洛克希德·馬丁 (LMT) 2025 Q2 法說會逐字稿

Good day and welcome everyone to the Lockheed Martin Second Quarter 2025 Earnings Results Conference Call. Today's call is being recorded. (Operator Instructions)

大家好，歡迎參加洛克希德馬丁公司 2025 年第二季收益結果電話會議。今天的通話正在錄音。（操作員指示）

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. Good morning. I'd like to welcome everyone to our Second Quarter 2025 Earnings Conference Call. Joining me today on the call are Jim 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 年第二季財報電話會議。今天與我一起參加電話會議的還有我們的董事長、總裁兼執行長 Jim Taiclet 和我們的財務長 Evan Scott。

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 the Federal Securities Law. Actual results may differ materially from those projected in the forward-looking statements. Please see today's press release and our SEC filings for a description of some of the factors that may cause actual results to differ materially from those in the forward-looking statements.

今天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。

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.

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'd like to turn the call over to Jim.

說完這些，我想把電話轉給吉姆。

Thanks, Maria. Good morning, everyone, and thank you for joining us on our Second Quarter 2025 Earnings Call.

謝謝，瑪麗亞。大家早安，感謝您參加我們的 2025 年第二季財報電話會議。

I'm going to cover four things today: our quarterly results, details of the recent effectiveness of our systems and platforms in combat operations, the current status of the budget and customer environment, and an update on the F-35 program.

今天我將介紹四件事：我們的季度業績、我們的系統和平台在作戰行動中的近期有效性細節、預算和客戶環境的現狀以及 F-35 計劃的最新進展。

The recent highly effective performance of many mission-critical Lockheed Martin systems have resulted recently in our customers' direction to accelerate the scaling of production, as well as the development of some advanced technologies.

洛克希德馬丁公司的許多關鍵任務系統近期表現出色，促使我們的客戶加速擴大生產規模，並開發一些先進技術。

At the same time, our ongoing program review process identified new developments that caused us to re-evaluate the financial position on a set of major legacy programs. Evan Scott, in his new position, led this review, which was also informed by concurrent customer inputs and negotiations, current operational performance, and future risk profiles. As a result, we are, this quarter, taking a number of charges to address these newly identified risks and prepare the company to fully focus on the growth opportunity we expect as a result of heightened interest and demand for Lockheed Martin's products and technologies.

同時，我們正在進行的專案審查過程發現了新的發展，這促使我們重新評估一系列主要遺留專案的財務狀況。埃文·斯科特 (Evan Scott) 在新職位上領導了這次審查，審查還參考了同時進行的客戶意見和談判、當前的營運績效和未來的風險狀況。因此，本季我們採取了一系列措施來應對這些新發現的風險，並使公司做好充分的準備，專注於我們預期因市場對洛克希德馬丁公司產品和技術的興趣和需求增加而帶來的成長機會。

As to our quarterly results, as you saw in our press release this morning, we reported $18 billion of sales, invested $800 million in infrastructure and innovation for growth, and returned $1.3 billion to our shareholders in the second quarter. We also recognized losses of $1.8 billion across several legacy programs as a result of the deep review process that I just described, and also a tax matter.

關於我們的季度業績，正如您在我們今天上午的新聞稿中看到的，我們報告的銷售額為 180 億美元，在基礎設施和創新方面投資了 8 億美元以實現增長，並在第二季度向股東返還了 13 億美元。由於我剛才描述的深入審查過程以及稅務問題，我們也確認了多個遺留項目 18 億美元的損失。

The actions that we have taken this quarter follow multi-year concerted long-term efforts to improve these programs' performance in light of the original contractual terms. We are dedicated to both supporting our customers' national defense priorities while striving to maintain our contractual commitments in an economically viable way on behalf of our shareholders as well. We take these financial charges very seriously, and are redoubling our focus on program management and performance under existing contracts across the company while also ensuring that all future contracts more robustly assess and account for future program and technical risks.

我們本季採取的行動是我們多年來根據原始合約條款為改善這些專案的績效而做出的長期努力的結果。我們致力於支持客戶的國防優先事項，同時努力以經濟可行的方式代表我們的股東履行合約承諾。我們非常重視這些財務費用，並加倍專注於公司現有合約下的專案管理和績效，同時確保所有未來合約更有力地評估和考慮未來的專案和技術風險。

Starting with Sikorsky's Turkish Utility Helicopter Program, or TUHP, and the Canadian Maritime Helicopter Program, CMHP, in the second quarter, the leadership teams for these two programs held a series of direct, in-depth discussions with their respective customers, and as a result, recognized losses when we revised the cost and sales estimates for these programs.

從第二季西科斯基的土耳其通用直升機專案（TUHP）和加拿大海上直升機專案（CMHP）開始，這兩個專案的領導團隊與各自的客戶進行了一系列直接、深入的討論，並因此在修改這些專案的成本和銷售估算時承認了損失。

For TUHP, we've reached a mutual agreement to restructure the program, including a change of scope of work due to the impacts of US government sanctions on Turkish entities and persons involved in that program.

對於 TUHP，我們已達成協議，對計劃進行重組，包括由於美國政府制裁對參與該計劃的土耳其實體和個人的影響而改變工作範圍。

For CMHP, we are focused on providing additional mission capabilities, enhancing logistical support, and extending the fleet's life while we continue discussions to potentially restructure certain contractual terms.

對於 CMHP，我們專注於提供額外的任務能力、增強後勤支援和延長艦隊的壽命，同時我們繼續討論可能重組某些合約條款。

Turning to the classified program in aeronautics, our mission at Skunkworks pushes the boundaries of science and technology to deliver highly advanced solutions that provide our customers a step function advantage over potential adversaries. This particular program team discovered new insights in the quarter that required us to adjust our expected future costs on that program and then recognize the charge for doing so.

談到航空領域的機密項目，臭鼬工廠的使命是突破科學技術的界限，提供高度先進的解決方案，為我們的客戶提供超越潛在對手的階梯優勢。這個特定的專案團隊在本季度發現了新的見解，要求我們調整該專案的預期未來成本，然後確認這樣做的費用。

I acknowledge the losses on this classified program are significant. Again, we are taking these charges very seriously and have initiated changes in program team management and assigned experts across the company to approve the performance and oversight of this program under a comprehensive risk identification and corrective action plan.

我承認這個機密計劃的損失是巨大的。再次強調，我們非常重視這些指控，並已啟動專案團隊管理方面的變革，並指派公司各部門的專家根據全面的風險識別和糾正行動計劃批准和監督該專案的執行情況。

This is a highly classified program that can only be described as game-changing capability for our joint US and international customers, and therefore it is critical that it be successfully fielded. With our enhanced oversight of this program and rapid incorporation of lessons learned, we expect to continue to reduce risk over the next few years as we move through the key milestones of this very advanced system.

這是一個高度機密的項目，對於我們美國和國際的共同客戶來說，它只能被描述為改變遊戲規則的能力，因此成功部署它至關重要。透過加強對該計劃的監督並迅速吸取經驗教訓，我們預計在未來幾年內，隨著我們逐步實現這個非常先進的系統的關鍵里程碑，風險將繼續降低。

The criticality of our work was made clear last month in a high-stakes demonstration of modern deterrence and combat readiness. Lockheed Martin's capabilities were at the center of recent US military operations in the Middle East, reinforcing the company's essential role to American and allied national security.

上個月，在一次高風險的現代威懾和戰備演示中，我們工作的重要性得到了明確。洛克希德·馬丁公司的能力是近期美國在中東軍事行動的核心，強化了該公司對美國及其盟國國家安全的重要角色。

Pilots flying the F-35 Lightning II and the F-22 Raptor stealth fighters led the operation, providing the air dominance and defense suppression required for the bombers to reach Iran's hardened nuclear sites. Our platforms operated essentially undetected in highly defended and contested airspace, underscoring the value of advanced stealth, superior electronic warfare, and broadband communications capabilities. This tactical success was a real-world confirmation of Lockheed Martin's leading role in combat-proven air power.

駕駛 F-35 閃電 II 和 F-22 猛禽隱形戰鬥機的飛行員領導了這次行動，為轟炸機到達伊朗堅固的核設施提供了必要的空中優勢和防禦壓制。我們的平台在防禦嚴密、爭奪激烈的空域中運行，基本上不被發現，凸顯了先進的隱身、卓越的電子戰和寬頻通訊能力的價值。這次戰術上的成功從現實角度證實了洛克希德馬丁公司在實戰驗證的空中力量中的領先地位。

Our capabilities were also integral to safely and 100% effectively defending American troops. When Iran retaliated with a salvo of ballistic missiles on US forces stationed at Al Udeid Air Base in Qatar, our PAC-3 missiles successfully intercepted the incoming threats. This engagement executed by the Patriot missile system occurred in a region also supported by THAAD, our Terminal High Altitude Area Defense, and Aegis. These systems form a multiple-layered defense shield protecting US strategic assets and our allied nations in the Middle East.

