洛克希德·馬丁 (LMT) 2023 Q4 法說會逐字稿

Good day, and welcome, everyone, to the Lockheed Martin Fourth Quarter and Year-end 2023 Earnings Results Conference Call. Today's call is being recorded. (Operator Instructions)

美好的一天，歡迎大家參加洛克希德馬丁公司第四季和 2023 年底獲利結果電話會議。今天的通話正在錄音。 （操作員說明）

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

此時，我想將電話轉給財務主管和投資者關係副總裁瑪麗亞·裡恰爾多內 (Maria Ricciardone) 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 fourth quarter and full year 2023 earnings conference call. Joining me today on the call are Jim Taiclet, our Chairman, President and Chief Executive Officer; Jay Malave, our Chief Financial Officer.

謝謝你，路易斯，早安。我謹歡迎大家參加我們的 2023 年第四季和全年財報電話會議。今天與我一起參加電話會議的還有我們的董事長、總裁兼執行長 Jim Taiclet； Jay Malave，我們的財務長。

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

今天的電話會議中所做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。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向 SEC 提交的文件，以了解可能導致實際結果與前瞻性聲明中的結果有重大差異的一些因素的描述。我們今天在網站上發布了這些圖表，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資訊。請造訪我們的網站 www.lockheedmartin.com 並點擊投資者關係連結查看並關注圖表。

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 fourth quarter and full year 2023 earnings call. In 2023, the 122,000 men and women of Lockheed Martin, working closely with our customers, made excellent progress advancing our 21st Century security strategy and delivered strong financial results for our shareholders.

謝謝，瑪麗亞。大家早安，感謝您參加我們的 2023 年第四季和全年財報電話會議。 2023 年，洛克希德馬丁公司的 122,000 名員工與我們的客戶密切合作，在推進我們的 21 世紀安全戰略方面取得了巨大進展，並為我們的股東帶來了強勁的財務業績。

Turning to Chart 3. Robust demand for our broad portfolio of aircraft, helicopters, satellites, radar systems and other products, services and advanced digital technologies boosted backlog to a record $161 billion. Full year sales of $67.6 billion increased 2% year-over-year and came in stronger than anticipated, as did earnings per share of $27.55. To position the company to take full advantage of these future growth opportunities, we invested more than $3 billion across research and development and capital in 2023. We generated $6.2 billion of free cash flow, as expected, which resulted in year-over-year free cash flow per share percentage growth in the mid-single digits. We returned approximately 145% of free cash flow to shareholders over $9 billion through dividends and share repurchases combined. Our expectation for Lockheed Martin's 2024 financial outlook, include low single-digit growth in sales off of the higher 2023 base and a range of $6 billion to $6.3 billion of free cash flow.

請參閱圖 3。對我們廣泛的飛機、直升機、衛星、雷達系統和其他產品、服務和先進數位技術組合的強勁需求使積壓訂單達到創紀錄的 1,610 億美元。全年銷售額為 676 億美元，年增 2%，強於預期，每股收益為 27.55 美元。為了讓公司充分利用這些未來的成長機會，我們在 2023 年在研發和資本方面投資了超過 30 億美元。正如預期的那樣，我們產生了 62 億美元的自由現金流，這導致了同比自由現金流每股現金流百分比成長為中個位數。我們透過股息和股票回購將約 145% 的自由現金流返還給超過 90 億美元的股東。我們對洛克希德馬丁 2024 年財務前景的預期包括，在 2023 年較高基數的基礎上銷售額實現低個位數成長，以及 60 億至 63 億美元的自由現金流。

Our ongoing dividend and expectation for $4 billion of share repurchases will sustain our focus on returns to shareholders in 2024. We also plan to further advance our vision for 21st Century security in the year as we believe that it is our responsibility at Lockheed Martin to bring the best of U.S. and allied technology and industrial capability to help maintain an effective deterrent to arm conflict and to provide our armed forces with the capabilities to win should we need to.

我們持續的股利和40 億美元股票回購的預期將使我們繼續關注2024 年股東回報。我們還計劃在今年進一步推進我們對21 世紀安全的願景，因為我們相信，洛克希德馬丁公司有責任將利用美國和盟國最好的技術和工業能力，幫助維持對武裝衝突的有效威懾，並為我們的武裝部隊提供在需要時獲勝的能力。

First, we work closely with our supply chain to apply anti-fragility measures and increased resilience. Through teaming arrangements to expand sources of supply and by making strategic investments in start-ups with cutting-edge technologies. For example, we are collaborating with a supplier in which we have a minority investment, to accelerate our additive manufacturing progress, reducing material and process dependencies and complex thermal management applications such as heat exchangers. We also stood up a wholly owned subsidiary called ForwardEdge ASIC to work with major semiconductor fabs to design and manufacture the cutting-edge microprocessors that we need.

首先，我們與供應鏈密切合作，採取反脆弱性措施並提高彈性。透過合作安排擴大供應來源，並對擁有尖端技術的新創公司進行策略性投資。例如，我們正在與一家擁有少數投資的供應商合作，以加快我們的增材製造進度，減少材料和製程依賴性以及熱交換器等複雜的熱管理應用。我們還成立了一家名為 ForwardEdge ASIC 的全資子公司，與主要半導體工廠合作設計和製造我們所需的尖端微處理器。

Second, we led the industry to broaden and strengthen the defense industrial base by making significant progress with our commercial technology collaborators to bring their innovations into the service and national defense. For example, in the fourth quarter, Lockheed Martin worked together with a team, including Intel, Verizon, Microsoft, Juniper Networks, Keysight and Radisys to successfully demonstrate a secure, resilient, hybrid 5G and military datalink network in a live field demonstration in Colorado. Our 5G.MIL unified network solutions performed as a tactical and commercial multi-node hybrid network for integrating land, air and space operations. Together, we demonstrated absolutely cutting-edge system capabilities, performance and operation for customers in a field setting by combining the best of our technology with those of our commercial teammates.

其次，我們與商業技術合作者取得重大進展，將其創新成果運用到軍種和國防領域，從而引領業界擴大和加強國防工業基礎。例如，第四季度，洛克希德·馬丁公司與英特爾、Verizon、微軟、瞻博網路、是德科技和Radisys 等團隊合作，在科羅拉多州的現場現場演示中成功展示了安全、有彈性的混合5G和軍用資料鏈網路。我們的 5G.MIL 統一網路解決方案作為戰術和商業多節點混合網絡，用於整合陸地、空中和太空作戰。透過將我們最好的技術與商業團隊的技術相結合，我們共同在現場向客戶展示了絕對尖端的系統功能、性能和操作。

Third, we deepened relationships internationally with partners and allies to ensure that the U.S. can drive maximum interoperability in both industry and in military operations. We are making progress towards a mission-centric approach that uses the latest digital technologies to network aircraft, satellites, command centers and other key elements together to vastly improve their effectiveness and deterrent value across our U.S. and allied customers. One example from 2023 is work with Australia to develop Phase 1 of AIR6500, that's a joint battle management system and the first of its kind in terms of situational awareness and interoperability. This increases collaboration with trusted allies and partners can also help reduce the fragility and increase the capacity of the defense production system.

第三，我們深化了與合作夥伴和盟友的國際關係，以確保美國能夠在工業和軍事行動中推動最大程度的互通性。我們正在朝著以任務為中心的方法取得進展，該方法使用最新的數位技術將飛機、衛星、指揮中心和其他關鍵要素聯網，以大幅提高其對美國和盟國客戶的有效性和威懾價值。 2023 年的一個例子是與澳洲合作開發 AIR6500 第一階段，這是一個聯合作戰管理系統，也是第一個在態勢感知和互通性方面的同類系統。這增加了與值得信賴的盟友和合作夥伴的合作，也有助於降低國防生產系統的脆弱性並提高其能力。

Last week, Lockheed Martin was awarded the guided weapons production capability risk reduction activity contract, which will provide a mechanism for swift knowledge and technology transfer and serve as a path finder to manufacturing our suite of guided munitions in Australia with their workforce and with contributions from their society and their economy.

上週，洛克希德·馬丁公司獲得了導引武器生產能力風險降低活動合同，該合約將提供快速知識和技術轉移的機制，並成為我們在澳大利亞與其勞動力和貢獻者一起製造制導彈藥套件的探路者。他們的社會和經濟。

Turning briefly now to the status of the U.S. defense budget. The current proposed agreement being discussed with the administration in Congress would support an $886 billion top line budget, 3% higher than 2023. We will continue to monitor the status of the U.S. budget process and strongly believe that Lockheed Martin programs will continue to be well-supported as the process unfolds.

現在簡單談談美國國防預算的狀況。目前正在國會與政府討論的擬議協議將支持 8,860 億美元的最高預算，比 2023 年高出 3%。我們將繼續監測美國預算流程的狀況，並堅信洛克希德·馬丁公司的計畫將繼續順利進行- 隨著流程的展開提供支援。

I'll now review a few notable highlights from our operations. Starting with Aeronautics and the F-35. We delivered 18 F-35 aircraft in the Technology Refresh 2 or TR-2 configuration in the fourth quarter, bringing the 2023 total to 98 jets. We are making continued progress towards delivering the first TR-3 configured aircraft. Today, over 90% of the TR-3 functionality is currently in flight test, and we are further advancing the software integration to include additional aircraft and mission subsystems. While this system maturation process continues to advance, it is taking somewhat more time than we originally anticipated. A second quarter customer acceptance of delivery software remains our target. However, we now believe that the third quarter may be more likely scenario for a TR-3 software acceptance.

現在我將回顧我們營運中的一些值得注意的亮點。從航空和 F-35 開始。我們在第四季度交付了 18 架採用技術更新 2 或 TR-2 配置的 F-35 飛機，使 2023 年總數達到 98 架。我們在交付第一架 TR-3 配置的飛機方面不斷取得進展。如今，TR-3 90% 以上的功能正在進行飛行測試，我們正在進一步推進軟體集成，以納入更多飛機和任務子系統。雖然這個系統的成熟過程不斷推進，但所花費的時間比我們最初預期的要多一些。第二季客戶接受交付軟體仍然是我們的目標。然而，我們現在認為第三季更有可能接受 TR-3 軟體。

We are taking the time and attention to get this technology insertion right the first time because it will be absolutely worth it. The step function technological advances of TR-3 will provide our customers with the onboard digital infrastructure of data storage, data processing and pilot user interface to provide unmatched capabilities for many years to come. These include increased types of capability for air-to-air and air-to-ground munitions, advanced sensing, jamming and cybersecurity capabilities and more accurate target recognition. To achieve this level of reliable capability for the long run, the resulting aircraft delivery range for 2024 is between 75 and 110 and requires the TR-3 hardware suppliers to keep pace with production demands both this year and in the future.

