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)

大家好，歡迎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。（操作員指示）

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，在開幕致詞和介紹的時候，我想將會議交給財務主管和投資者關係副總裁瑪麗亞·裡恰爾多內 (Maria, Ricciardone)。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還有我們的董事長、總裁兼執行長 Jim Taiclet 和財務長 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.

今天電話會議中所作的非歷史事實的陳述被視為前瞻性陳述，並根據聯邦證券法的安全港條款作出。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美國證券交易委員會提交的文件，以了解可能導致實際結果與前瞻性陳述有重大差異的一些因素。我們今天在我們的網站上發布了圖表，我們計劃在電話會議期間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指標的資訊。請造訪我們的網站 www.lockheedmartin.com 並點擊投資者關係連結查看和追蹤圖表。

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

說完這些，我想把電話轉給吉姆。

Thanks, Maria. Good morning, everyone. 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。在過去的幾個月裡，洛克希德馬丁的人員、系統和平台再次證明了其加強東歐、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.

從工廠在防空中發揮的關鍵作用，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體系、擴大與盟友和夥伴之間的工業合作，繼續展示21世紀安全戰略的影響力。因此，對我們的國防技術解決方案的需求依然強勁，積壓訂單額接近 1,600 億美元，是年收入的兩倍多。

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.

截至目前，我們在 2024 年的強勁表現不僅限於爆破積壓訂單，這讓我們有信心提高 2024 年全年銷售部門、營業利潤和每股收益的預期。第二季度，銷售額年增 9%，季增 5%，反映了我們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.

供應鏈不斷改善，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%的分部營業利潤率，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，並且同比和環比都有所增長。

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.

傑伊和瑪麗亞稍後將詳細討論季度業績的具體細節，但我只想說，我們對 2024 年迄今為止的財務表現和發展勢頭感到滿意，我特別高興地報告我們在 F-35 項目上取得的進展。正如上周宣布的那樣，我們開始向美國政府交付首批技術更新三架或 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 升級和進一步的增強功能代表著關鍵的演變和能力，它們的全面發展仍然是我們的首要任務。這些更新以及專案生命週期內的進一步軟體更新將確保 F-35 繼續成為有效的侵略威懾力量，並成為現在和未來幾十年聯合全領域作戰的基石。

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，預計在 2024 年下半年交付 75 至 100 架飛機。目前，超過 95% 的 TR-3 功能正在進行飛行測試，我們期待為客戶提供完整的 TR 3 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 [JPO] 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.

傑伊稍後將談論我們當前財務狀況的問題，繼續與聯合項目辦公室（JPO）以及我們的行業合作夥伴保持密切合作對於及時且經濟高效地滿足並超越這一關鍵國防計劃的期望至關重要。

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 F-35 行業的執行長同事，制定了加強軟體和硬體合作以及測試整合流程等計劃，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 硬體和軟體顯著提升了運算能力，從而大大提高了我們的飛行員、水手和海軍陸戰隊員以及我們的合作夥伴和盟國的能力。國際客戶不斷認可這款世界上最先進的戰鬥機在國防部聯合全局架構關鍵飛機節點上的卓越性能。

On the international front, Israel announced a third squadron of 35As, 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.

在國際方面，以色列宣布成立第三支 35A 中隊，使其機隊規模增加了 50%。希臘與美國政府就採購F-35的談判正處於最後階段。我們繼續看到羅馬尼亞的興趣以及潛在的新客戶。

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。我們與美國軍方在部署的作戰部隊的大型演習中持續合作，體現了我們的承諾和能力，即提高戰備水平並整合所有客戶任務和優先事項中的能力。

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.

6 月，洛克希德·馬丁公司新的先進能力為美國印度太平洋司令部第十次價值盾牌演習做出了貢獻。在這次演習中，有幾個重要的里程碑表明我們如何不斷提高我們的部隊能力並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，我們成功整合了印度太平洋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.

我們的作戰計畫數據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。在另一個例子中，在同一演習中，洛克希德·馬丁太空公司和洛克希德·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的自動目標檢測和分類，從而以前所未有的方式促進了各種天基和機載平台的數據傳輸。

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。這次測試是重要的一步，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，共同建構未來的聯合空戰管理系統，朝著實現21世紀安全聯合全領域願景邁進了一步，他們稱之為AIR6500項目第一階段，正如我們之前討論過的，該系統將為澳大利亞國防軍提供尖端的綜合防空反導能力，利用下一代技術打擊高速威脅，建立澳大利亞的綜合防空反導系統。它是世界上最先進的系統之一。

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 flew the L-29 jet aircraft by means of heading speed and altitude commands sent directly to the onboard autopilot, 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.

