諾斯洛普·格拉曼 (NOC) 2026 Q2 法說會逐字稿

Good day, and thank you ladies and gentlemen, and welcome to Northrop Grumman's second-quarter 2026 conference call. Today's call is being recorded. My name is Josh, and I will be your operator today. (Operator Instructions)

各位女士先生，大家好，感謝各位撥冗參加，歡迎加入諾斯洛普·格魯曼（Northrop Grumman）2026 年第二季電話法說會。今天的電話會議將進行錄音。我叫 Josh，今天將擔任接線員。（接線員指示）

I would now like to turn the call over to your host, Mr. Adam Barr, Head of Investor Relations. Mr. Barr, please proceed.

現在我想把電話會議交給今天的主持人——投資人關係主管 Adam Barr 先生。Barr 先生，請開始。

Good morning, and welcome to Northrop Grumman's second-quarter 2026 conference call.

各位早安，歡迎參加諾斯洛普·格魯曼 2026 年第二季電話法說會。

Before we begin, please note that matters discussed on today's call, including guidance and outlooks for 2026 and beyond, reflect the company's judgment based on information available at the time of this call. They constitute forward-looking statements under the Safe Harbor provisions of federal securities laws. Forward-looking statements involve risks and uncertainties, including those noted in today's press release and our SEC filings, which may cause actual company results to differ materially.

在開始之前，請注意，今天電話會議中討論的事項（包括對 2026 年及之後的指引與展望）反映的是公司基於本次電話會議當時可得資訊所作出的判斷。這些內容依據聯邦證券法的「安全港」條款構成前瞻性陳述。前瞻性陳述涉及風險與不確定性（包括今日新聞稿及我們向美國證券交易委員會（SEC）提交的文件中所述者），可能導致公司實際結果與前述陳述存在重大差異。

Today's call will also include non-GAAP financial measures, which are reconciled to our GAAP results in the earnings release. Additionally, we refer to a presentation that has been posted to our Investor Relations website.

今天的電話會議也將包含非 GAAP 財務衡量指標，我們已在財報新聞稿中將其與 GAAP 結果進行調節對照。此外，我們也會引用已發布於投資人關係網站上的簡報資料。

Joining us on the call today are Kathy Warden, our Chair, CEO, and President; and John Greene, our CFO.

今天與會的還有：董事長、執行長兼總裁 Kathy Warden，以及財務長 John Greene。

With that, I'll now turn the call over to Kathy.

接下來，我把電話會議交給 Kathy。

Thanks, Adam. Good morning, everyone, and thank you for joining us on our second-quarter 2026 earnings call.

謝謝你，Adam。各位早安，感謝各位參加我們 2026 年第二季財報電話會議。

As we celebrate America's 250th birthday, we are reminded of the importance of our work in support of preserving freedom and protecting our way of life. It was a moment of pride for our Northrop Grumman team when the B2 flew over our nation's capital on July 4th, a symbol of American strength and ingenuity.

在我們慶祝美國建國 250 週年之際，我們再次體認到自身工作的重要性——支持守護自由並保護我們的生活方式。7 月 4 日，B2 轟炸機飛越我國首都上空，象徵美國的力量與創新，這對我們諾斯洛普·格魯曼團隊而言是令人自豪的時刻。

It was also a powerful reminder that many of our technologies have transformed the aerospace and defense industry. From the world's fastest microchip and the James Webb Space Telescope to our signature flying wing technology that epitomizes the B2 and B-21 stealth bombers. Today, we operate with a sense of urgency to get these technologies into the hands of our customers with the quality they depend on and the speed to meet today's dynamic threat environment.

這也有力提醒我們：我們的許多技術已改變了航太與國防產業。從全球最快的微晶片、詹姆斯·韋伯太空望遠鏡，到我們具代表性的飛翼技術——其正是 B2 與 B-21 匿蹤轟炸機的精髓所在。如今，我們以高度緊迫感運作，將這些技術以客戶所倚賴的品質、以及符合當前動態威脅環境所需的速度，交付到客戶手中。

Our Northrop Grumman team is embracing a call to action from our nation's leadership. We are partnering with our customers to more rapidly develop and deliver the next generation of capabilities while scaling and investing in advanced factories to increase production rates and volumes.

我們諾斯洛普·格魯曼團隊正積極回應國家領導層的行動號召。我們與客戶合作，更快速地研發並交付下一代能力，同時擴大規模並投資先進工廠，以提升產能與產量。

We are fully aligned with the US government priorities and see significant opportunity and increased demand for our portfolio. There is bipartisan support for defense investment to maintain our nation's competitive edge. Congress is making progress on fiscal year 2027 authorization and appropriations. The House of Senate Armed Services Committees and the House Appropriations Committee each supported $1.1 trillion in the base budget for the Department of War, an increase of nearly 10% from the fiscal year 2026.

我們與美國政府的優先事項完全一致，並看見我們產品組合存在顯著機會與更高需求。兩黨皆支持國防投資，以維持我國的競爭優勢。國會正推進 2027 會計年度的授權與撥款作業。眾議院與參議院軍事委員會，以及眾議院撥款委員會，均支持國防部基礎預算達 1.1 兆美元，較 2026 會計年度增加近 10%。

Additionally, the administration recently submitted a supplemental request for $67 billion for the Department of War to fund recent operational costs, replenishment of weapons, and enhancements to military readiness. Congress is considering the supplemental and the administration's $350 billion reconciliation package, which is intended to expand and modernize the nation's military capabilities by investing in priority programs, and the US defense industrial base. While Congress and the administration are still working through the legislative process, Northrop Grumman's core programs remain well supported in the base budget request, which provides us continued confidence in our growth outlook.

此外，政府近期也向國防部提出 670 億美元的追加預算請求，用於支應近期作戰成本、武器補充，以及提升軍事戰備。國會正在審議該追加預算，以及政府提出的 3,500 億美元協調（reconciliation）方案，該方案旨在透過投資優先計畫與美國國防工業基礎，擴充並現代化我國軍事能力。儘管國會與政府仍在推進立法程序，諾斯洛普·格魯曼的核心計畫在基礎預算請求中仍獲得充分支持，這使我們對成長展望持續保持信心。

Around the world, there are unprecedented levels of defense investment as allies accelerate their modernization efforts. Increased global defense spending represents a powerful commitment to our collective security and a recognition of the global threat landscape. At the NATO Summit a few weeks ago, our allies pledged $50 billion in additional investments, including a commitment for Northrop Grumman's Triton autonomous aircraft.

放眼全球，盟友加速現代化進程，國防投資水準達到前所未有的高度。全球國防支出增加，展現對集體安全的強力承諾，也反映對全球威脅態勢的認知。在數週前的北約峰會上，我們的盟友承諾額外投資 500 億美元，其中包括對諾斯洛普·格魯曼 Triton 無人自主飛機的採購承諾。

In the Middle East, modern missile defense systems remain an essential priority for ensuring national security. Momentum continues to build in numerous countries to acquire our IBCS system which is proven and operational today. This includes Kuwait, who in May received authorization from the State Department for six IBCS systems.

在中東地區，先進飛彈防禦系統仍是確保國家安全的關鍵優先事項。多個國家持續加速推進採購我們 IBCS 系統的進程；該系統已獲驗證並已投入實際運作。其中包括科威特，其於 5 月獲美國國務院核准採購 6 套 IBCS 系統。

And in Australia, we were selected to establish an in-country solid rocket motor manufacturing facility. These announcements from the second quarter underscore the breadth of international demand for our production-ready systems.

在澳洲，我們獲選在當地建立固體火箭發動機製造設施。這些第二季的公告凸顯國際市場對我們可立即量產交付系統的廣泛需求。

As highlighted in this morning's second quarter release, Northrop Grumman's financial performance reflects continued strong results. We delivered $20 billion in net awards in the quarter, driving a book-to-bill ratio of 1.84 times. Backlog continues to grow, including a new record high of $105 billion. And we expect continued strong bookings for the remainder of the year as well as increased momentum in government outlays.

如同今早發布的第二季新聞稿所強調，諾斯洛普·格魯曼的財務表現持續展現強勁成果。本季我們取得 200 億美元淨新增訂單，使接單出貨比（book-to-bill）達 1.84 倍。在手訂單持續成長，並創下 1,050 億美元的新高紀錄。我們預期今年剩餘期間仍將維持強勁接單，同時政府支出動能也將進一步提升。

These dynamics strengthen our confidence and outlook for accelerating sales growth in the second half of the year. Sales increased by 5%, supported by growth in all four of our segments. And operating performance has been solid throughout the business.

這些動態強化了我們對下半年營收成長加速的信心與展望。營收成長 5%，四大事業部門皆有成長貢獻。整體營運表現亦維持穩健。

We did have lower operating margin rates in DS and Space this quarter due to two programs with negative EAC adjustments. At Space, we progressed on the root cause investigation on the GEM 63XL program, and we are implementing corrective actions to address the anomaly we experienced on a launch in the first quarter. These include a component redesign, which has now been proven in a successful static fire test. We expect to begin delivering the redesign motors by the end of the year. This additional work and the needed material are reflected in our updated EAC position.

