諾斯洛普·格拉曼 (NOC) 2021 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Northrop Grumman's First Quarter 2021 Conference Call. Today's call is being recorded. My name is Mariama, and I will be your operator today. (Operator Instructions)

女士們，先生們，美好的一天，歡迎來到諾斯羅普·格魯曼公司 2021 年第一季度電話會議。今天的電話正在錄音。我的名字是 Mariama，今天我將成為您的接線員。 （操作員說明）

I would now like to turn the call over to your host, Mr. Todd Ernst, Treasurer and Vice President, Investor Relations. Mr. Ernst, please proceed.

我現在想將電話轉給您的主持人 Todd Ernst 先生，他是財務主管兼投資者關係副總裁。恩斯特先生，請繼續。

Good morning, and welcome to Northrop Grumman's First Quarter 2021 Conference Call. This morning, we will refer to a PowerPoint presentation that is posted on our IR web page. And before we start, I'd just like to remind you that matters discussed on today's call, including guidance and our outlook for 2021 and beyond reflect the company's judgment based on information available at the time of this call. They constitute forward-looking statements pursuant to safe harbor provisions of federal securities laws.

早上好，歡迎來到諾斯羅普·格魯曼公司 2021 年第一季度電話會議。今天早上，我們將參考發佈在我們的 IR 網頁上的 PowerPoint 演示文稿。在我們開始之前，我想提醒您，今天電話會議中討論的事項，包括指導和我們對 2021 年及以後的展望，反映了公司根據本次電話會議時可用信息的判斷。根據聯邦證券法的安全港條款，它們構成前瞻性陳述。

Forward-looking statements involve risks and uncertainties, which are noted in today's press release and our SEC filings. These risks and uncertainties may cause actual company results to differ materially. Matters discussed on today's call will include non-GAAP financial measures, which are defined and reconciled in our earnings release and supplemental PowerPoint presentation.

前瞻性陳述涉及風險和不確定性，這在今天的新聞稿和我們提交給美國證券交易委員會的文件中都有說明。這些風險和不確定性可能導致公司的實際業績出現重大差異。今天電話會議上討論的事項將包括非 GAAP 財務指標，這些指標在我們的收益發布和補充 PowerPoint 演示文稿中進行了定義和協調。

On the call today are Kathy Warden, our Chairman, CEO and President; and Dave Keffer, our CFO. At this time, I'd like to turn the call over to Kathy. Kathy?

今天的電話會議是我們的董事長、首席執行官兼總裁 Kathy Warden；和我們的首席財務官 Dave Keffer。在這個時候，我想把電話轉給凱西。凱西？

Thank you, Todd. Good morning, everyone. Thanks for joining us today. I want to congratulate the Northrop Grumman team for a very strong start to 2021. One year after the onset of the pandemic, we have adjusted to a new way of working, and we continue to support our employees, our customers, our suppliers and our communities, which has enabled us to deliver outstanding results to our shareholders.

謝謝你，托德。大家，早安。感謝您今天加入我們。我要祝賀諾斯羅普·格魯曼公司團隊在 2021 年取得了一個非常強勁的開局。大流行爆發一年後，我們已經適應了新的工作方式，我們將繼續支持我們的員工、客戶、供應商和我們的社區，這使我們能夠為我們的股東帶來出色的業績。

Our results demonstrate the strength of our team, our portfolio, our strategy and our operating performance. Our solid bookings and competitive wins, robust organic sales growth and excellent operational performance resulted in strong margin rates, earnings and cash in the quarter. We also closed the divestiture of our IT services business, and successfully transitioned those employees and programs to Peraton.

我們的業績證明了我們團隊的實力、我們的投資組合、我們的戰略和我們的經營業績。我們穩健的預訂和競爭優勢、強勁的有機銷售增長和出色的運營業績為本季度帶來了強勁的利潤率、收益和現金。我們還完成了對 IT 服務業務的剝離，並成功地將這些員工和項目轉移到 Peraton。

Elaborating on financial highlights. We booked new awards of $8.9 billion, grew sales 6% and increased segment operating income 13%. GAAP EPS of $13.43 reflects the IT services gain, and transaction-adjusted EPS increased 28% in the quarter. First quarter operating cash improved by more than $900 million year-over-year. Using cash on the balance sheet and divestiture proceeds, we executed a $2 billion accelerated share repurchase agreement that retired an initial 5.9 million shares.

詳細闡述財務亮點。我們獲得了 89 億美元的新獎勵，銷售額增長了 6%，分部營業收入增長了 13%。 13.43 美元的 GAAP 每股收益反映了 IT 服務的收益，交易調整後的每股收益在本季度增長了 28%。第一季度運營現金同比增長超過 9 億美元。利用資產負債表上的現金和資產剝離收益，我們執行了一項價值 20 億美元的加速股票回購協議，該協議收回了最初的 590 萬股股票。

We also retired $2.2 billion in debt, including early redemptions of $1.5 billion. Even with share repurchases, dividends and deleveraging, all of which totaled more than $4.4 billion, we ended the first quarter with $3.5 billion of cash on the balance sheet.

我們還償還了 22 億美元的債務，其中包括 15 億美元的提前贖回。即使有股票回購、股息和去槓桿化，所有這些總計超過 44 億美元，我們在第一季度結束時資產負債表上的現金為 35 億美元。

As I outlined in January, this year's capital deployment plans continue to include robust investment to drive innovation and affordability and at least $1 billion of additional share repurchases. Based on what we see now, over the next couple of years, we expect to return the majority of our free cash flow to our shareholders through share repurchases and dividends.

正如我在 1 月份概述的那樣，今年的資本部署計劃繼續包括大力投資以推動創新和負擔能力，以及至少 10 億美元的額外股票回購。根據我們現在看到的情況，在未來幾年內，我們預計將通過股票回購和分紅將大部分自由現金流返還給股東。

With the strength of our first quarter results, a solid outlook for the remainder of the year and confidence in our portfolio, we are raising our sales and EPS guidance. We now expect sales will increase to between $35.3 billion and $35.7 billion, a $200 million increase to the prior range. And we are raising transaction-adjusted EPS guidance by $0.85 to a range of $24 to $24.50.

憑藉我們第一季度的強勁業績、今年剩餘時間的穩健前景以及對我們投資組合的信心，我們正在提高我們的銷售和每股收益指引。我們現在預計銷售額將增至 353 億美元至 357 億美元之間，比之前的範圍增加 2 億美元。我們將交易調整後的每股收益指引上調 0.85 美元至 24 美元至 24.50 美元之間。

As we look forward, we believe our capabilities will remain well aligned with U.S. national security priorities. In early policy guidance, such as its interim national security strategy, the Biden administration has signaled that it views competition with China as the most pressing long-term security challenge, and will invest in the capabilities needed to maintain U.S. national security advantages.

展望未來，我們相信我們的能力將與美國的國家安全優先事項保持一致。在其臨時國家安全戰略等早期政策指導中，拜登政府已表示將與中國的競爭視為最緊迫的長期安全挑戰，並將投資於維持美國國家安全優勢所需的能力。

In its recent budget framework for fiscal year 2022, the administration described several priority efforts that are closely aligned with our portfolio and technology leadership. These include space, modernizing the nuclear deterrent, advanced weapons and long-range fires capabilities and R&D for breakthrough technologies, such as artificial intelligence, advanced computing and cyber.

在最近的 2022 財年預算框架中，政府描述了幾項與我們的產品組合和技術領先地位密切相關的優先工作。其中包括太空、核威懾現代化、先進武器和遠程火力能力以及人工智能、先進計算和網絡等突破性技術的研發。

Turning to operational highlights in the quarter, our Space business doubled its backlog in 2020 and achieved 30% revenue growth in each of the last 2 quarters. This performance confirms our competitive capabilities and our ability to capture market share as our nation ramps up investment in Space. Three competitive awards in the first quarter are good examples: the Hypersonic and Ballistic Tracking Space Sensor; the Protected Tactical SATCOM rapid prototype program; and the next-generation interceptor.

談到本季度的運營亮點，我們的太空業務在 2020 年的積壓訂單翻了一番，在過去兩個季度的每個季度都實現了 30% 的收入增長。這一表現證實了我們的競爭能力和我們在我們國家加大對太空的投資時獲得市場份額的能力。第一季度的三個競爭獎項就是很好的例子：高超音速和彈道跟踪空間傳感器；受保護的戰術衛星通信快速原型計劃；和下一代攔截器。

On HBTSS, we received a $155 million award to build a prototype sensor satellite capable of tracking hypersonic weapons from space. For Protected Tactical SATCOM, we were down selected for a follow-on award to proceed with our ongoing prototype development with a flight demonstration of our PTS payload expected in 2024. We also were awarded a $2.6 billion contract for the next phase of the Missile Defense Agency's next-generation interceptor, known as NGI, with a period of performance through 2026. This contract is for the rapid development and flight test of an interceptor designed to defend against the most complex long-range threats.

在 HBTSS 上，我們獲得了 1.55 億美元的獎金，用於建造能夠從太空追踪高超音速武器的原型傳感器衛星。對於受保護的戰術衛星通信，我們被選中獲得後續獎勵，以繼續我們正在進行的原型開發，預計在 2024 年對我們的 PTS 有效載荷進行飛行演示。我們還獲得了價值 26 億美元的導彈防禦下一階段合同機構的下一代攔截器，稱為 NGI，性能期限到 2026 年。該合同用於攔截器的快速開發和飛行測試，旨在防禦最複雜的遠程威脅。

Opportunities for Northrop Grumman Space also extend to civil and commercial space. NASA's fiscal year 2022 discretionary request is $24.7 billion, a 6.3% increase over the 2021 enacted level. Importantly, the request supports human exploration of the moon, Mars and beyond. Support for the NASA budget enables our efforts on space launch systems and HALO, the Habitation and Logistics Outpost program.

