亨廷頓·英格爾斯工業 (HII) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the first-quarter 2026 HII earnings conference call.

各位女士、先生，感謝您稍候，歡迎參加 HII 2026 年第一季財報電話會議。

(Operator Instructions)

（接線員指示）

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

請注意，今天的會議將被錄音。（接線員指示）

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

現在我想將電話交給投資人關係副總裁 Christie Thomas。Thomas 女士，您可以開始了。

Thank you, operator, and good morning, everyone. Welcome to the HII first-quarter 2026 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. Additional information regarding these factors is contained in today's press release and the company's SEC filings.

謝謝您，接線員，各位早安。歡迎參加 HII 2026 年第一季電話會議。今天電話會議中所討論、構成前瞻性陳述的事項（包括我們對公司展望的估計）涉及風險與不確定性，並反映公司基於本次電話會議當時可得資訊所作出的判斷。這些風險與不確定性可能導致我們的實際結果出現重大差異。有關這些因素的更多資訊，載於今日新聞稿以及公司向 SEC 提交的文件中。

We will also refer to certain non-GAAP financial measures. For additional disclosures about these non-GAAP measures, including reconciliations to comparable GAAP measures, please see the slides that accompany this webcast, which are available on the Investor Relations page of our website at ir.hii.com. On the call today are Chris Kastner, President and Chief Executive Officer; Kari Wilkinson, Executive Vice President and President of Newport News Shipbuilding; and Tom Stiehle, Executive Vice President and Chief Financial Officer.

我們也將提及若干非 GAAP 財務衡量指標。關於這些非 GAAP 指標的更多揭露（包括與可比 GAAP 指標的調節），請參閱隨本次網路直播提供的簡報投影片；投影片可於我們網站投資人關係頁面 ir.hii.com 取得。今天與會者包括：總裁兼執行長 Chris Kastner；Newport News Shipbuilding 執行副總裁兼總裁 Kari Wilkinson；以及執行副總裁兼財務長 Tom Stiehle。

Now I'll turn the call over to Chris.

現在我把電話交給 Chris。

Thanks, Christie. Good morning, everyone. Before I begin today, I'd like to thank the men and women in the US military and our shipbuilders for supporting our nation and our allies every day. Our ships, submarines and defense technology solutions are foundational to United States military operations around the globe, providing superior capabilities in a high-threat geopolitical environment. At HII, we are focused on delivering for Mission success, and we are committed to providing quality platforms for the war fighter.

謝謝你，Christie。各位早安。在我開始之前，我想先感謝美國軍方的男女官兵以及我們的造船同仁，每天支持我們的國家與盟友。在高威脅的地緣政治環境下，我們的艦艇、潛艦與國防科技解決方案是美國在全球軍事行動的基礎，提供卓越能力。在 HII，我們專注於交付任務成功所需成果，並致力於為作戰人員提供高品質的平台。

Today, I'll start by discussing our results, the Ingalls and Mission Technologies division highlights and provide an update on our operational initiatives. I've asked Kari Wilkinson to join me to discuss Newport News updates, and then Tom will provide more details on our financial performance and outlook.

今天我將先談我們的業績、Ingalls 與 Mission Technologies 事業部的重點，並更新我們的營運推動計畫。我也邀請 Kari Wilkinson 與我一同說明 Newport News 的最新進展，接著 Tom 將提供更多關於我們財務表現與展望的細節。

Now turning to our results. We reported first-quarter sales of $3.1 billion and diluted earnings per share of $3.79. Another strong quarter of shipbuilding sales growth at 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 revitalize and rebuild the US maritime industrial base. Customer demand for our products and services remain strong.

接著談我們的業績。我們第一季銷售額為 31 億美元，稀釋後每股盈餘為 3.79 美元。造船業務銷售額年增 18%，再度繳出強勁的一季，主要受惠於我們造船事業部專注提升船廠產出效率（throughput），並由更廣泛的努力所支撐，這些努力正推動美國海事工業基礎的振興與重建。客戶對我們產品與服務的需求仍然強勁。

First-quarter contract awards were $4 billion. At Ingalls, in the first-quarter, we achieved Stern release on LPD 31 Pittsburgh, laid the keel for LPD 32 Philadelphia, loaded JP-5 Fuel on LHA 8 Bougainville and continued to make test progress on LPD 30 Harrisburg, which we expect to deliver later this year. We also completed builders trials for DDG 1000 USS Zumwalt and achieved crew move aboard.

第一季合約得標金額為 40 億美元。在 Ingalls，我們於第一季完成 LPD 31「Pittsburgh」的艉段下水（stern release）、為 LPD 32「Philadelphia」安放龍骨、為 LHA 8「Bougainville」加注 JP-5 航空燃油，並持續推進 LPD 30「Harrisburg」的測試進度，預期將於今年稍晚交付。我們也完成 DDG 1000「USS Zumwalt」的建造商海試（builders trials），並達成船員登艦入住（crew move aboard）。

On the Destroyer program, after delivering DDG 128 Ted Stevens at the end of last year, we loaded fuel on DDG 129 Jeremiah Denton, launched DDG 131 George M. Neal and achieved stern release on DDG 133 Sam Nunn. We also loaded main machinery on DDG 135 Thad Cochran and received the first two of 32 units in yard from our distributed shipbuilding partners on DDG 137 John F. Lehman.

在驅逐艦計畫方面，繼去年底交付 DDG 128「Ted Stevens」後，我們為 DDG 129「Jeremiah Denton」加注燃油、為 DDG 131「George M. Neal」下水，並完成 DDG 133「Sam Nunn」的艉段下水（stern release）。我們也為 DDG 135「Thad Cochran」安裝主機械（main machinery），並在 DDG 137「John F. Lehman」上接收來自分散式造船合作夥伴、共 32 個單元中的前兩個進廠單元。

Moving to Mission Technologies, we had another quarter of strong sales of $748 million. We have a robust opportunity pipeline, and we were awarded a position on the $25 billion ceiling Advanced Technology Support Program, Microelectronics multi-award contract and the $151 billion ceiling Missile Defense Agency SHIELD multi-award contract. We also secured a new $500 million contract to expand our cyber defense and data mesh solutions for the Department of War.

再看 Mission Technologies，我們本季銷售額同樣強勁，達 7.48 億美元。我們擁有穩健的商機管線，並獲得上限 250 億美元的先進技術支援計畫（Advanced Technology Support Program）席位、微電子（Microelectronics）多家得標合約，以及上限 1,510 億美元的飛彈防禦署（Missile Defense Agency）SHIELD 多家得標合約。我們也取得一份新的 5 億美元合約，為國防部擴展我們的網路防禦與資料網格（data mesh）解決方案。

In support of the Navy's hedge strategy and the government's approaches to procuring new technology programs, emphasizing corporate investment in product development and demonstration prior to formal contract award, we are increasing our investments in our autonomous solutions portfolio of products. We have multiple autonomous vessels in production, and we are actively extending the capabilities of Odyssey, our autonomy software, in strategic partnership with leading AI companies.

為支持海軍的避險策略（hedge strategy）以及政府採購新技術計畫的作法——強調在正式合約授予前，企業先行投入產品開發與展示——我們正提高對自主化解決方案產品組合的投資。我們有多艘自主船舶正在生產中，並正與領先的 AI 公司建立策略夥伴關係，積極擴展我們自主軟體 Odyssey 的能力。

We see significant award opportunities in this group as evidenced by material increases in the FY26 funding and FY27 budget documents and international growth pipeline. Our expertise in unmanned technology and autonomy, coupled with strong technology partnerships and comprehensive understanding of manned-unmanned interfaces provides a strategic advantage that we can capitalize on to substantially grow this business.

我們在此領域看到顯著的得標機會，這可從 FY26 資金與 FY27 預算文件中的實質增加，以及國際成長管線中得到印證。我們在無人技術與自主化方面的專業能力，結合強大的技術夥伴關係與對有人—無人介面（manned-unmanned interfaces）的全面理解，提供了可供我們把握的策略優勢，以大幅擴大此業務。

Moving on to an update on our operational initiatives. As for the first operational initiative, enhancing shipbuilding throughput, we are on plan through Q1 and continue to expect to achieve our goal of approximately 15% throughput improvement for the full year in 2026. We hired over 1,600 shipbuilders in the first-quarter. We also graduated nearly 200 apprentices from our apprentice schools this year, and our apprentice schools are now at full enrollment.

