達信公司 (TXT) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Jael, and I will be your conference operator today. At this time, I would like to welcome everyone to the Textron first-quarter 2026 earnings release. (Operator Instructions)

感謝各位耐心等候。我叫 Jael，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Textron 2026 年第一季財報發布電話會議。（接線員指示）

I would now like to turn the conference over to Scott Hegstrom, VP of Investor Relations. You may begin.

現在我想將電話會議交給投資人關係副總裁 Scott Hegstrom。您可以開始了。

Thanks, Jael, and good morning, everyone. Before we begin, I'd like to mention that 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 releases.

謝謝你，Jael，各位早安。在開始之前，我想先提到，我們今天的電話會議將討論未來的估計與預期。這些前瞻性陳述受到各種風險因素影響，相關內容已在我們向 SEC 提交的文件以及今天的新聞稿中詳述。

On the call today, we have 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. With that, I'll turn the call over to Lisa.

今天參與電話會議的有我們的執行長 Lisa Atherton，以及財務長 David Rosenberg。我們的財報電話會議簡報可在公司網站的投資人關係專區找到。接下來我把電話交給 Lisa。

Thank you, Scott. Good morning, everyone, and thank you for joining us. Today is an incredibly exciting and important day for Textron. Our first-quarter results highlight a very strong start to the year. We generated $3.7 billion in revenue, representing 12% growth for the quarter. We also grew segment profit in the quarter by 10% to $320 million. This reflects strong performance across each of our A&D businesses, including robust commercial order activity at both Aviation and Bell.

謝謝你，Scott。各位早安，感謝各位加入我們。今天對 Textron 而言是非常令人振奮且重要的一天。我們第一季的結果凸顯了今年非常強勁的開局。我們創造了 37 億美元營收，季度成長 12%。本季分部獲利也成長 10% 至 3.2 億美元。這反映出我們各項航太與國防（A&D）業務的強勁表現，包括 Aviation 與 Bell 兩個部門皆有強勁的商用訂單活動。

We also generated $1.45 of adjusted EPS, up 13% from a year ago. Turning now to slide 5. In addition to announcing our first-quarter results today, we also announced our intent to separate our Industrial segment from our A&D businesses. This is a consequential and exciting step in our evolution, establishing new Textron as a pure-play A&D company aligned to its core franchises of Textron Aviation, Bell, and Textron Systems.

我們也創造了調整後每股盈餘（EPS）1.45 美元，較去年同期成長 13%。現在請看第 5 頁投影片。除了今天公布第一季業績外，我們也宣布有意將工業（Industrial）分部自我們的航太與國防（A&D）業務中分拆。這是我們演進過程中一項具重大影響且令人振奮的步驟，將「新 Textron」打造為專注於航太與國防的純粹型公司（pure-play A&D），並聚焦於 Textron Aviation、Bell 與 Textron Systems 等核心事業。

In terms of structure, we intend to explore multiple paths to affect this planned separation, including a sale of the industrial businesses or a tax-free spin-off into a stand-alone publicly traded company. We will work through alternatives on the approach over the coming quarters and are targeting a completion of the separation within 12 to 18 months. In the interim, we will continue to operate in the normal course of business.

就架構而言，我們打算探索多種途徑來完成這項分拆計畫，包括出售工業業務，或以免稅分拆（tax-free spin-off）的方式成立一家獨立上市公司。我們將在未來幾季評估各種方案，並以 12 至 18 個月內完成分拆為目標。在此期間，我們將持續依正常營運方式運作。

Turning to slide 6. We believe these actions will drive long-term value for our shareholders. First and foremost, this establishes New Textron as a pure-play A&D company. Each of our A&D franchises are aligned with highly attractive end markets with tremendous opportunities in front of them.

請看第 6 頁投影片。我們相信這些行動將為股東帶來長期價值。首先也是最重要的，這將使新 Textron 成為專注航太與國防的純粹型公司。我們各項 A&D 核心事業皆對應極具吸引力的終端市場，且面前有龐大的機會。

For New Textron, this separation also enhances clarity around our capital allocation and investments as well as our strategic flexibility. The MV-75 Cheyenne program is a perfect example. We are pulling forward our investment as we support the (inaudible) acceleration of the program, which is aligned with our long-term growth strategy.

對新 Textron 而言，這項分拆也將提升我們在資本配置與投資方面的清晰度，以及策略彈性。MV-75 Cheyenne 計畫就是一個絕佳例子。為了支持該計畫的（聽不清）加速推進，我們正提前投入資本，這與我們的長期成長策略一致。

As for Industrial, these same principles apply. The business will benefit from a tailored capital allocation and new strategic flexibility. The investment in growth in opportunities such as Pentatonic, Allegro, and PACE technologies are good examples of this. While we've considered variations of this in the past, now is the right time as both our A&D and industrial businesses are well positioned for the future.

至於工業事業，同樣適用這些原則。該業務將受益於量身打造的資本配置與新的策略彈性。例如在 Pentatonic、Allegro 與 PACE 技術等成長機會上的投資，就是很好的例子。雖然我們過去曾考慮過不同的變體，但現在是合適的時機，因為我們的 A&D 與工業業務都已為未來做好良好布局。

In A&D, Textron Aviation is in a very strong position having increased its backlog by more than 4 times since pre-COVID, from $1.7 billion in 2019 to $8 billion at the end of this quarter. Bell is advancing rapidly on the MV-75 Cheyenne and will soon move into prototype deliveries, and Textron Systems is also showing solid growth across programs of record such as Ship to Shore and at ATAC.

在 A&D 方面，Textron Aviation 處於非常強勢的位置，其訂單積壓（backlog）自 COVID 前以來增加超過 4 倍，從 2019 年的 17 億美元提升至本季末的 80 億美元。Bell 在 MV-75 Cheyenne 上進展迅速，並將很快進入原型機交付階段；Textron Systems 也在 Ship to Shore 等既有主力計畫（programs of record）以及 ATAC 方面展現穩健成長。

In Industrial, Kautex continues to perform well, and Textron Specialized Vehicles is operating from a stronger footing following last year's powersports divestiture. So overall, Textron is well positioned to pursue the separation of our A&D and industrial businesses.

在工業方面，Kautex 持續表現良好，而 Textron Specialized Vehicles 在去年出售動力運動（powersports）業務後，也以更穩健的基礎運作。整體而言，Textron 已具備良好條件推動 A&D 與工業業務的分拆。

Turning to slide 7. New Textron would have approximately $12 billion in revenue and $1.2 billion in segment profit as a pure-play company. Aviation is a leader in each of these segments and continues to see healthy demand and utilization across its portfolio. That is at the forefront of an outsized growth stage as the MV75-Cheyenne program ramps.

請看第 7 頁投影片。作為純粹型公司，新 Textron 的營收約為 120 億美元，分部獲利約為 12 億美元。Aviation 在各細分領域皆居領先地位，並持續在其產品組合中看到健康的需求與使用率。隨著 MV75-Cheyenne 計畫爬坡，該業務正處於顯著的成長階段前沿。

The business is positioned to significantly increase its revenue as we move from development to production over the next few years and benefit from the Army's planned production run of over 25 years. Systems has compelling growth drivers across several areas, including advanced materials for hypersonic applications, shipbuilding, manned and unmanned air, land, and sea vehicles.

隨著我們在未來幾年從研發走向量產，該業務有望大幅提升營收，並受惠於美國陸軍規劃超過 25 年的生產期。Systems 在多個領域具備強勁的成長動能，包括用於高超音速應用的先進材料、造船，以及有人與無人空中、地面與海上載具。

The Trump administration's recently proposed fiscal year 2027 budget that calls for $1.5 trillion in defense spending would be a strong tailwind for the industry, providing increased visibility and stability across our defense offerings. Moving to slide 8. The separation significantly improved the financial profile for Textron. New Textron would have top-line growth, 150 basis points higher. Segment profit margin would be 120 basis points higher, and our strong backlog of $19.2 billion is 100% related to the A&D businesses.

