洛克希德·馬丁 (LMT) 2022 Q1 法說會逐字稿

Good day, and welcome, everyone, to the Lockheed Martin First Quarter 2022 Earnings Results Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Mr. Greg Gardner, Vice President of Investor Relations. Please go ahead, sir.

美好的一天，歡迎大家參加洛克希德馬丁公司 2022 年第一季度收益結果電話會議。今天的電話正在錄音。在這個時候，關於開場白和介紹，我想把電話轉給投資者關係副總裁 Greg Gardner 先生。請繼續，先生。

Thank you, John, and good morning. I'd like to welcome everyone to our first quarter 2022 earnings conference call. Joining me today on the call are Jim Taiclet, our Chairman, President and Chief Executive Officer; and Jay Malave, our Chief Financial Officer.

謝謝你，約翰，早上好。我想歡迎大家參加我們的 2022 年第一季度收益電話會議。今天和我一起參加電話會議的是我們的董事長、總裁兼首席執行官 Jim Taiclet；和我們的首席財務官 Jay Malave。

Statements made in today's call that are not historical fact, are considered forward-looking statements and are made pursuant to the safe harbor provisions of federal securities law. Actual results may differ materially from those projected in the forward-looking statements.

在今天的電話會議中做出的非歷史事實的陳述被視為前瞻性陳述，並且是根據聯邦證券法的安全港條款做出的。實際結果可能與前瞻性陳述中預測的結果大不相同。

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

請參閱今天的新聞稿和我們的 SEC 文件，了解可能導致實際結果與前瞻性陳述中的結果大不相同的一些因素的描述。

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

我們今天在我們的網站上發布了圖表，我們計劃在電話會議期間解決這些圖表以補充我們的評論。這些圖表還包括有關可能在今天的電話會議中使用的非公認會計原則措施的信息。請訪問我們的網站 www.lockheedmartin.com 並單擊投資者關係鏈接以查看和跟踪圖表。

With that, I'd like to turn the call over to Jim.

有了這個，我想把電話轉給吉姆。

Thanks, Greg. Good morning, everyone, and thank you for joining us on our first quarter 2022 earnings call. I'll begin today by welcoming Jay Malave to our executive management team.

謝謝，格雷格。大家早上好，感謝您加入我們的 2022 年第一季度財報電話會議。今天，我首先歡迎 Jay Malave 加入我們的執行管理團隊。

Many of you have worked with Jay during his 2-decade-plus career in the aerospace and defense industry and know him to be an exceptional financial professional and an outstanding leader. We're excited to have Jay join our company. On a personal level, I'm extremely pleased to be working with them.

你們中的許多人在 Jay 在航空航天和國防工業 2 多年的職業生涯中曾與他共事，並且知道他是一位傑出的金融專業人士和傑出的領導者。我們很高興 Jay 加入我們的公司。在個人層面上，我非常高興能與他們合作。

I'd also like to recognize John Mollard, he's with us today, for his tremendous contributions as our acting CFO. We're grateful to John for his leadership and financial acumen, and he's continued as a key member of our team, leading our treasury organization.

我還要感謝 John Mollard，他今天與我們在一起，感謝他作為我們的代理首席財務官所做的巨大貢獻。我們感謝約翰的領導能力和財務敏銳度，他繼續作為我們團隊的重要成員，領導我們的財務組織。

Moving to our financials. Jay will discuss our first quarter results and 2022 outlook in detail in a few moments, but I'll begin with a brief overview. Our first quarter sales were slightly below our expectations. However, our full-year 2022 outlook remains intact.

轉向我們的財務。 Jay 將在稍後詳細討論我們的第一季度業績和 2022 年展望，但我將從簡要概述開始。我們第一季度的銷售額略低於我們的預期。但是，我們對 2022 年全年的展望保持不變。

We did experience some adverse impacts from the winter surge and the Omicron variant in our operations and our supply chain, but we expect these to reflect short-term timing issues. I'm proud of how our team responded to these challenges, and we remain committed to delivering all the objectives that we laid out in our January outlook.

我們確實在我們的運營和供應鏈中經歷了冬季激增和 Omicron 變體的一些不利影響，但我們預計這些將反映短期時間問題。我為我們的團隊如何應對這些挑戰感到自豪，我們將繼續致力於實現我們在 1 月份展望中提出的所有目標。

Our operational performance was solid, with our business areas delivering increased profit margins from last year's first quarter, and free cash flow was ahead of our projections. We also progressed well on our cash deployment plan, executing a $2 billion accelerated share repurchase agreement during the quarter.

我們的運營業績穩健，我們的業務領域的利潤率比去年第一季度有所提高，自由現金流超出了我們的預期。我們的現金部署計劃也進展順利，在本季度執行了 20 億美元的加速股票回購協議。

We are well on our way to achieving our full-year outlook of $4 billion in repurchases as we look to deliver over 100% of our free cash flow to stockholders over the course of the year, inclusive of dividends.

我們正在努力實現 40 億美元的全年回購預期，因為我們希望在一年中向股東提供超過 100% 的自由現金流，包括股息。

We will continue to execute on our long-term strategy of disciplined and dynamic capital deployment, growing free cash flow per share and thereby delivering strong long-term returns to shareholders.

我們將繼續執行我們的長期戰略，即有紀律和動態的資本配置，增加每股自由現金流，從而為股東帶來強勁的長期回報。

Turning to the F-35 program. Germany recently announced their intent to procure 35 aircraft. Lockheed Martin will support our U.S. government Joint Program Office in this process as we look to partner with Germany to provide this unique capacity and capability for its national defense.

轉向 F-35 計劃。德國最近宣布他們打算採購 35 架飛機。洛克希德馬丁公司將在此過程中支持我們的美國政府聯合項目辦公室，因為我們希望與德國合作，為其國防提供這種獨特的能力。

The government of Canada has also announced it will enter into the finalization phase of their procurement process with the United States government and Lockheed Martin to purchase 88 F-35 fighter jets for the Royal Canadian Air Force.

加拿大政府還宣布將與美國政府和洛克希德馬丁公司進入採購程序的最後階段，為加拿大皇家空軍採購 88 架 F-35 戰鬥機。

Canada is one of the original 8 partner countries on the F-35 program, and we're very pleased to have the opportunity to provide this unrivaled plane to strengthen Canada's national defense.

加拿大是 F-35 計劃最初的 8 個合作夥伴國家之一，我們很高興有機會提供這架無與倫比的飛機來加強加拿大的國防。

The German and Canadian announcements follow similar award decisions last year from Switzerland and Finland. And these 4 competitive wins have the potential to add 223 F-35s to our backlog when all are finalized.

德國和加拿大的公告遵循去年瑞士和芬蘭的類似獎勵決定。這 4 次競爭性勝利有可能在全部完成後將 223 架 F-35 添加到我們的積壓訂單中。

All 4 of these recent announcements underscore that the F-35 fighter jet remains the most capable, survivable and highly-connected platform in production, as well as the best value available today for our warfighters.

最近發布的所有 4 項聲明都強調，F-35 戰鬥機仍然是生產中能力最強、生存能力最強和高度連接的平台，也是當今我們的戰士可獲得的最佳價值。

And although the initial quantity of F-35 is requested in the FY '23 President's budget submission, was below our expectations for [Lat-17] aircraft, we expect that the services adds via the unfunded priority list and increased international demand will enable us to deliver on the stabilized production profile we had previously established.

儘管 F-35 的初始數量是在 23 財年總統提交的預算中要求的，但低於我們對 [Lat-17] 飛機的預期，但我們預計這些服務會通過無資金的優先清單增加，而國際需求的增加將使我們能夠交付我們之前建立的穩定生產配置文件。

With respect to the overall Department of Defense budgets, this quarter, Congress passed the fiscal year 2022 Omnibus Appropriations Act, with strong bipartisan support in both the House and Senate.

關於國防部的整體預算，本季度，國會通過了 2022 財年綜合撥款法案，得到了參眾兩院兩黨的大力支持。

And the bill was subsequently signed into law by President Biden. This legislation approved approximately $742 billion in DoD spending, an increase of nearly $40 billion over the FY '21 enacted amount.

該法案隨後由拜登總統簽署成為法律。這項立法批准了大約 7420 億美元的國防部支出，比 21 財年頒布的金額增加了近 400 億美元。

The final bill resulted in increases that will benefit multiple Lockheed Martin programs over the next few years, including fully-funding 85 F-35s, 21 additional C-130J transport aircraft, 10 additional Black Hawks, 2 additional CH-53K helicopters, as well as increases to some of our franchise satellite and missile programs.

最終法案的增加將使洛克希德馬丁公司未來幾年的多個項目受益，包括全額資助的 85 架 F-35、21 架額外的 C-130J 運輸機、10 架額外的黑鷹、2 架額外的 CH-53K 直升機，以及作為我們某些特許經營衛星和導彈計劃的增加。

This quarter, the President also submitted the fiscal year 2023 Defense Department budget request, the first step in the FY '23 budget process. The President submission added an additional $30 billion to the enacted FY '22 appropriations and totaled $773 billion in requested DoD funding.

本季度，總統還提交了國防部 2023 財年預算申請，這是 23 財年預算流程的第一步。總統提交的文件為已頒布的 22 財年撥款增加了 300 億美元，並要求國防部提供總計 7730 億美元的資金。

This initial budget submission continues the administration's emphasis on the Indo-Pacific region, it supports Ukraine and focuses on strengthening our nation's deterrence capabilities, all initiatives that are well aligned with our portfolio and with our 21st Century security strategy.

這份初步預算提交延續了政府對印度-太平洋地區的重視，它支持烏克蘭並專注於加強我們國家的威懾能力，所有舉措都與我們的投資組合和我們的 21 世紀安全戰略保持一致。

The DoD also expanded investments in important technology development efforts such as Future Vertical Lift and hypersonics, also key elements in our multi-pillar growth strategy. And we look forward to providing our customers with innovative solutions for these and other important missions.

國防部還擴大了對未來垂直升力和高超音速等重要技術開發工作的投資，這也是我們多支柱增長戰略的關鍵要素。我們期待為我們的客戶提供這些和其他重要任務的創新解決方案。

On a related note, I'd like to take a few moments to bring you up to date on 2 of the 4 pillars in our long-term growth strategy, our programs of record and new business opportunities.

