洛克希德·馬丁 (LMT) 2024 Q4 法說會逐字稿

Good day and welcome, everyone, to the Lockheed Martin fourth-quarter and full-year 2024 earnings results conference call.

大家好，歡迎參加洛克希德馬丁公司 2024 年第四季和全年收益業績電話會議。

Today's call is being recorded.

今天的通話正在錄音。

(Operator Instructions)

（操作員指令）

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

現在，為了致開幕詞和介紹，我想將電話轉給副​​總裁、財務主管和投資者關係瑪麗亞·里卡多內 (Maria Ricciardone)。

Please go ahead.

請繼續。

Thank you, Sarah, and good morning, everyone.

謝謝你，莎拉，大家早安。

I'd like to welcome everyone to our fourth-quarter and full-year 2024 earnings conference call.

歡迎大家參加我們的 2024 年第四季和全年財報電話會議。

Joining me today on the call are Jim Taiclet, our Chairman, President, and Chief Executive Officer; Jay Malave, our Chief Financial Officer.

今天與我一起參加電話會議的還有我們的董事長、總裁兼執行長 Jim Taiclet； Jay Malave，我們的財務長。

Statements made in today's call that are not historical facts are considered forward-looking statements and are made pursuant to the Safe Harbor provisions of federal securities' law.

今天電話會議中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規定做出。

Actual results may differ materially from those projected in the forward-looking statements.

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.

請參閱今天的新聞稿和我們的美國證券交易委員會文件，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的描述。

We have posted charts on our website today that we plan to address during the call to supplement our comments.

我們今天在我們的網站上發布了一些圖表，我們計劃在電話會議中討論這些圖表以補充我們的評論。

These charts also include information regarding non-GAAP measures that may be used in today's call.

這些圖表還包含有關今天的電話會議中可能使用的非 GAAP 指標的資訊。

Please access our website at www.lockheedmartin.com and click on the Investor Relations link to view and follow the charts.

請造訪我們的網站 www.lockheedmartin.com，然後點擊「投資者關係」連結以查看和關注圖表。

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.

謝謝，瑪麗亞。

Good morning, everyone, and thank you for joining us on our fourth-quarter and full-year 2024 earnings call.

大家早安，感謝您參加我們的 2024 年第四季和全年財報電話會議。

As you saw in the press release this morning, our return-to-growth strategy that we implemented three years ago is well on its way and remains on a strong trajectory.

正如大家在今天早上的新聞稿中看到的，我們三年前實施的恢復成長策略進展順利，並且仍保持著強勁的勢頭。

In 2024, sales grew 5% year over year, and our backlog of $176 billion reached yet another record, demonstrating the enduring global demand for our superior, scalable, and reliable products and systems.

2024年，銷售額年增5%，我們的1,760億美元積壓訂單再創紀錄，證明了全球對我們卓越、可擴展、可靠的產品和系統的持久需求。

Each and every one of our four business areas saw backlog growth and ended the year with a book-to-bill ratio of greater than 1.

我們四個業務領域的積壓訂單均有所成長，年底的訂單出貨比均超過 1。

We fully expect these trends to continue in our 2025 outlook with mid-single-digit growth in sales, segment operating profit returning to 11%, and double-digit growth in free cash flow per share.

我們完全預期這些趨勢將在 2025 年展望中持續，銷售額將實現中個位數成長，分部營業利潤將回升至 11%，每股自由現金流將達到兩位數成長。

Jay and Maria will cover the financials in more detail, but I'd like to briefly comment on the earnings impact in the fourth quarter of two classified programs at MFC and aeronautics, prospectively.

Jay 和 Maria 將更詳細地介紹財務狀況，但我想簡要評論 MFC 和航空兩個機密項目在第四季度的盈利影響。

Recording charges in Q4 on these two programs enabled us to derisk the financial profile of both these critical national security programs going forward as we move into their next phases.

在第四季度記錄這兩個項目的費用使我們能夠在進入下一階段時降低這兩個關鍵國家安全項目的財務狀況的風險。

While these particular contracts were struck a number of years ago, there are no longer any must-win competitions.

雖然這些特定的合約是在幾年前達成的，但現在已經不再有任何必須贏得的比賽了。

Under today's Lockheed Martin-wide bid process, every proposal adheres to a stringent risk-adjusted ROI regime.

根據當今洛克希德馬丁公司的整個招標流程，每項提案都遵循嚴格的風險調整投資報酬率制度。

This process is designed to compete aggressively for key opportunities while also being very committed to achieving positive results, both in the short and long term for our shareholders.

這個流程旨在積極競爭關鍵機遇，同時致力於為我們的股東實現短期和長期的正面成果。

At the same time, we are committed to ongoing investment in the business to further enhance our company's growth trajectory, having successfully executed our return-to-growth initiative over the past few years.

同時，我們致力於持續投資業務，以進一步增強公司的成長軌跡，並在過去幾年成功執行了恢復成長計畫。

In 2024, we invested $3.3 billion in research and development and capital to support advanced scalable technology solutions for our customers.

2024年，我們投資33億美元用於研發和資本，為客戶提供先進的可擴展技術解決方案。

Equally important looking forward, our investments to enhance the attractiveness and performance of our key programs and initiatives such as America's preeminent fifth-generation fighter, the F-35, and our internal digital transformation, 1LMX, are inspected to growth.

展望未來，同樣重要的是，我們為增強關鍵項目和計劃的吸引力和性能而進行的投資，例如美國卓越的第五代戰鬥機 F-35 和我們的內部數位轉型 1LMX，都得到了成長檢驗。

Our financial focus remains on free cash flow and free cash flow per share.

我們的財務重點仍然是自由現金流和每股自由現金流。

Our company continued to deploy significant free cash flow in 2024, and we return greater than 100% of that free cash flow to you, the shareholders.

我們公司在 2024 年繼續部署大量自由現金流，並將超過 100% 的自由現金流返還給股東。

In addition to our consistent and healthy dividend, we maintain a robust share repurchase program with 3.7 billion of shares repurchased in 2024.

除了持續健康的股息外，我們還保持強勁的股票回購計劃，2024 年將回購 37 億股股票。

Turning to the F-35.

轉向F-35。

We delivered 62 aircrafts in the quarter, bringing our total deliveries for 2024 to 110, the high end of our expected range.

我們在本季度交付了 62 架飛機，使我們 2024 年的總交付量達到 110 架，達到我們預期範圍的高點。

These deliveries included aircraft that were previously part and new jets have rolled off the production line.

這些交付包括之前的零件飛機和已經下線的新飛機。

We continue to expect deliveries will exceed the production rate over the next few years and estimate 170 to 190 F-35 aircraft deliveries in 2025.

我們繼續預計未來幾年交付率將超過生產率，並預計 2025 年將交付 170 至 190 架 F-35 飛機。

TR3 capabilities continue to progress in flight testing.

TR3 的能力在飛行測試中不斷進步。

We completed qualification testing on a set of key TR3 capabilities in 2024, and we're making solid progress on system performance and remaining TR3 deliverables.

我們於 2024 年完成了一組關鍵 TR3 功能的資格測試，並且在系統性能和剩餘 TR3 交付成果方面取得了紮實的進展。

We expect to release additional capability this year was for further upgrades to follow.

我們預計今年將發布更多功能，以便後續進行進一步的升級。

In addition, the undefinitized contract for Lot 18 F-35 production was awarded in December, bringing our backlog to 408 aircrafts.

此外，第 18 批 F-35 生產未確定合約於 12 月授予，使我們的積壓訂單達到 408 架。

We expect this contract will be definitized during the first half of 2025.

我們預計合約將於 2025 年上半年完成。

We welcomed our 20th global customer, Romania, into the F-35 enterprise in November for this Letter of Offer and Acceptance to procure our 32 aircraft.

11 月份，我們歡迎第 20 位全球客戶羅馬尼亞加入 F-35 企業，並簽署了採購 32 架飛機的要約和接受函。

The Romanian Air Force's F-35 will integrate with their existing F-16 fleets as well as other allied F-35s, highlighting the importance of the superior capabilities of this aircraft.

羅馬尼亞空軍的 F-35 將與其現有的 F-16 機隊以及其他盟國的 F-35 戰機整合，凸顯該飛機卓越性能的重要性。

Moreover, the F-35's seamless interoperability using our 5G.mill architecture will be crucial in establishing and maintaining command of the air, especially in the end of Pacific, European, and Middle Eastern

此外，F-35 使用我們的 5G.mill 架構的無縫互通性對於建立和保持空中指揮至關重要，特別是在太平洋、歐洲和中東的末端

[theaters].

[劇場]。

Lockheed Martin's system of integration expertise across land, air, sea, space, and cyber are essential to continually improving many important national security missions such as protection from air and missile attacks.

洛克希德馬丁公司在陸地、空中、海上、太空和網路方面的整合專業知識系統對於持續改進許多重要的國家安全任務（例如防禦空中和飛彈襲擊）至關重要。

In this example, our Defense of Guam flight experimentation mission in December successfully demonstrated the integration of multiple Lockheed Martin and other OEM products into a single combined weapons system.

在這個例子中，我們 12 月的關島防禦飛行測試任務成功展示了將多個洛克希德馬丁公司和其他 OEM 產品整合到單一聯合武器系統中。

Our Aegis Guam system was successful in acquiring and tracking targets using our TPY-6 radar planning and conducting the missile engagement using our Aegis combat system.

我們的「宙斯盾關島」系統成功地使用 TPY-6 雷達捕獲和追蹤目標，並使用「宙斯盾」作戰系統規劃和實施飛彈攻擊。

Then we fired the interceptor from one of our vertical launching systems and ultimately destroyed the incoming weapons.Equally important was the accelerated pace from contact award to successful completion of this flight test mission in under two years.

然後我們從我們的一個垂直發射系統發射攔截彈，最終摧毀了來襲的武器。 。

It was a direct result of leveraging prior investments and all these proven technologies.

這是利用先前投資和所有這些成熟技術的直接結果。

Building on our production-ready Air-Launched Rapid Response Weapon or ARRW, America's hypersonics technology made another important milestone in the development of one of our most important and advanced weapon systems in December.

在我們已投入生產的空射快速反應武器（ARRW）的基礎上，美國的高超音速技術在12月在我們最重要和最先進的武器系統之一的開發中又取得了重要里程碑。

The US Army and US Navy completed a successful end-to-end flight test of the common hypersonic (inaudible), the first live-fire event for the long-range hypersonic weapons system.