川普政府近期提出的 2027 會計年度預算案，主張 1.5 兆美元的國防支出，將為產業帶來強勁順風，並為我們的國防產品提供更高的能見度與穩定性。接著看第 8 頁。這項分拆將顯著改善 Textron 的財務輪廓。新 Textron 的營收成長率將高出 150 個基點；分部獲利率將高出 120 個基點；而我們強勁的 192 億美元訂單積壓中，100% 皆與 A&D 業務相關。

On page 9, we see New Textron's A&D franchises. Each of which excel at turning advanced aerospace and defense capabilities into practical advantages for our customers and their missions. Some of these key offerings include the Citation Latitude, the number one best-selling midsized business jet, the recently certified Citation Ascend, and the upcoming Beechcraft Denali. The Beechcraft King Air franchise is the best-selling Turboprop in history. The MV-75 Cheyenne flying twice as far and twice as fast is a fundamental step function for military aviation.

在第 9 頁，我們看到新 Textron 的 A&D 核心事業。每一項都擅長將先進的航太與國防能力轉化為客戶及其任務的實際優勢。部分關鍵產品包括：Citation Latitude（最暢銷的中型商務噴射機第一名）、近期取得認證的 Citation Ascend，以及即將推出的 Beechcraft Denali。Beechcraft King Air 系列是史上最暢銷的渦槳機（Turboprop）。MV-75 Cheyenne 具備飛行距離加倍、速度加倍的能力，對軍用航空而言是根本性的躍升。

The Ship-to-Shore Connector, the ATAC programs of record, and our unique advanced material capabilities, which were most recently seen in action with the Artemis mission around the moon are core to the Sentinel program. These all leverage our world-class engineering capabilities across design, test, certification, and build with a long track record of innovation. Underlying these offerings, we have a large installed base, which supports a robust aftermarket business that has experienced steady growth over the last few years.

Ship-to-Shore Connector、ATAC 的既有主力計畫，以及我們獨特的先進材料能力（最近在繞月的 Artemis 任務中已展現其實績）都是 Sentinel 計畫的核心。這些都運用我們在設計、測試、認證與製造方面的世界級工程能力，並擁有長期的創新紀錄。在這些產品之下，我們擁有龐大的裝機基礎（installed base），支撐強勁的售後市場業務，且在過去幾年持續穩定成長。

Textron Aviation has built approximately 25,000 aircraft in its history and has the largest installed base in general aviation, nearly 4 times the next largest. Bell has an installed base of approximately 13,000 commercial and military aircraft. These significant installed bases drive an attractive aftermarket business that represents over 30% of New Textron revenue. We are very excited about how this positions New Textron to drive value going forward.

Textron Aviation 歷史上已製造約 25,000 架飛機，並擁有通用航空領域最大的裝機基礎，規模幾乎是第二大者的 4 倍。Bell 的商用與軍用飛機裝機基礎約為 13,000 架。這些龐大的裝機基礎帶動具吸引力的售後市場業務，該業務占新 Textron 營收超過 30%。我們對這如何讓新 Textron 在未來持續創造價值感到非常振奮。

On the military side, Textron sits where aerospace precision meets defense urgency, and this is exactly where our future is being built. As we continue to scale the MV-75 Cheyenne program and move toward production lots, we expect that the revenue and margin profile will follow. Beyond MV-75, we are well positioned on new opportunities that can leverage significant technology from the MV-75 like the US Marine Corps Future Attack Strike program and DARPA's 76 X claim.

在軍用領域，Textron 位於航太精準度與國防急迫性匯聚之處，而這正是我們未來正在打造的地方。隨著我們持續擴大 MV-75 Cheyenne 計畫規模並邁向量產批次（production lots），我們預期營收與利潤率輪廓也將隨之改善。除 MV-75 之外，我們也在新的機會上具備良好布局，可運用 MV-75 的大量技術，例如美國海軍陸戰隊的 Future Attack Strike 計畫，以及 DARPA 的 76 X claim。

Flight School Next, a new program to train Army Aviators at Fort Rucker for which we are competing is also positioned as a potential growth opportunity for Bell leveraging our proven 505 helicopter. Systems is anchored by strong programs of record with the growth drivers to include Ship to Shore, ATAC, and Sentinel.

Flight School Next 是一項新計畫，用於在 Fort Rucker 訓練陸軍飛行員，我們正在競標；對 Bell 而言，這也有望成為一項成長機會，並可運用我們已驗證的 505 直升機。Systems 則以強勁的既有主力計畫為基礎，成長動能包括 Ship to Shore、ATAC 與 Sentinel。

In addition, the ARV preproduction contract advances a future growth opportunity for the business. The defense spending environment provides a very favorable backdrop for the longer term where our offerings are very well positioned. As this relates to the Textron Aviation and Bell commercial businesses, we are in a great place with the investments we have made over the last decade. Our product portfolio is second to none.

此外，ARV 的量產前（preproduction）合約也推進了該業務未來的成長機會。國防支出環境為長期發展提供非常有利的背景，我們的產品與方案具備極佳的競爭位置。就 Textron Aviation 與 Bell 的商用業務而言，過去十年我們所做的投資讓我們處於非常有利的位置。我們的產品組合無可匹敵。

Textron Aviation has a proven track record of clean sheet development programs like the Latitude, the Longitude, SkyCourier, and soon to be the Denali. We have also been very successful at upgrades like the recent Gen 2s and ascend as well as the upcoming Gen 3s for the light jets. And at Bell, the 525 will be the first commercial fly-by-wire helicopter. Our sizable backlog illustrates the market demand for our products is significant and continuing to grow.

Textron Aviation 在全新機型（clean sheet）研發計畫方面擁有經驗證的成功紀錄，例如 Latitude、Longitude、SkyCourier，以及即將推出的 Denali。我們在升級改款方面也非常成功，例如近期的 Gen 2s 與 Ascend，以及即將推出的輕型噴射機 Gen 3s。在 Bell 方面，525 將成為第一款商用線傳飛控（fly-by-wire）直升機。我們龐大的訂單積壓顯示市場對我們產品的需求相當可觀，且仍在持續成長。

Looking ahead, we are focused on increasing our operational efficiency and performance to drive growth and enhance profitability. We will do this by reallocating some of our R&D investment into our supply chains and factories. To be clear, there are no silver bullets there, but it is where we will be putting our focus.

展望未來，我們將專注於提升營運效率與績效，以推動成長並提高獲利能力。我們將透過把部分研發投資重新配置到供應鏈與工廠來達成。坦白說，這並沒有什麼一蹴可幾的靈丹妙藥，但這將是我們投入重點所在。

Turning now to Industrial on slide 10. This is a $3 billion-plus business with strong operations, well-established brands, leading market positions, and real growth drivers. We believe it will thrive independent from New Textron. It is composed of Kautex and specialized vehicles. Kautex is a Tier 1 auto supplier. Its primary product line is fuel systems for the automotive industry. Kautex has also built a meaningful position in hybrid fuel tanks which is a growing part of the industry.

接著看投影片 10 的工業事業。這是一個超過 30 億美元的業務，具備強健的營運、成熟的品牌、領先的市場地位，以及實質的成長動能。我們相信，即使獨立於 New Textron 之外，它也能蓬勃發展。其組成包括 Kautex 與專用車輛。Kautex 是一級（Tier 1）汽車供應商，主要產品線為汽車產業的燃油系統。Kautex 也在混合動力燃油箱建立了具規模的市場地位，而這正是產業中持續成長的一環。

The Pentatonic battery and closure business supports EV and hybrid platforms, including the Rivian R1 and a major European OEM start of production plan for 2027. Its Allegro cleaning systems is another growth platform focused on solutions to clean autonomous vehicle cameras and sensors. Specialized Vehicles is anchored by the EZGO golf car business. EZGO was one of the most recognizable brands in golf.

