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.

大家早安，歡迎參加洛克希德馬丁公司2023年第二季業績電話會議。今天的電話會議正在錄音中。現在，為了致開幕詞和介紹，我想將電話會議交給投資者關係副總裁瑪麗亞·裡恰爾多內·李（Maria Ricciardone Lee）。請開始。

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，Lois，早安。歡迎大家參加我們2023年第二季財報電話會議。今天與我一起參加電話會議的有我們的董事長、總裁兼執行長Jim Taiclet和財務長Jay Malave。今天電話會議中非歷史事實的陳述均被視為前瞻性陳述，並根據聯邦證券法的安全港條款作出。

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有重大差異。請參閱今天的新聞稿和我們提交給美國證券交易委員會 (SEC) 的文件，以了解可能導致實際結果與前瞻性陳述中預測存在重大差異的一些因素。我們今天已在網站上發布了圖表，計劃在電話會議上討論這些圖表，以補充我們的評論。這些圖表還包含有關今天電話會議上可能使用的非公認會計準則 (non-GAAP) 指標的資訊。請造訪我們的網站 www.lockheedmartin.com，點擊「投資者關係」連結查看並追蹤這些圖表。

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

說完這些，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。大家早安，感謝大家參加我們2023年第二季財報電話會議。今天我將首先介紹一些關鍵的策略和營運要點，然後傑伊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.

從投影片第3頁開始。我們第二季的財務業績表現強勁，銷售額達167億美元，較去年同期成長8%，航空航太業務均達到兩位數成長。積壓訂單達到創紀錄的1,580億美元，較上年末成長80億美元，這得益於本季訂單出貨比達到[1.7倍]。訂單包括約80億美元的選擇合約，用於購買126架F-35戰鬥機，用於第17批次的生產，以及用於提升MFC彈藥產量的重大合約。

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.

這一歷史最高水準的訂單儲備讓我們能夠清楚地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。本季分部營運利潤為19億美元，營運利潤率為11.1%。自由現金流為7.71億美元，我們將持續致力於推動技術進步和擴大產能。因此，在第二季度，我們投入了3.56億美元的公司研發資金和3.29億美元的資本支出，以滿足客戶的需求和要求。同時，我們向各位股東返還了近兩倍的自由現金流。鑑於今年上半年的強勁業績，我們上調並調整了2023年全年財務預期。

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，我們將預期中位數上調10億美元，修訂後預期為662.5億美元至667.5億美元。對於每股收益，我們將預期中位數上調0.35美元，修訂後預期為每股27美元至27.20美元。我們有信心能夠實現這些更高的預期，並比先前預期更快地恢復成長。

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.

談及國防預算狀況。債務上限談判的結果保留了總統2024財政年度預算申請中的國防開支上限。談判還規定了2025財年的國防預算成長，同時允許透過補充資金提供額外支持。 2024財年國防預算提案中3%的增幅包括為83架F-35戰機提供資金，以及用於支持彈藥投資的補充資金，這將使我們能夠在新的多年期合約授權下提高生產率。雖然距離2024財政年度預算的最終批准和資金到位還有許多步驟，但我們對迄今為止專案獲得的大力支持感到鼓舞，並期待委員會完成全面撥款流程的審查。

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專案方面，我們看到國內外客戶的需求持續成長。捷克共和國已表示對此機型感興趣，以色列已正式決定再採購25架F-35，使其機隊規模擴大50%。我們在2023年上半年交付了50架F-35，全部採用「技術更新2」（TR-2）配置。

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.

在第一季財報電話會議上，我們曾表示，由於軟體成熟度、與技術更新3（TR-3）配置相關的驗收和認證以及硬體交付時間，預計2023年的交付量將低於去年的初步預期。我們目前預計2023年將交付100至120架F-35戰機。重要的是，我們對2025年及可預見的未來交付156架飛機的長期預期保持不變。供應鏈和生產系統將繼續以適當的速度運行，以支援這些未來的交付目標。

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.

我們的團隊將全力以赴，努力在2023年交付首架TR-3飛機。我們已經在4架不同的TR-3配置飛機上完成了58次飛行測試，其中包含5月最新軟體版本的成功飛行測試。該軟體更新帶來了一系列關鍵功能，例如昇級的數據鏈路、新的電光瞄準系統和雷達。在接下來的幾週和幾個月裡，我們將開始測試多機任務、感測器融合和附加武器等功能，這些功能將作為下一版軟體的一部分。

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 顯著提升了核心處理能力和記憶體容量，並使其計算核心現代化，從而支援 Block 4 功能。這是一項重大的硬體和軟體升級，將大幅提升該飛機的任務能力，使其有望在未來數十年內成為自由世界的主導戰鬥機。同時，我們將繼續秉承悠久的傳統，在加州高地沙漠的臭鼬工廠（Skunk Works）研發有人駕駛和無人駕駛飛機，引領下一代軍用航空的發展。

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.

