達信公司 (TXT) 2023 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Q1 2023 Textron Earnings Release Conference Call. (Operator Instructions) As a reminder, today's conference is being recorded. I would now like to turn the conference over to your host, Mr. Eric Salander, Vice President of Investor Relations. Please go ahead, sir.

感謝您的支持，歡迎參加 2023 年第一季度德事隆收益發布電話會議。 （操作員說明）提醒一下，今天的會議正在錄製中。我現在想把會議轉交給你的主持人，投資者關係副總裁 Eric Salander 先生。請繼續，先生。

Thanks, Bradley, and good morning, everyone. Before we begin, I'd like to mention we will be discussing future estimates and expectations during our call today. These forward-looking statements are subject to various risk factors, which are detailed in our SEC filings and also in today's press release.

謝謝，布拉德利，大家早上好。在我們開始之前，我想提一下，我們將在今天的電話會議上討論未來的估計和期望。這些前瞻性陳述受各種風險因素的影響，這些因素在我們向美國證券交易委員會提交的文件和今天的新聞稿中有詳細說明。

On the call today, we have Scott Donnelly, Textron's Chairman and CEO; and Frank Connor, our Chief Financial Officer.

今天的電話會議有德事隆董事長兼首席執行官 Scott Donnelly；和我們的首席財務官 Frank Connor。

Our earnings call presentation can be found in the Investor Relations section of our website. Revenues in the quarter were $3 billion, up $23 million from last year's first quarter. Segment profit in the quarter was $259 million, down $18 million from the first quarter of 2022.

我們的收益電話演示可以在我們網站的投資者關係部分找到。本季度收入為 30 億美元，比去年第一季度增加 2300 萬美元。該季度的部門利潤為 2.59 億美元，比 2022 年第一季度下降 1800 萬美元。

During this year's first quarter, we reported net income of $0.92 per share. Adjusted net income, a non-GAAP measure, was $1.05 per share compared to $0.97 per share in last year's first quarter.

今年第一季度，我們公佈的每股淨收益為 0.92 美元。調整後的淨收入（一項非 GAAP 指標）為每股 1.05 美元，而去年第一季度為每股 0.97 美元。

Manufacturing cash flow before pension contributions, a non-GAAP measure, totaled $104 million in the quarter compared to $209 million in the first quarter of 2022.

非美國通用會計準則衡量的養老金繳款前的製造業現金流在本季度總計 1.04 億美元，而 2022 年第一季度為 2.09 億美元。

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

有了這個，我會把電話轉給斯科特。

Thanks, Eric, and good morning, everyone. We had a solid first quarter. Revenue is up. Aviation, Industrial and Systems largely offset by lower revenues at Bell, consistent with our expectations. In Aviation, in the quarter, we delivered 35 jets, down from 39 last year and 34 commercial turboprops, up from 31 in last year's first quarter. Aviation continued to see solid demand across jet and turboprop products. Backlog grew $136 million, ending the first quarter at $6.5 billion.

謝謝，埃里克，大家早上好。我們有一個穩定的第一季度。收入增加了。航空、工業和系統業務在很大程度上被貝爾的收入下降所抵消，這與我們的預期一致。在航空領域，本季度我們交付了 35 架噴氣式飛機，低於去年的 39 架，交付了 34 架商用渦輪螺旋槳飛機，高於去年第一季度的 31 架。航空業繼續看到對噴氣式飛機和渦輪螺旋槳飛機產品的強勁需求。積壓訂單增長了 1.36 億美元，第一季度末達到 65 億美元。

In the quarter, Aviation received an initial award on the U.S. Navy Multi-engine Training System contract for 10 King Air 260 aircraft and associated support equipment. This contract includes options for up to 64 aircraft with deliveries in 2024 through 2026.

在本季度，Aviation 獲得了美國海軍多引擎訓練系統合同的初步授標，該合同涉及 10 架 King Air 260 飛機和相關支持設備。該合同包括最多 64 架飛機的選擇權，交付時間為 2024 年至 2026 年。

Textron Aviation's fleet utilization remained strong in the quarter, contributing to aftermarket revenue growth of 9% as compared to last year's first quarter.

德事隆航空的機隊利用率在本季度保持強勁，與去年第一季度相比，售後市場收入增長了 9%。

Moving to Bell. We announced the appointment of Lisa Atherton as the CEO, succeeding Mitch Snyder, who will retire at the end of April. Lisa returned to Bell in January after more than 5 years as the President and CEO of Textron Systems. She's done an outstanding job building strong teams at Bell and Textron Systems in her 16 years for the company and [building] confidence for our military customers.

搬到貝爾。我們宣布任命 Lisa Atherton 為首席執行官，接替將於 4 月底退休的 Mitch Snyder。在擔任 Textron Systems 總裁兼首席執行官 5 年多之後，Lisa 於 1 月重返貝爾。在她為公司工作的 16 年中，她在貝爾和德事隆系統公司建立了強大的團隊並為我們的軍事客戶 [建立] 信心方面做得非常出色。

I want to thank Mitch for his leadership. During his tenure, he oversaw significant wins at Bell's military business, along with development of new technologies and product innovations.

我要感謝米奇的領導。在他任職期間，他見證了貝爾軍事業務的重大勝利，以及新技術和產品創新的開發。

Earlier this month, the FLRAA contract protest was denied, and the U.S. Army subsequently canceled the stop-work order, allowing work on the contract to proceed.

本月早些時候，FLRAA 合同抗議被駁回，美國陸軍隨後取消了停工令，允許合同工作繼續進行。

On the commercial side of Bell, we delivered 22 helicopters, down from 25 in last year's first quarter. During the quarter, we saw solid customer activity across all our commercial products and end markets, including order from the Polish National Police for 4 additional Bell 407s, which will expand their fleet to 7 aircraft.

在貝爾的商業方面，我們交付了 22 架直升機，低於去年第一季度的 25 架。本季度，我們在所有商業產品和終端市場看到了穩定的客戶活動，包括波蘭國家警察訂購了 4 架額外的 Bell 407，這將使他們的機隊數量增加到 7 架。

At Textron Systems, we saw a good margin performance on higher revenues across our programs. During the quarter, Systems' Aerosonde Hybrid Quad was among 5 competing unmanned aero systems that were down selected for increment to the Army's Future Tactical Unmanned Aircraft System competition.

在 Textron Systems，我們的項目收入增加，利潤率表現良好。在本季度，Systems 的 Aerosonde Hybrid Quad 是 5 個競爭的無人航空系統之一，這些系統被選中用於增加陸軍未來戰術無人機系統的競爭。

Also during the quarter, Systems delivered Craft 105 of the U.S. Navy Ship-to-Shore Connector program, the seventh Craft delivered to the Navy. There are now 2 Craft remaining to be delivered under the detailed design and construction contract.