Pentatonic 的電池與封閉件（closure）業務支援電動車（EV）與混合動力平台，包括 Rivian R1，以及某家主要歐洲 OEM 規劃於 2027 年啟動量產的計畫。其 Allegro 清潔系統則是另一個成長平台，聚焦於清潔自動駕駛車輛相機與感測器的解決方案。專用車輛業務以 EZGO 高爾夫球車業務為核心。EZGO 曾是高爾夫領域最具辨識度的品牌之一。

Specialized vehicles also includes personal transportation vehicles, Ransomes Jacobsen turf equipment, Cushman vehicles and TUG Ground Support Equipment. This business stands to benefit from near-term growth driven by the lease renewal cycle and market recovery. Overall, our industrial businesses have well-established brands, product offerings and strong market positions.

專用車輛也包括個人運輸車輛、Ransomes Jacobsen 草坪設備、Cushman 車輛，以及 TUG 地面支援設備。該業務可望受惠於租賃續約週期與市場復甦所帶動的短期成長。整體而言，我們的工業業務擁有成熟的品牌、產品組合與強勁的市場地位。

Before I turn it over to Dave to give you an update on our first-quarter results, I'll quickly highlight a few of our achievements in the quarter, starting with Aviation on slide 12. We got off to a strong start to the year with 37 jet deliveries and 35 commercial turboprop deliveries. These are both up nicely from a year ago as we continue to drive throughput in our factories.

在我把時間交給 Dave 更新第一季業績之前，我先快速重點說明本季幾項成果，先從投影片 12 的航空事業開始。今年開局強勁，交付 37 架噴射機與 35 架商用渦槳機。隨著我們持續提升工廠產出效率，這兩項交付量相較去年同期都有明顯成長。

We also saw strong aftermarket performance, which resulted in 10% growth in aftermarket revenues. In terms of market conditions, order activity continues to be healthy as we grew our backlog in the quarter while also delivering double-digit growth in jets and commercial turboprops.

我們也看到強勁的售後市場表現，使售後營收成長 10%。就市場狀況而言，接單活動仍維持健康；我們在本季擴大了在手訂單（backlog），同時噴射機與商用渦槳機交付也實現雙位數成長。

Some notable wins for the team include Luminaire, a European jet operator, placed a fleet order in the first quarter, which will bring its total to nine latitudes, supporting its charter operations across Europe and an order from Belgium's special operations forces for five SkyCouriers marking our first military order for the aircraft and highlighting the utility of the SkyCourier, not only in the commercial market, but also in defense and special missions applications.

團隊的一些重要斬獲包括：歐洲噴射機營運商 Luminaire 在第一季下達機隊訂單，將使其 Latitude 機隊總數達到 9 架，支援其在歐洲的包機營運；以及比利時特種作戰部隊訂購 5 架 SkyCourier，這是該機型的首筆軍用訂單，凸顯 SkyCourier 的實用性不僅在商用市場，也適用於國防與特種任務應用。

From an industry perspective, gammas recently released 2025 annual report underscores Textron Aviation's leadership in general aviation as we once again topped the industry in total business jet deliveries, total turbine aircraft deliveries and total turboprop deliveries. Moving to Bell on slide 13. The Army has announced the name of the MV-75 aircraft as the Cheyenne. This underscores the continued commitment by the Army and marks a pivotal moment for the program.

從產業角度來看，GAMA 近期發布的 2025 年年報凸顯 Textron Aviation 在通用航空領域的領導地位；我們再次在商務噴射機總交付量、渦輪動力飛機總交付量，以及渦槳機總交付量方面位居產業第一。接著看投影片 13 的 Bell。陸軍已宣布 MV-75 飛機命名為「Cheyenne」。這凸顯陸軍的持續承諾，並標誌著該計畫的關鍵里程碑。

All subsystem critical design reviews, or CDRs, have been executed with the exception of completing the weapon system CDR later this summer. The Army is preparing the -- [four] tiltrotor technology with support from the V-22, helping the Army's 101st Airborne in training exercises to develop the tactics, techniques, and procedures to take full advantage of the additional range and speed. Sales progress is supported by a series of investments Textron is making to support successful development and acceleration of production.

除預計於今年夏末完成武器系統的關鍵設計審查（CDR）外，所有分系統的關鍵設計審查均已執行完成。陸軍正準備在 V-22 的支援下運用 [four] 傾轉旋翼技術，協助陸軍第 101 空降師在訓練演習中發展戰術、技術與程序，以充分利用額外的航程與速度。銷售進展也受惠於 Textron 為支持成功研發與加速量產所進行的一系列投資。

As I mentioned earlier, the Trump administration's 2027 budget calls for a significant increase in defense spending. As this relates to the MV-75 Cheyenne, the Future Years Defense Program, or FYDP, calls for $2.3 billion of funding for 2027, scaling to $3.8 billion in FY31 across research, development, test, and evaluation as well as procurement. The procurement budget also shows quantities of 8 units in FY28, scaling to 12 then 20 then 27 in FY31, consistent with the Secretary of the Army's direction to accelerate the program.

如我先前提到，川普政府的 2027 年預算規劃大幅提高國防支出。就 MV-75 Cheyenne 而言，「未來年度國防計畫」（Future Years Defense Program，FYDP）在 2027 年規劃 23 億美元資金，並在 FY31 擴增至 38 億美元，涵蓋研發、測試與評估，以及採購。採購預算也顯示 FY28 採購 8 架，之後逐步擴增至 12 架、20 架，並在 FY31 達到 27 架，與陸軍部長加速該計畫的指示一致。

Regarding near-term funding for the MV-75 program, the Army has informed us that it is actively pursuing additional funding to support the acceleration profile for the remainder of the government fiscal year '26. This funding aligns with the Army's Directive last summer to accelerate the program, which occurred after their FY26 budget request was submitted. We remain confident in the Army's commitment to securing this funding as evidenced by the ongoing process and the strong funding request in the recently released (inaudible).

關於 MV-75 計畫的近期資金，陸軍已告知我們，其正積極爭取額外資金，以支援政府 26 會計年度剩餘期間的加速時程。該資金與陸軍去年夏天加速計畫的指令一致，而該指令是在其 FY26 預算請求提交之後才發布。我們仍對陸軍取得該資金的承諾充滿信心，這可從目前持續進行的流程，以及近期發布的（聽不清）中強勁的資金請求看出。

During the quarter, Bell completed the critical design review on the DARPA X-Plane Program, which is now called the X-76. Bell will now begin building a brand-new X-Plane with first-of-its-kind stop fold technology. Bell was also recently down selected to the fourth and final phase of the Flight School Next competition. As part of this phase, Bell conducted flight simulator and digital twin demonstrations at Redstone Arsenal. We expect the Army to select a winner for the competition later this summer.

本季期間，Bell 完成了 DARPA X-Plane 計畫（現稱 X-76）的關鍵設計審查。Bell 接下來將開始打造一架全新的 X-Plane，採用首創的 stop fold 技術。Bell 近期也入選 Flight School Next 競賽的第四階段也是最後階段。作為該階段的一部分，Bell 在 Redstone Arsenal 進行了飛行模擬器與數位孿生（digital twin）展示。我們預期陸軍將在今年夏末選出競賽得主。

Turning to slide 14. Systems also continues to grow its business. They generated double-digit growth in the quarter and continued to make progress on new pursuits. Earlier this month, Textron Systems received a preproduction development award from the US Marine Corps for its advanced reconnaissance vehicle, or ARV program. This $450 million award will include delivery of 16 vehicles, three systems integration labs, and four blast holes.

接著看投影片 14。Systems 也持續擴大其業務。本季實現雙位數成長，並持續推進新的競標機會。本月稍早，Textron Systems 獲得美國海軍陸戰隊先期量產（preproduction）研發合約，對象為其先進偵察車（Advanced Reconnaissance Vehicle，ARV）計畫。這項 4.5 億美元的合約將包含交付 16 輛車、3 座系統整合實驗室，以及 4 個 blast holes。

Textron Systems was also awarded a prototype agreement from the US Army for the low altitude stocking and strike ordinance program, or Lasso. Under the prototype agreement, systems will deliver a loitering munition system and demonstrate it to the Army. As you can see on slide 15, both Kautex and Textron Specialized Vehicles are executing very well and generating improving financial results. The segment had positive organic growth in the quarter, and Kautex secured its largest award to date for its hybrid plastic fuel tank offering.