在相關的說明中，我想花點時間向您介紹我們長期增長戰略的 4 個支柱中的 2 個、我們的記錄計劃和新的商機。

As to programs of record, this quarter, our Sikorsky team received over $1 billion in orders for the CH-53K platform, one of the main contributors in our program of record growth pillar.

至於記錄項目，本季度，我們的西科斯基團隊收到了超過 10 億美元的 CH-53K 平台訂單，這是我們記錄增長支柱項目的主要貢獻者之一。

These announcements included awards for 13 low-rate initial production Lot 6 aircraft, including 4 for Israel, as well as long lead-time items for full-rate production Lot 7 helicopters. The program is performing very well. And as it continues to inflection to full production, we anticipate tripling our deliveries in the next few years.

這些公告包括授予 13 架低速初始生產 Lot 6 飛機，其中 4 架為以色列，以及全速生產 Lot 7 直升機的長交貨期項目。該程序執行得非常好。隨著它繼續轉向全面生產，我們預計未來幾年我們的交付量將增加兩倍。

We also continue to see significant opportunities across the competitive new business landscape. Beginning with our Space business area, we are very excited to be awarded transport layer tranche 1, one of three prototype agreements from the Space Development Agency.

我們還繼續在競爭激烈的新商業環境中看到重大機遇。從我們的太空業務領域開始，我們很高興獲得運輸層第 1 批，這是來自太空發展署的三個原型協議之一。

The $700 million award to design and build 42 small low-earth orbit satellites as part of the initial tranche of the National Defense Space Architecture. This transport layer constellation will connect assets in space with platforms and other domains and a highly-capable mesh network environment for joint all-domain operations.

作為國防空間架構初始部分的一部分，用於設計和建造 42 顆小型低地球軌道衛星的 7 億美元獎金。這個傳輸層星座將把太空中的資產與平台和其他域以及用於聯合全域操作的高性能網狀網絡環境連接起來。

And it's an outstanding example of 5G.MIL-enabled JADO technology, maturing into a program of record. This award built on our current tranche zero contract that will deliver 10 space vehicles later this year, and we look forward to continuing our support to the [FDA] and in the development of our country's next-generation space architecture.

它是支持 5G.MIL 的 JADO 技術的一個傑出例子，逐漸成為一個記錄程序。該獎項建立在我們目前將在今年晚些時候交付 10 架航天器的零檔合同之上，我們期待繼續支持 [FDA] 和我國下一代太空架構的發展。

Continuing with competitive new business activity, in March, our Sikorsky team delivered our final updated prime proposal to the U.S. Army in response to their future long-range assault aircraft solicitation.

繼續開展具有競爭力的新業務活動，3 月，我們的西科斯基團隊向美國陸軍提交了我們最終更新的主要提案，以響應他們未來的遠程攻擊機招標。

Several weeks ago, we flew our defined aircraft 700 nautical miles from West Palm Beach to Nashville to be displayed at the Annual Army Aviation Association of America Conference. That was completing a 7-hour mission that further demonstrated the capabilities and the maturity of this remarkable rotorcraft.

幾週前，我們將我們定義的飛機從西棕櫚灘飛往納什維爾 700 海裡，在美國陸軍航空協會年度會議上進行展示。那是完成一個 7 小時的任務，進一步展示了這架非凡旋翼飛機的能力和成熟度。

We believe our defined offering is the most mission-capable platform available, one that will provide our soldiers with transformational capabilities and unparalleled maneuverability, and we're excited to offer this unique solution in support of our own forces.

我們相信我們定義的產品是可用的最具任務能力的平台，它將為我們的士兵提供轉型能力和無與倫比的機動性，我們很高興能提供這種獨特的解決方案來支持我們自己的部隊。

Before I hand the call over to Jay, I'd like to take a moment to express my sincere sympathy for those affected by the Russian government's unprovoked invasion of Ukraine. The conflict has resulted in devastating impact to the Ukrainian people and heightened security threats for the European continent.

在我把電話交給傑之前，我想花一點時間對那些受到俄羅斯政府無端入侵烏克蘭的人表示誠摯的同情。衝突對烏克蘭人民造成了毀滅性影響，並加劇了歐洲大陸的安全威脅。

While we hope that this conflict is resolved peacefully soon, Lockheed Martin is taking steps to help address the resulting humanitarian crisis through multiple partners. These include [communicating] aid to the Polish Red Cross, Project HOPE, USO and others to provide assistance to refugees, and we will continue to support ongoing relief efforts in Eastern Europe.

雖然我們希望這場衝突能盡快得到和平解決，但洛克希德馬丁公司正在採取措施，通過多個合作夥伴幫助解決由此產生的人道主義危機。其中包括向波蘭紅十字會、Project HOPE、USO 和其他機構提供援助以向難民提供援助，我們將繼續支持東歐正在進行的救援工作。

With that, I'll turn the call over to Jay and join you later to answer your questions.

有了這個，我會把電話轉給傑，稍後再和你一起回答你的問題。

Thank you, Jim, and good morning, everyone. I appreciate the introduction, and it's an honor to be part of the Lockheed Martin team and represent our 114,000 employees on the first quarter earnings call.

謝謝你，吉姆，大家早上好。我很欣賞這次介紹，很榮幸成為洛克希德馬丁團隊的一員，並在第一季度財報電話會議上代表我們的 114,000 名員工。

Today, I will walk you through our consolidated results, business area detail and discuss our 2022 outlook. As I highlight our results, please follow along with the web charts we have posted with our earnings release today.

今天，我將帶您了解我們的綜合業績、業務領域詳情，並討論我們的 2022 年展望。當我強調我們的結果時，請關注我們今天發布的收益發布中的網絡圖表。

Let's begin with Chart 3 and an overview of our consolidated first quarter results. As reported in our earnings release, results were largely in line with our expectations as the first quarter was impacted by program life cycle transitions.

讓我們從圖 3 和我們第一季度合併結果的概述開始。正如我們在財報中報告的那樣，由於第一季度受到項目生命週期過渡的影響，結果基本符合我們的預期。

In addition to the expected program effects, we also saw some impacts to sales timing, mostly due to the spike in COVID, early in Q1. Total segment operating profit was $1.7 billion, and segment operating margin expanded 30 basis points to 11.1%. Earnings per share were $6.44, and we delivered $1.1 billion of free cash flow.

除了預期的計劃效果外，我們還看到了對銷售時間的一些影響，主要是由於第一季度初期 COVID 的飆升。分部營業利潤總額為 17 億美元，分部營業利潤率擴大 30 個基點至 11.1%。每股收益為 6.44 美元，我們提供了 11 億美元的自由現金流。

We also got off to a strong start to this year's capital allocation program, with $2 billion of shares repurchased in the quarter at an average price of approximately $427 per share. Along with almost $800 million in dividends paid, we returned greater than 2x our free cash flow to stockholders. And we remain committed to our full-year outlook.

今年的資本分配計劃也取得了良好的開端，本季度以每股約 427 美元的平均價格回購了 20 億美元的股票。除了支付近 8 億美元的股息外，我們還向股東返還了超過 2 倍的自由現金流。我們仍然致力於我們的全年展望。

Turning to consolidated sales and segment operating profit results on Chart 4. Total sales declined by 8%, mostly reflecting anticipated program reductions, with about 1.5 points coming from supply chain and internal operations delays, primarily associated with the recent COVID surge.

轉向圖 4 上的綜合銷售和部門營業利潤結果。總銷售額下降了 8%，主要反映了預期的計劃減少，其中約 1.5 個點來自供應鍊和內部運營延遲，主要與最近的 COVID 激增有關。

Our operations and supply chain teams did a strong job of managing this latest challenge, and we expect these timing impacts to be recovered over the course of 2022.

我們的運營和供應鏈團隊在應對這一最新挑戰方面做得非常出色，我們預計這些時間影響將在 2022 年期間恢復。

Segment operating profit declined 5% versus last year, and our segment operating margins expanded 30 basis points to 11.1%, reflecting solid underlying performance in spite of lower net profit adjustments versus last year.

分部營業利潤與去年相比下降了 5%，我們的分部營業利潤率擴大了 30 個基點至 11.1%，儘管與去年相比淨利潤調整較低，但反映了穩健的基本業績。

Turning to segment sales on Chart 5. 3 of our 4 business areas were affected by expected program life cycle timing. Space declined by approximately $450 million due to the nationalization of the Atomic Weapons Establishment program.

轉向圖 5 中的細分銷售。我們的 4 個業務領域中有 3 個受到預期項目生命週期時間的影響。由於原子武器建立計劃的國有化，空間減少了大約 4.5 億美元。

Rotary and Mission Systems sales were also lower, driven by approximately $300 million from the delivery of an Australian pilot training program in last year's first quarter, as well as other mission system program transitions and COVID-related timing impacts.

Rotary 和 Mission Systems 的銷售額也有所下降，這是由於去年第一季度澳大利亞飛行員培訓計劃的交付，以及其他任務系統計劃的過渡和與 COVID 相關的時間影響所帶來的約 3 億美元的推動。

And Missiles and Fire Control was lower due to supply chain delays in integrated air and missile defense, reduced sustainment revenue for special ops following the troop withdrawal from Afghanistan, and program transitions in the Tactical and Strike Missile business.

由於綜合防空和導彈防禦的供應鏈延遲，部隊從阿富汗撤軍後特種作戰的維持收入減少，以及戰術和打擊導彈業務的計劃過渡，導彈和火力控制較低。

Aeronautics was flat this quarter as expected, with increased F-16 production offsetting lower volume on F-35. Moving to segment operating profit on Chart 6. Operating margins were higher at Space and MFC, with the increase in Space driven by additional ULA equity earnings.

航空業本季度與預期持平，F-16 產量增加抵消了 F-35 產量下降。轉到圖 6 上的部門營業利潤。Space 和 MFC 的營業利潤率更高，Space 的增長是由額外的 ULA 股權收益推動的。

And MFC expansion from solid program performance and successful contract negotiations on an international program. Both Aero and RMS margins contracted primarily due to lower net profit adjustment, but they met or exceeded our expectations for the quarter. Overall, solid performance across the operations.

