諾斯洛普·格拉曼 (NOC) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Northrop Grumman's Second Quarter 2025 Conference Call. Today's call is being recorded. My name is Josh, and I will be your operator today. (Operator Instructions)

女士們、先生們，大家好，歡迎參加諾斯羅普格魯曼公司 2025 年第二季電話會議。今天的通話正在錄音。我叫喬希 (Josh)，今天我將擔任您的接線生。（操作員指示）

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

我想將電話轉給主持人、投資者關係副總裁托德恩斯特先生。恩斯特先生，請繼續。

Thanks, Josh, and good morning, everyone. And welcome to Northrop Grumman's Second Quarter 2025 Conference Call. Before we start, matters discussed on today's call, including guidance and outlooks for 2025 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.

謝謝，喬希，大家早安。歡迎參加諾斯羅普格魯曼公司 2025 年第二季電話會議。在我們開始之前，今天電話會議上討論的問題，包括 2025 年及以後的指導和展望，反映了公司根據本次電話會議上可用的信息做出的判斷。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, including those noted in today's press release and our SEC filings. These risks and uncertainties may cause actual company results to differ materially. Today's call will include non-GAAP financial measures that are reconciled to our GAAP results in our earnings release. In addition, we will refer to a presentation that is posted to our Investor Relations website.

前瞻性陳述涉及風險和不確定性，包括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指出的風險和不確定性。這些風險和不確定性可能會導致公司實際業績產生重大差異。今天的電話會議將包括與我們收益報告中的 GAAP 結果相協調的非 GAAP 財務指標。此外，我們將參考發佈到我們的投資者關係網站上的一份簡報。

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

今天參加電話會議的有我們的董事長、執行長兼總裁 Kathy Warden 和我們的財務長 Ken Crews。現在，我想把電話轉給凱西。凱西？

Thanks, Todd. Good morning, everyone, and thank you for joining us. As you saw from this morning's earnings release, we delivered a strong second quarter. The breadth and depth of our company's portfolio, and our ability to respond with speed to our customers' needs, continues to drive robust growth as evidenced by our strong backlog.

謝謝，托德。大家早安，感謝大家的收看。正如您從今天早上的收益報告中看到的，我們在第二季度表現強勁。我們公司產品組合的廣度和深度，以及我們快速響應客戶需求的能力，繼續推動強勁成長，這從我們強勁的積壓訂單中可以看出。

In addition, our revenue increased 9% compared to the first quarter with higher sequential sales in all four segments. The team also delivered outstanding operating performance this quarter, as demonstrated by an 11.8% segment operating margin. As we look towards the second half of the year, we expect continued ramp on franchise programs and normal operational seasonality to support accelerating growth.

此外，我們的營收與第一季相比成長了 9%，四個部門的銷售額均較上季成長。該團隊本季也取得了出色的營運業績，分部營運利潤率達到 11.8%。展望下半年，我們預計特許經營計畫將繼續增加，正常的營運季節性將支持加速成長。

We also expect segment margins to remain strong, consistent with our first half performance excluding the B-21 charge, and this is driven by performance, favorable mix and international growth. Based on the strength of our second quarter results and confidence in our second half outlook, we are increasing our guidance for segment operating income, earnings per share, and free cash flow.

我們也預計，分部利潤率將保持強勁，與我們上半年不包括 B-21 費用的業績一致，這是由業績、良好的產品組合和國際成長推動的。基於我們第二季業績的強勁表現以及對下半年前景的信心，我們提高了分部營業收入、每股盈餘和自由現金流的預期。

The U.S. and our allies are making significant investments in defense capabilities, and we continue to see growing demand and opportunity for our broad range of product offerings. Whether in the space, air, land, cyber or undersea domain, our technologies, and our ability to integrate hardware and software for Mission Solutions, are core to what customers need today.

美國及其盟友正在對國防能力進行大量投資，我們繼續看到對我們廣泛產品的需求和機會不斷增長。無論是在太空、空中、陸地、網路或海底領域，我們的技術以及為任務解決方案整合硬體和軟體的能力都是當今客戶需求的核心。

Domestically, these investments in defense are highlighted by the recently enacted reconciliation bill and FY’26 budget request, which represents a combined 22% increase in procurement and RDT&E over fiscal year 2025. This includes investments in Northrop Grumman programs and new potential growth areas. And the demand acceleration for our products extends outside the United States.

在國內，最近頒布的和解法案和 2026 財年預算申請突顯了國防方面的投資，這意味著採購和 RDT&E 的總投資比 2025 財年增加了 22%。這包括對諾斯羅普·格魯曼公司項目和新潛在成長領域的投資。我們產品的需求加速成長，其範圍已延伸至美國以外。

In the second quarter, our international sales grew by 18% year-over-year and are up 14% year-to-date. We have a strong international book-to-bill for aircraft, weapons, missile defense and airborne systems. In Europe, we see significant opportunities for IBCS and weapon systems. And in the Middle East, where I joined the President in May, there are several multibillion-dollar opportunities in integrated air and missile defense, munitions, E-2D, AARGM-ER, and ground-based radars.

第二季度，我們的國際銷售額年增 18%，年初至今已成長 14%。我們在飛機、武器、飛彈防禦和機載系統方面擁有強大的國際訂單出貨量。在歐洲，我們看到了 IBCS 和武器系統的巨大機會。在中東，我於五月與總統會面，那裡有綜合防空和飛彈防禦、彈藥、E-2D、AARGM-ER 和地面雷達等價值數十億美元的商機。

As part of our international strategy, we have extensive partnerships to support local industrial base growth. With a commitment to continue innovating and investing in capacity and a strong global demand signal from our customers, we are confident in our long-range potential growth. One area of expected growth that I'll highlight today is air and missile defense.

作為我們國際戰略的一部分，我們擁有廣泛的合作夥伴關係來支持當地工業基礎的發展。憑藉持續創新和產能投資的承諾以及來自客戶的強勁全球需求訊號，我們對我們的長期潛在成長充滿信心。我今天要強調的一個預期成長領域是防空和飛彈防禦。

With products such as IBCS and GPI, we're positioned as a key capability provider for missile defense to customers around the globe. And as we look to Golden Dome for America, we see Northrop Grumman playing a crucial role in supporting the administration's goal to move with speed and have initial operating capability in place within the next few years.

憑藉 IBCS 和 GPI 等產品，我們已成為全球客戶飛彈防禦能力的關鍵提供者。當我們展望美國的金色圓頂時，我們看到諾斯羅普·格魯曼公司在支持政府實現快速行動和在未來幾年內具備初步作戰能力的目標方面發揮著至關重要的作用。

This includes current products that can be brought to bear, like IBCS, G/ATOR, Triton and programs in our restricted portfolio, just to name a few. It will also include new innovations, like space-based interceptors, which we're testing now. We have the ability to work across the entire architecture, and we bring the scale, innovation and research and development expertise that we can apply to each layer of this critical homeland defense initiative.

其中包括目前可以運用的產品，例如 IBCS、G/ATOR、Triton 以及我們受限產品組合中的程序，僅舉幾例。它還將包括新的創新，例如我們現在正在測試的太空攔截器。我們有能力在整個架構中開展工作，並且我們擁有規模、創新和研發專業知識，可以應用於這項關鍵國土防禦計畫的每一層。

Golden Dome is just one example of how the administration is pushing for differentiating capabilities at speed and scale to achieve peace through strength. Importantly, they've recognized the need to remove barriers for industry and government that prevent us from moving faster. We are already seeing the benefits of this, to include our work on Sentinel and B-21.

金色穹頂只是政府如何推動速度和規模上的差異化能力以透過實力實現和平的一個例子。重要的是，他們認識到需要消除阻礙我們快速發展的行業和政府障礙。我們已經看到了這樣做的好處，包括我們在 Sentinel 和 B-21 上的工作。

On Sentinel, we made significant progress on the program restructuring in the second quarter. In close partnership with the Air Force, we reached agreement on a restructure approach which will lead to re-establishment of the program baseline. The work suspension on most aspects of the command and launch portion of the program was lifted.

在 Sentinel 方面，我們在第二季度在專案重組方面取得了重大進展。透過與空軍的密切合作，我們就重組方法達成了一致，這將重新確定該計劃的基準。該計畫指揮和發射部分的大部分工作暫停狀態已解除。

And we've resumed work on launch facility requirements in design. We continue to ramp on the program and make progress through development, testing and risk reduction activities. Our second quarter results include strong Sentinel growth, as well as a positive earnings adjustment, reflecting the agreements we reached with our customer and improved confidence in achieving various performance incentives.

我們已經恢復了發射設施要求的設計工作。我們將繼續推進該計劃，並透過開發、測試和降低風險活動取得進展。我們第二季的業績包括強勁的 Sentinel 成長以及積極的獲利調整，這反映了我們與客戶達成的協議以及對實現各種績效激勵的信心增強。

We expect Sentinel revenue momentum to continue and for the program to be a meaningful contributor to our growth in the second half of the year. In partnership with the Department of Defense, we continue to work on acceleration options for the program. And we're confident in our ability to execute all phases of the program and deliver this critical capability for our nation.

我們預計 Sentinel 的收入動能將持續下去，並且該計劃將對我們下半年的成長做出有意義的貢獻。我們與國防部合作，繼續致力於該計劃的加速方案。我們有信心完成該計劃的所有階段，並為國家提供這項關鍵能力。

On the B-21 program, it continues to be well supported by the Defense Department and Congress, and the value and importance of a stealth strategic bomber was certainly shown with Operation Midnight Hammer. The Air Force has recently confirmed it is committed to the successful fielding of the B-21 and is investing in the infrastructure necessary to support an increased yearly production capacity.

