洛克希德·馬丁 (LMT) 2025 Q3 法說會逐字稿

Good day, and welcome, everyone, to the Lockheed Martin third-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 年第三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 Maria Ricciardone。請繼續。

Thank you, Sarah, and good morning. I'd like to welcome everyone to our third-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 年第三季財報電話會議。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 today that are not historical facts are considered forward-looking statements and are made pursuant to the Safe Harbor provisions of federal securities laws. Actual results may differ materially from those projected in the forward-looking statements. Please see Lockheed Martin's SEC filings, including our 2024 Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q for a description of some of the factors that may cause actual results to differ materially from those in the forward-looking statements.

今天做出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做出。實際結果可能與前瞻性陳述中的預測有重大差異。請參閱洛克希德馬丁公司向美國證券交易委員會提交的文件，包括我們的 2024 年 10-K 表年度報告和隨後的 10-Q 表季度報告，以了解可能導致實際結果與前瞻性陳述中的結果存在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 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 third-quarter 2025 earnings call.

謝謝，瑪麗亞。大家早安，感謝您參加我們的 2025 年第三季財報電話會議。

Lockheed Martin delivered strong operational and financial performance across all four of our business areas in the quarter. We secured a number of significant wins across a range of our marquee programs that drove our backlog to a record high of $179 billion.

洛克希德馬丁公司本季在四個業務領域均實現了強勁的營運和財務業績。我們在一系列重點項目中取得了許多重大勝利，使我們的積壓訂單達到了創紀錄的 1,790 億美元。

Our relentless attention to operational execution in every facet of our business resulted in elevated sales growth and substantial cash generation as well. Meanwhile, we're also positioning the company for what we see as even greater demand for the iconic Lockheed Martin products and systems needed by the US and its allies to ensure deterrence from potential great power armed conflict.

我們堅持不懈地專注於業務各個方面的營運執行，從而實現了銷售成長和大量現金產生。同時，我們也將公司定位為滿足美國及其盟友對標誌性洛克希德馬丁產品和系統的更大需求，以確保對潛在大國武裝衝突的威懾。

As I have said, Lockheed Martin is in the aerospace and defense industry, but in the deterrence business. We are in active discussions with our customers in both the US and abroad on scaling up development and production of the essential elements to deliver on the goal of peace through strength. These systems include air defense radars and missiles, space-based interceptors, state-of-the-art open architecture command and control systems and the world's most advanced fighter aircraft as just a few examples.

正如我所說，洛克希德馬丁公司從事航空航太和國防工業，但從事威懾業務。我們正在與美國及海外的客戶積極討論擴大基本要素的開發和生產，以實現以實力求和平的目標。這些系統包括防空雷達和飛彈、天基攔截器、最先進的開放式架構指揮和控制系統以及世界上最先進的戰鬥機，僅舉幾例。

In every step of the way, we remain highly focused on enhancing program performance in terms of cost, quality and schedule while reducing risk to internal production systems modernization and continuous improvement methods.

在每一步中，我們都高度重視提高成本、品質和進度的專案績效，同時降低內部生產系統現代化和持續改進方法的風險。

As noted, in the third quarter, we achieved record backlog of $179 billion as demand for our reliable advanced solutions remain solid. Multiyear awards on PAC-3, JASSM/LRASM and CH-53K totaled $30 billion in the quarter and provide production rate visibility into the next decade. And shortly after the conclusion of the quarter, we definitized the F-35 Lot 18 and 19 contract with the Department of War's joint program office adding $11 billion of contract value and another 151 aircraft into backlog.

如上所述，由於對我們可靠的先進解決方案的需求仍然強勁，我們在第三季度實現了創紀錄的 1790 億美元的積壓訂單。本季度，PAC-3、JASSM/LRASM 和 CH-53K 的多年合約總額達到 300 億美元，為未來十年的生產力提供了可預見性。本季結束後不久，我們與美國陸軍部聯合專案辦公室確定了 F-35 第 18 和 19 批合同，合約價值增加 110 億美元，並新增 151 架飛機的積壓訂單。

Our financial results in the third quarter reflect these trends. Sales increased 9% year-over-year and a solid 5% normalized for the Lot 18, 19 impact in last year's third quarter. We generated strong free cash flow of over $3 billion in the quarter enabling our commitment to further invest in the business while simultaneously driving returns to shareholders through recurring dividends and our disciplined share repurchase program.

我們第三季的財務表現反映了這些趨勢。銷售額年增 9%，受去年第三季 18、19 號地塊的影響，正常化成長了 5%。我們在本季創造了超過 30 億美元的強勁自由現金流，使我們能夠進一步投資於業務，同時透過經常性股息和嚴格的股票回購計畫為股東帶來回報。

Earlier in October, our Board approved a 5% increase in our quarterly dividend and increased our share repurchase authorization. This marks the 23 consecutive year of dividend increase for the company and demonstrates our continued confidence in Lockheed Martin's stable financial performance.

十月初，我們的董事會批准將季度股利提高 5%，並增加了股票回購授權。這標誌著該公司連續第23年增加股息，顯示我們對洛克希德馬丁公司穩定財務表現的持續信心。

Looking forward, we are updating our outlook for the remainder of 2025, increasing expectations for sales segment operating profit and earnings per share. We remain focused on operational performance and capitalizing on the unprecedented demand cycle to deliver mid-single-digit top line growth in 2025 while generating $6.6 billion of free cash flow. Evan will provide additional detail on the free cash flow elements and our full year outlook in his prepared remarks.

展望未來，我們正在更新 2025 年剩餘時間的展望，提高對銷售部門營業利潤和每股盈餘的預期。我們將繼續專注於營運績效，並利用前所未有的需求週期，在 2025 年實現中等個位數的收入成長，同時產生 66 億美元的自由現金流。埃文將在其準備好的演講中提供有關自由現金流要素和全年展望的更多細節。

Circling back to the new business we secured this quarter. At Missiles & Fire Control, our expertise in developing and producing reliable precision strike weapons and integrated air and missile defense solutions at scale continues to be highly valued by our customers.

回顧我們本季獲得的新業務。在飛彈與火力控制方面，我們在開發和生產可靠的精確打擊武器以及大規模綜合防空和飛彈防禦解決方案方面的專業知識繼續受到客戶的高度重視。

First on PAC-3, the US Army awarded Lockheed Martin a $9.8 billion contract for the production of nearly 2,000 PAC-3 MSE interceptors, and associated hardware. This marks the largest contract in MSE history and demonstrates the sustained demand for this advanced and proven interceptor from US and international partners, some of which you've read is latest this week in the press.

首先是 PAC-3，美國陸軍授予洛克希德馬丁公司一份價值 98 億美元的合同，用於生產近 2,000 枚 PAC-3 MSE 攔截器及相關硬體。這是 MSE 歷史上最大的合同，表明美國和國際合作夥伴對這種先進且成熟的攔截器有著持續的需求，您本週在媒體上讀到的一些最新報道就是如此。

Our teams continue to proactively partner with suppliers and customers to invest in PAC-3 capabilities and production capacity to support the elevated and enduring demand we see for this critical mission, defending against ballistic, cruise, hypersonic and airborne threats.

我們的團隊繼續積極與供應商和客戶合作，投資 PAC-3 功能和生產能力，以支持我們對這項關鍵任務的不斷增長和持久的需求，防禦彈道、巡航、高超音速和空中威脅。

Next, on JASSM and LRASM, we definitized a large lot procurement contract for $9.5 billion with the US Air Force and Navy customers. This multiyear award supports increased production quantities of these proven cruise missile systems and helps build a more resilient industrial base. We look forward to partnering with the US government to execute and deliver this long-range, highly survivable, and effective capability to our airmen, sailors and marines for years to come.

其次，關於JASSM和LRASM，我們與美國空軍和海軍客戶確定了價值95億美元的大量採購合約。這項多年合約支持增加這些成熟巡航飛彈系統的產量，並有助於建立更具彈性的工業基礎。我們期待與美國政府合作，在未來幾年為我們的飛行員、水手和海軍陸戰隊員提供這種遠程、高生存力和有效的能力。

Moving to Rotary & Mission Systems. The US Navy awarded Sikorsky a $10.9 billion multiyear contract to build up to 99 CH-53K King Stallion helicopters for the US Marine Corps over five years. This is the largest quantity order to date for that aircraft and the largest contract award ever in RMS history. This ensures consistent deliveries of America's most powerful heavy lift helicopter into the next decade and enables long-term affordability, optimized production efficiency and stability for our supply chain.

轉向旋轉與任務系統。美國海軍授予西科斯基公司一份價值 109 億美元的多年期合同，在五年內為美國海軍陸戰隊製造多達 99 架 CH-53K 種馬王直升機。這是該飛機迄今為止最大數量的訂單，也是 RMS 歷史上最大的合約授予。這確保了未來十年美國最強大的重型直升機的持續交付，並實現了長期的可負擔性、優化的生產效率和供應鏈的穩定性。

In our space portfolio, we received additional contract value and funding on the Next-Generation Interceptor program in the quarter, helping to increase backlog for our space business to a new high of $38 billion. With NGI, we continue to advance the program as we're progressing development and begin preparing for production.

在我們的太空投資組合中，我們在本季度獲得了下一代攔截器計劃的額外合約價值和資金，這有助於將我們的太空業務積壓訂單增加到 380 億美元的新高。借助 NGI，我們在推進開發和開始準備生產的同時，繼續推進該計劃。

In addition, our space team secured multiple contract research and development awards this quarter. These CRAD awards is their known demonstrate our ability to co-invest with the government partners and accelerate the delivery of revolutionary solutions with each CRAD initiative strategically targeted to support key missions for the US government.

