洛克希德·馬丁 (LMT) 2023 Q1 法說會逐字稿

Good day, and welcome everyone, to the Lockheed Martin First Quarter 2023 Earnings Results Conference Call. Today's call is being recorded. At this time for opening remarks and introduction, I would like to turn the call over to Maria Ricciardone Lee, Vice President of Investor Relations. Please go ahead.

美好的一天，歡迎大家參加洛克希德馬丁公司 2023 年第一季度收益結果電話會議。今天的通話正在錄音中。在開始致辭和介紹時，我想把電話轉給投資者關係副總裁 Maria Ricciardone Lee。請繼續。

Thank you, Lois, and good morning. I'd like to welcome everyone to Lockheed Martin's First Quarter 2023 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. 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.

謝謝你，路易斯，早上好。歡迎大家參加洛克希德馬丁公司 2023 年第一季度收益電話會議。今天和我一起打電話的是我們的董事長、總裁兼首席執行官 Jim Taiclet；和我們的首席財務官 Jay Malave。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。

Please see today's press release and our SEC filings for a description of some of the factors that may cause actual results to differ materially, from those in the forward-looking statements. We have posted charts on our website today that we plan to address during the call to supplement our comments. These charts also include information regarding non-GAAP measures that may be used in today's call. Please access our website at www.lockheedmartin.com and click on the Investor Relations link to view and follow the charts. With that, I'd like to turn the call over to Jim.

請參閱今天的新聞稿和我們向美國證券交易委員會提交的文件，了解可能導致實際結果與前瞻性陳述中的結果存在重大差異的一些因素的描述。我們今天在我們的網站上發布了圖表，我們計劃在電話會議期間解決這些圖表以補充我們的評論。這些圖表還包括有關可能在今天的電話會議中使用的非 GAAP 措施的信息。請訪問我們的網站 www.lockheedmartin.com 並單擊“投資者關係”鏈接以查看和關注圖表。有了這個，我想把電話轉給吉姆。

Thanks, Maria. Good morning, everyone, and thank you for joining us on our first quarter 2023 earnings call. I'd like to begin today with a few highlights from the quarter, as well as an overview of the presidential budget request, and then Jay will discuss our financial results and full year 2023 outlook in detail.

謝謝，瑪麗亞。大家早上好，感謝您加入我們的 2023 年第一季度財報電話會議。今天，我想先介紹本季度的一些亮點，以及總統預算申請的概述，然後 Jay 將詳細討論我們的財務業績和 2023 年全年展望。

We had a solid start to the year with first quarter sales of $15.1 billion, led by 16% year-over-year growth at Space. Segment operating margin was 11.1% and led by MSE at 15.8%. Free cash flow grew 11% to $1.3 billion and combined with the lower share count contributed to a strong free cash flow per share growth year-over-year.

我們今年開局良好，第一季度銷售額為 151 億美元，其中 Space 銷售額同比增長 16%。部門營業利潤率為 11.1%，其中 MSE 為 15.8%。自由現金流增長 11% 至 13 億美元，加上較低的股份數量，導致每股自由現金流實現強勁的同比增長。

We remain on track to meet our financial expectations for the full year and the return to growth in 2024, as we laid out in January. In terms of capital deployment, we returned $1.3 billion or 101% of our free cash flow to shareholders in the quarter. We remain focused on our long-term strategy of growing free cash flow per share and continue to plan to deliver approximately 110% of our free cash flow to stockholders in 2023, through dividends and buybacks.

正如我們在 1 月份制定的那樣，我們仍有望實現全年的財務預期，並在 2024 年恢復增長。在資本配置方面，我們在本季度向股東返還了 13 億美元或自由現金流的 101%。我們仍然專注於增加每股自由現金流的長期戰略，並繼續計劃在 2023 年通過股息和回購向股東提供約 110% 的自由現金流。

Turning to the budget. The administration released preliminary details of the FY '24 President's Budget Request, or PBR, in early March. This budget proposal reflects a heightened emphasis on defense and security cooperation with Allied. The FY '24 DoD budget request is $842 billion, an increase of $25 billion or 3% over the FY '23 enacted funding.

談到預算。政府在 3 月初發布了 FY '24 總統預算申請 (PBR) 的初步細節。該預算提案反映了對與盟國的國防和安全合作的高度重視。 24 財年國防部預算申請為 8420 億美元，比 23 財年頒布的資金增加 250 億美元或 3%。

The near-peer threats posed by China and the Russian invasion of Ukraine is driving the National Defense strategy and has created added demand for Lockheed Martin's advanced effective solutions. Key highlights include the procurement of 83 F-35 aircraft, continued expansion in classified programs and an increase in requested funding for munitions.

中國和俄羅斯入侵烏克蘭構成的近乎同等的威脅正在推動國防戰略，並增加了對洛克希德馬丁公司先進有效解決方案的需求。主要亮點包括採購 83 架 F-35 飛機、繼續擴大機密項目以及增加彈藥申請資金。

The PBR also includes facilitization investment and advanced funding for long lead time parts in support of multiyear procurement of JASSM and LRASM. We're also engaged with DoD on multiyear procurement proposals for PAC-3 MSE and guided multiple launch rocket systems. These proposals are subject to congressional approval during the course of the FY '24 defense authorization and appropriations process.

PBR 還包括用於支持 JASSM 和 LRASM 多年採購的長周期部件的便利化投資和預付資金。我們還與國防部就 PAC-3 MSE 和製導多管火箭系統的多年採購提案進行了接觸。在 FY '24 國防授權和撥款過程中，這些提案須經國會批准。

The PBR also includes continued investments in key technology development efforts, such as Conventional Prompt Strike, long-range hypersonic weapon, Next Generation Interceptor, hypersonic defense, Wan Defense System and other Space programs. Furthermore, key technology areas aligned with Lockheed Martin investment priorities received increased funding to include microelectronics, 5G technologies and joint all-domain operations.

PBR 還包括對關鍵技術開發工作的持續投資，例如常規即時打擊、遠程高超音速武器、下一代攔截器、高超音速防禦、廣域網防禦系統和其他太空項目。此外，與洛克希德·馬丁公司投資優先事項一致的關鍵技術領域獲得了更多資金，包括微電子、5G 技術和聯合全域作戰。

We are encouraged by this initial request and look forward to its progression through the authorization and appropriations process. We also anticipate heightened emphasis on National Security prioritization from Congress, supplemental spending requests, including Ukraine and elevated demand from Allies and partners. Turning to the F-35 program. The 83 F-35 Lightning 2 aircraft included in the PBR signals strong support from the services and the administration.

我們對這一初步請求感到鼓舞，並期待通過授權和撥款程序取得進展。我們還預計國會將更加強調國家安全的優先次序，包括烏克蘭在內的補充支出請求以及盟國和合作夥伴的需求增加。轉向 F-35 計劃。 PBR 中包含的 83 架 F-35 Lightning 2 飛機標誌著服務和管理部門的大力支持。

Moreover, the Canadian government's January announcement that it will procure 88 F-35s, marks another milestone in continued international demand for the aircraft. As to production, deliveries of F-35 engines, which are government-furnished equipment resumed in February. And then flight operations and deliveries resumed in March.

此外，加拿大政府 1 月份宣布將採購 88 架 F-35，標誌著國際對該飛機持續需求的又一里程碑。至於生產，政府提供的 F-35 發動機的交付已於 2 月恢復。然後在 3 月恢復了航班運營和交付。

However, we do expect a fraction of total expected 2023 deliveries to be impacted later this year, due to both software maturation related to Technology Refresh 3 or TR3 and hardware delivery timing. However, we anticipate little to no revenue impact from any potential delivery delay, and therefore, no material adverse effect on our 2023 P&L.

但是，由於與 Technology Refresh 3 或 TR3 相關的軟件成熟度以及硬件交付時間，我們確實預計今年晚些時候預計 2023 年總交付量的一小部分會受到影響。但是，我們預計任何潛在的交付延遲對收入的影響很小甚至沒有，因此不會對我們的 2023 年損益產生重大不利影響。

Jay will provide some more color on this, in a moment. Also at Aeronautics, the first Greenville built F-16 Block 70 took flight and was delivered to Bahrain. In addition to the Bahrain customer, 6 countries have selected Block 70 or 72 aircraft and Jordan and Bulgaria have signed letters of agreement for additional jets. Further related to the F-16 in the quarter, while I was at the U.S.-India CEO Forum in March, I had the privilege to announce the memorandum of understanding with the Tata Lockheed Martin Aerostructures Limited joint venture to produce F-16 wing structures in India, demonstrating our commitment to India as an industry partner and customer while bolstering our supply chain.

稍後，Jay 將對此提供更多顏色。同樣在航空，第一架格林維爾製造的 F-16 Block 70 起飛並交付給巴林。除巴林客戶外，還有 6 個國家/地區選擇了 Block 70 或 72 飛機，約旦和保加利亞簽署了額外噴氣式飛機的協議書。進一步與本季度的 F-16 有關，我在 3 月份的美印 CEO 論壇上有幸宣布了與塔塔洛克希德馬丁航空結構有限公司合資生產 F-16 機翼結構的諒解備忘錄在印度，展示了我們作為行業合作夥伴和客戶對印度的承諾，同時加強了我們的供應鏈。

Turning to hypersonics, it is encouraging to see the continued investment outlined in the PBR for the Conventional Prompt Strike Weapon System or CPS, as it begins integration and testing for Zumwalt-class ships, recognizing our advancements in this critical technology. In February, the U.S. Navy awarded Lockheed Martin, an initial contract for CPS, the first sea-based hypersonic strike capability for the United States, enabling long-range missile flight at speeds greater than Mach 5.

談到超音速，令人鼓舞的是看到 PBR 中概述了對常規即時打擊武器系統或 CPS 的持續投資，因為它開始對 Zumwalt 級艦船進行集成和測試，承認我們在這一關鍵技術方面的進步。 2 月，美國海軍授予洛克希德馬丁公司 CPS 初始合同，這是美國第一個海基高超音速打擊能力，能夠以超過 5 馬赫的速度進行遠程導彈飛行。

First delivery is expected by the mid-2020s. Regarding our Air-Launched Rapid Response Weapon, also known as ARRW, we are continuing testing of the system at hypersonic speeds in order to advance technical maturation of the missile and the glide body, and to ensure the final product is safe, reliable and supportive of our customers' missions and future plans. In January, we also completed the second flight test of hypersonic air breathing weapons concept also known as HAWC in partnership with DARPA and the Air Force Research Lab. We accomplished all the test objectives during the second flight test, including affordable rapid development and performance requirements. And in late March, the U.S. Navy announced its support of the hypersonic air-launched offensive anti-surface Strike Weapon, or HALO. Lockheed Martin was down selected and awarded a contract for the first step to fielding a critical capability over the next decade, and begin the design and development of a carrier-based air-breathing hypersonic strike capability for the Navy's fleet.