美國陸軍和美國海軍成功完成了通用高超音速（聽不清楚）端對端飛行測試，這是遠程高超音速武器系統的首次實彈試驗。

I'd like to shift gears now to the current discourse about the defense industry landscape.

現在我想討論一下當前國防工業情勢。

Much has been said about defense primes, emerging startups, traditional and nontraditional companies.

關於國防主要企業、新興創業公司、傳統和非傳統公司的討論已經很多。

I see us all working together, and I think that it's industry's role to help marshal the talent and expertise in our country to provide the best possible deterrent capabilities with both physical products at the ships, aircraft, and satellites as well as digital, advanced technologies.

我看到大家都在共同努力，我認為工業界的職責是幫助整合我國的人才和專業知識，透過船艦、飛機和衛星等實體產品以及數位先進技術提供最佳的威懾能力。

We need to access the best talent, financial resources, and technologies from both the aerospace and defense and commercial sectors to get ahead and stay ahead.

我們需要獲取航空航太、國防和商業領域的最佳人才、財力資源和技術，以取得領先並保持領先。

To that end on the commercial front, I've long been an advocate of deepening partnerships across industries, and we have done so with companies such as NVIDIA for artificial intelligence; Meta and IBM for large language models to more efficiently generate code, analyze data, and enhance business processes; Verizon for 5G networks; Microsoft for classified cloud modeling and simulation; and Intel and GlobalFoundries for advanced military hardened shifts.

為此，在商業方面，我一直倡導深化跨產業合作，我們與 NVIDIA 等公司在人工智慧領域建立了合作夥伴關係； Meta 和 IBM 用於大型語言模型，以更有效率地產生程式碼、分析資料和增強業務流程； Verizon 負責 5G 網路；微軟用於機密雲端建模和模擬；以及英特爾和 GlobalFoundries 為先進的軍事強化轉變提供的支持。

We're also investing heavily on internal development, autonomy, AI, and other enabling digital technologies to provide the best solutions for our customers. [Skunk Works] continues to drive the cutting edge, theater-level security solutions, and real-time live flight demonstrations.

我們也大力投資內部開發、自主性、人工智慧和其他支援性數位技術，為客戶提供最佳解決方案。 [臭鼬工廠] 繼續推動尖端的、戰區級的安全解決方案和即時現場飛行演示。

We had an F-35 flying from our facility in North Fort Worth, Texas sharing classified data by a Skunk Works open-system gateway through a commercial satellite communications and all the way over into a Royal Air Force lab in Farnborough, UK.

我們有一架F-35 從德克薩斯州北沃斯堡的設施起飛，透過商業衛星通信，利用臭鼬工廠開放系統網關共享機密數據，並一路傳輸到位於英國法恩伯勒的皇家空軍實驗室。

It was integrated into their command-and-control system.

它被整合到他們的指揮和控制系統中。

This achievement marks a significant step towards a future-integrated defense, enhancing our F-35 interoperability in real time within an allied C2 system using our 5G dominant architecture.

這項成就標誌著我們向未來一體化防禦邁出了重要一步，利用我們以 5G 為主導的架構，增強了我們的 F-35 在盟軍 C2 系統中的即時互通性。

In another first, our Lockheed Martin Skunk Works team, along with the US Navy and General Atomics, completed a live controlled flight demonstration of an uncrewed system by the Unmanned Carrier Aviation Mission Control Station, which is powered by our autonomy platform.

另一項首創是，我們的洛克希德·馬丁臭鼬工廠團隊與美國海軍和通用原子公司合作，透過由我們的自主平台提供支援的無人航母航空任務控制站完成了無人系統的即時控制飛行演示。

This demonstrates us a pathfinder that helps advance the complex technology necessary to enable human-machine teaming as envisioned for autonomous systems.

這向我們展示了一種有助於推進實現自主系統所設想的人機協作所必需的複雜技術的探路者。

We're doing it right now.

我們現在就正在做。

Turning to the budget, the current continuing resolution funds US government operations through March.

談到預算，目前的持續決議為美國政府到三月的營運提供資金。

We look forward to working with the returning administration to continue pursuing a more agile and streamlined acquisition process that encourages speed, technology innovation, and broader participation.

我們期待與新政府合作，繼續推行更靈活、更精簡的採購流程，以促進速度、技術創新和更廣泛的參與。

We see those as an opportunity to make great progress in all these areas, and we will continue to share ideas and do our part to support efforts to eliminate unnecessary regulatory hurdles while working to increase efficiency in our own internal operations through our 1LMX digital transformation.

我們將此視為在所有這些領域取得重大進展的機會，我們將繼續分享想法，盡自己的一份力量，支持消除不必要的監管障礙的努力，同時努力透過1LMX 數位轉型提高我們內部營運的效率。

Now, I'll turn it over to Jay.

現在我將把話題交給傑伊。

Thanks, Jim, and good morning, everyone.

謝謝，吉姆，大家早安。

Today, I'll provide an overview of our consolidated financial results for the fourth quarter and full year, then hand off to Maria, who will cover business area financials, and I'll come back at the end to discuss our initial 2025 outlook.

今天，我將概述我們第四季度和全年的綜合財務業績，然後交給瑪麗亞，她將負責業務領域的財務狀況，最後我將回來討論我們對 2025 年的初步展望。

2024 was a solid year.

2024 年是堅實的一年。

Our growth strategies are paying off with 5% top line growth while also growing backlog 10% to $176 billion, another year-end record.

我們的成長策略取得了成效，營業收入成長了 5%，同時訂單積壓也成長了 10%，達到 1,760 億美元，再創年終紀錄。

Our balanced portfolio enabled us to generate solid free cash flow and meet our deployment commitments exceeding 100%.

我們均衡的投資組合使我們能夠產生穩健的自由現金流，並滿足超過 100% 的部署承諾。

Finally, we took prudent derisking actions on key programs that paved the way for a solid outlook in 2025 and beyond.

最後，我們對關鍵項目採取了審慎的風險降低行動，為 2025 年及以後的穩健前景鋪平了道路。

Before I get into the results in more detail, I'll walk you through these de-risking actions.

在我更詳細地介紹結果之前，我將引導您了解這些降低風險的措施。

Chart 4 provides two different reconciliations that detailed a full impact of these items on our full-year results and their partial impact to our prior expectations.

圖 4 提供了兩種不同的對帳表，詳細說明了這些項目對我們全年業績的全面影響以及對我們先前預期的部分影響。

We've also included a fourth-quarter version of the same chart in the appendix on slide 20.

我們也在第 20 頁的附錄中提供了同一張圖表的第四季版本。

For purposes of understanding the total impact on our full-year results, I'll direct your attention to the middle section of the chart.

為了了解對我們全年業績的整體影響，我將請您關注圖表的中間部分。

We recorded net charges of $1.8 billion as follows, $1.4 billion related to the remaining expected future losses on the MFC classified program, and $555 million associated with the aeronautics classified program, with these amounts partially offset by $155 million benefit associated with our C-5 claim resolution.

我們記錄了18 億美元的淨費用，如下：14 億美元與MFC 機密項目剩餘的預期未來損失有關；5.55 億美元與航空機密項目有關，這些金額部分被與我們的C-5 相關的1.55 億美元收益所抵銷。

Moving over to the right side of the chart, you may recall that our last outlook in October had assumed some of these net charges.

移到圖表的右側，您可能還記得，我們​​十月份的上一次展望已經假設了其中一些淨費用。

So let me walk you through that as well.

所以讓我也來向您介紹一下這一點。

Relative to our prior outlook, we recorded $1.4 billion of unplanned net charges, consisting of $410 million for the aeronautics classified program, $1.1 billion from the MFC classified program, with these amounts partially offset by $70 million of unplanned and benefit from the C-5 claim resolution.

相對於我們先前的預測，我們記錄了14 億美元的計劃外淨費用，其中包括航空機密計劃的4.1 億美元、MFC 機密計劃的11 億美元，這些金額部分被7000 萬美元的計劃外費用和C -5 的收益所抵銷索賠解決。

Both reconciliations provide adjusted results to exclude the impact of these items for comparison purposes.

為了便於比較，兩種調節表均提供了調整後的結果，以排除這些項目的影響。

For the remainder of my prepared remarks, I will refer to the reported and adjusted amounts as shown on the left side of the chart, unless otherwise noted.

在我準備好的發言的剩餘部分中，我將參考圖表左側所示的報告和調整後的金額，除非另有說明。

Okay, moving to chart five with fourth-quarter results.

好的，接下來是第五張圖，顯示第四季的業績。

Sales of $18.6 billion were down slightly year over year.

銷售額為 186 億美元，較去年同期略有下降。

Sales in the quarter were unfavorably impacted by having one [fewer week] in Q4 '24 compared to Q4 of '23, partially offset by the F-35 Lot 18 deferred revenue carryover from the third quarter.

與 2023 年第四季度相比，2024 年第四季度減少了一周，對本季度的銷售產生了不利影響，但第三季度的 F-35 Lot 18 遞延收入結轉部分抵消了這一影響。

Segment operating profit, segment margins, and earnings per share were all adversely impacted by the classified program charges at aeronautics and missiles and fire control.

航空、飛彈和火控部門的機密項目費用對部門營業利潤、部門利潤率以及每股收益均產生了不利影響。

On an adjusted basis, segment operating profit would have grown 5% year over year to $2.1 billion, resulting in segment margins of 11.1%.

經調整後，分部營業利潤年增 5% 至 21 億美元，分部利潤率達到 11.1%。

Shifting to new business, we recorded over $29 billion of orders in the fourth quarter for a book-to-bill ratio for approximately 1.6. Aeronautics led the way with almost $20 billion in orders driven by the F-35 Lot 18 and fiscal year '25 air vehicle sustainment contract awards.

轉向新業務，我們第四季的訂單量超過 290 億美元，訂單出貨比約為 1.6。航空業以近 200 億美元的訂單量遙遙領先，其中主要推動力是 F-35 第 18 批訂單和 25 財年的飛行器維持合約授予。

Both contracts will help secure the wide-reaching F-35 US production enterprise and ensure America's military is equipped with the most advanced fighter aircraft in the world.

這兩份合約將有助於鞏固廣泛的F-35美國生產企業，並確保美國軍方配備世界上最先進的戰鬥機。

Free cash flow was $440 million in the quarter, including $990 million of pension prefunding to extinguish the 2025 required contributions.

本季自由現金流為 4.4 億美元，其中包括 9.9 億美元的退休金預付資金，用於償還 2025 年所需的供款。

Continuing with capital deployment, we further advanced strategic and technical and operational capabilities by investing over $1.1 billion in the quarter towards independent research and development and capital expenditure projects, bringing full-year internal investment of $3.3 billion.

