亨廷頓·英格爾斯工業 (HII) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the third quarter 2025 HII earnings conference call. (Operator Instructions) Please be advised that this that today's conference is being recorded. (Operator Instructions).

女士們、先生們，感謝各位的耐心等待，歡迎參加 HII 2025 年第三季財報電話會議。（操作說明）請注意，今天的會議正在錄音。（操作說明）

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

現在我將把電話交給投資者關係副總裁克里斯蒂·托馬斯。托馬斯夫人，您可以先行了。

Thank you, operator, and good morning everyone. Welcome to the HII third 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 that 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 年第三季電話會議。今天電話會議上討論的構成前瞻性陳述的事項，包括我們對公司前景的估計，涉及風險和不確定性，反映了公司根據本次電話會議時可獲得的資訊做出的判斷。這些風險和不確定性可能導致我們的實際結果與預期有重大差異。

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信息，請參閱今天的新聞稿和公司向美國證券交易委員會提交的文件。我們也會提及一些非GAAP財務指標。有關這些非 GAAP 指標的更多披露信息，包括與可比 GAAP 指標的調節表，請參閱本次網絡直播的幻燈片，這些幻燈片可在我們網站 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. Now I'll turn the call over to Chris.

今天參加電話會議的有總裁兼執行長克里斯·卡斯特納，以及執行副總裁兼財務長湯姆·史提勒。現在我把電話交給克里斯。

Thanks, Chris. Good morning, everyone. The United States Navy recently celebrated its 250th birthday, and the US Marine Corps will do the same in the coming weeks. So I would like to start today by thanking both of them for their enduring service to our country and their commitment to our national defense. Thank you for all that you have done and all that you do to protect us and future generations.

謝謝你，克里斯。各位早安。美國海軍最近慶祝了成立250週年，美國海軍陸戰隊也將在未來幾週內慶祝這項活動。所以，今天首先我要感謝他們二位對我們國家的長期貢獻和對國防的奉獻。感謝您過去所做的一切，以及您為保護我們和子孫後代所做的一切。

Moving on to the third quarter, I'll start by discussing our results and division highlights and provide an update on our operational initiatives. Then Tom will provide some details on our financial performance and outlook.

接下來進入第三季度，我將首先討論我們的業績和部門亮點，並介紹我們的營運舉措的最新進展。接下來，湯姆將詳細介紹我們的財務表現和前景。

Before I begin, I'd like to reiterate our commitment to accelerate shipbuilding construction to meet our customers' requirements. We continue to support the identification of strategies to increase throughput across our shipbuilding programs and are working closely with our customer and partners to achieve this important mission.

在開始之前，我想重申我們致力於加快造船進度，以滿足客戶的需求。我們將繼續支持制定提高造船項目產能的策略，並與我們的客戶和合作夥伴緊密合作，以實現這一重要目標。

Now turning to our results. This morning, we reported record third quarter sales of $3.2 billion and diluted earnings per share of $3.68. Shipbuilding sales growth of 18% year-over-year was driven by our shipbuilding division's focus on increasing throughput in our shipyards and supported by broader efforts underway to rebuild the US maritime industrial base.

現在來看我們的結果。今天上午，我們公佈了創紀錄的第三季銷售額，達到 32 億美元，稀釋後每股收益為 3.68 美元。造船業銷售額年增 18%，這主要得益於我們造船部門專注於提高船廠的產能，以及為重建美國海事工業基礎而正在進行的更廣泛努力。

Likewise, 11% sales growth admission technologies was driven by our team's continued focus on delivering innovative solutions, including growth in the critical areas of C5ISR, cyber, electronic warfare in space, and live virtual constructive training, as well as unmanned systems.

同樣，准入技術銷售額成長 11% 得益於我們團隊持續專注於提供創新解決方案，包括在 C5ISR、網路、太空電子戰和即時虛擬建構訓練等關鍵領域以及無人系統方面的成長。

Demand for our products and services remains strong. Third quarter contract awards were $2 billion and our backlog is $56 billion, of which $33 billion is funded. At Newport News, we continue to make progress on submarines and aircraft carriers. The last two Virginia class Block 4 submarines are in the water with SSN 798 Massachusetts having recently completed sea trials and preparing for delivery this year.

市場對我們產品和服務的需求依然強勁。第三季合約授予額為 20 億美元，我們的積壓訂單為 560 億美元，其中 330 億美元已獲得資金。在紐波特紐斯，我們在潛艇和航空母艦的建造方面持續取得進展。最後兩艘弗吉尼亞級Block 4潛艇已經下水，其中SSN 798“馬薩諸塞”號最近完成了海上試驗，並準備在今年交付。

As for our carrier program, CVN 79 Kennedy continues to make progress in this testing program, and we expect to conduct the ship's first sea trials around the end of the year. And shipbuilders are installing the large components that have now been received on CVN 80 Enterprise, which will allow erection progress to accelerate.

至於我們的航母項目，CVN 79 甘迺迪號航空母艦的測試項目正在持續推進，我們預計將在年底前後進行該艦的首次海上試驗。造船工人正在安裝 CVN 80 企業號航空母艦上已接收的大型零件，這將加快建造進度。

Moving to Ingalls in the third quarter, we successfully completed the builder's trial for DDG 128, Ted Stevens, bringing her a step closer to acceptance trials and delivery. Our amphibious warship construction continues to make progress with both LHA 8 Bougainville and LPD 30 Harrisburg going through integration and testing in support of trials next year.

第三季度，我們移師英格爾斯，成功完成了 DDG 128「泰德史蒂文斯號」的建造商試驗，使她離驗收試驗和交付又近了一步。我們的兩棲戰艦建造工作持續取得進展，LHA 8「布干維爾號」和LPD 30「哈里斯堡號」正在進行整合和測試，以支持明年的試驗。

Admission technologies, we had another strong quarter of sales at $787 million along with a book to bill of [1.25] and announced key strategic partnerships around future opportunities.

在入學技術領域，我們又迎來了一個強勁的季度，銷售額達到 7.87 億美元，訂單出貨比為 1.25，並宣布了圍繞未來機會的重要戰略合作夥伴關係。

First, we joined forces with Babcock International to integrate HII's unmanned underwater vehicles with the Babcock submarine weapon handling and launch systems while REMUS 620 was validated for torpedo tube deployment. This will position our torpedo tube launch and recovery solutions for international markets. We also announced a partnership with Shield AI to accelerate cross domain and modular mission autonomy solutions and a partnership with [Taus] to develop advanced autonomous undersea mine countermeasure capabilities.

首先，我們與巴布科克國際公司合作，將 HII 的無人水下航行器與巴布科克潛艇武器處理和發射系統整合在一起，同時驗證了 REMUS 620 的魚雷發射管部署能力。這將使我們的魚雷發射管和回收解決方案在國際市場上佔有一席之地。我們也宣布與 Shield AI 建立合作夥伴關係，以加速跨領域和模組化任務自主解決方案；並與 [Taus] 建立合作夥伴關係，以開發先進的自主水下水雷對抗能力。

Additionally, we unveiled the Romulus family of unmanned surface vessels powered by Odyssey autonomy software and have started building the flagship Romulus 190. Romulus is one example of numerous projects and contracts underway in mission technologies that combines internally developed technology with world-class partner technology to create best of breed technology solutions for the war fighter.

此外，我們還推出了由 Odyssey 自主軟體驅動的 Romulus 系列無人水面艦艇，並已開始建造旗艦 Romulus 190。Romulus 是眾多正在進行的任務技術領域專案和合約的一個例子，它將內部開發的技術與世界一流的合作夥伴技術相結合，為作戰人員創造一流的技術解決方案。

Now shifting to an update on our operational initiatives, both Ingalls and Newport News performance was stable to slightly improving in the quarter as we continue to work through ships that were contracted prior to COVID.

