洛克希德·馬丁 (LMT) 2020 Q4 法說會逐字稿

And ladies and gentlemen, thank you for standing by, and welcome to the Lockheed Martin Fourth Quarter and Full Year 2020 Earnings Results Conference Call. (Operator Instructions) As a reminder, today's conference is being recorded. I would now like to turn the conference over to Greg Gardner, Vice President of Investor Relations. Please go ahead, sir.

女士們先生們，感謝你們的支持，歡迎參加洛克希德·馬丁公司 2020 年第四季度和全年收益結果電話會議。 （操作員說明）提醒一下，今天的會議正在錄製中。我現在想將會議轉交給投資者關係副總裁 Greg Gardner。請繼續，先生。

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（技術難度）

Thanks, Greg, and good morning, everyone. I hope you've all had a great start to the new year and that this call finds you and your family safe and healthy. Welcome to our fourth quarter 2020 earnings call as we review our results, strategic new business activities, key accomplishments and our outlook for 2021.

謝謝，格雷格，大家早上好。我希望你們在新的一年裡都有一個美好的開始，並且希望這個電話能讓您和您的家人安全健康。歡迎參加我們的 2020 年第四季度財報電話會議，我們將回顧我們的業績、戰略性新業務活動、主要成就和我們對 2021 年的展望。

Before I begin, I'd like to take a moment to reflect on the loss of Michele Evans, our Aeronautics business area leader who passed away earlier this month. Michele dedicated 34 years of service to our company and touch the lives of countless people, both inside and outside the corporation. I knew Michele for years, and I can say that she lived the life of strength and grace. And while we mourn her loss, we also are thankful to have had her as part of our Lockheed Martin family. We'll all miss Michele.

在開始之前，我想花點時間回顧一下本月早些時候去世的我們航空業務領域負責人 Michele Evans 的逝世。 Michele 為我們公司服務了 34 年，觸動了公司內外無數人的生活。我認識米歇爾很多年了，我可以說她過著充滿力量和優雅的生活。在我們哀悼她的離去的同時，我們也感謝她成為我們洛克希德馬丁家族的一員。我們都會想念米歇爾。

As we look back to the year from a broader perspective, 2020 introduced personal and professional challenges to each and every one of us. I'll begin my summary of Lockheed Martin's results today by thanking the men and women of our company and their families for stepping up to deliver outstanding performance during the extremely difficult time. It was through their dedication and commitment that we were able to drive operational and financial results, which not only exceeded many of our expectations but also set records in several areas.

當我們從更廣闊的角度回顧這一年時，2020 年給我們每個人帶來了個人和職業挑戰。我將感謝我們公司的男女員工及其家人在極其困難的時期挺身而出，提供出色的業績，以此開始我今天對洛克希德馬丁公司業績的總結。正是通過他們的奉獻精神和承諾，我們才能推動運營和財務業績，這不僅超出了我們的許多預期，而且還在多個領域創造了記錄。

The coronavirus outbreak remains an ongoing pandemic, and we're continuing to take actions to mitigate its impacts. Vaccines are also becoming available to help combat this disease, and we're hopeful for a return to a more normal business environment as we progress throughout the year. Our dedicated workforce and our resilient supply chain continue to perform with excellence during these demanding times, supporting our global customers and their important missions, and I'm very proud of their accomplishments.

冠狀病毒的爆發仍然是一場持續的大流行，我們將繼續採取行動減輕其影響。疫苗也可用於幫助對抗這種疾病，隨著我們全年的進展，我們希望恢復更正常的商業環境。在這個艱難的時期，我們敬業的員工隊伍和富有彈性的供應鏈繼續表現出色，為我們的全球客戶及其重要使命提供支持，我為他們的成就感到非常自豪。

Moving to our results. We delivered another year of outstanding performance in 2020 strategically, operationally and financially. Ken will discuss our financial results in more detail and provide our full year 2021 financial outlook. But I'd like to provide a few highlights from the past year, a period in which we set high watermarks in sales, earnings and cash from operations.

轉向我們的結果。 2020 年，我們在戰略、運營和財務方面再創佳績。 Ken 將更詳細地討論我們的財務業績，並提供我們 2021 年的全年財務展望。但我想提供過去一年的一些亮點，在此期間，我們在銷售額、收益和運營現金方面設定了高水位。

First, sales and segment profit each grew 9% over 2019, and our 2020 earnings per share increased by 11%. We had a strong year of cash generation, achieving $8.2 billion of cash from operations even after a $1 billion voluntary pension contribution and after accelerating payments to our supply chain to help mitigate COVID impacts. We are continuing this practice, prioritizing our vulnerable and small business partners.

首先，銷售額和分部利潤均比 2019 年增長 9%，我們 2020 年的每股收益增長 11%。我們有一個強勁的現金生成年份，即使在自願繳納 10 億美元的養老金並加快向我們的供應鏈付款以幫助減輕 COVID 影響之後，也從運營中獲得了 82 億美元的現金。我們將繼續這種做法，優先考慮我們的弱勢和小型商業夥伴。

We recorded over $68 billion in orders in 2020, growing our backlog by $3 billion, resulting in a robust $147 billion. We expect our cash generation to remain strong, and we plan to continue our balanced cash deployment actions, investing in innovative technologies, strategic opportunities to provide our customers with enhanced capabilities and still returning cash to shareholders.

2020 年，我們的訂單超過 680 億美元，積壓訂單增加了 30 億美元，達到 1470 億美元。我們預計我們的現金生成將保持強勁，我們計劃繼續平衡現金部署行動，投資於創新技術和戰略機會，為我們的客戶提供增強的能力，並仍向股東返還現金。

Turning to defense budgets. The fiscal year 2021 National Defense Authorization Act has been passed into legislation, and the Department of Defense appropriations were approved as part of the FY '21 omnibus funding bill. Both of these congressional actions adhere to the Bipartisan Budget Act of 2019, which established spending levels for discretionary defense budgets for the total fiscal year 2021 national defense spending target of approximately $740 billion. Also, Congress passed a $900 billion COVID relief package, which extended Section 3610 of the CARES Act to March 31, providing federal agencies the authority to reimburse contractors who are temporarily unable to work due to facility closures or other restrictions.

轉向國防預算。 2021 財年國防授權法案已通過立法，國防部撥款被批准為 21 財年綜合資金法案的一部分。這兩項國會行動都遵守 2019 年兩黨預算法案，該法案確定了 2021 財年國防開支總額目標約為 7400 億美元的可自由支配國防預算的支出水平。此外，國會通過了一項價值 9000 億美元的 COVID 救助計劃，將 CARES 法案的第 3610 條延長至 3 月 31 日，賦予聯邦機構補償因設施關閉或其他限製而暫時無法工作的承包商的權力。

Lockheed Martin programs were well supported in the FY '21 appropriations bill with Congress adding funding of over $1.7 billion for 17 additional F-35 aircraft and other development and integration activities for the program, adding nearly $900 million for 9 additional C-130Js plus support work for that airplane; and over $400 million for Sikorsky programs, including additional CH-53K and Black Hawk helicopters; and also the initiation of an 8 THAAD battery for the U.S. Army.

洛克希德馬丁公司的項目在 21 財年撥款法案中得到了很好的支持，國會為另外 17 架 F-35 飛機以及該項目的其他開發和整合活動增加了超過 17 億美元的資金，為另外 9 架 C-130J 加上支持增加了近 9 億美元為那架飛機工作；超過 4 億美元用於西科斯基項目，包括額外的 CH-53K 和黑鷹直升機；並且還為美國陸軍啟動了一個 8 THAAD 電池。

Turning to our portfolio. I'd like to touch on several notable achievements, demonstrating our focus on strategic growth and operational performance. As we announced last month, we have entered into a definitive agreement to acquire Aerojet Rocketdyne, an action that once finalized will bring long-term strategic value to our entire portfolio.

轉向我們的投資組合。我想談談幾個顯著的成就，展示我們對戰略增長和運營績效的關注。正如我們上個月宣布的那樣，我們已經達成了收購 Aerojet Rocketdyne 的最終協議，該行動一旦完成，將為我們的整個投資組合帶來長期戰略價值。

As we commented then, our 21st century warfare strategy includes enabling growth areas such as hypersonics, tactical and integrated air and missile defense and space systems domains. Aerojet's expertise in propulsion systems will benefit our existing hypersonic programs as they progress from development to production and will improve our tactical missiles and air and missile defense products, while continuing Aerojet Rocketdyne's legacy as a merchant supplier to the entire industry.

正如我們當時評論的那樣，我們的 21 世紀戰爭戰略包括支持增長領域，例如高超音速、戰術和綜合防空和導彈防禦以及空間系統領域。 Aerojet 在推進系統方面的專業知識將有利於我們現有的高超音速項目從開發到生產的進展，並將改進我們的戰術導彈以及防空和導彈防禦產品，同時延續 Aerojet Rocketdyne 作為整個行業的商業供應商的傳統。

We believe this combination will deliver innovations and improved efficiencies that will offer more timely and affordable solutions for all of our customers, including the defense department, domestic manufacturers and our international partners. And we're very excited about this transaction.