在延續資本部署方面，我們進一步提升了戰略、技術和營運能力，本季向獨立研發和資本支出項目投資超過 11 億美元，使全年內部投資達到 33 億美元。

We continue to provide an unmatched combination of new technology advancement that can be also fielded with speed.

我們將繼續提供無與倫比的新技術進步組合，並能快速投入使用。

So investing to deliver critical capabilities while maintaining our commitment to shareholders by returning $1.1 billion of free cash flow via share repurchases and dividends.

因此，我們進行投資以實現關鍵能力，同時透過股票回購和股息返還 11 億美元的自由現金流，以保持對股東的承諾。

Turning to chart 6 and our full-year 2024 results.

參見圖 6 和我們的 2024 年全年業績。

Sales of $71 billion grew 5%, driven by improved backlog conversion, reflecting stronger throughput across the entire value chain.

銷售額達到 710 億美元，成長 5%，這得益於積壓訂單轉換率的提高，反映了整個價值鏈的吞吐量增強。

Similar to the fourth quarter, segment operating profit segment margins and earnings per share were impacted by the net program charges on slide 4.

與第四季類似，分部營業利潤、分部利潤率和每股盈餘受到投影片 4 中的淨計畫費用的影響。

On an adjusted basis, segment operating profit grew 7% year over year and adjusted segment margins were 11.1%.

經調整後，分部營業利益年增 7%，調整後分部利潤率為 11.1%。

Book-to-bill for the year was greater than 1.

全年訂單出貨比大於1。

In the third consecutive year, we've increased backlog.

連續第三年，我們的積壓訂單增加。

We generated $5.3 billion of free cash flow, including the pension prefunding.

我們產生了 53 億美元的自由現金流，其中包括退休金預付資金。

And finally, our consistent capital deployment continued in 2024 as we returned $6.8 billion to shareholders through repurchases and dividends.

最後，我們在 2024 年繼續保持一致的資本部署，透過回購和股利向股東返還了 68 億美元。

Now, I'll turn it over to Maria to discuss business area results.

現在，我將把話題交給瑪麗亞來討論業務領域的結果。

Thanks, Jay.

謝謝，傑伊。

Today, I'll discuss fourth-quarter and full-year results for the business areas.

今天，我將討論各業務領域的第四季和全年業績。

As Jay mentioned, you'll notice that we've included both reported GAAP and adjusted results for each business area in order to provide meaningful comparisons and a more realistic expectation of recurring operational performance.

正如傑伊所提到的，您會注意到，我們同時包含了每個業務領域的報告 GAAP 和調整後結果，以便提供有意義的比較和對經常性營運績效的更現實的預期。

Starting with aeronautics on chart 7.

從圖 7 的航空學開始。

Fourth-quarter sales at aero increased 5% year over year, primarily driven by higher F-35 volume on production and sustainment contracts due to contract awards in the quarter, including the awards for the Lot 18 undefinitized contract action and air vehicle sustainment contract.

第四季航空銷售額年增 5%，主要由於本季度合約授予（包括第 18 批未確定合約行動和飛行器維持合約的授予）導致 F-35 生產和維持合約數量增加。

Partially offsetting this was lower volume at (inaudible), driven by the unfavorable sales impact associated with the classified program charge.

部分抵消了這一影響的是（聽不清楚）銷售量的下降，這是由於機密計劃費用對銷售產生了不利影響。

Adjusting for the impacts of the classified programs charge and the C-5 contract resolution, the adjusted sales growth at aero was approximately 7% year over year in Q4 2024.

經過機密專案費用和 C-5 合約解決的影響調整後，2024 年第四季航空銷售額年增約 7%。

Both reported and adjusted sales in the fourth quarter benefited from $700 million of F-35 sales differed from the third quarter.

第四季報告和調整後的銷售額均受益於 F-35 銷售額與第三季相差 7 億美元。

Segment operating profit decreased 43% compared to Q4 2023.

分部營業利潤與 2023 年第四季相比下降 43%。

Lower profit booking rate adjustments due to the $410 million classified program charge in the quarter were partially offset by higher sales volume and the benefit related to the C-5 claim resolution.

由於本季 4.1 億美元的機密項目費用導致利潤預訂率調整較低，但被更高的銷售量和與 C-5 索賠解決相關的收益部分抵消。

On an adjusted basis, operating profit year over year in the quarter increased slightly.

經調整後，本季營業利潤較去年同期略有增加。

For the full year, sales increased 4% driven by higher volume across the F-35 program and the production ramp on the F-16 program, partially offset by lower volume at Skunk Works due to the sales impact related to the classified program change.

全年來看，銷售額成長了4%，這得益於F-35 項目產量增加和F-16 項目產量提升，但因機密項目變更導致銷售受到影響，臭鼬工廠產量下降，部分抵消了這一增長。

Full-year segment operating profit decreased 11%, driven by the same items we saw in the fourth quarter.

受第四季相同項目的影響，全年分部營業利潤下降 11%。

Lower profit rate adjustments, partially offset by sales volume and the C-5 claim resolution benefit.

較低的利潤率調整，部分被銷售量和 C-5 索賠解決收益所抵銷。

On an adjusted basis, aeronautics' full-year operating profit grew by 3%, equating to 10.2% margin for the year.

經調整後，航空業務全年營業利潤成長 3%，全年利潤率為 10.2%。

Turning to Missiles and Fire Control in chart 8, MFC sales increased 8% year over year, driven by production ramp on Joint Air-to-Surface Standoff Missile, JASSM; Long Range Anti-Ship Missile, LRASM; Guided Multiple Launch Rocket System, GMLRS; and PAC-3.

如圖 8 所示，飛彈與火控部門表示，MFC 銷售額年增 8%，這得益於聯合空對地防區外飛彈 (JASSM) 產量的提升；遠程反艦飛彈，LRASM；導引多管火箭發射系統（GMLRS）；和 PAC-3。

Normalizing for the extra week in the fourth quarter of 2023, MFC sales grew 16% year over year.

2023 年第四季額外一週正常化後，MFC 銷量較去年同期成長 16%。

Segment operating profit decreased significantly year over year in the quarter due to lower profit booking rate adjustments driven by the recognition of reach-forward losses on the classified program.

由於分類計畫的遠期損失確認導致利潤預定率調整降低，導致本季分部營業利潤同比大幅下降。

Adjusting for that item, segment margins were a strong 14.8% in the quarter.

經過此專案調整後，本季分部利潤率高達 14.8%。

For the full year, MFC sales increased double digits, up 13%, again due to production ramps on GMLRS, LRASM, JASSM, and PAC-3 programs.

全年來看，MFC 銷售額達到兩位數成長，達 13%，同樣得益於 GMLRS、LRASM、JASSM 和 PAC-3 專案產量的提升。

Full-year segment operating profit declined $1.1 billion year over year due to $1.4 billion of classified program charges, which were partially offset by higher volume from the production ramp.

全年部門營業利潤年減 11 億美元，原因是 14 億美元的機密項目費用，但部分被產量提升所抵銷。

Excluding the classified program charges, MFC's segment operating margin for the full year was a solid 14.4%.

除去機密計畫費用，MFC 全年分部營業利益率達 14.4%。

Shifting to Rotary and Mission Systems on chart 9, sales decreased 10% in the quarter to approximately $4.3 billion, primarily driven by lower volume on Seahawk, CRH, AEGIS, and various C6ISR programs.

轉向圖 9 中的旋翼機和任務系統，本季銷售額下降 10% 至約 43 億美元，主要原因是海鷹、CRH、AEGIS 和各種 C6ISR 項目的數量下降。

Normalizing for the week difference in Q4 2023, our net sales were down 3% year over year in the quarter.

以 2023 年第四季的周差異標準化，我們的淨銷售額在本季同比下降了 3%。

Similar to sales, operating profit was down 11% year over year due to lower profit booking rate adjustments in sales volume, partially offset by favorable contract mix.

與銷售額類似，由於銷售量的利潤預定率調整較低，營業利潤同比下降 11%，但有利的合約組合部分抵消了這一影響。

For the full year, sales increased 6% in RMS, primarily driven by higher volume on the Canadian Surface Combatant and Lasers programs within the integrated warfare systems and sensors business, as well as various C6ISR programs and the CH-53K ramp at Sikorsky.

全年來看，RMS 銷售額成長了 6%，主要得益於綜合作戰系統和感測器業務中的加拿大水面戰機和雷射專案以及各種 C6ISR 專案和西科斯基的 CH-53K 坡道的銷量增加。

Operating profit was up 3% for the year due to the higher sales volume and favorable contract mix, partially offset by lower profit booking rate adjustments.

由於銷售量增加和合約組合有利，全年營業利潤增長 3%，但利潤預定率調整降低部分抵消了這一增長。

Finally with space on chart 10.

最後在圖表 10 上留有空間。

Sales decreased 13% year over year in the fourth quarter.

第四季銷售額較去年同期下降13%。

The reduction was driven by lower volume on n NextGen OPIR, Orion, and classified primarily due to program lifecycle.

數量減少是由於 n NextGen OPIR、Orion 的數量減少，並且主要由於專案生命週期而歸類。

Normalized for the number of weeks in the quarter year over year, sales were down 6%.

按季標準化週數計算，銷售額較去年同期下降了 6%。

Operating profit decreased 8% compared to Q4 2023, driven by lower volume and lower profit booking rate adjustments, partially offset by higher equity earnings from the United Launch Alliance.

營業利潤與 2023 年第四季相比下降了 8%，原因是銷量下降和利潤預定率調整下降，但聯合發射聯盟 (United Launch Alliance) 的股權收益增加部分抵消了這一影響。

Turning to the full year, sales decreased slightly, driven by lower volume on the same programs within the fourth quarter, partially offset by higher volume on the Fleet Ballistic Missile and reentry program.

回顧全年，銷售額略有下降，主要是由於第四季度相同項目的銷量下降，但被艦隊彈道導彈和再入項目銷量的增加部分抵消。

Meanwhile, operating profit increased 6% in 2024 due to favorable contract mix and higher ULA equity earnings, partially offset by lower profit booking rate adjustments.

同時，由於有利的合約組合和更高的 ULA 股權收益，2024 年營業利潤增長了 6%，但利潤預定率調整較低部分抵消了這一增長。

I'd like to note the photo on page 10.

我想指出第 10 頁的照片。

In December, Lockheed Martin supported the successful launch of the GPS III SV07, which we designed and built.

