洛克希德·馬丁 (LMT) 2023 Q2 法說會逐字稿

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

大家早上好，歡迎參加洛克希德·馬丁公司 2023 年第二季度盈利結果電話會議。今天的通話正在錄音。現在，我想將電話轉給投資者關係副總裁 Maria Ricciardone Lee 進行開場發言和介紹。請繼續。

Thank you, Lois, and good morning. I'd like to welcome everyone to our second 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.

謝謝你，路易斯，早上好。歡迎大家參加我們的 2023 年第二季度收益電話會議。今天與我一起參加電話會議的還有我們的董事長、總裁兼首席執行官 Jim Taiclet；和我們的首席財務官 Jay Malave。今天的電話會議中做出的非歷史事實的陳述被視為前瞻性陳述，並且是根據聯邦證券法的安全港條款做出的。

Actual results may differ materially from those projected in the forward-looking statements. 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've 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.

實際結果可能與前瞻性陳述中的預測存在重大差異。請參閱今天的新聞稿和我們向 SEC 提交的文件，了解可能導致實際結果與前瞻性聲明中的結果存在重大差異的一些因素的描述。我們今天在網站上發布了圖表，我們計劃在電話會議中討論這些圖表以補充我們的評論。這些圖表還包括有關今天電話會議中可能使用的非公認會計準則衡量標準的信息。請訪問我們的網站 www.lockheedmartin.com 並單擊投資者關係鏈接查看並關注圖表。

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

說到這裡，我想把電話轉給吉姆。

Thanks, Maria. Good morning, everyone, and thank you for joining us on our second quarter 2023 earnings call. I'll begin today with a few key strategic and operational highlights, and then Jay will discuss our quarterly financial results and full year 2023 outlook.

謝謝，瑪麗亞。大家早上好，感謝您參加我們的 2023 年第二季度財報電話會議。今天我將首先介紹一些關鍵的戰略和運營亮點，然後 Jay 將討論我們的季度財務業績和 2023 年全年展望。

Starting on Page 3 of the slides. Our Q2 financial results were strong with sales of $16.7 billion, up 8% year-over-year and double-digit growth at both Aeronautics and Space. Backlog reached a record level of $158 billion, up $8 billion from year-end, resulting from a book-to-bill of [1.7x] in the quarter. Orders included an approximately $8 billion option award for the 126 F-35s for production Lot 17 as well as significant awards to ramp up munitions at MFC.

從幻燈片的第 3 頁開始。我們第二季度的財務業績強勁，銷售額達 167 億美元，同比增長 8%，航空航天業務均實現兩位數增長。由於本季度訂單出貨比 [1.7 倍]，積壓訂單達到創紀錄的 1,580 億美元水平，比年底增加 80 億美元。訂單包括為第 17 批生產的 126 架 F-35 提供約 80 億美元的選擇權，以及為 MFC 增加彈藥的重要合同。

This highest ever backlog gives us visibility into multiyear sales of our key programs and enables our suppliers to be better positioned to meet growing demand. Segment operating profit of $1.9 billion in the quarter reflected an operating margin of 11.1%. Free cash flow was $771 million, and we remain committed to advancing technology and expanding production capacity. So in Q2, we invested $356 million of company-funded R&D and $329 million of capital expenditures to address our customers' needs and requirements. Meanwhile, we returned almost 2x free cash flow to you, the shareholders. Given the strong results in the first half of this year, we are raising and narrowing our full year 2023 financial outlook.

這一有史以來最高的積壓訂單使我們能夠了解關鍵項目的多年銷售情況，並使我們的供應商能夠更好地滿足不斷增長的需求。本季度該部門營業利潤為 19 億美元，營業利潤率為 11.1%。自由現金流為 7.71 億美元，我們仍然致力於推進技術和擴大產能。因此，在第二季度，我們投資了 3.56 億美元的公司資助研發和 3.29 億美元的資本支出，以滿足客戶的需求和要求。與此同時，我們向股東們返還了近兩倍的自由現金流。鑑於今年上半年的強勁業績，我們上調並縮小了 2023 年全年財務展望。

For sales, we are raising the midpoint of our range by $1 billion to a revised expectation of between $66.25 billion to $66.75 billion. And for EPS, we are raising the midpoint of our range by $0.35 to a revised expectation of between $27 to $27.20 per share. We are confident in our ability to achieve these higher expectations and return to growth sooner than previously anticipated.

對於銷售額，我們將區間中點上調 10 億美元，調整後的預期為 662.5 億美元至 667.5 億美元。對於每股收益，我們將區間中點上調 0.35 美元，調整後的預期為每股 27 美元至 27.20 美元。我們對實現這些更高期望並比之前預期更快恢復增長充滿信心。

Turning to the state of the defense budget. The outcome of the debt ceiling negotiations preserve top line defense spending at the President's budget request for FY '24. It also stipulated defense budget growth in FY '25 while allowing for additional support through supplemental funding. The embedded 3% growth in the proposed FY '24 defense budget included funding for 83 F-35 aircraft with supplemental funding to support munitions investment that will enable us to ramp up production rates under new multiyear contracting authorities. While there are still numerous steps to reach final approval and funding for the FY 2024 budget, we're encouraged by the strong support for our program so far, and we look forward to the completion of committee reviews in the full appropriations process.

轉向國防預算的狀況。債務上限談判的結果使國防開支維持在總統 24 財年預算要求的範圍內。它還規定 25 財年國防預算增長，同時允許通過補充資金提供額外支持。擬議的 24 財年國防預算中包含的 3% 增長包括為 83 架 F-35 飛機提供資金，並提供支持彈藥投資的補充資金，這將使我們能夠在新的多年合同授權下提高生產率。雖然 2024 財年預算的最終批准和資助仍需採取許多步驟，但迄今為止我們的計劃得到的大力支持讓我們深受鼓舞，我們期待在整個撥款流程中完成委員會審查。

On the F-35 program, we continue to see strengthening customer demand, both domestically and internationally. The Czech Republic has expressed interest in the aircraft and Israel has formally decided to add 25 more F-35s expanding their fleet by 50%. We delivered 50 F-35 in the first half of 2023, all of which were delivered in the Technology Refresh 2 or TR-2 configuration.

在 F-35 項目上，我們繼續看到國內和國際客戶的需求不斷增強。捷克共和國已表達了對該飛機的興趣，以色列已正式決定再增加 25 架 F-35，將其機隊規模擴大 50%。我們在 2023 年上半年交付了 50 架 F-35，所有這些都是以技術更新 2 或 TR-2 配置交付的。

During the first quarter earnings call, we indicated that an anticipated reduction to 2023 deliveries from what we initially thought last year, due to software maturation, acceptance and certification related to the Technology Refresh 3 or TR-3 configuration and hardware delivery timing. Our current view is we expect to deliver 100 to 120 F-35 aircraft in 2023. Importantly, there is no change to our longer-term delivery outlook of 156 aircraft in 2025 and in the foreseeable future. And the supply chain and production system continues to execute at a rate to support these future deliver targets.

在第一季度財報電話會議上，我們表示，由於與技術更新 3 或 TR-3 配置和硬件交付時間相關的軟件成熟、接受和認證，預計 2023 年的交付量將比我們去年最初的預期減少。我們目前的觀點是，預計在 2023 年交付 100 至 120 架 F-35 飛機。重要的是，我們在 2025 年和可預見的未來交付 156 架飛機的長期交付前景沒有變化。供應鍊和生產系統繼續以支持這些未來交付目標的速度執行。

Our team remains fully dedicated to delivering the first TR-3 aircraft in 2023. We have completed 58 flight tests on 4 different aircraft in the TR-3 configuration including a successful flight test for the most recent software release that happened in May. That software update brought in the next set of critical capabilities such as upgraded data links, the new electro-optical targeting system and Radar. In the coming weeks and months, we will begin testing multi-ship missions, sensor fusion and additional weapons among other capabilities as part of the next software release.

我們的團隊仍然全力致力於在 2023 年交付第一架 TR-3 飛機。我們已經在 4 架不同 TR-3 配置的飛機上完成了 58 次飛行測試，包括 5 月份發生的最新軟件版本的成功飛行測試。該軟件更新引入了下一組關鍵功能，例如昇級的數據鏈路、新的光電瞄準系統和雷達。在接下來的幾周和幾個月裡，我們將開始測試多艦任務、傳感器融合和附加武器以及其他功能，作為下一個軟件版本的一部分。

TR-3 significantly updates core processing power and memory capacity as well as modernizes the computational core of the F-35 to enable Block 4 capabilities. It is a significant hardware and software upgrade that will greatly enhance the mission capability of the aircraft, which is on track to be the free world's predominant fighter for many decades into the future. Meanwhile, we are continuing the long tradition of leading the development of the next generation of military aviation in this time with both piloted and unpiloted aircraft at our Skunk Works operation in California's high desert.

TR-3 顯著更新了核心處理能力和內存容量，並對 F-35 的計算核心進行了現代化改造，以實現 Block 4 功能。這是一次重大的硬件和軟件升級，將大大增強飛機的任務能力，該飛機有望在未來幾十年成為自由世界的主要戰鬥機。與此同時，我們在加利福尼亞州高沙漠的臭鼬工廠運營的有人駕駛和無人駕駛飛機上，繼續著引領下一代軍用航空發展的悠久傳統。

Skunk Works just celebrated its 80th year anniversary in June. That's 8 years of pushing the innovation envelope from the U-2 in the 1950s that continues to fly today to the Mach 3+ SR-71 to pioneering stealth aircraft and beyond by advancing hypersonic, artificial intelligence and other revolutionary technologies. Skunk Works continues to create exciting feats of engineering and goes beyond the edge of known science for our customers. A prime example today that we can discuss is our partnership with NASA to develop and build the X-59, the prototype that will quiet the supersonic boom and lead someday perhaps to supersonic commercial flights over land. This elegant and amazing airplane is advancing a pace towards its first test flight.

Skunk Works 於 6 月剛剛慶祝成立 80 週年。這八年來，我們通過推進高超音速、人工智能和其他革命性技術，不斷突破創新極限，從 20 世紀 50 年代仍在飛行的 U-2，到今天的馬赫數 3+ SR-71，再到開創性的隱形飛機及其他飛機。 Skunk Works 繼續為我們的客戶創造令人興奮的工程壯舉，並超越已知科學的邊緣。今天我們可以討論的一個典型例子是我們與 NASA 合作開發和製造 X-59，這款原型機將平息超音速熱潮，並可能有一天引領超音速陸地商業飛行。這架優雅而令人驚嘆的飛機正在向首次試飛邁進。

And our company pioneering spirit has lived even longer in the world of rotorcraft helicopters. At the Paris Air Show, Sikorsky celebrated its 100th anniversary. Yes, 100 years ago, Igor founded Sikorsky or Engineering Company on a chicken farm in Long Island, New York, with a small team of engineers and craftsman, many of whom are immigrants like himself who fled the Russian Revolution. In 1939, he brought his dream to reality when he piloted the first practical helicopter, the VS-300 as it left the ground for all of 10 seconds. His passion for innovation and perseverance to achieve his vision carry on in the Sikorsky culture today and throughout Lockheed Martin.