B-21計畫繼續得到國防部和國會的大力支持，隱形戰略轟炸機的價值和重要性在「午夜之鎚」行動中得到了充分體現。美國空軍最近確認將致力於成功部署 B-21，並正在投資必要的基礎設施以支援提高年產能。

Through Reconciliation, the B-21 received an additional $4.5 billion to increase production capacity. This builds on the efforts that we, and the Air Force, have made previously to prepare for a more rapid production ramp. We are in discussions with the Air Force regarding the potential for an accelerated production ramp on the program. And while the ultimate outcome of these discussions remain uncertain, we currently expect any agreement to accelerate production ramp would require further investment by the company to expand production capacity, along with the opportunity to earn improved returns on the LRIP and NTE production lots. With the pace of change and advancements in technology, coupled with our customers push for speed, we are constantly working to introduce new technologies and concepts to address our customers' needs.

透過和解，B-21 獲得了額外的 45 億美元來提高生產能力。這是在我們和空軍之前為更快提高產量所做的準備工作的基礎上做出的。我們正在與空軍討論加速該計劃生產的可能性。儘管這些討論的最終結果仍不確定，但我們目前預計，任何加速生產提升的協議都需要公司進一步投資以擴大生產能力，同時還有機會從 LRIP 和 NTE 生產批次中獲得更高的回報。隨著技術變化和進步的步伐，加上客戶對速度的追求，我們不斷致力於引入新技術和新概念來滿足客戶的需求。

Beacon, which is highlighted on the cover of our slide deck, is one example of how we approach this. With Beacon, which we revealed in the second quarter, we've taken decades of autonomy experience and 500,000 autonomous flight hours to create a flying mission test bed. We bring software from companies of all sizes together with our flight software and hardware.

我們的幻燈片封面上重點介紹了 Beacon，這是我們解決這個問題的一個例子。借助我們在第二季度發布的 Beacon，我們利用數十年的自主經驗和 500,000 小時的自主飛行時間來創建飛行任務測試平台。我們將各種規模公司的軟體與我們的飛行軟體和硬體結合在一起。

Beacon will accelerate autonomous mission capabilities for our customers by allowing a variety of industry partners to move faster because of the work Northrop has done, and is doing, on autonomy. Our investment in Beacon also supports the administration's call for more next-generation autonomous systems. Before wrapping my remarks, I want to highlight the importance of our strategy to invest in the business.

由於諾斯羅普公司在自主領域已經做和正在進行的工作，Beacon 將允許各種行業合作夥伴更快採取行動，從而加速我們客戶的自主任務能力。我們對 Beacon 的投資也支持了政府對更多下一代自主系統的呼籲。在結束我的發言之前，我想先強調一下我們的業務投資策略的重要性。

Speed of bringing technology to market is important in this environment, and capacity is an important enabler to rapidly fielding capability. The capital investments we've made, and that we continue to make, allow us to meet this demand from our customers, remain competitive and lay the groundwork for our future growth.

在這種環境下，將技術推向市場的速度非常重要，而容量是快速部署能力的重要推動因素。我們已經進行的以及將繼續進行的資本投資使我們能夠滿足客戶的需求，保持競爭力並為我們未來的發展奠定基礎。

In the area of solid rocket motors, we have invested $1 billion over the past six years, significantly improving our capacity and flexibility across multiple facilities. This includes investments at the Allegheny Ballistic Laboratory facility in West Virginia for small motors, and in Elkton, Maryland for medium-sized and hypersonic motors, both of which support growth in our tactical weapons business at DS.

在固體火箭引擎領域，我們在過去六年中投資了 10 億美元，顯著提高了我們多個設施的產能和靈活性。其中包括對位於西維吉尼亞州阿勒格尼彈道實驗室的小型發動機投資，以及位於馬裡蘭州埃爾克頓的中型和高超音速發動機投資，這兩項投資都支持了 DS 戰術武器業務的成長。

As a result of this investment, we were recently selected by the U.S. Navy to provide the 21-inch second stage solid rocket motor for its extended range missile programs. We developed and demonstrated this capability in less than a year. In the Space segment, our investments at the Bacchus facility for large rocket motors support the build-out of the Kuiper satellite constellation.

由於這項投資，我們最近被美國海軍選中，為其增程飛彈計畫提供 21 英寸第二級固體火箭發動機。我們在不到一年的時間內開發並展示了這種能力。在太空領域，我們在巴克斯大型火箭引擎設施的投資支持了柯伊伯衛星星座的建造。

Overall, we expect to increase our total annual solid rocket motor production rate from 13,000 units today to 25,000 by 2029. We will continue to make strategic investments in our business to ensure we have the scale and capabilities needed to support our customers effectively. This includes emerging missile defense opportunities such as Golden Dome for America and second-source qualification for several tactical missiles.

總體而言，我們預計到 2029 年，固體火箭引擎的年總產量將從目前的 13,000 台增加到 25,000 台。我們將繼續對我們的業務進行策略性投資，以確保我們擁有有效支援客戶所需的規模和能力。這包括新興的飛彈防禦機會，例如美國的「金色穹頂」和幾種戰術飛彈的第二來源資格。

At the same time, we remain committed to returning capital to shareholders. This includes returning approximately 100% of our free cash flow to our shareholders through dividends and share repurchases this year. We repurchased nearly $900 million in stock in the first half of the year. And in the second quarter, we announced a 12% increase in our quarterly dividend, marking our 22nd consecutive annual increase.

同時，我們仍然致力於向股東返還資本。這包括今年透過股息和股票回購將約 100% 的自由現金流返還給股東。我們在今年上半年回購了近9億美元的股票。第二季度，我們宣布季度股息增加 12%，這是我們連續第 22 年增加股息。

This increase is supported by the strong growth in free cash flow at the company. Reflecting our focus on delivering long-term value to shareholders, over the past 10-years we've increased our dividend at an approximately 11% compounded annual growth rate. In summary, I'd like to thank our team for an excellent quarter. We have an outstanding portfolio, robust global demand and funding environment that supports it, and a high-performing team. This all leads to a strong outlook for our company.

這一增長得益於公司自由現金流的強勁增長。為股東創造長期價值是我們工作的重點，過去 10 年裡，我們的股利年複合成長率約為 11%。總而言之，我要感謝我們的團隊取得了本季的出色成績。我們擁有出色的投資組合、強勁的全球需求和融資環境以及一支高效的團隊。這一切都為我們公司的前景帶來了光明。

I'll now turn to Ken to share more details on our second quarter financial results and our outlook. Ken?

現在我請肯分享有關我們第二季財務業績和展望的更多細節。肯？

Thank you, Kathy, and good morning, everyone. I'll begin my comment with top line results for the quarter. As shown on slide 4 in the earnings deck, second quarter sales were $10.4 billion, up 1% year-over-year. Sequentially, Q2 sales were up 9% compared to Q1, with all segments contributing to this meaningful growth. And organic sales were $10.3 billion, up 2% year-over-year, reflecting the divestiture of the training services business, which closed ahead of schedule at the end of May.

謝謝你，凱西，大家早安。我將從本季的營收業績開始我的評論。如財報第 4 張投影片所示，第二季銷售額為 104 億美元，年增 1%。與第一季相比，第二季銷售額成長了 9%，所有部門都為這一有意義的成長做出了貢獻。有機銷售額為 103 億美元，年增 2%，反映了培訓服務業務的剝離，該業務於 5 月底提前完成。

Aeronautics second quarter sales increased by 2% year-over-year due to higher volume on B-21 and TACAMO, partially offset by lower restricted sales. At DS, sales grew by 7% on a GAAP basis driven by the Sentinel program and from higher ammunition sales. The training services business generated $40 million of sales in Q2 before the transaction closed.

由於 B-21 和 TACAMO 銷量增加，航空業第二季度銷售額同比增長 2%，但限制銷售下降部分抵消了這一增長。在 Sentinel 計劃和彈藥銷售額增加的推動下，DS 的銷售額以 GAAP 計算增長了 7%。在交易完成前，培訓服務業務在第二季創造了 4,000 萬美元的銷售額。

So on an organic basis, DS sales increased 9% compared to the prior year. Mission Systems was our fastest-growing segment in Q2, with sales up by 14% year-over-year. This was driven in part by liquidation of inventory on a restricted award received in the period, which we had originally expected in Q1, and higher volume on marine programs.

因此，從有機成長來看，DS 的銷售額比上年增長了 9%。任務系統是我們第二季度成長最快的部門，銷售額年增 14%。部分原因是本期間收到的限制性獎勵庫存清算（我們原本預計在第一季發生），以及海洋項目數量增加。

And at Space, Q2 sales were lower, primarily due to the previously communicated wind down of work on two programs, reflecting $283 million of year-over-year headwinds. Turning to slide 5, operational performance for the quarter was strong. Segment operating income was higher by 11% compared to Q2 of last year, and our segment operating margin rate increased 100 basis points year-over-year to 11.8%.

