4% compared to the second quarter of 2024, driven primarily by higher volumes in both Columbia and Virginia class submarine programs. Partially offset by unfavorable cumulative adjustments on aircraft carriers.

英格爾公司的收入為 7.24 億美元，與 2024 年第二季度相比增長了 1.7%，這主要得益於導彈驅逐艦項目產量的增加，但 LHA 和 LPD 項目產量的下降部分抵消了這一增長。紐波特紐斯的營收為 16 億美元，與 2024 年第二季相比成長了 4.4%，這主要得益於哥倫比亞級和維吉尼亞級潛艦計畫產量的增加。部分被航空母艦的不利累積調整所抵銷。

Mission Technologies revenues of $791 million increased by 3.4% compared to the second quarter of 2024, and driven primarily by a nonrecurring favorable resolution related to a C5 ISR contract as well as higher live virtual and constructive training volume. Excluding the impact of the noted resolution, Mission Technologies results were generally in line with our prior expectations and the guidance we provided on the first quarter call.

Mission Technologies 的營收為 7.91 億美元，與 2024 年第二季相比成長了 3.4%，這主要得益於與 C5 ISR 合約相關的非經常性有利解決方案以及更高的即時虛擬和建設性培訓量。排除上述決議的影響，Mission Technologies 的業績基本上符合我們先前的預期以及我們在第一季電話會議上提供的指導。

Moving on to slide 7. Segment operating income of $172 million and segment operating margin of 5.6% in the second quarter of 2025 were both down from prior year results, but were consistent with our expectations for the quarter. At Newport News, segment operating income was $82 million, and operating margin was 5.1% compared to $111 million and 7.2% in the second quarter of 2024.

移至幻燈片 7。2025 年第二季的分部營業收入為 1.72 億美元，分部營業利潤率為 5.6%，均低於去年同期的業績，但與我們對該季度的預期一致。紐波特紐斯的分部營業收入為 8,200 萬美元，營業利潤率為 5.1%，而 2024 年第二季的分部營業收入為 1.11 億美元，營業利潤率為 7.2%。

The -- the decreases were driven by performance of the Virginia-class submarine program and aircraft carrier construction, partially offset by a favorable contract incentives of those programs as well as a higher risk retirement on the Columbia Class submarine program. Additionally, prior year results benefited from favorable contract adjustments and incentives on the aircraft carrier refueling and complex overhaul program.

下降的原因是弗吉尼亞級潛艇計劃和航空母艦建造的表現，部分被這些計劃的優惠合約激勵以及哥倫比亞級潛艇計劃的較高風險退役所抵消。此外，去年的業績也受惠於航空母艦加油和複雜大修計畫的有利合約調整和激勵措施。

For the second quarter of 2025, Newport News Shipbuilding net cumulative adjustment was negative $17 million. This includes a negative adjustment on CVN 80 as well as other performance adjustments. At Ingalls, segment operating income was $54 million and operating margin was 7.5% compared to $56 million and 7.9% in the second quarter of last year.

2025 年第二季度，紐波特紐斯造船淨累計調整為負 1,700 萬美元。這包括對 CVN 80 的負面調整以及其他性能調整。英格爾斯公司本季的分部營業收入為 5,400 萬美元，營業利潤率為 7.5%，而去年同期為 5,600 萬美元，營業利潤率為 7.9%。

The decreases were driven by lower performance and lower contract incentives on the Amphibious Assault ship programs, which was largely offset by favorable contract adjustments related to the guided missile destroyer program. Prior year results included a favorable impact related to the delivery of LPD 29.

下降的原因是兩棲攻擊艦項目的性能下降和合約激勵降低，但這在很大程度上被與導彈驅逐艦項目相關的有利合約調整所抵消。上一年業績包括與 LPD 29 交付相關的有利影響。

The second quarter net cumulative adjustment at Ingalls was a positive $4 million and included positive adjustments related to the destroy program that were largely offset by an unfavorable adjustment related to LHI.

英格斯第二季淨累計調整為正 400 萬美元，其中包括與銷毀計劃相關的正調整，但大部分被與 LHI 相關的不利調整所抵消。

Mission Technologies operating income and margin were largely consistent year-over-year, with changes in contract mix, offsetting the impacts of higher volume. Consolidated operating income for the quarter was $163 million, and operating margin was 5.3% compared to $189 million and 6.3% in the same period last year.

Mission Technologies 的營業收入和利潤率與去年同期基本保持一致，合約組合的變化抵消了銷售增加的影響。本季綜合營業收入為 1.63 億美元，營業利潤率為 5.3%，去年同期為 1.89 億美元，營業利潤率為 6.3%。

The variance was driven by the segment's results I just noted, along with a more favorable operating FAS/CAS adjustment compared to prior year period. Net earnings in the quarter were $152 million compared to $173 million in the second quarter of 2024. Diluted earnings per share in the quarter were $3.86 and compared to $4.38 in the same period last year.

這種差異是由我剛才提到的部門績效以及與去年同期相比更為有利的 FAS/CAS 營運調整所致。本季淨利為 1.52 億美元，而 2024 年第二季淨利為 1.73 億美元。本季每股攤薄收益為 3.86 美元，去年同期為 4.38 美元。

Turning to slide 8. Cash provided by operations was $823 million in the quarter. Net capital expenditures were $93 million or 3% of revenues. Free cash flow in the quarter was $730 million. Free cash flow results in the quarter were $480 million, better than the midpoint of the guidance we provided on the first quarter call. The overall performance is due to a number of factors, including the timing of incentives some of which were received earlier than previously anticipated normal quarterly timing of cash receipts and disbursements and improvement in quarterly taxes and capital expenditure timing.

