洛克希德·馬丁 (LMT) 2021 Q1 法說會逐字稿

Good day, and welcome, everyone, to the Lockheed Martin First Quarter 2021 Earnings Results Conference Call.

美好的一天，歡迎大家參加洛克希德馬丁公司 2021 年第一季度收益結果電話會議。

Today's call is being recorded.

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.

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。

Please go ahead, sir.

請繼續，先生。

Thank you, Jon, and good morning.

謝謝你，喬恩，早上好。

I'd like to welcome everyone to our first quarter 2021 earnings conference call.

我想歡迎大家參加我們的 2021 年第一季度收益電話會議。

Joining me today on the call are Jim Taiclet, our Chairman, President and Chief Executive Officer; and Ken Possenriede, our Chief Financial Officer.

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 facts are considered forward-looking statements and are made pursuant to the safe harbor provisions of federal securities law.

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。

Actual results may differ materially from those projected in the forward-looking statements.

實際結果可能與前瞻性陳述中預測的結果大不相同。

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.

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.

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。

These charts also include information regarding non-GAAP measures that may be used in today's call.

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。

Please access our website at www.lockheedmartin.com, and click on the Investor Relations link to view and follow the charts.

請訪問我們的網站 www.lockheedmartin.com，然後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.

謝謝，格雷格。

Good morning, everyone, and thank you for joining us today on our first quarter 2021 earnings call.

大家早上好，感謝您今天加入我們的 2021 年第一季度財報電話會議。

As today's release illustrates, we had a strong financial result this quarter, and continue to perform at a high level strategically and operationally.

正如今天的新聞稿所示，我們本季度取得了強勁的財務業績，並在戰略和運營方面繼續保持高水平。

Our achievements reflect the quality of our workforce, the breadth of our products and services and the focus we all have on delivering value to our customers and stockholders.

我們的成就反映了我們員工的素質、我們的產品和服務的廣度，以及我們都專注於為客戶和股東創造價值。

We continue to deliver these results in spite of the ongoing difficulties presented by the COVID-19 pandemic.

儘管 COVID-19 大流行帶來了持續的困難，我們仍將繼續提供這些結果。

And my thanks go to the men and women of Lockheed Martin for their outstanding contributions during these challenging times.

我要感謝洛克希德·馬丁公司的員工在這個充滿挑戰的時期做出的傑出貢獻。

I'll begin today with a quick update on the strategic acquisition of Aerojet Rocketdyne that we announced in December, a transaction we believe will enhance Lockheed Martin's ability to develop and supply advanced products and support of national security and our civil space objectives.

今天，我將簡要介紹我們在 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·馬丁公司開發和供應先進產品以及支持國家安全和我們的民用太空目標的能力。

We also plan to strengthen Aerojet Rocketdyne's capabilities as a merchant supplier with improved offerings for all of its industry and government customers, which is a critical component of closing our acquisition business case.

我們還計劃加強 Aerojet Rocketdyne 作為商業供應商的能力，為其所有行業和政府客戶提供改進的產品，這是完成我們的收購業務案例的關鍵組成部分。

Last month, Aerojet stockholders approved the merger agreement with over 99% of votes cast being in favor of the transaction.

上個月，Aerojet 股東以超過 99% 的投票贊成該交易批准了合併協議。

Also this quarter, as expected, both companies received a request for additional information or a second request from the Federal Trade Commission as part of the regulatory review process.

同樣在本季度，正如預期的那樣，兩家公司都收到了聯邦貿易委員會的額外信息請求或第二次請求，作為監管審查過程的一部分。

The second request extends the waiting period pursuant to the Hart--Scott--Rodino Act, we're working cooperatively with the FTC and continue to expect resolution of the regulatory review process by the latter part of 2021.

根據《哈特-斯科特-羅迪諾法案》，第二個請求延長了等待期，我們正在與 FTC 合作，並繼續期待在 2021 年下半年之前解決監管審查程序。

Moving to our financial and operational results.

轉向我們的財務和運營結果。

Lockheed Martin got off to a strong start for the year.

洛克希德馬丁公司今年開局良好。

Ken will discuss our financial results in more detail and provide an update to our 2021 financial outlook, which increases key financial metrics across the board.

Ken 將更詳細地討論我們的財務業績，並提供我們 2021 年財務展望的更新，這將全面提高關鍵財務指標。

But I'd like to continue by providing a few highlights right up front.

但我想繼續提供一些亮點。

First quarter sales increased 4% over the year-earlier period, with Rotary and Mission Systems growing 10% due to the delivery of an international pilot training system and ramping production of Sikorsky aircraft.

由於國際飛行員培訓系統的交付和西科斯基飛機的產量增加，第一季度銷售額同比增長 4%，其中 Rotary and Mission Systems 增長 10%。

Segment operating profit increased as a result of our sales performance, and earnings per share also saw strong growth.

由於我們的銷售業績，分部營業利潤增加，每股收益也出現強勁增長。

Our EPS benefited from gains in our Lockheed Martin Ventures fund.

我們的每股收益受益於洛克希德馬丁風險投資基金的收益。

LM Ventures make strategic investments in early-stage companies developing disruptive cutting-edge technologies, and it supports our technology road maps and growth strategies.

LM Ventures 對開發顛覆性尖端技術的早期公司進行戰略投資，並支持我們的技術路線圖和增長戰略。

Ken will give a little more color on this in a few moments.

稍後，Ken 將對此進行更多說明。

Our cash generation remains outstanding, driving over $1.7 billion of cash from operations this quarter, which includes the nearly $1.4 billion downward impact of accelerating payments to our suppliers including thousands of small and vulnerable companies that are especially stressed due to COVID-19 impacts.

我們的現金產生仍然突出，本季度從運營中獲得了超過 17 億美元的現金，其中包括加速向我們的供應商付款所產生的近 14 億美元的下行影響，其中包括因 COVID-19 影響而特別受壓的數千家小型和脆弱公司。

Altogether, these results reflect the high level of execution being achieved across the company.

總之，這些結果反映了整個公司正在實現的高水平執行。

Our outstanding cash generation and strong balance sheet also provide us the flexibility to complete a $1 billion accelerated share repurchase agreement this quarter to opportunistically buy back stock.

我們出色的現金產生和強大的資產負債表也為我們提供了在本季度完成 10 億美元加速股票回購協議的靈活性，以機會性地回購股票。

We expect our cash generation to remain strong, and we can't -- plan to continue our balanced cash deployment actions by investing in innovative technologies, executing our 21st century warfare strategy, providing our customers with enhanced capabilities and returning cash to stockholders.

我們預計我們的現金生成將保持強勁，我們不能計劃通過投資創新技術、執行我們的 21 世紀戰爭戰略、為我們的客戶提供增強的能力並向股東返還現金來繼續我們的平衡現金部署行動。

Turning to federal budgets.

轉向聯邦預算。

As a reminder, the fiscal year 2021 budget cycle marked the final year of the Budget Control Act that was originally enacted in 2011.

提醒一下，2021 財年預算週期標誌著最初於 2011 年頒布的《預算控制法》的最後一年。

The Department of Defense appropriations approved as part of the FY 2021 omnibus funding bill resulted in a fully funded national defense budget of approximately $740 billion.

作為 2021 財年綜合資金法案的一部分，國防部批准的撥款產生了大約 7400 億美元的全額國防預算。

The White House recently released their preliminary budget proposal for fiscal 2022, targeting approximate $11 billion top line increase for the Department of Defense, an indication of the desire for continued stability in national security funding, and in line with our expectations.

白宮最近發布了他們的 2022 財年初步預算提案，目標是為國防部增加約 110 億美元的收入，這表明希望國家安全資金持續穩定，並且符合我們的預期。

Similarly, the President issued an interim national security strategic guidance document, which incorporates key elements such as diplomacy, economic development, innovation, and modernizing our military capabilities into a broad framework for addressing accelerating global challenges.

同樣，總統發布了一份臨時國家安全戰略指導文件，其中將外交、經濟發展、創新和軍事能力現代化等關鍵要素納入應對日益嚴峻的全球挑戰的廣泛框架。

This guidance document places emphasis on deterrence, investments in emerging technologies such as artificial intelligence, and secure next-gen 5G infrastructure as well as the need for having strong defense and intelligence capabilities.

該指導文件強調威懾、對新興技術（如人工智能）的投資、安全的下一代 5G 基礎設施以及對強大防禦和情報能力的需求。

We believe this vision is well aligned with our 21st century warfare strategy and plays to the strength of our broad portfolio and our culture of innovation at Lockheed Martin.

我們相信，這一願景與我們 21 世紀的戰爭戰略非常吻合，並發揮了我們廣泛的產品組合的優勢和洛克希德馬丁公司的創新文化。

Also in the quarter, the American Rescue Plan Act of 2021 stimulus package was enacted into legislation.

同樣在本季度，《2021 年美國救助計劃法案》刺激方案被頒佈為立法。

This bill extended the CARES Act Section 3610 provision until September 30, 2021, enabling federal agencies to continue to reimburse contractors for the cost of keeping employees and subcontractors in a ready state as a result of the global pandemic.

該法案將 CARES 法案第 3610 條的規定延長至 2021 年 9 月 30 日，使聯邦機構能夠繼續補償承包商因全球大流行而使員工和分包商處於準備狀態的費用。

Importantly, this legislation also contained cash funding relief provisions affecting single employer pension plans, the primary reason for our increase in our cash outlook.

重要的是，該立法還包含影響單一雇主養老金計劃的現金資助減免條款，這是我們提高現金前景的主要原因。

Ken will discuss this further during his remarks.

肯將在他的講話中進一步討論這個問題。

Turning to our business areas.

轉向我們的業務領域。

I'd like to touch on several notable achievements demonstrating our focus on operational performance, strategic growth initiatives, and the strength of our portfolio.

我想談談幾項顯著的成就，這些成就表明了我們對運營績效、戰略增長計劃和我們投資組合實力的關注。

I'll begin with Aeronautics, where our team participated in this year's Orange Flag exercise.

