L3Harris Technologies Inc (LHX) 2024 Q4 法說會逐字稿

Good morning, ladies and gentlemen and welcome to the fourth-quarter 2024 L3Harris Technologies earnings call.

女士們、先生們，早安，歡迎參加 2024 年第四季 L3Harris Technologies 收益電話會議。

(Operator Instructions)

（操作員指令）

This call is being recorded on Thursday, January 30, 2025.

本次通話於 2025 年 1 月 30 日星期四錄製。

I would now like to turn the conference over to Dan Gittsovich. Please go ahead.

現在我想將會議交給 Dan Gittsovich。請繼續。

Thank you, Joanna. Good morning and welcome.

謝謝你，喬安娜。早上好，歡迎光臨。

Joining me this morning are Chris and Ken.

今天早上和我一起的還有克里斯和肯。

Earlier today, we published our fourth quarter earnings release, detailing our financial results and 2025 guidance. We've also provided a supplemental earnings presentation on our website. Today's discussion will include certain matters that constitute forward-looking statements. These statements involve risks, assumptions and uncertainties that could cause actual results to differ materially. For more information, please reference our earnings release and SEC filings. We will also discuss non-GAAP financial measures which are reconciled to GAAP measures in the earnings release.

今天早些時候，我們發布了第四季度收益報告，詳細介紹了我們的財務表現和 2025 年指引。我們也在我們的網站上提供了補充收益介紹。今天的討論將涉及某些構成前瞻性陳述的問題。這些聲明涉及風險、假設和不確定性，可能導致實際結果大不相同。欲了解更多信息，請參閱我們的收益報告和美國證券交易委員會 (SEC) 文件。我們也將討論收益報告中與 GAAP 指標相協調的非 GAAP 財務指標。

With that, I'll turn it over to Chris.

說完這些，我會把話題交給克里斯。

Okay. Good morning, everyone and thank you, Dan.

好的。大家早安，謝謝你，丹。

We delivered on our commitments for 2024 by executing our trusted disruptor strategy and making progress towards our 2026 framework. We ended the year with record backlog that positions us well for the future. 2024 was a pivotal year for L3Harris as we marked the five-year anniversary of the transformative merger between L3 and Harris. The combination formed a new company that now operates differently. We're agile, nimble and fast while delivering solutions that are trusted by our customers across all domains.

我們透過執行值得信賴的顛覆者策略並朝著 2026 年框架邁進，履行了 2024 年的承諾。我們以創紀錄的訂單量結束了這一財年，這為我們的未來做好了準備。 2024 年對 L3Harris 來說是關鍵的一年，因為我們迎來了 L3 與 Harris 變革性合併五週年。合併後的公司成立了一家新公司，其運作方式現已有所不同。我們敏捷、靈活、快速，提供深受各領域客戶信賴的解決方案。

We span the gap between the traditional primes and the new entrants, forming partnerships around critical capabilities such as AI and autonomy, allowing us to rapidly meet the evolving needs of national security and modern warfare. Domestically, national and homeland defense remains a key priority for the new administration with strong support for our programs in areas such as space, missiles, advanced electronic systems, cyber and resilient comms. Internationally, we saw strong demand for our software defined radios, night vision goggles and munitions, reflecting our commitment to supporting allies around the world.

我們跨越了傳統領導企業和新進者之間的差距，圍繞著人工智慧和自主性等關鍵能力建立合作夥伴關係，使我們能夠迅速滿足國家安全和現代戰爭不斷變化的需求。在國內，國家和國土防禦仍然是新政府的首要任務，並大力支持我們在太空、飛彈、先進電子系統、網路和彈性通訊等領域的計畫。在國際上，我們看到對我們的軟體定義無線電、夜視鏡和彈藥的強勁需求，這反映了我們對支持世界各地盟友的承諾。

Partnerships remain a cornerstone of our trusted disruptor strategy. In 2024, we advanced collaboration with Palantir and venture capital backed startups, focusing on AI-enabled solutions and emerging technologies. These partnerships are accelerating a culture of innovation and speed, enhancing our ability to meet customers' needs faster and more effectively.

合作夥伴關係仍然是我們值得信賴的顛覆者策略的基石。2024 年，我們加強了與 Palantir 以及創投支援的新創公司的合作，專注於人工智慧解決方案和新興技術。這些合作關係正在加速創新和速度文化的形成，提高我們更快、更有效地滿足客戶需求的能力。

Let me highlight some of our key accomplishments this year. We won the next gen jammer competition which establishes us as a long-term jamming franchise worth billions of dollars in production of airborne pods to support the F-18 fleet. Our wins on the Glide Phase Interceptor and Next Generation Interceptor programs will drive growth in our solid rocket motor business for decades to come. Along with the propulsion content on the previously won Sentinel and Zeus programs, we are solidifying our position as a global leader in large solid rocket motor design and manufacturing capability.

讓我強調一下我們今年取得的一些主要成就。我們贏得了下一代幹擾器競賽，這使我們獲得了長期幹擾特許經營權，價值數十億美元，用於生產機載吊艙以支援 F-18 艦隊。我們在滑翔相攔截器和下一代攔截器項目上的勝利將推動我們未來幾十年固體火箭發動機業務的成長。加上先前贏得的 Sentinel 和 Zeus 項目中的推進內容，我們正在鞏固我們在大型固體火箭發動機設計和製造能力方面的全球領先地位。

We won a $1 billion IDIQ award for the US Navy to provide resilient communications technology to US and allied forces. Over the next five years, our broadband communications business will deliver software defined Link-16 terminals that are critical to enabling secure and resilient collaboration across air, ground, maritime and space platforms. By integrating Link-16 into space-based assets, we are expanding its reach and utility ensuring US and allied forces have seamless connectivity and situational awareness across all domains.

我們贏得了美國海軍 10 億美元的 IDIQ 獎，為美國及其盟軍提供彈性通訊技術。未來五年，我們的寬頻通訊業務將提供軟體定義的 Link-16 終端，這對於實現空中、地面、海上和太空平台之間的安全和彈性協作至關重要。透過將 Link-16 整合到太空資產中，我們正在擴大其覆蓋範圍和實用性，確保美國和盟軍在所有領域擁有無縫連接和態勢感知能力。

As a testament to our trusted disruptor strategy at work, a team led by L3Harris partnering with venture backed startups was selected by the Defense Innovation Unit to prototype a command-and-control system capable of operating hundreds or even thousands of swarming autonomous assets. This project advances the DoD's Replicator initiative by integrating advanced commercial technologies to enable collaborative autonomy in all domains.

為了證明我們值得信賴的顛覆者策略在發揮作用，國防創新部門選中了一個由 L3Harris 領導的團隊與創投支持的新創公司合作，設計了一個能夠操作數百甚至數千個群集自主資產的指揮和控制系統的原型。該專案透過整合先進的商業技術來實現所有領域的協作自主，從而推進了國防部的複製器計劃。

Our open system architecture supports rapid integration of third-party algorithms, providing unmatched scalability and flexibility to meet mission demands. By combining these capabilities with our expertise, we are shaping the future of warfare, ensuring US and allied forces maintain a competitive edge in contested environments.

我們的開放系統架構支援第三方演算法的快速集成，提供無與倫比的可擴展性和靈活性，以滿足任務需求。透過將這些能力與我們的專業知識結合，我們正在塑造戰爭的未來，確保美國和盟軍在競爭環境中保持競爭優勢。

As you saw in the press last week, I recently took steps to strategically align our leadership team to drive sustained profitable growth. Ken has been appointed President of Aerojet Rocketdyne effective Monday in addition to his responsibilities as CFO.

正如大家上週在媒體上看到的，我最近採取了一些措施，對我們的領導團隊進行策略性調整，以推動持續的獲利成長。肯恩從週一起被任命為 Aerojet Rocketdyne 公司的總裁，同時也擔任財務長。

With his extensive defense sector experience, Ken will drive operational excellence and continue our strong performance. Sam Mehta's role has been expanded to lead enterprise strategic collaboration agreements to further elevate our focus on partnerships while continuing to head the communication system segment.

憑藉豐富的國防部門經驗，肯將推動卓越營運並延續我們強勁的表現。Sam Mehta 的職責已擴大到領導企業策略合作協議，以進一步提升我們對合作夥伴關係的關注，同時繼續領導通訊系統部門。

We've also elevated the LHX NeXt organization which has been led by Heidi Wood for the last year and achieved excellent results. She will report directly to me as we continue to drive cost savings while accelerating enterprise-wide transformation.

我們也提升了 LHX NeXt 組織，該組織在過去一年中由 Heidi Wood 領導並取得了優異的成績。她將直接向我匯報，我們將繼續節省成本，同時加速整個企業的轉型。

Lastly, I want to thank Ross Niebergall for his contributions to L3Harris, first, as CTO and then as President of Aerojet Rocketdyne. His leadership has been instrumental in positioning Aerojet Rocketdyne for long-term success. After a distinguished career, Ross has chosen to step down to focus on his family's health and enjoy a well-deserved retirement.

最後，我要感謝 Ross Niebergall 對 L3Harris 所做的貢獻，首先是擔任首席技術官，然後擔任 Aerojet Rocketdyne 的總裁。他的領導對於 Aerojet Rocketdyne 的長期成功起到了重要作用。在取得了傑出的職業生涯後，羅斯選擇辭職，專注於家人的健康並享受當之無愧的退休生活。

I'm also pleased to have been elected Chairman of the Board of Governors for the Aerospace Industries Association, the leading voice for the industry. As our country navigates an increasingly complex global threat landscape, maintaining our technological edge has never been more critical. I look forward to partnering with my industry colleagues, the incoming administration and Congress to leverage the ingenuity of our world class US talent and drive innovation that strengthens our competitive advantage.

我也很高興被選為航空工業協會理事會主席，該協會是航空工業的權威代言人。隨著我國面臨日益複雜的全球威脅情勢，維持我們的技術優勢變得前所未有的重要。我期待與業界同仁、新一屆政府和國會合作，充分發揮美國世界級人才的聰明才智，推動創新，增強我們的競爭優勢。

Looking ahead to 2025, our priorities remain clear: to drive profitable growth while meeting our customers' evolving mission critical needs.

