亨廷頓·英格爾斯工業 (HII) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the second-quarter 2026 HII earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

各位女士、先生，感謝您稍候，歡迎參加 HII 2026 年第二季財報電話會議。(接線員指示) 請注意，今日會議將被錄音。(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。

Thank you, operator, and good morning, everyone. Welcome to the HII second-quarter 2026 conference call.

謝謝，接線員，各位早安。歡迎參加 HII 2026 年第二季電話會議。

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.

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。關於這些因素的更多資訊，載於今日新聞稿及公司向 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.

我們也將提及若干非 GAAP 財務衡量指標。關於這些非 GAAP 指標的額外揭露（包括與可比 GAAP 指標的調節），請參閱本次網路直播隨附的簡報投影片；投影片可於我們網站 ir.hii.com 的投資人關係頁面取得。

On the call today are Chris Kastner, President and Chief Executive Officer; Brian Blanchette, Executive Vice President and President of Ingalls Shipbuilding; and Tom Stiehle, Executive Vice President and Chief Financial Officer.

今天與會者包括：總裁暨執行長 Chris Kastner；Ingalls Shipbuilding 執行副總裁暨總裁 Brian Blanchette；以及執行副總裁暨財務長 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. This morning, we released our second-quarter results, which reflect our continued focus and progress on increasing throughput and delivering ships and mission solutions to the nation's sailors, Marines and war fighters.

謝謝你，Christie。各位早安。今天早上我們公布了第二季業績，反映我們持續專注並推進提升產出（throughput），以及向國家的水手、陸戰隊員與作戰人員交付艦艇與任務解決方案。

I'll start today by providing the Q2 results, highlights from Newport News Shipbuilding and Mission Technologies and an update on our operational initiatives. Brian Blanchette, President of Ingalls Shipbuilding has joined me to discuss Ingalls' updates, and then Tom will provide more details on our financial performance and outlook.

我今天先說明第二季業績、Newport News Shipbuilding 與 Mission Technologies 的重點，以及我們營運倡議的最新進展。Ingalls Shipbuilding 總裁 Brian Blanchette 也將與我一同分享 Ingalls 的最新情況，接著 Tom 會就我們的財務表現與展望提供更多細節。

Now turning to our results. We reported second-quarter sales of $3.4 billion and diluted earnings per share of $5.27. Shipbuilding sales were $2.7 billion, 16% ahead year over year and reflect our fourth consecutive quarter of double-digit growth. Given this momentum and our plans to deliver five ships over the next year, we are raising our 2026 shipbuilding revenue guidance to between $10.2 billion and $10.4 billion and our 2026 shipbuilding margin guidance to between 6% and 6.5%.

接著談我們的業績。我們第二季營收為 34 億美元，稀釋後每股盈餘為 5.27 美元。造船業務營收為 27 億美元，年增 16%，並反映我們連續第四季達成雙位數成長。基於此動能以及我們計畫在未來一年交付 5 艘艦艇，我們將 2026 年造船營收指引上調至 102 億至 104 億美元，並將 2026 年造船毛利率（margin）指引上調至 6% 至 6.5%。

At the same time, customer demand for our products and services remain strong. Second-quarter contract awards were $6.7 billion. At Newport News, CVN 79 Kennedy successfully completed builder's trials earlier this year and we expect to achieve preliminary acceptance later this year with final ship delivery in 2027. CVN 80 Enterprise continues to gain momentum and has achieved 64% erected. We expect to lay the keel for CVN 81 later this year.

同時，客戶對我們產品與服務的需求仍然強勁。第二季合約得標金額為 67 億美元。在 Newport News，CVN 79「甘迺迪號」今年稍早已成功完成建造商試航（builder's trials），我們預期今年稍晚可達成初步驗收，並於 2027 年完成最終交船。CVN 80「企業號」持續加速推進，已達成 64% 立裝（erected）。我們預期今年稍晚為 CVN 81 舉行安放龍骨（lay the keel）。

And on submarines, SSN 800 Arkansas is progressing towards delivery later this year. Shifting to Mission Technologies. We delivered another strong quarter with $760 million in sales and above 10% EBITDA margin, reflecting steady demand and disciplined execution. The division secured several major awards this quarter, including a recompete award of $418 million to continue supporting shipboard elevators across US Navy aircraft carriers and amphibious ships.

在潛艦方面，SSN 800「阿肯色號」正朝今年稍晚交付的目標推進。接著談 Mission Technologies。我們再度交出強勁的一季，營收 7.6 億美元，EBITDA 利潤率超過 10%，反映需求穩健與執行紀律。本季該事業部取得數項重大得標，包括一項 4.18 億美元的續約（recompete）合約，持續支援美國海軍航空母艦與兩棲艦上的艦載電梯。

ROMULUS unmanned surface vessel advanced to the US Navy's MUSV at-sea testing phase scheduled for September, a major milestone in this development. We also broadened our MUSV industrial base through new partnerships with Bayou Metals and Halimar shipbuilding, strengthening production capacity and scalability.

ROMULUS 無人水面載具已推進至美國海軍 MUSV 的海上測試階段，預計於 9 月進行，這是該開發計畫的重要里程碑。我們也透過與 Bayou Metals 與 Halimar shipbuilding 的新合作夥伴關係，擴大 MUSV 的產業基礎，強化產能與可擴展性。

Additionally, we secured the next production option for the Navy's Lionfish small unmanned undersea vehicle program, further demonstrating how our commercial REMUS 300 has successfully evolved into the Navy's preferred next-generation UUV. The growth in budgets for autonomous products, coupled with a strong domestic and international pipeline point to a potential significant growth in this market space.

此外，我們取得海軍 Lionfish 小型無人水下載具（UUV）計畫的下一個量產選項，進一步證明我們的商用 REMUS 300 已成功演進為海軍偏好的下一代 UUV。自主產品預算的成長，加上強勁的國內與國際商機管線，顯示此市場領域可能出現顯著成長。

Our proven products and technologies along with our partnerships with commercial technology leaders, put us in a position to take advantage of this market inflection. For example, we recently announced our partnership with Applied Intuition to develop and integrate AI defined capabilities for next-generation naval platforms in maritime manned, unmanned teaming.

我們經驗證的產品與技術，以及與商用科技領導者的合作夥伴關係，使我們得以把握這個市場拐點。例如，我們近期宣布與 Applied Intuition 合作，為下一代海軍平台開發並整合以 AI 定義的能力，用於海事有人／無人協同（manned, unmanned teaming）。

Moving to an update on our operational initiatives, increasing shipbuilding throughput continues to be a main focus. Year-to-date, we've achieved a 12% improvement over 2025 with plans in place to meet our full year goal of 15%. Throughput improvements are expected to accelerate in the second half of the year as we hit more milestones and deliveries.

接著更新我們的營運倡議，提高造船產出（throughput）仍是主要重點。今年截至目前，我們相較 2025 年已提升 12%，並已制定計畫以達成全年 15% 的目標。隨著我們達成更多里程碑並完成交付，預期下半年產出改善將加速。

Year to date, we've hired over 3,500 shipbuilders. We continue to gain traction with attracting new shipbuilders from pipeline programs, providing a foundation for our future workforce.

今年截至目前，我們已招募超過 3,500 名造船人員。我們持續在從人才管線計畫吸引新造船人員方面取得進展，為未來人力奠定基礎。

Also, we are on track to increase distributed shipbuilding by 30% this year. We continue to evaluate meaningful opportunities to bring more capacity into the shipbuilding space, including additional shipyard facilities. Finally, an agreement has been reached on VCS Block VI and the next Columbia submarine contracts. These contracts represent critical demand signals and stability, not just for our workforce but for the thousands of suppliers across the country who provide parts for these submarines.

此外，我們正按計畫在今年將分散式造船（distributed shipbuilding）提升 30%。我們持續評估將更多產能導入造船領域的重大機會，包括新增船廠設施。最後，VCS Block VI 與下一批 Columbia 級潛艦合約已達成協議。這些合約不僅對我們的員工隊伍，也對全國數千家為這些潛艦供應零組件的供應商而言，代表關鍵的需求訊號與穩定性。

Turning to activities in Washington. The President submitted his fiscal year 2027 budget request in April, which is now under consideration by Congress. As bills progress through both chambers, we continue to see bipartisan support for our programs reflected in the Defense Authorization and Appropriation Bills in the House and the Senate.

接著談華府動態。總統於 4 月提交 2027 會計年度預算案，目前正由國會審議。隨著法案在兩院推進，我們持續看到兩黨對我們計畫的支持，並反映在眾議院與參議院的《國防授權法案》與撥款法案中。

The House Appropriations Bill adds funding for the submarine industrial base to invest in critical areas, including supplier capacity and capability, strategic outsourcing, workforce training, technology and infrastructure. We await the Senate appropriations position, and final outcomes will depend on eventual respective conference committee negotiations.

眾議院撥款法案增加對潛艦產業基礎的資金，以投資於關鍵領域，包括供應商產能與能力、策略性外包、勞動力訓練、技術與基礎設施。我們正等待參議院的撥款立場，最終結果將取決於後續兩院協商委員會（conference committee）的談判。

Now to summarize my remarks, with a solid second quarter and are beginning to see positive momentum from continued investments in shipbuilding in the maritime industrial base. We are focused every day on meeting our operational commitments to the Navy and delivering 5 ships over the next 12 months.

總結我的發言，第二季表現穩健，且我們開始看到持續投資海事產業基礎之造船能力所帶來的正向動能。我們每天都專注於履行對海軍的營運承諾，並在未來 12 個月交付 5 艘艦艇。

And now I'll turn the call over to Brian for his remarks on Ingalls.

接下來我把電話交給 Brian，請他就 Ingalls 發表看法。

Thank you, Chris, and good morning, everyone.

謝謝你，Chris，各位早安。

With 13 ships currently in construction, Ingalls Shipbuilding has had a productive first half of the year. The shipyard is building six destroyers, three LPDs, two LHAs and supporting work on DDG 1000 and DDG 1002. We are also purchasing material and doing preproduction work for an additional dozen ships under contract.

目前有 13 艘艦艇正在建造中，Ingalls Shipbuilding 在今年上半年表現相當有成效。船廠正在建造 6 艘驅逐艦、3 艘 LPD、2 艘 LHA，並支援 DDG 1000 與 DDG 1002 的相關工作。我們也正在為合約下另外約 12 艘艦艇採購材料並進行前期生產作業。

Today, I'll provide an update on our ship delivery progress, our distributed shipbuilding strategy, and our continued focus on workforce readiness.

今天，我將就我們的船舶交付進度、分散式造船策略，以及我們持續聚焦於勞動力就緒度提供最新進展。

On the destroyer program, we ended 2025 with a successful delivery of DDG 128 Ted Stevens. The ship sailed away in the second quarter of 2026, marking the 36th DDG 51 Arleigh Burke-class destroyer and second Flight III destroyer Ingalls has delivered to the fleet.