我們也持續展示21世紀的安全和其他創新方式。5 月，我們的 Skunk Works Tactical 人工智慧團隊成功為愛荷華大學操作員性能實驗室執行了第二組飛行測試。我們的人工智慧透過直接向機載自動駕駛儀發送航向速度和高度指令，然後向飛機的飛行控制裝置發送指令來駕駛 L-29 噴射機。此次測試表明，我們的人工智慧團隊可以快速開發、迭代和整合用於自主飛行操作的人工智慧技術。我們在另一個前沿國防技術計劃——高超音速打擊方面也取得了巨大進展，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 round 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 6 月宣布的那樣。海軍和美國陸軍完成了海軍常規快速打擊或 CPS 和陸軍遠程高超音速武器計劃通用高超音速導彈核心的端到端全方位飛行測試。這項試驗標誌著洛克希德馬丁公司在高超音速系統研發方面邁出了重要一步。

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。我們將繼續探索機會，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，以在陸地、空中和海軍領域開展合作。

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.

我們的首批舉措之一是新型全球機動火砲火箭系統（GMARS），該系統與旨在發射基於 MLRS 彈藥的吊艙發射系統具有高度互通性。結合這些經過實戰檢驗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 tube 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 PAC-3's 16th partner nation.

在我們的 PAC-3 程式上。國際合作也保持強勁，包括在波蘭開設三套 MFC 發射管生產線來發展本土能力，以及與西班牙 Grupo Asia 簽署諒解備忘錄，為全球客戶製造工廠軒尼詩零件提供機會，西班牙和美國還正式達成協議，由西班牙購買工廠 MSE 導彈和相關支持，使西班牙成為 PAC-3 的第 16 個合作夥伴國家。

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 where the process continues before the reconciliation phase later this year.

我還想簡單談談美國國防預算的最新情況。眾議院批准了他們版本的 2025 財政年度國防撥款。因此，現在焦點轉移到參議院，該進程將在今年稍後進入和解階段之前繼續進行。

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 NGI, 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，我們的產品組合與當前和未來客戶的任務重點非常契合，包括利用 F-35、CH-53K 和黑鷹或 UH-60M 實現的空中優勢、利用 PAC-3 和 NGI 實現的綜合防空反導、利用 CPS 和 LRHW 實現的高超音速技術。我剛剛提到了戰術打擊武器和彈藥，包括 JASSM、LRASM、PrSM、Javelin 和 GMLRS。

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完成以及現有補充資金的持續利用。

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，幾週前在華盛頓舉行的北約峰會上，我與各國進行了交談，我對此感到鼓舞。鑑於烏克蘭持續不斷的悲劇性衝突，國際夥伴和盟友仍堅定不移地追求增加國防開支，以加強北約的整體綜合威懾態勢。

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

現在我將把主題交給傑伊，讓他介紹獎項亮點以及我們財務表現的補充評論。

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。與上一季類似，我將概述我們的合併財務狀況，並談及一些營運項目，然後交給負責業務領域財務的瑪麗亞，然後我將回來討論更新後的展望。

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.

從第四圖開始，我們開始保持積極的勢頭，今年延續到了第二季度，銷售額增長 9%，達到 180 多億美元，其中 RMS 和 MFC 領先。正如吉姆所提到的，吞吐量依然強勁，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.

該部門營業利潤為 20 億美元，年增 10%，綜合利潤率為 11.3%，四個業務領域自 2022 年第三季以來首次實現兩位數的銷售回報率。本季淨利調整高於去年同期，佔部門營業利潤的 21%，推動利潤率上升。

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.

每股 6.85 美元的 GAAP 收益比去年同期增長 3%，這得益於利潤增加和股票數量減少，但被 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部分抵消。

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。我們在本季產生了 15 億美元的自由現金流，使我們年初至今的總額達到略低於 28 億美元。我們將繼續在創新和基礎設施方面進行必要的投資，以確保公司和客戶未來的成功。

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.

現在我將更詳細地談論一些商業活動。MFC 的訂單持續保持強勁，本季訂單出貨比超過 2，這主要得益於陸軍授予的 40 多億美元，該合約將持續多年，滿足交付要求，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 枚 JASSM [ER] 的中標書，這是該項目歷史上最大的國際訂單，為另一個盟友提供了西科斯基最新一代 JASSM 型號。由於美國國務院宣布批准向奧地利、巴西和瑞典出售黑鷹直升機，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.

這為可能出售 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 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，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-U], 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，上個月底，美國國家航空暨太空總署選擇洛克希德·馬丁公司為諾亞方舟開發和建造國家下一代氣象衛星星座，即地球靜止擴展觀測衛星或 GeoXO，該獎項建立在我們之前在環境感測技術方面的工作基礎之上，最近發射了 [GOES-U]，它將利用先進的儀器和快速更新為天氣預報、強風暴和氣候預報提供關鍵數據。

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

讓我就此打住，然後交給瑪麗亞來了解業務領域的財務細節。

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，我將討論各業務領域第二季的年比業績，首先從圖表 5 的航空業開始。第二季航空銷售額年增 6%。成長的主要原因是 F-35 產量增加以及 F-16 專案的持續產量提升。

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

由於銷售增加和產品組合有利，但利潤預訂率調整降低，導致分部營業利潤成長 5%。

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 C130-J, we delivered five in the quarter, reaching a milestone of 2,700 deliveries of this critical tactical air lifter and expect around 20 deliveries for the year.

