洛克希德·馬丁 (LMT) 2025 Q1 法說會逐字稿

Welcome, everyone, to the Lockheed Martin First Quarter 2025 Earnings Results Conference Call. Today's call is being recorded.

歡迎大家參加洛克希德馬丁公司 2025 年第一季收益結果電話會議。今天的通話正在錄音。

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

現在，為了致開幕詞和介紹，我想將電話轉給財務主管和投資者關係副總裁瑪麗亞·裡恰爾多內 (Maria Ricciardone)。請繼續。

Thank you, Sarah, and good morning. I'd like to welcome everyone to our first quarter 2025 earnings conference call. Joining me today on the call are James Taiclet, our Chairman, President and Chief Executive Officer; and Evan Scott, our Chief Financial Officer.

謝謝你，莎拉，早安。歡迎大家參加我們的 2025 年第一季財報電話會議。今天與我一起參加電話會議的還有我們的董事長、總裁兼執行長 James Taiclet；以及我們的財務長 Evan Scott。

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. 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 have 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.

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。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。我們今天已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 will turn the call over to Jim.

說完這些，我會把電話轉給吉姆。

Thanks, Maria. Good morning, everyone, and thank you for joining us on our first quarter 2025 earnings call. As you saw in the press release this morning, Lockheed Martin delivered strong all-around performance in the first quarter, continuing the growth momentum we've seen over the last two years. We increased our year-over-year sales 4% in the quarter and generated solid cash and enabled investment of $850 million in independent research and development and capital expenditures. Moreover, we provided a robust shareholder return of $1.5 billion through dividends and share repurchases during the quarter.

謝謝，瑪麗亞。大家早安，感謝您參加我們的 2025 年第一季財報電話會議。正如您在今天早上的新聞稿中看到的，洛克希德馬丁公司在第一季表現強勁，延續了過去兩年的成長勢頭。本季我們的銷售額年增了 4%，產生了豐厚的現金，並在獨立研發和資本支出方面投資了 8.5 億美元。此外，本季我們透過股息和股票回購為股東提供了 15 億美元的豐厚回報。

As Evan will discuss in a moment, these results reinforce our confidence in our full year guidance of mid-single-digit growth in sales, 11% segment operating margin and double-digit growth in free cash flow per share. Our strong start in Q1 enables us to mitigate or absorb currently known tariff headwinds as well as the direct program impacts of the next-generation air dominance program decision, and we maintain our original guidance for the full year.

正如 Evan 稍後將要討論的那樣，這些結果增強了我們對全年銷售額中位數個位數成長、分部營業利潤率 11% 和每股自由現金流兩位數成長的信心。我們在第一季的強勁開局使我們能夠減輕或吸收目前已知的關稅阻力以及下一代空中優勢計劃決策對計劃的直接影響，並且我們維持了全年的原始指導。

With respect to the US defense budget, we continue to operate under a full year continuing resolution that allows for new awards and the transfer of funds across programs and we are actively engaged with our customers to provide best value solutions for them in this process. We're applying this best value approach also to our customer interactions regarding the 2026 presidential budget request as well. This is especially applicable to the President's high-priority launch of the Golden Dome for America, where we are describing how current Lockheed Martin programs that are already at scale production can contribute immediately to the solution.

關於美國國防預算，我們將繼續按照全年持續決議進行運作，允許頒發新的獎項並在各個項目之間轉移資金，並且我們積極與客戶合作，在此過程中為他們提供最有價值的解決方案。我們也將這種最有價值的方法應用於 2026 年總統預算請求的客戶互動中。這尤其適用於總統高度重視的美國金色穹頂的發射，我們正在描述洛克希德馬丁公司目前已經規模化生產的項目如何能夠立即為解決方案做出貢獻。

Our 21st century security strategy where we integrate existing and new satellites, aircraft, ships, missile launchers and command and control systems with constantly upgradable digital technologies was tailor-made for Golden Dome. In addition to the significant opportunities presented by this project, our advanced air and missile systems have recently won several large missile program awards in the first quarter already, comprising up to $10 billion in future work. These include substantial contracts for precision strike missiles or PrSM, terminal high-altitude area defense or THAAD and joint air-to-surface standoff missiles and long-range anti-ship missiles, these are among the most sophisticated and effective guided missile systems in the world and are continuously proving themselves in actual combat operations.

我們的 21 世紀安全戰略是專為金頂量身定制的，即將現有和新的衛星、飛機、艦船、導彈發射器和指揮控制系統與不斷升級的數位技術相結合。除了該計畫帶來的重大機會之外，我們的先進空中和飛彈系統最近已在第一季贏得了幾項大型飛彈計畫獎項，未來工作總額高達 100 億美元。其中包括精確打擊飛彈（PrSM）、末段高空區域防禦系統（THAAD）、聯合空對地防區外飛彈和遠程反艦飛彈的大量合同，這些都是世界上最先進、最有效的飛彈系統之一，並在實際作戰行動中不斷證明自己。

Lockheed Martin Space also received a modification to their existing contract for next generation of US deterrents at sea. The upgraded missile often referred to as the fleet ballistic missile is called the Trident 2 D5 life extension. Lockheed Martin has provided this critical proven deterrence capability for 70 years, and this award launches the technology refresh that will continue this franchise for decades into the future. Beyond Missiles, our Space team recently won a contract on a classified program in which we will demonstrate highly advanced capabilities and the latest cutting-edge technologies available.

洛克希德馬丁航太公司也對其現有的下一代美國海上威懾力量合約進行了修改。這種升級版飛彈通常被稱為艦隊彈道飛彈，被稱為三叉戟 2 D5 延壽飛彈。洛克希德馬丁公司已經提供這種經過驗證的關鍵威懾能力長達 70 年，而此次合約啟動了技術更新，將在未來幾十年繼續延續這一優勢。除了導彈之外，我們的太空團隊最近還贏得了一項機密項目的合同，我們將在該合約中展示高度先進的能力和最新的尖端技術。

We've proven these new capabilities on orbit and are ready to produce these vehicles at scale right now. This is another example of our ability to apply the latest technology at a level of reliability that can quickly improve the ability to deter our conflict and win it if need be. We also received a contract to integrate a system of next-generation infrared sensors on the F-22 Raptor to enhance the aircraft survivability and lethality. As a former Air Force pilot, I can provide strong assurance that this new capability will further enable the fifth-generation F-22 to shoot down enemy aircraft before they even know that we're there.

我們已經在軌道上證明了這些新功能，並準備好立即大規模生產這些飛行器。這是我們能夠可靠地應用最新技術的另一個例子，這種技術可以迅速提高阻止衝突並在必要時贏得衝突的能力。我們還獲得了一份合同，在F-22猛禽戰鬥機上整合下一代紅外線感測器系統，以增強飛機的生存力和殺傷力。作為前空軍飛行員，我可以堅定地保證，這項新能力將使第五代 F-22 能夠在敵機意識到我們到來之前將其擊落。

Equally notable in the quarter and another example of developing on the leading edge of evolving requirements, was our demonstration of cost-effective countermeasures against drone warfare, complementing our existing systems for integrated air and missile defense by leveraging sophisticated electronic warfare techniques to find and destroy storms of drones. Our team conducted the first in a series of innovative demos featuring a system design to detect, track, identify and defeat a mix of small drones cost effectively driving another value-based solution for our customers.

本季同樣引人注目的、在不斷發展的需求前沿發展的另一個例子是我們展示了具有成本效益的無人機戰爭對策，透過利用先進的電子戰技術來發現和摧毀無人機風暴，補充了我們現有的綜合防空和飛彈防禦系統。我們的團隊進行了一系列創新演示中的第一次，其特點是系統設計可以經濟高效地檢測、追蹤、識別和擊敗各種小型無人機，為我們的客戶提供另一種基於價值的解決方案。

And in another first-of-its-kind real-world demonstration, our Skunk Works team joined with the Royal Netherlands Air Force to showcase the first-ever live classified data share outside the United States between an F-35 in flight and a Dutch command control system during a multinational military exercise. This is a first and a significant step forward in using digital technology for the integration of ground air and naval forces with the F-35 serving as the quarter back between several allied nations in real time.

在另一個史無前例的真實世界演示中，我們的臭鼬工廠團隊與荷蘭皇家空軍合作，在一次多國軍事演習中展示了飛行中的 F-35 與荷蘭指揮控制系統之間在美國境外首次進行的實時機密數據共享。這是利用數位技術整合地面空中和海上力量的第一步，也是重要的一步，F-35 可以即時充當幾個盟國之間的中場後衛。

Speaking of next-generation technologies, I think it's important to highlight that over the past few years, we've pivoted our long-term strategy to transcend any individual program and provide cost-effective solutions by combining our installed base of highly capable hardware with AI and 5G distributed cloud and the like. For example, the air superiority mission is being done today with a host of aircraft and other systems, many of which you all know are made by Lockheed Martin. And a combination needed to defeat even more aggressive and sophisticated adversaries, thereby deterring them from initiating a hostile action.

說到下一代技術，我認為有必要強調的是，在過去幾年中，我們已經調整了我們的長期策略，超越任何單一項目，並透過將我們已安裝的高效能硬體基礎與人工智慧、5G 分散式雲端等相結合，提供具有成本效益的解決方案。例如，今天正在執行空中優勢任務的飛機和其他系統很多都是由洛克希德馬丁公司製造的。我們需要聯合起來打敗更具侵略性和更老練的對手，從而阻止他們採取敵對行動。

This mission solution orientation that we call 21st century security is designed to extend the life and capabilities of our existing platforms like the F-16, F-35 and F-22 and in an ever-increasing threat environment in a manner that's affordable to the US and its allies while integrating new platforms such as NGAD into the mission fabric over time. Lockheed Martin's broad and deep portfolio is exclusively positioned to make this a reality.