預計在 2020 年代中期首次交付。關於我們的空射快速反應武器，也稱為 ARRW，我們正在繼續以超音速測試該系統，以推進導彈和滑翔體的技術成熟，並確保最終產品安全、可靠和支持我們客戶的使命和未來計劃。 1 月，我們還與 DARPA 和空軍研究實驗室合作完成了高超音速吸氣武器概念（也稱為 HAWC）的第二次飛行測試。我們在第二次飛行測試中完成了所有測試目標，包括負擔得起的快速開發和性能要求。 3 月下旬，美國海軍宣布支持高超音速空射進攻性反水面打擊武器 (HALO)。洛克希德馬丁公司被選中並獲得了一份合同，在未來十年內部署一項關鍵能力，並開始為海軍艦隊設計和開發基於航母的吸氣式高超音速打擊能力。

As a company, we remain fully committed to developing hypersonic technology on accelerated time lines to meet this critical national security need and establish a solid deterrent posture in this area for the U.S. and its allies. The hypersonic solutions are just one element in our vision of 21st Century Security. We advanced several additional aspects of this strategy during the quarter, including announcing a memorandum of understanding with Juniper Networks to jointly develop integrated hybrid software-defined wide area network solutions and to demonstrate that with our customers in the future.

作為一家公司，我們仍然完全致力於加速開發高超音速技術，以滿足這一關鍵的國家安全需求，並在這一領域為美國及其盟國建立穩固的威懾態勢。超音速解決方案只是我們 21 世紀安全願景中的一個要素。我們在本季度推進了該戰略的其他幾個方面，包括宣布與瞻博網絡達成諒解備忘錄，共同開發集成的混合軟件定義廣域網解決方案，並在未來與我們的客戶進行展示。

This technology enables mission aware dynamic routing, a foundational capability for resilient joint all-domain operations. This mission -- aware dynamic routing shifts the movement of data and communications in real time across a mix of military and commercial infrastructure according to evolving conditions. Our solutions give customers the flexibility to rapidly adapt to maintain the flow of crucial data and information as their assets operate in contested environments.

該技術支持任務感知動態路由，這是彈性聯合全域作戰的基礎能力。這一任務——感知動態路由根據不斷變化的條件在軍事和商業基礎設施的混合中實時轉移數據和通信的移動。我們的解決方案使客戶能夠靈活地快速適應，以在他們的資產在競爭激烈的環境中運行時維持關鍵數據和信息的流動。

We also led simulations of technologies to the U.S. Army, Air Force and Navy to demonstrate the impacts of 5G communications and advanced analytics to significantly improve operations and maintenance performance for a variety of aircraft. As well as for unmanned platforms and operationally challenging environments. And at the Mobile World Congress in Barcelona, I had the opportunity to deliver a keynote address and meet with CEOs across the digital technology, mobile and networking industries to encourage us working together to promote innovative solutions to protect our countries and advance our space exploration capabilities.

我們還領導了美國陸軍、空軍和海軍的技術模擬，以展示 5G 通信和高級分析對顯著提高各種飛機的運營和維護性能的影響。以及無人平台和具有挑戰性的操作環境。在巴塞羅那舉行的世界移動通信大會上，我有機會發表主旨演講，並會見了數字技術、移動和網絡行業的首席執行官，鼓勵我們共同努力，推廣創新解決方案，以保護我們的國家並提高我們的太空探索能力.

Another example of our leadership in accelerating advanced 21st Century technologies to improve national defense and deterrence to conflict is in the arena of directed energy. Recently, our RMS unit achieved success in our initial test of our demos, high-energy laser, which verifies that the lasers optical performance meets the systems targeted design parameters. This 50-kilowatt class laser weapon system aligns with the Army's directed energy short-range air defense mission.

我們在加速 21 世紀先進技術以改善國防和對沖突的威懾方面的領導地位的另一個例子是定向能領域。最近，我們的 RMS 裝置在我們的演示高能激光器的初始測試中取得了成功，驗證了激光器的光學性能滿足系統目標設計參數。這種 50 千瓦級激光武器系統符合陸軍的定向能短程防空任務。

In addition to delivering on absolutely cutting-edge technologies, demand for many of our well-known and long time performing systems continues to be strong. For example, in January, the Australian government announced the purchase of 20 Lockheed Martin, High Mobility Artillery Rocket Systems or the now familiar high marks, providing Australian defense force with a reliable well-proven capability. And we continue to grow our significant partnership with Australia beyond high marks. In February, an agreement was announced between the Australian and United States governments for a foreign military sale of 40 UH-60M Black Hawks for the Australian Army and deliveries are slated to begin, early this year.

除了提供絕對尖端的技術外，對我們許多知名且長期運行的系統的需求依然強勁。例如，澳大利亞政府在 1 月份宣布購買 20 套洛克希德馬丁公司的高機動火砲火箭系統或現在熟悉的 high marks，為澳大利亞國防軍提供可靠且久經考驗的能力。我們繼續發展與澳大利亞的重要夥伴關係，超越高分。 2 月，澳大利亞和美國政府宣布達成協議，向澳大利亞陸軍出售 40 架 UH-60M 黑鷹戰鬥機，預計今年年初開始交付。

The Black Hawk remains unmatched as an all-around multi-role durable military helicopter for Australia and for the 34 other countries, around the globe that use it. Further, we're excited to work with the ADF and Australian industry to develop sovereign satellite communications component otherwise known there as joint Project 9102. The Commonwealth of Australia announced in April that Lockheed Martin was selected as the preferred bidder for JP9102.

對於澳大利亞和全球其他 34 個使用它的國家來說，黑鷹作為一種全能多用途耐用軍用直升機仍然是無與倫比的。此外，我們很高興與 ADF 和澳大利亞工業界合作開發主權衛星通信組件，也就是在那裡稱為聯合項目 9102。澳大利亞聯邦在 4 月宣布，洛克希德馬丁公司被選為 JP9102 的首選投標人。

This multibillion-dollar project will provide the ADF with a robust solution for military satellite communications and defined by its versatility and its resilience. With that, I'll turn the call over to Jay and join you later for questions.

這個耗資數十億美元的項目將為 ADF 提供強大的軍事衛星通信解決方案，並以其多功能性和彈性著稱。有了這個，我會把電話轉給傑伊，稍後再和你一起提問。

Thanks, Jim, and good morning, everyone. Today, I will walk you through our consolidated and business area results for the first quarter and cover our 2023 outlook. As I highlight our results, please follow along with the web charts we have posted with our earnings release today. Let's begin with Chart 3 and an overview of our consolidated financial results.

謝謝，吉姆，大家早上好。今天，我將向您介紹我們第一季度的綜合業績和業務領域業績，並介紹我們 2023 年的展望。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。讓我們從圖 3 和我們的綜合財務業績概覽開始。

Overall, 2023 is off to a solid start positioning us well to meet our commitments for the year. We delivered just over $15 billion of sales with $1.7 billion in segment operating profit, resulting in 11.1% segment operating margin. Earnings per share was $6.61, and we generated $1.3 billion of free cash flow, enabling a solid shareholder return through share repurchases and dividends. Our book-to-bill ratio for the first quarter was 0.7 as anticipated, with backlog expected to increase in the second quarter from the upcoming order for F-35 Lot 17 production.

總體而言，2023 年是一個堅實的開端，使我們能夠很好地履行我們今年的承諾。我們實現了超過 150 億美元的銷售額，分部營業利潤為 17 億美元，分部營業利潤率為 11.1%。每股收益為 6.61 美元，我們產生了 13 億美元的自由現金流，通過股票回購和派息實現了可觀的股東回報。正如預期的那樣，我們第一季度的訂單出貨比為 0.7，預計第二季度的積壓訂單將因即將到來的 F-35 Lot 17 生產訂單而增加。

And we continue to strategically invest in our growth strategy with $600 million of capital expenditures and independent research and development this quarter. These financial results are on track with our expectations for the year. Taking a closer look at the quarter's results with consolidated sales and segment operating profit on Chart 4, first quarter sales increased year-over-year by 1% a Space led the way with 16% growth.

我們在本季度繼續對我們的增長戰略進行戰略性投資，資本支出和獨立研發達 6 億美元。這些財務業績符合我們對今年的預期。通過圖 4 中的合併銷售額和部門營業利潤仔細查看本季度的結果，第一季度銷售額同比增長 1%，Space 以 16% 的增長率領先。

Segment operating profit was down 2% as lower ULA equity earnings and contract mix more than offset the benefits from slightly higher volume and step-ups. As expected, margins contracted mostly due to the lower equity earnings from ULA. Moving to earnings per share on Chart 5. GAAP earnings per share were up $0.17 or 3% over 2022. Adjusted for mark-to-market investment gains, EPS was flat. On an adjusted basis, the unfavorable year-over-year impacts from segment operating profit, interest expense and FAS/CAS pension income were offset by the lower share count.

分部營業利潤下降 2%，因為 ULA 股票收益和合同組合的減少抵消了銷量略有增加和升級帶來的好處。正如預期的那樣，利潤率收縮主要是由於 ULA 的股權收益下降。轉向圖 5 中的每股收益。GAAP 每股收益比 2022 年增長 0.17 美元或 3%。根據按市值計算的投資收益調整後，每股收益持平。在調整後的基礎上，分部營業利潤、利息支出和 FAS/CAS 養老金收入的同比不利影響被較低的股份數量所抵消。

Moving to cash flow on Chart 6. We generated nearly $1.3 billion of free cash flow in the quarter, including nearly $300 million of capital expenditures as well as over $600 million of accelerated payments and continued support of the supply chain. Our cash deployment plan is on track which we expect to accelerate throughout the year.

