洛克希德·馬丁 (LMT) 2020 Q2 法說會逐字稿

Good day, everyone, and welcome to the Lockheed Martin Second Quarter 2020 Earnings Results Conference Call.

大家好，歡迎來到洛克希德馬丁公司 2020 年第二季度收益結果電話會議。

Today's call is being recorded.

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.

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。

Please go ahead, sir.

請繼續，先生。

Thank you, John, and good morning.

謝謝你，約翰，早上好。

I'd like to welcome everyone to our second quarter 2020 earnings conference call.

歡迎大家參加我們 2020 年第二季度的收益電話會議。

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

今天和我一起參加電話會議的是我們的總裁兼首席執行官 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.

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。

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

實際結果可能與前瞻性陳述中預測的結果存在重大差異。

Please see today's press release and our SEC filings for a description of some of the factors that may cause actual results to differ materially from those in the forward-looking statements.

請參閱今天的新聞稿和我們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.

我們今天在我們的網站上發布了圖表，我們計劃在電話會議期間解決這些圖表以補充我們的評論。

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

這些圖表還包括有關可能在今天的電話會議中使用的非 GAAP 措施的信息。

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

請訪問我們的網站 www.lockheedmartin.com 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。

Good morning, everyone, and thank you for joining us today.

大家早上好，感謝您今天加入我們。

It's a pleasure to be here on my first Lockheed Martin's earnings call, and I look forward to working with all of you.

很高興來到這裡參加我的第一次洛克希德馬丁公司的財報電話會議，我期待與大家一起工作。

I hope this call finds you and your family safe and healthy.

我希望這個電話能讓您和您的家人平安健康。

The world continues to combat the coronavirus outbreak while striving to recover and sustain economic activity.

世界繼續抗擊冠狀病毒的爆發，同時努力恢復和維持經濟活動。

Our primary objective at Lockheed Martin is to ensure the health and welfare of our employees and their families, our teammates, customers and communities.

我們在洛克希德馬丁公司的主要目標是確保我們的員工及其家人、我們的隊友、客戶和社區的健康和福利。

We remain vigilant taking the necessary steps to help protect our workforce while producing the products and solutions our customers need to achieve their important readiness objectives.

我們保持警惕，採取必要的措施來幫助保護我們的員工，同時生產我們的客戶實現其重要準備目標所需的產品和解決方案。

Our business areas have taken actions, including implementing alternative work schedules, health and safety checks at our facilities and telework wherever possible.

我們的業務領域已採取行動，包括在我們的設施和遠程辦公實施替代工作時間表、健康和安全檢查。

Most recently, our Aeronautics team established a rotational facility plan for our F-35 production line, allowing us to continue to manufacture the aircraft while practicing social distancing and completing regular deep cleaning.

最近，我們的航空團隊為我們的 F-35 生產線製定了輪換設施計劃，使我們能夠在保持社交距離和完成定期深度清潔的同時繼續製造飛機。

The corporation also continues to support our critical industrial-based suppliers, frontline medical workers and our local communities with COVID-19 relief and response.

該公司還繼續通過 COVID-19 救濟和應對措施支持我們的關鍵工業供應商、一線醫務人員和我們當地社區。

In March, the Department of Defense announced it would increase progress payment rates to large businesses from 80% to 90%, accelerating payments for the completion of work and recognition of the challenges posed by COVID-19.

3 月，國防部宣布將把對大型企業的進度付款率從 80% 提高到 90%，加快完成工作的付款和對 COVID-19 帶來的挑戰的認識。

The DoD's expectation was that prime contractors would flow these accelerated payments to the supply chain.

國防部的期望是總承包商將這些加速付款流向供應鏈。

Through the second quarter, Lockheed Martin has slowed all of the accelerated payments the corporation has received from the Department of Defense, $1.3 billion in total to our supply chain.

整個第二季度，洛克希德馬丁公司已經放緩了公司從國防部收到的所有加速付款，總計 13 億美元給我們的供應鏈。

In this process, we've given priority to small and vulnerable suppliers as we continue our efforts to promote a healthy and sustainable defense industrial base.

在這個過程中，我們優先考慮小型和脆弱的供應商，因為我們繼續努力促進健康和可持續的國防工業基礎。

We've also continued to support our local communities and to date have made substantial donations to nonprofit organizations involved in COVID-19-related relief and assistance with emphasis on veterans and military families.

我們還繼續支持我們的當地社區，迄今為止，我們已經向參與 COVID-19 相關救濟和援助的非營利組織提供了大量捐款，重點是退伍軍人和軍人家庭。

And as a global organization employing thousands across the world, we are supporting related initiatives in 15 different countries, including donations to food banks, health care facilities, distance learning and research efforts to help combat this disease.

作為一家在全球擁有數千名員工的全球性組織，我們正在支持 15 個不同國家/地區的相關舉措，包括向食品銀行、醫療保健設施、遠程學習和研究工作捐款，以幫助抗擊這種疾病。

This corporation has hired more than 9,000 new employees across the United States since the crisis began and is advertising for another 3,000 positions.

自危機開始以來，這家公司已在美國各地僱用了 9,000 多名新員工，並正在招聘另外 3,000 個職位。

We remain on track with plans to hire approximately 12,000 employees during 2020.

我們繼續按計劃在 2020 年僱用約 12,000 名員工。

And across the country, we produced more than 65,000 protective gowns and 32,000 face shields, and we've donated PPE at 174 locations where frontline medical workers are caring for COVID-19 patients and others at risk.

在全國范圍內，我們生產了超過 65,000 件防護服和 32,000 件面罩，並在 174 個一線醫務人員照顧 COVID-19 患者和其他高危人群的地點捐贈了個人防護裝備。

Through all these initiatives, Lockheed Martin remains committed to supporting our employees, our suppliers and communities in which our company operates through the course of this ongoing pandemic.

通過所有這些舉措，洛克希德·馬丁公司將繼續致力於支持我們的員工、我們的供應商和我們公司在這場持續的大流行病期間開展業務的社區。

Ken will review our first quarter financials and updated full year outlook in more detail in a few minutes.

肯將在幾分鐘內更詳細地審查我們的第一季度財務狀況和更新的全年展望。

As you've seen from our press release, we had a very strong quarter financially despite the effects of the coronavirus.

正如您從我們的新聞稿中看到的那樣，儘管受到冠狀病毒的影響，我們的季度財務狀況非常強勁。

Mitigation plans put in place by each of our business areas, their teammates and supply chain, the international community as well as strong support from the Department of Defense and broad U.S. government actions have allowed us to minimize the financial impacts on our company.

我們每個業務領域、他們的團隊夥伴和供應鏈、國際社會制定的緩解計劃以及國防部的大力支持和美國政府的廣泛行動使我們能夠最大限度地減少對我們公司的財務影響。

This, coupled with outstanding operational performance, have enabled us to increase our full year outlook for sales, earnings, EPS and cash from operations.

這一點，再加上出色的運營業績，使我們能夠提高全年的銷售、收益、每股收益和運營現金預期。

Sales in the quarter were 12% greater than last year as all 4 business areas increased from 2019.

本季度的銷售額比去年同期增長 12%，因為所有 4 個業務領域都比 2019 年有所增長。

Our segment operating profit results were also strong, growing 15% year-over-year driven by both higher sales growth and an increase in segment profit margin to 11%.

我們的分部營業利潤業績也很強勁，同比增長 15%，這得益於更高的銷售增長和分部利潤率增至 11%。

We had a strong quarter of cash generation, bringing in over $2.2 billion of cash from operations and executed our balanced cash deployment strategy.

我們有一個強勁的現金生成季度，從運營中帶來了超過 22 億美元的現金，並執行了我們平衡的現金部署戰略。

Moving to new business activities.

轉向新的業務活動。

We received nearly $22 billion in orders this quarter, raising our backlog to over $150 billion, a new high watermark.

本季度我們收到了近 220 億美元的訂單，使我們的積壓訂單增加到超過 1500 億美元，創下新高。

Our Aeronautics business area led the company with over $9 billion of orders, including $7 billion of total orders booked for the F-35.

我們的航空業務領域以超過 90 億美元的訂單領跑公司，其中包括 70 億美元的 F-35 總訂單。

We were able to add 84 jets to the program with the finalization of 2 Lot 14 production contracts, bringing the current number of planes in our backlog to 411 aircraft.

隨著 2 Lot 14 生產合同的最終確定，我們能夠為該計劃增加 84 架噴氣式飛機，使我們目前積壓的飛機數量達到 411 架。

Our F-35 team also added approximately $1 billion in combined sustainment and development awards this quarter as well.

我們的 F-35 團隊也在本季度增加了大約 10 億美元的綜合維持和發展獎勵。

Missiles and Fire Control also had a strong quarter, with the Defense Department announcing several PAC-3 awards, including one for over $6 billion to supply PAC-3 MSE interceptors, launcher modification kits and associated equipment to support the United States and foreign military sales customers across multiple contract years.

導彈和火控部門也有一個強勁的季度，國防部宣布了幾項 PAC-3 合同，其中一項超過 60 億美元用於提供 PAC-3 MSE 攔截器、發射器改裝套件和相關設備，以支持美國和外國的軍事銷售跨多個合同年的客戶。

These awards demonstrate the global demand for PAC-3 MSE interceptors, and to meet that demand this year, we began work on an 85,000 square foot building expansion at our Camden, Arkansas facility.

這些獎項表明全球對 PAC-3 MSE 攔截器的需求，為了滿足今年的需求，我們開始在阿肯色州卡姆登工廠擴建 85,000 平方英尺的建築。

The building is expected to be completed by fourth quarter 2021, with operations there beginning in the first quarter of 2022.

該建築預計將於 2021 年第四季度完工，並於 2022 年第一季度開始運營。

Our Rotary and Mission Systems secured orders of over $1 billion to support and supply 24 MH-60 Romeo helicopters to the government of India.

我們的 Rotary 和 Mission Systems 獲得了超過 10 億美元的訂單，用於支持和向印度政府供應 24 架 MH-60 Romeo 直升機。

This Sikorsky SEAHAWK aircraft will provide maritime, anti-surface and anti-submarine warfare capabilities to India as well as cargo, utility and search-and-rescue missions.

這架西科斯基 SEAHAWK 飛機將為印度提供海上、反水面和反潛作戰能力，以及貨運、公用事業和搜救任務。

And our Space business area added multiple orders, including a classified award for over $1 billion.

