L3Harris Technologies Inc (LHX) 2025 Q2 法說會逐字稿

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

問候。歡迎參加 L3Harris Technologies 2025 年第二季財報電話會議。（操作員指示）提醒一下，此通話正在被錄音。

It is now my pleasure to introduce your host, Dan Gittsovich, Vice President, Investor Relations. Please go ahead.

現在我很高興介紹您的主持人、投資者關係副總裁 Dan Gittsovich。請繼續。

Thank you, Sylvie. Good morning, and welcome. Joining me this morning are Chris and Ken. Earlier today, we published our second quarter earnings release detailing our financial results and increased 2025 guidance, along with a supplemental earnings presentation available on our website. We will also file our 10-Q later today.

謝謝你，西爾維。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，我們發布了第二季度收益報告，詳細介紹了我們的財務表現和提高的 2025 年指引，同時在我們的網站上提供了補充收益報告。我們也將於今天稍晚提交 10-Q 報表。

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。

Good morning, everyone. Our opportunity set is more robust than it's been in decades, driven by increased global threats requiring speed, capability and modernization. These dynamics are unfolding across both US and international markets, creating a significant opportunity for companies that can move fast and deliver on time. L3Harris is uniquely positioned to lead in this environment.

大家早安。由於全球威脅日益增加，需要速度、能力和現代化，我們面臨的機會比幾十年前更加強勁。這些動態正在美國和國際市場上展開，為能夠快速行動並按時交付的公司創造了重大機會。L3Harris 在這一環境中具有獨特的領先優勢。

Our trusted disruptor strategy keeps us agile, and after investments in the business, along with acquisitions and divestitures, our portfolio is aligned with our customers' mission-critical priorities, enabling us to execute with a sense of urgency as we head into the second half of the year. Over the last few months, I've had several meetings with senior DoD leaders, and one message is consistent and clear.

我們值得信賴的顛覆者策略使我們保持敏捷，在對業務進行投資以及收購和資產剝離之後，我們的投資組合與客戶的關鍵任務優先事項保持一致，使我們能夠在進入下半年時帶著緊迫感執行。在過去的幾個月裡，我與國防部高層領導人舉行了幾次會議，有一個訊息是一致且明確的。

Companies that deliver on schedule will be rewarded with new opportunities such as Golden Dome and missile capacity expansion. I'm proud to say we're doing just that. For example, on F-35, our systems are ahead of need, and we are off the critical path for combat-capable TR3 aircraft. Turning to LHX NeXt savings. We set a goal of taking out $1 billion of cost over a three-year period, and we're currently tracking 40% ahead of that target and a year earlier than planned, putting us on track to achieve our 2026 margin target.

按時交付的公司將獲得金頂和飛彈產能擴充等新機會。我很自豪地說我們正在這樣做。例如，在 F-35 上，我們的系統已經超越了需求，我們已經偏離了具有作戰能力的 TR3 飛機的關鍵路徑。轉向 LHX NeXt 儲蓄。我們設定的目標是在三年內削減 10 億美元的成本，目前我們已提前完成該目標 40%，比計劃提前了一年，預計將實現 2026 年的利潤目標。

At Aerojet Rocketdyne, integration is complete, and we've doubled deliveries, we've doubled production rate, and we've reduced the cost of poor quality since the acquisition. This performance gives us and our customers confidence and positions us as a dependable partner. Our second quarter results underscore strong execution and represent an inflection point for our business.

在 Aerojet Rocketdyne，整合已經完成，自收購以來，我們的交付量翻了一番，生產力翻了一番，並且降低了品質缺陷造成的成本。這種表現為我們和我們的客戶帶來了信心，並使我們成為值得信賴的合作夥伴。我們第二季的業績凸顯了強大的執行力，並代表了我們業務的轉捩點。

We posted our highest organic growth in six quarters and achieved a record book-to-bill of 1.5, clear evidence of the momentum behind our strategy and the alignment of our portfolio with the future of warfare. In May, the administration released its full fiscal year '26 budget request calling for about $1 trillion in national defense funding, including $155 billion signed into law through the recent reconciliation bill.

我們實現了六個季度以來的最高有機成長，訂單出貨比達到創紀錄的 1.5，這清楚地證明了我們策略背後的動力以及我們的產品組合與未來戰爭的一致性。今年 5 月，政府公佈了 26 財年全年預算請求，要求撥出約 1 兆美元的國防資金，其中包括透過最近的和解法案簽署成為法律的 1,550 億美元。

The budget is focused in areas where we are well positioned. We're seeing accelerated investments in space-based architectures, missile systems, autonomous platforms and software-defined capabilities, all core strengths within our company. The Golden Dome initiative is a leading example of our alignment with US national security priorities and momentum is building.

預算主要集中在我們優勢領域。我們看到太空架構、飛彈系統、自主平台和軟體定義能力的投資正在加速，這些都是我們公司的核心優勢。「金色穹頂」計畫是我們與美國國家安全優先事項保持一致的典型例子，而且勢頭正在增強。

Congratulations to General Guetlein on his confirmation as the direct reporting Program Manager of Golden Dome, accountable for delivering key capabilities of this system within three-years as a direct report to Deputy Secretary of Defense, Feinberg. His appointment marks an important milestone for one of the most consequential Homeland Security initiatives in our history, and we're excited to see a proven leader in place.

恭喜蓋特林將軍被任命為金色穹頂的直接報告專案經理，負責在三年內交付該系統的關鍵功能，並直接向國防部副部長范伯格匯報。他的任命標誌著我們歷史上最重要的國土安全措施之一的一個重要里程碑，我們很高興看到一位經驗豐富的領導者上任。

At L3Harris, we've been preparing for this eventuality. As we shared on our last call, our ability to detect hypersonic threats is a critical component of the Golden Dome architecture. We're preparing to deploy a full constellation of 40 to 45 proven HBTSS satellites in a timely manner. This isn't a coincidence as we've invested in Florida and Indiana to scale up space sensor manufacturing and payload integration.

在 L3Harris，我們一直在為這種可能性做準備。正如我們在上次通話中分享的那樣，我們探測高超音速威脅的能力是金色穹頂建築的關鍵組成部分。我們正準備及時部署由 40 至 45 顆經過驗證的 HBTSS 衛星組成的完整星座。這並非巧合，因為我們已經在佛羅裡達州和印第安納州進行了投資，以擴大空間感測器製造和有效載荷整合。

We're ready to deliver the HBTSS constellation called for in the executive order. Moving to ground-based interceptors, our propulsion and divert and altitude control systems support nearly every US interceptor program in development or production. We are rapidly scaling solid rocket motor manufacturing to meet the nation's urgent demand, and this effort carries additional personal urgency.

我們已準備好交付行政命令中要求的 HBTSS 星座。對於地面攔截器，我們的推進、轉向和高度控制系統支援幾乎所有正在開發或生產的美國攔截器計劃。我們正在迅速擴大固體火箭發動機製造規模，以滿足國家的迫切需求，而這項工作具有額外的個人緊迫性。

I made a commitment to the Deputy Secretary of Defense and the Undersecretary of Defense to increase capacity and accelerate deliveries, and I intend to keep it. In partnership with Governor Sanders and Youngkin, we're investing in Arkansas and Virginia to increase solid rocket motor deliveries and drive record production levels. We're not waiting.

我向國防部副部長和國防部副部長承諾增加產能並加速交付，我打算兌現這項承諾。我們與桑德斯州長和楊金合作，在阿肯色州和維吉尼亞州進行投資，以增加固體火箭引擎的交付量並推動創紀錄的生產水平。我們不再等待。

We're responding to the clear demand signals and delivering now. Internationally, the outlook remains robust. NATO members are now targeting defense spending increases to 5% of GDP with much of that investment focused on restocking and modernization. This shift is already translating into meaningful orders for L3Harris and supports sustained medium- to long-term international growth for us.

我們正在響應明確的需求訊號並立即交付。從國際來看，前景依然強勁。北約成員國目前的目標是將國防開支增加到GDP的5%，其中大部分投資將用於補充庫存和現代化建設。這一轉變已經轉化為 L3Harris 的有意義的訂單，並支持我們持續的中長期國際成長。

A great example, we recently secured software-defined radio awards from the German and Czech armed forces, the type of wins that would not have been likely a decade ago. This represents not only alignment with allied modernization priorities, but also instances where we're replacing indigenous providers, a direct result of our resilient interoperable, battlefield proven technology and expanding global footprint.

一個很好的例子是，我們最近獲得了德國和捷克武裝部隊頒發的軟體無線電獎，這種獎項在十年前是不可能獲得的。這不僅代表著與盟軍現代化優先事項的一致，也代表著我們正在取代本土供應商，這是我們具有彈性、可互操作、戰場驗證的技術和不斷擴大的全球影響力的直接結果。

With this backdrop, the right strategy, an aligned portfolio, strong demand, operational momentum and solid financial performance, we are highly confident in our ability to achieve our 2026 financial framework. We also see a clear path to profitable growth beyond 2026 driven by our alignment with long-term defense priorities both in the US and globally.

在這樣的背景下，正確的策略、協調的投資組合、強勁的需求、營運動能和穩健的財務業績，我們對實現 2026 年財務框架的能力充滿信心。我們也看到了一條清晰的2026年後獲利成長之路，這得益於我們與美國和全球的長期國防重點的一致性。

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

說完這些，我就把麥克風交給肯。

Thanks, and good morning, everyone. We are at the onset of a generational opportunity for L3Harris, given our capabilities and positioning across key discriminating technologies. Let's talk about consolidated results for the second quarter. Starting with orders. We had a record $8.3 billion this quarter, resulting in a 1.5 book-to-bill.