關於飛機交付。正如吉姆所分享的，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，而 F-16 我們在第二季度交付了 4 架，全年的目標是交付 20 架左右。對於 C130-J，我們在本季度交付了 5 架，達到了這款關鍵戰術空運機交付量 2,700 架的里程碑，預計全年將交付約 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).

轉向圖表 6 上的飛彈和火力控制。MFC 本季業績表現強勁，銷售額較上年同期成長 13%，這得益於戰術和打擊飛彈領域部分精確火力項目的產量提升，主要是導引多管火箭系統 (GMLRS) 和遠程反艦飛彈（遠程反艦飛彈）。

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.

由於三巨頭和 Apache 專案帶動的利潤預訂率調整提高，分部營業利潤年增 21%，利潤率回升至 14.5%，與歷史水準更加一致。由於全球對我們多個飛彈和彈藥項目的持續需求，MFC 積壓訂單在第二季度達到了創紀錄的近 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 HIMARS and M270 upgrades and a $500 million follow-on production contracts for JAGM and Hellfire to support US and international customers.

主要獎項包括傑伊提到的 PAC-3 獎項，以及價值 13 億美元的發射裝置綜合獎項，包括 HIMARS 和 M270 升級，以及價值 5 億美元的 JAGM 和 Hellfire 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 GMRLSm rockets, over 2,700 Hellfire missiles and 11 HIMARS 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 多枚 GMRLSm 火箭、2700 多枚地獄火飛彈和 11 套 HIMARS 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.

轉向圖表 7 中的旋轉和任務系統，本季度銷售額增長了 17%，達到 45 億美元以上，這主要得益於綜合作戰系統和雷達和雷射計劃以及加拿大水面作戰計劃的傳感器數量的增加。

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.

西科斯基公司的專案數量也有所增加，其中以黑鷹和 CH-53K 為首。另外值得注意的是，本季我們向國際客戶交付了五架 S-70 直升機，以所有權轉讓 POT 計算，產生了約 1.15 億美元的收入。

Operating profit increased 9% year over year due to higher volume, partially offset by lower profit booking rate adjustments.

由於銷量增加，營業利潤同比增長 9%，但利潤預訂率調整降低部分抵消了這一增長。

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

現在來簡單介紹一下直升機運送的情況。除了我提到的五架 S-70 直升機外，西科斯基公司還在本季交付了五架黑鷹直升機、四架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，第二季度我們確實完成了一些關鍵項目的數量——是的，很抱歉，讓我們去太空吧。

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, FBM. Partially offsetting this growth was lower volume on classified programs and Orion.

最後，Space則名列第8位，銷售額年增1%。成長的動力來自於戰略和飛彈防禦計畫的增加，主要是高超音速飛彈和艦隊彈道飛彈（FBM）。機密節目和獵戶座節目數量的減少部分抵消了這一增長。

Operating profit increased 11% compared to Q2 2023, driven by favorable mix and higher profit booking rate adjustments.

受有利的產品組合和更高的利潤預訂率調整的推動，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.

現在我將把時間交還給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.

好的，謝謝，瑪麗亞，讓我們轉到圖表 9 的展望。鑑於我們今年迄今的強勁表現、持續的積壓訂單狀況以及關鍵項目透明度的提高，我們提高了對洛克希德馬丁公司 2024 年銷售部門、營業利潤和每股收益的財務前景的預期，我們將銷售額中位數提高 [17 億美元 50 億美元]，並將範圍收窄至 7050 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%.

新的中點反映了從 2023 年開始的 5% 的穩健成長，四個業務領域都實現了成長。我們也根據更高的銷售額提高了分部營業利潤預期，將分部營業利潤範圍上調至 735 萬美元至 75 億美元，並預計合併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 的中間值下降了約 50 個基點，而空間的中間值則上升了 40 個基點。由於業務面臨持續的成本壓力和吸收阻力，西科斯基推動了 RMS 的削減，其影響已經超過了成本削減計劃帶來的收益。相反，空間受益於穩健的性能和積極主動的成本削減努力。

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].

轉到圖 11 的每股收益，我們將中間點提高 0.35 美元至 26.35 美元，全年範圍為 26.10 美元至 26.60 美元。這張圖表顯示了其他變化的主要驅動因素，其中增加的部分來自 0.49 美元的增量利潤和其他離線項目[0.13 美元]。

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.