我們公司的開拓精神在旋翼直升機領域更加長久。在巴黎航展上，西科斯基慶祝了成立 100 週年。是的，100 年前，伊戈爾在紐約長島的一個養雞場創立了西科斯基工程公司，擁有一小群工程師和工匠，其中許多人是像他一樣逃離俄羅斯革命的移民。 1939 年，他將自己的夢想變成了現實，駕駛第一架實用直升機 VS-300，它離開地面整整 10 秒鐘。他對創新的熱情和實現願景的毅力在今天的西科斯基文化和整個洛克希德·馬丁公司中得以延續。

Sikorsky signature product line, the H-60 Black Hawk family of military helicopters also perseveres around the world. The U.S. State Department is approved a possible foreign military sale to Norway for 6 MH-60 Romeo multi-mission helicopters and related equipment. And Spain signed a letter of offer and acceptance for 8 MH-60R Seahawk aircraft as well. We achieved several milestones in the quarter in support of other NATO allies as well.

西科斯基標誌性產品線 H-60 黑鷹系列軍用直升機也在世界各地持續存在。美國國務院已批准向挪威出售 6 架 MH-60 羅密歐多任務直升機及相關設備。西班牙也簽署了8架MH-60R海鷹飛機的報價和接受函。在支持其他北約盟國方面，我們在本季度也實現了幾個里程碑。

The German Air Force successfully launched the PAC-3 missile segment enhancement or MSE Interceptor from a German modified launcher. This flight test was the last step before delivering PAC-3 MSE to Germany later this year. We also entered into an agreement with Rheinmetall Defense to collaborate on a unique rocket artillery system to be produced in Germany.

德國空軍從德國改裝的發射裝置成功發射了 PAC-3 導彈段增強型或 MSE 攔截彈。這次飛行測試是今年晚些時候向德國交付 PAC-3 MSE 之前的最後一步。我們還與萊茵金屬防務公司達成協議，合作開發在德國生產的獨特火箭炮系統。

And earlier in July, Rheinmetall selected a site in Germany to build a factory to manufacture F-35A center fuselages. This partnership, which was first announced in February between Lockheed Martin, Northrop Grumman and Rheinmetall expand supply chain capacity for the F-35. Production is expected to start with our new German partner in 2025. In addition, our relationship with Poland continues to progress. With the first F-35 Lightning II for the Polish Air Force formally entering production and the initial shipment of HIMARS launchers to Poland.

7月初，萊茵金屬在德國選址建設工廠，生產F-35A中央機身。洛克希德·馬丁公司、諾斯羅普·格魯曼公司和萊茵金屬公司於 2 月份首次宣布的這一合作夥伴關係擴大了 F-35 的供應鏈產能。預計我們的新德國合作夥伴將於 2025 年開始生產。此外，我們與波蘭的關係繼續取得進展。隨著波蘭空軍的第一架 F-35 Lightning II 正式投入生產，以及 HIMARS 發射器首次運往波蘭。

The U.S. State Department also approved a multibillion-dollar potential foreign military sale to Poland for PAC-3 with modernized sensors and components. On top of that, our partnership with Australia continues to advance as well. In April, as mentioned on our last earnings call, the Commonwealth of Australia selected Lockheed Martin as the preferred bidder for Project 9102, a sovereign military satellite communication system for the Australian defense force. We're excited at the prospect of deepening our relationship with a diverse team of Australian companies and helping establish Victoria as the engineering and technical hub for Australian Defense.

美國國務院還批准了向波蘭出售價值數十億美元的帶有現代化傳感器和組件的 PAC-3 的潛在外國軍售。最重要的是，我們與澳大利亞的伙伴關係也在繼續推進。今年 4 月，正如我們在上次財報電話會議上提到的，澳大利亞聯邦選擇洛克希德·馬丁公司作為 9102 項目的首選投標人，該項目是澳大利亞國防軍的主權軍事衛星通信系統。我們對加深與澳大利亞多元化公司團隊的關係並幫助將維多利亞打造為澳大利亞國防工程和技術中心的前景感到興奮。

Also at space, Lockheed Martin will be taking on a major role in Blue Origin's national team to develop and demonstrate a human lunar landing system for the Artemis program. Our space operations will be building humanity's first Cislunar Transporter, which will enable recurring Astronaut expeditions to the moon surface and back from NASA's Gateway space station. Finally, we continue to advance our integrated 21st Century security digital technology architecture during the quarter.

同樣在太空領域，洛克希德·馬丁公司將在藍色起源國家團隊中發揮重要作用，為阿耳忒彌斯計劃開發和演示載人登月系統。我們的太空業務將建造人類第一架地月運輸機，這將使宇航員能夠定期前往月球表面並從美國宇航局網關空間站返回。最後，我們在本季度繼續推進集成的 21 世紀安全數字技術架構。

In May, as part of the U.S. Indo-Pacific Command Joint Fires network, we successfully demonstrated digital command and control C2 to synchronize joint all-domain operations during the Northern Edge exercise near Alaska. The exercise demonstrated the ability to successfully integrate with both Lockheed Martin and third-party platforms and aircraft, including F-35s. The system performed C2 functions across all the military services all levels of operation and across multiple domains from space to air to surface.

今年 5 月，作為美國印太司令部聯合火力網絡的一部分，我們在阿拉斯加附近的北方邊緣演習中成功演示了數字指揮和控制 C2，以同步聯合全域作戰。此次演習展示了與洛克希德·馬丁公司以及第三方平台和飛機（包括 F-35）成功集成的能力。該系統在所有軍事部門的所有作戰級別以及從太空到空中到地面的多個域中執行指揮控制功能。

This is the first time joint force synchronization has been demonstrated at this scale. It was a major milestone for all joint all-domain command and control interoperability and our company's vision for 21st Century Security. The result of this demonstration will help shape future JADC2 capabilities and continue Igor Sikorsky and Skunk Works pioneering legacy into the digital world. Also, as part of the Northern Edge exercise, the Lockheed Martin and Aeronautics and RMS teams demonstrated the first use of artificial intelligence capabilities on a stocker unmanned aircraft system for recognition and tracking of ships at sea.

這是首次以如此規模展示聯合部隊同步。這是所有聯合全域指揮和控制互操作性以及我們公司 21 世紀安全願景的一個重要里程碑。此次演示的結果將有助於塑造未來的 JADC2 功能，並繼續 Igor Sikorsky 和 ​​Skunk Works 在數字世界中的開拓傳統。此外，作為“北方邊緣”演習的一部分，洛克希德·馬丁公司以及航空和皇家郵輪團隊展示了首次在庫存無人機系統上使用人工智能功能來識別和跟踪海上船隻。

This capability showcased the value of using relatively cheap drones to greatly enhance the capability of and improve the survivability of much more valuable manned aircraft and ships. All these types of digital technology enhancements require reliable access to advanced semiconductor in support of this crucial priority, I recently had the opportunity to join GlobalFoundries CEO, Tom Caulfield; and Senate Majority Leader Schumer to announce the collaboration that will advance U.S. semiconductor manufacturing and strengthen resiliency within Americas supply chain. This partnership enables us to more quickly and affordably produce 21st Century security technologies that increase the turns for the United States and its allies.

這種能力展示了使用相對便宜的無人機來大大增強更有價值的有人駕駛飛機和艦艇的能力並提高其生存能力的價值。所有這些類型的數字技術增強都需要可靠地訪問先進的半導體來支持這一關鍵優先事項，我最近有機會加入 GlobalFoundries 首席執行官 Tom Caulfield；和參議院多數黨領袖舒默宣布合作，這將推動美國半導體製造並增強美國供應鏈的彈性。這種夥伴關係使我們能夠更快、更經濟地生產 21 世紀安全技術，從而增加美國及其盟國的利益。

Alongside Senator Schumer and other leaders in industry, Congress and the administration, we remain strongly supportive of the bipartisan CHIPS and Science Act signed into law last year. The Lockheed Martin team will work closely with GlobalFoundries as we expand our critical manufacturing line in New York and with our semiconductor other semiconductor and tech industry partners across the country to ensure access to made in America microelectronics for our platforms and systems.

我們與舒默參議員以及工業界、國會和政府的其他領導人一起，仍然強烈支持去年簽署成為法律的兩黨《CHIPS 和科學法案》。洛克希德·馬丁公司團隊將與 GlobalFoundries 密切合作，擴大我們在紐約的關鍵生產線，並與全國各地的半導體及其他半導體和科技行業合作夥伴密切合作，以確保我們的平台和系統能夠使用美國製造的微電子產品。

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

這樣，我會將電話轉給 Jay，稍後再與您一起回答問題。

Thanks, Jim, and good morning, everyone. Today, I'll walk you through our consolidated results and business area performance for the second quarter of 2023. I'll also provide an update to our full year guidance. As I described by our results, please follow along with the web charts we have posted with our earnings release today.

謝謝吉姆，大家早上好。今天，我將向您介紹 2023 年第二季度的綜合業績和業務領域業績。我還將提供全年指導的更新。正如我在我們的結果中所描述的，請關注我們今天發布的收益發布中的網絡圖表。

Beginning on Chart 4. Let's take a closer look at second quarter results with consolidated sales and segment operating profit. Second quarter sales increased 8% year-over-year, driven by Aeronautics and space, both with double-digit growth in the quarter. This growth partly benefited from last year's $325 million impact from unrecognized F-35 sales. Excluding that benefit, sales were up 6% year-over-year, with Aero still up 12%. Segment operating profit was up 5% year-over-year driven by the sales growth, which more than offset lower net favorable profit adjustments aligned to risk retirement timing. As expected, segment margins were 11.1%.

從圖 4 開始。讓我們仔細看看第二季度的業績，包括合併銷售額和部門營業利潤。在航空和航天業務的推動下，第二季度銷售額同比增長 8%，本季度均實現兩位數增長。這一增長部分得益於去年未被確認的 F-35 銷售帶來的 3.25 億美元的影響。排除這一收益，銷售額同比增長 6%，其中 Aero 仍增長 12%。在銷售增長的推動下，分部營業利潤同比增長 5%，這足以抵消與風險退休時間相關的較低淨利潤調整。正如預期，分部利潤率為 11.1%。

Moving to earnings per share on Chart 5. On an adjusted basis, EPS was up 6.5%, driven by higher profit and a lower share count, partially offset by increased interest expense.