我們相信這種組合將帶來創新和提高效率，從而為我們的所有客戶（包括國防部、國內製造商和我們的國際合作夥伴）提供更及時、更實惠的解決方案。我們對這筆交易感到非常興奮。

Moving to the business areas. In Aeronautics, our F-35 team finished the year strong, delivering a total of 120 F-35 aircraft. Our aero production organization, our partners, teammates in the supply chain all work to overcome manufacturing issues introduced by this pandemic. We've now delivered over 600 airplanes since the program's inception, with nearly 360 jets still in backlog and domestic as well as international opportunities ahead of us. Over 2/3 of the jets on the plan of record are still to be ordered. So the aircraft continues to perform well. So operating from 26 bases and ships around the globe. And the Royal Australian Air Force recently declared initial operating capability in December, the seventh country to do so since the program began. Also in our Aeronautics business, the U.S. Air Force awarded a $900 million contract for us to provide sustainment and support services for F-16 aircraft, including maintenance and modification activities. Of course, the F-16 is one of our longest-running production programs, and we will look to optimize the Air Force's F-16 fleet for greater capability, readiness and performance via this new sustainment contract.

轉移到業務領域。在航空領域，我們的 F-35 團隊在這一年表現強勁，共交付了 120 架 F-35 飛機。我們的航空生產組織、我們的合作夥伴、供應鏈中的隊友都在努力克服這一流行病帶來的製造問題。自該計劃啟動以來，我們現在已經交付了 600 多架飛機，還有近 360 架飛機仍在積壓中，國內和國際機會擺在我們面前。計劃中超過 2/3 的噴氣式飛機仍有待訂購。所以飛機繼續表現良好。因此，在全球 26 個基地和船隻上運營。澳大利亞皇家空軍最近在 12 月宣布了初始作戰能力，這是該計劃開始以來第七個這樣做的國家。同樣在我們的航空業務中，美國空軍授予我們一份價值 9 億美元的合同，為我們提供 F-16 飛機的維持和支持服務，包括維護和改裝活動。當然，F-16 是我們運行時間最長的生產項目之一，我們將通過這份新的保障合同優化空軍的 F-16 機隊，以提高能力、戰備狀態和性能。

Moving to our Space business area. We recently won a $4.9 billion award for our next-generation overhead persistent infrared, or OPIR contract. This award funds the production of 3 geosynchronous satellites and ground systems to provide initial warning of ballistic or tactical missile launches anywhere in the world. These new space vehicles will have more powerful sensors and greater resiliency to enhance our nation's air and missile defense capabilities well into the 21st century.

搬到我們的太空業務領域。我們最近贏得了 49 億美元的下一代架空持續紅外或 OPIR 合同。該獎項資助了 3 顆地球同步衛星和地面系統的生產，為世界任何地方的彈道或戰術導彈發射提供初步預警。這些新型太空飛行器將擁有更強大的傳感器和更大的彈性，以增強我們國家的防空和導彈防禦能力，進入 21 世紀。

Keeping with our space organization, we're pleased to be selected for one of the awards to develop a prototype payload for the new evolved strategic satellite communication system. ESS is designed to be the successor to the advanced extremely high-frequency constellation of satellites, one of our signature programs that provide secure and survivable strategic communications for national leaders and tactical commanders alike.

與我們的太空組織保持一致，我們很高興被選為其中一項獎項，為新演進的戰略衛星通信系統開發原型有效載荷。 ESS 旨在成為先進的超高頻衛星星座的繼任者，這是我們的標誌性計劃之一，為國家領導人和戰術指揮官等提供安全和可生存的戰略通信。

This is our OPIR satellites. The ESS constellation is intended to provide improved resiliency, survivability and increase capabilities. We look forward to participating in this opportunity as we work to enrich our platforms with more mission systems content, which is another key facet of our 21st century warfare strategy.

這是我們的 OPIR 衛星。 ESS 星座旨在提供改進的彈性、生存能力和增強能力。我們期待著參與這個機會，因為我們努力用更多的任務系統內容豐富我們的平台，這是我們 21 世紀戰爭戰略的另一個關鍵方面。

I'll close with our Rotary and Mission Systems and Missiles and Fire Control business areas, which recently led Lockheed Martin's participation in an exercise, Valiant Shield 2020. which is a biennial joint effort for the U.S. Navy, Army, Air Force and Marine Corps. Our combined team used a virtualized Aegis Weapon System to conduct a pioneering joint multi-domain long fires demonstration. By delivering machine-to-machine interfaces across joint force systems, this effort accelerated speed of decision-making and then the action. It demonstrated a primary premise of our 21st century war fighting strategy by networking separate sensors, communication links and weapons across multiple platforms. The result is more effective joint all-domain operations that provide enhanced capabilities and greater effectiveness to the commander in a field of operations.

我將結束我們的旋轉和任務系統以及導彈和火控業務領域，該業務領域最近帶領洛克希德·馬丁公司參加了一項名為 Valiant Shield 2020 的演習。這是美國海軍、陸軍、空軍和海軍陸戰隊每兩年一次的聯合行動.我們的聯合團隊使用虛擬化宙斯盾武器系統進行了開創性的聯合多域長火力演示。通過跨聯合部隊系統提供機器對機器接口，這項工作加快了決策制定和行動的速度。它通過跨多個平台將單獨的傳感器、通信鏈路和武器聯網，展示了我們 21 世紀戰爭戰略的主要前提。結果是更有效的聯合全域作戰，為作戰領域的指揮官提供增強的能力和更大的效力。

These achievements highlight our strategy to help address emerging threats with 21st century capabilities to invest in new and innovative technologies and leverage our signature programs to provide powerful deterrents to future military conflicts. That's our mission.

這些成就突出了我們的戰略，即利用 21 世紀的能力來幫助應對新興威脅，投資於新技術和創新技術，並利用我們的標誌性項目為未來的軍事衝突提供強大的威懾力量。這就是我們的使命。

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. As I highlight our key financial accomplishments, please follow along with the web charts that we've included with our earnings release today. So let's begin with Chart 3 and an overview of our results for the year.

謝謝，吉姆，大家早上好。當我強調我們的主要財務成就時，請按照我們今天的收益發布中包含的網絡圖表進行操作。因此，讓我們從圖表 3 開始，並概述我們今年的業績。

Sales, segment operating profit, cash from operations and earnings per share from continuing operations closed with record annual highs. We generated $8.2 billion of cash from operations after a $1 billion discretionary contribution to our pension trust this quarter. And we continued our cash deployment actions, returning $3.9 billion of cash to our shareholders through a combination of dividends and share repurchases, while continuing to invest in the strategic growth of the business, including acquiring i3 and record investments in IRAD and capital expenditures. We also entered into a definitive agreement to acquire Aerojet Rocketdyne in the fourth quarter, with the close expected in the second half of 2021. I will note that our 2021 outlook includes -- excludes all results associated with this transaction.

銷售額、分部營業利潤、運營現金和持續經營的每股收益均創下年度新高。在本季度向我們的養老金信託基金提供 10 億美元的可自由支配捐款後，我們從運營中產生了 82 億美元的現金。我們繼續進行現金部署行動，通過股息和股票回購相結合的方式向股東返還 39 億美元現金，同時繼續投資於業務的戰略增長，包括收購 i3 以及對 IRAD 和資本支出的創紀錄投資。我們還在第四季度達成了收購 Aerojet Rocketdyne 的最終協議，預計將於 2021 年下半年收盤。我會注意到，我們的 2021 年展望包括 - 不包括與該交易相關的所有結果。

While backlog declined approximately $3 billion in the quarter due primarily to the timing of the F-35 Lot 15 production order, 2020 represented the sixth consecutive annual increase in year-end backlog for the corporation. In summary, it was an outstanding year for the business, and Lockheed Martin is well positioned for continued success in 2021.

雖然主要由於 F-35 Lot 15 生產訂單的時間安排，本季度的積壓量減少了約 30 億美元，但 2020 年是該公司年終積壓量連續第六年增長。總而言之，這對公司來說是傑出的一年，洛克希德馬丁公司已做好準備在 2021 年繼續取得成功。

Turning to Chart 4, we compare our sales and segment operating profit this year with last year's results. Sales grew 9% in 2020 compared with last year to $65.4 billion, continuing the strong performance over the first 3 quarters while segment operating profit also increased 9% over last year to nearly $7.2 billion.

轉到圖 4，我們將今年的銷售和部門營業利潤與去年的結果進行了比較。與去年相比，2020 年銷售額增長 9% 至 654 億美元，延續前三個季度的強勁表現，而分部營業利潤也比去年增長 9% 至近 72 億美元。

On Chart 5, we compare sales by business area with last year's results. As Jim mentioned, all 4 of our business areas experienced strong sales growth in 2020, led by Aeronautics and Missiles and Fire Control at 11%. Aeronautics growth was driven by development and sustainment increases on F-35 and F-16 as well as growth in advanced development programs. Missiles and Fire Controls growth was primarily from production volume in tactical and strike missiles and air and missile defense lines of business. I will note that all 4 of our business areas achieved record highs for sales in 2020.

