洛克希德·馬丁 (LMT) 2026 Q2 法說會逐字稿

Good day and welcome, everyone, to the Lockheed Martin second-quarter 2026 earnings results conference call. Today's call is being recorded. (Operator Instructions)

各位早安，歡迎參加洛克希德馬丁 2026 年第二季財報結果電話會議。今天的電話會議將進行錄音。(接線員指示)

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

現在進行開場致詞與介紹，我想把電話交給投資人關係副總裁 Mark Kvasnak。請開始。

Thank you, Sarah, and good morning. I'd like to welcome everyone to our second-quarter 2026 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，Sarah，早安。歡迎各位參加我們 2026 年第二季財報電話會議。今天與我一同出席的有董事長、總裁暨執行長 Jim Taiclet，以及財務長 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 for a description of some of the factors that may cause actual results to differ materially from those in the forward-looking statements.

今天所作之非歷史事實陳述均屬前瞻性陳述，並依據聯邦證券法之「安全港」條款作出。實際結果可能與前瞻性陳述所預測者有重大差異。請參閱洛克希德馬丁向 SEC 提交之文件，其中說明可能導致實際結果與前瞻性陳述存在重大差異的部分因素。

We've posted slides on our website today that we plan to address during the call to supplement our comments. These slides 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 slides.

我們今天已在官網發布簡報投影片，並計畫在會議中加以說明，以補充我們的評論。這些投影片亦包含與今日電話會議可能使用之非 GAAP 衡量指標相關的資訊。請至 www.lockheedmartin.com 並點選「Investor Relations（投資人關係）」連結，以檢視並跟隨投影片內容。

And with that, I'll turn the call over to Jim.

接下來，我把電話交給 Jim。

Thanks, Mark. Good morning and thank you to everyone on the line for joining our second-quarter 2026 earnings call. As you saw in our press release, Lockheed Martin's second-quarter results were strong. Our backlog reached a new all-time high, now $230 billion. We generated nearly $3 billion in free cash flow. We accelerated our revenue growth and turned in higher earnings per share. Consequently, we are raising our 2026 guidance, reflecting our confidence that our strategy is gaining momentum, and we will continue to produce sustained profitable growth over the next few years.

謝謝你，Mark。早安，也感謝線上各位參加我們 2026 年第二季財報電話會議。如各位在新聞稿中所見，洛克希德馬丁第二季業績表現強勁。我們的在手訂單（backlog）創下歷史新高，達 2,300 億美元。我們創造了接近 30 億美元的自由現金流。我們加速營收成長，並交出更高的每股盈餘。因此，我們上調 2026 年財測指引，反映我們對策略動能持續增強的信心，並將在未來幾年持續實現可持續的獲利成長。

While these achievements stem from robust customer demand, they were enabled by strategic decisions we made well before this demand materialized. For the past several years, we've been increasing munitions capacity ahead of contracted demand. We've been pioneering comprehensive open-architecture technology initiatives well before they became a standard practice, and we established a manufacturing footprint in allied countries prior to the rise of co-production requirements.

雖然這些成果源自強勁的客戶需求，但其實是由我們在需求尚未顯現之前就做出的策略性決策所促成。過去幾年，我們在合約需求之前就持續提升彈藥產能。我們在「開放式架構」技術倡議尚未成為標準作法之前，就已率先推動全面性的相關計畫；並且在共同生產要求興起之前，就已在盟國建立製造據點。

By embedding our core 21st century security principles, rapid data-driven decision-making, resilient supply chains, and interoperable AI-enabled systems, we ensured our solutions would be ready for the changing threat landscape that we see today. To the term armed conflict and prevail when it occurs, US and Allied Armed Forces has turned to the partners that already have combating systems. Also critical is the ability to scale up production, deployment, and sustainment worldwide. Those strengths of Lockheed Martin have contributed tremendously to this quarter's performance.

透過將我們 21 世紀安全核心原則、快速的資料驅動決策、具韌性的供應鏈，以及可互通的 AI 賦能系統內嵌其中，我們確保解決方案能因應當前所見的威脅環境變化。為了在武裝衝突發生時能夠應對並取得勝利，美國與盟軍已轉向那些早已具備作戰系統的合作夥伴。同樣關鍵的是，必須具備在全球範圍內擴大量產、部署與維持（sustainment）的能力。洛克希德馬丁的這些優勢，對本季表現做出了極大的貢獻。

As you can see this most clearly in second-quarter contract activity, in late June, the Missile Defense Agency awarded a 7-year contract for $35 billion to quadruple production of THAAD interceptors, marking the next of the munitions frameworks to transition to a contract. Alongside that, the Army awarded a GMLRS production contract at $3 billion, covering the current version and its newly developed successor, which will have twice the range from the same launcher.

這點在第二季的合約活動中最為明顯：6 月下旬，飛彈防禦署（MDA）授予一份為期 7 年、金額 350 億美元的合約，用於將 THAAD 攔截彈產量提升至四倍，標誌著下一項彈藥框架轉入正式合約。同時，陸軍也授予一份 30 億美元的 GMLRS 生產合約，涵蓋現行版本及其新研製的後繼型，後者可在相同發射器下將射程提升一倍。

We also secured a HIMARS award valued at up to $1.1 billion for the US Army, Marine Corps, and up to 5 allied nations. Stepping back, these awards are less about any single program than about what they're building in aggregate. Together, they strengthen the nation's production base, adding resilience along with more manufacturing capacity, more sources of supply, and greater surge capability, all the time when these very attributes have become a strategic imperative for the country.

我們也取得一項 HIMARS 合約，最高價值達 11 億美元，供美國陸軍、海軍陸戰隊，以及最多 5 個盟國使用。從更宏觀的角度看，這些得標的意義不在於任何單一專案，而在於它們整體所建構的能力。它們共同強化國家的生產基礎，提升韌性並增加製造產能、供應來源與更高的緊急增產能力；而在當下，這些特質已成為國家的戰略要務。

In the quarter's success story was not about munitions alone. It spans the full spectrum of our business with new awards and accomplishments achieved across the board. The US Space Force selected us as one of the awardees to develop space-based interceptor prototypes under Golden Dome, with capability demonstration expected by 2028. We also signed a $2.3 billion radar contract, supporting the growth projections we've been making related to our radar business.

本季的成功故事不僅僅關於彈藥。它涵蓋我們業務的全光譜，各領域皆取得新的得標與成果。美國太空軍選定我們為「Golden Dome」計畫的得標廠商之一，負責研製天基攔截器原型，預計於 2028 年進行能力展示。我們也簽署一份 23 億美元的雷達合約，支持我們先前對雷達業務所提出的成長預測。

Following a series of successful flight tests, we continue to make progress on the critical hypersonic weapons program, Conventional Prompt Strike. Cumulative contract modifications totaling $1.4 billion on this joint Army and Navy program will drive more rapid development and demonstration of the sea-based hypersonic strike weapon system. We also announced the next-generation glide-body demonstration, which is a new hypersonic glide body that's more affordable, scalable, and flexible.

在一系列成功的飛行測試之後，我們在關鍵的高超音速武器計畫「常規快速打擊（Conventional Prompt Strike）」上持續取得進展。此一陸軍與海軍的聯合計畫，累計合約修改金額達 14 億美元，將推動海基高超音速打擊武器系統更快速的研發與展示。我們也宣布下一代滑翔體展示，這是一種新的高超音速滑翔體，更具成本效益、可擴充性與彈性。

Our team's operational execution hit its stride this quarter as we fulfilled key delivery and technical obligations throughout the portfolio. We resumed deliveries for the F-16 and increased output of C-130 aircraft. Two F-16s and seven C-130s were delivered to customers this quarter. We also delivered the second shipset of our SPY-7 radar equipment for Japan's new missile defense destroyers, on scheduled delivery for a program central to the key allies' homeland defense in Japan.

本季我們團隊的營運執行進入佳境，於整體產品組合中履行多項關鍵交付與技術義務。我們恢復 F-16 交付，並提高 C-130 飛機產出。本季共向客戶交付 2 架 F-16 與 7 架 C-130。我們也交付第二套 SPY-7 雷達設備，供日本新型飛彈防禦驅逐艦使用，並依計畫時程交付；該專案是日本這一重要盟友本土防衛的核心計畫。

In May, at White Sands Missile Range, the QuadStar seeker completed its flight test as part of the next-generation short-range interceptor competition, validating some key risk reduction milestones for the Army Stinger replacement on a very compressed six-month schedule. Building on that success, in June, we announced the advancement of the PrSM Increment 4 missile, which cleared a critical technical gate and confirmed the system's extended range while still preserving capability and compatibility with existing HIMARS.

5 月在白沙飛彈靶場（White Sands Missile Range），QuadStar 導引頭完成飛行測試，作為下一代短程攔截器競標的一部分，並在極為壓縮的 6 個月時程內，驗證了陸軍「刺針（Stinger）」替代方案若干關鍵的風險降低里程碑。在此成功基礎上，6 月我們宣布 PrSM Increment 4 飛彈取得進展，通過一項關鍵技術關卡，並確認系統延伸射程，同時仍維持與既有 HIMARS 的能力與相容性。

While we execute in our engineering centers and factories, we're also innovating with a lot of purpose and speed. We're not waiting on orders or contracts to close evident mission gaps for our military services and those of our allies. In early June at Yuma Proving Ground, our Sanctum Counter-UAS solution, anti-drone system, utilizing our GRIZZLY counter-UAS launcher went from concept to successful live-fire testing in under 45 days, built not by inventing something brand new, but by connecting what we already had, a combat-proven battle manager, radar, a launcher, and JAGM missiles, the successor to the HELLFIRE operating as one integrated system for a brand-new mission.

在我們於工程中心與工廠執行交付的同時，我們也以明確目的與速度持續創新。我們不會等到訂單或合約到位，才去補足我軍與盟軍部隊明顯的任務缺口。6 月上旬在尤馬試驗場（Yuma Proving Ground），我們的 Sanctum 反無人機（Counter-UAS）解決方案——使用 GRIZZLY 反無人機發射器的反制系統——在不到 45 天內從概念走到成功的實彈射擊測試；其並非靠發明全新事物，而是把我們既有的、經戰場驗證的戰鬥管理系統、雷達、發射器，以及 JAGM 飛彈（作為 HELLFIRE 的後繼者）串接起來，作為一套整合系統執行全新的任務。

Four elements, three of them ours and one from a partner that we invested in through Lockheed Martin Ventures. That same logic, building on established battle-tested solutions instead of starting from scratch, guides the Navy's decision to integrate the PAC-3 missile into the Aegis Combat System. This move adds a new intercept capability to surface ships for the Navy.