此外，我們的太空團隊本季獲得了多個合約研發獎。這些 CRAD 獎項證明了我們與政府合作夥伴共同投資的能力，並加速提供革命性解決方案，每個 CRAD 計劃都具有戰略目標，以支持美國政府的關鍵任務。

Also of note in the quarter, the Fleet Ballistic Missile, or FBM system, conducted yet another successful flight test demonstrating its continued readiness to provide the world's most potent and survivable nuclear deterrent. This also marks 70 years of Lockheed Martin support to the US Navy on this critical program.

本季也值得注意的是，艦隊彈道飛彈（FBM）系統再次成功進行了飛行試驗，證明其已準備好提供世界上最強大、生存能力最強的核威懾力量。這也標誌著洛克希德馬丁公司為美國海軍這一關鍵項目提供支援已有 70 年。

Going forward, both NGI and FBM will benefit from the internal investment we are making in new state-of-the-art facilities to enable rapid, reliable, and cost-effective component production and assembly for these crucial systems. All in, these awards underscore the trust and confidence that our customers place in us and which in turn, underpins our company's long-term solid growth prospects.

展望未來，NGI 和 FBM 都將受益於我們對新的最先進設施的內部投資，從而為這些關鍵系統實現快速、可靠且經濟高效的組件生產和組裝。總而言之，這些獎項強調了客戶對我們的信任和信心，這反過來又鞏固了我們公司長期穩健的成長前景。

Shifting gears to F-35. During the third quarter, we delivered 46 aircraft and now expect between 175 and 190 deliveries in 2025. That's essentially one aircraft delivery every working day of the year. Since program inception, we've delivered over 1,200 F-35 aircraft that have amassed over 1 million flight hours, providing control of the sky and seamless interoperability between US and allied forces. The recent Lot 18 and 19 award reemphasizes the growing demand for the F-35, which is the world's most advanced fighter jet currently in production.

轉向 F-35。第三季度，我們交付了 46 架飛機，預計 2025 年將交付 175 至 190 架飛機。這實際上意味著每年每個工作日都會交付一架飛機。自計畫啟動以來，我們已交付了超過 1,200 架 F-35 飛機，累計飛行時間超過 100 萬小時，為美國和盟軍提供了天空控制和無縫互通性。最近的第 18 和 19 批合約再次強調了對 F-35 日益增長的需求，F-35 是目前正在生產的世界上最先進的戰鬥機。

Over the years to come, the US and 19 international allies will continue to progress toward a planned global fleet of over 3,500 aircraft. Moreover, we finalized the $15 billion air vehicle sustainment contract with the Joint Program Office. The four-year deal provides for aftermarket activities such as spare parts provisioning, maintenance, repair and other support services through 2028. This long-term agreement will support our key objective to improve the readiness of the aircraft fleet as it continues to expand in number and supports the revenue growth trajectory for our F-35 sustainment business.

未來幾年，美國和19個國際盟友將繼續朝著計畫中的超過3500架飛機的全球機隊邁進。此外，我們還與聯合專案辦公室簽署了價值 150 億美元的飛行器維持合約。這項為期四年的協議規定了截至 2028 年的售後市場活動，例如備件供應、維護、維修和其他支援服務。這項長期協議將支持我們的關鍵目標，隨著飛機數量的不斷擴大，提高飛機隊的戰備狀態，並支持我們的 F-35 維持業務的收入成長軌跡。

Finally, we are also heavily committed to support the ongoing modernization and upgrade of the aircraft's capabilities, particularly the introduction of what's known as Block IV enhancements to a number of aircraft systems.

最後，我們也大力致力於支援飛機性能的持續現代化和升級，特別是在多個飛機系統中引入所謂的 Block IV 增強功能。

At the same time, Lockheed Martin has already moved out on engineering analysis at my direction to design and bring even more advanced capabilities from our sixth generation research and development efforts that we conducted our Skunk Works operation in California. We are aspiring to enhance the relevance and capability of our fifth generation platforms, the F-35 and the F-22 to provide the greatest aggregate level of air superiority capability at the most efficient cost and the fastest deployment.

同時，洛克希德·馬丁公司已在我的指導下進行工程分析，從我們在加州臭鼬工廠進行的第六代研發工作中設計並帶來更先進的功能。我們渴望增強第五代平台 F-35 和 F-22 的相關性和能力，以最有效的成本和最快的部署提供最高水準的空中優勢能力。

This is a total best value approach that we think will be best for the department. To that end, we are working closely with our customers to align our internal investments with their most important mission priorities for the F-35. For example, of the strategic enhancements could include advanced and expanded weapons compatibility, improved data links, autonomous drone wingmen integration, superior sensors and the latest electronic warfare capabilities.

我們認為，這是最適合該部門的、最有價值的方法。為此，我們正與客戶密切合作，使我們的內部投資與他們對 F-35 最重要的任務重點保持一致。例如，戰略增強可能包括先進和擴大的武器相容性、改進的數據鏈路、自主無人機僚機整合、卓越的傳感器和最新的電子戰能力。

Now turning to the budget. We're all watching Congress work through the FY26 appropriation bills and the government shutdown. We continue to see broad support through all of this for national defense priorities given the unsettled geopolitical situation. The strength of our backlog reflects the importance of Lockheed Martin systems and deterring global conflict. We will continue to partner with the administration, Congress and our customers to provide the absolute best defense technologies as this budget process is finalized.

現在談談預算。我們都在關注國會通過 2026 財政年度撥款法案和政府關門事件。鑑於不穩定的地緣政治局勢，我們繼續看到國防優先事項得到廣泛支持。我們的積壓訂單數量反映了洛克希德馬丁系統和阻止全球衝突的重要性。在預算流程最終確定後，我們將繼續與政府、國會和客戶合作，提供絕對最好的國防技術。

The Homeland Defense mission, including Golden Dome for America is one opportunity for which Lockheed Martin is ready and well positioned with existing products, expertise and production capabilities. Although details of the initiatives architecture and acquisition plan continue to take shape, the space domain is expected to play a vital role, and Lockheed Martin continues to make significant progress to advanced space-based defense.

包括「美國金頂」在內的國土防禦任務是洛克希德·馬丁公司已經做好準備並憑藉現有產品、專業知識和生產能力做好準備的機會之一。儘管該計劃的架構和收購計劃的細節仍在不斷完善，但太空領域預計將發揮至關重要的作用，洛克希德馬丁公司在先進的太空防禦方面繼續取得重大進展。

Earlier this quarter, the first next-gen GEO, or NGG, missile warning system satellite was successfully completed. It's finished environmental testing, it's on track to provide the next level of global surveillance and detection of missile threats from space. We also submitted proposals for space-based interceptors and other emerging technologies and we're actually planning for a real on-orbit space-based interceptor demonstration by 2028.

本季早些時候，第一顆下一代地球同步軌道（NGG）飛彈預警系統衛星成功完成。它已經完成了環境測試，並有望提供更高層級的全球監視和太空飛彈威脅偵測。我們還提交了有關天基攔截器和其他新興技術的提案，我們實際上計劃在 2028 年之前進行真正的在軌天基攔截器演示。

Further, led by RMS, Lockheed Martin has built a prototyping environment at our Center for Innovation in Virginia to support the collaborative development of a Golden Dome for America command and control capability.

此外，在 RMS 的領導下，洛克希德馬丁公司在我們位於維吉尼亞州的創新中心建立了一個原型環境，以支持美國金頂指揮和控制能力的協作開發。

Through a series of demonstrations, Lockheed Martin's open systems architecture is already using existing and new C2 capabilities from seabed to space. And importantly, these capabilities are not limited to our own. We have a broad team of industry partners that are participating in the prototype system development, ensuring that the US government has access to the best available solution for each element of the eventual Golden Dome command and control system.

透過一系列演示，洛克希德馬丁公司的開放系統架構已經能​​夠利用從海底到太空的現有和新的 C2 功能。重要的是，這些能力不僅限於我們自己。我們擁有一支廣泛的產業合作夥伴團隊，他們參與原型系統的開發，確保美國政府能夠獲得最終金頂指揮和控制系統每個元素的最佳可用解決方案。

At the same time, we're rapidly increasing production capacity across the missiles, sensors, battle management systems and satellite integration opportunities that will be directly relevant to achieve the overarching objective of Golden Dome, and that is to strengthen deterrence against an attack against the US Homeland and if necessary, defeat it.

同時，我們正在迅速提高飛彈、感測器、戰鬥管理系統和衛星整合機會的生產能力，這將與實現「金色穹頂」的總體目標直接相關，即加強對美國本土襲擊的威懾力，並在必要時擊敗它。

I'll now turn it over to Evan to share more about our financial results before we open up the call to your questions.

在我們開始回答你們的問題之前，我現在將把時間交給 Evan，讓他分享更多關於我們財務表現的資訊。

Thanks, Jim, and good morning, everyone. Today, I'll provide an overview of our consolidated financials and highlight a handful of operational items in the quarter before handing it off to Maria who will cover business results, and then I'll come back to discuss the updated 2025 outlook.

謝謝，吉姆，大家早安。今天，我將概述我們的合併財務狀況，並重點介紹本季度的一些營運項目，然後將其交給負責業務成果的瑪麗亞，然後我將回來討論更新後的 2025 年展望。

Starting on chart 4. Third quarter sales were $18.6 billion, up 9% year-over-year, driven by Aeronautics, Missiles & Fire Control, and Space. Adjusting for the F-35 Lot 18 award timing impact on revenue in Q3 of last year, the normalized year-over-year growth was still a solid 5%.