謝謝，大家早安。鑑於我們在關鍵鑑別技術領域的能力和定位，我們正處於 L3Harris 的新一代機會的開端。我們來談談第二季的綜合業績。從訂單開始。本季我們的銷售額達到了創紀錄的 83 億美元，訂單出貨比達到 1.5。

Revenue was $5.4 billion, reflecting strong organic growth of 6%. This growth was driven by new programs ramping and increased demand across all segments. Segment operating margin was 15.9%, up 30 basis points, marking the seventh consecutive quarter of year-over-year margin expansion. Non-GAAP EPS was $2.78, up 16% year-over-year and on a pension-adjusted basis, EPS was $2.42, up 22% year-over-year.

營收為 54 億美元，反映出 6% 的強勁有機成長。這一增長是由新項目的增加和所有領域需求的成長所推動的。分部營業利益率為 15.9%，上升 30 個基點，標誌著利潤率連續第七個季度同比增長。非公認會計準則每股收益為 2.78 美元，年增 16%，按退休金調整後每股收益為 2.42 美元，年增 22%。

Free cash flow was $574 million, driven by increased operating income and improved working capital performance. Turning to the segment's second quarter results. CS delivered revenue of $1.4 billion, up 2%, driven by increased demand for resilient communication equipment and related waveforms. Operating margin remained solid at 24.4%, reflecting higher domestic volumes and LHX NeXt-driven cost savings.

自由現金流為 5.74 億美元，受營業收入增加和營運資本績效改善的推動。談到該部門第二季的業績。CS 的營收為 14 億美元，成長 2%，這得益於對彈性通訊設備和相關波形的需求增加。營業利潤率維持穩定在 24.4%，反映出國內銷量增加和 LHX NeXt 推動的成本節約。

IMS revenue was $1.6 billion, up 6% organically, with an operating margin of 13.2%, up 120 basis points. Revenue increased due to the ramp-up of several classified ISR programs. Operating margin increased due to the monetization of legacy end-of-life assets, partially offset by an unfavorable EAC adjustment from the resolution of a subcontract matter related to lower utilization on the Canadian Maritime Helicopter program.

IMS 營收為 16 億美元，有機成長 6%，營業利益率為 13.2%，成長 120 個基點。由於幾項機密 ISR 計劃的推進，收入有所增加。由於傳統報廢資產的貨幣化，營業利潤率有所增加，但因解決與加拿大海上直升機項目利用率較低相關的分包問題而產生的不利的 EAC 調整，部分抵消了這一增長。

Execution performance on the program was strong. However, payment was tied to customer mission cadence, which was well below original bid expectations. The contract is nearing completion, and we do not expect to see more negative EAC adjustments. SAS revenue was $1.8 billion, up 7% organically, primarily due to increased volume in FAA networks and improved program performance in our airborne Combat Systems business.

該計劃的執行表現強勁。然而，付款與客戶的任務節奏掛鉤，遠低於最初的出價預期。合約即將完成，我們預計不會看到更多負面的 EAC 調整。SAS 營收為 18 億美元，有機成長 7%，主要由於 FAA 網路容量增加以及機載作戰系統業務專案效能提升。

Operating margin was 12.3%, down 30 basis points due to an unfavorable mix, partially offset by LHX NeXt cost savings. Aerojet Rocketdyne delivered strong results with 12% organic growth and a 2.0 book-to-bill. Growth was driven by improved production volume across key missile programs and new program ramps. This marks the highest revenue quarter on record for AR, driven by the unprecedented demand in the Missile Solutions business that we expect to continue for an extended period.

營業利益率為 12.3%，由於組合不利而下降了 30 個基點，但被 LHX NeXt 的成本節約部分抵銷。Aerojet Rocketdyne 業績表現強勁，有機成長率達 12%，訂單出貨比達 2.0。成長的動力來自於主要導彈項目和新項目產量的提高。這是 AR 有史以來收入最高的一個季度，這得益於導彈解決方案業務前所未有的需求，我們預計這種需求將持續很長一段時間。

Operating margin increased 50 basis points to 13.3% due to solid performance, LHX NeXt-driven cost savings and a favorable contract resolution. We are always striving to improve our operations, including reassessing certain unfavorable contract positions, rationalizing noncore legacy business lines and monetizing legacy assets.

由於業績穩健、LHX NeXt 推動的成本節約以及有利的合約解決方案，營業利潤率增加了 50 個基點，達到 13.3%。我們一直在努力改善我們的運營，包括重新評估某些不利的合約狀況、合理化非核心遺留業務線以及將遺留資產貨幣化。

An example is the action we took at IMS to exit an unprofitable legacy contract position, while at the same time, monetizing associated legacy assets. The resulting impacts offset and created a net favorable position for the quarter.

一個例子是我們在 IMS 採取的行動，退出無利可圖的遺留合約職位，同時將相關遺留資產貨幣化。由此產生的影響相互抵消，並為本季創造了淨有利地位。

Now let me turn it back to Chris.

現在讓我把話題轉回給克里斯。

Thanks, Ken. As we look ahead, several milestones from the quarter highlight our momentum and reinforce confidence in our long-term vision. First, we secured approximately $200 million in orders to deliver software-defined, interoperable communication systems to Germany. Secure, resilient communications across NATO allies are critical to operational readiness and our systems are already delivering on that mission.

謝謝，肯。展望未來，本季的幾個里程碑凸顯了我們的發展勢頭，並增強了我們對長期願景的信心。首先，我們獲得了約 2 億美元的訂單，向德國提供軟體定義的可互通通訊系統。北約盟國之間的安全、有彈性的通訊對於作戰準備至關重要，我們的系統已經履行了這項使命。

This award adds to recent wins for our Falcon software-defined radios, including the Netherlands FOXTROT program along with continued momentum on the US Army's HMS programs. These wins further strengthen our market leadership and resilient communications, and our key comm sector backlog today is almost $3 billion, a 50% increase from a few years ago.

該獎項進一步鞏固了我們 Falcon 軟體無線電近期的勝利，包括荷蘭 FOXTROT 計劃以及美國陸軍 HMS 計劃的持續發展勢頭。這些勝利進一步加強了我們的市場領導地位和彈性通信，我們目前的主要通訊領域積壓訂單已接近 30 億美元，比幾年前增加了 50％。

Turning to solid rocket motors. We broke ground on a new production facility in Virginia, including a cast and assembly center. These modular robotic-enabled facilities will significantly increase capacity, enhance efficiency and quality and reduce product travel time distances by 90%. This complements similar expansions in Arkansas and Alabama. It's a major step forward in building out the defense industrial base and reflects the progress we've made in the short time since integrating Aerojet Rocketdyne.

轉向固體火箭發動機。我們在維吉尼亞州動工建造了一個新的生產設施，其中包括一個鑄造和組裝中心。這些模組化機器人設施將顯著提高產能、增強效率和質量，並將產品運輸時間距離縮短 90%。這與阿肯色州和阿拉巴馬州的類似擴張計劃相輔相成。這是國防工業基礎建設的重大一步，反映了我們整合 Aerojet Rocketdyne 以來在短時間內取得的進展。

Demand for solid rocket motor production continues to rise, driven by global conflicts. Our Aerojet Rocketdyne Missile Solutions business grew 15% in the quarter and is up 16% year-to-date. Growth, we view as durable and likely to continue for decades. Demand is exceptionally strong, and we see significant opportunities for further investment in the business, expanding manufacturing capacity, increasing the workforce and accelerating deliveries to meet long-term needs and to support sustained growth.

受全球衝突的推動，固體火箭發動機生產的需求持續上升。我們的 Aerojet Rocketdyne 飛彈解決方案業務本季成長了 15%，今年迄今成長了 16%。我們認為這種增長是持久的，而且可能持續數十年。需求異常強勁，我們看到了進一步投資業務、擴大製造能力、增加勞動力和加快交付以滿足長期需求和支援持續成長的重大機會。

We also continue to see strong demand across our space propulsion portfolio. This quarter, we secured a major award for 130 upper stage RL10 engines valued at nearly $850 billion, highlighting our trusted role in enabling space launch missions. Our ongoing partnership with Palantir on the US Army's Titan program continues to mature.

我們也持續看到整個太空推進產品組合的強勁需求。本季度，我們獲得了一項重大合同，將為火箭提供 130 台上面級 RL10 發動機，價值近 8500 億美元，彰顯了我們在執行航天發射任務中所發揮的重要作用。我們與 Palantir 在美國陸軍 Titan 計劃上的持續合作不斷成熟。

The team is nearing initial deliveries on the first 4 AI-defined vehicles equipped with our common data links, Link16, Secure SATCOM and tactical multi-domain waveforms, enabling the Army to process targeting data faster and more effectively on the battlefield. I'm proud to highlight our engagement with the FAA's Newark task force where we played a critical role in supporting Secretary Duffy to meet his goal of enhancing the resilience of our communication networks at the Newark Airport.

該團隊即將交付首批 4 輛配備通用資料鏈、Link16、安全衛星通訊和戰術多域波形的人工智慧定義車輛，使陸軍能夠在戰場上更快、更有效地處理目標資料。我很自豪地強調我們與美國聯邦航空局紐瓦克工作小組的合作，我們在支持達菲部長實現增強紐瓦克機場通訊網路彈性的目標方面發揮了關鍵作用。

Our efforts were pivotal in upgrading the telecom infrastructure, ensuring robust and reliable communications for one of the nation's busiest airports. And in the airborne domain, we delivered our second missionized Global 6500 for ISR to the Army, reinforcing our position as the world's leading bizjet missionization provider.

我們的努力對於升級電信基礎設施至關重要，確保了全國最繁忙的機場之一的通訊穩定可靠。在機載領域，我們向陸軍交付了第二架用於 ISR 任務的 Global 6500，鞏固了我們作為世界領先的公務機任務提供者的地位。

With over 100 aircraft delivered and 14 currently under modification, our platform-agnostic approach and speed to field capability continue to differentiate our offerings. Together, these awards and infrastructure investments reflect a common theme. We are accelerating the deliveries of agile, proven solutions to address current and future threats.

我們已交付了 100 多架飛機，目前有 14 架正在改裝中，我們與平台無關的方法和快速的現場交付能力繼續使我們的產品脫穎而出。總的來說，這些獎項和基礎設施投資反映了一個共同的主題。我們正在加速提供靈活、成熟的解決方案，以應對當前和未來的威脅。

Back to you, Ken.