我們稱之為 21 世紀安全的任務解決方案導向，旨在以美國及其盟友能夠承受的方式延長我們現有平台（如 F-16、F-35 和 F-22）的壽命和能力，並在日益增加的威脅環境中，隨著時間的推移將 NGAD 等新平台整合到任務結構中。洛克希德馬丁公司廣泛而深入的產品組合完全有能力實現這一目標。

Our next-generation air dominance efforts advance many classified technologies that were aligned to this strategy and we plan on applying those technologies to our current systems, making our already proven products even more relevant to the future as well as enhancing the capabilities we provide in ongoing and future development. For example, the knowledge and technology development gained from our investments in the NGAD competition strengthened our conviction to enhance the F-35 to a fifth generation plus capability.

我們的下一代空中優勢努力推進了許多與該戰略一致的機密技術，我們計劃將這些技術應用到我們現有的系統中，使我們已經得到驗證的產品與未來更加相關，並增強我們在當前和未來發展中所提供的能力。例如，我們在 NGAD 競賽中的投資所獲得的知識和技術發展增強了我們將 F-35 提升到第五代以上能力的信念。

And I challenged the team to deliver 80% of sixth-gen capability at 50% of the cost. In support of this vision, we're also committing to drive disruptive innovation, and building upon our recent established internal capabilities in AI, autonomy, crewed-uncrewed teaming and command and control systems across the whole company. We've aligned these technology investments with our customer priorities and demonstrating meaningful increases in capabilities at relatively low cost. We've already shown the networking and teaming ability of the F-35 and the F-22 to control uncrewed vehicle systems like drone wingmen through onboard deployments of our autonomy solutions on real aircraft.

我向團隊提出挑戰，要求以 50% 的成本提供 80% 的第六代能力。為了支持這個願景，我們也致力於推動顛覆性創新，並在整個公司範圍內建立我們最近建立的人工智慧、自主性、載人-無人團隊合作以及指揮和控制系統的內部能力。我們將這些技術投資與客戶的優先事項相結合，並以相對較低的成本實現了能力的顯著提升。我們已經透過在真實飛機上部署我們的自主解決方案，展示了 F-35 和 F-22 控制無人機系統（如無人機僚機）的連網和協作能力。

Our Skunk Works team has also invented a ground and sea-based drone command station, powered by our operational autonomy platform, which is currently in production today for the Navy. As a central data aggregator, processing and distribution node in this architecture, the F-35 can execute its air combat quarterback role. The global F-35 fleet today stands at more than 1,100 aircraft with a total fleet expected to be greater than 3,500, enabling the US and its allies to remain command of the skies far into the future.

我們的臭鼬工廠團隊還發明了一種地面和海上無人機指揮站，由我們的自主作戰平台提供動力，目前正在為海軍生產。作為該架構中的中央資料聚合器、處理和分發節點，F-35 可以執行其空戰四分衛的角色。目前全球F-35機隊已擁有超過1,100架飛機，預計總機隊規模將超過3,500架，將使美國及其盟友在未來很長一段時間內保持制空權。

To further our strategic vision, my immediate focus and that of my entire management team is on operational execution, driving cost competitiveness, quality and schedule every day. With $173 billion of backlog, more than two years of sales, we're focused on delivering on time and on budget. We're continuing to execute our 1LMX end-to-end business process transformation, which has been underway since 2022. Through this, we've driven increased production of high-demand systems like HIMARS, we accelerated software deployment to our software factory and enabled model-based engineering with digital twins of many of our products.

為了進一步實現我們的策略願景，我和我的整個管理團隊目前的重點是每天專注於營運執行、推動成本競爭力、品質和進度。由於積壓訂單價值 1730 億美元，銷售額超過兩年，我們專注於按時按預算交付。我們正在繼續執行自 2022 年以來一直在進行的 1LMX 端到端業務流程轉型。透過這種方式，我們推動了 HIMARS 等高需求系統的產量增加，加速了軟體工廠的軟體部署，並透過許多產品的數位孿生實現了基於模型的工程。

And going forward, we have a deep bench of talent needed to continue the success. And a prime example of that is our new CFO, Evan Scott, joining us today for his first quarterly earnings call in his new role. As a 26-year veteran of Lockheed Martin, Evan knows this business inside out, and he has a deep appreciation for our customers and their missions. I'm confident that he will be a great asset to our executive leadership team.

展望未來，我們擁有繼續取得成功所需的雄厚人才隊伍。一個典型的例子就是我們的新任財務長埃文·斯科特 (Evan Scott)，他今天參加了他在新職位上的第一次季度收益電話會議。作為洛克希德馬丁公司 26 年的老員工，埃文對這個行業瞭如指掌，並且對我們的客戶及其使命深表讚賞。我相信他將成為我們執行領導團隊的寶貴資產。

And now I'll turn it over to Evan to share more about his background and our financial results.

現在我將讓 Evan 來分享更多關於他的背景和我們的財務表現的資訊。

Thanks, Jim, and good morning, everyone. It's a privilege to be speaking with you all this morning. As Jim mentioned, I've been at Lockheed Martin for my entire career. The depth and breadth of the work we do to help American and outlying service members complete their mission successfully and return home safely is truly unmatched. Over the course of my career here, I've had the opportunity to work across a range of functions, including as Treasurer and the CFO of two business areas: Space and MFC.

謝謝，吉姆，大家早安。我很榮幸今天上午能與大家交談。正如吉姆所提到的，我的整個職業生涯都在洛克希德馬丁公司度過。我們為幫助美國和周邊服役人員成功完成任務並安全返回家園所做的工作的深度和廣度確實是無與倫比的。在我的職業生涯中，我有機會從事一系列的職務，包括擔任財務主管和兩個業務領域的財務長：空間和 MFC。

I've been fortunate to see firsthand how this company operates and evolves to deliver value across every part of the business for both our customers and our shareholders. Even before accepting this role, I worked hand-in-hand with leaders from across the company on our business strategy and priorities, helping to ensure continued financial discipline and execution of our capital allocation strategy while driving growth and advancing our mission solution-focused 21st century security strategy.

我有幸親眼目睹這家公司如何運作和發展，為我們的客戶和股東在業務的各個方面創造價值。在接受這個職位之前，我已經與公司各部門的領導密切合作，共同製定業務戰略和優先事項，幫助確保持續的財務紀律和資本配置戰略的執行，同時推動增長並推進以使命解決方案為中心的 21 世紀安全戰略。

I have great respect for the path that's been charted and recognize the company's solid foundation for continued growth. My intention is to carry this momentum forward, staying true to the strategic vision that has positioned us for long-term success and working closely with Jim, Frank and the rest of the executive team to deliver on our operational and financial targets. As we continue this journey, you have my commitment to maintaining transparency, consistency and open dialogue with the investment community, just as we always have. And on that note, let's turn to our performance for the quarter, starting with key financial highlights on Chart 4.

我非常尊重已經規劃好的道路，並認識到公司持續成長的堅實基礎。我的目的是保持這一勢頭，堅持為我們帶來長期成功的策略願景，並與吉姆、弗蘭克和其他執行團隊成員密切合作，實現我們的營運和財務目標。在我們繼續這趟旅程的過程中，我承諾將一如既往地與投資界保持透明度、一致性和開放的對話。接下來，讓我們來看看本季的業績，先來看看圖 4 的關鍵財務亮點。

Our strong financial results in the first quarter position us well for the remainder of the year, highlighted by 4% sales growth and 11.6% segment margins, with all four business areas, generating double-digit returns, boosted by better-than-expected performance on contract completions at Aeronautics, RMS and Space. GAAP earnings per share of $7.28 increased 14% with benefits from higher volume, higher profit adjustments and lower share count more than offsetting higher interest expense, and lower FAS/CAS pension adjustment.

我們第一季的強勁財務業績為我們在今年剩餘時間內取得的良好業績奠定了基礎，其中銷售額增長了 4%，分部利潤率達到了 11.6%，所有四個業務領域均實現了兩位數的回報，這得益於航空、RMS 和航太領域合約完成情況好於預期。每股 7.28 美元的 GAAP 收益增加了 14%，這得益於更高的銷售、更高的利潤調整和更低的股票數量，足以抵消更高的利息支出和更低的 FAS/CAS 退休金調整。

Shifting to new business. While our book-to-bill was less than 1 in the quarter, backlog remains healthy at approximately $173 billion. Our largest awards in Q1 came from MFC and RMS, as Jim noted, within MFC, we recorded approximately $2 billion in orders for the JASSM LRASM, Large Lot Procurement UCA, and facilitization contracts, supporting the production ramp to 1,100 units in 2027. At RMS, we booked six years of future work supporting the implementation phase of the Canadian Service Combatant River Class Destroyer program continuing our partnership with Irving shipbuilding to upgrade the Canadian fleet.

轉向新業務。雖然本季我們的訂單出貨比不到 1，但積壓訂單仍保持健康水平，約 1,730 億美元。我們在第一季度獲得的最大獎項來自 MFC 和 RMS，正如 Jim 指出的那樣，在 MFC 內部，我們記錄了約 20 億美元的 JASSM LRASM、大批量採購 UCA 和便利化合約訂單，支持到 2027 年產量提升至 1,100 枚。在 RMS，我們預定了未來六年的工作，支援加拿大服務戰鬥河級驅逐艦計畫的實施階段，繼續與歐文造船廠合作升級加拿大艦隊。

Moving to free cash flow. We generated $955 million in the quarter, after investing nearly $850 million into R&D and capital expenditures in the maturation of innovative technologies, digital transformation and operational efficiencies. With an overarching goal of improving performance, providing the most complete multi-domain solutions for our customers. In addition to investing in next-generation capabilities, we maintained our commitment to shareholders by returning over $1.5 billion through dividends and share repurchases.

