洛克希德·馬丁 (LMT) 2022 Q4 法說會逐字稿

Good day, everyone, and welcome to the Lockheed Martin Fourth Quarter and Full Year 2022 Earnings Results Conference Call. Today's call is being recorded.

大家好，歡迎來到洛克希德馬丁公司第四季度和 2022 年全年收益結果電話會議。今天的通話正在錄音中。

At this time, for opening remarks and introductions, I would like to turn the call over to Maria Ricciardone Lee, Vice President of Investor Relations. Please go ahead.

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

Thank you, John, and good morning. I'd like to welcome everyone to our fourth quarter and full year 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，約翰，早上好。歡迎大家參加我們的第四季度和 2022 年全年收益電話會議。今天和我一起參加電話會議的有我們的董事長、總裁兼首席執行官 Jim Taiclet；和我們的首席財務官 Jay Malave。

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

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

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

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

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

有了這個，我想把電話轉給吉姆。

Thanks, Maria, and good morning, everyone. Hope you've all had a good start to the new year, and I thank you for joining us on our fourth quarter 2022 earnings call as we review our results, key business area accomplishments and our outlook for 2023.

謝謝，瑪麗亞，大家早上好。希望你們在新的一年都有一個良好的開端，我感謝你們參加我們的 2022 年第四季度財報電話會議，因為我們回顧了我們的業績、關鍵業務領域的成就和我們對 2023 年的展望。

I'd like to begin with a few highlights from the quarter and from the year, and then Jay will review the financials in a more detailed manner. Lockheed Martin had a strong close to 2022. All of our business areas met or exceeded our prior expectations, resulting in a 2022 full year sales of $66 billion, segment operating profit of $7.2 billion and earnings per share of $21.66.

我想從本季度和本年度的一些亮點開始，然後 Jay 將以更詳細的方式審查財務狀況。洛克希德馬丁公司在 2022 年表現強勁。我們所有的業務領域都達到或超過了我們之前的預期，導致 2022 年全年銷售額為 660 億美元，分部營業利潤為 72 億美元，每股收益為 21.66 美元。

Our free cash flow for the year of $6.1 billion also came in above our prior expectation, while backlog for the year increased to $150 billion, driven by all-time record orders for Lockheed Martin. Our financial results included more than $1.7 billion of independent research and development investments, or IRAD, a new high watermark for the company. We also continue to modernize and streamline our operations to increase efficiencies and reduce costs.

我們今年 61 億美元的自由現金流也超出了我們之前的預期，而今年的積壓訂單增加到 1500 億美元，這得益於洛克希德馬丁公司創紀錄的訂單。我們的財務業績包括超過 17 億美元的獨立研發投資，或 IRAD，這是公司的新高水位線。我們還繼續現代化和簡化我們的運營，以提高效率和降低成本。

Significant capital projects include our ongoing investment in what we call One Lockheed Martin transformation or 1LMX. This is our multiyear internal project to transform our business processes and systems from end to end. By implementing new digital tools in our operations and expanding our use of model-based engineering to enhance our speed to market and our cost competitiveness.

重要的資本項目包括我們對 One Lockheed Martin 轉型或 1LMX 的持續投資。這是我們的多年內部項目，旨在徹底改變我們的業務流程和系統。通過在我們的運營中實施新的數字工具並擴大我們對基於模型的工程的使用，以提高我們的上市速度和成本競爭力。

In 2022, we completed a majority of the detail design for our new systems and business processes. And for 2023, we expect to complete the detailed design and implementation road maps that go with it, and then we'll transition to the system build and configuration phase over the next couple of years.

2022 年，我們完成了新系統和業務流程的大部分詳細設計。到 2023 年，我們預計將完成隨之而來的詳細設計和實施路線圖，然後我們將在接下來的幾年內過渡到系統構建和配置階段。

These IRAD and capital investments accelerate the capabilities our customers need and for our operations to efficiently and effectively meet those needs. From a capital return perspective, we delivered approximately $11 billion to shareholders in 2022 via share repurchases of $7.9 billion and dividends of $3 billion.

這些 IRAD 和資本投資加速了我們客戶所需的能力，並使我們的運營能夠高效且有效地滿足這些需求。從資本回報的角度來看，我們在 2022 年通過 79 億美元的股票回購和 30 億美元的股息向股東交付了約 110 億美元。

During the fourth quarter specifically, we entered into a $4 billion accelerated share repurchase program, and we've retired approximately 7 million shares under that agreement so far. We expect to complete our remaining repurchase authorization of $10 billion over the next few years, consistent with our focus to deliver free cash flow per share growth to you, the investor. These operational and financial results created significant value for our shareholders, ending the year with a total shareholder return of 40%.

具體來說，在第四季度，我們實施了一項價值 40 億美元的加速股票回購計劃，到目前為止，我們已經根據該協議退回了大約 700 萬股股票。我們預計將在未來幾年內完成剩餘的 100 億美元回購授權，這與我們為投資者提供每股自由現金流增長的重點一致。這些運營和財務業績為我們的股東創造了巨大價值，年底股東總回報率為 40%。

I will touch briefly now on the Department of Defense, or DoD, budget. In late December, Congress signed the FY '23 OMNIBUS spending bill into law, appropriating $858 billion for national defense, including $817 billion for the DoD-based budget. This reflects approximately 10% growth year-over-year for both national defense and the DoD-based budget.

我現在將簡要談談國防部的預算。 12 月下旬，國會簽署了 FY '23 OMNIBUS 支出法案成為法律，撥款 8580 億美元用於國防，其中 8170 億美元用於國防部的預算。這反映了國防和基於國防部的預算同比增長約 10%。

The law also represents a 6% or $45 billion increase from the President's budget request for DoD.

該法律還代表總統對國防部的預算要求增加 6% 或 450 億美元。

These appropriations enabled us, along with the Joint Program Office, to finalize the contract for the production and delivery of up to 398 F-35s for $30 billion in Lots 15 and 16, including the option for Lot 17. Further, several other of Lockheed Martin programs received the funding levels necessary to drive the growth outlook we previously identified, including our Combat Rescue Helicopter, the C-130J, Black Hawk, CH-53K and FAAD. We view this funding outcome as positive for the future, and our current expectation is that growth will materialize over the longer term, starting in 2024.

這些撥款使我們能夠與聯合項目辦公室一起，以 300 億美元的價格在第 15 批和第 16 批中完成生產和交付多達 398 架 F-35 的合同，包括第 17 批的選擇權。此外，洛克希德的其他幾個Martin 計劃獲得了推動我們之前確定的增長前景所需的資金水平，包括我們的戰鬥救援直升機、C-130J、黑鷹、CH-53K 和 FAAD。我們認為這一融資結果對未來是積極的，我們目前的預期是從 2024 年開始，增長將在長期內實現。

Let's now turn to the 4 growth pillars: programs of record, hypersonics, classified activities and new awards. With regard to programs of record, there were several important developments in key signature programs in our fourth quarter. On the F-35, the definitization of Lots 15 through 17, as I mentioned a minute ago, included the first F-35 aircraft to be produced for Belgium, Finland and Poland. We received authorization to procure long lead items for Lot 18 F-35 aircraft for the U.S. Air Force, Marine Corps, Navy and U.S. allies as well.

現在讓我們轉向 4 個增長支柱：記錄項目、超音速、機密活動和新獎項。關於記錄節目，我們第四季度的關鍵簽名節目有幾個重要的發展。在 F-35 上，正如我在一分鐘前提到的那樣，批號 15 到 17 的定義包括為比利時、芬蘭和波蘭生產的第一架 F-35 飛機。我們獲准為美國空軍、海軍陸戰隊、海軍和美國盟友採購 Lot 18 F-35 飛機的長周期項目。

We also formally welcome Germany, the ninth foreign military sales country, to the F-35 Lightning II program. And earlier in January, Canada officially became an F-35 operator as the country selected the aircraft to replace its aging fighter fleet.

我們還正式歡迎第九個對外軍售國德國加入 F-35 Lightning II 計劃。 1 月初，加拿大正式成為 F-35 運營商，因為該國選擇 F-35 飛機來替換其老化的戰鬥機機隊。

We continue to expect deliveries of the F-35 to ramp to 156 by 2025. Despite the temporary pause in flight operations and corresponding suspension of engine deliveries that began in December and resulted in the delivery of just 141 F-35s in 2022, 7 shy of our expectation of 148 before the engine issue was discovered.

我們繼續預計到 2025 年 F-35 的交付量將增加到 156 架。儘管從 12 月開始的飛行運營暫時暫停和相應的發動機交付暫停導致 2022 年僅交付 141 架 F-35，比 7 少在發現引擎問題之前，我們期望 148。

Also in the quarter, the U.S. Navy authorized the CH-53K King Stallion heavy-lift helicopter to enter full rate production and then its deployment phase. This important milestone allows the program to proceed beyond low-rate initial production. And this achievement attests to our long-standing partnership with the U.S. Marine Corps and instills confidence and stability in Sikorsky's diverse domestic supply chain.

同樣在本季度，美國海軍授權 CH-53K 種馬王重型直升機進入全速生產和部署階段。這一重要的里程碑使該計劃能夠超越低速初始生產。這一成就證明了我們與美國海軍陸戰隊的長期合作夥伴關係，並為西科斯基多樣化的國內供應鏈注入了信心和穩定性。

In addition, at Sikorsky, international demand for the Black Hawk remains strong. Last week, the Australian Army announced it will acquire 40 UH-60M BLACK HAWK helicopters to replace its current multi-role helicopter fleet. Deliveries are expected to begin for Australia this year.

此外，在西科斯基，黑鷹的國際需求依然強勁。上週，澳大利亞陸軍宣布將採購 40 架 UH-60M 黑鷹直升機，以取代其目前的多用途直升機機隊。預計今年開始向澳大利亞交付。

Further, the Lockheed Martin built Orion exploration class spacecraft launched on NASA's Artemis 1 and completed a 25-day flight test, slashing down off the coast of California. This successful mission takes us one step closer to the first woman and first person of color setting foot on the moon.

此外，洛克希德馬丁公司建造的獵戶座探索級航天器在美國宇航局的阿耳emi彌斯一號上發射升空，並完成了為期 25 天的飛行測試，在加利福尼亞海岸附近降落。這一成功的任務使我們離第一位踏上月球的女性和第一位有色人種又近了一步。

On its journey, Orion traveled more than 1.4 million miles through deep space and surpassed records for total distance. It traveled 270,000 miles from home and the farthest distance from earth by a spacecraft designed to carry humans. We look forward to the next stages of the program with 7 additional missions under contract.

