洛克希德·馬丁 (LMT) 2020 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Lockheed Martin First Quarter 2020 Earnings Results Conference Call. (Operator Instructions) As a reminder, today's call is being recorded.

女士們，先生們，感謝你們的支持，歡迎來到洛克希德馬丁公司 2020 年第一季度收益結果電話會議。 （操作員說明）提醒一下，今天的通話正在錄音中。

I'll turn the call now to Mr. Greg Gardner, Vice President, Investor Relations. Please go ahead, sir.

我現在將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 first quarter 2020 earnings conference call. Joining me today on the call are Marillyn Hewson, our Chairman, President and Chief Executive Officer; and Ken Possenriede, our Executive Vice President and Chief Financial Officer. With safety and caution in mind during these unusual times, we are using a more virtual approach in exercising social distancing while conducting this call.

謝謝你，約翰，早上好。歡迎大家參加我們 2020 年第一季度的收益電話會議。今天和我一起參加電話會議的有我們的董事長、總裁兼首席執行官 Marillyn Hewson；和我們的執行副總裁兼首席財務官 Ken Possenriede。在這些不尋常的時期，考慮到安全和謹慎，我們在進行此電話會議時使用了一種更虛擬的方法來保持社交距離。

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. 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.

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。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 Marillyn.

有了這個，我想把電話轉給瑪麗蓮。

Good morning, everyone, and thank you for joining us today. I hope this call finds you and your family safe and healthy as we collectively work to address the many issues brought on by the coronavirus outbreak. Our nation and the global community have seen the dramatic effects of the COVID-19 crisis. We are all saddened by the rise in illness and the tragic loss of life that has resulted from it, and our Lockheed Martin family has not been spared from this pandemic. The world continues to battle this disease, with experts predicting improvements will be seen in the coming weeks and months. And while this is certainly encouraging, we must remain vigilant to ensure progress is achieved.

大家早上好，感謝您今天加入我們。在我們共同努力解決冠狀病毒爆發帶來的許多問題時，我希望通過這次通話能使您和您的家人安全健康。我們的國家和國際社會都看到了 COVID-19 危機的巨大影響。我們都對疾病的增加和由此造成的悲慘生命損失感到悲痛，我們的洛克希德馬丁家族也未能倖免於這一流行病。世界繼續與這種疾病作鬥爭，專家預測在未來幾周和幾個月內將會看到改善。雖然這當然令人鼓舞，但我們必須保持警惕以確保取得進展。

The corporation is taking necessary steps to help combat this virus and keep our employees safe while assuring our customers can achieve their important readiness and mission requirements. We are beginning to experience some issues in each of our business areas related to the coronavirus, primarily in access to some locations and delays of supplier deliveries, which have caused us to adjust our full year sales outlook, and we will discuss that later in the call.

公司正在採取必要措施幫助抗擊這種病毒並確保我們員工的安全，同時確保我們的客戶能夠實現他們重要的準備和任務要求。我們開始在我們的每個業務領域遇到一些與冠狀病毒相關的問題，主要是在某些地點的訪問和供應商交貨的延遲，這導致我們調整了我們的全年銷售前景，我們將在稍後討論稱呼。

Our teams are successfully addressing many of the risks that have arisen due to the COVID-19 impacts. Our manufacturing facilities are open, and our workforce is engaged. The situation will evolve, and we will continue to monitor our business environment for areas of concern. The corporation remains committed to delivering the products and services needed for our customers and to maintaining a safe and healthy workplace for our employees.

我們的團隊正在成功解決因 COVID-19 影響而產生的許多風險。我們的生產設施是開放的，我們的員工也很投入。情況會發生變化，我們將繼續監控我們的業務環境以尋找關注的領域。公司始終致力於為我們的客戶提供所需的產品和服務，並為我們的員工維護一個安全和健康的工作場所。

In recognition of this unprecedented situation, the U.S. government has taken several actions that continue to reinforce the importance of our nation's defense industry. The Department of Homeland Security deems the defense industrial base to be part of the nation's essential critical infrastructure. And the Department of Defense has issued guidance that confirms the expectation that companies providing products and services in support of national security continue to maintain staffing and work schedules to perform their crucial functions. The DoD also published a deviation on progress payments memo, issuing a blanket increase to progress payment rates for both large and small businesses. Stable and reliable cash inflows provide needed visibility for all businesses and will be especially important to many small and medium-sized suppliers. These actions underscore the country's commitment to our industry and importantly, to our supply chain, which provides tremendous innovation and strength to our national security products.

認識到這種前所未有的情況，美國政府採取了幾項行動，繼續加強我國國防工業的重要性。國土安全部認為國防工業基地是國家重要關鍵基礎設施的一部分。國防部已發布指南，確認提供支持國家安全的產品和服務的公司繼續維持人員配置和工作時間表以履行其關鍵職能的期望。國防部還發布了進度付款備忘錄的偏差，全面提高了大型和小型企業的進度付款率。穩定可靠的現金流為所有企業提供所需的可見性，對許多中小型供應商尤為重要。這些行動強調了國家對我們行業的承諾，更重要的是，對我們的供應鏈的承諾，這為我們的國家安全產品提供了巨大的創新和力量。

The international community is also deeply affected by this crisis. And our company is committed to perform with excellence for our global customers and to support the health and well-being of our employees around the world. The corporation is taking steps to aid our employees, teammates and others. And in a few moments, I will discuss some of the actions we have taken to help provide support to those affected by this crisis.

國際社會也深受這場危機的影響。我們公司致力於為我們的全球客戶提供卓越的服務，並支持我們全球員工的健康和福祉。公司正在採取措施幫助我們的員工、隊友和其他人。稍後，我將討論我們為幫助受這場危機影響的人們提供支持而採取的一些行動。

I will touch briefly now on the Department of Defense budgets and the recent presidential budget submission. This quarter, the President submitted the fiscal year 2021 budget recommendation to Congress, consistent with the Bipartisan Budget Act of 2019 enacted values, with the total national defense request equaling approximately $741 billion. Notably, the DoD reiterated their commitment to the national defense strategy and their submission, with the space domain, air and missile defense and hypersonic programs, key pillars in their strategy and our portfolio, all receiving increases from the previous submissions. Congress will continue to process with the authorization and appropriation spaces. Our programs remain well supported, and our portfolio is broad and expanding. We look forward to the finalization of the process and supporting our warfighters' needs.

我現在將簡要談談國防部預算和最近提交的總統預算。本季度，總統向國會提交了 2021 財年預算建議，符合 2019 年兩黨預算法案製定的價值，國防要求總額約為 7410 億美元。值得注意的是，國防部重申了他們對國防戰略及其提交的承諾，太空領域、防空和導彈防禦以及高超音速計劃是他們戰略和我們投資組合的關鍵支柱，所有這些都比之前提交的內容有所增加。國會將繼續處理授權和撥款空間。我們的計劃仍然得到很好的支持，我們的產品組合廣泛且不斷擴展。我們期待著該過程的最終確定並支持我們戰士的需求。

Ken will review our first quarter financials and updated full year outlook in more detail in a few minutes. I would like to begin by noting that the disruptions introduced by this virus have caused us to reduce our 2020 sales expectation as production and supply chain activities have recently slowed in our Aeronautics business area. The changes in our outlook represent impacts we anticipate being recognized over the remainder of the year. We are not projecting any changes due to our expected full year operating profit, earnings per share and cash from operations outlooks that we set forth in January.

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。首先，我想指出，由於我們航空業務領域的生產和供應鏈活動最近放緩，這種病毒造成的破壞導致我們降低了 2020 年的銷售預期。我們展望的變化代表了我們預計將在今年剩餘時間內認識到的影響。由於我們在 1 月份提出的預期全年營業利潤、每股收益和來自運營前景的現金，我們預計不會有任何變化。

Our results this quarter were very strong. Sales in the quarter exceeded last year's first quarter by more than 9%, led by our Aeronautics team as the Aeronautics business area grew 14% from the first quarter of 2019. Our segment profit came in just above the first quarter 2019 amount as risk retirements in all business areas allowed us to exceed our expectations in this quarter. And we had a strong quarter of cash generation, bringing in over $2.3 billion of cash from operations as we look to achieve our full year target of greater than or equal to $7.6 billion.

我們本季度的業績非常強勁。本季度的銷售額比去年第一季度高出 9% 以上，航空業務領域比 2019 年第一季度增長了 14%，在我們的航空團隊的帶領下。我們的分部利潤略高於 2019 年第一季度的水平，因為風險已經消除在所有業務領域，我們都超出了本季度的預期。我們有一個強勁的季度現金生成，從運營中帶來了超過 23 億美元的現金，因為我們希望實現大於或等於 76 億美元的全年目標。

Moving to orders and backlog. We received more than $15 billion in orders this quarter, maintaining our backlog at approximately $144 billion, our all-time high. RMS garnered the largest set of awards, with the total exceeding $7 billion, led by our Sikorsky organization, which booked over $4 billion of orders, including over $2 billion for a performance-based logistics contract for the U.S. Navy to provide sustainment services on our MH-60 SEAHAWK platform; and award of $500 million for the second low-rate initial production, or LRIP, contract for 12 combat rescue helicopters; and $470 million award for LRIP 2 of the presidential helicopter contract, adding 6 aircraft to the program and bringing the total order to 12 rotary aircraft out of a total program of record of 23 aircraft.

轉向訂單和積壓。本季度我們收到了超過 150 億美元的訂單，積壓訂單保持在約 1440 億美元的歷史最高水平。 RMS 獲得了最大的一組獎項，總額超過 70 億美元，領頭的是我們的 Sikorsky 組織，該組織預訂了超過 40 億美元的訂單，其中包括超過 20 億美元的基於績效的後勤合同，為美國海軍提供維持服務MH-60 SEAHAWK平台；並為 12 架戰鬥救援直升機的第二個低速率初始生產（LRIP）合同授予 5 億美元；總統直升機合同的 LRIP 2 獲得 4.7 億美元的獎勵，為該項目增加了 6 架飛機，使總訂單從 23 架飛機的總記錄項目中增加到 12 架旋翼飛機。

Aeronautics also had a strong quarter, with aggregate F-35 orders approaching $900 million. Other awards, including a new classified order, brought the Aeronautics business area total to $3.6 billion for the quarter.