我們的航天業務領域增加了多項訂單，包括超過 10 億美元的機密獎勵。

In total, the corporation grew orders 23% above second quarter 2019 and achieved a company-wide book-to-bill ratio of nearly 1.4 for the quarter.

總的來說，該公司的訂單比 2019 年第二季度增長了 23%，本季度全公司範圍內的訂單出貨比接近 1.4。

I'll touch briefly now on the Department of Defense budgets as both the House and Senate Armed Services Committees have completed the respective markups of the fiscal year 2021 National Defense Authorization Act.

由於眾議院和參議院軍事委員會已經完成了 2021 財年國防授權法案的相應加價，我現在將簡要談談國防部的預算。

Each version adheres to the Bipartisan Budget Act of 2019 spending targets and equal approximately $740 billion for national defense.

每個版本都遵守 2019 年支出目標的兩黨預算法案，相當於約 7400 億美元的國防支出。

Appropriation committees from each chamber are in the process of drafting the funding legislation to accompany the authorization.

每個議院的撥款委員會正在起草與授權相配套的撥款立法。

So encouraging elements for our portfolio is the Senate version confirmed that the national defense strategy remains the road map for the Armed Services and the bill was passed with strong bipartisan support.

對我們的投資組合來說，令人鼓舞的因素是參議院版本確認國防戰略仍然是武裝部隊的路線圖，並且該法案在兩黨的大力支持下獲得通過。

Our portfolio was well supported in the Senate version for the recommended increase of 16 F-35 aircraft above the President's request, additional funding for missile defense priorities, including an 8 THAAD battery, and increased funding for the Homeland Defense Radar Hawaii program.

我們的投資組合在參議院版本中得到了很好的支持，建議增加 16 架 F-35 飛機，超出總統的要求，為導彈防禦優先事項提供額外資金，包括 8 個薩德電池，以及為夏威夷國土防御雷達計劃增加資金。

Congress will continue with the authorization and appropriation phases.

國會將繼續授權和撥款階段。

We look forward to the finalization of the process in supporting our warfighters' needs.

我們期待著支持我們戰士需求的過程的最終確定。

Moving on, I would like to highlight several significant events that occurred across the corporation during the past quarter.

接下來，我想強調上個季度整個公司發生的幾件重大事件。

Beginning with Aeronautics, the F-35 team achieved another operational milestone as our United Kingdom partner celebrated the initial carrier deployment of its 617 Squadron.

從航空開始，F-35 團隊實現了另一個運營里程碑，因為我們的英國合作夥伴慶祝其 617 中隊的首次航母部署。

This legendary unit, known as The Dambusters from their exploits of World War II, is now aboard the HMS Queen Elizabeth aircraft carrier.

這支傳奇部隊因在二戰中的功績而被稱為“水壩破壞者”，現在正登上伊麗莎白女王號航空母艦。

The Squadron will now begin its series of flight trials demonstrating the jet's ability to defend the carrier through combat air controls, rapid deployment and interoperability with other U.K. naval assets.

該中隊現在將開始其一系列飛行試驗，以展示該噴氣式飛機通過作戰空中控制、快速部署和與其他英國海軍資產的互操作性來保衛航母的能力。

This is all in preparation for their second embarkation later in the year when the Squadron will join the carrier and her task group for a large multinational training exercise with U.S., European and NATO partners.

這一切都是為他們今年晚些時候的第二次登船做準備，屆時該中隊將與航母及其任務組一起與美國、歐洲和北約合作夥伴進行大型多國訓練演習。

The ship will then set sail again next year for her maiden global Carrier Strike Group 21 deployment.

該船將於明年再次啟航，進行她的首次全球航母打擊群 21 部署。

We're proud to provide this unrivaled fifth-generation aircraft to help support our U.K. partner in the security of their nation.

我們很自豪能夠提供這款無與倫比的第五代飛機，以幫助支持我們的英國合作夥伴維護國家安全。

Moving to RMS, our Radar Surveillance Systems team achieved 2 notable milestones this quarter.

轉向 RMS，我們的雷達監視系統團隊在本季度實現了 2 個顯著的里程碑。

In April, they successfully completed the Sentinel A4 radar program preliminary design review following successful system requirement and system functional reviews, which took place earlier this year.

在今年早些時候成功進行系統需求和系統功能審查之後，他們於 4 月成功完成了 Sentinel A4 雷達項目的初步設計審查。

So just 4 months after the initial contract award, the Sentinel team has already achieved several key milestones as it progresses the critical design review phase later this year and then in a fabrication, demonstration and test.

因此，在最初授予合同後僅 4 個月，Sentinel 團隊已經取得了幾個關鍵的里程碑，因為它在今年晚些時候進入關鍵設計審查階段，然後進入製造、演示和測試階段。

The Sentinel a4 radar replaces the current A3 variant and will provide improved air and missile defense against low-flying unmanned aerial systems, cruise missiles, drones and other threats.

Sentinel a4 雷達取代了當前的 A3 變體，並將提供改進的空中和導彈防禦系統，以抵禦低空飛行的無人機系統、巡航導彈、無人機和其他威脅。

With the program of record of approximately 200 systems plus international partnerships, the Sentinel program alone has a total potential contract value of over $3 billion.

憑藉大約 200 個系統和國際合作夥伴的記錄計劃，僅哨兵計劃就有超過 30 億美元的潛在合同總價值。

RMS also delivered to the U.S. Army the first AN/TPQ-53 radar system, which is equipped with gallium nitride to provide additional power and enhanced counterfire target acquisition capabilities.

RMS 還向美國陸軍交付了第一套 AN/TPQ-53 雷達系統，該系統配備氮化鎵以提供額外的功率和增強的反火力目標捕獲能力。

The TPQ-53 radar locates and tracks enemy indirect fire in either a 360-degree or a 90-degree mode and was first deployed in 2010 to Iraq and Afghanistan where it delivered outstanding performance and reliability to defend our troops.

TPQ-53 雷達以 360 度或 90 度模式定位和跟踪敵人的間接火力，並於 2010 年首次部署到伊拉克和阿富汗，在那裡它提供了出色的性能和可靠性來保衛我們的部隊。

We are currently in full rate production to provide approximately 190 units with a contract value at $1.6 billion.

我們目前正在全速生產，提供約 190 台，合同價值為 16 億美元。

So both the Sentinel A4 and the TPQ-53 are part of Lockheed Martin's open, scalable, rare architecture, the cornerstone of each of these systems designs, which allows for upgrades that will not only extend the lives of the radars but evolve their capabilities over the next 40-or-so years.

因此，Sentinel A4 和 TPQ-53 都是洛克希德馬丁公司開放、可擴展、罕見的架構的一部分，是這些系統設計的基石，它允許進行升級，不僅可以延長雷達的使用壽命，還可以提高它們的能力未來 40 年左右。

In Missiles and Fire Control, our air and missile defense line of business marked the delivery of the 500 THAAD interceptor to the U.S. Army.

在導彈和火控方面，我們的空中和導彈防禦業務線標誌著向美國陸軍交付了 500 個薩德攔截器。

That program is a key part of the U.S. missile defense system has been selected by multiple international partners to support their national security.

該計劃是美國導彈防禦系統的關鍵部分，已被多個國際合作夥伴選中以支持其國家安全。

MFC continues to expand our production facilities to accommodate that demand.

MFC 繼續擴大我們的生產設施以滿足這一需求。

This quarter, our Space business area as part of the Blue Origin national team, and this really is exciting, was down-selected for the next phase of the human landing system for NASA's Artemis program.

本季度，我們的太空業務領域作為 Blue Origin 國家團隊的一部分，這真的很令人興奮，被選中用於 NASA Artemis 計劃的下一階段載人著陸系統。

The Artemis program is the country's ambitious endeavor to land humans on the moon in 2024 and return them safely to earth.

阿爾忒彌斯計劃是該國雄心勃勃的努力，旨在 2024 年將人類送上月球並安全返回地球。

Leveraging designs and technologies used on our Orion program, Lockheed Martin will produce the crew ascent element, the vehicle which will transport astronauts from the lunar service -- surface to begin their journey back to Earth.

利用我們獵戶座計劃中使用的設計和技術，洛克希德馬丁公司將生產乘員上升元件，該運載工具將宇航員從月球服務運送到地面，開始他們返回地球的旅程。

We look forward to supporting this remarkable mission and continuing our long-running legacy of supporting NASA missions.

我們期待著支持這項非凡的任務，並繼續我們支持 NASA 任務的長期傳統。

Before I turn over the call to Ken, I'd like to take a moment to thank Marillyn Hewson for her years of leadership and express how honored I am to have the opportunity to lead Lockheed Martin, a company that I consider a national asset.

在將電話轉給 Ken 之前，我想花點時間感謝 Marillyn Hewson 多年來的領導，並表達我很榮幸有機會領導洛克希德馬丁公司，我認為這是一家國家資產。

My experiences as an Air Force pilot flying Lockheed Martin aircraft and Operation Desert ship helped shape my belief that helping to provide for the defense of our nation and its allies is one of the most important endeavors that one can undertake.

我作為一名空軍飛行員駕駛洛克希德馬丁飛機和沙漠行動艦艇的經歷幫助我形成了這樣的信念，即幫助為我們的國家及其盟友提供防禦是一個人可以承擔的最重要的努力之一。

When presented with the opportunity to become President and Chief Executive Officer here, I viewed it not as a job offer but as a call of service.

當有機會成為這裡的總裁兼首席執行官時，我認為這不是工作機會，而是服務的召喚。

Moreover, Marillyn and her executive team have positioned the company for even greater success in the future, and I'm eager to deliver on that prospect.

此外，瑪麗蓮和她的執行團隊已為公司在未來取得更大成功做好了準備，我渴望實現這一前景。

Since becoming CEO about a month ago, I've met often virtually with a significant number of our key government customers to introduce myself, reaffirm our commitment to performance and affordability and get their feedback.

自大約一個月前成為 CEO 以來，我經常與我們的大量主要政府客戶進行虛擬會面，介紹自己，重申我們對性能和可負擔性的承諾，並獲得他們的反饋。

I've been pleased with the broad response of confidence in Lockheed Martin as a key partner but also the candid discussions on the challenges we jointly face in the national security space.

我對洛克希德馬丁作為重要合作夥伴的廣泛信心反應以及對我們在國家安全領域共同面臨的挑戰的坦誠討論感到高興。

There's great appreciation for the technologies and solutions we provide, and we have a long heritage of innovation for our customers.