翻到幻燈片 8。本季經營活動提供的現金為 8.23 億美元。淨資本支出為 9,300 萬美元，佔收入的 3%。本季自由現金流為 7.3 億美元。本季的自由現金流結果為 4.8 億美元，優於我們在第一季電話會議上提供的指導的中點。整體業績表現取決於多種因素，包括一些激勵措施的發放時間早於先前預期的正常季度現金收支時間，以及季度稅收和資本支出時間的改善。

I'll discuss our updated 2025 free cash flow guidance in a moment. 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. Turning to liquidity and the balance sheet. We ended the quarter with a cash balance of $343 million and liquidity of approximately $2 billion.

我稍後將討論我們更新後的 2025 年自由現金流指導。本季度，我們沒有回購任何股票。我們確實支付了每股 1.35 美元或總計 5300 萬美元的現金股息。轉向流動性和資產負債表。本季末，我們的現金餘額為 3.43 億美元，流動資金約為 20 億美元。

Our capital allocation priorities are unchanged. We value our investment-grade credit rating, and we'll continue to prioritize prudent debt levels, while strategically investing in our shipyards and thoughtfully growing our dividend while continuing to use excess free cash for share repurchases.

我們的資本配置重點維持不變。我們重視我們的投資等級信用評級，我們將繼續優先考慮審慎的債務水平，同時對我們的造船廠進行策略性投資，並慎重增加我們的股息，同時繼續使用多餘的自由現金進行股票回購。

Moving on to our outlook on slide 9. We are reiterating our segment revenue and operating margin guidance for the year. We expect shipbuilding revenue between $8.9 million and $9.1 billion and margins between 5.5% and 6.5%. Mission Technologies, we expect revenue between $2.9 billion and $3.1 billion. operating margins between 4% and 4.5% and EBITDA margins between 8% and 8.5%.

繼續討論幻燈片 9 上的展望。我們重申本年度的分部收入和營業利益率指引。我們預計造船收入在 890 萬美元至 91 億美元之間，利潤率在 5.5% 至 6.5% 之間。對於 Mission Technologies，我們預計營收在 29 億美元至 31 億美元之間，營業利潤率在 4% 至 4.5% 之間，EBITDA 利潤率在 8% 至 8.5% 之間。

Our 2025 guidance is predicated on achieving the operational initiatives we have laid out -- 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. Regarding our assumption related to the award of Virginia Class Block V in Columbia build two submarines. We continue to expect that award to occur this year. If the award were to push into 2026, it would be a headwind. However, we believe we have accounted for a range of timing considerations within our guidance.

我們的 2025 年指導方針是實現我們制定的營運計劃的前提——正如克里斯指出的那樣，我們在每項計劃上都取得了進展，我們預計在今年內吞吐量將實現顯著提升。關於我們授予弗吉尼亞級 Block V 的合同，我們將在哥倫比亞號上建造兩艘潛艇。我們仍然期待今年能夠頒發該獎項。如果該獎項推遲到 2026 年，那將是一個不利因素。然而，我們相信我們已經在指導中考慮了一系列時間因素。

For 2025 free cash flow, we are updating our guidance to between $500 million and $600 million. At the midpoint, this is an increase of $150 million compared to our prior guidance range. The majority of this growth is related to updated cash tax expectations given the recent change in tax law, including R&D expensing and bonus depreciation changes. We are also updating a number of discrete income statement guidance elements.

對於 2025 年的自由現金流，我們將我們的預期更新為 5 億至 6 億美元之間。從中間值來看，這比我們之前的指導範圍增加了 1.5 億美元。鑑於近期稅法的變化，包括研發費用和獎金折舊變化，這一增長主要與更新的現金稅預期有關。我們也更新了一些離散損益表指導要素。

We are revising our operating fast cash adjustment from $43 million to $40 million. Our noncurrent state income tax expense for the year is now estimated to be approximately $15 million, with approximately $10 million of that expense falling in the third quarter.

我們正在將經營現金調整額從 4300 萬美元修改為 4000 萬美元。我們今年的非經常性州所得稅支出目前估計約為 1500 萬美元，其中約 1000 萬美元發生在第三季。

This update reflects the state impact our recently enacted federal tax law changes that benefited our cash flow expectations and may be further impacted depending on how individual states conform to the recent federal tax law changes. Our interest expense guidance has declined by $20 million from our prior outlook, given the strong second quarter cash flow and resulting lower commercial paper usage.

此更新反映了我們最近頒布的聯邦稅法變化對州的影響，這些變化有利於我們的現金流預期，並可能受到進一步的影響，具體取決於各州如何遵守最近的聯邦稅法變化。鑑於第二季現金流強勁以及由此導致的商業票據使用量下降，我們的利息支出預期較先前的預期下降了 2,000 萬美元。

Moving on to a preview for the third quarter. For shipbuilding, we expect third quarter sales of approximately $2.2 billion and margins near the low end of our annual guidance range. This does imply a stronger fourth quarter, which is consistent with our expectations and timing of milestones.

接下來是第三季的預覽。對於造船業，我們預計第三季的銷售額約為 22 億美元，利潤率將接近我們年度指導範圍的低端。這確實意味著第四季度表現會更加強勁，這與我們的預期和里程碑時間一致。

For Mission Technologies, we expect third quarter sales of approximately $730 million and operating margin of approximately 3.5%. This does imply a sequential decline in revenue However, a second quarter results did include the nonrecurring favorable contract resolution I previously discussed. Finally, we expect third quarter free cash flow to be approximately negative $150 million as a result of normal business operations and the strong Q2 cash generation.

對於 Mission Technologies，我們預計第三季銷售額約為 7.3 億美元，營業利潤率約為 3.5%。這確實意味著收入連續下降，但是，第二季度的業績確實包括了我之前討論過的非經常性有利合約解決方案。最後，由於業務運作正常以及第二季強勁的現金產生，我們預計第三季自由現金流約為負 1.5 億美元。

To close, I will echo Chris' sentiment -- it was a good quarter as we continue to make steady progress working our way through challenging ships and executing our 2025 operational initiatives, securing new contracts aligned to the current environment driving higher throughput and thoughtfully managing cost.