航空業也有強勁的季度表現，F-35 訂單總額接近 9 億美元。其他獎項，包括一項新的機密訂單，使本季度航空業務領域的總額達到 36 億美元。

Missiles and Fire Control received a pair of sizable awards this quarter, led by precision fires, which booked a $1.1 billion order to supply guided multiple launch rocket systems to the U.S. Army and international customers. MFC also received an order for over $900 million to provide FAD interceptors and equipment to the U.S. Army and the Kingdom of Saudi Arabia. And our Space business area received a fleet ballistic missile order of $600 million for continued Trident II production.

導彈和火控部門本季度獲得了兩個相當大的獎項，其中以精確火力為首，該部門獲得了 11 億美元的訂單，為美國陸軍和國際客戶提供製導多管火箭發射系統。 MFC 還收到了一份價值超過 9 億美元的訂單，為美國陸軍和沙特阿拉伯王國提供 FAD 攔截器和設備。我們的太空業務領域收到了價值 6 億美元的艦隊彈道導彈訂單，用於繼續生產三叉戟 II。

Our performance to date and resilient portfolio have positioned us to achieve strong results so far this year. The effects of the COVID-19 outbreak are being felt by our teams, but we remain committed to delivering the vital solutions that our customers require. This pandemic has caused dramatic impacts to our employees and their families, our customers, our supply chain and the communities in which we work and live. Our corporation is committed to use our know-how, resources, leadership to assist during this global crisis.

我們迄今為止的業績和富有彈性的投資組合使我們今年迄今取得了強勁的業績。我們的團隊正在感受到 COVID-19 爆發的影響，但我們仍然致力於提供客戶所需的重要解決方案。這種流行病對我們的員工及其家人、我們的客戶、我們的供應鏈以及我們工作和生活的社區造成了巨大影響。我們公司致力於利用我們的專業知識、資源和領導力在這場全球危機中提供幫助。

Lockheed Martin is implementing multiple actions to help support affected groups, including accelerating payments of over $150 million to our small and medium-sized supply chain partners, and we have already flowed the first $50 million of an additional $450 million in accelerated payments to our global supply base as a result of the actions taken by the Department of Defense in changing the progress payment policy that I mentioned a moment ago. We have also donated $10 million to nonprofit organizations involved in COVID-19-related relief and assistance with emphasis on veterans and military families. And we have activated a $6.5 million employee disaster relief fund to assist Lockheed Martin employees and retirees impacted by COVID-19.

洛克希德·馬丁公司正在採取多項行動來幫助支持受影響的群體，包括加速向我們的中小型供應鏈合作夥伴支付超過 1.5 億美元的款項，並且我們已經將額外 4.5 億美元的加速付款中的前 5000 萬美元流向我們的全球由於國防部採取行動改變了我剛才提到的進度支付政策，供應基礎。我們還向參與 COVID-19 相關救濟和援助的非營利組織捐贈了 1000 萬美元，重點是退伍軍人和軍人家庭。我們還啟動了一項 650 萬美元的員工救災基金，以幫助受 COVID-19 影響的洛克希德馬丁公司員工和退休人員。

In addition to supporting our global customers through our ongoing contract activity performance, we recognize that providing jobs during this period of economic downturn is also critically important. We are committed to continued hiring during this crisis and have added close to 1,000 new employees over the past few weeks, in addition to advertising for 5,000 open positions. The journey to full recovery will be one which we will all share together. Lockheed Martin is committed to performing with excellence for our stakeholders as we navigate through this crisis in the weeks and months ahead.

除了通過我們持續的合同活動績效來支持我們的全球客戶，我們認識到在經濟低迷時期提供就業機會也至關重要。我們致力於在這場危機期間繼續招聘，並在過去幾週增加了近 1,000 名新員工，此外還招聘了 5,000 個空缺職位。完全康復的旅程將是我們共同分享的旅程。在我們度過未來幾周和幾個月的這場危機時，洛克希德馬丁公司致力於為我們的利益相關者提供卓越的服務。

Moving on, I would like to highlight several significant events that occurred across the corporation during the past quarter, beginning with Aeronautics. We were excited by 2 significant milestones for the F-35 that show the program's continued maturation and ongoing demand. In February, the F-35 team celebrated surpassing 250,000 flight hours for the program, including developmental test jets, training and operational U.S. and international aircraft. The program has now trained more than 1,000 pilots and in excess of 9,000 maintainers as this unrivaled stealth fighter progresses towards full-rate production. In March, the F-35 team delivered the 500th production joint strike fighter aircraft, a conventional takeoff and landing variant for the Air National Guard. Production continues to ramp as we progress towards the joint government and industry plan of record for delivery of more than 3,300 aircraft.

接下來，我想重點介紹上個季度整個公司發生的幾件重大事件，首先是航空部門。我們對 F-35 的 2 個重要里程碑感到興奮，這表明該計劃的持續成熟和持續的需求。 2 月，F-35 團隊慶祝該計劃的飛行時間超過 250,000 小時，包括開發測試噴氣機、訓練和運營美國和國際飛機。隨著這款無與倫比的隱形戰鬥機朝著全速生產邁進，該計劃現已培訓了 1,000 多名飛行員和超過 9,000 名維護人員。 3 月，F-35 團隊交付了第 500 架生產型聯合攻擊戰鬥機，這是空軍國民警衛隊的常規起降型號。隨著我們朝著交付 3,300 多架飛機的聯合政府和行業記錄計劃取得進展，產量繼續增加。

Moving to RMS. This quarter, our Sikorsky line of business was down-selected in 2 key rotary wing competitions for the Future Vertical Lift program. The Sikorsky-Boeing team was awarded 1 of 2 future long-range assault aircraft contracts to continue design and risk reduction efforts on the next-generation medium-lift helicopter for U.S. forces. Our SB>1 DEFIANT offering uses our Collier award-winning X2 Technology providing enhanced maneuverability and speed. We look forward to working with our Army customer as we collectively define the next-generation assault aircraft for our warfighter.

移動到 RMS。本季度，我們的 Sikorsky 業務線在 Future Vertical Lift 計劃的 2 項關鍵旋翼競賽中被選中。西科斯基-波音團隊獲得了兩份未來遠程攻擊機合同中的一份，以繼續為美軍設計下一代中型直升機並降低風險。我們的 SB>1 DEFIANT 產品使用我們 Collier 屢獲殊榮的 X2 技術，提供增強的機動性和速度。我們期待與我們的陸軍客戶合作，共同為我們的戰士定義下一代突擊飛機。

We were also excited to be down-selected in the Future Attack Reconnaissance Aircraft Phase II competition. The Sikorsky RAIDER X rotorcraft uses the same unique technology as the SB DEFIANT -- SB>1 DEFIANT and provides the same speed and maneuverability advantages. Each of these competitions represent long-term growth opportunities, and our Sikorsky organization has been investing for years in pursuit of innovative technologies and designs to fulfill the warfighters objectives.

我們也很高興在未來攻擊偵察機第二階段競賽中被選中。西科斯基 RAIDER X 旋翼機採用與 SB DEFIANT 相同的獨特技術——SB>1 DEFIANT，並提供相同的速度和機動性優勢。這些競賽中的每一項都代表著長期的增長機會，我們的西科斯基組織多年來一直在投資追求創新技術和設計，以實現作戰人員的目標。

Our Space business area celebrated a pair of milestones this quarter as well as the first 2 GPS-III spacecraft were each separately accepted into operations by the U.S. Air Force Space Command as healthy and active, officially joining the current GPS constellation of 31 satellites. These are the first 2 of 10 modernized GPS-III space vehicles that will be deployed to enhance navigation and positioning capabilities for millions of users. The next-generation GPS-III program will deliver signals 3x more accurate than the current satellites with improved availability, reliability and anti-jamming capabilities for our military users. And we are proud to continue this legacy of innovation for our warfighters.

我們的太空業務領域在本季度慶祝了兩個里程碑，首批 2 顆 GPS-III 航天器分別被美國空軍太空司令部接受為健康和活躍的運行，正式加入目前由 31 顆衛星組成的 GPS 星座。這些是 10 個現代化 GPS-III 太空飛行器中的前兩個，它們將被部署以增強數百萬用戶的導航和定位能力。下一代 GPS-III 計劃將提供比當前衛星高 3 倍的信號精度，並為我們的軍事用戶提供更高的可用性、可靠性和抗干擾能力。我們很自豪能夠為我們的戰士延續這一創新遺產。

In Missiles and Fire Control, you may recall last quarter, we commented that Missiles and Fire Control have passed an important milestone on the U.S. Army's Precision Strike Missile, or PrSM, competition. This quarter, our tactical missiles organization performed its second consecutive successful flight test of this next-generation, long-range precision missile. Our team demonstrated the missile's flight trajectory, range in accuracy and overall missile performance from launch to the conclusion of the mission. We look forward to building on our long-running army tactical missile system legacy in preparation for our third PrSM flight test in the coming weeks as we continue to pursue this potential franchise opportunity.

在導彈和火控方面，您可能還記得上個季度，我們評論說導彈和火控已經通過了美國陸軍精確打擊導彈 (PrSM) 競賽的一個重要里程碑。本季度，我們的戰術導彈組織對這種下一代遠程精確導彈進行了連續第二次成功的飛行試驗。我們的團隊展示了導彈的飛行軌跡、精度射程以及從發射到任務結束的整個導彈性能。隨著我們繼續尋求這一潛在的特許經營機會，我們期待著在我們長期運行的陸軍戰術導彈系統遺產的基礎上，為未來幾週的第三次 PrSM 飛行測試做準備。

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

有了這個，我會把電話轉給肯。

Thanks, Marillyn, and good morning, everyone. As I highlight our key financial accomplishments, please follow along with the web charts that we've included with our earnings release today. Let's begin with Chart 3 and an overview of our results for the quarter.

謝謝，瑪麗蓮，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。讓我們從圖 3 和本季度業績概覽開始。

We saw strong results in sales, segment operating profit, cash from operations and earnings per share this quarter. We generated $2.3 billion of cash from operations, and we continued our balanced cash deployment actions, returning $1.4 billion to our shareholders. Our backlog closed just above $144 billion, exceeding our all-time high for the corporation. And we have updated our outlook to include impacts from COVID-19, which we will discuss in greater detail in a moment. Overall, it was still a strong quarter for the business during uncertain and unique times.

