洛克希德·馬丁 (LMT) 2024 Q2 法說會逐字稿

Good day, and welcome everyone to the Lockheed Martin second-quarter 2024 earnings 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 年第二季財報電話會議。今天的通話正在錄音。 （操作員說明）

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

現在，我想將會議交給負責財務和投資者關係的副總裁瑪麗亞·里卡多內 (Maria Ricciardone) 進行開幕致辭和介紹。請繼續。

Thank you, Louis, and good morning. I'd like to welcome everyone to our second-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 年第二季財報電話會議。今天與我一起參加電話會議的有我們的董事長、總裁兼執行長 Jim Taiclet 和我們的財務長 Jay Malave。

Statements made in today's call that are not historical fact 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.

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。

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

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. Thank you for joining us on our second-quarter 2024 earnings call. Over the past few months, Lockheed Martin's people, systems and platforms have again demonstrated their ability to enhance security in Eastern Europe, the Red Sea and the Middle East.

謝謝，瑪麗亞。大家，早安。感謝您參加我們的 2024 年第二季財報電話會議。過去幾個月，洛克希德馬丁公司的人員、系統和平台再次展示了其增強東歐、紅海和中東安全的能力。

From the factories critical role in air defense to the Aegis combat system with AI augmentation, to the F-35 with its advanced sensor and data management capabilities, our company has made major contributions to allied and partner defense.

從在防空中發揮關鍵作用的工廠到具有人工智慧增強功能的宙斯盾作戰系統，再到具有先進感測器和資料管理功能的F-35，我們公司為盟軍和合作夥伴的防禦做出了重大貢獻。

We continue to demonstrate the impact of our 21st Century Security strategy by harnessing the latest digital technologies to continuously improve mission effectiveness, strengthening and scaling the defense production system, and expanding industrial cooperation among our allies and partners. Consequently, demand for our defense technology solutions remains robust, with a backlog of nearly $160 billion, greater than two times annual revenue.

我們利用最新的數位技術不斷提高任務效率，加強和擴大國防生產系統，並擴大我們的盟友和合作夥伴之間的工業合作，繼續展示我們的21世紀安全戰略的影響。因此，對我們的國防技術解決方案的需求仍然強勁，積壓金額接近 1,600 億美元，超過年收入的兩倍。

Our strong performance so far in 2024 extends beyond blast backlog as well, giving us confidence to raise our 2024 full year outlook for sales segment, operating profit and EPS. In the second quarter, sales increased 9% year over year and 5% sequentially and reflected growth in all four of our business segments.

2024 年迄今為止，我們的強勁表現也超出了爆炸積壓的範圍，這讓我們有信心提高 2024 年銷售部門、營業利潤和每股收益的全年預期。第二季銷售額年增 9%，季增 5%，反映了我們所有四個業務部門的成長。

The supply chain continues to improve and defense outlays also continued to increase, our focus on operational execution helped us achieve segment operating margins of 11.3%, up 20 basis points compared to last year's second quarter and free cash flow of more than $1.5 billion and increased both year-over-year and sequentially.

供應鏈持續改善，國防支出也持續增加，我們對營運執行的關注幫助我們實現了11.3% 的部門營運利潤率，比去年第二季度增長了20 個基點，自由現金流超過15 億美元，並有所增加同比和連續。

Jay and Maria will talk more about the specifics of the quarterly results in a moment, but suffice it to say, we are pleased with our financial performance and momentum so far in 2024, I'm especially happy to report the progress we have made on the F-35 program. As announced last week, we began deliveries of the first technology refresh three or TR 3-configured F-35 aircraft to the US government.

Jay 和 Maria 稍後將更多地討論季度業績的具體細節，但我只想說，我們對 2024 年迄今為止的財務業績和勢頭感到滿意，我特別高興地報告我們在F-35 計劃。正如上周宣布的，我們開始向美國政府交付第一架技術更新三型或 TR 3 配置的 F-35 飛機。

The TR 3 upgrade and further block for enhancements represent a critical evolution and capability and their full development remains a top priority for us. These and further software updates over the life of the program will ensure that F-35 remains an effective deterrent to aggression and the cornerstone of joint all domain operations now and decades into the future.

TR 3 升級和進一步增強代表了關鍵的演變和功能，它們的全面開發仍然是我們的首要任務。這些以及在專案生命週期內的進一步軟體更新將確保 F-35 仍然能夠有效威懾侵略，並成為現在和未來幾十年聯合所有域作戰的基石。

We continue to produce at a rate of 156 aircraft per year and expect to deliver 75 to 100 aircraft in the second half of 2024. Over 95% of TR- 3 capabilities are currently being flight tested, and we look forward to delivering full TR 3 combat capability to the customer. In addition, we expect deliveries of about F-35 aircraft to exceed production for the next few years.

我們繼續以每年 156 架飛機的速度生產飛機，預計在 2024 年下半年交付 75 至 100 架飛機。作戰能力。此外，我們預計未來幾年 F-35 飛機的交付量將超過產量。

Jay will talk about the financial aspects of our current status in a moment, continued close collaboration with the Joint Program Office of the [J-pose] as it's known and across our industry partners has been and will be essential to meet and exceed expectations of this critical national defense program at a timely and cost effective manner.

Jay 稍後將談論我們當前狀況的財務方面，眾所周知，與我們的行業合作夥伴的聯合項目辦公室的持續密切合作對於滿足和超越期望至關重要及時且具有成本效益的方式實施這一重要的國防計劃。

I met with my F-35 industry CEO colleagues in Fort Worth recently to set plans for enhancing the cooperation on our software and hardware and test integration processes among other initiatives to increase speed and efficiency in the program.

我最近在沃斯堡會見了我的 F-35 行業首席執行官同事，制定了加強軟體和硬體合作以及測試整合流程以及其他舉措的計劃，以提高專案的速度和效率。

The TR 3 hardware and software provide a significant upgrade in computing power that enables major improvements in capability to our airmen, sailors and marines as well as to our partner and allied nations. International customers continue to recognize the superior capabilities of this, the most advanced fighter aircraft in the world in key aircraft node in the DOD's joint all domain architecture.

TR 3 硬體和軟體提供了運算能力的重大升級，使我們的飛行員、水手和海軍陸戰隊以及我們的合作夥伴和盟國的能力得到重大提高。國際客戶繼續認識到這款世界上最先進的戰鬥機在國防部聯合全局架構的關鍵飛機節點中的卓越能力。

On the international front, Israel announced the third quarter of 35 days, increasing their fleet by 50%. Greece is in the final stages of discussion with US government to procure the F-35. And we continue to see interest from Romania as well as a potential new customer.

國際方面，以色列宣布第三季35天，將其機隊增加50%。希臘正與美國政府討論採購 F-35 的最後階段。我們繼續看到羅馬尼亞以及潛在新客戶的興趣。

Beyond the F-35 as the quarterback of joint all domain operations. Our ongoing collaboration with the US military during major exercises with deployed operational units, exemplifies our commitment and ability to enhance readiness and integrate capabilities across all of our customers' missions and priorities.

超越 F-35 作為聯合全域作戰的四分衛。我們在與部署的作戰部隊進行重大演習期間與美國軍方的持續合作，體現了我們的承諾和能力，即加強戰備狀態並整合所有客戶任務和優先事項的能力。

In June, new advanced capabilities from across Lockheed Martin contributed to the 10th iteration of US Indo Pacific Command value shield exercise. During this exercise, there were several significant milestones demonstrating how we are continually improving our forces capabilities and enhancing our deterrence posture.

六月，洛克希德·馬丁公司的新先進能力為美國印太司令部第十次價值盾演習做出了貢獻。在這次演習中，有幾個重要的里程碑，展示了我們如何不斷提高我們的部隊能力和增強我們的威懾態勢。

One example is that we successfully integrated digital command and control capabilities of the Indo Pacific Command joint fires network enhancing real-time decision making for commanders and operational agility for the for us.

一個例子是，我們成功整合了印太司令部聯合火力網路的數位指揮和控制能力，增強了指揮官的即時決策能力和我們的作戰敏捷性。

Our operational planning data fusion engine was employed to coordinate joint operations using live real-time data producing actual tasking orders at Combat relevant speed. In another example, from the same exercise, Lockheed Martin Space and Lockheed Martin aeronautics jointly demonstrated the ability to autonomously optimiz intelligence, surveillance and reconnaissance or ISR collection and enhance their imagery for quick automated target detection and classification, facilitating data delivery across a wide range of space-based and airborne platforms like never before.

我們的作戰規劃資料融合引擎用於協調聯合作戰，使用即時數據以戰鬥相關速度產生實際任務命令。在同一演習中的另一個例子中，洛克希德·馬丁航太公司和洛克希德·馬丁航空公司聯合展示了自主優化情報、監視和偵察或ISR 收集的能力，並增強其圖像以實現快速自動目標檢測和分類，從而促進廣泛範圍內的資料傳輸空基和機載平台的數量是前所未有的。

In addition, the US Army tested our Precision Strike Missile, PrSM against the moving maritime target in the Pacific Ocean. This next-generation missile enables further improve range and precision to deter potential adversaries from even greater distances.

此外，美國陸軍也針對太平洋上的移動海上目標測試了我們的精確打擊飛彈（PrSM）。這種新一代飛彈能夠進一步提高射程和精度，從而從更遠的距離威懾潛在對手。

According to the army. This test is a significant step and the PrSM programs progress. We've also moved toward realizing the 21st century security joint all domain vision with the signing of the landmark agreement with Australia's Department of Defense to build their future joint air battle management system, they call it Project AIR6500 Phase 1, as we've discussed before, this system will provide the Australian Defence Force with leading edge integrated air and missile defense capability using next-generation technologies to combat high speed threats and establish Australia's integrated air and missile defense. It's one of the most highly advanced in the world.