在圖 5 中，我們將按業務領域劃分的銷售額與去年的結果進行了比較。正如 Jim 所提到的，我們所有的 4 個業務領域在 2020 年都實現了強勁的銷售增長，其中航空導彈和火控以 11% 的增幅領先。航空業的增長是由 F-35 和 F-16 的發展和維持增加以及先進發展計劃的增長推動的。導彈和火控的增長主要來自戰術和打擊導彈以及空中和導彈防禦業務線的產量。我會注意到，我們所有的 4 個業務領域在 2020 年的銷售額都創下了歷史新高。

Chart 6 shows our earnings per share for 2020. Our EPS from continuing operations of $24.50 was up $2.55 or 12% higher than our results from last year, driven primarily by increased volume and sustained performance.

圖 6 顯示了我們 2020 年的每股收益。我們持續經營業務的每股收益為 24.50 美元，比去年的業績增長了 2.55 美元或 12%，這主要是由於銷量增加和持續表現。

On Chart 7, we'll discuss our backlog. Driven by annual increases at 3 of our 4 business areas, we maintained a book-to-bill ratio above 1 for the full year of 2020. This continued backlog growth, combined with further visibility of our 2021 orders, provides additional confidence in our increased sales outlook for 2021.

在圖 7 中，我們將討論我們的積壓工作。在我們 4 個業務領域中的 3 個業務領域的年度增長的推動下，我們在 2020 年全年保持了高於 1 的訂單出貨比。這種持續的積壓增長，加上我們 2021 年訂單的進一步可見性，為我們增加的信心提供了額外的信心。 2021年銷售展望。

On Chart 8, we'll discuss the cash return to our shareholders in 2020. Subtracting our capital expenditures from approximately $8.2 billion of cash from operations, our free cash flow is greater than $6.4 billion, nearly a 6% increase over 2019. This growth was achieved despite accelerating more payments to our supply chain than we received from the favorable DOD initiated progress payment increases and the deferral of payroll taxes under the CARES Act.

在圖 8 中，我們將討論 2020 年對股東的現金回報。從大約 82 億美元的運營現金中減去我們的資本支出，我們的自由現金流超過 64 億美元，比 2019 年增長近 6%。這種增長儘管加速向我們的供應鏈支付的款項超過了我們從有利的國防部發起的進度支付增加和根據 CARES 法案推遲支付的工資稅，但仍實現了這一目標。

We increased our dividend by more than 8% and executed our planned share repurchases for the year with $1.1 billion in total shares retired. This brought our total cash return to shareholders to $3.9 billion for the year or 60% of free cash flow providing a solid returns to the shareholders in 2020.

我們將股息提高了 8% 以上，並執行了本年度計劃的股票回購，總股本為 11 億美元。這使我們全年為股東帶來的總現金回報達到 39 億美元，佔自由現金流的 60%，在 2020 年為股東提供了可觀的回報。

Moving on to Chart 9. We provide our outlook for the year ahead. Our outlook for sales ranges from $67.1 billion to $68.5 billion. The midpoint of this range represents nearly a 4% increase over 2020, an improvement from our October estimate even after incorporating the impact of the U.K. MOD's decision to in-source contract support for the atomic weapons establishment. The $700 million sales reduction for this change is reflected in our outlook for the Space business. Were not for this decision, our estimated sales increase would have been approximately 5%, which is greater than the estimated 3% sales growth we discussed in the last earnings call. We have incorporated the known COVID impacts into our 2021 financial outlook. We will continue to work with our U.S. government customers to monitor COVID risk to our operations in the supply chain, and we will continue exploring potential paths to recovery of cost impacts where appropriate to minimize future impacts.

轉到圖 9。我們提供了對未來一年的展望。我們的銷售前景從 671 億美元到 685 億美元不等。這一範圍的中點比 2020 年增加了近 4%，即使在考慮了英國國防部決定為原子武器建立提供合同支持的影響之後，我們 10 月份的估計也有所改善。這一變化導致的 7 億美元銷售額減少反映在我們對太空業務的展望中。如果沒有這個決定，我們估計的銷售額增長約為 5%，這比我們在上次財報電話會議中討論的估計的 3% 的銷售額增長要高。我們已將已知的 COVID 影響納入我們的 2021 年財務展望。我們將繼續與美國政府客戶合作，監控我們在供應鏈中的運營面臨的 COVID 風險，我們將繼續探索在適當情況下恢復成本影響的潛在途徑，以盡量減少未來的影響。

The range for segment operating profit is estimated to be approximately $7.4 billion to $7.5 billion. Our estimated FAS/CAS pension adjustment is approximately $2.3 billion. Our estimated range for 2021 earnings per share grows to between $26 to $26.30. The midpoint of this range represents approximately an 8% increase over 2020 results. Cash from operations is now projected to meet or exceed $8.3 billion, and I will discuss this in greater detail on the following chart.

部門營業利潤的範圍估計約為 74 億美元至 75 億美元。我們估計 FAS/CAS 養老金調整約為 23 億美元。我們對 2021 年每股收益的估計範圍將增長到 26 美元至 26.30 美元之間。該範圍的中點表示比 2020 年的結果增加約 8%。現在預計運營現金將達到或超過 83 億美元，我將在下表中更詳細地討論這一點。

On Chart 10, we will walk through our future cash expectations, folding in the $1 billion discretionary pension payment we made last quarter. Strong operational performance drove a reduction in working capital, which allowed us to increase our cash outlook for 2021 to greater than or equal to $8.3 billion. We now see approximately $8.7 billion of cash flow from operations in 2022, increasing our 3-year cash generation estimate by $900 million over our prior assessment. And as we sit here now, we see 2023 cash from operations of approximately $9 billion. I should note, this outlook and trends are prior to an estimated R&D tax deduction impact from the 2017 Tax Cut and Jobs Act change that would impact 2022 cash by approximately $2.1 billion and lower 2023 cash by approximately $1.8 billion.

在圖 10 中，我們將介紹我們對未來現金的預期，將我們上個季度支付的 10 億美元可自由支配的養老金收入折算在內。強勁的運營業績推動了營運資金的減少，這使我們能夠將 2021 年的現金前景提高到大於或等於 83 億美元。我們現在看到 2022 年的運營現金流約為 87 億美元，比我們之前的評估增加了 9 億美元的 3 年現金產生估計。當我們坐在這裡時，我們看到 2023 年的運營現金約為 90 億美元。我應該指出，這種前景和趨勢是在 2017 年減稅和就業法案變更對研發稅收減免影響估計之前，這將影響 2022 年的現金約 21 億美元，並使 2023 年的現金減少約 18 億美元。

On Chart 11, we break down our sales and segment operating profit outlook by business area. All 4 business areas are positioned for continued sales growth in 2021, approximately 4% for the corporation led by Aeronautics at 5%. Segment operating profit growth is also projected to grow at approximately 4% in the aggregate, with our largest growth in Aeronautics at 6%.

在圖 11 中，我們按業務領域細分了我們的銷售和部門營業利潤前景。所有 4 個業務領域都將在 2021 年實現持續銷售增長，以航空業為首的公司約為 4%，增長率為 5%。分部營業利潤增長預計也將總體增長約 4%，我們在航空領域的最大增長為 6%。

And finally, on Chart 12, we have our summary. We believe 2020 was an exceptional year for Lockheed Martin during these challenging times. Our team diligently worked to minimize the impacts of the pandemic to our business and our supply chain, and we have increased our estimates for 2021 for all key financial metrics. Our results in 2020 exceeded previous highs and have positioned us well for continued growth and value creation this upcoming year.

最後，在圖 12 中，我們得到了總結。我們相信，在這個充滿挑戰的時期，2020 年對於洛克希德馬丁來說是不平凡的一年。我們的團隊努力將疫情對我們業務和供應鏈的影響降到最低，我們提高了對 2021 年所有關鍵財務指標的估計。我們在 2020 年的業績超過了之前的高點，使我們為來年的持續增長和價值創造做好了準備。

We remain focused on cash generation and growth in 2021. We will continue to invest in discriminating technologies and strategic initiatives to deliver value to our customers while providing strong cash returns to stockholders.

我們將繼續專注於 2021 年的現金產生和增長。我們將繼續投資於區分技術和戰略計劃，為我們的客戶創造價值，同時為股東提供強勁的現金回報。

And with that, we're ready for your questions. Brad?

有了這個，我們已經準備好回答你的問題了。布拉德?

(Operator Instructions) And our first question today comes from the line of Ron Epstein with Bank of America.

（操作員說明）我們今天的第一個問題來自美國銀行的 Ron Epstein。

Jim, can you speak to your broader space strategy? And I appreciate your comments on Aerojet in your prepared remarks. But can you be more specific on how it creates value, particularly in the absence of maybe a broader strategy? Or is it actually part of a broader roll-up strategy? I mean are you guys thinking about doing more strategic actions in space? And how are you thinking about space for Lockheed Martin?

吉姆，你能談談你更廣泛的太空戰略嗎？我感謝您在準備好的評論中對 Aerojet 的評論。但是你能否更具體地說明它是如何創造價值的，尤其是在沒有更廣泛的戰略的情況下？或者它實際上是更廣泛的匯總戰略的一部分？我的意思是你們是否正在考慮在太空中採取更具戰略性的行動？你如何看待洛克希德馬丁的空間？

Well, Ron, I came into this role with Lockheed Martin being the leader in national security space as it is. And the benefit of the position of the company is that we have a strong position in the, I'd say, classic large bus, military, defense satellites and then intelligent community satellites, but we also have the ability to go down range into medium and low orbit as well as geosynchronous orbit.