接著更新我們的營運推動計畫。就第一項營運計畫——提升造船產出效率——而言，我們在第一季按計畫推進，並仍預期於 2026 全年達成約 15% 的產出效率提升目標。我們在第一季新聘超過 1,600 名造船人員。今年我們也有近 200 名學徒自學徒學校畢業，而我們的學徒學校目前已滿額招生。

I'm confident that as our workforce continues to stabilize, our workforce will become more proficient. Also, we continue to make progress on our second operational initiative to rapidly grow our trusted industrial base network. Leveraging our distributed shipbuilding strategy, we are on track to grow our outsourcing hours year-over-year by 30%, and we will continue to identify capacity expansion opportunities to meet customer program demand requirements. The third operational initiative of securing new contract awards is on track, and we are making good progress on the VCS Block VI and the next Columbia contract with awards expected in the second-quarter.

我有信心，隨著我們的勞動力持續穩定，團隊的熟練度也將提升。此外，我們在第二項營運計畫——快速擴大我們可信賴的產業基礎網絡——也持續取得進展。運用我們的分散式造船策略，我們正按計畫使外包工時年增 30%，並將持續尋找產能擴張機會，以滿足客戶計畫的需求。第三項營運計畫——取得新的合約得標——亦按計畫推進；我們在 VCS Block VI 與下一份 Columbia 合約方面進展良好，預期將於第二季獲得授標。

Shifting to activities in Wasthington, Congress finalized Defense Appropriations for fiscal year 2026 in February. In addition to the support for our programs in last year's reconciliation bill, we saw continued bipartisan support for our programs reflected in the 2026 Consolidated Appropriations Act, including funding for CVNs 80 and 81, along with advanced procurement for CVN 82, continued funding for CVN 74 RCOH, funding for the Virginia-class and Columbia-class submarine programs, advanced procurement for the DDG 51 program and funding for long-lead materials for the new frigate program.

轉向華盛頓的動態，國會已於 2 月完成 2026 會計年度國防撥款。除去年協調法案（reconciliation bill）對我們計畫的支持外，我們也在《2026 綜合撥款法案》（2026 Consolidated Appropriations Act）中看到兩黨對我們計畫的持續支持，包括 CVN 80 與 81 的經費、CVN 82 的先期採購（advanced procurement）、CVN 74 RCOH 的持續經費、維吉尼亞級與哥倫比亞級潛艦計畫的經費、DDG 51 計畫的先期採購，以及新型巡防艦計畫長交期材料（long-lead materials）的經費。

In early April, the President submitted a top-level fiscal year 2027 budget request to Congress. The proposed budget reflects continued investment in our shipbuilding programs, funding two amphibious ships, LPD 34 and LHA 10, 1 DDG 51 surface combatant, 2 Block VI Virginia-class submarines, one Columbia-class submarine and the first FFX frigate.

4 月初，總統向國會提交了 2027 會計年度的高層級預算請求。該預算提案反映對我們造船計畫的持續投資，資助兩艘兩棲艦 LPD 34 與 LHA 10、1 艘 DDG 51 水面作戰艦、2 艘 Block VI 維吉尼亞級潛艦、1 艘哥倫比亞級潛艦，以及首艘 FFX 巡防艦。

The budget request continues funding Ford-class nuclear aircraft carriers and aircraft carrier refueling programs provides initial advanced procurement funding for the leadership of the Trump-class battleship program, the USS defiant. Beyond shipbuilding, the fiscal year 2027 request reflects increased investments in capability enablers, including autonomous systems that align well with our advanced technology capabilities of our Mission Technologies division. Now to wrap up my remarks. In summary, we had a solid first-quarter and remain focused on meeting our commitments to our customers and creating value for all our stakeholders.

預算申請持續為福特級核動力航空母艦與航母燃料補給計畫提供資金，並為川普級戰艦計畫的主導艦「無畏號」（USS Defiant）提供初始先期採購資金。除造船之外，2027 會計年度的申請反映出對能力使能項目的投資增加，包括與我們任務技術事業部先進技術能力高度契合的自主系統。現在我來做個結語。總結而言，我們第一季表現穩健，並將持續專注於履行對客戶的承諾，為所有利害關係人創造價值。

And now I'll turn the call over to Kari for her remarks on Newport News.

接下來我把電話交給 Kari，請她談談 Newport News 的情況。

Thank you, Chris, and good morning, everyone. We've been busy at Newport News since the start of the year, beginning with our visit from the Secretary of War for the launch of his Arsenal of Freedom tour. Over the course of the day, the Secretary spoke directly to sailors and shipbuilders about the importance of what they do and how what we build directly supports the mission. Appropriately within just a few weeks of that engagement, we marked 140 years of service to our nation.

謝謝你，Chris，各位早安。自年初以來，我們在 Newport News 一直很忙，首先是戰爭部長來訪，為他的「自由兵工廠」巡迴活動揭開序幕。在一天的行程中，部長直接向水兵與造船工人談到他們工作的重大意義，以及我們所建造的艦艇如何直接支援任務。恰逢其時，就在那次交流後短短幾週內，我們也紀念了為國家服務 140 週年。

In program milestones, we exited a very active and successful fourth-quarter in 2025 and hit the ground running by successfully completing builders sea trials of CVN 79 John F. Kennedy. We remain focused on preparing for CVN 79 acceptance trials later this year. CVN 80 Enterprise is now coming together at pace and is over 50% erected in Dry Dock 12 and CVN 81 units continue to move through steel fabrication and outfitting in support of the keel laying later this year.

在專案里程碑方面，我們在 2025 年第四季結束了一個非常忙碌且成功的季度，並在新年度一開始就迅速推進，成功完成 CVN 79「約翰・F・甘迺迪號」的建造方海試。我們仍專注於為今年稍晚的 CVN 79 驗收試航做準備。CVN 80「企業號」目前正按節奏組裝，在 12 號乾船塢的架設進度已超過 50%；CVN 81 的各單元也持續進行鋼材製造與舾裝，以支援今年稍晚的安放龍骨。

In our submarine programs, we completed sea trials and redelivery of SSN 796 USS New Jersey after her post-shakedown availability. We remain laser-focused on getting the last of our Block IV boats, SSN 800 Arkansas to sea and delivering later this year. As Chris mentioned, we've made good progress on the framework for both Virginia-class Block VI and Columbia Build II and anticipate contract awards in the second-quarter, demonstrating our continued commitment to increased submarine delivery cadence. We also continue to invest in our future.

在潛艦專案方面，我們完成了 SSN 796「新澤西號」在出廠後可用性（post-shakedown availability）期間的海試與重新交付。我們仍高度聚焦於讓最後一艘 Block IV 艦艇 SSN 800「阿肯色號」出海，並於今年稍晚交付。如 Chris 所提，我們在維吉尼亞級 Block VI 與哥倫比亞級 Build II 的框架上已取得良好進展，並預期在第二季獲得合約授予，展現我們對提升潛艦交付節奏的持續承諾。我們也持續投資於未來。

Following our January 2025 acquisition of a fully operational facility with an established and talented team of shipbuilders in Charleston, South Carolina, we added nearly 0.5 million earned hours of progress to our programs in our first year operating as Newport News Shipbuilding Charleston operations.

在 2025 年 1 月收購南卡羅來納州查爾斯頓一座具備完整運作能力、並擁有成熟且優秀造船團隊的設施之後，我們在作為 Newport News Shipbuilding 查爾斯頓營運據點的第一年，為各項專案新增了近 50 萬個已賺取工時（earned hours）的進度。

In 2026, our plan is to double Charleston throughput, including structural fabrication and more fully outfitted units that are ready for integration when they arrive at Newport News. We will also continue our capital investments to grow the site substantially over the next several years.

在 2026 年，我們的計畫是將查爾斯頓的產出能力加倍，包括結構製造以及更完整舾裝、在抵達 Newport News 後即可整合的單元。我們也將在未來數年持續進行資本投資，使該基地大幅擴建。

And we will continue to transform our shipyard. In 2026, we are again making hundreds of millions of dollars of capital investment at Newport News, including significant investment in our manufacturing centers of excellence to support the submarine throughput our nation needs, finishing a multipurpose carrier refueling and overhaul work center and making pier updates to support carrier inactivation.

我們也將持續推動船廠轉型。在 2026 年，我們再次在 Newport News 進行數億美元的資本投資，包括對製造卓越中心的重大投資，以支援國家所需的潛艦產能；完成一座多用途航母燃料補給與大修工作中心；並更新碼頭設施以支援航母退役（inactivation）。

Our investments in people will continue as well. Our shipbuilders continue to gain in proficiency, confidence and tenacity. In March, we congratulated 128 apprentice graduates as they walked across the stage and stepped into their leadership roles and our trades. We continue to partner with local high schools and community colleges as well as Hampton Roads manufacturing pipeline programs to expand our workforce, and we have already reached our strategic goal of onboarding more than 50% of our new shipbuilders through these more sustainable methods.

