達信公司 (TXT) 2025 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Textron fourth-quarter 2025 conference call. (Operator Instructions)

感謝您的耐心等待，歡迎參加德事隆2025年第四季電話會議。（操作說明）

I'd now like to turn the call over to Scott Hegstrom, Vice President of Investor Relations and Treasurer. You may begin.

現在我將把電話交給投資者關係副總裁兼財務主管史考特‧赫格斯特羅姆。你可以開始了。

Thanks, Rob. 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.

謝謝你，羅伯。大家早安。在開始之前，我想提一下，我們今天的電話會議將討論未來的估算和預期。這些前瞻性聲明受到各種風險因素的影響，這些風險因素已在我們的美國證券交易委員會文件中詳細說明，並在今天的新聞稿中也有說明。

On the call today, we have Scott Donnelly, our Executive Chairman; Lisa Atherton, our Chief Executive Officer; and David Rosenberg, our Chief Financial Officer. Our earnings call presentation can be found in the Investor Relations section of our website.

今天參加電話會議的有：執行董事長史考特唐納利；執行長麗莎阿瑟頓；以及財務長大衛羅森伯格。您可以在我們網站的投資者關係版塊找到我們的財報電話會議簡報。

With that, on the call over to Scott.

於是，電話轉給了史考特。

Thanks, Scott. And good morning, everyone. Textron closed out the year with another solid quarter, driven by significant revenue growth of 16% and segment profit growth of 34%, resulting in an adjusted EPS of $1.73. For the full year, Textron finished the year with revenue growth of 8% and segment profit growth of 14%, resulting in an adjusted EPS of $6.10.

謝謝你，斯科特。大家早安。德事隆公司在財年末又迎來一個穩健的季度，主要得益於16%的顯著營收成長和34%的部門獲利成長，調整後每股收益為1.73美元。全年來看，德事隆公司營收成長8%，部門獲利成長14%，調整後每股收益為6.10美元。

Looking at the segments. Aviation had a strong year with revenue up 36% for the fourth quarter and 13% for the full year, reflecting higher aircraft deliveries and increased aftermarket volume as we recovered from the strike in late 2024. In the quarter, we continued to see solid order flow and customer demand across our portfolio, ending the year with $7.7 billion of backlog.

查看各個部分。航空業今年表現強勁，第四季營收成長 36%，全年營收成長 13%，反映出飛機交付量增加以及售後市場銷售成長，因為我們從 2024 年底的罷工中恢復過來。本季度，我們繼續看到旗下所有產品組合的訂單量和客戶需求保持強勁增長，年底積壓訂單額達到 77 億美元。

In 2025, we delivered 171 jets, up from 151 last year and 146 commercial turboprops, up from 127 in 2024. Also, in the quarter, we continued to upgrade the product portfolio, Citation Ascend, CJ3 Gen 2, and the M2 Gen 2 with autothrottles all receiving FFA certification and beginning deliveries.

2025 年，我們交付了 171 架噴射機，比去年的 151 架有所增加；交付了 146 架商用渦輪螺旋槳飛機，比 2024 年的 127 架增加。此外，本季我們繼續升級產品組合，Citation Ascend、CJ3 Gen 2 和 M2 Gen 2 均配備自動油門，並獲得 FFA 認證，開始交付。

During 2025, strong aircraft utilization within the Textron innovation product portfolio resulted in a 6% growth in aftermarket revenues. Also, had a very strong year with revenue up 11% for the fourth quarter and 20% for the full year. With the acceleration of the MV-75 program, 2025 marks Bell's second consecutive year of 20% growth in military revenue. We've talked a lot about accelerating the MV-75 program in 2025.

2025 年，德事隆創新產品組合的飛機利用率強勁，售後市場收入成長了 6%。此外，公司今年業績表現非常強勁，第四季營收成長11%，全年營收成長20%。隨著 MV-75 專案的加速推進，2025 年標誌著貝爾公司連續第二年軍工收入成長 20%。我們已經多次討論在 2025 年加快 MV-75 專案的進展。

To provide some examples of our progress on this, we've completed over 90% of the engineering drawings, put nearly 2,000 Tier 1 and Tier 2 suppliers on contract issuing 45,000 purchase orders, opened new manufacturing capacity in Wichita for the Fuselage and Fort Worth for the advanced manufacturing center to Drive Systems Test Lab and the Weapon Systems Integration lab, and we've begun manufacturing components for the first six aircraft. So the acceleration is not just design work, it's establishing real production capacity as we pull forward production by a couple of years.

為了舉例說明我們在這方面取得的進展，我們已經完成了 90% 以上的工程圖紙，與近 2000 家一級和二級供應商簽訂了合同，發出了 45000 份採購訂單，在威奇托開設了新的機身製造能力，在沃斯堡開設了先進製造中心，為開發系統測試實驗室和武器系統為實驗室和武器製造提供因此，加速發展不僅僅是設計工作，而是將生產提前幾年，從而建立真正的生產能力。

Earlier this month, we hosted the Secretary of the Army and representatives from the MV-75 program office at our Wichita Assembly Center, where we are building the fuselage of the aircraft. During this visit, we were able to demonstrate our production capabilities and progress on the first six aircraft that are currently in work.

本月初，我們接待了陸軍部長和 MV-75 計畫辦公室的代表，他們參觀了我們在威奇託的組裝中心，我們正在那裡建造飛機的機身。在這次訪問中，我們展示了我們的生產能力以及目前正在生產的前六架飛機的進展。

Across Bell's other sites, we're seeing the results of our prior investments in manufacturing process development, which led to efficient manufacturing of major parts like our wing skins and bars. On the commercial side, Bell continued to see strong order activity in 2025. For the year, Bell delivered 169 commercial helicopters compared to 172 in 2024.

在貝爾的其他工廠，我們看到了先前在製造製程開發方面投資的成果，這些投資實現了機翼蒙皮和桿件等主要部件的高效製造。在商業方面，貝爾公司預計 2025 年訂單活動將持續強勁。今年，貝爾公司交付了 169 架商用直升機，而 2024 年的交車量為 172 架。

Moving to systems. The team also told revenue growth for both the quarter and the full year, with revenue up 4% in the quarter and slightly up for the full year. The team generated this revenue growth while facing headwinds that had to overcome including the challenging comparables resulting from the wind down of the Shadow program.

轉向系統。該團隊還公佈了季度和全年的收入增長情況，季度收入增長 4%，全年收入略有增長。該團隊在面臨諸多不利因素（包括因影子計劃逐步結束而導致的具有挑戰性的可比較業績）的情況下，實現了收入成長。

The Ship-to-Shore Connector program has proven to be a real strength for the segment. We are now about 15 units into a 73-unit program record. The program has scaled up and is now running efficiently, and has received over $450 million of awards this year.

事實證明，船岸連接器計劃是該領域的真正優勢。我們現在已經完成了大約 15 個單元，而我們的專案總單元數為 73 個，創下了紀錄。該計劃規模不斷擴大，目前運作高效，今年已獲得超過 4.5 億美元的獎勵。

During the quarter, Systems received an IDIQ contract valued up to $200 million for its ATAC business to provide airborne standoff jamming services to the US Navy and US Marine Corps. This program will support Navy fleet customers with a wide variety of airborne threat simulation capabilities, the training, test and evaluate shipboard and aircraft weapon systems.

本季度，Systems公司獲得了一份價值高達2億美元的IDIQ合同，為其ATAC業務向美國海軍和美國海軍陸戰隊提供空中遠程幹擾服務。該計劃將為海軍艦隊客戶提供各種空中威脅模擬能力，以及艦載和飛機武器系統的訓練、測試和評估。

In Industrial, the segment ended the epi year with a positive organic growth of about 1% in the fourth quarter after streamlining the portfolio with the divestiture of the Powersports business.

在工業領域，該部門在剝離動力運動業務、精簡產品組合後，第四季度實現了約 1% 的正有機增長，為上年畫上了圓滿的句號。

In summary, 2025 was a strong year for Textron. We continue to execute on our growth strategy of ongoing investments in new products and programs to drive organic growth and margin expansion.

總而言之，2025 年對德事隆來說是業績強勁的一年。我們將繼續執行成長策略，持續投資於新產品和項目，以推動內生成長和利潤率擴張。

As we wrap up 2025, this will be my last earnings call. I want to express my thanks for all your support over the years. I feel very good about where the business stands, the team that we have in place, and the leadership that Lisa brings to the table.

2025年即將結束，這將是我最後一次財報電話會議。我要感謝大家多年來的支持。我對公司目前的狀況、我們擁有的團隊以及 Lisa 帶來的領導能力感到非常滿意。

With that, I'll hand off to her to talk about the business more broadly and our plans for 2026.

接下來，我將把發言權交給她，讓她更廣泛地談論公司業務以及我們 2026 年的計劃。

Thanks, Scott. And I want to extend my sincere gratitude for your exceptional leadership and your commitment to Textron over the years. And on behalf of the entire team, thank you for your many contributions and the lasting legacy that you leave, and we wish you all the very best.

謝謝你，斯科特。我衷心感謝您多年來對德事隆的卓越領導和奉獻精神。我謹代表整個團隊，感謝您所做的許多貢獻以及您留下的寶貴遺產，並祝您一切順利。

For those of you that may not know me, I graduated from the United States Air Force Academy. I was a contract officer and then a civilian contractor at the Director of Requirements at Air Combat Command. I left ACC in 2007 and joined Textron holding various leadership positions within Textron Systems and Belt. I was fortunate enough to spend several years leading systems before my last position as CEO of Bell. In these roles, I led numerous development and program activities, including the future long-range assault aircraft now the MV-75 program.