我將從 Aeronautics 開始，我們的團隊參加了今年的 Orange Flag 演習。

That's the U.S. Air Force's annual event to assess integration maturity of their war fighting platform.

這是美國空軍評估其作戰平台集成成熟度的年度活動。

This year's Orange Flag featured a broad network-centric demonstration, showcasing the integration of the F-35 and other legacy air class, including the F-22 and U2, with long -- land-based long-range flyers, naval flyers and space-based sensors.

今年的橙色旗幟以廣泛的以網絡為中心的演示為特色，展示了 F-35 和其他傳統航空類（包括 F-22 和 U2）與遠程陸基遠程飛行器、海軍飛行器和太空的集成基於傳感器。

This exercise demonstrated a fully functional Internet of Things or IoT architecture, integrating a number of our nation's most advanced weapon systems.

這次演習展示了一個功能齊全的物聯網或物聯網架構，集成了我們國家的一些最先進的武器系統。

Our team was on the vanguard of the effort, enabling F-35s and F-22s to pass data to a U2, all Lockheed Martin aircraft, with the U2 then relaying the information to a ground-based control center.

我們的團隊是這項工作的先鋒，使 F-35 和 F-22 能夠將數據傳遞給 U2，所有都是洛克希德馬丁飛機，然後 U2 將信息傳遞到地面控制中心。

Targeting data was then transferred using machine-to-machine data sharing with an army engagement operations center as well as to navy ships.

然後，目標數據通過與陸軍交戰作戰中心和海軍艦艇的機器對機器數據共享進行傳輸。

By providing data via fifth-generation aircraft to multiple command and control nodes, that information could be used for real-time targeting.

通過通過第五代飛機向多個指揮和控制節點提供數據，這些信息可用於實時定位。

This exercise demonstrated Lockheed Martin's readiness to provide unmatched situational awareness into a rapidly field capabilities today in support of our customers' joint all-domain operations concept.

這次演習表明洛克希德馬丁公司已準備好將無與倫比的態勢感知能力提供給當今的快速戰場能力，以支持我們客戶的聯合全域作戰概念。

In Rotary and Mission Systems, The CH-53K King Stallion was selected by the Israeli Ministry of Defense as the winner in their heavy lift helicopter competition.

在旋轉和任務系統中，CH-53K King Stallion 被以色列國防部選為重型直升機競賽的獲勝者。

Upon contract award, our Sikorsky line of business will provide new CH-53K to replace the Israeli Air Force's current fleet of legacy Sikorsky 53-D aircraft.

簽訂合同後，我們的西科斯基業務線將提供新的 CH-53K，以取代以色列空軍現有的傳統西科斯基 53-D 飛機機隊。

Israel will become the first international customer for our new 53-K variant, and we look forward to working with the Israeli Defense Force and the U.S. government to finalize the agreement.

以色列將成為我們新的 53-K 型號的第一個國際客戶，我們期待與以色列國防軍和美國政府合作以敲定協議。

In our Missiles and Fire Control business area, the U.S. Army awarded our Precision fires team a $2.8 billion contract for additional guided multiple launch rocket systems, or GMLRS, products and services that continue our relationships that has lasted for over 40 years.

在我們的導彈和火控業務領域，美國陸軍向我們的精密火力團隊授予了價值 28 億美元的額外制導多發火箭系統或 GMLRS 產品和服務，這些產品和服務延續了我們已經持續了 40 多年的關係。

This quarter, MFC also delivered the 50,000 GMLRS systems, another sign of the enduring demand of our signature programs.

本季度，MFC 還交付了 50,000 個 GMLRS 系統，這是對我們的標誌性項目的持久需求的又一跡象。

Moving to our space business area.

搬到我們的太空業務領域。

The Missile Defense Agency down selected our space team for the next-generation interceptor program, awarding a $3.7 billion, 5-year contract for technology development and risk reduction activities.

導彈防禦局選擇了我們的太空團隊進行下一代攔截器計劃，授予了一份價值 37 億美元、為期 5 年的技術開發和降低風險活動合同。

This award leverages our internal investments and experience from our THAAD and other programs to deliver the capability to respond to multiple threats with a single interceptor.

該獎項利用我們在 THAAD 和其他項目中的內部投資和經驗，提供使用單個攔截器應對多種威脅的能力。

NGI will be a key element of homeland defense of our country against ballistic nuclear missiles, and we're extremely proud to be selected to pursue this opportunity.

NGI 將成為我國抵禦彈道核導彈的國土防禦的關鍵要素，我們為被選中抓住這個機會感到非常自豪。

Our space team also announced a strategic interest agreement with telecommunications firm Omnispace space to explore collaborating on a hybrid communications network using both satellites and ground-based wireless technology.

我們的太空團隊還宣布與電信公司 Omnispace space 達成戰略利益協議，以探索在使用衛星和地面無線技術的混合通信網絡上進行合作。

Tying together space and terrestrial systems into a seamless 5G network, has the potential to greatly enhance military applications and help manage complex information-centric warfare and all the operational domains.

將空間和地面系統連接到一個無縫的 5G 網絡中，有可能極大地增強軍事應用並幫助管理複雜的以信息為中心的戰爭和所有作戰領域。

We continue to explore opportunities like this one with the goal of accelerating the benefits of commercial telecommunications technology into our 5G.MIL initiative to rapidly increase the capabilities of our soldiers, sailors and airmen in the 21st century.

我們將繼續探索這樣的機會，目標是加速將商業電信技術的優勢融入我們的 5G.MIL 計劃，從而在 21 世紀迅速提高我們士兵、水手和飛行員的能力。

I'll close by again highlighting our space team and their contribution to the recent successful Mars Perseverance landing.

最後，我將再次強調我們的太空團隊以及他們對最近成功的火星毅力著陸的貢獻。

Lockheed Martin Space designed and built the Mars 2020 aeroshell, which encapsulated both the Perseverance Rover and the innovative Ingenuity drone helicopter, protecting them during entry and decent through the Martian atmosphere.

Lockheed Martin Space 設計並製造了 Mars 2020 航空外殼，它封裝了 Perseverance Rover 和創新的 Ingenuity 無人機直升機，在進入火星大氣層時保護它們並體面地穿過火星大氣層。

Lockheed Martin also designed and built the Mars helicopter delivery system, which transported Ingenuity on the Rover and successfully deployed the helicopter for its historic first flights on Mars.

洛克希德·馬丁公司還設計和建造了火星直升機運輸系統，該系統將 Ingenuity 運送到了火星車上，並成功地將直升機部署在火星上進行歷史性的首次飛行。

We've built aeroshell systems for every one of NASA's Mars Rovers and Landers, and we've been part of every NASA Mars mission, beginning with the Viking program in the 1970s.

我們已經為美國宇航局的每一輛火星探測器和著陸器建造了航空殼系統，並且我們參與了美國宇航局的每一次火星任務，從 1970 年代的維京計劃開始。

We continue to incorporate innovative technologies and decades of experience into each new spacecraft, and we're excited to continue our Mars heritage with a Perseverance program.

我們將繼續將創新技術和數十年的經驗融入每艘新航天器，我們很高興能夠通過毅力計劃延續我們的火星遺產。

These many achievements highlight the breadth of our portfolio, our focus on innovation and next-gen technologies.

這些眾多成就凸顯了我們產品組合的廣度、我們對創新和下一代技術的關注。

And our commitment to providing the United States and its allies with 21st century capabilities to support crucial national security missions.

我們承諾為美國及其盟國提供 21 世紀的能力，以支持重要的國家安全任務。

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

有了這個，我會把電話轉給肯。

Thanks, Jim, and good morning, everyone.

謝謝，吉姆，大家早上好。

As I highlight our accomplishments, please follow along with the web charts that we've included with our earnings release today.

當我強調我們的成就時，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.

讓我們從圖 3 開始，概述我們本季度的業績。

We saw strong results in sales, segment operating profit, cash from operations and earnings per share this quarter while maintaining our backlog of $147 billion.

我們在本季度的銷售、部門營業利潤、運營現金和每股收益方面取得了強勁的業績，同時保持了 1470 億美元的積壓。

We generated $1.7 billion of cash from operations, and we continued our balanced cash deployment actions, including the execution of our $1 billion accelerated share repurchase program this quarter, returning a total of $1.7 billion to our stockholders, including our quarterly dividend payments.

我們從運營中產生了 17 億美元的現金，我們繼續採取平衡的現金部署行動，包括在本季度執行 10 億美元的加速股票回購計劃，向我們的股東返還總計 17 億美元，包括我們的季度股息支付。

With these results and strong performance from our Rotary and Mission Systems segment, we are able to increase our outlook for the year for all key financial metrics.

憑藉我們旋轉和任務系統部門的這些結果和強勁表現，我們能夠提高對所有關鍵財務指標的今年展望。

And turning to Chart 4, we compare our sales and segment operating profit this year with last year's results.

轉向圖 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。

Sales grew 4% compared with last year to $16.3 billion, continuing our expected growth of the business, while segment operating profit was $1.7 billion.

銷售額與去年相比增長 4% 至 163 億美元，延續了我們對業務的預期增長，而分部營業利潤為 17 億美元。

We had the segment operating margin of 10.8%, consistent with our expectations as we did not record any equity earnings this quarter due to no-launch events in our ULA joint venture at Space.

我們的部門營業利潤率為 10.8%，與我們的預期一致，因為由於我們在 Space 的 ULA 合資企業沒有發布事件，我們本季度沒有記錄任何股權收益。

Chart 5 shows our earnings per share for first quarter 2021.

圖 5 顯示了我們 2021 年第一季度的每股收益。

Our earnings per share of $6.56 was $0.48 above our results last year driven by volume, and as Jim mentioned, includes $0.18 of a gain from investments in our ventures fund.

