洛克希德·馬丁 (LMT) 2021 Q4 法說會逐字稿

Good morning, everyone, and welcome to the Lockheed Martin Fourth Quarter and Full Year 2021 Earnings Results Conference Call. Today's call is being recorded.

大家早上好，歡迎參加洛克希德馬丁公司 2021 年第四季度和全年收益結果電話會議。今天的電話正在錄音。

At this time, for opening remarks and introductions, I would like to turn the call over to Mr. Greg Gardner, Vice President, Investor Relations. Please go ahead, sir.

在這個時候，關於開場白和介紹，我想把電話轉給投資者關係副總裁 Greg Gardner 先生。請繼續，先生。

Thank you, John, and good morning. I'd like to welcome everyone to our fourth quarter and full year 2021 earnings conference call. Joining me today on the call are Jim Taiclet, our Chairman, President and Chief Executive Officer; and John Mollard, our acting Chief Financial Officer.

謝謝你，約翰，早上好。我想歡迎大家參加我們的第四季度和 2021 年全年收益電話會議。今天和我一起參加電話會議的是我們的董事長、總裁兼首席執行官 Jim Taiclet；和我們的代理首席財務官 John Mollard。

Statements made in today's call that are not historical fact are considered forward-looking statements and are made pursuant to the safe harbor provisions of federal securities law. Actual results may differ materially from those projected in the forward-looking statements. Please see today's press release and our SEC filings for a description of some of the factors that may cause actual results to differ materially from those in the forward-looking statements.

在今天的電話會議中作出的非歷史事實的陳述被視為前瞻性陳述，並根據聯邦證券法的安全港條款作出。實際結果可能與前瞻性陳述中預測的結果大不相同。請參閱今天的新聞稿和我們的 SEC 文件，了解可能導致實際結果與前瞻性陳述中的結果大不相同的一些因素的描述。

We have posted charts on our website today that we plan to address during the call to supplement our comments. These charts also include information regarding non-GAAP measures that may be used in today's call. Please access our website at www.lockheedmartin.com and click on the Investor Relations link to view and follow the charts.

我們今天在我們的網站上發布了圖表，我們計劃在電話會議期間解決這些圖表以補充我們的評論。這些圖表還包括有關可能在今天的電話會議中使用的非公認會計原則措施的信息。請訪問我們的網站 www.lockheedmartin.com 並單擊投資者關係鏈接以查看和跟踪圖表。

With that, I'd like to turn the call over to Jim.

有了這個，我想把電話轉給吉姆。

Thanks, Greg. Good morning, everyone, and I hope you've had a good start to the new year. Thank you for joining us on our fourth quarter 2021 earnings call as we review our results, key business area accomplishments and our outlook for 2022.

謝謝，格雷格。大家早上好，我希望你們在新的一年有一個好的開始。感謝您參加我們的 2021 年第四季度財報電話會議，我們將回顧我們的業績、關鍵業務領域的成就和我們對 2022 年的展望。

I'll begin with an update regarding our proposed acquisition of Aerojet Rocketdyne Holdings. As disclosed in our earnings release this morning, we thought it highly likely that the FTC would sue to block the transaction. Since that time, we have received notification from the FTC that they have, in fact, authorized filing a lawsuit. We will review the lawsuit and evaluate all of our options. With the filing of the suit, we may elect to defend the lawsuit or terminate the merger agreement.

我將首先介紹我們提議收購 Aerojet Rocketdyne Holdings 的最新情況。正如我們今天上午發布的財報中所披露的那樣，我們認為 FTC 極有可能提起訴訟以阻止交易。從那時起，我們收到了 FTC 的通知，他們實際上已授權提起訴訟。我們將審查訴訟並評估我們所有的選擇。提起訴訟後，我們可以選擇為訴訟辯護或終止合併協議。

Moving on to our financial results. In a few minutes, John will discuss our financials in detail and provide our outlook for 2022. But I first would like to begin with a few highlights from the quarter and the year. In October, after we concluded our financial planning process, we established an updated forecast for 2021, which we achieved or exceeded. We met our $67 billion sales forecast, and our segment operating profit and earnings per share both exceeded our projections. Our cash from operations was exceptionally strong, over $9.2 billion, supporting our disciplined and dynamic capital allocation process.

繼續我們的財務業績。幾分鐘後，約翰將詳細討論我們的財務狀況並提供我們對 2022 年的展望。但我首先想從本季度和本年度的一些亮點開始。 10 月，在我們完成財務規劃流程後，我們制定了 2021 年的最新預測，我們實現或超過了該預測。我們達到了 670 億美元的銷售預測，我們的分部營業利潤和每股收益都超出了我們的預測。我們的運營現金異常強勁，超過 92 億美元，支持我們紀律嚴明和動態的資本分配流程。

During the year, we made significant investments in our signature platforms and systems as well as emerging technologies, all to meet the rapidly evolving challenges, as we see every day in the news now, the challenges that our customers are facing, and to support future growth for the benefit of our shareholders. Moreover, we continue reshaping and modernizing our operations to increase efficiencies and reduce costs so we can deliver affordable solutions for our customers going forward as well.

在這一年中，我們對我們的標誌性平台和系統以及新興技術進行了大量投資，以應對我們現在每天在新聞中看到的快速發展的挑戰，我們的客戶面臨的挑戰，並支持未來為股東的利益而增長。此外，我們將繼續重塑和現代化我們的運營，以提高效率並降低成本，以便我們能夠為未來的客戶提供負擔得起的解決方案。

During 2021, we spent $1.5 billion on independent research and development, a new high watermark for the company. Notable areas of our IR&D efforts included hypersonics, directed energy and artificial intelligence. We also initiated the development of mission-based technology road maps and advanced our 5G.MIL architecture to truly enable joint all-domain operations across multiple platforms, U.S. military services and allies. These investments position the company to meet our customers' most critical needs well into the future.

2021 年，我們在自主研發上投入了 15 億美元，創下公司新高。我們 IR&D 工作的顯著領域包括高超音速、定向能和人工智能。我們還啟動了基於任務的技術路線圖的開發，並推進了我們的 5G.MIL 架構，以真正實現跨多個平台、美國軍種和盟友的聯合全域作戰。這些投資使公司能夠在未來很好地滿足客戶最關鍵的需求。

During the year, we also spent $1.5 billion on capital expenditures, focused on addressing customers' program requirements and supporting our organic growth outlook. Significant capital projects included the introduction of 3 new state-of-the-art factories of the future, additional adoption of cutting-edge software and hardware solutions to enable model-based engineering throughout the company, and the establishment of production facilities to support our key hypersonics program.

在這一年中，我們還在資本支出上花費了 15 億美元，專注於滿足客戶的計劃要求並支持我們的有機增長前景。重要的資本項目包括引進 3 個未來最先進的新工廠、額外採用尖端的軟件和硬件解決方案以在整個公司內實現基於模型的工程，以及建立生產設施來支持我們的關鍵的高超聲速項目。

During the fourth quarter, we brought many of these elements together for the opening of an intelligent advanced hypersonic strike production facility in Cortland, Alabama, supporting both our Missiles and Fire Control and Space hypersonic programs. This facility integrates critical digital transformation advancements such as robotic thermal protection capabilities into our manufacturing operations and represents our long-term investment in this critical technology.

在第四季度，我們將其中的許多元素結合在一起，在阿拉巴馬州科特蘭開設了一個智能先進的高超音速打擊生產設施，以支持我們的導彈、火控和太空高超音速項目。該設施將關鍵的數字化轉型進步（例如機器人熱保護功能）集成到我們的製造業務中，代表了我們對這項關鍵技術的長期投資。

The Cortland facility joins our new Spacecraft, Test, Assembly and Resource Center in Titusville, Florida and our recently opened 215,000 square foot advanced manufacturing facility in our Skunk Works organization in Palmdale, California. Together, these facilities add to our intelligent factory framework, digitally linking sites and assets across the enterprise to speed production, provide cost efficiency and drive future margin improvements throughout the company.

科特蘭工廠加入了我們位於佛羅里達州泰特斯維爾的新航天器、測試、組裝和資源中心，以及我們最近在加利福尼亞州帕姆代爾的臭鼬工廠開設的 215,000 平方英尺的先進製造工廠。這些設施共同添加到我們的智能工廠框架中，以數字方式鏈接整個企業的站點和資產，以加快生產速度，提供成本效率並推動整個公司未來的利潤率提高。

From a capital return perspective, during the quarter, we executed a $2 billion accelerated share repurchase program and thereby retired nearly 6 million shares under that agreement. This brought our total 2021 repurchase amount to over $4 billion, which when coupled with our strong dividend payments, resulted in a total of $7 billion of cash returned to our shareholders during the year. We will continue to be opportunistic with share repurchases and expect to utilize our remaining $4 billion authorization in 2022.

從資本回報的角度來看，在本季度，我們執行了 20 億美元的加速股票回購計劃，從而根據該協議收回了近 600 萬股股票。這使我們 2021 年的總回購金額超過 40 億美元，再加上我們強勁的股息支付，在這一年中向我們的股東返還了總計 70 億美元的現金。我們將繼續在股票回購方面投機取巧，並預計在 2022 年利用我們剩餘的 40 億美元授權。

I'll now touch briefly on the Department of Defense budgets. This quarter, Congress passed the fiscal year 2022 National Defense Authorization Act with strong bipartisan support in both the House and Senate. The NDAA policy bill was subsequently signed into law by President Biden. This legislation authorizes a $25 billion increase for the Department of Defense for a total of approximately $740 billion for defense programs and raised the investment accounts approximately 8% above the President's originally requested amounts.

我現在將簡要介紹國防部的預算。本季度，國會通過了 2022 財年國防授權法案，得到了參眾兩院兩黨的大力支持。 NDAA 政策法案隨後由拜登總統簽署成為法律。該立法授權國防部增加 250 億美元，總計約 7400 億美元用於國防項目，並將投資賬戶提高約 8%，高於總統最初要求的金額。

Currently, the DoD is operating under a continuing resolution through February 18 for FY 2022. As Congress continues the appropriations process, we believe our programs are well supported, reflecting the fact that our portfolio is aligned with affordably delivering our customers' national security capabilities.