我們的能力對於安全且 100% 有效地保衛美國軍隊也至關重要。當伊朗向駐紮在卡達烏代德空軍基地的美軍發射多枚彈道飛彈進行報復時，我們的 PAC-3 飛彈成功攔截了來襲的威脅。這次愛國者飛彈系統實施的攻擊發生在同樣受到薩德系統、末段高空區域防禦系統和宙斯盾系統支援的地區。這些系統形成多層防禦盾，保護美國的戰略資產和我們在中東的盟友。

This moment was one of several recent real-world events that validated the operational reliability of our integrated air and missile defense portfolio, and underscored its scalability in joint and allied operations, including the ability to coordinate closely with our regional partners like the Qatar Emiri Air Defense Forces. These are the exact solutions needed to make Golden Dome for America a reality. Lockheed Martin is the mission integrator with ready now capabilities across all phases of the missile defense mission to support this essential program.

這一時刻是最近在現實世界中發生的幾起事件之一，這些事件驗證了我們綜合防空反導組合的作戰可靠性，並強調了其在聯合和盟軍行動中的可擴展性，包括與卡塔爾埃米爾防空部隊等地區夥伴密切協調的能力。這些正是讓「美國金色圓頂」成為現實所需的解決方案。洛克希德馬丁公司是任務整合商，具備飛彈防禦任務各階段的現成能力，以支持這項重要計畫。

In addition to THAAD, PAC-3, and Aegis performing in combat, we also demonstrated our readiness in the missile warning and command and control technologies needed to make Golden Dome homeland defense system a reality.

除了薩德、PAC-3和宙斯盾系統在戰鬥中表現出色之外，我們還展示了實現金色穹頂國土防禦系統所需的飛彈預警和指揮控制技術的準備情況。

In addition, and in partnership with the Missile Defense Agency, we successfully executed a breakthrough flight test recently. The Lockheed Martin Long Range Discrimination Radar, LRDR, successfully detected and tracked a representative live ballistic missile threat. The system then integrated the data into the MDA's missile defense system.

此外，我們最近與導彈防禦局合作成功進行了突破性飛行測試。洛克希德·馬丁遠程識別雷達（LRDR）成功探測並追蹤了具有代表性的實彈彈道飛彈威脅。該系統隨後將數據整合到導彈防禦局的導彈防禦系統中。

Lockheed Martin is the national team lead for this missile defense network known as C2BMC. We can leverage this experience, as well as our expertise in space satellite reconnaissance, tracking and communications, and the next-generation interceptor to rapidly deliver homeland defense capabilities for Golden Dome.

洛克希德馬丁公司是這個被稱為 C2BMC 的飛彈防禦網絡的國家隊領導。我們可以利用這些經驗以及我們在太空衛星偵察、追蹤和通訊以及下一代攔截器方面的專業知識，為金色穹頂快速提供國土防禦能力。

Our major systems and platforms are performing very effectively in actual combat operations, and thereby contributing today to global deterrence. These achievements reinforce their relevance in the budget process, as well as ongoing discussions with the administration.

我們的主要係統和平台在實際作戰行動中表現非常有效，從而為當今的全球威懾做出了貢獻。這些成就加強了它們在預算過程中以及與政府正在進行的討論中的相關性。

For example, the US government's focus on securing the homeland and deterring aggressors will lead to a significant increase in munition spending over the coming years. I'll provide a few examples of that in a moment. In addition, cornerstone platforms like the F-35 and CH-53K remain not just relevant but essential to national security of the United States and its allies due to their unique range, payload, and other capabilities.

例如，美國政府專注於保衛國土和威懾侵略者，這將導致未來幾年彈藥支出大幅增加。我稍後會提供一些例子。此外，F-35 和 CH-53K 等基石平台因其獨特的航程、有效載荷和其他能力，不僅對美國及其盟友的國家安全具有現實意義，而且至關重要。

As part of the FY26 budget request, the US Navy marked its intent to purchase PAC-3 for the first time, an important step for PAC-3 Aegis integration. This is the result of several years of internal investment at Lockheed Martin and a successful flight test last year. Moreover, the US Army has requested quadrupling the production of PAC-3 missiles. And we are also in discussions with the administration about scenario planning to increase the production rates of a number of other munitions and launchers significantly and quickly.

作為26財年預算申請的一部分，美國海軍首次表明了購買PAC-3的意向，這是PAC-3宙斯盾整合的重要一步。這是洛克希德馬丁公司數年內部投資以及去年成功飛行試驗的成果。此外，美國陸軍也要求將PAC-3導彈的產量增加四倍。我們也正在與政府討論情境規劃，以大幅、快速地提高其他一些彈藥和發射器的生產力。

Hypersonics have also been elevated in priority. The President's fiscal year 2026 budget request included nearly $400 million for production of the Air-Launched Rapid Response Weapon, or ARRW, the United States' first proven hypersonic weapon capable of being launched from an American aircraft.

高超音速技術的優先地位也得到了提升。總統 2026 財年的預算請求包括近 4 億美元用於生產空射快速反應武器（ARRW），這是美國第一個能夠從美國飛機上發射的經過驗證的高超音速武器。

This program is a great example of the kind of speed and agility we can achieve. Less than a year after Lockheed Martin began rapidly developing this program, ARRW had its first flight test. We have full confidence in the maturity and production readiness of ARRW's hypersonic strike capabilities, and we look forward to continuing our partnership with the US Air Force to transition the program into production.

該計劃是我們能夠實現的速度和敏捷性的一個很好的例子。洛克希德馬丁公司開始快速開發此計畫後不到一年，ARRW 就進行了首次飛行測試。我們對ARRW高超音速打擊能力的成熟度和生產準備度充滿信心，並期待繼續與美國空軍合作，將該專案轉化為生產。

Also in the hypersonic arena, in May, the US Navy publicized a successful end-to-end flight test of our Conventional Prompt Strike or CPS missile from the Cape Canaveral Space Force Station. This test marked the first launch of CPS using the Navy's cold-gas launch approach that will be used in sea-based hypersonic field.

同樣在高超音速領域，今年5月，美國海軍宣佈在卡納維爾角太空軍基地成功進行了常規快速打擊飛彈（CPS）的端到端飛行測試。這項試驗是海軍首次採用冷氣發射方式發射CPS，將應用於海基高超音速領域。

Further, the US Coast Guard, in its budget, included additional MH-60 Romeos, new ships with Lockheed Martin C2 systems, and C-130Js. And more recently in July, we reached a price agreement with the US Navy on a five-year, multi-year procurement for CH-53K lots 9 through 13, and that'll be for a minimum of 85 aircraft. The award is targeted for late in the third quarter, with initial deliveries commencing in 2029.

此外，美國海岸防衛隊的預算中還包括了額外的 MH-60 Romeo、配備洛克希德馬丁 C2 系統的新船和 C-130J。最近在 7 月份，我們與美國海軍達成了一項為期五年、多年期的 CH-53K 9 至 13 批次採購價格協議，採購數量至少為 85 架。該合約預計將於第三季末簽訂，首批交付將於 2029 年開始。

So before I hand it over to Evan, I'd like to provide an update on the status of the F-35 program. We delivered 50 aircraft in the quarter, bringing our total F-35 deliveries to 97 so far this year, and at 207 since we resumed deliveries last year. We also remain on track for 170 to 190 deliveries this year, 2025.

因此，在將發言權交給埃文之前，我想先介紹一下 F-35 計劃的最新進展。我們在本季交付了 50 架飛機，使今年迄今的 F-35 交付總量達到 97 架，自去年恢復交付以來已交付 207 架。我們也計劃在今年（2025 年）交付 170 至 190 架飛機。

We have completed TR-3 hardware integration, and earlier this month, we released new software to the fleet, continuing our maturation and fielding of advanced Block 4 capabilities. This update improves the pilot interface and provides additional weapons and electronic warfare features.

我們已經完成了 TR-3 硬體集成，並在本月初向艦隊發布了新軟體，繼續完善和部署先進的 Block 4 功能。此次更新改進了飛行員介面並提供了額外的武器和電子戰功能。

We're also continuing to see strong international demand for the F-35. The UK announced its plans to procure 12 F-35As as part of its procurement record. Belgium also announced it will be adding 11 aircraft to their fleet, and government officials from Denmark have expressed their intent to procure additional aircraft as well.

我們也看到國際上對 F-35 的需求持續強勁。英國宣布計劃購買 12 架 F-35A，作為其採購記錄的一部分。比利時也宣布將為其機隊增加 11 架飛機，丹麥政府官員也表示有意購買更多飛機。

Finally, I want to take a moment to commend the DoD's recently announced investment in rare earth mining and magnet production right here in the United States. Led by Deputy Defense Secretary Steve Feinberg and with the strong support of Defense Secretary Hegseth and of course President Trump, this groundbreaking public-private partnership will ensure the supply of rare earth magnets needed in F-35s, cruise missiles, and countless other defense and non-defense applications.

最後，我想花點時間讚揚美國國防部最近宣布的對美國稀土開採和磁鐵生產的投資。在國防部副部長史蒂夫·范伯格的領導下，並在國防部長赫格塞斯和川普總統的大力支持下，這一開創性的公私合作夥伴關係將確保 F-35、巡航導彈以及無數其他國防和非國防應用所需的稀土磁體的供應。

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

現在我將把主題交給 Evan，讓他分享更多有關我們財務表現的資訊。

Thanks, Jim, and good morning, everyone. Today I'll provide an overview of our consolidated financial results for the second quarter, then hand off to Maria, who will cover business area financials, and I'll come back at the end to discuss our updated outlook.

