L3Harris Technologies Inc (LHX) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the third-quarter 2025 L3Harris Technologies earnings call. (Operator Instructions)

您好，感謝您的耐心等待。我叫蒂芬妮，今天我將擔任你們的會議接線生。在此，我謹代表 L3Harris Technologies 公司歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

I would now like to turn the call over to Dan Gittsovich, Vice President, Investor Relations and Corporate Development. Dan, please go ahead.

現在我將把電話交給投資者關係和企業發展副總裁丹·吉特索維奇。丹，請繼續。

Thank you, Tiffany, and good morning, everyone. Joining me are Chris and Ken. Earlier this morning, we issued our third-quarter earnings release outlining our results and our increased 2025 guidance, along with a detailed presentation available on our website. We'll also be filing our 10-Q later today.

謝謝你，蒂芙尼，大家早安。與我一同出席的還有克里斯和肯。今天早些時候，我們發布了第三季收益報告，概述了我們的業績和上調後的 2025 年業績預期，並在我們的網站上提供了詳細的簡報。我們今天稍後還會提交 10-Q 表格。

Before we begin, please note that today's discussion will include forward-looking statements subject to risks, assumptions, and uncertainties that could cause actual results to differ materially. For more information, please refer to our earnings release and the SEC filings. We will also discuss non-GAAP financial measures, which are reconciled to GAAP measures in the earnings release.

在開始之前，請注意，今天的討論將包含前瞻性陳述，這些陳述受到風險、假設和不確定性的影響，可能導致實際結果與預期結果有重大差異。更多資訊請參閱我們的獲利報告和提交給美國證券交易委員會的文件。我們也將討論非GAAP財務指標，這些指標在獲利報告中與GAAP指標進行了核對。

With that, let me turn it over to Chris.

接下來，我將把麥克風交給克里斯。

Thank you, Dan, and good morning. Our position as a leading defense innovator has never been stronger. The pace of change across the ecosystem is accelerating, and we're transforming to respond with speed and agility. Our purpose-built portfolio sits at the center of a mission-critical modernization efforts, supporting war fighters across every domain for the US and its allies.

謝謝你，丹，早安。我們作為領先的國防創新者的地位從未如此穩固。整個生態系統的變化速度正在加快，我們也在轉型，以快速、靈活地應對這些變化。我們專門打造的產品組合處於關鍵任務現代化工作的核心，為美國及其盟國在各個領域的作戰人員提供支援。

As the Department of (inaudible) has made clear, the nation needs to transform its acquisition processes to enable an innovative, fast-moving industrial base. The goal is to shorten decision cycles, eliminate bureaucracy, deepen collaboration and deliver more resilient, rapidly deployable solutions to meet increasing demand. These dynamics underscore the essential role of a trusted, disruptive defense partner, and L3Harris is delivering innovation when and where it matters most. We are the company that has the scale and the speed of relevance, and the right mix between established primes and new technology entrants. We continue to execute well, staying tightly aligned with customer priorities and delivering solutions rapidly.

正如（聽不清楚）部門所明確指出的那樣，國家需要改革其採購流程，以建立一個創新、快速發展的工業基礎。目標是縮短決策週期，消除官僚主義，深化合作，並提供更具彈性、可快速部署的解決方案，以滿足不斷增長的需求。這些動態凸顯了值得信賴的、顛覆性的國防合作夥伴的關鍵作用，而 L3Harris 正在最關鍵的時刻和地點提供創新。我們是一家擁有規模和速度優勢，以及成熟企業和新興技術企業之間恰當組合的公司。我們繼續保持良好的執行力，始終與客戶的優先事項緊密結合，並快速提供解決方案。

That focus is translating into results. This quarter, we delivered double-digit organic growth, 15.9% margins, and a book-to-bill of 1.2, proof that our strategy is working. Our business growth is accelerating, and we are confident in achieving our increased 2025 guidance, exceeding our original 2026 financial framework and positioning L3Harris for durable, profitable growth well beyond 2026. We are fully aligned with the administration's priorities for developing a next-generation missile defense architecture. Our actions to date advancing our missile warning and tracking franchise, and investing ahead of demand, demonstrate that L3Harris is ready to lead.

這種專注正在轉化為成果。本季度，我們實現了兩位數的有機成長，15.9% 的利潤率，以及 1.2 的訂單出貨比，證明我們的策略是有效的。我們的業務成長正在加速，我們有信心實現提高後的 2025 年業績預期，超越我們最初的 2026 年財務框架，並使 L3Harris 在 2026 年之後實現持久、盈利的增長。我們完全贊同政府關於發展下一代飛彈防禦體系的優先事項。我們迄今為止在推進導彈預警和跟踪業務以及在需求出現之前進行投資方面所採取的行動表明，L3Harris 已準備好引領行業。

With satellites in orbit, in production and in backlog, we are building on our proven record of designing and delivering missile warning and tracking systems across multiple FDA tranches. As new contracts are awarded, we're positioned to accelerate production and integration with work on additional satellites expected to begin soon. This progress reinforces our role as a trusted proven partner in advancing the nation's layered next-generation homeland defense network.

隨著衛星在軌運行、生產和積壓訂單的增加，我們正在鞏固我們在設計和交付飛彈預警和追蹤系統方面的成功經驗，這些系統已跨越多個FDA批次。隨著新合約的授予，我們已做好準備加快生產和集成，預計很快將開始更多衛星的研發工作。這項進展鞏固了我們作為值得信賴的合作夥伴在推動國家多層級下一代國土防禦網絡建設中的作用。

These efforts are the product of deliberate forward-looking investments when we have conviction and customer demand. We've expanded capacity across our space portfolio from Palm Bay, Florida to Fort Wayne, Indiana, strengthening our ability to execute as new missions are awarded.

這些努力是我們基於信念和客戶需求而進行的深思熟慮的前瞻性投資的成果。我們擴大了從佛羅裡達州棕櫚灣到印第安納州韋恩堡的整個太空業務組合的產能，增強了我們在獲得新任務時執行任務的能力。

The foundation is in place. The teams are ready and when called upon, L3Harris will deliver with speed, precision and the resilience of our nation demands. Equally important in our strength is the missile and propulsion domain. Our Aerojet Rocketdyne business continues to see exceptional demand, a reflection of both near-term restocking requirements and longer-term investments in deterrence. In particular, the demand for interceptors is exceedingly strong.

基礎已經打好。團隊已準備就緒，一旦接到命令，L3Harris 將以我們國家所需的速度、精準度和韌性完成任務。飛彈和推進領域同樣是我們實力中非常重要的一部分。我們的 Aerojet Rocketdyne 業務持續受到異常強勁的需求，這不僅反映了近期的補貨需求，也反映了對威懾的長期投資。尤其值得一提的是，對攔截器的需求非常強勁。

We are on every major interceptor program. Standard Missile, [PAC-3], [SAD], as well as next-gen interceptor and glide phase interceptor. We are looking forward to continuing to work with the Department of (inaudible) to address this need. We are also on critical strategic missile programs such as Sentinel, as well as certain classified programs and see those growing for decades to come. This quarter, AR reached a record financial backlog of $8.3 billion, the majority of which is to support the increased demand for solid rocket motors.

我們參與了所有主要的攔截器項目。標準飛彈、[PAC-3]、[SAD]，以及下一代攔截器和滑翔階段攔截器。我們期待繼續與（聽不清楚）部門合作，以滿足這項需求。我們也參與了諸如「哨兵」飛彈等關鍵戰略飛彈項目，以及某些機密項目，並預計這些項目將在未來幾十年內持續發展壯大。本季度，AR 的財務積壓達到創紀錄的 83 億美元，其中大部分是為了滿足不斷增長的固體火箭引擎需求。

An example of expanded production in response to growing demand is for the PAC-3 missile, where we are increasing capacity. As the sole manufacturer of solid rocket motors for PAC-3, we understand our critical role in scaling capacity across our facilities to meet the heightened and sustained demand for both US and allied customers. This is a positive first step as the nation looks to significantly increase missile production in the years ahead. Reconciliation spending is pending and awards are expected soon.

為了因應不斷增長的需求，我們正在擴大PAC-3飛彈的生產能力。作為 PAC-3 固體火箭發動機的唯一製造商，我們深知自身在擴大各工廠產能以滿足美國及其盟國客戶不斷增長和持續的需求方面所扮演的關鍵角色。這是積極的第一步，因為該國計劃在未來幾年大幅提高飛彈產量。支出核算正在進行中，預計很快就會發放獎勵。

Against the backdrop of the continuing government shutdown, ongoing budget challenges, and the potential for a prolonged continuing resolution, we're staying focused on what we can control. Execution and readiness. We have the right portfolio, the right leadership and the right investments in place. When funding is released, we're prepared to continue to invest and move swiftly to deliver for our customers and our nation. We agree with Treasury Secretary [Besson's] push for a new wave of industrial investment.