MFC 的擴展來自可靠的項目績效和成功的國際項目合同談判。 Aero 和 RMS 利潤率均收縮，主要是由於淨利潤調整減少，但它們達到或超過了我們對該季度的預期。總體而言，各項業務表現穩健。

Turning to earnings per share on Chart 7. Our first quarter EPS of $6.44 declined by 2% and reflected the impact of decreased sales volume, mark-to-market adjustments and lower FAS/CAS income, partially offset by benefits from the increased segment operating margin, reduced share count and a lower tax rate.

轉向圖 7 中的每股收益。我們的第一季度每股收益為 6.44 美元，下降了 2%，反映了銷量下降、按市價調整和 FAS/CAS 收入下降的影響，部分被增加的部門運營收益所抵消利潤，減少的股票數量和較低的稅率。

Shifting to first quarter cash generation and deployment on Chart 8. Free cash flow of $1.1 billion was ahead of our expectations, following the very strong $3.7 billion of free cash flow generated during the fourth quarter of 2021.

轉向圖 8 中的第一季度現金產生和部署。繼 2021 年第四季度產生了非常強勁的 37 億美元自由現金流之後，11 億美元的自由現金流超出了我們的預期。

Cash deployment continued to drive value for our stockholders as we returned $2 billion through share repurchases, leaving approximately $2 billion on our existing authorization and outlook for 2022.

現金部署繼續為我們的股東帶來價值，因為我們通過股票回購返還了 20 億美元，在我們現有的授權和 2022 年展望上留下了大約 20 億美元。

Combined with nearly $800 million in dividends paid, we returned over 240% of free cash flow to shareholders this quarter. Operational cash remains solid as the business looks to grow quarter-over-quarter through the rest of 2022.

加上已支付的近 8 億美元股息，我們本季度向股東返還了超過 240% 的自由現金流。由於該業務有望在 2022 年剩餘時間內實現季度環比增長，因此運營現金保持穩定。

Okay. Moving over to our 2022 outlook on Chart 9. We remain confident in our full-year outlook as we have seen improvements since the Omicron variant spike. Our first quarter sales were approximately $250 million below our expectations, which equates to less than a single day of volume, and we expect this to be fully recouped throughout 2022.

好的。在圖 9 中轉到我們的 2022 年展望。我們對全年展望仍然充滿信心，因為我們看到自 Omicron 變體飆升以來有所改善。我們第一季度的銷售額比我們的預期低約 2.5 億美元，相當於不到一天的銷量，我們預計這將在 2022 年完全收回。

For the balance of the year, we project sales of slightly below $16 billion in the second quarter, around $17 billion in the third quarter and $18 billion in the fourth quarter. As our release stated, our outlook does not include any impacts from potential debt refinance or pension liability transfer actions that are currently under evaluation.

對於今年的剩餘時間，我們預計第二季度的銷售額略低於 160 億美元，第三季度約為 170 億美元，第四季度為 180 億美元。正如我們的新聞稿所述，我們的展望不包括目前正在評估的潛在債務再融資或養老金負債轉移行動的任何影響。

On Chart 10, we break out our segment sales and operating profit outlook. Our segment estimates for 2022 remain consistent with the guidance we provided in January, and we continue to anticipate long-term growth for all 4 of our business areas.

在圖 10 中，我們列出了我們的分部銷售額和營業利潤前景。我們對 2022 年的分部預測與我們在 1 月份提供的指導保持一致，我們繼續預計我們所有 4 個業務領域的長期增長。

It's important to note that our consolidated and Aero outlooks are dependent upon reaching agreement on F-35 Lots 15 through 17 here in the second quarter as funding constraints would likely cause a timing impact to our financial results, beginning this quarter.

重要的是要注意，我們的合併和航空前景取決於在第二季度就 F-35 第 15 至 17 批達成一致，因為資金限制可能會對我們從本季度開始的財務業績產生時間影響。

Our teams are diligently working with their Joint Program Office counterparts to achieve closure on this critical milestone. And both parties are striving to finish negotiations in the near term. So we remain confident in our full-year projections.

我們的團隊正在與他們的聯合項目辦公室同行努力合作，以實現這一關鍵里程碑的結束。雙方都在努力在短期內完成談判。因此，我們對全年預測仍然充滿信心。

Okay, to bring it all together on Chart 11. The first quarter delivered solid operational performance that was largely in line with our expectations, in spite of the effects of the recent COVID spikes.

好的，在圖 11 上匯總一下。儘管最近 COVID 飆升的影響，第一季度仍實現了穩健的運營業績，這在很大程度上符合我們的預期。

Our cash generation and deployment also got off to a good start, with a focus on strategic investment for growth and fulfilling our capital allocation outlook for the year. Our solid performance and our 4-pillar growth strategy have us well positioned to deliver long-term shareholder value.

我們的現金產生和部署也有一個良好的開端，重點是戰略投資以促進增長並實現我們今年的資本配置前景。我們穩健的業績和我們的 4 支柱增長戰略使我們能夠很好地為股東創造長期價值。

So with that, John, let's open up to questions.

因此，約翰，讓我們敞開心扉回答問題。

(Operator Instructions)

（操作員說明）

And first the line of Rob Spingarn with Melius Research.

首先是與 Melius Research 合作的 Rob Spingarn。

Jay, it's good to see you again. .

傑，很高興再次見到你。 .

Thank you, Robin. It's great to have you covering the company and [history] again. Welcome back.

謝謝你，羅賓。很高興你再次報導公司和[歷史]。歡迎回來。

Jim, I wanted to ask you if we could discuss Eastern Europe a little bit more. And I know it's early, but perhaps we can expand on your earlier comments and discuss in more detail the potential impact for Lockheed.

吉姆，我想問你我們是否可以多談談東歐。我知道現在還為時過早，但也許我們可以擴展您之前的評論，並更詳細地討論對洛克希德的潛在影響。

So to start, I'm thinking of incremental demand for longer-range weapons that the U.S. is now talking about for Ukraine, but also the F-35, the F-16 and other products at MFC, both domestically and for allied nations.

因此，首先，我正在考慮美國現在談論的對烏克蘭以及 MFC 的 F-35、F-16 和其他產品的國內和盟國對遠程武器的增量需求。

So in terms of specifics, what products are most relevant? And at a higher level, how do we think about this influencing organic top line growth over time, say, the next 5 years, rest of the decade?

那麼就具體而言，哪些產品最相關？在更高的層面上，我們如何看待這種影響有機頂線增長的時間，比如，未來 5 年，10 年的剩餘時間？

Sure, Rob. Let me just start by articulating the foundations of what we think we're facing as a company and a country and an alliance, given the circumstances.

當然，羅伯。讓我首先闡明我們認為我們作為一個公司、一個國家和一個聯盟所面臨的基礎，在當時的情況下。

The world's clearly changed with Russia's invasion of Ukraine. A major global power has crossed a recognized international border to take territory by force. And as a result, the value of strong deterrents to war as an instrument of nation's geopolitical strategy, has not been as great since the middle of the 20th century.

隨著俄羅斯入侵烏克蘭，世界明顯發生了變化。一個全球大國已經跨越公認的國際邊界以武力佔領領土。因此，作為國家地緣政治戰略工具的強大威懾戰爭的價值自 20 世紀中葉以來就沒有那麼大了。

So here at Lockheed Martin, we're aggressively and have been aggressively positioning our company as a deterrence company.

所以在洛克希德馬丁公司，我們正在積極並且一直積極地將我們的公司定位為一家威懾公司。

Using the F-35 and our other core platforms as pathfinders, we're developing an open architecture using 21st Century digital technologies to continually enhance the deterrent effect of our national and our allied defense enterprise. And we have an integrated strategy to do so. I mean, I'll talk about a couple of platforms in a minute.

使用 F-35 和我們的其他核心平台作為探路者，我們正在開發一個使用 21 世紀數字技術的開放式架構，以不斷增強我們國家和盟國國防企業的威懾效果。我們有一個綜合戰略來做到這一點。我的意思是，我將在一分鐘內討論幾個平台。

But it's really about the integrated strategy and its ability to enhance deterrents as we go forward, every -- not 6 to 10 years with a new platform, but while we're doing the new platforms every 6 to 12 months in parallel.

但這實際上是關於綜合戰略及其在我們前進時增強威懾力的能力，不是每 6 到 10 年使用一個新平台，而是在我們每 6 到 12 個月並行開發新平台的同時。

So across Lockheed Martin, we're integrating our own business areas to be able to deliver on this idea and this vision.

因此，在洛克希德馬丁公司，我們正在整合我們自己的業務領域，以便能夠實現這一想法和願景。

We're also integrating it our strategy as a company across the U.S. and toward its allies, so they can work together more closely and effectively over time and ultimately, across the defense and aerospace industry and commercial technology industry as well, so we can accelerate those 21st Century digital technologies that others are investing a lot of time and talent in to, like 5G, AI, distributed cloud computing, et cetera.

我們還將其作為一家公司在美國及其盟友的戰略整合起來，這樣他們就可以隨著時間的推移更緊密、更有效地合作，最終也可以在國防和航空航天工業以及商業技術行業進行合作，這樣我們就可以加速其他人正在投入大量時間和人才的 21 世紀數字技術，如 5G、人工智能、分佈式雲計算等。

So it's more about the strategy and what we can deliver in total as a company and maybe as a pathfinder for our industry. So some of the platforms you mentioned, fit really well into this strategy.

因此，它更多的是關於戰略以及我們作為一家公司可以提供的總體成果，也許是我們行業的探路者。所以你提到的一些平台非常適合這個策略。

The F-35, for example, that you led off with. My interactions with pilots and commanders and senior government officials in countries, including the U.S. and Israel, and in Europe, where the F-35 has been used in either combat or combat support operations, the feedback is, the aircraft is unmatched as an aircraft, especially with its fifth-generation stealth capability and be survivable in a really hostile environment.

例如，你帶的 F-35。我與包括美國和以色列在內的國家以及歐洲的飛行員、指揮官和高級政府官員的互動，在這些國家，F-35 已用於戰鬥或戰鬥支援行動，反饋是，這架飛機是無與倫比的飛機，尤其是憑藉其第五代隱身能力，並且可以在真正敵對的環境中生存。

But equally exciting to the people I've been getting feedback from on the front, so to speak, is the ability of the F-35 to be a core sensor and a core command node and control node in a much wider network of national defense or deterrence.

但對於我從前線得到反饋的人來說，同樣令人興奮的是，可以說，F-35 能夠成為更廣泛的國防網絡中的核心傳感器、核心指揮節點和控制節點或威懾。

And so the sensing capability of the F-35, combined with its aspects and kind of a 5G.MIL perspective as it's got -- and we'll have even bigger, but it's got the largest data storage capacity of any fighter aircraft.