我們提供的技術和解決方案受到高度讚賞，我們為客戶提供了悠久的創新傳統。

I plan to continue this legacy as well as pursue a long-term strategy to deliver enhanced capabilities to support what I call the 21st century warfighter concept.

我計劃延續這一傳統，並製定一項長期戰略來提供增強的能力，以支持我所說的 21 世紀作戰人員概念。

That concept endeavors to bring relevant lessons in the latest technologies from the broader tech sector to the defense industrial base.

該概念致力於將最新技術的相關經驗從更廣泛的技術領域帶到國防工業基地。

I believe Lockheed Martin is uniquely positioned to address this and other evolving security and needs of our nation and its allies, and I'm excited to have this opportunity.

我相信洛克希德馬丁公司處於獨特的地位，可以解決我們國家及其盟國的這一問題以及其他不斷變化的安全和需求，我很高興能有這個機會。

I've also had the chance to meet with many of you in our investor community in recent weeks.

最近幾週，我也有機會在我們的投資者社區與你們中的許多人會面。

We've had engaging conversations, and I look forward to continuing that dialogue.

我們進行了引人入勝的對話，我期待繼續進行對話。

As you can tell, I'm quite convinced that we can further leverage our key platform positions and broad portfolio to drive long-term value to our shareholders while furthering both national defense and scientific discovery.

如您所知，我非常相信，我們可以進一步利用我們的關鍵平台地位和廣泛的產品組合，為我們的股東帶來長期價值，同時促進國防和科學發現。

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

有了這個，我會把電話轉給肯。

Well, thank you, Jim, and welcome aboard.

好吧，謝謝你，吉姆，歡迎加入。

And good morning to everyone.

祝大家早上好。

As Jim noted, I also hope that each of you are doing well and staying safe.

正如吉姆所說，我也希望你們每個人都過得很好並保持安全。

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

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.

因此，讓我們從圖 3 開始，概述我們本季度的業績。

We saw strong results in year-over-year growth in sales, segment operating profit, cash from operations and earnings per share this quarter.

本季度我們在銷售額、部門營業利潤、運營現金和每股收益方面取得了強勁的同比增長。

We delivered $16.2 billion in sales, $1.8 billion in segment operating profit and $5.79 in earnings per share, which included a noncash charge related to an international joint venture that we are now exiting.

我們實現了 162 億美元的銷售額、18 億美元的部門營業利潤和 5.79 美元的每股收益，其中包括與我們現在退出的一家國際合資企業相關的非現金費用。

We generated $2.2 billion of cash from operations, and we continued to execute our balanced cash deployment plan for 2020, returning almost $1 billion to our shareholders.

我們從運營中產生了 22 億美元的現金，我們繼續執行 2020 年的平衡現金部署計劃，向股東返還近 10 億美元。

We achieved a new record backlog of greater than $150 billion, exceeding our all-time high for the corporation for the eighth consecutive quarter.

我們實現了超過 1500 億美元的新紀錄積壓，連續第八個季度超過了公司的歷史新高。

We have updated our full year guidance, increasing our estimates for sales, earnings and operating cash flow as COVID-19 mitigation plans and our outstanding performance have minimized our year-to-date impacts.

我們更新了我們的全年指導，增加了我們對銷售額、收益和運營現金流的估計，因為 COVID-19 緩解計劃和我們出色的表現已將我們年初至今的影響降至最低。

Overall, it was a strong quarter for the business in challenging times.

總體而言，在充滿挑戰的時期，本季度業務表現強勁。

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

轉到圖 4，我們將今年的銷售額和部門營業利潤與去年的結果進行了比較。

Sales grew 12% to $16.2 billion, led by volume in Aeronautics and Missiles and Fire Control, while segment operating profit increased 15%, led by earnings growth in Aero and RMS.

銷售額增長 12% 至 162 億美元，這主要得益於航空和導彈以及火控業務的銷量，而分部營業利潤增長了 15%，這得益於航空和 RMS 的收益增長。

The resulting segment operating margin was a strong 11% for the second quarter.

第二季度由此產生的分部營業利潤率高達 11%。

These results include the impacts caused by COVID-19 and reflect the proactive efforts of Lockheed Martin and our customers to mitigate these disruptions, particularly as they apply to our supply chain.

這些結果包括 COVID-19 造成的影響，並反映了洛克希德馬丁公司和我們的客戶為減輕這些中斷所做的積極努力，特別是當它們適用於我們的供應鏈時。

And as we have closely monitored this evolving situation, it has become apparent that some of the impact we anticipated will be realized in the second half of 2020 versus being contained primarily in 2Q.

隨著我們密切關注這一不斷變化的形勢，很明顯，我們預計的一些影響將在 2020 年下半年實現，而不是主要在第二季度得到遏制。

Chart 5 shows our earnings per share for 2Q 2020.

圖 5 顯示了我們 2020 年第二季度的每股收益。

Our EPS of $5.79 was up $0.79 over results last year driven by our sales volume increase, favorable performance and additional FAS/CAS income.

由於我們的銷量增加、良好的業績和額外的 FAS/CAS 收入，我們的每股收益為 5.79 美元，比去年的結果增加了 0.79 美元。

And excluding the $0.34 for the impairment of the international joint venture we are exiting, the second quarter earnings per share would have been $6.13.

不包括我們正在退出的國際合資企業的減值 0.34 美元，第二季度每股收益為 6.13 美元。

On Chart 6, we will discuss in more detail the cash returned to our shareholders this quarter.

在圖 6 中，我們將更詳細地討論本季度返還給股東的現金。

We also had a strong quarter of cash flow, generating $2.2 billion in cash from operations.

我們還擁有強勁的現金流季度，從運營中產生了 22 億美元的現金。

We continued to invest in capital projects to support long-term growth, which resulted in over $1.8 billion of free cash flow.

我們繼續投資於資本項目以支持長期增長，從而產生了超過 18 億美元的自由現金流。

We paid out dividends of $2.40 per share and repurchased $259 million worth of shares.

我們支付了每股 2.40 美元的股息，並回購了價值 2.59 億美元的股票。

And year-to-date, we have now repurchased over $1 billion in shares, fulfilling our 2020 outlook.

今年迄今為止，我們已經回購了超過 10 億美元的股票，實現了我們 2020 年的展望。

Our ability to consistently generate strong cash flow allows us to continue with our long-standing balanced cash deployment strategy.

我們持續產生強勁現金流的能力使我們能夠繼續實施長期的平衡現金部署戰略。

Let's move on to Chart 7. Strong operational performance in all business areas have allowed us to increase our outlook for all financial metrics as we continue to implement mitigation actions to combat the coronavirus.

讓我們繼續看圖 7。隨著我們繼續實施緩解措施以抗擊冠狀病毒，所有業務領域的強勁運營績效使我們能夠提高對所有財務指標的展望。

We are now projecting full year sales growth of 7% over 2019 with consistent segment profit margins, and we've increased our cash flow by $400 million to greater than or equal to $8 billion.

我們現在預計全年銷售額比 2019 年增長 7%，分部利潤率保持一致，我們的現金流量增加了 4 億美元，達到 80 億美元以上。

On Chart 8, we will break out the increased sales guidance by business area.

在圖 8 中，我們將按業務領域細分增加的銷售指導。

We have adjusted our estimates for Aeronautics, Space and RMS, increasing the midpoint of our sales range by $1.125 billion.

我們調整了對航空、航天和 RMS 的估計，將我們的銷售額範圍的中點增加了 11.25 億美元。

And based on our current assessment of the full year, while COVID-19 has caused disruption in our supply chain and at some of our key locations, we have had non-COVID performance that has offset the impacts and gives us confidence to increase our 2020 outlook.

根據我們目前對全年的評估，雖然 COVID-19 導致我們的供應鍊和一些關鍵地點中斷，但我們的非 COVID 表現抵消了影響，讓我們有信心增加 2020 年的業績外表。

On Chart 9, we show the corresponding increases to segment operating profit by business area, again, led by Aeronautics, Space and RMS.

在圖 9 中，我們顯示了按業務領域劃分的分部營業利潤的相應增長，再次由航空、航天和 RMS 引領。

And in total, we have raised the midpoint of our segment operating profit guidance by $100 million.

總的來說，我們將部門營業利潤指引的中點提高了 1 億美元。

And to conclude, on Chart 10, we have our summary.

最後，在圖 10 上，我們有我們的總結。

We had a strong quarter both operationally and financially, and we have increased our full year outlook for all metrics.

我們在運營和財務方面都有一個強勁的季度，並且我們提高了所有指標的全年展望。

We had another quarter of backlog growth, our eighth in a row, a reflection of the strength provided by our broad portfolio.

我們有另一個季度的積壓增長，這是我們連續第八次增長，這反映了我們廣泛的產品組合所提供的實力。

We continue to closely monitor the environment and evolving conditions in our business related to COVID-19, and we remain committed to providing long-term value to our customers and our shareholders.

我們將繼續密切關注 COVID-19 相關業務的環境和不斷變化的情況，並繼續致力於為我們的客戶和股東提供長期價值。

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

約翰，我們準備好開始問答環節了。

(Operator Instructions) And first, from the line of David Strauss with Barclays.

（操作員說明）首先，來自巴克萊銀行的 David Strauss 系列。

Jim, to follow up on some of your comments, I want to ask you how you see Lockheed's portfolio position to perform relative to peers if you look out at potentially a tougher budget environment over the near term and how you're thinking about sustaining the company's peer-leading growth into the longer term.

吉姆，為了跟進你的一些評論，我想問你，如果你展望短期內可能更艱難的預算環境，你如何看待洛克希德的投資組合地位相對於同行的表現，以及你如何考慮維持公司的同行領先增長進入更長期。

If you could take this both from an R&D perspective as well as how you will evaluate investment decisions from a return perspective.

如果你能從研發的角度以及如何從回報的角度評估投資決策來看待這個問題。

Sure, David.

當然，大衛。

This company, to me, is incredibly well positioned for any reasonable range of outcomes in defense spending in the economy over the next few years as well as a breadth of product and service that is really essential to the national defense strategy.

對我來說，這家公司在未來幾年的經濟國防開支方面處於任何合理範圍內的任何合理範圍內，以及對國防戰略真正必不可少的產品和服務的廣度。

So when you put the 2 things together, I think the company vis-à-vis peers is incredibly well positioned relative to others.

因此，當您將這兩件事放在一起時，我認為該公司相對於同行而言處於非常有利的地位。

The backlog of $150 billion is equipment and services that the customer needs they've already signed up and budgeted for.