轉向圖 6 中的現金流。本季度我們產生了近 13 億美元的自由現金流，包括近 3 億美元的資本支出以及超過 6 億美元的加速付款和對供應鏈的持續支持。我們的現金部署計劃正在按計劃進行，我們預計全年都會加速。

In the quarter, we had $500 million of share repurchases and paid almost $800 million in quarterly dividends. Total cash returned to shareholders in the quarter was 101% of free cash flow. Moving to segment results and starting with Aeronautics on Chart 7. First quarter sales at ARRW decreased 2% year-over-year. Lower F-35 production sales were partially offset by higher F-16 and classified program volumes.

本季度，我們進行了 5 億美元的股票回購，並支付了近 8 億美元的季度股息。本季度返還給股東的現金總額佔自由現金流的 101%。轉到細分結果，從圖 7 中的航空業開始。ARRW 第一季度銷售額同比下降 2%。較低的 F-35 產量銷售被較高的 F-16 和分類項目數量部分抵消。

Operating profit was slightly lower than prior year, as the impact from lower net profit adjustments and sales volume was partially offset by favorable contract mix. For the year, we expect F-35 deliveries to be lower than previously anticipated due to software maturation with the Tech Refresh 3 program and hardware delivery timing. We will refine the impact as the year progresses, but do not expect to change to ARRW 2023 sales and profit ranges that we had previously communicated in January. As we maintain our production cost throughput profile for the year.

營業利潤略低於上年，因為較低的淨利潤調整和銷量的影響被有利的合同組合部分抵消。今年，由於 Tech Refresh 3 計劃的軟件成熟度和硬件交付時間，我們預計 F-35 的交付量將低於之前的預期。隨著時間的推移，我們將細化影響，但預計不會改變我們之前在 1 月份公佈的 ARRW 2023 銷售額和利潤範圍。由於我們保持了當年的生產成本吞吐量概況。

Looking at Missiles and Fire Control on Page 8. Sales decreased 3%, as lower sales volume on sensors and global sustainment, as well as our tactical strike missile programs were partially offset by growth in integrated air and missile defense. Segment operating profit was down 2%, driven by lower sales volumes and net profit adjustments partially offset by favorable contract mix. At Rotary and Mission Systems on Page 9, sales were down 1% from 2022, driven by lower volume on Black Hawk production and our C6ISR programs.

查看第 8 頁的導彈和火控。銷售額下降了 3%，因為傳感器和全球維持以及我們的戰術打擊導彈計劃的銷售額下降部分被綜合防空和導彈防禦的增長所抵消。由於銷量下降和淨利潤調整被有利的合同組合部分抵消，該部門營業利潤下降了 2%。在第 9 頁的 Rotary and Mission Systems，銷售額比 2022 年下降了 1%，這是由於 Black Hawk 生產和我們的 C6ISR 計劃的產量下降。

These declines were partially offset by favorable volume on RADAR programs, in Integrated Warfare Systems And Sensors, including Defense of Guam, an important growth area for RMS that was won in 2022. Operating profit decreased 14% due to lower sales volumes and timing of net profit adjustments.

這些下降部分被雷達項目、綜合作戰系統和傳感器的有利數量所抵消，包括關島防禦，這是 RMS 在 2022 年贏得的一個重要增長領域。營業利潤下降了 14%，原因是銷量下降和淨銷售時間下降利潤調整。

Turning to Chart 10 in our Space business area. Sales were up 16% in the quarter, driven by strong growth on the Next Gen Interceptor and classified programs and further boosted by favorable program life cycle timing on Orion, Protected Communications and Fleet Ballistic Missile Programs.

轉到我們太空業務領域的圖 10。本季度銷售額增長 16%，受下一代攔截器和機密項目的強勁增長推動，並進一步受到獵戶座、受保護通信和艦隊彈道導彈項目有利的項目生命週期時間的推動。

Operating profit was up 13%, driven by the increase in volume and favorable profit adjustments partially offset by the lower equity earnings from United Launch Alliance. Okay. Now shifting to the outlook for 2023 on Page 11. For the year, we are reaffirming guidance for all key metrics. We continue to expect sales to be in the range of $65 billion to $66 billion with segment operating margin at 11.2% at the midpoint.

營業利潤增長 13%，受銷量增長和有利的利潤調整的推動，部分被 United Launch Alliance 較低的股權收益所抵消。好的。現在轉到第 11 頁上的 2023 年展望。今年，我們重申對所有關鍵指標的指導。我們繼續預計銷售額將在 650 億美元至 660 億美元之間，中點分部營業利潤率為 11.2%。

We also still expect to deliver free cash flow at or above $6.2 billion while repurchasing $4 billion of outstanding shares. We believe our first quarter results position us to achieve these expectations, as we continue to add orders, be program execution commitments and pursue new opportunities throughout the year. All right. So let's close on Page 12 to summarize the comments.

我們還預計在回購 40 億美元的已發行股票的同時，將提供 62 億美元或以上的自由現金流。我們相信我們的第一季度業績使我們能夠實現這些預期，因為我們將繼續增加訂單，成為計劃執行承諾並全年尋求新機會。好的。因此，讓我們在第 12 頁結束時對評論進行總結。

As noted, first quarter represents a solid start to 2023. We reaffirm key financial metrics as previously guided and continue to expect a return to growth in 2024 and beyond, with consistent free cash flow per share growth. Looking ahead, our strategic focus on 21st Century Security solutions aligns with expected increases to defense and security spending.

如前所述，第一季度代表了 2023 年的良好開端。我們重申之前指導的關鍵財務指標，並繼續預計 2024 年及以後將恢復增長，每股自由現金流量保持穩定增長。展望未來，我們對 21 世紀安全解決方案的戰略重點與國防和安全支出的預期增長相一致。

With our continued discipline and focus on execution, we are on track to meet our expectations for long-term growth and value creation for our shareholders. With that, Lois, let's open up the call for Q&A.

憑藉我們持續的紀律和對執行的專注，我們有望實現我們對股東長期增長和價值創造的期望。有了這個，Lois，讓我們打開問答環節。

(Operator Instructions)

（操作員說明）

Our first question will come from the line of Seth -- I'm sorry, Simen from -- Seifman from JPMorgan.

我們的第一個問題將來自賽斯——對不起，來自摩根大通的塞夫曼的西門。

Apologies, if I lose my voice, a little bit here. But Jay, I wonder if you could talk a little bit about the GAO report would indicate that Sikorsky is bid for FARA was about 45% of that of Bell. And so, it seems like investors are kind of fortunate that, of course, you did not win that competition. And I guess, what can you say to investors -- you talked about some of the classified missile profitability headwinds. I know there was a charge on CH-53K, some ULA development, that kind of the bid process is consistent with generating adequate returns on new work?

抱歉，如果我在這裡失聲了一點。但是傑伊，我想知道你是否可以談談 GAO 報告表明西科斯基對 FARA 的出價約為貝爾的 45%。因此，投資者似乎有點幸運，當然，你沒有贏得那場比賽。我想，你能對投資者說些什麼——你談到了一些機密的導彈盈利逆風。我知道 CH-53K 是收費的，一些 ULA 開發，這種投標過程與新工作產生足夠的回報是一致的嗎？

Great questions. Let me just say on FARA. We're obviously disappointed. We believe that our offering was the best technology to support the multi-mission requirements at the best value. And while, we'll acknowledge that the proposal did include aggressive pricing, A significant amount of our offering included efficiencies made possible by the benefits of 1LMX. In our adoption of 1LMX model-based and digital threat enhancements significantly improved our cost competitiveness, and we expect that to continue in the future. The business case itself was favorable, and that's what enabled the pricing that we were able to offer.

很好的問題。我只想說 FARA。我們顯然很失望。我們相信我們的產品是以最佳價值支持多任務需求的最佳技術。雖然我們承認該提案確實包含激進的定價，但我們提供的大量產品包括 1LMX 的優勢所帶來的效率。在我們採用基於 1LMX 模型和數字威脅增強的過程中，我們顯著提高了我們的成本競爭力，並且我們希望這種情況在未來繼續下去。商業案例本身是有利的，這就是我們能夠提供的定價的原因。

As it relates to, I think, generally speaking, that's how we evaluate these proposals. We look at the NPV, we look at IRR, we look at all different metrics. We look at current affordability. And as I mentioned, at your conference set, I have said on a classified program at MFC, we have to take a little bit of short-term pain for some long-term gain. But the fact of the matter is the business case does provide that long-term gain for us. And so we go through all of that as part of the management decision making, the technology that we can provide.

我認為，一般來說，這就是我們評估這些提案的方式。我們看 NPV，我們看 IRR，我們看所有不同的指標。我們看看目前的負擔能力。正如我提到的，在你們的會議現場，我在 MFC 的一個分類節目中說過，我們必須承受一些短期的痛苦才能獲得一些長期的收益。但事實是，商業案例確實為我們提供了長期收益。因此，我們將所有這些作為管理決策的一部分，我們可以提供的技術。

As you would expect, we have the leverage, we have the capability of wherewithal to provide favorable pricing and outstanding technology offerings to our customer, and we don't do it at the expense of financial returns. Let me just add just on the CH-53K. We did -- we did have something in the press release. That was a small adjustment related to a development contract, an older development contract. There was no adjustments taken on the forward production agreements that we're working on currently.

正如您所期望的那樣，我們有影響力，我們有能力為我們的客戶提供優惠的價格和出色的技術產品，而且我們不會以犧牲財務回報為代價。讓我只添加 CH-53K。我們做了 - 我們在新聞稿中確實有一些東西。這是一個與開發合同相關的小調整，一個較舊的開發合同。我們目前正在製定的遠期生產協議沒有進行任何調整。

The next question is from the line of Kristine Liwag with Morgan Stanley.

下一個問題來自摩根士丹利的 Kristine Liwag。

On the F-35, the talk of the performance-based logistics deal has been ongoing for some time, but it seems like it's possible, you would reach a deal this year. Can you give us an update, in terms of where you stand in transitioning over to a PBL contract in the program and then assuming that PBL meets conditions set by 2022 NDAA, how could this impact the sustainment work and the overall program profile over the coming years?