本季度我們在銷售、部門營業利潤、運營現金和每股收益方面取得了強勁的業績。我們從運營中產生了 23 億美元的現金，我們繼續採取平衡的現金部署行動，向股東返還了 14 億美元。我們的積壓交易結束時略高於 1440 億美元，超過了公司的歷史最高水平。我們更新了我們的展望以包括 COVID-19 的影響，我們稍後將對此進行更詳細的討論。總體而言，在不確定和獨特的時期，這仍然是該業務的強勁季度。

Turning to Chart 4, we compare our sales and segment operating profit this year with last year's results. Sales grew 9% compared with last year to $15.7 billion, continuing the consistent growth of the business, while segment operating profit was $1.7 billion. The resulting segment operating margin was a strong 11% ahead of our expectations.

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。銷售額與去年同期相比增長 9%，達到 157 億美元，繼續保持業務的持續增長，而分部營業利潤為 17 億美元。由此產生的部門營業利潤率比我們的預期高出 11%。

Chart 5 shows our earnings per share for the first quarter of 2020. Our EPS of $6.08 was up $0.09 over our results last year driven by FAS/CAS income and favorable operational performance.

圖 5 顯示了我們 2020 年第一季度的每股收益。在 FAS/CAS 收入和良好的運營業績的推動下，我們的每股收益為 6.08 美元，比去年的結果增加了 0.09 美元。

On Chart 6, we will discuss in more detail the cash return to our shareholders this quarter. Subtracting our capital expenditures from approximately $2.3 billion of cash from operations, our free cash flow was greater than $2 billion. We maintained our dividend to $2.40 per share, and we repurchased $756 million worth of shares. This brought our total cash return to shareholders to $1.4 billion for the quarter or 72% of free cash flow. And we see no change to the $1 billion share repurchase outlook for 2020 that we first communicated during our call last October.

在圖 6 中，我們將更詳細地討論本季度給股東的現金回報。從大約 23 億美元的運營現金中減去我們的資本支出，我們的自由現金流量超過 20 億美元。我們將股息維持在每股 2.40 美元，並回購了價值 7.56 億美元的股票。這使我們本季度給股東的總現金回報達到 14 億美元，佔自由現金流的 72%。我們認為我們在去年 10 月的電話會議上首次傳達的 2020 年 10 億美元的股票回購前景沒有改變。

Chart 7 shows our backlog balance through first quarter of 2020. While delivering our highest first quarter sales ever, we increased our backlog balance for the seventh consecutive quarter driven by bookings at Sikorsky and missile programs at Missiles and Fire Control.

圖 7 顯示了我們到 2020 年第一季度的積壓訂單餘額。在實現有史以來最高的第一季度銷售額的同時，我們連續第七個季度增加了積壓訂單餘額，這得益於西科斯基公司的預訂以及導彈和火控部門的導彈計劃。

Moving on to Chart 8. Based on our view of COVID-19-related potential impacts, as Marillyn noted, we are lowering the midpoint of our guidance range on sales by $375 million while holding our guidance for segment operating profit, earnings per share and cash from operations. And as we disclosed in the earnings release, our joint venture, AMMROC, in the UAE lost a key contract award after the end of the quarter, and we are still working the assessment of a potential noncash impairment that could be recorded as early as the second quarter once our review is finalized.

轉到圖 8。根據我們對 COVID-19 相關潛在影響的看法，正如 Marillyn 指出的那樣，我們將銷售額指導範圍的中點降低 3.75 億美元，同時保持對部門營業利潤、每股收益和來自運營的現金。正如我們在財報中披露的那樣，我們在阿聯酋的合資企業 AMMROC 在本季度末失去了一項關鍵合同授予，我們仍在評估可能最早記錄在案的潛在非現金減值第二季度，一旦我們的審查完成。

On Chart 9, we have shown the adjustments to our sales guidance range. Likely COVID-19 impacts on our supply chain and related potential delivery delays have caused us to reduce our full year outlook for Aeronautics. Our expectations for 2020 sales in all other business areas remain consistent with what we discussed in January.

在圖 9 中，我們顯示了對銷售指導範圍的調整。 COVID-19 可能對我們的供應鏈產生影響以及相關的潛在交貨延遲導致我們降低了對航空業的全年展望。我們對所有其他業務領域 2020 年銷售額的預期與我們在 1 月份討論的內容保持一致。

On Chart 10, we show our outlook for segment operating profit by business area. While the guidance for profit has been lowered for aeronautics following sales, we have raised our guidance range from Missiles and Fire Control and Space, holding our total segment operating profit consistent -- constant from January's outlook.

在圖 10 中，我們按業務領域顯示了我們對分部營業利潤的展望。雖然在銷售後降低了航空業的利潤指導，但我們提高了導彈、火控和航天的指導範圍，使我們的部門總營業利潤保持一致——與 1 月份的展望保持一致。

On Chart 11, we outlined some specific assumptions we are using in our 2020 guidance related to the current impacts of COVID-19. We continue to monitor the situation daily as it remains a dynamic environment. And as Marillyn highlighted, we are proactively taking steps to help support our suppliers and teammates during this difficult time. Our current expectation is that the next few months will be the peak of disruption as the country and the rest of the world looks to successfully flatten the curve move forward. The Department of Defense and the United States government have also taken action to support our industry through policy changes and the CARES Act, and our outlook has taken into consideration these benefits. Together, these actions have allowed us to update the outlook we provided in January with minimal impacts.

在圖 11 中，我們概述了我們在 2020 年指南中使用的與 COVID-19 當前影響相關的一些具體假設。我們繼續每天監測情況，因為它仍然是一個動態的環境。正如 Marillyn 強調的那樣，我們正在積極採取措施，在這個困難時期幫助支持我們的供應商和團隊成員。我們目前的預期是，隨著該國和世界其他地區希望成功拉平曲線向前發展，未來幾個月將是混亂的高峰期。國防部和美國政府也已採取行動通過政策變化和 CARES 法案來支持我們的行業，我們的展望已考慮到這些好處。總之，這些行動使我們能夠以最小的影響更新我們在 1 月份提供的展望。

And to conclude, on Chart 12, we have our summary. We believe that the first quarter of 2020 has laid the foundation for a strong year. We have a robust backlog to sustain our growth. Our sales outlook is growing year-over-year and represents an approximately 6% increase from 2019. Along with consistent profit and positive cash flow, this allows us to project strong results for 2020 for shareholders as we continue to support our employees, customers and supply chain during these difficult times.

最後，在圖 12 上，我們有我們的總結。我們認為 2020 年第一季度為強勁的一年奠定了基礎。我們有大量積壓訂單來維持我們的增長。我們的銷售前景同比增長，比 2019 年增長約 6%。隨著持續的利潤和正現金流，這使我們能夠為股東預測 2020 年的強勁業績，因為我們將繼續支持我們的員工、客戶和在這些困難時期的供應鏈。

So before we move to Q&A, I would like to take a moment to congratulate Marillyn on her upcoming transition and thank her for the outstanding leadership she has provided Lockheed Martin over the last 7.5 years. As Chairman, President and CEO, the corporation has reached new heights and delivered remarkable results from our customers and shareholders. Marillyn, during your 37 years with the company, we have all employees, customers, teammates and shareholders benefited from your dedication, inspiration and vision. You and I have worked together for 20 years, and on a personal note, I would like to add that I will also miss your friendship and partnership. Although your presence will certainly be missed on a day-to-day basis, we look forward to continuing to work with you as Executive Chairman of the Board. And I'd also like to welcome Jim Taiclet as our incoming President and CEO, who begins on June 15. I have worked with Jim as a Board member for more than a year while I've been in my current role, and I believe he will be an outstanding leader for our company. And with that, I'd like to wish Marillyn the best of luck, and I look forward to welcoming Jim in June.

因此，在我們進入問答環節之前，我想花點時間祝賀瑪麗蓮即將到來的過渡，並感謝她在過去 7.5 年中為洛克希德馬丁公司提供的傑出領導。作為董事長、總裁兼首席執行官，公司達到了新的高度，並從我們的客戶和股東那裡取得了顯著成果。 Marillyn，在你為公司工作的 37 年裡，我們所有的員工、客戶、隊友和股東都從你的奉獻精神、靈感和遠見中受益。你和我一起工作了 20 年，就個人而言，我想補充一點，我也會想念你們的友誼和夥伴關係。雖然肯定會在日常工作中錯過您的光臨，但我們期待著繼續與您作為董事會執行主席合作。我還要歡迎 Jim Taiclet 成為我們的新任總裁兼首席執行官，他將於 6 月 15 日上任。在我擔任現任職務期間，我作為董事會成員與 Jim 一起工作了一年多，我相信他將成為我們公司的傑出領導者。就此，我祝瑪麗蓮好運，我期待著在六月歡迎吉姆。

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, with the line of Joe DeNardi with Stifel.

（操作員說明）首先，Joe DeNardi 與 Stifel 的合作。

Okay. Ken, there's language in the release and you kind of alluded to in your prepared remarks regarding the guidance and kind of reflects your current view on COVID-19. Can you talk about how sensitive the guidance is to duration? Maybe help us a little bit more with kind of what you're assuming for what a return to normalcy looks like. Do you see the effects of this in terms of fixed price contract costs increasing your ability to recover that? Just trying to understand your perspective on how this impacts kind of earnings power and cash flow power longer term.

好的。肯，新聞稿中有一些語言，你在準備好的關於指南的評論中提到了一些內容，這反映了你目前對 COVID-19 的看法。你能談談指導對持續時間有多敏感嗎？也許可以幫助我們更多地了解您對恢復常態的假設。您是否看到這在固定價格合同成本方面的影響增加了您收回成本的能力？只是想了解您對這如何影響長期盈利能力和現金流能力的看法。

You bet. Thanks, Joe. So it's probably helpful we start with, once this started, what our processes were. Think of this as our battle rhythm. So once this began, we started a weekly COVID-19 impact tracking process. We put together a template, and this was generally across the board, included all the business areas. We had data that we collected that supported various internal and external reporting. In fact, we're now in a rhythm where Marillyn is now sending a memo to the SAEs, think of those as the service acquisition executives. And this is done on a weekly basis. That basically lays out all the impacts that we see, all the actions that we're taking to minimize those impacts. And think of these inputs as at the contract program level, so across the corporation. It's about 600 line items, and it's tracking real and potential Lockheed Martin supplier- and government-driven impacts.