部分抵銷這些項目的是第二季遣散行動和資產減記產生的總計 0.29 美元的 RMS 費用。正如吉姆所提到的，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令我們感到鼓舞。

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 億美元左右，以吸收 F-35 最終交付付款長期延期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的不利因素而實現的。

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，我們仍預計將有超過 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，關於積壓訂單，即使銷售前景較高，我們仍然預計 2024 年積壓訂​​單仍將成長，這為未來的成長提供了視線。

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，我想強調一下關於更新後的展望的其他幾個關鍵假設。首先，我們預計 F-35 批次 [LOT-19] 將於今年授予，以保持專案資金和連續性。其次，我們繼續預期 MFC 機密計畫的損失為 3.25 億美元，其中今年迄今已確認 1 億美元。第三，該展望並不假設2024年有任何退休金繳款。

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，如圖 12 所示，我們穩健的上半年業績使我們有信心提高全年銷售額、利潤和每股收益的預期，同時保持現金流預期，這反映了我們為實現可預測和不斷改進的運營和財務業績而做出的持續努力，這一切都始於我們堅持不懈地專注於履行我們的計劃承諾並提供關鍵的 21 世紀安全任務改進能力，並努力履行我們的計劃承諾並提供關鍵的 21 世紀安全任務改進能力。

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，我們透過 LMS 轉型對我們的人員、流程和系統進行投資，目標是實現效率速度和程序執行方面的逐步變化，從而提前為我們的客戶提供安全功能。我們相信，這些管理重點和行動將轉化為對客戶和股東都具有吸引力且長期的價值主張。

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

好了，Lois，讓我們開始問答環節。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

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's an F-16 flying in the background right now. So apologies for the war in the background (multiple speakers)

嗨，吉姆、傑伊、瑪麗亞。來自法恩伯勒的問候。現在背景中正在飛行的就是一架 F-16。所以對幕後的戰爭表示歉意（多位發言者）

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，這是一架瘋狂或漂亮的飛機。關於F-35的交貨時間，今年下半年的預期仍然相當廣泛。您談到了存在下限和上限的情況，為了達到該範圍的下限上限，需要發生什麼，並以每年 156 輛的產量完成交付和生產，以趕上該計劃。

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.

因此，克里斯蒂娜，首先我要強調的是，我們將在網上進行這項工作，並以安全和品質進行交付是我們的首要任務。因此，只要從這個基礎開始，我們實際上就有能力增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 weather, 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完成飛行測試所需要的，我們需要達到這個範圍的高端。但我們想確保，如果出現天氣問題、飛行員或機組人員的休息問題等任何類似問題，我們都會解決。但我們應該擁有相應的資源。如果你願意的話，我想說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，克里斯汀，重申一下，我們預計數字在 75 到 110 之間。是的，只剩下不到六個月的時間了，範圍很廣。我想告訴你，在接下來的幾個月裡，我們將對飛機的引入和流動有更深入的了解，並進入測試和生產週期，真正引入停放的新飛機以及停放之外和生產流程中的飛機。

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.

當我們獲得這些經驗教訓時，我們將能夠更好地評估今年的交付要求是什麼。因此，我們需要花費幾個月的時間來確保我們掌握了這個流程。計劃週詳。我們實際上必須在實際操作中證明這一點，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.

我確實要燒掉積壓的飛機。因此我們需要花很多年的時間才能解決這個問題。自從宣布重啟以來，我們已經取得了一些進展。截至昨天星期一，我們已經交付了 10 架飛機，其中 6 架採用 TR-3 配置，4 架採用 TR-2 配置。因此我們認為我們已經有了一個非常好的開始。

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.

但是，我們確實需要有一個我只是監控能夠將來自兩個不同流程的飛機帶入一個試飛測試流程的運行節奏。再次強調，我們將在今年稍後進一步加強這項措施。

Thank you.

謝謝。

Cai von Rumohr, TD Cowen. Please go ahead.

Cai von Rumohr，TD Cowen。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交付的 F-35 數量將超過生產的量。我記得您曾經提到過，每次送貨您都會得到 700 萬美元的報酬。我想您也提到了部分付款的延期。

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，應計收入會發生什麼變化呢？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 $700 million (corrected by company after the call), that's potentially a substantial cash flow plus? Thanks so much.

其次，現金流影響，我知道付款有延期，但如果真的是 7 億美元（公司在電話會議後進行了更正），那麼這可能是一筆可觀的現金流收益？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.