四個要素，其中三個來自我們自身，另一個來自我們透過 Lockheed Martin Ventures 投資的合作夥伴。同樣的邏輯——在既有、經實戰驗證的解決方案上加以建構，而非從零開始——也引導海軍決定將 PAC-3 飛彈整合至神盾作戰系統（Aegis Combat System）。此舉為海軍水面艦艇新增一項攔截能力。

Though the PAC-3 was originally designed for Air Defense with a different radar and launch architecture, the Navy's acquisition taps our truly unique integration expertise. Our engineers were able to merge the missiles inherent guidance mechanism with our Aegis Fire Control System into a single fleet fieldable solution. This will enable the US Navy to deploy this new capability on its existing shifts relatively rapidly. We've demonstrated this systems integration discipline across our new Sanctum Counter-UAS system and every missile Aegis has fielded for more than 40 years.

儘管 PAC-3 最初是為空防設計，採用不同的雷達與發射架構，海軍的採購仍運用了我們真正獨特的整合專長。我們的工程師得以將飛彈內建的導引機制與神盾火控系統（Aegis Fire Control System）融合為一套可供艦隊部署的單一解決方案。這將使美國海軍能相對快速地在其既有艦艇上部署這項新能力。我們在全新的 Sanctum 反無人機系統，以及神盾系統 40 多年來所部署的每一型飛彈上，都展現了這種系統整合的紀律。

We are also extending this forward-thinking approach to partnering with some of America's greatest manufacturing leaders as evidenced by our recent collaboration with General Motors Defense. Our joint objective with GM is to explore applying the automotive industry's high-rate manufacturing and supply chain expertise to defense production. We hope this effort will provide us more access to the speed and scale of America's commercial industrial base to help significantly accelerate output as demand grows.

我們也將這種具前瞻性的作法延伸至與美國一些最傑出的製造業領導者合作，近期與通用汽車國防（General Motors Defense）的協作即為明證。我們與通用汽車的共同目標，是探索將汽車產業的高節拍量產與供應鏈專業，應用於國防生產。我們希望這項努力能讓我們更能取得美國商業工業基礎的速度與規模，並在需求成長時大幅加速產出。

Now, behind every one of our achievements this quarter is a steady long-term commitment to the physical backbone of the company: new factories, advanced automation, and state-of-the-art tooling and robotics. We enhanced that infrastructure with strategic partnerships among the nation's leading technology and manufacturing firms, and we now embed artificial intelligence capabilities directly into our production lines. AI-driven analytics optimized equipment performance, for example. We have predictive maintenance algorithms that reduce our downtime and machine learning guided quality checks that streamlined the inspection process.

此外，本季我們每一項成就的背後，都來自對公司實體骨幹的長期穩健承諾：新工廠、先進自動化，以及最先進的工裝與機器人。我們透過與全國領先的科技與製造企業建立策略夥伴關係來強化該基礎設施，並且如今將人工智慧能力直接嵌入我們的生產線。例如，AI 驅動的分析已最佳化設備效能。我們具備可降低停機時間的預測性維護演算法，以及由機器學習引導的品質檢查，進而簡化了檢驗流程。

Also as our design and manufacturing systems evolve, we are deliberately growing and diversifying our access to capital investment and critical workforce skills through international partners via expanded coproduction and regional sustainment programs. These efforts have the benefit of placing manufacturing overhaul and repair capabilities where US forces are deployed overseas and where our allied forces operate. Overall, our approach is financially disciplined while perhaps less risk-averse than may have historically been the case. Each co-production initiative is a purposeful investment with a clear view of the expected returns that each will generate once contracts materialize.

同時，隨著我們的設計與製造系統演進，我們也透過擴大共同生產與區域維持（sustainment）計畫，刻意藉由國際夥伴來擴增並多元化我們取得資本投資與關鍵人力技能的管道。這些努力的好處在於，能將製造翻修與維修能力部署在美軍海外駐防地點，以及盟軍運作的地區。整體而言，我們的方法在財務上嚴謹自律，但可能不像過去那樣保守避險。每一項共同生產倡議都是有目的的投資，並清楚掌握一旦合約落地後各自可帶來的預期報酬。

Our strategy to make our production operations more resilient and scalable, integrate the latest 21st century technologies into existing and new systems and expand our international production is underpinned by a very strong balance sheet. Our robust cash generation and access to capital, supported by our strong credit rating, can fuel billions of dollars of planned investment and a portfolio of new and expanding facilities across the United States and beyond.

我們讓生產營運更具韌性與可擴展性、將最新的 21 世紀技術整合至既有與新系統、並擴大國際生產的策略，皆以非常強健的資產負債表為後盾。在強勁信用評等的支持下，我們穩健的現金創造能力與資本取得管道，可為數十億美元的規劃投資提供動能，並推動遍及美國及海外的新建與擴建設施組合。

This quarter alone, we held the opening of a missile assembly building in Courtland, Alabama, the future home of the next-generation interceptor program and a critical hub for integrated air and defense work on programs such as that. In May, we broke ground on a new munitions production center in Troy, Alabama, adding 87,000 square feet of production space to support that interceptors and future NGI work. We also continue to make progress on our new production facility in Titusville, Florida, which will support critical development of the Trident II missile.

僅在本季，我們就在阿拉巴馬州科特蘭（Courtland）舉行了一棟飛彈組裝大樓的啟用儀式；該處將成為下一代攔截器（NGI）計畫的未來基地，並是整合防空與飛彈防禦等相關計畫的重要樞紐。5 月，我們在阿拉巴馬州特洛伊（Troy）為新的彈藥生產中心動土，新增 87,000 平方英尺的生產空間，以支援攔截器及未來 NGI 相關工作。我們也持續推進位於佛羅里達州泰特斯維爾（Titusville）的新生產設施，該設施將支援三叉戟 II（Trident II）飛彈的關鍵研發。

Our pace of disciplined investment for growth has continued since the end of the quarter. In the span of a few weeks, we signed an agreement to acquire Ultra Maritime. This acquisition will enhance our advanced undersea sensing and autonomous sea drone capabilities, a domain where there is growing demand. At the NATO Summit, we signed a memorandum of understanding with Rheinmetall toward the first European Center of Excellence for takes production. And we welcome the commitment of the United States, Germany, the Netherlands, Poland, and Sweden to explore a dedicated PAC-3 missile facility in Europe for maintenance, putting Allied capability closer to Allied needs.

我們在成長方面的自律投資步伐在季末之後仍持續。在短短數週內，我們簽署了收購 Ultra Maritime 的協議。此項收購將強化我們先進的水下感測與自主海上無人載具能力，而該領域需求正持續成長。在北約峰會上，我們與萊茵金屬（Rheinmetall）簽署了一份合作備忘錄，朝向建立首座歐洲「卓越中心」以進行 takes 生產。我們也樂見美國、德國、荷蘭、波蘭與瑞典承諾探索在歐洲設立專用的 PAC-3 飛彈維修設施，讓盟軍能力更貼近盟軍需求。

Last month, Secretary Hegseth highlighted the success of the first milestone test of Golden Dome for America noting that Lockheed Martin's directed energy laser weapon had queued targeted and eliminated a full spectrum of incoming threats, which is a true milestone achievement. Just two weeks later, the US government awarded us a joint laser weapon system contract to develop a containerized 500-kilowatt laser. This will be the highest power laser ever package in a transportable container and is a cornerstone of the next-generation cruise missile and drone defense architecture. This win didn't happen overnight. It builds on our strong standing laser weapons experience and years of investment in these technologies confirming its readiness for actual field deployment.

上個月，赫格塞斯（Hegseth）部長強調「美國黃金穹頂」（Golden Dome for America）首次里程碑測試的成功，並指出洛克希德馬丁的定向能雷射武器已完成目標排程、鎖定並消滅全頻譜來襲威脅，這是一項真正的里程碑成就。僅兩週後，美國政府授予我們一份聯合雷射武器系統合約，用於研發一套貨櫃化的 500 千瓦雷射。這將是史上功率最高、封裝於可運輸貨櫃中的雷射，並是下一代巡弋飛彈與無人機防禦架構的基石。這項勝利並非一蹴可幾。它建立在我們深厚的雷射武器經驗與多年對相關技術的投資之上，並確認其已具備實際野外部署的成熟度。

Lastly, just a few days ago, we secured a $1.6 billion F-35 spare parts award, the largest such contract in F-35 history, reinforcing the Department of War's heightened focus on keeping the world's premier fighter fleet operational. Our upfront investment in spare parts and consumables has now been translated into immediate inventory that can be shipped to customers the moment their need arises.

最後，就在幾天前，我們取得 16 億美元的 F-35 備用零件合約，為 F-35 歷史上同類合約中規模最大，強化了國防部對維持全球最頂尖戰機機隊可用性的高度重視。我們對備用零件與耗材的前期投資，如今已轉化為可即時出貨給客戶的現有庫存，能在需求一出現的第一時間交付。

The quarter's announcements are driven by three deliberate actions. First, we are investing at home, expanding manufacturing capacity to meet today's demand cycle. Second, we are partnering with allies positioning the capabilities where they're needed the most. And third, we are advancing technology from directed energy and autonomy to integrated cross-demand systems. The result of these efforts is a deterrence posture that protects our nation and our allies underpinned by a business that grows stronger each time it delivers.

本季的各項公告由三項刻意的行動所驅動。第一，我們在本土投資，擴充製造產能以滿足當前的需求循環。第二，我們與盟友合作，將能力部署在最需要的地方。第三，我們推進技術，涵蓋從定向能與自主化到整合式跨領域系統。這些努力的成果，是一種能保護我們國家與盟友的嚇阻態勢，其背後由一家每次交付都更為強健的企業所支撐。

Now, I'll turn the call over to Evan and Mark who can talk through the financials.

現在，我把電話會議交給 Evan 和 Mark，請他們說明財務表現。

Thank you, Jim. Good morning, everyone. I'll begin with an overview of our consolidated results, which, as Jim said, we're strong both operationally and financially. I'll then cover our increased full-year 2026 guidance before handing it over to Mark to discuss segment-level details.

謝謝你，Jim。各位早安。我將先概述我們的合併業績；如 Jim 所說，我們在營運與財務面都表現強勁。接著我會說明我們上調的 2026 全年指引，之後再交給 Mark 討論各事業部門層級的細節。

As you can see on slide 3, the second quarter was record-setting for our backlog, which now totals $230 billion, an increase of roughly $64 billion versus second quarter of 2025. We recorded a second-quarter book-to-bill ratio of 3.2:1. The backlog increase includes $65 billion of orders realized during the quarter, the largest being the multiyear THAAD contract as well as new radar awards within RMS and strategic wins in space. This deep book of contracts will fuel our sales growth for years to come, and we saw this top line acceleration begin to show up in the second quarter.

