洛克希德·馬丁 (LMT) 2024 Q1 法說會逐字稿

Good day, and welcome, everyone, to the Lockheed Martin First Quarter 2024 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 2024 年第一季獲利結果電話會議。今天的通話正在錄音。 （操作員說明）

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

現在，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) 進行開幕致辭和介紹。請繼續。

Thank you, Lois, and good morning. I'd like to welcome everyone to our first quarter 2024 earnings conference call. Joining me today on the call are Jim Taiclet, our Chairman, President and Chief Executive Officer; and Jay Malave, our Chief Financial Officer.

謝謝你，路易斯，早安。歡迎大家參加我們的 2024 年第一季財報電話會議。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；和我們的財務長 Jay Malave。

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.

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。

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

我們今天在網站上發布了圖表，我們計劃在電話會議中討論這些圖表，以補充我們的評論。這些圖表還包括有關今天電話會議中可能使用的非公認會計準則衡量標準的資訊。請造訪我們的網站 www.lockheedmartin.com，然後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 first quarter 2024 earnings call. I'd like to begin today's discussion with a brief overview of our quarterly financial results, the state of the U.S. Department of Defense budget, status updates on some key programs and recent advancements made to support our vision of 21st Century Security that integrates the latest digital technologies. Then Jay and Maria will provide more detailed information about quarterly highlights and financials.

謝謝，瑪麗亞。大家早安，感謝您參加我們的 2024 年第一季財報電話會議。在今天的討論開始時，我想簡要概述一下我們的季度財務業績、美國國防部預算狀況、一些關鍵項目的最新進展以及為支持我們的21 世紀安全願景而取得的最新進展，該願景整合了最新的數位技術。然後傑伊和瑪麗亞將提供有關季度亮點和財務狀況的更詳細資訊。

The increasingly unstable geopolitical environment in the world today makes it essential for industry and government to strengthen our nation's capabilities to deter and defend against further aggressive behavior against the U.S. and our allies. We here at Lockheed Martin are continuing to invest heavily to improve our design and production capabilities while actively partnering with leading companies inside and outside the A&D industry to incorporate a wide range of technologies.

當今世界日益不穩定的地緣政治環境使得工業界和政府必須加強我們國家的能力，以阻止和防禦針對美國及其盟友的進一步侵略行為。洛克希德馬丁公司將繼續大力投資以提高我們的設計和生產能力，同時積極與 A&D 行業內外的領先公司合作，整合廣泛的技術。

As a result, we delivered robust revenue growth across the company. And we maintained a robust backlog of $159 billion, reflecting alignment between our advanced technology solutions and our customers' key missions and priorities. These first quarter results reinforce our confidence in our ability to achieve the full year financial expectations we shared in the most recent earnings call.

結果，我們在整個公司實現了強勁的收入成長。我們保持著 1,590 億美元的強勁積壓訂單，反映出我們的先進技術解決方案與客戶的關鍵使命和優先事項之間的一致性。這些第一季的業績增強了我們對實現我們在最近的財報電話會議中分享的全年財務預期的能力的信心。

Moreover, the approved FY '24 defense budget reflected many positives for Lockheed Martin, consistent with National Defense Strategy priorities, too. Highlights include robust funding for munitions multiyear procurement, continued investment in hypersonics and classified activities and ongoing support for programs such as Black Hawk, CH-53K heavy lift helicopter, the fleet ballistic missile, C-130 and F-35.

此外，批准的 24 財年國防預算反映了洛克希德馬丁的許多積極因素，也符合國防戰略的優先事項。亮點包括為多年彈藥採購提供充足資金、對高超音速和機密活動的持續投資以及對黑鷹、CH-53K重型直升機、艦隊彈道導彈、C-130和F-35等項目的持續支持。

There are also additions to the original budget submission, including F-35 aircraft, C-130s and combat rescue helicopters. The initial budget request for FY '25, while still very early in the process, continued support of many of these same major programs, including the F-35, CH-53K, UH-60M and others in addition to emphasis on advanced munitions programs such as JASSM and LRASM, PrSM, Javelin, GMLRS and PAC-3 as well as hypersonic conventional prompt strike and the long-range hypersonic weapon. In addition to that, the next-generation Interceptor is getting support, which I'll address more in a moment.

最初提交的預算中還增加了一些內容，包括 F-35 飛機、C-130 和戰鬥救援直升機。 25 財年的初步預算請求雖然仍處於早期階段，但除了強調先進彈藥項目外，還繼續支援許多相同的主要項目，包括 F-35、CH-53K、UH-60M 等JASSM和LRASM、PrSM、標槍、GMLRS和PAC-3等以及高超音速常規快速打擊和遠程高超音速武器。除此之外，下一代攔截器正在獲得支持，我稍後將詳細討論這一點。

In this week, funding of $95 billion for Ukraine, Israel and Indo-Pacific security supplementals passed the House and is currently under consideration in the Senate. We expect FY '25 presidential budget requests and additive supplemental funding will provide a strong underpinning for future growth over the next several years for our company, giving us further confidence in our long-range plan.

本週，為烏克蘭、以色列和印太安全補充提供的 950 億美元資金已在眾議院獲得通過，目前正在參議院審議。我們預計 25 財年總統預算請求和額外補充資金將為我們公司未來幾年的未來成長提供強有力的基礎，使我們對我們的長期計劃更有信心。

While demand for these key programs remains elevated, it is also essential that our program performance in terms of quality, safety, cost and schedule gets and stays at the highest level. On our most significant programs, I, Jay and my senior executive team are personally and directly involved.

雖然對這些關鍵項目的需求仍然很高，但我們的專案在品質、安全、成本和進度方面的表現也必須保持在最高水準。我、傑伊和我的高階管理團隊親自直接參與了我們最重要的專案。

On the F-35, we remain focused on program execution in terms of concurrent development, production and sustainment. And we are bringing all relevant resources across our company and collaborating closely with our customers and suppliers to fully implement the TR-3 capabilities that everybody is looking forward to getting. These capabilities based on the new core processor, data storage unit and pilot display will ensure that the F-35 is not only the most capable and effective fighter aircraft in the world, but that they will also further advance its abilities to act as the air domain quarterback of Joint All Domain Operations for the U.S. and its allies.

在 F-35 上，我們仍然專注於並行開發、生產和維護方面的專案執行。我們正在整合公司所有相關資源，並與客戶和供應商密切合作，以全面實施每個人都期待獲得的 TR-3 功能。這些基於新核心處理器、資料儲存單元和飛行員顯示器的功能將確保 F-35 不僅是世界上最強大、最有效的戰鬥機，而且還將進一步提高其作為空中力量的能力。全域作戰的域四分衛。

We're encouraged by the solid progress made over the last few months towards resuming deliveries, including improvement in aircraft mission system capabilities and system stability as we advance from prior software versions toward the combat training capable configuration. Flight testing of this configuration is now underway, and we're on a path we expect to be on with regard to maturing the system with approximately 95% of TR-3 capabilities in this flight test program. The test results to date support our expected timeline of delivering the first TR-3 combat training-capable aircraft in the third quarter and then transition to a fully combat-capable aircraft in 2025. As planned, there will be continual software updates to support further capability insertions over the Block 4 program and beyond.

我們對過去幾個月在恢復交付方面取得的堅實進展感到鼓舞，包括隨著我們從以前的軟體版本向具有戰鬥訓練能力的配置前進，飛機任務系統功能和系統穩定性的改進。此配置的飛行測試正在進行中，我們預計將在本次飛行測試計劃中使系統成熟，實現約 95% 的 TR-3 功能。迄今為止的測試結果支持我們預計的時間表，即在第三季度交付第一架具有戰鬥訓練能力的TR-3 飛機，然後在2025 年過渡到具有完全戰鬥能力的飛機。軟體更新以支援進一步Block 4 計劃及其他計劃的能力插入。

While there were no final deliveries of F-35 jets in the first quarter, we're maintaining our production rate and continue to expect an aircraft delivery range for 2024 between 75 and 110, which requires timely receipt of the necessary hardware from TR-3 suppliers along the way.

雖然第一季沒有最終交付 F-35 噴射機，但我們將維持生產率，並繼續預計 2024 年飛機交付範圍在 75 至 110 架之間，這需要及時從 TR-3 收到必要的硬體一路上的供應商。

The F-35's advanced combat and interoperability capabilities continue to create strong demand for the aircraft internationally, too. In the quarter, the Czech Republic became the 18th nation to join the F-35 global team with a signed letter of offer and acceptance, making it official its intent to procure 24 F-35s.

F-35 先進的作戰和互通能力也持續在國際上創造對該飛機的強勁需求。本季度，捷克共和國簽署了要約書和接受書，成為第 18 個加入 F-35 全球團隊的國家，正式宣布採購 24 架 F-35 的意向。

In addition, the U.S. State Department approved a potential foreign military sale to Greece for up to 40 F-35s. And Singapore announced its intent to purchase 8 F-35As to complement the 12 F-35Bs to which it has already previously committed.

此外，美國國務院還批准了向希臘出售最多 40 架 F-35 的潛在對外軍售。新加坡宣布有意購買 8 架 F-35A，以補充先前已承諾購買的 12 架 F-35B。

Also in the lower air domain, while we're disappointed in the cancellation of the future attack reconnaissance aircraft program, or FARA, Sikorsky remains committed to delivering innovative and reliable aviation capabilities to our domestic and global customers. With a strong foundation of more than $20 billion in backlog, bolstered by expected and funded growth in the heavy lift CH-53K helicopter program, Sikorsky's multiyear outlook is stable.

同樣在低空領域，雖然我們對未來攻擊偵察機計畫（FARA）的取消感到失望，但西科斯基仍然致力於為我們的國內和全球客戶提供創新和可靠的航空能力。憑藉超過 200 億美元的積壓訂單的堅實基礎，以及重型 CH-53K 直升機項目的預期和資金增長的支持，西科斯基的多年前景是穩定的。

We're also encouraged by the Army's renewed commitment to Black Hawk production and modernization as well as our ability to address mission gaps with capability upgrades that leverage Lockheed Martin's broad portfolio of solutions in the lower air domain, things such as autonomy, AI, et cetera.