可能有些人不認識我，我畢業於美國空軍學院。我曾擔任空戰司令部需求主管的合約官員，後來成為文職承包商。我於 2007 年離開 ACC，加入 Textron，並在 Textron Systems 和 Belt 擔任過各種領導職務。在擔任貝爾公司執行長之前，我有幸從事系統管理工作數年。在這些職位上，我領導了許多開發和專案活動，包括未來的遠端攻擊飛機，也就是現在的 MV-75 專案。

When we look across Textron, I am very excited for the opportunities that lie ahead. Textron Aviation, our largest segment is a clear leader in general aviation with its Sesa and Beach Craft brands. It has a great product lineup, an unmatched installed base, driving a powerful aftermarket business and a world-class customers.

展望德事隆集團的未來，我對未來的機會感到非常興奮。德事隆航空是我們最大的業務部門，憑藉其 Sesa 和 Beach Craft 品牌，在通用航空領域處於領先地位。它擁有強大的產品陣容、無可匹敵的裝機量，從而推動了強大的售後市場業務和世界一流的客戶群。

2025 was a very strong year for Aviation, and the business is well positioned for the future. In addition to our successful certification efforts, we continue to progress on the beach Craft and ale development program. The Denali finished the year having logged over 3,200 hours of flight testing.

2025 年是航空業發展非常強勁的一年，該行業已為未來做好了充分準備。除了我們成功的認證工作外，我們還在海灘工藝和啤酒開發計劃方面繼續取得進展。Denali飛機在年底累計飛行測試時間超過3200小時。

On the Defense side, Textron Aviation entered a contract to deliver the first two Beechcraft T-6 to Japan's Air Self-Defense Force with additional contracts anticipated. Deliveries of the two aircraft are scheduled for 2029. We -- from a market perspective, the general aviation industry is very healthy.

在國防方面，德事隆航空與日本航空自衛隊簽訂合同，交付首批兩架比奇T-6教練機，預計還將簽訂更多合約。這兩架飛機計劃於 2029 年交付。從市場角度來看，通用航空業發展非常健康。

The business has nearly an $8 billion backlog, and we continue to experience strong order flow. As a result of the team's continued product innovation and operational execution, we remain at the forefront of the industry.

該公司目前積壓訂單金額近 80 億美元，而且訂單量持續強勁成長。由於團隊不斷進行產品創新和營運執行，我們始終處於行業領先地位。

Turning to Bell. The MV-75 program continues to be a great success story. What began as internal research and development and turned into the (inaudible) on the joint multi-role technology demonstrator program is now a core component of the Army's transformation initiative.

轉向貝爾。MV-75計畫持續取得巨大成功。最初是內部研發，後來發展成為（聽不清楚）聯合多用途技術演示器項目，現在已成為陸軍轉型計劃的核心組成部分。

Over the last year, we have worked closely with the Army as they accelerate the program. Bell is now poised to begin testing on the first unit later this year, deliver EMD articles throughout 2027, and then transition into LRIP deliveries in 2028.

過去一年，我們與陸軍密切合作，加速了該計劃的實施。貝爾公司目前已做好準備，將於今年稍後開始對第一台設備進行測試，在 2027 年交付 EMD 產品，然後在 2028 年過渡到 LRIP 交付。

Our military opportunities are not limited to just the MV-75 program. Earlier this month, that was notified of its selection to proceed to the next phase of the Flight School Next competition. This would be a new program to train Army Aviators at Fort Rucker. This opportunity leverages our 505 helicopter and our expertise in flight training, where Bell currently trains nearly 2,000 pilots per year at the Bell Training Academy.

我們的參軍機會並不限於 MV-75 項目。本月初，他們接獲通知，被選中進入飛行學校下一代競賽的下一個階段。這將是魯克堡一項新的陸軍飛行員訓練計畫。此次合作將充分利用我們的 505 型直升機和我們在飛行訓練方面的專業知識。貝爾公司目前在貝爾訓練學院每年培訓近 2000 名飛行員。

Because of our long-term investment strategy, our defense and commercial product mix and our agility in adapting to and embracing acceleration with a wartime mentality, we think Textron is demonstrating the characteristics valued by the Department of War in support of the arsenal freedom.

由於我們採取了長期投資策略，兼顧國防和商業產品組合，並且能夠靈活適應和擁抱以戰時心態加速發展的趨勢，我們認為德事隆展現了戰爭部在支持武器庫自由方面所重視的特質。

As I mentioned, I previously ran Textron Systems as well and believe that this business has long been one of the cool kids in the defense industry. We developed and have been flying unmanned systems for over 25 years with more than 2 million flight hours on our platforms.

正如我之前提到的，我以前也經營過德事隆系統公司，我認為這家公司長期以來一直是國防工業的佼佼者。我們研發並營運無人系統已有 25 年以上，我們的平台累計飛行時間超過 200 萬小時。

We developed our first unmanned surface vehicle in 2007. We manufactured and fielded high-temperature materials that operate in hypersonic environments dating back to the 1960s. We are currently on Mars as part of the first severance Rover. Our technology is being utilized on the heat shield for Orion as it prepares to travel to the moon, and we are developing the reentry vehicle system for Sentinel as well as working on various other hypersonic applications.

我們在 2007 年研發了第一艘無人水面航行器。早在 20 世紀 60 年代，我們就製造並部署了可在超音速環境下運作的高溫材料。我們目前作為首批火星探測車「分離號」的成員在火星上。我們的技術正被應用於獵戶座太空船的隔熱罩上，它正準備前往月球；我們也正在為哨兵號開發再入飛行器系統，並致力於各種其他高超音速應用。

We are also ramping our land offerings in support of the Ukraine with our MSFV platform, which is part of the COMMANDO family and continuing development on major opportunities like the Armored Reconnaissance Vehicle and the XM30.

我們也在加強向烏克蘭提供陸地產品，包括我們的 MSFV 平台（屬於 COMMANDO 系列），並繼續開發裝甲偵察車和 XM30 等重大項目。

We also have proven commercial business models that have demonstrated across multiple platforms, including Aerosonde and ATAC, which are directly applicable to opportunities like Flight School Next. Thanks to our leading-edge capabilities and recent program wins, Textron Systems is well positioned to drive future growth.

我們還擁有在多個平台（包括 Aerosonde 和 ATAC）上經過驗證的商業模式，這些模式可以直接應用於像 Flight School Next 這樣的機會。憑藉我們領先的技術能力和近期贏得的項目，德事隆系統公司已做好充分準備，推動未來的成長。

Moving to Industrial. The teams at Kautex and TFV have done a good job executing and dealing with challenging end markets. At Kautex, the hybrid volumes continue to grow and due to our investments in the Pentatonic offerings, we are gaining more closure to pure electric vehicles. In fact, the Pentatonic offerings present the opportunity for both fuel tank and battery enclosure revenue on hybrid platforms.

轉向工業領域。Kautex 和 TFV 的團隊在執行和應對具有挑戰性的終端市場方面做得很好。在 Kautex，混合動力車的銷量持續成長，由於我們對 Pentatonic 產品的投資，我們正逐步接近純電動車市場。事實上，Pentatonic 的產品為混合動力平台上的燃料箱和電池外殼都帶來了收入機會。

At TFV, the team continues to introduce new products and work to address the cost structure. For example, TSV rolled out the Cushman Hauler XL with larger hauling capacity and at EZ-GO, our PACE technology is expanding beyond golf into new markets.

在 TFV，團隊不斷推出新產品，並努力解決成本結構問題。例如，TSV 推出了運輸能力更大的 Cushman Hauler XL，而 EZ-GO 的 PACE 技術正在從高爾夫領域擴展到新的市場。

Before we move to the outlook for 2026, I want to highlight that our $14.8 billion of revenue in 2025 is the highest we have ever had as a company. In 2026, we're projecting revenues of about $15.5 billion, up about of 4.5% from 2025 for Textron's 2026 fiscal year.

在展望 2026 年之前，我想強調的是，我們 2025 年的收入為 148 億美元，這是我們公司有史以來最高的收入。預計到 2026 年，德事隆 2026 財年的營收將達到約 155 億美元，比 2025 年成長約 4.5%。

We are projecting adjusted EPS in the range of $6.40 to $6.60. Manufacturing cash flow before pension contributions is expected to be in the range of $700 million to $800 million. This cash flow outlook reflects approximately $350 million of higher CapEx and long lead material to support LRIP on the MV-75 program.

我們預計調整後每股收益將在 6.40 美元至 6.60 美元之間。扣除退休金繳款前的製造業現金流預計在 7 億至 8 億美元之間。這項現金流展望反映了約 3.5 億美元的資本支出增加以及為支援 MV-75 項目的低速初始生產 (LRIP) 而需要的長週期材料。

With that, I'll turn the call over to David to walk you through a recap of 2025 financials and the 2026 outlook.

接下來，我會把電話交給大衛，讓他為大家回顧 2025 年的財務狀況和 2026 年的展望。

Thank you, Lisa. And good morning, everyone. First, Scott, I would like to echo Lisa's comments and extend my gratitude to you as well. It has been a pleasure working with you over the years.

謝謝你，麗莎。大家早安。首先，斯科特，我想附和麗莎的評論，並向你表示感謝。這些年來與您共事非常愉快。

Turning to slide 5 of the earnings presentation. Revenues in the quarter were $4.2 billion, up 16%, or $562 million from last year's fourth quarter. Segment profit in the quarter was $380 million, up 34%, or $97 million from the fourth quarter of 2024.

翻到收益報告的第5頁。本季營收為 42 億美元，比去年第四季成長 16%，即 5.62 億美元。該季度部門利潤為 3.8 億美元，比 2024 年第四季成長 34%，即 9,700 萬美元。

During this year's fourth quarter, adjusted income from continuing operations was $1.73 per share compared to $1.34 per share in last year's fourth quarter. Manufacturing cash flow before pension contributions totaled $510 million in the quarter, up $204 million from last year's fourth quarter.