我們花時間和精力在第一時間就成功地引入這項技術，因為這絕對是值得的。 TR-3 的階躍功能技術進步將為我們的客戶提供資料儲存、資料處理和試點使用者介面的機載數位基礎設施，從而在未來許多年提供無與倫比的功能。其中包括增加空對空和空對地彈藥的能力、先進的感測、幹擾和網路安全能力以及更準確的目標識別能力。為了長期實現這種水準的可靠能力，2024 年的飛機交付範圍為 75 至 110 架，並要求 TR-3 硬體供應商跟上今年和未來的生產需求。

Given the increasing operational capability and digital connectivity of the aircraft is a cornerstone of all domain operations, international demand for the F-35 remains very strong. In December, the Republic of Korea made a decision to procure 20 additional F-35 aircraft. Also in December, we presented the first F-35A to the Belgian government, which will be one of more than 600 F-35s that will be stationed in Europe across NATO member bases by the 2030s. Aero also continued to advance the F-16 as the first European F-16 training center in Romania was inaugurated in November and a partnership with Romania and the Netherlands. This center will provide world-class training to enhance mission readiness and ensure safety of flying and operating F-16 fighter jets.

鑑於飛機日益增強的作戰能力和數位連接是所有領域作戰的基石，國際上對 F-35 的需求仍然非常強勁。 12月，韓國決定追加購買20架F-35飛機。同樣在 12 月，我們向比利時政府展示了第一架 F-35A，這將是 2030 年代將部署在歐洲北約成員國基地的 600 多架 F-35 中的一架。 Aero 也持續推動 F-16 的發展，第一個歐洲 F-16 訓練中心於 11 月在羅馬尼亞落成，並與羅馬尼亞和荷蘭建立了合作夥伴關係。該中心將提供世界一流的培訓，以增強任​​務準備能力並確保 F-16 戰鬥機飛行和操作的安全。

In addition, we delivered the first 2 Slovakia and F-16 Block 70 jets in the fourth quarter. Deliveries for Slovakia totaling 14 aircraft will continue through 2025. Aero Skunk Works continues to pioneer groundbreaking innovation as well. And for a change, I can actually tell you about one. The X-59 experimental supersonic aircraft built by Skunk Works and NASA Aeronautics was selected as one of Time Magazine's best inventions of 2023. The X-59 is expected to transform the future of commercial supersonic flight over land by quieting the sonic boom, one of aviation's modes persistent challenges. The X-59 was unveiled at a rollout ceremony earlier this month and is expected to take first flight later this year.

此外，我們在第四季度交付了首批 2 架斯洛伐克和 F-16 Block 70 噴射機。到 2025 年，將繼續向斯洛伐克交付總計 14 架飛機。Aero Skunk Works 也將繼續引領突破性創新。作為改變，我實際上可以告訴你一個。由Skunk Works 和NASA Aeronautics 製造的X-59 實驗性超音速飛機被選為《時代》雜誌2023 年最佳發明之一。X-59 預計將透過消除音爆來改變陸地上商業超音速飛行的未來，音爆是超音速飛機。航空模式持續面臨挑戰。 X-59 在本月稍早的推出儀式上亮相，預計將於今年稍晚進行首飛。

Our MFC business continued to push technological advancements forward as well. through modernization of air and missile defense and precision strike capabilities. In the fourth quarter, we delivered the first Precision Strike Missile, or PrSM, to the U.S. Army and conducted system qualification test for an extended range guided multiple launch rocket system or GMLRS, which will extend the range of the HIMARS system that many of you are familiar with. MFC also delivered the 800th THAAD, that's a terminal high-altitude area defense interceptor to the U.S. government in October. And also, we successfully integrated the PAC-3 Patriot Missile with the U.S. Army's new air and missile defense radar system to defend against cruise missiles, tactical ballistic missiles as well as hypersonics.

我們的 MFC 業務也持續推動技術進步。透過空中和飛彈防禦以及精確打擊能力的現代化。在第四季度，我們向美國陸軍交付了第一枚精確打擊飛彈（PrSM），並對增程導引多管火箭系統（GMLRS）進行了系統資格測試，這將擴大你們許多人所期望的HIMARS 系統的射程。熟悉。 MFC 還在 10 月向美國政府交付了第 800 枚薩德，這是一種末端高空區域防禦攔截器。此外，我們還成功地將 PAC-3 愛國者飛彈與美國陸軍的新型防空和飛彈防禦雷達系統集成，以防禦巡航飛彈、戰術彈道飛彈以及高超音速飛彈。

International demand for the PAC-3 remains strong too. This year, Switzerland and Romania each signed letters of offer an acceptance for PAC-3 MFCs, marking 15 partner nations for this program. RMS also saw strong international interest in the fourth quarter. The U.S. Navy awarded Lockheed Martin contract to produce 8 MH-60 Romeo SEAHAWK helicopters for the Spanish Navy and 6 of them for the Norwegian government as well. To date, Sikorsky has delivered 330 MH-60 Romeo aircraft to 5 countries, including the United States, 67 more are on order or in production for India, Greece, South Korea, Australia and now Spain and Norway. Also in the quarter, Sikorsky installed the U.S. Army's improved turbine engine on our RAIDER X, designed for the army's future attack reconnaissance aircraft or FARA program. This final phase of the RAIDER X build brings us one step closer to completing the system that will support the Army's high-tech future missions requirements, and we anticipate the first flight of RAIDER X in late 2024.

國際上對 PAC-3 的需求也依然強勁。今年，瑞士和羅馬尼亞分別簽署了 PAC-3 MFC 的錄取通知書，標誌著該計劃有 15 個合作夥伴國家。 RMS 在第四季也看到了國際上的強烈興趣。美國海軍授予洛克希德馬丁公司合同，為西班牙海軍生產 8 架 MH-60 羅密歐海鷹直升機，並為挪威政府生產 6 架。迄今為止，西科斯基已向包括美國在內的 5 個國家交付了 330 架 MH-60 羅密歐飛機，另有 67 架正在為印度、希臘、韓國、澳洲以及現在的西班牙和挪威訂購或生產。同樣在本季度，西科斯基在我們的 RAIDER X 上安裝了美國陸軍改進的渦輪發動機，該發動機專為陸軍未來的攻擊偵察機或 FARA 計劃而設計。 RAIDER X 建造的最後階段使我們距離完成支援陸軍高科技未來任務需求的系統又近了一步，我們預計 RAIDER X 將於 2024 年末進行首次飛行。

Finally, turning to space. United Launch Alliance successfully launched the Vulcan Centaur Rocket earlier in January. This launch was the first of 2 flights required to complete national security space certification and the second planned mission could happen as soon as April. The U.S. Air Force awarded Space a nearly $1 billion contract to develop a new reentry vehicle for the Sentinel Intercontinental Ballistic Missile. The reentry vehicle or Mk21A will be mounted on top to Sentinel. The award follows a technology maturation and risk reduction contract and the ICBM recapitalization contributes to modernizing strategic deterrents and reinforcing Lockheed Martin's critical technological contributions to the nuclear triad.

最後，轉向太空。聯合發射聯盟在一月初成功發射了火神半人馬火箭。這次發射是完成國家安全太空認證所需的兩次飛行中的第一次，第二次計畫任務最早可能在四月進行。美國空軍授予 Space 公司近 10 億美元的合同，為哨兵洲際彈道飛彈開發新型再入飛行器。再入飛行器或 Mk21A 將安裝在 Sentinel 頂部。該合約是在一項技術成熟和風險降低合約之後授予的，洲際彈道飛彈資本重組有助於實現戰略威懾現代化，並加強洛克希德馬丁公司對核三位一體的關鍵技術貢獻。

And last week, the Space Development Agency announced Lockheed Martin was awarded an almost $900 million contract for Tranche 2 Tracking Layer to provide 18 small sats, 16 of those space vehicles are for missile warning and tracking and 2 space vehicles are for missile defense infrared sensors to be on board. The first group of 9 satellites is expected to launch in April of 2027. A lot going on at Lockheed Martin in all of our operations.

上週，太空發展局宣布洛克希德馬丁公司獲得了一份價值近9 億美元的Tranche 2 跟踪層合同，將提供18 個小型衛星，其中16 個航天器用於導彈預警和跟踪，2 個航天器用於導彈防禦紅外線感測器上船。第一批 9 顆衛星預計將於 2027 年 4 月發射。洛克希德馬丁公司在我們的所有營運中都發生了很多事情。

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

接下來，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 will recap our fourth quarter and full year 2023 financial results and provide our initial guidance for 2024. As I describe 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，我將回顧我們的 2023 年第四季度和全年財務業績，並提供我們對 2024 年的初步指導。在我描述我們的業績時，請關注我們今天發布的收益發布中的網絡圖表。

On Chart 4, we'll start with the fourth quarter results for consolidated sales and segment operating profit. We had a better-than-expected close to the year, nearly matching last year's record fourth quarter. Sales exceeded internal expectations by close to $1 billion, with the improvement largely due to material throughput, leading to a less than 1% year-over-year decline in the quarter and a sign of improving synchronization between Lockheed Martin's demand signals and supply chain fulfillment. The strong finish led to about 2.5% sales growth for the year, which was about $2 billion stronger on an absolute basis than originally expected last January. Overall segment operating profit in the quarter was also better than expected on the higher sales volume and was down 1% year-over-year due to lower net profit adjustments and lower equity earnings. Book-to-bill was 1.15x for the year with strength across all 4 segments.

在圖 4 中，我們將從第四季的合併銷售額和部門營運利潤開始。我們的年末業績優於預期，幾乎與去年第四季創紀錄的水平持平。銷售額超出內部預期近10 億美元，這一增長主要歸功於材料吞吐量，導致本季同比下降不到1%，這表明洛克希德·馬丁公司的需求信號與供應鏈履行之間的同步性有所改善。強勁的業績導致全年銷售額成長約 2.5%，絕對值比去年 1 月的最初預期高出約 20 億美元。由於銷售量增加，本季度整體分部營業利潤也優於預期，但由於淨利調整和股本收益下降，較去年同期下降 1%。今年訂單出貨比為 1.15 倍，所有 4 個細分市場均表現強勁。

Moving to earnings per share on Chart 5. GAAP EPS grew 2% year-over-year, with lower segment profit and higher interest expense more than offset by benefits from the lower share count and fewer mark-to-market losses. Excluding mark-to-market activity and other nonrecurring charges, adjusted EPS was up $0.11 year-over-year or 1%. For the year, adjusted EPS was $27.82, up 2% year-over-year and consistent with the sales growth. The steady improvement this year resulted in higher adjusted EPS by about $1 per share from our original expectations last January.