在它的旅程中，獵戶座穿越了超過 140 萬英里的深空，打破了總距離的記錄。它離家 270,000 英里，是設計用於載人的航天器離地球最遠的距離。我們期待著該計劃的下一階段，根據合同還有 7 項額外任務。

Turning to hypersonics. In December, Lockheed Martin Missiles and Fire Control and the U.S. Air Force successfully conducted a hypersonic-boosted flight test of the Air-Launched Rapid Response Weapon. This was the first launch of a full prototype operational missile, meeting all its objectives for the test, including reaching speeds of greater than 5x the speed of sound.

轉向超音速。去年 12 月，洛克希德·馬丁公司導彈和火控部門以及美國空軍成功地對空射快速反應武器進行了超音速助推飛行試驗。這是完整原型作戰導彈的首次發射，滿足了所有測試目標，包括達到超過音速 5 倍的速度。

With regard to classified programs, we achieved successful milestones across multiple business areas in 2022 and grew 5% year-over-year. We continue to expect growth in classified that will outpace the rest of the portfolio over the next several years.

在分類項目方面，我們在 2022 年在多個業務領域取得了成功的里程碑，同比增長 5%。我們繼續預計未來幾年分類廣告的增長將超過其他投資組合。

And finally, at new awards, Lockheed Martin's Next Generation Interceptor, or NGI, continues to make progress. In late October, we announced the delivery of the first NGI flight software package to the Missile Defense Agency, providing the framework of software development tools, process workflows, scripts and environments. The delivery was ahead of schedule and is a critical step on the path for flight testing and fielding. This program remains a focused competition for Lockheed Martin with the first NGI forecast for delivery in 2027.

最後，在新獎項中，洛克希德馬丁公司的下一代攔截器 (NGI) 繼續取得進展。 10 月下旬，我們宣布嚮導彈防禦局交付第一個 NGI 飛行軟件包，提供軟件開發工具、流程工作流、腳本和環境的框架。交付提前，是飛行測試和部署道路上的關鍵一步。該項目仍然是洛克希德馬丁公司的重點競爭項目，首個 NGI 預計將於 2027 年交付。

With regard to the future long-range assault aircraft, or FLRAA, competition, we were disappointed in the U.S. Army's decision. And upon review, we determined a formal protest by Sikorsky on behalf of team Defiant to be the best course of action. We continue to believe that DEFIANT X with its increased speed, range, maneuverability and survivability is the transformational and most cost-effective aircraft that best meets the selection criteria for this competition.

關於未來遠程攻擊機或 FLRAA 的競爭，我們對美國陸軍的決定感到失望。經過審查，我們確定西科斯基代表 Defiant 團隊提出正式抗議是最好的行動方案。我們仍然相信，DEFIANT X 憑藉其更高的速度、航程、機動性和生存能力，是最符合本次比賽評選標準的變革性和最具成本效益的飛機。

Sikorsky remains 1 of 2 competitors for the other component of the Future Vertical Lift initiative that's called the Future Attack Reconnaissance Aircraft, or FARA, which is currently expected to be awarded in 2025. The first RAIDER X competitive prototype is over 90% complete and has more than 65% of its acceptance test procedures already done. Sikorsky is the only company with a representative FARA technology demonstrator aircraft. I saw it fly down at West Palm Beach a few months ago. It's amazing, the S-97 Raider, which has completed more than 110 flight hours.

西科斯基仍然是未來垂直升降計劃另一個組成部分的 2 個競爭者之一，該計劃稱為未來攻擊偵察機或 FARA，目前預計將於 2025 年授予。第一個 RAIDER X 競爭原型已完成 90% 以上，並且超過65%的驗收測試程序已經完成。西科斯基是唯一一家擁有具有代表性的 FARA 技術驗證機的公司。幾個月前我在西棕櫚灘看到它飛下來了。厲害了，S-97 Raider，已經完成了110多個飛行小時。

In November, Norway became the first international customer for our new TPY-4 Radar. It's the first software-defined Radar that outperforms in target detection, mission diversity and transportability. Norway is going to receive 8 of Lockheed Martin's TPY-4 Radars with options for 3 additional Radars.

11 月，挪威成為我們新型 TPY-4 雷達的第一個國際客戶。這是第一款在目標檢測、任務多樣性和可運輸性方面表現出色的軟件定義雷達。挪威將接收 8 台洛克希德馬丁公司的 TPY-4 雷達，並可選擇額外購買 3 台雷達。

Finally, backlog ended 2022 at $150 billion with book-to-bill of 1.2x and increases in every business area across Lockheed Martin. This strong demand signal bodes well for future growth over the longer term for our company. So these 4 pillars will guide us as we face a challenging geopolitical environment and apply growth and integrated capabilities mindset to everything we do here.

最後，到 2022 年，積壓訂單達到 1500 億美元，訂單出貨比為 1.2 倍，洛克希德馬丁公司的每個業務領域都有所增加。這種強勁的需求信號預示著我們公司未來的長期增長。因此，當我們面臨充滿挑戰的地緣政治環境時，這四大支柱將指導我們，並將增長和綜合能力思維應用於我們在這裡所做的一切。

As conflict continues in Ukraine, unfortunately, and projected global threats require coordinated efforts to protect the U.S. and our allied territories, ongoing progress in our 21st Century Security vision will enable the acceleration of advanced capabilities to deter these threats and drive effective Joint All Domain Operations for our military service customers.

不幸的是，隨著烏克蘭衝突的繼續，預計的全球威脅需要協調一致的努力來保護美國和我們的盟國領土，我們 21 世紀安全願景的持續進展將使先進能力加速發展，以遏制這些威脅並推動有效的聯合全域作戰為我們的軍事服務客戶。

In the fourth quarter, we continued to announce and expand strategic agreements with America's leading commercial digital companies, such as IBM's Red Hat, to advance artificial intelligence innovation on Lockheed Martin military platforms. And for Microsoft, with whom we're going to help power classified cloud advanced technologies for the Department of Defense. Microsoft's latest secure framework will make Lockheed Martin the first nongovernment entity to independently operate inside the Microsoft Azure Government Secret Cloud, ushering in a new era of cloud opportunities for the industry.

第四季度，我們繼續宣布並擴大與美國領先的商業數字公司（如 IBM 的 Red Hat）的戰略協議，以推進洛克希德馬丁軍事平台上的人工智能創新。對於微軟，我們將與微軟一起幫助為國防部提供機密的雲高級技術。微軟最新的安全框架將使洛克希德馬丁公司成為第一個在微軟 Azure 政府秘密雲中獨立運營的非政府實體，為該行業開創雲機遇的新時代。

As we look ahead, demand for Lockheed Martin platforms and systems is strong in the United States and abroad. We continue to expect 2023 sales about the same level as we discussed back in October. We also continue to expect a return to sustained top line growth in 2024 and beyond as headwinds diminish in our program mix, the supply chain continues to recover and our signature programs grow.

展望未來，美國和國外對洛克希德馬丁公司平台和系統的需求強勁。我們繼續預計 2023 年的銷售額與我們在 10 月份討論的水平大致相同。我們還繼續預計 2024 年及以後的收入將恢復持續增長，因為我們的項目組合中的逆風減弱，供應鏈繼續復甦，我們的標誌性項目不斷增長。

Free cash flow per share will remain a key focus as we maximize returns for you, our shareholders. 2022 is a year of great accomplishments for our company in the face of a lot of dynamic challenges. The outstanding achievements of our teams resulted from real deep commitments across our business areas and better cooperation among them as well as our corporate functions to develop, produce and deliver world-class systems to our country and its allies. Our progress this year is a testament to the dedication of our 116,000 team members and the values we all share.

每股自由現金流仍將是我們關注的重點，因為我們會為您，我們的股東帶來最大回報。面對許多充滿活力的挑戰，2022 年是我們公司取得巨大成就的一年。我們團隊取得的傑出成就源於我們對業務領域的真正深入承諾、它們之間更好的合作以及我們為我國及其盟國開發、生產和交付世界一流系統的企業職能。我們今年的進步證明了我們 116,000 名團隊成員的奉獻精神和我們共同的價值觀。

So with that, let me hand it off to Jay to give more color on the financials, and we'll join you later to answer your questions. Jay?

因此，讓我把它交給傑伊，讓他對財務狀況有更多的了解，我們稍後會和你一起回答你的問題。傑？

Thanks, Jim, and good morning, everyone. Today, I will walk you through our consolidated results for 2022, additional business area detail and offer a first full look at 2023 guidance. 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，我將帶您了解我們 2022 年的綜合業績、其他業務領域的詳細信息，並初步全面了解 2023 年的指導意見。當我強調我們的結果時，請關注我們在今天的收益發布中發布的網絡圖表。

Let's begin with Chart 3, an overview of our consolidated 2022 financials. Lockheed Martin followed up a solid third quarter with a strong finish to 2022, highlighted by 7% year-over-year sales growth in the fourth quarter and effectively managed a turbulent year impacted by COVID and supply chain disruptions as well as inflation levels not seen in decades.

讓我們從圖 3 開始，這是我們 2022 年合併財務狀況的概述。洛克希德馬丁公司在第三季度取得了穩健的業績，並在 2022 年取得了強勁的成績，第四季度的銷售額同比增長 7%，並有效地應對了受 COVID 和供應鏈中斷以及前所未有的通貨膨脹水平影響的動蕩的一年幾十年來。

Besides sales, we also exceeded our expectations for segment operating profit, earnings per share and free cash flow, all while absorbing incremental headwinds tied to restructuring activities within RMS and mark-to-market losses in our investment portfolios. We also booked record orders in 2022, resulting in 11% growth to an ending backlog of $150 billion.

除了銷售額，我們還超出了我們對部門營業利潤、每股收益和自由現金流的預期，同時吸收了與 RMS 內部重組活動相關的增量逆風和我們投資組合中按市值計算的損失。我們還預訂了 2022 年的創紀錄訂單，導致 11% 的增長，最終積壓訂單達到 1500 億美元。

In addition to our orders on F-35, we experienced a surge in new interest for our industry-leading security solutions, such as in classified programs in Space and in Missiles and Fire Control, where we booked approximately $1.5 billion in orders, reflecting increased demand to replenish U.S. stocks and enhance security positions globally. And we delivered on our commitment to boost shareholder returns by deploying nearly $11 billion to shareholders through share repurchases and dividends while making significant investments in our businesses.

