諾斯洛普·格拉曼 (NOC) 2020 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Northrop Grumman First Quarter 2020 Conference Call.

女士們，先生們，美好的一天，歡迎參加諾斯羅普·格魯曼公司 2020 年第一季度電話會議。

Today's call is being recorded.

今天的電話正在錄音。

My name is Josh, and I will be your operator today.

我的名字是喬希，今天我將成為你的接線員。

(Operator Instructions)

（操作員說明）

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

我現在想把電話轉給今天的主持人，財務主管兼投資者關係副總裁 Todd Ernst 先生。

Mr. Ernst, please proceed.

恩斯特先生，請繼續。

Thanks, Josh.

謝謝，喬希。

Good morning, everyone.

大家，早安。

Welcome to Northrop Grumman's First Quarter 2020 Conference Call.

歡迎來到諾斯羅普·格魯曼公司 2020 年第一季度電話會議。

We'll refer to a PowerPoint presentation that is posted to our IR web page this morning.

我們將參考今天早上發佈在我們的 IR 網頁上的 PowerPoint 演示文稿。

Before we start, matters discussed on today's call, including 2020 guidance, reflect the company's judgment based on information available at the time of this call.

在我們開始之前，今天電話會議中討論的事項（包括 2020 年指導方針）反映了公司根據本次電話會議時可用信息做出的判斷。

They constitute forward-looking statements pursuant to safe harbor provisions of federal securities laws.

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.

前瞻性陳述涉及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提到的風險和不確定性。

These risks and uncertainties may cause actual company results to differ materially.

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。

Matters discussed on today's call will include non-GAAP financial measures that are reconciled in our earnings release and supplemental PowerPoint presentation.

今天電話會議上討論的事項將包括在我們的收益發布和補充 PowerPoint 演示文稿中協調的非 GAAP 財務指標。

Our earnings release contains a reconciliation of non-GAAP operating measures to our GAAP results.

我們的收益發布包含非 GAAP 運營指標與我們的 GAAP 結果的對賬。

On the call today are Kathy Warden, our Chairman, CEO and President; and Dave Keffer, our CFO.

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。

At this time, I'd like to turn the call over to Kathy.

在這個時候，我想把電話轉給凱西。

Kathy?

凱西？

Thank you, Todd.

謝謝你，托德。

Good morning, everyone, and thank you for joining us today.

大家早上好，感謝您今天加入我們。

Before turning to our quarterly earnings, I'd like to address the COVID-19 impact.

在轉向我們的季度收益之前，我想先談談 COVID-19 的影響。

I want to thank those who have been working to keep us safe, particularly those on the frontlines in the health care and first responder communities.

我要感謝那些一直在努力保護我們安全的人，特別是那些在醫療保健和急救社區前線工作的人。

I also want to thank our Northrop Grumman employees.

我還要感謝諾斯羅普·格魯曼公司的員工。

While each of us faces unique challenges, our team's dedication to the mission is allowing us to continue providing products and services to our customers.

雖然我們每個人都面臨著獨特的挑戰，但我們團隊對使命的奉獻使我們能夠繼續為客戶提供產品和服務。

Our first priority is protecting the health, safety and well-being of our team.

我們的首要任務是保護我們團隊的健康、安全和福祉。

We are requiring telecommuting for those who can do so, and we've enhanced the safety of workspaces for those who must come to work in person.

我們要求那些可以遠程辦公的人可以遠程辦公，並且我們已經為必須親自來上班的人提高了工作空間的安全性。

Our facilities remain open.

我們的設施仍然開放。

And we are taking extraordinary measures in an effort to maintain healthy working conditions.

我們正在採取非常措施來維持健康的工作條件。

These include implementing staggered shifts, health monitoring, social distancing, face coverings and more robust cleaning.

這些措施包括實施交錯輪班、健康監測、社交距離、面罩和更強大的清潔。

In addition, we've expanded employee benefits and well-being programs.

此外，我們還擴大了員工福利和福利計劃。

We are also supporting our suppliers with a particular focus on our small and midsized business partners.

我們還支持我們的供應商，特別關注我們的中小型業務合作夥伴。

We are advancing approximately $30 million of payments per week to critical small and midsized suppliers, and we expect these payment advances will exceed $200 million.

我們每周向關鍵的中小型供應商預付款約 3000 萬美元，我們預計這些預付款將超過 2 億美元。

In addition, with the actions taken by the Department of Defense to increase progress payments, we are flowing that full supplier benefit to our suppliers in a timely fashion.

此外，隨著國防部採取行動增加進度付款，我們正在及時將供應商的全部利益流向我們的供應商。

While we've not had a material supply chain disruption, some are being impacted more than others, and our global supply chain team continues to actively engage with our suppliers to address issues and find new opportunities to help them.

雖然我們沒有發生重大供應鏈中斷，但其中一些受到的影響比其他人更大，我們的全球供應鏈團隊繼續積極與我們的供應商合作，以解決問題並尋找新的機會來幫助他們。

And we are supporting our local communities.

我們正在支持我們的當地社區。

We are donating to organizations involved in COVID-19 relief efforts, supporting frontline health care workers, first responders and service members, providing funds to food banks, and helping students get access to technology for virtual learning.

我們正在向參與 COVID-19 救援工作的組織捐款，支持一線醫護人員、急救人員和服務人員，向食品銀行提供資金，並幫助學生獲得虛擬學習技術。

We're also providing in-kind donation.

我們還提供實物捐贈。

One example is a company-wide initiative to produce headbands and assemble thousands of face shields for hospitals.

一個例子是公司範圍內的一項計劃，即為醫院生產頭帶並組裝數千個面罩。

Turning to first quarter performance, as a result of our employees' efforts, our company did not experience a material operating impact from the pandemic in the first quarter.

談到第一季度的業績，由於我們員工的努力，我們公司在第一季度沒有受到大流行的重大經營影響。

We delivered a good operating quarter with 5% sales growth, solid operating margin and a strong backlog.

我們實現了良好的營業季度，銷售額增長 5%，營業利潤率穩健，積壓量大。

Looking ahead to the remainder of the year, we are adjusting our guidance to reflect our estimate of the pandemic's impact as we understand it today.

展望今年剩餘時間，我們正在調整我們的指導，以反映我們對今天所理解的大流行影響的估計。

We are updating our 2020 guidance for sales to between $35 billion and $35.4 billion, a little less than 1% lower than prior guidance at the midpoint.

我們將 2020 年的銷售額指引更新至 350 億美元至 354 億美元之間，比之前的中點指引低 1% 不到。

Our update to sales guidance reflects expected COVID-19 related impacts primarily at Aeronautics, including their exposure to commercial aerospace markets.

我們對銷售指南的更新反映了主要在航空領域的預期 COVID-19 相關影響，包括他們對商業航空市場的敞口。

We are maintaining our guidance for segment operating margin rate, and we continue to expect our segment operating margin will range between 11.3% and 11.5%.

我們維持對分部營業利潤率的指導，我們繼續預計我們的分部營業利潤率將在 11.3% 至 11.5% 之間。

Although we now expect a margin rate of approximately 10% at AS, this is being offset by an increase in Mission Systems outlook.

儘管我們現在預計 AS 的利潤率約為 10%，但這被 Mission Systems 前景的增長所抵消。

We now expect Mission Systems will have a low to mid 14% margin rate.

我們現在預計 Mission Systems 的利潤率將處於 14% 的中低水平。

So as a result to the revenue impact, first quarter marketable securities impact and interest related to the first quarter bond offering, we now expect our EPS will range between $21.80 and $22.20.

因此，由於收入影響、第一季度有價證券影響和與第一季度債券發行相關的利息，我們現在預計我們的每股收益將在 21.80 美元至 22.20 美元之間。

And Dave will discuss each of these items in more detail.

Dave 將更詳細地討論這些項目中的每一項。

Cash from operations and free cash flow were negative in the quarter as is our typical pattern.

與我們的典型模式一樣，本季度的運營現金和自由現金流為負數。

We continue to expect 2020 free cash flow will range between $3.15 billion and $3.45 billion after capital spending of approximately $1.35 billion.

我們繼續預計，在資本支出約為 13.5 億美元後，2020 年的自由現金流將在 31.5 億美元至 34.5 億美元之間。

With additional measures in place to help protect our employees, we continue to execute on our programs.

通過採取其他措施來幫助保護我們的員工，我們將繼續執行我們的計劃。

And I want to highlight a few of our quarter's achievements.

我想強調一下我們季度的一些成就。

At Aeronautics, through the end of the first quarter, we have delivered 656 F-35 center fuselages.

在 Aeronautics，到第一季度末，我們已經交付了 656 架 F-35 中機身。

AS delivered 2 E-2D Advanced Hawkeyes to Japan in mid-March and 2 Global Hawks to the Republic of Korea shortly after the end of the quarter.

AS 於 3 月中旬向日本交付了 2 架 E-2D 先進鷹眼，並在本季度結束後不久向韓國交付了 2 架全球鷹。

And our MQ-4C Triton was deployed to U.S. military commanders in the Pacific to provide greater maritime intelligence, surveillance and reconnaissance.

我們的 MQ-4C Triton 被部署到太平洋的美國軍事指揮官，以提供更強大的海上情報、監視和偵察。

At Defense Systems, we completed the critical design review for the EMD phase of AARGM-ER.

在 Defense Systems，我們完成了 AARGM-ER EMD 階段的關鍵設計審查。

The program remains on track with a successful CDR and initial testing of subsystems including the new extended range rocket motor.