我們對人才的投資也將持續。我們的造船工人持續在熟練度、自信與韌性方面提升。3 月，我們祝賀 128 位學徒畢業生走上舞台，並在我們的各項工種中踏入其領導角色。我們持續與當地高中與社區大學，以及漢普頓路（Hampton Roads）製造業人才管道計畫合作以擴大人力；而且我們已達成策略目標：透過這些更具永續性的方式招募（onboarding）超過 50% 的新造船工人。

We also continue to graduate our foreman from the leadership programs that our operations leaders have reimagined. This program reboot focuses on the critical skills identified through our process excellence organization and gives our frontline leaders the hard and soft skills they need to do the important work we are asking them to do. With our 2025 and 2026 successes in hiring, reducing attrition and our continued efforts to enable and strengthen our supply chain partners, I am confident we will continue to see improvement in Newport News outcomes.

我們也持續讓工頭從由營運領導團隊重新設計的領導力計畫中結業。這次計畫重啟聚焦於由流程卓越組織所辨識的關鍵技能，並為第一線領導者提供完成我們所託付重要工作所需的硬技能與軟技能。憑藉我們在 2025 與 2026 年於招募、降低流失率方面的成果，以及我們持續協助並強化供應鏈夥伴的努力，我有信心 Newport News 的營運成果將持續改善。

Now I'll hand the call over to Tom for some remarks on our financial results. Tom?

現在我把電話交給 Tom，請他談談我們的財務結果。Tom？

Thanks, Kari, and good morning. Let me start by briefly discussing our first-quarter results, and then I'll provide some color on our expectations for the remainder of 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 5 of the presentation, our first-quarter revenues of approximately $3.1 billion increased 13.4% compared to the same period last year. The higher revenue was attributable to year-over-year growth at all 3 divisions with particularly strong growth at both shipyards.

謝謝你，Kari，各位早安。我先簡要說明第一季的業績，接著補充一下我們對今年剩餘期間的展望。如需更多細節，請參閱今天早上發布並已張貼於我們網站的財報新聞稿。先從簡報第 5 頁的合併結果開始，我們第一季營收約 31 億美元，較去年同期成長 13.4%。營收增加主要來自三個事業部皆呈現年增，其中兩座船廠的成長尤為強勁。

Shipbuilding revenue was up 17.6% compared to the first-quarter of 2025. Ingall's revenues were $725 million, an increased 13.8% compared to the first-quarter of 2025, driven primarily by higher volume and surface combatants. Newport News revenues of $1.7 billion increased by 19.3% compared to the first-quarter of 2025 driven by higher volumes across aircraft carriers, submarines and naval nuclear support services. Together, shipbuilding revenue was $2.4 billion, modestly ahead of the $2.3 billion guidance we have provided for the quarter.

造船事業營收較 2025 年第一季成長 17.6%。Ingalls 營收為 7.25 億美元，較 2025 年第一季增加 13.8%，主要由更高的產量與水面作戰艦艇帶動。Newport News 營收為 17 億美元，較 2025 年第一季成長 19.3%，主要由航空母艦、潛艦以及海軍核能支援服務等業務量增加所帶動。合計之下，造船營收為 24 億美元，略高於我們對本季提供的 23 億美元指引。

Mission Technologies revenues of $748 million increased by 1.8% compared to the first-quarter of 2025, driven by higher volume in All-Domain operations due to the C5ISR growth unmanned systems due to the growth in the Lionfish autonomous UUV program and Global Security, partially offset by lower volumes in warfare systems.

任務技術（Mission Technologies）營收為 7.48 億美元，較 2025 年第一季成長 1.8%，主要由全域作戰（All-Domain）業務量增加所帶動，原因包括 C5ISR 成長、無人系統因 Lionfish 自主無人水下載具（UUV）計畫成長，以及全球安全（Global Security）業務；部分被作戰系統（warfare systems）業務量下降所抵銷。

Moving on to slide 6. Segment operating income of $172 million and segment operating margin of 5.6% in the first-quarter of 2026 compared to $171 million and 6.3% in the first-quarter of 2025. At Ingalls, segment operating income was $49 million and operating margin was 6.8% compared to $46 million and 7.2% in the first-quarter of last year. The increase in segment operating income was driven by the higher volumes and surface combatants that I noted earlier, partially offset by the lower performance in amphibious assault ships. The first-quarter net cumulative adjustment at Ingalls was a negative $3 million, and none of the adjustments were individually significant.

接著看第 6 頁。2026 年第一季分部營業利益為 1.72 億美元，分部營業利益率為 5.6%；相較之下，2025 年第一季為 1.71 億美元與 6.3%。在 Ingalls，分部營業利益為 4,900 萬美元，營業利益率為 6.8%；相較去年第一季為 4,600 萬美元與 7.2%。分部營業利益的增加主要由我先前提到的更高產量與水面作戰艦艇帶動，但部分被兩棲突擊艦表現較弱所抵銷。Ingalls 第一季的累計淨調整（net cumulative adjustment）為負 300 萬美元，且各項調整單獨來看皆不具重大性。

At Newport News, segment operating income was $88 million, and operating margin was 5.3% compared to $85 million and 6.1% in the first-quarter of 2025. The increase in segment operating income was primarily driven by the higher volumes described earlier, partially offset by contract adjustments and incentives in the first-quarter of 2025 from the Virginia-class submarine program as well as lower performance in aircraft carrier construction. Recall that Newport News results in the first-quarter of 2025 had the benefit of meaningful contract incentives related to the award of a contract modification for the construction of two additional Block V Virginia class submarines.

在 Newport News，分部營業利益為 8,800 萬美元，營業利益率為 5.3%；相較 2025 年第一季為 8,500 萬美元與 6.1%。分部營業利益的增加主要由前述更高的業務量帶動，但部分被合約調整所抵銷；此外，2025 年第一季來自維吉尼亞級潛艦計畫的合約調整與獎勵，以及航母建造表現較弱，也對比較造成影響。請記得，Newport News 在 2025 年第一季的結果受惠於一筆具相當規模的合約獎勵，該獎勵與一項合約修改案的授予有關，內容為建造另外兩艘 Block V 維吉尼亞級潛艦。

For the first-quarter of 2026, Newport News Shipbuilding's net cumulative adjustment was negative $9 million. None of the adjustments in the quarter were individually significant. Mission Technologies segment operating income was $35 million, and operating margin was 4.7% compared to $40 million and 5.4% in the first-quarter of 2025. The decrease in segment operating income was primarily due to the timing of equity income from nuclear and environmental joint ventures, partially offset by higher performance in warfare systems.

在2026年第一季，Newport News Shipbuilding 的淨累計調整為負900萬美元。本季的各項調整單獨來看都不具重大性。Mission Technologies 部門營業利益為3,500萬美元，營業利益率為4.7%，相較於2025年第一季的4,000萬美元與5.4%。部門營業利益下滑主要是因核能與環境合資企業之權益法投資收益認列時點所致，部分被作戰系統表現較佳所抵銷。

For the first-quarter of 2026, Mission Technologies' net cumulative adjustment was a positive $13 million. None of the adjustments in the quarter were individually significant. Consolidated operating income for the quarter was $155 million, and operating margin was 5% compared to $161 million and 5.9% in the same period last year. The decrease in operating income was driven by higher non-current state income taxes, partially offset by the slightly more favorable segment operating income that I've just reviewed.

在2026年第一季，Mission Technologies 的淨累計調整為正1,300萬美元。本季的各項調整單獨來看都不具重大性。本季合併營業利益為1.55億美元，營業利益率為5%，相較於去年同期的1.61億美元與5.9%。營業利益下滑主要受較高的非流動州所得稅影響，部分被我剛剛回顧的、略為較有利的部門營業利益所抵銷。

Net earnings in the quarter were $149 million, and diluted earnings per share were $3.79 with both consistent with the results from the same period last year. The effective tax rate in the first-quarter was 20.7%. We provided the tax guidance for 2026 at approximately 17% and still believe that is correct. The credit responsible for that lower tax rate is expected to be processed later this year. I will provide our view on the appropriate tax rate for the second-quarter in a moment.