Northrop Grumman Space 的機會也延伸到民用和商業空間。 NASA 的 2022 財年可自由支配請求為 247 億美元，比 2021 年頒布的水平增加了 6.3%。重要的是，該請求支持人類對月球、火星及其他地方的探索。對 NASA 預算的支持使我們能夠在太空發射系統和 HALO（居住和後勤前哨計劃）方面做出努力。

And in commercial space, MEV-1 continues to provide life extension services to an Intelsat satellite and received via Satellite Technology of the Year award. The award recognizes the technology breakthrough that reshapes the way the satellite industry works now and for years to come.

在商業空間，MEV-1 繼續為 Intelsat 衛星提供壽命延長服務，並獲得年度衛星技術獎。該獎項旨在表彰重塑衛星行業現在和未來幾年運作方式的技術突破。

I'm also pleased to report that earlier this month, MEV-2 successfully docked with another Intelsat satellite. MEV-2 will provide 5 years of service before undocking and moving on to provide services for a new mission. Northrop Grumman is a pioneer in this field and remains the only provider of flight-proven life extension services for satellites.

我也很高興地報告本月早些時候，MEV-2 成功與另一顆國際通信衛星組織對接。 MEV-2 將提供 5 年的服務，然後脫離對接並繼續為新任務提供服務。諾斯羅普·格魯曼公司是該領域的先驅，並且仍然是經過飛行驗證的衛星壽命延長服務的唯一供應商。

As the U.S. continues modernizing its strategic deterrent capabilities, we are proud to be the prime contractor for 2 legs of the TRIAD: The B-21 bomber; and the Ground Based Strategic Deterrent, or GBSD; as well as a key supplier on the third leg. These modernization programs, which were initiated in the Obama administration, are expected to begin fielding at the end of this decade. Both GBSD and B-21 are benefiting from our use of innovative digital tools to reduce technical risk and cost.

隨著美國繼續對其戰略威懾能力進行現代化改造，我們很自豪能夠成為三合會兩條腿的主承包商：B-21 轟炸機；和地面戰略威懾，或GBSD；以及第三站的主要供應商。這些由奧巴馬政府發起的現代化計劃預計將在本世紀末開始實施。 GBSD 和 B-21 都受益於我們使用創新的數字工具來降低技術風險和成本。

As the Air Force has noted, B-21 development has been unique in that the test aircraft are more mature than other systems have been at this point, allowing us to validate our production processes much sooner in the program life cycle. And our GBSD program successfully completed 2 major milestone reviews and remains on track to field an initial operating capability by 2029.

正如空軍所指出的那樣，B-21 的開發是獨一無二的，因為此時測試飛機比其他系統更成熟，使我們能夠在項目生命週期中更快地驗證我們的生產過程。我們的 GBSD 計劃成功完成了 2 項重大里程碑審查，並有望在 2029 年之前實現初步運營能力。

We are working closely with our Air Force partner and industry teammates to use digital engineering and agile software development to reduce risk and shorten development time lines as we modernize this critical system. The GBSD program has earned the e-Series designation from the U.S. Air Force, affirming the program's cutting-edge approach to digital transformation.

我們正在與我們的空軍合作夥伴和行業團隊密切合作，在我們對這一關鍵系統進行現代化改造時，使用數字工程和敏捷軟件開發來降低風險並縮短開發時間線。 GBSD 計劃已獲得美國空軍的 e 系列稱號，肯定了該計劃在數字化轉型方面的前沿方法。

All four of our sectors are aligned to the high priority investment areas needed to maintain military superiority. In addition to developing new platforms and weapon systems, we are enabling the modernization of existing platforms to ensure our war fighters have the best technology and that their platforms can be modularly upgraded to counter evolving threats.

我們所有四個部門都與保持軍事優勢所需的高度優先投資領域保持一致。除了開發新平台和武器系統外，我們還在推動現有平台的現代化，以確保我們的作戰人員擁有最好的技術，並且他們的平台可以進行模塊化升級以應對不斷變化的威脅。

In the first quarter, we received orders totaling approximately $500 million for additional SABR radar systems for the F-16. With these additional orders, we're now under contract to produce approximately 900 systems in the support of F-16 upgrades and new jet procurements for eight FMS countries, as well as upgrades to our U.S. Air Force, Guard and Reserve F-16 fleets.

在第一季度，我們收到了總額約為 5 億美元的 F-16 額外 SABR 雷達系統訂單。有了這些額外訂單，我們現在簽訂了生產大約 900 套系統的合同，以支持八個 FMS 國家的 F-16 升級和新噴氣式飛機採購，以及升級我們的美國空軍、警衛隊和預備役 F-16 機隊.

Also on the F-16 for the U.S. Air Force, we were down selected as the sole offer for the EMD and production of a modern electronic warfare suite to provide next-generation self-protection and ensure an upgrade path for advanced capabilities against highly agile future threats. And during the quarter, the U.S. Army approved our CIRCM system for full rate production following a successful six-month initial operational test and evaluation on its helicopters.

同樣在美國空軍的 F-16 上，我們被選為 EMD 和生產現代電子戰套件的唯一供應商，以提供下一代自我保護並確保針對高度敏捷的先進能力的升級路徑未來的威脅。在本季度，美國陸軍批准了我們的 CIRCM 系統進行全速生產，此前對其直升機進行了成功的六個月初始操作測試和評估。

We also continue to demonstrate how we can connect platforms and sensors to enable Joint All-Domain Command and Control or JADC2. Our fifth generation connectivity solutions will be featured on multiple platforms in the upcoming Northern Edge 21 Exercise in May. We expect to participate in several other exercises over the next 12 months, including the Army's Project Convergence, where IBCS is expected to be featured. And we're responding to the ABMS digital infrastructure investment priority, requiring secure processing, connectivity and data management.

我們還將繼續展示我們如何連接平台和傳感器以實現聯合全域指揮與控製或 JADC2。我們的第五代連接解決方案將在 5 月即將舉行的 Northern Edge 21 演習中出現在多個平台上。我們預計在接下來的 12 個月內參加其他幾項演習，包括陸軍的項目融合，預計 IBCS 將在其中亮相。我們正在響應 ABMS 數字基礎設施投資優先事項，要求安全處理、連接和數據管理。

And finally, we are maturing our advanced weaponry and long-range fires capabilities. We conducted a successful live fire demonstration of our integrated counter UAS solutions this quarter. The demonstration showcased our next-generation proximity ammunition and its capability to defeat Class I, II and III unmanned aerial systems. In addition, AARGM-ER had two successful static motor tests of a rocket motor, marking nine consecutive successful tests in preparation for the upcoming flight tests.

最後，我們正在成熟我們的先進武器和遠程火力能力。本季度，我們對我們的集成反無人機解決方案進行了成功的實彈演示。該演示展示了我們的下一代近距離彈藥及其擊敗 I、II 和 III 級無人機系統的能力。此外，AARGM-ER還成功進行了兩次火箭發動機靜態發動機試驗，標誌著連續九次成功試驗，為即將進行的飛行試驗做準備。

All of these successes reflect the quality of our team and the benefits of our recent investment in new technology to support national security for the U.S. and our allies. We are focused on competing and winning the programs that enable continued growth and affordably delivering the capability our customers need. This quarter was another demonstration of our commitment to maintain strong returns and cash flows while growing the business.

所有這些成功都反映了我們團隊的素質以及我們最近投資新技術以支持美國及其盟國的國家安全的好處。我們專注於競爭和贏得能夠實現持續增長並以經濟實惠的方式提供客戶所需功能的計劃。本季度再次證明了我們在發展業務的同時保持強勁回報和現金流的承諾。

I'll turn the call over to Dave now for a more detailed discussion of our financial guidance, results and trends. Dave?

我現在將把電話轉給戴夫，以更詳細地討論我們的財務指導、結果和趨勢。戴夫？

Thanks, Kathy, and good morning, everyone. I'd also like to thank our team for another quarter of outstanding performance.

謝謝，凱西，大家早上好。我還要感謝我們的團隊又一個季度的出色表現。

My comments begin with Q1 sales growth on Slide 4, which provides a bridge between our first quarter of 2020 and first quarter of 2021. We reported Q1 sales growth of approximately 6%. And as you can see, the IT services divestiture was an approximately $400 million headwind to first quarter sales. In addition, due to the timing of our accounting calendar convention, we had three more working days in the first quarter of 2021 than in the first quarter of 2020. We view this tailwind as purely timing as it normalizes in Q4 when we will have four fewer days than in the fourth quarter of 2020.

我的評論從幻燈片 4 的第一季度銷售增長開始，它在我們 2020 年第一季度和 2021 年第一季度之間架起了一座橋樑。我們報告第一季度銷售增長約為 6%。如您所見，IT 服務剝離給第一季度的銷售額帶來了大約 4 億美元的阻力。此外，由於我們的會計日曆約定的時間安排，我們在 2021 年第一季度的工作日比 2020 年第一季度多三個工作日。我們認為這種順風純粹是時間安排，因為它在第四季度正常化，屆時我們將有四個工作日天數少於 2020 年第四季度。

The three additional days in Q1 2021 result in an approximately 5% benefit to sales across all of our segments for your modeling purposes. So at the consolidated level, the divestiture and extra working days are largely offsetting for Q1. Adjusting for these two items, revenue growth was 6.4%. As I review the sector results, I'll refer to organic sales growth, adjusting only for the IT services divestiture.

2021 年第一季度的額外三天可為我們所有細分市場的銷售帶來大約 5% 的收益，以供您建模。因此，在合併層面，資產剝離和額外工作日在很大程度上抵消了第一季度的影響。調整這兩項後，收入增長為 6.4%。當我回顧行業結果時，我將參考有機銷售增長，僅針對 IT 服務剝離進行調整。

Slide 5 provides a bridge of our earnings per share between first quarter 2020 and first quarter 2021. GAAP earnings per share increased to $13.43, primarily due to the gain on sale. When we adjust for the divestiture-related items, transaction adjusted earnings per share are up 28% to $6.57. The increase reflects strong segment performance, which drove $0.75 of the year-over-year improvement.