展望 2025 年，我們的首要任務依然明確：推動獲利成長，同時滿足客戶不斷變化的關鍵任務需求。

I will now turn it to Ken to provide details on our financial results.

現在我將請肯提供有關我們的財務結果的詳細資訊。

Thanks, Chris and good morning, everyone.

謝謝，克里斯，大家早安。

Let me recap full year 2024 real quick. Revenue was $21.3 billion, up 10% and 4% organically. Segment operating margin was 15.4%, reflecting continued cost savings and strong execution. Non-GAAP EPS was $13.10. Free cash flow grew to $2.3 billion, representing an increase of 14% driven by earnings growth and effective working capital management. For the fourth quarter, revenue was $5.5 billion, up 4% organically with a segment operating margin of 15.3%.

讓我快速回顧一下 2024 年全年。營收為 213 億美元，有機成長 10% 至 4%。分部營業利益率為15.4%，反映出持續的成本節約和強勁的執行力。非公認會計準則每股收益為 13.10 美元。自由現金流成長至 23 億美元，增幅達 14%，這得益於獲利成長和有效的營運資本管理。第四季營收為 55 億美元，有機成長 4%，分部營業利潤率為 15.3%。

Non-GAAP EPS was $3.47 and free cash flow came in over $1 billion.

非公認會計準則每股收益為 3.47 美元，自由現金流超過 10 億美元。

Turning to our segment fourth quarter results. SAS delivered revenue of $1.7 billion, down 4% year-over-year, largely reflecting the divestiture of the antenna business. Organically, revenue was down 1% primarily due to lower F-35 related volumes as our TR-3 mission computing hardware transitions from development to a more gradual production ramp.

談到我們第四季的分部業績。SAS 營收為 17 億美元，年減 4%，主要反映了天線業務的剝離。從有機角度來看，收入下降了 1%，主要原因是由於我們的 TR-3 任務計算硬體從開發階段過渡到更漸進的生產階段，導致 F-35 相關產量下降。

Operating margin was 10.8%, up 20 basis points, primarily due to LHX NeXt cost savings and partially offset by challenges on some of our fixed price development programs in space that are in the later stages of completion. IMS delivered strong results with revenue of $1.8 billion, up 9% and margin of 13.4%, expanding by 150 basis points. This performance reflects strong program execution and a favorable mix. We're pleased with the momentum at IMS and feel confident in the strength and resilience of this business as it continues to perform.

營業利潤率為 10.8%，上升了 20 個基點，這主要歸功於 LHX NeXt 的成本節約，但部分被我們一些處於後期完成階段的太空固定價格開發項目所面臨的挑戰所抵消。IMS 業績強勁，營收達 18 億美元，成長 9%，利潤率達 13.4%，擴大了 150 個基點。這一表現體現了強大的專案執行力和良好的組合。我們對 IMS 的發展勢頭感到滿意，並對業務繼續表現的實力和韌性充滿信心。

CS achieved revenue of $1.4 billion, up 5% driven by demand of software defined resilient communications equipment. Operating margin was 24.4% driven by a heavier mix of deliveries to US DoD customers. We are seeing particularly strong demand and international momentum, winning key programs with NATO allies, and expanding into other international markets. But I remind you international and domestic mix fluctuate based on quarterly delivery profiles.

CS 營收 14 億美元，成長 5%，這得益於軟體定義彈性通訊設備的需求。由於對美國國防部客戶的交付量增加，營業利益率為 24.4%。我們看到了特別強勁的需求和國際勢頭，贏得了北約盟國的關鍵項目，並擴展到其他國際市場。但我提醒您，國際和國內組合會根據季度交付情況而波動。

Aerojet Rocketdyne grew 5% with an operating margin of 11.5%, up 40 basis points, supported by progress on solid rocket motor production and offset by lower volume in space propulsion.

航空噴射發動機公司 Rocketdyne 的營業利潤率成長 5%，達到 11.5%，上升了 40 個基點，這得益於固體火箭發動機生產的進步，但被航太推進系統的產量下降所抵消。

Now let me turn it back to Chris to cover some operational achievements for 2024.

現在讓我把主題轉回給克里斯，介紹一下 2024 年的一些營運成就。

Let me start with our portfolio.

讓我先從我們的投資組合開始。

We completed the integration of the Aerojet Rocketdyne and Tactical Data Link acquisitions and we also divested our antenna products and Aerojet Ordnance Tennessee non-core businesses. We further strengthened our leadership position in space, delivering four satellites to orbit for the SDA and one for MDA. Our progress in satellite systems and space superiority continued to gain momentum in 2024, reaching a record backlog of 40 satellites in just five years, a noteworthy achievement considering we started with no satellites as a prime.

我們完成了對 Aerojet Rocketdyne 和 Tactical Data Link 的收購整合，同時也剝離了天線產品和 Aerojet Ordnance Tennessee 非核心業務。我們進一步鞏固了在太空領域的領導地位，為SDA發射了四顆衛星，為MDA發射了一顆衛星。2024 年，我們在衛星系統和太空優勢方面的進步繼續獲得發展勢頭，僅用五年時間就達到了創紀錄的 40 顆衛星積壓量，考慮到我們一開始沒有衛星，這是一項值得注意的成就。

A significant highlight in our SAS segment was successful completion of the customer's engineering design review for 18 space vehicles under the SDA's Tranche 2 Tracking Layer program. This milestone confirms our advanced space vehicles equipped with infrared payloads to detect, track, and target hypersonic threats, meets the rigorous requirements of the program. Completing this milestone in just 11 months reflects the speed, agility, and expertise of our team.

我們 SAS 部門的一個重要亮點是成功完成了客戶對 SDA 第 2 批追蹤層計畫下 18 輛太空船的工程設計審查。這一里程碑證實了我們配備紅外線有效載荷來探測、追蹤和瞄準高超音速威脅的先進航天器滿足了該計劃的嚴格要求。僅用 11 個月就完成這一里程碑體現了我們團隊的速度、敏捷性和專業知識。

These satellites are part of the space force's LEO constellation, providing global missile tracking and defense. With 38 satellites awarded across Tranche 0, 1 and 2, including those already on orbit, we continue to support the efforts to advance integrated deterrence. With the Tranche 3 opportunity on the horizon, we are well-positioned to expand our role in building this critical layered missile defense system.

這些衛星是太空部隊低地球軌道星座的一部分，提供全球飛彈追蹤和防禦。透過第 0、1 和 2 批合約中的 38 顆衛星（包括已在軌道上運行的衛星），我們將繼續支持推動綜合威懾的努力。隨著第三批機會的到來，我們有能力擴大我們在建造這項關鍵分層飛彈防禦系統中的作用。

Furthermore, this capability positions us well to support the evolving defense needs of the US and aligns closely with the Trump administration's recent executive order, directing the development of an Iron Dome missile defense shield for our homeland. We've also made significant progress on our LHX NeXt initiative.

此外，這種能力使我們能夠很好地支持美國不斷變化的國防需求，並與川普政府最近的行政命令密切配合，指導為我們的國土開發鐵穹飛彈防禦系統。我們的 LHX NeXt 計畫也取得了重大進展。

In 2024, we exceeded our gross cost savings target by 2x, reaching $800 million. This strong performance provides confidence in our ability to accelerate and exceed our overall cost savings target. We are now expecting to achieve $1.2 billion in cumulative cost savings by the end of 2025, exceeding our $1 billion commitment a year early.

2024 年，我們的總成本節約目標超出了 2 倍，達到 8 億美元。強勁的表現使我們對加速並超越整體成本節約目標的能力充滿信心。我們目前預計到 2025 年底將實現 12 億美元的累積成本節約，提前一年超過了我們 10 億美元的承諾。

This initiative is driving margin expansion, operational efficiency, facility rationalization and enhanced supply chain management. At its core, LHX NeXt embodies the same principles as DOGE, tailored to drive greater speed and efficiency to allow data-driven decision making. We are driving improvements across our operations and supply chain, simplifying and streamlining internal policies to eliminate inefficiencies and monetizing end-of-life assets to sharpen our focus and unlock value.

這項措施正在推動利潤擴大、營運效率、設施合理化和供應鏈管理加強。從本質上講，LHX NeXt 體現了與 DOGE 相同的原則，旨在提高速度和效率，實現數據驅動的決策。我們正在推動整個營運和供應鏈的改進，簡化和精簡內部政策以消除低效率，並將報廢資產貨幣化，以提高我們的重點並釋放價值。

This program enables us to respond more effectively to evolving customer needs while creating value for our shareholders.

該計劃使我們能夠更有效地回應不斷變化的客戶需求，同時為股東創造價值。

Back to you, Ken.

回到你身邊，肯。

Turning to guidance for 2025. We expect revenue of $21.8 billion to $22.2 billion, representing organic growth of 4% at the midpoint. Our guidance includes a full year of our Commercial Aviation Solutions business as we continue to work towards closing the transaction. Segment operating margin is anticipated to be mid to high 15% supported by continued LHX NeXt cost savings, strong program execution and reflecting investments to drive continued transformation. Free cash flow is expected to be $2.4 billion to $2.5 billion driven by growth, higher profitability, and disciplined working capital management.

轉向2025年的指導。我們預計營收為 218 億美元至 222 億美元，中間值代表有機成長率為 4%。我們的指導包括全年的商業航空解決方案業務，我們將繼續努力完成交易。在 LHX NeXt 持續的成本節約、強大的專案執行和推動持續轉型的投資的支持下，預計分部營業利潤率將達到 15% 的中高水準。受成長、獲利能力提高以及嚴格的營運資本管理的推動，自由現金流預計將達到 24 億美元至 25 億美元。

Our guidance reflects the appropriate risk posture early in the year and the dynamics associated with a new administration. We assume a continuing resolution through March of '25 and no other funding delays or impacts. The administration has issued several executive orders that are still being assessed but are not expected to have a significant impact on our 2025 results.