本季 DS 與 Space 的營業利益率較低，原因是兩個專案出現負向的 EAC（完工估計）調整。在 Space 方面，我們持續推進 GEM 63XL 專案的根因調查，並正實施矯正措施，以解決第一季一次發射中所遭遇的異常。措施包括零組件重新設計，且已在成功的靜態點火測試中獲得驗證。我們預期在年底前開始交付重新設計後的發動機。這些額外工作與所需材料已反映在我們更新後的 EAC 立場中。

At DS, we continue to invest in our strategy to design and produce tactical missiles. We are executing this strategy through investments in two related programs, Stand-In Attack Weapon or SiAW for the US Air Force and AARGM Extended Range for the Navy. In the quarter, we recognized higher projected costs to complete qualification testing on SiAW.

在 DS 方面，我們持續投入既定策略，以設計並生產戰術飛彈。我們透過投資兩項相關計畫來執行此策略：美國空軍的 Stand-In Attack Weapon（SiAW），以及海軍的 AARGM Extended Range。本季我們認列了完成 SiAW 資格鑑定測試所需的較高預估成本。

Despite the negative performance reflected on GEM 63XL and SiAW in the quarter, we are confident in our team's ability to complete qualification and successfully deliver these products. They each provide necessary capability for our customers and represent billions of dollars of potential sales at accretive margins over the next decade.

儘管本季 GEM 63XL 與 SiAW 反映出負向表現，我們仍對團隊完成資格鑑定並成功交付這些產品的能力充滿信心。兩者皆能為客戶提供必要能力，並在未來十年以具增益（accretive）的利潤率帶來數十億美元的潛在銷售額。

Based on our strong Q2 results and accelerating momentum, we are increasing our financial guidance for 2026. Robust bookings are continuing, and we now expect a full year book-to-bill ratio of at least 1.25 times. Sales are now projected at $44 billion at the midpoint, which is over 5% organic growth. We are maintaining our expectations for segment margin performance, and we raised EPS estimates by $1.20.

基於我們強勁的第二季表現與加速的動能，我們上調 2026 年財務指引。強勁接單仍在延續，我們目前預期全年接單出貨比至少為 1.25 倍。營收中位數預估為 440 億美元，對應超過 5% 的有機成長。我們維持對各事業部門利潤率表現的預期，並將每股盈餘（EPS）預估上調 1.20 美元。

Our rapidly expanding backlog provides a strong foundation for growth this year and beyond. I highlighted new international opportunities a few minutes ago, which support our multiyear goal to double annual international sales to $10 billion by 2031.

我們快速擴張的訂單積壓為今年及未來的成長提供了堅實基礎。幾分鐘前我提到新的國際機會，這些機會支持我們的多年目標：到2031年將年度國際銷售額翻倍至100億美元。

Now I'd like to spend a few minutes outlining developments from this quarter, which further bolster our US growth outlook. We continue to make progress on the Sentinel program in partnership with the Air Force. This led to further definitization and authorization for us to execute additional elements of the program plan resulting in a $7.6 billion increase in program backlog.

現在我想花幾分鐘概述本季的一些進展，這些進展進一步強化我們對美國成長前景的展望。我們持續與空軍合作推進Sentinel計畫。這促成了進一步的最終定案（definitization）與授權，使我們得以執行計畫方案的更多要素，並使計畫訂單積壓增加76億美元。

During the second quarter, we achieved contract incentives, which improved overall profitability and deliver program milestones as scheduled. Let me share a few important examples of this progress.

在第二季，我們達成合約獎勵條款，提升整體獲利能力，並如期交付計畫里程碑。我來分享幾個這項進展的重要例子。

We completed an acoustic test of the Sentinel missile which validated the system can withstand the intense conditions of a silo launch, another crucial step towards achieving first flight of the integrated missile, which is expected in 2027. The solid rocket motors for the first five flight tests are already in production. And last week, we broke ground on yet another advanced facility at our campus in Utah, adding to the existing 1.1 million square feet of existing space, which was purpose-built for Sentinel. This new facility will support the production phase, which starts later this decade.

我們完成了Sentinel飛彈的聲學測試，驗證系統能承受發射井發射的嚴苛條件，這是朝向整合飛彈首次飛行（預計於2027年）邁出的另一個關鍵步驟。前五次飛行測試所需的固體火箭發動機已在生產中。而在上週，我們在猶他州園區為另一座先進設施舉行動土，新增至既有110萬平方英尺、為Sentinel量身打造的空間。這座新設施將支援本十年稍晚開始的量產階段。

We are seeing firsthand the Department of War embrace the use of multiyear agreements to achieve some of its top priorities, particularly on tactical missile programs. When you couple our proven performance as a supplier of solid rocket motors, with the additional production capacity we've already brought online, we're positioned to be a qualified rocket motor provider on new programs.

我們親眼看到國防部採用多年期協議以達成其若干最優先事項，特別是在戰術飛彈計畫上。結合我們作為固體火箭發動機供應商的既有實績，以及我們已上線的新增產能，我們已具備在新計畫中成為合格火箭發動機供應商的有利位置。

Last month, we completed qualification activities to become a supplier on PAC-3, and we reached a $2 billion framework agreement with the Department of War and Lockheed Martin. We expect the PAC-3 SRM production awards later this year.

上個月，我們完成了成為PAC-3供應商的資格認證活動，並與國防部及洛克希德馬丁達成20億美元的框架協議。我們預期PAC-3固體火箭發動機（SRM）的生產授標將於今年稍晚進行。

In total, we have 10 multiyear agreements for missile acceleration in work across the portfolio with up to $10 billion of sales opportunity over the next seven years. These agreements provide a clear demand signal to industry and Northrop Grumman while delivering a greater value and efficiency for our customers.

總體而言，我們在整體產品組合中有10項用於飛彈加速的多年期協議正在推進，未來七年最高可帶來100億美元的銷售機會。這些協議向產業與諾斯洛普格魯曼釋出明確的需求訊號，同時為客戶帶來更高的價值與效率。

Another area of increasing budget priority is national security space. Modern Warfare is driving demand in this market with every service now depending on space-based capabilities lead to historic increases to the US space budget.

另一個預算優先度日益提高的領域是國家安全太空。現代作戰正推動此市場需求；如今各軍種皆仰賴太空基能力，帶動美國太空預算出現歷史性成長。

Today, our national security space backlog stands at over $16 billion with programs like GPI, GWS, and restricted efforts. For the full year, our national security space business is projected to grow high single digits and generate over $7 billion in sales, accounting for more than 15% of company revenues, driven by areas like space security, space resilience, and missile defense.

目前，我們的國家安全太空訂單積壓超過160億美元，涵蓋GPI、GWS以及受限專案等計畫。就全年而言，我們的國家安全太空業務預計將以高個位數成長並創造超過70億美元的銷售額，占公司營收逾15%；成長動能來自太空安全、太空韌性與飛彈防禦等領域。

The proven innovative solutions we develop for government customers grounded in our engineering expertise and mission knowledge are also being applied to commercial opportunities like our in-space satellite servicing.

我們基於工程專業與任務知識、為政府客戶開發的經驗證創新解決方案，也正被應用於商業機會，例如我們的在軌衛星維修服務。

As part of our satellite servicing portfolio, we have developed the first commercial robotics spacecraft capable of repairing, relocating and servicing satellites in geosynchronous orbit via two robotic arms. It can also install life extension jetpacks on to other satellites for government or commercial customers, prolonging their useful life for up to eight years. The spacecraft is known as the Mission Robotic Vehicle, or MRV, and our first MRV is scheduled to launch later today weather permitting.

作為我們衛星維修產品組合的一部分，我們已開發出首款商用機器人太空船，可透過兩具機械手臂在地球同步軌道對衛星進行修復、重新定位與維護。它也能為政府或商業客戶在其他衛星上安裝延壽噴射背包（life extension jetpacks），將其可用壽命延長最多達八年。該太空船稱為任務機器人載具（Mission Robotic Vehicle，MRV），我們的首艘MRV預計在今日稍晚、視天候而定發射。

Before I turn the call over to John, I want to emphasize that we continue to see an opportunity-rich environment for our company. We're investing in our business, bringing continued rigor and program execution discipline for which we're known, and we're moving with speed to bring innovative solutions to our customers. These innovations are core to the security of our nation, the protection of our allies, and the preservation of freedom for generations to come. With growing demand, a robust backlog, and disciplined execution, we are confident in our ability to deliver accelerated growth and enduring value for all our stakeholders.

在我把電話會議交給John之前，我想強調，我們仍然看到公司所處環境充滿機會。我們正投資於業務，持續保持我們一貫的嚴謹與專案執行紀律，並以更快速度為客戶帶來創新解決方案。這些創新是我們國家安全、盟友防護，以及世世代代自由延續的核心。在需求成長、強勁的訂單積壓與紀律執行的支撐下，我們有信心為所有利害關係人帶來加速成長與長期價值。

So with that, I'll ask John to provide a detailed review of our quarterly results and forward guidance.