據軍隊稱。該測試是重要的一步，PrSM 計劃取得了進展。我們也與澳洲國防部簽署了具有里程碑意義的協議，以建構未來的聯合空戰管理系統，他們稱之為專案 AIR6500 第一階段，我們也朝著實現 21 世紀安全聯合全局願景邁進此前，該系統將為澳洲國防軍提供領先的綜合空中和飛彈防禦能力，利用下一代技術來應對高速威脅並建立澳洲的綜合空中和飛彈防禦系統。它是世界上最先進的之一。

We also continued to demonstrate 21st century security and other innovative ways in May, our Skunk Works Tactical artificial intelligence team successfully execute executed their second set of flight tests for the University of Iowa operator performance laboratory. Our AI flu L-29 jet aircraft by means of heading speed and altitude command center directly to the onboard autopilot.

我們也繼續展示 21 世紀安全和其他創新方法，5 月份，我們的 Skunk Works 戰術人工智慧團隊成功地為愛荷華大學操作員性能實驗室執行了第二組飛行測試。我們的AI流感L-29噴射機透過指揮中心將航向速度和高度直接傳送給機上自動駕駛儀。

Then to the plane’s flight controls. This test has shown our AI team can rapidly develop iterate and integrate artificial intelligence technology for autonomous flight operations. We're also making great progress and another leading edge defense tech initiative, hypersonic strike, which is a critical element of deterrence in today's world.

然後到飛機的飛行控制裝置。此次測試表明，我們的AI團隊能夠快速開發迭代和整合用於自主飛行操作的人工智慧技術。我們也取得了巨大進展，另一項前沿防禦技術舉措是高超音速打擊，這是當今世界威懾的關鍵要素。

As announced by the Department of Defense in June, the US. Navy and US Army completed an end to end all up ground flight test of the common hypersonic missile core to the Navy's conventional Prompt Strike or CPS and the Army's long-range hypersonic weapons programs. The test marked a major step forward for the nation's development of hypersonic systems by Lockheed Martin.

正如美國國防部今年 6 月宣布的那樣。海軍和美國陸軍完成了對海軍常規快速打擊（CPS）和陸軍遠程高超音速武器計劃的通用高超音速導彈核心的端到端地面飛行測試。這次測試標誌著洛克希德馬丁公司在美國高超音速系統開發方面向前邁出了重要一步。

Pivoting to the supply chain. We continue to explore opportunities to drive our concept of anti for agility across the global defense industrial base. For example, we recently signed a collaborative memorandum of understanding with Rheinmetall to work together on land, air and naval opportunities.

轉向供應鏈。我們繼續探索機會，在全球國防工業基礎推動我們的反敏捷概念。例如，我們最近與萊茵金屬公司簽署了一份合作諒解備忘錄，在陸地、空中和海上機會方面開展合作。

One of our first initiatives is the new Global Mobile artillery Rocket System or GMARS, say highly interoperable to pod launches system intended to fire the MLRS based munitions. Combining these combat proven systems will help address the growing demand for long range rocket capabilities in Europe and elsewhere.

我們的首要舉措之一是新的全球移動火砲火箭系統（GMARS），它與旨在發射基於多管火箭炮的彈藥的吊艙發射系統具有高度的互通性。結合這些經過實戰驗證的系統將有助於滿足歐洲和其他地區對遠程火箭能力日益增長的需求。

On our PAC-3 program. International collaboration remains strong as well, including development of indigenous capabilities with the opening of a pack three MFC launch to production line in Poland as well as a memorandum of understanding with Grupo Asia in Spain to provide an opportunity to manufacture factory Hennessy parts for worldwide customers, Spain and the United States also formalize an agreement for Spain to purchase factory MSE missiles and related support making Spain factories, 16 partner nations.

關於我們的 PAC-3 計劃。國際合作也依然強勁，包括開發本土能力，將三包 MFC 投入波蘭生產線，以及與西班牙 Grupo Asia 簽署諒解備忘錄，為全球客戶提供製造軒尼詩工廠零件的機會之後，西班牙和美國還正式簽署協議，為西班牙購買MSE飛彈工廠和相關支持，使西班牙工廠成為16個夥伴國家的一員。

I'd also like to briefly discuss the latest status of the US defense budget. The house approved their version of the FY25 defense appropriations. So the focus now shifts to the Senate for the process continues before the reconciliation phase later this year.

我還想簡單介紹一下美國國防預算的最新情況。眾議院批准了他們的 25 財年國防撥款版本。因此，現在的焦點轉移到參議院，以便在今年稍後的和解階段之前繼續進行這一進程。

We believe our portfolio is well aligned to current and future customer mission priorities, including air superiority with the F-35, the CH-53K and Black Hawk or UH-60M, our integrated air and missile defense with PAC-3 and NG hypersonics with CPS and the LRHW. I just mentioned a minute ago and tactical strike weapons and munitions with JASSM, LRASM, PrSM, Javelin and GMLRS.

我們相信，我們的產品組合非常適合當前和未來的客戶任務優先事項，包括F-35、CH-53K 和黑鷹或UH-60M 的空中優勢，我們的PAC-3 綜合防空和導彈防禦以及NG 高超音速技術CPS 和 LRHW。我剛剛提到了 JASSM、LRASM、PrSM、標槍和 GMLRS 等戰術打擊武器和彈藥。

Ultimately, we would look forward to conclusion of the USG appropriations process and the continued utilization of the existing supplemental funding.

最終，我們期待美國政府撥款程序的結束並繼續利用現有的補充資金。

On the international front, I was encouraged by conversations I had at the recent NATO Summit a few weeks ago in Washington, international partners and allies remain steadfast in their pursuit of elevated defense spending to strengthen the overall integrated deterrence posture of the alliance given the tragic and ongoing conflict in Ukraine.

在國際方面，我對幾週前在華盛頓舉行的北約峰會上的談話感到鼓舞，國際夥伴和盟國仍然堅定地追求增加國防開支，以加強聯盟的整體綜合威懾態勢，因為悲劇性的以及烏克蘭持續不斷的衝突。

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

現在我將把它交給傑伊，以獲取獎項亮點和對我們財務表現的附加評論。

Thanks, Jim. Similar to last quarter, I'll provide an overview of our consolidated financials and touch on a handful of operational items before handing off to Maria, who will cover business area financials, and then I'll come back to discuss the updated outlook.

謝謝，吉姆。與上季類似，我將概述我們的合併財務狀況，並討論一些營運項目，然後交給瑪麗亞，瑪麗亞將負責業務領域的財務狀況，然後我將回來討論更新後的前景。

Starting on chart four, the positive momentum we had to begin, the year continued into the second quarter with sales up 9% to over $18 billion, led by RMS and MFC. As Jim mentioned, throughput remained strong, reflecting an improving supply chain and internal operating cadence.

從圖 4 開始，我們必須開始積極的勢頭，這一年一直持續到第二季​​度，在 RMS 和 MFC 的帶動下，銷售額增長了 9%，超過 180 億美元。正如吉姆所提到的，吞吐量仍然強勁，反映出供應鏈和內部營運節奏的改善。

Segment operating profit of $2 billion was up 10% year over year and consolidated margins were 11.3% with all four business areas achieving double digit return on sales first time since the third quarter of 2022. Net favorable profit adjustments in the quarter were higher than prior year and were 21% of segment operating profit driving the stronger margins.

部門營業利潤為20 億美元，年增10%，綜合利潤率為11.3%，所有四個業務領域自2022 年第三季以來首次實現兩位數銷售回報率。季度佔部門營業利潤的 21%，推動了利潤率的提高。

GAAP earnings per share of $6.85 increased 3% year over year, driven by higher profit and lower share count, partially offset by severance and impairment charges at RMS and Sikorsky, higher interest expense and lower pension income.

GAAP 每股收益為6.85 美元，年增3%，這是由於利潤增加和股票數量減少所致，但部分被RMS 和西科斯基的遣散費和減值費用、利息支出增加和養老金收入減少所抵消。

On the new business front, we recorded over $17 billion of orders in the second quarter for a book-to-bill ratio just below one. We generated $1.5 billion of free cash flow in the quarter, bringing our year-to-date total to just under $2.8 billion. And we continue to make the necessary investments in innovation and infrastructure to position the company and our customers for future success.

在新業務方面，我們第二季的訂單量超過 170 億美元，訂單出貨比略低於 1。本季我們產生了 15 億美元的自由現金流，使我們年初至今的自由現金流總額接近 28 億美元。我們繼續在創新和基礎設施方面進行必要的投資，以使公司和客戶在未來取得成功。

With [$405 million] in research and development and $370 million in capital expenditures in the second quarter. Finally, we returned over 100% of our free cash flow to shareholders via share repurchases and dividends.

第二季的研發支出為 4.05 億美元，資本支出為 3.7 億美元。最後，我們透過股票回購和股利將超過 100% 的自由現金流返還給股東。

Now I'll touch on a few business activities in more detail. The order strength continued at MFC with a book-to-bill over two in the quarter led by the $4 billion-plus Army award spending multi-year path through delivery requirements and supporting our production ramp projections.

現在我將更詳細地討論一些業務活動。 MFC 的訂單持續保持強勁勢頭，本季訂單出貨比超過 2，這主要得益於超過 40 億美元的陸軍獎勵支出，用於滿足交付需求並支持我們的產量提升預測。

In Poland, official signed a letter of acceptance to purchase 400 JASSM [ERs], the largest international order in program history, providing another ally with the latest generation JASSM variance at Sikorsky. Its platforms remain in high demand as the State Department announced approval for foreign military sales of Black Hawks to Austria, Brazil and Sweden.

在波蘭，官方簽署了購買 400 架 JASSM [ER] 的接受書，這是該計劃歷史上最大的國際訂單，為西科斯基提供了另一個擁有最新一代 JASSM 變體的盟友。隨著美國國務院宣布批准向奧地利、巴西和瑞典出售黑鷹戰鬥機，其平台的需求仍然很高。

This opens the door to the potential sale of 36 Black Hawks, adding 12 helicopters each to each country's existing Blackhawk fleet. In addition, the government of Greece signed a letter of offer and acceptance for F-35 UH-60M Black Hawk helicopters.