Textron Systems 也獲得美國陸軍針對低空滯留與打擊彈藥計畫（low altitude stocking and strike ordinance program，Lasso）的原型協議。在該原型協議下，Systems 將交付一套滯空彈藥（loitering munition）系統並向陸軍展示。如投影片 15 所示，Kautex 與 Textron Specialized Vehicles 的執行表現都非常出色，並帶來持續改善的財務成果。該事業群本季實現正向的有機成長，而 Kautex 也為其混合動力塑膠燃油箱產品拿下迄今最大的一筆訂單。

Overall, we had a very strong start to the year, and I'll now pass it over to Dave to provide some more details on the financials.

整體而言，我們今年開局非常強勁，接下來我把時間交給 Dave，提供更多財務細節。

Thank you, Lisa, and good morning, everyone. Turning to slide 18 of the earnings presentation. We had a strong start to the year with revenues in the quarter of $3.7 billion, up 12% or $389 million from last year's first quarter. Segment profit in the quarter was also strong at $320 million, up 10% or $30 million from the first quarter of 2025. During this year's first quarter, adjusted net income was $1.45 per share compared to $1.28 per share in last year's first quarter.

謝謝你，Lisa，各位早安。請看財報簡報的投影片 18。我們今年開局強勁，本季營收為 37 億美元，較去年第一季增加 12%，即增加 3.89 億美元。本季分部獲利也表現強勁，為 3.20 億美元，較 2025 年第一季增加 10%，即增加 3,000 萬美元。今年第一季調整後每股淨利為 1.45 美元，去年第一季為 1.28 美元。

Manufacturing cash flow before pension contributions reflected a use of cash of $228 million, compared to a use of $158 million in last year's first quarter. During the quarter, we repurchased approximately 1.8 million shares, returning $168 million in cash to shareholders.

製造業現金流（未含退休金提撥前）反映本季現金流出 2.28 億美元，相較去年第一季現金流出 1.58 億美元。本季我們回購約 180 萬股股票，向股東返還 1.68 億美元現金。

Before we get into the segments, I'd like to remind you that we realigned the Textron Aviation segment business across Textron Aviation, Textron Systems, and corporate at the beginning of this year, eliminating Textron Aviation as a separate reporting segment. The results here reflect that realignment for 2026 and for the 2025 comparison period on a recast basis.

在我們進入各事業群之前，我想提醒各位：我們在今年年初重新調整 Textron Aviation 事業群的業務歸屬，將其分散配置至 Textron Aviation、Textron Systems 與公司（corporate），並取消 Textron Aviation 作為單獨的報導分部。此處的結果已反映該重整，適用於 2026 年以及 2025 年比較期間（以重編列基礎 recast basis 呈現）。

Now let's review how each of the segments contributed, starting with Textron Aviation. On slide 19, revenues at Textron Aviation of $1.5 billion were up $269 million or 22% from the first quarter of 2025. Aircraft revenue in the quarter was $954 million, up $221 million or 30% from a year ago. This was driven by volume and mix as we increase Citation jet deliveries from 31 to 37 and commercial turboprop deliveries from 30 to 35.

現在我們來檢視各分部的貢獻，先從 Textron Aviation 開始。投影片 19 顯示，Textron Aviation 營收為 15 億美元，較 2025 年第一季增加 2.69 億美元，成長 22%。本季飛機營收為 9.54 億美元，較去年同期增加 2.21 億美元，成長 30%。這主要由出貨量與產品組合帶動，因為我們將 Citation 噴射機交付量從 31 架提升至 37 架，並將商用渦槳機交付量從 30 架提升至 35 架。

Aftermarket revenue in the quarter was $531 million, up $48 million or 10% from a year ago. Segment profit was $154 million in the quarter, up $32 million compared with the first quarter of 2025. This represents a profit margin of 10.4%. We also continue to see solid order flow in customer demand across our product lines, ending the quarter with $8 billion of backlog, up $276 million from the end of 2025.

本季售後市場營收為5.31億美元，較去年同期增加4,800萬美元或10%。本季部門利潤為1.54億美元，較2025年第一季增加3,200萬美元。這相當於10.4%的利潤率。我們也持續看到客戶需求在各產品線的訂單流量穩健，季度末積壓訂單達80億美元，較2025年年底增加2.76億美元。

Looking at Bell, revenues of $1.1 billion were up $87 million or 9% from the first quarter of 2025. Military revenues were $795 million, up $161 million or 25% driven by growth on the MV-75 Cheyenne program, partially offset by reduced revenue on V-22 production on our military sustainment programs. Commercial revenues were $275 million, down $74 million, reflecting lower volume and mix. Segment profit of $72 million was down $18 million from a year ago, primarily reflecting an unfavorable impact from the mix of military programs and lower commercial volume and mix.

就Bell而言，營收11億美元，較2025年第一季增加8,700萬美元或9%。軍用營收為7.95億美元，增加1.61億美元或25%，主要由MV-75 Cheyenne專案成長帶動，但部分被V-22生產及我們軍用維持（sustainment）專案營收下降所抵銷。商用營收為2.75億美元，減少7,400萬美元，反映出出貨量與產品組合較低。部門利潤為7,200萬美元，較去年同期減少1,800萬美元，主要反映軍用專案組合不利影響，以及商用出貨量與產品組合下降。

Backlog in the segment ended the quarter at $7.6 billion. At Textron Systems, we had a good start to the year with revenues of $338 million, up $39 million or 13% from last year's first quarter. Revenue growth was driven primarily by higher volume on the Ship to Shore program and military training programs provided by ATAC, partially offset by lower net volume on other programs. Backlog in the segment ended the quarter at $3.6 billion, an increase of $255 million in the quarter. Segment profit was $42 million in the first quarter, which generated strong segment profit margin of 12.4%.

該部門積壓訂單於季度末為76億美元。在Textron Systems方面，我們今年開局良好，營收3.38億美元，較去年第一季增加3,900萬美元或13%。營收成長主要由Ship to Shore專案及ATAC提供的軍事訓練專案出貨量提升所帶動，但部分被其他專案的淨出貨量下降所抵銷。該部門積壓訂單於季度末為36億美元，本季增加2.55億美元。第一季部門利潤為4,200萬美元，帶來12.4%的強勁部門利潤率。

Looking at Industrial revenues were $786 million, down $6 million from last year's first quarter. Textron Specialized Vehicles revenue was $300 million, down $42 million, largely reflecting a $55 million impact from the divestiture of the powersports business in 2025. Kautex revenues were $486 million, up $36 million or 8% from a year ago, primarily due to a favorable impact of $20 million from foreign exchange rate fluctuations and higher volume and mix.

就工業（Industrial）而言，營收為7.86億美元，較去年第一季減少600萬美元。Textron Specialized Vehicles營收為3.00億美元，減少4,200萬美元，主要反映2025年出售動力運動（powersports）業務帶來5,500萬美元的影響。Kautex營收為4.86億美元，較去年同期增加3,600萬美元或8%，主要由外匯匯率波動帶來2,000萬美元的有利影響，以及出貨量與產品組合提升所致。

On an organic basis, revenues in Industrial were up $29 million or 4% given the first quarter of last year still included the Powersports business. Segment profit of $40 million was up $10 million from the first quarter of 2025, largely due to manufacturing efficiencies. Finance segment revenues were $16 million and profit was $12 million in the first quarter of 2026, as compared to segment revenues of $16 million and profit of $10 million in the first quarter of 2025.