目前，國防部正在根據一項持續到 2022 財年的決議運行，直至 2 月 18 日。隨著國會繼續撥款程序，我們相信我們的計劃得到了很好的支持，這反映了我們的產品組合與以經濟實惠的方式提供客戶的國家安全能力相一致的事實。

Now turning now to our growth strategy. Last quarter, we discussed our long-term expectations, which anticipate that our sales will increase by approximately 2% in 2023 with steadily increasing sales growth through 2026. As we discussed in October, the 4 primary areas that underpin this longer-term growth forecast are programs of record, classified activities, hypersonics and new business awards. Expansion in our program of records is a clear key pillar of our long-term growth strategy. In this quarter, we are pleased to see 2 new customers select our signature programs to support their national security objectives.

現在轉向我們的增長戰略。上個季度，我們討論了我們的長期預期，預計到 2023 年，我們的銷售額將增長約 2%，到 2026 年銷售額將穩步增長。正如我們在 10 月所討論的，支持這一長期增長預測的 4 個主要領域是記錄計劃、機密活動、高超音速和新業務獎勵。擴大我們的記錄計劃顯然是我們長期增長戰略的關鍵支柱。在本季度，我們很高興看到 2 家新客戶選擇我們的標誌性計劃來支持他們的國家安全目標。

Last month, the government of Finland selected the F-35 Joint Strike Fighter as the winning entry in their HX Fighter Program competition, citing the aircraft's affordability as well as its combat reconnaissance and survival capabilities as best suited to deliver on the HX requirements. This announcement for 64 conventional takeoff and landing stealth fighters has a potential contract value of over $9 billion and follows Switzerland's decision to purchase 36 F-35s. These announcements highlight the momentum that is building in this program with future international opportunities in Canada and elsewhere to go in front of us.

上個月，芬蘭政府選擇 F-35 聯合攻擊戰鬥機作為其 HX 戰鬥機項目競賽的獲勝者，理由是該飛機的可負擔性以及其戰鬥偵察和生存能力最適合滿足 HX 的要求。在瑞士決定購買 36 架 F-35 之後，宣布 64 架常規起降隱形戰鬥機的潛在合同價值超過 90 億美元。這些公告突顯了該計劃正在形成的勢頭，加拿大和其他地方未來的國際機會擺在我們面前。

Our Rotary and Mission Systems team also secured an important international opportunity this past quarter as the Israeli Air Force signed a letter of acceptance with the United States government to pursue the Sikorsky CH-53K King Stallion heavy-lift helicopter. This agreement enables the Israeli Air Force to procure 12 53Ks with the option to buy another half dozen. If fully exercised, those options could exceed $2 billion in value. Israel will then be our first international CH-53K customer as they look to replace their current fleet of legacy Sikorsky CH-53 helicopters, which have been flying over 50 years.

我們的旋轉和任務系統團隊在上個季度也獲得了一個重要的國際機會，因為以色列空軍與美國政府簽署了一份接受書，以追求 Sikorsky CH-53K King Stallion 重型直升機。該協議使以色列空軍能夠採購 12 架 53K，並可選擇再購買半打。如果完全行使，這些期權的價值可能超過 20 億美元。以色列將成為我們的第一個國際 CH-53K 客戶，因為他們希望更換現有的已飛行 50 多年的傳統西科斯基 CH-53 直升機機隊。

Another pillar of our long-term growth strategy, our classified activities, also saw momentum build in the fourth quarter. Our Space business area was awarded a contract by the U.S. Air Force to develop and classify -- fly a prototype RF payloads in space. Our solution leverages ongoing internal investments on our LM-400 satellite bus, providing greater mission flexibility and longer-duration orbit life. This award for initial engineering contract includes options to deliver an operational system with the potential for this to grow into a new franchise program down the road.

我們長期增長戰略的另一個支柱，我們的分類活動，在第四季度也出現了勢頭。我們的太空業務領域獲得了美國空軍的合同，以開發和分類——在太空中飛行原型 RF 有效載荷。我們的解決方案利用對 LM-400 衛星巴士的持續內部投資，提供更大的任務靈活性和更長的軌道壽命。該初始工程合同的授予包括交付一個操作系統的選項，該系統有可能在未來發展成為一個新的特許經營計劃。

And on a final note, 2021 presented a challenging environment for both commercial and defense industries, especially in terms of continuing COVID-19 effects and supply chain impacts. Our teams in all 4 Lockheed Martin business areas and across our corporate functions banded together and did a tremendous job maintaining our production operations and advancing science and engineering on behalf of our customers.

最後一點，2021 年為商業和國防工業帶來了充滿挑戰的環境，尤其是在 COVID-19 持續影響和供應鏈影響方面。我們在洛克希德馬丁所有 4 個業務領域和公司職能部門的團隊聯合起來，為維護我們的生產運營和代表我們的客戶推進科學和工程做出了巨大的努力。

I'm extremely proud of the perseverance and dedication of our entire organization, and I know that as One Lockheed Martin, we're going to drive future growth into our business and advance our vision to accelerate 21st century digital world technologies into our national defense enterprise.

我為我們整個組織的毅力和奉獻精神感到非常自豪，我知道作為 One Lockheed Martin，我們將推動我們業務的未來增長，並推進我們的願景，即加速 21 世紀數字世界技術進入我們的國防企業。

And with that, I'll turn the call over to John and join you later to answer your questions.

有了這個，我會把電話轉給約翰，稍後再和你一起回答你的問題。

All right. Thanks, Jim, and good morning, everyone. As I highlight our results, please follow along with the web charts we've included with our earnings release today.

好的。謝謝，吉姆，大家早上好。當我強調我們的結果時，請關注我們今天發布的收益報告中包含的網絡圖表。

Let's begin with Chart 3 and an overview of 2021 results. Starting with sales, we recorded revenue of $67 billion, which was consistent with the guidance we provided in October. This record level of sales was made possible by an exceptionally strong fourth quarter of delivering affordable, relevant solutions to our customers. Additionally, our segment operating profit of $7.4 billion and earnings per share of $22.76 exceeded our October projections driven by strong operational performance across the entire portfolio.

讓我們從圖表 3 和 2021 年結果的概述開始。從銷售額開始，我們錄得 670 億美元的收入，這與我們在 10 月份提供的指導一致。這一創紀錄的銷售水平是由於第四季度向我們的客戶提供負擔得起的相關解決方案的異常強勁的表現。此外，由於整個投資組合的強勁運營業績，我們的部門營業利潤為 74 億美元，每股收益為 22.76 美元，超出了我們 10 月份的預測。

We generated more than $9.2 billion in operating cash flow this year. And as we discussed last quarter, we are committed to a strategy of disciplined and dynamic capital allocation. We continue reshaping our operations and identifying ways we can increase efficiencies and reduce costs.

今年我們產生了超過 92 億美元的運營現金流。正如我們上個季度所討論的那樣，我們致力於製定有紀律和動態的資本配置戰略。我們將繼續重塑我們的運營並確定提高效率和降低成本的方法。

As Jim mentioned, we invested $3 billion in research and development and capital expenditures to help our customers achieve their missions and to drive organic growth. In addition to this internal reinvestment, we repurchased over $4 billion of shares in 2021, including $2.1 billion in the fourth quarter. Combined with increased annual dividend payments of approximately $3 billion, we returned just over $7 billion to shareholders.

正如吉姆所提到的，我們在研發和資本支出方面投資了 30 億美元，以幫助我們的客戶實現他們的使命並推動有機增長。除了這種內部再投資，我們在 2021 年回購了超過 40 億美元的股票，其中包括第四季度的 21 億美元。加上每年增加約 30 億美元的股息支付，我們向股東返還了超過 70 億美元。

Looking forward, our outlook for 2022 remains consistent with our October trending information as we build our foundation for growth in 2023 and beyond.

展望未來，隨著我們為 2023 年及以後的增長奠定基礎，我們對 2022 年的展望與 10 月份的趨勢信息保持一致。

Turning to Chart 4, we compare our sales and segment operating profit this year with last year's results. Sales and segment operating profit both increased 3% compared to 2020 results and represent high watermarks for the company.

轉到圖 4，我們將今年的銷售和部門營業利潤與去年的結果進行了比較。與 2020 年的業績相比，銷售和部門營業利潤均增長了 3%，代表了公司的高水位。

Chart 5 shows our earnings per share for the year. Our full year earnings per share of $22.76 incorporates the $4.72 noncash charge associated with the $4.9 billion pension liability transfer that we completed during the third quarter. On an adjusted basis, our pre-transaction EPS of $27.48 was 12% higher than our 2020 results due to increased volume and improved segment operating margin, gains in our Lockheed Martin Ventures portfolio, increased FAS/CAS pension income, and a reduction in share count.

圖 5 顯示了我們今年的每股收益。我們 22.76 美元的全年每股收益包括與我們在第三季度完成的 49 億美元養老金負債轉移相關的 4.72 美元非現金費用。經調整後，我們的交易前每股收益為 27.48 美元，比我們 2020 年的業績高 12%，原因是銷量增加和分部營業利潤率提高、洛克希德馬丁風險投資組合收益、FAS/CAS 養老金收入增加以及份額減少數數。

On Chart 6, we look at our full year cash generation and deployment. 2021 cash performance was outstanding as we generated over $9.2 billion in operating cash flow and $7.7 billion in free cash flow. We returned 91% of this free cash flow to our shareholders through increased share repurchases and dividends. Our remaining share repurchase authority is approximately $4 billion, and we expect to opportunistically deploy that entire amount in 2022.

在圖 6 中，我們查看了全年的現金產生和部署情況。 2021 年的現金表現非常出色，我們產生了超過 92 億美元的經營現金流和 77 億美元的自由現金流。通過增加股票回購和股息，我們將 91% 的自由現金流返還給了我們的股東。我們剩餘的股票回購授權約為 40 億美元，我們預計將在 2022 年機會性地部署全部金額。

Moving on to Chart 7 and our 2022 guidance. Consistent with our October trending information, we estimate 2022 sales at approximately $66 billion and segment operating profit of approximately $7.2 billion, resulting in a segment operating margin of 10.9%. FAS/CAS pension income is projected at $2.26 billion, which is $60 million higher than the $2.2 billion estimate we provided in October.