那麼接下來，我請John就本季業績與前瞻指引提供更詳細的說明。

Thank you, Kathy. And good morning, everyone. I'll begin by covering the company's second quarter financial results summarized on slide 4.

謝謝你，Kathy。各位早安。我將先從投影片4所摘要的公司第二季財務結果開始。

Overall, it was a solid quarter with increasing momentum. The robust demand environment we outlined on our last call continues to be converted into new bookings and sales. Second quarter awards totaled $20 billion, driving backlog up 17% year-over-year to $105 billion.

整體而言，這是一個穩健的季度，動能持續增強。我們在上次電話會議中提到的強勁需求環境，持續轉化為新的訂單與銷售。第二季授標總額達200億美元，帶動訂單積壓年增17%至1,050億美元。

Sales in the quarter accelerated to $10.9 billion with sequential sales up 10% and year-over-year sales up 5%. Segment operating income decreased slightly compared to the prior year. Keep in mind, the second quarter of 2025 benefited from a $76 million favorable EAC adjustment on Sentinel. Earnings per share was $7.68, benefiting from a lower effective tax rate.

本季銷售額加速至109億美元，較前一季成長10%，年增5%。分部營業利益較去年同期小幅下降。請記得，2025年第二季受惠於Sentinel專案7,600萬美元的有利EAC調整。每股盈餘為7.68美元，受惠於較低的有效稅率。

Capital expenditures totaled $302 million and continue to ramp as we invest to expand our facilities to support customer demand. And Q2 adjusted free cash flow was nearly $1 billion, a significant increase compared to the prior year.

資本支出合計3.02億美元，並隨著我們投資擴建設施以支援客戶需求而持續提升。第二季調整後自由現金流接近10億美元，較去年同期大幅增加。

Turning to segment performance. I'll start with Aeronautics on slide 5. AS delivered outstanding operational performance in the second quarter with double-digit sales and margin growth. Sales increased 13%, driven by higher volumes on B-21, TACAMO, and mature production programs. On the bottom line, AS delivered a margin rate of 10.3% driven by strong performance across production and sustainment program.

接著看各分部表現。我先從投影片5的航太（Aeronautics）開始。AS在第二季展現卓越的營運表現，銷售與利潤率皆呈雙位數成長。銷售額成長13%，主要由B-21、TACAMO以及成熟量產計畫的較高出貨量帶動。在獲利方面，AS的利潤率達10.3%，來自量產與維保（sustainment）計畫的強勁表現。

Turning to DS. Second quarter sales increased 5% and 7% on an organic basis. Higher sales were driven by the continued ramp on Sentinel and missile defense programs. Operating margin was 7.5%. Strong performance across the portfolio was partially offset by a $68 million unfavorable adjustment on SiAW related to an increase in projected cost to support the design and qualification of the system.

接著看DS。第二季銷售額成長5%，以有機基礎計算成長7%。銷售成長主要來自Sentinel與飛彈防禦計畫的持續放量。營業利潤率為7.5%。整體產品組合的強勁表現，部分被SiAW一筆6,800萬美元的不利調整所抵銷；該調整與為支援系統設計與資格認證而上調的預估成本有關。

Apart from SiAW, the rest of the DS portfolio contributed an OM rate of 11% in the second quarter which gives us confidence in delivering improved returns in the second half. Backlog at DS increased to nearly $35 billion, driven by an increase of $7.6 billion on Sentinel.

除SiAW之外，DS其餘產品組合在第二季貢獻了11%的營業利潤率，這讓我們對下半年交付更佳報酬更有信心。DS的訂單積壓增加至接近350億美元，主要由Sentinel增加76億美元所帶動。

Our Mission Systems business continued to generate outstanding bottom line performance with strong execution across the portfolio. Sales were up 3% in the quarter, supported by higher volume on marine programs, F-35 sensors, and increases on restricted airborne radar programs. Margin rates improved to 15.4% driven by strong performance and higher net favorable EAC adjustments across the business.

我們的任務系統（Mission Systems）業務在整體產品組合的強勁執行下，持續創造出色的獲利表現。本季銷售額年增3%，受海事計畫、F-35感測器，以及受限機載雷達計畫增加所支撐。利潤率提升至15.4%，主要由強勁表現以及全業務更高的淨有利EAC調整所帶動。

And at Space, sales increased by 4% driven by higher volume on NASA's commercial resupply service mission and missile defense programs. Second quarter operating margins were 8.6%. This included an unfavorable EAC adjustment on GEM 63XL related to increases in the estimated cost and quantity of materials needed to complete the program. The rest of the space portfolio contributed an OM rate of over 11%, supporting our ability to deliver second half results north of 11%.

至於太空（Space）分部，銷售額成長4%，主要由NASA商業補給服務任務與飛彈防禦計畫的較高出貨量帶動。第二季營業利潤率為8.6%。其中包含GEM 63XL一筆不利的EAC調整，與完成該計畫所需材料的估計成本與數量增加有關。太空分部其餘產品組合貢獻了超過11%的營業利潤率，支撐我們在下半年交付高於11%水準的能力。

On slide 9, you'll see our second quarter diluted EPS was $7.68. The prior period included a benefit of $1.04 associated with the training services divestiture. Normalizing for this transaction, Q2 EPS increased by $0.57. This improvement was largely driven by the remeasurement of uncertain tax positions given recent developments with the IRS and from a gain associated with the sale of an equity investment.

在第 9 張投影片上，您會看到我們第二季稀釋後每股盈餘（EPS）為 7.68 美元。上一期間包含與訓練服務事業處分相關的 1.04 美元利益。若將此交易影響正常化，第二季 EPS 增加 0.57 美元。這項改善主要來自於因近期與美國國稅局（IRS）相關進展而對不確定稅務部位進行重新衡量，以及出售一項股權投資所產生的收益。

Turning to company level guidance on slide 10. As Kathy outlined earlier in the call, we are increasing our sales guidance to a range of $43.75 billion to $44.25 billion. This outlook reflects a second half step-up in sales that is similar to the profile we experienced last year. With this in mind, we anticipate mid- to high single-digit year-over-year sales growth in Q3.

接著看第 10 張投影片的公司層級指引。如 Kathy 先前在電話會議中所概述，我們將銷售指引上調至 437.5 億至 442.5 億美元的區間。此展望反映下半年銷售將出現與去年相似的躍升幅度。基於此，我們預期第三季銷售年增率將達中至高個位數。

We are increasing our mark-to-market adjusted EPS guidance to a range of $28.60 to $29.10, an increase of $1.20. This reflects solid segment performance in the second half and an effective tax rate of mid-14%.

我們將按市價調整後（mark-to-market）的調整後 EPS 指引上調至 28.60 至 29.10 美元區間，上調 1.20 美元。這反映下半年各事業部門表現穩健，以及約 14% 中段的有效稅率。

We are reaffirming our outlook for segment operating income, which we are confident will improve in the second half, and we are reaffirming our guidance range for adjusted free cash flow of $3.1 billion to $3.5 billion.

我們重申對分部營業利益的展望；我們有信心其將在下半年改善。同時，我們也重申調整後自由現金流指引區間為 31 億至 35 億美元。

Adjusted free cash flow includes several hundred million dollars we expect to collect this year from the B-21 asset sale. This event accelerated cash receipts associated with the sale but shifted other payments on the program out beyond this year. Net-net, it doesn't change our expectations for 2026 cash under program for the company.

調整後自由現金流包含我們預期今年將自 B-21 資產出售中收取的數億美元款項。此事件加速了與該出售相關的現金入帳，但也將該專案的其他付款時點移至今年之後。整體而言，這不會改變我們對公司在 2026 年該專案項下現金的預期。

Our adjusted free cash flow non-GAAP metric is consistent with our prior treatment from a few years ago when we had a similar event. We continue to expect $1.85 billion of CapEx in 2026. And as we previously shared, we expect CapEx investments of around 4.5% of sales in 2027 and 2028 as we invest in infrastructure to support the B-21 production ramp.

我們的調整後自由現金流（非 GAAP）衡量方式，與幾年前發生類似事件時的處理方式一致。我們仍預期 2026 年資本支出（CapEx）為 18.5 億美元。且如先前所分享，為投資基礎設施以支援 B-21 產能爬坡，我們預期 2027 與 2028 年的 CapEx 投資約為銷售額的 4.5%。

Turning to segment level guidance. At AS, we are increasing both our top and bottom-line estimates for the year. We now anticipate sales of approximately $14 billion. This outlook reflects higher B-21 sales as the program continues to ramp as well as higher volumes on mature production programs.

接著看分部層級指引。在 AS，我們上調今年的營收與獲利（上下線）預估。我們目前預期銷售約 140 億美元。此展望反映隨著專案持續爬坡而帶來更高的 B-21 銷售，以及成熟量產專案的更高出貨量。

On the bottom line, we are raising AS operating margin rate to the mid- to high 9% range, reflecting strong performance in the first half of the year and continued positive expectations for the second half.