我們的指導反映了年初適當的風險狀況以及新政府的相關動態。我們假設該解決方案將持續到25年3月，並且不會出現其他資金延遲或影響。政府已發布了幾項行政命令，這些命令仍在評估中，但預計不會對我們的 2025 年業績產生重大影響。

However, as US government contracting officers assess the impact of these executive orders on existing and new contracts, we could see an effect on our Q1 '25 bookings and revenue particularly at CS which can deliver product rapidly against order intake.

然而，當美國政府合約官員評估這些行政命令對現有和新合約的影響時，我們可能會看到這對我們 25 年第一季的訂單和收入產生影響，尤其是在 CS，它可以根據訂單快速交付產品。

Beginning in 2025, following comments from many of our investors, we are revising the reporting of non-GAAP EPS to exclude adjustments for amortization of acquisition-related intangible assets. This change aligns our reporting with peers and has no impact on our underlying profitability or cash. If this change had been applied for 2024, non-GAAP diluted EPS would have been $9.70, reflecting an impact of $3.40 per share. Our 2025 non-GAAP EPS is projected to be in the range of $10.55 to $10.85, representing growth of 10% at the midpoint.

從 2025 年開始，根據許多投資者的意見，我們將修改非 GAAP EPS 的報告，以排除與收購相關的無形資產攤銷的調整。這項變更使我們的報告與同業保持一致，並且對我們的基本獲利能力或現金沒有影響。如果這項變更在 2024 年實施，非 GAAP 稀釋每股收益將為 9.70 美元，影響為每股 3.40 美元。我們預計 2025 年非 GAAP EPS 在 10.55 美元至 10.85 美元之間，中間值成長 10%。

At the segment level, SAS revenue is expected to grow to a range of $6.9 billion to $7.1 billion, reflecting budgetary constraints in the space sector that we expect to abate in 2026. Operating margin is expected to be in the low 12% range. IMS revenue is projected at $7 billion to $7.2 billion, driven by increased demand in advanced electronics for space and munitions programs, as well as maritime solutions with an operating margin the low 12% range.

在細分市場層面，SAS 收入預計將成長至 69 億美元至 71 億美元之間，這反映了我們預計在 2026 年將減弱的航太領域的預算限制。預計營業利潤率將在 12% 以下。IMS 收入預計為 70 億至 72 億美元，這主要得益於太空和彈藥計劃以及海事解決方案對先進電子設備的需求增加，營業利潤率約為 12%。

CS revenue is anticipated to be $5.6 billion to $5.7 billion with margins in the high 24% range supported by increasing demand for our software defined resilient communications equipment. Aerojet Rocketdyne is expected to reach approximately $2.5 billion fueled by double digit growth in the Missile Solutions business. Margins are expected to be in the mid 12% range as we drive continued operational improvements.

CS 營收預計達到 56 億美元至 57 億美元，利潤率將達到 24% 左右，這得益於對我們軟體定義的彈性通訊設備的需求不斷增長。預計Aerojet Rocketdyne的營業額將達到約 25 億美元，這得益於飛彈解決方案業務的兩位數成長。隨著我們不斷推動營運改進，預計利潤率將達到 12% 左右。

As we set our 2025 guidance, we want to highlight the varying number of weeks in certain quarters in 2025 that will result in some variability in revenue and EPS between quarters. In particular, Q1 is a short 12-week quarter and should be considered in your modeling. Our capital deployment strategy reflects our commitment to delivering value to our shareholders.We strengthened our balance sheet and ended 2024 with a net leverage of 2.9 times, exceeding our target of 3.0. With that achievement, we will maintain a competitive dividend and are focused on repurchasing at least $1 billion of shares in 2025. Additionally, we had another solid year of performance in our pension plan with no significant contributions in '24 and none expected in 2025.

在製定 2025 年指引時，我們希望強調 2025 年某些季度的周數變化，這將導致季度間收入和每股收益出現一些變化。特別是，Q1 是一個只有 12 週的短季度，應該在建模中加以考慮。我們的資本配置策略反映了我們致力於為股東創造價值的承諾。憑藉這一成就，我們將保持有競爭力的股息，並致力於在 2025 年回購至少 10 億美元的股票。此外，我們的退休金計畫又取得了穩健的業績，2024 年沒有重大繳款，預計 2025 年也不會有重大繳款。

To further derisk our balance sheet, we are working to transfer approximately $1.2 billion in pension assets and liabilities to a third party with little gain or loss and no impact on cash flow, taking advantage of attractive funding levels and interest rate environment. We expect to complete this action by the end of the first quarter '25 resulting in a reduction in non-cash non-service FAS pension income, which is reflected in our guidance.

為了進一步降低資產負債表的風險，我們正在努力將約 12 億美元的退休金資產和負債轉移給第三方，幾乎沒有收益或損失，也不會對現金流產生影響，從而利用有吸引力的融資水平和利率環境。我們預計這項行動將在 25 年第一季末完成，從而減少非現金非服務 FAS 退休金收入，這反映在我們的指導中。

Considering our strong performance in 2024 and our growing confidence in the cost savings that the LHX NeXt program will continue to deliver, we are also updating our 2026 Financial Framework announced at our Investor Day last year and increasing the segment operating margins we expect to achieve to low 16% in 2026. We're continuing to target $23 billion of sales in 2026, representing 5% organic CAGR and $2.8 billion in 2026 cash, representing a double digit CAGR with further upside on a free cash flow per share basis.

考慮到我們在 2024 年的強勁表現以及我們對 LHX NeXt 計劃將繼續帶來的成本節約的日益增長的信心，我們還將更新去年投資者日上宣布的 2026 年財務框架，並提高我們預計在 2026 年實現的分部營業利潤率至 16% 左右。我們繼續設定 2026 年 230 億美元的銷售額目標，即 5% 的有機複合年增長率和 2026 年 28 億美元的現金目標，即兩位數的複合年增長率，並且每股自由現金流還有進一步上升的空間。

I'm proud of the tremendous progress our team made in 2024. This year has been one of transformation, growth, and strong execution, underscoring the strength of our portfolio and the talent of our team. We have faced a dynamic and demanding environment but our ability to be agile and execute with discipline has allowed us to deliver strong results.

我為我們團隊在 2024 年取得的巨大進步感到自豪。今年是轉型、成長和強勁執行的一年，凸顯了我們產品組合的實力和團隊的才華。我們面臨著充滿活力和苛刻的環境，但我們敏捷和嚴謹的執行能力使我們能夠取得強勁的業績。

From achieving record backlog to advancing key strategic priorities, we have demonstrated resilience, the ability to deliver on our commitments even in the face of challenges and remain focused on delivering for our customers and our shareholders.

從實現創紀錄的訂單積壓到推進關鍵策略重點，我們展現了韌性，即使面臨挑戰，我們也有能力履行承諾，並繼續專注於為客戶和股東提供服務。

As we continue to build on this momentum, I'm excited about what's ahead. The opportunity before us is meaningful and our strategic focus on operational excellence and innovation positions us well for sustained profitable growth.

隨著我們繼續保持這股勢頭，我對未來充滿期待。我們面臨的機會是巨大的，我們對卓越營運和創新的策略重點使我們有利於實現持續的獲利成長。

With that, I'll turn it back to Chris.

說完這些，我就把話題轉回給克里斯。

As we look ahead, we remain steadfast in our commitment to driving innovation and delivering mission critical solutions that align with our national security priorities. As we navigate an increasingly complex threat environment, L3Harris continues to stand at the forefront of innovation and national defense. Our vision for the nation's next Arsenal of Democracy is rooted in the convergence of cutting-edge hardware, software and AI technologies that ensure mission success in every domain.

展望未來，我們將繼續堅定不移地致力於推動創新並提供符合國家安全重點的關鍵任務解決方案。在我們應對日益複雜的威脅環境時，L3Harris 始終站在創新和國防的前沿。我們對國家下一個民主武庫的願景根植於尖端硬體、軟體和人工智慧技術的整合，以確保每個領域的任務成功。

This concept goes beyond traditional platforms. It's also providing adaptable, scalable, open, and interoperable solutions that give our warfighters a decisive edge. Whether it's in resilient communications, advanced munitions or space-based capabilities, we are enabling the Department of Defense and our allies to stay ahead of evolving threats.

這個概念超越了傳統的平台。它還提供適應性強、可擴展、開放且可互通的解決方案，為我們的作戰人員帶來決定性的優勢。無論是在彈性通訊、先進彈藥或太空能力方面，我們都在幫助國防部和我們的盟友應對不斷演變的威脅。

In my recent letter to the DOGE, I outlined key recommendations to modernize the national defense ecosystem. These principles reflect our dedication to advancing efficiency, strengthening collaboration, and ensuring that the US maintains a technological edge. We encourage others to come forth and submit ideas to the DOGE committee. We are excited to work with the new administration to bring these and other ideas to life and continue playing a pivotal role in supporting the missions that protect our homeland and our allies around the world.

在我最近寫給 DOGE 的信中，我概述了現代化國防生態系統的主要建議。這些原則反映了我們致力於提高效率、加強合作和確保美國保持技術優勢的決心。我們鼓勵其他人站出來向 DOGE 委員會提交想法。我們很高興能與新政府合作，將這些想法和其他想法變為現實，並繼續在支持保護我們的國土和全球盟友的使命中發揮關鍵作用。

The incoming administration's transparency and understanding of the defense industry sets the stage for disruptive change in 2025. We expect a period of unprecedented evolution and defense priorities and policies. With our agility, speed and commitment to innovation, we are well-positioned to adapt. This new era presents a chance to redefine how we support the warfighter and we are excited to play a pivotal role in driving this change forward and seize opportunities that align with our nation's strategic objectives.

新政府的透明度和對國防工業的了解為 2025 年的顛覆性變革奠定了基礎。我們預期國防重點和政策將出現前所未有的變革時期。憑藉我們的敏捷性、速度和對創新的承諾，我們已做好充分的準備去適應。這個新時代為我們重新定義如何支持作戰人員提供了機會，我們很高興能夠在推動這項變革中發揮關鍵作用，並抓住與我們國家戰略目標一致的機會。

Our work is critical to empowering the warfighter who protect democracy, ensuring that they have the tools to maintain global stability. With a deep commitment to innovation and collaboration, we are proud to play a central role in this effort.