轉向圖 5 的每股收益。在調整後的基礎上，每股收益增長了 6.5%，這是由於利潤增加和股票數量減少所推動的，但部分被利息支出增加所抵消。

Moving to cash flow on Chart 6. We generated $771 million of free cash flow in the quarter with nearly $330 million of capital expenditures. On a year-over-year basis, our free cash flow included $330 million of higher tax payments from the R&D capitalization legislation. Once again, Dividends and share repurchases exceeded free cash flow in the quarter, demonstrating our commitment to shareholder returns. For the first half of 2023, we have returned almost $2.8 billion or 137% of free cash flow through dividends and share repurchases.

轉向圖 6 所示的現金流。本季度我們產生了 7.71 億美元的自由現金流，其中資本支出近 3.3 億美元。與去年同期相比，我們的自由現金流包括因研發資本化立法而增加的 3.3 億美元稅款。本季度的股息和股票回購再次超過自由現金流，體現了我們對股東回報的承諾。 2023 年上半年，我們通過股息和股票回購返還了近 28 億美元，即自由現金流的 137%。

In the quarter, we issued $2 billion of debt across 3 tranches for a weighted coupon of 4.8%. We had intended to raise the debt early in 2024 to support share repurchases, but accelerated the issuance to give us flexibility and coverage going into the debt ceiling negotiations.

本季度，我們分 3 期發行了 20 億美元的債務，加權票面利率為 4.8%。我們原本打算在 2024 年初籌集債務以支持股票回購，但加快了發行速度，以便為我們進入債務上限談判提供靈活性和覆蓋範圍。

Okay. Let's turn over to moving to the segment results and starting with Aeronautics on Chart 7. Second quarter sales at Aero increased $1 billion, driven by higher volume on the F-35, C-130 and classified programs. On F-35, we saw strong year-over-year growth in production and sustainment with some of the favorability due to the previously mentioned impact in the second quarter of 2022 due to the Lot 15 to 17 funding timing. Excluding that benefit, Aeronautics was up 12%. Operating profit increased to 17% over the prior year based on the higher sales.

好的。讓我們轉向細分市場的業績，首先從圖 7 上的航空部門開始。在 F-35、C-130 和機密項目銷量增加的推動下，航空部門第二季度銷售額增加了 10 億美元。在 F-35 上，我們看到產量和維持量同比強勁增長，並且由於前面提到的 2022 年第二季度第 15 至 17 批次融資時機的影響而受到一些青睞。排除該收益，航空業上漲 12%。由於銷售額增加，營業利潤較上年增長 17%。

As Jim mentioned, we were pleased that the joint program office exercised the next option Lot 17 on the F-35 contract in the quarter. F-35 backlog now stands at 421 aircraft at the end of the quarter. It offers longer-term clarity for our production operations and provide stability to our supply chain partners. Looking at Missiles and Fire Control on Page 8. Sales were comparable to last year, as higher sales volume on tactical strike missile programs were offset by lower volume within integrated air and missile defense.

正如 Jim 提到的，我們很高興聯合項目辦公室在本季度行使了 F-35 合同的下一個選項 Lot 17。截至本季度末，F-35 積壓訂單目前為 421 架。它為我們的生產運營提供了長期的清晰度，並為我們的供應鏈合作夥伴提供了穩定性。查看第 8 頁的導彈和火控。銷售額與去年相當，因為戰術打擊導彈計劃的銷售額增加被綜合防空和導彈防禦領域的銷售額下降所抵消。

As expected, segment operating profit and margins were down year-over-year, driven by lower net profit adjustments. MFC increased the backlog by $6.5 billion in the second quarter, reflecting a record $9 billion of orders in the quarter and a [3.3%] book-to-bill ratio.

正如預期，由於淨利潤調整較低，分部營業利潤和利潤率同比下降。 MFC 第二季度的積壓訂單增加了 65 億美元，反映出該季度創紀錄的 90 億美元訂單和 [3.3%] 的訂單出貨比。

The orders were -- increases were broad-based across several of our key programs, including PAC-3, GMLRS, HIMARS, JASSM and LRASM and Javelin.

我們的幾個關鍵項目的訂單廣泛增加，包括 PAC-3、GMLRS、HIMARS、JASSM、LRASM 和 Javelin。

At Rotary and Mission Systems on Page 9, sales declined 3% in the quarter driven by lower volume on Black Hawk as the program continues to transition from multi-year IX to multi-year X. This decline was partially offset by favorable volume across several RADAR programs within integrated warfare systems and sensors. Operating profit decreased slightly due to lower sales volume and net profit estimates partially offset by higher equity earnings.

第 9 頁的 Rotary and Mission Systems 銷售額下降了 3%，原因是黑鷹計劃繼續從多年期 IX 過渡到多年期 X，銷量下降。這一下降被多個項目的良好銷量部分抵消。綜合戰爭系統和傳感器中的雷達項目。由於銷量下降和淨利潤預期下降，營業利潤略有下降，但被股本收益上升部分抵消。

There were a few significant offsetting items that drove net profit adjustments down $40 million year-over-year. We recorded an unfavorable adjustment of $100 million on the Canadian maritime helicopter program due to updated forecast, partially offset by a $65 million benefit on an international airborne surveillance program.

有一些重大的抵消項目導致淨利潤調整同比減少 4000 萬美元。由於更新的預測，我們對加拿大海上直升機計劃進行了 1 億美元的不利調整，但部分被國際機載監視計劃的 6500 萬美元收益所抵消。

Turning to Chart 10. In our Space business area, Sales were up 12% year-over-year, driven by continued development activity on the Next Gen Interceptor and classified programs with additional upside coming from Orion. Operating profit increased 15% and margins were up 30 basis points, driven by the increased volume and higher equity earnings from United Launch Alliance year-over-year.

轉向圖 10。在我們的太空業務領域，銷售額同比增長 12%，這得益於下一代攔截器和分類項目的持續開發活動以及 Orion 帶來的額外優勢。由於聯合發射聯盟的銷量增加和股本收益同比增長，營業利潤增長了 15%，利潤率增長了 30 個基點。

Now shifting to the outlook for 2023 on Page 11. For the full year, we've increased our sales, segment operating profit and earnings per share outlook, while also tightening the ranges based on our strong year-to-date performance. At a consolidated levels, sales are up $1 billion at the midpoint to $66.5 billion, allowing us to return to growth in 2023 earlier than previously anticipated. And segment operating profit is up $45 million at the midpoint to $7.35 billion.

現在轉向第 11 頁的 2023 年展望。對於全年，我們提高了銷售額、部門營業利潤和每股收益的預期，同時根據我們年初至今的強勁表現收緊了範圍。在綜合水平上，銷售額中值增長了 10 億美元，達到 665 億美元，這使我們能夠比之前的預期更早地在 2023 年恢復增長。該部門營業利潤中值增長了 4500 萬美元，達到 73.5 億美元。

At the business area level, we've increased Aero's outlook for sales by $250 million with profit up $25 million based on higher volume on F-35 sustainment and classified work at Skunk Works. As we mentioned previously, we expect minimal impact to our cost throughput in 2023 as a result of the lower F-35 aircraft deliveries. And while we expect there to be some pressure on cash collections, we are driving offset opportunities to make up any shortfalls. At space, we're raising the sales midpoint by $750 million on higher development volume and the profit point by $20 million as the benefit from higher sales is partially offset by a lower ULA earnings outlook.

在業務領域層面，基於 Skunk Works 的 F-35 維護和機密工作量增加，我們將 Aero 的銷售額預期提高了 2.5 億美元，利潤提高了 2500 萬美元。正如我們之前提到的，我們預計 F-35 飛機交付量下降對 2023 年成本吞吐量的影響極小。雖然我們預計現金收款會面臨一些壓力，但我們正在推動抵消機會來彌補任何短缺。在太空領域，由於開發量的增加，我們將銷售中點提高了 7.5 億美元，並將利潤點提高了 2000 萬美元，因為銷售額增加帶來的好處被 ULA 盈利前景的降低部分抵消了。

Lastly, we're maintaining our free cash flow guidance at or above $6.2 billion and remain committed to $4 billion of share repurchases with $2.7 billion in the back half of the year. We continue to expect that these repurchases along with dividends, will generate a return more than 100% of our free cash flow to shareholders for the year.

最後，我們將自由現金流指引維持在 62 億美元或以上，並繼續致力於在今年下半年回購 27 億美元的 40 億美元股票。我們仍然預計，這些回購連同股息將為我們今年為股東帶來超過 100% 的自由現金流回報。

Looking at the 2023 earnings per share expectation changes on Page 12, we've increased the EPS midpoint by $0.35 with a large portion, $0.14 coming from improved business area profit. We expect $0.11 benefit from a lower share count, and we also expect a $0.06 benefit from a lower tax rate to 15% or about 20 basis points. The remaining $0.04 comes from a mix of miscellaneous offsetting items.

查看第 12 頁上的 2023 年每股收益預期變化，我們將 EPS 中點提高了 0.35 美元，其中很大一部分（0.14 美元）來自業務領域利潤的改善。我們預計股票數量減少將帶來 0.11 美元的收益，我們還預計稅率降低至 15% 或約 20 個基點將帶來 0.06 美元的收益。剩餘的 0.04 美元來自各種抵消項目。

Finally, on Page 13 and to summarize and close out our comments. Our first half results were strong, driving our return to growth a year earlier than anticipated and leading to the increased outlook for sales, profit and EPS. Our backlog gives us confidence in our expected growth acceleration in 2024 and beyond. In addition, we remain committed to reward shareholders through industry-leading dividends and robust share repurchases. And finally, we continue to focus on our strategic initiatives, 21st Century Security and [1 LMX] in order to transform our business and extend our industry leadership while delivering consistent and reliable shareholder returns.

最後，在第 13 頁總結並結束我們的評論。我們上半年的業績強勁，推動我們比預期提前一年恢復增長，並提高了銷售、利潤和每股收益的前景。我們的積壓訂單讓我們對 2024 年及以後的預期增長加速充滿信心。此外，我們仍然致力於通過行業領先的股息和強勁的股票回購來回報股東。最後，我們繼續專注於我們的戰略舉措、21 世紀安全和 [1 LMX]，以實現業務轉型並擴大我們的行業領導地位，同時提供一致且可靠的股東回報。

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

路易斯，讓我們開始問答環節。

(Operator Instructions) And that first question comes from Robert Spingarn from Melius Research.