最後，我想附和克里斯的觀點——這是一個好的季度，因為我們繼續在具有挑戰性的船舶方面取得穩步進展，並執行我們的 2025 年運營計劃，獲得與當前環境相符的新合同，從而提高吞吐量並周到地管理成本。

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

說完這些，我將把電話轉回給克里斯蒂負責問答。

Thanks, Tom. Please limit yourself to one initial question and one follow-up so that we can get as many people through the queue as possible.

謝謝，湯姆。請將自己限制為一個初始問題和一個後續問題，以便我們能夠讓盡可能多的人排隊。

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。。

(Operator Instructions) Doug Harned, Bernstein.

（操作員指示）Doug Harned，Bernstein。

Good morning. Thank you had a big quarter for shipbuilding in Q2 revenues. And you're looking at 20% better throughput this year, you're getting should be getting some money from the Block V award. But your guide for shipbuilding revenue is only up 3%. I mean how should we reconcile those things?

早安.感謝您在第二季的造船業收入中取得了巨大的成功。並且您希望今年的吞吐量提高 20%，您應該會從 Block V 獎項中獲得一些資金。但你的造船收入預期只成長3%。我的意思是我們該如何調和這些事情？

Yes, it's a good question, Doug. Thank you. Our throughput increase and our revenue forecast all takes into consideration wages getting incorporated in both shipyards, that's already happened in Newport News. We expect that to happen over the back half of the year at Ingalls outsourcing, improving which actually outsourcing this year should get up to 2 million hours, which is over a $1 million increase from last year.

是的，這是個好問題，道格。謝謝。我們的吞吐量成長和收入預測都考慮到了兩個造船廠的工資，這在紐波特紐斯已經發生了。我們預計，這一情況將在下半年在 Ingalls 外包業務中得到改善，今年的實際外包時間將達到 200 萬小時，比去年增加 100 多萬美元。

And then our Charleston operations also comes online and provides additional throughput -- if you take all that into consideration, most of that happens in the back half of the year. And if we're able to achieve that, we should achieve -- I'm confident we'll achieve our 20% improvement on throughput, which should lead us to our to our guidance estimate.

然後，我們的查爾斯頓業務也上線並提供了額外的吞吐量 - 如果考慮到所有這些，其中大部分發生在下半年。如果我們能夠實現這一目標，我們就應該實現——我相信我們的吞吐量將提高 20%，這將使我們達到我們的指導估計。

You always have to take into consideration material timing when you take -- when you're doing your sales forecast -- but I'm pretty comfortable that our guidance is appropriate. There's potentially some upside there if we make all our throughput commitments. If we are able to continue to hire experienced people and our attrition trends continue. But all that works together and conspire together to project towards our sales guidance.

當你進行銷售預測時，你總是必須考慮重要的時間因素，但我很確信我們的指導是適當的。如果我們履行所有吞吐量承諾，那麼可能會有一些好處。如果我們能夠繼續僱用經驗豐富的人員並且我們的人員流失趨勢持續下去。但所有因素共同作用並共同推動我們實現銷售目標。

I guess what I'm trying to understand is -- and we're looking at this situation where a lot of money is coming in to ship building right now in proposed budgets, current budgets. And you're looking at the higher throughput -- just trying to figure out -- and I know that it's not easy to change shipbuilding revenues in a short period of time.

我想我想了解的是——我們正在考慮這種情況：目前，在擬議預算和當前預算中，大量資金正在投入造船業。您正在關注更高的吞吐量 - 只是想弄清楚 - 而且我知道在短時間內改變造船收入並不容易。

But I'm just trying to understand how we get that -- we kind of triangulate between the funding trajectories, the throughput and what this revenue outlook would likely be over the -- at least the coming years?

但我只是想了解我們如何實現這一點——我們對資金軌跡、吞吐量以及至少未來幾年的收入前景進行三角測量？

Right. Well, so I'm still comfortable with the 4% growth revenue outlook, and I'm very comfortable that this shipbuilding industrial base is getting rebuilt. I think labor is being addressed through increase in salary and positioning towards more experienced people and attracting more people into the industry. I'm very confident in the industrial base is expanding, led by the prime contractors that are doing that effort. Including the acquisition of Charleston.

正確的。嗯，所以我對4%的成長收入前景仍然感到滿意，而且我對這個造船工業基地的重建感到非常滿意。我認為，勞動力問題正在透過提高薪資、向更有經驗的人員傾斜以及吸引更多人進入該行業來解決。我非常有信心，在主要承包商的帶領下，工業基礎正在不斷擴大。包括收購查爾斯頓。

So it's going to happen. The industrial base is growing. The supply chain is becoming more stable. I can't predict when that volume will show up, but it's occurring. As we're moving through this year. I don't want to get ahead of ourselves from a guidance standpoint and a sales standpoint. But I'm still comfortable with the 4% growth rate and it's incumbent upon us to execute.

所以它會發生。工業基礎不斷增強。供應鏈日趨穩定。我無法預測該數量何時會出現，但它確實正在發生。隨著我們度過這一年。從指導和銷售的角度來看，我不想超越自己。但我對 4% 的成長率仍然感到滿意，我們有責任去實現它。

Okay, very good, thank you.

好的，非常好，謝謝。

Scott Mikus, Melius Research.

米庫斯（Scott Mikus），Melius Research。

Morning Chris and Tom, nice results. We have better clarity on the funding environment with the one big beautiful bill sign, the 2026 budget also it's very supportive. When we think about kind of the appeal of Section 174, is that five-year cumulative free cash flow target of $3.6 billion now back on the table, but just from 2025 through 2029.