現在來匯報我們的營運舉措，英格爾斯和紐波特紐斯兩家公司本季的業績都保持穩定，並略有改善，因為我們繼續推進在新冠疫情之前簽訂合約的船舶的交付工作。

As I previously indicated, during the contract mixed transition from pre-COVID contracts to our newly awarded contracts, we continue to expect some choppiness in performance. The first operational initiative increasing throughput is showing improvement over 2024. Initial indications align with our expectation that the HII and Navy investments in workforce, infrastructure, and supply chain will have a positive impact on throughput trajectory.

正如我之前所指出的，在從新冠疫情前的合約過渡到我們新授予的合約的過程中，我們預計業績仍會出現一些波動。第一個提高吞吐量的營運措施在 2024 年之前顯示出改善效果。初步跡象表明，HII 和海軍在勞動力、基礎設施和供應鏈方面的投資將對吞吐量軌跡產生積極影響，這與我們的預期相符。

Our updated expectation is to achieve approximately 15% throughput improvement for the full year 2025, as throughput improvements have accelerated throughout the year. From a labor perspective, we have hired over 4,600 shipbuilder year to date, and our retention rates have improved at both shipyards.

我們更新後的預期是，到 2025 年全年，吞吐量將提高約 15%，因為全年的吞吐量提升速度都在加快。從勞動力角度來看，今年到目前為止，我們已經僱用了超過 4,600 名造船工人，而且兩個造船廠的員工留任率都有所提高。

At Newport News, we've seen an increase in experienced hires following the wage investment this summer and increased hiring from regional workforce development pipelines, which provides more proficient incoming shipbuilders. These are important steps to stabilize and level up the experience of our workforce.

在紐波特紐斯，我們看到，隨著今年夏天薪資投入的增加，經驗豐富的員工數量有所增加，同時透過區域勞動力發展管道招募的員工數量也有所增加，這為新來的造船工人提供了更多熟練的人才。這些是穩定和提升我們員工體驗的重要步驟。

Also, we're seeing success and expansion of the industrial base with our distributed shipbuilding strategy resulting in significant outsourcing taking place at 23 partners and growing. With the Navy's support, we are partnering with shipyards and fabricators in multiple states to grow throughput and improve schedule adherence for all of our shipbuilding programs.

此外，我們的分散式造船策略也取得了成功，工業基礎不斷擴大，目前已有 23 家合作夥伴開展了大量外包業務，而且業務還在持續增長。在海軍的支持下，我們正與多個州的造船廠和製造商合作，以提高我們所有造船項目的產量和進度遵守。

The second operational initiative is our $250 million annualized cost reduction effort, and we remain on track to achieve this target. And the final operational initiative is achieving our new contract awards. Having completed the negotiations for the significant award of two submarines earlier this year, our teams have pivoted to negotiations of Block 6 and the next Columbia Award and are working towards having agreements in place late this year.

第二項營運措施是我們每年削減 2.5 億美元的成本，我們目前仍按計畫朝著這一目標邁進。最後一項營運舉措是拿下我們新獲得的合約。今年早些時候，我們的團隊完成了兩艘潛艇的重大授標談判，現在我們已經將談判重心轉移到 Block 6 和下一批哥倫比亞級潛艇的授標談判上，並努力爭取在今年年底前達成協議。

Shifting to activities in Washington, the new fiscal year began with a lapse in appropriations, and as a result, many activities of the federal government have halted. I will note in the Department of War shutdown guidance, shipbuilding is one of six departmental priorities that should be supported to the extent possible with available funds. To date, our programs in shipbuilding have been fully supported, and we've seen no impact to normal operations.

把目光轉向華盛頓，新的財政年度伊始，撥款中斷，導致聯邦政府的許多活動停滯不前。我注意到，在戰爭部停擺指導意見中，造船業是該部門六項優先事項之一，應盡可能利用現有資金予以支持。到目前為止，我們的造船項目得到了全力支持，正常運作未受到任何影響。

We have had an immaterial impact on emission technologies. We were watching those programs closely as they are more likely to be impacted by budget timing. We continue to support completion of the FY26 appropriations process as soon as possible to minimize the impact that a lapse in funding could have on our programs.

我們對排放技術的影響微乎其微。我們密切關注這些項目，因為它們更容易受到預算時間表的影響。我們繼續支持盡快完成 2026 財政年度撥款流程，以最大限度地減少資金中斷可能對我們的專案造成的影響。

Both House and Senate defense appropriations bills include critical funding to support the submarine and maritime industrial base. And both bills reflect 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 for the DDG 51 program and for the second of three years of funding for the refueling and overhaul of CVN 75.

眾議院和參議院的國防撥款法案都包含了支持潛艇和海上工業基礎的關鍵資金。這兩項法案都體現了對我們造船計劃的持續投資，為哥倫比亞級和弗吉尼亞級潛艇計劃（CVN 80 和 81 建造）以及 CVN 82 的 DDG 51 計劃的提前採購提供了資金，並為 CVN 75 的燃料更換和大修提供了三年資金中的第二年。

We also look forward to Congress completing work on the fiscal year 2026 National Defense Authorization Bill, codifying the strong support for shipbuilding and other national security priorities reflected in the respective House and Senate bills. The two defense authorization committees continue to show strong support for our company's programs.

我們也期待國會完成 2026 財年國防授權法案的製定工作，將眾議院和參議院各自法案中體現的對造船業和其他國家安全優先事項的大力支持編入法典。兩個國防授權委員會繼續對我們公司的計畫表示大力支持。

In summary, we had a solid third quarter with record sales as we ran production in support of delivering on our commitments.

總而言之，第三季我們業績穩健，銷售額創歷史新高，這得益於我們為履行承諾而進行的生產活動。

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

現在我把電話交給湯姆，請他談談我們公司的財務業績，湯姆？

Thanks, Chris and good morning. Let me start by briefly discussing our third 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.

謝謝克里斯，早安。首先，我將簡要介紹我們第三季的業績，然後再談談我們對今年的展望。更多詳情請參閱今天早上發佈在我們網站上的盈利報告。

Beginning with our consolidated results on slide 5 of the presentation, our third quarter revenues of approximately $3.2 billion were a record for HII and increased 16.1% compared to the same period last year. The higher revenue was attributable to strong year-over-year growth at all three divisions.

從簡報第 5 頁的綜合業績開始，我們第三季的營收約為 32 億美元，創下 HII 的歷史新高，比去年同期成長了 16.1%。營收成長主要歸功於三大業務部門的強勁年成長。

Ingalls revenues were a record $828 million and increased by 24.7% compared to the third quarter of 2024, driven primarily by higher material volume and surface combatants.

英格爾斯造船廠的營收達到創紀錄的 8.28 億美元，比 2024 年第三季成長了 24.7%，主要得益於材料產量和水面作戰艦艇的增加。

Newport News revenues of $1.6 billion increased by 14.5% compared to the third quarter of 2024, driven primarily by higher volumes across submarine and aircraft carrier programs.

紐波特紐斯造船廠的營收為 16 億美元，比 2024 年第三季成長了 14.5%，主要得益於潛艦和航空母艦計畫產量的增加。

Together, shipbuilding revenue was $2.4 billion, well ahead of our guidance for the quarter, as results benefited from higher than expected material receipt, as well as the impacts of wage investments and our broader efforts to drive higher shipbuilding throughput, including increased outsourcing.

造船業務總收入為 24 億美元，遠超我們對該季度的預期，這得益於高於預期的材料接收量，以及工資投資和我們為提高造船產量而做出的更廣泛努力（包括增加外包）的影響。

Mission technologies revenues of $787 million increased by 11% compared to the third quarter of 2024, driven by higher volume in C5ISR, cyber, electronic warfare in space, and live virtual and constructive training, as well as our growth in unmanned systems.

