洛克希德·馬丁 (LMT) 2022 Q2 法說會逐字稿

And good day, and welcome, everyone, to the Lockheed Martin Second Quarter 2022 Earnings Results Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Mr. Greg Gardner, Vice President of Investor Relations. Please go ahead, sir.

美好的一天，歡迎大家參加洛克希德馬丁公司 2022 年第二季度收益結果電話會議。今天的電話正在錄音。在這個時候，關於開場白和介紹，我想把電話轉給投資者關係副總裁 Greg Gardner 先生。請繼續，先生。

Thank you, Brad, and good morning. I'd like to welcome everyone to our second quarter 2022 earnings conference call. Joining me today on the call are Jim Taiclet, our Chairman, President and Chief Executive Officer; and Jay Malave, our Chief Financial Officer.

謝謝你，布拉德，早上好。我想歡迎大家參加我們的 2022 年第二季度收益電話會議。今天和我一起參加電話會議的是我們的董事長、總裁兼首席執行官 Jim Taiclet；和我們的首席財務官 Jay Malave。

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

在今天的電話會議中作出的非歷史事實的陳述被視為前瞻性陳述，並根據聯邦證券法的安全港條款作出。實際結果可能與前瞻性陳述中預測的結果大不相同。請參閱今天的新聞稿和我們的 SEC 文件，了解可能導致實際結果與前瞻性陳述中的結果大不相同的一些因素的描述。

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

我們今天在我們的網站上發布了圖表，我們計劃在電話會議期間解決這些圖表以補充我們的評論。這些圖表還包括有關可能在今天的電話會議中使用的非公認會計原則措施的信息。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跟踪圖表。

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

有了這個，我想把電話轉給吉姆。

Thanks, Greg. Good morning, everybody, and thank you for joining us on our second quarter 2022 earnings call. I will begin today with an update on our F-35 program.

謝謝，格雷格。大家早上好，感謝您加入我們的 2022 年第二季度財報電話會議。今天我將首先介紹我們的 F-35 計劃。

Yesterday, we signed a bilateral record of negotiation with the U.S. government, reaching agreement on the Lots 15 through 17 production contract. Through a collaborative effort with the F-35 enterprise, including the Joint Program Office, suppliers and teammates, we have concurred on the major parameters of the program, addressing inflationary and pandemic-related issues unanticipated at the start of the negotiation process.

昨天，我們與美國政府簽署了雙邊談判記錄，就Lot 15到17的生產合同達成協議。通過與 F-35 企業（包括聯合項目辦公室、供應商和隊友）的合作，我們就項目的主要參數達成了一致，解決了談判過程開始時未預料到的通脹和大流行相關問題。

The agreement supports our long-term objective to produce 156 aircraft a year. However, COVID impacts experienced by the F-35 enterprise have required us to modify our near-term production plan. Deliveries over the next 2 years are expected to remain in the 147 to 153 range of aircraft, similar to our 2022 plan before we then achieve our 156 aircraft delivery target in 2025. We continue to anticipate annual deliveries of 156 jets beyond 2025 for the foreseeable future.

該協議支持我們每年生產 156 架飛機的長期目標。但是，F-35 企業所經歷的 COVID 影響要求我們修改近期生產計劃。未來 2 年的交付量預計將保持在 147 至 153 架飛機範圍內，類似於我們的 2022 年計劃，然後我們將在 2025 年實現 156 架飛機交付目標。我們繼續預計在可預見的 2025 年之後每年交付 156 架飛機未來。

I'd like to thank the entire team for the dedication and professionalism shown throughout this process. And we look forward to delivering these unmatched fifth-generation aircraft for our U.S. Air Force, Navy and Marines, our partner countries and our international customers.

我要感謝整個團隊在整個過程中表現出的奉獻精神和專業精神。我們期待為我們的美國空軍、海軍和海軍陸戰隊、我們的伙伴國家和我們的國際客戶提供這些無與倫比的第五代飛機。

Moving to our quarterly results. Our business area operational performance was solid, delivering increased profit margins from last year's second quarter. Our new business activity and order flow were also favorable, and we continue to anticipate our backlog ending the year significantly above our 2021 levels, positioning us for longer-term growth.

轉到我們的季度業績。我們的業務領域運營業績穩健，利潤率較去年第二季度有所提高。我們的新業務活動和訂單流也很有利，我們繼續預計年底的積壓訂單將大大高於 2021 年的水平，從而使我們能夠實現長期增長。

Our sales in the quarter were $15.4 billion, lower than we expected due to the delay in contract agreement on the F-35 and supply chain impacts. We anticipate the supply chain challenges to continue for the remainder of the year. And we've reduced our 2022 outlook to reflect that as well as some other items, and Jay will cover this in more detail in a few minutes.

我們本季度的銷售額為 154 億美元，低於我們的預期，原因是 F-35 的合同協議延遲和供應鏈影響。我們預計供應鏈挑戰將在今年剩餘時間內繼續存在。我們已經降低了 2022 年的展望以反映這一點以及其他一些項目，Jay 將在幾分鐘內更詳細地介紹這一點。

We also progressed well on our cash deployment plan, delivering over $1.1 billion to stockholders in dividends and repurchases, exceeding 100% of our free cash flow. We will continue to execute on our strategy of driving cash generation, disciplined and dynamic capital deployment, growing free cash flow per share and delivering attractive long-term total returns to you, shareholders.

我們的現金部署計劃也進展順利，向股東派發了超過 11 億美元的股息和回購，超過了我們自由現金流的 100%。我們將繼續執行我們的戰略，推動現金產生、紀律嚴明和動態的資本配置、增加每股自由現金流並為您、股東提供有吸引力的長期總回報。

Turning briefly to budgets. Both the House and Senate Armed Services Committees approved their versions of the FY '23 National Defense Authorization Act. The SASC recommended approximately a $45 billion increase to the President's request and the full House chamber passed the completed authorization bill with a $37 billion increase.

簡要談談預算。眾議院和參議院軍事委員會都批准了他們的 23 財年國防授權法案。國資委建議根據總統的要求增加約 450 億美元，眾議院全體會議通過了完成的授權法案，增加了 370 億美元。

While the budget process remains in its early stages, we are encouraged by the support our programs have seen with the Senate recommending additional F-35 and Black Hawk helicopters, increases over the lower-than-expected volumes that were in the initial President's request. Both the Senate markup and the House bill received strong bipartisan supporting committee with recognition of the need for greater investment to respond to increasing global security threats and the imperative of improving the readiness of our armed forces. Congress will continue the next phase of the authorization and appropriations process over the coming weeks and months. And we look forward to its timely finalization.

雖然預算過程仍處於早期階段，但我們對我們的計劃所看到的支持感到鼓舞，參議院建議增加 F-35 和黑鷹直升機，比最初總統要求的低於預期的數量有所增加。參議院加價和眾議院法案都得到了強有力的兩黨支持委員會，他們認識到需要加大投資以應對日益嚴重的全球安全威脅，以及提高我們武裝部隊的戰備狀態。國會將在未來幾周和幾個月內繼續下一階段的授權和撥款程序。我們期待它的及時定稿。

Turning to our 21st Century Security strategy, I'd like to highlight an important example of how our signature platforms can be integrated into effective joint all-domain operations. These efforts are designed to benefit our soldiers, sailors, marines, airmen and guardians by continually upgrading their mission capabilities with the latest physical and digital world technologies.

談到我們的 21 世紀安全戰略，我想強調一個重要的例子，說明我們的簽名平台如何集成到有效的全域聯合作戰中。這些努力旨在通過使用最新的物理和數字世界技術不斷升級他們的任務能力，使我們的士兵、水手、海軍陸戰隊、飛行員和監護人受益。

This quarter, our Rotary and Mission Systems and Missiles and Fire Control business areas partnered with the U.S. Indo-Pacific Command in Valiant Shield 2022. This is a biannual training activity focused on integrating forces in multiple domains. Valiant Shield 2022 is a cornerstone of INDOPACOM's integrated deterrent strategy to prevent conflict in the region, and it's the largest U.S. joint force exercise in the Western Pacific.

本季度，我們的旋轉和任務系統以及導彈和火控業務領域與美國印太司令部在 Valiant Shield 2022 中進行了合作。這是一項一年兩次的培訓活動，重點是整合多個領域的力量。 Valiant Shield 2022 是印度太平洋司令部防止該地區衝突的綜合威懾戰略的基石，也是美國在西太平洋地區最大的聯合部隊演習。

We linked our DIAMONDShield battle management system, Aegis Weapon System, High Mobility Artillery Rocket System or HIMARS and PAC-3 missiles to successfully demonstrate integrated multi-domain operations of strategic and tactical mission levels across air, land, sea and space. During this 12-day event, our Lockheed Martin team demonstrated all domain capabilities and collaboratively engaged in experiments with INDOPACOM using artificial intelligence to enable rapid decision-making in seconds or minutes compared to ours.

我們將我們的 DIAMONDShield 戰鬥管理系統、宙斯盾武器系統、高機動火箭炮系統或 HIMARS 和 PAC-3 導彈連接起來，成功展示了空中、陸地、海上和太空戰略和戰術任務級別的綜合多域作戰。在為期 12 天的活動中，我們的洛克希德馬丁團隊展示了所有領域能力，並與 INDOPACOM 合作進行了實驗，使用人工智能與我們的相比，可以在幾秒鐘或幾分鐘內做出快速決策。

Technical demonstrations like these are key enablers to our 4-pillar growth strategy. And we will continue to demonstrate to our frontline commanders and servicemen and women in many additional exercise and real-world demonstrations to come.