隨著 CDR 的成功和對包括新的增程火箭發動機在內的子系統的初步測試，該計劃仍在繼續進行。

In addition, DS supported the CDC's COVID-19 response effort by creating over 400 web pages in 3 languages that have received over 900 million page views providing important information about the pandemic spread.

此外，DS 通過創建 3 種語言的 400 多個網頁來支持 CDC 的 COVID-19 響應工作，這些網頁的瀏覽量超過 9 億次，提供了有關大流行傳播的重要信息。

At Mission Systems, our SABR radar upgrade program for F-16s continues to expand.

在 Mission Systems，我們用於 F-16 的 SABR 雷達升級計劃繼續擴大。

SABR now has production contracts for approximately 670 systems across multiple customers.

SABR 現在與多個客戶簽訂了大約 670 個系統的生產合同。

The Air Force recently exercised an option for 105 radars under their $1 billion SABR ID/IQ contract.

空軍最近根據其價值 10 億美元的 SABR ID/IQ 合同行使了 105 種雷達的選擇權。

This order included 33 radars for air combat command jets which establishes SABR as the system of record for the active Air Force.

該訂單包括 33 台用於空戰指揮機的雷達，將 SABR 確立為現役空軍的記錄系統。

And in February, the Marine Corps ordered 2 additional G/ATOR systems to complete their Lot 2 awards.

2 月，海軍陸戰隊訂購了 2 個額外的 G/ATOR 系統來完成他們的 Lot 2 獎勵。

G/ATOR replaces 5 legacy systems with a single system, providing significant performance improvement in each of its modes while reducing training, logistics and maintenance costs.

G/ATOR 用一個系統替換了 5 個舊系統，在其每種模式下都顯著提高了性能，同時降低了培訓、後勤和維護成本。

At Space Systems, we were awarded 2 small but strategically significant DARPA contracts.

在 Space Systems，我們獲得了 2 份規模雖小但具有戰略意義的 DARPA 合同。

The first is Glide Breaker, an R&D and demonstration program to develop components for a lightweight interceptor to defeat hypersonic boost glide weapons at very long range.

第一個是 Glide Breaker，這是一個研發和演示項目，旨在開發輕型攔截器的組件，以在很遠的範圍內擊敗高超音速助推滑翔武器。

We previously discussed the successful docking of our first mission extension vehicle to the Intelsat 901 spacecraft.

我們之前討論了我們的第一個任務擴展飛行器與 Intelsat 901 航天器的成功對接。

This marked the first time 2 commercial satellites docked in-orbit and the first time that satellite extension services are being provided to a satellite in geosynchronous orbit.

這標誌著兩顆商業衛星首次在軌對接，也是首次向地球同步軌道衛星提供衛星延伸服務。

This accomplishment laid the groundwork for the second DARPA award which establishes a partnership between DARPA and Northrop Grumman for the next-generation of remote servicing of geosynchronous satellites.

這一成就為第二個 DARPA 獎項奠定了基礎，該獎項在 DARPA 和諾斯羅普·格魯曼公司之間建立了合作夥伴關係，以實現下一代地球同步衛星遠程服務。

Under the agreement, DARPA will provide an advanced robotic payload to integrate with the Northrop Grumman provided spacecraft.

根據協議，DARPA 將提供先進的機器人有效載荷，以與諾斯羅普·格魯曼公司提供的航天器集成。

This disruptive technology could significantly expand on-orbit servicing capability to include robotic services.

這種顛覆性技術可以顯著擴展在軌服務能力，包括機器人服務。

Under the agreement, we will retain the spacecraft, payload and IP for commercial use.

根據協議，我們將保留航天器、有效載荷和 IP 用於商業用途。

In the quarter, Space Systems was also awarded restricted competitive prime contracts totaling multiple billions of dollars in aggregate.

在本季度，Space Systems 還獲得了總計數十億美元的受限競爭性主要合同。

While we and the nation are keenly focused on defeating COVID-19, we must also continue to address a myriad of other national security threats.

雖然我們和國家都非常專注於戰勝 COVID-19，但我們還必須繼續應對無數其他國家安全威脅。

Our portfolio and investments continue to be closely aligned with the national defense strategy and our customers' long-term priorities.

我們的投資組合和投資繼續與國防戰略和客戶的長期優先事項保持密切聯繫。

This is evident in the President's budget request for fiscal year 2021, which proposes increased funding for strategic deterrence, hypersonic weapons, missile defense, advanced networks, cyber and space systems.

這在總統的 2021 財年預算申請中很明顯，該申請提議增加對戰略威懾、高超音速武器、導彈防禦、先進網絡、網絡和太空系統的資金。

The Department of Defense, our primary customer, is seeking robust fiscal 2021 funding, which will be the subject of congressional debate later this year.

我們的主要客戶國防部正在尋求強有力的 2021 財年資金，這將成為今年晚些時候國會辯論的主題。

The DoD budget request supports investments in our current capabilities including B-21, SABR, E-2D, advanced weapons, OPIR and other space programs, while also increasing funding for future opportunities aligned with our investments including GBSD, JADC2 and missile defense program like IBCS and Next Generation Interceptor.

國防部的預算請求支持對我們當前能力的投資，包括 B-21、SABR、E-2D、先進武器、OPIR 和其他太空計劃，同時也增加對與我們的投資相一致的未來機會的資金，包括 GBSD、JADC2 和導彈防禦計劃，例如IBCS 和下一代攔截器。

Turning to capital deployment, first quarter share repurchases totaled approximately $350 million, and we retired approximately 1 million shares.

談到資本配置，第一季度的股票回購總額約為 3.5 億美元，我們退還了約 100 萬股股票。

In April, under an established repurchase program, we bought approximately 400,000 shares for $130 million.

4 月，根據既定的回購計劃，我們以 1.3 億美元的價格購買了大約 400,000 股股票。

Combining first quarter repurchases with April amounts, we have met our approximate target for the year.

將第一季度的回購與 4 月份的金額相結合，我們已經達到了今年的大致目標。

We remain committed to offering a competitive dividend.

我們仍然致力於提供有競爭力的股息。

In addition, deleveraging the balance sheet remains a priority, and we expect to retire the $1 billion in maturing debt this fall.

此外，去槓桿化資產負債表仍然是當務之急，我們預計今年秋天將償還 10 億美元的到期債務。

In closing, we remain well-positioned to create value going forward.

最後，我們仍然處於有利地位，可以在未來創造價值。

We are fortunate that through the first quarter, our operations have not been materially disrupted.

我們很幸運，在第一季度，我們的運營沒有受到重大干擾。

While future impacts of the pandemic remain uncertain, we have a robust pipeline of opportunity, including GBSC, which continues on track for an award later this year.

儘管大流行的未來影響仍不確定，但我們擁有強大的機會渠道，包括 GBSC，它將在今年晚些時候繼續獲得獎項。

We also continue to lay the foundation for the future.

我們也繼續為未來打下基礎。

We are actively recruiting for 10,000 open positions, and we hired more than 3,500 people in the first quarter, which included more than 1,300 new hires in March.

我們正在積極招聘 10,000 個空缺職位，第一季度我們招聘了 3,500 多人，其中包括 3 月份的 1,300 多名新員工。

We appreciate the government's actions to support the industry's most vulnerable businesses, including increasing progress payments, COVID-related cost recovery through the CARES Act, accelerated and timely awards and support for essential work designation.

我們讚賞政府為支持該行業最脆弱的企業而採取的行動，包括增加進度付款、通過 CARES 法案回收與 COVID 相關的成本、加速和及時的獎勵以及對基本工作指定的支持。

Despite the challenges that COVID-19 has presented for every business and individual, through the dedication of our talented workforce, we remain committed to investing for the future, delivering value to our shareholders and meeting our commitments to our customers and all of our stakeholders.

儘管 COVID-19 給每個企業和個人帶來了挑戰，但通過我們才華橫溢的員工的奉獻精神，我們仍然致力於為未來投資，為我們的股東創造價值，並履行我們對客戶和所有利益相關者的承諾。

Now I'll turn it over to Dave.

現在我會把它交給戴夫。

Thanks, Kathy, and good morning, everyone.

謝謝，凱西，大家早上好。

Before I begin my comments, I'd call your attention to this morning's 8-K filing that recast certain sections of our 2019 Form 10-K to reflect our new sector alignment.

在我開始發表評論之前，我會提請您注意今天上午的 8-K 文件，該文件重新修改了我們 2019 年 10-K 表格的某些部分，以反映我們新的行業調整。

We also provided a schedule in our earnings release that provides recast sales and operating income by sector for the last 3 years and each of the quarters in 2019.

我們還在我們的收益發布中提供了一個時間表，該時間表按行業提供了過去 3 年和 2019 年每個季度的重估銷售額和營業收入。

My comments begin with first quarter highlights on Slide 3. Excluding the impacts of the pandemic, our first quarter results were about as expected.

我的評論從幻燈片 3 的第一季度重點開始。排除大流行的影響，我們的第一季度業績與預期大致相同。

Sales were up 5%, reflecting top line growth in all 4 of our businesses.

銷售額增長了 5%，反映了我們所有 4 項業務的收入增長。

Segment OM was solid at 11.1% and net awards totaled $7.9 billion.

部門 OM 穩定在 11.1%，淨獎勵總額為 79 億美元。

Awards were particularly strong at Space, where total backlog increased 3%.

Space 的獎項尤其強勁，總積壓增加了 3%。

Earnings per share increased 2% to $5.15.

