洛克希德·馬丁 (LMT) 2020 Q3 法說會逐字稿

Good day, and welcome everyone to the Lockheed Martin Third Quarter 2020 Earnings Results Conference Call. Today's call is being recorded.

美好的一天，歡迎大家參加洛克希德馬丁公司 2020 年第三季度收益結果電話會議。今天的通話正在錄音中。

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

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

Thank you, John, and good morning. I'd like to welcome everyone to our third quarter 2020 earnings conference call. Joining me today on the call are Jim Taiclet, our President and Chief Executive Officer; and Ken Possenriede, our Chief Financial Officer.

謝謝你，約翰，早上好。歡迎大家參加我們 2020 年第三季度的收益電話會議。今天和我一起參加電話會議的是我們的總裁兼首席執行官 Jim Taiclet；和我們的首席財務官 Ken Possenriede。

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

在今天的電話會議上發表的非歷史事實的陳述被視為前瞻性陳述，是根據聯邦證券法的安全港條款作出的。實際結果可能與前瞻性陳述中預測的結果存在重大差異。請參閱今天的新聞稿和我們向美國證券交易委員會提交的文件，了解可能導致實際結果與前瞻性陳述中的結果存在重大差異的一些因素的描述。

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

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

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

有了這個，我想把電話轉給吉姆。

Thanks, Greg. Good morning, everyone, and thank you for joining us today on our third quarter 2020 earnings call as we review our financial and operational results, highlight some of our key accomplishments and discuss our updated outlook for 2020 and trend information for 2021.

謝謝，格雷格。大家早上好，感謝您今天加入我們的 2020 年第三季度財報電話會議，我們回顧了我們的財務和運營結果，強調了我們的一些主要成就，並討論了我們對 2020 年的最新展望和 2021 年的趨勢信息。

I do hope this call finds you and your family safe and healthy. The coronavirus outbreak remains an ongoing global pandemic, and we're all working to mitigate its impacts. Our priorities at Lockheed Martin remain: ensuring the health and welfare of our employees and their families, continuing to perform and deliver for our customers and our national security, and using our resources and leadership as a company to assist our communities, our country and our allies.

我真的希望這個電話能讓您和您的家人安全健康。冠狀病毒的爆發仍然是一場持續的全球大流行病，我們都在努力減輕其影響。我們在洛克希德馬丁公司的首要任務仍然是：確保我們員工及其家人的健康和福利，繼續為我們的客戶和我們的國家安全履行職責，並利用我們作為一家公司的資源和領導力來幫助我們的社區、我們的國家和我們的國家盟國。

We are continuing to take actions to address issues brought on by this virus: maintaining robust health and safety protocols in the workplace, delivering personal protective equipment to frontline workers and donating over $20 million to COVID-19 charities. We have continued expediting payments to our supply chain and have hired over 12,000 employees since the pandemic began.

我們將繼續採取行動解決這種病毒帶來的問題：在工作場所維持健全的健康和安全規程，向一線工作人員提供個人防護設備，並向 COVID-19 慈善機構捐贈超過 2000 萬美元。自大流行開始以來，我們繼續加快對供應鏈的付款，並僱用了 12,000 多名員工。

I thank all of the men and women of Lockheed Martin for their dedication and commitment during these trying times as they perform with excellence for our customers and their important missions.

我感謝洛克希德馬丁公司的所有男男女女，感謝他們在這些艱難時期為我們的客戶和他們的重要使命表現出色的奉獻和承諾。

I'd also like to take a moment to express my sincere sympathies to those across our nation affected by the recent hurricane and wildfire disasters. We hope that our employees and other citizens of the affected communities recover quickly from the devastation caused by these events.

我還想花點時間向全國各地受近期颶風和野火災害影響的人們表示誠摯的同情。我們希望我們的員工和受影響社區的其他公民能夠從這些事件造成的破壞中迅速恢復過來。

Moving to Lockheed Martin's results, and as our press release illustrates, we delivered another strong quarter across the board, financially, strategically and operationally. Ken will discuss our financial results in more detail and provide preliminary trending data for 2021, but I'd like to begin by providing a few financial highlights from the quarter.

轉向洛克希德馬丁公司的業績，正如我們的新聞稿所示，我們在財務、戰略和運營方面全面交付了另一個強勁的季度。肯將更詳細地討論我們的財務業績並提供 2021 年的初步趨勢數據，但我想首先提供本季度的一些財務亮點。

Sales this quarter were a record and exceeded last year's third quarter by 9%. Year-to-date, we are 10% over our 2019 results. Our business areas grew segment profit by 6% over the 2019 third quarter and year-to-date were 7% over 2019. We had a strong quarter of cash generation, achieving $1.9 billion of cash from operations. We now have brought in nearly $6.4 billion of operating cash year-to-date, keeping us on pace to deliver at least $8 billion in cash from operations in 2020.

本季度的銷售額創歷史新高，比去年第三季度高出 9%。年初至今，我們比 2019 年的業績高出 10%。我們業務領域的分部利潤比 2019 年第三季度增長了 6%，年初至今比 2019 年增長了 7%。我們有一個強勁的季度現金生成，實現了 19 億美元的運營現金。年初至今，我們現在已經帶來了近 64 億美元的運營現金，使我們能夠在 2020 年實現至少 80 億美元的運營現金。

We won approximately $17 billion in orders, resulting in another high watermark for our backlog and our ninth consecutive quarter of backlog growth. And in cash deployment actions during the quarter, our Board of Directors approved a dividend increase of over 8% to $2.60 per share and $10.40 annually. Providing outstanding returns to shareholders through a strong dividend remains our cash deployment priority. And this action marks the 19th consecutive year that we have increased our quarterly dividend.

我們贏得了大約 170 億美元的訂單，導致我們的積壓訂單和我們連續第九個季度的積壓增長達到另一個高水位。在本季度的現金部署行動中，我們的董事會批准將股息增加 8% 以上，達到每股 2.60 美元和每年 10.40 美元。通過強勁的股息為股東提供出色的回報仍然是我們現金部署的首要任務。此舉標誌著我們連續第 19 年增加季度股息。

Our outstanding year-to-date results and record backlog enabled us to again increase our full year 2020 outlook for sales, operating profit and earnings per share. Our team continues to deliver exceptional performance and operating results with a portfolio that is well aligned to our customers' priorities.

我們出色的年初至今業績和創紀錄的積壓訂單使我們能夠再次提高 2020 年全年的銷售額、營業利潤和每股收益預期。我們的團隊繼續提供卓越的績效和經營成果，其產品組合非常符合客戶的優先事項。

Turning briefly to budgets. You'll recall that the Bipartisan Budget Act of 2019 was enacted into law last year and established spending levels for discretionary defense budgets, with a total fiscal year 2021 national defense spending target of approximately $740 billion. Lawmakers continue to work on authorization and appropriations bills, and in the interim, the federal government is operating under a continuing resolution for fiscal year 2021 through December 11.

簡要地轉向預算。你會記得，2019 年兩黨預算法案於去年頒布成為法律，並確定了可自由支配的國防預算的支出水平，2021 財年的國防支出目標總額約為 7400 億美元。立法者繼續致力於授權和撥款法案，在此期間，聯邦政府正在根據 2021 財年至 12 月 11 日的持續決議運作。

While we do not expect impacts to our 2020 financials should the continuing resolution be extended beyond December 11, 2020, we could experience some level of impact to our 2021 trending data depending on the duration of the CR. Similarly, Section 3610 of the CARES Act, which was passed in March to provide authorization for federal contractors continuing to support government initiatives despite COVID-19 disruption, was also extended through December 11.

雖然我們預計如果持續決議延長至 2020 年 12 月 11 日之後不會對我們 2020 年的財務狀況產生影響，但我們可能會對我們的 2021 年趨勢數據產生一定程度的影響，具體取決於 CR 的持續時間。同樣，3 月份通過的 CARES 法案第 3610 條也延長至 12 月 11 日，該條授權聯邦承包商在 COVID-19 中斷的情況下繼續支持政府舉措。

To date, no additional funding has been provided for issues introduced by the coronavirus. As with the DoD appropriations bill, we do not anticipate a material impact to our 2020 financial results should a delay in CARES Act funding continue, and we remain engaged in discussions with the Defense Department regarding a macro settlement for issues caused by the virus.

迄今為止，還沒有為冠狀病毒引起的問題提供額外資金。與國防部撥款法案一樣，如果 CARES 法案的資金繼續延遲，我們預計不會對我們 2020 年的財務業績產生重大影響，並且我們將繼續與國防部就病毒引起的問題的宏觀解決方案進行討論。

Turning to our portfolio. I'd like to highlight a few of our notable strategic achievements that demonstrate the solid demand for our signature platforms and their relevancy to next-generation war-fighting capabilities. In our Aeronautics business area, the Department of Defense announced a foreign military sale for a total of 90 new F-16 fighter aircraft to the countries of Taiwan and Morocco.

轉向我們的投資組合。我想強調一些我們顯著的戰略成就，這些成就表明對我們的標誌性平台的強勁需求及其與下一代作戰能力的相關性。在我們的航空業務領域，國防部宣布向台灣和摩洛哥國家出售總計 90 架新型 F-16 戰鬥機的對外軍售。

Aero received an award of nearly $5 billion, adding to recent orders from Bahrain, Slovakia and Bulgaria, and bringing the F-16 backlog to nearly 130 jets. This 90-airplane award is part of a new $62 billion indefinite delivery, indefinite quantity contract vehicle put in place to facilitate F-16 FMS sales to international customers, taking advantage of standardized contracting to expedite the process for future awards. And I can tell you, I flew a Block 70 last year, and it is an awesome airplane.

Aero 獲得了近 50 億美元的合同，增加了巴林、斯洛伐克和保加利亞最近的訂單，使 F-16 積壓訂單達到近 130 架。這 90 架飛機的授予是新的 620 億美元無限期交付、無限期數量合同工具的一部分，旨在促進 F-16 FMS 向國際客戶的銷售，利用標準化合同加快未來授予過程。我可以告訴你，我去年駕駛了 Block 70，這是一架很棒的飛機。

Our Space business area was awarded a new contract that represents an opportunity to bring together an array of high-tech platforms into one cohesive network that spans every domain for unmatched situational awareness powered with 5G technology. Last month, the Space Development Agency awarded our team one of 2 contracts for approximately $200 million to develop initial data transport capabilities for the first generation of the National Defense Space Architecture.