好吧，羅恩，我是在洛克希德·馬丁公司擔任國家安全領域的領導者時擔任這個職位的。公司職位的好處是，我們在經典的大型公共汽車、軍事、國防衛星和智能社區衛星方面擁有強大的地位，但我們也有能力將射程降低到中等和低軌道以及地球同步軌道。

So the whole playing field in national defense space is open to Lockheed Martin. And what we're doing in the business is we're introducing these 21st century technologies and taking advantage of that space platform. And so you see us winning recently low-orbit transport layer contract, which is a pioneering initiative of the Department of Defense to start introducing 5G and other modern networking technologies into the space domain. We're part of that.

因此，國防領域的整個競爭環境都對洛克希德馬丁公司開放。我們在業務中所做的是我們正在引入這些 21 世紀的技術並利用該空間平台。所以你看到我們最近贏得了低軌道傳輸層合同，這是國防部開始將 5G 和其他現代網絡技術引入太空領域的開創性舉措。我們是其中的一部分。

And what we've been able to do is to connect our Space assets already using some of those newer technologies and AI and also distributing compute into our aerospace, land and sea forces as well, the platforms that we deploy there. So we have a broad space strategy, which is to take 21st century networking, storage and compute technologies into our space domain as really a competitive advantage versus other defense contractors that don't have that asset available to them.

我們能夠做的是連接我們已經使用一些新技術和人工智能的太空資產，並將計算分配到我們的航空航天、陸地和海上力量，以及我們在那裡部署的平台。因此，我們有一個廣泛的太空戰略，即將 21 世紀的網絡、存儲和計算技術帶入我們的太空領域，作為與其他沒有這些資產的國防承包商相比的真正競爭優勢。

The second part of your question is, well, how does Aerojet Rocketdyne create value in doing this? And it really goes hand-in-hand with our hypersonic strategy, which is part of our 21st century war fighting initiative. I view Lockheed Martin's benefit or role in defense enterprise as adding velocity to it. The world is moving faster both kinetically, if you will, and in a networking and AI perspective as well. And we need to speed up. And just taking one dimension of that, hypersonic missiles and countering hypersonic missiles, requires a much better, tighter integration of the propulsion system into the body of the missile. The heat generated by these hypersonic missiles is incredible. And just managing that heat and thermal issue is one of the reasons we invested in i3 as well.

您問題的第二部分是，Aerojet Rocketdyne 如何在這方面創造價值？它確實與我們的高超音速戰略密切相關，這是我們 21 世紀戰爭倡議的一部分。我認為洛克希德馬丁公司在國防企業中的好處或作用是增加它的速度。如果你願意的話，世界正在以動態的速度發展，從網絡和人工智能的角度來看也是如此。我們需要加快速度。僅考慮其中的一個維度，高超音速導彈和反擊高超音速導彈，就需要將推進系統更好、更緊密地集成到導彈體內。這些高超音速導彈產生的熱量令人難以置信。僅僅管理熱量和散熱問題也是我們投資 i3 的原因之一。

So we are selecting what we think are the most important defense platforms and connectivity capacities for the future of warfare, and we're investing in those. And Aerojet Rocketdyne is part and parcel of that investment strategy. Propulsion integration in the hypersonic missile glide bodies is essential.

因此，我們正在選擇我們認為對未來戰爭最重要的防禦平台和連接能力，並且我們正在對這些進行投資。 Aerojet Rocketdyne 是該投資戰略的重要組成部分。高超音速導彈滑翔體中的推進集成是必不可少的。

The other benefit of us working in a more integrated fashion with Aerojet Rocketdyne is we'll be able to bring our broad engineering expertise, our capital and our operational experience into Aerojet Rocketdyne and bring the best of Lockheed Martin to the propulsion side of missiles and space. So there are incredible synergies here. I know Ken can speak to a little bit more on those later, both revenue and cost. But given my long answer, I'll stop there.

我們與 Aerojet Rocketdyne 以更加整合的方式合作的另一個好處是，我們將能夠將我們廣泛的工程專業知識、資金和運營經驗帶入 Aerojet Rocketdyne，並將洛克希德馬丁公司的最佳成果帶到導彈的推進方面，以及空間。所以這裡有令人難以置信的協同作用。我知道 Ken 可以稍後再談談收入和成本方面的問題。但鑑於我的回答很長，我會停在那裡。

And we do have a question from the line of Pete Skibitski with Alembic Global.

我們確實有一個來自 Alembic Global 的 Pete Skibitski 的問題。

Jim, can you talk about kind of your updated midterm view of the DOD budget now that we have obviously a new sec def and administration, but maybe even more importantly, a change in control of the Senate? I'm just wondering what you're kind of seeing and hearing [Tilley-wise] in terms of the budget outlook.

吉姆，你能談談你對國防部預算的最新中期看法嗎，因為我們顯然有一個新的 sec def 和管理，但也許更重要的是，參議院控制權的變化？我只是想知道您在預算前景方面 [Tilley-wise] 的所見所聞。

Well sure, Pete. The administration hasn't unveiled its actual plan or trajectory for defense budgets. But I take solace in a couple of things. One is that the National Security and Intelligence and International affairs team that President Biden is proposing or has brought on is experienced. They are professionals in that realm of many of them having decades of senior government experience dealing with these issues. And so you're going to have, we believe, a lot of continuity and policy and also in focus on how important strong defense is for this country. So I think the proposed team is a plus.

好吧，皮特。政府尚未公佈其國防預算的實際計劃或軌跡。但有幾件事讓我感到安慰。一是拜登總統提議或組建的國家安全和情報及國際事務團隊經驗豐富。他們是該領域的專業人士，其中許多人擁有數十年處理這些問題的高級政府經驗。因此，我們相信，您將擁有大量的連續性和政策，並且還將關注強大的國防對這個國家的重要性。所以我認為提議的團隊是一個優勢。

And unfortunately, frankly, the threat outside against potentially United States is growing. It's accelerating, too, by the way. And when we look at the National Defense Strategy, it reorients itself and reorients our defense enterprise towards great power competition. And it's something you cannot just sit still and watch go by because we will be overtaken because of the aggressiveness of our potential peers.

不幸的是，坦率地說，外界對潛在美國的威脅正在增加。順便說一句，它也在加速。而當我們審視國防戰略時，它會重新定位自己，將我們的國防事業重新定位到大國競爭。這是你不能坐以待斃的事情，因為我們會因為潛在同行的侵略性而被超越。

So I'm taking solace in these trends as far as the defense budget goes, that you have professional experienced people leading it for the administration and that the threat environment is greater versus lesser. We feel that supports a stable defense budget going forward.

因此，就國防預算而言，我對這些趨勢感到欣慰，你有專業經驗豐富的人為政府領導，而且威脅環境更大而不是更小。我們認為這支持了未來穩定的國防預算。

And we do have a question from the line of Joseph DeNardi with Stifel.

我們確實有一個來自 Joseph DeNardi 和 Stifel 的問題。

Ken, can you talk a little bit about the R&D tax impact? And I guess, relative to the political backdrop, do you now see that playing out as more likely? Or is there still an outcome where that's less onerous? I mean are you now planning differently than you were a few months ago in terms of the potential cash flow impact from that?

肯，你能談談研發稅的影響嗎？而且我猜，相對於政治背景，你現在認為這種情況更有可能發生嗎？還是還有一個不那麼繁瑣的結果？我的意思是，就潛在的現金流影響而言，您現在的計劃是否與幾個月前有所不同？

You bet. So yes, Joe, I have socialized with you guys as much as we could once we concluded our view of what the tax law, the interpretation of that was. And as I stated a few times now, it looks like it's about $2.1 billion in 2022, $1.8 billion in 2023, and it will continue trending down.

你打賭。所以，是的，喬，一旦我們總結了我們對什麼是稅法的看法，我已經盡可能多地與你們交流了，對它的解釋是什麼。正如我現在多次說過的那樣，2022 年大約為 21 億美元，2023 年為 18 億美元，並且將繼續呈下降趨勢。

One of the reasons we are extremely focused on cash -- you heard in my prepared comments, the amount of cash that we're generating in '22 and '23. I've stated, we've taken -- we took a pause for the -- roughly the second half of last year before we started talking to the key constituents about that impact. It is still our belief that we think there's some likelihood it will either be repealed or altered. So it just doesn't include entire research expenses, which would include our cost plus contracts, but would be just our research and our IRAD, our research and development costs, which would not be a material impact to our -- to the outlooks I gave you.

我們非常關注現金的原因之一——你在我準備好的評論中聽到了，我們在 22 和 23 年產生的現金數量。我已經說過，在我們開始與關鍵成員討論這種影響之前，我們已經暫停了大約去年下半年。我們仍然相信，我們認為它有可能被廢除或改變。所以它只是不包括整個研究費用，這將包括我們的成本加合同，而只是我們的研究和我們的 IRAD，我們的研發成本，這不會對我們的前景產生重大影響給你。

We still think there's a good likelihood that's going to happen. Because if you think about it, if in 2022, we have $2.1 billion less of cash -- this is just Lockheed Martin, and as you know, Joe, this is not just Lockheed Martin and not just A&D. This is all of industry. So this is going to hit pharma hard. It's going to hit high-tech hard. These are dollars that we're not going to have the ability to plow back and invest into our portfolio and into our technologies. And I think that is a compelling story. And I think at the end of the day, that's going to rule the day.