以有機基礎計算，工業部門營收增加2,900萬美元或4%，因去年第一季仍包含Powersports業務。部門利潤為4,000萬美元，較2025年第一季增加1,000萬美元，主要由製造效率提升所帶動。金融（Finance）部門在2026年第一季營收為1,600萬美元、利潤為1,200萬美元；相較之下，2025年第一季該部門營收為1,600萬美元、利潤為1,000萬美元。

With that, I will turn it back to Lisa for closing remarks.

接下來我把時間交回給Lisa做結語。

Thanks, Dave. And as we wrap up, slide 21 just highlights a few of the many attributes that make New Textron a compelling pure-play aerospace and defense business. We have the best-in-class brands and best-in-class products with leading segment positions. But I also want to highlight that we have the people in place to maximize our future with a deep bench of technical expertise and a track record of innovation and execution at scale. This concludes our prepared remarks, and we are happy to open the line now for questions.

謝謝，Dave。最後，投影片21重點列出多項特質，說明為何「新Textron」是一家具吸引力、專注於航太與國防的純粹型（pure-play）企業。我們擁有同級最佳的品牌與產品，並在各細分市場居於領先地位。我也想強調，我們具備能最大化未來發展的人才：深厚的技術專業人才庫，以及在創新與大規模執行方面的既有實績。以上為我們的準備發言，現在很高興開放線路進行提問。

(Operator Instructions) Sheila Kahyaoglu, Jefferies.

（接線員指示）Sheila Kahyaoglu，Jefferies。

Can you maybe -- the industrial separation has been a long time coming. Can you maybe provide a little bit more on what led to the decision? Why now? Was it just the growth in the MV-75 portfolio at the Cheyenne and how you see that if you could elaborate?

工業分拆這件事醞釀已久。能否再多談一些促成這項決定的原因？為什麼是現在？是否只是因為Cheyenne的MV-75產品組合成長？如果可以的話，請再多加說明。

Thanks, Sheila. Look, it's just -- it's the right answer for both of our A&D and industrial businesses at this moment in time, and it provides clarity and simplification on our capital allocation and investments and frankly, it also just aligns them both with their respective natural shareholder bases. And we're in a position, as you point out, like why now as compared to a few years ago, it's a result of all the hard work and accomplishments that we've achieved over the last 10 years in order to position the various businesses to have the strength of their own -- to stand on their own.

謝謝你，Sheila。你看，這——在此時此刻，對我們的航太與國防（A&D）以及工業兩個業務而言，這都是正確的選擇；它讓我們的資本配置與投資更清晰、更簡化。坦白說，也讓兩者更符合各自自然的股東基礎。至於你提到的「為什麼是現在、而不是幾年前」，這是過去10年我們投入大量努力並取得成果的結果，讓各個業務具備自身的實力——能夠獨立運作、站得住腳。

And we've won, we're scaling MV-75. As I mentioned, we've added to an upgraded the aviation portfolio. We've got all these clean sheet programs like the Latitude, Longitude, SkyCourier, Denali upgrades on the Ascend, the Gen 2 with systems and their key programs of record now scaling and a good pipeline. We just have the synergies and core context of all of those businesses to come together as a strong pure-play A&D.

而且我們已經贏得並正在擴大MV-75的規模。如我所提，我們也擴充並升級了航空產品組合。我們有這些全新開發（clean sheet）的專案，例如Latitude、Longitude、SkyCourier、Denali的升級、Ascend上的升級，以及搭載系統的Gen 2；這些關鍵的既定專案（programs of record）現在正在放量，且管線良好。我們認為，這些業務之間的綜效與核心脈絡能夠整合在一起，形成一家強而有力、專注於航太與國防的純粹型公司。

But what's different is as now with Kautex and TSV, both are very well run and their end markets are in a stronger place and in good positions right now with the progress Kautex has made with offerings on Pentatonic and Allegro and how it is gaining customer traction and growth, as well as TSV being anchored by one of the most recognizable brands in golf with EZGO, and candidly, the divestiture of powersports just puts them in a better operating position.

但不同之處在於，現在Kautex與TSV兩者都經營得非常好，其終端市場也處於更強勢、且目前位置良好的狀態；包括Kautex在Pentatonic與Allegro產品供應上的進展，以及其獲得客戶採用與成長的動能；同時TSV則以高爾夫領域最具辨識度的品牌之一EZGO為核心。坦白說，出售powersports業務也讓它們在營運上處於更好的位置。

So we just believe that now is the right time in order to make this move, and we're excited to see what the future holds for us.

因此我們相信，現在是採取這項行動的適當時機，我們也很期待未來的發展。

Thank you so much.

非常感謝。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

On Aviation, can you speak to the market environment for order activity and anything that's changing given the ongoing Middle East conflicts. And then, Lisa, you mentioned repositioning some of your R&D funding into the supply chain. Could you just elaborate on what that means in the quantity?

關於航空（Aviation），能否談談訂單活動的市場環境，以及在中東衝突持續的情況下是否有任何變化？另外，Lisa，你提到把部分研發（R&D）資金重新配置到供應鏈上。能否再說明這代表什麼、量的規模大概如何？

Sure. Look, so regarding order activity, we had a very strong quarter of order activity across both Aviation and Bell. They had their best Q1 bookings in four years, frankly, since Q1 of 2022. So really strong orders for the folks out there. And Aviation, I highlighted the Luminaire and Belgium special forces in the prepared remarks. But as we see that strong order flow and ending the quarter with our backlog of up $8 billion for Aviation in particular, and we also have some pretty strong bookings that they're working forward to in Q2.

當然。先談訂單活動：本季在Aviation與Bell兩個業務的訂單活動都非常強勁。坦白說，這是他們四年來最好的第一季接單表現，亦即自2022年第一季以來最佳。因此外部需求端的訂單非常強。就Aviation而言，我在準備發言中提到Luminaire以及比利時特種部隊的案例。隨著我們看到強勁的訂單流，且本季結束時Aviation的積壓訂單提升至80億美元；同時，他們在第二季也有一些相當強勁、正在推進中的接單。

So Bell also is winning that new business in the commercial market. They had the quarter with purchase order of 7407 for the National Transmission Company of South Africa. We talk about in the defense side of the booking orders, and Bell was down-selected to the final phase of Flight School Next.

Bell方面也在商用市場贏得新業務。本季他們取得南非國家輸電公司（National Transmission Company of South Africa）的7407採購訂單。在國防端的接單方面，我們也有提到相關訂單，而Bell也入選Flight School Next的最後階段。

As I mentioned, the preproduction contract for the ARV and the Army's prototype agreement for the last or the low altitude stocking and striking ordinance. So all of this kind of leads to that very strong order activity in that backlog of $19.2 million that we highlighted across the business.

如我所提，包括ARV的預量產合約，以及陸軍針對最後一項——或低空補給與打擊彈藥——的原型協議。所有這些都促成了非常強勁的訂單活動，以及我們所強調、全公司合計1,920萬美元的積壓訂單。

When you ask about the repositioning of some of the funding towards the supply chain and factories, look, that's really the area that we need to focus across on our business. What we're trying to signal here is we're not looking to increase investment. We're going to maintain the same levels of investment that we have across the business.

至於你問到把部分資金重新配置到供應鏈與工廠，這確實是我們整個業務需要聚焦的領域。我們想傳達的是：我們並不打算增加投資。我們會維持目前在各項業務上的投資水準。

But we're probably going to take a portion of that, and I'm not going to kind of go into the details of what ratio that is, but take a portion of that, and focusing on making our factories much more effective. There's a lot of tools and capabilities that are out there now that we need to enable our workforce to have a better, more streamlined factory flow.

但我們可能會從中抽出一部分——我不打算深入說明比例——把一部分資金用於讓工廠更有效率。現在有很多工具與能力可用，我們需要讓員工能夠運用這些，打造更好、更精實的工廠流程。

And so we're going to -- we're looking at that as we go through this strategic review, and you'll see us start investing in that. And hopefully, we'll see the yield of that of better production output.