我們的太空業務領域獲得了一份新合同，這代表了一個機會，可以將一系列高科技平台整合到一個跨越每個領域的有凝聚力的網絡中，以提供由 5G 技術提供支持的無與倫比的態勢感知。上個月，航天發展局授予我們團隊一份價值約 2 億美元的兩份合同，為第一代國防航天架構開發初始數據傳輸能力。

The award represents an important step toward building an interoperable, connected and secure mesh network of satellites that links ground, sea and air capabilities to sensors in space. The Space Transport Layer contract initiates the design and development of the system, the launch of a constellation of 10 small, low Earth-orbiting satellites, and this network will be capable of sending and receiving secure wideband data directly to the war fighter and to weapon systems.

該獎項代表著朝著建立可互操作、連接和安全的衛星網狀網絡邁出的重要一步，該網絡將地面、海上和空中能力與太空傳感器連接起來。空間傳輸層合同啟動了系統的設計和開發，發射了由 10 顆小型低地球軌道衛星組成的星座，該網絡將能夠直接向作戰人員和武器發送和接收安全的寬帶數據系統。

This interoperability and interservice networking will communicate and analyze data seamlessly to enable a force multiplier that's flexible and formidable so that those in battle can effectively perform joint all-domain operations.

這種互操作性和跨服務網絡將無縫地通信和分析數據，以實現靈活而強大的力量倍增器，使參戰人員能夠有效地執行聯合全域作戰。

Future sensors, data collectors and communication payloads can be incrementally added to this constellation to create a web that will link the most time-critical intelligence and tracking data. We are very pleased to be part of this opportunity and look forward to the launch of the satellites and the demonstration of the initial mesh network in just 2 years.

未來的傳感器、數據收集器和通信有效載荷可以逐漸添加到這個星座中，以創建一個網絡，該網絡將鏈接最關鍵的情報和跟踪數據。我們很高興能有機會參與其中，並期待在短短 2 年內發射衛星並展示初始網狀網絡。

In our Missiles and Fire Control group, our integrated air and missile defense team achieved 2 important mission success events. These demonstrated our commitment to innovation and a network-centric focus at Lockheed Martin.

在我們的導彈和火控組中，我們的綜合防空和導彈防禦小組取得了 2 項重要的任務成功事件。這些證明了我們對創新的承諾和洛克希德馬丁公司以網絡為中心的重點。

Most recently, we successfully conducted a test at White Sands just after the close of the quarter where a PAC-3 MSE missile intercepted an incoming target using location data provided by the Terminal High Altitude Area Defense network or THAAD weapon system. This demonstrated a critical capability to expand the defended area through integration of existing systems.

最近，我們在本季度結束後在白沙成功地進行了一次測試，一枚 PAC-3 MSE 導彈使用終端高空區域防禦網絡或薩德武器系統提供的位置數據攔截了一個來襲目標。這證明了通過集成現有系統擴大防禦區域的關鍵能力。

In July, the U.S. Army, U.S. Air Force and Lockheed Martin together demonstrated the ability to integrate F-35 intelligence, surveillance and reconnaissance track data with the U.S. Army's integrated Battle Command System during an Orange Flag Evaluation near Edwards Air Force Base, California. This valuation just demonstrated the value of utilizing data from the F-35 to enable enhanced integrated air and missile defense, such as PAC-3 engagements.

7 月，美國陸軍、美國空軍和洛克希德馬丁公司在加利福尼亞州愛德華茲空軍基地附近的橙旗評估中共同展示了將 F-35 情報、監視和偵察跟踪數據與美國陸軍綜合作戰指揮系統相結合的能力。這一估值只是證明了利用 F-35 的數據來增強綜合防空和導彈防禦（例如 PAC-3 交戰）的價值。

This accomplishment is one of the first instances of demonstrating our 5G.MIL concept. With the F-35's compute and data storage capabilities, enabling that F-35 to serve as an edge node of a network-centric operational architecture. This concept and the ability to share data across platforms is another example of our commitment to adopting a joint all-domain operations mindset to maximize the collective value and power of our customers' highly capable assets and our platforms. Networking every sensor with every shooter across the services and across domains will provide real-time data to maximize the effectiveness of our total force.

這一成就是展示我們 5G.MIL 概念的首批實例之一。借助 F-35 的計算和數據存儲能力，使 F-35 能夠充當以網絡為中心的運營架構的邊緣節點。這個概念和跨平台共享數據的能力是我們致力於採用聯合全域運營思維方式的另一個例子，以最大限度地發揮我們客戶的高能力資產和我們平台的集體價值和力量。將每個傳感器與跨服務和跨域的每個射手聯網將提供實時數據，以最大限度地提高我們總兵力的效率。

These few strategic highlights represent just a few of how we will pursue a strategy to help our customers meet emerging threats with 21st century capabilities as well as create a powerful deterrent to future military conflicts. We continue to engage industry as well as technology leaders from the commercial sector to explore collaboration and align technology road maps for transformational solutions for our men and women in uniform.

這幾個戰略亮點只是我們將如何制定戰略以幫助我們的客戶以 21 世紀的能力應對新出現的威脅以及對未來的軍事衝突產生強大威懾力的一部分。我們繼續與來自商業部門的行業和技術領導者合作，探索合作並調整技術路線圖，為我們的男女軍人提供轉型解決方案。

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

有了這個，我會把它交給肯。

Thanks, Jim, and good morning, everyone. As I highlight our key financial accomplishments, please follow along with the web charts that we included with our earnings release today.

謝謝，吉姆，大家早上好。當我強調我們的主要財務成就時，請關注我們今天發布的收益報告中包含的網絡圖表。

So let's begin with Chart 3 and an overview of our results for the quarter. Sales, segment operating profit, cash from operations and earnings per share remain strong. And as Jim noted, we achieved record sales in the quarter. We generated $1.9 billion of cash from operations and we continued our cash deployment actions in the quarter, returning $757 million of cash to our shareholders through a combination of dividends and share repurchases.

因此，讓我們從圖 3 開始，概述我們本季度的業績。銷售額、部門營業利潤、經營現金和每股收益依然強勁。正如吉姆指出的那樣，我們在本季度實現了創紀錄的銷售額。我們從運營中產生了 19 億美元的現金，我們在本季度繼續採取現金部署行動，通過股息和股票回購相結合的方式向股東返還了 7.57 億美元的現金。

In addition to these results, we again increased our backlog to $150.4 billion, representing the ninth consecutive quarter of record backlog. And based on the strength of our performance to date, we have updated our financial outlook for 2020 and are also providing our 2021 preliminary financial trends.

除了這些結果，我們的積壓訂單再次增加到 1504 億美元，這是連續第九個季度創紀錄的積壓訂單。根據我們迄今為止的表現，我們更新了 2020 年的財務展望，並提供了 2021 年的初步財務趨勢。

Turning to Chart 4, we compare our sales and segment operating profit in the third quarter of this year with last year's results. Sales grew 9% compared with last year to a record $16.5 billion, continuing the strength we had in the first 2 quarters, while segment operating profit increased 6% over last year's level to nearly $1.8 billion.

轉到圖 4，我們將今年第三季度的銷售額和分部營業利潤與去年的結果進行了比較。銷售額與去年同期相比增長 9%，達到創紀錄的 165 億美元，延續了前兩個季度的強勁勢頭，而分部營業利潤比去年同期增長 6%，達到近 18 億美元。

On Chart 5, we'll discuss our earnings per share in the quarter. Our EPS from continuing operations was $6.25, an increase of $0.59 or 10% higher than last year, driven by a $100 million increase in segment operating profit and additional FAS/CAS income, partially offset by an increase in the effective tax rate.

在圖 5 中，我們將討論本季度的每股收益。我們來自持續經營業務的每股收益為 6.25 美元，比去年增加 0.59 美元或 10%，這是由於分部營業利潤增加 1 億美元和額外的 FAS/CAS 收入，部分被有效稅率的增加所抵消。

On Chart 6, we review our year-to-date cash from operations. Through 3 quarters, our cash from operations is $6.4 billion, a 10% increase over the same point in 2019. This performance does include $1.4 billion of CARES Act benefits, which were more than offset by $1.8 billion of accelerated payments to our suppliers.

在圖 6 中，我們回顧了年初至今的運營現金。三個季度以來，我們的運營現金為 64 億美元，比 2019 年同期增長 10%。這一業績確實包括 14 億美元的 CARES 法案福利，這被我們向供應商加速支付的 18 億美元所抵消。

Moving on to Chart 7, we provide our revised outlook for 2020. With just one quarter left in the year, we are now providing point estimates of results for the entire year versus the ranges we have provided in previous quarters.

轉到圖 7，我們提供了我們對 2020 年的修訂後展望。今年只剩下一個季度，我們現在提供全年業績的點估計與我們在前幾個季度提供的範圍。

We expect sales to be approximately $65.3 billion for the year. That's above the high end of the guidance range we provided last quarter. At $7.1 billion, our forecasted segment operating profit is also above the high end of the guidance range last quarter, maintaining a 10.9% margin. This puts our sales approximately 9% above our 2019 results and segment operating profit approximately 8% last year. Our FAS/CAS pension adjustment remains unchanged at a little less than $2.1 billion.

我們預計全年銷售額約為 653 億美元。這高於我們上個季度提供的指導範圍的高端。我們預測的部門營業利潤為 71 億美元，也高於上季度指導範圍的高端，保持 10.9% 的利潤率。這使我們的銷售額比去年的 2019 年業績高出約 9%，分部營業利潤高出約 8%。我們的 FAS/CAS 養老金調整保持不變，略低於 21 億美元。

Earnings per share is expected to be approximately $24.45, above the high end of our previous guidance range, driven by additional sales volume and the continued performance across our business. And cash from operations remains at greater than or equal to $8 billion, which assumes no contributions to our pension trust in 2020.