在政府持續停擺、預算持續面臨挑戰以及可能長期維持財政決議的背景下，我們將繼續專注於我們能夠控制的事情。執行力和準備情況。我們擁有合適的投資組合、合適的領導團隊和合適的投資方向。一旦資金到位，我們將做好準備繼續投資並迅速行動，為我們的客戶和國家提供服務。我們贊同財政部長貝松推動新一輪工業投資的措施。

We're already executing our plan aligned with that vision. Over the past year, we've expanded our domestic manufacturing footprint in Alabama, Arkansas, Virginia, Indiana and Florida, investing in new space and solid rocket motor manufacturing capacity to meet national defense demand. We've increased capital expenditures and continue to direct a substantial portion of free cash flow towards [IRAD] expansion and modernization. But to fully realize this national reindustrialization effort, what's needed now is to convert clear demand signals into multiyear contracts that give industry the confidence to invest in scale. Our facilities, workforce and supply chain are ready.

我們已開始執行與該願景相符的計劃。過去一年，我們擴大了在阿拉巴馬州、阿肯色州、維吉尼亞州、印第安納州和佛羅裡達州的國內生產規模，投資建造新的航太和固體火箭發動機製造能力，以滿足國防需求。我們增加了資本支出，並繼續將相當一部分自由現金流用於[IRAD]的擴張和現代化。但要充分實現這一國家再工業化努力，現在需要的是將明確的需求訊號轉化為多年期合同，使行業有信心進行規模化投資。我們的設施、員工和供應鏈都已準備就緒。

And when these demand signals are formalized, we'll move immediately to the next tier of investment and capacity expansion. At the same time, we share Army Secretary [Driscoll's] sense of urgency around modernization. This call to win with silicon and software perfectly captures the transformation already underway across L3Harris. Were moving faster than ever, partnering with emerging technology companies, codeveloping AI-enabled mission systems, and fielding software-defined resilient communication equipment that can be updated as threats evolve. This is not a theoretical capability, or one that we need to validate in technology demos.

當這些需求訊號正式形成時，我們將立即進入下一階段的投資和產能擴張。同時，我們和陸軍部長（德里斯科爾）一樣，都對現代化建設抱持緊迫感。這種利用晶片和軟體贏得勝利的號召，完美地概括了 L3Harris 正在進行的轉型。我們正以前所未有的速度前進，與新興科技公司合作，共同開發人工智慧任務系統，並部署可隨著威脅演進而更新的軟體定義彈性通訊設備。這並非理論上的能力，也不是我們需要透過技術演示來驗證的能力。

It is proven and happening real-time in Ukraine, by our allies in the face of advanced Russian [EW] threats. This technology is integral to soldiers survival and mission success. Our advantage is speed and adaptability. We combine deep mission understanding with a network of agile partners from Silicon Valley to the defense tech ecosystem. As the services modernize their acquisition process, we see that as an opportunity to expand our role as a trusted integrator of choice, delivering open, software-defined, resilient capabilities at the pace of relevance.

事實證明，在烏克蘭，我們的盟友正在面對俄羅斯先進的電子戰威脅，並即時採取行動。這項技術對士兵的生存和任務的成功至關重要。我們的優勢在於速度和適應力。我們將對任務的深刻理解與從矽谷到國防科技生態系統的敏捷合作夥伴網絡結合。隨著各服務部門對其採購流程進行現代化改造，我們認為這是一個拓展自身角色、成為值得信賴的首選整合商的機會，我們將以與時俱進的速度提供開放的、軟體定義的、具有彈性的功能。

Our approach remains balanced and disciplined. Returning capital responsibly, while reinvesting in growth infrastructure that directly supports national security. We're fully aligned with the country's reindustrialization and modernization agenda, and we're ready to deliver once that demand is formalized. With that, I'll turn it over to Ken.

我們的方法依然保持平衡和嚴謹。負責任地返還資本，同時將資金再投資於直接支持國家安全的成長基礎設施。我們完全支持國家的再工業化和現代化議程，一旦需求正式確定，我們隨時準備交付。接下來，我將把麥克風交給肯恩。

Thanks, Chris, and good morning, everybody. As we continue to execute on critical national security priorities, it's clear that our investments, manufacturing capacity and disciplined execution are enabling us to deliver real impact for our customers. With that momentum as our foundation, let's talk about consolidated results for the quarter. We had $6.6 billion in orders this quarter, resulting in a book-to-bill of 1.2. Revenue was $5.7 billion, reflecting strong organic growth of 10%.

謝謝克里斯，大家早安。隨著我們繼續推進關鍵的國家安全優先事項，很明顯，我們的投資、製造能力和嚴謹的執行力使我們能夠為客戶帶來真正的影響力。以此動能為基礎，我們來談談本季的綜合業績。本季我們獲得了 66 億美元的訂單，訂單出貨比為 1.2。營收為 57 億美元，反映了 10% 的強勁內生成長。

This growth was across all four segments with two growing double digits, and driven by higher volume on existing programs, new programs ramping, and increased international demand. Segment operating margin was 15.9%, up 20 bps. This marks our eighth consecutive quarter of sequential margin expansion, underscoring our consistent execution. Margin expansion this quarter was driven by LHX NeXt cost savings, across all 4 segments, and improved program performance. Margin was slightly offset by the impacts from the higher margin cash divestiture in Q1 '25.

所有四個細分市場均實現了成長，其中兩個細分市場實現了兩位數的成長，這主要得益於現有專案的銷售增加、新專案的啟動以及國際需求的成長。分部營業利益率為 15.9%，上升 20 個基點。這標誌著我們連續第八個季度實現利潤率環比成長，凸顯了我們始終如一的執行力。本季利潤率的提升得益於 LHX NeXt 在所有 4 個業務部門的成本節約以及專案績效的提高。2025 年第一季高利潤率現金剝離的影響略微抵消了利潤率的成長。

Non-GAAP EPS was $2.70, up 10% year-over-year. On a pension-adjusted basis, EPS was up 15%. Free cash flow was about $450 million, reflecting temporary customer-related delays in payment. We remain confident in achieving our 2025 cash flow guidance. Q4 reflects anticipated milestone-based payments and the timing of a tax refund now expected in the fourth quarter.

非GAAP每股收益為2.70美元，較去年同期成長10%。經退休金調整後，每股收益成長了 15%。自由現金流約為 4.5 億美元，反映了客戶付款的暫時性延遲。我們仍有信心實現2025年的現金流目標。第四季度反映了預期中的里程碑付款以及預計將在第四季度到帳的退稅款項。

Consistent with prior years, cash generation will be back-end weighted as we manage performance on a full year basis. Turning to our segment's third quarter results. [CS] delivered revenue of $1.5 billion, up 6% and driven by increased international deliveries for a resilient software-defined communication equipment and next-generation [JMIR] program ramp. Operating margin increased to 26.1%. CS margin benefited from international deliveries and LHX NeXt driven cost savings.

與往年一樣，現金流將以年底為單位進行側重，因為我們將以全年為基礎進行業績管理。接下來來看看我們業務部門的第三季業績。 [CS] 實現營收 15 億美元，成長 6%，主要得益於彈性軟體定義通訊設備的國際交付量增加以及下一代 [JMIR] 專案的加速推進。營業利益率提高至26.1%。由於國際交付和 LHX NeXt 帶來的成本節約，CS 利潤率有所提高。

IMS revenue was $1.7 billion, up 17%, organically due to multiple ISR classified programs ramping. Operating margin was 12%, a pro forma increase of 40 bps, excluding the CAS divestiture. SAS revenue was $1.8 billion, up 7%, primarily driven by increased FAA volume and mission networks and higher volume in airborne combat systems and space.

IMS 營收為 17 億美元，成長 17%，主要得益於多個 ISR 機密專案的加速推進。營業利益率為 12%，以準備資料計算成長 40 個基點（不包括 CAS 資產剝離）。SAS 的營收為 18 億美元，成長了 7%，主要得益於 FAA 業務量和任務網路的增加，以及空中作戰系統和太空業務量的增加。

Operating margin increased to 12.1%, reflecting improved program performance on classified development programs in space, a $20 million gain recognized in connection with monetization of legacy end-of-life assets, and LHX NeXt driven cost savings. Aerojet Rocketdyne delivered another strong quarter with organic growth of 15%, marking its second consecutive quarter of double-digit growth and record revenue.

營業利潤率提高至 12.1%，這反映了太空機密開發項目的績效改善、因遺留報廢資產貨幣化而確認的 2000 萬美元收益，以及 LHX NeXt 帶來的成本節約。Aerojet Rocketdyne 又迎來了一個強勁的季度，有機成長率達到 15%，連續第二個季度實現兩位數成長並創下營收紀錄。

Performance was driven by higher production volumes across key missile and munitions programs and the continued ramp of new awards. This progress reflects meaningful increases in capacity and deliveries. Highlighted by the [Mark 72] motor, where quarterly deliveries have increased more than 400% since acquisition. Operating margin expanded 130 basis points to 12.7%, driven by improved program performance and cost efficiencies from LHX NeXt initiatives. Now let me turn it back to Chris.