任務技術收入為 7.87 億美元，比 2024 年第三季成長了 11%，這主要得益於 C5ISR、網路、太空電子戰、實戰虛擬和建構訓練的銷售成長，以及無人系統業務的成長。

Moving on to slide 6, segment operating income of $179 million and segment operating margin of 5.6% in the third quarter of 2025 were both up from prior year results, primarily driven by the prior year period's negative adjustments, as well as the positive impacts of the volume growth I discussed.

接下來是第 6 張投影片，2025 年第三季的部門營業收入為 1.79 億美元，部門營業利潤率為 5.6%，均高於上年同期水平，這主要是由於上年同期的負面調整，以及我之前討論過的銷量增長帶來的積極影響。

At Ingalls, segment operating income was $65 million in operating margin of 7.9% compared to $49 million and 7.4% in the third quarter of last year. The increases were driven by the volume increases in surface combatants.

英格爾斯公司第三季的部門營業收入為 6,500 萬美元，營業利潤率為 7.9%，而去年同期分別為 4,900 萬美元和 7.4%。水面作戰艦艇數量的增加是推動成長的主要因素。

The third quarter net cumulative adjustment at Ingalls was a positive $6 million, and none of the adjustments were individually significant. At Newport News, segment operating income was $80 million and the operating margin was 4.9% compared to $15 million and 1.1% in the third quarter of 2024. Prior year results were impacted by negative adjustments resulting from the performance challenges and the delay of new contract awards.

英格爾斯公司第三季淨累計調整金額為正600萬美元，各項調整皆不具重大意義。在紐波特紐斯，分部營業收入為 8,000 萬美元，營業利潤率為 4.9%，而 2024 年第三季分別為 1,500 萬美元和 1.1%。上一年的業績受到業績挑戰和新合約授予延遲導致的負面調整的影響。

For the third quarter of 2025, Newport News shipbuilding's net cumulative adjustment was negative $13 million. None of the adjustments in the quarter were individually significant. Mission technologies operating income and margin more largely consistent year-over-year as changes in the contract mix offset the higher volumes I previously mentioned.

2025 年第三季度，紐波特紐斯造船廠的淨累計調整額為負 1,300 萬美元。本季所有調整均不具顯著性。由於合約組合的變化抵消了我之前提到的銷售成長，任務技術部門的營業收入和利潤率與去年同期相比基本上保持穩定。

Consolidated operating income for the quarter was $161 million and operating margin was 5% compared to $82 million and 3% in the same period last year. The variance was primarily driven by the segment results I've just noted.

本季綜合營業收入為 1.61 億美元，營業利潤率為 5%，而去年同期分別為 8,200 萬美元和 3%。這種差異主要由我剛才提到的細分市場結果所導致。

Net earnings in the quarter were $145 million compared to $101 million in the third quarter of 2024. Diluted earnings per share in the quarter were $3.68 compared to $2.56 in the same period last year. The effective tax rate in the third quarter was 28.9%, higher than our initial expectations, as results were impacted by a reduction in the estimated research and development tax credit for the prior year.

本季淨利為 1.45 億美元，而 2024 年第三季為 1.01 億美元。本季稀釋後每股收益為 3.68 美元，去年同期為 2.56 美元。第三季實際稅率為 28.9%，高於我們最初的預期，原因是去年預計研發稅收抵免減少，導致業績受到影響。

Turning to slide 7, cash provided by operations was $118 million in the quarter. Net capital expenditures were $102 million or 3.2% of revenues. Free cash flow in the quarter was $16 million. Free cash flow results in the quarter were better than the guidance we had provided, largely due to stronger collections in the quarter, as well as some disbursements moving out of the quarter. I'll discuss our updated 2025 free cash flow guidance in a moment.

請看第 7 張投影片，本季經營活動產生的現金流量為 1.18 億美元。淨資本支出為 1.02 億美元，佔收入的 3.2%。本季自由現金流為1600萬美元。本季自由現金流結果優於我們先前給出的預期，這主要是由於本季收款情況較好，以及部分款項撥出本季之外。稍後我會討論我們更新後的2025年自由現金流預期。

During the quarter, we did not repurchase any shares. We did pay a cash dividend of $1.35 per share or $53 million in the aggregate. Last week, we announced a modest increase in our quarterly dividend to $1.38 per share.

本季我們沒有回購任何股票。我們派發了每股 1.35 美元的現金股息，總計 5,300 萬美元。上週，我們宣布將季度股息小幅提高至每股 1.38 美元。

Turning to liquidity in the balance sheet, we ended the quarter with a cash balance of $312 million and liquidity of approximately $2 billion. Our capital allocation priorities are unchanged. We value our investment grade credit rating, and we will continue to prioritize prudent debt levels while strategically investing in our shipyards and thoughtfully growing our dividend while continuing to use excess free cash flow for share repurchases.

從資產負債表中的流動性來看，本季末我們的現金餘額為 3.12 億美元，流動資金約為 20 億美元。我們的資本配置優先事項保持不變。我們珍惜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戰略性投資，並謹慎地提高股息，同時繼續利用多餘的自由現金流回購股票。

Moving on to our outlook on slide 8. We have narrowed the shipbuilding revenue range to be between $9 billion and $9.1 billion, which is an increase of $50 million at the midpoint from the prior guidance range. We are reiterating the shipbuilding margin range up between 5.5% and 6.5%.

接下來，我們來看看第 8 張投影片的展望。我們將造船業收入範圍縮小至 90 億美元至 91 億美元之間，比先前的預期範圍中位數增加了 5,000 萬美元。我們重申造船利潤率區間為 5.5% 至 6.5%。

The Mission Technologies, we are now expecting revenue between $3 billion and $3.1 billion, an increase of $50 million from the prior guidance range at the midpoint. We expect Mission Technologies operating margins of approximately 4.5% and EBITDA margins between 8% and 8.5%.

我們現在預計 Mission Technologies 的營收將在 30 億美元至 31 億美元之間，比先前預測範圍的中點增加了 5,000 萬美元。我們預期 Mission Technologies 的營業利潤率約為 4.5%，EBITDA 利潤率在 8% 至 8.5% 之間。

Our 2025 guidance is predicated on achieving the operational initiatives we've laid out. We are pleased with the throughput improvement we saw in the third quarter, though we have not been able to overcome the slowest start to the year and therefore had to trim our throughput improvement expectations for the full year.

我們2025年的指導方針是基於我們所製定的營運計畫的實現而製定的。我們對第三季的吞吐量提升感到滿意，儘管我們未能克服年初最慢的開局，因此不得不下調全年的吞吐量提升預期。

As Chris noted, we are continuing to work towards the Virginia Class Block 6 in Columbia built to submarine Awards later this year. If the award were to push into 2026, it would be a headwind to our guidance that would likely have us end the year slightly below the midpoint of our shipbuilding margin guidance range. Conversely, an award this year would support us ending at or slightly above the midpoint of the range.

正如克里斯所指出的，我們正在繼續努力，爭取今年稍後在哥倫比亞建造的弗吉尼亞級Block 6潛艇獲得潛艇獎項。如果該獎項的授予推遲到 2026 年，這將對我們的業績指引構成不利影響，並可能導致我們年底的造船利潤率略低於我們預期範圍的中點。反之，如果今年獲獎，則有助於我們最終達到或略高於該範圍的中點。

The 2025 free cash flow, we are updating our guidance to be between $550 million and $650 million. At the midpoint, this is an increase of $50 million compared to our prior guidance range. We're establishing a cumulative free cash flow target for 2025 and 2026 of $1.2 billion. Using the 2025 free cash flow guidance midpoint, this does imply both years will generate about $600 million in free cash flow.