好的，首先我想說，正如吉姆所提到的，重新開始交付是邁向交付具有完全作戰能力的飛機的重要第一步。正如您所說，飛機在那裡扣留了飛機，並扣留了他的最終交付付款作為計時項目，我們正在與客戶合作，以最終確定這些最終交付付款的條款。

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，但透露細節還為時過早，因為這仍有待談判。可以肯定地說，隨著我們在未來幾年內交付產品，您將看到時間上的優勢。但我認為我們仍然需要與客戶共同努力並最終確定該協議。

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 on 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，我確實不認為收入方面會有太大的增量收益。我們繼續以 156 的速度建設，今年的產量將略有增加。但在大多數情況下，我認為我們應該預期它會相當穩定，是的，我們會看到測試活動的增量活動，這確實會在完成百分比的基礎上增加我們的滲透率。但我並不認為這些真的都是實質的。因此，我們只是維持產量，我們預計 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.

我認為值得一提的是，我們在 2024 年最終交付付款方面面臨阻力。我們堅持自己的觀點。因此，我們正在吸收其餘投資組合中更好的表現，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，我們必須明確整個交付節奏，但我只是想確保我在最後一個問題上說得清楚，我們的目標是在 12 到 18 個月內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，以便能夠對此提供更好的指導。

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.

嘿，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，您已經看到收入方面出現了一些良好的成長勢頭，現在您也看到了利潤率方面也出現了一些增長。我想，您認為什麼時候可以開始談論這個問題，也許是您一直在談論的這個中位數個位數成長率中期每股自由現金流成長前景更好。您是否只需要在明年克服這些退休金逆風並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，我很感謝你提出這個問題。我們在過去幾個月，實際上是去年左右，就說過我們的目標是將絕對自由現金流提高到低個位數，然後再加上股票回購，就能讓我們達到每股中等個位數的自由現金流預期。

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.

我們對未來幾個月的多年預測仍將保持不變，我們將能夠在 10 月為您提供更好的更新。我認為，考慮到我們在 2024 年處於更高的水平，這是一個積極的信號，我們預計 2025 年我們將繼續在這個更高的基線上實現成長。

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討論這個問題，我們將至少在十月初步向您更新這一資訊。

That's great. Thank you.

那太棒了。謝謝。

Yeah.

是的。

Thank you.

謝謝。

Gavin Parsons, UBS. Please go ahead.

瑞銀的加文·帕森斯。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.想知道是否堅持收入，就像你們談到供應鏈是一種瓶頸一樣。上行空間更多在需求方面還是在供應鏈方面的解鎖方面？如果是後者，您能否再多談談供應鏈以及您對下半年的預期，因為我認為下半年的成長速度會慢很多？

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。截至 2023 年底，我們的積壓訂單金額達到 1,600 億美元，創下了紀錄。第二季的銷售額為 1.58 億美元，略低於創紀錄的水平，但上半年的銷售額卻遠高於我們的預期。

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.

我們預計，正如我在準備好的發言中提到的那樣，我們預計積壓訂單將在今年年底繼續增加，這使我們更清楚地了解 25 年及以後的進一步增長。因此，從積壓訂單的角度來看，我們非常看好這種情況，就供應鏈而言，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 about insourcing some capabilities, dual sourcing where it makes sense. Also, we have deployed and we continue to deploy personnel to provide on-site assistance to suppliers.

我們看到那裡的情況持續改善，交貨準時，零件短缺的情況持續減少。話雖如此，我們仍在一些領域，特別是在我們正在加強一些主要項目的地方，我們仍有一些工作要做，我們仍在採取許多舉措和行動，採取我們過去談到的主動行動，即在合理的情況下內部採購一些能力，進行雙重採購。此外，我們已經並將繼續派遣人員為供應商提供現場援助。

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的重新設計，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，我介紹了需求方面的一些定性背景，我們的策略包括向國防部推廣最新的數位技術、客戶和基於開放式架構標準的系統。透過這樣做，使我們的產品服務平台符合或符合未來開放架構和標準的概念，從而推動這些產品、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，並且我們正在進行演示，無論是在演習中還是在紅海等真實衝突中，我們都可以通過無線方式對宙斯盾系統進行更新，該系統已有幾十年的歷史，但現在可以得到非常快速的改進，就像你可以在一夜之間在你的特斯拉上下載一樣，我們可以在一夜之間通過無線方式在宙斯作戰控制系統上進行下載。

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，對付低空飛行的無人機和巡航飛彈等的效力是原來的兩倍或三倍。因此，我們實際上正在將基於標準的架構上的這些內容實施到我們今天的產品和服務中，我希望這將繼續推動它們的發展。

Great, appreciate the detail.

非常好，感謝細節。

Pete Skibitski, Alembic Global Advisors. Please go ahead.