回到你身邊，肯。

First, an update on LHX NeXt, then I'll move into guidance updates. The current phase of the LHX NeXt program is focused on enterprise transformation, deploying the LHX operating system, digitizing core business processes and embedding AI-enabled tools across the business. These initiatives are not only improving execution and decision-making, but they're also building a more scalable, efficient foundation for growth.

首先，介紹一下 LHX NeXt 的更新，然後我將進入指導更新。LHX NeXt 計畫的當前階段專注於企業轉型、部署 LHX 作業系統、數位核心業務流程以及在整個業務中嵌入支援 AI 的工具。這些措施不僅改善了執行力和決策力，也為成長建構了更具可擴展性、更有效率的基礎。

We're already seeing results from improved operational performance to new business wins, and we expect these transformation efforts to drive sustained revenue growth and cash generation over the long term. Turning to guidance updates for 2025. Our increased guidance reflects our strong first half performance and improved outlook for the rest of the year.

我們已經看到了從改善營運績效到贏得新業務的成果，我們預計這些轉型努力將推動長期持續的收入成長和現金創造。轉向 2025 年的指導更新。我們提高的預期反映了我們上半年的強勁表現以及今年剩餘時間的改善前景。

For the total company, we are increasing revenue guidance by $200 million, expecting strong organic revenue growth of 5% for the year. We are maintaining and are increasingly confident in our segment operating margin guidance of mid to high 15% supported by continued LHX NeXt cost savings and confidence in strong program execution.

對於整個公司而言，我們將營收預期上調 2 億美元，預計全年有機收入將強勁成長 5%。在 LHX NeXt 持續的成本節約和對強勁專案執行的信心的支持下，我們維持並越來越相信我們部門的營業利潤率指導在 15% 左右。

Non-GAAP EPS guidance reflects a $0.40 increase from strong first half operating performance and a higher revenue outlook, partially offset by a $0.30 headwind from recent tax reform. While eliminating the requirement to capitalize and amortize R&D expenses, it has some near-term tax rate headwind. As a result, we are raising our non-GAAP EPS guidance by $0.10.

非公認會計準則每股收益指引反映了上半年強勁的營運業績和更高的收入前景帶來的 0.40 美元的增長，但部分被近期稅制改革帶來的 0.30 美元的阻力所抵消。雖然取消了資本化和攤銷研發費用的要求，但它在短期內面臨一些稅率阻力。因此，我們將非 GAAP EPS 預期上調 0.10 美元。

We are increasing our free cash flow guidance to approximately $2.65 billion, an increase of $200 million from a combination of operating performance and tax reform. Cash tax benefits from tax reform will continue and also drive an increased free cash flow outlook in 2026. At a segment level, IMS revenue guidance increased $100 million, reflecting strong performance in the ISR sector.

我們將自由現金流預期提高至約 26.5 億美元，由於經營業績和稅收改革的結合，這一數字增加了 2 億美元。稅改帶來的現金稅收優惠將持續下去，並將推動2026年自由現金流前景的成長。從細分市場來看，IMS 營收預期增加了 1 億美元，反映出 ISR 領域的強勁表現。

Operating margin is now expected in the 12% range, up from the high 11% through improved program performance and LHX NeXt savings. We are increasing our revenue guidance for SAS by $100 million, reflecting an improved outlook in space. Operating margin is expected to remain in the low 12% range. And we are reaffirming guidance for CS and AR.

透過提高程序績效和 LHX NeXt 節省，預計營業利潤率目前將在 12% 左右，高於 11% 的高點。我們將 SAS 的營收預期提高了 1 億美元，這反映了太空領域前景的改善。預計營業利潤率將維持在12%的低點。我們正在重申 CS 和 AR 的指導。

Given our strong performance and this generational opportunity in defense spending growth that we are uniquely positioned to capture, we are also updating our 2026 outlook. On Investor Day in 2023, we set our financial framework at $23 billion in revenue, 16% segment operating margin and $2.8 billion in free cash flow.

鑑於我們出色的表現以及我們獨特的優勢，可以抓住國防開支成長的這一世代機遇，我們也正在更新我們的 2026 年展望。在2023年投資者日，我們設定的財務架構為230億美元的收入、16%的分部營業利潤率和28億美元的自由現金流。

We continue to expect $23 billion in revenue for 2026, reflecting 6% growth year-over-year. And we previously updated that we expect margin in the low 16% range. Now while investing in key locations like Indiana, Arkansas, Virginia and Florida to fuel future growth from Golden Dome and rocket motor capacity increases and staying aligned with our customers' mission-critical needs.

我們繼續預期 2026 年的營收將達到 230 億美元，年增 6%。我們之前曾更新過，預計利潤率將在 16% 以下。現在，我們在印第安納州、阿肯色州、維吉尼亞州和佛羅裡達州等關鍵地區進行投資，以推動金頂未來的成長和火箭引擎容量的提高，並始終滿足客戶的關鍵任務需求。

We're also raising our 2026 free cash flow guidance to $3 billion, a 13% increase year-over-year with even stronger free cash flow per share.

我們也將 2026 年自由現金流預期上調至 30 億美元，年增 13%，每股自由現金流也將更加強勁。

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

說完這些，我就把話題轉回給克里斯。

Before we turn to questions, I want to take a step back and frame where we've been and where we're going. It's clear how far we've come. Over the past several years, we've reshaped the company through internal investments, strategic acquisitions and divestitures, building a portfolio squarely focused on national security.

在我們開始提問之前，我想先回顧一下我們過去的經歷以及我們要去的地方。我們已經取得了多大的進步，這一點是顯而易見的。在過去幾年裡，我們透過內部投資、策略性收購和資產剝離重塑了公司，建立了專注於國家安全的投資組合。

We've also deepened partnerships across the government and industry to accelerate innovation and mission outcomes. Our trusted disruptor strategy and culture is delivering and has positioned us at the right place at the right time. We're uniquely aligned to the national security priorities of the US and its allies whether that's resilient communications, space superiority or replenishing and modernizing critical missile systems.

我們也深化了政府和產業之間的合作夥伴關係，以加速創新和任務成果。我們值得信賴的顛覆性策略和文化正在發揮作用，並使我們處於正確的時間和正確的位置。我們與美國及其盟友的國家安全重點保持一致，無論是彈性通訊、太空優勢或補充和現代化關鍵飛彈系統。

The awards and milestones this quarter reflect that alignment and will meaningfully contribute to growth in the years ahead. We've also crossed an important operational inflection point. With strong top line momentum and expanding margins, we're executing well across a diverse portfolio, delivering strong performance even as we take on increasingly complex missions.

本季度的獎項和里程碑反映了這種一致性，並將對未來幾年的成長做出有意義的貢獻。我們也跨越了一個重要的營運轉折點。憑藉強勁的營收成長動能和不斷擴大的利潤率，我們在多元化投資組合中表現良好，即使在承擔日益複雜的任務時也能提供強勁的業績。

Looking ahead, we expect consistent top line growth with industry-leading margins and increasing free cash flow per share. From 2023 through 2026, our free cash flow per share will have a CAGR of 15%. We are well positioned for sustained profitable growth over the long term, and we'll remain disciplined in our capital allocation. You can expect more details on our forward outlook at our next Investor Day to be scheduled in Q1 of 2026.

展望未來，我們預期公司營收將持續成長，利潤率將達到行業領先水平，每股自由現金流也將持續增加。從 2023 年到 2026 年，我們的每股自由現金流的複合年增長率將達到 15%。我們已做好長期持續獲利成長的準備，並將繼續嚴格執行資本配置。我們將於 2026 年第一季舉辦下一次投資者日，屆時您將了解更多關於我們未來展望的詳細資訊。

Sylvie, let's go to the Q&A, please.

西爾維，我們進入問答環節。

(Operator Instructions) Richard Safran, Seaport Research Partners.

（操作員指示）Richard Safran，Seaport Research Partners。

Chris & Ken, I have a two-part LHX NeXt question. First, I thought you might explain the comment in the release about monetizing legacy end-of-life assets. I assume that's part of LHX NeXt and footprint reductions, but I thought maybe you correct me if I'm wrong there. Second, given your opening remarks from both of you, could you discuss a bit more about how much runway you have left on LHX NeXt cost reductions? I'm wondering if footprint reductions also are going to continue to be part of that.

Chris 和 Ken，我有一個由兩部分組成的 LHX NeXt 問題。首先，我想您可以解釋一下新聞稿中關於將遺留報廢資產貨幣化的評論。我認為這是 LHX NeXt 和佔用空間減少的一部分，但如果我錯了，我想也許您可以糾正我。其次，鑑於你們兩位的開場白，能否進一步討論 LHX NeXt 成本削減方面還剩下多少空間？我想知道減少碳足跡是否也將繼續成為其中的一部分。

Yes. Thanks for the question, Rich. Let me focus on the asset monetization first and the footprint aspect of the question. From my perspective, I think this is really about looking at our portfolio where we are investing and where we see kind of the areas of strategic growth. And as we look at that, we do see a couple of areas where some of the product lines don't necessarily align with the areas of growth that we're investing in and really focused on.

是的。謝謝你的提問，Rich。讓我先關註一下資產貨幣化和問題的足跡方面。從我的角度來看，我認為這實際上是在審視我們的投資組合，看看我們在哪裡投資，以及我們看到哪些策略成長領域。當我們審視這一點時，我們確實發現一些領域的一些產品線並不一定與我們投資和真正關注的成長領域一致。

And as we see that, we look to monetize those product lines. Think of it as taking future revenue and pulling it forward a little bit. So I think we've done a good job of that. And in terms of the footprint, that's I would say more of a tangential benefit. Certainly, it's really about the strategy and the future growth. But as we exit this product line, it will create an opportunity for us to repurpose that footprint into areas that are growing and aligned with the strategy.