從圖表 4 開始。第三季銷售額為 186 億美元，年增 9%，主要得益於航空、飛彈與火控以及太空業務的成長。調整 F-35 Lot 18 授予時間對去年第三季營收的影響後，標準化的年成長率仍維持 5%。

Next, segment operating profit of $2 billion was up 9% year-over-year, resulting in 10.9% segment margins. Similar to sales, adjusting for F-35, the normalized growth was 5%.

其次，該部門的營業利潤為 20 億美元，較去年同期成長 9%，部門利潤率達到 10.9%。與銷售額類似，經 F-35 調整後，標準化成長率為 5%。

Moving to earnings per share. We generated $6.95 in the third quarter, up $0.15 year-over-year primarily driven by the higher segment earnings and lower share count, partially offset by lower total FAS/CAS pension adjustment and a higher tax rate.

轉向每股收益。我們在第三季創造了 6.95 美元的利潤，比去年同期增加 0.15 美元，這主要得益於分部收益增加和股票數量減少，但 FAS/CAS 退休金調整總額減少和稅率提高部分抵消了這一影響。

Taking a closer look at taxes, while the 16.5% effective rate in the quarter was up from the prior year, it was considerably lower than our prior estimate. The primary driver of the lower rate was increased research and development credits related to prior year favorable federal income tax audit resolutions.

仔細觀察稅收，雖然本季 16.5% 的有效稅率比去年有所上升，但遠低於我們先前的估計。降低稅率的主要原因是與前一年有利的聯邦所得稅審計決議相關的研發信貸增加。

Overall, these benefits reduced the effective tax rate this quarter with favorability expected to carry through to the full year. As Jim mentioned, in the third quarter, we saw strong bookings across the business, totaling over $31 billion in orders, resulting in a 1.7 book-to-bill ratio. And we're off to a strong start to 4Q with the F-35 Lot 18, 19 award, additional funding associated with the PAC-3 multiyear award and the contract modification on the Trident II D5 Fleet Ballistic Missiles Life Extension.

總體而言，這些福利降低了本季的有效稅率，預計這一有利因素將持續到全年。正如吉姆所提到的，在第三季度，我們看到整個業務的訂單量強勁，訂單總額超過 310 億美元，訂單出貨比達到 1.7。憑藉 F-35 第 18、19 批合約、與 PAC-3 多年合約相關的額外資金以及三叉戟 II D5 艦隊彈道飛彈壽命延長合約的修改，我們在第四季度取得了良好的開端。

Shifting to cash. We generated $3.3 billion of free cash flow in the third quarter, bringing our year-to-date total to over $4.1 billion. The strength in the quarter was driven by working capital improvement, mainly on the F-35 program as part of the planned payments associated with the Lot 18 and 19 agreement. Lower cash tax payments also helped as we roll through to the OPBA impacts.

轉為現金。我們在第三季產生了 33 億美元的自由現金流，使我們年初至今的總額超過 41 億美元。本季的強勁表現得益於營運資本的改善，主要是 F-35 計劃，這是與第 18 和 19 批協議相關的計劃付款的一部分。較低的現金稅支付也有助於我們克服 OPBA 的影響。

Finally, looking at cash deployment in the quarter, we continue to fund organic growth and innovation efforts with approximately $900 million going to capital expenditures and internal research and development activities. In addition, we returned approximately $1.8 billion to shareholders through dividends and share repurchases, bringing the total year-to-date to $4.6 billion or 110% of free cash flow. We remain committed to our disciplined capital allocation policy and accordingly remain committed to returning capital to shareholders.

最後，從本季的現金部署來看，我們繼續為有機成長和創新工作提供資金，其中約 9 億美元用於資本支出和內部研發活動。此外，我們也透過股利和股票回購向股東返還了約 18 億美元，使年初至今的總額達到 46 億美元，即自由現金流的 110%。我們將繼續致力於嚴格的資本配置政策，並因此繼續致力於向股東返還資本。

Turning to some other highlights in the quarter. At Aeronautics, in addition to the F-35 Lot 18, 19 award Jim previously mentioned, international demand for the jet remained strong, with Belgium and Denmark, both announcing intentions to expand their fleets. Belgium seeking to procure an additional 11 aircraft and Denmark expressing interest in adding 16 aircraft to their existing program of record. The steady demand from our international allies for the F-35 demonstrates the unmatched capability of the aircraft and gives us confidence in sustained long-term production.

談談本季的其他一些亮點。在航空領域，除了吉姆之前提到的 F-35 Lot 18、19 獎項外，國際上對該噴射機的需求依然強勁，比利時和丹麥都宣布有意擴大其機隊。比利時尋求採購另外 11 架飛機，丹麥表示有興趣在其現有計劃中增加 16 架飛機。我們的國際盟友對 F-35 的穩定需求證明了該飛機無與倫比的能力，並讓我們對持續長期生產充滿信心。

As for the classified program at Aeronautics, we will continue to proactively monitor and manage the risks and opportunities, and there were no additional charges recorded on the program in the quarter. Within MFC, we continue to advance our international strategy. The Global Mobile Artillery Rocket System, or GMARS program, completed a major milestone, launching two GMARS rounds at a live fire event at a white sands missile range, validating the launchers performance and ability to integrate the MLRS Family Munitions, or MFM.

對於航空領域的機密項目，我們將繼續主動監控和管理風險和機遇，本季該項目沒有記錄任何額外費用。在 MFC 內部，我們繼續推動我們的國際戰略。全球機動砲兵火箭系統（GMARS）計畫完成了一個重要里程碑，在白沙飛彈靶場的實彈射擊中發射了兩枚 GMARS 火箭彈，驗證了發射器的性能和整合 MLRS 系列彈藥（MFM）的能力。

This successful test demonstrates Lockheed Martin's ability to adapt to regional needs in Europe and partner to create something new. Our precision fires launcher that is interoperable with NATO assets. We expect programs like GMARS to support the long-term international growth we anticipate within MFC and across the broader portfolio through the end of the decade.

這次成功的測試證明了洛克希德馬丁公司有能力適應歐洲地區的需求並與合作夥伴共同創造新產品。我們的精準火力發射器可與北約裝備互通。我們期望像 GMARS 這樣的計畫能夠支持我們預期的 MFC 內部以及整個更廣泛投資組合在十年末的長期國際成長。

Moving to RMS and building upon Jim's comments regarding our work at the Center for Innovation related to Golden Dome, another growth prospect in the integrated and scalable C2 domain is the Next-Generation Command and Control or NGC2 program. Lockheed Martin was awarded a prototype agreement to partner with the US Army and serve as a team lead to develop a data-centric NGC2 prototype.

轉到 RMS 並基於 Jim 關於我們在金頂創新中心所做工作的評論，整合和可擴展 C2 領域的另一個成長前景是下一代指揮和控製或 NGC2 計劃。洛克希德馬丁公司獲得了一份原型協議，與美國陸軍合作並擔任團隊負責人，開發以數據為中心的 NGC2 原型。

RMS will spearhead the collaborative effort, leveraging our C2 systems engineering and project management expertise to empower nontraditional innovators and commercial technology providers to scale their capabilities into our NGC2 offering.

RMS 將帶頭進行協作，利用我們的 C2 系統工程和專案管理專業知識，幫助非傳統創新者和商業技術提供者將其能力擴展到我們的 NGC2 產品中。

Finally, Space performed very well in the quarter, meeting key milestones on FBM, classified national security space, OPIR and GPS 3. On GPS, the ninth vehicle was transported to Cape Canaveral at the end of September. And more recently, Lockheed Martin delivered our first of 21 vehicles for space development agencies, transport layer, Tranche 1 program. Successful program execution events like these have helped space once again deliver strong profit in the quarter, resulting in segment margins of 9.9%.

最後，太空在本季表現非常出色，在 FBM、機密國家安全空間、OPIR 和 GPS 3 方面都達到了關鍵里程碑。在GPS的幫助下，第九輛車於九月底被運送到卡納維爾角。最近，洛克希德馬丁公司為航太開發機構、運輸層、第一階段計畫交付了 21 輛運載工具中的第一輛。此類成功的專案執行活動有助於該部門在本季度再次實現強勁利潤，使部門利潤率達到 9.9%。

I'll now turn it over to Maria.

現在我將把發言權交給瑪麗亞。

Thanks, Evan. Okay. Starting with Aeronautics on chart 5. Third quarter sales at Aero increased 12% year-over-year to $7.3 billion. The increase was primarily due to higher volume on F-35 production and sustainment contracts as well as the absence of the $700 million impact of Lot 18, 19 contract delays in last year's third quarter. The increase was partially offset by lower volume at classified programs.

謝謝，埃文。好的。從圖表 5 的航空學開始。Aero 第三季的銷售額年增 12%，達到 73 億美元。成長的主要原因是 F-35 生產和維持合約量增加，以及去年第三季第 18、19 批合約延期造成的 7 億美元影響不存在。分類節目數量下降部分抵消了這一增長。

Adjusting for last year's Lot 18, 19 award timing impact, sales at aero would have increased 1%. Segment operating profit increased 3% year-over-year in the third quarter to $682 million. The benefit of the profit on the higher volume was partially offset by lower profit booking rate adjustments, which included an unfavorable adjustment of $40 million on C-130 programs this quarter.

考慮到去年第 18、19 號地塊中標時間的影響，航空業的銷售額將增加 1%。第三季分部營業利潤年增 3%，達到 6.82 億美元。銷售增加帶來的利潤收益被利潤預訂率調整降低部分抵消，其中包括本季對 C-130 項目 4000 萬美元的不利調整。

The photo to the right showcases Lockheed Martin Vectis, a Group 5 survivable and lethal collaborative combat aircraft with a highly capable, customizable and affordable, agile drone framework. Similar to the common multi-mission truck, this is another example of Lockheed Martin internally funding development of advanced technologies, in this case, to create autonomous air dominance force multipliers to help customers outpace threats.