同樣在本季度，Systems 交付了美國海軍艦對岸連接器計劃的 Craft 105，這是交付給海軍的第七艘 Craft。根據詳細設計和施工合同，現在還有 2 艘工藝品有待交付。

Moving to Industrial. We saw higher revenues in the quarter, driven by higher volume, both in Specialized Vehicles and Caltex. Specialized Vehicles, the Golf business continues to see strong demand and pricing for its ELiTE lithium product.

轉向工業。在專用車輛和加德士的銷量增加的推動下，我們在本季度看到了更高的收入。專用車輛，高爾夫業務繼續看到對其 ELiTE 鋰產品的強勁需求和定價。

At Caltex, we announced the first [Panatonic] order from an automotive OEM for a thermoplastic composite underbody battery protection in [Skid Plates]. Skid Plates is part of the company's new [Penatonic] battery system product line, supporting battery electric vehicle production.

在加德士，我們宣布了汽車原始設備製造商的第一個 [松下] 訂單，用於 [防滑板] 中的熱塑性複合材料底部電池保護。 Skid Plates 是該公司新的 [Penatonic] 電池系統產品線的一部分，支持電池電動汽車的生產。

Moving to eAviation. During the quarter, we announced 2 new U.S. distribution partners on the East Coast to further expand [Episol's] existing distribution network.

搬到 eAviation。本季度，我們在東海岸宣布了 2 個新的美國分銷合作夥伴，以進一步擴大 [Episol] 現有的分銷網絡。

Also in the quarter, we finalized the group with Mesa Airlines for 25 Alpha trainer aircraft and an option for 75 additional aircraft. (inaudible) during the quarter, we displayed the Pipistrel Panthera and Bell's [Electro] aircraft, receiving significant customer interest in both models.

同樣在本季度，我們與梅薩航空公司敲定了 25 架阿爾法教練機和 75 架額外飛機的選擇權。 （聽不清）在本季度，我們展示了 Pipistrel Panthera 和 Bell 的 [Electro] 飛機，客戶對這兩種型號產生了濃厚的興趣。

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

有了這個，我會把電話轉給弗蘭克。

Thank you, Scott, and good morning, everyone. Let's review how each of the segments contributed, starting with Textron Aviation. Revenues at Textron Aviation of $1.1 billion were up $109 million from the first quarter of 2022, reflecting higher pricing of $58 million at higher volume of $51 million, which included higher defense and aftermarket volume.

謝謝斯科特，大家早上好。讓我們回顧一下每個細分市場的貢獻，首先是德事隆航空。 Textron Aviation 的收入為 11 億美元，比 2022 年第一季度增加了 1.09 億美元，反映出更高的定價 5800 萬美元和更高的銷量 5100 萬美元，其中包括更高的國防和售後市場銷量。

Segment profit was $125 million in the first quarter, up $15 million from a year ago, largely due to favorable pricing net of inflation of $17 million and the impact from the higher volume and mix, partially offset by an unfavorable impact from performance of $17 million. Backlog in the segment ended the quarter at $6.5 billion.

第一季度的部門利潤為 1.25 億美元，比去年同期增加 1500 萬美元，這主要是由於扣除通貨膨脹後的有利定價 1700 萬美元以及銷量和組合增加的影響，部分被 1700 萬美元的業績的不利影響所抵消.該部門積壓的訂單在本季度末為 65 億美元。

Moving to Bell, revenues were $621 million, down $213 million from last year, as expected, on lower military revenues, reflecting lower spares and support volume in V-22 and H-1 production volume.

轉向貝爾，收入為 6.21 億美元，如預期的那樣比去年減少 2.13 億美元，原因是軍費收入減少，反映出 V-22 和 H-1 生產量的備件和支持量減少。

Segment profit of $60 million was down $31 million from last year's first quarter, primarily reflecting lower volume and mix, partially offset by a favorable impact from performance of $29 million, reflecting lower research and development costs. Backlog in the segment ended the quarter at $4.6 billion.

分部利潤為 6,000 萬美元，比去年第一季度減少 3,100 萬美元，這主要反映了較低的銷量和組合，部分被 2,900 萬美元的業績有利影響所抵消，後者反映了較低的研發成本。該部門積壓的訂單在本季度末為 46 億美元。

At Textron Systems, revenues were $306 million, up $33 million from last year's first quarter, largely reflecting higher volume. Segment profit of $34 million was up $6 million from a year ago, primarily due to a favorable impact from performance. Backlog in this segment ended the quarter at $2 billion.

Textron Systems 的收入為 3.06 億美元，比去年第一季度增加了 3300 萬美元，這在很大程度上反映了銷量的增加。分部利潤為 3400 萬美元，比一年前增加 600 萬美元，這主要是由於業績的有利影響。該部門積壓的訂單在本季度末達到 20 億美元。

Industrial revenues were $932 million, up $94 million from last year's first quarter, largely due to higher volume and mix at both Textron Specialized Vehicles and Caltex.

工業收入為 9.32 億美元，比去年第一季度增加 9400 萬美元，這主要是由於 Textron Specialized Vehicles 和 Caltex 的銷量和組合增加。

Segment profit of $41 million was up $2 million from the first quarter of 2022, primarily due to higher volume and mix and a favorable impact from pricing, net of inflation, principally in the Specialized Vehicles product line, partially offset by an unfavorable impact from performance.

分部利潤為 4,100 萬美元，比 2022 年第一季度增加 200 萬美元，這主要是由於銷量和組合的增加以及定價（扣除通貨膨脹）的有利影響（主要在專用車輛產品線），部分被業績的不利影響所抵消.

Textron eAviation segment revenues were $4 million, and segment loss was $9 million in the quarter, primarily reflecting research and development costs. Finance segment revenues were $12 million and profit was $8 million.

本季度德事隆 eAviation 部門的收入為 400 萬美元，部門虧損為 900 萬美元，主要反映了研發成本。金融部門收入為 1200 萬美元，利潤為 800 萬美元。

Moving below segment profit, corporate expenses were $39 million, net interest expense was $17 million, LIFO inventory provision was $25 million, intangible asset amortization was $10 million, and the non-service component of pension and postretirement income were $59 million. In the quarter, we repurchased approximately 5.2 million shares, returning $377 million in cash to shareholders.

低於分部利潤，公司支出為 3900 萬美元，淨利息支出為 1700 萬美元，後進先出法存貨準備金為 2500 萬美元，無形資產攤銷為 1000 萬美元，養老金和退休後收入的非服務部分為 5900 萬美元。本季度，我們回購了大約 520 萬股股票，向股東返還了 3.77 億美元現金。

To wrap up with guidance, we are reiterating our expected full-year adjusted earnings per share to be in a range of $5 to $5.20. We also continue to expect full-year manufacturing cash flow before pension contributions of $900 million to $1 billion.

最後，我們重申我們預計全年調整後每股收益將在 5 美元至 5.20 美元之間。我們還繼續預計養老金繳款前的全年製造業現金流為 9 億至 10 億美元。

That concludes our prepared remarks. So Bradley, we can open the line for questions. Bradley?