我們的每股收益為 6.56 美元，比去年受交易量驅動的結果高 0.48 美元，正如吉姆所說，其中包括投資於我們的風險基金的 0.18 美元收益。

And I'll discuss this a little more in a subsequent slide.

我將在隨後的幻燈片中對此進行更多討論。

This was partially offset by $0.10 in severance charges from previously announced actions taken to improve efficiency and lower total cost for our business.

這部分被先前宣布的為提高效率和降低我們業務的總成本而採取的行動所支付的 0.10 美元的遣散費所抵消。

On Chart 6, we'll discuss in more detail the cash return to our stockholders this quarter.

在圖 6 中，我們將更詳細地討論本季度對股東的現金回報。

Subtracting our capital expenditures from approximately $1.7 billion of cash from operations, our free cash flow was nearly $1.5 billion.

從大約 17 億美元的運營現金中減去我們的資本支出，我們的自由現金流接近 15 億美元。

By executing our planned share repurchases of $1 billion in the first quarter as well as providing our dividend of $2.60 per share, we were able to return 119% of free cash flow to our stockholders this quarter.

通過在第一季度執行我們計劃的 10 億美元的股票回購以及提供每股 2.60 美元的股息，我們能夠在本季度向股東返還 119% 的自由現金流。

And moving on to Chart 7. As we noted, we are increasing our outlook for this current year for sales, segment operating profit, earnings per share and cash from operations.

轉到圖 7。正如我們所指出的，我們正在提高對本年度銷售額、部門營業利潤、每股收益和運營現金的展望。

On our -- on Chart 8, we showed the increase to our sales guidance range of $200 million, and reflected in our estimated sales range for Rotary and Mission Systems.

在我們的 - 在圖 8 中，我們顯示我們的銷售指導範圍增加了 2 億美元，並反映在我們對 Rotary 和 Mission Systems 的估計銷售範圍中。

This increase reaffirms our growth for 2021 and projected to increase year-over-year by 4%.

這一增長再次證實了我們在 2021 年的增長，預計將同比增長 4%。

On Chart 9, we show our outlook for segment operating profit by business area.

在圖 9 中，我們按業務領域顯示了我們對分部營業利潤的展望。

And consistent with sales, we have increased our RMS and our outlook by $25 million.

與銷售額一致，我們將 RMS 和展望增加了 2500 萬美元。

On Chart 10, we take a closer look at our increased guidance for 2021 earnings per share.

在圖 10 中，我們仔細研究了我們對 2021 年每股收益的更高指引。

As I noted a moment ago, we recorded a $68 million gain on strategic investments we hold in our Lockheed Martin Ventures fund, which translates to approximately $0.18 in earnings per share.

正如我剛才提到的，我們在洛克希德馬丁風險投資基金中持有的戰略投資獲得了 6800 萬美元的收益，這相當於每股收益約為 0.18 美元。

As Jim noted previously, these investments are part of our growth strategy, focused on innovative technology in early-stage companies and their valuations may fluctuate over time.

正如 Jim 之前指出的，這些投資是我們增長戰略的一部分，專注於早期公司的創新技術，它們的估值可能會隨著時間的推移而波動。

Moving on, reduced tax expense as a result of the American Rescue Plan Act and the timing and execution of our share repurchases have also favorably impacted our outlook for EPS.

繼續前進，由於《美國救援計劃法》以及我們股票回購的時機和執行而減少的稅收費用也對我們的每股收益前景產生了有利影響。

As has the increased earnings we noted from Rotary and Mission Systems.

正如我們從 Rotary 和 Mission Systems 注意到的收入增加一樣。

There is an offset to incorporate the nonrecurring severance charge we discussed earlier.

包含我們之前討論的非經常性遣散費的補償。

In total, our full year earnings per share outlook has increased by $0.40 at the midpoint of the range.

總的來說，我們的全年每股收益展望在該範圍的中點增加了 0.40 美元。

On Chart 11, we will look at our increased cash flow forecast for 2021, and with increases also estimated for 2022 and 2023.

在圖 11 中，我們將查看我們對 2021 年增加的現金流量的預測，並且預計 2022 年和 2023 年的現金流量也會增加。

With the passage of the American Rescue Plan Act, we are no longer planning to make a $1 billion discretionary pension contribution in 2021.

隨著美國救援計劃法案的通過，我們不再計劃在 2021 年提供 10 億美元的可自由支配養老金供款。

This benefit is partially offset by reduced pension tax deductions with the net increase to cash estimated to be about $600 million.

這一福利被減少的養老金稅收減免部分抵消，現金淨增加額估計約為 6 億美元。

The net impact also improves our anticipated cash flow in '22 and '23.

淨影響還改善了我們在 22 年和 23 年的預期現金流。

This change allows us to recover the entire $8.3 billion of existing CAS prefunding credits by 2026.

這一變化使我們能夠在 2026 年之前收回全部 83 億美元的現有 CAS 預融資信貸。

And based upon this change in law and our current estimates and assumptions for future pension asset performance, we do not believe there will be a required pension cash contribution before the year 2026 and minimal contributions thereafter.

根據法律的這一變化以及我們目前對未來養老金資產表現的估計和假設，我們認為在 2026 年之前不會有必要的養老金現金供款，此後的供款也很少。

In total, this change in legislation increases our 3-year cash flow estimate by $1 billion, and combined with reduced future CAS expenses, will improve our cost competitiveness and our affordability to customers going forward.

總的來說，這項立法變更使我們對 3 年現金流量的估計增加了 10 億美元，再加上未來 CAS 費用的減少，將提高我們的成本競爭力和未來客戶的承受能力。

I should note, as I did on our last call that this outlook and trends are prior to an R&D tax deduction impact from the 2017 Tax Cuts and Jobs Act that's effective in 2022.

我應該注意到，正如我在上次電話會議上所做的那樣，這種前景和趨勢是在 2022 年生效的 2017 年減稅和就業法案對研發稅收減免影響之前。

And to conclude, on Chart 12, we have our summary.

最後，在圖 12 中，我們有了總結。

We believe that the first quarter of 2021 has laid the foundation for a strong year.

我們認為，2021 年第一季度為強勁的一年奠定了基礎。

Our backlog remains robust, and our key programs continue to deliver growth and sustained performance.

我們的積壓工作依然強勁，我們的關鍵計劃繼續實現增長和持續的業績。

We have increased our full year outlook for sales, operating profit, earnings per share and cash from operations.

我們提高了對銷售、營業利潤、每股收益和運營現金的全年展望。

And as a result of a change in legislation, our 3-year cash flow expectations have grown by $1 billion.

由於立法的改變，我們的 3 年現金流預期增加了 10 億美元。

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

有了這個，喬恩，我們已經準備好開始問答了。

(Operator Instructions)

（操作員說明）

And first with the line of Rob Spingarn with Crédit Suisse.

首先是瑞士信貸的 Rob Spingarn 系列。

I wanted to dig into Space a little bit, two-part question, one for each of you.

我想深入探討一下 Space，由兩部分組成的問題，每個人一個。

And I thought I'd start with Ken, and just wondering how we think about top line growth for the 3 space subsegments, so satellite, strategic and defensive missiles in Space Transport over the next few years [XP AWE] [fade], particularly now that we have some budget details from NASA.

我想我會從肯開始，只是想知道我們如何看待未來幾年太空運輸中的衛星、戰略和防禦導彈這 3 個空間子段的頂線增長 [XP AWE] [fade]，尤其是現在我們已經從 NASA 獲得了一些預算細節。

And then, Jim, while we're on the topic of space in NASA and with the Artemis HLS award to SpaceX last week, and all of the other start-ups we're seeing.

然後，吉姆，當我們談論 NASA 的太空主題時，上週 SpaceX 獲得了 Artemis HLS 獎，以及我們看到的所有其他初創企業。

The new space crowd is coming on strong.

新的太空人群正在強勢崛起。

And I wanted to ask you how you think about that from Lockheed's perspective.

我想問你從洛克希德的角度來看你是怎麼想的。

Sure.

當然。

Rob, it's Ken.

羅布，是肯。

I'll start off with your long-term question regarding top line growth.

我將從您關於收入增長的長期問題開始。

So everyone is aware, if you look at the last couple of years, we've had a very strong order book in our Space business.

所以每個人都知道，如果你看看過去幾年，我們在太空業務中的訂單非常強勁。

Some of it planned and frankly, some of it's nice surprises.

有些是計劃好的，坦率地說，有些是驚喜。

So if you go around the horn -- if you look at our national security space segment, I'd say probably the biggest growth opportunity we have there is, is in our classified space area.

因此，如果您繞過喇叭-如果您看看我們的國家安全空間領域，我會說我們最大的增長機會可能是在我們的機密空間領域。

We are seeing an enormous amount of opportunities out there.

我們看到了大量的機會。

A lot of them planned, and frankly, a lot of them that we are helping shape.

他們中的很多人都在計劃，坦率地說，我們正在幫助塑造他們中的很多人。

And so I'd say, long term, there's a lot of opportunities there in national security space.

所以我想說，從長遠來看，國家安全領域有很多機會。

From a strategic and missile defense standpoint, I would start out with what Jim described as a very nice win for us, which was the NGI contract.

從戰略和導彈防禦的角度來看，我會從吉姆所說的對我們來說非常好的勝利開始，那就是 NGI 合同。

I think over the next couple of years, we're going to see some nice opportunity from a growth standpoint there.

我認為在接下來的幾年裡，從增長的角度來看，我們將看到一些不錯的機會。

That program will be developing and demonstrating JADO-enabling systems, and they'll be ready for operational use as early as today.

該計劃將開發和演示支持 JADO 的系統，它們最早將在今天準備好投入使用。

So some opportunities there.

所以那裡有一些機會。

I'd say the second area of large top line growth opportunity is our hypersonics business.

我想說的第二個大型收入增長機會領域是我們的超音速業務。

So if you think about hypersonics today, we're going to do about $1.5 billion, rough numbers, of sales in our hypersonics area.