右側的照片展示了洛克希德馬丁的 Vectis，這是一架第 5 組具有高生存力和殺傷力的協同戰鬥機，具有功能強大、可自訂且價格實惠、靈活的無人機框架。與常見的多用途卡車類似，這是洛克希德馬丁公司內部資助開發先進技術的另一個例子，在這種情況下，是為了創建自主空中優勢力量倍增器，幫助客戶克服威脅。

Turning to Missiles & Fire Control on chart 6. Sales at MFC in the quarter increased 14% from the prior year to $3.6 billion, driven by higher volumes due to production ramps including for multiple tactical and strike missile programs, such as JASSM/LRASM and PrSM as well as for integrated air and missile defense programs, primarily PAC-3.

轉到圖表 6 上的飛彈和火力控制。本季 MFC 的銷售額較上年同期成長 14%，達到 36 億美元，這得益於產量增加，包括多個戰術和打擊飛彈計畫（如 JASSM/LRASM 和 PrSM）以及綜合防空反導計畫（主要是 PAC-3）。

PAC-3 picture to the right, continues to ramp production with the program eclipsing $2 billion in sales year-to-date, which is 18% higher than last year. Segment operating profit in Q3 improved by 12% year-over-year to $510 million, driven by the profit associated with the higher volume.

右側的 PAC-3 圖片繼續提高產量，該項目今年迄今的銷售額已超過 20 億美元，比去年高出 18%。第三季分部營業利潤年增 12%，達到 5.1 億美元，這得益於銷售增加帶來的利潤。

Shifting to Rotary & Mission Systems on chart 7. Sales at RMS were comparable year-over-year in the quarter at $4.4 billion, primarily driven by higher volumes on Sikorsky Black Hawk and various C6ISR programs. These increases were mostly offset by lower volume at integrated warfare systems and sensors and various training, logistics and simulation programs.

轉向圖表 7 中的旋轉與任務系統。RMS 本季的銷售額與去年同期持平，達到 44 億美元，主要得益於西科斯基黑鷹和各種 C6ISR 項目銷量的增加。這些增長大部分被綜合戰爭系統和感測器以及各種訓練、後勤和模擬項目數量的下降所抵消。

Operating profit at RMS increased 5% in the third quarter versus prior year, primarily due to favorable contract mix at Sikorsky. The photo here is of the Sikorsky CH-53K King Stallion, which as previously mentioned, received the largest award in RMS history during the third quarter.

RMS 第三季的營業利潤較上年同期成長了 5%，這主要得益於西科斯基有利的合約組合。這裡的照片是西科斯基 CH-53K 種馬王，如前所述，它在第三季度獲得了 RMS 歷史上最大的獎項。

And on chart 8, we'll conclude the business area discussion with Space. Space sales increased 9% year-over-year in the third quarter due to higher volumes at strategic and missile defense, driven by FBM and NGI programs as well as that National Security Space. FBM picture to the right, continues to benefit from the Life Extension 2 activities with sales up 14% year-to-date and driving accretive growth for the Space segment.

在圖 8 中，我們將結束與 Space 的業務領域討論。第三季太空銷售額年增 9%，原因是戰略和飛彈防禦銷售增加，這主要得益於 FBM 和 NGI 計畫以及國家安全空間的推動。右側的 FBM 圖片繼續受益於 Life Extension 2 活動，年初至今銷售額成長了 14%，並推動了太空領域的成長。

Space operating profit increased 22% compared to Q3 2024. This increase was driven by favorable net profit booking rate adjustments primarily on FBM as well as profit associated with the higher sales volumes. Equity earnings from United Launch Alliance, ULA, were essentially flat versus prior year.

與 2024 年第三季相比，太空營運利潤成長了 22%。這一增長主要得益於 FBM 的有利淨利潤預訂率調整以及與更高銷售量相關的利潤。聯合發射聯盟 (ULA) 的股權收益與去年基本持平。

Now I'll turn it back over to Evan.

現在我將把發言權交還給 Evan。

Thank you, Maria. Turning to chart 9 and our outlook for 2025. As we approach year-end, we refined our estimates to reflect increased expectations for sales, segment operating profit and earnings per share as well as clarifying our intentions on free cash flow and deployment activities.

謝謝你，瑪麗亞。轉到圖表 9 和我們對 2025 年的展望。隨著年底的臨近，我們調整了估計值，以反映對銷售額、分部營業利潤和每股收益的預期增加，並明確我們對自由現金流和部署活動的意圖。

Building off the solid year-to-date growth, we're tightening the sales guidance range to $74.25 billion to $74.75 billion, up $250 million at the midpoint and implying 5% organic growth year-over-year. We now expect segment operating profit to be in the range of $6.675 billion to $6.725 billion, maintaining a midpoint margin of 9%.

基於年初至今的穩健成長，我們將銷售預期範圍收窄至 742.5 億美元至 747.5 億美元，中間值上漲 2.5 億美元，意味著年成長 5%。我們現在預計該部門的營業利潤將在 66.75 億美元至 67.25 億美元之間，維持 9% 的中間利潤率。

Business area detail can be found on chart 14 and backup Appendix 2, but I'll touch on it briefly now. Three of the four business areas, Aero, MFC, and Space are increasing their outlook for sales by a combined $750 million, largely based on solid year-to-date performance and improved clarity on cost timing, production ramps, and throughput expectations in Q4.

業務領域的詳細資訊可以在圖表 14 和備份附錄 2 中找到，但我現在將簡要介紹。四個業務領域中的三個，即航空、MFC 和空間，將其銷售預期合計提高了 7.5 億美元，這主要基於年初至今的穩健業績以及第四季度成本時間、生產提升和吞吐量預期更加清晰。

Meanwhile, RMS is lowering its forecast for sales by $500 million due to lower expected cost volume and slower production ramps at Sikorsky. Profit changes are generally in line with sales. Back to the company level, on earnings per share, we are increasing our estimate to a range of $22.15 to $22.35, incorporating the $50 million of incremental segment mark operating profit as well as lower estimated full year tax rate, now estimated to be approximately 16.7%.

同時，由於預期成本下降以及西科斯基產量成長放緩，RMS 將其銷售額預測下調了 5 億美元。利潤變化一般與銷售額一致。回到公司層面，就每股盈餘而言，我們將預期上調至 22.15 美元至 22.35 美元之間，其中包括 5,000 萬美元的增量分部營業利潤以及較低的全年稅率（目前估計約為 16.7%）。

And as our release stated, the EPS outlook excludes any non-cash impacts from the conversion of pension annuity contracts that are currently under evaluation and could occur as early as the fourth quarter.

正如我們的新聞稿所述，每股收益展望不包括目前正在評估的退休金年金合約轉換帶來的任何非現金影響，這些合約最早可能在第四季度發生。

Turning to cash. we've shifted to a point estimate for our cash flow guidance this quarter. We have line of sight to solid cash generation through the end of the year and we intend to direct any incremental cash generated above the $6.6 billion free cash flow estimate for 2025 towards prefunding a portion of the required $1 billion pension contribution in 2026.

談到現金，我們本季的現金流指引已轉向點估計。我們預計在年底前實現穩健的現金流，並計劃將 2025 年預計 66 億美元自由現金流之外的任何增量現金用於預付 2026 年所需的 10 億美元養老金繳款的一部分。

Our goal is to build financial flexibility in 2026 and beyond to ensure we are best positioned to seize organic growth opportunities and create value for shareholders.

我們的目標是在 2026 年及以後建立財務靈活性，以確保我們能夠抓住有機成長機會並為股東創造價值。

In summary, on chart 10, as Jim said, we're excited about the prospects for Lockheed Martin. We remain laser-focused on executing our record backlog to deliver on program commitments and drive favorable outcomes that create value for our customers and shareholders.

總而言之，正如吉姆在圖表 10 中所說，我們對洛克希德馬丁的前景感到興奮。我們將繼續專注於完成創紀錄的訂單，履行計劃承諾，並取得有利成果，為我們的客戶和股東創造價值。

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) Doug Harned, Bernstein.

（操作員指示）Doug Harned，Bernstein。

Thank you. Jim, when you look at this quarter, this quarter, margins were good and essentially a clean quarter. And when you look back over the past year, though, and certainly in the last quarter, you've had some charges, fixed price development program issues and MFC and aeronautics and RMS. How do you look at the -- when you look forward now, how do we get comfortable that those issues are behind you. What have you done across those businesses so we can get pretty confident that this growth trajectory can be executed with strong margin performance.

謝謝。吉姆，當你回顧這個季度時，你會發現利潤率很好，基本上是一個乾淨的季度。然而，當你回顧過去的一年，尤其是在上個季度，你會發現有一些費用、固定價格開發計劃問題以及 MFC、航空和 RMS。您如何看待——當您現在展望未來時，我們如何放心這些問題已經過去了。您在這些業務上做了什麼，以便我們可以非常有信心地實現這一成長軌跡並實現強勁的利潤表現。

Yes, Doug, Look, we've taken our best approach, our best people, and we put them on these highlight programs, which have been -- if you've been reading the Qs and Ks for the last 10 years, they've been highlighted all the way through. And we're at a point where now our growth prospects are so strong that we just want to try to put every risk that we can quantify behind us in the company.