正如我們所見，我們希望將這些產品線貨幣化。可以將其想像為將未來的收入稍微提前一點。所以我認為我們在這方面做得很好。就足跡而言，我認為這更多的是一種間接利益。當然，這確實與策略和未來成長有關。但隨著我們退出該產品線，它將為我們創造一個機會，讓我們將這一足跡重新用於正在成長且與策略一致的領域。

On the next question on LHX NeXt. Look, we'll continue to drive cost savings. We'll continue to drive facility consolidations and really focus on that. It will become more of kind of our ongoing effort of operational improvement, what we call E3. But the LHX NeXt program from an implementation perspective will largely be through the system by the end of '25.

關於 LHX NeXt 的下一個問題。瞧，我們將繼續推動成本節約。我們將繼續推動設施整合，並真正關注這一點。它將成為我們持續改善營運的一種努力，我們稱之為 E3。但從實施角度來看，LHX NeXt 計畫將在 25 年底前基本通過系統。

And I'll just add on that -- yes, Rich, just on the product line, it's really all about management focus and I want the team focused on things that are going to move the needle for our customers and shareholders. So these are really small, immaterial product lines that have better owners in our opinion. So we effectively are monetizing today with what have been immaterial amounts of revenue, OI and cash over the next several years.

我還要補充一點——是的，Rich，就產品線而言，這實際上都是管理重點，我希望團隊專注於那些能為我們的客戶和股東帶來正面影響的事情。因此，我們認為，這些都是非常小的、非物質的產品線，有更好的所有者。因此，我們今天實際上正在利用未來幾年中微不足道的收入、OI 和現金來賺錢。

And agree with Ken on LHX NeXt will hit the 1.4 or greater cost savings by the end of the year. We'll declare victory and the program and make it part of our normal business cadence, all while transitioning to the transformation of the company and having more of a digital ecosystem to get timely, accurate data to make our decisions. So that's how I see the future played out on LHX NeXt.

並且同意 Ken 的觀點，LHX NeXt 到今年年底將實現 1.4 或更高的成本節約。我們將宣布勝利和該計劃，並使其成為我們正常業務節奏的一部分，同時過渡到公司轉型，並擁有更多的數位生態系統，以獲取及時、準確的數據來做出決策。這就是我對 LHX NeXt 未來發展的看法。

Ronald Epstein, Bank of America.

美國銀行的羅納德·愛潑斯坦。

Just wanted to follow up with a question on the international opportunities that you both referred to in your prepared remarks. Given the increased defense spending in Europe, what impact do you think that will have for you guys? And what opportunities are out there kind of outsiders looking in, can we kind of keep an eye on?

我只是想跟進一下你們在準備好的發言中提到的國際機會的問題。鑑於歐洲國防開支的增加，您認為這會對您產生什麼影響？那麼，有哪些機會值得外部人士關注，我們可以關注嗎？

Yes. Thanks, Ron. We're seeing solid growth internationally. We've always had about 20% of our revenue from our international customers in Europe. As I mentioned in my prepared comments, we're seeing a lot of opportunities really focused on the telecommunications, the software-defined radios in countries that historically went to their indigenous providers.

是的。謝謝，羅恩。我們看到國際上正在穩定成長。我們約 20% 的收入一直來自歐洲的國際客戶。正如我在準備好的評論中提到的那樣，我們看到很多機會真正集中在電信、軟體定義無線電上，而這些國家過去一直使用本土供應商。

So the importance of interoperability and resilience and security is making a huge difference. Our business jets, missionized business jets, we have opportunities in the Far East and also in Europe as well. So that continues to be a growth market for us. And then, of course, the Mid-East, whether we're a prime, a sub or a merchant supplier, we do get the benefits, especially with the missile production as a sub-contractor go into the Mid-East and other parts of the world.

因此，互通性、彈性和安全性的重要性正在產生巨大的影響。我們的公務機、任務型公務機在遠東和歐洲都有機會。因此，這對我們來說仍然是一個成長市場。當然，在中東，無論我們是主要供應商、分包商或商業供應商，我們都會獲得好處，尤其是作為分包商進入中東和世界其他地區的飛彈生產。

So we feel very confident about our international growth, and I think it's reflected in today's results.

因此，我們對我們的國際成長非常有信心，我認為這反映在今天的業績中。

And then, Chris, if I may as a follow on. Do you think you need a bigger footprint in Europe? I mean one of the things that we've heard discussed a lot from the European allies is just they want kind of more sovereignty. I mean how do you think about that strategically for the company?

然後，克里斯，如果我可以繼續的話。您認為您需要在歐洲擴大影響力嗎？我的意思是，我們聽到歐洲盟友討論最多的一件事就是他們想要更多的主權。我的意思是，您如何從策略角度考慮這個問題對公司而言？

Yes. I mean our strategy, Ron, has been to partner and bring the best of breed to our customers. So while we have a footprint of employees and infrastructure in certain countries, the partnership model seems to work best. And we've had great success working with other defense and technology companies around the globe.

是的。羅恩，我的意思是，我們的策略是與合作夥伴合作，為我們的客戶提供最好的產品。因此，儘管我們在某些國家擁有員工和基礎設施，但合作模式似乎效果最佳。我們與全球其他國防和技術公司的合作取得了巨大的成功。

And again, we're not adverse to subcontracting to them, but more times than not, we're the prime and we put them on our team. So that's how it works. In the Mid East, we have a little more of a presence as they like to have the technology transfer in the footprint, but we're agile and we kind of read country-by-country, what needs to be done. I think you recall a few years ago, we opened a factory in Poland for that very reason. So we're happy with the strategy so far, but can adjust if needed.

再說一次，我們並不反對將工作分包給他們，但更多的時候，我們是主要承包商，我們會把他們安排到我們的團隊。這就是它的工作原理。在中東，我們的存在感更強一些，因為他們喜歡在當地進行技術轉讓，但我們很靈活，可以了解每個國家的具體情況，知道需要做什麼。我想你還記得幾年前我們是因為這個原因在波蘭開了一家工廠。到目前為止，我們對該策略感到滿意，但如果需要，我們可以進行調整。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

Chris, the growth and margin improvement that you're predicting or forecasting for 2026. Could you kind of rank by segment where you would expect to see the most growth kind of highest to lowest and then seen from a margin improvement standpoint?

克里斯，您預測 2026 年的成長和利潤率將有所提高。您能否按您預期成長最快的細分市場進行排序，從最高到最低，然後從利潤率改善的角度進行查看？

Yes, David, it's Ken. I can -- I'll take that question. From a growth perspective, I think we're seeing growth across all four segments. I think we expect that to continue largely. But if you wanted to rank them, right now with the demand we're seeing at Aerojet Rocketdyne, especially around solid rocket motor production and some of the contracts that Chris mentioned that we've signed for space propulsion, Aerojet likely would be the fastest grower.

是的，大衛，我是肯恩。我可以——我會回答這個問題。從成長角度來看，我認為我們看到所有四個領域都在成長。我認為我們預計這種情況將在很大程度上持續下去。但如果要對它們進行排名，那麼根據目前我們在 Aerojet Rocketdyne 看到的需求，特別是固體火箭發動機生產以及克里斯提到的我們簽署的一些太空推進合同，Aerojet 可能是增長最快的。

As we look at opportunities like Golden Dome and SDA tranche 3 that we've responded to an RFP 4, certainly, SAS will be a strong grower, CS as it looks at continued international opportunities and then IMS as well. So maybe that's the way to think about it, but solid growth opportunities across all four segments. In terms of margin improvement, I think really, it comes down to continuing to integrate the benefits of the LHX NeXt program as well as solid program performance, burning down risk on programs, just performing well.

當我們考慮像 Golden Dome 和 SDA 第 3 批（我們已經回應了 RFP 4）這樣的機會時，SAS 肯定會成為一個強勁的成長者，CS 則會考慮持續的國際機會，然後是 IMS。所以也許這就是思考的方式，但四個領域都有穩固的成長機會。就利潤率的提高而言，我認為實際上，這歸結於繼續整合 LHX NeXt 計劃的優勢以及穩健的計劃績效，降低計劃風險，從而實現良好的業績。

And I think we're seeing that we're on a good rhythm in terms of delivery. I think it's having a couple of benefits. Number one, I think it's really given the customer confidence in providing new awards and new opportunities for L3Harris, and you're seeing that in the over $8 billion of awards in the quarter as well as the solid book-to-bill. But it's also yielding itself in terms of good margin outcomes.

我認為我們在交付方面處於良好的節奏。我認為它有幾個好處。首先，我認為這確實讓客戶對 L3Harris 獲得新的合約和新的機會充滿信心，您可以從本季度超過 80 億美元的合約金額以及穩健的訂單出貨比中看到這一點。但它也帶來了良好的利潤結果。

So kind of a win-win, and we expect that to continue into '26 with the low 16% margin rate.

這是一種雙贏的局面，我們預計這種局面將持續到 26 年，利潤率將保持在 16% 的低點。

Yes. And David, the commercial business model is a big contributor to our industry-leading margins and each and every segment is looking in conjunction with the DoD's desire to go faster at more and more commercial acquisition model. So I think it's going to be a matter of which segment, which programs we can transition to more of a commercial model quicker, and that should drive the higher margin sooner.

是的。戴維，商業模式對我們領先業界的利潤率貢獻巨大，每個部門都在關注國防部希望加快更多商業收購模式的願望。所以我認為，關鍵在於哪些部分、哪些項目我們可以更快地過渡到商業模式，從而更快地提高利潤率。

So I think it was December '23 we said each of the segments would grow the margins 100 basis points. We've either achieved that or are tracking to that. So very proud of the team to get over 16% so quickly.

所以我認為在 23 年 12 月我們說過每個部門的利潤率都會增加 100 個基點。我們要么已經實現了這一目標，要么正在朝著這一目標前進。我為團隊如此迅速地取得超過 16% 的成績感到非常自豪。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Chris, how quickly can you get the HBTSS constellation contract under contract? And does that become revenue in '25? And then for Tranche 3, I think there's an October decision for that outcome. Is your '26 confidence hinge on winning that or does the '26 sales guidance, you have confidence even without winning Tranche 3?