今年第四季度，持續經營業務的調整後每股收益為 1.73 美元，而去年第四季為每股 1.34 美元。本季製造業在不計入退休金繳款的現金流總計 5.1 億美元，比去年第四季增加了 2.04 億美元。

For the full year, revenues were $14.8 billion, up 8%, or $1.1 billion from last year. In 2025, segment profit was $1.4 billion, up 14%, or $163 million from 2024. Adjusted income from continuing operations was $6.10 per share, as compared to $5.48 per share in 2024. Manufacturing cash flow before pension contributions was $969 million, up $277 million from 2024.

全年營收為 148 億美元，較上年成長 8%，即 11 億美元。2025 年，該部門利潤為 14 億美元，比 2024 年增長 14%，即 1.63 億美元。經調整後的持續經營收入為每股 6.10 美元，而 2024 年為每股 5.48 美元。不計退休金繳款的製造業現金流為 9.69 億美元，比 2024 年增加 2.77 億美元。

Now on slide 6, let's review how each of the segments contributed, starting with Textron Aviation. Revenues at Textron Aviation of $1.7 billion were up $467 million, or 36% from 2024, reflecting higher aircraft revenues of $400 million and higher aftermarket parts and service revenues of $67 million. The increase in aircraft revenues was primarily due to higher volume and mix, largely reflecting higher Citation jet and commercial turboprop volume as we recovered from the strike in 2024.

現在，在第 6 張幻燈片中，讓我們回顧一下各個部分是如何做出貢獻的，首先從德事隆航空開始。德事隆航空的收入為 17 億美元，比 2024 年增長了 4.67 億美元，增幅達 36%，這主要得益於飛機收入增加 4 億美元以及售後零部件和服務收入增加 6700 萬美元。飛機收入的成長主要歸功於更高的銷售和更多樣化的機型，這在很大程度上反映了我們在 2024 年從罷工中恢復過來後，獎狀噴射機和商用渦輪螺旋槳飛機的銷量有所增加。

Segment profit was $208 million in the fourth quarter, up $108 million compared with fourth quarter of 2024, largely due to higher volume and mix. On a full-year basis, Textron Aviation generated revenue of $6 billion, up 13% over the prior year, and $694 million of segment profit, up 23% from 2024. Backlog in the segment ended the year at $7.7 billion.

第四季分部利潤為 2.08 億美元，比 2024 年第四季成長 1.08 億美元，主要原因是銷售量和產品組合的增加。德事隆航空全年營收達 60 億美元，較上年成長 13%；部門利潤達 6.94 億美元，較 2024 年成長 23%。該領域的積壓訂單在年底達到 77 億美元。

Revenues at Bell of $1.3 billion were up $128 million, or 11% from 2024. The revenue increase in the quarter was driven by higher military revenues of $139 million, primarily due to higher volume on the US Army's MV-75 program, partially offset by lower commercial revenues of $11 million, reflecting the mix of aircraft sold in the period, offset in part by higher pricing. Segment profit of $101 million was down $9 million from a year ago.

貝爾營收為 13 億美元，比 2024 年成長 1.28 億美元，增幅達 11%。本季營收成長主要得益於軍方收入增加 1.39 億美元，這主要是由於美國陸軍 MV-75 項目的訂單量增加；但部分被商業收入減少 1100 萬美元所抵消，這反映了該時期售出飛機的組合情況；部分被更高的價格所抵消。該部門利潤為1.01億美元，比去年同期減少900萬美元。

On a full-year basis, Bell generated revenues of $4.3 billion, up 20% over the prior year, and $363 million of segment profit, down $7 million from 2024. Backlog in the segment ended the year at $7.8 billion, an increase of over $300 million from the prior year, reflecting growth in both military and commercial businesses.

貝爾全年營收為 43 億美元，較上年成長 20%；部門利潤為 3.63 億美元，比 2024 年減少 700 萬美元。該領域的積壓訂單在年底達到 78 億美元，比前一年增加了 3 億美元以上，反映出軍事和商業業務的成長。

At Textron Systems, revenues of $323 million were up $12 million, or 4% from last year's fourth quarter, primarily due to higher volume. Segment profit of $43 million was up $1 million from last year's fourth quarter.

Textron Systems 的營收為 3.23 億美元，比去年第四季增加了 1,200 萬美元，增幅為 4%，主要原因是銷量增加。該部門利潤為 4,300 萬美元，比去年第四季增加了 100 萬美元。

On a full-year basis, systems generated revenue of $1.2 billion, up slightly over the prior year, and $175 million of segment profit, up 14% from 2024. Backlog in this segment ended the year at $3.3 billion, an increase of over $700 million from the prior year, related to awards across multiple domains, including ATAC, marine systems, and land systems.

從全年來看，系統業務創造了 12 億美元的收入，比上一年略有增長；部門利潤為 1.75 億美元，比 2024 年增長了 14%。該領域的積壓訂單在年底達到 33 億美元，比前一年增加了 7 億美元以上，涉及多個領域的訂單，包括 ATAC、海洋系統和陸地系統。

Industrial revenues were $821 million, down $48 million from last year's fourth quarter. Textron Specialized Vehicles revenues decreased $69 million, largely reflecting a $72 million impact from the divestiture of the powersports business. Kautex's revenues increased $21 million, or 5%, largely due to a favorable impact from foreign exchange rate fluctuations.

工業收入為 8.21 億美元，比去年第四季減少了 4,800 萬美元。Textron Specialized Vehicles 的收入減少了 6,900 萬美元，這主要反映了剝離動力運動業務帶來的 7,200 萬美元的影響。Kautex 的收入增加了 2,100 萬美元，增幅達 5%，這主要是由於外匯匯率波動帶來的有利影響。

On an organic basis, Industrial revenues were up slightly from last year's fourth quarter. Segment profit of $30 million was down $18 million from 2024, largely due to higher selling and administrative costs and lower volume and mix. On a full-year basis, Industrial generated revenue of $3.2 billion, down 9% from the prior year, or down 4% organically, and $145 million of segment profit, down $6 million from 2024.

從有機成長來看，工業收入比去年第四季略有成長。該部門利潤為 3000 萬美元，比 2024 年減少了 1800 萬美元，主要原因是銷售和管理成本增加以及銷售和產品組合下降。從全年來看，工業業務的收入為 32 億美元，比上年下降 9%，或以有機成長計算下降 4%；該業務部門的利潤為 1.45 億美元，比 2024 年減少 600 萬美元。

Textron eAviation segment revenues were $7 million in 2025, as compared to $11 million in last year's fourth quarter, and segment loss was $15 million, as compared to a segment loss of $22 million in 2024. On a full-year basis, eAviation generated revenue of $27 million and a segment loss of $63 million.

Textron eAviation 部門 2025 年的營收為 700 萬美元，而去年第四季為 1,100 萬美元；該部門的虧損為 1,500 萬美元，而 2024 年的虧損為 2,200 萬美元。全年來看，eAviation 的營收為 2,700 萬美元，虧損為 6,300 萬美元。

Finance segment revenues were $18 million, and profit was $13 million in 2025, as compared to segment revenues of $11 million and profit of $5 million in fourth quarter of 2024. The increase in revenues and segment profit included a $5 million gain on the disposition of non-captive assets in 2025. On a full-year basis, the Finance segment generated revenue of $75 million and segment profit of $49 million.

2025 年，財務部門的收入為 1,800 萬美元，利潤為 1,300 萬美元，而 2024 年第四季度，該部門的收入為 1,100 萬美元，利潤為 500 萬美元。收入和部門利潤的成長包括 2025 年處分非自有資產獲得的 500 萬美元收益。全年來看，金融部門的收入為 7,500 萬美元，部門利潤為 4,900 萬美元。

Moving below segment profit, corporate expenses were $44 million, net interest expense for the manufacturing group was $31 million, LIFO inventory provision was $84 million, and intangible asset amortization was $8 million, and the non-service component of pension and postretirement income were $66 million.

在分部利潤以下，公司費用為 4,400 萬美元，製造集團的淨利息支出為 3,100 萬美元，後進先出法存貨準備金為 8,400 萬美元，無形資產攤銷為 800 萬美元，退休金和退休後收入的非服務部分為 6,600 萬美元。

During the quarter, we repurchased approximately 2.3 million shares, returning $187 million in cash to shareholders. For the full year, we repurchased approximately 10.7 million shares, returning $822 million to shareholders.

本季度，我們回購了約 230 萬股股票，向股東返還了 1.87 億美元現金。全年共回購約 1,070 萬股股票，向股東返還了 8.22 億美元。

Turning now to our 2026 outlook on slide 19. We are expecting adjusted earnings per share to be in the range of $6.40 to $6.60. We are also expecting manufacturing cash flow before pension to be about $700 million to $800 million. As Lisa mentioned in her remarks, this cash flow outlook reflects investing approximately $350 million of higher CapEx and long lead materials to support LRIP on the MV-75 program.

現在請看第 19 頁投影片，了解我們對 2026 年的展望。我們預計調整後每股收益將在 6.40 美元至 6.60 美元之間。我們也預計扣除退休金之前的製造業現金流約為 7 億美元至 8 億美元。正如 Lisa 在演講中提到的，這一現金流展望反映了對 MV-75 項目的低速初始生產 (LRIP) 投入約 3.5 億美元的更高資本支出和長週期材料。

Before we move to the segment outlook, as you may recall, Textron is eliminating Textron eAviation as a separate reporting segment, realigning the eAviation business activities across Textron Aviation, Textron Systems, and Corporate to leverage our existing sales, business development, and engineering capabilities. Our segment-level guidance for 2026 reflects this new operating structure. In the earnings presentation that is posted on our website, we recast 2025 so you can see 2025 actuals and 2026 guidance on a comparable basis.