我們也對陸軍重新致力於黑鷹生產和現代化以及我們利用洛克希德·馬丁公司在低空領域的廣泛解決方案組合（例如自主、人工智能等）通過能力升級來解決任務差距的能力感到鼓舞。等。

Turning now to missile defense missions which, given recent world events, are becoming more critical than ever. We continue to lead the industry. Last week, the Missile Defense Agency, or MDA, selected Lockheed Martin to deliver the new homeland missile defense capability for the United States, which is called the next-generation Interceptor or NGI.

現在轉向導彈防禦任務，考慮到最近發生的世界事件，導彈防禦任務變得比以往任何時候都更加重要。我們繼續引領業界。上週，飛彈防禦局（MDA）選擇洛克希德馬丁公司為美國提供新型國土飛彈防禦能力，該能力被稱為下一代攔截機（NGI）。

As the MDA's NGI prime contractor, Lockheed Martin will provide the most modern, reliable and technically advanced Interceptor in the history of this system. This program was a 1LMX, that's our digital transformation born digital program, meaning we embrace model-based engineering, digital tools, processes and technologies from the very, very start of this program.

作為 MDA 的 NGI 主承包商，洛克希德馬丁公司將提供該系統歷史上最現代、最可靠和技術最先進的攔截機。該計劃是 1LMX，這是我們因數位轉型而生的數位計劃，這意味著我們從該計劃一開始就採用基於模型的工程、數位工具、流程和技術。

Now as it continues on its path to the critical design review, integration with broader weapons system and flight tests, I'm proud of the Lockheed Martin team that enabled all of this. We were MDA's early down select before it was even on their schedule because we're so far in front to get this essential homeland defense capability off to a fast start.

現在，隨著它繼續進行關鍵設計審查、與更廣泛的武器系統整合和飛行測試，我為實現這一切的洛克希德馬丁團隊感到自豪。我們在 MDA 甚至在他們的日程安排之前就被提前選中了，因為我們在快速啟動這一重要的國土防禦能力方面遙遙領先。

Earlier this quarter, the long-range discrimination radar, or LRDR, completed final acceptance and was officially handed over to the Missile Defense Agency in preparation for an operational capability baseline decision. And what that means is final transition to active service for that radar to help defend the country.

本季度早些時候，遠端識別雷達（LRDR）完成了最終驗收，並正式移交給飛彈防禦局，為作戰能力基線決策做準備。這意味著該雷達最終過渡到現役以幫助保衛國家。

The LRDR is a cutting-edge national asset providing the benefits of both low- and high-frequency radars to search, track and discriminate incoming missiles with an open system approach, enabling the customer to add incremental capabilities such as hypersonic defense. This is located up in Alaska and the prime location where we can sense early what any attack might look like and respond to it. What that really does though is create an elevated deterrent to any kind of attack like that. So it's really great that LRDR about ready to go online.

LRDR 是一項尖端國家資產，提供低頻和高頻雷達的優勢，透過開放系統方法搜尋、追蹤和識別來襲飛彈，使客戶能夠增加高超音速防禦等增量功能。它位於阿拉斯加，是我們可以及早感知任何攻擊可能的情況並做出反應的黃金地段。但這真正的作用是對任何類型的攻擊產生更大的威懾力。因此，LRDR 即將上線真是太棒了。

Now both NGI and LRDR will be critical elements within the overall Homeland Defense mission. And they're going to be integrated into the broader defense architecture with a battle management system that we call command control battle management and communications or as the military calls it C2BMC. So that's the system that's going to be used to integrate the radars, the missiles and allow us to defend the country.

現在，NGI 和 LRDR 都將成為整個國土防禦任務中的關鍵要素。它們將透過戰鬥管理系統整合到更廣泛的防禦架構中，我們稱之為指揮控制戰鬥管理和通信，或軍方稱之為 C2BMC。這就是將用於整合雷達、飛彈並讓我們保衛國家的系統。

In April, Lockheed Martin was selected for a potential 10-year, $4 billion follow-on C2BMC next-generation contract with the MDA, demonstrating, again, our leadership position in battle management systems for homeland defense. Under this contract, we'll continue to modernize and expand the system's capabilities to enhance global integration, improve space domain awareness and optimize sensor connectivity and data fusion to levels never done before, all of which will create the most complete picture of these incoming threats as I just spoke about a minute ago.

4 月，洛克希德馬丁公司被選中與 MDA 簽訂為期 10 年、價值 40 億美元的下一代 C2BMC 後續合同，再次證明了我們在國土防禦戰鬥管理系統方面的領導地位。根據這份合同，我們將繼續現代化並擴展系統的能力，以增強全球一體化，提高空間域意識，並將感測器連接和數據融合優化到前所未有的水平，所有這些都將為這些即將到來的威脅提供最全面的了解正如我大約一分鐘前所說的。

Separately, we also continue to advance our 21st Century Security solution through collaboration with strategic commercial partners across the tech, telecom, microprocessor and other industries to support the national defense. Citing just one example, we announced Lockheed Martin will work with Intel to support the simulated transition for advanced microelectronics packaging or staff program for the Office of the Undersecretary of Defense for Research and Engineering.

另外，我們也透過與科技、電信、微處理器和其他產業的戰略商業合作夥伴合作，繼續推進我們的 21 世紀安全解決方案，以支持國防。舉一個例子，我們宣布洛克希德馬丁公司將與英特爾合作，支持先進微電子封裝或國防部研究與工程副部長辦公室人員計畫的模擬過渡。

This chip SAC-related collaboration will provide a revolutionary leap in defense systems' capabilities using high-performance, U.S.-built semiconductors. Over the next 18 months, we'll integrate our latest sensor open system architecture technology with Intel semiconductors with the intent to ultimately implement, test and complete production through the U.S. Navy's Lockheed Martin MH-60 Romeo helicopter program.

這種與晶片 SAC 相關的合作將為使用美國製造的高性能半導體的國防系統能力帶來革命性的飛躍。在接下來的 18 個月內，我們將把最新的傳感器開放系統架構技術與英特爾半導體集成，旨在最終通過美國海軍的洛克希德·馬丁公司 MH-60 Romeo 直升機項目實施、測試並完成生產。

I'll now turn it over to Jay for more highlights and some additional commentary on our financial results. Jay?

現在我將把它交給傑伊，以獲取更多亮點以及對我們財務表現的一些額外評論。傑伊？

Thanks, Jim. I'll cover the consolidated results and touch on some additional highlights before handing it off to Maria, who will discuss the quarterly financials by business area. And then I'll come back to discuss the outlook and close out the remarks.

謝謝，吉姆。在將其交給瑪麗亞之前，我將介紹綜合業績並觸及一些其他亮點，瑪麗亞將按業務領域討論季度財務數據。然後我會回來討論前景並結束演講。

Starting with Chart 4. We had a strong start to the year. First quarter sales of $17.2 billion increased 14% year-over-year led by MFC and RMS. While the results benefited from an extra calendar week compared to 2023, normalized year-over-year sales growth was a solid 5%.

從圖 4 開始。第一季銷售額達 172 億美元，年增 14%，其中 MFC 和 RMS 領銜。雖然業績得益於與 2023 年相比增加了一個日曆週，但正常化的同比銷售成長仍穩定在 5%。

We saw strong labor and material throughput, indicative of an improving supply chain. We continue to work closely with our supply chain partners to enhance quality and performance proactively and as needed, expand the breadth and depth of our engagement at supplier locations.

我們看到強勁的勞動力和材料吞吐量，顯示供應鏈正在改善。我們繼續與供應鏈合作夥伴密切合作，主動提高品質和績效，並根據需要擴大我們與供應商地點合作的廣度和深度。

Segment operating profit of $1.7 billion was up 4% year-over-year, with margins up 10.1% and included the anticipated $100 million reach forward loss associated with the classified missile program at MFC. Excluding this charge, Lockheed Martin segment margins were 10.7% primarily reflecting year-over-year lower profit adjustments.

該部門營業利潤為 17 億美元，年增 4%，利潤率增長 10.1%，其中包括與 MFC 機密導彈計劃相關的預期 1 億美元前瞻損失。排除此費用，洛克希德馬丁公司部門利潤率為 10.7%，主要反映了同比較低的利潤調整。

GAAP earnings per share of $6.39 were down 3% as year-over-year benefits from higher profit and lower share count were more than offset by higher interest expense, lower pension income and mark-to-market gains. Book-to-bill in the first quarter was just below 1. Notably, Space booked several large national security orders in the quarter, including SDA tracking layer and other significant classified awards, contributing to a book-to-bill ratio of 1.8 and record backlog of $33 billion at Space.

GAAP 每股盈餘為 6.39 美元，下降 3%，因為利潤增加和股票數量減少帶來的同比收益被利息支出增加、退休金收入減少和按市值計價的收益所抵消。第一季的訂單出貨比略低於1。創歷史新高。

We generated $1.3 billion of free cash flow in the quarter after investing $360 million in research and development and $380 million in capital expenditures. Share repurchases were $1 billion, and we returned $780 million through our dividend.

在投資 3.6 億美元用於研發和 3.8 億美元資本支出後，我們在本季產生了 13 億美元的自由現金流。股票回購金額為 10 億美元，我們透過股利返還了 7.8 億美元。

Shifting over to additional highlights in the quarter. We are pleased with the progress we are making on the F-16 program. The first 3 F-16 Block 70 jets varied from Greenville, South Carolina to Bahrain in March. To date, Lockheed Martin has produced 5 F-16 Block 70 jets for Bahrain with additional 11 in various stages of production and testing.

轉向本季的其他亮點。我們對 F-16 專案的進展感到高興。首批 3 架 F-16 Block 70 噴射機於 3 月從南卡羅來納州格林維爾飛往巴林。迄今為止，洛克希德馬丁公司已為巴林生產了 5 架 F-16 Block 70 噴射機，另有 11 架處於不同生產和測試階段。

We also presented the first 2 F-16 Block 70 aircraft to Slovakia's Deputy Prime Minister and Minister of Defense, underscoring the deepening partnership between the 2 countries. In addition, the State Department notified Congress of authorization of the sale of 40 F-16s and related upgrades and support to Turkiye. The latest deal builds on our long relationship and history with Turkish Air Force. We are confident the F-16 Block 70 and Viper upgrade package provide advanced 21st Century Security capabilities with affordable operating and life cycle costs for Turkiye.