業績成長主要得益於關鍵飛彈和彈藥項目產量的提高以及新訂單的持續增加。這項進展反映了產能和交付能力的顯著提升。其中，[Mark 72]引擎尤為突出，自收購以來，其季度交付量增長超過 400%。受 LHX NeXt 計畫帶來的專案績效提升和成本效益提高的推動，營業利潤率成長 130 個基點至 12.7%。現在讓我把麥克風交還給克里斯。

Thanks, Ken. We are continuing to gain momentum, and this quarter underscores the strength of our long-term strategy and portfolio. A prime example is the $2.2 billion award from South Korea secured shortly after the quarter closed. It delivered a fleet of next-generation airborne early warning business jets using the Bombardier [Global 6500] airframe. This landmark international award is significant not only for its scale, but also because it reinforces our position as the world's premier integrator of missionized business jets with more than 100 aircraft delivered across multiple platforms.

謝謝你，肯。我們正持續保持成長勢頭，本季業績凸顯了我們長期策略和投資組合的實力。一個典型的例子是，在季度結束後不久，韓國就向美國支付了 22 億美元的賠償金。它交付了一批採用龐巴迪[環球6500]機身的下一代空中預警公務機。這項具有里程碑意義的國際獎項不僅規模龐大，而且還鞏固了我們作為世界領先的公務機任務整合商的地位，我們在多個平台上交付了 100 多架飛機。

L3Harris is platform-agnostic, having successfully partnered with multiple OEMs, including [Gulfstream, Bombardier and Dassault]. We are the world's leading mission system integrator with the ability to combine advanced radar, secured communications and electronic warfare, coupled with our deep civil and military aviation certification pedigree.

L3Harris 是一家平台無關的公司，已成功與多家原始設備製造商 (OEM) 建立了合作關係，其中包括：[灣流、龐巴迪和達梭]。我們是世界領先的任務系統整合商，能夠將先進的雷達、安全通訊和電子戰技術與我們在民用和軍用航空認證方面的深厚背景相結合。

More than a single contract, this win lays the foundation for a long-term franchise with opportunities for sustainment, upgrade and missionize variance worldwide. While it will be reflected in our fourth quarter bookings, it also signals the strong and sustained global demand for our capabilities. Furthering our [missionization] franchise in August, L3Harris and [Joby Aviation] announced an agreement to explore a new aircraft class for defense applications.

這次中標不僅僅是一份合同，它為一項長期特許經營權奠定了基礎，並有機會在全球範圍內進行維護、升級和任務調整。雖然這將反映在我們第四季的訂單量中，但也顯示全球對我們的能力有著強勁且持續的需求。為了進一步推進我們的[任務化]業務，L3Harris 和 [Joby Aviation] 於 8 月宣布達成協議，探索用於國防應用的新型飛機。

We are rapidly evolving from concept to physical hardware in direct support of the US Army's acquisition strategy, with ground testing of the prototype hybrid aircraft already underway in preparation for a 2026 demonstration. We also secured award to provide Poland with our Viper Shield electronic warfare system for the country's F-16 aircraft upgrade program.

我們正在迅速從概念發展到實體硬件，以直接支援美國陸軍的採購策略，目前混合動力原型機的地面測試已經開始，為 2026 年的演示做準備。我們還獲得了向波蘭提供「毒蛇盾牌」電子戰系統的合同，用於該國的 F-16 飛機升級計劃。

This selection demonstrates the growing international demand for our advanced EW capabilities and strengthens our position across European defense market where this product suite has been selected by eight countries. It's another clear example of how our innovation and ability to scale continue to differentiate L3Harris as a trusted partner to US allies.

此次入選顯示國際社會對我們先進的電子戰能力的需求日益增長，並鞏固了我們在歐洲國防市場的地位，目前已有八個國家選擇了我們的產品組合。這再次清楚地表明，我們的創新能力和規模化能力如何使 L3Harris 成為美國盟友值得信賴的合作夥伴。

Earlier this month, we announced our award supporting [NGC 2], the (inaudible), the latest evolution of the Army's software-defined radio platform, delivers high data throughput and multiple transport options, ensuring resilience and interoperability across NATO and homeland security networks. Our expertise is critical to this effort. By winning this award, we have an important stake in shaping the communication systems architecture. Together, these and other recent wins, both domestic and international, demonstrate the breadth and competitiveness of our portfolio.

本月初，我們宣布了對 [NGC 2] 的支持，該平台是陸軍軟體定義無線電平台的最新發展版本，可提供高數據吞吐量和多種傳輸選項，確保北約和國土安全網路的彈性和互通性。我們的專業知識對這項工作至關重要。贏得這個獎項，意味著我們在塑造通訊系統架構方面擁有了重要的發言權。這些以及近期在國內和國際上取得的其他成功，共同證明了我們產品組合的廣度和競爭力。

They validate the strength of our strategy, the discipline of our execution, and our ability to convert technology leadership into high-value programs that deliver profitable growth. Of course, winning new business is only part of the equation. Execution is what ultimately drives value for our customers. A great example is the successful launch of the Navigation Technology Satellite [3]. [NTS 3] is an experimental navigation satellite designed to test advancements beyond today's GPS system.

它們驗證了我們策略的實力、執行的嚴謹性以及將技術領先地位轉化為能夠帶來獲利成長的高價值項目的能力。當然，贏得新業務只是成功的一部分。執行力才是最終為客戶創造價值的關鍵。導航技術衛星[3]的成功發射就是一個很好的例子。 [NTS 3]是一顆實驗性導航衛星，旨在測試超越當今GPS系統的先進技術。

This milestone underscores our ability to deliver complex high-stake systems on time and on budget. Programs like [NTS-3] reinforced the confidence our customers place in us and the pride our employees take in delivering for them. One of the key enablers of that execution excellence is our program digital cockpit, a one-of-the-kind innovative, integrated enterprise-wide program management platform built on Palantir's foundry infrastructure.

這項里程碑凸顯了我們按時按預算交付複雜高風險系統的能力。[NTS-3] 等項目增強了客戶對我們的信任，也增強了員工為客戶提供服務的自豪感。實現卓越執行的關鍵推動因素之一是我們的專案數位駕駛艙，這是一個獨一無二的創新整合企業級專案管理平台，它建立在 Palantir 的代工基礎設施之上。

The program digital cockpit aggregates data from hundreds of sources across L3Harris' complex enterprise, providing program teams with real-time access to their most critical metrics. By leveraging automation and artificial intelligence, the platform accelerates decision-making, strengthens program execution and drives favorable program performance.

該專案數位駕駛艙匯總了來自 L3Harris 複雜企業中數百個資料來源的數據，為專案團隊提供對其最關鍵指標的即時存取。透過利用自動化和人工智慧，該平台可以加快決策速度，加強專案執行，並推動專案取得良好的績效。

Launched in March of this year, we have completed the pilot phase and are now onboarding our first tranche of programs across all segments through the end of 2025. Our strategic partnership with Palantir continues to deliver value and the program digital cockpit is a clear example of how we're investing in tools that improve execution and outcomes for our customers. Back to you, Ken.

該計畫於今年 3 月啟動，目前已完成試點階段，並將於 2025 年底前在所有領域陸續推出首批計畫。我們與 Palantir 的策略合作夥伴關係持續帶來價值，而專案數位駕駛艙就是一個清晰的例子，它體現了我們如何投資於能夠改善客戶執行力和成果的工具。肯，該你了。

Thanks, Chris. Turning to guidance updates for 2025, for the total company, we are increasing revenue guidance to $22 billion, representing full year organic growth of 6%. Just a quick comment on 2026. We'll update guidance in January, but we do expect sales for '26 to exceed our current financial framework.

謝謝你，克里斯。關於 2025 年的業績指引更新，對於整個公司而言，我們將營收指引上調至 220 億美元，全年有機成長率為 6%。關於2026年，我簡單說幾句。我們將在1月更新業績指引，但我們預計2026年的銷售額將超過我們目前的財務預期。

We are increasing segment operating margin guidance to high 15%, driven by ongoing LHX NeXt cost savings and continued confidence in strong program execution. We now expect non-GAAP EPS in the range of $10.50 to $10.70 per share. We are reiterating our free cash flow guidance of $2.65 billion. While cash generation through the third quarter was softer than expected, we remain confident in the government reopening and delivering our full-year cash flow commitments. We expect strong fourth quarter cash performance above prior years.

受 LHX NeXt 持續的成本節約以及對強勁專案執行的持續信心推動，我們將業務部門的營業利潤率預期提高至 15% 以上。我們現在預計非GAAP每股收益在10.50美元至10.70美元之間。我們重申先前預測的自由現金流為 26.5 億美元。儘管第三季現金流低於預期，但我們仍然對政府重新開放以及實現全年現金流承諾充滿信心。我們預計第四季現金流表現將強於往年。

At the segment level, we are increasing our CS revenue guidance to $5.7 billion driven by continued strong international demand, while reaffirming our operating margin of about 25%. IMS revenue is now expected to be approximately $6.5 billion, driven by strong demand and performance in ISR. We are increasing operating margin to the low to mid-12% range. We are increasing our Aerojet Rocketdyne revenue guidance to $2.8 billion to $2.9 billion, supported by higher production volumes with operating margin is expected to remain in the mid-12% range. And we are reaffirming SAS prior guidance.