我們仍然認為這很有可能會發生。因為如果你想一想，如果到 2022 年，我們的現金將減少 21 億美元——這只是洛克希德馬丁公司，正如你所知，喬，這不僅僅是洛克希德馬丁公司，不僅僅是 A&D。這都是工業。因此，這將對製藥業造成沉重打擊。它將嚴重打擊高科技。這些是我們無法收回並投資於我們的投資組合和技術的美元。我認為這是一個引人入勝的故事。而且我認為在一天結束時，這將統治這一天。

Now having said that, we are still generating large amounts of cash. In fact, as you know, we ended the year in excess of $3 billion cash on hand. Right now, assuming our dividend assumptions and our share repurchase assumptions for 2021, we're going to end 2021 with over $5 billion of cash. That number is going to continue to grow. And that -- frankly, that's a good opportunity for us to do the things Jim described from an investment standpoint and then to continue our robust cash deployment strategy that we have historically had with our shareholders.

話雖如此，我們仍在產生大量現金。事實上，如您所知，我們在年底時手頭現金超過 30 億美元。目前，假設我們對 2021 年的股息假設和股票回購假設，我們將在 2021 年底擁有超過 50 億美元的現金。這個數字將繼續增長。而且 - 坦率地說，這對我們來說是一個很好的機會，可以從投資的角度做吉姆所描述的事情，然後繼續我們過去與股東一起採取的穩健的現金部署戰略。

And we do have a question from the line of Hunter Keay with Wolfe Research.

我們確實有一個來自 Wolfe Research 的 Hunter Keay 的問題。

It's actually Mike Maugeri on for Hunter. So according to your filings, from 2009 to 2017, square footage in your spaces that you lease or own fell 8.5 million square feet or 15% while you're still growing revenue. So I know that you have an investment in Palmdale coming up. But in the next budget down cycle flattening, whenever it should come, facility consolidation, is that a lever you'd be willing to pull or able to pull again?

亨特實際上是邁克·毛格里（Mike Maugeri）。因此，根據您的文件，從 2009 年到 2017 年，您租賃或擁有的空間的平方英尺減少了 850 萬平方英尺或 15%，而您的收入仍在增長。所以我知道你即將對 Palmdale 進行投資。但在下一個預算下降週期趨於平緩時，無論何時，設施整合，是你願意拉動或能夠再次拉動的槓桿嗎？

Yes. Thanks for the question, Mike. It's Ken. So I think this year or 2020, we're going to end with roughly 72 million square feet. And there's 4 pieces to that. One is the space we actually own, and a large share of that is going to be manufacturing space. And that's about half of our real estate. And then the other half is a combination of lease space; GOCO, which is government-owned, contractor-operated much like our Fort Worth facility; and then GOGO, which is government-owned, government-operated, which is AWE.

是的。謝謝你的問題，邁克。是肯。所以我認為今年或 2020 年，我們將以大約 7200 萬平方英尺結束。有4件。一個是我們實際擁有的空間，其中很大一部分將是製造空間。這大約是我們房地產的一半。然後另一半是組合租賃空間； GOCO 是政府所有、承包商運營的，與我們的沃思堡工廠非常相似；然後是GOGO，它是政府所有、政府運營的，也就是AWE。

And so there's a couple of -- just short term, there's a couple of puts and takes. Assuming the U.K. government does take over the management of AWE, we lose about 4.5 million square feet out of that 72 million squares. When we're successful with the Aerojet Rocketdyne acquisition, I believe they have about 3 million square feet that we would add back. You mentioned, Mike, the Palmdale building that we're building. We also have a little bit of real estate that we're expanding in space and in RMS and in Missiles and Fire Control. And that nets about 1 million square feet.

所以有幾個 - 只是短期的，有幾個看跌期權。假設英國政府確實接管了 AWE 的管理，我們在這 7200 萬平方米中損失了大約 450 萬平方英尺。當我們成功收購 Aerojet Rocketdyne 時，我相信他們有大約 300 萬平方英尺的空間可供我們補充。你提到了，邁克，我們正在建造的棕櫚谷大樓。我們還有一些房地產，我們正在太空、RMS、導彈和火控領域進行擴張。淨面積約為 100 萬平方英尺。

So at the end of the day, we're going to be down about 0.5 million squares. But now the opportunity comes. Right now, we have roughly half of our employees working remotely. Some of them are periodically coming in. But we have, over the last couple of months, have rolled out a plan, frankly, looking at Lockheed Martin forward is what we call it. And it's, frankly, the future of work. And we are going to start looking at getting out of some of that lease space as our leases expire. You can expect us to reduce our footprint by at least a couple of million square feet in the next couple of years, if not more. We'll go to more hoteling. We'll allow people that -- where it makes sense for them to work from home, and we'll make sure this is a competitive and strategic advantage for us.

所以在一天結束時，我們將減少大約 50 萬個方格。但現在機會來了。目前，我們大約有一半的員工在遠程工作。他們中的一些人會定期進來。但坦率地說，在過去的幾個月裡，我們已經推出了一項計劃，我們稱之為洛克希德馬丁公司的前鋒。坦率地說，這是工作的未來。隨著我們的租約到期，我們將開始考慮擺脫一些租約空間。您可以期望我們在未來幾年內將我們的佔地面積減少至少幾百萬平方英尺，如果不是更多的話。我們會去更多的旅館。我們將允許人們在家工作對他們有意義的地方，我們將確保這對我們來說是一個競爭和戰略優勢。

And we do have a question from the line of Kristine Liwag from Morgan Stanley.

我們確實有一個來自摩根士丹利的 Kristine Liwag 的問題。

Jim, maybe following on the question on the new administration but in a slightly different way. How do you think about opportunities and challenges regarding foreign military sales? With the new administration, do you see more headwinds or more tailwinds than before?

吉姆，也許會關注關於新政府的問題，但方式略有不同。您如何看待對外軍售的機遇和挑戰？對於新政府，您是否看到比以前更多的逆風或順風？

Kristine, as far as international business, including foreign military sales, the tendency of the people and the Biden administration and the President's own statements reiterate his view that alliances are important, that they need to be cultivated and that they have real value and deterrence in national defense. And so I do think that we'll have a more open environment for FMS and direct commercial sales to our international partners.

克里斯汀，就包括對外軍售在內的國際業務、人民和拜登政府的趨勢以及總統自己的聲明而言，重申了他的觀點，即聯盟很重要，需要培養，並且具有真正的價值和威懾力國防。因此，我確實認為我們將為 FMS 和直接向我們的國際合作夥伴進行商業銷售提供一個更加開放的環境。

The other benefit, you've seen it recently in the press, is that we have some fantastic and unmatched products that are in great demand and highly desired by many countries. So you've seen F-16 sales coming back. F-35 was a pivotal element of the Abraham accords, we believe. And that system is so highly desired by our allies and the United Arab Emirates and elsewhere that it actually helped bring a modicum of peace to the Middle East. And so our -- between our products and the Biden administration's stated proclivity to enhance our alliances, I think we're in a better position going forward.

您最近在媒體上看到的另一個好處是，我們有一些非常棒且無與倫比的產品，這些產品的需求量很大，許多國家都非常渴望。所以你已經看到 F-16 的銷量回升了。我們相信，F-35 是亞伯拉罕協議的關鍵要素。我們的盟友、阿拉伯聯合酋長國和其他地方都非常渴望這個系統，它實際上幫助為中東帶來了一點點和平。因此，在我們的產品和拜登政府聲明的加強我們聯盟的傾向之間，我認為我們在未來處於更好的位置。

And we do have a question from the line of Carter Copeland with Melius Research.

我們確實有一個來自卡特科普蘭與 Melius Research 的問題。

I figure Q4 is probably the best time to ask a question like this, just to get some color on it. But classified has obviously been a big component of bookings and growth and your focus. I wondered if you might, Ken, give us some more color, if you can, around how much classified grew in 2020 or some more color on bookings growth; or if you can't do that, even relative growth versus the rest of the business. Just any kind of sense you can give us on the sort of seed corn projects that will fill out the revenue outlook in the next 3 to 5 years and beyond.

我認為第四季度可能是提出此類問題的最佳時機，只是為了獲得一些色彩。但分類顯然是預訂和增長以及您關注的重要組成部分。我想知道你是否可以，Ken，如果可以的話，給我們一些關於 2020 年分類增長或預訂增長的更多顏色的信息；或者如果你不能做到這一點，即使是相對於其他業務的相對增長。你可以給我們任何關於種子玉米項目的任何感覺，這些項目將填補未來 3 到 5 年及以後的收入前景。

You bet. Carter, and unfortunately, I do have to be a little cryptic, and I apologize for that, but I'll try to give you color to the best of my abilities. We have seen our classified business from an order book standpoint and from a sales standpoint growing faster than the corporation.

