L3Harris Technologies Inc (LHX) 2025 Q1 法說會逐字稿

Greetings. Welcome to the L3Harris Technologies first-quarter calendar year 2025 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded.

問候。歡迎參加 L3Harris Technologies 2025 日曆年第一季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

It is now my pleasure to introduce your host, Dan Gittsovich, Vice President of Investor Relations. You may begin.

現在我很高興介紹您的主持人，投資者關係副總裁 Dan Gittsovich。你可以開始了。

Thank you, Ena. Good morning, and welcome. Joining me this morning are Chris and Ken. Earlier today, we published our first quarter earnings release detailing our financial results and updated 2025 guidance. We also filed our 10-Q and provided a supplemental earnings presentation on our website.

謝謝你，Ena。早上好，歡迎光臨。今天早上和我一起來的還有克里斯和肯。今天早些時候，我們發布了第一季財報，詳細介紹了我們的財務表現和更新後的 2025 年指引。我們也提交了 10-Q 報表並在我們的網站上提供了補充收益報告。

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.

今天的討論將涉及構成前瞻性陳述的某些事項。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。我們還將討論非 GAAP 財務指標，這些指標與收益報告中的 GAAP 指標相協調。

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

說完這些，我就把麥克風交給克里斯。

Thank you, Dan, and good morning, everyone. During our January call, I discussed how this administration is planning to drive transformative change like never before, and we are seeing it unfold daily. L3Harris isn't only embracing these changes. We are helping shape the future and advocating for more commercial-like business practices within the DoD. Our trusted disruptor culture and mindset continues to deliver results.

謝謝你，丹，大家早安。在我們一月份的電話會議中，我討論了本屆政府如何計劃推動前所未有的變革，而我們每天都在看到它的進展。L3Harris 不僅擁抱這些變化。我們正在幫助塑造未來並倡導國防部內部更商業化的商業實踐。我們值得信賴的顛覆者文化和思維方式繼續帶來成果。

It enables us to stay agile and rapidly adapt to the changing environment, whether from the administration or allied partners or world events. The external environment remains dynamic, and since we live it every day, I thought I'd give you the latest update and how we assess its impact on L3Harris.

它使我們能夠保持敏捷並快速適應不斷變化的環境，無論是來自政府、盟友還是世界事件。外部環境仍然是動態的，而且由於我們每天都生活在其中，我想向您提供最新的更新以及我們如何評估其對 L3Harris 的影響。

We're pleased that President Trump signed a full year continuing resolution. Unlike a traditional CR, this bill allows for new program starts, greater budget flexibility, and affirmed the budget in line with the expected 1% increase over 2024 levels.

我們很高興川普總統簽署了全年持續決議。與傳統的 CR 不同，該法案允許啟動新項目、提高預算靈活性，並確認預算與預期的 2024 年水準 1% 的成長一致。

Congress is now focused on a reconciliation package, which could include over $150 billion in additional defense funding. We view the continued emphasis by key congressional leaders to bolster our national defense as a positive sign for us. There are many initiatives within the DoD in Congress focusing on existing program capabilities, cost and schedule performance, and investments in emerging technologies.

國會目前正集中精力製定和解方案，其中可能包括超過 1500 億美元的額外國防資金。我們認為國會主要領導人繼續強調加強國防對我們來說是一個積極的信號。國會國防部內部有許多舉措，重點在於現有專案能力、成本和進度表現以及對新興技術的投資。

To highlight a few. Each service has been asked to reduce 8% of their budget to allow for reallocation of funding to administration priorities. We don't have any insights into these deliberations at this time. Secondly, as part of this process, the 74 MDAP, which is the major defense acquisition programs are being evaluated to identify those that are either 15% over budget or 15% late to schedule. For the programs where we are prime, our performance is solid.

重點介紹幾個。每項服務都被要求削減 8% 的預算，以便將資金重新分配給管理重點。目前，我們對這些審議還沒有任何見解。其次，作為此過程的一部分，正在對 74 個 MDAP（主要國防採購計劃）進行評估，以確定哪些計劃超出預算 15% 或比計劃延遲 15%。對於我們處於領先地位的項目，我們的表現是穩健的。

And for those where we are a subcontractor, we are highly dependent on the Prime's performance. DoD issued their 17 priorities, which we are well aligned with. Our two most recent acquisitions are clearly in the sweet spot for capabilities needed for the future fight. And the classified interim national defense strategy was released focusing on deterring China and defending the homeland. All these initiatives may be hard to follow from the outside but clearly show a fresh look at aligning dollars to programs that are performing well while reallocating budget to the administration's identified priorities.

對於那些我們身為分包商的客戶，我們高度依賴 Prime 的表現。國防部發布了 17 項優先事項，我們對此非常認同。我們最近的兩次收購顯然符合未來戰鬥所需的能力。並發布了機密的臨時國防戰略，重點是威懾中國和保衛國土。所有這些舉措可能從外部很難理解，但清楚地表明了將資金用於表現良好的項目，同時將預算重新分配給政府確定的優先事項的新視角。

You saw that President Trump and Secretary, Hegseth suggested that the upcoming 2026 presidential budget request could be as high as $1 trillion. This represents strong top line growth and highlights a sense of urgency and is another positive development. Over 130 executive orders have been issued in the first 100 days, and I wanted to highlight a few, starting with Golden Dome.

您看到川普總統和赫格塞斯部長表示，即將到來的 2026 年總統預算請求可能高達 1 兆美元。這代表著強勁的營收成長，凸顯了一種緊迫感，是另一個積極的發展。在前 100 天裡，已經發布了 130 多項行政命令，我想重點介紹其中幾項，首先是金色穹頂。

We're well positioned to support this initiative and ready to respond directly to customer requests and contribute to emerging industry teams given our world-class capabilities and missile warning, tracking, and discrimination. We've made substantial investments in new space factories in Fort Wayne, Indiana and Palm Bay, Florida. We are the only company to secure awards across all three tranches of the Space Force's tracking layer and are prepared to respond to the recently released RFP for the next tranche expected to be awarded later this year.

我們已做好準備支持這項舉措，並準備直接回應客戶要求，憑藉我們世界一流的飛彈預警、追蹤和識別能力，為新興行業團隊做出貢獻。我們對印第安納州韋恩堡和佛羅裡達州棕櫚灣的新太空工廠進行了大量投資。我們是唯一一家獲得太空部隊所有三個追蹤層獎項的公司，並準備響應最近發布的 RFP，以獲得預計將於今年稍後授予的下一批獎項。

Our Hypersonic and Ballistic Tracking Space sensor satellite known as HBTSS, launched in February 2024 and is the only proven on-orbit system capable of tracking the new rain hypersonic missiles. This is expected to be a core component of the Golden Dome architecture. If we were to get an award in the next few months, we could launch enough satellites into orbit, while President Trump is still in office, thereby having complete coverage of the US.

我們的高超音速和彈道追蹤空間感測器衛星（HBTSS）於 2024 年 2 月發射，是唯一經過驗證能夠追蹤新型雨滴高超音速飛彈的在軌系統。預計這將成為金色穹頂建築的核心部件。如果我們在未來幾個月內獲得一項獎勵，那麼在川普總統還在任期間，我們就可以向軌道發射足夠的衛星，從而實現對美國的全面覆蓋。

We broadly participate across offensive and defensive missile programs, providing propulsion and attitude control for all interceptors, both in production and development. This supports our long-term growth and underscores our leadership in this area. One of my favorite executive orders is entitled Restore Common Sense to Federal Procurement. This focus is on simplifying the acquisition process across the federal government. We've been the only major A&D company publicly advocating for reform and supportive of DOGE efforts.

我們廣泛參與進攻性和防禦性飛彈計劃，為生產和開發中的所有攔截器提供推進和姿態控制。這支持了我們的長期成長並強調了我們在該領域的領導地位。我最喜歡的行政命令之一是「恢復聯邦採購的常識」。重點是簡化整個聯邦政府的採購流程。我們是唯一一家公開倡導改革並支持 DOGE 努力的大型 A&D 公司。

I continue to think significant changes in the best interest of the defense ecosystem and the long-term benefits will be significant for the country and our company. DOGE efforts in prioritizing budget for high-priority capabilities, advancing innovation, promoting efficiency and acquisition and implementing risk reduction policies all aligned with our strategy and keep us at the forefront of innovation and customer alignment.

我仍然認為，符合國防生態系統最佳利益和長期利益的重大變化對於國家和我們公司來說都將具有重大意義。DOGE 努力優先考慮高優先級能力的預算、推動創新、促進效率和收購以及實施降低風險的政策，所有這些都與我們的策略保持一致，並使我們始終處於創新和客戶協調的前沿。

As the DoD considers procuring more through a commercial model, we are very comfortable with this approach with over 20 years of experience and about 20% of our products already being sold in this way. At its core, our LHX NeXt initiative embodies DOGE's principles, tailored to accelerate internal transformation through greater speed, efficiency, and agility.

由於國防部考慮透過商業模式採購更多產品，我們對這種方法非常滿意，因為我們有 20 多年的經驗，而且我們約 20% 的產品已經以這種方式銷售。從本質上講，我們的 LHX NeXt 計畫體現了 DOGE 的原則，旨在透過更快的速度、更高的效率和更高的靈活性來加速內部轉型。

Turning to international. We're seeing a significant increase in defense spending as our NATO allies modernize their technologies. We continue to see strong demand for our mission-critical solutions across key regions. So far, we've seen the need for the most advanced battlefield proven equipment, taking priority over politics, and we are staying closely connected with our customers, through our NATO offices in countries, including Poland, Germany and the Netherlands and the UK.