而在太空領域，第二季的銷售額較低，主要是由於先前宣布的兩個項目的工作結束，與去年同期相比遭遇了 2.83 億美元的逆風。轉到投影片 5，本季的營運表現強勁。分部營業收入較去年第二季成長 11%，分部營業利益率年增 100 個基點至 11.8%。

AS operating income was up 3% compared to the prior year, with a Q2 operating margin rate of 10.3%. This portfolio continues to have a mix of mature production programs and newer development programs. And when coupled with strong program execution and disciplined cost management, it provides a formula for AS to deliver healthy margin rates.

AS 營業收入較上年同期成長 3%，第二季營業利益率為 10.3%。該投資組合繼續包含成熟的生產項目和較新的開發項目。當與強大的計劃執行力和嚴格的成本管理相結合時，它為 AS 提供了實現健康利潤率的公式。

Defense Systems had a standout quarter of margin performance, with a quarter two margin rate improving to 12.7%. This performance was driven by the recognition of a favorable EAC adjustment on the EMD phase of the Sentinel program, primarily based on expectations for achieving certain contract incentives. At Mission Systems, second quarter margins expanded to 14% and operating income increased 22% year-over-year.

國防系統本季的利潤率表現突出，第二季利潤率提高至 12.7%。這一業績表現得益於對 Sentinel 計劃 EMD 階段有利的 EAC 調整的認可，這主要基於對實現某些合約激勵的預期。在任務系統方面，第二季利潤率擴大至 14%，營業收入較去年同期成長 22%。

This quarter's margin reflects improved production efficiencies and performance across airborne radar programs. And at Space Systems, operating income dollars were reflective of the lower sales volume, partially offset by improved program performance. Operating margin rate was 10.6%, up 50 basis points from Q2 of last year, driven by higher net EAC adjustments.

本季的利潤反映了機載雷達專案生產效率和性能的提高。在太空系統方面，營業收入反映了較低的銷售量，但部分被專案績效的提高所抵消。營業利潤率為 10.6%，較去年第二季上升 50 個基點，這得益於淨 EAC 調整的增加。

Moving to earnings per share, slide 6 shows the year-over-year EPS comparison. In total, second quarter diluted earnings per share was $8.15, an increase of 28% compared to the second quarter of 2024. This was driven by two factors, higher sales and improved segment performance, which contributed $0.80 of year-over-year benefit and a gain of $1.04 recognized on the divestiture of the training services business.

談到每股收益，幻燈片 6 顯示了每股收益同比變化。整體而言，第二季每股攤薄收益為 8.15 美元，較 2024 年第二季成長 28%。這是由兩個因素推動的：銷售額增加和部門業績改善，這帶來了 0.80 美元的同比收益以及 1.04 美元的培訓服務業務剝離收益。

Next, I'll provide updates on our forward outlook, starting with segment level guidance on slide 7. For sales, we are maintaining our topline outlook at AS and DS of low $13 billion and low $8 billion respectively. Aeronautics sales reflect mid-single-digit annual growth driven by the continued ramp on B-21 and TACAMO, as well as higher volume on F-35 and B-2.

接下來，我將提供有關我們未來展望的最新信息，首先介紹幻燈片 7 上的細分級別指導。對於銷售額，我們維持 AS 和 DS 的營收預期，分別為 130 億美元和 80 億美元。航空銷售額實現了中等個位數的年增長率，這得益於 B-21 和 TACAMO 產量的持續增長，以及 F-35 和 B-2 產量的增加。

We continue to expect DS will achieve double-digit sales growth this year, driven by Sentinel, IBCS, and higher volume in our weapons business stemming from 2024 award volume. At Mission Systems, we are increasing our sales expectations to low to mid-$12 billion, based on the strength of their year-to-date results and continued growth on domestic and international programs throughout their portfolio, including airborne and ground-based radar, EW, and restricted programs.

我們繼續預計，受 Sentinel、IBCS 以及 2024 年合約授予量帶來的武器業務量增加的推動，DS 今年的銷售額將實現兩位數成長。在任務系統方面，基於其年初至今的強勁業績以及其整個產品組合中國內和國際項目的持續增長，我們將銷售預期提高到 120 億美元的低位至中位，其中包括機載和地面雷達、電子戰和限制項目。

And at Space, we now project sales of mid to high $10 billion, reflective of the award decision on the ESS program. With respect to operating margin rate, we are maintaining our margin rate expectations for AS, MS, and Space. At DS, we are increasing our margin rate expectations to mid-10%, based on their notable Q2 results.

在太空領域，我們現在預計銷售額將達到 100 億美元的中高端，這反映了 ESS 計畫的授予決定。關於營業利益率，我們維持對 AS、MS 和 Space 的利潤率預期。在 DS，根據其顯著的第二季業績，我們將利潤率預期提高至 10% 左右。

At the company level, as shown on slide 8, we are narrowing the range on our topline outlook and expect organic sales growth of approximately 3% for the year. This outlook projects sales in the second half of the year to be higher than in the first half by approximately $2.5 billion. This increase in revenue is driven by a few factors. First, we expect the TRIAD programs on B-21, Sentinel, and Colombia to collectively deliver roughly $750 million in higher second half sales.

在公司層面，如投影片 8 所示，我們正在縮小營收預期範圍，預計全年有機銷售額將成長約 3%。該展望預計下半年的銷售額將比上半年高出約 25 億美元。收入的成長是由幾個因素推動的。首先，我們預計 B-21、哨兵和哥倫比亞三項計畫將在下半年帶來約 7.5 億美元的銷售額成長。

B-21 LRIP Lot 3, and Lot 5 advanced procurement, are expected to be awarded in Q4. These awards will also include a significant amount of revenue recognition due to inventory liquidations for materials purchased to support production schedules. Meanwhile, the Sentinel and Colombia programs are expected to continue to ramp, including higher material receipts and subcontractor deliveries in the second half of the year.

B-21 LRIP 第 3 批和第 5 批先進採購預計將於第四季授予。這些獎勵還將包括因支持生產計劃而購買的材料庫存清算而產生的大量收入確認。同時，Sentinel 和哥倫比亞專案預計將繼續增加，包括下半年材料收貨量和分包商交付量的增加。

Another element of second half growth is the ramp on new recently awarded programs, including TACAMO, IBCS, international ground-based radars, and multiple ammunition programs. Collectively, these new programs are expected to contribute nearly $700 million of higher second half sales. And lastly, Q4 has historically been our strongest quarter of revenue generation, driven by production schedules and timing of materials.

下半年成長的另一個因素是最近授予的新項目的增加，包括 TACAMO、IBCS、國際地基雷達和多個彈藥項目。總體而言，這些新項目預計將為下半年的銷售額貢獻近 7 億美元。最後，從歷史上看，第四季度是我們創造收入最強勁的季度，這得益於生產計劃和材料時間的推動。

We expect this normal seasonality to continue this year, contributing roughly $1 billion of higher second half sales. Altogether, we expect Q3 sales to be up 3% to 4% compared to Q2 with further acceleration in Q4, positioning us to deliver on our full year sales guidance. For segment operating income, we are increasing the guidance range by $50 million at the midpoint driven by higher margins at DS that I previously described.

我們預計這種正常的季節性現象今年將持續下去，為下半年的銷售額貢獻約 10 億美元的成長。總體而言，我們預計第三季銷售額將比第二季成長 3% 至 4%，第四季將進一步加速，這使我們能夠實現全年銷售預期。對於分部營業收入，我們將指導範圍中位數提高了 5000 萬美元，這是由於我之前描述的 DS 利潤率上升所致。

This reflects the company-level segment OM rate of almost 11.4% in the second half. I'd reemphasize that excluding the B-21 EAC adjustment in Q1, first half margins were also 11.4%. MS is expected to be the driver of margin dollar growth in the second half. The MS profile is enabled by continued strong program performance, higher international sales, and seasonal volume increases to higher-margin production programs later in the year.

這反映出下半年公司層級的分部 OM 率接近 11.4%。我想再次強調，不包括第一季的 B-21 EAC 調整，上半年的利潤率也是 11.4%。預計 MS 將成為下半年利潤成長的推動力。MS 的業績得益於持續強勁的專案表現、更高的國際銷售額以及今年稍後更高利潤生產專案的季節性產量成長。

With respect to earnings per share, we are increasing our guidance range, driven by higher segment operating income. This increase in operational performance is being partially offset by non-operational items. While the Reconciliation bill recently signed into law includes several provisions that benefit cash flow, it also modifies the treatment of certain R&D tax credits that increased our estimated tax rate.

就每股收益而言，由於分部營業收入增加，我們正在提高指導範圍。營運績效的成長被非營運項目部分抵銷。雖然最近簽署成為法律的《和解法案》包含幾項有利於現金流的條款，但它也修改了某些研發稅收抵免的處理方式，從而增加了我們的預估稅率。

As a result, we now expect a tax rate of high 17% for the year. Given the bill was approved in July, we expect an effective Q3 tax rate of approximately 21% to reflect the cumulative impact to date. We are reaffirming our guidance for corporate unallocated expenses and expect roughly $100 million of expense in both Q3 and Q4 due to timing of state taxes and normal seasonality.

因此，我們預計今年的稅率將高達 17%。鑑於該法案已於 7 月獲得批准，我們預計第三季有效稅率約為 21%，以反映迄今為止的累積影響。我們重申對企業未分配費用的指導，並預計由於州稅的時間和正常的季節性，第三季和第四季的費用約為 1 億美元。

Taking all those elements into account, we are increasing our EPS guidance by $0.05 and now expect a range of $25.00 to $25.40. Lastly, with respect to cash, we are increasing our 2025 guidance range and now expect free cash flow of $3.05 billion to $3.35 billion. This increase is driven by the revision to Section 174 in the tax code related to treatment of R&D expenditures, partially offset by the application of the corporate minimum tax.