是的，道格，你看，我們採取了最好的方法，派出了最好的人才，並將他們安排在這些精彩節目中，如果你在過去 10 年裡一直閱讀 Q 和 K，你就會發現他們一直都是重點關注的對象。現在，我們的成長前景非常強勁，我們只想盡力消除公司中所有可以量化的風險。

Now we can't predict 100% that we've covered every risk that every flight test is going to be successful, et cetera. But we really wanted to take the Lion's share of the risk, put it in place, cover it, take the charges and move on. That's the attitude. Again, can't guarantee perfection going forward.

現在我們無法 100% 預測我們已經涵蓋了所有風險，每次飛行測試都會成功等等。但我們確實想承擔大部分風險，將其落實到位，掩蓋風險，承擔費用，然後繼續前進。這就是態度。再次強調，無法保證未來一切完美。

But that's been our attitude instead of like lugging these rocks behind us every quarter, the ones we knew about the helicopter programs, both of which could still do better than we're expecting. But we just wanted to take those two legacy risks off the table.

但這就是我們的態度，而不是每季都把這些石頭拖在身後，我們知道直升機計劃，這兩個計劃仍然可以做得比我們預期的更好。但我們只是想消除這兩個遺留風險。

And then when it came to MFC, that program needed to get past certain test points, if you will, it's gotten past them. We have a lot more confidence than that, and we took the charges we did because that risk had been carried all those years.

然後當涉及 MFC 時，該程式需要通過某些測試點，如果你願意的話，它已經通過了這些測試點。我們對此更有信心，我們接受了指控，因為這種風險我們已經承擔了多年。

And then finally, on the Aero classified, we have basically round that program in talent and attention. We've got our Chief Engineer for the entire company now, basically, the project engineer on the P958 program along with a lot of other talent, too.

最後，在 Aero 分類上，我們基本上圍繞著該計劃投入了人才和關注。現在，我們整個公司都有總工程師，基本上就是 P958 專案的專案工程師，同時還有很多其他人才。

So again, we re-baselined every single original assumption in that bid from 2018. And we think we've covered most of the bases that we can understand, but there's still technical risk in this. And what will come out the other side is something really amazing that we'll have lots more demand, we think, beyond the fixed-price production lots that we are taking the charges for.

因此，我們再次重新調整了 2018 年競標中的每一個原始假設。我們認為我們已經涵蓋了我們能夠理解的大部分基礎知識，但這仍然存在技術風險。另一方面，真正令人驚訝的是，我們認為，除了我們收取費用的固定價格生產批次之外，我們還會有更多的需求。

So I do see a much more robust future for that program now that we've taken those charges and again, put that all behind us, but it's not 100% risk-free, let's say. But I think in the end, all in all, and I've been on top of all these programs myself to at a detailed level. This will be very good for the company and very good for the country over the next number of years.

因此，我確實看到了該計劃更加強勁的未來，現在我們已經接受了這些指控，並且再次將這一切拋在腦後，但它並不是 100% 無風險的。但我認為，最終，總而言之，我已經在細節層面上親自掌握了所有這些程序。這對於公司和國家未來幾年來說都是非常有利的。

Seth Seifman, JPMorgan.

塞思‧塞夫曼，摩根大通。

Evan, in the past, on the Q3 call, the company has provided some color on expectations for the following year. I don't know if there's anything you can say at this time, but given the backlog growth, would there be any reason not to expect mid-single-digit growth next year.

埃文，在過去的第三季電話會議上，公司對下一年的預期做出了一些說明。我不知道您現在有什麼可以說的，但考慮到積壓訂單的成長，有什麼理由不預期明年會出現中位數個位數的成長呢？

And also, if you can -- anything you can say about the mix and margin profile, along with the cash flow outlook for 2026 that you talked about on the last quarterly call and whether that's still the way to look at things.

另外，如果可以的話，您能否談談產品組合和利潤率狀況，以及您在上次季度電話會議上談到的 2026 年現金流前景，以及這是否仍然是看待事物的方式。

Thanks for the question, Seth. So we are not changing our trending that we previously provided. But since we provided that trending, we are seeing some new opportunity emerge particularly around the munitions and Golden Dome and some others across the portfolio. Given that these items are fluid, we're going to continue to focus on them this quarter specifically, and we'll be in a much better position to give clear guidance on that in January, both on what upside to revenue that might drive and any investments that are required to unlock that revenue.

謝謝你的提問，塞斯。因此我們不會改變我們之前提供的趨勢。但自從我們提供了這種趨勢後，我們看到了一些新的機會出現，特別是在彈藥、金頂和投資組合中的其他一些領域。鑑於這些項目具有流動性，我們將在本季度繼續特別關注它們，並且我們將在一月份更好地提供明確的指導，包括可能帶來的收入增長以及解鎖這些收入所需的任何投資。

Ken Herbert, RBC Capital Markets.

肯‧赫伯特 (Ken Herbert)，加拿大皇家銀行資本市場。

Jim, Evan, thanks for the question. MFC revenues, you've seen really strong growth now for several quarters. As you think about the outlook for sort of a high single, low double outlook over the next few years, with the very strong demand signals you continue to pull out -- point out, could you talk about confidence in the supply chain to ramp production over the next few years, whether it be solid rocket motors, seekers, any other focus areas that are constraints today or do you see as potential risks as you look at, obviously executing to some of the major contracts you've announced?

吉姆、艾文，謝謝你們的提問。MFC 收入，您已經看到連續幾季的強勁成長。當您考慮未來幾年單高雙低的前景時，隨著您繼續發出非常強勁的需求信號——您能否談談對未來幾年供應鏈產量提升的信心，無論是固體火箭發動機、導引頭，還是任何其他目前受到限制的重點領域，或者您在執行您宣布的一些主要合約時認為存在潛在風險？

Ken, it's Jim. We've worked with our US government partners and our key suppliers on especially some of those items that you just pointed to. And I'm much more confident today than I was a year or so ago about the ability of those industry partners to step up to the kinds of rates of production increase that we're being asked to put it into play.

肯，我是吉姆。我們與美國政府合作夥伴和主要供應商就您剛才提到的一些項目進行了合作。與一年前相比，我現在更有信心，這些產業夥伴有能力達到我們被要求實現的生產成長率。

There's been, I would say, top level interest in both the seeker provider and commitment to the government and to us to make the kind of investments that will give us confidence that they will get there. On the solid rocket motor side, we've got really three providers now. Aerojet Rocketdyne, which has also stepped up with investment, Northrop Grumman made a big commitment again to investment on the SRMs and we've got a joint venture now with General Dynamics, where we will have an ability to have a third supplier to bolster those two in the future.

我想說，高層對尋求者提供者的興趣以及對政府和我們的承諾，將進行讓我們有信心他們能夠實現目標的投資。在固體火箭發動機方面，我們現在實際上有三個供應商。航空噴射火箭達因公司也加大了投資力度，諾斯羅普·格魯曼公司再次對固體火箭發動機的投資做出了重大承諾，現在我們已與通用動力公司成立了合資企業，未來我們將有能力引進第三家供應商來支持這兩家公司。

So I'm much more confident about supply chain that was before. Having said that, there are a lot of parts and components in these devices, and we have to manage it every day like wet blanket. We're all on top of our suppliers and we're getting better and better at looking further ahead to see where the issues might come and address some early.

因此，我對供應鏈比以前更有信心了。話雖如此，這些設備中有很多零件，我們每天都要像打掃地毯一樣管理它們。我們都對我們的供應商瞭如指掌，我們越來越善於展望未來，以發現問題可能出現的位置並儘早解決這些問題。

Yes. And I think I'll just add. To reach a level of scale that's being contemplated, it really will take everybody operating the same direction. As Jim said, every single part needs to be on time. And that is going to take close coordination with our customer. And I think we're going to get exactly that to scale across the entire supply chain because the goal is not only to meet current delivery requirements, which we're very focused on, but to potentially scale beyond that to customers' demand and then have resiliency within those supply chains to be able to scale further as needed. And that's our big focus as we work on that this quarter.

是的。我想我只需補充一點。為了達到所設想的規模水平，確實需要每個人都朝著同一個方向努力。正如吉姆所說，每個部分都需要按時完成。這需要與我們的客戶密切協調。我認為我們將在整個供應鏈中實現這一目標，因為我們的目標不僅是滿足我們非常關注的當前交付要求，而且還要擴展到客戶的需求，然後在這些供應鏈中具有彈性，以便能夠根據需要進一步擴展。這是我們本季工作的重點。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯。

-- Thinking a little bit further about the capacity investment and CapEx spend over the past few years, has pretty consistently been around 2.5% of revenue, and you've grown kind of mid-single digits. Is there a way to quantify what say 100 basis points step-up in CapEx would convert to in terms of revenue growth? Or how do you guys think about it?

-- 進一步思考過去幾年的產能投資和資本支出，一直穩定在收入的 2.5% 左右，並且增長率達到了中等個位數。有沒有辦法量化資本支出增加 100 個基點會轉化為收入成長？或者大家對此有什麼看法？

I think it's a little early to make that direct correlation. I will say that the numbers you stated historically probably hold for the future based on the revenue projections we had given previously in terms of trending. To the extent that there is a significant ramp-up to that demand and top line, there will be potentially more capital investment than we have maybe seen historically to unlock that given the potential scale of the initial ramps that we're talking about. And that we'll be able to give a much better clarity on when we report in January.

我認為現在做出這種直接的關聯性還為時過早。我想說的是，根據我們之前給出的趨勢收入預測，您所述的歷史數字可能在未來仍然適用。如果需求和營收大幅成長，考慮到我們所談論的初始成長的潛在規模，為了實現這一目標，可能需要比歷史上更多的資本投資。我們將能夠在一月份的報告時給出更清晰的說明。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Evan, for the guidance reduction at RMS, is it CH-53K volume at Sikorsky that's trending lower than expected? Or is it Black Hawk? And then would you expect any of this year's pressure to get caught up next year, such that you ultimately get better growth in RMS next year and land in kind of the same spot?