在驅逐艦計畫方面，我們於2025年底成功交付DDG 128「泰德・史蒂文斯」號。該艦於2026年第二季離港啟航，這標誌著Ingalls向艦隊交付的第36艘DDG 51「阿利・伯克」級驅逐艦，以及第2艘Flight III驅逐艦。

This year, we also loaded fuel and lit-off generators on DDG 129 Jeremiah Denton as we prepare for her planned delivery in 2027. Across the destroyer line, we continue to make steady progress. We launched and christened DDG 131 George M. Neal achieved stern release and 100% butt weld complete on DDG 133 Sam Nunn and loaded main machinery on DDG 135 Thad Cochran.

今年，我們也在DDG 129「傑里邁亞・登頓」號上完成加注燃油並點火啟動發電機，為其計畫於2027年交付做準備。在整條驅逐艦產線上，我們持續穩步推進。我們下水並命名DDG 131「喬治・M・尼爾」號；DDG 133「山姆・納恩」號達成艉部脫模（stern release）並完成100%對接焊（butt weld）；並在DDG 135「薩德・科克倫」號上完成主機械裝載。

We also reached 25% butt weld complete on DDG 135 and have received all four units from our distributed shipbuilding partners. DDG 137 John F. Lehman received unit additional outsourced units and celebrated her first milestone, Start Fab capitalizing on the growing value of this production approach.

我們也在DDG 135上達成25%對接焊完成度，並已從我們的分散式造船合作夥伴處收到全部四個分段（units）。DDG 137「約翰・F・雷曼」號接收了額外外包分段，並慶祝其第一個里程碑「Start Fab」，展現此生產方式日益提升的價值。

On the amphib programs, LPD 30 Harrisburg powered up main engines in the second quarter and is progressing towards delivery this year. On LPD 31 Pittsburgh, the forward and aft deckhouses were landed, and we laid the keel of LPD 32 Philadelphia. On LHA 8 Bougainville, we continue to ramp up the test program as we prepare for her planned delivery in 2027.

在兩棲艦計畫方面，LPD 30「哈里斯堡」號於第二季啟動主機，並正朝今年交付目標推進。在LPD 31「匹茲堡」號上，前、後艦樓（deckhouses）已完成吊裝就位，且我們已為LPD 32「費城」號安放龍骨。在LHA 8「布干維爾」號上，隨著我們為其計畫於2027年交付做準備，我們持續加速推進測試計畫。

We also completed sea trials for DDG 1000 USS Zumwalt and achieved crew move aboard earlier this year.

我們也已完成DDG 1000「朱姆沃爾特」號的海試，並於今年稍早達成船員登艦入住（crew move aboard）。

And finally, in April, Ingalls was awarded the frigate lead yard support contract to procure long lead time material, execute design work, and begin preconstruction activities for the first ship. Ingalls is also continuing to increase production capability through new technology investments and additional distributed shipbuilding partners along the Gulf Coast.

最後，在4月，Ingalls獲授予護衛艦主造船廠支援合約，用於採購長交期材料、執行設計工作，並為首艘船開始前期建造活動。Ingalls也持續透過新技術投資，以及在墨西哥灣沿岸新增分散式造船合作夥伴，來提升產能。

This strategy allows selected units to be built off-site and integrated in Pascagoula, creating a dual production path that supports greater throughput. Inside our shipyard, we remain focused on workforce development by pairing targeted hiring with advanced training and onboarding technologies we are working to build a stronger workforce pipeline, increased readiness and improve retention.

此策略使部分選定分段可在場外建造並於帕斯卡古拉（Pascagoula）整合，形成雙軌生產路徑，以支援更高的產出量。在我們的船廠內部，我們仍專注於勞動力發展，透過精準招募搭配先進訓練與到職導入技術，致力於建立更強健的人才管道、提升就緒度並改善留任。

Supporting these efforts, we successfully reached an updated collective bargaining agreement with our union partners in March, and we are seeing early indications that the higher wages have a positive impact on our ability to hire and retain skilled shipbuilders.

為支持這些工作，我們於3月與工會夥伴成功達成更新後的團體協約；我們也看到初步跡象顯示，提高薪資對於我們招募並留任熟練造船工人具有正面影響。

In summary, the Ingalls team is focused on delivering three ships over the next 12 months, increasing production pace through distributed shipbuilding and strengthening the workforce required to deliver on our commitments.

總結而言，Ingalls團隊專注於在未來12個月交付三艘船，透過分散式造船提升生產節奏，並強化履行承諾所需的勞動力。

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

接下來我把電話交給Tom，請他就我們的財務結果發表一些看法。Tom？

Thanks, Brian, and good morning. Let me start by discussing our second-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.

謝謝，Brian，大家早安。我先談談我們第二季的結果，接著補充一些我們對今年剩餘期間的預期。如需更多細節，請參閱我們今早發布並已張貼於網站的財報新聞稿。

Beginning with our consolidated results on slide 5 of the presentation, our second quarter revenues of approximately $3.4 billion increased 10.9% compared to the same period last year. The higher revenue was attributable to stronger year-over-year growth at both shipyards. Ingalls' revenues were $845 million and increased by 16.7% compared to the second quarter 2025, driven primarily by higher volumes in amphibious assault ships.

先從簡報第5頁的合併結果開始，我們第二季營收約34億美元，較去年同期增加10.9%。營收成長主要歸因於兩座船廠年對年成長更強勁。Ingalls營收為8.45億美元，較2025年第二季增加16.7%，主要由兩棲突擊艦的較高產量所帶動。

Newport News revenues of $1.8 billion increased by 15.3% compared to the second quarter of 2025, driven by higher volumes across aircraft carriers and submarines. Together, shipbuilding revenue was $2.7 billion, up 15.7% year over year. Mission Technologies revenues of $760 million decreased by 3.9% compared to the second quarter of 2025, primarily due to lower volumes in All-Domain Operations in Global Security, partially offset by higher volumes in Warfare Systems and Unmanned Systems.

Newport News營收為18億美元，較2025年第二季增加15.3%，主要由航空母艦與潛艦的較高產量所帶動。合計而言，造船業務營收為27億美元，年增15.7%。任務技術（Mission Technologies）營收為7.60億美元，較2025年第二季下降3.9%，主要因「全域作戰與全球安全」（All-Domain Operations in Global Security）產量較低，部分被「作戰系統」與「無人系統」較高產量所抵銷。

This result is modestly better than the guidance we had given for the quarter, as the prior year results included approximately $45 million of revenue related to a nonrecurring contract resolution. Excluding that impact, Mission Technologies revenues grew modestly year over year on an organic basis.

此結果略優於我們先前對本季提供的指引，因去年同期結果包含約4,500萬美元、與一次性合約解決相關的營收。排除該影響後，任務技術營收以有機基礎計算，年對年呈現小幅成長。

Moving on to slide 6. Segment operating income of $224 million and segment operating margin of 6.6% in the second quarter of 2026 compared to $172 million and 5.6% in the second quarter of 2025. At Ingalls, segment operating income was $58 million and operating margin was 6.9% compared to $54 million and 7.5% in the second quarter of last year.

接著看第6頁。2026年第二季分部營業利益為2.24億美元、分部營業利益率為6.6%，相較於2025年第二季的1.72億美元與5.6%。在Ingalls，分部營業利益為5,800萬美元、營業利益率為6.9%，相較於去年第二季的5,400萬美元與7.5%。

The increase in segment operating income was driven by higher volumes in amphibious assault ships partially offset by favorable contract adjustments in surface combatants in the second quarter of 2025.

分部營業利益的增加，主要由兩棲突擊艦較高產量所帶動，但部分被2025年第二季水面作戰艦的有利合約調整所抵銷。

The second-quarter net cumulative adjustment at Ingalls was a negative $2 million and none of the adjustments were individually significant. At Newport News, segment operating income was $111 million and operating margin of 6% compared to $82 million and 5.1% in the second quarter of 2025. The increase in segment operating income was primarily driven by contract adjustments and incentives in aircraft carriers and the higher volumes I described earlier, partially offset by lower performance in aircraft carriers.

Ingalls第二季的淨累計調整（net cumulative adjustment）為負200萬美元，且本季各項調整單獨來看皆不具重大性。在Newport News，分部營業利益為1.11億美元、營業利益率為6%，相較於2025年第二季的8,200萬美元與5.1%。分部營業利益的增加主要由航空母艦的合約調整與獎勵，以及我先前提到的較高產量所帶動，但部分被航空母艦較低的執行表現所抵銷。

For the second quarter of 2026, Newport News Shipbuilding's net cumulative adjustment was positive $8 million. The quarterly result did include meaningful positive and negative adjustments within the carrier refueling and complex overhaul program as we incorporated change settlements and realigned risk and expectations across that program.

2026年第二季，Newport News Shipbuilding的淨累計調整為正800萬美元。本季結果確實包含航母燃料補給與複雜大修（refueling and complex overhaul）計畫中的顯著正、負調整，因我們納入變更和解並重新校準該計畫的風險與預期。

As Chris mentioned, we reached agreement on the submarine contracts. The contract definitization is contemplated in our third quarter guidance. Moving on, Mission Technologies segment operating income was $55 million and operating margin was 7.2% compared to $36 million and 4.6% in the second quarter of 2025. The increase in segment operating income was primarily due to higher equity income from nuclear and environmental joint ventures.

如Chris所提，我們已就潛艦合約達成協議。合約定案（definitization）已納入我們第三季指引的考量。接著，任務技術分部營業利益為5,500萬美元、營業利益率為7.2%，相較於2025年第二季的3,600萬美元與4.6%。分部營業利益的增加主要來自核能與環境合資企業較高的權益法收益（equity income）。

For the second quarter of 2026, Mission Technologies' net cumulative adjustment was a positive $4 million. None of the adjustments in the quarter were individually significant. Consolidated operating income for the quarter was $210 million, and operating margin was 6.1%, compared to $163 million and 5.3% in the same period last year.

2026年第二季，任務技術的淨累計調整為正400萬美元。本季各項調整單獨來看皆不具重大性。本季合併營業利益為2.10億美元、營業利益率為6.1%，相較於去年同期的1.63億美元與5.3%。

The increase in operating income was driven by the favorable segment operating income that I just reviewed, partially offset by higher noncurrent state income tax expense and the operating FAS/CAS adjustment.

營業利益的增加主要由我剛回顧的各分部有利營業利益所帶動，但部分被較高的非流動州所得稅費用，以及營運層面的FAS/CAS調整所抵銷。

Net earnings in the quarter were $208 million, and diluted earnings per share were $5.27, up from $152 million and $3.86 in the same period last year. The effective tax rate in the second quarter was 18.1%. This was below the guidance of 21% that we previously provided, primarily due to favorable tax impacts related to stock award settlement activity.