你打賭。謝謝，喬。因此，一旦開始，了解我們的流程可能會有所幫助。將此視為我們的戰鬥節奏。因此，一旦開始，我們就開始了每週一次的 COVID-19 影響跟踪流程。我們整理了一個模板，這通常是全面的，包括所有業務領域。我們收集了支持各種內部和外部報告的數據。事實上，我們現在的節奏是 Marillyn 現在正在向 SAE 發送備忘錄，將其視為服務採購主管。這是每週完成的。這基本上列出了我們看到的所有影響，以及我們為盡量減少這些影響而採取的所有行動。並將這些輸入視為在合同程序級別，因此在整個公司範圍內。它大約有 600 個項目，它正在跟踪真實和潛在的洛克希德馬丁供應商和政府驅動的影響。

The COVID impacts that we're seeing are reflected within this weekly template. And unfortunately, they're predominantly risk-related. Think of them as travel restrictions and site access that are most likely the common cited driver of impact. We're seeing increases in supplier shortages. And in our sites, we're seeing some absenteeism impacts. There are some opportunities that we do see that exist, Joe. From a cash flow standpoint, the customer altered the progress payment rate from 80% to 90%. And also a small nuance but important, they changed some conditions regarding progress payment rates, which will be advantageous to us. And we are now flowing this -- as Marillyn mentioned, we are flowing this all down to our supply base. Starting with our small suppliers and our vulnerable suppliers, we have a process where we work with supply chain. They tell us who those suppliers are. We work with Treasury to determine on a weekly basis the cash flow that we have that we're flowing that down. Contract actions that we're working with our customer, it's accelerated timing of the pending awards, undefinitized contract actions, or UCAs, funding, et cetera.

我們看到的 COVID 影響反映在這個每週模板中。不幸的是，它們主要與風險相關。將它們視為旅行限制和網站訪問，這很可能是常見的影響驅動因素。我們看到供應商短缺的情況有所增加。在我們的網站上，我們看到了一些曠工的影響。喬，我們確實看到了一些機會。從現金流的角度來看，客戶將進度付款率從 80% 更改為 90%。還有一個細微但重要的細微差別，他們改變了一些關於進度支付率的條件，這對我們有利。我們現在正在流動這個——正如瑪麗蓮提到的，我們正在將這一切流動到我們的供應基地。從我們的小型供應商和脆弱的供應商開始，我們有一個與供應鏈合作的流程。他們告訴我們這些供應商是誰。我們與財政部合作，每週確定我們正在減少的現金流量。我們正在與客戶合作的合同行動，它是未決獎勵、未定義合同行動或 UCA、資金等的加速時間。

What we're also seeing internally is there -- we're capturing cost avoidance. So think of lack of travel, lack of business trips that we're making, lack of sponsorships, lack of air shows that we're going to. And we're capturing that and collecting that, probably not to take to the bottom line but to help with impact disruptions to our business.

我們在內部也看到了——我們正在避免成本。所以想想我們沒有旅行，沒有我們正在進行的商務旅行，沒有贊助，沒有我們要去的航空表演。我們正在捕獲並收集它，可能不是為了底線，而是為了幫助解決對我們業務的影響中斷。

You talked about the recovery of costs with the CARES Act. One of the conditions in there is we will work with the PCO and demonstrate to them a request for equitable adjustment that those costs -- those idle costs should be deemed allowable, and we'll work through that. In fact, we have a path forward on the F-35 program to do just that. So we think we're in a good position. The plan is, at least the way we see it, is we're hoping that the curve starts flattening in the second quarter, end of second quarter, and we can get to some kind of semblance of business as usual, whatever that is, starting in the third quarter.

您談到了通過 CARES 法案回收成本。那裡的條件之一是我們將與 PCO 合作並向他們證明對這些成本進行公平調整的請求 - 那些閒置成本應被視為允許的，我們將解決這個問題。事實上，我們在 F-35 計劃上有一條前進的道路可以做到這一點。所以我們認為我們處於有利位置。計劃是，至少我們是這樣看的，我們希望曲線在第二季度、第二季度末開始變平，我們可以像往常一樣進行某種表面上的業務，不管那是什麼，從第三季度開始。

You asked about cash, Joe, we feel really good about our cash, and I'll let somebody else -- I'll give some more color on cash for somebody else to ask the question, but we feel really good about our cash flow this year. We started the year strong, end of the first quarter strong, and we see, going forward, strong. So thanks, Joe. Stay safe.

你問現金，喬，我們對現金感覺很好，我會讓其他人——我會給現金更多的顏色讓其他人問這個問題，但我們對我們的現金流感覺很好今年。我們今年開局強勁，第一季度末強勁，我們看到，展望未來，強勁。所以謝謝，喬。注意安全。

And next, we'll go to Hunter Keay with Wolfe Research.

接下來，我們將與 Wolfe Research 一起前往 Hunter Keay。

I guess I'm tempted to ask that cash question, but I'll let somebody else do it. I'll ask what I was going to ask you before. Can you talk about the F-16? I'd like to talk about how that move to Greenville is going for one and how you think about the F-35 in the context of the F-16 sort of a growth versus replacement-type situation, both near and medium and long term.

我想我很想問那個現金問題，但我會讓其他人去做。我會問我之前想問你的。你能談談 F-16 嗎？我想談談轉移到格林維爾的進展如何，以及你如何在 F-16 的增長與替代型情況的背景下看待 F-35，包括近期、中期和長期.

Hunter, we'll give Marillyn a break since it's her last earnings call. So I'll take that. So it's going well. So as everybody is aware, I believe, we moved the F-16 program out of Fort Worth a couple of years ago. Frankly, no home because we didn't have any orders of record and Bahrain was our first customer. We moved the line to Greenville, going very well. Right now, we have Bahrain. You saw we just announced Bulgaria. We have Slovakia. We're in the throes of working with the United States government and Taiwan for them to buy 66 aircraft. There is an African country that is interested in F-16. So we're hopeful that will happen. South American country, and then there are some Southeast Asian countries that are interested in F-16 as well.

亨特，我們讓瑪麗蓮休息一下，因為這是她最後一次財報電話會議。所以我會接受的。所以一切順利。因此，我相信，正如每個人都知道的那樣，我們在幾年前將 F-16 項目從沃思堡移出。坦率地說，沒有家，因為我們沒有任何記錄訂單，而巴林是我們的第一個客戶。我們把生產線搬到了格林維爾，進展順利。現在，我們有巴林。你看到我們剛剛宣布了保加利亞。我們有斯洛伐克。我們正在努力與美國政府和台灣合作，讓他們購買 66 架飛機。有一個非洲國家對F-16很感興趣。所以我們希望這會發生。南美國家，然後還有一些東南亞國家也對F-16感興趣。

So we think the program is doing very well. The MOD programs are doing very well. Just in the spirit of COVID, we're not seeing many impacts at all on the F-16 program. So I think this is a good fourth-generation aircraft for those customers that can't afford the F-35 or, frankly, can't at this time buy the F-35. And it might be a good intermediary step for customers to go from the F-16 to F-35. So we see it frankly as complementary and not competing against themselves.

所以我們認為這個項目做得很好。 MOD程序做得很好。本著 COVID 的精神，我們沒有看到對 F-16 計劃的任何影響。因此，我認為對於那些買不起 F-35 的客戶來說，這是一款不錯的第四代飛機，或者坦率地說，目前無法購買 F-35。這可能是客戶從 F-16 升級到 F-35 的一個很好的中間步驟。所以我們坦率地將其視為互補而不是相互競爭。

The next question is from Doug Harned with Bernstein.

下一個問題來自 Doug Harned 和 Bernstein。

First, Marillyn, it's been great working with you over the years. So just wanted to wish you all the best in the transition. I wanted to ask about international sales. And particularly, when you look at the Middle East, I thought it was encouraging that you got this award from Saudi Arabia. But when you look at oil prices where they are today, in the past, we have seen budgets contract when oil prices come down. How are you thinking about the Middle East right now given the oil price environment? And even expand that to say with coronavirus issues in other markets and budgets that may be under pressure, what are you seeing internationally in your export sales?

首先，瑪麗蓮，這些年來與你的合作非常愉快。所以只想祝你在過渡期間一切順利。我想問一下國際銷售。特別是，當你看看中東時，我認為你從沙特阿拉伯獲得這個獎項是令人鼓舞的。但是當你看看今天的油價時，在過去，我們看到當油價下跌時預算會收縮。鑑於油價環境，您現在如何看待中東？甚至擴大到其他市場的冠狀病毒問題和可能面臨壓力的預算，你在國際上看到了什麼出口銷售？

Well, first of all, Doug, thank you for the question. And I would say at the outset that regardless of what's happening with oil prices and other things, the threats continue to accelerate around the world. So we still have that challenge anywhere in the world. I mean it's the first order of any country that they have to protect their citizens. So a lot of the systems we sell into the Middle East are clearly defensive systems. And more than ever, that's more complex, volatile and unpredictable than it's ever been before. So that's a necessary condition that they have that national security, and I expect that will continue. We will continue on our side to drive affordability across all of our product lines to make sure that what we do offer is the best value to those countries and -- but we aren't seeing a pullback from the needs that they have today in the Middle East.

嗯，首先，道格，謝謝你提出這個問題。我首先要說的是，無論油價和其他事情發生什麼，威脅在世界範圍內繼續加速。因此，我們在世界任何地方仍然面臨這一挑戰。我的意思是，保護本國公民是任何國家的首要任務。所以我們賣給中東的很多系統顯然都是防禦系統。而且，這比以往任何時候都更加複雜、多變和不可預測。所以這是他們擁有國家安全的必要條件，我希望這種情況會繼續下去。我們將繼續站在我們這邊，推動我們所有產品線的可負擔性，以確保我們提供的產品對這些國家/地區來說是最有價值的，而且——但我們沒有看到他們今天的需求出現倒退中東。

And next, we'll go to Sheila Kahyaoglu with Jefferies.

接下來，我們將與 Jefferies 一起去 Sheila Kahyaoglu。

Marillyn, you've had an amazing career, and it's apparent in Lockheed success in both the top line and operations. I guess as you exit on top, how do you think about the challenges for Jim in areas you would have liked to spend more time with on Lockheed and position better for the next 5 years? How does Lockheed continue to grow over the next decade?