每股收益預計約為 24.45 美元，高於我們之前指導範圍的上限，這主要受額外銷量和我們業務持續表現的推動。運營現金仍大於或等於 80 億美元，假設 2020 年不向我們的養老金信託捐款。

Chart 8 shows our new outlook for sales by business area for the year. In total, our point estimate for sales outlook is approximately $1 billion above the midpoint of our last guidance, and that's driven primarily by Aeronautics. On Chart 9, we provide a similar view of our new outlook for segment operating profit by business area for the year. Like our sales, segment operating profit is $150 million above the midpoint of the guidance range from last quarter, and that's driven primarily by Aeronautics and RMS.

圖 8 顯示了我們今年按業務領域劃分的新銷售展望。總的來說，我們對銷售前景的點估計比我們上次指導的中點高出約 10 億美元，這主要是由航空業推動的。在圖 9 中，我們對今年按業務領域劃分的分部營業利潤的新展望提供了類似的觀點。與我們的銷售額一樣，部門營業利潤比上一季度指導範圍的中點高出 1.5 億美元，這主要是由航空和 RMS 推動的。

On Chart 10, we provide a preliminary look at our 2021 trends. As we look ahead, we expect our 2021 sales to be greater than or equal to $67 billion, a 3% increase over our current outlook for 2020. We expect our segment operating margin will be between 10.9% and 11.1%, showing continued strong performance on our legacy programs in all business areas.

在圖 10 中，我們初步了解了 2021 年的趨勢。展望未來，我們預計我們 2021 年的銷售額將大於或等於 670 億美元，比我們目前對 2020 年的預期增長 3%。我們預計我們的分部營業利潤率將在 10.9% 至 11.1% 之間，表現持續強勁我們在所有業務領域的遺留計劃。

And as you recall from last quarter, we expected 2021 cash to be at least $7.8 billion including a $1 billion contribution to our pension trust. We are now pleased to increase that estimate by $300 million to $8.1 billion, still including the same $1 billion pension payment. We also plan at least $1 billion in share repurchases, the same level as we anticipate in 2020, and that's more than offsetting any expected share issuances in the year. And additionally, we have a debt maturity coming due next year of $500 million.

您還記得上個季度，我們預計 2021 年的現金至少為 78 億美元，其中包括對我們的養老金信託的 10 億美元捐款。我們現在很高興將這一估計增加 3 億美元，達到 81 億美元，其中仍包括相同的 10 億美元養老金支付。我們還計劃至少回購 10 億美元的股票，與我們 2020 年的預期水平相同，這足以抵消今年任何預期的股票發行。此外，我們還有 5 億美元的債務將於明年到期。

Moving to our FAS/CAS outlook. We expect our net 2021 FAS/CAS adjustment will be approximately $2.1 billion, and that's similar to the adjustment for 2020. This estimate assumes a discount rate at the end of the year of 2.5% or 75 basis points below the 2019 rate. And based on our performance to date, we are assuming a 7% return on our assets for 2020 and we are maintaining that same rate of 7% per year for our long-term asset return assumption.

轉到我們的 FAS/CAS 展望。我們預計 2021 年 FAS/CAS 調整淨額約為 21 億美元，這與 2020 年的調整類似。這一估計假設年底的貼現率為 2.5%，即比 2019 年低 75 個基點。根據我們迄今為止的表現，我們假設 2020 年的資產回報率為 7%，並且我們的長期資產回報率假設保持每年 7% 的相同增長率。

And finally, on Chart 11, we have our summary. We have seen growth and strong performance from all our business areas this year with increased backlog and sustained cash generation throughout the year. Our updated 2020 financial metrics anticipate strong full year results, and we expect to see continued operational performance and increased cash flows in 2021.

最後，在圖 11 上，我們有我們的總結。今年我們的所有業務領域都取得了增長和強勁的業績，積壓訂單增加，全年持續產生現金。我們更新的 2020 年財務指標預計全年業績強勁，我們預計 2021 年的經營業績將持續增長，現金流量將有所增加。

Based on our portfolio of legacy programs, new wins and strategic investments in key growth areas, we have continued to grow our backlog, deliver value to our customers and return cash to our stockholders.

基於我們在關鍵增長領域的遺留計劃、新勝利和戰略投資組合，我們繼續增加積壓訂單，為我們的客戶創造價值，並向我們的股東返還現金。

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

這樣，我們就可以回答您的問題了。約翰？

(Operator Instructions) And first, from the line of Sheila Kahyaoglu with Jefferies.

（操作員說明）首先，來自 Jefferies 的 Sheila Kahyaoglu 系列。

Revenues have grown 30% since 2017, and if we exclude the F-35, volumes are up 17%, so high single-digit growth per year. What programs or product areas do you think decelerate the most in your view from these high single-digit levels to 3% implied trend line for 2021? And then is this something of a new normal we should be thinking about? Or do we transition from platform programs to less quantifiable opportunities that could reshape the growth curve?

自 2017 年以來，收入增長了 30%，如果我們排除 F-35，銷量增長了 17%，因此每年的增長率很高。您認為哪些項目或產品領域在您看來從這些高個位數水平減速到 2021 年 3% 的隱含趨勢線最多？那麼這是我們應該考慮的新常態嗎？或者我們是否從平台計劃過渡到可能重塑增長曲線的不太可量化的機會？

Thanks, Sheila. I'll tell you what, I'll kick it off and then I'll ask Jim if he's got some color at the end. So it's probably best we start with how we got to this trend data. So if you think of our planning process over the last couple of months, we've been going through our long-range plan, working with our business areas, then working with the corporation on assumptions regarding tax or pension assumptions, et cetera.

謝謝，希拉。我會告訴你什麼，我會開始，然後我會問吉姆他最後是否有一些顏色。所以我們最好從我們如何獲得這個趨勢數據開始。因此，如果你想想我們過去幾個月的規劃過程，我們一直在製定我們的長期計劃，與我們的業務領域合作，然後與公司就稅收或養老金假設等方面的假設進行合作。

We then review that with our Board, and it's primarily a reaffirmation of our 2020 numbers and then the long-range plan for 2021 through 2023. Do that in the late September time period. The quarter closes, we then do an assessment to come up with what we think are trend data will be. And I'll just remind everybody, and we've said it in our prepared comments, Jim and I, we did take our guidance up $1 billion for 2020.

然後我們與董事會一起審查，這主要是重申我們 2020 年的數字，然後是 2021 年到 2023 年的長期計劃。在 9 月下旬的時間段內進行。該季度結束後，我們會進行評估以得出我們認為的趨勢數據。我只想提醒大家，我們在準備好的評論中已經說過，吉姆和我，我們確實將 2020 年的指導提高了 10 億美元。

So if I could go around the horn. I'll do sales, go around the horn, and then I'll give you some -- my perspective on some opportunities out there and then hand it over to Jim. So we start with Aero and we look at 2021. Right now, we're seeing low single-digit growth year-over-year for the portfolio. And specifically, if you talk about F-35, we're seeing growth similar to the overall Aero growth of low single digits. Right now, we see production and development flat, and we see primarily the growth coming from sustainment as our fleet expands.

所以，如果我能繞過喇叭。我會做銷售，繞過喇叭，然後我會給你一些——我對一些機會的看法，然後交給吉姆。因此，我們從 Aero 開始，著眼於 2021 年。目前，我們看到投資組合的同比增長率較低。具體來說，如果你談論 F-35，我們看到的增長類似於低個位數的整體航空增長。現在，我們看到生產和發展持平，我們看到隨著我們船隊的擴大，主要來自維持的增長。

On F-16, we see solid growth as the program continues to ramp up production activities and also the modernization programs that we have going on at -- for F-16. Air mobility sales, surprisingly, are flattish. We've been talking about a slight decline, but they are stable going into 2021. And finally, for Aeronautics, we do anticipate seeing strong double-digit growth at our Skunk Works, or our classified Advanced Development Programs. We continue to execute on those recent awards.

在 F-16 上，我們看到穩健的增長，因為該計劃繼續增加生產活動以及我們正在進行的 F-16 現代化計劃。令人驚訝的是，空中機動性銷售持平。我們一直在談論略有下降，但到 2021 年它們會保持穩定。最後，對於航空業，我們確實預計我們的臭鼬工廠或我們的機密高級開發計劃會出現兩位數的強勁增長。我們將繼續執行最近的獎項。

If I move on to Missiles and Fire Control, we're seeing low single-digit growth there as well. And that's after several years of very strong growth as we approach production capacity on some major missile programs. Think of Hellfire and GMLRS. We're still seeing very strong demand there, but just year-over-year, we see it being more flattish than not. Our growth is being led by our production programs, think PAC-3, which will be up double digits. Precision fires will be up mid-single digits and JASSM-LRASM will be up double digits. That's partially offsetting some of the growth in our THAAD programs, and that's just due to some procurement cost timing on a multiyear award.

如果我轉嚮導彈和火控，我們也會看到那裡的低個位數增長。這是在我們接近一些主要導彈計劃的生產能力時經歷了幾年非常強勁的增長。想想地獄火和 GMLRS。我們仍然看到那裡的需求非常強勁，但與去年同期相比，我們看到它比沒有更平淡。我們的增長是由我們的生產計劃引領的，想想 PAC-3，這將增長兩位數。精確火力將達到中個位數，而 JASSM-LRASM 將達到兩位數。這部分抵消了我們薩德項目的一些增長，而這只是由於多年獎勵的一些採購成本時間安排。

If I could move to RMS, we also anticipate low single-digit growth there as well, at least for now. At Sikorsky, we're seeing low single-digit growth, and that's a reflection of the mix across our production programs as life cycles change. So think of the Combat Rescue Helicopter program and CH-53K, we'll see double-digit growth there as these programs ramp up into production. That's partially offset the growth at VH-92 as it ramps down and lower volumes on our Canadian military helicopter program. And the same with Black Hawk, even though it's a strong contributor. And the top line, year-over-year we'll see a modest decline.