本季淨利為1.49億美元，稀釋每股盈餘為3.79美元，兩者均與去年同期結果一致。第一季有效稅率為20.7%。我們對2026年提供的稅率指引約為17%，我們仍認為該數字正確。促成較低稅率的稅額抵減預期將於今年稍晚完成處理。我稍後會提供我們對第二季適用稅率的看法。

Turning to slide 7. Cash used in operations was $390 million in the quarter. Net capital expenditures were $71 million or 2.3% of revenues. Free cash flow in the quarter was negative $461 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 period.

接著看第7頁投影片。本季營運活動使用現金為3.90億美元。淨資本支出為7,100萬美元，約占營收的2.3%。本季自由現金流為負4.61億美元。本季自由現金流表現優於我們先前提供的指引，主要因本季收款較強，以及部分支出遞延至期後。

During the quarter, we did not repurchase any shares. We did pay a cash dividend of $1.38 per share of $54 million in aggregate. Turning to liquidity and the balance sheet. We ended the quarter with a cash balance of $216 million and liquidity of approximately $1.9 billion.

本季我們未回購任何股份。我們支付了每股1.38美元的現金股利，合計5,400萬美元。接著談流動性與資產負債表。本季期末現金餘額為2.16億美元，流動性約為19億美元。

Moving on to our outlook on slide 8. We are reaffirming all of the guidance elements that we provided on our last quarter's call for both 2026 and our medium-term outlook. I'll note that we continue to see the new battleship in frigate programs as meaningful upside opportunities to our medium-term outlook.

接著看第8頁投影片的展望。我們重申在上一季電話會議中所提供的所有指引項目，涵蓋2026年以及我們的中期展望。我要指出的是，我們仍將新型戰艦與巡防艦計畫視為對中期展望具有重要上行空間的機會。

So we will need additional details before we can include those in our guidance outlook. As I noted on our last call, our guidance for 2026 is predicated on achieving the shipbuilding throughput improvements that we've outlined as well as reaching agreement on the next Virginia and Columbia-class submarine contracts in the near term.

因此，在我們能將其納入指引展望之前，仍需要更多細節。如我在上次電話會議所提到，我們對2026年的指引係以達成我們所概述的造船產能/吞吐量改善為前提，並且在近期就下一批維吉尼亞級與哥倫比亞級潛艦合約達成協議。

Moving on to the second-quarter look ahead outlined on slide 8, we expect shipbuilding revenue of approximately $2.4 billion and shipbuilding operating margins between 5.7% and 6%. For Mission Technologies, we expect revenue of approximately $750 million and operating margin of approximately 4%, inclusive of the strategic investments that we expect to make in our unmanned capability and production capacity. We expect free cash flow in the second-quarter to be between negative $100 million and positive $100 million. There are a number of factors, including the timing of the upcoming submarine contract award, regular working capital movement and CapEx timing that create variability in Q2.

接著看第8頁所列的第二季前瞻，我們預期造船營收約為24億美元，造船營業利益率介於5.7%至6%。就 Mission Technologies 而言，我們預期營收約為7.5億美元，營業利益率約為4%，其中包含我們預期在無人化能力與產能擴充方面進行的策略性投資。我們預期第二季自由現金流介於負1億美元至正1億美元之間。有多項因素會造成第二季的變動性，包括即將到來的潛艦合約授予時點、例行的營運資金變動以及資本支出時點。

Regarding the effective tax rate, we believe it's prudent to use a tax rate of 21% for the second-quarter though we still believe 17% is appropriate for 2026 with an expected research and development tax credit coming later this year. To close, it was a good quarter as we continue to make steady progress and execute against our 2026 operational initiatives.

關於有效稅率，我們認為第二季採用21%的稅率較為審慎；但我們仍認為2026年採用17%是適當的，因預期今年稍晚將取得研發稅額抵減。最後總結，這是一個不錯的季度，我們持續穩健推進，並依照我們2026年的營運倡議執行。

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

接下來我把電話交回給 Christie 來主持問答。

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

謝謝，Tom。（活動說明）接線員，我把問答交給你來主持。

(Operator Instructions)

（接線員說明）

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

You called out the battleship and frigate as being potential drivers of upside to the medium-term shipbuilding revenue growth outlook? What we saw in the 2027 budget request, there's a lot of funding in there for auxiliary and support ships. Just wondering how you're thinking about that opportunity set when it comes to Ingalls? And could that put upward pressure on the medium-term growth outlook?

你提到戰艦與巡防艦可能是推動中期造船營收成長展望上行的因素？我們在2027年預算請求中看到，對輔助與支援艦艇有大量資金配置。想請教你們在 Ingalls 方面如何看待這一組機會？這是否可能對中期成長展望帶來上行壓力？

Yes. The auxiliary ships, when you take into consideration their current workload at Ingalls as well as the battleship and the frigate, we have to evaluate those kind of on a case-by-case basis. But there's plenty of work at Ingalls when you look at their baseline business, battleship, frigate, which we know we're going to build battleship. We're just at the beginning of -- with the design effort with the Navy. But I don't necessarily anticipate competing for those at this point, but we're going to evaluate it based on how they unfold and how the acquisition strategies unfold.

是的。就輔助艦艇而言，當你把 Ingalls 目前的工作量，以及戰艦與巡防艦一併考量時，我們必須逐案評估。但若看 Ingalls 的基本盤業務、戰艦、巡防艦（我們知道我們會建造戰艦），Ingalls 的工作量相當充足。我們才剛開始與海軍進行設計工作。不過就目前而言，我不一定預期會去競標那些案子，但我們會依其發展情況以及採購策略的演進來評估。

Okay. Got it. And then a quick one for Tom. If I look at the 2Q outlook in the 1Q results, it implies that you need to generate about $1 billion of free cash flow in the second half of this year. Just curious if you could talk about the level of visibility to achieving that?

好的。了解。接著給 Tom 一個簡短問題。如果我把第二季展望與第一季結果放在一起看，意味著你們今年下半年需要創造大約10億美元的自由現金流。想請你談談達成這個目標的可視性有多高？

And what are some of the moving parts that could cause that to come in a little bit below or maybe even a little bit higher than that?

以及有哪些變動因素可能導致結果略低於、或甚至略高於這個水準？

Yes, I appreciate the question, Scott. Yes. So we're in the normal cycle here where we use cash at the beginning of the year. We beat guidance for Q1 as we were out in front by about $100 million. As I mentioned in my remarks, it was some disbursements kind of moved out to the right as well as we did better in collections than we anticipated.

是的，Scott，謝謝你的問題。是的。所以我們處於一個正常的循環：年初會使用現金。我們第一季優於指引，約超前了1億美元。如我在發言中提到，部分是一些支出付款時點往後移，另外我們的收款也比預期更好。

The Q2 guidance is about neutral, plus or minus 100, and that will kind of leave us at the midpoint about $460 million negative, which means we've got to pick up about $1 billion in the back half of the year.

第二季指引大致為中性，正負1億美元，這樣在中位數下我們大約會是負4.60億美元，這表示我們必須在下半年補回約10億美元。

That's in line with our playbook and consistent with what we guided at the beginning of the year. That will come about through making progress through the back half of the year. We have some major milestones and deliveries as well. We have some tax credits and collections in R&D that will come about, which will provide a tailwind to our performance as well on free cash flow. As far as opportunity set -- I mean, obviously, there's opportunities and risks around that, but we're reaffirming the guide for the end of the year at $500 million to $600 million, and we'll keep you informed as we move forward here.

這與我們的既定策略一致，也符合我們在年初所提供的指引。這將透過在下半年取得進展而逐步實現。我們也有一些重要的里程碑與交付。我們在研發方面也將取得一些稅額抵減與應收款回收，這也會為我們的表現帶來順風，尤其是在自由現金流方面。就機會集合而言——我的意思是，顯然其中同時存在機會與風險，但我們重申年底指引為5億至6億美元，並且會在後續推進過程中持續向各位更新。

We usually don't want to get ahead of ourselves and we guide relatively stable to conservative. And there are opportunity sets -- both for improvement or if there's a drag on performance here. But we still feel good about the range that we have as we start to tackle the back half of the year.

我們通常不希望操之過急，我們的指引也相對穩健偏保守。而且確實存在一些機會集合——不論是改善空間，或是可能對表現造成拖累的因素。但在我們開始著手應對下半年之際，我們仍對目前的區間感到有信心。

Scott Deuschle, Deutsche Bank.

Scott Deuschle，德意志銀行。

Tom, does the 2Q guide include any margin benefit at Newport News from the expected contract awards that Kari mentioned?

