洛克希德·馬丁 (LMT) 2018 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Lockheed Martin first-quarter 2018 earnings results conference call.

女士們、先生們，感謝你們的支持並歡迎參加洛克希德馬丁公司 2018 年第一季財報電話會議。

(Operator Instructions).

（操作員說明）。

As a reminder, today's call is being recorded.

提醒一下，今天的通話正在錄音。

I'll turn the conference now over to Mr. Greg Gardner, Vice President of Investor Relations.

我現在將會議交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，早安。

I'd like to welcome everyone to our first-quarter 2018 earnings conference call.

歡迎大家參加我們的 2018 年第一季財報電話會議。

Joining me today on the call are Marillyn Hewson, our Chairman, President, and Chief Executive Officer; and Bruce Tanner, our Executive Vice President and Chief Financial Officer.

今天與我一起參加電話會議的還有我們的董事長、總裁兼執行長瑪麗蓮‧休森 (Marillyn Hewson)；以及我們的執行副總裁兼財務長 Bruce Tanner。

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.

今天的電話會議中所做的非歷史事實的陳述被視為前瞻性陳述，並且是根據聯邦證券法的安全港條款做出的。

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的預測有重大差異。

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 SEC 提交的文件，以了解可能導致實際結果與前瞻性聲明中的結果有重大差異的一些因素的描述。

We have posted our charts on our website today that we plan to address during the call to supplement our comments.

我們今天已在網站上發布了圖表，我們計劃在電話會議中討論這些圖表以補充我們的評論。

Please access our website at www.lockheedmartin.com, and click on the (technical difficulty) to view and follow the charts.

請造訪我們的網站 www.lockheedmartin.com，然後點擊（技術難度）查看並遵循圖表。

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

說到這裡，我想把電話轉給瑪麗蓮。

Thanks, Greg.

謝謝，格雷格。

Good morning, everyone, and welcome to our call today.

大家早安，歡迎今天接到我們的電話。

We're pleased to have you join us as we review our first-quarter results and some key operational accomplishments from across our Company.

我們很高興您能加入我們，我們將回顧第一季的業績以及整個公司的一些關鍵營運成就。

I want to take this opportunity to thank our team for their high level of performance, as we continue to focus the organization on long-term growth and value creation.

我想藉此機會感謝我們團隊的高水準績效，因為我們繼續將組織的重點放在長期成長和價值創造上。

The Corporation continues to deliver critical solutions and products to our customers while also returning value to our stockholders, and I am extraordinarily proud of our Lockheed Martin team.

公司繼續為我們的客戶提供關鍵的解決方案和產品，同時也為我們的股東回報價值，我為我們的洛克希德馬丁團隊感到非常自豪。

As today's release detailed, we had a very strong quarter, operationally and financially.

正如今天發布的詳細信息，我們在營運和財務方面度過了一個非常強勁的季度。

We will review the results in depth a little later on the call.

我們將在稍後的電話會議上深入審查結果。

I am very pleased that our strong year-to-date financial performance across all business areas and our expectations for the remainder of 2018 have enabled us to increase our full-year outlook for sales, operating profit, and earnings per share.

我很高興我們今年迄今在所有業務領域的強勁財務業績以及我們對 2018 年剩餘時間的預期使我們能夠提高全年銷售、營業利潤和每股收益的預期。

Our financial results and increased outlook reflect the outstanding execution across our four business segments, and the strength provided by our broad portfolio of products and services.

我們的財務表現和改善的前景反映了我們四個業務部門的出色執行力，以及我們廣泛的產品和服務組合所提供的實力。

I will cover some performance highlights from our business areas in just a moment, but first I want to recognize one significant operational milestone that was attained this month.

我將立即介紹我們業務領域的一些業績亮點，但首先我想先認識本月實現的一個重要營運里程碑。

Our F-35 team celebrated the conclusion of the system design and development phase, or SDD, flight test program, fulfilling the final requirements at Naval Air Station Patuxent River.

我們的 F-35 團隊慶祝系統設計和開發階段（SDD）飛行測試計畫的結束，滿足帕圖森特河海軍航空站的最終要求。

Since the inception of this test program over 11 years ago, F-35 aircraft have successfully completed over 9,200 test sorties totaling over 17,000 flight hours; and satisfied over 65,000 test points, marking the conclusion of the most comprehensive, complex, and rigorous developmental flight test program in aviation history.

自測試計畫啟動11年多以來，F-35飛機已成功完成9,200餘架次測試，總計飛行時間超過17,000小時；並滿足了超過 65,000 個測試點，標誌著航空史上最全面、最複雜、最嚴格的開發飛行測試計劃的結束。

I'd like to thank the entire F-35 enterprise, including industry and government teams, for their dedication and diligence as this unrivaled stealth fighter jet progresses on to its next chapter.

我要感謝整個 F-35 企業，包括產業和政府團隊，感謝他們在這款無與倫比的隱形戰鬥機邁向新篇章時所付出的奉獻和勤奮。

Turning to the Department of Defense budgets, we were very pleased to see Congress enact the Consolidated Appropriations Act of 2018, providing much-needed funding for our nation's military and national security.

談到國防部預算，我們很高興看到國會頒布了 2018 年綜合撥款法案，為我國的軍事和國家安全提供了急需的資金。

Notably, the 2018 Appropriations Act raised DoD base budget funding to $600 billion, over 14% above 2017 levels, representing the largest year-to-year increase in base budget funding for the Department of Defense in 15 years.

值得注意的是，2018 年撥款法案將國防部基本預算資金提高到 6,000 億美元，比 2017 年水準增加了 14% 以上，這是國防部 15 年來基本預算資金年增幅最大的一次。

When coupled with the overseas contingency operations funding, the total amount appropriated for defense activities rose to $665 billion.

加上海外緊急行動資金，用於國防活動的撥款總額增至 6,650 億美元。

Included in this increase was the recognition of the need to significantly recapitalize our nation's forces, with the investment accounts appropriated at levels over 20% greater than the previous fiscal year.

此次增加包括意識到需要大幅重組我國軍隊，投資帳戶撥款水準比上一財年高出 20% 以上。

Lockheed Martin's programs were especially well supported in the budget markup, with the legislation including increased funding for 20 additional F-35 fighter jets, 17 additional C-130 J transport aircraft, 16 additional Black Hawk and Seahawk helicopters, two CH-53K helicopters, and increases in multiple missile production programs as well as our Orion contract.

洛克希德馬丁的計畫在預算加價方面得到了特別好的支持，立法包括增加資助20 架額外的F-35 戰鬥機、17 架額外的C-130 J 運輸機、16 架額外的黑鷹和海鷹直升機、兩架CH-53K 直升機、並增加多個飛彈生產計劃以及我們的獵戶座合約。

All told, key Lockheed Martin programs representing all four of our business areas received over $7 billion of appropriations above the fiscal-year 2018 budget request, a clear sign of a strong support our broad portfolio has garnered from the customer community.

總而言之，代表我們所有四個業務領域的洛克希德馬丁公司的關鍵項目獲得了超出2018 財年預算要求的超過70 億美元的撥款，這清楚地表明我們廣泛的產品組合獲得了客戶群體的大力支持。

I'll close on my budget discussion with a look ahead to fiscal-year 2019.

我將透過對 2019 財年的展望來結束我的預算討論。

In February, Congress passed the Bipartisan Budget Act of 2018, and raised the defense budget caps in both 2018 and 2019.

今年2月，國會通過了《2018年兩黨預算法案》，並提高了2018年和2019年的國防預算上限。

We were very pleased to see appropriations enacted to support the 2018 increase in base budget funding.

我們很高興看到撥款用於支持 2018 年基本預算資金的增加。

We are encouraged by these legislative actions that provide our military with the resources needed to enable them to fulfill their crucial missions, and we are hopeful that the fiscal-year 2019 funding process will follow the same positive path in the coming months.

我們對這些立法行動感到鼓舞，這些行動為我們的軍隊提供了完成關鍵任務所需的資源，我們希望 2019 財年的籌資流程在未來幾個月將遵循同樣的積極路徑。

Before addressing our business area highlights for this quarter, I'd like to provide you a brief update on activities relating to our opportunities in the kingdom of Saudi Arabia.

在介紹本季的業務領域亮點之前，我想向您簡要介紹與我們在沙烏地阿拉伯王國的機會相關的活動。

Just this month, I had the honor of hosting His Royal Highness Mohammed bin Salman, the Crown Prince of kingdom of Saudi Arabia, at our Sunnyvale, California, location.

就在這個月，我有幸在我們位於加州桑尼維爾的酒店接待了沙烏地阿拉伯王國王儲穆罕默德·本·薩勒曼殿下。

During his visit, His Royal Highness was able to see firsthand the innovative satellite technology being incorporated into two new satellites which Lockheed Martin is building to provide enhanced telecommunications capabilities in Saudi Arabia.

在訪問期間，殿下親眼目睹了洛克希德馬丁公司正在建造的兩顆新衛星中採用的創新衛星技術，以增強沙烏地阿拉伯的電信能力。

As part of this historic tour, the Crown Prince also saw some of our air and missile defense product line, including key elements of our THAAD system, an important component of the joint global security announcement the US and Saudi Arabia made last May.

作為這次歷史性訪問的一部分，王儲也參觀了我們的一些防空和飛彈防禦產品線，包括薩德系統的關鍵要素，該系統是美國和沙烏地阿拉伯去年五月發表的聯合全球安全聲明的重要組成部分。

We remain in discussions on several opportunities with the kingdom.

我們仍在與沙烏地王國討論一些機會。

And in March, we were awarded a contract for nearly $500 million to fund long lead activities for construction of four multi-mission service combatant ships, a key element in the kingdom of Saudi Arabia's defensive strategy.

今年 3 月，我們獲得了一份價值近 5 億美元的合同，為建造四艘多任務軍用戰艦的長期活動提供資金，這是沙烏地阿拉伯王國防禦戰略的關鍵要素。

We look forward to continuing our more than 50-year partnership with the kingdom to help them provide for the security of their citizens and support to His Royal Highness's Saudi Vision 2030, his blueprint for transformation of their country.