轉向圖 5 上的每股收益。GAAP 每股收益同比增長 2%，部門利潤下降和利息支出上升，但被股票數量減少和按市值計價損失減少帶來的好處所抵消。不包括按市值計價的活動和其他非經常性費用，調整後每股收益同比增長 0.11 美元，即 1%。今年調整後每股收益為 27.82 美元，年增 2%，與銷售成長一致。今年的穩定改善導致調整後每股收益比我們去年 1 月的最初預期高出約 1 美元。

Moving to cash flow on Chart 6. We generated $1.7 billion of free cash flow in the quarter and $6.2 billion for the full year, helped by approximately $625 million in working capital reductions in the fourth quarter from strong and timely conversion of operational milestone achievement to billings and collections. We maintained our commitment to shareholders by returning $3.8 billion through dividends and share repurchases this quarter and over $9 billion for the year or 145% of our free cash flow.

轉向圖6 所示的現金流。我們在本季度產生了17 億美元的自由現金流，在全年產生了62 億美元的自由現金流，這得益於第四季度營運資本削減約6.25 億美元，這是由於營運里程碑成就的強勁而及時的轉換為帳單和收款。我們履行了對股東的承諾，本季透過股利和股票回購返還 38 億美元，全年返還超過 90 億美元，占我們自由現金流的 145%。

Before getting into the segments, let me pause here to put the numbers in perspective. The key takeaway is that industry growth is crystallizing based on 3 converging demand cycles. First, to meet support requirements of the near and midterm security environment; second, to strengthen the effectiveness of existing security platforms and systems with improved sensing, connectivity, interoperability and embedded intelligence; and lastly, to recapitalize platforms and systems that maintain technological superiority in deterrence over a longer time frame. We expect these demand trends to endure and drive requirements to closely match with Lockheed Martin's advanced technology and systems integration capabilities. The long-cycle nature of Lockheed Martin Systems has, in part, led to slower growth, but the 2023 results show that it is materializing as evidenced by our 7% increase in ending backlog to a record $161 billion as well as our return to top line growth a year earlier than originally expected.

在進入各個部分之前，讓我在這裡暫停一下以正確地看待這些數字。關鍵要點是，產業成長是基於 3 個需求週期的整合而具體化的。一是滿足近中期安全環境保障需求；其次，透過改進的感測、連接、互通性和嵌入式智慧來加強現有安全平台和系統的有效性；最後，對平台和系統進行資本重組，以在較長時間內保持威懾技術優勢。我們預計這些需求趨勢將持續下去，並推動需求與洛克希德馬丁公司的先進技術和系統整合能力緊密匹配。洛克希德馬丁系統公司的長週期特性在一定程度上導致了成長放緩，但2023 年的結果表明，這一增長正在實現，我們的最終積壓訂單增加了7%，達到創紀錄的1,610 億美元，並且我們重返榜首。線增長比最初預期提前了一年。

And we demonstrated our confidence in the company's positioning amongst these demand cycles and multiyear outlook by again delivering strong shareholder returns. Over the past 2 years, we have repurchased about 12% on of the current market capitalization.

透過再次提供強勁的股東回報，我們展示了我們對公司在這些需求週期和多年前景中的定位的信心。在過去的兩年裡，我們回購了目前市值的約12%。

Okay, back to the segment details and starting with aeronautics on Chart 7. Fourth quarter sales at Aero were comparable year-over-year with higher volume at Skunk Works and the F-16 production ramp offset by lower volume on F-35 primarily production cost timing. As expected, operating profit decreased 7% from the prior year due to lower net profit adjustments. For the year, sales were up 2% as growth in Skunk Works and F-16 more than offset a low single-digit decline on F-35. Profit declined by 1%, primarily due to lower profit adjustments. Book-to-bill for the year was 1.14x, leading to 6% growth in the backlog to $60 billion, with nearly 600 aircraft across all production platforms in the backlog.

好的，回到細分市場的詳細信息，從圖7 上的航空業開始。 Aero 業務第四季度的銷售額與去年同期相當，Skunk Works 的銷量增加，F-16 的產量增加被 F-35主要生產量的減少所抵銷成本時間。如預期，由於淨利潤調整減少，營業利潤較上年下降 7%。今年，Skunk Works 和 F-16 的銷量成長抵消了 F-35 的個位數低幅下滑，銷售額成長了 2%。利潤下降 1%，主要是由於利潤調整減少。全年訂單出貨比為 1.14 倍，導致積壓訂單成長 6%，達到 600 億美元，所有生產平台上有近 600 架飛機處於積壓狀態。

Shifting to Missiles and Fire Control on Page 8. Sales in the quarter decreased 4% year-over-year, driven by lower volume on PAC-3 due to supplier cost timing, partially offset by production ramps on JASSM and LRASM. Segment operating profit decreased 12% year-over-year as expected due to the lower volume and loss recognition related to a classified program. For the year, sales decreased 1% year-over-year as growth in tactical and strike missiles were offset by program transitions at Sensors and Global Sustainment and integrated air and missile defense supplier cost timing.

轉向第 8 頁的飛彈和火控。本季銷售額年減 4%，原因是供應商成本時間安排導致 PAC-3 銷售下降，但 JASSM 和 LRASM 產量增加部分抵消了這一影響。由於與分類項目相關的交易量和損失確認減少，該部門營業利潤年減 12%，符合預期。今年銷售額年減 1%，原因是戰術和攻擊飛彈的成長被感測器和全球保障項目轉型以及綜合防空和飛彈防禦供應商成本計時所抵消。

Operating profit was down 6% due to lower profit adjustments and the classified program loss. Book-to-bill for the year was 1.3x, leading to 12% growth in backlog to $32 billion, driven by strong demand for tactical and strike misses.

由於利潤調整減少和分類項目虧損，營業利潤下降了 6%。由於戰術和罷工失誤的強勁需求，全年的訂單出貨比為 1.3 倍，導致積壓訂單增加 12%，達到 320 億美元。

Turning to Rotary and Mission Systems on Page 9. Sales declined 2% in the quarter, driven by lower volume across a handful of programs within our integrated warfare systems and sensors and training and logistics systems lines of business, partially offset by higher sales at Sikorsky from deliveries of International Black Hawks. Operating profit increased 2% and mainly due to favorable contract mix within our IWSS portfolio. For the year, sales were up 1% as growth in IWSS from Radar and battle management system ramps, more than offset declines in the other lines of business. Operating profit declined 2%, primarily due to lower profit adjustments. Book-to-bill for the year was 1.14x and with backlog growing 8% to $38 billion based on strong order intake on Sikorsky platforms as well as radar and battle management systems.

轉向第9 頁的旋轉和任務系統。本季銷售額下降2%，原因是我們的綜合戰爭系統、感測器以及訓練和後勤系統業務線內的少數項目銷量下降，但部分被西科斯基銷售額的成長所抵消來自國際黑鷹的交付。營業利潤成長 2%，主要得益於我們的 IWSS 產品組合中有利的合約組合。今年，隨著雷達和戰鬥管理系統帶來的 IWSS 成長，銷售額成長了 1%，遠遠抵消了其他業務線的下降。營業利潤下降 2%，主要是因為利潤調整減少。由於西科斯基平台以及雷達和戰鬥管理系統的訂單量強勁，全年訂單出貨比增長了 1.14 倍，積壓訂單增長了 8%，達到 380 億美元。

On Chart 10, as expected, space growth moderated in the quarter with sales increasing 3% year-over-year, driven by higher volume in strategic and missile defense, primarily from next-gen Interceptor as that program advances from its successful completion of preliminary design review towards the critical design review milestone. Operating profit increased 31% compared to 2022 and driven by higher net profit adjustments across the portfolio. For the year, sales increased 9% with growth across all lines of businesses. And profit grew by 10% as benefits from higher profit adjustments and volume more than offset lower ULA equity income. Space backlog grew again in fourth quarter and remains at a solid $30 billion or almost 2.5x sales.

從圖10 可以看出，正如預期的那樣，該季度的航太成長放緩，銷售額年增3%，這主要是由於戰略和飛彈防禦領域的銷量增加，主要來自下一代攔截器，因為該專案從成功完成初步計畫開始取得進展。設計評審邁向關鍵設計評審里程碑。由於整個投資組合更高的淨利潤調整，營業利潤較 2022 年增長了 31%。今年，隨著各業務線的成長，銷售額成長了 9%。利潤成長了 10%，因為較高的利潤調整和銷售帶來的好處足以抵消 ULA 股權收入的下降。太空積壓訂單在第四季度再次成長，並維持在 300 億美元的穩定水平，幾乎是銷售額的 2.5 倍。

Now shifting to the outlook for 2024 on Page 11. Before discussing our expectations, I'd like to highlight a few key assumptions embedded within our guidance for the year. First, based on recent progress made in budget negotiations, we assume the U.S. government passes appropriations bills by March, consistent with the funding levels within the President's FY '24 budget request, equating to approximately 3% top line growth for the DoD. On F-35, as Jim stated, we're targeting between 75 to 110 deliveries commencing in the third quarter. In addition, we anticipate sufficient progress being made on the MFC classified program to result in the recognition of losses from 2 production lots, amounting to approximately 50 basis points of margin headwind against our consolidated results. With that framework in mind, we anticipate sales between $68.5 billion and $70 billion, with the midpoint that represents approximately 2.5% growth. At the midpoint, we expect growth in 3 of the 4 segments with MFC leading the way at 7% growth from a strong munitions backlog. At the high end, all 4 segments would grow. Segment operating profit is expected to be between $7.175 billion and $7.375 billion down at the midpoint as lower expected profit adjustments and the MFC classified losses more than offset volume benefits. Excluding the MFC classified program, 50 basis points impact, underlying margins in the balance of the portfolio are expected to be approximately 11%. Our net FAS/CAS pension adjustment declines around $400 million from last year to a little less than $1.7 billion for 2024, and due primarily to lower FAS pension income. The pension headwind, along with lower segment profit and higher interest expense led to lower expected EPS year-over-year to between $25.65 and $26.35.