我們準備好的發言到此結束。那麼布拉德利，我們可以打開問題熱線。布拉德利？

Of course. And our first question comes from the line of Sheila Kahyaoglu with Jefferies.

當然。我們的第一個問題來自 Sheila Kahyaoglu 與 Jefferies 的合作。

I wanted to ask about Bell profitability. Frank, I think you mentioned some favorable performance in there. But with the FLRAA protest now cleared, how does this change the trajectory of Bell profit?

我想問問貝爾的盈利能力。弗蘭克，我想你在那裡提到了一些有利的表現。但是，隨著 FLRAA 抗議活動的結束，這將如何改變 Bell 的利潤軌跡？

And how are you thinking about the dilution, just given the development work? And just thinking about the bid overall, Textron's development value was nearly 2x [Lockheed]. So how do we think about this in terms of revenue contribution?

鑑於開發工作，您如何考慮稀釋？僅考慮整體投標，德事隆的開發價值幾乎是 [洛克希德] 的 2 倍。那麼我們如何從收入貢獻的角度考慮這一點？

Well, I'd say that we had anticipated or we had planned basically for a delay in FLRAA when we gave our guidance. So FLRAA is going to roll in consistent with how we had seen Bell in terms of the $3.3 billion of revenue and [8.25%, 9.25%], not guidance. Obviously, we had margins above that for this quarter. So we do expect to be within that margin range that we had guided to.

好吧，我想說的是，當我們給出指導時，我們已經預料到或基本上計劃延遲 FLRAA。因此，就 33 億美元的收入和 [8.25%，9.25%]，而不是指導而言，FLRAA 將與我們對貝爾的看法保持一致。顯然，我們本季度的利潤率高於此。因此，我們確實希望在我們指導的保證金範圍內。

We do expect to see revenue growth. So we think this will be the low quarter for Bell from a revenue standpoint. So as FLRAA kicks in, we talked about that being a lower contribution margin. We'll see ultimately kind of where we get in terms of booking rates on that, but we'd expect volume growth with some margin headwinds associated with that revenue coming in.

我們確實希望看到收入增長。因此，我們認為從收入的角度來看，這將是貝爾的低谷季度。因此，隨著 FLRAA 的啟動，我們談到了較低的邊際貢獻率。我們最終會看到預訂率方面的情況，但我們預計銷量會增長，但與收入相關的利潤率會出現一些不利因素。

But overall, the team did a really nice job from a cost structure standpoint in this quarter, offsetting that decline in volume, and we feel good about kind of how Bell is positioned and the performance of the business.

但總的來說，從本季度的成本結構角度來看，該團隊做得非常好，抵消了銷量的下降，我們對貝爾的定位和業務表現感到滿意。

And then just maybe, Scott, one for you. How do we think about Aviation pricing? I think you mentioned $58 million of gross price or 5%. Is that sort of what we should expect on the growth side? And how do we think about that as the dynamics of the market are changing?

然後也許，斯科特，給你一個。我們如何看待航空定價？我想你提到了 5800 萬美元的總價或 5%。這是我們在增長方面應該期待的嗎？隨著市場動態的變化，我們如何看待這一點？

Yes. I think so, Sheila. Look, I mean, obviously, the pricing is well built into the backlog. I think we are on track in terms of our expectations on costs. So I would continue to expect to see pricing net of inflation as a positive.

是的。我想是的，希拉。看，我的意思是，很明顯，定價很好地融入了積壓工作中。我認為我們在成本預期方面走上正軌。因此，我將繼續期望看到通貨膨脹淨定價是積極的。

Demand is still good in the marketplace. I think pricing is stable out there as we look out into the future bookings. So again, I think it's a reasonable expectation to think that we're going to continue to see price net of inflation as a positive, going forward.

市場需求依然良好。我認為在我們展望未來的預訂時，價格是穩定的。因此，我再次認為，認為我們將繼續將通脹後的價格視為積極的，向前發展是一個合理的預期。

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

我們的下一個問題來自 Doug Harned 和 Bernstein 的對話。

When you look at the first quarter, and orders in Aviation, yesterday, we heard from General Dynamics that Gulfstream had some hiccups around the banking crisis that Silicon Valley Bank collapse that actually delayed a lot of decision-making in pushing orders through.

當您查看第一季度和航空訂單時，昨天，我們從通用動力公司得知，灣流在矽谷銀行倒閉的銀行業危機中遇到了一些小問題，這實際上推遲了許多推動訂單的決策。

How did you find that period at Aviation? Have you seen similar things there in terms of order flow?

你是如何找到航空那段時間的？你在訂單流方面看到過類似的事情嗎？

Look, I don't know that I would pin something specifically to Silicon Valley Bank, but I mean we had a positive -- greater than 1:1 book-to-bill in the quarter, which is good. We kind of guided to around a 1:1 book-to-bill. I think the lead time that we have right now in aircraft is in a pretty healthy place. And that's kind of what we're targeting.

聽著，我不知道我會特別指出矽谷銀行，但我的意思是我們有一個積極的 - 本季度的訂單出貨比大於 1：1，這很好。我們有點被引導到大約 1:1 的預訂到賬單。我認為我們現在在飛機上的交貨時間非常健康。這就是我們的目標。

I guess I would say that any time you have financial disruption or adverse events out there in the economy in general, it's certainly easy for people to say, "Hey, look, let me think about it or wait a little bit." I think the good position we have right now is we have enough backlog out there that even if you have a quarter where you're down below 1:1, that's not the end of the world.

我想我會說，任何時候你在經濟中出現金融中斷或不利事件時，人們肯定很容易說，“嘿，看，讓我考慮一下或稍等一下。”我認為我們現在的優勢是我們有足夠的積壓，即使你有一個季度低於 1:1，那也不是世界末日。

If somebody defers out there for a few months, that's not a problem. That's the beauty of having a backlog.

如果有人推遲幾個月，那不是問題。這就是積壓的美妙之處。

So unlike previous periods where you had some interruption and you'd see a delay, then that would hit you in terms of revenue and profit in the near term, I think we have sufficient backlog out there that even if you do have something where somebody waits a little bit, then that's fine.

因此，與以前的時期不同，你有一些中斷並且你會看到延遲，然後這會在短期內影響你的收入和利潤，我認為我們有足夠的積壓，即使你確實有一些人稍等一下，就可以了。

And then when you look forward, and you're talking about a book-to-bill in the order of 1 this year, when you look beyond that, if -- how do you think about the aftermarket? I mean, we might look at this as the aftermarket should grow somewhat proportionate to the fleet, but do you expect other factors to give you more growth there, such as more content per airplane or pricing?

然後當你展望未來時，你談論的是今年 1 的訂單到賬單，當你超越這一點時，如果 - 你如何看待售後市場？我的意思是，我們可能會考慮這一點，因為售後市場的增長應該與機隊成正比，但您是否期望其他因素會給您帶來更多增長，例如每架飛機的更多內容或定價？

Well, look, I think it's a lot more around utilization, right? So flight hours is more closely correlated with the growth in the aftermarket as opposed to necessarily the fleet numbers. I mean, our fleet is so huge that even adding small numbers in any given quarter doesn't make any real impact. So it's primarily driven around utilization, and utilization in the fleet remains very high.

