洛克希德·馬丁 (LMT) 2021 Q2 法說會逐字稿

Good day, and welcome, everyone, to the Lockheed Martin Second Quarter 2021 Earnings Results Conference Call. Today's call is being recorded.

美好的一天，歡迎大家參加洛克希德馬丁公司 2021 年第二季度收益結果電話會議。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 of 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 second quarter 2021 earnings conference call. Joining me today on the call are Jim Taiclet, our Chairman, President and Chief Executive Officer; and Ken Possenriede, our Chief Financial Officer.

謝謝你，約翰，早上好。我想歡迎大家參加我們的 2021 年第二季度收益電話會議。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；和我們的首席財務官 Ken Possenriede。

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 thank you for joining us today on our second quarter 2021 earnings call. I'll begin my remarks this morning with a few comments on our financial results, which Ken will elaborate on in a few minutes.

謝謝，格雷格。大家早上好，感謝您今天加入我們的 2021 年第二季度財報電話會議。今天早上，我將以對我們財務業績的一些評論開始我的發言，肯將在幾分鐘內詳細說明。

Our second quarter sales increased 5% over last year's second quarter, as each business area exceeded 2020 levels, led by our Space team. Our Space business grew over 10% this quarter due to growth in hypersonics; next-generation overhead persistent infrared, or OPIR, satellite activities; and increased support provided to the U.K. Ministry of Defense's Atomic Weapons Establishment program, which will close out our management of that activity.

我們第二季度的銷售額比去年第二季度增長了 5%，因為在我們的太空團隊的領導下，每個業務領域都超過了 2020 年的水平。由於高超音速的增長，本季度我們的太空業務增長了 10% 以上；下一代頭頂持續紅外（OPIR）衛星活動；並增加對英國國防部原子武器建立計劃的支持，這將結束我們對該活動的管理。

Our segment operating profit was impacted this quarter by a onetime charge associated with the classified program in our Aeronautics business area. While the classified nature of this program precludes us from discussing this matter in depth, we can say that our customer is highly attracted to the capabilities that we are developing on their behalf, that we're committed to delivering these capabilities and that the long-term potential of this solution is significant for the company.

本季度我們的部門營業利潤受到與我們航空業務領域分類計劃相關的一次性費用的影響。雖然該計劃的機密性質使我們無法深入討論這個問題，但我們可以說我們的客戶對我們代表他們開發的功能非常感興趣，我們致力於提供這些功能，並且長期-該解決方案的長期潛力對公司而言意義重大。

Our cash generation remains strong, driving $1.3 billion of cash from operations this quarter, after making $1.4 billion of accelerated payments to our supply base, as we continue to mitigate the risks brought on by COVID-19 for our supply chain.

在向我們的供應基地加速支付 14 億美元之後，我們的現金產生仍然強勁，本季度從運營中獲得了 13 億美元的現金，因為我們繼續減輕 COVID-19 給我們的供應鏈帶來的風險。

Our cash generation and the strength of our balance sheet gave us the ability to complete a $500 million accelerated share repurchase agreement this quarter, in addition to the $1 billion ASR executed last quarter, thereby bringing our year-to-date repurchases to $1.5 billion.

除了上季度執行的 10 億美元 ASR 之外，我們的現金生成和資產負債表的實力使我們能夠在本季度完成 5 億美元的加速股票回購協議，從而使我們今年迄今的回購達到 15 億美元。

We remain confident in our ability to continue driving strong cash generation and supporting balanced cash deployment actions, including investing in key technologies to provide our customers with enhanced capabilities and returning cash to shareholders.

我們仍然相信我們有能力繼續推動強勁的現金產生和支持平衡的現金部署行動，包括投資關鍵技術，為我們的客戶提供增強的能力並向股東返還現金。

Turning to budgets. The White House submitted their fiscal year 2022 budget proposal to Congress, requesting $715 billion for the Department of Defense, an $11 billion increase from the FY '21 enacted budget. Our programs continue to be well supported, including over $12 billion for the F-35 program; approximately $3.5 billion for our signature Sikorsky helicopters; and over $2 billion for hypersonics programs.

轉向預算。白宮向國會提交了 2022 財年預算提案，要求為國防部提供 7150 億美元，比 21 財年頒布的預算增加 110 億美元。我們的項目繼續得到很好的支持，包括超過 120 億美元的 F-35 項目；約 35 億美元用於我們的標誌性西科斯基直升機；超過 20 億美元用於高超音速項目。

The President's budget request prioritizes funding for innovation and modernization as well, in recognition of the need to invest in technologies and capabilities to address the great power competition the nation now faces. These include areas of strength within the Lockheed Martin portfolio such as continued support for air and missile defense programs; FAD PAC-3 and our recent next-generation interceptor award; space domain initiatives, including OPIR and GPS III satellites; and the Space Development Agency's transport layer architecture.

總統的預算要求也優先考慮為創新和現代化提供資金，以認識到需要投資於技術和能力以應對國家現在面臨的大國競爭。其中包括洛克希德·馬丁公司產品組合中的優勢領域，例如繼續支持防空和導彈防禦計劃； FAD PAC-3 和我們最近獲得的下一代攔截器獎；空間領域倡議，包括 OPIR 和 GPS III 衛星；以及航天發展署的傳輸層架構。

The Defense Department request also focused on investments in advanced capability enablers. We believe this vision of deterrence and innovation is well aligned with our broad portfolio and our 21st Century Warfare vision.

國防部的要求還側重於對先進能力使能器的投資。我們相信，這種威懾和創新願景與我們廣泛的產品組合和 21 世紀戰爭願景非常吻合。

In congressional March to date of the FY '22 defense budget request, we continue to see strong support from the Hill for all of our programs, which include increases for F-35, C-130, CH-53K and UH-60 programs, and fully approved budget requests for many of our other systems.

在國會 3 月至今的 22 財年國防預算請求中，我們繼續看到希爾對我們所有計劃的大力支持，其中包括增加 F-35、C-130、CH-53K 和 UH-60 計劃，並完全批准了我們許多其他系統的預算請求。

Turning to some strategic and operational achievements from this quarter, I'd like to begin by highlighting the company's participation in Northern Edge 21, a U.S. Indo-Pacific Command exercise in support of the Pacific deterrence initiative. This live exercise included multiple U.S. military services across a very wide geographic area with the goal of enhancing joint interoperability between the services and the various domains that they operate in.

談到本季度的一些戰略和運營成就，我想首先強調該公司參與了美國印太司令部支持太平洋威懾倡議的北方邊緣 21 演習。這次實況演習包括跨越非常廣泛的地理區域的多個美國軍事部門，目的是增強各軍種與其所在的各個領域之間的聯合互操作性。

Signature programs from all 4 of our business areas participated in this event, and we successfully demonstrated Joint All Domain Command and Control, known as JADC2. We demonstrated capabilities such as enhanced situational awareness by integrating sensors across land, sea, air and space, for example.

來自我們所有 4 個業務領域的簽名項目都參加了此次活動，我們成功展示了聯合全域指揮與控制，即 JADC2。例如，我們通過整合陸地、海洋、空中和太空的傳感器展示了增強態勢感知等能力。

Among our successful demonstrations of JADC2 during the exercise was, one, enabling Aegis and PAC-3 MSE integration for integrated air and missile defense against advanced threats. Also using the F-35 to provide real-time tracking and targeting data generated near San Diego during a flight to the all-domain operations center in Alaska for prosecution and fire control; also facilitating space-based connectivity at the same time using the MUOS narrowband satellite communications constellation; and also supporting the Air National Guard demonstration of a new data link capability with our Legion Pod, which integrates our infrared search-and-track targeting sensor technology into that broader network.

我們在演習期間成功演示了 JADC2，其中之一是啟用宙斯盾和 PAC-3 MSE 集成，以實現針對先進威脅的綜合防空和導彈防禦。還使用 F-35 提供在飛往阿拉斯加全域作戰中心進行起訴和火控期間在聖地亞哥附近產生的實時跟踪和目標數據；同時使用 MUOS 窄帶衛星通信星座促進天基連接；並且還支持空軍國民警衛隊使用我們的 Legion Pod 演示新的數據鏈路功能，它將我們的紅外搜索和跟踪目標傳感器技術集成到更廣泛的網絡中。

The Northern Edge exercise demonstrated our integrated offensive and defensive fires capability, our satellite communication links as well as the ability to adapt joint battle management concepts in real time. One of my goals in the first year as CEO of Lockheed Martin was to actually demonstrate the benefits of network effects to our customers using existing platforms under our 21st Century Warfare concept. Our integrated performance in Northern Edge did exactly that, and we are just getting started.

北方邊緣演習展示了我們的綜合進攻和防禦火力能力、我們的衛星通信鏈路以及實時調整聯合作戰管理概念的能力。作為洛克希德馬丁公司首席執行官的第一年，我的一個目標是在我們的 21 世紀戰爭概念下，使用現有平台向我們的客戶實際展示網絡效應的好處。我們在北部邊緣的綜合表現正是這樣做的，我們才剛剛開始。

Moving to some specific business area highlights. In Aeronautics, Switzerland's Federal Council announced its decision to purchase 36 F-35A conventional takeoff and landing, or CTOL aircraft, along with sustainment and training services as part of their Air2030 modernization program. This is a significant win for Lockheed Martin with an initial value of $5.5 billion and a total value of approximately $15 billion over 30 years.

轉到一些特定的業務領域亮點。在航空領域，瑞士聯邦委員會宣布決定購買 36 架 F-35A 常規起降或 CTOL 飛機，以及維持和培訓服務，作為其 Air2030 現代化計劃的一部分。這對洛克希德馬丁來說是一個重大的勝利，初始價值為 55 億美元，30 年的總價值約為 150 億美元。

The F-35 was selected over the F-18, the Rafale and the Eurofighter because of its survivability, information superiority and comprehensively network systems. The Swiss Council also noted that the F-35 delivered outstanding value, offering both the lowest procurement and operational cost across all those competing aircraft. Switzerland will become the 15th nation to join the program since its inception, and we're excited to welcome them into the F-35 community.