（操作員說明）第一個問題來自 Melius Research 的 Robert Spingarn。

So Jim and Jay, you both talked a bit about the strong backlog expansion at MFC and how that helps the second half of this year perhaps a bit earlier than expected. I wanted to see if you could get into a little more color on how that drives '24 and beyond and how sustainable this is? And then lastly, Jay, can the rising volumes on some of these legacy programs mitigate that margin pressure from the classified work at MFC.

Jim 和 Jay，你們都談到了 MFC 的強勁積壓擴張，以及這如何幫助今年下半年，也許比預期早了一點。我想看看您是否可以更深入地了解這如何推動 24 世紀及以後的發展，以及它的可持續性如何？最後，Jay，其中一些遺留項目的數量不斷增加是否可以緩解 MFC 機密工作帶來的利潤壓力。

Sure. If you look at where we are, and I'll maybe take us back to, I think it was the fourth quarter call in January. I was asked about our outlook for 2024 growth. And at the time, what I said was to expect low single-digit growth. And I think that, that's just -- right now, we're going to park there although that will be on a higher base here in 2023 because 2023 is better.

當然。如果你看看我們現在的情況，我可能會回顧一下，我認為這是一月份的第四季度電話會議。我被問及我們對 2024 年增長的展望。當時，我所說的是預計低個位數增長。我認為，現在我們將把車停在那裡，儘管到 2023 年這裡的停車位將會更高，因為 2023 年會更好。

But we still need to go through and get a feel for what the supply chain performance. Clearly, with the backlog, it's not a question of demand. It will be a question of supply, and we need to go through that analysis over the next few months and determine to what extent our growth outlook will change, if anything, from this baseline of low single digit.

但我們仍然需要經歷並感受一下供應鏈的表現。顯然，由於積壓，這不是需求的問題。這將是一個供應問題，我們需要在接下來的幾個月內進行分析，並確定我們的增長前景將在多大程度上從這個低個位數的基線發生變化（如果有的話）。

And so if anything, what I would say the backlog gives us a lot of confidence that we are going to return to growth. The demand signal itself would indicate a higher rate than low single digit, but we need to wait and watch the supplies part of it to make sure that, that can catch up to that demand.

因此，如果有什麼不同的話，我想說的是，積壓的訂單給了我們很大的信心，讓我們相信我們將恢復增長。需求信號本身表明的利率將高於低個位數，但我們需要等待並觀察其中的供應部分，以確保能夠趕上需求。

As far as the margin profile at MFC, we do expect there to be continued pressure over the next number of years. I would agree that some of this upside that we've seen in this incremental demand are from higher-margin products and should provide some level of mitigation. But we won't really get a feel for exactly what that means. And again, as we go through this over the next a few months as we understand specifically what type -- what contribution each of these different programs will have in '24 and beyond and what their timing will be and what that mix benefit may be.

就 MFC 的利潤狀況而言，我們預計未來幾年將持續面臨壓力。我同意，我們在增量需求中看到的一些好處來自於利潤率較高的產品，並且應該提供一定程度的緩解。但我們無法真正理解這到底意味著什麼。再說一次，當我們在接下來的幾個月裡經歷這個過程時，我們會具體了解這些不同的計劃在 24 年及以後將做出什麼類型、什麼貢獻，以及它們的時間安排以及混合帶來的好處可能是什麼。

And Rob, I can give you some long-term context here. So first, from a process perspective with the U.S. government, there's multiyear procurement authority now for a whole set of sort of Lockheed Martin products. And I'll just run through them really quick. It's Joint-Air-To-Ground missile, HIMARS, ATACMS, which is a longer range. GMLRS for the HIMARS, PAC-3 MSE, the GMLRS itself, which is the HIMARS primary munition, Javelin and LRASM and JASSM. So all of those programs have multi-year procurement authorities. And so far, the GMLRS, PAC-3, LRASM and JASSM are in pursuit of multiyear contracts with us currently already.

羅布，我可以在這裡給你一些長期背景。首先，從美國政府的流程角度來看，洛克希德·馬丁公司的整套產品現在擁有多年採購權。我會快速瀏覽一遍它們。它是聯合空對地導彈，HIMARS，ATACMS，射程更遠。用於 HIMARS 的 GMLRS、PAC-3 MSE、GMLRS 本身（HIMARS 的主要彈藥）、標槍、LRASM 和 JASSM。因此，所有這些計劃都具有多年採購權。到目前為止，GMLRS、PAC-3、LRASM 和 JASSM 正在尋求與我們簽訂多年期合同。

And then if you look at the corpus of the Ukraine supplementals and what they're targeted for the overall amount has been $62 billion in 4 bills, the DoD regarding the Ukraine support. About 2/3 of that or $44 billion is for the purpose of restoring the presidential drawdown for the train of security assistance initiative, essentially, meaning the restocking of U.S. munitions.

然後，如果你看一下烏克蘭補充文件的主體，就會發現國防部關於烏克蘭支持的 4 項法案的總金額為 620 億美元。其中約 2/3（即 440 億美元）用於恢復總統對一系列安全援助計劃的削減，本質上是補充美國彈藥。

Now a lot of the munitions are going to be upgraded from what was in the stockpile to the capability that we can produce today. So that's another motivation for the U.S. to go through with that. And we've kind of derived at about $7 billion of those funds could be allocated to some of the Lockheed Martin programs that I just talked about. So there are significant long-term upside opportunities for our MSC business. And as Jay said, they're fairly high margin, and there's increasing international demand for a lot of those products too. So I think it's a really good long-term foundation for growth for the company.

現在，許多彈藥將從庫存升級到我們今天可以生產的能力。所以這是美國這樣做的另一個動機。我們已經得出大約 70 億美元的資金可以分配給我剛才談到的洛克希德·馬丁公司的一些項目。因此，我們的 MSC 業務存在重大的長期上昇機會。正如傑伊所說，它們的利潤率相當高，而且國際上對許多此類產品的需求也在不斷增加。所以我認為這對公司的發展來說是一個非常好的長期基礎。

The next question is from Matt Akers from Wells Fargo.

下一個問題來自富國銀行的馬特·埃克斯。

I wanted to follow up on the commentary on Tech Refresh 3. Can you just touch on the cash impact of that. How big was that? How are you able to offset that and kind of hold this year's guidance? And then I guess, is it fair to assume sort of additional deliveries above the [150] level for 2024 and sort of cash benefit associated with that next year?

我想跟進 Tech Refresh 3 的評論。您能談談它對現金的影響嗎？那有多大？您如何抵消這一影響並維持今年的指導？然後我想，假設 2024 年的額外交付量高於 [150] 水平以及明年相關的現金收益是否公平？

Yes, Matt. So the impact on a per aircraft basis is around $7 million per aircraft. So if you go to -- when we came into the year, we were expecting between our range of [$147 million] to [$153 million]. So you go from the midpoint there of the $150 million. 30 aircraft would be a $210 million impact and all the way down to $100 million would be $50 million, about $350 million. So you're talking between $200 million and $350 million impact to this year. As I mentioned, we're diligently working to manage that and offset it with tailwinds elsewhere in the portfolio.

是的，馬特。因此，每架飛機受到的影響約為 700 萬美元。因此，當我們進入這一年時，我們的預期範圍在 [1.47 億美元] 到 [1.53 億美元] 之間。所以你可以從 1.5 億美元的中點開始。 30 架飛機將帶來 2.1 億美元的影響，如果一直下降到 1 億美元，則將產生 5,000 萬美元，大約 3.5 億美元。所以你談論的是今年 2 億至 3.5 億美元的影響。正如我所提到的，我們正在努力管理這一點，並通過投資組合其他方面的順風車來抵消它。

And to your point, to the extent that, that does slip into next year, it's really a matter of timing. So yes, it would -- as we deliver aircraft for those who slip into your, we'll recover those remaining payments that are upon acceptance of the aircraft in 2024.

就你的觀點而言，就這一點而言，這確實會推遲到明年，這實際上是一個時間問題。所以，是的，當我們為那些溜進您的飛機的人交付飛機時，我們將在 2024 年接收飛機時收回剩餘的付款。

Yes. And just as a kind of again, put it all in context, we can actually deliver more than 156 aircraft in 2024 because the factory is going to be producing at the rate of 156. So there's some carryover we might actually deliver more in 2024 than what the ongoing run rate will be because the factory will still be performing while those aircraft are waiting to be accepted. I just want to make sure that everybody knows what we're applying to this problem to make sure that we minimize it. And this is the same conversation that I'm having with the senior, seniors in military and civilian roles in government.

是的。再次強調一下，我們實際上可以在 2024 年交付超過 156 架飛機，因為工廠將以 156 架的速度生產。因此，我們在 2024 年實際交付的飛機數量可能會超過 156 架。持續的運行率是多少，因為在這些飛機等待驗收時工廠仍將運行。我只是想確保每個人都知道我們正在應用什麼來解決這個問題，以確保我們最大限度地減少它。這也是我與政府中擔任軍事和文職職務的高級人士進行的對話。

So first of all, we and our suppliers are applying all the needed resources to this. It's a top priority for our company and a few others as well. We're running extra shifts, and we're deploying subject matter experts into other companies or our suppliers' operations to make sure this stays on track. The flight test program is on schedule. And we've got the sufficient pilots both in the company and the Department of Defense for acceptance as we move forward on all of that.

因此，首先，我們和我們的供應商正在為此應用所有所需的資源。這是我們公司和其他一些公司的首要任務。我們正在加班，並將主題專家部署到其他公司或我們供應商的運營中，以確保一切順利進行。飛行測試計劃正在按計劃進行。隨著我們在所有這些方面的進展，我們公司和國防部都有足夠的飛行員接受。

And then finally, the purpose of the flight test program is to be continuously narrow the funnel of testing of all the aircraft functions and mission capabilities in a really methodical fashion, sort of narrowing a funnel. And so we're just moving through that methodical way. Our latest estimate is that will all be completed by the end of the fourth quarter this year. Could it move a little bit into early 2024, Yes, it could, but we think we're on track to really get -- now all the dimensions of resources, commitment and schedule to give that option for the December delivery, everything we can.

最後，飛行測試計劃的目的是以真正有條理的方式不斷縮小所有飛機功能和任務能力測試的漏斗，有點縮小漏斗的程度。所以我們只是按照這種有條不紊的方式前進。我們最新的估計是今年第四季度末全部完成。它可以稍微推遲到 2024 年初嗎？是的，可以，但我們認為我們正在真正實現 — — 現在，資源、承諾和時間表的所有方面都為 12 月交付提供了選擇，我們盡一切努力。

And the next question is from Peter Arment from Baird.