謝謝，吉姆，大家早安。今天，我將概述我們第二季的綜合財務業績，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最新的展望。

Starting on chart 4. Second quarter sales were $18.2 billion, comparable year-over-year and up sequentially from the first quarter. We saw strong growth on missile programs within MFC, on F-35 production at Aeronautics and on strategic missiles within Space, partially offset by the impact of the charges at Aeronautics and RMS. More on those in a moment.

從圖表 4 開始。第二季銷售額為 182 億美元，與去年同期持平，比第一季成長。我們看到 MFC 的飛彈項目、航空航天的 F-35 生產以及太空的戰略飛彈項目均實現了強勁增長，但航空航天和 RMS 的費用影響部分抵消了這一增長。稍後我們會詳細介紹。

Excluding the charges, sales increased in the mid-single-digit range, continuing the solid underlying growth from the first quarter and setting us up well to achieve our full year goal.

不計費用，銷售額成長了中等個位數，延續了第一季穩健的潛在成長勢頭，為我們實現全年目標奠定了良好基礎。

Looking at segment operating profit of $570 million, Jim mentioned the $1.8 billion in total charges, while the operational portion of the losses hit that segment operating profit was $1.6 billion related to the charges at Skunk Works and Sikorsky, with the impairment and tax item falling below the line.

回顧 5.7 億美元的分部營業利潤，吉姆提到了 18 億美元的總費用，而影響該分部營業利潤的營運部分損失為 16 億美元，與臭鼬工廠和西科斯基的費用有關，減值和稅收項目低於該線。

First, the Aeronautics Classified Program. As Jim mentioned, the process, control and resource changes we implemented following the fourth quarter of 2024, along with additional performance data on the program, resulted in new insights that led us to recognize an incremental $950 million of reach-forward loss in the second quarter.

首先，航空分類計畫。正如吉姆所提到的，我們在 2024 年第四季之後實施的流程、控制和資源變化，以及該計劃的額外績效數據，帶來了新的見解，使我們在第二季度確認了 9.5 億美元的增量前瞻性損失。

To provide more detail, we have experienced design integration and test challenges as well as other performance issues on this program. Those challenges and performance issues continued into 2025 and had a greater impact on schedule and costs than previously estimated.

為了提供更多細節，我們在該計劃中遇到了設計整合和測試挑戰以及其他效能問題。這些挑戰和效能問題將持續到 2025 年，並且對進度和成本的影響比之前估計的要大。

As a result, we performed a comprehensive review of the design, integration, test and other processes to achieve the technical requirements of the program. Based on this review and ongoing discussions with the customer and teammates, we made a significant change to our processes and testing approach, resulting in a significant update to the program schedule and cost estimates.

為此，我們對設計、整合、測試等流程進行了全面的審查，以確保達到方案的技術要求。根據此次審查以及與客戶和隊友的持續討論，我們對流程和測試方法進行了重大改變，從而對計劃進度和成本估算進行了重大更新。

Based on this, we believe that recognizing this incremental charge is a prudent continuation of the comprehensive corrective actions and risk mitigation approach we implemented at the start of the year, which continues to demonstrate solid progress. Our continued investment in this program reflects our ongoing confidence in its criticality for national security, and we remain excited about the future prospects for this solution.

基於此，我們認為，確認這項增量費用是對我們年初實施的全面糾正措施和風險緩解方法的審慎延續，該方法繼續顯示出堅實的進展。我們對該計劃的持續投資反映了我們對其對國家安全的重要性的持續信心，並且我們對該解決方案的未來前景感到興奮。

Next, on the Canadian Maritime Helicopter Program, or CMHP. We've been in negotiations with the Canadian government for some time now, attempting to reach a mutually beneficial solution. Based on recent conversations, the company made a decision to provide enhanced capability to upgrade the baseline fleet, improving helicopter utilization and probability of recovery as part of our flight hour-based support contract over the coming years. These actions resulted in the company recognizing a $570 million loss this quarter.

接下來介紹加拿大海上直升機計畫（CMHP）。我們已經與加拿大政府進行了一段時間的談判，試圖達成互利的解決方案。根據最近的談話，該公司決定在未來幾年內作為基於飛行小時的支援合約的一部分，提供增強的能力來升級基線機隊，提高直升機的利用率和恢復的可能性。這些行動導致該公司本季虧損 5.7 億美元。

Lastly, the Turkish Utility Helicopter Program, or TUHP. US government sanctions on Turkish entities and persons have affected the company's ability to perform under this program. We've been communicating with the prime contract customer regarding alternative paths. And during the second quarter, the company recognized a $95 million loss, reflecting the latest status of those discussions.

最後，土耳其通用直升機計畫（TUHP）。美國政府對土耳其實體和個人的製裁影響了該公司履行該計劃的能力。我們一直在與主合約客戶溝通替代途徑。而在第二季度，該公司確認了 9,500 萬美元的損失，反映了這些討論的最新狀況。

I recognize that these additional charges are disappointing. We have a focused team engaged with these programs on a daily basis, actively implementing our adjusted approach and working to prevent charges like this going forward. We continue to learn, and the fact is these are important, although challenging programs, and Lockheed Martin has a long legacy of innovation and navigating complex issues. We're confident over the long term that we'll be able to manage these issues and continue extending our track record of delivering for the customer and our shareholders.

我承認這些額外收費令人失望。我們有一個專門的團隊每天參與這些項目，積極實施我們調整後的方法，並努力防止此類指控再次發生。我們不斷學習，事實上，這些專案雖然具有挑戰性，但仍然很重要，洛克希德馬丁公司在創新和解決複雜問題方面有著悠久的傳統。我們有信心，從長遠來看，我們能夠解決這些問題，並繼續延續我們為客戶和股東提供服務的良好記錄。

As part of our ongoing review process, and as I've stepped into the CFO role, we've added rigor to our existing program management controls and processes, engaging subject matter experts from across the corporation, holding regular independent review teams and increasing oversight, especially in cases where there are known technical complexities, contractual nuances and other unique execution challenges. The lessons learned here are being shared to ensure our risk identification and mitigation efforts are optimized across the portfolio.

作為我們正在進行的審查過程的一部分，隨著我擔任首席財務官一職，我們對現有的專案管理控制和流程進行了更嚴格的要求，聘請了來自整個公司的主題專家，定期召開獨立審查小組並加強監督，特別是在存在已知技術複雜性、合約細微差別和其他獨特執行挑戰的情況下。我們分享這裡獲得的經驗教訓，以確保我們在整個投資組合中優化風險識別和緩解措施。

Moving to earnings per share. Our GAAP results were $1.46 in the quarter, inclusive of the impacts from the program losses previously mentioned, as well as impairment charges related to the NGAD decision and a reserve for uncertain tax position. In total, these items reduced EPS by $5.83.

轉向每股收益。本季我們的 GAAP 業績為 1.46 美元，其中包括前面提到的專案損失的影響，以及與 NGAD 決定相關的減損費用和不確定稅務狀況的準備金。總體而言，這些項目使每股收益減少了 5.83 美元。

On the tax item, the IRS now asserts that we owe $4.6 billion of additional income tax associated with a tax accounting method change we made in conjunction with the ASC 606 implementation and the 2017 tax legislation. The IRS initially approved our method changes accepting our interpretation and application of the law, but later withdrew those acceptances. We stand by our tax accounting method being accurate and are pursuing remedies through the IRS Independent Office of Appeals and, if necessary, through a judicial proceeding. We are accruing interest of $100 million in our income tax expense as part of our further evaluation of this matter.

在稅務項目方面，美國國稅局現在聲稱，我們因 ASC 606 實施和 2017 年稅法而做出的稅務會計方法變更，欠繳 46 億美元的額外所得稅。美國國稅局最初批准了我們的方法變更，接受了我們對法律的解釋和應用，但後來又撤回了這些接受。我們堅持我們的稅務會計方法是準確的，並透過美國國稅局獨立上訴辦公室尋求補救措施，必要時透過司法程序尋求補救措施。作為對此事進一步評估的一部分，我們將在所得稅費用中累積 1 億美元的利息。

Moving to cash. Second quarter free cash flow was a usage of $150 million. Our operating cash flow was impacted by a few notable timing of items in the quarter. First, the delay of the combined F-35 lot 18/19 award created approximately $600 million of headwind within working capital. Second, we realized quarter-to-date tariff impacts of approximately $100 million. And lastly, we ended Q2 with an uncharacteristically high receivables balance due to milestone and collection timing.

轉為現金。第二季自由現金流使用量為 1.5 億美元。我們的經營現金流受到本季一些值得注意的專案時間的影響。首先，F-35 第 18/19 批次合約的延遲對營運資金造成了約 6 億美元的阻力。其次，我們意識到本季迄今的關稅影響約為 1 億美元。最後，由於里程碑和收款時間的原因，我們在第二季結束時應收帳款餘額異常高。

We attribute most of these slower collections to timing, and we've collected a majority of the amount we had expected to collect in Q2 during the first week of July. In addition, we anticipate the F-35 lot 18/19 award in Q3 will liquidate a significant balance from contract assets.