在我們進入分部展望之前，您可能還記得，德事隆正在取消德事隆電子航空作為單獨的報告分部，重新調整德事隆航空、德事隆系統和公司內部的電子航空業務活動，以充分利用我們現有的銷售、業務拓展和工程能力。我們針對 2026 年的業務部門業績指引反映了這個新的營運結構。在發佈於我們網站的收益報告中，我們對 2025 年進行了重新估算，以便您可以以可比的方式查看 2025 年的實際業績和 2026 年的業績指引。

Moving to segment outlook on slide 20, and beginning with Textron Aviation, we're expecting revenues of about $6.5 billion, reflecting growth of approximately 9% over 2025. Segment margin is expected to be in the range of approximately 11% to 12%. The margin range compares to Textron Aviation's 2025 recasted margin of 11.1%.

接下來，我們將進入第 20 頁的分部展望，首先來看德事隆航空，我們預計其收入約為 65 億美元，到 2025 年將成長約 9%。預計該業務板塊的利潤率將在 11% 至 12% 左右。此利潤率範圍與德事隆航空 2025 年重述利潤率 11.1% 相比。

Looking to Bell, we expect revenues of about $4.4 billion, reflecting low single-digit growth over 2025. We're forecasting a margin in a range of about 8% to 9%. As the MV-75 program continues to accelerate, we anticipate that we will be awarded the long lead, low rate initial production or LRIP phase of the contract in late 2026 or early 2027.

展望貝爾公司，我們預計其營收約 44 億美元，到 2025 年將實現個位數低成長。我們預測利潤率將在 8% 到 9% 之間。隨著 MV-75 專案的持續推進，我們預計將在 2026 年底或 2027 年初獲得該合約的長期低速初始生產 (LRIP) 階段。

Upon award of the LRIP option, which is largely fixed price, we expect to record an unfavorable cumulative catch-up program adjustment, reflecting higher costs than originally anticipated when the program was bid in 2021, in the range of $60 million to $110 million. Overall, the MV-75 program will continue to generate a positive margin after the adjustment. In light of the uncertainty of the timing of the award, this has not been reflected in our guidance for the year.

在授予低利率優先購買權（LRIP）後，由於價格基本固定，我們預計將記錄不利的累計追趕計劃調整，反映出成本高於 2021 年該計劃投標時的預期，調整幅度在 6000 萬美元至 1.1 億美元之間。整體而言，調整後 MV-75 項目將繼續產生正利潤。鑑於獎項頒發時間存在不確定性，我們尚未將此因素反映在年度績效預期中。

At Systems, we're estimating revenues of $1.35 billion, reflecting growth of approximately 7% over 2025. Segment margin is expected to be in a range of approximately 12% to 13%.

在系統方面，我們預計營收將達到 13.5 億美元，到 2025 年將成長約 7%。預計該業務板塊利潤率將在 12% 至 13% 左右。

At Industrial, we're expecting segment revenues of about $3.2 billion. This reflects low single-digit growth when adjusting for the powersports divestment share in 2025. Segment margin is expected to be in the range of about 4.5% to 5.5%.

工業業務方面，我們預計該部門的收入約為 32 億美元。如果將 2025 年動力運動資產剝離份額進行調整，則這意味著低個位數成長。預計該業務板塊的利潤率將在 4.5% 至 5.5% 之間。

At Finance, we are forecasting segment profit of about $20 million.

財務部門預計該部門利潤約為 2000 萬美元。

Looking at slide 21, we're projecting about $180 million of corporate expenses. We're also projecting about $140 million of net interest expense for the manufacturing group, $200 million of LIFO inventory provision, $30 million of intangible asset amortization, and $280 million of non-service pension income. We expect a full-year adjusted effective tax rate of approximately 20.5%.

從第 21 張投影片可以看出，我們預計公司支出約為 1.8 億美元。我們也預期製造業集團的淨利息支出約為 1.4 億美元，後進先出法存貨準備金約 2 億美元，無形資產攤銷約 3,000 萬美元，非服務性退休金收入約 2.8 億美元。我們預計全年調整後實際稅率約為 20.5%。

Turning to slide 22, R&D is expected to be about $480 million, down from $521 million last year. As I mentioned, we are estimating higher CapEx on the MV-75 program, resulting in our 2026 CapEx to be about $650 million, up $383 million from 2025. Our outlook assumes an average share count of about 175 million shares.

翻到第 22 張投影片，預計研發支出約 4.8 億美元，低於去年的 5.21 億美元。正如我之前提到的，我們預計 MV-75 項目的資本支出將增加，導致我們 2026 年的資本支出約為 6.5 億美元，比 2025 年增加 3.83 億美元。我們的預測假設平均股數約為 1.75 億股。

So for 2026 companywide, we expect to see revenue of approximately $15.5 billion and segment profit of approximately $1.5 billion. All of this rolls up to an adjusted EPS forecast in the range of $6.40 to $6.60.

因此，我們預計 2026 年公司整體營收約 155 億美元，部門利潤約 15 億美元。所有這些因素綜合起來，得出的調整後每股收益預測範圍為 6.40 美元至 6.60 美元。

This concludes our prepared remarks. So operator, we can open the line for questions.

我們的發言稿到此結束。操作員，我們可以開通提問專線了。

(Operator Instructions) Sheila Kahyaoglu.

（操作說明）Sheila Kahyaoglu。

And Scott, congratulations on your career and building up Textron and handing the baton over to Lisa. Lisa, set congratulations to you as well. Maybe if you could talk about your top priorities for the company now that you're a CEO.

史考特，恭喜你事業有成，一手創立了德事隆公司，並將接力棒交給了麗莎。麗莎，也恭喜你。或許您可以談談您身為CEO，對公司而言最重要的幾項工作是什麼。

Thanks, Sheila. Look, as I outlined in the remarks, we are really starting from a very strong foundation -- and so as I look at my priorities, I think about them in three parts. First off, execution. Each business has to deliver on their commitments with that operational rigor and cash discipline and have the accountability to do so. I have a phrase that we have to do what we say we're going to do. And so we're going to hold each business to that.

謝謝你，希拉。正如我在演講中概述的那樣，我們確實擁有非常堅實的基礎——因此，當我審視我的優先事項時，我會從三個方面來考慮。首先是執行。每個企業都必須以嚴謹的營運和現金管理來履行其承諾，並承擔相應的責任。我常說一句話：我們必須說到做到。因此，我們將要求每家企業都遵守這項規定。

Second will be a portfolio of focus, how we allocate that capital return opportunities across our A&D assets. We have to be very clear about where we lean in and equally clear about where we don't. An example here of how we've been leaning in is on the MV-75 long lead and factory investment to ensure success as the Army pulls that program forward. And lastly, we have to really keep building resilience. So that all of our businesses performed well across cycles.

其次，我們將重點放在投資組合，探討如何在我們的航空航太和國防資產中分配資本回報機會。我們必須非常清楚我們應該在哪些方面投入，同樣也要清楚我們應該在哪些方面保持中立。這裡舉一個例子來說明我們是如何全力投入的，那就是MV-75的長期研發和工廠投資，以確保陸軍在推進該計畫時取得成功。最後，我們必須繼續增強韌性。因此，我們所有業務在各個週期中都表現良好。

You think about this as investing in our manufacturability, investing in our supply chain and really investing in our talent. So that's what we have to do. I think how we had to do it is with clarity. We have to very clearly define those execution goals clearly defined our allocation of our capital and that strategic focus across our business. I think having that rigor is going to result in us continuing to execute reliably while we make clear choices of what we invest in, what we protect and frankly, what we don't pursue is equally as important.

你可以把這看作是對自身生產能力的投資，對供應鏈的投資，以及對人才的真正投資。所以我們必須這麼做。我認為我們必須以清晰明了的方式去做。我們必須非常明確地定義這些執行目標，明確定義我們的資本分配以及我們業務的策略重點。我認為，保持這種嚴謹的態度將使我們能夠繼續可靠地執行計劃，同時明確選擇投資方向、保護目標，坦白說，不追求的目標也同樣重要。

Got it. And maybe one for Dave. Dave, you're guiding to aviation revenues up 9%, but orders were down 3% over the last 12 months. Can you maybe just discuss how the buildup to aviation guidance and the cadence for Aviation throughout '26?

知道了。或許還可以給戴夫來一個。戴夫，你預測航空業收入成長了 9%，但過去 12 個月訂單量下降了 3%。能否談談航空指導的製定過程以及2026年航空領域的節奏？

Sure. So our overall guide is $6.5 billion, up from $6 billion last year. Obviously implied to our guide, we expect higher deliveries in 2026. And I would expect similar aftermarket growth profile of around 6%, just like we had in 2025. When you think about the margin cadence, I think you'll see a similar level of seasonality as we had in 2025.

當然。因此，我們的整體指引值為 65 億美元，高於去年的 60 億美元。根據我們的指南，我們預計 2026 年的交付量將更高。我預計售後市場成長率將與 2025 年的預期相近，約為 6%。當你考慮利潤率波動時，我認為你會看到與 2025 年類似的季節性波動。

So we'll probably be about 100 to 150 basis points below the midpoint of the guide at the start of the year. And I'd expect by the end of the year will be 100 basis points to 150 basis points above the midpoint. And Q2 and Q3 will kind of be in between that.

因此，年初時我們的匯率可能會比指導價的中點低 100 到 150 個基點。我預計到年底將比中點高出 100 到 150 個基點。第二季和第三季則介於兩者之間。

Peter Arment, Baird.

Peter Arment，Baird。

Congrats, Lisa. And Scott, thanks for all your support, I can't believe you want to leave all these quarterly conference calls. But anyway Lisa, how should we be thinking about the in the near and medium term, just given the Army's push to accelerate this program. And obviously, you've been intimately involved and you've probably seen a lot of different versions of what the plans have been. But how should we think about the current setup?

