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，歡迎參加德事隆 2023 年第一季財報發布電話會議。 （操作員指示）提醒一下，今天的會議正在錄音。現在，我想將會議交給主持人、投資者關係副總裁 Eric Salander 先生。先生，請繼續。

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，大家早安。在我們開始之前，我想提一下，我們將在今天的電話會議中討論未來的估計和預期。這些前瞻性陳述受各種風險因素的影響，這些風險因素在我們提交給美國證券交易委員會的文件以及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.

今天參加電話會議的有德事隆董事長兼執行長 Scott Donnelly；以及我們的財務長弗蘭克·康納（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.

我們的收益電話會議簡報可在我們網站的投資者關係部分找到。本季營收為 30 億美元，較去年第一季成長 2,300 萬美元。本季分部利潤為 2.59 億美元，較 2022 年第一季下降 1,800 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，我們報告每股淨收入 0.92 美元。調整後淨收入（非 GAAP 指標）為每股 1.05 美元，去年第一季為每股 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.

以非公認會計準則衡量，退休金繳款前的製造業現金流本季總計 1.04 億美元，而 2022 年第一季為 2.09 億美元。

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

說完這些，我會把電話轉給史考特。

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，大家早安。我們第一季的表現穩健。收入增加了。航空、工業和系統業務的成長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，本季我們交付了 35 架噴射機，低於去年的 39 架，並交付了 34 架商用渦輪螺旋槳飛機，高於去年第一季的 31 架。航空業對噴射機和渦輪螺旋槳飛機產品的需求持續強勁。積壓訂單增加了 1.36 億美元，第一季末達到 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.

本季度，航空部門獲得了美國海軍多引擎訓練系統合約的初始獎項，該合約將包括 10 架 King Air 260 飛機及相關支援設備。該合約包括最多 64 架飛機的購買選擇權，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.

德事隆航空本季的機隊利用率依然強勁，帶動售後市場營收較去年第一季成長 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.

移至貝爾。我們宣布任命麗莎·阿瑟頓 (Lisa Atherton) 為首席執行官，接替將於 4 月底退休的米奇·斯奈德 (Mitch Snyder)。在擔任德事隆系統公司總裁兼執行長五年多後，麗莎於今年一月重返貝爾。在她為貝爾和德事隆系統公司工作的 16 年時間裡，她為公司建立了強大的團隊，為我們的軍事客戶樹立了信心，做出了卓越的貢獻。

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.

本月初，FLRAA 合約抗議被駁回，美國陸軍隨後取消了停工命令，允許合約工作繼續進行。

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，比去年第一季的 25 架有所下降。在本季度，我們看到所有商用產品和終端市場的客戶活動都很活躍，其中包括波蘭國家警察局訂購的另外 4 架貝爾 407，這將使他們的機隊擴大到 7 架飛機。

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.

在德事隆系統公司，我們看到各個項目的收入都有增加，利潤率也表現良好。在本季度，Systems 的 Aerosonde Hybrid Quad 是 5 個競爭無人機系統之一，被選中參加陸軍未來戰術無人機系統競賽。

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.

此外，在本季度，系統公司交付了美國海軍艦岸連接器專案的 105 號船，這是向海軍交付的第七艘船。根據詳細設計和建造合同，目前還有 2 艘船尚待交付。

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。受專用車輛和加德士銷量增加的推動，本季我們的收入有所增加。專用車輛、高爾夫業務的 ELiTE 鋰電池持續保持強勁的需求和定價。

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，我們宣布了來自汽車原始設備製造商的首份 [Panatonic] 訂單，訂單內容是用於熱塑性複合材料底盤電池保護的 [防滑板]。 Skid Plates 是該公司新推出的 [Penatonic] 電池系統產品線的一部分，可支援電池電動車的生產。

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.

轉向電子航空。本季度，我們宣佈在東海岸新增 2 家美國分銷合作夥伴，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.

此外，在本季度，我們與梅薩航空達成了購買 25 架 Alpha 教練機的協議，並可選擇購買另外 75 架飛機。 (聽不清楚) 在本季度，我們展示了 Pipistrel Panthera 和 Bell 的 [Electro] 飛機，這兩種型號都引起了客戶的極大興趣。

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

說完這些，我將把電話轉給弗蘭克。

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.