綜合考慮所有這些因素，我們將每股收益預期上調0.05美元，目前預期區間為25.00美元至25.40美元。最後，關於現金，我們上調了2025年的預期區間，目前預期自由現金流為30.5億美元至33.5億美元。這一增長是由於稅法第 174 條有關研發支出處理的修訂所致，但因企業最低稅的實施而部分抵消。

In the quarter, we generated $637 million in free cash flow, a significant improvement compared to the first quarter. We continue to expect the largest quarter of cash generation in the fourth quarter, consistent with our seasonal pattern and sales ramp. In addition, there are a few other unique items driving higher Q4 cash flows.

本季度，我們產生了 6.37 億美元的自由現金流，與第一季相比有顯著改善。我們繼續預期第四季度將是現金產生量最大的季度，這與我們的季節性模式和銷售成長一致。此外，還有一些其他獨特因素推動第四季現金流增加。

First, as previously noted, reduced cash tax payments this year. Second, we have a higher-than-average level of milestone payments in the second half, including contract close-out payments at Space. And lastly, we expect a significant benefit from inventory liquidations, particularly in Aeronautics in Q4. In summary, we had an outstanding quarter of operational and financial performance.

首先，如前所述，今年的現金稅減少。其次，我們下半年的里程碑付款水準高於平均水平，其中包括 Space 的合約結算付款。最後，我們預期庫存清算將帶來顯著收益，尤其是第四季的航空領域。總而言之，本季我們的營運和財務表現十分出色。

Sales, margins, earnings per share, and cash all increased meaningfully from Q1, with momentum that we expect to continue in the second half of the year. These results demonstrate the value of the Northrop Grumman portfolio, as well as our continued focus on disciplined program performance. We remain focused on delivering on our full year commitments while executing our business strategy and deploying our capital in value-creating ways.

銷售額、利潤率、每股盈餘和現金均較第一季大幅增加，我們預計這一動能將在今年下半年持續維持。這些結果證明了諾斯羅普·格魯曼公司產品組合的價值，以及我們對嚴格專案績效的持續關注。我們將繼續專注於履行全年承諾，同時執行我們的業務策略並以創造價值的方式部署我們的資本。

With that, we'll open the call to questions.

接下來，我們將開始提問。

(Operator Instructions) Doug Harned, Bernstein.

（操作員指示）Doug Harned，Bernstein。

You had a really strong quarter for margins, as you described, really good performance. But when you look at the guidance increase for the year, it's pretty small. I mean, if you look at least where I think many of us were expecting this to come out, the Q2 was really positive. Can you explain how that works, given that you're also talking about maintaining this positive momentum from Q2 into the second half?

正如您所描述的，本季您的利潤率非常強勁，表現非常好。但當你看看今年的指導增幅時，你會發現這個數字相當小。我的意思是，如果你至少看一下我們許多人都期待的結果，那麼第二季的表現確實是正面的。鑑於您還談到要將這種積極勢頭從第二季度保持到下半年，您能解釋一下這是如何實現的嗎？

Absolutely, Doug. Thank you for the question. As mentioned in my comments, we did have very strong segment operating performance within the quarter, as you mentioned. One non-operational item that offset that was the change regarding tax reform. And overall, tax reform was a positive change, increasing cash flow that we can invest in the business, provide opportunities for people, and things of that nature.

當然，道格。謝謝你的提問。正如我在評論中提到的，正如您所說，我們在本季確實取得了非常強勁的分部營運表現。抵消這一影響的一項非營運項目是稅收改革的變化。總體而言，稅制改革是一個積極的變化，增加了我們可以投資於業務的現金流，為人們提供了機會，以及諸如此類的事情。

However, due to general limitations on certain credits, as well as deductions related to certain R&D expenditures, the offset on the operational performance was driven by that. It increased our effective tax rate. But overall, I would like to highlight the strong performance of the operations. If you look across the segments, very strong performance in line with expectations. where we need them to deliver in order to meet the guidance range that we provided.

然而，由於某些抵免的一般限制，以及與某些研發支出相關的扣除，營運績效的抵銷由此產生。它提高了我們的有效稅率。但整體而言，我想強調的是營運的強勁表現。如果你縱觀各部門，你會發現其表現非常強勁，符合預期。我們需要他們實現這些目標，以滿足我們提供的指導範圍。

And then if I look forward, and you look at the 2026 budget, you sort of laid out the combination of the administration's proposal plus Reconciliation. There are big additions in funding for B-21 and Sentinel. And what we're trying to understand is if you look at that very strong funding profile, should -- when and how might we see an impact in your revenues and earnings in those two programs?

然後，如果我展望未來，看看 2026 年的預算，你會發現它結合了政府的提案和和解方案。B-21 和 Sentinel 計畫的資金大幅增加。我們試圖了解的是，如果您看一下非常強勁的資金狀況，我們何時以及如何才能看到這兩個項目的收入和收益受到影響？

So Doug, as you know, the overall budget environment is favorable for Defense with the potential of a double-digit increase in FY ’26 – when you take the FY ’26 budget, as well as Reconciliation. And we do expect Reconciliation, although it can be spent over a multiyear period, to be loaded toward the front end of that period.

道格，如你所知，總體預算環境對國防有利，26 財年國防預算和和解預算有可能實現兩位數成長。儘管「和解」可能需要花費多年時間，但我們確實希望在這段時間的初期就投入資金。

With programs like B-21 and Sentinel, as you note, that are receiving significant increases, B-21 $4.5 billion in funding and Reconciliation, Sentinel couple of billion. And E-2, which you didn't mention, with $1.5 billion, we do expect those expenditures to be spread over a multiyear period, but certainly provide tailwinds going into 2026 and that those expenditures would begin as early as this year.

正如您所說，B-21 和哨兵計劃等項目正在獲得大幅增加，B-21 計劃獲得 45 億美元的資金，“和解”計劃獲得 20 億美元的資金，“哨兵”計劃獲得 20 億美元的資金。您沒有提到的 E-2 項目有 15 億美元，我們確實預計這些支出將分攤到多年期，但肯定會為 2026 年帶來推動作用，而且這些支出最早將於今年開始。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯。

Kathy, I believe you said any agreement to accelerate B-21 further would require further investment on your part, but it would also include the ability to earn improved returns. I was hoping you could just go into a little bit more detail on that. And if that would allow you to reopen pricing on the LRIP or if that's only on future lots?

凱西，我相信你說過，任何進一步加速 B-21 的協議都需要你進一步投資，但這也包括獲得更高回報的能力。我希望您能更詳細地講解一下這一點。這是否允許您重新開放 LRIP 的定價，或者這是否僅適用於未來的地段？

Yes, Gavin, so the important takeaway here is that the Reconciliation bill now provides the funding for the expansion of production capacity for the B-21. And so we have entered into discussions. As I have alluded to before, we were already working with the Air Force on plans to accelerate production capacity. And now we are in discussions about how those funds will be used to make that happen.

是的，加文，這裡重要的一點是，和解法案現在為擴大 B-21 的生產能力提供了資金。因此我們開始了討論。正如我之前提到的，我們已經與空軍合作制定加速生產能力的計畫。現在我們正在討論如何使用這些資金來實現這一目標。

And we are looking to get a fair and equitable business arrangement, where we would be incentivized to invest in that production capacity. And with that, would come the opportunity to earn improved returns on both the remaining lots of LRIP and the NTE units, which, as you know, already have some price in NTE, but also have the ability to adjust based on inflation and other factors.

我們正在尋求公平公正的商業安排，以激勵我們投資生產能力。這樣一來，就有機會從剩餘的 LRIP 和 NTE 單位中獲得更高的回報，正如您所知，這些單位在 NTE 中已經有一定的價格，但也能夠根據通貨膨脹和其他因素進行調整。

So taking all of that into consideration, we're in discussions now, we should have more clarity in the coming months, and we'll certainly share that with you as the business arrangement comes together.

因此，考慮到所有這些因素，我們現在正在進行討論，在未來幾個月內我們應該會有更清晰的認識，並且隨著業務安排的達成，我們一定會與大家分享。

Ronald Epstein, Bank of America.

美國銀行的羅納德·愛潑斯坦。

Maybe if you could talk a little bit more about your international business. You said there was about 18% international sales growth in the quarter. Any details you could share with international backlog growth? Or how we should think about that? And how do you expect the growth to continue as NATO, ex the U.S., starts to ramp up their spending towards that 3.5% goal for sort of the core defense piece that they all sort of agreed to?

也許您可以多談談您的國際業務。您說本季國際銷售額成長了約 18%。您能分享任何有關國際積壓訂單成長的細節嗎？或者我們應該如何思考這個問題？當北約（美國除外）開始增加其核心防禦支出，朝著他們都同意的 3.5% 的目標邁進時，您預計成長將如何持續？

Yes. So as you note, there is a generational shift in defense spending that's underway in Europe. And we had seen that reflected in very strong book-to-bills, 1.4x in international [for 2024] (added by company after the call). And now what we're seeing is that those awards are reflected in the strong sales growth that I mentioned, 18% year-over-year, 14% year-to-date.