除了我們在 F-35 上的訂單外，我們的行業領先的安全解決方案也受到了新的興趣激增，例如在太空和導彈與火控的機密項目中，我們在這些項目中預訂了大約 15 億美元的訂單，反映出增加的補充美國庫存和加強全球安全地位的需求。我們兌現了提高股東回報的承諾，通過股票回購和派息向股東分配了近 110 億美元，同時對我們的業務進行了大量投資。

Taken together, these results demonstrate the perseverance of our dedicated employees to perform in challenging environments and support our expectations for 2023 and beyond.

總而言之，這些結果表明我們敬業的員工在充滿挑戰的環境中堅持不懈地工作，並支持我們對 2023 年及以後的期望。

Taking a closer look at full year results with consolidated sales and segment operating profit on Chart 4. Sales came in higher than expected by nearly $750 million, limiting the decline to 2% year-over-year and essentially recovering to the sales guidance we had originally communicated last January. The stronger-than-expected performance was broad-based across all 4 business areas and reflects strong coordination with supplier partners to drive material throughput and program schedule performance as well as some favorable award timing, which drove additional revenue.

通過圖 4 中的合併銷售額和分部營業利潤仔細查看全年業績。銷售額比預期高出近 7.5 億美元，將同比下降限制在 2%，基本上恢復到我們的銷售指導最初是在去年一月溝通的。強於預期的業績表現廣泛涉及所有 4 個業務領域，反映了與供應商合作夥伴的密切協調，以推動材料吞吐量和計劃進度績效，以及一些有利的授標時機，這推動了額外收入。

Segment operating profit declined 2% year-over-year but also finished higher than expected by almost $50 million driven by the higher sales. Operating margins settled at 10.9%, slightly lower year-over-year and versus expectations based on lower net favorable profit adjustments.

分部營業利潤同比下降 2%，但在銷售額增加的推動下也比預期高出近 5000 萬美元。營業利潤率為 10.9%，同比略有下降，低於基於較低淨利潤調整的預期。

Moving to earnings per share on Chart 5. Adjusted earnings per share grew 2% for the year as the benefit from share repurchases overcame headwinds from lower segment profit and FAS/CAS pension income.

轉到圖 5 中的每股收益。調整後的每股收益今年增長了 2%，因為股票回購的好處克服了較低的部門利潤和 FAS/CAS 養老金收入的不利因素。

Moving to cash flow on Chart 6. We delivered $6.1 billion of free cash flow for the year while investing almost $1.7 billion in CapEx at a ratio of 1.4x depreciation. We also ended the year with nearly $1.5 billion of accelerated payments to our suppliers, maintaining our commitment to a resilient supply chain.

轉向圖 6 中的現金流。我們今年交付了 61 億美元的自由現金流，同時以 1.4 倍的折舊率投資了近 17 億美元的資本支出。我們還在年底向供應商支付了近 15 億美元的加速付款，以保持我們對彈性供應鏈的承諾。

As I noted earlier, 2022 represented a significant year of cash deployment. In total, we returned 178% of free cash flow to shareholders in 2022, leveraging our performance and strong balance sheet while still investing for our anticipated growth trajectory in 2024 and beyond.

正如我之前提到的，2022 年是現金部署的重要一年。總的來說，我們在 2022 年向股東返還了 178% 的自由現金流，利用我們的業績和強勁的資產負債表，同時仍在為我們 2024 年及以後的預期增長軌跡進行投資。

Okay. Moving to segment results and starting with Aeronautics on Chart 7. Full year sales grew 1% year-over-year primarily driven by increases in our classified programs, partially offset by lower F-35 production volume. Operating profit increased 2% driven by higher net favorable profit adjustments more than offsetting the impact of the lower volume. For the year, backlog at Aeronautics grew 15%.

好的。轉到細分結果，從圖 7 中的航空業務開始。全年銷售額同比增長 1%，主要受我們分類項目增加的推動，部分被 F-35 產量下降所抵消。營業利潤增長 2%，原因是更高的淨有利利潤調整抵消了銷量下降的影響。今年，航空部門的積壓訂單增長了 15%。

As mentioned, Aeronautics completed the F-35 Lot 15 through 17 negotiation and secured production volumes while providing the services with a value proposition that combines the highest performance at affordable cost.

如前所述，Aeronautics 完成了 F-35 Lot 15 到 17 的談判並確保了生產量，同時提供的服務具有以可承受的成本結合最高性能的價值主張。

Looking at Missiles and Fire Control on Page 8. Sales decreased 3% driven primarily by lower volume on our special ops sustainment program following the Afghan withdrawal, along with lower volume on sensors programs. Segment operating profit was down 1% with lower favorable profit adjustments primarily on PAC-3. For the year, backlog increased 6% on the back of tactical missile strength.

查看第 8 頁上的導彈和火控。銷售額下降 3%，主要是由於阿富汗撤軍後我們的特殊行動維持計劃銷量下降，以及傳感器項目銷量下降。分部營業利潤下降 1%，主要針對 PAC-3 進行了較低的有利利潤調整。今年，由於戰術導彈強度的增加，積壓增加了 6%。

At Rotary and Mission Systems on Page 9, sales decreased year-over-year by 4% driven primarily by a nonrecurring revenue event in our training business in 2021 along with lower C6ISR and Black Hawk volume at Sikorsky. Operating profit decreased 7%, following Sikorsky and C6ISR volume and lower favorable profit adjustments on the Black Hawk program.

在第 9 頁的 Rotary 和 Mission Systems，銷售額同比下降 4%，這主要是由於 2021 年我們培訓業務的非經常性收入事件以及西科斯基的 C6ISR 和黑鷹銷量下降。由於西科斯基和 C6ISR 銷量以及黑鷹計劃較低的有利利潤調整，營業利潤下降了 7%。

Backlog grew 4% in 2022, led by the Defense of Guam award, where RMS will be the lead integrator of the multi-domain air and missile defense system as well as stronger Sikorsky orders.

2022 年，積壓訂單增長了 4%，其中以關島防務獎為首，RMS 將成為多域防空和導彈防禦系統的主要集成商，以及更強大的西科斯基訂單。

Turning to Chart 10 in our Space business area. Sales decreased 2% due to the 2021 renationalization of the AWE program, partially offset by growth on a Next Generation Interceptor program and national security space. Operating profit decreased 8% with lower net profit adjustments, partially offset by higher equity earnings from United Launch Alliance. Backlog grew 16% based on strong classified program captures and Orion orders. So all told, a strong finish to the year.

轉到我們太空業務領域的圖 10。由於 2021 年 AWE 計劃的重新國有化，銷售額下降了 2%，部分被下一代攔截器計劃和國家安全領域的增長所抵消。營業利潤下降 8%，淨利潤調整減少，部分被 United Launch Alliance 較高的股權收益所抵消。基於強大的機密程序捕獲和 Orion 訂單，積壓增長了 16%。總而言之，今年的收尾很順利。

So let's now shift to 2023 on Page 11. Before introducing our expectations, I'd like to inform you of a reporting change in segment operating profit starting in 2023. We will report purchased intangible asset amortization expense in unallocated corporate expense below segment operating profit. Previously, intangible amortization was included in segment operating profit. This change will not impact total earnings, and we believe the change provides a more accurate view of operating performance for each of our 4 business areas. The impact is approximately 40 basis points on our 2023 expectations, consistent with the impact in previous years.

現在讓我們轉到第 11 頁上的 2023 年。在介紹我們的預期之前，我想通知您從 2023 年開始分部營業利潤的報告變化。我們將在分部營業利潤以下的未分配公司費用中報告購買的無形資產攤銷費用.此前，無形攤銷計入分部營業利潤。這一變化不會影響總收益，我們相信這一變化可以更準確地了解我們 4 個業務領域中每個領域的經營業績。對我們 2023 年的預期影響約為 40 個基點，與往年的影響一致。

Our 2023 financial outlook includes the impact of this change, and you can find supporting data for these adjustments in the appendices of our web charts as well as in the earnings release.

我們的 2023 年財務展望包括這一變化的影響，您可以在我們的網絡圖表附錄和收益發布中找到這些調整的支持數據。

Okay. Let's get into the outlook for 2023. We continue to expect sales to be in the range of $65 billion to $66 billion and the midpoint is slightly below 2022. Speaking to the timing of sales this year, we expect the first quarter to be our lowest quarter of the year, ramping up quarter-over-quarter as we did in 2022.

好的。讓我們進入 2023 年的展望。我們繼續預計銷售額將在 650 億美元至 660 億美元之間，中點略低於 2022 年。談到今年的銷售時間，我們預計第一季度是我們最低的與 2022 年一樣，季度環比增長。

Segment operating profit for 2023 normalized for intangible asset amortization has improved what we thought -- from what we thought in October. And we now estimate only 10 basis points of headwind from 2022 with segment operating margins at 11.1% under our new reporting.

無形資產攤銷標準化的 2023 年部門營業利潤改善了我們的想法——與我們 10 月份的想法相比。根據我們的新報告，我們現在估計從 2022 年起只有 10 個基點的逆風，分部營業利潤率為 11.1%。

We currently expect $2.1 billion of FAS/CAS income in 2023. It's estimated to be roughly $100 million lower in '22, excluding the impact from our pension transfer transaction.

我們目前預計 2023 年 FAS/CAS 收入將達到 21 億美元。如果不包括我們的養老金轉移交易的影響，估計 22 年將減少約 1 億美元。

Our earnings per share is expected to be between $26.60 and $26.90 for '23 with the year-over-year reduction to adjusted EPS primarily driven by lower segment operating profit in FAS/CAS income, partially offset by the benefit from a lower share count. Our free cash flow estimate for 2023 is greater to or equal than $6.2 billion and assumes continued enactment of the R&D tax capitalization. This increase of $100 million to cash generation, along with our share repurchase guide of another $4 billion, highlights our continued focus on increasing free cash flow per share for our shareholders. This projected combination of higher free cash flow and a lower share count lead to a mid-single-digit growth expectation in free cash flow per share in 2023.

我們預計 23 年的每股收益將在 26.60 美元至 26.90 美元之間，調整後的每股收益同比減少主要是由於 FAS/CAS 收入中較低的部門營業利潤，部分被股票數量減少的好處所抵消。我們對 2023 年的自由現金流估計大於或等於 62 億美元，並假設繼續實施研發稅收資本化。增加 1 億美元的現金生成，以及我們另外 40 億美元的股票回購指南，突顯出我們繼續致力於為股東增加每股自由現金流。較高的自由現金流和較低的股票數量的預計組合導致 2023 年每股自由現金流的增長預期為中等個位數。

Okay. On Chart 20 -- on Chart 12, let's sum it all up. We closed out 2022 with a strong finish with operating momentum and a robust backlog, which have us well positioned to resume growth in 2024 and beyond. We also placed a premium on leveraging our strong cash generation and balance sheet to increase cash returns to our shareholders with a significant increase to share repurchases.