因此，如果您考慮今天的高超音速，我們將在我們的高超音速領域實現大約 15 億美元（粗略的數字）的銷售額。

And roughly about 2/3 of that is in our Space business.

其中大約 2/3 來自我們的太空業務。

Think of that as CPS.

將其視為 CPS。

So I think some strong opportunities there.

所以我認為那裡有一些強大的機會。

And then commercial space, probably not as robust growth as the other 2 business segments, but we do see some opportunities there, and that's in light of Homeland Security.

然後是商業空間，可能不像其他兩個業務部門那樣強勁增長，但我們確實看到了那裡的一些機會，這是根據國土安全部的。

I'm also going to mention the one initiative with Omnispace that Jim brought up.

我還要提到 Jim 提出的 Omnispace 的一項倡議。

I think there's some exciting opportunities there, not just in the government arena, but also in the commercial arena that will help shape with them.

我認為那裡有一些令人興奮的機會，不僅在政府領域，而且在商業領域也將有助於塑造它們。

And then I think the last piece I'll talk about is our LM-100 initiative.

然後我想我要談的最後一點是我們的 LM-100 計劃。

This is a midsized satellite bus that can support missions to both LEO and GEO.

這是一款中型衛星巴士，可以同時支持前往 LEO 和 GEO 的任務。

And that will be joining our fleet of the LM-50 and the LM-2100 series.

這將加入我們的 LM-50 和 LM-2100 系列機隊。

And some of those investments in advanced payload technologies and demonstrations, we'll be using that bus that can yield some future growth.

其中一些對先進有效載荷技術和演示的投資，我們將使用那輛可以產生一些未來增長的公共汽車。

So I think there are a lot of exciting opportunities there for us this space.

所以我認為這個領域對我們來說有很多令人興奮的機會。

It really is an opportunity-rich environment.

這確實是一個機會豐富的環境。

And Rob, when it comes to space from a strategic standpoint, I think the important framework to start with here is that 80% or more of our space operations revenue comes in national security space and strategic missile defense.

Rob，從戰略角度談太空，我認為從這裡開始的重要框架是，我們太空運營收入的 80% 或更多來自國家安全太空和戰略導彈防禦。

So the remaining 20% is where sort of the action is on exploration.

所以剩下的 20% 是探索的行動。

And we're playing right in the middle of that.

我們正處於其中。

So we're on the -- largely commercial team, led by Blue Origin and the national team on the moon lander.

所以我們在 - 主要是商業團隊，由藍色起源和月球著陸器國家隊領導。

that our team did not particularly be successful in this, didn't mean we weren't participating.

我們的團隊在這方面沒有特別成功，並不意味著我們沒有參與。

We were part and parcel of the new order, if you will, in civil space and teamed up with Blue Origin.

如果你願意的話，我們是新秩序的重要組成部分，在民用空間並與藍色起源合作。

On the other hand, we've got we've got a franchise position on Orion.

另一方面，我們已經在 Orion 獲得了特許經營權。

And Orion is the actual crew compartment spacecraft that will be used for the Artemis missions going forward.

獵戶座是實際的乘員艙航天器，將用於未來的阿爾忒彌斯任務。

So we've got a great position there.

所以我們在那裡有一個很好的位置。

We'll continue to work with whether it's Omnispace or others, Blue Origin, SpaceX, whatever makes sense for us from a partnership /competition perspective, we're going to play, and we're going to be there.

我們將繼續與 Omnispace 或其他公司、Blue Origin、SpaceX 合作，無論從合作/競爭的角度來看對我們有意義的事情，我們都會參加比賽，我們會在那裡。

But again, 80% of our system -- Space Systems net revenue is going to be coming from, again, franchise situations and strategic missile and missile defense and national security space, where I'm not seeing those newer firms play at the level where they can compete with us.

但是，我們系統的 80% 的淨收入將再次來自特許經營情況以及戰略導彈和導彈防禦以及國家安全空間，我沒有看到那些新公司在這些領域發揮作用他們可以與我們競爭。

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。

Your sort of vision for the company that you talked about would seem to require maybe some changes in the way that the department interacts with contractors, I guess after being in the role for a year, what would you say are the top 1 or 2 changes that you need from the department to kind of really drive the 21st century warfare strategy?

您談到的公司願景似乎需要對部門與承包商互動的方式進行一些改變，我想在擔任該職位一年後，您會說最重要的 1 或 2 個變化您需要從該部門真正推動 21 世紀的戰爭戰略嗎？

And what's the plan for getting those?

獲得這些的計劃是什麼？

Sure.

當然。

Let me just frame up the strategy quickly for everyone on the call.

讓我為通話中的每個人快速制定策略。

And then for each of the sort of 4 or 5 main areas, I'll make a point as to what we hope to encourage and work with our government customer to do on their side.

然後對於 4 或 5 個主要領域中的每一個，我將說明我們希望鼓勵並與我們的政府客戶合作，為他們做的事情。

So overall, our objective is to lead our National Defense enterprise, which is industry and government and the military services toward a higher and faster trajectory of development.

因此，總體而言，我們的目標是帶領我們的國防企業，即工業和政府以及軍隊走向更高更快的發展軌跡。

This is essential to meet the challenges, I think, in an area of resurgent great power competition.

我認為，在大國競爭復甦的領域，這對於迎接挑戰至關重要。

So this isn't just a business strategy.

所以這不僅僅是一個商業戰略。

I think it's a national strategy that's an imperative.

我認為這是一項勢在必行的國家戰略。

And at Lockheed Martin, we're in a great position to try to lead that with our customer base.

在洛克希德馬丁公司，我們處於一個很好的位置，可以嘗試通過我們的客戶群來引領這一點。

And there's really 4 or 5 elements.

實際上有 4 或 5 個元素。

And so I'll hit each element and say, well, what do we hope to get along with our behavior from our government customer and the military services to work with us on this.

所以我會談到每一個要素，然後說，好吧，我們希望與我們的政府客戶和軍事部門的行為相處，以便與我們合作。

First of all, I think we -- it's imperative.

首先，我認為我們——這是勢在必行的。

again, we established what we call a 5G.

再次，我們建立了我們所說的 5G。

MIL network architecture.

MIL 網絡架構。

So something that is a standards-based architecture with interfaces, frequencies we're going to use, bands, we're going to employ, ways to do hierarchies and use intellectual property from numerous companies inside and outside the defense enterprise to actually create an architecture just like you see being done in, say, 5G in the telecommunications world.

所以這是一個基於標準的架構，具有接口、我們將使用的頻率、我們將使用的頻段、建立層次結構的方法，並使用國防企業內外眾多公司的知識產權來實際創建一個就像您在電信世界中看到的 5G 架構一樣。

I think we can lead that for a number of reasons, but we're going to absolutely have to have our government customer involved with us.

我認為我們可以出於多種原因領導這一點，但我們絕對必須讓我們的政府客戶參與進來。

And when you look at exercises like Orange Flag, that demonstrates that they see the need as well.

當您查看像橙色旗這樣的練習時，這表明他們也看到了需求。

And ultimately, we're going to have to have an ability to work with our customer base to have new acquisition and appropriations processes so that we can speed things up and get things done faster than the kind of world we're talking about.

最終，我們將必須有能力與我們的客戶群合作，以擁有新的收購和撥款流程，以便我們能夠加快速度並比我們正在談論的那種世界更快地完成工作。

One of the things that, frankly, is core competency of Lockheed Martin is dealing with the federal acquisition regulation, and I do feel we can be a bridge during the sort of changeover period, if you will, to commercial tech.

坦率地說，洛克希德馬丁公司的核心競爭力之一是處理聯邦採購法規，我確實覺得我們可以在商業技術的轉變期間成為一座橋樑，如果你願意的話。

We can license with them on one hand the way they're used to working, and we'll deal with the federal government as far as the contracting goes on that side.

一方面，我們可以按照他們習慣的工作方式向他們授予許可，並且我們將與聯邦政府打交道，只要合同在這方面進行。

I think we can be a great bridge for that.

我認為我們可以成為一個很好的橋樑。

So the -- but the first thing we need to do is establish that architecture and have cooperation with our government customers to do it, and we are.

所以 - 但我們需要做的第一件事是建立該架構並與我們的政府客戶合作來做到這一點，我們就是。

The second thing is we really intend to partner with these leading companies in the telecom and technology space because we need as a defense enterprise to accelerate our adoption of those 21st century technologies and capabilities.

第二件事是我們真的打算與電信和技術領域的這些領先公司合作，因為作為一家國防企業，我們需要加速採用這些 21 世紀的技術和能力。

So again, we'll try to be the pivot point for that, linking the 2 industries with our customer.

因此，我們將再次嘗試成為這方面的支點，將兩個行業與我們的客戶聯繫起來。

But we're going to have to again have an interest in adapting procurement processes and speed to the kind of speed that the commercial companies are used to.

但我們將不得不再次對調整採購流程和速度以適應商業公司習慣的速度感興趣。

There's an interesting model for this, the intelligence community.

有一個有趣的模型，即情報界。

There are some budgets that are handled at the DNI level, which have a lot more flexibility than a standard DoD budget line would have.

有一些預算是在 DNI 級別處理的，它們比標準的國防部預算線具有更大的靈活性。

And so that's just 1 idea, but we need to start working with our customer more closely on some of those fast-track kind of initiatives.

所以這只是一個想法，但我們需要開始與我們的客戶更密切地合作，以實施一些快速通道的舉措。

The next piece of what we're going to do at Lockheed Martin is, we're going to enable eventually all of our major platform programs in aerospace, maritime and land domains to seamlessly connect into this architecture.

我們在洛克希德馬丁公司要做的下一件事情是，我們將最終使我們在航空航天、海洋和陸地領域的所有主要平台項目能夠無縫連接到這個架構中。

And then on the customer side, we're going to have to work with them to make sure that they're comfortable using the standards that we come up with and some of the software-defined network protocols that we intend to use.