瑪麗蓮，你的職業生涯非常出色，洛克希德公司在頂線和運營方面的成功顯而易見。我想當你退出榜首時，你如何看待吉姆在你希望在洛克希德公司花費更多時間並在未來 5 年內更好地定位的領域所面臨的挑戰？洛克希德公司如何在未來十年繼續發展？

Well, thank you, Sheila, for your kind comments. I would first start by saying that I think this is the right time for a transition in our company because our company is very strong and stable. We've got solid performance. We've got a very strong robust growth strategy, even again this year continuing to grow. We finished out last year with a record year, and we've had a series of a very strong record for the past few years. And we're set up well with a $144 billion backlog, which I think outlines -- that's the booked work that we have and a strong financial position.

嗯，謝謝你，Sheila，感謝你的友好評論。我首先要說的是，我認為現在是我們公司轉型的合適時機，因為我們公司非常強大和穩定。我們有穩定的表現。我們有一個非常強大的強勁增長戰略，甚至在今年繼續增長。去年我們以創紀錄的成績結束了這一年，並且在過去幾年中我們取得了一系列非常強勁的記錄。我們有 1,440 億美元的積壓訂單，我認為這是概述 - 這是我們擁有的預訂工作和強大的財務狀況。

I think as Jim steps into the role -- he's been on our Board for over 2 years, as Ken said, and he has a military background. He's worked in the industry, in Pratt & Whitney and Honeywell. He's got a lot of strong experience around our industry, our markets, our business. And so he brings that, plus the insights he's gained on our Board for the last couple of years in our strategy, our long-range plan. So I think you will see that he will continue to drive the success that we've had over the last few years. He fits very well into our culture, and we're really looking forward to -- he brings a strong acumen -- business acumen because, of course, he's himself been a CEO for the past 17 years.

我認為隨著 Jim 擔任這個角色——正如 Ken 所說，他已經在我們的董事會工作了 2 年多，而且他有軍事背景。他曾在 Pratt & Whitney 和 Honeywell 從事該行業。他在我們的行業、市場和業務方面擁有豐富的經驗。因此，他帶來了這一點，加上他在過去幾年中在我們的董事會中獲得的關於我們的戰略和長期計劃的見解。所以我想你會看到他將繼續推動我們在過去幾年取得的成功。他非常適合我們的文化，我們真的很期待——他帶來了強大的敏銳度——商業敏銳度，因為當然，他本人在過去 17 年裡一直擔任首席執行官。

In terms of priorities, we will continue to strengthen our focus on our customer. That has what's driven the success of this business is aligning with their priorities and listening to them and understanding what they need and then driving sustained profitable growth around that and delivering them the performance that they expect because they do depend on us. As we said earlier, we're an essential industry sector, and that is clearly because of the national security products and capabilities we produce. And so we know that performance and innovation for our customers has got to be continued.

在優先事項方面，我們將繼續加強對客戶的關注。推動該業務成功的因素是與他們的優先事項保持一致並傾聽他們的意見並了解他們的需求，然後圍繞此推動持續的盈利增長並為他們提供他們期望的績效，因為他們確實依賴於我們。正如我們之前所說，我們是一個重要的行業部門，這顯然是因為我們生產的國家安全產品和能力。因此我們知道必須繼續為客戶提供性能和創新。

And then lastly, I would just say, keeping a focus on the people in this company. We have a strong culture of -- an innovative culture of people that make the difference. And I know that as Jim comes in with his style of a value-based leader as he is and a collaborative leader that he will continue that forward. So I think you could -- that you can just look at us as being very well positioned for the future as we -- as I turn over the reins to Jim in mid-June.

最後，我只想說，關注這家公司的人。我們擁有強大的文化 - 一種與眾不同的創新文化。而且我知道，隨著吉姆以他現在的基於價值的領導者和協作領導者的風格出現，他將繼續前進。所以我認為你可以——你可以把我們看作是為未來做好準備的——因為我在 6 月中旬將控制權交給了吉姆。

And our next question is from Pete Skibitski with Alembic Global Advisors.

我們的下一個問題來自 Alembic Global Advisors 的 Pete Skibitski。

Congratulations, Marillyn, on a great career. On the COVID-related sales reduction in Aerospace, I just want to make sure I understand. Was the guidance lowered there due to the international F-35 sites, Italy and Japan sites? And why were the other segments not impacted?

恭喜瑪麗蓮，事業有成。關於航空航天中與 COVID 相關的銷售減少，我只是想確保我理解。由於國際 F-35 站點、意大利和日本站點，那裡的指導是否降低了？為什麼其他部分沒有受到影響？

Sure. Pete, it's Ken. I'll take that. So let's talk Aeronautics, and then I'll go around the other business areas. So Aeronautics, we looked at -- we started seeing that it is likely there is going to be -- and I'd say it's probable that there's going to be some supply chain disruption. What we're seeing is there's local distancing requirements that are being more stringently applied across the globe. There's workforce disruption. There are likely impacts that are happening throughout their supply tier hierarchy. There are shipping constraints. We've actually had some issues with shipping constraints. We're also finding there's likely going to be some production impacts at our site. And based on that, the analysis to date had given us concern. So we reduced our guidance at Aeronautics. And specifically, it's F-35 production. There's more analysis that we're going to do over the next couple of weeks working with our supply chain and our Fort Worth production line and our customers to set -- to determine, if any, impact, to what extent it will be on the program, including deliveries.

當然。皮特，是肯。我會接受的。那麼讓我們談談航空，然後我將討論其他業務領域。因此，我們研究了航空業——我們開始看到它很可能會出現——我想說很可能會有一些供應鏈中斷。我們所看到的是，在全球範圍內更嚴格地應用了當地的距離要求。勞動力中斷。可能會在整個供應層層次結構中發生影響。有運輸限制。實際上，我們在運輸限制方面遇到了一些問題。我們還發現我們的站點可能會對生產產生一些影響。基於此，迄今為止的分析讓我們感到擔憂。因此，我們減少了對航空業的指導。具體來說，它是 F-35 的生產。在接下來的幾週內，我們將與我們的供應鍊和我們的沃思堡生產線以及我們的客戶一起進行更多分析，以確定影響（如果有的話），它將在多大程度上影響計劃，包括交付。

In fact, last night, I got some feedback from the supply chain team, and this is specific to F-35 and specific to production. We're seeing some pressure regarding supplier performance-based payment invoices. So this is -- these are invoices that they could deliver to us after they completed a milestone. There are a couple of suppliers that are going to be delinquent in April. Some of them are for administrative reasons. We'll work through that. So that's just timing. But some of them -- and some are domestic, U.S.-based, and some of them are international, that it is due to them not achieving their milestones. Some of it is going to be COVID-related, probably most of it is COVID-related. We're looking at that.

事實上，昨晚，我從供應鏈團隊那裡得到了一些反饋，這是針對 F-35 和生產的。我們看到有關供應商基於績效的付款發票的一些壓力。所以這是 - 這些是他們在完成里程碑後可以交付給我們的發票。有幾個供應商將在 4 月份拖欠款項。其中一些是出於行政原因。我們會解決的。所以這只是時機。但其中一些 - 有些是國內的，總部位於美國的，有些是國際的，這是由於他們沒有實現他們的里程碑。其中一些將與 COVID 相關，可能大部分與 COVID 相關。我們正在研究那個。

So we then did an analysis, a bunch of sensitivity analysis with the Aeronautics team. And if you look at F-35, we're seeing little to no impact to development. We're able to continue to work on follow-on modernization. That is what typically is happening on the development program. Sustainment, generally speaking, the team does not see any impact. And if they do see impact, back to Joe's question about the recoverability of the costs, we feel comfortable due to the CARES Act. If we have somebody who can't get on base to do, say, a repair, if you will, or to stand up a base and they're sent home and they're not able to do productive work at home, we are believing those costs are recoverable. And so it's all down to production. We have seen in the past some impacts at the Japanese FACO, they're up and running now; and at the Italian FACO, but on the whole, they're up and running as well. So it was our determination based on what we're seeing that it was prudent for us to take our production sales down. Hopefully, this is a conservative number, but based on what we're seeing, we think this is a good number.

因此，我們隨後與航空團隊進行了分析，進行了一系列敏感性分析。如果你看一下 F-35，我們幾乎看不到對開發的影響。我們能夠繼續致力於後續的現代化改造。這就是開發程序中通常發生的情況。維持，一般來說，團隊看不到任何影響。如果他們確實看到了影響，回到喬關於成本可回收性的問題，我們會因為 CARES 法案而感到放心。如果我們有人不能去基地做，比如說，修理，如果你願意的話，或者不能建立一個基地，他們被送回家，他們不能在家裡做生產性工作，我們是相信這些成本是可以收回的。所以這一切都取決於生產。我們過去曾在日本 FACO 看到過一些影響，它們現在正在運行；在意大利 FACO，但總的來說，它們也在正常運行。因此，根據我們所看到的情況，我們決定減少生產銷售是謹慎的做法。希望這是一個保守的數字，但根據我們所看到的，我們認為這是一個不錯的數字。

You asked about the other business areas and why we're not seeing impacts there right now. So I'll start with Space. So think of their production cycle, it's a long production cycle. And generally speaking, what -- any issues that they would see in the supply chain or at our facilities, they feel they could contain. So it's low volume, certainly, relative to F-35 production line. They have an engineering workforce. They were one of the first ones to be -- they were the first ones, frankly, in our company to be impacted by this. They're now staggering their shifts. They're staggering the days that people come into the office. It is impacting some of their classified programs, but we seem to be doing a nice job working around that. So we feel good with their guidance right now.

您詢問了其他業務領域以及為什麼我們現在沒有看到那裡的影響。所以我將從太空開始。所以想想他們的生產週期，這是一個很長的生產週期。一般來說，他們認為可以控制供應鍊或我們設施中的任何問題。因此，相對於 F-35 生產線，它的產量當然很小。他們有一支工程隊伍。他們是最早受到影響的人之一——坦率地說，他們是我們公司中最早受到此影響的人。他們現在正在交錯輪班。他們正在錯開人們進入辦公室的日子。它正在影響他們的一些機密程序，但我們似乎在解決這個問題方面做得很好。所以我們現在對他們的指導感覺很好。

RMS, they don't have the volume. So talk -- the manufacturing floor, they don't have the volume of Fort Worth. Think of their volume more like Marietta. And I did -- I was remiss not to talk about Marietta. So there are some suppliers where we are impacted that we are doing workarounds and we do think we have a containment plan. So we do see some modest impact at Marietta, but it's not material. So I would state that RMS is more like Marietta. So there are some issues there, but they're not material in nature. Their engineering team, so the folks that are doing engineering work at RMS, are still productive. There are some base and range closures that are impacting RMS, but we seem to have workarounds and so we don't see any impact there.