好的。在圖 20 和圖 12 上，讓我們總結一下。我們以強勁的運營勢頭和強勁的積壓結束了 2022 年，這使我們有能力在 2024 年及以後恢復增長。我們還非常重視利用我們強大的現金生成和資產負債表來增加股東的現金回報，並大幅增加股票回購。

Across all 4 business areas, our breadth of development, production and sustainment programs continue to drive a foundation of growth and sustained high performance. And we will work actively with our customers to meet their increasing demands and mission requirements looking ahead to the future. Our investments for growth, value and efficiency are aligned with our strategy for technology advancement and improved synergies across Lockheed Martin.

在所有 4 個業務領域，我們廣泛的開發、生產和維護計劃繼續推動增長和持續高性能的基礎。我們將積極與客戶合作，以滿足他們對未來不斷增長的需求和任務要求。我們對增長、價值和效率的投資與我們在洛克希德馬丁公司的技術進步和改進協同效應的戰略保持一致。

So in closing, we believe the business is well positioned for long-term growth and value creation for our shareholders. With that, John, let's open up the call for Q&A.

因此，總而言之，我們相信該業務已做好長期發展和為股東創造價值的準備。有了這個，約翰，讓我們打開問答環節。

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

（操作員說明）首先是大衛施特勞斯與巴克萊銀行的合作。

Jim, I wanted to ask you about -- you highlighted the headwinds that you have in terms of your program mix in '23 is the reason for flattish sales. Could you quantify what that number is in terms of the headwind and what programs specifically you're looking at?

吉姆，我想問你——你強調了你在 23 年的節目組合方面遇到的不利因素是銷售平淡的原因。你能否根據逆風量化這個數字是多少，以及你正在關注的具體項目是什麼？

And then as a quick follow-up, the FY '23 budget came in, I think, a fair amount better than you were anticipating plus ups on F-35 and C-130. How might that change what you've previously said with regard to the reacceleration in growth in 2024? Is it better than low single digit now?

然後作為快速跟進，我認為 23 財年的預算比你預期的 F-35 和 C-130 的預算要好很多。這會如何改變您之前所說的 2024 年增長重新加速的說法？現在比低個位數好嗎？

So David, let me take the first one and then kick over the second part of your question to Jim and just really talk in the context of '23 and what's going to be different in 2024. In 2023, when you look at it, we've got continued growth in our 4 pillars, really the programs of record that Jim had mentioned. But we do have some specific unique items to 2023, and I'll give you an example.

所以大衛，讓我先回答第一個問題，然後把你問題的第二部分轉給吉姆，然後真正地談談 23 年的背景以及 2024 年會有什麼不同。在 2023 年，當你看到它時，我們我們的 4 大支柱持續增長，真的是吉姆提到的記錄節目。但是到 2023 年我們確實有一些特定的獨特物品，我會給你舉個例子。

For example, in aero. On the F-35, we continue to expect mid-single-digit growth in sustainment on the program. But we are expecting also a mid-single-digit decline in production as deliveries catch up to the material that we had purchased in prior years.

例如，在航空領域。在 F-35 上，我們繼續預計該項目的維持將實現中個位數增長。但我們預計產量也會出現中等個位數的下降，因為交付量會趕上我們前幾年購買的材料。

Similarly, on the F-16, we're going to see continued growth in production to roll out our backlog, but we are seeing a reduction in modernization and sustainment programs on the F-16. So as those -- both of those normalize in 2023 going into 2024, they will no longer be headwinds, which will take a while for growth in Aeronautics, particularly in the F-35 sustainment and on F-16 production.

同樣，在 F-16 上，我們將看到生產持續增長以推出我們的積壓訂單，但我們看到 F-16 的現代化和維持計劃正在減少。因此，隨著這些 - 兩者都在 2023 年到 2024 年正常化，它們將不再是逆風，這將需要一段時間才能實現航空業的增長，特別是在 F-35 維護和 F-16 生產方面。

Similarly, like MFC, what we saw in 2022 and it carries over a little bit to 2023 is some of the areas where we see the higher demand from a production level, particularly in programs of record, things like PAC-3, it's taken us a little bit longer than we originally expected to ramp up. And so we're going to see gradual improvement in supply chain as well as our internal operations in '23 with stronger growth in 2024.

同樣，就像 MFC 一樣，我們在 2022 年看到的情況會延續到 2023 年，這是我們看到生產水平需求更高的一些領域，特別是在記錄節目中，比如 PAC-3，它帶走了我們比我們最初預期的增加時間要長一點。因此，我們將在 23 年看到供應鍊和內部運營的逐步改善，並在 2024 年實現更強勁的增長。

At RMS, CH-53 will double deliveries in '24 versus '23. And '23 versus '22 is pretty much flat deliveries. We also see probably some Black Hawk growth in '24 as well. And what we're going through right now is the transition for multiyear 9 to multiyear 10 in RMS and Sikorsky specifically. So those are all things that we think will lift from '24 relative to '23, and those are headwinds that are really unique to 2023.

在 RMS，CH-53 將在 24 年和 23 年的交付量翻一番。 23 年與 22 年的交付量幾乎持平。我們也可能在 24 年看到一些 Black Hawk 的增長。我們現在正在經歷的是 RMS 和 Sikorsky 的多年 9 到多年 10 的過渡。因此，這些都是我們認為相對於 23 年會從 24 年提升的所有因素，而這些都是 2023 年真正獨特的逆風。

Yes. And as far as where the defense budget came out, David, it really aligns with our view in our company about the nature of the geopolitical threat, the need to modernize U.S. and allied forces to continue to hopefully deter armed conflict beyond the sad and unfortunate situation in the Ukraine that's already happened, and the fact that there's bipartisan support in Congress to do just that. So we've been expecting all along in our kind of long-range plan that the U.S. government and Congress would step up to meet the reality of the global geopolitical situation. And that's exactly what played out in the budget process for FY '23.

是的。至於國防預算的出處，大衛，這確實符合我們公司對地緣政治威脅的性質的看法，需要使美國和盟軍現代化，以繼續有希望地阻止武裝衝突超越悲傷和不幸烏克蘭的情況已經發生，而且國會兩黨都支持這樣做。因此，在我們的長期計劃中，我們一直期待美國政府和國會加緊應對全球地緣政治形勢的現實。這正是 23 財年預算過程中的結果。

We also expect that same reality to continue to sadly exist again in the next budget cycle, which is happening even now in 2020 -- for 2024. So we don't see the circumstances, the fundamentals changing. Therefore, we also believe that the continued robustness of the defense budget is going to be a reality as well.

我們還預計，在下一個預算週期中，同樣的現實將繼續令人遺憾地再次存在，這種情況甚至會在 2020 年——2024 年發生。因此，我們認為情況和基本面不會發生變化。因此，我們也相信國防預算的持續強勁也將成為現實。

Just let me follow up on your last question, David, whether or not there's upside. Where we see potential increases to where we were at baseline before really is in MFC. Over the next 5 years, we've got revenue potential. It's around $6 billion. And that would more than offset lost revenue associated with FLRAA should that decision hold. And so net-net, we see that there could be some upside over the next 5 years.

讓我跟進你的最後一個問題，戴維，無論是否有上升空間。在 MFC 中，我們真正看到我們之前處於基線位置的潛在增長。在接下來的 5 年裡，我們有收入潛力。大約是60億美元。如果該決定成立，那將遠遠抵消與 FLRAA 相關的收入損失。因此，我們看到未來 5 年可能會有一些上行空間。

And next, we'll go to Myles Walton with Wolfe Research.

接下來，我們將與 Wolfe Research 一起去拜訪 Myles Walton。

Jim, maybe one quick one and one sort of allow you to expand a little bit. When is your expected restart of deliveries in the F-35, is the quick one? And then, obviously, there's more of a debate going on in D.C. around fiscal restraint that has been in place in the last several years. And so I'm just curious where you think this ends up as one thing, but more importantly, what, if anything, do you do operationally to prepare yourself for whatever the outcomes are in terms of balance sheet holding back on repo or leaning forward, looking for areas where 2023 budget -- excuse me, 2024 budget might be in a continuing resolution for a full year. Anything on that perspective from an operational perspective?

吉姆，也許一個快速的一個和一種可以讓你擴展一點。您預計什麼時候重新開始交付 F-35，是最快的嗎？然後，很明顯，華盛頓特區圍繞過去幾年實施的財政緊縮進行了更多辯論。所以我很好奇你認為這最終會成為一件事，但更重要的是，你在運營上做了什麼，如果有的話，你會為資產負債表阻止回購或向前傾斜的任何結果做好準備，尋找 2023 年預算的領域——對不起，2024 年預算可能會持續整整一年。從運營的角度來看，有什麼相關的嗎？

Sure, Myles. So as far as timing and resumption of deliveries on F-35, I think it's really important to differentiate between delivery and production, right? So we are continuing production in the final assembly factories at Fort Worth and Italy and in Japan at the same pace we expected to before the mishap occurred.

當然，邁爾斯。因此，就 F-35 的交付時間和恢復交付而言，我認為區分交付和生產非常重要，對吧？因此，我們將繼續在沃思堡和意大利以及日本的總裝工廠以與事故發生前預期相同的速度進行生產。

We're also continuing to order and receive parts and materials from our supply chain as well. And so once an aircraft rolls out of the factory, our pilots and the DoD pilots conduct a handful of acceptance flights. That's what's kind of on hold right now. It's just that portion of the process.

我們也將繼續從我們的供應鏈訂購和接收零件和材料。因此，一旦飛機出廠，我們的飛行員和國防部飛行員就會進行一些驗收飛行。這就是現在被擱置的事情。這只是過程的那一部分。

So the vast majority of our revenue, much greater than 90% is earned when the aircraft rolls out from the plant door. So Jay can add more color on the financial perspective, if you like, a little bit later, but that's really what happens. And so as far as the timing of resumption of deliveries, we'll be notified of that when the U.S. government and the propulsion supplier conclude their ongoing mishap investigation.

因此，我們的絕大部分收入，遠遠超過 90% 是在飛機從工廠大門推出時獲得的。所以 Jay 可以在財務角度上添加更多顏色，如果你願意的話，可以稍後再說，但事實確實如此。至於恢復交付的時間，我們會在美國政府和推進供應商結束他們正在進行的事故調查時得到通知。

Jay, do you want to add anything to that?

傑伊，你想補充什麼嗎？

No. You got it. That's it.