好吧，看，我認為更多的是關於利用率，對吧？因此，飛行時間與售後市場的增長密切相關，而不是機隊數量。我的意思是，我們的機隊如此龐大，即使在任何給定季度增加少量機隊也不會產生任何實際影響。所以它主要是圍繞利用率驅動的，並且車隊的利用率仍然非常高。

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

我們的下一個問題來自摩根大通的 Seth Seifman。

We saw the share repurchase amount step up nicely in the quarter. I guess, can you talk about your thinking around that and maybe where you expect share repo to come in for the year? I guess you guys might have some additional cash coming in from a recent verdict. And so what your thoughts are on repos here and whether maybe it's time to step things up?

我們看到本季度的股票回購金額大幅增加。我想，你能談談你對此的想法，也許你希望今年的股票回購會出現在哪裡？我想你們可能會從最近的判決中獲得一些額外的現金。那麼您對此處的回購有何看法，是否是時候加快步伐了？

Well, so I think what you did see us do was step things up here in the first quarter. We've always said that that's our primary return of capital, will be through share repurchase and do that opportunistically. We feel we've still been sort of in a good place to be buying.

好吧，所以我認為你確實看到我們所做的是在第一季度在這裡加強工作。我們一直說，這是我們的主要資本回報，將通過股票回購來實現，並把握時機進行。我們覺得我們仍然處於購買的好地方。

And so we stepped up $377 million in the quarter. Our cash flow in the company continues to be strong. We have a lot of cash on the balance sheet, as you guys know. And so I think consistent with what we guided at the beginning of the year, we expect to probably buy back somewhere in that 5% to 6% of the outstanding shares. So the first quarter was indicative of doing that.

因此，我們在本季度增加了 3.77 億美元。我們公司的現金流繼續強勁。正如你們所知，我們的資產負債表上有很多現金。因此，我認為與我們年初的指導一致，我們預計可能會回購 5% 至 6% 的已發行股票。所以第一季度表明這樣做了。

In terms of that, what's been out there in the media and the press around this intellectual property, verdict. Obviously, we're not going to comment much on that as it goes along through the legal process, but that's not something that we would expect to see cash come in any time in the near future. There's appeal processes, who knows how that's going to play out.

就此而言，媒體和媒體圍繞這一知識產權做出的裁決。顯然，隨著法律程序的進行，我們不會對此發表太多評論，但這並不是我們期望在不久的將來任何時候都能看到現金的事情。有上訴程序，誰知道結果如何。

So that doesn't factor into our thinking in terms of share repossession at this time.

因此，這不會影響我們目前對股份收回的考慮。

Our next question comes from the line of Cai Von Rumohr with Cowen.

我們的下一個問題來自 Cai Von Rumohr 與 Cowen 的對話。

Nice results. So at Aviation, maybe give us some color in terms of relative trend you're seeing in supply chain? And also, what was the commercial bizjet book-to-bill because obviously, you also got some defense orders there in the quarter?

不錯的結果。那麼在 Aviation，也許可以根據您在供應鏈中看到的相對趨勢給我們一些顏色？而且，商用公務機的訂單出貨量是多少，因為很明顯，您在本季度也收到了一些國防訂單？

So the supply chain side, Cai, is largely unchanged. I would say that kind of as we've talked about earlier, I think our labor position is in a much better place than it was. We did bring a lot of resources in, in the third and fourth quarter last year.

因此，供應鏈方面，蔡基本上沒有變化。我會說，就像我們之前談到的那樣，我認為我們的勞工狀況比以前好得多。去年第三和第四季度，我們確實投入了大量資源。

Obviously, that does create some disruption, which, as you know, affects some of our conversion here as some of that inefficiency unwinds here in the first half of this year. But we're largely staffed at the levels where we want to be. So I would say on that front, things are certainly improved.

顯然，這確實造成了一些干擾，正如你所知，這會影響我們在這裡的一些轉換，因為今年上半年這裡的一些低效率問題得到解決。但我們的人員配備基本上達到了我們想要達到的水平。所以我想說，在這方面，情況肯定有所改善。

But we continue to have suppliers -- have issues that are causing us to do things out of sequence and driving still some inefficiencies in how we operate the plant.

但是我們仍然有供應商 - 有問題導致我們做事不按順序進行，並且仍然導致我們運營工廠的效率低下。

So it's -- I'd say it's not getting worse, but it's not necessarily getting better. Sometimes it's frustrating. I think you get one kind of resolved and another supplier becomes a problem. And I -- we kind of expected that to be an ongoing issue through most of the balance of this year. So I don't think there's any big surprises there, but it's still a challenge.

所以它 - 我會說它不會變得更糟，但它不一定會變得更好。有時令人沮喪。我認為你得到了一種解決方案，而另一個供應商成為一個問題。我 - 我們有點希望在今年餘下的大部分時間裡這將成為一個持續存在的問題。所以我不認為那裡有什麼大的驚喜，但這仍然是一個挑戰。

As far as order, look, our book-to-bill was greater than 1. We feel good about that. It's -- we don't break it out down to the individual models or programs, but certainly, we're -- I'd say we're happy with how the demand is going in both jets and turboprops. So I think we're in a pretty good place.

就訂單而言，看，我們的訂單出貨比大於 1。我們對此感覺很好。它是 - 我們不會將其分解為單個模型或程序，但當然，我們 - 我會說我們對噴氣式飛機和渦輪螺旋槳飛機的需求情況感到滿意。所以我認為我們處在一個非常好的地方。

Okay. And then a follow-up to Seth's question. 5.2 million shares is like 2.5%. So essentially, in 1 quarter, you've done half of your buyback target for the year. You won FLRAA, you had this bluebird of the DGI patent suit. What's the chance that basically the 5% to 6% is exceeded in terms of the repo?

好的。然後是賽斯問題的後續行動。 520 萬股相當於 2.5%。所以基本上，在一個季度內，你已經完成了今年回購目標的一半。你贏得了 FLRAA，你擁有了 DGI 專利訴訟的這只藍鳥。就回購而言，基本上超過 5% 到 6% 的可能性有多大？

Well, I think, again, we're going to continue to press on this opportunistically, Cai. And we will see how it plays out through the balance of the year.

好吧，我認為，蔡，我們將繼續機會主義地繼續推動這一點。我們將看到它如何在今年餘下的時間裡發揮作用。

But I mean, as you know, it's not really [formal] guidance. We just kind of indicated to you guys how we're thinking. And there's no change in how we're thinking it -- continuing to be our primary means of returning value to shareholders.

但我的意思是，如您所知，這並不是真正的 [正式] 指南。我們只是向你們表明了我們的想法。我們的想法沒有改變——繼續是我們向股東回報價值的主要方式。

And our next question comes from the line of Robert Stallard with Vertical Research.