轉到圖 7 和我們的 2022 年指導。根據我們 10 月份的趨勢信息，我們估計 2022 年的銷售額約為 660 億美元，分部營業利潤約為 72 億美元，分部營業利潤率為 10.9%。 FAS/CAS 養老金收入預計為 22.6 億美元，比我們 10 月份提供的 22 億美元高出 6000 萬美元。

We are projecting earnings per share of $26.70, and our estimate for 2022 cash from operations remains at greater than or equal to $8.4 billion excluding the impacts of the R&D capitalization tax law change, which we now estimate at approximately $500 million. I should mention there is still a possibility that legislation will be enacted that defers or refuels the requirement to capitalize R&D expenditures from a tax payment perspective, but we are including the impact of higher tax payments in our current outlook as we will be required to make these payments unless existing law is amended by legislation.

我們預計每股收益為 26.70 美元，我們對 2022 年運營現金的估計仍大於或等於 84 億美元，不包括研發資本化稅法變更的影響，我們現在估計約為 5 億美元。我應該提一下，仍有可能頒布立法，從納稅的角度推遲或加強將研發支出資本化的要求，但我們將更高稅收的影響納入我們當前的展望，因為我們將被要求做出除非現行法律被立法修正，否則這些款項。

On Chart 8, we show our updated 3-year forecast for cash generation. Our outstanding fourth quarter cash flow was driven by a tightly coordinated collections process across all business areas and functional support organizations, leading to exceptional collection results from both domestic and international customers. Partially offsetting this upside was an increase of $700 million in accelerated payments we made to our supply chain during the fourth quarter.

在圖 8 中，我們展示了我們更新後的 3 年現金生成預測。我們出色的第四季度現金流是由所有業務領域和職能支持組織的緊密協調的收款流程推動的，從而為國內和國際客戶帶來了出色的收款結果。我們在第四季度向供應鏈支付的加速付款增加了 7 億美元，部分抵消了這一優勢。

With the emergence of the Omicron variant and surges in COVID cases, we increased total accelerated payments to over $2.2 billion at year-end and are continuing effort to mitigate supply chain risk. Our outstanding collection performance and the increase in accelerated payments to our supply chain partners resulted in our generating $9.2 billion in cash from operations and $7.7 billion in free cash flow.

隨著 Omicron 變體的出現和 COVID 病例的激增，我們在年底將加速付款總額增加到超過 22 億美元，並繼續努力降低供應鏈風險。我們出色的收款表現和對供應鏈合作夥伴的加速支付使我們從運營中產生了 92 億美元的現金和 77 億美元的自由現金流。

Over the 3-year period from 2021 through 2023 and before considering the potential impacts of R&D capitalization, we now project total cash from operations of greater than or equal to $26.1 billion, which is $900 million higher than our prior estimate. This increase was driven by our fourth quarter results and our expectation that we will maintain this extremely high level of performance throughout the forecast period. Generating over $25 billion in operating cash flow after incorporating the potential $900 million impact of R&D capitalization provides significant support for our disciplined and dynamic capital allocation strategy.

在從 2021 年到 2023 年的 3 年期間，在考慮研發資本化的潛在影響之前，我們現在預計來自運營的總現金將大於或等於 261 億美元，比我們之前的估計高出 9 億美元。這一增長是由我們的第四季度業績和我們預期我們將在整個預測期內保持這一極高水平的業績推動的。在考慮了研發資本化的潛在 9 億美元影響後，產生了超過 250 億美元的運營現金流，為我們嚴格和動態的資本分配戰略提供了重要支持。

On Chart 9, we break out our sales and segment operating profit outlook by business areas. Our estimates for the year remain consistent with the trending information we provided in October as we focus on long-term growth opportunities and building on the strong operational results we delivered in the fourth quarter.

在圖 9 中，我們按業務領域細分了我們的銷售和部門營業利潤前景。我們對今年的預測與我們在 10 月份提供的趨勢信息保持一致，因為我們專注於長期增長機會，並以我們在第四季度交付的強勁運營業績為基礎。

And on Chart 10 to summarize, we successfully closed out 2021 with all metrics equal to or better than the guidance we provided in October, highlighted by exceptional cash generation. With our strong balance sheet and our demonstrated ability to generate high levels of operating cash flow, we are well positioned to execute on our disciplined and dynamic capital allocation strategy for years to come. I'm excited about our opportunities in 2022 as we deliver mission capabilities for our customers and long-term value for our shareholders.

在圖 10 中總結一下，我們成功地結束了 2021 年，所有指標都等於或好於我們在 10 月份提供的指導，特別是出色的現金產生。憑藉我們強大的資產負債表和我們展示的產生高水平經營現金流的能力，我們有能力在未來幾年執行我們有紀律和動態的資本分配戰略。我對我們在 2022 年的機會感到興奮，因為我們為客戶提供任務能力並為我們的股東提供長期價值。

And with that, John, we're ready to begin the Q&A.

有了這個，約翰，我們準備開始問答。

(Operator Instructions) And we'll go to the line of Peter Arment with Baird.

（操作員說明）我們將與貝爾德一起前往 Peter Arment 的線路。

Jim, so I figured I'd try to ask about the news of the day on the Aerojet deal. You mentioned defend or terminate on the kind of the pending transaction. Can you give us really any color on the time line that you at least plan to evaluate the lawsuit? And if you do choose to terminate, do you -- would you expect to kind of redeploy those proceeds towards capital deployment? Or are you preferring kind of pursuing your M&A strategy?

吉姆，所以我想我會嘗試詢問有關 Aerojet 交易的當天新聞。您提到了對待處理交易的類型進行辯護或終止。您能否在至少計劃評估訴訟的時間線上給我們任何顏色？如果您確實選擇終止，您是否希望將這些收益重新用於資本部署？還是您更喜歡追求併購戰略？

So Peter, our merger agreement with Aerojet Rocketdyne allows for a 30-day period post filing of a lawsuit to make that decision of either defend or terminate the agreement. So we'll be working with our Board over the next few days and weeks to make that determination.

因此，彼得，我們與 Aerojet Rocketdyne 的合併協議允許在提起訴訟後 30 天的期限內做出辯護或終止協議的決定。因此，我們將在接下來的幾天和幾週內與我們的董事會合作做出決定。

And cash deployment?

和現金部署？

Well, of course, I mean, it's a great opportunity actually with your question, Peter, to speak to what John and I have been talking about here, disciplined and dynamic capital allocation process. So basically, we array and assess all the alternative uses of capital and through a lens of what's the most beneficial for the shareholder, what's the best long-term ROI for that dollar of cash flow. And we look at the array of IR&D CapEx that I just talked about. Last year, it was about $3 billion in total. We made those investments because we think for organic or new business growth, they're going to have great ROIs and they're going to get the first call on our investment. But we don't have an unlimited set of opportunities, so to speak, in either R&D or CapEx.

好吧，當然，我的意思是，這是一個很好的機會，實際上是你的問題，彼得，談談約翰和我在這裡一直在談論的，有紀律和動態的資本分配過程。因此，基本上，我們排列和評估所有資本的替代用途，並通過對股東最有利的鏡頭，對於這美元現金流的最佳長期投資回報率是什麼。我們看看我剛才談到的一系列 IR&D 資本支出。去年，總額約為 30 億美元。我們進行這些投資是因為我們認為有機或新的業務增長，他們將有很大的投資回報率，他們將得到我們投資的第一個電話。但可以說，無論是研發還是資本支出，我們都沒有無限的機會。

So it's bounded. So then we look at inorganic growth opportunities, which could be M&A, joint ventures, et cetera. Those that are available are not necessarily expansive right now, let's say. And so then that leads you then to share repurchase and dividend growth, which is where the bulk of our funds are going these days, as you've heard from John.

所以是有界的。因此，我們關注無機增長機會，可能是併購、合資企業等。比方說，那些可用的現在不一定是廣泛的。因此，這會導致您分享回購和股息增長，正如您從約翰那裡聽到的那樣，這就是我們現在大部分資金的去向。

So it's dynamic and disciplined. That's what we mean by it is we're going to look across all those opportunity sets, look for the best ROI for the shareholder down the road, and then we're going to allocate that capital there. And we don't need to grow our cash balance. We have upside, I'd say, on leverage, should we choose to take it down the road. So you're going to see us continue to allocate capital in that way. So we're not just going to sit back and say, "Well, whether AJRD goes through or not, we're just going to sort of sit back on our capital and let it grow in the cash count." We're going to keep allocating it dynamically to the most and best how it's used.

所以它是動態的和有紀律的。這就是我們的意思是，我們將查看所有這些機會集，為股東尋找最佳的投資回報率，然後我們將在那里分配資金。而且我們不需要增加我們的現金餘額。我想說的是，如果我們選擇將它帶走的話，我們有上升空間。所以你會看到我們繼續以這種方式分配資金。所以我們不只是坐下來說，“好吧，無論 AJRD 是否通過，我們都會坐視我們的資本，讓它在現金數量上增長。”我們將繼續動態地將其分配給最多和最好的使用方式。

Our next question is from David Strauss with Barclays Capital.

我們的下一個問題來自巴克萊資本的大衛施特勞斯。

Wanted to ask within the guidance for this year, what you're assuming with regard to the CR. And then Jim, you mentioned the plus up on the authorization side. If we ultimately see that come through in terms of appropriations, what might that do to your prior guidance for 2% 2023 growth? And I guess, the last one, just, John, if you can comment on what changed on the R&D capitalization side, taking it down from $2 billion impact to $500 million?

想在今年的指南中詢問您對 CR 的假設。然後吉姆，你提到了授權方面的加分項。如果我們最終在撥款方面看到這一點，那麼這對您之前對 2023 年增長 2% 的指導有何影響？我想，最後一個，約翰，如果你能評論一下研發資本化方面的變化，將其從 20 億美元的影響降至 5 億美元？

Sure. So I'll start off, it's Jim here, and then turn it over to John. So it really was encouraging what the Congress came out with in the NDAA. From a program perspective, it was excellent for the company: 9 additional Black Hawks, 2 additional CH-53Ks in the NDAA, 4 additional C-130Js and 12 more THAAD interceptors. And beyond that, there was increased funding for some of our tactical and strike missile programs as well. So really solid literally across the company impact of the NDAA.