我們將 2025 年自由現金流預期更新為 5.5 億至 6.5 億美元之間。中位數比我們之前的預期範圍增加了 5000 萬美元。我們設定了 2025 年和 2026 年累計自由現金流目標為 12 億美元。根據 2025 年自由現金流指引的中點計算，這意味著這兩年將產生約 6 億美元的自由現金流。

As always, our cash flow in a particular quarter or year can be impacted by small changes in timing for large receipts and disbursements. We are also updating a number of discreet income statement guidance elements. We have made some minor revisions to our pension outlook, and you can find an updated 2025 and 2026 expectations in the appendix of today's slide presentation. We are also updating the expected effective tax rate for the year to 22%, given the elevated rate in the third quarter that I discussed previously.

與以往一樣，特定季度或年度的現金流可能會受到大額收入和支出時間上的微小變化的影響。我們也正在更新一些具體的損益表編制指南要素。我們對退休金展望進行了一些小的調整，您可以在今天幻燈片演示的附錄中找到更新後的 2025 年和 2026 年預期。鑑於我之前討論過的第三季稅率偏高，我們也把今年的預期實際稅率更新為 22%。

To close, 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 drive higher throughput and thoughtfully manage cost.

總而言之，這是一個不錯的季度，我們繼續穩步推進各項具有挑戰性的船舶項目，並執行我們的 2025 年營運計劃。簽訂符合當前環境的新合同，可以提高生產效率並合理控製成本。

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

接下來，我將把電話轉回給克里斯蒂，由她來負責問答環節。

Thanks, Tom. As a reminder to everyone on the call, please limit yourself to one initial question and one follow-up, so we can get as many people through the queue as possible.

謝謝你，湯姆。提醒所有與會者，請將提問次數限制為一次（一個初始問題和一個後續問題），以便我們能夠盡可能多地處理排隊的問題。

Operator, I'll turn the call over to you to manage the Q&A.

接線員，我會把通話轉交給您負責問答環節。

Thank you very much. We will now open the Q&A session.(Operator Instructions)

非常感謝。現在開始問答環節。 （操作說明）

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Morning Chris and Tom. I wanted to ask Virginia Block 6 and Columbia build to negotiations. So you kind of touched on the fact that shipbuilding is not really impacted by the shutdown. Is there anything that's potentially holding up that negotiation maybe due to government employees being furloughed, and then also from a high level perspective, does it make sense for industry and the customer to commit to that many boats at once, or should the negotiation maybe split up into two or more negotiations to just get a better understanding of the cost and schedule to build those.

早上好，克里斯和湯姆。我想詢問弗吉尼亞州第六街區和哥倫比亞的建設談判事宜。所以你剛才也提到了造船業其實並沒有受到停工的影響。是否有任何因素可能阻礙談判，例如政府僱員休假？此外，從宏觀角度來看，業界和客戶一次性承諾建造這麼多船隻是否合理？或者是否應該將談判分成兩場或更多場談判，以便更好地了解建造這些船隻的成本和進度？

Yeah, thanks Scott. I think furlough is not impacting that negotiation. The team is working very hard to get that done. I won't comment directly on negotiations because it's inappropriate, but the team's working very hard to get that done before the end of the year.

謝謝你，斯科特。我認為休假不會影響談判。團隊正在努力完成這項工作。我不打算直接評論談判事宜，因為這不合適，但團隊正在非常努力地爭取在年底前完成這項工作。

I know, I also know the Navy's working on how that works with the shutdown and potential CR to make sure that we can get the ships awarded. So more to come there, but I think we're making good progress.

我知道，我也知道海軍正在研究如何在政府停擺和潛在的持續撥款決議（CR）的情況下確保我們能夠獲得艦艇訂單。所以這方面還有更多進展，但我認為我們正在取得良好進展。

On the incremental award or potentially award less ships, really doesn't make sense and contrary to really what we think is the most important thing for the industrial base, which is a consistent demand signal, and as important as that is to us, the supply chain really needs it. So I think incrementally negotiating these rewarding does not make a lot of sense. We need to get all 10 of these awarded and be on our way. So thanks Scott. I appreciate it.

增加或減少船舶數量的做法，實在沒有意義，而且與我們認為對工業基礎而言最重要的事情——持續的需求信號——背道而馳。雖然這對我們來說很重要，但供應鏈確實需要它。所以我認為逐步協商這些獎勵意義不大。我們需要把這10個獎項全部拿下，然後才能繼續前進。謝謝你，斯科特。謝謝。

Okay. And then a quick one, it looks like you mentioned the retention rates have been improving. You had the wage increase going in at Newport News, I think in June. When is the wage increase going in at Ingalls?

好的。還有一個小問題，您好像提到用戶留存率一直在提高。我記得紐波特紐斯六月的時候已經漲過薪水。英格斯公司何時會提高薪資？

So we're in discussions with the union at Ingalls that the union agreement expires next year. So we're hoping to get that in place be next year, maybe end of this year, but we're in discussions. It makes it a bit more complicated because we have to engage with the union to get that done.

我們正在與英格斯公司的工會進行討論，因為工會協議將於明年到期。所以我們希望明年，或許今年底就能落實，但我們還在討論中。這使得事情變得更加複雜，因為我們必須與工會合作才能完成這件事。

Okay, got it. Thank you.

好的，明白了。謝謝。

Sure.

當然。

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛集團。

Morning everyone.

大家早安。

Good morning.

早安.

Hey, thanks. Tom, you highlighted the shipbuilding revenue in the quarter being almost $250 million ahead of your plan, but then only raising the full year by $50 million. And to be in the full year range for shipbuilding revenue would need to be flat, actually maybe even down a little, and I think the compare is pretty easy. Can you help me with that math, and I guess the bigger picture question is just seeing this very high growth rate in the quarter on the ship building revenue, the question is, have you achieved much better ability to get the throughput relative to demand, and can we extrapolate, maybe, it's not [16] every quarter for a while, but can we extrapolate much better growth in the medium term, or was there something just with the outlay allocation or something kind of random to the quarter?

嘿，謝謝。湯姆，你強調本季造船收入比計畫高出近 2.5 億美元，但全年收入只比計畫高出 5,000 萬美元。要想全年造船收入達到預期水平，就必須保持平穩，甚至可能略有下降，我認為比較起來相當容易。你能幫我算這筆帳嗎？我想，更宏觀的問題是，我們看到本季造船收入成長率非常高，問題是，你們是否已經大大提高了產能與需求的匹配度？我們能否推斷，雖然短期內可能不會每季都達到[16]這樣的水平，但我們能否推斷，中期內會有更好的成長？或者，這只是支出分配或其他一些隨機因素導致的？

I appreciate the question there. Don't know. So a couple of things there. Newport News, they grew 15%. Ingalls grew 25%. From a Newport News perspective, what we saw there increased throughput, wages and outsourcing. It was primarily driven by the material that we see on those contracts as well.

我很感謝你提出這個問題。不知道。所以，有兩件事需要說明。紐波特紐斯，他們成長了 15%。英格斯成長了25%。從紐波特紐斯的角度來看，我們看到那裡的生產效率、薪資和外包業務都有所提高。這主要是由我們在這些合約中看到的內容所驅動的。

From an Ingalls perspective, it was the material volume that we saw on the surface combatants. A mixture of FY23, the destroyers, the DG 1000, and some growth on some long lead contracts we have and some audits on that front. I do expect, we held the guidance right now. We took the bottom range up, we held the top range still what we gave you at the beginning of the year there.