RMS，他們沒有音量。這麼說吧——製造車間，他們沒有沃思堡的規模。想想他們的音量更像瑪麗埃塔。我做到了——我沒有談論瑪麗埃塔是我的疏忽。因此，有些供應商受到影響，我們正在採取變通辦法，我們確實認為我們有遏制計劃。因此，我們確實在 Marietta 看到了一些適度的影響，但這並不重要。所以我會說 RMS 更像 Marietta。所以那裡有一些問題，但它們本質上並不重要。他們的工程團隊，也就是那些在 RMS 從事工程工作的人，仍然富有成效。有一些影響 RMS 的基數和範圍閉包，但我們似乎有解決方法，因此我們看不到任何影響。

The next concern we would have is at Missiles and Fire Control. And it's just based on the -- it's a high-volume business. They have done a nice job of looking through their supply chain. They have made contact with 100% of their suppliers. And before -- last week, I would have told you, 6% are forecasting impacts. In Maryland staff meeting, we found out yesterday, it's up to 10%. So they actually have a very robust process of talking through their supply base. They had 2 suppliers that had closed operations. One of them we're still working through and working through second sources and also containment plans for them. And another one had an operation in Mexico. We worked through that and got that one open. So we feel good right now where Missiles and Fire Control as well -- where they are as well from a guidance standpoint. But that would be our next worry bead would be Missiles and Fire Control.

我們的下一個關注點是導彈和火力控制。它只是基於——這是一個大批量的業務。他們在審視供應鏈方面做得很好。他們與 100% 的供應商取得了聯繫。之前 - 上週，我會告訴你，6% 是預測影響。在馬里蘭州員工會議上，我們昨天發現，它高達 10%。所以他們實際上有一個非常強大的過程來通過他們的供應基礎進行交談。他們有 2 家供應商關閉了業務。其中一個我們仍在研究和研究第二來源以及對它們的遏制計劃。另一個在墨西哥進行了手術。我們解決了這個問題並打開了那個。所以我們現在感覺很好，導彈和火控也一樣——從指導的角度來看，它們也是如此。但那將是我們的下一個擔憂珠子將是導彈和火力控制。

So net-net, we're good with guidance at the other 3. We think we've thought through the Aeronautics one -- Aeronautics issues, and we feel good about that. And just -- we've looked across the portfolio, and not just COVID-related risk, but we've looked at, call it, business as usual opportunity and risk, and we think we've box-balanced everything, and we feel good about our guidance as it stands today.

所以 net-net，我們在其他 3 個方面的指導很好。我們認為我們已經考慮過航空問題——航空問題，我們對此感覺很好。而且——我們已經審視了整個投資組合，而不僅僅是與 COVID 相關的風險，但我們已經審視了，稱之為“一切照舊”的機會和風險，我們認為我們已經平衡了一切，我們對我們今天的指導感到滿意。

Next, we'll go to David Strauss with Barclays.

接下來，我們將與巴克萊一起去大衛施特勞斯。

Congrats and well done, Marillyn. I'll take the bait, Ken, on cash. I think you were talking about a little bit more than a $700 million working capital headwind or increase this year. How are you thinking about that now on the back of COVID-19? And maybe comment on Q1, you saw a big increase in your payables balance.

恭喜，幹得好，瑪麗蓮。肯，我會用現金上鉤。我想你說的是今年超過 7 億美元的營運資金逆風或增加。您現在在 COVID-19 的支持下是如何考慮的？也許對第一季度發表評論，您看到應付賬款餘額大幅增加。

You bet. Thanks, David. So yes, we -- like I said, we feel good about cash flow this year. And I'll say it again. If it wasn't for COVID-19, we were very comfortable with taking our cash from operations up -- our cash from operations number of greater than $7.6 billion. So yes, going into the first quarter, we did increase payables. We did pay down payables in the fourth quarter. Part of the reason why Aeronautics and a couple other business areas did so well was, frankly, we got invoices -- from a timing standpoint, we got invoices in -- late in the quarter that ended up being payables, so we had abnormally high payables that also then flowed into inventory or into contract assets, which we do think is an opportunity going forward for us. So even with the COVID impacts, we do see, over time, working capital increases, specifically in contract assets, most of them in F-35, and we're working with the F-35. We think there's an opportunity there for us to reduce our contract assets.

你打賭。謝謝，大衛。所以是的，我們 - 就像我說的那樣，我們對今年的現金流感到滿意。我會再說一遍。如果不是因為 COVID-19，我們很樂意從運營中提取現金——我們的運營現金數量超過 76 億美元。所以是的，進入第一季度，我們確實增加了應付賬款。我們確實在第四季度支付了應付款項。航空和其他幾個業務領域表現如此出色的部分原因是，坦率地說，我們收到了發票——從時間的角度來看，我們收到了發票——在本季度末最終成為應付賬款，所以我們的發票異常高應付賬款隨後也流入庫存或合同資產，我們認為這對我們來說是一個前進的機會。因此，即使有 COVID 的影響，我們也確實看到，隨著時間的推移，營運資金增加，特別是合同資產，其中大部分是 F-35，我們正在與 F-35 合作。我們認為我們有機會減少合同資產。

The other thing I would state is -- why we had the high payables in the first quarter is these COVID actions that Marillyn described of us flowing money down to the supply chain really didn't start happening for the most part until we got into the second quarter. So we'll continue to flow down that committed $450 million that we got certainly through the second quarter, but David, it's likely we're going to flow that down in the third and fourth quarter as well, and we will probably take our -- what I'll call our normal payables number down in the fourth quarter and accelerate payments to the small business base and our vulnerable suppliers.

我要說的另一件事是——為什麼我們在第一季度的應付賬款很高，是因為 Marillyn 描述的這些 COVID 行動，我們將資金流向供應鏈，直到我們進入第二季度。因此，我們將繼續減少我們在第二季度肯定獲得的承諾的 4.5 億美元，但是大衛，我們很可能也會在第三和第四季度減少這筆錢，我們可能會 - - 我將在第四季度稱之為我們的正常應付賬款數量下降，並加快向小型企業基礎和我們脆弱的供應商的付款。

(Operator Instructions) And we'll go to Rob Stallard with Vertical Research.

（操作員說明）我們將與 Vertical Research 聯繫 Rob Stallard。

Marillyn, all the best for the future, but I have a final question for you. And it's a little bit tricky. I was wondering what's your gauge of the political environment at the moment, whether it's, what you might say, politically acceptable for the companies to be buying back stock given the crisis the country is going through.

瑪麗蓮，祝你未來一切順利，但我還有最後一個問題要問你。這有點棘手。我想知道你對目前的政治環境有何看法，你可能會說，鑑於該國正在經歷的危機，公司回購股票在政治上是否可以接受。

Well, thank you for your comments, Rob, and thanks for the question. The political environment today, I know, is very difficult, particularly for companies that basically have no demand. And when everything shut down -- and I'm very pleased to be part of the conversation on the President's task force and on some other task forces our company is so that we can work with governors and the President on looking at how best to get the economy back to work in a very safe and effective way. As you know, as we've talked about, we've been running all through this time. And so we're in a position where it's a matter of sharing how we're keeping our people safe, how we're keeping our operations running, we're dealing with supply chain, a lot of the things that Ken spoke of here.

好吧，謝謝你的評論，Rob，也謝謝你提出這個問題。我知道，今天的政治環境非常艱難，尤其是對於那些基本上沒有需求的公司來說。當一切都關閉時——我很高興能參與總統特別工作組和我們公司其他一些特別工作組的對話，這樣我們就可以與州長和總統合作，研究如何最好地獲得經濟以非常安全和有效的方式恢復工作。如您所知，正如我們所說，這段時間我們一直在奔波。因此，我們所處的位置是分享我們如何確保員工安全，我們如何保持運營正常運行，我們正在處理供應鏈，以及 Ken 在這裡談到的很多事情.

In terms of the political environment, where there are -- I think what you're referencing is where companies are going to get some kind of support from the CARES Act and other ways to help their business, and then as a result of that, would it be appropriate for them to destock buybacks. And I think you've heard all of them, at least all that I've heard, go publicly say, no, that's not their intention. They really need that funding today in order to address their business need, to address their cash needs, to address getting their folks back to work because, basically, their demand went to 0.

就政治環境而言，我認為你所指的是公司將從 CARES 法案和其他方式中獲得某種支持來幫助他們的業務，因此，他們去庫存回購是否合適。我想你已經聽到他們所有人，至少我聽到的，公開地說，不，那不是他們的意圖。他們今天真的需要這筆資金來滿足他們的業務需求，解決他們的現金需求，解決讓他們的員工重返工作崗位的問題，因為基本上，他們的需求變為 0。

I think it's very different than a normal company like -- that sets out the year with a plan on cash deployment, which would be through dividends, through stock buybacks, through capital investment, through the range of things that we all do with cash, and we -- in our case, we haven't changed our process at all. I mean we made a commitment in October that we were going to do about $1 billion in stock repurchases, and that's -- that we still are holding to that for this year. And so we're very different, I think, than those who have experienced a very significant impact to their demand.

我認為這與像普通公司這樣的普通公司非常不同——它以現金部署計劃來製定年度，這將通過股息、通過股票回購、通過資本投資，通過我們都用現金做的一系列事情，而我們——就我們而言，我們根本沒有改變我們的流程。我的意思是我們在 10 月份做出承諾，我們將進行大約 10 億美元的股票回購，而且我們今年仍然堅持這一承諾。因此，我認為，我們與那些對需求產生非常重大影響的人非常不同。

Ken, I don't know if you want to add anything on that front relative to our situation on...

肯，我不知道你是否想在這方面添加任何關於我們的情況的……

You bet. Yes. So Rob, I'll give you just a little color of what we've done actually. So late last year, we entered into a 10b5-1, and think of that as an enhanced open market repurchase program. So we essentially went to the banks late last year and said, we want to buy $500 million to $600 million of stock back starting in January through July. So we're in this 10b5-1 through July. And in the first quarter, of that, we bought $256 million back of the $756 million that you heard me state we bought back in the first quarter.