所以 F-35 的傳感能力，結合它的方面和 5G.MIL 的視角，我們將擁有更大的，但它擁有所有戰鬥機中最大的數據存儲容量。

It's got the greatest store data processing capacity on board of any fighter aircraft that we know of. And it's also got the best connectivity and sensor suite back to the command and control network into other platforms. And that really is the essence of what we mean by 5G.MIL.

它擁有我們所知道的所有戰鬥機中最大的存儲數據處理能力。它還擁有最好的連接性和傳感器套件，可以將指揮和控製網絡返回到其他平台。這確實是我們所說的 5G.MIL 的精髓。

So as you see, the F-35 has already become a more important platform, I guess, I'd say, post Ukraine, unfortunately. And that is, with Germany, seemingly moving from one direction to another toward the F-35 for its nuclear mission responsibilities in Europe. Also, with Canada selection, of course it is part of NORAD as well.

所以如你所見，F-35 已經成為一個更重要的平台，我想，我想說，不幸的是，在烏克蘭之後。也就是說，德國似乎從一個方向轉向另一個方向，轉向 F-35，以履行其在歐洲的核任務責任。此外，如果選擇加拿大，它當然也是 NORAD 的一部分。

And the integration, both in Europe and there and even in Asia, will be enhanced with F-35. And we expect that, again, the services are asking for more airplanes beyond the President's request as well.

F-35 將加強歐洲和那裡甚至亞洲的整合。我們預計，這些服務再次要求提供超出總統要求的更多飛機。

So the F-35 has been called by Chief Brown as the quarterback of the U.S. Air Force's future strategy because of all those capabilities I talked about.

因此，由於我談到的所有這些能力，布朗局長將 F-35 稱為美國空軍未來戰略的四分衛。

So that's part and parcel and really kind of the lead pinnacle, so to speak, of our strategy, and it actually fits in really, really well with integrated deterrents, which is the same concept that Secretary Austin has been developing with his team.

因此，這是我們戰略的重要組成部分，可以說是我們戰略的重要組成部分，它實際上非常非常適合綜合威懾，這與奧斯汀部長與他的團隊一直在開發的概念相同。

You mentioned F-16. It's a great affordable 4.5 generation airplane, when you take the Block 60 and 70 avionics and you marry them up with a proven -- an aircraft like the F-16. It's an earlier and more affordable way to get our allies on board with us, so that we can integrate them into our 5G.MIL system.

你提到了 F-16。這是一款非常實惠的 4.5 代飛機，當您使用 Block 60 和 70 航空電子設備並將它們與經過驗證的飛機（如 F-16）結合時。這是讓我們的盟友加入我們的更早、更實惠的方式，這樣我們就可以將他們整合到我們的 5G.MIL 系統中。

And then the other effectors that you talked about, long-range precision strike weapons and long-range defensive weapons like [THAAD] and PAC-3 are going to be probably in greater demand as we move through time.

然後你談到的其他效應器，遠程精確打擊武器和遠程防禦武器，如 [THAAD] 和 PAC-3，隨著時間的推移，可能會有更大的需求。

So all those are the trends. That strategy that I outlined is meant to really ensure that we can defend against what's going on in the environment of the country in alliance. But it's the future out-year revenue growth for Lockheed Martin, it's too early to say, and we're not yet in a position to attempt to quantify that.

所以所有這些都是趨勢。我概述的那個戰略旨在真正確保我們能夠防禦聯盟國家環境中正在發生的事情。但這是洛克希德馬丁公司未來的年度收入增長，現在說還為時過早，我們還無法嘗試量化它。

But we'll update you as we proceed forward, Rob, every quarter as to what our expectations are in the current period. But we'll also update you on where we see these trends going. But I think this is the right set of platforms and the right strategy to enhance and preserve Lockheed Martin's leadership in the defense and aerospace industry.

但是，隨著我們繼續前進，Rob，我們會在每個季度向您更新我們對當前時期的期望。但我們也會向您介紹我們看到這些趨勢的發展方向。但我認為這是加強和保持洛克希德馬丁公司在國防和航空航天業領導地位的正確平台和正確戰略。

Next, we'll go to Sheila Kahyaoglu with Jefferies.

接下來，我們將與 Jefferies 一起前往 Sheila Kahyaoglu。

So can we talk about the F-35 some more? Maybe, what's going on with negotiations, what exactly is the holdup? And then when we think about the fiscal '23 [across] the [61], how does that relate to production? And how do we think about international orders being feathered in, when we think about 156 units produced overall?

那麼我們可以多談談 F-35 嗎？也許，談判發生了什麼，究竟是什麼？然後，當我們考慮 23 財年 [跨] [61] 時，這與生產有什麼關係？當我們考慮總共生產了 156 台時，我們如何看待國際訂單？

Sheila, it's Jim. I'll start off and maybe turn it over to Jay for some more of the detail. But we're very confident in our ability to reach an agreement with the Joint Program Office in the U.S. government on our negotiations that are ongoing.

希拉，是吉姆。我會開始，也許會把它交給傑伊來了解更多細節。但我們非常有信心與美國政府的聯合項目辦公室就我們正在進行的談判達成協議。

But what's really important to us and for all of our stakeholders, including our shareholders, is that we have a clear and shared understanding of the changes in the cost environment of the aircraft that have occurred over the last 12 months during this negotiation.

但對我們和包括我們的股東在內的所有利益相關者來說，真正重要的是，我們對過去 12 個月在談判期間發生的飛機成本環境變化有清晰和共同的理解。

And two of the biggest cost drivers in the upward direction are inflation and COVID effects that have actually been ongoing over the past couple of years.

上行方向的兩個最大成本驅動因素是過去幾年實際上一直在持續的通貨膨脹和 COVID 影響。

And so we need to, and feel it's very, very important to take all those costs into consideration, make sure that there's a joint agreement on what those costs are and the magnitude of those, so that we can have a successful program for everyone in Lot 15 to 17. .

所以我們需要，並且認為考慮到所有這些成本非常非常重要，確保就這些成本是什麼以及這些成本的大小達成共識，這樣我們就可以為每個人制定一個成功的計劃第 15 至 17 號地段。

There's also, as we touched on earlier, some lower quantities that were initially projected for that lot. We're working with the U.S. government and also the -- our international partners to see if there's ways to bolster that number. But right now, what we're working with is a lower number in negotiations.

正如我們之前提到的，還有一些最初預計用於該批次的較低數量。我們正在與美國政府以及我們的國際合作夥伴合作，看看是否有辦法增加這個數字。但現在，我們正在與談判中的人數較少。

So when you add all those things together, it's incumbent upon us to make sure we get an appropriate transaction or agreement for our shareholders and for the U.S. government and for our workforce as well.

因此，當您將所有這些東西加在一起時，我們有責任確保我們為我們的股東、美國政府和我們的員工獲得適當的交易或協議。

So that's what the -- I wouldn't call it a holdup. I would just say, that's the reality of the situation, and we're working closely and constructively with our government customers to ] on to that cost baseline. And then we'll work from there on the contract.

所以這就是 - 我不會稱之為劫持。我只想說，這就是現實情況，我們正在與我們的政府客戶進行密切和建設性的合作，以] 達到該成本基準。然後我們將從那裡開始處理合同。

Jim, let me just add on a little bit. As far as the negotiation, Sheila, we're encouraged by the progress being made. There has been progress, and we're encouraged by that. .

吉姆，讓我補充一點。就談判而言，希拉，我們對正在取得的進展感到鼓舞。取得了進展，我們為此感到鼓舞。 .

As far as an acute impact, it could be $500 million plus in the quarter, which we'd expect to be timing that we would recover in the balance of the year, assuming a successful negotiation. There does remain a gap, and Jim alluded to that.

就嚴重影響而言，本季度可能超過 5 億美元，假設談判成功，我們預計將在今年餘下時間恢復。確實仍然存在差距，吉姆提到了這一點。

The teams are working with a sense of urgency to really complete this negotiation. And again, as Jim mentioned, it's important to keep in mind that we need to reach the right agreement for our stakeholders, even if that means we have to endure some impacts in the short term.

團隊正懷著緊迫感努力真正完成這次談判。同樣，正如吉姆所提到的，重要的是要記住，我們需要為我們的利益相關者達成正確的協議，即使這意味著我們必須在短期內承受一些影響。

As far as the production question. I mean, we're pretty confident in the 156 3-year plan that we had laid out before from a delivery profile. As you mentioned, the international customers and these customers that Jim just mentioned in his prepared remarks, provide some level of flexibility to really shore up that production schedule.

至於生產問題。我的意思是，我們對我們之前根據交付情況制定的 156 年 3 年計劃非常有信心。正如您所提到的，Jim 剛剛在他準備好的評論中提到的國際客戶和這些客戶提供了一定程度的靈活性來真正支持生產計劃。

You may have seen in the unfunded priority list for the Air Force, the Navy and the Marines, there was about 19 aircraft added to that. So when you mix that in with the international demand, we feel very comfortable in our ability to maintain a 156 production cycle over that 3-year period.

您可能已經在空軍、海軍和海軍陸戰隊的無資金優先級清單中看到，其中增加了大約 19 架飛機。因此，當您將其與國際需求相結合時，我們對在 3 年期間保持 156 個生產週期的能力感到非常滿意。

Our next question is from Ron Epstein with Bank of America.

我們的下一個問題來自美國銀行的 Ron Epstein。

In the investment community, it seems like there's this assumption. I'm just going to lay this out here and -- that Textron is going to win Future Vertical lift. And I'm curious, from your point of view, why you don't think that is the case?

在投資界，似乎有這樣的假設。我只想在這裡說明一下——德事隆將贏得未來垂直升降機。我很好奇，從你的角度來看，你為什麼不這麼認為？

And I mean, if you could walk through for all of us on the call, the pluses and minuses of a layout like [Defiance] got over [valor] when you've got counter-rotating helicopters. What do you get with that, that you don't get for the tilt rotor and vice versa?