我們將大部分較慢的收集速度歸因於時間安排，我們在 7 月的第一周就收集了預計在第二季度收集的大部分金額。此外，我們預計第三季的 F-35 第 18/19 批合約將清算合約資產中的大量餘額。

Finally, we returned approximately $1.3 billion to shareholders through dividends and share repurchases as part of our dynamic and disciplined capital deployment strategy. This is in addition to the continued reinvestment in the business that Jim detailed earlier.

最後，作為我們動態且嚴謹的資本配置策略的一部分，我們透過股利和股票回購向股東返還了約 13 億美元。這是 Jim 先前詳述的對業務的持續再投資的補充。

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

現在我將交給瑪麗亞更詳細地討論業務成果。

Thanks, Evan. Okay. Starting with Aeronautics on chart 5. Second quarter sales at Aero increased 2% year-over-year to $7.4 billion. The increase was primarily due to higher volumes on F-35, mainly on production contracts, and was partially offset by $360 million of lower volume from the classified program loss. Excluding the impact of the classified program loss, sales would have been up mid-single digits year-over-year.

謝謝，埃文。好的。從圖表 5 的航空學開始。Aero 第二季的銷售額年增 2%，達到 74 億美元。成長的主要原因是 F-35 產量增加，主要是生產合同，但因機密項目損失導致產量下降 3.6 億美元，部分抵消了這一增長。如果不考慮機密項目損失的影響，銷售額將比去年同期成長中等個位數。

Segment operating profit decreased significantly year-over-year in the second quarter, primarily due to the $950 million loss on the classified program. Excluding the impact of the classified program loss in both periods, segment operating profit would have increased high single digits.

該部門第二季營業利潤較去年同期大幅下降，主要原因是機密項目損失了 9.5 億美元。不計入兩個時期分類項目損失的影響，分部營業利潤將達到高個位數成長。

Turning to Missiles and Fire Control on chart 6. Sales at MFC in the quarter increased 11% from the prior year to $3.4 billion, driven by higher volume on multiple tactical and strike missile programs, including JASSM, LRASM, HIMARS, and PRISM. Segment operating profit in Q2 improved by 6% year-over-year to $479 million, driven by higher volume and favorable mix. Lower profit rate adjustments on PAC-3 partially offset this growth.

請參閱圖表 6 中的飛彈和火控。本季度，MFC 的銷售額較上年同期成長 11%，達到 34 億美元，這得益於 JASSM、LRASM、HIMARS 和 PRISM 等多種戰術和打擊飛彈項目產量的增加。受銷售增加和產品組合有利的影響，第二季分部營業利潤年增 6%，達到 4.79 億美元。PAC-3 的較低利潤率調整部分抵消了這一增長。

The photo on the right shows the THAAD. In addition to THAAD's performance in combat that Jim talked about, we delivered the eighth THAAD battery to the US government in the quarter.

右圖為薩德系統。除了吉姆談到的薩德在戰鬥中的表現外，我們還在本季向美國政府交付了第八個薩德飛彈防禦系統。

Shifting to Rotary and Mission Systems on chart 7. Sales at RMS declined 12% in the quarter to $4 billion, primarily driven by the loss impacts of $305 million related to the CMHP and TUHP programs at Sikorsky. Excluding the program loss impacts, sales at RMS would have declined mid-single digits year-over-year due to lower volume on Seahawk programs at Sikorsky and on the Canadian Surface Combatant program at integrated warfare systems and sensors.

轉向圖表 7 中的旋轉和任務系統。本季 RMS 的銷售額下降 12% 至 40 億美元，主要原因是西科斯基的 CMHP 和 TUHP 項目相關的 3.05 億美元損失。不計入專案損失的影響，由於西科斯基海鷹專案和加拿大水面戰機綜合作戰系統與感測器專案的銷售下降，RMS 的銷售額將同比下降中等個位數。

Operating profit at RMS decreased significantly in the second quarter versus prior year due to the CMHP and TUHP program losses of $665 million. Excluding these program losses, operating profit at RMS would have been comparable year-over-year. The picture to the right shows an LRDR, which recently performed a breakthrough flight test, as Jim mentioned.

由於 CMHP 和 TUHP 項目損失 6.65 億美元，RMS 第二季度的營業利潤與去年同期相比大幅下降。除去這些項目損失，RMS 的營業利潤與去年同期相比將持平。右圖顯示的是 LRDR，正如 Jim 所提到的，它最近進行了突破性的飛行測試。

And on chart 8, we'll wrap up the business area discussion with Space. Space sales increased 4% year-over-year due to higher volume at commercial civil space, primarily on the Orion program and at strategic and missile defense, driven by Next-Generation Interceptor and Fleet Ballistic Missile programs. This growth was partially offset by a decrease at National Security Space.

在圖 8 中，我們將結束與 Space 的業務領域討論。由於商業民用航太（主要是獵戶座計畫）和戰略與飛彈防禦（受下一代攔截器和艦隊彈道飛彈計畫的推動）的銷量增加，航太銷售額年增 4%。這一增長被國家安全空間的下降部分抵消。

Space operating profit increased 5% compared to Q2 2024. This increase was driven by higher profit booking rate adjustments, primarily due to favorable performance on commercial civil space program. Equity earnings from United Launch Alliance, ULA, were flat versus prior year. The picture to the right is of the eighth GPS III satellite that successfully launched from Cape Canaveral Space Force station in Florida in May and achieved signal acquisition. In addition, the Space Force ordered two additional GPS IIIF satellites in the quarter.

與 2024 年第二季相比，太空營運利潤成長了 5%。這一增長是由更高的利潤預訂率調整推動的，這主要歸功於商業民用航太計劃的良好表現。聯合發射聯盟 (ULA) 的股權收益與去年持平。右圖為第五顆GPS III衛星，該衛星於5月從佛羅裡達州卡納維爾角太空軍基地成功發射並實現訊號擷取。此外，太空部隊在本季又訂購了兩顆 GPS IIIF 衛星。

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. We've updated our expectations for Lockheed Martin's 2025 financial outlook to incorporate the impact of several items, including the aforementioned charges this quarter, our current estimation of the tariff impacts and anticipated tax benefits from the recently passed legislation, the One Big Beautiful Bill Act.

謝謝，瑪麗亞。換個話題，我將逐步介紹圖表 9 的指導。我們更新了對洛克希德馬丁公司 2025 年財務前景的預期，以納入幾項項目的影響，包括本季度上述費用、我們目前對關稅影響的估計以及最近通過的立法《一項大美麗法案》預期的稅收優惠。

With a solid year-to-date growth and expectations for continued ramps in the second half of the year, we are reaffirming our sales guidance of $73.75 billion to $74.75 billion. On a related note, we have line of sight to increase backlog in 2025 with a handful of significant awards expected in the second half of the year, including F-35 lot 18/19 and JASSM-LRASM large lot procurement, PAC-3 production, CH-53K multiyear and classified space, providing a solid foundation for sustained future growth.

由於今年迄今的穩健成長以及對下半年持續成長的預期，我們重申 737.5 億美元至 747.5 億美元的銷售預期。與此相關，我們預計 2025 年積壓訂單將會增加，預計下半年將獲得一些重大合同，包括 F-35 第 18/19 批次和 JASSM-LRASM 大批次採購、PAC-3 生產、CH-53K 多年期和機密空間，為未來持續增長奠定堅實的基礎。

Segment operating profit is now expected to be in the range of $6.6 billion to $6.7 billion, with an implied midpoint margin of 9%, reflecting the $1.6 billion of program charges. We've lowered our earnings per share estimate to a range of $21.70 to $22, incorporating the impacts from the charges, impairments and tax reserve.

目前預計該部門的營業利潤將在 66 億美元至 67 億美元之間，隱含中點利潤率為 9%，反映了 16 億美元的項目費用。我們將每股收益預期下調至 21.70 美元至 22 美元之間，其中考慮了費用、減損和稅收儲備的影響。

Turning to cash flow. We are maintaining our previously provided range of $6.6 billion to $6.8 billion for free cash flow in 2025. There are a few offsetting items worth discussing. First, the Aeronautics Classified Program challenges negatively impact cash flow. And that, along with the tariff impacts, combined to approximately $500 million of headwind this year.

轉向現金流。我們維持先前設定的 2025 年自由現金流 66 億美元至 68 億美元的範圍不變。有幾個抵消項目值得討論。首先，航空機密計畫挑戰對現金流產生負面影響。再加上關稅的影響，今年的逆風總計約 5 億美元。

On the other hand, the administration's legislation is anticipated to provide approximately $400 million to $600 million in cash tax benefits, primarily related to R&D capitalization. The 2025 outlook does not include a pension contribution.

另一方面，預計政府的立法將提供約 4 億至 6 億美元的現金稅收優惠，主要與研發資本化有關。2025 年的展望不包括退休金繳款。

Before wrapping it up, I'd like to take a moment to look beyond 2025 for free cash flow specifically. Previously, we discussed a baseline case of low single-digit absolute free cash flow growth through 2027, with an upside case of mid-single-digit growth being possible if we could unlock working capital improvements and offset the multiyear pension headwinds. This quarter's events and the rapidly developing opportunities are driving investment demands in the form of advancing these complex programs, accelerating capacity and enhancing capability across our systems. As a result, our 2026 free cash flow could be closer to $6 billion.