然後在客戶方面，我們將不得不與他們合作，以確保他們能夠舒適地使用我們提出的標準以及我們打算使用的一些軟件定義的網絡協議。

We're going to have to work with them on that.

我們將不得不在這方面與他們合作。

Now why that's important is because currently, the sequential design test paradigm that the Department of Defense uses to develop weapon systems is too perfectionist and too slow to actually do this.

現在為什麼這很重要是因為目前，國防部用於開發武器系統的順序設計測試範式過於完美主義而且太慢而無法真正做到這一點。

And so we want to work with our government customers to use a more rapid development process.

因此，我們希望與政府客戶合作，使用更快速的開發流程。

So for example, on hypersonics, we're already using it.

例如，在高超音速上，我們已經在使用它。

We look for 80%, 20% kind of splits on success on all the test points and metrics, and we move on to the next test.

我們在所有測試點和指標上尋找 80% 和 20% 的成功率，然後我們繼續下一個測試。

We don't strive for 99% to 100% because that will be too slow to get this done.

我們不會爭取 99% 到 100%，因為那樣做起來太慢了。

So there's a sequential design test paradigm change, frankly, Seth, that we have to work with our customers to achieve there, too.

因此，坦率地說，Seth，我們必須與客戶合作才能實現順序設計測試範式的變化。

And at the end of all this, why are we doing that?

最後，我們為什麼要這樣做？

I think at the end of it all, our customers are going to achieve greater returns capability and operational abilities by moving towards this direction.

我認為歸根結底，我們的客戶將朝著這個方向發展，從而獲得更大的回報能力和運營能力。

And our shareholders are going to benefit too because we're going to be a stronger and more resilient growth machine and engine for our business.

我們的股東也將受益，因為我們將成為我們業務的更強大、更有彈性的增長機器和引擎。

So there's benefits to shareholders, there's benefits to government, and we hope to lead the charge on this.

所以對股東有好處，對政府有好處，我們希望在這方面帶頭。

And our next question is from Rob Stallard with Vertical Research.

我們的下一個問題來自 Vertical Research 的 Rob Stallard。

Jim, there's been some commentary out of Congress over the last month or so about the F-35 and the operating cost of the aircraft.

吉姆，過去一個月左右，國會對 F-35 和飛機的運營成本發表了一些評論。

I was wondering if you can give us your perspectives on this issues?

我想知道您是否可以就這個問題給我們您的看法？

And what the obstacles could be to getting this operating cost down to an agreeable level?

將這種運營成本降低到可接受的水平可能會遇到什麼障礙？

Sure.

當然。

So what I'll start with as and ex Air Force pilot and having spoken to Israeli pilots, and our own test pilots here at Lockheed Martin, and also those in serving in the military today in the United States.

因此，我將作為和前空軍飛行員開始，並與以色列飛行員、我們自己在洛克希德馬丁公司的試飛員以及今天在美國服役的飛行員交談過。

This aircraft is the most capable fighter plane ever developed in history.

這架飛機是有史以來最強大的戰鬥機。

It's got a lot of leading-edge technology with it.

它擁有許多領先的技術。

Just the propulsion system alone integrated with the stealth technology is pretty groundbreaking.

僅與隱身技術相結合的推進系統就非常具有開創性。

It enables this airplane to do things that no other one can do and survive in the process of that.

它使這架飛機能夠做其他人無法做到的事情，並在此過程中生存下來。

The other piece of it is Lockheed Martin was the ahead of even my thinking in making sure that the F-35 would be ultimately a hybrid base station or a mobile compute node for the battlefield.

另一部分是洛克希德·馬丁公司在確保 F-35 最終成為戰場上的混合基站或移動計算節點方面甚至領先於我的想法。

And so we've got the sensor capability, the computer processing power and the communication linkages from that airplane to the network.

因此，我們擁有傳感器能力、計算機處理能力以及從飛機到網絡的通信鏈接。

Again, that makes the airplane much more than just a single-purpose fighter.

同樣，這使飛機不僅僅是一架單一用途的戰鬥機。

So having said all that, it's an expensive machine.

說了這麼多，這是一台昂貴的機器。

And it's expensive to maintain in large part because of the stealth technology that's more advanced than anyone else.

而且維護成本很高，這在很大程度上是因為隱形技術比其他任何人都更先進。

Having said all that, we are working on all 3 dimensions of affordability with the customer very closely, myself included.

說了這麼多，我們正在與客戶（包括我自己）密切合作，研究可負擔性的所有 3 個方面。

And that is on production, where we've already achieved -- the company has already achieved the goal of $80 million F-35A, and we're $1million or $2 million below that these days.

那是在生產上，我們已經實現了——公司已經實現了 8000 萬美元 F-35A 的目標，而現在我們比這個目標低 100 萬美元或 200 萬美元。

So production is in good shape.

所以生產狀況良好。

We're going to keep working on it.

我們將繼續努力。

For modernization, this airplane, because of this evolving threat and the speed of which that's happening, is going to have to continually modernize.

對於現代化，這架飛機，由於這種不斷變化的威脅和正在發生的速度，將不得不不斷地進行現代化改造。

And if we can employ some of these commercial technology practices into our own modernization program, we'll be able to get some efficiencies out of that.

如果我們可以將其中一些商業技術實踐應用到我們自己的現代化計劃中，我們將能夠從中獲得一些效率。

And then sustainment is also a key.

然後維持也是一個關鍵。

And what we need to do is have a joint strategy and develop it with our joint program office and our services through the end customers that have to actually fix this aircraft and maintain it in the field.

我們需要做的是製定一個聯合戰略，並與我們的聯合項目辦公室和我們的服務一起通過最終客戶來開發它，這些最終客戶必須實際修理這架飛機並在現場進行維護。

To get the optimal sustainment strategy, the right level of funding for spare parts, et cetera, and really clearly defined roles and responsibilities for the depot system, for frontline maintenance and for the OEM and our supply chain.

為了獲得最佳的維持策略，為備件等提供適當的資金水平，並為倉庫系統、一線維護以及原始設備製造商和我們的供應鏈明確定義角色和職責。

I think that's a very doable thing, and we're embarking on that led by the joint program office and the service team.

我認為這是一件非常可行的事情，我們正在聯合項目辦公室和服務團隊的領導下開展這項工作。

So I think we're going to address all 3 dimensions.

所以我認為我們將解決所有三個維度。

And that the goals that the government has put in place for us at $25,000 a flight hour, if we work with them in tandem is achievable.

如果我們與他們合作，政府為我們制定的每小時飛行 25,000 美元的目標是可以實現的。

And next, we'll go to Peter Arment with Baird.

接下來，我們將和貝爾德一起去彼得·阿芒特。

Ken, maybe just a high level one on the backlog, your target, I think, of $150 billion in 2021.

肯，也許只是積壓的高級別人員，我認為你的目標是 2021 年 1500 億美元。

Maybe if you could just walk us through some of the key moving pieces that you think that are going to allow you to get there?

也許您可以帶我們了解一些您認為可以讓您到達那裡的關鍵移動部分？

And anything to call out on the international front?

在國際戰線上有什麼要呼籲的嗎？

And just, Jim, related to that, if you could also just comment if you're seeing any kind of changes in the new administration on the international award front?

吉姆，與此相關的是，如果您在國際獎項方面看到新政府的任何變化，您是否也可以發表評論？

So yes, from an order standpoint, you're right, Peter.

所以是的，從訂單的角度來看，你是對的，彼得。

We think if you look book-to-bill, it will be by the end of the year, it will be above 1, and we should be close to about $150 billion.

我們認為，如果您按賬面計算，到今年年底，將超過 1，我們應該接近 1500 億美元。

A couple of the key awards that will get us going forward.

幾個關鍵獎項將使我們繼續前進。

There's a variety of F-35 orders.

有各種各樣的 F-35 訂單。

I'd say probably the one worth highlighting or the 2 worth highlighting is, if you recall, Lot 15 for F-35, we deferred the booking of that last year, and we moved that into this year.

如果您還記得的話，我想說的是，如果您還記得，F-35 的 Lot 15 可能是值得強調的一個或 2 個值得強調的地方，我們去年推遲了它的預訂，我們把它移到了今年。

That's a big order.

這是一個大訂單。

And in there, There is -- just sticking with the international theme, there is a good size of not just U.S. airplanes, but also partner countries and FMS countries.

在那裡，有 - 只是堅持國際主題，不僅有美國飛機，還有夥伴國家和 FMS 國家。

The other big F-35 order, which is in the fourth quarter, would be Lot 16 production.

第四季度的另一大 F-35 訂單將是第 16 批生產。

And think of that as just ballpark $9 billion.

並認為這只是大約 90 億美元。

And similar to Lot 15, it's got U.S. airplanes, it's got partner airplanes and FMS airplanes.

與 Lot 15 類似，它有美國飛機、合作夥伴飛機和 FMS 飛機。

In fact, when you start getting out into that time period, the partner in FMS percentage of aircraft that starts getting close to roughly 50%.

事實上，當你開始進入那個時間段時，FMS 中的合作夥伴開始接近大約 50% 的飛機百分比。

And we - so we still see continued demand there.

而且我們 - 所以我們仍然看到那裡的持續需求。

We have a handful of other international aeronautics orders out there.

我們還有一些其他國際航空訂單。

There's a few F-16 orders.

有一些 F-16 訂單。

There's a few C-130 orders.

有一些 C-130 訂單。

Another key one will be the next tranche of CH-53K, that's Lot 5, we're expecting that order this year.

另一個關鍵將是下一批 CH-53K，即第 5 批，我們預計今年會收到該訂單。

There's a bunch of PAC-3, fiscal year buys that we're expecting this year.

我們預計今年會有一堆 PAC-3，財政年度的購買。

There is a reasonable size span order for the Space business, which is Australia.

太空業務有一個合理的規模跨度順序，即澳大利亞。

There's a few special programs out of space.

有一些特殊的程序空間不足。

So I would say we are extremely comfortable with our orders profile.