我們期待繼續與沙烏地王國建立超過 50 年的夥伴關係，幫助他們保障公民的安全，並支持殿下的“沙烏地阿拉伯 2030 年願景”，即他的國家轉型藍圖。

Moving on, I would like to highlight several operational milestones we achieved across the Corporation during the recent few months, beginning with an update on our F-35 program.

接下來，我想強調我們在最近幾個月整個公司實現的幾個營運里程碑，首先是我們的 F-35 專案的更新。

During the first quarter, I was proud to represent our Corporation at the Korea rollout ceremony at our manufacturing facility in Fort Worth, Texas.

在第一季度，我很自豪能夠代表我們公司參加在德州沃思堡製造工廠舉行的韓國推出儀式。

The Republic of Korea and the US government leaders celebrated the public debut of the first F-35 produced for the Republic of Korea Air Force.

韓國和美國政府領導人慶祝為韓國空軍生產的第一架 F-35 公開亮相。

The ceremony was attended by over 450 guests, and represented a major program milestone as the Korean Air Force took delivery of the first aircraft in its 40-jet plan of record.

超過 450 名嘉賓出席了該儀式，標誌著韓國空軍接收了其創紀錄的 40 架噴射機計劃中的第一架飛機，這是一個重大的項目里程碑。

Five more will follow this year, as our production line continues to ramp up and we progress on our 2018 goal of delivering more than 90 aircraft to our US and international customers.

隨著我們的生產線不斷擴大，我們將在 2018 年向美國和國際客戶交付 90 多架飛機的目標上取得進展，今年還將再生產 5 架飛機。

Keeping with our Aeronautics business area, this quarter our aero team celebrated the delivery of the 400th C-130 J Super Hercules, as the Air Force Special Operations Command received its latest Commando II special ops model of the venerable C-130 J platform.

與我們的航空業務領域保持一致，本季度我們的航空團隊慶祝了第400 架C-130 J 超級大力士的交付，因為空軍特種作戰司令部收到了久負盛名的C-130 J 平台的最新Commando II 特種作戰模型。

A hallmark of the C-130J is its versatility, and this aircraft supports 17 different mission configurations, including this special forces version.

C-130J 的一個標誌是其多功能性，該飛機支援 17 種不同的任務配置，包括特種部隊版本。

The performance of this remarkable plane has drawn global demand with operators in 17 countries, as C-130Js have amassed over 1.7 million flight hours, supporting these varied missions.

這款卓越飛機的性能吸引了全球 17 個國家營運商的需求，C-130J 已累計飛行超過 170 萬小時，支援這些不同的任務。

The C-130J has proven to be the tactical airlift platform of choice, and we look forward to continuing our global leadership in air mobility for decades to come.

C-130J 已被證明是首選的戰術空運平台，我們期待在未來幾十年繼續保持我們在空中機動領域的全球領先地位。

Thirdly, NASA awarded our Aeronautics organization a new contract to design, build, and flight test a low boom flight demonstrator, a new supersonic X plane that, despite flying in excess of the speed of sound, will produce a sonic boom that will not be disruptive to the general public.

第三，美國太空總署授予我們的航空組織一份新合同，設計、建造和飛行測試低爆飛行演示機，這是一種新型超音速X 飛機，儘管飛行速度超過音速，但仍會產生不會產生音爆的音爆。對大眾造成乾擾。

Because of noise restrictions over land, air travel above Mach 1, which creates these sonic booms, is currently not allowed.

由於陸地上的噪音限制，目前不允許以高於 1 馬赫的速度飛行，從而產生音爆。

This program will build on the preliminary design we started several years ago under NASA's Quiet Supersonic Technology effort.

該計劃將建立在我們幾年前在美國宇航局安靜超音速技術努力下開始的初步設計的基礎上。

The new demonstrator aircraft will be built in our Skunk Works facility, and we look forward to its first flight in just a few years, with the goal of making quiet supersonic passenger air travel a reality.

新的演示機將在我們的 Skunk Works 工廠建造，我們期待它在短短幾年內的首次飛行，目標是讓安靜的超音速客運航空旅行成為現實。

Moving to our Missiles and Fire Control business area, we saw continued demand for our air and missile defense products.

轉向我們的飛彈和火控業務領域，我們看到對我們的防空和飛彈防禦產品的持續需求。

Our THAAD team received an award of approximately $460 million for the production and delivery of additional interceptors and engineering support, bringing the contract value of our Lot 10 program to over $1.2 billion.

我們的 THAAD 團隊獲得了約 4.6 億美元的合同，用於生產和交付額外的攔截器和工程支持，使我們的 Lot 10 項目的合約價值超過 12 億美元。

We also received an award of over $500 million as the US and international customers look to upgrade their missile defense capabilities using our PAC-3 and PAC-3 missile segment enhancement, or MSE, interceptors, launch kits, spares, and support equipment.

我們還獲得了超過5 億美元的獎勵，因為美國和國際客戶希望使用我們的PAC-3 和PAC-3 導彈段增強型（MSE）、攔截器、發射套件、備件和支援設備來升級他們的導彈防禦能力。

Also, US and Polish officials signed an agreement for Poland to become the fifth international PAC-3 MSE customer.

此外，美國和波蘭官員還簽署了一項協議，使波蘭成為第五個國際 PAC-3 MSE 客戶。

The advanced capabilities provided by our PAC-3 MSE interceptors will support the WISLA Air and Missile Defense system, intended to protect Poland's armed forces, citizens, and infrastructure.

我們的 PAC-3 MSE 攔截器提供的先進功能將支援 WISLA 防空和飛彈防禦系統，旨在保護波蘭的武裝部隊、公民和基礎設施。

And we are honored to have this opportunity.

我們很榮幸有這個機會。

Before I leave Missiles and Fire Control, I'd like to commend their tactical missile team for the successful operational debut of the joint air-to-surface standoff missile, JASSM, during the recent allied strikes against Syrian chemical weapons research and storage facilities.

在我離開飛彈和火力控制部門之前，我要讚揚他們的戰術飛彈小組，他們在最近盟軍對敘利亞化學武器研究和儲存設施的打擊中，聯合空對地防區外飛彈 JASSM 成功首次投入使用。

A total of 19 JASSM stealth cruise missiles were launched, marking their first use in combat.

總共發射了19枚JASSM隱形巡航飛彈，標誌著它們首次投入實戰。

And these weapons performed their missions with precision, contributing to the success of this multinational operation.

這些武器精確地執行了任務，為這次多國行動的成功做出了貢獻。

In the Rotary and Mission Systems business area, the US Navy awarded us a unique contract to develop, manufacture, and deliver two high-powered laser weapon systems to eventually be fielded aboard surface ships.

在旋轉和任務系統業務領域，美國海軍授予我們一份獨特的合同，開發、製造和交付兩種高功率雷射武器系統，最終部署在水面艦艇上。

This program, the HELIOS contract, is initially worth $150 million.

這個項目，即 HELIOS 合同，最初價值 1.5 億美元。

However, with options, it could increase to nearly $950 million.

然而，如果有選擇權，這個數字可能會增加到近 9.5 億美元。

This weapons system is the first of its kind, and combines laser technology, traditional ISR sensors and systems, and counter-unmanned aerial system capabilities designed to help provide layered defense support.

該武器系統是同類中的第一個，結合了雷射技術、傳統ISR感測器和系統以及反無人機系統功能，旨在幫助提供分層防禦支援。

This award is the result of our commitment to advancing technology with more than 40 years' experience in this domain, including long-standing internal research and development projects, as well as customer-funded contracts.

該獎項是我們憑藉在該領域 40 多年經驗（包括長期的內部研發專案以及客戶資助的合約）致力於推進技術的成果。

We are honored to be working with the Navy on this program, and we are excited by the opportunity this leading-edge system brings.

我們很榮幸能夠與海軍合作這個項目，我們對這個領先系統帶來的機會感到興奮。

I'll close with our Space business area, which celebrated the successful launch of two upgraded Trident II D5 missiles, certifying the readiness of the crew and the operational performance of this strategic weapon system.

最後我將介紹我們的太空業務領域，該領域慶祝了兩枚升級版三叉戟 II D5 飛彈的成功發射，證明了機組人員的準備狀態以及這一戰略武器系統的作戰性能。

The two missiles were launched from the Ohio-class ballistic missile submarine, USS Nebraska, and marked the 166th and 167th successful test launches since design completion in 1989, the most reliable test record for any ballistic missile of its kind.

這兩枚飛彈是從俄亥俄級彈道飛彈潛艦「內布拉斯加號」發射的，標誌著自1989年設計完成以來第166次和第167次成功試射，這是同類彈道飛彈中最可靠的測試記錄。

This modernized Trident missile will be in service with both the U.S. Navy end the United Kingdom Royal Navy for the next two decades, adding to our over 60-year heritage of support to the sea leg of the nuclear triad.

這款現代化的三叉戟飛彈將在未來二十年裡在美國海軍和英國皇家海軍服役，為我們 60 多年來對核三位一體海上支線的支援增添了色彩。

I'd like to congratulate our Space organization on this significant milestone and for their long history of mission success.

我要祝賀我們的太空組織實現了這一重要的里程碑，並祝賀他們長期以來任務成功的歷史。

I'll now turn the call over to Bruce to review our first-quarter financial performance and to discuss our expectations for the remainder of 2018.

我現在將電話轉給 Bruce，回顧我們第一季的財務業績，並討論我們對 2018 年剩餘時間的預期。

We will then open up the line for your questions.

然後我們將開通您的提問熱線。

Thanks, Marillyn, and good morning, everyone.

謝謝瑪麗蓮，大家早安。

As I highlight our key financial accomplishments, please follow along with the Web charts that we included with the 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路圖表。

Let's begin with chart 3 and an overview of our results for the quarter.

讓我們從圖 3 開始，概述我們本季的業績。

We had a very strong start to the year.

我們今年有一個非常強勁的開局。

Sales and segment operating profit were both higher than our expectations for the quarter, while cash was in line with our expectations, given the planned pension contributions we made this quarter.

銷售額和部門營業利潤均高於我們對本季的預期，而鑑於我們本季計畫繳納的退休金繳款，現金符合我們的預期。

We returned almost $900 million to our stockholders in the quarter; nearly $600 million through dividends, and about $300 million in share repurchases.