如各位在第 3 張投影片所見，第二季的在手訂單（backlog）創下紀錄，目前總額達 2,300 億美元，較 2025 年第二季增加約 640 億美元。我們第二季的接單出貨比（book-to-bill）為 3.2：1。在手訂單的增加包含本季實現的 650 億美元訂單，其中最大的是多年期 THAAD 合約，以及 RMS 內的新雷達得標與太空領域的策略性勝利。這本厚實的合約簿將在未來多年推動我們的銷售成長，而我們也看到這股營收加速在第二季開始顯現。

We recorded sales of $20.1 billion, a $1.9 billion, 11% increase over the same period last year. This growth was primarily driven by accelerating munition programs in MFC and further supported by all other segments, including strong performance in F-35 production and Aeronautics, the MIC2 portfolio in RMS, and the strategic and missile defense programs in space. The year-over-year comparison also benefits from the absence of unfavorable adjustments we took in the second quarter of 2025. Excluding those adjustments, we grew sales 7% year over year.

我們錄得銷售額 201 億美元，較去年同期增加 19 億美元、成長 11%。此成長主要由 MFC 的彈藥計畫加速所帶動，並獲得其他所有事業部門的進一步支撐，包括 F-35 產製與航太部門的強勁表現、RMS 的 MIC2 產品組合，以及太空領域的策略與飛彈防禦計畫。年對年比較亦受惠於我們在 2025 年第二季所認列的不利調整不再出現。若排除那些調整，我們的銷售額年增 7%。

The performance exceeded our sales expectations in the second quarter, giving us confidence in a stronger 2026 trajectory that we'll discuss shortly. The second-quarter segment operating margin was 10.8% as profit climbed to $2.2 billion, and earnings per share rose to $7.94, both posting market improvements from the prior year. These gains mostly reflect the absence of unfavorable profit adjustments recorded in the second quarter of 2025. Free cash flow rose by $3 billion, moving from a negative $150 million in the same period in the prior year to a positive $2.9 billion this quarter. The largest contributors include the favorable timing of customer receipts, which accelerated cash inflows and lower tax payments.

第二季表現超出我們對銷售額的預期，使我們對更強勁的 2026 年走勢更具信心，我們稍後將進一步說明。第二季分部營業利益率為 10.8%，獲利攀升至 22 億美元，每股盈餘上升至 7.94 美元，兩者相較前一年皆呈現顯著改善。這些增益多半反映 2025 年第二季所認列的不利獲利調整不再出現。自由現金流增加 30 億美元，從前一年同期的負 1.5 億美元轉為本季正 29 億美元。最大貢獻因素包括客戶收款時點有利，帶動現金流入加速，以及較低的稅款支付。

We restored the temporary dip in free cash flow that resulted from the ERP rollout last quarter, reflecting the effectiveness of the planned recovery we outlined earlier this year. During the quarter, we invested $876 million in capital assets and research and development. This included production capacity upgrades next-generation mission facilities and AI-enabled autonomous manufacturing infrastructure.

我們已恢復上季因 ERP 上線而造成的自由現金流短暫下滑，反映出我們今年稍早所說明之既定復原計畫的成效。本季我們在資本資產以及研發方面投資了 8.76 億美元。其中包括提升產能、建置下一代任務設施，以及導入 AI 賦能的自主製造基礎設施。

We also funded new Sanctum Counter-UAS solutions, Autonomous Weapon Systems, and AI-driven analytics that improve mission planning and real-time decision-making across our portfolio. Building on disciplined capital allocation, sustained cash flow generation and focused R&D, we strengthened our competitive edge. We are poised to convert our financial strength into growth-driven transactions. The upcoming Ultra maritime acquisition made possible by our robust balance sheet and strong cash flows exemplifies how we are leveraging this flexibility to pursue strategic inorganic expansion.

我們也投入資金於新的 Sanctum 反無人機系統（Counter-UAS）解決方案、自主武器系統，以及可強化任務規劃與即時決策的 AI 驅動分析能力，並將其擴展至我們的整體產品組合。在嚴謹的資本配置、持續的現金流創造與聚焦的研發投入基礎上，我們強化了競爭優勢。我們已蓄勢待發，準備將財務實力轉化為以成長為導向的交易。即將進行的 Ultra 海事收購，得以憑藉我們穩健的資產負債表與強勁現金流而實現，正是我們如何運用此一彈性來推動策略性的外生成長擴張之例證。

The underlying strength of our fundamentals enabled us to fund increased investments to add capacity and meet the demand that Jim outlined earlier, Rob returning $796 million to shareholders through dividends in the second quarter, showing that we can invest for growth and deliver tangible shareholder value at the same time.

我們基本面所展現的內在強勁，使我們得以挹注更多投資以擴充產能並滿足 Jim 先前所提到的需求，同時 Rob 也在第二季透過股利向股東返還 7.96 億美元，顯示我們能在投資成長的同時，亦交付可衡量的股東價值。

Turning to slide 4, I'm pleased to report that we are raising our outlook across every key metric. Building on the momentum we generated in Q2, we now expect total sales of $79.75 billion to $ 81.75 billion, representing an 8% year-over-year increase at the midpoint, up from the prior 5% guidance. This uplift is driven primarily by our volume on F-35 production in aero, radars, and RMS.

接著看第 4 張投影片，我很高興報告，我們上調了所有關鍵指標的展望。在第二季動能的基礎上，我們目前預期總銷售額為 797.5 億至 817.5 億美元，以中位數計算年增 8%，高於先前指引的 5%。此一上修主要由航太、雷達與 RMS 的 F-35 產量帶動。

Correspondingly, we are increasing our segment operating profit target to now $8.5 billion to $8.7 billion. This revised outlook reinforces two important growth dynamics. First, is that our growth is clearly accelerating. Through the first half of this year, we grew sales at mid-single-digit pace year over year. Our revised outlook pegs our second half 2026 growth rate in the high single digits and perhaps even the low double digits, a year-over-year increase of between 7% and 12% as compared to the second half of 2025.

相應地，我們也將各事業部營業利益目標上調至 85 億至 87 億美元。這份修訂後的展望強化了兩項重要的成長動能。第一，我們的成長顯然正在加速。今年上半年，我們的銷售年增為中個位數。修訂後的展望顯示，2026 年下半年成長率將達高個位數，甚至可能達低雙位數；相較 2025 年下半年，年增介於 7% 至 12%。

Secondly, is that this accelerating growth is broad-based. Every segment at Lockheed Martin will grow faster in the back half of 2026 on both the top and bottom lines. MFC is clearly leading the way for our growth, but as we've described, our entire portfolio is accelerating, and we've reinforced that with this higher sales and segment operating profit outlook.

第二，這種加速成長是廣泛且全面的。洛克希德馬丁的每個事業部在 2026 年下半年，無論營收或獲利都將加速成長。MFC 明顯領先帶動成長，但如我們所述，整體產品組合皆在加速，而我們也透過更高的銷售與各事業部營業利益展望加以印證。

Our free cash flow outlook is increasing, too. As I began to signal last quarter, we now expect a range of $7 billion to $7.2 billion. This improvement includes the favorable corporate alternative minimum tax IRS guidance we highlighted earlier this year. We're also confident that stronger working capital dynamics will improve our cash conversion cycles.

我們的自由現金流展望也同步上調。如我在上季開始釋出訊號，我們目前預期區間為 70 億至 72 億美元。此一改善包含我們今年稍早提到、與企業替代性最低稅（CAMT）相關的 IRS 指引所帶來的正面影響。我們也有信心，更強勁的營運資金動態將改善我們的現金轉換週期。

We remain dynamic and disciplined in our capital allocation decisions, continually weighing the most value-enhancing approaches for deployment. Earnings per share is now projected at $29.95 and to $30.65, driven by higher year-to-date profits and a lower effective tax rate. We are also updating our capital expenditure guidance to a range of $2 billion to $2.4 billion reflecting efficiencies realized in MFC's munitions buildout.

我們在資本配置決策上仍保持彈性且嚴謹，持續權衡最能提升價值的資金運用方式。每股盈餘目前預估為 29.95 至 30.65 美元，主要受年初至今獲利提高與有效稅率降低所帶動。我們也更新資本支出指引至 20 億至 24 億美元，反映 MFC 彈藥產能擴建所實現的效率提升。

Expanding munitions capacity as quickly as possible is our top priority, and our teams are relentlessly pursuing the most efficient ways to do so. Our framework agreements and related awards remain cash-neutral so these efficiencies are well aligned with our customers' objectives.

以最快速度擴充彈藥產能是我們的首要任務，我們的團隊正不懈地追求最有效率的做法。我們的框架協議及相關授標仍維持現金中性，因此這些效率提升與客戶目標高度一致。

Now, I will turn the call over to Mark, who will cover the segments in more detail.

現在，我將把電話會議交給 Mark，由他更詳細說明各事業部。

Thanks, Evan. My segment level comments will focus on our updated increased full-year 2026 sales and profit outlook, and the key drivers for the accelerated growth we expect to realize across all four segments in the second half of this year.

謝謝，Evan。我在事業部層級的評論將聚焦於我們更新後、上調的 2026 全年銷售與獲利展望，以及我們預期在今年下半年於四大事業部全面實現加速成長的關鍵驅動因素。

Starting with Aeronautics on slide 5. We now project Aero to deliver full-year 2026 sales of $31.7 billion to $32.7 billion, driven by strong F-35 production and sustainment volumes. The higher sales volume pushes the profit outlook up to between $3 billion and $3.08 billion. Margins are pegged modestly lower than our prior guidance as we scale up new contracts in F-35 production, expand sustainment work, and absorb the F-16 and C-130 challenges we realized in Q1.

先從第 5 張投影片的航太事業部開始。我們目前預估航太事業部 2026 全年銷售額為 317 億至 327 億美元，主要由強勁的 F-35 生產與維保量所帶動。較高的銷售量也將獲利展望推升至 30 億至 30.8 億美元。由於我們在 F-35 生產中擴大新合約規模、擴增維保工作，並吸收第一季已顯現的 F-16 與 C-130 挑戰，毛利率（利潤率）相較先前指引小幅下調。

Excluding the favorable comparison impact created by the prior year losses, Aero has posted low single-digit year-over-year sales growth through the first half of 2026. Our updated outlook accelerates Aero's growth rate to the mid-single digits for the second half of this year. The top end of Aero's updated sales range implies an even stronger second half growth rate could be realized driven by a bump in sales that is dependent on timing of award for the next lot of F-35 production.