當然。所以我會開始，這裡是吉姆，然後把它交給約翰。因此，國會在 NDAA 中提出的內容確實令人鼓舞。從計劃的角度來看，這對公司來說非常棒：9 架額外的黑鷹，2 架 NDAA 中的 CH-53K，4 架額外的 C-130J 和 12 架 THAAD 攔截器。除此之外，我們的一些戰術和打擊導彈計劃的資金也有所增加。因此，從字面上看，NDAA 對公司的影響確實很穩固。

We're assuming that the continuing resolution does get resolved at some point by September 31, 2022. And the impact of that NDAA, and hopefully the defense budget appropriation coming along with it, will be really to build the pipeline of future revenue for us. It's -- given there's only sort of 7 or 8 months in the fiscal year left in the first place, we have most of our revenue visibility already in process of production orders and deliveries.

我們假設持續的決議確實在 2022 年 9 月 31 日的某個時候得到解決。NDAA 的影響，希望隨之而來的國防預算撥款，將真正為我們建立未來收入的管道.這是 - 鑑於本財政年度只剩下 7 或 8 個月，我們的大部分收入可見性已經在生產訂單和交付過程中。

So John, I'll give it back to you. But basically, it's -- those plus ups are longer-term value creators for us and the shareholder, not necessarily going to hit meaningfully in the next, say, 6 to 7 months.

所以約翰，我會把它還給你。但基本上，這些加成是我們和股東的長期價值創造者，不一定會在接下來的 6 到 7 個月內產生有意義的影響。

Yes. And just to put a point on the CR impact, it would take pretty much a full year CR to have any sort of impact on our revenue that you would see. The biggest impact will be to our customers' ability to prosecute their missions, especially in program areas where requirements would have us on a trajectory to grow. And obviously, with the CR, you're not able to grow program requirements. So absent a full year CR, I would anticipate relatively de minimis impact on the forecast we've given.

是的。只是為了說明 CR 的影響，你會看到幾乎一整年的 CR 才能對我們的收入產生任何影響。最大的影響將是我們的客戶執行其任務的能力，尤其是在需求將使我們走上發展軌道的項目領域。顯然，使用 CR，您無法增加程序要求。因此，如果沒有全年的 CR，我預計對我們給出的預測的影響相對較小。

And I think your -- next question was around the change in the R&D tax payment assumption. I think last -- historically, we've talked about a number of $2 billion. I think last quarter, it was probably a little more subtle than you would have thought. We've kind of changed the definition to say, "Hey, we could see up to $2 billion." I'll start by saying there's still a possibility that legislation is going to get enacted that will end up in this getting deferred or repealed, and I said that in the script. But given the #1 vehicle to have that done is the President's Build Back Better legislation, and given where that is, the path to enactment remains unclear right now. But we do, however, believe there's recognition by Congress that legislation is needed to address this critical aspect of R&D activities. It's really not at all consistent with our nation's public policy objectives.

我認為你的下一個問題是關於研發稅支付假設的變化。我認為最後 - 從歷史上看，我們已經談到了 20 億美元。我認為上個季度，它可能比你想像的要微妙一些。我們已經將定義更改為“嘿，我們最多可以看到 20 億美元”。我首先要說的是，仍有可能頒布立法，最終導致該法案被推遲或廢除，我在劇本中說過。但是，考慮到實現這一目標的第一工具是總統的“重建更好”立法，並且考慮到這一點，制定的道路目前仍不清楚。但是，我們確實相信國會承認需要立法來解決研發活動的這一關鍵方面。這與我們國家的公共政策目標完全不符。

Now specific to the change in the amount from up to $2 billion to the approximately $500 million we've got in our guidance. One of the first reviews I had with our tax team after taking on my current role is to understand the assumptions that were used in calculating that projected impact. I asked a bunch of questions about these assumptions, and as 2022 grew closer without any form of legislative action, we refined our analysis and then shared that with external advisers.

現在具體到我們在指導中獲得的金額從高達 20 億美元到大約 5 億美元的變化。在擔任當前職務後，我與我們的稅務團隊進行的第一次審查之一是了解用於計算預計影響的假設。我問了一堆關於這些假設的問題，隨著 2022 年越來越近，沒有任何形式的立法行動，我們改進了我們的分析，然後與外部顧問分享。

And what we did -- we concluded that the capitalization provision scope was narrow than what we had originally assumed. We've historically claimed the R&D tax credit on certain activities. And after discussion with our advisers, we determined that the R&D tax credit framework is relevant in establishing the scope of R&D activity that will require capitalization. So as a result, we've updated our estimated impact to reflect the value that is consistent with the provisions of the tax code.

而我們所做的——我們得出的結論是，資本化條款的範圍比我們最初假設的要窄。我們歷來要求某些活動的研發稅收抵免。在與我們的顧問討論後，我們確定研發稅收抵免框架與確定需要資本化的研發活動範圍相關。因此，我們更新了我們的估計影響，以反映符合稅法規定的價值。

Our next question is from Seth Seifman with JPMorgan.

我們的下一個問題來自摩根大通的 Seth Seifman。

John, I was just looking at the outlook for Aeronautics this year and kind of the 10.5% margin rate, which if we add back the second quarter charge to 2021, margin was well above that and above that in each of the quarters. So can you talk about the mechanics of what's driving down profitability in Aeronautics this year and then how you see that trending going forward beyond '22?

約翰，我只是在看今年航空業的前景以及 10.5% 的保證金率，如果我們將第二季度的費用加回 2021 年，那麼每個季度的保證金都遠高於該水平。那麼，您能否談談今年降低航空業盈利能力的機制，以及您如何看待 22 年後的趨勢？

Yes. Absolutely. Good question. Probably the 2 biggest, I'll call them, dilutive impacts on margins in '22 is the growth in our classified activity in Skunk Works. These are predominantly very good ROI programs, but their margins that they attract, that given the lower financial risk associated with these programs, are going to be dilutive. So we're projecting growth in the Skunk Works operation of roughly $300 million that's coming in that, that's going to be dilutive.

是的。絕對地。好問題。可能對 22 年的利潤率產生的最大稀釋影響是我們在 Skunk Works 中分類活動的增長。這些主要是非常好的 ROI 計劃，但由於與這些計劃相關的財務風險較低，它們所吸引的利潤將被稀釋。因此，我們預計 Skunk Works 的運營將增長大約 3 億美元，這將是稀釋性的。

And then we've got a lot of growth in our F-16 program. And given where that program is, I mean we're roughly a year out from first deliveries on the F-16 line with the ramp that we're expecting. We're projecting revenue to increase on F-16 roughly $300 million. Given where that program is in its life cycle, we think it's prudent to reflect -- our typically prudent but relatively conservative margins on that growth. And as a result, you're going to see a reduction in margins in 2022 on the F-16 program. Those are probably the 2 biggest dilutive margin growth areas within Aeronautics.

然後我們的 F-16 項目有了很大的增長。考慮到該計劃的位置，我的意思是我們距離 F-16 生產線上的首次交付還有大約一年的時間，我們期待的坡道。我們預計 F-16 的收入將增加約 3 億美元。鑑於該計劃在其生命週期中的位置，我們認為謹慎地反映 - 我們通常謹慎但相對保守的增長利潤率。因此，您將在 2022 年看到 F-16 計劃的利潤率下降。這些可能是航空業中兩個最大的稀釋利潤增長領域。

I think longer term, the key to growing margins in Aeronautics is going to be performing on the delivery of the F-35 production program. And that's going to require us to perform on delivering the enhanced capabilities that our customers need that we've talked about a lot in keeping, for example, the TR3 infrastructure upgrade program on track, keeping the mission capability expansions on track. I'm fully confident we will be able to achieve our internal operating metrics. And if we do, there will be upside.

我認為從長遠來看，航空業利潤增長的關鍵將在於 F-35 生產計劃的交付。這將要求我們提供我們客戶需要的增強功能，我們已經討論了很多，以保持例如 TR3 基礎設施升級計劃的正常進行，保持任務能力擴展正常。我完全相信我們將能夠實現我們的內部運營指標。如果我們這樣做，就會有好處。

Our next question is from Kristine Liwag with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Kristine Liwag。

It seems like there's more urgency from the Pentagon in hypersonics. Can you provide an update on where your various hypersonic programs are progressing? And should we see an acceleration from your $3 billion outlook by 2025?

五角大樓似乎在高超音速方面更加緊迫。您能否提供有關您的各種高超音速計劃進展情況的最新信息？到 2025 年，我們是否應該看到您的 30 億美元前景加速增長？

Kristine, I've just returned a couple of weeks ago from opening up that Cortland facility in Alabama. And 2 of our, I guess, marquee programs and those that are perhaps among the furthest along, in fact, 3 programs are going to be produced there. And I'll just mention them really briefly. It's a complicated set of systems. But a couple to keep in mind are what the Navy calls Conventional Prompt Strike or CPS. That's a hypersonic missile of some size that has very good range and will be launched from submarines and ultimately from destroyer-type shifts.

克里斯汀，幾週前我剛從阿拉巴馬州的科特蘭工廠開業回來。我猜，我們的 2 個選框節目和那些可能是最遠的節目，事實上，將在那裡製作 3 個節目。我只是簡單地提到它們。這是一組複雜的系統。但是要記住的一對是海軍所謂的常規即時打擊或 CPS。那是一種大小不一的高超音速導彈，射程非常好，將從潛艇發射，最終由驅逐艦型發射。

In concert with the development of that strike product, the Army has teamed up with the Navy, which is somewhat innovative and novel for them, for what they call the Long-Range Hypersonic Weapon program, so LRHW. The Army intends to use a very similar missile but launch from ground units through what's called a TEL. TEL stands for transporter erector launcher. We've already delivered the first training unit of that TEL to the Army. So they're working with that today. The missiles will be produced in the Cortland factory over the next few years. And we'll be serving the Navy and the Army from there.