關於 F-35，關於基於性能的後勤協議的討論已經進行了一段時間，但看起來有可能在今年達成協議。您能否就項目中過渡到 PBL 合同的立場，然後假設 PBL 滿足 2022 NDAA 設定的條件，向我們提供最新情況，這將如何影響未來的維持工作和整體項目概況年？

Thanks, Kristine. It's an excellent question. We did estimate proposal. We are expecting that to be decided by the end of the year and awarded. We think, this is the best solution for the customer, not only over the next 5 years, but frankly, over the -- this is the right program for the life of the program. And what this offers is really a win-win type of solution. It enables us to do -- to utilize our proprietary modeling for material requirements, to most efficiently use inventory and provide real-time availability of material to our customer as they need it. And so, we're able to take that responsibility off their shoulders, being able to provide them the requirements when they need to maintain, obviously, the readiness levels that are necessary. And so overall, not just over the next 5 years, we think it's the right long-term solution for our customer. And we think, again, it's just a win-win proposal. So we're not just the joint -- the services but also industry as a whole.

謝謝，克里斯汀。這是一個很好的問題。我們做了估價提案。我們期待在今年年底前做出決定並授予獎項。我們認為，這對客戶來說是最好的解決方案，不僅在未來 5 年內，而且坦率地說，在整個項目生命週期中都是正確的項目。這提供了真正雙贏的解決方案。它使我們能夠做到——利用我們專有的材料需求模型，最有效地使用庫存，並在客戶需要時向他們提供實時的材料可用性。因此，我們能夠減輕他們的責任，能夠在他們需要保持必要的準備水平時向他們提供要求。因此，總的來說，不僅僅是未來 5 年，我們認為這對我們的客戶來說是正確的長期解決方案。我們再次認為，這只是一個雙贏的提議。所以我們不僅僅是聯合——服務，也是整個行業。

And Kristine, we think we're on a path to establish a PBL with F-35 customer enterprise this year. And that's what we're tracking to.

克里斯汀，我們認為我們今年正在與 F-35 客戶企業建立 PBL。這就是我們正在追踪的。

The next question is from Rob Stallard from Vertical Research.

下一個問題來自 Vertical Research 的 Rob Stallard。

Jim or Jay, neither of you actually mentioned supply chain issues or labor shortages or other things in your commentary. So, I was wondering if you could give us an update on that situation, and whether things have improved.

吉姆或傑伊，你們在評論中都沒有真正提到供應鏈問題或勞動力短缺或其他問題。所以，我想知道你是否可以向我們提供有關這種情況的最新情況，以及情況是否有所改善。

Yes. It's a good question. Rob, our visibility is we're going throughout the year, and I made a few comments, the public comments in the quarter that we were looking at potentially some shortfalls. And partly that was due to the strong performance that we saw in the fourth quarter. Ultimately, the supply chain delivered, I think, for the most part, there are still some pockets that we've seen, particularly where it was impacted in the most was at MFC and RMS. Both of them had some continuing lingering issues that continue to plague us. The on-time delivery performance, really didn't get any better from Q4 and really what we saw in the back half of last year. So as we expected, really going back to when we reset expectations in the second quarter of 2022, we're really not expecting any type of significant recovery to the end of the year, as we go into 2024. So it's essentially more of the same in the first quarter from what we saw previously.

是的。這是個好問題。 Rob，我們的知名度是我們全年都在進行，我發表了一些評論，即本季度的公眾評論，我們正在尋找可能存在的一些不足之處。部分原因是我們在第四季度看到的強勁表現。最終，我認為，在大多數情況下，交付的供應鏈仍然存在一些我們已經看到的口袋，特別是在 MFC 和 RMS 中受影響最大的地方。他們倆都有一些揮之不去的問題繼續困擾著我們。準時交貨表現，從第四季度開始確實沒有任何改善，而且確實是我們在去年下半年看到的。因此，正如我們預期的那樣，真正回到我們在 2022 年第二季度重新設定預期時，我們真的不希望在年底前出現任何類型的顯著復甦，因為我們將進入 2024 年。所以它基本上更多的是與我們之前看到的第一季度相同。

And Rob, it's Jim. We're on the cusp of fully implementing really best practices in supply chain, across this one Lockheed Martin concept that we have now. It used to be that each business unit here, business areas we call it, did its own supply chain management. And then within programs, it was even more narrowly managed. And so, we're now bringing all the aggregate demand together for each supplier across all of Lockheed Martin from Space to MSE and everything in between. And then, we're also looking at components that programs are using in different parts of the company, from mid-tier suppliers and aggregating that demand to and actually synchronizing our requirements so that we can have more bulk buys everything from raw materials up through mid-stage components, et cetera. So, we're implementing those kind of best practices that will be good for the supply base, too. They'll have more reliable demand from our company, in total. And I think, we'll lead -- I hope we'll lead the industry into that future where we help strengthen the supply chain by our practices, in addition to their improvements.

羅布，是吉姆。我們正處於全面實施供應鏈真正最佳實踐的風口浪尖，跨越我們現在擁有的這個洛克希德馬丁公司的概念。過去這裡的每個業務部門，我們稱之為業務領域，都有自己的供應鏈管理。然後在程序中，它的管理更加嚴格。因此，我們現在將所有洛克希德馬丁公司的每個供應商的所有總需求匯總在一起，從太空到 MSE 以及介於兩者之間的一切。然後，我們也在研究項目在公司不同部門使用的組件，從中端供應商，匯總需求，並實際同步我們的需求，這樣我們就可以批量購買從原材料到原材料的所有東西中間階段組件，等等。因此，我們正在實施那些對供應基地也有好處的最佳實踐。總的來說，他們將從我們公司獲得更可靠的需求。而且我認為，我們將引領 - 我希望我們將引領行業走向未來，我們通過我們的實踐幫助加強供應鏈，以及他們的改進。

The next question is from Cai von Rumohr from TD Cowen.

下一個問題來自 TD Cowen 的 Cai von Rumohr。

Yes. So Jay, you had very strong profitability at MFC, 15.8% was up. And yet, you talked of this classified missile program hitting, I think, 50 to 100 bps on margins. Can you update us in terms of -- is that still what the number is, given the strength in the first quarter? And how far out into the future does that extend? And then, maybe more broadly, Northrop also mentioned, maybe on B-21 that they have some fixed price exposure looking out, do you have any other programs, where we should be aware of potential LRIP or fixed price options on programs, out in the future?

是的。所以傑伊，你在 MFC 的盈利能力非常強，增長了 15.8%。然而，你談到這個機密導彈計劃的利潤率達到了 50 到 100 個基點。鑑於第一季度的實力，你能否更新我們的情況 - 這仍然是這個數字嗎？這會延伸到多遠的未來？然後，也許更廣泛地說，諾斯羅普還提到，也許在 B-21 上，他們有一些固定價格風險敞口，你有沒有其他計劃，我們應該知道潛在的 LRIP 或計劃的固定價格選擇，在未來？

Okay. Thanks, Cai, for the question. Let me just address specifically MFC, they did have a strong quarter. If you look throughout the year, where we go from here, in the quarter, they had essentially the highest profit adjustment quarter they're going to have. And so, that's going to step down in the balance of the year. Secondly, we will see more of an impact from the dilutive margins associated with this classified program, in the back half of the year as well. And so, I would expect them to step down in the 13% range in Q2. It will cycle down from there. We're still expecting the full year to be in this 13.5% range, really due to these 2 items. The step-up of profit adjustments will be lower for the balance of the year. And the dilutive impact, it becomes more profound in the back half of the year. As far as, other fixed price production programs, we really -- that's pretty much the large one that we're tracking. We've had the program at Aeronautics, that we took a charge in 2021 on. We continue to monitor that program. It's fixed price development.

好的。謝謝蔡老師的提問。讓我專門談談 MFC，他們確實有一個強勁的季度。如果你看一下全年，我們從這裡開始，在這個季度，他們基本上是他們將擁有的最高利潤調整季度。因此，這將在今年餘下時間減少。其次，我們將在今年下半年看到與該分類計劃相關的稀釋利潤率的更多影響。因此，我預計他們將在第二季度降幅在 13% 的範圍內。它會從那裡向下循環。我們仍然預計全年將在 13.5% 的範圍內，這實際上是由於這兩個項目。利潤調整的幅度將在今年餘下時間降低。而稀釋的影響，在下半年變得更加深刻。就其他固定價格生產計劃而言，我們真的 - 這幾乎是我們正在跟踪的大型計劃。我們在 Aeronautics 有這個項目，我們在 2021 年開始負責。我們繼續監視該程序。這是固定價格的發展。

We still have multiple years of development on that program. And so, that's one that we continue to keep an eye on. But, I think, Greg [Elmer] and his team are really managing that and laser-focused on driving to the customers' requirements and meeting their schedule. And doing it with the cost objectives that we have currently laid out.

我們對該程序還有多年的開發時間。因此，這是我們繼續關注的一個。但是，我認為，Greg [Elmer] 和他的團隊真正做到了這一點，並且專注於滿足客戶的要求並滿足他們的日程安排。並按照我們目前製定的成本目標來做。

Just going back to the MSE in terms of the outlook, we're going to be pressured on margins probably for the next 4 to 5 years on -- predominantly from this program. It will step up. It will probably peak out in 2025, and then stabilize from there. The question -- other question I've been asked on MFC is whether they can grow absolute profit.

就前景而言，回到 MSE，我們可能會在未來 4 到 5 年內承受利潤率的壓力——主要來自這個項目。它會加強。它可能會在 2025 年達到頂峰，然後從那裡穩定下來。問題 - 我在 MFC 上被問到的另一個問題是他們是否可以增加絕對利潤。

And the answer to that question is, yes. And so, while we may see some dilutive impact to margins, we may see profit maybe be flat from 1 year to another overall, over the next 4 to 5 years, we will see profit grow at MFC. And so, those are pretty much the answers to your questions.

這個問題的答案是，是的。因此，雖然我們可能會看到對利潤率的一些稀釋影響，但我們可能會看到利潤可能從一年到另一年持平，在未來 4 到 5 年內，我們將看到 MFC 的利潤增長。因此，這些幾乎就是您問題的答案。

And the next question is from Ron Epstein from Bank of America Securities.

下一個問題來自美國銀行證券公司的 Ron Epstein。

Question for you, maybe a bigger picture question. Second to Kendal was out talking about debt and kind of restructuring that program so that more of the IP is owned by the DoD and having this constant recompetition of contractors and so on and so forth. How does that factor into how you think about that business model? Does that really change anything? And, I don't know, if you could kind of speak about that.