現在轉向第 11 頁的 2024 年展望。在討論我們的預期之前，我想強調我們今年指導中包含的一些關鍵假設。首先，根據最近預算談判的進展，我們假設美國政府在 3 月之前通過撥款法案，與總統 24 財年預算請求中的資金水準一致，相當於國防部收入成長約 3%。正如 Jim 所說，我們的目標是從第三季開始交付 75 至 110 架 F-35。此外，我們預計 MFC 分類計畫將取得足夠進展，從而確認 2 個生產批次的損失，相當於我們綜合績效的利潤率逆風約 50 個基點。考慮到這個框架，我們預計銷售額將在 685 億美元至 700 億美元之間，中點表示成長約 2.5%。在中點，我們預計 4 個細分市場中的 3 個細分市場將實現成長，其中 MFC 由於強勁的彈藥積壓而以 7% 的成長率領先。在高端市場，所有 4 個細分市場都會成長。由於較低的預期利潤調整和 MFC 分類損失超過了銷售收益，預計該部門營業利潤將在 71.75 億美元至 73.75 億美元之間下降。排除MFC分類計畫50個基點的影響，投資組合餘額的基礎利潤率預計約為11%。到 2024 年，我們的 FAS/CAS 退休金調整淨額比去年減少約 4 億美元，降至略低於 17 億美元，這主要是由於 FAS 退休金收入下降。退休金逆風以及較低的部門利潤和較高的利息支出導致預期每股收益年減至 25.65 美元至 26.35 美元之間。

For purposes of clarity, on Page 12, we've included an EPS walk at the midpoint of the range. Benefits from volume mix provide about $0.55, with the impact of the MFC classified program losses, netting down segment operating profit to a $0.35 decline. Total FAS/CAS pension is about $1.40 headwind with higher taxes and interest more than offset by the lower share count. Our free cash flow estimate for 2024 has ranged between $6 billion and $6.3 billion. So bringing it all together, we expect continued sales growth in 2024 off the higher 2023 base, some profit and EPS pressure based on loss recognition timing, but with continued solid cash generation and capping it off with another year of capital deployment.

為了清楚起見，在第 12 頁，我們在範圍的中點包含了 EPS 行走。銷售組合帶來的收益約為 0.55 美元，加上 MFC 分類計畫損失的影響，部門淨營業利潤下降至 0.35 美元。 FAS/CAS 退休金總額約為 1.40 美元，稅收和利息的增加被股票數量減少所抵消。我們對 2024 年自由現金流的估計在 60 億美元到 63 億美元之間。因此，綜上所述，我們預計2024 年銷售額將在2023 年較高基數的基礎上繼續增長，基於損失確認時間的利潤和每股收益將面臨一些壓力，但現金持續穩定生成，並通過又一年的資本部署來結束這一成長。

So in summary, on Page 13. We closed out 2023 with record backlog and positive momentum that will carry us into 2024 with a line of sight to sustained out-year growth in sales, profit and free cash flow. Of course, we will continue to invest in 1LMX as part of our strategy to ensure our people, processes and systems remain the most advanced in the industry, and we remain committed to disciplined and dynamic capital returns to shareholders.

總而言之，第 13 頁。我們以創紀錄的積壓和積極的勢頭結束了 2023 年，這將使我們在進入 2024 年時能夠實現銷售額、利潤和自由現金流的持續增長。當然，我們將繼續投資 1LMX，作為我們策略的一部分，以確保我們的人員、流程和系統保持業內最先進，並且我們仍然致力於為股東提供嚴格且動態的資本回報。

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 our first question is from Myles Walton from Wolfe Research.

（操作員說明）我們的第一個問題來自 Wolfe Research 的 Myles Walton。

I was hoping to lead off with Aero and F-35 in particular, and the margins, number one, that you're looking for in '24 are down about 40 basis points. Is that primarily on lower incentives as a result of the delays in delivery. And then more broadly, for the supply chain on the F-35, given the absence of deliveries, can you continue to simply build inventory, or is there a point at which you'd actually have to slow down the supply chain?

我原本希望以 Aero 和 F-35 為主，而你在 24 年所尋求的第一個利潤率下降了約 40 個基點。這主要是由於交貨延遲導致激勵措施降低。更廣泛地說，對於 F-35 的供應鏈，鑑於沒有交付，您是否可以繼續簡單地建立庫存，或者是否存在實際上必須放慢供應鏈的時間點？

Okay. Thanks, Myles. On the margins for F-35, what we're seeing in 2024 are lower favorable profit adjustments, and so it's really twofold. One of it is the F-35, where as we make progress on the TR-3 program as well as getting ourselves into production, it's difficult to take risk and rely on risk retirements as we're still facing this program and the progress we're making there. And so we assume that the profit adjustments slow down in 2024 on the F-35 program. There's also some headwinds on C-130 program, where we're seeing the effects of inflation and also some disruption related to supply chain, some pressures that we've had there. And so when you look at that decline year-over-year, you're talking about 30 basis points, say, half and half between C-130 and F-35.

好的。謝謝，邁爾斯。就 F-35 的利潤而言，我們在 2024 年看到的有利利潤調整較低，因此實際上是雙重的。其中之一是 F-35，隨著我們在 TR-3 計劃上取得進展以及投入生產，我們很難承擔風險並依賴風險退役，因為我們仍然面臨著這個計劃以及我們所取得的進展。在那裡。因此，我們假設 F-35 項目的利潤調整將在 2024 年放緩。 C-130 計畫也存在一些阻力，我們看到了通貨膨脹的影響以及與供應鏈相關的一些中斷，以及我們在那裡遇到的一些壓力。因此，當你看到同比下降時，你會發現 C-130 和 F-35 下降了大約 30 個基點。

On the production cadence for F-35, yes, we feel pretty confident in where we are through the third quarter. To the extent that there were any delays beyond that, we would have to revisit our production cadence at that point in time. But right now, all signs are pointing to our production and delivery restart here in the third quarter.

是的，就 F-35 的生產節奏而言，我們對第三季的進展非常有信心。如果除此之外還有任何延誤，我們將不得不重新審視當時的生產節奏。但現在，所有跡像都表明我們的生產和交付將在第三季重新啟動。

And the next question is from the line of Scott Deuschle from Deutsche Bank.

下一個問題來自德意志銀行的 Scott Deuschle。

Jay, here to ask on 2025, but at a high level, is the 10.5% total company margin guide for '24. Is that the right jumping off point for thinking about '25, or is it the underlying margin, or is it the 10.8% margin you did in '23, just in terms of identifying jumping off point in '25?

Jay，在這裡詢問 2025 年的情況，但在較高水平上，是 24 年公司總利潤率指導值為 10.5%。這是思考 25 年的正確起點嗎？或者它是基本利潤率，還是您在 23 年所做的 10.8% 利潤率（僅就確定 25 年的起點而言）？

Yes. I think you do have to start at the 10.5% to jump off. And we do have a line of sight and a path to get overall back to 11%, including the absorption of these losses on the MFC classified program, but it's going to be a gradual march back up. And so I wouldn't expect it to snap back in 2025. I would expect there to be in the range of, say, 10 to 20 basis points of improvement starting in '25, and that to continue to grow at that rate until we get back up to 11%.

是的。我認為你必須從 10.5% 開始才能跳下去。我們確實有一個視線和路徑可以使整體恢復到 11%，包括透過 MFC 分類計劃吸收這些損失，但這將是一個逐步恢復的過程。因此，我預計它不會在 2025 年回升。我預計從 25 年開始，會有 10 到 20 個基點的改善，並且會繼續以這個速度增長，直到我們恢復至 11%。

And your next question is from Gavin Parsons from UBS Equity Research.

您的下一個問題來自瑞銀股票研究部的加文‧帕森斯。

Jay, what does the pension contribution schedule look like beyond 2024? And do you have any opportunity to pull that forward or use the balance sheet to offset that?

Jay，2024 年後的退休金繳款表是什麼樣的？您是否有機會將其向前推進或使用資產負債表來抵銷？

Yes, a good question. That's something that we've contemplated. Just where we are from a baseline perspective, zero contributions required in 2024. 2025, we're looking at in the range of about $1 billion of required contributions there. And so we're always looking at whether or not there's an opportunity to pull forward. As you mentioned, the utilization of our strong balance sheet to potentially do that. We haven't made any firm decisions on that, but that's definitely an opportunity that's under consideration for us.

是的，一個好問題。這是我們已經考慮過的事情。從基準角度來看，2024 年所需捐款為零。2025 年，我們預計所需捐款約 10 億美元。因此，我們一直在考慮是否有機會向前邁進。正如您所提到的，利用我們強大的資產負債表有可能做到這一點。我們還沒有就此做出任何明確的決定，但這絕對是我們正在考慮的機會。

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

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

Jim or Jay, can you give us a sense for how much the '24 guide is impacted by what looks like on the order of a 6-month delay here to the government's budget and still a little bit of lack of clarity in the supplementals.

Jim 或 Jay，您能否讓我們了解 24 小時指南受到政府預算大約 6 個月延遲的影響有多大，而且補充中仍然有點缺乏清晰度。

Yes, for the most part, Pete, it's not really impacted significantly. In our case, we're able to build up inventories. And then as we get the funding, we're able to take that to sales. And so for the most part, we've kept all of our processes intact. That becomes more difficult if the process extends beyond March. And that's why I was very clear in my comments that we're dependent on this happening that the budget getting clarity and finalization in March. Because going beyond that makes it very -- just makes it difficult for things to get on contract and you run out of runway in the year to convert those into sales.

是的，皮特，在大多數情況下，它並沒有真正受到重大影響。就我們而言，我們能夠建立庫存。然後當我們獲得資金時，我們就可以將其用於銷售。因此，在大多數情況下，我們保持了所有流程的完整性。如果這個過程持續到三月之後，事情就會變得更加困難。這就是為什麼我在評論中非常明確地表示，我們依賴預算在三月澄清和最終確定的情況。因為超出這個範圍，就很難簽訂合同，而且一年內你就沒有辦法將這些轉化為銷售額。

Okay. Appreciate it. And then anything on big awards you're expecting in '24 and maybe the timing of NGAD?