F-35 之所以被選為 F-18、陣風和歐洲戰鬥機，是因為它的生存能力、信息優勢和全面的網絡系統。瑞士委員會還指出，F-35 提供了卓越的價值，在所有競爭飛機中提供最低的採購和運營成本。自該計劃啟動以來，瑞士將成為第 15 個加入該計劃的國家，我們很高興歡迎他們加入 F-35 社區。

In Rotary and Mission Systems, the U.S. Navy awarded our Sikorsky team a contract for 9 CH-53K heavy-lift helicopters for production Lot 5, which was worth nearly $900 million, and we're continuing to drive cost down and provide reduced unit prices to our customer.

在旋轉和任務系統方面，美國海軍向我們的西科斯基團隊授予了 9 架 CH-53K 重型直升機的合同，用於生產 Lot 5，價值近 9 億美元，我們將繼續降低成本並提供更低的單價給我們的客戶。

The award also included the option for 9 additional King Stallion aircraft for Lot 6, which, when those are exercised, would represent over $1.9 billion in order for the Lot 5 and 6 combined. Including the previous Lot 5 award, we've received orders for 33 53Ks out of a Navy program record of 200, so a long way to go. Over 80% of the domestic aircraft quantities are still in front of us, and interest from international customers is driving additional opportunities.

該獎項還包括為 Lot 6 增加 9 架 King Stallion 飛機的選擇權，當這些飛機被行使時，將代表 Lot 5 和 Lot 6 的總和超過 19 億美元。包括之前的 Lot 5 獎在內，我們已經收到了 33 架 53K 的訂單，而海軍項目記錄為 200 架，因此還有很長的路要走。超過 80% 的國內飛機數量仍在我們面前，國際客戶的興趣正在推動更多的機會。

Also in RMS, our C6ISR team participated in a unique collaboration with the Air Force to integrate critical battle management capabilities from our Command & Control legacy product, the Theater Battle Management Control System, or TBMCS, into the Air Force's new Kessel Run All Domain Operations Suite.

同樣在 RMS，我們的 C6ISR 團隊參與了與空軍的獨特合作，將我們的指揮與控制遺留產品、戰區戰鬥管理控制系統 (TBMCS) 中的關鍵戰鬥管理功能集成到空軍新的 Kessel Run All Domain Operations 中套房。

The TBMCS was first declared a system of record in 2000 and performs the planning and execution of air missions, interfacing with many other operations, intelligence and C2 systems throughout the U.S. armed services. Our RMS team delivered a cloud-based architecture and delivery plan to enhance capabilities and migrate TBMCS data into the Kessel Run operation suite in support of pilots and commanders executing joint air campaigns. It's another example of our 21st Century Warfare concept in action with our Air Force customer in this case.

TBMCS 於 2000 年首次被宣佈為記錄系統，並執行空中任務的規劃和執行，與整個美國武裝部隊的許多其他行動、情報和 C2 系統進行交互。我們的 RMS 團隊交付了基於雲的架構和交付計劃，以增強能力並將 TBMCS 數據遷移到 Kessel Run 操作套件中，以支持執行聯合空中戰役的飛行員和指揮官。在這種情況下，這是我們與空軍客戶一起行動的 21 世紀戰爭概念的另一個例子。

In Missiles and Fire Control, our integrated air and missile defense line of business delivered the first PAC-3 Missile Segment Enhancement, or MSE, interceptors to Sweden, providing our country with the world's most advanced air defense capabilities to defend against incoming threats. Sweden now becomes 1 of 10 international customers to choose PAC-3 MSE missiles.

在導彈和火力控制方面，我們的綜合空中和導彈防禦業務線向瑞典交付了首個 PAC-3 導彈段增強型 (MSE) 攔截器，為瑞典提供了世界上最先進的防空能力來抵禦來襲威脅。瑞典現在成為選擇 PAC-3 MSE 導彈的 10 個國際客戶之一。

In addition, our Space business area successfully launched 2 new satellites in support of critical national security space objectives. Our fifth Space Based Infrared System and Geosynchronous Earth Orbit, or SBIRS GEO-5 satellite, successfully deployed from its United Launch Alliance Atlas V rocket and is now communicating with the operations team from the U.S. Space Force.

此外，我們的太空業務領域成功發射了兩顆新衛星，以支持關鍵的國家安全太空目標。我們的第五顆天基紅外系統和地球同步地球軌道或 SBIRS GEO-5 衛星從聯合發射聯盟 Atlas V 火箭成功部署，目前正在與美國太空部隊的運營團隊進行溝通。

SBIRS GEO-5 is the latest satellite to join the Space Force's orbiting early warning missile constellation and is equipped with powerful surveillance sensors to support ballistic missile defense and expand technical intelligence gathering and bolster situational awareness for the guardians that are defending the U.S. and its allies. The SBIRS GEO-5 satellite is the first military satellite built on an LM 2100 Combat Bus. That's a more resilient, modernized and modular space vehicle originally developed using Lockheed Martin internal investment.

SBIRS GEO-5 是加入太空部隊軌道預警導彈星座的最新衛星，配備強大的監視傳感器，以支持彈道導彈防禦並擴大技術情報收集並增強保衛美國及其盟國的監護人的態勢感知. SBIRS GEO-5 衛星是第一顆建立在 LM 2100 戰鬥巴士上的軍用衛星。這是一種更具彈性、更現代化和模塊化的太空飛行器，最初是利用洛克希德馬丁公司的內部投資開發的。

Also the fifth global positioning system, our GPS-III satellite, was also successfully launched this quarter. The GPS III Space Vehicle 05 is the 31st operational GPS satellite in the constellation with significant advancements over previous GPS-based vehicles, including 3x better accuracy and improved anti-jamming capabilities. The GPS-III and OPIR satellite constellations are both Lockheed Martin signature programs and represent key elements of our network-centric 21st Century Warfare concept.

第五顆全球定位系統GPS-III衛星也在本季度成功發射。 GPS III 太空飛行器 05 是該星座中的第 31 顆可運行的 GPS 衛星，與之前基於 GPS 的飛行器相比具有顯著進步，包括提高了 3 倍的精度和改進的抗干擾能力。 GPS-III 和 OPIR 衛星星座都是洛克希德馬丁公司的標誌性計劃，代表了我們以網絡為中心的 21 世紀戰爭概念的關鍵要素。

And lastly, our Space business area was selected by NASA to build spacecraft for 2 separate missions to Venus. Lockheed Martin will design, build and operate the VERITAS orbiter to investigate the surface and subsurface of Venus and the DAVINCI+ vehicle to research the planet's atmosphere. This mission is build on our legacy Magellan program for the exploration of Venus and will represent NASA's first return to the planet in more than 3 decades.

最後，我們的太空業務領域被美國國家航空航天局選中，為前往金星的 2 次獨立任務建造航天器。洛克希德·馬丁公司將設計、建造和操作 VERITAS 軌道器來調查金星的表面和地下，以及 DAVINCI+ 飛行器來研究金星的大氣層。該任務建立在我們用於探索金星的傳統麥哲倫計劃的基礎上，並將代表美國宇航局 3 多年來首次重返地球。

These achievements from across the company highlight our focus on providing innovative solutions and the strength that our broad portfolio gives us to support our customers' missions and their all-domain objectives.

整個公司的這些成就突出了我們對提供創新解決方案的關注以及我們廣泛的產品組合為我們支持客戶的使命和他們的所有領域目標所賦予的實力。

I'll close my remarks today with a quick status on the strategic acquisition of Aerojet Rocketdyne that we announced last December, a transaction that we believe will enhance Lockheed Martins as well as all of industry's ability to meet our future national security and civil space objectives when it comes to propulsion.

今天我將簡要介紹我們去年 12 月宣布的對 Aerojet Rocketdyne 的戰略收購，我們相信這項交易將增強洛克希德馬丁公司以及所有行業實現我們未來國家安全和民用太空目標的能力在推進方面。

We are committed to achieving the key DoD priorities of reducing cost, increasing the quality and speed of new products, in addition to enhancing Aerojet Rocketdyne's position as a leading merchant supplier to all of the industry.

除了提升 Aerojet Rocketdyne 作為全行業領先商業供應商的地位外，我們還致力於實現降低成本、提高新產品質量和速度等國防部的關鍵優先事項。

We remain in the process of responding to the Federal Trade Commission's second request for information, which we received earlier in the year, a step in the review process that we had expected. We continue to engage with the FTC and Department of Defense stakeholders regularly as part of their review. And pending approval, we hope to -- and expect to close the transaction in the fourth quarter of this year.

我們仍在回應今年早些時候收到的聯邦貿易委員會的第二次信息請求，這是我們預期的審查過程中的一步。作為審查的一部分，我們將繼續定期與 FTC 和國防部利益相關者進行接觸。在等待批准的情況下，我們希望並期望在今年第四季度完成交易。

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

有了這個，我會把它交給肯。

Thank you, Jim, and good morning, everyone. As I highlight our results, please follow along with the web charts that we have included with our earnings release today.

謝謝你，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 our results for the quarter. We saw solid growth in sales and earnings per share. Segment operating profit was comparable to last year's second quarter total due to the $225 million impact of a classified aeronautics program, while cash from operations was $1.3 billion, exceeding our expectations for the quarter.

讓我們從圖 3 開始，概述我們本季度的業績。我們看到了銷售額和每股收益的穩健增長。由於機密航空項目的影響為 2.25 億美元，分部營業利潤與去年第二季度的總額相當，而運營現金為 13 億美元，超出了我們對該季度的預期。

For the second consecutive quarter, cash returned to shareholders exceeded 100% of free cash flow as we executed another $500 million of share repurchases, in addition to $721 million of dividends paid.