所以我想說我們對我們的訂單資料非常滿意。

I would say the only one that possibly could move out to the right would be the Lot 16 production order.

我想說唯一可能向右移動的是第 16 批生產訂單。

And again, that will just be timing, the joint program office, and us get alignment on pricing.

再說一次，這只是時機，聯合項目辦公室，我們在定價上達成一致。

And in fact, just -- I'll just bring up the point.

事實上，只是 - 我會提出這一點。

I'm sure someone's going to want to talk about the pension change.

我敢肯定有人會想談談養老金的變化。

But one of the rationale for us to quickly declare why we're going to implement the CAS adoption to 2022 was for us to get that into our forward-pricing rates into 2022 and beyond.

但是，我們迅速宣佈為什麼要在 2022 年實施 CAS 的理由之一是讓我們將其納入到 2022 年及以後的遠期定價中。

Because in fairness to our customers, they're not going to conclude negotiations with us until we push that down to the -- that benefit down to the business areas and into their forward pricing rate.

因為為了對我們的客戶公平起見，他們不會與我們結束談判，直到我們將其推到 - 這對業務領域有利並進入他們的遠期定價率。

So that was one of the key reasons we made that declaration now, and started in 2022 because that will help with the Lot 15 negotiations that are going on now and many other large negotiations we have going on now.

因此，這是我們現在做出該聲明並於 2022 年開始的關鍵原因之一，因為這將有助於目前正在進行的 Lot 15 談判以及我們正在進行的許多其他大型談判。

And Peter, it's Jim.

還有彼得，是吉姆。

When it comes to the current administration's approach to international defense.

談到本屆政府對國際防禦的態度。

I think there's really 4 important points to make.

我認為有 4 點很重要。

One is The Biden administration it clearly recognizes that we're all in the era of this resurgent great power competition and regional disruptive powers that are out there as well like Iran and North Korea.

一個是拜登政府，它清楚地認識到，我們都處於這個大國競爭和地區破壞性大國復甦的時代，就像伊朗和朝鮮一樣。

That's a world that's not going to get any more peaceful anytime soon, most likely.

這是一個不會很快變得更加和平的世界，很有可能。

And so strong national defense is a priority of the administration, I believe, based on their own statements.

我相信，根據他們自己的說法，強大的國防是政府的首要任務。

Secondly, the Biden administration is reinforced and elevated the criticality of alliances to actually meet this kind of situation.

其次，拜登政府加強並提高了聯盟的關鍵性，以實際應對這種情況。

And that again is a positive for international defense cooperation.

這再次對國際防務合作有利。

The third item that I note is that there's a very experienced and capable foreign policy national security cadre of leaders, lifetime professionals, many of them in this space, and they know exactly what they're dealing with and how to make it work.

我要指出的第三點是，有一支經驗豐富且能幹的外交政策國家安全乾部領導人，終身專業人士，他們中的許多人都在這個領域，他們確切地知道他們在處理什麼以及如何使其發揮作用。

And then fourth, yes, there's going to be some process alignment between the White House, the Department of the State, Department of Defense and Congress on how to actually conduct all of this.

第四，是的，白宮、國務院、國防部和國會之間將就如何實際執行所有這些工作進行一些流程協調。

But I do see strong opportunities going forward under this administration for international defense cooperation, and that would benefit Lockheed Martin I expect.

但我確實看到了本屆政府在國際防務合作方面的巨大機遇，我預計這將使洛克希德·馬丁公司受益。

And 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。

Ken, I wanted to pursue Aeronautics a little bit?

肯，我想學一點航空學？

I mean sales were flat in the quarter.

我的意思是本季度的銷售額持平。

How much of that was due to having 1 less week in the quarter?

其中有多少是由於本季度少了 1 週？

Deliveries were like 17 versus 22 for the F-35, and you lost some revenues from taking the development contract down.

F-35 的交付量是 17 比 22，並且您因取消開發合同而損失了一些收入。

So do we make up the shortage of revenues in the fourth quarter when we pick up the week?

那麼當我們回升一周時，我們是否彌補了第四季度的收入短缺？

And if you could just get into a little bit more of the detail like I was just asking.

如果你能像我剛才問的那樣了解更多細節。

Sure, George.

當然，喬治。

Yes.

是的。

The main driver of why Aeronautics was flat, frankly, was -- and this is non-COVID related.

坦率地說，Aeronautics 持平的主要原因是——這與 COVID 無關。

We had a sizable couple of hundred million dollar vendor invoice that we anticipated to hit in the first quarter.

我們有一張規模可觀的幾億美元的供應商發票，預計將在第一季度達到。

George, that actually hit -- it hit already, so it hit in the month of April.

喬治，那是真的擊中了——它已經擊中了，所以它在四月份擊中了。

So it was just -- that was a timing event.

所以這只是 - 那是一個時間事件。

So I'm not so certain 12 weeks versus 14 weeks is going to have that much of an impact.

所以我不太確定 12 週與 14 周是否會產生如此大的影響。

That was really more of a delay in the invoice from the first quarter to the second quarter.

這實際上更像是從第一季度到第二季度的發票延遲。

But just to give you a little color, in the first quarter.

但只是為了給你一點色彩，在第一季度。

Basically, F-35 was generally down and that's mainly due to development being down.

基本上，F-35 普遍下降，這主要是由於發展下降。

I'd say production on the whole was relatively flat, and sustainment was up modestly.

我會說整體上的生產相對平穩，而維持率則適度上升。

And then to your point, we're going to continue to see momentum in the quarter -- in the upcoming quarters.

然後就您的觀點而言，我們將在本季度繼續看到勢頭 - 在即將到來的幾個季度。

And new fact, to your point, the largest quarter for Aeronautics is the fourth quarter.

新的事實，就您而言，航空業最大的季度是第四季度。

So yes, you will see some of that continue going into the fourth quarter.

所以是的，你會看到其中一些持續到第四季度。

So I think it's fair just to say it was the the vendor payment slip into the second quarter.

所以我認為公平地說這是第二季度的供應商付款單。

Second quarter is a little less than the third and the fourth, but there -- all 3 of them are, I would say, somewhat considerably higher than than our first quarter.

第二季度略低於第三和第四季度，但在那裡 - 我想說，它們中的所有三個都比我們的第一季度要高得多。

So thanks for the question.

所以謝謝你的問題。

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。

So in the quarter, Ken, you talked about 10.8% segment margins.

因此，在本季度，Ken，您談到了 10.8% 的細分市場利潤率。

I think a couple of years back, the corporation was doing 12%, north of 12%.

我認為幾年前，該公司的業績為 12%，超過 12%。

So I wanted to ask about how you view the potential opportunity for mix and productivity to improve segment margins in a more difficult budget environment from here?

所以我想問一下，您如何看待從這裡開始在更困難的預算環境中提高細分市場利潤率的混合和生產力的潛在機會？

You want to talk about beyond 2021, I assume?

你想談談 2021 年以後，我猜？

Exactly.

確切地。

Okay.

好的。

So Yes, I think it's probably best we go around each of the 4 business areas.

所以，是的，我認為我們最好繞過 4 個業務領域中的每一個。

So if you look at the mix at Aeronautics, F-35 is still going to be a dominant piece of Aeronautics regardless of how quickly the rest of the segments of that business area growing, and I'll get into that in detail.

因此，如果您看一下航空業的組合，無論該業務領域的其他部分增長多快，F-35 仍將是航空業的主導部分，我將詳細介紹這一點。

But so if you just peel the onion on F-35.

但是，如果您只是在 F-35 上剝洋蔥。

Jim mentioned when he answered the sustainability question, if you look at the 3 elements, a nice pleasant surprise for us, which is a good news story is, there is a demand still for added capability, added technology on the airplane that we -- and our partner companies are working on.

吉姆在回答可持續性問題時提到，如果你看一下這三個要素，這對我們來說是一個驚喜，這是一個好消息，我們仍然需要增加飛機的能力和技術——我們的合作夥伴公司正在努力。

So we still see development being a decent size, relatively speaking, decent-sized piece of the portfolio.

因此，我們仍然認為開發是相當大的規模，相對而言，是投資組合中相當大的一部分。

It's going to be cost plus, so dilutive, but we'll take it.

這將是成本加成，如此稀釋，但我們會接受。

which then takes us to production, which is still going to be the lion's share of our -- of that piece of the portfolio.

然後將我們帶到生產，這仍將是我們投資組合中的最大份額。

And I've said this before, if we perform on our current contracts as we believe we should be able to -- and we're able to get acceptable deals on our future LRIP.

我之前說過，如果我們按照我們認為應該能夠的方式履行當前的合同，並且我們能夠就未來的 LRIP 達成可接受的交易。

There should be some margin opportunity there.

那裡應該有一些保證金機會。

The only thing I'd caution is we're looking at our performance on Lot 12 through 14 now.

我唯一要提醒的是，我們現在正在查看第 12 到第 14 批的表現。

And whether we do a risk retirement later this year, we want to see some more improvement there before we do that.

無論我們今年晚些時候是否進行風險退休，我們都希望在這樣做之前看到更多的改進。

So I think the point I just made is valid that the opportunity is there.

所以我認為我剛剛提出的觀點是有效的，機會就在那裡。

We have to perform, and we're just keeping a close eye on that.

我們必須表現出色，我們只是密切關注這一點。

And then sustainment is going to be the fastest-growing piece of this part of the portfolio, and it'll continue to grow.

然後，維持將成為這部分投資組合中增長最快的部分，並將繼續增長。

I mean we're going to continue to stand up bases.

我的意思是我們將繼續建立基地。

We're going to continue need sparing.

我們將繼續需要備用。

We will back on the follow-on modernization work we're doing in development.

我們將支持我們正在開發的後續現代化工作。

We'll have to retrofit some of those aircraft that are already in the field.

我們將不得不改造一些已經投入使用的飛機。

But today, they're cost plus and our customers buying on an annual basis, which is the argument Jim made, is inefficient.