我的意思是，如果你能在電話中為我們所有人走過，當你有反向旋轉的直升機時，像 [Defiance] 這樣的佈局的優點和缺點就會超過 [valor]。你得到了什麼，你沒有得到傾轉旋翼，反之亦然？

Ron, it's Jim. I'm an ex-Air Force Aviator, maybe I can start off and Jay can add to it, if you'd like. I've experienced this pretty close hand, and I've been involved in special ops helicopters, not as a pilot, but as a partner in my prior life a long time ago.

羅恩，是吉姆。我是一名前空軍飛行員，如果你願意的話，也許我可以開始，傑伊可以加入。我親身經歷過這種情況，而且我參與了特種作戰直升機，不是作為飛行員，而是很久以前作為我前世的合作夥伴。

What's most important to people that have to fly helicopters into hot landing zones, is maneuverability and an ability to get into close quarters, let's say, into a landing zone surrounded by trees, onto a rooftop in a crowded urban environment, things like that.

對於必須駕駛直升機進入熱著陸區的人們來說，最重要的是機動性和進入近距離的能力，比如說，進入被樹木環繞的著陸區，進入擁擠的城市環境中的屋頂，諸如此類。

And I would -- because I've seen the aircraft fly. I've flown the matrix myself, which is our tech demonstrator in S-92, up in Stratford. That is the warfighter advantage, the maneuverability of the dual-rotor technology is head and shoulders above anything you could ever do with a tilt rotor.

我會 - 因為我見過飛機飛行。我自己駕駛過矩陣，這是我們在 S-92 中的技術演示器，在斯特拉特福。這就是作戰人員的優勢，雙旋翼技術的機動性比傾轉旋翼所能做的任何事情都要出色。

And the second question then would be, well, what about the speed -- max speed and sort of horizontal flight, if you will, cruise?

然後第二個問題是，嗯，速度怎麼樣——最大速度和水平飛行，如果你願意的話，巡航？

We've got our aircraft up to over 230 knots, I believe, at this point. There's probably some upside to that. And that is not the differentiator. Getting the aircraft, the 100 miles that you need to go from base to target 2 minutes faster is irrelevant versus when you get to the target, are you going to survive and live through that mission.

我相信，目前我們的飛機時速超過 230 節。這可能有一些好處。這不是差異化因素。獲得飛機，您需要從基地到目標快 2 分鐘的 100 英里與到達目標時無關，您是否能夠生存並完成該任務。

And that's the differential. I think if it's warfighters and commanders making this decision, the only one they can make is Future Vertical Lift out of Sikorsky and Boeing.

這就是差異。我認為，如果是作戰人員和指揮官做出這個決定，他們唯一能做出的決定就是西科斯基和波音公司的未來垂直升降機。

Jay, anything else to add?

傑，還有什麼要補充的嗎？

No, I think that was well said. I think that's it.

不，我認為說得很好。我想就是這樣。

Next, we'll go to Rich Safran with Seaport Research Partners.

接下來，我們將與 Seaport Research Partners 一起前往 Rich Safran。

So I recognize you don't want to get out in front of the government on this, but I thought you might comment on what the FY '23 request says about growth this year and next year and your prior expectations for $8.1 billion in cash from ops for '23. I just have to believe that the request as it stands, was above the assumptions you used when you gave out your 2023 estimate.

所以我知道你不想在這件事上出現在政府面前，但我認為你可能會評論 23 財年的要求關於今年和明年的增長以及你之前對 81 億美元現金的預期'23 的操作。我只需要相信，目前的要求高於你在給出 2023 年估計時使用的假設。

So if they requested -- if we take a standpoint that if the request is enacted just as is, does that alter how you're thinking about 2023 growth and your cash from ops guide?

因此，如果他們提出要求——如果我們的立場是，如果按原樣執行該要求，這是否會改變您對 2023 年增長和您的運營現金指南的看法？

Let me take that question first. The budget was beneficial. I think, as Jim mentioned, the trends are favorable, directionally. It's moving in the right way. And again, you would expect it to be incremental from the low single-digit baseline that we had previously provided.

讓我先回答這個問題。預算是有益的。我認為，正如吉姆所說，趨勢是有利的，有方向性的。它正在以正確的方式前進。再一次，您會期望它從我們之前提供的低個位數基線開始增加。

And maybe a little bit of color, you've seen in a lot of reference to integrated deterrents, emphasis on all domain and interoperability. And there's quite a few things, from a programmatic standpoint, to be excited about, things like nuclear command control and communications, reentry, future reentry vehicle systems, [TACAMO] recapitalizations, Next Gen Interceptor, Next Gen OPIR and others.

也許還有一點色彩，你已經在很多關於綜合威懾的參考中看到，強調所有領域和互操作性。從計劃的角度來看，有很多事情值得興奮，比如核指揮控制和通信、再入、未來的再入飛行器系統、[TACAMO] 資本重組、下一代攔截器、下一代 OPIR 等。

And so directionally, as I mentioned, it feels pretty good. As Jim had mentioned, we're still compiling this, and we're going through the analysis. It's going to take us some time to work through exactly what that means from an impact.

正如我所提到的，在方向上，感覺非常好。正如 Jim 所提到的，我們仍在編譯此文件，並且正在進行分析。我們需要一些時間來弄清楚影響究竟意味著什麼。

I think it's fair to say that it's beneficial. It's biased to the upside, the extent to which they'll really have to work through. And at the appropriate time, we'll let you know what that is.

我認為公平地說它是有益的。它偏向於上行，即他們真正必須克服的程度。在適當的時候，我們會讓你知道那是什麼。

Our next question is from Kristine Liwag with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Kristine Liwag。

Maybe following up on Rob's earlier question. I understand that it's too early to provide long-term outlook with regards to Ukraine. But can you give more color in terms of a near-term opportunities for you?

也許跟進 Rob 之前的問題。我知道現在就烏克蘭提供長期前景還為時過早。但是，您能否為您的近期機會提供更多色彩？

I mean, Germany has announced a $100 billion modernization of its armed forces. And as our allies step up spending for defense, how meaningful is this opportunity for you? And in addition to F-35, should there be opportunities that we should watch for in missile and missile defense?

我的意思是，德國已宣布對其武裝部隊進行 1000 億美元的現代化改造。隨著我們的盟友加大國防開支，這個機會對你來說有多大意義？而除了F-35之外，在導彈和導彈防禦方面是否還有值得我們關注的機會？

So Kristine, this is Jim. And obviously, we're in a long-cycle business here from an authorization in the House Armed Services Committee, for example, to book of revenue -- booking of revenue at Lockheed Martin could be 12 months to 3 years, depending on the program.

所以克里斯汀，這是吉姆。顯然，從眾議院軍事委員會的授權到收入賬簿，我們的業務週期很長——洛克希德馬丁公司的收入賬簿可能需要 12 個月到 3 年，具體取決於項目.

So I think, as I tried to lay out, the environment is more challenging from a security -- national security and global security perspective than it was before. That suggests that deterrence is a more valuable product than it's ever been, at least in the last 80 to 100 years.

所以我認為，正如我試圖闡述的那樣，從安全——國家安全和全球安全的角度來看，環境比以前更具挑戰性。這表明威懾是一種比以往任何時候都更有價值的產品，至少在過去的 80 到 100 年裡是這樣。

And that we feel we're really positioned well with our strategy to meet that need for national security and global security. But we can't quantify yet exactly how that's going to touch our revenue on a $66 billion base, for example, and until we get actual contracts that have order schedules and we get the funding to do the long lead time items and all of those nuances and specifics in defense contracting.

我們認為我們的戰略確實處於有利地位，可以滿足國家安全和全球安全的需求。但我們還不能準確量化這將如何影響我們的收入，例如，在 660 億美元的基礎上，直到我們獲得具有訂單時間表的實際合同並且我們獲得資金來完成長交貨時間項目和所有這些國防承包中的細微差別和細節。

So we're not going to try to bracket what those growth numbers are going to be because we want to keep the fidelity of our guidance process. And we've given it a year at a time. I did that in my last company, too, because that's where we have real data, upon which we can give you a reliable forecast.

因此，我們不會嘗試將這些增長數字括起來，因為我們希望保持指導過程的準確性。我們一次給它一年。我在上一家公司也是這樣做的，因為那是我們擁有真實數據的地方，我們可以根據這些數據為您提供可靠的預測。

Yes, I'll just add, Kristine. There are conversations ongoing with our government customer, to Jim's point, and sensitivity analysis, scenario planning and things like that. And as those firm up, we'll provide clearer information to you.

是的，我只是補充一下，克里斯汀。就吉姆而言，我們正在與我們的政府客戶進行對話，以及敏感性分析、情景規劃等。隨著這些公司的確定，我們將為您提供更清晰的信息。

Our next question is from Cai von Rumohr with Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Cai von Rumohr。

Yes. So if we could return to the F-35 contract negotiation. So your major subcontractor took a $93 million hit because of delays related to COVID. You mentioned that COVID is an issue. I understand that LHX is still kind of working through the software, and you've been at this with the government for, what, 3 quarters, trying to negotiate this.

是的。所以如果我們可以回到 F-35 合同談判。因此，由於與 COVID 相關的延誤，您的主要分包商遭受了 9300 萬美元的損失。您提到 COVID 是一個問題。我知道 LHX 仍在通過該軟件進行工作，而您已經與政府進行了 3 個季度的談判，試圖就此進行談判。

So I guess the question is, I assume you will reach an agreement? But basically, will this result in a profit hit? And secondly, if you don't reach an agreement in the second quarter, what's the incremental impact likely to be?

所以我想問題是，我假設你們會達成協議？但基本上，這會導致利潤受到衝擊嗎？其次，如果你在第二季度沒有達成協議，增量影響可能是什麼？

Cai, so at this point, we would not expect any type of profit hit, based on our negotiation, as it currently stands. And again, it's a dynamic discussion, but we wouldn't expect any type of charge there.

蔡先生，所以在這一點上，根據我們目前的談判，我們預計不會有任何類型的利潤受到影響。再一次，這是一個動態的討論，但我們不希望那裡有任何類型的收費。

Going forward, as I mentioned here, the impact would be up [$550] million plus in the second quarter. That further extends, obviously. That will go up. I think that we'll probably have to revisit later in the quarter to see how things are progressing. And I think we can update accordingly then.

展望未來，正如我在這裡提到的，第二季度的影響將增加 [5.5 億美元]。顯然，這進一步擴展。那會上升。我認為我們可能不得不在本季度晚些時候重新審視事情的進展情況。我認為我們可以相應地更新。

I think let's just kind of get through the quarter. We're encouraged and really pleased with the progress we're making to date. I know it's been a long road, but there's been some significant progress that's been made.