下一個問題來自貝爾德 (Baird) 的彼得·阿門特 (Peter Arment)。

Jay, thanks for all the color on the F-35. I was wondering just regarding like when we think about all the backlog growth that you have now, you've got a pretty big step up in CapEx this year, mid-teens growth. How are we thinking about just kind of supporting the backlog? Are you expecting kind of the CapEx profile to kind of level off here? Or do you expect that to increase? And maybe also related to. How you're thinking about working capital in the same context?

Jay，感謝 F-35 上的所有顏色。我想知道，當我們考慮現在所有的積壓增長時，今年的資本支出有了相當大的進步，達到了十幾歲左右的增長。我們如何考慮支持積壓的工作？您是否預計資本支出狀況會趨於平穩？或者您預計這一數字會增加嗎？也許也有關。在同樣的背景下，您如何考慮營運資金？

Yes. On the CapEx side, we definitely expect it to increase in the back half of the year. We're still holding our forecast of $1.95 billion for the year. And we're going to -- that's going to essentially stay elevated for the next few years. So a lot of that is investment in capacity and production capability, as Jim mentioned in his prepared remarks. And so we expect that to kind of remain fairly level.

是的。在資本支出方面，我們肯定預計今年下半年會增加。我們仍然維持今年 19.5 億美元的預測。我們將——在接下來的幾年裡，這一數字將基本上保持在較高水平。正如吉姆在他準備好的講話中提到的那樣，其中很大一部分是對產能和生產能力的投資。因此，我們預計這一數字將保持相當水平。

On the working capital side, that for us is a source of opportunity. We expect that to -- really what we're trying to do is take it back down to what we performed from a days perspective over the past, say, 2020, 2021 and some period in 2022. And so while with increasing volumes, you would expect working capital to increase as well. we believe there's efficiency opportunities to perform at levels we've been able to perform in the past and make that at a minimum, not a use of cash. And if we're fully successful, make it as a source of cash in despite of growth. And so that's our view particularly in the back half of the year as well as over the next few years.

在營運資金方面，這對我們來說是機會的來源。我們預計，我們真正想做的是將其恢復到我們過去幾天（例如 2020 年、2021 年和 2022 年某個時期）的表現。因此，隨著交易量的增加，您預計營運資金也會增加。我們相信，我們有機會提高效率，達到我們過去能夠達到的水平，並至少達到這一目標，而不是使用現金。如果我們完全成功，儘管增長，但仍將其作為現金來源。這就是我們的觀點，特別是今年下半年以及未來幾年的觀點。

And our next question is from the line of Sheila Kahyaoglu from Jefferies.

我們的下一個問題來自 Jefferies 的 Sheila Kahyaoglu。

Jim and Jay, so maybe just on space, given it drove your guidance raise, what drove the these outlook? You called out $700 million of higher revenues related to development and space. Can you just give us a little bit of color there? Was it competitive wins? Or any more detail on what was driving that?

吉姆和傑伊，也許只是在太空方面，考慮到它推動了你的指導提高，是什麼推動了這些前景？您聲稱與開發和太空相關的收入增​​加了 7 億美元。你能給我們一點顏色嗎？這是競爭性的勝利嗎？或者更詳細地說明是什麼推動了這一點？

Yes. Just in many cases, Sheila, it's earlier than anticipated ramps on some of the programs. So the first half, we ran higher than we expected and we were expecting to run at those levels in the back half of the year. This includes classified programs, also protective communications, international security space business as well as an NGI in our strategic missile defense business within space. We've also had a little bit of growth in the next-gen Geo or the OPIR program. And so all of those together really drove the increase versus where we were coming into the year. Much of that, we've really realized in the first half of the year with a little bit to come in the back half, but we had already planned ramping up those programs in the back half.

是的。只是在很多情況下，希拉，某些項目的啟動時間比預期要早。因此，上半年，我們的表現高於預期，我們預計下半年也會保持在這些水平。這包括機密項目、保護通信、國際安全太空業務以及我們太空戰略導彈防禦業務中的 NGI。我們在下一代 Geo 或 OPIR 計劃方面也取得了一些進展。因此，所有這些因素加在一起確實推動了與今年相比的增長。其中大部分，我們在上半年就已經意識到，下半年還會有一些進展，但我們已經計劃在下半年加強這些計劃。

The next question comes from Rich Safran from Seaport Research Partners.

下一個問題來自 Seaport Research Partners 的 Rich Safran。

Jim, Jay, Maria, so there's been a lot of pressure on the F-35 and any engine upgrade both during and after Paris. I just want to know if you could clarify your remarks a bit, discuss where you stand on the new engine program. But also I'd like to know what this kind of means for Lockheed and for the F-35 in general since the engine, as I thought was government furnished equipment.

吉姆、傑伊、瑪麗亞，所以在巴黎期間和之後，F-35 和任何發動機升級都面臨著很大的壓力。我只是想知道你是否可以澄清一下你的言論，討論一下你對新引擎計劃的立場。但我也想知道這對洛克希德公司和 F-35 來說意味著什麼，因為我認為發動機是政府提供的設備。

You're absolutely right, Rich. This is Jim here. It's government furnished equipment. It's the decision of the U.S. government as to what engine is selected for every block of aircraft and what modernization program goes along with that engine. So Lockheed Martin's role and responsibility in this is simply to receive the engine performance data from the manufacturers and their anticipated performance improvements whether it's a modernization or a replacement option for the future. And then we translate that data to aircraft performance data and information that we then supply to our U.S. government customers.

你說得完全正確，里奇。這是吉姆。這是政府提供的設備。美國政府決定為每架飛機選擇哪種發動機以及該發動機配套的現代化計劃。因此，洛克希德·馬丁公司在這方面的角色和責任只是從製造商那裡接收發動機性能數據以及他們預期的性能改進，無論是現代化還是未來的替代選擇。然後我們將這些數據轉換為飛機性能數據和信息，然後提供給美國政府客戶。

And then we are available to answer questions for their decision-making process. So we were not involved in that decision-making process. And therefore, Lockheed Martin does not have a formal company position on engine election or modernization. We implement this U.S. government decision, and that's what we're doing now. So that is very clearly overall responsibility. And anything outside of that is not an official company position.

然後我們可以回答他們決策過程中的問題。所以我們沒有參與該決策過程。因此，洛克希德·馬丁公司在發動機選型或現代化方面沒有正式的公司立場。我們執行美國政府的這項決定，這就是我們現在正在做的事情。所以這是非常明確的總體責任。除此之外的任何內容都不是公司的正式職位。

The next question is from Noah Poponak from Goldman Sachs.

下一個問題來自高盛 (Goldman Sachs) 的諾亞·波波納克 (Noah Poponak)。

Jay, we've talked about this dynamic where the outlays have lagged the authorization in the second quarter, outlays finally grew a decent amount. Your revenue then grew at the fastest rate in while organically year-over-year. I know in the back half, you have tougher comps, but the updated guidance and the revenue would have to be down in the back half organically. So I guess I'm curious to hear you talk about is the outlay to authorization gap going to keep closing? Is supply chain or whatever else was impacting that resolved? And are you building guidance, assuming that continues to close, or would that create upside if it were to play out that way?

傑伊，我們已經討論過第二季度支出落後於授權的動態，支出最終增長了相當多的金額。然後，您的收入將以最快的速度逐年有機增長。我知道在後半段，你的競爭更加激烈，但更新後的指導和收入必須在後半段自然下降。所以我想我很想听你談論授權差距的支出是否會繼續縮小？供應鍊或其他影響因素是否已解決？假設繼續關閉，您是否正在建立指導，或者如果以這種方式發揮作用，會創造上行空間嗎？

I think, Noah, the outlays will continue to increase. It's just a function of us. We always have a back half is still higher than the first half. And that's still the case here. When you look at our overall sales in the back half sequentially versus the first half, it's about $1 billion higher. And a lot of that is in Aeronautics is going to be driving that. And so I would expect to outlets to continue to increase on an absolute basis over that period of time.

我認為，諾亞的支出將會繼續增加。這只是我們的一個功能。我們總是後半場仍然高於上半場。這裡的情況仍然如此。當你對比上半年我們下半年的整體銷售額時，會發現它增加了約 10 億美元。其中很大一部分來自航空領域，這將推動這一趨勢的發展。因此，我預計在此期間，網點的絕對數量將繼續增加。

The compares -- it's a function -- this year's sales are more level loaded than they were last year. So yes, we are having -- we'll have a step-up in sales but it won't be as significant as it was a year later -- or sorry, to last year. And part of that is if you recall last year, we had the $325 million in the second quarter, that slipped into the third quarter in '22. We also had a late award on the F-35 program that we weren't anticipating in the fourth quarter. We were expecting that in the first quarter, and we were able to convert precontract inventory to sales immediately in the quarter.

比較——這是一個函數——今年的銷售量比去年更加均衡。所以，是的，我們的銷售額將會有所增加，但不會像一年後那樣顯著，或者抱歉，不會像去年那樣顯著。其中一部分是，如果你還記得去年的話，我們第二季度的收入為 3.25 億美元，但在 22 年第三季度就滑落了。我們還獲得了 F-35 項目的遲到獎勵，這是我們在第四季度沒有預料到的。我們在第一季度就預計到了這一點，並且我們能夠在該季度立即將合同前庫存轉化為銷售。

And so when you combine those at -- of itself last year was about $500 million. So when you normalize those -- for those things on much of more level load year in '23 versus 2022, it's risen to this. The compare is going to be more difficult because on a year-over-year basis, last year in the fourth quarter, partly for these reasons, we had 7% growth in the fourth quarter. So we won't see that. We will see the back half of the year organically decline relative to the -- from a year-over-year perspective. But again, still putting us in a position to deliver growth the year earlier than we expected. And so it's just a function of our program timing. Yes, it's still higher, but it's not at the ramp-up rate that we had in '22.

因此，當你把這些加在一起時，去年的總價值約為 5 億美元。因此，當你將這些標準化時——對於那些在 23 年與 2022 年相比負載水平更高的事情，它就上升到了這個水平。進行比較將會更加困難，因為與去年同期相比，去年第四季度，部分由於這些原因，我們第四季度的增長率為 7%。所以我們不會看到這一點。從同比的角度來看，我們將看到今年下半年的有機下降。但同樣，這仍然使我們能夠比我們預期提前一年實現增長。所以這只是我們的程序計時的函數。是的，它仍然更高，但它不是我們 22 年的增長速度。

Got it. And Jay, pension on the cash flow statement. I think it's been a bit since you've updated the beyond '23 contribution and cash recovery. Could you give us updated numbers from that?