12月，洛克希德馬丁公司支持我們設計和製造的GPS III SV07成功發射。

This accelerated launch require a complex integration and was the first to demonstrate operational agility for critical national security missions.

此次加速發射需要複雜的集成，並首次展示了關鍵國家安全任務的作戰靈活性。

With that, I will turn it back over to Jay to wrap up our prepared remarks.

說完這些，我將把發言權交還給傑伊，讓他總結我們準備好的發言。

Thanks, Maria.

謝謝，瑪麗亞。

Turning to chart 11 in our forward expectations.

請參閱我們的前瞻性預期中的第 11 張圖。

Our outlook for 2025 has improved since October, along with our rising value chain performance expectations.

自 10 月以來，我們對 2025 年的展望有所改善，同時價值鏈績效預期也不斷提高。

In addition to the benefit from the de-risking actions we took in 2024, we anticipate sales growth of 4% to 5% on top of the 5% we delivered in 2024.

除了我們在 2024 年採取的降低風險行動帶來的好處之外，我們預計銷售額將在 2024 年實現的 5% 的基礎上再增長 4% 至 5%。

We expect MFC to again lead the way with 8% growth at the midpoint as we continue to ramp production across several programs to support the strong demand for our combat-proven munitions and integrated air and missile defense systems.

我們預計，MFC 將再次以 8% 的中期成長率領先，因為我們將繼續提高多個專案的產量，以滿足對我們久經沙場的彈藥和綜合防空反導系統的強勁需求。

As previously discussed, operating margins return to 11% and free cash flow growth 9% at the midpoint from 2024 adjusted results, setting up double digit growth in free cash flow per share in spite of non-cash FAS pension headwind, lowering EPS.

如前所述，從2024 年調整後的結果來看，營業利潤率將恢復至11%，自由現金流成長率將達到9%，儘管面臨非現金FAS 退休金逆風，導致每股收益下降，但每股自由現金流仍將達到兩位數成長。

I'll sit through segment operating profit and EPS bridges in more detail on the following charts.

我將在下列圖表中更詳細地介紹分部營業利潤和每股收益橋。

Chart 12 bridges 2024 reported segment operating profit of $6.1 billion to the 2025 guidance midpoint of $8.15 billion.

圖 12 將 2024 年報告的分部營業利潤從 61 億美元提升至 2025 年指引中點 81.5 億美元。

After accounting for the 2024 net charges, we expect operating profit growth from the adjusted 2024 position.

考慮到 2024 年的淨費用後，我們預計調整後的 2024 年營業利潤將會成長。

The growth is primarily due to the volume dropthrough and partially offset by other items, mainly lower expected net profit rate adjustments.

成長主要由於銷售量下降，並被其他項目部分抵消，主要是預期淨利潤率調整較低。

Importantly, segment margins are expected to return to 11% in 2025 earlier than planned.

重要的是，預計該部門利潤率將在 2025 年提前回升至 11%。

Next on chart 13, we have a similar walk for earnings per share.

接下來在圖 13 中，我們看到每股盈餘也有類似的變化。

Here, we expect EPS to decline slightly from a 2024 adjusted position, mainly due to non-operational items, notably the FAS/CAS pension adjustment as well as higher interest expense.

在這裡，我們預計每股收益將從 2024 年調整後的位置略有下降，主要原因是非經營性項目，特別是 FAS/CAS 退休金調整以及更高的利息支出。

Bringing it all together, we expect solid sales growth in 2025 of the higher 2024 base, operating margin at the 11% target and solid cash flow generation that enables consistent shareholder returns.

綜合考慮所有這些因素，我們預計 2025 年的銷售額將在 2024 年的基礎上實現穩健增長，營業利潤率將達到 11% 的目標，並能產生穩健的現金流，從而實現持續的股東回報。

So in summary on chart 14, in 2024, we delivered stronger top line growth than initially expected, reflecting an improving operating cadence.

因此，總結圖 14，到 2024 年，我們實現了比最初預期更強勁的營收成長，反映出營運節奏的改善。

We also expanded our backlog to a new record, demonstrating the strength of our unmatched capability to deliver security solutions at speed while increasing investment to expand this capability.

我們還將積壓訂單量擴大到新的記錄，展示了我們無與倫比的快速提供安全解決方案的能力，同時增加了投資以擴展這一能力。

And we prudently de-risked programs, all the while dependably generating free cash flow and deploying it as committed.

我們審慎地降低專案風險，同時可靠地產生自由現金流並按照承諾進行部署。

Taken together, these actions give us confidence to deliver a strong financial outlook for 2025.

總的來說，這些舉措讓我們有信心實現 2025 年強勁的財務前景。

At the same time, we will continue to propel this industry forward with innovative solutions that integrate the best that commercial and military industries can offer.

同時，我們將繼續透過融合商業和軍事行業最佳優勢的創新解決方案推動該行業向前發展。

And of course, we remain focused on operational execution to deliver on our commitments and create long-term value for our customers and shareholders.

當然，我們仍然專注於營運執行，以兌現我們的承諾並為我們的客戶和股東創造長期價值。

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

莎拉，讓我們開始問答環節。

(Operator Instructions) Seth Seifman, JP Morgan.

（操作員指示）Seth Seifman，摩根大通。

Thanks very much and good morning, everyone.

非常感謝，大家早安。

I wanted to ask -- Jay, you emphasized kind of the de-risking nature of the charges in Q4.

我想問一下——傑伊，你強調了第四季度收費的去風險性質。

And I know maybe it's difficult to discuss because it's classified.

我知道也許這個問題很難討論，因為它屬於機密。

But within Aeronautics, all of the filing language has sort of emphasized continued risk there.

但在航空領域，所有的文件語言都強調了該領域持續存在的風險。

Should we think that within -- following this charge, the potential for future charges there has really come down considerably.

我們是否應該認為，在這次指控之後，未來發生指控的可能性確實已經大幅下降。

And is there anything you can say about where we might be in the lifecycle of that program and when it might be able to provide some positive returns?

您能否介紹一下該計劃的生命週期處於什麼階段，以及它何時能夠帶來一些正面的回報？

And then thinking maybe that the answer there might have to be a little bit circumspect, if you could just comment on the multiyear targets that you gave on the last call and how to think about those now.

然後想著也許那裡的答案可能需要有點謹慎，如果您可以評論一下您在上次電話會議上給出的多年目標以及現在如何考慮這些目標。

Okay.

好的。

Thanks, Seth.

謝謝，塞斯。

There's about 16 questions in that one question, but I'll take a shot at all of them.

這個問題大約有 16 個問題，但我會嘗試全部回答。

Just as far as the risk specifically, I would say we significantly reduced the risk.

就具體風險而言，我想說我們已大幅降低了風險。

I can't really get into the lifecycle of the program, given the classified nature of it.

鑑於該程序的機密性質，我實際上無法深入了解其生命週期。

But let me walk you through why I believe that we've significantly reduced the risk.

但讓我告訴你為什麼我相信我們已經顯著降低了風險。

As you know, we have realized this risk earlier in the year, causing us to perform a more comprehensive review of current performance versus our key assumptions included in the estimate to complete.

如您所知，我們在今年稍早就已經意識到了這種風險，這促使我們對當前業績以及我們在估算中包含的關鍵假設進行了更全面的審查。

We evaluated the risks and opportunities and made the determination that a cost reset was warranted.

我們評估了風險和機遇，並決定有必要重新設定成本。

The amount that we recorded in the quarter is the most conservative assessment we've made to date.

我們在本季記錄的金額是我們迄今為止做出的最保守的評估。

We've also made a number of process changes.

我們也做出了一些流程變更。

Aeronautics, along with our corporate staff, have implemented a more continuous monitoring progress, a process of the progress of this program in terms of technical milestones and added technical resources from the outside of the program.

航空工程部門和我們的公司員工一起，對專案的進度進行了更持續的監控，在技術里程碑方面對專案的進展進行了監控，並從專案外部增加了技術資源。

This will enable both teams to work together to institute support measures as needed faster than before.

這將使兩個團隊能夠比以前更快地合作實施所需的支援措施。

We've also added technical resources and experts with experience in the risk areas to help bolster the team and mitigate risks as they arise.

我們還增加了技術資源和在風險領域有經驗的專家，以幫助加強團隊並減輕風險。

We've added automated testing procedures as well to accelerate test results and issue resolution should they occur.

我們還添加了自動化測試程序，以加速測試結果和問題解決。

So all those things taken together give us confidence that we have significantly de-risked this program and significantly reduce the risk of future charges on this.

所以，所有這些因素綜合起來讓我們有信心，我們已經大大降低了這個專案的風險，並且大大降低了未來收費的風險。

As far as maybe the multiyear outlook, you look at 2025 and certainly, the 2025 outlook is better than what we had projected in October.

就多年展望而言，展望 2025 年，2025 年的前景無疑比我們 10 月預測的要好。

If you recall, we have said our baseline was low-single digit with an opportunity to get to a mid-single digit.

如果你還記得的話，我們曾經說過，我們的基線是低個位數，並且有機會達到中等個位數。

Here, we believe the opportunity was realized for 2025, which gave us confidence to increase our growth outlook to 4% to 5%, and that's the same type of process that we'll continue to look at in '26 and beyond.

我們相信，2025 年的機會已經實現，這使我們有信心將成長預期提高到 4% 至 5%，這也是我們將在 2026 年及以後繼續關注的同一類型的過程。

And again, it's based on our ability to really drive throughput through the entire value chain.

再次強調，這取決於我們真正推動整個價值鏈吞吐量的能力。

As I mentioned before in my prepared remarks that we've continued to have rising expectations there and rising confidence that not only our supply chain, but our internal operations can move in a quicker pace, enabling the unlocking of this revenue growth.

正如我之前在準備好的發言中提到的那樣，我們對此的期望不斷上升，並且信心不斷增強，不僅我們的供應鏈，而且我們的內部運營都可以更快地發展，從而實現收入增長。

So our confidence is growing there.

因此我們的信心正在增強。

Rob Stallard, Vertical Research Partners.

Rob Stallard，Vertical Research Partners。

Thanks so much.

非常感謝。

Good morning.

早安.

Question for Jim.

問吉姆。

At the same time as you're taking these charges on these classified programs, it looks like the new administration and the Department of Defense is actually getting more [pro] fixed price contracts and commercial terms.

在你們對這些機密項目提出指控的同時，看起來新政府和國防部實際上正在獲得更多的固定價格合約和商業條款。

Are you worried that the defense industry could be taking on more risk and opening yourself up for more charges in the future?