我們的下一個問題來自 Vertical Research 的 Robert Stallard。

First of all, Frank, you said you were holding the EPS and cash flow guidance for the year. Are there any changes in the divisional guidance for 2023?

首先，弗蘭克，你說你持有當年的每股收益和現金流量指導。 2023 年的部門指南是否有任何變化？

No, it's roughly in line with where we had been.

不，這與我們之前的情況大致一致。

Okay. And then, Scott, one for you. Industrial double-digit growth in the quarter is pretty healthy performance. How sustainable do you think that is, g,iven the economic backdrop that we're seeing, particularly on your shorter-cycle products?

好的。然後，斯科特，給你一個。本季度工業兩位數的增長是相當健康的表現。鑑於我們所看到的經濟背景，您認為這有多可持續，特別是在您的較短週期產品上？

Well, look, it's something to keep an eye on. I'd say that we're kind of roughly to the plan that we thought. I think you're -- we certainly expect to see and have seen softness in some of the short-cycle consumer side of things. But we're seeing strong performance still for, let's say, in some of the industrial and commercial applications.

好吧，看，這是值得關注的事情。我會說我們有點粗略地按照我們的想法進行計劃。我認為你 - 我們當然希望看到並且已經看到一些短週期消費者方面的疲軟。但是我們仍然看到一些工業和商業應用的強勁表現。

And when we look at our production allocations, for instance, we're certainly pushing some of our capacity and our volume to serve commercial, industrial applications more so than on some of the consumer side.

例如，當我們查看我們的生產分配時，我們肯定會推動我們的一些產能和數量來服務於商業和工業應用，而不是一些消費者方面。

So that's one where -- obviously, there's some uncertainty, we keep a close eye on it. But net of all those things, there's enough demand across all of the different markets that we serve to drive that kind of growth. And I think we'll continue to see that through the balance of the year.

所以這就是 - 顯然，存在一些不確定性，我們會密切關注它。但除去所有這些因素，我們服務的所有不同市場都有足夠的需求來推動這種增長。我認為我們將在今年餘下的時間裡繼續看到這一點。

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

我們的下一個問題來自 David Strauss 與 Barclays 的對話。

Scott, bizjet deliveries in the quarter, were those a little lighter than you were anticipating? Just looking at how much inventory, I know you always built some inventory in Q1, but there was a pretty big inventory build in the quarter. So I don't know, if some deliveries, you missed some deliveries or kind of where you came in relative to what you were thinking?

斯科特，本季度的公務機交付量是否比您預期的要輕一些？只要看看有多少庫存，我知道你總是在第一季度建立一些庫存，但本季度的庫存建立相當大。所以我不知道，如果有一些交付，你錯過了一些交付或者你進來的地方相對於你的想法？

Well, David, I mean, for sure, but it's a couple of aircraft, right? I mean I think it's something is going to pressure us all year long. But we also factored in, in terms of our plans, what we thought we would see in terms of headwinds. So I don't think we're very disconnected from what we indicated in terms of the guide for the year.

嗯，大衛，我的意思是，當然，但這是幾架飛機，對吧？我的意思是我認為這是一整年都會給我們施加壓力的事情。但就我們的計劃而言，我們也考慮了我們認為會遇到的不利因素。因此，我認為我們與我們在今年的指南中所指出的內容並沒有太大的脫節。

Okay. Was that supply chain related, customer decision? What drove those delays?

好的。該供應鍊是否與客戶決策相關？是什麼導致了這些延誤？

Most of the delays we're going to see through the course of the year are supply chain related, just getting parts and being able to get things sequenced and through test. We haven't seen any real change in customer behavior that's impacted anything.

我們將在這一年中看到的大部分延誤都與供應鏈相關，只是獲得零件並能夠對事物進行排序並通過測試。我們還沒有看到影響任何事情的客戶行為發生任何真正的變化。

Okay. And then I was wondering if you could maybe give a big-picture look, or how we should think about Bell, given all the various moving pieces, thinking beyond this year? Obviously, with FLRAA now in-house, H-1 [ending], V-22 rolling off, I think not sure what the outlook is for V-22 aftermarket.

好的。然後我想知道你是否可以給出一個大局觀，或者我們應該如何考慮貝爾，考慮到所有不同的動人因素，考慮今年以後？顯然，隨著 FLRAA 現在在內部、H-1 [結束]、V-22 推出，我認為不確定 V-22 售後市場的前景如何。

But how should we think about the growth profile for Bell thinking out over the next couple of years, given all these moving pieces?

但是，考慮到所有這些動人的因素，我們應該如何考慮未來幾年貝爾的增長情況？

Sure. Well, look, I think, and Frank kind of indicated this as well, we certainly expect revenues to be increasing in Bell through the balance of the year and into next year as the FLRAA program is ramping up. So I think on the revenue growth side, we feel very good about that.

當然。好吧，我認為，弗蘭克也表示了這一點，我們當然預計貝爾的收入將在今年餘下時間和明年隨著 FLRAA 計劃的增加而增加。所以我認為在收入增長方面，我們對此感覺非常好。

Clearly, as we bring in a higher proportion of primarily cost, plus development effort, that's going to be at lower margins and those production program volumes on V-22 and H-1 that have been going down.

顯然，由於我們帶來了更高比例的主要成本，加上開發工作，這將導致利潤率降低，而 V-22 和 H-1 的生產計劃數量一直在下降。

So you do have that mix issue. That's kind of where that led us to the guide that we have out there this year, and I think that's kind of where we would expect to be as we go forward.

所以你確實有那個混合問題。這就是導致我們找到今年指南的地方，我認為這就是我們前進時所期望的地方。

So we're going to get this thing back into a growth mode, but it is going to be heavily weighted towards a cost-plus relatively lower margin piece of the business that's going to be offsetting lost revenue that's a higher margin.

因此，我們將讓這件事重新進入增長模式，但它將嚴重偏重於成本加成相對較低的利潤率業務，這將抵消較高利潤率的收入損失。

But I think it's going to stay as a healthy business, but it's certainly not going to be at the margin levels that we've seen in the past number of years.

但我認為它會保持健康的業務，但肯定不會達到我們過去幾年看到的利潤率水平。

And our next question comes from the line of Myles Walton with Wolfe Research.

我們的下一個問題來自 Myles Walton 與 Wolfe Research 的合作。

Scott, in the last 12 months, I guess, or 18 months, last 2 additions to your Board of Directors where a couple of defense executives and Richard Ambrose and Tom Kennedy, and I'm curious if sort of the trend there is indicative of where you want to be taking the portfolio directionally more towards defense? And if so, is it indicative of the organics with FLRAA obviously being a contributor or more inorganic from an M&A interest?