克里斯，你多久能簽訂 HBTSS 星座合約？這會在 25 年成為收入嗎？第三部分，我認為十月將會做出結果決定。您對 26 年的信心是否取決於贏得該合同，還是取決於 26 年的銷售指導，即使沒有贏得第三批合同，您也有信心？

Yes. Thanks, Myles. On HBTSS, as you know, the General was just confirmed. He's talking about doing a 60-day study to refine the architecture. So we'll await RFI or an RFP to see how quickly they're going to move. I think given the fact that this was the only program highlighted in the executive order, we'd be hopeful that we could get something under contract by the end of the year. And maybe that contributes a little bit of the revenue for '25 and clearly a fair amount in '26.

是的。謝謝，邁爾斯。在 HBTSS 上，如您所知，將軍剛剛得到確認。他正在談論進行一項為期 60 天的研究來完善架構。因此，我們將等待 RFI 或 RFP，看看他們的行動速度有多快。我認為，鑑於這是行政命令中強調的唯一項目，我們希望能夠在年底前簽訂合約。這也許會為 25 年的收入貢獻一點，而對 26 年的收入貢獻顯然會相當大。

T3, it's hard to pull out one particular program, and we've managed more of a portfolio. But clearly, we're going to make our 2026 framework. We're assuming we're going to win T3. If we don't, we'll still find a way to get to 2026 framework. We are proud of the fact that we've had a couple of years of meeting our commitments one way or another.

T3，很難抽出一個特定的項目，而且我們管理的更多的是投資組合。但顯然，我們將制定2026框架。我們假設我們將贏得 T3。如果我們不這樣做，我們仍然會找到一種方法來實現 2026 年框架。我們很自豪，因為我們已經花了幾年的時間以各種方式履行了我們的承諾。

So we manage the portfolio. And as you said, the proposal has been submitted. We're waiting for an October award. There'll be three winners. I think based on our performance, based on our cost, based on the customers' confidence in us being able to deliver on time, I'd be disappointed if we don't win that.

因此我們管理投資組合。正如你所說，提案已經提交。我們正在等待十月的獎項。將會有三名獲勝者。我認為，基於我們的表現、基於我們的成本、基於客戶對我們能夠按時交貨的信心，如果我們不能贏得勝利，我會感到失望。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

I wondered -- given the strength in the bookings in the quarter, I wondered, Chris, and Ken, if you could talk about how you expect bookings to trend through the rest of the year. I know kind of to the prior question and some others, there's maybe some binary-ish things in there. But just curious to hear you talk through it. And then I guess, given the bookings in the quarter and the last year or two.

我想知道——鑑於本季度預訂量的強勁表現，克里斯和肯，你們是否可以談談你們預計今年剩餘時間的預訂量趨勢如何。我知道對於前面的問題和其他一些問題，其中可能有一些二進制的東西。但我只是好奇想聽你談論這件事。然後我想，考慮到本季和過去一兩年的預訂情況。

And the Golden Dome opportunity, are there -- is it at least in the scenario analysis that the growth rate breaks out from the 4% to 6% that you kind of have been talking about for this year, and that's implied by the $23 billion next year. It seemed like the Golden Dome opportunity could be an accelerant to that.

那麼金頂的機會是否存在——至少在情境分析中，成長率是否會突破今年談到的 4% 到 6% 的水平，而這也意味著明年的 230 億美元。看來金色穹頂的機會可以成為這目標的加速器。

Yes, I'll go first and then ask Ken to add a little more. Yes, clearly, there's a ton of opportunities. We try to secure as much business as we can as quickly as we can. $1.5 billion is a record. I think that will be hard to repeat in Q3 and Q4, but we have pretty good visibility and hope to be well over one in both of those quarters.

是的，我先說完，然後讓 Ken 再補充一點。是的，顯然有很多機會。我們試圖盡快獲得盡可能多的業務。 15億美元是一個紀錄。我認為這種情況在第三季和第四季很難重複，但我們有相當好的預見性，希望在這兩個季度都能超過 1。

And single large awards like T3 or HBTSS, which could be multibillion dollars, some of the missionization on business jets in the Mid East or the Far East, again, billions of dollars of awards can move that pretty quickly. And to the extent you deliver on time, which has been our focus, it does help with the revenue recognition. So yes, I would hope we could potentially do more than 4% to 6%. I don't know if I'd call it a breakout, but we're highly motivated.

而像 T3 或 HBTSS 這樣的單一大型獎項，其金額可能高達數十億美元，對於中東或遠東的一些商務噴射機任務來說，數十億美元的獎項可以很快實現這一目標。只要您按時交付，這一直是我們的重點，它確實有助於收入確認。所以是的，我希望我們能夠實現超過 4% 到 6% 的增幅。我不知道是否可以稱之為突破，但我們的動力十足。

And as I said, the customer wants to reward and allocate work to companies that are delivering and we're delivering and I expect our backlog to grow by the end of the year and also expect that our revenue will look strong for the foreseeable future.

正如我所說，客戶希望獎勵和分配工作給交付成果的公司，我們也在交付成果，我預計到今年年底我們的積壓訂單將會增加，並且預計在可預見的未來我們的收入將會保持強勁。

Ken?

肯？

Yes. I agree with what Chris said. And from a book-to-bill or awards and backlog perspective, Noah, I think we're looking at a solid second half from an awards perspective. Awards are probably the hardest thing to predict in terms of timing, but certainly, in terms of the number of opportunities we see in front of us, I think we're going to have a solid book-to-bill in the second half of the year.

是的。我同意克里斯的說法。諾亞，從訂單出貨比或獎項和積壓訂單的角度來看，我認為從獎項的角度來看，下半年將會表現穩健。從時間角度來看，獎項可能是最難預測的事情，但從我們面前看到的機會數量來看，我認為我們在今年下半年將有一個穩定的訂單出貨比。

And as Chris mentioned, we should have growing backlog through to the end of '25. So we feel really good about how we're positioned. And I agree with Chris, I think looking at the opportunities in front of us, it does give us, again, confidence to that $23 billion. No single order or a single award is key to hitting that number given the diversity of our portfolio.

正如克里斯所提到的，到 25 年底，我們的積壓訂單應該會不斷增加。因此，我們對自己的定位感到非常滿意。我同意克里斯的觀點，我認為，看看我們面前的機會，它確實再次讓我們對這 230 億美元充滿信心。鑑於我們產品組合的多樣性，沒有任何單一訂單或單一獎項能夠達到這個數字。

But I think if a couple of things go in the right direction, we certainly got the opportunity for driving some outsized growth, not just in '26, but as we look forward for some period of time.

但我認為，如果幾件事朝著正確的方向發展，我們肯定有機會實現超額成長，不僅在26年，而且在未來一段時間內。

Douglas Harned, Bernstein.

道格拉斯·哈內德，伯恩斯坦。

On the bookings, the $8.3 billion, can you give us a picture of what the major pieces of that were and how that breaks down by segment given it was a big number this quarter?

關於 83 億美元的預訂金額，您能否向我們介紹其中的主要部分，以及考慮到本季度的預訂金額很大，按部分如何細分？

Yes. Doug, I can tell you each and every segment was over 1.0; Aerojet, almost two times book-to-bill; SAS close behind; and IMS and communications were kind of in that 1.1 to 1.3 range. So it all added up to a 1.53 book-to-bill. I'll ask Ken to maybe highlight a few of the big wins, but it was not one particular item. It was just across all 14 sectors. And yes, I'll -- yes, you can go through the details.

是的。道格，我可以告訴你，每個細分市場的訂單出貨比都超過 1.0；Aerojet 的訂單出貨比幾乎是其兩倍；SAS 緊隨其後；IMS 和通訊行業的訂單出貨比則在 1.1 到 1.3 的範圍內。所以全部加起來訂單出貨比為1.53。我會請肯強調一些重大勝利，但不是某一項特定的勝利。它涉及全部 14 個部門。是的，我可以──是的，你可以詳細地講一下。

Yes. Thanks, Chris. I appreciate it. Yes, and Doug, I would say, again, strong book-to-bill across all the segments. If you look at Aerojet with 2.0 book-to-bill, solid orders in both the Missile Solutions business as well as space propulsion. At SAS, really strong orders in Mission Networks and the work it does with FAA and solid positioning for growth in Airborne and Combat Systems sector. IMS had strong orders at ISR as well as maritime.

是的。謝謝，克里斯。我很感激。是的，道格，我想說的是，所有細分市場的訂單出貨比都很強勁。如果你看一下 Aerojet，它的訂單出貨比為 2.0，那麼在飛彈解決方案業務和太空推進業務中都有穩定的訂單。在 SAS，任務網路方面的訂單非常強勁，並且與 FAA 合作，為機載和作戰系統領域的成長奠定了穩固的基礎。IMS 在 ISR 和海事領域獲得了大量訂單。

And then CS, again, we continue to see strong orders from an international perspective. I think Chris mentioned a couple of Germany and Czech Republic. So really solid performance across the board. And I think maybe more importantly, all of those orders are very aligned to the areas that we're investing in and driving the strategy towards from a growth perspective.

然後，CS，我們再次從國際角度看到強勁的訂單。我認為克里斯提到了德國和捷克共和國。因此，各方面的表現都非常穩健。我認為也許更重要的是，所有這些訂單都與我們投資的領域非常一致，並且從成長角度推動策略發展。

Robert Stallard, Vertical Research.

羅伯特·斯托拉德（Robert Stallard），垂直研究。

Ken and Chris, just wanted to follow up on Chris' comments earlier about the customer wanted to go faster and all that. Is this check coming with an embracement of risk that's appropriate. I mean are you signing up to contracts that are perhaps a little bit racier that you perhaps would like if things weren't going so fast?