像這樣的技術演示是我們 4 支柱增長戰略的關鍵推動力。我們將繼續在許多額外的演習和現實世界的演示中向我們的前線指揮官和軍人展示。

Moving to our 4-pillar growth areas and staying with the Pacific region, RMS' Aegis Weapon System was selected to be the backbone system for the Missile Defense Agency's Defense of Guam architecture. This is a pathfinder for joint all-domain operations for the DoD and for regional integrated air and missile defense with an expected program value itself of over $1 billion.

移動到我們的 4 支柱增長領域並留在太平洋地區，RMS 的宙斯盾武器系統被選為導彈防禦局關島防禦架構的骨干係統。這是國防部聯合全域作戰和區域綜合防空導彈防禦的探路者，預計項目本身價值超過 10 億美元。

This architecture will defend against ballistic, cruise and hypersonic missile threats through the integration of capabilities across multiple industry products and not just Lockheed Martin. Aegis and our TPY-X radar, a derivative of our long-range discrimination radar product, will be the core systems to outpace the potential threat and expand JADO capabilities for Guam.

這種架構將通過整合多個行業產品的能力來防禦彈道導彈、巡航導彈和高超音速導彈威脅，而不僅僅是洛克希德馬丁公司。 Aegis 和我們的 TPY-X 雷達（我們的遠程識別雷達產品的衍生產品）將成為超越潛在威脅並擴大關島 JADO 能力的核心系統。

This Guam architecture leverages existing Lockheed Martin capabilities such as Terminal High Altitude Area Defense or THAAD, PAC-3, Sentinel A4 radar and our C2BMC command and control system, highlighting the advantages of our broad portfolio and cross-business area collaboration with Missiles and Fire Control. RMS will also fully integrate future system capabilities, which may include space-based sensors, directed energy and advanced missiles in the Defense of Guam, a critical cornerstone in Western Pacific deterrence. And we'll be using an open architecture where we can tie in other prime contractors, products and systems along with ours.

這種關島架構利用了洛克希德馬丁公司現有的能力，例如終端高空區域防禦或 THAAD、PAC-3、Sentinel A4 雷達和我們的 C2BMC 指揮和控制系統，突出了我們廣泛的產品組合和與導彈和火力的跨業務領域合作的優勢控制。 RMS 還將全面整合未來的系統能力，其中可能包括天基傳感器、定向能量和先進導彈用於關島防禦，這是西太平洋威懾的關鍵基石。我們將使用一個開放的架構，我們可以將其他主要承包商、產品和系統與我們的系統聯繫起來。

Staying with RMS, this quarter, the U.S. Marine Corps approved our Sikorsky team CH-53K heavy lift helicopter, one of our key programs of record for initial operating capability. The IOC declaration validates the operational readiness of the King Stallion to forward deploy marines across the globe and positions the Marine Corps for a full rate production decision in 2023. The 53K has a plan of record to deliver 200 domestic aircraft and a total program life cycle value expected to be approximately $50 billion.

與 RMS 合作，本季度，美國海軍陸戰隊批准了我們的西科斯基團隊 CH-53K 重型直升機，這是我們記錄初始運營能力的關鍵計劃之一。國際奧委會的聲明驗證了“種馬國王”在全球範圍內向前部署海軍陸戰隊的作戰準備情況，並使海軍陸戰隊能夠在 2023 年做出全速生產決定。53K 計劃交付 200 架國內飛機和整個項目生命週期預計價值約為 500 億美元。

We're also excited this quarter to receive a $2.3 billion award for Sikorsky's 10th Black Hawk multiyear contract to provide 120 H-60 helicopters. This contract includes options, which, if exercised, have the potential to deliver an additional 135 rotorcraft with a value of up to another $4.4 billion.

我們也很高興在本季度獲得價值 23 億美元的西科斯基第 10 份黑鷹多年合同，提供 120 架 H-60 直升機。該合同包括期權，如果行使這些期權，有可能額外交付 135 架旋翼飛機，價值高達 44 億美元。

Also this quarter, Missiles and Fire Control received a $1.6 billion contract award to produce THAAD interceptors for both domestic and international customers. Under this combined award, the THAAD team will provide both the U.S. government and the Kingdom of Saudi Arabia with additional interceptors in support of integrated air and missile defense.

同樣在本季度，Missiles and Fire Control 獲得了價值 16 億美元的合同，為國內和國際客戶生產 THAAD 攔截器。根據這項聯合獎勵，薩德團隊將為美國政府和沙特阿拉伯王國提供額外的攔截器，以支持綜合防空和導彈防禦。

Our MFC business area was also awarded a contract by the Missile Defense Agency to initiate production of the eighth THAAD battery. The eighth battery expands the U.S. government's ability to field the integrated air and missile defenses and builds upon the previously delivered 7 systems, a clear demonstration of the value delivered by the signature program and defending against current and emerging threats and maintaining deterrence.

我們的 MFC 業務領域還獲得了導彈防禦局的合同，開始生產第 8 個 THAAD 電池。第 8 個電池擴展了美國政府部署綜合防空和導彈防禦系統的能力，並建立在先前交付的 7 個系統的基礎上，清楚地展示了簽名計劃提供的價值，以及防禦當前和新出現的威脅並保持威懾。

Before I turn the call over to Jay, I'd like to express my appreciation for the presidential visit to the Javelin manufacturing facility in Troy, Alabama, supporting the men and women who produce this remarkable product. The Ukraine conflict has been a dramatic reminder that we're in a global power competition. And we at Lockheed Martin stand ready to support our nation and its allies with advanced systems and technologies.

在我將電話轉給傑伊之前，我想對總統訪問阿拉巴馬州特洛伊的標槍製造廠表示感謝，以支持生產這一非凡產品的男女。烏克蘭衝突戲劇性地提醒我們，我們正處於全球權力競爭中。我們洛克希德馬丁公司隨時準備用先進的系統和技術支持我們的國家及其盟友。

The U.S. alone has committed more than 5,500 Javelin missiles to Ukraine in defense of their country. And this visit spotlighted the continued need for a focus on global security and deterrence capabilities.

僅美國就向烏克蘭投放了超過 5,500 枚標槍導彈，以保衛他們的國家。這次訪問凸顯了繼續關注全球安全和威懾能力的必要性。

With that, I'll turn the call over to Jay and join you later to answer your questions.

有了這個，我會把電話轉給傑，稍後再和你一起回答你的問題。

Thanks, Jim, and good morning, everyone. Today, I'll walk you through our consolidated results, business area detail and provide an update to our 2022 outlook. As I highlight our results, please follow along with the web charts we have posted with our earnings release today.

謝謝，吉姆，大家早上好。今天，我將向您介紹我們的綜合結果、業務領域的詳細信息，並更新我們的 2022 年展望。當我強調我們的結果時，請關注我們今天發布的收益發布中的網絡圖表。

Let's begin with Chart 3 and an overview of our consolidated second quarter financials. Operating results were largely in line with our expectations for the quarter along with nonoperating impacts that we previously had highlighted.

讓我們從圖 3 和我們的第二季度合併財務概覽開始。經營業績基本符合我們對本季度的預期，以及我們之前強調的非經營影響。

We generated sales of $15.4 billion. And as Jim noted, our revenues were affected by the delayed contract agreement for production Lots 15 through 17 on the F-35 program and supply chain impacts. Underlying performance was solid with segment operating profit of $1.7 billion and segment margin expansion of 60 basis points year-over-year to 11%.

我們創造了 154 億美元的銷售額。正如吉姆所指出的，我們的收入受到關於 F-35 計劃和供應鏈影響的第 15 至 17 批生產合同協議延遲的影響。基礎業績穩健，分部營業利潤為 17 億美元，分部利潤率同比增長 60 個基點至 11%。

Earnings per share were $1.16, including $5.16 in nonoperational charges. And we delivered greater than $1 billion in free cash flow while returning 107% of that amount to shareholders through share repurchases and dividends. As noted in the press release, we updated our outlook, which I'll review later in my remarks.

每股收益為 1.16 美元，其中包括 5.16 美元的非運營費用。我們提供了超過 10 億美元的自由現金流，同時通過股票回購和股息向股東返還了其中的 107%。正如新聞稿中所述，我們更新了我們的展望，稍後我將在我的評論中進行回顧。

Turning to consolidated sales and segment operating profit results on Chart 4. Total sales declined 9% due to anticipated program transitions and supply chain impacts across the business areas in addition to more than $300 million in revenue shortfall from the gap in F-35 funding in advance of our agreement on Lots 15 through 17.

轉向圖 4 上的綜合銷售和部門營業利潤結果。由於預期的計劃過渡和整個業務領域的供應鏈影響，總銷售額下降了 9%，此外，由於 F-35 資金缺口導致的收入缺口超過 3 億美元推進我們就地塊 15 至 17 達成的協議。

Operating profit declined 4%. And as previously mentioned, segment operating margins expanded 60 basis points to 11%, reflecting another solid -- another quarter of solid underlying performance, benefits from contract mix as well as higher net step-ups largely due to the absence of last year's classified program charge in Aeronautics.

營業利潤下降 4%。如前所述，分部營業利潤率擴大 60 個基點至 11%，反映了又一個穩健的基礎表現——又一個季度穩健的基本業績、合同組合帶來的好處以及主要由於缺乏去年的分類計劃而導致的更高的淨增長負責航空。

Moving to earnings per share on Chart 5. We've included a reconciliation of our GAAP EPS to an adjusted or operational EPS. First, we've refinanced $2.3 billion of outstanding debt, including maturities for the next 3 years and lowering our near-term exposure to interest rate risk. This impact was $0.10.