因此，隨著我們進行這次策略檢視，我們會朝這個方向評估，你也會看到我們開始在這方面投資。希望最終能帶來更好的產出良率與生產輸出。

Okay. Got it. Thank you so much.

好的，了解了。非常感謝。

Robert Stallard, Vertical Research.

Robert Stallard，Vertical Research。

A couple of questions for you on Aviation. First of all, was wondering if you could give us an update on what you think the cadence of deliveries will be in this division through the year and whether you expect this aftermarket growth rate to be maintained? And then secondly, on the Aviation supply chain, did you see any improvement in that in the first quarter?

有幾個關於航空（Aviation）業務的問題想請教。首先，想請您更新一下，您認為今年這個事業部的交付節奏會是如何？以及您是否預期售後市場（aftermarket）的成長率能夠維持？第二個問題是關於航空供應鏈，第一季您是否看到任何改善？

Dave, why don't you take the first and I'll hit the supply chain?

Dave，你先回答第一個，我來回答供應鏈的部分。

So as we look at Q1, this was expected that we're about 100 basis points below the midpoint of the guide. Just kind of the key factor there is some of the inefficiencies from last year are rolling through the income statement in Q1, and that's causing a little bit of headwinds. So as we kind of think about the cadence for the rest of the year, we would expect improvement sequentially each quarter with the margin peak being in Q4. You should expect deliveries to increase each quarter this year, and we'd also expect efficiencies to improve throughout the year, especially in the second half.

就第一季來看，這符合預期，我們大約比指引（guidance）中位數低了約100個基點。主要因素是去年一些效率不彰的影響在第一季持續反映在損益表上，造成一些逆風。至於今年剩下時間的節奏，我們預期每一季都會逐季改善，且利潤率高點會落在第四季。你應該會看到今年每一季交付量都會增加，我們也預期效率會在全年持續提升，尤其是下半年。

So on your supply chain question there. I mean, look, we continue to work with our key suppliers. It's mainly around engines, as we mentioned on the call last quarter that we continue to (inaudible) through every day to get the those in. But I will say we're not seeing as many systemic supply chain issues as we have over the past several years. So we are seeing things start to improve.

關於你問的供應鏈問題。我的意思是，我們持續與關鍵供應商合作，主要還是在引擎方面；正如我們上季電話會議提到的，我們每天都持續（聽不清）努力把那些引擎交付進來。不過我會說，相較於過去幾年，我們看到的系統性供應鏈問題沒有那麼多了，所以確實開始看到一些改善。

As we look at kind of what we call out the door statistics of some of our platforms, those are starting to improve. Things still get lumpy along the way. We still have things pop up. But I would say we're starting to see a trend here of better performance at large. But it's -- there's nothing easy.

從我們所謂某些平台的「出廠」統計數據來看，這些指標也開始改善。過程中仍然會有起伏，還是會有一些狀況冒出來。但我會說，整體而言我們開始看到更佳表現的趨勢。不過——沒有什麼是容易的。

The teams are still fighting through the different little fires that pop up. But overall trends, we are starting to see improvement of on-time delivery from suppliers, and we're starting to see folks performing at better, higher quality.

團隊仍在處理各種不時冒出的「小火」。但就整體趨勢而言，我們開始看到供應商準時交付（on-time delivery）有所改善，也開始看到大家在品質上有更好、更高的表現。

That's great. Thanks so much.

太好了。非常感謝。

Peter Arment, Baird.

Peter Arment，Baird。

Nice results. Lisa, maybe just quickly on (inaudible) start the year kind a low point, maybe just to give us a little -- the puts and takes you're thinking about for the year and just when you -- given your annual guidance, just how we should be thinking about from here just given the volume that you're seeing on the MV-75?

表現不錯。Lisa，或許快速問一下（聽不清），年初可能是個相對低點，能否請你稍微談談你對今年的主要正負因素（puts and takes）的看法？以及在你們的全年指引之下，考量你們在MV-75看到的量能，接下來我們應該如何看待後續走勢？

Yeah. And I appreciate that. I think there's -- it was a good strong start to the year. I think it's a little early for us to start thinking about the guide. But if we continue to see strong performance, we'll evaluate that as we go forward for the back half of the year.

好的，也謝謝你。我認為——今年開局確實很強勁。我覺得現在要開始重新思考指引還稍微早了一點。但如果我們持續看到強勁表現，我們會在往後推進時，針對下半年再做評估。

I think on MV-75, I don't see us changing what we saw there was going to be flat kind of year over year of expected revenues. We do continue to see that acceleration pull from the Army, as we mentioned. And if they receive those additional funds, we'll see that kind of flow into the business, but we need to see the Army get those additional funds as they go through their procedures and processes to get those dollars.

至於MV-75，我不認為我們會改變先前的看法，也就是預期營收年對年大致持平。我們確實持續看到來自陸軍的加速拉貨（acceleration pull），如同我們提到的。如果他們拿到額外資金，我們會看到那部分逐步反映到業務上，但我們需要先看到陸軍在其程序與流程中取得那些額外資金、把資金到位。

Appreciate it. Thanks, Lisa.

了解。謝謝你，Lisa。

Seth Seifman, JPMorgan.

Seth Seifman，JPMorgan。

This is Alex on for Seth. Maybe I want to ask follow up on the Industrial situation. As you guys are kind of evaluating your options here between either selling the business or spinning it off, curious if you guys have any initial thoughts on which option you think is more likely at this point? And then two, when we're thinking about the two businesses here between Kautex and specialized vehicles, is the expectation that those would be spun off or sold together or could they be kind of broken up into separate pieces?

我是代Seth提問的Alex。我想追問一下工業（Industrial）業務的狀況。你們目前在評估選項，包括出售該業務或將其分拆（spin-off）。想請問你們現階段是否有初步想法，哪一個選項更有可能？第二，當我們看這兩個業務——Kautex與特種車輛（specialized vehicles）——預期會一起分拆或一起出售，還是可能拆成不同部分分開處理？

I think, Alex -- so look, I think you kind of outlined all the options that we're looking at. And I don't think we necessarily have a course of action just yet that we're ready to declare. We are going to do the process and work to explore all of those alternatives. And I think that when we look at the spin, we just know that that's the certainty. It will be the longest path. We're going to do the work in order to prepare for that.

我想，Alex——你其實把我們正在看的選項都概括到了。我們目前還沒有準備好宣布某個特定行動方案。我們會依照流程去做，並努力探索所有替代方案。至於分拆，我們知道那是最具確定性的路徑，但也會是最長的路徑。我們會做必要的工作來為此做準備。

But as we do that, we're exploring all avenues that you kind of outlined, selling them together or selling them apart. Those options are all on the table. And as the process evolves and folks are interested, we'll do what's in the best interest of our shareholders. So yeah, I think we're -- we've got an exciting future ahead of us, but we'll keep you guys posted as we come along those decisions.

但在做這些準備的同時，我們也會探索你提到的所有途徑：可以一起出售，也可以分開出售。這些選項都在考量範圍內。隨著流程推進、也隨著有意願的對象出現，我們會做出最符合股東利益的決定。所以，是的，我認為——我們前方有令人振奮的未來，但當我們逐步做出這些決策時，也會持續向各位更新。

Okay. Thank you.

好的，謝謝。

John Godyn, Citi.

John Godyn，Citi。

Thanks for taking my question. Lisa, I just really wanted to think through the conflict in the Middle East and what that means for Textron, sort of to state the obvious. There's a lot of activity there and fuel prices have doubled. So on the Aviation side, it's hard to believe that a doubling in fuel prices doesn't impact things.

謝謝讓我提問。Lisa，我想更深入思考中東衝突對Textron的意涵。很顯然，那邊活動很多，而且燃油價格已經翻倍。所以在航空業務這邊，很難相信燃油價格翻倍不會帶來影響。

But on the other hand, some of us on the call are old enough to remember the boom years in [Biz-Jet] in '06, '07, which were positively correlated to oil prices and all the economic implications of that? And then in your defense exposures, anything kind of pivoting on the back of what's going on in the Middle East? Any imminent demand signals or anything like that, how the portfolio is expected to respond. That would be helpful.