1500 億美元的積壓訂單是客戶需要的設備和服務，他們已經簽約並製定了預算。

And again, there are ways to solve both opportunity sets.

同樣，有多種方法可以解決這兩個機會集。

One is if there's a rising defense budget or a stable one, we can continue to deliver on that backlog just as it's contracted.

一是如果國防預算增加或穩定，我們可以繼續按照合同約定交付積壓的訂單。

But if it changes, those requirements are still going to need to be met.

但如果它發生變化，仍然需要滿足這些要求。

And because of our platform position, David, we can extend and broaden the capabilities of existing platforms, make sure that their life can be extended while at the same time being upgraded to whatever standard is required at that point in time.

由於我們的平台地位，大衛，我們可以擴展和拓寬現有平台的功能，確保可以延長它們的壽命，同時升級到當時所需的任何標準。

So I think the breadth of the company's portfolio of products, services and domains that we operate in is going to position us well even in a downturn, frankly.

因此，坦率地說，我認為即使在經濟低迷時期，我們所經營的公司產品、服務和領域組合的廣度也將使我們處於有利地位。

Secondly, on long-term growth, that's -- the threats aren't going away.

其次，在長期增長方面，威脅不會消失。

Defense is going to have to be supported, I think any reasonable person's view going forward, especially if those people are in positions of responsibility no matter what party they may come from.

防禦將必須得到支持，我認為任何有理智的人的觀點都是未來的，特別是如果這些人處於負責的位置，無論他們來自哪個政黨。

So I view that defense has got to be an important priority for the country going forward.

所以我認為國防必須成為國家前進的重要優先事項。

There may be a mix change, if you will, but it's still going to be an important priority.

如果你願意的話，可能會有混合變化，但這仍然是一個重要的優先事項。

Again, the benefit of coming in the door here is the existing portfolio position of the company across the services, domains, international, space, et cetera.

同樣，來到這裡的好處是公司在服務、領域、國際、空間等方面的現有投資組合地位。

That broad platform is a risk mitigator, in my opinion, to a downturn in, say, the defense spending trajectory.

在我看來，這個廣泛的平台是一個風險緩解器，可以緩解國防支出軌蹟等方面的下滑。

So on the upside, the innovation gene at this company is fantastic.

所以從好的方面來看，這家公司的創新基因非常棒。

So when you can apply that innovation genetic framework to the broad portfolio that we have, and I hope, bring in some tech industry practices and maybe some new partnerships and technologies to augment that, I think the upside for long-term growth is really tremendous.

因此，當您可以將該創新遺傳框架應用於我們擁有的廣泛產品組合時，我希望引入一些科技行業實踐，也許還有一些新的合作夥伴關係和技術來增強這一點，我認為長期增長的好處確實是巨大的.

And on the R&D front, if we can get our customers convinced that certain types of independent research and development need to be compensated for perhaps new ways by the government, so the companies like ours and others can take risk and we can bring in partners that are willing to take risk, at least knowing they may have a path to compensation at the end of the day, then we're going to be able to accelerate our growth.

在研發方面，如果我們能讓我們的客戶相信，某些類型的獨立研發可能需要政府以新的方式進行補償，那麼像我們這樣的公司和其他公司就可以承擔風險，我們可以引入合作夥伴願意承擔風險，至少知道他們可能在一天結束時有獲得補償的途徑，那麼我們將能夠加速我們的增長。

So we're in a great position to try to work any environment, I think, whether it's defense spending, technology deployment.

所以我們處於一個很好的位置來嘗試在任何環境中工作，我認為，無論是國防開支，技術部署。

I've got an idea called 5G.mil that we're going to try to figure out how to create and really bring that technology is just one example into our space and drive performance at this company as a result of that.

我有一個名為 5G.mil 的想法，我們將嘗試弄清楚如何創建並真正將這項技術帶入我們的領域，並因此推動這家公司的績效。

And Jim, just a quick follow-up there.

吉姆，只是快速跟進一下。

How do you -- based on your time at American Tower, how do you measure success from a financial perspective?

你如何 - 根據你在美國大廈的時間，你如何從財務角度衡量成功？

I think there you really emphasized free cash flow and free cash flow per share and return on invested capital.

我認為你真的強調了自由現金流和每股自由現金流以及投資資本回報率。

Are you going to apply the same kind of framework at Lockheed?

您打算在 Lockheed 應用相同類型的框架嗎？

Yes.

是的。

I'm pleased to say that Ken is already applying it as we speak and before I got here.

我很高興地說，在我們說話時以及在我到達這里之前，Ken 已經在應用它了。

So I was really glad to see that, that's how capital allocation decisions have historically been made here.

所以我真的很高興看到，這就是歷史上資本配置決策的製定方式。

I think that my experience at American Tower, we used a wide variety of vehicles to deploy capital, get others to do it on our behalf or in partnership with us.

我認為我在 American Tower 的經歷，我們使用了各種各樣的工具來部署資本，讓其他人代表我們或與我們合作來做這件事。

And maybe we can add some of those elements here and some of my preexisting relationships in the tech sector and telecom to join us in some of this investment profile.

也許我們可以在這裡添加其中一些元素以及我在科技行業和電信領域的一些先前關係，以加入我們的一些投資概況。

But I do think that we can continue to drive cash flow per share growth here and ROIC stability or expansion at the same time.

但我確實認為，我們可以繼續推動每股現金流增長，同時推動 ROIC 穩定或擴張。

We did it at American Tower over a 20-year period, and I think we can do it here, too.

我們在 American Tower 做到了 20 年，我認為我們也可以在這裡做到。

Our next question is from Rob Spingarn with Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 Rob Spingarn。

Welcome, Jim.

歡迎，吉姆。

Very nice first quarter out of the gate.

第一季度非常好。

I have a couple of quick things for Ken on the guide.

在指南中，我有幾件事要告訴 Ken。

So Ken, MFC was the one segment where you didn't change the guidance.

Ken，MFC 是您沒有更改指南的部分。

You had this good bookings quarter, but -- and I guess growth declines a little bit in the second half.

你有一個很好的預訂季度，但是 - 我猜下半年增長會有所下降。

Is this a result of COVID?

這是 COVID 的結果嗎？

Is it just where the business is?

只是業務所在嗎？

When would -- might it reaccelerate to double digits?

什麼時候——它會重新加速到兩位數？

And then just separately, I wanted to ask you what you've got embedded in the guide for F-35 production sustainment development.

然後單獨地，我想問你在 F-35 生產維持開髮指南中嵌入了什麼。

You bet.

你打賭。

So yes, Missiles and Fire control is the one that we did not adjust guidance for.

所以是的，導彈和火力控制是我們沒有調整指導的。

You're exactly right.

你完全正確。

Just to remind everybody, it is still our fastest-growing business area, still most profitable business area.

提醒大家，它仍然是我們增長最快的業務領域，仍然是最賺錢的業務領域。

But going around the horn, and it's a little bit of what I talked about in the first quarter, our biggest concern from a COVID impact standpoint was clearly at Aeronautics.

但是繞過喇叭，這是我在第一季度談到的一點點，從 COVID 影響的角度來看，我們最大的擔憂顯然是在航空領域。

And clearly, the main driver -- main concern at Aeronautics was F-35.

很明顯，主要的驅動力——航空業的主要關注點是 F-35。

And we've done a good job of anticipating that in the quarter and hence, the results you saw in the quarter.

我們在本季度做出了很好的預測，因此，您在本季度看到了結果。

We had really strong results at Missiles and Fire Control in the second quarter, frankly, in the first half.

坦率地說，在上半年，我們在第二季度的導彈和火力控制方面取得了非常好的成績。

You're right.

你說得對。

If you look at where we're going, we're holding guidance.

如果你看一下我們要去的地方，我們會提供指導。

We do see COVID impacts.

我們確實看到了 COVID 的影響。

This is a very high-volume business.

這是一個非常大批量的業務。

So we are starting to see some pressures on Hellfire deliveries and ATACM deliveries regarding -- mainly driven by COVID.

因此，我們開始看到有關 Hellfire 交付和 ATACM 交付的一些壓力——主要是由 COVID 驅動的。

But we're going to be up year-over-year mid-single-digit from a growth standpoint in the second half.

但從下半年的增長角度來看，我們將實現同比中個位數增長。

So still pleased with the trajectory of where the business is going.

所以仍然對業務發展的軌跡感到滿意。

Let's see, your second question on guidance for F-35.

讓我們看看你關於 F-35 指導的第二個問題。

Yes, second quarter, we saw strong growth across F-35.

是的，第二季度，我們看到了 F-35 的強勁增長。

Follow-on modernization, we received some awards in the quarter.

後續現代化，我們在本季度獲得了一些獎項。

That resulted in strong sales growth year-over-year.

這導致銷售額同比強勁增長。

In fact, we'll see that into the second half of the year.

事實上，我們將在今年下半年看到這一點。

Production, if you recall, we had a little bit of a slow start in the first quarter, and that was basically timing of supplier payments to us that picked up in the second quarter, but really strong production growth in the second quarter and sustainment is up as well.

生產，如果你還記得的話，我們在第一季度的起步有點慢，這基本上是供應商向我們付款的時間在第二季度有所回升，但第二季度的產量增長非常強勁，而且持續性是也起來。

And so for the year, we're looking at double-digit growth for F-35.

因此，今年，我們正在尋找 F-35 的兩位數增長。

Overall, we're seeing development up really strong; sustainment, really strong; and production, mid-single digits, which is higher than what we thought.

總體而言，我們看到發展非常強勁；續航能力，真的很強；和產量，中等個位數，比我們想像的要高。

Our next question is from George Shapiro with Shapiro Research.

我們的下一個問題來自夏皮羅研究中心的喬治夏皮羅。

Yes.

是的。

Ken, I wanted to pursue a little bit more Aeronautics.

肯，我想多學一點航空學。

The F-35, you had an incremental margin of like 18.5% in the quarter.

F-35，本季度的增量利潤率約為 18.5%。

So obviously, you must have raised the margin, if you can share how much the margin went up.

所以很明顯，如果你能分享利潤率上升了多少，你一定提高了利潤率。

And then my second question is if you look at your implied guidance at the high end, the second half of the year has only 3% growth in Aero, way down from 15.5% in the first half.

然後我的第二個問題是，如果你看看你在高端的隱含指導，今年下半年 Aero 的增長率僅為 3%，遠低於上半年的 15.5%。

And the margin is implied at about 10.6%.