早安，克里斯和湯姆，結果不錯。透過一份漂亮的大法案，我們對融資環境有了更清楚的認識，2026 年的預算也提供了極大的支持。當我們考慮第 174 條的吸引力時，我們想到的就是 36 億美元的五年累計自由現金流目標現在又回到了討論的議題上，但只是從 2025 年到 2029 年。

Yes, we pulled our guidance last year, and I would not say it's back on the tab right now. We're we raised the focus and fixated on showing that we provide guidance going forward that we can hit. Right now, we have the annual guidance you saw from my remarks upfront and the release information that we provided that we raised that from $300 million to $500 million to $500 million to $600 million in free cash flow.

是的，我們去年撤回了指導，而且我不會說它現在又回到了預算上。我們提高了關注度並專注於表明我們提供的未來指導是我們能夠實現的。現在，您可以從我之前的演講和我們提供的發布資訊中看到，我們已經將自由現金流從 3 億美元提高到 5 億美元，增加到 5 億美元到 6 億美元。

But we're going to stick to an annual guidance right now. And as we get consistent and we have quarter-over-quarter, meeting or exceeding the guides, we'll address that in future discussions. But we don't have a five-year guide on the table right now.

但我們現在將堅持年度指導。隨著我們保持一致並且季度環比增長，達到或超過指導值，我們將在未來的討論中解決這個問題。但目前我們還沒有五年指南。

Okay. And then, Chris, the Secretary and Navy commented that it might be preferable to have Newport News and Electric Boat each build Virginia's separately rather than teaming. So if that maybe you were to pursue that route, -- just curious how much capital would you and the Navy need to invest to make that happen? And would you have enough skilled labor or optionality to outsource to support one Virginia by itself at Newport News?

好的。隨後，克里斯、國防部長和海軍評論說，紐波特紐斯和電船公司最好分別建造維吉尼亞號，而不是合作建造。因此，如果您要走這條路，只是好奇您和海軍需要投資多少資金才能實現這一目標？您是否有足夠的熟練勞動力或可選外包來支持紐波特紐斯的一個維吉尼亞計畫？

I think it's always important to evaluate alternatives. Right now, we're happy with the teaming arrangement that we have with General Dynamics on the Virginia-class program. It would take additional capital. I don't and there would be significant capital, and we've communicated that to the Navy. We would have enough skilled labor to execute on any job like that. And we're talking about a time horizon that's pretty far out in front of us.

我認為評估替代方案始終很重要。目前，我們對與通用動力公司在維吉尼亞級專案中的合作安排感到滿意。這需要額外的資本。我不知道，但這需要大量資金，我們已經將這種情況告知了海軍。我們擁有足夠的熟練勞動力來完成任何類似的工作。我們正在談論的是一個還很遙遠的時間範圍。

So -- that's probably all I want to say on that. It's always good to look at options, look at alternatives, we would need additional significantly more capital to execute on that -- but we'll support the Navy and these initiatives as they work through how they want to proceed.

所以——這可能就是我想說的全部。研究各種選擇、尋找替代方案總是好的，我們需要更多的額外資金來實現這一目標——但我們會支持海軍和這些舉措，幫助他們確定如何進行。

All right, thanks for taking the questions.

好的，感謝您回答這些問題。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

Yes. I'm sorry if you covered this a little late. But on CVN 79 and the timing slip to 2027, could you characterize any economic impact from that? And was there a negative EAC or could there be because of that schedule change.

是的。如果您報道得有點晚，我很抱歉。但是對於 CVN 79 和推遲至 2027 年的問題，您能否描述一下其帶來的經濟影響？是否存在負的 EAC，或是否可能因為時間表的改變而導致 EAC 出現負值。

Yes. So we've already taken that schedule consideration into our guidance. And that was understood when we did the financials. There was no material impact related to that. It should be noted the CVN 79 is progressing very well. There's only 90 compartments left on that ship. We're going to go to see this year. There's just a couple of systems that are taking a little bit longer. And we need to add some capability as well.

是的。因此，我們已經將這個時間表考慮納入了我們的指導中。當我們做財務分析的時候就明白了這一點。與此相關的沒有實質影響。值得注意的是，CVN 79 進展非常順利。那艘船上只剩下90個艙室。今年我們要去看看。只是有幾個系統需要稍微長一點的時間。我們還需要增加一些功能。

So 79 is progressing very well. There's no financial or no material financial impact, and we're going to deliver a great ship when it gets finally delivered. .

所以 79 進展非常順利。這不會產生任何財務或實質的財務影響，而且當它最終交付時，我們將交付一艘很棒的船。。

Thank you guys.

謝謝你們。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

Hi, good morning. This is Joshua Korn on for David. I just follow up on wanted to follow up on the reconciliation funding for shipbuilding. I guess, both on the shipbuilding and unmanned side. exactly how you see that flowing through to you time line and any kind of quantification.

嗨，早安。我是 Joshua Korn，代替 David 發言。我只是想跟進一下造船和解金的情況。我想，無論是在造船方面還是無人駕駛方面。您究竟是如何看到它流經您的時間線和任何形式的量化的。

Yes. So we tend to look at that together with the FY26 budget. If you look at them together, all of our programs are supported and all of that is included in our in our 4% mid- to long-term guidance relative to shipbuilding sales. So we think it's all very positive. I think the unmanned stuff is very interesting. Obviously, we have the premier uncrude underwater vehicle program up in our Boston organization within -- in Mission Technologies.

是的。因此，我們傾向於將其與 26 財年預算一起考慮。如果綜合起來看，我們所有的項目都得到了支持，並且所有這些都包含在我們相對於造船銷售的 4% 的中長期指導中。所以我們認為這一切都非常積極。我認為無人駕駛的東西非常有趣。顯然，我們波士頓機構內的 Mission Technologies 擁有首屈一指的原始水下航行器計畫。

And then some very interesting programs we're evaluating, participating in from a surface standpoint. So we think that's positive as well, and that could be some tailwinds if we're successful in that regard. So we look at them together. significant tailwinds in shipbuilding, and we're going to take advantage of them.

然後，我們正在評估一些非常有趣的項目，從表面的角度參與其中。因此我們認為這也是積極的，如果我們在這方面取得成功，這可能會帶來一些順風。因此，我們一起來看看造船業的重大順風，我們將利用它們。

Okay. And then on Mission Technologies, have you had any impact or discussions around Doge at this time?