Pete Skibitski，Alembic Global Advisors。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，大家早安。如果你考慮一下 24 年基準預算和烏克蘭補充預算中什麼是合適的，那麼你們還有多少訂單流需要處理？和 MFC。

And also just if we if we think about the on the growth cadence there, you talked about $750 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，您過去談到每年 7.5 億美元。今年你的成績將會遠高於這個數字。所以我只是想知道，在這種節奏下，這種情況是否會在 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 的訂單仍然充足。正如我所提到的，本季度的訂單出貨比超過了 2，我們仍然預計年底還會有更多訂單，特別是下半年的 JASSM 和 LRASM 訂單，甚至還有補充訂單。那裡有一些機會可以繼續建立他們的積壓訂單等等，我們已經討論過[750]，你是對的，今年他們的積壓訂單數量將高於這個數字。我們預計明年該公司將繼續保持成長勢頭，並且在未來三到五年內，該公司將再次成為洛克希德馬丁公司中成長最快的公司。

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.

所以我們對此非常看好。其中大部分已經積壓，但在繼續建造積壓方面仍有許多工作要做。對我們來說，關鍵是確保我們能夠滿足這項需求，並根據客戶的要求來推進所有這些專案。並且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，您會看到這種做法帶來的好處，銷售額將會增加。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來源。

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。從定性角度來看，我告訴我們的團隊和內部高階主管，我們屬於航空航太和國防工業，但我們屬於洗滌劑業務，對嗎？因此，如果您退一步說說是什麼導致了 MFC 的轉變，例如，我認為任何看過幾部克林特伊斯特伍德電影的人都知道，如果我們用完了彈藥，您就會有大麻煩，對嗎？那麼威懾的一部分就是表明 A，你有足夠的彈藥庫存來戰勝侵略者並維持你的行動？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 our 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按照敏捷規劃的速度進行生產，並快速提高該速度。第三點是，您可以在當地劇院生產和修理我們的 MFC 和其他產品，而不必將它們一路帶回美國進行修理或提高產量。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並加強威懾。MFC 發揮著巨大的作用，確保我們的對手知道我們有足夠的庫存和 MFC 類型的產品，並且我們可以提高這一速度，並且可以在不同的地方生產並在他們採取行動時在不同的地方進行維修。這其實是傑伊所談論內容的一種定性基礎。

Appreciate guys, thank you.

感謝大家，謝謝。

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

塞思‧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。可能只是簡短地說一句，抱歉這裡的背景噪音。只是對整體情況做一個快速的概述。

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?

傑伊，我認為您過去曾說過，成長潛力至少與 2024 年和 2025 年一樣強勁，而且成長率有良好的加速潛力。由於 2025 年和 2024 年收入基數更高、成長率更高，情況是否仍然如此？

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，塞斯。正如我之前提到的，我們將在接下來的幾個月裡按照流程製定多年期的展望，包括 2025 年的展望，我想告訴大家的是，我們積壓的訂單可見性將支持另一個類似於 2024 年的年份。

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.

我們必須經歷這個過程，並且必須具備實現這一目標的實際操作能力。有需求，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，這實際上是兩年內的一個相當重大的進步。正如我之前提到的，我們仍在處理一些程序。他們仍在努力讓我們達到爬坡率。

Sheila Kahyaoglu, Jefferies. Please go ahead.

傑富瑞的 Sheila Kahyaoglu。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.

大家早安。謝謝。也許我們可以談談獲利能力。如果我們看一下上半年的獲利能力為 10 七，那麼下半年的獲利能力是否會在百分之十以下？您能否從供應鏈生產力的角度介紹其中的一些變化因素？我知道交易量較低，我們如何看待今年的退場率？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.

希拉，我的意思是，今年下半年最重要的是 MFC 的專案損失，我們必須在下半年記錄。正如我在準備好的發言中提到的那樣，今年下半年迄今為止，我們已經錄得約 1 億美元的收入。我們預計還將有約 2.25 億美元。因此這將對下半年的利潤率造成壓力。

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.

我想說的第二點是，儘管我們看到上半年利潤調整非常強勁且穩健，但我們還是會這樣做。根據計劃時間和風險退出時間，下半年這一速度會略有放緩。

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.

因此，我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階段。但我想說的是，我們對我們的前進方向感到滿意。我們已經討論過，2024 年是所有淨利潤率的低水位線，我們預計未來幾年它將逐步改善，我們仍然相信這可以實現。

Thank you.

謝謝。

Thank you.