若排除前一年虧損所造成的有利比較影響，航太事業部在 2026 上半年呈現低個位數的年增銷售成長。我們更新後的展望，將航太事業部在今年下半年的成長率加速至中個位數。航太事業部更新後銷售區間的上緣，意味著在 F-35 下一批次生產授標時點帶動的銷售跳升下，今年下半年可能實現更強勁的成長率。

Moving to Missiles and Fire Control on slide 6, MFC had very strong growth in the second quarter. Sales were up 19%, and profit was up 24% year over year, fueling a raise to our full-year outlook as the cadence of munitions production continues to accelerate. MSC's sales range has been adjusted to $16.5 billion to $16.9 billion, lifting the low end of our prior guidance. And the profit range is now $2.3 billion to $2.35 billion, reflecting continued mid-teens margin performance. Through the first half of 2026, MFC has grown sales 14% year over year. And at this updated outlook level, the second-half 2026 growth rate will be even faster.

接著看第 6 張投影片的飛彈與火控（MFC），MFC 在第二季成長非常強勁。銷售年增 19%，獲利年增 24%，隨著彈藥生產節奏持續加快，推動我們上調全年展望。MFC 的銷售區間已調整為 165 億至 169 億美元，提高了先前指引的下緣。獲利區間目前為 23 億至 23.5 億美元，反映利潤率持續維持在十幾個百分點的表現。2026 上半年，MFC 銷售年增 14%。在此更新後的展望水準下，2026 下半年的成長率將更快。

Next is Rotary and Mission Systems on slide 7. At RMS, the new radar awards Jim and Evan mentioned give us confidence to increase the full year sales outlook to between $17.7 billion and $18.1 billion. The profit outlook at RMS is also raised and is now between $1.86 billion and $1.89 billion, keeping margins steady relative to the prior outlook.

下一個是第 7 張投影片的旋翼與任務系統（RMS）。在 RMS，Jim 與 Evan 提到的新雷達授標，使我們有信心將全年銷售展望上調至 177 億至 181 億美元。RMS 的獲利展望也上調至 18.6 億至 18.9 億美元，使利潤率相較先前展望維持穩定。

RMS sales during the first six months of 2026 were relatively comparable to the same period last year. Our updated full-year outlook indicates RMS will accelerate to a mid-single-digit year-over-year growth rate in the second half, driven by the higher radar volumes and continued production ramps at Sikorsky.

RMS 在 2026 前六個月的銷售，與去年同期大致相當。我們更新後的全年展望顯示，RMS 將在下半年加速至中個位數的年增成長率，主要由較高的雷達出貨量以及 Sikorsky 持續提升產量所帶動。

Wrapping up with Space on slide 8, in the second quarter, Space grew sales 6% and profits 2% year over year. We now anticipate 2026 sales of between $13.85 billion and $14.05 billion supported by key wins on the next-generation interceptor, fleet ballistic missile, and several classified national security programs. The space full-year profit outlook was lowered to between $1.34 billion and $1.38 billion due to reduced ULA equity earnings because of the ongoing technical investigation of the Vulcan launch anomaly experienced earlier this year.

最後是第 8 張投影片的太空事業部。第二季太空事業部銷售年增 6%，獲利年增 2%。我們目前預期 2026 年銷售額為 138.5 億至 140.5 億美元，主要受下一代攔截器、艦隊彈道飛彈，以及數個機密國安計畫的關鍵得標所支撐。由於今年稍早 Vulcan 發射異常事件仍在進行技術調查，導致 ULA 權益法收益降低，太空事業部全年獲利展望下調至 13.4 億至 13.8 億美元。

Growth rates at Space will follow the same trend as each of the other segments. The second half of 2026 will be stronger than the first half. At this updated outlook level, the mid-single-digit year-over-year sales growth that Space posted in the first half will step up to the high single digits in the back half.

太空業務的成長率將與其他各事業部門呈現相同趨勢。2026年下半年將強於上半年。在這次更新後的展望水準下，太空業務上半年達成的年對年中個位數銷售成長，將在下半年提升至高個位數。

So the takeaway is this: our raised guidance is broad-based. Every segment has updated higher 2026 full-year sales outlook, and three out of four segments have higher profit outlooks. On a year-over-year basis, every segment will grow faster in the second half of 2026, continuing the acceleration we posted in Q2.

因此重點如下：我們上調的財測是全面性的。每個事業部門都上修了2026年全年銷售展望，且四個部門中有三個上修了獲利展望。以年對年來看，每個事業部門在2026年下半年的成長都會更快，延續我們在第二季呈現的加速態勢。

Evan, now back to you.

Evan，接下來交還給你。

Thanks, Mark. Overall, the second quarter delivered very solid performance, highlighted by historic backlog, and accelerating top line, and strong free cash flow, paving the way for sustainable growth and confirming that our strategy and execution are strengthening the fundamentals of the business. We remain confident that our proven and expanding capabilities will continue to be in high demand, and then our execution will drive strong performance throughout the remainder of 2026 and beyond.

謝謝，Mark。整體而言，第二季交出非常穩健的表現，亮點包括創紀錄的訂單積壓、營收加速成長，以及強勁的自由現金流，為可持續的成長鋪路，並證實我們的策略與執行正在強化公司的基本面。我們仍然有信心，我們經驗證且持續擴張的能力將持續維持高度需求，而我們的執行也將推動2026年剩餘期間及更長遠的強勁表現。

And now, we'll open the call for questions.

現在我們開放提問。

(Operator Instructions) Scott Deuschle, Deutsche Bank.

（接線員指示）Scott Deuschle，德意志銀行。

Hi, good morning. Jim, between PAC-3 ACE, MORFIUS, Sanctum, and some of these other new products you've announced recently, it seems like Lockheed is now moving pretty quickly in terms of responding to how warfare is changing. But I was wondering if you could just speak to what type of timeline the business is working to in terms of the manufacturing scale-up For those solutions? And also, if you're willing to deploy CapEx for those scale-ups ahead of formal awards? Thank you.

嗨，早安。Jim，在PAC-3 ACE、MORFIUS、Sanctum，以及你們最近宣布的其他一些新產品之間，看起來洛克希德現在在回應戰爭型態變化方面動作相當快。但我想請你談談，針對這些解決方案，業務在製造產能擴增方面所規劃的時間表大概是什麼？另外，你們是否願意在正式得標之前，就先投入資本支出（CapEx）來進行這些擴產？謝謝。

Yeah, good morning, Scott. I'd start by answering your question with this: we've been working a mindset change at this company for the past five years. And our aspiration is not just to be the largest defense prime contractor but it's to be America's clear leader in the Defense Technologies segment. And the way to get there is to be able to and show that we can deliver decisive military advantage to drive deterrents to armed conflict on behalf of our government and our allies.

好的，早安，Scott。我先用這點來回答你的問題：過去五年我們一直在推動公司心態的轉變。我們的願景不只是成為最大的國防主承包商，而是要成為美國在「國防科技」領域無可爭議的領導者。而達成這個目標的方法，就是能夠並且證明我們可以提供決定性的軍事優勢，代表我們的政府與盟友強化嚇阻、避免武裝衝突。

The way we've been going about that is to build mission technology roadmaps that just don't wait for the next order. They predict with a lot of informed relationships with our customer base, what they're going to need -- and in some cases before, it's evident it gets through their acquisition system to come up with an RFP. So we are building those technology roadmaps and investing based on our confidence in the ability to make good choices on deciding or predicting what the armed forces are going to need.

我們的做法，是建立任務技術路線圖，而不是等待下一張訂單。我們透過與客戶群大量且具洞見的互動關係，預測他們將需要什麼——在某些情況下，甚至在需求尚未明確到足以進入其採購體系並形成RFP之前。因此，我們正在建立這些技術路線圖，並基於我們對於做出正確選擇、判斷或預測軍方需求能力的信心來進行投資。

There's a couple of ways to get into that. One is target weapons matching, right? So for the various threats that come about, or that were aware of, or the military has to face, what is the best weapon to defeat that target? And so to just take the example, you raised the PAC-3 ACE. We use PAC-3 missiles, or our military uses PAC-3 missiles for a wide range -- the MSC missile, for a wide range of targets. It has more capability than some of those targets require at a higher cost, so we just went ahead and said we know we need a PAC-3 missile that -- maybe not as expensive and not as sophisticated. And how could (technical difficulty) two-thirds of the capability of the fact MSC for, call it, half the price, or maybe even a third of the price? And that's target weapons matching.

切入這件事有幾種方式。其中一種是「目標—武器匹配」，對吧？也就是針對各種出現的威脅、或我們所掌握的威脅、或軍方必須面對的威脅，什麼武器最適合擊敗該目標？以你提到的PAC-3 ACE為例。我們使用PAC-3飛彈——或軍方使用PAC-3飛彈（MSE飛彈）——來對付非常廣泛的目標。它的能力超過其中一些目標所需、成本也更高，所以我們就直接說：我們知道需要一款PAC-3飛彈——也許不必那麼昂貴、也不必那麼複雜。而我們如何能（技術問題）做到具備MSE大約三分之二的能力，但價格大概只有一半，甚至三分之一？這就是目標—武器匹配。

So the PAC-3 MSE can hit long-range high-speed, almost continental blast missiles. It can also defeat hypersonic missiles, and that's been demonstrated in Europe that maneuver in the end state. But we need a lower capability, lower cost PAC-3 missile for short-range ballistic missiles, and for cruise missiles and drones. And so, we just went ahead without an RFP or RFI or anything like that to figure out how to solve that target weapons matching problem in an environment of economic equivalents, right? So we want to get an economic match cost to cost and also the target weapons match for capability.

因此，PAC-3 MSE可以攔截遠程高速、幾乎是洲際級的彈道飛彈。它也能擊敗高超音速飛彈，而且已在歐洲展示過可在末段對付具機動能力的目標。但我們需要一款能力較低、成本較低的PAC-3飛彈，用於短程彈道飛彈，以及巡弋飛彈與無人機。因此，即使沒有RFP或RFI或任何類似程序，我們也直接著手思考如何在「經濟等效」的環境下解決這個目標—武器匹配問題，對吧？也就是我們希望在成本對成本上達到經濟匹配，同時在能力上也做到目標—武器匹配。

And that's the way we're running the company now. That's, again, not only the largest contractor, so to speak, when a contract comes -- we compete for it, we win it -- but how do we be the clear leader in the Defense Technologies segment to benefit our national defense. That's the mindset change we have. So yes, we are investing in the manufacturing and design capabilities before the orders come in, and I think that's the right way to run the company, Scott.