我們的工作對於增強捍衛民主的戰士的能力、確保他們擁有維護全球穩定的工具至關重要。我們始終致力於創新與協作，並很自豪能夠在這項努力中發揮核心作用。

Joanna, let's open the lines for questions.

喬安娜，讓我們開始提問吧。

(Operator Instructions)

（操作員指令）

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Hey, Chris, maybe just to start where you kind of finished, which is you wrote a letter to the DOGE leaders just before the inauguration. And you recommended for I think policy recommendations. Have you heard any feedback, or have you had any active discussions? And how do you think this is all going to play out with kind of DOGE and the impacts on the DoD bureaucracy, which I think you've called out many a times and just how you're thinking that? Obviously, it's been an overhang on the group. We've seen a lot of evaluations compressed. So be curious of your thoughts.

嘿，克里斯，也許我們可以從你剛結束的地方開始吧，也就是在就職典禮之前，你給 DOGE 領導人寫了一封信。我認為您提出了政策建議。您是否聽過任何回饋，或者您是否進行過任何積極的討論？您認為這一切將如何影響 DOGE 以及對國防部官僚機構的影響，我想您已經多次提到這一點，您是如何看待這一點的？顯然，這已經成為了集團的隱憂。我們看到很多評估都被壓縮了。所以請對你的想法感到好奇。

The -- I'm excited about the DOGE and I try to parallel the similarities what we've been doing this past year. And as I think as to how we got as a nation, each and every policy and regulation is put in place to reduce risk, and they're well intended. When we step back after a few decades, I believe the cumulative effect of all these risk reduction policies and procedures have actually created more risk then they've actually resolved or mitigated.

我對 DOGE 感到非常興奮，我試圖將其與我們過去一年所做的事情進行類比。我認為，作為一個國家，我們所製定的每項政策和法規都是為了降低風險，而且都是出於好的目的。當我們在幾十年後回顧時，我相信所有這些降低風險的政策和程序的累積效應實際上造成的風險比它們實際解決或減輕的風險還要多。

So to answer your question, we received lots of positive feedback from members of Congress. I was in the Pentagon last week, a couple of other classified meetings. I think a lot of people read the letter. I'm really just trying to start the dialogue. I think Congress play a role. I think the DoD plays a role. The warfighter plays a role. And I think it's important for industry to be part of this ecosystem and give their perspective.

回答你的問題，我們收到了許多來自國會議員的正面回饋。上週我去了五角大廈，參加了其他幾個機密會議。我想很多人都讀過這封信。我確實只是想開始對話。我認為國會發揮了作用。我認為國防部發揮了作用。戰士發揮作用。我認為，產業成為這個生態系統的一部分並提供自己的觀點非常重要。

I know several others have started to write letters and I threw out four recommendations. There's probably better ones or different ones. It's really just trying to start the dialogue, get people to sit down and say, how can we go faster and get better capability to the warfighter quicker?

我知道還有其他幾個人已經開始寫信，我提出了四個建議。可能有更好的或不同的。這實際上只是試圖開始對話，讓人們坐下來討論，我們怎麼能更快地為作戰人員提供更好的能力？

And I'm excited about the future. And I think as I said, there's going to be unprecedented change in 2025, and some will be able to adapt and take advantage of it. We plan to be one of those companies. And maybe others won't. But let's see what the future brings.

我對未來充滿興奮。正如我所說，2025 年將會發生前所未有的變化，有些人將能夠適應並利用它。我們計劃成為其中一家公司。但其他人或許不會。但讓我們看看未來會發生什麼。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Hey, Ken. You've got $150 million of growth and free cash flow in '25 and then $350 million at the midpoint placeholder for growth in '26. Can you flesh out what's specifically accelerating? And then also on the increase in LHX NeXt of $200 million, how much of that drops through to actual margin savings versus savings for the customer?

嘿，肯。25 年，您的成長和自由現金流為 1.5 億美元，26 年的成長中點為 3.5 億美元。能具體說明一下具體加速的情況嗎？那麼 LHX NeXt 增加了 2 億美元，其中有多少轉化為實際保證金節省，有多少轉化為客戶節省？

Yeah. I'll take that one.

是的。我要那個。

In terms of growth and free cash flow, I think it pretty well aligns with the growth profile that we've laid out. We're growing the top line, '24 to '25 to ‘26. A bit accelerated in '26. As we've mentioned on the top line, there's a couple items that are resulting in some better opportunities for growth '26. F-35, with TR-3, our hardware, development ramp down and then the production ramp being a bit more still kind of climbing that ramp in '25 but accelerating in '26.

就成長和自由現金流而言，我認為它與我們制定的成長概況非常一致。從2024年到2025年、再到2026年，我們的營業收入都在成長。'26 年稍有加速。正如我們在首行提到的那樣，有幾個因素將為 26 年帶來更好的成長機會。F-35 和 TR-3，我們的硬體開發正在逐漸放緩，然後生產速度仍然有點加快，在 1925 年呈上升趨勢，但在 1926 年開始加速。

There's a little bit of space budget challenges in '25. We do see the potential to get some space awards pulled into '25 that'll drive '26 revenue. And then a little bit of international opportunities as well at IMS. So a little bit of a better growth profile in '26 and '25. Continued margin expansion from where we are today to mid to high 15s in '25 and then low 16s in '26.

'25 年面臨一些太空預算挑戰。我們確實看到了將一些太空獎項納入'25年以推動'26年收入的潛力。IMS 也有一些國際機會。因此26年和25年的成長情況會稍微好一點。利潤率從現在的水準持續擴大到25年的15%左右，然後到26年的16%左右。

And then I would say, effective working capital management. The team will continue to do that. And I think if you kind of run that through, it'll support the growing free cash flow profile both in '25 and in '26.

然後我想說，有效的營運資金管理。該團隊將繼續這樣做。而且我認為，如果你按照這種方式運行，它將支持 25 年和 26 年自由現金流狀況的成長。

To the LHX NeXt question, we're still holding to our target of about at least 40% of the savings will result in margin opportunity for the company. And as we look at that, there's obviously some timing of how that works. You got to factor in the percent complete on the various contracts that we've got in place at any point in time. It was certainly a strong contributor in '24 margin expansion. It will also be that in '25.

對於 LHX NeXt 的問題，我們仍然堅持我們的目標，至少 40% 的節省將為公司帶來利潤機會。當我們觀察這一點時，顯然它的工作方式有一定的時間安排。您必須考慮我們在任何時間點簽訂的各種合約的完成百分比。這無疑是 2024 年利潤率擴張的重要貢獻者。'25年也會如此。

And then certainly, supporting the '26 margin expansion to low 16% margin rate as well. So we'll certainly work to try to see if we can drive some upside to that above the 40% cost savings into -- in the margin opportunity. I think the team is working hard on that every day. But as of now, that's kind of what we're seeing in terms of actual delivery of the opportunity to that target that we set.

當然，我們也支持將 26 年的利潤率擴大到 16% 的低利潤率。因此，我們一定會努力嘗試，看看能否將 40% 以上的成本節約轉化為利潤機會。我認為團隊每天都在為此努力。但截至目前，我們看到的是我們設定的目標機會的實際實現。

Douglas Harned, Bernstein.

道格拉斯‧哈內德 (Douglas Harned)、伯恩斯坦 (Bernstein)。

I wanted to see how you're looking at the Communication Systems business. There's a lot of things that sort of lie in there that seem to allow some real margin upside. The software sales for new waveforms, more exports, commercial contracts with LHX NeXt that could flow right through. But your guidance for 2025 is still below 25% margin. Where is this going to -- where's the potential in margin expansion here? Because it seems like you've got a lot of the ingredients in place to get above the 24% range.

我想了解您如何看待通訊系統業務。其中有許多因素似乎可以帶來真正的利潤上升。新波形的軟體銷售、更多的出口、與 LHX NeXt 的商業合約都可以直接進行。但您對 2025 年的預期利潤率仍低於 25%。這將會帶來什麼結果──利潤率擴張的潛力在哪裡？因為看起來你已經具備了很多要素，可以超越 24% 的範圍。

Yeah. Thanks, Doug. Appreciate it.

是的。謝謝，道格。非常感謝。

As I mentioned, I'll just -- I'll point out a couple things. As I mentioned in the prepared remarks, certainly, as we're looking at '25, we've got to go and continue to perform in the business. It's early in the year and we're certainly thinking about it from a risk adjusted perspective. CS team has demonstrated the ability to produce product to generate margins.

正如我所提到的，我只想指出幾點。正如我在準備好的發言中提到的那樣，當然，展望25年，我們必須繼續在業務上表現。現在還處於年初，我們當然會從風險調整的角度來考慮這個問題。CS 團隊已展現出生產產品以產生利潤的能力。

So just in terms of looking at margins for '25 at CS, I would say a couple of things. One, we're certainly evaluating the mix between US DoD as well as international deliveries. From a software perspective, I think we've talked about that kind of comes in chunks here and there. So we've got to go, continue to drive strong deliveries in terms of waveforms that are both integrated into the products and driving a high margin product opportunity as well as waveform upgrades where we really see the opportunity for high margin business.

因此，僅從觀察 CS 25 年的利潤率來看，我想說幾件事。首先，我們當然正在評估美國國防部和國際交付之間的組合。從軟體角度來看，我想我們已經討論過這類問題了。因此，我們必須繼續推動波形方面的強勁交付，這些波形既整合到產品中，又推動高利潤產品機會以及波形升級，我們真正看到了高利潤業務的機會。

And then from an LHX NeXt perspective, the CS team certainly has been doing a great job of integrating the cost savings into margin opportunity and I think that resulted in strong performance for them for 2024. The margin compression that we saw in the fourth quarter really was related to the mix of US DoD deliveries versus international. We're at a higher mix in the end of '23.