肯和克里斯，只是想跟進克里斯之前關於客戶想要更快速度之類的評論。這次檢查是否伴隨著適當的風險承擔？我的意思是，如果事情進展得不那麼快，您是否會簽署一些您可能喜歡的、可能有點刺激的合約？

Yes. Thanks, Rob. I can assure you we're not signing up to things that are riskier or racier, if that's what you said. No, there's a desire to go fast for the customer. A lot of these awards are follow-on awards, change orders to existing contracts, a lot of classified work in ISR and space this quarter. And it seems like the new administration with their great business background understands business maybe better than prior administrations.

是的。謝謝，羅布。如果您是這麼說的話，我可以向您保證，我們不會簽署任何風險更高或更激烈的事情。不，客戶希望能夠快速完成任務。其中許多獎項是後續獎項、現有合約的變更單，本季有大量 ISR 和太空領域的機密工作。看起來，新政府憑藉其豐富的商業背景，可能比前幾屆政府更了解商業。

And we're receiving cost plus contracts where appropriate and fixed price contracts when we move into production, not a lot of desire to lock in long-term fixed price options for development programs that haven't been developed. So I find them so far to be quite reasonable and kind of enjoyable to work with. So somewhat refreshing in my experience.

當我們投入生產時，我們會在適當的情況下收到成本加成合同和固定價格合同，而對於尚未開發的開發項目，我們並不太願意鎖定長期固定價格選項。所以到目前為止我發現他們非常合理並且合作起來很愉快。就我的經驗而言，這多少有點令人耳目一新。

Yes, I'll just add from a contracts perspective, Rob. Moving faster doesn't necessarily mean taking more risk. I think the business deals that we're working on, we work closely with the customer. We've got a great contract team that I think negotiates good deals for us and make sure that we're thinking about the risk and making sure we sign up for the right statement of work. So I think all that is moving well on that front.

是的，我只是從合約的角度補充一下，羅布。行動更快並不一定意味著承擔更多風險。我認為我們正在進行的商業交易是與客戶密切合作的。我們擁有一支出色的合約團隊，我認為他們為我們談判了良好的交易，並確保我們考慮風險並確保我們簽署了正確的工作說明。所以我認為目前一切進展順利。

And we're -- I think this is really something that L3Harris has built for. I mean we're able to manage risk, move fast. I think we've got more agility. We've got smaller teams that look at these things, really make sure they align with the strategy, they align with our profitable growth plans. Certainly, we take risk in certain areas, and we work to offset that with operational performance in other parts of the portfolio.

而且我們 — — 我認為這確實是 L3Harris 所建造的。我的意思是我們能夠管理風險，快速行動。我認為我們已經更加敏捷了。我們擁有規模較小的團隊來關注這些事情，並真正確保它們符合策略，符合我們的獲利成長計畫。當然，我們在某些領域承擔風險，並努力透過投資組合其他部分的營運績效來抵銷這些風險。

But I think it's all hanging together really nicely. And I think our risk profile as I look forward is appropriate.

但我認為一切都進展順利。我認為我們未來的風險狀況是適當的。

Yes. A lot of this comes from the basis of estimate, and we've now, after several years since the merger of L3Harris have been able to build up some data to do a little better job with our parametric modeling and such and using AI and our digital backbone. So we're getting better and better data to base our bids on. So if you get the basis of estimate right, whether it's the hours or the subcontracts, it's going to make it easier to perform and make money.

是的。其中許多來自於估計的基礎，現在，自 L3Harris 合併以來的幾年裡，我們已經能夠累積一些數據，以便更好地完成我們的參數建模等工作，並使用人工智慧和我們的數位主幹。因此，我們獲得了越來越好的數據來作為我們投標的依據。因此，如果您正確地掌握了估算基礎，無論是工時還是分包合同，都將更容易執行並賺錢。

And that's what we're doing. We're submitting bids based on what it cost and in some cases or a lot of cases we're winning. And in some cases, we're not. But we're not going to bid bad deals knowingly just to grow market share.

這正是我們正在做的事情。我們根據成本提交投標，在某些情況下或很多情況下我們都會中標。但在某些情況下，我們並不是這樣。但我們不會為了增加市場佔有率而故意投標劣質產品。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Chris, I really appreciate the color around the strategy. Anyway you could quantify maybe just specifically TDL and Aerojet hitting their stride with Aerojet having the highest revenue quarter. How does that contribute or accelerate '26 growth? And on Aerojet specifically, just increases in production, how are you thinking about the business over the next five-years and the biggest growth drivers for Aerojet?

克里斯，我真的很欣賞這個策略的色彩。無論如何，您都可以量化，也許只是具體地 TDL 和 Aerojet 的進展，其中 Aerojet 擁有最高的收入季度。這對 26 年的成長有何促進或加速作用？具體來說，就 Aerojet 而言，產量有所增加，您如何看待未來五年的業務以及 Aerojet 最大的成長動力？

All right. Well, thank you, Sheila. I'll say on both these acquisitions that we made in 2023, TDL and Aerojet are exceeding the business model that we built to approve and get our Board of Directors to approve these acquisitions. I'll give a little insight on TDL. I'll ask Ken to talk about Aerojet Rocketdyne. But on TDL, which you don't see the visibility, it's within the CS segment. Since acquiring them in January of 2023, the revenue has been upper single digits.

好的。好吧，謝謝你，希拉。我想說的是，在我們 2023 年進行的這兩次收購中，TDL 和 Aerojet 都超出了我們為批准和獲得董事會批准這些收購而建立的商業模式。我將對 TDL 提供一些見解。我會請肯談談 Aerojet Rocketdyne。但在 TDL 上，您看不到可見性，它位於 CS 段內。自 2023 年 1 月收購以來，收入一直維持在個位數以上。

So both accretive to CS and accretive to L3Harris. The margins as a result of the cost synergies and consolidating the facilities in Salt Lake City, streamlining and improving the roll throughput yield and the production capability are almost at the CS segment level. So very high margins, especially on the commercial business model again.

因此，對 CS 和 L3Harris 都有增值作用。由於成本協同效應和整合鹽湖城的設施、精簡和提高卷材吞吐量產量和生產能力，利潤率幾乎達到了 CS 部門的水平。利潤率非常高，尤其是在商業模式下。

And the cash has been very strong, not even considering some of the tax benefits as a result of the way the transaction was modeled. So as we go into year 2.5 here, very pleased with TDL. And again, part of that upside has been our success in getting League 16 into the space, which had never been done before. And I think that's huge opportunities as these various comms and transport layers under Golden Dome evolve in the years ahead.

而且現金一直非常強勁，甚至沒有考慮由於交易方式而產生的一些稅收優惠。因此，當我們進入第 2.5 年時，對 TDL 非常滿意。再次強調，部分優勢在於我們成功將 League 16 帶入該領域，這是以前從未實現過的。我認為，隨著金色穹頂下的各種通訊和傳輸層在未來幾年的發展，這將是巨大的機會。

Ken, do you want to talk about Aerojet Rocketdyne?

肯，你想談談 Aerojet Rocketdyne 嗎？

Yes. Thanks, Chris. Yes, from an Aerojet Rocketdyne perspective, Sheila, I would say there is just a significant amount of opportunity, and it does take investment. This is a long cycle kind of capital-intensive business. I mentioned that Aerojet Rocketdyne should be the fastest grower as we look kind of '26 and beyond.

是的。謝謝，克里斯。是的，希拉，從 Aerojet Rocketdyne 的角度來看，我想說這其中有大量的機會，而且確實需要投資。這是一種長週期的資本密集型業務。我提到，當我們展望 26 年及以後時，Aerojet Rocketdyne 應該是成長最快的公司。

Missile Solutions is certainly a big part of that. And if you look at where we're investing, we were -- we did work with the government to get some Defense Procurement Act funding for programs like Javelin, Stinger and a couple of others. So we see growth in the near term, certainly in the tactical motor side. From an interceptor perspective, we're on PAC-3 standard missile on THAAD.

導彈解決方案無疑是其中的重要組成部分。如果你看看我們的投資領域，我們確實與政府合作，為「標槍」、「毒刺」等項目獲得了一些《國防採購法》的資金。因此，我們看到短期內會出現成長，尤其是在戰術引擎方面。從攔截器的角度來看，我們在薩德系統上使用的是 PAC-3 標準飛彈。

And we're seeing growth and increased demand on the interceptor level and some of that could potentially accelerate as those are a part of the Golden Dome opportunity. And then long term, we've been investing. We've talked about large solid rocket motors supporting programs like Sentinel, some classified programs, next-generation interceptor as well as glide phase interceptor, which is technically a medium-sized motor.

我們看到攔截器層級的需求正在成長，其中一些可能會加速，因為它們是金頂機會的一部分。從長遠來看，我們一直在投資。我們討論了支援「哨兵」計劃、一些機密計劃、下一代攔截器以及滑翔段攔截器的大型固體火箭發動機，從技術上講，這是一種中型發動機。

But I would throw it in there as well as the business we have supporting Missile Defense Agency for targets that we think would be a grower related to Golden Dome and testing some of those new systems. So even within Aerojet Rocketdyne, it's a diverse portfolio. I think they're positioned very well across key and what our important missile programs and certainly those that are seeing increasing demand from the customer, and we expect to drive growth for a decade or plus in some regards.

但我會把它和我們支援飛彈防禦局的業務放在一起，我們認為這些目標與金頂有關，並且會測試一些新系統。因此，即使在 Aerojet Rocketdyne 內部，其投資組合也是多元化的。我認為他們在我們的關鍵和重要飛彈計劃以及那些客戶需求不斷增長的計劃中處於非常有利的地位，我們預計在某些方面將推動十年或更長時間內的增長。

Yes. So we're going to try to get to $5 billion of revenue by the end of the decade. That's our aspirational goal. I think we have pretty good visibility into that. I will say when I meet with the primes and the end customers, there's nobody disputes that we have, by far, the best technology in this market and I think that's been a differentiator.