恭喜你，麗莎。史考特，感謝你的支持，真不敢相信你想離開這些季度電話會議。不過，麗莎，鑑於陸軍正在大力推進這個項目，我們應該如何考慮近期和中期的發展？顯然，您一直深度參與其中，可能已經看過許多不同版本的計劃。但我們該如何看待目前的局面呢？

Yes, sure. So I mean, I think the Army has been crystal clear about their desire to move faster. The mandate that came out from the secretary and the chief earlier in 2025. And with the Army Transformation Initiative, put this program as a centerpiece to what they want to execute for the war fighter in the really very near term. So as we mentioned in the prepared remarks, we had some exponential increase in the tangible output because of them kind of clearing the decks to allow the program team to work.

當然可以。所以我的意思是，我認為陸軍已經非常明確地表達了他們希望加快步伐的願望。這是秘書長和首席部長在 2025 年初發布的指令。而陸軍轉型計劃則將該計劃作為其在近期內為作戰人員實施的核心舉措。正如我們在準備好的演講稿中提到的那樣，由於他們掃清了障礙，讓專案團隊能夠開展工作，我們的實際產出出現了指數級增長。

We've got the drawing releases out of tooling. We're building parts across the EMD aircraft. But equally as important, and you guys know this, sometimes just getting through the process is as cumbersome as building the product. And so the Army has kind of cleared the decks for the program team, and we've seen this in the program office in Huntsville. They have really accelerated speed of acquisition.

我們已經完成了模具圖紙的發布。我們正在為EMD飛機製造零件。但同樣重要的是（你們也知道這一點），有時候光是完成整個過程就和開發產品本身一樣繁瑣。因此，陸軍已經為專案團隊掃清了障礙，我們在亨茨維爾的專案辦公室也看到了這一點。他們的收購速度確實加快了。

And so that has helped us get to a position where we can push these aircraft into testing sooner. And so at a high level, what that does is it pulls the entire program forward by about 2.5, three years. And so what we'll do is deliver these aircraft on the EMD through 2027, move right into instead of having that gap, which the original program had, which we were going to kind of go into this testing phase and no production.

因此，這有助於我們更快地將這些飛機推入測試階段。因此，從總體上看，這樣做會使整個專案向前推進約 2.5 到 3 年。因此，我們將在 2027 年前按 EMD 計劃交付這些飛機，直接進入生產階段，而不是像原計劃那樣出現一段空白期，原計劃我們會進入測試階段，但不會進行生產。

So we would have two years of nothing. Well, that now has been filled in. So within months after aircraft number eight is delivered, you'll see aircraft number nine, followed by 10, et cetera. And so that acceleration of production in and of itself gets capability out to the Warfighter gets the Army training with this to rotor aspects and allows us to get to full rate production within about five to six years. So I think you're really seeing the Army lean in and we're right with them.

這樣我們就會經歷兩年的停滯期。好了，現在這個問題已經解決了。因此，在第八架飛機交付後的幾個月內，您將看到第九架飛機，然後是第十架，以此類推。因此，生產速度的加速本身就能使作戰人員獲得能力，使陸軍能夠接受旋翼方面的訓練，並使我們能夠在大約五到六年內實現全面生產。所以我覺得你們真的可以看到軍隊正在積極參與，而我們也和他們站在一起。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Congrats, Scott and Lisa. Lisa, you highlighted your focus on the portfolio and being deliberate about your investments. When you look at the portfolio today, do you intend to grow or prune? Where do you see incremental opportunities?

恭喜斯科特和麗莎。麗莎，你強調了你對投資組合的重視以及你對投資的謹慎態度。當你審視今天的投資組合時，你打算增加還是減少？您認為哪些方面存在成長機會？

Yes, I think, Chris. So I really don't see that management as a binary choice. I think we have to have this ongoing process -- and so while I won't necessarily comment on specific assets right now, we do have to evaluate every single business against that same criteria. They have to have the returns the cash generation and the strategic fit for our long-term porter. I certainly want to accelerate growth and scale in some high-quality aerospace and defense areas.

是的，我想是的，克里斯。所以我並不認為管理是非此即彼的選擇。我認為我們必須持續推進這個過程——因此，雖然我現在不一定會對具體資產發表評論，但我們確實必須根據相同的標準來評估每家企業。它們必須具備回報、現金流和策略契合度，才能符合我們的長期投資目標。我當然希望在一些高品質的航空航太和國防領域中加快成長和擴大規模。

But again, that's going to have to fit with the proper evaluation and strategic alliance to what we're doing in order to make sense.

但話說回來，這必須與我們正在做的事情進行適當的評估和策略聯盟相契合，才能說得通。

So we've had really historic success with aspects like ATAC that we talked about. I mean it was a pretty small company when we acquired it. It was focused on some fleet exercises for the Navy. And now it's expanded into the Air Force Marines scope with the standoff Jammer and adding $450 million of backlog. So when we look at our assets, it doesn't necessarily have to be a big bang.

因此，我們在像我們剛才提到的ATAC這樣的方面取得了真正的歷史性成功。我的意思是，我們收購它的時候，它還是一家規模很小的公司。它主要關注海軍的一些艦隊演習。現在，隨著遠端幹擾器的出現，這項技術已擴展到空軍和海軍陸戰隊，並增加了 4.5 億美元的積壓訂單。所以當我們審視我們的資產時，不一定非得是一次巨大的改變。

It sometimes is these little assets that have really great long-term potential. So we'll look at that. I think we also, as I mentioned, in the priorities, have to have some vertical integration efforts. We've seen a lot of success with that as we try to control our destiny when it comes to supply chain weakness, areas like actuators, interiors, key repair components that we have to have. And I think we need to really lean in and build on that to have that resilience that we need for the long term, and obviously, earlier in '25, we disposed of the Powersports business.

有時候，正是這些看似不起眼的小資產，卻擁有巨大的長期潛力。所以我們會研究這個問題。我認為，正如我之前提到的，在優先事項中，我們也必須進行一些垂直整合的努力。在供應鏈弱點方面，例如執行器、內裝、關鍵維修零件等，我們試圖掌控自己的命運，而在這方面我們已經取得了巨大的成功。我認為我們需要真正重視並以此為基礎，才能擁有長期發展所需的韌性。顯然，在 2025 年初，我們剝離了動力運動業務。

I think that was the exact right move. And so stated from the beginning, whether it's to grow or prune, we really have to have demonstrated performance by the business that we either are acquiring or continue to have that performance internal to our portfolio to make sure it's relevant to the future.

我認為那絕對是正確的舉措。因此，從一開始就說過，無論是擴張還是精簡，我們都必須證明我們正在收購的企業或我們投資組合內部的企業都具有業績，以確保其與未來相關。

That's super helpful. And if I could add a second question with your history at Textron Systems, I guess, Textron Systems has historically been a disruptor in autonomous systems. And when you look at capabilities today, I mean, you have one of the broadest set of capabilities with unmanned Ground Air, C, command and control software. Now we're seeing more new players wanting to enter this autonomous space. I was wondering, can you give us the lay of the land on how to think about your offering where you see your strengths are?

這太有幫助了。如果我可以再問一個關於您在德事隆系統公司的工作經歷的問題，我想說，德事隆系統公司在自主系統領域一直是顛覆者。而當你審視當今的能力時，我的意思是，你擁有最廣泛的能力之一，包括無人地面空中作戰、指揮和控制軟體。現在我們看到越來越多的新玩家想要進入這個自動駕駛領域。我想請教一下，您能否簡單介紹一下您認為自身優勢所在，以及您應該如何看待您的產品和服務？

And how you think this market evolves and where Textron is differentiated versus these new players?

您認為這個市場會如何發展？ Textron 與這些新進者有哪些差異化優勢？

Sure. I mean, look, I think one of our key differentiators is that we have decades of experience here. We know how to manufacture with high rate affordably for our customer. We've seen, as I mentioned, millions of hours of this across various aspects. We've got aircraft on the backs of ships right now or performing ISR capabilities -- and so we know that in these austere environments, how to build products that are reliable for the war fighter -- and so I think because of that history and heritage, I'm pretty bullish on our opportunities there. And as you mentioned, we've done it not only on, I'll say, smaller unmanned drones in the air it's actually harder to do it on land and in the seed because of the terrain environment. So we've demonstrated that capability as well.

當然。我的意思是，你看，我認為我們的關鍵優勢之一就是我們擁有數十年的經驗。我們知道如何以經濟實惠的價格為客戶生產高品質的產品。正如我之前提到的，我們已經在各個方面看到了數百萬小時的此類案例。我們現在有飛機部署在艦艇上或執行情報、監視和偵察 (ISR) 能力——因此我們知道在這些艱苦的環境中，如何為作戰人員製造可靠的產品——所以我認為，正是由於這段歷史和傳承，我對我們在那裡的機會非常樂觀。正如您所提到的，我們不僅在空中使用較小的無人機進行了這項工作，而且由於地形環境的原因，在陸地和種子中實際上更難做到這一點。所以我們也證明了這種能力。

So look, I think as the government figures out the new way of war fighting, we need to be right there with our offerings and watching these entrants as they come in. in some cases, there might be partnerships. In some cases, it will be head-to-head competition. But I think Textron Systems has a strong offering to maintain as a key partner to the Army, Air Force and Marines in this.