謝謝你，斯科特，大家早安。讓我們回顧一下各部門的貢獻，從德事隆航空開始。德事隆航空的營收為 11 億美元，較 2022 年第一季增加 1.09 億美元，反映出定價上漲 5,800 萬美元，銷量上漲 5,100 萬美元，其中包括國防和售後市場的銷售上漲。

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.

第一季分部利潤為 1.25 億美元，比去年同期增加 1,500 萬美元，主要由於扣除通貨膨脹因素後的 1,700 萬美元的優惠定價以及銷量與產品組合提升帶來的影響，但 1,700 萬美元的不利業績影響部分抵銷了這一影響。本季末該部門的積壓訂單金額為 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.

貝爾的收入為 6.21 億美元，比去年下降 2.13 億美元，正如預期的那樣，原因是軍事收入下降，反映了 V-22 和 H-1 生產量的備件和支援量下降。

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，較去年第一季下降 3,100 萬美元，主要反映了銷售和產品組合的下降，但 2,900 萬美元的業績帶來的有利影響（反映了研發成本的降低）部分抵消了這一影響。本季末該部門積壓訂單價值為 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.

德事隆系統的營收為 3.06 億美元，比去年第一季增加了 3,300 萬美元，主要反映了銷售量的增加。分部利潤為 3,400 萬美元，較去年同期增加 600 萬美元，主要得益於業績的有利影響。本季末該部門的積壓訂單金額為 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，比去年第一季成長 9,400 萬美元，主要歸功於德事隆專用車輛和加德士的銷售和產品組合增加。

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，較 2022 年第一季增加 200 萬美元，主要由於銷售量和產品組合增加，以及扣除通貨膨脹因素後的定價帶來的有利影響，主要是專用車輛產品線，但業績帶來的不利影響部分抵消了這一影響。

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.

德事隆電子航空部門本季營收為 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.

低於分部利潤的是，公司費用為 3,900 萬美元，淨利息費用為 1,700 萬美元，後進先出法存貨撥備為 2,500 萬美元，無形資產攤銷為 1,000 萬美元，退休金及退休後收入的非服務部分為 5,900 萬美元。本季度，我們回購了約 520 萬股，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.

總結一下指引，我們重申預計全年調整後每股收益在 5 美元至 5.20 美元之間。我們也繼續預計，扣除退休金繳款前的全年製造業現金流將達到 9 億至 10 億美元。

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

我們的準備好的演講到此結束。那麼布拉德利，我們可以開始回答問題了。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 Jefferies 的 Sheila Kahyaoglu。

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?

我想問一下貝爾的獲利能力。法蘭克，我想你提到了一些有利的表現。但現在 FLRAA 抗議已經解決，這會如何改變貝爾的利潤軌跡呢？

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?

考慮到開發工作，您如何考慮稀釋？如果僅從整體上考慮競標結果，德事隆的開發價值幾乎是洛克希德的兩倍。那麼從收入貢獻的角度來看我們該如何看待這個問題呢？

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.

嗯，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了 FLRAA 的延遲。因此，FLRAA 的收入將與我們對貝爾的預期保持一致，即 33 億美元的收入和 [8.25%，9.25%]，而不是預期。顯然，本季我們的利潤率高於這一水平。因此，我們確實希望能達到我們預期的利潤範圍。

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.

我們確實預計收入會成長。因此，我們認為，從收入角度來看，這將是貝爾收入較低的季度。因此，隨著 FLRAA 開始生效，我們談到了較低的貢獻利潤率。我們最終會看到預訂率的水平，但我們預計銷售量會成長，但利潤率會面臨一些與收入相關的阻力。

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.

但總體而言，從成本結構的角度來看，本季團隊做得非常出色，抵消了銷售量的下降，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?

那麼也許，斯科特，有一個適合你。我們如何看待航空定價？我記得您提到總價 5800 萬美元或 5%。這就是我們在成長方面應該期待的嗎？當市場動態發生變化時，我們該如何看待這一點？

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。我認為是這樣，希拉。你看，我的意思是，很明顯，定價已經很好地考慮到了積壓訂單中。我認為我們在成本方面的預期已經達到了預期。因此，我仍然預期扣除通膨因素後的定價將呈現正面動能。

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.

市場需求仍然良好。從未來的預訂情況來看，我認為價格是穩定的。因此，我認為，我們有理由預期，未來扣除通膨因素後的價格將繼續呈現正成長。

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

我們的下一個問題來自伯恩斯坦的 Doug Harned。

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.