如果我可以轉向 RMS，我們也預計那裡也會有低個位數的增長，至少目前是這樣。在 Sikorsky，我們看到了較低的個位數增長，這反映了我們的生產計劃隨著生命週期的變化而出現的組合。所以想想戰鬥救援直升機計劃和 CH-53K，隨著這些計劃投入生產，我們將看到兩位數的增長。這部分抵消了 VH-92 的增長，因為它減少了我們加拿大軍用直升機計劃的產量。 Black Hawk 也是如此，儘管它是一個強大的貢獻者。最重要的是，與去年同期相比，我們將看到適度下降。

Within IWSS, we'll see a slight decline from 2021. Our Aegis franchise, however, will see high single-digit growth, and that's driven by international opportunities. So we're still seeing international opportunities there. Offsetting that growth, we're seeing reductions within our Radar business as the TPQ declines while we await the next-gen programs. Think of Sentinel and TPY-X beyond 2021. And we're also seeing lower volume on our Littoral Combat Ship program in 2021. Nice surprise in RMS is our training solutions. We're going to see solid double-digit growth there, driven by digital percentage of [POT] events in 2021 on an international pilot training program.

在 IWSS 中，我們將看到從 2021 年開始略有下降。但是，我們的 Aegis 特許經營權將實現高單位數增長，這是由國際機遇推動的。所以我們在那裡仍然看到國際機會。抵消了這種增長，我們看到我們的雷達業務在減少，因為在我們等待下一代程序時 TPQ 下降。想想 2021 年以後的 Sentinel 和 TPY-X。我們也看到 2021 年瀕海戰鬥艦計劃的數量減少。RMS 的驚喜是我們的訓練解決方案。在 2021 年國際飛行員培訓計劃中 [POT] 事件的數字百分比的推動下，我們將在那裡看到穩健的兩位數增長。

And then finally, Space. It will be -- right now, we see it as our highest growth business area, mid-single-digit range. Think of that as the strategic missile defense portfolio is expected to be up double digits. That's mainly driven by hypersonics programs and then also the anticipated next-generation interceptor award. And that's partially offset by the growth and reductions on our legacy MIL space programs. And predominantly, think SBIRS, Advanced EHF and GPS, they're all down mid-single digits due to program life cycle.

最後，太空。它將是——現在，我們將其視為我們增長最快的業務領域，中個位數範圍。將其視為戰略導彈防禦組合預計將增長兩位數。這主要是由超音速項目和預期的下一代攔截器獎推動的。這部分被我們遺留的 MIL 太空計劃的增長和減少所抵消。主要是，想想 SBIRS、Advanced EHF 和 GPS，由於程序生命週期，它們都下降了中個位數。

So we'll go into January, we'll spend the next 3 months going through the second phase of our plan. And a couple of things before we give guidance, we'll see how we ended 2020, how we finish the year. We'll then reassess our orders plan for 2021 and adjust that accordingly and its impact that it has on our 2021 top line growth for sales. And then we'll look at our backlog and look at the assumptions that our business areas are making of conversions to sales in 2021.

所以我們將進入 1 月，我們將在接下來的 3 個月內完成我們計劃的第二階段。在我們給出指導之前，我們將看到我們如何結束 2020 年，如何結束這一年。然後，我們將重新評估 2021 年的訂單計劃，並相應地調整該計劃及其對我們 2021 年銷售收入增長的影響。然後我們將查看我們的積壓工作，並查看我們的業務領域在 2021 年將轉化為銷售額的假設。

And before I turn the call over to Jim, just some orders opportunities that are out there. We still see continued need and demand for additional capabilities on F-35 that ultimately down the road, maybe not in 2021, but we'll see some growth there in the future. There are certainly other countries that have a keen interest in the F-35 from a product standpoint. So we'll see demand there. F-16, Jim mentioned the IDIQ contract we received, the first 2 countries are part of that IDIQ. We see many opportunities out there for F-16. And the same with C-130. And then in the classified area of Aeronautics, there are a multitude of opportunities out there.

在我將電話轉給 Jim 之前，先了解一些訂單機會。我們仍然看到對 F-35 額外功能的持續需求和需求最終會在未來發展，也許不會在 2021 年，但我們會在未來看到一些增長。從產品的角度來看，肯定還有其他國家對 F-35 有濃厚的興趣。所以我們會在那裡看到需求。 F-16，吉姆提到我們收到的 IDIQ 合同，前兩個國家是 IDIQ 的一部分。我們看到 F-16 有很多機會。 C-130 也一樣。然後在航空的機密領域，那裡有很多機會。

In Missiles and Fire Control, we have TLVS. That's a future air and missile defense program for Germany. There's upside there for us. CH-53K in RMS for international. Of course, we've always talked about the Future Vertical Lift. And then in space, there's classified space. And then most of these are platform programs, Sheila. There are others. We're looking to focus on our mission systems. Jim talked about the 5G work and the interconnectivity of our products solution for our customer.

在導彈和火控領域，我們有 TLVS。這是德國未來的防空和導彈防禦計劃。我們有優勢。 CH-53K 國際均方根值。當然，我們一直在談論未來垂直升降機。然後在太空中，有機密空間。然後其中大部分是平台程序，Sheila。還有其他人。我們希望專注於我們的任務系統。 Jim 談到了 5G 工作以及我們為客戶提供的產品解決方案的互連性。

And I'll let him give some more color on that if he has it.

如果他有的話，我會讓他給它更多的顏色。

Sure, Ken. That was a great summary of some of the detailed line items that go into 2021. But Sheila, I would just add and extend from what Ken said on some themes for growth over the next -- not only the next year but the next number of years.

當然，肯。這是對進入 2021 年的一些詳細項目的一個很好的總結。但是 Sheila，我只想補充和擴展 Ken 所說的關於未來增長的一些主題——不僅是明年，還有下一個數字年。

So the way I'm looking at it is that, as Ken said, there's high demand for our signature products already, both domestic and international, whether it's F-35, F-16, CH-53K, et cetera. And we are going to drive some mission systems content into those as we move forward and technology insertion and upgrades, as was mentioned briefly. But those are some really big themes. We don't know exactly what customer and what order and what version they're going to be seeking and what the quarter, but I assure you, these themes are going to continue.

所以我看待它的方式是，正如肯所說，無論是 F-35、F-16、CH-53K 等，國內和國際都對我們的標誌性產品有很高的需求。正如我們簡要提到的那樣，隨著我們前進以及技術插入和升級，我們將把一些任務系統內容推入其中。但這些都是一些非常大的主題。我們不確切知道他們將要尋找什麼客戶、什麼訂單、什麼版本以及什麼季度，但我向你保證，這些主題將繼續下去。

The next theme I would offer is there's some new technology ramps to production that Ken alluded to, but when we speak of hypersonics, I think there's a very big upside there because there's a very big threat that's getting worse out of Russia and China, and the U.S. and its allies are going to have to meet it both on offensive and defensive hypersonics systems, which I believe we're the leader here. The classified space arena is really a wide open field. Our Space business is, again, the clear leader in this area. And we're putting out some really fantastic products, I think, that are unmatched in our industry.

我要提供的下一個主題是 Ken 提到的一些新技術生產，但是當我們談到超音速時，我認為那裡有很大的好處，因為來自俄羅斯和中國的威脅越來越大，而且美國及其盟國將不得不在進攻性和防禦性高超音速系統上與之抗衡，我相信我們是這方面的領導者。機密空間領域確實是一個廣闊的領域。我們的航天業務再次成為這一領域的明顯領導者。我認為，我們正在推出一些非常棒的產品，這些產品在我們的行業中是無與倫比的。

And then there's Future Vertical Lift, as Ken said. And keep that in mind because as we go to network-centric operations, which I just alluded to a couple of examples that we've already implemented -- as we go to that network-centric approach more widely, it's really going to strengthen our platform positions of those signature platforms. So think of Aegis, F-35, Future Vertical Lift, whether it's Defiant or not. Those are going to be the edge compute nodes of the future and the processing systems that act as the core network that tie it all together. So our platforms are extremely well positioned to actually implement the sort of 5G.MIL theory that we have that we're pursuing.

然後是 Future Vertical Lift，正如 Ken 所說。請記住這一點，因為當我們轉向以網絡為中心的運營時，我只是提到了我們已經實施的幾個例子——當我們更廣泛地轉向以網絡為中心的方法時，它確實會加強我們的這些簽名平台的平台位置。所以想想宙斯盾、F-35、未來垂直升降機，不管它是不是挑戰者。這些將成為未來的邊緣計算節點和充當核心網絡的處理系統，將它們連接在一起。因此，我們的平台非常適合實際實施我們正在追求的那種 5G.MIL 理論。

And then there's going to be new revenue streams. I think as a result of 5G.MIL and our kind of 21st century warfighter concept, and those could be inclusive of networking as a service, more of a subscription model that we do on behalf of our customers. And then we do the upgrades and the comm layer and make sure we tie it all together, just like you experience on your cellphone subscription. You don't know all the pieces that go into it. So every morning when you turn it on, it works and it works with the latest applications, and it works with the latest technology. So those are the kinds of things we're going to explore. It will take a little bit longer to get there, but we're positioning ourselves to do that as well.

然後將會有新的收入來源。我認為，由於 5G.MIL 和我們的 21 世紀戰士概念，這些可能包括網絡即服務，更多的是我們代表客戶進行的訂閱模式。然後我們進行升級和通信層，並確保我們將它們連接在一起，就像您在手機訂閱中體驗的那樣。你不知道其中的所有部分。因此，每天早上當您打開它時，它都可以運行，並且可以使用最新的應用程序，並且可以使用最新的技術。所以這些就是我們要探索的東西。到達那裡需要更長的時間，但我們也在為自己做好準備。

Our next question is from Myles Walton with UBS.

我們的下一個問題來自瑞銀的邁爾斯沃爾頓。

First one is just a clarification for Ken and your remarks on backlog. You mentioned some of the opportunities, but I didn't hear if you thought it would end the year flat, up or down. And then, Jim, if we take everything that Ken laid out from a cash and capital deployment with respect to the $1 billion share repurchase and then debt retirements about $1 billion a year, you'll have maybe $6 billion this time next year and a business that requires $1.5 billion to $2 billion on hand.

第一個只是對 Ken 的澄清和你對積壓的評論。你提到了一些機會，但我沒有聽說你是否認為今年會持平、上漲或下跌。然後，Jim，如果我們把 Ken 提出的與 10 億美元股票回購相關的現金和資本部署以及每年約 10 億美元的債務清償，那麼明年這個時候你可能會有 60 億美元，並且手頭需要 15 億至 20 億美元的業務。

So it's going to continue to raise the question of how you're progressing, looking at potential opportunities, particularly in the M&A arena. So hoping you can give some perspective there as you've looked a little bit deeper from your time.