轉向自由現金流。我們在創新技術成熟、數位轉型和營運效率方面投入了近 8.5 億美元的研發和資本支出，本季創造了 9.55 億美元的收入。我們的總體目標是提高效能，為我們的客戶提供最完整的多領域解決方案。除了投資下一代能力之外，我們還透過股息和股票回購返還了超過 15 億美元，履行了對股東的承諾。

Now I'll hand it to Maria to discuss the business area results in more detail.

現在我將交給瑪麗亞來更詳細地討論業務領域的結果。

Thanks, Evan. Before I transition into the business area details, one reminder, there are no calendarization differences between 2024 and 2025. All four quarters have 13 weeks in both periods.

謝謝，埃文。在我轉入業務領域細節之前，需要提醒的是，2024 年和 2025 年之間沒有日曆差異。四個季度的兩個時期均為 13 週。

Okay. Starting with Aeronautics on Chart 5. First quarter sales at Aero increased 3% year-over-year to $7.1 billion. The increase was primarily due to higher volumes on F-35, mainly on production contracts. Segment operating profit increased 6% year-over-year due to the higher volume as well as higher profit booking rate adjustments, including the benefit from favorable performance at-completion on a classified contract. In February, Singapore signed the letter of offer and acceptance for eight F-35 As. This milestone expands Singapore's program of record to 20 jets and demonstrates continued international interest in the F-35 and the advanced capabilities it provides.

好的。從圖表 5 上的航空學開始。Aero 第一季的銷售額年增 3%，達到 71 億美元。成長的主要原因是 F-35 產量增加，主要是生產合約。由於交易量增加以及利潤預訂率調整增加（包括機密合約完成時業績良好帶來的好處），分部營業利潤較去年同期成長 6%。今年2月，新加坡簽署了購買8架F-35A的要約和接受函。這一里程碑將新加坡的記錄項目擴展到 20 架噴射機，並表明國際社會對 F-35 及其提供的先進能力的持續興趣。

Turning to Missiles and Fire Control on Chart 6. Sales at MFC increased 13% from the prior year, driven by higher volume on multiple tactical and strike missile programs, including JASSM/LRASM, GMLRS and HIMARS. Segment operating profit improved 50% year-over-year, driven by higher volume and higher profit rate adjustments. The higher profit rate adjustments were primarily due to the absence of the $100 million loss on a classified program we recognized in last year's first quarter. Normalizing for the loss, MFC's profit in Q1 2025 improved in line with sales at 13%, with margins up 10 basis points year-over-year.

請參閱圖表 6 中的飛彈和火控。MFC 的銷售額比去年增長了 13%，這得益於多種戰術和打擊飛彈項目（包括 JASSM/LRASM、GMLRS 和 HIMARS）的銷售增加。受銷售量增加及利潤率調整提振，分部營業利益年增 50%。利潤率調整較高主要是因為我們去年第一季確認的機密項目損失為 1 億美元。扣除虧損後，MFC 2025 年第一季的利潤隨銷售額成長 13%，利潤率較去年同期成長 10 個基點。

This quarter, we debuted the common multi-mission truck family of air vehicles that can be produced rapidly and affordably for domestic and international customers, known as CMMT, this affordable mass missile has an all-digital design and modularity that offers mission flexibility. CMMT demonstrates 1LMX at work. It is the result of model-based engineering, which maximizes component reuse and commonality across programs to radically accelerate development. For example, for CMMT, we reduced the time required to get to a preliminary design review, a major milestone by 50%.

本季度，我們推出了可為國內外客戶快速且經濟地生產的通用多任務卡車系列飛行器（稱為 CMMT），這種經濟實惠的大規模導彈具有全數位設計和模組化，可提供任務靈活性。CMMT 示範了 1LMX 的工作情況。它是基於模型的工程的結果，它最大限度地提高了程式之間的組件重用和通用性，從而大大加快了開發速度。例如，對於 CMMT，我們將完成初步設計審查（一個重要里程碑）所需的時間縮短了 50%。

Shifting to Rotary and Mission Systems on Chart 7. Sales at RMS increased 6% in the quarter to $4.3 billion, driven by higher volume on the Canadian Surface Combatant and Radar programs within the integrated warfare systems and sensors portfolio, and higher volume on Black Hawk at Sikorsky. Operating profit was up 21% year-over-year due to the higher volume as well as higher profit rate adjustments and favorable contract mix including a benefit related to an intellectual property licensing arrangement. The picture to the right shows drones used by the Lockheed Martin Counter-UAS team in the recent field event that Jim mentioned in his remarks.

轉向圖表 7 上的旋轉和任務系統。本季 RMS 的銷售額成長了 6%，達到 43 億美元，這得益於綜合作戰系統和感測器產品組合中的加拿大水面作戰艦艇和雷達項目銷量的增加，以及西科斯基黑鷹項目銷量的增加。由於銷量增加、利潤率調整提高以及有利的合約組合（包括與智慧財產權許可安排相關的收益），營業利潤同比增長 21%。右圖展示了洛克希德馬丁公司反無人機團隊在吉姆在演講中提到的最近的實地活動中使用的無人機。

And on Chart 8, we'll wrap up the business area discussion with space. Space sales decreased 2% year-over-year due to lower volume at National Security Space, primarily related to the overhead persistent infrared radar program, OPIR, partially offset by higher volume at commercial civil space due to LUNAR program life cycle. Despite the lower sales volume, base operating profit increased 17% compared to Q1 2024. This increase was driven by higher profit rate adjustments, primarily due to favorable performance at-completion on certain commercial civil space programs. Lower equity earnings from United Launch Alliance partially offset this benefit, as ULA had fewer launches year-over-year as well as higher initial costs associated with Vulcan profitability.

在圖 8 中，我們將用空間來結束業務領域的討論。由於國家安全空間的銷售下降（主要與高架持續紅外線雷達計劃 OPIR 有關），空間銷售額比去年同期下降 2%，但 LUNAR 計劃生命週期導致商業民用空間的銷量增加，部分抵消了這一影響。儘管銷售量較低，但基本營業利潤與 2024 年第一季相比增長了 17%。這一增長是由更高的利潤率調整推動的，這主要歸功於某些商業民用航太專案在完成時表現良好。聯合發射聯盟 (ULA) 的股權收益較低，部分抵消了這一收益，因為 ULA 的發射次數同比減少，而且與 Vulcan 盈利相關的初始成本較高。

The picture to the right is an LM400 technology demonstration satellite that recently completed its prelaunch processing and is waiting the next available launch window at Vandenberg Space Force base. The technology demonstrator is the latest in a series of self-funded missions to demonstrate the maturity of new technology on orbit and reduce risk for our customers. The LM400 is capable of serving military commercial or civil customers it can be customized to host a variety of missions and can operate in any orbit.

右圖是一顆 LM400 技術演示衛星，該衛星最近完成了發射前處理，正在范登堡太空部隊基地等待下一個可用的發射窗口。該技術演示器是一系列自籌資金任務中的最新一項，旨在展示軌道新技術的成熟度並降低客戶風險。LM400 能夠為軍事、商業或民用客戶提供服務，它可以自訂以執行各種任務並可以在任何軌道上運行。

Now I'll turn it back over to Evan.

現在我將把發言權交還給 Evan。

Thanks, Maria. Shifting gears, I'll walk through guidance on Chart 9. Our expectations for Lockheed Martin's 2025 financial outlook remain unchanged from what we laid out in January. With the strong first quarter results, positioning us well to achieve the consolidated full year outlook of mid-single-digit sales growth, solid 11% margins and high single-digit free cash flow growth of $6.7 billion at the midpoint. In addition, there is opportunity to increase backlog in 2025, providing a solid foundation for sustained growth.

謝謝，瑪麗亞。換個話題，我將逐步介紹圖表 9 的指導。我們對洛克希德馬丁公司 2025 年財務前景的預期與我們 1 月的預測保持不變。憑藉第一季的強勁業績，我們預計將實現全年綜合預期：銷售額實現中等個位數成長，利潤率穩固達到 11%，自由現金流實現中等個位數成長，即 67 億美元。此外，2025年還有機會增加積壓訂單，為持續成長奠定堅實的基礎。

As I mentioned earlier, the strong profit we realized in the first quarter provides an increased confidence in our ability to absorb currently estimated 2025 profit impacts from tariffs and the NGAD announcement. While it will take more time to complete a thorough business assessment of these dynamics, we're optimistic about achieving our profit targets for the year. I look forward to partnering with Frank and the rest of the leadership team on the operational excellence initiatives to unlock company-wide efficiencies. Now given the dynamic backdrop, I'd like to note several key assumptions within our guidance.

正如我之前提到的，我們在第一季實現的強勁利潤增強了我們吸收目前估計的關稅和 NGAD 公告對 2025 年利潤影響的能力的信心。雖然需要更多時間來完成對這些動態的全面業務評估，但我們對實現今年的利潤目標充滿樂觀。我期待與弗蘭克和其他領導團隊成員合作，共同推動卓越營運計劃，以提高全公司的效率。現在考慮到動態背景，我想指出我們指導中的幾個關鍵假設。

First, on F-35, we continue to expect between 170 to 190 deliveries for the year from the world's premier fighter jet production operation, with a backlog of approximately 360 jets at the end of Q1. And we anticipate definitizing the Lot 18 contract in the second quarter which we expect will unlock cash currently tied up in working capital on the balance sheet. At the same time, we're making good progress on TR3 stability and incremental capability releases.