本季我們向股東返還了近 9 億美元；透過股息支付近 6 億美元，透過股票回購支付約 3 億美元。

Based on these results, we have increased our outlook for sales, operating profit, and earnings per share for the year.

基於這些結果，我們提高了對今年銷售額、營業利潤和每股盈餘的預期。

On chart 4, we compare our sales and segment operating profit in the first quarter of this year with last year's results.

在圖4中，我們將今年第一季的銷售額和部門營業利潤與去年的結果進行了比較。

Sales were about 4% higher this quarter compared with last year, with three of our four business areas showing growth in the quarter.

本季銷售額比去年增長約 4%，我們四個業務領域中的三個在本季度增長。

Aeronautics and Missiles and Fire Control both experienced high-single-digit growth in the quarter.

航空與飛彈和火控業務本季均實現了高個位數成長。

Aeronautics was driven primarily by F-35 production volume, while Missiles and Fire Control was driven by tactical missile and classified programs volume.

航空業主要由 F-35 產量推動，而飛彈和火控則由戰術飛彈和機密項目數量推動。

Rotary and Mission Systems had double-digit growth in three of its lines of business that was partially offset by lower volume at Sikorsky due to lower quantities on our government helicopter programs.

旋轉和任務系統公司的三個業務線實現了兩位數的成長，但由於我們政府直升機專案的數量減少，西科斯基的銷量下降部分抵消了這一增長。

As expected, Space was slightly lower than last year as a result of our continuing cost reduction efforts on follow-on buys of our large government satellite programs.

正如預期的那樣，由於我們不斷努力降低大型政府衛星計畫後續購買的成本，太空業務略低於去年。

Segment operating profit was up considerably in the quarter compared with last year's results.

與去年的業績相比，該季度的部門營業利潤大幅增加。

RMS had the highest operating profit improvement driven by the absence of the charge taken last year for the EADGE-T program; as well as strong performance across the entire portfolio, led by improved performance at Sikorsky.

由於去年沒有對 EADGE-T 計劃收取費用，RMS 的營業利潤增幅最高；以及在西科斯基業績改善的帶動下，整個產品組合的強勁表現。

Aeronautics and Missiles and Fire Control increased due to higher sales volume and improved performance, while Space was lower due to the lower sales volume and risk retirements in the quarter.

航空、飛彈和火控業務由於銷量增加和業績改善而增長，而航太業務則由於本季銷量下降和風險退役而下降。

Turning to chart 5, we'll discuss our earnings per share in the quarter.

轉向圖 5，我們將討論本季的每股盈餘。

Our EPS of $4.02 was 50% higher than our results last year, driven by the higher segment operating profit results that I just discussed as well as a lower tax rate in the quarter as a result of the Tax Cuts and Jobs Act, which was enacted in December.

我們的每股收益為 4.02 美元，比去年的業績高出 50%，這得益於我剛才討論的更高的部門營業利潤業績，以及頒布的《減稅和就業法案》導致本季度稅率較低在十二月。

On chart 6, we show the impact of our planned pension contributions will have on our cash from operations profile in 2018.

在圖 6 中，我們顯示了計畫退休金繳款將對我們 2018 年營運現金狀況產生的影響。

Cash in the first quarter was significantly lower than last year as a result of contributing $1.5 billion to our pension trust this year, versus none last year.

由於今年向我們的退休金信託基金捐款 15 億美元，而去年則沒有捐款，因此第一季的現金顯著低於去年。

And with an additional $3.5 billion of contributions planned before the end of the third quarter, we expect cash from operations in the next two quarters to be much lower than our historical results.

由於計劃在第三季末之前追加 35 億美元的捐款，我們預計未來兩季的營運現金將遠低於我們的歷史業績。

In fact, we could see negative cash from operations in the second quarter, given the planned level of contributions in that quarter.

事實上，考慮到第二季的計畫捐款水平，我們可能會看到第二季營運產生的現金為負。

Because of these contributions, we expect our cash generation to be heavily weighted to the fourth quarter.

由於這些貢獻，我們預計我們的現金產生將在第四季度佔據重要地位。

All in all, though, we remain comfortable with our outlook of greater than or equal to $3 billion in cash from operations for the year.

但總而言之，我們對今年營運現金超過或等於 30 億美元的前景仍然感到滿意。

Chart 7 provides our updated guidance for the year.

圖 7 提供了我們今年的最新指導。

We're increasing our sales outlook by $350 million based on higher expectations for Aeronautics, MFC, and Space for the rest of this year.

基於對今年剩餘時間航空、MFC 和航太領域更高的預期，我們將銷售預期上調了 3.5 億美元。

We are increasing our segment operating profit outlook by $115 million due to higher sales volume and improved performance in Aeronautics, MFC, and RMS.

由於航空、MFC 和 RMS 銷量的增加和業績的改善，我們將部門營業利潤預期提高了 1.15 億美元。

There's no change to our other unallocated expense or our net FAS/CAS adjustment.

我們的其他未分配費用或淨 FAS/CAS 調整沒有變更。

We are increasing our earnings per share by $0.60.

我們將每股收益增加 0.60 美元。

I'll provide more detail into this increase on the next chart.

我將在下一張圖表中提供有關此增長的更多詳細資訊。

And we're leaving our cash from operations outlook unchanged, at greater than or equal to $3 billion.

我們的營運現金前景維持不變，仍為大於或等於 30 億美元。

Chart 8 provides a reconciliation of our current and prior earnings-per-share outlook for the year.

圖 8 提供了我們目前和之前的今年每股盈餘展望的調節表。

Our segment operating profit improvement drives a $0.32 increase in our EPS.

我們部門營業利潤的改善帶動每股收益增加 0.32 美元。

Updates to our revised estimated effective tax rate for the year and some other miscellaneous changes drives a $0.28 increase in EPS, resulting in a total increase of $0.60 and a new EPS range of $15.80 to $16.10.

我們對今年修訂後的估計有效稅率的更新以及其他一些雜項變化推動每股收益增加 0.28 美元，從而導致每股收益總額增加 0.60 美元，新的每股收益範圍為 15.80 美元至 16.10 美元。

On chart 9, we show our revised sales outlook by business area.

在圖 9 中，我們按業務領域顯示了修正後的銷售前景。

We increased our sales outlook in three of our business areas: an increase of $150 million in Space, $125 million in Aeronautics, and $75 million in Missiles and Fire Control, for a total increase of $350 million above the guidance we provided last quarter.

我們上調了三個業務領域的銷售前景：太空業務增加 1.5 億美元，航空業務增加 1.25 億美元，導彈和火控業務增加 7500 萬美元，總共比我們上季度提供的指導增加 3.5 億美元。

Chart 10 provides the updated segment operating profit outlook by business area.

圖 10 提供了以業務領域劃分的最新分部營業利潤前景。

We increased our outlook for RMS by $80 million; Missiles and Fire Control by $20 million; and Aeronautics by $15 million; for a total increase of $115 million above last quarter's guidance.

我們將 RMS 的預期上調了 8,000 萬美元；飛彈和火力控制2000萬美元；航空業1500萬美元；比上一季的指導總額增加了 1.15 億美元。

And finally, on chart 11, we have our summary.

最後，我們在圖 11 中進行了總結。

We're off to a very good start to 2018 with strong financial and operating performance across our portfolio.

我們的 2018 年開局良好，整個投資組合均取得了強勁的財務和營運表現。

We continue to see strength in the current level of our backlog as well as our future growth prospects.

我們繼續看到我們目前的積壓水平以及未來的成長前景。

And based on the results of the quarter, we increased our outlook for sales, operating profit, and earnings per share.

根據本季的業績，我們提高了對銷售額、營業利潤和每股盈餘的預期。

With that, we're ready for your questions.

至此，我們已經準備好回答您的問題了。

John?

約翰？

(Operator Instructions).

（操作員說明）。

Ron Epstein, Bank of America Merrill Lynch.

羅恩愛潑斯坦，美國銀行美林公司。

Marillyn, there's been some press about Japan and the UK collaborating on an advanced stealth fighter, if you will.

瑪麗蓮，如果你願意的話，有一些媒體報告說日本和英國正在合作開發先進的隱形戰鬥機。

I don't know if some kind of -- call it sixth gen.

我不知道是否可以稱之為第六代。

Where did Lockheed stand on that, and how does Lockheed view the market for sixth gen fighters?

洛克希德公司對此有何看法？洛克希德公司如何看待第六代戰鬥機市場？

And if you could elaborate on that.

如果你能詳細說明一下的話。

Sure.

當然。

Thanks, Ron.

謝謝，羅恩。

Thanks for the question.

謝謝你的提問。

Well, first of all, we are excited about Japan looking forward on their next aircraft and their replacement of the F-2.

嗯，首先，我們對日本期待他們的下一款​​飛機和 F-2 的替代品感到興奮。

And we are exploring options that we could bring forward to them in cooperation with both the Japanese and the US government.

我們正在探索與日本和美國政府合作向他們提出的選項。

But at that time that we'll share our relevant details around that at the appropriate time, certainly.

但到那時，我們當然會在適當的時候分享相關細節。

We do think that our leadership and experience building these fifth-generation aircraft are critical to provide cost-effective capabilities that will help support Japan's future security threats as they go forward.

我們確實認為，我們在製造這些第五​​代飛機方面的領導力和經驗對於提供具有成本效益的能力至關重要，這將有助於支持日本未來的安全威脅。

And conceptually, is this like a -- how can I say -- a continuation of F-22?

從概念上講，這就像——我該怎麼說——F-22 的延續嗎？

I mean, how should we think about the requirements that Japan wants, vis-a-vis an F-35?

我的意思是，對於 F-35，我們應該如何考慮日本想要的要求？

Well, at this point, Ron, we are waiting.

好吧，羅恩，我們正在等待。

It's really a government-to-government matter.

這確實是政府與政府之間的問題。

They will outline what their requirements are, and we have great experience on the F-22 and on the F-35.

他們將概述他們的要求，我們在 F-22 和 F-35 方面擁有豐富的經驗。

And so as they look at the capabilities they need, I think we'll have a very good competitive offering for them.

因此，當他們考慮所需的功能時，我認為我們將為他們提供非常好的有競爭力的產品。

Cai von Rumohr, Cowen and Company.