好的。那麼在 Mission Technologies 方面，您目前對 Doge 有什麼影響或討論嗎？

So we're comfortable with our 2025 guidance still. There has been some minor restructuring of contracts, which would potentially impact -- we're looking for ways to offset that. As of this point, we're still comfortable with our revenue growth within Mission Technologies, but that there has been a slowing of awards and activity, although the pipeline still looks very strong at over $90 billion.

因此，我們對 2025 年的預期仍然感到滿意。合約進行了一些小規模的調整，這可能會產生影響——我們正在尋找抵消這種影響的方法。截至目前，我們對 Mission Technologies 的營收成長仍然感到滿意，但獎項和活動有所放緩，儘管管道看起來仍然非常強勁，超過 900 億美元。

So we're going to watch it. We're following it every day, and we're offsetting impacts where we can. But as of right now, we're comfortable with our guidance.

所以我們要觀看它。我們每天都在關注它，並盡我們所能抵消其影響。但截至目前，我們對我們的指導感到滿意。

Okay, thank you.

好的，謝謝。

(Operator Instructions) Seth Seifman, JP Morgan.

（操作員指示）Seth Seifman，摩根大通。

Okay, thanks very much and good morning. I think you mentioned I think you mentioned earlier, Chris, the timing of the contracts or maybe Tom, you mentioned the timing of the contracts for Block VI and Block V could affect this year's results.

好的，非常感謝，早安。我想你提到過，我想你之前提到過，克里斯，合約的時間，或者也許是湯姆，你提到了 Block VI 和 Block V 的合約的時間可能會影響今年的結果。

Maybe if you could tell us a little bit more about that based on the margin forecast for Q3, it seems like you're expecting those results in those contracts in Q4, are they -- do you expect them to come together? Do you think they could come separately? If you could give us an update on sort of where things stand and kind of the magnitude of that within the outlook?

也許您可以根據第三季度的利潤預測告訴我們更多相關信息，您似乎預計第四季度的這些合約將取得這些結果，您預計它們會結合在一起嗎？您認為他們可以分開來嗎？您能否向我們介紹一下目前的情況以及前景的嚴重程度？

Sure. I'll start, and then I'll kick it over to Tom for the details on how he's thinking about it from an outlook standpoint. We quickly repositioned from the Block V contract into Block VI and the Columbia build 2 contracts -- and we're actively engaged with the Navy and our partners to get that done.

當然。我先開始，然後我會把它交給湯姆，讓他從展望的角度詳細了解他對此的看法。我們迅速從 Block V 合約重新定位到 Block VI 和哥倫比亞建造 2 合約——並且我們正積極與海軍和我們的合作夥伴合作以完成這項工作。

The good news is that we had a construct that was put together under Block V that we can follow as we move into Block VI-- now it's going to take some time. We're working at a very detailed level with them to get these docks because they're very important. But it could slip into Q4, and we'll do them incrementally.

好消息是，我們已經在 Block V 下組裝了一個結構，我們可以在進入 Block VI 時遵循它——現在這需要一些時間。我們正在與他們進行非常詳細的合作以獲得這些碼頭，因為它們非常重要。但它可能會進入第四季度，我們會逐步進行。

And as Tom indicated in his in his prepared remarks, while we do expect them to be done this year and -- but we also factored it when we think through the balance of the year. So it could potentially provide some upside. I think it's done or potentially a minor downside, if it doesn't, based on those factors. I'll let Tom talk about details.

正如湯姆在他準備好的演講中指出的那樣，雖然我們確實希望這些工作能夠在今年完成，但我們在考慮今年的平衡時也考慮到了這一點。因此它可能會帶來一些好處。基於這些因素，我認為它已經完成了，或者如果沒有完成，可能只會產生輕微的負面影響。我會讓湯姆談論細節。

Yes. In February, we had mentioned about the three awards were happening in FY (inaudible) normally done in the springtime. There's other two awards were planned for the back half of the year. as we mentioned, is a factoring of opportunities and risks and how things play out. So that's why we give ranges on revenue and margin and cash.

是的。二月份，我們曾經提到過，這三個獎項將在財政年度（聽不清楚）頒發，通常在春季頒發。另外兩個獎項計劃在今年下半年頒發。正如我們所提到的，這是一個機會和風險以及事態如何發展的因素。這就是我們給出收入、利潤和現金範圍的原因。

Those awards really -- we wouldn't have any cost to sales or they wouldn't overly impact the margin if they got awarded in the back half of the year. It really just is a function of incentives, any advancements on any infrastructure for capital investments. That could either provide tailwinds or headwinds -- that's been factored into guidance right now.

這些獎項確實——我們不會對銷售產生任何成本，或者如果他們在下半年獲得獎勵，也不會對利潤產生過度影響。它實際上只是激勵機制的一個功能，是任何基礎設施的進步都會引起資本投資。這可能會帶來順風或逆風——目前這已被納入指導之中。

So it doesn't impact the current EACs and profitability that I have today. And the range of outcomes I see right now, we feel really comfortable with the $500 million to $600 million in free cash flow. So we'll keep you informed. -- we do anticipate we're working actively with the Navy right now on those requirements and those offerings, and we'll see how the back half of the year plays out.

所以它不會影響我目前的 EAC 和獲利能力。從我現在看到的結果來看，我們對 5 億到 6 億美元的自由現金流感到非常滿意。所以我們會隨時向您通報情況。 ——我們確實預計我們現在正在就這些要求和這些產品與海軍積極合作，我們將看看今年下半年的進展如何。

Okay. Great. And then just a follow-up, just to understand kind of how some of the stuff works. The wage increases that you talked about for Newport News. Did those go into productivity assumptions on existing contracts and thus led to some higher booking rates on contracts or at least in the mix upward pressure on booking rates for existing programs and that when that comes to Ingalls, we'll see something similar? Or is that not the right way to think about it?