知道了。還有傑伊，現金流量表上的養老金。我認為自從您更新 23 年後的捐款和現金回收以來已經有一段時間了。您能給我們提供最新的數字嗎？

Sure. For cash contributions, we're -- right now, we're anticipating that we would have a required cash contribution in 2025, anywhere between $500 million to $1 billion. As I noted earlier in the call, our objective is to really offset that really through 3 things. More net income -- cash-based net income contribution. We're going to see a tailwind in terms of dissipation of the R&D capitalization headwinds that we've seen. And it will also be driving working capital performance to a higher productivity level so that we can offset that.

當然。對於現金捐款，我們目前預計 2025 年所需的現金捐款將在 5 億美元到 10 億美元之間。正如我之前在電話會議中指出的那樣，我們的目標是通過三件事來真正抵消這一影響。更多淨利潤——基於現金的淨利潤貢獻。我們將看到我們所看到的研發資本逆風消散方面的順風。它還將推動營運資本績效達到更高的生產力水平，以便我們能夠抵消這一影響。

Our goal over this period of time is continue to deliver a low single-digit free cash flow growth on an absolute basis. And that, combined with our share repurchase program, should result in a mid-single-digit free cash flow per share growth. So that's our objective, not over the next few years, really over a longer period of time as well. But that's really where we stand right now on pension contributions and how we're planning for it.

我們在此期間的目標是繼續實現低個位數的自由現金流絕對增長。再加上我們的股票回購計劃，每股自由現金流應該會實現中個位數的增長。這就是我們的目標，不是未來幾年的目標，而是更長一段時間內的目標。但這確實是我們目前在養老金繳款方面的立場以及我們的計劃。

The next question is from Myles Walton from Wolfe Research.

下一個問題來自沃爾夫研究中心的邁爾斯·沃爾頓。

Back in April, the DoD said the center fuselage production was the limiter to higher production on the F-35 above 156 per year. So with Rheinmetall now signed up for fuselages starting in '25. Can you talk about the upside towards the end of the decade above the 156 level as Rheinmetall steps up to maybe add 10% capacity?

早在 4 月份，國防部就表示，中央機身產量是 F-35 產量高於每年 156 架的限制因素。因此，萊茵金屬現在已簽約從 25 年開始生產機身。您能否談談本十年末萊茵金屬公司可能增加 10% 產能時高於 156 水平的上行空間？

Well, that's one important element, Myles, of being able to expand past 156, but there are a lot of other elements that would have to be essentially funded between our suppliers, ourselves and the U.S. government to build the rate in the entire supply chain above the 156 level that we've all agreed on so far with the government. So if the demand continues for the aircraft, which it seems to be progoining continuously, and the U.S. authorizes export of the aircraft to either more countries or in more numbers to existing countries. There might be a business case for the government and industry to go beyond the 156, the Rheinmetall center fuselage expansion will definitely be constructive to that, let's say.

嗯，邁爾斯，這是能夠擴展到 156 以上的一個重要因素，但是還有很多其他因素必須由我們的供應商、我們自己和美國政府之間提供資金，以建立整個供應鏈的比率高於我們迄今為止與政府達成一致的 156 水平。因此，如果對飛機的需求持續下去（這種情況似乎正在持續進行），並且美國授權將飛機出口到更多國家或更多數量的現有國家。政府和工業界可能有超越 156 的商業案例，萊茵金屬中心機身擴建肯定對此具有建設性，可以這麼說。

And just a clarification, despite the lower deliveries, you haven't slowed the production system on the F-35 on this TR-3 issue, correct?

需要澄清的是，儘管交付量較低，但你們並沒有在 TR-3 問題上放慢 F-35 的生產系統，對嗎？

No, we haven't. So the whole production system, especially the long lead time parts are tracking through the supply chain as if we're going on our ramp-up of between mid-140s and ultimately to 156. The deliveries will be the -- if there are delays of aircraft will be fully completed aircraft on the ramp waiting for not just -- not even the software load, but the confirmation that the software load they have for TR-3 past all flight test points. And that's really what they'll be "waiting for". There won't be a production lag. There will be just a delivery lag based on the completion of the software integration testing that has to be done in the air, not only on the aircraft, but among numerous aircraft flying together at the same time. That's they'll be waiting for it.

不，我們沒有。因此，整個生產系統，尤其是長交貨期零件，都在整個供應鏈中進行跟踪，就好像我們正在從 140 台中期一直增加到 156 台。如果出現延誤，交付將是飛機將完全完成 飛機在坡道上等待的不僅僅是——甚至不是軟件加載，而是 TR-3 的軟件加載通過所有飛行測試點的確認。這確實是他們“等待”的。不會出現生產滯後的情況。由於軟件集成測試必須在空中完成，不僅在飛機上完成，而且在同時飛行的多架飛機上完成，因此只會存在交付滯後。那是他們會等待的。

Our next question is from the line of Ken Herbert from RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的肯·赫伯特。

Jim and Jay. A 2-part question, if I could, on the backlog. Is there any -- can you first help us understand how much of the backlog growth is maybe directly Ukraine related? And is there any risk to this based on either sort of timing of the war or funding ultimately going to Ally Partners and put in place for the -- obviously, for the restocking and then as part of the long-term agreements you have in place on munitions and around a lot of this, how should we think about the potential margin -- positive margin impact from these longer-term agreements?

吉姆和傑伊。如果可以的話，關於積壓的問題由兩部分組成。您能否首先幫助我們了解積壓訂單的增長有多少可能與烏克蘭直接相關？根據戰爭的時間安排或資金最終流向盟友夥伴並落實到位，這是否存在任何風險 - 顯然，是為了補貨，然後作為您已製定的長期協議的一部分在彈藥和其他許多方面，我們應該如何考慮潛在的邊際——這些長期協議帶來的積極邊際影響？

Let me -- Ken I'll go -- with the backlog. Much of the backlog, particularly here what we saw in the second quarter were '20 -- essentially '23 contracting requirements. There was something -- there was also GMLRS, which also included some '24 requirements. But as Jim mentioned, we're working towards multiyear contracting but are not yet under any multiyear contracting agreements yet. And so what we've put into the backlog is pretty high confidence it's going to convert to sales. And so we're continuing to -- as Jim mentioned, having a dialogue with the customer in terms of drawing multi-year requirements beyond that. As far as the margin in terms of long-term agreements, we essentially, in many cases, we'll enter into agreements to our supply chain with over that period of time of these requirements.

讓我——肯，我去——處理積壓的工作。大部分積壓，特別是我們在第二季度看到的，都是“20”——本質上是“23”合同要求。還有一些東西 - 還有 GMLRS，其中也包括一些 '24 要求。但正如吉姆提到的，我們正在努力簽訂多年合同，但尚未簽訂任何多年合同協議。因此，我們對積壓的訂單將轉化為銷售充滿信心。因此，正如吉姆提到的那樣，我們將繼續與客戶進行對話，以製定除此之外的多年要求。就長期協議的利潤而言，在許多情況下，我們基本上會在這段時間內與我們的供應鏈簽訂這些要求的協議。

So we'll go back to back with our customer. So as we enter into agreements with our customer that will cover multiyears, we will also get into contracts with our suppliers for those same multiyears. So any benefits that we get from that probably is going to drop through to our customer in favorable terms and pricing. So I wouldn't expect there to be any type of margin upside from where we are today. So I would expect consistent margins from those. But again, those are pretty solid.

因此，我們將與客戶進行背靠背聯繫。因此，當我們與客戶簽訂多年期協議時，我們也將與供應商簽訂同樣多年期的合同。因此，我們從中獲得的任何好處都可能會以優惠的條款和價格惠及我們的客戶。因此，我預計利潤率不會比今天的水平有任何上升。所以我預計這些利潤率會保持一致。但同樣，這些都是非常可靠的。

Our next question is from the line of Jason Gursky from Citigroup.

我們的下一個問題來自花旗集團的 Jason Gursky。

Jay, Jim, it to give you an opportunity maybe offer up some comments on the other segments, so you talked a little bit about low single digits expectation in MFC. And you could walk through the other segments as we move out into '24 and beyond and kind of your baseline assumptions for those at this point? And then also maybe talk a little bit about margins. You made some comments during the quarter about the [one LMX] initiative that you have going on, particularly around supply chain and consolidating your purchasing and maybe getting some better purchasing power and pricing and just kind of how that's informing your outlook for margins in the future.

Jay、Jim，這是為了給你們一個機會，也許可以對其他部分提供一些評論，所以你們談到了 MFC 中低個位數的期望。當我們進入 24 世紀及以後時，您可以回顧一下其他部分，並了解您目前對這些部分的基線假設嗎？然後也許還可以談談利潤率。您在本季度對正在進行的 [one LMX] 計劃發表了一些評論，特別是圍繞供應鍊和整合您的採購，也許會獲得更好的購買力和定價，以及這如何影響您對本季度利潤率的展望。未來。

Okay. So just on -- I'll start with the growth rates in '24 and beyond. Just to make sure I was clear, when I said low single digit, I met for the entire company total consolidated sales. MFC should be significantly better than that, and we would expect them to be our highest growth segment. And I'll go from there the others will see some growth from the remainders. But really, the driver will be MFC over the next few years, given this demand -- incremental demand that we've seen.

好的。那麼，我將從 24 年及以後的增長率開始。為了確保我清楚，當我說低個位數時，我滿足了整個公司的綜合銷售額總額。 MFC 應該比這好得多，我們預計它們將成為我們增長最快的部分。我將從那裡開始，其他人將會看到剩餘的一些增長。但實際上，考慮到這種需求——我們已經看到的增量需求，未來幾年的驅動力將是 MFC。

On [one LMX], on the margins. We've been -- this is an initiative for us, which is very significant. It's more than an ERP upgrade. It's our engineering tools, part of life cycle tools at their manufacturing execution system tools, it's our customer relationship management tools, our HR system tools. And it's intended to make us a more competitive company. Many of those benefits that we are going to obtain, we will pass those through in pricing and our forward pricing rates to our customer. And so we won't necessarily see more our margin benefit from it. But it will make us more competitive to capture more business and stay in front of the industry and maintain our leadership. And so that's the way we're approaching one LMX and really more of a financial view of it.