隱含的利潤率約為 10.6%。

So is that just being conservative?

那隻是保守嗎？

Or are we starting to really see some slowdown there?

還是我們真的開始看到那裡出現一些放緩？

Thank you, George.

謝謝你，喬治。

So yes, in the quarter, F-35 is up very, very strong.

所以是的，在本季度，F-35 的增長非常非常強勁。

I'm on the top line growth.

我在頂線增長。

Production was up strong, sustainment up strong, as I mentioned on the previous question.

正如我在上一個問題中提到的那樣，生產強勁，維持強勁。

If you look at margins, from a production standpoint, they were strong double-digit.

如果你看利潤率，從生產的角度來看，它們是強勁的兩位數。

We had some risk retirements on a few of our production lots.

我們的一些生產批次有一些風險退休。

It wasn't just block buy, but it was a few of our previous lots that actually are still open.

這不僅僅是大宗購買，而是我們之前的一些實際上仍然開放的地段。

So we had some risk retirements there.

所以我們在那裡有一些風險退休。

Developments, so SDD, the SDD has wound down.

發展，所以 SDD，SDD 已經結束。

That was a low-margin business for us.

這對我們來說是一項低利潤業務。

And now we're embarking on follow-on modernization with our customer.

現在我們正著手與客戶一起進行後續的現代化改造。

And we're seeing -- though it's cost plus, we are seeing stronger margins than we did on SDD.

我們看到 - 儘管它是成本加成，但我們看到的利潤率比我們在 SDD 上的利潤率更高。

Think of those as high single-digit margins.

將這些視為高個位數的利潤率。

And then on sustainment, we had a variety of risk retirements, not one single sustainment program that I could spike out, but there's a variety of sustainment programs that had some risk retirements in the quarter.

然後在維持方面，我們有各種各樣的風險退休，不是我可以突圍出來的一個單一的維持計劃，但是有各種各樣的維持計劃在本季度有一些風險退休。

So you're right on that, a strong quarter from a margin standpoint.

所以你是對的，從利潤率的角度來看是一個強勁的季度。

Second half, we're not anticipating the risk retirements that we had in this quarter, George.

下半場，我們沒有預料到本季度的風險退休，喬治。

And your other question was looking at the high end of the guidance.

你的另一個問題是看指南的高端。

Though we think we have done a very good job with our customer mitigating a lot of the risks due to COVID in the second quarter, we are starting to see risks specifically in Texas and specifically in our supply chain due to COVID.

儘管我們認為我們在第二季度為客戶減輕了 COVID 帶來的許多風險方面做得非常好，但我們開始看到因 COVID 導致的風險，特別是在德克薩斯州，特別是在我們的供應鏈中。

And we do anticipate seeing a couple hundred million dollar impact specifically on F-35 production top line due to COVID risk.

我們確實預計，由於 COVID 風險，F-35 生產線將受到數億美元的影響。

And so to your question, is that being conservative, it's only conservative if COVID does not happen.

因此，對於您的問題，是保守的，只有在 COVID 沒有發生的情況下才是保守的。

But if it happens, we feel comfortable with our midpoint of guidance and our high end of guidance.

但如果發生這種情況，我們會對我們的指導中點和指導的高端感到滿意。

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

接下來，我們將與花旗一起去 Jon Raviv 的生產線。

Welcome, Jim.

歡迎，吉姆。

Looking forward to working with you.

期待和你一起工作。

Hope everyone is well.

希望大家都好。

Just thinking about capital allocation, I know you guys have reiterated your balanced capital strategy.

就資本配置而言，我知道你們已經重申了你們的平衡資本策略。

When I think back to the last time this industry faced a potential political change, high deficits, potential budget pressure, the capital allocation strategy looked to get a little bit imbalanced.

當我回想起上一次這個行業面臨潛在的政治變革、高赤字、潛在的預算壓力時，資本配置策略看起來有點不平衡。

So just any more further perspective on how capital allocation strategy can shift and flex if the reality on the ground changes?

那麼，如果實際情況發生變化，關於資本配置策略如何轉變和靈活變化的更多觀點呢？

And what might be different today versus, let's say, 10 years ago?

今天與 10 年前相比有何不同？

I think 10 years ago, you were heavy in the repo, pretty big dividend on a relative basis, CapEx fell a lot, whereas now CapEx is still at a pretty high level.

我認為 10 年前，你在回購中很重，相對而言股息相當大，資本支出下降了很多，而現在資本支出仍處於相當高的水平。

So if you could also weave in your very unlevered balance sheet as well and to think about how capital allocation plays a role in a pressured budget environment.

因此，如果你也可以在你的非常無槓桿的資產負債表中編織，並考慮資本配置如何在壓力預算環境中發揮作用。

Thanks, Jon.

謝謝，喬恩。

It's Ken.

是肯。

I hope you're well as well.

我希望你也很好。

So I'll take that.

所以我會接受的。

Jon, we're committed to providing still a significant portion of our cash flow to our shareholders.

喬恩，我們致力於向我們的股東提供我們現金流的很大一部分。

And that's regardless of what happens, what this downturn looks like.

而且不管發生什麼，這次經濟低迷是什麼樣子。

But I'll start with cash.

但我將從現金開始。

And we just took our cash up to greater than or equal to $8 billion this year.

今年我們的現金剛剛超過或等於 80 億美元。

We have some tailwinds, and frankly, this year, we have some headwinds.

我們有一些順風，坦率地說，今年我們有一些逆風。

And with that balance and what we see with our working capital improvements, we were comfortable doing that.

有了這種平衡以及我們在營運資本改善方面看到的情況，我們很樂意這樣做。

One thing I'll say, going out to the future, and it's based on our strong backlog and this, what I'll call, our culture of cash, I've mentioned in the past that we're comfortable right now even with the headwinds that we see out in 2021 of $7.7 billion.

我要說的一件事是面向未來，它基於我們強大的積壓訂單，我稱之為現金文化，我過去曾提到過，即使我們在 2021 年看到的阻力為 77 億美元。

Based on what we see right now, we're comfortable taking that up $100 million to $7.8 billion.

根據我們現在看到的情況，我們很樂意將其增加 1 億至 78 億美元。

And then out to 2022, we talked about the pretax change for the amortization of R&D that we saw a path to roughly $7.8 billion in 2022.

然後到 2022 年，我們談到了研發攤銷的稅前變化，我們認為到 2022 年將達到大約 78 億美元。

We're comfortable today taking that up another $100 million.

我們今天很樂意再拿 1 億美元。

So think of just cash that could be used for internal investments and for cash deployment, up $400 million this year, up $100 million next year and up $100 million in 2022.

因此，僅考慮可用於內部投資和現金部署的現金，今年增加 4 億美元，明年增加 1 億美元，2022 年增加 1 億美元。

We've talked about capital this year and next year are probably the highest capital spends.

我們已經討論過今年和明年的資本支出可能是最高的。

We're going to have, think rough numbers, about $1.7 billion this year, though there is an appetite to spend more at the business areas.

粗略地想一想，今年我們將擁有大約 17 億美元，儘管人們有興趣在商業領域投入更多資金。

But right now, we're forecasting $1.7 billion and probably $1.7 billion next year, which gives us still very strong free cash flow going forward.

但現在，我們預測 17 億美元，明年可能為 17 億美元，這使我們未來的自由現金流仍然非常強勁。

We're committed to the dividend.

我們致力於分紅。

There's absolutely no question.

絕對沒有問題。

That is our priority, and we don't see that changing in the future.

這是我們的首要任務，我們認為這在未來不會改變。

Jim and I will go to the Board to recommend a change to our dividend rate in the September time frame for the next 4 quarters.

吉姆和我將去董事會建議在接下來的 4 個季度的 9 月時間框架內改變我們的股息率。

Based on what we see today, it's -- for planning purposes, we should assume high single-digit increases.

根據我們今天所看到的情況，出於規劃目的，我們應該假設高個位數增長。

I think for planning purposes, that's what we'll plan going out into the future.

我認為出於規劃目的，這就是我們未來的計劃。

I still think repos.

我仍然認為回購。

Repos has a place for us.

Repos 為我們提供了一席之地。

We've talked about the $1 billion this year.

我們已經討論了今年的 10 億美元。

We've done about $1.1 billion-ish through July.

到 7 月，我們已經完成了大約 11 億美元。

We're now going to pause at least in the near term.

我們現在至少要在短期內暫停。

It makes sense for us to do that based on this COVID environment.

基於這種 COVID 環境，我們這樣做是有意義的。

And just from a planning standpoint, we should assume $1 billion in 2021 and 2022.

僅從規劃的角度來看，我們應該在 2021 年和 2022 年假設 10 億美元。

And think of that as to prevent dilution in our share count.

並認為這是為了防止我們的股份數量被稀釋。

And as you mentioned, and Jim has talked about this, other investments we need to make, we have the balance sheet to do that.

正如你提到的，吉姆已經談到了這一點，我們需要進行其他投資，我們有資產負債表來做到這一點。

We have the cash flow to do that.

我們有足夠的現金流來做到這一點。

And you saw in the second quarter, we did float $1.150 billion of debt.

你在第二季度看到，我們確實發行了 11.5 億美元的債務。

We did that opportunistically, got a great yield on that money.

我們投機取巧地做了那件事，從這筆錢中獲得了豐厚的回報。

And we'll continue looking at whether it makes sense for us to go into the debt market, whether it's for organic or inorganic investments.

我們將繼續研究進入債務市場是否有意義，無論是有機投資還是無機投資。

So Jon, this is Jim.

喬恩，這是吉姆。

Ken just gave you a great landscape picture of the whole -- the scenery here.

肯剛剛給了你一幅很棒的整體景觀圖——這裡的風景。

And I can add and pick up on one thing you did say about -- and maybe something you were looking for in your question too is what would we do different potentially in the downturn on capital allocation.

我可以補充並接受你說過的一件事——也許你在你的問題中也在尋找的東西是，在資本配置低迷的情況下，我們可能會做些什麼不同的事情。

And just to recap, the dividends there, it's going to be a growing dividend, in our view, at least, Ken and mine's.

回顧一下，那裡的紅利，這將是一個不斷增長的紅利，至少在我們看來，肯和我的觀點是這樣。

And the Boards, I expect, would agree with us.

我希望董事會會同意我們的看法。

But in a downturn, in my historical recent experience and my philosophy here is that may be also presenting an opportunity for us.