這為潛在出售 36 架黑鷹直升機打開了大門，為每個國家現有的黑鷹機隊增加了每架 12 架直升機。此外，希臘政府也簽署了F-35 UH-60M黑鷹直升機的報價和接受函。

These upgraded aircraft will support the Hellenic Ministry of Defense's ongoing modernization and will serve as a dependable multi-role helicopter with unmatched interoperability to support vital national and Allied security missions.

這些升級後的飛機將支援希臘國防部正在進行的現代化建設，並將作為可靠的多用途直升機，具有無與倫比的互通性，以支援重要的國家和盟軍安全任務。

In the space domain, late last month, NASA selected Lockheed Martin to develop and build the nation's next-generation weather satellite constellation for Noah, known as geostationary extended observations or GeoXO, this award builds on our prior work with environmental sensing technologies, which recently culminated with the launch of [GOES] you, which will leverage advanced instruments and rapid updates to provide crucial data for weather forecasting severe storm tracking and climate monitoring.

在太空領域，上個月末，美國宇航局選擇洛克希德馬丁公司為諾亞號開發和建造美國下一代氣象衛星星座，稱為對地靜止擴展觀測或GeoXO，該獎項建立在我們之前在環境傳在感技術方面的工作基礎上，最近最終推出了 [GOES] you，它將利用先進的儀器和快速更新為天氣預報、強風暴追蹤和氣候監測提供關鍵數據。

Let me stop here and hand it over to Maria to get into the business area financial detail.

讓我在此停下來，將其交給 Maria 以了解業務領域的財務詳細資訊。

Thanks, Jay. Today, I'll discuss second quarter year-over-year results for the business areas, starting with aeronautics on chart 5. Second quarter sales in aero were up 6% year over year. The increase was primarily due to higher volumes across F-35 and the continued production ramp on the F-16 Programs.

謝謝，傑伊。今天，我將討論業務領域第二季的年比業績，首先從圖 5 的航空業開始。這一增長主要是由於 F-35 產量增加以及 F-16 項目產量持續增加。

Segment operating profit increased 5% with higher volume and favorable mix in offset by lower profit booking rate adjustments.

由於銷量增加和有利的組合，部門營業利潤增長了 5%，但利潤預訂率調整的降低抵消了這一影響。

Regarding aircraft deliveries. We resumed F-35 deliveries in Q3, as Jim shared, and we've delivered our 1,000 F-35, on F-16 we delivered four in the second quarter and are targeting around 20 for the year for 130-J, we delivered five in the quarter, reaching a milestone of 27 hundred deliveries of this critical tactical air lifter and expect around 20 deliveries for the year.

關於飛機交付。正如吉姆分享的那樣，我們在第三季度恢復了F-35 的交付，我們已經交付了1,000 架F-35，在F-16 上，我們在第二季度交付了4 架，目標是今年交付20架左右，130-J，我們交付了本季交付 5 架，達到了交付 2700 架這款關鍵戰術空中升降機的里程碑，預計今年交付量約為 20 架。

Turning to missiles and fire control on chart 6. MFC had another strong quarter with sales up 13% from the prior year, driven by production ramps on a handful of our precision fires programs within the tactical and strike missiles segments primarily Guided Multiple Launch Rocket System (GMLRS) and Long Range Anti-Ship Missile (LRASM).

轉向圖6 上的飛彈和火控。火力項目的產量成長。

Segment operating profit increased 21% year over year due to higher profit booking rate adjustments led by the pack three and Apache programs and margins returned to to 14.5%, which is more in line with historical rates. MFC backlog reached a record level of almost $35 billion in Q2, supported by continued global demand for several of our missile and munition programs.

由於第三包和 Apache 項目主導的利潤預訂率調整較高，該部門的營業利潤同比增長 21%，利潤率恢復至 14.5%，這更符合歷史水平。在全球對我們的幾個飛彈和彈藥項目持續需求的支撐下，第二季 MFC 積壓訂單達到創紀錄的近 350 億美元。

Key awards included the PAC-3 award that Jay mentioned, as well as $1.3 billion in combined awards for launchers, including high [margin] and M270 upgrades and a $500 million follow-on production contracts for JASSM and Hellfire to support US and international customers.

主要獎項包括 Jay 提到的 PAC-3 獎項，以及 13 億美元的發射器綜合獎項，包括高[利潤]和 M270 升級以及 JASSM 和 Hellfire 的 5 億美元後續生產合同，以支持美國和國際客戶。

On the delivery front, I'll highlight a few of the key program quantities in the quarter. We delivered 100 PAC-3 interceptors more than 2000 gamers rockets over 2,700 Hellfire missiles and 11 Heidmar systems.

在交付方面，我將重點介紹本季度的一些關鍵項目數量。我們交付了 100 枚 PAC-3 攔截器、2000 多名遊戲玩家火箭、2,700 枚地獄火飛彈和 11 個海德瑪系統。

Shifting to Rotary and Mission Systems on chart 7, sales increased 17% in the quarter to over $4.5 billion, primarily driven by higher volume at integrated warfare systems and sensors on radar and laser programs as well as the Canadian Surface Combatant program.

如圖 7 所示，轉向旋轉和任務系統，該季度銷售額增長 17%，達到 45 億美元以上，這主要是由於綜合作戰系統、雷達傳感器和雷射項目以及加拿大水面作戰項目的銷量增加所致。

Sikorsky programs also saw higher volume led by Black Hawk and CH-53K. Also of note, in the quarter, we delivered five S-70 helicopters to international customers, which resulted in about $115 million of revenue on a passage of title POT basis, operating profit increased 9% year over year due to higher volume, partially offset by lower profit booking rate adjustments.

西科斯基計畫的銷量也有所增加，以黑鷹和 CH-53K 為首。另外值得注意的是，本季度，我們向國際客戶交付了五架 S-70 直升機，按所有權 POT 計算產生了約 1.15 億美元的收入，由於銷量增加，營業利潤同比增長 9%，部分抵消通過較低的利潤預訂率調整。

Now for a brief summary of helicopter deliveries. In addition to the five S-70 helicopters I mentioned, Sikorsky delivered five Black Hawks for combat rescue helicopters and one VH-92 presidential helicopter in the quarter.

現在對直升機交付進行簡要總結。除了我提到的五架 S-70 直升機外，西科斯基在本季還交付了五架黑鷹戰鬥救援直升機和一架 VH-92 總統直升機。

On the delivery front, a few of the key program quantities in the second quarter we did have some -- Yes, sorry about that, let's go to space.

在交付方面，第二季度的一些關鍵項目數量我們確實有一些——是的，對此感到抱歉，讓我們進入太空。

Finally, with Space on chart 8, sales increased 1% year over year. The growth was driven by higher volume on strategic and missile defense programs, primarily hypersonics and Fleet Ballistic Missile SPM. Partially offsetting this growth was lower volume on classified programs and Orion operating profit increased 11% compared to Q2 2023, driven by favorable mix and higher profit booking rate adjustments.

最後，圖表 8 上的 Space 銷售額年增 1%。這一增長是由戰略和導彈防禦計劃（主要是高超音速和艦隊彈道導彈SPM）數量增加所推動的。分類節目數量的減少部分抵消了這一增長，而在有利的組合和更高的利潤預訂率調整的推動下，Orion 的營業利潤與 2023 年第二季度相比增長了 11%。

Now I'll turn it back over 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。

Al right, thanks, Maria, and let's shift over to the outlook on chart 9. Given our strong year-to-date performance, sustained backlog position and improving visibility into key programs, we're raising our expectations for Lockheed Martin's 2024 financial outlook for sales segment, operating profit and earnings per share, we're increasing sales by [$1.7 billion by $5 billion] at the midpoint and tightening the range to $70.5 million to $71.5 billion.

好吧，謝謝瑪麗亞，讓我們轉向圖9 中的前景。預期對於銷售部門、營業利潤和每股收益，我們將銷售額中點增加[17億美元乘50億美元]，並將範圍收窄至7,050萬美元至715億美元。

The new midpoint reflects a solid 5% growth from 2023 with increases across all four business areas. We're also increasing segment operating profit segment operating profit expectation based on the higher sales with a new range of $7.35 million to $7.5 billion and anticipate consolidated segment operating profit margins to remain at 10.5%.

新的中點反映了自 2023 年以來所有四個業務領域均實現 5% 的穩健成長。我們也根據較高的銷售額將分部營業利潤預期上調至 735 萬美元至 75 億美元，並預期綜合分部營業利潤率將維持在 10.5%。

Business Area margins remain consistent with our prior guidance at Aero and MFC, while RMS is down about 50 basis points at the midpoint and spaces up 40 basis points at the midpoint. The RMS reduction is driven by Sikorsky as the business faces, continued cost pressure and absorption headwinds, the impact of which have exceeded benefits from its cost reduction programs. Conversely, spaces benefiting from solid performance and proactive cost reduction efforts.

業務領域利潤率與我們先前對 Aero 和 MFC 的指導保持一致，而 RMS 中點下降約 50 個基點，中點上升 40 個基點。 RMS 的削減是由西科斯基推動的，因為該業務面臨持續的成本壓力和吸收逆風，其影響超出了其成本削減計劃的收益。相反，空間受益於穩定的性能和主動降低成本的努力。

Moving to earnings per share on chart 11, we're increasing the midpoint by $0.35 to $26.35 with a range of $26.10 to $26.60 for the full year. Primary drivers of the other change are shown on this chart with increases coming from incremental profit of $0.49 and other below-the-line items of [$0.13].

轉向圖 11 上的每股收益，我們將全年中點提高 0.35 美元至 26.35 美元，範圍為 26.10 美元至 26.60 美元。此圖表顯示了其他變化的主要驅動因素，其中成長來自 0.49 美元的增量利潤和 [0.13 美元] 的其他線下項目。

Partially offsetting those items are the RMS charges totaling $0.29 from the severance actions and the asset write-downs taken in the second quarter. As Jim mentioned, we're encouraged by the F-35 delivery restart and continuous progress being made towards delivering full combat capability.