斯科特，我猜，在過去的 12 個月或 18 個月裡，你們的董事會增加了 2 人，其中有幾位國防高管以及理查德安布羅斯和湯姆肯尼迪，我很好奇這種趨勢是否表明您想將投資組合的方向更多地轉向防禦？如果是這樣，是否表明具有 FLRAA 的有機物顯然是併購利益的貢獻者或更多的無機物？

Sure. Look, these are both guys who have, to your point, a lot of deep experience in the aerospace and defense world. Our company has always been sort of in that 30% defense with the growth that we're expecting to see in the Systems business, with the growth, obviously, we're expected to see in FLRAA and ongoing opportunities in the near future here, I think, of future opportunities in Bell and Systems.

當然。看，就你的觀點而言，這兩個人在航空航天和國防領域都擁有豐富的經驗。我們公司一直處於 30% 的防御狀態，我們期望在系統業務中看到增長，顯然，我們預計會在 FLRAA 中看到增長，並在不久的將來在這裡看到持續的機會，我認為，貝爾和系統公司未來的機會。

I felt like it made a lot of sense for us to beef up a little bit more on the [AD] side of the company. Both of these guys are recent retirees, they're current -- they know acquisition, they know defense, and they know aerospace technology. So I think they're two great ads to the Board.

我覺得在公司的 [AD] 方面加強一點對我們來說很有意義。這兩個人都是最近退休的人，他們現在——他們知道收購，他們知道國防，他們知道航空航天技術。所以我認為它們是對董事會的兩個很好的廣告。

So there's no real super underlying message, but obviously, these are a couple of real high-quality individuals that know our space very well.

所以沒有真正的超級潛在信息，但顯然，這些是非常了解我們空間的真正高素質的人。

Okay. Very good. And there was just one 1 clarification, if I could. On the FLRAA disclosures from the protest, you talked about cost-plus-incentive portion and fixed-price incentive version. Can you just illuminate us on maybe where the fixed price risk you've taken on is and isn't?

好的。非常好。如果可以的話，只有一個 1 的澄清。關於抗議的 FLRAA 披露，您談到了成本加激勵部分和固定價格激勵版本。你能不能告訴我們你承擔的固定價格風險在哪裡？

Well, I think there's two principal pieces of fixed price. One is kind of a program management and operation layer, which I think is low risk. We sort of understand what that is. And then as you guys know, there are several deliverables under this full program.

好吧，我認為固定價格有兩個主要部分。一種是程序管理和運營層，我認為風險較低。我們有點明白那是什麼。然後正如你們所知，在這個完整的計劃下有幾個可交付成果。

There's the [EMD] phase, which has about 8 aircraft that are part of the development test -- limited-users test for the Army. And then there's [a Craft] that are sort of [outwent] the first initial production Craft, and the material that's in there is at fixed price. So -- but it's heavily weighted towards the cost plus.

有 [EMD] 階段，大約有 8 架飛機是開發測試的一部分——為陸軍進行有限用戶測試。然後是 [a Craft] 有點 [outwent] 第一個初始生產 Craft，其中的材料價格固定。所以 - 但它非常重視成本加成。

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

我們的下一個問題來自 George Shapiro 與 Shapiro Research 的合作。

Scott, the supply chain issues, I mean, led to an incremental margin of 14% in Aviation this quarter. That's the same that you had in the fourth quarter. The performance impact, $16 million, $17 million is similar. So do you expect that the rest of the year? Or can you overcome some of the supply chain issues that you had mentioned are going to continue?

斯科特，我的意思是，供應鏈問題導致本季度航空業的利潤率增加了 14%。這與您在第四季度的情況相同。性能影響，1600 萬美元，1700 萬美元是相似的。那麼你預計今年剩下的時間會這樣嗎？或者你能克服你提到的一些供應鏈問題嗎？

Sure, George. Look, I think it will abate in the back half of the year. As we talked about, a lot of those inefficiencies are things that were experienced in the back half of last year. A lot of that obviously goes through inventory.

當然，喬治。看，我認為它會在今年下半年減弱。正如我們所說，很多低效率是去年下半年經歷的事情。其中很多顯然是通過庫存進行的。

So that releases with the aircraft deliveries here in the first half of this year. Obviously, that anticipates that performance, and disruption will be less in the first half of this year than it was in the last half of last year.

因此，今年上半年在這裡交付的飛機將發布。顯然，這預計今年上半年的業績和中斷將少於去年下半年。

And I think, more or less, so far, we're seeing that. I think our factory is running better. That's largely, as I said, attributable to the fact that we've got the resources on board. There's still issues, turnover's higher than we would like. There's still more churn than historical. But certainly, the plant is running in a more efficient way.

我認為，或多或少，到目前為止，我們正在看到這一點。我認為我們的工廠運轉得更好。正如我所說，這在很大程度上歸因於我們已經掌握了資源這一事實。仍然存在問題，營業額比我們希望的要高。仍然有比歷史更多的流失。但可以肯定的是，該工廠正在以更高效的方式運行。

Now, supplier issues still pop up, as I said. But net of all that, I think that we will see better lower impacts of those efficiencies in the back half of the year than the first half of the year.

正如我所說，現在，供應商問題仍然會出現。但除此之外，我認為我們將在今年下半年看到這些效率的影響比上半年更好。

So even with that 14%, which again is kind of where we expect it to be, I think for the total year, the overall conversion, which is sort of 24-or-so percent, which is appropriate for our business, it is still something we expect to realize for the total year.

因此，即使有 14%，這也是我們預期的水平，我認為對於全年，整體轉化率，大約 24%，這對我們的業務來說是合適的，它是仍然是我們期望全年實現的目標。

Okay. And then have you changed anything about deliveries expectations for the year?

好的。然後你改變了今年的交付預期嗎？

Not really. I think we're still tracking to what we guided.

並不真地。我認為我們仍在追踪我們所指導的內容。

Okay. Thank you very much. Good report.

好的。非常感謝。好報告。

And our next question comes from the line of Peter Arment with Baird.

我們的下一個問題來自 Peter Arment 與 Baird 的對話。

Scott, Frank, nice results. Scott, you've had a lot of questions on Aviation. I'll just ask one quick one. There's been a slight kind of increase in used aircraft out there. I'm sure it's -- in-production aircraft still remains very low. Just maybe any comments that you're watching or from your perspective on the used market?

斯科特、弗蘭克，成績不錯。斯科特，你有很多關於航空的問題。我只問一個快速的。那裡的二手飛機略有增加。我敢肯定它是 - 生產中的飛機仍然很低。也許您正在觀看或從您對二手市場的角度來看有什麼評論？

Sure, Peter. Look, obviously, we watch this very carefully. And you see numbers coming out, and they look like big percentages, of course, they are big percentages on very small numbers.

當然，彼得。看，很明顯，我們非常仔細地觀察這個。你看到數字出來了，它們看起來百分比很大，當然，它們是非常小的數字的大百分比。

So I think when we look at the used available, when you look at kind of that 0 to 10 years old, it's less than -- it's around a couple of tenths of a percent of our fleet. So it's a really, really small number. I mean, we're talking about 9 aircraft that we know of right now that are under 10 years old versus our fleet size of over 7,000 aircraft.