臭鼬工廠剛剛在今年六月慶祝了其成立80週年。八年來，臭鼬工廠不斷突破創新極限，從上世紀50年代至今仍在飛行的U-2偵察機，到速度超過3馬赫的SR-71偵察機，再到開創性的隱形飛機，並通過推進高超音速、人工智能和其他革命性技術，不斷超越極限。臭鼬工廠持續創造令人興奮的工程壯舉，為客戶超越已知科學的極限。今天我們可以討論的一個典型例子是我們與美國國家航空暨太空總署（NASA）合作研發和製造的X-59飛機。這架原型機將能夠降低超音速轟鳴聲，並可能在未來某一天實現陸地上的超音速商業飛行。這架優雅而神奇的飛機正朝著首次試飛邁進。

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是歷久不衰。在巴黎航展上，西科斯基慶祝了公司成立100週年。沒錯，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，當時他帶領著一支由工程師和工匠組成的小團隊，其中許多人是像他一樣逃離俄國革命的移民。 1939年，他駕駛第一架實用直升機VS-300，在短短10秒內完成了離地飛行，實現了自己的夢想。他對創新的熱情和為實現願景而堅持不懈的精神，至今仍貫穿西科斯基文化乃至整個洛克希德·馬丁公司。

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全球持續服役。美國國務院已批准向挪威出售6架MH-60「羅密歐」多用途直升機及相關設備。西班牙也簽署了8架MH-60R「海鷹」直升機的報價及接受函。本季度，我們在支持其他北約盟國方面也取得了多項里程碑式的成就。

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.

德國空軍成功從德國改裝的發射器發射了PAC-3飛彈分段增強型（或稱MSE攔截器）。此次飛行測試是今年稍後向德國交付PAC-3 MSE飛彈之前的最後一步。我們也與萊茵金屬防務公司達成協議，合作研發一款獨特的火箭系統，該系統將在德國生產。

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，萊茵金屬公司在德國選定一處地點，建造一座用於生產F-35A中機身的工廠。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今年2月首次宣布了這項合作關係，旨在擴大F-35的供應鏈產能。我們預計於2025年與新的德國合作夥伴開始生產。此外，我們與波蘭的關係也持續發展。波蘭空軍的首架F-35「閃電II」戰鬥機已正式投入生產，首批HIMARS火箭炮發射裝置也已運抵波蘭。

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.

美國國務院也批准了一項價值數十億美元的潛在對外軍售，即向波蘭出售配備現代化感測器和組件的PAC-3系統。此外，我們與澳洲的夥伴關係也持續推進。正如我們在上次財報電話會議上提到的，今年4月，澳洲聯邦選擇洛克希德·馬丁公司作為9102項目的優先競標者，該項目是澳洲國防軍的主權軍事衛星通訊系統。我們很高興能夠深化與多元化的澳洲公司團隊的合作關係，並幫助維多利亞州成為澳洲國防的工程技術中心。

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.

在太空領域，洛克希德·馬丁公司將在藍色起源國家團隊中扮演重要角色，為阿爾忒彌斯計畫開發和展示載人登月系統。我們的太空業務將包括建造人類首個地月運輸機，這將使太空人能夠定期往返月球表面，並在美國太空總署的「門戶」太空站執行任務。最後，我們將在本季繼續推進我們整合的21世紀安全數位技術架構。

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」演習中成功展示了數位化指揮與控制（C2），以同步聯合全域作戰。此次演習展示了該系統能夠與洛克希德·馬丁公司以及包括F-35在內的第三方平台和飛機成功整合的能力。該系統在所有軍種、所有作戰層級以及從太空到空中到地面的多個作戰域中執行C2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.

這是首次如此規模的聯合部隊同步演示。這對於所有聯合全域指揮與控制互通性以及我們公司21世紀安全願景而言，都是一個重要的里程碑。此次展示的結果將有助於塑造未來的JADC2能力，並將伊戈爾·西科斯基和臭鼬工廠的開創性傳統延續到數位世界。此外，作為「北方邊緣」演習的一部分，洛克希德·馬丁公司及其航空航天和RMS團隊首次在一架小型無人機系統上演示了人工智慧功能，用於識別和追蹤海上艦船。

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.

這項能力展示了使用相對廉價的無人機來大幅提升價值更高的載人飛機和船艦作戰能力和生存力的價值。所有這些數位技術的提升都需要可靠的先進半導體資源來支援這項關鍵優先事項。最近，我有幸與格芯執行長湯姆·考爾菲爾德和參議院多數黨領袖舒默共同宣布了這項合作，這將推動美國半導體製造業的發展，並增強美國供應鏈的韌性。此次合作使我們能夠更快、更經濟地生產21世紀的安全技術，進而提高美國及其盟友的周轉率。

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其他業界、國會和政府領導人一道，堅定支持去年簽署的兩黨共同通過的《晶片與科學法案》。洛克希德馬丁團隊將與格芯密切合作，共同拓展我們在紐約的關鍵生產線，並與遍布全國的其他半導體和科技行業合作夥伴合作，確保我們的平台和系統能夠使用美國製造的微電子元件。

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

說完這些，我將把電話轉給傑伊，稍後再回答你們的問題。

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，大家早安。今天，我將向大家介紹我們2023年第二季的合併業績和各業務領域的表現。我也會更新我們的全年業績指引。正如我在業績報告中所述，請關注我們今天發布的財報網頁圖表。

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的業績，其中包括合併銷售額和部門營業利潤。第二季銷售額年增8%，主要得益於航空航太業務，這兩個部門在本季均實現了兩位數的成長。這一成長部分得益於去年未確認的F-35銷售額帶來的3.25億美元影響。剔除此項收益，銷售額年增6%，其中航空航太業務仍成長12%。受銷售額成長的推動，部門營業利潤年增5%，這足以抵銷與風險退役時機相關的淨利調整減少的影響。如預期，部門利潤率為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.