在獲利端，我們將 AS 營業利益率上調至 9% 中段至高段區間，反映上半年強勁表現以及對下半年持續正向的預期。

For DS, we are maintaining our outlook for sales in the mid- to high $8 billion range and margins of approximately 10%. Second half revenues are expected to step up more than $700 million, driven by higher ammunition sales and production timings in our weapons portfolio as well as continued growth in Sentinel and IBCS. Second half margin rates are expected to improve to over 11%, consistent with our first half performance, excluding EACs associated with our missile prime investments.

在 DS，我們維持銷售展望於 80 多億美元中段至高段區間，且利潤率約 10%。預期下半年營收將增加超過 7 億美元，主要由更高的彈藥銷售、武器產品組合的生產時程，以及 Sentinel 與 IBCS 的持續成長所帶動。預期下半年利潤率將改善至 11% 以上，與我們上半年表現一致（不含與飛彈主承包投資相關的 EAC）。

At Mission Systems, we are maintaining our guidance of high $12 billion in 2026 sales while raising our margin rate expectations to approximately 15%. This outlook is underpinned by a sequential second half sales increase of more than $600 million, driven by higher sales volumes on production programs and new awards.

在 Mission Systems，我們維持 2026 年銷售約 120 多億美元高段的指引，同時將利潤率預期上調至約 15%。此展望的支撐因素為下半年銷售較上半年序列增加超過 6 億美元，主要由量產專案的更高銷售量與新得標案所帶動。

Turning to Space. We continue to expect approximately $11 billion in sales for the year. Following the pattern and the other businesses, second half sales are expected to increase significantly. This growth is primarily driven by higher volumes on national security space programs, new awards, and improved performance on GEM 63XL.

接著看 Space。我們仍預期全年銷售約 110 億美元。依循其他事業的型態，下半年銷售預期將顯著增加。此成長主要由國家安全太空專案的更高出貨量、新得標案，以及 GEM 63XL 表現改善所帶動。

On the bottom line, we are lowering our expectation for margin rate to the low 10% range to reflect the margin pressure experienced to date. Performance remains strong across the majority of the space portfolio, and we're confident in delivering improved second half performance.

在獲利端，我們將利潤率預期下調至 10% 低段區間，以反映迄今所承受的利潤率壓力。太空產品組合中多數專案的表現仍然強勁，我們有信心在下半年交付更佳表現。

Our last guidance update for the quarter relates to intersegment eliminations, which we expect to be approximately $2.7 billion, driven by increased volumes of restricted work at MS and Sentinel support in the Space segment. We anticipate the intersegment OM rate to be in the mid-13% range.

本季最後一項指引更新與分部間沖銷（intersegment eliminations）相關；我們預期約為 27 億美元，主要由 MS 的受限工作量增加以及 Space 分部的 Sentinel 支援所帶動。我們預期分部間的營業利益率（OM rate）約在 13% 中段區間。

In summary, building on the momentum established in the first half, we remain on track to deliver on our updated full year projections. Our confidence is underpinned by the enduring demand for our capabilities, record backlog, and alignment of our portfolio to global defense priorities. We've made significant investments in our business that position the company for accelerated growth. And we continue to be disciplined in our capital deployment strategy, creating value for all of our stakeholders.

總結而言，在上半年建立的動能基礎上，我們仍按計畫達成更新後的全年預測。我們的信心來自於市場對我們能力的長期需求、創新高的訂單積壓（backlog），以及我們的產品組合與全球國防優先事項的一致性。我們已對業務進行重大投資，使公司具備加速成長的有利位置。同時，我們持續以紀律性的資本配置策略，為所有利害關係人創造價值。

With that, let's open the call for Q&A.

接下來，我們開放問答。

(Operator Instructions) Ron Epstein, Bank of America.

（接線員指示）美國銀行（Bank of America）的 Ron Epstein。

Kathy, John, and Todd, congrats on the quarter. This is [Andrew] on for Ron. Just unpacking the tax impact from the quarter. Is the $1.20 EPS increase in the updated full year guidance driven entirely by a combination of lower taxes in the quarter and higher sales expectations for the year?

Kathy、John 和 Todd，恭喜本季表現。我是代 Ron 發言的 [Andrew]。我想進一步拆解本季稅務影響。更新後的全年指引中 EPS 上調 1.20 美元，是否完全由本季較低稅負與全年較高銷售預期的組合所驅動？

Yeah. Thanks for the call. I'll take it. This is John, by the way. So the tax had an impact on the quarter, certainly. But the higher EPS for the year will be driven by sales execution, increasing sales, strong second half margins, certainly a tax benefit, and we're going to continue to kind of manage the operating cost in the business to ensure that we're as efficient as possible.

是的。謝謝來電。我來回答。順帶一提，我是 John。稅務確實對本季有影響。但全年較高的 EPS 將由銷售執行力、銷售成長、下半年強勁的利潤率表現、當然也包含稅務利益所帶動；同時我們也會持續管理營運成本，以確保效率達到最佳。

So it's a balance of factors, certainly in the current quarter as we did -- as we did make that adjustment to the uncertain tax position, it did pull forward benefit. But really, what we're trying to get across on this call is the operations are strong, and we expect to deliver a really strong second half of the year.

因此這是多項因素的平衡；就本季而言，我們確實對不確定稅務部位做了調整，因而將利益提前認列。但我們在這通電話會議真正想傳達的是：營運表現強勁，我們預期今年下半年將交出非常強勁的成績。

Got you. That's very helpful color. And I guess just pivoting in a different direction here. Relating to the unfavorable EACs on Stand-in Attack Weapon, what exactly is driving the higher expected development costs on that program?

了解。這些補充說明很有幫助。我想換個方向再問。關於 Stand-in Attack Weapon 上不利的 EAC，究竟是什麼因素導致該專案預期研發成本上升？

Andrew, as we mature production on the AARGM-ER program, which is the basis of the technology for Stand-in Attack Weapon, we have had some delays in testing that have resulted in a flow-through to the schedule for design and qualification on the Stand-in Attack Weapon. So we look at those two programs collectively as part of our tactical missile growth strategy. And we've been investing in more resources to the team, including better integration lab facilities so that we can accelerate through the testing and to be able to deliver these capabilities.

Andrew，隨著我們推進 AARGM-ER 專案的量產成熟度（該專案是 Stand-in Attack Weapon 技術的基礎），我們在測試上遇到一些延遲，進而影響 Stand-in Attack Weapon 的設計與鑑定時程。因此，我們將這兩個專案視為戰術飛彈成長策略的一部分，並整體性地一併檢視。我們也正在投入更多資源到團隊，包括更完善的整合實驗室設施，以便加速完成測試並交付這些能力。

They're very much in high demand on programs for the US Navy, the other for the US Air Force, and we have international customers that are looking to get these missiles in their hands. So we want to make sure that we're doing everything we can to drive through the performance challenges and deliver.

這些在美國海軍的專案上需求非常強勁，另外也在美國空軍的專案上需求很高；同時我們也有國際客戶希望能取得並部署這些飛彈。因此，我們希望確保我們竭盡所能，克服績效方面的挑戰並如期交付。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

Maybe a little bit bigger picture question about investment. Northrop's invested, I think, more than peers over the past decade. Can you talk a little bit more about the returns you've seen on that investment. How it kind of compared to your targets? And how you think about the return on investment for the increased CapEx moving forward? And maybe how that compares to what you've looked for historically?

也許是一個更宏觀的投資問題。我認為在過去十年，諾斯洛普的投資金額高於同業。能否多談談你們在這些投資上看到的回報？與你們的目標相比如何？以及你們如何看待未來增加資本支出（CapEx）的投資報酬率？另外，這與你們過去歷史上所追求的回報相比又如何？

So I'll start. I look at the investments that we've made in the last several years as both investing in capability for new product lines we've talked about two already this morning, GEM 63XL and Stand-in Attack Weapon, are good examples of those investments in capability, but also what we've invested in programs like the B-21, our offerings for Golden Dome, all really position us for that increased top line growth that we are starting to see. And as I talked about earlier on the call, we now expect book-to-bill this year to be 1.25 times. You see that it's a direct correlation to the investments that we have made in capability.

我先開始。我認為我們過去幾年的投資，一方面是在能力上投資，以支援我們談到的新產品線——今天早上我們已經提到兩項，GEM 63XL 與 Stand-in Attack Weapon，就是很好的能力投資例子；另一方面，我們在像 B-21、我們對「Golden Dome」的方案等專案上的投入，也確實讓我們在營收（top line）加速成長方面占得先機，而我們也開始看到這樣的成長。如同我先前在電話會議中提到的，我們現在預期今年的接單出貨比（book-to-bill）將達到 1.25 倍。你可以看到，這與我們在能力上的投資有直接的關聯。

We also have been investing in capacity, and that has positioned us to win work that we otherwise wouldn't have been in a position to deliver upon. Good examples of that are our ammunitions portfolio. I talked about having qualified on PAC-3 MSE, but we also have production capacity so that we can start building right away that allows us to pull those revenues in sooner than we otherwise would had we not made those investments.