在業務部門層面，受持續強勁的國際需求推動，我們將客戶服務收入預期提高至 57 億美元，同時重申我們約 25% 的營業利潤率。受 ISR 的強勁需求和業績推動，IMS 的營收預計約為 65 億美元。我們將營業利潤率提高到 12% 左右。我們將 Aerojet Rocketdyne 的營收預期上調至 28 億美元至 29 億美元，這得益於更高的產量，預計營業利潤率將維持在 12% 左右。我們重申SAS先前的指引。

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

這樣，我就把麥克風交還給克里斯了。

At the start of the year, there were understandable questions about what success would look like for the defense industry and for L3Harris, especially in such a dynamic environment. As we close the third quarter, that conversation has shifted. The focus is now on potential upside and a trajectory that extends well past our 2026 financial framework. That change in tone reflects our disciplined execution and the strength of our strategy. We are turning opportunity into tangible results, both domestically and internationally, and we expect more to come as reconciliation and missile defense-related funding begins to flow.

年初時，人們不禁會問，在如此瞬息萬變的環境下，國防工業和 L3Harris 的成功究竟意味著什麼。隨著第三季接近尾聲，討論的焦點也發生了轉變。現在的重點是潛在的上漲空間，以及遠超過我們 2026 年財務框架的發展軌跡。這種語氣的變化反映了我們嚴謹的執行力和我們策略的強大實力。我們正在將機會轉化為實際成果，無論是在國內還是國際上，隨著和解進程的推進以及導彈防禦相關資金的到位，我們預計未來會有更多成果湧現。

Across the company, our leaders and employees understand the high stakes as we are transforming and acting with urgency. Our strategy is deliberate, well calibrated and delivering measurable results. It strengthens our position in the global defense market, and drives the kind of sustained growth and value creation that underpins our long-term vision for L3Harris.

公司上下，我們的領導和員工都明白，我們正在進行轉型，行動緊迫，因此我們面臨的風險非常大。我們的策略是經過深思熟慮、精心調整併取得可衡量成果的。它鞏固了我們在全球國防市場的地位，並推動了持續成長和價值創造，這正是 L3Harris 長期願景的基石。

Tiffany, let's open up the line for questions.

蒂芙尼，我們現在開始接受提問。

(Operator Instructions) Sheila Kahyaoglu, Jefferies.

（操作說明）Sheila Kahyaoglu，傑富瑞集團。

Congrats guys on a good quarter. Maybe just I could start off on ISR, Chris, because I think that's the segment that's been improving the most. If you could just talk about some of your recent wins in South Korea being put in, ramp on multiple classified ISR programs you saw in the quarter. How do we think about the outlook for that segment and just runway for the business given capacity?

恭喜各位，這個季度業績不錯。克里斯，或許我可以先從ISR開始，因為我覺得這是進步最大的部分。如果您能談談您最近在韓國取得的一些勝利，以及您在本季度看到的多個機密ISR專案的進展情況，那就太好了。鑑於產能，我們如何看待該細分市場的前景以及業務的持續發展？

Thanks, Sheila. Yes, ISR, which is part of our IMS segment, historically, was having some challenges. We made significant changes at the leadership level and we redoubled our focus on execution, and we're finally seeing it pay off. The backlog has doubled in 12 months, and the outlook is very positive. You mentioned the classified growth on multiple programs.

謝謝你，希拉。是的，ISR（作為我們IMS部門的一部分）在歷史上確實面臨一些挑戰。我們在領導階層進行了重大調整，並加倍注重執行，現在終於看到了成效。積壓訂單在 12 個月內翻了一番，前景非常樂觀。您提到了多個專案的機密增長情況。

We see that for the foreseeable future, especially as the threats continue to grow. Armed Overwatch a program that we've had for several years. We're starting to see some interest for that program internationally. We recently announced the [C-130] award in Morocco. So that line of business is gaining momentum.

我們認為，在可預見的未來，這種情況將持續下去，尤其是在威脅不斷增加的情況下。武裝警戒是我們實施多年的一個計畫。我們開始看到國際上對該項目產生了一些興趣。我們最近在摩洛哥宣布了[C-130]項目的獲獎消息。所以這項業務正在發展壯大。

In Canada, there's a strategic [tanker] award that's competitive that's coming out here in the near future. We feel confident about our position there. Our business in Canada has also been selected for the F-35 depot support. And we're excited about the opportunity with [Joby]. We are platform-agnostic.

加拿大近期將公佈一項具競爭力的策略性（油輪）獎項。我們對我們在那裡的地位充滿信心。我們在加拿大的業務也被選中為 F-35 提供後勤保障。我們對這次機會感到非常興奮。[喬比]我們不受平台限制。

We've historically focused on manned aircraft, but I think there could be some pretty interesting opportunities in the short term with the Army partnering with another new entrants. So I feel really good about the business. The future looks bright and the team is executing, and that leads to more business.

我們歷來專注於有人駕駛飛機，但我認為，隨著陸軍與其他新進業者合作，短期內可能會出現一些非常有趣的機會。所以我對這家公司很有信心。未來一片光明，團隊執行力強，將帶來更多業務。

Ron Epstein, Bank of America.

羅恩愛潑斯坦，美國銀行。

So just -- maybe a bigger picture kind of management question. So when you have an organization that's kind of the size of yours and the scope of yours, big company, and you're working with smaller companies that tend to be -- have the advantages are just being small, right? They can kind of move fast, make decisions quickly, that sort of thing. How do you manage that, that when you're working with them, A, your organization can maybe benefit from their nimbleness, but your organization isn't stifling their nimbleness because by the nature of just being a big organization? That makes sense?

所以，這或許是一個更宏觀的管理問題。所以，當你的組織規模和範圍與你相當，是一家大公司，而你又與規模較小的公司合作時，這些小公司往往——它們的優勢就在於規模小，對吧？他們行動迅速，決策果斷，諸如此類。如何做到既能與他們合作，又能使你的組織受益於他們的靈活性，同時又不會因為自身規模龐大而扼殺他們的靈活性？這樣說得通嗎？

Yes, it does make sense, and it's a great question. And I think we're unique in what we've been focusing on over the last several years is empowering the leadership team, eliminating bureaucracy, streamlining the layers and levels, and really getting that sense of entrepreneurship. I think it goes back several years with the Shield Capital where we currently own 10s -- I think, in excess of 40 different companies, or parts of those companies. And that really helped with the culture change because we usually have 24 or 48 hours to turn it around. So we feel we're pretty agile.

是的，這很有道理，這是一個很好的問題。我認為我們的獨特之處在於，過去幾年我們一直專注於賦予領導團隊、消除官僚主義、簡化層級，並真正培養企業家精神。我認為這可以追溯到幾年前的 Shield Capital，我們目前擁有 10 家——我認為超過 40 家不同的公司，或這些公司的部分股權。這確實對文化變革有所幫助，因為我們通常只有 24 或 48 小時來扭轉局面。所以我們覺得自己相當靈活。

I interact and my segment presidents interact with the [founders], CEO, Chairman. We put teams together and we work rather quickly. So we've been pretty successful. And the interesting part is a fair amount of these new entrants and technology companies actually reach out to us to initiate the conversation. So I feel like we're the company of choice.

我與創辦人、執行長、董事長互動，我的部門總裁也與他們互動。我們組成團隊，工作效率很高。所以，我們相當成功。有趣的是，相當一部分新進者和科技公司其實會主動聯絡我們，開啟對話。所以我覺得我們是客戶的首選公司。

And the list goes on from Shield AI to (inaudible) to Amazon [Kiper], Palantir, the 40 or 50 Shield capital companies. And it's working. It's part of the DNA. And I would admit it was a cultural change years ago, but people get excited and like to go fast and see the results. so far so good and maybe even better than I would have expected.

名單還在繼續，從 Shield AI 到（聽不清楚）亞馬遜 [Kiper]、Palantir，以及 40 或 50 家 Shield 資本公司。而且它奏效了。它是DNA的一部分。我承認這在幾年前是一種文化變革，但人們總是充滿熱情，喜歡快速行動並看到結果。目前為止一切順利，甚至比我預期的還要好。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

Chris, I was wondering if you could touch on your outlook for the Golden Dome space-based competitions that you're looking at from (inaudible) to space-based Interceptor to [tranche near] the tracking layer, and sort of maybe cadence those over the course of the year? And then the second part of it is on the SAS business itself and the underlying margin performance. I know you've struggled a bit with some of the earlier programs. Are we through the woods on those programs? And should we take the fourth quarter margin rate as an exit rate into next year?