埃文，對於 RMS 的指導減少，西科斯基的 CH-53K 銷量是否低於預期？還是黑鷹？那麼，您是否認為今年的壓力會在明年得到緩解，以便明年 RMS 最終獲得更好的成長並達到相同的水平？

CH-53K is the largest driver as we work to scale production. We have seen some strength in Black Hawk this particular quarter compared to last quarter. So fourth quarter needs to continue to be a scaling quarter for us and then next year for sure, across both programs.

CH-53K 是我們擴大生產規模的最大驅動力。與上一季相比，本季我們看到了黑鷹的一些優勢。因此，第四季度對於我們來說需要繼續成為一個擴展季度，並且明年肯定如此，對這兩個項目也是如此。

So our intention is to get production scaled and in good shape next year, and we'll be talking about that, of course, more specifically in January. But in terms of main drivers this year, I think you are thinking about it right.

因此，我們的目標是明年擴大生產規模並使其處於良好狀態，當然，我們將在一月份更具體地討論這個問題。但就今年的主要驅動力而言，我認為你想的是正確的。

This is -- Scott. This is Jim. There's one thing that I've been pushing for a few years, and it's starting to get traction on the customer side now, which is autonomous Black Hawk for contested logistics and air evacuation missions, those kinds of things where we could repurpose Black Hawk over the next couple of decades with about a $5 million per unit autonomy package that can free you up from pilot risk and also from demand on pilots and keep those pilots available for the critical missions that they have to be in the cockpit for.

這是——斯科特。這是吉姆。有一件事我已經推動了幾年，現在它開始在客戶方面獲得關注，那就是自主黑鷹直升機用於有爭議的後勤和空中疏散任務，這類任務我們可以在未來幾十年內重新利用黑鷹直升機，每架直升機花費約 500 萬美元，可以讓你擺脫飛行員風險和對飛行員的需求，並讓這些飛行員能夠隨時執行他們必須在駕駛艙內執行他們必須在駕駛艙內的關鍵任務。

So basically, it's a pilot optional Black Hawk, we've demonstrated these for the last two, three years. And I think there'll be some interest in the armed forces on those because that tested logistics environment is getting way worse instead of any better.

所以基本上，這是一架飛行員可選的黑鷹直升機，我們已經在過去兩三年裡進行了演示。我認為武裝部隊會對此感興趣，因為經過測試的後勤環境正在變得越來越糟，而不是越來越好。

Rich Safran, Seaport Research Partners.

Rich Safran 的海港研究合作夥伴。

Evan, if I may, I wanted to follow up on your opening pension remarks. When we spoke in August, I brought up pension offsets and while you weren't specific, you did seem to indicate there were some options for offsetting pension headwinds.

艾文，如果可以的話，我想跟進一下你關於退休金的開場發言。當我們在八月交談時，我提到了退休金抵消問題，雖然您沒有具體說明，但您似乎確實指出有一些可以抵消退休金阻力的選擇。

Now I understand your comments about '25 cash flow by the pension offsets. But you discuss your plans in a bit more detail and tell us if there's anything else being contemplated that could offset '26 or '27 free cash flow headwinds from pension. Thanks.

現在我明白了您關於退休金抵消的 25 年現金流的評論。但是，請您更詳細地討論一下您的計劃，並告訴我們是否還有其他計劃可以抵消 26 年或 27 年退休金帶來的自由現金流阻力。謝謝。

Sure thing, Rich. So just a run-through of pension. So as stated this year, we're targeting to pre-fund a portion of 2026 required $1 billion of cash pension. So anything above $6.6 billion, we would look to put into prepayment of the pension just sort of baselining it.

當然可以，Rich。這只是退休金的簡單介紹。因此，正如今年所述，我們的目標是預先提供 2026 年所需的 10 億美元現金退休金的一部分。因此，對於超過 66 億美元的金額，我們都會考慮將其用於退休金的預付款，以此作為基準。

In 2025, when you look at impact to cash from pension, we benefited from pension recoveries in excess of contributions because of the prior prepayments that we made. 2026 will also benefit from recoveries in excess of contributions, but less so than 2025, and as we intend to make some contributions next year.

2025 年，當您查看退休金對現金的影響時，由於我們之前進行了預付款，我們從超出繳款的退休金回收中受益。 2026 年也將從超出繳款的回收中受益，但不如 2025 年受益，因為我們打算明年做出一些繳款。

So the way to think about it is starting in 2027, we expect pension cash contribution to be neutral to free cash flow as pension recoveries and pension contributions should be equal on an annual basis. So while we expect that to be net neutral cash impact in '27, it could present a headwind year-over-year compared to 2026. However, our intention is to offset any of that headwind in 2027 with growth in operational cash.

因此，我們可以這樣想：從 2027 年開始，我們預期退休金現金繳款對自由現金流的影響將是中性的，因為退休金回收和退休金繳款每年應該是相等的。因此，雖然我們預計 2027 年的現金影響將為淨中性，但與 2026 年相比，這可能會帶來同比阻力。然而，我們的目標是透過營運現金的成長來抵銷 2027 年的任何不利因素。

Pete Skibitski, Alembic.

皮特·斯基比茨基（Pete Skibitski），Alembic。

Jim, and I mean obviously, F-35 visibility has improved now, I would think, at least through the midterm with the 18 and 19 definitization in the air vehicle sustainment contract. Could you kind of tie it up for us in terms of the growth outlook on that program and any margin opportunities but also the remaining risk on the Block 4 development effort and how that might impact dynamics?

吉姆，我的意思是，顯然，F-35 的可見性現在已經提高，我認為，至少通過中期，隨著空中飛行器維持合約中 18 和 19 的確定。您能否為我們介紹一下該計劃的成長前景和任何利潤機會，以及 Block 4 開發工作的剩餘風險以及這些風險可能如何影響動態？

Sure, I'll start. So we ended the third quarter with a backlog of 265 jets, and that's before adding the extra 151 that came in the first week of Q4. So we have seen strong support domestically and internationally. And so given -- presuming that the strong efficacy we've seen from lawmakers and the focus on their security from the administration that gives us confidence in maintaining the 156 a year rate.

當然，我這就開始。因此，我們在第三季結束時積壓了 265 架飛機，而這還不包括第四季第一週新增的 151 架飛機。因此，我們看到了國內和國際的大力支持。因此，假設我們看到立法者的強大效力以及政府對其安全的關注，這使我們有信心維持每年 156 人的比率。

In terms of growth for the program, the largest growth driver will be sustainment as we stand up new capabilities and deliver more jets. So that will pace overall F-35 growth on a percentage basis.

就專案的成長而言，隨著我們建立新的能力並交付更多的噴射機，最大的成長動力將是維持。因此，這將以百分比為基礎加快 F-35 的整體成長速度。

We also see some margin opportunity across F-35 as we have really hit a good groove on production, and that will continue to translate into operational results. And our top priorities are delivering out this year with a guidance of more like 175 to 190 and a big focus on completing Block 4 development.

我們也看到了 F-35 的一些利潤機會，因為我們在生產方面確實已經達到了良好的狀態，這將繼續轉化為營運結果。我們的首要任務是在今年實現 175 至 190 的目標，重點是完成第 4 區塊的開發。

Yes. And with Block 4, Pete, I can speak to that. It's Jim here. And that we have with the incoming administration, the highest level of collaboration, cooperation between government, Lockheed Martin is the prime contractor on the air vehicle and our supplier partners, many of which you would know by name. So RTX is the -- sorry, RTX is a distributed aperture system. BAE is the EW system, Northrop Grumman is our partner with the government on the radars, et cetera.

是的。關於 Block 4，Pete，我可以談論這一點。我是吉姆。我們與新政府進行了最高級別的合作，政府、洛克希德馬丁公司（飛行器的主承包商）和我們的供應商合作夥伴（其中許多您可能知道名字）之間的合作。所以 RTX 是 - 抱歉，RTX 是分散式光圈系統。BAE 負責電子戰系統，諾斯羅普格魯曼公司是我們與政府在雷達方面的合作夥伴，等等。

So we have the best collaboration we've ever had and openness with the government not only to work with us in a teamwork fashion across all of those companies and the US government and the Joint Program Office, but also to remove barriers and delays on the government side, which here before hadn't been addressed that aggressively, I'll say.

因此，我們與政府的合作達到了前所未有的最佳水平，並且保持開放態度，這不僅是為了與所有這些公司、美國政府和聯合項目辦公室進行團隊合作，也是為了消除政府方面的障礙和延誤，我想說，以前這些問題並沒有得到如此積極的解決。

And so we're in a positive conversation with that -- with all the parties that are involved in this Block 4 modernization program, which is really, really important, to keep everything on time to keep the production line going. So I'm confident that we will have a successful Block 4 rollout and one where the government industry, including the supply chain, are collaborating in ways that we've never done before.

因此，我們正在與參與 Block 4 現代化計劃的所有各方進行積極的對話，這非常非常重要，可以確保一切按時完成，從而保持生產線的正常運作。因此，我相信我們將成功推出 Block 4，並且包括供應鏈在內的政府產業將以前所未有的方式合作。

So I'm optimistic about Block 4. It is super challenging, by the way. Some of the technologies that are coming on to the jet and having to be integrated or complex, but I do think that it's just going to make the aircraft even more dominant than ever before. And any ex pilot or current pilot, can tell you, if you've got the best EW, the best sensor suite and the best weapons and the best radar, you're going to win, and that's what we're out for.