因此，它將繼續提出關於你如何進步、尋找潛在機會的問題，特別是在併購領域。所以希望你能在那裡給出一些觀點，因為你從你的時間看得更深入了一點。

So first question on the backlog. We are right now planning on growing our backlog in the fourth quarter. There is one binary event that has to happen, and that is the closure on Lot 15 production. We're in the midst of negotiations with the customer right now. I think there's agreement on both sides to try to get this done by year-end. But if it doesn't happen, it doesn't happen and it rolls into next year. But if it does happen, we will continue the growth in the fourth quarter of backlog increase.

所以關於積壓的第一個問題。我們現在正計劃在第四季度增加我們的積壓訂單。必鬚髮生一個二元事件，那就是 Lot 15 生產的結束。我們現在正在與客戶談判。我認為雙方都同意努力在年底前完成這項工作。但如果它沒有發生，它就不會發生，它會延續到明年。但如果真的發生，我們將在第四季度繼續增加積壓訂單的增長。

And so Myles, to speak to M&A approaches, I think we actually have to take 2 levels up and speak first to the strategy for the company. The executive team and I and the Board agree on what we call our 21st century warfighter concept, which has 4 pillars to the strategy. And I'll go through them really briefly.

因此，邁爾斯，要談到併購方法，我認為我們實際上必須提升兩個層次，首先談談公司的戰略。執行團隊、我和董事會就我們所謂的 21 世紀戰士概念達成一致，該概念有 4 個戰略支柱。我將非常簡要地介紹一下。

But first of all, it's lead. We want to lead the acceleration of 21st technology -- century technologies into the national defense space, not just by doing it ourselves but by teaming with commercial industry and things like AI and 5G, edge computing, autonomy, additive manufacturing, et cetera. So we're planning to lead that acceleration into 21st century technologies.

但首先，它是鉛。我們希望引領 21 世紀技術的加速——世紀技術進入國防領域，不僅僅是通過我們自己做，而是通過與商業行業和諸如人工智能和 5G、邊緣計算、自主、增材製造等方面的合作。因此，我們計劃將這種加速帶入 21 世紀的技術。

We're going to innovate, as a second pillar, internally along with that. So we're going to innovate in both the realms of science, such as directed energy, hypersonics, I mentioned earlier as well as in this networking innovation and bring capabilities to our platforms and, frankly, our -- ultimately, our competitors' platforms to be able to make them all more effective on behalf of our customer.

我們將在內部進行創新，作為第二個支柱。因此，我們將在我之前提到的定向能、超音速等科學領域以及網絡創新領域進行創新，並為我們的平台以及坦率地說，最終為我們競爭對手的平台帶來能力能夠代表我們的客戶使它們更加有效。

The third pillar of all of this is driving operational excellence. And so that's really about, while doing all this, increasing Lockheed Martin's margins and ROI, while reducing the total life cycle cost for our customers, because for them to afford what they need to do in the future, our industry actually has to get more efficient at the same time.

所有這一切的第三個支柱是推動卓越運營。所以這真的是關於，在做這一切的同時，增加洛克希德馬丁公司的利潤和投資回報率，同時降低我們客戶的總生命週期成本，因為要讓他們負擔得起他們未來需要做的事情，我們的行業實際上必須得到更多同時高效。

And then lastly, and this is where we get into more of capital allocation, we believe in this business and we're seeking to invest in it for growth. So growth of our asset base, our capabilities is sort of the fourth pillar, and that's going to provide solutions to our customers that they're going to need in the future that we can't necessarily deliver today.

最後，這就是我們進行更多資本配置的地方，我們相信這項業務，我們正在尋求對其進行投資以實現增長。因此，我們資產基礎的增長，我們的能力是第四個支柱，這將為我們的客戶提供他們未來需要的解決方案，而我們今天不一定能提供這些解決方案。

So when we take those 4 pillars and say, okay, well, what are we going to do with capital allocation and all that cash that this really fantastic business is generating, as you said, it's really, first of all, to support our strong dividend. We're going to continue to do that. And secondly, we're going to keep investing in organic capital expenditures to build capacity to deliver on our core business. Much of what we spent this year is on classified programs in both Aeronautics and Space that are growing relatively rapidly. And so we're going to continue to do those organic investments every time we can.

因此，當我們採用這 4 個支柱並說，好吧，好吧，我們將如何處理資本配置以及這個非常棒的業務所產生的所有現金，正如你所說，這首先是為了支持我們強大的股利。我們將繼續這樣做。其次，我們將繼續投資有機資本支出，以建設交付核心業務的能力。我們今年花費的大部分資金用於發展相對較快的航空航天機密項目。因此，我們將盡可能地繼續進行這些有機投資。

Thirdly, alongside those CapEx investments, we're going to invest in R&D to sustain our technological leadership. And again, both in traditional or defense-centric areas such as hypersonics and also is more commercially introduced areas such as networking. So those are the first 3, it's a dividend, CapEx and R&D. But we're also going to seek acquisition and joint venture opportunities to deepen our capabilities in things like mission systems, as Ken said, and to add technological firepower to our existing company.

第三，除了這些資本支出投資外，我們還將投資研發以維持我們的技術領先地位。同樣，無論是在高超音速等傳統或以防禦為中心的領域，還是在網絡等更商業化的領域。所以那些是前 3 個，它是股息、資本支出和研發。但正如肯所說，我們還將尋求收購和合資機會，以加深我們在任務系統等方面的能力，並為我們現有的公司增加技術火力。

For example, we just bought a business called i3, that gives us a novel capability and thermal management for hypersonic glide bodies, which is something we wanted to bring in-house and, again, accelerate our own potential for developing that piece of the technology that's so absolutely critical. And so we're going to be looking for opportunities in the M&A space and the joint venture space and even partnerships that are commercial to thicken our portfolio and also to bring in the technologies faster into the company that we think are going to be crucial for the future.

例如，我們剛剛收購了一家名為 i3 的公司，它為我們提供了高超音速滑翔體的新功能和熱管理，這是我們希望在內部引入的東西，並再次加速我們開發該技術的潛力這是非常重要的。因此，我們將在併購領域和合資領域尋找機會，甚至是商業合作夥伴關係，以豐富我們的投資組合，並更快地將我們認為對公司至關重要的技術引入公司。未來。

So we plan to be active, but we also plan to be very, very prudent. In my last business experience, we were fairly active on the M&A front, but we turned down actually quite a few more opportunities than we went through with. So we'll continue to have that discipline here at Lockheed Martin, but we do want to invest in this company and grow and use our cash flow to do that when we can.

所以我們計劃積極，但我們也計劃非常非常謹慎。在我上一次的商業經歷中，我們在併購方面相當活躍，但實際上我們拒絕的機會比我們經歷過的要多得多。因此，我們將在洛克希德馬丁公司繼續保持這種紀律，但我們確實希望投資這家公司，並在可能的時候利用我們的現金流來實現這一目標。

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 a space question with about 3 parts. Margins at Space were a bit weaker than I thought. And I'm guessing there was an issue there at ULA. So I thought you might discuss that. Next, we're talking about 2021. I thought you might discuss the competitive dynamics in the Space business. Does SpaceX represent a challenge to your plans? And given the remarks you just made, do you think contested space is a growth area next year?

所以一個空間問題大約有 3 個部分。 Space 的利潤比我想像的要弱一些。我猜 ULA 那裡有問題。所以我想你可以討論一下。接下來，我們談論 2021 年。我想你可能會討論太空業務的競爭動態。 SpaceX 是否對您的計劃構成挑戰？鑑於您剛才的評論，您認為有爭議的空間是明年的增長領域嗎？

Finally, here, Jim, I thought you might expand on the opening remarks about the new satellite constellation. And if it's applicable, discuss generally the long-term space opportunity set here. And if the 21st century warfighter program you just mentioned is involved.

最後，吉姆，我想你可以詳細談談關於新衛星星座的開場白。如果適用，請普遍討論此處設置的長期空間機會。而如果涉及到你剛才提到的21世紀作戰人員計劃。

Okay. Rich, that sounded like a 4-part question. I'm not good at math. So yes, regarding the margin reduction on Space. It's based on a couple of things. One, we had one less event on ULA. There was a slip in one of the launches. So that was the main driver. But you also had lower risk retirements on advanced EHF and fleet ballistic missile in 2020 compared to 2019.

好的。 Rich，這聽起來像是一個由 4 部分組成的問題。我不擅長數學。所以是的，關於空間的利潤減少。它基於幾件事。第一，我們在 ULA 上少了一場活動。其中一次發射失誤。所以這是主要的驅動因素。但與 2019 年相比，2020 年先進極高頻和艦隊彈道導彈的退役風險也較低。

Regarding SpaceX, and then I'll let Jim chime in. We at ULA -- we, Boeing and the United Launch Alliance leadership team, we have seen SpaceX as an emerging threat. I mean they are more than an emerging threat right now. But what I would say is of the recent competitions we've had with them, we've actually been pleased with the outcome of where ULA landed relative to SpaceX. So I think going forward, we're confident that we certainly have the mission-capable abilities, but we also think we now have a price point that is compelling to customers that will allow ULA to get its fair share of awards over SpaceX. I don't know, Jim, if you want to talk about the next 2.

關於 SpaceX，然後我會讓吉姆插話。我們在 ULA——我們、波音公司和聯合發射聯盟的領導團隊，我們已經將 SpaceX 視為一個新興威脅。我的意思是他們現在不僅僅是一個新興的威脅。但我要說的是我們最近與他們進行的比賽，我們實際上對 ULA 相對於 SpaceX 的著陸位置的結果感到滿意。所以我認為展望未來，我們有信心我們當然擁有執行任務的能力，但我們也認為我們現在有一個對客戶有吸引力的價格點，這將使 ULA 獲得與 SpaceX 公平的獎勵份額。我不知道，吉姆，你是否想談談下一個 2。

Sure. When it comes to test and space, all I'll say is that there are kinetic and nonkinetic emerging threats to -- on orbit space assets and even ground stations and the links between them. And so as a prudent national defense, I think our government is going to need to understand and work with the industry on how to address those kinds of threats, and so I'll leave it there. But those threats are emerging and they're becoming more material.