除了支付 7.21 億美元的股息外，我們還執行了另外 5 億美元的股票回購，連續第二個季度向股東返還的現金超過了自由現金流的 100%。

Despite the issue of a single contract, we are able to increase our outlook for earnings per share and hold our full year outlook for all other key financial metrics.

儘管發行了一份合同，但我們能夠提高每股收益的前景，並對所有其他關鍵財務指標保持全年展望。

Turning to Chart 4. We compare our sales and segment operating profit this year with last year's results. Second quarter sales grew 5% compared with 2020 to $17 billion, continuing our expected growth of the business, while segment operating profit remained at approximately $1.8 billion comparable to last year's results.

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比較。第二季度銷售額與 2020 年相比增長 5% 至 170 億美元，延續了我們對業務的預期增長，而分部營業利潤與去年的業績相比保持在約 18 億美元。

Chart 5 shows our earnings per share for the second quarter of 2021. Our earnings per share of $6.52 was $0.73 above our results last year driven by volume, reduced share count and higher FAS/CAS income.

圖 5 顯示了我們 2021 年第二季度的每股收益。由於銷量、股票數量減少和 FAS/CAS 收入增加，我們的每股收益為 6.52 美元，比去年的業績高出 0.73 美元。

On Chart 6, we will look at our cash generation and distributions for the second quarter. Subtracting our capital expenditures from approximately $1.3 billion of cash from operations, our free cash flow was $950 million. By executing additional share repurchases of $500 million in the second quarter, as well as providing our dividend of $2.60 per share, we were able to generate -- excuse me, we were able to return 129% of free cash flow to our stockholders this quarter.

在圖 6 中，我們將查看第二季度的現金產生和分配情況。從大約 13 億美元的運營現金中減去我們的資本支出，我們的自由現金流為 9.5 億美元。通過在第二季度執行 5 億美元的額外股票回購，以及提供每股 2.60 美元的股息，我們能夠產生——對不起，我們能夠在本季度向股東返還 129% 的自由現金流.

Moving on to Chart 7. As we noted, we are increasing our outlook for earnings per share and holding our outlook for sales, segment operating profit and cash from operations.

轉到圖 7。正如我們所指出的，我們正在提高每股收益的前景，並維持對銷售、部門營業利潤和運營現金的前景。

Looking at Chart 8. We are increasing the sales outlook for RMS by $150 million, and that's primarily driven by volume at Sikorsky, as well as a $25 million increase at our Space business area and, combined, offset the downward adjustment at Aeronautics, keeping total sales consistent with our prior guidance.

參見圖 8。我們將 RMS 的銷售前景提高了 1.5 億美元，這主要是由西科斯基的銷量以及我們的空間業務領域增加了 2500 萬美元所推動的，同時抵消了航空業務的向下調整，保持總銷售額與我們之前的指導一致。

And on Chart 9, we show the increased segment operating profit range for RMS, Missiles and Fire Control and Space, also offsetting the impact realized at Aeronautics, which allowed us to hold our guidance for the year. And we will continue to pursue cost takeout and margin improvement opportunities across the corporation.

在圖 9 中，我們顯示了 RMS、導彈、火控和太空部門的營業利潤範圍增加，這也抵消了在航空業實現的影響，這使我們能夠保持今年的指導。我們將繼續在整個公司內尋求成本削減和利潤率改善機會。

On Chart 10, we take a closer look at our update to the guidance for 2021 earnings per share. Program performance and continued cost takeout offset our impact at Aeronautics, and we also saw improvements to earnings per share from investments and other nonoperational items, along with the benefit of our continued share repurchases.

在圖 10 中，我們仔細查看了對 2021 年每股收益指引的更新。計劃績效和持續的成本削減抵消了我們對航空的影響，我們還看到投資和其他非運營項目的每股收益有所改善，以及我們持續的股票回購帶來的好處。

To conclude on Chart 11, we have our summary. We continue to see sales growth year-over-year as well as strong operational cash performance, while still accelerating cash to our supply chain to meet commitments vital to our national security. And as noted, we have increased our full outlook for earnings per share and are holding all other key metrics as we look ahead to the second half of 2021.

總結圖 11，我們有我們的總結。我們繼續看到銷售額同比增長以及強勁的運營現金表現，同時仍在加速向我們的供應鏈提供現金，以履行對我們國家安全至關重要的承諾。如前所述，我們提高了對每股收益的全面展望，並在展望 2021 年下半年時持有所有其他關鍵指標。

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 first with the line of Doug Harned with Bernstein.

（操作員說明）首先是 Doug Harned 和 Bernstein 的系列。

Jim, I wanted to see if you could describe some of the things that would likely drive growth at Lockheed Martin. You talked some about the budget, but we're now in a fairly flat budget environment, and Lockheed Martin's revenues have moved higher, but the backlog has really not grown during the last 18 months, as some legacy programs have naturally flattened.

吉姆，我想看看你能否描述一些可能推動洛克希德馬丁公司增長的事情。您談到了一些預算，但我們現在處於一個相當平坦的預算環境中，洛克希德馬丁公司的收入有所增加，但在過去 18 個月中，積壓的項目實際上並沒有增加，因為一些遺留項目自然而然地趨於平緩。

You highlighted some good growth areas like hypersonics and space. But when you look at the next 5 years, do you believe you can get mid-single-digit, say, top line growth in this environment particularly given flat recent backlogs? I mean, basically, what should we look for that could take backlogs higher and drive enough growth to offset potential declines in mature programs?

您強調了一些良好的增長領域，例如高超音速和太空。但是，當您展望未來 5 年時，您是否相信在這種環境下您可以獲得中等個位數的收入增長，尤其是考慮到最近的積壓持平？我的意思是，基本上，我們應該尋找什麼可以增加積壓並推動足夠的增長來抵消成熟項目的潛在下降？

Doug, with the resurgence of great power competition with China and Russia, the defense enterprise overall, it's at an inflection point. And when I say defense enterprise, I mean government military and industry. It needs to change. And where I think I can address your question is during that period of change, and it's very important and critical that we start it now, that Lockheed Martin is in a position with its breadth of platforms and systems and its cutting-edge technology to both drive and benefit from that needed change.

道格，隨著與中國和俄羅斯的大國競爭重新抬頭，國防企業整體處於拐點。當我說國防企業時，我指的是政府軍事和工業。它需要改變。我認為我可以解決你的問題的地方是在那個變化時期，我們現在開始它非常重要和關鍵，洛克希德馬丁公司以其廣泛的平台和系統及其尖端技術為雙方推動並從所需的改變中受益。

And so, yes, over the next 5 years, we're going to strive for mid-single-digit growth. And I'm energized and enthusiastic about working with our government military leaders, which we've already started, and with our defense sector and telecom and technology sectors partners that we're going to have in the future to do this. And I'm convinced that our shareholders are going to benefit from our leadership here.

所以，是的，在接下來的 5 年裡，我們將努力實現中個位數的增長。我對與我們已經開始的政府軍事領導人以及我們未來將擁有的國防部門以及電信和技術部門合作夥伴的合作充滿活力和熱情。我相信我們的股東將從我們在這裡的領導中受益。

We're going to benefit in a couple of ways, and one of them is going to be by enhancing the value of our legacy programs, including the obvious F-35 is a much valuable -- more valuable platform when you take advantage of the network effect that it can deliver by connecting sensors across domains, adding 5G.MIL capability to our comm system, so that we can communicate with satellites directly, et cetera, you end up getting a whole network effect with the value to the defense enterprise, and the deterrent value is going to go up by implementing this across our technology roadmap over the next number of years, our existing systems.

我們將通過多種方式受益，其中之一將是通過提高我們遺留項目的價值，包括顯然 F-35 是一個非常有價值的平台，當您利用它可以通過跨域連接傳感器來提供網絡效應，為我們的通信系統添加 5G.MIL 功能，以便我們可以直接與衛星通信，等等，您最終會獲得對國防企業有價值的整體網絡效應，通過在未來幾年我們現有的系統中在我們的技術路線圖中實施這一點，威懾價值將會上升。

So I'm very energized about the growth prospect. I think we have a uniquely positioned capability to drive it, and that we've got a unique capability to interact with commercial industry in a whole number of sectors to help it happen.

所以我對增長前景充滿活力。我認為我們擁有獨特的定位能力來推動它，並且我們擁有與整個行業的商業行業互動以幫助實現它的獨特能力。

If I can follow up on that. When you talk about the inflection point, is this something that we should be looking for with respect to what Congress is doing, what the administration is doing? Or is it already embedded in the budget because the budget doesn't seem to set up for a lot of growth as it stands right now?

如果我能跟進。當你談到拐點時，這是我們應該尋找的關於國會正在做什麼、政府正在做什麼的事情嗎？還是它已經包含在預算中，因為預算似乎並沒有像現在這樣為大量增長做好準備？

The inflection point of need is here, Doug, but the system we work within does not move abruptly, let's say. So it's got to migrate over a period of time in its way, if you will, and Congress will have a part in that.

需求的拐點就在這裡，道格，但是我們工作的系統並沒有突然移動，比如說。所以它必須在一段時間內以它的方式遷移，如果你願意的話，國會將參與其中。

It's going to be a little bit more deliberate as far as the budget turns out. But within that budget, we intend to make our products platforms and services the leading edge and, therefore, the most attractive ways to allocate that budget in all the domains that we serve.

就預算結果而言，這將更加慎重。但在該預算範圍內，我們打算使我們的產品平台和服務處於領先地位，因此，這是在我們服務的所有領域分配預算的最有吸引力的方式。

So we're actually not expecting our 21st Century Warfare concept to get funded independently. Rather, we're going to use that to make our current and future platforms way more competitive, way more attractive, use a network effect to get more value for money for the government and see how the budget can shift our way depending on -- in fact, irrespective of how much the top line grows.