所以我對 Block 4 持樂觀態度。順便說一句，這非常具有挑戰性。一些應用於噴射機的技術必須整合或複雜化，但我確實認為這只會使飛機比以往任何時候都更具主導地位。任何前飛行員或現役飛行員都可以告訴你，如果你擁有最好的電子戰、最好的感測器套件、最好的武器和最好的雷達，你就會贏，這就是我們所追求的。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Curious on the fourth quarter implied margins of Space in a low 8% range. Is there anything in particular driving that? And then Jim, you mentioned the space based on orbit prototype. Do you anticipate that to be a company-funded exercise? And if so, what kind of R&D burden are you prepared to take for something that is -- if you build it, hopefully, the next administration will buy it.

令人好奇的是，第四季 Space 的隱含利潤率在 8% 的低點範圍內。有什麼特別的原因嗎？然後吉姆，你提到了基於軌道原型的空間。您預計這將是一項由公司資助的活動嗎？如果是這樣，您準備為某樣東西承擔什麼樣的研發負擔——如果您建造了它，希望下一屆政府會購買它。

I'll start, Myles, on your question on the Space margins. So really, the only notable thing there really is less risk retirements and some dilution based on mix. So the implied margin 4Q, I would not use as a necessarily a guide for ongoing into next year. It just happens to be a particularly low quarter from a risk retirement standpoint overall.

邁爾斯，我首先來回答你關於太空邊緣的問題。因此，實際上唯一值得注意的是退休風險較低，並且基於組合存在一定稀釋。因此，我不會將第四季的隱含利潤率作為明年持續成長的指引。從整體風險退休角度來看，這恰好是一個特別低的季度。

And so on SBI, we are changing the way we allocate our independent R&D at this company, Myles. And we've been evolving towards this for the last five years, but I think now we're basically at the mountain top here, which is the previous way that the company tended to aggregate and fund R&D was -- each of the business units would get sort of a slice of the pie, so to speak, and figure out what were the most important projects for their current or prospective pursuits, if you will and they would internally almost allocate their piece within that.

因此，在 SBI，我們正在改變我們在這家公司 Myles 分配獨立研發的方式。在過去的五年裡，我們一直在朝著這個方向發展，但我認為現在我們基本上已經到達頂峰，這是公司以前傾向於聚合和資助研發的方式——每個業務部門都會得到一部分資金，然後弄清楚對他們當前或未來的追求來說最重要的項目是什麼，如果你願意的話，他們會在內部分配他們的份額。

What we've done over the years is we've migrated that approach to: one where it does care for the current needs, if you will, in the business areas, but an increasing proportion of the Corpus and the Corpus hasn't grown that much larger, but it hasn't increased over these years. But much of that Corpus now goes to real highlight corporate level R&D programs.

多年來，我們所做的就是將這種方法轉變為：它確實關心業務領域的當前需求，但語料庫的比例不斷增加，而語料庫並沒有增長那麼多，但這些年來並沒有增加。但現在，大部分語料庫都用於真正突顯企業級研發專案。

So I give you a couple of them. SBI, the space-based interceptor, is one of those. We are building prototypes full up operational prototypes, not things in labs, not stuff on test stands, things that will go into space or in the air or fly across a missile range. These are real devices that will work and that can be produced at scale.

所以我給你其中幾個。天基攔截器 SBI 就是其中之一。我們正在建造完整的可操作原型，而不是實驗室裡的東西，也不是試驗台上的東西，而是將進入太空或空中或飛越飛彈射程的東西。這些都是可以工作並且可以大規模生產的真實設備。

So the space-based interceptor is one we've been pursuing already, and that's all I can say about that. Autonomous Black Hawk, I mentioned earlier, years in the making ready to go into production. We have a production design that we are going to be building the prototype for and fly in a year or so.

因此，我們一直在追求太空攔截器，關於這一點，我只能說這麼多。我之前提到過，自主黑鷹直升機經過多年的研發才準備投入生產。我們有一個生產設計，我們將在大約一年內建造原型並進行飛行。

Another is this notion of sixth generation technology insertion into the F-35 and F-22. How do we take the Skunk Works activities that were designed to go into NGAD and other potential opportunities, some of which are classified, and we can't talk about those either. But we developed these sixth-generation capabilities, whether it's Stealth, propulsion, inlet designs, coatings, those kinds of things in Palmdale at Skunk Works, which we can actually backward integrate into F-35 and F-22 and are doing so.

另一個是將第六代技術引入 F-35 和 F-22 的概念。我們如何看待旨在進入 NGAD 的臭鼬工廠活動和其他潛在機會，其中一些是機密的，我們也不能談論這些。但是我們在帕姆代爾的臭鼬工廠開發了這些第六代能力，無論是隱身、推進、進氣口設計、塗層還是這些東西，我們實際上可以將它們向後整合到 F-35 和 F-22 中，而且我們正在這樣做。

So those are a few of the kind of the big bet, home run, heavy allocation to R&D, where we are actually building prototype vehicles to demonstrate to the government perhaps alongside with the new entrants, you could look at it that way, where we can show them a working vehicle that we can produce at scale that they can rely on.

所以這些都是大賭注、大投入、對研發的大量分配，我們實際上正在製造原型車，以便與新進入者一起向政府展示，你可以這樣看，我們可以向他們展示一款我們可以大規模生產的、他們可以信賴的車輛。

We're pivoting our company's approach to that. We're going to keep answering RFPs and RFIs in the traditional way as well. But we are now in the business of self-funding prototypes at the corporate level which we can actually demonstrate real capability leapfrogs to our customers.

我們正在調整公司的做法以適應這種情況。我們將繼續以傳統方式答覆 RFP 和 RFI。但現在我們在公司層級從事自籌資金原型業務，我們實際上可以向客戶展示真正的能力跨越。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

First, on the F-35 Lots 18 and 19. Can you talk more about the pricing and expected margin of this? It sounds like the price project from previous years was less than the rate of inflation for what you've signed. And with a firm prices into fee structure, how should we think about the margins of this lot versus the previous lots? And ultimately, what are the key milestones that would unlock that incentive fee for higher margin later down the road?

首先，關於 F-35 第 18 和 19 批。能否詳細談談該產品的定價和預期利潤？聽起來前幾年的價格項目低於您簽署的通貨膨脹率。在價格固定且納入費用結構的情況下，我們應該如何考慮這批貨物與先前批次貨物的利潤率？那麼，最終哪些關鍵里程碑能夠解鎖激勵費，未來獲得更高的利潤呢？

Kristine. It's important to note that with Lot 19, we are transitioning to a true firm fixed price contract relative to the FIF that we've seen previously. So that's going to give us the most opportunity to truly drive operational performance, particularly with the investments that we've made in the aircraft and overall changes to digitizing our operations.

克里斯汀。值得注意的是，對於 Lot 19，我們正在過渡到相對於我們之前看到的 FIF 的真正的固定價格合約。因此，這將為我們提供最大的機會來真正提高營運績效，特別是我們在飛機方面的投資以及營運數位化的整體變化。

So therefore, we believe we've got some margin opportunity in Lot 19 relative to prior lots. And then additionally, as we worked through some of the challenges we saw in TR3, that clears a deck in a sense of allowing kind of a more stable baseline for us to drive performance on F-35. So without getting to specifics on the margin expectation, we do use some opportunity on F-35 going forward relative to prior results.

因此，我們相信，相對於先前的批次，第 19 批次具有一些獲利機會。此外，當我們解決 TR3 中遇到的一些挑戰時，這為我們在推動 F-35 性能方面提供了更穩定的基礎。因此，在不了解利潤預期具體細節的情況下，我們確實利用了 F-35 相對於先前結果的一些機會。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

I was curious if you could talk a little bit about some of the bigger international campaigns you're pursuing right now across the segments.

我很好奇，您是否可以談談您目前正在各個領域開展的一些更大規模的國際活動。

Absolutely. From an international perspective, we are looking really across the entire company. Each business area has key international pursuits. Clearly, on the ammunition side, there's strong demand for air and missile defense products and potentially new customers emerging there as well. From an RMS perspective, international Black Hawk continues to be a focus for us as well as our radar programs.

絕對地。從國際視野來看，我們真正關注的是整個公司。每個業務領域都有重要的國際追求。顯然，在彈藥方面，防空和飛彈防禦產品的需求強勁，潛在的新客戶也正在湧現。從 RMS 的角度來看，國際黑鷹以及我們的雷達專案繼續成為我們的關注重點。

From a Space perspective, we are looking at international satellite opportunities with some key competitions coming up in the next year. And from an aeronautics perspective, naturally, F-35 continues to be a big focus for us as well as C-130 and F-16.

從太空角度來看，我們正在尋找國際衛星機會，明年將有一些重要的競爭。從航空學角度來看，F-35、C-130 和 F-16 自然仍然是我們關注的重點。

Anything you'd add, Jim?

吉姆，您還有什麼要補充的嗎？

Rob Stallard, Vertical Research.

Rob Stallard，垂直研究。

Thanks. Just wanted to follow up on your answer to Myles' question earlier about R&D and some of the comments you made through the call on CapEx. It does sound like we could be expecting a structural step-up in what Lockheed Martin has to invest as an individual company in either CapEx or IRAD going forward. So does this mean we need to reconsider what, say, the percentage of revenues that goes into CapEx or the percentage of revenues that goes into company-funded R&D is likely to be going forward?