不，你明白了。就是這樣。

Okay. And then secondly, we really can't predict the political dynamic in Congress and -- within and with the administration. So we're going to keep our head down, stay on our plan, do our job and expect that the right thing will occur at the other end of the 2024 budget process, which is fully funding and making available that funding to the Department of Defense, so we can deter conflict with them and that they can acquire what they need to do that.

好的。其次，我們真的無法預測國會以及政府內部和政府之間的政治動態。因此，我們將保持低調，堅持我們的計劃，做好我們的工作，並期望在 2024 年預算流程的另一端發生正確的事情，即充分資助並向國防部提供資金防禦，這樣我們就可以阻止與他們的衝突，並且他們可以獲得他們需要的東西來做到這一點。

So that's our expectation. It's really difficult for us to lay out what we think the budget process will be given the nature of the House, Senate and the administration right now. But we expect that they are going to come together and do what's needed to defend the country and get the budget done.

所以這是我們的期望。鑑於眾議院、參議院和政府現在的性質，我們真的很難列出我們認為預算過程的內容。但我們希望他們能夠團結起來，採取必要措施保衛國家並完成預算。

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

接下來，我們將與高盛一起去 Noah Poponak。

Jay, we've talked about this dynamic where the outlays are trailing the authorization and the possibility that supply chain is intertwined in that. And that was kind of tough in the first half of the year, look to be getting better in the third quarter, but then exited the year declining. Do you have any insight into -- incremental insight into what's going on there when that gets better? And to the extent that supply chain is related, your comments that you expect that to improve through '23, is that underway? You already see that happening? Or is that still just a logical anticipation of timing?

傑伊，我們已經討論過這種動態，其中支出落後於授權以及供應鏈與之交織在一起的可能性。這在上半年有點艱難，看起來在第三季度有所好轉，但隨後退出了今年的下滑趨勢。當情況變得更好時，您是否有任何洞察力——對那裡發生的事情的增量洞察力？就供應鏈相關的程度而言，您希望通過 23 年改善的評論正在進行中嗎？你已經看到這種情況發生了嗎？或者這仍然只是對時間的合理預期？

Sure. Good question. Let me follow up. And we looked at this and tried to triangulate performance in a number of different ways. We looked at just straight piece part on-time delivery here in the fourth quarter relative to what we saw in the second and the third. We also looked at program performance, so earned value-type metrics, and we really didn't see a meaningful change in on-time delivery or schedule performance relative to our earned value systems.

當然。好問題。讓我跟進。我們對此進行了研究，並嘗試以多種不同方式對性能進行三角測量。相對於我們在第二和第三季度看到的情況，我們在第四季度只看到了直接零件的準時交貨。我們還查看了項目績效，即掙值類型指標，但我們確實沒有看到相對於我們的掙值系統在準時交付或進度績效方面有任何有意義的變化。

But what I will say is the fourth quarter had a significant step-up in requirements. And if you adjust for the number of weeks in the fourth quarter relative to the balance of the year and you also adjust for some of these benefits that we saw in terms of award timing, our requirements in the fourth quarter stepped up sequentially by about 5%.

但我要說的是，第四季度的要求有了顯著提高。如果你調整第四季度相對於全年餘額的周數，你也調整我們在獎勵時間方面看到的一些好處，我們在第四季度的要求依次提高了大約 5 %。

And I would say the entire value chain, whether it's our internal operations and the supply chain, was able to meet that increased level of requirements. So that, to me, bodes well to the future as well as expecting a gradual improvement in 2023. And I think that just provides a reasonable assumption and a reasonable basis for that assumption.

我會說整個價值鏈，無論是我們的內部運營還是供應鏈，都能夠滿足更高水平的要求。因此，對我來說，這預示著未來的好兆頭，並有望在 2023 年逐步改善。我認為這只是為該假設提供了合理的假設和合理的基礎。

And we'll go to George Shapiro with Shapiro Research.

我們將與 Shapiro Research 一起去 George Shapiro。

If you look at the F-35 program, like the incremental profit you reported was about a 16.4% rate, so I assume you stepped up the margin on the F-35. And going forward then, the slight decline that you're forecasting in the margin probably reflects sustainment growing versus production. And a quick follow-up, the $20 million charge that you took in a classified program in aero, was that the same program that you took large charges a couple of years ago?

如果你看一下 F-35 項目，你報告的增量利潤率約為 16.4%，所以我假設你提高了 F-35 的利潤率。然後展望未來，您預測的利潤率略有下降可能反映了持續增長與生產的關係。快速跟進，你在航空分類項目中收取的 2000 萬美元費用，與幾年前你收取大筆費用的項目是同一個項目嗎？

Okay. So George, I can probably answer your questions with one yes, but maybe I'll provide a little bit of color here. I now take the -- you're correct, on the charge we took, that was related to the program. We continue to have some learnings there. But our team, I think, in Skunk Works is doing a great job managing that program. And this is a development program where you see and you continue to have learnings.

好的。所以 George，我可能可以肯定地回答你的問題，但也許我會在這裡提供一些顏色。我現在接受 - 你是對的，我們收取的費用與該計劃有關。我們繼續在那裡學習一些東西。但我認為，我們在 Skunk Works 的團隊在管理該項目方面做得很好。這是一個發展計劃，您可以在其中看到並繼續學習。

But in the grand scheme of things, I think we've managed that quite well. And it really hasn't -- did not impact our results. And as far as the F-35 program, we did see some benefits there. And you're right, in the quarter, we were -- the results there were augmented not only by the volume but as well as the net profit adjustments at Aeronautics, and it was across the board.

但在宏偉的計劃中，我認為我們做得很好。它真的沒有 - 沒有影響我們的結果。至於 F-35 計劃，我們確實看到了一些好處。你是對的，在這個季度，我們是——結果不僅在數量上有所增加，而且在航空領域的淨利潤調整也有所增加，而且是全面的。

I think next year, as we think about the margin, yes, there's a little bit of a headwind there. I think mix does play a part in it as well as right now, we're planning a little bit lower favorable profit adjustments. But for the year, in the grand scheme of Lockheed Martin, this year, we did about 25% of profit in net profit adjustments, and we would expect that to be somewhat similar for the entire company for '23. Thanks for the question, George.

我認為明年，當我們考慮利潤率時，是的，那裡有一點逆風。我認為組合確實在其中發揮了作用，現在我們正計劃進行一些較低的有利利潤調整。但就這一年而言，在洛克希德馬丁公司的宏偉計劃中，今年我們對淨利潤進行了大約 25% 的調整，我們預計整個公司在 23 年的情況會有所相似。謝謝你的問題，喬治。

And next, we'll go to Rob Spingarn with Melius Research.

接下來，我們將與 Melius Research 一起去 Rob Spingarn。

Jim, I think everyone would agree that Lockheed's got the pole position in offensive hypersonics. Strong program portfolio there and some recent successes. What I think people might be interested in are your efforts as well in counter hypersonics as we might expect that to be a growing portion of the budget. Can you talk about that a little bit?

吉姆，我想每個人都會同意洛克希德在進攻性高超音速領域處於領先地位。那裡有強大的項目組合和最近的一些成功。我認為人們可能感興趣的是你們在反超音速方面的努力，因為我們預計這將成為預算中越來越大的一部分。你能談談嗎？

Sure. And it's largely classified, Rob. But what I can say is many of the elements of counter hypersonics, we also have a pole position in, right? So we've got existing products that we can take the lessons learned from and a lot of the engineering and apply them to just a faster incoming target, right? So we're working on NGI, as you already heard, which is a ballistic missile. It travels at similar speeds.

當然。這在很大程度上是機密，羅伯。但我能說的是反超音速的許多要素，我們在其中也有領先地位，對吧？所以我們有現有的產品，我們可以從中吸取經驗教訓和大量的工程，並將它們應用於更快的傳入目標，對吧？所以我們正在研究 NGI，正如你已經聽說的那樣，它是一種彈道導彈。它以相似的速度行進。

We have the FAAD system, which is a sort of a high-altitude interceptor as well. And then we have PAC-3, which is a very accurate lower-level further in, if you will, defensive systems. So we've got the engineering talent. We've got the intellectual property. And we're developing these 21st Century Security concepts like applying artificial intelligence to network systems together and process data much more quickly, which, of course, you need that to process the information coming in on a Mach 5 missile, right? So I think we have a lot of the elements that will go into the eventual counter hypersonic solutions, and we are working on many of them right now in integrating what we have and developing what we need.

我們有 FAAD 系統，它也是一種高空攔截器。然後我們有 PAC-3，這是一個非常準確的低級防禦系統，如果你願意的話。所以我們有工程人才。我們擁有知識產權。我們正在開發這些 21 世紀的安全概念，例如將人工智能應用於網絡系統並更快地處理數據，當然，您需要它來處理來自 5 馬赫導彈的信息，對嗎？所以我認為我們有很多元素將進入最終的反超音速解決方案，我們現在正在研究其中的許多元素，以整合我們現有的和開發我們需要的。

Our next question is from Rich Safran with Seaport Research Partners.

我們的下一個問題來自 Rich Safran 和 Seaport Research Partners。

So I wanted to ask you about the F-16 and maybe expand on the remarks you made just a few moments ago. I thought you might comment on things like U.S. and international opportunity set ahead, maybe update on the first delivery expected production rates. And if it's at all possible, maybe touch on like what margins you're expecting on the program right now. I'm just thinking that they should be pretty decent given the move to Greenville was done to improve the cost structure on the program.

所以我想問你關於 F-16 的問題，也許可以擴展你剛才發表的言論。我想你可能會評論美國和國際機會等問題，也許會更新首次交付的預期生產率。如果可能的話，也許可以談談你現在對這個項目的期望利潤。我只是認為他們應該相當不錯，因為搬到格林維爾是為了改善項目的成本結構。

Rich, it's Jim. I'll start off quickly and hand it over to Jay for some of the background and data associated with the program. But the really great news is Block 70, which is the production article out of Greenville. The first Greenville Block 70 test flight was this morning was successful, really great milestone for the company and for that organization in South Carolina.

里奇，是吉姆。我將快速開始並將其交給 Jay 以獲取與該程序相關的一些背景和數據。但真正的好消息是 Block 70，這是格林維爾的產品。今天早上，格林維爾 Block 70 的第一次試飛取得了成功，這對公司和南卡羅來納州的組織來說確實是一個偉大的里程碑。

But there's significant demand for this aircraft. A lot of it's coming organically, I guess, I'll call it, from allies around the world. Also, we're out actively marketing this jet to those countries that may not be authorized yet or maybe not have the infrastructure for F-35 at this moment but may in the future. India is one of those. I co-chair the U.S.-India CEO Forum with Secretary Raimondo. We're going to be going over there in a month or so with a team of CEOs from across our industry and meet with theirs and try to get collaboration going.