是的。正如您所說，歐洲的國防開支正在發生世代轉變。我們已經看到，訂單出貨比非常強勁，國際市場是 1.4 倍[2024 年]（電話會議後由公司新增）。現在我們看到的是，這些獎項反映在我提到的強勁的銷售成長中，年成長 18%，年初至今成長 14%。

And so as we look going forward, we expect the commitments that NATO countries have made to increase defense spending, and general national security spending, to 3.5% and 5%, respectively, of GDP, to continue to provide a basis for the strong awards and sales growth within the company. It's broad-based, it's certainly weapons and ammunition, but it's also integrated air and missile defense, E-2, Triton, sensors.

因此，展望未來，我們預計北約國家承諾將國防開支和一般國家安全開支分別增加到 GDP 的 3.5% 和 5%，這將繼續為公司獲得強勁獎項和銷售成長奠定基礎。它的基礎很廣泛，當然包括武器和彈藥，但它也整合了防空和飛彈防禦系統、E-2、Triton 和感測器。

So looking across our portfolio, three of our four sectors, MS, DS, and AS all have a very strong international pipeline.

因此，縱觀我們的投資組合，我們的四個行業中的三個，MS、DS 和 AS，都擁有非常強大的國際管道。

Got it. And then if I can, just a quick follow-up on -- in the quarter, you guys took a positive EAC on Sentinel. And I think that surprised everybody? I can't speak for everybody, obviously, but it surprised us for sure because of, kind of, the press around Sentinel. And you talked a little bit about it in your prepared remarks. Can you peel back the onion any more on that, kind of how that happens and what it means?

知道了。然後，如果可以的話，我只是想快速跟進一下——在本季度，你們對 Sentinel 採取了積極的 EAC。我想這讓每個人都感到驚訝吧？顯然，我不能代表所有人發言，但這確實讓我們感到驚訝，因為 Sentinel 周圍有媒體報導。您在準備好的發言中也談到了這一點。您能否進一步解釋一下這個問題，它是如何發生的，意味著什麼？

Yes. First, we are making substantial progress on the Sentinel weapon system, the milestones that we've talked about on prior calls about test milestones and continued maturation of design. There's one segment, the Command and Launch segment, where we had been paused on work while the Air Force was working through a restructure and revisit of both the acquisition approach, and then working to re-baseline the entire program.

是的。首先，我們在「哨兵」武器系統方面取得了實質進展，這些里程碑我們在先前的電話會議上談到了測試里程碑和設計的持續成熟。有一個部分，即指揮和發射部分，我們的工作暫停了，因為空軍正在重組和重新審視收購方法，然後努力重新確定整個計劃的基準。

And yet all during that time, good progress was being made on all other aspects of the program and that continues. Now, we have been restarted on that work in the Command and Launch segment. And we've made really good progress in the second quarter. I highlighted in my prepared remarks, some of that progress has come from a just open discussion about alternatives and options to accelerate the Sentinel program.

然而在此期間，該計劃的所有其他方面都取得了良好進展，並且這種進展仍在繼續。現在，我們已經重新開始指揮和發射部分的工作。我們在第二季度取得了非常好的進展。我在準備好的發言中強調，部分進展來自於加速哨兵計畫的替代方案和選擇的公開討論。

And working jointly with the department to evaluate and implement those changes, and get specificity around the program plan forward has helped us to be able to move more quickly and remove barriers to performance. So I think it's really just a transformation in how the program is operating over these last couple of quarters that will provide us that strength and stability going forward as a joint team between the government, Northrop Grumman, and all of our teammates that has improved our outlook for the program, meeting its milestones, and we're just really encouraged with how it's progressing.

與部門共同評估和實施這些變化，並制定具體的計劃，幫助我們能夠更快採取行動並消除績效障礙。所以我認為這實際上只是過去幾個季度中該計劃運作方式的轉變，它將為我們提供力量和穩定性，作為政府、諾斯羅普·格魯曼公司和我們所有隊友之間的聯合團隊，這改善了我們對該計劃的前景，實現了它的里程碑，我們對它的進展感到非常鼓舞。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Kathy, can you share your latest framework and how we should be thinking about growth at Space Systems over the next couple of years? And then how you see the segment's growth comparing to the market as a whole? Obviously, a lot going on in terms of NASA budgets, et cetera, in space. So, just kind of a muddled picture for investors, I'm curious for some clarity from yourself.

凱西，您能分享一下您的最新框架以及我們應該如何考慮未來幾年太空系統的發展嗎？那麼，與整個市場相比，您如何看待該細分市場的成長？顯然，NASA 在太空方面的預算等方面發生了許多變化。所以，對投資人來說這只是一個混亂的畫面，我很好奇您能不能給一些澄清。

Yes, Scott. I would agree that it is the most dynamic of our market segments that we're operating in right now, both with NASA budgets in question, of course, the Congress has provided support to continuing programs like Artemis, and specifically SLS and HALO, which is where we currently have work with NASA. I would remind you, NASA is only about 3% of our overall sales as a company.

是的，斯科特。我同意這是我們目前運營的最具活力的細分市場，NASA 的預算也存在問題，當然，國會為 Artemis 等持續項目提供了支持，特別是 SLS 和 HALO，我們目前正在與 NASA 合作。我要提醒你，NASA 僅占我們公司整體銷售額的 3% 左右。

So, not a big driver of our Space revenues, but nonetheless important missions that we're supporting. We also see changes in the Department of Defense, architectures, and those reflected in some pauses and reconsideration of acquisition strategies on-going right now. But if I cut through all of that noise in the near term, we do believe space budgets are going to continue to grow after a couple year period of relative flatness from the U.S. Department of Defense on Space.

因此，雖然這不是我們太空收入的主要驅動力，但仍然是我們支持的重要任務。我們也看到國防部架構的變化，這些變化反映在目前正在進行的收購策略的一些暫停和重新考慮中。但如果我短期內排除所有這些噪音，我們確實相信，在美國國防部在太空領域的預算經過幾年相對平穩之後，其預算將繼續增長。

And we expect Golden Dome for America to be a significant driver of increased budget that would be available to our Space sector, and everything from space-based interceptors to the broader support, to a Golden Dome for America architecture. So overall, we are optimistic that our Space business has significant opportunity ahead,

我們預計「美國金頂」將成為增加預算的重要推動力，這些預算將用於我們的太空領域，以及從天基攔截器到更廣泛的支持，再到「美國金頂」建築等一切領域。總的來說，我們對我們的太空業務未來的巨大機會持樂觀態度，

would continue to grow after this year, where we had talked about the business would be down but start to regrow into 2026, and we still have that expectation.

今年之後將繼續成長，我們曾談到業務將會下滑，但到 2026 年將開始重新成長，我們仍有這樣的預期。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

So Kathy, NATO spending is increasing. That said, our European allies have been focused on growing its indigenous capabilities and shift away from the U.S. in the longer term. In your prepared remarks, you talked about partnerships with some European players, and having capacity. Lockheed has a partnership with Rheinmetall on missiles. How do you make sure that Northrop Grumman would have a long-term foothold in these markets, once local capabilities catch up and they expand out their capabilities and capacity?

凱西，北約的支出正在增加。話雖如此，我們的歐洲盟友一直致力於增強其本土能力，並從長遠來看擺脫對美國的依賴。在您準備好的發言中，您談到了與一些歐洲參與者的合作以及能力。洛克希德公司與萊茵金屬公司在飛彈領域建立了合作夥伴關係。一旦當地能力趕上並擴大其能力和產能，您如何確保諾斯羅普格魯曼公司能夠在這些市場上長期立足？

It really is about partnering, as you noted and I noted in my prepared remarks, we have product lines that really lend themselves to working with local industry. For example, IBCS is an architecture where we provide hardware and software. But the key element of that architecture is that it can integrate indigenous systems that are part of the country's current air and missile defense, whether that be sensors or shooters.

這確實關乎合作，正如您所指出的，我也在準備好的發言中指出的，我們的產品線確實適合與當地產業合作。例如，IBCS 是我們提供硬體和軟體的架構。但該架構的關鍵要素是，它可以整合該國當前防空和飛彈防禦系統的本土系統，無論是感測器還是射手。

And the ability to do that locally within their industrial base. So we can bring partners in to facilitize, as an example of that is in the U.K. where we're working with Marshall or in the Republic of Korea where we've just signed a similar agreement with Hanwha. So we really look at these local partnerships as a way to not only bring the best capability to the country, but support local industrial base.

並且有能力在其工業基地內實現這一目標。因此，我們可以引入合作夥伴來提供便利，例如在英國，我們正在與 Marshall 合作，在韓國，我們剛剛與韓華簽署了類似的協議。因此，我們確實將這些本地合作夥伴關係視為一種不僅可以為國家帶來最佳能力，而且可以支持本地工業基礎的方式。

And I've also talked in the past about co-production, where we have expertise, but it's best for a local industrial partner to actually build the capability. Munitions is a key example of this, and we just in the quarter, signed another agreement, this one with a Lithuanian provider. That helps us to transfer knowledge and expertise through a license, but for them to actually have the ongoing ability to produce locally.

我過去也談到過聯合生產，我們在這方面擁有專業知識，但最好由當地的工業合作夥伴來真正建立這種能力。彈藥就是一個很好的例子，我們在本季剛剛與立陶宛的一家供應商簽署了另一項協議。這有助於我們透過許可證轉移知識和專業技能，但實際上他們擁有持續的本地生產能力。

And maybe as a follow-up, you talked about the B-21 procurement acceleration, the restructuring of Sentinel, and the increasing orders internationally. I mean, these all showcased the strength of your portfolio. Taking a step back, when you've looked at where you've seen the most dollar changes for program funding, which three programs are you most excited about today? The change versus maybe where expectations were a year ago?