為了配合這種打擊產品的開發，陸軍與海軍合作，這對他們來說有點創新和新穎，他們稱之為遠程高超音速武器計劃，即 LRHW。陸軍打算使用一種非常相似的導彈，但通過所謂的 TEL 從地面部隊發射。 TEL 代表運輸機豎立發射器。我們已經向陸軍交付了該 TEL 的第一個訓練單元。所以他們今天正在處理這個問題。這些導彈將在未來幾年內在科特蘭工廠生產。我們將從那里為海軍和陸軍服務。

The third product that we intend to produce in the Cortland facility is for the Air Force, and that's called ARRW or A-R-R-W, so Advanced Rapid Response Weapon. That's an air-launched missile that travels at hypersonic speeds, and we're testing those at Edwards Air Force base now on B-52 bombers as the carriers there. So we're going through test events in that program with the Air Force. And over the next couple of years, we hope to be making the production runs on those as well.

我們打算在科特蘭工廠生產的第三個產品是用於空軍的，稱為 ARRW 或 A-R-R-W，即先進快速反應武器。那是一種以高超音速飛行的空射導彈，我們現在正在愛德華茲空軍基地用 B-52 轟炸機作為航母來測試這些導彈。因此，我們正在與空軍一起進行該計劃中的測試活動。在接下來的幾年裡，我們希望也能在這些產品上進行生產。

So that's the summary. Again, there's more to the story, but I think those are the highlights: CPS, the advanced air-launched weapon and then the long-range hypersonics for the Army.

這就是總結。同樣，故事還有更多內容，但我認為這些是亮點：CPS，先進的空射武器，然後是陸軍的遠程高超音速武器。

Yes. And Kristine, this is John. To your question on the long-range guide, I think I'll stick with the $3 billion sort of revenue forecast in 2026. There are opportunities to grow it. As Jim mentioned, there's operational urgencies driving our customers to push us to go faster and faster. There's emerging activity in counter hypersonics that -- maybe of some note that we'll keep an eye on that could provide upside to that forecast. But I think for modeling purposes, I'm comfortable with $3 billion.

是的。還有克里斯汀，這是約翰。對於你關於長期指南的問題，我想我會堅持 2026 年 30 億美元的收入預測。有機會增加它。正如 Jim 所提到的，運營緊迫性促使我們的客戶推動我們越來越快地前進。反高超音速方面正在出現一些新興活動——也許值得注意的是，我們將密切關注這可能會為該預測提供上行空間。但我認為出於建模目的，我對 30 億美元感到滿意。

Next, we'll go to Rich Safran with Seaport Global Securities.

接下來，我們將與 Seaport Global Securities 一起前往 Rich Safran。

If it's okay, I have 2. I think they're very quick questions though. On the supply chain issues last quarter and the accelerated $2.2 billion in payments you accelerated to suppliers that were going to be made in '22, if I look at 4Q results, I'm just wondering if supply chain issues that hit you in 3 quarter -- third quarter are now behind you. I'm just curious if the risk has been meaningfully reduced. You expected them to impact you on '22 and wondering if the outlook has improved and what that means about your guide. Second question, if you have to abandon the Aerojet deal, just wondering if that has any impact on your hypersonics strategy.

如果可以，我有 2 個。不過，我認為它們是非常快速的問題。關於上個季度的供應鏈問題以及您加速支付給將在 22 年支付的供應商的 22 億美元，如果我查看第 4 季度的結果，我只是想知道您是否在第 3 季度遇到了供應鏈問題- 第三季度現在落後於你。我只是好奇風險是否已顯著降低。您預計它們會在 22 年影響您，並想知道前景是否有所改善以及這對您的指南意味著什麼。第二個問題，如果您不得不放棄與 Aerojet 的交易，只是想知道這是否對您的高超音速戰略有任何影響。

Yes. Rich, I'll take the first one, and I'll let Jim take the second one. Just in general, as you pointed out, we accelerated substantially more payments to our supply chain during the fourth quarter than we even talked about back in October when at the time, we had $1.5 billion accelerated, and we said that we would anticipate maintaining that level through the year-end. But given the global COVID situation and the ongoing fragility in our supply chain, we decided that increasing the level of accelerated payments to our partners was a prudent risk mitigation strategy.

是的。里奇，我要第一個，我會讓吉姆帶第二個。總的來說，正如您所指出的，我們在第四季度加快了對供應鏈的支付速度，甚至比我們在 10 月份所說的要多得多，當時我們加速了 15 億美元，我們說我們預計會保持這一點到年底的水平。但鑑於全球 COVID 形勢和我們供應鏈的持續脆弱性，我們決定提高對合作夥伴的加速付款水平是一種謹慎的風險緩解策略。

And to your point about are you hitting your marks, I'll give a lot of credit to our global supply chain leadership team. They've been actively working with all of our suppliers to ensure we're collectively positioned to meet our customer requirements, and that includes like embedding our own Lockheed Martin personnel within their facilities to help with the stresses that they're facing. And as a result, I think a proactive activity by our supply chain leadership team. I was encouraged to see that our fourth quarter supply chain activity was in line with the expectations we set in October, which assumes some level of recovery from October -- from what we saw in the third quarter. But there is still no doubt an overhang on the ability of our supply chain really to pivot to normal changes and requirements.

至於你是否達到了自己的目標，我會非常感謝我們的全球供應鏈領導團隊。他們一直在與我們所有的供應商積極合作，以確保我們能夠共同滿足客戶的要求，其中包括將我們自己的洛克希德馬丁公司人員嵌入他們的設施中，以幫助他們應對所面臨的壓力。因此，我認為我們的供應鏈領導團隊採取了積極主動的行動。我很高興看到我們第四季度的供應鏈活動符合我們在 10 月份設定的預期，假設從 10 月份開始出現一定程度的複蘇——從我們在第三季度看到的情況。但毫無疑問，我們的供應鏈真正轉向正常變化和要求的能力仍然存在問題。

So I don't think we're all the way out of the woods, but I think we're focused -- we've got laser-like focus from both a management involvement point of view and financial support.

所以我認為我們並沒有完全走出困境，但我認為我們很專注——從管理參與的角度和財務支持的角度來看，我們都像激光一樣專注。

And Rich, I'd just summarize all that by saying we think the bow wave has passed in supply chain disruption for Lockheed Martin, but we're still watching it closely. And as John just said, not all the risk is out of the system yet.

里奇，我只想總結一下，我們認為洛克希德馬丁公司的供應鏈中斷已經過去了，但我們仍在密切關注它。正如約翰剛才所說，並不是所有的風險都已經脫離了系統。

On the hypersonic strategy, I'm just going to take AJRD out of the discussion, but I will tell you how we're going about this. So for us and our customer base, which is basically the 3 largest military services in the United States, we've all agreed jointly to kind of a go-fast approach to development, which means there's a little more risk in the development sequence, if you will, develop and test, learn the lessons and then redesign. So we're doing that jointly. And one of the benefits of integrating somewhat vertically with propulsion and what's called the glide body, which is the heat-absorbing part of the missile, and then the full air system that transports the missile either out of the tube or off the airplane, the more you can integrate that into one engineering organization, probably the faster you could go. But we can manage it, as we do today, with the propulsion provider outside of Lockheed Martin.

關於高超音速戰略，我只是將 AJRD 排除在討論之外，但我會告訴你我們將如何處理這個問題。因此，對於我們和我們的客戶群，基本上是美國三大軍種，我們都一致同意採用快速發展的方法，這意味著在發展過程中會有更多的風險，如果你願意，開發和測試，吸取教訓，然後重新設計。所以我們正在共同做這件事。與推進力和所謂的滑翔體（導彈的吸熱部分）以及將導彈從管外或飛機外運輸的完整空氣系統在某種程度上垂直整合的好處之一，您可以將其集成到一個工程組織中的次數越多，您可能會走得越快。但我們可以像今天一樣，通過洛克希德馬丁公司以外的推進供應商來管理它。

So we'll continue to manage it as we have. We think we could have gotten the speed and efficiency increase by partial vertical integration hypersonics through the AJRD acquisition specifically. But we can still manage it whichever way that deal turns out.

因此，我們將繼續照常管理它。我們認為，我們可以通過專門收購 AJRD 的部分垂直整合高超音速來提高速度和效率。但無論交易結果如何，我們仍然可以管理它。

And we'll go to Rob Stallard with Vertical Research.

我們將與垂直研究一起去 Rob Stallard。

Jim, I was wondering if you could give us an update on the F-35 sustainment situation. There obviously continued to be press noise about this and whether you've made any progress on bringing that cost per hour down.

吉姆，我想知道您能否向我們提供有關 F-35 維持情況的最新信息。顯然，關於這一點以及您是否在降低每小時成本方面取得了任何進展的新聞噪音繼續存在。

Yes. I think we made great progress over the past year by really bringing attention and integration between the Joint Program Office, these key services that fly the airplane and Lockheed Martin, and actually Pratt & Whitney also is the suppliers. So we've all joined together in a way that I think might even be unprecedented in that we all realize we have a shared goal to reduce the cost per flight hour and improve the readiness rate of the jet, and we're all working together to do that.

是的。我認為我們在過去一年中取得了很大進展，真正引起了聯合項目辦公室、這些駕駛飛機的關鍵服務和洛克希德馬丁公司之間的關注和整合，實際上普惠公司也是供應商。因此，我們以一種我認為甚至可能是前所未有的方式團結在一起，因為我們都意識到我們有一個共同的目標，即降低每飛行小時的成本並提高噴氣式飛機的準備率，我們都在共同努力要做到這一點。

So we've had some successes where we've got long lead time spare part orders already through the system, and that will help with having enough spare parts in the right places at the right time to reduce costs and improve the readiness rate. We've also received a request for proposal for a somewhat more limited, but nonetheless, a PBL or performance-based logistics program that we, again, together agreed, let's really focus on the supply chain side of that, which you can integrate with production parts planning and sustainment parts planning.

因此，我們已經取得了一些成功，我們已經通過該系統獲得了較長交貨時間的備件訂單，這將有助於在正確的時間將足夠的備件放在正確的位置，從而降低成本並提高準備率。我們還收到了一份更有限的提案請求，但儘管如此，PBL 或基於績效的物流計劃，我們再次一致同意，讓我們真正專注於供應鏈方面，您可以與之集成生產零件計劃和維持零件計劃。

You always want to -- if you can keep those together. That's where this PBL is largely focused, less so on sort of the labor piece of it, which we'll figure out as we go with the government, what happens in our supply chain, what happens at Lockheed Martin, what happens in depots. But the bulk of the value will be in the parts flow, distribution, production integration, et cetera. That is, I think, a 3-year PBL. We hope to get that negotiated over the next coming months or quarters, if you will.