所以我們實際上並不期望我們的 21 世紀戰爭概念能夠獨立獲得資金。相反，我們將使用它來使我們當前和未來的平台更具競爭力，更具吸引力，利用網絡效應為政府獲得更多物有所值，並了解預算如何改變我們的方式，具體取決於-事實上，無論收入增長多少。

Let me ask Ken to follow up on that.

讓我請肯跟進此事。

Doug, if I could, I'll give -- I'll just give you a little more color that will hopefully complement what Jim said. So if you think about our portfolio and where we are and where we're going, so F-35, rough numbers, 27%, 28% of our portfolio. And you think about where we are and where we're going with that program, so we're right now for production in the midst of our -- what's called a production rebaseline, and that's basically due to COVID and trying to get our Technology Refresh 3 on Lot 15 and Block 4 onto Lot 16.

道格，如果可以的話，我會給你——我會給你更多的顏色，希望能補充吉姆所說的。因此，如果您考慮我們的投資組合以及我們在哪里以及我們要去哪裡，那麼 F-35，粗略的數字，27%，我們投資組合的 28%。你想想我們在哪里以及我們將在哪裡進行該計劃，所以我們現在正在我們的生產中進行生產 - 所謂的生產重新基線，這基本上是由於 COVID 並試圖獲得我們的技術將 Lot 15 上的 3 和 Block 4 刷新到 Lot 16。

The customer -- the joint program office is working with all the key constituents to look at what makes sense. As you recall, this year, we're going to deliver anywhere from 133 to 139 aircraft. What makes sense next year and the next couple of years, to make sure we maximize when we put that key technology on that aircraft.

客戶——聯合項目辦公室正在與所有關鍵成員一起研究什麼是有意義的。您還記得，今年我們將交付 133 至 139 架飛機。明年和未來幾年什麼是有意義的，以確保我們在將關鍵技術應用於那架飛機時最大化。

So you're going to likely see, once that gets revealed, and hopefully, it'll be -- we'll be able to reveal that with the customer when we give trend data in October, but it's likely to show the plateau of production slightly pushed out to the right, but also elongating, if you will.

所以你很可能會看到，一旦它被披露，並且希望它會——我們將能夠在 10 月份提供趨勢數據時向客戶披露這一點，但它可能會顯示如果您願意，生產線會略微向右推出，但也會拉長。

So I think, at least in the next couple of years, there is likely some opportunity there from a production standpoint. There is definitely opportunity for us in sustainment. If you think about it, only roughly 40%, 50% of the bases are stood up, so we still have a lot of work to do there.

所以我認為，至少在接下來的幾年裡，從生產的角度來看，那裡可能會有一些機會。我們在維持方面肯定有機會。如果你仔細想想，大概只有40%、50%的基地是站起來的，所以我們還有很多工作要做。

We're also going to have many more aircraft in the fleet in the next couple of years. Think of it in the next couple of years, we're going to have over 1,000 aircraft in the fleet, which are going to require more sparing. That modernization I just talked about, working with the customer, we're also going to have to modernize some aircraft to put this new technology on aircraft that are already in the fleet. So that's one area.

在接下來的幾年裡，我們的機隊還將擁有更多的飛機。想想在接下來的幾年裡，我們的機隊中將有超過 1,000 架飛機，這將需要更多的備用。我剛剛談到的現代化，與客戶合作，我們還必須對一些飛機進行現代化改造，以將這項新技術應用到機隊中的飛機上。所以這是一個領域。

Sticking with Aeronautics, you have F-16, which is an international play. We have a backlog of 128 aircraft. That is going to continue to grow top line as well skunkworks. That's going to become a larger part of the Aeronautics platform.

堅持航空，你有 F-16，這是一場國際比賽。我們積壓了 128 架飛機。這將繼續增長頂線以及臭鼬工廠。這將成為航空平台的重要組成部分。

And just sticking internationally, we see strong demand for our integrated air missile defense products. If you look at our helicopter programs, we're just starting to deliver CH-53 aircraft program a record of 200. Plus the Israelis, hopefully, there'll be a couple of other countries that have an interest in that platform. And then there's future vertical lift, which will give us a huge uplift in the middle of this decade going forward when we win those programs.

就在國際上，我們看到對我們的綜合防空導彈防禦產品的強勁需求。如果你看看我們的直升機項目，我們剛剛開始交付創紀錄的 200 架 CH-53 飛機項目。加上以色列人，希望還有其他幾個國家對該平台感興趣。然後是未來的垂直提升，當我們贏得這些項目時，這將給我們帶來巨大的提升。

And then there's Space. You mentioned hypersonics. That is going to be a nice complementary part of that portfolio. I agree, it's not going to dramatically move the needle, but you're going to have those programs go into production in the middle of this decade, which will give us some uplift.

然後是空間。你提到了超音速。這將是該投資組合的一個很好的補充部分。我同意，這不會顯著改變針，但你會在這個十年中期讓這些程序投入生產，這會給我們帶來一些提升。

And then national security space, whether it's classified, OPIR, NGI, we'll see some strong growth there. So we feel pretty good -- complementing what Jim said, we feel pretty good about our prospects going forward.

然後是國家安全領域，無論是機密、OPIR、NGI，我們都會在那裡看到一些強勁的增長。所以我們感覺很好——補充吉姆所說的，我們對未來的前景感覺很好。

Our next question is from Cai von Rumohr with Cowen.

我們的下一個問題來自 Cai von Rumohr 和 Cowen。

And good overall quarter given the classified issue. So you did an ASR in the quarter, and then you had this classified adjustment. Did you know at the time you did the ASR this would happen? Because I would have thought, if you saw it come in, you would have waited to do the ASR.

考慮到分類問題，整體季度表現良好。因此，您在本季度進行了 ASR，然後進行了分類調整。您在執行 ASR 時是否知道會發生這種情況？因為我會想，如果你看到它進來，你會等著做 ASR。

Good talk. This is Ken. I'll take that. So if you think about when we did the ASR, we basically put that in place the day after we were allowed to trade again, which would have been a day after earnings.

好說話。這是肯。我會接受的。因此，如果您考慮一下我們何時進行 ASR，我們基本上是在我們被允許再次交易後的第二天將其落實到位，這將是在收益後的第二天。

And as I mentioned before, if you look at the large amount of cash that we have, our thought back then, and it still remains today, we continue to have that cash on our balance sheet. And we believe we're going to continue to have that after Aerojet Rocketdyne.

正如我之前提到的，如果你看看我們擁有的大量現金，我們當時的想法，今天仍然存在，我們的資產負債表上繼續有這些現金。我們相信在 Aerojet Rocketdyne 之後我們將繼續擁有它。

We're going to remain in the market. That was our thought process in April when we did the $500 million ASR. We're highly likely based on where our stock price is trading today. We're going to enter the market again as soon as we're able to. May not be an ASR, but we're going to go into the open market and buy back more stock. It just absolutely makes sense to do that.

我們將繼續留在市場上。這就是我們在 4 月份進行 5 億美元 ASR 時的思考過程。我們很有可能基於我們今天的股票價格交易。我們將盡快再次進入市場。可能不是 ASR，但我們將進入公開市場並回購更多股票。這樣做絕對有意義。

Regarding when we knew about the charge, that basically happened in the May time period. It became clear based on, from a process standpoint, Cai, we had a joint customer Lockheed Martin review to do a deep dive on the program. And then we also did one, that was Lockheed Martin only, to provide an additional assurance function.

關於我們什麼時候知道收費的，那基本上發生在5月份。很明顯，從流程的角度來看，蔡，我們有一個聯合客戶洛克希德馬丁公司審查對該計劃進行深入研究。然後我們也做了一個，只有洛克希德馬丁公司，提供額外的保證功能。

So we've done a very thorough assessment of the situation, and that was done in the May time period. And in fact, in the June time period, we reported out to our Board. So Jim, myself, and Frank St. John, our COO, reported out to the Board. And we also had what's called a Classified Business and Security Committee meeting, and we actually owe them a comeback in September. So that all initiated in May.

所以我們已經對情況進行了非常徹底的評估，這是在 5 月份完成的。事實上，在 6 月期間，我們向董事會報告。因此，Jim、我自己和我們的首席運營官 Frank St. John 向董事會匯報。我們還召開了所謂的機密業務和安全委員會會議，實際上我們應該在 9 月份讓他們捲土重來。所以這一切都是在五月開始的。

We're very comfortable with the charge. So just to give a little bit of a flavor of that $225 million. That is for the development portion of this program. Think of that as roughly 40% of that cost has already occurred, and the other 60% is embedded in the new estimate to complete.

我們對收費很滿意。所以只是給這2.25億美元的一點點味道。這是該程序的開發部分。想想看，大約 40% 的成本已經發生，另外 60% 包含在新的估計中以完成。

So we're not assuming that this program goes forward with the -- excuse me, the prior ETC. It is a new estimate to complete with that overrun embedded. So we think we have a good handle on that. And from a timing standpoint, it was after the ASR was put in place.

因此，我們不假設該程序會隨著--對不起，之前的 ETC 進行。這是一個新的估計，以完成嵌入超限。所以我們認為我們對此有很好的處理。從時間的角度來看，這是在 ASR 實施之後。

Our next question is from Noah Poponak with Goldman Sachs.

我們的下一個問題來自高盛的諾亞波波納克。

Ken, maybe you can just -- I know it's classified, and you said there's only so much detail you can provide, but any incremental color you could give on what exactly happened, where the performance -- what type of performance issue it is and your -- how you're confident it doesn't linger.