我們也一直在產能上投資，而這讓我們得以贏得一些工作，否則我們可能沒有能力交付。很好的例子是我們的彈藥產品組合。我提到我們已完成 PAC-3 MSE 的資格認證（qualification），但我們也具備生產產能，能夠立即開始製造，這使我們能比原本更早把營收拉進來；若沒有這些投資，原本是做不到的。

So we are consistently investing with discipline making sure that we have strong business cases that those that are coming to fruition. Our programs are not without technical risk. But once we get through development, having that production in place is serving us well to generate strong returns and accelerate the revenue and return.

因此，我們一貫以紀律方式持續投資，確保每一項投資都有強健的商業論證，而這些投資也正在開花結果。我們的專案並非沒有技術風險。但一旦度過研發階段，並且把量產能力建置到位，就能很好地為我們帶來強勁回報，同時加速營收與回報的實現。

Great. And maybe just one more detailed question about HALO. I think the release mentioned some revenue pressure from that program. Is that related to timing? Or is that related to the NASA decision to move away from Gateway? And if that's the case, are there further sales pressure from HALO expected that we should be aware of?

很好。再問一個關於 HALO 的細節問題。我記得新聞稿提到該專案帶來一些營收壓力。這是與時程有關嗎？還是與 NASA 決定不再採用 Gateway 的方向有關？如果是後者，HALO 是否還會有進一步的銷售壓力，是我們需要留意的？

So as you noted, NASA is moving away from their original Gateway plans. We are working with NASA to take the technology that we were developing under HALO program and still have that contribute to their future Gateway plans. And so we are in the process of restructuring the contract to do that. It will reduced revenue this year, as we outlined in our filings, but it will extend it over a longer period of time as we work deliverables into the new NASA plan.

如你所提到的，NASA 正在偏離其原先的 Gateway 規劃。我們正與 NASA 合作，將我們在 HALO 專案下所開發的技術，仍能貢獻於其未來的 Gateway 規劃。因此，我們正在進行合約重整（restructuring）以達成這點。如同我們在申報文件中所說，這會使今年營收降低，但會把營收延伸到更長期間，因為我們會把交付項目納入 NASA 的新計畫中。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Maybe then just on the last line of questioning. Can you talk about you recently completed qualification activities on solid rocket motors for PAC-3 -- maybe on PAC-3. And more broadly on the missile framework, how you're thinking about the timing? Is that in line with plans? How we think about capacity expansion? And how that impacts profitability?

延續上一個問題脈絡。你們最近完成了 PAC-3（也許是 PAC-3）用固體火箭馬達的資格認證活動。更廣泛地就飛彈架構而言，你們如何看待時程安排？是否符合原先計畫？我們應如何看待產能擴張？以及這對獲利能力有何影響？

Yes, Sheila. So as I noted, we first needed to get through qualification, which we did in this quarter. We have production capacity, and we are starting to build. And we are doing that even ahead of definitized contract later this year so that we can support the increased demand for the program. We do expect be definitized for a larger production contract later this year as the funding becomes available through the appropriations from the FY27 budget.

是的，Sheila。如我所提到的，我們首先需要完成資格認證，而我們在本季已完成。我們具備生產產能，並且已開始製造。而且即使正式定案（definitized）的合約要到今年稍晚才會完成，我們也提前開始，這樣才能支援該專案需求的提升。我們確實預期今年稍晚會就更大規模的量產合約完成定案，因為相關資金將透過 2027 財政年度預算的撥款到位。

Got it. And as we think about within DS, as you think about your drivers in the second half, it's mainly Sentinel and the weapons program coming into fruition?

了解。那在 DS 事業群內，當你們看下半年成長驅動因素時，主要是 Sentinel 與武器專案開始落地、進入成果期嗎？

Yes. Although I will say that we are seeing strength in top line across all four of our business as you compare first half to second half. Some of that is just the natural seasonality of the businesses that we last year. We have achieved 5% growth in each of the first two quarters over last year and expect that same trend in the second half to get to the midpoint of our guidance of 5%. But as you know, last year, it was an accelerating growth through the year, and we are expecting that same trend to occur this year.

是的。不過我也要說，若比較上半年與下半年，我們看到四個事業部的營收（top line）都呈現強勁走勢。其中一部分只是業務的自然季節性，與我們去年相同。我們在前兩季相較去年各自都達成 5% 成長，並預期下半年也會延續同樣趨勢，以達到我們指引中點的 5%。但如你所知，去年是全年逐季加速成長，而我們預期今年也會出現同樣的趨勢。

Gavin Parsons, UBS.

Gavin Parsons，瑞銀（UBS）。

Kathy, on B-21, as you progress sort of expanding the production capacity there. Have you had any additional conversations with customers about increasing the program of record beyond 100 units?

Kathy，關於 B-21，隨著你們逐步擴充那邊的生產產能。你們是否與客戶就把既定採購計畫（program of record）從 100 架以上再提高，進行過更多討論？

The agreement we reached with the Air Force does allow them to consider accelerating production into a larger program of record. And we are working with them in that analysis. They are undertaking it now. I expect that by year-end, they will come to a conclusion on that, and we'll certainly keep you updated.

我們與空軍達成的協議，確實允許他們考慮加速生產，並擴大既定採購計畫的規模。我們正與他們一起進行相關分析。他們目前正在進行這項工作。我預期到年底他們會得出結論，我們也一定會向各位更新。

Okay. And then on Aero margins, can you just give us a little bit more detail on if that strength has been better B-21 performance, legacy programs and mix of both?

好的。另外關於航太（Aero）部門的利潤率，你能否再多提供一些細節：這樣的強勁表現是因為 B-21 的執行更好、傳統（legacy）專案的表現，還是兩者的組合？

Yes. Thank you. It's been a mix. Certainly, B-21, there's been good execution throughout the year. So that's been enabler to ensure the overall program profitability remains on a direction that's headed north. And then mature production programs, EACs have been favorable across the board. So what I would say is kind of the manufacturing processes and delivering to key milestones has been strong within this segment, which has enabled margins to be stable and on an upward trend.

是的。謝謝。這是多重因素的組合。當然，B-21 在全年執行良好。因此這有助於確保整體專案獲利能力維持在持續改善、向上的方向。另外，成熟量產專案的 EAC（完工估算）整體而言也都偏有利。所以我會說，在這個事業群內，製造流程與關鍵里程碑交付的表現都很強，這使得利潤率得以維持穩定並呈現上升趨勢。

John Godyn, Citi.

John Godyn，花旗（Citi）。

This is Jeremy Jason on for John Godyn. I just kind of wanted to ask -- so since we last spoke, we saw the largest IPO in history. So from a Space perspective, what's your overall broad assessment of demand for Space as it relates to Defense?

我是代替 John Godyn 的 Jeremy Jason。我想問一下——自從我們上次交流以來，我們看到了史上最大規模的 IPO。因此從太空（Space）的角度來看，你對「與國防相關的太空需求」整體、廣泛的評估是什麼？

Thanks, Jeremy. So in my prepared remarks, I talked a bit about our Space business and the fact that particularly with National Security Space, inclusive of our space resiliency offerings, our intelligence surveillance, and reconnaissance efforts as well as missile defense. We are seeing that as one of the strongest areas, not only of US budget growth but also our own projected growth as we look out through the remainder of this year and into net.

謝謝你，Jeremy。在我事先準備的發言中，我談到一些我們的太空業務，特別是在國家安全太空領域——包含我們的太空韌性（space resiliency）方案、情監偵（intelligence, surveillance, and reconnaissance）工作，以及飛彈防禦。我們看到這是最強勁的領域之一，不僅在美國預算成長上如此，從我們自身的成長預測來看也是如此——無論是今年剩餘期間，或是展望到明年。

And we see it growing to be a more sizable part of our overall portfolio, generating about 15% of the revenues for the company as that area grows double digit. So we definitely see that space as a marketplace in the US is growing.

我們也看到它成長為我們整體投資組合中更具規模的一部分，隨著該領域以兩位數成長，約為公司帶來15%的營收。因此，我們確實看到在美國，太空這個領域作為一個市場正在成長。

I will also note, we are starting to see increased demand internationally for space as well. Different offerings there, obviously, from an export perspective, but we have a growing pipeline outside the US for our Space portfolio too.

我也要指出，我們開始看到國際上對太空的需求也在增加。當然，從出口角度來看，那裡的產品/服務組合不同，但我們在美國以外的太空業務組合也有一條正在成長的案源管線。

Awesome. That's really, really helpful. And as a quick follow-up, can you go over your plans for MRV and your involvement in these more commercial markets?