從英格斯的角度來看，我們看到的是水面作戰艦艇的物質數量。2023 財年、驅逐艦、DG 1000 項目，以及我們一些長期合約的成長和這方面的一些審計工作，構成了業績的綜合因素。我預計，我們目前已經掌握了指導意見。我們提高了最低利率區間，但維持了最高利率區間與年初相同。

There is some tailwinds, I'll tell you, so we want to see how we continue to improve, as Chris mentioned in his remarks up front, it was earned throughput. Charleston operations is providing a list in revenue. We've qualified over 23 new vendors on the outsourcing side, so all that's very favorable. We want to continue to see a positive trend as we go forward here.

我必須說，現在有一些有利因素，所以我們想看看我們如何繼續改進，正如克里斯在開場白中提到的那樣，這是靠自身努力獲得的產量。查爾斯頓的營運部門正在提供一份收入清單。我們在外包方面篩選出了 23 家以上的新供應商，一切都非常有利。我們希望未來能夠繼續看到正面的發展趨勢。

I would say a couple of dollars I'll pull ahead from Q4 to Q3, but there's some foundation and some substance there of increased growth as we go forward here. Chris and I will evaluate how Q4 plays out and then we'll provide some guidance of revenue projections for shipbuilding on February call.

我認為從第四季度到第三季度，我將增加幾美元，但這也預示著我們未來將實現成長，這其中存在一些基礎和實質。克里斯和我將評估第四季度的業績，然後在二月的電話會議上對造船業的收入預測提供一些指導。

Yeah, I think to add to that, no, obviously, I think 4% mid-term growth is probably in the rear view mirror. But we want to make sure we roll up our plans and give you good guidance on the year-end call.

是的，我認為補充一點，顯然，我認為4%的中期成長率可能已經成為過去式了。但我們希望確保我們總結好計劃，並在年終電話會議上為您提供良好的指導。

Yeah, I would comment if you pull back just even though Q3 with 18% growth that we had here, kind of year over year in shipbuilding. For the year itself it's 6.1%, between Q1, Q2 and Q3 here. So we do see some positive signs of the capacity and throughput. And I envision as we continue to execute on the backlog we have, we have the book of business, the investments mature, the wages take hold and the workforce becomes more senior. I would envision that, that's going to ramp us as we go forward here.

是的，即使第三季我們實現了18%的成長，而且是年成長，我也要評論一下。全年來看，第一季、第二季和第三季之間的成長率為 6.1%。因此，我們確實看到了產能和吞吐量方面的一些積極跡象。我設想，隨著我們繼續推動積壓訂單的完成，我們的業務不斷成長，投資逐漸成熟，薪資水準穩定提高，員工隊伍也日趨成熟。我認為，這將推動我們未來發展。

Chris, 4% in the rear view mirror. What do you mean by that?

克里斯，4% 已在後視鏡中。你這話是什麼意思？

Just long mid-term guidance for shipbuilding. It's -- we provided kind of mid-term guidance for shipbuilding at 4%.

僅提供造船業的中長期指導意見。我們曾給出造船業中期指導意見，目標 4%。

Yeah. What do you mean by being in the rear view mirror?

是的。你說的「在後視鏡裡」是什麼意思？

It means it's not probably not valid anymore. It's probably in excess of that. We just need to roll up our plans.

這意味著它可能已經失​​效了。可能遠不止這個數。我們只需要把計劃撤回即可。

Okay, understood. And then, Tom, or Chris, the $250 million cost initiative. It's a pretty big number just compared to your EBITDA base. Will that be a gross number? Do we need to net that number, and how much of that is already done and in your numbers versus is still ahead of you?

好的，明白了。然後，湯姆，或者克里斯，提出了2.5億美元的成本削減計劃。與你的 EBITDA 基數相比，這是一個相當大的數字。那會是個總額嗎？我們需要達到這個數字嗎？其中有多少已經完成併計入你的統計，又有多少尚未完成？

Yeah, it's all in our guidance. But we assume we're going to achieve that in our guidance, so it's all in.

是的，一切都在我們的指導範圍內。但我們認為，透過我們的指導，我們將實現這一目標，所以一切都已就緒。

It's in your 2025 guidance?

你們2025年的指導方針裡有提到嗎？

Yes.

是的。

And has that been benefiting the margin year-to-date?

那這是否對今年迄今的利潤率有所好處？

Well, these are long-term contracts and you make assumptions about what the cost profile is going to be. So it's all been in our guidance.

這些都是長期合同，你需要對成本構成做出假設。所以這一切都在我們的指導之下。

Okay. All right, thanks a lot. I appreciate it.

好的。好的，非常感謝。謝謝。

Sure, Noah.

當然可以，諾亞。

Ron Epstein, Bank of America.

羅恩愛潑斯坦，美國銀行。

Hey, yeah, good morning guys. Thanks for the question. Yeah, just maybe a quick one here. Can you give us more color on your partnering strategy on unmanned vessels? You announced recently a partnership with Shield AI and and the progress you're having on your own internal autonomy systems for these vehicles.

嘿，是的，各位早安。謝謝你的提問。嗯，可能就簡單問一下。您能否詳細介紹一下您在無人船領域的合作策略？您最近宣布與 Shield AI 建立合作夥伴關係，並介紹了您在為這些車輛開發內部自動駕駛系統方面取得的進展。

Sure, thanks. Thanks for that. It's a Odyssey software solution for autonomy. We've got the beauty of Odyssey, it's open source. So the implementation or incorporation of new software tools is pretty seamless. And so when we reviewed the space and opportunity we had to identify partners that could add capability into that software. Shield AI made a lot of sense. C3 AI makes a lot of sense. It just makes it more powerful for the mission. We've been working on that software for a long time. As you know, we have over 750 (inaudible) vehicles that have been delivered both the international and domestic partners. So it's been very positive and I don't know if you've seen the releases relative to our Romulus, lot of vehicles that we're building as well.

好的，謝謝。謝謝。這是 Odyssey 提供的自動駕駛軟體解決方案。我們擁有 Odyssey 的優點，而且它是開源的。因此，新軟體工具的實施或整合過程非常順利。因此，當我們審視這個領域和機會時，我們必須找到能夠為該軟體增加功能的合作夥伴。Shield AI 的設計很有道理。C3 AI 很有道理。這只會讓它在執行任務時更加強大。我們開發這款軟體已經很久了。如您所知，我們已經向國際和國內合作夥伴交付了超過 750 輛（聽不清楚）車輛。所以進展非常順利，我不知道你是否看過我們與 Romulus 相關的發表會，以及我們正在建造的許多其他車輛。

So Odyssey is a critical part of that. It only makes sense. It's part of MT's strategy to use, world class commercial solutions to make sure that we provide the best solutions for our customer and the open architecture of that software makes that pretty seamless. So we're excited about it. We think it's going to be a great tool and we tend to include it going forward in our unmanned products.

所以《奧德賽》是其中至關重要的一部分。這完全合乎邏輯。這是 MT 策略的一部分，即使用世界一流的商業解決方案，以確保我們為客戶提供最佳的解決方案，而該軟體的開放式架構使這一過程非常順暢。所以我們對此感到很興奮。我們認為這將是一個很棒的工具，我們傾向於在未來的無人產品中採用它。

Got it. And I mean, ultimately how big do you think the unmanned market can be for you?

知道了。我的意思是，你認為無人駕駛市場最終能為你帶來多大的發展空間？

Yeah. So I don't want to give a specific size. It is ramping. It is becoming more material within Mission Technologies, and you see the budget environment, the allocation of additional unmanned opportunities in reconciliation is very positive, so it's ramping. I don't want to size it here, but it's definitely a place we're investing in.