當然。說到測試和太空，我要說的是，在軌太空資產甚至地面站以及它們之間的聯繫上都存在動能和非動能威脅。因此，作為一個謹慎的國防，我認為我們的政府將需要了解並與該行業合作解決這些威脅，所以我會把它留在那裡。但這些威脅正在出現，而且變得越來越重要。

When it comes to the new satellite constellation, this is, to me, coming from the telecom and technology sector, the real cracking open up the door of having a multi-layer, multi-lateral survival communications system that can enable a 5G.MIL concept that we're working with. So I think it was a real breakthrough for Rick Ambrose and his business to win a big part of that, it's called the transport layer, as I said. And what that does is put a low-orbit constellation, similar to what you're hearing about in the commercial sector that we'll be able to transmit 5G speed, capacity and latency signals between, really, all domains now. So it'd be into upper space orbits, down to aircraft in the air, to ground troops and vehicles, to ship-borne operations, and theoretically and potentially even to undersea.

當談到新的衛星星座時，對我來說，這來自電信和技術領域，真正的破解打開了擁有可以實現 5G.MIL 的多層、多邊生存通信系統的大門我們正在使用的概念。所以我認為這對 Rick Ambrose 和他的企業來說是一個真正的突破，贏得了其中的很大一部分，正如我所說，它被稱為傳輸層。它所做的是放置一個低軌道星座，類似於你在商業領域聽到的，我們現在能夠在所有領域之間傳輸 5G 速度、容量和延遲信號。因此，它將進入上層空間軌道，下至空中的飛機，地面部隊和車輛，艦載作戰，理論上甚至可能進入海底。

So this transport layer is sort of one of the first elements of what we would envision in the future as 5G.MIL architecture, and so we're right in the middle of designing that now with our customers. So yes, it's an important piece. There'll be more competition. This will be a competitive space, but we want to get out in front of it. And I think the Space business area of Lockheed Martin gives us a huge advantage over really anyone else in taking the lead in this.

所以這個傳輸層是我們未來設想的 5G.MIL 架構的首要元素之一，所以我們現在正與客戶一起設計它。所以是的，這是一個重要的部分。會有更多的競爭。這將是一個競爭激烈的領域，但我們想走在前面。而且我認為洛克希德馬丁公司的太空業務領域為我們提供了比其他任何人都大的優勢，讓我們在這方面處於領先地位。

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

接下來，我們將與高盛一起去 Noah Poponak。

Can you hear me?

你能聽到我嗎？

Yes.

是的。

Okay. Ken, I thought you had been pretty consistent for a while here that MFC would remain the fastest-growing segment of the company through -- for a few more years. And you've just -- recognizing that the dispersion of the growth rates you just guided to for revenue in 2021 by segment is pretty tight, you didn't guide it to be the fastest-growing segment and it's a meaningful deceleration from 2020. So what's changed there, if anything? Or do you just have conservatism built into that?

好的。 Ken，我認為你在這裡已經有一段時間非常一致了，MFC 將繼續成為公司增長最快的部分——再過幾年。而且你剛剛 - 認識到你剛剛指導的 2021 年各細分市場收入增長率的差異非常小，你沒有指導它成為增長最快的細分市場，而且與 2020 年相比這是一個有意義的減速。那麼那裡發生了什麼變化，如果有的話？或者你只是把保守主義融入其中？

And then on the margin in that segment, following that coming down for a few years now with the mix shift. Is that bottoming in 2020? Or any color on the margin going forward in that segment would be helpful as well.

然後在該細分市場的利潤率上，隨著混合轉變，該細分市場已經下降了幾年。 2020年會觸底嗎？或者該細分市場中邊緣上的任何顏色也會有所幫助。

You bet. Thanks, Noah, for the question. Yes, there's a couple of things. Let's talk top line, there's a couple of things going on. So as I mentioned when Sheila opened up the call with the question on where we saw slowness of growth, some of it is just -- some of our tactical strike missile programs are at capacity right now. So think of Hellfire and GMLRS. You have a little bit of a timing issue with THAAD. But going forward, we see growth with THAAD.

你打賭。謝謝諾亞提出這個問題。是的，有幾件事。讓我們談談最重要的事情，有幾件事正在發生。因此，正如我在 Sheila 打開電話時提到的，問題是我們看到增長緩慢的地方，其中一些只是 - 我們的一些戰術打擊導彈計劃現在已經滿負荷運轉。所以想想 Hellfire 和 GMLRS。 THAAD 有點時間問題。但展望未來，我們看到了薩德的增長。

The growth opportunities for Missiles and Fire Control down the road will be PAC-3 and precision fires for the most part because of the -- they are not at capacity, and we are seeing extremely strong demand internationally and domestically for that product. And what we didn't talk about in the development phase, still is the large classified program that we have. We will start to see, in the next 4 to 5 years, that go into a limited rate production and then ultimately into production, and you will see a large increase there as well.

未來導彈和火控的增長機會將是 PAC-3 和精確火力，這在很大程度上是因為——它們沒有達到產能，我們看到國際和國內對該產品的需求極其強勁。而我們在開發階段沒有談到的，仍然是我們擁有的大型機密程序。我們將開始看到，在接下來的 4 到 5 年內，這些設備將以有限的速度生產，然後最終投入生產，你也會看到那裡的產量大幅增加。

So I think you see, at least in the short term, some of the areas are going to be capped by capacity, but we'll work with our customer based on the strong demand that we see, does it make sense for -- to us to increase our capacity for, say, Hellfires, for example.

所以我認為你會看到，至少在短期內，一些領域將受到產能限制，但我們將根據我們看到的強勁需求與客戶合作，這是否有意義——例如，我們可以提高我們的能力，比如地獄火。

Regarding margins, for 2021, we actually do see it's a slight decline to margins in 2021, and I do mean slight. And as we've talked about it before, and I just mentioned it, with that development program as it continues to grow at the top line, we'll see dilution there. That's the main reason. But -- so think of margins as a slight dilution in 2021.

關於利潤率，對於 2021 年，我們確實看到 2021 年的利潤率略有下降，我的意思是輕微下降。正如我們之前討論過的那樣，我剛剛提到過，隨著該開發計劃在頂線繼續增長，我們將看到那裡的稀釋。這是主要原因。但是——所以將利潤率視為 2021 年的輕微稀釋。

And next, we go to the line of Ron Epstein with Bank of America Merrill Lynch.

接下來，我們轉到美國銀行美林銀行的羅恩·愛潑斯坦 (Ron Epstein) 系列。

Jim, I just have a quick question for you back on the technology stuff. Back in -- it was a couple of weeks ago, DoD announced their 5G experimentation and testing at 5 different installations. And I was surprised to learn that Lockheed wasn't part of that given what you've been saying lately. Can you talk about that, like what you think about that? And is that an area that Lockheed would be interested in? Or is that just something that the company is not interested in?

吉姆，關於技術方面的問題，我有一個簡短的問題要問你。回到過去——幾週前，美國國防部宣布他們在 5 個不同的設施進行 5G 實驗和測試。鑑於你最近所說的，我很驚訝地得知洛克希德公司沒有參與其中。你能談談這個，比如你是怎麼想的嗎？那是洛克希德公司感興趣的領域嗎？或者這只是公司不感興趣的事情？

Well, there's 2 concepts around 5G. One is standard communications activity. So terrestrial, if you will, commercial communications. So what is generally going on in the programs awarded that you're referring to is certain bases or ranges are going to have a standard terrestrial 5G implementation on those bases and ranges. That's not so much what we're interested in. We're interested in operationalizing the technical capabilities of 5G wave forms and technology software and hardware to improve our defense products and our defense products' performance in an inter-related way. So that's a derivative of having the network in place.

嗯，圍繞 5G 有兩個概念。一種是標準的通信活動。所以地面，如果你願意的話，商業通信。因此，您所指的授予項目中通常發生的事情是某些基地或範圍將在這些基地和範圍上實施標準地面 5G。這不是我們感興趣的。我們感興趣的是將 5G 波形和技術軟件和硬件的技術能力運作起來，以相互關聯的方式改進我們的國防產品和我們的國防產品的性能。所以這是擁有網絡的衍生產品。

At a base level, that's not going to really deliver what we're looking for. We need a global 5G connectivity platform, and that's why space is so important, an element of this. It's also why our airborne platforms will likely have a big role as well, because we need edge compute nodes and edge transmission points to be able to get into battle outside of the bases, if you will. So we're really talking more about how do you go to war on a battlefield and bring with you and have available to you the throughput of data, the latency benefits and the ability to do software-defined networks and manage spectrum dynamically on a battlefield. That's really what we're after. And that will improve our national defense.

在基本層面上，這不會真正提供我們正在尋找的東西。我們需要一個全球 5G 連接平台，這就是為什麼空間如此重要，這是其中的一個要素。這也是我們的機載平台也可能發揮重要作用的原因，因為我們需要邊緣計算節點和邊緣傳輸點，以便能夠在基地外投入戰鬥，如果你願意的話。因此，我們實際上更多地討論的是如何在戰場上開戰，並為您帶來並提供數據吞吐量、延遲優勢以及在戰場上進行軟件定義網絡和動態管理頻譜的能力.這正是我們所追求的。這將改善我們的國防。

Next, we'll go to Cai von Rumohr with Cowen.

接下來，我們將與 Cowen 一起前往 Cai von Rumohr。

Yes. So cash flow, you expect cash flow from ops up $100 million next year, even though it looks like you have a headwind in pension of about $1 billion, you have a headwind in terms of payroll tax deferrals, looks like $500 million. Sort of what are the drivers to get you up? What's happening to CapEx? How much is that going to come down? And maybe give us some color, if you could, in terms of the relative direction in 2022.