轉向國際。隨著我們的北約盟友不斷實現技術現代化，我們的國防開支也大幅增加。我們繼續看到主要地區對我們的關鍵任務解決方案的強勁需求。到目前為止，我們已經看到了對最先進的戰場驗證設備的需求，優先於政治，並且我們透過波蘭、德國、荷蘭和英國等國家的北約辦事處與客戶保持密切聯繫。

As the global defense landscape shifts, we are exploring new models for collaboration, including partnerships with European domiciled companies. We secured a key international award just after the quarter closed with the Dutch Ministry of Defense for network modernization and software-defined radios valued at over $1.1 billion. The Netherlands selected our radios for their battlefield based on our proven hardware and software which deliver industry-leading resiliency, low probability of detection and intercept, while ensuring secure and interoperable communications with US and allied forces.

隨著全球國防格局的變化，我們正在探索新的合作模式，包括與歐洲公司建立合作關係。本季結束後不久，我們獲得了荷蘭國防部頒發的一項重要國際獎項，該獎項涉及網路現代化和軟體定義無線電，價值超過 11 億美元。荷蘭選擇我們的無線電設備用於戰場，是基於我們成熟的硬體和軟體，這些硬體和軟體具有業界領先的彈性、較低的檢測和攔截機率，同時確保與美國和盟軍的安全和可互操作的通訊。

Looking ahead to 2026, we remain confident in achieving our financial framework, $23 billion in revenue, low 16% margins and $2.8 billion in free cash flow. With the priorities of the new administration, we're well positioned to continue to drive profitable growth while meeting our customers' evolving mission-critical needs and delivering on our commitments.

展望 2026 年，我們仍然有信心實現我們的財務框架，即 230 億美元的收入、16% 的低利潤率和 28 億美元的自由現金流。在新政府的優先考慮下，我們有能力繼續推動獲利成長，同時滿足客戶不斷變化的關鍵任務需求並履行我們的承諾。

For example, as a result of our ability to rapidly respond to customer requirements. Early in the second quarter, we secured a classified award in our ISR business valued at over $350 million along with a $200 million international award.

例如，由於我們能夠快速回應客戶要求。第二季初，我們在 ISR 業務中獲得了一項價值超過 3.5 億美元的機密獎項以及一項價值 2 億美元的國際獎項。

And with that, I'll turn it over to Ken.

說完這些，我就把麥克風交給肯。

Thanks, Chris. Our focus on profitable growth is delivering results. We had a strong first quarter with performance reflecting continued momentum and improvement across our diverse portfolio of products and programs.

謝謝，克里斯。我們對獲利成長的關注正在取得成果。我們第一季表現強勁，業績反映出我們多樣化的產品和專案組合持續保持成長勢頭並不斷改善。

While we're not without challenges, our ability to proactively manage the portfolio addressing headwinds in some areas while driving performance and others continues to give us confidence in our approach and execution. This is also the first quarter we're reporting under our new non-GAAP EPS methodology. This change marks another step in our efforts to improve the quality of earnings and narrow the spread between GAAP and non-GAAP results, enhancing transparency and alignment with how we manage the business.

雖然我們並非沒有挑戰，但我們能夠主動管理投資組合，解決某些領域的阻力，同時推動績效和其他領域的發展，這讓我們對我們的方法和執行充滿信心。這也是我們根據新的非 GAAP EPS 方法報告的第一個季度。這項變更標誌著我們在提高獲利品質、縮小 GAAP 和非 GAAP 結果之間的差距、提高透明度和與我們業務管理方式的一致性方面又邁出了一步。

Now let's talk about consolidated results for the quarter. Revenue was $5.1 billion and reflected flat organic growth as we operated through a dynamic external environment and were impacted by a short 12-week quarter. Segment operating margin was 15.6%, marking the sixth consecutive quarter of year-over-year margin expansion.

現在我們來談談本季的綜合業績。營收為 51 億美元，反映出持平的有機成長，因為我們在動態的外部環境中運營，並受到短短 12 週季度的影響。分部營業利益率為 15.6%，這是連續第六個季度實現利潤率年增。

Non-GAAP EPS was $2.41, and up 7% year over year. Free cash was an outflow of about $70 million as first quarter cash flows are typically the lowest of the year. This represents less than half the outflow we saw in Q1 '24 and gives us confidence in our ability to deliver free cash of $2.4 billion to $2.5 billion for the year.

非公認會計準則每股收益為 2.41 美元，年增 7%。自由現金流出約為 7000 萬美元，因為第一季的現金流通常是一年中最低的。這還不到 2024 年第一季流出的一半，並且讓我們有信心在今年提供 24 億至 25 億美元的自由現金。

This quarter, we returned nearly $800 million to shareholders with about $570 million in share repurchases and $230 million in dividends, marking our 24th consecutive annual dividend increase. Returning excess cash to shareholders remains a top priority, and we expect to repurchase more than $1 billion in shares this year as previously updated. Additionally, taking advantage of favorable market conditions, we transferred $1.2 billion of pension obligations to an insurance provider without any cash contributions or book losses, reducing future risk and volatility.

本季度，我們向股東返還了近 8 億美元，其中包括約 5.7 億美元的股票回購和 2.3 億美元的股息，這是我們連續第 24 年增加年度股息。將多餘的現金回饋給股東仍然是我們的首要任務，我們預計今年將回購超過 10 億美元的股票，正如先前更新的那樣。此外，利用有利的市場條件，我們將 12 億美元的退休金義務轉移給保險公司，無需任何現金貢獻或帳面損失，從而降低了未來的風險和波動性。

Turning to our segment's first quarter results. CS delivered revenue of $1.3 billion, up 4% and driven by continued strong international demand and quick turn book-to-bill deliveries. Operating margin increased 150 bps to 25.5%, reflecting favorable high-margin international mix for resilient communications as well as LHX next cost savings across the segment.

談談我們部門第一季的業績。CS 的營收為 13 億美元，成長 4%，這得益於持續強勁的國際需求和快速的訂單到出貨交付。營業利潤率成長 150 個基點至 25.5%，反映出彈性通訊的有利高利潤國際組合以及 LHX 整個部門的下一步成本節約。

IMS revenue was down -- was $1.6 billion, down 2%, and operating margin was 12.8%, up 140 bps. Revenue declined due to lower aircraft missionization volume and the anticipated ramp down of an ISR mission operations program. Operating margin increased due to strong program performance increased volume of higher-margin airborne electro optical sensors and LHX NeXt cost savings.

IMS 收入下降－為 16 億美元，下降 2%，營業利潤率為 12.8%，上升 140 個基點。由於飛機任務執行量下降以及 ISR 任務行動計劃預計縮減，導致收入下降。由於專案表現強勁、高利潤機載電光感測器產量增加以及 LHX NeXt 成本節省，營業利潤率有所提高。

SAS revenue was $1.6 billion, down 6% organically, primarily due to lower volumes associated with program timing and reduced F-35 volume as our TR-3 mission computing hardware transitions from development to a more gradual production ramp. Operating margin was 10.9%, down 140 bps due to continuing challenges on some legacy fixed-price development programs in space that are in later stages of completion, all of this partially offset by LHX NeXt cost savings.

SAS 收入為 16 億美元，有機下降 6%，主要原因是與專案時間表相關的產量下降，以及隨著我們的 TR-3 任務計算硬體從開發階段過渡到更漸進的生產階段，F-35 產量減少。營業利潤率為 10.9%，下降了 140 個基點，原因是一些處於後期完成階段的太空傳統固定價格開發項目持續面臨挑戰，但這些挑戰被 LHX NeXt 的成本節約部分抵消。

AR delivered strong results with 9% organic growth. Growth was driven by improved production volume across key missile programs and new program ramps. Operating margin declined 110 bps to 12.1% and due to lower net favorable EAC adjustments, partially offset by higher volume and LHX NeXt driven cost savings.

AR 業績表現強勁，有機成長率達 9%。成長的動力來自於主要導彈項目和新項目產量的提高。營業利潤率下降 110 個基點至 12.1%，原因是淨有利 EAC 調整較低，但被更高的銷售量和 LHX NeXt 推動的成本節約部分抵銷。

Now let me turn it back to Chris. Thanks.

現在讓我把話題轉回給克里斯。謝謝。

Advancing strategic collaborations remains a cornerstone of our trusted disruptor strategy. Most recently, we announced a new partnership with Kuiper Government Solutions, Amazon government-focused subsidiary. This effort combines our trusted tactical communication systems with their global low earth orbit satellite network to deliver resilient hybrid SATCOM solutions. This capability will offer high-speed, low latency connectivity with out-of-the-box interoperability, providing greater flexibility and mission assurance across the military, public safety, and commercial domains.

推動策略合作仍然是我們值得信賴的顛覆者策略的基石。最近，我們宣布與亞馬遜專注於政府業務的子公司 Kuiper Government Solutions 建立新的合作關係。這項工作將我們值得信賴的戰術通訊系統與他們的全球低地球軌道衛星網路結合，以提供有彈性的混合衛星通訊解決方案。此功能將提供高速、低延遲的連接和開箱即用的互通性，為軍事、公共安全和商業領域提供更大的靈活性和任務保障。

This collaboration formalizes our joint work and reflects our commitment to delivering secure, resilient communications in contested environments and creating partnerships with nontraditional participants. It's a differentiated solution that plays to our strengths and aligns with growing demand for hybrid multilayered networks. This arrangement also expands the use of our subscription-based and commercial business model revenue.