幻燈片 5 為我們在 2020 年第一季度和 2021 年第一季度之間的每股收益搭建了一座橋樑。GAAP 每股收益增加到 13.43 美元，這主要是由於銷售收益。當我們調整與剝離相關的項目時，交易調整後的每股收益增長了 28% 至 6.57 美元。這一增長反映了強勁的細分市場表現，推動了 0.75 美元的同比增長。

Recovery in the equity markets generated favorable earnings on our marketable securities, especially compared to the volatility we experienced in the equity markets last March. Corporate unallocated expense contributed $0.27, primarily due to lower state tax and lower amortization expense in the period.

股票市場的複蘇為我們的有價證券帶來了可觀的收益，特別是與我們去年 3 月在股票市場經歷的波動相比。公司未分配費用貢獻了 0.27 美元，主要是由於該期間較低的州稅和較低的攤銷費用。

Referring to sector results on Slide 6. Aeronautics Systems sales were up 5% for the quarter, reflecting higher Manned Aircraft sales due to stronger volume on restricted programs and E-2D, partially offset by lower sales in Autonomous Systems as certain Global Hawk production programs near completion.

參考幻燈片 6 上的行業業績。航空系統本季度的銷售額增長了 5%，這反映了由於受限項目和 E-2D 的銷量增加導致載人飛機銷量增加，部分被自主系統的銷量下降所抵消，因為某些全球鷹生產項目接近完成。

At Defense Systems, first quarter sales decreased 17% or 2% on an organic basis. Lower organic sales reflect the closeout of our Lake City activities, which represented a headwind of roughly $140 million this quarter. Higher volume on GMLRS and AARGM helped to offset that impact.

在防禦系統公司，第一季度銷售額自然下降了 17% 或 2%。較低的有機銷售額反映了我們湖城活動的結束，這代表了本季度約 1.4 億美元的逆風。 GMLRS 和 AARGM 的更高交易量有助於抵消這種影響。

Turning to Mission Systems, we saw a third consecutive quarter of double-digit sales growth, with revenues up 10% or 15% on an organic basis. Organic sales were higher in all 4 MS business areas as its diversified portfolio continues its strong momentum from last year. In Airborne Multifunction Sensors, we had higher volume for the SABR and MESA radar programs and higher restricted sales. Maritime/Land Systems and Sensors increased primarily due to ramp up on the G/ATOR program as well as higher volume on marine systems. Navigation, targeting and survivability sales increased principally due to higher volume on targeting programs, including LITENING. Networked Information Solutions sales were driven by higher volume on electronic warfare programs, including JCREW and restricted programs.

談到 Mission Systems，我們看到連續第三個季度實現兩位數的銷售增長，收入有機增長 10% 或 15%。由於其多元化的投資組合延續了去年的強勁勢頭，所有 4 個 MS 業務領域的有機銷售額均較高。在機載多功能傳感器方面，我們的 SABR 和 MESA 雷達項目的銷量更高，銷售限制也更高。海事/陸地系統和傳感器的增長主要是由於 G/ATOR 計劃的增加以及海洋系統的數量增加。導航、定位和生存能力銷售的增長主要是由於定位計劃的數量增加，包括 LITENING。網絡信息解決方案的銷售受到電子戰項目數量增加的推動，包括 JCREW 和受限項目。

Space Systems continues to be our fastest-growing segment, with sales up 29% in the quarter, or 32% on an organic basis. Sales were higher in both business areas, with continued ramp-up on the GBSD program, driving revenue growth in launch and strategic missiles. Space Programs were driven by higher volume on restricted programs, NASA's Artemis programs and the Next Gen OPIR program.

太空系統仍然是我們增長最快的部門，本季度銷售額增長 29%，有機增長 32%。這兩個業務領域的銷售額都較高，GBSD 計劃的持續增加，推動了發射和戰略導彈的收入增長。太空計劃是由限制計劃、NASA 的 Artemis 計劃和下一代 OPIR 計劃的數量增加推動的。

Turning to operating income on Slide 7. Segment operating income includes a Q1 benefit of approximately $100 million from lower overhead rates, a reflection of our disciplined approach to cost and affordability. This quarter's benefit includes the reduction in projected CAS pension costs that we mentioned on last quarter's call. While lower CAS costs do present a modest revenue and cash flow headwind going forward, they improve our competitiveness by making our solutions more affordable, and that will be a key competitive differentiator in a flattening budget environment.

轉向幻燈片 7 上的營業收入。分部營業收入包括從較低的間接費用率中獲得的約 1 億美元的第一季度收益，這反映了我們對成本和可負擔性的嚴格方法。本季度的收益包括我們在上季度電話會議中提到的預計 CAS 養老金成本的減少。雖然較低的 CAS 成本確實帶來了適度的收入和現金流逆風，但它們通過使我們的解決方案更實惠來提高我們的競爭力，這將是在預算趨於平緩的環境中的關鍵競爭優勢。

At AS, operating income increased 17% and margin rate increased to 10.3% due to higher net favorable EAC adjustments driven by reduced overhead rates.

在 AS，營業收入增長 17%，利潤率提高至 10.3%，這是由於間接費用率降低導致的淨有利 EAC 調整增加。

Defense Systems' operating income decreased 11%, primarily due to the IT services divestiture, and operating margin rate increased 80 basis points to 11.3%. The increase in operating margin rate was largely driven by improved performance in Battle Management and Missile Systems programs.

國防系統的營業收入下降 11%，主要是由於 IT 服務剝離，營業利潤率上升 80 個基點至 11.3%。運營利潤率的提高主要是由於戰鬥管理和導彈系統項目的績效提高。

Operating income at Mission Systems rose 12%, and operating margin rate increased to 15.3%. Higher operating income reflects higher sales as well as the benefit recognized from reduced overhead rates, partially offset by lower net favorable EAC adjustments at Network Information Solutions.

Mission Systems 的營業收入增長了 12%，營業利潤率提高到 15.3%。較高的營業收入反映了較高的銷售額以及從降低的間接費用率中確認的收益，部分被網絡信息解決方案的較低的淨有利 EAC 調整所抵消。

Space Systems operating income increased 37%, primarily due to higher sales volume. Operating margin rate rose to 10.9% due to higher net favorable EAC adjustments, driven by the reduction in overhead rates.

Space Systems 營業收入增長 37%，主要是由於銷量增加。由於間接費用率的降低，淨有利的 EAC 調整增加，營業利潤率上升至 10.9%。

At the total company level, segment operating income increased 13% in Q1, and operating margin rate increased to 12%. Higher operating income was driven principally by favorable overhead rates, as well as operational performance at the sectors, which more than offset the lower business base due to the IT services divestiture.

在公司整體層面，第一季度分部營業收入增長13%，營業利潤率提高到12%。較高的營業收入主要是由於有利的間接費用率以及各行業的經營業績，這足以抵消由於 IT 服務剝離而導致的較低業務基礎。

Turning to sector guidance on Slide 8. As a result of continued robust growth in our Space business and the recent win of the NGI program, we are increasing Space sales guidance to approximately $10 billion. Sales guidance remains unchanged for AS, DS and MS, as does operating margin rate guidance at all 4 sectors.

轉向幻燈片 8 的行業指導。由於我們的太空業務持續強勁增長以及最近贏得 NGI 計劃，我們將太空銷售指導提高到約 100 億美元。 AS、DS 和 MS 的銷售指導保持不變，所有 4 個部門的營業利潤率指導保持不變。

Moving to consolidated guidance. Slide 9 provides a bridge to our updated guidance, reflecting the improvement in operations as well as the effects of the divestiture on our overall outlook. We are raising our 2021 sales and transaction-adjusted EPS guidance to reflect the strength of first quarter results. We now expect 2021 sales will range between $35.3 billion and $35.7 billion, a $200 million increase to prior guidance. Keep in mind that our fourth quarter year-over-year revenue comparison will include headwinds of fewer working days and the $444 million equipment sale at AS in addition to the divestiture.

轉向綜合指導。幻燈片 9 為我們更新的指導提供了一座橋樑，反映了運營的改善以及剝離對我們整體前景的影響。我們正在提高我們的 2021 年銷售和交易調整後每股收益指引，以反映第一季度業績的強勁勢頭。我們現在預計 2021 年的銷售額將在 353 億美元至 357 億美元之間，比之前的預期增加 2 億美元。請記住，除了資產剝離之外，我們第四季度的同比收入比較還將包括工作日減少的不利因素以及 AS 4.44 億美元的設備銷售。

Our updated guidance on corporate unallocated expenses is driven by the net gain on the IT services transaction and also reflects favorable deferred state tax benefits and other lower unallocated costs. Our operating margin rate guidance includes both the lower corporate unallocated expense and the benefit from the divestiture.

我們對企業未分配費用的更新指導是由 IT 服務交易的淨收益驅動的，也反映了有利的遞延州稅收優惠和其他較低的未分配成本。我們的營業利潤率指導包括較低的企業未分配費用和資產剝離帶來的收益。

Moving to taxes. You can see the estimated tax rate reflects the impact from the divestiture, and our underlying effective tax rate is unchanged. Our year-end weighted average diluted shares count guidance has been reduced to reflect the ASR.

轉向稅收。您可以看到估計稅率反映了資產剝離的影響，而我們的基本有效稅率保持不變。我們的年終加權平均稀釋股數指引已降低以反映 ASR。

Turning to EPS. Slide 10 provides a bridge between our January guidance and today's transaction-adjusted guidance. We are increasing our transaction-adjusted EPS to a range of $24 to $24.50 from our prior guidance range of $23.15 to $23.65. Our higher guidance reflects strong segment performance as well as lower corporate unallocated expenses, favorable pension trends and lower weighted average shares outstanding.