謝謝。

Ken Herbert, RBC Capital Markets. Please go ahead.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ken Herbert。請繼續。

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

早安.我只是想看看，如果我錯過了，請原諒，但您能否評論一下您對 NGAD 的看法，以及您現在如何看待它的發展，以及我們可能會對下一代飛機計劃有何看法？

Sure, Ken. It's Jim here. So when it comes to the NGAD 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。我是吉姆。因此，當談到 NGAD 計劃時，我們沒有被授權在業界談論其細節。所以你必須去美國政府才能深入了解這個特定的計劃。但我可以告訴你我們為下一代戰鬥機做了哪些準備。

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，其中一些是自 2021 年以來在投資方面進行的，相反，我們開放了四個高科技設施的大門，這些設施擁有生產和指導類型組件的許可和安全許可能力。一端在佛羅裡達州，加州的臭鼬工廠新開了一家大型工廠，我去那裡參觀了。我們在阿拉巴馬州有這種產品，在喬治亞州有兩家。因此，我們已提前建立並運行了這些經過認證的設施，以滿足需求。我們正在開發程序和產品，並將其分類以保持我們的能力空間。

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，我們已經建立並運行了這些設施，我們擁有的其他資源是瑪麗埃塔臭鼬工廠、沃斯堡和其他地方的人力，他們可以使用我們的數位轉型、工程技術和數位孿生進行設計、測試和建造。這些類型的部件、飛機和其他東西可能會進入其中並獲得概念。

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.

因此我可以告訴你，洛克希德馬丁公司已準備好以設計速率進行生產。我們正在確保我們有能力並具備空軍和海軍所需的空中競技場。關於這一點我們能說的就這些了。但我可以向你們保證，如果政府啟動真正的競爭，我們具有競爭力，並準備好在這個領域大展拳腳。只要有人能生產出來，我們就能做到。

Thank you.

謝謝。

Rob Spingarn, Melius Research. Please go ahead.

Rob Spingarn，Melius Research。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，或者我猜現在還是早上。想問您有關 F-35 的問題，並祝賀其恢復交付。但當我們考慮 TR-3 和生產方面時，供應鏈如何能夠及時提供足夠的材料和整合核心處理器以維持每年 156 個的產量。因此，隨著混合物越來越趨向於所有 TR-3，供應鏈的準備如何。

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.

所以，羅布，正如我幾分鐘前在準備好的發言中提到的那樣，大約一個月前，我們在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，而且還有一系列其他組件，所有這些公司都需要保持或提高其生產率並在此過程中對其設備進行現代化改造。這樣就與這些供應商進行了溝通。

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整合得很好，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、跨多家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。我們將對他們進行監控，甚至會繼續派遣人員到他們的站點，以確保這一點。

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制定的測試和開發的更好的整合計劃。

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

吉姆，接下來，我們如何看待從 TR-2 到 TR-3 的改造節奏？

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，羅布，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，將會有大量最初製造的 TR-2 飛機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?

這是您期望很快談論的事情嗎？還是幾年後我們應該把重點放在目前新生產的飛機 TR-3 上？

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.

所以，這又是美國政府的政策決定。所以最好向他們要求這樣的評論，羅布。但我們再次準備好按照我們預期他們能夠達到的速度去做這件事。

Great. Thanks so much.

偉大的。非常感謝。

Thank you.

謝謝。

Noah Poponak, Goldman Sachs. Please go ahead.

高盛的諾亞·波波納克。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，你能否給我們提供最新情況，我想如果你今天就確定這條線，或者只是大概了解一下，就像你從至少 25 年的現金流、養老金繳款和現金回收情況中看到的那樣。我想如果你擁有它並且願意給予它的話那將會很有幫助。

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，您能否詳細談談，考慮到您面臨的退休金逆風，您如何在 25 年實現絕對美元自由現金流的增長，以及這與該部門的增長速度相比如何？

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，今年的現金回收額略低於 17 億美元。我們預計，就絕對自由現金流（包括成長和持續成長的組成部分）而言，這一數字將下降約 1 億美元，並且在接下來的幾年裡可能保持在這個水平。

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 earnings growth because of our net income growth, on in addition to some of these benefits and the timing on the F-35.

是的。我們討論過養老金是一個阻力。我們討論的金額大約在 10 億美元左右。我們預計推動現金流成長的領域是由於我們的淨收入成長而帶來的持續獲利成長，此外還有一些好處以及 F-35 的時機。

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.

我們也討論了一般營運資金的問題。即使將 F-35 放在美國方面，我們所關注和追求的也是我們的合約資產。如果你看第二季度，你會發現我們的餘額接近 140 億美元，就效率而言，目前的餘額大約需要 70 到 72 天的銷售時間。

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，這一數字已從約 55 天增長。所以那裡有 F-35 的元素，以及我們過去幾年在那裡經歷的事情。但 F-35 以外的機型也出現了成長。

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.

這對我們來說意味著很多機會，可以將其轉化為更快的計費，達到我們過去能夠證明的水平，並且我們一直專注於所有業務領域，以便在多年的基礎上將其推回到我們能夠證明的水平。

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化相關的付款。因此，透過降低支付額度，我們可以獲得約 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，當你把所有這些因素綜合起來時，我們認為它們會產生一條克服困難的道路，而我們看到的退休金和驅動因素要達到這個低個位數的目標並不容易。這並非輕而易舉的事，但我們有辦法實現這一目標，這也是我們今天所努力的方向，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，也許這只是您在電話中談論的內容，您已經談論了很多有關 MFC 的內容，您知道，這是您未來幾年將要實現的生產提升。

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免稅合作協議以及在波蘭開放的生產有何關聯？我認為吉姆也提到了西班牙，那裡達成了一項協議。

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?