在[一個 LMX] 的邊緣。我們一直——這對我們來說是一項非常重要的舉措。這不僅僅是 ERP 升級。這是我們的工程工具、製造執行系統工具的生命週期工具的一部分、我們的客戶關係管理工具、我們的人力資源系統工具。它旨在使我們成為一家更具競爭力的公司。我們將獲得的許多好處，我們將通過定價和遠期定價傳遞給我們的客戶。因此，我們不一定會從中獲得更多的利潤收益。但這將使我們更具競爭力，獲得更多業務，保持行業領先地位並保持領先地位。這就是我們處理 LMX 的方式，實際上更多的是從財務角度來看待它。

So fair to say then that margin outcomes will depend largely on mix going forward between development work and fixed (inaudible)

公平地說，利潤率結果將在很大程度上取決於開發工作和固定（聽不清）之間的組合

Yes. That's -- I would say that's accurate. The mix will definitely be a factor in future margins.

是的。我想說這是準確的。這種組合肯定會成為未來利潤率的一個因素。

Our next question is from David Strauss from Barclays.

我們的下一個問題來自巴克萊銀行的大衛·施特勞斯。

Wanted to get an update on your position on Section 174, to see if anything's changed there based on feedback you might have done from any of the tax authorities? And then second one, Aerojet, Lockheed or 3 potential acquisition there of Aerojet, I think recently, you've been out with some comments around that. Just your view on whether LHX has been able to -- or where they are in terms of being able to satisfy your concerns around that deal.

想要了解您對第 174 條的立場的最新信息，看看根據您從任何稅務機關獲得的反饋是否有任何變化？然後是第二個，Aerojet、Lockheed 或 3 家 Aerojet 的潛在收購，我想最近，您對此發表了一些評論。只是您對 LHX 是否能夠做到這一點，或者他們在能夠滿足您對該交易的擔憂方面的看法。

Sure. I'll take the Section 174 question. In -- over the past, I'd say, probably 6 months, the IRS has acknowledged that this is an issue we need to provide guidance to we're hopeful that we'll see some guidance by the end of the year from them related to our position. There's been no change in our position there. And so we eagerly await any type of guidance that they may have. We still feel confident in the position that we've taken.

當然。我將回答第 174 條的問題。在過去，我想說，可能是 6 個月，國稅局已經承認這是一個我們需要提供指導的問題，我們希望我們能在今年年底之前看到他們的一些指導與我們的立場有關。我們在那裡的立場沒有變化。因此，我們熱切地等待他們可能擁有的任何類型的指導。我們仍然對我們所採取的立場充滿信心。

And I've laid out in the past why we've taken our position that we have today. There has been some legislation proposed that could defer the implementation of Section 174 to 2026. It would be retroactive to 2022. So we're optimistic. Of course, we believe that it should be repealed, but at least a deferral would be a good start. And so we'll monitor that legislation. Obviously, we're supportive of that, and we'll see how it works through Congress.

我過去已經闡述過為什麼我們採取今天的立場。已經提出一些立法，可以將第 174 條的實施推遲到 2026 年。它將追溯至 2022 年。所以我們很樂觀。當然，我們認為應該廢除它，但至少推遲是一個好的開始。因此，我們將監督該立法。顯然，我們支持這一點，我們將看看國會如何運作。

And then when it comes to Aerojet Rocketdyne, we have 2 interests and only 2, and those are the reliable access to propulsion, especially solid rocket motors is critical of critical importance to the entire aerospace and defense industry. And so the 2 side benefit that we need to preserve of Aerojet Rocketdyne's current structure is that it's a merchant supplier of propulsion to the industry. And that means it treats all of the, I'll call them, prime contractors for the end products, the OEMs equally. And that's what we feel we need to preserve even if AJRD goes into the ownership hands of another company.

然後，說到 Aerojet Rocketdyne，我們有 2 個利益，而且只有 2 個利益，那就是可靠的推進力，特別是固體火箭發動機對於整個航空航天和國防工業至關重要。因此，我們需要保留 Aerojet Rocketdyne 當前結構的第二個方面的好處是，它是該行業的推進力商業供應商。這意味著它平等地對待所有（我稱之為最終產品的主承包商）原始設備製造商。這就是我們認為即使 AJRD 落入另一家公司手中也需要保留的東西。

Secondly, the performance of AJRD has been improving, but it needs to get significantly better nonetheless. And so whether it's on its own or part of another company, it's really important that resources be applied to AJRD's operations so that it becomes a more capable supplier for on-time deliveries, quality, et cetera. So those are our 2 interests: maintaining the merchant supplier status and also having higher performance of the operations of that company. So we have not received any commitments from L3Harris at this time that would assure us that they are going to keep AJRD as a merchant supplier. And that's the one thing we really are looking for.

其次，AJRD 的性能一直在提高，但仍然需要顯著改善。因此，無論是它自己還是另一家公司的一部分，將資源應用於 AJRD 的運營非常重要，這樣它才能成為在按時交貨、質量等方面更有能力的供應商。因此，這就是我們的兩個利益：維持商家供應商的地位以及提高該公司的運營績效。因此，我們目前尚未收到 L3Harris 的任何承諾，以確保他們將繼續將 AJRD 作為商業供應商。這就是我們真正正在尋找的一件事。

Our next question is from Ron Epstein from Bank of America Securities.

我們的下一個問題來自美國銀行證券公司的羅恩·愛潑斯坦。

Maybe a broader picture question here. As we look out to the fiscal '24 budget, what was in fiscal '23 and the trajectory, maybe even to fiscal '25. In '24, it looks like there's going to be maybe $6 billion or so of spending on classified aircraft programs, everything from NGAD, F/A-XX there's been chatter about replacing YouTube with a hyperonic platform. I know you're limited in what you can say, but can you just give us a feel for kind of what that means for Lockheed Martin, how you think about it and as outsiders trying to model this and think about it, how would you guide us to think about it?

也許這裡有一個更廣泛的問題。當我們關注 24 財年預算時，我們會看到 23 財年的情況以及軌跡，甚至可能到 25 財年。 24 年，看起來可能會有 60 億美元左右的支出用於機密飛機項目，從 NGAD 到 F/A-XX，一直有關於用高超音速平台取代 YouTube 的討論。我知道你能說的有限，但你能否讓我們感受一下這對洛克希德·馬丁公司意味著什麼，你如何看待它，作為試圖模擬這個問題並思考它的局外人，你會怎麼做？引導我們思考一下？

Well, I'd start with there, Ron, is that we've got and are experiencing significant growth in our classified portfolio already. It's a bright spot for the company. I think recently, we've been -- when we aggregate all of our classified programs together, sort of a 7% growth rate. So it is a place where because of Skunk Works, our space operations, some segments of RMS and MFC even where we have significant talent and capability to work in those kind of really advanced spaces. I basically said in the prepared remarks, there are areas of this company where we are endeavoring to move into areas beyond known science to address what our customers kind of challenges are -- that they are facing.

好吧，羅恩，我首先要說的是，我們的分類投資組合已經並且正在經歷顯著增長。這是公司的一個亮點。我認為最近，當我們將所有分類項目匯總在一起時，增長率約為 7%。因此，由於 Skunk Works、我們的太空運營、RMS 和 MFC 的某些部分，我們甚至擁有在這些真正先進的空間中工作的重要人才和能力。我基本上在準備好的發言中說過，在這家公司的某些領域，我們正在努力進入已知科學之外的領域，以解決我們的客戶所面臨的挑戰。

And so we have the capability to take advantage of a larger classified program growth rate on the part of government spending, if that's what happens. So we're in good shape to do that. There are missions that you need to differentiate though when it comes to aircraft, right? There's the reconnaissance and surveillance mission, right, which can -- a lot of it can be done with unmanned systems. And that's one of the strength of Skunk Works, for example.

因此，如果發生這種情況，我們有能力利用政府支出方面更大的機密項目增長率。所以我們有能力做到這一點。不過，當涉及到飛機時，您需要區分一些任務，對嗎？有偵察和監視任務，對吧，其中很多任務可以通過無人系統來完成。例如，這就是 Skunk Works 的優勢之一。

So that mission, we have a real strength in unmanned surveillance ISR systems are called. Then you've got the apriority type of aircraft, right? So you could think about F-15, for example, F-22 NGAD is the next-generation air dominance aircraft, that is classified. It's -- the Air Force recently said that there is competition now beginning for that or in-train for that air dominance aircraft that Air Force aircraft.

因此，我們在無人監視ISR系統方面擁有真正的實力。那麼你就擁有了優先類型的飛機，對吧？所以你可以想想F-15，例如F-22 NGAD是下一代製空飛機，這是保密的。空軍最近表示，針對空軍飛機的空中優勢飛機的競爭現在已經開始。

And then there's the kind of all-purpose strike aircraft, right? So that's F-16, F-35, those kind of airplanes. Again, where we have the advantage in F-35 is volume, right? We've got the committed volume for the strike mission and basically all 3 variants, right? So it's Air Force, which is a land-based, long runway solution. It's for the Marines, which is B model, which is a land-based short runway, solution or amphibious takeoff and landing or carrier tech off-lining solution. And then you've got the C model, which is the pure Navy big carrier tailhook type of landing aircraft.

還有一種多用途攻擊機，對吧？這就是 F-16、F-35 這類飛機。再說一遍，我們 F-35 的優勢在於體積，對嗎？我們已經獲得了打擊任務的承諾量以及基本上所有 3 個變體，對吧？這就是空軍，它是一種陸基長跑道解決方案。它是為海軍陸戰隊設計的，是B型，是陸基短跑道解決方案或兩棲起降或航母技術離線解決方案。然後是C型，這是純海軍大航母尾鉤型登陸機。

So the capacity for the strike mission can and will be pursued through the F-35 in large part for the near future. So those are the ways to think about aircraft. So the classified programs are going to be largely in air superiority and ISR for the most part. And then there is bomber mission, which is largely going to be carried out by the B-21 going forward. So hopefully, that's a bit helpful to your question there.

因此，在不久的將來，打擊任務的能力在很大程度上可以而且將通過 F-35 來實現。這些就是思考飛機的方式。因此，機密項目將主要涉及空中優勢和情監偵。然後是轟炸機任務，今後該任務主要將由 B-21 執行。希望這對您的問題有所幫助。

And just running over the entire portfolio, the classified business for us is around $8 billion and if you recall we talked about it being 1 of the 4 pillars of our growth projection all the way through 2027. And our highest probably will be our programs of record, given what we've seen particularly with MFC. But that will be our second highest grower anywhere between mid- to high single-digit growth through 2027.

就整個投資組合而言，我們的分類業務約為 80 億美元，如果您還記得我們談到過它是我們到 2027 年增長預測的 4 個支柱之一。我們最高的可能是我們的計劃考慮到我們所看到的，特別是 MFC 的情況，這一記錄。但到 2027 年，這將是我們第二高的增長者，增長率將達到中高個位數。

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

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

Can you just talk about labor availability and cost, just incrementally from last quarter. Has hiring become easier just in terms of hiring people and then also wage rates. Have you seen improvement there?