我們也向斯洛伐克副總理兼國防部長贈送了首批 2 架 F-16 Block 70 飛機，強調了兩國之間不斷深化的夥伴關係。此外，國務院通知國會授權向土耳其出售 40 架 F-16 以及相關升級和支援。最新協議建立在我們與土耳其空軍的長期關係和歷史基礎上。我們相信 F-16 Block 70 和 Viper 升級套件可為土耳其提供先進的 21 世紀安全功能以及可負擔的營運和生命週期成本。

We also continue to upgrade our weapon systems for longer range standoff capability. In February, in the U.S., the extended range ER variant of GMLRS, guided multiple launch rocket system, achieved success in its first operational test. The U.S. Army fired 2 unitary warhead ER GMLRS variants with a HIMARS launcher, demonstrating precision and advanced capability closer to production.

我們也繼續升級我們的武器系統，以獲得更遠距離的防區外能力。 2月，在美國，GMLRS的增程ER型導引多管火箭系統在首次運作測試中取得成功。美國陸軍使用 HIMARS 發射器發射了 2 枚單一彈頭 ER GMLRS 變型，展示了接近量產的精確度和先進能力。

The U.S. Army also awarded Lockheed Martin the fourth production contract for early operating capability Precision Strike Missiles, known as PrSM. This award will allow for a significant increase in production quantities to meet Army demand for long-range surface missiles.

美國陸軍也授予洛克希德·馬丁公司第四份早期作戰能力精確打擊飛彈（稱為 PrSM）的生產合約。該合約將大幅增加產量，以滿足陸軍對遠程地面飛彈的需求。

And hypersonics. Following the recent end-to-end flight test, we completed the test program of the Air-Launched Rapid Response Weapon, or ARRW, with full confidence in its revolutionary capabilities. We have demonstrated successful all up around end-to-end performance on multiple occasions.

還有高超音速。繼最近的端到端飛行測試之後，我們完成了空射快速反應武器（ARRW）的測試項目，對其革命性的能力充滿信心。我們已多次在端到端效能方面取得了成功。

ARRW provides the U.S. with the earliest air-launched, fully qualified, production-ready supersonic solution -- hypersonic solution, I'm sorry. And Lockheed Martin is prepared to quickly deliver additional tactical, operational and lead behind hypersonic strike assets that can be rapidly deployed to the U.S. military.

ARRW為美國提供了最早的空射、完全合格、可量產的超音速解決方案——高超音速解決方案，對不起。洛克希德馬丁公司準備快速提供額外的戰術、作戰和領先的高超音速攻擊資產，這些資產可以快速部署到美國軍隊。

We also continue to advance hypersonic strike capability in the land and sea domains through the long-range hypersonic weapon and conventional prompt strike programs. Both solutions have a full year milestones ahead as we progress towards operational capability.

我們也透過遠程高超音波武器和常規快速打擊計劃，繼續提高陸地和海上的高超音波打擊能力。隨著我們在營運能力方面取得進展，這兩種解決方案都將迎來全年里程碑。

Shifting to integrated air and missile defense arena, the Aegis Weapon System successfully executed one of the most complicated ballistic missile defense test in the first quarter when the system tracked and intercepted a medium-range ballistic missile amidst multiple decoys. The test employed the latest updates to the system and demonstrates the reliability of Aegis to operate in a dynamic threat environment, and we're constantly evolving the Aegis system.

轉向防空反導一體化領域，宙斯盾武器系統在第一季度成功執行了最複雜的彈道飛彈防禦測試之一，系統在多個誘餌中追蹤並攔截了一枚中程彈道飛彈。該測試採用了系統的最新更新，並展示了宙斯盾在動態威脅環境中運作的可靠性，並且我們正在不斷改進宙斯盾系統。

This quarter, we made further progress on our efforts to integrate with PAC-3 to enable an affordable combat-proven IAMD capability for maritime engagements and expand the mission capability of our systems.

本季度，我們在與 PAC-3 整合方面取得了進一步進展，為海上交戰提供了經濟實惠且經過實戰驗證的 IAMD 能力，並擴展了我們系統的任務能力。

I'll pause here, and let me turn it over to Maria to cover the business areas.

我將在這裡暫停，讓我將其交給瑪麗亞負責業務領域。

Okay. Thanks, Jay. Today, I will discuss first quarter year-over-year results for the business areas, starting with Aeronautics on Chart 5. First quarter sales at Aero were over $6.8 billion, up 9% year-over-year, and that's 1% normalized for the extra week in 2024. The increase was primarily due to higher volumes across F-35 and Skunk Works and the continued production ramp on the F-16 program.

好的。謝謝，傑伊。今天，我將討論業務領域第一季的年比業績，首先從圖 5 上的航空業務開始。 2024 年額外增加一週。

Segment operating profit is comparable year-over-year with higher volume being offset by lower margin development contract mix and lower net profit adjustments mainly on the F-35. Aeronautics backlog remains at a healthy $57 billion, which includes 373 F-35s, 80 C-130Js and 132 F-16s, supporting growth into 2025 and beyond.

部門營業利潤與去年同期相當，較高的銷售量被較低的利潤率開發合約組合和較低的淨利潤調整（主要針對 F-35）所抵消。航空積壓訂單維持在 570 億美元的健康水平，其中包括 373 架 F-35、80 架 C-130J 和 132 架 F-16，支持 2025 年及以後的成長。

Turning to Missiles and Fire Control on Chart 6. Sales increased 25% from the prior year, 16% normalized for the extra week driven by production ramps on tactical and strike missile programs, primarily GMLRS, HIMARS and JASSM and LRASM. Integrated air and missile defense also saw higher volume on PAC-3 and THAAD.

轉向圖6 上的飛彈和火控。 。綜合防空和飛彈防禦系統的 PAC-3 和薩德系統的銷售量也有所增加。

As expected, segment operating profit decreased 18% year-over-year primarily due to the $100 million loss on the classified program Jay mentioned previously. Normalizing for the loss, MFC's margins would have been 13.7%.

如預期，部門營業利潤年減 18%，主要是因為 Jay 之前提到的分類節目虧損 1 億美元。如果虧損正常化，MFC 的利潤率為 13.7%。

Now I'd like to provide a quick update on our annual production capacity plans for key programs. PAC-3 is currently at 500 missiles, growing to 550 in 2025 and 650 by '27. GMLRS currently is at 10,000 missiles, growing to 14,000 by 2025. JASSM and LRASM currently at about 650 missiles, growing to 1,100 by 2026. And HIMARS currently at 72 launchers, growing to 96 next year.

現在我想簡要介紹一下我們關鍵項目的年度產能計劃。 PAC-3 目前擁有 500 枚飛彈，到 2025 年將增加至 550 枚，到 27 年將增加至 650 枚。 GMLRS 目前擁有 10,000 枚飛彈，到 2025 年將增加至 14,000 枚。

Shifting to Rotary and Mission Systems on Chart 7. Sales increased 16% in the quarter, 8% normalized for the extra week driven by higher volume across the entire portfolio, including radar and laser programs within integrated warfare systems and sensors various programs within C6ISR and the CH-53K and SEAHAWK programs within Sikorsky. Operating profit increased 23% due to higher volume and favorable contract mix, partially offset by lower profit adjustments.

轉向圖7 中的旋轉和任務系統。正常成長8%。由於銷量增加和有利的合約組合，營業利潤增長了 23%，但部分被較低的利潤調整所抵消。

Finally, with Space on Chart 8. Sales increased 10% year-over-year, 2% normalized for the extra week to approximately $3.3 billion. The growth was driven by higher volume on the fleet ballistic missile program and ramp-ups on hypersonic and next-generation Interceptor programs within strategic and missile defense as well as higher volume on Space Development Agency transport and tracking layer programs within national security space.

最後，圖表 8 的 Space 銷售額年增 10%，額外一週正常化成長 2%，達到約 33 億美元。這一增長的推動因素是艦隊彈道飛彈計畫數量的增加、戰略和飛彈防禦領域內高超音速和下一代攔截器計畫的增加，以及國家安全空間內太空發展局運輸和追蹤層計畫數量的增加。

Operating profit increased 16% compared to Q1 2023 driven by higher volume and ULA equity earnings, partially offset by lower net profit adjustments primarily on the next-gen OPIR program.

與 2023 年第一季相比，由於銷售量和 ULA 股權收益增加，營業利潤增加了 16%，但主要被下一代 OPIR 計劃的淨利潤調整減少所部分抵消。

Now I'll turn it back to Jay to wrap up our prepared remarks.

現在我將把它轉回傑伊來總結我們準備好的演講。

Thanks, Maria. Let's turn to the outlook on Chart 9. Our expectations for Lockheed Martin's 2024 financial outlook remain unchanged from what we said in January with the strong first quarter results positioning us well to achieve the consolidated full year outlook.

謝謝，瑪麗亞。讓我們轉向圖9 的前景。 。

We continue to expect free cash flow to be in the range of $6 billion to $6.3 billion, including over $3 billion of independent research and development and capital investments while the dividend, along with the expected $4 billion of share repurchases, support our return to shareholders, targeting a mid-single-digit free cash flow per share growth over the longer term.

我們仍然預計自由現金流將在 60 億至 63 億美元之間，其中包括超過 30 億美元的獨立研發和資本投資，而股息以及預期的 40 億美元的股票回購將支持我們對股東的回報，目標是在長期內實現每股中個位數自由現金流成長。

All right, to close out and summarize on Chart 10. We're off to a solid start in 2024 and remain laser-focused on execution to our customer and programmatic commitments while building momentum towards delivering our full year guidance.

好了，最後在圖 10 上進行總結。

Through our 1LMX transformation, we are reengineering our internal processes by providing the automations and capabilities needed to drive efficiency, increase velocity, and enhance key captures and programs. 1LMX will enable us to combine the depth and breadth of our portfolio with the expertise and dedication of our people to drive 21st Century Security solutions for our customers and continue to create value for our shareholders.

透過 1LMX 轉型，我們正在重新設計我們的內部流程，提供提高效率、提高速度以及增強關鍵捕獲和程序所需的自動化和功能。 1LMX 將使我們能夠將我們產品組合的深度和廣度與員工的專業知識和奉獻精神相結合，為我們的客戶推動 21 世紀安全解決方案，並繼續為我們的股東創造價值。

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) Our first question is from the line of Doug Harned from Bernstein.

（操作員說明）我們的第一個問題來自 Bernstein 的 Doug Harned。

Great. I'd like to start to make sure we have a good understanding of the F-35 right now with TR-3. As you said, the Air Force has talked about this as well, and it looks like that timeline's moved back to some point in Q3. And there's just been a great deal of slippage in the timeline over the last few years.