當您查看第一季的航空訂單時，昨天，我們從通用動力公司獲悉，灣流公司在銀行業危機中遇到了一些小問題，矽谷銀行的倒閉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?

您覺得在航空業的那段時期怎麼樣？就訂單流而言，您是否看到過類似的事情？

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.

瞧，我不知道我是否應該特別指出矽谷銀行的某些特點，但我的意思是，本季度我們的訂單出貨比超過了 1：1，這是好事。我們引導的訂單出貨比大約是1：1。我認為我們目前的飛機交付週期處於相當合理的水平。這正是我們的目標。

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.

我想說的是，任何時候出現金融混亂或整個經濟出現不利事件時，人們很容易就會說：“嘿，看，讓我考慮一下或者等一會兒。”我認為我們目前的良好狀況是，我們有足夠的積壓訂單，即使某個季度的比例低於 1：1，這也不是世界末日。

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，那就不是問題。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，與之前遇到一些中斷和延遲的時期不同，這會在短期內對您的收入和利潤造成影響，我認為我們有足夠的積壓訂單，即使有人稍等片刻，那也沒關係。

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?

然後當您展望未來時，您會談論今年的訂單出貨比將達到 1，當您展望未來時，您如何看待待售後市場？我的意思是，我們可能會認為售後市場應該與機隊規模成一定比例增長，但您是否預計其他因素也會為售後市場帶來更多成長，例如每架飛機的內容量或定價？

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.

嗯，看，我認為這更多是與利用率有關，對嗎？因此，飛行小時數與售後市場的成長更密切相關，而不一定與機隊數量相關。我的意思是，我們的機隊非常龐大，即使在任何一個季度增加少量數量也不會產生任何實際影響。因此，這主要取決於利用率，而車隊的利用率仍然很高。

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?

我們看到本季股票回購金額大幅增加。我想，您能談談您對此的想法嗎？我想你們可能會因為最近的判決而獲得一些額外的現金收入。那麼您對於這裡的回購協議有何看法？

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.

嗯，我認為你確實看到我們在第一季加大了力度。我們一直說這是我們的主要資本回報，將透過股票回購來實現，並且會抓住機會。我們感覺目前仍處於適合購買的位置。

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，我們在本季增加了 3.77 億美元。我們公司的現金流持續強勁。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大約 5% 到 6% 的流通股。因此第一季的情況就顯示了這一點。

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.

就這一點而言，媒體和報紙已經報導了這項智慧財產權的判決。顯然，在法律程序進行過程中我們不會對此發表太多評論，但我們預計近期也不會看到現金流入。有上訴程序，誰知道結果會如何。

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

因此，這尚未考慮到我們目前對股份回收的考慮。

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

我們的下一個問題來自 Cowen 的 Cai Von Rumohr。

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?

效果不錯。那麼在航空方面，您能否為我們介紹一下您在供應鏈中看到的相對趨勢？另外，商用公務機的訂單出貨比是多少，因為很明顯，您在本季也獲得了一些國防訂單？

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，蔡先生，供應鏈方面基本上沒有變化。我想說，正如我們之前談到的，我認為我們的勞工狀況比以前好多了。去年第三季和第四季我們確實引入了大量資源。

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，這確實會造成一些混亂，正如你所知，這會影響我們這裡的一些轉換，因為今年上半年這裡的一些低效率現象會逐漸消失。但我們的人員配備基本上已經達到了我們想要的水平。因此我想說，從這方面來看，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.

但我們的供應商仍存在一些問題，導致我們做事不按順序，並導致工廠運作效率低落。

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—我想說情況不會變得更糟，但不一定會變得更好。有時會令人沮喪。我認為你得到了一種解決方案，而另一種供應商卻帶來了問題。而且我—我們預計這將是今年大部分時間內持續存在的問題。因此我認為這裡沒有什麼大的意外，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，我們的訂單出貨比大於1。我們不會將其分解到單一型號或項目，但可以肯定的是，我們對噴射機和渦輪螺旋槳飛機的需求感到滿意。所以我認為我們目前的情況非常好。

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。然後回答 Seth 的問題。 520 萬股相當於 2.5%。因此從本質上講，在一個季度內，你已經完成了全年回購目標的一半。您贏得了 FLRAA，您獲得了 DGI 專利訴訟的勝利。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.