肯，也許你可以——我知道它是機密的，你說你只能提供這麼多細節，但是你可以給出任何增量顏色，說明到底發生了什麼，性能在哪裡——它是什麼類型的性能問題以及你的——你如何確信它不會流連忘返。

And then just folding that into the total Aeronautics segment margin, the revised annual segment EBIT guidance for the segment implies that margin picks right back up even to above where it was pre 2Q. How do you do that with the reset number on this program? Plus I think you mentioned in the release, F-35 margin didn't go up. So any color you can provide on where the segment's margin goes from here?

然後將其折疊到航空部門的總利潤率中，該部門修訂後的年度部門 EBIT 指導意味著利潤率回升，甚至高於第二季度前的水平。您如何使用該程序上的重置號碼來做到這一點？另外，我認為您在新聞稿中提到，F-35 的利潤率沒有上升。因此，您可以提供任何顏色來說明該段的邊距從這裡開始的位置？

You bet. So yes, let's first talk about the classified program. And I will assure you, Noah, and for everybody on the call, what we are able to say, we've got approval from the customer. And hopefully, I've given you guys enough experience where I'll be as transparent as I can. But on this, there's only so much we could say.

你打賭。所以是的，讓我們先談談機密節目。我會向你保證，諾亞，對於電話中的每個人，我們能說的話，我們已經得到了客戶的認可。希望我已經給了你們足夠的經驗，我會盡可能地透明。但在這一點上，我們只能說這麼多。

So as I answered Cai's question, Noah, we've done a lot of independent reviews. We've done reviews with the customer. We think, today, based on all the information we have, it's a development contract that we believe will be successful from a schedule and performance standpoint and then ultimately will turn into a production program.

所以當我回答蔡的問題時，諾亞，我們已經做了很多獨立的審查。我們已經與客戶進行了評論。我們認為，今天，根據我們掌握的所有信息，這是一份開發合同，我們相信從時間表和性能的角度來看，它會取得成功，然後最終會變成生產計劃。

And we also believe there are additional opportunities out there. And I'll assure you, we believe, I could say is that there is still a very strong business case given these associated opportunities. So this will be a great program for our customers, and I'm talking about all the customers out there that are going to utilize this, and it will be a good program for the Lockheed Martin Corporation.

我們也相信還有更多的機會。我向你保證，我們相信，我可以說，鑑於這些相關的機會，仍然有一個非常強大的商業案例。所以這對我們的客戶來說將是一個很棒的計劃，我說的是所有將要使用它的客戶，這對洛克希德馬丁公司來說將是一個很好的計劃。

Regarding Aeronautics, Noah, you've got it right. For the second half of the year, we're basically assuming a little bit over 11% return on sales. And think of that as it's got to be primarily F-35. It will be -- from that standpoint, we are assuming some risk retirements on some production programs. I have mentioned in the past on the block buy, we have taken a pause on risk retirements until we see improved performance there probably next year. But there are other lots out there.

關於航空，諾亞，你說得對。對於下半年，我們基本上假設銷售回報率略高於 11%。想一想，因為它必須主要是 F-35。它將是 - 從這個角度來看，我們假設某些生產程序的一些風險退休。我過去曾在大宗購買中提到過，我們已經暫停了風險退休，直到我們看到明年的業績可能有所改善。但那裡還有其他地段。

Back to the comments we made about our cost takeout initiatives, cost competitive niches and our strong performance in other parts of the portfolio, we believe F-35 production, there's other opportunities out there for us to have risk retirements.

回到我們對成本削減計劃、成本競爭優勢和我們在投資組合其他部分的強勁表現所做的評論，我們相信 F-35 的生產，還有其他機會讓我們有風險退休。

F-16, we'll also see some improvement as will C-130. So I think you got that right. Aeronautics, we feel comfortable being around 11% or a little bit above 11% return on sales for the second half of the year.

F-16，我們也會看到一些改進，C-130 也是如此。所以我認為你是對的。航空業，我們對下半年的銷售回報率在 11% 左右或略高於 11% 感到滿意。

And next, we'll go to Kristine Liwag with Morgan Stanley.

接下來，我們將與摩根士丹利一起前往 Kristine Liwag。

Maybe switching gears, Directed Energy has been one of the key areas of advanced capabilities that the DoD has highlighted as an important category. How meaningful is it that the Navy is fielding the HELIOS on the DDG-51 Arleigh Burke? How much of a contributor could this be to long-term top line growth, maybe in the next 5 years? And also how far away are we until we see miniaturization of this kind of technology where you could deploy it on a platform like the F-35?

也許換檔，定向能源一直是國防部強調的重要類別的先進能力的關鍵領域之一。海軍在 DDG-51 Arleigh Burke 上部署 HELIOS 有多大意義？這可能對未來 5 年的長期收入增長有多大貢獻？在我們看到這種技術的小型化，你可以將它部署在像 F-35 這樣的平台上之前，我們還有多遠？

So Kristine, it's Ken. I'll take that one. So yes, we are in the thick of that with the contracts that you described, and we're very pleased with the performance we've had on these programs. And we're also pleased where we think the customer is going.

所以克里斯汀，是肯。我會拿那個。所以，是的，我們對你描述的合同很滿意，我們對這些項目的表現感到非常滿意。我們也很高興我們認為客戶要去哪裡。

I think we'll see a dramatic increase with our involvement, but you have to put that in perspective relative to the size of what it is. But it will be accretive from a top line standpoint. It's just for a $68 billion company that will continue to grow at least in the next 5 years, Kristine. It's not going to be, I'd say, a material impact.

我認為隨著我們的參與，我們會看到顯著增加，但你必須相對於它的規模來看待它。但從頂線的角度來看，它將是增值的。這只是針對一家價值 680 億美元、至少在未來 5 年內繼續增長的公司，克里斯汀。我想說，這不會是實質性的影響。

In terms of miniaturization, we're working that with the customer. I think, based on what we've seen, we're some ways away from that, though. But we'll give you an update when there is one to give.

在小型化方面，我們正在與客戶合作。我認為，根據我們所看到的，我們離那還有一些路要走。但是，當有更新時，我們會為您提供更新。

And next, we'll go to Myles Walton with UBS.

接下來，我們將與瑞銀一起去邁爾斯沃爾頓。

Ken, this might be another one for you. Could you talk about the second half trends implied on cash flow to get to that $8.9 billion of -- greater than $8.9 billion? Obviously, that would imply materially better than you've ever done in the second half.

肯，這可能是你的另一個。您能否談談現金流達到 89 億美元——超過 89 億美元的下半年趨勢？顯然，這意味著比你在下半場所做的要好得多。

And then similarly, if you can just color the backlog. Is it -- do you have confidence you can get back to that 1 47, 1 50 level? Is the F-35 progressing such that those will actually close this year? Just color on those 2 things.

然後類似地，如果您可以為積壓工作著色。是不是——你有信心回到 1 47、1 50 的水平嗎？ F-35 的進展是否會在今年真正關閉？只需在這兩件事上塗上顏色。

You're right. So Myles, we've done, for the first half of the year, a little over $3 billion, which would tell you we need to do $6.9 billion. And based on what I'm seeing, the lion's share of that, I'm not giving you much comfort. But once I finish, I will, hopefully. The lion's share of that $6.9 billion is in the fourth quarter.

你是對的。所以邁爾斯，我們在今年上半年完成了超過 30 億美元，這將告訴你我們需要做 69 億美元。根據我所看到的，大部分情況下，我不會給你太多安慰。但一旦我完成，我會的，希望如此。在這 69 億美元中，最大的份額是在第四季度。

And really, the driver there is we're in the midst -- and a lot of this is due to COVID. We're in the midst of renegotiating, if you will, the timing and the amount of performance-based payments on the F-35 program. That's specifically block buy. We're working through that now.

真的，我們正處於其中的驅動因素——這在很大程度上是由於 COVID。如果您願意，我們正在重新協商 F-35 計劃的基於績效的付款的時間和金額。那是專門的大宗購買。我們現在正在解決這個問題。

And if you look at January 1 to the end of the second quarter, rough numbers, our contract assets grew by roughly $1.9 billion. The lion's share of that is F-35, and the lion's share of that is performance-based payments timing, if you will, of when we liquidate that for F-35.

如果您查看從 1 月 1 日到第二季度末的粗略數據，我們的合同資產增長了大約 19 億美元。其中最大的份額是 F-35，其中最大的份額是基於績效的付款時間，如果你願意的話，我們何時為 F-35 清算。

We believe we're on a path with the customer to close on that -- this is the third quarter, to close on that in the third quarter. And just to give you a little more color, we think working -- excuse me, we think contract assets are going to grow another $500 million in the third quarter and then in the fourth quarter, and most of that will be before December.

我們相信我們正在與客戶一起完成這一目標——這是第三季度，在第三季度完成這一目標。只是為了給你更多的色彩，我們認為工作 - 對不起，我們認為合同資產將在第三季度再增長 5 億美元，然後在第四季度，其中大部分將在 12 月之前。

To give you some comfort, we'll be liquidating contract assets to the point where we only see contract assets growing in total by an immaterial amount. They'll come down quite a bit, and that's driven by the fourth quarter. And most of that is driven by Aeronautics.

為了給您一些安慰，我們將清算合同資產，直到我們只看到合同資產的總增長量並不重要。他們會下降很多，這是由第四季度推動的。其中大部分是由航空業推動的。

There is some work that needs to be done from a cash collection standpoint at RMS as well, but the lion's share of that is Aeronautics. And we feel really bullish, Myles, about the $8.9 billion of cash also this year.

從 RMS 的現金收款的角度來看，還有一些工作需要完成，但其中大部分是航空業。邁爾斯，我們對今年的 89 億美元現金感到非常樂觀。

In terms of backlog, I think we've already stated that -- so you've got Lot 15 that we thought -- for F-35 that we thought would settle last year. We believe it's now going to settle this year. There's just a lot of complications going on, and we think the joint program office working with all the constituents, it has a very difficult job, but they're doing a really great job of coordinating what the demands and the needs are of the services, plus the international customers.