本季淨利為2.08億美元，稀釋後每股盈餘為5.27美元，高於去年同期的1.52億美元與3.86美元。第二季有效稅率為18.1%。此低於我們先前提供的21%指引，主要因股票獎酬結算活動帶來的有利稅務影響。

Turning to slide 7. Cash used in operations was $31 million in the quarter. Net capital expenditures were $119 million or 3.5% of revenues. Free cash flow results in the quarter came in below the forecast we provided on the last earnings call, largely due to timing of receipts and disbursements between quarters. There's no change to our free cash flow expectation for the year, which I will provide some more color on in a moment.

接著看第 7 張投影片。本季營運活動使用的現金為 3,100 萬美元。淨資本支出為 1.19 億美元，約占營收的 3.5%。本季自由現金流低於我們在上次財報電話會議所提供的預測，主要是因跨季度收款與付款時點差異所致。我們對全年自由現金流的預期沒有改變，我稍後會再補充一些說明。

During the quarter, we did not repurchase any shares. We did pay a cash dividend of $1.38 per share or $55 million in aggregate.

本季我們未回購任何股份。我們確實支付了每股 1.38 美元的現金股利，合計 5,500 萬美元。

Turning to liquidity and the balance sheet. We ended the quarter with a cash balance of $12 million and liquidity of approximately $1.7 billion.

接著談流動性與資產負債表。本季期末現金餘額為 1,200 萬美元，流動性約為 17 億美元。

Moving on to our outlook on slide 8. We are increasing our expectation for shipbuilding revenue for the year as well as bringing up the bottom end of the shipbuilding operating margin range for 2026. We now expect shipbuilding revenue between $10.2 billion and $10.4 billion and expect shipbuilding operating margin in the range between 6% and 6.5%.

接著看第 8 張投影片的展望。我們上調今年造船營收的預期，同時也上調 2026 年造船營業利益率區間的下緣。我們目前預期造船營收介於 102 億至 104 億美元，並預期造船營業利益率介於 6% 至 6.5%。

We are reiterating all other aspects of our guidance for 2026, including the expectations for Mission Technologies revenue of between $3 billion and $3.2 billion and Mission Technologies segment operating margins of approximately 5%. I'll note that we continue to see the new battleship and frigate programs as meaningful upside opportunities to our medium-term outlook, though we will need additional details before we can include those in our guidance outlook.

我們重申 2026 年指引的其他所有面向，包括任務科技（Mission Technologies）營收預期介於 30 億至 32 億美元，以及任務科技事業部營業利益率約 5%。我也要指出，我們仍將新戰艦與巡防艦計畫視為中期展望的重要上行機會，但在能將其納入指引展望之前，我們仍需要更多細節。

Moving on to the third quarter look ahead outlined on slide 8. We expect shipbuilding revenue of approximately $2.6 billion and shipbuilding operating margin that is similar to the second quarter result of 6.3%. For Mission Technologies, we expect revenues will be similar to the second quarter results of $760 million and operating margin of approximately 4%, inclusive of strategic investments that we expect to make in our unmanned capability and production capacity.

接著看第 8 張投影片所列的第三季前瞻。我們預期造船營收約 26 億美元，造船營業利益率與第二季 6.3% 的結果相近。就任務科技而言，我們預期營收將與第二季 7.6 億美元的結果相近，營業利益率約 4%，其中包含我們預期將在無人化能力與產能方面進行的策略性投資。

We expect free cash flow in the third quarter to be approximately $100 million. This does mean that we expect significant free cash flow generation in the fourth quarter to meet our guidance for the full year of between $500 million and $600 million.

我們預期第三季自由現金流約 1 億美元。這也意味著，為了達成全年 5 億至 6 億美元的指引，我們預期第四季將有顯著的自由現金流產生。

We are reiterating that outlook and do expect meaningful positive cash impacts from contract advances and incentives as well as favorable cash tax impacts in the fourth quarter.

我們重申該展望，並確實預期第四季將受惠於合約預收款與獎勵帶來的顯著正向現金影響，以及有利的現金稅負影響。

Regarding the effective tax rate, we believe it is prudent to use our tax rate of 21% for the third quarter, but we still believe 17% is appropriate for 2026 with an expected research and development tax credit expected in the fourth quarter at the end of the year.

關於有效稅率，我們認為第三季採用 21% 的稅率較為審慎，但我們仍認為 2026 年採用 17% 是合適的，因為預期在年底第四季將取得研發稅額抵減。

To close, it was another good quarter as we continue to make steady progress and execute against our 2026 operational initiatives. We are pleased to improve the shipbuilding expectations for the year and remain focused on executing our plan.

最後總結，這又是一個不錯的季度，我們持續穩健推進並落實 2026 年的營運倡議。我們很高興能上調今年造船業務的預期，並將持續專注於執行我們的計畫。

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

謝謝你，Tom。(活動說明) 接線員，我把問答環節交給你來主持。

(Operator Instructions) John Godyn, Citi.

(接線員說明) 花旗（Citi）的 John Godyn。

Obviously, a great kind of margin quarter. You raised shipbuilding margins and you're tracking in line with the full year guidance. I was hoping you could shed some light on how to think about shipbuilding margins through the remainder of the year, just by quarter.

顯然，這是一個相當不錯的毛利率季度。你們上調了造船毛利率，而且目前的進度與全年指引一致。我想請你們說明一下，該如何按季度來看今年剩餘期間的造船毛利率走勢。

And at the same time, it would be helpful to step through any of the remaining milestones just to calibrate everybody's expectations on timing.

同時，如果能逐一說明任何剩餘的里程碑，協助大家校準對時程的預期，也會很有幫助。

Sure, John. I think Tom indicated where we think we're going to be in Q3. And then if you look at the full year, you can kind of see how we're thinking about margin for the balance of the year. But from a milestone standpoint, delivery of 30 will be towards the end of the year. It will go to trials here in Q3. 79 is actually going to go to trials here in a couple of weeks or a week or two, and we expect that to proceed and that's on schedule.

當然，John。我想 Tom 已經指出我們認為第三季會落在什麼水準。然後如果你看全年，你大致可以看出我們對今年剩餘期間毛利率的思考方式。但就里程碑而言，30 號的交付會在年底前後。它會在第三季進入試航。79 號其實會在接下來一兩週內進入試航，我們預期會按計畫推進，目前進度符合時程。

800 is towards the end of the year, some real critical milestones coming up in the summer here or the later part of the summer related to 800. So those are the remaining milestones, laying the keel of 81 is on schedule towards the back half of the year, but I don't anticipate a lot of margin related to that. So those are the '26 milestones. '27 is all still in place, and we're proceeding on those as well.

800 號在年底前後，與 800 相關的一些非常關鍵的里程碑會在今年夏天或夏末較後段出現。所以這些就是剩餘的里程碑；81 號的安放龍骨（laying the keel）也按計畫在下半年進行，但我不預期這會帶來太多與毛利率相關的影響。所以這些就是 2026 年的里程碑。2027 年的各項安排仍然都在軌道上，我們也正在推進。

Okay. Got it. And clearly, executing well operationally, trends are moving in the right direction. But are there any additional data points you can share on improving throughput, productivity, reducing costs, just to help paint a picture of how far you've come and how much more there is to go?

好的。了解。而且很明顯，你們在營運執行上做得很好，趨勢也朝正確方向發展。但你們是否能分享更多數據點，例如提升產出速度（throughput）、生產力、降低成本等，幫助大家描繪你們已經走了多遠、以及還有多少進步空間？

Yes, we've made really good progress, right? We had 14% last year in throughput. We expect 15% this year. Newport News has had a great start of the year over the first two quarters relative to throughput, primarily on the submarine programs. Ingalls had a bit of a slow start this year related to labor and labor growth, and that's really tied to getting their labor agreement done in March.

是的，我們確實取得了很好的進展，對吧？去年我們的產出速度提升了 14%。今年我們預期提升 15%。Newport News 在今年前兩季的產出速度表現有很好的開局，主要來自潛艦計畫。Ingalls 今年開局稍慢，與勞動力與人力成長有關，而這主要與他們在 3 月完成勞資協議有關。

I actually, fortunately enough, have Brian here, Blanchette from Ingalls Shipbuilding, and he can talk about what they're doing from a labor standpoint and how the ships are progressing through the factory there.

我其實很幸運，Brian Blanchette（Ingalls Shipbuilding）今天也在現場，他可以談談他們在人力方面做了哪些事，以及船舶在那邊工廠的生產推進情況。

Thanks, Chris. Yes, as Chris said, we signed an updated collective bargaining agreement at the end of the first quarter. And it was really a win-win-win agreement, good for the workforce, good for us, good for the Navy. And we saw immediate benefit from a retention standpoint, but there's a little bit of a lag from a hiring standpoint, just as Newport News saw when they did some wage adjustments last year. But we're starting to see some good positive indicators on hiring.

謝謝你，Chris。是的，如 Chris 所說，我們在第一季末簽署了更新的團體協約。這真的是一個三贏的協議：對員工好、對我們好、對海軍也好。我們在留任方面立刻看到效益，但在招募方面會有一點滯後，就像 Newport News 去年做薪資調整時所看到的一樣。不過我們開始看到一些招募上的正向指標。

We have all of our pipeline programs are going really well. Our apprentice school is near full capacity. The next class that we take in, in the next month or so should put us there. Our high school programs are going great, had an excellent signing day ceremony, in the spring and our biggest class ever for that. So we're excited about where we're headed.

我們所有的人才管道計畫（pipeline programs）進展都非常順利。我們的學徒學校幾乎滿載。我們下一期在接下來一個月左右招收的班級應該就會讓我們達到滿載。我們的高中計畫也進展得很棒；春季我們舉辦了一場非常成功的簽約日典禮，而且是我們歷來最大的一屆。所以我們對未來的方向感到很振奮。

As Chris said, it was a bit of a slow start, but we're positive about the second half of the year.

如 Chris 所說，開局確實稍慢，但我們對下半年抱持正面看法。

Yes, I can add to that we are delivering 5 ships over the next 12 months. I said that in my script as well, three of those in Ingalls. So it's critical that we get through those on schedule to get those ships to the Navy, but also critical, you get to rotate those crews to the next ships in the production line. So that's also very important.

是的，我也可以補充：我們在未來 12 個月內將交付 5 艘船。我在講稿中也提到，其中 3 艘在 Ingalls。因此，按時完成並交付這些船舶至海軍非常關鍵；同樣關鍵的是，你要能把這些團隊輪調到生產線上的下一艘船。所以這也非常重要。

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛。

The updated -- a few questions on the updated guidance. So the new shipbuilding range -- revenue range implies the back half, 3Q and 4Q combined are kind of flat year over year. Maybe you can help us out with why you'd be flat in the back half versus the double-digit growth in the first half. And specifically, I think it implies 3Q is up about 6% and 4Q is down about 6%.