嗯，蔡，我想，我們將繼續抓住機會，繼續推進這一進程。我們將拭目以待它在今年餘下時間裡將如何發揮作用。

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，如你所知，這並不是真正的[正式]指導。我們只是向你們表明了我們的想法。我們的想法並沒有改變——繼續將其作為向股東回報價值的主要手段。

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，法蘭克，你說你維持了今年的每股盈餘和現金流指引。 2023 年部門指導有什麼改變嗎？

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

不，這大致上與我們之前去過的地方一致。

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，史考特，給你一個。本季工業實現兩位數成長，這是相當健康的表現。考慮到我們現在的經濟背景，特別是對於你們的短週期產品而言，你們認為這種做法有多可持續？

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.

嗯，看，這是值得關注的事。我想說我們大致上已經實現了我們所想的計劃。我想你——我們確實預計會看到並且已經看到一些短週期消費方面的疲軟。但我們仍然看到它在某些工業和商業應用領域的強勁表現。

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，我們肯定會將部分產能和產量更多地用於服務商業和工業應用，而不是消費者方面。

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.

因此，顯然存在一些不確定性，我們會密切注意。但綜合考慮所有這些因素，我們服務的所有不同市場都有足夠的需求來推動這種成長。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巴克萊銀行的戴維史特勞斯 (David Strauss)。

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?

史考特，本季公務機的交付量是否比您預期的要少一些？僅從庫存量來看，我知道您總是在第一季建立一些庫存，但本季的庫存建立相當大。所以我不知道，如果您錯過了一些交付，或者您錯過了哪些交付，或者您的交付結果與您想像的相比如何？

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，但是有幾架飛機，對吧？我的意思是，我認為這會給我們全年帶來壓力。但在我們的計劃中，我們也考慮到了我們認為會遇到的阻力。因此，我認為我們與年度指南中指出的內容並沒有太大脫節。

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

好的。該供應鏈與客戶決策有關嗎？是什麼原因造成了這些延誤？

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.

我們在今年看到的大多數延遲都與供應鏈有關，只是獲取零件並能夠對產品進行排序和測試。我們尚未看到客戶行為發生任何產生影響的真正變化。

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。然後我想知道您是否可以從總體上來看一下，或者考慮到各種變化因素，我們應該如何看待貝爾，如何展望今年以後的發展？顯然，隨著 FLRAA 現已內部化、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，考慮到所有這些變動因素，我們應該如何看待貝爾未來幾年的成長前景？

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。嗯，我認為，弗蘭克也指出了這一點，隨著 FLRAA 計劃的推進，我們當然預計貝爾的收入將在今年餘下時間以及明年繼續增加。因此我認為就收入成長方面而言，我們對此感到非常滿意。

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，隨著我們的主要成本加上開發工作量的比例增加，利潤率將會降低，V-22 和 H-1 的生產計畫量也會下降。

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.

所以你確實有混合問題。這就是我們今年制定的指南，我想這也是我們未來發展的期待。

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，我們要讓這個產品恢復成長模式，但會專注於成本加成相對利潤率較低的業務部分，以抵銷利潤率較高的收入損失。

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.

但我認為它將保持健康的業務，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 Wolfe Research 的 Myles Walton。

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?

史考特，我想，在過去的 12 個月或 18 個月裡，您的董事會增加了兩名成員，分別是幾位國防高管、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希望將投資組合更多地轉向國防？如果是這樣，這是否表明 FLRAA 顯然是有機貢獻者，還是從併購利益來看更多的是無機貢獻者？

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。你看，正如你所說，這兩個人都在航空航天和國防領域擁有豐富的經驗。我們公司一直保持著 30% 的防禦率，我們預計系統業務將實現成長，顯然，我們預計 FLRAA 也將實現成長，而且我認為，在不久的將來，我們還將看到貝爾和系統的未來機會。

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.

我覺得我們有必要在公司的 [AD] 方面再加強一點。這兩位都是最近退休的人，他們目前了解收購，了解防禦，也了解航太技術。因此，我認為這對董事會來說都是很棒的廣告。

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.

因此，並沒有真正的超級潛在訊息，但顯然，他們是一些非常了解我們領域的真正高素質人士。

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，我只需澄清一點。在抗議中的 FLRAA 披露中，您談到了成本加激勵部分和固定價格激勵版本。您能否簡單解釋一下您所承擔的固定價格風險有哪些，不有哪些？

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.