Tom，第二季指引是否包含Kari提到的、來自Newport News預期合約授予所帶來的任何利潤率改善？

Yes. So in Chris' remarks, we're expecting and working closely to finalize and execute that contract mod for those subs. There's opportunity sets around those for performance and incentives, both in margin and cash collections. And that's just going to depend on the timing as far as when that -- if and when it hits in Q2 and then how we push that through the system, both in modification, margin and cash.

是的。因此在Chris的發言中，我們預期並正密切合作，以完成並執行針對那些潛艦的合約修改。在績效與獎勵方面，這些合約存在一些機會集合，涵蓋利潤率與現金回收兩個面向。而這將取決於時點——也就是它是否以及何時在第二季入帳，接著我們如何在系統中推進，包括修改、利潤率與現金。

I would tell you that we have that kind of weighted. We factor these things. And it's anticipated, as I said at the beginning of the year, to happen in the first half of the year. It is a factor in the Q2 guide that we gave here, but it's in there at a factored rate right now. So I'm comfortable with where we are, making meaningful good progress with our customer on this front. And I anticipate that will work itself through the system in Q2 and the back half of the year.

我會告訴各位，我們對此有做權重配置。我們會把這些因素納入考量。而且如我在年初所說，預期會在上半年發生。這確實是我們此次提供的第二季指引中的一項因素，但目前是以折算後的比率納入。因此我對我們目前的狀況感到放心，我們正與客戶在這方面取得有意義且良好的進展。我預期這會在第二季以及下半年逐步在系統中反映出來。

Yes. And this is Chris. I might add that operationally, it's important to get that under contract, so we can continue to make progress on the submarines. So that is just as large a factor as the margin and cash guide for the quarter is we need to stay on schedule, need to stay in sequence on the submarine program.

是的。我是Chris。我想補充的是，從營運角度來看，把它納入合約非常重要，這樣我們才能持續推進潛艦的進度。因此，對本季利潤率與現金指引而言，這與其說只是財務因素，同樣重要的是我們必須維持時程、在潛艦計畫上保持工序順序不被打亂。

Okay. And then, Chris, can you explain what is driving the additional delays for LHA 8, 9 and 10 that the Navy justification book shows? And then do you still feel confident that it will be a nice margin step-up on the post-COVID ships, LHA 9 and 10, despite these additional delays?

好的。接著，Chris，你能否說明海軍的說明書（justification book）所顯示的LHA 8、9與10額外延遲，是由什麼因素所驅動？另外，儘管有這些額外延遲，你是否仍有信心在後COVID船艦——LHA 9與10——上能看到不錯的利潤率躍升？

Yes, I'm very confident in the post-COVID ship ability to improve margin. What you found on LHA 8 was just some issues in the test program as we're working through it. We have some new systems on that ship, having some challenges. We have seen over the last couple of weeks a bit of a ramp in the test rate. So that's positive.

是的，我對後COVID船艦提升利潤率的能力非常有信心。你在LHA 8上看到的，主要是我們在推進測試計畫時遇到的一些問題。那艘船上有一些新系統，確實帶來一些挑戰。過去幾週我們看到測試速率有些提升。所以這是正面的。

I wouldn't get overly concerned about the J-Books scheduled date issues that's kind of contextual in how the Navy communicates to Congress. We evaluate our EACs every quarter and we take into consideration a schedule risk that we may have. So I'm real confident in the (technical difficulty) subsequent to LHA 8, and I have great expectations for their performance.

我不會對J-Books上的排程日期問題過度擔心，那在某種程度上是海軍對國會溝通方式下的脈絡呈現。我們每季都會評估EAC（完工估算），並把可能存在的時程風險納入考量。因此我對（技術難度）在LHA 8之後的情況非常有信心，並且對它們的表現抱持很高的期待。

David Strauss, Wells Fargo.

David Strauss，富國銀行。

Just a follow-on to that -- to Scott's question, the Ingalls margin performance, I think this is the lowest we've seen in quite some time there. So Chris, if you could just dig in there in terms of exactly what's driven the margin that's much lower and kind of the outlook from here for Ingall's margin?

延續剛才的問題——接著Scott的提問，Ingalls的利潤率表現，我認為這是我們相當長一段時間以來看到的最低水準。所以Chris，如果你能更深入說明，究竟是什麼因素導致利潤率大幅偏低，以及從現在起對Ingalls利潤率的展望？

Sure. It was really what I would consider a pacing quarter for Ingalls, making good progress on the DDGs. As I said, we did have some risk we had to put into the LHA 8 EAC for the progress in approaching their delivery and risk related to their delivery. So we had to take an adjustment there. But I think Ingalls is making pretty good progress. It's what I consider, as I said, a pacing quarter. DDGs are showing some improvement. Milestones are in place and holding. LPD 30 making really good progress.

當然。這一季對Ingalls而言，我會把它視為一個「節奏型」季度，在DDG（驅逐艦）上取得了良好進展。如我所說，我們確實需要在LHA 8的EAC中納入一些風險，因為在接近交付時的進度，以及與交付相關的風險。因此我們必須在那裡做出調整。但我認為Ingalls的進展相當不錯。我會把它視為——如我所說——一個節奏型季度。DDG顯示出一些改善。里程碑已就位並且維持住。LPD 30也取得非常好的進展。

DDG-129, making progress, should you get to see this year. So yes, I've got a lot of confidence in Ingalls team. It's pretty stable there. We just had to take a minor adjustment through on LHA 8.

DDG-129也在推進中，你們今年應該會看到。所以是的，我對Ingalls團隊非常有信心。那裡相當穩定。我們只是針對LHA 8做了一個小幅調整。

Okay. And in terms of the shipbuilding revenue cadence through the year, based on the guide you gave for Q2, it doesn't look like you're forecasting much in the way of kind of sequential second half versus first half shipbuilding revenue growth. Typically, we see a fair amount of growth in the second half in terms of just absolute revenue. If you could just talk about kind of the profile for the year.

好的。另外，就今年造船營收的節奏而言，根據你們給出的第二季指引，看起來你們並沒有預測下半年相較上半年在造船營收上會有太多的連續性成長。通常我們會看到下半年在絕對營收上有相當幅度的成長。能否談談今年的營收輪廓？

Yes. It's Tom here. I'll take that one. And I'm comfortable with what we're seeing in shipbuilding. That's a third-quarter in a row with double-digit returns for 2025 over '24 was a 9.7% growth in shipbuilding.

是的。我是Tom。我來回答。我對我們在造船業務上看到的情況感到放心。這已是連續第三個季度，2025年相較2024年呈現雙位數回報；2024年造船業務成長為9.7%。

And as I said, from Q3, Q4 and now Q1, again, we see both yards overachieving our guide of 6% kind of going forward here. So I think it's fairly linear.

而且如我所說，從第三季、第四季到現在第一季，我們再次看到兩個船廠的表現都超出我們先前所給的約6%的指引。所以我認為它相當線性。

At Newport News, their growth was about two-thirds in labor and a third in material and Ingalls, it was the other way around, about a third in labor and two-thirds in material. So we see -- what we're strategically trying to do here is get more throughput and capacity, increase the revenue volume here, in-sourcing, outsourcing, hiring, additional overtime, additional progress here. So I think it will be linear as we work through the year.

在Newport News，其成長約三分之二來自人力、三分之一來自材料；而在Ingalls則相反，約三分之一來自人力、三分之二來自材料。因此我們看到——我們在策略上試圖做的是提升更多產出與產能、提高營收量，包括內製、外包、招募、增加加班，以及推進更多進度。所以我認為在我們推進今年的過程中，它會是線性的。

And as we increase the guidance from 4% to 6% last year, we said we'd take a look at it. I want to see a little bit more run rate for a couple of more quarters here. But the backlog has increased to $54 billion. So the work is there, the demand, what we see already in the FY27, the draft docks looks like there's even more of an appetite for additional ships. So I would anticipate a consistent, steady incremental ramp as we go forward here from quarter-to-quarter in shipbuilding.

而且當我們把指引從去年的 4% 提高到 6% 時，我們說過會再檢視一下。我想在這裡再多看幾個季度的運行率。但積壓訂單已增加到 540 億美元。所以工作量是存在的、需求也是存在的；我們在 FY27 已經看到的情況是，初步規劃看起來對新增艦艇的需求胃納甚至更高。因此我預期，隨著我們在造船業務上逐季往前推進，會出現一致、穩健、逐步增加的爬坡。

John Godyn, Citi.

John Godyn，花旗。

This is Jeremy Jason on for John Godyn. I kind of wanted to ask about last quarter, you...