好的。欣賞它。那麼您對 24 年的大獎有何期待，也許還有 NGAD 的時機？

Well, just some key things that we're talking about from a sales perspective. Lot 18, 19 is a big one for the F-35 program. We also have some long lead F-35 awards that we would be expecting as well. We've got things -- there are some classified contracts across the portfolio. I can't really get into any beyond that. But you're talking multibillions of dollars there that we have in our order plan for this year. There are things like PAC-3 orders, which is multiple billions of dollars there for FY '24 requirements. And also, I would say hypersonics space, particularly on CPS is another one that can approach $2 billion. So there are a number there. As those get clicked off in the year, we'll certainly report on those and keep you appraised in the progress.

好吧，這只是我們從銷售角度討論的一些關鍵問題。第 18 號和第 19 號地塊是 F-35 計畫的一個大地塊。我們還獲得了一些我們期待已久的 F-35 獎勵。我們已經掌握了一些東西——整個投資組合中有一些機密合約。除此之外我真的無法參與任何事。但你說的是我們今年的訂單計畫中有數十億美元。諸如 PAC-3 訂單之類的訂單，對於 24 財年的需求而言，價值數十億美元。而且，我想說的是高超音速空間，特別是 CPS 領域，是另一個價值接近 20 億美元的空間。所以那裡有一個數字。當這些項目在一年內完成時，我們一定會報告這些項目並隨時對進度進行評估。

The next question is from the line of Jason Gursky from Citi Research.

下一個問題來自花旗研究部的 Jason Gursky。

Jay, just a quick clarification then one for Jim and sorry if I missed this, but the deliveries that you're expecting for the F-35 this year with the acceptance on T-3 happening potentially in the third quarter. Can you discuss a little bit about the cadence throughout the year? Do you expect to deliver some F-35s throughout the year and maybe the older version of it, at of the year? I'm just trying to get a sense of whether you're truly doing 75 to 100 aircraft in the second half of the year? And what does that tell us about the potential for deliveries in 2025. Can you get to 200 in that year as a bit of a catch-up.

傑伊，請簡單向吉姆澄清一下，如果我錯過了這一點，我很抱歉，但您預計今年 F-35 的交付以及 T-3 的驗收可能會在第三季度進行。您能討論一下全年的節奏嗎？您是否預計全年交付一些 F-35，也許今年交付舊版本？我只是想了解你們是否真的會在下半年生產 75 到 100 架飛機？這告訴我們 2025 年交付的潛力是什麼。那一年你能趕上 200 輛嗎？

And then, Jim, for you, just overall expectations on bookings, book-to-bill for this next year based on the pipeline that you're seeing and maybe just kind of update us on your current thoughts on the competitive environment and fixed price versus cost plus, and how you -- how the industry and you all specifically are kind of reacting to the contracting environment and what's being asked of you and whether you're toggling back more towards less risky programs.

然後，吉姆，對你來說，只是根據你所看到的管道對明年的預訂、預訂到賬單的總體期望，也許只是向我們介紹你目前對競爭環境和固定價格的想法與成本加成的比較，以及您——整個行業和您對承包環境的具體反應如何，對您的要求以及您是否會更多地轉向風險較小的項目。

So let me get into the deliveries. Jason, we do have a handful of deliveries we expect in the first half. But for the most part, you're talking 90% of the anticipated deliveries actually will happen in the back half of the year. And so I think that's just the way to think about just a handful, really in the first half. Maybe I'll kind of give a little bit of color and then hand it over to Jim. For the year, we still expect there to be strong demand, and we have a pretty solid line of sight to a book-to-bill that would be above 1 yet again in 2024. And so obviously, these things have to materialize. The budget has to be approved and all these things have to happen. But the line of sight is there for continued growth in orders as well as in our backlog.

那麼讓我來談談交付。傑森，我們預計上半年確實會有一些交貨。但在大多數情況下，90% 的預期交付實際上將在今年下半年發生。所以我認為這只是思考少數問題的方式，實際上是在上半場。也許我會提供一點顏色，然後把它交給吉姆。今年，我們仍然預計需求強勁，我們對 2024 年訂單出貨比將再次高於 1 抱有相當明確的預期。顯然，這些事情必須成為現實。預算必須獲得批准，所有這些事情都必須發生。但我們的目標是訂單和積壓訂單的持續成長。

A couple of things, too, and you've just done the question about cost plus. The interesting thing is that part of the margin pressure that we saw in 2023 was due to mix. Our percent of sales of cost-type contracts went from 38% in 2022 to 41% in 2023. That in itself caused some margin pressure of about 20 basis points relative to what we were anticipating in the year. And so we're actually seeing an uptick in cost-plus contracts, which we think kind of bodes well from terms of risk tolerance in the way some of these stronger technological types of programs will be contracted for. And so I think that is, generally speaking, a favorable trend.

還有一些事情，您剛剛回答了有關成本加成的問題。有趣的是，我們在 2023 年看到的部分利潤壓力是由於混合造成的。我們的成本型合約銷售百分比從 2022 年的 38% 上升到 2023 年的 41%。這本身就造成了與我們當年預期相比約 20 個基點的利潤壓力。因此，我們實際上看到成本加成合約增加，我們認為從風險承受能力方面來看，這是一個好兆頭，因為一些更強大的技術類型的專案將簽訂合約。所以我認為，總的來說，這是一個有利的趨勢。

Well, the other thing that we're -- just to talk about what we're thinking about contractually, and Jim has really led the way here is that we just are employing a lot more pricing discipline than we have more recently. And we're looking at things and ensuring that there's just a more analytical support for the way we approach pricing. Do we capture any types of technological advantages that we may have also that as we make an assessment of risk, a, the contracting vehicle is appropriate to that risk, but that our pricing accounts for that risk as well. And so that's the way we've been approaching things for really this year going into 2024. And I'll hand it over to Jim.

好吧，我們要做的另一件事——只是談談我們在合約方面的想法，吉姆在這方面確實起到了帶頭作用，那就是我們只是採用了比最近更多的定價規則。我們正在研究一些事情，並確保我們的定價方式有更多的分析支援。當我們進行風險評估時，我們是否掌握了我們可能擁有的任何類型的技術優勢，a，承包工具適合該風險，但我們的定價也考慮了該風險。這就是我們從今年到 2024 年處理事情的方式。我會將其交給吉姆。

Yes. Sure, Jay. So look, there's a near-term and a long-term approach that we're taking to government contracting with industry. And the near-term piece of it is a lot of what Jay just described, really matching the pricing and the risk profile within our company, I'll say. Now I don't know what other companies doing -- how they're making their decisions. But what we've recognized and I've said to our senior customer base, look, we're in a monopsony environment here, meaning there's a single buyer for the most part, for almost everything that we make or Boeing Defense makes or General Dynamics makes. And I guess, the government's credit in a way, they've been taking advantage of that monopsony power, if you will, over the industry.

是的。當然，傑伊。所以看，我們對政府與工業界簽訂合約採取了短期和長期的方法。我想說，近期的大部分內容都是傑伊剛才描述的，與我們公司內部的定價和風險狀況非常匹配。現在我不知道其他公司在做什麼——他們是如何做出決定的。但是我們已經認識到並且我已經對我們的高級客戶群說過，看，我們處於壟斷環境中，這意味著大多數情況下都有一個買家，幾乎所有我們製造的東西或波音防務製造或通用動力學使。我想，在某種程度上，政府的信用，他們一直在利用壟斷權力，如果你願意的話，對整個產業進行利用。

And what's happened as a result of that over the last number of years or even decades is you have lots of programs which are over cost, cost overruns, right, whether fixed price or cost plus and you have scheduled delays because what that monopsony environment can do is give so much power to the buyer that some of the competitors feel that there are must-win programs for them that they will take tremendous risk on cost and pricing and tremendous cost on the ability to technically deliver these capabilities. So when you multiply those 2 risks together, you get a lot of cost overruns, a lot of schedule delays, programs reviewed by Congress, et cetera.

在過去幾年甚至幾十年裡發生的結果是，你有很多超出成本、成本超支的項目，無論是固定價格還是成本加成，並且你已經安排了延誤，因為壟斷環境可以所做的就是給予買方如此大的權力，以至於一些競爭對手認為他們有必須贏得的項目，他們將在成本和定價方面承擔巨大的風險，並在技術上提供這些能力的能力上承擔巨大的成本。因此，當你將這兩種風險相乘時，你會發現大量的成本超支、大量的進度延誤、國會審查的計劃等等。

So I've been advocating in the near term and certainly implementing with our company, we don't have any must-win programs at Lockheed Martin anymore. If we have a good business opportunity with a balanced price risk profile, we will bid. If not, we will not bid. If we hit our limit parameters, we won't go beyond those, a competitor may win, so be it. And so that's our near-term approach to this. The longer-term approach is, in addition to delivering products that we and our cohorts in the traditional defense industry do so well, we need to start migrating towards delivering capabilities right? So capability would include either products that are already fielded and/or new products but especially digital technologies, which is why we are collaborating with so much effort with commercial tech companies large and small because we can value price capabilities, right? If we sell products, and that's all we do as an industry, we are kind of locked into the far, the federal acquisition regulation as it is written today, which means even a fixed price contract, you've got to provide all your cost information, right? And you have to do it often every year. Even with a multiyear fixed price, there can be adjustments.

因此，我一直在近期倡導並肯定與我們公司一起實施，我們在洛克希德·馬丁公司不再有任何必須獲勝的計劃。如果我們有一個良好的商業機會且價格風險均衡，我們就會出價。如果沒有，我們將不會投標。如果我們達到了極限參數，我們就不會超越這些參數，競爭對手可能會獲勝，就這樣吧。這就是我們的近期方法。長期的方法是，除了提供我們和我們在傳統國防工業中的同行做得很好的產品之外，我們還需要開始轉向提供能力，對嗎？因此，能力將包括已經投入使用的產品和/或新產品，但尤其是數位技術，這就是為什麼我們與大大小小的商業科技公司合作如此多的努力，因為我們可以重視價格能力，對嗎？如果我們銷售產品，而這就是我們作為一個行業所做的一切，我們就有點受制於目前製定的聯邦採購法規，這意味著即使是固定價格合同，您也必須提供所有成本信息，對嗎？而且每年你都必須經常這樣做。即使採用多年固定價格，也可能會進行調整。

So we want to move as briskly as we can as an industry with our commercial partners to their kind of pricing, which is value-based subscription. That's going to take time. It's going to take changes in government. It's going to probably take literally act of Congress to do it. But that will be the thing that will make our industry healthier on one hand, the traditional defense and aerospace industry, but it will also invite in the commercial tech companies who are basically, if you look at the broad scope investing 10x what we are in R&D. And we want to bring a lot of that 10x R&D and all that talent over into the defense department as part of their supply chain, but it's really tough under the bar for those companies to put time and attention and effort into DoD.