然後從 LHX NeXt 的角度來看，CS 團隊在將成本節約融入利潤機會方面確實做得很好，我認為這為他們在 2024 年帶來了強勁的表現。我們在第四季度看到的利潤率壓縮實際上與美國國防部交付與國際交付的組合有關。到 23 年底，我們的混合比例將會更高。

So I think the team's doing a great job. I do think we'll continue to work to meet if not beat our segment guidance and I know the CS team will be off and working on that.

所以我認為該團隊做得很好。我確實認為，我們將繼續努力達到甚至超越我們的分部指導目標，而且我知道 CS 團隊將會為此而努力。

So I feel good about the opportunity and we'll update you later in the year.

因此，我對這個機會感到很滿意，我們將在今年稍後向您通報最新情況。

I'll just chime in that we're seeing finally more and more opportunities to bid and win C2 and C3 systems. So the market is going beyond just selling the software defined radios and the waveforms that you said. So we're finally getting to more of a network and systems approach. And I think that's going to give us some additional tailwind.

我只是想說，我們終於看到越來越多的競標和贏得 C2 和 C3 系統的機會。因此，市場不僅僅只是銷售您所說的軟體定義無線電和波形。因此，我們最終將更多地採用網路和系統方法。我認為這會給我們帶來一些額外的順風。

I think of all the segments, this one probably has the highest inflation impact from the supply chain given all the electronic components. So we have to absorb and offset that not only with the LHX NeXt but our e3 savings, but the trend is positive and we're optimistic.

我認為，在所有細分市場中，由於涉及所有電子元件，該細分市場可能受供應鏈通膨影響最大。因此，我們不僅要透過 LHX NeXt 來吸收和抵消這一影響，還要透過 e3 節省來吸收和抵消這一影響，但趨勢是正面的，我們也持樂觀態度。

Sheila Kahyaoglu, Jefferies.

傑富瑞 (Jefferies) 的 Sheila Kahyaoglu。

Maybe I'll follow up Ken on the $1.2 billion of LHX NeXt or Chris. You raised it by $200 million and a 40% drop through to the bottom line. It's about an extra 30 bps on top of your pure high margin. So where are you seeing that come through the most? What's really driving some of those opportunities? And if you could just talk about maybe like KPIs that you track there?

也許我會跟進肯關於 LHX NeXt 或克里斯的 12 億美元投資。你將其提高了 2 億美元，而底線則下降了 40%。這是在純高利潤基礎上額外增加的 30 個基點。那麼您在哪裡最常看到這種現象呢？真正推動這些機會的因素是什麼？您能不能談談您在那裡跟踪的 KPI？

Yeah. I'll start and then let Ken. Yeah, we're seeing it from a variety of places, the supply chain. I think we're finally at a pretty good year and not only are we getting the savings with the building, the resilience of our supply chain, not only the indirect materials, which we probably did first and is a little easier. And now we're working on direct materials and subcontract management.

是的。我先開始，然後讓肯。是的，我們從供應鏈的各個地方都看到了這一點。我認為我們終於迎來了相當不錯的一年，我們不僅在建築方面節省了開支，而且我們的供應鏈也更具彈性，不僅僅是間接材料，這些我們可能首先做到了，而且比較容易一些。目前我們正致力於直接材料和分包管理。

So I think those are going to be big drivers. We're continuing to look at the facility rationalization and the org structure and roles and responsibilities. So I think there's some additional opportunities, similar buckets to what we had before. But in parallel, we're also, as I mentioned, transforming the business as well and making the investments necessary to digitize the company to allow the employees to get data quickly. And that is also factored into our guidance.

所以我認為這些將成為重要的驅動力。我們將繼續研究設施合理化、組織結構、角色和職責。因此我認為還存在一些額外的機會，與我們之前所擁有的類似。但同時，正如我所提到的那樣，我們也在轉變業務，並進行必要的投資以實現公司數位化，以便員工能夠快速獲取數據。這也已考慮到我們的指導中。

So it's just not a $1.2 billion gross run rate cost savings. We're reinvesting in the business, make it a even better and more efficient place to work for the employees. So you net that down. And as you know, even the 40% -- the 30 bps comes in over time, as Ken said, depending on the percent complete, accounting and such. So I think it's been a huge success and amazing accomplishment.

因此，這不僅僅是 12 億美元的總運行率成本節省。我們正在對企業進行再投資，使其成為一個為員工提供更好、更有效率的工作場所。所以你把它減去。如您所知，即使是 40% -- 30 個基點也是隨著時間的推移而產生的，正如肯所說，這取決於完成百分比、會計等。所以我認為這是一次巨大的成功和令人驚嘆的成就。

We will hit the $1.2 billion in two years and given the size of the company, very proud of that, tack that on to the $650 million we did right at the merger. We've almost taken out $2 billion of cost in six years which is pretty impressive, in my opinion.

我們將在兩年內達到 12 億美元的目標，考慮到公司的規模，我們對此感到非常自豪，再加上我們在合併時實現的 6.5 億美元。我認為我們在六年內節省了近 20 億美元的成本，這是相當令人印象深刻的。

Anything else, Ken?

還有什麼嗎，肯？

I would just add, Sheila, that we certainly delivered on the cost savings in '24, a chunk of that was some difficult decisions we had to make around labor, but we did realize some labor savings. That's probably the cost that results in the quickest turn into the savings turning into actual costs flowing through the EACs. Working hard on some other opportunities. Chris mentioned supply chain, facilities and then transformation, some of the systems and how we work.

我只想補充一點，希拉，我們確實在 24 年實現了成本節約，其中很大一部分是我們在勞動力方面做出的一些艱難決定，但我們確實實現了一些勞動力節省。這可能是導致節省的成本最快轉化為流經 EAC 的實際成本的成本。努力尋找其他機會。克里斯提到了供應鏈、設施、轉型、一些系統以及我們的工作方式。

And those take a little bit more time to flow through the EACs and into the actual realization of the savings. So we're certainly tracking that. So in terms of your question on KPIs, certainly, the generation of the savings but then also programmatically and through the businesses, how do we track those through to actually delivering on the savings, ordering against new agreements, things like that, long term agreements and that sort of thing.

這些需要更多的時間才能通過 EAC 並真正實現節省。所以我們肯定會追蹤這一點。因此，就您關於 KPI 的問題而言，當然，是節省的產生，但同時，也要透過程式設計和業務，我們如何追蹤這些節省，直到真正實現節省，根據新協議訂購，諸如此類的事情，長期協議和諸如此類的事情。

So I think we've got the right approach. We got the right metrics. The team is fully aligned and delivering and I think it certainly continues to contribute to the margin profile '25 and into '26.

所以我認為我們採取了正確的方法。我們得到了正確的指標。整個團隊團結一致、表現出色，我認為這肯定會繼續為 2025 年和 2026 年的利潤率做出貢獻。

Ron Epstein, Bank of America.

美國銀行的羅恩愛潑斯坦 (Ron Epstein)。

Chris, how are you thinking about the environment right now with regard to M&A? That's to say, with the new administration, maybe things change, and Boeing's got some assets for sale. Is there anything out there that you're thinking about that could be a bolt on, a new technology, maybe an investment in something like more venture oriented given the push towards some of the startups? Broadly, how are you thinking about that?

克里斯，您如何看待目前的併購環境？也就是說，隨著新政府的上台，情況可能會發生變化，波音公司將出售一些資產。您是否考慮過有什麼可以作為附加價值的事物，例如新技術，或者考慮到一些新創企業的推動，可以對更具風險投資導向的事物進行投資？整體來說，您對此有什麼看法？

Great question. I do think this administration will probably be more favorable towards allowing acquisitions. As you know, we made two in 2023. It made perfect sense for us strategically. They did not eliminate competition. And even in the prior administration, we were able to get two acquisitions approved.

好問題。我確實認為本屆政府可能會更傾向允許收購。如您所知，我們在 2023 年生產了兩台。從戰略上來說，這對我們來說非常合理。他們並沒有消除競爭。甚至在前一屆政府時期，我們也成功獲得了兩項收購的批准。

Relative to the way I look at it, we've really tried to take more and more of this partnership approach. AI is a hot market, and I think we have some interesting partnerships and opportunities. I've tried to highlight what we're doing with Palantir specifically. We actually have a couple opportunities that we will be bidding on competitively as a team in the next several months that could actually be awarded in 2025. That deal with the next gen, command-and-control and army network modernization.

依我的看法，我們確實嘗試越來越多地採用這種合作方式。人工智慧是一個熱門市場，我認為我們有一些有趣的合作夥伴關係和機會。我試圖強調我們在 Palantir 方面所做的事情。實際上，我們有幾個機會，我們將在接下來的幾個月內作為一個團隊進行競爭性競標，這些機會實際上可能會在 2025 年授予。這涉及下一代指揮控制和軍隊網路現代化。

Of course, we have to go win those. But it's easier in my opinion to find partners and work with them when it comes to AI and even autonomy. I think we own small parts of up to 40 different venture backed companies now. So we're pulling that technology through. And the next step, if we do anything would be a bolt on type acquisition to fill a niche or to expand a capability.

當然，我們必須贏得這些。但我認為，在人工智慧甚至自主技術方面，找到合作夥伴並與他們合作更加容易。我認為我們現在擁有多達 40 家不同的創投公司的一小部分股份。因此我們正在推進這項技術。下一步，如果我們要做什麼的話，那就是進行附加類型的收購，以填補空白或擴展能力。

But nothing is has come our way yet. We continue to review and get lots of inbound calls and not many of them get a whole lot of traction. I like the playbook we have. We're transforming the company. We're buying back our stock. We're growing the margins. In fact, when we hit our 2026 goals, we will have grown our revenue margins and free cash flow four consecutive years.

但目前還沒有任何進展。我們繼續審查並接到大量來電，但其中許多都沒有得到很大的關注。我喜歡我們的劇本。我們正在改變公司。我們正在回購我們的股票。我們的利潤正在增加。事實上，當我們實現 2026 年的目標時，我們的收入利潤率和自由現金流將連續四年成長。

Just straight up operationally, no exceptions, no exclude this, exclude that. Just good old fashioned organic growth, margin expansion and free cash flow four straight years and hard to argue against that playbook and we're executing on it and proud of what the team's done.