是的。所以現金流，你預計明年運營的現金流會增加 1 億美元，儘管看起來你在養老金方面有大約 10 億美元的逆風，但在工資稅延期方面你有逆風，看起來像 5 億美元。什麼樣的驅動力讓你起床？資本支出發生了什麼？那要降多少？也許可以給我們一些顏色，如果可以的話，就 2022 年的相對方向而言。

You bet, Cai. Yes, so we've been embarking on, what I'll call, a culture of cash for quite some time now. And we are actually starting to see the fruits of that effort, Cai. And to your point, what we're seeing in 2021, as I stated in my prepared comments, I gave you all some color on 2021, 2022 on our last call. So here's what we're seeing now.

你打賭，蔡。是的，所以我們一直在著手，我稱之為現金文化已經有一段時間了。蔡，我們實際上開始看到這種努力的成果。就你的觀點而言，正如我在準備好的評論中所述，我們在 2021 年將看到的情況，我在上次電話會議上為大家介紹了 2021 年和 2022 年的情況。這就是我們現在看到的。

It's -- obviously, the farther out we go, the little less granular it is. But to the best of our abilities by doing long-range plan, balance sheets and cash flow statements, what we're seeing right now is, as you stated, $8.1 billion of cash from operations in 2021, which, as we stated, is $300 million above the outlook we talked about earlier.

很明顯，我們走得越遠，它的粒度就越小。但是，通過制定長期計劃、資產負債表和現金流量表，盡我們最大的能力，正如您所說，我們現在看到的是 2021 年的運營現金為 81 億美元，正如我們所說的那樣，比我們之前談到的前景高出 3 億美元。

Right now, we're seeing CapEx in 2021 at about $1.7 billion. That's fairly consistent with what we're seeing this year. And as you mentioned, we've got the payroll tax holiday this year. It's a tailwind of $460 million. And we're also getting the benefit of about $750 million, $800 million by the end of the year of the acceleration of the progress payment rate from 90% -- excuse me, 80% to 90%.

目前，我們預計 2021 年的資本支出約為 17 億美元。這與我們今年所看到的情況相當一致。正如你提到的，我們今年有工資稅假期。這是 4.6 億美元的順風。到年底，進度支付率從 90% 加速到 80% 到 90%，我們還獲得了大約 7.5 億美元、8 億美元的收益。

We are going to accelerate all of those benefits that we got from the government to our supply chain. So we will be whole -- we'll have the government whole in 2020 with those benefits we received. So we do have -- with that payroll tax, we do have a headwind. 50% of that $460 million gets paid next year. So that is a headwind. And then the other half gets paid out in 2022. As you state, we do have $1 billion pension contribution next year.

我們將加速從政府獲得的所有這些好處到我們的供應鏈。所以我們將是完整的——我們將在 2020 年讓政府與我們收到的那些福利一起完整。所以我們確實有——有了工資稅，我們確實有逆風。明年將支付 4.6 億美元中的 50%。所以這是一個逆風。然後另一半在 2022 年支付。正如你所說，明年我們確實有 10 億美元的養老金繳款。

In the following year, what we're seeing in 2022 is we now see a number closer to $8.2 billion. We gave you a little color in the last call. We were at $7.9 billion, so another $300 million improvement on cash from operations. We see CapEx today based on what we know today in terms of our capacity requirements and infrastructure builds and whatnot, $1.7 billion in 2022. So CapEx will be roughly $1.7 billion from 2020 to 2022. And actually, I'll go out to 2023, we think CapEx right now is about $1.7 billion.

在接下來的一年，我們在 2022 年看到的是我們現在看到的數字接近 82 億美元。我們在上次通話中給了你一點顏色。我們的收入為 79 億美元，因此運營現金又增加了 3 億美元。根據我們今天對容量要求和基礎設施建設等方面的了解，我們今天看到的資本支出是 2022 年的 17 億美元。因此，從 2020 年到 2022 年，資本支出將約為 17 億美元。實際上，我會到 2023 年，我們認為目前的資本支出約為 17 億美元。

So we have that other headwind, as we mentioned, on payroll tax in 2022 and we have the pension payment of about -- it's about $1.7 billion out in 2022. So I think prepension payment, our cash from operations right now in 2022 is about $10 billion. Now the only other wildcard in all this is we've talked about the change in the R&D tax assumptions, where we're no longer expensing R&D out in 2022 and beyond. We're amortizing it. So that assumption would reduce our cash from operations out in 2022 by $2.1 billion.

因此，正如我們提到的，我們在 2022 年的工資稅方面還有其他不利因素，我們的養老金支付約為 - 到 2022 年約為 17 億美元。所以我認為預付款，我們現在在 2022 年的運營現金約為100億美元。現在，所有這一切中唯一的另一個通配符是我們已經討論了研發稅收假設的變化，我們在 2022 年及以後不再支出研發費用。我們正在攤銷它。因此，該假設將使我們在 2022 年的運營現金減少 21 億美元。

Out in 2023, we see cash from operations of greater than or equal to $8.3 billion, so another $100 million increase from where we see 2022. I mentioned our CapEx at about $1.7 billion. Right now, we're forecasting a pension contribution of roughly $1.7 billion. And the R&D impact goes down from $2.1 billion, it will be about $1.8 billion out in that time period. So we have spent a lot of effort on our working capital improvements. And to be frank, Cai, we think, certainly in contract assets, we have some opportunities still to hopefully improve these numbers.

到 2023 年，我們看到來自運營的現金大於或等於 83 億美元，因此比我們看到的 2022 年又增加了 1 億美元。我提到我們的資本支出約為 17 億美元。目前，我們預測養老金繳款約為 17 億美元。研發影響從 21 億美元下降到那個時期的 18 億美元左右。因此，我們在改善營運資金方面投入了大量精力。坦率地說，蔡，我們認為，當然在合同資產方面，我們仍有一些機會有望改善這些數字。

And our next question is from Doug Harned with Bernstein.

我們的下一個問題來自 Doug Harned 和 Bernstein。

I have a 2-part question on the F-35. When you look at the President's budgets, they keep taking down numbers for the F-35, Congress keeps adding some back, and at the same time you've got some growing international opportunities, which you've talked about. But those don't come immediately. So one would think a more stable trajectory would be helpful here. So how do you plan production around this kind of scenario? And as we see more growth coming from sustainment, how do you think that will affect your margin trajectory on the F-35?

我有一個關於 F-35 的兩部分問題。當你看總統的預算時，他們不斷減少 F-35 的數量，國會不斷增加一些，同時你有一些越來越多的國際機會，你已經說過了。但這些不會立即到來。因此，人們會認為更穩定的軌跡在這裡會有所幫助。那麼如何圍繞這種場景來規劃製作呢？隨著我們看到更多的增長來自維持，您認為這將如何影響您在 F-35 上的利潤軌跡？

So I'll take that, Doug. Yes, so right now, because of COVID impacts, we've started the year -- roughly, we thought we were going to deliver about 140 aircraft this year. They are predominantly Lot 12 airplanes, so that's the first lot of our block buy. So right now, the team is forecasting, rough numbers, 120 to 125. It's still a little bit in flux, but that's our outlook right now.

所以我接受了，道格。是的，所以現在，由於 COVID 的影響，我們已經開始了這一年——粗略地說，我們認為我們今年將交付大約 140 架飛機。它們主要是 Lot 12 飛機，因此這是我們批量購買的第一批飛機。所以現在，團隊正在預測，粗略的數字，120 到 125。它仍然有點變化，但這是我們現在的展望。

Right now, based on what we're seeing and working with our supply chain, and working with our production operations team, we're out looking roughly 140 aircraft deliveries out in 2021. We think based on the demand we have with Lot 12, 13, 14 and, ultimately, I talked about the Lot 15 production lot order that we're hopeful we'll get at the end of this quarter, we see about 169. So let's just round up to 170 aircraft delivered out in the 2022 time period. And then out in 2023, we see similar, about 170 aircraft. That's basically predicated on the United States government program of record.

目前，根據我們所看到的情況以及與我們的供應鏈合作，並與我們的生產運營團隊合作，我們預計 2021 年將交付大約 140 架飛機。我們認為，根據我們對 Lot 12 的需求， 13、14，最後，我談到了我們希望在本季度末獲得的 Lot 15 生產批次訂單，我們看到大約 169 架。所以讓我們匯總 2022 年交付的 170 架飛機時間段。然後在 2023 年，我們看到類似的飛機，大約 170 架。這基本上是基於美國政府的記錄計劃。

Earlier year, we had some, to your point, congressional adds, but we're not assuming any congressional adds at least today, once you get beyond 2021. There is still pent-up demand with our partner countries, our FMS customers demand. And then as you stated, Doug, out in that time period, there are other interests for the airplane with our partner countries, existing FMS countries, and there are some new potential FMS countries that potentially will buy aircraft, but it'll be beyond the 2023 time period. So I think we have a pretty good handle out to about 2022, 2023 where we think our production is going to be.

早些時候，就你的觀點而言，我們有一些國會補充，但我們假設至少在今天沒有任何國會補充，一旦你超過 2021 年。我們的合作夥伴國家仍然存在被壓抑的需求，我們的 FMS 客戶需求。然後正如你所說，道格，在那段時間裡，我們的伙伴國家、現有 FMS 國家對飛機有其他興趣，並且有一些新的潛在 FMS 國家可能會購買飛機，但它會超出2023年時間段。所以我認為我們對 2022 年、2023 年左右的生產有很好的把握。

Regarding margins, it really comes down to the PBL. Right now, just based on how the customer is buying sustainment, they are -- it is dilutive to the overall F-35 portfolio. Where we do see opportunities is in production. We do think if we continue to perform, continue to weed out inefficiencies and hopefully negotiate a deal where the customer rewards us for that. There is production opportunities. But it comes down to the PBL. And we do believe we are starting to get more and more interest from the customer for a PBL or performance-based logistics concept, and that would have us taking on investment -- us, industry, taking on investment risk and it would then give us the opportunity, assuming we perform and hit the service level agreements we'll sign up to -- for that to be margin-accretive.

關於利潤率，它實際上歸結為 PBL。現在，僅根據客戶購買維持服務的方式，他們是——它稀釋了整個 F-35 產品組合。我們確實看到機會的地方是生產。我們確實認為，如果我們繼續執行，繼續消除低效率，並希望通過談判達成一項客戶獎勵我們的交易。有生產機會。但這歸結為 PBL。我們確實相信，客戶開始對 PBL 或基於績效的物流概念越來越感興趣，這將使我們進行投資——我們，行業，承擔投資風險，然後它會給我們機會，假設我們執行並達到我們將簽署的服務水平協議——這將增加利潤。

And next, we'll go to Jon Raviv with Citi.