我想讓我們度過這個季度吧。我們對迄今為止所取得的進展感到鼓舞和非常高興。我知道這是一條漫長的道路，但已經取得了一些重大進展。

And so we're encouraged that we can be able to close this in a relatively short period of time. If not, then we'll update you accordingly at that point in time.

因此，我們感到鼓舞的是，我們能夠在相對較短的時間內關閉它。如果沒有，那麼我們將在那個時間點相應地更新您。

Yes. And remember, during the negotiation period, we've had significant changes in the underlying cost factors of bidding for the next 3 lots. And again, those -- it was concurrent. So yes, we've been going at this for a number of quarters, but that's because that cost baseline has been moving during that time, and we both have to agree on where we think it's going to end up.

是的。請記住，在談判期間，我們對接下來 3 批投標的潛在成本因素發生了重大變化。再一次，那些 - 它是並發的。所以是的，我們已經這樣做了幾個季度，但那是因為在那段時間裡成本基準一直在變化，我們都必須就我們認為它最終會在哪里達成一致。

And so COVID impacts were cited and inflation, which is even a more recent phenomenon, so to speak. We've got to go all the way back to our supply chain, see what the impacts are going to be, then present that to the government, they have to vet those estimates and those cost assumptions.

因此，人們引用了 COVID 的影響和通貨膨脹，可以說，這甚至是最近才出現的現象。我們必須一直回到我們的供應鏈，看看會產生什麼影響，然後將其提交給政府，他們必須審查這些估計和成本假設。

And that's what's the basis of the negotiation to follow. So this has been longer than normal because the underlying ground has been shifting on the most important assumptions that go into the negotiation.

這就是要遵循的談判的基礎。因此，這比正常情況要長，因為談判中最重要的假設已經發生了變化。

We are going to stay with our strategy, which is constructive, which they are, and progressing negotiations on the basis of actual cost information and data that provides our shareholders a fair margin and return as well as a government-attractive contract.

我們將堅持我們的戰略，這是建設性的，他們是，並在實際成本信息和數據的基礎上進行談判，為我們的股東提供公平的利潤和回報以及對政府有吸引力的合同。

Next, we'll go to Seth Seifman with JPMorgan.

接下來，我們將與摩根大通一起前往塞思·塞夫曼。

I wanted to ask a little bit about capital deployment. And I think you mentioned, kind of, similar to prior guidance, but you talk about the buyback plan or capital deployment, overall, being dynamic. And so the share price has changed. I think, Jay, you mentioned some potential items having to do with the pension or debt repayment.

我想問一點關於資本配置的問題。我認為你提到的，有點類似於之前的指導，但你談論的是回購計劃或資本部署，總體而言，是動態的。所以股價發生了變化。我想，傑伊，你提到了一些與養老金或債務償還有關的潛在項目。

So maybe you could talk about how you're thinking about things differently and how the dynamic aspect of that has changed versus 3 months ago, if at all?

所以也許你可以談談你如何以不同的方式思考事情，以及與 3 個月前相比，動態方面發生了怎樣的變化，如果有的話？

I can start with that theory and turn it over to Jay for the practice. The theory I have on capital deployment is, what's the highest and best use, every quarter, of the dollars that are created by the company or that we could, should be borrowing from the capital markets?

我可以從那個理論開始，然後把它交給傑伊來練習。我關於資本配置的理論是，每個季度，公司創造的或我們可以從資本市場借款的美元的最高和最佳用途是什麼？

And the batting order for me here, kind of, continues from my prior experience, which is based on regression data on when we make decisions, how they turn out? And what's the best ROIC that we can expect for a given dollar of investment or a given $100 million of investment?

對我來說，這裡的擊球順序，有點像我之前的經驗，這是基於我們何時做出決定的回歸數據，結果如何？對於給定的投資或給定的 1 億美元投資，我們可以預期的最佳投資回報率是多少？

It tends to have been, in my experience, in both this and other companies that capital investments based on actual or anticipated contracts with real customers, tend to have the highest ROICs.

根據我的經驗，在這家公司和其他公司中，基於與真實客戶的實際或預期合同的資本投資往往具有最高的投資回報率。

And we've bolstered our CapEx budget and plans under John's leadership and now Jay's as well at Lockheed Martin because we've got good prospects for contracts we're winning that are going into production, that we need to invest in.

我們已經在約翰的領導下加強了我們的資本支出預算和計劃，現在傑伊也在洛克希德馬丁公司的領導下，因為我們有很好的前景，我們贏得的合同正在投入生產，我們需要投資。

The other thing we've done and really stepped up our internal spending on and we expect to get good returns from, is our digital transformation program, which I would say, really is in the major leagues right now, frankly.

我們已經完成並真正加大了內部支出並希望從中獲得豐厚回報的另一件事是我們的數字化轉型計劃，坦率地說，我想說的是，現在確實在大聯盟中。

We've got a great CIO running it. She's got a fantastic team. We have a well-thought-out plan. We have support from our Board to go do this on a multiyear basis. And it's going to make us more efficient, more competitive and higher quality products coming out of our plants.

我們有一位出色的 CIO 運行它。她有一個很棒的團隊。我們有一個深思熟慮的計劃。我們得到了董事會的支持，可以在多年的基礎上開展這項工作。這將使我們的工廠生產出更高效、更具競爭力和更高質量的產品。

So those are -- that's the first area. Our highest ROIC tends to be in that CapEx universe, so to speak. Second area, I found to be most beneficial, is inorganic investments, right? So we're looking at, really hard now, making investments in both the U.S. and other countries in technologies and programs we think are going to have duration and traction.

所以這些是 - 這是第一個領域。可以這麼說，我們最高的投資回報率往往在資本支出領域。第二個領域，我發現是最有利的，是無機投資，對嗎？因此，我們現在非常努力地考慮在美國和其他國家對我們認為具有持續時間和吸引力的技術和項目進行投資。

And again, some of those will be in the U.S. and some will be outside the U.S. I think you'll see us investing a little more by putting, say, let's call it, boots on and brick-and-mortar on the ground in other countries than we have in the past because we expect those ROIs to be pretty compelling.

再一次，其中一些將在美國，一些將在美國以外。我想你會看到我們通過投入更多的投資，比如說，讓我們稱之為，靴子和實體在地面上與我們過去相比，其他國家/地區，因為我們希望這些投資回報率非常引人注目。

When it comes down to what's left, M&A tends to be the third in the batting order that doesn't seem to be really wide open in our industry, right now, with the current administration. So we're going to then look to what else can we do. And it's share repurchases, the next thing in the batting order.

當談到剩下的事情時，併購往往是擊球順序中的第三個，目前在我們的行業中似乎並沒有真正開放，目前的政府。因此，我們將看看我們還能做些什麼。它是股票回購，擊球順序中的下一件事情。

And you've seen us step up to that as far as announcements and performance already this year. And if we've got excess capital and we are at a reasonable leverage level, we'll go ahead and continue to buy back shares.

就今年的公告和業績而言，您已經看到我們在這方面的努力。如果我們有多餘的資本並且我們處於合理的槓桿水平，我們將繼續並繼續回購股票。

And I'll let Jay talk about intrinsic value and how we weave that in. But we're going to put our capital to work, the cash flow we generate and what we can borrow and maybe even lever up, if those opportunities with high ROICs get bigger than we thought.

我會讓傑談談內在價值以及我們如何將其融入其中。但我們將把我們的資本投入到工作中，我們產生的現金流以及我們可以藉到的東西，甚至可能槓桿化，如果這些機會高ROIC 比我們想像的要大。

Let me just add -- let me just clarify, Seth. In terms of the debt, we don't plan on delevering. It would be just refinancing what we have. And so the existing capacity we have, really doesn't change at all. The use of the cash wouldn't change either. It's just taking multi -- potentially multiple years and refinancing that in various tranches here and doing it efficiently.

讓我補充一下——讓我澄清一下，賽斯。在債務方面，我們不打算去槓桿。這只是為我們所擁有的東西再融資。所以我們現有的能力，真的一點都沒有改變。現金的用途也不會改變。它只是需要多 - 可能是多年，並在這里分批再融資並有效地做到這一點。

As far as the prioritization of our capital, I could agree hardly with what Jim just laid out. And so we're going to go through that evaluation processes. Keep in mind, I've been with the company about 2.5 months now. And so I would just ask for a little bit of time for us to just go through this process deliberately and analytically, so that we can make the best decisions.

至於我們資本的優先順序，我幾乎不能同意吉姆剛剛提出的觀點。因此，我們將完成評估流程。請記住，我已經在公司工作了大約 2.5 個月。因此，我只想請求一點時間，讓我們有意識和分析性地完成這個過程，以便我們做出最好的決定。

If you look at the industry, we've seen an uptick in valuations in the industry as a whole. But I would say, our stock still remains undervalued, on a relative basis. And from an intrinsic value, we're just -- we're going through that whole analysis right now.

如果你看一下這個行業，我們看到整個行業的估值都有所上升。但我想說，相對而言，我們的股票仍然被低估。從內在價值來看，我們只是 - 我們現在正在進行整個分析。

Based on some of the questions in the U.S., it's really taking another look at our growth outlook in determining what that comes up from a value for the company.

基於美國的一些問題，在確定公司價值所帶來的結果時，確實需要重新審視我們的增長前景。

So we're going to go through that. We're going to be deliberate about it and then make the best decisions from a capital deployment. The key here is that we've got plenty of flexibility and plenty of opportunity, and we won't be afraid to use it.

所以我們要經歷那個。我們將對此進行深思熟慮，然後從資本部署中做出最佳決策。這裡的關鍵是我們有足夠的靈活性和大量的機會，我們不會害怕使用它。

Ultimately, what we want to do is get to sustainable growth in free cash flow per share. And that's what our objective is.

最終，我們要做的是實現每股自由現金流的可持續增長。這就是我們的目標。

Next, we'll go to David Strauss with Barclays.

接下來，我們將與巴克萊一起去大衛施特勞斯。

So I wanted to follow up on this, thinking about the growth outlook beyond '22. So I think previously, you had said 2% revenue growth in '23, a little bit of acceleration beyond. And that was based on $715 billion fiscal '22 budget with $245 billion in [amortization]. So we got $740 billion and $265 billion.