首先，關於 F-35，我們繼續預計這家全球頂級戰鬥機生產企業今年將交付 170 至 190 架 F-35，第一季末積壓訂單約為 360 架。我們預計將在第二季度確定第 18 批合同，預計這將釋放資產負債表上目前被佔用在營運資金中的現金。同時，我們在 TR3 穩定性和增量功能發布方面取得了良好進展。

Second, the outlook assumes a certain level of tariff impact as we expect to mitigate potential cost increases and offset cash timing pressures. We continue to work closely with our customers on this and we'll provide updates during the course of the year if we see further impacts to our business despite those efforts.

其次，由於我們預期關稅將減輕潛在的成本增加並抵消現金時間壓力，因此前景假設一定程度的關稅影響。我們將繼續與客戶就此密切合作，如果我們發現儘管我們做出了努力，我們的業務仍受到進一步影響，我們將在今年內提供最新消息。

Third, our guide accommodates the direct program impacts of the NGAD announcement on 2025 and orders, sales, profit and cash flow. As you would expect, we are currently evaluating the broader business implications and we'll have more to share when we report on our second quarter results.

第三，我們的指南涵蓋了 NGAD 公告對 2025 年的直接計畫影響以及訂單、銷售、利潤和現金流。正如您所期望的，我們目前正在評估更廣泛的業務影響，當我們報告第二季業績時，我們將分享更多資訊。

Lastly, we assume our programs are funded in a timely manner to support operational needs, and the outlook does not include a pension contribution for this year. Looking beyond our strong 2025 guide. The current backdrop supports sustained backlog strength with improved US and international budget opportunities. This provides a line of sight to stronger sales growth rates through 2027 than previously expected. This steady top line growth, combined with operational improvements, are expected to provide a solid foundation for consistent free cash flow generation that enables our capital deployment priorities over the next three years, namely to invest over $10 billion in R&D and capital expenditures and return at least $18 billion to shareholders via dividends and repurchases, all while continuing to fund required pension contributions.

最後，我們假設我們的專案能夠及時獲得資金以支持營運需求，並且前景不包括今年的退休金繳款。展望我們強大的 2025 年指南。目前的背景支持持續的積壓實力以及美國和國際預算機會的改善。這為 2027 年的銷售成長率高於先前的預期提供了依據。穩定的營收成長加上營運改善預計將為持續的自由現金流產生奠定堅實的基礎，從而使我們能夠在未來三年內優先部署資本，即投資超過 100 億美元用於研發和資本支出，並透過股息和回購向股東返還至少 180 億美元，同時繼續支付所需的退休金繳款。

In summary, on Chart 10, we're off to a solid start in 2025 and have a strong focus on operational excellence to ensure we deliver on our customer and programmatic requirements while also building momentum towards delivering our full year guidance. In parallel, we remain committed to investing for the future and creating long-term value for our customers and shareholders.

總而言之，如圖表 10 所示，我們在 2025 年取得了良好的開端，並高度重視卓越運營，以確保我們滿足客戶和計劃要求，同時也為實現全年指導目標積蓄動力。同時，我們仍然致力於投資未來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) David Strauss, Barclays.

（操作員指示）巴克萊銀行的大衛·施特勞斯。

Evan, welcome to the call. Jim, I wanted to ask you about the NGAD decision. At this point, have you received a debrief from the Air Force and gotten some feedback there? And how are you thinking about the way forward in terms of potentially protesting the award?

埃文，歡迎來電。吉姆，我想問你關於 NGAD 決定的問題。目前，您是否已收到空軍的報告並獲得一些回饋？您如何考慮對該裁決提出抗議的下一步？

Yes, David. We did get a classified debrief from the US Air Force on their NGAD decision. And we are taking that feedback internally. And looking at all the aspects that we were briefed on, which we can't speak to because of the classification level. But we are addressing those. On a strategic basis, we are going with this decision is not to protest it. We are not going to protest the NGAD decision of the US government. We are moving forward and moving out on applying all the technologies that we developed for our NGAD bid on to our embedded base of F-35 and F-22.

是的，大衛。我們確實收到了美國空軍關於其 NGAD 決定的機密報告。我們正在內部採納這些回饋。縱觀我們所聽到的所有簡報，由於機密級別，我們無法談論這些方面。但我們正在解決這些問題。從戰略角度來看，我們將會遵循這個決定，而不會對其進行抗議。我們不會抗議美國政府的 NGAD 決定。我們正在向前邁進，並將為 NGAD 競標開發的所有技術應用到我們的嵌入式 F-35 和 F-22 基礎上。

I feel that we can have, again, 80% of the capability potentially at 50% of the cost per unit aircraft, by taking the F-35 chassis and applying numerous advanced technologies, some of which are already in process and Block 4 and F-35, but others that we can apply and we are going to offer fairly rapidly to the Department of Defense to really take that chassis and supercharge it for the future. And that's kind of a fifth generation plus concept for F-35. And that investment in NGAD technologies that we made over the last few years are going to be applied directly to that chassis. And like I said, eventually, there'll be 3,500 of those chassis out there at various stages of technology and capability. We think we can get most of the way to sixth gen at half the cost.

我認為，透過採用 F-35 底盤並應用多種先進技術，我們可以以單位飛機 50% 的成本獲得 80% 的能力，其中一些技術已經在 Block 4 和 F-35 中實施，但其他技術我們可以應用，我們將相當迅速地向國防部提供該底盤並為其未來提供動力。這對 F-35 來說是一種第五代升級版概念。我們過去幾年對 NGAD 技術的投資將直接應用於該底盤。正如我所說的，最終將會有 3,500 個處於不同技術和能力階段的底盤面市。我們認為我們可以用一半的成本來實現第六代的大部分目標。

Jason Gursky, Citi.

花旗銀行的傑森古爾斯基。

And Evan, welcome to the call, my sentiments as well to you. Jim, I was wondering if you could just comment a little and maybe reflect on some of the executive orders that have been coming out of the White House since the new administration came in office back in January. We've seen quite a bit come out. Some of it related to FMS and speeding up the process there.

艾文，歡迎您來電，我對您也抱持著同樣的感情。吉姆，我想知道您是否可以發表一點評論，並回顧一下自今年一月份新政府上任以來白宮發布的一些行政命令。我們已經看到不少結果了。其中一些與 FMS 和加速那裡的進程有關。

But I think as recently as last week that we've got an executive order that points to the potential rewriting of federal acquisition regulations. And I'm wondering if you guys have some perspective on what the administration is up to here, what they're trying to accomplish, whether this is just strictly reducing red tape and speeding the process up if there are going to be some longer-term structural consequences for the industrial base and the way that you interact with the building.

但我認為就在上週，我們收到了一項行政命令，該命令表明可能會重寫聯邦收購法規。我想知道你們對政府現在的做法有何看法，他們想要實現什麼目標，這是否只是嚴格減少繁文縟節並加快流程，是否會對工業基礎以及您與建築物互動的方式產生一些長期的結構性影響。

Yes, Jason, not only do we welcome these. We applaud these executive orders and have been advocating for them since I joined from the telecom industry, the management of this company about four or five years ago. So we are involved in advocating and making recommendations along all of these lines. One of the biggest issues where there's limitations on the speed at which digital technology and even the most advanced physical technologies can be introduced into the National Defense enterprise, is the red tape.

是的，傑森，我們不僅歡迎這些。我們對這些行政命令表示讚賞，自從大約四、五年前我從電信業加入這家公司的管理階層以來，我們也一直在倡導這些命令。因此，我們參與了所有這些方面的倡議和建議。限制數位技術乃至最先進的實體技術引入國防企業的速度的最大問題之一是繁文縟節。

And so the statutes, regulations constraints, audits that have evolved through the DoD bureaucracy over decades, have never reversed themselves. This is a chance for those to be really scrutinized and reduced. We will be speeding up not only our FMS opportunities around the world by what the administration is pressing for here. But we'll be able to get faster acquisition paths for both physical and digital technologies. So I think reducing the bureaucratic red tape that's built up in this industry over the past few decades is going to be a boon to our industry.

因此，國防部官僚機構數十年來制定的法規、規章限制和審計從未改變。這是一個真正審查和減少這些人的機會。透過政府的施壓，我們不僅會加快全球範圍內的 FMS 機會。但我們將能夠獲得更快的實體和數位技術獲取途徑。因此，我認為減少過去幾十年來該行業積累的官僚主義繁文縟節將對我們的行業有利。

And when I say our industry, I mean broadly, right? And that includes the traditional as we are sometimes called aerospace and defense prime contractors. It includes major technology companies such as Verizon and NVIDIA and Microsoft that are our partners, it includes midsize and new entrants. We want the best of US industry and technology development applied to the national security space. And we wanted to be part of that, and we applaud all of these changes that are coming down through the executive orders.

當我說我們的行業時，我指的是廣義的行業，對嗎？其中包括傳統的航空航太和國防主承包商。其中包括我們的合作夥伴 Verizon、NVIDIA 和 Microsoft 等主要科技公司，也包括中型企業和新進業者。我們希望將美國最好的工業和技術發展應用於國家安全領域。我們希望成為其中的一部分，我們對透過行政命令帶來的所有這些變化表示讚賞。

The one thing I want to make sure that we get a chance to do, it's a chance to compete on every dimension. I used to be captain of Air Force rugby team. And all I want to do is get my team on the field and get in the game. I don't care if it's a small contract, a big one. If it sounds like a tech approach or a traditional approach we can compete on every playing field, and we just want to have that level playing field to compete on. So a long way of saying I'm really encouraged and energized by what the administration is doing here.