轉到圖 5 的每股盈餘。在調整後的基礎上，每股盈餘成長 6.5%，這得益於利潤增加和股票數量減少，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.

回到圖6的現金流。本季度，我們創造了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含了研發資本化法案帶來的3.3億美元更高額的稅金。本季股利和股票回購再次超過了自由現金流，彰顯了我們對股東回報的承諾。 2023年上半年，我們透過股利和股票回購返還了近28億美元，佔自由現金流的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，我們分三批發行了20億美元債券，加權票面利率為4.8%。我們原本計劃在2024年初發行債券以支持股票回購，但為了在債務上限談判前獲得彈性和保障，我們加快了發行速度。

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。讓我們來看看各部門的業績，先從圖7的航空部門開始。航空部門第二季銷售額成長了10億美元，這得益於F-35、C-130和機密項目產量的增加。 F-35的產量和維護成本較去年同期強勁成長，部分原因是前面提到的2022年第二季15至17批次的融資時機對業績產生了影響。剔除此項收益，航空部門的銷售額成長了12%。得益於銷售額的成長，營業利潤年增至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.

正如吉姆所提到的，我們很高興聯合專案辦公室在本季度行使了F-35合約第17批的下一個選擇權。截至本季末，F-35積壓訂單目前為421架。這為我們的生產營運提供了更長期的清晰度，並為我們的供應鏈合作夥伴提供了穩定性。飛彈和火控部分見第8頁。銷售額與去年持平，因為戰術打擊飛彈項目銷售額的成長被綜合防空反導項目銷售額的下降所抵消。

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.

如預期，由於淨利潤調整減少，部門營業利潤和利潤率較去年同期下降。 MFC第二季的積壓訂單增加了65億美元，反映出當季訂單量達到創紀錄的90億美元，訂單出貨比為3.3%。

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

訂單量普遍增加，涉及我們的幾個關鍵項目，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頁的旋轉與任務系統部門，本季銷售額下降3%，原因是「黑鷹」專案正從多年期IX期過渡到多年期X期，導致其銷量下降。綜合作戰系統和感測器領域多個雷達項目的良好銷售部分抵消了這一下降。營業利潤略有下降，原因是銷量下降，淨利潤預期下降，但股權收益增加部分抵消了下降。

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.

一些重大的抵銷性項目導致淨利調整年減4000萬美元。由於預測更新，我們對加拿大海上直升機項目計入了1億美元的不利調整，但國際機載監視項目產生的6500萬美元收益部分抵消了這一影響。

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.

參見圖10。在我們的航太業務領域，銷售額年增12%，這得益於下一代攔截器和機密項目的持續開發活動，以及獵戶座計畫帶來的額外成長潛力。營業利潤成長15%，利潤率上升30個基點，這得益於聯合發射聯盟（ULA）的銷售成長和股權收益的年成長。

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.

現在轉到第11頁的2023年展望。我們上調了全年銷售額、部門營業利潤和每股收益的預期，同時基於年初至今的強勁表現，縮小了預期範圍。合併銷售額中位數成長10億美元，達到665億美元，這使我們能夠比之前預期更早在2023年恢復成長。部門營業利潤中位數成長4,500萬美元，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，由於F-35戰機維護量增加以及臭鼬工廠（Skunk Works）的機密工作量增加，我們將Aero的銷售額預期上調了2.5億美元，利潤預期上調了2500萬美元。正如我們先前提到的，由於F-35戰機交付量減少，我們預計2023年的成本產出將受到極小的影響。雖然我們預計現金回籠將面臨一些壓力，但我們正在積極尋找機會彌補任何不足。在航太領域，由於開發量增加，我們將銷售額中點上調了7.5億美元，利潤預期上調了2000萬美元，因為銷售額增長帶來的好處被ULA盈利預期下調部分抵消。

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，我們維持自由現金流預期在62億美元或以上，並持續承諾回購40億美元股票，其中下半年將回購27億美元。我們預計，這些回購加上股息，將為股東帶來超過100%的年度自由現金流回報。

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2023年每股收益預期的變化，我們將每股收益中位數上調了0.35美元，其中很大一部分（0.14美元）來自業務領域利潤的提升。我們預計減少股份數量將帶來0.11美元的收益，同時，我們也預期稅率降至15%（約20個基點）將帶來0.06美元的收益。剩餘的0.04美元則來自各種其他抵銷項目。

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。我們上半年業績強勁，推動我們比預期提前一年恢復成長，並提升了銷售額、利潤和每股盈餘的預期。我們的訂單儲備使我們對2024年及以後的預期成長加速充滿信心。此外，我們將繼續致力於透過業界領先的股息和強勁的股票回購來回報股東。最後，我們將繼續專注於我們的策略計畫—21世紀安全公司和[1 LMX]，以轉型我們的業務並擴大我們的產業領導地位，同時為股東提供持續可靠的回報。

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

好了，露易絲，讓我們開始問答環節吧。

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

（操作員指示）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，你們剛才談到了 MFC 的強勁積壓訂單擴張，以及這對今年下半年業績的推動作用，或許比預期略有提前。我想看看你們能否更詳細地闡述一下，這對 2024 年及以後的業績有何影響，以及這種趨勢的可持續性如何？最後，Jay，一些遺留項目訂單量的增加能否緩解 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，我可能會帶你回顧一下，我記得是在一月份的第四季電話會議上。當時我被問到我們對2024年成長的展望。當時我說的是預計低個位數成長。我認為，目前，我們將停留在這個水平，儘管2023年的成長基數會更高，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.