此次合作使我們的聯合工作正式化，體現了我們致力於在競爭環境中提供安全、有彈性的溝通以及與非傳統參與者建立夥伴關係的承諾。這是一個差異化的解決方案，它發揮了我們的優勢，並滿足了對混合多層網路日益增長的需求。這種安排也擴大了我們基於訂閱和商業業務模式的收入的使用。

Another new partnership is with Shield AI on the groundbreaking demonstration of AI-enabled unmanned systems for electronic warfare operations. leveraging our software-defined Electromagnetic Battle Management ecosystem with Shield AI's Hivemind autonomy, we're enhancing decision-making and complex battlefield environments. This collaboration will provide scalable multi-domain solutions for AI-enabled control of swarming systems for the US and its allies. We are a minority shareholder in Shield AI.

另一項新的合作是與 Shield AI 合作，對用於電子戰行動的人工智慧無人系統進行開創性的演示。利用我們軟體定義的電磁戰鬥管理生態系統和 Shield AI 的 Hivemind 自主性，我們正在增強決策和複雜的戰場環境。此次合作將為美國及其盟友提供可擴展的多域解決方案，以實現人工智慧控制集群系統。我們是 Shield AI 的少數股東。

We're also making solid progress on our partnership with Palantir. Together, we're supporting the US Army's TITAN program, where we are leading the communications systems integration for Palantir. Further, we're integrating Palantir's foundry software platform with our software-defined tactical radio networks. This collaboration is driving new insights and advancements, bringing artificial intelligence to the battlefield. By enhancing the data processing power of tactical networks, we're enabling faster, more effective mission execution for war fighters at the edge.

我們與 Palantir 的合作也取得了穩定進展。我們共同支援美國陸軍的 TITAN 計劃，並在該計劃中領導 Palantir 的通訊系統整合。此外，我們正在將 Palantir 的代工軟體平台與我們的軟體定義戰術無線電網路整合。此次合作正在推動新的見解和進步，將人工智慧帶入戰場。透過增強戰術網路的資料處理能力，我們可以讓邊緣作戰人員更快、更有效地執行任務。

Together, we're pursuing a new opportunity that emerges directly from this partnership to modernize and integrate AI and resilient C2 comms into a next-generation C5ISR architecture for international customers. Partnerships like these and many others allow us to accelerate innovation and rapidly field advanced capabilities. By taking a more thoughtful and open systems approach leveraging the strength of our partnerships and existing capabilities and bandwidth, we're able to rapidly adapt, scale, and deliver differentiated solutions that meet evolving mission-critical needs.

我們正共同尋求由此次合作直接產生的新機遇，將人工智慧和彈性 C2 通訊現代化並整合到國際客戶的下一代 C5ISR 架構中。諸如此類的合作夥伴關係以及其他許多合作夥伴關係使我們能夠加速創新並迅速部署先進能力。透過採取更周到和開放的系統方法，利用我們的合作夥伴關係和現有能力和頻寬的優勢，我們能夠快速適應、擴展和提供滿足不斷變化的關鍵任務需求的差異化解決方案。

Back to you, Ken.

回到你身邊，肯。

First, a few comments on LHX NeXt and our portfolio, then I'll move into guidance updates. We remain focused on executing our LHX NeXt initiative and delivering $1.2 billion in gross run rate savings this year. We are nearing completion of the cost optimization phase of this initiative including driving supply chain savings, process improvements, and facility consolidation. As a result, you may have noticed the reduction in corporate unallocated costs as LHX NeXt implementation costs ramped down. We will, of course, maintain our continuous improvement framework and drive for year over year cost savings.

首先，對 LHX NeXt 和我們的投資組合發表一些評論，然後我將進入指導更新。我們將繼續專注於執行我們的 LHX NeXt 計劃，並在今年實現 12 億美元的總運行率節約。我們即將完成該計劃的成本優化階段，包括推動供應鏈節約、流程改善和設施整合。因此，您可能已經注意到，隨著 LHX NeXt 實施成本的下降，企業未分配成本也在減少。當然，我們將保持持續改進框架，並努力實現逐年的成本節約。

The next phase of LHX NeXt is centered on enterprise transformation, leveraging AI-enabled solutions, driving enterprise-wide digital transformation, and optimizing our supply chain to become leaner and more agile. We are developing our LHX operating system for all functions so that we have a common way of executing and managing our business.

LHX NeXt 的下一階段將以企業轉型為中心，利用支援人工智慧的解決方案，推動整個企業的數位轉型，並優化我們的供應鏈，使其變得更加精簡和敏捷。我們正在為所有功能開發 LHX 作業系統，以便我們擁有執行和管理業務的通用方式。

We continue to proactively reshape our business. And this quarter, we further sharpened our national security focused portfolio, by completing the divestiture of our Commercial Aviation Solutions business, the last remaining commercial aerospace business in our portfolio.

我們繼續積極重塑我們的業務。本季度，我們完成了商業航空解決方案業務（我們投資組合中剩下的最後一個商業航空業務）的剝離，進一步強化了以國家安全為重點的投資組合。

Additionally, we transitioned our Fuzing and Ordnance Systems, or FOS business from IMS to AR as part of our portfolio optimization efforts. We expect this shift to drive additional synergies as we align across common customers and leverage internal expertise for key rocket motor content.

此外，作為投資組合優化工作的一部分，我們將引信和軍械系統（FOS）業務從 IMS 轉變為 AR。我們預計，隨著我們與共同客戶保持一致並利用內部專業知識來獲取關鍵火箭引擎零件，這種轉變將帶來更多的協同效應。

Turning to guidance updates for 2025. As Chris noted, there are several moving parts in the current environment. But the key takeaway is that we see as much, if not more opportunity than risk ahead. That said, our updated guidance reflects a balanced and disciplined approach. It incorporates our solid Q1 performance, while taking a risk-aware posture as we await greater clarity on several fronts.

轉向 2025 年的指導更新。正如克里斯所指出的，當前環境中有幾個變動因素。但關鍵在於，我們看到未來機會與風險同樣多，甚至更多。也就是說，我們更新後的指導反映了一種平衡且嚴謹的方法。它體現了我們第一季的穩健表現，同時採取了風險意識姿態，因為我們在等待多個方面的更清晰訊息。

Specifically, we are monitoring the FY26 defense budget, details around the implementation of the Golden Dome executive order and other recent directives, and further clarity around the budget tied to the 17 priority areas outlined by the DoD. Until we have greater visibility, we believe this is the most prudent path forward and expect to provide further updates on the Q2 call.

具體來說，我們正在監控 26 財年的國防預算、金頂行政命令和其他近期指令的實施細節，以及與國防部概述的 17 個優先領域相關的預算的進一步說明。在我們獲得更大的透明度之前，我們相信這是最謹慎的前進道路，並期望在第二季度電話會議上提供進一步的更新。

With that, we now expect revenue of $21.4 billion to $21.7 billion representing organic growth of 4% at the midpoint and reflecting a slight increase relative to growth implied by prior guidance. This update reflects the elimination of about $525 million of revenue related to the CAS divestiture. We are maintaining our segment operating margin guidance of mid- to high 15%, despite the elimination of higher-margin CAS revenue, supported by continued LHX NeXt cost savings and confidence in strong program execution.

因此，我們現在預計收入為 214 億美元至 217 億美元，中間值為 4% 的有機成長率，相對於先前指引所暗示的成長略有成長。此次更新反映了與 CAS 資產剝離相關的約 5.25 億美元收入的消除。儘管取消了利潤率較高的 CAS 收入，但我們仍維持 15% 中高水平的分部營業利潤率指引，這得益於 LHX NeXt 持續的成本節約和對強勁項目執行的信心。

Non-GAAP EPS is expected to be $10.30 to $10.50. At the midpoint, this includes a $0.55 reduction related to CAS and a $0.25 increase from improved operational performance and capital deployment actions, including the pension buyout.

非公認會計準則每股收益預計為 10.30 美元至 10.50 美元。中間值包括與 CAS 相關的 0.55 美元減少額以及因改善營運績效和資本部署行動（包括退休金買斷）而產生的 0.25 美元增加額。

Despite the elimination of three quarters of CAS revenue, we are reaffirming our free cash flow guidance of $2.4 billion to $2.5 billion, driven by growth, higher profitability and disciplined working capital management.

儘管取消了四分之三的 CAS 收入，但我們仍重申 24 億美元至 25 億美元的自由現金流指導，這得益於成長、更高的獲利能力和嚴格的營運資本管理。

At the segment level, we are reaffirming our Communication Systems revenue outlook of 2-point -- I'm sorry, $5.6 billion to $5.7 billion, with an increase in profitability to 25% from high 24%. IMS revenue guidance is now approximately $6.3 billion, reflecting a $525 million impact from the CAS divestiture and $300 million from the FOS business transferred to AR, about an $800 million reduction from midpoint of prior guidance.

在細分市場層面，我們重申通訊系統收入預期為 2 個百分點——抱歉，是 56 億美元至 57 億美元，獲利能力從 24% 的高點增至 25%。IMS 的營收預期目前約為 63 億美元，反映了 CAS 剝離帶來的 5.25 億美元影響以及 FOS 業務轉移到 AR 帶來的 3 億美元影響，比先前預期的中點減少了約 8 億美元。

Operating margin is now expected in the mid -- in the high 11% range, down from low 12% due to the divestiture with plans to offset dilution over time through improved program performance and LHX NeXt savings. We are maintaining our guidance for Space and Airborne Systems with revenue expected in the range of $6.9 billion to $7.1 billion, reflecting government fiscal year 2025 budget constraints in the space sector that we expect to abate by 2026. Operating margin is expected to remain in the low 12% range.