你打賭。是的。所以 Rob，我會給你一些我們實際所做的事情的顏色。所以去年年底，我們進入了 10b5-1，並將其視為增強的公開市場回購計劃。所以我們去年年底去了銀行說，我們想從 1 月到 7 月回購 5 億至 6 億美元的股票。所以我們在這個 10b5-1 到 7 月。在第一季度，我們從你聽到我說的我們在第一季度回購的 7.56 億美元中回購了 2.56 億美元。

Early in the year, we thought it would be advantageous just to go on autopilot, if you will, and we signed up. This would be our second one, we did one in the fourth quarter of last year, an accelerated share repurchase program. And as you know, when you commit to that, you put the money upfront, gives the bank then the discretion to buy it back when they want to buy it back. So we fronted that money, if you will, in the first quarter. And that plan goes through the end of April. So think of that in 9 days, that program is over. So that's why you saw the amount we bought back was earmarked $756 million of repos in the quarter.

今年年初，我們認為如果你願意的話，繼續自動駕駛是有利的，我們就報名了。這將是我們的第二個，我們在去年第四季度做了一個，一個加速的股票回購計劃。正如你所知，當你承諾這樣做時，你就把錢放在首位，然後讓銀行在他們想買回來的時候自行決定買回來。所以我們在第一季度支付了這筆錢，如果你願意的話。該計劃將持續到 4 月底。所以想想 9 天后，該計劃就結束了。所以這就是為什麼你看到我們回購的金額在本季度指定為 7.56 億美元的回購。

As I stated, we reaffirmed -- and Marillyn just foot stomped that, we reaffirmed our $1 billion commitment, which basically will be on autopilot that will go through July. So think of us buying back another $244 million over the next couple -- next 2 months to get us to the $1 billion. And what we have done in the past, just frankly over the last couple of years, we've done this just to prevent dilution of our share count, and that's what we're committed on now. If we get out of this COVID situation, we may look at this again and readdress it and see if it makes sense to opportunistically buy our stock back if we think that makes sense. But in the meantime, while COVID is going on, our commitment is we're going to maximize our balance sheet to generate cash flow, and we're going to send as much down as we can -- and as much as we can down to our distressed vulnerable supply base and our small supply base.

正如我所說，我們重申——而 Marillyn 只是踩了一下，我們重申了我們 10 億美元的承諾，這基本上將在 7 月份自動進行。所以想想我們在接下來的兩個月裡再回購 2.44 億美元——讓我們達到 10 億美元。我們過去所做的，坦率地說，在過去幾年裡，我們這樣做只是為了防止稀釋我們的股份數量，這就是我們現在的承諾。如果我們擺脫了這種 COVID 情況，我們可能會再次審視並重新解決它，看看是否有必要在我們認為有意義的情況下機會主義地回購我們的股票。但與此同時，在 COVID 繼續進行的同時，我們的承諾是我們將最大化我們的資產負債表以產生現金流，並且我們將盡可能多地發送 - 盡可能多地發送給我們苦惱的脆弱供應基地和我們的小供應基地。

While we're on capital deployment, I'll talk about dividends. It is from a planning standpoint. Our plan, subject to the Board's approval, for us still to declare and pay dividends. So that's in our modeling for the rest of the year. And I'll just remind you, we're still spending, investing in our business roughly $1.3 billion in IRAD for this year. And as I stated earlier, we're still on a path from a CapEx standpoint to spend roughly $1.7 billion on CapEx. So we're not skirting our responsibilities to our supply chain nor to the investments we believe we need to make for us to be a vibrant business going forward.

在我們進行資本部署時，我會談談股息。這是從規劃的角度來看。經董事會批准，我們的計劃仍然是宣布和支付股息。這就是我們今年剩餘時間的建模。我只想提醒你，今年我們仍在支出，在 IRAD 中投資我們的業務大約 13 億美元。正如我之前所說，從資本支出的角度來看，我們仍處於在資本支出上花費大約 17 億美元的道路上。因此，我們並沒有逃避對供應鏈的責任，也沒有逃避我們認為需要進行的投資才能使我們成為一個充滿活力的企業。

Next question is from Peter Arment with Baird.

下一個問題來自 Peter Arment 和 Baird。

Marillyn, congratulations on all your success. Ken, maybe just a backlog question. You have stable backlog, and I think the expectation was for 2020, you'd see growth of $3 billion to $4 billion, whether that -- is that still intact? And is there any kind of international awards that are key that we should be looking at that will impact that?

瑪麗蓮，祝賀你一切順利。肯，也許只是一個積壓問題。你有穩定的積壓，我認為 2020 年的預期是，你會看到 30 億至 40 億美元的增長，這是否仍然完好無損？是否有任何類型的國際獎項是我們應該關注的關鍵，它們會影響到這一點？

Yes. Thanks, Peter. Yes, the plan is we still think we're going to grow our backlog. I mentioned earlier for one of the questions, we're working with the -- I'll talk United States first, the United States customer. We're working with them where it makes sense for us to accelerate orders to get that into our backlog, to get that behind us. You already saw F-35 Lot 14 was in the second quarter. We got that order behind us. And that does actually have some international customers. Think of 35%, 40% of those airplanes will be going to international customers.

是的。謝謝，彼得。是的，計劃是我們仍然認為我們會增加積壓。我之前提到過其中一個問題，我們正在與 - 我會先談談美國，美國客戶。我們正在與他們合作，在對我們來說有意義的地方加速訂單以將其納入我們的積壓訂單，將其拋在腦後。你已經看到 F-35 Lot 14 在第二季度。我們得到了那個命令。這確實有一些國際客戶。想想 35%，其中 40% 的飛機將用於國際客戶。

But there are a bunch of international orders, and I'll go through them, that we generally feel pretty good about. So Bulgaria is behind us for F-16. We got those 8 aircraft behind us. We're working with Indonesia on some C-130 aircraft. We feel good about that. Working with India, you probably saw the announcement that the money is flowing from India to the United States. So we'll now work with the appropriate government agencies to get that under contract. That's for the MH-60R multi-role helicopter program. We have a Spain F-110 frigate program we feel good about. F-16, Taiwan, I mentioned, that's a third quarter order. We still feel good about that. We also have a couple of orders for F-16 that we're working to try to shape. There's a Norway contract out in the fourth quarter.

但是有很多國際訂單，我會通過它們，我們通常感覺很好。所以保加利亞在 F-16 方面落後於我們。我們後面有 8 架飛機。我們正在與印度尼西亞合作開發一些 C-130 飛機。我們對此感覺很好。與印度合作，您可能會看到資金從印度流向美國的公告。因此，我們現在將與適當的政府機構合作，以簽訂合同。這是針對 MH-60R 多用途直升機計劃的。我們有一個我們感覺良好的西班牙 F-110 護衛艦項目。 F-16，台灣，我提到過，這是第三季度的訂單。我們仍然對此感覺良好。我們還有幾個 F-16 訂單，我們正在努力塑造。第四季度有一份挪威合同到期。

So I'd say on the whole, we're feeling good about our order book. And in fact, because of some accelerations, we actually think we'll overachieve our orders planned this year by over $3 billion. And that's mainly driven by PAC-3, that's FY '21, where I think we're in a good spot with the customer to accelerate those orders.

所以我想說，總的來說，我們對我們的訂單感覺很好。事實上，由於一些加速，我們實際上認為我們將超過 30 億美元的今年計劃訂單。這主要是由 PAC-3 推動的，即 21 財年，我認為我們與客戶處於有利地位，可以加速這些訂單。

Next question is from Carter Copeland with Melius Research.

下一個問題來自 Melius Research 的 Carter Copeland。

Again, congratulations on all the accomplishments and the retirement. It's been quite impressive. So just want to kind of follow up a little bit on the award environment. And I think a little bit longer term, you hinted at it, Marillyn, on the plus ups and areas of emphasis and things that are in the NDS. And I just wondered if you might give us some color on how you see that influencing the opportunity pipeline that you've been talking about over the last several quarters, not just in hypersonics but also at MDA. And just anywhere you think that, that's unfolding in a way that's different as a result of the budget request.

再次祝賀所有的成就和退休。這令人印象深刻。所以只想稍微跟進一下頒獎環境。而且我認為從長遠來看，你暗示過，瑪麗蓮，關於 NDS 中的優點和重點領域以及事物。我只是想知道您是否可以給我們一些顏色，說明您如何看待影響您在過去幾個季度一直在談論的機會管道，不僅在超音速領域，而且在 MDA 領域。就在您認為的任何地方，由於預算要求，這種情況正在以不同的方式展開。

Thanks for the question. Thanks for the comment, too, Carter. I appreciate it. Well, as I talked in my opening remarks about the FY '21 budget -- President's budget request that came out, and while the top line budget is not growing significantly, there's a little bit -- some slight growth, and so we're looking -- as we look at it. But Congress really is yet to weigh in on what's in that budget for our programs. Right now, they're well supported. But we -- often, Congress looks in and determines whether they want to do some ads and in certain areas as well. So for example, last year, they added 20 planes for the F-35. And we've seen some other areas of support from Congress over the years.

謝謝你的問題。也感謝卡特的評論。我很感激。好吧，正如我在關於 21 財年預算的開場白中所說的那樣——總統提出的預算要求，雖然頂線預算沒有顯著增長，但有一點——一些輕微的增長，所以我們看著——就像我們看著它一樣。但國會確實尚未對我們計劃的預算中的內容進行權衡。現在，他們得到了很好的支持。但是我們 - 通常，國會會調查並決定他們是否想在某些領域做一些廣告。例如，去年，他們為 F-35 增加了 20 架飛機。多年來，我們還看到了國會在其他一些領域的支持。

So we feel good about what's in the budget request right now. As I mentioned, it does line up with the national defense strategy. And that's exactly the areas that are lined up with our particular portfolio. There's -- the budget submission has over $3 billion in it for hypersonics, which is we've shown that we are a strong leader in that. We continue to see as we look beyond that, there's also some upside for NASA, for Orion and for some of the Mars missions. I think there's over $3 billion that was put in increase for that.