在積壓方面，我認為我們已經說過 - 所以你有我們認為的 Lot 15 - 我們認為去年會解決的 F-35。我們相信它現在將在今年解決。只是出現了很多複雜情況，我們認為聯合計劃辦公室與所有成員一起工作，這是一項非常艱鉅的工作，但他們在協調服務的需求和需求方面做得非常好，加上國際客戶。

We think that will close in the third quarter. But because of that, we have little to no comfort that Lot 16 is going to close this year. So we're actually out looking that to close next year, and that's a sizable order.

我們認為這將在第三季度結束。但正因為如此，我們對 Lot 16 將在今年關閉幾乎沒有任何安慰。所以我們實際上正在尋找明年關閉，這是一個相當大的訂單。

It's just timing, which means, right now, we're forecasting backlog to end this year at about $143 billion. So we're actually going to erode backlog this year. But as I -- again, I'll stress that's all timing. And for Lockheed Martin, we've gotten enough advanced funding on those lots for 15 and 16 where it's not an impact to us. It will just be optically a reduction in backlog.

這只是時機，這意味著，現在，我們預測今年年底的積壓訂單將達到約 1430 億美元。所以我們實際上將在今年減少積壓。但正如我 - 再次強調，這都是時機。對於洛克希德馬丁公司，我們已經為那些對我們沒有影響的 15 和 16 地塊獲得了足夠的先進資金。這只是在視覺上減少了積壓。

Our next question is from Peter Arment with Baird.

我們的下一個問題來自 Peter Arment 和 Baird。

Jim, question, I guess, on sticking on F-35. Maybe could you touch upon just maybe the investments that Lockheed is making to reduce sort of the life cycle cost, the F-35? And do you expect to increase any of your internal spending just given the sustainment discussion continues to grow louder and, I guess, in front of your potential PBL contract with the Air Force?

吉姆，我猜，關於堅持使用 F-35 的問題。也許你能談談洛克希德公司為降低生命週期成本而進行的投資，F-35？鑑於維持性討論繼續變得越來越響亮，而且我猜，在你與空軍潛在的 PBL 合同之前，你是否期望增加你的任何內部支出？

And maybe, Ken, if you could just touch upon when you think the PBL contract could come into play as well.

也許，肯，如果你能談談你認為 PBL 合同何時也可以發揮作用。

Sure. We spent about $500 million to date in investments to improve the sustainability cost of F-35 there, Peter, and we'll continue to make reasonable investments as we go forward.

當然。迄今為止，我們在投資上花費了大約 5 億美元來改善那裡的 F-35 的可持續性成本，彼得，我們將在前進的過程中繼續進行合理的投資。

But there's a perspective that I can give you from a former Air Force pilot because operationally and on the line where the pilots and the commanders are flying the jets and defending the country and doing the missions, there's actually a lot of good things happening, and they'll tell you this themselves.

但是我可以從一位前空軍飛行員那裡給你一個觀點，因為在操作上，在飛行員和指揮官駕駛噴氣式飛機、保衛國家和執行任務的線上，實際上發生了很多好事，而且他們會自己告訴你。

But first of all, you can go to the performance metrics, meaning that flight hour between failure metric, when can you expect to fly the jet before you've got to get a spare airplane that day. It's nearly double the contractual requirement. And so the pilots, when they get an assignment, the detail number for a mission on any given day, they're twice as likely to get in that airplane and fly the mission as they are in any other fourth-gen plane.

但首先，您可以查看性能指標，即故障指標之間的飛行小時數，您可以期望在當天獲得備用飛機之前駕駛噴氣式飛機。這幾乎是合同要求的兩倍。因此，當飛行員接到任務時，任何一天任務的詳細編號，他們登上那架飛機並執行任務的可能性是在任何其他第四代飛機上的兩倍。

On top of that, it's about twice as reliable as a fourth-generation fighter. And meanwhile, the labor hours of maintenance needed for each of those flight hours is about 2/3 of the contractual requirements. So if you get out to bases and talk to commanders who have either in their wings, F-35s and other aircraft or they've commanded different squadrons of different types of aircraft, they'll tell you that for the frontline performance in the area of operations, if you will, the F-35 is sort of head and shoulders above the legacy aircraft.

最重要的是，它的可靠性大約是第四代戰鬥機的兩倍。同時，每個飛行小時所需的維修工時約為合同要求的 2/3。因此，如果你到基地去與擁有 F-35 和其他飛機的指揮官交談，或者他們指揮過不同類型飛機的不同中隊，他們會告訴你該地區的前線表現在操作方面，如果你願意的話，F-35 比傳統飛機高出不少。

In fact, the Air Force had about 18 months in CENTCOM recently where they just got back from that tour, if you will. They had 1,300 sorties with F-35, and the mission-capable rate was nearly 75%, sometimes 80% to 90% any given week. And that's really, really strong. I haven't been out and done this before. I can tell you that's top shelf.

事實上，空軍最近在中央司令部工作了大約 18 個月，他們剛剛從那次旅行中回來，如果你願意的話。他們使用 F-35 出動了 1300 架次，執行任務的比率接近 75%，有時每周達到 80% 到 90%。這真的非常非常強大。我以前沒有出去做過這個。我可以告訴你那是最上面的架子。

Now on the other hand, the affordability we need to address, and I've met with each of the Service Chiefs and the Chairman to employ all of us to work together on this. Lockheed Martin, with that $500 million investment over the last few years, has taken about 40% of the cost that we can control out of our purview, if you will, already.

另一方面，我們需要解決的負擔能力問題，我已經與每位服務主管和主席會面，聘請我們所有人共同努力解決這個問題。洛克希德·馬丁公司在過去幾年投資了 5 億美元，已經將我們可以控制的成本的 40% 排除在了我們的範圍之外，如果你願意的話。

We're going to shoot for another 40% over the next 5 years. But somehow, 40% keeps coming up. We're only about [40%] of the total cost. So 60% is propulsion and military government cost.

我們將在未來 5 年內再爭取 40%。但不知何故，40% 不斷上升。我們只佔總成本的大約 [40%]。所以 60% 是推進和軍政府的成本。

If we don't have an all-in strategy together to address this, we're not going to hit the goals. And so, again, when I meet with the Chiefs and the Chairman and hopefully soon with the Service Chiefs, we will all get together on a tiger team and address this in the only way it can be successfully addressed as an integrated team. So that's how we're going to approach it.

如果我們沒有一起解決這個問題的全面戰略，我們就無法實現目標。因此，再次，當我與酋長和主席會面時，希望很快與軍種負責人會面，我們將齊聚一堂，組成一個老虎隊，並以唯一可以成功解決這個問題的綜合團隊的方式解決這個問題。這就是我們要處理它的方式。

I do agree with the team at Aeronautics that there is a way to get this cost per flying hour on an A model of 25,000 an hour, but it's got to be an all-in approach. And we're going to keep doing our part, of course. But I'm personally involved in trying to pull the wider team together to get that done.

我確實同意 Aeronautics 團隊的觀點，即有一種方法可以在每小時 25,000 架的 A 型號上獲得每飛行小時的成本，但它必須是一種全面的方法。當然，我們將繼續儘自己的一份力量。但我個人參與了嘗試將更廣泛的團隊團結起來完成這項工作。

So Peter, just based on timing, based on what Jim just said, we are starting to see a lot of interest. If you recall, we issued a white paper that described how we would drive down the cost. We described how industry would sign up to service level agreements. And as Jim mentioned, we are making great progress with the industry consortium.

所以彼得，根據時間，根據吉姆剛才所說的，我們開始看到很多興趣。如果您還記得，我們發布了一份白皮書，描述了我們將如何降低成本。我們描述了行業將如何簽署服務水平協議。正如吉姆所提到的，我們正在與行業聯盟取得巨大進展。

And we do think we have Pratt & Whitney from a propulsion standpoint, and the service is fully engaged now. And we believe we're going to soon be responding to an RFP. They're going to take a lot of the key pieces out of our white paper for us then to, what I'll call, answer a conventional request for proposal. And we're hopeful that early next year, we, industry could be under contract for some type of performance-based logistics concept.

從推進的角度來看，我們確實認為我們擁有普惠公司，並且該服務現已全面投入使用。我們相信我們很快就會對 RFP 做出回應。他們將從我們的白皮書中提取許多關鍵部分，然後讓我們回答常規的提案請求。我們希望明年初，我們行業可以簽訂某種基於績效的物流概念的合同。

And I'll just remind you that this is likely not going to be a top line enhancement play for us. That's probably all embedded. But assuming the industry is incentivized to hit these targets or to overachieve these targets, it could potentially be a return on sales play for us.

我只是提醒你，這對我們來說可能不會成為頂級增強遊戲。這可能都是嵌入式的。但假設激勵該行業實現這些目標或超額完成這些目標，這可能是我們的銷售回報。

Our next question is from David Strauss with Barclays.

我們的下一個問題來自巴克萊銀行的大衛施特勞斯。

The -- in the fiscal '22 budget, the Next Gen Air Dominance program is all nice plus up. Can you talk about the role you're playing on that program, whether that work is all classified at this point or not?

- 在 '22 財年預算中，下一代空中優勢計劃都很好。你能談談你在那個節目中扮演的角色嗎，這個作品在這一點上是否都被分類了？

And then, I guess, Ken, could you also touch on the R&D tax amortization issue, where that stands? Has there been any movement in potentially doing that?