第二季的遣散費和資產減記中總計 0.29 美元的 RMS 費用部分抵銷了這些項目。正如吉姆所提到的，我們對 F-35 交付重啟以及在提供全面作戰能力方面不斷取得的進展感到鼓舞。

We're holding our free cash flow expectation in the range of $66.3 billion, which absorbs a potential unfavorable impact from longer deferrals of final F-35 delivery payments. This is made possible by proactive actions taken across the company to offset these potential headwinds.

我們將自由現金流預期維持在 663 億美元的範圍內，這可以吸收 F-35 最終交付付款延期較長時間帶來的潛在不利影響。這是透過整個公司採取積極行動來抵消這些潛在不利因素而實現的。

On the cash deployment side, we still expect over $3 billion of IR&D and capital investments while the dividends, along with the expected $4 billion of share repurchases maintain attractive shareholder returns.

在現金部署方面，我們仍然預計超過 30 億美元的 IR&D 和資本投資，而股息以及預期的 40 億美元的股票回購將保持有吸引力的股東回報。

Lastly, on backlog, we continue to expect backlog to grow in 2024, even with the higher sales outlook, which provides a line of sight to future growth.

最後，在積壓訂單方面，我們仍然預期 2024 年積壓訂​​單將會成長，儘管銷售前景較高，這為未來的成長提供了視野。

Before I wrap, I'd like to highlight a few other key assumptions regarding the updated outlook. First, we expect F-35 lot, [LOT-19] to be awarded this year, maintaining program funding and continuity. Second, we continue to expect $325 million of losses on the MFC classified program of which $100 million has been recognized year to date. And third, this outlook does not assume any pension contributions in 2024.

在結束之前，我想強調有關更新後的前景的其他一些關鍵假設。首先，我們預計 F-35 批次 [LOT-19] 將在今年授予，以保持專案資金和連續性。其次，我們仍預期 MFC 分類計畫將出現 3.25 億美元的損失，其中今年迄今已確認損失 1 億美元。第三，這項展望並未假設 2024 年會有任何退休金繳款。

So in summary, on chart 12, our solid first half results give us confidence in raising the full year outlook for sales, profit and EPS while holding the cash flow outlook, reflecting our ongoing efforts to deliver predictable and improving operating and financial performance as is expected of us, it all starts with a relentless focus on executing to our programmatic commitments and delivering critical 21st century security mission capabilities where we strive to continuously improve.

總而言之，在圖12 中，我們上半年的穩健業績使我們有信心在維持現金流前景的同時提高全年銷售、利潤和每股收益的預期，這反映了我們為實現可預測的、不斷改善的營運和財務表現而不斷努力正如我們對我們的期望一樣，這一切都始於不懈地致力於執行我們的計劃承諾，並提供我們努力不斷改進的關鍵的 21 世紀安全任務能力。

To that end, we are investing in our people, processes and systems through a one LMS transformation with the goal of unlocking step changes in efficiency velocity and program execution that deliver security capabilities in ahead of ready speed to our customers. And we're confident that these management priorities and actions convert to a compelling long-term value proposition for customers and shareholders alike.

為此，我們正在透過單一 LMS 轉型對人員、流程和系統進行投資，目標是解鎖效率速度和程序執行方面的階躍變化，從而提前為客戶提供安全功能。我們相信，這些管理重點和行動將為客戶和股東帶來令人信服的長期價值主張。

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

路易斯，讓我們開始問答環節。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Kristine Liwag, Morgan Stanley. Please go ahead.

克莉絲汀‧利瓦格，摩根士丹利。請繼續。

Hi Jim, Jay, Maria. Greetings from Farnborough. That (inaudible) is flying in the background right now. So apologies for the war in the background (multiple speakers)

嗨，吉姆、傑伊、瑪麗亞。來自範堡羅的問候。那（聽不清楚）現在正在後台飛行。所以對背景中的戰爭表示歉意（多個發言者）

I mean, it's a crazy or beautiful aircraft here. On the delivery guidance for the F-35 and the second half of this year is still fairly wide. You talk about the scenarios where there are lower and upper what would have to happen for you to hit the lower upper end of the range and also with production at 156 per year with delivery and production catch up for the program.

我的意思是，這是一架瘋狂或美麗的飛機。關於F-35和今年下半年的交付指引仍然相當廣泛。您談到了以下場景：要達到範圍的下上限，必鬚髮生什麼情況，並且產量為每年 156 輛，交付和生產趕上該計劃。

So Christina, I'll start and emphasize that we're going to do this online and conduct the deliveries with safety and quality is our number one priority. So just starting with that foundation, we actually have the ability to add resources which have already been identified and designated.

所以克里斯蒂娜，我首先要強調的是，我們將在線上進行這項工作，安全和高品質的交付是我們的首要任務。因此，從這個基礎開始，我們實際上有能力添加已經確定和指定的資源。

And that's test pilots, maintenance team of software and the hardware engineers to get the flight test done that we need to be at the higher end of that range. But we want to make sure that if it's whether if it's a pilot of crew, rest issues, anything like that we will accommodate for those. But we should we have the resources in place. I'll say that should enable us to get to the higher end of that range, if you will.

這就是試飛員、軟體維護團隊和硬體工程師來完成我們需要達到的最高水準的飛行測試。但我們想確保，如果是機組飛行員、休息問題或類似的問題，我們會照顧到這些。但我們應該擁有適當的資源。我想說，如果你願意的話，這應該能讓我們達到這個範圍的高端。

Yes, let me just add, just to reiterate, Christine, we expect anywhere between 75 to 110. Yes, with less than six months left is a wide range. I would say to you that over the next few months, we'll get much better insights into the induction and flow of aircraft and going into the test and our production cycle really bringing in new aircraft that are parked as well as aircraft that are coming outside of that and from the production flow.

是的，讓我補充一下，重申一下，Christine，我們預計 75 到 110 之間。我想說的是，在接下來的幾個月裡，我們將更好地了解飛機的引入和流動，並進入測試和我們的生產週期，真正引入停放的新飛機以及即將到來的飛機在此之外以及生產流程中。

And as we get those learnings will be able to get a better assessment of what the delivery requirements will be what we expect for the year. And so it will take us a couple of months just to make sure we get that process learned out. It's well planned. We actually have to demonstrate it in actual practice as far as the future from terms of reducing on the backlog of aircraft in our target is anywhere between 12 to 18 aircraft deliveries per month.

當我們獲得這些知識時，我們將能夠更好地評估我們今年預期的交付要求。因此，我們需要花費幾個月的時間來確保我們掌握了這個過程。這是計劃好的。事實上，我們必須在實際實踐中證明這一點，就未來減少飛機積壓而言，我們的目標是每月交付 12 至 18 架飛機。

And I'm really to burn down the aircraft backlog. And so that will take us a number of years here to get through that. We've already made progress so far since the announcement of the restart. We've delivered 10 aircraft as of as of Monday yesterday, six with the TR-3 configuration and four with the TR-2 configuration. So we think we're off to a very good start.

我真的要燒掉積壓的飛機。因此，我們需要花費很多年的時間才能解決這個問題。自從宣布重啟以來，我們已經取得了進展。截至昨天週一，我們已交付 10 架飛機，其中六架採用 TR-3 配置，四架採用 TR-2 配置。所以我們認為我們有了一個很好的開始。

But again, we really need to have a I just monitor the operating cadence of being able to bring aircraft from two different flows into one test flight test flow. And again, we'll tighten that up later on in the year.

但同樣，我們確實需要有一種能夠將飛機從兩個不同流程引入一個試飛測試流程的操作節奏。同樣，我們將在今年晚些時候加強這一力度。

Thank you.

謝謝。

Cai von Rumohr, TD Cowen. Please go ahead.

蔡·馮·魯莫爾，TD·考恩。請繼續。

Yes, thanks so much. So I think you did say that next year you're going to deliver more F-35 than you will produce. And I think at one point you've mentioned that you get paid $7 million upon each delivery walk us through. I think you mentioned also the deferral of some payments.

是的，非常感謝。所以我認為你確實說過明年你將交付比你生產的更多的 F-35。我想您曾經提到過，每次引導我們完成交貨時，您都會獲得 700 萬美元的報酬。我想你也提到了一些付款的延期。

So next year, what happens to accrued revenues? Because I think with higher deliveries, I assume the final delivery payment basically is incremental, even though under POC, the work itself should be relatively level.

那麼明年，應計收入會怎樣？因為我認為隨著交付量的增加，我認為最終的交付付款基本上是增量的，即使在 POC 下，工作本身應該是相對水平的。

And then secondly, the cash flow impact, I know that there's a deferral on payments, but if it was really $707 million, that's potentially a substantial cash flow plus? Thanks so much.

其次，現金流的影響，我知道付款會延期，但如果真的是 7.07 億美元，那可能是一筆可觀的現金流加？非常感謝。

Okay, let me let me just say first of all, as Jim mentioned, restarting delivery was an important first step, really towards delivering of the fully combat capable aircraft. Aircraft there to withhold the aircraft withhold his final delivery payment as a timing item, as you mentioned, and we're working with the customer to finalize the terms of those final delivery payments.

好吧，首先我要說的是，正如吉姆所提到的，重新開始交付是重要的第一步，真正邁向交付具有完全作戰能力的飛機。正如您所提到的，飛機在那裡扣留飛機扣留他的最終交貨付款作為計時項目，我們正在與客戶合作最終確定這些最終交貨付款的條款。

We're making excellent progress, but it would be immature or premature to give the details of that because it remains subject to negotiation. Suffice it to say that you will see a timing benefit over the next few years as we deliver. But I think we still need to work through and finalize this agreement with the customer.