但我們仍需仔細研究並了解供應鏈的表現。顯然，訂單積壓問題並非需求問題，而是供給問題。我們需要在接下來的幾個月進行分析，並確定我們的成長前景將在多大程度上從低個位數成長的基準發生改變。

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.

所以，如果有什麼區別的話，我想說的是，積壓訂單給了我們很大的信心，讓我們相信我們將恢復成長。需求訊號本身預示著成長率將高於低個位數，但我們需要觀察供應方面的情況，以確保供應能夠滿足需求。

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的利潤率而言，我們確實預計未來幾年仍將面臨壓力。我同意，我們在增量需求中看到的一些好處來自利潤率較高的產品，應該會在一定程度上緩解壓力。但我們無法真正理解這意味著什麼。再說一次，在接下來的幾個月裡，隨著我們具體了解這些不同的項目在2024年及以後將產生什麼類型的貢獻、它們實施的時間以及這些項目可能帶來的綜合效益，我們將進行更深入的研究。

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，我可以介紹一些長期背景給你聽。首先，從美國政府的流程來看，洛克希德·馬丁公司目前擁有一系列產品的多年採購授權。我來快速介紹一下。這些產品包括聯合空對地飛彈、HIMARS高機動火箭系統、ATACMS高射程飛彈、用於HIMARS高機動火箭炮系統的GMLRS導引火箭彈、PAC-3 MSE導引火箭彈、GMLRS導引火箭本身（HIMARS的主要彈藥）、標槍飛彈、LRASM和JASSM聯合空地飛彈。所有這些項目都擁有多年期採購授權。到目前為止，GMLRS、PAC-3、LRASM和JASSM已經在與我們簽訂多年合約。

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.

如果你看一下烏克蘭補充法案的全文，你會發現它們的目標金額總計為620億美元，涵蓋了國防部為烏克蘭提供的四項援助法案。其中約三分之二，即440億美元，用於恢復總統削減的安全援助計劃，本質上就是補充美國軍火庫存。

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 MFC 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目前能夠生產的能力。這是美國推進這項計畫的另一個動力。我們估算，其中約70億美元可以用於我剛才提到的洛克希德馬丁公司的一些專案。因此，我們的MFC業務擁有龐大的長期成長機會。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不斷增長。因此，我認為這為公司的長期成長奠定了良好的基礎。

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 (Matt Akers)。

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?

我想跟進一下關於“技術更新3”的評論。能否簡單談談這項技術更新對現金的影響？影響有多大？您如何抵銷這項影響，並維持今年的業績預期？然後，我可以假設2024年的交付量將超過[150]輛，並且明年將帶來相關的現金收益，這合理嗎？

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 to 153. So you go from the midpoint there of the 150. 30 aircraft would be a $210 million impact and all the way down to 100 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。所以每架飛機的影響大約是700萬美元。所以，如果你去算一下——當我們進入今年的時候，我們預計的影響在147到153架之間。所以，從150架飛機的中間值開始算，30架飛機的影響是2.1億美元，一直到100架飛機的影響是5,000萬美元，大約是3.5億美元。所以你說的對今年的影響在2億到3.5億美元之間。正如我所提到的，我們正在努力管理這一影響，並透過投資組合中其他的順風因素來抵消它。

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.

至於您提到的，如果延期到明年，其實只是時間問題。是的，我們會在交付飛機後，在2024年飛機驗收後收回剩餘的款項。

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。再說一遍，我們實際上可以在2024年交付超過156架飛機，因為工廠的生產速度是156架。因此，在2024年，我們交付的飛機數量可能會超過目前的運行速度，因為工廠在飛機等待驗收期間仍在運作。我只是想確保每個人都知道我們正在採取什麼措施來解決這個問題，以確保將其最小化。我和政府中擔任軍職和文職職務的高級官員也談到了這個問題。

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.

首先，我們和供應商正在為此投入所有必要資源。這是我們公司以及其他一些公司的首要任務。我們正在加班，並派遣相關專家到其他公司或供應商的營運中，以確保一切順利進行。飛行測試項目正在按計劃進行。我們公司和國防部都擁有足夠的飛行員，可以順利推進所有工作。

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，飛行測試項目的目的是以一種真正系統化的方式，不斷縮小測試所有飛機功能和任務能力的漏斗，也就是縮小漏斗。我們只是按照這種系統化的方式推進。我們最新的估計是，所有測試將在今年第四季末完成。它可能會稍微推遲到2024年初嗎？是的，可能會，但我們認為我們正按計劃進行——現在，我們正在盡一切努力，從資源、承諾和時間表的各個方面，為12月的交付做好準備。

And the next question is from Peter Arment from Baird.

下一個問題來自貝爾德公司的彼得·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?