但對這架飛機的需求很大。很多它是有機的，我想，我會稱之為，來自世界各地的盟友。此外，我們正在積極向那些可能尚未獲得授權或目前可能不具備 F-35 基礎設施但將來可能不具備 F-35 基礎設施的國家/地區銷售這架噴氣式飛機。印度就是其中之一。我與雷蒙多國務卿共同主持美印 CEO 論壇。我們將在一個月左右的時間內與來自我們行業的 CEO 團隊一起去那裡，並與他們會面並嘗試開展合作。

And one of the, I would say, primary opportunities in that endeavor is the F-21, which is F-16 variant specifically designed for India, for example. So we haven't made that sale yet, but I can tell you all the way up to my level, we are out marketing F-16, and we have a lot of organic demand coming in from either existing, order customers or new ones.

我想說的是，F-21 是 F-21 的主要機會之一，它是專為印度設計的 F-16 變體。所以我們還沒有完成那筆交易，但我可以一直告訴你我的水平，我們正在營銷 F-16，我們有很多來自現有客戶、訂單客戶或新客戶的有機需求.

Jay, anything you want to add?

傑伊，你有什麼要補充的嗎？

Sure. Just maybe a little bit more color. Just on top of the first flight that we had today the successful first flight, congratulations to our Aeronautics team there. We have over 20 aircraft that are currently in process in the production phase. We will deliver anywhere between, say, 78 aircraft this year, and then that will step up significantly in 2024. And so we're on a good path that we recognize the opportunities that are in front of us.

當然。只是可能多一點顏色。就在我們今天進行的首次飛行成功的首次飛行之上，祝賀我們那裡的航空團隊。我們有 20 多架飛機目前正在生產階段。我們將在今年交付 78 架飛機，然後在 2024 年顯著增加。因此，我們走在一條很好的道路上，我們認識到擺在我們面前的機會。

There are a few countries that have been announced there that we're eagerly awaiting contract finalization, hopefully this year, with Jordan and Bulgaria. That's about -- combined about 20 aircraft. And so the demand, as Jim mentioned, is pretty significant. And we're ramping up as we speak to be able to deliver the customer requirements.

有幾個國家已經宣布，我們正在熱切等待與約旦和保加利亞的合同最終敲定，希望是在今年。那是大約 - 大約有 20 架飛機。因此，正如吉姆所說，需求非常大。我們正在加速發展，以便能夠滿足客戶的要求。

Next, we'll go to Seth Seifman with JPMorgan.

接下來，我們將與摩根大通一起去賽斯塞夫曼。

Jay, I'm sorry to waste a question on pension. But if we look at the CAS recoveries, it was about 30% of this year's cash flow. And I know there's discount rates and returns and all that stuff, but CAS tends to be much more visible than FAS on the income statement. So can you give us a multiyear outlook for the CAS recoveries over the next few years and where the balance stood at year-end?

傑伊，很抱歉浪費了一個關於養老金的問題。但如果我們看一下 CAS 回收率，它大約佔今年現金流量的 30%。而且我知道有貼現率和回報以及所有這些東西，但 CAS 在損益表上往往比 FAS 更明顯。那麼，您能否為我們提供未來幾年 CAS 回收的多年展望以及年底的餘額情況？

Yes. I mean -- so for cash this year, as we mentioned, that will decline this year. I said about $100 million. Specifically, the CAS element will decline by about -- the recoveries by about $75 million. We'll see that decline a little bit more over the next few years as well. And so it will come down in the range, I think, around $1.5 billion, $1.6 billion over the next few years.

是的。我的意思是——正如我們提到的，今年的現金將會下降。我說大約 1 億美元。具體來說，CAS 元素將減少約 7500 萬美元的回收率。在接下來的幾年裡，我們也會看到這種下降更多一點。因此，我認為未來幾年它會下降到 15 億美元、16 億美元左右。

And so that's the best outlook we have today. As you know, these things are -- they do fluctuate and a little volatile. So we'll update that accordingly as we go and think about next year and what that means for 2025, Seth.

這就是我們今天的最佳前景。如您所知，這些東西是 - 它們確實波動並且有點不穩定。因此，我們將在考慮明年以及這對 2025 年意味著什麼時相應地更新它，Seth。

And next question is from Peter Arment with Baird.

下一個問題來自 Peter Arment 和 Baird。

Jay, I wanted to just focus on Missiles and Fire Control. Just kind of obviously a little transition in growth this year, but profitability kind of going to be down also looks like close to 90 basis points. Just maybe walk us through a little bit kind of some of the puts and takes there and just thoughts about kind of margin recovery as we think about the next couple of years where we've got all this growth inflected.

傑伊，我只想專注於導彈和火控。今年的增長顯然有點轉變，但盈利能力也會下降，看起來也接近 90 個基點。也許只是帶我們通過一些看跌期權，然後把它帶到那裡，並在我們考慮未來幾年我們已經獲得所有這些增長的情況下考慮某種利潤率恢復。

Yes. No, good question. This is something we talked a little bit on the third quarter call. We've got some new program awards, particularly in classified, that are going to put some margin pressure not just next year but a few years beyond that as well. And it's really just on the early phase of these programs as we head into production. It's just low margin, and it will take time to have those restore to margins that we've seen in the past.

是的。不，好問題。這是我們在第三季度電話會議上談過的一些事情。我們獲得了一些新的項目獎項，特別是在分類方面，這不僅會在明年而且還會在未來幾年帶來一些利潤壓力。當我們進入生產階段時，它真的只是在這些項目的早期階段。這只是低利潤率，要讓這些恢復到我們過去看到的利潤率需要時間。

What I will say is that we do have the benefit of some offsetting mix with the upside that we're seeing in this business. I mentioned before a potential $6 billion over the next 5 years. Those will come with more solid margins will help mitigate the reduction that we're seeing on these new programs. But there will be some pressure there that we have to deal with. And look, the MFC team has a good track record of driving out cost, driving margins. I'm confident they'll be able to do that in the future as well, but it will take a few years to get there.

我要說的是，我們確實受益於一些抵消組合和我們在這項業務中看到的好處。我之前提到過未來 5 年可能達到 60 億美元。這些將帶來更穩固的利潤率，將有助於減輕我們在這些新計劃中看到的減少。但是那裡會有一些我們必須應對的壓力。看，MFC 團隊在降低成本、提高利潤率方面有著良好的記錄。我相信他們將來也能做到這一點，但這需要幾年時間才能實現。

Next, we'll go to Kristine Liwag with Morgan Stanley.

接下來，我們將與摩根士丹利一起去 Kristine Liwag。

Maybe switching gears to a different topic. With tighter cost of capital, we've seen valuations come down in high-growth investments. Is this a better time for corporate VC to enter into deals on attractive terms? I mean just looking at the limitations on M&As from the FTC stance that we saw with Aerojet Rocketdyne, I mean how should we think about the importance of Lockheed Martin Ventures to access these new technologies? And could we see ventures double from here?

也許換個話題。隨著資本成本的收緊，我們已經看到高增長投資的估值下降。現在是企業風險投資以有吸引力的條款進行交易的更好時機嗎？我的意思是，從我們在 Aerojet Rocketdyne 上看到的 FTC 立場來看對併購的限制，我的意思是我們應該如何考慮洛克希德馬丁風險投資公司獲取這些新技術的重要性？我們可以看到風險從這裡翻倍嗎？

Kristine, this is Jim. One of the first things I did when I came from the Board to active management was to double -- as you said, to double the venture fund, right? So it was $200 million, now it's $400 million. We're actively -- actually, very actively looking to invest that additional funding.

克里斯汀，這是吉姆。當我從董事會轉向積極管理時，我做的第一件事就是將風險基金翻倍——正如你所說，將風險基金翻倍，對嗎？所以它是 2 億美元，現在是 4 億美元。我們正在積極——實際上，非常積極地尋求投資額外的資金。

In the great scheme of the company, though, it's really designed to discover emerging technology that might be applicable to our strategy and to our products and systems and help kind of develop that technology in a way that it can have utilization earlier than perhaps otherwise for our industry.

不過，在公司的宏偉計劃中，它的真正目的是發現可能適用於我們的戰略、我們的產品和系統的新興技術，並以一種比其他方式更早利用的方式幫助開發該技術我們的行業。

So we get the most benefit out of our venture fund in actual operations, production and development of platforms and systems. We have had a nice upturn in the valuations of those investments as well, but they're not necessarily driving the ultimate results or the ultimate growth prospect of the company, but they're indirectly doing just that.

因此，我們在平台和系統的實際運營、生產和開發中從我們的風險基金中獲得最大收益。我們對這些投資的估值也有了很好的回升，但它們不一定會推動公司的最終結果或最終增長前景，但它們正在間接地做到這一點。

I'll just add, Kristine, I mean it's a great point. I mean we've got a pretty tight alignment on the targets that we pursue to our technology road maps. And these are examples like Joint All Domain Operations interoperability, autonomy, artificial intelligence and other areas that will help us drive and accelerate our internal organic capability with these new emerging technologies. And so it's a great point. There's certainly opportunity there. As Jim mentioned, we've increased our availability of funding for that, and we're excited about those opportunities.

我只想補充一點，克里斯汀，我的意思是這是一個很好的觀點。我的意思是，我們在技術路線圖上追求的目標非常緊密。這些例子包括聯合全域作戰互操作性、自主性、人工智能和其他領域，它們將幫助我們利用這些新興技術推動和加速我們的內部有機能力。所以這是一個很好的觀點。那里肯定有機會。正如吉姆所提到的，我們已經增加了為此提供的資金，我們對這些機會感到興奮。

And next, we'll go to Scott Deuschle with Credit Suisse.

接下來，我們將與瑞士信貸一起去 Scott Deuschle。

Jay, you guys have taken a bit of a different approach on this R&D tax issue than some of your peers. And I know this subject has been beaten to death already, but I'm just curious if you've had any recent conversations with the government on whether they're going to agree with the approach you've taken. And then I guess just stepping back more broadly, you had this uncertain tax position disclosed in the 10-Q. Just kind of give us a sense for when you think that might get resolved.

傑伊，你們在研發稅收問題上採取了與一些同行不同的方法。我知道這個問題已經被打死了，但我很好奇你最近是否與政府就他們是否會同意你所採取的方法進行過任何對話。然後我想更廣泛地退後一步，你在 10-Q 中披露了這種不確定的稅收狀況。只是讓我們了解您認為什麼時候可以解決。

Sure. Good question. We remain confident in the position that we've taken. We've had really no dialogue. We are awaiting guidance from the IRS on what contracts specifically would be covered. You're right that different players have taken different positions. We remain confident in our position. We believe that the risk is a factor. And when you are under particularly cost-type contracts, there is no risk taken by the provider of those services.