我們正在取得巨大進展，但提供細節還為時過早，因為它仍然需要談判。我只想說，隨著我們的交付，您將在未來幾年內看到時機優勢。但我認為我們仍然需要與客戶一起努力並敲定這份協議。

As far as the on the revenue, I really wouldn't see expect much of an incremental benefit in terms of revenue. We continue to build at a 156 rate we are seeing production a little bit higher this year. But for the most part, we should expect that to be, I think, fairly stable and yes, we'll see incremental activity in terms of test activity, which does increase our penetration in a percent complete basis. But I don't really view that being all that material. And so we just hold the production we'll expect F-35 to grow mostly from sustainment next year and in the years to come.

就收入而言，我真的不認為收入會帶來太多增量收益。我們繼續以 156 的速度建造，今年的產量會稍微高一些。但在大多數情況下，我認為，我們應該期望它相當穩定，是的，我們將看到測試活動的增量活動，這確實增加了我們在完成百分比基礎上的滲透率。但我並不認為這就是全部。因此，我們只保留產量，預計 F-35 的成長主要來自明年和未來幾年的維持。

And I think it's important to mention as well that we are the headwind on these final delivery payments are here in 2024. We're holding our outlook. So we're absorbing that with better performance in the rest of the portfolio, yes, we will see the timing benefits our downstream. But as I mentioned before, we have to get just the whole delivery cadence straight, but I just want to make sure I had it straight in terms of the last question, we're targeting anywhere between 12 to 18 months to fully deliver on these parked aircraft. And as I mentioned, we just need to learn out the process over the next few months here and to get to be able to give better guidance on that.

我認為還值得一提的是，我們是 2024 年最終交付付款的阻力。因此，我們正在透過投資組合其餘部分的表現較好來吸收這一點，是的，我們將看到時機有利於我們的下游。但正如我之前提到的，我們必須弄清楚整個交付節奏，但我只想確保我在最後一個問題上弄清了問題，我們的目標是在 12 到 18 個月之間完全交付這些停放的飛機。正如我所提到的，我們只需要在接下來的幾個月中了解這個過程，並且能夠就此提供更好的指導。

Thanks so much.

非常感謝。

Scott Deutsche, Deutsche Bank. Please go ahead.

斯科特‧德意志銀行，德意志銀行。請繼續。

Hey, good morning.

嗨，早安。

Good morning.

早安.

Jay, you've been seeing some nice momentum on revenue and now you're seeing some of it on margins as well. I guess at what point do you think you'll be ready to start talking about it, maybe a better medium term free cash flow per share growth outlook in this mid-single digit rate you've been talking about for a while. Do you just need to lap these pension headwinds next year and see but more growth acceleration? Then you're there just curious how you're thinking about that? Thanks.

傑伊，您已經看到了收入的一些良好勢頭，現在您也看到了利潤率方面的一些成長勢頭。我想您認為您什麼時候準備好開始談論它，也許您已經談論了一段時間的中個位數增長率會帶來更好的中期每股自由現金流增長前景。您是否只需要在明年克服這些退休金逆風，然後看到更多的成長加速？那你只是好奇你怎麼想的？謝謝。

Yeah, I appreciate the question. We've said over the last few months, really last year or so that our goal has been to increase absolute free cash flow in the low single digit clip and then that augmented with share repurchase would get us to a mid-single digit free cash flow per share expectation.

是的，我很欣賞這個問題。我們在過去幾個月，實際上是去年左右說過，我們的目標是在較低的個位數範圍內增加絕對自由現金流，然後透過股票回購來增強，將使我們的自由現金流達到中個位數每股流量預期。

That remains the outlook will go through on our multi-year forecast over the next few months here, we'll be able to give you a better update in the October timeframe. I think given the fact that we're at a higher level in 2024 is a positive, and we continue to expect to grow in 2025 off this higher baseline.

這仍然是我們未來幾個月的多年預測的前景，我們將能夠在 10 月的時間範圍內為您提供更好的更新。我認為，鑑於 2024 年我們處於更高水平，這是一個積極的事實，並且我們繼續預計 2025 年將在這一較高基線基礎上實現增長。

So that in and of itself should result in a higher cash flow baseline as well, but a lot of work to be done between now and then. And so I would like to have the benefit of going through that in more detail, and we'll update that to you at least preliminarily in October.

因此，這本身也應該會導致更高的現金流基線，但從現在到那時還有很多工作要做。因此，我希望能夠更詳細地介紹這一點，我們將至少在 10 月初步向您更新。

That's great. Thank you.

那太棒了。謝謝。

Yeah.

是的。

Thank you.

謝謝。

Gavin Parsons, UBS. Please go ahead.

加文·帕森斯，瑞銀集團。請繼續。

Thanks. Good morning. Wondering for maybe sticking on revenue, just you guys have talked about supply chain kind of being a bottleneck. Is the upside more on the demand front or on the unlocking of the supply chain side? And if the latter, can you just talk a little bit more about supply chain and what you expect going forward in the second half because I think the second half implies a lot less growth?

謝謝。早安.想知道是否可以堅持收入，只是你們談到了供應鏈是一個瓶頸。上行空間更多是在需求方面還是在供應鏈方面的解鎖？如果是後者，您能否多談談供應鏈以及您對下半年的預期，因為我認為下半年意味著成長要少得多？

I think it's a combination of both. We ended the year 2023 with $160 billion backlog, which was a record. We ended here the second quarter at $158 million was slightly below where it ended at a record with significantly higher sales than we thought through the first half of the year.

我認為這是兩者的結合。 2023 年結束時，我們的積壓訂單達到 1,600 億美元，創下了紀錄。我們第二季的銷售額為 1.58 億美元，略低於創紀錄的水平，但銷售額明顯高於我們上半年的預期。

We expect our continued, as I mentioned in my prepared remarks that we continue to expect the backlog to increase at the end of this year, which gives us more visibility into further growth in '25 and beyond. So we're very bullish on where that stands from a backlog standpoint, as far as supply chain, we did see improvement.

正如我在準備好的發言中提到的，我們預計積壓訂單將在今年年底增加，這使我們能夠更清楚地看到 25 年及以後的進一步增長。因此，從積壓的角度來看，我們非常看好供應鏈的情況，我們確實看到了改善。

We are seeing continued improvement there and on-time delivery and the parts shortages continue to come down. Having said that, there are still areas where we're particularly where we're ramping up some of our major programs where we still have some work to be done there and we're still going through many of the initiatives and actions to proactive actions that we've talked about in the past, which is a bit some insourcing on some capabilities, dual sourcing where it makes sense. Also, we have deployed and we continue to deploy personnel to provide on-site assistance center suppliers.

我們看到那裡的情況持續改善，準時交貨，零件短缺情況繼續減少。話雖如此，我們仍然在一些領域，特別是在我們正在加強一些重大計劃的領域，我們仍然有一些工作要做，並且我們仍在通過許多舉措和行動來採取主動行動我們過去討論過，這是對某些功能的一些內包，在有意義的情況下進行雙重採購。此外，我們已部署並將繼續部署人員為供應商提供現場援助中心。

And of course, we also have we'll continue to look at a product redesign, but I'd say, by and large, we are seeing an improvement in the supply chain, which also gives us confidence for the continued growth in the future.

當然，我們也會繼續考慮產品重新設計，但我想說，總的來說，我們看到供應鏈的改善，這也讓我們對未來的持續成長充滿信心。

And Gavin, I gave some qualitative background on Demand side, our strategy includes driving the latest digital technologies, customer and open architecture standard-based system to the DoD. And by doing that and making our products services platforms compliant or in line with those future concepts of open architecture and standards to pull through those products, services and platforms.

加文，我提供了一些關於需求方面的定性背景，我們的策略包括向國防部推動最新的數位技術、客戶和基於開放架構標準的系統。透過這樣做，使我們的產品服務平台相容或符合開放架構和標準的未來概念，以推動這些產品、服務和平台的發展。

So we're starting to see that already, and we're demonstrating whether it's exercises or in real conflict like in the Red Sea, doing things like over the air updates to the Aegis system, which is decades old, but it can be improved very quickly now just like when you get a download overnight on your Tesla, we can do a download overnight over the air on the Aegis radar combat control system.

所以我們已經開始看到這一點，我們正在展示它是演習還是在紅海這樣的真正衝突中，對宙斯盾系統進行空中更新之類的事情，該系統已有幾十年的歷史，但可以改進現在非常快，就像您在特斯拉上過夜下載一樣，我們可以在宙斯盾雷達作戰控制系統上過夜透過空中下載。

And you know, double or triple the effectiveness against things like low flying drones and cruise missiles. So we're actually implementing those kinds of things on a standards-based architecture into our products and services today which I expect will continue to pull them through.

你知道，針對低空飛行的無人機和巡航飛彈的效率可以提高一倍或三倍。因此，我們今天實際上正在將基於標準的架構上的這些東西實施到我們的產品和服務中，我希望這將繼續推動它們。

Great, appreciate the detail.

太好了，欣賞細節。

Pete Skibitski, Alembic Global Advisors. Please go ahead.

Pete Skibitski，Alembic 全球顧問。請繼續。

Hey, good morning, guys. If you think about what was appropriate in the '24 baseline budget and the Ukraine supplemental, how much order flow is still to come there for you guys? And MFC.

嘿，早上好，夥計們。如果你考慮一下 24 年基準預算和烏克蘭補充預算中哪些內容是合適的，那麼你們還有多少訂單流會流向那裡？還有MFC。

And also just if we if we think about the on the growth cadence there, you talked about seminar and $50 million a year in the past. You're going to be well above that this year. So I'm just wondering if that at that cadence is going to come back into play in '25 on a higher baseline? Thanks.

而且，如果我們考慮那裡的成長節奏，您過去談到了研討會和每年 5000 萬美元。今年你的成績將會遠高於這個水準。所以我只是想知道這種節奏是否會在 25 年以更高的基線重新發揮作用？謝謝。

Sure. I mean there's still plenty of runway in orders at MFC. As I mentioned, the book-to-bill in the quarter was above two and we're still expecting additional orders at the end of the year, particularly in JASSM, LRASM in the second half here, there's still even on supplementals. There's some opportunity there to continue to build their backlog and so on, we've talked about [750], you're right, they're going to be above that this year. We see continued growth are there next year and they're going to be again, the highest grower within Lockheed Martin for the next three to five years.