蔡馮魯莫爾 (Cai von Rumohr)，考恩公司 (Cowen and Company)。

Just looking at your change in your EPS guide, how much of the $80 million increase at RMS is from Sikorsky, and why?

只要看看 EPS 指南中的變化，RMS 增加的 8000 萬美元中有多少來自西科斯基，為什麼？

And how much of the benefit is from a lower tax rate, and what is that tax rate?

較低的稅率有多少好處？稅率是多少？

Yes, Cai, I'll take both those.

是的，蔡，我兩個都要。

So, $80 million at RMS, I'll say that the lion's share of that, actually, is at Sikorsky.

所以，我想說，RMS 的 8000 萬美元，其中最大的一部分實際上是在西科斯基。

I think we were up -- if memory serves me right, we were up about $50 million in the first quarter, and that trend is expected to continue through the next three quarters or so.

我認為我們已經上漲了——如果我沒記錯的話，第一季我們上漲了約 5000 萬美元，預計這一趨勢將在接下來的三個季度左右持續下去。

So that's the bulk of why we're seeing the increase at RMS, is because of Sikorsky.

這就是我們看到 RMS 成長的主要原因是西科斯基。

And I think there we're actually finally seeing -- hopefully getting a little bit of traction with some of the initiatives we put in place, and some of the systems I think that we put in place here recently that I think are giving greater insight hopefully into managing some cost controls than the business has had previously.

我認為我們實際上終於看到了——希望我們實施的一些舉措能夠獲得一點吸引力，我認為我們最近在這裡實施的一些系統可以提供更深入的見解希望能夠管理一些比企業以前更好的成本控制。

So we're hoping that trend continues, obviously, as we go out through the rest of the year.

因此，我們希望這種趨勢在今年剩餘時間內能夠持續下去。

Then I think your second question was relative to tax rates and so forth.

那我認為你的第二個問題與稅率等有關。

And I think we're -- I think what I had said at the start of this year was we were looking somewhere between 17% to 18%, probably on the higher side of that.

我認為我們——我想我在今年年初所說的是，我們的目標是 17% 到 18% 之間，可能更高。

And fortunately we've actually had some -- with the benefit of a little more time looking at the Act and some of our planned reductions relative to what we assumed in the Act initially, we think we've got some better opportunities than we assumed in January.

幸運的是，我們實際上已經有了一些——得益於多一點時間來研究該法案以及我們計劃的一些相對於我們最初在該法案中假設的削減，我們認為我們有一些比我們想像的更好的機會在一月。

As well as we've been really working some of the R&D tax credit items that we always work really hard.

除了我們一直在努力進行一些研發稅收抵免計畫外，我們也一直在努力工作。

And we see some benefit coming there as well.

我們也看到了一些好處。

So rather than the 17% to 18%, I think for the year we are looking right around 16% as the effective tax rate, at least in the guidance we're providing today.

因此，我認為今年我們的有效稅率不是 17% 到 18%，而是 16% 左右，至少在我們今天提供的指導中是如此。

Pete Skibitski, Drexel Hamilton.

皮特·斯基比特斯基，德雷克塞爾·漢密爾頓。

Just maybe you guys can talk more about the F-35.

也許你們可以多談談 F-35。

The head of the program office I think has made some comments about your strategy in LRIP 11 negotiations.

我認為專案辦公室負責人已經就你們在 LRIP 11 談判中的策略發表了一些評論。

And I'm just wondering if you guys are (technical difficulty) getting LRIP 11 definitized, and when you think that might complete.

我只是想知道你們是否正在（技術難度）確定 LRIP 11，以及你們認為何時可以完成。

And what does the delay mean for the 12 to 14 timeline?

對於 12 點到 14 點的時間軸來說，延遲意味著什麼？

Well, Pete, I would just take that to say that we are in in-depth negotiations, and we know that the timeline is just how those negotiations go.

好吧，皮特，我想說的是，我們正在進行深入談判，我們知道時間表就是這些談判的進展。

So in terms of the date to complete, I think that's just how the negotiations go forward.

因此，就完成日期而言，我認為這是談判的進展方式。

It's probably better to ask the PEO from his perspective, Admiral Winter, what his timeline is.

最好從 PEO 溫特上將的角度詢問他的時間表。

But I think the negotiations are progressing as they should.

但我認為談判正在取得應有的進展。

And so we feel pretty good about getting to closure in the next -- in the near term.

因此，我們對在近期內完成這項工作感到非常滿意。

And the other thing I might add, Pete, is I think we've seen some progress here recently in concert with the Joint Program Office, closing on some open items that I think will hopefully foretell some good signs relative to getting the whole program closed in the not-too-distant future.

皮特，我想補充的另一件事是，我認為我們最近與聯合項目辦公室合作取得了一些進展，關閉了一些未決項目，我認為這些項目有望預示著與關閉整個項目有關的一些好跡像在不遠的將來。

As far as the -- I think the other part of your question was relative to the block buy LRIP 12, 12 through 14.

至於 - 我認為你問題的另一部分與批量購買 LRIP 12、12 至 14 相關。

I don't see that being an issue, at least at this point, Pete.

我不認為這是一個問題，至少在這一點上，皮特。

The LRIP 12 to 14 is more of a funding issue at this point in time than a negotiation issue.

目前，LRIP 12 至 14 更多的是一個資金問題，而不是談判問題。

We'd clearly like to get LRIP 11 behind us so we can focus on that.

我們顯然希望 LRIP 11 能夠得到支持，這樣我們就可以專注於此。

And hopefully we're on the right path to get that done in the not-too-distant future.

希望我們走在正確的道路上，在不久的將來實現這個目標。

Okay.

好的。

And are you past this issue with the whole -- with the recent delivery halt?

您是否已經解決了整個問題 - 最近的交付停止？

We are not.

我們不是。

We are still in progressing along with the Joint Program Office on that.

我們仍在與聯合專案辦公室一起在這方面取得進展。

It's not affecting production at all, because we continue to produce the F-35.

這根本不影響生產，因為我們繼續生產 F-35。

That continues.

這樣的情況還在繼續。

We are confident we're going to meet our deliveries this year of over 90 aircraft for 2018.

我們有信心今年在 2018 年交付 90 多架飛機。

It's just a temporary suspension that they have on accepting some aircraft until we reach agreement on a contractual issue.

在我們就合約問題達成協議之前，他們只是暫時停止接收一些飛機。

So we're working through that contractual issue with them.

所以我們正在與他們解決合約問題。

And as you know, the way our -- we recognize revenues based on costs incurred, so we're full steam ahead on the projection and sustainment of the aircraft.

如您所知，我們的方式是根據發生的成本確認收入，因此我們在飛機的預測和維護方面全力推進。

And we'll get resolution of this soon, I'm expecting.

我期待著我們很快就能解決這個問題。

Noah Poponak, Goldman Sachs.

諾亞·波波納克，高盛。

Marillyn, I wanted to ask on the defense budget, bigger picture.

瑪麗蓮，我想問國防預算的大局。

Clearly there have been a few reasonably sizable step-ups in investment spending here over the last few years.

顯然，過去幾年這裡的投資支出出現了一些相當大的成長。

When you're speaking to those that have been a part of that seemingly bipartisan decision, is that discussion at this point -- now that we have 2018 spending where it is -- is that discussion closer to, hey, we've now had these big step ups.

當你與那些參與了這個看似兩黨決定的人交談時，現在的討論是不是——既然我們已經有了 2018 年的支出——這個討論是否更接近於，嘿，我們現在已經有了這些重大進步。

We're relatively close to where we need to be relative to the capabilities we need and the recapitalization we need, and we're likely to just grow in line with inflation off of this reset level?

相對於我們所需的能力和所需的資本重組，我們相對接近我們需要的水平，我們可能會隨著通膨脫離這個重置水平而增長？

Or is that conversation closer to, hey, this is great; but we're actually still far short of where we need to be for all of the capabilities and recapitalization we need?

或者談話更接近於，嘿，這太棒了；但我們實際上還遠遠沒有達到我們所需的所有能力和資本重組的目標？

Well, in my discussions, I think, first off, this increase in defense spending was tremendously welcomed by our customers.

嗯，在我的討論中，我認為，首先，國防開支的增加受到了我們客戶的極大歡迎。

As you know, we've been in a situation with the budget caps and others where the spending on recapitalization as well as on readiness was not at the level it needed to be.

如您所知，我們一直處於預算上限和其他情況下，資本重組和準備支出未達到所需的水平。

So I see that as welcomed; and certainly for industry, it is welcomed, in terms of the planning and stability that we can see at least for fiscal years 2018 and 2019.

所以我認為這是值得歡迎的；當然，對於工業界來說，就我們至少在 2018 和 2019 財年可以看到的規劃和穩定性而言，這是值得歡迎的。

Now, we still have looming out there this whole issue of sequestration, which everybody would like to see go away.

現在，我們仍然面臨整個封存問題，每個人都希望看到它消失。

So I won't ignore the fact that that's sitting out there.

所以我不會忽視它就在那裡的事實。

But what I would say is that the dialogue I have is about the very difficult situation in global security around the world.

但我要說的是，我所進行的對話是關於世界各地全球安全的非常困難的局勢。

It's just unpredictable.

這只是不可預測的。

There's a need to move with speed and agility to address the threats that are there.

需要快速、敏捷地採取行動來應對存在的威脅。

And so, is it enough?

那麼，這就夠了嗎？

My -- we don't talk specific numbers of it is enough; but I haven't heard anybody say it's enough.

我的——我們不談論具體的數字就足夠了；但我還沒聽到有人說這已經夠了。

There's not much there in new starts.

新的開始並沒有太多的東西。

There's not much there in recapitalization.

資本重組方面沒有太多內容。

And we know that we've really got to focus on that.

我們知道我們確實必須關注這一點。

It solves some of the near-term issues on readiness to address that.

它解決了一些有關準備解決該問題的近期問題。

But the need for what's happening with -- what I think Secretary Mattis has called the great power competitions with Russia and China and other geopolitical rivals out there, that we've got to stay on our game and continue to invest.

但對於正在發生的事情——我認為馬蒂斯國務卿所說的與俄羅斯、中國和其他地緣政治對手的大國競爭——我們必須繼續我們的遊戲並繼續投資。

We're doing that at Lockheed Martin.