傑伊，謝謝你對F-35戰機的介紹。我想問一下，考慮到你們現在的積壓訂單成長，今年的資本支出成長相當大，達到了15%左右。我們是如何考慮支援積壓訂單的？你預計資本支出會趨於平穩嗎？還是會有所成長？或許也與此相關。在同樣的背景下，你是如何看待營運資本的？

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。就資本支出而言，我們預計下半年肯定會增加。我們仍維持今年19.5億美元的預測。而且，未來幾年，這數字基本上還會維持在高位。正如Jim在準備好的發言中所提到的，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高的水平。

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.

在營運資本方面，這對我們來說是一個機會。我們預計——我們真正想做的是將其恢復到過去（例如2020年、2021年以及2022年某個時期）的水平。因此，隨著業務量的增加，營運資本也會隨之增加。我們相信，我們有機會提高效率，使其達到過去的水平，並使其至少不消耗現金。如果我們完全成功，那麼無論業務成長如何，它都會成為現金來源。這是我們對今年下半年以及未來幾年的看法。

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，就太空業務而言，鑑於它推動了你們的業績預期上調，是什麼推動了這些預期？你們提到了與開發和太空相關的7億美元收入成長。可否稍微介紹一下？是競爭優勢嗎？或者能不能更詳細地說明一下推動這成長的因素？

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。希拉，在很多情況下，有些專案的進度比預期早。所以，上半年我們的業績超出了預期，我們預計下半年也能達到同樣的水準。這包括機密項目、防護通訊、國際安全太空業務以及我們太空戰略飛彈防禦業務中的下一代飛彈防禦系統 (NGI)。我們的下一代地理空間探測系統 (Geo) 或遠東紅外線系統 (OPIR) 專案也取得了一些成長。所有這些因素共同推動了我們與年初相比的成長。其中大部分我們已經在上半年實現了成長，下半年還會有少量成長，但我們已經計劃在下半年加速這些專案。

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，所以在巴黎氣候峰會期間和之後，F-35和任何引擎升級都面臨很大的壓力。我只是想知道你們能否稍微澄清一下你們的說法，談談你們對新引擎計畫的立場。而且我也想知道這對洛克希德公司以及整個F-35意味著什麼，因為我認為引擎是政府提供的。

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，Rich。我是Jim。這是政府提供的設備。美國政府決定為每一批飛機選擇哪種發動機，以及該發動機的現代化改造方案。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獲取引擎性能數據以及他們預期的性能改進，無論是現代化改造還是未來的替代方案。然後，我們將這些數據轉化為飛機性能數據和訊息，提供給我們的美國政府客戶。

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 our responsibility. And anything outside of that is not an official company position.

然後，我們可以回答有關他們決策過程的問題。所以我們沒有參與決策過程。因此，洛克希德馬丁公司在引擎更換或現代化方面沒有正式的公司立場。我們執行美國政府的決定，這就是我們現在正在做的事情。所以這顯然是我們的責任。除此之外的任何事都不是公司的正式立場。

The next question is from Noah Poponak from Goldman Sachs.

下一個問題來自高盛的 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?

Jay，我們之前討論過這種動態，第二季支出落後於授權支出，但支出最終還是實現了可觀的成長。之後，你們的收入以最快的速度實現了有機年成長。我知道下半年你們的可比數據更糟糕，但更新後的業績指引和收入有機成長在下半年必然會下降。所以我很想知道，你們會不會繼續縮小支出與授權支出之間的差距？供應鏈或其他影響這一差距的問題是否已解決？假設差距持續縮小，你們是否會制定業績指引？或者，如果情況持續縮小，是否會帶來上行空間？

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 the outlays to continue to increase on an absolute basis over that period of time.

諾亞，我認為支出會繼續增加。這只是我們的一個功能。我們下半年的銷售量總是高於上半年。我們的情況也是如此。如果你環比觀察我們下半年的整體銷售額，你會發現它比上半年高出約10億美元。其中很大一部分來自航空業務，這將推動這一成長。因此，我預計在此期間支出的絕對值將繼續增加。

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.

比較一下——這是一種功能——今年的銷售額比去年更高。所以，是的，我們的銷售額會有所增長，但不會像一年後——或者說，抱歉，像去年——那麼顯著。部分原因是，如果你還記得的話，去年我們在第二季度獲得了3.25億美元的銷售額，但這筆款項拖到了2022年的第三季。此外，我們還獲得了一筆F-35項目的後期授標，這是我們在第四季沒有預料到的。我們預計這筆款項會在第一季到賬，而且我們能夠在本季度立即將合約前庫存轉化為銷售額。

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.

所以，當你把這些加起來的時候——去年本身大約是5億美元。所以，當你把這些標準化的時候——對於2023年和2022年更平穩的負載年份來說，它已經上升到這個水平。比較會更加困難，因為與去年同期相比，部分由於這些原因，去年第四季我們的成長是7%。所以我們不會看到這種情況。從同比角度來看，我們會看到下半年有機下降。但同樣，這仍然使我們能夠比預期更早實現成長。所以這只是我們專案時間安排的一個函數。是的，它仍然更高，但不像2022年那樣處於成長速度。

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?

明白了。還有傑伊，現金流量表上的退休金。我覺得你更新23年後的繳款和現金回收數據已經有一段時間了。能提供一下最新的數據嗎？

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。就現金貢獻而言，我們目前預計2025年所需的現金貢獻在5億到10億美元之間。正如我在電話會議中提到的，我們的目標是透過三件事來真正抵消這一影響。增加淨收入－基於現金的淨收入貢獻。我們將看到研發資本化逆風消散帶來的順風。這也將推動營運資本績效提升到更高的生產力水平，從而抵消這一影響。

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.