每股收益增長 2% 至 5.15 美元。

Slide 4 provides a bridge between first quarter 2019 EPS and first quarter 2020 EPS.

幻燈片 4 在 2019 年第一季度每股收益和 2020 年第一季度每股收益之間架起了一座橋樑。

While we did not have material COVID-19 operational impacts in Q1, and our businesses performed largely as expected, the volatility in capital markets did impact earnings as losses on marketable securities and the related tax impacts reduced this year's first quarter earnings.

雖然我們在第一季度沒有對 COVID-19 的運營產生重大影響，而且我們的業務表現基本符合預期，但資本市場的波動確實影響了收益，因為有價證券的損失和相關的稅收影響減少了今年第一季度的收益。

I'll begin a review of sector results on Slide 5. Aeronautics sales were up 1% for the quarter with higher volume at both Autonomous Systems and Manned Aircraft.

我將在幻燈片 5 上開始回顧行業業績。本季度航空業銷售額增長了 1%，自主系統和有人駕駛飛機的銷量均有所增加。

Higher volume on restricted programs and Global Hawk drove the increase partially offset by ramp-downs in B-2 DMS and NATO AGS as those programs near completion.

隨著這些項目接近完成，受限項目和全球鷹的數量增加推動了 B-2 DMS 和北約 AGS 的下降部分抵消了增長。

While not a significant factor in first quarter results, later in March we did begin to see COVID-19 related volume pressure in the supply chain and in employee attendance, particularly at certain manufacturing facilities.

雖然不是第一季度業績的重要因素，但在 3 月下旬，我們確實開始在供應鍊和員工出勤方面看到與 COVID-19 相關的數量壓力，特別是在某些製造設施中。

I'll talk more about this when we cover guidance.

當我們介紹指導時，我會更多地討論這個問題。

At Defense Systems, sales rose 6% due to higher volume in both its business areas.

國防系統公司的銷售額增長了 6%，原因是其兩個業務領域的銷量都增加了。

Battle Management and Missile Systems growth was driven by higher volume for GMLRS, AARGM and other missile products.

戰鬥管理和導彈系統的增長是由 GMLRS、AARGM 和其他導彈產品的銷量增加推動的。

Higher sales at Mission Readiness reflect higher volume on an international training program and higher volume on SEMA, an aircraft sustainment program.

Mission Readiness 較高的銷售額反映了國際培訓計劃的銷量增加和飛機維持計劃 SEMA 的銷量增加。

Mission Systems sales were also up 6%.

Mission Systems的銷售額也增長了6%。

Higher volume for airborne radar programs including F-35 and SABR drove higher sales in our Airborne Sensors & Networks business.

包括 F-35 和 SABR 在內的機載雷達項目銷量增加，推動了我們機載傳感器和網絡業務的銷售額增長。

Maritime/Land Systems & Sensors also grew sales due to higher volume on marine systems and restricted programs.

由於海事系統和受限項目的銷量增加，海事/陸地系統和傳感器的銷售額也有所增長。

Space Systems sales rose 8% due to higher volume on restricted programs and other space programs like next-generation OPIR and the Arctic Satellite Broadband Mission program.

由於受限計劃和其他太空計劃（如下一代 OPIR 和北極衛星寬帶任務計劃）的銷量增加，Space Systems 的銷售額增長了 8%。

Increases in Space programs were partially offset by lower volume in Launch & Strategic Missiles.

太空計劃的增加部分被發射和戰略導彈數量的減少所抵消。

Trends in that business reflect lower volume for the Ground-based Midcourse Defense program and SLS Booster, partially offset by increases in hypersonic activities and the GBSD Technology Maturation Risk Reduction program.

該業務的趨勢反映了陸基中段防禦計劃和 SLS 助推器的數量減少，部分被高超音速活動和 GBSD 技術成熟風險降低計劃的增加所抵消。

Turning to segment operating income on Slide 6, Aeronautics operating income declined 16%, and margin rate declined to 9.1%.

轉向幻燈片 6 的部門營業收入，航空營業收入下降 16%，利潤率下降至 9.1%。

Lower net positive EAC adjustments in Autonomous Systems programs as well as the timing of F-35 risk retirements and contract mix in Manned Aircraft programs were the primary drivers of the operating income trend at Aeronautics.

自主系統項目中較低的淨正 EAC 調整以及 F-35 風險退役的時間和載人飛機項目中的合同組合是航空業營業收入趨勢的主要驅動力。

At Defense Systems, operating income decreased 3%, and operating margin rate declined to 10.4%.

在國防系統，營業收入下降 3%，營業利潤率下降至 10.4%。

This trend reflects a difficult comparison to the prior year's quarter in which we had favorable adjustments on certain small caliber ammunition programs.

這一趨勢反映了與上一季度的困難比較，上一季度我們對某些小口徑彈藥計劃進行了有利的調整。

Operating income at Mission systems rose 9% and operating margin rate increased 40 basis points to 14.8%.

Mission Systems 的營業收入增長 9%，營業利潤率增長 40 個基點至 14.8%。

Higher operating income reflects higher sales as well as improved performance on Airborne Sensors & Networks programs partially offset by contract mix at Maritime/Land Systems & Sensors and the timing of risk retirements for Navigation, Targeting & Survivability programs.

更高的營業收入反映了更高的銷售額以及機載傳感器和網絡項目的業績改善，這部分被海事/陸地系統和傳感器的合同組合以及導航、目標和生存能力項目的風險退出時間所抵消。

Space Systems operating income rose 6% and operating margin rate was comparable to last year at 10.2%.

Space Systems 的營業收入增長了 6%，營業利潤率為 10.2%，與去年相當。

In addition to higher sales, Space operating income also reflects the timing of favorable negotiations on certain commercial contracts in 2019.

除了更高的銷售額，Space 的營業收入還反映了 2019 年某些商業合同的有利談判時機。

Turning to Slide 7, you can see that we've updated guidance for Aeronautics and Mission Systems.

轉到幻燈片 7，您可以看到我們已經更新了航空和任務系統的指南。

The volume impacts we're projecting at AS are associated with commercial aerostructures customers, risks in our supply chain, and changes in employee attendance and productivity in certain areas.

我們在 AS 預測的數量影響與商業航空結構客戶、我們供應鏈中的風險以及某些領域的員工出勤率和生產力的變化有關。

We expect that the supply chain and employee attendance impacts of COVID-19 that we began to see toward the end of March will be significant enough to impact our financial performance in certain production areas, particularly in Q2.

我們預計，我們在 3 月底開始看到的 COVID-19 對供應鍊和員工出勤率的影響將足以影響我們在某些生產領域的財務業績，尤其是在第二季度。

We are also now planning for weakened commercial aerostructure demand.

我們現在也在計劃商業航空結構需求減弱。

Commercial aerostructures represent about 1% of total company revenue, and demand has declined as global travel has been impacted by the pandemic.

商用飛機結構約占公司總收入的 1%，隨著全球旅行受到大流行的影響，需求有所下降。

The decrease in total company sales guidance is driven by the expected COVID-19 related impacts at AS.

公司總銷售指導的減少是由 AS 預期的 COVID-19 相關影響推動的。

I would also note that our guidance continues to contemplate growth in restricted activities in manned aircraft partially offset by lower growth in F-35 due to the pandemic.

我還要指出，我們的指導繼續考慮有人駕駛飛機受限活動的增長，部分被大流行導致的 F-35 增長放緩所抵消。

We now expect sales in the low $11 billion range at Aeronautics.

我們現在預計 Aeronautics 的銷售額將在 110 億美元左右。

Regarding AS 2020 margin rate guidance, we do expect their margin rate to return to the 10%-plus range in the second half of the year.

關於 AS 2020 保證金率指引，我們確實預計他們的保證金率將在下半年恢復到 10% 以上的範圍。

We currently expect a margin rate of approximately 10% at Aeronautics this year.

我們目前預計今年 Aeronautics 的利潤率約為 10%。

Based on strong Q1 performance at Mission Systems, we now expect their 2020 margin rate will be in the low to mid 14% range and will offset much of the decline in Aeronautics.

基於 Mission Systems 第一季度的強勁表現，我們現在預計他們 2020 年的利潤率將處於 14% 的中低水平，並將抵消航空業務的大部分下滑。

Our prior guidance for Defense Systems and Space Systems sales and margin rates is unchanged.

我們之前對國防系統和太空系統銷售和利潤率的指導保持不變。

Moving to consolidated guidance on Slide 8, the update to sales guidance reflects the AS impacts we've discussed.

轉到幻燈片 8 的綜合指導，銷售指導的更新反映了我們討論過的 AS 影響。

We are reaffirming our segment operating margin rate guidance of 11.3% to 11.5% as we expect better performance at MS will largely offset margin pressure at AS.

我們重申我們 11.3% 至 11.5% 的分部營業利潤率指導，因為我們預計 MS 的更好表現將在很大程度上抵消 AS 的利潤率壓力。

We also continue to expect total operating margin rate in the 10.8% to 11% range with no change to unallocated corporate expense and other items.

我們還繼續預計總營業利潤率在 10.8% 至 11% 的範圍內，未分配的公司費用和其他項目沒有變化。

As you're aware, we issued $2.25 billion in debt in March, and we now expect interest expense of $590 million.

如您所知，我們在 3 月份發行了 22.5 億美元的債務，我們現在預計利息支出為 5.9 億美元。

No change to expected tax rate or year-end weighted average share count.