我們洛克希德馬丁公司正在這樣做。

We're investing in a lot of technologies that we think will be important to our customers in the near-term and in the long-term.

我們正在投資許多我們認為對我們的客戶近期和長期都很重要的技術。

But I -- the threats are not going away; they're accelerating.

但我——威脅並沒有消失；他們正在加速。

And so, in my view, if you just were to ask my opinion, we need to continue to spend more on defense.

因此，在我看來，如果你只是問我的意見，我們需要繼續在國防上投入更多資金。

Seth Seifman, JPMorgan.

賽斯‧塞夫曼，摩根大通。

Marillyn, there was some language in the most recent proxy that suggests maybe you'll stay on longer as CEO than maybe the prior customs of the Corporation would have indicated.

瑪麗蓮，最近的委託書中有一些措辭表明，您擔任執行長的時間可能比公司之前的慣例所表明的時間要長。

Can you talk a little bit about the thinking behind that, and about -- are there one or two specific things that you're looking to accomplish in the remainder of your tenure?

您能否談談背後的想法，以及您希望在餘下的任期內完成一兩件具體的事情嗎？

Thanks for the question.

謝謝你的提問。

Well, just speaking in terms of my tenure, I serve at the pleasure of the Board, as does every CEO of a public company.

嗯，就我的任期而言，我和每一位上市公司的執行長一樣，為董事會服務。

And they determine with me on when's the right time for me to step down.

他們和我一起決定什麼時候是我辭職的好時機。

So I think it was important for us in our proxy to make that clear, just because people often look at ages and where people are in their long-term career.

因此，我認為我們在代理中明確這一點很重要，因為人們經常關注年齡以及人們在長期職業生涯中的位置。

I happy to report that I celebrated 35 years with Lockheed Martin in January, so I do have a long tenure with the Corporation.

我很高興地向大家報告，我在一月份慶祝了在洛克希德馬丁公司工作 35 週年，所以我在該公司的任期確實很長。

But I intend to stay on longer.

但我打算停留更久。

And so, in terms of what I want to accomplish, I want to continue to sustain the success of this Company with the 100,000 men and women that are working hard every day to support our customers.

因此，就我想要實現的目標而言，我希望與每天努力工作以支持我們的客戶的 100,000 名員工一起繼續維持公司的成功。

And that's -- my focus is on how we continue to drive innovation, how we continue to drive performance, the things that we're doing to align with the needs of our customers; and make sure that we are performing on the work we're doing today, but we're looking beyond today.

那就是——我的重點是我們如何繼續推動創新，我們如何繼續推動績效，以及我們正在做的事情來滿足客戶的需求；並確保我們正在完成今天正在做的工作，但我們的目光要超越今天。

And also for our shareholders, to have a disciplined approach to how we manage the Company and make sure that we bring and create shareholder value, and bring value to them in the long term.

對於我們的股東來說，我們要以嚴格的方式管理公司，確保我們帶來和創造股東價值，並為他們帶來長期價值。

So, in a nutshell, I serve at the pleasure of the Board.

因此，簡而言之，我為董事會服務。

They elect me annually, and I would like to continue to work for some time.

他們每年都會選我，我想繼續工作一段時間。

Rich Safran, Buckingham Research.

里奇‧薩夫蘭，白金漢研究中心。

So I would like to ask about your cash flow guidance.

所以我想問一下你們的現金流指導。

Bruce, you took up your numbers -- operating profit, sales -- but you left your 2018 cash from operations guide alone.

布魯斯，你記下了你的數字——營業利潤、銷售額——但你只留下了營運指南中的 2018 年現金。

So first part is: I'd like to know if you could just discuss what the thinking was there.

所以第一部分是：我想知道你是否可以討論那裡的想法。

And Marillyn, in your opening remarks, you talked a bunch about the increases to the investment account.

瑪麗蓮，在您的開場白中，您談到了很多關於投資帳戶增加的問題。

So as a second part, planned defense spending in 2019, at least it seems to be, was a bit above expectations due to lifting of the spending caps, but there wasn't any update on the long-term cash from operations guide.

因此，作為第二部分，由於支出上限的取消，2019 年計畫的國防支出至少看起來略高於預期，但長期營運現金指南沒有任何更新。

So I thought maybe you could discuss those two items there, and how you're thinking about that.

所以我想也許你可以在那裡討論這兩個項目，以及你是如何考慮的。

Yes Rich, so let me take the first part of that on cash flow guidance.

是的，Rich，所以讓我來談談現金流指導的第一部分。

And you're right; we did leave 2018 alone, and the thought was a pretty simple thought.

你是對的；我們確實對 2018 年不聞不問，而且這個想法非常簡單。

Nothing more complicated than we basically did what we thought we were going to do in the first quarter, and didn't see upside to what our expectations were in the first quarter.

沒有什麼比我們基本上在第一季做了我們認為要做的事情更複雜的了，並且沒有看到第一季我們的預期有什麼好處。

And, therefore, we didn't increase our outlook for the year.

因此，我們沒有上調今年的展望。

We've got another three quarters to go for the year.

今年還有另外三個季度。

We'll watch that very closely and we'll see if -- how much of some of the profit improvement actually translates into higher cash improvement throughout the rest of the year, and we'll update you as you go there.

我們將非常密切地關注這一點，看看有多少利潤改善實際上會轉化為今年剩餘時間更高的現金改善，我們將及時向您通報最新情況。

We typically had better performance on cash flow than we said at the start of the year.

我們的現金流表現通常比年初所說的好。

I'm not predicting that here in the first quarter yet, but we'll see as we progress throughout the year.

我還沒有在第一季預測這一點，但我們會看到全年的進展。

We said at least $3 billion, greater than or equal to that, and that's still what we're seeing as we sit here today.

我們說至少 30 億美元，大於或等於這個數字，而這仍然是我們今天坐在這裡所看到的。

And just to answer the second part of your question: we remain hopeful for growth, higher growth, based on the plus-ups in the budget and for 2018.

回答你問題的第二部分：基於 2018 年預算的增加，我們仍然對成長、更高的成長抱有希望。

And we hope to see that in 2019 that for Lockheed Martin, our programs will still be well-supported, and we'll see additional opportunities there.

我們希望看到 2019 年對於洛克希德馬丁公司來說，我們的計畫仍將得到良好的支持，並且我們將在那裡看到更多的機會。

We don't know specifically how that will play out because we're a long cycle business, and we are going to wait on the final details and the timing of when these things are enacted and get put on contract.

我們不知道具體會如何進行，因為我們是一個長週期業務，我們將等待最終的細節以及這些事情頒布和簽訂合約的時間。

So we'll see where the orders hit; and then, therefore, that will drive the sales and then ultimately the timing of the cash from operations.

所以我們會看看訂單到達哪裡；因此，這將推動銷售，並最終推動營運現金的時機。

So I can't really give you a real specific answer to that other than to say, just as we always do, we look at the opportunities that come.

因此，我無法給你一個真正具體的答案，只能說，就像我們一直在做的那樣，我們會專注於即將到來的機會。

In addition to that, I might mention, there are some other discrete proposals that are in process that could also impact our projections if -- as you know, we're pursuing the Advanced Pilot System, the TX is the terminology we typically use for it, but -- as well as MQ-25 and the Huey replacement and some others.

除此之外，我可能會提到，還有一些其他正在進行中的離散提案也可能會影響我們的預測，如果——正如你所知，我們正在追求先進的試點系統，TX 是我們通常使用的術語它，但是 - 以及 MQ-25 和 Huey 替代品以及其他一些。

So those also will have some play into our opportunities looking forward, and then the timing of cash.

因此，這些也會對我們的未來機會以及現金時機產生一些影響。

Rich, I might just add little bit to what Marillyn said as well.

里奇，我可能會對瑪麗蓮所說的內容做一些補充。

She mentioned during her prepared remarks the fact that we got more than $7 billion worth of business in the omnibus bill that just closed.

她在準備好的演講中提到，我們在剛結束的綜合法案中獲得了價值超過 70 億美元的業務。

You should think of all of that as essentially over and above what we were assuming when we put our guidance out previously.

您應該認為所有這些本質上都超出了我們之前發布指導時的假設。

So when we talked in January about having $17 billion over the next three years, roughly $3 billion in 2018 and roughly $7 billion each in 2019 and 2020, that's -- nothing has changed to that.

因此，當我們在一月談到未來三年的資金規模為170 億美元、2018 年的資金規模約為30 億美元、2019 年和2020 年的資金規模分別約為70 億美元時，一切都沒有改變。

As Marillyn said, there are a number of awards that we're waiting on, that whether we -- if we win or lose, could have some impact -- slight impact on the near-term of that.

正如瑪麗蓮所說，我們正在等待許多獎項，無論我們贏或輸，都可能產生一些影響——對短期影響輕微。

But as we sit here today, we still feel really good about that $17 billion over three year.

但當我們今天坐在這裡時，我們仍然對三年內 170 億美元的收入感到非常滿意。

And again, with the increase in the budget that Marillyn talked about, hopefully there's some prospects that weren't in our plan when we came up with those numbers.

再說一次，隨著瑪麗蓮談到的預算增加，希望當我們提出這些數字時，我們的計劃中沒有一些前景。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Marillyn, thanks for the color on Saudi.

瑪麗蓮，謝謝你對沙烏地阿拉伯的關注。

Have you guys quantified in terms of the opportunity that you're looking at there, and -- if that's possible?

你們有沒有量化過你們正在尋找的機會？如果可以的話？

And then, Bruce, just quickly on the three deliveries of the C-130 in the first quarter.

然後，Bruce，快速介紹第一季 C-130 的三架交付情況。

Can you give us expectations for the year, or maybe the cadence for the year?

您能否告訴我們對今年的期望，或是今年的節奏？

Thanks.

謝謝。

Surely.

一定。

So on the kingdom of Saudi Arabia opportunity, the only quantification that we've done in rolling it up as a potential was what we did last May, when the agreements were signed between the kingdom and the United States government about opportunities.

因此，就沙烏地阿拉伯王國的機會而言，我們在將其視為潛力時所做的唯一量化是我們去年五月所做的，當時沙烏地王國與美國政府簽署了有關機會的協議。

And if you recall, I think it was something like $100 billion worth of opportunities that were outlined in that rolled up agreement.