是的。因此，我們力爭在 2020 年實現 50 億美元的收入。這是我們的理想目標。我認為我們對此有很好的了解。我想說，當我與主要客戶和最終客戶會面時，沒有人會質疑我們擁有迄今為止市場上最好的技術，我認為這是一個差異化因素。

You heard me say we're on pretty much every interceptor in the US, whether it's in development or in production. The large solid rocket motors, I mean, we pretty much have each and every one of those in our portfolio already. So huge, huge opportunities. Again, at the end of the day, it's about delivery and scale. You didn't ask about the new entrants.

你聽我說過，我們幾乎研究了美國的每一種攔截器，無論是在開發中還是在生產中。大型固體火箭發動機，我的意思是，我們的產品組合中幾乎已經擁有了每一個。如此巨大的機會。再次強調，歸根結底，這還是關於交付和規模的問題。您沒有詢問新進入者的情況。

We continue to meet with new entrants. We look to partner. We welcome the competition. But when you look at the investments we're making, that the primes are making and the government is making in less than two-years, we're going to have the facilities, the equipment to ramp up and it's going to take others half a decade or more to get there. So I feel very, very confident that this was a good acquisition.

我們繼續與新進入者會面。我們期待合作夥伴。我們歡迎競爭。但是，當你看到我們正在進行的投資，包括主要投資者和政府在不到兩年的時間內進行的投資時，你會發現，我們將擁有足夠的設施和設備來提升產能，而其他國家則需要五年甚至更長時間才能達到這個水平。所以我非常有信心這是正確的收購。

We have a great team running it and a highly motivated workforce and couldn't be more proud of what we've done and what we're going to do in the future.

我們擁有一支優秀的團隊和一支積極性極高的員工隊伍，我們對我們已經做的事情以及未來將要做的事情感到無比自豪。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

Yes. Great results.

是的。效果非常好。

Thank you.

謝謝。

I have a two-part question. In the President's budget request, you may have seen the military radio, line items were a little bit softer in '26. Likewise, Armed Overwatch and some others. I wanted to get your perspective on what the growth rate might be beyond '26 for tactical radios and some of those other areas with the backfill from foreign or otherwise? If you could just give us some framework to think about that?

我有一個由兩個部分組成的問題。在總統的預算請求中，您可能已經看到了軍用無線電，26 年的專案稍微寬鬆一些。同樣，《武裝鬥陣特攻》和其他一些遊戲也一樣。我想聽聽您對 26 年後戰術無線電和其他一些領域（透過外國或其他方式補充）的成長率的看法？您能否提供我們一些框架來思考這個問題？

Yes. Great, great question. We -- so we'll start with the radios, I'll let Ken talk about Armed Overwatch. But first of all, it is the 26 PBR. So this is the first step of a multiple step process. So we noticed what the cuts in the HMS and the comp line, those two-line items, but there's quite a long way to go through the process to see where that ends up.

是的。非常好的問題。我們——所以我們從無線電開始，我讓肯談談武裝守望先鋒。但首先，它是 26 PBR。這是多步驟過程的第一步。因此，我們注意到了 HMS 和 comp 系列的削減，這兩條產品線的項目，但還有很長的路要走才能知道最終結果。

And historically, customers weigh in, members of Congress weigh in and ultimately, the end users weigh in. So we'll see how that plays out. But when you look at the actual numbers, we're comparing two-line items known as HMS and costs, to the same two in '26, but there was a third line item added called NextGen Command and Control or NGC2. So I kind of look at those three as the telecom and the radio line items.

從歷史上看，客戶會參與進來，國會議員會參與進來，最終，最終用戶也會參與其中。我們將拭目以待事情將如何發展。但是當你查看實際數字時，我們會將稱為 HMS 和成本的兩個項目與 26 年的兩個項目進行比較，但添加了第三項，稱為 NextGen Command and Control 或 NGC2。因此，我將這三項視為電信和廣播項目。

And those are on a combined basis, several 100 million more than 2025. So the question is what is in NGC2? And as we've looked at it, there is clearly a transport layer where we believe our software-defined radios and our network capability and architecture capability can meet those needs and continue with the modernization. So I think a lot of the modernization that needs to continue.

而這些數字加起來，將比 2025 年多出數億。那麼問題是 NGC2 中有什麼呢？正如我們所看到的，顯然存在一個傳輸層，我們相信我們的軟體定義無線電和我們的網路能力和架構能力可以滿足這些需求並繼續現代化。所以我認為很多現代化工作仍需繼續進行。

We're just talking US domestic is embedded within that NGC2, and our teams are looking at how best to proceed. So we'll monitor the situation, but we'll let you know as that plays out. I don't see this as being a significant headwind based on our performance and based on our capability, and of course, internationally, we've already covered, we have great opportunities there as well.

我們只是說美國國內業務嵌入在 NGC2 中，我們的團隊正在研究如何最好地進行。因此，我們會監視情況，並在發生任何情況後通知您。根據我們的表現和能力，我並不認為這是一個重大的阻力，當然，在國際上，我們已經涵蓋了，我們在那裡也有很大的機會。

So in total, tactical comms, radios or TCOM sector continue to see growth for the foreseeable future. Haven't even mentioned the waveforms and some of the other product sales that we have with much, much higher margins.

因此總體而言，戰術通訊、無線電或 TCOM 領域在可預見的未來將繼續保持成長。甚至還沒有提到波形和一些其他產品銷售，我們的利潤率要高得多。

So do you want to talk about Armed Overwatch?

那你想談談《武裝鬥陣特攻》嗎？

Sure. Yes. Thanks, Scott. From an Armed Overwatch perspective, I would say we did see that there's a dip in quantities in, I think it's 26. No concerns from our perspective. And I think a couple of things. It's a long-cycle program. It doesn't impact our production flow. We've got plenty of aircraft in order, and I think we got a good delivery cadence on that.

當然。是的。謝謝，斯科特。從武裝守望先鋒的角度來看，我想說我們確實看到數量下降，我認為是 26。從我們的角度來看沒有什麼好擔心的。我認為有幾件事。這是一個長週期計劃。它不會影響我們的生產流程。我們已經訂購了大量飛機，我認為我們的交付節奏很好。

And maybe more importantly, we're seeing a fair amount of international opportunity for Armed Overwatch that we'll look to drive some awards for. And certainly, if you think about the overall ISR business and as it rolls up to IMS, nothing in that profile from a funding perspective that would impact our ability for growth in the business. So we're tracking it, looking to fill it in with some international opportunity.

也許更重要的是，我們看到了《武裝鬥陣特攻》相當多的國際機會，我們希望能獲得一些獎項。當然，如果您考慮整體 ISR 業務以及它如何融入 IMS，那麼從融資角度來看，其中任何內容都不會影響我們業務成長的能力。因此我們正在追蹤它，希望找到一些國際機會。

Seth Seifman, JPMorgan.

摩根大通的賽斯‧塞夫曼。

Nice results. I wanted to ask, maybe if you could level set us on where things stand in the mission networks piece of the business within SAS? Kind of how big is that now? And it's something that kind of thought of as maybe rolling off over time, but it seems like there's opportunity in the near term given FAA demand and maybe the way that the FAA is looking to do things in the future opens up some longer opportunities as well. So I guess, how should we think about that piece of the portfolio?

效果不錯。我想問一下，您能否向我們介紹一下 SAS 內部任務網路業務的現況？現在它有多大？這是一種可能隨著時間的推移而逐漸消失的想法，但考慮到聯邦航空管理局的需求，短期內似乎有機會，而且聯邦航空管理局未來的做法也許也會帶來一些更長期的機會。那我想，我們該如何看待投資組合的這一部分？

Yes. Thanks, Seth. Thanks for the kind words. I'll pass it on to the team. Yes, we don't talk much about the mission networks business. I mentioned a few things in my prepared remarks. Our specialty here is really on the telecommunications, the telecommunications infrastructure. And specifically, the migration from the older copper wire to fiber that you might have heard Secretary Duffy talk about.

是的。謝謝，塞思。謝謝你的好意。我會將其傳達給團隊。是的，我們不太談論任務網路業務。我在準備好的發言中提到了幾件事。我們的專長是電信、電信基礎建設。具體來說，您可能聽過達菲部長談到從舊銅線到光纖的遷移。

So we were able to successfully upgrade the Newark airport, as I mentioned, which got a lot of press over the last several months, but there's literally dozens of other opportunities and literally thousands of sites that need to transition from, I'll just say, older technology to newer technology. And we're kind of in the sweet spot of doing that. So you've heard about the need for a brand-new air traffic control system.

因此，正如我所提到的，我們能夠成功升級紐瓦克機場，這在過去幾個月中得到了媒體的廣泛關注，但實際上還有數十個其他機會和數千個站點需要從舊技術過渡到新技術。我們現在正處於這樣做的最佳階段。您已經聽說過需要全新的空中交通管制系統。

We will not, at this point, have any interest in being the prime integrator or try to manage that whole portfolio. I think there's probably other companies that are better suited for that. We want to stay in our sweet spot, which is really the telecom infrastructure, the broadcast services, the data integration and data services.

目前，我們沒有任何興趣成為主要整合商或試圖管理整個投資組合。我認為可能還有其他公司更適合這樣做。我們希望保持我們的最佳狀態，也就是電信基礎設施、廣播服務、資料整合和資料服務。

So all in, I think this sector is right around $1 billion-or-so with good margins, and we would expect this to continue to grow. And it's part of our national security infrastructure supporting the US government. So a good business and clearly more upside today than maybe a year or two ago. So the team really came through and did a great job.

總的來說，我認為這個行業的規模大約在 10 億美元左右，利潤率也不錯，而且我們預計這個行業還會繼續成長。它是支持美國政府的國家安全基礎設施的一部分。因此，這是一筆好生意，而且顯然比一兩年前更有上升空間。所以，這個團隊確實成功了，而且做得很好。

Scott Mikus, Melius Research.