也許作為後續，您談到了 B-21 採購加速、哨兵系統的重組以及國際訂單的增加。我的意思是，這些都展現了你的投資組合的實力。退一步來說，當您查看專案資金變化最大的專案時，今天您對哪三個專案最為興奮？與一年前的預期相比，發生了哪些變化？

So the three that I'm most excited about ,or three that I mentioned, that are in our portfolio today. That would B-21 with the additional $4.5 billion mainly focused on production capacity expansion. That's something, as you know that we've just been working for a while, and it's good to see it reflected in the Reconciliation bill and to now be into discussions with the Air Force about implementing and bringing that vision to reality for the good of the Air Force.

因此，我最興奮的三家公司，或我提到的三家公司，都位於我們今天的投資組合中。B-21 的額外 45 億美元將主要用於擴大生產能力。如你所知，我們剛開始這項工作一段時間，很高興看到它反映在《和解法案》中，現在我們正在與空軍討論如何實施並將這一願景變為現實，以造福空軍。

The second is Sentinel, where we have not needed additional budget increases this year, but now are seeing the opportunity in FY ‘26 to really accelerate the program and begin working risk reduction activities that will lead to schedule and cost improvement potentially on the program. So that's very exciting. And then finally, E-2D, which has $1.5 billion additional funding to support the program being extended, partly for the Homeland Defense mission, but also partly just as the only production capability that can match the E-3 and to be a replacement for that capability.

第二個是 Sentinel 項目，今年我們不需要增加預算，但現在我們看到 26 財年有機會真正加速該項目並開始進行降低風險的活動，這可能會改善該項目的進度和成本。這非常令人興奮。最後是 E-2D，它獲得了 15 億美元的額外資金來支持延長計劃，部分用於國土防禦任務，但部分原因只是作為唯一可以與 E-3 匹敵並替代該能力的生產能力。

So those are three of our existing programs, but I'm equally excited about Golden Dome for America, which is a new set of opportunities, very significant funding there, as you know in the Reconciliation bill, and our opportunity to pursue some of that work.

這是我們現有的三個項目，但我同樣對「美國金色穹頂」項目感到興奮，這是一系列新的機會，在那裡有非常可觀的資金，正如你所知，在《和解法案》中，也是我們開展部分此類工作的機會。

Robert Stallard, Vertical Research Partners.

羅伯特·斯托拉德（Robert Stallard），Vertical Research Partners。

Kathy, I just wanted to dig into the Sentinel situation. It sounds like it's improved for you for sure. But as I understood it, a lot of the problems are on the silos. So, is there sort of some sort of breakout here where you can carry on an accelerated rate with the missile defense, essentially. And then silos are completely independent? Or is this still a pacing item for you? Can the customer just buy the missiles regardless?

凱西，我只是想深入了解哨兵的情況。聽起來對你來說確實有改善。但據我了解，很多問題都出在筒倉。那麼，這裡是否存在某種突破，本質上可以加速飛彈防禦的速度。那麼筒倉是完全獨立的嗎？或者這對您來說仍然是一個節奏問題？顧客可以不管不顧地購買飛彈嗎？

It is not -- the way we look at it is all three segments of the program need to move forward. And that’s what is most exciting about what happened in the second quarter. We actually made progress such that the work was turned back on for the launch facilities, or as you referenced them, the silos themselves. And so we are back into designing those, and to really nailing down with the Air Force the appropriate requirements that will lead us to be able to move faster and potentially reduce costs on the program from the baseline that emerged coming out of the Nunn-McCurdy.

事實並非如此——我們認為該計劃的所有三個部分都需要向前推進。這就是第二季度發生的最令人興奮的事情。我們實際上已經取得了進展，發射設施（或如你提到的，發射井本身）的建設工作已經重新啟動。因此，我們重新開始設計這些項目，並與空軍真正敲定適當的要求，這將使我們能夠在《納恩-麥柯迪計劃》的基礎上更快地推進項目，並有可能降低項目成本。

So that is the work that we're doing right now to bring that leg of the program in alignment with the others. While we have continued to make good progress on the missile, and the support and sustaining equipment, we are focused now on bringing the Command and Launch to that same level of maturity in design.

這就是我們現在正在做的工作，以使該計劃的這一部分與其他部分保持一致。雖然我們在導彈、支援和維持設備方面繼續取得良好進展，但我們現在專注於使指揮和發射達到相同的設計成熟度等級。

Great. And then just a quick one for Ken. I was wondering if you could give us an idea of the annualized impact of this change to the R&D tax credit, in terms of the P&L tax charge, and also the cash?

偉大的。然後我再快速問一下 Ken。我想知道您是否可以向我們介紹一下這項變更對研發稅收抵免的年度影響，包括損益稅費和現金方面？

Yes. So when we think about cash flow in the future is we -- you should anticipate approximately $200 million of cash tax benefit over the next few years. And in terms of the ETR impact relative to our P&L side, it was roughly about $50 million.

是的。因此，當我們考慮未來的現金流時，我們應該預計未來幾年將有約 2 億美元的現金稅收優惠。就 ETR 對我們的損益表的影響而言，約為 5000 萬美元。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Maybe, Kathy, a two-part question on Defense for you. First, just on the revenue growth profile, you called out solid rocket motors increasing to 25,000 by 2029 versus 13,000 today. Can you just talk about how Defense Systems revenue growth profile changes based on weapons, commentary, and international growth outlook? And then second, similar questions on Sentinel to Ron and Rob.

凱西，我想問你一個關於國防的兩部分問題。首先，僅就收入成長而言，您預測固體火箭引擎的數量到 2029 年將從目前的 13,000 台增加到 25,000 台。您能否談談國防系統收入成長如何根據武器、評論和國際成長前景而改變？其次，Sentinel 上向 Ron 和 Rob 提出了類似的問題。

How does the maturation of the Command and Launch segment change the EMD margin profile for Defense through the end of the decade when production starts?

到本世紀末生產開始的時候，指揮和發射部門的成熟將如何改變國防的 EMD 利潤率狀況？

Great. So let me start with your first question. And I do want to remind everyone that the 13,000 solid rocket motors to 25,000 is inclusive of small, medium, and large. Small and medium predominantly for our Defense business and large for our Space business. And we've been investing in all three. The work on small and medium leads to increased opportunities for our tactical weapons, both second source of missiles that we are not currently a provider as well as growth on those that we are.

偉大的。那麼讓我先回答你的第一個問題。我確實想提醒大家，13,000 到 25,000 台固體火箭發動機包括小型、中型和大型。小型和中型企業主要用於我們的國防業務，大型企業主要用於我們的太空業務。我們對這三家公司都進行了投資。小型和中型導彈的研發工作為我們的戰術武器帶來了更多機會，既可以成為我們目前尚未提供的導彈的第二來源，也可以促進我們現有的導彈供應的增長。

In addition, we have multiple programs where we are the prime, Stand-in Attack Weapon, AARGM-ER, and those will likely contribute significantly to growth. Each of those have an international and a domestic component. So growth in U.S. spending and expected for international. And then the last piece that we don't talk a lot about is hypersonics.

此外，我們還有多個以我們為主的項目，即替身攻擊武器、AARGM-ER，這些項目可能會對成長做出重大貢獻。其中每個部分都包含國際和國內部分。因此，美國的支出和國際支出預計都會成長。最後我們不太談論的一點是高超音速。

We built the hypersonic integration facility in Elkton, Maryland, and we are also providing rocket motors for those weapons as well and expect that to be an area of growth well into the future. So we have said in the past, and I still believe it to be the case, that Defense Systems is likely to have our highest sustained growth rate over these next several years, largely fueled by weapon systems, as well as our integrated air and missile defense, and I talked about the strength of that portfolio.

我們在馬裡蘭州埃爾克頓建造了高超音速整合設施，我們也為這些武器提供火箭發動機，並預計這將成為未來的成長領域。因此，我們過去曾說過，而且我仍然相信，國防系統很可能在未來幾年內實現最高的持續增長率，這主要得益於武器系統以及我們的綜合防空和導彈防禦系統，而且我談到了該投資組合的優勢。

Shifting to your second question on Sentinel and the EMD margin profile, as we looked at the program in the second quarter and the agreement that we reached with the customer on how the restructure will be accomplished, but then also beyond the restructure, the pathway to re-baseline and completing EMD that – those agreements are what led us to have confidence to increase our overall booking rate based on our expectation for realizing incentives on the program during that phase.

轉到您關於 Sentinel 和 EMD 利潤率狀況的第二個問題，我們在第二季度研究了該計劃以及我們與客戶就如何完成重組達成的協議，但隨後也研究了重組之外的重新基準和完成 EMD 的途徑——這些協議使我們有信心根據我們對在該階段實現計劃激勵的預期來提高我們的整體預訂率。

So our confidence increased based on increased certainty that we have through that agreement reached with the government. And now that certainty also translates into a better platform for the integrated Air Force and Northrop Grumman team to execute on the program. The turn back on of the design work on Command and Launch, the pathway for taking the missile through design and testing, and completing those milestones, all of which are leading us to have higher confidence in the ability to complete the EMD phase of the program.