如果你還記得的話，我認為這份匯總協議中概述了價值約 1000 億美元的機會。

So when we looked at where our opportunities were in that, from THAAD, to the multi-mission surface combatants, to radars, to helicopters, to aerostats, a range of things, we communicated that we saw a potential of $28 billion.

因此，當我們審視我們的機會所在時，從「薩德」到多任務水面作戰艦艇、雷達、直升機、浮空器等一系列產品，我們表示我們看到了 280 億美元的潛力。

Of course, that would roll out over whatever number of years of when those orders were placed, contract signed, and so forth.

當然，這將在下訂單、簽訂合約等之後的任何幾年內推出。

But that's, in essence, what we have communicated in terms of the size of the opportunity.

但本質上，這就是我們就機會的大小所傳達的訊息。

Peter, the C-130 deliveries, we were a little light in the first quarter.

彼得，C-130 交貨量，我們第一季的情況有點清淡。

I think that's just the contractual schedule that fell in place in the first quarter.

我認為這只是第一季落實的合約時間表。

Nothing unusual about that.

這沒什麼不尋常的。

As we look at the remaining quarters for C-130 delivery, I think they are going to average somewhere seven or eight.

當我們查看 C-130 的剩餘交付季度時，我認為它們的平均數量將在七到八個左右。

We might have one quarter or so where it bounces up to nine aircraft in the particular quarter.

我們可能有四分之一左右的時間，該季度最多有九架飛機。

So, much higher than what we saw in the first quarter; not a whole lot different than what we saw last year, though.

所以，比我們在第一季看到的要高得多；不過，與我們去年看到的情況並沒有太大不同。

I will remind you, though, this -- and I appreciate the question on the deliveries -- but this is one of the programs obviously that with the new revenue recognition is also being recognized on a cost to cost of -- the timing of deliveries might not have as much impact obviously on the C-130 program as it did in years past, just maybe to state the obvious.

不過，我要提醒您的是，我很欣賞有關交付的問題，但這顯然是其中一項計劃，隨著新的收入確認，也根據交付時間的成本來確認對C-130 項目的影響可能不會像過去幾年那麼明顯，也許只是為了說出顯而易見的事實。

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

In looking at your Missiles and Fire Control results, which -- you have talked about higher volume on missiles for the quarter.

在查看你們的導彈和火控結果時，你們談到了本季導彈數量的增加。

We also saw a big backlog gain in missiles in Q4.

我們也看到第四季飛彈積壓量大幅增加。

And there's some significant budget increases in this area over the next two years.

未來兩年該領域的預算將大幅增加。

So, when you look at this space, do you see this surge in missile demand as a short-term trend or something that is likely to persist for a longer period, say five or more years?

那麼，當您審視這個領域時，您認為飛彈需求的激增是短期趨勢還是可能持續較長（例如五年或更長時間）？

And what would drive that?

是什麼推動了這一點？

I'll take a shot at that, Doug.

我會嘗試一下，道格。

Look, I think your observations are spot-on.

聽著，我認為你的觀察是正確的。

I know when we looked at -- when I looked at the long-range plan, our three-year plan, the thing that sort of jumped off the page to me is Missiles and Fire Control is amongst in our highest growth business areas over that three-year plan period.

我知道，當我們查看長期計劃、我們的三年計劃時，我突然想到的是導彈和火控是我們增長最快的業務領域之一三年計劃期間。

And that was under the original President's budget, without taking into consideration a number of things that fell out from the omnibus, for instance.

這是在原總統的預算之下，沒有考慮到綜合預算中的一些因素。

So, I think this is a trend that we see increasing.

所以，我認為這是我們看到的成長趨勢。

US, I think is -- is this a short-term or is it maybe out there for five years?

我認為美國——這是短期的還是可能持續五年？

I think in every single missile opportunity that we have, and that's all the way -- PAC-3s to THAADs to JASSMs to Hellfires, GMLRS -- we are looking at increasing the capacity, increasing our build rates in every single one of those categories in the not-too-distant future.

我認為，在我們擁有的每一個飛彈機會中，從 PAC-3 到薩德、JASSM、地獄火、GMLRS，我們都在考慮提高容量，提高每個類別的建造率在不遠的將來。

So I think what you're seeing is not an aberration.

所以我認為你所看到的並不是異常。

And I would say it is going to, in my judgment, last longer than a short duration.

我想說，根據我的判斷，它的持續時間將比短期的更長。

Five years or so, I think that's a possibility, definitely, Doug.

五年左右，我認為這絕對是可能的，道格。

Matt McConnell, RBC Capital Markets.

馬特麥康奈爾，加拿大皇家銀行資本市場部。

So, your 10-K this year had some new language about the government taking increasingly aggressive positions around intellectual property rights.

因此，今年的 10-K 有一些新的措辭，表明政府在智慧財產權方面採取了越來越激進的立場。

Could you elaborate on what's changed, or what you were referring to there, and how you are reacting to that change?

您能否詳細說明發生了什麼變化，或者您所指的內容，以及您對這項變化有何反應？

Sure, Matt.

當然，馬特。

I'll just take that.

我就接受這個。

We are seeing -- it's not across the board on opportunities that we are pursuing with the US government.

我們看到—我們與美國政府尋求的機會並不是全面的。

But there have been some cases where there had been sort of an unbounded request for all of the intellectual property rights for us to pursue an opportunity.

但在某些情況下，我們對所有智慧財產權提出了無限制的要求，以尋求機會。

And while we may be able to commit to that from a Lockheed Martin standpoint, our challenge that we outlined is that it's very difficult for us to commit to that for our supply chain.

雖然從洛克希德馬丁公司的角度來看，我們也許能夠做出這項承諾，但我們概述的挑戰是，我們很難為我們的供應鏈做出這項承諾。

And so, we've had some recent RFPs where the intellectual property rights request is (technical difficulty) seen, in fact, we did a pre-award protest for the UH-1N replacement, the Huey replacement.

因此，我們最近收到了一些 RFP，其中看到了智慧財產權請求（技術難度），事實上，我們對 UH-1N 替代品、休伊替代品進行了授標前抗議。

Because we could not get to a position with the US government and the dialogue, up to that point, to be comfortable that we could certify that we could provide all of the intellectual property that they requested.

因為到目前為止，我們無法與美國政府達成協議並進行對話，因此我們無法保證我們可以提供他們要求的所有智慧財產權。

Because we couldn't certify that we could bring forth all of that for some of our subcontractors.

因為我們無法證明我們可以為我們的一些分包商提供所有這些。

So that's just one example of that.

這只是其中的一個例子。

I don't know if you want to add anything or not, Bruce.

我不知道你是否想補充什麼，布魯斯。

Matt, the only other thing I would add, and this is a piggyback a little bit on what Marillyn said, I think the Huey replacement program is a good example where -- we've had the Black Hawk helicopter being supported through the Army depots for however long we've been flying or they've been flying Black Hawk helicopters, probably 30 years or so.

馬特，我要補充的唯一一件事，這是對瑪麗蓮所說的一點點的補充，我認為休伊替換計劃是一個很好的例子，我們已經通過陸軍倉庫為黑鷹直升機提供了支援無論我們或他們駕駛黑鷹直升機飛行了多久，大概有 30 年左右。

And, yet, the request that came with the Huey replacement program, admittedly an Air Force program, was actually for far more data than, I'll say, the Army is using today to support those aircraft and the fleet.

然而，休伊替換計畫（誠然是空軍計畫）提出的要求實際上是比陸軍今天用來支援這些飛機和機隊的數據要多得多。

So it's a little puzzling as to why the same helicopter would have two different requirements for intellectual property, when the government is already supporting that aircraft through the Army depots.

因此，當政府已經透過陸軍倉庫支援這架飛機時，為什麼同一架直升機會對智慧財產權有兩種不同的要求，這有點令人費解。

And that's what we're talking about; it is just a little bit of a head-scratcher sometimes where these are -- and oftentimes, these are existing platforms with a new request for intellectual property that's a little puzzling.

這就是我們正在談論的；有時這些平台有點令人頭疼，但通常情況下，這些都是現有平台，對智慧財產權提出了新的要求，這有點令人費解。

And as Marillyn said, a lot of it has to do with not so much Lockheed Martin IP as that our subcontractors -- including, more puzzling than most, a lot of software -- and, in some cases, even some commercial software applications.

正如Marilyn 所說，其中很大一部分與洛克希德馬丁公司的智慧財產權無關，而是與我們的分包商有關——包括比大多數人更令人費解的大量軟體——在某些情況下甚至包括一些商業軟體應用程式。

So that's the reason it's mentioned in the 10-K.

這就是 10-K 中提到它的原因。

That's the reason we filed the pre-award protest that Marillyn said on the Huey replacement program.

這就是我們提出瑪麗蓮在休伊替換計畫上所說的頒獎前抗議的原因。

Joe DeNardi, Stifel.

喬·德納迪，斯蒂菲爾。

Bruce, I wonder if you could just provide some sensitivity around the pension relative to performance of equity markets over the next few years.

布魯斯，我想知道您是否可以提供一些關於退休金相對於未來幾年股市表現的敏感度。

Just assume that we experience a flat [S&P] for the next five years.

假設我們的[標準普爾]在未來五年內持平。

What would that do to your cash funding requirement?

這會對您的現金融資需求產生什麼影響？

Thank you.

謝謝。

Yes, Joe, that's a good question.

是的，喬，這是個好問題。

We've taken a look at that.

我們已經對此進行了研究。

And we've mentioned in the past that we actually get to a full freeze in the pension come January 1, 2020.

我們過去曾提到過，我們實際上會在 2020 年 1 月 1 日完全凍結退休金。

So it's sort of disproportionately impactful, if that's the right words to use, up until 2020 and then post-2020.

因此，如果用詞正確的話，它在 2020 年之前以及 2020 年之後都會產生不成比例的影響。

So we are more sensitive, as you just asked the question, to asset returns in the near term than, believe it or not, than we are -- which has historically not been the case.

所以，正如你剛才問的問題，無論你相信與否，我們對短期資產回報比我們更敏感——歷史上並非如此。

We've typically been more sensitive to discount rate changes.