因此，作為一個行業，我們希望與我們的商業合作夥伴一起盡快採取他們的定價方式，即基於價值的訂閱。這需要時間。這將需要政府的改變。這可能需要國會真正採取行動才能做到這一點。但這方面將使我們的產業（傳統的國防和航空航太產業）變得更加健康，但它也會邀請商業科技公司加入，如果你看看投資範圍是我們投資的10 倍的話，這些公司基本上上是這樣的。研發。我們希望將大量 10 倍研發和所有人才引入國防部，作為其供應鏈的一部分，但對於這些公司來說，將時間、注意力和精力投入國防部確實很困難。

So that's the long-term -- a long-term solution, but the near-term solution will also continue.

這就是長期的——一個長期的解決方案，但近期的解決方案也將持續下去。

Your next question is from Doug Harned from Bernstein.

您的下一個問題來自伯恩斯坦的道格·哈內德。

As you look at Tech Refresh 3, this delay and then going longer, as you really want to build out the full kind of Block IV capabilities, which continue to seem to expand. First, as Tech Refresh 3 takes longer. And then as you look toward the kind of multiyear trajectory on Block 4 implementation, how do you see delays here affecting your production rate, knowing that you've been trying to produce sort of at the full 156 type rate. But can that continue as you look at these challenges if they get more difficult?

當你看到 Tech Refresh 3 時，這種延遲會持續更長的時間，因為你確實想要建立完整的 Block IV 功能，而這些功能似乎還在繼續擴展。首先，Tech Refresh 3 需要更長的時間。然後，當您展望 Block 4 實施的多年軌跡時，您如何看待這裡的延遲對您的生產力的影響，因為您知道您一直在嘗試以 156 種類型的完整生產力進行生產。但當你審視這些挑戰時，如果它們變得更加困難，這種情況還能持續嗎？

Look -- it's -- Doug, it's Jim. I think we can continue at this rate. Demand from the U.S. service and our international customers, Air Forces, Navy, et cetera, around the world is they need the aircraft, right? They've got to recapitalize the planes that they're still flying that I was trying to get when I went to pilot training in 1983 right? So is essential that this production line keep up, it's the -- basically, it's the recapitalization of the Allied fighter aircraft for us, is the F-35. And so I think the key to that is full transparency and realizing the reality of the situation. When you're trying to drive this much technology into an air vehicle, you've got to be honest about the schedule. What can industry do, what can the test and evaluation community handle in the various military to accept that technology and what's the supply chain capacity. And we're being brutally honest with our services and our joint program offices to what we think industry can do with us and our airplane.

看——這是——道格，這是吉姆。我認為我們可以繼續保持這個速度。美國軍界和我們的國際客戶（空軍、海軍等）在世界各地的需求是他們需要飛機，對嗎？他們必須對仍在飛行的飛機進行資本重組，而這些飛機正是我 1983 年參加飛行員訓練時想要購買的飛機，對嗎？因此，這條生產線必須跟上，這基本上是我們對盟軍戰鬥機的資本重組，即 F-35。所以我認為關鍵是完全透明並了解現實情況。當你試圖將這麼多技術應用到飛行器中時，你必須誠實地對待時間表。工業界可以做什麼，各個軍隊的測試和評估界可以做什麼來接受該技術以及供應鏈的能力如何。我們對我們的服務和聯合專案辦公室非常誠實，我們認為工業界可以用我們和我們的飛機做些什麼。

And industry is who makes the radar. Industry is who makes the EOT, the electrical optical system. The industry is who makes the electronic warfare suite. It's not us. So we have to be brutally honest as an industry and with our suppliers' inputs to that with the government and say what is feasible to keep the production rate up. I think that's starting to get traction. I hope it gets more traction because we cannot afford to be overoptimistic in the ability to deliver these technologies as rapidly as one might like. There are real technical and physical challenges to doing this. And our commitment to the government, meeting the service chiefs and our allies is I will tell you honestly, what we think industry can do with the jet. And if you want to push it beyond that, I'll tell you what the risks are and what the cost might be to do it. But let's agree on a feasible executable plan for exactly Doug, what you talked about.

工業是雷達的製造者。工業是 EOT（電光學系統）的製造者。該行業是電子戰套件的製造者。這不是我們。因此，作為一個行業，我們必須誠實地對待供應商對政府的投入，並說出保持生產力上升的可行方法。我認為這已經開始受到關注。我希望它能獲得更多關注，因為我們不能對盡快交付這些技術的能力過於樂觀。做到這一點存在真正的技術和物理挑戰。我們對政府、會見各軍種領袖和盟友的承諾是，我會誠實地告訴你們，我們認為工業界可以用這架飛機做什麼。如果你想超越這個範圍，我會告訴你這樣做的風險是什麼以及可能的成本是多少。但是，讓我們就道格（Doug）您所談論的內容達成一個可行的可執行計劃。

Your next question is from Sheila Kahyaoglu from Jefferies.

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

Jim, I don't want to talk about what happened in 1983, but in terms of the puts and takes for MFC, if you could just talk about the 7% top line growth you guys have what are the biggest program drivers there between missile defense and tactical, and just on the margins, you've already highlighted the 50 bps from the classified programs. Are there any offsets? And I really appreciate your commentary about the government and how you plan to sell to them. So I was just thinking, where do you think that will manifest itself in its portfolio in your portfolio, the fact is, is it MFC?And specifically, can you give any specifics?

Jim，我不想談論 1983 年發生的事情，但就 MFC 的投入和支出而言，如果您能談談 7% 的收入增長，那麼導彈之間最大的計劃驅動因素是什麼防禦和戰術，就在邊緣，您已經強調了機密程序中的50 個基點。有偏移嗎？我真的很欣賞你對政府的評論以及你計劃如何向他們推銷產品。所以我只是在想，你認為這會在你的投資組合中體現在什麼地方，事實是，它是MFC嗎？具體來說，你能給出任何具體細節嗎？

Yes. So I'll start with the growth drivers. And for MFC, you would expect, tactical and strike missiles. So the guided weapons, the HIMARS, JASSM, LRASM, all those will continue towards their march through these ramps for by 2025 and in certain cases, 2026 and 2027. So that is the largest driver of the growth. And that's followed by Integrated Air and Missile Defense really on the back of PAC-3. So we'll start seeing a more significant spike in PAC-3 activity and deliveries over the next few years here as we get to 550 by 2025 and then ultimately 650 by 2027. So those are the 2 -- really the 2 businesses, the lines of business within MFC that are going to be driving it, which is really -- should be no surprise.

是的。所以我將從成長動力開始。對於 MFC，您會想到戰術導彈和攻擊導彈。因此，到 2025 年，在某些情況下，到 2026 年和 2027 年，導引武器、HIMARS、JASSM、LRASM 等所有這些武器都將繼續邁向這些坡道。所以這是成長的最大驅動力。接下來是 PAC-3 的綜合防空飛彈防禦系統。因此，我們將開始看到未來幾年PAC-3 活動和交付量將出現更顯著的激增，到2025 年我們將達到550 個，最終到2027 年將達到650 個。所以這些就是2 項——實際上是2 項業務， MFC 內的業務線將推動它的發展，這確實應該不足為奇。

And then when it gets to moving towards a value pricing model, Sheila. The first place that's already starting to happen is in command and control, command situational awareness, information advantages our customers would call it. So those are largely digital services, right? You've got sensors on satellites, aircraft, ships, radars out scanning the sky, infrared sensors in space looking for plumes of heat when a missile is launched, things like that. That's data, right? So how do we gathered all the data from our sensors, whatever domain they happen to be in land airspace, et cetera. How do we make intelligent data fusion and then present commanders and decision makers with options using AI and other digital services.

然後當它轉向價值定價模型時，希拉。第一個已經開始發生的地方是指揮與控制、指揮態勢感知、我們的客戶稱之為資訊優勢。所以這些主要是數位服務，對嗎？衛星、飛機、船上有感測器，掃描天空的雷達，太空中的紅外線感測器在飛彈發射時尋找熱羽，諸如此類。這就是數據，對嗎？那麼，我們如何從感測器收集所有數據，無論它們恰好位於陸地空域等領域。我們如何進行智慧數據融合，然後使用人工智慧和其他數位服務向指揮官和決策者提供選擇。

So this will be probably the first place where we can value price because my goal is to bring in commercial technology to do that digital data fusion, evaluation, AI application, et cetera. As I said a minute ago, commercial industry is investing 10x what our aerospace and defense industry could invest in these areas, and we need to take advantage of that. The only way they're going to participate in a material fashion in that industry is value pricing. They're not going to provide cost information. It's just not how their industry works. They're not delivering an airplane that you can add up all the costs that it took to make that airplane and give it to the government, so they can give you the margin on top.

因此，這可能是我們可以評估價格的第一個地方，因為我的目標是引入商業技術來進行數位資料整合、評估、人工智慧應用等。正如我剛才所說，商業工業在這些領域的投資是我們航空航太和國防工業的十倍，我們需要利用這一點。他們參與該行業物質時尚的唯一方法是價值定價。他們不會提供成本資訊。這不是他們的行業運作方式。他們交付的飛機並不是你可以將製造這架飛機所需的所有成本加起來然後交給政府，這樣他們就可以給你利潤。

So these command and control systems, and they're real programs, by the way, defensive (inaudible) is a program like this, AIR6500 is one dimension. And also something called Joint Fires Network, which will be deployed in the INDOPACOM Command of the U.S. So this is where I think it will start. And then as we look at mission road maps that we've established and drawn out inside of Lockheed Martin, and we're now sharing and have been sharing with the U.S. services and DoD. We're looking for capability gaps where digital technology can really make a difference, right? I'll give you one really quick one. So if we could get a direct feed from an orbiting satellite scanning a wide swath of the Pacific to find ships and actually directly provide that data link and that information to aircraft flying in the area, then those aircraft can vector towards those targets and turn on their radars and get a much more precise location and maybe even a tracking solution to sync the ship if that's what's needed.