這就是我們現在經營公司的方式。也就是說，我們不只是所謂在合約出現時——去競標、去贏得——成為最大的承包商；而是要如何成為國防科技領域的明確領導者，以強化我們的國防。這就是我們的心態轉變。所以是的，我們會在訂單進來之前就投資製造與設計能力，我認為這才是正確的經營方式，Scott。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Hey, Jim, I have a high-level question for you. You've long advocated for the Pentagon to adopt a more commercial acquisition model. And a lot of the new defense entrants are pushing for the same. But Lockheed's funded development of the C-130J with its own capital in the past. And that program initially earned commercial-like margins before the Pentagon ended up reversing its commercial designation. So how confident are you that the current administration's push towards a commercial acquisition system will be durable rather than reversed by a future administration?

嗨，Jim，我有一個高層次的問題。你長期主張五角大廈採用更商業化的採購模式。許多新的國防參與者也在推動同樣的方向。但洛克希德過去曾用自有資本出資開發C-130J。而該計畫一開始確實取得類似商業的利潤率，但後來五角大廈最終又撤回其商業指定。因此，你對於現任政府推動商業採購體系能夠持久、而非在未來政府上台後被推翻，有多大信心？

So, Scott, this is exactly why the landmark multiyear munitions commercial framework agreements are so critical. Because the DOW team in place today under Secretary Hegseth and Deputy Secretary Feinberg as well and their teams, under that leadership, we believe they share our view that the fully engaged US industry more broadly in supporting the National Defense that they and we must embrace commercially inspired long-term enforceable agreements and contracts that can't be changed at the whim of the government just like the C-130 without compensating the industry players. And it could be a new entrant, it could be a startup, it could be Lockheed Martin. It could be RTX.

Scott，這正是為什麼具里程碑意義的多年期彈藥商業框架協議如此關鍵。因為在現任國防部（DOW）團隊——在Hegseth部長與Feinberg副部長以及其團隊的領導之下——我們相信他們認同我們的觀點：美國產業界必須更全面投入支援國防，而他們與我們都必須採用受商業啟發、可長期執行且具約束力的協議與合約，不能像C-130那樣在政府一時興起下就改變，且不對產業參與者提供補償。這個產業參與者可以是新進者、可以是新創，也可以是洛克希德馬丁。也可以是RTX。

We need the confidence to act as we would act in a commercial environment to make investments to solve these national defense problems. So I think this is the leadership team in government that can actually leapfrog what's ever gone on before when it comes to commercial-type agreements and include the biggest prime contractors in that that are willing to step up and, as the prior question suggested, invest ahead of time, think ahead of time, and put development effort into non-ordered, non-contracted systems that we think is industry, with our partners are going to be important for the future.

我們需要有信心，才能像在商業環境中那樣採取行動，進行投資以解決這些國防問題。所以我認為，這是政府端一個能夠在商業型協議方面真正超越以往的領導團隊，並且把願意挺身而出的大型主承包商納入其中；正如前一個問題所提到的，願意提前投資、提前思考，並在我們認為對未來重要的情況下，對尚未下單、尚未簽約的系統投入研發工作——以產業界與合作夥伴的角度來看。

So those agreements will have to stand the test of time as circumstances budgets and political leadership is going to change over time. And so again, with I think administration's leadership in place today, we will establish with them survivable long-term contracts that will allow industry to act on a more commercial basis. That's where I think we're at today. And we don't plan to ever put ourselves in a risk position where we don't have that confidence in the contract that we didn't have for the C-130. We're not doing that anymore. We're not taking that kind of risk without a counterparty that's willing to work on a commercial basis right along with us.

因此，這些協議必須經得起時間考驗，因為情勢、預算與政治領導都會隨時間改變。所以再次強調，在我看來，憑藉現任政府的領導團隊，我們將與他們建立可存續的長期合約，使產業能以更商業化的方式行事。我認為我們目前就是在這個位置。而且我們不打算再讓自己處於風險狀態：也就是像C-130那樣，缺乏對合約的信心。我們不再這麼做了。如果沒有願意與我們一起以商業方式合作的交易對手，我們不會再承擔那種風險。

John Godyn, Citi.

John Godyn，花旗。

Hey, guys, thanks for taking my question. Jim, Evan, we're looking at a record backlog. So the demand indications, the demand signals, say, revenue is accelerating, needless to say the stock price over the last few months suggests a lot of concern about that. I was hoping that you could just reflect on that and maybe give people confidence in the revenue growth outlook from here, the possibility of accelerating revenue growth and hopefully comment a little bit on international as well as something that might lend confidence to that? Thanks.

嗨，各位，謝謝讓我提問。Jim、Evan，我們看到創紀錄的訂單積壓。所以從需求跡象、需求訊號來看，收入正在加速；不用說，過去幾個月的股價顯示市場對此有很多擔憂。我希望你們能就此談談，或許讓大家對接下來的收入成長展望更有信心——收入成長加速的可能性——也希望你們能稍微評論一下國際市場，以及有哪些因素能增強這方面的信心？謝謝。

Yeah, I'll start off and maybe let Evan speak a little bit more about some of the individual programs. But just take the F-35, for example. There's long-term demand for that aircraft both in the US government and among our allies. It's the only in-production, fifth-generation fighter in the free world, which means we have to keep building it, and there'll be demand for it as time goes on.

好，我先開始，然後也許讓Evan再多談一些個別專案。不過就以F-35為例。這款飛機在美國政府以及我們的盟友之間都有長期需求。它是自由世界唯一仍在量產的第五代戰鬥機，這意味著我們必須持續生產它，而且隨著時間推進，對它的需求也會持續存在。

If you just look at the far east theater, the PACOM command area, the Chinese are building literally hundreds of F-35 type aircraft. I'd like to argue that they're not as capable, but they are building a high rate fifth-generation aircraft to apply to that theater at a pace which we hope to continue to stay competitive with, let me say.

如果你只看遠東戰區，也就是PACOM司令部責任區，中國正在建造實際上數以百計的類F-35型飛機。我想主張它們的能力沒那麼強，但他們確實在以很高的速度建造第五代飛機投入該戰區；我們希望能持續保持競爭力，我這麼說。

The intent of the Department of War in this budget cycle was 85 aircraft for the United States alone, the balance of the $156 million per year would be then allocated to our allies and partners overseas. Now, Congress has to work with the administration to figure out how to budget and fund that. But that aircraft, whether it's this budget cycle, the next one, five years from now, is going to be in high demand, we feel really confident that the $156 per year production rate will be sustained for quite some time, and the towing and flowing of the political budget cycles will not in the long or medium term or even in the short term, I think, really adversely affect what the country needs and what our allies need to defend themselves, and sadly an increasingly sort of dangerous world.

在這個預算週期中，戰爭部的意圖是僅美國就採購85架飛機，其餘每年1.56億美元的部分則會分配給海外的盟友與合作夥伴。現在，國會必須與行政部門合作，釐清如何編列預算並提供資金。但我們認為，無論是在這個預算週期、下一個、或五年後，這款飛機都會有很高的需求；我們非常有信心每年156架的生產率將在相當長一段時間內得以維持，而政治預算週期的拉扯與起伏，無論長期、中期，甚至短期，我認為都不會真正對國家所需、以及我們盟友為自我防衛所需造成不利影響——而且遺憾的是，世界正變得愈來愈危險。

Evan, do you want to add to that?

Evan，你要補充嗎？

Yeah, I think that sounds right on. And in terms of the stock price, and I do think given the newness of what we're seeing here with the way to acquire these munitions -- I mean, there's some learning that's going to happen, I think, as investors continue to understand it better. I think we'll continue to gain confidence as we convert these agreements through all contracts as we saw in THAAD this quarter and we're attending in the second half of the year to also get a multiyear on PAC-3.

是的，我覺得這說得很到位。至於股價，我確實認為，鑑於我們現在看到的這種採購彈藥的新方式仍相當新——我的意思是，我認為投資人持續更了解之後，會有一些學習曲線。我想，隨著我們把這些協議轉化為正式合約——就像我們本季在THAAD上看到的——而且我們也計畫在下半年為PAC-3拿到一份多年期合約，我們會持續建立信心。

So as we continue to have the contracts add to the backlog and be able to get better line of sight to the near-term multiyear revenue growth profile, I think we'll see that more translate. But this quarter, I think, is a great example of that, and we're seeing good response so far.

因此，隨著合約持續增加訂單積壓，並且讓我們對近期的多年期收入成長輪廓有更清晰的能見度，我認為我們會看到這些更進一步反映出來。但我認為本季就是一個很好的例子，而且到目前為止我們看到的反應不錯。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Yes, thank you. Good morning, guys. I was wondering if you could comment on risks within the business. In the past, you've talked about a couple of classified programs at Aero and missile in Fire Control. Maybe an update to the extent you can provide one on those programs? And if there are any milestones or meaningful things that we should be looking for on those programs, in particular, over the next couple of quarters? And then more broadly, if you could just talk about risk across the portfolio. Thank you.

是的，謝謝。各位早安。我想請你們評論一下業務中的風險。過去你們談到過在航太（Aero）以及飛彈與火控（Missile and Fire Control）部門有幾個機密專案。在你們能提供的範圍內，能否更新一下那些專案的狀況？以及在接下來幾個季度，這些專案是否有任何里程碑或重要事項是我們應該關注的，特別是？然後更廣泛地，如果你們能談談整體產品組合的風險。謝謝。

Sure. So a couple of things to note here, if you look at the two big programs that you talked about on the classify side, the last adjustment we took on the MFC side was in 4Q of 2024, aeronautics side in 2Q of 2025. In both cases, we set new baselines and we have established that we can continue to hit those. They're both aggressive, we've got a lot of technical work to do, but we're making great progress and have shown stability in our ability to execute.

當然。這裡有幾點需要注意：如果你看你提到的那兩個較大的機密專案，我們在MFC端上一次做調整是在2024年第四季，航太端是在2025年第二季。在兩種情況下，我們都設定了新的基準，並且已經建立起我們能持續達成這些基準的能力。它們都很具挑戰性，我們還有很多技術工作要做，但我們進展非常好，也展現出執行能力的穩定性。

I think if you look broader across the portfolio, the thing to look for is the amount of scale across the portfolio. So for instance, in RMS, there are four Sikorsky platforms that are all delivering more this year compared to last year. In the case of 53K, we could be talking 2x deliveries this year versus last year and potentially doubling again next year. In Aeronautics, F-16 and C-130 all deliver more this year versus last year. And in MFC, there's a total of 10 munitions that are delivering more this year versus last year.