轉到圖 5 的每股收益。我們已經將我們的 GAAP 每股收益與調整後或運營每股收益進行了對賬。首先，我們為 23 億美元的未償債務進行了再融資，包括未來 3 年的到期債務，並降低了我們近期的利率風險敞口。這種影響是 0.10 美元。

In addition, we executed our latest pension transfer transaction. And as a reminder, this is our seventh such transaction to reduce long-term risk and volatility of pension trust asset returns. The impact to the quarter was $4.49, including $0.16 of tax timing that will reverse over the balance of the year.

此外，我們還執行了最新的養老金轉賬交易。提醒一下，這是我們為降低養老金信託資產回報的長期風險和波動性而進行的第七次此類交易。對本季度的影響為 4.49 美元，包括 0.16 美元的稅收時間，該時間將在今年的餘額中逆轉。

Lastly, volatile capital markets have significantly impacted asset returns and our Lockheed Martin Ventures Fund and other plans. Despite the short-term volatility, our ventures fund has delivered significant financial returns over the long term, but more importantly, has infused Lockheed Martin with emerging technologies to benefit our core business. Adjusted for these nonoperating items, our second quarter earnings per share would have been $6.32 and even higher had the F-35 funding constraint been lifted.

最後，動蕩的資本市場對資產回報以及我們的洛克希德馬丁風險投資基金和其他計劃產生了重大影響。儘管存在短期波動，但我們的風險基金在長期內實現了可觀的財務回報，但更重要的是，為洛克希德馬丁公司注入了新興技術，使我們的核心業務受益。對這些非經營性項目進行調整後，如果取消 F-35 資金限制，我們第二季度的每股收益將達到 6.32 美元，甚至更高。

Moving to cash flow on Chart 6. As you've come to expect, we delivered solid free cash flow in the quarter and accelerated payments of $1 billion to suppliers. Once again, cash deployed to shareholders exceeded free cash flow in the quarter. And for the first half of 2022, we have returned 178% of free cash flow through dividends and share repurchases.

轉到圖 6 上的現金流。正如您所預料的那樣，我們在本季度實現了穩定的自由現金流，並加快了向供應商支付 10 億美元的速度。本季度，分配給股東的現金再次超過了自由現金流。到 2022 年上半年，我們通過股息和股票回購返還了 178% 的自由現金流。

Okay. Moving over to segment results and starting with Aeronautics on Chart 7. Second quarter revenue decreased approximately $800 million from last year. F-35 sales were down over $900 million due to supply chain impacts, the impact of the Lot 15 through 17 unrecognized sales and sustainment award timing. This was partially offset by strength in our classified area, which increased by more than $200 million this quarter, a 50% increase from the second quarter of 2021. Segment operating margin for aero increased 180 basis points primarily due to the absence of last year's loss recorded on a large classified program.

好的。轉到細分結果，從圖 7 中的航空開始。第二季度的收入比去年減少了大約 8 億美元。由於供應鏈影響、Lot 15 至 17 未確認的銷售和維持獎勵時間的影響，F-35 的銷售額下降了 9 億多美元。這部分被我們分類領域的實力所抵消，該領域本季度增加了 2 億多美元，比 2021 年第二季度增長了 50%。航空部門的營業利潤率增加了 180 個基點，主要是由於去年沒有虧損記錄在一個大型機密節目中。

Moving to Missiles and Fire Control on Page 8. Sales were lower by approximately $200 million, including the expected reduction in sustainment following the withdrawal of U.S. troops from Afghanistan as well as lower volume in multiple missile programs. Strong performance in tactical and strike missiles and in the missile defense PAC-3 program as well as favorable program mix drove a 160 basis points increase in segment operating margin.

轉到第 8 頁的導彈和火控。銷售額減少了大約 2 億美元，其中包括美軍從阿富汗撤軍後預計的保障費用減少以及多個導彈計劃的數量減少。戰術和打擊導彈以及導彈防禦 PAC-3 計劃的強勁表現以及有利的計劃組合推動部門營業利潤率增加了 160 個基點。

At Rotary and Mission Systems on Page 9, lower Black Hawk and presidential helicopter volume, along with supply chain impacts across the business area, lowered year-over-year sales by approximately $200 million. Operating profit was lower based on fewer favorable profit adjustments on Aegis and Radar programs, the impact from lower volume and changes in contract mix.

在第 9 頁的 Rotary 和 Mission Systems 中，Black Hawk 和總統直升機的銷量下降，以及整個業務領域的供應鏈影響，使銷售額同比下降了約 2 億美元。由於 Aegis 和 Radar 計劃的有利利潤調整較少、銷量下降和合同組合變化的影響，營業利潤較低。

Turning to Chart 10 in our Space business area. Overall sales were down $350 million by a $425 -- or driven by a $425 million reduction from the renationalization of the Atomic Weapons Establishment, which is partially offset by solid growth on a next-generation interceptor program. This will be the last quarter we'll be affected by the AWE compare. Operating profit was lower primarily due to the mix and timing of launches at United Launch Alliance as well as lower profit step-ups.

轉到我們空間業務領域的圖 10。總體銷售額下降了 3.5 億美元，減少了 425 美元——或者是由於原子武器機構重新國有化導致的 4.25 億美元減少，這部分被下一代攔截器項目的穩健增長所抵消。這將是我們受 AWE 比較影響的最後一個季度。營業利潤較低主要是由於聯合發射聯盟的發射組合和時間安排以及較低的利潤增長。

Okay. Moving over to our updated outlook on Page 11. Our expectations for segment operating profit and free cash flow remain unchanged despite the lower sales outlook, reflecting solid year-to-date results and management's focus on operating performance.

好的。轉到我們在第 11 頁更新的展望。儘管銷售前景較低，但我們對分部營業利潤和自由現金流的預期保持不變，這反映了穩健的年初至今業績和管理層對經營業績的關注。

Our expectation for full year sales have been reduced by $750 million to approximately $65.25 billion. 3 of our 4 business areas have been reduced due to supply chain impacts, award timing and program schedule shifts, all of which are incorporated into our new guidance.

我們對全年銷售額的預期已減少 7.5 億美元至約 652.5 億美元。由於供應鏈影響、授標時間和計劃時間表的變化，我們的 4 個業務領域中有 3 個已減少，所有這些都已納入我們的新指南。

The impact of lower anticipated sales volume is expected to be offset by improved margins for the year, which is supported by our year-to-date margin performance. We are lowering the earnings per share outlook by $5.15 to reflect the impact of onetime items such as the pension transfer, debt refinancing and year-to-date mark-to-market adjustments.

預計銷量下降的影響預計將被今年利潤率的提高所抵消，這得到了我們年初至今利潤率表現的支持。我們將每股收益展望下調 5.15 美元，以反映養老金轉移、債務再融資和年初至今按市價調整等一次性項目的影響。

It's important to note that these expectations assume that we definitize the Lot 15 through 17 contract here in the third quarter. In addition, there are no incremental mark-to-market impacts assumed for the second half of the year.

需要注意的是，這些預期假設我們在第三季度在這裡定義了 Lot 15 到 17 合約，這一點很重要。此外，沒有假設下半年的按市值計價的增量影響。

Okay. Moving to Chart 12. We provided a detailed view of the changes to earnings per share for the year. The onetime pension settlement charge is now included in our outlook. And following the execution of that pension transfer, the remeasurement of our pension plans has caused us to reduce our FAS/CAS pension adjustment by $50 million. We've also incorporated the impacts of the year-to-date mark-to-market adjustments and our debt refinanced to the new estimate of approximately $21.55.

好的。轉到圖 12。我們提供了本年度每股收益變化的詳細視圖。一次性養老金結算費用現在包含在我們的展望中。在執行養老金轉移之後，我們對養老金計劃的重新衡量導致我們將 FAS/CAS 養老金調整減少了 5000 萬美元。我們還考慮了年初至今按市值計算的調整和我們的債務再融資的影響，新估計約為 21.55 美元。

On Chart 13, you'll see the changes to guidance by business area. As I mentioned before, 3 of our 4 business areas have reduced sales outlooks, reflecting supply chain impact and award timing. But as noted, each business area is holding to the previous guidance for segment operating profit.

在圖 13 中，您將看到按業務領域劃分的指南變化。正如我之前提到的，我們的 4 個業務領域中有 3 個已經降低了銷售前景，這反映了供應鏈的影響和授予時間。但如前所述，每個業務領域都堅持之前的部門營業利潤指引。

We're confident that we can deliver higher operating margins, offsetting the top line headwinds with our continued focus on cost reduction, program performance and leveraging the size and scale of the enterprise.

我們有信心通過繼續專注於降低成本、計劃績效和利用企業的規模和規模來提供更高的營業利潤，抵消頂線阻力。

Okay. Let's wrap up on Chart 14. Our operational performance in the second quarter was solid with improved segment margins and consistent cash generation and deployment. We revised our 2022 financial outlook, incorporating headwinds, but held our commitments for segment operating profit, free cash flow and cash deployment.

好的。讓我們總結一下圖 14。我們在第二季度的運營表現穩健，分部利潤率提高，現金產生和部署保持一致。我們修訂了 2022 年的財務展望，納入了逆風，但維持了我們對分部營業利潤、自由現金流和現金部署的承諾。

Now looking beyond 2022, the Lockheed Martin fundamentals remain strong. We continue to invest in support of our customers' important security missions, leveraging the breadth of our platforms and solutions.

現在展望 2022 年以後，洛克希德馬丁公司的基本面依然強勁。我們繼續投資支持客戶的重要安全任務，利用我們廣泛的平台和解決方案。

Our broad portfolio as well as the current and projected backlog underpin our future growth expectations. In addition, the outlook for domestic and international defense spending has improved, and we expect to incorporate these changes over the coming months as we gain clarity on the timing of global security spending commitments and industry fulfillment.