因此，透過與政府達成的協議，我們更加確信這一點，因此我們的信心也增強了。現在，這種確定性也為空軍和諾斯羅普·格魯曼團隊執行該計劃提供了一個更好的平台。指揮和發射設計工作的重啟、導彈設計和測試的途徑以及這些里程碑的完成，所有這些都讓我們對完成該項目的 EMD 階段的能力更有信心。

Do we still think about Defense Systems as a 10% margin business on a go-forward basis then?

那麼，我們是否仍將國防系統視為未來利潤率為 10% 的業務？

So we're not ready to provide any guidance beyond this year. But certainly, we raised our guidance for the segment for this year and the drivers for that increased confidence certainly are fundamental. They are not one-time items. So I would have you wait until we give you some guidance for '26, but my expectations is that Defense Systems continues to perform very well and that the tailwinds for both international growth and the -- which is a mix factor and performance, are both leaning favorably for them.

因此，我們還沒有準備好提供今年以後的任何指導。但毫無疑問，我們提高了今年該部門的預期，而信心增強的驅動因素無疑是根本性的。它們不是一次性物品。因此，我希望您能等到我們為您提供 26 年的一些指導，但我的預期是，國防系統將繼續表現良好，並且國際增長和 — — 這是一個混合因素和表現，都對他們有利。

Seth Seifman, JPMorgan.

摩根大通的賽斯‧塞夫曼。

I think you may have touched on the answers to these questions. But when you've talked about the out years before, Kathy, you've said B-21 was going to grow, but probably remain a high single-digit percentage of company sales. Likewise, for Sentinel at mid-single digit. But now that we see this funding in the reconciliation bill, I don't know if it's possible to revise that outlook? And likewise, for what it does for the $4 billion of cash flow in 2028?

我想您可能已經觸及這些問題的答案。但凱西，當你談到前幾年的時候，你說過 B-21 將會成長，但可能仍會占公司銷售額的個位數百分比。同樣，對於 Sentinel 來說，其數字也處於個位數的中間值。但現在我們在和解法案中看到了這筆資金，我不知道是否有可能修改這個前景？同樣，它對 2028 年的 40 億美元現金流有何影響？

Yes. So depending on the final agreement for the production rate ramp on B-21, we do now believe it could exceed the 10% of our total revenue in the future, but it's really early to provide any more definitive outlook. And as I said in the next months as we have clarity on the entire business arrangement, we would update that.

是的。因此，根據 B-21 生產力提升的最終協議，我們現在相信它未來可能會超過我們總收入的 10%，但現在提供任何更明確的前景還為時過早。正如我所說，在接下來的幾個月裡，當我們對整個業務安排有了清晰的認識後，我們就會對其進行更新。

The same is really true for our cash flow outlook as we think about the investments that we would make as part of this arrangement, the improvement in incentives that we would expect, we will look at all of that in combination to be able to update you, but it is our expectation that in the long run, these investments result in both better profitability and cash flow.

當我們考慮作為此安排的一部分進行的投資、我們預期的激勵措施的改善時，我們的現金流前景也是如此，我們將綜合考慮所有這些因素，以便能夠向您更新信息，但我們預計，從長遠來看，這些投資將帶來更好的盈利能力和現金流。

And then with Sentinel and how large it could become as part of the portfolio, I don't see it reaching that 10% of revenue in the next couple of years, despite the additional funding that we've received. But certainly, as we move into the production phase of the program, which is now still several years out, I would expect at that time we might revisit whether it becomes a larger part of the portfolio.

然後，考慮到 Sentinel 以及它作為投資組合的一部分可能變得多麼龐大，儘管我們收到了額外的資金，但我認為它在未來幾年內不會達到 10% 的收入。但可以肯定的是，隨著我們進入該計劃的生產階段（目前仍需幾年時間），我預計屆時我們可能會重新考慮它是否會成為投資組合中更大的一部分。

Richard Safran, Seaport Research Partners.

理查德·薩夫蘭（Richard Safran），海港研究合作夥伴。

I have a two-part question for you on the contracting environment. First, I want to know if you could discuss the contracting environment generally with the new administration, if you're seeing an improvement in terms and conditions and things like incentives, like award fees?

關於承包環境，我想問您兩個問題。首先，我想知道您是否可以與新政府討論一下整體的承包環境，您是否看到合約條款和條件以及獎勵費用等方面有所改善？

Second, you've been talking a lot about the growth in international, which has been terrific. But I'm kind of wondering if you're seeing more DCS versus FMS? Or just in general, is this FMS going to be the -- pretty much the norm going forward?

第二，您一直在談論國際業務的成長，這真是太棒了。但我想知道您是否看到 DCS 與 FMS 相比更多？或者就一般而言，FMS 是否會成為未來的常態？

Sure. So let me start with what we're seeing in contracting. There are certainly reviews underway, both driven by executive order and congressional review, to look at acquisition reform. And it would be early to comment on the outcome of any of those. But we are seeing this administration have a perspective that speed is important, and we need to break down barriers.

當然。那麼讓我先從我們在承包方面看到的情況開始說起。目前正在進行的審查，既有行政命令推動的，也有國會審查的，以研究收購改革。現在評論任何結果還為時過早。但我們看到本屆政府認為速度很重要，我們需要打破障礙。

Some of those, may be barriers in the contract itself, others might just be the way that we're operating on programs. And that has been very positive, and you see that reflected in our 2Q performance, but also our outlook, as we've talked about a couple of programs here today. So that fundamentally, in my view, is a net positive even outside of formal acquisition reform or changes in contracting.

其中一些可能是合約本身的障礙，其他的可能只是我們執行程序的方式。這是非常積極的，您可以看到這反映在我們的第二季業績中，也反映在我們的前景中，正如我們今天在這裡討論的幾個項目一樣。因此，在我看來，從根本上來說，即使在正式的收購改革或合約變更之外，這也是一個淨利好。

With International, we continue to see a mix of direct commercial sales and FMS, and we expect that to continue, certainly on more complex efforts where the U.S. Government involvement is key, not only in the technology that is being deployed and shared with our allies, FMS is most appropriate. But as I've talked about in munitions and other areas that we are selling off of hot production lines, DCS certainly is a more expeditious way of working with customers.

在國際上，我們繼續看到直接商業銷售和對外軍事服務相結合的情況，我們預計這種情況將繼續下去，當然，在更複雜的努力中，美國政府的參與是關鍵，不僅在正在部署和與我們的盟友共享的技術方面，對外軍事服務是最合適的。但正如我在彈藥和其他我們銷售熱生產線的領域中談到的那樣，DCS 無疑是一種與客戶合作的更快捷的方式。

So we don't expect a significant change in our mix between DCS and FMS.

因此，我們預計 DCS 和 FMS 的組合不會發生重大變化。

Jason Gursky, Citi.

花旗銀行的傑森古爾斯基。

Kathy, if you could spend a bit more time talking about one of the phrases you used in your opening remarks on “making some investments in some new areas for the company”. I'm just kind of curious what was on your mind when you made that comment?

凱西，如果你可以花更多時間談談你在開場白中使用的一個短語「為公司在一些新領域進行一些投資」。我只是有點好奇，當你發表那條評論時，你在想什麼？

Yes. So we certainly highlighted one today, and that's with Beacon, where we are creating a mission test that – this is something we typically would have done in the past, where we're inviting other industry partners to come and benefit from the knowledge that we've gained by having over 500,000 hours of autonomous vehicles operating and the data off of those.

是的。因此，我們今天當然要重點介紹其中一項，那就是與 Beacon 合作，我們正在進行一項任務測試——這是我們過去通常會做的事情，我們邀請其他行業合作夥伴來參與，並從我們通過超過 500,000 小時的自動駕駛汽車運行及其數據所獲得的知識中受益。

This idea of being able to provide very high fidelity physics based model is something our company does very well. Many small companies don't have that insight and yet they have good ideas on software or hardware that can be applied, and need to be tested, and run up against both threat scenarios and operating conditions to see how they will perform.

能夠提供基於高保真度物理的模型是我們公司非常擅長的事情。許多小公司不具備這種洞察力，但他們對可以應用的軟體或硬體有很好的想法，需要進行測試，並在威脅場景和操作條件下運行，以了解它們的性能。

So Beacon, is a test bed that allows that to happen, and we've signed a number of partners to come and work with us in that integrated environment, so we can learn together and really inform ourselves and the government on what the right mix and set of solutions are for autonomous vehicles. That's just one example, but it gives you an indication of the things that we are investing in.

因此，Beacon 是一個可以實現這一目標的測試平台，我們已經簽約了一些合作夥伴，與我們一起在這個綜合環境中工作，這樣我們就可以共同學習，並真正讓我們自己和政府了解什麼是適合自動駕駛汽車的正確組合和解決方案。這只是一個例子，但它可以讓您了解我們正在投資的事情。

These aren't large investments, but they are important investments that really unlock for us the opportunity to partner in new ways and provide value to the government in new ways.

這些投資雖然不大，但卻是重要的投資，它們真正為我們開啟了以新方式合作、以新方式為政府提供價值的機會。

Okay. Great. Maybe as a close follow-up to that. Northrop Grumman has obviously been very successful in what I would describe as kind of large, exquisite systems to date. There seems to be this growing view that the future of warfare and the systems that we're going to need are going to be less exquisite and maybe more attributable than we have seen in the past.