您能否向我們介紹第三包的最新情況，現在的成長情況和擴張情況如何？我猜測，對於一些高利潤的 JASSM，其成長率會是怎樣？

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.

我相信你知道，許多此類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，這些都是我們累積訂單並推動工廠需求的因素，我們預計到 2025 年將達到 [550]，到 2027 年將達到 [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 going 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署的合作夥伴關係都使我們能夠以這樣的速度進行生產和交付。這並不僅僅只是 PAC-3。我們討論過 GMLRS 的數量將從 10,000 枚增加到 14,000 枚。我們討論過 Javelin 的數量從 2000 增加到 4000 左右。我們討論過 JASSM 和 LRASM 的數量將從每年約 700 枚增加到每年 1,100 枚。

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、我們與國內和國際客戶的所有互動都是推動我們實現這些費率的因素。因此，他們所做的就是填滿桶，為我們帶來產生這些銷售所需的積壓訂單，而我們正朝著這個目標前進。

Jason Gursky, Citi Research. Please go ahead.

花旗研究部的 Jason Gursky 說。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，我想向您描繪一個大局，讓您把所有這些結合起來，比如您在近期和長期所看到的情況，再過幾個季度回顧一下，您從烏克蘭衝突中吸取了哪些教訓，洛克希德公司從中學到了什麼，您是否因此在任何新領域進行了投資，以及您從客戶（包括美國客戶以及我們的一些盟國客戶）那裡得到的反饋。

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設置要求的發展，您在哪裡花錢，又將如何做呢？只是一幅大圖景，你知道嗎——我們正處於 24 年的中間。我們從烏克蘭學到了什麼？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，烏克蘭衝突雖然令人遺憾，但我們可以從中學到很多。一是傳統系統，例如最初入侵時的標槍系統，對烏克蘭的初期防禦做出了重大貢獻，因為這是典型的裝甲攻擊，而裝甲支援步兵攻擊意味著裝甲車輛是帶頭保衛戰的先鋒。當這些車輛開到支援系統前面時，標槍之類的反坦克飛彈就發揮了巨大的作用，迅速阻止了攻擊，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，它是為地面戰爭，傳統陸戰而設計的，如果你願意的話。這受到了很大的影響。所以我們確實從中學到了東西。現在雙方都陷入了堵塞。有電子戰、網路戰，就像我告訴我的團隊，你們高中摔角教練說的，每個動作都有一個反擊動作。

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，如果是通用汽車 GPS，我們會調整系統衛星或接收器，或採用其他形式的導航或瞄準，並對此做出反應。因此一方面，傳統系統仍然有效。另一方面，你必須能夠快速適應。我想說那是那裡的主要教訓，另一個類似的情況是第三個，同樣是幾十年的服務。現在，俄羅斯又發動了高超音速飛彈威脅，它發射了多次飛彈，我認為所有這些飛彈都沒有成功擊中目標，因為工廠已經進行了改造，可以應對高超音速飛彈。

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.

然後談談問題的另一面，我認為無人機在陸戰中比以前變得更重要。在海戰中，實際上在烏克蘭，你可以看到自動駕駛車輛取得了相當大的成功，還有無人機和無人駕駛飛行器。因此，這類系統並不是第一次在包括中東在內的複雜地區使用，如果你願意的話，可以將其用於反恐，但學員們將其提升到了一個新的水平，實際上思考著利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。我們公司在這方面涉足頗深，其中許多都是機密，無論是動能還是監視無人機系統，但我們正在從這兩者中學習。因此，我們使用無人機，這種最小的無人機海軍陸戰隊可以從背包中取出，並用手發射到飛機大小，如果你願意的話。

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.

所以我們參與了那場比賽。我們確實從烏克蘭吸取了更多教訓，那就是傳統系統在規模和數量上仍然至關重要。其次，他們必須比以前更有適應力。這在某種程度上支持了我們的數位技術努力和活動，即讓我們利用最好的數位技術，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，露易絲，我想我們已經到了整點​​了。因此我將把它交還給吉姆，讓他發表一些最後的想法。

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。至此，我們結束了。我要感謝洛克希德馬丁團隊為推進客戶使命所做的努力，並推動了我們本季的穩健表現。正如傑伊所說，我們的能力得到了全世界的認可，是國防技術領域的佼佼者，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，並專注於將我們的營運轉變為內部數位轉型計劃。

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成長奠定了堅實的基礎。因此，我期待在十月的下次通話中再次與您交談。露易絲，我們今天的通話到此結束。

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。