所以這些命令和控制系統，它們是真實的程序，順便說一句，防禦（聽不清楚）是這樣的程序，AIR6500 是一個維度。還有一個叫做聯合火力網的東西，它將部署在美國印太司令部司令部。所以我認為這就是它的起點。然後，當我們查看我們在洛克希德馬丁公司內部建立和繪製的任務路線圖時，我們現在正在並一直與美國軍種和國防部共享。我們正在尋找數位技術能夠真正發揮作用的能力差距，對嗎？我會給你一個非常快的。因此，如果我們能夠從掃描大片太平洋的軌道衛星獲得直接反饋來尋找船隻，並實際上直接向在該地區飛行的飛機提供數據鏈接和信息，那麼這些飛機就可以引導到這些目標並啟動他們的雷達並獲得更精確的位置，甚至可能是追蹤解決方案來同步船舶（如果需要的話）。

And so that's a mission gap, a capability gap that we would have in an antiship mission. And so how do we value price that because that's basically a data management exercise, which requires what we call 5G.MIL. It requires an artificial intelligence solution within it, and it requires the management of that data at various classifications, which is something not many companies can do besides those in our industry.

這就是我們在反艦任務中存在的任務差距和能力差距。那我們如何評估價格，因為這基本上是一個資料管理活動，需要我們所說的 5G.MIL。它需要內部有人工智慧解決方案，並且需要對數據進行各種分類的管理，這是除了我們行業之外沒有多少公司能夠做到的。

So we can value price something like that. And I think it'd be a capability gap that would be interesting to the Department of Defense, and they might accept value pricing, but not to take too much time on this topic. But one of the things that we're really advocating for at Lockheed Martin, and we've got some friends of the court trying to work with us on this is, how do we set up an adjacent acquisition process in the Department of Defense to its traditional acquisition process, designed and reconstituted and originated to purchase digital services versus platforms and products, which is what the traditional acquisition system is built to do. That is a heavy lift. It is very complicated. It's what I've kind of referenced earlier, where you're literally going to need to enact the confidence to do this. But if we want to value price as an industry, bringing commercial partners at scale, I think the government needs to consider and actually go do this with us.

所以我們可以評估價格之類的東西。我認為這是國防部感興趣的能力差距，他們可能會接受價值定價，但不會在這個主題上花太多時間。但我們在洛克希德·馬丁公司真正提倡的事情之一，並且我們已經有一些法庭朋友試圖與我們合作解決這個問題，我們如何在國防部建立一個相鄰的採購流程，以其傳統的採購流程經過設計和重構，最初是為了購買數位服務而不是平台和產品，這就是傳統採購系統的建構目的。這是一個沉重的負擔。這是非常複雜的。這就是我之前提到的，你實際上需要表現出信心才能做到這一點。但如果我們想重視價格作為一個產業，大規模地引入商業合作夥伴，我認為政府需要考慮並實際與我們一起這樣做。

Let me just circle back, Sheila, on the margins in your question. I'll use MFC as an example in 2024. When you look at their headwind, the headwind is about 200 basis points of margin compression in the year 2024. The MFC classified program is actually accounted for 230. And so the rest of their business is actually expanding by 30 basis points. And so they're doing everything we would expect them to do in their core business. In general, across all of Lockheed Martin, the way we're approaching these headwinds is really threefold. First, we're just keeping a tight lid on overhead and indirect costs and streamlining that cost structure where the opportunities exist. The second is we're driving cost reduction in our direct cost base through supply chain optimization, factory productivity and also on 1LMX driven efficiencies. And then lastly, we talked about a little bit earlier in the call, is just making sure that we're employing pricing discipline across our bid and proposals. And so those 3 together will help us drive to a better result in the future and give us confidence that we'll be able to expand margins even with these headwinds.

希拉，讓我回到你問題的邊緣。我以2024年的MFC為例。當你看他們的逆風時，2024年的逆風大約是利潤壓縮200個基點。MFC分類程序實際上佔230。所以他們的其餘業務實際上擴大了30個基點。因此，他們正在做我們期望他們在核心業務中做的一切。總的來說，在整個洛克希德馬丁公司，我們應對這些逆風的方式實際上是三重的。首先，我們只是嚴格控制管理費用和間接成本，並在有機會的情況下簡化成本結構。第二是我們透過供應鏈優化、工廠生產力以及 1LMX 驅動的效率來推動直接成本基礎的成本降低。最後，我們在電話會議早些時候討論過，只是確保我們在投標和提案中採用定價紀律。因此，這三者共同將幫助我們在未來取得更好的成果，並讓我們相信，即使面臨這些逆風，我們也能夠擴大利潤。

Your next question is from the line of Seth Seifman from JPMorgan.

您的下一個問題來自摩根大通的 Seth Seifman。

Maybe one clarification and one question. Jay, on F-35, at the end of '24, should we think about there being maybe 120 undelivered aircraft in inventory based on the production rate of 150 plus and the deliveries you've told us, that's the clarification, and that inventory will have to be worked out over the subsequent year or 2. And then as far as the question goes, I think you talked about 10 to 20 basis points of segment margin expansion in '25. If we thought about only 1 lot exercised on classified missile, that's probably 25 basis points. The margin in aeronautics seems pretty depressed in '24. So you think there may be some potential for expansion there. And you just talked about the efforts that you're making across the company to support margins. Are there other discrete headwinds that we're not aware of that wouldn't allow -- that would prevent more than that kind of 10 to 20 basis points that you outlined?

也許一項澄清和一個問題。傑伊，關於 F-35，在 24 年底，我們是否應該考慮一下，根據 150 架以上的生產率和您告訴我們的交付量，庫存中可能有 120 架未交付的飛機，這就是澄清，以及庫存必須在接下來的一年或兩年內解決。然後就問題而言，我認為您談到了25 年部門利潤率擴張10 到20 個基點。如果我們只考慮 1 批機密飛彈演習，那可能是 25 個基點。 24 年航空業的利潤率似乎相當低迷。所以你認為那裡可能有一些擴張的潛力。您剛才談到了整個公司為提高利潤率所做的努力。是否還有其他我們沒有意識到的、不允許的不利因素——這會阻止您概述的 10 到 20 個基點以上的上漲？

Yes. Let me start with that question first, and I'll come back to the F-35. Just on the 2025 margins going forward, yes, it would be essentially 1 lot versus 2. However, you got to take into account the volumes that are in that lot versus the volumes that we're in these first 2 lots. And so you really -- you think about it from a gross headwind, it doesn't necessarily change all that much because you're -- there's more in there. And so that's what's keeping the pressure. There's not just an automatic lift because we're going from 2 lots to 1 lot in a subsequent year. On the F-35, I mean, I think the way you talked about it Seth is right, anywhere between 100 to 120 aircraft is, in terms of undelivered, against the 156 type of expected delivery rate is the right way to think about it, yes.

是的。讓我先從這個問題開始，然後我會回到F-35。就未來 2025 年的利潤而言，是的，基本上將是 1 批與 2 批。但是，您必須考慮該批中的數量與我們前 2 批中的數量。所以你真的 - 你從一個巨大的逆風中思考它，它不一定會改變那麼多，因為你 - 那裡還有更多。這就是壓力持續存在的原因。不僅僅是自動升降機，因為我們將在接下來的一年裡從 2 個地塊增加到 1 個地塊。關於F-35，我的意思是，我認為Seth 所說的方式是正確的，就未交付而言，100 到120 架飛機之間的任何地方，相對於156 類型的預期交付率來說，是正確的思考方式， 是的。

The next question is from the line of Ron Epstein from Bank of America.

下一個問題來自美國銀行的羅恩愛潑斯坦。

I'll do the question first. What are you thinking about the opportunity for the Black Hawk going forward, meaning I don't know, we've kind of heard there's some challenges on future vertical lift. And what opportunities does that open to you for the Black Hawk?

我先做題吧。您對黑鷹未來的機會有何看法，也就是說我不知道，我們聽說未來的垂直升力面臨一些挑戰。這會為你的黑鷹帶來什麼機會？

Ron, it's Jim. Look, the Black Hawk, and I've gotten a flight autonomously and by hand actually. I think has a lot of potential. There's interesting Congress for modernization of the Black Hawk. There's a huge fleet out there. And by adding some of these digital capabilities like autonomy and AI to the Black Hawk, which is a really reliable platform that's offline in units today in great numbers and across our allies. That's a real, I think, value opportunity for the armies (inaudible) and others that use the helicopter. So I do think there's a lot of upside there. I don't want to comment on anybody else's programs or how well or not they may be doing, but this is a proven scaled vehicle, with digital technology upgrade insertion can be very, very versatile. And that can be done much more rapidly than new production of new aircraft. So I do think that there is upside there.

羅恩，是吉姆。看，黑鷹，我實際上已經實現了自主和手動飛行。我認為有很大的潛力。關於黑鷹的現代化有一個有趣的國會。那裡有一支龐大的艦隊。透過在黑鷹上添加一些數位功能，例如自主性和人工智慧，這是一個非常可靠的平台，目前在我們的盟友中大量部隊都處於離線狀態。我認為，這對軍隊（聽不清楚）和其他使用直升機的人來說是一個真正的寶貴機會。所以我確實認為那裡有很多好處。我不想評論任何其他人的程序或他們做得有多好或不好，但這是一種經過驗證的規模車輛，數位技術升級插入可以非常非常通用。這比新飛機的新生產要快得多。所以我確實認為那裡有好的一面。

Now the services and Congress have to agree. And to that and fund those modernizations and keep those units flying. And that will be up to them. But we are trying to provide them every opportunity to make that decision by inserting digital and other technologies like autonomy that will really make the aircraft much more capable in doing missions like air evacuation, resupply of the hot landing zone, things like that, that when you put it into the entire equation, of completing a mission, it will be a good value to consider it.

現在，軍種和國會必須達成一致。為此並為這些現代化提供資金並保持這些單位的運作。這將取決於他們。但我們正在努力為他們提供一切機會來做出決定，透過插入數字和其他技術（例如自主性），這將真正使飛機更有能力執行諸如空中疏散、熱著陸區補給等任務，當你把當它放入完成任務的整個方程式時，考慮它將是一個很好的價值。

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

我們的下一個問題來自摩根士丹利的 Kristine Liwag。

Jay, Jim, I mean, there's been discussion in the public markets about the depletion of U.S. missiles ammunitions and a potential shortage. I mean that side from your commentary today, it sounds like supply chain issues continue to linger, weighing on the company's ability to convert the demand into revenue. So can you talk more about the additional actions you're taking to improve the supply chain's ability to get products through the system? And what metrics are you monitoring? And how much upside could you see in 2024 if things improve?