轉向EPS。幻燈片 10 在我們 1 月份的指導和今天的交易調整指導之間架起了一座橋樑。我們將交易調整後的每股收益從之前的 23.15 美元至 23.65 美元的指導範圍提高到 24 美元至 24.50 美元的範圍。我們較高的指引反映了強勁的分部業績以及較低的企業未分配費用、有利的養老金趨勢和較低的加權平均流通股。

Lastly, I want to take a moment to talk about cash. We continue to pursue a balanced capital deployment strategy that includes investing in the business, returning cash to shareholders through dividends and share repurchases and managing the balance sheet. In the first quarter, we de-levered our balance sheet, obtained improved ratings from 2 credit rating agencies and executed the ASR program to further reduce our share count.

最後，我想花點時間談談現金。我們繼續追求平衡的資本配置策略，包括投資業務、通過股息和股票回購向股東返還現金以及管理資產負債表。在第一季度，我們對資產負債表進行了去槓桿化，從 2 家信用評級機構獲得了更高的評級，並執行了 ASR 計劃以進一步減少我們的股票數量。

The recently passed American Rescue Plan Act is expected to begin affecting our CAS pension recoveries in 2022. Asset returns and other actuarial assumptions will continue to influence these numbers. But all else being equal, the legislation would further reduce our CAS recoveries. I'd also note that we had already lowered our projected CAS pension cost to a relatively low level in our January outlook, primarily due to outstanding asset performance in 2020. I'd reiterate that we expect minimal cash pension contributions over the next several years.

最近通過的美國救助計劃法案預計將在 2022 年開始影響我們的 CAS 養老金回收。資產回報和其他精算假設將繼續影響這些數字。但在其他條件相同的情況下，該立法將進一步減少我們的 CAS 回收率。我還要指出，在 1 月份的展望中，我們已經將預期的 CAS 養老金成本降低至相對較低的水平，這主要是由於 2020 年的出色資產表現。我要重申，我們預計未來幾年現金養老金繳款很少.

As Kathy mentioned, first quarter operating cash flow increased more than $900 million from Q1 2020. This improvement largely reflects timing of collections and disbursements, and we have not changed our transaction-adjusted free cash flow or capital expenditure guidance for the year. It's worth mentioning that while the divestiture of the IT services business closed in Q1, federal and state cash taxes of approximately $800 million will be paid over the remainder of the year.

正如凱西所提到的，第一季度的經營現金流量比 2020 年第一季度增加了 9 億多美元。這種改善主要反映了收款和付款的時間安排，我們沒有改變今年的交易調整自由現金流或資本支出指導。值得一提的是，雖然 IT 服務業務的剝離在第一季度結束，但在今年剩餘時間內將支付約 8 億美元的聯邦和州現金稅。

In closing, we are very pleased with our first quarter results as we continue to deliver for our customers, employees and shareholders. Our portfolio shaping and continued investment in the business put us in a strong position to sustain our momentum in value creation and robust cash generation.

最後，我們對第一季度的業績感到非常滿意，因為我們將繼續為我們的客戶、員工和股東提供服務。我們的投資組合塑造和對業務的持續投資使我們處於有利地位，以維持我們在價值創造和強勁現金產生方面的勢頭。

Okay, Todd. I think we're ready for Q&A.

好的，托德。我想我們已經準備好進行問答了。

Mariama, please inform the analysts how to enter the queue and ask questions. Thank you.

Mariama，請告知分析師如何進入隊列並提問。謝謝你。

(Operator Instructions) Your first question comes from the line of Robert Stallard with Vertical Research.

（操作員說明）您的第一個問題來自於 Vertical Research 的 Robert Stallard。

Kathy, on Space, clearly, a very strong quarter here and tracking very nicely for another strong year. But how do you see this going forward? You're obviously going to be up against a tough comparison in 2022, for example, but you have got this new NGI win. So I was wondering if you could give us some idea of what is sort of sustainable top line growth rate could be for this division.

凱西，在太空，顯然，這是一個非常強勁的季度，並且非常好地跟踪另一個強勁的一年。但你如何看待這件事的發展？例如，您顯然將在 2022 年面臨艱難的比較，但您已經獲得了 NGI 的新勝利。所以我想知道你是否可以讓我們了解一下這個部門的可持續頂線增長率可能是多少。

Well, without getting into specific outlook for 2022, let me talk about some of the major drivers that we see. You noted that GBSD will have a tougher compare '22 to '21 because we'll have a full year of GBSD this year. However, I would point to the fact that GBSD is expected to continue to ramp into 2022. The budget shows another, approximately $1 billion increase going from '21 to 2022.

好吧，在不深入探討 2022 年的具體前景的情況下，讓我談談我們看到的一些主要驅動因素。您注意到 GBSD 將在 22 年與 21 年進行比較，因為今年我們將有一整年的 GBSD。但是，我要指出的是，GBSD 預計將繼續增長到 2022 年。預算顯示，從 21 年到 2022 年，還將增加約 10 億美元。

So not all of that is the Northrop Grumman program. That's the entire budget. But you can see that there is still escalation and growth anticipated for the program going into next year. But more importantly, as you highlighted, there are other activities that we have underway that have a growth profile from '21 to '22. NGI is one of those. The other two awards that I mentioned today are two others.

因此，並非所有這些都是諾斯羅普·格魯曼公司的計劃。這就是全部預算。但您可以看到，預計該計劃進入明年仍有升級和增長。但更重要的是，正如您所強調的，我們正在進行的其他活動具有從 21 年到 22 年的增長概況。 NGI 就是其中之一。我今天提到的另外兩個獎項是另外兩個。

And so we do see the opportunity for Space to continue to grow. It is true that when we look at this business, it grew 18% last year. We are projecting high-teen growth again this year. So those are very robust growth rates. But we do see the potential for Space to continue to be a growth driver for our business and indeed, our fastest-growing segment.

因此，我們確實看到了 Space 繼續增長的機會。確實，當我們審視這項業務時，它去年增長了 18%。我們預計今年將再次實現高青少年增長。所以這些是非常強勁的增長率。但我們確實看到 Space 有潛力繼續成為我們業務的增長動力，事實上，我們增長最快的細分市場。

Your next question comes from the line of Robert Spingarn with Crédit Suisse.

您的下一個問題來自瑞士信貸的 Robert Spingarn。

Just sticking with Space. Kathy, you touched on this a little earlier in your prepared remarks, but you've had some really nice success recently with Space logistics and your satellite mission extension vehicle. Wondering if you could elaborate a little bit on the opportunity longer-term and update us on how discussions with customers are trending now that the technology is proven. And just wondering if satellite MRO can ultimately be comparable to something like aviation MRO as a very strong recurring business?

只是堅持太空。凱西，你在準備好的發言中稍早提到了這一點，但你最近在太空物流和衛星任務擴展飛行器方面取得了一些非常好的成功。想知道您是否可以詳細說明一下長期機會，並在技術得到驗證後向我們介紹與客戶討論的趨勢。只是想知道衛星 MRO 是否最終可以與航空 MRO 相媲美，成為一項非常強大的經常性業務？

Thanks for the question, Rob. We certainly see this business transforming the way companies think about satellite life extension. And we see that with Intelsat, and of course, we started in the commercial space. Because we had in Intelsat, a willing partner to pioneer with us, and that's really what this is. As I noted, we're still the only company providing this kind of mission life extension capability.

謝謝你的問題，羅布。我們當然看到這項業務正在改變公司對延長衛星壽命的看法。我們在 Intelsat 中看到了這一點，當然，我們是從商業領域開始的。因為我們在 Intelsat 有一個願意與我們一起開拓的合作夥伴，這就是事實。正如我所指出的，我們仍然是唯一一家提供這種任務壽命延長能力的公司。

And Intelsat has been a fabulous partner in being able to demonstrate those capabilities on two of their satellites. And MEV-2 is docked with a satellite that is currently providing mission service. MEV-1, I'll remind you, was taking a satellite that was out of service and bringing it back to service. So as we continue to demonstrate that we can even dock with a moving satellite, providing service and not disrupt those services, I do expect that other customers will see the value. And that, that business will continue to grow.

Intelsat 一直是一個出色的合作夥伴，能夠在他們的兩顆衛星上展示這些能力。而MEV-2與一顆目前正在提供任務服務的衛星對接。我會提醒你，MEV-1 正在將一顆停止服務的衛星帶回服務。因此，隨著我們繼續證明我們甚至可以與移動的衛星對接，提供服務而不破壞這些服務，我確實希望其他客戶會看到它的價值。而且，該業務將繼續增長。

We also see the opportunity, as we work with our defense customers, to bring those capabilities to military and special systems that our national security relies upon, now that we have demonstrated the capability with commercial clients.

當我們與國防客戶合作時，我們也看到了將這些能力帶到我們國家安全所依賴的軍事和特殊系統的機會，因為我們已經向商業客戶展示了這種能力。

Your next question comes from the line of Seth Seifman with JPMorgan.

您的下一個問題來自摩根大通的塞思·塞夫曼（Seth Seifman）。

I wanted to ask about -- so Aeronautics, you called out the headwind in Autonomous, and that's something that you've discussed before. Does that headwind go away by the end of this year? Or does it persist into 2022 on Global Hawk? And I guess, are there any other sort of legacy type of platforms we should be thinking about that might come into the budget crosshairs going forward?

我想問一下——所以 Aeronautics，你在 Autonomous 中喊出了逆風，這是你之前討論過的問題。到今年年底，這種不利因素會消失嗎？或者它是否會在全球鷹上持續到 2022 年？而且我想，我們應該考慮是否有任何其他類型的傳統類型的平台可能會成為未來的預算十字準線？

Sure, Seth, it's Dave. I'll get started on that one for you. So yes, as you noted, the Manned Portfolio in AS outgrew the unmanned in Q1. Overall, the sector delivered a strong 5% organic growth rate year-over-year and does project organic growth for the full year, when you exclude the unique equipment sale from last year.