當然。我的意思是，MFC 的訂單還有很多。正如我所提到的，本季的訂單出貨量超過 2，我們仍然預期年底會有更多訂單，特別是下半年的 JASSM、LRASM，甚至還有補充訂單。有一些機會繼續建立他們的積壓等等，我們已經討論過[750]，你是對的，他們今年將超過這個水平。我們看到明年將繼續成長，並且他們將再次成為洛克希德馬丁公司未來三到五年內成長最快的公司。

So we're pretty bullish on that. Much of that is already in the backlog, but there's still plenty more to come in terms of build continuing to build that backlog. The key for us is to make sure that we can meet that demand and ramp up all of these programs on to our customers' requirements. And the team has been laser focused on making sure they can do that.

所以我們對此非常樂觀。其中大部分已經在待辦事項中，但在繼續建立待辦事項方面，還有很多工作要做。對我們來說，關鍵是確保我們能夠滿足這項需求，並根據客戶的要求提升所有這些計畫。團隊一直致力於確保他們能夠做到這一點。

And you're seeing the benefits of that this year with sales coming in higher. So I guess we keep our head down, continue to deliver on the demand as both domestic and international and MFC And again, they're going to be a significant source of growth for Lockheed Martin for the next three to five years.

今年您會看到這樣做的好處，銷售額會更高。因此，我想我們會保持低調，繼續滿足國內和國際以及 MFC 的需求，而且它們將成為洛克希德馬丁公司未來三到五年的重要成長源。

And Peter, it's Jim again. On a qualitative perspective, I tell our teams and our executives internally, we're in the aerospace and defense industry, but we're in the detergents business, right? So if you step back and say what contributes to the turns from an MFC, for example, and I think anybody had several was a Clint Eastwood movie will know that if we run out of ammunition, you're in a lot of trouble, right? So part of deterrence is showing that A, you have enough ammunition stocks to prevail and sustain your operations from an aggressor? That's first thing.

彼得，又是吉姆。從定性的角度來看，我在內部告訴我們的團隊和高階主管，我們從事航空航太和國防工業，但我們從事洗滌劑業務，對吧？因此，如果你退後一步，說一下是什麼促成了MFC 的轉彎，例如，我想任何人都知道克林特伊斯特伍德的電影，如果我們用完彈藥，你就會遇到很多麻煩，對吧？因此，威懾的一部分是表明，A，你有足夠的彈藥庫存來戰勝並維持你的行動免受侵略者的侵害？這是第一件事。

Second thing is you also it's helpful to demonstrate that you can produce at rate and ramp that rate quickly that's oriented for Agility program. And the third piece of it is you can produce and repair of MFC and other products in the local theater and not have to bring them all the way back to the US to fix them or to drive that production up. That's the third part of our strategy.

第二件事是，這也有助於證明您可以以面向敏捷性計劃的速度進行生產並快速提高該速度。第三點是你可以在當地劇院生產和維修 MFC 和其他產品，而不必將它們一路帶回美國來修復它們或推動生產。這是我們策略的第三部分。

So everything we do is based on deterrence and strengthening that. And MFC has a huge role in making sure that our adversaries know that we've got enough stocks and MFC type products, and we can ramp that rate and we can produce in different places and repair different places should they act. And that's really kind of a qualitative underpinning of what Jay was talking about.

因此，我們所做的一切都是基於威懾和加強威懾。 MFC 在確保我們的對手知道我們有足夠的庫存和 MFC 類型產品方面發揮著巨大作用，我們可以提高速度，如果他們採取行動，我們可以在不同的地方生產並修復不同的地方。這確實是傑伊所說內容的定性基礎。

Appreciate guys, thank you.

欣賞各位，謝謝。

Seth Seifman, J.P. Morgan. Please go ahead.

賽斯‧塞夫曼，摩根大通。請繼續。

Thanks very much and good morning. Probably just a quick one sorry about the background noise here. Just a quick one on kind of big picture.

非常感謝，早安。可能只是對這裡的背景噪音表示抱歉。只是簡單介紹一下大局。

I think, Jay, I think you've said in the past that there was good potential for growth to be at least as strong as 2024 and 2025 and good potential for that growth rate to accelerate on. Is that still the case off of the higher revenue base and higher growth rate here in 2025 and '24?

Jay，我想您過去曾說過，成長潛力很大，至少與 2024 年和 2025 年一樣強勁，而且成長率也有加速加速的潛力。到 2025 年和 24 年，這種情況仍然是較高的收入基礎和較高的成長率嗎？

It's a good question, Seth. And as I mentioned before, we're going just going through our process to lay out our multiyear outlook, including 2025 for here over the next few months of what I would tell you is that the backlog visibility that we have would support another year similar to 2024.

這是個好問題，賽斯。正如我之前提到的，我們正在透過我們的流程來製定我們的多年展望，包括未來幾個月的 2025 年，我要告訴你的是，我們擁有的積壓可見性將支持另一個類似的一年到2024 年。

We have to go through though and the operational the practical operational capability to deliver that is something we have to go through. And so demand is there we have to make sure that supply can meet that as well. That's a pretty significant step change over really a two year span on some of these different programs that we're dealing with. And as I mentioned before, we're still dealing with some programs. They are still working through trying to get us to the ramp rates.

不過，我們必須經歷實際操作能力的考驗，以實現這一目標，這是我們必須經歷的事情。因此，需求是存在的，我們必須確保供應也能滿足需求。對於我們正在處理的一些不同項目來說，這在兩年的時間裡是一個相當重大的進步。正如我之前提到的，我們仍在處理一些計劃。他們仍在努力讓我們達到爬坡率。

Sheila Kahyaoglu, Jefferies. Please go ahead.

希拉·卡哈奧格魯，杰弗里斯。請繼續。

Good morning, guys. Thank you. Maybe if we could talk about profitability. If we look at first half profitability of 10 seven, second half implied in the low tens? And can you walk through some of the moving pieces and maybe in terms of supply chain productivity? I know volumes are lower and how we think about the exit rate for the year? Thank you.

早上好傢伙。謝謝。也許我們可以談談獲利能力。如果我們看上半年的獲利能力為10 七，下半年則隱含在低幾十？您能否介紹一些變化的部分以及供應鏈生產力方面的情況？我知道成交量較低，我們如何看待今年的退出率？謝謝。

The second half of the year, Sheila, is I mean, the most significant would be the program loss at MFC that we have to record in the second half. So you know, as I mentioned in my prepared remarks, we have recorded about $100 million here year to date in the second half. We expect about another $225 million. So that will put pressure on margins in the back half.

Sheila，我的意思是，今年下半年最重要的是我們必須在下半年記錄的 MFC 程序損失。所以你知道，正如我在準備好的發言中提到的，今年下半年迄今我們已錄得約 1 億美元。我們預計還有約 2.25 億美元。因此，這將對後半部的利潤率造成壓力。

The second piece I'd say is that we would have even though we had saw a very strong and solid profit adjustment up first half. That slows down a little bit in the back half of the year, just based on program timing, the timing of risk retirements.

我要說的第二點是，即使我們看到上半年的利潤調整非常強勁且穩健，我們也會這樣做。僅根據計劃時間和風險退休時間，這一速度在下半年會放緩。

And so I'm just the risk retirements and profit adjustments are not all linear. They occur at different aspects of a program life cycle. But I would I would say is we feel comfortable with where we're headed. We've talked about up 2024 being a low watermark for all net margins, and we expect it to improve gradually over the next few years, and we still feel confident that can take place.

所以我只是認為風險退休和利潤調整並不都是線性的。它們發生在程式生命週期的不同方面。但我想說的是，我們對我們的前進方向感到滿意。我們已經談到 2024 年是所有淨利潤率的低水位線，我們預計它將在未來幾年內逐漸改善，我們仍然對這一情況充滿信心。

Thank you.

謝謝。

Thank you.

謝謝。

Ken Herbert, RBC Capital Markets. Please go ahead.

肯‧赫伯特，加拿大皇家銀行資本市場。請繼續。

Good morning. I just wanted to see and apologies if I missed this, but can you comment on your view of Endgame and how you're thinking about that now moving forward and what we might be thinking about in terms of that next [catalyst] particular program?

早安.我只是想看看，如果我錯過了這個，我深表歉意，但是你能評論一下你對《終局之戰》的看法嗎？計劃方面可能會考慮什麼？

Sure, Ken. It's Jim here. So when it comes to (Inaudible) program of we're not authorized at industry to speak to the details of that. So you'd have to go to the US government to to get insight into that particular program. But I can tell you what we're doing to prepare for the next-generation combat aircraft.

當然，肯。吉姆在這裡。因此，當談到（聽不清楚）計劃時，我們無權在業界談論其細節。因此，您必須去美國政府才能深入了解該特定計劃。但我可以告訴你我們正在為下一代戰鬥機做哪些準備。

So some of those are on the investment front since 2021, rather, we opened the gates on four high-tech facilities that have the clearance, the security clearance capability to produce and guide type components right. One ends in Florida, skunkworks of California opened a new, a major factory that I was there to see. We have it in Alabama, two in Georgia. So we have these accredited facilities up and running ahead of the demand. And we're working on programs and products and that classified a keep us the capability space.

因此，自 2021 年以來，其中一些是在投資方面，相反，我們打開了四個高科技設施的大門，這些設施擁有生產和引導類型組件的許可、安全許可能力。在佛羅裡達州結束時，加州的臭鼬工廠開設了一家新的大型工廠，我在那裡參觀了。我們在阿拉巴馬州有一個，喬治亞州有兩個。因此，我們已經在需求之前建立並運行了這些經過認證的設施。我們正在開發專案和產品，這為我們保留了能力空間。

So we've already got these facilities up and running the other resource we have is human in Skunk Works at Marietta and in Fort Worth and other places that can design test and build using our digital transformation, Engineering Technologies and a digital twin. These kind of components, aircraft and others that might go into it and get concept.