我們這段時間的目標是繼續實現絕對值低個位數的自由現金流成長。再加上我們的股票回購計劃，每股自由現金流應該可以實現中等個位數的成長。所以，這不僅是我們未來幾年的目標，也是我們更長遠的目標。但這確實是我們目前在退休金繳款方面的現狀，也是我們為此而製定的計畫。

The next question is from Myles Walton from Wolfe Research.

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

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?

早在四月份，美國國防部就表示，中段機身的生產是限制F-35年產量超過156架/年的因素。萊茵金屬公司現在已簽約從2025年開始生產機身。能否談談，隨著萊茵金屬公司逐步提高產能，到2020年，年產量超過156架/年的前景如何？

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 progressing 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，這是能夠將產量擴展到156架以上的一個重要因素，但還有很多其他因素需要我們的供應商、我們自己以及美國政府共同出資，才能將整個供應鏈的產量提升到我們目前與政府達成協議的156架以上。因此，如果對這架飛機的需求持續成長（目前看來，需求正在持續成長），並且美國批准向更多國家出口這款飛機，或向現有國家出口更多數量。那麼，政府和業界或許有商業理由將產量擴展到156架以上，萊茵金屬公司中機身的擴建無疑將對此產生正面影響。

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，但您並沒有因為 TR-3 問題而放慢 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.

沒有，我們沒有。所以整個生產系統，尤其是交付週期較長的零件，都在供應鏈中跟踪，就像我們的產量從140多架增加到156架一樣。如果飛機交付出現延誤，那麼完全完工的飛機將停在坡道上，等待的不僅僅是軟體加載，還有TR-3軟體加載通過所有飛行測試點的確認。這才是他們真正「等待」的。不會有生產延遲。只是交付延遲，因為軟體整合測試必須在空中完成，不僅在飛機上，而且在同時飛行的多架飛機之間進行。他們等待的就是這個。

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 (Ken Herbert)。

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，我想問兩個關於積壓訂單的問題。首先，您能否幫助我們了解積壓訂單的成長有多少可能與烏克蘭直接相關？其次，無論是基於戰爭的時機，還是最終流向盟友夥伴公司（Ally Partners）的資金，以及用於補給的資金，這是否有風險？當然，這筆資金是用於補給的。此外，作為你們就軍火等諸多領域達成的長期協議的一部分，我們應該如何看待這些長期協議帶來的潛在利潤——積極的利潤影響？

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.

肯，我來談談積壓訂單。大部分積壓訂單，尤其是在第二季度，我們看到的是2020年——基本上是2023年的合約需求。還有一些－GMLRS，也包含一些2024年的需求。但正如吉姆所提到的，我們正在努力達成多年期合同，但目前尚未簽訂任何多年期合約協議。因此，我們非常有信心積壓訂單能夠轉換為銷售額。因此，正如吉姆所提到的，我們正在繼續與客戶溝通，以確定之後的多年期需求。至於長期協議的利潤，在許多情況下，我們基本上會與供應鏈簽訂涵蓋這些需求的協議。

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.

所以我們會與客戶保持密切聯繫。當我們與客戶簽訂多年協議時，我們也會與供應商簽訂同樣多年的合約。因此，我們從中獲得的任何好處都可能以優惠的條款和價格轉嫁給客戶。因此，我預計利潤率不會比現在有任何提升。我預計利潤率會保持穩定。但話說回來，這些利潤率相當穩定。

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，我想給你們一個機會，或許可以談談其他業務部門。你們剛才談到了MFC（製造、加工和包裝）的低個位數預期。能否介紹一下2024年及以後的其他業務部門，以及你們目前對這些業務部門的基準假設？然後，或許可以談談利潤率。在本季度，你們談到了正在進行的[One LMX]計劃，特別是圍繞供應鏈和整合採購，以及可能獲得更好的購買力和定價，以及這些計劃如何影響你們未來的利潤率展望。

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，我先從2024年及以後的成長率開始說起。為了確保我表達清楚，我之前說的低個位數成長指的是整個公司合併銷售。 MFC 的銷售額應該會比這個數字好得多，我們預計它將成為我們成長最快的部門。之後我會繼續說，其他部門也會有一些成長。但考慮到我們已經看到的這種需求——增量需求——未來幾年，MFC 才是真正的驅動力。

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.

關於[one LMX]，關於利潤率。我們一直以來——這對我們來說是一項意義非凡的舉措。它不僅僅是ERP升級。它是我們的工程工具、製造執行系統工具中的部分生命週期工具、我們的客戶關係管理工具以及我們的人力資源系統工具。它旨在讓我們成為一家更具競爭力的公司。我們將獲得的許多好處，都會透過定價和遠期定價的方式傳遞給客戶。因此，我們不一定會從中獲得更多的利潤收益。但它將增強我們的競爭力，讓我們能夠獲得更多業務，保持行業領先地位，並保持我們的領導地位。這就是我們實施one LMX的方式，實際上更多的是從財務角度來看它。

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

因此可以公平地說，利潤結果將在很大程度上取決於開發工作和固定（聽不清楚）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。我認為確實如此。產品組合肯定會影響未來的利潤率。

Our next question is from David Strauss from Barclays.