好的。偉大的。然後只是進行後續跟進，只是為了了解一些東西是如何運作的。您談到的紐波特紐斯的工資上漲。這些是否考慮到了現有合約的生產力假設，從而導致合約預訂率有所提高，或者至少對現有項目的預訂率造成了上行壓力，而當談到英格爾斯時，我們會看到類似的情況嗎？還是這不是正確的思考方式？

That's not necessarily the right way to think about it. we think there's going to be a direct correlation between higher wages and improved retention, which should lead to a more skilled employee and improved performance, but we don't necessarily bake those into the estimates to complete right away. We need to prove it.

這不一定是正確的思考方式。我們認為更高的薪資和更高的留任率之間存在直接的關聯，這應該會帶來更熟練的員工和更高的績效，但我們不一定會將這些納入立即完成的估算中。我們需要證明這一點。

So we're just going to continue to execute. And if that performance does improve, then we could potentially book up there. But it is not necessarily a direct link as you indicated in your statement.

所以我們將繼續執行。如果業績確實有所改善，那麼我們就有可能預訂到那裡。但正如您在聲明中所指出的，它不一定是直接聯繫。

Okay. No, that's helpful to have that clarity. Thank you.

好的。不，弄清楚這一點很有幫助。謝謝。

Ron Epstein, Bank of America.

美國銀行的羅恩愛潑斯坦。

Hey, good morning guys. What impact, if any, are you guys expecting on the business from the changes in R&D in the tax code? Is that for you up to do some stuff that you might not have done before?

嘿，大家早安。如果有的話，你們預期稅法中研發方面的變化會對業務產生什麼影響？這是否意味著您要做一些以前可能沒有做過的事情？

Well, I'll start with the changes of the tax law, right? So obviously, that got approved on July 5, and that kind of works itself through a rather than amortizing the R&D expense, it gets period expense. So there's the tailwind for that. We see about $150 million of increase, and that's why we took the free cash flow from a midpoint of $450 million now to from $300 million to $500 million, which was of a midpoint up to now, $550 million midpoint between $50 million and $600 million.

好吧，我就從稅法的變化開始說吧？顯然，該提案於 7 月 5 日獲得批准，其運作方式不是攤銷研發費用，而是獲得期間費用。因此，這是一個順風。我們看到約 1.5 億美元的成長，這就是為什麼我們將自由現金流從現在的 4.5 億美元中點提高到 3 億美元到 5 億美元，這是目前的中點，5.5 億美元位於 5,000 萬美元到 6 億美元之間的中點。

So we'll get some favoritism on that. It's now period expense, plus you can do that retroactively since the beginning of this year. and then there's a catch-up between 22% and 24% on the amortization. So a lot of moving parts just on the tax front alone, and that's on the federal side.

因此我們會對此給予一些偏袒。現在它是期間費用，而且您可以從今年年初開始追溯。然後，攤銷的補繳率在 22% 到 24% 之間。因此，僅在稅收方面就存在著許多變動，而且這還只是聯邦方面。

On the state of the noncurrent state taxes, it actually provides a slight kind of headwind, and that's why we adjusted that for the for the guidance to be $15 million expense this year as opposed to being neutral. And $10 million of that $15 million will show up in Q3 in the guide that I gave you.

就非當前州稅的狀況而言，它實際上帶來了輕微的阻力，這就是為什麼我們調整了指導金額，將今年的支出定為 1500 萬美元，而不是保持中性。在我給您的指南中，這 1500 萬美元中的 1000 萬美元將出現在第三季。

So realistically, it provides a couple of more dollars to kind of run the business and invest in the business here. And as you see, we finished out the quarter with positive cash flow of $343 million. So going forward, as we say, we don't think $147 million, $150 million of tax benefit here. We'll have a credit or will forgo paying taxes for the rest of the year.

因此，實際上，它提供了更多的資金來經營和投資這裡的業務。如您所見，本季結束時我們的現金流為 3.43 億美元。因此，正如我們所說，展望未來，我們不認為這裡有 1.47 億美元、1.5 億美元的稅收優惠。我們將獲得抵免或在今年剩餘時間內免繳稅款。

Got it. And then maybe just as a follow-up with -- on the unmanned undersea business that you guys have. I mean, how large is that product line today? And if you could frame maybe the kind of growth you could see there?

知道了。然後也許只是作為你們的無人海底業務的後續行動。我的意思是，目前該產品線有多大？您是否可以設想一下您在那裡看到的成長類型？

So we haven't specifically identified how large they are externally. They're -- just not significantly material to the Mission Technologies portfolio, but we do expect outsized growth beyond the 5% growth rate. And when you look at the opportunities that are presenting themselves in the space, we have an opportunity, as I indicated in my remarks, for over 200 vehicles on that small uncrewed vehicle contracts with the Navy.

所以我們還沒有具體確定它們的外部尺寸有多大。它們對 Mission Technologies 投資組合來說並不重要，但我們確實預計它們的成長率將超過 5%。當你看到這個領域出現的機會時，正如我在演講中指出的那樣，我們有機會與海軍簽訂超過 200 輛小型無人駕駛飛行器合約。

And there are some upcoming competitions, both in undersea and surface that are very interesting to us that we're going to evaluate. So while it's small now, we do expect it to grow at an outsized rate within Mission Technologies. And there are some really good opportunities there that are absolutely funded within the reconciliation bill.

即將舉行的一些海底和水面比賽對我們來說非常有趣，我們將對其進行評估。因此，儘管它現在規模很小，但我們確實預計它將在 Mission Technologies 內部以驚人的速度成長。那裡確實存在一些很好的機會，這些機會絕對可以在和解法案中獲得資助。

Got it, all right thank you very much.

知道了，好的，非常感謝。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Thanks. Good morning. Hey Chris, I was wondering if you could touch on your views of AUKUS and its trajectory. It seems like it may be getting a relook but it's never quite clear as to what is and what isn't actually occurring.