給你的問題，也許是一個更大的問題。其次是 Kendal 出去談論債務和重組該計劃，以便更多的知識產權歸國防部所有，並讓承包商不斷重新競爭等等。這如何影響您對該商業模式的看法？這真的能改變什麼嗎？而且，我不知道，你是否可以談談這個。

Ron, it's Jim. We're constantly and have over the years, the company's history, worked with government on intellectual property, management rights, et cetera. We'll continue to do that. NGAD itself is a concept in progress, I'll call it, the government services, DoD, et cetera, they are formalizing and crafting what NGAD is going to look like. And what NGAD stands for is Next Generation Air Dominance aircraft. So, I think F-15 F-22, that kind of class airplane that's meant to win air combat.

羅恩，是吉姆。多年來，我們一直在公司的歷史上與政府就知識產權、管理權等方面進行合作。我們將繼續這樣做。 NGAD 本身是一個正在進行的概念，我稱之為政府服務部門、國防部等，他們正在規範和設計 NGAD 的外觀。 NGAD 代表的是下一代空中優勢飛機。所以，我認為 F-15 F-22，那種旨在贏得空戰的飛機。

And so, there'll be a mix of crude and uncrude vehicles in that concept. That's still being formulated. We're working with government through our Skunk Works operation, on what the options are there. We'll sort out the intellectual property rules, as we go forward. But frankly, we're driving and advocating strongly for a more open architecture approach to the entire industry, and less proprietary standards and protocols and architectures.

因此，在該概念中將混合使用粗糙和不粗糙的車輛。那還在製定中。我們正在通過我們的臭鼬工廠行動與政府合作，了解有哪些選擇。隨著我們的前進，我們將整理出知識產權規則。但坦率地說，我們正在大力推動和倡導對整個行業採用更開放的架構方法，並減少專有標準、協議和架構。

And we just demonstrated one of those with the docking mechanism for spacecraft, which can be basically implemented on any -- a wide range of spacecraft to do future replenishment of either data fees or fuel, et cetera, to satellites inflate. So those are the kinds of things we're advocating for, and we will always guard and protect our intellectual property rights for the IP that we develop, and we'll work with customers to create the open architecture so that we can continue to compete effectively.

我們剛剛展示了其中一個具有航天器對接機制的系統，它基本上可以在任何航天器上實施——範圍廣泛的航天器，以便在未來補充數據費用或燃料等，使衛星膨脹。所以這些就是我們提倡的事情，我們將始終捍衛和保護我們開發的 IP 的知識產權，我們將與客戶合作創建開放架構，以便我們能夠繼續競爭有效地。

The next question is from Pete Skibitski from Alembic Global Advisors.

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

Jim, I was just wondering, if you could add some more color on sort of where Lockheed stands with hypersonics, just in light of the changes made to ARRW and your HAWC variant. Obviously, CPS looks good. I don't know, how big that could be, but can you walk us through maybe where you're at today in hypersonics? And would the program changes, where things could go, how big it could get?

吉姆，我只是想知道，鑑於對 ARRW 和你的 HAWC 變體所做的更改，你是否可以在洛克希德公司在超音速方面的立場上添加更多顏色。顯然，CPS 看起來不錯。我不知道，它有多大，但你能帶我們看看你今天在超音速領域的進展嗎？計劃是否會發生變化，事情會走向何方，它會發展到多大？

Sure. I'll take the construct and then offer Jay, the opportunity to kind of give you some scoping of where the business side of it could go in revenue growth, et cetera. But hypersonics is a -- it's a complex endeavor. You can kind of build a matrix in your mind, right? There's 2 different kinds of propulsion technologies, right?

當然。我將採用這種結構，然後為 Jay 提供機會，讓您了解其業務方面在收入增長等方面的發展方向。但是高超音速技術是一項複雜的工作。你可以在腦海中建立一個矩陣，對吧？有兩種不同的推進技術，對吧？

One is air breathing. So, think of cruise missile type of a vehicle where the -- there's atmospheric provision of oxygen going through inlet duct, and it's aiding the propulsion system to continue forward. The other technology for propulsion is called Boost Glide. It's more like a kind of space rocket almost. And the fact that it's got either solid fuel rocket or equivalent to that.

一種是呼吸空氣。所以，想一想巡航導彈類型的車輛——大氣中的氧氣通過進氣管，它幫助推進系統繼續前進。另一種推進技術稱為 Boost Glide。它幾乎更像是一種太空火箭。事實上，它有固體燃料火箭或類似的東西。

It gets a big boost off of the launch vehicle or the launch pad, and then the vehicle ultimately separates the glide body, it's called with the warhead from the rocket and on it goes by its -- basically momentum that's already been provided from the boost. So, air breathing is one, boost glides and other. Those are the 2 propulsion technologies.

它從運載火箭或發射台得到很大的推動力，然後運載工具最終將滑翔體分離，它被稱為彈頭與火箭，然後繼續前進 - 基本上已經從助推器中提供了動量.因此，吸氣是其中之一，助推滑行和其他。這些是 2 種推進技術。

And then, there are notions about the source of the launch, right? So you can have ship-based, which is CPS. You can have land based off the Tel vehicle, a transport director launch a vehicle that the Army calls long-range hypersonic weapon, or you could launch this off an aircraft.

然後，有關於發射源的概念，對吧？所以你可以有基於船舶的，這是 CPS。你可以讓 Tel 車輛以地面為基礎，運輸主管發射陸軍稱之為遠程高超音速武器的車輛，或者你可以從飛機上發射它。

And that's the matrix you have to build on your head. What propulsion are we talking about, and what launch platform are we speaking about? So let's just go really quickly through each of those. So ground based. Right now, there's essentially the long-read hypersonic weapon is the game in town. It's very similar to the CPS, which is the ship-based vehicle. It's boost glide and it could be sea -- it's surface launch, Sea or ground.

這就是你必須在頭腦中建立的矩陣。我們在談論什麼推進力，我們在談論什麼發射平台？因此，讓我們快速瀏覽一下其中的每一個。所以基於地面。現在，基本上，長期閱讀的高超音速武器是城裡的遊戲。它與 CPS 非常相似，後者是艦載車輛。它是助推滑翔，它可以是海上——它是水面發射，海上或地面。

That is where the government is placing its bet is on that joint program, CPS and long-read hypersonic weapon. You've pointed out, that we have that contract right now. We're executing on that for both services. Then when you get to air launched, you have the 2 propulsion systems. So HAWC and HALO are the air breathing air launched vehicle, right? The air launched vehicles have a size concern that you have to take into account.

這就是政府將賭注押在聯合計劃、CPS 和長期閱讀的高超音速武器上的地方。你已經指出，我們現在有那個合同。我們正在為這兩項服務執行此操作。然後，當您進行空中發射時，您將擁有 2 個推進系統。那麼 HAWC 和 HALO 是吸氣式空氣發射載具，對吧？空中發射的車輛有一個尺寸問題，您必須考慮到這一點。

So what airplanes can carry such a product or such a weapon. The boost glide is a heavier, larger vehicle, which we have been testing through the ARRW program, and it's going to be a matter of what aircraft the Air Force and ultimately, the Navy want to use to bring the hypersonic weapons that they will have, into the battle. And that's the discussion that's going on in the services. That's the way to frame all of this. Those are all government decisions. We're supporting really all the matrix, if you will, at this point with either a development program like ARRW or production program like CPS. So I'll stop there, and give Jay a chance to kind of give you some scope on what the growth for the company could make.

那麼什麼飛機可以攜帶這樣的產品或者這樣的武器。助推滑翔是一種更重、更大的運載工具，我們一直在通過 ARRW 計劃對其進行測試，這將取決於空軍和海軍最終希望使用哪種飛機來攜帶他們將擁有的高超音速武器，投入戰鬥。這就是服務中正在進行的討論。這就是構建所有這些的方式。這些都是政府的決定。如果你願意的話，我們現在支持所有的矩陣，無論是像 ARRW 這樣的開發程序還是像 CPS 這樣的生產程序。所以我就到此為止，給 Jay 一個機會，讓你了解公司的增長可能帶來的影響。

Sure. It's -- today, it's about a $1.5 billion business for us in the aggregate, all of those programs that Jim mentioned. We expect that to continue to grow and be a contributor of its one of our growth -- 4 growth pillars. It's not the largest because it's smaller than some of the other contributors, but it still provides healthy growth. And there's upside to that related to hypersonic defense.

當然。它是——今天，它對我們來說總共是一項價值 15 億美元的業務，所有這些項目都是吉姆提到的。我們預計它將繼續增長並成為我們增長之一的貢獻者 - 4 個增長支柱。它不是最大的，因為它比其他一些貢獻者小，但它仍然提供健康的增長。與高超音速防禦相關的還有好處。

And so, when I talk about $1.4 billion or $1.5 billion going to with solid growth that's embedded in our growth projection, it's really these weapon systems that Jim just mentioned.

因此，當我談到 14 億美元或 15 億美元將在我們的增長預測中嵌入穩健增長時，吉姆剛才提到的這些武器系統確實如此。

The next question is from the line of Rich Safran from Seaport Global Securities.

下一個問題來自 Seaport Global Securities 的 Rich Safran。

Jim, Jay Maria, -- so I wanted to know, if you could just expand on your opening remarks about international demand. I wanted to know if you could maybe discuss some of the timing of international award opportunities, where you're seeing the most demand for what types of equipment? And finally, here, are you seeing any more interest in Direct Commercial versus FMS and the international orders that you're signing up now?

Jim、Jay Maria，所以我想知道，您是否可以擴展您關於國際需求的開場白。我想知道您是否可以討論一些國際獎項機會的時間安排，您在哪裡看到對哪種設備的需求最大？最後，在這裡，您是否看到了對直接商業與 FMS 以及您現在簽署的國際訂單的更多興趣？

Rich, good question on international. For us, over the next 5 years or so, we expect international to be a significant contributor to our growth. It's embedded amongst each of our 4 pillars. But when you strip out international alone, you're talking high single-digit growth there.

豐富，關於國際的好問題。對我們來說，在未來 5 年左右的時間裡，我們預計國際業務將成為我們增長的重要貢獻者。它嵌入在我們的 4 個支柱中。但是當你單獨剔除國際業務時，你說的是那裡的高個位數增長。

As far as contracting, most of that, particularly as you deal with munitions is FMS, including as well F-35 program. So most of that, that right now that we've got embedded in our forecast, particularly on the growth side is FMS related. We just -- as Jim mentioned in his prepared remarks, we're very excited about the Australian military satellite communication program. It's a multibillion-dollar opportunity. And that really expands the international footprint of our space business, which has historically been predominantly a domestic U.S.-based business.