但另一方面，我們當中有些人年紀夠大，還記得2006、2007年[商務噴射機]（[Biz-Jet]）的榮景，那段時間與油價呈正相關，以及其帶來的各種經濟意涵？另外，在你們的國防曝險（defense exposures）方面，有沒有因中東局勢而出現任何轉向？是否有任何迫切的需求訊號之類的，或你們預期產品組合會如何反應？若能說明會很有幫助。

Yeah, thanks. And I recall now I kind of missed that. Somebody asked a follow-on question on Iran. I didn't get that earlier as well. So look, to date, we have not seen a material impact on the ongoing conflict. We monitor the impact of those higher oil prices. And as you point out, has both positives and negatives to our various end markets. So -- and I think on the -- as you correctly stated, on the aviation and helicopter side, in particular, that's where we see some of that positive correlation.

好的，謝謝。我現在想起來我剛剛漏掉了——有人追問了一個關於伊朗的問題，我先前也沒有聽到。總之，截至目前，我們尚未看到這場持續中的衝突帶來重大影響。我們會監控油價上升的影響。正如你指出的，這對我們不同終端市場同時有正面與負面影響。所以——我想在——如你所說，特別是在航空與直升機端，我們確實看到一些正向相關性。

So we're watching that very closely. I think it's a little early days as folks use their capital there, but we will continue to monitor that and discuss that in future quarters. With respect to the defense side of the business, on all of our programs, I think you're starting to see them continue to perform. I think when we see this investment across all of the defense portfolio from the Trump administration's most recent [fight up] is a signal from them that they see an increased need and robusting, I'll call it, the magazines or the various platforms in order to be prepared.

因此我們會非常密切地觀察。我認為目前還算早期，因為各方如何運用資本仍在發展中，但我們會持續監控，並在未來幾季再討論。至於國防業務方面，就我們所有專案而言，我認為你開始看到它們持續表現。我認為，當我們看到川普政府最近在整個國防產品組合上的投資（聽不清），這對我們而言是一個訊號：他們認為需求正在增加，並且需要強化——我姑且稱之為——彈藥庫存（magazines）或各種平台，以做好準備。

And so I would say it's a secondary correlation to it, but you're starting to see support broadly across all the defense business. Programs, in particular, I wouldn't necessarily go into any specific programs on that in that way.

所以我會說，這與中東局勢是次級的相關性，但你開始看到國防業務整體獲得更廣泛的支持。至於特定專案，我不一定會用那種方式去點名談某個專案。

Thank you. Appreciate it.

謝謝，感謝你的說明。

Noah Poponak, Goldman Sachs.

Noah Poponak，Goldman Sachs。

Two questions. Lisa, on Aviation, your discussion around investing in supply chain and manufacturing improvements suggests a view that supply should be higher. Curious how you -- when you look at the backlog and the coverage, how are you balancing you want to grow and you want to get customers' jets, but you also want to protect the downside nodes of cyclicality. Just how are you thinking about where you want supply over the medium term?

兩個問題。Lisa，關於航空，你提到投資供應鏈與製造改善，似乎代表你認為供給應該更高。我好奇你如何——當你看待訂單積壓（backlog）與覆蓋度（coverage）時，你一方面想成長、想把客戶的飛機交付出去，但另一方面也想保護景氣循環下行時的風險節點。你對中期供給水準的拿捏是怎麼思考的？

And then, Dave, just on the Bell margin, if you could give us a little more color on the year-over-year change and how it progresses to get to the guidance for the year?

另外，Dave，關於Bell的利潤率，如果你能多提供一些年對年變化的細節，以及它如何逐步走到全年指引的水準？

It's a great question. And you're exactly right. And when we look at the various type models, we want to make sure we don't disrupt this very strong backlog that we have. And so there are certain type models that if we put a little more investment, we could reduce the amount of time it takes to build those aircraft. Some of those type models are sold out for years.

這是個很好的問題，你說得完全正確。當我們看各種機型（type models）時，我們希望確保不會破壞我們目前非常強勁的訂單積壓。因此，有些機型如果我們多投入一些資源，就能縮短製造這些飛機所需的時間。而其中一些機型的產能已經被預訂到未來好幾年。

If we were to bring them in to say like 18 months or so as a lead time, I think that much more aligns with customers' expectations. And those are the areas in which we would do focused improvements on, in both the factories and the supply chain.

如果我們把交期提前到大約 18 個月作為前置時間，我認為這會更符合客戶的期待。而這些就是我們會在工廠與供應鏈兩端，進行聚焦改善的領域。

So Noah, I'll take that question on Bell. So I mean, as a starting point, if we look at kind of Q1 of this year versus last year, we're obviously down on the margin percent as well as in dollars. So kind of two factors there to think about. We were off on commercial helicopter deliveries. Some of that was just timing of deliveries and contract milestones.

所以 Noah，我來回答你關於 Bell 的問題。作為起點，如果我們看今年第一季相較去年第一季，我們的利潤率百分比以及以美元計的利潤都明顯下滑。這裡大概有兩個因素需要考量。我們在商用直升機交付上落後了，其中一部分只是交付時點與合約里程碑的時間安排問題。

Some of that was just delays in finishing up the last couple of helicopters for the quarter. We would expect on the commercial side for that to normalize out throughout the year, not too dissimilar to patterns you've seen in the last couple of years with a peak in Q4.

其中一部分只是本季最後幾架直升機完工的延遲。我們預期商用端在全年會逐步回到正常水準，與你過去幾年看到的型態不會差太多，也就是第四季會出現高峰。

We also had higher MV-75 revenue in the quarter, but the offset of that was some of our military legacy business was down. So net-net, that does result in overall lower margins. So I think what you could expect to see from a cadence perspective as we go through the next three quarters, as you'd see overall improvement, particularly because you'll have higher volume on the commercial side, getting us to where we're currently at on the guide of between 8% and 9%.

我們本季的 MV-75 營收也較高，但相對抵銷的是，我們部分軍用傳統業務下滑。因此綜合來看，確實會導致整體毛利率較低。就節奏而言，接下來三個季度你應該會看到整體改善，特別是因為商用端的量會更高，讓我們回到目前指引的 8% 到 9% 區間。

Thanks. Lisa, I guess just getting some of the -- getting -- if I took the entire portfolio to 18 months, it would imply pretty nicely over 200 total deliveries. I guess maybe you're saying it's not everything should be at 18 months, but is it -- do you think the equilibrium is 200 or 220, or hard to put a number to it?

謝謝。Lisa，我想確認一下——如果我把整個產品組合都拉到 18 個月，推算起來總交付量會很漂亮地超過 200 架。我想你可能不是說所有產品都應該是 18 個月，但你覺得均衡點是 200 還是 220？還是很難給出一個數字？

No, I think you're hearing the right ballpark, right? I think the right number is right there around 200. I think that's accurate.

不，我覺得你聽到的區間是對的，對吧？我認為正確的數字大概就在 200 左右。我覺得這是準確的。

Okay. Thank you.

好的。謝謝。

David Strauss, Wells Fargo.

David Strauss，富國銀行（Wells Fargo）。

This is [Josh Coren] on for David. I wanted to ask, I think you were planning on taking that charge on MV-75 later this year or early next as the program ramps. Is there any change to your expectation in the size or timing of the charge?

我是代替 David 的 [Josh Coren]。我想問一下，我記得你們原本計畫在今年稍晚或明年初、隨著專案放量時，對 MV-75 認列那筆費用。你們對費用規模或認列時點的預期有任何改變嗎？

No change in our expectation on the size, which was the (inaudible) catch-up was $60 million to $110 million. As we said when we announced it previously, it all depends on the timing of when the LRIP (inaudible) is exercised by the government, and there's no change in our expectation right now that that could be as early as the second half of this year or possibly could flow into the first half of next year. And nothing's changed from our perspective, right, as we sit today.