目前預計營業利潤率將在 11% 的中高位，低於 12% 的低位，這是由於剝離計劃透過提高專案績效和 LHX NeXt 節省來抵消隨著時間的推移稀釋的影響。我們維持對太空和機載系統的預期，預計收入在 69 億美元至 71 億美元之間，這反映了政府 2025 財年對太空領域的預算限制，我們預計到 2026 年這一限制將會減輕。預計營業利潤率將維持在12%的低點。

Aerojet Rocketdyne revenue guidance is now approximately $2.8 billion reflecting the addition of FOS and continued strong growth in missile solutions. We continue to expect margins in the mid-12% range. Although we are closely monitoring the changing trade landscape and have put various mitigation strategies in place, we do not anticipate tariffs to have a meaningful impact on our financial results. We're actively managing any impact within our current guidance assumptions.

Aerojet Rocketdyne 的營收預期目前約為 28 億美元，反映了 FOS 的增加以及飛彈解決方案的持續強勁成長。我們繼續預計利潤率將在 12% 左右。儘管我們密切關注不斷變化的貿易格局，並已製定各種緩解策略，但我們預計關稅不會對我們的財務表現產生重大影響。我們正在積極管理當前指導假設範圍內的任何影響。

Most importantly, we are ensuring timely access to international components to mitigate potential disruptions, though these risks are limited. We remain confident in our ability to navigate this dynamic environment while maintaining our focus on execution.

最重要的是，我們確保及時獲得國際零件，以減輕潛在的干擾，儘管這些風險是有限的。我們對自己駕馭這種動態環境的能力充滿信心，同時繼續專注於執行。

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

說完這些，我就把話題轉回給克里斯。

Okay. Before we open it up to questions, I want to briefly summarize our value proposition and how we're differentiating ourselves in the industry. With strong support from the new administration for Defense and the potential for a $1 trillion budget in 2026, the backdrop is favorable. We're driving relentlessly for profitable growth and are committed to our 2026 financial framework, which we continue to gain confidence in. From a top line perspective, the new opportunities we have won in Q2, as mentioned previously, will contribute to our ability to get there. We have grown our top line organically in each quarter since Q3 of 2022. And except for this 12-week quarter, this will continue for the rest of 2025.

好的。在我們開始提問之前，我想簡要總結一下我們的價值主張以及我們如何在行業中脫穎而出。在新政府對國防的大力支持和 2026 年 1 兆美元預算的可能性下，背景十分有利。我們堅持不懈地追求獲利成長，並致力於實現 2026 年財務框架，我們對此越來越有信心。從營收角度來看，如前所述，我們在第二季贏得的新機會將有助於我們實現目標。自 2022 年第三季以來，我們的營收每季都實現了有機成長。除了本季的 12 週之外，這種情況將持續到 2025 年剩餘時間。

Turning to profitability. We effectively manage risk and performance across a diverse portfolio of products and programs, increasing margins even in the face of occasional programmatic challenges. Our LHX NeXt transformation is unique and driving our success. We've now expanded margins year-over-year for six consecutive quarters, and we're delivering double-digit free cash flow growth since 2023.

轉向盈利能力。我們有效管理多元化產品和專案組合的風險和績效，即使偶爾面臨專案挑戰也能提高利潤率。我們的 LHX NeXt 轉型是獨一無二的，並推動我們的成功。我們目前已連續六個季度實現利潤率同比增長，並且自 2023 年以來一直實現兩位數的自由現金流增長。

With deleveraging largely behind us and share repurchases accelerating, we see a clear path to mid-double-digit growth in free cash flow per share. And last quarter, we increased our dividend for the 24th consecutive year.

隨著去槓桿基本結束以及股票回購加速，我們清楚地看到了每股自由現金流實現中兩位數成長的路徑。上個季度，我們連續第 24 年增加股利。

With that, Ena, let's open the line for questions.

好了，Ena，讓我們開始提問吧。

(Operator Instructions) Seth Seifman, JPMorgan.

（操作員指示）Seth Seifman，摩根大通。

Chris, I wanted to drill in a little bit on something you said a little bit earlier when you talked about international sales and particularly in Europe, I think there's some concern over there given the state of relations between US and some of the European allies. And sense that in the comms business and radios in particular, there are some suppliers in Europe. And so it sounds like you still have a fair amount of confidence in LHX' prospects there. And so I wonder if you could talk a little bit about that. What sort of gives you that confidence going forward.

克里斯，我想深入探討你之前談到的國際銷售，特別是在歐洲的問題，考慮到美國和一些歐洲盟友之間的關係狀況，我認為那裡存在一些擔憂。並且感覺到在通訊業務，特別是在無線電領域，歐洲有一些供應商。聽起來您對 LHX 在那裡的前景仍然相當有信心。所以我想知道您是否可以稍微談談這個問題。是什麼讓您對未來充滿信心？

Yeah, Seth, great question. And I expect that there would be some concern. The confidence we're having is the orders that we've been able to book and the discussions we're having with our customers. I mentioned the Netherlands $1.1 billion opportunity here in April that we booked. Poland, Germany, and there's other Eastern European countries we can't disclose.

是的，塞斯，這個問題問得好。我預計會有人感到擔憂。我們所擁有的信心來自於我們能夠收到的訂單以及我們與客戶的討論。我曾在四月提到我們在荷蘭獲得的 11 億美元投資機會。波蘭、德國以及其他一些我們不能透露的東歐國家。

At the end of the day, it comes down to the crypto, the interoperability and the modernization programs that these countries have undertaken. They need new technology. There tend to be 7- to 10-year programs. And given the sense of urgency and the threats in the area, I believe they don't really have the time to go back and start over.

歸根結底，這取決於這些國家所採取的加密、互通性和現代化計劃。他們需要新技術。通常會有 7 至 10 年的計劃。考慮到緊迫感和該地區的威脅，我認為他們真的沒有時間回去重新開始。

So as I mentioned in my prepared remarks, there's a lot going on in politics, but at the end of the day, you want the best technology available and is proven over and over at our tactical networks, our software-defined radios are superior, and that's why they're being procured.

正如我在準備好的發言中提到的那樣，政治上有很多事情要做，但最終，你想要最好的技術，並且在我們的戰術網絡中一遍又一遍地證明，我們的軟體定義無線電是優越的，這就是它們被採購的原因。

Ronald Epstein, Bank of America.

美國銀行的羅納德·愛潑斯坦。

Yeah, could you speak a little bit more about Golden Dome. You mentioned that you're making some investment there already. Is that in anticipation of award? Have you already gotten award? I mean how are you thinking about that? And then I have a follow-up, if I may.

是的，您能否再多談談金頂的情況？您提到您已經在那裡進行了一些投資。這是為了期待獲獎嗎？你已經得獎勵了嗎？我的意思是您對此有何看法？如果可以的話，我還有一個後續問題。

Yeah. No, on Golden Dome, we've been seeing a lot of growth in our satellite business. We use that as an example of our disruptive strategy going back several years. So when you look at the whole portfolio of satellites that we're manufacturing, we needed to develop these factories, given the quantity that we have in backlog and those that we anticipate in the future.

是的。不，在 Golden Dome，我們的衛星業務取得了巨大的成長。我們以此為例來說明我們幾年前的顛覆性策略。因此，當你查看我們正在製造的整個衛星組合時，考慮到我們積壓的數量以及我們預期的未來數量，我們需要開發這些工廠。

So no Golden Dome awards have been made. TR T3, Tranche 3 for Spaceforce, the RFP came out that will be part of the architecture. But it's still early in the process. I did mention HP TSS. And if you look at that executive order, it has about eight different focal points, the only one in there that says accelerate the deployment of HBTSS layer is critical because we have the only proven satellite in orbit that works.

因此，沒有頒發金頂獎。TR T3，太空軍第三批項目，RFP 已經發布，將成為架構的一部分。但這個過程還處於早期階段。我確實提到過 HP TSS。如果你看一下那項行政命令，它有大約八個不同的重點，其中唯一一個說加速部署 HBTSS 層至關重要，因為我們擁有唯一一顆經過驗證可以運行的在軌衛星。

So that is an acceleration that's why I said if we can get an order here quickly, we can have the US covered, while the President is still in office. Every other part of that executive order uses the phrase develop. So we feel really good about the HBTSS.

所以這是一種加速，這就是為什麼我說如果我們能迅速得到訂單，我們就可以覆蓋美國，而總統仍然在任。該行政命令的其他部分都使用了「發展」一詞。所以我們對 HBTSS 感到非常滿意。

And I believe this administration is putting money. We're contractors are performing, and we're hopeful that we can move quickly, get this under contract and start launching these capabilities. But the other part of it is with the Aerojet acquisition, there's a huge part with solid rocket motors and the different interceptors. Ken, do you want to take that?

我相信本屆政府正在投入資金。我們的承包商正在履行職責，我們希望能夠迅速採取行動，簽訂合約並開始啟動這些功能。但另一部分是 Aerojet 的收購，其中很大一部分涉及固體火箭發動機和不同的攔截器。肯，你想接受這個嗎？

Sure. Yeah. And just high level, Ron, to the investment part of your question, I would say the Golden Dome opportunity aligns very well to investments that we have been making, in particular, in the area of missile warning, missile tracking, and that's both in our Fort Wayne operation as well as here in Palm Bay, Florida. So we just believe that smart investments and our alignment to the needs of the customer are being revealed in terms of the focus on Golden Dome.