謝謝。早安.嘿，克里斯，我想知道你是否可以談談你對 AUKUS 及其發展軌蹟的看法。看起來它可能正在被重新審視，但對於實際發生和未發生什麼卻從未明確。

And then as well, if you can just touch on where you think the role of partnerships with international shipbuilders would be most impactful in a positive way to the business and to getting the output of the overall industry up?

另外，您能否談談您認為與國際造船廠建立合作關係對業務和提高整個產業產量最有正面影響的地方？

Sure. Great. Thank you, Myles. Yes, the AUKUS is still broadly supported simply because it makes great strategic and economic sense. So there's no backup that I see within Australia, the UK or the United States. There is a Pentagon review going on, and I think that's healthy. They need to look at it to make sure that we're proceeding down the right path.

當然。偉大的。謝謝你，邁爾斯。是的，AUKUS 仍然受到廣泛支持，因為它具有重大的戰略和經濟意義。因此，我認為澳洲、英國或美國均沒有提供任何支援。五角大樓正在進行審查，我認為這是有益的。他們需要仔細研究以確保我們走在正確的道路上。

But I fully expect it to continue to be supported across all three countries. From our perspective, we do have a footprint down there now. We've got a great partner in Babcock. We've got some good wins under our belt, and we're competing for some also very interesting wins that should show up over the back half of the year.

但我完全相信它將繼續得到這三個國家的支持。從我們的角度來看，我們現在確實在那裡留下了足跡。巴布科克是我們優秀的合作夥伴。我們已經取得了一些不錯的勝利，我們正在爭取一些非常有趣的勝利，這些勝利應該會在今年下半年顯現出來。

So it's positive for us. We're going to continue to grow. We're going to continue to have a presence down there with our partner, and I'm still very bullish on AUKUS. From other international shipbuilders, we have taken the steps, because we saw this coming, we have developed a strategic relationship with HHI out of Korea to evaluate both defense opportunities and commercial opportunities.

所以這對我們來說是積極的。我們將繼續成長。我們將繼續與我們的合作夥伴在那裡開展業務，我仍然非常看好 AUKUS。與其他國際造船廠相比，我們已經採取了措施，因為我們預見了這一點，我們與韓國的現代重工建立了戰略關係，以評估國防機會和商業機會。

Could they help with investments in our current shipyards or other shipyards to increase throughput for the industrial base? Absolutely. We're going to have to see how that develops over the next couple of quarters. But I think there's -- I'm pretty bullish on that as well. They're committing dollars to increase the industrial base, which will increase throughput. So I think that's only positive and just adds to the tailwinds that we see in shipbuilding.

他們能否幫助我們投資現有的造船廠或其他造船廠，以增加工業基地的吞吐量？絕對地。我們將拭目以待未來幾季的情況將如何發展。但我認為——我對此也非常樂觀。他們投入大量資金來擴大工業基礎，這將提高產量。所以我認為這只是積極的，並且增加了我們在造船業看到的順風。

Okay. That's great. And then just can you touch on how many employees were hired in the quarter?

好的。那太棒了。那麼，您能否談談本季僱用了多少名員工？

About 2,400, more experienced. And I didn't specifically talk about retention, but we've seen month-over-month improvement in our retention and attrition metrics. And since we implemented the wage adjustment of Newport News, there's been a very good trend for the first few weeks from an attrition standpoint.

約 2,400 人，經驗更豐富。我並沒有特別談論留存率，但我們看到留存率和流失率指標逐月有所改善。自從我們實施紐波特紐斯的工資調整以來，從人員流失的角度來看，最初幾週的趨勢非常好。

Now we're not going to claim victory yet because it's just a few data points. But our initial assumptions seem to be proving out positively, and we think that's a really good sign for the future.

現在我們還不能宣布勝利，因為這只是幾個數據點。但我們最初的假設似乎得到了積極的證明，我們認為這對未來來說是一個非常好的訊號。

All right, that is good news. Thanks.

好吧，這是個好消息。謝謝。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

Hey, good morning, everyone. I guess it feels like there's a little bit of a chasm between the very significant change in funding and treatment of your business and the Navy overall by the government in the budgets, and what you're doing here with guidance and sort of your tone on the pace of improvement.

嘿，大家早安。我想，政府在預算中對貴公司和海軍的整體資金和待遇做出的重大改變，與你們在這裡提供的指導以及對改進步伐的基調之間存在著一些差距。

Recognizing it's a very long-cycle business and a lot of these things will take time, I'm trying to sort out how much of that is it just will take time and 2025 and 2026, still have the pre-COVID contracts, and it's not until beyond that, that we see significant improvement in revenue growth and margin versus I'm wondering if -- does the Block VI, Block 2 waiting for that award this year, make this year just -- is that a very binary thing where you can't really call for much improvement this year until you know that's in this year and not sliding into early '26?

認識到這是一個週期很長的業務，很多事情都需要時間，我試圖弄清楚其中有多少只是需要時間，2025 年和 2026 年仍然有 COVID 之前的合同，直到那之後，我們才能看到收入增長和利潤率的顯著改善，我想知道 - Block VI、Block 2 是否正在等待該獎項，這是否意味著今年有改進26 年初？

Yes. I think your first assumption is correct, Noah. I think you've got it. It does take time. We have pre-COVID contracts we're working through. We've assessed the Block VI and Build 2 contracts and factored them into the indicated final. So if it happens, things could potentially get a bit better. If it doesn't, it could be maybe slightly worse. But we're comfortable with how we factored that.