然後，我想，Ken，您能否也談談研發稅攤銷問題，它的立場是什麼？有沒有可能這樣做的任何動靜？

Sure. I'll take both. Yes, unfortunately, David, NGAD, everything about NGAD is classified. The only thing I will say is you've heard the customers. The DoD say that F-35 is not going to be a bill payer of NGAD, and I still think that's still the answer out there, which is good news for the -- our great fifth-gen aircraft. But unfortunately, everything else regarding NGAD is classified, and we can't discuss what our role or not our role is.

當然。我兩個都要。是的，不幸的是，大衛，NGAD，關於 NGAD 的一切都是機密的。我唯一要說的是你聽到了客戶的聲音。國防部說 F-35 不會成為 NGAD 的賬單支付者，我仍然認為這仍然是答案，這對我們偉大的第五代飛機來說是個好消息。但不幸的是，關於 NGAD 的其他所有內容都是機密的，我們無法討論我們的角色或不是我們的角色。

Regarding the amortization of R&D, we're still working with a lot of our constituents. When we come out with trend data in October, David, our tax experts are telling us, unfortunately, at that time, it's likely not to be settled. So it is likely we will offer trend data for '22.

關於研發的攤銷，我們仍在與許多選民合作。當我們在 10 月份發布趨勢數據時，我們的稅務專家大衛告訴我們，不幸的是，當時可能無法解決。因此，我們很可能會提供 22 年的趨勢數據。

That would -- right now, what we see is, assuming this issue goes away or gets deferred and does not impact '22 cash, we see $9 billion or greater of cash from operations next year. So we're in the midst of going through our long-range plan. So hopefully, we'll be able to reaffirm that.

那將 - 現在，我們看到的是，假設這個問題消失或被推遲並且不影響 22 年的現金，我們明年將看到 90 億美元或更多的運營現金。因此，我們正在實施我們的長期計劃。因此，希望我們能夠重申這一點。

But we're also then also going to have to state that, right now, what we see is this amortization issue was a $2.1 billion impact to cash in '22. We're hopeful that this thing either gets deferred out 5 years. That's one scenario we're hearing. I mean, we'll see where it goes or it gets repealed or it is interpreted differently than the way we, industry, are interpreting. And it really is just, what I'll call, conventional independent research and development for us, which would be, rough numbers, a $300 million impact rather than the $2.1 billion impact.

但我們也必須說明，現在，我們看到這個攤銷問題對 22 年的現金產生了 21 億美元的影響。我們希望這件事可以推遲 5 年。這是我們聽到的一種情況。我的意思是，我們會看到它的去向，或者它被廢除，或者它的解釋方式與我們行業的解釋方式不同。這真的只是，我稱之為傳統的獨立研發對我們來說，粗略的數字是 3 億美元的影響，而不是 21 億美元的影響。

But regardless, Lockheed Martin sees a path forward for us to continue generating strong cash this year and into the next couple of years. And we'll use that for our internal and organic, inorganic investments for our employees and then give a fair amount back to our shareholders.

但無論如何，洛克希德馬丁公司看到了一條讓我們在今年和未來幾年繼續產生強勁現金的前進道路。我們將把它用於我們對員工的內部和有機的、無機的投資，然後將相當數量的資金回饋給我們的股東。

Next, we'll go to Rob Spingarn with Credit Suisse.

接下來，我們將與瑞士信貸一起前往 Rob Spingarn。

Jim, When I listened to DoD, I hear them talk a lot about open architecture solutions and finding ways to be less locked into the contractors. But in listening to your answer to Doug's question before, you spoke a fair amount about network effects, which some might view as another form of lock-in.

吉姆，當我聽 DoD 的時候，我聽到他們談論了很多關於開放式架構解決方案和尋找減少對承包商的束縛的方法。但是在聽你之前對道格問題的回答時，你談到了相當多的網絡效應，有些人可能將其視為另一種形式的鎖定。

So can you talk a bit about that tension, whether you think it's there? And if so, how Lockheed resolves to deliver both the vision that you've articulated, while also meeting DoD's broader desires?

所以你能談談那種緊張，不管你認為它存在嗎？如果是這樣，洛克希德公司如何下定決心實現您所闡述的願景，同時滿足國防部更廣泛的願望？

Sure. Rob, the 2 things are completely compatible. And my recent experience has been in the telecom and tech industry, where it was essential that open architecture be the baseline or the foundation, if you will, for 4 and 5G network development in telecom, for example.

當然。 Rob，這兩件事完全兼容。我最近的經驗是在電信和科技行業，例如，對於電信行業的 4 和 5G 網絡開發，開放式架構必須成為基線或基礎。

So our approach is completely based on open architecture. We even have a product we call open radio architecture that we demonstrated in a U-2, Lockheed U-2, of course, as basically a cell tower in the sky connecting F-35 and F-22 data links to, again, the open radio architecture. And we could add an F-18 or another aircraft, even an allied aircraft, a Eurofighter, for example, down the road.

所以我們的方法完全基於開放架構。我們甚至有一個我們稱之為開放無線電架構的產品，我們在 U-2 中展示，洛克希德 U-2，當然，它基本上是天空中的一個蜂窩塔，將 F-35 和 F-22 數據鏈路再次連接到開放式無線電架構。我們可以在路上增加一架 F-18 或其他飛機，甚至是盟軍飛機，例如歐洲戰鬥機。

The whole point of this is you want to build the network effect as broadly as you can across, frankly, all the platforms out there eventually. But we're building a roadmap internally to Lockheed Martin because these are the products and platforms we can control to install, trial, demonstrate and then produce these in our products.

這樣做的重點是，你想盡可能廣泛地建立網絡效應，坦率地說，最終是所有平台。但是我們正在內部為洛克希德馬丁公司製定路線圖，因為這些是我們可以控制的產品和平台，以在我們的產品中安裝、試用、演示和生產這些產品。

At the same time, like I said earlier, we're open to collaborating with our industry partners that are traditional in defense and aerospace and eagerly and already successfully with some of my old counterparts and -- my former counterparts, I should say, in telecom and tech where we're trying to build out the Internet of Things network of the future here.

與此同時，正如我之前所說，我們願意與我們在國防和航空航天領域的傳統行業合作夥伴合作，並且熱切地與我的一些老同行合作，並且已經成功地與我的前同行合作，我應該說，在電信和科技，我們正試圖在這裡建立未來的物聯網網絡。

So this is something where you can and must have an open architecture. The vendor lock, so to speak, will diminish. But this is a matter of leadership and speed and performance, and that's where Lockheed Martin can, I think, take a great position going forward here.

所以這是你可以而且必須有一個開放架構的地方。可以說，供應商鎖定將會減少。但這是領導力、速度和性能的問題，我認為洛克希德·馬丁公司可以在這方面佔據優勢。

Our next question is from Sheila Kahyaoglu with Jefferies.

我們的下一個問題來自 Jefferies 的 Sheila Kahyaoglu。

Jim and Ken, maybe I was wondering if you could just update us on the classified business in general. How big is it across the businesses? How do you quantify risk versus the rest of the segment -- rest of the business? And maybe where are you seeing the most opportunity?

吉姆和肯，也許我想知道你是否可以向我們提供有關機密業務的最新信息。整個企業的規模有多大？您如何量化風險與該細分市場的其他部分——業務的其他部分？也許你在哪裡看到最多的機會？

Sure. Sheila, I'll take that. So yes, generally speaking, our customers frown upon us from talking about the size of classified. But if you think about it, Aeronautics and Space would have the largest classified business in our portfolio. Third would be Missiles and Fire Control. And then fourth, but last but not least, I'll stress is RMS.

當然。希拉，我會接受的。所以是的，一般來說，我們的客戶不喜歡我們談論分類的大小。但如果你仔細想想，航空航天將擁有我們投資組合中最大的分類業務。第三是導彈和火控。然後是第四個，但最後但並非最不重要的一點，我要強調的是 RMS。

We see a lot of opportunities in Space, and that has not been something that's recent, but it seems to be trending up in an accelerated way. And also in Aeronautics, we've talked about this unfortunate mischarge on this program that we have today. As I stressed when asked earlier, we do believe this thing has a very strong business case going forward, which will continue to grow. There's also other programs in the Aeronautics portfolio that will continue to grow.

我們在太空中看到了很多機會，這並不是最近才出現的，但它似乎正在加速上升。同樣在航空領域，我們已經談到了我們今天擁有的這個項目的不幸錯誤指控。正如我在早些時候被問到時所強調的那樣，我們確實相信這件事有一個非常強大的商業案例，並且會繼續增長。航空產品組合中還有其他項目將繼續增長。

At Missiles and Fire Control, we've talked about the classified program we won that requires some capital. That is still in development. And in the not-too-distant future, that also will go into production. So we see the classified portion of Lockheed Martin growing faster than the nonclassified portion of Lockheed Martin.

在導彈和火控中心，我們談到了我們贏得的需要一些資金的機密項目。那仍在開發中。在不久的將來，它也將投入生產。所以我們看到洛克希德馬丁公司的機密部分比洛克希德馬丁公司的非機密部分增長得更快。

Regarding how we run classified versus nonclassified, that's a timely question because, recall, when I answered the question about our classified business and Security Committee of our Board, that is one thing that we do go demonstrate to them that the processes that we have in the white world are identical to the processes that we try to put in the black world.

關於我們如何運行機密與非機密，這是一個及時的問題，因為回想一下，當我回答有關我們的機密業務和董事會安全委員會的問題時，這是我們向他們證明我們擁有的流程的一件事白色世界與我們試圖放入黑色世界的過程相同。

And we also have the -- our internal audit organization is part of that, and we just reaffirmed that. And our external auditors, E&Y, are also instrumental and part of that. So the key is we try to mirror what we're doing in the nonclassified from a process standpoint into the classified world.

我們還有——我們的內部審計組織是其中的一部分，我們剛剛重申了這一點。我們的外部審計師安永也發揮了重要作用，也是其中的一部分。所以關鍵是我們試圖從流程的角度將我們在非機密領域所做的事情反映到機密世界中。

Next, we'll go to Seth Seifman with JPMorgan.