你總是想——如果你能把它們放在一起的話。這就是 PBL 主要關注的地方，而不是其中的勞動力部分，我們將在與政府合作時弄清楚，我們的供應鏈中發生了什麼，洛克希德·馬丁公司發生了什麼，倉庫中發生了什麼。但大部分價值將體現在零件流、分銷、生產集成等方面。也就是說，我認為是 3 年的 PBL。如果您願意，我們希望在接下來的幾個月或幾個季度內就此事進行談判。

So I think we're really well on the road to having a much more coherent and integrated industry customer program office approach to sustainment. And we've already got good progress in getting some of the cost per hour down even as we speak.

因此，我認為我們在採用更加連貫和綜合的行業客戶計劃辦公室維持方法方面做得很好。即使在我們說話的時候，我們已經在降低每小時成本方面取得了良好進展。

Yes. Just to kind of put a quantitative mention on what Jim was talking about. So at the end of the year of 2021, we had 753 fielded aircraft. And based on the production plan, that number of fielded aircraft is going to grow from 753 to like 1,525 aircraft, which is a 15% compound annual growth rate and the number of fielded aircraft and the flight hour growth rates even faster. So you can think of sustainable cost as a function of flight hours. The flight hours are growing over 16%. And I think we gave you a long-term sustainment revenue chart in our October call, and you would have seen on there a 6% growth in our compound annual growth rate and our sustainment costs over the period. So to me, personally, that says a lot to the amount of aggressive cost takeout that's being embedded by all the actions Jim talked about.

是的。只是對吉姆所說的內容進行定量提及。所以到 2021 年底，我們有 753 架飛機。而根據生產計劃，這架飛機的數量將從753架增長到1525架左右，年復合增長率為15%，飛機數量和飛行小時的增長速度更快。因此，您可以將可持續成本視為飛行時間的函數。飛行小時增長超過 16%。我認為我們在 10 月份的電話會議中為您提供了長期維持收入圖表，您會看到我們的複合年增長率和維持成本在此期間增長了 6%。所以對我個人而言，這說明了吉姆談到的所有行動所嵌入的激進成本支出的數量。

And we did move it up with the Joint Program Office to a 5-year PBL response. So that's where we're standing today.

我們確實與聯合項目辦公室一起將其升級為 5 年 PBL 響應。這就是我們今天的立場。

Our next question is from Doug Harned with Bernstein.

我們的下一個問題來自 Doug Harned 和 Bernstein。

I wanted to go -- just continue on the F-35. Right now, when we think of production rates, at one time, we were looking at a peak level of about 220 per year. That's steadily come down to the 156 peak level that we're looking at now, and we've seen some U.S. rate plans come down as well in budgeting. But at the same time, you've seen some new international opportunities, Finland being one of them. What risks do you see to the 156 level as a plateau level? And how do you expect the mix to progress between U.S. and international over time?

我想去——繼續使用 F-35。現在，當我們想到生產率時，我們一度看到每年大約 220 個的峰值水平。這穩步下降到我們現在看到的 156 個峰值水平，我們已經看到美國的一些利率計劃在預算中也下降了。但與此同時，您也看到了一些新的國際機遇，芬蘭就是其中之一。您認為 156 水平作為高原水平有哪些風險？隨著時間的推移，您預計美國和國際之間的混合將如何發展？

Yes. So I'll take a shot at that one, Doug. I mean just the broad pattern is the U.S. program of record is over 2,400 aircraft. I can't remember if it's 2,430 or 2,450 or whatever. But then we anticipate another, call it, 900 international aircraft. So the total program by program of record is in excess of 3,300 aircraft. So when we look at that and we look at the production flow and we think about when will we get -- Finland is probably the most current contract or approach or campaign that we think we'll get under contract most quickly, and then Switzerland and you've got opportunities in Canada as well as a number of other campaigns.

是的。所以我要試一試，道格。我的意思是大體模式是美國的記錄計劃是超過 2,400 架飛機。我不記得是 2,430 還是 2,450 或其他。但隨後我們預計會有另一架，稱之為 900 架國際飛機。因此，按計劃記錄的總計劃超過 3,300 架飛機。因此，當我們看到這一點並查看生產流程時，我們會考慮我們什麼時候能得到——芬蘭可能是我們認為我們將最快獲得合同的最新合同或方法或活動，然後是瑞士和您在加拿大以及許多其他活動中都有機會。

In looking at the data, the 156 aircraft production rate, I would think, if anything, has bias to the upside. I mean the reason for picking the 156 is the last thing you want is a sawtooth production pattern where you're ramping up and ramping down. So between us and the Joint Program Office, we set a rate that we're fairly comfortable will result in a level-loaded production build tempo for the foreseeable future.

在查看數據時，我認為 156 架飛機的生產率（如果有的話）偏向上行。我的意思是選擇 156 的原因是您最不想要的就是鋸齒形生產模式，您可以在這種模式下不斷上升和下降。因此，在我們和聯合項目辦公室之間，我們設定了一個我們相當滿意的速度，這將在可預見的未來產生一個水平加載的生產建設節奏。

Yes. And Doug, it's Jim. Just as I think everyone on this call understands, you have to invest in the capital base for your peak of the sawtooth production schedule. And then you've got overcapacity in those years where the sawtooth trends down, and then you might have to recover and invest even more to bring it back up. So between the services and JPO and us, I was literally in on this conversation myself because I understand the needs of the Air Force and Marines and Navy as well as the production system, that steady and reliable 156 a year was the right investment level for government and for Lockheed Martin and our supply base over time.

是的。還有道格，是吉姆。正如我認為本次電話會議上的每個人都理解的那樣，您必須為鋸齒生產計劃的高峰期投資資本基礎。然後在鋸齒趨勢下降的那些年裡，你的產能過剩，然後你可能不得不恢復並投入更多資金來恢復它。因此，在軍種、JPO 和我們之間，我本人確實參與了這次對話，因為我了解空軍、海軍陸戰隊和海軍的需求以及生產系統，每年穩定可靠的 156 架是正確的投資水平隨著時間的推移，政府以及洛克希德馬丁公司和我們的供應基地。

So I agree with John that the bias could be to the upside, especially if we win more of the international opportunities. But I don't see a lot of downside risk to it. And the last thing I'll touch on, because you've actually taken a deep dive into this, Doug, and I appreciate you taking time to do that in the past. We're getting more interest in our sort of technology acceleration concepts to bring digital world technologies into the defense enterprise. And in the aerospace domain, the F-35 is not only the logical, it's the essential cornerstone of actually doing that. Because the aircraft, especially with the Tech Release 3 and the Block 4 capabilities that John mentioned are coming, will have, by far, the highest data storage level, the highest data processing capability; and with our 5G.MIL approach, the most comprehensive connectivities of the cloud, both dedicated and commercial, to really make it even more attractive. So I do see if there's a bias to anything to be on the upside is this other element of the F-35 becomes increasingly important, its capability to be an edge node and an integrated system.

所以我同意約翰的觀點，偏見可能是向上的，特別是如果我們贏得更多的國際機會。但我認為它沒有很大的下行風險。我要談的最後一件事，因為你實際上已經深入研究了這一點，道格，我感謝你過去花時間做這件事。我們對將數字世界技術帶入國防企業的技術加速概念越來越感興趣。而在航空航天領域，F-35 不僅是合乎邏輯的，而且是實際做到這一點的重要基石。因為這架飛機，尤其是 John 提到的 Tech Release 3 和 Block 4 功能即將推出，將擁有迄今為止最高的數據存儲級別、最高的數據處理能力；通過我們的 5G.MIL 方法，最全面的雲連接，包括專用的和商業的，真正使它更具吸引力。因此，我確實看到是否存在偏向於任何東西的偏向，即 F-35 的其他元素變得越來越重要，它成為邊緣節點和集成系統的能力。

Next, we'll go to George Shapiro with Shapiro Research.

接下來，我們將與 Shapiro Research 一起前往 George Shapiro。

Yes. It looks like one of the biggest benefits to the cash flow this quarter was like a $2 billion decline in contract assets. So if you could discuss that. And obviously, it doesn't seem like it's a onetime benefit because the strong cash flow this year didn't affect your '22 and '23 guidance. So if you'd comment on that. And then one other, in RMS, you've got declining sales and a declining margin projected for this year. Is that mostly due to Sikorsky where government helicopters come down and development programs like the 53 grow?

是的。看起來本季度現金流的最大好處之一就是合同資產減少了 20 億美元。所以如果你能討論一下。顯然，這似乎不是一次性的好處，因為今年強勁的現金流並未影響您的 '22 和 '23 指導。因此，如果您對此發表評論。然後另一個，在 RMS 中，今年的銷售額和利潤率預計會下降。這主要是由於西科斯基政府直升機降落並且像 53 這樣的發展計劃增長了嗎？

Yes. Thanks, George. I'll take both of those questions. And as it -- as usual, your analysis is right on. I'll start with the last question in and around RMS. Yes, we're projecting almost a $300 million revenue decline in Black Hawk, the multiyear 9. Obviously, that's a hot production line, which would tend to have accretive margins. So we've got a decline there.

是的。謝謝，喬治。我會回答這兩個問題。和往常一樣，你的分析是正確的。我將從 RMS 及其周圍的最後一個問題開始。是的，我們預計多年 9 的 Black Hawk 的收入將下降近 3 億美元。顯然，這是一條熱門的生產線，其利潤往往會增加。所以我們那裡有下降。

We've also got an over $300 million ramp in the CH-53K program, as you indicated. And that -- given where we are in that program with a long run runway ahead of it, we, again, per our typical practice, look at risk retirement events in front of us, make our best engineering estimates of when those events will be achieved. And then when we achieve them, we record what we would describe the step-ups that you'll read about. But the 2 biggest margin factors are exactly what you talked about: decline in the hot production line and a ramp in the CH-53K.