我們廣泛的產品組合以及當前和預計的積壓支持我們未來的增長預期。此外，國內和國際國防開支的前景有所改善，隨著我們清楚地了解全球安全開支承諾和行業履行的時間安排，我們預計將在未來幾個月內納入這些變化。

To close, our pillars of growth, financial position, focus on strong cash generation and our disciplined and dynamic capital deployment strategy places us in an enviable position to deliver long-term value to shareholders.

最後，我們的增長支柱、財務狀況、專注於強勁的現金產生以及我們紀律嚴明和充滿活力的資本部署戰略使我們處於令人羨慕的位置，可以為股東創造長期價值。

With that, Brad, let's open up the call for Q&A.

有了這個，布拉德，讓我們打開問答的電話。

(Operator Instructions) Our first question today comes from the line of Doug Harned with Bernstein.

（操作員說明）我們今天的第一個問題來自 Doug Harned 和 Bernstein。

Yes. I wanted to make sure to have a good understanding of where the F-35 stands here, and you've guided to 147 to 153 per year in the next 2 years and then 156 in 2025. But the Lot 15 to 17 size averages it down at 125, and we assume that starts in mid-2023 in terms of deliveries.

是的。我想確保對 F-35 的位置有一個很好的了解，你已經指導在接下來的 2 年中達到每年 147 到 153 架，然後在 2025 年達到 156 架。但是 Lot 15 到 17 的尺寸是平均的下降至 125，我們假設從 2023 年年中開始交付。

So really 2 questions here. First, can you reconcile the lower block size with your production plan and also with the 2023 budget levels, which suggests some lower deliveries, at least to us, in 2025? And then second, why did DoD go to these lower block sizes? And does that have any implications for how you think about margins in these blocks?

所以這裡真的有兩個問題。首先，您能否將較低的區塊大小與您的生產計劃以及 2023 年的預算水平相協調，這表明至少對我們而言，2025 年的交付量會有所下降？其次，為什麼國防部要使用這些較小的塊大小？這對您如何看待這些區塊的邊距有任何影響嗎？

Let me walk you through the reconciling item here on your first question, Doug. So first, when we ended the second quarter, our backlog was 169 aircraft. If you assume, say, the midpoint of 2022 of our guide, let's say, 150 aircraft that says that we would be delivering about another 89 aircraft in the back half of the year. That would take our backlog down to 80 aircraft.

道格，讓我帶您了解第一個問題的核對項目。首先，當我們結束第二季度時，我們的積壓訂單是 169 架飛機。如果你假設，比如說，我們指南的 2022 年中點，比如說 150 架飛機，我們將在今年下半年再交付大約 89 架飛機。這將使我們的積壓飛機減少到 80 架。

With the 375, that puts us at 455. So if you assume again at the midpoint for '23 and '24 of about 100 aircraft -- 150 aircraft, that puts you at 300. That leaves about 155 for 2025. And so maybe one short to the 156 in '25, but pretty much up right there.

有了 375，我們就達到了 455。所以如果你再次假設大約 100 架飛機的 '23 和 '24 的中點——150 架飛機，那麼你就達到了 300 架。剩下的 155 架在 2025 年左右。所以也許一架短於 25 年的 156，但幾乎就在那裡。

As far as the lower outlook, a lot of that was incorporated in our negotiation on Lot 15 to 17 in terms of the factors we've talked about before as far as impacts from COVID, impacts in supply chain, also lower volumes and other factors. And all of that was taken into consideration in the negotiation with the Joint Program Office.

至於較低的前景，我們在第 15 至 17 批的談判中納入了我們之前討論過的因素，包括 COVID 的影響、供應鏈的影響、產量下降和其他因素.在與聯合項目辦公室的談判中，所有這些都被考慮在內。

The margins themselves at the end of the day, the way the contract is structured as we finalize this is there will be some level of fixed price to it and some level of incentive to it. So we're incentivized to perform and provide delivery, to provide delivery as well as quality targets to the customer. If we can perform to our expectation in those improvements, then we wouldn't see any type of dilution to our margins today. And we're confident we can perform to those levels.

一天結束時的利潤本身，以及我們最終確定的合同結構方式，都會有一定程度的固定價格和一定程度的激勵。因此，我們受到激勵來執行和提供交付，向客戶提供交付和質量目標。如果我們能夠在這些改進中達到我們的預期，那麼我們今天的利潤率不會出現任何類型的稀釋。我們有信心我們可以達到這些水平。

And our next question comes from the line of Richard Safran from Seaport Research Partners.

我們的下一個問題來自 Seaport Research Partners 的 Richard Safran。

Jay, if I could, let me follow up on something you said in your closing remarks here. Actually, I have to think that your international outlook has changed quite a bit in just the past few months. I recognize you're in various stages of negotiations, but could you discuss where you're seeing the most demand come from, for what types of equipment? And importantly, would you be willing to discuss a bit on how this might affect your outlook for '23? And in your answer there, maybe you could also just address if you think there could be a trend towards more commercial contracting as a result of what's going on?

傑，如果可以的話，讓我跟進你在閉幕詞中所說的話。實際上，我不得不認為您的國際視野在過去幾個月中發生了很大變化。我知道您正處於談判的不同階段，但您能否討論一下您認為需求最大的地方是什麼類型的設備？重要的是，您是否願意討論一下這可能會如何影響您對 23 年的展望？在您的回答中，如果您認為由於正在發生的事情可能會出現更多商業合同的趨勢，也許您也可以解決？

Sure, Richard. Yes, let me get started on that. I think the takeaway here in the closing remarks is that -- as I mentioned, the environment has improved from where it was a year ago. And along with that, our pipeline has certainly grown. And I'll throw maybe a couple of examples to that.

當然，理查德。是的，讓我開始吧。我認為閉幕詞中的要點是 - 正如我所提到的，環境已經比一年前有所改善。與此同時，我們的管道肯定也在增長。我會舉幾個例子。

We've seen, I think, in the press in terms of higher demand, and we've seen new contracts on the F-35. There's also interest on the F-16 with international partners and customers. And we've talked about we've got a backlog today of 128 aircraft. We're pleased to have Germany coming to the fold -- or I'm sorry, Jordan come into the fold as well. But beyond that, we've talked about a pipeline of 300 to 400 additional aircraft. That pipeline has grown to about 500 aircraft, given what we've seen over the past 6 months, 6 to 12 months.

我認為，我們已經在媒體上看到了更高的需求，並且我們已經看到了 F-35 的新合同。國際合作夥伴和客戶也對 F-16 感興趣。我們已經談到我們今天積壓了 128 架飛機。我們很高興有德國加入——或者我很抱歉，喬丹也加入了。但除此之外，我們還談到了 300 到 400 架額外飛機的管道。考慮到我們在過去 6 個月、6 到 12 個月內所看到的情況，這條管道已經增長到大約 500 架飛機。

And so in our aero, in these aircraft, we see incremental opportunities. I'd say similarly in our Missiles and Fire Control, both on the air and missile defense side as well as tactical missile side, we've seen inquiries on foreign military sales. And that pipeline has grown as well, and that's in, say, the multibillion dollars of opportunity, things like -- things that have been out there in the press, whether it's Javelin, HIMARS as well as PAC-3 opportunities. It's important to remember that in the PAC-3, we are increasing our outlook and our production schedules to begin with. And so the question is how much higher can we take it over the next number of years.

因此，在我們的航空、這些飛機中，我們看到了增量機會。我想說的是，在我們的導彈和火控方面，無論是在空中和導彈防禦方面，還是在戰術導彈方面，我們都看到了對外國軍售的詢問。這條管道也在增長，比如說，數十億美元的機會，比如 - 已經出現在媒體上的東西，無論是 Javelin、HIMARS 還是 PAC-3 的機會。重要的是要記住，在 PAC-3 中，我們從一開始就增加了我們的前景和生產計劃。所以問題是在接下來的幾年裡我們能把它提高多少。

As this coalescence and I mentioned in my remarks, that we'll gain more clarity in terms of how these things will actually manifest themselves into real contracts. The reality is today, none of it is under contract. And so we're trying to get a better understanding what the timing of which these will come into contract and then getting a better understanding of our supply chain capability to determine when we can actually deliver.

正如我在評論中提到的這種結合，我們將更清楚地了解這些東西將如何實際體現為真正的合同。現實是今天，沒有一個是根據合同。因此，我們正試圖更好地了解這些合同簽訂的時間，然後更好地了解我們的供應鏈能力，以確定我們何時可以實際交付。

But I can say with some level of reasonable confidence is that our orders and backlog outlook over the next 2 years will be better than it was a year ago. But that will still take some time to convert to revenues beyond that time period.

但我可以有一定程度的合理信心說，我們未來 2 年的訂單和積壓訂單前景將好於一年前。但這仍需要一些時間才能轉化為超出該時間段的收入。

Yes. And just to add to that, in response to your question there, Richard, is look, the DoD is in the midst of changing gears and so are our allies, right? So at the beginning of 2022, the administration was still in the midst of a relatively benign global security environment at least relative to now.

是的。補充一點，為了回答你的問題，理查德，看，國防部正在換檔，我們的盟友也在換檔，對吧？因此，在 2022 年初，至少與現在相比，美國政府仍處於相對良性的全球安全環境中。

The U.S. has largely withdrawn from its military operations after 2 decades of heavy presence in the Middle East. China's increasing activism in the Western Pacific, while recognized, was perceived as kind of a potential concern, a watch item for the future, if you will.