謝謝。我只是想跟進一下您之前對 Myles 提出的有關研發的問題的回答，以及您在電話會議上就資本支出發表的一些評論。聽起來，我們可以預期洛克希德馬丁公司未來作為獨立公司在資本支出或 IRAD 方面的投資將出現結構性成長。那麼，這是否意味著我們需要重新考慮未來用於資本支出的收入百分比或用於公司資助的研發的收入百分比？

Rob, we're not intending to step up the percentages of revenue on either case. What we're doing is more material allocations of that Corpus. Again, the Corpus isn't necessarily changing in a material way is not our plan. It is allocating it in a better way to compete and meet what the government's requests are these days.

羅布，我們並不打算提高這兩種情況的收入百分比。我們正在做的是對該 Corpus 進行更多的物質分配。再次強調，Corpus 不一定會發生實質的改變，這不是我們的計畫。它正在以更好的方式分配資源，以參與競爭並滿足政府當前的要求。

And so there's less traditional contracting going on in the government at the moment in some areas, not in all, saw those huge awards we were getting. But we do want to compete in a more effective way and we've been working towards this again, with the same proportions and percentages roughly of revenue allocated to R&D and CapEx. And those are the boundary conditions that we intend to stay in on both of those investment scenarios.

因此，目前政府在某些領域（並非所有領域）進行的傳統承包較少，我們看到了那些巨額獎勵。但我們確實希望以更有效的方式競爭，並且我們一直在為此努力，將大致相同的比例和百分比分配給研發和資本支出。這些是我們打算在這兩種投資情境中維持的邊界條件。

Mike Ciarmoli, Truist Securities.

Truist Securities 的 Mike Ciarmoli。

Maybe just on the MFC margin. Fourth quarter, it looks like we're going to get a nice above 10% sequential step-up in growth, the margins look like it could be for the lower of the year. Is that related to the classified program? Or what's sort of the dynamic there given the volume growth on some of the core profitable legacy programs?

可能只是在 MFC 邊緣。第四季度，我們似乎將實現連續 10% 以上的成長，利潤率看起來可能是今年以來的最低水準。這與機密計劃有關嗎？或者考慮到一些核心盈利遺留項目的數量增長，那裡的動態是什麼樣的？

MFC margins continue to pace the overall company and be strong. We are scaling multiple munitions, as you know. And with that comes a little bit of dilution on the upfront part of that scaling, those programs still -- we expect the normal margins we would have seen on prior production programs just with the very accelerated growth, that's just creating a little bit of dilution on the front end, and we've got long-term confidence in MFC overall performance.

MFC 利潤率持續引領公司整體成長並保持強勁。如你所知，我們正在擴大多種彈藥的規模。隨之而來的是，在擴大規模的前期部分，這些項目仍然會受到一些稀釋——我們預計，隨著增長速度的加快，我們之前的生產項目將實現正常的利潤率，這只會在前端產生一些稀釋，我們對 MFC 的整體表現有長期信心。

Scott Mikus, Melius Research.

米庫斯 (Scott Mikus)，Melius Research。

I wanted to get back to Doug's question, specifically dive into the classified aeronautics program. I think the most recent disclosure in the 10-Q that a portion of the charge was related to additional phases, I presume that's some sort of fixed-price production options. Do you have those prices for those options locked in with suppliers? If not, I'm just kind of wondering what kind of inflation rate you're assuming for material and the broader supply chain?

我想回到 Doug 的問題，具體深入研究機密航空計畫。我認為 10-Q 中最近披露的部分費用與額外階段有關，我認為這是某種固定價格生產選擇。您是否已與供應商鎖定了這些選項的價格？如果不是，我只是有點想知道您假設材料和更廣泛的供應鏈的通貨膨脹率是什麼樣的？

We can't speak to exactly what each of those phases represent. But you're right that there is firm fixed price all the way through on this program and a lot of it is suppliers. So we continue to partner with our suppliers on this to make sure that we have a good line of sight to what our cost basis is there with greater than 70% negotiated to date and allowance for any growth assumed in those EACs. So this will be a program we'll continue to closely monitor and keep updated on. But with respect to suppliers, not seeing any elevated risk on that program at this point.

我們無法確切地說出每個階段代表什麼。但您說得對，整個計劃都有固定的價格，而且很多都是供應商的價格。因此，我們繼續與我們的供應商合作，以確保我們對我們的成本基礎有一個很好的了解，迄今為止已協商了 70% 以上的成本，並考慮到了這些 EAC 中假設的任何增長。因此，我們將繼續密切關注並更新該計劃。但就供應商而言，目前尚未發現該計劃有任何風險。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Maybe I wanted to clarify, I think it was Richard who asked on the '26 and '27 free cash flow. Can we talk about just the moving pieces of that bridge inclusive of pension and CapEx?

也許我想澄清一下，我認為是理查德詢問了 26 年和 27 年的自由現金流。我們能否只談論包括退休金和資本支出在內的這座橋樑的活動部分？

Absolutely. So with respect to 2025, what I want to make clear is that we are not showing any weakness in our free cash flow estimate compared to prior estimates. What we're looking to do is give more clarity on how we intend to deploy that cash at the end of the year. And so still staying within the range we gave allow for prepayment of next year's pension which is right now required -- expected to be $1 billion. So no change in 2025 to date, just more clarity on intentions.

絕對地。因此，關於 2025 年，我想明確的是，與先前的估計相比，我們的自由現金流估計並沒有顯示出任何弱點。我們希望做的是更清楚地說明我們打算如何在年底部署這些現金。因此，我們仍然保持在給定的範圍內，允許預付明年的退休金，目前所需的金額預計為 10 億美元。因此，到 2025 年為止沒有任何變化，只是意圖更加明確。

With respect to 2026, no change to our prior number that we had given. As you noted, we do expect to have additional pension contributions next year. So right now, assuming no incremental acceleration this year, you've got $1 billion penciled in for that next year. And so think of a portion of that being offset by cash earnings, which is why we will not be down the full $1 billion compared to this year with more clarity to come.

關於 2026 年，我們之前給的數字沒有改變。正如您所說，我們確實預計明年會有額外的退休金繳款。因此現在，假設今年沒有增量加速，那麼明年的預算為 10 億美元。因此，想想其中的一部分會被現金收益所抵消，這就是為什麼我們與今年相比不會減少 10 億美元，未來將會更加明朗。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Jim, have you guys quantified Golden Dome in terms of -- there's $27 billion of initial funding. And obviously, there's a number that's been thrown around at $175 billion-plus. But Lockheed seems like it's really well positioned across so many existing systems and have you guys quantified what you think that opportunity is? I know [Genome Glutline] will be out next month with this architecture, but I think there's a lot of existing systems that are in play here and do you guys have the capacity to support it.

吉姆，你們是否已經量化了金頂的初始資金──270 億美元的初始資金。顯然，有一個數字被提及，那就是 1750 多億美元。但洛克希德似乎在眾多現有系統中都佔據著有利地位，你們是否量化了你們認為的機會是什麼？我知道 [Genome Glutline] 將於下個月推出這種架構，但我認為這裡有許多現有系統正在發揮作用，你們有能力支持它嗎？

Yes. So Peter, the only way to quantify the potential revenue opportunity is to actually see the mission technology road map over time for Homeland Air Defense, that's not available yet. And what I mean by that is what sites with what radius and what point of time do you want to defend and from what actual threats. Until that's all laid out, we actually won't have any sense of where the budget is being allocated for to actually create the contracts with the industry to do that.

是的。因此，彼得，量化潛在收入機會的唯一方法是實際查看國土防空的任務技術路線圖，但目前該路線圖尚未公佈。我的意思是，你想在什麼時間點、什麼半徑範圍內防禦哪些站點，防禦哪些實際威脅。在一切都安排好之前，我們實際上不會知道預算被分配到哪裡，以便與業界簽訂合約來實現這一目標。

Now we think that we've got a very, very significant proportion of what the logical product sets would be no matter how you lay out that architecture and what order you put in the geographies, the domains, et cetera, whether again, it's radars, it's space assets, it's ground-based missiles, et cetera. We're a very, very important player in each of those arenas. We'd love to be able to quantify and give you all ranges on this. But until that pattern is laid out and the budget allocated right along with it, we can't make an estimate of it.

現在我們認為，無論你如何佈置架構，無論你如何排列地理、領域等，無論是雷達、太空資產、地基飛彈等等，我們都已經掌握了相當大一部分邏輯產品。我們在每一個領域都是非常非常重要的參與者。我們很樂意能夠量化並為您提供所有範圍。但在該模式製定出來並相應分配預算之前，我們無法對其進行估計。

All right. Great. Thanks, everybody. I think we've come to the top of the hour. So I'm just going to hand off to Jim for some final comments.

好的。偉大的。謝謝大家。我想我們已經到了整點​​了。因此，我只想把最後的評論交給吉姆。

Hey, thanks, everyone, for joining our call today. In closing, our record backlog, strong sales growth and our solid operational performance give Evan and I great confidence that we're going to finish the year strong. I want to thank our 120,000 Lockheed Martin employees for continuing to deliver these effective reliable solutions that we've been talking about this morning. They keep America and our allies safe and I look forward to speaking with you again in January for our fourth quarter and full year earnings call.

嘿，謝謝大家今天參加我們的電話會議。最後，我們創紀錄的訂單量、強勁的銷售成長和穩健的營運業績讓艾文和我充滿信心，我們將以強勁的業績結束今年的業績。我要感謝洛克希德馬丁公司的 12 萬名員工繼續提供我們今天上午討論的這些有效可靠的解決方案。他們保護著美國和我們的盟友的安全，我期待在一月份我們第四季和全年財報電話會議上再次與您交談。

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

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。