我是代替 John Godyn 的 Jeremy Jason。我有點想問一下上一季，你們……

I'm sorry, I didn't get that. You may have cut off, Jeremy.

抱歉，我沒聽清楚。Jeremy，你可能斷線了。

I was just going to -- sorry, I thought I heard -- my voice cut out. But last quarter, you guys provided a nice layout for some major milestones for 2026 and 2027. So I was kind of wondering if you could provide an update on that chart. And if you have sort of any indication of when those could hit beyond 2Q?

我剛剛只是想說——抱歉，我以為我聽到——我的聲音斷掉了。不過上一季你們針對 2026 與 2027 的一些重大里程碑提供了一個很好的整理。所以我想請問你們是否能更新一下那張圖表。以及你們是否有任何跡象顯示，這些里程碑在 2Q 之後大概何時可能達成？

Sure. Sure. So of the '26 milestones, obviously, we delivered 128 with the sea trials on 1000. We did launch DDG 131 and we're on track for delivery of LPD 30. That will be the back half of the year.

當然。當然。就 '26 的里程碑而言，很明顯地，我們已交付 128，並在 1000 上完成海試。我們已下水 DDG 131，且 LPD 30 的交付也在軌道上。那會落在下半年。

Newport News, acceptance of 79 will still happen -- is on schedule. Lay keel of 81 should happen this year. We already did redeliver SSN 796 and delivery of SSN 800 is towards the back half of the year as well. So timing of these, especially the significant ones are towards the back half of the year. And '27 is all on schedule.

Newport News 方面，79 的驗收仍會進行——目前按計畫推進。81 的安放龍骨應該會在今年發生。我們也已重新交付 SSN 796，而 SSN 800 的交付同樣在下半年左右。所以這些時點，特別是重要的那些，多數都在下半年。而 '27 的部分也都按計畫進行。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

Just wanted to -- just wanted to ask on the carrier. When you talked about some of the performance on the carrier in the quarter and it comes on top of the year ago quarter, where I think there were some challenges on performance there as well. So what do you think it will take to kind of gain confidence in the estimates on the carrier and have the profitability outlook there kind of stabilize?

我想——我想問一下航母。你們談到本季航母的一些表現，而這又是在去年同期之上；我記得當時航母的表現也有一些挑戰。所以你認為要做到什麼程度，才能對航母的估算建立信心，並讓那邊的獲利展望趨於穩定？

Yes. Thanks, Seth. I'll start here, and then I'll kick it over to Kari. But I -- we did have a minor adjustment in the quarter just to deal with some schedule challenges that we have getting it back into sequence. But I want to kick it over to Kari to talk about some of the things we're working on, on the aircraft.

是的。謝謝，Seth。我先說一下，然後再交給 Kari。不過我——我們在本季做了一個小幅調整，主要是為了處理一些排程上的挑戰，讓它回到正確的作業順序。但我想把時間交給 Kari，談談我們在飛機相關部分正在做的一些工作。

Yes, Seth. So it's good to hear your voice. So as Chris mentioned, we have been on previous calls talking about some of that missing equipment down in the ship and having that equipment delivered now and being on pace (technical difficulty) ship is really going to help us from a performance perspective. Those delays are costly, as you're familiar. And so I'll give you an example.

是的，Seth。很高興聽到你的聲音。如 Chris 提到的，我們在先前的電話會議中談過艦內有些設備缺件；現在這些設備已交付到位，並且船舶施工進度也在跟上（技術問題），這從績效角度來看會對我們很有幫助。如你所熟悉的，這些延誤成本很高。我舉個例子。

So the team has been really focused on structural completion with those components in place. And so over the quarter, we did 3 super lifts over the course of just 10 days. That's the kind of pace that I was referring to in my initial remarks.

團隊一直非常專注於在這些組件到位的情況下完成結構工程。因此在本季期間，我們在短短 10 天內完成了 3 次大型吊裝（super lifts）。這就是我在開場談話中提到的那種節奏。

We set another last night. So what that does for us is it really enables the completion of distributed systems. And so the team is getting after that in a more meaningful way and getting the ship integrated. So coming through those delays, as Chris mentioned, being out of sequence and working ourselves back into a more reasonable sequence is a really important part of that strategy, and the team is really working hard to execute on that strategy.

我們昨晚又完成了一次安裝。這對我們的意義在於，它確實讓分散式系統的完工成為可能。因此團隊正以更有力的方式推進這部分，並讓船舶完成整合。所以，走過這些延誤後，如 Chris 所說，先前因為不在順序上而造成的影響，我們正把工作拉回到更合理的順序；這是該策略非常重要的一環，而團隊也正非常努力地執行這個策略。

Excellent. That's helpful. And then maybe to turn to the uncrewed side of the business. You talked about some incremental investments there. What's the timeline when you think about when you might see the types of awards to get production going in that area of the business in a way that would kind of stand out to us on the outside?

很好。這很有幫助。接著也許轉到無人化業務這一塊。你們提到在那裡有一些增量投資。就你們的看法，何時可能看到足以推動該領域開始量產的那類得標（awards）時程，並且會讓我們外部觀察者覺得比較明顯？

Yes. So I don't think it's really immediate. If you look at the budget in '26 and '27, you see significant increases in the unmanned and autonomous system budgets. We think we're well positioned to deal with that. Obviously, we have large capital ships.

是的。所以我不認為會非常立即。如果你看 '26 和 '27 的預算，你會看到無人與自主系統預算有顯著增加。我們認為自己已做好充分準備來因應。很顯然，我們有大型主力艦艇。

We've made significant investments in unmanned already. We have our unmanned undersea business. It's very mature. We have our new ROMULUS family of systems. And then we have Odyssey with really premier technology providers teamed with their Odyssey software. All that mingled together with our manned ships means we're kind of uniquely qualified to take advantage of that business.

我們在無人化方面已做了大量投資。我們有無人水下業務。那非常成熟。我們有新的 ROMULUS 系列系統。另外我們還有 Odyssey，並與頂尖的技術供應商合作，搭配他們的 Odyssey 軟體。這些再加上我們的有人艦艇，使得我們在把握這塊業務上具備某種獨特優勢。

And then you lay over the top of that, on Minotaur, where we're the prime developer of Minotaur for the US Navy, which is really the common operating environment and visibility for Navy platforms. We think we're uniquely qualified to take advantage of it. Now, do I think it's immediate? No, I think there are immediate opportunities that we're competing for, both domestically and internationally.

此外再疊加 Minotaur 這一層：我們是美國海軍 Minotaur 的主承包開發商；它其實是海軍各平台的共同作業環境與可視化能力。我們認為自己具備獨特優勢可以把握這個機會。那我覺得會立刻發生嗎？不，我認為我們確實有一些立即的機會正在競標中，包含國內與國際市場。

I think it will start to ramp. I'm not sure it will be material this year, but it will over the next couple of years, you'll see material growth in the unmanned business for HII.

我認為它會開始爬坡。我不確定今年是否會達到顯著規模，但在接下來幾年，你會看到 HII 的無人化業務出現具體且顯著的成長。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

I was wondering if you could just describe whether the fit-up delivery schedules aligned with what you're expecting as of a quarter ago. So were there any surprises? You got the question on LHA. Just in general, were there any delivery timelines that were inconsistent with your internal thinking expressed in the (technical difficulty)

我想請你們描述一下，舾裝（fit-up）交付時程是否與你們在一季前的預期一致。所以有沒有任何意外？你們剛剛回答了關於 LHA 的問題。更一般地說，有沒有任何交付時間點與你們內部先前表達的想法不一致——(技術問題)

Not necessarily. I have high confidence in 30 being delivered this year. I think that's into next year. So I think it will happen this year. But as I said previously, I think it's contextual. I think it's just a different communication tool. And we're evaluating these things every quarter. So just off the top of my head, 30 is the only one -- LPD 30 is the only one that I think we should do a little bit better than, but beyond that, I'd have to do some research on that issue.

不一定有。我對 30 在今年交付很有信心。我認為那是到明年。所以我認為會在今年發生。但如我先前所說，我認為這取決於脈絡。我認為那只是不同的溝通工具。而且我們每一季都在評估這些事情。所以就我現在想到的，30 是唯一一個——LPD 30 是唯一一個我認為我們應該能做得更好一些的；但除此之外，我得再針對這個議題做一些研究。

Okay. And I know you guys pushed through some wage increases at the Ingalls shipyard. I was wondering if you've seen any notable improvements in attrition since then? Any changes really?