偉大的。我想先透過 TR-3 來確保我們對 F-35 有很好的了解。正如你所說，空軍也談到了這個問題，看起來這個時間線已經回到了第三季的某個時間點。在過去的幾年裡，時間線出現了很大的延誤。

Block 4 has been delayed, and the new budget has cut deliveries in 2025 and '26 extensively to avoid having to do later Block 4 upgrades. Now I mean, you've been able to keep production and revenues up, although deliveries and cash payments are off. But how can we get confident in the trajectory?

Block 4 已被推遲，新預算大幅削減了 2025 年和 26 年的交付量，以避免稍後對 Block 4 進行升級。現在我的意思是，儘管交貨和現金支付都停止了，但你們已經能夠保持生產和收入的成長。但我們要如何對軌跡充滿信心呢？

And perhaps, Jim, maybe you could talk about what a positive or more negative scenario might look like for production and deliveries over the next 2 years and what it would mean for the revenue and cash trajectory.

吉姆，也許你可以談談未來兩年生產和交付的積極或消極情況，以及這對收入和現金軌跡意味著什麼。

Sure, Doug. So I think it's important to understand that we're doing, as I said earlier, concurrent development and production and then advancing the sustainment capability as well all at the same time. Most of these complex programs go through a period of development and then a production run largely off of that design base or that engineered base of what the aircraft is supposed to look like and how it's going to perform.

當然，道格。因此，我認為重要的是要了解，正如我之前所說，我們正在同時進行開發和生產，然後同時提高維持能力。這些複雜的項目中的大多數都會經歷一段開發期，然後主要根據飛機的外觀和性能的設計基礎或工程基礎進行生產。

The F-35 is different in a sense that development has been going on since the day the program started years and years ago, and it's going on today. Now the good news about that is you have step function increases and capability every few years. And as a result of the F-35's capacity to do that, the government just came out and extended the expected service life of the aircraft another decade or 2, I think it was.

F-35 的不同之處在於，自多年前該專案開始以來，開發一直在進行，並且一直持續到今天。現在的好消息是，每隔幾年你的功能和能力就會逐漸增加。由於 F-35 有能力做到這一點，政府剛剛出面將飛機的預期使用壽命再延長了十年或兩年，我認為確實如此。

So this is a good thing, but it's also an extremely difficult thing to do and even to predict schedule, right? It's our responsibility to hold cost and schedule. But we're -- we don't control all the variables, let me just say, and that's okay. We're still the OEM, and we're still responsible.

所以這是一件好事，但也是一件極其困難的事情，甚至很難預測時間表，對嗎？我們有責任控製成本和進度。但我們無法控制所有變量，我只是說，沒關係。我們仍然是原始設備製造商，我們仍然負有責任。

And so what we run into on TR-3 is just a level of complexity and executing the step function increase that's pretty, I'd say, novel or dramatic. What the team is doing at our company is we're integrating a series of components, devices, software and managing and integrating all of that.

因此，我們在 TR-3 上遇到的只是一定程度的複雜性，並且執行階躍函數增加，我想說，這是新穎的或戲劇性的。我們公司團隊正在做的是整合一系列元件、設備、軟體，並對所有這些進行管理和整合。

And so what's happening now is we are ringing out all the software through all of the new hardware and integrating it into all the aircraft other systems. And that's taken longer than our team predicted.

所以現在發生的事情是，我們正在透過所有新硬體推出所有軟體，並將其整合到所有飛機其他系統中。這比我們團隊預計的時間還要長。

The way we're going to get at that is if you think of it as a release 1 and a release 2, and we've got a lot of confidence in this stage, Doug. Release 1, if you think of it that way, is what we're calling, along with the U.S. government, a combat training-capable aircraft, meaning we can get these jets in the hands of squadron, wing and regional commanders so that they can start training their pilots on them and training their maintenance organizations and also getting their bases and infrastructure, spare parts pools and everything else sort of in operational shape, if you will.

我們要實現這一目標的方法是，如果您將其視為版本 1 和版本 2，我們對這個階段充滿信心，Doug。如果你這麼想的話，我們和美國政府一起稱之為具有戰鬥訓練能力的飛機，這意味著我們可以將這些飛機交給中隊、聯隊和地區指揮官，以便他們能夠如果你願意的話，可以開始培訓他們的飛行員並培訓他們的維護組織，並讓他們的基地和基礎設施、備件庫和其他一切都處於可操作狀態。

Once we get the final software load for the fully combat-capable version of TR-3 sometime in the next few months, then those aircraft could be deployed into actual combat operations. And you'll have the training, the maintenance. They're bringing out the operational patterns and procedures on how to actually fly the jet in combat.

一旦我們在未來幾個月內獲得完全作戰能力的 TR-3 版本的最終軟體加載，那麼這些飛機就可以部署到實際作戰行動中。您將接受培訓和維護。他們正在推出有關如何在戰鬥中實際駕駛噴射機的操作模式和程序。

So we'd like to be able to do it sooner, but this is the schedule we're on. And I'd say for the combat training-capable aircraft, we're highly confident based on the test results so far that those will be deliverable in the third quarter. Jay, do you want to say anything else about cash flow and?

所以我們希望能夠早點完成，但這就是我們的日程安排。我想說，對於具有戰鬥訓練能力的飛機，根據迄今為止的測試結果，我們非常有信心這些飛機將在第三季交付。傑伊，關於現金流，你還有什麼想說的嗎？

Yes, sure. Doug, I'll just add. As Jim mentioned, this combat training capability and configuration, as Jim mentioned, supports the training of the squadron standing up to new squadrons and decreasing the amount of time that the aircraft are parked.

是的，當然。道格，我補充一下。正如吉姆所提到的，這種戰鬥訓練能力和配置支援中隊應對新中隊的訓練，並減少飛機停飛的時間。

All that -- what that does is really avoids any type of significant disruption. And so what this does is really keep our production on track here in 2024 and then beyond as well.

所有這些——所做的實際上是避免任何類型的重大破壞。因此，這樣做確實可以讓我們的生產在 2024 年以及之後的時間裡保持在正軌上。

As Jim mentioned, in 2025, we'll have further capability inserted. And we'll actually start delivering and inserting Block 4 type of capability as well. And you may have heard, you referenced comments made from the U.S. military, and they've discussed a Block 4 reimagined. And what that would entail is an insertion schedule that's really tied to an executable plan that can be provided by industry so we can avoid these types of disruptions.

正如 Jim 所提到的，到 2025 年，我們將添加更多功能。我們實際上也將開始提供和插入 Block 4 類型的功能。您可能聽說過，您引用了美國軍方的評論，他們討論了重新構想的 Block 4。這將需要一個插入時間表，該時間表實際上與行業可以提供的可執行計劃緊密相關，這樣我們就可以避免此類中斷。

And so when you look at it in the short term, could there be pressure on the Lot 15 through 17 contract profitability and potential movement around in cash flow? Yes. But I think over the longer term and the medium term, think we're working in coordination with our customer to make sure that we can deliver the capabilities the customer wants but on an executable schedule. And if we're able to do that, then we should be able to keep the program on track from a production standpoint.

因此，從短期來看，Lot 15 至 17 合約的獲利能力和現金流的潛在變動是否會面臨壓力？是的。但我認為，從長期和中期來看，我們正在與客戶協調工作，以確保我們能夠按照可執行的時間表提供客戶想要的功能。如果我們能夠做到這一點，那麼從製作的角度來看，我們應該能夠將該計劃保持在正軌上。

Our next question is from Peter Strauss from Barclays -- I'm sorry, David Strauss from Barclays.

我們的下一個問題來自巴克萊銀行的彼得·施特勞斯——對不起，巴克萊銀行的大衛·施特勞斯。

So since Q4, we have a '24 budget. It looks like we're going to get a very large supplemental. You won NGI. How might all those things together change how you're thinking about where you kind of fall in the revenue guide this year and the potential for revenue growth in '25 to accelerate kind of off this low single-digit level?

因此，從第四季開始，我們就有了 24 年預算。看起來我們將得到一個非常大的補充。你贏得了 NGI。所有這些事情加在一起會如何改變您對今年收入指南中的跌幅以及 25 年收入增長加速脫離這個低個位數水平的潛力的看法？

Well, David, as we mentioned for this quarter, we started off pretty solid, just on an apples-to-apples basis, 5% growth in the first quarter lines up pretty well with a midpoint guidance range, which is 2% to 2.5% and the high end of that range being, say, around 3.5%. So we're well positioned to deliver on that expectation.

好吧，大衛，正如我們在本季度提到的，我們的起步相當穩健，僅在同類基礎上，第一季 5% 的增長與中點指導範圍（2% 至 2.5）非常吻合%，該範圍的上限約為3.5%。因此，我們完全有能力實現這項期望。

It is possible similar to last year that we could see some upside towards the higher end of the sales guide range there. So again, really good start that enables that.

與去年類似，我們可能會看到銷售指導範圍高端的一些上行空間。再說一次，這是一個非常好的開始，可以實現這一點。

As we think about 2025, what you saw in the budget, what we're seeing here in the supplemental gives us higher confidence that we'll continue to grow. We talked about growth in -- starting in 2023, a year earlier than we had originally anticipated, accelerating in 2024 and then giving us more confidence that we'll see at least the same, if not more, growth in 2025.

當我們考慮 2025 年時，您在預算中看到的內容以及我們在補充文件中看到的內容讓我們更有信心繼續成長。我們討論了從 2023 年開始的成長，比我們最初預期的早一年，到 2024 年加速，然後讓我們更有信心，我們將在 2025 年看到至少相同（如果不是更多）的成長。

We'll give you -- later in the year, we'll give you a much better update in terms of what we're seeing. But right now, all this bodes well to our sustained growth in terms of what we've been driving to, not only in '25, but beyond '25 as well.

我們將在今年稍後向您提供有關我們所看到的情況的更好的更新。但現在，所有這些都預示著我們不僅在 25 年，而且在 25 年後，都將持續成長。

The next question is from the line of Peter Arment from Baird.

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

On Missiles and Fire Control, can you talk maybe about the confidence in your margin guidance for the year, just given the 1Q margin performance was certainly the lowest that we've seen in many years. And we know the classified losses are supposed to expected to continue. But you've got kind of this inflecting top line. I think Maria called out all the production increases and just -- do the losses just get smaller in the classified? Or are we going to see some offsets just because of the higher volume? Maybe if you could just give more color on kind of your expectations on the market performance profile going forward.