因此，我們已經建立了這些設施並運行我們擁有的其他資源，即瑪麗埃塔、沃斯堡和其他地方的Skunk Works 的人員，可以使用我們的數位轉型、工程技術和數位孿生來設計、測試和構建。這些類型的組件、飛機和其他可能會進入其中並獲得概念的東西。

So I can just tell you that Lockheed Martin is ready to produce for rate design rate of build. We are in the process of making sure we're capable and the air arenas that the Air Force and the Navy are going to need us to be. So that's really all we can say about that. But I can assure you that we are competitive and ready to go in this space if and when the government pulls the trigger on a real competition and what's the once somebody be able to produce, we can do it.

因此，我可以告訴您，洛克希德馬丁公司已準備好以設計建造速度進行生產。我們正在確保我們有能力，並滿足空軍和海軍的需要。這就是我們能說的全部。但我可以向你們保證，如果政府啟動真正的競爭，我們就具備競爭力，並準備好進入這個領域，一旦有人能夠生產什麼，我們就能做到。

Thank you.

謝謝。

Rob Spingarn, Melius Research. Please go ahead.

羅布‧斯賓加恩 (Rob Spingarn)，Melius 研究中心。請繼續。

Good afternoon, or I guess it's still morning. Wanted to ask you about on F-35 and congrats on the resumption of deliveries. But when we think about TR-3 and on the production side of the equation, how is the supply chain in terms of being able to supply enough material and integrated core processors on time for you to maintain the 156 per year. So as the mix goes more toward all TR-3, how well prepared is the supply chain for that.

下午好，或者我想現在還是早上。想向您詢問有關 F-35 的情況，並祝賀您恢復交付。但是，當我們考慮 TR-3 以及生產方面時，供應鏈如何能夠按時供應足夠的材料和整合核心處理器，以維持每年 156 個的數量。因此，隨著混合物越來越傾向於所有 TR-3，供應鏈為此做好了充分的準備。

So we got together, Rob, as I mentioned a few minutes ago in the prepared remarks and Fort Worth about a month ago with the CEOs of the Hackett US companies that contribute to this in a significant way. We communicated the importance of exactly what you're speaking to, which is not just the core processor, but there's a range, a number of other components across all of these companies that need to maintain or increase their production rates and modernize their equipment along the way. And so that communication of those suppliers has been made.

因此，羅布，正如我幾分鐘前在準備好的演講中提到的那樣，我們在大約一個月前的沃斯堡與哈克特美國公司的首席執行官們聚在一起，他們為此做出了重大貢獻。我們傳達了您所說的內容的重要性，這不僅僅是核心處理器，還有所有這些公司中的一系列其他組件，這些組件需要保持或提高生產率並對其設備進行現代化改造道路。這樣就已經與這些供應商溝通了。

They know our plans were well integrated, more integrated than we ever have. I think when it comes to test and planning and design, iterative software across multiple companies, et cetera. So we're in a position in and our suppliers are telling us they will meet the demand. We will monitor them and continue to even put people in their sites where we need to make sure that happens.

他們知道我們的計劃非常整合，比以往任何時候都更加整合。我認為當涉及測試、規劃和設計、跨多個公司的迭代軟體等等時。因此，我們處於有利地位，我們的供應商告訴我們他們將滿足需求。我們將監控他們，甚至繼續將人員安排在我們需要確保發生的地方。

But we've got the major suppliers together and they understand the demand rate, a quality level we need and a better integration plan for that test and development that we've built going forward.

但我們已經將主要供應商聚集在一起，他們了解需求率、我們需要的品質水準以及我們未來建立的測試和開發的更好整合計劃。

Jim, just following on to that, how do we think about the cadence for retrofit from TR-2 to TR-3?

Jim，接下來，我們如何看待從 TR-2 到 TR-3 改造的節奏？

So you're right, Rob, this is designed for a backward integration, if you will. There be a schedule that the US government comes up with for TR-3, there, maybe there will be up to them as to the cadence, the investment rate, et cetera.

所以你是對的，Rob，如果你願意的話，這是為向後整合而設計的。美國政府會為TR-3制定一個時間表，也許節奏、投資率等等都由他們決定。

But over a period of time, there will be a great number of originally built TR-2 aircraft that will get converted some hardware and software upgrades to that.

但在一段時間內，將會有大量原廠TR-2飛機將被改裝並進行一些硬體和軟體升級。

Is this the kind of thing you expect to be talking about soon or this is a few years out, which we should be focusing on new production aircraft for now TR-3?

這是您希望很快討論的事情還是幾年後我們應該關注的新生產飛機TR-3？

So again, this is a US government policy decision. So it's better to that request that kind of commentary from them, Rob. But we're again, ready to do it at the rates that we expect that they can come at us with.

再說一遍，這是美國政府的政策決定。所以最好要求他們發表這樣的評論，羅布。但我們再次準備好以我們期望的速度去做這件事。

Great. Thanks so much.

偉大的。非常感謝。

Thank you.

謝謝。

Noah Poponak, Goldman Sachs. Please go ahead.

諾亞·波波納克，高盛。請繼續。

Hey, good morning, everyone. Jay, could you give us the updated I guess if you snap the line today or just ballpark, as you see it from a cash flow, pension contribution and cash recovery for at least '25. And I guess if you had it and were willing to give it beyond that would be helpful.

嘿，大家早安。傑伊，你能給我們更新一下嗎？我想如果你擁有它並且願意付出更多，那將會很有幫助。

And then I guess, can you can you talk through the pieces of how you grow absolute dollar free cash flow in '25 given the pension headwind you have and how it compares to how quickly you can grow the segment?

然後我想，考慮到你所面臨的退休金逆風，你能否詳細談談你在 25 年如何增長絕對美元自由現金流，以及它與你增長該細分市場的速度相比如何？

Yeah, so on unknown time, cash recovery this year were a little bit under, say $1.7 billion. We expect that to step down by in the range of about $100 million and probably stay at that level for the next few years after that on as far as absolute free cash flow in terms of build-up and the components to being able to continue to grow.

是的，所以在未知的時間裡，今年的現金回收有點少，例如 17 億美元。我們預計這一數字將下降約 1 億美元，並可能在未來幾年內保持在該水平，前提是在積累方面的絕對自由現金流以及能夠繼續發展的組成部分生長。

Yes. We've talked about a pension being a headwind. We've talked about being in the range of about $1 billion on the areas that we expect to drive cash flow growth would be continued on earnings growth because you discussed their net income growth on in addition to some of these benefits and the timing on the F-35.

是的。我們已經討論過養老金是個阻力。我們已經討論過，我們預計將在盈利增長方面繼續推動現金流增長的領域約為 10 億美元，因為除了其中一些收益之外，您還討論了他們的淨利潤增長以及這些收益的時機。 35。

We've talked also about just working capital in general. And even when you put F-35 US side what we're looking at and going after is our contract asset. If you look here in the second quarter, that was a nearly $14 billion balance that we had that's represented in the range and I put that in terms of efficiency around 70, 72 days of sales running through the balance at the moment.

我們也討論了一般的營運資金。即使你把 F-35 放在美國這邊，我們所關注和追求的也是我們的合約資產。如果你看一下第二季的情況，我們的餘額接近 140 億美元，我將其視為當前餘額中大約 70、72 天的銷售效率。

Since 2020 or so, that's grown from about 55 days. So there's an element of there and kind of the F-35 and what we've gone through over the past couple of years there. But there's also been growth outside of the F-35.

自 2020 年左右以來，這個時間從大約 55 天增加到了。因此，其中有一些類似於 F-35 的元素，以及我們過去幾年所經歷的。但 F-35 以外的領域也出現了成長。

That represents a lot of opportunity for us to convert into a faster billings at a level that we've been able to demonstrate in the past and that's we've been focused with on all of the business areas in terms of driving that on a multiyear basis back down to what we've been able to demonstrate.

這對我們來說是一個很大的機會，可以將我們過去能夠展示的水平轉化為更快的賬單，而且我們一直專注於所有業務領域，以推動多年的發展。內容。

The next thing I'll say So besides working capital and contract assets are being our biggest opportunity is the reduction of payments related to the tax R&D capitalization. So we'll get in the range, I'd say about $150 million of benefits through lower payments there.

接下來我要說的是，除了營運資金和合約資產之外，我們最大的機會是減少與稅務研發資本相關的付款。因此，我們將在這個範圍內，透過較低的付款，我想說大約 1.5 億美元的福利。

So when you bring all these things together, we think that they generate a path to overcome and what we're seeing in the pension and drivers to this target of low single digits, not easy. It's not a slam-dunk, but we've got a path to be able to do that and that's what we're driving today to be able to deliver next year and beyond.

因此，當你把所有這些事情放在一起時，我們認為它們會產生一條克服的道路，我們在退休金和推動這個低個位數目標方面看到的情況並不容易。這不是一個灌籃高手，但我們已經找到了一條能夠做到這一點的道路，這就是我們今天所努力的目標，以便能夠在明年及以後實現這一目標。

Thank you.

謝謝。

Peter Arment, Baird. Please go ahead.

彼得·阿門特，貝爾德。請繼續。

Thanks, good morning everyone.

謝謝大家早安。

Jaye, maybe this just for you on the call and just talking about you've talked a lot about MFC is, you know, production ramp that you're going to have over the next couple of years.

Jaye，也許這只是為了您在電話會議上所說的，只是談論您已經談論了很多關於 MFC 的內容，您知道，您將在未來幾年內實現生產增長。

Just how does this all tie in with the, you know, the collaborative agreement you've got with Rheinmetall now tax-free, you know, production opening up in Poland. And I think Jim also mentioned Spain, an agreement there.