正如您所指出的，我們還在 CH-53K 計劃中投入了超過 3 億美元的資金。而且——考慮到我們在那個項目中的位置，前面還有很長的跑道，我們再次按照我們的典型做法，查看我們面前的風險退休事件，對這些事件何時發生做出我們最好的工程估計達到。然後，當我們實現它們時，我們會記錄我們將描述您將閱讀到的步驟的內容。但是兩個最大的利潤因素正是你所說的：熱生產線的下降和 CH-53K 的增長。

So for the 3-year guide, yes, the contract assets you just saw were specifically what you and I would've called accounts receivable back in the day. Just to give you some perspective, in the last 3 weeks of 2021, we collected $6 billion in the last 3 weeks. I mean there were 2 weeks where we were over $2 billion.

因此，對於 3 年指南，是的，您剛剛看到的合同資產就是您和我在當時稱為應收賬款的具體資產。只是為了給你一些觀點，在 2021 年的最後 3 週，我們在過去 3 週籌集了 60 億美元。我的意思是，我們有兩週的時間超過了 20 億美元。

I'll tell you, when we talked about our operating cash flow guidance in October, there were several very large domestic and international collection events that we're absolutely not tracking to collect in 2021. I kind of talked about this in the script. We came together as a cross-functional team and made a number of changes in both our internal approach and in our customer outreach activity. And those changes resulted in us collecting not only all those high-risk invoices, but we were also able to bring in a lot of collections that I absolutely would have thought, no way, those collections are going to be collected in 2021. And they were.

我會告訴你，當我們在 10 月份談論我們的運營現金流指導時，有幾場非常大型的國內和國際收款活動，我們絕對不會跟踪到 2021 年收款。我在劇本中談到了這一點。我們作為一個跨職能團隊聚集在一起，並在我們的內部方法和客戶外展活動中做出了許多改變。這些變化導致我們不僅收集了所有那些高風險的發票，而且我們還能夠帶來很多我絕對不會想到的收藏品，不可能，這些收藏品會在 2021 年被收集。而且他們是。

So to your point about, hey, this must not have come out of '22 because you're maintaining your guidance. I'll say so while accelerating the collections from 2022 into 2021 drove the outperformance in the fourth quarter and in 2021, I'm really confident that the process and the focus that we applied in the fourth quarter is repeatable, like every year, '22, '23, '24. And as a result, I'm comfortable that we can still generate the prior guide for '22 and '23 despite the outperformance.

所以就你的觀點而言，嘿，這一定不是從 22 年出來的，因為你一直在保持你的指導。我會這麼說，雖然從 2022 年加速到 2021 年的收集推動了第四季度和 2021 年的出色表現，但我真的相信我們在第四季度應用的過程和重點是可重複的，就像每年一樣，' 22，'23，'24。因此，儘管表現出色，但我們仍然可以為 '22 和 '23 生成先前的指南，我對此感到很滿意。

Next, we go to Ron Epstein with Bank of America.

接下來，我們去美國銀行的羅恩愛潑斯坦。

Jim, what's your take on the adaptive cycle engines as applied to the F-35? If you look at what GE is saying, they suggest that it could give the aircraft maybe 30% more range. And if indeed that's the case, doesn't that open up the market for the airplane?

吉姆，您對應用於 F-35 的自適應循環引擎有何看法？如果你看看通用電氣的說法，他們建議它可以讓飛機的航程增加 30%。如果確實如此，那不是為飛機打開了市場嗎？

So Ron, I actually had the opportunity to visit both engine plants in the last couple of months: Middletown for Pratt & Whitney and Evendale for GE. To their credit, both companies are investing great talent and resources in improving engine options for the F-35. So there's one road that the government customers can take, which is improving the existing basic engine design. And there's a second road they could take, which is a clean sheet engine design that you identify it correctly. It's called adaptive cycle engine, right?

所以羅恩，在過去的幾個月裡，我實際上有機會參觀了兩家發動機工廠：普惠的米德爾敦和通用電氣的埃文代爾。值得稱讚的是，兩家公司都在投入大量人才和資源來改進 F-35 的發動機選擇。所以政府客戶可以走一條路，那就是改進現有的基礎發動機設計。他們還可以採取第二條道路，這是一個乾淨的引擎設計，您可以正確識別它。它叫做自適應循環引擎，對吧？

So I've been around this earlier in my career, so I find it interesting. But the difference between the adaptive cycle engine and the upgraded existing engine technology is that rather than 2 streams of airflow going through the engine, it's divided into 3 streams with some fairly sophisticated veins and control mechanisms and feedback throughout the engine. Both potential engine vendors are developing that second technology that I'm talking about, the adaptive cycle or 3-airflow-type engine.

所以我在職業生涯的早期就接觸過這個，所以我覺得它很有趣。但自適應循環發動機與升級後的現有發動機技術之間的區別在於，它不是 2 股氣流通過發動機，而是分成 3 股氣流，具有一些相當複雜的脈絡和控制機制以及整個發動機的反饋。兩家潛在的發動機供應商都在開發我所說的第二種技術，即自適應循環或三氣流式發動機。

And it's really just now up to the Joint Program Office and the Services and Department of Defense at large to work with us and figure out, well, will the improved engine technology be a viable option for the future based on the threat? So the threat is evolving. The aircraft has to improve. As you said, if it does improve, it has a wider use case for the U.S. and other nations. And it really will be a U.S. government decision as to based on the threat they're facing and their assessment of it and our input on what the aircraft needs to do to meet it, they will make an engine decision on 1 of those 2 roads: improve what's there today or go for an entire new technology, which is that 3-stream airflow engine.

現在真的要靠聯合項目辦公室和整個軍種和國防部與我們合作，並弄清楚改進的發動機技術是否會成為基於威脅的未來可行的選擇？因此，威脅正在演變。飛機必須改進。正如您所說，如果它確實有所改進，它將為美國和其他國家提供更廣泛的用例。這真的將是美國政府的決定，根據他們面臨的威脅和他們對威脅的評估以及我們對飛機需要做什麼來應對威脅的意見，他們將在這兩條道路中的一條上做出引擎決定：改進現有技術或採用全新技術，即 3 流氣流發動機。

Our next question is from Mike Maugeri with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Mike Maugeri。

Jim, you talked about some of the higher ad spend going towards 5G.MIL. So I'm just wondering, are there any guideposts or signs that you'd point to that 5G.MIL is beginning to gain traction as you envision it? I guess anything looking out that we as the investment community can measure you against?

吉姆，你談到了 5G.MIL 的一些更高的廣告支出。所以我只是想知道，是否有任何路標或跡象表明你會指出 5G.MIL 開始像你想像的那樣受到關注？我想我們作為投資界可以衡量你的任何東西？

So Mike, a lot of this is really what we call a keep sold effort, right? 5G.MIL is designed to, first of all, give our customers more efficient, higher level of performance in missions that they're trying to accomplish. So one of those missions that we've modeled pretty deeply is called counter air, for example. The second one is surface warfare and the third one is integrated air and missile defense. We modeled those at a staff level in great detail with both Lockheed Martin and other OEM platforms contributing to those missions in an accelerated fashion. And the new platform is coming on board to further enhance that mission capability.

所以邁克，很多這真的是我們所說的保持銷售努力，對吧？首先，5G.MIL 旨在為我們的客戶在他們試圖完成的任務中提供更高效、更高水平的性能。例如，我們已經深入建模的其中一項任務稱為反空。二是水面戰，三是防空反導一體化。我們使用洛克希德馬丁公司和其他 OEM 平台以加速方式為這些任務做出貢獻，在員工層面對這些任務進行了非常詳細的建模。新平台即將推出，以進一步增強該任務能力。

That's a whole different way of looking at things than the defense industrial base has used in the past in my view. And frankly, it may be different than our customers and their procurement systems have looked at it. We typically respond to RFPs as we just talked about, where government officials determine a need. They write up a detailed document to distribute to the industry who can meet that need, and then we kind of individually respond with our own proposals.

在我看來，這與國防工業基地過去使用的看待事物的方式完全不同。坦率地說，它可能與我們的客戶和他們的採購系統所看到的不同。正如我們剛剛談到的，我們通常會回應 RFP，政府官員會在其中確定需求。他們寫了一份詳細的文件，分發給能夠滿足這一需求的行業，然後我們會單獨用我們自己的建議做出回應。

What we're trying to do is adopt the tech industry's practice of, what's the mission we're trying to accomplish? Is it autonomous cars at scale. Is it drone package deliveries? And then figure out what existing vehicles and platforms and systems we have that can contribute to that mission, and what new ones do we need to develop. But at the same time, we can upgrade that mission every 6 to 12 months. And that's what 5G.MIL is designed to do. It's designed to figure out how to not have to wait 6 years for the next NGAD platform but rather how do we integrate platforms we have today, while that NGAD is being developed over that period of time, increase our capability every 6 to 12 months.

我們正在嘗試做的是採用科技行業的做法，我們要完成的使命是什麼？是大規模的自動駕駛汽車嗎？是無人機包裹遞送嗎？然後找出我們現有的哪些車輛、平台和系統可以為這項任務做出貢獻，以及我們需要開發哪些新的。但與此同時，我們可以每 6 到 12 個月升級一次該任務。這就是 5G.MIL 的設計目的。它旨在弄清楚如何不必為下一個 NGAD 平台等待 6 年，而是我們如何集成我們今天擁有的平台，而 NGAD 在這段時間內正在開發，每 6 到 12 個月增加我們的能力。

So what 5G.MIL will do will help keep sold a lot of Lockheed Martin platforms because we're going to endeavor to put those capabilities on our platforms first to be a pathfinder so we get other OEMs to play with us and create a common standard set and actually have them contribute to that mission profile too. So very complicated answer to a simple question.

因此，5G.MIL 將幫助保持大量洛克希德馬丁平台的銷量，因為我們將努力將這些功能首先放在我們的平台上，作為探路者，以便讓其他 OEM 與我們合作並創建一個通用標準設置並實際讓他們也為該任務配置文件做出貢獻。一個簡單問題的答案非常複雜。

You'll see it as perhaps the program or record of F-35 either to stay -- maintains or increases. You'll see it as we start linking in, hey, perhaps Future Vertical Lift will be a hopefully decision criteria because we're going to enable that with 5G.MIL to connect to other assets. So that's where you're going to see it.