當然，賽斯，是戴夫。我會開始為你做的。所以是的，正如您所指出的，AS 中的有人駕駛投資組合在第一季度超過了無人駕駛。總體而言，當您排除去年的獨特設備銷售時，該行業實現了強勁的 5% 有機增長率，並且預計全年有機增長。

In terms of the headwinds you mentioned around Global Hawk. Certainly, there are puts and takes on the Global Hawk program and on the HALE portfolio all together, and we'll know more when we see the updated budget numbers in the coming weeks.

就你提到的圍繞全球鷹的不利因素而言。當然，全球鷹計劃和 HALE 投資組合都存在投入和投入，當我們在未來幾週看到更新的預算數字時，我們會知道更多。

But I think in aggregate, it's been a strong start to 2021 for the AS portfolio. There are pockets of new opportunity in the unmanned business, as has been in the news in recent months. Certainly, we have a healthy long-term opportunity set in unmanned. And we'll see about the trajectory of the current HALE portfolio. I think in general, that's a flatter portfolio than some of our other higher growth product sets on the manned side that we've talked about in the past.

但我認為總的來說，對於 AS 投資組合來說，這是 2021 年的一個強勁開端。正如最近幾個月的新聞所報導的那樣，無人駕駛業務存在大量新機會。當然，我們在無人駕駛方面有一個健康的長期機會。我們將了解當前 HALE 產品組合的軌跡。我認為總的來說，這比我們過去談到的載人方面的其他一些更高增長的產品組合更扁平。

So again, we'll provide more guidance on '22 and beyond as we get further into this year. But that at least gives you a thumbnail sketch of what we're seeing in AS.

因此，隨著我們今年的進一步深入，我們將再次提供有關 22 年及以後的更多指導。但這至少為您提供了我們在 AS 中看到的內容的縮略圖。

Your next question comes from the line of Carter Copeland with Melius Research.

您的下一個問題來自於與 Melius Research 的 Carter Copeland。

Kathy, I wonder if I could just ask briefly about the F-35. I think once it -- they go beyond lots 14 and get to 15, 16, 17, the number of aircraft in those lots is planning to step down a little bit. I know you guys have a bit of a lead in terms of the revenue recognition on your own cost and your own work on that program versus what we may see from the prime contractor. And I just wondered, maybe give us some perspective on the timing of that, and what it means for that F-35 business in those revenues, how we should be thinking about that going forward?

凱西，我想知道我是否可以簡單地問一下 F-35。我認為一旦它超過第 14 批並達到第 15、16、17 批，這些批中的飛機數量正計劃減少一點。我知道你們在根據自己的成本和自己在該計劃上的工作的收入確認方面，與我們可能從主承包商那裡看到的情況相比，有一點領先。我只是想知道，也許能給我們一些關於時間的看法，以及這對 F-35 業務在這些收入中的意義，我們應該如何考慮未來的發展？

So Carter, as we look at F-35 in its three pieces, I think you're primarily asking about production volume. And, in particular, at Aeronautics, we see that volume relatively flat for the next few years based on the demand signal that we've gotten from Lockheed and what they ask us to quote.

所以卡特，當我們看 F-35 的三個部分時，我認為你主要是在問產量。特別是在 Aeronautics，根據我們從洛克希德公司獲得的需求信號以及他們要求我們報價的內容，我們認為未來幾年的銷量相對持平。

Now price continues to come down as we do our part to contribute to the affordability of the aircraft. So that's a little bit of an offset to a flat volume. At the same time, so when you look at the other pieces of the program, modernization and sustainment, those are growing over that period of time.

現在價格繼續下降，因為我們儘自己的一份力量為飛機的可負擔性做出貢獻。所以這有點抵消了平坦的音量。同時，當您查看該計劃的其他部分時，現代化和維持，這些部分在這段時間內正在增長。

And so all in all, we see our F-35 franchise within Northrop Grumman being relatively flat over the next several years.

總而言之，我們看到我們在諾斯羅普·格魯曼公司的 F-35 特許經營權在未來幾年內相對平穩。

Your next question comes from the line of Sheila Kahyaoglu with Jefferies.

您的下一個問題來自 Jefferies 的 Sheila Kahyaoglu。

Maybe how do you guys think about productivity and margin opportunities post divestiture here? Great margins in the first quarter, 12% ahead of your guidance. When we think about the remainder of the year, whether it's mix or R&D, what sort of headwinds come up? And I guess, how do you think about profitability now that you've streamlined the portfolio?

也許你們如何看待剝離後的生產力和利潤機會？第一季度的利潤率很高，比您的指導高出 12%。當我們考慮今年剩餘的時間時，無論是混合還是研發，都會出現什麼樣的逆風？我想，既然你已經精簡了投資組合，你如何看待盈利能力？

Sure. Thanks, Sheila. So as you mentioned, we're off to a really strong start in Q1 on the margin front, both in terms of rate and dollar volume at a 12% rate for the first quarter. That is ahead of our full year guide of 11.5% to 11.7% segment OM rate.

當然。謝謝，希拉。因此，正如您所提到的，我們在第一季度的利潤率方面開局非常強勁，第一季度的利率和美元交易量均以 12% 的速度增長。這高於我們全年指導的 11.5% 至 11.7% 的細分市場 OM 率。

I'd note that from a timing perspective, Q1 did benefit from the lower overhead rates as we talked about, a portion of which was driven by the lower CAS pension costs and the rest of which was really just strong cost management across the business, overcoming the lower base from the divestiture and such. So we're really pleased with the level of disciplined cost management that we've already demonstrated in 2021.

我注意到，從時間的角度來看，第一季度確實受益於我們談到的較低的間接費用率，其中一部分是由較低的 CAS 養老金成本推動的，其餘的實際上只是整個企業的強大成本管理，從資產剝離等中克服較低的基數。因此，我們對 2021 年已經展示的嚴格成本管理水平感到非常滿意。

As we look to the rest of the year, we continue to project that 11.5% to 11.7% segment OM rate, which is 10 to 30 basis points better than last year's performance, which was already at a strong level of 11.4%.

展望今年餘下時間，我們繼續預測 11.5% 至 11.7% 的細分市場 OM 率，比去年的表現高出 10 至 30 個基點，去年的表現已經處於 11.4% 的強勁水平。

Going forward, I think you're right to think of mix as one of the drivers. But obviously, we'll continue to strive operationally for both efficiency and the way we execute our programs and deliver product, as well as the way we manage the business. Our digital transformation efforts are a good example of that efficiency initiative, again, having been touted on some of our key and newer programs. And certainly, that's also part and parcel of the way we're looking to manage the overall business with as much efficiency and consistency as we can to really deliver that affordability and cost efficiency that drives continued strong margins over time.

展望未來，我認為您將 mix 視為驅動因素之一是正確的。但顯然，我們將繼續在運營上努力提高效率、我們執行計劃和交付產品的方式，以及我們管理業務的方式。我們的數字化轉型努力是該效率舉措的一個很好的例子，再次被吹捧在我們的一些關鍵和更新的項目中。當然，這也是我們希望以盡可能高的效率和一致性來管理整體業務的方式的一部分，以真正提供可負擔性和成本效率，隨著時間的推移推動持續強勁的利潤率。

Your next question comes from the line of George Shapiro with Shapiro Research.

您的下一個問題來自夏皮羅研究公司的喬治·夏皮羅 (George Shapiro)。

If you could -- it looks like the EAC or the CAS benefit of about $100 million, that's consistent with the drop in CAS you projected in Q4. So I assume there's been no change from the ARPA -- from ARPA as a result of that. And then also, what's your current pre-funding level for CAS? And how does that play out over time?

如果可以的話 - 看起來 EAC 或 CAS 收益約為 1 億美元，這與您在第四季度預測的 CAS 下降一致。因此，我認為ARPA 沒有任何變化——因此ARPA 沒有變化。然後，您目前對 CAS 的預資助水平是多少？隨著時間的推移，這將如何發揮作用？

The current pre-funding level is just under $2 billion, as of the first of the year. The ARPA adjustments to CAS are more limited in their impact to the business in 2021 than the benefits we've talked about in terms of Q1 EACs, which were primarily driven by the asset performance and other actuarial changes as of our last earnings call when we provided the broader outlook.

截至今年年初，目前的預籌資金水平略低於 20 億美元。 ARPA 對 CAS 的調整對 2021 年業務的影響比我們在第一季度 EAC 方面談到的收益更為有限，這主要是由我們上次財報電話會議時的資產表現和其他精算變化推動的。提供了更廣闊的前景。

I think what I'd point you to is we've already reduced those CAS pension projections substantially in the January call down to levels of $240 million next year, $340 million in 2023. So there's limited ongoing reduction possible from the ARPA changes. And obviously, there will be other effects or other influences on that number very much to include ongoing asset returns from pension.

我想我要指出的是，我們已經在 1 月份的電話會議中將 CAS 養老金預測大幅降低至明年 2.4 億美元，2023 年為 3.4 億美元的水平。因此，ARPA 變化可能持續減少的可能性有限。顯然，這個數字還會有其他影響或其他影響，包括養老金的持續資產回報。

So it's a modest headwind to free cash flow and even more modest to revenue going forward. In Q1, it was one of the items contributing to the strong margin rate. But obviously, we continue to project a healthy margin rate for the full year, and thus, for the remaining quarters, driven by the strong program performance and the continued strong cost management we've talked about.

因此，這對自由現金流來說是一個溫和的逆風，對未來的收入來說更溫和。在第一季度，它是促成強勁利潤率的因素之一。但顯然，我們繼續預測全年的健康利潤率，因此，在剩下的幾個季度，受到我們所討論的強勁項目績效和持續強勁的成本管理的推動。

Your next question comes from the line of Jon Raviv with Citigroup.

您的下一個問題來自花旗集團的 Jon Raviv。

Kathy, you mentioned in your prepared remarks that you're seeing that majority or most of your free cash flow going to shareholders over the next few years. Just what's behind -- what's the perspective on talking about that kind of dynamic in terms of how you see the market developing here and what your other capital deployment opportunities are?