接下來，我們將與摩根大通一起前往塞思·塞夫曼。

Ken, I was wondering. We've talked a little in the past about the F-35 production revenue outlook, and you mentioned the rebaselining earlier. If we think about F-35 production sales this year probably being in the -- let's say, the mid-$13 billion range, as you think about this rebaselining, where does that head into 2022? And then how would it eventually get up to that plateau, which I assume is something in the range of 170x the price per aircraft of -- for the 3 variants? I don't know, maybe it's $90 million on average or something like that. But specifically for next year, how does the rebaselining affect your production revenue expectations?

肯，我想知道。我們過去曾談過 F-35 的生產收入前景，您之前提到過重新設定基準。如果我們考慮今年 F-35 的生產銷售額可能在 130 億美元左右的範圍內，當您考慮這種重新設定基準時，到 2022 年會走向何方？然後它最終將如何達到那個高原，我認為這是每架飛機價格的 170 倍——對於 3 種變體？我不知道，也許平均是 9000 萬美元或類似的東西。但特別是對於明年，重新設定基準將如何影響您的生產收入預期？

Yes. Thanks, Seth. Yes. So we're still -- as I said earlier, we're still working through that rebaseline with the joint program office, who think of that as the quarterback, the program manager dealing with the services and the international customers. So the -- all I could say today is our base plan was 169 aircraft. It is highly likely we are going to deliver less aircraft next year than 169. I just don't know what that is.

是的。謝謝，賽斯。是的。所以我們仍然 - 正如我之前所說，我們仍在與聯合項目辦公室一起工作，他們認為這是四分衛，是處理服務和國際客戶的項目經理。所以 - 我今天只能說我們的基本計劃是 169 架飛機。明年我們交付的飛機很可能會少於 169 架。我只是不知道那是什麼。

And the only other thing I could say, and I don't mean to make this sound like Yogi Berra, but it's likely going to be less than what it would have been. I'm not suggesting it will be less than this year, but it will be less than the forecasted 169.

我唯一能說的另一件事，我並不是想讓這聽起來像 Yogi Berra，但它可能會比它本來的要少。我並不是說它會比今年少，但它會比預測的 169 少。

And you're spot on, Seth. This rebaseline may take 2, 3 years. And again, that's something else we'll get from the customer. And the plateau will ultimately be 170 aircraft, perhaps a little bit more, and that plateau then will extend out farther out into the future than what we thought.

賽斯，你是正確的。這種重新基線可能需要 2、3 年。再說一次，這是我們將從客戶那裡得到的其他東西。高原最終將是 170 架飛機，也許會多一點，然後這個高原將延伸到比我們想像的更遠的未來。

And back to Jim's opening comments, we were just notified we won in Switzerland. That is a big, big deal for us. We just put in our best and final offer in -- for Finland. We're in the hunt for the next-generation fighter aircraft in Canada. There are many other customers that have an interest in this aircraft, including this -- of course, the services of the United States. So we think there is a strong demand out there for this aircraft.

回到 Jim 的開場評論，我們剛剛被告知我們在瑞士獲勝。這對我們來說是一件大事。我們剛剛為芬蘭提供了最好的和最終的報價。我們正在加拿大尋找下一代戰鬥機。還有許多其他客戶對這架飛機感興趣，其中當然包括美國的服務。因此，我們認為這架飛機的需求量很大。

Now regarding price, regarding the B variant and the C variant, just based on quantities, it's likely you'll see the price of that aircraft either stay where it is or continue to come down the learning curve. The A variant, and I'm not trying to negotiate with the customer on the phone, but due to where we are in learning, due to where we are with inflation and due to where we are with the added capabilities that they want on the aircraft, it is likely you'll see an increase in prices -- a modest increase in prices of where we are today. You've got to factor all that in. We should have a better answer for you in the October time period in terms of what the impact is.

現在關於價格，關於 B 型和 C 型，僅根據數量，您可能會看到該飛機的價格要么保持不變，要么繼續下降。 A 變體，我不是試圖通過電話與客戶談判，而是由於我們在學習中的位置，由於我們在通貨膨脹中的位置以及由於我們在哪裡具有他們想要的附加功能飛機，您很可能會看到價格上漲——與我們今天相比，價格略有上漲。您必須將所有這些因素都考慮在內。就影響的影響而言，我們應該在 10 月份為您提供更好的答案。

And next, we'll go to Joe DeNardi with Stifel.

接下來，我們將與 Stifel 一起前往 Joe DeNardi。

Ken, can you just talk about kind of how much of the portfolio, maybe ARRW specifically, is related to sustainment? And are you seeing any pressure there? Has there been any shift in focus from less of a focus on readiness, more on modernization under this administration?

肯，你能談談有多少投資組合，特別是 ARRW，與維持有關嗎？你看到那裡有壓力嗎？在本屆政府的領導下，重點是否從較少關注準備，更多關注現代化？

And then just on your comment on the F-35 block buy margins, is that just related to the technology insertion? Or are there kind of other challenges you're facing just on pausing risk retirements on F-35?

然後就您對 F-35 大宗購買利潤的評論，這是否與技術插入有關？或者在暫停 F-35 的風險退役時，您是否還面臨其他挑戰？

You bet, Joe. So on sustainment, think of sustainment, there's sustainment in F-35, which, back to the comments Jim made and that I made earlier, we still see strong demand. Of course, we want to get the cost per flight hour down. We also want to ensure that there's available aircraft out there. But the demand is going to grow there, and there is a keen desire for the more fielded aircraft that we have out there, the more robust sustainment program we have.

你打賭，喬。所以關於保障，想想保障，F-35 有保障，回到吉姆和我之前發表的評論，我們仍然看到強勁的需求。當然，我們希望降低每個飛行小時的成本。我們還想確保那裡有可用的飛機。但是那裡的需求將會增長，並且我們迫切希望我們擁有更多的飛機，我們擁有更強大的維持計劃。

We also have sustainment, think of sustainment on F-22. I mean, eventually F-22s are going to get sunset. But I would say, in the foreseeable future, think of F-22 sales not being quite, say, $1 billion -- they're over $1 billion. And going forward, you may see that decline just a little bit.

我們也有保障，想想 F-22 的保障。我的意思是，最終 F-22 將會日落。但我想說，在可預見的未來，想想 F-22 的銷售額還不會是 10 億美元——它們會超過 10 億美元。展望未來，你可能會看到這種下降一點點。

F-16, a big portion of F-16 sustainment for international customers, and I believe we've mentioned this in the not-too-distant past. We actually got a contract with the United States Air Force to sustain their aircraft. And it's been quite a while since we've gotten a current contract for that. So I don't see that demand going away or the interest going either.

F-16，為國際客戶提供的 F-16 維護的很大一部分，我相信我們在不久的過去已經提到了這一點。我們實際上與美國空軍簽訂了維護他們飛機的合同。自從我們獲得當前的合同以來已經有一段時間了。因此，我認為這種需求不會消失或興趣也會消失。

C-130, a big piece of that is sustainment of aircraft internationally. And then in our skunk works, think of the U-2 is a sustainment contract. And ultimately, they all get sunsetted as well, but not in the not-too-distant future.

C-130，其中很大一部分是國際飛機的維持。然後在我們的臭鼬作品中，想想 U-2 是一份維持合同。最終，它們也都會被淘汰，但不會在不久的將來。

And your second question was on block buy margins. Yes, it's, right now, Joe, we're seeing -- we're taking a pause because what we agreed to in negotiations from a learning curve standpoint, coming down the learning curve, we're still coming down the learning curve from a -- this is cost now down the learning curve, not as robust as we planned to take these risk retirements.

你的第二個問題是關於大宗買入的保證金。是的，現在，喬，我們看到——我們正在暫停，因為從學習曲線的角度來看，我們在談判中達成的共識，沿著學習曲線走下去，我們仍然在沿著學習曲線走下去a - 這是現在學習曲線下的成本，不像我們計劃承擔這些風險退休那樣強大。

So we want to see continued performance into next year before we take those risk retirements at that time. And so think of block buy margins are very high single-digit margins. These risk retirements would take them up into the low double-digit margins, but we'll likely keep pausing that until next year.

因此，我們希望看到明年的持續表現，然後再承擔這些風險退休。所以想想大宗購買的利潤率是非常高的個位數利潤率。這些風險退休將使他們達到兩位數的低利潤率，但我們可能會一直暫停到明年。

John, this is Greg. I think we've come up at the top of the hour, so I will turn it back over to Jim for some final thoughts.

約翰，這是格雷格。我想我們已經趕上時間了，所以我會把它交給吉姆，讓他做一些最後的思考。

All right, Greg, thanks. Look, I'll just stand by reinforcing our commitments. First, our 21st Century Warfare vision, which will make our platforms and services more resilient and more attractive to the customer, in addition to making us more effective in creating a deterrent; also investments in digital transformation and innovation and delivering thereby strong cash generation supporting it; and after that, a strong dividend as we deliver long-term value to you all.

好的，格雷格，謝謝。聽著，我只會堅持加強我們的承諾。首先，我們的 21 世紀戰爭願景，這將使我們的平台和服務更具彈性，對客戶更具吸引力，同時讓我們更有效地產生威懾；還投資於數字化轉型和創新，從而提供強大的現金生成支持它；在那之後，隨著我們為你們所有人提供長期價值，我們將獲得豐厚的紅利。

And I want to just thank you again for joining us today. We're going to have an upcoming investor event in August. We hope you can join us for that. And John, you can conclude the call then. Thank you, everybody, for being here this morning.

我想再次感謝您今天加入我們。我們將在 8 月舉辦一場即將舉行的投資者活動。我們希望您能加入我們。約翰，你可以結束通話。謝謝大家，今天早上來到這裡。