但是今天，它們是成本加成的，我們的客戶按年購買，這是 Jim 提出的論點，效率低下。

There's going to have to be -- we believe there's a better way to procure, and that's why we offered that performance-based logistics concept.

必須有——我們相信有更好的採購方式，這就是我們提供基於績效的物流概念的原因。

And we'll see where that goes, if that morphs into something.

如果它演變成某種東西，我們會看看它會去哪裡。

And if industry is prepared as we are to take on the investment and take on the risk and sign up to a service-level agreement, and we perform, there should be some profit opportunities there.

如果行業準備好接受投資並承擔風險並簽署服務水平協議，並且我們表現出色，那麼那裡應該有一些獲利機會。

F-16, we've got 128 aircraft in backlog.

F-16，我們有 128 架飛機積壓。

5 customers.

5個客戶。

We have -- we see a lot of interest out there internationally from many, many countries.

我們有 - 我們看到來自許多國家的國際興趣。

We're going to deliver 8 aircraft next year.

明年我們將交付 8 架飛機。

And we will, basically, by the middle of this decade, ramp up to about 3, 3.5 airplane deliveries per month.

基本上，到本十年中期，我們將每月交付大約 3、3.5 架飛機。

There should be -- and they're all FMS contracts.

應該有——而且它們都是 FMS 合同。

That's the way the customer is procuring them today.

這就是客戶今天採購它們的方式。

There should be some margin opportunity there for us.

我們應該有一些保證金機會。

And then the last piece of Aeronautics is our Skunk Works.

最後一件 Aeronautics 是我們的 Skunk Works。

And it is our fastest-growing piece of Aeronautics, likely will be in the foreseeable future.

它是我們增長最快的航空領域，可能會在可預見的未來。

But a lot of those contracts are classified, a lot of them are cost plus.

但是很多這些合同是分類的，其中很多是成本加成的。

Again, maybe margin erosion, but I'll take the top line growth with the added profit any day.

再說一次，可能是利潤率下降，但我會在任何一天都獲得利潤增長的頂線增長。

So that's Aeronautics.

這就是航空。

Missiles and Fire Control.

導彈和火控。

I think we have the opportunity to keep the margins where they are today.

我認為我們有機會將利潤率保持在今天的水平。

We do have a little bit of a mix issue.

我們確實有一點混合問題。

We should continue to see strong demand for PAC-3s into the foreseeable future.

在可預見的未來，我們應該會繼續看到對 PAC-3 的強勁需求。

We're continuing to build out real estate to continue with the needed demand out there.

我們正在繼續建設房地產，以繼續滿足所需的需求。

And then the other piece that is going to continue to be quite large and continue to grow is in the classified area, which today is cost plus, will be in the foreseeable future, which will have a dilutive effect on margins, but we'll take that any day.

然後將繼續相當大並繼續增長的另一部分是分類領域，今天是成本加成，將在可預見的未來，這將對利潤率產生稀釋效應，但我們會隨時接受。

And ultimately, that should morph into production and fixed price and allow us to grow margins there.

最終，這應該會轉變為生產和固定價格，並允許我們在那裡增加利潤。

At RMS, I think it's probably best to talk about Sikorsky.

在 RMS，我認為最好談談西科斯基。

We're starting to see the CH-53K go into production.

我們開始看到 CH-53K 投入生產。

Jim in his prepared comments talked about some of the international opportunities, specifically Israel we have there, which will be a great opportunity for us.

吉姆在他準備好的評論中談到了一些國際機會，特別是我們在那裡擁有的以色列，這對我們來說將是一個很好的機會。

A lot of these other helicopter programs are now into production.

許多其他直升機項目現已投入生產。

And then ultimately, we'll have the down-select on FLRAA and FARA and we're bullish on those.

然後最終，我們將選擇 FLRAA 和 FARA，我們看好這些。

And by the end of this decade, it will start -- they'll start out as development programs.

到本十年末，它將開始——它們將作為發展計劃開始。

By the end of this decade, they'll be in production as well and hopefully see some margin improvements there.

到本十年末，它們也將投入生產，並希望在那裡看到一些利潤改善。

And then lastly, space.

最後是空間。

Space, if it wasn't for AWE, they would be our fastest-growing business area this year at 7%.

空間，如果不是 AWE，它們將成為我們今年增長最快的業務領域，增長率為 7%。

And we should see, with our core Space business, we should continue to see growth there.

我們應該看到，憑藉我們的核心太空業務，我們應該繼續看到那裡的增長。

It will be a mix between cost plus and fixed price.

這將是成本加成和固定價格之間的混合。

United Launch Alliance is alive and well, and will continue to be, and will give us a nice equity earnings stream.

聯合發射聯盟活得很好，並將繼續存在，並將為我們提供良好的股權收益流。

But I see some -- based on where we are today, I see some margin upside there as well based on where they are today.

但我看到了一些——根據我們今天的情況，我也看到了一些上漲空間，也基於他們今天的情況。

Our next question is from Rich Safran with Seaport Global Securities.

我們的下一個問題來自 Seaport Global Securities 的 Rich Safran。

So given the accelerated share repurchases, I wanted to ask you again about capital deployment and just how you're thinking about it.

因此，鑑於加速股票回購，我想再次詢問您有關資本部署以及您如何考慮它的問題。

Does the accelerated share repurchase incur any change in how you're thinking about the balance between dividends, buybacks and M&A?

加速股票回購是否會改變您對股息、回購和併購之間平衡的看法？

And on that topic, is there any intent to continue to or make larger investments in businesses and technologies like ABL?

在這個話題上，是否有繼續或加大對 ABL 等業務和技術的投資的意圖？

Okay.

好的。

Rich, it's Ken.

豐富，是肯。

Hopefully, this will resonate with you, but I think it's a consistent story.

希望這會引起你的共鳴，但我認為這是一個一致的故事。

First and foremost, we're going to generate as much cash as we can, and that was one of the rationale of why we decided to start deferring our ERISA funding in 2021 from an economic standpoint.

首先，我們將盡可能多地產生現金，這也是我們決定從經濟角度在 2021 年開始推遲 ERISA 資金的原因之一。

That made the most sense.

那是最有意義的。

But first and foremost, we're going to invest in our business, whether that's organic or inorganically.

但首先，我們將投資於我們的業務，無論是有機的還是無機的。

We have still some decent-sized capital outlays this year of, rough numbers, about $1.8 billion.

今年我們仍有一些可觀的資本支出，粗略的數字約為 18 億美元。

We're at record levels of IRAD spends this year, and we'll continue to do that.

今年我們的 IRAD 支出處於創紀錄水平，我們將繼續這樣做。

And we'll -- this is -- again, we'll focus on organic.

我們將 - 這是 - 再次，我們將專注於有機。

And then inorganically, in Jim's prepared statements, we talked about Aerojet Rocketdyne.

然後無機地，在吉姆準備好的陳述中，我們談到了 Aerojet Rocketdyne。

That's on track.

這是在軌道上。

We just got our second request from the FTC, which is no surprise, nothing has changed.

我們剛剛收到了 FTC 的第二個請求，這並不奇怪，沒有任何改變。

We're still very bullish about that -- for that to come to resolution in the fourth quarter of this year.

我們仍然非常看好這一點——因為它會在今年第四季度得到解決。

And then it comes down to the excess cash, what do we do with it?

然後歸結為多餘的現金，我們該怎麼處理？

We are focused on our dividend strategy that would be the next in the batting order.

我們專注於我們的股息策略，這將是擊球順序中的下一個。

We're going to -- in the third quarter, Jim and I will go see the Board with our Treasurer, John Mollard, to make a recommendation on what's the appropriate increase in our dividends.

我們將在第三季度，吉姆和我將與我們的財務主管約翰莫拉德一起去董事會，就我們的股息適當增加什麼提出建議。

And it should be deemed favorable to our shareholders.

它應該被視為對我們的股東有利。

And then lastly, it's share buybacks.

最後是股票回購。

And frankly, Rich, what we saw in the first quarter where our stock was trading, we thought it was grossly undervalued, and we went into this accelerated share buyback plan and deemed to be very successful.

坦率地說，Rich，我們在第一季度看到我們的股票交易時，我們認為它被嚴重低估了，我們進入了這個加速的股票回購計劃並被認為非常成功。

And we will opportunistically, in the next 3 quarters, buy back stock where it makes sense.

我們將在接下來的 3 個季度中，在有意義的地方回購股票。

And think of that as anywhere from $500 million to $1 billion in the next 3 months.

並將其想像為未來 3 個月從 5 億美元到 10 億美元不等。

We have the balance sheet to do everything I just described, and we'll continue evaluating that.

我們有資產負債表來完成我剛才描述的所有事情，我們將繼續評估它。

And I'll hand it over to Jim to talk about if there's any other investments in -- I think you mentioned ABL and other type opportunities out there.

我會把它交給吉姆討論是否還有其他投資——我想你提到了 ABL 和其他類型的機會。

Yes, Rich.

是的，里奇。

And going back to that overall strategic framework that I outlined earlier.

回到我之前概述的總體戰略框架。

You hear a lot in there about partnering with leading technology companies, leveraging commercial industry research and development investments.

您在那裡聽到很多關於與領先的技術公司合作、利用商業行業研發投資的信息。

They've already made make -- made or are making to reduce our costs that we then transmit to our customer.

他們已經製造——製造或正在製造以降低我們的成本，然後我們將這些成本傳遞給我們的客戶。

So we want to use the full range of transactional options with inclusive of our defense industrial-based colleagues that we're used to dealing with, but well beyond that, right?

因此，我們希望使用全方位的交易選項，包括我們習慣於與之打交道的國防工業同事，但遠不止於此，對吧？

So ABL is more of a kind of a bulk-buy-option type commercial agreement, for example, which is maybe the lowest on the spectrum of what you might do all the way up through partnerships, which are like-for-like contributions, the joint ventures, which are actual equity agreements with different companies like we have with ULA, for example.