克里斯，我想請你談談你對金穹頂太空競賽的看法，你正在關注從（聽不清）到太空攔截器再到跟踪層附近的[批次]，以及你在這一年中可能採取的節奏？第二部分則著重介紹 SAS 業務本身及其潛在的利潤率表現。我知道你在之前的某些課程中遇到了一些困難。這些專案都順利進行了嗎？我們是否應該將第四季的利潤率作為明年的預期利率？

Yes. Let me start with your first question, and then I'll ask Ken to comment specifically on the margins. As we've said for several years, we feel very confident in our capabilities for, what was formerly known as Golden Dome, the missile defense architecture. [HBTSS], as we said, was a success, and we're waiting for the government to reopen. And I'm confident that there's a scenario where maybe we could get an award, or a competition here in the fourth quarter.

是的。讓我先回答你的第一個問題，然後我會請 Ken 專門就頁邊距發表意見。正如我們多年來一直強調的，我們對先前被稱為「金色穹頂」的飛彈防禦體系的能力非常有信心。 [HBTSS]正如我們所說，已經取得了成功，我們正在等待政府重新開放該計畫。我相信，在第四季度，我們或許有機會獲得獎項或贏得比賽。

SDA Tranche 3. In that particular one, we submitted -- the RFP came out in April. There have been many back and forth modifications. We turned in again, the best and final in early October. And there's another example where I think we need the government to open up and get back to work and make an award.

SDA 第三批。在那份專案中，我們提交了申請書——招標書是在四月發布的。經過多次修改。我們再次提交了最終版本，那是在十月初。還有一個例子，我認為我們需要政府開放，恢復工作，並頒發獎項。

You've heard us say before, we've been on all 3 tranches. We're performing well. We think our past performance puts us in a position to win that program. I was just at our new factory yesterday. We've already moved the Tranche 1 and Tranche 2 satellites in state-of-the-art factory of the future.

你們之前也聽我們說過，我們參與了全部三批專案。我們表現不錯。我們認為，根據我們過去的表現，我們有能力贏得這個項目。我昨天剛去過我們新的工廠。我們已經將第一批和第二批次衛星運送到最先進的未來工廠。

We have the room, we have the equipment and the tools, and we're ready to go. So we feel really good about the space business. We've kind of held that out as the symbol of our trusted disruptor strategy, opening new markets, clearly some growing pains as we've grown from a supplier, or a subcontractor, to a prime. But we have the tools, the team and feel really good about what we've done so far and what we're going to do in the future. Ken?

我們有場地，我們有設備和工具，我們準備好。所以我們對航太事業充滿信心。我們一直將其視為我們值得信賴的顛覆者策略的象徵，開闢新市場，顯然，在我們從供應商或分包商發展成為主要供應商的過程中，也經歷了一些成長的煩惱。但我們擁有所需的工具和團隊，並且對我們目前所取得的成就以及未來將要取得的成就感到非常滿意。肯？

Sure. Yes. On the second part of the question with respect to SAS margin performance. I would just say, as we've talked about the couple of the programs that we've seen some performance challenges on through the year. Those programs are maturing.

當然。是的。關於問題的第二部分，即 SAS 利潤率表現。我想說的是，正如我們之前討論過的，今年我們看到一些專案在性能方面遇到了一些挑戰。這些項目正在走向成熟。

I think as we've mentioned, nearing completion on some of those legacy programs. Importantly, they are opening up new continued award opportunities for us. So from an SAS margin performance perspective, I think we expect some stability looking into 2026. I don't know that I would want to give segment guidance on what SAS margin would be for '26 at this point. But I do feel good that I think the performance is really starting to settle down, obviously, until we get some of the final integration stages behind us on a few of these programs.

正如我們之前提到的，一些遺留項目即將完成。重要的是，它們為我們開闢了新的持續獲獎機會。因此，從 SAS 利潤率表現的角度來看，我認為到 2026 年我們預計會保持一定的穩定性。目前我還不確定是否應該對 2026 年 SAS 的利潤率給予分部指引。但我確實感到欣慰，我認為演出效果正在逐漸穩定下來，當然，在我們完成其中一些項目的最後整合階段之前，情況還會繼續變化。

You don't want to declare victory, but I think we're making good progress and I look forward to continued solid performance in '26.

你不想宣布勝利，但我認為我們正在取得良好進展，我期待在 2026 年繼續保持穩健的表現。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

I wanted to ask, Ken, when we think about next year and kind of the margin expansion that you're expecting, and some of the gains that have happened this year, is that a difficult headwind to overcome for 2026?

肯，我想問一下，當我們展望明年，考慮到你預期的利潤率擴張，以及今年取得的一些進展，這是否會成為2026年難以克服的阻力？

Thanks for the question, Seth. No, I don't think so. Feeling good about our program performance opportunity in '26. I think that -- look, we make sure we find ways to deliver on our commitments. First half of '25.

謝謝你的提問，塞思。不，我不這麼認為。對我們2026年的專案表現機會感到樂觀。我認為——你看，我們會確保找到履行承諾的方法。2025年上半年。

We had a little bit of negative EACs. I think our negative EAC performance was negative in the first half of the year. We've turned that positive here in the third quarter. And I think just good solid performance on our programs, getting our net EACs, turn them back to positive. I think that should more than offset, which I wouldn't say it's noise in the system, but I don't think they're difficult to outgrow the gains here and there from nonstrategic product line or IP sales.

我們的EAC值略微偏低。我認為我們上半年的EAC表現為負值。我們在第三季扭轉了這種積極局面。我認為只要我們的專案表現出色，淨 EAC 就能轉正。我認為這應該足以抵消，我不會說這是系統中的噪音，但我認為他們不難超過非策略性產品線或智慧財產權銷售帶來的零星收益。

Again, we're focused on what we're focused on. Really trying to grow the core areas of the business. And if there's a few things here and there, we can monetize, we do it. But I think that's, to your point, mostly going to be behind us, and now it's just going to be about performing on our programs, kind of left at right foot, just get it done, and I think we're in a good position to do that.

我們再次強調，我們只專注於我們所關注的事情。真正致力於發展公司的核心業務領域。如果有些東西可以從中獲利，我們就會去做。但我認為，正如你所說，那大部分都將成為過去，現在我們只需要專注於執行我們的計劃，左右開弓，把事情做好，我認為我們有能力做到這一點。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Just a quick question. The administration seems to want contractors to have more skin in the game. From 2022 at least through 2024, your [IRAD] spend as a percentage of sales, I think, declined from 3.5% to 2.4%. So next year, should we expect that IRAD spend to step up?

問個小問題。政府似乎希望承包商承擔更多責任。我認為，至少從 2022 年到 2024 年，您的 [IRAD] 支出佔銷售額的百分比從 3.5% 下降到 2.4%。那麼明年，我們是否可以預期IRAD支出會增加？

Yes. The way I look at it is we have various buckets of IRAD and -- or R&D. IRAD would be one. We have contracts, known as CRAD contractor R&D. We have our Shield capital and other strategic investments that all fuel R&D.

是的。在我看來，我們有各種各樣的 IRAD 和——或者 R&D。IRAD就是其中之一。我們有合同，稱為 CRAD 承包商研發。我們擁有 Shield 資本和其他策略性投資，這些都為研發提供了動力。

And we focus at the -- we focus on the portfolio, where we think the market is going and we double down and invest in those areas. So I don't really look at it as a percent of revenue. We look at what the opportunities are, where we want to invest. And we've had significant investments in the past. We've opened new markets and new portfolios.

我們專注於投資組合，專注於我們認為市場將走向何方，然後加倍投資於這些領域。所以我並不把它看作是收入的百分比。我們會考察有哪些機會，以及我們想投資哪些領域。我們過去也曾進行過大量投資。我們開拓了新市場，也拓展了新的投資組合。

And once you get that situation, you don't need to continue to invest in R&D. You moved into production, and you rely on the production contracts to deliver the product to customer needs. So it's a dialogue. We think when I look back over the last couple of years, what we've made in investments broadly, IRAD, CapEx, acquisitions, we are clearly spending the money to position this company for future growth. And I think today's results and the results year-to-date and even last year approved that it's working.

一旦達到那種狀態，就不需要繼續投資研發了。你們已經進入生產階段，並且依靠生產合約來滿足客戶對產品的需求。所以這是一場對話。回顧過去幾年，我們在投資、內部研發、資本支出、收購等方面所做的一切，都顯示我們顯然是在為公司未來的發展奠定基礎。我認為今天的成績、今年迄今為止的成績，甚至去年的成績都證明，這種方法是有效的。

Michael Ciarmoli, Truist Securities.

Michael Ciarmoli，Truist Securities。

Chris, maybe just thinking about Golden Dome and space-based interceptors. Is this going to be your first foray into potentially competing as a prime for missiles? I know way back at the Investor Day after the Aerojet acquisition, you've got a lot of that in-house capability. But -- should we start thinking about you guys going after some of these newer programs as a prime, just given the amount of missile demand, low-cost missiles and capacity that's needed out there?