是的。我認為你的第一個假設是正確的，諾亞。我想你已經明白了。這確實需要時間。我們正在履行新冠疫情之前的合約。我們評估了 Block VI 和 Build 2 合同，並將其納入最終結果。因此，如果發生這種情況，情況可能會變得更好一些。如果沒有的話，情況可能會更糟一些。但我們對於如何考慮這一點感到滿意。

So I think you've got it right, it just takes time. We need to get through these pre-COVID contracts. But the tailwinds are real. The demand is real. The actions we're taking to expand the industrial base are happening. The maritime industrial base funding that have been flowed to the supply chain have absolutely improved the supply chain.

所以我認為你說得對，這只是需要時間。我們需要完成這些新冠疫情之前的合約。但順風是真實存在的。需求是真實存在的。我們為擴大工業基礎所採取的行動正在發生。已經流向供應鏈的海洋產業基礎資金，確實改善了供應鏈。

The technology investments that are taking place with AI with C3 AI and the Newport News shipyard is going to yield positive results. So it's going to happen. We just need to come through these pre-COVID ships to transition to the other side.

C3 AI 和紐波特紐斯造船廠對人工智慧技術的投資將會產生積極的成果。所以它會發生。我們只需要透過這些 COVID 之前的船隻來過渡到另一邊。

Okay. Chris, can you give us a sense for the split -- on the labor front, the split between the need to improve new hiring versus the need to improve attrition? Because I would think the former would take a while and have a long learning curve or as I would think the latter would maybe flow to the business much more quickly?

好的。克里斯，您能否告訴我們勞動力方面的分歧，即改善新員工招募需求與改善人員流失需求之間的分歧？因為我認為前者需要一段時間並且有一個很長的學習曲線，或者我認為後者可能會更快地流向業務？

It's interesting. They work together as you would expect. If we can hire more experienced people that are going to stay, then your efficiency is going to get better very quickly. And you can afford to not hire as many people because you're not losing as many. So it's directly related, and they move together. And if we're successful in hiring then our attrition should get better as well.

這很有趣。正如您所期望的那樣，他們一起工作。如果我們能夠僱用更多願意留下來的經驗豐富的人才，那麼你的效率就會很快提高。而且你不需要雇用那麼多員工，因為你不會損失那麼多員工。所以它們是直接相關的，並且一起移動。如果我們成功招聘，那麼我們的人員流失率也會得到改善。

Okay. And then just, Tom, in the cash flow buildup, the $150 million approximately of cash tax tailwind, does that recur for a while? Or does it get smaller beyond '25? And then on CapEx, how long are you in the 3.5% to 4% of sales range before that starts to come down and become a tailwind?

好的。那麼，湯姆，在現金流累積中，大約 1.5 億美元的現金稅收順風，會在一段時間內再次出現嗎？或者 25 年後它會變得更小嗎？那麼在資本支出方面，在開始下降並成為順風之前，您的銷售額在 3.5% 到 4% 的範圍內維持了多久？

Yes. So on the taxes right now, we gave the guide for this year. Still have some tailwinds out years, too, we're working ourselves through that. It's a bit complicated because, one, is the timing on the Fed side since it was enacted. We kind of understand that. The state, obviously, it's different states, how they enact it, when they enact it. We're working ourselves through the math of that.

是的。因此，就目前的稅收而言，我們給出了今年的指南。未來幾年仍會有一些順風，我們正在努力克服這些困難。這有點複雜，因為首先，這是聯準會自法案頒布以來的時機問題。我們有點理解這一點。顯然，各州有不同的立法方式、何時立法。我們正在對此進行數學計算。

So we haven't guided anything for '26 and on. There are some dollar savings in those years as well. And we'll provide more guidance on the back half of this year on that front. All right. Your part two was?

因此，我們沒有針對 26 年及以後做出任何指導。那些年也有一些美元儲蓄。我們將在今年下半年提供更多這方面的指導。好的。你的第二部分是什麼？

CapEx

資本支出

CapEx. So the CapEx, we finished 2.5% in Q1, 3% in Q2. We're 2.8% through the first half of the year. We guided 4%. Haven't provided guidance after this year. I know last year, when we thought we were going to put all the subs on contract immediately, it was about 5% for three years. I do envision it to be elevated over the normal, what we term medium to long term of 2.5%.

資本支出。因此，資本支出在第一季達到了 2.5%，在第二季達到了 3%。今年上半年我們的成長率為 2.8%。我們預計成長率為 4%。今年之後還沒有提供指導。我知道去年，當我們認為要立即與所有潛艇簽訂合約時，合約利率大約是 5%，為期三年。我確實預計它會高於正常水平，即我們所說的中長期 2.5%。

I do envision us being higher than that in the next couple of years, but we haven't provided a specific number. That will be a function as we come through the Columbia Build 2 in the VCS Block VI, timing and pace, the number of boats and the level of infrastructure and investment that goes into the Newport News yard, will dictate.

我確實預計未來幾年我們的收入會更高，但我們還沒有提供具體的數字。這將取決於我們透過 VCS Block VI 中的哥倫比亞號建造 2 號的功能、時間和速度、船隻數量以及進入紐波特紐斯船廠的基礎設施和投資水準。

But I'm comfortable like we have in the recent past, we'll continue to get participation -- meaningful participation from our Navy customer as we invest for more throughput and higher revenues in Newport.

但我感到很放心，就像我們最近一樣，我們將繼續獲得參與——來自海軍客戶的有意義的參與，因為我們正在投資紐波特以實現更多的吞吐量和更高的收入。

Okay, thank you.

好的，謝謝。

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。我目前沒有提出任何其他問題。現在我想將電話轉回給卡斯特納先生，請他做最後發言。

Sure. Thanks for joining the call today and your interest in HII. We are focused on building on these results and driving value for all of our stakeholders. We look forward to providing further updates as we progress throughout the year. Thank you.

當然。感謝您今天參加電話會議以及對 HII 的關注。我們致力於在這些成果的基礎上再接再厲，為所有利害關係人創造價值。我們期待著隨著全年的進展提供進一步的更新。謝謝。

Thank you very much. That concludes today's conference call. You may now disconnect.

非常感謝。今天的電話會議到此結束。您現在可以斷開連線。