你打賭。卡特，不幸的是，我必須有點神秘，我為此道歉，但我會盡我所能為你提供色彩。從訂單簿的角度和銷售的角度來看，我們已經看到我們的分類業務增長速度超過了公司。

If you go around the horn, I've mentioned in the past, we won a strategic program in Palmdale where we're starting to see the benefits of multiple customers starting to want that system. In fact, we're also in conversation with an international partner of the United States of their interest in that system. And back to Mike's question, that's the reason for the capital growth out in Palmdale.

如果你繞過喇叭，我過去曾提到過，我們在 Palmdale 贏得了一項戰略計劃，我們開始看到多個客戶開始需要該系統的好處。事實上，我們也在與美國的一個國際合作夥伴就他們對該系統的興趣進行對話。回到邁克的問題，這就是棕櫚谷資本增長的原因。

There is some other things going on out there that, unfortunately, we can't talk about that I think we'll reap the benefits of. Some of them are hypersonics. Some of them are other platforms. At Missiles and Fire Control, we've talked about the large development program that we won. It is progressing well. It's going to continue to grow in the future probably as fast, if not faster than the rest of Missiles and Fire Control. And then probably the other big place to talk is space. We won a couple rather large strategic programs in 2020. We're also pursuing a few in 2021.

不幸的是，還有一些其他事情正在發生，我們不能談論，我認為我們會從中受益。其中一些是高超音速。其中一些是其他平台。在 Missiles and Fire Control，我們談到了我們贏得的大型開發計劃。它進展順利。未來它的增長速度可能與其他導彈和火控系統一樣快，甚至更快。然後可能另一個重要的話題是空間。我們在 2020 年贏得了幾個相當大的戰略計劃。我們也在 2021 年追求一些。

And also the -- from a sales standpoint, as I mentioned, for across the corporation, growing faster than top line than our business in the aggregate is.

而且 - 從銷售的角度來看，正如我所提到的，對於整個公司來說，增長速度超過了我們的整體業務。

From a margin standpoint, margins in Aeronautics for Palmdale, the classified work right now, is dilutive just by the nature of the contract types. Same with Missiles and Fire Control. These programs are going to be dilutive -- growing faster than the rest of the portfolio, but from a margin standpoint going to be dilutive. The good news also is -- but from a contract-type standpoint, they're not an impact to working capital. So there'll be a reasonably good cash flow.

從利潤的角度來看，目前屬於機密工作的 Palmdale Aeronautics 的利潤僅因合同類型的性質而具有稀釋性。導彈和火控也一樣。這些計劃將具有稀釋性——增長速度比其他投資組合更快，但從利潤率的角度來看，它們將具有稀釋性。好消息也是——但從合同類型的角度來看，它們對營運資金沒有影響。所以會有相當不錯的現金流。

In the Space business, some of these programs are fixed price, but most of them are going to be cost-plus as well. So just slightly dilutive to the overall portfolio. But again, I apologize. That's about as much as I could say about the portfolio.

在太空業務中，其中一些計劃是固定價格的，但其中大多數也將是成本加成的。所以只是稍微稀釋了整個投資組合。但是，我再次道歉。這就是我對投資組合所能說的。

And we do have a question from the line of Robert Stallard with Vertical Research.

我們確實有一個來自垂直研究的 Robert Stallard 的問題。

Jim, a question for you. Given the recent share price performance and the valuation on the stock and, of course, the very low interest rates here, do you think this is the best use of the balance sheet to continue to pile up more cash, and perhaps you should be more aggressive on the share buyback here?

吉姆，問你一個問題。鑑於最近的股價表現和股票估值，當然還有這裡非常低的利率，你認為這是繼續積累更多現金的最佳利用資產負債表嗎，也許你應該更多在這裡積極回購股票？

Well, we're balanced in our cash application and always have been as a company, and it's my legacy back at my prior company as well. And there are many competing parts, right? So we have an opportunity set and a desire to grow, and we're pursuing that growth strategy while carrying for cash deployment to shareholders. So again, to be a little cryptic, we've got all the keys on the piano at our disposal. And we're going to work our way through some decisions and opportunities here in the near future. But yes, I'm an acolyte of the notion that when share price is below intrinsic value that you aggressively, to the extent that you can, buy it back based on regulatory and other matters that go on and so -- and opportunities that may be being looked at or not.

好吧，我們在現金申請方面是平衡的，並且一直是一家公司，這也是我在之前公司的遺產。而且有很多競爭的部分，對吧？因此，我們有機會和增長的願望，我們正在追求這一增長戰略，同時向股東進行現金部署。再說一次，有點神秘，我們已經掌握了鋼琴上的所有琴鍵。我們將在不久的將來通過一些決定和機會來努力。但是，是的，我是這樣一種觀點的追隨者，即當股價低於內在價值時，你會在可能的範圍內積極地根據監管和其他事項等情況將其回購——以及可能的機會被注視與否。

And so we'll work our way through all of those issues. But I can assure you that if we're in the clear and intrinsic value is greater than the share price, you'll see Ken and I diving back in the market.

因此，我們將努力解決所有這些問題。但我可以向你保證，如果我們的明確和內在價值大於股價，你會看到肯和我在市場上跳水。

And we do have a question from the line of Sheila Kahyaoglu with Jefferies.

我們確實有一個來自 Sheila Kahyaoglu 與 Jefferies 的問題。

Just given 3% to 4% EBIT growth this year versus 9 in 2020, how do you think about some of those drivers as it relates to your $9 billion OCF target in 2023? Is it sort of steady as she goes in terms of your earnings outlook? And then, I guess, the age-old question of, is there an opportunity where earnings growth exceeds revenue growth going forward given decelerating budget environment?

僅考慮到今年 EBIT 增長 3% 至 4%，而 2020 年為 9%，您如何看待其中一些與您 2023 年 90 億美元 OCF 目標相關的驅動因素？就你的盈利前景而言，她是否有點穩定？然後，我想，一個古老的問題是，在預算環境減速的情況下，是否有機會在未來的收入增長超過收入增長？

So yes, we see -- if you look at our cash and as you noted, we see $8.3 billion cash from ops in '21, $8.7 billion before the tax impact due to R&D of -- in '22 and then $9 billion in '23. We see -- right now, we see margins pretty steady at 11%. So most of that is -- I've talked to Wall Street about our focus on cash, what we've called it as a culture of cash where generally over the last couple of years, it's not just, frankly, a balance sheet issue. It's not the finance community just to solve. It's the entire corporation where, say, production operations understands the consequences of making or missing deliveries and how that impacts cash.

所以，是的，我們看到——如果你看看我們的現金，正如你所說，我們看到 21 年的運營現金為 83 億美元，扣除稅收影響之前的 87 億美元——在 22 年，然後是 90 億美元。 23.我們看到——現在，我們看到利潤率相當穩定在 11%。所以大部分是 - 我已經與華爾街談過我們對現金的關注，我們稱之為現金文化，通常在過去幾年中，坦率地說，不僅僅是資產負債表問題.這不僅僅是金融界要解決的問題。例如，生產運營部門了解交付或未交付的後果以及這對現金的影響是整個公司。

So we see more opportunities going forward managing the balance sheet, specifically contract assets and inventory and ensuring that if they're going to grow, they're growing at the most efficient way possible.

因此，我們看到了更多管理資產負債表的機會，特別是合同資產和庫存，並確保如果它們要增長，它們將以最有效的方式增長。

And then also, as Jim mentioned, we see opportunities. I'm not going to talk about specifically FMS, but probably more direct government sales where there's an opportunity for us to get cash advances.

然後，正如吉姆所說，我們看到了機會。我不會專門談論 FMS，但可能是更直接的政府銷售，我們有機會獲得現金墊款。

To answer your second part of your question, we do see some opportunity, though, to be better than 11%. And that's specifically, our programs that will start to mature. Pick F-16. We're generally in the beginning of the production cycle again. We're going to deliver 8 airplanes in 2022. And then we'll get up to a significant double-digit deliveries in '23 and beyond. There is an opportunity for us to have margin improvement there.

為了回答您問題的第二部分，我們確實看到了一些機會，可以超過 11%。具體來說，我們的計劃將開始成熟。選擇 F-16。我們通常再次處於生產週期的開始階段。我們將在 2022 年交付 8 架飛機。然後我們將在 23 年及以後實現顯著的兩位數交付。我們有機會在那裡提高利潤率。

F-35. Everybody wants to talk about F-35. We do still think there's opportunities there from a margin standpoint with production. We've talked to you about the PBL concept to the -- performance-based logistics concept that we've had, that we do think there's some margin opportunity there for industry assuming we perform, assuming we hit the critical service level agreements that we want.

F-35。每個人都想談論 F-35。從生產利潤的角度來看，我們仍然認為那裡有機會。我們已經與您討論了 PBL 概念到我們已經擁有的基於績效的物流概念，我們確實認為假設我們表現良好，假設我們達到了我們所達成的關鍵服務水平協議，那麼行業就有一些利潤機會想。

Hypersonics will soon get out of development and hopefully go into a limited rate production and production that will help us. All the helicopter programs that we've talked about, you'll start to see CH-53K, moving out of development into production. Presidential helicopter, of course, is moving into production. You have combat search and rescue that will move into production. Those are just a couple of examples, Sheila, I think that will give us an opportunity to enhance our margin over time.