好的。我知道你們在英格爾斯（Ingalls）船廠推動了一些加薪。我想請問，自那之後你們是否看到人員流失率（attrition）有任何顯著改善？真的有任何變化嗎？

Gautam, that's an interesting question. We did adjust Newport News wages last year, and it took a while. It took a while for the additional applications to go through the system where we were able to accelerate hiring, and we're seeing some meaningful improvements in attrition and really the right level of attrition, the right people from an attrition standpoint at Newport News.

Gautam，這是個有意思的問題。我們去年確實調整了紐波特紐斯（Newport News）的薪資，而這需要一些時間。額外的求職申請需要一段時間才能在系統中跑完流程，之後我們才能加速招募；我們也看到人員流失率出現一些有意義的改善，實際上在紐波特紐斯，從流失的角度來看，流失率回到合適的水準、流失的人也更符合我們所期待的結構。

I think you're going to see the same issue at Ingalls. We did adjust -- wages had at a very positive labor agreement put in place there. We do see some increase in applications, but it's going to take a while to run through the system. We do have better attrition or improved retention actually within both shipyards. But I don't think you're going to see meaningful improvement in Ingalls for a bit.

我認為你會在英格爾斯看到同樣的情況。我們確實做了調整——那裡也簽訂了一份非常正面的勞資協議。我們確實看到申請數有所增加，但要在系統裡跑完仍需要時間。兩個船廠的流失率都有變得更好，或者說留任率確實有所提升。但我不認為英格爾斯會在短期內就看到有意義的改善。

It takes a couple of quarters for that to work through the system.

通常需要幾個季度才能在系統中完全反映出來。

Ron Epstein, Bank of America.

美國銀行（Bank of America）的 Ron Epstein。

You guys talked about increasing outsourcing. I think, if I remember, you talked about maybe increasing it 25%, 30% in 2026. How is that going? How is the South Carolina facility ramp progressing? And can you discuss at all the MOA with Hyundai, how is that evolving? And is that going to impact capacity?

你們談到要提高外包比例。我記得你們提過，可能在 2026 年提高 25%、30%。目前進展如何？南卡羅來納州設施的擴產爬坡（ramp）進度如何？另外，你們能否談談與現代（Hyundai）的 MOA（合作備忘錄），目前如何演進？這會影響產能嗎？

Sure. I'll start, and then I'll kick it over to Kari to talk about Charleston. But yes, we do anticipate 30% increase in outsourcing in 2026 over increases that we had in 2025. We continue to expand our distributed shipbuilding network. Charleston is doing well.

當然。我先回答，然後再請 Kari 來談談查爾斯頓（Charleston）。是的，我們預期 2026 年的外包將在 2025 年的增幅基礎上再增加 30%。我們持續擴大分散式造船網路。查爾斯頓的表現很好。

As I said, I'll kick that over to Kari. But from a Hyundai standpoint, we still have -- we're still engaging in discussions with them and evaluating potential. We don't see them in the network right now for this year that could provide upside if we're able to jointly invest in some operating manufacturing footprint. So that would be upside. But we still think there's some very positive -- we could get some very positive results from the Hyundai relationship, not only in manufacturing, but also in efficiencies, in how we build ships. So I want to kick it over to Kari to talk about Charleston for a second.

如我所說，我會把這部分交給 Kari。至於現代（Hyundai）方面，我們仍在——我們仍在與他們進行討論並評估潛在合作。就今年而言，我們目前還沒有把他們納入網路中；若我們能共同投資一些營運製造據點（manufacturing footprint），那就可能帶來上行空間。所以那會是上行。但我們仍認為與現代的合作關係可能帶來非常正面的成果，不僅在製造端，也包括效率提升、以及我們造船方式的改善。所以我想先請 Kari 用一點時間談談查爾斯頓。

So yes, Charleston is tracking to plan. So last year, we spent a lot of time coming up on plan with respect to structural fabrication and the team there did a fantastic job meeting the commitments that they made at the beginning of the year. To go from closing in January on our facility to producing almost 0.5 million man hours over the course of 1 year was pretty phenomenal. So I'm really proud of what the team did there. This year, tracking to the commitment to increase throughput there and moving into outfitting more meaningfully.

是的，查爾斯頓的進度符合計畫。去年我們花了很多時間讓結構製造（structural fabrication）回到計畫軌道，而那裡的團隊在年初所做的承諾都完成得非常出色。從 1 月完成我們設施的交割（closing），到在 1 年內產出將近 50 萬工時（man hours），這相當驚人。所以我對那個團隊的表現非常自豪。今年也在按承諾推進：提高那裡的產出吞吐量（throughput），並更有實質地進入舾裝（outfitting）階段。

So starting with structure, moving into outfitting, really allows us to start ramping that up in an even more meaningful way. I mentioned in my remarks, we'll do some additional capital investments to continue that growth trajectory, but really pleased with what that team is doing. And that's obviously, a core. We are also working with other distributed shipbuilding partners that have been in our network and those muscles are strengthening as well, getting back to the ebb and flow of what naturally happens in our industry, and we're certainly in a place where we're able to stretch and grow there, and that is tracking pretty well from my estimation.

也就是從結構開始，逐步進入舾裝，這真的讓我們能以更有意義的方式加速擴產。我在發言中提到，我們會再做一些資本投資以延續這條成長軌跡，但我對那個團隊正在做的事情非常滿意。而那顯然是核心。我們也在與其他已在我們網路中的分散式造船合作夥伴合作，這些能力也在增強；我們正回到本產業自然會出現的潮起潮落（ebb and flow），而我們確實處在一個能夠延展並成長的位置；以我的估計，整體追蹤狀況相當良好。

Great. And then maybe just one quick one. Any update on the ROMULUS USBs and the Odyssey autonomy stack? Any production contracts visible that you could discuss or hint at for 2026?

很好。那再快速問一個。ROMULUS USBs 與 Odyssey 自主系統堆疊（autonomy stack）有任何更新嗎？你們是否看到 2026 年有任何可見的量產合約，可以談談或稍微暗示一下？

Well, I hate to talk about ongoing competitions, but the obvious one right in front of us is the MUSV program and then some armor concepts over in the UK that could be interesting. We're talking about manned and unmanned teaming. We're uniquely qualified to do that, but we'll compete for -- really, we have made a breadth of product set that we can compete for a number of opportunities in the space. But the one right in front of us is the MUSV program.

嗯，我不太想談正在進行中的競標，但很明顯、就在我們眼前的是 MUSV 計畫，另外英國那邊也有一些可能有趣的裝甲概念。我們談的是有人／無人協同（manned and unmanned teaming）。我們具備獨特的資格來做這件事；不過我們會去競標——基本上，我們已建立相當廣泛的產品組合，能在這個領域競逐多個機會。但眼前最直接的就是 MUSV 計畫。

Noah Poponak, Goldman Sachs.

高盛（Goldman Sachs）的 Noah Poponak。

Last quarter, when you provided the initial 2026 outlook, I think we were all a little surprised at a low growth rate in shipbuilding revenue given what happened in the second half of last year and the funding environment and everything going on with shipbuilding. You just logged another high growth rate and outperformed 1Q.

上個季度你們提供初步的 2026 年展望時，我想我們都對造船營收的低成長率有點意外，考量到去年下半年發生的事情、資金環境，以及造船業的各種動態。你們剛剛又繳出另一個高成長率，而且表現優於第一季（1Q）。

So I guess in reiterating the full year, it actually now -- you would need shipbuilding revenue down year-over-year for the rest of the year to do the midpoint of the guide. Is that possible? I mean that would imply end of last year, beginning of this year, was just a kind of a onetime bump in shipbuilding growth. It seems like what's happening in the industry is much more long term and structural than that?

所以我想問的是，在你們重申全年展望之下——現在看起來，若要達到指引中位數，接下來今年剩餘期間的造船營收必須年減。這有可能嗎？我的意思是，那將暗示去年底、今年初的造船成長只是一次性的短暫墊高。但看起來產業正在發生的事情，比那更偏長期、結構性的變化？

No, it's Tom here. I'll take that one. And no, I think the math is a little bit off on that. As I mentioned earlier, we've seen some good growth three quarters in a row. Obviously, there's a comparison that we did from the previous year there, both for what we've seen in in-sourcing, outsourcing and high revenues.

不，我是 Tom，我來回答。不，我認為你的計算可能有點偏差。如我先前提到的，我們已連續三個季度看到不錯的成長。當然，這裡也有與前一年相比的比較基期，包含我們在內製（in-sourcing）、外包（outsourcing）以及高營收方面所看到的情況。

I talked earlier about the material and the labor that's growing. I think the guide is on the conservative side, we don't want to get ahead of ourselves and where we think we can land here.