在飛彈和火控方面，您能否談談對今年利潤指引的信心，因為第一季的利潤率表現肯定是我們多年來看到的最低水準。我們知道分類損失預計會持續下去。但你的頂線有點彎曲。我認為瑪麗亞呼籲所有產量增加，只是 - 分類中的損失是否會變小？或者我們會因為成交量增加而看到一些抵消？也許您可以對未來市場表現的預期提供更多的資訊。

Sure, Peter. MFC was a little light because of 2 factors. First, as we mentioned, we did have the $100 million loss provision that we recorded. In addition to that, their profit adjustments were lighter year-over-year by about $20 million.

當然，彼得。由於兩個因素，MFC 有點輕。首先，正如我們所提到的，我們確實記錄了 1 億美元的損失撥備。除此之外，他們的利潤調整比去年同期減少了約 2000 萬美元。

And so that's a function really of calendarization. We'll see profit adjustments in the -- throughout the rest of the year improve and so getting us back to what we had guided to.

這確實是日曆化的功能。我們將看到今年剩餘時間的利潤調整有所改善，使我們回到我們的指導目標。

Just as a reminder, we're anticipating -- and that was fully anticipated in our guidance for MFC that we would have additional -- or could have additional losses in the back half of the year associated with this classified program.

提醒一下，我們預計——這在我們對 MFC 的指導中已經充分預料到，我們將在今年下半年遭受與此機密計劃相關的額外損失——或者可能會產生額外損失。

And so what our guide, what it implies from where we are today, we recorded $100 million, is in the range of another $225 million in the back half of the year, which would be provided for in this expectation.

因此，我們的指南，從我們今天的情況來看，我們記錄的 1 億美元，在今年下半年的另外 2.25 億美元範圍內，這將在這一預期中提供。

Now going beyond that, we've talked about this, and I'll just deal with the question upfront in terms of can timing change. And it's possible that we could record additional losses here in 2024 depending on other factors as the year goes on. There's factors such as technical milestone achievement through the balance of the year, discussions with our customers, visibility to the funding -- so visibility to funding.

現在，除此之外，我們已經討論過這個問題，我將提前處理時序是否可以改變的問題。隨著時間的推移，根據其他因素，我們可能會在 2024 年錄得額外損失。其中包括全年技術里程碑的實現、與客戶的討論、資金的可見度等因素——所以資金的可見性。

So all of those factors go into the determination and whether you have to recognize a loss earlier. You'll see coming out in our 10-Q that we've actually ranged the potential losses on this program, which would be in excess -- additional losses in excess of $1 billion. So at least you can have an opportunity to size it.

因此，所有這些因素都會影響您的決定以及您是否必須更早認識到損失。您會在我們的 10-Q 報告中看到，我們實際上已經列出了該計劃的潛在損失，這將是超額的 - 額外損失超過 10 億美元。所以至少你可以有機會衡量它的大小。

The timing of which is still to be determined, and we've got about $225 million at least embedded in our guide for the balance of the year. What -- going back to MFC for the year, if you really take apart their expectation, the impact of this at $325 million of losses in the year anticipated, they're offsetting a fair amount of that in their guide. I mean, the impact of that is 270 basis points alone. And their total full year guide is down about 210.

其具體時間仍有待確定，我們在今年剩餘時間的指南中至少嵌入了約 2.25 億美元。回到 MFC 今年的情況，如果你真的考慮到他們的預期，預計這一年的損失為 3.25 億美元，他們在指南中抵消了相當多的損失。我的意思是，僅此影響就達 270 個基點。他們的全年指導總數下降了約 210。

And so you're seeing offsetting improvement within MFC. It's not entirely one-for-one, but their underlying performance has been solid, and we expect that to continue.

因此，您會看到 MFC 內的抵消性改善。這並不完全是一對一的，但他們的基本表現一直很穩定，我們預計這種情況會持續下去。

And Peter, it's Jim. I used to fly these aircraft for the USAF, and I can assure you that the capability that's being developed here at MFC and a classified program will have very, very long legs. There's going to be many, many years, we believe, of orders to follow.

彼得，是吉姆。我曾經為美國空軍駕駛過這些飛機，我可以向你們保證，MFC 正在開發的能力和機密專案將具有非常非常長的優勢。我們相信，還會有很多很多年的命令要遵守。

So yes, for a quarter, for the year, maybe for a couple of years, we're going to absorb the loss provisions that Jay described. But I think if you look in the area under the curve for the life cycle, it's going to be significantly positive. And so we want to get there as efficiently as we can. This is a long run franchise program that I think the U.S. government is going to support for a very long time.

所以，是的，在一個季度、一年、也許幾年內，我們將吸收傑伊所描述的損失準備金。但我認為，如果你觀察生命週期曲線下的區域，它將會是顯著的正面。因此，我們希望盡可能有效率地實現這一目標。這是一個長期的特許經營計劃，我認為美國政府將長期支持它。

Right. I think it's important to keep that in mind. We spent a lot of time talking about timing of losses and things like that and the magnitude of it. But we also spend a lot of time internally going through just where we are in the progress of the program as well as the business case. And I can assure you the business case is accretive to it at a -- above our cost of capital. And as Jim mentioned, it's going to provide strong returns for many years to come.

正確的。我認為記住這一點很重要。我們花了很多時間討論損失的時間和類似的事情以及損失的嚴重程度。但我們也花了很多時間在內部檢視專案的進度以及商業案例。我可以向您保證，業務案例的增值效果超出了我們的資本成本。正如吉姆所提到的，它將在未來許多年提供強勁的回報。

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。

I wanted to ask a couple on the next-gen Interceptor win. I guess one, just how you were able to win, I think, ahead of when the original down select was expected. And then also whenever there's sort of a big contract like this, we always get questions on potential charges because we've seen some of that happen in the industry. So just your confidence that you've got the cost there sort of sized correctly.

我想問一些關於下一代攔截機勝利的問題。我猜想，就是你如何能夠在最初的向下選擇預期之前獲勝。而且每當有這樣的大合約時，我們總是會收到有關潛在費用的問題，因為我們已經看到了行業中發生的一些情況。因此，只要您確信自己的成本大小正確即可。

So the company made a bet about 3 years ago and say, okay, we've got a digital transformation program that is going to take the whole company to this model-based engineering system. And that's all the way from requirements, acceptance from the government to sustainment years and years down the road.

因此，該公司在大約三年前下了一個賭注，並說，好吧，我們有一個數位轉型計劃，它將把整個公司帶入這個基於模型的工程系統。這就是從需求、政府接受到多年後的維持的整個過程。

And we scoped this before. It's about a $6 billion, 8- to 10-year program to convert the entire company to a model-based engineering, production and sustainment operation. NGI was one of the pathfinder programs picked to implement this because there's no legacy to convert, right? There's no old blueprints to try to figure out how to make 3-dimensional, which is something, by the way, we are doing for C-130 and other programs right now.

我們之前就對此進行過研究。這是一項耗資 60 億美元、為期 8 至 10 年的計劃，旨在將整個公司轉變為基於模型的工程、生產和維護營運。 NGI 是選擇實現這一目標的探路者計劃之一，因為沒有遺留下來的東西可以轉換，對嗎？沒有舊的藍圖可以嘗試弄清楚如何製作 3 維，順便說一句，我們現在正在為 C-130 和其他項目做這件事。

But we could get off to the fast start on NGI because it was in this born digital category. Right from the proposal, we were using these digital technologies, 3D, CAD and everything else and sharing data with the government in that fashion, and they were able to receive it. And we could thereby accelerate the schedule and contain the cost of the development and ultimately, the production, too, by using these tools.

但我們可以在 NGI 上快速啟動，因為它屬於這個天生的數字類別。從提案開始，我們就使用這些數位技術、3D、CAD 和其他技術，並以這種方式與政府共享數據，他們能夠接收這些數據。因此，透過使用這些工具，我們可以加快進度並控制開發成本，並最終控制生產成本。

There were 3 original players in this. One dropped out fairly early. The second was in kind of this final phase, if you will, of down select. And we were -- we're just ready to go and provided our proposal ahead of schedule.

其中有 3 名原始玩家。其中一個很早就退學了。如果你願意的話，第二個是最後階段的向下選擇。我們已經準備好出發並提前提供了我們的提案。

The other player, to my knowledge, provided a proposal also. And then the government was able to make a decision based on that. But I think because of our speed and our ability to demonstrate manageable costs over time, we won and kind of won early, if you will.

據我所知，另一位玩家也提出了一個建議。然後政府就可以據此做出決定。但我認為，由於我們的速度和隨著時間的推移證明成本可控的能力，我們贏了，而且是很早就贏了，如果你願意的話。

I'll let Jay talk more about financials, but what I can assure you is the process of this bid did not require us to dive to the bottom on cost. So Jay, do you want to take it from there?

我會讓傑伊更多地談論財務問題，但我可以向您保證的是，這次投標的過程並不需要我們深入探討成本。那麼傑伊，你想從那裡拿走它嗎？

Sure. Just a -- we're currently performing already under a contract, and that contract will continue. We've talked about this before. We've completed a preliminary design review in September of 2023. And we're on track for critical design review in 2025 and under the current contract as well as building test assets. So that will just continue under this down select.

當然。只是——我們目前已經根據合約履行職責，並且該合約將繼續存在。我們之前已經討論過這個問題。我們已於 2023 年 9 月完成了初步設計審查。因此，這將在該向下選擇下繼續。

As far as pricing and costs, the current contract, because of development contracts, cost plus contract, it's low margin as you would expect, but nothing again abnormal. As far as future bidding that we provided for future types of contracts, there were various elements or different types of contract structures that the customer asked for.

至於定價和成本，目前的合同，由於開發合同，成本加成合同，利潤率很低，正如你所期望的那樣，但也沒有什麼異常。就我們為未來類型的合約提供的未來投標而言，客戶要求的合約結構有多種要素或不同類型。

We provided those to the customer, none of which was based on aggressive pricing or bidding, as Jim mentioned. We've talked about this in the past, and we've taken a middle-of-the-road approach to our pricing, and this is no different.

正如吉姆所提到的，我們向客戶提供了這些，但沒有一個是基於激進的定價或出價。我們過去已經討論過這個問題，並且我們對定價採取了中間路線，這次也不例外。

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

下一個問題來自美國銀行的羅恩愛潑斯坦。

With FARA off the table, and it looks like the flyer program has decent support, how are you thinking about the outlook for the vertical lift business? Where could we see some upside? What other competitions are out there? And how should we think about that?