我們通常對折扣率的變化更加敏感。

But because the length of time until the plan becomes fully frozen is getting shorter by the day, we are less sensitive to the discount rate changes between now and then.

但由於計劃完全凍結的時間越來越短，我們對從現在到那時的折現率變化不太敏感。

Asset returns, we have greater sensitivity to; but you shouldn't think of them as being -- I'll say we've taken I'll say scenarios where we've assumed, instead of a 7.5%, we've assumed 0% return or 0 return in 2018, for instance, just for sensitivity purposes.

資產回報，我們更敏感；但你不應該認為它們是——我會說我們已經採取了我會說的場景，我們假設2018年的回報率不是7.5%，而是0%或0回報，例如，僅出於敏感性目的。

And then we've actually gone into some negative scenarios.

然後我們實際上進入了一些消極的場景。

It's not a huge change.

這並不是一個巨大的改變。

You shouldn't think of it as being something that -- where we would have, I'll say, changes to the $17 billion that we talked about earlier as being a significant change to that in total outlook, is the way I would characterize it.

你不應該認為它是——我會說，我們之前談到的 170 億美元的變化是總體前景的重大變化，這是我所描述的方式它。

Rob Stallard, Vertical Research.

羅布·斯塔拉德，垂直研究。

I thought I would ask you a quick question about GPS III and the Follow On contract there, or the competition there.

我想我會問你一個關於 GPS III 和那裡的 Follow On 合約或那裡的競爭的簡單問題。

It looks like some of your peers may not bid for this.

看起來您的一些同行可能不會競標。

And I was wondering how that changes the dynamic for you -- obviously it increases the chance of you winning.

我想知道這會如何改變你的動態——顯然它會增加你獲勝的機會。

But also, is there anything different in that follow-on contract that makes it less financially attractive than the current situation?

而且，後續合約是否有什麼不同之處導致其財務吸引力低於當前情況？

Well, I can't speak for our competitors but I can just say that we feel very confident about our proposals for the GPS III Follow On.

好吧，我不能代表我們的競爭對手說話，但我只能說，我們對 GPS III Follow On 的提案非常有信心。

We've already submitted, as we put out a release that we have a fully complying proposal that we've submitted.

我們已經提交了，因為我們發布了一個版本，我們已經提交了完全符合要求的提案。

And it's, for us, as we see it as a follow-on.

對我們來說，它是我們的後續產品。

It's an opportunity for another 22 next-generation satellites to be brought in.

這是引進另外 22 顆下一代衛星的機會。

We have invested a lot (technical difficulty) in design with flexible, modular architecture that allows us to bring down costs.

我們在設計上投入了大量資金（技術難度），採用靈活的模組化架構，使我們能夠降低成本。

But, moreover, that it also is at a low-risk approach to continuing the GPS IIIF solutions.

但此外，繼續採用 GPS IIIF 解決方案也是低風險的方法。

So, that's one thing that I would add is that -- and we think we're performing well on the ones that we are producing today.

所以，我要補充的一件事是——我們認為我們在今天生產的產品上表現良好。

And this follow-on, I think we are well positioned to compete for the follow-on.

而這個後續，我認為我們已經做好了競爭後續的準備。

The only thing that I might add, Rob, is I think the reason for the competition in the first place is we didn't perform as well as we otherwise could have on the first few satellites.

羅布，我唯一要補充的是，我認為比賽的首要原因是我們在前幾顆衛星上的表現不如我們本來可以達到的水平。

We had some payload issues in particular there.

我們特別在那裡遇到了一些有效負載問題。

And I'll say those we think have been cleaned up.

我會說那些我們認為已經清理乾淨的。

We feel really, really good about the performance of the satellites we're producing now.

我們對我們現在生產的衛星的性能感到非常非常好。

I think the government is also aware that we are performing satellites very well, as is most of industry.

我認為政府也意識到我們的衛星性能非常好，大多數工業界也是如此。

So, not to speak for any of our competitors, but I think the fact that the program is performing extremely well right now serves us well going into this competition.

因此，並不是代表我們的任何競爭對手，但我認為該節目目前表現非常出色，這一事實對我們參加本次比賽很有幫助。

And in your second part of your question was sort of -- is there lower profitability or potential that would cause our peers or competitors not to want to do this?

在你的問題的第二部分中，你的問題是——是否有較低的盈利能力或潛力會導致我們的同行或競爭對手不想這樣做？

We don't see it that way.

我們不這麼看。

We see it as essentially the same opportunity as what we've had in the past, without a change there.

我們認為這與我們過去擁有的機會本質上是一樣的，沒有任何改變。

So that wouldn't be a driver from my perspective.

所以從我的角度來看，這不是一個驅動因素。

Rajeev Lalwani, Morgan Stanley.

拉吉夫·拉爾瓦尼，摩根士丹利。

Marillyn, Bruce, just given some of the discussion out there around the top-line trajectory on the F-35 program, can you maybe just provide some thoughts on how you see revenue growth looking over the next several years for the program?

Marilyn、Bruce，剛剛就 F-35 項目的營收軌跡進行了一些討論，您能否就您如何看待該項目未來幾年的收入增長提供一些想法？

And then if not, maybe just thoughts on how it compares to the overall growth rate of the Company, into the end of the decade and beyond.

如果沒有，也許只是想一下它與公司在本世紀末及以後的整體成長率相比如何。

Rajeev, I'll take that one.

拉吉夫，我要那個。

Marillyn can add some top cover if she wants to.

如果瑪麗蓮願意的話，可以加一些頂蓋。

But look, I think in terms of F-35, the F-35 program in general is going to grow at a faster rate than the Corporation is all the way through the end of the decade.

但看，我認為就 F-35 而言，F-35 專案總體上的成長速度將比公司在本十年末的成長速度還要快。

In fact, I would tell you it's going to do that beyond the end of the decade.

事實上，我會​​告訴你，這將在本世紀末實現。

We don't reach peak production volumes until I think the 2023 or 2024 time frame, somewhere in that time frame.

我認為要到 2023 年或 2024 年這個時間範圍內的某個時間範圍內，我們才能達到峰值產量。

And you should think obviously we spend the dollars; since F-35 is also on the cost to cost, we're recording the sales sooner than we're getting those deliveries.

你顯然應該想到我們花了美元；由於 F-35 也以成本計算，因此我們記錄銷售的時間早於交貨的時間。

So it's a little bit pushed to the left, if you will.

所以如果你願意的話，它有點向左推。

But even with that, you should think of that peak as not occurring until past the end of this decade.

但即便如此，你也應該認為這個高峰要到本世紀末才會出現。

And then our expectation is that with sustainment for the sheer number of aircraft that are in the field growing significantly between now and then, that sustainment will help position that growth in the future, even when the production starts to slow down a tad.

我們的期望是，隨著從現在到那時，該領域飛機數量的維持顯著增長，這種維持將有助於定位未來的成長，即使生產開始稍微放緩。

The last thing I would add is there's still -- even though, as Marillyn said in her prepared remarks, we completed the SDD program, there's already in the idea, plans in place, to do follow-on modernization of the F-35; not just for the US government, but for international customers as well.

我要補充的最後一件事是，儘管正如瑪麗蓮在她準備好的發言中所說，我們完成了 SDD 計劃，但已經有了對 F-35 進行後續現代化改造的想法和計劃；不僅對美國政府，對國際客戶也是如此。

So there will be a sustaining level of development, just like there is a sustaining level of development and modification work that we're currently doing on F-22s and F-16s that are decades past their peak production period.

因此，將會有一個持續水準的開發，就像我們目前正在對 F-22 和 F-16 進行持續水準的開發和改裝工作一樣，這些飛機的生產高峰期已經過去了幾十年。

We're going to see that going for a long, long time on the F-35 program.

我們將看到這種情況在 F-35 專案上持續很長一段時間。

The other thing I would add, Rajeev, is that we currently have, of course, the three US services, the eight international partners, the three foreign military sales partners on the program.

拉吉夫，我要補充的另一件事是，當然，我們目前有三個美國軍種、八個國際合作夥伴、三個外國軍事銷售合作夥伴參與該計劃。

But there is a lot of interest beyond that with many countries around the world that want to buy the F-35.

但除此之外，世界上許多國家都對購買 F-35 表現出濃厚的興趣。

So while we have a program of record that we can talk about what we see as the production plan for that, we expect to be selling more F-35s around the world in coming years.

因此，雖然我們有一個記錄計劃，可以討論我們所認為的生產計劃，但我們預計未來幾年將在全球範圍內銷售更多的 F-35。

So that will be another indicator of continued revenue from the F-35 program and sustainment -- production sustainment; and, as Bruce said, continued modernization and upgrade.

因此，這將是 F-35 項目和維持（生產維持）持續收入的另一個指標；並且，正如布魯斯所說，持續的現代化和升級。

George Shapiro, Shapiro Research.

喬治·夏皮羅，夏皮羅研究。

Bruce, it looks like you raised the margin rate on the F-35 again based on the numbers that you gave, so I just wanted to validate that.

Bruce，看來您根據您提供的數字再次提高了 F-35 的保證金率，所以我只是想驗證一下。

And then second, could you tell us how many deliveries the Air Force currently hasn't taken, and what kind of impact that might have had on cash flow in the quarter?

其次，您能否告訴我們空軍目前尚未交付多少架飛機，以及這可能會對本季的現金流產生什麼樣的影響？

Thanks.

謝謝。

Yes.

是的。

Good questions, George.

好問題，喬治。

So there was a slight pickup on the total F-35 program.

因此，F-35 項目總量略有增加。

I think the biggest single drivers I recall is we had some increases, once again -- I think it was -- as we did last year on some of our international FACO.

我認為我記得的最大的單一驅動因素是我們再次增加了一些——我認為是——就像我們去年在一些國際 FACO 上所做的那樣。

So this is the final assembly and check out facilities.

這是最後的組裝和檢查設施。

Those are going extremely well.

這些進展非常順利。

And this is another example of this quarter where we recognize some of the benefits of the performance we're seeing there taking place, actually greater than it was a year ago this quarter.

這是本季度的另一個例子，我們認識到我們所看到的業績帶來的一些好處，實際上比一年前的本季更好。

So that's the primary reason for the upper in the F-35 program.