從操作上來說，沒有例外，沒有排除這個，沒有排除那個。連續四年實現傳統的有機成長、利潤率擴大和自由現金流，很難反駁這一策略，我們正在執行它，並為團隊所做的一切感到自豪。

David Strauss, Barclays.

巴克萊銀行的戴維·施特勞斯（David Strauss）。

Couple clarifications, I guess. On the -- on CAS and that divestiture, I think you mentioned it Ken but what's -- exactly how much in revenue is assumed there and I guess what is taking so much time for that deal to close? That's the first thing. And then EACs, what they were in the fourth quarter and what you're assuming for 2025?

我想，需要做一些澄清。關於 CAS 和那項資產剝離，我想你提到過，肯，但那項資產剝離究竟預計收入是多少，為什麼這筆交易要花這麼長時間才能完成？這是第一件事。然後是 EAC，它們在第四季的情況如何？

From a CAS perspective, there's -- we're working through some regulatory and other processes in 2024. There are some different joint venture aspects to that and just getting all the parties in the same room and in an agreement on that. We do anticipate that transaction will close in 2025. From a guidance perspective, 2024 kind of felt like we were hoping it would close and it didn't.

從 CAS 的角度來看，我們正在 2024 年完成一些監管和其他流程。這其中涉及一些不同的合資方面，只是讓所有各方聚集在同一個房間並就此達成協議。我們預計該交易將於 2025 年完成。從指導角度來看，我們希望 2024 年能夠結束，但事實並非如此。

We have kept having to update. So we thought rather than having to update each quarter, we would just include it and then we can obviously just back it out once when it closes. So we thought that was kind of the easiest way to reflect that business.

我們必須不斷更新。因此，我們認為，我們不必每個季度都更新，而只需將其包括在內，然後顯然可以在結束時將其撤消一次。因此我們認為這是反映該業務的最簡單的方式。

In terms of the timing, I wouldn't predict it. We do think it's going to be in 2025, and the revenue of that business is somewhere north of $500 million, $600 million in terms of how that business looks. No major impact on trends at the company level from a growth perspective or other. EAC, to your question that one, we did deliver positive EACs at the company level in the fourth quarter. As well, we delivered positive EACs -- positive net EACs for the full year of '24.

就時間而言，我無法預測。我們確實認為它將在 2025 年實現，而且從業務前景來看，該業務的收入將在 5 億美元到 6 億美元之間。從成長角度或其他角度來看，對公司層面的趨勢沒有重大影響。EAC，關於您提到的問題，我們確實在第四季度在公司層面實現了積極的 EAC。此外，我們實現了正的 EAC——24 年全年正的淨 EAC。

So when we file the 10-K, I think you'll see somewhere $40-ish million of positive EACs for 2024. And I think even in the face of some program challenges, we've talked about a couple classified programs in our space business that are seeing some issues as we work through integration and test type activities. These are kind of legacy programs that have been around for a while.

因此，當我們提交 10-K 表格時，我認為您會看到 2024 年的正 EAC 約為 4,000 萬美元。我認為，即使面臨一些項目挑戰，我們也討論過太空業務中的幾個機密項目，這些項目在我們進行整合和測試類型的活動時遇到了一些問題。這些都是已經存在一段時間的遺留程序。

And as we've moved into prime positions, we're just working through some of the I&T aspects of those types of programs. But even with that, we were able to work hard, generate strong program performance and see positive EACs in '24. As we look at '25, we don't really project or predict positive EAC performance.

隨著我們進入黃金位置，我們正在研究這些類型項目的一些創新和技術方面的問題。但即便如此，我們仍然能夠努力工作，產生強大的程序性能並在'24 年看到積極的 EAC。展望25年，我們實際上並沒有預測或預期EAC會有正面的表現。

So our guidance generally assumes that we would have flat EACs in '25. And as we're able to perform on the programs and hopefully generate strong performance and net positive EACs in '25, that will be upside to our guidance and our performance for the programs and across the segments.

因此，我們的指導通常假設我們在'25 年將擁有平穩的 EAC。而且，由於我們能夠執行這些項目，並希望在'25年產生強勁的表現和淨正 EAC，這將對我們的指導以及我們在各個項目和部門的表現產生積極影響。

Chris, did you want to comment on that one?

克里斯，你想對此發表評論嗎？

I just want to, David, emphasize what Ken said on these EACs. And we have literally thousands of programs and what we do is complicated, and nothing is easy and nobody is perfect. But this team finds a way to deliver on its commitments. And occasionally, there's a tens of million dollar challenge or couple of million here and it just adds up. But we take our LHX NeXt savings. We take our other innovative and creative ideas, and we meet our commitments.

戴維，我只是想強調一下肯恩在這些 EAC 上所說的話。我們有成千上萬個程序，我們所做的事情很複雜，沒有什麼是容易的，沒有人是完美的。但這支團隊找到了履行承諾的方法。有時候，這裡會有數千萬美元或幾百萬美元的挑戰，而這些挑戰加起來就很多了。但我們採用了 LHX NeXt 儲蓄。我們採取其他創新和創造性的想法，並履行我們的承諾。

We don't make excuses. We don't back stuff out. What you see is what you get. And these margins are inclusive of all the good news and all the bad news. And we're going to continue to run the business that way and find a way to deliver. And I think that's the culture we built and that's what the team wakes up every day focused on.

我們不找藉口。我們不會放棄。所見即所得。這些範圍包括了所有的好消息和壞消息。我們將繼續以這種方式經營業務並找到實現目標的方法。我認為這就是我們所建立的文化，也是團隊每天醒來所關注的事情。

Seth Seifman, JPMorgan.

摩根大通的塞思‧塞夫曼 (Seth Seifman)。

Maybe just to follow up on that, on the space charges. Should we think about the magnitude there being kind of the difference between the guided margin and kind of where things landed? And then I think you mentioned in the materials that those programs were nearing completion. Kind of how close are we to completing those programs and how much risk remains?

也許只是為了跟進一下有關空間費用的問題。我們是否應該考慮引導邊距和事物落地位置的差異程度？然後我認為您在材料中提到這些項目已接近完成。我們距離完成這些專案還有多遠，還剩下多少風險？

Yes. Seth, from a space program perspective. So I guess at a high level, I would say we've got a couple of classified programs we're working through. We are, as I mentioned, at a significant percent complete. We do expect those programs to -- we'll continue to monitor them through 2025. We'll continue to manage risk through 2025. During '24, we did realize probably about $100 million of negative adjustments or negative EACs across a couple of those space programs.

是的。塞斯，從太空計畫的角度來看。因此我想從高層次來看，我們正在進行幾個機密專案。正如我提到的那樣，我們已經完成了相當一部分。我們確實希望這些項目能夠——我們將繼續監控它們直到 2025 年。到 2025 年，我們將繼續管理風險。在 24 年期間，我們確實在幾個太空計劃中實現了大約 1 億美元的負調整或負 EAC。

And clearly, as to Chris' comment, as the team works hard, we were able to largely offset that. So that's kind of the way to think about it. I do expect we'll, for the most part, get that risk behind us in 2025 as we think about some customer milestones early in '26 and given the nature of the programs, I probably can't comment any further than that.

顯然，正如克里斯的評論所說，由於團隊的努力，我們能夠在很大程度上抵消這一點。這是一種思考方式。我確實預計，到 2025 年，我們將在很大程度上擺脫這一風險，因為我們將在 26 年初考慮一些客戶里程碑，考慮到專案的性質，我可能無法進一步發表評論。

But we'll continue to work. I know the team's got a good approach. Data is coming in and working through those things and we're very comfortable with what we've guided for '25. So.

但我們會繼續努力。我知道該球隊採取了良好的方法。數據正在湧入並透過這些事物發揮作用，我們對 25 年的指導非常滿意。所以。

I think it's the same story you hear from everyone. A lot of these are fixed price -- there's only a couple are fixed price development programs. Some going back seven, eight years pre merger. And I think I've been pretty clear on my views on these high-risk fixed price development programs. So we have to run through these and you shouldn't assume in all cases that we're the prime.

我想每個人都會聽到同一個故事。其中很多都是固定價格——只有幾個是固定價格的開發計劃。有些可以追溯到合併前的七、八年。我認為我對這些高風險固定價格開發計劃的看法已經非常清楚了。所以我們必須經歷這些，你不應該假設在所有情況下我們都是主要的。

So it even gets a little more complicated when you have to integrate with the prime and such. So Ken said, we're in the -- we're kind of in the red zone to use a football analogy and we just got to get these things in the end zone and continue to grow the missile tracking business, which is sequentially profitable each and every order and focus on the SDA TR-3 win later this year.

因此，當你必須與素數等進行整合時，它會變得更加複雜。所以肯說，我們處於——用足球打比方來說，我們處於紅區，我們只需要把這些東西放到終點區，繼續發展導彈跟踪業務，這將使每一份訂單都連續盈利，並專注於今年晚些時候 SDA TR-3 的勝利。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

Ken, I was wondering if you could elaborate on some of your objectives now with your increased role at AJRD.

肯，我想知道您是否可以詳細說明您在 AJRD 中職責日益增加後所要實現的一些目標。

Sure. I'm really excited about the opportunity and as we look at Aerojet Rocketdyne, I think the priorities are clear. There is absolutely an incredible amount of demand in the market for solid rocket motors to support critical mission needs of not only our country but also its allies and in addressing the geopolitical threats and issues that are out there. So absolutely making sure that we are increasing our capacity, and we have been making investments to do that.

當然。我對這個機會感到非常興奮，當我們審視 Aerojet Rocketdyne 時，我認為優先事項很明確。市場對固體火箭引擎的需求絕對巨大，因為它不僅能支持我國，還能支持其盟友的關鍵任務需求，並解決現有的地緣政治威脅和問題。因此，我們必須確保提高產能，並且我們一直在為此進行投資。

We'll certainly be making sure that we're doing everything we can to drive capacity on the missile side of the business. On the Space Propulsion side, really looking at how we drive efficiency on that side of the business and really think about how we deliver that capability. We've got I think a solid business. It's got like an 8-to-10-year backlog. And really thinking about how we maximize our performance there, make some investments and position for continued opportunities on that side.