克里斯，或許只是在想金穹頂和太空攔截器的事。這將是您首次涉足導彈主承包商的競爭嗎？我知道早在收購 Aerojet 後的投資人日上，你們就展現了許多內部能力。但是——鑑於目前對導彈的需求量、低成本導彈的需求量以及產能需求，我們是否應該考慮讓你們作為主承包商參與一些新的項目？

Yes, I'll just make a few comments and ask Ken to fill in the gaps here. But we stick with our approach of looking at the opportunity and seeing where the best value is for our customers and shareholders, whether that's priming, subbing or being a merchant supplier. The demand that we have at Aerojet Rockadyne is significant, as I mentioned, record financial backlog, huge opportunities that you hear about every day to increase production. So we have to maybe to the earlier question, keep the company focused, where can we move the needle, where our capabilities best aligned? But we spend a lot of time talking about [SBI].

是的，我先簡單提幾句，然後請 Ken 來補充說明。但我們堅持我們的做法，即著眼於機會，看看哪裡能為我們的客戶和股東帶來最大價值，無論是作為主要供應商、分包商還是商業供應商。正如我之前提到的，Aerojet Rockadyne 的需求非常大，財務積壓訂單創歷史新高，每天都能聽到有關提高產量的巨大機會。所以，或許我們應該回到先前的問題，讓公司保持專注，思考我們可以在哪些方面取得進展，我們的能力在哪些方面能夠發揮最大作用？但我們花了很多時間談論…[SBI]。

So Ken, do you want to update?

肯，你想更新一下嗎？

Yes. I would just add that from a kind of market perspective at Aerojet Rocketdyne, we have significant opportunity in front of us to Chris' point. Not only in the solid rocket motor portfolio, but we've got significant backlog in the space propulsion area as well. And we're currently significantly focused on delivering the capacity that is needed by our customers. And right now, kind of that's job #1 and #2, we will certainly be evaluating how we best, to Chris' point, our position across space-based interceptors, and where we partner, and who we partner with and how we look at that opportunity.

是的。我只想補充一點，從 Aerojet Rocketdyne 的市場角度來看，正如 Chris 所說，我們面前確實存在著巨大的機會。不僅在固體火箭引擎產品組合方面，我們在航太推進領域也有大量訂單積壓。我們目前正集中精力滿足客戶的需求。而現在，這算是第一和第二項任務，我們肯定會評估如何才能最好地，正如克里斯所說，我們在天基攔截器領域的地位，以及我們在哪些領域、與誰合作，以及我們如何看待這個機會。

But at the current time, there is significant demand for our product. We've got -- we've probably seen a number of groundbreakings, ribbon cutting, factories, production lines accelerating opening. And that's what we're focused on at the moment. But as we look forward, we'll certainly be continuing to firm up those partnerships around space-based interceptors.

但目前，市場對我們產品的需求量大。我們已經看到——我們可能已經看到了很多奠基儀式、剪綵儀式、工廠和生產線加速開放。這就是我們目前關注的重點。但展望未來，我們肯定會繼續加強圍繞天基攔截器的這些合作關係。

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛集團。

I wonder if you guys could talk more about growth at Aerojet Rocketdyne over the medium term. Chris, you mentioned where the backlog is now, I'm curious how many years of backlog you want to keep? And I guess the guidance for this year, midpoint would land around 10% growth for the year. Can that actually -- can you actually grow faster than that over the medium term, just when we speak to your customers, the types of change in production rates that they're talking about are pretty significant? And then last piece of that, Chris, what are you expecting for new competition in solid rocket motors?

我想請各位詳細談談Aerojet Rocketdyne公司在中期內的成長情況。克里斯，你提到了目前的積壓工作狀況，我很好奇你打算保留多少年的積壓工作？我估計今年的成長預期中位數會在10%左右。從中長期來看，你們真的能實現比這更快的成長嗎？當我們和你們的客戶交談時，他們所談論的生產力變化非常顯著。最後，克里斯，你對固體火箭引擎領域的新競爭有何預期？

Yes. Maybe I'll go first. Look, the opportunities at Aerojet Rocketdyne and the revenue growth that we're seeing is significantly more than the business case that we evaluated a couple of years ago when we made the acquisition. There's clearly a huge demand for these existing programs in solid rocket motors. It's all about capacity.

是的。或許我會先走。你看，Aerojet Rocketdyne 的發展機會和我們所看到的營收成長，遠遠超過了我們幾年前進行收購時評估的商業案例。顯然，固體火箭發動機領域對這些現有項目有著巨大的需求。一切取決於產能。

That's always been the challenge. Ken will give you a little more detail. We are opening facilities. I was just in Camden last week. We're building new buildings.

這始終是個挑戰。肯會提供你更多細節。我們正在開放設施。我上星期才去過卡姆登。我們正在建造新大樓。

We're getting new equipment. The lead time on this sometimes is 12 to 18 months. We're investing. We're talking to the customer to formalize, as I said, the demand signal into actual multiyear contracts, but we feel really good about our portfolio. As I said, we're on every major interceptor program.

我們正在購置新設備。這項工作的提前期有時需要 12 到 18 個月。我們正在投資。正如我所說，我們正在與客戶洽談，以將需求訊號正式轉化為實際的多年合同，但我們對我們的產品組合感到非常滿意。正如我所說，我們參與了所有主要的攔截器專案。

And the advancements we've made with some of the tools and the technology is going to allow us to significantly increase production in the years ahead. We're going as fast as we can. I think in many programs, we're ahead of contractual commitments. So we're going to get as many orders as we can. And we're going to deliver as quick as we can to keep that financial backlog wherever it happens to fall.

我們利用一些工具和技術的進步，將使我們能夠在未來幾年大幅提高產量。我們正在以最快的速度前進。我認為在很多專案中，我們的進度都超過了合約規定的進度。所以我們要盡可能接到訂單。我們將盡最大努力盡快完成交付，以確保所有積壓的資金都能及時處理。

But I think the next couple of years are critical as we continue to invest, working closely with the OEMs and the Department of [War] to prioritize which programs they want, which investments they want? I think in Camden, we have over 150 buildings. We could probably build another 50. We have more than enough land and we just need to formalize the actual contractual arrangements to accelerate.

但我認為未來幾年至關重要，因為我們將繼續投資，與原始設備製造商和[戰爭部]密切合作，確定他們想要哪些項目、想要哪些投資的優先順序？我認為在卡姆登，我們有超過150棟建築。我們大概還能再建50個。我們擁有充足的土地，只需要正式確定實際的合約安排即可加快進程。

Yes. I'll just add. I think, Noah, it's important to remember that Aerojet Rocketdyne is not just solid rock motors for missiles. It's also got the space propulsion business, as well as a very well-positioned in-space propulsion business that I think is poised for growth also as we look '26 and forward. So confident that we can grow Aerojet Rocketdyne for the foreseeable future at double digits. I think that, that is absolutely something that we can do.

是的。我再補充一點。諾亞，我認為，重要的是要記住，Aerojet Rocketdyne 不僅僅是導彈的固體岩石發動機製造商。它還擁有太空推進業務，以及一個定位非常有利的在軌推進業務，我認為隨著我們展望 2026 年及以後，該業務也將迎來成長。我們非常有信心，在可預見的未來，Aerojet Rocketdyne 能夠保持兩位數的成長。我認為，這絕對是我們可以做到的事情。

I think if you look at Missile solutions, so the solid rock motor business today, I think we said 17% growth in the second quarter, and it's a solid mid-teens this quarter as well. And again, if you look at the entire portfolio, I think it's a solid double-digit grower. We've certainly been leaning on, I would say, maybe a little bit of ingenuity and kind of student body left in terms of how we've been driving the capacity expansion at the moment. But to Chris' point, as some of the new production lines, and new facilities come online, it'll be a much kind of smoother delivery of that continued capacity. So we're very satisfied with the acquisition, very, very satisfied with how it's going at the moment and look forward to continued growing business.

我認為，如果你看看導彈解決方案，也就是今天的固體火箭發動機業務，我們第二季度實現了 17% 的增長，而本季度也保持了 15% 的穩健增長。而且，如果你縱觀整個投資組合，我認為它是一個穩健的兩位數成長型投資組合。我敢說，我們目前在推動產能擴張方面，確實依靠了一些創造力以及留校學生的力量。但正如克里斯所說，隨著一些新的生產線和新設施投入使用，產能的持續供應將會更加順暢。因此，我們對此次收購非常滿意，對目前的進展非常非常滿意，並期待業務繼續成長。

And then importantly, delivering product to our customers so that they can get it into the (inaudible) hands.

然後，更重要的是，將產品交付給我們的客戶，以便他們能夠將產品送到（聽不清楚）手中。

Peter Arment, Baird.

Peter Arment，Baird。

Nice results. Chris, you gave some comments about the international business. We continue to see strong NATO support. Wonder if you could just give us an update on kind of whether you're seeing more teaming operations. I know that there's a lot of talk around they want countries in Europe with their own indigenous capabilities.

結果不錯。克里斯，你對國際業務發表了一些看法。我們繼續看到北約的大力支持。想請您簡單介紹一下，您是否看到更多團隊協作操作？我知道現在很多人都在討論，他們希望歐洲各國有自己的本土能力。

Just how are you able to kind of execute that and still expand your share internationally?