下一個問題來自巴克萊銀行的戴維‧史特勞斯 (David Strauss)。

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.

想了解您對第174條立場的最新情況，看看根據您從稅務機關獲得的回饋，這方面是否有任何變化？第二個問題，關於Aerojet、洛克希德公司或三家可能收購Aerojet的公司，我記得最近您已經就此發表了一些評論。請問您認為LHX是否能夠——或者說，他們目前在多大程度上能夠滿足您對這筆交易的擔憂？

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。我來回答關於第174條的問題。在過去，我想大概是6個月的時間裡，美國國稅局已經承認我們需要就此問題提供指導。我們希望在年底前看到他們就我們的立場提供一些指導。我們的立場沒有改變。因此，我們熱切地等待他們可能提供的任何指導。我們仍然對自己的立場充滿信心。

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.

我之前已經闡述過我們今天採取這一立場的原因。目前已有立法提案將第174條的實施延後到2026年。這將追溯至2022年。因此，我們對此持樂觀態度。當然，我們認為該條款應該被廢除，但至少延遲實施是一個好的開始。因此，我們將密切關注該立法。顯然，我們支持該法案，我們將關注其在國會的進展。

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.

說到 Aerojet Rocketdyne，我們有兩大利益，而且只有兩大利益：可靠的推進系統，尤其是對整個航空航天和國防工業至關重要的固體火箭發動機。因此，我們需要保留 Aerojet Rocketdyne 目前架構的另外兩個優勢：它是整個產業推進系統的供應商。這意味著它對所有最終產品的主承包商（我稱之為原始設備製造商）一視同仁。即使 AJRD 落入其他公司手中，我們也認為需要保留這一點。

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 的業績一直在提升，但仍需大幅提升。因此，無論 AJRD 是獨立營運還是併入其他公司，將資源投入到 AJRD 的營運中至關重要，這樣才能使其成為更有能力的供應商，確保準時交貨、品質保證等等。因此，我們的兩大好處在於：維持 AJRD 的商業供應商地位，並提高 AJRD 的營運績效。目前，我們尚未收到 L3Harris 的任何承諾，保證他們將繼續保留 AJRD 作為商業供應商。而這正是我們真正期待的。

Our 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。

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 U2 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?

這裡或許可以問一個更宏觀的問題。讓我們來看看24財年的預算，23財年的情況如何，以及未來發展軌跡，甚至25財年的情況。 24財年，看起來機密飛機項目上的支出可能會達到60億美元左右，涵蓋NGAD、F/A-XX等各種項目，還有人討論用高超音速平台取代U2。我知道您能說的有限，但您能否簡單談談這對洛克希德馬丁公司意味著什麼？您是如何看待這個問題的？作為一個試圖模擬和思考這個問題的局外人，您會如何引導我們思考這個問題？

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.

羅恩，我想先從這一點說起，我們的機密業務組合已經實現了顯著增長，並且正在經歷顯著的增長。這是公司的一個亮點。我認為，最近，當我們把所有機密項目加在一起時，成長率大概在7%左右。所以，由於臭鼬工廠、我們的太空業務，以及RMS和MFC的一些部門，我們擁有在這些真正先進的領域工作的優秀人才和能力。我在準備好的演講稿中提到，我們公司正在努力進入超越已知科學的領域，以應對客戶面臨的挑戰。

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，如果情況確實如此，我們有能力利用政府支出中機密項目更高的成長率。所以我們在這方面做得很好。不過，在飛機方面，有些任務需要區分，對吧？例如偵察和監視任務，很多任務都可以用無人系統完成。比如，這就是臭鼬工廠的優勢之一。

So that mission, we have a real strength in unmanned surveillance ISR systems are called. Then you've got the air superiority 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.

所以，我們在無人偵察ISR系統方面擁有真正的優勢。那麼，你們有空中優勢類型的飛機嗎？例如，你可以想想F-15，F-22 NGAD是下一代空中優勢飛機，這是保密的。空軍最近表示，現在已經開始競爭這種空中優勢飛機，或者說，空軍飛機正在訓練這種空中優勢飛機。

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 take-off, landing solution. And then you've got the C model, which is the pure Navy big carrier tailhook type of landing aircraft.

還有一種是多用途攻擊機，對吧？那就是F-16、F-35這類飛機。再說一次，我們在F-35方面的優勢在於產量，對吧？我們已經獲得了用於執行打擊任務的承諾產量，基本上所有三種型號都有，對吧？對於空軍來說，這是一種陸基長跑道解決方案。對於海軍陸戰隊來說，這是一種B型，這是一種陸基短跑道解決方案，或者說是兩棲起降或航空母艦起降解決方案。然後是C型，這是純粹的海軍大型航空母艦尾鉤式著陸飛機。

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，打擊任務的能力很大程度上可以而且將在很大程度上由F-35來承擔。以上就是對飛機的思考方式。因此，機密項目將主要集中在空中優勢和情報、監視與偵察（ISR）。然後是轟炸機任務，未來主要將由B-21執行。希望以上內容對你的問題有幫助。

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.

縱觀我們的整個投資組合，分類廣告業務的價值約為80億美元。如果你還記得的話，我們曾說過，它是我們到2027年成長預測的四大支柱之一。鑑於我們目前在MFC專案上的進展，我們最高的成長點很可能是我們記錄在案的專案。但到2027年，這將是我們成長第二快的項目，成長率將在中高個位數之間。

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?