經過 20 年在中東的大量存在後，美國已基本退出其軍事行動。中國在西太平洋地區日益活躍的活動雖然得到了認可，但被視為一種潛在的擔憂，如果你願意的話，它是未來的觀察項目。

Europe was totally at peace, and Russian forces remained within their borders at that point in time. But if you fast-forward to today, the U.S. and its allies are actively responding to Russia's invasion of Ukraine. The Pacific is on higher alert because of the statements and actions of China recently, not to mention North Korea.

歐洲完全處於和平狀態，當時俄羅斯軍隊仍在其境內。但如果你快進到今天，美國及其盟國正在積極應對俄羅斯入侵烏克蘭。太平洋地區因近期中國的表態和行動而處於高度戒備狀態，更不用說朝鮮了。

The value of deterrence has never been greater really at this point now. And that shift happened over literally 3 or 4 months. What that requires is the Department of Defense to shift gears, okay? And I can tell you the clutch isn't engaged yet. And the clutch engaged means there are contracts in place. There's a demand signal out there that's clear. There's funding appropriated by the U.S. Congress in the case of the United States.

在這一點上，威懾的價值從未如此真正地強大過。這種轉變發生在 3 或 4 個月的時間裡。這需要國防部換檔，好嗎？我可以告訴你離合器還沒有接合。離合器接合意味著合同到位。那裡有一個明確的需求信號。就美國而言，美國國會撥款。

And we're producing, as Jay said, with a supply chain that's robust enough to support it. To get the clutch to engage is going to take 2 to 3 years. And that's for our allies as well because they not only have to go through their own processes internally. They then have to go through generally the foreign military sales process.

正如傑伊所說，我們正在生產一個足夠強大的供應鏈來支持它。讓離合器接合需要 2 到 3 年。這也適用於我們的盟友，因為他們不僅必須在內部完成自己的流程。然後，他們必須經歷一般的對外軍售程序。

And for the kinds of systems that Jay outlined, the U.S. government is probably going to continue to insist that we mostly use the FMS process to contract with foreign -- through them to foreign governments for these kinds of equipments like F-35 and F-16 and HIMARS, et cetera.

對於傑伊概述的那種系統，美國政府可能會繼續堅持我們主要使用 FMS 流程與外國簽訂合同——通過他們與外國政府簽訂此類設備，如 F-35 和 F- 16 和 HIMARS 等。

So we actually have a match to our original strategy, which was for the next couple of years, we were expecting relatively flat defense budgets in the U.S., not a lot of concern out in the allies. That's all changed. But we're aiming for the company and for the share count to be ready for an inflection point now again, in 2024 and beyond, the middle of the decade.

所以我們實際上與我們最初的戰略相匹配，在接下來的幾年裡，我們預計美國的國防預算相對持平，盟國不會有太多擔憂。這一切都變了。但我們的目標是讓公司和股票數量再次為拐點做好準備，在 2024 年及以後，即本世紀中期。

This unfortunate situation in global security having deteriorated can only bolster our inflection point from where it would have been. And along with that, we're doing the integration of our signature platforms that everybody seems to want right now into that 21st Century Security fabric, which will make them, we think, even more attractive.

這種不幸的全球安全局勢惡化只會加強我們本應出現的拐點。與此同時，我們正在將我們現在似乎每個人都想要的簽名平台集成到 21 世紀安全架構中，我們認為這將使它們更具吸引力。

And then we'll bring in our counterparts along onto that open architecture going forward. So I do think that it's going to take a while for the clutch to engage here, both in the U.S. and internationally. But the demand in the situation that our customer base is facing has dramatically changed over the last 3, 4 months.

然後我們將把我們的同行引入到未來的開放架構中。所以我確實認為離合器需要一段時間才能在這裡接合，無論是在美國還是在國際上。但在過去的 3、4 個月裡，我們客戶群面臨的情況下的需求發生了巨大變化。

And our next question comes from the line of David Strauss with Barclays.

我們的下一個問題來自巴克萊銀行的大衛施特勞斯。

Jay, I wanted to ask about the pension. So I saw you mark to market with the pension transfer. So $50 million worse this year, but what does that mean for -- based on where things are today, given big time negative asset returns, what are you thinking about for pension in the next couple of years relative to what you guided for prior? I think it was $2.3 billion in pension income in '23 and $2 billion in '24.

傑，我想問一下養老金。所以我看到你用養老金轉移盯市。所以今年差了 5000 萬美元，但這意味著什麼——基於今天的情況，考慮到大量的負資產回報，相對於你之前的指導，你對未來幾年的養老金有何看法？我認為 23 年的養老金收入為 23 億美元，24 年為 20 億美元。

Yes. Good question, David. This year, excluding the impact of the onetime charges, we're $2.2 billion for the total FAS/CAS adjustment. I'll break it down. On the FAS side, interestingly, is you're right, David. The assets -- not only did we lose $4.3 billion worth of assets with the pension transfer, but the returns are lower, too. And so that will impact our returns next year.

是的。好問題，大衛。今年，不包括一次性費用的影響，我們的 FAS/CAS 調整總額為 22 億美元。我會分解它。在 FAS 方面，有趣的是，你是對的，大衛。資產——我們不僅因養老金轉移損失了價值 43 億美元的資產，而且回報率也較低。因此，這將影響我們明年的回報。

But that is essentially entirely offset by lower amortized losses associated with the pension transfer that we just took. So I would expect our pension, our total adjustment in our FAS is going to be flat. So about 400 and change this year. It will be about 400 and change next year.

但這基本上完全被我們剛剛接受的養老金轉移相關的較低攤銷損失所抵消。因此，我預計我們的養老金，我們對 FAS 的總調整將持平。所以今年大約有400和變化。大概400左右，明年改。

Similarly, on CAS, we're seeing similar types of effects where next year, the CAS costs will be similar to what it was this year. That is higher than what we are anticipating it to be coming into this year for 2023. So we'll have to evaluate whether that has any impact on the backlog of our contracts. But when you look at it year-over-year, it's essentially flat.

同樣，在 CAS 上，我們看到了類似類型的影響，明年 CAS 成本將與今年相似。這高於我們對 2023 年今年的預期。因此，我們必須評估這是否對我們的合同積壓有任何影響。但是當你逐年查看它時，它基本上是平的。

Going beyond that, we'll have to kind of update you, I think, in our October call when we give the training data. But I can say right now for '23, essentially flat.

除此之外，我認為，在我們 10 月份的電話會議中，當我們提供訓練數據時，我們將不得不更新您的信息。但我現在可以說 23 年，基本持平。

Our next question comes from the line of Cai von Rumohr with Cowen.

我們的下一個問題來自 Cai von Rumohr 和 Cowen 的對話。

Good ops. Jay, could you maybe update us? You mentioned supply chain issues, and you mentioned the issue in the F-16, which I guess you kind of preannounced that, that might be an issue. Kind of where are you with both supply chain? What are the problems? Where are they? And similarly with labor availability?

好的操作。傑，你能不能更新一下我們？你提到了供應鏈問題，你提到了 F-16 中的問題，我猜你有點預先宣布了，這可能是一個問題。兩種供應鏈都在哪裡？有什麼問題？他們在哪裡？同樣的勞動力可用性？

Yes. Good question, Cai. Going back in the beginning of the year, everyone was impacted by the latest variant that we had. And our operations were impacted, our supply chain operations were impact -- and I think our ability to recover from that has been more challenging than we had originally anticipated.

是的。好問題，蔡。回到年初，每個人都受到我們擁有的最新變體的影響。我們的運營受到影響，我們的供應鏈運營受到影響——我認為我們從中恢復的能力比我們最初預期的更具挑戰性。

We have some -- we have seen some level of improvement in certain areas of not only our operations, but also our supplier operations. But we've also seen broken commitments at the same time. And so it just caused us to reassess what this meant for the year.

我們有一些 - 我們不僅在我們的運營，而且在我們的供應商運營的某些領域看到了一定程度的改進。但我們同時也看到了違背承諾的情況。所以它只是讓我們重新評估這對今年意味著什麼。

And so while we do see some improvement, our ability to recover the lost time in the beginning of the year has just become too much of a challenge. And that's really the question when you go beyond '22 now is how -- does that ripple through?

因此，雖然我們確實看到了一些改進，但我們在年初彌補失去的時間的能力已經成為一個太大的挑戰。當你現在超越 22 歲時，這真的是一個問題，那就是它是如何產生漣漪的？

As you see -- Jim mentioned, the COVID impacts on the 135 as an example, we're seeing that ripple through, through multiple years. And so that's something that we just have to continue to evaluate and take a look at what that means to '23 and beyond.

正如你所看到的——吉姆提到，以 COVID 對 135 的影響為例，我們看到這種漣漪貫穿多年。所以這就是我們必須繼續評估並看看這對 23 年及以後意味著什麼的事情。

As far as labor, labor has been an ongoing challenge, I think, for the industry as well as us. I think we've -- given the size and the scale of Lockheed Martin, I think that we've been able to weather it reasonably well.

就勞動力而言，我認為，對行業和我們來說，勞動力一直是一個持續的挑戰。我認為我們已經 - 鑑於洛克希德馬丁公司的規模和規模，我認為我們已經能夠很好地度過它。

And as an example, on F-16, we've been able to take of close to 50 employees out of a different operation, an international operation and bring it into Greenville, South Carolina to help us stand up and move quicker on the F-16 program. So it just goes to the strength and the breadth that we have here at Lockheed Martin.