你究竟是如何做到這一點，同時還能擴大國際市佔率的？

Yes. Thanks, Peter. Clearly, the international budgets have increased significantly. So those countries are working on getting the best capability they can for their war fighters, resilient interoperability are critical where a lot of our portfolio aligns with that demand, and then also supporting their indigenous industrial base. We've been partnering around the globe for decades.

是的。謝謝你，彼得。顯然，國際預算已大幅增加。因此，這些國家正在努力為其作戰人員提供最佳能力，而強大的互通性至關重要，我們的許多產品組合都符合這一需求，同時還要支持其本土工業基礎。幾十年來，我們一直與全球各地的企業合作。

We have local production capabilities in all of the key countries where it makes business sense. And again, going back to our philosophy, of being indifferent as to whether it's a prime sub merchant supply relationship, we haven't seen this to be a challenge at all. It's being open to the dialogue and creativity, and the leadership team has been traveling the globe pretty much every week for the last several months. So huge opportunities we see in Europe. We have a segment President going over there Saturday for a week or so.

我們在所有具有商業意義的關鍵國家都具備本地生產能力。再說一遍，回到我們的理念，即對是否是主要經銷商供應關係漠不關心，我們根本沒有覺得這是一個挑戰。公司秉持開放的對話和創新精神，領導團隊在過去的幾個月幾乎每週都在世界各地奔波。因此，我們看到了歐洲的巨大機會。我們部門的一位總裁週六會去那裡待一周左右。

I just came back from the Mid-East and [other] ones in Korea as we speak. So we're all over the globe. I think we're the partner of choice because of our receptivity in either technology transfer, expanding the footprint, executing and delivering on our offset obligation. So we're about 22% international and we're headed towards 25% of our base. So a good opportunity.

我剛從中東回來，現在還在韓國等地。所以我們的業務遍及全球。我認為我們是理想的合作夥伴，因為我們樂於接受技術轉移、擴大業務範圍、履行和完成抵銷義務。目前我們的國際員工佔比約為 22%，我們正朝著 25% 的目標邁進。這是個好機會。

Gavin Parsons, UBS.

瑞銀集團的加文·帕森斯。

What's a good baseline for the Aerojet margin? I mean, do you still have legacy contracts that are dragging on that and better capacity utilization as you go forward? Or is that strong growth outlook that you talked about are going to kind of weigh on the margin?

Aerojet利潤率的合理基準是多少？我的意思是，你們是否還有一些遺留合約拖累了產能利用率的提升，從而影響了未來的產能利用率？或者說，你提到的那種強勁成長前景會對利潤率造成一定壓力？

Yes. I don't necessarily expect that strong growth outlook will weigh on the margin. We're still working through some of the legacy contracts. It is a long-cycle business. Takes, sometimes 18, 24 months to deliver on a contract.

是的。我並不認為強勁的成長前景會對利潤率造成壓力。我們仍在處理一些遺留合約。這是一個週期很長的行業。有時，履行一份合約需要 18 到 24 個月的時間。

So yes, we are absolutely working through some of the legacy production. But we are transitioning into the kind of the newer signed contracts. But I'll remind you, Aerojet is a portfolio not unlike L3Harris overall. And we have important development programs that are in the mix as well. And that's, I think, the biggest piece that kind of keeps that margin in the mid-12s, hopefully ramping as we look forward, '26 and beyond.

是的，我們正在努力處理一些遺留的生產問題。但我們正在過渡到新式的已簽合約。但我還是要提醒你，Aerojet 的業務組合與 L3Harris 的整體業務組合併無太大差異。此外，我們還有一些重要的發展項目也包含在內。我認為，這是將利潤率維持在 12% 左右的最大因素，希望隨著我們展望未來，2026 年及以後，利潤率能夠繼續提高。

But it's got important development cost type programs like a next-generation interceptor, like Sentinel glide phase interceptor, really that seed corn for the future production and the future growth. And I think that portfolio kind of keeps it, I think, a very solid margin rate. And importantly, as we get these new lease signed contracts in, really starting to deliver kind of the economic margins that are important for us to be able to fund and support the investments that are needed to drive this capacity expansion that we see in order to be able to address the significant demand for the product. So I think that's the way to think about it. But Aerojet Rocketdyne is really performing very well on the programs.

但它擁有重要的研發成本類型項目，例如下一代攔截器，如 Sentinel 滑翔階段攔截器，這實際上是為未來的生產和增長播種玉米。我認為該投資組合能夠維持非常穩定的利潤率。更重要的是，隨著我們簽訂新的租賃合同，我們開始真正獲得重要的經濟利潤，這使我們能夠為推動產能擴張所需的投資提供資金和支持，從而滿足市場對該產品的巨大需求。所以我覺得應該這樣想。但 Aerojet Rocketdyne 公司在這些項目上的表現確實非常出色。

I think across the board between deliveries for our customers between delivering financial results, and not just capacity delivery, but also quality product safely, that's critically important as well.

我認為，從交付給客戶的貨物到實現財務目標，以及安全地交付高品質產品，這在各個方面都至關重要。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

I guess, Chris, you had called out in your prepared remarks that there's very strong demand signals and your strong book-to-bill actually reflects some of this. But it seems like there's still a schism between what these signals actually indicate, and what should have been a much higher contract award environment. Can you talk more about what you're seeing in that gap? What would need to happen for that to close? Is this more on the government shutdown?

我想，克里斯，你在事先準備好的發言稿中已經提到，市場需求訊號非常強勁，而你強勁的訂單出貨比實際上也反映了這一點。但這些訊號實際上顯示的情況與本應更高的合約授予環境之間似乎仍然存在差距。您能詳細談談您在這個差距中觀察到的現象嗎？要實現這個目標，需要滿足哪些條件？這跟政府停擺關係更密切嗎？

Is it clarity regarding government priorities? Is it visibility into the supply chain? It would just be really helpful to understand where we could see another acceleration of what's already a strong book-to-bill environment?

政府優先事項是否清晰明確？是供應鏈的透明度嗎？如果能了解在目前已經非常強勁的訂單出貨率環境下，哪些環節可能會出現進一步加速成長，那就非常有幫助了。

Yes, Kristine, good to hear from you. We missed that quarter end point with Korea, that would have got us a 1.6 book-to-bill. We're really doing a great job on the front end of the business over the last year or 2. So I'm more than satisfied with our win rates and our results in head-to-head competition. But the government shutdown is clearly the challenge.

是的，克莉絲汀，很高興收到你的來信。我們錯過了韓國的季度末銷售目標，否則我們的訂單出貨比將達到 1.6。過去一兩年，我們在業務前端方面做得非常出色。因此，我對我們的勝率和一對一比賽的結果非常滿意。但政府停擺顯然是最大的挑戰。

I mean, it's disappointing where we are. And we need Congress to get together and resolve this situation. As I look at it, there's clearly in congruency within the government. The DOW wants to go fast. They meet with us all the time.

我的意思是，我們現在的處境令人失望。我們需要國會齊聚一堂，解決這個問題。在我看來，政府內部顯然存在不一致。道瓊指數想要快速上漲。他們常常和我們見面。

We got to go quicker, and then Congress [can't fund the] DOW. So we're kind of stuck between those two situations. So it's always baffling to me that these issues are unique to the US because we all know our adversaries don't have this same challenge. Anyway, notwithstanding that, I like our portfolio.

我們必須加快速度，否則國會就無法為道瓊斯指數提供資金。所以我們現在有點進退兩難。所以，我一直感到困惑的是，這些問題是美國獨有的，因為我們都知道我們的對手並沒有面臨同樣的挑戰。不過，即便如此，我還是很喜歡我們的投資組合。

The team is performing. We're ready to move with speed. But in the meantime, the shutdown is definitely impacting the timing of awards, and we have a handful that we just need the government to open up and have the decisions made. I think some of our export licenses for international are being slowed down and the cash collections are impacted. People are working at (inaudible), but I think with all the head count reductions and such, there's just more work than there is people to execute.

球隊表現出色。我們已做好快速行動的準備。但同時，政府停擺肯定會影響獎項的頒發時間，我們還有一些獎項需要政府重新開放並做出決定。我認為我們的一些國際出口許可證審批速度放緩，現金回收也受到了影響。人們正在努力工作（聽不清楚），但我認為由於人員減少等原因，現在的工作量遠遠超過了能夠完成工作的人手。

So the government needs to open. We're a government contractor. 80% of our customer (inaudible) to work. It's a challenge. And we're assuming they open in November, and then we'll have a busy December to catch up on everything.

所以政府需要開放。我們是政府承包商。我們80%的客戶（聽不清楚）需要工作。這是個挑戰。我們假設他們會在 11 月開業，然後我們會在 12 月忙著處理所有事情。

Richard Safran, Seaport Research.

Richard Safran，Seaport Research。

First, Chris, it went quickly, but I think you mentioned something about the need for multiyear contracts in your opening remarks. And I have a 2-part question on that. First, if you consider the contracting environment and because you've been talking about like you're constantly meeting with the customers and stuff. Is this something that the government seems amenable to? Because it seems it's been reluctant to execute multiyears in the past.