凱西，你在準備好的評論中提到，你看到未來幾年你的大部分或大部分自由現金流都流向了股東。背後是什麼——就您如何看待這裡的市場發展以及您的其他資本部署機會而言，談論這種動態的觀點是什麼？

And then within that context, any preliminary thoughts on how you're thinking about that free cash flow opportunity over multiple years versus this year's free cash flow guide? Any particular big moving pieces we should be aware of, like payroll tax or the R&D dynamic?

然後在這種情況下，您對多年的自由現金流機會與今年的自由現金流指南有何初步想法？我們應該注意哪些特別重要的變動因素，例如工資稅或研發動態？

So why don't we have Dave start with the second part of your question, which will give you more sense of the capital we have to deploy, and then I'll talk to the deployment strategy.

那麼為什麼我們不讓 Dave 從您問題的第二部分開始，這將使您更了解我們必須部署的資金，然後我將討論部署策略。

Sure. Thanks, Kathy. So as we talked about on our last call, our guidance for free cash flow for this year of $3 billion to $3.3 billion requires working capital management improvements from 2020. And we're really pleased with the start we've gotten off to in 2021, having already delivered on some of those working capital enhancements.

當然。謝謝，凱西。因此，正如我們在上次電話會議中談到的那樣，我們對今年 30 億至 33 億美元的自由現金流的指導要求從 2020 年開始改進營運資金管理。我們對 2021 年的開始感到非常滿意，已經交付了一些營運資金增強。

And you can see the really strong year-over-year compare of our Q1 '21 free cash flow to Q1 2020. So that gives us a good feeling for free cash flow as we enter the final three quarters of the year. Over the next few years, obviously, we'll provide more insights in the coming quarters. But I think you touched on a few of the right points.

您可以看到我們 21 年第一季度的自由現金流與 2020 年第一季度的同比非常強勁。因此，當我們進入今年最後三個季度時，這讓我們對自由現金流有了很好的感覺。顯然，在接下來的幾年裡，我們將在未來幾個季度提供更多見解。但我認為你談到了一些正確的觀點。

Certainly, first and foremost for us is what's in our control, and that is continued really strong working capital management in the business, efficiency in our billing and collections process, efficiency in the way we manage our supply base on the payable side, while continuing to maintain a healthy supply base as we have through the accelerated payments we've made now over the last year plus.

當然，對我們來說，最重要的是我們可以控制的事情，那就是繼續在業務中進行真正強大的營運資金管理，提高我們計費和收款流程的效率，提高我們在應付方面管理供應基礎的方式的效率，同時繼續保持健康的供應基礎，就像我們通過我們在過去一年中所做的加速付款一樣。

So those are all critical factors for us on the operational side. We do expect capital expenditures to come down in '22 and beyond as a percentage of revenue, as we've signaled in the past. And then you get into some of the CAS pension dynamics I mentioned shortly ago, which should be a modest headwind if all else is equal. Obviously, it remains to be seen what influence asset returns and overall market conditions have on CAS pension going forward. And so we'll update you there as we see the year progress.

所以這些都是我們在運營方面的關鍵因素。正如我們過去所暗示的那樣，我們確實預計 22 年及以後的資本支出佔收入的百分比會下降。然後你會進入我不久前提到的一些 CAS 養老金動態，如果其他條件相同，這應該是一個適度的逆風。顯然，資產回報和整體市場狀況對 CAS 養老金未來的影響還有待觀察。因此，當我們看到年度進展時，我們會在那裡更新您。

And then on the tax side, new legislation is possible to remove the existing R&D amortization rules scheduled to go in place in '22,that would be favorable for us. There's obviously also discussion of the long-term corporate tax rate that could influence our cash taxes going forward. So again, our first priority is what we can control, and we're optimistic about continuing to drive really strong cash flows from the operations of the business. Kathy, over to you for capital deployment.

然後在稅收方面，新的立法可能會取消計劃在 22 年實施的現有研發攤銷規則，這對我們有利。顯然還討論了可能影響我們未來現金稅的長期公司稅率。再說一次，我們的首要任務是我們可以控制什麼，我們對繼續從業務運營中推動真正強勁的現金流持樂觀態度。凱西，交給你進行資本部署。

Thanks, Dave. And so as Dave outlined, our capital deployment strategy has remained consistent. We invest in the business, but we have signaled and continued to see our CapEx as a percentage of revenue starting to come down in 2022, just based on the opportunity set that we have and the robust investments that we've been doing over the last couple of years.

謝謝，戴夫。正如戴夫所概述的，我們的資本部署策略保持一致。我們投資於這項業務，但我們已經發出信號並繼續看到我們的資本支出佔收入的百分比在 2022 年開始下降，這只是基於我們擁有的機會組合和我們過去一直在做的穩健投資許多年。

We've also been active in portfolio shaping and are pleased with the portfolio that we have now and its alignment to the National Defense strategy. So we've been using proceeds to mature our cash balance and really get to a place for our balance sheet where we'd like it to be. And we're in a position, therefore, to now focus on dividends and share repurchase.

我們還積極參與投資組合的塑造，並對我們現在擁有的投資組合及其與國防戰略的一致性感到滿意。因此，我們一直在使用收益來完善我們的現金餘額，並真正達到我們想要的資產負債表的位置。因此，我們現在可以專注於股息和股票回購。

So my comments really reflect that as we sit here today, that we do expect the majority of our cash proceeds over the next couple of years will go to those 2 methods of returning cash to shareholders.

因此，我的評論確實反映出，當我們今天坐在這裡時，我們確實預計未來幾年我們的大部分現金收益將用於向股東返還現金的這兩種方法。

Your next question comes from the line of David Strauss with Barclays.

你的下一個問題來自巴克萊銀行的大衛施特勞斯。

Thanks. I wanted to touch on the Space margins. They were up a fair amount despite 30-some percent growth, I assume most of that being on a cost-plus basis. So could you maybe, Dave, touch on why the Space margins start to come down from here based on your guidance?

謝謝。我想談談空間邊緣。儘管增長了 30% 左右，但它們的增長幅度相當可觀，我認為其中大部分是基於成本加成的。那麼，戴夫，您能否談談為什麼根據您的指導，空間利潤率開始從這裡下降？

And then I know you touched on additional working days you had in Q1. But I think your sales -- implied sales guidance for Q1 still came in -- your sales came in well above your implied guidance. So was there any sort of pull forward in the quarter or anything that -- other than the working days that kind of reverses go -- or goes back the other way later in the year?

然後我知道你提到了第一季度的額外工作日。但我認為你的銷售額——第一季度的隱含銷售指導仍然出現——你的銷售額遠高於你的隱含指導。那麼本季度是否有任何形式的拉動或其他任何東西——除了那種逆轉的工作日——或在今年晚些時候以另一種方式倒退？

Sure. Two good topics there I'm happy to touch on. First, as it relates to Space margins. Space was one of the segments that did benefit from the overhead rate reduction in Q1, which, of course, lifted their margin rate performance in the quarter. The expansion of their base is also a contributor there and the efficiency with which they executed their programs in the quarter and with which they manage the business were both contributors as well. It was a really strong operational quarter for Space, building on a really strong 2020 for Space.

當然。我很高興談到兩個很好的話題。首先，因為它與空間邊距有關。空間是確實受益於第一季度間接費用率降低的細分市場之一，這當然提高了該季度的利潤率表現。他們基礎的擴大也是一個貢獻者，他們在本季度執行計劃的效率以及他們管理業務的效率也是貢獻者。對於 Space 來說，這是一個非常強勁的運營季度，建立在 Space 非常強勁的 2020 年的基礎上。

For the rest of the year, I wouldn't signal any dramatic change there. Obviously, we have this full year margin rate guidance around 10%, consistent with the past guidance for Space and reflective of the mix moving more towards cost type development work, as you mentioned, but obviously off to a strong start there in part due to those EAC benefits because of the operational and cost efficiency in the quarter.

在今年餘下的時間裡，我不會表示那裡有任何戲劇性的變化。顯然，我們有 10% 左右的全年利潤率指導，與過去對 Space 的指導一致，反映了組合更多地向成本類型開發工作發展，正如你所提到的，但顯然在那裡有一個強勁的開端，部分原因是由於本季度的運營和成本效率，這些 EAC 受益。

You mentioned the working days and the overall revenue profile for the year. It's, I think, an important topic to talk through because there are a couple of moving pieces there. So let me give you a bit of a sense for some of the key quarterly items there.

您提到了這一年的工作日和整體收入狀況。我認為這是一個重要的話題，因為那裡有幾個動人的部分。因此，讓我對那裡的一些關鍵季度項目進行一些了解。

Q1 did include a month of the now divested IT services business. And as we've mentioned, about a 5% benefit in each sector from the additional three working days. In terms of other items, I would say, in general, we had strength at the end of the quarter in terms of the timing of materials and deliveries, which did benefit the quarter. I would call that broad-based across the businesses, not any one particular program or sector.

第一季度確實包括一個月的現已剝離的 IT 服務業務。正如我們已經提到的，額外的三個工作日為每個部門帶來大約 5% 的收益。在其他項目方面，我想說，總的來說，我們在本季度末在材料和交付時間方面有實力，這確實使本季度受益。我認為這是跨業務的廣泛基礎，而不是任何一個特定的項目或部門。

Thinking about the rest of the year, Q4, as we mentioned in our scripted remarks, will be a tough compare. It will have four fewer working days than the prior year. And as we mentioned on our last call, Q4 of 2020 benefited by the $444 million equipment sale in AS. So on top of the divestiture impact on Q4 compare from a revenue perspective, we'll have those other two unique items.

正如我們在腳本評論中提到的那樣，考慮到今年剩下的時間，第四季度將是一個艱難的比較。它將比上一年少四個工作日。正如我們在上次電話會議中提到的那樣，2020 年第四季度受益於 AS 4.44 億美元的設備銷售。因此，除了從收入角度比較剝離對第四季度的影響之外，我們還將擁有另外兩個獨特的項目。

As we think about Q2 and Q3, we expect continued solid organic growth in those quarters, consistent with what we've been able to deliver of late. From a GAAP sales perspective, those will be offset by the divestiture, of course. But again, really strong momentum in the business of late, and that's reflected in our guidance. And in particular, in the $200 million increase that we provided to our sales guidance with the bottom and the top end of that range.