我想確保我們有機會做的一件事是，這是一個在各個方面競爭的機會。我曾經是空軍橄欖球隊的隊長。我所要做的就是帶領我的球隊上場並參與比賽。我不在乎合約是大合約還是小合約。如果這聽起來像是一種技術方法或傳統方法，那麼我們可以在每個競爭環境中競爭，我們只是希望擁有公平的競爭環境。長話短說，政府在這裡所做的事情確實讓我感到鼓舞和振奮。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Evan, welcome to the call. So maybe starting off, the tariff situation is fast moving, but there's a general sense that defense companies like Lockheed are more insulated than other industrial companies. And I guess, to the extent that they do exist, what are the underappreciated risks of tariffs in your business? And Evan, as a CFO, what are your priorities as you navigate this environment?

埃文，歡迎來電。因此，也許一開始，關稅情況變化很快，但人們普遍認為，洛克希德等國防公司比其他工業公司受到的衝擊更小。我想，如果關稅確實存在，那麼你們的業務中被低估的關稅風險是什麼？埃文，作為財務官，在這種環境下，您的首要任務是什麼？

Sure. Yes. Thanks, Kristine. So from a tariff perspective, I do agree that we have certain protections in our industry. And after reviewing with each of the four BAs, I feel comfortable we've got an approach to mitigate the impacts. And that's what gave us confidence to reaffirm guidance. I'd say, in a lot of cases, we're going to have just direct protection in our supply chain, not in all cases, but in many cases, to avoid tariffs altogether. And then for the vast majority of our external contracts, we've got mechanisms to recover impacts.

當然。是的。謝謝，克里斯汀。因此，從關稅的角度來看，我確實同意我們的產業受到一定的保護。在與四位 BA 逐一審查之後，我確信我們已經找到了減輕影響的方法。這給了我們信心來重申指引。我想說，在很多情況下，我們會在供應鏈中採取直接保護措施，雖然不是在所有情況下，但在許多情況下，是為了完全避免關稅。對於我們絕大多數的外部合同，我們都有恢復影響的機制。

So I think for us, we see it less as a function of recovery, although we certainly work to do there, but it's probably more about timing. And so specifically, is there going to be a lag between incurring a tariff cost and recovering those costs. So we'll -- it's going to stay fluid, but we feel like we've got a good path now, and we'll just keep updated as that progresses throughout the year.

因此我認為，對我們來說，它不太像復甦的功能，儘管我們確實在那裡努力，但這可能更多的是關於時機的問題。那麼具體來說，產生關稅成本和收回這些成本之間是否會有滯後。所以我們會——它會保持流動，但我們覺得現在已經有了一條良好的道路，並且我們會在全年的進展中不斷更新。

And just as a reminder, Kristine, 40% of our contracts are cost type. And so what Evan is referring to mainly is the 60% that are fixed price, where we have those contractual clauses, both far based and especially negotiated that enable that recovery through different equitable adjustments means. So I just wanted to make sure I added that as well.

需要提醒一下，克里斯汀，我們 40% 的合約都是成本類型。因此，埃文主要指的是 60% 的固定價格，其中我們有這些合約條款，既有基於遠程的，也有經過特別協商的，以便透過不同的公平調整手段實現恢復。所以我只是想確保我也添加了它。

Yes. And to the question of priorities, yes, thank you for that. So I plan to lean on prior experiences of this company of moving to high-impact roles. And so number 1 goal for me typically is just to make sure momentum is maintained, right? We move too fast to allow for any gaps and priorities. And so always make sure there's no slowdown in any initiatives my predecessor was driving. And so you really shouldn't expect to see any near-term changes, particularly with our consistent focus on delivering shareholder value, right? That's just so baked into our culture and is not in question.

是的。關於優先順序的問題，是的，謝謝你。因此，我計劃利用這家公司以前的經驗來擔任高影響力的職位。因此，對我來說，首要目標通常只是確保保持動力，對嗎？我們行動得太快，以至於沒有留下任何差距和優先順序。因此，一定要確保我的前任所推動的任何舉措不會放緩。因此，您真的不應該期望看到任何近期的變化，特別是我們始終專注於實現股東價值，對嗎？這已經深深融入我們的文化中，這是毋庸置疑的。

So as Jim said, fortunately, I'm very familiar with our programs and strategies, and I've got well-established relationships with the ELT from my career here. So specifically, I look forward to meeting with stakeholders and spending significant time listening to the priorities of the investment community. And in those meetings, I'll certainly be prepared to answer questions, but I was going to have several of my own to ask. And so definitely look forward to quickly partnering with ELT and my team move with urgency, and we'll focus on performance, speed and value-enhancing growth. Thank you.

正如吉姆所說，幸運的是，我非常熟悉我們的計劃和策略，而且我在這裡的職業生涯中與 ELT 建立了良好的關係。具體來說，我期待與利害關係人會面，並花大量時間傾聽投資界的優先事項。在這些會議上，我當然會準備好回答問題，但我自己也會問幾個問題。因此，我非常期待與 ELT 迅速合作，我的團隊將緊急行動，我們將專注於效能、速度和增值成長。謝謝。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

Welcome, Evan. I was wondering if you could comment on F-35 Lot 19 timing? And also, if -- given there's a lot of international demand for the aircraft, how ready are some foreign customers to take delivery earlier if the US cuts back the buy? I'm just wondering like how much of a US cutback could you absorb and still keep the production rate at around 156?

歡迎光臨，埃文。我想知道您是否可以對 F-35 Lot 19 的時間表發表評論？此外，考慮到國際上對這架飛機的需求很大，如果美國減少購買量，一些外國客戶是否願意提前接收？我只是想知道，你們能夠承受多少美國減產，同時仍能將生產力維持在 156 左右？

Okay. Right. So thank you. So starting with Lot 19, we are looking at the second half of the year for this, and that's baked into our guidance.

好的。正確的。所以謝謝你。因此，從第 19 批開始，我們就開始關註今年下半年的情況，這已納入我們的預期。

And then on the international demand, Gautam, it's really strong. There's been a number of announcements over the past few months on plus-ups to program orders from the international customers. And as over the Munich Security Conference, the main topic in the private meetings with each of the defense ministers and Prime Ministers is how fast can I get my aircraft? So I feel that our Aeronautics team feels that if there's some moderation, which we do not expect, by the way, in US. F-35 production that we can make up for that in the international opportunities we have and maintain our 150-plus per year production rate. So we're comfortable that, that can be maintained.

然後就國際需求而言，Gautam，它確實很強勁。過去幾個月來，已經發布了多份有關增加國際客戶訂單的公告。就像在慕尼黑安全會議上一樣，各國國防部長和總理在私人會晤中討論的主要議題是，我的飛機能多快到位？所以我覺得我們的航空團隊認為，如果出現一些緩和的情況，順便說一句，我們在美國並不期望出現這種情況。F-35 的生產，我們可以利用現有的國際機會來彌補這一不足，並保持每年 150 多架的生產率。因此，我們感到放心，這可以維持下去。

Rich Safran, Seaport.

里奇·薩弗蘭，海港。

Evan, welcome. So Jim, could you talk a bit more about your opening remarks on Golden Dome? I thought maybe you could discuss funding opportunities, timing and specifically, maybe address how you think that might affect the production ramp at MFC, just generally how that might be impacted.

埃文，歡迎光臨。那麼吉姆，您能否再多談談您在金色穹頂的開場白嗎？我想也許您可以討論一下融資機會、時機，具體地說，也許可以談談您認為這可能會如何影響 MFC 的產量提升，以及一般而言這可能會受到怎樣的影響。

Yes. So there -- it's forming up in sort of three segments, if you will. The government is going to make these policies and define these clearly and specifically. But the way we're viewing it is there's a ground segment, which will be radar sensors, command and control systems for existing defensive systems, right, ground-based defensive systems. And some of the programs that I already spoke to earlier today, and you're kind of alluding to them as well. Our THAAD, we have the NGI contract. All of these are going to be-PAC-3 are going to be in higher demand. And so we will be in excellent position to address those -- literally right out of the gate, right?

是的。所以 — — 如果你願意的話，它形成了三個部分。政府將制定這些政策，並明確具體地定義這些政策。但我們的看法是，它有一個地面部分，其中將有雷達感測器、現有防禦系統的指揮和控制系統，對，就是地面防禦系統。我今天早些時候已經談到過一些項目，您也提到了它們。我們的薩德系統，我們有 NGI 合約。所有這些都將是——PAC-3 的需求將會更高。因此，我們將處於極佳的位置來解決這些問題——實際上就是一開始就解決的問題，對嗎？

And so even on that ground segment, there are ways to network these systems and redeploy them from existing generally army bases or naval bases in the Konas already. These systems are out there. They're operational. They're ready to be deployed to foreign operations, but we could actually it's up to the government again, this is policy and not our purview, but we can be supportive and actually fielding those systems from existing bases to whether it's population centers or other high-value areas where we want to really defend the homeland, so to speak. And then we can network and we've shown this, for example, PAC-3 and THAAD systems and radars. And that's just one example of this interconnectivity that we can create with existing platforms using new digital technology.

因此，即使在地面部分，也有辦法將這些系統聯網，並從科納斯現有的陸軍基地或海軍基地重新部署它們。這些系統已經存在。它們已投入運作。它們已經準備好部署到國外行動中，但實際上這又取決於政府，這是政策而不是我們的職權範圍，但我們可以提供支持，實際上將這些系統從現有基地部署到人口中心或其他高價值地區，我們真的想保衛國土，可以這麼說。然後我們就可以聯網，我們已經展示了這一點，例如 PAC-3 和 THAAD 系統和雷達。這只是我們利用新數位技術與現有平台建立互聯互通的一個例子。

And that's why 5G and AI and distributed cloud are so important because we will have to create a web of defenses, a web of layered defenses even in this ground segment to start really being effective in Golden Dome. And we can literally do that once the starting gun goes off. The second phase of it will be space-based and that's another place where, by the way, Lockheed Martin has a lot of existing assets. What we're going to want to help do is network those existing space-based assets down to those more tactical systems on the ground so that we have early warning, we've got target tracking on launch in mid-course from space so that we can have more accurate fire control over those missile systems in the United States.