所以你看，我認為隨著政府探索新的戰爭方式，我們需要隨時提供我們的方案，並密切關注這些新進入者。在某些情況下，可能會出現合作關係。在某些情況下，這將是一場正面交鋒。但我認為，德事隆系統公司擁有強大的實力，能夠持續成為陸軍、空軍和海軍陸戰隊的重要合作夥伴。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

Lisa, you just talked about investing in the supply chain, doing some verticalization. I guess the question I'd have on Aviation, is that still -- do you think you're limiting function to getting to higher production rates? And where are you in that recovery of supply chain control? And maybe how much cost extra is flowing through the numbers to facilitate your deliveries as you've otherwise planned by expediting supply?

麗莎，你剛才也談到要投資供應鏈，進行一些垂直整合。我想問的是，關於航空領域，你是否認為你為了提高生產力而限制了其功能？您在供應鏈控制復原方面處於什麼階段？或許，為了加快供貨速度，從而按原計劃完成交付，額外成本又會增加多少？

Yes. So productivity, aviation is certainly a key focus for us as we go into 2026. And I think it's two parts, right? I mean it is continuing recovery of the supply chain. I think in large part, and we saw at Bell as well -- the majority of it, I think we have gotten that recovery, it's still those key components that continue to be head hurters -- and so I think we're starting to see recovery.

是的。因此，生產力，航空業無疑是我們邁向 2026 年的重點領域。我認為它由兩個部分組成，對嗎？我的意思是，這是供應鏈的持續復甦。我認為在很大程度上，就像我們在貝爾那裡看到的那樣——大部分，我認為我們已經恢復了，但那些關鍵因素仍然是令人頭疼的問題——所以我認為我們開始看到復甦的跡象。

We're starting to see folks responding to the needs and the demand. But I mean, candidly, engines just to call it a key component, which you have to have for these aircraft, has been a laggard for us and we have to keep working with our partners there in order to get the engines to our aircraft.

我們開始看到人們對這些需求做出回應。但坦白說，發動機作為這些飛機必不可少的關鍵部件，一直是我們落後的環節，我們必須繼續與那裡的合作夥伴共同努力，才能為我們的飛機提供發動機。

The other part, though, I think that we see is workforce. We've had a high attrition, I'll say, in the early workforce, folks that I would say, a year or two years into working with us. the response of the team there, we created an in-house training program to upskill the talent there to create more longevity and resiliency of our workforce.

但另一方面，我認為我們看到的是勞動力。我想說，我們早期員工的流動率很高，那些在我們公司工作了一、兩年的員工。為了應對這種情況，我們團隊創建了一個內部培訓計劃，以提升那裡的員工技能，從而提高我們員工隊伍的穩定性和韌性。

And so those two pieces together is what we really have to have in order to improve the efficiency on the factory floor. And I would say that is broader than just Aviation, that's also a belt. We saw the same type of things that we need to work on and fix.

因此，要提高工廠車間的效率，我們真正需要的就是將這兩部分結合起來。而且我認為這不僅限於航空領域，它也是一個範疇。我們發現了一些需要改進和解決的問題。

So Look, I would say, it's both. I think the team has some good plans. And Dave, I don't know if you want to add any color there other than that we price that in. But I think there's a good progress and we'll hold them accountable to it.

所以，我覺得兩者都是。我認為團隊有一些不錯的計劃。戴夫，我不知道你是否想在那裡添加任何顏色，但我們把顏色也算在價格裡了。但我認為已經取得了不錯的進展，我們會讓他們為此負責。

Yes. I'd just add, if we look at 2025, we certainly saw a modern improvement in the supply chain. We earn more hours in the factory. Did we get all the efficiency and productivity we hope to get in the air now. So there's still opportunity to drive better efficiency in the factory.

是的。我還要補充一點，如果我們展望 2025 年，我們肯定會看到供應鏈的現代化改進。我們在工廠賺更多的工時。我們是否已經達到了預期的航空效率和生產力？因此，工廠仍有提升效率的空間。

So that's still a slight headwind in our overall numbers, which, of course, are reflected in our guidance and it also represents a strong opportunity for us as we go forward. And as you see from our guidance, we do expect to be able to deliver more air lanes in 2026 than we did in 2025.

因此，這仍然對我們的整體業績構成輕微的不利影響，當然，這也反映在我們的業績預期中，同時也代表著我們未來發展的巨大機會。正如您從我們的指導方針中看到的那樣，我們預計 2026 年能夠提供的空中航線數量將比 2025 年更多。

Okay. Quick follow-up, Dave, on the CapEx for '26. Is that spike expected to continue beyond '26 and...

好的。Dave，關於 2026 年的資本支出，請快速跟進。這一增長勢頭預計會持續到2026年以後嗎？

As we've talked about over the last six months as acceleration too cold, essentially, we're moving about two years to the left in terms of investments. So you'll probably see the elevated level in 2026 and 2027, all driven really by the MB 75 program, simply moving investment that would have been in 2028 and 2029 to the last.

正如我們過去六個月一直在討論的那樣，加速發展過於緩慢，本質上，我們在投資方面向左移動了大約兩年。因此，您可能會在 2026 年和 2027 年看到較高的水平，這完全是由 MB 75 計劃推動的，只是將原本應該在 2028 年和 2029 年進行的投資提前到了最後。

Robert Stallard, Vertical Research.

Robert Stallard，Vertical Research。

Congrats, Lisa, welcome to the call. I wonder if I ask a couple of questions about MV-75. You've given us the additional CapEx cost or pull forward CapEx cost you're going to see in '26 and '27 and there's this potential charge when you get the LRIP contract sorted out later this year.

恭喜麗莎，歡迎參加通話。我想問幾個關於MV-75的問題。您已經告訴我們 2026 年和 2027 年將要發生的額外資本支出成本或提前資本支出成本，而且今年晚些時候您確定長期上市計劃合約時，還可能產生這筆費用。

But what's the flip side of this? I mean how much could revenues go up by versus previous expectations as we look out to '27, '28, '29. And what could the returns be on those revenues versus what you might have expected before?

但這件事的另一面又是什麼呢？我的意思是，展望 2027 年、2028 年、2029 年，收入與先前的預期相比可能會成長多少？那麼，這些收入的回報與您之前的預期相比會如何呢？

So I'll talk on the -- as we've described this program, ultimately, the opportunity is between 40 and 60 units per year. and you can average that out, it's going to be a significant increase on the overall revenue profile of the business. And we expect that, that would start rolling in later this decade, much quicker than originally expected. The other point I'd make, historically, in the past, Bell was a double-digit margin business.

所以，我將談談——正如我們之前描述的這個項目，最終，每年的機會在40到60個單位之間。你可以平均計算一下，這將顯著提高企業的整體收入。我們預計，這種情況會在本十年晚些時候開始出現，速度會比最初預期的快得多。我還要補充一點，從歷史角度來看，貝爾公司過去是一家利潤率達到兩位數的企業。

And certainly, as we as the program matures and we get into the initial lots of production, our expectation would be that they would return to that. All these actions we're describing to you today means that's accelerated versus where it previously would have been, which they would have taken a longer time this decade.

當然，隨著專案的成熟和我們進入最初的生產階段，我們預期他們會回歸到那種狀態。我們今天向你們描述的所有這些行動都意味著，與以前相比，這個過程已經加快了，而以前，這些行動需要更長的時間才能完成。

Okay. And a quick follow-up, Dave. So if you take this charge later this year, where would it leave booking margins on the MV-75 going forward, they be like low single digit and then eventually move up to those low double-digit levels?

好的。還有一個後續問題，戴夫。所以，如果你在今年稍後承擔這項任務，MV-75 未來的預訂利潤率會如何變化？會像個位數低位那樣，然後最終上升到兩位數低點嗎？

Yes. I mean as you know, Rob, we're treating this as one program from a booking rate as new contract line items get awarded. If you look, for example, in 2024 and Q4 of 2024, when the two let units got awarded, that resulted in us having to a (inaudible) catch up and lowered our outlooking rate still in the low single digit margin. And in Q3 of 2025, we added an additional point award that actually resulted in us raising the booking rates, again, still in that range. So this is still in the mid, low single digits as we go forward.

是的。我的意思是，正如你所知，羅布，我們把這看作是預訂費率中的一個項目，因為新的合約項目會隨之授予。例如，如果您查看 2024 年和 2024 年第四季度，當兩個出租單位被授予時，這導致我們不得不（聽不清楚）追趕，並將我們的預期成長率降低，但仍然保持在個位數低位。2025 年第三季度，我們增加了一項積分獎勵，這實際上導致我們提高了預訂價格，但仍然在這個範圍內。所以，未來一段時間內，這個數字仍然會維持在個位數的中低水準。

And each time a new contract line item is awarded, we adjusted up and down. But this isn't the first time this has happened. And you can actually see that if you look at our EACs from Q4 or Q3 of 2025. But the program the port and emphasize that program will continue to be profitable as we expect it to be profitable as we go forward.

每次新增合約項目時，我們都會進行相應的調整。但這並非第一次發生這種情況。如果你查看我們 2025 年第四季或第三季的 EAC，你就能清楚地看到這一點。但該項目將持續獲利，我們預計該項目未來也將持續獲利。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

Congratulations to Scott and to Lisa. I wanted to ask with -- even with the CapEx that you're planning for this year, still have some cash to deploy no debt due this year, it seems from the release that the share count is down a bit. How do you think about using your cash here?

恭喜斯科特和麗莎。我想問一下——即使考慮到您今年的資本支出計劃，並且今年沒有債務到期，您仍然有一些現金可以部署，但從公告來看，股份數量似乎有所下降。你覺得在這裡使用現金怎麼樣？

Yes. Look, I'll start, and Dave, you want to see if you want to pile on there, but we're going to continue to that as appropriate. We're going to make sure that we do copper research and development where it makes sense across the business and get ready, as we said, for the MV-75 acceleration, and we'll continue to do share buybacks as it makes sense. So...