舉個例子，在 F-16 上，我們已經能夠從一個不同的業務、一個國際業務中挑選出近 50 名員工，並將其帶到南卡羅來納州的格林維爾，以幫助我們在 F-16 上站起來並更快地行動-16 程序。因此，這僅取決於我們在洛克希德馬丁公司的實力和廣度。

But nonetheless, it's been a challenge. Our ramp on that program is taking longer than we had originally anticipated largely because of the slower ramp in hiring employees. We're pretty laser-focused on it. We have a dedicated team, HR team that is focused on hiring people.

但儘管如此，這仍然是一個挑戰。我們在該計劃上的坡度比我們最初預期的要長，主要是因為招聘員工的速度較慢。我們非常專注於它。我們有一個專門的團隊，人力資源團隊，專注於招聘人員。

They are very focused on a particular radius to bring those people in, and I think we're on a good track now with our new schedule. We expect to deliver aircraft next year, and then we'll get to a more strong -- more of a run rate -- full capacity run rate for Greenville in 2024.

他們非常專注於將這些人帶入一個特定的範圍，我認為我們現在在新的時間表上處於良好的軌道上。我們預計明年將交付飛機，然後我們將在 2024 年為格林維爾達到更強勁——更多的運行率——滿負荷運行率。

So hopefully, that answers all your questions, Cai. But again, it's been -- again, supply chain has been choppy for the year. The reason why we took it -- took the expectation down is we expect it to continue to be choppy for the remainder of the year. And we'll have to reassess it when we give our training data in terms of what it means for '23 and beyond.

所以希望這能回答你所有的問題，蔡。但同樣，今年的供應鏈一直很不穩定。我們之所以接受它 - 降低預期是因為我們預計它在今年剩餘時間內將繼續波動。當我們提供訓練數據時，我們必須重新評估它對 23 年及以後的意義。

And our next question comes from the line of Greg Konrad with Jefferies.

我們的下一個問題來自 Greg Konrad 和 Jefferies。

I was hoping maybe just to talk a little bit about Sikorsky and how you're thinking about the outlook there, given you've had some incremental CH-53Ks and finalization of the multiyear 10 for Black Hawk. When does that business return to growth? And then with that, any update on FLRAA and kind of how you're thinking about award timing there?

我希望也許只是談談西科斯基以及你如何看待那裡的前景，因為你已經有了一些增量 CH-53K 和黑鷹多年 10 的最終確定。該業務何時恢復增長？然後，關於 FLRAA 的任何更新以及您如何考慮那裡的獎勵時間？

So on Sikorsky, we expect to return to growth really starting in 2023 for that business. We're expecting, as you mentioned, the FLRAA decision, which we've been told which should be coming in September. We believe that we are the best choice for that platform, and that is a pillar of our growth.

因此，在西科斯基，我們預計該業務將在 2023 年真正開始恢復增長。正如您所提到的，我們期待 FLRAA 的決定，我們被告知應該在 9 月做出決定。我們相信我們是該平台的最佳選擇，這是我們成長的支柱。

If you may recall, both John Mollard and Jim Taiclet had talked about the 4 pillars of growth, and one of those being new awards, the FLRAA was one of those programs that we have talked about. And so we expect to see incremental growth in '23 and beyond. And that is on the back of the CH-53K, which is a program of record as well as new awards, FLRAA being the most significant.

如果您還記得，John Mollard 和 Jim Taiclet 都談到了增長的 4 個支柱，其中之一是新獎項，FLRAA 就是我們討論過的項目之一。因此，我們預計在 23 年及以後會看到增量增長。這是在 CH-53K 的背面，這是一個記錄計劃和新獎項，FLRAA 是最重要的。

And the timing, we think on FLRAA or at least what the Army has stated is that there is a decision to be announced in September of 2022. That slipped a month or 2 from the original plan, but we're expecting and hoping for a good news on that front when the announcement is made.

時間，我們認為 FLRAA 或至少陸軍所說的是，將在 2022 年 9 月宣布一項決定。這比原計劃推遲了一個月或 2 個月，但我們期待並希望宣布這一消息時，這方面的好消息。

And our next question comes from the line of George Shapiro with Shapiro Research.

我們的下一個問題來自夏皮羅研究公司的喬治夏皮羅。

Yes. I got 3 little questions for you, Jay. You previously said that F-35 impact from not signing 15 to 17 would be 500 now 325. So I was curious as to the difference.

是的。我有 3 個小問題要問你，傑。您之前說過，F-35 從不簽 15 到 17 的影響是 500 現在是 325。所以我很好奇其中的區別。

Second one, the classified, you mentioned, was up $210 million. Was that the same program that you took the charge last year?

第二個，你提到的機密，增加了 2.1 億美元。那是你去年負責的那個項目嗎？

And the third one was, why is the Space margin go down in the second half of the year when you'll have more launches, so ULA profits ought to be higher.

第三個是，為什麼下半年你會有更多的發射，所以太空利潤率會下降，所以 ULA 的利潤應該更高。

Okay. Good questions, George. Let me maybe go backwards. On the Space margin, you're right. We do have stronger ULA launches in the back half, which will give us lift. Offsetting that is where we're seeing some margin pressure as we have growth on new programs as well as classified programs, which are coming with pretty low margins, which are pretty dilutive.

好的。好問題，喬治。讓我也許倒退。在空間邊緣，你是對的。我們在後半部確實有更強大的 ULA 發射，這將給我們帶來提升。抵消這一點是我們看到一些利潤率壓力的地方，因為我們在新節目和分類節目上都有增長，這些節目的利潤率很低，而且相當稀釋。

And so that's just putting some pressure on the margin in the back half of the year. We'll keep monitoring that, but that's pretty much where we are now.

所以這只是在今年下半年給利潤率帶來了一些壓力。我們將繼續監控，但這幾乎就是我們現在所處的位置。

On the $210 million, that was basically the absence of the charge in the classified program last year in aero. If you recall that the charge itself was $225 million in the second quarter last year.

在 2.1 億美元上，這基本上是去年航空機密項目中沒有收費。如果您還記得去年第二季度的費用本身為 2.25 億美元。

And then on the F-35, the delta, we said that the -- coming into the quarter and throughout my remarks at various conferences, the impact could be as high as $500 million. We were able to obtain some incremental funding, some international funding in the quarter, which helped us reduce that impact to this $325 million.

然後關於 F-35，三角洲，我們說 - 進入本季度以及我在各種會議上的講話中，影響可能高達 5 億美元。我們能夠在本季度獲得一些增量資金，一些國際資金，這幫助我們將影響減少到這 3.25 億美元。

Our next question comes from the line of Kristine Liwag from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Kristine Liwag。

Sorry, calling from the air show, it might be a little choppy. But maybe back to the F-35, the Pentagon a few months ago was suggesting that the contract for Lot 15 to 17 could cover in the order of 400 aircraft versus the 375 that you have a handshake deal on.

抱歉，從航展打來的電話，可能有點不穩定。但也許回到 F-35 上，幾個月前五角大樓曾暗示，第 15 至 17 批的合同可能涵蓋 400 架飛機，而您已經簽訂了 375 架合同。

So considering the demand from international partners, why is the total volume lower? And then also a follow-up to that is, when you think about the potential for congressional plus up and this international demand, I would assume there's some urgency from some of our partners. Is there upside to that 375? How firm is that figure?

那麼考慮到國際合作夥伴的需求，為什麼總量會更低呢？然後還有一個後續行動，當你考慮國會增加的潛力和這種國際需求時，我認為我們的一些合作夥伴有一些緊迫感。 375有好處嗎？這個數字有多堅定？

It's an excellent question, Kristine. I think there could be some variability right now, but still TBD. As we mentioned, Jim, in the opening remarks, we still need to definitize this particular agreement. We did see in the President's budget, specifically, really the '23 budget would have had mostly impacting Lot 17 is where you see these lower reductions.

這是一個很好的問題，克里斯汀。我認為現在可能會有一些變化，但仍待定。正如我們所提到的，Jim，在開場白中，我們仍然需要定義這個特定的協議。我們確實在總統的預算中看到了，特別是 23 年的預算對第 17 號地段的影響最大的是你看到這些較低的削減。

They've talked about the funding constraints relative to the nuclear modernization and other items. And so that's something that we just keep monitoring. They did -- as you said, Kristine, in the unfunded priority list, wanted to add back 19 aircraft. Obviously, we're very supportive of that. And that's something that we're certainly pursuing. And we're confident there'll be something there, and it's really TBD over the next few months as Jim noted in his remarks. But there could be some upside, and we just have to let the process play out.

他們談到了與核現代化和其他項目相關的資金限制。這就是我們一直在監控的事情。他們做到了——正如你所說，克里斯汀，在沒有資金的優先列表中，想要增加 19 架飛機。顯然，我們非常支持這一點。這就是我們肯定在追求的東西。而且我們相信那裡會有一些東西，正如吉姆在他的講話中指出的那樣，未來幾個月真的是待定。但可能會有一些好處，我們只需要讓這個過程發揮作用。

And our next question comes from the line of Rob Spingarn with Melius Research.

我們的下一個問題來自 Melius Research 的 Rob Spingarn。

Jim and Jay, there's been a lot of talk on growth here. And of course, the near-term numbers have been under pressure. But when you think about the growth components of your 4 pillars, can you talk about the larger pieces of opportunity there?

吉姆和傑伊，這裡有很多關於增長的討論。當然，近期數據一直處於壓力之下。但是，當您考慮您的 4 個支柱的增長組成部分時，您能談談其中更大的機會嗎？

I was maybe hoping for a bit of review on hypersonics and if you can still hit that $3 billion target. And then some of the other major programs that are going to drive growth, like in 2 -- it sounds like a couple of years from now when that -- when the clutch kicks in as you say.