好的。偉大的。或許可以作為對此的密切跟進。諾斯羅普·格魯曼公司迄今為止在我所描述的大型、精緻系統方面顯然取得了巨大成功。似乎有越來越多的人認為，未來的戰爭和我們所需的系統將不再像過去那樣精妙，而且可能更具可歸因性。

Again, just curious to know what your strategic approach is to new purchasing patterns and new systems? And does Northrop stand the chance here to do it all? Be involved in unmanned autonomous and attributable mass, as well as the large exquisite systems? And how do you go about kind of layering in the more kind of lower end attributable systems into your overall revenue mix and the ability to execute profitably on programs?

再次，我只是好奇想知道您對新採購模式和新系統的策略方針是什麼？那麼諾斯羅普是否有機會實現這一切呢？涉及無人自主可控質量，以及大型精巧系統？您如何將更低端的可歸因係統分層納入您的整體收入組合以及在專案上實現盈利的能力？

A few thoughts on that. First, I don't believe that it will be an “either/or” on exquisite systems versus lower capability but also lower cost systems. I think it's going to be a combination and usually a combination of those systems working together. And so part of the expertise that we bring is how to have that whole family of system work effectively.

對此我有一些想法。首先，我不認為精緻系統與性能較低但成本較低的系統之間會存在「非此即彼」的選擇。我認為這將是一個組合，通常是這些系統協同工作的結合。因此，我們帶來的專業知識的一部分是如何使整個系統有效地運作。

The second is that I believe Northrop already has demonstrated the ability to work on both ends of that spectrum in our Aero business, in our Space business. And certainly, the mission systems and weapons that go on platforms of varying sizes, complexity, and costs. So yes, we are pursuing that whole continuum. I'd say with the exception of very low cost, where you aren't basically incorporating mission systems or weapons and they are meant to be a fully attributable unit.

第二，我相信諾斯羅普已經證明了我們在航空業務和航太業務中能夠同時處理這兩個領域的能力。當然，任務系統和武器可以在不同規模、複雜程度和成本的平台上運作。是的，我們正在追求這整個連續過程。我想說，除了成本非常低之外，你基本上不會合併任務系統或武器，而且它們應該是一個完全可歸屬的單位。

So -- but the broad spectrum that our DoD client is talking about, we are operating across most of it. And the investments that I talked about, like Beacon, are a unique way of doing that. We're not trying to sell hardware in that case, or even software, what we are doing is partnering to come up with the best integrated solution.

所以 — — 但我們的國防部客戶所談論的廣泛領域，我們正在涵蓋其中的大部分內容。我談到的投資，例如 Beacon，就是實現這一目標的獨特方式。在這種情況下，我們並不是試圖銷售硬件，甚至軟體，我們所做的是透過合作來提出最佳的整合解決方案。

And it will likely be us and other players coming together in a teaming construct to then bid and deliver on the units themselves. So that really is the change here in the way that we're thinking about go-to-market, but the systems that we would provide are across that entire continuum of value.

我們很可能會和其他玩家組成一個團隊，然後競標並交付這些單位本身。所以這確實是我們對市場進入方式的思考的改變，但我們提供的系統涵蓋了整個價值鏈。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

Kathy, could you give a rundown on F-35, the status there? How you're going across your different efforts there? I think there's been some news in the press about a delay in the next-gen radar on F-35. So just an update there?

凱西，您能介紹一下 F-35 的情況嗎？您在那裡如何進行不同的努力？我認為媒體上已經報導了一些有關 F-35 下一代雷達延遲的消息。那麼只是更新一下嗎？

Yes. We're doing well on supporting the production needs for the current platform. Of course, that includes the center fuselage and other related components out of AS and the APG-81 radar. As we look forward, we are involved in the modernization program. There's not a lot I can say about that program due to its classification, but simply to say that we have an excellent radar in the APG-81 today on the aircraft.

是的。我們在支援當前平台的生產需求方面做得很好。當然，這包括中央機身和 AS 以及 APG-81 雷達的其他相關零件。展望未來，我們參與了現代化計劃。由於該項目屬於機密性質，我無法透露太多信息，但我可以簡單說一下，我們今天在飛機上的 APG-81 上安裝了一台非常出色的雷達。

And we are working toward the fielding of APG-85 in the future. And there will be more details to come about that capability, but I would really just suggest that overall, we are progressing well in partnership with both Lockheed Martin, and the joint program office for the F-35, to deliver on those modernization efforts for the program.

我們正在為未來 APG-85 的投入使用而努力。關於這項能力的更多細節即將公佈，但我只想說，總體而言，我們與洛克希德·馬丁公司以及 F-35 聯合項目辦公室的合作進展順利，為該項目的現代化工作取得了進展。

Okay. And as a follow-up on B-21 and the potential for an increase in the production ramp there. So as whereas in Q1, there was this charge to potentially accommodate additional production. As things stand here today with additional money inReconciliation, if you were to agree with the Air Force on increased production, you wouldn't anticipate a further charge on the program. You would expect that to be covered as part of whatever arrangement you reach with the Air Force?

好的。作為 B-21 的後續行動，那裡的產量有可能會增加。因此，就像在第一季一樣，這筆費用可能是為了容納額外的生產。就目前的情況來看，在和解協議中增加了資金，如果您同意空軍增加產量，那麼您就不會再對該計劃收取任何費用。您是否希望將其作為與空軍達成的任何協議的一部分來涵蓋？

So as I said in my prepared remarks and we had in the 10-Q, we recognized that accelerating the production ramp will likely require future investment by the company and our discussions with the Air Force are to accompany that with the opportunity to earn improved returns on the program, to get a return on that increased investment that we would be making.

因此，正如我在準備好的發言中以及在 10-Q 中所說的那樣，我們認識到加速生產增長可能需要公司未來的投資，而我們與空軍的討論是為了伴隨這一投資機會來提高該項目的回報，以獲得我們將要增加的投資的回報。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Ken, maybe just a first a clarification. I think the R&D capitalization reversal, you said is a couple of hundred-million-dollar benefit. Is that in addition to the absence of the $250 million headwind from capitalization you were previously anticipating in the '25 guidance?

肯，也許只是先澄清一下。我認為您所說的研發資本化逆轉會帶來數億美元的收益。這是不是除了您先前在 25 年指引中預期的 2.5 億美元資本化逆風沒有出現之外？

So regarding our future cash in the -- let me break it down to two pieces. Number one is in terms of our road map in terms of cash flow, nothing has changed from the previous commentary that I've made regarding – we're continuing to focus on managing risk, managing opportunities, making sure that we're rationalizing investments to hit the guidance in the baseline case.

關於我們未來的現金——讓我把它分成兩個部分。首先，就我們的現金流路線圖而言，與我之前的評論相比沒有任何變化——我們將繼續專注於管理風險、管理機遇，確保我們合理化投資以達到基準情況下的指導。

The only change has been is an additional benefit of $200 million due to the additional benefits from tax reform, cash tax benefits. And then beyond that, we have opportunities, as we've mentioned, whether it's new development programs, whether it's opportunities around B-21 investments, as well as the value creation that comes with those in terms of providing for long-term cash flow in the future.

唯一的變化是，由於稅收改革帶來的額外收益，即現金稅收優惠，額外收益為 2 億美元。除此之外，正如我們所提到的，我們還有機會，無論是新的開發計劃，還是圍繞 B-21 投資的機會，以及隨之而來的價值創造，以便為未來提供長期現金流。

And so we'll provide updates in the future for our normal process in terms of what the out- years looks like as we understand and get further in discussions and understand various awards.

因此，隨著我們進一步了解和討論並理解各種獎項，我們將在未來提供有關我們正常流程的更新，說明未來幾年的情況。

Okay. And Kathy, maybe the question for you. You mentioned in the opening remarks around space-based interceptors that you were testing currently. Are you actually testing on orbit space-based interceptors currently? And is it directed energy or kinetic approach at this point that you're testing?

好的。凱西，也許這個問題是問你的。您在開場白中提到了目前正在測試的太空攔截器。您目前實際上正在測試軌道上的太空攔截器嗎？您現在測試的是定向能方法還是動能方法？

Yes. So these are ground-based tests today, and we are in competition, obviously. So not a lot of detail that I can provide here, but it is a capability that we believe can be accelerated into the time frame that the administration is looking for.

是的。今天這些都是地面測試，顯然我們正在競爭。因此，我在這裡無法提供太多細節，但我們相信，這項能力可以加速實現，達到政府所期望的時間範圍。

Josh, we're going to have to leave it there.

喬希，我們得把它留在那裡了。

Right. So let me close by thanking the Northrop Grumman team for another really strong quarter of performance. The team just continues to deliver for our customers when they need us most. And many of our most valued abilities are unknown to the world because of classification, but this quarter, the results of our work were on full display and really proud of how the team stepped up to support the U.S. government.

正確的。最後，我要感謝諾斯羅普格魯曼公司團隊又一個季度的強勁表現。當客戶最需要我們的時候，團隊就會繼續為他們服務。由於保密的原因，我們許多最有價值的能力並不為世人所知，但本季度，我們的工作成果得到了充分展示，我們為團隊挺身而出支持美國政府感到非常自豪。

We remain strong on our outlook for the company, both global demand as well as domestic demand for our solutions grows and the team delivers outstanding performance. So all of that allows us to deliver value for each of you as our stakeholders and shareholders, and I thank you for your continued interest and for joining us on our call today. So, thanks again.

我們對公司的前景依然看好，全球和國內對我們解決方案的需求都在成長，團隊的表現也十分出色。因此，所有這些都使我們能夠為作為我們的利益相關者和股東的每一位提供價值，我感謝你們的持續關注以及今天參加我們的電話會議。所以，再次感謝。

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

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與。