是的。聽著，我先開始，戴夫，你想不想也加入進來，我們會根據情況繼續討論。我們將確保在業務的各個方面進行銅的研究和開發，並像我們之前所說的那樣，為MV-75的加速發展做好準備，同時我們也會繼續在適當的時候進行股票回購。所以...

Yes. Our expectation is we'll continue to deploy the relatively similar percentage that we've had in the past in our from our free cash flow, and we're really comfortable where we are currently on a debt level, our ratios, et cetera. We're good BBB rating, and that's where we expect to continue to be.

是的。我們預期我們將繼續以過去類似的比例從自由現金流中進行投資，我們對目前的債務水準、各項比率等都非常滿意。我們擁有良好的 BBB 評級，並且我們希望繼續保持此評級。

Excellent. Excellent. Very good. And then, Lisa, I bugged Scott with this question a couple of times in the past. But just with the acceleration of the program, maybe I can ask you since you've been so close to it, how do you think about concurrency risk with moving straight in LRIP -- and what gives you kind of confidence that we want future charges?

出色的。出色的。非常好。還有，麗莎，我以前也問過史考特這個問題好幾次。但隨著該計劃的加速推進，鑑於您一直密切關注著它，或許我可以問您一個問題：您如何看待直接進入低利率優先發行 (LRIP) 的並發風險？是什麼讓您對我們想要未來的收費充滿信心？

Yes. So we've been working on this program for 15 years. And so with the prototype and the over 200 hours of flight that we had on the demonstrator, the fact that we're seeing on the digital engineering yield that we have in these programs, I mentioned we've got parts that are already being built.

是的。我們已經在這個計畫上投入了15年的時間。因此，憑藉原型機和我們在演示機上超過 200 小時的飛行時間，以及我們在這些專案中所看到的數位化工程成果（我提到過，我們已經有一些零件正在製造中），我們可以看到這些專案取得了成功。

We're having 100% first pass yield. What that means is the parts are coming out exactly as designed. And so the fact that we're seeing that kind of performance out of the program gives me the confidence that what we build is what we designed.

我們的一次通過率達到了100%。這意味著零件完全按照設計製造出來了。因此，該專案取得這樣的成績讓我確信，我們所建造的正是我們設計的那樣。

And so when we put that through a test, I mean certainly, we'll discover some things, but I mean I think there's -- we have high confidence that we have wrung out a lot of the concerns that you might have seen in older generation type development programs.

因此，當我們進行測試時，我的意思是，當然，我們會發現一些問題，但我認為——我們非常有信心，我們已經解決了許多你可能在老一代開發專案中看到的擔憂。

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛集團。

Congrats, Scott and Lisa. And Scott, thanks for all the time you spent with us over the years. I was hoping to talk more about the Aviation margins. We see the recast taking 60 basis points out of the reported. I guess, Dave, I don't know if you could just sort of tell us what the incremental was kind of fully adjusted in '25 and in your '26 guidance?

恭喜斯科特和麗莎。史考特，感謝你這些年來陪伴我們的時光。我原本希望多談談航空業的利潤率。我們看到重述後的利率比報告值降低了 60 個基點。戴夫，我不知道你能不能告訴我們，2025 年和 2026 年的業績指引中，增量部分具體調整了多少？

And I guess the '25 guide had been 12% to 13%. If we take the 60 basis points out of that, the guidance for 26 is flat to down, I guess. So are we just recasting the Aviation margin? Or are we also resetting the Aviation margin expectation for some reason?

我猜 2025 年的指導價是 12% 到 13%。如果去掉這 60 個基點，我認為 26 年的預期是持平或下調。所以我們只是在重新定義航空業利潤率嗎？或者，出於某種原因，我們也在重新調整航空業利潤率預期？

No, we're certainly just recasting. I mean I think if you look about -- you're correct, we guided last year at 12% to 13% and ended up slightly below that. I mean, I think that's largely around the volume story. While we did have higher volume year-over-year, we ended up with a little more a little less volume than we expected.

不，我們當然只是在重新選角。我的意思是，如果你看看周圍——你說得對，我們去年給出的預期是 12% 到 13%，但最終實際增長率略低於這個數字。我的意思是，我認為這主要與銷量有關。雖然我們的銷售量比去年同期有所成長，但最終的銷售量卻比我們預期的略低。

But I mean, as you -- as we go forward, if you look at our incrementals this year, depending on where you end up in the range, I mean, we're probably between 15% to 20%. We've often said that this business should have incrementals of 20% to 25% and has not changed.

但我的意思是，隨著我們不斷前進，如果你看看我們今年的增量，根據你最終確定的範圍，我的意思是，我們可能在 15% 到 20% 之間。我們一直認為這項業務的成長幅度應該達到 20% 到 25%，這一點沒有改變。

I think the key to us getting there is continuing to have efficiency and productivity improvements in the factory that will drive higher volume. And of course, where we've established the market over the last five years, pricing remains solid. So that the business should continue to convert 20% to 25% and also, I should mention with a very strong aftermarket business.

我認為我們實現目標的關鍵在於不斷提高工廠的效率和生產力，從而推動產量成長。當然，在我們過去五年建立的市場中，價格依然堅挺。因此，該業務應該繼續保持 20% 到 25% 的轉換率，而且，我還應該提到，其售後市場業務非常強大。

We grew 6% last year. We expect to grow 6% this year. So it's certainly not a restatement of what we expect the margins to be. we feel comfortable where we're at and plan to continue to grow the business as we go forward.

我們去年成長了6%。我們預計今年將成長6%。所以這絕不是對我們預期利潤率的重新表述。我們對目前的狀況感到滿意，並計劃在未來繼續發展業務。

Okay. And then, Dave, you've talked about holding Bell EBIT flat as you ramp MV-75 and grow revenue, but work through the margin. With what you're telling us today on the LRIP and once you take the charge, is that still a view? Or do we think about that differently?

好的。然後，戴夫，你曾說過，在提高 MV-75 產量和增加收入的同時，要保持貝爾公司的息稅前利潤不變，但要努力提高利潤率。根據你今天告訴我們的關於 LRIP 的信息，以及一旦你接手該項目，你的看法是否依然如此？或者我們有不同的看法？

That's still the view.

觀點依然如此。

Okay. So this year, you're growing revenue and the guidance is for the margin to be flat. So that would grow EBIT. I guess, therefore, that implies the margin still goes down a little bit more before then eventually going back up?

好的。所以今年你們的營收成長了，但利潤率預計會維持不變。這樣就能提高息稅前利潤。因此，我猜這意味著利潤率還會再下降一點，然後最終才會回升？

I mean we're going to be probably going to be in a relatively steady state over the next couple of years. And then with the acceleration, you'll start seeing the benefit of that. I think I view this as a relatively steady state, which is consistent to the message we've been sharing.

我的意思是，未來幾年我們可能會處於相對穩定的狀態。然後隨著速度的提升，你會開始看到它的好處。我認為這是一個相對穩定的狀態，這與我們一直以來所傳達的訊息是一致的。

John Godyn, Citi.

約翰‧戈丁，花旗集團。

Lisa, I wanted to just sort of brainstorm the world of a much bigger budget, not necessarily $1.5 trillion, but obviously, kind of those sound bites are out there. What I'm trying to think through is between Bell and systems by the math, you guys have a lot of defense exposure. But more specifically, where do you think the points of leverage would be to the upside in a world where the budget was much higher?

麗莎，我只是想集思廣益，探討預算大幅增加的世界，不一定是 1.5 兆美元，但顯然，這類說法已經流傳開來。我正在思考的是，從數學角度來看，貝爾和系統公司之間，你們面臨很大的國防風險。但更具體地說，你認為在預算大幅增加的情況下，哪些方面可以發揮槓桿作用，從而獲得更大的收益？

Yes. Look, I think what you see is what the Department of War is trying to prepare for, I mean, we have aspects of our business across all of that. So particularly around the Sentinel program and what our team is doing at systems around hypersonics and the Thermo protective materials, I think there's points of leverage there with their emphasis on the XM30 and the Marine course armed reconnaissance vehicle and where those programs are in their terms of their development.

是的。你看，我認為你看到的正是戰爭部正在努力準備應對的事情，我的意思是，我們的業務涉及所有這些方面。因此，尤其是在哨兵計畫以及我們團隊在高超音速系統和熱防護材料方面所做的工作方面，我認為，他們重視 XM30 和海軍陸戰隊武裝偵察車，以及這些項目在發展方面所處的階段，這些都是可以利用的切入點。

I certainly think there's opportunity for growth and acceleration in those programs. And then as we've stated multiple since already with the MV-75 and their continued push quickly into full rate production. And so that, along with the Ship-to-Shore program will be steady. I mean, we're producing those all through a program of record of 73. And so there's just, I'll say, continued foundation and solid support for the programs across all of our defense portfolio.

我認為這些項目確實有發展和加速的潛力。正如我們之前多次提到的，MV-75 及其持續快速的全面量產計劃也取得了成功。這樣一來，船岸一體化專案就能保持穩定。我的意思是，我們透過一個有記錄的73期節目來製作所有這些節目。因此，我認為，我們所有國防計畫都得到了持續的基礎和堅實的支持。

Got it. That's very helpful. And there was a bit of a discussion earlier about adding capabilities. In a world where the budget was higher, is that part of a guiding light for adding capabilities, accelerating growth in what you call high-quality areas of A&D. I just want to connect a dots there.

知道了。那很有幫助。之前也討論過增加功能的問題。在預算更高的世界裡，這是否是增加能力、加速您所說的高品質航空航太與國防領域成長的指導原則之一？我只是想把這些點連結起來。

Yes, sure. So I mean particularly around the space side of things, I think the Department of Ware is also kind of leaning into that. And I would like to see us move into areas of the space side of hence either with assets that we have or as we look to the future. So I certainly think that, that is a key growth area we need to be focused on.