高超音速很快就會停止開發，並有望進入限速生產和對我們有所幫助的生產。我們討論過的所有直升機計劃，您將開始看到 CH-53K 從開發階段轉入生產階段。當然，總統直升機正在投入生產。你有戰鬥搜索和救援，將投入生產。這些只是幾個例子，希拉，我認為這將使我們有機會隨著時間的推移提高我們的利潤。

And we do have a question from the line of Doug Harned with Bernstein.

我們確實有一個來自 Doug Harned 和 Bernstein 的問題。

Jim, earlier you said that the goal would be to enrich your platforms with mission systems content. And I have to say this, to me, sounded like something I could have heard back in the Vance Coffman/Norm Augustine days, something that didn't really work out well because of DOJ concerns, DOD concerns. So now with the -- in trying to do that -- and then also, you talked about the advantages you could get from the Aerojet Rocketdyne acquisition. And then Raytheon with the acquisition of Blue Canyon, that's -- they make buses that do work for you guys, for L3 Harris, for Northrop Grumman.

吉姆，您之前說過目標是用任務系統內容豐富您的平台。我不得不說，對我來說，這聽起來像是我在 Vance Coffman/Norm Augustine 時代可以聽到的東西，由於 DOJ 的擔憂，DOD 的擔憂，它並沒有真正奏效。所以現在 - 在試圖做到這一點 - 然後，你談到了你可以從 Aerojet Rocketdyne 收購中獲得的優勢。然後雷神公司收購了 Blue Canyon，那就是——他們為你們、L3 哈里斯公司、諾斯羅普·格魯曼公司製造了適合你們的公共汽車。

I mean are we seeing -- do you think we're seeing a different structure to this industry going forward with much more vertical integration? Can you comment on this from a -- from sort of a philosophical standpoint?

我的意思是我們看到了——你認為我們看到了與這個行業不同的結構，隨著更多的垂直整合向前發展？你能從哲學的角度對此發表評論嗎？

Sure, Doug. I mean if you go all the way back to the primary notion that we're back into a world of great power competition, it's important to look, I think, beyond our own defense industrial base structure, but outward to those of the competitors, which are China, Russia, Iran and North Korea, for example.

當然，道格。我的意思是，如果你一直回到最初的概念，即我們回到了一個大國競爭的世界，我認為，重要的是要超越我們自己的國防工業基礎結構，而是向外看競爭對手的結構，例如，中國、俄羅斯、伊朗和朝鮮。

And compare our capabilities in the -- if I'm in government, comparing our defense industrial-based capabilities to those of the peer group, how does China operate its defense industrial base, how does it organize it and what are the capabilities and velocity again that comes from that. And from that perspective, my view would be that vertical integration concerns from a classic antitrust perspective are dwarfed by the lack of velocity and inability to integrate an added cost, frankly, that comes from the existing defense industrial base structure that's stratified with a supply chain that's quite fragmented.

並比較我們的能力——如果我在政府部門，將我們基於國防工業的能力與同行的能力進行比較，中國如何運營其國防工業基礎，它是如何組織的，能力和速度是多少再次來自那個。從這個角度來看，我的觀點是，從典型的反壟斷角度來看，垂直整合的擔憂與缺乏速度和無法整合增加的成本相形見絀，坦率地說，這來自與供應鏈分層的現有國防工業基礎結構那是相當分散的。

I think it's better for the country and for the defense enterprise to enable industry to make logical proposals for bringing in the mission systems, if you will, the supply chain that goes into major platforms into a more integrated organization.

我認為對於國家和國防企業來說，最好讓工業界提出合理的建議，將任務系統引入（如果你願意的話），將進入主要平台的供應鏈納入一個更加綜合的組織。

So I think that's the philosophical basis. On the other hand, we cannot predict the decisions of individual regulators and those coming into office. But I do think that it's critical that those decisions look through the lens of great power competition and how we compare to the defense industrial base, certainly, of China.

所以我認為這是哲學基礎。另一方面，我們無法預測個別監管機構和上任者的決定。但我確實認為，這些決定必須從大國競爭的角度看待，以及我們如何與中國的國防工業基礎進行比較。

And we do have a question from the line of Noah Poponak with Goldman Sachs.

我們確實有一個來自高盛的諾亞波波納克的問題。

How much revenue is your hypersonics franchise generating in the 2021 outlook? And then how much revenue could your hypersonics franchise be generating closer to the middle of the decade?

在 2021 年的展望中，您的超音速特許經營權將產生多少收入？那麼，到本世紀中期，您的超音速特許經營權能產生多少收入？

Okay. Noah, I'll take that. You do like these long ball answers. So I'll do the best of my abilities on the second part. But if you look at our hypersonics portfolio through 2020, our total order book was north of $3 billion. We generated about $1.2 billion in hypersonics sales in 2020. And think of that as mostly development and cost-plus programs. And actually, we had a couple of risk retirements at the end of the year. So our programs are performing.

好的。諾亞，我會接受的。你確實喜歡這些長傳球的答案。所以我會在第二部分盡我所能。但是，如果您查看我們到 2020 年的高超音速產品組合，我們的總訂單量將超過 30 億美元。我們在 2020 年創造了約 12 億美元的高超音速產品銷售額。並將其視為主要是開發和成本加成計劃。實際上，我們在年底有幾次風險退休。所以我們的程序正在執行。

For 2021, Noah, the best of our abilities, right now, we see hypersonic sales being about $1.5 billion and still dilutive margins just based on contract type and the type of work that's being done. We're going to have a handful of these programs. We'll have first launch, continued demonstration of capabilities this year and next year. And then as I've stated in the past, you'll start seeing some of these programs neck down, as you saw last year where we had one program terminated but we actually saw the funding start to go to some of our other platforms. So for us, really not a harm and intuitively made sense.

對於 2021 年，諾亞，我們盡我們所能，目前，我們看到高超音速的銷售額約為 15 億美元，而且僅根據合同類型和正在完成的工作類型，利潤率仍然處於稀釋狀態。我們將有一些這樣的程序。我們將在今年和明年首次推出並繼續展示功能。然後正如我過去所說，你會開始看到其中一些項目出現瓶頸，正如你在去年看到的那樣，我們終止了一個項目，但實際上我們看到資金開始流向我們的其他一些平台。所以對我們來說，真的沒有傷害，直覺上是有道理的。

So by the middle of the decade, it's conceivable that, that number could be closer to $3 billion. You'll start to see some of these limited rate production programs happening. Some of these programs will actually start going into full scale production. So it's conceivable that our sales will more than double by the middle of this decade. And also the contract type will start changing and there'll either be fixed-price incentive or fixed-price contracts.

因此，到本世紀中期，可以想像，這個數字可能接近 30 億美元。您將開始看到其中一些限速生產計劃正在發生。其中一些程序實際上將開始全面生產。因此，可以想像，到本世紀中期，我們的銷售額將翻一番以上。合同類型也將開始改變，要么是固定價格激勵，要么是固定價格合同。

And we do have a question from the line of Richard Safran with Seaport Global.

我們確實有一個來自 Seaport Global 的 Richard Safran 的問題。

So I wanted to ask you about the international. We've known the Trump administration went to extensive measures to promote U.S. Defense exports. I'm just wondering, maybe you could dovetail off to the comments you have made coming from your government affairs people about the new administration. Do you see any changes with how the new administration is looking at exports? Do you think there's going to be continued growth there? And do you think this could be a benefit to your -- to the international sales of air defense equipment?

所以我想問你關於國際的事情。我們知道特朗普政府採取了廣泛的措施來促進美國的國防出口。我只是想知道，也許您可以與您的政府事務人員對新政府的評論相吻合。您是否看到新政府看待出口的方式有任何變化？你認為那裡會持續增長嗎？你認為這對你的——對防空設備的國際銷售有好處嗎？

Richard, it's Jim. And again, it's too soon to tell what individual policymakers are going to do since they haven't been named or confirmed in large part yet. But if you go back to the first principles of the administration, based on candidate Biden and now President Biden's campaign, jobs and economic recovery, incredibly important to him and to his administration. And there are no better source of jobs in international military sales for this country and -- in large part because these are -- tend to be engineering, STEM, high salary; and the manufacturing jobs also, high wage reliable, dependable jobs with companies that have strong benefits, et cetera.

理查德，是吉姆。再說一次，現在判斷個別政策制定者將要做什麼還為時過早，因為他們還沒有被點名或在很大程度上得到確認。但如果你回到政府的首要原則，基於候選人拜登和現在的拜登總統的競選、就業和經濟復甦，這對他和他的政府來說非常重要。對於這個國家來說，在國際軍事銷售方面沒有比這更好的工作來源了，而且——很大程度上是因為這些——往往是工程、STEM、高薪；以及製造業工作，高薪可靠，與具有強大利益的公司合作的可靠工作等等。

So if jobs in the economy are important, the promotion of international defense sales, one would surmise, would also be important. So from that perspective, I expect that we're going to get strong support, let alone from, as I mentioned earlier, the interest and desire to have increased collaboration, cooperation with our allies.