太棒了。這真的、真的很有幫助。另外快速追問一下，你能談談你們對MRV的規劃，以及你們在這些更商業化市場中的參與情況嗎？

Yes. So our MRV offering as part of our larger satellite servicing market that we have been operating in to provide life extension to satellites. This offering brings robotic arms that allow us to do more servicing operations satellites. We expect both commercial and government clients to be interested in this capability because as I noted, it's about extending the life of these high-value assets and being able to do that and reduce maintenance and replenishment costs.

可以。因此，我們的MRV產品是我們更大型的衛星在軌服務市場的一部分；我們一直在該市場中運營，為衛星提供延壽服務。這項產品帶來機械手臂，使我們能對衛星執行更多在軌維修/服務作業。我們預期商業與政府客戶都會對這項能力感興趣，因為如我所提，這關乎延長這些高價值資產的壽命，並能降低維護與補充/汰換成本。

So this is an area where we have taken a commercial model, meaning we've invested, we will deploy the capability. And in 2027, it will become operational. It takes us a while to get it into the right orbit and to test it and begin servicing, but we next year, expect this a part of our service offerings.

因此，這是我們採取商業模式的一個領域，也就是我們已投入資本，並將部署這項能力。並且在2027年將投入運作。我們需要一些時間把它送入合適軌道、進行測試並開始提供服務，但我們預期明年它會成為我們服務產品的一部分。

Scott Deuschle, Deutsche Bank.

Scott Deuschle，德意志銀行。

Kathy, would you be able to share any details with respect to what your market share on this upcoming PAC-3 contract might look like? Is this a small share position you're pursuing? Or do you see a path for Northrop to play a substantial role in this program?

Kathy，關於即將到來的PAC-3合約，你是否能分享你們可能取得的市占率會是什麼樣子？你們追求的是較小的份額定位嗎？還是你認為諾斯洛普在這個計畫中有機會扮演相當重要的角色？

So Scott, at first, because we are a brand-new supplier, we will start at a smaller scale, and that will grow over time. I'm not at liberty to share exact quantities with you. But just sufficient to say we are focused on performing in these early production deliveries and believe that in doing so, that will gain us the credibility to continue to scale.

Scott，起初因為我們是全新的供應商，我們會先從較小規模開始，並隨時間擴大。我無法向你透露確切數量。但可以說的是，我們專注於在早期量產交付中把執行做好，並相信這樣做能建立我們的可信度，讓我們得以持續擴產。

Okay. And then John, consensus is forecasting about a 7% revenue CAGR at Defense Systems over the next three years. I guess just as you look across the segment, across all of these awards you got this quarter, the gross initial IBCS international, do you see a path to deliver growth better than that 7%?

了解。接著John，市場共識預估未來三年國防系統（Defense Systems）的營收年複合成長率約為7%。我想問的是，當你檢視整個事業部、以及你們本季拿到的所有獎項、IBCS國際首批（gross initial IBCS international）等，你是否看到一條路徑能交出優於7%的成長？

Yeah. So I'm going to talk about the current year and then try to refrain from giving too many details on the outer years largely because we've work through the strategic plan, and we've got some more details to do to kind of firm out the outer years.

是的。我會先談當年度，並盡量避免對更遠期年度提供太多細節，主要是因為我們正在推進策略規劃，還需要一些工作來把更遠期年度的內容進一步落實。

But what I will say is the execution in the quarter on the strong book-to-bill, the execution last year on the book-to-bill and the marquee program, Sentinel B-21, weapons demand all provide growth drivers that should enable the company over time to accelerate revenue relative to what it's done historically.

但我想說的是，本季在強勁的訂單出貨比（book-to-bill）上的執行、去年在訂單出貨比上的執行，以及旗艦計畫（Sentinel、B-21）與武器需求，都是成長驅動因素，應能讓公司隨時間推進，使營收增速相較於過去的歷史表現有所加快。

David Strauss, Wells Fargo.

David Strauss，富國銀行。

I guess a follow-up there. Kathy, I think in some recent public forums, you've spoken of an acceleration in growth that space next year as well as MS, where the growth is relatively low this year. So taking that with what I would assume to be pretty strong growth still at DS and as we move into '27. I mean is it possible that revenue growth could be in the high single-digit range next year?

我想就此追問一下。Kathy，我記得你在一些近期公開場合提到，明年太空業務的成長會加速，另外MS也是如此，而MS今年成長相對偏低。再加上我推測DS仍會維持相當強勁的成長，並且我們往2027年走。我的意思是，明年營收成長有可能落在高個位數區間嗎？

So -- as John said, we're going to refrain from putting a number around 2027 growth. But we are outlining reasons for optimism. You heard in the call the book-to-bill of 1.25 times. We've talked about the international growth being double digit. We have spoken about not only those tailwinds to top line but also tailwinds to margin as we start to shift mix away from mostly development to more production, and those being the key drivers of our higher-margin performing businesses this year. So really a lot to be optimistic about as we look forward to 2027.

所以——如John所說，我們會避免對2027年的成長給出一個具體數字。但我們正在闡述樂觀的理由。你在電話會議中聽到訂單出貨比為1.25倍。我們也談到國際成長是兩位數。我們也提到，不僅營收端有這些順風，隨著我們的組合從以研發為主逐步轉向更多量產，毛利率也有順風，而這些正是今年我們高毛利、表現良好業務的關鍵驅動因素。因此，展望2027年，確實有很多值得樂觀的地方。

And I will also note the budget for the US has our program very well supported in the base budget. So we're not dependent on significant supplemental or incremental funding above the base budget to drive that growth into 2027.

我也要補充，美國預算在基本預算（base budget）中對我們的計畫提供了非常充分的支持。因此，我們不需要依賴在基本預算之上大幅的補充或增量資金，來推動到2027年的成長。

Okay. And then as a follow-up, I guess, pivoting over on the free cash flow side, I think you've obviously highlighted a little bit higher CapEx profile than maybe you were thinking a bit ago when you originally gave the '27, '28 forecast for free cash flow. If you could just update us kind of on your thoughts there and whether that prior guidance holds even with the higher CapEx profile?

好的。接著追問一下，我想把焦點轉到自由現金流。你們顯然提到資本支出（CapEx）輪廓比你們先前在最初給出2027、2028年自由現金流預測時所想的要高一些。你能否更新一下你們目前的想法，以及在CapEx較高的情況下，先前的指引是否仍然成立？

Yeah. Thanks for that. So I'm going to go back to kind of operating cash flows first and talk about that. So from '23 through the current year, operating cash flows have increased about 30%. So the business continues to generate cash and a great deal of cash quarter-over-quarter.

好的。謝謝這個問題。我先回到營運現金流來談。從2023年到今年，營運現金流增加了約30%。因此，業務持續產生現金，而且每一季都能產生相當可觀的現金。

As we look at the outer years in terms of free cash flows, so what we tried to do is give a view on CapEx, that 4.5% of sales. We're going to continue to work that and manage that in order to turn that operating cash flow into free cash flow. So the '27 and '28 numbers and then beyond, we're going to continue to refine that through this quarter and then we'll be prepared to give a view third quarter and then an updated view in the fourth quarter.

至於更遠期年度的自由現金流，我們嘗試提供對CapEx的看法，也就是銷售額的4.5%。我們會持續推進並管理這部分，以便把營運現金流轉化為自由現金流。至於2027、2028年的數字以及更往後，我們會在本季持續精煉，並準備在第三季提供看法，並在第四季給出更新的看法。

I do want the audience to recognize that we understand how important free cash flow is for our investors, and the fact that we use that free cash flow effectively. We're investing to support our customers' demand right now and we'll continue to do that. And at the right time, we will begin to evaluate the CapEx spend to make sure didn't make sense. But right now, first and foremost, is continue to invest to meet the demand signals that we're seeing.

我也希望聽眾理解，我們明白自由現金流對投資人有多重要，以及我們會有效運用這些自由現金流。我們目前正在投資以支援客戶的需求，並會持續這麼做。在適當的時點，我們會開始評估CapEx支出，以確保其合理且有意義。但眼下，首要之務仍是持續投資，以滿足我們所看到的需求訊號。

Matt Akers, BNP Paribas.

Matt Akers，法國巴黎銀行（BNP Paribas）。

Kathy, I wanted to ask about unmanned demand. We saw the recent order from NATO for Triton. Just curious what you're seeing there and that could be a contributor to -- trying to double the international business as you talked about.

Kathy，我想問一下無人系統的需求。我們看到北約最近對Triton的訂單。想請教你們目前看到的情況，以及這是否可能成為——如你所說——推動國際業務倍增的貢獻因素？

Yes. We are very pleased that NATO has expressed interest in buying up to five Triton. We expect to work with them throughout the remainder of this year to get on contract next. And we see this as endorsement for products like Triton that are mature production programs that we can deliver off of our production line with relative speed and being able to support a very important mission of surveillance in the high north.