您可能會將其視為 F-35 的計劃或記錄要么保留 - 保持或增加。當我們開始連接時，您會看到它，嘿，也許未來垂直升降機將是一個有希望的決策標準，因為我們將通過 5G.MIL 實現它以連接到其他資產。所以這就是你要看到它的地方。

There may not necessarily be another affordable unit or something that comes along the way that says 5G.MIL x billion dollars. It's going to come in many ways through our existing platforms predominantly. And over time, we'll hope to license some of these technologies to others and get some income that way. But this is really a keep sold to drive the Lockheed Martin platform base forward and make the other platforms that we're developing prospectively for our customers enabled already with that in the design phase and make them more attractive, too. That's really why we're doing this.

可能不一定會有另一個負擔得起的單位或沿途出現的東西，比如 5G.MIL x 十億美元。它將主要通過我們現有的平台以多種方式出現。隨著時間的推移，我們希望將其中一些技術授權給其他人，並通過這種方式獲得一些收入。但這確實是為了推動洛克希德馬丁平台基礎向前發展，並使我們正在為我們的客戶開發的其他平台在設計階段就已經啟用，並使它們也更具吸引力。這就是我們這樣做的真正原因。

Next question is from Myles Walton with UBS.

下一個問題來自瑞銀的邁爾斯沃爾頓。

Jim, we're, I think, more than 3 years removed from when you and the DoD opened negotiations on Lot 15 on the F-35. The backlog of F-35 is actually below where it ended in 2017. And I know you're being incrementally funded for Lots 15 and beyond, but why isn't job #1 to close that contract and to sort of get on the right foot with the contract closures and getting them into the backlog?

吉姆，我想，距離你和國防部開始就 F-35 的 Lot 15 進行談判的時間已經過去了 3 年多。 F-35 的積壓實際上低於 2017 年結束時的水平。而且我知道你正在為第 15 批及以後的項目提供增量資金，但為什麼第 1 項工作不是關閉該合同並在某種程度上獲得正確的同意關閉合同並將其納入積壓工作？

I'll let John address this because he's been around for the entire 3-year period.

我會讓約翰解決這個問題，因為他在整個 3 年期間都在身邊。

Yes.

是的。

I could add some color at the end maybe.

也許我可以在最後添加一些顏色。

Yes. Myles, yes, as you mentioned, we're still in negotiations with the Joint Program Office on Lots 15 to 17. It has proven more difficult than we expected to reach agreement on a cost baseline that incorporates the impacts that we see associated with our customer set ordering fewer aircraft in Lots 15 to 17 than were ordered in the prior buys of 12 to 14.

是的。邁爾斯，是的，正如您所提到的，我們仍在與聯合項目辦公室就第 15 至 17 批進行談判。事實證明，就包含我們認為與我們所看到的與我們相關的影響的成本基線達成協議比我們預期的要困難得多。客戶在批次 15 至 17 中訂購的飛機數量少於之前購買的 12 至 14 批次的訂購量。

They're also -- we're struggling to come to a mutual agreement on the impact of global challenges that Lockheed Martin and our supply chain partners are experiencing, such as inflation and COVID-19. I'll say we'll continue using a data-driven process for as long as it takes to reach agreement based on what it's actually going to cost to build these aircraft.

他們還 - 我們正在努力就洛克希德馬丁公司和我們的供應鏈合作夥伴正在經歷的全球挑戰的影響達成共識，例如通貨膨脹和 COVID-19。我會說，只要根據建造這些飛機的實際成本達成協議，我們將繼續使用數據驅動的流程。

So that said, both parties continue good faith negotiations and are diligently working to reach closure because we both recognize the importance of continuing to deliver these critical F-35 capabilities to the services and to our international partners.

話雖如此，雙方繼續進行真誠的談判，並正在努力達成共識，因為我們都認識到繼續向軍種和我們的國際合作夥伴提供這些關鍵的 F-35 能力的重要性。

So Myles, we're sticking to our economics and trying to make sure that our shareholders get an appropriate agreement on their behalf negotiated by our team, and we continue to strive to do that.

所以邁爾斯，我們堅持我們的經濟並努力確保我們的股東代表他們獲得我們團隊談判的適當協議，我們將繼續努力做到這一點。

And next, we'll go to Noah Poponak with Goldman Sachs.

接下來，我們將與高盛一起去諾亞波波納克。

John, with regard to the R&D cash tax item, I just want to make sure I have it clear. Are you saying that you now know you only need to incorporate IRAD into that? Or are you saying that there's, historically, where you placed R&D tax credit will be what has to be amortized going forward? I just want to make sure I have that right.

約翰，關於研發現金稅項，我只是想確保我說清楚。您是說您現在知道只需將 IRAD 納入其中嗎？或者你是說，從歷史上看，你放置研發稅收抵免的地方將是未來必須攤銷的？我只是想確保我有這個權利。

And then Jim, on a completely different topic, in the near term here, we're going to get the next budget request and a multiyear look from the Pentagon. Curious if you could just spend a minute on what kind of growth rates you expect to see. I mean there's a lot of competing interests. And do you think it's a realistic next 5-year framework to think about where the '22 budget started with something squarely low single digit or where the '22 budget ended something squarely mid-single digit?

然後吉姆，在一個完全不同的話題上，在短期內，我們將收到五角大樓的下一個預算請求和多年期展望。好奇您是否可以花一分鐘時間了解您期望看到的增長率。我的意思是有很多相互競爭的利益。您認為考慮 '22 預算從哪裡開始以低個位數或 '22 預算在哪裡結束是一個現實的下一個 5 年框架？

Yes.

是的。

John, why don't you do the R&D tax first and I'll...

約翰，你為什麼不先做研發稅，我會...

Yes. No, to answer your question, the framework we're looking at for what expenses ought to be capitalized for purposes of this R&D activity, it's broader than just IR&D, but it's not as broad as the definition that we were using previously. And it is consistent, like I said in the scripted remarks, with the framework we're using when we calculate the R&D activity we're doing that merits the R&D tax credit provision. So it's historically consistent with that approach.

是的。不，為了回答你的問題，我們正在研究的框架應該為這項研發活動的目的而資本化，它比 IR&D 更廣泛，但它不像我們之前使用的定義那麼廣泛。正如我在腳本評論中所說，它與我們在計算我們正在進行的研發活動時使用的框架是一致的，這值得研發稅收抵免條款。所以它在歷史上與這種方法是一致的。

Okay. And then on the Future of Your Defense Plan or FYDP, F-Y-D-P, that is being developed in the first sort of real year of that forward-looking approach is 2023. It's too soon to know what the percentage growth rates in the defense budget are going to be. But our expectation will be that FY '22, which we're already, again, 1/3 of the way through, but it looks like a $740 billion number, would be the base line upon which 2023 growth would be placed. And then that growth percentage, of course, is going to have to come through the administration and Congress.

好的。然後關於你的國防計劃或 FYDP 的未來，即 FYDP，這是在這種前瞻性方法的第一個實際年份中製定的，即 2023 年。現在知道國防預算的百分比增長率還為時過早成為。但我們的預期是，22 財年，我們已經完成了 1/3，但看起來像一個 7400 億美元的數字，將成為 2023 年增長的基線。當然，這個增長百分比必須通過政府和國會。

But if you look at -- and it's evident each day that goes by. If you look at the evolving threat level and the approach that some countries are taking, including North Korea, Iran and through some of its proxies in Yemen and elsewhere, and especially Russia today, these days, and China, there's renewed great power competition that does include national defense and threats to it. And the history of United States is when those environments evolve, that we do not sit by and just watch it happen.

但是，如果您看一下 - 每天都會很明顯。如果你看看不斷變化的威脅級別和一些國家正在採取的方法，包括朝鮮、伊朗以及通過其在也門和其他地方的一些代理人，尤其是今天的俄羅斯和中國，就會發現新的大國競爭確實包括國防和對它的威脅。美國的歷史就是這些環境演變的時候，我們不會坐視它發生。

So I can't talk to a number, but I do think and I'm concerned personally that the threat is advancing, and we need to be able to meet it. And the contribution we can make at LM is to increase the efficiency and the reliability of our products that we have today for our customer. And secondly, to try to bring this 21st century digital technology to the enterprise in a way that allows us to keep up with the adversaries while we're developing even newer and more advanced systems.

所以我不能和一個數字說話，但我確實認為並且我個人擔心威脅正在發展，我們需要能夠應對它。我們可以在 LM 做出的貢獻是提高我們今天為客戶提供的產品的效率和可靠性。其次，嘗試將這種 21 世紀的數字技術引入企業，使我們能夠在開發更新、更先進的系統時跟上對手的步伐。

John, this is Greg. We've gone a little over the hour. So I think we've come up on the end of our call. I will turn it back over to Jim for some final thoughts.

約翰，這是格雷格。我們走了一個多小時。所以我認為我們已經結束了通話。我會把它交還給吉姆，讓他做一些最後的思考。

Yes. Thanks, Greg. I'd like to conclude the call by thanking the entire Lockheed Martin community for their steadfast commitment in a really challenging year, for supporting our customers and each other. And we're all going to work to put the pandemic hopefully behind us here in '22.

是的。謝謝，格雷格。最後，我要感謝整個洛克希德·馬丁公司社區在充滿挑戰的一年中的堅定承諾，為我們的客戶和彼此提供支持。我們都將努力在 22 年將大流行病拋在腦後。

I'm confident in our future because of the outstanding integrity, performance and innovation of our workforce, and we've got like 60,000 engineers and scientists working every day to try to address these issues. And we'll continue to support our customers i their essential missions that we just talked about.

我對我們的未來充滿信心，因為我們的員工具有出色的誠信、績效和創新能力，我們每天有大約 60,000 名工程師和科學家努力解決這些問題。我們將繼續支持我們的客戶完成我們剛才談到的基本任務。

And look, I also appreciate our investors' confidence in our capability to execute on our long-term free cash flow per share growth strategy. And thanks again to all of you then for joining us on the call today, and we look forward to speaking with you in April. Bye, everybody. Take care.

而且，我也很欣賞我們的投資者對我們執行長期每股自由現金流增長戰略的能力的信心。再次感謝你們今天加入我們的電話會議，我們期待在四月與你們交談。大家再見。小心。

Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連接。