米庫斯（Scott Mikus），Melius Research。

Nice results. Chris, I wanted to ask about the Wolf Pack announcement that you guys came out with. You're effectively going to be competing with Lockheed and Raytheon, who are two of Aerojet's largest customers. I'm just wondering when you initially acquired Aerojet, was that something you decided to do more recently, or has it been in the works for a long time? And then long term, what do you see as the revenue opportunity for Wolf Pack both domestically and internationally?

效果不錯。克里斯，我想問你們發布的狼群公告。你們實際上將與洛克希德和雷神公司競爭，這兩家公司是 Aerojet 最大的客戶。我只是想知道，當您最初收購 Aerojet 時，這是您最近才決定要做的事情，還是已經籌備了很長時間？那麼從長遠來看，您認為 Wolf Pack 在國內和國際上有哪些創收機會？

All right. Thanks, Scott. I wasn't sure I was going to get a Wolf Pack question today. So I'm glad you keep abreast of our announcements. Yes, this is something that we've been working on well before Aerojet Rocketdyne acquisition. It's a unique transformational capability. Launch effects is something that each of the DoD service branches need.

好的。謝謝，斯科特。我不確定今天是否會遇到有關狼群的問題。所以我很高興您關注我們的公告。是的，這是我們在收購 Aerojet Rocketdyne 之前就一直在努力的事情。這是一種獨特的轉型能力。發射效果是國防部每個軍種都需要的。

And we think we have a unique offering that we've been developing. One of these will actually be a kinetic strike, and the other will be more of a EW kind of falls in that attractable market that everybody keeps talking about. And I think these are quite affordable relative to other products that are out there. So we got to have to start small and build up there. We've had -- we do have a hot production line.

我們認為我們擁有正在開發的獨特產品。其中一種實際上是動能打擊，另一種則更像是電子戰類型的打擊，落入人們一直在談論的那個有吸引力的市場。我認為與其他產品相比，這些產品相當實惠。所以我們必須從小事做起，然後逐步擴大。我們確實有一條熱生產線。

We've had demos well over 40 flights that have been tested. And there's a lot of interest here domestically, whether we can export or not to be determined. And this asset, depending, which variation you get, obviously goes inside larger platforms. So we'll try to get a couple of hundred million here in the next several years and see where it goes from there.

我們已經進行了超過 40 次飛行測試。國內對此很感興趣，但我們是否可以出口還有待確定。而這種資產，取決於你得到哪一種變化，顯然會進入更大的平台。因此，我們將努力在未來幾年內籌集數億美元，然後看看會有什麼結果。

But pretty innovative, pretty creative opportunity. And of course, with Aerojet Rocketdyne, it just gives us more and more synergy, although these particular assets don't have solid rocket motors in them, probably all I can say from a technical standpoint.

但相當具有創新性，相當有創意的機會。當然，有了 Aerojet Rocketdyne，我們就能獲得越來越多的協同效應，儘管這些特定資產中沒有固體火箭發動機，但從技術角度來說，我只能這麼說。

Jason Gursky, Citi.

花旗銀行的傑森古爾斯基。

Ken, just a quick clarification question for you and then Chris, just a bigger picture one, if you don't mind. On the clarification, one, has there been any change, Ken, to your expectations on how much of the LHX NeXt savings you'll pass on versus what gets captured by the customer? I think you've commented on that ratio in the past.

肯，我只想快速向您詢問一個澄清問題，然後克里斯，如果您不介意的話，我想問一個更宏觀的問題。關於澄清，首先，Ken，您對 LHX NeXt 節省的金額與客戶獲得的金額的預期有任何變化嗎？我認為您過去曾對該比例作出評論。

And then, Chris, I was wondering if you can just spend a little bit more time on space. I know there's been quite a few questions on it today already. So I appreciate the color there. But I'm just kind of curious the overall demand environment for space and any kinds of new projects that you might see or new technologies, programs that you see on the horizon, either here domestically or maybe even over in Europe and whether European capabilities are going to be something that they're going to spend money on in the space domain here, and whether companies like LHX you think might play a role in increased spending in Europe?

然後，克里斯，我想知道你是否可以花更多時間在太空上。我知道今天已經有很多關於此的問題了。所以我很欣賞那裡的色彩。但我只是好奇太空的整體需求環境以及您可能會看到的任何類型的新項目或新技術、您看到的即將出現的計劃，無論是在國內還是在歐洲，以及歐洲的能力是否會成為他們在太空領域投入資金的東西，以及您認為像 LHX 這樣的公司是否會在增加歐洲的支出方面發揮作用？

Yes, Jason, on your first question in terms of LHX NeXt, no change of any significance from our expectation around the margin opportunity. The program goes out and identifies cost savings opportunities and really make sure that we focus on kind of the run rate opportunities that will impact the longer-term business. We work to generate those savings and then certainly flow it through our contract mix.

是的，傑森，關於你關於 LHX NeXt 的第一個問題，我們對保證金機會的預期沒有任何重大變化。該計劃旨在確定成本節約機會，並確保我們專注於影響長期業務的運行率機會。我們努力實現這些節省，然後將其透過我們的合約組合來流通。

We do expect roughly 30% to 40% of that to generate a margin opportunity for us. and the remainder will be passed back to the customer through lower cost and essentially providing some benefit to the customer as well as our competitive positioning for winning new work. So no change to the model, different types of cost savings have different profiles to them. But overall, at a portfolio level, we still expect roughly that 30% to 40%.

我們確實預計其中約 30% 到 40% 會為我們創造利潤機會，其餘部分將透過降低成本返還給客戶，並實質上為客戶提供一些利益，同時增強我們贏得新業務的競爭地位。因此模型沒有變化，不同類型的成本節約有不同的概況。但整體而言，從投資組合層面來看，我們仍預期增幅約為 30% 至 40%。

And Chris?

還有克里斯？

Yes. Jason, great question on space. We've highlighted this in the past as kind of a key part of our trusted disruptive strategy, how we've moved it up the food chain. We don't really talk a whole lot about some of the things we do for NASA and NOA, especially in the weather satellites. And weather satellites have a significant military application in addition to all of us looking at our apps and checking the weather on a daily basis.

是的。傑森，關於太空的問題問得真好。我們過去曾強調過這一點，這是我們值得信賴的顛覆性策略的關鍵部分，也是我們如何將其提升到食物鏈的高端。我們實際上並沒有談論太多我們為 NASA 和 NOA 所做的一些事情，特別是在氣象衛星方面。除了我們每天查看應用程式和查看天氣之外，氣象衛星還有重要的軍事用途。

So we actually see some international opportunities using our weather satellite technology, which is the same technology we used to innovate into the missile tracking, missile warning. So there's a lot of opportunities for us. We continue to stick with our strategy in a lot of cases. We're the prime now, which we weren't historically.

因此，我們實際上看到了利用我們的氣象衛星技術的一些國際機會，這與我們用於創新飛彈追蹤和飛彈預警的技術相同。因此，我們面臨許多機會。在很多情況下，我們繼續堅持我們的策略。我們現在處於巔峰狀態，而歷史上我們並不是這樣。

We still sub on some of these exquisite geosynchronous satellites focused on our great antenna strategy or technology. And we're also a merchant supplier even on some of these transport using link 16 and some other technologies that we've talked about. So a lot of growth potential. I'll say, since the new administration, I think things slowed down.

我們仍然專注於一些精緻的地球同步衛星，專注於我們偉大的天線戰略或技術。我們甚至還是一些使用 Link 16 和我們討論過的其他技術的運輸方式的商家供應商。因此有很大的成長潛力。我想說，自從新政府上台以來，我認為事情已經放緩了。

You see that in across the industry for the first six-months, as the new administration comes in place as we wait for the confirmation, as we figure out what's going to happen with SDA, MDA, SSC and all these other customers that procure satellites. So I think we're going to pick up some momentum here in the third and fourth quarter as the architectures are finalized.

在新政府上任後的前六個月裡，整個產業都出現了這種情況，我們正在等待確認，我們正在弄清楚 SDA、MDA、SSC 以及所有其他採購衛星的客戶將會發生什麼事。因此我認為，隨著架構的最終確定，我們將在第三季和第四季獲得一些發展動能。

But we pretty much play in every orbital plane, in every size and as a prime and a sub and a merchant supplier. So we're looking for good things out of space. And again, we're performing, we're delivering, and that's going to lead to more business. So as we close today's call, I want to thank my leadership team and our employees for their continued focus, agility and commitment to the mission.

但我們幾乎在每個軌道平面、每個規模上都扮演著主要角色、次要角色和商業供應商的角色。所以我們正在尋找太空中的好東西。再說一次，我們正在履行職責，我們正在交付成果，這將帶來更多的業務。因此，在我們結束今天的電話會議時，我要感謝我的領導團隊和我們的員工對使命的持續關注、敏捷和承諾。

More than 90% of my Executive Leadership team is new to the company who has taken on expanded roles in the last three-years. The team brings a strong mix of defense industry experience, operational expertise and commitment to advancing national security priorities by investing in talent, technology and long-term growth. We are fearless.

我的執行領導團隊中超過 90% 的人都是公司新來的，他們在過去三年中承擔了更多的職責。該團隊擁有豐富的國防工業經驗、營運專業知識，並致力於透過投資人才、技術和長期發展來推進國家安全優先事項。我們無所畏懼。

We have the courage to defy the status quo and challenge convention. We don't follow trends, we set them, and we're forging original path that advanced mission success. The progress we're making is a direct result of their teamwork, their focus and their commitment. So thank you all for joining us today, and we look forward to connecting with many of you in the weeks ahead. Thank you.

我們有勇氣挑戰現狀、挑戰傳統。我們不跟隨潮流，我們引領潮流，我們正在開闢推動任務成功的原創道路。我們所取得的進步直接歸功於他們的團隊合作、專注和承諾。感謝大家今天的參與，我們期待在未來幾週與大家建立聯繫。謝謝。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we do ask that you please disconnect your lines.

謝謝您，先生。女士們、先生們，今天的電話會議到此結束。再次感謝大家的出席。此時，我們確實請求您斷開線路。