當我們考慮第二季度和第三季度時，我們預計這些季度將持續穩健的有機增長，這與我們最近能夠實現的目標一致。從公認會計原則的銷售角度來看，這些當然會被資產剝離所抵消。但同樣，最近業務的勢頭非常強勁，這反映在我們的指導中。特別是，在我們為銷售指導提供的 2 億美元增長中，該範圍的底部和高端。

As we enter Q2, Q3 and beyond, we'll continue to have an eye on strength of new business performance and backlog success as the year progresses and evaluate our outlook further as the year continues.

隨著我們進入第二季度、第三季度及以後，隨著時間的推移，我們將繼續關注新業務表現的實力和積壓的成功，並隨著時間的推移進一步評估我們的前景。

Your next question comes from the line of Cai von Rumohr with Cowen.

您的下一個問題來自 Cai von Rumohr 與 Cowen 的對話。

Yes. So Kathy, with the decreasing cost of access to Space and the increasing capability of smaller LEO satellites, there's been kind of a proliferation of lots of these smaller satellite builders and rocket builders getting large amounts from SPACs. Do you have any aspirations for any forward integration into launchers or commercial -- additional new commercial space ventures? Because it looks like you guys have the capability to do so.

是的。因此，凱西，隨著進入太空的成本下降和小型 LEO 衛星能力的提高，許多小型衛星製造商和火箭製造商從 SPAC 獲得大量資金。您是否希望將任何向前整合到發射器或商業 - 額外的新商業太空企業？因為看起來你們有能力這樣做。

Okay, I appreciate the question. And the reflection on the breadth of our portfolio, you're absolutely right. We already are an important partner to launch providers, including companies that we've been working with and some that are newer entrants into the space. We are working with companies that are new entrants into the defense space that provide unique capabilities in areas like communication or other areas of expertise that we feel can be applied to national security.

好的，我很欣賞這個問題。以及對我們產品組合廣度的反思，您是絕對正確的。我們已經是啟動提供商的重要合作夥伴，包括與我們合作的公司和一些新進入該領域的公司。我們正在與新進入國防領域的公司合作，這些公司在通信或其他我們認為可以應用於國家安全的專業領域提供獨特的能力。

But our focus, really as a company, remains on our expertise in National Security Space. That's where the predominance of the growth in our portfolio is coming from today. And we'll look to use capabilities and products that we build for commercial and space exploration applications just as we do today. But you can expect the predominance of Northrop Grumman's investment as well as our growth to continue to come from National Security Space.

但是，作為一家公司，我們的重點仍然是我們在國家安全領域的專業知識。這就是今天我們投資組合增長的優勢所在。我們將尋求使用我們為商業和太空探索應用構建的功能和產品，就像我們今天所做的那樣。但您可以期待諾斯羅普·格魯曼公司的投資優勢以及我們的增長將繼續來自國家安全空間。

Your next question comes from the line of Kristine Liwag with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Kristine Liwag。

Kathy, following up on Cai's question about some of these new space companies. I guess what we're seeing with your peers is that they're starting to invest in strategic partnerships. We've seen that with Lockheed and ABL and Raytheon and Hawkeye 360. How do you think about strategic partnerships to expand your national security offerings in Space? Would you pursue that, do M&A or invest organically? And are there areas of your portfolio that you're interested in bolstering?

凱西，跟進蔡關於這些新太空公司的問題。我想我們在您的同行中看到的是，他們開始投資於戰略合作夥伴關係。我們已經在 Lockheed 和 ABL 以及 Raytheon 和 Hawkeye 360 中看到了這一點。您如何看待戰略合作夥伴關係以擴大您在太空中的國家安全產品？你會追求這一點，進行併購還是有機投資？您有興趣支持您的投資組合中的哪些領域？

So we're really pleased with the acquisition that we did with Orbital ATK to build out our space portfolio. We saw that as our big investment. And as you know, they brought not only capability in National Security Space, but commercial and civil space exploration as well.

因此，我們對與 Orbital ATK 進行的收購以構建我們的太空產品組合感到非常滿意。我們認為這是我們的大筆投資。如您所知，它們不僅帶來了國家安全空間的能力，還帶來了商業和民用空間探索的能力。

And so we're quite confident that our portfolio allows us to participate across that wide spectrum of growth and investment in space. We also have partnerships. We tend not to advertise those partnerships, and they aren't always aligned with an investment in other companies, but they are relationships that we have, providing our capability to and through them, or their capability through us to our customers.

因此，我們非常有信心，我們的投資組合使我們能夠參與到太空領域的廣泛增長和投資中。我們也有合作夥伴關係。我們傾向於不宣傳這些合作夥伴關係，它們並不總是與對其他公司的投資保持一致，但它們是我們擁有的關係，通過它們提供我們的能力，或者通過我們向我們的客戶提供他們的能力。

Look, at the end of the day, we see new entrants in the market as partners in areas like launch, comms, exploration. And the investment that they're making is oftentimes complementary to ours. But we combine them on a solution-by-solution basis, because that's the business that we're in. We look for the best partner for each system that we are bidding and delivering. And so that's been our partnership model, and I expect that to continue to be our partnership model.

看，歸根結底，我們看到市場上的新進入者作為發布、通信、探索等領域的合作夥伴。他們所做的投資通常與我們的投資相輔相成。但是我們在一個解決方案的基礎上將它們結合起來，因為這就是我們所從事的業務。我們為我們投標和交付的每個系統尋找最佳合作夥伴。這就是我們的合作模式，我希望這將繼續成為我們的合作模式。

Your next question comes from the line of Ron Epstein with Bank of America.

您的下一個問題來自美國銀行的 Ron Epstein。

So Kathy, on the heels of the NGI down select, GBSD, had some really important wins recently. When we look out in the pipeline, what are you looking at next? What's the team focused on or kind of key areas or key programs that you'd like to win in the near-term and maybe even in the medium term?

所以Kathy，在NGI down select，GBSD之後，最近取得了一些非常重要的勝利。當我們在管道中尋找時，您接下來在看什麼？團隊專注於哪些關鍵領域或您希望在近期甚至中期贏得的關鍵項目？

So Ron, two years ago, when I came into the role, I talked a lot about the desire for the company to focus in on campaign areas that were closely aligned to where we believe the National Defense strategy with Space investment, and we continue to believe that those campaigns are focused in the right areas.

所以羅恩，兩年前，當我上任時，我談了很多關於公司希望專注於與我們認為的國防戰略與太空投資密切相關的競選領域的願望，我們將繼續相信這些活動都集中在正確的領域。

We see Space continuing to grow faster than other parts of the market, and we see ourselves being able to continue to grow our portfolio and take share there. Strategic missiles continues to be an important area. Our work on GBSD, the down-select on NGI, so now the interceptor side of that equation, as well as more modernization that the Missile Defense Agency has to do in protective systems against adversary ICBM, and we see that stretching across domains.

我們看到 Space 繼續以比市場其他部分更快的速度增長，我們看到自己能夠繼續擴大我們的產品組合併在那裡佔據份額。戰略導彈仍然是一個重要領域。我們在 GBSD 上的工作，在 NGI 上的向下選擇，所以現在是該等式的攔截器方面，以及導彈防禦局必須在針對敵方洲際彈道導彈的保護系統方面進行的更多現代化，我們看到了跨領域的延伸。

So even in Space, we see a tremendous amount of recapitalization in missile tracking and the ability to detect new missile types, like hypersonics and I talked about the HBTSS award that we have.

因此，即使在太空中，我們也看到導彈跟踪和探測新型導彈類型（如高超音速）的大量資本重組，我談到了我們擁有的 HBTSS 獎。

So space and missiles, very complementary in terms of our strategic focus in both of those areas and still more growth that we see in both of those.

所以太空和導彈在我們在這兩個領域的戰略重點和我們在這兩個領域看到的更多增長方面非常互補。

Another key area that we've been focused on is Joint All-Domain Command and Control. And we were doing it before it was called JADC2 with programs like IBCS, which really fits what the government looks for in being able to integrate sensors and shooters and provide that backbone architecture.

我們一直關注的另一個關鍵領域是聯合全域指揮與控制。我們在它被稱為 JADC2 之前就已經這樣做了，它帶有像 IBCS 這樣的程序，它真正符合政府在能夠集成傳感器和射擊器並提供骨乾架構方面所尋求的。

It has elements of communications and connectivity, which is an investment area, an area of technical excellence for our company. It has elements of computing and the advancement that's needed to process large amounts of data. It has advancements in artificial intelligence. And these are all areas that our company continues to invest in and have leadership positions in.

它具有通信和連接的元素，這是一個投資領域，是我們公司技術卓越的領域。它具有計算元素和處理大量數據所需的進步。它在人工智能方面取得了進步。這些都是我們公司繼續投資並處於領導地位的領域。

So those are just a few examples of the campaigns that we outlined in 2019 that we continue to execute against and see good success. So no new strategy. It's continuing to execute that strategy, which is working well for us and still has legs, we believe, well into the future.

因此，這些只是我們在 2019 年概述的活動的幾個示例，我們將繼續執行這些活動並取得成功。所以沒有新的策略。它正在繼續執行該戰略，該戰略對我們來說效果很好，並且我們相信，它在未來還有很長的路要走。

Your next question comes from the line of Doug Harned with Bernstein.

您的下一個問題來自 Doug Harned 與 Bernstein 的對話。

When you look at Northrop Grumman's position now, you're a major player on major airborne space platforms. But you've -- you're also important provider of electronic systems to other platforms. If you go back historically, there's always been this tension where people have tried to have a platform and then ensure that their own systems get on it. And then those have been typically shot down and they've been competed separately.