預期稅率或年終加權平均股數沒有變化。

Based on the first quarter results and expectations for the remainder of the year, we expect mark-to-market adjusted EPS to range between $21.80 and $22.20.

根據第一季度業績和今年剩餘時間的預期，我們預計按市值計算的調整後每股收益將在 21.80 美元至 22.20 美元之間。

Slide 9 summarizes our expected COVID-19 impacts on our outlook.

幻燈片 9 總結了我們預期的 COVID-19 對我們前景的影響。

While there can be no assurances as to the future impacts of the pandemic, our guidance assumes that we're able to offset higher COVID-19 related costs with other cost reductions.

雖然無法保證大流行的未來影響，但我們的指導假設我們能夠通過其他成本降低來抵消較高的 COVID-19 相關成本。

It also assumes that supply chain and labor impacts are greatest in the second quarter, and that operational pace recovers in the second half of the year.

它還假設第二季度對供應鍊和勞動力的影響最大，並且運營速度在下半年恢復。

This means we currently expect that second quarter sales and margin rate will be more impacted by COVID-19 related factors than the other quarters of 2020.

這意味著我們目前預計，與 2020 年其他季度相比，第二季度的銷售額和利潤率受 COVID-19 相關因素的影響更大。

As Kathy said, we are maintaining our free cash flow guidance as we assume our government customers and other prime contractors will continue to make timely payments.

正如凱西所說，我們正在維持我們的自由現金流指導，因為我們假設我們的政府客戶和其他主要承包商將繼續及時付款。

We expect the positive impacts of higher progress payments and payroll tax benefits to offset currently anticipated COVID-19 related impacts and higher interest expense.

我們預計更高的進度付款和工資稅優惠的積極影響將抵消目前預期的 COVID-19 相關影響和更高的利息費用。

Slide 10 provides a bridge between our January guidance and today's full year EPS outlook.

幻燈片 10 在我們 1 月份的指導和今天的全年每股收益展望之間架起了一座橋樑。

Operational impacts represent approximately $0.35, driven by the expected COVID-19 related revenue decline.

由於預期的 COVID-19 相關收入下降，運營影響約為 0.35 美元。

We're assuming that the marketable securities loss in Q1 carries through the year and reduces our EPS by approximately $0.30.

我們假設第一季度的有價證券損失貫穿全年，並使我們的每股收益減少約 0.30 美元。

And higher interest expense as a result of our recent debt offering is expected to add another $0.30.

由於我們最近的債務發行而導致的更高的利息費用預計將再增加 0.30 美元。

The debt offering should give us some additional flexibility to support our customers, employees and suppliers during the pandemic and to position our company well for the long term.

債務發行應為我們提供一些額外的靈活性，以在大流行期間為我們的客戶、員工和供應商提供支持，並為我們公司的長期定位做好準備。

We have upcoming debt maturities, including $1 billion later this year and $700 million in early 2021, and we expect to utilize excess cash to retire these.

我們即將到期的債務，包括今年晚些時候的 10 億美元和 2021 年初的 7 億美元，我們預計將利用多餘的現金來償還這些債務。

In closing, while we didn't experience significant COVID-19 impacts in Q1, our outlook contemplates our current estimate of the potential impact for the balance of the year.

最後，雖然我們在第一季度沒有經歷重大的 COVID-19 影響，但我們的展望考慮了我們目前對今年剩餘時間的潛在影響的估計。

We'll continue to monitor the situation closely.

我們將繼續密切關注事態發展。

Overall, our portfolio is well-aligned with evolving customer priorities, we continue to execute to deliver value for our shareholders while managing the COVID-19 risk, and we continue to invest in the future.

總體而言，我們的投資組合與不斷變化的客戶優先事項保持一致，我們將繼續執行以在管理 COVID-19 風險的同時為股東創造價值，並且我們將繼續投資於未來。

With that, Todd, I think we're ready to open the call up for Q&A.

有了這個，托德，我想我們已經準備好開啟問答電話了。

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

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

A question I have on GBSD, there's been some talk that the Air Force may move a bit quicker in awarding this contract.

我有一個關於 GBSD 的問題，有人說空軍可能會更快地授予這份合同。

I was wondering if this might make any sort of material impact on your results in 2020 or does this really flow through in later years?

我想知道這是否會對您在 2020 年的業績產生任何實質性影響，或者這是否真的會在以後的幾年中體現出來？

So Rob, yes, we are working with the Air Force and negotiating the contract now.

所以 Rob，是的，我們正在與空軍合作並正在談判合同。

And we are prepared through actions we've been taking to move if the Air Force is able to accelerate this award.

如果空軍能夠加速獲得這一獎項，我們將通過我們一直在採取的行動做好準備。

But it would be a modest acceleration we anticipate.

但這將是我們預期的適度加速。

The award was already planned for third quarter of this year.

該獎項已計劃在今年第三季度舉行。

And what we see is that it would likely be only a month or 2 of acceleration if acceleration happens.

我們看到的是，如果加速發生，可能只有一兩個月的加速。

So we don't expect that to have a material impact on 2020, but certainly getting started more quickly derisks the program to some extent and allows us to be more confident in meeting those milestones along the path to the 2029 IOC dates for the program.

因此，我們預計這不會對 2020 年產生重大影響，但更快地開始肯定會在一定程度上降低該計劃的風險，並使我們更有信心在該計劃的 2029 年國際奧委會日期的道路上實現這些里程碑。

Our next question comes from Jon Raviv with Citi.

我們的下一個問題來自花旗的 Jon Raviv。

Just kind of big, big picture here.

只是有點大，大圖在這裡。

How are you guys thinking about the business positioning, not only in the current environment, but sort of what the environment's going to be going forward understanding you have a lot of products and capabilities that's still aligned with current national defense strategy requirements.

你們如何考慮業務定位，不僅是在當前環境中，而且在某種環境中將要向前發展，了解你們擁有許多仍然符合當前國防戰略要求的產品和能力。

But anyway, how would you align to maybe future government spending priorities?

但無論如何，您將如何與未來的政府支出優先事項保持一致？

You mentioned your work with the CDC, for example, in recent weeks.

例如，您最近幾週提到了您在 CDC 的工作。

How do you think about where you align -- where you put a line elsewhere going forward?

你如何看待你在哪裡對齊 - 你在其他地方放置一條線？

Well, certainly, Jon, we see the demand for our products remaining strong.

好吧，當然，喬恩，我們看到對我們產品的需求依然強勁。

And that's primarily driven by the threat environment.

這主要是由威脅環境驅動的。

And I noted a few areas where there we are seeing the presidential budget for '21 reflect significant increases, areas like space, missile defense, hypersonics and other advanced weapons.

我注意到一些領域，我們看到 21 年總統預算反映顯著增加，如太空、導彈防禦、高超音速和其他先進武器等領域。

And so those areas we expect to continue to be in focus as well as the deterrent strategy of our nation which depends on the triad and has obviously modernization happening across all 3 legs of the triad.

因此，我們預計將繼續關注的那些領域以及我們國家的威懾戰略取決於三合會，並且顯然在三合會的所有三個方面都發生了現代化。

So those areas are going to continue to be areas of both strength in our portfolio, but areas of importance as we look at demand, near and long term.

因此，這些領域將繼續成為我們投資組合中的優勢領域，但從近期和長期來看，這些領域都是重要的領域。

We are very pleased to be supporting the government in other areas that have become increasingly important in dealing with the pandemic.

我們很高興能夠在其他領域為政府提供支持，這些領域在應對這一流行病方面變得越來越重要。

I noted the work that we're doing currently for the CDC, and we're very proud of that work.

我注意到我們目前為 CDC 所做的工作，我們為這項工作感到非常自豪。

We've been doing that for a number of years.

多年來，我們一直在這樣做。

And while it has been relevant previously, it's never been as relevant as it is today and the amount of information that we're able to share around the globe to help people make informed decisions about this pandemic spread and how to reduce the spread is certainly something that we'll continue to do and work that we're very proud of.

雖然它以前很重要，但它從來沒有像今天這樣重要，我們能夠在全球範圍內分享的信息量，以幫助人們就這種流行病的傳播以及如何減少傳播做出明智的決定我們將繼續做我們引以為豪的事情。

Our next question comes from Robert Spingarn with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Robert Spingarn。

Kathy, I wanted to ask you just a high-level question about the budget now that we've had it and what you might be hearing from the Hill in terms of your programs and how they're doing.

凱西，我想問你一個關於預算的高級問題，因為我們已經有了預算，你可能會從希爾那裡聽到關於你的計劃和他們如何做的事情。

And specifically, if you could touch on Triton and the fact that, that program was zeroed out at least from a procurement quantity perspective.

具體來說，如果您可以觸及 Triton 以及至少從採購數量的角度來看，該計劃已被歸零的事實。

Thanks, Rob.

謝謝，羅伯。

So we are overall pleased with the '21 budget request.

因此，我們對 21 年的預算要求總體上很滿意。

As I noted in the previous question, there are areas of significant budget increase that are well-aligned with our priorities and certainly, we were pleased to see that.

正如我在上一個問題中指出的那樣，預算大幅增加的領域與我們的優先事項完全一致，當然，我們很高興看到這一點。

We also have a number of programs that are well-supported in the budget.

我們還有一些在預算中得到充分支持的計劃。

I noted a few of those in my opening comments, areas like SABR, E-2D, certainly F-35 continues to be well supported as well.