在結束之前，我想花點時間具體展望一下 2025 年以後的自由現金流。先前，我們討論了到 2027 年絕對自由現金流增長率為低個位數的基準情況，如果我們能夠解鎖營運資本改善並抵消多年的養老金逆風，則有可能實現中等個位數的增長。本季度的事件和快速發展的機會正在推動投資需求，以推進這些複雜的項目、加速產能和增強我們整個系統的能力。因此，我們 2026 年的自由現金流可能接近 60 億美元。

That said, we remain confident in Lockheed Martin's prospects for growth and value creation and remain committed to returning at least $6 billion per year to shareholders through our reliable dividend and share repurchase program.

儘管如此，我們仍然對洛克希德馬丁的成長和價值創造前景充滿信心，並將繼續致力於透過可靠的股息和股票回購計劃每年向股東返還至少 60 億美元。

In summary, on chart 10, we're excited about what the future has to offer, and we look forward to making progress toward our goals in the second half of the year, including continuing to execute on our strong backlog of $167 billion.

總而言之，如第 10 圖所示，我們對未來充滿期待，並期待在下半年朝著我們的目標取得進展，包括繼續履行我們 1,670 億美元的強勁積壓訂單。

I will be partnering with Jim, Frank and the rest of the leadership team to ensure we continue to drive operational excellence, ensuring we deliver on our customer and programmatic commitments, while also generating solid financial returns that create long-term value for our shareholders.

我將與吉姆、弗蘭克和其他領導團隊合作，確保我們繼續推動卓越運營，確保我們履行對客戶和專案的承諾，同時產生可觀的財務回報，為我們的股東創造長期價值。

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) Myles Walton, Wolfe Research.

（操作員指示） Myles Walton，Wolfe Research。

Jim and Evan, I'm not sure who wants to take it first, but why should investors feel at all comfortable that you've derisked the problem programs, particularly the Aero Classified one. When I listened to the changes being made on process and increased tension, it sounds similar to 4Q. So I'm just trying to reconcile, what's -- what are you doing different? Number one. Why should we feel comforted that this has derisked it?

吉姆和埃文，我不確定誰想先接受它，但是為什麼投資者應該感到舒服，因為你們已經降低了問題項目的風險，特別是 Aero Classified 項目。當我聽到流程上發生的變化和張力的增加時，聽起來與 4Q 相似。所以我只是想調和一下，你做了什麼不一樣的事？第一。我們為什麼要因為降低了風險而感到安慰呢？

And then second -- or thirdly, can you just give us some color, clarity as to how long you're under this onerous contract?

第二，或第三，您能否向我們詳細解釋一下，您簽訂這份繁重合約的時間有多久？

Myles, it's Jim here. I'll start off and I'll offer it to Evan for more detail. So with Evan's succession as the CFO role earlier this year, and evidence of further program performance issues beginning to reemerge early in 2025, we've reconstituted the program review team for classified aeronautics program. So we had a different team, wider expertise from across the company and a higher-level management as part of the scrutiny of the program.

邁爾斯，我是吉姆。我將開始並向 Evan 提供更多詳細資訊。因此，隨著埃文今年稍早接任財務長一職，以及有證據表明 2025 年初將再次出現更多專案績效問題，我們重組了機密航空專案的專案審查團隊。因此，我們組建了一支不同的團隊，擁有來自整個公司的更廣泛的專業知識，並由更高級別的管理人員負責該計劃的審查。

So we -- once we put that team together, having added additional expertise, as I said, from across the company, we reassessed the newly evident trends of cost increases and reevaluated all the program assumptions to the most detailed level of depth, a level below what had been done previously. Once these assumptions, and they were long-standing assumptions, were re-baselined to the then current performance, the additional reach-forward charge was calculated based on numerous future years of fixed price contract commitments. Unfortunately, due to the nature of the classification, we can't say how many years that is. But it is -- I'll say it is not unlimited.

因此，一旦我們組建了團隊，並增加了來自整個公司的額外專業知識，正如我所說，我們就會重新評估新出現的成本成長趨勢，並重新評估所有專案假設，使其達到最詳細的深度，低於以前所做的水平。一旦這些假設（它們是長期存在的假設）重新基準化到當時的表現，額外的遠期費用將根據未來多年的固定價格合約承諾來計算。不幸的是，由於分類的性質，我們無法說出那是多少年。但我要說的是，它不是無限的。

As to the two long troubled programs at Sikorsky, new in-depth discussions were held with each of the two customers in the first half of 2025 as to the future course of the contracts, as you heard. This feedback along with the internal program reviews of both, again, led by Evan in his new role, resulted in the charges that we're reporting in those two programs.

至於西科斯基公司長期陷入困境的兩個項目，正如您所聽到的，我們在 2025 年上半年與兩個客戶分別就合約的未來走向進行了新的深入討論。這項回饋以及由埃文在其新職位上領導的內部專案審查，導致了我們在這兩個專案中報告的指控。

So I assure you that, going forward, these three programs will continue to be monitored with a similar oversight regime, including recurring senior management participation, a more robust sequence and tempo of the senior management reviews as ever before -- than ever before. And we expect to be able to continue to reduce risk and promptly identify emerging issues and corrective actions if and when they're needed. We'll also be applying this level of oversight and scrutiny to key programs across the company.

因此，我向你們保證，今後這三個項目將繼續受到類似的監督制度的監控，包括高層管理人員的定期參與，以及比以往任何時候更為嚴格的高層管理人員審查順序和節奏。我們希望能夠繼續降低風險，並在必要時及時發現新出現的問題並採取糾正措施。我們也將對整個公司的關鍵項目實施這種程度的監督和審查。

And in addition, given the critical importance and customer support for these three particular programs, we will be, and I will be actually, further engaging the respective customers on opportunities to restructure these program contracts to moderate the currently identified and other potential risks while meeting the national security objectives of those customers.

此外，鑑於這三個特定項目的關鍵重要性和客戶支持，我們將（實際上我將）進一步與各自的客戶接觸，尋求重組這些項目合約的機會，以緩和目前已確定的風險和其他潛在風險，同時滿足這些客戶的國家安全目標。

And finally, I want to reiterate the policy that was put in place at Lockheed Martin five years ago, that there are no longer any must-win programs. We will continue to ensure that every bid price proposal and contract structure does not introduce outsized or unbounded future risk as we're seeing on these three programs.

最後，我想重申洛克希德馬丁公司五年前製定的政策，那就是不再有任何必須贏的項目。我們將繼續確保每個投標價格提案和合約結構不會像我們在這三個項目中看到的那樣引入過大或無限的未來風險。

Evan, do you want to add anything to that?

艾文，你還有什麼要補充的嗎？

Yes. I fully agree with that approach and taken on what you've asked me to look on here. And I would just add as well that the additional controls and rhythms that we established after 4Q gave us better insight into the challenges as they emerged. So that's a commitment to continued transparency. And that's what allowed us to signal in May that we were experiencing cost challenges and to have better insight as the continued program move forward.

是的。我完全同意這種方法並接受了您要求我在這裡查看的內容。我還要補充一點，我們在第四季之後建立的額外控制和節奏讓我們更了解所出現的挑戰。所以這是對持續透明度的承諾。這使得我們在五月發出信號，表明我們正面臨成本挑戰，並且隨著計劃的持續推進，我們將有更深入的了解。

And note, at that same time, we signaled confidence in the MFC classified program in that we have the same established discipline there. So we took the right amount of time to go through every assumption that we've got the best possible estimate to complete the multiyear process ahead of us.

請注意，與此同時，我們對 MFC 機密計劃表示了信心，因為我們在那裡擁有同樣既定的紀律。因此，我們花了適當的時間來仔細研究每一個假設，以便得到最好的估計，以完成我們面前的多年進程。

So I'll commit, we'll continue to be transparent as we perform on these programs, actively monitoring, managing those risks. And think of every quarter as a burn-down of risk as we work through the development tasks on these game-changing products. And we will keep you all updated as we go.

因此我承諾，我們將在執行這些專案時繼續保持透明，積極監控和管理這些風險。當我們完成這些改變遊戲規則的產品的開發任務時，每季都被視為風險的消耗。我們將隨時向大家通報最新進展。

Ron Epstein, Bank of America.

美國銀行的羅恩愛潑斯坦。

So kind of two things here. Just a quick follow-on to Myles's question, because I don't think you answered it. Why did it take a billion dollars of charges to change the way you're reviewing this thing? That's to Jim.

這裡有兩種情況。我只是快速跟進 Myles 的問題，因為我認為你沒有回答它。為什麼要花費十億美元的費用來改變你審查這件事的方式？那是給吉姆的。

And then to Evan, maybe you're kind of more from an accounting perspective, the $1.8 billion of charges, how do we think that flows through to cash? Can you do the bridge for '25? And then maybe the bridge in '26, right? Because some of this is -- probably not all $1.8 billion, you've got a cash impact, how much does and how should we think about that?

然後對埃文來說，也許你更多的是從會計角度考慮，18 億美元的費用，我們認為它是如何轉化為現金的？你能在 25 年內建好這座橋嗎？然後也許是 26 年的那座橋，對嗎？因為其中一部分——可能不是全部 18 億美元，所以會產生現金影響，影響有多大，我們該如何看待這一點？

Yes. Ron. So as Evan sort of stated, in the fourth quarter review of 2024 financials, when we took their first charge, we actually reset the entire way that that program is monitored, I'll say. And in that more rigorous monitoring system, we started to see, Evan had signaled publicly in May, as he said, additional cost risk. There was an anomaly, as we call it, in the development phase that was going to add cost and time as well. So these were -- these are new discoveries that resulted in the charge that we're taking today.