是的。我們非常高興北約表達了有意採購最多五架Triton。我們預期在今年剩餘時間與他們合作，並在明年完成簽約。我們也將此視為對Triton這類產品的背書：它是成熟的量產計畫，我們能以相對快速的速度從產線交付，並能支援在高北地區執行一項非常重要的監視任務。

We do see our unmanned systems continuing to contribute to our overall company, international growth, but we have numerous growth drivers internationally. I talked on this call about munitions, IBCS. We have talked also about other platforms like E-2D, manned platforms that are driving international demand at the moment. So it really is a broad-based set of international offerings that we see driving that overall growth that I spoke to earlier on the call.

我們確實看到我們的無人系統持續為公司整體與國際成長做出貢獻，但我們在國際市場也有多項成長驅動因素。我在這通電話中談到了彈藥、IBCS。我們也談到其他平台，例如 E-2D、有人平台，這些目前正帶動國際需求。因此，正如我先前在電話中提到的，我們看到推動整體成長的是一套廣泛的國際產品與方案組合。

Yeah. Great. And if I could do one more, I guess, is it possible to give us any update on what's going on with Golden Dome? And I know you guys are working on the space-based interceptors, but any thoughts on how that's going? And I don't know if it's possible to quantify how much that's contributing for this year?

是的。很好。如果我可以再問一個，想請問是否能更新一下 Golden Dome 的最新進展？我知道你們正在研發天基攔截器，但對目前進度有什麼看法？另外，不知道是否能量化它今年對業績的貢獻有多少？

So Golden Dome, as you know, is a collection of programs that create our homeland missile defense architecture. And so it is a series of competitions as well as sole source additions to contracts that we already have in place.

關於 Golden Dome，如你所知，它是一系列計畫的集合，用以建立我們本土的飛彈防禦架構。因此，它包含一連串的競標案，以及對我們既有合約進行的單一來源（sole source）增補。

We started to see reconciliation dollars be allocated earlier this year. I spoke to that in our first quarter call that that was somewhat slow coming into the year, it opened up as we entered into the second quarter, and we are seeing those funds be put on to contract. We expect that, that will continue to be the case and that we will see more selection decisions and contract actions throughout the remainder of this year and into early next. The revenues from Golden Dome related activity will continue to scale.

我們今年稍早開始看到和解法案（reconciliation）的資金開始分配。我在第一季電話會議中提到，年初資金進來的速度有些慢，但進入第二季後開始打開，我們也看到這些資金被納入合約。我們預期這種情況會持續，並且在今年剩餘時間以及明年初會看到更多的遴選決策與合約動作。與 Golden Dome 相關活動帶來的營收將持續擴大。

Justin Lang, Morgan Stanley.

Justin Lang，摩根士丹利。

This is Justin on for [Kristine] this morning. I wanted to ask one on the microelectronics business. Kathy, you've given some great color in the past around this business and the work you're doing at the foundry. So I was just hoping you could update us on how that business is faring and how the growth outlook there might compare to the rest of the MS portfolio given both internal and external demand?

我是今天早上代替 [Kristine] 的 Justin。我想問一個關於微電子業務的問題。Kathy，你過去對這項業務以及你們在晶圓代工廠（foundry）所做的工作提供了很好的說明。所以我想請你更新一下這項業務目前的表現如何，以及在內部與外部需求的帶動下，其成長展望相較於 MS 產品組合的其他部分可能會如何？

Yeah. Thanks for the question. We do continue to, in that business, offer both solutions for governments and commercial customers. We are experiencing some program life cycle dynamics, growth in that business has been lower this year, particularly in our restricted microelectronics area. We expect demand to increase over time.

好的。謝謝你的問題。我們在這項業務中仍持續同時為政府與商業客戶提供解決方案。我們正經歷一些專案生命週期的動態變化，今年該業務的成長較低，特別是在我們的受限微電子領域。我們預期需求會隨時間增加。

As we've spoken about, this is an important enabler, not only to our products, where we vertically integrate these microelectronics into offerings in MS, Space and to Aeronautics, as well as weapon systems in DS, but also where we sell them to other customers who rely on them for secure processing in a wide range of product lines. So that underlying demand that is fueling the microelectronics business is still robust. It's just a bit of a temporary year-over-year compare after growing very strongly last year, growing less so this year.

如同我們先前談到的，這是一項重要的使能技術，不僅用於我們的產品——我們將這些微電子垂直整合到 MS、Space 與 Aeronautics 的產品方案中，也整合到 DS 的武器系統中——同時我們也將其銷售給其他客戶，這些客戶在多種產品線中依賴它來進行安全處理。因此，支撐微電子業務的底層需求仍然強勁。只是因為去年成長非常強勁，今年相較之下年對年成長幅度較小，屬於短期的比較基期因素。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

John, I just had a quick question. I appreciate the color on what gives you line of sight to low 11% margins at both DS and Space in the second half of this year. Is that low 11% margin rate for both those segments, the right jumping off point for 2027?

John，我只有一個簡短問題。謝謝你說明為何你們在今年下半年對 DS 與 Space 兩個部門的低 11% 利潤率有能見度。那麼，這兩個部門的低 11% 利潤率水準，是否是 2027 年建模時合適的起點？

Yeah. We're focused on 2027, and I get it. I will say this that the businesses have really strong backlogs. We're working through kind of the one program issue at DS; you pull that out and those margins are about 11%. And then we've given a fair amount of detail on the rest of the segment.

是的。我們確實聚焦在 2027，我理解你的問題。我想說的是，這些業務都有非常強勁的在手訂單（backlog）。我們正在處理 DS 的一個專案問題；把那個因素剔除後，利潤率大約是 11%。而且我們也已就該部門其餘部分提供了相當多的細節。

So I'm not going to suggest how exactly you model. But what I will say is we have confidence in the execution capabilities of the firm and the ability to continue to drive strong margins through the second half of this year and into next year.

所以我不會建議你應該如何精確建模。但我想說的是，我們對公司執行能力有信心，也有能力在今年下半年以及明年持續推動強勁的利潤率表現。

Okay. And then a quick one for Kathy. On MRV, you probably can't provide quantitative terms here. But just from a qualitative perspective, what's the potential market for an offensive version of that spacecraft that could be used to disable adversary satellites?

好的。接著一個給 Kathy 的快問。關於 MRV，你可能無法提供量化數字。但從質化角度來看，若是該航太器的攻擊型版本可用於癱瘓對手衛星，其潛在市場會是什麼樣子？

I appreciate the question. I will leave it up to the US government to decide how that capability might fulfill mission objectives that they have in that regard. But certainly, it's our objective to offer our clients options for technology deployment and for them to determine policy for when and how they might deploy that technology.

謝謝你的問題。我會把是否以及如何讓該能力滿足其相關任務目標的決定，留給美國政府。但可以確定的是，我們的目標是為客戶提供技術部署的選項，並由他們來決定在何時以及如何部署該技術的政策。

Andre Madrid, BTIG.

Andre Madrid，BTIG。

I know you mentioned marine as a growth driver Mission Systems. This is not part of the business that I think often gets highlighted. Looking at also recent M&A activity amongst peers in this space, what more can you share about your marine business today and maybe where it's going? Is this a mission area in which you might look to invest more organically or inorganically?

我知道你提到海事（marine）是 Mission Systems 的成長驅動因素。我認為這部分業務並不常被特別強調。同時觀察同業近期在這個領域的併購活動，你能否多分享一些你們目前的海事業務狀況，以及未來可能的走向？這是否是一個你們可能會考慮以有機或無機方式加大投資的任務領域？

So we do have exposure to multiple aspects of the marine marketplace. The one that we talk about most is the work we're doing on propulsion for the modernization of the nuclear navy. And that is the biggest growth driver in our marine business and expect it to continue to be so as we move through what are the early stages, just delivering on our first low-rate initial production units, to scale that over time and continue to produce throughout this and the next decade.

我們確實在海事市場的多個面向都有布局。我們談得最多的是我們在核動力海軍現代化推進系統（propulsion）方面所做的工作。這是我們海事業務最大的成長驅動因素，而且我們預期在未來仍會如此：我們正處於早期階段，剛交付首批低率初始量產（LRIP）單位，接下來會隨時間擴大規模，並在本十年與下一個十年持續生產。

So we are really pleased that that set of programs has come out of development and now is in production. Our team is executing very well to drive schedule improvement and be able to improve our overall performance, thus our margins on that business. And we expect it not only to be a key growth driver, but also a key performance driver for the foreseeable future.

因此，我們對這一系列計畫已經走出研發、現在進入量產感到非常滿意。我們的團隊執行得非常好，推動時程改善並提升整體績效，進而改善該業務的利潤率。我們預期它不僅會是關鍵的成長驅動因素，也會在可預見的未來成為關鍵的績效驅動因素。

Got it. It's really helpful. And then maybe broadening to the international pipeline. Can you give us more color there? I know you mentioned the Kuwait order. Maybe how is the Middle East looking as a broader market? And on that same note, are you seeing any meaningful reforms occurring around the FMS process that could hopefully speed that up?