您是否擔心國防工業未來承擔更多風險並面臨更多指控？

Not necessarily, Rob, because we're going to apply this disciplined bid process to fixed price and cost-plus contracts.

不一定，羅布，因為我們將把這種嚴格的投標流程應用於固定價格和成本加成合約。

And if the proportion is moving and potentially towards fixed price, we're going to use the same discipline.

如果比例改變且可能趨向於固定價格，我們將採用相同的原則。

And there's no trend in this industry to be much more deliberate about how each company bids, each company has its own strategy.

這個行業的趨勢是，每家公司都沒有對如何競標更加慎重，每家公司都有自己的策略。

Ours is something I brought over from my last business experience, which is risk-adjusted return on investment.

我從上一次的商業經驗中繼承了這一點，也就是風險調整後的投資報酬率。

It is the key criteria and be honest about the risks upfront and price them in.

這是關鍵標準，要誠實地提前了解風險並將其計入價格。

And if that price, it doesn't meet the competition, so be it.

如果這個價格不能滿足競爭對手的要求，那就這樣吧。

We'll move on to other things.

我們將繼續討論其他事情。

So I'm not concerned about that.

所以我並不擔心這個。

As I said, I look at those as an opportunity because as far back as 2021, I have been advocating for systemic change in the way that the defense enterprise operates.

正如我所說，我將其視為一個機遇，因為早在 2021 年，我一直倡導國防企業運作方式的系統性變革。

And that's meaning Congress, executive branch, Pentagon, aerospace and defense industry, commercial tech, startups.

這意味著國會、行政部門、五角大廈、航空航太和國防工業、商業技術、新創公司。

We need to expand our ability as a country to get everybody involved and I welcomed (inaudible)'s effort and the administration's efforts to reduce the bureaucracy limit that the administrative burdens that the Pentagon now puts on all companies, big and small, that want to work with it.

我們需要擴大我們作為一個國家讓每個人都參與進來的能力，我歡迎（聽不清）的努力和政府為減少官僚主義限制所做的努力，五角大樓現在給所有希望參與的大型和小型公司施加的行政負擔使用它。

Again, I look at all this as an opportunity to move a little bit more towards fixed price proportions, so be it.

再次，我將這一切視為一個向固定價格比例稍微靠攏的機會，就這樣吧。

Rob, the only thing I would say is we've seen really a bunch more over the last probably a year to 18 months, a more of a contracting regime that's more commensurate with the risk associated with the programs.

羅布，我唯一想說的是，在過去的一年到一年半里，我們確實看到了更多的與專案相關風險更加相稱的承包製度。

So those that have lower technical maturity, higher risk, the customer has actually been much more receptive and cognizant.

因此，對於那些技術成熟度較低、風險較高的產品，客戶實際上更容易接受和認知。

Those probably are not going to be best delivered under fixed price type of contracting regime.

在固定價格類型的承包製度下，這些可能不是最好的交付方式。

And so you may be hearing words on the one hand, but I think there has been a recognition more to make sure that the risk profiles commensurate with the right level of contracting and that's shared both by the customer as well as the industry.

因此，一方面你可能聽到一些言論，但我認為，人們已經更加認識到要確保風險狀況與正確的合約水平相稱，並且客戶和行業都認同這一點。

And so it's a different approach.

這是一種不同的方法。

We'll see.

我們將會看到。

We've got a change in administration and where that goes forward, but I would say there's been a recognition over the last 12 months to fixed price contracts for immature technology, really doesn't help anyone.

我們的管理層和前進的方向都發生了變化，但我想說，過去 12 個月人們已經認識到不成熟技術的固定價格合同，這確實對任何人都沒有幫助。

Richard Safran, Seaport Global Securities.

理查德‧薩夫蘭 (Richard Safran)，Seaport Global Securities。

Good morning.

早安.

What I'd like to ask is, starting with your 2025 guidance for 8% growth, I'd like to know if you could give us maybe a long-term look at MFC in terms of growth and margins and what the potential for the business is.

我想問的是，從您對 2025 年 8% 成長的預期開始，我想知道您是否可以從成長和利潤的角度對 MFC 進行長期展望，以及 2025 年的潛力是什麼？

Just kind of wondering, you have the GD rocket motor deal and how that factors into your growth and margin outlook given the volume limitations you've had thus far?

只是有點好奇，您是否有 GD 火箭發動機交易，考慮到迄今為止的產量限制，這對您的成長和利潤前景有何影響？

Thanks.

謝謝。

From what I see for 2025, it's really more of the same.

從我對 2025 年的預測來看，情況確實會大致相同。

We continue to see growth on programs like GMLRS, HIMARS, PAC-3, JASSM, and LRASM.

我們繼續看到 GMLRS、HIMARS、PAC-3、JASSM 和 LRASM 等專案的成長。

And many of the same growth factors and drivers in 2024 are also the growth drivers in 2025.

2024 年的許多成長因素和驅動力也將成為 2025 年的成長驅動力。

That demand continues.

這種需求仍在持續。

We have projected on orders growth in 2025, things like a multi-year definitization on JASSM and LRASM, which is pretty sizable, multiyear contract and so the demand cycle there, both domestically and international was quite strong.

我們預測2025年的訂單將有所增長，例如JASSM和LRASM的多年期確定，這是相當大的多年期合同，因此國內和國際的需求週期都非常強勁。

And as we've said before, that will be the growth driver for Lockheed Martin for years to come beyond 2025.

正如我們之前所說，這將成為洛克希德馬丁公司 2025 年以後幾年的成長動力。

And so again, when you couple the backlog with the ongoing demand, we feel pretty solid again in these programs, just as a solid back pinning of the underlying demand for those.

因此，當你將積壓訂單與持續的需求結合時，我們會再次感覺到這些項目非常穩固，就像對這些項目的潛在需求進行了穩固的支持一樣。

On the margins we've talked about when you strip out the impact of the classified program, we've talked about 14%.

我們談到的剔除機密計畫影響的利潤率是 14%。

If you look at our -- at the midpoint of our guide in that ballpark we're right around 14%, not necessarily as high as Maria reported on an adjusted basis for 2024.

如果你看一下我們的指南的中間值，我們大概是在 14% 左右，不一定像瑪麗亞報告的 2024 年調整後那麼高。

But that's because right now, we're expecting some lower net profit adjustments, but their underlying margins are generally in line with what our longer-term expectations are and that's the way we should think about MFC, around 14%.

但那是因為現在，我們預計淨利潤調整會降低，但它們的基本利潤率通常與我們的長期預期一致，這就是我們對 MFC 的看法，約為 14%。

Ken Herbert, RBC Capital Markets.

加拿大皇家銀行資本市場部的肯‧赫伯特 (Ken Herbert)。

Hi, good morning.

嗨，早安。

Hey, Jay, in the past, you've talked about working capital and specifically the opportunity there to improve the free cash flow.

嘿，傑伊，過去你談到過營運資金，特別是改善自由現金流的機會。

Can you provide a little bit more on what's implied in the '25 guide for working capital improvement?

能否進一步介紹 25 指南中關於營運資本改善的規定？

And has anything structurally changed now as you look at the portfolio in the opportunity as you've talked about taking days out of the ability to eventually -- or continue to drive towards sort of pre-pandemic levels over time?

正如您所說，當您審視投資組合的機會時，現在是否發生了任何結構性變化，即隨著時間的推移，是否能夠最終或繼續推動其達到疫情前的水平？

Sure, I'll start with maybe 2024.

當然，我可能會從 2024 年開始。

We had a good year in 2024 in spite of some of the headwinds that we've faced.

儘管我們面臨一些阻力，但 2024 年仍然是美好的一年。

We reduced our working capital days by a couple, and we're in the mid-30s, as far as cash conversion cycle.

我們將營運資本週轉天數減少了幾天，就現金轉換週期而言，目前已達到30多天。

For our outlook in 2025, what's implied in there is about one day, which essentially offsets the growth.

對於我們對 2025 年的展望，其中隱含的意義是大約一天，這基本上抵消了成長。

Then we're going to see from -- we would otherwise see in working capital.

然後我們將會看到—否則我們將會看到營運資金。

So what we're trying to do here is prevent it from being a use of cash and have it be neutral.

因此，我們在這裡試圖做的是防止它成為現金的使用，並使其保持中性。

The opportunity set obviously would be to drive beyond one day.

顯然，這個機會將會持續超過一天。

And there's still opportunity I talked about before, particularly in our contract assets, our unbilled receivable.

而我之前談到的機會仍然存在，特別是在我們的合約資產和未開立應收帳款方面。

There's some opportunity there as we work through on the F-35, both in production as well as sustainment, but there's really opportunities across the portfolio.

在我們致力於 F-35 的過程中，無論是在生產還是維護方面，都存在一些機會，但實際上整個產品組合中都存在著機會。

Sikorsky has a number of opportunities there on their programs as well as other segments, Space and MFC, those are outstanding working capital businesses on a stand-alone basis.

西科斯基在其專案以及其他領域，太空和 MFC 都有很多機會，這些都是獨立的優秀營運資本業務。

But even so, there's opportunity in the contract assets there.

但即便如此，合約資產中仍有機會。

So I would expect in the years to come that we still have opportunity to continue to drive asset productivity there and that's going to be part of our [forward motto] going forward as it was in '24 and our outlook for '25.

因此，我預計在未來幾年，我們仍然有機會繼續提高資產生產力，這將成為我們未來座右銘的一部分，就像 24 年一樣，也是我們對 25 年的展望。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯（Gavin Parsons）。

Thanks, good morning.

謝謝，早安。

Could I just dig in a little further on the free cash flow bridges, the [EBIT] and EPS bridges as we're super helpful in the deck.

我能否進一步深入探討自由現金流橋樑、[EBIT] 和 EPS 橋樑，因為我們在這份簡報中非常有幫助。

But just given a lot of moving pieces and cash flow like the F-35 inventory unwind, pension contribution recovery, Lot 18, cash timing, maybe I missed that one.

但考慮到許多活動部件和現金流，例如 F-35 庫存解除、退休金繳款恢復、第 18 批、現金時機，也許我錯過了這一點。

But if we could just kind of do a bridge walk on cash flow, that would be great.

但如果我們能夠在現金流上做一個橋樑，那就太好了。

If you just start from this year in adjusted cash flow of $6.1 billion.

如果從今年開始調整現金流為 61 億美元。

So adjusted for the pension contribution in 2024.

因此根據2024年的退休金繳款進行了調整。

As we mentioned, that we expected anywhere around close to $1 billion of benefit on F-35 with the delivery of -- with higher deliveries as well as progress on the withholds.