我可能希望對高超音速進行一些審查，如果你仍然可以達到 30 億美元的目標。然後是其他一些將推動增長的主要項目，比如在 2 中——聽起來像是從現在開始的幾年——當離合器如你所說的那樣啟動時。

So Rob, let me start, it's Jim here, on sort of the overall strategic approach that we have. And then I'll turn it over to Jay for some of the programmatic details and color.

所以Rob，讓我開始，這裡是Jim，關於我們所擁有的整體戰略方法。然後我將把它交給傑伊，以獲得一些程序化細節和顏色。

So look, we're focusing on the things we can control versus what we can't control, right? So what we can't control right now is the level of inflation-adjusted defense budget, which, given 9-ish percent inflation, is pretty flat.

所以看，我們專注於我們可以控制的事情和我們無法控制的事情，對吧？所以我們現在無法控制的是通脹調整後的國防預算水平，考慮到 9% 的通脹率，這個水平相當平緩。

We can't control the duration of U.S. government and the FMS processes, although we're advocating for those to be speeded up and streamlined. We can't control the timing of legacy programs, so sunsetting, if you will, or at least a reduction in rate volume like Black Hawk, for example.

我們無法控制美國政府和 FMS 流程的持續時間，儘管我們提倡加快和簡化這些流程。我們無法控制遺留程序的時間安排，所以如果你願意，可以取消，或者至少像黑鷹一樣減少費率量。

We can't control COVID virus and its effects on the supply chain and our own people. But what we can focus on is our strategic approach of running this company to maximize free cash flow per share in any circumstance, right?

我們無法控制 COVID 病毒及其對供應鍊和我們自己人民的影響。但我們可以關注的是我們運營這家公司的戰略方法，以在任何情況下最大化每股自由現金流，對吧？

So during this time of, as you pointed out, pressure on top line revenue, we've really used our dynamic capital allocation approach to -- in a slow revenue growth period to still drive by R&D and CapEx because we want to invest for the future growth but at the same time, ramp up share repurchase. And we're going to continue on that path as well. The goal then is to take down the share count in the relatively low growth period, so when the high-growth period comes about, you've got kind of a turbocharger on the investors' basis, if you will.

因此，正如您所指出的，在頂線收入面臨壓力的這段時間裡，我們確實使用了動態資本分配方法——在收入增長緩慢的時期，仍然由研發和資本支出推動，因為我們希望投資於未來增長的同時，加大股票回購力度。我們也將繼續沿著這條道路前進。那麼目標是在相對較低的增長期減少股票數量，所以當高增長期到來時，如果你願意的話，你就有了一種基於投資者的渦輪增壓器。

So we think shareholder value inflection point comes mid-decade because the revenue growth we expect to ramp in, we're doing a lot on the efficiency side, something we can control over the next 2, 3 years with our digital transformation and other cost control efforts that we've actually redoubled recently. And so we're going to continue to invest in the business, and so we can make that -- during this period so we can make that inflection point as attractive as possible for you as we expect it to come. So with that, I'll offer it back to Jay to give you some of those 4-pillar details.

因此，我們認為股東價值拐點出現在十年中期，因為我們預計收入增長會加速，我們在效率方面做了很多工作，我們可以通過我們的數字化轉型和其他成本在未來 2 年和 3 年內控制這一點我們最近實際上加倍的控制努力。因此，我們將繼續對該業務進行投資，因此我們可以做到這一點——在此期間，我們可以使這個拐點對你盡可能有吸引力，正如我們所期望的那樣。因此，我將把它還給傑伊，給你一些這 4 支柱的細節。

Sure. Rob, our pillars are still intact. You mentioned hypersonics, and we're still pretty confident in our growth outlook there. And I'll just mentioned that our air-launched rapid response weapon program. We had 2 recent successful tests, one in May and one recently in July. And so we're very successful there with the capability that we continue to progress forward and where this is going.

當然。 Rob，我們的柱子還完好無損。你提到了高超音速，我們仍然對我們在那裡的增長前景充滿信心。我剛剛提到我們的空射快速反應武器計劃。我們最近進行了 2 次成功的測試，一次在 5 月，一次在最近的 7 月。因此，我們在這方面非常成功，我們有能力繼續前進以及前進的方向。

And so that's all really good news as far as our hypersonics capability and what we're providing and advancing from a technology standpoint. We've talked about our classified programs. We continue to progress there, and we continue to see the growth.

因此，就我們的高超音速能力以及我們從技術角度提供和推進的能力而言，這都是非常好的消息。我們已經討論了我們的機密項目。我們繼續在那裡進步，我們繼續看到增長。

I mentioned in my prepared remarks where we saw a significant growth in our aero classified business this past quarter, and that's just one example of that being on track. We also had the third pillar of programs of record. We've talked about that we've got a ramp that's built into the PAC-3 and the question there is can that go higher and when.

我在準備好的評論中提到，我們在上個季度看到我們的航空分類業務顯著增長，這只是其中一個例子。我們還有記錄計劃的第三個支柱。我們已經討論過我們有一個內置在 PAC-3 中的坡道，問題是何時可以更高。

CH-53K, Jim mentioned the 200-plus aircraft there, and that's on track. We just as we -- as you know on our charts here, talked about the initial operating capability for the aircraft, and everything is moving forward as well there.

CH-53K，Jim 提到了那裡的 200 多架飛機，這一切都在進行中。正如您在我們的圖表上所知道的那樣，我們談到了飛機的初始操作能力，並且那裡的一切都在向前發展。

We've talked about F-35 sustainment, a 6% CAGR between 2021 and 2026. And so those, again, remain pretty much intact. And then I just mentioned the competitive new wins. FLRAA is a big, big one. We've also got some other large programs which are doing all the main type programs, Defense of Guam that Jim just spoke about.

我們已經談到了 F-35 的維持，2021 年至 2026 年之間的複合年增長率為 6%。因此，這些仍然幾乎完好無損。然後我剛剛提到了有競爭力的新勝利。 FLRAA 是一個大的，大的。我們還有一些其他大型程序正在執行所有主要類型的程序，即吉姆剛剛談到的關島防禦。

There's a similar type program in Australia for -- called AIR6500, which is an important program for us, important program for the country. We talked about next-gen interceptor being a source of growth in the quarter. And that's something that's also in our new win category as well.

在澳大利亞有一個類似的項目——叫做AIR6500，它對我們來說是一個重要的項目，對這個國家來說是一個重要的項目。我們談到下一代攔截器是本季度的增長來源。這也是我們新的獲勝類別中的內容。

And so these things are on track, and we've had this conversation about a growing pipeline. And I gave some color on that before in some of the Q&A. But again, the pipeline is growing. It just becomes a question of when that actually turns into orders and when that turns into revenue conversion.

所以這些事情正在走上正軌，我們已經就不斷增長的管道進行了對話。我之前在一些問答中給出了一些顏色。但同樣，管道正在增長。這只是一個問題，什麼時候真正變成訂單，什麼時候變成收入轉換。

Our next question comes from the line of Peter Arment with Baird.

我們的下一個問題來自 Peter Arment 和 Baird。

Jim, you mentioned about the free cash flow per share and being able to kind of see that inflection point. Maybe if you could just comment a little bit on your ability to just grow cash flow generation and grow the cash generation in general when you're thinking about not only the supply chain headwinds, whether you're carrying more inventory or just in case, just your overall approach there? Do you see an opportunity for Lockheed to really kind of increase the kind of $8 billion plus cash from operations opportunity?

吉姆，你提到了每股自由現金流，並且能夠看到那個拐點。當您不僅要考慮供應鏈逆風，無論您是攜帶更多庫存還是以防萬一時，也許您可以稍微評論一下您增加現金流產生和增加現金產生的能力，只是你的整體方法嗎？您認為洛克希德公司有機會真正增加 80 億美元外加運營現金的機會嗎？

So -- and Jay can add to this. We'll look out to the next few years with some sort of trending information later in the fall. So I don't want to speak to numbers.

所以——Jay 可以補充一下。我們將在秋季晚些時候發布一些趨勢信息來展望未來幾年。所以我不想和數字說話。

But what we can speak to is, again, the reduction in share count. We hope and expect to have ramping revenue down the road, which we should be able to convert into cash flow. So without getting into magnitudes, that's the mechanics of how we are planning for this to play out. But Jay, if you want to add more.

但我們可以再次談論的是股票數量的減少。我們希望並期望在未來能夠增加收入，我們應該能夠將其轉化為現金流。因此，無需深入探討，這就是我們計劃如何發揮作用的機制。但是傑伊，如果你想添加更多。

We have previously provided a multiyear outlook. It was generally flattish, Peter. And that was really due to our increased investment. Remember what we're doing, it's twofold. One on the investment is to get to -- the growth flywheel recranked, which is what we're laser-focused on.

我們之前提供了多年展望。它通常是平淡無奇的，彼得。這實際上是由於我們增加了投資。記住我們在做什麼，它是雙重的。一項投資是實現——重新啟動增長飛輪，這是我們關注的焦點。

But as Jim mentioned, we're also investing on our core capability and efficiencies within our 4 walls. And our digital transformation is a significant investment and is a significant initiative to make sure that we can deliver efficiencies and also make ourselves more competitive.

但正如 Jim 所說，我們也在 4 道牆內投資於我們的核心能力和效率。我們的數字化轉型是一項重大投資，是一項重大舉措，旨在確保我們能夠提高效率並提高自身競爭力。

And so that is what's driving, generally, I'll call it, a flattish outlook from a free cash flow perspective. But having said that, going back to Jim's comments as far as efficiency, efficiency doesn't stop at the P&L and on the cost.