首先，克里斯，時間過得很快，但我認為你在開場白中提到了多年合約的必要性。關於這一點，我有兩個問題。首先，如果你考慮到承包環境，而且你一直在說你經常要和客戶見面等等。政府似乎對此持開放態度嗎？因為它似乎在過去一直不願意執行多年計劃。

And second part is multiyears typically allow you to get better pricing from suppliers. And then at least (inaudible) that savings with the government. So is this change in the contracting environment might impact margins? If so, how do you think that might impact?

第二點是，多年期合約通常可以讓你從供應商那裡獲得更優惠的價格。而且至少還能從政府省下這筆錢。那麼，這種合約環境的變化是否會影響利潤率？如果是這樣，你認為這會產生什麼影響？

No, great question. It was a sentence that I slid in there. And this deals with capacity and the need to significantly ramp up, and in some cases double, triple, quadruple production. (inaudible) been consistent for years that the challenge in the defense industrial base, which is why we need to reinvigorate manufacturing in America is there just is not enough manufacturing capability in the US for defense products.

不，問得好。那是我偷偷加進去的一句話。這涉及產能問題，以及大幅提升產能的必要性，在某些情況下，甚至需要將產量增加一倍、三倍、四倍。 （聽不清楚）多年來，國防工業基礎面臨的挑戰一直存在，這也是我們需要重振美國製造業的原因：美國國防產品的製造能力不足。

We need more buildings, we need more equipment, and these are substantial investments, which we are willing to make. But it's a simple business case. Ken and I are not going to spend significant amount of capital without a commitment in the form of a multiyear contract from the government. So you're right. It does give the supply chain more visibility and even allows them the potential to make investments.

我們需要更多的建築物，我們需要更多的設備，這些都是大量的投資，我們願意進行這些投資。但這只是一個簡單的商業案例。肯和我均不打算在沒有政府多年合約承諾的情況下投入大量資金。你說得對。這確實提高了供應鏈的透明度，甚至使他們有可能進行投資。

But if we're going to double, triple or quadruple production on certain programs, let's sign up to a 5-year, 7-year multiyear contract. And I think the entire ecosystem will look at making the investments and amortizing the cost of of those investments in the form of depreciation into the products, getting the benefit of increased production and kind of see where the money lies out. But I think we're getting close. And to your first question, I think the customers absolutely 110% behind this concept. What happened in the past in all these prior administrations and decisions are really irrelevant.

但是，如果我們打算將某些節目的產量翻倍、三倍甚至四倍，那就讓我們簽訂一份 5 年、7 年的多年合約吧。我認為整個生態系統會考慮進行投資，並將這些投資的成本以折舊的形式攤銷到產品中，從而獲得產量增加的好處，並看看資金流向何處。但我認為我們快要接近目標了。至於你的第一個問題，我認為顧客們百分之百支持這個理念。過去所有政府的決策和做法都無關緊要。

And I like the new administration. They bring in a fresh -- breath of fresh air, and they kind of say, what do we need to do? They're business people, we're business people. We're in regular conversations, and we just need to get [pencil to paper] here and move to the next step. So I'm optimistic about the future, but that's clearly what needs to happen.

我喜歡新政府。他們帶來了一股清新的氣息，他們會問，我們需要做什麼？他們是商人，我們也是商人。我們一直在進行定期對話，現在只需要把想法落實到紙上，然後進入下一步。所以我對未來持樂觀態度，但這顯然是必須要做的事情。

And I don't see why we wouldn't get to that point. But Ken, you've been in those meetings with me. What do you think?

我不明白為什麼我們達不到那個程度。但是肯，你和我一起參加過那些會議。你怎麼認為？

Yes. I'll just add that, Rich, to your question about multiyears, I think this is a little different than what kind of traditional multiyears. This isn't for nuclear submarines or aircraft carriers. We're talking about largely missile production for which we produce the solid rocket motors and other components. And in that business, there's a pretty dynamic portfolio of products.

是的。Rich，關於你提出的多年期貸款問題，我只想補充一點，我認為這與傳統意義上的多年期貸款略有不同。這不適用於核潛艇或航空母艦。我們主要談論的是導彈生產，我們為導彈生產固體火箭發動機和其他部件。在這個行業，產品組合相當豐富多元。

And unfortunately, you can't just one morning produce PAC-3 motors and then flip a switch and produce standard missile motors in the afternoon. There's pretty specific production line, and we are working to kind of build some amount of common production and common capacity early in the process. But it takes some time. And so as we invest, as we work with the suppliers, as we work to modernize and open new facilities and production lines, we really need to know what are we producing. Which products, at which rate and to what delivery schedule?

遺憾的是，你不可能早上生產出 PAC-3 發動機，下午再撥動一個開關就生產出標準的飛彈發動機。生產線非常具體，我們正在努力儘早建立一定程度的通用生產和通用產能。但這需要一些時間。因此，當我們進行投資、與供應商合作、努力現代化並開設新的設施和生產線時，我們真的需要知道我們正在生產什麼。哪些產品？以何種價格出售？交貨時間表如何安排？

And that's really what we're trying to firm up to is really aligning our investments, aligning our suppliers and their investments to our customers' needs and delivery dates, so that we're all on the same page. Kind of hand in glove so to speak, in delivering what needs to occur. And so that's what we're really trying to get down to is firming up the investments rather than kind of a more traditional platform multiyear award.

而這正是我們努力達成的目標，即真正使我們的投資、供應商及其投資與客戶的需求和交貨日期保持一致，以便我們所有人都能步調一致。可以說是天作之合，共同完成了需要做的事情。所以，我們真正想要達成的目標是鞏固投資，而不是像傳統平台那樣頒給多年獎。

Ron Epstein, Bank of America.

羅恩愛潑斯坦，美國銀行。

I just wanted to follow up on some of the NASA work you're doing. There's talk of kind of restructuring some of the civil NASA work. And what kind of opportunity does that present for you?

我只是想了解一下你正在進行的NASA相關工作。有傳言說要對美國宇航局的一些民用項目進行重組。那對你來說意味著什麼機會呢？

Thanks, Ron. Yes. From our perspective, NASA certainly is an important customer for us, in particular, at Aerojet Rocketdyne. The [RS-25] engines for the SLS system is the biggest component of our space propulsion business. We're excited that the government has provided some additional funding for SLS as a part of reconciliation and firmed up through [Flight 5].

謝謝你，羅恩。是的。從我們的角度來看，NASA 無疑是我們的重要客戶，尤其是對於 Aerojet Rocketdyne 公司而言。SLS 系統的 [RS-25] 引擎是我們航太推進業務中最大的組成部分。我們很高興政府已為SLS提供了一些額外資金，作為和解的一部分，並透過…得以落實。[航班 5]

We're producing engines through, I think, it's through 9 systems there. And -- I think supporting not only NASA, but the government in terms of not just defense but also space exploration, and importantly, getting back to the moon and ultimately to Mars, I think, has not just exploration value but also strategic value. And we're proud to be a partner on that. And we expect it to be a solid part of that space propulsion business for a number of years to come. I think we've got multiple years of backlog in there for production of RS-25 engines, as well as other parts of the SLS program portfolio.

我認為，我們正在透過9個系統生產引擎。而且——我認為，支持美國國家航空暨太空總署（NASA），支持政府不僅在國防方面，而且在太空探索方面，尤其重要的是，支持重返月球並最終登陸火星，不僅具有探索價值，而且具有戰略價值。我們很榮幸能成為其中的合作夥伴。我們預計在未來幾年內，它將成為太空推進業務的重要組成部分。我認為，RS-25引擎的生產以及SLS專案組合的其他部分，我們已經積壓了好幾年的訂單。

All right. Let me wrap it up. As we close today's call, I want to thank all of our L3Harris employees for their commitment, resilience and passion for excellence. In today's environment, changing dynamics and challenges contest even the strongest organizations. Our teams aren't just adapting.

好的。我來總結一下。在今天的電話會議即將結束之際，我要感謝所有 L3Harris 的員工，感謝他們的奉獻精神、韌性和對卓越的追求。在當今環境下，不斷變化的動態和挑戰即使是最強大的組織也會面臨考驗。我們的團隊不僅僅是在適應。

They are embracing change while anticipating planning and executing with a focus on controlling what they can control, while I and my senior team engaged with the customers globally as the evolving budgetary and threat dynamics continue. As a direct result of their dedication and readiness, we're delivering for our customers when and how it matters most. Thank you all for joining us today. We appreciate your continued interest in L3Harris, and we look forward to future discussions. Have a great rest of the day.

他們欣然接受變化，同時專注於控制自己能夠控制的事情，進行規劃和執行。同時，我和我的高階團隊與全球客戶保持聯繫，以應對不斷變化的預算和威脅動態。正是由於他們的奉獻精神和充分準備，我們才能在最關鍵的時刻以最有效的方式為客戶提供服務。感謝各位今天蒞臨。感謝您一直以來對 L3Harris 的關注，我們期待與您進行未來的討論。祝您今天餘下的時間過得愉快。

Thank you.

謝謝。