我在開場評論中提到了其中一些，例如 SABR、E-2D，當然 F-35 也繼續得到很好的支持。

As we look at areas where we saw some perturbation on our programs, Triton being an example, what we see in the budget request is the pause in production with the intent of putting resources toward R&D on a new sensor.

當我們查看我們在計劃中看到一些干擾的領域時，Triton 就是一個例子，我們在預算請求中看到的是生產暫停，目的是將資源用於新傳感器的研發。

And we had anticipated that.

我們已經預料到了。

So it will be somewhat of an offset to the production pause, the work that we'll do in the R&D.

所以這將在一定程度上抵消生產暫停，我們將在研發中完成的工作。

We also have the sale in Triton, which will provide some quantity that bridge the U.S. production pause as well.

我們還在 Triton 進行了銷售，這也將提供一些彌補美國生產暫停的數量。

And of course, we continue to work with Congress as they deliberate on the budget to determine if we can get those 2 aircraft added back.

當然，我們將繼續與國會合作，因為他們正在審議預算，以確定我們是否可以讓這 2 架飛機重新加入。

So those are some of the actions that we're taking with Triton.

這些是我們對 Triton 採取的一些行動。

But we do see that it is not just a production pause.

但我們確實看到這不僅僅是生產暫停。

This is a continued commitment to the program and investment in additional sensors to make the program and the Hill platform more robust.

這是對該計劃的持續承諾和對額外傳感器的投資，以使該計劃和 Hill 平台更加強大。

Our next question comes from Seth Seifman with JPMorgan.

我們的下一個問題來自摩根大通的 Seth Seifman。

I was wondering if you could talk a little bit about -- you mentioned higher second half margins in Aeronautics and it's implied by the guidance as well.

我想知道您是否可以談談-您提到航空業下半年利潤率較高，指導也暗示了這一點。

So I was wondering if you could talk a little bit more specifically about what gives you the confidence after the kind of 9-ish percent in Q1 and what seems like operationally will be more challenging in Q2 because of the virus, kind of what gives you that confidence in the second half?

所以我想知道你是否可以更具體地談談在第一季度達到 9% 之後是什麼讓你有信心，以及由於病毒，第二季度的運營似乎更具挑戰性，這給了你什麼下半場有信心嗎？

Hey, Seth, it's Dave.

嘿，賽斯，我是戴夫。

I'll get started on that one.

我將從那個開始。

The -- our outlook for the year for AS margins and for total company margins is that we expect the second half to be stronger than the first, largely because of the easing of COVID impacts on the second half, particularly compared to Q2.

我們對今年 AS 利潤率和公司總利潤率的展望是，我們預計下半年將強於上半年，這主要是因為 COVID 對下半年的影響有所緩解，尤其是與第二季度相比。

In AS, in particular, a lot of the margin rate movement from quarter-to-quarter in that business is timing-related.

特別是在 AS 中，該業務的許多季度利潤率變動與時間相關。

On a year-over-year basis, we saw that the timing of some risk reductions particularly around F-35 made for a tough compare year-over-year.

與去年同期相比，我們看到一些風險降低的時機，特別是在 F-35 周圍，使得與去年同期相比很難進行比較。

And we do see opportunity for greater margins going forward in that business, both near and long-term than those that it delivered in the first quarter.

而且我們確實看到了該業務在近期和長期內比第一季度實現的利潤率更高的機會。

And so we expect that kind of strength in the second half of the year to materialize in AS.

因此，我們預計下半年這種實力將在 AS 中實現。

Think of it as largely timing-driven around key program profit milestones and risk reductions that we see more likely coming in the second half than the first.

把它想像成主要是圍繞關鍵項目利潤里程碑和風險降低的時間驅動，我們認為下半年比上半年更有可能出現。

Our next question comes from Peter Arment with Baird.

我們的下一個問題來自 Peter Arment 和 Baird。

Kathy, you just mentioned some of the supplier disruptions or you're starting to see that a little bit from COVID-19.

凱西，你剛剛提到了一些供應商中斷，或者你開始從 COVID-19 中看到一點。

Maybe you just give us a little more color on kind of your assessment of the supply chain and your confidence around whether there's alternative sources or what kind of audits you went through to kind of assess the impacts going forward.

也許您只是在您對供應鏈的評估以及您對是否有替代來源的信心或您通過何種審核來評估未來影響的信心方面給我們更多的色彩。

Yes, thank you, Peter.

是的，謝謝你，彼得。

As I mentioned, our supply chain management team has been very active in monitoring our supply chain for risks and mitigation strategies that can counter those risks.

正如我所提到的，我們的供應鏈管理團隊一直非常積極地監控我們的供應鏈中的風險和可以應對這些風險的緩解策略。

We have not seen significant disruption to this point, but every supplier has unique circumstances.

到目前為止，我們還沒有看到嚴重的中斷，但每個供應商都有獨特的情況。

With some, we have worked to enable them to continue operations by sharing best practices for social distancing and other safety protocols.

我們與一些人一起努力，通過分享社交距離和其他安全協議的最佳做法，使他們能夠繼續運營。

With others, we have advanced payment to help with liquidity concerns as I noted in my script.

正如我在腳本中指出的那樣，與其他人一樣，我們有預付款來幫助解決流動性問題。

And then in addition, we have continued to monitor for disruption in the supply chain to our production lines.

此外，我們還繼續監控生產線的供應鍊是否中斷。

We've seen a few modest impacts at this point in time, nothing that is causing us considerable program interruption.

目前我們已經看到了一些適度的影響，沒有什麼會導致我們相當大的程序中斷。

But we -- as I said, the Q2 impact is where we expect to see the most significant so we're not through the disruption at this point in time.

但是我們——正如我所說，第二季度的影響是我們預計會看到最顯著的影響，所以我們目前還沒有經歷中斷。

But we are seeing positive trends, both in our own facilities and with our suppliers.

但我們看到了積極的趨勢，無論是在我們自己的設施中還是在我們的供應商中。

We are starting to see absenteeism reduced and more people coming to work in the production facilities.

我們開始看到曠工減少，越來越多的人來生產設施工作。

We are seeing small businesses that had to pause operations for a short period of time resuming their operations.

我們看到不得不在短時間內暫停運營的小企業恢復運營。

And so I would say that the trajectory is positive but we still have uncertainty ahead.

所以我想說，發展軌跡是積極的，但我們仍然有不確定性。

Our next question comes from Sheila Kahyaoglu with Jefferies.

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

Kathy, a question for you, please.

凱西，請教你一個問題。

Your overall business is set to grow 3% to 5% this year.

今年您的整體業務將增長 3% 至 5%。

And given restricted is a higher proportion relative to peers, how do you think about the trajectory of restricted growth?

鑑於受限於同行的比例更高，您如何看待受限增長的軌跡？

And are there areas, specific areas outside of space that you have higher confidence in the growth outlook, irrespective of what happens with the budgets?

無論預算如何變化，是否存在您對增長前景更有信心的領域、特定領域？

Sheila, thank you for the question.

希拉，謝謝你的問題。

We do see restricted continuing to grow faster than the remainder of our business.

我們確實看到限制性繼續增長快於我們業務的其餘部分。

And in the first quarter, as just an indicator, we saw 1.3 book-to-bill in our restricted portfolio.

在第一季度，僅作為一個指標，我們在受限投資組合中看到了 1.3 的訂單出貨比。

This was largely driven by Space awards.

這主要是由太空獎項推動的。

As you know, we have significant restricted work across the portfolio.

如您所知，我們在整個投資組合中有重大限制工作。

We've in the past talked a good deal about the Aeronautics-restricted business.

我們過去談過很多關於航空限制業務的事情。

But Space is also growing rapidly as is Mission Systems.

但是太空也和任務系統一樣迅速增長。

And so it really is widespread that we are seeing that restricted growth.

因此，我們看到這種受限的增長確實很普遍。

And we anticipate that continuing.

我們預計這種情況會持續下去。

As we look forward at opportunities that we have for the remainder of the year as well as programs in the portfolio today and their growth rate, we anticipate that share of restricted business to continue to grow.

當我們展望今年剩餘時間的機會以及今天投資組合中的項目及其增長率時，我們預計受限業務的份額將繼續增長。

It's up to about 28% now.

現在高達28%左右。

And as we have previously said, we expect that to go even higher.

正如我們之前所說，我們預計它會更高。

Our next question comes from David Strauss with Barclays.

我們的下一個問題來自巴克萊銀行的大衛施特勞斯。

Kathy, I wanted to ask you.

凱西，我想問你。

So your comment on the impacts from commercial aerospace.

因此，您對商業航空航天的影響發表了評論。

I assume that's all A350.

我認為這就是A350。

Could you just touch on that?

你能談談嗎？

And then on GBSD, I think you talked about $250 million in revenue this year.

然後在 GBSD 上，我認為您談到了今年 2.5 億美元的收入。

Can you give us some color on how that's going to ramp over the course of next couple of years?

你能給我們一些關於未來幾年這將如何發展的信息嗎？

And when does that program become bigger than B-21?

什麼時候該計劃變得比 B-21 更大？

So David, I'll start on the question about commercial aero.

那麼大衛，我將從關於商業航空的問題開始。

Our commercial aero work is actually spread over 3 different efforts, the largest of which is the A350.

我們的商業航空工作實際上分為 3 種不同的工作，其中最大的是 A350。

And we are expecting impact across all of those efforts.

我們預計所有這些努力都會產生影響。

And we will begin to see that in Q2 but it will persist.

我們將在第二季度開始看到這一點，但它會持續存在。

It's largely driven by the demand in commercial aero.