是的。羅恩。因此，正如 Evan 所說的那樣，在對 2024 年財務狀況進行第四季度審查時，當我們首次收取費用時，我們實際上重置了監控該計劃的整個方式。在更嚴格的監控體系中，我們開始看到，正如艾文所說，他曾在五月公開暗示有額外的成本風險。正如我們所說，開發階段出現了一種異常現象，也會增加成本和時間。所以，這些都是新的發現，導致了我們今天所採取的行動。

We didn't recognize or know that these trends are happening until the year began and we started with that new monitoring system from the fourth quarter, seeing the cost rise, which we signaled. But then we have to flow through to, again, multiple years of fixed price obligations to the government that were agreed to in 2018. So that's why you see the magnitude.

我們直到今年年初才意識到或知道這些趨勢正在發生，我們從第四季度開始使用新的監控系統，看到成本上升，我們已經發出了訊號。但隨後，我們必須再次履行 2018 年達成的對政府的多年固定價格義務。這就是你看到其規模的原因。

Now will there be opportunity to reduce that? We hope so, Part of it is potential contract restructuring. The customer is aware of, and will become increasingly aware after today, of the cost that this program is putting on the company. And I think they're open to figuring out ways to make it more reasonable, as I said, while keeping the national security commitments that are required.

現在是否有機會減少這個數字？我們希望如此，其中一部分是潛在的合約重組。客戶已經意識到，並且在今天之後會越來越意識到該計劃為公司帶來的成本。我認為他們願意想辦法使其更加合理，正如我所說，同時保持必要的國家安全承諾。

So that's the explanation. Like I said, we take it very seriously. It was disconcerting to us when we started to see the cost growth after we've done the review previously. But that's the nature of something of this magical status, I would call it. We probably won't be able to talk about what that is for many years to come. But I can assure you that it's going to be in high demand for a very long time, well beyond the fixed price commitments I would expect, let's say.

這就是解釋。正如我所說，我們對此非常重視。當我們在先前進行審查後開始看到成本成長時，我們感到不安。但這就是我所說的具有神奇地位的事物的本質。我們可能在未來很多年內都無法談論那是什麼。但我可以向你保證，它在很長一段時間內都會有很高的需求，遠遠超出我預期的固定價格承諾。

So I'll stop there. Evan, anything else?

我就講到這裡。埃文，還有什麼嗎？

Yes. So Ron, just to address the cash specifically. So we previously had assumed some cash usage on this program in our prior cash flow guidance. As of today, we're assuming a usage of $500 million of cash tied to the Aero Classified Program this year, which is baked inside of our cash guidance that we're reiterating at $6.6 billion to $6.8 billion. Looking into next year, it steps down a little bit. Think of roughly $400 million-ish of cash usage next year, which we factored in by giving the cash flow guidance for next year.

是的。所以羅恩，我來具體談談現金問題。因此，我們之前在現金流指導中已經假設了該計劃會使用一些現金。截至今天，我們假設今年與航空分類計畫相關的現金使用量為 5 億美元，這已包含在我們的現金指引中，我們重申的指導值為 66 億美元至 68 億美元。展望明年，這一數字將會略有下降。想想明年大約 4 億美元的現金使用量，我們在給出明年的現金流指引時已經考慮到了這一點。

And then it continues to step down. We have line of sight to when it goes positive. And to Jim's point, I can't state exactly when that is, but it's within our line of sight.

然後它繼續下降。我們可以看到它何時會變成正值。至於吉姆所說的，我無法確切地說出具體時間，但它就在我們的視線範圍內。

Rob Stallard, Vertical Research.

Rob Stallard，Vertical Research。

Jim, a quick question for you on the F-35. The administration's FY26 request for the DoD shows a reduction in what they want from the aircraft. I was wondering if you've got any explanation as to why the customer is saying this.

吉姆，我想問你一個關於 F-35 的簡單問題。該政府向國防部提交的 26 財年請求顯示，他們對飛機的需求減少。我想知道您是否能解釋一下客戶為什麼這麼說。

And then secondly, how easy is it to actually swap out any relinquished DoD slots if that occurs with export customers?

其次，如果出口客戶出現這種情況，那麼實際上更換任何放棄的國防部插槽有多容易？

So Rob, you're absolutely right about the President's budget, which is the first step in the actual congressional process of creating orders and allocating appropriations to those orders. And so where we're at in the process now is that the House Appropriations Committee marked up the 47 to 69. So the House added in appropriations actually, right? So 22 jets. That's the last step in their process.

所以羅布，你對總統預算的看法完全正確，這是國會實際制定命令並為這些命令分配撥款的第一步。因此，我們現在所處的流程是眾議院撥款委員會將第 47 號提案提高到第 69 號提案。所以眾議院實際上增加了撥款，對嗎？所以有 22 架噴射機。這是他們流程的最後一步。

The Senate is not as far along. The Senate Armed Services Committee has marked it up to 57. So that's an increase of 10. Historically, the appropriations committees have the final say on numbers. So we know what the House's position is on that. We don't know yet the Senate's. But I would be hopeful, and we certainly can't guarantee this outcome, but I'd be hopeful that the House Appropriations Committee might flow over to the Senate, but that's a hopeful future. We can't guarantee that. So there will be, I think, greater demand by the end of the budget process than what was submitted initially in the President's budget.

參議院的進展還不算太好。參議院軍事委員會已將其評分升至 57 分。所以增加了 10。從歷史上看，撥款委員會對數字擁有最終決定權。所以我們知道眾議院對此的立場。我們還不知道參議院的意見。但我還是充滿希望，我們當然不能保證這個結果，但我希望眾議院撥款委員會能夠轉移到參議院，但這是一個充滿希望的未來。我們不能保證這一點。因此，我認為，預算過程結束時的需求將比總統預算最初提交的需求更大。

And I'll add as well, despite just a lot of F-35s being delivered, as Jim mentioned, we delivered 50 this quarter, continue to deliver strong, we still have 311 in backlog as we end the second quarter and we expect to add about another 150 with lot 19 coming up in the second half of the year. So in terms of looking ahead and being able to plan for production plans, we've got a fair bit of flexibility based on the strength of our backlog today.

我還要補充一點，儘管交付的 F-35 數量不多，但正如吉姆提到的，我們本季度交付了 50 架，繼續保持強勁交付勢頭，截至第二季度末，我們仍有 311 架積壓訂單，我們預計下半年將再增加約 150 架，第 19 批訂單即將到來。因此，就展望未來和製定生產計劃而言，根據我們目前的積壓訂單情況，我們擁有相當大的靈活性。

That's right. We can, because we've got a couple of year lead times, we can move international in and out. And as you heard, there are plus ups in a number of current customers and there's interest in others, which, first, I can't get into at this point, but they can be very exciting. So we'll have to play all that out, but I'm confident that the F-35 production will stay strong.

這是正確的。我們可以，因為我們有幾年的準備時間，我們可以進出國際市場。正如您所聽到的，許多現有客戶都有所成長，其他客戶也對此感興趣，首先，我現在無法透露，但它們可能非常令人興奮。所以我們必須把所有這些都做好，但我相信 F-35 的產量將保持強勁。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Maria, maybe if we could talk about two items because I'm a bit confused. First, if we could touch upon the $4.6 billion tax liability commentary. What's that related to? And how would it impact free cash flow going forward?

瑪麗亞，也許我們可以談論兩件事，因為我有點困惑。首先，我們來談談 46 億美元的稅負評論。這跟什麼有關？它將如何影響未來的自由現金流？

And Evan, on the $6 billion free cash flow target for '26, down 10% versus '25, how much of that is any forward losses, working capital investment? What's the benefit from Section 174? If you could clarify any pension contribution assumed in that number.

埃文，26 年的 60 億美元自由現金流目標比 25 年下降了 10%，其中有多少是遠期損失和營運資本投資？第 174 條有何好處？如果您可以澄清該數字中假設的任何退休金繳款。

Sheila, I appreciate the question. So with respect to the tax note that we received from the IRS, we have filed our appeal as we fundamentally disagree with the position that the IRS has taken. As we stated in the comments, they had previously signed off and agreed with our interpretation. As our process appropriately matches revenue and expenses, the IRS's approach shows a mismatch between the 2, which is why you see such a large number.

希拉，我很感謝你的提問。因此，對於我們從美國國稅局收到的稅務通知，我們已經提出上訴，因為我們從根本上不同意美國國稅局的立場。正如我們在評論中所述，他們之前已經簽署並同意我們的解釋。由於我們的流程適當地匹配了收入和支出，而美國國稅局的方法顯示兩者之間存在不匹配，這就是為什麼你會看到如此大的數字。

We stand by our approach, and we have taken $100 million P&L charge to reference some amount of interest as -- just to have some amount of liability in the books that we think is the most likely outcome if they should see itself all the way through, which is to say much, much less than the numbers that we're talking about here.