接下來，我們將與花旗一起去 Jon Raviv。

Question about sort of CapEx environment you're operating in. As you can see, there's a lot of focus on your growth rates, especially deceleration from 2020 growth to 2021 growth, at least how you see it now. But at the same time, CapEx is remaining at this $1.7 billion, you said '21, '22, '23. So even though there seems to be an assumption that growth rates and opportunities are slowing down, you're still spending a lot more CapEx than you were almost ever.

關於你所處的資本支出環境的問題。正如你所看到的，人們非常關注你的增長率，尤其是從 2020 年增長到 2021 年增長的減速，至少你現在是這樣看的。但與此同時，資本支出仍保持在 17 億美元，你說 '21、'22、'23。因此，儘管似乎假設增長率和機會正在放緩，但您的資本支出仍然比以往任何時候都多得多。

So how do we sort of square those 2 things? And is the industry -- or the customer, I should say, offering you enough certainty to be spending that CapEx such that you now have the long-term payoff that we're all looking for?

那麼我們如何對這兩件事進行平方呢？我應該說，行業或客戶是否為您提供了足夠的確定性來支出資本支出，以便您現在擁有我們都在尋找的長期回報？

Jon, it's -- so I'll -- it's Ken, I'll take that. So if you go around the portfolio, we are still seeing demand for CapEx. And then there's one point I'll make, and I'll hand it to Jim because he may have a comment on this as well. But if you think Aeronautics, we have slowed down our capitalization spend on F-35 because of COVID. But if we're still going to ramp up to those higher quantities that I described when Doug asked me the question on F-35, we are going to have to still build out our capacity on F-35.

喬恩，是——所以我會——是肯，我會接受的。因此，如果您查看投資組合，我們仍然會看到對資本支出的需求。然後我要說明一點，我會把它交給吉姆，因為他也可能對此有意見。但如果你想到航空業，我們已經因為 COVID 放緩了 F-35 的資本化支出。但是，如果我們仍然要增加到我在道格問我關於 F-35 的問題時所描述的更高數量，我們將仍然必須在 F-35 上建立我們的能力。

The same with F-16. Jim mentioned our backlog right now is 130 aircraft. We're going to deliver our first airplane roughly beginning of 2022. Rough numbers, we'll do about 8 a year. And then ultimately, by the time we get out to the middle of this decade, we'll be delivering 3 to 4 F-16s a month. So we will have to build out that capacity.

F-16也一樣。吉姆提到我們現在積壓的訂單是 130 架飛機。我們將在 2022 年初交付我們的第一架飛機。粗略的數字，我們每年大約 8 架。最終，到本世紀中期，我們將每月交付 3 到 4 架 F-16。因此，我們將不得不建立這種能力。

And then we've talked about the classified win in Palmdale, we still need to build the building out there. And we are hopeful that performing on that program, there are other customers that have a keen interest in that program, and that's one of the opportunities I talked about when Sheila asked the question. There are opportunities out there for us that just, frankly, aren't planned right now.

然後我們談到了在帕姆代爾的分類勝利，我們仍然需要在那裡建造大樓。我們希望在執行該程序時，還有其他客戶對該程序有濃厚的興趣，這是我在希拉問這個問題時談到的機會之一。坦率地說，我們現在沒有計劃中的機會。

If you look at Missiles and Fire Control, we are still building out capacity for PAC-3, though we're not building it out for, say, Hellfires or GMLRS. We'll talk to the customer. We feel very good about the PAC-3 build-out, for example. We do see opportunities for 500-plus PAC-3s per year and potentially significantly more than that. The question then is, does -- is it the right time for us to continue building out in excess of the 500 per year that we are going to build out.

如果你看看導彈和火控，我們仍在為 PAC-3 建設能力，儘管我們不是為地獄火或 GMLRS 建設它。我們會和客戶談談。例如，我們對 PAC-3 的擴建感到非常滿意。我們確實看到了每年 500 多個 PAC-3 的機會，而且可能遠不止於此。那麼問題是，現在是我們繼續建設超過每年 500 個的正確時機嗎？

Space, we have the state-of-the-art Gateway Center. And there are some other opportunities out there where we have to spend capital. And then RMS, they've done a very nice job of portfolio-shaping. That is the place we really don't see a lot of facilitization or increased capital.

太空，我們擁有最先進的門戶中心。還有一些其他機會我們必須花錢。然後是 RMS，他們在投資組合塑造方面做得非常好。那是我們真的看不到很多便利化或增加資本的地方。

One thing Jim has tasked us on, and we're in the middle of doing this, not just for capital but IRAD and then other investments are, are there low-hanging fruit, if you will, where it does it make sense for us to spend that capital or our IRAD. And then are there places where we should be investing regarding 21st century warfighter, the digitalization effort that we're trying to take on. So though we may stay at the same level, the balance or the mix of our spend may change over time.

吉姆交給我們的一件事，我們正在做這件事，不僅是為了資本，還有 IRAD 和其他投資，如果你願意的話，是否有唾手可得的果實，它在哪裡對我們有意義花費那筆資金或我們的 IRAD。然後是我們應該在 21 世紀戰士方面投資的地方，我們正在努力進行的數字化工作。因此，儘管我們可能保持在同一水平，但我們支出的平衡或組合可能會隨著時間的推移而發生變化。

Just the one comment I'd add to that is we are raising the capital expense decision-making process a level, and we're going to be looking across all the business areas simultaneously and doing the rank ordering at that level, which will -- may result in some adjustments, as Ken suggested. And also, I would highlight the digital transformation side of this, which is both in the factory, offices and functions. That's going to help us meet our customers' needs on one hand, but it's also going to help us improve margins on the other hand and be more efficient internally as we do all of this. So there's investment upfront for that as well. But it's going to have a dual benefit.

我要補充的一個評論是，我們正在將資本支出決策過程提高一個級別，我們將同時查看所有業務領域並在該級別進行排名排序，這將 - - 正如 Ken 所建議的那樣，可能會導致一些調整。而且，我要強調這方面的數字化轉型，包括工廠、辦公室和職能部門。一方面，這將幫助我們滿足客戶的需求，但另一方面，它也將幫助我們提高利潤率，並在我們完成所有這些工作時提高內部效率。因此，也有前期投資。但它會帶來雙重好處。

And 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。

I think, Ken, you mentioned a little bit earlier the profitability expectation for Missiles and Fire Control in '21. Can you just walk us through the other segments real quick?

我想，肯，你之前提到過 21 年對導彈和火控的盈利預期。你能帶我們快速了解其他部分嗎？

You bet. Thanks, Seth. I think we're at the afternoon now. Yes, so at Aeronautics, we're actually -- we expect a slight improvement in margins from 2020, which we're very pleased with. F-35 margins and the balance of our compact -- combat air margins are expected to increase, and that's consistent with our overall margins. And we expect fairly consistent margins in 2021 on air mobility. The combat air and air mobility margin improvements more than offset the dilution because you would expect just where the Skunk Works is that they would be dilutive.

你打賭。謝謝，賽斯。我想我們現在是下午。是的，所以在 Aeronautics，我們實際上 - 我們預計從 2020 年開始利潤率會略有改善，我們對此感到非常滿意。 F-35 的利潤率和我們的緊湊型作戰飛機的利潤率預計會增加，這與我們的整體利潤率是一致的。我們預計 2021 年空中機動性的利潤率將相當穩定。戰鬥空中和空中機動性利潤率的提高遠遠抵消了稀釋，因為你會期望臭鼬工廠所在的地方會被稀釋。

And I mentioned Missiles and Fire Control, so I'll move on to RMS. We're happy to see returns to double-digit margins this year and we expect a slight improvement in 2021, which we're very pleased with. So all that integration work that we've talked about. We talked about the portfolio shaping that we're doing at RMS, we're starting to see the results there. Sikorsky is the primary driver. They'll have year-over-year improvements on production programs. Think of those set as Blackhawk, VH-92 and CRH.

我提到了導彈和火控，所以我將繼續討論 RMS。我們很高興看到今年的利潤率達到兩位數，我們預計 2021 年會略有改善，對此我們感到非常高興。所以我們談到的所有集成工作。我們談到了我們在 RMS 所做的投資組合塑造，我們開始在那裡看到結果。西科斯基是主要驅動力。他們將逐年改進生產計劃。將那些設置為 Blackhawk、VH-92 和 CRH。

And then lastly, at Space, we'll see a little bit of an erosion in margins in 2021. And that's very similar to Missiles and Fire Control. You're seeing dilution due to the OPIR development program. And also increased development content at strategic missiles and missile defense portfolio. Think of that as hypersonics and then the next-generation interceptor. So thanks for the question.

最後，在太空領域，我們將在 2021 年看到利潤率有所下降。這與導彈和火力控制非常相似。由於 OPIR 開發計劃，您正在看到稀釋。並且還增加了戰略導彈和導彈防禦組合的開發內容。將其視為超音速，然後是下一代攔截器。所以謝謝你的問題。

So it's Jim. I'll end the session today by reiterating that Lockheed Martin completed another quarter of strong financial and operational performance. And with that robust backlog, focus on our program execution and strong demand for the portfolio of products and services, we have -- we're positioned for a successful closure of 2020 and continued growth in 2021.

所以是吉姆。今天的會議結束時，我要重申洛克希德馬丁公司又完成了一個季度強勁的財務和運營業績。憑藉大量積壓，專注於我們的計劃執行和對產品和服務組合的強勁需求，我們已經準備好在 2020 年成功結束並在 2021 年繼續增長。

So thank you all again for joining us today. We look forward to speaking with you on our next earnings call, which will be in January. That concludes the call, John, thank you.

再次感謝大家今天加入我們。我們期待在 1 月份的下一次財報電話會議上與您交談。電話到此結束，約翰，謝謝。

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

是的。謝謝。女士們，先生們，你們的會議到此結束。感謝您的參與。您現在可以斷開連接。