關於更新後的指引，我有幾個問題。新的造船業務區間——營收區間意味著下半年，也就是第三季與第四季合計，大致上年對年持平。能否請你們協助說明，為什麼下半年會持平，而上半年卻是雙位數成長？具體來看，我認為這暗示第三季約成長 6%，第四季約下滑 6%。

What drives 4Q down? And then on the shipbuilding margin, forecasting it kind of flattish sequentially. Could you talk a little bit more about the moving pieces there? Because I thought you had explained previously that whenever you captured the contracts on the next batch of subs, there were maybe payments associated with that plus the retroactive catch-up of having had booked long lead at very low margin.

是什麼因素導致第四季下滑？另外在造船毛利率方面，你們預測環比大致持平。能否再多談一些其中的變動因素？因為我記得你們先前解釋過，每當你們拿到下一批潛艦的合約時，可能會有相關付款，外加先前以很低毛利率入帳的長交期項目會有追溯性的補提（catch-up）。

If you could help out with those things.

如果能就這些部分協助說明就太好了。

I appreciate that, Noah. On the revenue side, as you mentioned and said in the remarks, we did upscale the expectations for shipbuilding by $0.5 billion, both the low end and the top end. It is true when you do the math of that actuals now in Q1, Q2 plus the guide for Q3, where that could land in Q4. That ranges from the $10.4 billion across the whole year, the Q4 then would be anywhere from $2.5 billion to $2.7 billion.

謝謝你，Noah。在營收方面，如你所提及、也如我們在談話中所說，我們把造船業務的預期上調了 5 億美元，區間下緣與上緣都同步上調。確實，當你把第一季、第二季的實際數字加上第三季的指引去推算第四季可能落點時，以全年 104 億美元的區間來看，第四季大約會落在 25 億到 27 億美元之間。

And you're right, if you look at it compared to where we just finished up almost at $2.7 billion with the guide of $2.6 billion, and then compared to Q4 of last year, it seems like it's flat, if anything kind of pulls back a little bit. But a couple of points to come back on that.

你說得沒錯，如果拿它跟我們剛結束的季度相比——我們剛做完接近 27 億美元、指引是 26 億美元——再對照去年第四季，看起來是持平，甚至可能略微回落。不過有幾點想回應。

One, in Q4 of last year, it was a big material quarter for both sides, but specifically that at Ingalls. So that's a positive guide. And then also, there's probably a little conservatism in there. We want to see both the material, the labor continue to inflect upward at Ingalls, the material as planned to come in here. I wouldn't overly focus the year-over-year guide being flat or maybe slightly negative to Q4, but the fact of the matter that we've had four now quarters in a row, both for HII and in shipbuilding, four quarters in a row of double-digit growth.

第一，去年第四季在兩個造船廠都是材料投入很大的季度，尤其是 Ingalls。所以那是一個偏高的比較基期。第二，這裡面可能也帶有一些保守性。我們希望看到 Ingalls 的材料與人力都能持續向上改善（inflect upward），材料也能如計畫到位。我不會過度聚焦於第四季年對年指引看起來持平或略為負成長；事實上，我們現在已經連續四個季度，不論是 HII 整體或造船業務，都呈現連續四季的雙位數成長。

So we're out in front of our 6% medium-term guide. And I feel really comfortable about that. I think we just want to see it occur and happen. And again, it's a tough comp against Q4 2025 in shipbuilding.

因此我們已經走在中期 6% 指引的前面。我對此非常有信心。我想我們只是希望看到它實際發生並落地。而且，造船業務要對比 2025 年第四季，本來就是一個很難的比較基期。

On the margin side there, again, it's the same story. We've given the same 6.3% for Q3 kind of guidance that we just came through for 6.3% for this quarter. You heard last night that we did get the sub awards, which bring meaningful revenue, more commitment in statement of work and CapEx and incentive opportunities in that, too.

至於毛利率方面，基本上也是同樣的故事。我們給出的第三季指引仍是約 6.3%，和我們剛走過的本季 6.3% 相同。你們昨晚也聽到我們拿到了潛艦的授標，這會帶來可觀的營收，並在工作說明（statement of work）、資本支出（CapEx）與激勵機會方面帶來更多承諾。

I would tell you that a piece of Q2 had incentives in there. We did not want to wait. We had an agreement with the Navy to get started on those incentives. So the Q2 has a piece of the incentives baked into it. And going forward, there's additional incentives that come about with the award in Q3. I would tell you, it's on the early side. You can imagine just putting that on contract, adjusting the booking rates more contract value, more statement of work, more capital commitment.

我會告訴你，第二季裡面有一部分包含了激勵。我們不想等待。我們與海軍達成協議，先行啟動這些激勵。因此第二季已經把一部分激勵納入其中。往後，第三季的授標還會帶來額外的激勵。我會說目前仍偏早期。你可以想像，剛把它納入合約後，需要調整入帳率（booking rates），合約價值更高、工作說明更多、資本承諾也更多。

And then the time to actually -- even though there's capital incentives on there, there's time and contract incentives, we need time to actually meet the milestones, meet the criteria and be able to kind of book that and eventually get the cash at the end of the year. So I'm quite comfortable with that.

接著在實際執行上——即使其中包含資本激勵，也有時間與合約激勵——我們仍需要時間去達成里程碑、符合條件，才能把它入帳，並最終在年底拿到現金。所以我對此相當有信心。

A perspective, again, just like I gave you on the revenue. On the margin side, if you look at the march up that we've had, whether we talk about where we've been in quarterly shipbuilding from 5.5% in Q4 of last year to 5.7% in Q1 of this year to now 6.3%. That's the nice incremental march that we've kind of forecasted that was coming about as the portfolio would change over and with these subcontract boat awards.

再提供一個角度，就像我剛才談營收一樣。在毛利率方面，如果你看我們一路上行的幅度——以季度造船毛利率來說，從去年第四季的 5.5%，到今年第一季的 5.7%，再到現在的 6.3%。這就是我們先前預測會出現的、逐步向上的走勢，因為產品組合會轉換，加上這些潛艦分包船（subcontract boat）授標的影響。

And then just from a fiscal perspective, we've seen 5.2%, 5.2% ROS in shipbuilding in '24, 5.9% in 2025 and now raising the guidance from 5.5% to 6.5% to now 6.0% to 6.5%, a midpoint of 6.25%, again, the progression both quarterly and annually on how the company is moving forward here as we -- the investments are paying off input output, top line is growing, incremental improvement on the bottom line.

再從年度財務角度來看，造船業務在 2024 年的銷售報酬率（ROS）是 5.2%、2025 年是 5.9%；而我們現在把指引從原先的 5.5% 到 6.5%，上調為 6.0% 到 6.5%，中點 6.25%。

So I'm quite comfortable with both the quarter itself and where we're projecting the end of the year is going to be.

因此，無論是對本季度本身，或是我們對年底的預估，我都相當有信心。

Okay. Great. Tom, I appreciate all that detail. Yes, I guess just should we think of last night's contracts as in the outlook you're providing today or incremental to the outlook you're providing today because I guess you're technically giving us this post the contracts, but you're also, I assume, not formulating your earnings report and guidance only the night prior.

好的。很好。Tom，謝謝你提供這麼多細節。我想再確認一下：昨晚的合約是否已經包含在你們今天提供的展望之中，還是說是相對於今天展望的額外增量？因為你們技術上是在合約之後才對外說明，但我也假設你們不會只在前一晚才編製財報與指引。

Yes. So I'll square that up for you. As I mentioned earlier, in the Q2 results already was a cadre of the incentives, right? We had an agreement, and that was booked in Q2. And then with the awards last night, there's additional incentives that come about that, and that's rolled into the guidance of Q3. We had an expectation of understanding.

是的。我來把這點說清楚。如我先前提到，第二季的結果裡已經包含了一部分激勵，對吧？我們有一個協議，而那部分已在第二季入帳。而昨晚的授標會帶來額外的激勵，這些已納入第三季的指引之中。我們對此原本就有預期與理解。

We've been saying for a while that first and goal of getting the mods over the goal actually have mods in hand, That's occurred last night, but both the actuals that we had with the agreement in Q2 are in place and rolled in there. And then with the anticipation of what was going to be awarded, which was aligned with our expectations, that was already baked into the forecast as we go forward.

我們講了一段時間，首要目標是把這些合約修改（mods）推進到真正拿到手——昨晚已經發生了。不過，第二季基於協議所反映的實際數字已經到位並納入其中。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Very nice results, and congrats on the submarine contract. I have a couple of quick clarifications on it. Of the $76.6 billion of contract mods, how much of that goes to Newport News versus Electric Boat, if you have a ballpark figure there? And is there a reason why it was only 9 Virginias instead of 10?

業績非常亮眼，恭喜拿下潛艦合約。我有幾個快速釐清的問題。在 766 億美元的合約修改（contract mods）中，大約有多少是分配給 Newport News、多少是分配給 Electric Boat？如果你們能提供一個大概的數字。另外，為什麼只有 9 艘維吉尼亞級（Virginia）而不是 10 艘？

Yes. So on the Part 1 there, yes, $76.6 billion. What comes to Newport News is approximately $25 billion of that and about $5.5 billion on the Columbia program. The rest of that is related with the Block VI contract award. Obviously, it goes on the VCS contract.

是的。所以在第一部分那裡，是的，766億美元。其中大約250億美元會到紐波特紐斯，另外哥倫比亞計畫約55億美元。其餘部分與第六批次（Block VI）合約授標有關。顯然，它也延伸到VCS合約。

And then the capital incentives that benefit both the Virginia-class, the Columbia-class and Newport News operations in totality, those incentives are spread over various contracts. Relative to --

然後，能同時使維吉尼亞級、哥倫比亞級以及紐波特紐斯整體營運受益的資本激勵，這些激勵分散在多個合約之中。相對於--

Yes, the nine ships, there is material for the 10th ship bought as well, I believe. So that's not going to impact production of the class. It's more of a funding mechanism.

是的，九艘船；我相信也採購了第十艘船的材料。所以那不會影響該級別的生產。它比較像是一種資金安排機制。

So there's 10 ships of material, right? And then there's nine shipsets cost-wise for the integration and testing and delivery of the boat, right? And the 10th ship could be used for spares or could eventually be pushed over the goal line as another integrated ship.

所以是十艘船的材料，對吧？然後在整合、測試與交付船艦方面，成本上是九套船組（shipsets），對吧？而第十艘船可以用作備品，或最終也可能被推進到終點線，成為另一艘完成整合的船。

Okay. That's helpful context. And then, Chris, you've done a lot of work increasing the outsourcing through distributed shipbuilding. With your outsourcing partners so far, how has the quality of work been? Has it been in line with expectations, better than hoped? Or maybe are there areas for improvement? Just curious how that's going.