您能否談談勞動力供應和成本情況，從上個季度開始就有所增加。從招募和薪資水平來看，招募是否變得更加容易了？您看到這方面有改善嗎？

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，在過去的六個月裡，我們的勞動力供應狀況顯著改善。在此期間，我們彌補了許多關鍵的技能缺口，這在一定程度上促進了銷售額的成長——我們在展望變化後看到的增量銷售額成長，部分原因是我們內部勞動力的貢獻。因此，我們現在的狀況比六個月前好得多。我們的員工流動率下降，招募率也有所提高。因此，我們相當有信心，這種狀況會持續下去，這對整個產業，尤其是我們的供應鏈來說，也是一個好兆頭。我們對此感到鼓舞。

Our next question is from Doug Harned from Bernstein.

下一個問題來自伯恩斯坦的 Doug Harned。

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.

我想先談談烏克蘭的飛彈和火控系統，因為如果我們回顧一下俄烏衝突初期，當時有「標槍」飛彈之類的裝備，當然還有「毒刺」飛彈。所有這一切看起來都只是短期需求，可能會用來建立一些武器補給能力。現在，事情已經過去一年多了，上個季度我們獲得了一些非常大的合同，這些合同似乎與烏克蘭直接相關，或者與歐洲其他需求相關，我們看到北約的支出正在增加。

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飛彈和火控業務未來在收入和訂單積壓方面的機會？這取決於烏克蘭局勢的發展，無論是衝突最終得到解決，或是北約的參與度不斷提升。您在規劃中如何考慮這些因素？

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.

所以我想從定性角度來說，或許可以把這個問題交給傑伊量化一下，烏克蘭的悲劇是否更廣泛地暴露了我們國防企業的一些問題和弱點，對嗎？所以，道格，我不認為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多年，我認為這才是最重要的。這些教訓首先是，不幸的是，大國衝突在歷史的這個時刻並沒有從世界上消失。

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挑起大國陸戰，這相當冒險，表明他們將來可能會冒其他風險，以維護其政權或擴張其勢力，無論其動機如何。因此，北約——以及當你與波蘭和立陶宛等國的國防部長交談時，你會發現他們對此非常重視，並非著眼於短期，而是著眼於長遠。因此，他們正在擴大國防預算，並非因為烏克蘭目前的局勢，而是因為他們認為在可預見的未來，本國將面臨更大的風險，這令人遺憾。

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.

就美國而言，從此次局勢以及烏克蘭局勢中得到的教訓是，彈藥的消耗率遠高於我們現有的大多數兵棋推演模型的預測。因此，需要對已使用和運往烏克蘭的彈藥進行補充，但除此之外，還需要規劃未來衝突的走向，並希望如此。在這種情況下，美國及其盟友首先需要向潛在對手證明，他們擁有足夠的庫存，以便在必要時進行長期自衛。而且，彈藥的使用率將由他們的庫存和工業支撐。

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，從長遠來看，這將改變美國及其西方盟友（包括日本、菲律賓等）的國防戰略。我們希望烏克蘭衝突盡快結束，但我們認為，這些教訓以及未來對這類產品的需求將在很長一段時間內保持在高位。

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訂單的性質一致，這些訂單數量巨大，持續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.

太好了。瞧，我是瑪麗亞。我想我們討論共同支付（copay）的時間到了。我把話題轉回給吉姆，要他最後說幾句。

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.

就說幾件事。我想確保每個人都明白，在推出21世紀安全理念和戰略三年後，我們正處於一個我認為良好的開端。它最初的真正目的是透過加速採用5G、分散式雲端、人工智慧等數位技術，增強對衝突的尊重。我認為我們在這方面取得了巨大進展。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，以幫助我們實現這一目標，而且客戶也開始採用它。

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.

正如我在準備好的演講中提到的，我們正在進行一項重要的演習，並獲得了一些實際收入和專案獎勵。但我們將根據過去三年的經驗，將這個概念擴展到兩個領域。第一個領域是基於您剛才提到的一些內容，建構和加強國防生產供應鏈。我們必須建立一個更具彈性的國防生產系統，並在必要時能夠快速擴展。

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.

另一個維度是讓國際生產和保障營運至少成為洛克希德馬丁未來發展的一部分。正如您所聽到的，我們談到在澳洲、英國、甚至波蘭和德國的投資，這對我們來說都是新嘗試。因此，我們將繼續在國際上擴張，以確保我們擁有彈性的供應鏈和保障運營，我們的客戶可以利用它們來遏制未來全球衝突。

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.

所以，我認為這些對大家了解我們的發展方向非常重要。但在結束通話之前，我衷心感謝洛克希德馬丁公司的所有同事，感謝他們為加強我們的國家安全和增強威懾力所做的許多重要貢獻。我們本季強勁的財務和營運業績正是他們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.

瞧，無論是在工廠車間、機密工程設施或客戶航線，我們的員工在疫情期間每天都堅守崗位，並且將繼續堅守崗位，保障國家安全。我要感謝他們，也感謝大家今天參加我們的電話會議。我們期待在10月的下次電話會議上與您交流。露易絲，本次電話會議到此結束。

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

謝謝大家。女士們，先生們，今天的會議到此結束。感謝您的參與及使用AT&T電話會議服務。現在您可以斷開連線了。