所以我認為，當我們查看可用的二手車時，當您查看 0 到 10 歲的那種時，它不到 - 它大約占我們機隊的十分之二。所以這是一個非常非常小的數字。我的意思是，我們談論的是我們現在知道的 9 架機齡不到 10 年的飛機，而我們的機隊規模超過 7,000 架飛機。

So look, it's a trend of -- we see in the marketplace. But remember, these are -- on absolute basis, these are very small numbers, right? So the available-for-sale is less than a few percent, and about half of those are 20, 25-plus year old aircraft. So still a very, very positive environment in terms of used aircraft available for sale.

所以看，這是一種趨勢——我們在市場上看到了。但請記住，這些是——絕對的基礎上，這些都是非常小的數字，對吧？所以可供出售的飛機不到百分之幾，其中大約一半是 20 年、25 年以上的飛機。因此，就可供出售的二手飛機而言，仍然是一個非常非常積極的環境。

And our next question comes from the line of Pete Skibitski with Alembic Global.

我們的下一個問題來自 Pete Skibitski 與 Alembic Global 的合作。

Scott and Frank and Eric. A little bit of a follow-on to, I think it was Myles' question on FLRAA. Typically -- congrats, you get past the GEO review on FLRAA, big milestone there, but now you have to kind of switch to a keep-sold strategy, right?

斯科特、弗蘭克和埃里克。有點後續，我認為這是邁爾斯關於 FLRAA 的問題。通常——恭喜，你通過了 FLRAA 的 GEO 審查，這是一個重要的里程碑，但現在你必須轉向保持銷售策略，對嗎？

So I'm just wondering, Scott, from your perspective, what your view is on the technical and schedule risk to the development contract as you kind of move from the aircraft in your configuration to the exact production and configuration as the Army wants?

所以我只是想知道，斯科特，從你的角度來看，當你從你配置的飛機轉向陸軍想要的精確生產和配置時，你對開發合同的技術和進度風險有何看法？

I'm just wondering kind of, how you gauge the risks, and if there are any important milestones that we should be on the lookout for?

我只是想知道，您如何衡量風險，是否有任何重要的里程碑值得我們關注？

Sure, Peter. Look, I think the way the Army has conducted this acquisition, and as you guys know, this goes back a decade, really, right, of both guys going through design, development, producing prototype aircraft, flying them, lots of soldier touch points, Army pilots flying them.

當然，彼得。看，我認為陸軍進行這次收購的方式，正如你們所知，這可以追溯到十年前，真的，對，兩個人都經歷了設計、開發、生產原型飛機、駕駛它們、許多士兵接觸點，陸軍飛行員駕駛它們。

As you know, as we went even through the formalities of the formal RFP and during this whole period of time, the proposal valuation, there was ongoing effort under the OTA for the CRR program, which was continuing to reduce risk and finalize design activities and risk reduction, even whilst the proposal evaluation was going on.

如您所知，當我們甚至完成了正式 RFP 的手續時，在整個時間段內，提案評估，在 CRR 計劃的 OTA 下一直在努力，這將繼續降低風險並完成設計活動和風險降低，即使在提案評估正在進行中。

And -- so I think the good news here is we have a really, really solid technical baseline for the aircraft itself. We have a great team that's in place, ready to go, that is being reassembled here to now go execute the EMD program.

而且 - 所以我認為這裡的好消息是我們擁有飛機本身非常非常可靠的技術基準。我們有一個很棒的團隊，準備就緒，正在這裡重新組裝，現在開始執行 EMD 程序。

Obviously, there's a lot of new stuff here around the mission systems and development of that capability in the MOSA system for the -- it ensures architecture of the mission systems and how they accommodate changes over time. But I think that we have a really, really good technical baseline.

顯然，圍繞任務系統和 MOSA 系統中該功能的開發有很多新東西——它確保任務系統的架構以及它們如何適應隨時間變化的變化。但我認為我們有一個非常非常好的技術基準。

The aircraft that we're about to go design and build and fly is very, very close to the aircraft that we've already designed and built and flown. So I think there's a big chunk of a risk that has been very effectively reduced, and we're ready to go get at it.

我們即將設計、製造和飛行的飛機與我們已經設計、製造和飛行的飛機非常非常接近。所以我認為很大一部分風險已經非常有效地降低了，我們已經準備好去解決它。

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

我們的下一個問題來自摩根士丹利的 Kristine Liwag。

Scott, Frank, when you look at the portfolio today, it's clearly stronger this cycle versus the last. Aviation has got a backlog, Bell secured FLRAA, Industrials is stable now. With the balance sheet pretty low, what's your appetite to expand into another vertical and tap into secular growth markets?

斯科特，弗蘭克，當你看今天的投資組合時，這個週期顯然比上一個週期更強。航空業積壓，貝爾獲得 FLRAA，工業現在穩定。由於資產負債表很低，您是否有興趣擴展到另一個垂直市場並進入長期增長市場？

Look, I think that we -- as we've always said, we'll -- we keep an eye on things as things come to market or there's opportunities out there. But obviously, our plan is still built around organic growth. Investments in the businesses that we have, which I think we've been making substantial investments, and those are paying off for us in terms of what organic growth we're seeing. .

看，我認為我們——正如我們一直說的那樣——我們會密切關注事物進入市場或那裡有機會。但顯然，我們的計劃仍然圍繞有機增長。對我們擁有的業務的投資，我認為我們一直在進行大量投資，並且就我們所看到的有機增長而言，這些投資正在為我們帶來回報。 .

And at this point, look, I think we do have a very strong balance sheet. We have a lot of cash on hand. We have strong cash generation in the business. We'll continue to execute on our buyback programs.

在這一點上，看，我認為我們的資產負債表確實非常強勁。我們手頭有很多現金。我們的業務產生大量現金。我們將繼續執行我們的回購計劃。

If something came along that we thought made sense that was, frankly, in the A&D space and was something that we knew could be accretive and a better value to our shareholders than just continuing share buyback, we would look at it.

坦率地說，如果出現了我們認為在 A&D 領域有意義的事情，並且我們知道這可能比繼續回購股票更能增加我們的股東價值，我們會研究它。

But as I said, it would have to be something where it's a clear win and always contrasting that with what's going on with our share buyback program.

但正如我所說，它必須是一個明顯的勝利，並且總是將其與我們的股票回購計劃進行對比。

And with that, our last question comes from the line of Ron Epstein with Bank of America.

因此，我們的最後一個問題來自美國銀行的 Ron Epstein。

Scott, could you kind of walk through -- you mentioned earlier on the call, is kind of back to Myles' question, about positioning the company for some more growth in defense and the opportunities ahead of you in Bell and Systems. If you could walk through a couple of those that maybe you find particularly interesting for the company.