所以我想跟進這件事，思考 22 年後的增長前景。所以我認為之前，你曾說過 23 年收入增長 2%，有點加速。這是基於 22 財年 7150 億美元的預算和 2450 億美元的 [攤銷]。所以我們得到了 7400 億美元和 2650 億美元。

It sounds like F-35, you think, can kind of hold in there with the plan that was in place when you talked about 2% growth. So I mean, can you quantify at all how much potential acceleration we could be looking at, above and beyond that 2%? And is there anything that got worse from a program standpoint, as you think about that, beyond fiscal -- beyond 2022 outlook?

聽起來 F-35，你認為，可以在你談到 2% 增長時制定的計劃中堅持下去。所以我的意思是，你能量化我們可以看到多少潛在的加速，超過 2% 嗎？從計劃的角度來看，除了財政 - 2022 年展望之外，還有什麼事情會變得更糟嗎？

Thanks for the question, David. Let me just maybe put it in a little bit of context. And remind you, in Jim's comments, we are a long-cycle business. So benefits that you may see in a particular budget year, manifest themselves and get delivered, from a revenue standpoint, over multiple years.

謝謝你的問題，大衛。讓我把它放在一點上下文中。並提醒您，在吉姆的評論中，我們是一個長周期的企業。因此，從收入的角度來看，您在特定預算年度可能會看到的收益會在多年內顯現出來並實現。

And the best example I can give you, is the 2022 plus-ups. If you look at the plus-ups and the impacts to us, that was about a little bit over 2 points of growth in any given year. But the reality is the profile -- the delivery profile of that revenue stream is going to be over 3 to 4 years. And so it's going to be spread over.

我能給你的最好的例子就是 2022 年的加成。如果你看一下這些好處和對我們的影響，在任何一年中，這大約是 2 個多點的增長。但現實是概況——該收入流的交付概況將超過 3 到 4 年。所以它會被傳播。

And so as we just had an opportunity to have this presidential budget dropped. We're in the first inning here. We need to see -- let the process play out and get a better understanding, in terms of what these program increments mean to us and in what periods.

因此，我們剛剛有機會讓總統預算下降。我們在這裡是第一局。我們需要看看——讓這個過程發揮作用並更好地理解這些程序增量對我們意味著什麼以及在什麼時期。

And so we're just going to need some time to really go through that. And as I mentioned before, we'll obviously keep you updated at the appropriate time, but it's just a little early to really make those calls right now.

所以我們只是需要一些時間來真正經歷這些。正如我之前提到的，我們顯然會在適當的時候讓你更新，但現在真正撥打這些電話還為時過早。

Next, we'll go to Peter Arment with Baird.

接下來，我們將和貝爾德一起去彼得·阿門特。

Jim, you -- coming into this year, you always have a, kind of, a long list of international pursuits, in terms of potential international awards. Maybe you could just remind us some of the bigger ones that Lockheed is focused on and maybe any of the timing around that, that would be appreciated?

吉姆，你——進入今年，就潛在的國際獎項而言，你總是有一長串的國際追求。也許你可以提醒我們洛克希德公司關注的一些更大的項目，也許任何時間都可以，這將不勝感激？

Sure. Well, we've got -- as you've seen a lot of success on the F-35, we also have international F-16 interest that's increasing. CH-53K is on the table in, say, Germany, for example. So there's an across-the-board interest in these products. [THAAD] and PAC-3.

當然。好吧，我們已經 - 正如您在 F-35 上看到的很多成功一樣，我們對 F-16 的國際興趣也在增加。例如，CH-53K 在德國的桌子上。因此，人們對這些產品產生了廣泛的興趣。 [薩德] 和 PAC-3。

Middle East has got to defend itself against missiles being fired at oil and gas infrastructure and even worse for populated major cities. And so those kind of products have high demand in that part of the world and others as well.

中東必須保護自己免受導彈對石油和天然氣基礎設施的攻擊，對人口稠密的大城市來說更糟。所以這類產品在世界的那個地區和其他地區都有很高的需求。

Peter, I'll just add. I mean, F-35, Lot 15 to 16, in order to expect -- those are -- actually, they will have some international volumes associated with those big numbers this year, and those will really move the dial. We've got Black Hawk [multiyear] 10, which is a multibillion-dollar award as well. .

彼得，我只是補充一下。我的意思是，F-35，Lot 15 到 16，為了期待 - 實際上，他們今年將有一些與這些大數字相關的國際銷量，而這些真的會改變錶盤。我們獲得了 Black Hawk [多年] 10，這也是一個數十億美元的獎項。 .

And we didn't really talk about it here in the first quarter results, but we had about a $4 billion award in our classified. And if you recall, it's one of our pillars of growth here in the first quarter. So very excited about that program as well. And so we're positioned pretty well for award growth for the balance of the year and heading into next year.

我們並沒有在第一季度的業績中真正談論它，但我們在分類中獲得了大約 40 億美元的獎勵。如果你還記得，這是我們第一季度增長的支柱之一。對那個程序也非常興奮。因此，我們在今年餘下時間和明年的獎勵增長方面處於很好的位置。

Next, we'll go to Matt Akers with Wells Fargo.

接下來，我們將與 Wells Fargo 一起前往 Matt Akers。

There's a line in your release that I think is new one, with the outlook on potential pension risk transfer and refinancing transactions you may do as early as Q2. I was wondering, if you could talk about what some of those are? And what kind of impact those might have on your results this year?

我認為你發布的一條線是新的，關於潛在養老金風險轉移和再融資交易的展望，你最早可能在第二季度進行。我想知道，如果你能談談其中一些是什麼？這些可能會對您今年的業績產生什麼樣的影響？

Sure, Matt. The first one is just the transfer of pension, what you've seen us do over the last few years. This is essentially matching assets and liabilities and having insurance transferring news over to insurance companies from a liability management perspective. And so we're contemplating doing another round of those.

當然，馬特。第一個只是養老金的轉移，你看到我們在過去幾年所做的事情。這本質上是匹配資產和負債，並從負債管理的角度讓保險將消息傳遞給保險公司。所以我們正在考慮再做一輪。

On the debt, it's just a matter of taking multiple years of debt and really refinancing that out just a little bit earlier than waiting for the maturities to occur in each particular year. And so those may have some P&L impacts associated with them.

在債務方面，只需承擔多年的債務，並在每個特定年份等待到期之前將其真正再融資一點點。因此，這些可能會產生一些與之相關的損益影響。

Last year, we had a pretty sizable impact on the pension liability transfer I don't have that in front of me. We're still working through that right now. But just to say that those may happen here as early as in the second quarter, just to give you the heads-up about that.

去年，我們對養老金負債轉移產生了相當大的影響，我面前沒有這個。我們現在仍在努力解決這個問題。但只是說這些可能最早在第二季度發生，只是為了讓你知道這一點。

Next, we'll go to Pete Skibitski with Alembic Global Advisors.

接下來，我們將與 Alembic 全球顧問一起前往 Pete Skibitski。

Jim, you touched on this, but getting back to fiscal '23 and congressional support for defense budgets, when the administration came out with its request for '23, it admitted it hadn't really taken Ukraine into account because of timing. And obviously, we saw the congressional support in '22.

吉姆，你談到了這一點，但回到 23 財年和國會對國防預算的支持，當政府提出 23 年的要求時，它承認由於時間原因，它並沒有真正考慮到烏克蘭。顯然，我們在 22 年看到了國會的支持。

So I'm wondering, if you have a sense of how additive to the budget to the request that Congress may be in '23? Because it seems like there's more broader support than there was even a couple of years ago.

所以我想知道，如果你知道預算對國會可能在 23 年提出的要求有多大的幫助？因為似乎有比幾年前更廣泛的支持。

Sure, Pete. Look, I'd like just to go back to the environment we're in. I think it's pretty evident. Leadership in Congress and the key committees, of course, are well aware of this environment. And they have points of view on what the defense budget ought to look like to meet that environment and then the specifics underneath that. So for me to get ahead of them at this point is really not our place.

當然，皮特。看，我想回到我們所處的環境。我認為這很明顯。當然，國會和主要委員會的領導層都非常了解這種環境。他們對國防預算應該是什麼樣子以滿足這種環境以及其背後的細節有自己的看法。所以對我來說，在這一點上領先於他們真的不是我們的位置。

But if you look in historical terms, recent or beyond, Congress does have a point of view in these matters and tends to take their own actions because they are the authorizers and appropriators at the end of the day, and they'll have a voice. But I can't predict what that outcome is going to be in a quantitative fashion yet.

但如果你從歷史的角度來看，無論是最近的還是以後的，國會在這些問題上確實有自己的觀點，並且傾向於採取自己的行動，因為他們最終是授權者和撥款者，他們會有發言權.但我還不能以量化的方式預測這個結果會是什麼。

Next, we'll go to Myles Walton with UBS.

接下來，我們將與瑞銀一起去邁爾斯沃爾頓。

If I'm correct on the profit adjustments not related to volume, if you correct for those [EACs], the underlying booking rate was about 8.4%. I think that's the highest I've ever seen for you guys in the quarter.

如果我對與數量無關的利潤調整是正確的，如果你對那些 [EACs] 進行更正，則基本預訂率約為 8.4%。我認為這是我在本季度為你們見過的最高水平。

So two questions. One, did you adjust or lift the underlying booking rates systematically? Or is this more just a reflection of favorable mix happening in the quarter?

所以兩個問題。一，您是否系統地調整或提高了基礎預訂率？或者這只是反映了本季度發生的有利組合？

I'd say, it's a combination of both, Myles. You're pretty close to that underlying recurring margin percentage. If you think about it, last year was a pretty good size year, as far as net profit positive adjustments. And as you would expect, those carry forward into higher run rate margins, moving forward, as you recognize revenue. And so part of it is also mixes, plays in the game as well.

我會說，這是兩者的結合，邁爾斯。您非常接近基本的經常性保證金百分比。如果你想一想，就淨利潤積極調整而言，去年是一個相當不錯的規模年。正如您所期望的那樣，隨著您確認收入，這些將繼續提高運行率利潤率，向前發展。所以它的一部分也是混合的，在遊戲中也是如此。

But I would expect, what you saw in the first quarter, to generally be what we'll see for the balance of the year. And so we expect our profit adjustments to be lower year-over-year. Last year, we did about 28% of our profit. This year, in the first quarter, we did about 24%. For the full year, we're expecting that to be closer to 25%.