我認為如果更廣泛地看整個產品組合，需要關注的是整體規模化的程度。例如在RMS方面，有四個Sikorsky平台今年的交付量都比去年更多。以53K為例，今年的交付量可能是去年的2倍，明年甚至可能再翻倍。在航太方面，F-16和C-130今年的交付量也都比去年更多。而在MFC方面，總共有10種彈藥今年的交付量都比去年更多。

So we are in a scaling mode right now. I think the thing to look for is resilience, right? Two things: can we scale and can we be resilient? And the F-16, which, although we took charges earlier this year, is a great example of that. One of the things that we continually demonstrate is that our platforms, we continue to iterate and evolve them and improve them. So an F-16 today is very different from an F-16 when we started production. And so a new variant that we had a flight test this year didn't quite meet our expectations of what we expect for us and our customers.

所以我們現在正處於規模化擴張的模式。我認為要看的重點是韌性，對吧？兩件事：我們能否擴大規模，以及我們能否保持韌性？而F-16就是一個很好的例子，雖然我們今年稍早對它提列了費用。我們持續展現的一點是：我們的平台會不斷迭代、演進並加以改良。所以今天的F-16與我們開始生產時的F-16已經非常不同。因此，我們今年進行飛行測試的一個新構型，沒有完全達到我們對自己以及對客戶所期待的水準。

So we did a redesign, got the redesign complete, redid flight test, and began deliveries again on F-16. That's the resilience you should look for for us to scale because if you look particularly in the munitions, the scaling is just on the front end and is broad-based, but we have line of sight to be able to achieve that.

所以我們做了重新設計，完成了重新設計，重新做了飛行測試，並且又開始交付F-16。這就是你們應該看到的韌性，讓我們能夠擴大規模；因為如果你特別看彈藥業務，規模化主要發生在前端，而且是廣泛性的，但我們對達成目標有清楚的能見度。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Good morning, guys, and thank you so much for the time and all the clarity on the script. I guess can we talk about just the discussion today on supply-demand signals that you're continuing to invest in 26 and for years to come. How do we think about just the CapEx efficiencies that you're seeing and how we think about 27 and how the customer funding looks as we think about level of investments this year and going forward?

各位早安，也非常感謝你們撥冗，以及在講稿中提供的所有清晰說明。我想我們能否談談今天關於供需訊號的討論：你們仍在2026年以及未來多年持續投資。我們該如何看待你們所看到的資本支出（CapEx）效率？以及當我們思考2027年時，客戶資金的狀況會是如何——在我們評估今年與未來投資水準時？

Yes, I'll start on the CapEx and the investment. A few things to note here: one, while we did reduce our capital expenditures for the year, there's a couple of things to note. One, a part of that is driven by just timing. So for instance, on the MFC side, there's a facility we intended to buy that we instead decided to lease for a year, and by next year due to tax efficiencies.

好的，我先談資本支出（CapEx）與投資。這裡有幾點需要注意：第一，雖然我們下調了今年的資本支出，但有幾件事要說明。其中一部分只是時點因素所致。例如在MFC端，有一處我們原本打算購買的設施，後來我們決定先租用一年，並在明年因稅務效率而再處理。

But the other thing that's really interesting to note there, it's one of the first true early returns of the partnerships that we've experienced with the Department of War and the BOND team where we partnered to really look at the most efficient, fast way to scale these munitions, which is why we would say we're ahead of progress -- schedule to scale and doing it more efficiently.

但另外一個非常值得注意、也很有意思的點是，這是我們與戰爭部以及 BOND 團隊合作夥伴關係中，最早出現的真正早期成果之一；我們攜手合作，真正去檢視以最高效率、最快速度擴大這些彈藥產能的方法，這也是為什麼我們會說我們的進度領先——在擴產時程上超前，且做得更有效率。

But our commitment to invest a total of between $8 billion to $9 billion of capital in munition scaling is unchanged, so you're going to see us continue to be in a growth and investment mode over the next few years. What's important when you look at the free cash flow is that we compare it with the kind of free cash flow generation that we experienced this quarter, and that's due to a number of things: one, some improvements we're seeing in working capital and the very nature of these deals that Jim mentioned that are critical for the mission scaling that allow favorable cash treatment while we do self-investment on the capacity.

但我們承諾在彈藥擴產上總計投入 80 億至 90 億美元資本的立場不變，因此未來幾年你們會看到我們持續處於成長與投資模式。在看自由現金流時，重要的是要把它與我們本季所呈現的自由現金流創造能力做比較，而這是由多項因素所致：第一，我們在營運資金方面看到一些改善；以及 Jim 提到、對任務擴產至關重要的這些交易本身的特性，使我們在自行投資產能的同時，能獲得較有利的現金處理方式。

And from a broader perspective, you kind of put all this together, just staying on the munitions for just a minute -- we and our government customer leadership, it would be happy to trade lower costs for input and CapEx for speed. If we can do something faster and spend less CapEx, I think that's great for everybody. So we had an initial prediction of $8 billion to $9 billion.

從更宏觀的角度來看，把這些放在一起——先就彈藥再談一下——我們以及我們的政府客戶領導層，會很樂意用較低的投入成本與資本支出（CapEx）來換取速度。如果我們能更快完成、同時花更少的資本支出，我認為這對所有人都是好事。因此我們最初的預估是 80 億到 90 億美元。

And so for one example, again, using all the cards in the deck, if you ever get down to our factory in Camden, Arkansas, you'll see that about a third of it today is used for the PRSM missile, which is next-generation, highly automated, AI-informed, the production line looks like the robotic production line that you think about for auto factories and such, where there's a few people running automated machines and robots vis-à-vis the ATACMS line, which is about two-thirds of that building, which was designed decades ago. We didn't have all these automated technologies. We didn't have AI to be able to control the robotics and learn from experience.

舉個例子，再次強調我們是把牌桌上所有牌都用上：如果你們有機會到阿肯色州卡姆登（Camden）的工廠，你會看到目前大約三分之一的產能用於 PRSM 飛彈；那是下一代、高度自動化、由 AI 提供資訊支援的產線，看起來就像你想像中的汽車工廠機器人產線——少數人操作自動化機台與機器人。相較之下，ATACMS 產線大約占那棟建築的三分之二，且是數十年前設計的。當時我們沒有這些自動化技術。我們也沒有 AI 來控制機器人並從經驗中學習。

And there's a lot more people over there, and it takes up a lot more space, and we're basically partnering with Rheinmetall as you heard to move that ATACMS line into factory space in Germany where the customer base largely is now and expand the PRSM line without building another building or it. So that's a trade everyone should be happy with. We've got international partner that's going to provide floor space, factory space, talent that we need and investment that we don't have to then put in. That's just one example of how do you get the most efficiency when the demand is going up at the rate it is.

那邊需要更多人力、也占用更多空間；而我們基本上正如你們聽到的，與萊茵金屬（Rheinmetall）合作，把 ATACMS 產線移到德國的工廠空間——那裡如今是主要客戶群所在——並在不另建新廠房的情況下擴充 PRSM 產線。所以這是一個大家都應該樂見的取捨。我們有一個國際夥伴，將提供我們所需的廠房地面空間、工廠空間、人才，以及我們不必再自行投入的投資。這只是需求以如此速度上升時，如何取得最高效率的一個例子。

And just one note on the framework agreements, remember, we're being asked to triple PAC-3 MSE production, quadruple bad production, and scale up PRSM production faster than we ever thought we would. And all those things are happening because we're using every card in the deck to get that, we call it, the ramp in this space here. The ramp rate as high as we can, as fast as we can, as efficiently as we can. And that's how we're going about this.

另外補充一點關於框架協議：請記得，我們被要求將 PAC-3 MSE 產量提高到三倍、將「bad」產量提高到四倍，並以比我們以往想像更快的速度擴大 PRSM 產量。而這些之所以能發生，是因為我們把牌桌上所有牌都用上，來達成我們所說的這個領域的「爬坡」。以我們能做到的最高爬坡速率、最快速度、最高效率。這就是我們推進的方式。

And the government is giving us a lot more flexibility than they traditionally would have done on requirements and other facets that they traditionally provide that we can be faster. And that's what I hear from the Deputy Secretary every time we get together and beyond, faster, faster, faster. And so we're using all the cards in the deck to be as efficient as we can as we try to go faster.

而政府在需求與其他面向上，給了我們比傳統做法更大的彈性，使我們能更快。而我每次與副部長會面時聽到的都是同一句話，甚至更強烈：更快、更快、更快。因此我們把牌桌上所有牌都用上，盡可能提高效率，同時努力加速。

Rob Stallard, Vertical.

Rob Stallard，Vertical。

Evan, a question for you, on the new THAAD missile contract, how do you expect the initial margins on this contract to compare versus historical missile contracts?

Evan，我有個問題想請教你，關於新的 THAAD 飛彈合約，你預期這份合約的初期毛利率，與過往的飛彈合約相比會如何？

Sure, Rob. We expect it to be consistent with our historic munitions production margins. I think, generally speaking, with these big ramps -- and when we have very large growth, there can be a little bit of near-term dilution just based on the long nature of the programs and the fact that we tend to step up our profit booking rate over time as we take risk reduction milestones and make deliveries. So while there could be some near-term dilution, I think long term, we would expect this to match our traditionally very strong margins in MFC with a goal to increase versus historical margins in MFC.

當然，Rob。我們預期它會與我們歷史上的彈藥生產利潤率一致。一般來說，在這種大幅爬坡——當我們有非常大的成長時——短期內可能會有些許稀釋，主要是因為專案週期很長，以及我們通常會隨著時間推進、在達成降低風險的里程碑並完成交付後，逐步提高利潤認列比率。因此，雖然短期可能有些稀釋，但長期而言，我們預期這會符合我們在 MFC 一向非常強勁的利潤率，並以高於 MFC 歷史利潤率為目標。

Matt Akers, BNP Paribas.

Matt Akers，法國巴黎銀行（BNP Paribas）。

Hey, good morning, guys. Thanks for the question. I wanted to follow up on (technical difficulty) question actually on just kind of longer-term margin outlook at MSC. As you just mentioned, Yes, I think you said some of the earlier phases of these contracts could be not as strong margins and they improve over time. But this was the best quarter we've seen in a while at MSC. Is there scope for that to continue to improve? And should we think about improving into 2027? Thanks.