我們肯定會盡一切努力來提高導彈業務的產能。在太空推進方面，我們真正關注的是如何提高該業務的效率，並真正思考如何實現這項能力。我認為我們的業務很穩健。已經有 8 至 10 年的積壓問題了。我們真正在思考如何最大限度地提高我們的業績，進行一些投資，並為繼續獲得機會做好準備。

And I think there's some important business there, including the Artemis program, which really is important in terms of returning to the moon. And I think we've been clear that that's a priority as a country. So very much focused on kind of continuing the leadership there, delivering on our commitments and really trying to get back to growth and increasing profitability and cash flow at Aerojet.

我認為其中有一些重要的業務，包括阿爾忒彌斯計劃，這對於重返月球確實非常重要。我想我們已經明確表示，這是我們國家的優先事項。因此，我們非常注重繼續保持領導地位，履行我們的承諾，並真正努力恢復成長，提高 Aerojet 的獲利能力和現金流。

And certainly, continue to make sure that we focus on delivering our commitments from a finance perspective. I would just say it -- I think Chris' and the Board's confidence in allowing me to take on this additional role does highlight the strong team that we've got in place or have put in place both in Aerojet as well as on the finance side of things.

當然，我們將繼續確保專注於從財務角度履行我們的承諾。我只想說——我認為克里斯和董事會對我擔任這一額外職務的信心確實凸顯了我們在 Aerojet 以及財務方面已經建立的強大團隊。

So I am proud of the team that we've built and I look forward to working with them to deliver results, not just for Aerojet, but also across L3Harris.

因此，我為我們建立的團隊感到自豪，並期待與他們合作取得成果，不僅為 Aerojet，也為整個 L3Harris。

Gavin Parsons, UBS Financial.

瑞銀金融的加文·帕森斯（Gavin Parsons）。

Could you size the drag on revenue growth from the LHX NeXt savings outperformance and then just a clarification to the 2026 targets also still have CAS fully incorporated?

您能否評估一下 LHX NeXt 儲蓄表現優異對收入成長的拖累，然後澄清一下 2026 年的目標是否仍將 CAS 完全納入其中？

So in terms of the impact on revenue growth from LHX NeXt, as we are driving the cost savings through, it certainly does have an effect on our revenue. And I will remind everyone primarily on cost plus programs, but it does also impact longer term fixed price programs as well as those run through kind of the same EAC model.

因此，就 LHX NeXt 對收入成長的影響而言，由於我們正在節省成本，因此它肯定會對我們的收入產生影響。我將主要提醒大家注意成本加成計劃，但它也會影響長期固定價格計劃以及透過相同 EAC 模型運行的計劃。

As we look at 2025 and our growth projections, I would think about it may be as in terms of incremental cost savings, think of it as maybe half of that would be a headwind to revenue growth. And then in terms of, I think the second part of your question was 2026 revenue and the Commercial Aviation Solutions business. And in case it wasn't clear, CAS is in 2025 from a guidance perspective. It is not in 2026 revenue from a framework perspective.

當我們展望 2025 年和我們的成長預測時，我會認為這可能是增量成本節約，其中可能有一半會成為收入成長的阻力。然後就此而言，我認為你問題的第二部分是 2026 年的收入和商用航空解決方案業務。如果還不清楚的話，從指導角度來看，CAS 是在 2025 年。從框架角度來看，它並不在 2026 年的收入範圍內。

And again, we wanted to include it in '25 just so that we didn't have as much noise in the system as we did in '24 expecting to close and then having to update guidance. So Commercial Aviation Solutions in '25, not in the $23 billion framework for 2026 revenues.

而且，我們希望將其納入'25年，這樣我們就不會像'24年那樣在系統中產生那麼多噪音，預計會關閉，然後必須更新指導。因此，商業航空解決方案在 25 年的收入不屬於 2026 年 230 億美元的框架內。

Hope that answers the question.

希望這能回答這個問題。

Michael Ciarmoli, Truist Securities.

Truist Securities 的 Michael Ciarmoli。

I guess I wanted to go in that same direction, Ken and Chris. So thinking about CAS and the '26 framework, what do you guys see in the backlog that really drives the doubling of that growth rate from '25 to '26 when you strip out CAS?

我想我和肯和克里斯想要朝著同一個方向前進。那麼，考慮一下 CAS 和 '26 框架，當您剝離 CAS 時，你們在積壓訂單中看到了什麼，真正推動了從 '25 年到 '26 年的增長率翻倍？

Yeah. Let me take that one, Michael.

是的。讓我來接手這個，麥可。

Yeah, we've -- well, first of all, the portfolio, I'll start with our current portfolio, and we look at the national defense strategy and what we think is going to happen. There's going to be a lot of focus in space, maritime, cyber, comms, ISR and munitions. We have a multi billion dollar businesses in each of those areas. So I think the core portfolio is going to kind of fuel some growth. We've talked about some of the challenges that the Space Force has had with their budget which has been impacting the industry.

是的，首先，我先從我們目前的投資組合開始，然後我們再研究國防戰略以及我們認為接下來會發生什麼。重點將放在太空、海洋、網路、通訊、情報、偵察和彈藥領域。我們在每個領域都有價值數十億美元的業務。所以我認為核心投資組合將會推動一定程度的成長。我們討論了太空部隊在預算方面面臨的一些挑戰，這些挑戰對該行業產生了影響。

But I think that's going to correct by 2026. And of course, the whole focus on pay comm or the Pacific region and the need for comms and network. So I like the portfolio, and I think we're going to get some tailwind there.

但我認為到 2026 年這種情況將會得到糾正。當然，整個重點是付費通訊或太平洋地區以及對通訊和網路的需求。所以我喜歡這個投資組合，而且我認為我們會在那裡得到一些順風。

The prior question about the drag if you will from LHX NeXt. Yeah, it is a drag a little bit in a cost-plus environment or maybe even where we have these truth in negotiation cost and pricing data scenarios which is why in my DOGE letter, one of the things is if we have competition, let's just get an RFP out, submit some bids and let's go fast. Let's not have 18 months of auditing to do a relatively quick and competitive bid.

如果你願意的話，先前的問題是關於 LHX NeXt 的阻力。是的，在成本加成環境中，或者甚至在我們在談判成本和定價數據情景中擁有這些真實性的情況下，這確實會有一定的拖累作用，這就是為什麼在我的 DOGE 信中，其中一件事是，如果我們有競爭，我們就發出 RFP，提交一些投標，然後我們就可以快速行動了。我們不需要花費 18 個月的審計時間來做出相對快速且有競爭力的競標。

So I think we're going to win more business with a lower cost base. So how I think of it in that regard. I think international, we're still around 21%, 22% of our business is international. Been a lot out on there from executive order and such. But at the end of the day, from an FMS, foreign military sales perspective, that money comes from the local countries or is nationally funded by the ultimate customer.

因此我認為我們將以更低的成本贏得更多業務。那我對此是怎麼想的呢。我認為國際業務方面，我們的業務中國際部分仍佔21%~22%。行政命令等已經推出了許多內容。但從 FMS 和對外軍售的角度來看，歸根結底，這些錢來自當地國家或由最終客戶在國內提供資金。

So I think that provides a tailwind to us. I think the administration has been pretty clear that they want each of these countries to pay their fair share and/or increase their budget. That's happening. The other half of our business is direct commercial sale. So that does not even have to go through the FMS process. We're looking hard at the partnerships with AI.

所以我認為這為我們提供了順風。我認為政府已經明確表示，他們希望這些國家各自支付其應付的份額和/或增加其預算。這正在發生。我們業務的另一半是直接商業銷售。因此甚至不需要經過 FMS 流程。我們正在認真考慮與人工智慧的合作。

I gave a couple of examples with Palantir. I think by 2026, can we get an extra percent or plus of growth from what I call these disruptive partnerships and venture capital and going fast? I believe so and the team does as well. So when I kind of look at those areas and just yesterday, something popped up on border security. Again, our focus of the current administration, we provide all the comms for the customs and border control.

我以 Palantir 舉了幾個例子。我認為到 2026 年，我們能否從我所說的顛覆性合作夥伴關係和風險資本以及快速發展中獲得額外百分之幾的成長？我相信如此，團隊也相信如此。所以當我查看這些地區時，就在昨天，邊境安全出現了一些問題。再次強調，我們現任政府的重點是，我們為海關和邊境管制提供所有通訊。

We have the comms for the military. Seems that these two agencies are working collaboratively at least on the southern border. And that provides us opportunity to have that capability synced and networked. So I guess between international border security, AI, our portfolio, our lower cost base, we see a path to the $23 billion.

我們有軍事通訊設備。看來這兩個機構至少在南部邊境進行了合作。這為我們提供了同步和連網功能的機會。因此，我猜想，在國際邊境安全、人工智慧、我們的產品組合和較低的成本基礎之間，我們看到了實現 230 億美元目標的途徑。

Yeah. I would just add, Michael, I mean from my perspective, a couple of things and we talked about this in a little bit of the prepared remarks, but F-35, hardware delivery ramping, space has a little pause in '25, back to growth in '26. International ISR, certainly Aerojet starting to kick in from a solid rocket motor perspective. CS, both international demand as well as the Next Gen Jammer win really starting to kick in volume wise in '26 as well.

是的。邁克爾，我想補充一點，從我的角度來看，有幾件事我們在準備好的發言中談到了這一點，但是 F-35、硬體交付的增加、太空在 25 年稍有停頓，在 26 年又恢復增長。國際 ISR，當然 Aerojet 也從固體火箭發動機的角度開始發揮作用。CS，無論是國際需求還是 Next Gen Jammer 的勝利，在 26 年都真正開始在數量上發揮作用。

Richard Safran, Seaport Global.