因此，如果經濟中的工作很重要，那麼據推測，促進國際國防銷售也很重要。所以從這個角度來看，我希望我們會得到強有力的支持，更不用說，正如我之前提到的，與我們的盟友加強合作的興趣和願望。

And as an ex-pilot myself, I can tell you that there's no better way to get a tighter bond with an ally than sell them jet aircraft, fighter aircraft. Because all the way back in the mid-80s when I was in pilot training, we had Saudis in our class, for example. Then when I was at Pratt & Whitney, we built an F100 engine overhaul and repair shop in Saudi Arabia that further cemented our collaboration with that country is just 2 tiny examples.

作為一名前飛行員，我可以告訴你，沒有比賣給他們噴氣式飛機、戰鬥機更好的方法來與盟友建立更緊密的聯繫。因為早在 80 年代中期，當我接受飛行員培訓時，我們班上就有沙特人，例如。然後，當我在 Pratt & Whitney 時，我們在沙特阿拉伯建立了一家 F100 發動機大修和維修店，進一步鞏固了我們與該國的合作，這只是兩個小例子。

And then you've got, again, the training, collaboration. You've got industrial collaboration. You're doing exercises together. You're using the same cockpit avionics, just goes on and on how you can increase your alliance stickiness, if you will, with major defense sales. So I think on those 2 dimensions, at least, that we would expect some positive momentum.

然後你又得到了培訓和合作。你有工業合作。你們一起做運動。您正在使用相同的駕駛艙航空電子設備，繼續討論如何通過主要的國防銷售來增加您的聯盟粘性。所以我認為至少在這兩個維度上，我們會期待一些積極的勢頭。

And we do have a question from the line of Myles Walton with UBS.

我們確實有一個來自瑞銀集團的邁爾斯沃爾頓的問題。

Just a quick one on Space. It looked like there was some implied margin erosion or compression sequentially into 2021, but I would have thought that AWE would have helped that. Is there something else that moved around in the mix that you'd point us to?

只是一個快速的空間。看起來到 2021 年會出現一些隱含的利潤率侵蝕或壓縮，但我原以為 AWE 會對此有所幫助。您會指出我們是否有其他東西在混合中移動？

Sure. Myles, it's Ken. Yes, the big driver is, if you look at United Launch Alliance, due to the mix of launches, we're going to see less profit next year at ULA than we had in 2020. But you're right, unfortunately, that more than offsets the ULA -- I'm sorry, the AWE dilution.

當然。邁爾斯，是肯。是的，最大的驅動力是，如果你看看聯合發射聯盟，由於發射的混合，我們明年在 ULA 的利潤將低於 2020 年的利潤。但不幸的是，你是對的，更多的是而不是抵消 ULA - 對不起，AWE 稀釋。

And we do have a question from the line of George Shapiro with Shapiro Research.

我們確實有一個來自夏皮羅研究的喬治夏皮羅的問題。

Yes. I wanted to go through some of the margins, Ken, in Aeronautics. I mean you had this increase in C-130 profits and didn't look like revenues changed much, otherwise you would have spelled it out. And then you had a reduction in the F-16 margin. And it looked like you had to have an increase in the production margin on the F-35 to get the bigger increases you had. So I just wondered if you could clarify that a little bit more.

是的。我想通過一些邊緣，肯，在航空。我的意思是你的 C-130 利潤增加了，而且收入看起來沒有太大變化，否則你會說清楚的。然後你的 F-16 利潤減少了。看起來你必須增加 F-35 的生產利潤率才能獲得更大的增長。所以我只是想知道你是否可以再澄清一點。

Sure. George, I got a clarifying question for you. Are you talking about fourth quarter of '20? Or you want to talk about '21?

當然。喬治，我有一個明確的問題要問你。您是在談論 20 年第四季度嗎？或者你想談談'21？

Talk about the full year 2020.

談論2020年全年。

Full year 2020. Well, it probably just makes sense then to talk about the fourth quarter because that's the most current information. So just in aggregate, I'll talk top line and bottom line for Aeronautics. So we saw development top line increases. Generally, they were mid-single-digit increases, and that was driven by follow-on modernization. I mean we're still seeing a lot of success there, a lot of demand by our customer set for increased technology on the platform.

2020 年全年。好吧，談論第四季度可能是有道理的，因為這是最新的信息。因此，總的來說，我將討論航空業的頂線和底線。因此，我們看到開發收入增加。一般來說，它們是中個位數的增長，這是由後續的現代化推動的。我的意思是我們仍然在那裡看到了很多成功，我們的客戶對增加平台上的技術提出了很多需求。

Production was down in the quarter, year-over-year in the fourth quarter, George, and that was mid-single digits as well. That was probably more of a timing issue than anything else. In sustainment, we saw strong growth, and we're going to see strong growth into 2021. That will be the fastest-growing piece of F-35 in 2021. We saw strong increases on F-16. You're starting to see production kick in, and you also had strong sustainment. C-130 sales were up 3%, so think of that as low single digits. ADP, the Skunk Works is strong double-digit increases there as well.

本季度產量下降，第四季度同比下降，喬治，也是中個位數。這可能更像是一個時間問題而不是其他任何事情。在維持方面，我們看到了強勁的增長，我們將看到到 2021 年的強勁增長。這將是 2021 年 F-35 增長最快的部分。我們看到 F-16 的強勁增長。你開始看到生產開始了，你也得到了強大的支持。 C-130 的銷售額增長了 3%，因此可以將其視為低個位數。 ADP，臭鼬工廠也有強勁的兩位數增長。

And I'll go to profit for you. So for the quarter, we were up 7%, roughly 10.8% margins versus 10.6%. But F-35, F-35, to your point, was down. That was driven by production. So we had high single-digit margins. I mean it was almost 10%, but down a little bit versus last year, which were stronger double-digit margins. And that was just, frankly, driven by less risk retirements in the fourth quarter of 2020 than 2019. Sustainment was up a little bit.

我會為你獲利。因此，本季度，我們增長了 7%，利潤率約為 10.8%，而利潤率為 10.6%。但在你看來，F-35、F-35 倒下了。那是由生產驅動的。所以我們有很高的個位數利潤率。我的意思是它幾乎是 10%，但與去年相比略有下降，後者是兩位數的利潤率。坦率地說，這只是由於 2020 年第四季度的退休風險低於 2019 年。維持性略有上升。

F-16 margins for the quarter, George, were up. Both were double-digit margins. But fourth quarter this year, we were almost 20% margins on F-16. That's because we had a risk retirement on an international sustainment program. C-130 margins were up in the fourth quarter as well. And that's because we had risk retirements on our FIOC 4 and our programs. And ADP was up. And most of that was volume, but we actually -- good news had some risk retirements there as well. So hopefully, that helps give you some color.

喬治，本季度 F-16 的利潤率上升。兩者都是兩位數的利潤率。但今年第四季度，我們在 F-16 上的利潤率接近 20%。那是因為我們在國際維持計劃中有風險退休。 C-130 的利潤率在第四季度也有所上升。那是因為我們的 FIOC 4 和我們的計劃有風險退休。 ADP上升了。其中大部分是數量，但我們實際上 - 好消息也有一些風險退休。所以希望，這有助於給你一些顏色。

Brad, it's Greg. Before I hand it off to Jim, I've been informed that some listeners might not have heard the forward-looking statement at the beginning. So let me just reiterate for a minute that statements made in today's call that are not historical fact are considered forward-looking statements and made pursuant to the safe harbor provision. So please check our SEC filings for more discussion on the risks and historical facts.

布拉德，我是格雷格。在我把它交給吉姆之前，我被告知有些聽眾一開始可能沒有聽過這個前瞻性陳述。因此，讓我重申一下，今天電話會議中做出的非歷史事實的陳述被視為前瞻性陳述，並根據安全港條款做出。因此，請查看我們提交給美國證券交易委員會的文件，了解有關風險和歷史事實的更多討論。

And with that, I'll turn it over to Jim for closing comments.

有了這個，我會把它交給 Jim 來結束評論。

Okay. Greg, thanks. Look, our business performed exceptionally well in 2020 under extremely difficult circumstances. And again, I want to thank the men and women of Lockheed Martin for stepping up to that. We delivered outstanding program execution and operational performance for our customers and strong financial performance for you, the stockholders. So our robust backlog, our broad portfolio and our long-term strategic focus have us well positioned for continued growth, we think.

好的。格雷格，謝謝。看，在極其困難的情況下，我們的業務在 2020 年表現異常出色。再一次，我要感謝洛克希德·馬丁公司的男男女女們挺身而出。我們為客戶提供了出色的計劃執行和運營績效，並為您和股東提供了強勁的財務業績。因此，我們認為，我們強大的積壓、廣泛的產品組合和我們的長期戰略重點使我們為持續增長做好了準備。

So we thank you again for joining us on the call today, and we look forward to speaking with you on our next earnings call in April. And -- that concludes our call today, Brad. Thank you.

因此，我們再次感謝您今天加入我們的電話會議，我們期待在 4 月的下一次收益電話會議上與您交談。並且 - 結束我們今天的電話會議，布拉德。謝謝你。

And ladies and gentlemen, that does conclude your conference for today. Thank you for your participation and for using AT&T conferencing service. You may now disconnect.

女士們先生們，今天的會議到此結束。感謝您的參與和使用 AT&T 會議服務。您現在可以斷開連接。