我們堅持我們的做法，我們已經拿出 1 億美元的損益費用來參考一定數額的利息——只是為了在賬簿上記下一定數額的負債，我們認為這是他們一路走來最有可能的結果，也就是說，比我們在這裡談論的數字要少得多。

With respect to looking forward to next year, a couple of things there to look at. One is on the Aero Classified Program, we see that a few hundred million dollars of reach-forward charge cash impact. On the MFC classified program, there's roughly 200 to 250-ish also in that 2026 cash flow expectation. We see some goodness on the tax side from the new tax legislation of a few hundred million dollars. And then we continue to -- working capital in the meantime to continue to drive that.

展望明年，有幾件事值得關注。一個是關於航空分類計劃，我們看到了數億美元的前瞻費用現金影響。在 MFC 分類計畫中，2026 年現金流預期中也有約 200 到 250 個左右。我們看到，新稅法在稅收方面帶來了數億美元的益處。然後我們繼續——同時投入營運資金來繼續推動這一目標。

Those are sort of the main items right now that are assumed in there, as well as some kind of nominal tariff timing impact as well, all sort of baked into our latest assumption.

這些是目前假設的主要項目，以及某種名義關稅時間影響，都已納入我們的最新假設。

And I should add that we also have assumed a $1 billion pension contribution next year. And this year, there is no pension contribution.

我還要補充一點，我們還承擔了明年 10 億美元的退休金繳款。而且今年還不用繳退休金。

Yes. And Sheila, just to add something from my perspective at the most basic level on this tax claim. It's basically a value-added tax approach, which we don't have in this country, where we get taxed on our revenue versus taxed on our profit. So I am incredibly confident that this will get adjudicated fairly and that reserve is appropriate for this point in time.

是的。希拉，我想從我的角度，從最基本的層面補充一些關於這項稅收索賠的內容。這基本上是一種增值稅方法，我們國家沒有這種稅法，我們是根據收入徵稅，而不是根據利潤徵稅。因此，我非常有信心，此事將得到公正的裁決，並且目前保留是適當的。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

Evan, your -- the updated 2025 guidance implies that the -- in the back half, the RMS margin is in the mid-10s, Aeronautics in the mid-9s, and I think the total in the mid-10s. Are those the run rates of those segment margins for the foreseeable future with the adjustments you've taken today? Or is there some reason those would step up next year?

埃文，您的——更新後的 2025 年指導意見暗示——在後半部分，RMS 利潤率在 10% 左右，航空利潤率在 9% 左右，我認為總量在 10% 左右。根據您今天採取的調整，這些是可預見的未來這些部門利潤率的運作率嗎？或者有什麼理由使得這些措施明年會加強？

And then can you just talk a little bit more about your review of the MFC classified program that's had charges before? Because that had a little bit of an unusual treatment where there were planned charges in the future.

然後您能否再多談談您對先前被指控的 MFC 機密計劃的評價？因為這有點不尋常的待遇，即未來有計劃的收費。

So I think with respect to margins, as we look at it here, we did see some onetime step-ups in the first half of the year. So we're going to continue to look at out-year margins as we go through the LRP process, and we'll have more to say in the coming quarters. The goal, of course, is to continue to drive margins up incrementally as we see mix turn to more established production programs and that we're ramping across several of those. So we'll share more of that in the coming quarters as we work through that process.

因此，我認為就利潤率而言，正如我們所見，我們確實看到上半年出現了一些一次性的成長。因此，在進行 LRP 流程時，我們將繼續關注往年利潤率，並且在接下來的幾個季度中我們將有更多要說的。當然，隨著我們看到混合轉向更成熟的生產計劃，並且我們正在加大其中幾個計劃的力度，我們的目標是繼續逐步提高利潤率。因此，我們將在接下來的幾季中分享更多相關資訊。

With respect to MFC classified program, this is a program I'm very familiar with and that I worked personally in my last role. So it also has a reach-forward charge that we disclosed in the fourth quarter of last year we've continued to monitor this very closely similar to how we're monitoring the Aero Classified Program. And we've signaled throughout this quarter and continue to single now that we've got confidence with how we're positioned with that program. Also a very important program for the warfighter that we're anxious to deliver with strong customer advocacy.

關於 MFC 機密程序，這是我非常熟悉的程序，我在上一份工作中親自參與過該程序。因此，它也具有前瞻性費用，我們在去年第四季度披露了這一點，我們將繼續密切監控這一點，類似於我們監控航空分類計劃的方式。我們在本季度已經發出信號，現在繼續表明，我們對該計劃的定位充滿信心。這對作戰人員來說也是一個非常重要的項目，我們渴望透過強大的客戶宣傳來實施它。

Jim, anything you'd add?

吉姆，您還有什麼要補充的嗎？

Yes, I'd say the MFC program, and I mentioned this before, the next Air Force pilot, this is, again, another game-changing capability for the US, really essential. And even on the margins, I think there is some upside in the future because those margins were affected by some of these onetime write-offs, although there were some plus-ups, the write-offs obviously were way higher. So there could be upside on it. We're not doing guidance for 2026 here but there could be opportunities, especially in MFC.

是的，我想說的是 MFC 計劃，我之前提到過，下一任空軍飛行員，這對美國來說又是另一個改變遊戲規則的能力，真的很重要。即使在利潤率方面，我認為未來也會有一些上漲空間，因為這些利潤率受到了一些一次性註銷的影響，儘管有一些加成，但註銷金額顯然要高得多。因此它可能存在好處。我們沒有為 2026 年做出指導，但可能有機會，尤其是在 MFC 領域。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Jim and Evan, you both commented on backlog and expected some growth in the back half of the year. Maybe could you comment on Golden Dome specifically? Have you quantified the opportunity for Lockheed Martin and when we would expect it to hit from a backlog perspective, just thinking in terms of the size?

吉姆和埃文，你們都對積壓訂單發表了評論，並預計今年下半年會有所增長。能否具體評論一下金頂？您是否已經量化了洛克希德馬丁的機會，以及我們預計它何時會從積壓訂單的角度實現，僅從規模的角度考慮？

And then just quickly, Evan, as we think about cash and with TR3 completed, should we expect to see an improvement in kind of the milestone payments for F-35?

然後，埃文，當我們考慮現金並且 TR3 完成後，我們是否應該期望看到 F-35 里程碑付款有所改善？

On Golden Dome, the plan on the government side isn't laid out yet. As I mentioned earlier, I think we have many, many of the essential ingredients to implement something of that nature, especially at the scale that's being discussed.

對於金色穹頂，政府方面的規劃尚未推出。正如我之前提到的，我認為我們擁有許多必要因素來實施此類計劃，特別是在正在討論的規模上。

The other part I would love to talk about, but we're a little short on time, so I'll do it another day, is Counter UAS will be part of that, and we're making lots of advancements there. We don't usually come out and tout things until they're up and running and we have a customer and we're delivering, but that's an initiative that will be part of Golden Dome that we're getting out in front of, Counter UAS.

另一部分我很想談，但是我們的時間有點不夠，所以我改天再談，反無人機系統將是其中的一部分，我們在那裡取得了很多進展。通常情況下，只有在產品投入運作、擁有客戶並開始交付時，我們才會出來吹捧，但這是我們在「金頂」計畫中提出的舉措，即「反無人機系統」。

And so I would love to be able to say that we have a quantifiable uptick to backlog because of Golden Dome, but there's no contracts out there, there's no bid and proposals yet. And so as soon as we have them, we're going to be all in on those. And we are talking about architecture with the US government as to how you might architect and light something like this out over time. But they haven't announced anything yet that we can actually hang our hat on for backlog.

因此，我很想說，由於金頂項目，我們的積壓訂單量出現了可量化的上升，但目前還沒有簽訂合同，也沒有投標和提案。因此，一旦我們擁有了它們，我們就會全力投入其中。我們正在與美國政府討論如何隨著時間的推移設計和照明這樣的建築。但他們尚未宣布任何讓我們真正寄望於積壓的事情。

And to add on to that, just maybe one or two thoughts on Golden Dome. So yes, even without that, we see the backlog really driving up to the second half of the year. I expect to end the year with a new backlog record with just very strong orders to come.

除此之外，我還想補充一點關於金頂的想法。所以，是的，即使沒有這種情況，我們也看到積壓訂單確實會持續到今年下半年。我預計今年底積壓訂單將創下新高，未來訂單將非常強勁。

And I'll just note as well, as part of the One Big Beautiful Bill, it helps incentivize investment in US manufacturing because, seeing where the demand is going to come for Golden Dome, we see our missile programs being very key to that. And we're getting ourselves ready to invest in additional manufacturing capacity. And so the timing is very good with the tax act that came through.

我還要指出的是，作為《一項美麗法案》的一部分，它有助於激勵對美國製造業的投資，因為，看看對金色穹頂的需求將來自哪裡，我們認為我們的飛彈計劃對此至關重要。我們正準備投資額外的製造能力。因此，稅收法案的通過時機非常好。

With respect to cash, absolutely, we expect to see a very strong cash second half of the year, led by F-35, Getting the lot 18 and 19 award under contract will be a significant cash liquidation event. And that with some other awards across the portfolio should give us a very strong lift on working capital.