理查德‧薩夫蘭 (Richard Safran)，Seaport Global。

So I'd like to ask you about I think the Pentagon and almost interest you large is a recognition that the impact of fixed price development contracts, contract without inflation escalators, et cetera. Now assuming you agree, I want to know if you see major changes coming to the contracting environment. Do you think there are going to be more rewards for good execution? And how quickly do you think these changes get implemented?

所以我想問您一個問題，我認為五角大廈最讓您感興趣的是承認固定價格開發合約、沒有通貨膨脹自動扶梯的合約等等的影響。現在假設您同意，我想知道您是否看到承包環境即將發生重大變化。您認為好的執行力會獲得更多的回報嗎？您認為這些改變多久能實現？

Yeah. I have to believe based on everything I've seen and read and the people I've met with and as a reminder, I think it's only been 10 days since the inauguration. So things are going real, real quick, but there is just a desire, an overall desire to go quicker. And when I mentioned earlier, the DOGE organization which is more than a person or two. It's a whole enterprise. I think the ideas and the suggestions are going to come pretty quickly.

是的。根據我所看到和讀到的一切以及我所見過的人，我必須相信，並且提醒一下，我認為就職典禮才過了 10 天。所以事情進展得非常非常快，但人們只是有一種願望，一種希望進展得更快的願望。而且我前面提到過，DOGE組織不只一個人或兩個人。這是一個完整的企業。我認為想法和建議很快就會出現。

So maybe by the middle or end of this calendar year, there'll be some changes that could affect by 2026. The things that I threw out and as I said, I'm sure there's better ideas out there, these are just policy and elimination of bureaucracy and regulation. This is -- in fact, people that work in the Pentagon, people work in the government. I know they're hard working and dedicated and doing good work for the nation. They just are hampered by the tools and the regulations that have grown up over time.

因此，也許到今年年中或年末，就會出現一些影響 2026 年的變化。我拋出的想法和我說的一樣，我相信有更好的想法，這些只是政策和消除官僚主義和監管。事實上，在五角大廈工作的人，都是在政府工作的人。我知道他們勤奮、敬業，為國家做出了貢獻。他們只是受到了隨著時間的推移而產生的工具和規則的阻礙。

So I think that the companies that are going to win are the ones that can go fast, that can get solutions that aren't vertically integrated, that aren't closed systems. And I think we're leading the industry, as I said, with these partnerships and kind of straddling and working collaboratively with the traditional primes, working with the new entrants.

因此，我認為，最終能夠獲勝的公司是那些能夠快速發展、能夠獲得非垂直整合、非封閉系統的解決方案的公司。而且正如我所說的，我認為我們正透過這些合作夥伴關係引領產業，並與傳統主要公司以及新進業者合作。

Sometimes, we'll prime, sometimes, we'll sub, sometimes, we'll be a merchant supplier. I think just having that culture of innovation, speed, creativity and being open minded to serve your customer is going to play well for us. So I'm hopeful that change comes. And again, executive orders come out every other day. I know some are out. They're rescinded. There's a letter that says this, the letter comes out, says, forget, don't do what I just said. And Ken hit it well.

有時，我們會擔任主要角色；有時，我們會擔任替補角色；有時，我們會成為商家供應商。我認為，只要擁有創新、速度、創造力和以開放的心態為客戶服務的文化，我們就會受益匪淺。因此，我對改變的到來充滿希望。並且，每隔一天就會發布行政命令。我知道有些人已經出去了。它們被撤銷了。有一封信是這麼說的，信出來之後，說，忘了，不要照我剛才說的做。肯打得很好。

The first quarter is just going to be lumpiness, right? We read these things every day. A lot of pressure on the contracting officers. Do we all have to modify contracts for DEI? Do we not have to modify them? We'll work through this stuff. I mean the key is we follow the law, we get the guidance, we adjust, and we move forward.

第一季將會不太順利，對嗎？我們每天都會讀到這些內容。承包官員面臨很大壓力。我們都必須修改 DEI 合約嗎？我們不需要修改它們嗎？我們會解決這些問題的。我的意思是，關鍵是我們遵守法律，得到指導，進行調整，然後繼續前進。

So I think it might be a couple of bumpy months here as things go back and forth. But again, we have record backlog, we have existing contracts. We have a path to our commitments for '25 and hopefully, there'll be change that makes us even more efficient as a ecosystem.

因此我認為，由於情況反覆無常，接下來的幾個月可能會比較坎坷。但是，我們還有記錄積壓，我們還有現有合約。我們已經制定了實現25年承諾的路線圖，並希望我們的生態系統能夠變得更有效率。

Joanna, let's take the last question.

喬安娜，我們來回答最後一個問題。

Ken Herbert, RBC.

肯·赫伯特（RBC）。

Chris or Ken, as you look at your exposure to Ukraine, can you level set us on sort of directly or indirectly how you see that? And maybe then just to put a finer point on the international opportunity, where do you see international growing at for you within the portfolio in ‘25? And maybe how much does that accelerate into '26?

克里斯或肯，當您回顧自己對烏克蘭的影響時，能否直接或間接地告訴我們您對此有何看法？那麼，也許只是為了更詳細地闡述國際機會，您認為在 2025 年，您的投資組合中的國際成長點在哪裡？那麼到 26 年這個速度可能會加速多少呢？

I'll take the first one and we'll kind of keep it short.

我選擇第一個，我們會盡量簡短地討論。

I think we're talking about tens of millions of dollars as I see it. When we talk about Ukraine, we're really talking about US government assistance, which is different than FMS, DCS or such. So we have tens of millions in backlog already. We believe that whether it's in the form of aids or loans or whatever, that will continue. And execute and deliver termination costs probably equal the cost of delivering the product.

據我所知，我認為我們談論的是數千萬美元。當我們談論烏克蘭時，我們實際上談論的是美國政府的援助，這與 FMS、DCS 等不同。因此，我們已經有數千萬的積壓訂單。我們相信，無論是以援助、貸款或其他任何形式，這種援助都會持續下去。執行和交付終止成本可能等於交付產品的成本。

And then going forward, we have to see what the policies are, but it's manageable and it's in that dollar range for that one country which has historically come through either an aid alone or what I would call broadly US government assistance. I think that is coming to an end.

然後展望未來，我們必須看看政策是什麼樣的，但這是可控的，而且對於這個歷史上僅透過援助或我所說的美國政府援助就能實現的國家來說，這個數字也在這個範圍內。我認為這種情況即將結束。

It's a small percent of our international business. And relative to the growth rate on international, Ken, do you want to take that, and we'll wrap it up?

這僅占我們國際業務的一小部分。相對於國際成長率，肯，你想接受這個嗎，然後我們就結束了？

Yeah. Thanks, Chris. And yeah, Ken, appreciate the question.

是的。謝謝，克里斯。是的，肯，我很感謝你提出這個問題。

From international growth perspective, we certainly do see the opportunity to grow international faster than domestic, but I think we see both areas of the business growing. So Chris highlighted, we're a little north of 20% of our revenue from international. Could that grow 1% or 2%? I think it can. But obviously, the team that's working the domestic opportunities is hard at work, trying to grow those revenues as well.

從國際成長角度來看，我們確實看到了國際成長速度快於國內成長的機會，但我認為我們看到兩個業務領域都在成長。克里斯強調說，我們的收入中有 20% 略高於國際收入。能成長 1% 或 2% 嗎？我認為可以。但顯然，致力於國內機會的團隊也在努力工作，試圖增加這些收入。

So I think they both contribute. To your question on Ukraine, we're seeing significant demand across all international markets, whether it's our NATO allies, Asia Pacific, even Latin and South America. And we certainly saw opportunities to support our ally in Ukraine in '23 and '24.

所以我認為他們都做出了貢獻。關於您關於烏克蘭的問題，我們看到所有國際市場都有巨大的需求，無論是我們的北約盟友、亞太地區，還是拉丁美洲和南美洲。我們確實看到了23年和24年支持烏克蘭盟友的機會。

There will be beyond the US aid programs that Chris referenced, I think other countries that may have some opportunities to acquire some capability and provide it to their allies as well. So growing opportunities that I think international can grow a little bit faster, could grow 1% or 2% in percentage of total revenue. But we're growing both aspects of the business. So it's a good problem to have.

除了克里斯提到的美國援助計劃之外，我認為其他國家也可能有機會獲得一些能力並將其提供給他們的盟友。因此，我認為國際業務的成長機會可以更快一些，佔總收入的百分比可以成長 1% 或 2%。但我們正在發展這兩個方面的業務。所以這是一個好問題。

All right. I'll turn it back to Chris.

好的。我會把它轉回給克里斯。

Yeah. Why don't we wrap this up?

是的。我們何不就此結束呢？

As I reflect on 2024, I have to say I'm incredibly proud of my leadership team and all the employees for what we accomplished. So I want to thank the 47,000 employees for the focus on performance and execution throughout the year. If you work at L3Harris, you get accustomed to change. The last five years, we've had change on a regular basis. So I think that's going to help us adapt to the change even though we don't know what it is coming forward.

回顧 2024 年，我必須說，我為我的領導團隊和所有員工所取得的成就感到無比自豪。所以我要感謝47,000名員工全年對績效和執行力的關注。如果您在 L3Harris 工作，您就會習慣改變。過去五年來，我們不斷經歷著改變。因此我認為這將幫助我們適應變化，儘管我們不知道接下來會發生什麼。

So as I said earlier, our strategic priorities remain the same. We have a dedicated and talented workforce. I think we're going to continue to grow profitably. The 2026 framework is achievable, and our focus here is to grow and create long term value for all of our stakeholders.

正如我之前所說，我們的策略重點保持不變。我們擁有一支敬業且才華洋溢的員工團隊。我認為我們的利潤將繼續增長。2026 框架是可以實現的，我們的重點是為所有利害關係人發展並創造長期價值。

So thank you all for joining the call. We'll see you in the months ahead and we'll do this again in April. Have a great day. Thanks.

感謝大家參加此次電話會議。我們將在接下來的幾個月與您見面，並將在四月再次這樣做。祝你有美好的一天。謝謝。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and we ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。