當然。好問題。我們仍然對我們所採取的立場充滿信心。我們真的沒有對話。我們正在等待美國國稅局關於具體涵蓋哪些合同的指導。你是對的，不同的球員採取了不同的立場。我們仍然對我們的立場充滿信心。我們認為風險是一個因素。當您簽訂的是特別成本型的合同時，這些服務的提供者就不會承擔任何風險。

Secondly, we believe the benefit is marginal because the owner or the contractor of that work is really the one that takes over that technology and can transfer it to others at any point in time. And so we think that those are sound base and sound arguments supported by legal teams that we have in the position that we've taken.

其次，我們認為收益是微不足道的，因為這項工作的所有者或承包商實際上是接管該技術並可以在任何時間點將其轉讓給其他人的人。因此，我們認為這些是我們所處立場的法律團隊支持的合理基礎和合理論據。

But again, it's uncertain -- and our uncertain tax position really reflects that uncertainty. So I can't give you specific one way or the other in terms of IRS positions because we just don't know as of yet. But I can tell you, we spent a lot of time researching this, a lot of time discussing it, deliberating it internally, and we think the position that we've come out is the right position.

但同樣，它是不確定的——我們不確定的稅收狀況確實反映了這種不確定性。因此，我無法就美國國稅局的職位向您提供具體的一種或另一種方式，因為我們目前還不知道。但我可以告訴你，我們花了很多時間研究這個，很多時間討論它，在內部審議它，我們認為我們得出的立場是正確的。

And next, we'll go to Rob Stallard with Vertical Research.

接下來，我們將去 Vertical Research 的 Rob Stallard。

Jay, a boring inflation question for you. Are you seeing any signs that inflation is starting to ease as it works itself through your system? Or was there any mitigation for this cost inflation that is going to be flowing through from the final FY '23 budget resolution?

傑伊，問你一個無聊的通貨膨脹問題。您是否看到任何跡象表明通貨膨脹開始緩解，因為它通過您的系統自行運作？還是從最終的 23 財年預算決議中可以緩解這種成本膨脹？

Yes. Rob, inflation is something that we evaluate all the time. In many of our existing contracts, we have not really seen a significant impact, only because I mean our fixed price contracts -- our suppliers are under fixed price contracts with us. Where we have seen is really on new proposals is where we've seen some impacts, where you've got suppliers unwilling to provide longer-term price commitments, requesting what we refer to in the industry as economic price adjustments, which are escalation clauses, inflation clauses. And those are ongoing dialogues that we have with our customers as well.

是的。 Rob，通貨膨脹是我們一直在評估的東西。在我們現有的許多合同中，我們並沒有真正看到重大影響，只是因為我的意思是我們的固定價格合同——我們的供應商與我們簽訂了固定價格合同。我們真正看到的是新提案的一些影響，供應商不願意提供長期價格承諾，要求我們在行業中稱之為經濟價格調整，這是升級條款, 通貨膨脹條款。這些也是我們與客戶正在進行的對話。

And so it's still an ongoing issue. To be honest with you, on the proposal side, we really haven't seen any type of reduction there in the pressure. It's something that we review quite often on these new proposals, and it's something that we grapple with because either you have to price in some type of inflation assumption into your proposal or you have to have some type of back-to-back agreement where you're going to have an inflation clause. And we're getting squeezed with our customer as well as with our suppliers, and we're trying to make sure that we can accommodate both requirements here.

所以這仍然是一個持續的問題。老實說，在提案方面，我們確實沒有看到任何類型的壓力減少。這是我們在這些新提案中經常審查的事情，也是我們努力解決的事情，因為要么你必須在你的提案中考慮某種類型的通貨膨脹假設，要么你必須有某種類型的背靠背協議，你'將有一個通貨膨脹條款。我們正受到客戶和供應商的擠壓，我們正努力確保我們能夠同時滿足這兩種要求。

Our next question is from Ken Herbert with RBC Capital Markets.

我們的下一個問題來自 RBC 資本市場的 Ken Herbert。

Just wanted to ask a question here on the new award outlook. Putting FARA aside, if you look at NGI, maybe NGAD and other opportunities, what's the current expectations for timing around some awards, specifically around NGI? And are there other programs out there on the new award side that could significantly move the needle as we think about sort of the potential impact into '24?

只是想在這裡問一個關於新獎項前景的問題。撇開 FARA，如果你看看 NGI，也許是 NGAD 和其他機會，目前對某些獎項的時間安排有何期望，特別是圍繞 NGI？在我們考慮對 24 世紀的潛在影響時，在新的獎項方面是否還有其他計劃可以顯著改變現狀？

You think about a few of these, it's something that we have -- I mean you know that the F-35, so we've got waiting for the -- we're expecting the production order on Lot 17 in 2023. We do have a large missile -- air and missile defense program -- international program. It's an important program for us this year. And so it's probably back half of the year type of decision. That is included in our 4 pillars of growth when we talk about new awards.

你想想其中的一些，這是我們擁有的東西——我的意思是你知道 F-35，所以我們一直在等待——我們期待 2023 年 Lot 17 的生產訂單。我們做到了有一個大型的導彈-防空和導彈防禦計劃-國際計劃。這是我們今年的一項重要計劃。所以這可能是半年的決定。當我們談論新獎項時，這包括在我們的 4 大增長支柱中。

There are other programs here that are classified, really can't get into kind of the detail of those, but we expect some of those awards to be made either at the tail end of this year or into next year as well. And in NGI, we would expect to down-select around 2025. And so there's a fair amount of markers out there in some of these programs that I just spoke between now, really in 2025, that certainly are important to us. Jim mentioned FARA. That's probably a 2025 decision as well.

這裡還有其他分類的項目，真的無法詳細了解這些項目的細節，但我們預計其中一些獎項將在今年年底或明年頒發。在 NGI 中，我們預計會在 2025 年左右下調。因此，在我剛剛談到的這些項目中，有相當多的標記存在於現在，實際上是在 2025 年，這對我們來說當然很重要。吉姆提到了 FARA。這也可能是 2025 年的決定。

Next, we'll go to Sheila Kahyaoglu with Jefferies.

接下來，我們將與 Jefferies 一起前往 Sheila Kahyaoglu。

Jay, I think your margins came in a little bit better for 2023 than anticipated your guidance of about 10 bps higher. When we think about your profitability going forward, is this sort of the expected range we should expect? And of your segments, which do you think is the biggest variable? You talked about MFC and some of the challenges there. So maybe if you could talk about that.

傑伊，我認為您 2023 年的利潤率比預期的高出約 10 個基點的指導要好一些。當我們考慮您未來的盈利能力時，這是我們應該預期的預期範圍嗎？在您的細分市場中，您認為哪個是最大的變量？您談到了 MFC 和其中的一些挑戰。所以也許你可以談談這個。

Yes. Let me maybe talk a bit in the kind of longer-term outlook. And you look at the history of Lockheed Martin over the last probably 5 to 10 years, and we've reached margins in the range of 12%. I do believe we have the potential to get back to those, but that will take time.

是的。讓我談談更長期的展望。你看看洛克希德馬丁公司過去 5 到 10 年的歷史，我們的利潤率已經達到 12%。我確實相信我們有可能回到那些，但這需要時間。

In the short term, really, I would say, over the next 3 years or so, our objective will be just to hold the margins where they are because some of these pressures that we see on these new programs, particularly at MFC, when you've got a 90 basis point reduction in 1 year from -- in one BA, that's a lot to really overcome.

在短期內，真的，我想說，在接下來的 3 年左右，我們的目標將只是保持利潤率，因為我們在這些新項目上看到的一些壓力，特別是在 MFC，當你在一年內從一個 BA 中減少了 90 個基點，這確實需要克服很多。

We've worked things internally as far as both product cost reductions, overhead cost reductions to really try to drive and maintain our margin profile. But that's where we're really going to be over the next few years is really trying to maintain where we are as we re-crank the growth cycle. And I think that's the key message that we have had internally: let's re-crank the growth cycle, get ourselves in 2024 on track to deliver the growth. As we get that flywheel turning, then we'll be able to focus and turn back around on margins and start improving margins.

我們已經在內部開展工作，包括降低產品成本、降低間接成本，以真正努力推動和維持我們的利潤率。但這就是我們在未來幾年真正要達到的目標，即在我們重新啟動增長周期時真正努力保持我們的現狀。我認為這是我們內部的關鍵信息：讓我們重新啟動增長周期，讓我們自己在 2024 年走上實現增長的軌道。當我們獲得飛輪轉動時，我們將能夠集中精力並轉回利潤率並開始提高利潤率。

Next question is from Doug Harned with Bernstein.

下一個問題來自 Doug Harned 和 Bernstein。

On F-35, so when you get ready to restart here, you've also though now flown the F-35 with tech refresh upgrade -- with Tech Refresh 3 upgrade. Can you talk about how that's progressing, how Tech Refresh 3 is progressing? And how does the progress there play into your delivery plans for Lots 15 through 17? And perhaps you might also comment on, when you get the restart, you've got these airplanes that have already been produced. Should we see those as really add-ons to 2023 deliveries?

在 F-35 上，所以當你準備在這裡重新啟動時，你現在也已經駕駛了 F-35 技術更新升級——技術更新 3 升級。你能談談進展如何嗎，Tech Refresh 3 進展如何？那裡的進展如何影響您的批次 15 到 17 的交付計劃？也許你也可以評論說，當你重新啟動時，你已經擁有了這些已經生產的飛機。我們是否應該將這些視為 2023 年交付的真正附加組件？

So Doug, let me take the first portion of your question, it's Jim, and then turn it over to Jay for the second piece on delivery numbers, et cetera. So Tech Refresh 3 is really important in a couple of dimensions. And you're accurate in mentioning and thank you. For the first flight with the TR3 upgraded hardware and software was literally just a few weeks ago. We've got more software releases to go. We're going to add capability over the next couple of months. But we expect production of TR3-capable aircraft hopefully in this -- during the course of this year. That's our expectation.

所以道格，讓我回答你問題的第一部分，我是吉姆，然後把它交給傑伊，讓我回答關於交貨數字等的第二部分。所以 Tech Refresh 3 在幾個方面都非常重要。你提到並謝謝你是準確的。 TR3 升級後的硬件和軟件的首次飛行實際上就在幾週前。我們有更多的軟件版本要發布。我們將在接下來的幾個月內增加功能。但我們希望在今年期間能夠生產具有 TR3 功能的飛機。這是我們的期望。

Now what that does for the customer and for us and our strategy is really kind of 2 major dimensions. One is for the capability of the aircraft itself. It will be able to handle more weapons. It will be able to upgrade electronic warfare capabilities. It will be able to accomplish more missions. So the basic functionality of the aircraft alone by itself is going to be elevated significantly by the insertion of this technology.