這就是 F-35 項目中採用鞋面的主要原因。

And then, let's see; the other question was relative to the number of aircraft that are on hold.

然後，讓我們看看；另一個問題與擱置的飛機數量有關。

And I've lost track in the quarter, George.

喬治，我在這個季度迷失了方向。

I want to say it was five -- I will say it's mid-single digits to upper single digits.

我想說的是五——我會說它是中個位數到高個位數。

I've lost track of F-35s, so not a huge impact on cash.

我已經失去了 F-35 的蹤跡，所以對現金影響不大。

Obviously it didn't change sales or earnings because of the way we recognize revenue; but a slight impact on cash.

顯然，這並沒有因為我們確認收入的方式而改變銷售或收入；但對現金影響輕微。

Although not much, because most of those -- with those occur later in the quarter where they weren't going to get collected in any event.

雖然不多，因為其中大多數發生在本季度晚些時候，無論如何都不會被收集。

So, our expectation would be, come second quarter, hopefully we've got this behind us, and there will be no impact to cash in the second quarter.

因此，我們的預期是，到第二季度，希望我們已經解決了這個問題，並且第二季度的現金不會受到影響。

David Strauss, Barclays.

大衛‧史特勞斯，巴克萊銀行。

Wanted to try and put a finer point on the budget upside that you saw come through, and what it means for growth, going forward.

我想嘗試更詳細地闡述您所看到的預算上升趨勢，以及它對未來成長的意義。

So you've obviously in the past talked about growth accelerating from 2 to 3 -- I'm talking top-line growth -- accelerating from 2% to 3% this year to, like, 4% to 5% in 2019.

所以你過去顯然談到了成長從 2% 加速到 3%——我說的是營收成長——今年從 2% 加速到 3%，到 2019 年從 4% 到 5%。

Given the extra $7 billion that you saw come through, and in normal spend rates, what do you think that implies for that 4% to 5% number?

考慮到您看到的額外 70 億美元，在正常支出率下，您認為這對 4% 到 5% 的數字意味著什麼？

And then as a follow-up, Bruce, if you could just update us on C-5 and potential resolution there.

作為後續跟進，Bruce，您能否向我們介紹 C-5 的最新情況以及潛在的解決方案。

Thanks.

謝謝。

David, you got a good memory there; I'll give you credit for that one.

大衛，你在那裡留下了美好的回憶；我會把這一點歸功於你。

The first part of your question is a really good one.

你問題的第一部分非常好。

I'll say it's at least a $64 million question.

我想說這至少是一個價值 6400 萬美元的問題。

It's a question that's almost unanswerable at this point in time.

這是目前幾乎無法回答的問題。

We've got to see when that $7 billion starts manifesting itself in terms of contract modifications or contract awards, to add those increases to our existing programs.

我們必須看看這 70 億美元何時開始在合約修改或合約授予方面體現出來，以便將這些增加添加到我們現有的計劃中。

And my guess is they are all going to get phased in differently.

我的猜測是，它們都會以不同的方式分階段進行。

So in some cases, on some of the missiles and the like, we're actually sort of at capacity this year.

因此，在某些情況下，在某些飛彈等方面，我們今年實際上已經達到了產能。

So I'd say just in general, I wouldn't expect to see much of any of this hit in 2018.

所以我想說的是，總的來說，我預計 2018 年不會出現太多這樣的熱門作品。

And my guess is it will get spread over the 2019, 2020, and 2021 time frames, and maybe even a little further out than that.

我的猜測是，它將分佈在 2019 年、2020 年和 2021 年的時間範圍內，甚至可能比這個時間範圍更遠。

Let's talk the F-35s, for instance.

我們以 F-35 為例。

Those, I'd like to think we could get them somewhere in the 12, 13, 14 block buy.

那些，我想我們可以在 12、13、14 塊購買中找到它們。

But we're off right now going out to suppliers and getting quantities of aircrafts locked down with our suppliers.

但我們現在正開始與供應商聯繫，並與我們的供應商鎖定一定數量的飛機。

So it depends on when that gets authorized; and again, modded to the contracts that we already have.

所以這取決於何時獲得授權；再次修改我們已有的合約。

But if I were a betting person, I'd say you should think most of that is going to happen 2019, 2020, 2021.

但如果我是賭徒，我會說你應該認為大部分會發生在 2019 年、2020 年、2021 年。

And obviously, David, I'll give you better insight, because we'll get better insight into it, as the year goes along; but definitely in the October time frame, when we give trend information for 2019, we'll try to talk about what it looks like beyond 2019 at that point in time.

顯然，大衛，我會給你更好的見解，因為隨著時間的推移，我們會對它有更好的見解；但肯定是在 10 月份的時間範圍內，當我們提供 2019 年的趨勢資訊時，我們會嘗試討論 2019 年之後的情況。

I think your last question was on the C-5 equitable adjustment.

我認為你的最後一個問題是關於 C-5 公平調整的。

I literally don't think I have any news on that, David.

我真的不認為我有任何關於這方面的消息，大衛。

We're about to -- this year, we finished delivering of the last modernized C-5 aircraft.

今年，我們即將完成最後一架現代化 C-5 飛機的交付。

I want to say that aircraft is in, like, the third quarter of this year.

我想說的是，飛機大概是在今年第三季。

My guess is we'll get a lot more action on that closure once the total program is closed, if that makes sense.

我的猜測是，一旦整個計劃結束，我們將採取更多行動來關閉該項目，如果這有意義的話。

So, again, nothing planned from our perspective relative to -- if it doesn't happen this year, it's not like that's a downer, or a hit to this year, because we don't have that planned this year.

所以，再說一遍，從我們的角度來看，沒有任何計劃——如果今年沒有發生這種情況，那對今年來說並不是一個令人沮喪或打擊的事情，因為我們今年沒有這樣的計劃。

We haven't talked about that, frankly, in the future years as well, but we still expect we have a very good case there.

坦白說，我們在未來幾年也沒有討論過這一點，但我們仍然希望我們有一個很好的案例。

So, no new news to report is the short answer.

因此，沒有新消息可報導就是簡單的答案。

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。

Hunter Keay, Wolfe Research.

亨特‧基伊，沃爾夫研究中心。

On the supersonic X plane, is this your technology?

超音速X飛機上，這是你們的技術嗎？

I'm wondering if there is a remote scenario where Lockheed reenters the commercial aircraft market, if this design proves out.

我想知道如果這種設計被證明是可行的話，洛克希德是否會重新進入商用飛機市場。

And how your experience moving to the commercial market with the LM-100J might persuade you to do that.

以及您使用 LM-100J 進入商業市場的經驗如何說服您這樣做。

Thank you.

謝謝。

Well, to your point, Hunter, we do have the LM-100J and we're happy to have that as a commercial offering.

嗯，就你的觀點而言，Hunter，我們確實擁有 LM-100J，並且我們很高興將其作為商業產品。

It's a follow-on to the L-100s that we sold to about 100 customers some years back, and so having an opportunity to refresh that.

它是幾年前我們向大約 100 名客戶出售的 L-100 的後續產品，因此有機會更新它。

We also, as you've probably seen, are supporting another company that is coming out with a supersonic jet, business jet offering, Aerion.

正如您可能已經看到的，我們也支援另一家推出超音速噴射公務機產品的公司 Aerion。

And we are supporting them on their project with some engineering support and other things.

我們透過一些工程支援和其他東西來支持他們的專案。

But in terms of our foray into the commercial aircraft aviation side, we're not [at that] -- don't read too much into this technology that we're working on with the low boom.

但就我們進軍商用飛機航空領域而言，我們還沒有——不要過度解讀我們正在研究的低繁榮技術。

What we're bringing is what we can bring out of the Skunk Works, which is the low boom technology and a lot of other technology that we can support.

我們帶來的是我們可以從臭鼬工廠帶來的東西，即低繁榮技術和我們可以支持的許多其他技術。

I apologize.

我道歉。

I'm fighting a cold here, so my voice is getting a bit scratchy here.

我正在感冒，所以我的聲音有點沙啞。

But the point being that what companies come to us for -- whether it's NASA or it's commercial companies -- is our deep knowledge and experience and technology that we can bring to support new technology.

但關鍵是，無論是 NASA 還是商業公司，公司來找我們是為了我們深厚的知識、經驗和技術，我們可以用它們來支援新技術。

So, as I mentioned earlier, we're engaged a lot in hypersonics and directed energy.

因此，正如我之前提到的，我們在高超音速和定向能方面投入了大量精力。

And now this is a follow on to some low boom technology work that we've done with NASA to take it to the next level.

現在，這是我們與 NASA 合作進行的一些低繁榮技術工作的後續工作，旨在將其提升到一個新的水平。

And our Skunk Works operation is working on it; as are a lot of our advanced technology labs across the Corporation, working a lot of fascinating and interesting advanced technology to help both on the commercial and the military side.

我們的臭鼬工廠正在努力解決這個問題；正如我們整個公司的許多先進技術實驗室一樣，他們致力於研究許多令人著迷且有趣的先進技術，為商業和軍事方面提供幫助。

Thanks, John.

謝謝，約翰。

This is Greg.

這是格雷格。

I think we have come up at the top of the hour here, so I'll turn it back over to Marillyn for some final thoughts.

我想我們已經到了最重要的時刻了，所以我會把它轉回給瑪麗蓮來徵求一些最後的想法。

Sure.

當然。

I'll make them brief since I'm losing my voice here.

由於我在這裡失聲了，所以我會簡短地講一下。

I would just thank you all for (technical difficulty) and by highlighting that we had an outstanding quarter.

我只想感謝大家（技術困難）並強調我們度過了一個出色的季度。

And we continue to be well positioned to deliver long-term value to our customers and to our stockholders.

我們將繼續處於有利位置，為我們的客戶和股東提供長期價值。

So we look forward to you joining us on the next call.

因此，我們期待您下次通話時加入我們。

And that concludes our call for today, John.

約翰，我們今天的呼籲到此結束。

Thank you.

謝謝。

Ladies and gentlemen, that does conclude your conference.

女士們、先生們，你們的會議到此結束。

Thank you for your participation and for using AT&T's Executive Teleconference service.

感謝您的參與並使用 AT&T 的高階主管電話會議服務。

You may now disconnect.

您現在可以斷開連線。