這主要是由商業航空的需求驅動的。

And so that is why, in particular, aeronautics sector is contributing to the slight decline that we have in our revenue guide for the year.

這就是為什麼，特別是航空業導致我們在今年的收入指南中略有下降的原因。

In response to your question about GBSD and the ramp, we expect that to be a gradual ramp as is the case when you start an EMD contract, the engineering phase tends to be very labor-driven.

在回答您關於 GBSD 和坡道的問題時，我們預計會像您開始 EMD 合同時那樣逐步坡道，工程階段往往是非常受勞動力驅動的。

And so we will be adding headcount and rising activity over the next several years.

因此，我們將在未來幾年增加員工人數並增加活動。

And we wouldn't see a peak in that program for a while.

而且我們暫時不會看到該計劃的高峰。

I'm not going to specifically address the part of the question about when it becomes larger than B-21.

我不打算具體解決關於它何時變得大於 B-21 的問題。

I know what you're trying to do there, getting us to disclose a little bit more information on B-21 than I can do.

我知道你想在那裡做什麼，讓我們透露更多關於 B-21 的信息，而不是我所能做的。

But certainly, GBSD will be a significant program in our portfolio as will B-21.

但可以肯定的是，GBSD 將成為我們投資組合中的一個重要項目，B-21 也是如此。

Our next question comes from Joe DeNardi with Stifel.

我們的下一個問題來自與 Stifel 的 Joe DeNardi。

Kathy, can you just talk a little bit about the opportunity for the in-orbit servicing work that you're doing?

凱西，你能談談你正在做的在軌服務工作的機會嗎？

I think that's -- that was a program or an opportunity that Orbital was pretty excited about longer term.

我認為那是 - 這是 Orbital 對長期而言非常興奮的計劃或機會。

Are there certain milestones that you're looking for there?

您是否正在尋找某些里程碑？

And then just kind of what's the optimistic scenario for what that could look like eventually?

那麼對於最終會是什麼樣子的樂觀情景是什麼？

Yes.

是的。

So -- and we continue to be excited about that opportunity.

所以 - 我們繼續對這個機會感到興奮。

And as I noted, this award from DARPA that we received in the first quarter now will add capability to what we can do with the servicing mission.

正如我所指出的，我們在第一季度獲得的 DARPA 獎項將增加我們在服務任務中的能力。

So at this point, we are able to do life extension as we're doing on the Intelsat 901 satellite with our first operation.

因此，在這一點上，我們能夠像在 Intelsat 901 衛星上進行第一次操作一樣延長壽命。

But the robotic servicing will allow us to provide other servicing functionality.

但是機器人服務將使我們能夠提供其他服務功能。

So it opens up the market in that regard and clearly is an indicator that we would be able to service, not only commercial, but potentially government satellites as well.

因此，它在這方面打開了市場，顯然是我們能夠服務的指標，不僅是商業衛星，還有可能是政府衛星。

So when we look at the market, we are bullish but cautious in that this is the first of a kind.

所以當我們看市場時，我們看漲但謹慎，因為這是第一次。

And we want to continue to march through milestones of succession that would lead us to believe that we can accomplish this much broader set of servicing missions.

我們希望繼續通過繼任里程碑，這將使我們相信我們可以完成這一更廣泛的服務任務。

But certainly life extension servicing, which we have already accomplished with the Intelsat satellite, is something we feel comfortable, will be a robust and growing market for us.

但可以肯定的是，我們已經通過 Intelsat 衛星完成的延長壽命服務是我們感到舒服的事情，這對我們來說將是一個強大且不斷增長的市場。

Our next question comes from Doug Harned with Bernstein.

我們的下一個問題來自 Doug Harned 和 Bernstein。

You're now in the new organization structure and I'm interested in understanding what -- how this looks now.

你現在在新的組織結構中，我有興趣了解它現在的樣子。

In other words, both in terms of any costs you're still working through on integration.

換句話說，就您仍在為集成而付出的任何成本而言。

But then also, in this structure, what should we now see as the benefits going forward?

但是，在這種結構中，我們現在應該將什麼視為未來的好處？

And I would say that on 2 sides.

我會在兩個方面這麼說。

One, in revenue synergies and the other in the ability to actually improve margins a little bit as you look at the next couple of years.

一個是收入協同效應，另一個是在未來幾年內實際提高利潤率的能力。

So Doug, certainly, with the integration that we're doing, we have already met our cost targets for the integration of Orbital ATK.

因此，Doug 當然，通過我們正在進行的集成，我們已經達到了集成 Orbital ATK 的成本目標。

And the next logical step that we took at the beginning of this year was realigning the sector structure.

今年年初我們採取的下一個合乎邏輯的步驟是重新調整行業結構。

We see continued opportunity for cost reduction through the new sector alignment, and that is a clear objective that we had for doing the realignment at the beginning of this year.

我們看到通過新的部門調整持續降低成本的機會，這是我們在今年年初進行調整的明確目標。

One of the other.

另一個。

And I would say, the more important, is the ability to capture the revenue synergy and successfully execute on those programs.

我想說，更重要的是能夠獲得收入協同效應並成功執行這些計劃。

So that was the primary reason why we did the new sector alignment but certainly cost reduction was also a part of our objective for the team.

這就是我們進行新部門調整的主要原因，但當然降低成本也是我們團隊目標的一部分。

And I'm pleased with the progress that we're making there.

我對我們在那裡取得的進展感到高興。

As a matter of fact, as we look at this year, we have some increased COVID-19 related costs, as any company does as we do more of the safety protocols, cleaning, social distancing.

事實上，正如我們今年所看到的，我們增加了一些與 COVID-19 相關的成本，正如任何公司所做的那樣，我們在安全協議、清潔、社會疏遠方面做得更多。

And we fully expect as we said in our guidance, that we can offset those through other cost reduction measures that we anticipate taking this year.

正如我們在指南中所說，我們完全期望我們可以通過我們預計今年採取的其他降低成本的措施來抵消這些影響。

So we are looking ahead and believe that not only the sector realignment but actions that we will continue to take as the sectors operate in this new structure will allow us some cost reduction opportunity.

因此，我們展望未來，並相信不僅行業重組，而且隨著行業在這種新結構中運作，我們將繼續採取的行動將為我們提供一些降低成本的機會。

Dave, anything else you'd like to add?

戴夫，你還有什麼要補充的嗎？

As you mentioned, Doug, we're going through the standard process now around realigning systems and rate pools and such kind of on the administrative side of the realignment.

正如你所提到的，Doug，我們現在正在圍繞重新調整系統和費率池以及重新調整的管理方面進行此類標準流程。

But I think the bigger picture Kathy mentions is the important one, which is that the realignment enables both top line synergy going forward as well as further improvements in cost management around the business and that those are timely given the environment we find ourselves in, in 2020.

但我認為凱西提到的更大的圖景是重要的，即重新調整既可以實現頂線協同作用，也可以進一步改善圍繞業務的成本管理，並且考慮到我們所處的環境，這些都是及時的，在2020 年。

Our next question comes from Myles Walton with UBS.

我們的下一個問題來自瑞銀的邁爾斯沃爾頓。

Kathy, I wanted to hone in on a comment you made about hiring, actually, which was 10,000 jobs unfilled that were posted and 3,500 hires in the first quarter.

凱西，我想深入了解你對招聘的評論，實際上，第一季度有 10,000 個職位空缺和 3,500 名員工。

On a 90,000 employee base, I'm just wondering how much of this is going to be net growth and should we use that as a calibration as to the speed of revenue growth as you look into 2021?

在 90,000 名員工基礎上，我只是想知道其中有多少將是淨增長，我們是否應該用它來校準 2021 年的收入增長速度？

Thanks, Myles.

謝謝，邁爾斯。

So as we look at our hiring, we have a number of open positions, both to support existing business but also anticipation of future awards.

因此，當我們考慮招聘時，我們有許多空缺職位，既可以支持現有業務，也可以預期未來的獎勵。

So I would tell you that we only do that hiring if we indeed get those awards as we look forward.

所以我會告訴你，我們只有在我們確實獲得這些獎項的情況下才會進行招聘。

So open positions are not necessarily a direct correlation to the number of hires that we'll ultimately make.

因此，空缺職位不一定與我們最終招聘的人數直接相關。

And as we look at this year, in particular, we go into a year with an assumption around attrition.

特別是當我們回顧今年時，我們進入了一個圍繞減員假設的一年。

So that gets us to net heads.

所以這讓我們淨頭。

And the labor market was very tight at the beginning of this year.

今年年初勞動力市場非常緊張。

As we are working through the last 2 months, we're seeing that attrition is dropping, as you might expect, as other opportunities are becoming more scarce.

在過去 2 個月的工作中，我們看到流失率正在下降，正如您所預料的那樣，因為其他機會變得越來越稀缺。

And so we are in the process of looking at what that may present as both challenge and opportunity for us going forward.

因此，我們正在研究這對我們未來可能帶來的挑戰和機遇。

And so we are actively working on hiring and being very successful in hiring, as I noted.

因此，正如我所指出的，我們正在積極招聘，並且在招聘方面非常成功。

Still, even as we were dealing with the challenges of the pandemic in March, we saw 1,300 plus hires, and April continues to also be strong.

儘管如此，即使我們在 3 月份應對大流行的挑戰，我們還是看到了 1,300 多名員工，而且 4 月份也繼續保持強勁勢頭。

We've moved virtual, as you might expect, to accommodate most of that hiring.