當然。是的。羅恩，關於您問題中的投資部分，我想說，金色穹頂的機會與我們一直以來所做的投資非常吻合，特別是在導彈預警、導彈跟踪領域，這既包括我們在韋恩堡的行動，也包括我們在佛羅裡達州棕櫚灣的行動。因此，我們相信，明智的投資和我們對客戶需求的關注體現在對 Golden Dome 的關注上。

To Chris' point on solid rocket motors, I think Aerojet is extremely well positioned, not just from a propulsion perspective, but we're on just about every interceptor program to include technologies around divert and attitude control how you precisely get an interceptor where it needs to be. So we're looking at a focus on advancing our capabilities and our production and development on both production and developing Interceptor opportunities like next-gen interceptor, glide phase interceptor.

對於克里斯提到的固體火箭發動機，我認為 Aerojet 處於非常有利的地位，不僅從推進角度來看，而且我們幾乎在每個攔截器項目中都採用了轉向和姿態控制技術，以便精確地將攔截器送到需要的位置。因此，我們專注於提高我們的能力以及在生產和開發攔截器方面的能力，例如下一代攔截器、滑翔相攔截器。

And also, we do have a business that does targets for the Missile Defense Agency, and we think that will be an important part of the Golden Dome being able to test the new system and capabilities. So we're looking at opportunities to work with the Missile Defense Agency to try to accelerate that as an enabler for the system as well. So we're excited, and I think we're very well positioned.

此外，我們確實有為飛彈防禦局設定目標的業務，我們認為這將是金色穹頂測試新系統和能力的重要組成部分。因此，我們正在尋找與飛彈防禦局合作的機會，試圖加速這一進程，以推動該系統的發展。所以我們很興奮，我認為我們處於非常有利的位置。

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

On SAS, you've had a lot of success winning SDA contracts, and those are easy for us to see. But when you look at the challenges that you've got that you recognized this quarter with respect to classified programs. Can you help us understand sort of the scale of the split here between classified and other? I know it's hard. But to give us a sense of where the challenge programs are headed, are we going to see these -- the negative impacts, I guess, on margins to see that dissipate as we head into '26 and '27?

在 SAS 方面，你們在贏得 SDA 合約方面取得了很多成功，這些我們都很容易看到。但是，當您審視本季在機密專案方面面臨的挑戰時，您就會意識到這一點。您能幫助我們理解機密資訊和其他資訊之間的劃分比例嗎？我知道這很難。但是，為了讓我們了解挑戰計畫的發展方向，我們是否會看到這些對利潤率的負面影響在進入 26 年和 27 年時逐漸消散？

Sure, Doug. I can take that question. I would say that maybe addressing the last part of the question first on the challenges. We're certainly managing the challenges on these programs. We've seen it in kind of tens of millions of dollars of negative adjustments across a couple of programs and as we said, those programs are nearing completion. So we do expect that these challenges, while not necessarily behind us, are in a breadbasket and should be behind us in '25 or early '26.

當然，道格。我可以回答這個問題。我想說，也許應該先回答問題的最後一部分，即挑戰。我們確實正在應對這些項目所面臨的挑戰。我們已經看到幾個項目中數千萬美元的負面調整，正如我們所說，這些項目已接近完成。因此，我們確實預計，這些挑戰雖然不一定會成為過去，但對我們而言是巨大的，應該會在 2025 年或 2026 年初成為過去。

Importantly, these are important programs for our country and the war fighter, and we see it as a strong growth area in the future. And we expect, as we've got the technological challenges behind us. It will be a solid growth area for us with good profitability as we move forward.

重要的是，這些對我們國家和戰士來說都是重要的項目，我們認為這是未來強勁的成長領域。我們期待，因為我們已經克服了技術挑戰。隨著我們不斷前進，這將成為我們一個穩健的成長領域，並具有良好的獲利能力。

And then on the SDA business, that is I would say it's been a great business model for us. You may remember that we moved from, call it, a highly capable weather sensing system to a capable missile warning missile tracking system through advancements in the sensor as well as algorithms and ground processing. We were able to get a position on prime in that dealt with some challenges on that back in '22 and '23. And as we've won successive awards from Tranche 0 to Tranche 1 to Tranche 2, we've been able to drive down cost, give the customer confidence and, at the same time, increase our profitability tranche by tranche.

然後關於 SDA 業務，我想說這對我們來說是一個很好的商業模式。您可能還記得，透過感測器、演算法和地面處理的進步，我們已經從所謂的高性能天氣感測系統轉變為強大的飛彈預警飛彈追蹤系統。我們能夠在 2022 年和 2023 年佔據首要地位，並應對一些挑戰。隨著我們從第 0 批、第 1 批、第 2 批連續獲獎，我們能夠降低成本，增強客戶信心，同時逐步提高我們的獲利能力。

So we're really pleased with the investments we've been making in the space business. It's not without its challenges. We do hard stuff. I'll be clear on that. But it is important, important work for our country and for the war fighter. We're proud of the work we do. We're proud of the challenge we take on, and I think we've got a solid path to managing through it while meeting the guidance that we've put out for you.

因此，我們對我們在太空業務方面的投資感到非常滿意。這並非沒有挑戰。我們做困難的事。我會把這一點講清楚的。但這對我們的國家和戰士來說是一項非常重要的工作。我們對自己所做的工作感到自豪。我們為我們面臨的挑戰感到自豪，我認為我們已經找到了一條堅實的途徑來應對這一挑戰，同時滿足了我們為您制定的指導方針。

And I'll just chime in there, Doug, that we call these legacy programs because they're several years old, and in some cases, predate the merger, which is why I've been pretty outspoken about the fixed price development programs, which these are and how they can come back and have challenges as you're developing and doing hard stuff, as Ken said.

道格，我只是想插一句，我們之所以稱這些為遺留項目，是因為它們已有好幾年的歷史了，在某些情況下，甚至早於合併，這就是為什麼我一直直言不諱地談論固定價格開發項目，以及它們如何捲土重來，並在開發和做困難的事情時面臨挑戰，正如肯所說的那樣。

I do want to emphasize this does pave the way for future work. None of those programs have been bid. We don't have fixed priced options. So we will know the actual cost. We'll know the technological specs and as additional work comes forward, for similar or identical constellations or satellites. I'm highly confident we will win, and we will make money on those.

我確實想強調這確實為未來的工作鋪平了道路。這些項目均未進行招標。我們沒有固定價格的選擇。這樣我們就會知道實際成本。我們將了解技術規格，並隨著更多工作的開展，了解類似或相同的星座或衛星。我非常有信心我們會贏，而且我們會從中賺錢。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Maybe just to stick to as asked, can we talk about the airborne side of the business? What you see as prospects there? It seems like F-35 is only a near-term headwind. There's a turning point there and maybe new pursuits if you're on at F-47? And how do you see LHX playing in that market going forward?

也許只是堅持所問的問題，我們可以談論業務的空運方面嗎？您認為那裡的前景如何？看起來 F-35 只是短期的阻力。那裡有一個轉折點，如果你在 F-47 上，也許會有新的追求？您認為 LHX 未來在該市場的表現如何？

Yeah. Sheila. Yeah, the airborne market is solid. And in these cases, we are subs to the primes or the OEMs. You're right on F-35, 2025 is the low point for revenue as the TR-3 development comes down and the TR-3 production increases. So we'll see growth for our F-35 portfolio in 2026, and that involves all aspects from core processors to weapon release and some of the other capabilities that we have on that plane.

是的。希拉。是的，空中市場很穩定。在這些情況下，我們是主要供應商或 OEM 的子公司。您對 F-35 的看法是正確的，隨著 TR-3 開發的減少和 TR-3 產量的增加，2025 年是收入的最低點。因此，我們將在 2026 年看到 F-35 產品組合的成長，這涉及從核心處理器到武器釋放的所有方面以及我們在該飛機上擁有的一些其他功能。

I was thinking -- I'm not sure there's an airplane out there that L3Harris doesn't have some some content on. So we have some great capabilities even things like the T7 and other new development programs we're positioned well, and we can support whatever is needed for next-gen aircraft and future plans. So we feel good about the portfolio, feel great about the capabilities, and this will be a growth area for us in years ahead.

我在想——我不確定是否有一架飛機是 L3Harris 沒有記錄的。因此，我們擁有一些強大的能力，甚至像 T7 和其他新的開發項目，我們也處於有利地位，我們可以支持下一代飛機和未來計劃所需的一切。因此，我們對產品組合感到滿意，對其能力感到自豪，這將是我們未來幾年的成長領域。

Matt Akers, Wells Fargo.

富國銀行的馬特‧艾克斯 (Matt Akers)。

I wanted to ask, Ken, I guess now that you've been in the Rocketdyne be here for a couple of months. Just curious your initial impressions and kind of thoughts on any opportunities for that business here going forward?

我想問一下，肯，我想你現在已經在 Rocketdyne 待了幾個月了。只是好奇您對該業務未來發展機會的初步印象和想法？

Sure. Thanks, Matt. I appreciate the question. Yeah. Look, my initial impressions are it's a great business. It's a fantastic team. And we're very well positioned as we look forward to address the critical needs of our country and our war fighter from a tactical and large solid rocket motor perspective. We're very focused on capacity expansion, in particular, in the Missile Solutions business. And I think you're seeing that start to reveal itself in terms of 9% revenue growth at Aerojet and solid double-digit growth in the Missiles business in particular. And again, that's both climbing the ramp on the tactical side as well as starting to see some new programs kick in, in terms of primarily large solid rock and motors.