就合同而言，其中大部分，特別是當你處理彈藥時，是 FMS，包括 F-35 計劃。所以大部分，現在我們已經嵌入到我們的預測中，特別是在增長方面，與 FMS 相關。我們只是——正如吉姆在他準備好的發言中提到的那樣，我們對澳大利亞軍事衛星通信計劃感到非常興奮。這是一個價值數十億美元的機會。這確實擴大了我們太空業務的國際足跡，該業務歷來主要是美國國內業務。

So these opportunities continue to present themselves, there's a lot more opportunity in front of us, and it is absolutely a growth driver for us over the next 5 years.

所以這些機會不斷出現，我們面前有更多的機會，這絕對是我們未來 5 年的增長動力。

Yes. And I could add some more background to Jay's remarks there. I mentioned Space, there's an incredible amount of upside. The notion of independent for sovereign satellite communication for military and national defense is catching on, if you will. The U.K. already has a system like this, but they want to replace and upgrade that. Australia is getting into that game as well.

是的。我可以為 Jay 的發言添加更多背景信息。我提到了 Space，它有令人難以置信的上升空間。如果您願意，用於軍事和國防的主權衛星通信獨立的概念正在流行。英國已經有了這樣的系統，但他們想更換和升級它。澳大利亞也加入了這場遊戲。

And I think, there'll be countries in the Middle East and elsewhere that will look into these options for Space. On the ARRW side, the F-35 has been incredibly popular. And I think on every competition, meaningful competition over the last few years as far as fifth-generation fighter aircraft go.

我認為，中東和其他地方會有一些國家會研究這些太空選擇。在 ARRW 方面，F-35 非常受歡迎。我認為在過去幾年的每一次比賽中，就第五代戰鬥機而言，都是有意義的比賽。

In addition to that, F-16, we can't build them fast enough, additional orders coming in. We're going to compete in India to try to get that order as well. And it's a matter of us being able to get to the production rate that the international is demanding and requesting of us there.

除此之外，F-16，我們不能足夠快地建造它們，額外的訂單進來了。我們將在印度競爭，試圖獲得該訂單。這關係到我們能否達到國際對我們的要求和要求的生產率。

RMS is having a lot of success with the SEAHAWK helicopter, for example, and various versions of the Black Hawk, as we mentioned, Australia as part of that. Also, their radar systems are becoming more exportable, as we go forward and both in Europe and Asia, there's demand for those. And then at MFC, obviously, PAC-3, Javelin, GMLRS, ultimately potentially JASSM and LRASM for some are closer allies are going to be in the mix. So there's a wide and broad range across all of our business areas of significant international demand that we'll be seeing over the next few years.

例如，RMS 在 SEAHAWK 直升機和各種版本的黑鷹直升機方面取得了很大的成功，正如我們提到的，澳大利亞是其中的一部分。此外，他們的雷達系統越來越適合出口，隨著我們的發展，在歐洲和亞洲，對這些系統都有需求。然後在 MFC，顯然，PAC-3、標槍、GMLRS，最終可能是 JASSM 和 LRASM，因為一些更親密的盟友將加入其中。因此，我們將在未來幾年看到我們所有業務領域的廣泛和廣泛的國際需求。

Contracting that through the FMS process does take some time. On the other hand, there are a few DCS programs and projects, but a lot of this is going to be -- continue to be export controlled by the U.S. government, and they'll be largely FMS. But it's a broad range. It's going to last for many years. And, we'll continue to be updating you on other programs that start getting more international traction.

通過 FMS 流程簽訂合同確實需要一些時間。另一方面，有一些 DCS 計劃和項目，但其中很多將繼續受美國政府的出口控制，而且它們主要是 FMS。但它的範圍很廣。它會持續很多年。而且，我們將繼續為您更新其他開始獲得更多國際關注的計劃。

The next question is from Myles Walton from Wolfe Research.

下一個問題來自 Wolfe Research 的 Myles Walton。

Maybe on RMS, could you talk about the driver to the expansion in the margin implied in the guidance, I guess, a couple of hundred basis points implied run rate for the rest of the year. Is that something programmatic? Was there extra R&D associated with FLRAA? And also on FLRAA, now that, that decision has made, anything you anticipate needing to do at Sikorsky to maintain competitiveness?

也許在 RMS 上，你能談談指導中隱含的利潤率擴張的驅動因素嗎？我想，今年剩餘時間隱含運行率幾百個基點。那是程序化的東西嗎？是否有與 FLRAA 相關的額外研發？還有在 FLRAA 上，既然已經做出決定，您預計西科斯基需要做些什麼來保持競爭力？

So Myles, on your first question on RMS margins, again, the first quarter was 10%. We've got a guide of nearly 12% for the year. What happens is a little bit of the opposite of MFC. This was their lowest profit adjustment quarter of the year. We expect that to grow based on the program schedules and the risk retirements that we've received for the balance of the year.

所以邁爾斯，關於你關於 RMS 利潤率的第一個問題，第一季度再次是 10%。我們得到了今年近 12% 的指導。發生的事情與 MFC 有點相反。這是他們今年最低的利潤調整季度。我們預計它會根據計劃時間表和我們在今年餘下時間收到的風險退休金增長。

And, so that will step up. And just give you just a frame of reference. The first quarter, the step-ups were about 20% of their profit. For the full year, we're expecting that to be closer to 30% for profit adjustment for the full year for RMS. So that will be a big contributor to the increase in profitability. The second element is that we have just some sales mix.

而且，這將加強。並且只是給你一個參考框架。第一季度，增幅約為其利潤的 20%。對於全年，我們預計 RMS 的全年利潤調整將接近 30%。因此，這將是盈利能力增長的重要貢獻者。第二個要素是我們只有一些銷售組合。

We have some passes to higher-margin sales in the second half of the year, which will also give a boost to their margins. So that's fundamentally what's happening at RMS. As far as FLRAA, we had in any impacts related to Sikorsky, part of -- we had announced a cost reduction program in the fourth quarter had taken a few charges, about $100 million of charges at RMS in the fourth quarter.

我們在今年下半年獲得了一些利潤率更高的銷售機會，這也將提高他們的利潤率。所以這基本上就是 RMS 正在發生的事情。就 FLRAA 而言，我們對 Sikorsky 產生了任何影響，其中一部分——我們在第四季度宣布了一項成本削減計劃，其中有一些費用，第四季度在 RMS 的費用約為 1 億美元。

About, maybe half of that was related to Sikorsky, in cost reduction and cost competitiveness. And so, we have just an interesting dynamic there that while we've got production particularly in the Black Hawk stepping down here in 2023, it actually steps up slightly again in 2023 -- I'm sorry, in 2024. And then, we have significant growth on the CH-53 program in '24, where we're expecting to double our deliveries on that program. And so, we're just dealing with a 1-year type of a trough, I would say.

在降低成本和成本競爭力方面，大約有一半與西科斯基有關。因此，我們在那裡有一個有趣的動態，雖然我們的生產特別是黑鷹在 2023 年下台，但它實際上在 2023 年再次略有上升——對不起，在 2024 年。然後，我們24 年的 CH-53 計劃取得了顯著增長，我們預計該計劃的交付量將翻一番。因此，我會說，我們只是在處理 1 年類型的低谷。

I think the team -- [Stephanie Hill] and her team have done a nice job of rightsizing the cost structure for where we are today, while at the same time maintaining the capability to provide this growth in the future.

我認為團隊 - [Stephanie Hill] 和她的團隊在調整我們今天所處的成本結構方面做得很好，同時保持了在未來提供這種增長的能力。

The next question is from the line of Matt Akers from Wells Fargo Securities.

下一個問題來自 Wells Fargo Securities 的 Matt Akers。

I wanted to ask about Missiles and Fire Control. You made some comments in the opening remarks about some of the multiyear procurement programs going on now. When should we think about sort of transitioning from kind of flattish sales this year. I think, you've talked about mid-single-digit growth. And then also, is there any investment needed to support that in terms of capacity, scaling up your business there?

我想問一下導彈和火力控制。您在開場白中就目前正在進行的一些多年期採購計劃發表了一些評論。我們什麼時候應該考慮從今年的持平銷售中過渡。我想，你已經談到了中等個位數的增長。然後，是否需要任何投資來支持在容量方面擴大您的業務？

Yes. So, when you look at it over the next 5 years at MFC, they're certainly our strongest grower. We'll lay out a little bit more specifics, as we go through our strategic planning process in the summer. And we give you kind of a first look on 2024 and maybe beyond, when we do that in the October call. But certainly are our strongest grower. Yes, there are capacity investments. Jim mentioned some of the funding that is being proposed in the presidential budget request for facilitization investments. We have also invested our own monies and capability. PAC-3 is a good example and a few other programs where we've gotten in front of funding to make sure that we can deliver to the requirements for capacity and delivery requirements that our customer is asking for. And so again, I think we've got a good beat there. We've talked about different capacity levels over the next few years. These -- we reach some of these levels in '25, '26 and '27. And that investment really between now, and over the next few years is going to help enable that capacity increase in growth as well.

是的。所以，當你在 MFC 的未來 5 年裡看它時，他們肯定是我們最強大的種植者。我們將在夏季進行戰略規劃過程時提供更多細節。當我們在 10 月的電話會議上這樣做時，我們會讓您初步了解 2024 年甚至以後的情況。但肯定是我們最強大的種植者。是的，有產能投資。 Jim 提到了總統預算申請中提議的一些資金用於便利化投資。我們也投入了自己的資金和能力。 PAC-3 是一個很好的例子，我們在其他一些項目中獲得了資金，以確保我們能夠滿足客戶要求的容量和交付要求。因此，我認為我們在那裡取得了不錯的成績。我們已經討論了未來幾年不同的容量水平。這些——我們在 25 年、26 年和 27 年達到了其中一些水平。從現在到未來幾年，這項投資實際上也將有助於實現產能增長。

Yes. It's Jim, Matt. I can give you some details on exactly what we're talking about here. So for PAC-3 capacity in 2022 was 450, and we're planning to make the investments in working with government to coordinate with us, on this to 550 by 2026. So just 3 years from now, we'll go from 450 to 550. And then, similar with the Javelin, which has been pretty widely discussed in the past, our 2022 capacity was about 2,000 a year. And by 2026, we'll have it to 3,500 plus.