您能否談談勞動力可用性和成本，從上個季度開始逐步增加。招聘是否變得更容易，只是在招聘人員和工資方面？你看到那裡有改善了嗎？

Yes. So Pete, we've actually, over the past 6 months, our labor availability has improved significantly. We have closed a lot of our key critical skill gaps over this period of time. and that partly has enabled the sales growth -- the incremental sales growth that we've seen here in our changed outlook because part of that is just our own internal labor. And so we're in a much better position than we were even 6 months ago. We've seen some lower attrition rates as well as better hiring rates as well. And so we're fairly confident that, that will stick and that also bodes well for the rest of the industry, particularly our supply chain. So we're encouraged by that.

是的。 Pete，實際上，在過去 6 個月裡，我們的勞動力供應情況有了顯著改善。在此期間，我們已經彌補了許多關鍵技能差距。這在一定程度上促進了銷售增長——我們在改變前景時看到的增量銷售增長，因為其中一部分只是我們自己的內部勞動力。因此，我們的處境比 6 個月前要好得多。我們看到人員流失率有所下降，而招聘率也有所提高。因此，我們相當有信心，這將持續下去，這對行業的其他部分，特別是我們的供應鏈來說也是個好兆頭。所以我們對此感到鼓舞。

Our next question is from Doug Harned from Bernstein.

我們的下一個問題來自伯恩斯坦的道格·哈內德。

If I want to go back to Missiles and Fire Control in Ukraine for a minute because if we think back to the early days of the Russia-Ukraine conflict, there were things like Javelin for you there was, of course, Stingers. Everything looked like it would be kind of a short-term need, potentially building out some capacity for replenishment of weapons. And so now we are more than a year later into this, and you've gotten some very big awards in this last quarter that appear to be related to Ukraine either directly or other European needs, we're seeing NATO spending go up.

如果我想回到烏克蘭的導彈和火力控制一分鐘，因為如果我們回想一下俄羅斯-烏克蘭衝突的早期，有像“標槍”這樣的東西，當然還有“毒刺”。一切看起來都像是一種短期需求，有可能建立一些補充武器的能力。現在我們已經一年多了，在上個季度獲得了一些非常大的獎項，這些獎項似乎與烏克蘭或其他歐洲需求直接相關，我們看到北約的支出在增加。

Can you talk about how you view the opportunity in Missiles and Fire Control for revenue and backlog ahead, depending on how things may play out in Ukraine, from if we saw the conflict come to a resolution or if we had increasing NATO involvement. How do you think about that in your planning?

您能否談談您如何看待導彈和火控領域的收入和未來積壓的機會，這取決於烏克蘭的局勢如何發展，從我們是否看到衝突得到解決，或者我們是否增加北約的參與。您在規劃中如何考慮這一點？

So I would say qualitatively and maybe turn it over to Jay for some quantification around it, is that the tragedy of Ukraine has unveiled some issues and weaknesses for our National Defense Enterprise more broadly, right? And so I'm not convinced, Doug, that the duration of the Ukraine war, which we hope is very short, will affect our long-term prospects for MFC. But the lessons from this conflict will remain for many years, and that's what I think is most important. And the lessons are that great power conflict, first and foremost, unfortunately, has not gone from the world at this point in history.

因此，我會定性地說，也許將其交給傑伊進行一些量化，烏克蘭的悲劇是否更廣泛地揭示了我們國防企業的一些問題和弱點，對嗎？因此，道格，我不相信烏克蘭戰爭的持續時間（我們希望它很短）會影響我們 MFC 的長期前景。但這場衝突的教訓將持續很多年，這就是我認為最重要的。教訓是，不幸的是，首先也是最重要的是，在歷史的這個時刻，大國衝突還沒有從世界上消失。

Russia's decision to invoke a major power land war on the European continent was pretty risky and demonstrates that they may take other risks in the future to sustain its regime or to expand its power or whatever the case and the motivation may be. So NATO then -- and when you talk to the defense ministers of countries like Poland and Lithuania, they are taking this extremely seriously, not for the short term but for the long term. And so they are expanding their defense budgets, not because of what's going on necessarily on the ground in Ukraine right now is for the elevated risk that they perceive to their own countries for some foreseeable future sadly.

俄羅斯決定在歐洲大陸發動一場大國陸地戰爭的風險相當大，這表明他們將來可能會冒其他風險來維持其政權或擴大其權力或無論情況和動機是什麼。因此，北約——當你與波蘭和立陶宛等國家的國防部長交談時，他們非常認真地對待這一問題，不是為了短期，而是為了長期。因此，他們正在擴大國防預算，並不是因為烏克蘭目前正在發生的事情，而是因為他們悲傷地認為，在可預見的未來，他們的國家面臨著更高的風險。

When it comes to the United States, the lesson, among others of this situation and in Ukraine, unfortunately, is that the expenditure rates of munitions is much higher than most of our existing war gaming models would imply. And therefore, there's a replenishment need for what's been used and what's been shipped to Ukraine, but beyond that is the planning and hopefully, the turns of future conflicts where the U.S. and its allies are going to need to, first of all, demonstrate to a potential adversary that they have the stockpiles to defend themselves for a long period of time if need be. And that the rates of munitions usage will be supportable from their stockpiles and from their industry.

不幸的是，就美國而言，這種情況和烏克蘭的教訓之一是，彈藥的支出率遠高於我們大多數現有兵棋推演模型所暗示的水平。因此，需要對已使用的物資和運往烏克蘭的物資進行補充，但除此之外，還有計劃，希望未來衝突的轉折，美國及其盟友首先需要證明：一個潛在的對手，如果需要的話，他們擁有可以長期自衛的庫存。他們的庫存和工業將支持彈藥的使用率。

So we think this is a longer-term essentially see change in national defense strategy for the U.S. and for our Western allies, including Japan and the Philippines and others. So we hope the conflict in Ukraine ends quickly but the lessons and the future demand for these kind of products is going to stay elevated for a very long time, we think.

因此，我們認為這是美國和我們的西方盟友（包括日本、菲律賓等）國防戰略的長期重大變化。因此，我們希望烏克蘭的衝突盡快結束，但我們認為，教訓和未來對此類產品的需求將在很長一段時間內保持較高水平。

And that appears consistent with the nature of these recent orders you've gotten that are large quantities extend over a longer period of time than we might have thought.

這似乎與您最近收到的這些訂單的性質一致，這些訂單的數量很大，持續的時間比我們想像的要長。

Right.

正確的。

Great. Look, this is Maria. I think we've come to the [copay] hour here. So I'll turn it back to Jim for some final last remark.

偉大的。看，這是瑪麗亞。我認為我們已經到了[共付]時間。因此，我將把它轉回給吉姆，讓他最後說幾句。

Just a couple of things. I wanted to make sure everybody understands that we're up to what I now think is a great start after 3 years of launching our 21st Century security concept and strategy. It was really originally around improving and increasing deference to the conflict by accelerating the adoption of digital technologies like 5G, distributed cloud, AI international defense. And I think we're making huge progress on that. We've got a great set of partnerships with tech companies large and small, to help us do that and the customer is starting to adopt it.

只是幾件事。我想確保每個人都明白，在推出 21 世紀安全概念和戰略 3 年後，我現在認為這是一個良好的開端。它最初的目的實際上是通過加速 5G、分佈式雲、人工智能國際防禦等數字技術的採用來改善和增強對沖突的尊重。我認為我們在這方面正在取得巨大進展。我們與大大小小的科技公司建立了一系列良好的合作夥伴關係，以幫助我們做到這一點，並且客戶已經開始採用它。

And as I talked about in the prepared remarks, we're showing a major exercises, and we're getting some actual revenue and program awards around that. But we're going to expand that concept into 2 arenas based on the experiences we've had in the last 3 years. The first one is to build and strengthen the defense production supply chain based on some of the things to you just talked about. We're going to have to have a more resilient defense production system and one that can scale quickly if we have to.

正如我在準備好的發言中談到的，我們正在展示一個主要的練習，並且我們正在圍繞它獲得一些實際收入和項目獎勵。但我們將根據過去三年的經驗將該概念擴展到兩個領域。第一個是根據你剛才講的一些事情，建設和加強國防生產供應鏈。我們必須擁有一個更具彈性的國防生產系統，並且在必要時可以快速擴展。

And then the other dimension is to make international production and sustainment operations a part of at least Lockheed Martin's future. And you see you hear us talk about investments in Australia, the U.K. potentially Poland, Germany is new in this for us. So we're going to continue to expand internationally to make sure we have a resilient supply chain, and we have sustainment operations where our customers can use them to deter future conflict around the world.

另一個方面是使國際生產和保障業務至少成為洛克希德·馬丁公司未來的一部分。你看，你聽到我們談論在澳大利亞、英國（可能是波蘭）和德國的投資，這對我們來說是新的。因此，我們將繼續進行國際擴張，以確保我們擁有有彈性的供應鏈，並且我們擁有維持業務，我們的客戶可以利用它們來阻止世界各地未來的衝突。

So those are some of the things I think is really important for you all to understand where we're headed. But before concluding the call, I really would like to thank all my Lockheed Martin teammates for their many important contributions to strengthening our national security and increasing deterrence. And the strong financial and operational performance that we've been experiencing this quarter was a result of their dedication and hard work.

我認為這些對於大家了解我們的發展方向非常重要。但在結束通話之前，我真的要感謝所有洛克希德·馬丁公司的隊友，他們為加強我們的國家安全和增強威懾力做出了許多重要貢獻。我們本季度所取得的強勁財務和運營業績是他們的奉獻和辛勤工作的結果。

And look, whether it's on the factory floor, classified engineering facility or a customer flight line, our people have showed up every day during the pandemic to do the job and they continue to show up every day to do the job to provide for national security. So I want to thank them and also thank you all for joining us on our call today. We look forward to speaking with you on our next call in October. Lois, that concludes the call.

看，無論是在工廠車間、機密工程設施還是客戶航線上，我們的員工在疫情期間每天都在工作，而且他們將繼續每天都在工作，以保障國家安全。因此，我要感謝他們，也感謝大家參加今天的電話會議。我們期待在 10 月份的下一次電話會議上與您交談。路易斯，通話結束。

Thank you. And ladies and gentlemen, that does conclude our conference for today. Thank you for your participation and for 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。感謝您的參與並使用 AT&T 電話會議服務。您現在可以斷開連接。