是的。所以我不想給具體尺寸。正在加速。在任務技術領域，它變得越來越重要，從預算環境來看，在協調過程中，對額外無人機會的分配非常積極，因此它正在加速發展。我不想在這裡具體說明規模，但這絕對是我們正在投資的地方。

Got it. And then maybe just one last one. You probably saw it in the news yesterday, and then if you can't answer this, I mean it didn't happen that long ago. But the Trump administration suggested that (inaudible) is going to be making nuclear submarines at the Philadelphia Navy Yard. How's that changed things or not? I mean, how do you think about that strategically?

知道了。然後，也許就最後一個吧。你可能昨天在新聞裡看到了，如果你回答不了這個問題，我的意思是，這件事發生的時間並不久遠。但川普政府暗示（聽不清楚）將在費城海軍造船廠製造核子潛艇。這改變了什麼嗎？或沒有改變？我的意思是，從策略角度來看，你是如何考慮這個問題的？

Well, it's definitely been an exciting couple of days in shipbuilding. I don't want to comment specifically on that because that's pretty new information. But at the end of the day, we're going to build what the Navy wants us to build. We're going to partner with them and if they need our help, we're going to help them. So we're not getting distracted by anything. We're keeping our heads down and we're going to build what's in front of us, but that's pretty new information. I don't want to comment directly on it until we understand more details.

嗯，這幾天造船業確實經歷了不少令人興奮的事。我不想就此發表具體評論，因為這是相當新的資訊。但歸根究底，我們還是要照海軍的要求去建造。我們將與他們建立合作關係，如果他們需要我們的幫助，我們將幫助他們。所以我們沒有被任何事情分心。我們會保持低調，專注於眼前的事情，但這確實是最新的資訊。在了解更多細節之前，我不想直接評論此事。

Got it, yeah, thank you for that. Yeah. Thanks.

明白了，謝謝。是的。謝謝。

Sure.

當然。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

Okay, thanks very much and good morning. So wanted to ask, I think you mentioned with regard to the margin rate, if the contract didn't come in in Q4, you'd be below the midpoint for the year, which I think would imply kind of a step down in the margin in Q4.

好的，非常感謝，早安。所以我想問一下，我想您提到過利潤率，如果第四季度沒有合約生效，那麼您的利潤率將低於年中點，我認為這意味著第四季度的利潤率會有所下降。

And just kind of curious what drives that given where the underlying margins are in each shipyard after EACs, it would seem that the underlying margin here with kind of neutral EACs is something that is above 6%, kind of in the maybe low towards mid 6 range. And so is that some conservatism that leads you to have that guidance, or is there some kind of anticipation of potential further negative adjustments?

我很好奇是什麼因素導致了這種情況，考慮到每個造船廠在 EAC 之後的基本利潤率，似乎在 EAC 處於中性水平的情況下，基本利潤率應該在 6% 以上，可能在 6% 的低端到中端區間。所以，這種指導意見是出於某種保守主義，還是出於對未來可能出現的進一步負面調整的某種預期？

I appreciate the question. And yeah, our shipbuilding margins for the first three quarters have been stable. We saw [6, 64, 58 and 59]. We're just tweaking the guidance on what will happen as we play out the Q4. The 15 vote award will have incentives in there, some performance incentives, some capital incentives, just the math that is the timing of when that happens and how we book that has incremental changes as we adopt the capital projects, take the CapEx incentives and how we book that.

感謝您的提問。是的，我們前三個季度的造船利潤率一直保持穩定。我們看到[6、64、58 和 59]。我們只是對第四季的發展方向做一些調整。15票獎勵將包含一些激勵措施，一些績效激勵措施，一些資本激勵措施，只是計算方法不同，獎勵何時生效以及如何記賬會隨著我們採用資本項目、資本支出激勵措施以及如何記賬而發生漸進式變化。

So we're probably, being a little conservative on that front, and we're trying to guide the street as where we could land depending on the timing of those awards. Don't see some step backs right now. Through Q3, we've booked our performance for cost and schedule, and we're just reiterating the guide that we gave you at the beginning of [55 to 65], but no issues or concerns expect to kind of finish up around the midpoint as we go forward here.

所以，我們在這方面可能有點保守，我們正在努力引導市場，根據這些獎項頒發的時間，我們可能會採取什麼策略。目前來看，並沒有出現任何倒退。到第三季度，我們已經安排好了演出，包括成本和時間安排，我們只是重申一下我們在[55到65]開始時給您的指導，但目前沒有任何問題或擔憂，預計隨著我們繼續推進，演出將在中間點左右結束。

Okay. Great. Thanks very much. I'll stick to one this morning.

好的。偉大的。非常感謝。今天早上我就吃一個。

Thank you.

謝謝。

[Scott Deutschler], Deutsche Bank.

[斯科特·多伊奇勒]，德意志銀行。

Hey, good morning. Chris, relative to that 15% throughput target, are you looking for a similar number from both Ingalls and Newport News or is that target materially different between the two yards?

嘿，早安。克里斯，相對於 15% 的吞吐量目標，你希望英格爾斯和紐波特紐斯兩家造船廠的吞吐量數字相似嗎？還是說兩家造船廠的目標有很大不同？

No, they actually are ending up in about the same place. So that doesn't often happen. But yeah, they're they're ending up in about the same place and it's pretty equally distributed between increased outsourcing and performance of the labor force. So yeah, it's been pretty equal.

不，實際上它們最終殊途同歸。所以這種情況並不常發生。但確實，它們最終殊途同歸，外包增加和勞動力績效提高之間的影響相當均衡。是的，雙方勢均力敵。

Okay. And then relative to the reduction from the 20, was that also equal, or did one of the yards see like slightly less improvement than what's expected? It sounds like fairly equal as well, but I'm just curious for that.

好的。那麼相對於 20 號船的減少量，這個減少量是否也相等，還是說其中一個船廠的改善程度略低於預期？聽起來似乎勢均力敵，但我只是對此感到好奇。

Yeah, fairly equal.

是的，勢均力敵。

Okay. And then Chris, after you raised wages for your workers at Newport News, did you see any other local area industries respond in kind by also raising wages? You're just trying to get a sense as to whether you're maintaining a consistent spread above the market wage rate as a result of those increases, or if the market's also already eating into that at all.

好的。克里斯，在你提高紐波特紐斯工廠工人的薪水之後，你有沒有看到當地其他產業也採取類似的措施來提高薪資？你只是想了解一下，這些增長是否使你的工資始終高於市場工資水平，或者市場是否已經蠶食了這部分工資。

Yeah. The market has not materially adjusted such that it's impacted our hiring in Newport News. It's been pretty positive in Newport News and the effect of those wages has been positive and reduced nutrition, but we're probably most excited about repositioning the experience level of the workforce, where we have more experience, but we're also hiring about 50% out of what we call the pipeline, which are the regional workforce development centers, the apprentice schools, and the high school programs, which is very positive. So, Newport News labor is doing well, kind of cautiously optimistic. We have to keep it going.

是的。市場尚未發生實質調整，因此並未對我們在紐波特紐斯的招募產生影響。紐波特紐斯的情況相當積極，薪資水準的提高帶來了積極的影響，營養狀況也得到了改善。但我們最興奮的可能是重新調整勞動力的經驗水平，我們現在擁有更多經驗豐富的員工，同時我們也從所謂的「人才儲備庫」中招募了大約 50% 的員工，這些人才儲備庫包括區域勞動力發展中心、學徒學校和高中課程，這非常積極。所以，紐波特紐斯的勞工狀況良好，大家持謹慎樂觀的態度。我們必須堅持下去。

Thank you.

謝謝。

Sure.

當然。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

Great, thanks. Good morning. Tom. On the cash flow flatness implied in 2026, maybe just give us a little bit of a color there. Obviously an assumption that earnings will grow, CapEx, I would have thought maybe steps down a touch. Is there an offset to that to kind of keep in the flat range? And then a couple of years back, there was a bigger target for cash flow in the [$700 million] to $800 million range. That's something that can only arrive with something like the [SaaS] being resolved.