隨著 FARA 的退出，傳單計劃似乎得到了不錯的支持，您如何看待垂直升降機業務的前景？我們在哪裡可以看到一些好處？還有哪些比賽？我們該如何思考這個問題？

Yes. So Ron, this is Jim here. As we kind of roll into the 21st century, what our company is trying to do is not just look at things through the programmatic lens or I'll call it vertical kind of column but also horizontally through the actual mission and figure out what technologies can accomplish the mission that will enable our core basic platforms to be successful as well.

是的。羅恩，這是吉姆。當我們進入 21 世紀時，我們公司試圖做的不僅僅是透過程式化的鏡頭（我稱之為垂直專欄）來看待事物，而且還透過實際使命橫向看待事物，並找出技術可以做什麼完成使命也將使我們的核心基礎平台成功。

And that's how we're looking at the rotary business. It's not just at Sikorsky anymore. It is Sikorsky plus all of Lockheed Martin, right? And that's one of the reasons we're able to work with U.S. Army, Congress and the broader U.S. government to increase support for, let's say, Black Hawk, for example, in spite of the fact that FARA is being canceled and there's another vertical lift program in the form of FLRAA, which is going to be a tiltrotor.

這就是我們看待旋轉業務的方式。這不再只是西科斯基公司的事了。是西科斯基加上洛克希德馬丁公司的全部，對吧？這就是我們能夠與美國陸軍、國會和更廣泛的美國政府合作，增加對黑鷹等項目的支持的原因之一，儘管 FARA 正在被取消，而且還有另一個垂直領域FLRAA 形式的升力項目將是一個傾轉旋翼機。

So there are missions that the Black Hawk will be extremely well suited for in the rotary lower -- it's really the lower air domain. It's not just for rotorcraft. So how do we pair those rotorcraft, a traditional Black Hawk, let's call it, by modernizing the Black Hawk with digital technology to do what the Air Force would call collaborative combat aircraft, meaning you can in the lower air domain tie drones and unmanned, uncrewed aircraft to a Black Hawk using digital technology, and we've demonstrated that already.

因此，黑鷹非常適合在低空旋轉區域執行某些任務——這實際上是低空域。它不僅適用於旋翼機。那麼，我們如何將這些旋翼機（傳統的黑鷹，讓我們稱之為它）配對，透過數位技術對黑鷹進行現代化改造，以實現空軍所說的協作戰鬥機，這意味著您可以在低空域將無人機和無人駕駛飛機結合起來，使用數位技術從無人駕駛飛機到黑鷹，我們已經證明了這一點。

You can actually make the Black Hawk itself autonomous with no pilots in it being flown from a command center to do high-risk missions. So we're looking at the mission and saying, what can we do all across Lockheed Martin, whether it's through sensor fusion, AI, 5G, space-based sensor assets to make the Black Hawk, for example, a much longer live platform, a much more relevant platform and actually a very efficient platform compared to, say, the FLRAA aircraft that won't be able to do some of the missions anyway.

實際上，您可以使黑鷹本身自主，無需飛行員從指揮中心駕駛它執行高風險任務。因此，我們在審視這項任務時會說，我們整個洛克希德·馬丁公司能做些什麼，無論是透過感測器融合、人工智慧、5G、天基感測器資產，使黑鷹成為一個壽命更長的平台，與無論如何都無法執行某些任務的 FLRAA 飛機相比，這是一個更相關的平台，實際上是一個非常有效率的平台。

So we have a strong confidence then in Sikorsky itself and the platforms that it does produce. And that includes CH-53K, which I mentioned the SEAHAWK, which is a Black Hawk that's configured for maritime operations that is pretty high tech as well.

因此，我們對西科斯基本身及其生產的平台充滿信心。其中包括 CH-53K，我提到 SEAHAWK，這是一種為海上行動而配置的黑鷹，也是相當高科技的。

And so we feel really solid, as I think Jay said in his remarks, on Sikorsky's future with a backlog of $20 billion and the ability to modernize these really reliable in production aircraft to do new things and with missions in digital technology and other -- and integrate with other parts of LM and our partners to make those platforms relevant in the future. So I'll stop there. Jay, you have anything else you want to say?

因此，正如我認為傑伊在他的演講中所說的那樣，我們對西科斯基的未來感到非常堅定，積壓了200 億美元，並且有能力對這些真正可靠的生產飛機進行現代化改造，以完成新事物並執行數位技術和其他任務 -並與LM的其他部門和我們的合作夥伴整合，使這些平台在未來發揮作用。所以我就到此為止。傑伊，你還有什麼想說的嗎？

Sure. Just a couple of things, as Jim mentioned. A stable outlook is the best way to describe it. As Jim mentioned, CH-53K is really the pillar. And those revenues between now and 2027 and 2028 are going to double.

當然。正如吉姆所提到的，只有幾件事。穩定的前景是最好的描述。正如吉姆所說，CH-53K 確實是支柱。從現在到 2027 年和 2028 年，這些收入將會翻倍。

And so while we will see declines in other programs such as combat rescue helicopter, some declines on Black Hawk and others, the CH-53K will really offset all of those declines. We do have to go through a rebalance, a little bit of a rebalance of the workforce because the mix of development work versus production work is different than what we had originally anticipated. So we'll go through that.

因此，雖然我們會看到戰鬥救援直升機等其他項目的下降，黑鷹等項目的一些下降，但 CH-53K 將真正抵消所有這些下降。我們確實必須進行重新平衡，並對勞動力進行一點重新平衡，因為開發工作與生產工作的組合與我們最初的預期不同。所以我們會討論一下。

But I think the business, as I mentioned, will be -- is pretty stable. We're also, as Jim mentioned, continue to have dialogue and just investments in Black Hawk modernization, which will maintain its relevancy particularly in the JADC2 environment.

但我認為，正如我所提到的，該業務將相當穩定。正如 Jim 所提到的，我們也將繼續對黑鷹現代化進行對話和公正投資，這將保持其相關性，特別是在 JADC2 環境中。

And so, of course, you continue to see opportunities for not only the base missions that Black Hawk performs but other missions as well. Those dialogues are ongoing with the Army to determine what would be the best fit for those.

因此，當然，您不僅會繼續看到黑鷹執行的基本任務的機會，而且還會看到其他任務的機會。這些對話正在與陸軍進行，以確定最適合這些人的方案。

And so as I mentioned, from a revenue standpoint over the next 5 years, it will actually go up over the next few years a little bit, come back down, but pretty much flat to where it is today. And so stability, I think, is the best way to describe it.

正如我所提到的，從未來 5 年收入的角度來看，它實際上會在未來幾年內略有上升，然後回落，但幾乎與今天的水平持平。所以我認為穩定性是描述它的最好方式。

The next question is from Rob Spingarn from Melius Research.

下一個問題來自 Melius Research 的 Rob Spingarn。

Jim, if we put the impact of TR-3 to the side, on the last call, you underscored the importance of the supply chain in producing F-35s at a rate of 156. And one of the things that's made the F-35 program so well supported by Congress and international countries is the breadth of the supply chain.

吉姆，如果我們把TR-3 的影響放在一邊的話，在上次電話會議上，您強調了供應鏈在以156 架的速度生產F-35 方面的重要性。是該計劃得到國會和國際國家的大力支持在於供應鏈的廣度。

But is the complexity and scale of the supply chain limiting the potential and affordability of the program? And on future fighter aircraft programs, whether it be NGAD or F/A-XX, might we expect Lockheed to do more of the work in-house, the production work in-house when compared to F-35?

但供應鏈的複雜性和規模是否限制了該計劃的潛力和承受能力？在未來的戰鬥機項目上，無論是 NGAD 還是 F/A-XX，與 F-35 相比，我們是否可以期望洛克希德公司在內部完成更多工作、內部生產工作？

So it's a great topic, Rob. And so let's start with the origination of the F-35 program. It was intended, as you said, to be a wide-based allied program. I think it was 7 literally partners, essentially treaty partners that were going to all get together and contribute their industrial capacity and their financial capacity to this program, given its importance and complexity and the scale that people are contemplating.

所以這是一個很棒的主題，羅布。讓我們從 F-35 計劃的起源開始。正如你所說，它的目的是成為一個基礎廣泛的聯盟計劃。我認為，鑑於該計劃的重要性、複雜性以及人們正在考慮的規模，實際上有 7 個合作夥伴，本質上是條約夥伴，他們將齊聚一堂，為該計劃貢獻其工業能力和財務能力。

So yes, we have a pretty broad supply chain. There were a couple of times when that's gotten a little tough for the program. COVID was one of those. So we had delayed deliveries out of the U.K. because the factories there weren't open, although ours were.

所以，是的，我們擁有相當廣泛的供應鏈。有幾次，這個計劃變得有點困難。新冠疫情就是其中之一。因此，我們推遲了從英國發貨的時間，因為那裡的工廠沒有開工，而我們的工廠卻開工了。

So we will be mitigating any future programs that we have. And we're eager to have international production and sustainment partners, and we're going to expand that. But we're also going to apply some anti-fragility methodologies to those initiatives going forward.

因此，我們將減少我們未來的任何計劃。我們渴望擁有國際生產和維護合作夥伴，我們將擴大這一範圍。但我們也將在未來的這些舉措中應用一些反脆弱性方法。

No one really thought of COVID, of course. But now that we've had that example, we need to know -- we know we need to have second and maybe third sources. And geographic diversity would be a positive thing from that perspective. So we'll just be a little more broadly thoughtful about how we do this.

當然，沒有人真正想到新冠病毒。但現在我們已經有了這個例子，我們需要知道——我們知道我們需要第二個，也許還有第三個來源。從這個角度來看，地理多樣性將是一件正面的事情。因此，我們將更廣泛地思考如何做到這一點。

Having single sources outside the U.S. is probably not the best idea. There's an affordability issue around that, too. So we're just going to have to balance everything out.

在美國境外擁有單一來源可能不是最好的主意。這也存在一個負擔能力問題。所以我們必須平衡一切。

So based on its origination and essentially the commitment of the countries to the program, we do have that sort of spread out supply chain with a couple of weak spots in it. Look, another weak spot's canopies, right? How hard is it to make a glass canopy?