斯科特，你能不能談談——你之前在電話中提到過，有點回到邁爾斯的問題，關於將公司定位在國防領域的更多增長以及你在貝爾和系統公司面前的機會。如果您可以瀏覽其中的幾個，您可能會發現對公司特別感興趣。

Sure. Well, Ron, I would say that the FLRAA win, on a stand-alone basis, is hugely important to our future. I think our guys have done a great job over the past decade in investing and positioning for that. .

當然。好吧，羅恩，我想說 FLRAA 的勝利，在獨立的基礎上，對我們的未來非常重要。我認為我們的人在過去十年中在投資和定位方面做得很好。 .

Obviously, as you know, the FLRAA program continues. It's a few years behind, the FLRAA program, but one where, again, I think our team has made the right investments. We've got the right people that have developed a product that I think is going to be a home run.

顯然，如您所知，FLRAA 計劃仍在繼續。 FLRAA 計劃落後了幾年，但我認為我們的團隊再次做出了正確的投資。我們有合適的人開發出我認為會成為本壘打的產品。

As you know, we're all kind of waiting on the engine side to have that thing fly. But again, the Army activity continues in risk reduction and further [definitizing] that program. So clearly, I think that's a great opportunity. I think we have a great solution.

如你所知，我們都在引擎方面等待著讓那東西飛起來。但同樣，陸軍活動繼續減少風險並進一步[確定]該計劃。很明顯，我認為這是一個很好的機會。我認為我們有一個很好的解決方案。

There are activities, which, again, are publicly out there in terms of the future systems that the Navy and the Marine Corps are looking at, which I think a lot of our technology, particularly in the tilt rotor space, will potentially be a great solution and can leverage off a lot of the investment that we've already made on the 280 program.

就海軍和海軍陸戰隊正在研究的未來系統而言，有一些活動是公開的，我認為我們的很多技術，特別是傾轉旋翼領域的技術，將可能是一個偉大的解決方案，並且可以利用我們已經在 280 計劃上進行的大量投資。

Those were likely to be adaptations. But again, from a technological standpoint, I think we're in a really good place for some of those future opportunities.

這些很可能是改編。但同樣，從技術的角度來看，我認為我們在未來的一些機會中處於一個非常好的位置。

High-speed VTOL at Bell, arguably a little bit further off, but that's another step. I think it further leverages our fundamental core capabilities to go to even higher speed, higher performing, longer-range assets.

貝爾的高速垂直起降，可以說有點遠，但這是又一步了。我認為它進一步利用我們的基本核心能力來獲得更高速度、更高性能、更遠距離的資產。

So I think Bell -- in my view, Ron, I guess I would say I think we have a phenomenal franchise around tiltrotor, and I think we have a lot of opportunities to continue to grow that franchise on a number of different adaptations of that technology into the future.

所以我認為貝爾 - 在我看來，羅恩，我想我會說我認為我們在傾轉旋翼機方面擁有非凡的特許經營權，而且我認為我們有很多機會繼續發展該特許經營權的許多不同改編科技走向未來。

On the Systems side, okay, that's -- there's a lot of programs in there. I think we've -- the win on the Sentinel program with Northrop is a driver of growth for us, going forward, as that moves ultimately from [A&D] into its production phases here in the future. We have some great new wins on the [munition] side with [XM204s and XM250s], again a great franchise for us for a long time, which is really growing.

在系統方面，好吧，那是——那裡有很多程序。我認為我們已經 - 與諾斯羅普在 Sentinel 項目上的勝利是我們未來增長的推動力，因為它最終會從 [A&D] 進入未來的生產階段。我們在 [XM204s 和 XM250s] 的 [munition] 方面取得了一些偉大的新勝利，這對我們來說也是一個很長一段時間的偉大特許經營權，它確實在增長。

I mentioned our down-selection FTUAS. Shadow continues to be a good program for us, but the future tactical UAS with the Army is certainly a big opportunity. There's a couple of big land vehicle programs, as you know, ARV on the Marine Corps side, OMFV on the Army side.

我提到了我們的下選 FTUAS。 “影子”對我們來說仍然是一個很好的項目，但未來與陸軍合作的戰術無人機肯定是一個很大的機會。如您所知，有幾個大型陸地車輛項目，海軍陸戰隊方面的 ARV，陸軍方面的 OMFV。

So I mean, I don't want to -- to wrap up those stuff, but there's lots of opportunities out there for which we've either won or we've been down selected or I think we're certainly a viable competitor.

所以我的意思是，我不想 - 結束這些東西，但有很多機會我們已經贏得或被選中，或者我認為我們肯定是一個可行的競爭對手。

[We're] not going to win all these things, but there's enough opportunity, and I think we're in good enough place that we can see a lot of organic growth being driven out of that business as well.

[我們]不會贏得所有這些東西，但有足夠的機會，而且我認為我們處於足夠好的位置，我們可以看到該業務也有很多有機增長。

Got you. And then maybe one follow-on, if I can. Maybe in the shorter term, are you seeing much demand being driven from the war in the Ukraine? Are you seeing orders for stuff that maybe 18 months ago, you wouldn't have expected better...

明白了如果可以的話，也許還有一個後續。也許在短期內，您是否看到烏克蘭戰爭推動了大量需求？你是否看到了 18 個月前的訂單，你不會期望更好......

No, we're really not, Ron. We're not in that sort of munitions space. I mean there has been some dialogue around some land vehicles, but they're largely [EDA], things that are in surplus in the army that would come out being refurbished and put over there. There's some talk of different UAS systems.

不，我們真的不是，羅恩。我們不在那種彈藥領域。我的意思是圍繞一些陸地車輛進行了一些對話，但它們主要是 [EDA]，軍隊中過剩的東西會被翻新並放在那裡。有一些關於不同 UAS 系統的討論。

So there's some -- there are -- we've had nothing so far. And there's probably some, relatively speaking, smaller opportunities going forward, but it's not going to be a material impact to us.

所以有一些 - 有 - 我們到目前為止什麼都沒有。相對而言，未來可能會有一些較小的機會，但這不會對我們產生實質性影響。

And with that, ladies and gentlemen, today's conference will be available for replay after 10 a.m. Eastern today through April 27, 2024. You may access the AT&T replay system at any time by dialing the 1 (866) 207-1041, entering the access code 473-2406.

因此，女士們，先生們，今天的會議將在東部時間今天上午 10 點之後到 2024 年 4 月 27 日進行重播。您可以隨時撥打 1 (866) 207-1041 訪問 AT&T 重播系統，輸入訪問權限代碼 473-2406。

International participants may dial (402) 970-0847. And those numbers again are 1 (866) 207-1041 and 402 970-0847, again, entering the access code (473-24-06).

國際與會者可撥打 (402) 970-0847。這些號碼還是 1 (866) 207-1041 和 402 970-0847，再次輸入訪問代碼 (473-24-06)。

That does conclude your conference for today. Thank you for your participation and for using AT&T conferencing service. You may now disconnect.

今天的會議到此結束。感謝您的參與和使用 AT&T 會議服務。您現在可以斷開連接。