當然。謝謝，馬特。我很感謝你提出這個問題。是的。看，我最初的印像是這是一筆偉大的生意。這是一支出色的球隊。我們已做好準備，從戰術和大型固體火箭發動機的角度，滿足我們國家和戰士的關鍵需求。我們非常注重產能擴張，特別是導彈解決方案業務。我認為您已經看到這一點開始顯現，Aerojet 的收入增長了 9%，尤其是導彈業務實現了兩位數的穩健增長。再次強調，這既是在戰術方面的攀登，也是在開始看到一些新計畫啟動，主要是在大型固體岩石和引擎方面。

As I mentioned in response to an earlier question, we're excited about the opportunities at Golden Dome. At Aerojet, again, acceleration of interceptor both production and development programs as well as targets for Missile Defense Agency. And then we're certainly focused on the space propulsion side of the business as well, protecting NASA SLS Artemis and our RS-25 engine there. We believe that particular program aligns very well with national security purposes in returning to the moon and making sure that we don't see the moon to one of our country's adversaries.

正如我在回答先前的問題時所提到的，我們對 Golden Dome 的機會感到非常興奮。在 Aerojet，攔截器的生產和開發計劃以及導彈防禦局的目標再次加速。當然，我們也專注於太空推進業務，保護 NASA SLS Artemis 和我們在那裡的 RS-25 引擎。我們相信，這項特定計劃與重返月球的國家安全目的非常契合，並確保我們不會將月球暴露給我們國家的對手之一。

And then we're also focused on accelerating and driving production efficiencies on the RL10 largely in support of ULA, which we believe is the world's most capable second-stage engine. We've made some changes there, driving additive manufacturing, which should enable us to see some efficiencies and acceleration as we move forward. So great business, great team. I'm really excited to be leading it and been spending a fair amount of time in some of the Aerojet facilities, Camden, Arkansas, West Palm, Canoga Park, California. And as I've been engaging with the team, it's just -- it's fantastic and we're really very well positioned.

然後，我們也專注於加速和提高 RL10 的生產效率，主要是為了支援 ULA，我們認為它是世界上功能最強大的二級引擎。我們在那裡做出了一些改變，推動了積層製造，這應該使我們能夠在前進的過程中看到一些效率和加速。非常棒的生意，非常棒的團隊。我很高興能夠領導這個團隊，並且在 Aerojet 的一些工廠、阿肯色州卡姆登、西棕櫚灘、加州卡諾加公園等地度過了相當多的時間。當我與團隊接觸時，我發現一切都很棒，我們的定位非常有利。

Yeah. And in my discussions with the customers, they're very pleased that L3Harris made this acquisition. And more importantly, they're impressed with the turnaround. So I believe we're absolutely in the right market at the right time and the future is quite bright.

是的。在與客戶的討論中，他們非常高興 L3Harris 進行此次收購。更重要的是，他們對這種轉變印象深刻。因此我相信我們絕對是在正確的時間進入了正確的市場，而且未來是相當光明的。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

Just a few questions on the outlook, a few of the outlook items. Given the divestiture coming out, reiterating the $23 billion for 2026, I think, would require closer to 7% organic growth in '26 versus the 4% this year and the 4% in the CAGR you've talked about. Can you maybe just talk about -- I know you've described an opportunity-rich environment here, but how much risk is there to just getting things on contract quickly enough to achieve that? And then for '25, Ken, the pension income and interest expense change, I think, looked like about $0.20. And you called the $0.25 operational.

我只想問幾個關於前景的問題，一些關於前景的項目。考慮到即將進行的資產剝離，重申 2026 年的 230 億美元目標，我認為，這需要 26 年來實現接近 7% 的有機增長，而今年為 4%，而您提到的複合年增長率為 4%。您能否談談—我知道您在這裡描述了一個充滿機會的環境，但是為了盡快達成合約而面臨多大的風險？然後對於 25 年來說，肯，我認為退休金收入和利息支出的變化看起來約為 0.20 美元。你稱 0.25 美元為可操作的。

I'm just wondering how much you're ahead of plan operationally versus that being below the line?

我只是想知道，從營運角度看，你們的計劃比計劃提前了多少，而低於計劃的程度又有多少？

Sure. Let me address the first question, and then I can get to the second part there. So look, in terms of the growth drivers, the 2026, Chris mentioned in his prepared remarks that we are building confidence to the '26 framework and the $23 billion in sales, and there's a number of moving parts, and let me just kind of walk through them. First of all, Chris mentioned a classified award that we booked early in the second quarter at IMS, and we see that contributing to revenues in '25 and into '26. There is also an IMS international booking that Chris mentioned, and we see that contributing in '26.

當然。讓我先回答第一個問題，然後我才能進入第二部分。因此，就成長動力而言，2026 年，克里斯在他的準備好的發言中提到，我們正在對 26 年框架和 230 億美元的銷售額建立信心，並且有許多活動部件，讓我簡單介紹一下它們。首先，克里斯提到了我們在第二季初在 IMS 預訂的一項分類獎勵，我們認為這將為 25 年和 26 年的收入做出貢獻。Chris 也提到了 IMS 國際預訂，我們認為這對 26 年有所貢獻。

We believe that space will return to growth. As we mentioned, there are some budgetary challenges in government fiscal year '25. But we know that there's a focus on that, and we see more budget in FY government's fiscal year '26 on space, whether that's SDA T3, potentially accelerating into the fourth quarter of '25 as an award as well as the potential for upside on Golden Dome opportunities.

我們相信航天將恢復成長。正如我們所提到的，25 財政年度政府面臨一些預算挑戰。但我們知道這是重點，我們看到政府在 26 財年將有更多的預算用於太空，無論是 SDA T3 還是作為獎勵可能加速到 25 年第四季度，以及金穹頂機會的潛在上升空間。

And then Aerojet Rocketdyne will continue to contribute growth in terms of missiles capacity again, both at the tactical missile level as we climb the ramp as well as some of the development wins that we've seen in the interceptors and large solid rocket motors that's across a number of interceptor programs, classified programs, sentinel and others.

然後，Aerojet Rocketdyne 將繼續為導彈容量的增長做出貢獻，無論是在我們攀登坡道時的戰術導彈層面，還是在攔截器和大型固體火箭發動機中看到的一些發展勝利，這些勝利涵蓋了許多攔截器計劃、機密計劃、哨兵計劃和其他計劃。

And then as Chris mentioned, the F-35 headwind that we see in 2025 will abate. So we are building confidence. We understand it's a 7% growth rate in the '26, but we feel like we've got a really solid path to get there and feel better about that today than we did one quarter ago.

正如克里斯所提到的，我們在 2025 年看到的 F-35 逆風將會減弱。所以我們正在建立信心。我們知道 26 年的成長率是 7%，但我們覺得我們已經找到了一條堅實的道路來實現這一目標，而且我們今天對此的感覺比一個季度前要好。

In terms of the second question, we look at our performance in Q1. We think it was solid performance. I'm not going to parse out $0.05 here or there at the EPS level, but we think the operations certainly contributed. There clearly is some benefit of interest and capital deployment actions, whether it's pension or as we've updated, we think share count with the repurchase that we've done in the first quarter will be somewhere between 188 million to 189 million shares versus previous 190 million. So we're feeling good about what we're doing to drive upside to EPS, whether that's performance of the segment line or capital deployment actions, and we're just -- we'll continue to crank through that and try to drive upside at the segments through the remaining three quarters of the year.

關於第二個問題，讓我們來看看我們第一季的表現。我們認為這是穩健的表現。我不會在 EPS 水準上分析出這裡或那裡的 0.05 美元，但我們認為營運肯定做出了貢獻。利息和資本配置行動顯然有一些好處，無論是退休金還是我們更新後的數據，我們認為第一季回購的股票數量將在 1.88 億至 1.89 億股之間，而之前為 1.9 億股。因此，我們對推動每股收益上漲所採取的措施感到滿意，無論是分部產品線的表現還是資本配置行動，我們只是 - 我們將繼續努力，並嘗試在今年剩餘的三個季度中推動各分部的上漲。

Yeah. No, we haven't really seen an abnormal slowdown in getting orders, I think it's just the usual change of administration, nothing beyond that. I think just about everybody's book-to-bills were below 1.0. We kind of manage it and look at it at an LTM basis. So we're at 114 on a book-to-bill, which gives me confidence in the growth.

是的。不，我們並沒有真正看到訂單量出現異常放緩，我認為這只是正常的行政變動，僅此而已。我認為幾乎所有人的訂單出貨比都低於 1.0。我們以 LTM 為基礎對其進行管理並進行觀察。因此，我們的訂單出貨比為 114，這讓我對成長充滿信心。

And again, we had this 12-week quarter, and I think we booked almost $1 billion of orders in the first week of Q2. So there's growth in cyber, which is all classified, great opportunities in the Mid East. And these partnerships and focus on AI, I think, are going to be able to contribute more in '26 than maybe people appreciate. So thanks for the question.

再說一次，我們有 12 週的季度，我認為我們在第二季度的第一周就接到了近 10 億美元的訂單。因此，網路安全的成長（這些都是機密）在中東地區是巨大的機會。我認為，這些合作夥伴關係和對人工智慧的關注將在 26 年做出比人們預想的更多的貢獻。感謝您的提問。

Robert Stallard, Vertical Research Partners.

羅伯特·斯托拉德（Robert Stallard），Vertical Research Partners。

Chris, just wanted to follow up on Sheila's question from earlier on with regard to the F-35. Lockheed Martin said a couple of days ago that they're looking to substantially enhance the capability on the aircraft, exactly what Jim take said. But I was wondering if there were any opportunities there for L3Harris to be involved with this process?