好的。這些背景資訊很有幫助。接著，Chris，你在透過分散式造船提升外包比例方面做了很多工作。就目前的外包合作夥伴而言，工作品質如何？是否符合預期、比希望的更好？或者是否有需要改進的地方？只是好奇目前進展如何。

Yes. Well, we have a long history of outsourcing in both shipyards. So we've unfortunately made mistakes in the past. We've learned from that in each shipyard. We've rolled those lessons learned into our process for outsourcing, again, in both shipyards. Now it's not perfect. We still have some issues. But all in all, in each, we've had pretty positive results.

是的。嗯，我們在兩個船廠都有很長的外包歷史。所以很不幸地，我們過去也犯過錯。我們在各船廠都從中學到教訓。我們也把這些經驗教訓納入目前的外包流程中，同樣適用於兩個船廠。現在這並不完美。我們仍然有一些問題。但整體而言，在各方面我們都取得相當正面的成果。

When we do find issues, we have our QA and our engineering team out there right away. We have in-process inspections to ensure that we execute with our outsourced partners. So it's not been perfect. And we need to continue our outsourcing, and we've been pretty successful over the last two years doing that, and we will continue to do additional outsourcing related to distributed shipbuilding. So it's been positive.

當我們發現問題時，我們的品保（QA）與工程團隊會立刻到現場。我們有製程中的檢驗（in-process inspections），以確保我們與外包夥伴的執行到位。所以這並不完美。我們需要持續推動外包；過去兩年我們在這方面相當成功，且我們會繼續進行更多與分散式造船相關的外包。所以整體是正面的。

There have been issues we've had to deal with. We jumped right on them, and we remediate the issue. But all in all, it's been very positive.

確實有一些問題需要處理。我們立即介入，並進行補救。但整體而言，結果非常正面。

And piggyback on the back of that, too, here is our ships are follow-on ships that are in production, both Newport News and Ingalls provides the engineering package and the package of parts as well. So it's not first of class or first new builds. The vendors are at times doing it for the first time, but we have program project management oversight, we've quality and engineering support.

另外也補充一下：我們的船都是已在生產中的後續艦（follow-on ships）；紐波特紐斯與英格爾斯（Ingalls）都會提供工程套件以及零件套件。所以這不是首艦（first of class）或第一批新造艦。供應商有時是第一次做，但我們有計畫專案管理的監督，也有品質與工程支援。

And then when they're finishing their products, it's more in a pilot range that we pilot initial construction or fabrication. And then as they're able to prove out and get good quality and they're on cost and schedule, then we provide more work packages.

然後當他們完成產品時，會更像是在試點（pilot）範圍內，我們先試行初始建造或製造。接著當他們能證明品質良好，且成本與進度都達標時，我們就會提供更多工作包（work packages）。

Maybe Brian could talk about their process and how they evaluate distributed shipbuilding partners.

也許Brian可以談談他們的流程，以及他們如何評估分散式造船的合作夥伴。

Yes. As Chris said, we worked really hard to incorporate all the lessons learned from past efforts, and we worked hand-in-hand with our Navy partners down on the Gulf Coast. So it isn't a throw it over the fence kind of mentality. We're there, as Tom said, hand-in-hand with our suppliers. We have incremental checkpoints just like we would for ourselves, both with our inspectors and our Navy inspectors.

是的。如Chris所說，我們非常努力把過去工作的所有經驗教訓納入其中，並且與我們在墨西哥灣沿岸的海軍夥伴密切合作。所以這不是那種「丟過牆就不管」的心態。我們如Tom所說，與供應商手把手合作。我們設有循序漸進的檢核點，就像我們對自己一樣，包含我們的檢驗員以及海軍的檢驗員。

And the proof is in the pudding. We just erected our first two grand blocks as we talked about in the release we just put out from our distributed shipbuilding partners, and they were incorporated into the ship as expected. And so it takes -- staying on top of it and working hand-in-hand with the suppliers, but we're really positive about the results so far.

成果最能說明一切。我們剛把分散式造船合作夥伴提供的前兩個大型分段（grand blocks）吊裝就位（erected），正如我們在剛發布的新聞稿中提到的，它們也如預期被整合進船體。因此這需要——持續緊盯並與供應商手把手合作，但到目前為止我們對結果非常正面。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Congrats on the submarine contracts by the way. Yes. I was curious just -- was there anything about the terms once it was finalized that surprised you or made you think the 9% to 10% eventual goal at shipbuilding is not consistent with the terms of the submarine contracts that were agreed to last night?

順便恭喜拿下潛艦合約。是的。我想問的是——在條款最終敲定後，有沒有任何內容讓你感到意外，或讓你覺得造船業務最終9%到10%的目標，與昨晚同意的潛艦合約條款不一致？

No, no, nothing different or special about the terms. It was a lot of work. It's a very big contract. The Navy, the EB and the Newport News team worked very hard to get it over the goal line. But it's very consistent with what we expect from a profitability standpoint. So nothing really special.

沒有，沒有，條款沒有任何不同或特別之處。這是一項大量的工作。這是一份非常大的合約。海軍、EB以及紐波特紐斯團隊都非常努力把它推到終點線。但從獲利能力的角度來看，它非常符合我們的預期。所以沒有什麼特別的。

Obviously, we had to incorporate kind of lessons learned from coming through COVID and the economic environment we dealt with there. So I do obviously expect it to perform better than those contracts, but I think it's very consistent with the long-term margin profile that we expect.

顯然，我們必須把經歷COVID以及當時面對的經濟環境所得到的經驗教訓納入考量。所以我確實預期它的表現會比那些合約更好，但我認為它非常符合我們預期的長期毛利率輪廓。

Okay. That's great to hear. And because we're all kind of asking the same question on what the size of the EAC was in Q2 related to it and/or will be in Q3. Is there any way you can give us some way to assess how big that was related to signing these contracts?

好的。很高興聽到。而且因為我們大家都在問同一個問題：第二季與此相關的EAC規模是多少，以及／或第三季會是多少。你們是否能提供任何方式，讓我們評估這與簽署這些合約相關的影響有多大？

And then also the cash impact, presumably, there are advances and the like that are in the guidance for the year. So any quantification would be helpful.

另外還有現金影響；推測應該有預付款之類的項目已包含在全年指引中。所以任何量化資訊都會很有幫助。

Yes. There's a lot of moving parts in that. Obviously, as I stated earlier, very topically, more contract value, more statement of work, capital commitments, incentives on the contract. So it's early, and we normally don't provide that type of visibility into the contract right now as we go forward here.

是的。這裡面有很多變動因素。顯然，如我先前所說，從當下來看，合約價值更高、工作範疇（statement of work）更多、資本承諾、以及合約中的激勵。所以現在還早，而我們通常也不會在此刻就對外提供這類合約層級的能見度，因為我們接下來還要往前推進。

There's always timing issues related to incentives under the contract but we've included all that within our guidance.

合約中的激勵一向會有時點上的問題，但我們已把這些都納入我們的指引之中。

Maybe just to put a finer point on it, should we expect a bigger -- not knowing what the absolute numbers are, should we expect a bigger adjustment favorably in Q3 versus Q2 related to the contracts being signed?

也許把問題說得更精準一些：在不知道絕對數字的情況下，針對合約簽署這件事，相較於第二季，我們是否應該預期第三季會有更大的——偏正向的——調整？

So I'll take that. Yes. The contract itself is in very early stages. So we've got to make progress on the revenue side, see how performance plays out. There's milestones and responsibilities we have, obviously, to execute the contract in cost and schedule relative to the incentives and things we have to do in evidence completion on that. So I would expect that we would just like we saw an incremental improvement here.

我來回答。是的。這份合約本身還在非常早期的階段。所以我們必須在營收端取得進展，並觀察實際執行表現如何。我們有一些里程碑與責任，顯然需要在成本與進度上把合約執行到位，這也關係到激勵，以及我們必須完成並提出佐證的事項。所以我預期會像我們這次看到的一樣，呈現逐步的改善。

We find our footing once we establish -- the contract has been awarded, we'll establish our baseline, so we'll get that out. And then we're off to the race. It's just managing performance every 13 weeks and making our commitments in those contracts. So I think it's aligned.

一旦我們站穩腳步——合約一旦授予，我們就會建立基準線，先把那部分完成。然後我們就開始全速前進。接下來就是每 13 週管理一次績效，並在這些合約中履行我們的承諾。所以我認為這是對齊的。

The guidance kind of incorporates that. You can see after a meaningful kind of step-up in shipbuilding at 5.7% to 6.3%, we're telling you 6.3% for Q4. You can do the high and low against that at now 6% to 6.5% steady performance and staying on schedule. It's a piece of the portfolio as Newport News gets us to the top end.

指引某種程度上已經把這些納入考量。你可以看到，在造船業務從 5.7% 到 6.3% 有一個相當明顯的躍升之後，我們告訴你第四季是 6.3%。你可以用這個作為基準，對照目前 6% 到 6.5% 的高低區間，代表穩定的表現並且按進度推進。這是投資組合中的一部分，而 Newport News 讓我們有機會達到區間上緣。

And if we were to run into some headwinds on the existing contracts as we're trying to get those completed and pushed back, there's always the possibility of some step backs from those. But we did clip off half the bottom range here, and we feel good here with just a little less than half year to go, now stating at 6% to 6.5% for shipbuilding at year's end.

如果我們在既有合約上遇到一些逆風，因為我們正努力把它們完成並把進度追回來，那麼也總是有可能出現一些回撤。但我們這次把區間下緣削掉了一半，而且在距離年底只剩不到半年的情況下，我們對此感覺良好，現在仍表示年底造船業務為 6% 到 6.5%。

Doug Harned, Bernstein.

Doug Harned，Bernstein。

I'd like to go back to Noah's question. I'm just trying to understand the shipbuilding guidance because this is -- I mean, this is an industry, you don't get a lot of surprises. So the fact that you took guidance up by a pretty large amount, $500 million quarter over quarter. How much of that was due to this new award? And how much might be due to something else like a change in the milestone or something like that?

我想回到 Noah 的問題。我只是想理解造船指引，因為這——我的意思是，這個產業不太會有很多意外。所以你們把指引上調了相當大的幅度，季度對季度增加了 5 億美元。其中有多少是因為這個新得標？又有多少可能是因為其他因素，例如里程碑變更之類的？

Top line was related, and I'll let Thomas talk about the award, but the top line is really just confidence that we're going to execute on our programs over the balance of the year. Throughput is up 12%, materials proceeding, the milestones are staying in place. So from my perspective, that's just confidence in execution under our programs.