是的。是吉姆，馬特。我可以為您提供一些關於我們在這裡討論的內容的詳細信息。因此，2022 年 PAC-3 的容量為 450，我們計劃投資與政府合作，與我們協調，到 2026 年達到 550。所以僅僅 3 年後，我們將從 450 增加到550. 然後，與過去廣泛討論的標槍類似，我們 2022 年的產能約為每年 2,000 輛。到 2026 年，我們將擁有 3,500 多個。

And ultimately, we're going to get to 4,000. When it comes to GMLRS, which is the HIMARS munition, the original capacity last year was 10,000. We're taking that to 14,000 by 2026. So these are meaningful step-ups, I guess, you could call them in capacity. And we're doing those because we think we have really strong demand for that capacity to fill it. And we're now programming which customers go where, and what point in time and working with the U.S. government to do that with -- along with their own priorities.

最終，我們將達到 4,000。說到GMLRS，也就是HIMARS彈藥，去年的原始容量是10000發。到 2026 年，我們將把這個數字提高到 14,000。因此，我想這些都是有意義的提升，你可以稱它們為容量。我們正在做這些，因為我們認為我們對這種能力有非常強烈的需求來填補它。我們現在正在規劃哪些客戶去哪裡，在什麼時間點，並與美國政府合作來做到這一點——以及他們自己的優先事項。

So we've got a significant plan to grow the business at MSE. There's investment either through our own rates in our CapEx plan plus funds committed by the government because we are making a pretty strong case, I think, with them to drive an antifragility program into munitions, and other sort of high importance production facilities and production systems, we got asked to double or triple production in certain munitions.

所以我們有一個重要的計劃來發展 MSE 的業務。通過我們資本支出計劃中我們自己的利率加上政府承諾的資金進行投資，因為我認為我們正在提出一個非常有力的理由，與他們一起將反脆弱性計劃推向彈藥，以及其他類型的高度重要的生產設施和生產系統，我們被要求將某些彈藥的產量提高一倍或三倍。

And the answer came back. It's -- as you see, it's going to take 3 years to do a lot of that. We want to get the fragility out of the system. So, if this ever happens again, it's 6 months instead of 3 years to get a meaningful improvement in capacity. And that's how you see the government acting now, with the long lead time parts and the facilitization and the multiyears that they're now implementing.

答案又回來了。正如您所見，需要 3 年時間才能完成很多工作。我們希望擺脫系統的脆弱性。因此，如果這種情況再次發生，則需要 6 個月而不是 3 年才能獲得有意義的容量改進。這就是你看到政府現在採取行動的方式，他們現在正在實施較長的提前期部分和便利化以及多年的行動。

Your next question is from the line of Jason Gursky with Citigroup..

你的下一個問題來自花旗集團的 Jason Gursky。

Bookkeeping question for you and then Jim, a more strategic one. Bookkeeping question, Jay, what kind of book-to-bill do you need to have this year, to support the commentary about return to growth in '24, the timing of those awards important. And then for Jim, I'm going to just have you double-click a little bit on the Evolve initiative and the announcement that you made here recently, with the Crescent organization and supporting linear communications. Just kind of curious, from a big picture perspective, what kind of capital you're anticipating putting into an organization like Crescent and the capital that you're going to be putting into this Evolve initiative over time.

你的簿記問題，然後是吉姆，一個更具戰略意義的問題。簿記問題，傑伊，今年你需要什麼樣的訂單到賬單，以支持關於 24 年恢復增長的評論，這些獎項的時機很重要。然後對於 Jim，我將讓你雙擊 Evolve 計劃和你最近在這裡發布的公告，以及 Crescent 組織和支持線性通信。只是有點好奇，從大局的角度來看，您預計會向 Crescent 這樣的組織投入什麼樣的資金，以及隨著時間的推移，您將向這個 Evolve 計劃投入什麼樣的資金。

So let me just start with the book-to-bill question, Jason. Essentially, it's one. Last year, we ended the book -- the backlog at $150 billion. This year, we're planning for that to be around the case, maybe it's down $1 billion or up $1 billion. But effectively, a one book-to-bill sets us up for the growth to resume in 2024. So we don't need to necessarily see the backlog. There is opportunity for it to grow from where we are, and where we landed or ended in 2022. But right now, we're planning for that to be generally flattish, and that's where we need to be to drive the growth resumption in 2024.

那麼讓我從訂單到賬單的問題開始，Jason。本質上，它是一個。去年，我們結束了這本書——積壓了 1500 億美元。今年，我們計劃圍繞這個案例，可能減少 10 億美元或增加 10 億美元。但實際上，一個訂單出貨量讓我們為 2024 年恢復增長做好了準備。所以我們不一定要看到積壓。它有機會從我們現在所在的地方以及我們在 2022 年登陸或結束的地方增長。但現在，我們計劃使其總體持平，這就是我們需要在 2024 年推動增長恢復的地方.

And Jason, let me put the whole notion of Evolve and Crescent into the overall strategy of the company for you and provide context that way. We've got 3 main strategic initiatives at the company that we're driving. One I just mentioned, is just to take the fragility out of the production system, not just for Lockheed Martin, but for U.S. government and our industry. And we just described some of the ways that we're endeavoring to do that with government.

Jason，讓我將 Evolve 和 Crescent 的整個概念融入公司的整體戰略中，並以這種方式提供背景信息。我們正在推動的公司有 3 項主要戰略舉措。我剛才提到的一個，就是消除生產系統的脆弱性，不僅是為了洛克希德馬丁公司，也是為了美國政府和我們的行業。我們剛剛描述了我們正在努力與政府合作的一些方式。

And, so that's the first strategy. The second one is, as you've heard us talk about before 21st Century Security and that is working beyond the 5 defense primes in our supply chains to bring the latest and most advanced (inaudible) and digital technologies into national defense. And that means, we have to work at Lockheed Martin with a wider variety of companies from the tech sector to laser-guided weapons supply chain companies that we may not be doing current business with, and they can be start-ups to Microsoft size corporation.

而且，這是第一個策略。第二個是，正如你在 21 世紀安全之前聽到我們談論的那樣，它正在超越我們供應鏈中的 5 個防禦素數，將最新和最先進的（聽不清）和數字技術引入國防。這意味著，我們必須在洛克希德馬丁公司與更廣泛的公司合作，從科技行業到激光制導武器供應鏈公司，我們目前可能沒有與之開展業務，它們可以是初創公司，也可以是微軟規模的公司.

So, we are structuring our company to be able to participate and cooperate and collaborate with that much broader range of partners to deliver this 21st century security concept. And so Evolve is meant to complement what we already had. We have a ventures group, Lockheed Martin Ventures that deals with start-ups that have technology that are promising for our core business.

因此，我們正在構建我們的公司，以便能夠與更廣泛的合作夥伴參與、合作和協作，以實現這個 21 世紀的安全概念。因此，Evolve 旨在補充我們已有的東西。我們有一個風險投資集團，Lockheed Martin Ventures，與那些擁有對我們的核心業務有前途的技術的初創企業打交道。

On the other side, we have partnerships and agreements and arrangements with our Big 5 defense prime, so to speak, so Northrop Grumman, us and BAE, for example, work together on the F-35 aircraft, and there are many, many of those. But what we needed in the middle was something to work with midsized companies and in the technology sector to work with us in ways that really don't have a traditional history with companies like Lockheed Martin and our peer group.

另一方面，我們與我們的 Big 5 國防巨頭有合作夥伴關係、協議和安排，可以這麼說，所以諾斯羅普格魯曼公司、我們和 BAE，例如，在 F-35 飛機上合作，有很多很多那些。但我們在中間需要的是與中型公司和技術部門合作的東西，以與洛克希德馬丁和我們的同行集團等公司真正沒有傳統歷史的方式合作。

And so Evolve is now meant to be able to do joint ventures, co-investments, commercial arrangements with midsized to large companies outside of our normal sphere, so to speak, and deliver on new capabilities for Space exploration and also for national defense. So Crescent is the business that will work with others outside of Lockheed Martin to figure out how to finance, and then how to implement and how to sustain lunar services, right, everything from transportation on the surface to basically the Uber for the moon, if you will, at the end of the day to the communications and positioning and navigation systems that you need to have on orbit around the moon, so that you can actually operate on the LUNAR surface with either robotics or with humans.

因此，Evolve 現在意味著能夠與我們正常領域之外的中型到大型公司進行合資、共同投資、商業安排，可以這麼說，並為太空探索和國防提供新的能力。所以 Crescent 是一家將與洛克希德馬丁公司以外的其他公司合作的公司，以弄清楚如何融資，然後如何實施和維持月球服務，對，從地面交通到基本上是月球上的 Uber 的一切，如果在一天結束時，您將獲得在月球軌道上所需的通信、定位和導航系統，以便您可以使用機器人或人類在月球表面實際操作。

So Crescent has decided to do that. The capital that we will deploy to build that type of business will be more creatively sourced, right? It will just -- it will not come out of the disclosure statement that goes back to the DoD or NASA into our rates, right? It's going to be independently sourced. We may contribute -- our partners may contribute directly, but they will be outside the rate structure and the federal acquisition regulations so that we can get the full benefit of those investments over time, and also created more creatively finance them and partner with others to do that.

所以 Crescent 決定這樣做。我們將部署用於建立此類業務的資金將更具創造性，對嗎？它只會 - 它不會從返回到國防部或美國國家航空航天局的披露聲明中得出我們的費率，對嗎？它將獨立採購。我們可能會做出貢獻——我們的合作夥伴可能會直接做出貢獻，但他們將不受費率結構和聯邦採購法規的約束，這樣我們就可以隨著時間的推移從這些投資中獲得全部收益，並且還可以更有創意地為他們提供資金並與其他人合作以去做。

So that's the concept. That's why we're doing it, and we intend to grow it, without necessarily burdening the CapEx disclosure statement and ramifications of that to the company.

這就是概念。這就是我們這樣做的原因，我們打算發展它，而不必增加資本支出披露聲明的負擔以及對公司的影響。

And by breaking it out of the business area, business structure, it enables these ideas and these pursuits to really operate at a speed and agility level. They probably wouldn't otherwise be available to them, working within the bureaucratic structure that we have in our business areas with the multi -- all the policies and procedures that we have. And so we give them a little bit more flexibility to operate with some speed. And as Jim mentioned, the ability to pursue co-investment by others as well.