這就是為什麼 5G、AI 和分散式雲如此重要，因為我們必須創建一個防禦網，一個分層防禦網，即使在這個地面部分，才能在金色穹頂真正發揮作用。一旦發令槍響，我們就可以做到這一點。第二階段將以太空為基礎，順便說一句，洛克希德馬丁公司在那裡擁有大量現有資產。我們要做的就是將現有的太空資產與地面上的戰術系統聯網，以便我們能夠進行早期預警，在太空中對發射目標進行跟踪，從而能夠對美國的導彈系統進行更精確的火力控制。

So the space layer will be complex. Eventually, there may be kinetic or non-kinetic action from space, that's going to take a little more time to scale, but that's the second arena. And then thirdly, another place where this sort of 21st Century Security strategy will really intersect the third dimension here is an overarching command and control system, an open architecture standards based where we can have, whether it's Northrop Grumman, Raytheon, Lockheed Martin, other systems, new entrants will be tied into this fabric and really complete the Golden Dome, so to speak, by doing that, that may be a little bit further out. But we can do these tactical ground-based system deployments very quickly, and we can scale production. We've already got investments to do that.

所以空間層將會很複雜。最終，太空可能會出現動能或非動能作用，這需要更多的時間才能實現，但這是第二個領域。第三，21 世紀安全戰略與第三維度真正相交的地方是總體指揮和控制系統，這是一個基於開放式架構標準的地方，無論是諾斯羅普·格魯曼、雷神、洛克希德·馬丁還是其他系統，新進入者都將融入這一結構，真正完成金色穹頂，可以這麼說，通過這樣做，這可能還有點遠。但我們可以非常快速地完成這些戰術地面系統部署，並且可以擴大生產規模。我們已經為此進行了投資。

So I think we're in excellent shape for Golden Dome, as I suggested in the prepared remarks, our strategy was built for something like Golden Dome, and we're out in front of it with our customers. Budgeting, timing, congressional funding, all those kinds of things, are government policies that will be implemented on their side, but we are literally ready to go when the starting gun goes off.

因此，我認為我們為 Golden Dome 做好了充分的準備，正如我在準備好的發言中提到的那樣，我們的策略是為 Golden Dome 這樣的項目而製定的，並且我們與客戶一起走在了前面。預算、時間安排、國會撥款等所有這些事情都是政府的政策，將在他們那邊實施，但當發令槍響的時候，我們就已經做好了準備。

Yes. And if I could just add, given -- I've got a lot of passion on Golden Dome having worked at MFC. And as Jim said, we just really felt prepared for this. And it was -- this is an early sign our customer tends to move rapidly and with purpose. So just a little bit of a stage where it is kind of from the proposal side the customer issued an RFI or request for information, seeking ideas from industry that would inform possible RFPs. And so what was remarkable about this one from my perspective, the RFI had a 30-day turn, which is super fast for something that's significant and complicated.

是的。我可以補充一下，鑑於我在 MFC 工作過，我對 Golden Dome 充滿熱情。正如吉姆所說，我們確實為此做好了準備。這是我們的客戶傾向於快速且有目的地行動的早期跡象。因此，這只是一個從提案方面來看的階段，客戶發布了 RFI 或資訊請求，尋求行業中可以為可能的 RFP 提供資訊的想法。所以從我的角度來看，這個 RFI 最引人注目的地方在於它的審批週期為 30 天，對於如此重大且複雜的事情來說，這已經非常快了。

And Lockheed Martin provided, as Jim said, just a series of capabilities, really over 100 different capabilities through pricing that cross all four BAs with a focus on cross-domain architecture. So clearly, not all those RFI responses will turn to requirements. We've given our customers a significant amount of go fast ready capability to consider, and we look forward to partnering with customers and suppliers on next steps as Jim said. Thanks.

正如吉姆所說，洛克希德馬丁公司提供的只是一系列功能，實際上透過跨越所有四個 BA 的定價提供了 100 多種不同的功能，重點是跨域架構。因此顯然，並非所有 RFI 回應都會轉化為要求。我們已經為客戶提供了大量的快速準備能力供他們考慮，我們期待與客戶和供應商在下一步行動中展開合作，正如吉姆所說的那樣。謝謝。

Pete Skibitski, Alembic.

皮特·斯基比茨基（Pete Skibitski），Alembic。

Jim, one aspect of the new tariff regime, if we go back to that is not necessarily the cost aspect, but I understand China is putting new export controls on rare earth metals. And I don't know necessarily the inventory levels at the US or the Lockheed Martin typically has of these commodities. But I know it's been a topic in DC in terms of the reliance there for a number of years. So I was just wondering if you could give us your thoughts on just availability impact that the new tariff regime could have because I do understand the rarest are used across a wide variety of defense products. So I was interested in your thoughts.

吉姆，新關稅制度的一個方面，如果我們回顧一下，不一定是成本方面，但我知道中國正在對稀土金屬實施新的出口管制。我並不一定知道美國或洛克希德馬丁公司通常擁有的這些商品的庫存水準。但我知道，就華盛頓的依賴程度而言，這已經是好幾年來的一個主題了。所以我只是想知道您是否可以告訴我們您對新關稅制度可能對可用性產生的影響的看法，因為我確實知道最稀有的金屬被用於各種各樣的國防產品中。所以我對你的想法很有興趣。

Yes. First of all, by law, we're constrained from using Chinese inputs of any kind from any source into our products and services. And so is our supply chain. So there are ultimate sources for our segment of the aerospace industry, I'll call it, which is the defense -- US defense segment. And secondly, there are stockpiles that are available and will be utilized. This is, I think, a larger issue for non-defense industries that require these kinds of materials because our supply chain contracts, again, have specified non-Chinese sources for the materials over the decades actually.

是的。首先，根據法律規定，我們被禁止在我們的產品和服務中使用任何來源的任何種類的中文輸入。我們的供應鏈也是如此。因此，對於我們航空航太工業部門來說，有最終的來源，我稱之為國防——美國國防部門。其次，我們有可用的庫存，可以利用。我認為，對於需要此類材料的非國防工業來說，這是一個更大的問題，因為幾十年來，我們的供應鏈合約實際上已經指定了非中國的材料來源。

So I think we're in pretty good shape on that. And I would, again, applaud the US government and seeking to continue to develop US sources for these raw materials all the way through semiconductors, et cetera, that we've been, again, advocating for, for about four or five years, which is our antifragility aspect of our strategy, which is we need US sources for even basic materials like titanium for example, certainly non-adversary sources, and we've been pushing for that with the US government and doing it internally for four or five years based on that sort of antifragility concept that we seem to love. So we're -- I think we're well positioned here to work through these rare earth and other material issues.

所以我認為我們在這方面的狀況相當不錯。我再次對美國政府表示讚賞，並尋求繼續開發美國原材料來源，包括半導體等，我們已經倡導了大約四五年，這是我們戰略的反脆弱性方面，也就是說，我們需要美國的原材料，甚至是鈦等基本材料的來源，當然是非對手來源，我們一直在與美國政府推動這一點，並在內部推行了四五年，基於我們似乎很喜歡這種反脆弱性概念。所以，我認為我們已經做好了充分的準備來解決稀土和其他材料問題。

And Pete, I would just add to that in terms of our guide for the year. We're pretty confident that a disruption in the material supply for rare earth would not impact our ability to meet our current delivery commitments for the remainder of this calendar year. We have sufficient quantity that's already integrated into our value chain. So it provides a bit of a buffer from potential supply chain disruption in the near term, and we'll obviously continue to assess as we go on.

皮特，我只想根據我們今年的指南補充這一點。我們非常有信心，稀土材料供應中斷不會影響我們在今年剩餘時間內履行當前交貨承諾的能力。我們擁有足夠的數量，並且已經將其融入我們的價值鏈中。因此，它為短期內潛在的供應鏈中斷提供了一點緩衝，我們顯然會在繼續進行評估。

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

On Missiles and Fire Control, you've had some big increases in backlog. You've got $2 billion, nearly a $2 billion increase this quarter. And so can you talk about what some of the production increase plans you have in your major programs? And then is this a business that we could foresee having an extended high single-digit growth rate over the next few years, given that backlog?

在飛彈和火控方面，你們的積壓工作量大幅增加。您獲得了 20 億美元，本季增加了近 20 億美元。那麼您能談談你們主要項目中的一些增產計劃嗎？那麼，考慮到積壓訂單，我們是否可以預見這項業務在未來幾年內將實現高個位數的長期成長率？

Sure thing. Thanks, Doug. Yes. So you're right. We've definitely seen strong budget demands here of both domestic and international for the MFC products. And so several of the products are ramping currently. And we talked about earlier the JASSM/LRASM award that gives us a path to ramp to 1,100 in 2027. PAC-3 continues to ramp. GMLRS -- so we're seeing good demand and very strong backlog.

當然可以。謝謝，道格。是的。所以你是對的。我們確實看到國內和國際對 MFC 產品的強勁預算需求。目前，多種產品正在加速生產。我們之前談到了 JASSM/LRASM 合同，這為我們在 2027 年將數量增加到 1,100 枚提供了途徑。PAC-3 持續攀升。GMLRS—因此，我們看到了良好的需求和非常強勁的積壓。

And so some of these products will continue to ramp and to Jim's point about Golden Dome, I mean, these are always also areas for opportunity on the IAMD side to be a major part of the Golden Dome architecture. So that could very likely be a source of demand as well. But the reality is, with these products, we have a lot of confidence that will just continue to be in demand all the way across. So can certainly talk more specifics on individual product lines. But I think across those are the we're going to see the real growth with JASSM LRASM, PAC-3 and GMLRS ramping.