但在經濟低迷時期，根據我最近的歷史經驗和我的哲學，這可能也為我們提供了機會。

If there is a downturn, we're going to look at the silver linings that may be there and -- whether it's M&A and other investments.

如果經濟低迷，我們將研究可能存在的一線希望——無論是併購還是其他投資。

So if you add together the scale of Lockheed Martin and the cash flow that comes from that, that Ken just defined, the backlog on top of it that extends out into time and the balance sheet strength that we have, there could be opportunities for us to act in a time period where asset prices are depressed for things that we may want to bring into the company or JV with or whatever.

因此，如果你把洛克希德馬丁公司的規模和由此產生的現金流加起來，肯剛剛定義的，在它之上延伸到時間的積壓工作以及我們擁有的資產負債表實力，我們可能會有機會在資產價格低迷的時期採取行動，我們可能希望將這些東西帶入公司或合資企業或其他任何東西。

And so that's just another way to picture it, is the strength and the breadth and the foundation of this company could allow us as it did in my prior experience to get assets we really wanted that might be even more available at attractive prices, which then drive the nice ROIC that you want and the cash flow growth to come with it.

因此，這只是另一種描述方式，這家公司的實力、廣度和基礎可以讓我們像我之前的經驗一樣獲得我們真正想要的資產，這些資產可能會以更具吸引力的價格提供，然後推動您想要的良好 ROIC 以及隨之而來的現金流增長。

(Operator Instructions) And next, we'll go to the line of Rich Safran with Seaport Global.

（操作員說明）接下來，我們將前往 Seaport Global 的 Rich Safran 生產線。

So if you mentioned this in your opening remarks, I apologize I missed it.

所以如果你在開場白中提到了這一點，我很抱歉我錯過了。

Hopefully, have a fiscal '21 budget in place by start of the fiscal year.

希望在本財政年度開始之前製定財政 '21 預算。

But what I wanted to focus on was -- and what I wanted to ask you was about the global settlement you've talked about.

但我想關注的是——我想問你的是你談到的全球解決方案。

I'm sure you're aware that there's also been chatter about additional stimulus funding.

我相信您知道還有關於額外刺激資金的討論。

So what I was looking for is if there's any risk to your cash flows and sales guide if there actually isn't a global settlement and/or stimulus funding.

因此，我一直在尋找的是，如果實際上沒有全球結算和/或刺激資金，您的現金流和銷售指南是否存在任何風險。

I'm just curious about what assumptions are embedded in the new guide and what you're expecting from the settlement.

我只是想知道新指南中嵌入了哪些假設以及您對和解的期望。

Yes.

是的。

I'll take that.

我會接受的。

So you're right.

所以你是對的。

We have provided OSD, the Department of Defense, a ROM based on what we see as impacts to Lockheed Martin and its supply chain that go out to September.

我們已經向 OSD（國防部）提供了一份 ROM，該 ROM 是基於我們認為對洛克希德馬丁公司及其供應鏈的影響，這些影響將持續到 9 月。

We just had a few internal conversations, and we're starting to have conversations with the customer.

我們剛剛進行了幾次內部對話，我們開始與客戶進行對話。

Probably makes sense since that -- it's already stale.

可能有道理，因為它已經過時了。

This is a fluid situation.

這是一個不穩定的情況。

Probably makes sense for us to update that rough order of magnitude, and it may make sense for us to extend it beyond September.

更新這個粗略的數量級對我們來說可能是有意義的，而且我們將它延長到 9 月之後可能是有意義的。

We'll go through that with them.

我們會和他們一起解決這個問題。

Regarding what we're assuming from a sales and margin standpoint, what we're generally seeing, Rich, is these impacts are out farther than we thought, say, 3 months ago, and probably more in the '21 time period, maybe a little bit in the fourth quarter of this time period.

關於我們從銷售和利潤率的角度所做的假設，Rich，我們通常看到的是這些影響比我們想像的要遠，比如 3 個月前，而且可能在 21 世紀期間更多，也許是在這個時間段的第四季度一點點。

So if there is not a deal, the grand deal, I think the next course of action would be for us to go work individually with our respective customers to negotiate on a case-by-case basis what the impacts are to us and what are not.

因此，如果沒有達成協議，最重要的是，我認為下一步的行動是讓我們與各自的客戶單獨合作，逐案協商對我們的影響是什麼，以及對我們有什麼影響。不是。

The issue is going to be the available funding for that.

問題將是為此提供的資金。

If there's not funding, these are all allowable costs.

如果沒有資金，這些都是允許的成本。

And then the question becomes we put that into our forward pricing rates, and there might be some modest impacts to a couple of our programs.

然後問題就變成了我們將其納入我們的遠期定價率，並且可能會對我們的幾個項目產生一些適度的影響。

But that would be probably more at the profit level, not at the top line.

但這可能更多地體現在利潤層面，而不是收入層面。

And right now, we don't see that playing out as advertised.

而現在，我們沒有看到像宣傳的那樣發揮作用。

So it's fluid, and we're working through this with our customers.

所以它是流動的，我們正在與我們的客戶一起解決這個問題。

It seems like the summary is that the 2020 guidance is not greatly affected in either direction, whether the stimulus goes through or not.

總結似乎是，無論刺激計劃是否通過，2020 年指導在任何一個方向都不會受到太大影響。

Our next question is from Cai von Rumohr with Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Cai von Rumohr。

Yes.

是的。

Jim, you come from a tech background.

吉姆，你來自技術背景。

You talked about seeing opportunity to adopt some practices from commercial technology at Lockheed Martin, potential for partnerships, a program, you mentioned 5G.mil.

你談到了在洛克希德馬丁公司看到採用商業技術的一些實踐的機會，合作的潛力，一個項目，你提到了 5G.mil。

Could you expand a little bit in terms of how would you bring commercial technology into the company and what would you expect to gain from it?

您能否詳細介紹一下您將如何將商業技術引入公司以及您希望從中獲得什麼？

Sure, Cai.

當然，蔡。

There's a number of approaches to this.

有很多方法可以解決這個問題。

Again, in my previous experience, we were embarking on this for commercial 5G applications, which is Internet of Things at scale, including autonomous land and air vehicles.

同樣，根據我之前的經驗，我們正在為商業 5G 應用著手，這是大規模的物聯網，包括自主陸地和空中交通工具。

So that's happening in the tech sector now.

所以現在科技行業正在發生這種情況。

So there's a 5G standard to that.

所以有一個 5G 標準。

There's computing which is storage and processing of data that's moving to the edge of the network in intermediate places from data centers to the edge.

計算是數據的存儲和處理，這些數據正在從數據中心到邊緣的中間位置移動到網絡邊緣。

And there's the autonomous vehicle infrastructure and devices, we call them edge devices over in the tech side, that are being built.

還有自動駕駛汽車基礎設施和設備，我們在技術方面稱之為邊緣設備，正在建設中。

And you'd think of them as the driverless car, et cetera, et cetera.

你會認為它們是無人駕駛汽車等等。

So all of those elements are being processed at pace -- it's going to take time, by the way, to do any of this in the commercial space.

所以所有這些元素都在按節奏處理——順便說一下，在商業領域做任何這些都需要時間。

And those practices can be brought over, I think, to the defense industrial base, but only quickly if our customer comes along with us and changes some of the procurement practices, how we can get paid for things.

我認為，這些做法可以帶到國防工業基地，但前提是我們的客戶與我們一起改變一些採購做法，改變我們如何獲得報酬。

There's a licensing regime that you may be aware of in the telecom space, particularly, that enables global standards to be built and then each participant or competitor designs to that global standard.

在電信領域，您可能知道有一種許可製度，特別是它可以建立全球標準，然後每個參與者或競爭對手都可以根據該全球標准進行設計。

That's how you can get 2, 3, 4, 5G done in the space of 20 years when it takes that long to get one defense program done.

這就是你如何在 20 年的時間內完成 2、3、4、5G，而完成一個防禦計劃需要那麼長時間。

So those are the kind of practice I think we can migrate over with some of those partners that are working on these things on the commercial side.

因此，我認為這些是我們可以與一些在商業方面從事這些工作的合作夥伴一起遷移的做法。

Now again, this is a long-cycle initiative as it is on the commercial industry, too.

再一次，這是一個長周期的舉措，因為它也適用於商業行業。

It's going to require cooperation with our customer, and they're sort of authorizing us to try some of these things because no one's going to take any risk on the defense industrial base by implementing these technologies in a different way if they're not sure they're going to get paid for it.

這將需要與我們的客戶合作，他們有點授權我們嘗試其中的一些事情，因為如果他們不確定，沒有人會通過以不同的方式實施這些技術來承擔國防工業基礎上的任何風險他們會為此得到報酬。

So we've got a lot to do.

所以我們有很多事情要做。

But frankly, at American Tower, we endeavor to change an industry to go from where transmission sites for telecom networks, where nonperforming cost centers inside of telephone companies, and we converted them through commercial practices and basically sale-leaseback type of approach.

但坦率地說，在美國電塔，我們努力改變一個行業，從電信網絡的傳輸站點，電話公司內部的不良成本中心，我們通過商業實踐和基本上是售後回租類型的方法來改變它們。

We turn those assets into performing assets for commercial companies like ours that we're able to create value for shareholders over a long arc of time.

我們將這些資產轉化為像我們這樣的商業公司的執行資產，我們能夠在很長一段時間內為股東創造價值。

So this can be done, but it's going to take time.

所以這是可以做到的，但這需要時間。

It's going to require, just like it required at American Tower, the cooperation of our customers who are then the telephone companies to work with us and engage in this.

這將需要我們的客戶的合作，就像在美國電塔所需要的那樣，他們當時是電話公司，與我們合作並參與其中。

And the only reason they did was because they could deploy their networks faster, get capital from us to do it and also to have a lower total cost of ownership for the site over time.

他們這樣做的唯一原因是因為他們可以更快地部署他們的網絡，從我們那裡獲得資金來做這件事，而且隨著時間的推移，網站的總擁有成本也會降低。

And when you multiply that by -- we have 180,000 sites back at my prior company, we basically helped change the industry, not just in the U.S. but around the world.

當你乘以 - 我們在我之前的公司有 180,000 個網站時，我們基本上幫助改變了這個行業，不僅在美國而且在世界各地。

That's the kind of aspiration we have here at Lockheed Martin, and we are in a position to do it.

這就是我們洛克希德馬丁公司的願望，我們有能力做到這一點。

And I would argue a way better position than we ever were back in the tower and digital infrastructure industry 15, 20 years ago.