因此，根據其起源以及各國對該計劃的承諾，我們確實擁有這種分散的供應鏈，其中存在一些弱點。看，另一個弱點是遮雨棚，對吧？製作一個玻璃雨棚有多難？

Well, with this kind of stress and the kind of precision that's needed and put in an F-35 canopy together versus an F-4, which I used to look out a little bit. highly complex, hard to produce, single source, one of the big degraders that we have. So again, we're going to learn from that, whether it's a domestic or an international supplier going forward.

好吧，有了這樣的壓力和所需的精度，將 F-35 座艙蓋與 F-4 放在一起，我過去常常留意一下。高度複雜、難以生產、來源單一，是我們擁有的最大降解劑之一。因此，無論是國內供應商或國際供應商，我們都會從中學習。

In addition, as you pointed out, we are heavily insourcing when we can, and Lockheed Martin has the best technology. We're looking hard at making sure that we can control as much of the supply chain that is feasible and reasonable based on whatever program it is.

此外，正如您所指出的，我們盡可能進行大量內包，而洛克希德馬丁公司擁有最好的技術。我們正在努力確保我們能夠根據任何計劃控制盡可能多的可行且合理的供應鏈。

And so, for example, on NGI, that was an MFC, Lockheed Martin Space collaboration to make sure that the most critical sensor components that we could produce in the company effectively and efficiently were the ones that were selected, okay?

例如，在 NGI 上，這是 MFC 與洛克希德馬丁航太公司的合作，以確保我們能夠在公司有效且有效率地生產最關鍵的感測器組件，這是我們所選擇的組件，好嗎？

And so your topic is a really great one. We intend to actually geographically further diversify supply chain but really based on this anti-fragility concept of having 2 or 3 sources, either different parts of the world, different companies, different logistical chains, things like that where we won't run into some supply chain issues as much as we have on some prior programs, including F-35, honestly.

所以你的主題非常好。我們實際上打算在地理上進一步實現供應鏈多元化，但實際上是基於這種反脆弱性概念，即擁有2 或3 個來源，要么是世界的不同地區、不同的公司、不同的物流鏈，諸如此類，我們不會遇到一些問題。

Next question is from Rob Stallard from Vertical Research.

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

Jim, last quarter, you had some comments on contract structures and the way perhaps your customers have been dealing with defense industry in recent years. I was wondering if there's been any sort of resonance from your commentary and any willingness, early willingness from the customer to look at this in a fresh way.

吉姆，上個季度，您對合約結構以及您的客戶近年來與國防工業打交道的方式發表了一些評論。我想知道您的評論是否引起了任何共鳴，以及客戶是否願意、很早就願意以全新的方式看待這個問題。

So let me focus on digital service contracting because I think that's a really ripe opportunity area for the DoD to work with industry, not just the traditional defense fronts, if you will, but broader industry, too. We want to play on subscription basis ourselves. We want to bring in partners that will only be our suppliers on a subscription basis. So in terms of, say, 5G, connectivity services, backhaul, those kinds of things, AI, which needs constant refreshing and modeling.

因此，讓我專注於數位服務承包，因為我認為這是國防部與工業界合作的一個非常成熟的機會領域，不僅僅是傳統的國防前沿，如果你願意的話，還有更廣泛的工業界。我們想自己在訂閱的基礎上玩。我們希望透過訂閱方式引入只能成為我們供應商的合作夥伴。因此，就 5G、連接服務、回程等方面而言，人工智慧需要不斷刷新和建模。

We will do a lot of the AI in-house, but we're not going to be possible to do all of it. We want to bring in partners. We announced a couple of them like NVIDIA and IBM. They want to work with us. So I do think we're starting to get interest inside government on how to do this.

我們將在內部完成許多人工智慧工作，但我們不可能完成所有工作。我們想引進合作夥伴。我們宣布了其中的幾個，例如 NVIDIA 和 IBM。他們想與我們合作。所以我確實認為我們開始引起政府內部對如何做到這一點的興趣。

We proposed, frankly, ourselves, which will open up opportunity for a lot of other companies in different sectors an adjacent acquisition process within the DoD for digital services alongside the traditional DoD acquisition process for largely physical goods like aircraft, ships, et cetera. There's interest in that. We haven't gotten it over the line, so to speak.

坦白說，我們自己提出，這將為不同領域的許多其他公司提供機會，在國防部內進行數位服務的相鄰採購流程，以及國防部針對飛機、船舶等主要實體商品的傳統採購流程。對此很感興趣。可以這麼說，我們還沒有越線。

But I think there's a lot of advocacy across broad industry to do that and starting to be in Congress and other places in DoD as well. Along with that, we want to drive an open architecture system so that U.S. government has a lot of diversity in its potential suppliers because we're all working off of the same standards base as far as APIs, interfaces, frequencies, use and those kinds of things and synchronize that as much as we can with commercial industry so we can use more of their IP and more of their resources and more of their people.

但我認為整個產業都在大力倡導這樣做，國會和國防部的其他地方也開始這樣做。除此之外，我們希望推動一個開放式架構系統，以便美國政府的潛在供應商具有很大的多樣性，因為我們在 API、介面、頻率、使用等方面都在相同的標準基礎上工作並儘可能與商業產業同步，這樣我們就可以利用他們更多的智慧財產權、更多的資源和更多的人員。

So I think that there's a lot of opportunity here, and we're getting -- starting to get some traction on it. But it's going to take a little bit of time to get those processes and those standards bodies put in place. But we're actually on it, and we have some partners and teammates agree with those.

所以我認為這裡有很多機會，而且我們正在開始獲得一些關注。但這些流程和標準機構的落實需要一些時間。但我們實際上正在這樣做，我們的一些合作夥伴和隊友也同意這些觀點。

I'll just add, Rob, we have seen some changes where the contract structure is more closely aligned with the capability that's being requested and the assessment of the technology maturation of that capability. And so you're not seeing as many of these kind of high-risk fixed-price development contracts that really don't work well for anybody because they don't optimize a solution, and they typically end up poorly for the contractor.

我只想補充一點，羅布，我們已經看到了一些變化，其中合約結構與所請求的能力以及對該能力的技術成熟度的評估更加緊密地結合在一起。因此，您不會看到很多這種高風險的固定價格開發合同，這些合約實際上對任何人都不起作用，因為它們沒有優化解決方案，而且通常對承包商來說結果很糟糕。

And so we have seen those changes. Again, they're case by case. But I can tell you that at least what we're seeing, particularly in the higher risk, higher technology-type risk arenas, we are seeing a shift in contracting to contracting vehicles that are just more relevant to those circumstances.

我們已經看到了這些變化。再說一次，他們是個案。但我可以告訴你，至少我們所看到的，特別是在風險較高、技術類型風險較高的領域，我們看到承包方式正在轉變為與這些情況更相關的承包方式。

Yes. And Rob, maybe to support just another minute what Jay is speaking about in a more direct way here. I have a view, as you may have heard, that having a -- even a cost-based development project or program with a fixed price set of early production options is a tough thing to intellectually get at least my arms around, which is committing to cost and price on an object that really hasn't been fully invented yet.

是的。羅布，也許是為了再支持傑伊在這裡以更直接的方式談論的內容。我有一個觀點，正如你可能已經聽說過的那樣，即使是一個基於成本的開發項目或具有固定價格的早期生產選項的計劃，至少在智力上讓我擁抱是一件困難的事情，這正在承諾一個真正尚未完全發明的物體的成本和價格。

And we're looking really, really hard if that's -- in any opportunity that's presented to us in that context as a company. So that is one area where to, again, highlight what Jay is speaking about, more of an alignment of what can industry deliver on a reasonable risk basis. And so the government can get a successful program out of it, frankly, and not have massive write-offs in industry or cost overruns or long schedule delays. We think it's constructive to get some more of that alignment that Jay described.

我們正在非常非常努力地尋找在這種情況下作為一家公司向我們提供的任何機會。因此，這是一個需要再次強調 Jay 所說內容的領域，而更多的是產業在合理風險基礎上可以提供什麼的一致性。坦白說，這樣政府就可以從中獲得一個成功的計劃，而不會出現大規模的工業沖銷、成本超支或長期的進度延誤。我們認為，獲得更多傑伊所描述的一致性是有建設性的。

Our next question is from George Shapiro from Shapiro Research.

我們的下一個問題來自夏皮羅研究中心的喬治‧夏皮羅。

A couple of quick ones for you, Jay. If the first quarter normalized growth was 5%, and even at the high end, you're looking for 3.5%. So will this be the fastest-growing quarter? And what slows down and obviously normalizing for the fourth quarter?

傑伊，給你一些快速的建議。如果第一季的正常化成長率為 5%，即使在高端，您也需要 3.5%。那麼這會是成長最快的季度嗎？第四季是什麼放緩並明顯正常化？

And then the second question is the guide for other net was $400 million. First quarter is only negative 61. So I was expecting you might lower that number for the year. And so what was the reason why you didn't lower it?

然後第二個問題是其他淨值的指引是4億美元。第一季只有負數 61。那你沒有降低它的原因是什麼？

All right, George. On the quarterly profile for sales, as you mentioned, on a normalized basis, 5% growth here in the first quarter. I'd see it will slow down to low single digit in the second and third. And we're thinking that the fourth quarter probably flattish to maybe slightly down.

好吧，喬治。關於銷售的季度概況，正如您所提到的，在標準化的基礎上，第一季成長了 5%。我認為它會在第二和第三個減慢到低​​個位數。我們認為第四季可能持平甚至略有下降。

You might recall that the fourth quarter of 2023 ended up being stronger than we were originally expecting. And so our compare in the fourth quarter of this year would be a little bit tougher. And so you're talking in second and third quarters probably 2% to 3% type of growth numbers with a flattish year-over-year in the fourth quarter.

您可能還記得，2023 年第四季的表現比我們原先預期的要強。因此，我們今年第四季的比較會更加困難一些。因此，您所說的第二季和第三季的成長數字可能為 2% 到 3%，而第四季的成長數字與去年同期持平。

As far as other net, George, you got me there. There's probably some opportunity in there. We'll calibrate that, and we'll update the guide in the second quarter for the full year. But it's probably more prudent to just wait till we're halfway through the year and just make an assessment of the entire outlook, and we'll just leave it there.

至於其他網絡，喬治，你讓我到達那裡。裡面或許還有一些機會。我們將對此進行校準，並將在第二季更新全年指南。但更謹慎的做法可能是等到今年過半時對整個前景進行評估，然後就將其留在那裡。

And our next question is from Noah Poponak from Goldman Sachs.