克里斯，我只是想跟進希拉之前關於 F-35 的問題。洛克希德馬丁公司幾天前表示，他們正在尋求大幅增強飛機的性能，正如吉姆塔克所說的那樣。但我想知道 L3Harris 是否有機會參與這個過程？

Yes, I would think so. We are leading the hardware piece of TR-3, and I think a lot of those TR-3 capabilities when they're combat ready and operational, will give significantly improved capabilities for that aircraft. So I think we're well positioned. I think, in fact, we're in the midst of doing a lot of that work now. We never really talked about the retrofit market.

是的，我認為是這樣。我們正在領導 TR-3 的硬體部分，我認為，當 TR-3 做好戰鬥準備並投入使用時，它的許多功能將顯著提高該飛機的能力。所以我認為我們處於有利地位。我認為，事實上，我們現在正在做很多這樣的工作。我們從未真正談論過改造市場。

So to the extent there's continued upgrades in the core processor or the digital cockpit or the memory system. We always talk about the current deliveries, but there's also a retrofit perspective. So I think we're well positioned. I think we're one of the few that have the capabilities they need. So we'll work closely with Lockheed and see how we can help and support them.

因此，核心處理器、數位駕駛艙或儲存系統都會不斷升級。我們總是談論當前的交付情況，但也有改造的觀點。所以我認為我們處於有利地位。我認為我們是少數擁有他們所需能力的公司之一。因此，我們將與洛克希德公司密切合作，看看如何幫助和支持他們。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Chris, I was wondering, some defense executives have had meetings with the President and sort of made direct appeals as it relates to their solutions. I'm curious to the extent that you've been able to do that. And then maybe more from a budget outlook perspective, what is the timeline you're currently thinking about in terms of gaining visibility into the fiscal '26 budget, the Golden Dome and the 17 priority areas. Do you see that as being sort of in May, June or later than that? Thanks.

克里斯，我想知道，一些國防高管是否與總統舉行了會議，並就他們的解決方案提出了直接呼籲。我很好奇你能做到這一點到什麼程度。然後也許從預算前景的角度來看，您目前考慮的時間表是怎樣的，以便了解 26 財年預算、金頂和 17 個優先領域。您認為這個時間是在五月、六月還是更晚？謝謝。

Yeah. Thanks, Myles. I'll take the second one first. Yes, we're actually expecting the 2026 PBR in the month of May, I think it's going to be referred to as a skinny PBR with the dollars allocated more at the mission level than at the program. specific level, a little different than in the past.

是的。謝謝，邁爾斯。我先選第二個。是的，我們實際上預計 2026 年的 PBR 將在 5 月公佈，我認為這將被稱為精簡 PBR，在任務層面分配的資金比在專案層面分配的資金更多。具體層面，與過去有些不同。

And I think a lot of those are going to probably be aligned with those priorities, whether it's homeland missile defense, ammunitions, autonomy, counter UAS. And then at that level, we're working hard to make sure that our programs are supported and the dollars will be allocated to them. So it's a little different process. But we'll have that number. Everyone will have it.

我認為其中許多可能都與這些優先事項一致，無論是國土飛彈防禦、彈藥、自主權還是反無人機。然後在這個層面上，我們正​​在努力確保我們的專案得到支持，並為其分配資金。所以這是一個略有不同的過程。但我們會得到這個數字。每個人都會擁有它。

I think within the next couple of weeks is what I've been told. And relative to customers, I can assure you I spend a lot of time in DC or wherever I need to go to meet with the right people and not only myself but the segment president. So I feel we have access pretty much to anyone we need and want access to. And I think our message is clear and concise and it's unique, and people appreciate the capabilities and the speed in which we're willing to do the work. So we feel really good on that front.

我認為在接下來的幾週內我就會得到消息。相對於客戶，我可以向你保證，我花了很多時間在華盛頓特區或任何我需要去的地方與合適的人會面，不僅是我自己，還有部門總裁。所以我覺得我們幾乎可以接觸到任何我們需要和想要接觸的人。我認為我們的訊息清晰、簡潔、獨特，人們欣賞我們的能力和我們願意開展工作的速度。所以我們在這方面感覺非常好。

Jason Gursky, Citigroup.

花旗集團的傑森古爾斯基。

Chris, you've been pretty forward leaning on procurement reform and the need for it and have even given some prescriptions to the building. I'm just kind of curious to get a few thoughts -- a few more thoughts from you. These efforts obviously are geared towards speeding things up and saving money. And I'm kind of curious on the saving money part, whether this is to put downward pressure on spending overall or if it's to increase the purchasing power of DoDs. So they're going to get more for the money that they're spending, I would love to get your thoughts on what the intent here is.

克里斯，您對採購改革及其必要性一直頗有遠見，甚至為建設提出了一些建議。我只是有點好奇，想聽聽您的一些想法——更多的想法。這些努力顯然是為了加快速度並節省金錢。我對省錢的部分有點好奇，這是否會對整體支出造成下行壓力，還是會提高國防部的購買力。因此，他們將會從所花的錢中獲得更多收益，我很想聽聽你對此目的的看法。

And then maybe just talk a little bit about what you think would be some low-hanging fruits, some easy wins for them to go get. And then lastly, what do you think the overall impact of an exercise kind of like a rewrite of FAR is going to have on the industrial base. Is this going to favor one type of company versus another one type of technology versus another? Just kind of your overall thoughts on the longer-term implications for the industrial base as we go into what looks like is going to be maybe a full rewrite of FAR. Thanks.

然後也許可以稍微談談您認為對他們來說哪些是容易實現的目標、哪些是容易取得的勝利。最後，您認為類似重寫 FAR 的演習將對工業基礎產生什麼整體影響。這是否會對某一類型的公司有利，對另一類型的技術有利？當我們討論 FAR 的全面重寫時，您對工業基礎的長期影響的總體看法是什麼？謝謝。

Yeah. Thanks, Jason. No, I'm passionate about trying to drive reform, and there's a lot of initiatives out there driven by the war fighter members of Congress. And I just want to make sure that the defense industrial base has the seats at the table because we do have a perspective. So speed and agility saves money and the quicker we can make these acquisition decisions and the sooner anyone can get under contract, the better off we are as a country because we can get those capabilities to the war fighter.

是的。謝謝，傑森。不，我熱衷於推動改革，國會中的戰士成員也推動了許多措施。我只是想確保國防工業基礎在談判桌上佔有一席之地，因為我們確實有自己的看法。因此，速度和靈活性可以節省資金，我們越快做出這些收購決策，任何人越早簽訂合同，我們作為一個國家就越好，因為我們可以將這些能力提供給作戰人員。

So by saving money, not only in reducing the time to get an acquisition but allowing companies to have multiyear contracts commercial terms. We have so many competitive bids. Let's put out the RFP, let's get the proposals and let's make a decision and go quick. And the goal would ultimately be to get more purchasing power. I mean the defense industrial base, in my opinion, has pretty much absorbed all the inflation and the impacts of COVID, given all of our hundreds of billions of dollars of backlog. So we have not been able until recently to flow those costs through.

因此，透過節省資金，不僅可以減少收購時間，還可以讓公司獲得多年的合約商業條款。我們有很多有競爭力的投標。讓我們發布 RFP，讓我們獲得提案，讓我們做出決定並迅速採取行動。最終目標是獲得更強的購買力。我的意思是，我認為，考慮到我們數千億美元的積壓訂單，國防工業基礎幾乎吸收了所有的通貨膨脹和 COVID 的影響。因此直到最近我們才能夠分擔這些成本。

So the quantities that our customer is getting are less than they probably want. So this will be a way maybe to increase back the quantity. And I did write a letter, reforming FAR, getting rid of the cost accounting standards. I think it's odd that we need three sets of books, a GAAP set, a tax book, tax set, and cost accounting drives an incredible amount of inefficiency, audits out to Wuzhou, disclosure statements makes it hard to run the business and do what you would think would be a logical thing, relocating businesses, consolidations, all that take on a life of their own. The truth in negotiation to have those requirements for every contract over $2 million that was pretty much darn near everything they buy. If we want to keep teeing up, which I'm in favor of, we ought to raise that to $0.5 billion or $1 billion.

因此，我們的客戶得到的數量可能比他們想要的要少。所以這也許是增加數量的一種方法。我確實寫了一封信，改革FAR，廢除成本會計標準。我認為我們需要三套帳簿、一套 GAAP 帳簿、一套稅務帳簿、一套稅務帳簿，而成本會計會導致效率低下，審計轉移到梧州，披露聲明使業務運營變得困難，做你認為合乎邏輯的事情、遷移業務、合併，所有這些都需要自己的生命力。談判中的真相是，每一份價值超過 200 萬美元的合約都有這些要求，這幾乎是他們購買的所有東西。如果我們想繼續籌資（我贊成），我們應該將這一數字提高到 5 億美元或 10 億美元。

And then it just comes down to commerciality. And like I said, if we can get more DoD commercial-like practices, business practices, I think that's great. I think it's going to favor the companies that can adjust and go quickly and adopt to new change. I think our culture mainly as a result of what we've done with LHX NeXt. I think our employees are used to change on a daily or weekly basis.

然後就只剩下商業性了。正如我所說的，如果我們能夠獲得更多類似國防部商業的做法和商業實踐，我認為這就太好了。我認為這將有利於那些能夠快速調整併適應新變化的公司。我認為我們的文化主要源自於我們對 LHX NeXt 所做的事情。我認為我們的員工已經習慣了每天或每週的變化。

So I think we can adapt rather quickly. There'll be IT costs and systems costs and all that kind of stuff. But hard to imagine there's anything negative coming out of this type of reform. And even Secretary Hegseth put out some guidance on buying software. So the future of software, resilience communications, change in the way they buy these types of services, whether it's subscription, commercial or otherwise, I think is a game changer for the industry and a game changer for L3Harris and can't wait to get to that point.