因此，這就是驅動因素，一般來說，我將其稱為從自由現金流的角度來看前景持平。但是話雖如此，回到 Jim 關於效率的評論，效率並不僅僅停留在損益表和成本上。

We're also going to drive efficiency in our asset management, and that should be a source of better cash flow from where we are today. That's something that we have to take a look at.

我們還將提高資產管理的效率，這應該是我們今天更好的現金流的來源。這是我們必須要看的東西。

As Jim mentioned, we'll have to look at what that means from a trending perspective over the next few years that we'll provide in October. But the opportunity set is there for us to drive efficiency and even offset where we may have to provide buffer stock from a supply chain perspective and things like that.

正如吉姆所提到的，我們必須從未來幾年的趨勢角度來看待這意味著什麼，我們將在 10 月提供。但是，我們有機會提高效率，甚至可以抵消從供應鏈的角度來看我們可能必須提供緩衝庫存的地方。

There's always opportunity to drive efficiency in our operations, and that's what we'll be focused on. And don't forget that we will -- we also in that talked about continuing to deliver around 100% of free cash flow to shareholders through the dividend and share repurchase. We remain committed to that, and there will be more to come as far as specifics in October.

總是有機會提高我們的運營效率，這就是我們將關注的重點。而且不要忘記我們會 - 我們還談到通過股息和股票回購繼續向股東提供約 100% 的自由現金流。我們將繼續致力於這一點，並且在 10 月份會有更多的細節。

And our next question comes from the line of Seth Seifman with JPMorgan.

我們的下一個問題來自摩根大通的 Seth Seifman。

So on the F-35 outlook, when we think about the 156 a year around mid-decade and beyond, how do you think about the mix there between domestic and international, given that some of the budget pressures you're talking about like nuclear modernization aren't going away?

所以關於 F-35 的前景，當我們考慮到 156 年中期及以後的一年時，你如何看待國內和國際之間的混合，考慮到你所說的一些預算壓力，比如核現代化不會消失？

And then just kind of a couple of cleanup questions. The 375, I just want to be clear about the number there. It would seem that the international portion of that is going to be, on average, 50 or fewer per year, which is down from where it was in the prior economic (inaudible). I just wanted to confirm that. And then also, what's the delivery expectation for 2022?

然後只是一些清理問題。 375，我只是想弄清楚那裡的數字。看起來，其中的國際部分平均每年將達到 50 次或更少，這比之前經濟中的水平有所下降（聽不清）。我只是想確認一下。然後，2022 年的交付預期是多少？

So Seth, it's Jim. The mix of priority between U.S. and international is set by the Joint Program Office and U.S. government. So we can't really speak to an estimate, future estimate for that.

所以賽斯，是吉姆。美國和國際之間的優先級組合由聯合項目辦公室和美國政府確定。所以我們不能真正談論一個估計，未來的估計。

But the fact of the matter is the jets performing extremely well for the U.S. services [to fly it], and the commandos will tell you that. Navy is especially impressed because they've done actual fleet tours and exercises in the Western Pacific last year -- over the last 6 to 12 months and seen it in operation at scale and exercises, which we're really happy with and some of the other services, too.

但事實是，這些噴氣式飛機在美國服務方面表現非常出色[駕駛它]，突擊隊會告訴你這一點。海軍印象特別深刻，因為他們去年在西太平洋進行了實際的艦隊巡迴和演習——在過去的 6 到 12 個月裡，並看到它在規模和演習中投入使用，我們對此感到非常滿意，其中一些其他服務也是如此。

On the international side, you see the interest, including Germany now and others. And I think that's going to continue to increase, both in Asia and in Europe, by the way. So we're confident that the F-35 is here to stay, and we're going to drive through the program. We just can't give you an estimate of U.S. government allocations over the next few years. That's something that they do. Jay, anything else you'd add?

在國際方面，您會看到人們的興趣，包括現在的德國和其他國家。順便說一句，我認為這將繼續增加，無論是在亞洲還是在歐洲。因此，我們相信 F-35 會繼續存在，我們將推動該計劃。我們只是無法估計未來幾年美國政府的撥款。這就是他們所做的事情。傑，你還有什麼要補充的嗎？

No, that covers it.

不，這涵蓋了它。

And our next question comes from the line of Matt Akers with Wells Fargo.

我們的下一個問題來自富國銀行的 Matt Akers。

I wonder if you could touch on Missiles and Fire Control margins, and they've been sort of running a little bit higher in the last couple of quarters. I know there was some positive adjustments in there. But if you could just kind of set our expectations of kind of what normal margins look like on that business kind of going forward?

我想知道你是否可以談談導彈和火控的利潤，在過去的幾個季度裡，它們的利潤有點高。我知道那裡有一些積極的調整。但是，如果您可以設定我們對未來該業務正常利潤率的預期？

Yes. Good question, Matt. Very strong performance through the first half of the year in excess of 15%. We do expect it to step back down in the second half of the year. It's primarily due to lower step-ups and some contract mix.

是的。好問題，馬特。今年上半年表現非常強勁，超過15%。我們確實預計它會在今年下半年退出。這主要是由於較低的升壓和一些合同組合。

And so we see some just against some of the newer classified programs ramp up. And then we see just the solid performance was really somewhat of an acceleration of good performance into the first half of the year versus the second half. And so that's just going to be a natural decline there.

因此，我們看到一些只是針對一些較新的分類計劃的增加。然後我們看到，穩健的表現實際上在某種程度上加速了上半年與下半年的良好表現。所以這將是一個自然的下降。

Having said that, we did -- they are holding their profit in spite of the lower revenue outlook. And so their margins are going up relative to what we thought coming into the year. So we'll kind of -- we'll watch them because their performance has been solid, if anything, maybe there's a little bit of upside there. But again, it's just a function of the timing of what we see in terms of visibility to step up changes to profit rate adjustments and in the program contract mix.

話雖如此，我們做到了——儘管收入前景較低，他們仍保持利潤。因此，相對於我們對今年的預期，他們的利潤率正在上升。所以我們會 - 我們會關注他們，因為他們的表現一直很穩定，如果有的話，也許那裡有一點好處。但同樣，這只是我們在可見性方面看到的時間的函數，以加快利潤率調整和項目合同組合的變化。

And our next question comes from the line of Pete Skibitski with Alembic Global.

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

Jim, I just want to maybe drill down into your thinking about how the U.S. goes about replenishing its stocks. Obviously, in terms of your programs, you think about programs like Javelin but even bigger ticket items like HIMARS and I think maybe GMLRS.

吉姆，我只是想深入了解一下你對美國如何補充庫存的看法。顯然，就你的項目而言，你會考慮像 Javelin 這樣的項目，但也會考慮像 HIMARS 這樣的大型項目，我認為可能是 GMLRS。

I think the U.S. has sent over quite a few of those systems to Ukraine. So are you guys thinking that basically, it will take until the fiscal year '24 budget is approved for the U.S. to kind of reprogram that replenishment in and get it approved and then the orders start flowing? Is that kind of the right way to think about it?

我認為美國已經向烏克蘭發送了很多這樣的系統。那麼你們是否認為基本上，直到美國批准 24 財年的預算才能重新規劃補貨並獲得批准，然後訂單開始流動？這樣的思考方式是否正確？

It's too soon to tell. There are some initiatives ongoing from some of the services in the Department of Defense to put more energy behind replenishment. But that's early in their process. So we don't have full visibility to it.

現在說還為時過早。國防部的一些部門正在採取一些舉措，為補給投入更多精力。但這只是他們過程的早期階段。所以我們對它沒有完全的了解。

We're supporting it, of course, and making sure they understand what the capacity capabilities are over the next 2, 3 years to get up to higher volumes. But those actual decisions on timing and budgets will come from the services and the Department of Defense and through the administration. So we can't really comment on the specifics of that. We do expect it to come, though. It's a matter of timing as I kind of outlined earlier.

當然，我們支持它，並確保他們了解未來 2、3 年的容量能力，以達到更高的產量。但這些關於時間和預算的實際決定將來自各軍種、國防部以及政府。所以我們不能真正評論其中的細節。不過，我們確實希望它會到來。正如我之前概述的那樣，這是一個時間問題。

Well, Brad, we're coming up on the top of the hour. I think everybody who was in the queue has had a chance to ask a question. So with that, I will turn the call over to Jim for some closing remarks.

好吧，布拉德，我們要趕上時間了。我認為排隊的每個人都有機會提出問題。因此，我將把電話轉給 Jim 做一些結束語。

Sure. I just want to first thank all the men and women of Lockheed Martin for their dedication to our mission and their continuing commitment in spite of COVID and other stresses that all of us are facing in our personal and professional lives now. But all those stresses in spite of those, they're providing truly innovative and comprehensive mission solutions for our customers, which is really where I think our whole industry needs to go as mission solution in addition to great exquisite platforms and effective systems.

當然。我只想首先感謝洛克希德·馬丁公司的所有員工，感謝他們對我們使命的奉獻和他們的持續承諾，儘管我們所有人現在在個人和職業生活中都面臨著 COVID 和其他壓力。但是儘管有這些壓力，他們還是為我們的客戶提供了真正創新和全面的任務解決方案，我認為除了出色的平台和有效的系統之外，這確實是我們整個行業作為任務解決方案需要去的地方。

So I want to thank you all, investors, again, too, for joining us today. And we look forward to speaking to you again, as Jay said, in October for our next earnings call. So Brad, that concludes the call. Everybody, I hope to have a great rest of the week.

所以我要再次感謝你們所有人，投資者，今天加入我們。正如傑伊所說，我們期待在 10 月份再次與您交談，參加我們的下一次財報電話會議。所以布拉德，這結束了通話。大家，我希望這週過得愉快。

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

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