營收上端（top line）是相關的，我會讓 Thomas 談談這個得標，但營收上端其實主要是我們對於在今年剩餘期間能夠執行各項計畫的信心。產出量提升了 12%，材料供應在推進，里程碑也維持不變。所以就我看來，這就是對我們在各項計畫下執行力的信心。

Now obviously, we got a large contract award and Tom -- I don't think he's going to give you specific numbers in that regard because we had that in our guidance or we knew that we're going to get that under contract anyway, but Tom can comment on the top line.

當然，我們確實拿到了一個大型合約得標，而 Tom——我不認為他會在這方面給你具體數字，因為我們在指引中已經納入，或我們本來就知道無論如何都會把它簽成合約，但 Tom 可以就營收上端做些評論。

It's much more, Doug, on the former here right now. It's the run rates that we're seeing both at Newport News and Ingalls. We see good inflection on hiring and in-sourcing, outsourcing at both yards and then expectation down at Ingalls that, as Chris said earlier, a little flat at the beginning of the year. But what we're seeing in throughput and capacity, in-sourcing, outsourcing, job shop labor and then just the actual numbers.

Doug，就目前而言，更偏向前者。這是我們在 Newport News 和 Ingalls 看到的運轉速率（run rates）。我們看到在兩個船廠的招募與內製（in-sourcing）都有良好的轉折點，同時也有外包（outsourcing）；而在 Ingalls 端的預期，如 Chris 先前所說，年初稍微持平。但我們在產出量與產能、內製、外包、臨時工（job shop labor）以及實際數字上所看到的情況。

As I mentioned earlier, we've seen HII have double-digit growth across the company, HII across 3 divisions, but specifically in shipbuilding that follows suit as well, 18%, 19.6%, 9.7% and now 15.8%, respectively, quarter over quarter -- year over year on a quarterly basis. So there is a good footing there. We're doing what we're executing.

如我先前提到的，我們看到 HII 全公司呈現雙位數成長，HII 橫跨三個事業部；但特別是在造船方面也同樣如此，分別是 18%、19.6%、9.7%，而現在是 15.8%，以季度為基礎的年對年（YoY）成長——也就是逐季的年增率。所以基礎很穩。我們正在做的就是把執行落實。

Yes, is there a question out there?

是的，外面有問題嗎？

Yes. On that, Tom. So one of the -- I mean, one of the things that you've gotten has been some of that came out of that previous Block V award for the last two ships was additional support for labor, some higher labor wage rates. And so I guess two things on that. One is that -- that's presumably a contributor to the near-term revenue growth when that flows through the additional labor cost flows through.

有的。就這點，Tom。所以其中一個——我的意思是，你們拿到的一些內容，部分來自先前 Block V 的得標，針對最後兩艘船提供了額外的勞動力支援，也就是較高的工資水準。所以我想就此有兩個問題。第一個是——這應該是近期營收成長的貢獻因素之一，因為額外的勞動成本會反映進來。

Can you comment on that, how important that has been in taking these revenue numbers up? And I know you're getting supported Ingalls too for this. So first, how important it is on the revenue side that should be a pass-through.

你能評論一下這點嗎？它在把這些營收數字上調方面有多重要？而且我知道 Ingalls 也有得到支援。所以第一，從營收端來看，它有多重要——這應該是可轉嫁（pass-through）的。

But the second part, how that's helping you improve your performance and your throughput?

但第二部分是，它如何幫助你改善績效與產出量（throughput）？

Yes. So relative to the revenue growth, obviously, there's a timing of that. Newport News pushed over the goal line of Q2 of last year. So in the comparisons, that's already kind of baked in there. Ingalls just went over the goal line in the February time frame. And meaningfully, it's just working itself through the revenue side now.

是的。就營收成長而言，顯然這裡有時間點的因素。Newport News 在去年第二季就已經跨過門檻。所以在同比比較中，這基本上已經被反映進去了。Ingalls 則是在 2 月左右才跨過門檻。也就是說，現在才在營收端明顯地逐步反映出來。

So I still say organically, the growth is happening because of higher material and high labor. We have more ships in flow, more people either in the yards and/or more work being outsourced. So that's what's really driving that. I'm with you that as that takes hold and the comparisons year over year, it will be baked in higher wages, but that's less than half of the growth rate differential of what's happening right now. It's just more capacity and throughput through both yards.

所以我仍然會說，從有機面（organically）來看，成長之所以發生，是因為材料增加以及勞動力增加。我們有更多船舶在製程中（in flow），更多人力在船廠內，且/或有更多工作被外包。所以真正驅動的是這些。我同意，隨著這些逐步到位、以及年對年比較時，較高工資會被「烘焙」進基期，但那只占目前成長率差異的一半不到。現在發生的主要是兩個船廠的產能與產出量提升。

Doug, to provide a little bit more detail relative to how it's helping us improve throughput, we have some really good data on experienced craft men and women, first-class craft men and women and their retention rates. And it's improving in both shipyards. And there's nothing better than having a first-class welder, ship fitter, electrician being retained and staying employed and rolling ship over ship. So that's what we've been looking for.

Doug，為了更具體說明它如何幫助我們提升產出量，我們有一些很好的數據，關於資深技工——一級（first-class）的男女技工——以及他們的留任率。兩個船廠的留任率都在改善。而沒有什麼比留住一位一級焊工、船體裝配工（ship fitter）、電工更好：他們能持續受雇，並且一艘接一艘地推進建造。這正是我們一直在追求的。

The wages and the support by the Navy on the wages on the nuclear programs has really been beneficial in that regard. And we're starting to see that as well at Ingalls, some initial indicators that first-class labor is starting to stay, and that's very, very positive.

海軍在核子計畫上對工資的支持與補助，在這方面確實非常有幫助。我們也開始在 Ingalls 看到一些初步指標：一級勞動力開始願意留下來，這是非常、非常正面的。

Scott Deuschle, Deutsche Bank.

Scott Deuschle，德意志銀行。

Chris, what are these contract incentives tied to? Like what do you have to do from a performance perspective to fully earn them out?

Chris，這些合約獎勵（incentives）是跟什麼掛鉤的？就績效角度而言，你們需要做到什麼才能把它們全部賺到（fully earn them out）？

Yes. So they're very broad, right? They're related to labor investments, capital investments, performance under the contract. I don't want to get into specifics on what they are. But each of them have specific milestones that need to be accomplished with the goal ultimately of improving performance on the ships and making sure we meet our commitments to the Navy.

是的。所以它們的範圍非常廣，對吧？它們與勞動力投資、資本投資、以及合約下的履約表現有關。我不想深入談具體內容是什麼。但每一項都有需要完成的特定里程碑，最終目標是提升船舶的履約表現，並確保我們達成對海軍的承諾。

So they've been very well thought out and negotiated between us, EB and the Navy. We're comfortable we'll be able to execute against them and achieve the baseline contract.

所以這些條款都經過非常周全的設計，並在我們、EB 與海軍之間協商談判完成。我們有信心能夠依此執行，並達成基準合約（baseline contract）。

Okay. And then from an accounting perspective, why do they get recognized in margin at the time of award rather than the period of execution against those milestones?

好的。那從會計角度來看，為什麼它們是在得標時就認列到利潤率（margin）中，而不是在執行這些里程碑的期間認列？

The majority of them will be kind of recognized on a go-forward basis here, right? And then as we booked a couple of the incentives in Q2 there, it's just a value equation there as far as what the incentive was based on.

其中大多數會在未來期間以某種方式予以認列，對吧？然後，因為我們在第二季入帳了其中幾項獎勵措施，這主要就是一個價值對價的計算，取決於該獎勵是以什麼為基礎。

And again, we're not going to get into the details on the phone call here, but the urgency of wanting to get started on the investment is important, hiring, infrastructure throughput, long lead on capital projects, all those go into the construct of when we recognize the commitment, bilateral commitment that was put on contract. And then as we execute going forward, we're allowed to kind of book that.

再說一次，我們不會在這通電話裡深入細節，但希望儘快啟動投資的急迫性很重要；招募、人力配置、基礎設施的產能吞吐、資本專案的長交期，這些都會納入我們判斷何時認列承諾的架構，也就是已簽約的雙方承諾。接著，隨著我們往後執行，我們就可以在允許的範圍內把它入帳。

Okay. Are there cases where you've accomplished some of the milestones before the award and that's what allows that treatment?

好的。是否有些情況是你們在獎項核定前就已完成部分里程碑，因此才允許這樣的處理？

On a couple of the incentives, as an example, there may be an advancement to get started on a capital project. It's a commitment that from an accounting perspective, we can take that. And that -- a piece of that may have been booked in Q2.

以其中幾項獎勵為例，可能會有一筆預先撥付，用來啟動某個資本專案。從會計角度來看，這是一項承諾，我們可以認列。而其中一部分可能已在第二季入帳。

Okay. And then, Tom, just to clarify, are the underlying margins at Newport News, excluding incentives, improving as well? Or is this mainly incentive-driven margin improvement?

了解。那麼，Tom，我想再確認一下：在排除獎勵措施後，Newport News 的基礎毛利率也在改善嗎？還是這主要是由獎勵帶動的毛利率改善？

I think it's a mix. I mean, obviously, you can subtract that. We told you what the cume adjustments were at Newport News. They were single-digit positive $8 million. If you subtract that out, the running EAC without the adjustments is about consistent 5.5%. I think the value equation here of the awards is the additional investments that go into the yard, right, throughput, capacity, capital, hiring, infrastructure, training.

我認為是混合的。我的意思是，顯然你可以把那部分扣掉。我們已告訴各位 Newport News 的累計調整（cume adjustments）是多少。那是單位數的正向，約 800 萬美元。如果把那部分扣除，未調整的持續 EAC 約維持在 5.5% 左右。我認為這些獎項的價值對價在於對船廠的額外投資，對吧：吞吐量、產能、資本、招募、基礎設施、訓練。

So I'm excited by it. I mean, we've been talking about these awards for a while here. It's good to get the full complement of both the ship build package as well as the incentives completely on contract now going forward.

所以我對此感到振奮。我的意思是，我們談這些獎項已經談了一段時間。很高興現在不論是造船合約組合，還是獎勵措施，都已完整簽約，接下來就能往前推進。

Yes, Scott, I could add to that, and I've said this previously, the most important thing is that we transition out of those -- out of the ships we're working on now into the new contracts. This new contract is a step in the right direction. But Newport News throughput over the first part of the year has been very, very solid. And as I mentioned, in the submarine programs as well.

是的，Scott，我可以補充一下。我之前也說過，最重要的是我們要從目前正在建造的那些船，轉換到新合約上。這份新合約是朝正確方向邁出的一步。但 Newport News 在今年前半年的產出吞吐表現非常、非常穩健。而且如我提到的，在潛艦計畫上也是如此。

So as they continue to make progress, make the ship deliveries, reposition into the future ships, I think margin will naturally improve.

因此，隨著他們持續取得進展、完成船舶交付、並重新配置到未來的船艦，我認為毛利率會自然改善。

Nice results.

成果不錯。

David Strauss, Wells Fargo.