但我預計，您在第一季度看到的情況通常會是我們在今年餘下時間看到的情況。因此，我們預計我們的利潤調整將同比下降。去年，我們賺了大約 28% 的利潤。今年第一季度，我們做了大約 24%。全年，我們預計這一比例將接近 25%。

And so -- but again, it's -- we're very comfortable with our margin outlook. We're very comfortable with our EPS outlook. And we're just seeing a little bit of a transition here with [recurring] versus margins versus the profit adjustments.

所以 - 但同樣，它 - 我們對我們的利潤率前景非常滿意。我們對每股收益前景感到非常滿意。我們只是在這裡看到了[經常性]與利潤率與利潤調整之間的一點轉變。

And next, we'll go to George Shapiro with Shapiro Research.

接下來，我們將與 Shapiro Research 一起前往 George Shapiro。

Jay, if you look at your guide for the second quarter of $16 billion in revenues, it's down $1 billion. If you adjusted the first quarter for the $300 million nonrecurring benefit you had at MST, it was also down $1 billion.

傑伊，如果您查看第二季度 160 億美元收入的指南，它減少了 10 億美元。如果您根據您在 MST 獲得的 3 億美元非經常性福利調整第一季度，它也減少了 10 億美元。

So why won't the second quarter be a little better in terms of relative to last year, particularly when it seems like Omicron is somewhat going away?

那麼，與去年相比，為什麼第二季度不會好一點，尤其是當 Omicron 似乎正在消失的時候呢？

That's a good question, George. Look, the second quarter would have us down around 7% year-over-year, and so we'd be down around that ballpark for the first half of the year.

這是個好問題，喬治。看，第二季度將使我們同比下降約 7%，因此今年上半年我們將在這個範圍內下降。

We're still -- while it's still a dynamic environment, I guess, is the best way to describe it. And we're still dealing -- even though we've seen significant improvement since the beginning of the year, it's still we're not out of the woods.

我們仍然——雖然它仍然是一個動態的環境，但我想，這是描述它的最佳方式。而且我們仍在處理 - 儘管自今年年初以來我們已經看到了顯著改善，但我們仍然沒有走出困境。

And so we're holding it there. We would still expect to have some level of impact that will clear itself up in the back half of the year. And that's really the placeholder for that second quarter number.

所以我們把它放在那裡。我們仍然預計會產生一定程度的影響，這些影響將在今年下半年自行消除。這實際上是第二季度數字的佔位符。

We still are dealing with, through the first half of the year, the impact of the Atomic Weapons Establishment program from the U.K. And so it's just -- year-over-year compares are tough. It is sequentially a pretty big step-up.

今年上半年，我們仍在處理來自英國的原子武器建立計劃的影響。所以只是 - 與去年同期相比很難。這是一個相當大的進步。

You're talking $1 billion, nearly around that ballpark. And we think that's the right place to be, for the moment. And of course, if anything changes, we'll update you accordingly.

你說的是 10 億美元，幾乎在那個球場附近。我們認為目前是合適的地方。當然，如果有任何變化，我們會相應地更新您。

And we'll go to Rob Stallard with Vertical Research.

我們將與垂直研究一起去 Rob Stallard。

This might be a question for Jim. There's been a lot of discussion about whether defense in an ESG construct now looks different. I was wondering, what your perspective might be on this? Whether you've seen any shareholders or new shareholders that are coming on to the register as things have been changing?

這可能是吉姆的一個問題。關於 ESG 結構中的防禦現在是否看起來不同，有很多討論。我想知道，您對此有何看法？您是否看到任何股東或新股東隨著事情的變化而進入登記冊？

Sure, Rob. I mean, my personal view of this, having been an aviator, military myself, is that you can't really have an effective economy and protect human rights if authoritarian governments are not constrained and what they might do and how they might do it, frankly.

當然，羅伯。我的意思是，我個人對此的看法，作為一名飛行員，我自己是軍人，如果威權政府不受約束，他們可能會做什麼以及如何做，你就不可能真正擁有有效的經濟並保護人權，坦率地說。

So I would put that national security and human security notion up equally with other ESG topics like corporate governance and global warming, climate change, which are also very important.

因此，我會將國家安全和人類安全概念與公司治理和全球變暖、氣候變化等其他 ESG 主題同等對待，這些主題也非常重要。

But I'd put it in the same category. I recognize, in Europe, that before Ukraine occurred that, that was not necessarily the trend. But we've seen some increased interest from our international investors around the world because I think people are starting to recognize that this is not an anti-ESG industry.

但我會把它歸為同一類。我承認，在歐洲，在烏克蘭發生之前，這不一定是趨勢。但我們已經看到來自世界各地的國際投資者的興趣有所增加，因為我認為人們開始認識到這不是一個反 ESG 的行業。

You could call it neutral or positive, perhaps. But we're trying to maintain the conditions, where people can [lose] safe, happy, ] the economy can flourish, especially a free market economy.

也許你可以稱之為中性或積極。但我們正在努力維持人們可以[失去]安全、快樂、]經濟蓬勃發展的條件，尤其是自由市場經濟。

And we'll go to Doug Harned with Bernstein.

我們將和伯恩斯坦一起去道格哈內德。

Last year, you did more than $2 billion in Missiles and Fire Control in the Middle East. And certainly, the Middle East was a critical area, over the course of the Trump administration, on [THAAD], PAC-3. But now, we haven't seen as much activity.

去年，你們在中東的導彈和火力控制領域投入了超過 20 億美元。當然，在特朗普政府執政期間，中東是 [THAAD]、PAC-3 的關鍵地區。但是現在，我們還沒有看到那麼多的活動。

How do you see the trajectory, going forward, in terms of Missiles and Fire Control in the Middle East, from here?

從這裡開始，您如何看待中東導彈和火控方面的發展軌跡？

I'm not sure a regional approach is the right way to look at it. We've got demand signals for [THAAD] and PAC-3 from around the world because, again, countries everywhere recognizing that, especially when you see missiles hitting hospitals and situations like that and train stations in Ukraine, that it's worthwhile to have an effective missile defense capacity in your country.

我不確定區域方法是否是正確的看待它的方法。我們收到了來自世界各地對 [THAAD] 和 PAC-3 的需求信號，因為，再次，世界各地的國家都認識到，尤其是當你看到導彈襲擊烏克蘭的醫院和類似的情況以及火車站時，擁有一個貴國有效的導彈防禦能力。

So we are getting signals that, if anything, we might have to increase capacity in certain products to meet the global demand. So I'm not sure the regional approach is the best way to look at it.

因此，我們收到的信號表明，如果有的話，我們可能必須增加某些產品的產能以滿足全球需求。所以我不確定區域方法是否是看待它的最佳方式。

And by the way, that threat hasn't gone down either. It's getting greater instead of lesser, based on what our tends to do in that part of the world.

順便說一句，這種威脅也沒有減弱。根據我們在世界那個地區的傾向，它變得越來越大而不是越來越小。

Go ahead, go ahead.

來吧，去吧。

Yes. And that's kind of where I was going. Because it does seem like in Europe and Asia, there should be some real -- some strong interest there.

是的。這就是我要去的地方。因為它看起來確實像在歐洲和亞洲，所以那裡應該有一些真正的——一些強烈的興趣。

So just trying to understand the puts and takes because as you build out -- as you complete a lot of systems in the Middle East, should we expect these other parts of the world to essentially take up some of that, fill in any gaps there and potentially even add to growth for THAAD, PAC-3 and maybe just assure?

所以只是試圖理解看跌期權，因為隨著你的建設——當你在中東完成很多系統時，我們是否應該期望世界其他地區基本上承擔其中的一些，填補那裡的任何空白甚至可能增加 THAAD、PAC-3 的增長，也許只是保證？

Without the data to quantify it, Doug, you kind of -- I'm a little bit data-driven person. I don't want to speculate on that, but directionally, it sounds something that could come about, frankly. We would expect it in a way, but to quantify it is a little too soon.

沒有數據來量化它，Doug，你有點——我是一個有點數據驅動的人。我不想推測這一點，但坦率地說，這聽起來可能會發生。我們會在某種程度上期待它，但量化它有點為時過早。

I'll just add, Doug, we are planning on a multiyear up cycle on PAC-3, where, this year, we'll deliver around 450 units, and when that's spiking up to 550. And so it's well positioned and contemplate some of the things that you've talked about already.

我要補充一點，道格，我們計劃在 PAC-3 上進行多年的上升週期，今年，我們將交付大約 450 台，當達到 550 台時，它處於有利位置並考慮一些你已經談過的事情。

John, this is Greg. I think we've come up at the top of the hour. So I'll turn it back over to Jim for some final thoughts.

約翰，這是格雷格。我想我們已經趕上時間了。所以我會把它交給吉姆，讓他做一些最後的思考。

Sure. I'd like to conclude our call today by thanking the entire Lockheed Martin team, all 114,000 people strong. For their contributions and dedication, especially over the last many months, where COVID reemerged in the winter, and we still had production to get done, and they did it.

當然。最後，我要感謝洛克希德馬丁公司的整個團隊，感謝所有 114,000 人。感謝他們的貢獻和奉獻，特別是在過去的幾個月裡，COVID 在冬天再次出現，我們仍然有工作要做，他們做到了。

Our workforce has performed with the resilience under a lot of challenging circumstances for a long time. And through their ongoing efforts and commitment, our company is now positioned to deliver outstanding technology and solutions for our customers and long-term value to our shareholders.

長期以來，我們的員工在許多具有挑戰性的環境中表現出色。通過他們不斷的努力和承諾，我們公司現在能夠為我們的客戶提供卓越的技術和解決方案，並為我們的股東提供長期價值。

So I want to thank you all again for joining us on the call today, and we look forward to speaking with you on our next earnings call in July.

因此，我要再次感謝大家今天加入我們的電話會議，我們期待在 7 月的下一次收益電話會議上與您交談。

Thanks, John. That concludes our call for today.

謝謝，約翰。我們今天的呼籲到此結束。

You're very welcome. Ladies and gentlemen, that does conclude the conference. Thank you for your participation. You may now disconnect.

你很受歡迎。女士們，先生們，這確實結束了會議。感謝您的參與。您現在可以斷開連接。