嗯，我認為固定價格主要有兩個部分。一個是專案管理和操作層，我認為風險比較低。我們大概明白那是什麼。如你們所知，這個完整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.

目前處於 [EMD] 階段，約有 8 架飛機參與開發測試——陸軍的有限用戶測試。然後有 [一種工藝] 有點像 [超越] 第一個初始生產工藝，其中的材料是固定價格。所以 — — 但它主要專注於成本加成。

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

我們的下一個問題來自夏皮羅研究公司的喬治‧夏皮羅。

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?

史考特，我的意思是，供應鏈問題導致本季航空業務的利潤率增量為 14%。這與第四季的情況相同。對性能的影響，1600 萬美元和 1700 萬美元是相似的。那麼您預計今年剩餘時間的情況也是如此嗎？或者您能否克服您所提到的一些將會持續存在的供應鏈問題？

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。我認為這種趨勢將在下半年減弱。正如我們所討論的，許多效率低下的問題都是去年下半年出現的問題。顯然，很多都是透過庫存進行的。

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.

這與今年上半年的飛機交付情況一致。顯然，這是預期的表現，今年上半年的混亂將比去年下半年少。

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，到目前為止，我們或多或少都看到了這一點。我認為我們的工廠運作得更好了。正如我所說，這很大程度上歸功於我們擁有的資源。問題仍然存在，營業額高於我們的預期。流失率仍高於歷史水準。但可以肯定的是，該工廠的運作效率更高。

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.

現在，正如我所說的，供應商問題仍然存在。但綜合考慮所有這些，我認為我們將在下半年看到這些效率帶來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，即使轉換率為 14%，這也是我們預期的水平，我認為就全年而言，整體轉換率約為 24% 左右，這對於我們的業務來說是合適的，我們仍然預計全年能夠實現這一目標。

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

好的。那麼，您對今年的交付預期有什麼改變嗎？

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

並不真地。我認為我們仍在遵循我們的指導方針。

Okay. Thank you very much. Good report.

好的。非常感謝。很好的報告。

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

我們的下一個問題來自貝爾德的彼得·阿門特 (Peter Arment)。

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?

史考特、弗蘭克，結果不錯。史考特，你對航空有很多疑問。我只問一個簡單的問題。二手飛機的數量略有增加。我確信，在產飛機的數量仍然很低。您能談談您正在關注的或從您對二手市場的看法嗎？

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，顯然我們非常仔細地觀察這一點。你會看到數字出來了，它們看起來像很大的百分比，當然，它們是由非常小的數字組成的很大百分比。

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船時，當你查看 0 到 10 年船齡的船時，它還不到——大約占我們船隊的百分之幾。所以這是一個非常非常小的數字。我的意思是，據我們所知，目前我們的機隊規模超過 7,000 架，而我們已知的飛機有 9 架，機齡不到 10 年。

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，這是我們在市場上看到的趨勢。但請記住，從絕對值來看，這些都是非常小的數字，對嗎？因此可供出售的飛機不到百分之幾，其中約一半是20至25年以上的飛機。因此，就二手飛機的銷售環境而言，環境仍然非常積極。

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

我們的下一個問題來自 Alembic Global 的 Pete Skibitski。

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?

史考特、法蘭克和艾瑞克。稍微延續一下，我認為這是 Myles 關於 FLRAA 的問題。通常來說 — — 恭喜您通過了 FLRAA 的 GEO 審查，這是一個重要的里程碑，但現在您必須切換到保持銷售策略，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，史考特，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，你對開發合約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，以及是否有任何我們應該注意的重要里程碑？

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，這實際上可以追溯到十年前，雙方都經歷了設計、開發、生產原型飛機、駕駛它們，大量的士兵接觸點，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，在我們完成正式 RFP 程序的同時，以及在整個提案評估期間，OTA 一直在為 CRR 計劃而努力，即使在提案評估進行的同時，它也在繼續降低風險、完成設計活動並降低風險。

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.

所以我認為好消息是，我們為飛機本身建立了一個非常非常堅實的技術基礎。我們擁有一支優秀的團隊，他們已經準備就緒，正在重新組建，準備執行 EMD 計劃。

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，這裡有很多關於任務系統的新內容，以及 MOSA 系統中該功能的發展——它確保了任務系統的架構以及它們如何適應隨時間的變化。但我認為我們擁有非常非常好的技術基礎。

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、製造和試飛的飛機與我們已經設計、製造和試飛的飛機非常非常接近。因此，我認為很大一部分風險已經被非常有效地降低，我們已準備好去應對。

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?