嗨，早安，各位。謝謝讓我提問。我想追問一下（技術問題）其實是關於 MSC 較長期的利潤率展望。如你剛提到的，是的，我想你說這些合約的早期階段利潤率可能沒那麼強，之後會隨時間改善。但這是我們一段時間以來在 MSC 看到最好的季度表現。這樣的改善還有延續空間嗎？我們是否應該預期一路改善到 2027 年？謝謝。

I think what you're seeing this year is what we should generally expect to see in the future, which is MFC margins in kind of the high 13s, low 14s, which is what we've managed to do when we're really hitting our ramps and hitting our marks, which we've been doing here pretty consistently on the MFC side. So we are in the process of converting these framework agreements to true long-term multiyear programs and contracts, and there are still some ongoing negotiations that will be impactful to this. But we're well aligned with our customer on the way to do that, to incentivize cost and schedule performance, which means we expect to have an aggressive schedule ramp as part of our contract, and we're going to have to meet that.

我認為你今年看到的情況，大致就是我們未來一般應該預期會看到的，也就是 MFC 的利潤率大約在 13% 後段到 14% 初段；當我們真正把爬坡做起來、達成目標時，我們就能做到這樣，而我們在 MFC 端一直相當穩定地做到。因此，我們正把這些框架協議轉換為真正的長期多年期計畫與合約，仍有一些持續進行的談判會對此產生影響。但我們與客戶在做法上高度一致：透過激勵成本與進度表現，這意味著我們預期合約中會包含積極的時程爬坡，而我們必須達成。

We expect that there is going to be some profit share if we can truly take cost out of this business, which we're incentivized to do by the long nature of the program. That's one of the key values of it. So we would still think about near-term dilution in the 20 to 30 basis points over the next few years with a goal to get to higher than historic margins on. So for next year, I think, generally speaking, this year is a good reflection within 20 to 30 basis points.

我們預期，如果我們真的能把成本從這項業務中降下來，將會有一定程度的利潤分享；而由於專案週期很長，這也正是激勵我們去做的。這是其中一個關鍵價值。因此，我們仍會把未來幾年的短期稀釋視為大約 20 到 30 個基點，同時以達到高於歷史水準的利潤率為目標。所以就明年而言，一般來說，今年的表現是個不錯的反映，誤差大約在 20 到 30 個基點之內。

Yes, Matt, this is Jim. There's something really important embedded in what Evan just went through. Traditional government accounting cash is called cost accounting system based accounting in the federal acquisition regulation. Reprices, even fixed price contracts, if the cost to the vendor goes down. And so putting it -- let's say, we put $10 million into new robotics and Camden and our cost per unit was $100,000 before and it went down to $90,000 Well, we get repriced down 10%.

是的，Matt，我是 Jim。Evan 剛才說的內容裡面，其實包含了一個非常重要的點。傳統的政府會計現金制度，在《聯邦採購法規》（Federal Acquisition Regulation）中稱為以成本會計制度為基礎的會計。即使是固定價格合約，只要供應商的成本下降，也會被重新議價。所以換句話說——假設我們在卡姆登投入 1,000 萬美元導入新的機器人設備，而我們的單位成本原本是 10 萬美元，後來降到 9 萬美元，那麼我們就會被重新議價，下調 10%。

And who would invest $10 million to get their price down 10% and bleed out all of that benefit. And that's the issue with our industry is essentially that accounting system. What the framework agreements do is take that away.

又有誰會為了把價格壓低 10% 而投資 1,000 萬美元，結果把所有那點好處都耗光。而我們這個產業的問題，本質上就在於那套會計制度。框架協議的作用，就是把這件事拿掉。

In other words, as Evan suggested, if we get efficiencies while we ramp up our product line, we get to keep in our own profitability. Now we have to do it, we have to perform. -- but we keep our own profitability to ourselves instead of giving back every year on the recost analysis that the government intends to do in traditional contracts. That enables us to make these investments upfront and have actually a fixed price for the customer with an escalator, they know what they're getting. And at some point, if we're able to hit the top mark of our fully retained margin expansion, we will share it with the government as was implied by Evan, but we get to keep a significant ramp up in profitability to industry if we can perform.

換句話說，正如 Evan 所說，如果我們在擴大產品線的同時取得效率提升，我們就能把這些效益保留在自己的獲利之中。當然我們得做到、得交付、得有績效——但我們把獲利留給自己，而不是像傳統合約那樣，政府每年要做重新成本（recost）分析時就把它全數回收。這讓我們能夠先行投入這些投資，並且實際上為客戶提供一個帶有調整機制（escalator）的固定價格，他們知道自己會得到什麼。而在某個時間點，如果我們能達到「完全保留」的利潤率擴張上限，如 Evan 所暗示的，我們會與政府分享，但如果我們能做到，我們也能為產業保留相當可觀的獲利爬坡（ramp-up）。

And then there's a point where we get to work, we share ratably with the government, those future benefits. We don't give them all back. We give a portion of them back. And I think that's eminently fair to both the US government and taxpayer and it will motivate industry to just get better and faster and actually hit these ramp-up requests that we're getting.

接著會到一個階段，我們開始實際運作，並與政府按比例分享那些未來的效益。我們不會把它們全部交回去。我們只交回其中一部分。我認為這對美國政府與納稅人都非常公平，也會激勵產業變得更好、更快，並真正達成我們收到的這些爬坡需求。

Kristine Liwag, Morgan Stanley.

Kristine Liwag，摩根士丹利。

Hey, good morning, everyone. Jim, you called out how the GRIZZLY Counter-UAS demonstrator went from concept to test fire in just 45 days by leveraging existing systems and rapidly integrating proven technologies. 45 days is pretty impressive for what you delivered. So can you size the revenue opportunity that you can tackle on with this new development approach and how you see your potential market share for incremental programs evolve with this with this faster turnaround.

各位早安。Jim，你提到 GRIZZLY 反無人機系統（Counter-UAS）示範機透過運用既有系統並快速整合已驗證的技術，從概念到試射只花了 45 天。以你們交付的成果來說，45 天非常令人印象深刻。所以，你能否量化這種新的開發方式所能切入的營收機會，以及你如何看待在這種更快的交付週期下，你們在新增計畫（incremental programs）上的潛在市占率將如何演變。

Sure, Christine. It's Jim. I'll start, maybe Evan can speak to the financial opportunity set here. GRIZZLY and also another system that we have called MORFIUS. Those were developed by kind of Skunk Works type groups in our MSC business, right, with cooperation and collaboration with the other business areas, which is, again, something relatively new for us in those kinds of advanced development programs as we call them.

當然可以，Christine。我是 Jim。我先開頭，或許 Evan 可以談談這裡的財務機會範圍。GRIZZLY，以及我們另一套稱為 MORFIUS 的系統。這些是由我們 MSC 事業部裡有點像「臭鼬工廠」（Skunk Works）類型的團隊所開發，並且與其他事業領域合作協同——再次強調，對我們而言，在我們所稱的這類先進開發計畫中，這種做法相對算是新的。

So we made a visit, my executive team, we hold many of our executive team meetings every monthly meetings at sites. So we're in Board meetings, too, by the way, Syracuse, New York, we had a Board meeting, executive meeting after we build the radars, a couple of -- a few months ago, we had one of the executive meetings at our Orlando facility, which is an MFC facility in Central Florida which is quite extensive. There's the big development team there and there's manufacturing there. And that's the kind of place like Skunk Works in California for the Aeronautics Group, where you can actually figure out things that are new and novel and get ahead of demand and all those aspirations that we have.

所以我們去參訪了；我的高階主管團隊——我們每月的高階主管會議很多時候都會在各據點舉行。順帶一提，我們也會在據點開董事會會議；例如在紐約州雪城（Syracuse, New York），我們在建造雷達之後也開過一次董事會會議與高階主管會議；幾個月前，我們也在位於佛羅里達中部、相當龐大的奧蘭多廠區（那是 MFC 的廠區）舉行過一次高階主管會議。那裡有大型的研發團隊，也有製造產線。那種地方就像加州航太事業群的 Skunk Works 一樣，你可以在那裡真正把新穎的東西做出來、走在需求之前，並實現我們所有那些目標。

So -- and it was quite a mix of young and more experienced people. They showed us two things. They showed us a prototype grizzly which includes the sort of the advanced health fire, which is now called Jagan, something we make tens of thousands a year for the Army. The Army has tens of thousands more in their stockpiles. This is not a limited munition, for example, and it's not expensive either.

所以——那裡的人員組合很有趣，有年輕的，也有更資深的。他們向我們展示了兩樣東西。他們展示了一個 GRIZZLY 原型，其中包含某種先進的「Health Fire」，現在叫做 Jagan——這是我們每年為陸軍生產數以萬計的一種產品。陸軍的庫存裡還有更多、也是數以萬計。例如，這不是一種供應受限的彈藥，而且也不昂貴。

It's made us volume, as I said. And containerization is one of our big themes in development now, which is we ought to be able to move stuff and put it on a ship or the back of a truck or pick it up with a helicopter and move it because the threats are getting much more dispersed, if you will, with the drones and cruise missiles and things that are coming out now.

如我所說，這是我們大量生產的產品。而「容器化」（containerization）是我們目前開發的一個重要主題：我們應該能把裝備移動、放上船、放到卡車後斗，或用直升機吊掛搬運，因為你可以說，隨著無人機、巡弋飛彈以及現在出現的各種威脅，威脅正變得更加分散。

And we have to have defensive systems that can protect air bases or stadiums or whatever that are containerized, meaning we can move them and just set them up some place and they're going to work. So there are two teams that had a display for us One was the GRIZZLY team, and they showed us that they could invent a containerized launcher kind of looks like a four-pack of IPA beer, if you can buy at the store. And the health fires are in there. They connected it to a command-and-control system to what we call Sanctum. And by the way, the provider of the Santam radar is not necessarily our RMS business, it's one of our venture -- Lockheed Martin venture companies called Fortum. They have a small transportable radar, which goes right along with the concept.

因此我們必須有能夠防護空軍基地、體育場或任何目標的防禦系統，而且要是容器化的——也就是說，我們能把它們搬運到某個地方，架設好就能運作。所以有兩個團隊為我們做了展示：一個是 GRIZZLY 團隊，他們展示他們能發明一種容器化發射器，看起來有點像你在商店買得到的四罐裝 IPA 啤酒。而那些 health fires 就裝在裡面。他們把它連接到一套指揮與控制系統，也就是我們所稱的 Sanctum。順帶一提，Santam 雷達的供應商不一定是我們的 RMS 事業部，而是我們投資的一家新創——洛克希德馬丁的創投公司之一，叫 Fortum。他們有一款小型可運輸雷達，正好符合這個概念。

So we match something we had from a ventures company we invested in most mass-produced missile we have and repurposed the whole thing to shoot down drones. And then we went 50 feet down the factory floor to the next demonstration and they had what we call Morpheus, which is this big quadcopter about the size of a dining room table, and it has a box on top, which is a high-power microwave and the teams of the, again, eager developers working with the manufacturing folks at MSC like literally built this device and kind of the garage almost, if you will, and showed it, and we asked about the testing and Frank sent John and I were there, and we're asking about the testing working, what's the success rate and all of that. And it's pretty high.