太好了，謝謝。早安.湯姆。關於 2026 年現金流趨於平穩的情況，能否提供我們一些具體資訊？顯然，獲利成長的前提是資本支出可能會略有下降。是否有偏移量可以使其保持在平坦的範圍內？幾年前，現金流目標設定得更高，介於 7 億至 8 億美元之間。只有當類似 [SaaS] 的問題得到解決時，這種情況才能實現。

I appreciate the question on that. Yeah, so, we brought back more than a guide, an annual guide here for a two year guide, a piece of that. It's just with five quarters this quarter this year and next year as the awards come through, we watch performance for Q4 and then we set the trajectory for next year. We wanted to kind of settle the street on where we think we're going to be.

感謝您提出這個問題。是的，所以，我們帶回來的不僅僅是一份指南，而是一份為期兩年的年度指南，以及其中的一部分。就是今年和明年這五個季度，隨著獎項的公佈，我們會觀察第四季的業績，然後制定明年的發展方向。我們想確定一下我們最終要去的那條街。

We've talked about the book of the business we have, the performance that where we stand. I think it's consistent that we'll have a run rate here of about $600 million between the two years. We'll just see what hits this year versus kind of next year between receipts and the awards. So I'm comfortable with that right now.

我們已經討論了我們現有的業務情況，以及我們目前的業績水準。我認為兩年內我們的年收入應該可以達到 6 億美元左右。我們拭目以待，看看今年和明年的票房和獎項情況會有什麼不同。所以我現在對這種情況感到很滿意。

Relative to your math, yeah, the revenue does grow here. There is a lot of moving parts in there between the working capital that have CapEx. And again, the timing of receipts and the performance for the next five quarters that plays into all of that here.

根據你的計算，是的，這裡的收入確實在成長。這裡面有許多環節相互關聯，包括營運資金和資本支出。此外，接下來五個季度的收入時間和業績也會影響這一切。

But generally speaking, there's -- I'm comfortable with what we we're at. It's a conservative guide I would tell you for 2026 as we go forward here. I really want to close out the year, lock on our plan, get the awards from the customer, which has both opportunity around that, and then we'll give you more color of that in the February time frame.

但總的來說，我對我們目前的狀況感到滿意。就我們目前的情況來看，我會把這份指南保守地預測到2026年。我真的很想為這一年畫上圓滿的句號，敲定我們的計劃，獲得客戶的獎勵，這其中蘊含著很多機會，然後我們會在二月份的時候向你們提供更多細節。

Relative to your comment on the [$700 million] to $800 million. As we get back, obviously the top-lines growing, that's good. We've kind of hinted here that the 4% has some good tailwinds and you see for the first three quarters of this year it's over 6%, so we'll give you increased kind of guidance on that in the February time frame, but the top-line will grow kind of meaningfully, and the major piece that will change that cash flow inflection in the medium to long-term will be the return of the profitability.

關於您提到的 7 億美元到 8 億美元的問題。隨著業績回升，顯然營收在成長，這是好事。我們之前已經暗示過，4%的成長率有一些不錯的利多因素，而且你可以看到，今年前三個季度的成長率都超過了6%，所以我們會在2月份給出更高的預期，但營收將會有顯著成長，而中長期來看，改變現金流拐點的關鍵因素將是獲利能力的恢復。

We expect incremental profitability from year to year and as we continue to retire the pre-COVID contract work, the new contracts are aligned with the efficiencies and schedules and materials that we see. And as we get into those contracts, we start kind of looking more conservatively, but as we get into those contracts three to five years out, we will see us getting back to more traditional expectations of profitability in shipbuilding. Obviously higher top-line, higher bottom line, and that's where we get back to the cash flows that you've kind of (inaudible) on the tail end of the decade here so.

我們預計獲利能力將逐年增長，隨著我們繼續結束新冠疫情前的合約工作，新合約將與我們所看到的效率、進度和材料保持一致。隨著我們簽訂這些合同，我們會開始採取更加保守的態度，但隨著我們簽訂這些合約的時間延長三到五年，我們將看到我們回歸到造船業盈利能力的傳統預期。顯然，更高的營收，更高的利潤，這就又回到了現金流的問題上，而你在這十年末期的情況有點（聽不清楚）所以。

Okay. Got it. And then Chris, let me one for you, and I don't know if you can answer this one either, but the President has recently quoted saying he's going to have an executive order moving aircraft carrier designs back to steam from emails. I'm just curious what what carrier could that cut over into if that was actually a change that was going to take place.

好的。知道了。克里斯，我問你一個問題，我不知道你是否能回答，但總統最近曾表示，他將簽署一項行政命令，讓航空母艦的設計重新從電子郵件中恢復。我只是好奇，如果真的要進行這樣的變更，那會與哪家業者的業務接軌。

Yeah. So again, I probably don't need to comment on that directly. What I will say is, we're going to build whatever the Navy asks us to build. So if they ask us to cut over (inaudible) or weapons elevators, we'll work with them to do it the most intelligent way and cut it over in the right way. But again, we're going to build what they asked us to build.

是的。所以，我可能不需要直接對此發表評論。我想說的是，海軍要求我們建造的任何東西，我們都會建造。所以，如果他們要求我們切斷（聽不清楚）或武器升降機，我們會與他們合作，以最明智的方式進行切斷，並以正確的方式進行切斷。但是，我們還是要照他們的要求來建造。

Thank you.

謝謝。

Sure.

當然。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

(Operator Instructions)

（操作說明）

Hey, good morning. Can you hear me?

嘿，早安。你聽得到我嗎？

Morning. Yes.

早晨。是的。

Great. Guys, I was wondering if you could update us on a couple of things. One, did you receive the modules for CVN 80 that were delayed in the quarter?

偉大的。各位，我想請你們更新幾個事情的狀況。第一，您是否收到了本季延遲交付的 CVN 80 模組？

We did. We're, and we will install those in Q4 and begin to get back on the erection schedule for that both. So yeah, we did receive the modules.

我們做到了。我們正在進行安裝，並將在第四季度安裝這些設備，並開始恢復這兩個設備的安裝進度計畫。是的，我們確實收到了模組。

Perfect. And could you give us the net EACs by segment?

完美的。能否提供各段的淨EAC值？

Yeah. So the net EACs that we had here were gross favorable was 37, unfavorable was 40, a net of minus 3, that was made up of Ingalls at (inaudible) 6, as I said in my remarks, and you put at minus 13. Those are the remarks as well as MT had positive 4.

是的。因此，我們這裡的淨 EAC 為：總有利為 37，不利為 40，淨值為 -3，其中 Ingalls 為（聽不清）6，正如我在發言中所說，而你給出的值為 -13。以上是評論，MT 的評分為 4 分（滿分 5 分）。

Okay. Sorry, I might missed that. Thank you. And then I was just curious Tom, on the Q4 implied shipbuilding, EBIT, pretty wide range, but you did mention that, it's going to be somewhere around the midpoint with or without the submarine contract signed. Is there the high end, is that like, what would get you to the high end of the implied range, and is there any reason to think that the extremes are actually in play. (multiple speakers)

好的。抱歉，我可能錯過了。謝謝。然後，湯姆，我很好奇，關於第四季度隱含的造船業務和息稅前利潤，範圍相當寬泛，但你確實提到過，無論是否簽署潛艇合同，最終結果都會在中間值附近。是否存在上限？也就是說，什麼才能達到隱含範圍的上限？是否有任何理由認為極端情況實際上正在發生？（多位發言者）

Yeah, I appreciate the question. We gave you that guide at the beginning of the year in February. We have reiterated in May and July and now here. We just have not changed that. I mean, the math at the extremes, it would take a lot of things break in one way or another way. I would stick to the comments I had earlier here, we've been very consistent from quarter to quarter.