因此，其中一些產品將繼續成長，正如 Jim 提到的 Golden Dome，我的意思是，這些也始終是 IAMD 方面有機會成為 Golden Dome 架構主要組成部分的領域。因此這也很可能成為需求的來源。但事實是，我們非常有信心，這些產品將持續受到廣泛歡迎。因此當然可以談論更多有關各個產品線的細節。但我認為，我們將看到 JASSM LRASM、PAC-3 和 GMLRS 的真正成長。

Yes. And Doug, it's Jim. So just to complement what Evan is saying here. So we map out for the -- until the end of the decade, sort of our high-growth product lines. And you heard us about some of them, but adding in there, in addition to GMLRS, PrSM, which is got the $5 billion IDIQ order just awarded is in that category, fleet ballistic missile actually. So it's sort of a quiet program, but it's -- we think it could be a double-digit growth CAGR over the kind of the course of the rest of this decade, et cetera.

是的。道格，我是吉姆。只是為了補充 Evan 在這裡所說的話。因此，我們規劃了到本世紀末我們的高成長產品線。您已經聽說過其中一些，但除了 GMLRS 之外，PrSM（剛剛獲得 50 億美元 IDIQ 訂單）也屬於這一類別，實際上是艦隊彈道飛彈。因此，這是一個安靜的項目，但我們認為，在未來十年的剩餘時間內，它的複合年增長率可能會達到兩位數。

And as you said, JASSM/LRASM is in that kind of category of the high single-digit growth over a fairly long period of time to get to your specific question. So there's a number of others, NGIs in there, too. So the missile systems that the company has developed over again, 70 years when it comes to FBM, that is hard to duplicate. These are the best systems in the world.

正如您所說，JASSM/LRASM 在相當長的一段時間內都處於高個位數增長的水平，這與您所問的具體問題有關。其中還有許多其他的 NGI。因此，該公司 70 年來開發的 FBM 飛彈系統很難複製。這些是世界上最好的系統。

Again, you go to Munich or Singapore, some place like that, customers just readily admit that around the world is this company has some of the best systems in the world that's got the best and most sophisticated fighter aircraft in production in the world and will for at least the next five years or so and does it at scale. And it's the only way we can kind of compete, we, meaning the royal we of our allies and us, with China, who's building 100-plus J-20z a year and now J-35 is on top of that. So our international customers recognize the capabilities of the company.

再說一次，你去慕尼黑或新加坡之類的地方，客戶很容易就承認，這家公司擁有世界上最好的系統，生產世界上最好、最先進的戰鬥機，並將在未來至少五年左右大規模生產。這是我們與中國競爭的唯一方式，中國每年建造 100 多架殲-20Z，現在殲-35 也處於領先地位。因此我們的國際客戶認可該公司的能力。

As to our US customers, and again, we're very well positioned for the future here, especially in that missile segment where this stuff is really hard to do. It takes decades of experience is on the edge of known science and it's not easy to duplicate and just kind of show up at the party and try to compete here. So we're in really good shape in those missile programs.

對於我們的美國客戶，我們在這裡的未來已經做好了充分的準備，特別是在飛彈領域，因為這個領域確實很難做到。它需要數十年的經驗，處於已知科學的邊緣，並且不容易複製，只是出現在聚會上並試圖在這裡競爭。所以我們的導彈計劃進展非常順利。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Jim, you spoke earlier about enhancing the F-35 with technologies you developed for NGAD. I guess can you clarify, number one, if that effort would be self-funded or customer funded?

吉姆，您之前談到了利用您為 NGAD 開發的技術來增強 F-35 的性能。我想您能否澄清一下，首先，這項工作是自籌資金還是由客戶資助？

And then number two, can you walk through what's driving your confidence in integrating those technologies into F-35, particularly given some of the recent challenges with technology insertion.

第二，您能否解釋一下是什麼促使您有信心將這些技術整合到 F-35 中，特別是考慮到最近在技術融入方面遇到的一些挑戰。

Sure, Scott. So look, this is a baseline. We have 70,000 engineers and scientists in the company working on really interesting stuff all the time. And some of the fifth-gen solution set is already being funded by the US government and the F-35 program itself. There are components, some of which are classified, so I can't really specify them. But key techniques, I'll say, and approaches that a fighter pilot needs to have to be competitive and win.

當然，斯科特。所以看，這是一個基線。我們公司有 70,000 名工程師和科學家一直在研究真正有趣的東西。第五代解決方案的一部分已經由美國政府和 F-35 計畫本身提供資金。有一些組件，其中一些是機密的，所以我無法真正指定它們。但我想說的是，戰鬥機飛行員需要掌握關鍵技術和方法才能具有競爭力並獲勝。

I'll just kind of talk to those in general, and you can be assured that we are investing and the government is investing together in these things. Some of these elements are again, through the F-35 program as it stands today. Some of it was our government-funded investment in R&D for NGAD, right, just the competitive process was funded for both Lockheed Martin and Boeing over a period of years by the government. And we made independent investments along the way to in both of those programs.

我只是和這些人進行一般性的交談，你可以放心，我們正在和政府共同投資這些事情。其中一些元素再次體現在今天的 F-35 計劃中。其中一部分是我們政府資助的 NGAD 研發的投資，對的，多年來，洛克希德馬丁和波音的競爭過程都由政府資助。我們對這兩個項目都進行了獨立投資。

So it's not a clean percentage, but there's co-investment between the US government, our allies and Lockheed Martin in the technologies I'm speaking to. And having done this myself when I was younger, these things are really important. So one is sensing the enemy at a distance greater than they can send you. And so those kind of categories are radar. They're passive infrared and passive infrared is really important because if I'm transmitting radar, that means somebody else's electronic warfare receiver can see me, and then they can maybe shoot me. So the better I have infrared is passive, we can sense that. And the best radar on top of that, those kind of sensors are really, really critical because I explained this in a meeting at the White House – the Presidents’ like- dog fights are not what we want anymore in air-to-air combat, we want to shoot the other guys as I said before, even those we're there.

所以這不是一個明確的百分比，但美國政府、我們的盟友和洛克希德馬丁公司在我談論的技術上有共同投資。當我年輕的時候，我自己也做過這樣的事情，所以這些事情真的很重要。因此，人們感知敵人的距離比他們能發送給你的距離還要遠。所以這些類別就是雷達。它們是被動紅外線，被動紅外線非常重要，因為如果我發射雷達，那就意味著別人的電子戰接收器可以看到我，然後他們可能會射擊我。因此，紅外線越被動，我們就能感覺到。除此之外，還有最好的雷達，這些感測器真的非常關鍵，因為我在白宮的一次會議上解釋過這一點——總統們說，在空戰中，我們不再想要狗鬥，我們想要射擊其他人，就像我之前說的，即使是我們在那裡的人。

And you do that, first of all, with the critical sensors to find them then you make sure they can't find you. And that's the stealth technology, and there's some techniques with that we've used for our NGAD offering that can be applied, whether they're materials, their geometries their countermeasures for stealth, so I can't be seen. That's the first part of the equation. The second part of the equation is you want to have a tracking system and a weapon that can go further and hit the enemy plane before they can ever even reach you with their weapon, right? And so there are techniques and capabilities we delivered with our NGAD bid that were developed for that, that we can now apply here. So it's F-35.

首先，你要使用關鍵感測器找到它們，然後確保它們找不到你。這就是隱形技術，我們在 NGAD 產品中使用了一些可以應用的技術，無論是材料、幾何形狀還是隱形對策，這樣我就看不見了。這是等式的第一部分。等式的第二部分是，你想要一個追蹤系統和一種可以走得更遠的武器，在敵機用武器到達你之前擊中敵機，對嗎？因此，我們在 NGAD 競標中提供了為此而開發的技術和能力，現在我們可以在這裡應用它們。所以它是F-35。

So we're basically going to take the chassis and turn it into a Ferrari, right? It's like a NASCAR upgrade, so to speak, where we could take the F-35, apply some of those co-funded technologies, both from NGAD and the F-35 program. And you're going to have, again, my challenge to my Aeronautics team is let's get 80% of sixth-gen capability at half the price. And that's something that -- and these are engineers, they wouldn't have agreed to this if they didn't think there was a path to get there. That's something we're going to go out and do.

所以我們基本上是要把底盤改造成一輛法拉利，對嗎？可以這麼說，這就像是 NASCAR 的升級版，我們可以採用 F-35，應用一些由 NGAD 和 F-35 計畫共同資助的技術。再次，我對我的航空團隊提出的挑戰是讓我們以一半的價格獲得第六代飛機 80% 的性能。這些都是工程師，如果他們不認為有辦法實現這一目標，他們就不會同意這樣做。這就是我們要做的事情。

And this is this best value approach that we've been kind of working our way towards that at Lockheed Martin over the last four or five years. How do we get best value to the customer who has a limited budget and an increasing threat? We use these digital technologies, we apply something from one system or one BA to another and we actually try to create that best value equation. It's a little kind of not uncomfortable, but novel for our industry to think that way, but we are thinking that way. And value is important and maybe as or more important than the highest technology available. It's got to be scalable. It's got to be affordable. It's got to work every time. And so that's what we're after.

這就是洛克希德馬丁公司過去四、五年一直努力追求的最佳價值方法。我們如何為預算有限且威脅日益增加的客戶帶來最大價值？我們使用這些數位技術，將某些東西從一個系統或一個 BA 應用到另一個系統或 BA，我們實際上嘗試創建最佳價值方程式。對我們這個行業來說，這樣想有點不舒服，但很新穎，但我們就是這麼想的。價值很重要，也許與現有的最先進技術一樣重要，甚至更重要。它必須是可擴展的。它必須是可以承受的。每次都必須有效。這就是我們所追求的。

Michael Ciarmoli, Truist.