現在，這對客戶和我們以及我們的戰略有兩個主要方面的作用。一是飛機本身的能力。它將能夠處理更多的武器。它將能夠升級電子戰能力。它將能夠完成更多的任務。因此，通過插入這項技術，飛機本身的基本功能將得到顯著提升。

And what is this technology? It's an updated core processor. So the -- basically the server for the airplane that it carries with it is going to the next-generation upgrade. The data storage is going to be vastly improved. And then the display is going to be modernized for the pilot, so what they see, how they interact with the jet and with other aircraft and systems around it.

這是什麼技術？這是一個更新的核心處理器。所以 - 基本上它攜帶的飛機服務器將進行下一代升級。數據存儲將得到極大改善。然後顯示器將為飛行員進行現代化改造，讓他們看到什麼，他們如何與噴氣式飛機以及其他飛機和周圍的系統互動。

So those 3 things, right, data processing capability and speeds, data storage capacity, and the ability to interconnect with basically a modernized interface for the pilot along with the better capabilities they're going to have to interact with other aircraft to other systems because of TR3 are all of the characteristics that you need for an edge compute node in a modern 5G Internet of things system and architecture, right? The 3 things are data storage, multi-cloud connection and processing power and speed.

所以這三件事，正確的，數據處理能力和速度，數據存儲容量，以及基本上與飛行員的現代化接口互連的能力，以及他們將不得不與其他飛機與其他系統交互的更好的能力，因為TR3 是現代 5G 物聯網系統和架構中邊緣計算節點所需的所有特性，對嗎？這三件事是數據存儲、多雲連接以及處理能力和速度。

So we've actually killed two birds with one stone with TR3 here. On one hand, the aircraft is going to be much more capable in the kind of its traditional role. On the second hand, it's going to be way more capable, and perhaps uniquely capable, in sort of the network Internet of things or Joint All Domain Operations of the future, right? That's what our customer calls that.

所以我們在這裡用 TR3 實際上已經用一塊石頭殺死了兩隻鳥。一方面，這架飛機在其傳統角色方面的能力將大大增強。另一方面，在未來的網絡物聯網或聯合全域作戰方面，它的能力會更強，也許是獨一無二的，對吧？這就是我們的客戶所說的。

So we have now the computing power and the capacity to serve as sort of the central aerial component of our 21st Century Security open architecture concept. And that's really the 2 pieces of F-35, TR3. They're super important. One is the airplane itself; and second, its ability to network with other systems and aircraft in an IoT-based architecture -- open architecture.

因此，我們現在擁有計算能力和能力，可以作為我們 21 世紀安全開放架構概念的中央天線組件。這真的是 F-35 的 2 件，TR3。它們非常重要。一個是飛機本身；其次，它能夠在基於物聯網的架構——開放式架構中與其他系統和飛機聯網。

Jay, do you want to speak to (inaudible)

傑伊，你想和（聽不清）說話嗎

Sure. To answer the question on add-ons, that is -- will be -- that will occur but not necessarily in 2023. If you think about it right now, we're going to be introducing and cutting in new production, hardware and software on a full rate production program, which is a pretty aggressive schedule.

當然。要回答關於附加組件的問題，那就是——將會——會發生，但不一定在 2023 年發生。如果你現在考慮一下，我們將引入和削減新的產品、硬件和軟件在全速生產計劃中，這是一個非常激進的時間表。

And so what I would expect -- and this is included in our sustainment revenue growth projections, we'll see the retrofits on the existing fleet over time. And that will probably start beginning maybe sometime in 2024 and beyond, and it's part of our mid-single-digit sustainment growth on the F-35.

所以我所期望的——這包括在我們的維持收入增長預測中，我們將看到隨著時間的推移對現有機隊進行改造。這可能會在 2024 年及以後的某個時候開始，這是我們 F-35 中個位數持續增長的一部分。

Next, we'll go to Matt Akers with Wells Fargo.

接下來，我們將與 Wells Fargo 一起去 Matt Akers。

I wanted to ask -- I think you had mentioned some of the restocking of stuff Ukraine and you've got some orders there. How big is that for Lockheed Martin? And how should we think about sort of the timing? And how accretive that might be the growth maybe in '24 and beyond?

我想問 - 我想你已經提到了烏克蘭的一些東西的補貨，你在那裡有一些訂單。這對洛克希德馬丁公司來說有多大？我們應該如何考慮時間安排？ 24 歲及以後的增長可能會有多大增長？

Yes. So as I mentioned in my prepared remarks, we've got about -- we had orders of about $1.5 billion. We'll start delivering on some of that in 2023, and that will carry over into 2024. We've got a line of sight to significantly more orders beyond that, that we'll see again in the outer years. And so it's still to be determined.

是的。因此，正如我在準備好的發言中提到的那樣，我們已經獲得了大約 15 億美元的訂單。我們將在 2023 年開始交付其中的一部分，並將延續到 2024 年。我們已經看到了遠不止於此的更多訂單，我們將在未來幾年再次看到。所以它還有待確定。

But what I can say is that we have had contract funding and internally funded projects to make sure we can meet higher ramp rates, whether it's HIMARS, GMLRS, PAC-3, all of those, all are opportunities from where we are today and part of the investment that our customer is making and that we are making to drive the higher ramp rates.

但我能說的是，我們有合同資金和內部資金項目，以確保我們能夠滿足更高的爬坡率，無論是 HIMARS、GMLRS、PAC-3，所有這些，都是我們今天所處位置的機會，部分我們的客戶正在進行的投資以及我們為推動更高的爬坡率而進行的投資。

Yes. And Matt, it's Jim. One of the issues that this situation has illuminated with is that when you need to accelerate production in the defense enterprise for national defense, we would have liked to have been able to, a, ramp up the production faster and, b, bringing the revenue sooner. So it just highlights the need, I think, and it's an urgent one, to work together with government and industry to quickly evolve the relationship between the 2 so that we can maintain an effective deterrent to conflict as we've talked about.

是的。馬特，是吉姆。這種情況說明的一個問題是，當國防企業需要加速生產時，我們希望能夠，a，更快地提高產量，b，帶來收入早點。因此，我認為這只是凸顯了與政府和行業合作以迅速發展兩者之間關係的必要性，這是一個緊迫的需求，以便我們能夠像我們所說的那樣保持對沖突的有效威懾。

So what I'm discussing with some of our senior government officials who are receptive, and they're some real thought leaders in government on this now, is apply the concept of anti-fragility to the relationship between government and industry, meaning things like ensure that we have multiple reliable sources of key materials and components, right? So we have a lot of single-source components that we have to go back down into our supply chain and find out who and if they can double or triple their production of the components so we can double or triple the output of the system.

因此，我正在與我們一些樂於接受的高級政府官員討論，他們現在是政府中一些真正的思想領袖，將反脆弱性的概念應用於政府與行業之間的關係，這意味著諸如確保我們擁有多個可靠的關鍵材料和組件來源，對嗎？所以我們有很多單一來源的組件，我們必須回到我們的供應鏈中，找出誰以及他們是否可以將組件的產量增加一倍或三倍，這樣我們就可以將系統的輸出增加一倍或三倍。

Another piece of this anti-fragility concept is to have the government invest in production capacity with us, call it, 2 standard deviations above the mean of peace time production rates. So if you need to accelerate, you can quickly and start up the line or speed up the line much faster.

這種反脆弱性概念的另一個部分是讓政府與我們一起投資於生產能力，稱之為比和平時期平均生產率高出 2 個標準差。因此，如果您需要加速，您可以快速啟動生產線或加快生產線速度。

Another one is significant, expansion of the use of long-term and multiyear contracts so that we don't have to have a fluctuation in demand year-to-year, which sets our supply base back, again, less willing to invest because they can't predict the future.

另一個重要的是，擴大長期和多年期合同的使用，這樣我們就不必每年都有需求波動，這又使我們的供應基礎又不太願意投資，因為他們無法預測未來。

And then finally, especially for those small and medium businesses, we're suggesting that government really take an overview of -- a broad overview of the oversight and compliance burdens that are on companies that participate in the defense industrial base from an audit and compliance and certified cost perspective, truth and negotiation act, things like that, that -- while we at Lockheed Martin and other major defense funds would like to see that burden eased, it's a burden that can really prohibit other medium and small companies from working with us or working with the government to provide what it needs.

最後，特別是對於那些中小型企業，我們建議政府真正了解 - 廣泛了解參與國防工業基地的公司在審計和合規方面的監督和合規負擔和經過認證的成本觀點、真相和談判行為，諸如此類——雖然我們洛克希德馬丁公司和其他主要國防基金希望看到這種負擔得到減輕，但這種負擔確實會阻止其他中小型公司與之合作我們或與政府合作來提供它所需要的。

So there's a great dialogue beginning. I'm sure other companies are raising these issues too. But this issue of restocking raised an important industry issue that we're going to try to work with government to solve.

所以有一個很棒的對話開始。我相信其他公司也提出了這些問題。但是這個補貨問題提出了一個重要的行業問題，我們將嘗試與政府合作解決這個問題。

Great. John, this is Maria. I think we've come to the top of the hour here, so I'll turn it back to Jim for any last thoughts.

偉大的。約翰，這是瑪麗亞。我想我們已經走到了最高峰，所以我會把它轉回給 Jim 以徵求最後的想法。

Great. Thanks, Maria. I'd like to conclude our call today by thanking the entire Lockheed Martin community for everything they've done in 2022 and they'll do this year and beyond. Together, we positioned our company to continue to push the edge of the technology and advance scientific discovery to ensure our customers remain what we call ahead of ready and keep people safe around the globe.

偉大的。謝謝，瑪麗亞。最後，我想感謝整個洛克希德馬丁公司社區在 2022 年所做的一切以及今年及以後所做的一切，以此結束我們今天的電話會議。我們共同定位我們的公司，以繼續推動技術的發展和推進科學發現，以確保我們的客戶保持我們所說的提前做好準備，並確保全球人民的安全。

So thanks again for joining us on the call today. We look forward to speaking with you on our next call in April.

再次感謝您今天加入我們的電話會議。我們期待在 4 月的下一次電話會議上與您交談。

John, that concludes the call. Thanks, everybody. Have a great day.

約翰，電話到此結束。謝謝大家。祝你有美好的一天。

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

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