因此，ABL 更像是一種批量購買期權類型的商業協議，例如，這可能是您通過夥伴關係一直以來所做的事情中最低的，這是類似的貢獻，例如，合資企業是與不同公司的實際股權協議，例如我們與 ULA 之間的協議。

And then full on acquisitions like Aerojet Rocketdyne or i3, which is a smaller tech company that we bought last year.

然後全力收購 Aerojet Rocketdyne 或 i3，這是我們去年收購的一家規模較小的科技公司。

So we're going to use that full range of transactional options to pursue the strategy that I talked about.

因此，我們將使用全方位的交易選項來追求我談到的策略。

So you'll see us be, I think, a little more creative at times a more open aperture.

所以你會看到我們，我認為，有時更開放的光圈更有創意。

But it will be thoughtful, it will all fit within the batting order that Ken just described.

但這將是深思熟慮的，這一切都將符合肯剛剛描述的擊球順序。

But we're going to make sure that we're being widely viewing the options so that we can take advantage of cost reduction, of R&D that's already been made in other sectors or of other business models.

但我們將確保我們正在廣泛地查看這些選項，以便我們能夠利用成本降低、其他部門或其他商業模式已經進行的研發。

So just one last point on this.

所以最後一點。

Someone that's already going to invest in low-earth orbit at scale production for commercial uses, well, maybe we could tap into some of that -- their production for military and defense uses.

已經準備投資低地球軌道並大規模生產用於商業用途的人，也許我們可以利用其中的一些——他們的生產用於軍事和國防用途。

And again, let them do the CapEx investment, and we'll just commercially buy off what we need from them, which is similar to ABLs agreement.

再一次，讓他們進行資本支出投資，我們將在商業上從他們那裡購買我們需要的東西，這類似於 ABL 協議。

And 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。

How has the relationship with ABL evolved initially investing in the company?

最初投資該公司時，與 ABL 的關係如何發展？

And also, what does an exit of an investment look like at LM Ventures?

此外，LM Ventures 的投資退出是什麼樣的？

Will you eventually acquire them, sell your stake or IPO?

你最終會收購它們、出售你的股份還是首次公開募股？

How do you look at that?

你怎麼看？

Kristine, it's Ken.

克里斯汀，是肯。

We really didn't make an investment in ABL.

我們真的沒有對 ABL 進行投資。

What we basically agreed to is to commit to a range of launch vehicles.

我們基本上同意的是致力於一系列運載火箭。

And think of this for lower-level satellites that don't require the horsepower of, say, our United Launch Alliance.

想想這對於不需要我們聯合發射聯盟的馬力的低級別衛星來說。

The only investment we do have is it's in our Ventures group.

我們唯一的投資是在我們的風險投資集團。

And think of that as this is more for the technology that they bring to make our products better.

考慮到這一點，因為這更多是因為他們帶來了使我們的產品更好的技術。

And it's a relatively modest -- that's a relatively modest investment.

這是一項相對適度的投資——這是一項相對適度的投資。

So I'm not sure I would look at it as something that -- from an acquisition standpoint.

所以我不確定我是否會將其視為——從收購的角度來看。

And the question you asked for when do we look at getting out of those type investments?

你問的問題是我們什麼時候考慮退出這些類型的投資？

So we did -- as you heard, we did have some investments that actually went public, that allowed us to make a gain.

所以我們做到了——正如你所聽到的，我們確實有一些實際上市的投資，這讓我們能夠獲得收益。

Some of those are SPACs, which we're going to be required to hold, and then we'll make a determination whether it makes sense for Lockheed Martin to get out of those ventures, but then to continue to utilize that technology.

其中一些是SPAC，我們將被要求持有，然後我們將確定洛克希德馬丁公司退出這些企業是否有意義，然後繼續利用該技術。

And just as an example, ABL, we would do something very similar.

舉個例子，ABL，我們會做一些非常相似的事情。

And again, I'm not suggesting that whether they're public or not.

再說一次，我並不是在暗示它們是否公開。

We would just make a determination when it makes sense for that modest investment in them that we have, whether it makes sense for us to get out or not and just continue to utilize their technologies.

我們只會在對我們擁有的對他們的適度投資有意義時做出決定，無論我們是否有理由離開並繼續利用他們的技術。

Jon, this is Greg.

喬恩，這是格雷格。

I think we have time for 1 more.

我想我們還有時間再做 1 個。

And that will be from Ron Epstein with Bank of America.

這將來自美國銀行的羅恩愛潑斯坦。

So help me think about this.

所以幫我想想這個。

In the quarter, right, F-35 volume was down, and F-22 volume was down.

在本季度，右側，F-35 的銷量下降，F-22 的銷量下降。

And I think about those as kind of the underlying foundation of the company.

我認為這些是公司的基礎。

How can we get comfortable that, that's not going to be a trend that -- I mean that growth engine is still healthy in there.

我們如何才能對此感到滿意，這不會是一種趨勢——我的意思是增長引擎仍然健康。

Sure.

當然。

Sure.

當然。

I'll take that, Ron.

我會接受的，羅恩。

I think a little bit goes back to what George was asking me in terms of the first quarter versus the rest of it.

我想有一點可以追溯到喬治在第一節與其餘部分的對比中問我的問題。

So I would say on production, we're down -- it's -- I'm going to call it flat, Ron, just because it's down year-over-year, $25 million.

所以我會說，在生產方面，我們下降了 - 這是 - 我將稱之為持平，羅恩，只是因為它同比下降了 2500 萬美元。

But what we're basically looking at on development on the whole -- and this goes back to the earlier conversation, this in some ways is -- for Lockheed Martin is a good problem to have.

但是我們基本上是在整體上關注開發——這可以追溯到之前的對話，在某些方面是——對於洛克希德·馬丁來說，這是一個很好的問題。

We continue to have that demand out there for increasing technology, but I don't see development growing.

我們繼續對不斷增長的技術有這種需求，但我認為發展沒有增長。

So let's, for year-over-year, call it, flat.

因此，讓我們每年都稱其為持平。

Production just based on -- if you think about production revenues.

生產僅基於 - 如果您考慮生產收入。

It's really not for the -- for the most part, it's really not for the deliveries we're making this year, which are Lot 12 and Lot 13.

這真的不是為了——在大多數情況下，這真的不是為了我們今年的交付，即 Lot 12 和 Lot 13。

It's really for the deliveries we're making next year.

這真的是為了我們明年的交付。

We're building those aircraft out now for next year.

我們現在正在為明年建造這些飛機。

And then we're doing the buy ahead, if you will, for the following year.

然後，如果您願意，我們將在下一年進行提前購買。

That's generally where the sales are coming for, for this year.

這通常是今年銷售的目標。

And we're fairly confident -- we're very confident, I should say, in the stream, in the flow of what's going on.

我們相當有信心——我應該說，我們對正在發生的事情的流動非常有信心。

So think of production is going to grow this year low single digits.

所以想想今年的產量將增長低個位數。

And I've been relaying that, that sales are going to continue to grow at a relatively slow pace for production.

我一直在轉述，銷售將繼續以相對緩慢的生產速度增長。

The growth is in sustainment.

增長是持續的。

And in the quarter, we did see growth in sustainment, and we will see growth for the year in the -- close to the almost 10% range.

在本季度，我們確實看到了可持續性的增長，我們將看到今年的增長 - 接近近 10% 的範圍。

So I don't think that's a concern.

所以我不認為這是一個問題。

I think F-22 -- I'm not sure you called that the linchpin or the bedrock of the business area.

我認為 F-22——我不確定你是否稱其為關鍵或業務領域的基石。

I'd say, Ron, relatively speaking, F-16 is almost double the size of F-22.

我想說，羅恩，相對而言，F-16 的體積幾乎是 F-22 的兩倍。

I think that's more of the parameter where the rest of Aeronautics is going, including the Skunk Works.

我認為這更多的是其他航空領域的參數，包括臭鼬工廠。

I would say F-22 is going to continue to be flat and declining as well C-130, and the pleasant surprise on C-130 is, it's not declining as quickly as we thought it was because the team has done a nice job of getting congressional adds from the United States government and international customers for that great workhorse.

我會說 F-22 將繼續持平，C-130 也將繼續下降，而 C-130 令人驚喜的是，它並沒有像我們想像的那樣迅速下降，因為團隊做得很好從美國政府和國際客戶那裡獲得國會對這台偉大的主力的補充。

And that's going to be flat over time.

隨著時間的推移，這將是平穩的。

So I'd say your big drivers going forward for growth at Aeronautics will be sustainment on F-35, F-16 and then the Skunk Works and then the bedrock, if you will, will be the modest growth that we're going to have going forward on production.

所以我想說你在航空業發展的主要驅動力將是維持 F-35、F-16 和臭鼬工廠，然後是基石，如果你願意的話，將是我們將要實現的適度增長生產上有進展。

Jon, this is Greg.

喬恩，這是格雷格。

I think we've come up on the top of the hour here, so I will turn it back over to Jim for some final thoughts.

我想我們已經趕上時間了，所以我會把它交給 Jim 來做最後的思考。

Thanks, Greg.

謝謝，格雷格。

Lockheed Martin had a strong first quarter, delivering outstanding performance operationally for our customers, providing continued growth and value for you, the stockholders, too.

洛克希德馬丁公司第一季度表現強勁，為我們的客戶提供了出色的運營業績，也為您和股東提供了持續增長和價值。

And I want to just close by reiterating my thanks to the Lockheed Martin team for their dedication and commitment to excellence during a difficult time for everyone.

最後，我想再次感謝洛克希德馬丁團隊，感謝他們在每個人都處於困難時期的奉獻精神和對卓越的承諾。

And thank you again for joining us on the call today.

再次感謝您今天加入我們的電話會議。

We look forward to speaking with you on our next earnings call in July.

我們期待在 7 月的下一次財報電話會議上與您交談。

And that concludes the call for today.

今天的呼籲到此結束。

Thanks again, everybody.

再次感謝大家。