所以我認為我們可以很快適應。會有 IT 成本、系統成本、以及所有這類成本。但很難想像這種改革會帶來什麼負面影響。甚至連赫格塞斯部長也針對購買軟體提出了一些指引。因此，我認為軟體的未來、彈性通訊以及他們購買這些類型服務的方式的改變（無論是訂閱、商業還是其他方式）將改變整個行業，也將改變 L3Harris 的遊戲規則，我迫不及待地想要達到這一點。

Michael Ciarmoli, Truist Securities.

Truist Securities 的 Michael Ciarmoli。

Ken, just going back to, I think, Noah's question on that bridge to 2026 growth. I think I heard some of the wins, which I think were international. International revenue looks to be up about 10% this quarter. Do you have any assumptions for sort of the international growth trajectory for the remainder of this year into '26? And then just the other one, is there any more portfolio shaping that you think materializes between now and, call it, the end of the year? Or you think your kind of set in the organization right now?

肯，我想，我們回到諾亞關於 2026 年成長橋樑的問題。我想我聽到了一些勝利，我認為這些勝利是國際性的。本季國際營收預計將成長約 10%。您對今年剩餘時間到 26 年的國際成長軌跡有什麼假設嗎？然後還有一個問題，您認為從現在到年底之間還會出現更多的投資組合塑造嗎？或者您認為您現在在組織中處於什麼樣的地位？

Sure. From an international perspective, as I was answering Noah's question and talking about the particular drivers to '26, there was a particular international award at IMS within the ISR sector that I was referencing there. To your question on international, yes, it is growing faster than the overall business, and we expect that to continue. Much of that is within the Communications segment, a bit at IMS as well. And we've got that factored into the guide.

當然。從國際角度來看，當我回答諾亞的問題並談論 26 年的具體驅動因素時，我提到了 IMS 在 ISR 領域頒發的一個特別國際獎項。關於國際業務的問題，是的，它的成長速度快於整體業務，我們預計這種情況將持續下去。其中大部分屬於通訊領域，也有一部分屬於 IMS。我們已將此因素納入指南中。

And certainly, as I said, it is a part of how we're confident in getting to the 2026 numbers. So feel good about that. And again, overall, I think that the cards are laying down real nicely for us in terms of the benefit. It's not one or two things that are going to get us there. I think we've got a solid path of five or six individual items that are all either booked and will be in Q2 backlog or we've got a solid path to getting there.

當然，正如我所說，這是我們有信心實現 2026 年目標的一部分。所以對此感到高興。總的來說，我認為從利益角度來看，這些牌確實對我們有利。不是一兩件事就能讓我們達到這個目標的。我認為，我們已經有一條可靠的路徑，其中有五到六個單獨的項目，它們要么都已預訂並將在第二季度積壓，要么我們已經有一條可靠的路徑來實現這些目標。

So again, we feel really good about that. International absolutely will contribute, but solid domestic growth as well. And we see that enabling us to get to that 7% growth for '26.

所以，我們對此感到非常高興。國際肯定會有所貢獻，但國內成長也會穩健。我們看到這使我們能夠在 26 年實現 7% 的成長率。

Was there a second part of the question, Michael?

邁克爾，這個問題還有第二部分嗎？

Asking about portfolio shaping, whether there's anymore -- anything left to be done?

詢問關於投資組合的塑造，是否還有什麼要做的？

Yeah. Thank you.

是的。謝謝。

Yeah, I'll just take that one. Yeah, we're always looking at refining the portfolio. And I would say nothing significant. We're not obviously trying to be the largest company. We're trying to be the most valuable.

是的，我就拿那個。是的，我們一直在尋求完善投資組合。我認為這沒什麼重要意義。我們顯然並不想成為最大的公司。我們正在努力成為最有價值的。

And there is a benefit of focusing on those core competencies that you're good at, whether it's ISR, space, resilient comms, weapons, and munitions. We still have a lot of small one-off entities that, in all honesty, don't really move the needle, and we get calls on a regular basis. So we can get a good price, maybe we do a little more pruning.

專注於你擅長的核心競爭力是有好處的，無論是 ISR、空間、彈性通訊、武器或彈藥。我們仍然有很多小型的一次性實體，老實說，它們並沒有真正起到什麼作用，我們經常接到電話。為了獲得一個好價錢，也許我們會做更多的修剪。

But there's a lot of concern on the growth of '26, but it comes down to the portfolio. And if you look at our portfolio, I mean, I couldn't be happier with what we have. And in just the five years or so since the merger, we did divest and have divested over $3 billion of revenue. and we've acquired $3 billion of revenue.

但人們對 26 年的成長有很多擔憂，但這取決於投資組合。如果你看看我們的投資組合，你會發現，我對我們所擁有的一切感到非常滿意。自合併以來的短短五年左右的時間裡，我們確實剝離了資產，剝離的收入超過 30 億美元。我們獲得了30億美元的收入。

And if you look at these priorities, whether it's nuclear modernization, defense, munitions, you look at these MDAP programs and our performance, probably not having a huge platform is not a bad place to be at this particular point. So I think it's all about the portfolio. We've got the portfolio aligned with this current administration's priorities. We can go fast. Our products aren't that expensive, which is why they're appealing internationally.

如果你看看這些優先事項，無論是核子現代化、國防還是彈藥，看看這些 MDAP 計劃和我們的表現，你會發現，在這個特定階段，沒有一個龐大的平台可能並不是一件壞事。所以我認為這完全與投資組合有關。我們的投資組合與本屆政府的優先事項保持一致。我們可以走得很快。我們的產品並不昂貴，這就是為什麼它們在國際上具有吸引力的原因。

And this partnership strategy is making a difference. I gave a couple of highlights, whether it's Kuiper, Palantir, Shield AI, we have a couple of others in work. We are the go-to people that are willing to work with anyone as a prime, as a sub, as a merchant supplier, and that's going to fuel the growth for the future. let's take the last question.

這項合作策略正在產生積極影響。我給了幾個亮點，無論是 Kuiper、Palantir、Shield AI，我們還有其他一些正在研究中。我們是值得信賴的人，願意與任何人合作，作為主要合作夥伴、次要合作夥伴、商家供應商，這將推動未來的成長。我們來回答最後一個問題。

Let's take the last question.

我們來回答最後一個問題。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Chris, you mentioned SDA programs in your opening remarks. I was wondering if you could just give us an update on how the contracts are performing there. I know there were some leadership reviews going on, and it doesn't seem like it's resulted in any delays in the programs. But just in the context of Golden Dome, are there going to be overlaps? Or just how you're thinking about that overall effort here with your satellites? Thanks.

克里斯，您在開場白中提到了 SDA 計劃。我想知道您是否可以向我們介紹那裡的合約執行情況。我知道正在進行一些領導層評估，但這似乎並未導致專案出現任何延誤。但僅在金色穹頂的背景下，會有重疊嗎？或者您如何看待衛星的整體努力？謝謝。

Yeah. Thanks, Peter. Yeah, Tranche 0 is an orbit performing well. 1 and 2 are moving along. Ken and I actually had a couple of hour reviews earlier this week to go through these.

是的。謝謝，彼得。是的，Tranche 0 是一個表現良好的軌道。 1 和 2 正在一起前進。事實上，本週早些時候，肯和我花了幾個小時來審查這些內容。

It is going to be part of the Golden Dome architecture as we understand it. They put out the RFP. This was going to be a 2026 award. They're now looking at accelerating it into 2025. So I think we're well positioned.

正如我們所理解的，它將成為金色穹頂建築的一部分。他們發布了 RFP。這將是 2026 年的獎項。他們現在正考慮將其加速到 2025 年。所以我認為我們處於有利地位。

We're making money. We're delivering on time, and these are pretty reasonably priced in the big scheme of things. So we're excited about it. And all these constellations we keep talking about tend to have three-, five-, six-year lives. So once you get them up, whether it's 50, 100 or 200, there's going to be a recycle or replenishment as well. So I think we're real well positioned and the future is bright, especially in missile tracking and warning and with the hypersonic threats out there.

我們正在賺錢。我們按時交貨，而且從整體來看，價格相當合理。所以我們對此感到很興奮。我們一直在談論的所有這些星座的壽命往往為三、五、六年。因此，一旦你把它們收集起來，無論是 50、100 還是 200，都會回收或補充。所以我認為我們確實處於有利地位，未來一片光明，特別是在導彈跟踪和預警以及高超音速威脅方面。

So let me wrap it up here as we close today's call, I want to express my gratitude to our dedicated team of employees and leaders for their hard work and resilience. The progress we've made over the past couple of years is a direct result of their efforts, and I'm proud of what we've accomplished.

因此，在今天的電話會議結束之際，讓我在這裡總結一下，我要對我們敬業的員工和領導團隊的辛勤工作和堅韌不拔表示感謝。我們在過去幾年所取得的進步是他們努力的直接結果，我為我們所取得的成就感到自豪。

Before signing off, I'd like to take a moment to remember Rob Spingarn, a long-time A&D research analyst and friend who recently passed away. Rob was a valued member of the investment community, and we always appreciated his insights and professionalism that he brought to every interaction. Our thoughts and prayers are with his family during this difficult time, and he'll be greatly missed. Thank you for joining us.

在結束之前，我想花點時間來緬懷最近去世的長期 A&D 研究分析師和朋友 Rob Spingarn。羅布是投資界的寶貴成員，我們一直欣賞他在每次互動中展現的洞察力和專業精神。在這艱難的時刻，我們的思念和祈禱與他的家人同在，我們會非常想念他。感謝您加入我們。

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

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與，請您斷開線路。