我先前也談到材料與勞動成本在成長。我認為我們的指引偏保守，我們不想操之過急、也不想在我們認為能落點的位置之前就先把話說滿。

But we won't see a contraction in revenue in the back half of the year. I think there's a strong opportunity set for us to exceed that. And we're holding the guide right now as we want to see us kind of burn through the existing work that we have on contract, monetize the backlog that we have and see the new awards that come on board. But I think operationally, going forward in my remarks earlier that I expect incremental quarterly growth in shipbuilding still holds.

但我們不會在下半年看到營收收縮。我認為我們有很強的機會集合可以超越該水準。而我們目前維持指引不變，是因為我們想先看到我們把既有合約工作逐步消化完、將手上積壓訂單（backlog）變現，並觀察新的得標案（awards）進來。但從營運面來看，正如我先前發言所說，我預期造船業務每季仍會有增量成長，這一點仍然成立。

Okay. Tom, if we were able to see your internal estimate for the mix of pre-COVID versus post-COVID ships, each of the remaining years through the end of the decade, if we were looking at that right now and then right next to it, we had the version you had of that from a year ago, do those look significantly different? Has there been a lot of movement? It's the pre-pandemic contractual roll off sliding out taking longer? Or would they look pretty similar?

好的。Tom，如果我們能看到你們對於疫情前（pre-COVID）與疫情後（post-COVID）船舶組合的內部估計，涵蓋從現在到本十年末的每一個剩餘年度；如果我們現在把那份估計拿來看，並且在旁邊放上你們一年前所做的版本，兩者看起來會有顯著差異嗎？是否有很大的變動？是疫情前的合約逐步到期（roll off）往後延、花更久時間嗎？還是看起來會非常相似？

They look on top of each other right now. We're on plan and on the guide that we've given. We kind of laid out a couple of years ago that would be in 2027, where we would swing over from pre-COVID to post COVID, and we're right on track on that. We'll finish off 2027 with more post-COVID work than pre-COVID work.

現在看起來幾乎是重疊在一起。我們按計畫進行，也符合我們給出的指引。我們在幾年前大致說明過，會在2027年左右從疫情前轉向疫情後，而我們目前完全在軌道上。我們會在2027年結束時，疫情後的工作量多於疫情前的工作量。

And with a perspective on our backlog, it's about 50-50 right now, what we put on contacts before these subs that are coming on contract. So again, that will continue to grow as the subs are awarded CVN RCOH for 75, advanced procurement for CVN 82. The new awards will continue -- from a backlog perspective, we'll see more of that, too. But we're on pace as we watch -- as we retire out the pre-COVID work. 2027 is a significant year where we'll see more revenue on post than pre. And there's been really no material change since we've provided that pathway probably.

從我們在手訂單（backlog）的角度來看，目前大約是50對50，這是指在這些即將簽約的潛艦分包合約之前，我們已簽下的合約所形成的組合。因此，隨著潛艦案獲得授標、CVN 75的RCOH（中期換料與大修）、以及CVN 82的預先採購（advanced procurement）等，這個比例還會持續成長。從在手訂單的角度，新授標也會讓我們看到更多這類工作。但我們的進度符合預期——隨著我們逐步退場疫情前的工作，2027年將是重要的一年，屆時疫情後的營收會多於疫情前。自從我們提供那條路徑以來，基本上沒有任何重大變化。

Okay. And is it possible to provide any more color on the sticking points in the -- in getting to the finish line on the next batch of nuclear subcontracts? It's been several months now versus the original timing forecast. And obviously, we know where the demand is, you're performing the long lead. That just remains a little surprising to see if you can help us better understand what points in the contract are holding it up?

好的。那麼，關於下一批核能潛艦分包合約要走到最後定案（finish line）時的卡關點，是否可以再提供更多說明？相較於原先預估的時程，現在已經延後好幾個月了。而且很明顯我們知道需求在哪裡，你們也正在執行長交期（long lead）項目。所以看到這樣的延宕仍有點令人意外；如果可以的話，能否協助我們更了解，是合約中的哪些條款或議題在拖延進度？

Yes. No, I just think it's a large contract that needs significant review and approval and it's complicated, and we're just going through the approval process. I don't want to comment on any specific negotiation points. It's just a -- it's a significant, very important contract that we all need to get right.

是的。不，我認為這只是因為這是一份大型合約，需要大量審查與核准，而且很複雜；我們正在走核准流程。我不想評論任何特定的談判點。這是一份非常重大、非常重要的合約，我們都需要把它做對。

Myles Walton, Wolfe Research.

Wolfe Research的Myles Walton。

I was wondering if you could comment on the reports about the Navy revisiting the carrier design and what, if any, impact that might have on ongoing work and/or disruption?

我想請問你們是否能評論有關海軍重新檢視航母設計的報導，以及這可能對正在進行的工作造成哪些影響（如果有的話）和/或造成哪些干擾？

Yes. So this is Chris. I'll start, and then I'll kick it over to Kari. But I'm not worried about the reviews of the aircraft carrier. Those happen from time to time.

是的。我是Chris。我先說幾句，然後再交給Kari。不過我不擔心對航空母艦的審查。這類審查不時都會發生。

It's usually at the end of those, it's found that it's an amazingly capable platform, and it's required, and we can see all the great work it's doing over in its engagement in Iran right now. So I'm not worried about it. I think long lead for 82 will happen this year, and we'll continue on the aircraft carrier program. But I'll -- let me kick it over to Kari.

通常到最後都會發現，這是一個能力極其出色的平台，而且是必要的；我們也能看到它目前在伊朗相關任務中的投入所展現的卓越表現。所以我不擔心。我認為82號艦的長交期項目今年會發生，我們也會持續推進航母計畫。不過我把問題交給Kari。

Yes, Myles. The only thing I would add to that is that it's pretty routine for us to evaluate new capabilities as systems progress in order to incorporate those capabilities on all of the classes of ships in both yards that we build. So pretty confident where we are, and we're going to support whatever the Navy needs. So as we do evaluations on any given system, we're able to incorporate those over time pretty routinely. So I'm pretty comfortable with where we find ourselves.

是的，Myles。我唯一想補充的是，隨著系統推進，我們評估新能力以便把這些能力納入我們在兩個船廠所建造的各級艦艇，對我們而言是相當例行的作法。因此我們對目前的狀況很有信心，也會支持海軍所需要的一切。所以當我們對任何特定系統進行評估時，通常都能隨時間推移相當例行地把這些能力納入。因此我對我們目前所處的位置相當放心。

Okay. And then maybe one for Tom -- sorry, maybe one for Chris, actually back to you. The workforce size, and I asked this kind of frequently, but I'm going to ask it a different way. Should we expect the workforce size to start to grow in line with the sales growth or at least a trend in line with the sales growth of the whole company on a go-forward basis? You've had roughly the same size for the last 20% increase in sales, but I imagine that probably is going to have to start increasing? Or is the outsourcing initiative enough to carry the load?

好的。接著可能有一題給Tom——抱歉，其實是給Chris，回到你這邊。關於人力規模，我也常常問這題，但我想換個方式問。往後看，我們是否應該預期人力規模會開始隨著銷售成長而增加，或至少呈現與公司整體銷售成長一致的趨勢？在銷售成長約20%的期間，你們的人力規模大致維持不變，但我想這之後可能必須開始增加？還是外包（outsourcing）計畫足以承擔這些工作量？

Not entirely. I think you will see increase in labor. Obviously, you need to adjust for it, taking into consideration you have contractors that come in to do work as well that won't be on your role. So outsourcing is going to play a significant part of it, but you should see labor start to trend as well.

不會完全靠外包。我認為你會看到勞動人力增加。當然，你需要做調整，因為也有承包商會進來做一些工作，但他們不會列在你們的員工名冊（roll）上。所以外包會扮演重要角色，但你也應該會看到人力開始呈現上升趨勢。

I'm 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.

目前我這邊沒有看到其他問題。我現在把電話交回給Kastner先生，請他做結語。

Thank you for joining the call today. I look forward to updating you throughout the year as we continue to make progress on our operational initiatives and deliver on our commitments. Thank you.

感謝各位今天參與本次電話會議。隨著我們持續推進營運倡議並履行我們的承諾，我期待在今年內持續向各位更新進展。謝謝。

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

今天的電話會議到此結束。您現在可以掛線。