了解。這非常有幫助。接著把範圍擴大到國際管線（pipeline）。你能否提供更多說明？我知道你提到科威特的訂單。中東作為更廣泛的市場，目前看起來如何？同樣地，你們是否看到 FMS（對外軍售）流程出現任何有意義的改革，能夠希望加快進度？

Yes. So we announced the Kuwait order, as you said, for the six systems in this quarter. We also have a letter of request in from UAE and Qatar for our IBCS system and we're in discussions with multiple other Middle East countries. All of this is a result of the importance of missile defense as demonstrated in the recent conflicts for cruise missiles and drone, both detection and interception. And of course, the IBCS product line is designed for that exact short- and medium-range integrated air and missile defense mission. So we expect that to continue.

是的。如你所說，我們在本季宣布了科威特的訂單，為六套系統。我們也收到來自阿聯（UAE）與卡達（Qatar）針對我們 IBCS 系統的採購請求函（letter of request），並且正與多個其他中東國家進行討論。這一切都源自近期衝突所展現的飛彈防禦重要性，涵蓋巡弋飛彈與無人機的偵測與攔截。當然，IBCS 產品線正是為了短程與中程的整合式防空與飛彈防禦任務而設計。因此，我們預期這股趨勢會持續。

With regard to how quickly we're able to progress FMS cases, we've seen a real improvement there. FMS cases are being approved at a much more rapid rate. We're significantly ahead of what we experienced in prior years. And I appreciate the focus that this administration has put on the cross-agency work that goes into expediting those FMS cases.

關於我們能以多快速度推進 FMS 案件，我們已看到實質改善。FMS 案件正以更快的速度獲得核准。我們明顯領先於過去幾年的經驗。我也感謝本屆政府對跨機關協作的重視，這些工作有助於加速那些 FMS 案件。

Peter Arment, Baird.

Peter Arment，Baird。

Kathy, on the Defense Systems, EAC adjustment and investment spending on tactical missiles, I mean, how do you handicap kind of the cost growth from here? I mean would you characterize it like we're in the mid-innings, late innings, and just confidence around the double-digit margin guidance for the second half of the year for DS?

Kathy，關於國防系統（Defense Systems）、EAC 調整以及在戰術飛彈上的投資支出，我的意思是，你如何評估從現在起的成本成長？我的意思是，你會把它形容為比賽中段、後段嗎？以及對於 DS 在今年下半年雙位數毛利率指引的信心如何？

Yes. So I appreciate the question. And we have brought in independent resources to really shore up our assumptions that sit behind that EAC. So I do have confidence that we have a plan that is executable and the team in place.

是的。所以我很感謝這個問題。我們已引入獨立資源，來真正強化支撐該 EAC 背後的各項假設。因此我確實有信心，我們有一個可執行的計畫以及到位的團隊。

We've added resources, as I said earlier, not just people resources, but infrastructure to allow us to execute that plan, and we have had agreements with our customer that gives me confidence that we are in lockstep with them on what needs to be delivered. So those risks being well understood is generally the key to being able to have confidence in the go-forward plan and the estimated cost, and we are there.

如我先前所說，我們已增加資源，不只是人力資源，也包括基礎設施，以便我們能執行該計畫；而且我們也與客戶達成協議，讓我有信心我們與他們在需要交付的內容上步調一致。因此，充分理解這些風險通常是能對後續計畫與估計成本建立信心的關鍵，而我們已經做到這點。

With that said, we are not done the qualification until we are, there is risk, but we will continue to keep you updated. And I feel very confident that we have a good plan to execute.

話雖如此，在我們完成資格認證之前就還不算完成；仍然存在風險，但我們會持續向各位更新。而我非常有信心，我們有一個良好的執行計畫。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

I was wondering if you could elaborate on the $10 billion of SRM opportunity over seven years. And how we should think about the company's protection against inflation? How we should think about pricing on that as you price out so long? And what that might mean for the profitability of that business over time?

我想請你進一步說明七年內 100 億美元的 SRM 機會。以及我們應如何看待公司對抗通膨的保障？在你們把定價拉得這麼長期時，我們應如何看待其定價方式？以及這對該業務長期獲利能力可能意味著什麼？

Yeah. Gautam, thank you for the question. Those negotiations are ahead of us. What we have now is a set of opportunities, and we are working with our respective Department of War and prime customers to identify what those negotiation points of price and fee will be and the investments that we need to make and the recovery of those over time.

好的。Gautam，謝謝你的問題。那些談判還在前面。我們目前掌握的是一組機會，我們正與各自的戰爭部門（Department of War）以及主承包客戶合作，釐清價格與費用的談判要點、我們需要投入的投資，以及這些投資如何隨時間回收。

The framework agreements lay out a construct for those. And then as we work through this year, and as I noted, probably even into early next as funding becomes available, we'll work through the finer points to definitize contracts.

框架協議為此提供了一個架構。接著在今年的推進過程中，正如我提到的，可能甚至延伸到明年初、隨著資金到位，我們將就更細部的條款進行協商，以完成合約定案（definitize）。

I assure you, we will work with discipline as we do on all of our contracts. In many cases, we have invested so that we have capacity available now. And we have gotten through qualification, which means we understand what we need to build, and these will look more like mature production programs, but we will ensure that we incorporate any risk that we have into our assumptions for pricing.

我向各位保證，我們會像對待所有合約一樣，以紀律方式推進。在許多情況下，我們已先行投資，使目前就具備可用產能。而且我們已完成資格認證，這表示我們了解需要製造什麼；這些案子將更像成熟的量產計畫，但我們會確保把任何風險納入我們對定價的假設之中。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

I just wanted to ask about the size of the positive adjustment on Sentinel in the quarter. Was that effectively offset by the higher investment in AARGM, that's why we should be thinking about the 11% [XD] Stand-in Attack Weapon?

我想問一下本季 Sentinel 正向調整的規模。那是否基本上被 AARGM 較高的投資所抵銷，因此我們應該用 11% [XD] Stand-in Attack Weapon 來理解？

That's good analysis is what I would say on that. So it wasn't material enough to break out separately. So we don't want to create a precedent on identifying low dollar items because it's just probably won't stop. So we kept to the precedent, but as you described, a good way to think about it.

我會說這是很好的分析。所以它並不重大到需要單獨拆出來說明。我們不想在辨識小額項目上開先例，因為那大概就會沒完沒了。因此我們維持既有慣例；但如你所描述的，那是一個很好的理解方式。

Okay. And then, Kathy, on Space, the largest new start program in the fiscal '27 submission was space-based AMTI. And then SpaceX subsequently, you quickly got a $4 billion award on that program. Can you describe where Northrop is planning to compete either as a prime or a supplier within space-based AMTI or GMTI space based?

好的。然後，Kathy，關於太空業務，在 2027 財年預算送審中，最大的新增啟動計畫是天基 AMTI。而 SpaceX 隨後很快就在該計畫上拿到 40 億美元的授標。你能否說明 Northrop 計畫在天基 AMTI 或天基 GMTI 中，將以主承包商或供應商身分在哪些部分參與競標？

So as you know, it is an attractive segment of the market where we do have capability. We are looking at future tranches of requirements that we would be able to be responsive to won't get out ahead of ourselves on any decisions with regard to bids at this point, but it is a market that we believe we have opportunity to play in.

如你所知，這是一個具吸引力的市場區隔，而我們確實具備能力。我們正在評估未來批次（tranches）的需求，我們將能夠做出回應；目前我們不會在任何投標決策上操之過急，但我們相信這是我們有機會參與的市場。

Well, thank you all for joining our call today. As you've heard from both John and I, we see the robust demand for our products around the globe, and we are optimistic. As we sit here today, the US budgets will continue to fully support our program.

非常感謝各位今天參加我們的電話會議。正如各位從 John 和我這裡聽到的，我們看到全球對我們產品的強勁需求，我們也抱持樂觀。以我們今天所處的情況來看，美國預算將持續充分支持我們的計畫。

We are also confident that we are on a path for improved margin performance in the second half, and we recognize how important that is. Our team is fully committed to addressing the two program items that we spoke about today and delivering strong performance on those in the second half while continuing the excellent performance that we have in the rest of the portfolio with company margins nearing high 11s without those two EAC adjustments. And that performance needs to continue, and we are committed to making it so that we can drive the increase in sales and EPS that we've committed to in our updated guide.

我們也有信心，我們正走在下半年改善利潤率表現的路徑上，而我們也了解那有多重要。我們的團隊完全致力於處理今天談到的兩個計畫項目，並在下半年在這兩項上交出強勁表現，同時延續我們在其餘產品組合中的優異表現；若不計這兩項 EAC 調整，公司利潤率將接近 11% 高段。而那樣的表現必須持續下去；我們也承諾會做到，讓我們能推動在更新後指引中所承諾的營收與 EPS 成長。

So thanks again for joining our call. John and Adam look forward, as always, to following up with you on any additional questions that you have.

再次感謝各位參加我們的電話會議。John 和 Adam 也一如既往，期待就各位的任何其他問題與各位後續交流。

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

謝謝。各位女士、先生，今天的電話會議到此結束。感謝各位的參與。