就現金而言，我們預計下半年現金流將非常強勁，以 F-35 為首，獲得第 18 和第 19 批合約將是一項重大的現金清算事件。而且，加上投資組合中的其他一些獎項，應該會為我們的營運資金帶來很大的提升。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Maybe the F-35, Jim, you touched on the F-35 role on the Operation Midnight Hammer in your prepared remarks, and we've already discussed the uncertainty in the current funding, especially with lot 18 and 19. But taking a step back, we've seen the DoD cut F-35 units in the past few years. This has been the largest procurement program for the DoD and is generally viewed as a potential bill payer for other priorities. The B-21 on the other hand is getting accelerated and increased funding.

也許是 F-35，吉姆，你在準備好的發言中提到了 F-35 在「午夜之鎚」行動中的作用，我們已經討論了當前資金的不確定性，特別是第 18 和第 19 批資金。但退一步來看，我們看到國防部在過去幾年削減了 F-35 的數量。這是國防部最大的採購項目，普遍被視為其他優先事項的潛在付款人。另一方面，B-21 的研發正在加速進行，資金也在增加。

Can you level-set us on the F-35 as a program today? Where does it fit in modern warfare? And how do you see orders materializing for international customers? And ultimately, how much of a priority is this for the DoD today?

您今天能為我們介紹一下 F-35 專案嗎？它在現代戰爭中處於什麼位置？您如何看待國際客戶的訂單實現？那麼最終，這對國防部來說有多大的優先順序？

So without getting to anything classified, the F-35 right now, and you've heard about one mission that's been accomplished in Iran that was led by the F-22 and the F-35, there have been others as well that those aircraft have been heavily involved in. And not only just air-to-air and air-to-ground attack, but also in the orchestration of numerous other platforms, whether they be sea, satellite, other aircraft, fourth-gen, et cetera, that this airplane can deliver. Some of the, I'll call it, NATO air policing missions have benefited from the F-35 in this regard and others.

因此，無需談論任何機密信息，就目前而言，F-35 以及你們聽說過的伊朗執行的一項任務就是由 F-22 和 F-35 主導的，這些飛機也深度參與了其他任務。而且不只是空對空和空對地攻擊，還可以與眾多其他平台協同作戰，無論是海上、衛星、其他飛機、第四代飛機等等，這架飛機都可以執行。我稱之為北約空中警務任務的一些任務在這方面和其他方面都受益於 F-35。

So knowing what I can know, I am very, very confident the F-35 is here to stay and here to stay in a big way for a long time. It's the only fifth-generation fighter aircraft in production right now in the free world, fighter aircraft, I should say, and it's proved itself in combat. So we will continue with our allies and with our US customer to be delivering these aircraft. I am very, very confident, especially with my background of what we know about what's happening today.

因此，就我所知，我非常有信心 F-35 將會繼續存在，並且會長期大規模存在。它是目前自由世界唯一在產的第五代戰鬥機，應該說，它已經在戰鬥中證明了自己的實力。因此，我們將繼續與我們的盟友和美國客戶交付這些飛機。我非常非常有信心，特別是考慮到我對當今正在發生的事情的了解。

And I have one other thing, because we did bid on NGAD, everyone knows that. We weren't selected. But the pivot that we made is one that we're taking incredibly seriously, which is how do we create a best value bridge from today's fifth-generation to sixth-generation, NGAD is next-generation air dominance airplane, and that may not be fielded for quite a few years, I'll say, a number of years. How do we bridge capability there?

我還有一件事，因為我們確實競標了 NGAD，每個人都知道這一點。我們沒有被選中。但是，我們非常重視我們所做的轉變，即如何創建從當今第五代到第六代的最佳價值橋樑，NGAD 是下一代空中優勢飛機，而這種飛機可能在相當長一段時間內都無法投入使用，我想說，很多年內都無法投入使用。我們如何在那裡架起能力橋樑？

We're going to port a lot of our own NGAD R&D over to the F-35 and potentially the F-22 as well and striving to get 80% effectiveness of sixth-generation, both in stealth and other aspects, at 50% of the cost per unit, all in with R&D and nonrecurring. And that's the best value option for the US government going forward. It will be the only one I'm aware of that can actually make that bridge over, call it, 5-plus, maybe even 10 years.

我們將把大量自己的 NGAD 研發成果移植到 F-35 甚至 F-22 上，力爭在隱身和其他方面達到第六代戰機 80% 的效能，單位成本僅為 50%，全部用於研發和非經常性開支。這對美國政府來說是未來最有價值的選擇。據我所知，它是唯一一個能夠真正跨越這座橋樑的公司，五年以上，甚至十年。

Scott Mikus, Melius Research.

米庫斯（Scott Mikus），Melius Research。

Jim, on the F-35 delivery skyline and the outlook in order to protect that program, prevent it from being, say, crowded out by the F-47, CCA or nuclear modernization, does it make sense to sell the DoD the technical data rights to the F-35 as part of a broader deal to ensure that DoD buys a minimum amount of units per year to sustain the production rate of 156?

吉姆，關於 F-35 交付時間表和前景，為了保護該項目，防止其被 F-47、CCA 或核現代化所取代，將 F-35 的技術數據權出售給國防部是否有意義，作為更廣泛交易的一部分，以確保國防部每年購買最低數量的單位以維持 156 的生產率？

I'm not sure that's necessary for two reasons, Scott. One is we've already provided the US government all the data that they need that we control to maintain the aircraft and all of its systems. Some of our suppliers have opted not to participate in that approach that we've taken, but we don't control or own their data. And so everything Lockheed Martin can provide to the services and the government to maintain their aircraft fleet, we have provided. So that's one side of the story.

斯科特，我不確定這是否有必要，原因有二。一是我們已經向美國政府提供了他們所需的所有數據，這些數據由我們控制，用於維護飛機及其所有系統。我們的一些供應商選擇不參與我們採取的做法，但我們並不控製或擁有他們的數據。因此，洛克希德·馬丁公司能夠向各軍種和政府提供維護飛機機隊所需的一切，我們都已經提供了。這就是故事的一個面向。

And then the second is that the demand for the aircraft is still going to be there. As I said, fourth-generation aircraft are retiring. They're also incredibly unsurvivable scenario. A fourth-generation aircraft couldn't have accomplished that mission that we talked about on Midnight Hammer.

第二點是，對飛機的需求仍然存在。正如我所說，第四代飛機正在退役。它們也處於令人難以置信的難以生存的境地。第四代飛機不可能完成我們在《午夜之鎚》中談到的任務。

So I think the base demand is there. The intellectual property is already being provided to the extent we have the ability to do that. But it's an excellent question. I think we're in a good place on both fronts.

所以我認為基本需求是存在的。只要我們有能力，我們已經提供了智慧財產權。但這是一個很好的問題。我認為我們在這兩方面都處於良好狀態。

Right. Great. Sarah, we're approaching the top of the hour. So I think that's it for Q&A. And Jim did have some closing comments. So let me hand it back to Jim.

正確的。偉大的。莎拉，我們快到整點了。我認為問答部分就到此為止。吉姆也發表了一些結束語。所以讓我把它交還給吉姆。

All right. Thanks, Maria. Look, all of us at Lockheed Martin fully understand that it's our responsibility to negotiate fair, risk-informed contracts and to deliver on those contract commitments in terms of cost, quality and schedule every day. Only in this can we both contribute fully to our national defense and deterrence from our conflict and deliver strong financial results to the shareholders. Doing both is and will be our purpose. While the charges that we've taken in the second quarter have been difficult and have affected our 2025 outlook, we will now be better positioned to fully deliver on our profitable growth prospects going forward.

好的。謝謝，瑪麗亞。看，洛克希德馬丁公司的所有人都完全明白，我們的責任是協商公平、風險知情的合同，並在成本、品質和進度方面每天履行這些合約承諾。只有這樣，我們才能為國防和衝突威懾做出充分貢獻，並為股東帶來強勁的財務表現。兩者兼顧是並且將是我們的目標。雖然我們在第二季承擔的費用很困難，並且影響了我們 2025 年的前景，但我們現在將處於更有利的位置，可以全面實現未來的獲利成長前景。

I'm confident in the many strengths that position this company for long-term success. Our growth pipeline is strong, as you heard from Evan earlier today. Our customers are heavily reliant on us to deliver proven critical capabilities. And maybe, most importantly, all of our 120,000 Lockheed Martin teammates are committed to delivering results for us.

我相信，該公司擁有許多優勢，能夠取得長期成功。正如您今天早些時候從埃文那裡聽到的那樣，我們的成長管道非常強勁。我們的客戶非常依賴我們提供經過驗證的關鍵能力。也許最重要的是，我們洛克希德馬丁的 12 萬名隊友都致力於為我們取得成果。

I and our management team are focused on continuing to translate the strong customer demand and our unique capabilities to deliver top line growth, hit that consistent cash flow generation, and shareholder value creation as a result.

我和我們的管理團隊致力於持續轉化強勁的客戶需求和我們獨特的能力，以實現營收成長、實現持續的現金流產生，並最終為股東創造價值。

So I look forward to connecting again in October on our third quarter earnings call. So thank you, everybody. And Sarah, that concludes our call for today.

因此，我期待在十月的第三季財報電話會議上再次與您聯繫。謝謝大家。莎拉，我們今天的通話到此結束。

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

謝謝。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。