所以我們對現在預算申請中的內容感到滿意。正如我提到的，它確實符合國防戰略。而這正是與我們的特定投資組合一致的領域。有 - 提交的預算中有超過 30 億美元用於超音速，這表明我們在這方面是一個強有力的領導者。當我們超越這一點時，我們會繼續看到，NASA、獵戶座和一些火星任務也有一些好處。我認為為此增加了超過 30 億美元。

And then we continue to look at not only continued growth through the U.S. budget side but also on the international side. Now these would be FMS sales, but F-35, as you know, Poland has committed to 32 aircraft. We see opportunities with Finland, with Switzerland, with Spain potentially and other countries, we think, that are starting to show interest -- continued interest in the F-35 as a potential to meet their fighter replacement needs. And then on the missile defense arena, THAAD, PAC-3, Aegis, all continue to be growth opportunities for us. If you look on around to the Sikorsky side of the business, I mentioned the Future Vertical Lift. That's a big upside for us as potential as we see opportunities for growth there. CH-53K that we do for the Marine Corps with a 200-aircraft program of record. There's also strong interest in Germany and in Israel. And then in our Space business, we continue to see upside there in a lot of the space protection and a lot of the mission areas there for the national security space opportunities for growth.

然後我們不僅要繼續關注美國預算方面的持續增長，還要關注國際方面的持續增長。現在這些將是 FMS 的銷售，但 F-35，如你所知，波蘭已承諾購買 32 架飛機。我們看到芬蘭、瑞士、西班牙和其他國家的機會，我們認為，這些國家開始表現出興趣——對 F-35 的持續興趣是滿足其戰鬥機更換需求的潛力。然後在導彈防禦領域，THAAD、PAC-3、Aegis 都將繼續成為我們的增長機會。如果你環顧西科斯基方面的業務，我提到了未來垂直升降機。這對我們來說是一個巨大的潛力，因為我們看到了那裡的增長機會。我們為海軍陸戰隊製造的 CH-53K 擁有 200 架飛機的記錄計劃。德國和以色列也有濃厚的興趣。然後在我們的太空業務中，我們繼續在許多太空保護和許多任務領域看到上升空間，為國家安全太空增長機會。

So I feel really good about our growth opportunities as we look out even beyond this year and into the future. Space side, the next-gen OPIR and GPS are other contract opportunities that we continue to see growth. So as Ken said, we expect our backlog to grow. We expect to continue to win at a good rate on these opportunities because we have a strong portfolio. We've been investing for many years in things like hypersonics and other areas of our business that set us up well for robust growth.

因此，當我們展望今年以後和未來時，我對我們的增長機會感到非常滿意。太空方面，下一代 OPIR 和 GPS 是我們繼續看到增長的其他合同機會。正如肯所說，我們預計我們的積壓工作會增加。我們希望繼續以良好的速度贏得這些機會，因為我們擁有強大的投資組合。多年來，我們一直在投資高超音速和我們業務的其他領域，這些領域為我們的強勁增長奠定了良好的基礎。

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 Ron Epstein with Bank of America Securities.

這將來自美國銀行證券公司的 Ron Epstein。

Marillyn, if you could speak to when you think about the impact that COVID's having on some of your international customers, meaning you've got F-35s potentially going different places in the world. And how do we think about the impact that, that could have on those deliveries of aircraft?

瑪麗蓮，當你想到 COVID 對你的一些國際客戶的影響時，如果你能談談，這意味著你有 F-35 可能會去世界上不同的地方。我們如何考慮可能對飛機交付產生的影響？

Well, on the international front, I think Ken talked a little bit about the fact that we have a couple of final assembly and checkout facilities on the international scene, so in Italy and in Japan. And early on, they did have some impact where they shut down for a few days or for a week, but they're back running again. We have suppliers around the world that support our F-35 program and other programs. So we watch how those suppliers are working in their various countries with whatever constraints they might have or safety protocols that are put in place. And so that's -- as Ken said, we do a very deep dive on our supply base on a weekly basis to make sure we're monitoring that, and we're addressing that. So that could potentially have some disruption for us. Similarly, we -- transportation is an area that we've been watching to make sure that we've got good transformation of the parts and components coming in.

好吧，在國際方面，我想 Ken 談到了一個事實，即我們在國際舞台上有幾個總裝和檢驗設施，在意大利和日本也是如此。在早期，他們確實在關閉幾天或一周的情況下產生了一些影響，但他們又恢復了運行。我們在世界各地都有供應商支持我們的 F-35 計劃和其他計劃。因此，我們觀察這些供應商如何在他們可能有的限製或已製定的安全協議的情況下在他們的不同國家工作。所以這就是 - 正如肯所說，我們每週都會對我們的供應基地進行深入研究，以確保我們正在監控它，並且我們正在解決這個問題。所以這可能會對我們造成一些干擾。同樣，我們 - 運輸是我們一直關注的一個領域，以確保我們對進入的零部件進行了良好的改造。

But I think in terms of countries, it goes back to my earlier comment. Countries are still -- need to address their national security needs. So I'm not looking at it so much from an impact on what they will buy because they are staying on their procurement plans, and despite the fact that things like COVID-19 will have some impact on their economic situation just as it has in the U.S. I think it's more really around the international supply chain that we're going to keep a bead on that to make sure that those suppliers around the world continue to operate. We -- as we talk about cash deployment to our suppliers, we are getting to those international suppliers as well because they're part of our supply chain. And so to the extent that we have an opportunity to flow through and accelerate payments, we accelerate them to them as well as to our domestic suppliers in the U.S. That will continue to be the area for us. We -- they may face challenges of productivity or absenteeism and/or other constraints, and so we'll continue to watch that closely. And frankly, that's the area that we watch the most closely and why we've been so focused on it every week.

但我認為就國家而言，這可以追溯到我之前的評論。各國仍然——需要解決其國家安全需求。因此，我並沒有從對他們將購買什麼的影響來看待它，因為他們仍在執行他們的採購計劃，儘管事實上像 COVID-19 這樣的事情會對他們的經濟狀況產生一些影響，就像它在美國我認為更確切地說，我們將密切關注國際供應鏈，以確保世界各地的供應商繼續運營。我們——當我們談論向我們的供應商部署現金時，我們也正在接觸那些國際供應商，因為它們是我們供應鏈的一部分。因此，就我們有機會通過和加速付款而言，我們將它們加速到他們以及我們在美國的國內供應商。這將繼續是我們的領域。我們——他們可能面臨生產力或缺勤和/或其他限制的挑戰，因此我們將繼續密切關注。坦率地說，這是我們最密切關注的領域，也是我們每週都如此關注它的原因。

Okay. So I guess that's our last question. So let me just conclude the call today. And before I do, I know several of you, starting with Ken, know that this is my last call as President and CEO. And I appreciate your kind remarks, and I appreciate, Ken, what you said as my colleague and friend for so many years, and I appreciate your comments. But I really wanted to take this time at the end of the call just to thank the entire Lockheed Martin family for the support and dedication that they've given as the company has grown and flourished over my now 7.5 years as CEO and, moreover, over 37 years with this company.

好的。所以我想這是我們的最後一個問題。所以讓我結束今天的電話會議。在我這樣做之前，我知道你們中的一些人，從 Ken 開始，知道這是我作為總裁兼首席執行官的最後一次電話會議。我感謝你的友好評論，我感謝肯，作為我這麼多年的同事和朋友，你所說的話，我感謝你的評論。但我真的想在電話會議結束時藉此機會感謝整個洛克希德馬丁家族，感謝他們在我擔任 CEO 的 7.5 年中為公司的發展和繁榮提供的支持和奉獻，此外，在這家公司工作超過 37 年。

We are a very strong corporation, and we've got a legacy of innovation and performance and a future of promise and growth. And when I think back 37 years ago when I first started as an industrial engineer supporting the production line in Marietta, Georgia, I'm reminded of a lot of hardworking and dedicated people that I worked with over my career, including the people that I work with today, the current employees that are making a difference every day in the work that we do because we do some of the most important work in the world. So it's been an honor for me to be a part of this team and this company. I've often said, I consider Lockheed Martin a national asset because we perform an important mission and support of our nation's defense and its citizens and also our allies around the world.

我們是一家非常強大的公司，我們擁有創新和業績的傳統以及充滿希望和增長的未來。當我回想起 37 年前，當我剛開始擔任佐治亞州瑪麗埃塔的生產線支持工業工程師時，我想起了在我的職業生涯中與我共事過的許多勤奮和敬業的人，包括我與今天一起工作，現在的員工每天都在為我們所做的工作帶來改變，因為我們從事世界上一些最重要的工作。所以我很榮幸成為這個團隊和這家公司的一員。我經常說，我認為洛克希德馬丁公司是一項國家資產，因為我們履行著重要的使命，支持我們國家的國防、公民以及我們在世界各地的盟友。

I also want to thank you, our investment community and our shareholders, for your participation in these calls and also for your thoughtful engagement that you've provided with our management team over the years. It's helped us as we understand what's important to you and how you look at our business and the questions that you ask. And I said earlier, I know that you will welcome Jim Taiclet to our team. I'm certain that he's going to lead the company to continued success. He has a tremendous track record of achievement that's outstanding, and he's -- as I said earlier, he joins a company with a culture of performing with excellence for our customers, our employees and our shareholders. So I assure you that Lockheed Martin will be in very good hands with Jim at the helm.

我還要感謝您、我們的投資界和我們的股東，感謝您參與這些電話會議，並感謝您多年來為我們的管理團隊提供的深思熟慮的參與。它幫助我們了解什麼對您很重要以及您如何看待我們的業務以及您提出的問題。我之前說過，我知道您會歡迎 Jim Taiclet 加入我們的團隊。我確信他將帶領公司繼續取得成功。他有著傑出的成就記錄，正如我之前所說，他加入了一家具有為我們的客戶、員工和股東提供卓越績效文化的公司。所以我向你保證，在吉姆的掌舵下，洛克希德馬丁公司將得到很好的管理。

So thank you again for joining us on the call today. Our team looks forward to speaking with you on our next earnings call in July. John, that concludes our call today.

再次感謝您今天加入我們的電話會議。我們的團隊期待在 7 月份的下一次財報電話會議上與您交談。約翰，我們今天的電話會議到此結束。

Thank you. And ladies and gentlemen, you may now disconnect.

謝謝。女士們先生們，你們現在可以斷開連接了。