當然可以。所以我的意思是，尤其是在太空領域，我認為倉庫部門也朝著這個方向發展。我希望看到我們進入太空領域，無論是利用我們現有的資產，還是展望未來。所以我認為，這絕對是我們需要重點關注的關鍵成長領域。

Gavin Parsons, UBS.

瑞銀集團的加文·帕森斯。

Also, my congrats to Scott and Lisa. Does jet demand pretty strong overall, but it does seem like large cabin maybe is the strongest segment at the moment. Is there any opportunity there to add a larger aircraft to the (inaudible) family?

另外，我也要祝賀斯科特和麗莎。整體而言，噴射機的需求相當強勁，但目前看來，大型客艙可能是最強勁的細分市場。是否有機會為（聽不清楚）系列飛機增加更大的機型？

Yes. Look, I think this year, we brought in three block point upgrades, and that wasn't necessarily the plan as we went into the year. I think that kind of all kind of jammed up towards the end of the year, which created a little bit of a lumpiness for us. I think our plan would be to try to do one of those at a time and do one clean sheet at a time and right now, the focus on the Denali and getting that entered into service is the focus for the team.

是的。你看，我認為今年我們引進了三名球員，但這並非我們年初的計劃。我認為到了年底，所有的事情都有些積壓，這給我們造成了一些不便。我認為我們的計劃是每次嘗試完成其中一項任務，一次只做一件零碎的事情。目前，團隊的重點是 Denali 項目，並使其投入使用。

And then if I could just dig into the industrial margins a little bit light in '25, but expanding in '26?

然後，如果我能稍微深入研究一下 2025 年略微偏低，但 2026 年擴大的工業利潤率呢？

Yes. I'll take that one. I mean I think that obviously, I think Kautex did a really good job year despite where the market is. And they've continued to see improvement in their own profitability. TFV still has some challenges kind of where the end market is.

是的。我選那個。我的意思是，很明顯，我認為儘管市場情況不佳，Kautex 今年的表現仍然非常出色。他們的獲利能力也持續提升。TFV在終端市場方面仍存在一些挑戰。

And they've absorbed a certain level of tariffs which has also been a headwind. But overall, we do see golf continues to be a pretty steady business and a lot of their cost reduction activities that they've been continuing to do. Those are kind of the combination of the two that are driving the improvement.

而且他們也承擔了一定程度的關稅，這對他們來說也是一個不利因素。但總的來說，我們看到高爾夫產業仍然相當穩定，而且他們一直在持續進行許多降低成本的活動。正是這兩種因素的結合推動了這種改進。

Ron Epstein, Bank of America.

羅恩愛潑斯坦，美國銀行。

Congratulations. Everybody, and Scott, hard to believe. It's been a while. So Thanks, nothing -- so yes, so maybe a couple of questions. Just first one, we haven't talked about much.

恭喜。所有人，還有斯科特，真是難以置信。好久不見了。謝謝，沒什麼——是的，也許還有幾個問題。就第一個問題，我們還沒怎麼討論過。

On the MV-75, how are you all thinking about the logistics and support for the aircraft? Because once the aircraft on field logistics and support could be pretty profitable. And what's the model around that? And how are you thinking about that?

關於MV-75，你們是如何考慮飛機的後勤保障和支援問題的？因為一旦飛機投入使用，後勤支援就能帶來相當可觀的利潤。那麼，這背後的模型是什麼呢？你對此有何看法？

Yes, sure. So if we model it after what we've done with most of our programs on the military aircraft side, there's typically kind of a performance-based logistics type approach that the military works with us on. I think the Army in this approach also has been very intentional on how they have gone with basically their purpose rights. They want to have some organic capabilities themselves. So we will work with them to help them stand up that capability.

當然可以。因此，如果我們參考我們在軍用飛機方面的大多數專案所做的工作來建模，通常會有一種基於績效的後勤方法，軍方會與我們合作。我認為軍隊在處理這類事務時也一直非常謹慎，基本上是出於維護自身利益的目的。他們希望自身俱備一些自主研發能力。因此，我們將與他們合作，幫助他們建立這種能力。

Obviously, service parts or payer, a lot of that will be probably station near where a lot of the center of their aircraft are they're likely going to be at for Campbell to begin with. So we'll be working with them to ramp that and how those spares packages would look as they lay that the program out into the various aspects of me. They're different than how we deal with the marines. The Marines have kind of two centers of location, the Army supports their aircraft where the Army is. And so we will have to support them in that in a more disparate way.

顯然，維修零件或付款人，很多可能都會駐紮在他們飛機中心附近，而坎貝爾很可能一開始就會在那裡。所以我們將與他們合作，逐步擴大規模，並探討備件包的樣式，因為他們將把該計劃細化到我的各個方面。他們對待海軍陸戰隊的方式和我們不一樣。海軍陸戰隊有兩個類似基地的指揮中心，陸軍在陸軍駐地為其飛機提供支援。因此，我們將不得不以更多樣化的方式來支持他們。

Got it. And then maybe just they're going to pull something out of the garage, and you know what I mean in a minute. It's something we should talk about a little bit and sort of faded away with Scorpion.

知道了。然後他們可能就會從車庫裡拿出什麼東西來，你馬上就會明白我的意思了。這是我們應該稍微討論一下的話題，但隨著蝎子樂團的解散，這個話題就漸漸淡出了人們的視線。

And the reason I bring that up, not that maybe there's immediate demand for Scorpion, but you guys were ahead of the game doing something that was a lot of commercial on your own dime and at the time, the drop the ball and didn't get them, right?

我之所以提起這件事，並不是說現在對蝎子（Scorpion）有需求，而是你們當時走在了時代的前沿，自掏腰包做了很多商業推廣，但後來卻錯失良機，沒能拿下市場，對吧？

And I think you all would agree with this. I think they should have -- you probably think they should have, but they didn't. Things have changed. And given that you've got this awesome toolkit of a lot of commercial parts and you're doing a bunch of good military stuff and commercial stuff at Bell, but really largely commercial but some military at Textron Aviation.

我想你們都會同意這一點。我認為他們應該那樣做——你可能也認為他們應該那樣做，但他們沒有。情況已經改變了。鑑於你擁有如此強大的工具包，包含大量商用零件，而且你在貝爾公司做了很多優秀的軍用和商用產品，但在德事隆航空，你主要做商用產品，也做一些軍用產品。

Does environment come together for you guys to start doing something like a scorpion or whatever, again, where it can be largely commercial with the military applications at a cost point that's better is there receptivity for that with Scorpion just maybe a decade ahead of this time?

你們覺得環境條件是否允許你們開始研發類似「蝎子」飛彈之類的武器，使其在軍事應用上有更大的商業價值，而且成本更低？ 「蝎子」飛彈或許比現在提早十年問世，市場對此是否有接受度？

I think that's right. I mean I do think it was just a little bit ahead of its time. But when you look at what we're hearing in the last eight months, it echoes exactly what we tried to do with Scorpion, which was take a commercial mentality, commercial practices off-the-shelf of parts and put together a low-cost, affordable platform that is beneficial to the war fighter. And so I think because of that being a part of our DNA, I think that's something that we would lean into. We do that, frankly, now with some of our aircraft at Textron Aviation defense and inside of belt.

我覺得是對的。我的意思是，我確實認為它有點超前於時代。但回顧過去八個月我們聽到的回饋，它與我們當年在「蝎子」飛彈系統上所做的完全一致，那就是採用商業思維、商業實踐和現成的零件，打造一個低成本、價格合理的平台，造福於作戰人員。所以我覺得，因為這是我們DNA的一部分，所以我們會重視這一點。坦白說，我們現在在德事隆航空防務部門和航空母艦上，已經用我們的一些飛機進行這種做法了。

We militarized Bell commercial aircraft that go into certain special missions around the globe. But as we look to where the government currently is leading us with this, I'll say, their new arsenal of freedom, that's what they've titled that as where we have aspects that we go into that, we certainly will. I think that, that's what they've asked of us, and I think we are well positioned to do that.

我們把貝爾公司的商用飛機改裝成軍用飛機，用來執行全球各地的特定特殊任務。但當我們審視政府目前在這方面的領導方向時，我想說，他們稱之為“新的自由武器庫”，其中有一些方面我們會深入探討，我們當然會這樣做。我認為，這就是他們對我們的要求，而且我認為我們完全有能力做到這一點。

Got it. And then, sorry, just one last one quickly. could there be a new life for Scorpion? I mean the role that you built it for is still out there, right? The same?

知道了。最後，抱歉，就最後一個問題。蝎子樂團還能重獲新生嗎？我的意思是，你當初設計它所要扮演的角色仍然存在，對吧？相同？

Yes. I haven't heard of it yet, but certainly, if it comes out, you guys will be the first to hear about it because we'll be talking about it. But I think there's -- but look, I agree with the sentiment, right? There was opportunity here, and we are positioning the company that knows how to respond to that.

是的。我還沒聽說過，但可以肯定的是，如果它面世了，你們肯定會是第一批知道的人，因為我們會討論它。但我認為——但是你看，我同意這種觀點，對吧？這裡存在著機遇，我們正在打造一家懂得如何掌握機會的公司。

Congratulations.

恭喜。

Thank you.

謝謝。

And that concludes our question-and-answer session and also concludes today's conference call. An audio replay will be available approximately two hours following the conclusion of this call. To access the replay, please 1800-770-2030 and enter conference ID 6969175 and press the pound key. Thank you for your participation. You may now disconnect.

問答環節到此結束，今天的電話會議也到此結束。本次電話會議結束後約兩小時，即可收聽錄音重播。若要收聽重播，請撥打 1800-770-2030，輸入會議 ID 6969175，然後按井號鍵。感謝您的參與。您現在可以斷開連線了。