我們的下一個問題來自高盛的諾亞·波波納克。

You talked about Pentagon terms of trade and contract structure here, and you mentioned NGI as cost plus development. But you also mentioned they asked for -- to kind of see multiple contract structures. Curious what they asked to see, where you landed on those maybe interim windows between development and production.

您在這裡談到了五角大樓的貿易條款和合約結構，並且提到了 NGI 作為成本加開發。但你也提到他們要求看到多種合約結構。很好奇他們要求看到什麼，你在開發和生產之間可能的過渡窗口上的位置。

And then, Jay, the loss-making classified program in MFC, what year do you expect that to be profitable on an annual basis? And just to confirm, there's one program in that position, correct, not more than one?

那麼，Jay，MFC 中虧損的分類程序，您預計哪一年能夠實現每年獲利？只是為了確認一下，該位置有一個程序，對嗎？

Yes, that's correct, Noah, just one program. And I think right now, our outlook would say probably in -- if you're -- probably 2028 is where we would expect that to flip to positive. Again, it's a question of the timing of the recognition of the losses, but if you assume kind of more linear approach from here on out to be about 2028.

是的，沒錯，諾亞，只是一個程式。我認為現在，我們的前景可能會說，如果你願意的話，我們預計到 2028 年，情況可能會轉為正面。同樣，這是一個確認損失的時間問題，但如果你假設從現在開始採取更線性的方法，那麼大約是 2028 年。

As far as NGI, just again, the different contracting vehicles are ranging anywhere from cost plus to fixed price incentive. There is no -- the customer hasn't selected exactly which vehicle wants to pursue. So there's nothing actually under contract for the next phase or phases.

就 NGI 而言，不同的承包工具範圍從成本加成到固定價格激勵。不存在－客戶還沒有準確選擇想要購買的車輛。因此，下一階段或幾個階段實際上沒有任何合約。

Right now, we're going to continue to perform under the current contract, as I mentioned. We got critical design review in 2025. We also, as part of this contract, we have to provide some test assets. And between now and then, I'm sure we'll have discussions in terms of getting future phases on contract.

現在，正如我所提到的，我們將繼續按照當前合約履行職責。我們在 2025 年接受了關鍵的設計審查。從現在到那時，我相信我們會就未來階段的合約進行討論。

Yes. And Noah, the principle behind what Jay and I are speaking to here is that we want to be agnostic ultimately from a risk-adjusted basis on whatever contract format that the government would like to employ in these matters. So if it's going to be any kind of -- I'll say, a highest risk would be again, fixed price production on something that's not been designed yet.

是的。諾亞，傑伊和我在這裡所說的背後的原則是，我們最終希望在風險調整的基礎上對政府在這些問題上希望採用的任何合約格式保持不可知論。因此，如果是任何一種——我會說，最高的風險將再次是，對尚未設計的東西進行固定價格生產。

We will put a high risk premium in the future and have on those kinds of requests of the government. And what's interesting is they're asking for multiple types on NGI. And that's going to give them an opportunity to see what contract risk transfer to industry is now going to cost, at least in Lockheed Martin's case because we will reply on that basis to say, if you want us to have this kind of contract, we have to have a risk premium that's significantly higher than, let's just say, a pure cost-based contract to give you the greatest contrast.

未來我們將給予較高的風險溢價，並滿足政府的此類要求。有趣的是他們在 NGI 上要求多種類型。這將使他們有機會了解合約風險轉移到行業現在將花費多少成本，至少在洛克希德·馬丁公司的案例中是這樣，因為我們將在此基礎上回复說，如果您希望我們擁有這種合同，我們必須有明顯高於純粹基於成本的合約的風險溢價，才能為您帶來最大的對比。

And that's just the principle we're going to use from now on. So if you want a certain price point as government, we will provide you a contract format that will get you that price. But if you want to shift more risk to industry, you'll see a higher risk premium come back in our proposal, if you will. So that's the principle we're using and that we'll continue to use.

這就是我們從現在開始要使用的原則。因此，如果您希望政府確定某個價格點，我們將為您提供合約格式，以便您獲得該價格。但如果你想將更多風險轉移到行業，你會在我們的建議中看到更高的風險溢價（如果你願意的話）。這就是我們正在使用並將繼續使用的原則。

Lois, I think we have time for one more question since we're close to the top of the hour. So let's take one more, and then we'll be done.

路易斯，我想我們還有時間再問一個問題，因為時間已經接近尾聲了。那我們再拿一張，然後就完成了。

And that question will come from Rich Safran from Seaport Research Partners.

這個問題將由 Seaport Research Partners 的 Rich Safran 提出。

Two-part -- quick 2-part question on C2BMC. I want to know if you could discuss the P&L impact in terms of timing and margins.

兩部分—關於 C2BMC 的快速兩部分問題。我想知道您是否可以討論時間和利潤方面的損益影響。

Second and more broadly, I thought you might discuss a bit about how this fits with the -- with your strategy for pulling in mission-centric programs and what the opportunity set there is?

其次，更廣泛地說，我認為您可能會討論一下這與您引入以任務為中心的計劃的策略以及那裡存在的機會有何契合？

Okay. For timing, we're -- we've been under contract. This is a follow-on for us. And what I could do, Rich, is I don't recall offhand exactly what the annual revenues are, but I got Maria follow up on you.

好的。就時間安排而言，我們已經簽訂了合約。這是我們的後續行動。里奇，我能做的是，我記不清年收入是多少，但我請瑪麗亞跟進你的情況。

But this is, again, just a continuation of those activities there. And so no significant change I don't think from a revenue standpoint or margin expectation at RMS for this.

但這只是這些活動的延續。因此，從收入的角度或 RMS 的利潤預期來看，我認為這不會發生重大變化。

And so from the mission-centric approach, this is actually a pretty good example of that, Rich, in pulling through or extending existing programs, right? And so we're trying to show is that you can map data flows through a full mission, right, which generally includes and now cyber, by the way, upfront.

因此，從以任務為中心的方法來看，這實際上是一個很好的例子，里奇，在推動或擴展現有計劃方面，對嗎？因此，我們試圖展示的是，您可以透過完整的任務來繪製資料流，對吧，其中通常包括，順便說一下，現在是網路。

So you have a cyber track, then you have to have a sensing capability. You then have to have a way to get sensor data, whether it comes from a satellite or a submarine back into the command and control system.

因此，有了網路軌道，就必須具備感測能力。然後，您必須有一種方法將感測器資料（無論是來自衛星還是潛水艇）返回到指揮和控制系統中。

Along with that, you have to have targeting and tracking quality data that comes from beyond just the sensing of an object that's a target. You have to be able to track the target in a way that you can then guide a projectile to it and take it out or put a cyber attack against it or laser or whatever the effector will be.

除此之外，您還必須擁有定位和追蹤質量數據，這些數據不僅僅來自對目標物體的感知。你必須能夠以某種方式追蹤目標，然後將彈體引導到目標並將其取出或對其進行網路攻擊或雷射或任何效應器。

And so the term of art for that is not pretty. It's called a kill chain. We want to put these chains together in diverse ways that are, again, anti-fragile, which means if you take out one link in that chain, you don't eliminate your ability to complete the mission.

因此，用藝術術語來形容這一點並不漂亮。這就是所謂的殺傷鏈。我們希望以不同的方式將這些鏈條組合在一起，這些方式又是反脆弱的，這意味著如果你去掉該鏈條中的一個環節，你不會消除完成任務的能力。

And so that's where we're looking at data flows in addition to physical flows, if you will, right? And if we can help create an open architecture system that can provide multiple routes of data flows that can affect missions, then we will be able to have kind of a head start on our platforms and designing to those.

因此，如果您願意的話，這就是除了物理流之外我們還關注資料流的地方，對嗎？如果我們可以協助創建一個開放式架構系統，該系統可以提供影響任務的多種資料流路線，那麼我們將能夠在我們的平台和設計方面取得領先地位。

And that's what we're doing with Black Hawk for example. That's what we're doing using the C2BMC system. The LRDR radar and ultimately, the NGI missile will be based on a similar architecture. We'd like that architecture to be common outside of Lockheed Martin as well as inside because that will open up more suppliers to us and also provide the government more competitive options. So this is all coming together, and I'm kind of glad you asked the question here at the end because it's very intentional.

例如，這就是我們對黑鷹所做的事情。這就是我們使用 C2BMC 系統所做的事情。 LRDR 雷達以及最終的 NGI 飛彈將基於類似的架構。我們希望這種架構在洛克希德馬丁公司外部和內部都通用，因為這將為我們開放更多供應商，並為政府提供更具競爭力的選擇。所以這一切都匯集在一起，我很高興你最後在這裡問了這個問題，因為這是非常有意的。

Okay. Thanks, Maria. Thanks, everybody, on the call. I want to also express my appreciation to everybody at Lockheed Martin for their relentless focus on this operational execution I mentioned, driving innovation and excellence. And we're all doing this in support of our customers. That's the reason.

好的。謝謝，瑪麗亞。謝謝大家，歡迎來電。我還想對洛克希德馬丁公司的每個人表示感謝，感謝他們對我提到的營運執行的不懈關注，推動創新和卓越。我們這樣做都是為了支持我們的客戶。這就是原因。

We have a vision for 21st Century Security that we think will keep deterrence high in an increasingly complex and threatening global environment. As a company, we have a strong backlog, as you heard. We're driving operating discipline across the whole organization and this continuous improvement mindset we have.

我們對 21 世紀安全有一個願景，我們認為該願景將在日益複雜和充滿威脅的全球環境中保持高度威懾。正如您所聽到的，作為一家公司，我們有大量的積壓訂單。我們正在推動整個組織的營運紀律以及我們所擁有的持續改進的心態。

So all that's designed to position our company for you as shareholders for future growth and attractive and reliable returns to shareholders over a long period of time. So thank you all again for joining us today, and we look forward to speaking with you on our next earnings call in July. Lois, that concludes our call. Thanks.

因此，所有這些都是為了將我們公司定位為股東，以實現未來的成長，並在很長一段時間內為股東帶來有吸引力和可靠的回報。再次感謝大家今天加入我們，我們期待在 7 月的下一次財報電話會議上與您交談。路易斯，我們的通話到此結束。謝謝。

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

謝謝。女士們、先生們，我們今天的會議到此結束。感謝您參與使用 AT&T 電話會議。您現在可以斷開連線。