通過將其從業務領域、業務結構中分離出來，它使這些想法和這些追求能夠真正以速度和敏捷的水平運作。他們可能無法以其他方式使用，在我們業務領域的官僚結構中工作，我們擁有多種政策和程序。因此，我們為他們提供了更多的靈活性，讓他們能夠以一定的速度進行操作。正如吉姆提到的那樣，也有能力尋求其他人的共同投資。

The next question is from the line of Scott Deuschle from Credit Suisse.

下一個問題來自瑞士信貸的 Scott Deuschle。

Jay, if I were to model Q2 through Q4 space system sales, based off of Q1 and just adjust for an increased number of weeks in those future reporting periods. I think that would get to around $12.8 billion in Space segment sales for the year, versus the guidance midpoint of $11.6 million. So basically, 10% higher than what you've guided.

傑伊，如果我要根據第一季度對第二季度到第四季度的空間系統銷售進行建模，並根據未來報告期間增加的周數進行調整。我認為今年太空部門的銷售額將達到 128 億美元左右，而指導中點為 1160 萬美元。所以基本上，比你指導的高 10%。

So curious, if you could comment on what prevents that type of upside case from happening? Or to ask another way, what the volume headwinds are in the remainder of the year relative to the first quarter?

很好奇，您能否評論一下是什麼阻止了這種情況的發生？或者換句話說，與第一季度相比，今年剩餘時間的逆風是什麼？

Yes, it's a good question, Scott. And as I mentioned in my remarks, they had excellent growth from Next Gen Interceptor classified programs and national security space, areas that you would expect. But they also had some growth, and I mentioned that there was boosted some protected comms programs, Orion, Fleet Ballistic Missiles. Those are programs we're expecting to be a little bit more steady state. And so they just were -- they just benefited from some program timing here in the quarter.

是的，這是個好問題，斯科特。正如我在發言中提到的那樣，他們在下一代攔截器機密項目和國家安全領域取得了出色的增長，這些領域都是你所期望的。但它們也有一些增長，我提到有一些受保護的通信程序、獵戶座、艦隊彈道導彈得到了提升。這些是我們期望更加穩定的程序。所以他們只是 - 他們只是從本季度的一些計劃時間中受益。

And just to give you an example, protected comms was up 50% in the quarter. We're expecting that to generally be flat for the year. Orion was up 20% in the quarter. We're expecting that to generally be flat for the year. FBM was up about 20% in the quarter, and that was pretty much the full year's worth of growth all in the third quarter. And so just -- these things all came together here in the first quarter that really caused this growth of 16%.

舉個例子，受保護的通信在本季度增長了 50%。我們預計今年總體上持平。 Orion 在本季度上漲了 20%。我們預計今年總體上持平。 FBM 在本季度增長了約 20%，這幾乎是第三季度全年的增長值。所以 - 這些事情都在第一季度聚集在一起，真正導致了 16% 的增長。

We expect these programs, I just mentioned to really normalize in the balance of the year. We will continue to see some growth in some of these other programs. I will acknowledge it probably has some upside to their sales, but it's not $1 billion that you're talking anywhere between $100 million to $200 million of probably upside to where we are today.

我們希望我剛才提到的這些計劃能夠在今年餘下時間真正正常化。我們將繼續看到其他一些項目有所增長。我會承認這可能對他們的銷售額有一些好處，但你所說的 1 億到 2 億美元之間的任何地方都不是 10 億美元，可能比我們今天的水平要好。

The next question is from the line of George Shapiro with Shapiro Research..

下一個問題來自 George Shapiro with Shapiro Research..

Yes. Jay, I wanted to pursue some of these other income numbers because they were actually a big part of the large beat this quarter relative to my expectation anyway. So, if you look at -- the other net that's in operating income, it was $2 million, you kept the guide at minus $3.25 million for the year. So what happens in the subsequent quarters, it's all negative [$100 million] plus? Or is there some quarter that's abnormally high? And then somewhat less, but Other nonoperating income was $49 million, you disclosed $29 million of that was the venture stuff, what was the other $20 million? And, I left out the $29 million in the other net number, which was for deferred compensation adjustment.

是的。傑伊，我想研究其他一些收入數字，因為無論如何，相對於我的預期，它們實際上是本季度大幅增長的重要組成部分。所以，如果你看看 - 營業收入中的另一個淨額是 200 萬美元，你將全年的指南保持在負 325 萬美元。那麼接下來的幾個季度會發生什麼，都是負數 [1 億美元] 加上？還是某個季度異常高？然後稍微少一些，但其他非營業收入為 4900 萬美元，你披露其中 2900 萬美元是風險投資，另外 2000 萬美元是多少？而且，我在另一個淨額中遺漏了 2900 萬美元，這是用於遞延補償調整。

Okay. Let me -- so George, a fair question. Just -- to may take a big question, the big picture question in terms of what happens for the balance of the year. Just on the investment gains, obviously, we saw that in the quarter. We talked about that being $0.18 implied because we're not changing it implies that will reverse in the balance of the year. So we'll see. We'll give that an update in the second quarter, update we're halfway through the year, and make a call on that.

好的。讓我 - 所以喬治，一個公平的問題。只是 - 可能會提出一個大問題，關於今年餘下時間會發生什麼的大問題。顯然，就投資收益而言，我們在本季度看到了這一點。我們談到這是隱含的 0.18 美元，因為我們沒有改變它，這意味著它將在今年的餘額中逆轉。所以我們拭目以待。我們將在第二季度進行更新，更新我們已經過了一年的一半，然後就此進行調用。

The other element we just were speaking about a little bit in terms of our investment in LM Evolve, we have some of those investments increasing in the balance of the year as well. And then there's a residual corporate costs that we have flowing through. And so, all those things are allocated. We'll monitor those throughout the rest of the year and see whether or not, again, I think we'll just make an assessment halfway through the year on where we are those things.

我們剛才談到的另一個因素是我們對 LM Evolve 的投資，其中一些投資也在今年的餘額中增加。然後是我們流經的剩餘公司成本。所以，所有這些東西都被分配了。我們將在今年餘下的時間裡監控這些，我想我們是否會在今年的中途對這些事情進行評估。

To the extent there's upside, we'll make an update at that point in time.

如果有上行空間，我們將在那個時間點進行更新。

The next question is from Ken Herbert from RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Ken Herbert。

Jay or Jim, I wanted to see, if you can provide a little more granularity on the TR3 and the F-35 program. Specifically, it seems like that programs faced ongoing delays and other headwinds in terms of adoption and implementation. But, how is that impacting deliveries this year? And how do you see that timing of that getting back on track?

Jay 或 Jim，我想看看你是否可以提供更多有關 TR3 和 F-35 計劃的詳細信息。具體來說，這些計劃似乎在採用和實施方面面臨持續的延誤和其他不利因素。但是，這對今年的交付有何影響？您如何看待重回正軌的時機？

Yes, Ken, it's Jim. In the around, we're in the very late innings of fully implementing this Tech Refresh 3. The point of it is really critical and that is it gives us much, much greater capability to really make the F-35, a true edge compute node and an open architecture, Internet of Things construct system. And so the 3 elements of an edge compute node in a 5G system, our data storage onboard vehicle, data processing on board the vehicle multi-path ability to get back to the cloud, right? Defining the cloud as to whatever your enterprise is. And the TR3 upgrade provides all of that.

是的，肯，是吉姆。在這附近，我們正處於全面實施此技術更新 3 的最後階段。它的重點非常關鍵，那就是它為我們提供了真正製造 F-35 的真正邊緣計算的強大得多的能力節點和開放架構，構建物聯網系統。那麼 5G 系統中邊緣計算節點的 3 個要素，我們的車載數據存儲，車載數據處理的車輛多路徑返回雲端的能力，對嗎？根據您的企業定義雲。而 TR3 升級提供了所有這些。

It's coming together of a number of components, I'll call them, and subcomponents, which is pretty intricate fairly leading edge for the aerospace industry to accomplish, and it's being done. So there have been some delays in some of the hardware and software, but we're really in the very late innings of getting this all together. We're literally in flight test right now. And will we wrap all that up by October or December, et cetera, we've got to see what the test results are, and work with the government to define exactly when everybody is ready to go and implement in our production system in the factory, those software loads.

它由許多組件組成，我稱之為子組件，這是航空航天業要完成的相當複雜的相當前沿的任務，並且正在完成。所以在一些硬件和軟件方面出現了一些延遲，但我們真的處於將這一切整合在一起的最後階段。我們現在確實在進行飛行測試。我們會在 10 月或 12 月之前完成所有這些嗎，等等，我們必須看看測試結果是什麼，並與政府合作以準確定義每個人何時準備好在我們的工廠生產系統中實施，那些軟件負載。

And that's where we're at now. So, I would consider this extremely high degree of difficulty dive, and we're going to make sure that it's done right and we can produce at rate in our Block 15. So that's what we're up to. And we're working closely with the joint program office to define that, and make that successful. And we are seeing the demand for the aircraft, both from the U.S. and international customers really kind of blossom here lately. So, I think, we're in good shape on the program.

這就是我們現在所處的位置。所以，我會考慮這種難度極高的潛水，我們將確保它做對了，我們可以在我們的 Block 15 中按速度生產。這就是我們要做的。我們正在與聯合項目辦公室密切合作來定義它，並使其成功。我們看到美國和國際客戶對這架飛機的需求最近在這裡蓬勃發展。所以，我認為，我們在這個項目上的狀態很好。

All right. Lois, this is Maria. I think we've come to the top of the hour. So I'm just going to quickly turn it back to Jim, for any final thoughts.

好的。洛伊絲，這是瑪麗亞。我想我們已經到了最高峰。因此，我將快速將其轉回給吉姆，以徵求任何最終想法。

Thanks, Maria. As we conclude, I'd like to say thank you to our 116,000 employees here at Lockheed Martin, for their commitment to providing our customers the 21st Century digital and physical technologies that will help them deter conflict and win, if they have to. So thank you all again for joining us today. We look forward to speaking with you on our next earnings call in July. And Lois, that concludes our call today.

謝謝，瑪麗亞。在我們結束時，我想感謝我們在洛克希德馬丁公司的 116,000 名員工，感謝他們致力於為我們的客戶提供 21 世紀的數字和物理技術，這些技術將幫助他們阻止衝突並在必要時獲勝。再次感謝大家今天加入我們。我們期待在 7 月份的下一次財報電話會議上與您交談。 Lois，我們今天的電話會議到此結束。

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

謝謝。女士們，先生們，我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。