正如我們所提到的，隨著交付量的增加以及扣留的進展，我們預計 F-35 的交付將帶來近 10 億美元的收益。

We also, though -- as you remember, in 2024, we got the benefit of significant international advances to the tune of $600 million.

不過，正如你們所記得的，2024 年，我們也獲得了高達 6 億美元的重大國際預付款的利益。

So partially offsetting that, as you know, it's the net impact of those two things, about $400 million in that ballpark.

因此，如您所知，部分抵消這一點是這兩件事的淨影響，約為 4 億美元。

We do expect a benefit from taxes with lower R&D capitalization as that's coming down, and we expect a little bit of benefit from, I'll call it, cash-based net income.

我們確實預計，隨著研發資本化稅率的下降，我們將從中獲益，而且我們預計，我們也將從，我稱之為現金淨收入中獲益。

All that taken together takes us from $6.1 billion to $6.7 billion midpoint.

所有這些加起來使我們的中間值從 61 億美元上升到 67 億美元。

So those are the key drivers of free cash flow for 2025.

這些就是 2025 年自由現金流的關鍵驅動因素。

Scott Deuschle, Deutsche Bank.

德意志銀行的 Scott Deuschle。

Hey, thanks.

嘿，謝謝。

Jay, it looks like if you're guiding -- looks like you're guiding aeronautics margins down about 20 basis points year over year in '25, if I add back those unplanned charges from the 2024 base.

傑伊，如果我從 2024 年基數中加回那些計劃外費用，看起來你預計航空利潤率在 25 年將同比下降約 20 個基點。

Can you talk about what drives that underlying margin decline, particularly given that you are on these newer contracts for F-35?

您能談談導致利潤率下降的原因是什麼嗎，特別是考慮到您簽訂了F-35的這些新合約？

So for F-35, we do have -- I'm sorry, for aeronautics in total, right now the outlook for their margins does assume lower net profit adjustments, and that's on -- I'll call it an apples-to-apples basis.

因此，對於 F-35 而言，我們確實有——抱歉，對於整個航空業而言，目前其利潤率前景確實假設淨利潤調整較低，這就是——我稱之為蘋果對——蘋果基礎。

So excluding the impact of the $555 million in the C-5 adjustment in 2024.

因此不包括 2024 年 C-5 調整中的 5.55 億美元的影響。

Profit adjustments there are declining.

那裡的利潤調整正在下降。

There is a mix benefit.

存在混合效益。

But right now, the net profit adjustments offset that and that's what drives the margins down from 10.2 to around 10.

但目前，淨利潤調整抵消了這一影響，導致利潤率從 10.2 下降至 10 左右。

We also have classified growth, which is just a mix headwind there.

我們也有分類成長，這只是一個混合逆風。

But we've got some benefits from F-16 margins as well.

但我們也從 F-16 的利潤中獲益。

But bottom line again, it comes back to the net profit just being lower.

但歸根究底，淨利還是較低。

Matthew Akers, Wells Fargo.

富國銀行的馬修·埃克斯。

Hey, guys, good morning and thanks for the question.

嘿，大家早上好，謝謝你的提問。

I guess a couple on F-35.

我猜 F-35 上有幾個。

You talked a little bit about the progress towards

你談到了

(inaudible).

（聽不清楚）。

What exactly is left to get kind of the final withhold?

到底還剩下什麼才能獲得最後的保留？

How big is that?

那有多大？

And are you assuming get that within 2025?

您認為能在 2025 年內實現這一目標嗎？

And then wondering if you could touch on Lot 19 and kind of how the discussions are going there.

然後想知道您是否可以談談 Lot 19 以及那裡的討論進展如何。

On the TR3 capability, we continue to make excellent progress there.

在 TR3 能力方面，我們持續取得優異進展。

There's a number of things that we still have to complete, the subsystem integration work as well as improving system stability overall.

我們還有很多事情需要完成，例如子系統整合工作以及整體提高系統穩定性。

We expect that will continue throughout the year.

我們預計這種情況將持續全年。

We will meet -- we'd expect to meet some milestones this year.

我們將會實現——我們希望今年能夠實現一些里程碑。

Our targeting as much as possible this year, but I think for purposes of financial modeling, we would expect this to bleed into 2026.

我們今年的目標已經盡可能明確，但我認為，出於財務建模的目的，我們預計這一目標將持續到 2026 年。

Ultimately, the declaration of full combat capabilities, that is left with our customer.

最終，完全戰鬥力的宣言，就留給我們的客戶了。

And so we'll be coordinating with them and working with them on that.

因此我們將與他們進行協調並與他們合作。

But what I can tell you is that they were pleased with the progress we've made thus far.

但我可以告訴你的是，他們對我們迄今為止的進展感到滿意。

And the team is working at a pretty good pace here with our supplier partners on improving: A, mission system capability; and as well as improving overall system stability.

我們的團隊正在與供應商合作夥伴一起以相當快的速度改進：A、任務系統能力；並提高整個系統的穩定性。

On the second part of the question was on Lot 19, so that has been negotiated some really in parallel with the Lot 18 negotiation.

問題的第二部分是關於第 19 號地塊的，因此該地塊的談判實際上與第 18 號地塊的談判同時進行。

Just for clarity, Lot 18 is under undefinitized contract actions.

需要清楚的是，Lot 18 處於未確定的合約行動中。

So we still have to definitize that.

因此我們仍然需要確定這一點。

As Jim mentioned, we expect that to be done in the first half of this year and then shortly thereafter in the second half of this year, we would also expect to close out on the Lot 19 contract, which would be an order and a range of about $10 billion.

正如吉姆所提到的，我們預計這項工作將在今年上半年完成，然後在今年下半年不久後，我們也預計將完成 Lot 19 合同，這將是一份訂單和一個範圍約 100 億美元。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Thanks.

謝謝。

Good morning.

早安.

I was curious on the charges that were unplanned.

我對這些計劃外的指控感到好奇。

Jay, how should we think about the cash effect of those and obviously, the MFC part of the unplanned charges planning in the future?

傑伊，我們應該如何看待這些費用的現金效應，以及未來計劃中的 MFC 部分計劃外費用？

So I'm going to guess there's nothing really to think about there.

所以我猜那裡真的沒有什麼好考慮的。

But on the aero side, the $400 million of cash charges taken in the quarter, is that $400 million headwind being observed mostly in 2025?

但在航空方面，本季的現金費用為 4 億美元，這 4 億美元的逆風是否主要出現在 2025 年？

And then as we look to '26, do you still have the pension funding requirement coming back at about $1 billion?

那麼當我們展望26年時，您是否仍需要約10億美元的退休金資金？

Yes, just starting with the aero classified program, that will be certainly a cash flow drag over the next few years.

是的，從航空機密項目開始，這肯定會對未來幾年的現金流造成拖累。

It's not all borne in 2025, but it's something that we expect over the next two to three years that we will have to liquidate that and from a cash perspective.

這些不會在 2025 年全部實現，但我們預計在未來兩到三年內，我們將不得不從現金角度清除這些債務。

As far as pension in 2026, we've talked about ongoing cash contribution requirements.

就 2026 年的退休金而言，我們已經討論了持續的現金繳款要求。

The formula to deal with that is similar to what we saw here in what we've been talking about.

處理該問題的公式與我們在討論中看到的公式類似。

We had the prior discussion here and one of the questions related to working capital going, we're going to continue to see what we can do to drive working capital down, improve our asset productivity to offset as much as possible in the pension.

我們在這裡進行了先前的討論，其中一個問題與營運資本有關，我們將繼續觀察如何才能降低營運資本，提高資產生產力，以盡可能地抵消退休金。

And then as you know, we've got a very strong balance sheet that gives us a lot of optionality and flexibility.

如你所知，我們擁有非常強大的資產負債表，這為我們提供了許多可選性和靈活性。

So we can expect to continue to deal with pension with the options that we have before us.

因此，我們可以繼續利用我們現有的選擇來處理退休金問題。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

Yes, good morning.

是的，早安。

I was wondering at the MFC program that had the charge, is there an opportunity on that program as we scale it to improve the profitability dramatically?

我想知道，對於收費的 MFC 計劃，隨著我們擴大規模，是否有機會大幅提高獲利能力？

I'm just curious over the option period, I imagine demand is pretty strong for that product, and I don't know if the pricing may adjust favorably at some point.

我只是對選擇期感到好奇，我認為該產品的需求會非常強勁，但我不知道價格是否會在某個時候做出有利的調整。

If you could speak to that.

如果你能談一下這個。

Again, it's a classified program, Gautam.

再說一遍，這是一個機密項目，高塔姆。

So there's really not much -- what I can tell you is outside of the fixed pricing related to this next phase, the pricing would be open and we would expect to return to reasonable type margins over that period of time outside of where we have the fixed committed pricing.

因此，我可以告訴你的是，除了與下一階段相關的固定價格之外，定價將是公開的，我們預計在這段時間內，利潤率將恢復到合理的水平。

I wouldn't expect it to bounce back to MFC-like margins.

我不指望它能反彈至像 MFC 那樣的利潤率。

And at that point in time, there still would be kind of ramp-ups that you got to deal with.

在那個時間點，你仍然需要處理各種問題。

But certainly, the margin profile will get substantially better.

但可以肯定的是，利潤狀況將會大幅改善。

And we expect this to be a long-life program based on the technology and the value to the US.

我們預計這將是一個基於技術和對美國的價值的長期計劃。

As an ex airforce pilot, I can assure you that this is something they will want.

作為前空軍飛行員，我可以向你保證這是他們想要的。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

(technical difficulty) opportunities maybe still grow your backlog?

（技術難度）機會也許還會增加你的積壓？

Your backlogs at record levels is up 10% for the year.

您的積壓訂單量達到了創紀錄的水平，今年增加了 10%。

Big drivers in MFC and space.

MFC 和空間領域的主要驅動因素。

But how are you thinking about the opportunities to grow backlog in '25 and any international and kind of awards that you're kind of our pursuits that you would highlight?

但是，您如何看待 25 年增加積壓訂單的機會以及您所追求的任何國際獎項？

Thanks.

謝謝。

So Peter, it's Jim.

那麼彼得，我是吉姆。

And I'll start with the some of the public statements of the administration, which is reforming the Pentagon.

我首先會介紹政府關於改革五角大廈的一些公開聲明。

The opportunity there is more long lead time orders, less fragility in the system.

那裡的機會是，較長交貨期的訂單更多，系統的脆弱性更低。

In addition to that multi-year contracting, which has been so far limited to munitions.