傑伊，吉姆，我的意思是，公開市場上一直在討論美國飛彈彈藥的耗盡和潛在的短缺。我的意思是，從您今天的評論來看，供應鏈問題似乎繼續存在，影響了公司將需求轉化為收入的能力。那麼您能否多談談您為提高供應鏈透過系統取得產品的能力所採取的其他行動？您正在監控哪些指標？如果情況有所改善，2024 年您會看到多少上升空間？

I'll make a couple of comments and ask Jay to follow. The steps that we're taking to take the fragility out of the missile production system are varied. One of them is -- and it's very specific, we are endeavoring to stand up a third solid rocket motor supplier in the United States that can be additive to the industry supply chain we have today, which hasn't been performing well, right? That's one piece. More broadly, we're using additive manufacturing, and we're bringing in more varied suppliers into the supply chain so that we can get the materials we need from a more diverse set of group of suppliers outside of solid rocket motors. And also, we're looking at international opportunities to build this equipment including in Australia and in Poland, U.K. and others are kind of on tap for coproduction or joint ventures with us to do these things, and Germany, I should mention as well.

我會發表一些評論並請傑伊跟隨。我們為消除飛彈生產系統的脆弱性而採取的措施是多種多樣的。其中之一是——而且非常具體，我們正在努力在美國建立第三家固體火箭發動機供應商，這可以補充我們今天表現不佳的行業供應鏈，對吧？那是一件。更廣泛地說，我們正在使用增材製造，並且我們正在將更多不同的供應商引入供應鏈，以便我們可以從固體火箭發動機之外的更多樣化的供應商群體中獲得所需的材料。此外，我們正在尋找製造這種設備的國際機會，包括在澳洲、波蘭、英國和其他國家，這些國家都可以與我們共同生產或合資來做這些事情，我還應該提到德國。

So these are some of the approaches we're taking. And it really comes down to these 3 areas, which is how can we on one hand take basic steps of anti-fragility to more suppliers, more diversity on the supply chain, different labor pools, better training, those kinds of things where it's just basic. Secondly, how can we insert technology to make this more reliable production system, which we just mentioned. And then thirdly is how do we get international countries and take advantage of their labor forces, their supply -- sub-supply chains, et cetera, and get them into the production system. So we look at this in all 3 areas of our core company strategy and apply it to missile production.

這些是我們正在採取的一些方法。這實際上歸結為這三個領域，即我們如何一方面採取反脆弱性的基本步驟，增加供應商、供應鏈的多樣性、不同的勞動力池、更好的培訓，諸如此類的事情基本的。其次，我們如何插入技術，使我們剛才提到的這個生產系統更加可靠。第三是我們如何讓國際國家利用他們的勞動力、他們的供應——子供應鏈等等，並將他們納入生產體系。因此，我們在公司核心策略的所有 3 個領域都考慮了這一點，並將其應用於飛彈生產。

Jay, anything you want to add?

傑伊，你還有什麼要補充的嗎？

Yes. I'll just say over the last year, Kristine, we've deployed resources. So we haven't just sat back and waiting for improvement. Depending on the supplier, depending on the issues, we have deployed manufacturing engineering resources. We've deployed quality engineering resources and program management resources as well as, in certain cases, we've actually deployed hourly workers to support suppliers in certain cases. And so we've taken an all-hands on deck approach, where we've seen the issues become more significant. And we've done everything we can to support these suppliers and help them get through. I would expect that to continue where we see these bottlenecks. But as I mentioned earlier, we did see some general improvement. We are expecting that improvement to continue. And in terms of potential upside, what I would point you to is that if we're able to unlock and see a little bit better performance and that what drives to the high end of our sales profit and EPS range.

是的。我只想說，克里斯汀，去年我們已經部署了資源。因此，我們並沒有隻是坐下來等待改進。根據供應商、根據問題，我們部署了製造工程資源。我們部署了優質的工程資源和專案管理資源，並且在某些情況下，我們實際上部署了小時工來支援供應商。因此，我們採取了全員齊心協力的方法，我們發現問題變得更加重要。我們已竭盡全力支持這些供應商並幫助他們渡過難關。我預計這種情況會在我們看到這些瓶頸的地方繼續下去。但正如我之前提到的，我們確實看到了一些整體改善。我們期待這種改善能夠持續下去。就潛在的上行空間而言，我想向您指出的是，如果我們能夠釋放並看到更好的業績，那麼是什麼推動了我們的銷售利潤和每股收益範圍的高端。

Our next question is from Matt Akers from Wells Fargo.

我們的下一個問題來自富國銀行的馬特·埃克斯。

Could you touch on F-16 real quick, just latest thoughts on the ramp rate here and also just margins on that program that compares to the segment now? And then sort of do they get better over time as you kind of come back down learning curve?

您能否快速談談 F-16 的最新進展，以及該專案與現在該細分市場相比的利潤率？隨著時間的推移，當你沿著學習曲線回歸時，它們會變得更好嗎？

Yes. So we delivered 5 aircraft in 2023. We would expect that to triple, potentially quadruple, here in 2024. And so we're -- the ramp is certainly in full force. We've got over 30 aircraft there (inaudible) as we ended the year. And so that is, I think, from a delivery standpoint, increasing the production cadence is all trending well. From a profitability standpoint, you may recall, we've had some pressure because it's taken us longer to get to this point. And so that puts some pressure on our initial contracts. Here, as we fully deliver those out and deliver on the subsequent contracts, we will see profitability improve on the F-16 over the next few years.

是的。因此，我們在 2023 年交付了 5 架飛機。我們預計到 2024 年，這一數字將增加兩倍，甚至可能增加四倍。因此，我們的坡道肯定會全力以赴。截至年底，我們在那裡擁有 30 多架飛機（聽不清楚）。因此，我認為，從交付的角度來看，增加生產節奏都是良好的趨勢。您可能還記得，從獲利能力的角度來看，我們面臨一些壓力，因為我們花了更長的時間才達到這一點。這給我們最初的合約帶來了一些壓力。在這裡，當我們完全交付這些產品並交付後續合約時，我們將看到 F-16 的盈利能力在未來幾年內有所改善。

Next question is from the line of George Shapiro from Shapiro Research.

下一個問題來自夏皮羅研究中心的喬治‧夏皮羅。

I'm looking at a longer-term perspective here. If I look at the margins like from 10 years ago, MFC made 18%, aeronautics made 11%, Space made 13%. And so we're obviously down in all of those categories overall, maybe 200 basis points in 10 years ago. So my question is, was this due to a lot of the fixed-price development, more aggressive bidding. And now you're trying to change that. So when we look towards 2025, we actually could see margins go up from where they'd be in 2024 or kind of -- are they just lower margins overall that we expect to see from what we used to see?

我在這裡著眼於更長遠的視角。如果我看看 10 年前的利潤率，MFC 為 18%，航空業為 11%，航太產業為 13%。因此，我們在所有這些類別中的整體水準顯然都下降了，10 年前可能下降了 200 個基點。所以我的問題是，這是否是由於大量的固定價格開發、更積極的投標。現在你正試著改變這一點。因此，當我們展望 2025 年時，我們實際上可以看到利潤率比 2024 年的水平有所上升，或者說，它們只是整體利潤率低於我們過去所期望的水平嗎？

George, it's Jim here. I think the story, I told a little bit earlier today is what caused that. There's margin compression in the whole industry here, driven by the monopsony customer, if you will. So they got pretty good at figuring out how to use their position in the quarter analysis of how they should negotiate contracts. And what I think you're seeing is boards and management of companies in our traditional space, I'll call it, are understanding this now, the management tends to not necessarily -- senior management tends not to necessarily be historically wedded to this business model and looking at other ways to run these companies.

喬治，我是吉姆。我認為我今天早些時候講的這個故事就是造成這種情況的原因。如果你願意的話，在壟斷客戶的推動下，整個產業的利潤率都在壓縮。因此，他們非常擅長弄清楚如何在季度分析中利用自己的職位來談判合約。我認為你看到的是我們傳統領域的公司董事會和管理層，我稱之為，現在正在理解這一點，管理層往往不一定 - 高級管理層往往不一定在歷史上與這個業務結合在一起模型並尋找其他方式來經營這些公司。

And so we are taking the shareholders' interest into account and all the things we talked about, which should help improve our margins, even though it may result in some difficult discussions with some of the customer base. we're prepared to do that. But I think over the last 10 years, as you said, there's been a decline and it needs to reverse to have a healthy industry.

因此，我們正在考慮股東的利益以及我們討論的所有事情，這應該有助於提高我們的利潤率，儘管這可能會導致與某些客戶群進行一些困難的討論。我們準備這樣做。但我認為，正如你所說，在過去的十年裡，出現了下滑，需要扭轉這種趨勢才能擁有一個健康的產業。

Okay. Lois, I think we're at the top of the hour. So I'm just going to turn it back over to Jim for some final thoughts.

好的。路易斯，我想我們正處於最高峰。因此，我將把它轉回給吉姆，讓他徵求一些最後的想法。

Okay. Thanks, Maria. So over the past 12 months, again, I mentioned the people of Lockheed Martin have worked relentlessly to advance this vision we have for 21st Century security and transform our company internally, and they created, produced and delivered cutting-edge capabilities that are focused on what the defense department says as its own strategy that they call integrated deterrence. And we're trying to maintain our company values along the way, and that's to do what's right, respect others and perform with excellence. And all this yields positive results for our employees at work here, our customers and our suppliers and especially our shareholders.

好的。謝謝，瑪麗亞。因此，在過去12 個月裡，我再次提到洛克希德·馬丁公司的員工不懈努力，以推進我們對21 世紀安全的願景，並在公司內部進行轉型，他們創造、生產和交付了尖端能力，這些能力專注於國防部稱之為自己的戰略，他們稱之為綜合威懾。我們一直在努力維護我們公司的價值觀，那就是做正確的事、尊重他人並表現卓越。所有這些都為我們在這裡工作的員工、我們的客戶、我們的供應商，尤其是我們的股東帶來了積極的成果。

So thanks again for joining us today, and we look forward to speaking with you on our next earnings call in April. Lois, that concludes the call. Thank you.

再次感謝您今天加入我們，我們期待在四月的下一次財報電話會議上與您交談。路易斯，通話結束。謝謝。

Thank you. And ladies and gentlemen, that does conclude your 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，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。您現在可以斷開連線。