Wells Fargo 的 David Strauss。

This is Ben Tomick on for David. I was just wondering, can you guys give us an update on the mix of pre-COVID versus post-COVID shipbuilding revenue today? And then where you think you will be over the next couple of years?

我是代替 David 的 Ben Tomick。我想請問，你們能否更新一下目前造船營收中，COVID 前與 COVID 後的組合占比？以及你們認為未來幾年會到什麼程度？

Regarding costs, we've set the trajectory several years ago that when we got to 2027 by the end of the year, we'd have more post than pre and nothing has changed on that. So we're kind of in the march down. The end of this year and getting into next, we'll be right at the 50-50 mark. And then by the end of the year, we'll actually have more post-COVID than pre-COVID. So it's good to retire that.

就成本而言，我們幾年前就設定了路徑：到 2027 年底，COVID 後的占比會高於 COVID 前，而這點沒有改變。所以我們正處於逐步下降（march down）的過程中。今年底到明年初，我們大概會在 50/50 的水位。然後到明年年底，我們實際上會有更多 COVID 後、少於 COVID 前。所以能把那部分結案是件好事。

Every time you hear a milestone of us either taking a boat -- putting a boat in the water or ship and taking it to sea and sailing it off. That's one pre-COVID effort that's behind us, and we're continually getting awards, whether it's these subawards. We had a DDG that was fully awarded just a couple of weeks ago.

每當你聽到我們達成一個里程碑，例如讓一艘艇——把一艘艇或船下水，或把它帶到海上並駛離。那就代表又有一項 COVID 前的工作已經成為過去，而我們也持續取得新案，不論是這些潛艦的子合約獎項。我們在幾週前也剛拿到一艘 DDG 的完整授標。

That's a new start program contract that has a better mix of understanding the statement of work, the schedule, the overall bid cost, the material is in line with what we're seeing in the business environment, the labor and labor efficiency associated with what's in the yards right now is incorporated into that and a much, much better balanced risk and opportunity set so that we can achieve our intended and expected outcome on these post-COVID contracts.

那是一個新啟動計畫的合約，組合更好：對工作說明（statement of work）、時程、整體投標成本的理解更到位；材料成本也與我們在商業環境中看到的情況一致；也把目前船廠的人力與勞動效率納入考量；風險與機會的配置也更為平衡，因此我們能在這些 COVID 後合約上達成我們預期與希望的成果。

Got it. And then how are you thinking about the frigate program with the battleship opportunities? Is there any upside to guidance there?

了解。那你們如何看待護衛艦計畫與戰艦機會？對指引是否有任何上行空間？

Yes, not yet. We're evaluating the acquisition approaches to each of those. And as we come through our plan this year, we'll incorporate those into the plan based on the latest information. And if we update anything, it will be in '27.

是的，目前還沒有。我們正在評估各項計畫的採購方式。當我們今年完成規劃時，會依據最新資訊把它們納入計畫。如果我們要更新任何內容，會在 2027 年。

I would say on the frigate, we started -- we started that bill on a preliminary basis, and we expect to be put under contract for that potentially later this year. And we've done the initial start of the design work for the battleship as well on a limited basis with support and cooperation with the Navy.

我會說，就護衛艦而言，我們已經——我們已在初步基礎上開始建案（bill），並預期可能在今年稍晚正式簽約。至於戰艦，我們也在海軍的支持與合作下，以有限範圍啟動了初期設計工作。

Ron Epstein, Bank of America.

美國銀行的 Ron Epstein。

Just maybe I have two follow-up questions for you. On your prepared remarks, you talked about all the preparation you're doing with the workforce. Can you talk about how you're retaining labor? You mentioned you hired 3,500 shipbuilders. Did you lose any in the quarter? Kind of what was your net add?

我可能有兩個追問。在你們的準備稿中，你談到為勞動力所做的各項準備。能否談談你們如何留任人力？你提到你們聘用了 3,500 名造船工人。本季有流失嗎？淨增加大概是多少？

And kind of what's really worked to retaining them besides just pay? Are there things that you've changed in terms of work conditions? I know there were complaints about parking far, far away and having to take buses and that sort of stuff. So what have you changed in terms of the work environment? And how is retaining going?

另外，除了薪酬之外，哪些作法對留任最有效？你們在工作條件方面有做哪些改變嗎？我知道之前有人抱怨停車要停很遠、還得搭接駁車之類的問題。所以你們在工作環境方面做了哪些改變？留任情況如何？

Yes. Ron, thanks for that. I think you've been in my all-hands meeting relative to the parking question, which is kind of always the first one. But rather than I take a shot at that, let me turn to our shipyard President, and he can talk about what he's doing from a labor standpoint.

是的。Ron，謝謝你的提問。我想你也參加過我針對停車問題的全員大會，那通常總是第一個問題。不過與其我來回答，我把問題交給我們的船廠總裁，讓他談談他在人力方面做了哪些事。

Yes. Thanks, Chris. So Ron, it's front and center in just about every discussion, what we can do to support the workforce, both retention of the workers that we already have as well as attracting the next set of workers, both skilled and unskilled. We have done just about everything over the years, starting with massive capital investment in the heart of Pascagoula.

好的。謝謝，Chris。Ron，這幾乎是每一場討論的核心：我們能做什麼來支持勞動力，包括留任現有員工，以及吸引下一批員工，不論是熟練或非熟練。多年來我們幾乎什麼都做了，從在 Pascagoula 核心區域進行大規模資本投資開始。

We put over 1 million square feet under cover. So if you've been to Pascagoula in the summertime, that shade makes a tremendous amount of difference, protection from the elements when it rains, et cetera. The collective bargaining agreement was a huge win.

我們新增了超過 100 萬平方英尺的室內遮蔽空間。所以如果你夏天去過 Pascagoula，你會知道有遮蔭差很多；下雨時也能防風雨等。集體談判協議是一項重大勝利。

As we said earlier, we saw immediate impacts on attrition with the CBA being signed, and we're starting to see a real benefit on hiring as well, particularly with rehires, people who know who we are and people that we know are good shipbuilders. And so that's been a positive as well.

如同我們先前所說，隨著CBA簽署，我們立即看到人員流失率的影響；而在招募方面我們也開始看到實質效益，特別是在回聘上——那些了解我們、而且我們也知道是優秀造船人才的人。因此這也是一項正面進展。

We have done busing both inside and outside the shipyard. We do a lot of work on employee engagement, really putting a lot of focus on putting the right leaders in the right place because it all starts with the foreman and frontline supervisor. So pretty much every day, that's at the front of what we think about as a leadership team trying to make the conditions optimal for increasing throughput and delivering these ships.

我們在船廠內外都安排了接駁巴士。我們在員工投入度方面做了大量工作，並且非常聚焦於把合適的領導者放在合適的位置，因為一切都從工頭與第一線主管開始。所以幾乎每天，作為領導團隊，我們最優先思考的就是如何讓條件最佳化，以提升產出並交付這些船艦。

Got you. Got you. Got you. And then maybe, Chris, just one follow-on. In your prepared remarks, you talked about the opportunities with, call it, unmanned surface vehicles, maybe unmanned underwater vehicles. How much of the naval fleet do you see that actually becoming if you look at the overall budget in the Navy and given the price --

了解。了解。了解。那接著也許，Chris，再追問一個。在你準備好的發言中，你談到所謂無人水面載具，可能還有無人水下載具的機會。如果你看海軍整體預算、再考量價格，你認為海軍艦隊中實際上會有多少比例會變成那樣？--

Ron, you're cutting out. Ron, sorry, you're cutting out a bit.

Ron，你的聲音斷斷續續。Ron，抱歉，你有點斷線。

Yes. Sorry about that. Can you hear me now?

是的。抱歉。你現在聽得到我嗎？

That's okay. Yes. Yes, yes, we can.

沒關係。是的。是的，是的，我們聽得到。

Great. So when you look at unmanned systems, service vehicles and underwater and you kind of compare that to a lot of the big stuff you make, the bluewater stuff, I mean, ultimately, how much of the Navy is that really? I mean, how big an opportunity is that really relative to a lot of the other stuff you do?

太好了。所以當你看無人系統——水面載具與水下的——並把它跟你們製造的很多大型裝備、遠洋（bluewater）那類相比，最終那在海軍裡到底會占多少？相對於你們做的其他很多業務，那到底有多大的機會？

Yes. So it's -- from a revenue standpoint right now, it's pretty modest. But we know it's going to become more of the Navy fleet because they just can do missions -- excess missions and expand the fleet size such that they can do things that not only -- that not -- that large capital ships can't do and take the place of large capital ships in some of the missions. So I don't really want to comment on how large it's going to be, but I'll tell you one thing, it's the fastest-growing business unit we have.

是的。所以——就目前的營收角度來看，規模相當有限。但我們知道它會在海軍艦隊中占比提高，因為它們確實能執行任務——額外的任務——並擴大艦隊規模，使其能做一些不僅是——也就是大型主力艦做不到的事，並在某些任務中取代大型主力艦。所以我不太想評論它最終會有多大，但我可以告訴你一件事：這是我們成長最快的事業單位。

We have some -- have had some very positive results on our Lionfish program where we just re-upped the next option year. We're competing for the MUSV program. I've talked about that, but it's a competitive program, so I'd rather not go into too much details. The international and domestic pipeline is strong. And so we're going to pursue those.

我們在Lionfish計畫上取得了一些——一直以來都很正面的成果，我們也剛續約了下一個選擇年度。我們正在競標MUSV計畫。我談過這件事，但這是一個競爭性計畫，所以我寧可不要深入太多細節。國際與國內的案源管線都很強。因此我們會持續爭取。

And we have really world-class autonomy. So it's a good business unit. It's a growing business unit. The profitability should be solid because it's firm fixed price contracts. So we think we're very competitive, and we're just going to -- we're going to continue to invest in it and watch it grow.

而且我們擁有真正世界級的自主化能力。所以這是一個很好的事業單位。這是一個成長中的事業單位。獲利能力應該會很穩健，因為這些是固定總價合約（firm fixed price）。所以我們認為我們非常有競爭力，我們也會——我們會持續投資並看著它成長。

Now, is it going to be a $1 billion battleship? No. But we think it's going to grow. We think there's significant opportunity, and we think it's going to be a greater part of the fleet.

那它會是一艘10億美元的戰艦嗎？不會。但我們認為它會成長。我們認為機會相當可觀，也認為它會成為艦隊中更重要的一部分。

Emilee Deutchman, Wolfe Research.

Emilee Deutchman，Wolfe Research。

Quick question on carriers. So it looks like at Newport News, there was a mix of positive incentives and adjustments as well as on the opposite end, lower performance on the programs. Are you able to speak to more about the dynamics within carriers and which ships are reflected in that?