我會爭辯說，我們在 15 年、20 年前在塔式和數字基礎設施行業中的地位比以往任何時候都要好。

So that's the aspiration.

這就是願望。

Cai, how to do it, we know.

蔡，怎麼做，我們知道。

We've got a great example on commercial telephony and technology and how they collaborate through standards bodies and other mechanisms and JVs and alliances to get this done.

我們有一個關於商業電話和技術的很好的例子，以及它們如何通過標準機構和其他機制以及合資企業和聯盟進行協作來完成這項工作。

And so those are the kind of practices we can bring over.

因此，這些是我們可以採用的做法。

It's not easy.

這並不容易。

It's not going to happen in a hurry.

這不會很快發生。

But the benefit, again, Lockheed Martin has is the backlog is so strong on what I call the product-centric way of doing defense industrial base business.

但是，洛克希德馬丁公司的好處是，我稱之為以產品為中心的國防工業基地業務方式的積壓如此之多。

That we've got time, and we can perform as we try to also move the industry towards a network-centric way of doing business.

我們有時間，我們可以執行，因為我們也試圖將行業推向以網絡為中心的經營方式。

Next question is from Seth Seifman with JPMorgan.

下一個問題來自摩根大通的 Seth Seifman。

Ken, I wanted to just follow up quickly maybe on Rich's question about a settlement, and the industry has been fairly vocal about this being important.

肯，我想快速跟進一下 Rich 關於和解的問題，業界一直在直言不諱地認為這很重要。

You guys have mentioned that there's not very much impact one way or the other on the guidance for 2020.

你們提到過，對 2020 年的指導沒有太大影響。

So should we think about it then as -- if it is important and it's not important for 2020, should we think about it as being something that's important for 2021?

那麼我們是否應該將其視為 - 如果它對 2020 年很重要並且不重要，我們是否應該將其視為對 2021 年很重要的事情？

And maybe if you could explain to us a little bit about the mechanics of when there is a settlement, sort of what happens.

也許如果你能向我們解釋一下何時達成和解的機制，就會發生什麼。

Is that cash that the company has been missing out on this year that will come at some point perhaps next year?

公司今年錯過的現金是否會在明年某個時候到來？

How should we think about the mechanics of how that all runs through the P&L?

我們應該如何考慮這一切如何貫穿損益表的機制？

Yes.

是的。

So whether it hits this year next year or all year, Seth, it is important.

因此，無論是今年、明年還是全年，賽斯，這都很重要。

It's important to the industry.

這對行業很重要。

And it's not just Lockheed Martin.

不僅僅是洛克希德馬丁公司。

It would be across our entire supply base.

它將遍及我們的整個供應基地。

And as I mentioned, this is fluid.

正如我提到的，這是流動的。

It's got a lot of moving parts.

它有很多活動部件。

It probably -- just for our financials, it will hit modestly in the second half of the year, but then probably hit more and ripple through the supply chain in the first half of 2021 is our best assessment.

它可能 - 僅就我們的財務而言，它會在今年下半年受到適度的打擊，但隨後可能會受到更大的打擊，並在 2021 年上半年波及整個供應鏈，這是我們最好的評估。

Mechanically, the way this could work if it was a big settlement, we still have to go through the details, but I'm guessing that the expectation would be -- so pick the F-35 a brand settlement, I think the expectation internally just from a program performance standpoint and at the customer level, they would want those costs and those budgets, if you will, to flow into those respective programs.

從機械上講，如果這是一個大的解決方案，這可能會起作用，我們仍然需要研究細節，但我猜期望是——所以選擇 F-35 品牌解決方案，我認為內部期望僅從項目績效的角度和客戶層面來看，他們會希望這些成本和預算（如果您願意的話）流入相應的項目。

I'm going to speculate that there probably would be some kind of clip level from a dollar threshold standpoint that we would utilize with the customer set of what gets flowed to the programs.

我將推測，從美元門檻的角度來看，可能會有某種剪輯級別，我們將利用這些剪輯級別與客戶一起使用流向程序的內容。

So there probably is a point where it's going to be a diminishing return and costs more to implement that across programs than not.

因此，可能存在一個點，即跨項目實施它的回報會遞減，成本會更高。

Assuming if there's not a grand deal, I think what you would see is each program would deal with a case-by-case, and then mechanically, that's how that would happen, and it would be a sales impact, a cash impact and an EBIT impact across each respective programs.

假設沒有大交易，我想你會看到每個項目都會逐案處理，然後機械地，這就是發生的方式，這將是銷售影響、現金影響和EBIT 對每個項目的影響。

But what you're talking about, ballpark, whatever our number is, it's -- we're a $65 billion -- round up to $65 billion company.

但是你在說什麼，大概，不管我們的數字是多少，它都是——我們是一家價值 650 億美元的公司——四捨五入到 650 億美元。

It's not going to be that material to our bottom line, specifically if it's over a multitude of years.

它不會對我們的底線產生重大影響，特別是如果它已經過了很多年。

So we'll see, we'll see where this goes.

所以我們會看到，我們會看到這是怎麼回事。

I think this has got to take some time to play out still.

我認為這仍然需要一些時間才能發揮作用。

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

接下來，我們將與高盛一起去 Noah Poponak。

So you fielded a number of questions here on what your business could look like or your capital deployment could look like in the hypothetical that's defense budget cost.

所以你在這裡提出了一些問題，關於你的業務會是什麼樣子，或者你的資本部署在假設的國防預算成本中會是什麼樣子。

And so I wanted to ask you the question, do you think the defense budget will decline?

所以我想問你一個問題，你認為國防預算會下降嗎？

And we all obviously can have a view on that based on the inputs that are visible to us, but I'm assuming you all have more insight into the geopolitical landscape and then maybe what both sides of the aisle are thinking right now in the committees but also in the potential presidential platform.

我們顯然都可以根據我們可見的意見對此發表看法，但我假設你們都對地緣政治格局有更深入的了解，然後也許過道的兩邊現在在委員會中都在想什麼而且在潛在的總統平台上。

So maybe beyond just the standard world of dangerous place stuff, what is your view on whether or not defense spending goes down?

因此，也許除了危險場所的標準世界之外，您對國防開支是否下降有何看法？

And if it were to actually grow, what specifically could make that happen from here?

如果它真的要增長，那麼具體是什麼可以使它從這裡發生？

Noah, it's Jim.

諾亞，是吉姆。

I try to not speculate on the behavior of people that are going to make independent decisions that we can't predict.

我盡量不去推測那些將要做出我們無法預測的獨立決定的人的行為。

So we're just getting the company ready for either scenario, frankly.

所以坦率地說，我們只是讓公司為這兩種情況做好準備。

If it's stable, slightly rising or moderately rising defense budget, we know how to handle that.

如果國防預算穩定、略有上升或適度上升，我們知道如何處理。

But if it's a declining defense budget, we're planning for that, too.

但如果是國防預算下降，我們也正在為此做計劃。

So we can't predict one way or the other the behavior of human beings, whether it's 6 months from now or whenever they're going to make these kinds of decisions.

所以我們無法以一種或另一種方式預測人類的行為，無論是從現在開始的 6 個月還是他們將要做出此類決定的任何時候。

But what we can do is prepare for both scenarios, and that's exactly what we're doing.

但我們能做的是為這兩種情況做好準備，而這正是我們正在做的。

All of our BAs are looking at all their programs and saying, if -- and they're planning this under Ken's guidance, if there's a downturn in defense, depending which I've asked every BA to look at and get back into the integrated plan, if in that scenario, it's a red team kind of an exercise, what would we do?

我們所有的 BA 都在查看他們所有的項目並說，如果 - 他們正在 Ken 的指導下計劃這個，如果防禦出現低迷，這取決於我已經要求每個 BA 看看並回到綜合計劃，如果在那種情況下，這是一种红隊演習，我們會怎麼做？

It's a contingency plan that says, okay, we would offer it to our customers to say, look, if your budget is x minus y, this is what we think you should do with our products and programs for extending lives and other things like that.

這是一個應急計劃，好吧，我們會把它提供給我們的客戶說，看，如果你的預算是 x 減去 y，這就是我們認為你應該使用我們的產品和程序來延長生命和其他類似的事情.

And with the backlog we have and the orders in track and the production lines that are going, the supply chains that operate, it's going to be 2 to 3 years before those defense budget cuts actually flow into the defense industrial base production lines.

由於我們擁有積壓的訂單、正在進行的訂單以及正在運行的生產線、正在運行的供應鏈，這些國防預算削減實際流入國防工業基地生產線還需要 2 到 3 年的時間。

So we've got time to work with the customer to make sure that they can have their contingency plan, and we're behind and we're working with them 100%.

因此，我們有時間與客戶合作，以確保他們可以製定應急計劃，我們落後了，我們正在與他們 100% 合作。

Next, we'll go to Myles Walton with UBS.

接下來，我們將與瑞銀一起去邁爾斯沃爾頓。

Jim, curious, if you look at from an operating segment level, where do you think your leadership might have the most impact from what you're bringing to the table, richer technology partnerships, lessons learned, vertical integration from an M&A perspective?

吉姆，好奇的是，如果你從運營部門的層面來看，你認為你的領導可能對你帶來的影響最大，從併購的角度來看，更豐富的技術合作夥伴關係、經驗教訓、垂直整合？

And how would that manifest?

這將如何體現？

Would it be faster growth?

增長會更快嗎？

Better margins?

更好的利潤率？

Maybe just where you think you could have the bigger impact, maybe one level down at the organization.

也許就在您認為可以產生更大影響的地方，也許在組織的下一級。

So by operating segment, each of those businesses with the corporate support they've had, they're great at what they do.

因此，通過運營部門，這些企業中的每一個都有他們所擁有的企業支持，他們在他們所做的事情上做得很好。

I'm probably not going to make a better missile design than people at MFC can make.

我可能不會做出比 MFC 的人更好的導彈設計。

So what I think might benefit or add -- value-added might be is cross-cutting those BAs in a way that hadn't been done before here or anywhere else and then linking them with the customer to do what the customer is literally asking us for, which is how do we connect equipment, systems, communication networks across what they call domains.

所以我認為可能受益或增加的——增值可能是以一種以前在這里或其他任何地方都沒有做過的方式橫切這些 BA，然後將它們與客戶聯繫起來以完成客戶真正要求的事情us for，這就是我們如何跨他們所謂的域連接設備、系統和通信網絡。

So how can I have satellite, get a signal from an F-35 that then goes back to a ground-based missile defense system to hit an incoming threat to one of our installations.