史考特、法蘭克，當你們今天看一下投資組合時，會發現這輪投資組合顯然比上一輪更強勁。航空業有積壓訂單，貝爾獲得了 FLRAA，工業業目前穩定。在資產負債表相當低的情況下，您有何興趣向其他垂直領域擴張並進入長期成長市場？

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，正如我們一直所說的那樣，我們會密切關注新產品進入市場或出現的機會。但顯然，我們的計劃仍然圍繞著有機成長建立。我認為，我們對現有業務進行了大量的投資，從我們所看到的有機成長來看，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.

就這一點而言，我認為我們的資產負債表確實非常強勁。我們手頭上有很多現金。我們的業務有強勁的現金創造能力。我們將繼續執行回購計劃。

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.

如果我們認為在 A&D 領域出現了有意義的事情，並且我們知道比繼續回購股票更能為我們的股東帶來增值和更好的價值，我們就會考慮它。

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.

但正如我所說的，它必須是一個明顯的勝利，並且始終將其與我們的股票回購計劃的進展進行對比。

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

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，您能否簡單介紹一下——您在電話中提到過，這有點回到邁爾斯的問題，關於公司在國防領域的進一步增長以及貝爾和系統公司面臨的機會。如果您可以介紹其中幾個您可能發現對公司特別有趣的內容。

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，從獨立的角度來看，FLRAA 的勝利對我們的未來至關重要。我認為我們的員工在過去十年中為此方面的投資和定位做出了巨大貢獻。 。

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，但我再次認為我們的團隊做出了正確的投資。我們找到了合適的人才，開發了一款我認為會大獲成功的產品。

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.

正如你所知，我們都在等待引擎方面的工作，以便讓它飛起來。但陸軍仍在繼續進行降低風險和進一步明確該計劃的活動。顯然，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，我認為我們的許多技術，特別是在傾轉旋翼機領域，可能是一個很好的解決方案，而且可以利用我們在 280 項目上已經進行的許多投資。

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。但是從技術角度來看，我認為我們目前處於非常有利的位置，可以抓住未來的一些機會。

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，可能還有點遠，但這是另一個進步。我認為它進一步利用了我們的基本核心能力，以實現速度更快、性能更高、射程更遠的資產。

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.

因此我認為貝爾——羅恩，在我看來，我想說我們在傾轉旋翼機領域擁有非凡的特許經營權，而且我認為我們有很多機會在未來通過對該技術的多種不同改進來繼續發展該特許經營權。

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，好的，那裡有很多程式。我認為我們與諾斯羅普在 Sentinel 計畫中的勝利將成為我們未來成長的動力，因為該計畫最終將從 [A&D] 進入未來的生產階段。我們在彈藥方面取得了一些重大勝利，包括XM204和XM250，這對我們而言是一項長期的偉大特許經營，而且它正在真正地發展。

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。 Shadow 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 UAS 無疑是一個巨大的機會。如你所知，目前有幾個大型陸地車輛項目，海軍陸戰隊有 ARV 項目，陸軍有 OMFV 項目。

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，我不想結束這些事情，但是還有很多機會，我們要么已經贏得勝利，要么已經被選中，或者我認為我們肯定是一個有力的競爭對手。

[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，但我們有足夠的機會，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將帶來大量有機增長。

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，也許還會有後續內容。 也許從短期來看，您是否看到烏克蘭戰爭帶來的巨大需求？您是否看到了 18 個月前您還未預料到的更好的訂單...

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。我們並不是處於那種彈藥空間。我的意思是，已經就一些陸地車輛進行了一些討論，但它們基本上是 [EDA]，是軍隊中多餘的東西，會被拿出來翻新並放到那裡。有人討論過不同的 UAS 系統。

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.

因此，有一些 — — 到目前為止我們什麼都沒有。相對而言，未來可能還會有一些較小的機會，但不會對我們產生重大影響。

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.

女士們，先生們，今天的會議將於今天東部時間上午 10 點之後至 2024 年 4 月 27 日提供重播。

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).

國際參與者可撥打（402）970-0847。這些號碼又是 1 (866) 207-1041 和 402 970-0847，再次輸入接取代碼 (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.

今天的會議就到此結束了。感謝您的參與及使用AT&T會議服務。您現在可以斷開連線。