當您現在查看諾斯羅普·格魯曼公司的位置時，您是主要機載太空平台的主要參與者。但是你——你也是其他平台電子系統的重要供應商。如果你回顧歷史，總是存在這種緊張，人們試圖擁有一個平台，然後確保他們自己的系統能夠使用它。然後那些通常被擊落並單獨競爭。

So today, since you're on both sides of this, when you look at the way technology is evolving, the way the threat is evolving, how do you see the competitive landscape? Do you think it will stay the same? Do you think there'll be the ability for people to try and vertically integrate more between platforms and systems? Where do you see this going?

所以今天，既然你站在這兩個方面，當你看到技術的發展方式，威脅的發展方式時，你如何看待競爭格局？你認為它會保持不變嗎？您認為人們是否有能力嘗試在平台和系統之間進行更多垂直整合？你認為這是怎麼回事？

So Doug, it's an excellent question and one that we spend a lot of time thinking about strategically because our portfolio, as you know, does have a good bit of vertical integration opportunity. But that doesn't mean that it's always the right answer to put our systems on our platform. And so we take a very objective look when we are an integrator onto a platform at where the best technology comes from. And that may be inside of Northrop Grumman, it may be with an industry partner.

所以道格，這是一個很好的問題，我們花了很多時間從戰略上思考這個問題，因為如你所知，我們的產品組合確實有很多垂直整合的機會。但這並不意味著將我們的系統放在我們的平台上總是正確的答案。因此，當我們作為最佳技術來源平台的集成商時，我們會非常客觀地看待這一問題。這可能在諾斯羅普·格魯曼公司內部，可能與行業合作夥伴有關。

And to the earlier point in Space, increasingly, maybe new entrants and companies that aren't particularly focused on National Security, but have capability to bring to bear. I would also, though, point out that being a strong competitor in Mission Systems and being able to have the technology that is the winning technology on a platform means that you have to invest and that you have to prioritize in that area, and we have done that quite successfully.

在太空的早期階段，可能越來越多的新進入者和公司並不特別關注國家安全，但有能力承擔。不過，我還要指出，作為 Mission Systems 的強大競爭對手並能夠在平台上擁有作為製勝技術的技術，意味著您必須進行投資，並且必須優先考慮該領域，而我們有做得相當成功。

So there are many cases where our technology is the best to go on a platform. And even if it's not our platform and another company's desire to vertically integrate, they will not choose, I don't believe, to put their own kit on a platform if it's not the best technology to compete at the platform level. And we've seen that play out time and time again, where there was a fear that our Mission Systems would not be selected by other competitors because they would want to integrate their own capabilities. But at the end of the day, it's incumbent upon the platform primes, ourself included, to make unbiased choices and look at what is the best capability to provide to our ultimate customer to meet the requirements. And that's where our Mission Systems team has excelled, staying at the forefront of technology so that we do compete and we emerge as the best provider.

所以在很多情況下，我們的技術在平台上是最好的。即使這不是我們的平台和另一家公司垂直整合的願望，他們也不會選擇，我不相信，如果這不是在平台層面競爭的最佳技術，他們也不會選擇將他們自己的工具包放在平台上。而且我們一次又一次地看到這種情況發生，人們擔心我們的任務系統不會被其他競爭對手選中，因為他們想要整合自己的能力。但歸根結底，包括我們自己在內的平台素數有責任做出公正的選擇，並研究為我們的最終客戶提供滿足要求的最佳能力。這就是我們的 Mission Systems 團隊所擅長的地方，他們始終處於技術的最前沿，這樣我們才能競爭並成為最好的供應商。

It's why our Mission Systems business has a good deal of sole source work. I talked about the F-16 upgrades on the radar, but also the EW fleet now that we're working with the Air Force, that is because we have the best technology. And we are now being selected to deliver that capability.

這就是為什麼我們的任務系統業務有大量的單一來源工作。我談到了雷達上的 F-16 升級，還有我們正在與空軍合作的電子戰機隊，那是因為我們擁有最好的技術。我們現在被選中提供這種能力。

Your next question comes from the line of Mike Maugeri with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Mike Maugeri。

Dave, you mentioned that lower CAS expense, it can help make you a little bit more competitive in a flattening budget environment. So in light of that point, I just want to ask, how do you think about B&P discipline, is it flattening or contracting budget environment relative to when the budget is expanding?

戴夫，您提到了較低的 CAS 費用，它可以幫助您在預算趨於平緩的環境中更具競爭力。因此，鑑於這一點，我只想問，您如何看待 B&P 紀律，相對於預算擴大時，預算環境是扁平化還是收縮？

Sure. We look across our businesses at investment opportunities, both capital expenditures, R&D, B&P, and really make decisions specific to the market conditions and market opportunity sets that we see in different parts of the business.

當然。我們在我們的業務中審視投資機會，包括資本支出、研發、B&P，並真正根據我們在業務不同部分看到的市場條件和市場機會組合做出決策。

With the overall budget flattening, or expected to flatten over the coming years, we still have a space business that grew nearly 30% this quarter and over 30% last quarter. And so clearly, the opportunity set there is such that significant ongoing investment in R&D and capital expenditures, B&P has been the right decision for the company to have made and continues to be. We have a very healthy outlook there.

隨著總體預算趨於平緩，或預計未來幾年將趨於平緩，我們的航天業務本季度仍增長近 30%，上季度增長超過 30%。很明顯，在研發和資本支出方面的重大持續投資，B&P 一直是公司做出並將繼續做出的正確決定。我們在那裡的前景非常健康。

Really across the business, I wouldn't say we're yet feeling opportunity constrained. And so certainly, we are careful with our investment dollars, and we look at returns on investment dollars in each of those buckets. But at this point, we continue to see a healthy opportunity set in the markets we serve. And to make appropriate investments as a result. Our R&D costs are continuing to be around 3% of revenue, and that's been a healthy level for us over the last couple of years, continues at approximately that level in 2021. I'd certainly put B&P in that same category, again, reflective of the positioning we have with the faster-growing parts of the budget.

在整個業務中，我不會說我們還感到機會受限。因此，當然，我們對我們的投資資金很謹慎，我們會在每個桶中查看投資資金的回報。但在這一點上，我們繼續在我們服務的市場中看到一個健康的機會。並因此進行適當的投資。我們的研發成本繼續佔收入的 3% 左右，過去幾年這對我們來說是一個健康的水平，到 2021 年將繼續保持在這個水平左右。我當然會把 B&P 歸入同一類別，再次反思我們對預算中增長較快的部分的定位。

Mariama, we have time for one more question.

Mariama，我們有時間再問一個問題。

Your next question comes from the line of Myles Walton with UBS.

您的下一個問題來自瑞銀的邁爾斯沃爾頓。

Maybe a clarification, Dave, on the slide deck, you called out $0.35 from corporate unallocated. Just how much of that is more corporate unallocated run rate as opposed to one-off?

戴夫，也許在幻燈片上澄清一下，你從公司未分配中調出 0.35 美元。與一次性相比，其中有多少是更多的企業未分配運行率？

And then, Kathy, as you look at talent acquisition, I think you grew the workforce, 7,000 or so in 2020. Given the pipeline of business that you're having, what is the market for growing that pipeline? And where do you think that number might end up at the end of '21?

然後，凱西，當您關注人才招聘時，我認為您的員工隊伍在 2020 年增加了 7,000 人左右。鑑於您擁有的業務渠道，增加該渠道的市場是什麼？你認為這個數字在 21 年底可能會在哪裡結束？

Sure. On the lower corporate unallocated, I'd call that a mix of items more unique to this year and other items that will be sustained in future years. As we mentioned, the state tax costs are a bit lower this year than we had anticipated. In other areas, there's ongoing careful cost management and discipline that's led to that efficiency. So I'd call it a mix on that front.

當然。在較低的未分配企業中，我將其稱為今年更獨特的項目以及未來幾年將持續的其他項目。正如我們所提到的，今年的州稅成本比我們預期的要低一些。在其他領域，持續謹慎的成本管理和紀律導致了這種效率。所以我稱之為這方面的混合。

And Myles, on our talent strategy and specifically the growth that we expect, we hired almost 14,000 people last year. And as you noted, yielded about 7,000 new headcount, and that's largely because attrition has slowed. And we expect that, that will continue into this year.

邁爾斯，關於我們的人才戰略，特別是我們預期的增長，去年我們僱傭了近 14,000 人。正如你所指出的，新員工人數約為 7,000，這主要是因為減員速度有所放緩。我們預計，這種情況將持續到今年。

But perhaps with other companies beginning to grow and the labor market tightening that could go up. So we expect to net about the same headcount growth this year, but we're monitoring closely the moving parts of how many hires we need to make with another attrition to get there.

但也許隨著其他公司開始增長和勞動力市場收緊，這可能會上升。因此，我們預計今年的淨員工人數增長大致相同，但我們正在密切關注我們需要招聘多少員工以及另一次減員才能實現這一目標。

Okay. We'll leave it there. I'll turn it over to Kathy for closing remarks.

好的。我們會把它留在那裡。我會把它交給 Kathy 做閉幕詞。

Well, thanks, Todd. As you've heard, the year is off to a great start with our new awards. We had robust sales growth and strong margins in the quarter. And I want to recognize that the foundation of executing our strategy is the strength of this team and their outstanding performance. So let me conclude by once again thanking the Northrop Grumman team for their innovation and hard work. So that concludes our call. We look forward to talking to you again next quarter, and thanks for joining.

好吧，謝謝，托德。正如您所聽說的，今年我們的新獎項有了一個良好的開端。我們在本季度實現了強勁的銷售增長和強勁的利潤率。我想認識到，執行我們戰略的基礎是這支團隊的實力和他們的出色表現。最後，讓我再次感謝諾斯羅普·格魯曼團隊的創新和辛勤工作。我們的電話到此結束。我們期待下個季度再次與您交談，感謝您的加入。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。