是的，感謝你的提問。我們在年初二月就給你們寄過那份指南了。我們在五月和七月都重申過這一點，現在又重申了一遍。我們只是沒有改變這一點。我的意思是，從極端情況來看，需要很多因素以某種方式或另一種方式改變。我堅持我之前的觀點，我們每季的表現都非常穩定。

I don't really expect this to inflict significantly up or down from here for the end of the year. As I said earlier, I do expect as we go from year to year and incremental improvement here, but, we understand how we're operating, the performance has been really steady right now, and we, we're raising the focus on we have to do for the end of the year to close down within a guidance range (Inaudible - microphone inaccessible) .

我並不認為這會對年底的市場走勢造成顯著的上漲或下跌。正如我之前所說，我預計隨著時間的推移，業績會逐年穩定提升。但我們也清楚自身的營運模式，目前的業績一直非常穩定。因此，我們將更專注於年底前必須完成的工作，力求實現預期目標。（聽不清楚 - 麥克風無法使用）。

Perfect. And one last one. Tom, just, I know you talk about the pre-COVID and post-COVID contract mix. Can you remind us what it is this year and what do you expect it to be in 2026?

完美的。最後一個。湯姆，我知道你一直在談論新冠疫情前後的合約組合。您能提醒我們今年的情況如何，以及您預計 2026 年的情況會是什麼嗎？

Yeah, we haven't given specific percentages on that, but we've said that when we get to 2027, there'll be more work post-COVID than pre-COVID. It'll be over 50%, so you can do the math of that of where we stand, but we're ramping from being in the 80s and 70s down to that by 2027, and it's fairly significant to retire those boats and ships every time we sell one off, obviously there's less pre-COVID work and then the opportunities set is in front of us there with the new contracts aligned to performance and schedule and cost that we see here.

是的，我們沒有給出具體的百分比，但我們說過，到 2027 年，新冠疫情後的工作量將比新冠疫情前更多。將會超過 50%，所以你可以算算我們現在的處境，但我們正在逐步減少，從 70 多艘到 80 多艘，到 2027 年達到這個水平，而且每次賣掉一艘船，就意味著要讓這些船退役，這意義相當重大。顯然，新冠疫情前的工作量減少了，但我們面前也擺著許多機會，新的合約與性能、進度和成本都相符。

Thanks a lot guys.

非常感謝各位。

Okay, thank you.

好的，謝謝。

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛集團。

Hey guys. Just one follow-up on kind of everything happening, right? Can you talk about why philosophically or mechanically and whether that's mechanically in the actual work or the nature of your contracting. Why would throughput and top-line growth improve before faster than the margins?

嘿，大家好。就跟大家說說最近發生的一切，對吧？能從哲學或機制的角度談談原因嗎？機制方面是指實際工作還是契約性質？為什麼產能和營收成長速度會比利潤率成長速度更快？

Yeah, that's an interesting question. The throughput assumptions we have in our schedule support the EACs and we have risk and opportunity around them. So if we can execute on those throughput targets, then it mitigates a significant amount of risk, and there's potential upside, but you have to evaluate each every quarter. It's not a perfectly aligned metric tied to margin performance.

嗯，這真是一個有趣的問題。我們進度計畫中的吞吐量假設支援完工估算，但其中也存在風險和機會。因此，如果我們能夠實現這些吞吐量目標，那麼就能大大降低風險，並且還有潛在的收益，但你必須每個季度都對每個目標進行評估。它並不是一個與利潤率表現完全掛鉤的指標。

Okay. Yeah, just sort of trying to better understand the much better top-line and your confidence in that continuing with the shipbuilding margin being kind of just flat through the year. And I guess, I would improve the labor, but I guess would maybe immediately drive higher throughput, but then you need the labor to refine and get better before it impacts the margin was maybe a thought or I didn't know if it's just the nature of percentage of completion accounting. It is sort of an interesting dynamic in the financials.

好的。是的，我只是想更了解營收大幅成長以及您對營收持續成長的信心，因為造船利潤率在全年基本持平。我想，提高勞動效率或許能立即提高產量，但之後需要勞動力進行改進和提升，才能對利潤率產生影響。我當時可能想過這個問題，或者我不知道這是否只是完工百分比會計的本質。這是金融領域一種有趣的動態。

Yeah, so yeah, I think it's an interesting question. Tom can chime in here as well, but one quarter doesn't win the day, right, in an EAC. And you're running risk and opportunity throughout the entire program. So, well, yes, you're retiring risk, and if you're achieving your throughput targets and achieving your sales targets, you are retiring risk, but you aren't necessarily going to convert that into profitability in your EACs.

是的，我覺得這是一個很有趣的問題。Tom 也可以在這裡發表意見，但一個季度的成績並不能決定最終結果，對吧，在 EAC 中。在整個過程中，你將面臨風險和機會。所以，沒錯，你正在降低風險，如果你實現了吞吐量目標和銷售目標，你就是在降低風險，但你不一定會把這些風險轉化為 EAC 中的獲利能力。

Right. So perhaps one quarter is evidence of a start of everything you're doing, but you need more than that to put it in the actual booking rates.

正確的。所以，也許一個季度的業績可以證明你所做的一切都已開始，但你需要更多數據才能將其轉化為實際的預訂率。

That's why I consider this a stable quarter. It's stable, but we need to continue to keep our head down and work.

所以我認為這是一個穩定的季度。目前情勢穩定，但我們需要繼續埋頭苦幹。

I'd comment on the back of that too. I'm with Chris that then our, it's 13 weeks, some of these contracts have two to six years to go. It's good, actual plus estimate to complete, and you put a quarter in the books, that's a solid quarter, which is good.

我也會在那背面發表一些評論。我同意克里斯的說法，然後是 13 週，有些合約還有兩到六年才到期。很好，實際完成時間加上預估時間，你已經完成了四分之一，這是一個穩健的季度，這很好。

Expect that trend to continue if not improved, but that wouldn't necessarily mean that immediately we change the EACs. Incrementally will continue with good performance to retire down the risk and as the cost risk kind of goes away, that's the catalyst to really take the booking rates up. So I like the trends that I'm seeing right now and quarter-over-quarter as we continue to see that, that's what's going to drive the incremental improvement of the bottom line. Thanks for thanks for the follow-up.

預計這種趨勢將會持續，甚至有所改善，但這並不一定意味著我們要立即改變 EAC。逐步地，良好的業績將繼續降低風險，隨著成本風險的消失，這將真正推動預訂率上升。所以我喜歡目前看到的趨勢，隨著我們繼續看到這種趨勢逐季改善，這將推動利潤的逐步提高。謝謝你的後續跟進。

Yeah. It's interesting. I appreciate the the detail. Thanks a lot.

是的。很有意思。我很欣賞這種細緻的觀察。多謝。

Thanks, Noah.

謝謝你，諾亞。

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

謝謝。目前我不再提出其他問題。現在我謹將電話交還給卡斯特納先生，請他作總結發言。

Thank you for taking the time to join us today and for your interest in HII. At HII we're committed to delivering on our strategic priorities and aim to drive growth, improve efficiency and create value for all our stakeholders. Please have a safe and happy Halloween weekend ahead.

感謝您今天抽出時間參加我們的活動，也感謝您對 HII 的關注。在 HII，我們致力於實現我們的策略重點，目標是推動成長、提高效率並為所有利害關係人創造價值。祝您有個安全快樂的萬聖節週末。

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

非常感謝。今天的電話會議到此結束。現在您可以斷開線路了。