除此之外還有多年期合同，但迄今為止僅限於彈藥。

Makes sense in a lot of other places in the Pentagon budget.

在五角大廈預算的許多其他地方也是合理的。

So with some of those policy changes getting implemented, you might see backlog for a company like ours accelerate up due to multi years and longer lead time preorders.

因此，隨著一些政策變化的實施，您可能會看到，像我們這樣的公司，由於多年和更長的預訂交貨時間，積壓訂單會加速增加。

The line of sight, we do have a line of sight to growth again in 2025.

展望未來，我們確實有望在 2025 年再次成長。

I wouldn't say that it's 10%, but we certainly have some level of growth that we're expecting in 2025 on the backlog.

我不會說是 10%，但我們預計 2025 年積壓訂​​單肯定會有一定程度的成長。

I talked about the $10 billion order on the F-35 or Lot 19.

我談到了價值 100 億美元的 F-35 或 Lot 19 訂單。

I talked also earlier about the JASSM, LRASM multiyear, that's in the range of multiple billions of dollars.

我之前也談到了 JASSM 和 LRASM 的多年計劃，總價值高達數十億美元。

There's others, there's the international opportunities as well.

還有其他的，還有國際機會。

Turkeye on the F-16 aircraft.

土耳其在 F-16 飛機上。

There's just a whole slew of opportunities.

有大量的機會。

We also have just continued F-35 sustainment contract, which will be multiple billions of dollars as well.

我們也剛剛延續了F-35維持合同，該合約的價值也將達到數十億美元。

CH-53K, Lot 9 is another one will be negotiating this year, which is well above $1 billion.

CH-53K 第 9 批採購項目是今年將進行談判的另一個採購項目，其價值遠超過 10 億美元。

So there's still an excellent line of sight to continue to grow this backlog.

因此，繼續增加積壓訂單的前景仍然十分光明。

But as you know, we're also focused on making sure that we can accelerate the speed of our throughput and drive that backlog conversion faster.

但正如您所知，我們也致力於確保能夠加快生產速度並更快地推動積壓轉換。

Pete Skibitski, Alembic Global Advisors.

Pete Skibitski，Alembic Global Advisors。

Hey, good morning, guys.

嘿，大家早安。

Jim or Jay, just a follow up on M&FC, as you guys think about what DoD is signaling to you in terms of the peak production volumes on the key munitions on M&FC, do you guys need additional supplemental bills to kind of get to those levels and sustain those levels?

Jim 或 Jay，我想問關於 M&FC 的問題，你們在思考國防部向你們發出的信號，即 M&FC 上主要彈藥的峰值產量，你們是否需要額外的補充法案來達到這些水平？

Or do you already have kind of funding line of sight from the Ukraine supplemental and maybe what's in the '25 baseline budget, maybe '26 baseline?

或者您已經對烏克蘭補充資金有了一定的了解，也許是 '25 年基準預算，也許是 '26 年基準預算？

I just wanted to get a sense of budget risk there in terms of what your peak rates are assuming.

我只是想根據你們所假設的高峰費率來了解那裡的預算風險。

It's really not dependent on additional supplementals.

它確實不依賴額外的補充。

A lot of this is some -- a lot of that capacity is going to committed and or contracted with our customer.

其中很多是—許多產能將與我們的客戶承諾或簽訂合約。

We just run through a couple of programs.

我們剛剛運行了幾個程式。

We had always been under contract to get to [550] in the PAC-3 program to 2025.

我們一直按照合同，到 2025 年 PAC-3 計劃將產量達到 [550]。

We initially self-funded the investment associated with getting ourselves to [650] on PAC-3.

我們最初自行資助了與 PAC-3 上的 [650] 相關的投資。

We recently received a contract to work for incremental funding on that related to the facilitization.

我們最近收到了一份合同，為與該設施相關的增量資金開展工作。

We are driving towards 14,000 on GMLRS.

我們正努力將 GMLRS 數量增加至 14,000。

We've been driving, as Jim has mentioned in the past to 4,000 on Javelin, 96 on HIMARS.

正如吉姆過去提到的那樣，我們一直在駕駛標槍飛彈達到 4,000 英里，駕駛 HIMARS 飛彈達到 96 英里。

And again, the line of sight to those and the funding that's been allocated to those is quite strong one of which is under contract already.

再次強調，對這些項目的關注度以及分配給這些項目的資金都相當強勁，其中一項資金已經簽訂了合約。

So we view that as fairly low risk at the moment.

因此我們認為目前風險相當低。

Doug Harned, Bernstein.

道格·哈內德（Doug Harned），伯恩斯坦。

Good morning.

早安.

Thank you.

謝謝。

On the F-35, and there's been some noise and the new administration is coming in about the F-35.

關於 F-35，已經出現了一些動靜，新政府也即將就 F-35 發表意見。

If I put all of that aside, during the first Trump administration each of the budgets, F-35 volumes were cut.

如果我把所有這些都放在一邊，在川普第一任政府執政期間，每一年的預算中，F-35 的數量都被削減了。

There seem to be a view that we didn't need as many.

似乎有一種觀點認為，我們不需要那麼多。

Congress, of course, added some back.

當然，國會也增加了一些。

But when you look forward, you're looking at a 156 per year production rate for a while.

但當你展望未來時，你會發現在一段時間內，年產量將達到 156 輛。

How do you think about the interplay of budget decisions in the US with what has been some very strong export demand?

您如何看待美國預算決策與強勁的出口需求之間的相互作用？

In other words, if we should see some reductions in quantities in the US.

換句話說，如果我們看到美國的數量減少。

Are you still very confident you're going to be able to continue with that more than 156 level?

您是否仍然非常有信心能夠繼續保持 156 以上的水平？

Doug, it's Jim.

道格，我是吉姆。

I'll start off and say, yes, I am confident of the 156, and I think it will come from strong demand from the US government and from our international partners.

首先我要說，是的，我對 156 有信心，我認為這將來自美國政府和我們的國際合作夥伴的強烈需求。

And what reason for that is basically, part of the tourist areas that you have to have the capability to make the adversary reconsider an adverse action against you.

而這樣做的原因基本上是，在旅遊區的一部分，你必須有能力讓對手重新考慮對你不利的行動。

And China based on open-source reporting has increased production of J20, which I don't believe, just so personally it's equivalent to F-35 but it is the fifth-generation airplane to over 100 units a year.

根據公開來源的報道，中國已經增加了殲-20的產量，但我不相信，就我個人而言，它相當於F-35，但它是第五代飛機，每年產量超過100架。

We're going to do about 156, we're ahead of them.

我們將會做大約156個，我們領先他們。

I think if there was a dramatic change and even US, the US order book and production, that might be a signal that would be adverse to maintaining an effective deterrent to them.

我認為，如果發生重大變化，甚至影響美國的訂單和生產，這可能是一個信號，不利於對他們保持有效的威懾。

And similar munitions, right?

還有類似的彈藥，對吧？

I mean everybody thats watched a Dirty Harry movie or Clint Eastwood movie, knows when you run out of ammunition, you're highly, highly vulnerable and that supports some of the conversation Jay was just having.

我的意思是，每個看過《骯髒的哈利》或《克林特伊斯特伍德》電影的人都知道，當你彈藥耗盡時，你會變得非常非常脆弱，這支持了傑伊剛才進行的一些對話。

So my view is that there are some very capable people coming into the administration.

因此我的觀點是，一些非常有能力的人會進入政府。

They under standard the turn theory.

他們遵循標準的轉變理論。

The last thing I think President administration would want is to create a period of vulnerability with any of our major adversaries in the next few years.

我認為總統政府最不想看到的就是在未來幾年內與我們的主要對手建立一段脆弱時期。

So I feel really confident about F-35 production.

所以我對F-35的生產非常有信心。

And the other thing I'll add is that we can already control F-35 out of eight autonomous drones.

我要補充的是，我們已經可以用八架自主無人機來控制 F-35。

We've shown this to the Secretary of the Air Force a few months ago.

幾個月前我們已經向空軍部長展示了這一點。

It's public knowledge.

這是眾所周知的。

There's some classified things that we're doing in the same arena, if you will, to be able to drive manned unmanned teaming off the F-35 and the F-22.

如果你願意的話，我們正在同一領域做一些機密的事情，以便能夠推動 F-35 和 F-22 的載人無人機協同。

And the reason we're starting with the 35 is because of TR3.

我們之所以從 35 開始是因為 TR3。

TR3 gives the F-35 the three things that you need for an effective node of the 5G [IoT] system, which is what we're talking about.

TR3 為 F-35 提供了 5G [IoT] 系統有效節點所需的三個東西，這就是我們所談論的。

Those three capabilities, are data processing with our core processors, ten times from the prior, it's the storage.

這三種能力，是使用我們的核心處理器進行的資料處理，比以前增加了十倍，是儲存。

We have a large storage at larger storage unit and a multi-pack connection back to the cloud as you defined the cloud.

我們在更大的儲存單元中擁有大型儲存空間，並且擁有與雲端的多包連接，正如您所定義的雲端一樣。

Ours is DoD classified, but those are three technical elements you need to have to be able to drive 5G level connectivity among nodes in a network like this.

我們的技術是國防部機密，但這三個技術要素是推動此類網路中節點之間 5G 級連接所必需的。

And that's what we have to build up.

這正是我們必須要建立的。

F-35, and we're upgrading F-22 in the same way.

F-35，我們正在以同樣的方式升級F-22。

We'll have at least one and often more orders of magnitude capability in those digital arenas than the fourth-generation fighter jets we have.

我們在這些數字領域的能力將比我們現有的第四代戰鬥機高出至少一個數量級，通常還要高出幾個數量級。

So the capabilities alone that the F-35 can bring to an integrated fight with drones and manned aircraft is unique.

因此，F-35 在與無人機和載人飛機的綜合作戰中所能發揮的能力是獨一無二的。

Doug, I'll just also add that just maybe one data point here is that the age of the existing fleet is beyond 25 years.

道格，我還要補充一點，這裡的一個數據點就是現有船隊的船齡超過 25 年。

And so that is set necessitating a recapitalization with the F-35.

因此，F-35 的資本重組勢在必行。

And so this is a certain reality that is going to require the demand of the F-35 to bring the age of our existing fleet back down.

所以這是一個確定的現實，我們需要 F-35 來降低現有機隊的服役年限。

And then the last thing I'll say is that there's -- based on, again, open-source reporting, the experience of the Israeli Air Force against the Iranian air defense system, which they took out in one night was what they characterize this fifth-generation aircraft.