這一切與您與萊茵金屬公司達成的合作協議有何關係，您知道，現在免稅，您知道，在波蘭開放生產。我想吉姆也提到了西班牙，那裡有一項協議。

Just a can you give us an update on pack three, what the growth, what kind of expansion looks like now and say, my guess on some high-margin JASSM, what would some of those growth rates look like?

您能否向我們介紹一下第三包的最新情況，增長情況，現在的擴張情況，並說，我對一些高利潤 JASSM 的猜測，其中一些增長率會是什麼樣子？

I'm sure you know, a lot of these agreements enable they're part of in-country requirements for industrial cooperation. You mentioned Poland, Jim mentioned Germany, also Australia and those are enablers for us to build up this backlog and drive this demand on the factory specifically, we expect to get to [550] in 2025 and then onto [650] by 2027.

我相信您知道，其中許多協議使它們成為國內工業合作要求的一部分。您提到了波蘭，吉姆提到了德國，還有澳大利亞，這些是我們積壓訂單並具體推動工廠需求的推動因素，我們預計在 2025 年達到 [550]，然後到 2027 年達到 [650]。

And so all of these orders and these partnerships that were plugged up signing up were all enablers to us to be able to do to produce and deliver at those rates. And it's not just PAC-3. We've talked about GMLRS score from 10,000 to 14,000. We've talked about Javelin going from 2000 to about 4,000. We've talked about JASSM, LRASM going from about 700 a year to 1,100 a year.

因此，所有這些訂單和這些簽約的合作夥伴關係都是我們能夠以這些速度生產和交付的推動力。這不僅僅是 PAC-3。我們討論過 GMLRS 分數從 10,000 到 14,000。我們已經討論過 Javelin 從 2000 增加到大約 4,000。我們已經討論過 JASSM、LRASM 從每年約 700 個增加到每年 1,100 個。

So all of these orders that we're seeing, all these customer engagements that we have both domestic and international are all enablers to drive to these rates that we're building to. And so what they do is filling the bucket to bring us that to that backlog that's necessary for us to generate those sales and we're on track to that.

因此，我們看到的所有這些訂單，我們在國內和國際上擁有的所有這些客戶參與，都是推動我們達到這些利率的推動因素。因此，他們所做的就是填滿水桶，為我們帶來積壓的訂單，這是我們產生這些銷售所必需的，我們正在實現這一目標。

Jason Gursky, Citi Research. Please go ahead.

賈森古爾斯基，花旗研究部。請繼續。

Yeah, good morning, everybody. Jim, I wanted to just throw a big picture one at you and maybe have you kind of wrap all of this together, kind of what you're seeing both in the near and then the long term and maybe just give your sense of, you know, maybe with a few more quarters here of hindsight, some of the lessons learned from the conflict in Ukraine, what you at Lockheed have learned from that, whether you're kind of investing in any new areas as a result of that and kind of the feedback loop that you're getting from your customer, both here in the United States as well as some of our allied nations as well.

是的，大家早安。吉姆，我想向你展示一幅大圖，也許讓你把所有這些都包裝在一起，就像你在近期和長期看到的那樣，也許只是讓你感覺到，你知道，也許還有幾個季度的事後諸葛亮，從烏克蘭衝突中吸取的一些教訓，洛克希德公司從中學到了什麼，是否會因此而投資任何新領域您從美國以及我們的一些盟國的客戶那裡獲得的反饋循環。

We seeing the development of a new setup requirements in investment areas and kind of where are you spending and how are you going about doing it? Just a big picture, what do you -- we are middle of '24. What have we learned from Ukraine and what are we doing?

我們看到投資領域新的設置要求的發展，以及您在哪裡花錢以及打算如何做？只是一個大局，你做什麼——我們已經是 24 世紀中期了。我們從烏克蘭學到了什麼以及我們正在做什麼？

Jason, I would say that there's a wide range of lessons from the Ukraine conflict unfortunate as it is, but there's learn learning from it. One is that traditional systems, if you will, like Javelin at the initial invasion, made a significant contribution to the initial defense of Ukraine because it was a classic Armor attack and Armor supported infantry attack mean or armoured vehicles that were spearheading the drive to keep. And when those vehicles got out in front of their support system, that the Javelin, for example, made a tremendous difference in stopping that attack short, right.

傑森，我想說，烏克蘭衝突雖然不幸，但我們可以從中學到教訓。一是傳統系統，如果你願意的話，就像最初入侵時的標槍系統一樣，為烏克蘭的最初防禦做出了重大貢獻，因為這是經典的裝甲攻擊和裝甲支持的步兵攻擊手段或裝甲車，它們是帶頭保持的動力。當這些車輛衝出他們的支援系統時，例如“標槍”，在短暫阻止攻擊方面發揮了巨大作用，對吧。

So you have a traditional system that was designed for a yeah, ground land warfare, traditional land warfare, if you will. That was highly affected. So we did learn from that. And now there's jamming both ways. There's electronic warfare, cyber, and it's like I tell my teams how big your high school wrestling Coach said for every move, there's a counter move.

所以你有一個傳統的系統，它是為地面戰、傳統的陸戰而設計的，如果你願意的話。那是受到很大影響的。所以我們確實從中吸取了教訓。現在雙向都受到干擾。有電子戰、網路戰，就像我告訴我的團隊，你們高中摔角教練所說的每一步有多大，都有一個反擊。

So if GM GPS, we tweak the system either satellite or the receiver or have an alternative form of navigation or targeting and we react to that. So on one hand, traditional systems are still effective. On the other hand, you have to be able to adapt quickly. I'd say that was the main lesson there, another one that similar situation pack three, again decades in service. And now there's a hypersonic missile threat from Russia, which was launched on a number of occasions on I think all of those occasions, none of those missiles were successfully reaching their target because the factory was modified to be able to address the hypersonic missiles.

因此，如果使用通用 GPS，我們會調整系統，無論是衛星還是接收器，或採用替代形狀的導航或目標定位，然後我們對此做出反應。所以一方面，傳統系統仍然有效。另一方面，你必須能夠快速適應。我想說，這是那裡的主要教訓，另一個類似情況的教訓是三個，又服役了幾十年。現在有來自俄羅斯的高超音速飛彈威脅，俄羅斯多次發射了這種飛彈，我認為所有這些飛彈都沒有成功到達目標，因為工廠經過改造，能夠應對高超音速飛彈。

And then go to the kind of the other side of the issue, which is, I think drones became a more important, an element of land warfare than it had been before. And in sea warfare, actually the Ukrainians, you see autonomous vehicles to significant extent and success and also drones and unmanned aerial vehicles too. So is not the first time those kinds of systems have been used in prior complex, including in the Middle East, can the counterterrorism was if you will, but the trainees took it to a new level, literally thinking capital shifts with unmanned aerial systems.

然後討論問題的另一面，我認為無人機成為比以前更重要的陸戰要素。在海戰中，實際上是烏克蘭人，您可以看到自動駕駛車輛在很大程度上取得了成功，還有無人機和無人機。因此，這類系統並不是第一次在以前的綜合體中使用，包括在中東，如果你願意的話，反恐也可以，但學員們將其提升到了一個新的水平，從字面上思考用無人機系統進行資本轉移。

So there were lessons there, too. That's something our company is quite involved with a lot of it's classified, whether it's kinetic or surveillance, unmanned aerial systems, but we're learning from those two. So we work with drones, the smallest ones that Marine can unpack from a backpack and launch by hand to aircraft size, if you will.

所以那裡也有教訓。我們公司參與了許多機密項目，無論是動能或監視、無人機系統，但我們正在向這兩個系統學習。因此，我們使用無人機，如果你願意的話，海軍陸戰隊可以從背包中取出並手動發射到飛機大小的最小無人機。

So we're involved in that game. And we did take the lessons from the Ukraine more and that's traditional systems are still essential at bulk and scale. And secondly, they have to be much more adaptable than they ever had to be before. And that kind of supports our digital technology effort and campaign to say, let's use those best digital technologies to make those legacy systems better and better all the time and not wait for a conflict to force us to do that.

所以我們參與了那個遊戲。我們確實從烏克蘭吸取了更多的教訓，傳統系統在批量和規模上仍然至關重要。其次，他們必須比以前更具適應力。這在某種程度上支持了我們的數位技術努力和活動，即讓我們使用那些最好的數位技術來使這些遺留系統變得越來越好，而不是等到衝突迫使我們這樣做。

Great. Hey, Lois, I think we've come to the top of the hour. So I'll turn it back over to Jim for some final thoughts.

偉大的。嘿，路易斯，我想我們已經到了最重要的時刻了。所以我會把它轉回吉姆以獲得一些最後的想法。

Thanks, Maria. So far, we close. I'd like to thank our Lockheed Martin team has dedicated efforts to advance our customers' missions and propelled our solid results this quarter. As you heard from Jay, our capabilities are recognized around the world is the best in defense tech, and that is thanks to our employees' hard work, dedication and commitment to continued innovation with 21st Century security technologies. I just described our robust backlog and focus on transforming our operations to our internal digital transformation program.

謝謝，瑪麗亞。到目前為止，我們關閉了。我要感謝我們的洛克希德馬丁團隊為推進客戶的使命所做的不懈努力，並推動了我們本季的穩健業績。正如您從 Jay 那裡聽到的，我們的能力被全世界公認為是國防技術領域中最好的，這要歸功於我們員工的辛勤工作、奉獻精神以及對 21 世紀安全技術持續創新的承諾。我剛剛描述了我們強大的積壓工作以及將我們的營運轉變為內部數位轉型計劃的重點。

Our company has a strong foundation for growth for years to come. So I look forward to speaking with you again on our next call in October. And Lois, that concludes our call for today.

我們公司為未來幾年的發展奠定了堅實的基礎。因此，我期待在 10 月的下一次電話會議上再次與您交談。路易斯，我們今天的呼籲到此結束。

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

謝謝。女士們、先生們，我們的電話會議到此結束。感謝您的參與和使用 AT&T 電話會議。您現在可以斷開連線。