那麼我怎樣才能擁有衛星，從 F-35 獲得信號，然後返回到地面導彈防禦系統，以打擊對我們其中一個設施的入侵威脅。

That's what they really want.

那才是他們真正想要的。

Not any single one of our business areas or any other companies, frankly, I think could give them that solution.

坦率地說，我認為我們的任何一個業務領域或任何其他公司都不能為他們提供該解決方案。

So we're working with our recently hired CTO who was previously running DARPA to look horizontally across what are the missions that the DoD and our allies need to do and what BAs -- in what BAs do we have the assets, resources and technical capabilities to provide them that horizontal solution.

因此，我們正在與我們最近聘請的 CTO 合作，他之前負責管理 DARPA，以橫向審視國防部和我們的盟友需要完成的任務以及 BAs——我們在哪些 BAs 中擁有資產、資源和技術能力為他們提供橫向解決方案。

So our typical backlog, we're providing what I call vertical solutions.

所以我們典型的積壓，我們提供我所說的垂直解決方案。

We're providing products, platform, services, generally to one service, the F-35 is an exception, of course.

我們提供產品、平台、服務，通常是針對一項服務，當然 F-35 是個例外。

But to one service, maybe just to one country, but we're going to need to link across services better.

但是對於一項服務，也許只是針對一個國家，但我們需要更好地跨服務鏈接。

We're going to need to link across our allies better, and that's what this network solution is really about, in my mind.

我們將需要更好地連接我們的盟友，在我看來，這就是這個網絡解決方案的真正意義所在。

So that's where I think, Myles, we can bring our tech world partners and U.S. and other allied countries, companies into this to make us better horizontally.

所以這就是我認為的地方，Myles，我們可以將我們的技術世界合作夥伴以及美國和其他盟國，公司帶入其中，以使我們在橫向上變得更好。

I'm not sure they can even make us all that better vertically all that often, but horizontally, I think we can.

我不確定他們甚至可以經常讓我們在垂直方向上變得更好，但我認為我們可以在水平方向上做得更好。

And that's where you bring in the AI, the 5G, the distributed computing, things like that.

這就是你引入人工智能、5G、分佈式計算等東西的地方。

Some of our vertical technologies like hypersonics, we're going to do just fine in that.

我們的一些垂直技術，如超音速，我們將在這方面做得很好。

Now we may buy individual M&A opportunities or targets to be able to fill ourselves in or do more mission system work and a technology like that.

現在我們可能會購買單獨的併購機會或目標，以便能夠填補或完成更多的任務系統工作和類似的技術。

But I think it's more horizontal than vertical, Myles, just to answer it quickly.

但我認為橫向比縱向更重要，邁爾斯，我想快速回答一下。

Our next question is from Peter Arment with Baird.

我們的下一個問題來自 Peter Arment 和 Baird。

Ken, I wanted to ask you a question on just the order environment.

肯，我想問你一個關於訂單環境的問題。

You had a really strong quarter.

你有一個非常強勁的季度。

I think Jim mentioned $22 billion in orders or 1.4 book-to-bill.

我認為吉姆提到了 220 億美元的訂單或 1.4 的訂單到賬單。

But maybe you could just highlight some of the international pursuits that are still in front of you and if you are seeing any kind of delays or chatter because of COVID-19.

但也許你可以強調一些仍在你面前的國際追求，如果你看到任何類型的延遲或因為 COVID-19 而喋喋不休。

And maybe just highlight what you expect to still come in this year in 2020.

也許只是強調您預計今年 2020 年仍會出現的內容。

You bet.

你打賭。

Thanks for the question.

謝謝你的問題。

Yes, we still see some great opportunities out there, specifically internationally.

是的，我們仍然看到一些很好的機會，特別是在國際上。

We're not seeing that much slip to the right.

我們沒有看到向右滑那麼多。

I'd say the only thing we may be seeing slip to the right are the requests for proposal.

我想說的是，我們唯一可能看到的向右滑動的是提案請求。

Solicitations are moving to the right, but they're holding firm to the end date.

招標正在向右移動，但他們堅持到結束日期。

But to answer your question, specifically, a couple of things that we have out there that are quite large are we have an indefinite quantity, indefinite delivery, F-16 order coming.

但要回答你的問題，具體來說，我們有一些相當大的事情是我們有不確定的數量、不確定的交貨、即將到來的 F-16 訂單。

The marquee customer is Taiwan and another country customer.

跑馬燈客戶是台灣和另一個國家的客戶。

That should get announced sometime in this quarter.

這應該會在本季度的某個時候公佈。

Think of that as an additional 90 aircraft for F-16, which we're quite pleased with.

將其視為 F-16 的額外 90 架飛機，我們對此感到非常滿意。

There is a C-130 Indonesia order that we're also anticipating happens later this year.

我們還預計今年晚些時候會收到一份 C-130 印度尼西亞訂單。

There is some follow-on work for the recently announced India Navy MH-60R program that we got earlier.

我們之前獲得的最近宣布的印度海軍 MH-60R 計劃還有一些後續工作。

Those are the -- mainly the large ones.

這些是 - 主要是大的。

We also have an Aegis Ashore Japan order that we're anticipating later this year.

我們還有一份日本陸上宙斯盾訂單，預計將在今年晚些時候發布。

And then, of course, there's a variety of F-35 production orders that we plan to book later this year that, rough number, is 40% of those quantities will be of international nature.

然後，當然，我們計劃在今年晚些時候預訂各種 F-35 生產訂單，粗略地說，這些數量中的 40% 將具有國際性質。

Going into next year we see -- we also continue to see some strong demand for specifically F-16, our integrated air and missile defense.

進入明年，我們會看到——我們還會繼續看到對 F-16（我們的綜合防空和導彈防禦系統）的強勁需求。

In parallel with our customer, we're pursuing a CH-53K order in Germany.

在與我們的客戶同時，我們正在德國尋求 CH-53K 訂單。

And in Israel, that should get -- we'll shape that this year and hopefully get that award in a competition sometime next year.

在以色列，這應該——我們將在今年塑造它，並希望在明年某個時候的比賽中獲得該獎項。

So there are a lot of international opportunities out there and really not seeing a lot of slowdown in -- from an order book standpoint.

因此，從訂單簿的角度來看，那裡有很多國際機會，而且真的沒有看到很多放緩。

John, I think we have time for one more question.

約翰，我想我們還有時間再問一個問題。

And that will be from Rob Stallard with Vertical Research.

這將來自 Vertical Research 的 Rob Stallard。

Batting cleanup here, I think, is the way you guys described it.

我認為，這裡的擊球清理是你們描述的方式。

I think just to follow up on what Noah was asking about, not asking you to necessarily speculate on where the U.S. defense budget could go to.

我想只是跟進諾亞所問的問題，而不是讓你一定要推測美國國防預算的去向。

But maybe to follow up on your introductory comments about the challenges in national security, are these challenges around resources?

但也許要跟進您關於國家安全挑戰的介紹性評論，這些挑戰是否與資源有關？

Or is it around affording the capabilities the U.S. will need to address national security threats going forward?

還是圍繞提供美國未來應對國家安全威脅所需的能力？

I was wondering if you can elaborate a little bit more on that.

我想知道你是否可以詳細說明一下。

I would characterize the challenges or the pursuits that China and Russia are taking to regain status as pure competitors to the United States in this field.

我將描述中國和俄羅斯為重新獲得美國在這一領域的純粹競爭對手地位而採取的挑戰或追求。

And when you get into the depths of what's going on, it's concerning from someone who's been in this space my whole career off and on.

當你深入了解正在發生的事情時，這是一個在我整個職業生涯中一直在這個領域的人的擔憂。

So that's the real challenge is we've got a country that, in the form of China, which is getting very aggressive in their actions, their attitudes and their aspirations, and they're investing in capabilities.

所以真正的挑戰是我們有一個國家，以中國的形式，他們的行動、態度和抱負都變得非常積極，並且他們正在投資於能力。

Some of them are symmetric and some of them are asymmetric to find our vulnerable spots in our traditional way of running our defense operations and trying to get ahead of us in those especially vulnerable spots.

其中一些是對稱的，一些是不對稱的，以發現我們以傳統方式運行我們的防禦行動並試圖在那些特別脆弱的地方領先於我們的弱點。

So there's going to be a lot of investment and a lot of technology investment to firm up those vulnerable places in our defense posture.

因此，將會有大量投資和大量技術投資來鞏固我們防禦態勢中的那些薄弱環節。

And that's what I would characterize as the big challenge.

這就是我認為的巨大挑戰。

And Russia, on the strategic side, whether it's hypersonic missiles or other fairly strategic threat-type elements, is back in the game and investing, too.

而俄羅斯，在戰略方面，無論是高超音速導彈還是其他相當具有戰略意義的威脅類型元素，也都回到了遊戲中並進行了投資。

So they may not be the great land army they were in the 1980s and threatening Europe in that way, but they've gone to a technological threat posture, which allows them to do it from a greater distance with a much smaller military organization, if you will.

因此，他們可能不再像 1980 年代那樣以那種方式威脅歐洲的強大陸軍，但他們已經進入技術威脅態勢，這使他們能夠以更小的軍事組織從更遠的距離做到這一點，如果你會。

And John, we've just passed the hour, so I think I will turn it back over to Jim now for some final thoughts.

約翰，我們剛剛過了一個小時，所以我想我現在會把它轉回給吉姆，讓他做最後的想法。

Sure.

當然。

As I conclude the call today, I do want to thank the employees of Lockheed Martin for their contributions and dedication during this time of global pandemic.

在結束今天的電話會議時，我確實要感謝洛克希德馬丁公司的員工在全球大流行期間所做的貢獻和奉獻。

They perform with excellence supporting our customers in their important missions, and I'm extremely proud of them and to be part of the Lockheed Martin team now with 110,000-plus other teammates.

他們以卓越的表現支持我們的客戶完成他們的重要任務，我為他們感到非常自豪，並成為洛克希德馬丁團隊現在與 110,000 多名其他隊友的一員。

So thank you again, everyone, on the call today for joining us.

再次感謝大家今天在電話中加入我們。

We look forward to speaking with you on our next earnings call in October, and have a great rest of the week.

我們期待在 10 月份的下一次財報電話會議上與您交談，並祝您度過愉快的一周。

Ladies and gentlemen, that does conclude your conference for today.

女士們，先生們，今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。