正如您所料，我們已經將虛擬化，以適應大部分招聘。

And so as we look forward, the net heads, I wouldn't put a number on it but we do expect significant headcount growth this year because of the program volume increases that we have, the sales growth as well as the anticipated awards in the latter half of this year.

因此，正如我們期待的那樣，淨負責人，我不會給出具體數字，但我們確實預計今年的員工人數會顯著增長，因為我們擁有的計劃數量增加，銷售增長以及預期的獎項今年下半年。

Our next question comes from Carter Copeland with Melius Research.

我們的下一個問題來自與 Melius Research 的 Carter Copeland。

I wondered if you could just expand briefly on the hiring.

我想知道你是否可以簡單地擴展一下招聘。

It looks like obviously that the classified portion of the business is increasing in its share.

很明顯，該業務的分類部分的份額正在增加。

And I wondered if you might just speak to what portion of that hiring that you mentioned, the 10,000 jobs is cleared personnel?

我想知道你是否可以談談你提到的招聘的哪一部分，10,000 個工作崗位是清除人員？

And maybe just give us a sense of if there's a challenge, given the growth in restricted work that you expect in terms of getting either cleared personnel on or getting folks hired and then getting them cleared.

也許只是讓我們了解是否存在挑戰，因為您期望在獲得批准的人員或僱用人員然後讓他們獲得批准方面的受限工作的增長。

Just help us understand kind of that dynamic and how you're dealing with it.

只是幫助我們了解這種動態以及您如何處理它。

Thanks, Carter.

謝謝，卡特。

Yes, a significant portion of that hiring is for cleared personnel.

是的，該招聘的很大一部分是針對已批准的人員。

We don't always hire an individual who is already cleared.

我們並不總是僱用已經被清除的個人。

We have other opportunities that we're able to put people on while they await their clearance.

我們還有其他機會可以讓人們在等待他們的許可時使用。

And we've also seen the department take actions that have accelerated clearance processing.

我們還看到該部門採取了加快清關處理的行動。

And those have been very helpful.

這些都非常有幫助。

We still obviously have a waiting period for those individuals but it is getting shorter through the actions that the government is taking.

對於這些人，我們顯然仍有等待期，但通過政府正在採取的行動，等待期正在縮短。

And so what we do is we do both hiring of individuals who already have clearance directly onto those restricted programs as well as pipelining through our unclassified work with the intention of moving those individuals on restricted programs once their clearance come through.

因此，我們所做的是，我們既僱用已經獲得直接許可進入這些受限計劃的個人，也通過我們的非機密工作進行管道化，目的是在獲得許可後將這些個人轉移到受限計劃中。

And we've been doing that for years, and it's worked well for us.

多年來，我們一直在這樣做，而且對我們來說效果很好。

It's not something that's driving an inordinate amount of increased cost to our business because we have this portfolio that has so much, both unclassified and classified work.

這並不是導致我們的業務成本過度增加的事情，因為我們的這個產品組合包含如此多的非機密和機密工作。

And I'll note that classification is relative, too.

我會注意到分類也是相對的。

There are different levels of clearances required, and so people can step through those clearance levels as well.

需要不同級別的許可，因此人們也可以逐步通過這些許可級別。

Our next question comes 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。

So could you give us any color on the significant classified Space awards in the first quarter?

那麼，您能否就第一季度的重要分類太空獎項給我們任何顏色？

And secondly, it was a little stronger for the first quarter in terms of total bookings than maybe some of us expected.

其次，第一季度的總預訂量可能比我們中的一些人預期的要強一些。

Where do you see the backlog going by year-end?

您認為到年底的積壓工作在哪裡？

And what are the key drivers to get it there?

實現它的關鍵驅動因素是什麼？

So Cai, in terms of backlog for the year, we still anticipate it to be above 1 even without GBSD.

所以蔡，就今年的積壓而言，即使沒有 GBSD，我們仍然預計它會在 1 以上。

Clearly in GBSD we expect to be a sizable award if we receive it and so that would drive book-to-bill well above 1. If we look at the first quarter, we did have less than 1 book-to-bill but we had anticipated that as you said and it signals that we expected most of our significant awards to happen later in the year.

顯然，在 GBSD 中，如果我們獲得它，我們預計將是一個相當大的獎項，因此這將推動帳單比 1 遠高於 1。如果我們看第一季度，我們確實有少於 1 個帳單比但我們有正如你所說，我們預計到這一點，這表明我們預計我們的大部分重要獎項將在今年晚些時候發生。

We did have the large Space restricted awards that we noted.

我們確實有我們注意到的大型空間限制獎項。

And while we can't provide any detail about what they are, who they're for or the value of them, they were ones that we had been working for a period of time and did anticipate getting but they were competitive.

雖然我們無法提供關於它們是什麼、為誰服務或它們的價值的任何細節，但它們是我們已經工作了一段時間並且確實預期會得到的，但它們具有競爭力。

So we clearly had factored them to some extent in our plans for the year, and we're very pleased to be selected and awarded those contracts this quarter.

因此，我們在今年的計劃中顯然已經在一定程度上考慮了它們，我們很高興在本季度被選中並授予這些合同。

Our next question comes from Hunter Keay with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Hunter Keay。

So I was wondering if you could follow-up to the exchange we had with Doug earlier.

所以我想知道你是否可以跟進我們之前與 Doug 的交流。

I'm kind of curious about can you maybe give me some examples or even better quantify the amount of costs you're taking out specifically from coronavirus?

我有點好奇你能不能給我一些例子，或者更好地量化你專門從冠狀病毒中扣除的成本？

And this is obviously primarily an aerospace conversation.

這顯然主要是航空航天對話。

How many of those -- how much of those costs can you actually keep out once you resume normal production rates?

其中有多少——一旦你恢復正常的生產率，你實際上可以保留多少這些成本？

And again, if you could maybe quantify the margin potential.

再說一次，如果你可以量化利潤率潛力。

Just basically trying to figure out if you can use this as an opportunity to take out cost that you wanted to take out before and maybe keep them out, if you understand.

基本上只是想弄清楚您是否可以將此作為一個機會來消除您之前想要消除的成本，如果您理解的話，也許可以將它們排除在外。

Sure.

當然。

I'll be happy to start on that one, Hunter.

我很樂意從那個開始，亨特。

It's tough to quantify the specific volumes of cost takeout that are possible, both near-term and then on a permanent basis.

很難量化可能的成本支出的具體數量，無論是短期的還是長期的。

As you mentioned, certainly, there's an opportunity to reduce costs during the pandemic related to travel and conferences and trade shows and other kind of low-hanging fruit like that, that are naturally declining in the business.

正如您所提到的，當然，在大流行期間有機會降低與旅行、會議和貿易展覽以及其他類似的低垂成果相關的成本，這些成本在業務中自然會下降。

And we'll look to harvest those cost savings and continue to manage those areas throughout the rest of the year.

我們將尋求收穫這些成本節省，並在今年剩餘時間內繼續管理這些領域。

But then we're also taking this opportunity to look around at the business and find other areas of efficiency.

但隨後我們也藉此機會環顧業務並尋找其他效率領域。

Kathy has been clear over the past year about driving increased efficiency, strong performance around the business, being an agile company that moves quickly and reduces bureaucracy.

在過去的一年裡，Kathy 清楚地表明要提高效率，在業務中表現強勁，成為一家敏捷的公司，可以快速行動並減少官僚主義。

And so that's part and parcel of what we're looking at today, and that's not in any one sector more than others more than at the corporate level.

因此，這是我們今天所關注的內容的重要組成部分，而且在任何一個行業中都比在公司層面更多。

At all levels, we're taking a look at those opportunities.

在各個層面，我們都在關注這些機會。

The margin impacts will depend to a degree on the business mix by segment.

利潤率影響將在一定程度上取決於分部的業務組合。

And so those that have more cost-plus work have less margin impact, but greater impact on the competitiveness of their businesses as we look for opportunities to take out costs.

因此，那些具有更多成本加成工作的企業對利潤的影響較小，但在我們尋找降低成本的機會時，對其業務競爭力的影響更大。

So there's a different impact depending on the segment, but a broad company effort to drive that efficiency this year.

因此，根據細分市場的不同，會產生不同的影響，但今年公司為提高效率做出了廣泛的努力。

(Operator Instructions) The next question comes from Noah Poponak with Goldman Sachs.

（操作員說明）下一個問題來自高盛的 Noah Poponak。

Just want to make sure I fully understand all the moving pieces in the Aeronautics margin in the quarter.

只是想確保我完全理解本季度航空利潤中的所有活動部分。

In the release you cite the EAC move in Autonomous, F-35 risk retirement and then some mix.

在發布中，您引用了 EAC 在自主、F-35 風險退役以及一些混合方面的舉措。

Is it maybe possible to size those in terms of how much of the year-over-year change came from each of them?

是否有可能根據他們每個人的同比變化有多少來衡量這些？

Was there any onetime kind of charge related to the commercial aerospace pieces?

是否有任何與商業航空航天部件有關的一次性收費？

I just want to fully understand that year-over-year change.

我只是想完全理解這一年的變化。

And then if you have any thoughts you could share on where that segment's profitability can go longer term, 3 to 5 years out, I would love to hear that.

然後，如果您有任何想法可以分享該細分市場的長期盈利能力（3 到 5 年），我很想听聽。

Sure.

當然。

Thanks, Noah.

謝謝，諾亞。

I'll get started on that one.