關於航母有個快問。看起來在Newport News，一方面有正向的獎勵與調整，另一方面則是專案表現較弱。你能否多談談航母業務內部的動態，以及哪些船艦反映在其中？

And then secondarily, these public comments that keep coming out about redesigning the carrier, is that something that's just sort of hanging in the ether and doesn't have feet yet? Or is that something that's in discussions now?

其次，外界不斷出現關於重新設計航母的公開評論，這件事是否只是停留在空泛討論、還沒有實質進展？還是說目前已在討論中？

Yes, sure. Thanks, Emilee. I appreciate the question. Yes. So on carriers, we did say that in the remarks there. On the incentive side, I mentioned earlier on the award that we've talked about, there's some capital projects that just benefit the facility as a whole. So they were put on various contracts, and there was an assistance there on that front.

是的，當然。謝謝你，Emilee。感謝這個問題。是的。所以在航母方面，我們確實在發言中提到。在獎勵（incentive）那一端，我先前提到我們談過的那個獎項，其中有一些資本專案其實是讓整個設施受益。因此它們被放在不同合約之下，而在那方面也有一些協助。

On the performance side, as we work our through with 80 and 81, we talked to you about getting that machinery equipment last year, and we get over the Q3, Q4 time frame. And as we just work ourselves through now getting that ship back into the cadence of the build cycle of what's left to go, we're continually evaluating performance and with the revised plan, the unique plan as we put 80 back, trying to kind of get it back into the rhythm of the construction there, what that affects and means to the EAC there.

在績效（performance）方面，當我們推進80與81號艦時，我們去年跟各位談過取得那套機械設備，並在第三、第四季的時間點跨過那個關卡。而現在我們持續推進，讓那艘船回到建造週期的節奏、把剩餘工作完成；我們也持續評估績效，並依照修訂後的計畫、以及我們把80號艦重新納入的特殊計畫，試著讓它回到施工節奏，並評估這對EAC（完工估算）會造成什麼影響與意涵。

So all that was rolled into the performance of it, and there was both puts and takes on the carrier front. Chris will answer.

所以這些都反映在其績效表現中，而在航母這一端也同時有利有弊。Chris會回答。

Yes, I'll take the second one, Emilee. Yes, there's always discussions or comments about potential new technology implementation in the aircraft carriers or redesign. We'll work with the Navy in whatever is chosen. And if there's a change -- there's a decision to make a change, we'll work with them to ensure that we mitigate any impact as much as we can and reset the cost and schedule to make sure the aircraft carrier is successful.

是的，Emilee，我來回答第二個問題。是的，關於在航母上導入潛在新技術或重新設計，總是會有一些討論或評論。無論海軍選擇什麼，我們都會與海軍合作。如果有變更——如果決定要做變更——我們會與他們合作，盡可能降低任何影響，並重設成本與時程，以確保航母專案成功。

So nothing is yet. We've received no direction on any change. But if it is, we'll make sure that we work closely with the Navy.

所以目前還沒有任何定案。我們尚未收到任何關於變更的指示。但如果真的發生，我們會確保與海軍密切合作。

Great. And then one quick follow-up. So with the high operating tempo with Operation Prosperity now and the follow-on kinetic operations, the naval fleet is working overtime to say the least. Are you all seeing this lead to more scope for maintenance and overhaul demand, and that's for both the nuclear side and the surface side? Or is it still kind of too early to tell in the process?

很好。再一個快速追問。由於「繁榮守護行動」（Operation Prosperity）以及後續的動能作戰（kinetic operations）帶來高作業節奏，海軍艦隊可說是超時運轉。你們是否看到這會帶來更多維修與大修需求的工作範疇（scope），包括核能端與水面艦端？還是說目前在這個過程中仍然太早、還看不出來？

I think it's too early to tell. And we've got a lot of new construction work. So there could potentially be more service and support work out there. But I think we're focused on new construction right now.

我認為現在還太早下結論。而且我們手上有很多新造船工作。所以外面確實可能會有更多服務與支援工作。但我認為我們目前的重點仍在新造船。

Seth Seifman, JPMorgan.

Seth Seifman，JPMorgan。

Just one this morning. But with regard to the cash flow, we'll see the strong Q4. I think it was -- and some relation to the contract signing there. We saw Q2 of last year, I think, contract signing driving some really significant cash flow. And those have been the two really big periods of cash flow generation over these two years, '25 and '26.

今天早上就一個問題。但關於現金流，我們會看到第四季很強。我想那是——並且與合約簽署有些關聯。我們在去年第二季也看到，我記得是合約簽署帶動了相當顯著的現金流。而在這兩年——'25與'26——這兩段時間就是現金流創造最顯著的兩個期間。

As we go forward and if there aren't major contract signings, how do we think about the potential to convert earnings into cash?

展望未來，如果沒有重大的合約簽署，我們該如何看待將獲利轉換為現金的潛力？

Yes. So you are right. If you look back at Q2 of last year with the awards that assisted it. I wouldn't say it's the only piece that's driving that. Right now, what we found in this Q2 over the last Q2 is unlike last year, where working capital improved and we did get the awards last year for FY24. The meaningful awards here are in Q3 with the boats themselves and working capital actually kind of backed up, which it usually does in the first half of the year.

是的。所以你說得沒錯。如果你回頭看去年第二季，當時有一些得標案對其有所助益。但我不會說那是唯一的驅動因素。我們在今年第二季相較去年第二季所看到的是：不同於去年營運資金有所改善、而且我們也在去年拿到 FY24 的得標案；今年真正有意義的得標案是在第三季、與船舶本身相關，而營運資金其實有點回升（也就是占用增加），這通常會發生在上半年。

We've seen that go from about 4% at the end of last year to 8% in Q1, and now we're sitting around just under 11%. That's natural as we work ourselves through. We sprint at the end of last year and then the working capital kind of swings back. I see that improving as we get into Q3, Q4. The ramp in the top line that we've talked about assists cash flow. The improvement, obviously, on the bottom line, provides assistance there.

我們看到它從去年底約 4% 上升到第一季的 8%，現在大約略低於 11%。這是我們推進過程中的自然現象。我們在去年底衝刺，之後營運資金就會有點回擺。我認為進入第三季、第四季後會改善。我們談到的營收端成長爬坡有助於現金流。而獲利端的改善，當然也會提供助益。

And then as we continue to make our milestones, we had the milestone chart here, hasn't really talked about on this call, but we give you religiously the milestone chart in Q2 and Q4. We reiterated that all milestones are in play right now. So there's a couple of significant milestones and deliveries as well as in my remarks, I mentioned there's a tax credit that we anticipate to kind of get back.

另外，隨著我們持續達成各項里程碑——我們這裡有里程碑圖表，這通電話沒有特別談到，但我們在第二季與第四季都會很固定地提供里程碑圖表。我們重申，目前所有里程碑都仍在進行中。因此，這裡有幾個重要的里程碑與交付；此外在我的談話中也提到，我們預期會拿回一筆稅額抵免。

We have agreement with the IRS. That's working itself through the system, and that's at the very end of this year. So that meaningfully contributes as well. But all that conspires the performance, the awards, top line growth, bottom-line growth, tax credit and then a couple of dollars on the incentives that we've talked about has us feeling good in reiterating $500 million to $600 million, $100 million in Q3 and then a very robust $1 billion Q4 cash collection quarter.

我們已與美國國稅局（IRS）達成協議。目前正在系統流程中推進，時間點會落在今年年底。因此這也會帶來相當有意義的貢獻。綜合來看：營運表現、得標案、營收成長、獲利成長、稅額抵免，以及我們談到的部分激勵款項，讓我們有信心重申 5 億至 6 億美元的指引——第三季約 1 億美元，第四季則是一個非常強勁、現金收款達 10 億美元的季度。

Okay. Great. And then moving forward, if there wasn't -- if there's not a large contract in '27 on the order of what we've seen, does that have any impact on cash conversion and how we think about cash going forward?

好的。很好。那再往前看，如果在 2027 年沒有——如果沒有像我們過去看到那樣規模很大的合約，這會對現金轉換或我們對未來現金的看法造成任何影響嗎？

No, it doesn't. As I say, I would not hang our hat on it because of these awards, an award every year has to come through here. I mean, you're running plus $10 billion operations here and cash follows margin. I know if you look back historically, maybe one year is high or low, but we expect a cash conversion of 1.0. We've had the same payment terms with the Navy.

不會，沒有影響。如我所說，我不會把希望完全寄託在這些得標案上，因為不能假設每年都一定會有一個得標案在這裡發生。我的意思是，你這裡是在營運超過 100 億美元的業務，而現金會跟著利潤率走。我知道如果回頭看歷史，某一年可能偏高或偏低，但我們預期現金轉換率為 1.0。

Now as you make progress, you get cost and a piece of fee. And as you make more progress, those percentages change here. But it's tried and true. It works. It's equitable for both sides. As we make progress, we were able to collect cost and a piece of fee on that. So I don't see that changing. And as I say, it's just us kind of working through. I think as COVID -- as we make progress on these COVID ships, on the milestone chart, we show five awards in the next -- this year and next year.

當你取得進度時，你就能收回成本以及一部分費用（fee）。而當你取得更多進度時，這些百分比會有所變化。但這套機制久經考驗。它有效。對雙方都公平。隨著我們推進，我們能夠就此收取成本與部分費用。所以我不認為這會改變。如我所說，這只是我們在逐步消化推進的過程。我認為隨著 COVID——隨著我們在這些 COVID 船案上取得進展，在里程碑圖表上，我們顯示今年與明年接下來會有五個得標案。

So a lot of ships going through integration and test, two steps forward, one step back on passing tests, spare parts, things of that nature. So it just creates some headwinds a little bit there, but seeing what we did for the first half of the year, the work scope that's in front of us and the plans that we have, I feel good about the guide right now between $500 million and $600 million plans are in place. We know the 50 or so milestones and steps that have to happen for us to achieve our perspective and guide.

因此有很多船舶正在進行整合與測試；在通過測試上會出現「前進兩步、後退一步」的情況，還有備品零件等這類事情。所以這會帶來一些逆風，但從我們上半年所做的、眼前的工作範疇以及我們的計畫來看，我對目前 5 億至 6 億美元的指引感到有信心，相關計畫都已就位。我們知道大約 50 個左右必須發生的里程碑與步驟，才能達成我們的目標與指引。

Yes. I would focus on the deliveries. Those five deliveries over the next 12 months are really important.

是的。我會把重點放在交付上。未來 12 個月內的那五次交付真的非常重要。

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.

目前我這邊沒有看到其他問題。現在我想把電話交回給 Kastner 先生，請他做任何結語。

Okay. Thank you for your continued interest. I look forward to seeing many of you over the next quarter. Have a good afternoon.

好的。感謝各位持續的關注。我期待在接下來的一季與各位中的許多人見面。祝各位下午愉快。

That concludes today's conference call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。