邁克爾·恰莫利（Michael Ciarmoli），Truist。

Jim, maybe just one point of clarification and to stay on that topic. It really sounds like with the NGAD loss, you reaffirmed your multiyear growth and got stronger from a lot of the missile commentary. I just didn't know if that also took into account maybe weaker domestic F-35 volumes going forward?

吉姆，也許只需要澄清一點，然後繼續討論這個主題。聽起來，隨著​​ NGAD 的失敗，你們重申了多年的成長，並透過大量飛彈評論變得更加強大。我只是不知道這是否也考慮了未來國內 F-35 產量可能下降的情況？

And then just on your prior comments, I mean, it sounds like you're going to directly compete for NGAD dollars; converting this chassis to a Ferrari. And any restrictions on what you can do with that technology? Can it be sold to international customers? And has there been any direct discussions about funding or timing from the Air Force?

然後就您之前的評論而言，我的意思是，聽起來您將直接競爭 NGAD 美元；將此底盤改裝成法拉利。使用該技術可以做什麼有限制嗎？它可以賣給國際客戶嗎？空軍是否曾就資金或時間安排進行直接討論？

That will be an element by element exportability decision by the US government. But what we try to do is build exportability into each of these components. And so we will offer -- of course, the US government gets first view of these things. They'll get to adjudicate whether it's exportable and to whom. But our goal is to make as much of this capability, this value capability that we can for fifth gen to have our allies and get access to it. But that's the US government decision, but we try to design in a way that it's a relatively -- or hopefully, an easier decision for exportability rather than a harder one.

這將由美國政府逐一決定出口能力。但我們嘗試做的是在每個元件中建立可導出性。因此我們將提供——當然，美國政府首先了解這些事情。他們將裁定是否可以出口以及出口給誰。但我們的目標是盡可能地利用這種能力，這種價值能力，讓我們的盟友能夠使用第五代武器。但這是美國政府的決定，但我們試圖設計一個相對而言——或者希望是一個更容易而不是更難的出口決策。

And on the long-term growth, yes, I do think we see a path to a little bit better than we laid out prior, at least at the lower end of the low single-digit growth. And that's fueled by a few things. As you point out, the strong missile orders in Q1. There's also -- since we had talked about that outlook international budgets around the world have -- there's been a pressure to increase those as well.

至於長期成長，是的，我確實認為我們看到了一條比我們之前規劃的更好的成長路徑，至少在低個位數成長的低端。這是由一些因素推動的。正如您所指出的，第一季的導彈訂單強勁。自從我們討論過世界各地的國際預算前景以來，也一直存在著增加國際預算的壓力。

And then I'd also say seeing another quarter at 4% sales growth shows that the supply chain does continue to perform. And as we've talked about, it hasn't really been a question of demand. It's been more a question of being able to execute on the supply side, and we are seeing that continue as well. So even with the NGAD loss, that was probably more impactful further out in the future. And over the next few years, more than offset by some of these other opportunities that we're seeing now.

然後我還要說，看到另一個季度的銷售額成長 4% 表示供應鏈確實繼續表現良好。正如我們所討論的，這實際上不是一個需求問題。這更多的是一個供應方面執行能力的問題，我們看到這種情況也持續下去。因此，即使 NGAD 失敗，其在未來的影響也可能更大。在接下來的幾年裡，我們現在看到的一些其他機會將遠遠抵消這種影響。

Yes. And for example, like F-35 sustainment contributing to these long-term growth trajectories, the aircraft numbers are going to go from 1,100 to -- we expect over time, 3,500. So that growth rate of sustainment on F-35 and this modernization will continue on a much larger number of airplanes as time goes on. So that's a big driver. CH-53K helicopter is really getting towards full rate production, the fleet ballistic missile programs. As I said, that's a very important and a very large piece of our long-term growth rate and NGI, et cetera, and Golden Dome.

是的。例如，F-35 的維持對長期成長軌蹟的貢獻，飛機數量將從 1,100 架增加到——我們預計隨著時間的推移，將達到 3,500 架。因此，隨著時間的推移，F-35 的維持成長率和現代化升級將持續應用於更多的飛機。所以這是一個很大的驅動力。CH-53K 直升機正在真正進入滿載生產階段，用於艦隊彈道飛彈計劃。正如我所說，這是我們長期成長率、NGI 等以及 Golden Dome 的一個非常重要且很大的一部分。

So there are multiple long-term growth opportunities from -- through all of our business areas. We're pivoting , by the way, in space, we'll continue to do the big geosynchronous orbit highly sophisticated satellite units. But this LM400 is mid orbit plane. And it's more capable than a small sat, but not as expensive as a geosynchronous orbit satellite.

因此，我們所有的業務領域都存在多個長期成長機會。順便說一下，我們在太空中不斷轉型，我們將繼續建造大型地球同步軌道高度複雜的衛星裝置。但這架 LM400 是中軌道飛機。它比小型衛星功能更強大，但價格卻不像地球同步軌道衛星那麼昂貴。

And there's more proliferation of them, not 3,000, but maybe there's 300. So you get a lot of the benefits of both in the mid course the mid or bit, if you will. And it's a good compromise for certain missions because you've got a bigger bus with more capability and more life small sat for the last three to five years, but mid orbit satellite like the LM400, could last call it, 10 and then the geosynchronous can be much longer than that. So we're trying to make sure that there's a best value solution for the mission for our customer at every level of the orbits in space or the level of sophistication and cost of the airplane versus the mission.

它們的數量還在增加，不是 3,000 個，但可能有 300 個。因此，如果你願意的話，你可以在中間階段獲得兩者的許多好處。對於某些任務來說，這是一個很好的折衷方案，因為在過去的三到五年裡，你已經擁有了更大的平台，具有更強的能力和更長的使用壽命，但像 LM400 這樣的中軌道衛星最後只能運行 10 年，而地球同步衛星的使用壽命可以比這更長。因此，我們試圖確保在太空軌道的每個層級或飛機與任務的複雜程度和成本水準上，為客戶提供最佳價值的任務解決方案。

Again, can we get 80% of the value for 50% of the cost that's a new way for our industry, maybe to think up from 20 or 30 years ago, but that's how we're thinking about it. So we have some really solid long-term growth trajectory. We think we can strengthen the embedded base make that embedded base live longer, and that's a stay material go farther, whether it's Black Hawk, F-35, F-22, F-16 is now again popular.

再說了，我們能否以 50% 的成本獲得 80% 的價值，這對我們的行業來說是一種新的方式，也許是 20 或 30 年前才想到的，但這就是我們的想法。因此，我們擁有一些真正穩固的長期成長軌跡。我們認為我們可以加強嵌入式基地，使嵌入式基地的壽命更長，這是一種可以走得更遠的材料，無論是黑鷹、F-35、F-22，還是現在再次流行的F-16。

Why? Because we can put fifth-generation electronics on a fourth generation chassis. And that's why it's popular. It's more affordable and you get most of -- not most, because you don't have stealth, but you get a lot of fifth-gen capability on an F-16 now. And that's why these franchises are not finite necessarily. FBM, 70 years. I mean these chassis are so hard to make. They're so sophisticated it's hard to replicate the hardware, but you can make it a lot better with software and with hardware upgrades as you go.

為什麼？因為我們可以將第五代電子設備安裝在第四代底盤上。這就是它受歡迎的原因。它更便宜，而且你可以獲得大部分——不是大部分，因為你不具備隱身能力，但現在你可以在 F-16 上獲得很多第五代能力。這就是為什麼這些特許經營權不一定是有限的。FBM，70年。我的意思是這些底盤很難製造。它們非常複雜，很難複製硬件，但你可以透過軟體和硬體升級使其變得更好。

Great. Well, Sarah, I think we're coming to the top of the hour here. So why don't I turn it back over to Jim for the closing remarks.

偉大的。好吧，莎拉，我想我們現在快到整點了。那我為什麼不把它交還給吉姆來做結束語呢？

Thanks, Maria. So look, in closing, based on our substantial backlog and this best value strategy we've been talking about today, this company is really well positioned in a very dynamic environment. Let's -- we can all admit that we're in a dynamic environment. But we're continuing to innovate and deliver these advanced and reliable technologies and executing against that long-term strategy while we do the hardware and upgrade it, we really are trying to get out in front of how do we use digital technology like AI to make our platforms work together in a way that provides a high value, relatively low-cost mission capability and having so many of these great legacy platforms and the ones that we'll build for the future puts us in a really good position for this.

謝謝，瑪麗亞。所以，最後，基於我們大量的積壓訂單和我們今天一直在談論的最佳價值策略，這家公司在非常動態的環境中確實處於有利地位。我們都承認我們處在一個動態的環境中。但是，我們將繼續創新並提供這些先進可靠的技術，並在進行硬體升級的同時執行長期戰略，我們確實在努力走在如何使用人工智慧等數位技術使我們的平台協同工作以提供高價值、相對低成本的任務能力的前沿，擁有如此多的優秀傳統平台以及我們將為未來構建的平台，使我們在這方面處於非常有利的地位。

So that ends the call today. Thank you for joining us. We look forward to seeing you all virtually again in July on our second quarter earnings call. So thanks, everybody. Sarah, we're all concluded for the day.

今天的通話到此結束。感謝您加入我們。我們期待在 7 月的第二季財報電話會議上再次與大家見面。謝謝大家。莎拉，我們今天的工作就結束了。

Great. Thank you very much. This concludes today's conference call. Thank you for joining. You may now disconnect.

偉大的。非常感謝。今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。