我將從那個開始。

The 2 buckets you mentioned were approximately even in overall size.

您提到的 2 個存儲桶的總體大小大致相同。

What I think is important to note is that no one specific program had a material enough impact to be called out individually.

我認為需要注意的重要一點是，沒有一個特定的程序具有足夠的實質性影響，可以單獨調用。

And so year-over-year, it was a tough compare quarter for AS given that there was -- the timing of some of those risk reductions in last year's Q1 created a tough compare.

因此，與去年同期相比，對於 AS 來說，這是一個艱難的比較季度，因為去年第一季度的一些風險降低的時機創造了一個艱難的比較。

But in this year's Q1, there were pressures on a few programs, fewer upsides on others than we might typically see in a given quarter.

但在今年的第一季度，一些項目面臨壓力，其他項目的上漲空間比我們通常在特定季度看到的要少。

Again, much of that is timing-related and we try to take that into account as we look at the rest of the year.

同樣，其中大部分與時間相關，我們在查看今年剩餘時間時嘗試將其考慮在內。

I think the other thing that's important to note there is in a more typical year, we would have expected to see more opportunity to mitigate those Q1 challenges in Q2 through Q4.

我認為另一件需要注意的重要事情是，在更典型的年份，我們預計會在第二季度到第四季度看到更多緩解第一季度挑戰的機會。

But of course, our timing is increasingly short there given the impacts of the COVID pandemic on Q2 particularly in the volume pressures that we're seeing in AS.

但是，當然，鑑於 COVID 大流行對第二季度的影響，尤其是我們在 AS 看到的體積壓力，我們的時間越來越短。

And so that makes it more difficult to mitigate those Q1 pressures than a typical year would provide.

因此，與典型年份相比，減輕第一季度的壓力變得更加困難。

And Noah, on your question about the longer-term and where we think AS margins can go, certainly all things being equal, we expect 3 to 5 years out to have a higher production mix than we have today because we have some significant development programs in Aeronautics as we sit here today.

諾亞，關於你關於長期和我們認為 AS 利潤率可以去哪裡的問題，當然，在所有條件相同的情況下，我們預計 3 到 5 年後的生產組合會比我們今天的水平更高，因為我們有一些重要的開發計劃我們今天坐在這裡的航空。

And that would naturally create opportunity for margin improvement during that period.

在此期間，這自然會為提高利潤率創造機會。

Our next question comes from George Shapiro with Shapiro Research.

我們的下一個問題來自夏皮羅研究公司的喬治夏皮羅。

I had wanted to know, the expectation has been that your sales would grow faster than other people, but it hasn't happened that way.

我本來想知道，期望你的銷售額會比其他人增長得更快，但事實並非如此。

Can you point to some inflection point or what quarter or year we might start to see the sales growth do better than others or much better than the budget that's going to decline over the next several years?

您能否指出某個拐點，或者我們可能會在哪個季度或哪一年開始看到銷售增長比其他人更好，或者比未來幾年將下降的預算好得多？

So George, I wouldn't want to try to predict a quarter at which point we would see an inflection compared to peers because we don't have the insight into our peers.

所以喬治，我不想嘗試預測一個季度我們會看到與同行相比出現拐點，因為我們對同行沒有洞察力。

I do feel like we've performed well relative to the market.

我確實覺得我們相對於市場表現良好。

We have increased our competitive win rate, and that's a strong indicator of performance in the competitive marketplace.

我們提高了競爭勝率，這是在競爭激烈的市場中表現的一個強有力的指標。

We have also shown significant improvement in our backlog, and we're pleased with where it sits and also have a number of opportunities that we've outlined to build that backlog this year and we anticipate doing so.

我們的積壓工作也顯示出顯著改善，我們對它的位置感到滿意，並且我們已經概述了今年建立該積壓工作的許多機會，我們預計會這樣做。

So what I really focus on is looking forward, how are we positioned regardless of what defense budgets do in this country and around the globe?

所以我真正關注的是展望，無論國防預算在這個國家和全球範圍內做什麼，我們如何定位？

Do we have a portfolio that's well-aligned to the highest growth areas?

我們的投資組合是否與增長最快的領域保持一致？

And the answer to that is, yes, as we sit here today, and we believe we'll continue to be.

答案是，是的，當我們今天坐在這裡時，我們相信我們會繼續這樣做。

Areas of exposure like the strategic deterrent program that, in the case of B-21, we've already captured.

像戰略威懾計劃這樣的暴露領域，在 B-21 的案例中，我們已經捕獲。

In the case of GBSD, we anticipate being awarded later this year.

就 GBSD 而言，我們預計將在今年晚些時候獲獎。

In the case of Space, which is the fastest-growing in the President's '21 budget for this year, we certainly have good exposure with hypersonics and other advanced weapons now in the portfolio and expect that we can continue to grow off of what is today a small base, but an area where we expect to have significant demand.

就今年總統 21 年預算中增長最快的太空而言，我們當然在投資組合中擁有高超音速和其他先進武器的良好曝光率，並期望我們能夠繼續在今天的基礎上發展壯大基地很小，但我們預計會有很大的需求。

And we believe those areas of demand will be key regardless of what the top line budget looks like because they're based on the advancement of our adversary's capabilities and the threats that they impose.

我們相信，無論最高預算如何，這些需求領域都將是關鍵，因為它們是基於我們對手能力的提升和他們施加的威脅。

So based on that, we feel positive about how our portfolio is positioned for growth.

因此，基於此，我們對我們的投資組合如何實現增長感到樂觀。

And we anticipate that we can continue to create strong shareholder value through that growth, successful execution and turning that into earnings.

我們預計，通過增長、成功執行並將其轉化為收益，我們可以繼續創造強大的股東價值。

Operator, we have time for one more question.

接線員，我們有時間再問一個問題。

Our last question comes from Ron Epstein with Bank of America.

我們的最後一個問題來自美國銀行的 Ron Epstein。

Kathy, there's been discussion in the industrial policy office in the DoD about accelerating progress payments and then getting that pushed down in the supply chain.

凱西，國防部的工業政策辦公室一直在討論加快進度支付，然後將其推到供應鏈中。

How is that impacting you?

這對你有什麼影響？

And when you think about your supply base, particularly those suppliers who have significant commercial aerospace businesses, do you worry about disruptions there?

當您考慮您的供應基礎時，特別是那些擁有重要商業航空業務的供應商，您是否擔心那裡的中斷？

And how are you handling that?

你是怎麼處理的？

Yes, Ron, we have seen the impact of the increase in progress payments to 90% that the department has offered.

是的，羅恩，我們已經看到該部門提供的將進度付款增加到 90% 的影響。

And we are flowing that full supplier benefit down to our suppliers in a timely fashion.

我們正在及時將供應商的全部利益傳遞給我們的供應商。

And as I noted earlier in my comments, in addition to that, we are also doing some advances for suppliers paying in advance because we want to help them with the challenges they are having, particularly those suppliers that straddle both defense programs and commercial aerospace programs.

正如我之前在評論中指出的那樣，除此之外，我們還為提前付款的供應商做一些預付款，因為我們希望幫助他們應對他們所面臨的挑戰，特別是那些跨越國防項目和商業航空航天項目的供應商.

And so we believe that our suppliers are well supported by us today.

因此，我們相信我們的供應商今天得到了我們的大力支持。

But we monitor that on a daily basis because it's an evolving situation for them, particularly those that are exposed on that demand side to the commercial aero market.

但我們每天都會監控這一點，因為這對他們來說是一個不斷變化的情況，特別是那些在需求方面暴露於商業航空市場的人。

And what I'd add to that is we have fewer progress payment contracts than some of our similarly sized peers do.

我要補充的是，我們的進度付款合同比一些類似規模的同行少。

And that we are being sure to quickly flow through to our suppliers, their portion of that benefit.

而且我們肯定會迅速將這些利益傳遞給我們的供應商。

So when you aggregate the net benefit to Northrop Grumman, certainly we appreciate the work of our customers to increase that benefit.

因此，當您將淨收益匯總到諾斯羅普·格魯曼公司時，我們當然感謝客戶為增加該收益所做的工作。

But it doesn't change our cash flow guidance for the year.

但這不會改變我們今年的現金流指導。

On the upside, we have some additional benefit from the progress payments as well as potential tax benefits we mentioned on the call.

從好的方面來說，我們從進度付款以及我們在電話會議中提到的潛在稅收優惠中獲得了一些額外的好處。

And offsetting those, we have the impacts of COVID that we discussed to include the interest on the new bond.

並抵消這些影響，我們討論了 COVID 的影響，包括對新債券的興趣。

So that keeps us in the same range of cash flow that we were projecting previously.

因此，這使我們的現金流量保持在我們之前預測的相同範圍內。

All right, great.

好的，太好了。

Well, thank you, and I'll turn it over to Kathy for closing remarks.

好吧，謝謝你，我會把它交給凱西做閉幕詞。

Thanks, Todd.

謝謝，托德。

Well, I'm very pleased to have Dave on our team and helping to lead through the challenges of the pandemic.

好吧，我很高興戴夫加入我們的團隊，並幫助領導應對大流行的挑戰。

We and the entire Northrop Grumman team remain resolute in managing through these challenges and being well positioned for the future.

我們和整個諾斯羅普·格魯曼團隊仍然堅定地應對這些挑戰，並為未來做好準備。

We look forward to speaking with you again in July.

我們期待在 7 月再次與您交談。

And until then, please stay well.

在那之前，請保持健康。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for your participation. .

感謝您的參與。 .