最後我想說的是，根據公開來源的報道，以色列空軍對付伊朗防空系統的經驗是，他們在一夜之間就摧毀了伊朗防空系統。

And you can match up what's in their inventory of with no losses.

而且您可以匹配他們的庫存，不會有任何損失。

That would clear the way for fourth-gen aircraft drones to come in and devastate that country if the Israelis decided to do.

如果以色列人決定這麼做，這將為第四代無人機進入並摧毀該國掃清道路。

So that's the kind of impact that the high end of platforms have, especially if you can network satellite imagery, autonomous vehicle drone imagery and a command-and-control speed that no one else can muster.

這就是高階平台所帶來的影響，特別是如果你能夠連網衛星影像、自動駕駛汽車無人機影像以及其他任何人都無法企及的指揮和控制速度。

You can have that kind of lopsided victory.

你可以獲得那種壓倒性的勝利。

And that's another reason I think that F-35 is going to demonstrate its value here, through these experiences.

這也是我認為 F-35 將透過這些經驗證明其價值的另一個原因。

Michael Ciarmoli, Truist Securities.

Truist Securities 的 Michael Ciarmoli。

Hey, good morning, guys.

嘿，大家早安。

Thanks for taking the questions.

感謝您回答這些問題。

Tom, maybe a tumor.

湯姆，可能是腫瘤。

Jay, just a bit more color on on supply chain.

傑伊，請再詳細談談供應鏈。

I know you know, the general update had been, you know, the demand signals were pointing to mid single digit and any changes with that under the new administration?

我知道，整體更新的情況是，需求訊號指向中等個位數，新政府的政策下會有什麼改變嗎？

And then just given the supply chain and you do administration, should we think about that multiyear kind of framework now firmly in mid single digits for both revenue and cash flow?

然後考慮到供應鏈和管理，我們是否應該考慮這種多年的框架，現在收入和現金流都穩固地保持在個位數的中間水平？

good question.

好問題。

We just to answer your question kind of supply chain operation.

我們只是為了回答你關於供應鏈運作的問題。

We have seen improvement.

我們看到了進步。

We saw improvement certainly in 2024 and were at levels where they have approached and in certain cases have exceeded, um, what they were pre-COVID.

我們在 2024 年確實看到了改善，達到了接近、甚至在某些情況下超過了新冠疫情之前的水平。

Having said that, there are still discrete on issues that we're dealing with the crop.

話雖如此，我們在處理作物問題時仍然存在一些分歧。

The portfolio.

投資組合。

I think I may have seen a good example.

我想我可能已經看到了一個很好的例子。

They've done an outstanding job of managing a number of supply chain issues, but yet they still are there.

他們在管理許多供應鏈問題方面做得非常出色，但這些問題仍然存在。

And so the way we have a group of a solid growth outlook there and a strong growth growth outlook, there are still being paced.

因此，我們擁有穩健的成長前景和強勁的成長勢頭，但成長步伐仍在加快。

A certain extent in that goes across much of the portfolio is, of course, gives another one C. 53 K. on has been hampered where we have seen improvement.

當然，在某種程度上，這涉及到大部分投資組合，這又給另一個 C.53 K. 帶來了阻礙，而我們已經看到了改善。

It's still not to the level that where we need to be operating from a contractual standpoint.

從合約角度來看，它還沒有達到我們需要運作的水平。

If we continue to see, though what we have seen since Sure, I would see it fuel a lot more confident in a multiyear outlook that is more in is 4% to 5% range like we are guiding for for 2025.

如果我們繼續觀察，儘管我們自那時以來已經看到了一些東西，但我認為它會讓我們對多年期前景更有信心，即增長率將在4％ 到5％ 之間，就像我們對2025年的預期一樣。

I think that we need to just go do a little bit more the passage of time as we go through midway through this year, we get a better outlook on how 2025 is shaping up and how that in Forms 2026 would be able to give you a clear, clear view of a longer term.

我認為，隨著時間的流逝，隨著今年年中到來，我們需要做更多的工作，以便更好地展望 2025 年的形勢，以及 2026 年表格將如何為您提供清晰、明確地看待較長的前景。

But at the moment, for encouraged by what we're seeing in surely, we've seen it here in 2025, and we're starting to gain confidence, as I mentioned before, that I can continue in 26.

但目前，我們在 2025 年看到的情況令人鼓舞，而且我們開始獲得信心，正如我之前提到的，我可以在 2026 年繼續下去。

Clearly, if you take one more question, I think we're approaching it after the hour.

顯然，如果您再回答一個問題，我想我們會在一個小時後再處理。

And after this question will hand off to Jim for closing comments.

這個問題問完之後，將交給吉姆進行最後評論。

And one more question, please here.

還有一個問題，請問一下。

Ron Epstein, Bank of America.

美國銀行的羅恩愛潑斯坦 (Ron Epstein)。

Hey, guys, for the question.

嘿夥計們，這個問題。

And maybe just kind of a two-parter, the first party, I think maybe when when they discuss this Iron Dome over the USMATNGI., their contract that you guys already first or am I thinking about that wrong?

也許只是兩個部分，第一部分，我想也許是當他們討論鐵穹防禦系統而不是美國防空飛彈防禦系統時，你們已經簽訂了合同，還是我的想法錯了？

Because this is that what engineering, Ron Jim here, it would be an integral part of us have a more comprehensive solution to homeland defense.

因為這就是工程，羅恩·吉姆，它將成為我們獲得更全面的國土防禦解決方案的一個組成部分。

And what the administration has laid out is a defense homeland against some a multiple set of attack options for any adversary.

政府已經制定了防禦本土的計劃，以抵禦任何對手的多種攻擊選擇。

one of them is, as you say, Intercontinental ballistic missile attack, that is something that the NGI. is specifically designed to accomplish.

其中之一就是，正如你所說，洲際彈道飛彈襲擊，這是NGI所做的事情。是專門為實現這一目標而設計的。

But then there's also hypersonic attack.

但還有高超音速攻擊。

We have a Hyper, counter hypersonics effort in this company, knowing that we're going to need to be able to do that by the way to do it.

我們公司有一個超音速、反超音速的計劃，我們知道我們需要能夠順便做到這一點。

You're going to need a I and you're going to be High Speed Data Tree missions and you're going to have to multiply centers and multi-domain to do it.

您將需要一個 I，您將要執行高速資料樹任務，並且您將必須增加中心和多域才能完成它。

So that's the second one.

這是第二個。

A third one is cruise missiles, right?

第三個是巡航導彈，對吧？

We've shown that we, for example, we can shoot down cruise missiles lasers now and that could be part of the solution.

例如，我們已經證明，我們現在可以擊落巡航飛彈的雷射，這可能是解決方案的一部分。

And then maybe the lowest level of adversary would be a cheap in-country new, a UAV attack, a drone attack on on a public place or an Air Force base or some other you at our assets.

那麼，也許最低級別的對手將是廉價的國內新事物，無人機襲擊，對公共場所或空軍基地或我們的資產的其他無人機襲擊。

And that's another set of technologies, which is counter UAS.

這是另一套技術，即反無人機技術。

And though we haven't heard back from this administration yet on this topic, but we offered the prior administration at the sector level to organize the national team on counter-UAS because I think we have some pretty good technologies.

雖然我們還沒有收到本屆政府關於這一主題的回复，但我們建議前政府在部門層面組織一個國家反無人機團隊，因為我認為我們有一些相當不錯的技術。

We want to add a lot more from some mid and large companies that do have the relevant technologies as well.

我們希望從一些擁有相關技術的大中型企業中吸收更多的經驗。

So I ran out of time on your second part of your first question, but that's what I think of what I consider what Iron Dome would have to look like.

所以我沒有時間回答你的第一個問題的第二部分，但這就是我對鐵穹防禦系統外觀的看法。

I got it was a broader thing and just sort of call it missile defense that yes, there's a public statement by the U.S. government and outlines a lot.

我的理解是，這是一個更廣泛的事情，可以稱之為導彈防禦，是的，美國政府有公開聲明，其中概述了很多內容。

And if I can squeeze in one last 1 and then I've got to go and how you're thinking about.

如果我能擠出最後一個時間，然後我就得走了，你在想什麼。

I mean, Denmark is an important F-35 international customer, and there's a lot of rhetoric in the press around the U.S. market and cream.

我的意思是，丹麥是 F-35 的重要國際客戶，媒體對美國市場和精華有很多言論。

And how do you think about that?

您對此有什麼看法？

And now you're mixing that up with them being an important customer and what message that might send other customers.

現在，您將他們作為重要客戶與可能向其他客戶發送的訊息混為一談。

But these are policy issues by the US government are completely out of our for a review of.

但這些都是美國政府的政策問題，完全不在我們的審查範圍內。

So I'll just leave that there.

所以我就這樣保留它了。

The demand for the aircraft is we've talked about keeps building, especially in international customers.

我們所討論的飛機的需求持續成長，特別是國際客戶。

And really, that's all I'd like to comment on on a policy matter synthesis.

確實，這就是我想就政策事務綜合發表的全部評論。

All right.

好的。

Thank you, Maria, for managing all the questions.

謝謝瑪麗亞解答所有問題。

Before we close, I want to thank the Lockheed Martin workforce for constantly pushing the boundaries of innovation to help our country and our allies accomplish their missions and maintain our ability to provide a strong return to armed conflict.

最後，我要感謝洛克希德馬丁公司的員工不斷突破創新界限，幫助我們的國家和盟友完成他們的使命，並保持我們在武裝衝突中強大回歸的能力。

And if we must do the feed animals that have taxes in the Air Force to call that fly fight and win as we did first term, we look forward a very productive working relationship with President Trump and his team and the new Congress to strengthen our national defense.

如果我們必須像第一任期一樣，為空軍提供稅收，以打贏這場戰鬥，那麼我們期待與川普總統及其團隊以及新國會建立非常富有成效的工作關係，以加強我們的國家防禦。

We share our commitment to achieving piece through strength, and we're focused on delivering the best critical defense technology in the world and the greatest value to the American taxpayer.

我們共同致力於透過實力實現和平，並致力於提供世界上最先進的關鍵國防技術，為美國納稅人帶來最大的價值。

So that will wrap up the call.

本次通話到此結束。

Thank you.

謝謝。

Everybody has the joint today, and we'll see in April and our first quarter call.

今天每個人都有聯合，我們將在四月和第一季電話會議上看到。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for joining.

感謝您的加入。

You may now disconnect.

您現在可以斷開連線。