所以我們把一個來自我們投資的新創公司的東西、再加上我們量產最多的飛彈，並把整套系統重新用途化，用來擊落無人機。接著我們沿著工廠地面往下走 50 英尺，到下一個展示點，他們展示了我們稱為 Morpheus 的系統：這是一台大型四旋翼，大小大概像一張餐桌，上面有個箱體，是高功率微波裝置。這些同樣充滿幹勁的研發人員與 MSC 的製造同仁合作，幾乎像在車庫裡一樣把這個裝置做出來並展示給我們看。我們也詢問測試情況；Frank 派了 John，我也在場，我們在問測試是否有效、成功率如何等等。而成功率相當高。

So they said, yes, we can get up using AI, let this drone take off on its own. We preprogram the bad drones, what they look like. both from a radar signature or a lidar signature and also electronic warfare-type signatures. And if the drone sees one, you don't need a person involved, it just goes over flies next to it, like a formation flight in an airplane and then turns on the high-power microwave and fries the electronics of the drone. And it goes and does that up to 50x on 1 battery charge and then it goes back for recharge.

所以他們說，是的，我們可以運用 AI 讓這架無人機自行起飛。我們會預先把敵方無人機的特徵編程進去——包括雷達特徵或光達（lidar）特徵，也包括電子戰類型的特徵訊號。如果這架無人機偵測到目標，就不需要人員介入；它會飛過去、在旁邊伴飛，就像飛機編隊飛行一樣，然後開啟高功率微波，把對方無人機的電子設備「燒掉」。一次電池充電可重複執行最多 50 次，然後它就回去充電。

And I just said to both teams, build 1,000 of these Evan is like remember having a little bit of a (inaudible). And we'll figure out of each of them, and we'll figure out how to deploy them with the Army or the marines or whoever is going to go special force. -- write us a contract for us, we'll have them available. And if they don't sell here, we develop them on our own. We'll try to get exportability really quick, and we'll go sell them somewhere else.

我就對兩個團隊說：各做 1,000 套。Evan 則像是記得當時有點(聽不清)。我們會把每一套的事情都弄清楚，也會想辦法和陸軍、海軍陸戰隊或任何要去特種作戰的人一起部署——給我們寫一份合約，我們就能把它們準備好。如果在這裡賣不出去，我們就自己把它們開發下去。我們會盡快把可出口性（exportability）做出來，然後到別的地方去賣。

So that's the mentality we have now. And then there's so many young people. We have the 60,000-plus engineers and scientists. When they get the straight jacket pulled off of them and say, go and vent something that has the range payload survivability and economic equivalence to a threat that's really happening and really killing people in places, then how do we -- they then unleash their animal spirits, so to speak, and they come up with this stuff.

所以這就是我們現在的心態。而且有非常多的年輕人。我們有超過 60,000 名工程師與科學家。當你把束縛他們的緊身衣解開，告訴他們：去發明一個在射程、載荷、生存性以及經濟等效性上，能對應一個真實發生、在某些地方真的在奪走人命的威脅的東西——那麼他們就會釋放出所謂的「動物精神」，然後就能做出這些東西。

So we just prefunded it. We said, let's build them, let's go test them. We kind of -- kind of went on the road show with the Army and the other services, and they're now on the range with us demonstrating these things. And we'll get an order, I think, someday. And if it's not from the US, it will be somewhere else.

所以我們就先行預撥資金。我們說，那就把它們做出來、去測試。我們算是——算是跟著陸軍和其他軍種一起做了路演，而他們現在也在靶場上與我們一起展示這些東西。我想我們總有一天會拿到訂單。如果不是來自美國，那也會是其他地方。

So that's how we get from concept to delivery in 45 days. Sorry, that was a long explanation, but it's changing the way the company operates, the mindset of it, and really unleashing the technical talent we have, the partnerships we have and the massive manufacturing capability that we have to solve these issues and try to deter award when it if we have to.

所以這就是我們如何在45天內從概念走到交付。抱歉，這段解釋有點長，但這正在改變公司的運作方式與思維模式，並真正釋放我們擁有的技術人才、合作夥伴關係，以及龐大的製造能力，來解決這些問題，並在必要時努力形成嚇阻、避免衝突。

Absolutely. And from a financial standpoint, I mean, a couple of things to note here. One, I mean, you are seeing a culture change over, right? We've always been optimized around very closely aligning and anticipating our customer needs. But now you see us not being paced by programs of record -- being able to anticipate that and see where the budget and the needs are going. And we have the financial firepower to be able to make these investments.

完全同意。從財務角度來看，我想這裡有幾點值得注意。第一，你確實看到文化正在轉變，對吧？我們一向都以非常緊密地對齊並預判客戶需求為最佳化目標。但現在你看到我們不再被既定專案（programs of record）的節奏所牽制——而是能夠預判並看見預算與需求的走向。而且我們有足夠的財務火力來進行這些投資。

So what that translates to from a financial forecast perspective is that the funds of forecast numbers we've talked about here are based on our traditional programs. What we're talking about investing in would be incremental to that. We don't see this as taking the place of those products. We see the supplementing and adding additional capabilities and resilience to the customers' capabilities. So we see this as a potential upside for us and we have the financial firepower to be able to make these investments.

因此，從財務預測的角度來看，這代表我們在這裡談到的預測資金數字是基於我們傳統的專案。我們所談的投資將是在此基礎上的增量。我們不認為這會取代那些產品。我們認為這是在補充，並為客戶的能力增加額外的能力與韌性。所以我們把這視為對我們而言可能的上行空間，而且我們也有足夠的財務火力來進行這些投資。

Gavin Parsons, UBS.

Gavin Parsons，瑞銀（UBS）。

Thank you. Morning. I just wanted to follow up on an earlier question on the frameworks, and I appreciate all the detail, but I wanted to make sure I understand whether anything changes operationally or financially when you firm up the UCAS into true multiyears. And then what the long poles in the tent are to fully finalizing that.

謝謝。早安。我想跟進先前關於框架的一個問題，我很感謝你們提供的所有細節，但我想確認我是否理解：當你們把UCAS落實為真正的多年期合約時，在營運或財務上是否會有任何改變。另外，要把它完全定案，最關鍵、最耗時的環節是什麼。

Sure. So the UCAS are really key because they allow us to get going at full speed. And in that they're multiyear UCAS, we can optimize around a seven-year production run and get our suppliers aligned to that, gives us a funding allocation and it gives us the cash terms to allow us to protect the upfront investment.

當然。UCAS確實非常關鍵，因為它們讓我們能以全速啟動。而且因為它們是多年期UCAS，我們可以圍繞七年的生產期來做最佳化，並讓供應商與之對齊；它也給了我們資金配置，並提供現金條款，使我們能夠保護前期投資。

So it's really critical. As we transition these UCAS to full-year production, there will be a few things that we'll need to cement. One, we will need to finalize the actual delivery schedules in great detail out to the seven years. and finalize the actual profit mechanisms. We know enough from the HOAs to have pretty good line of sight to be able to forecast that today.

所以這真的非常重要。當我們把這些UCAS轉換為完整年度的生產時，會有幾件事需要敲定。第一，我們需要把實際交付時程非常細緻地一路排到七年，並敲定實際的利潤機制。我們從HOA中已經掌握足夠資訊，因此今天就能有相當清晰的能見度來做預測。

But the converts to multiyear procurements will be key to fully lock those down in the contract. But with the UCAS, we have all we need for now to be able to go at full speed and get our suppliers aligned and to waste no time and ramping up to meet the need.

但轉為多年期採購將是把這些內容在合約中完全鎖定下來的關鍵。不過就目前而言，透過UCAS，我們已具備所需的一切，可以全速推進、讓供應商對齊，不浪費任何時間，並加速擴產以滿足需求。

Sarah, this is Mark. We're coming up on time. So I'm going to turn the call back over to Jim for his final thoughts.

Sarah，我是Mark。我們時間差不多了。所以我把電話會議交回給Jim，請他做最後的總結。

Yes. Thanks, Mark. I just want to close by recognizing the people who make this performance possible. First, our employees and the thousands of suppliers who alongside of us are investing, innovating and expanding their capacity -- so thank you to everyone that's actually participating in all of this. Their commitment and our employees and our teammates commitments are strengthening Americas defense industrial base every day, and it needs to get better.

好的。謝謝你，Mark。我想在結束前先向讓這樣的表現成為可能的人致意。首先是我們的員工，以及數以千計與我們並肩投資、創新並擴充產能的供應商——因此，感謝每一位實際參與其中的人。他們的承諾，以及我們員工與隊友的承諾，每一天都在強化美國的國防工業基礎，而這也需要持續變得更好。

Most importantly, I'd like to thank the men and women of the US military and our allies who are operating and sustaining our systems around the world in dangerous places. And everything we do is guided by a standard for the soldiers and sailors and marines and Guardians and airman out there, deliver reliable mission-ready capabilities and equipment when they need it. So they can do their mission and come back safely as well as our partners at NASA who continue to push the boundaries of space exploration as well.

最重要的是，我要感謝在全球各地危險地區操作並維持我們系統的美國軍人與我們的盟友。我們所做的一切都以一個標準為指引：為前線的士兵、水手、海軍陸戰隊員、太空軍人員（Guardians）與空軍人員，在他們需要時交付可靠、可立即執行任務的能力與裝備。讓他們能完成任務並安全返家；同時也要感謝我們在NASA的夥伴，他們也持續推進太空探索的邊界。

So that's a responsibility that motivates our team every day. You can see, I think, some of the energy that we have just on this call about really trying to make this a much better aerospace and defense industry and really lead the elevation of deterrents to arm conflict that our government has access to. So thank you, and we'll see you next quarter.

這是一份每天都激勵我們團隊的責任。我想你們也能從這通電話中感受到我們的能量：我們真的在努力讓航太與國防產業變得更好，並真正引領提升政府可運用的嚇阻手段，以避免武裝衝突。謝謝大家，我們下季見。

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。感謝您的參與。您現在可以掛線。