對規模沒有改變；我們先前提到的（聽不清）追溯調整（catch-up）是 6,000 萬到 1.1 億美元。正如我們之前宣布時所說，這完全取決於政府何時行使 LRIP（聽不清），而我們目前的預期也沒有改變：最早可能在今年下半年，也可能延到明年上半年。以我們今天所掌握的情況來看，沒有任何變化。

Okay. Thank you.

好的。謝謝。

Gavin Parsons, UBS.

Gavin Parsons，瑞銀（UBS）。

Lisa, you mentioned Textron is considered strategic alternatives on industrial in the past. I guess what are the hurdles to getting this done? And is there a minimum return threshold you're looking forward to ensure it's not a dilutive transaction?

Lisa，你提到 Textron 過去曾考慮過工業業務的策略替代方案。我想問，推動這件事完成的障礙是什麼？以及你們是否有一個最低報酬門檻，以確保這不是一筆稀釋性交易？

Look, it's a little early to comment specifically on the level of dilution. It's going to depend on what that structure and value -- whatever proceeds we would get on that. But look, in addition to the benefits of clarity and flexibility, we had just had different natural investor bases and different valuation frameworks inside those investor bases. And so we're going to have to leave it to the market to assess that valuation, but I do think that New Textron has higher growth and stronger margin, which should support stronger valuation over time.

坦白說，現在要具體評論稀釋程度還有點早。這會取決於交易結構與估值——以及我們能取得的對價（proceeds）。但除了帶來更清晰的定位與更大的彈性之外，我們也確實面對不同的自然投資人基礎，以及這些投資人基礎內不同的估值框架。因此我們必須把估值交由市場來評估；不過我確實認為「新 Textron」將具備更高成長與更強的利潤率，長期應能支撐更高的估值。

And so I think on that side of it, it's going to prove out to be a very well-done alternative for us. So in terms of in the past, I think the ideas there were around where we were as far as strength of the end markets of the industrial business, it just wasn't the right time. And as we see the positive growth and the positive performance out of both Kautex and specialized vehicles by now just makes the right time for us to do this.

所以我認為從這個角度看，這會證明是一個對我們而言執行得很好的選項。至於過去，我想當時的考量主要在於工業業務終端市場的景氣強度，那時候時機不對。而現在我們看到 Kautex 與 specialized vehicles 都呈現正向成長與正向表現，這讓現在成為我們推動這件事的正確時點。

Great. Thank you.

很好。謝謝。

Kristine Liwag, Morgan Stanley.

Kristine Liwag，摩根士丹利（Morgan Stanley）。

Lisa, post the Industrial spend, and you'll have more time to allocate to the core aerospace defense. I was wondering, can you talk more about how you're thinking about potential capital allocation within that core business? Are there platforms or capabilities you would -- you plan to spend more time on focusing and are there areas you're willing to lean in more versus potentially rationalize?

Lisa，在工業業務剝離之後，你會有更多時間投入核心航太國防。我想請你多談談，你如何思考在核心業務內的潛在資本配置？是否有你計畫花更多時間聚焦的平台或能力？以及有哪些領域你願意更積極投入，相對於可能進行精簡或合理化？

Look, I think our intent here is to lean in more versus rationalize on the A&D space. And in fact, I think what we would look to do is as we have this pure-play combination and how they're anchored across the commercial and military aircraft, leverage the engineering capabilities we have across the business. And then we will look to see where we could be additive to that portfolio, particularly probably in the areas around systems. And what it is that systems does and how we could grow that area of our business much more strongly.

我想我們的意圖是在航太與國防（A&D）領域更積極投入，而不是去做精簡。事實上，我們會看的方向是：在成為純粹的組合之後，並且同時錨定在商用與軍用航空器上，去槓桿化我們在整個事業體的工程能力。接著我們會評估在哪些地方可以對這個產品組合做加值，特別可能是在系統（Systems）相關領域——也就是 Systems 在做什麼，以及我們如何讓這塊業務成長得更強。

That's super helpful. And maybe a great follow up on Systems. I mean the US accelerates towards drone dominance. We're seeing a lot more nontraditional players lower-cost competitors in this unmanned space where you have a fairly robust offering within Systems. Can you talk more about how you balance cost, speed, autonomy with the performance that the DoD wants today, and also what that competitive dynamic is like and where you think systems could leverage the strength in that industry?

這非常有幫助。也許針對 Systems 再追問一下：隨著美國加速走向無人機優勢，我們看到在無人領域出現更多非傳統玩家與低成本競爭者，而你們在 Systems 內其實有相當完整的產品。你能否談談你們如何在成本、速度、自治能力（autonomy）與國防部（DoD）目前所要求的性能之間取得平衡？另外競爭態勢是什麼樣子？你認為 Systems 可以如何利用產業的優勢？

Yeah. So I think when we look at what the strengths are across systems, not only is it decades and candidly, millions of hours of proven capabilities across the unmanned space across three domains. A lot of our offerings are, I will say, are more of the complicated and technical aspects of unmanned. Some of the lower entrants, I think, are much more attributable where what we have are capabilities that the services want to use over and over again. So it requires a more robustness in design and durability of the platform.

好的。我認為當我們看 Systems 的優勢時，不只是數十年、坦白說累積了數百萬小時、在三個領域的無人化空間中被驗證過的能力。我會說，我們很多產品更偏向無人系統中較複雜、較技術性的部分。有些較低門檻的進入者，我認為更多是在一些相對簡化的面向；而我們具備的是軍種希望反覆使用的能力，因此在設計的穩健性與平台的耐久性上要求更高。

So what you see in things like the RIPSAW platform that we are currently designing for the Marine Corps and what you see in our Aerosonde 4.7 and 4.8 that provides a loitering ISR capability for many hours up to 13 hours. So I think what we see there is still continued strong demand for those.

所以你會在像是我們目前為海軍陸戰隊設計的 RIPSAW 平台上看到這點；也會在我們的 Aerosonde 4.7 與 4.8 上看到，它們可提供長時間滯空的 ISR 能力，續航可達 13 小時。我認為我們看到的仍是對這些產品持續強勁的需求。

But we're also having growth opportunities in our unmanned surface vehicles, on the custody program and how they take their platform on the sea and put new capabilities, mine hunting capabilities into that platform system is providing the systems integration pieces that are much more complex than maybe what we see in some of other platforms. That said, we're also very open to working with folks and being partners in various entrants -- with various entrants, and you'll see Systems do that over time.

但我們在無人水面載具方面也有成長機會，例如在 custody 計畫上，他們如何把平台帶到海上，並把新的能力、掃雷/獵雷能力整合進該平台；Systems 提供的是系統整合的部分，這些往往比我們在其他一些平台上看到的更為複雜。話雖如此，我們也非常願意與各方合作，並與不同的進入者成為夥伴；你會看到 Systems 隨時間推進會這麼做。

Great. Thank you for the color, Lisa.

很好。謝謝你提供的細節，Lisa。

Ron Epstein, Bank of America.

Ron Epstein，美國銀行（Bank of America）。

Maybe two questions, just following up on some stuff that other folks asked. When you think about moving forward with an A&D focused business, how are you factoring AI and AI-driven autonomy into Systems? And when I look at something like X-76, it seems like a platform that could generate a lot of interest. How are you thinking about that and the opportunity there?

我有兩個問題，延續其他人剛剛問的一些內容。當你們往以 A&D 為核心的業務前進時，你們如何把 AI 與 AI 驅動的自主能力納入 Systems 的規劃？另外我看像 X-76 這樣的東西，似乎是一個可能引發很大興趣的平台。你們怎麼看待它以及其中的機會？

And one area where it does seem -- I don't want to say that tech underperformed, but maybe you could have done more, given all the technologies the company has is in specifically aerial unmanned systems, given the prowess you all have in electronic propulsion and everything you've done in Textron Aviation and all that stuff -- Systems. So I don't know, sort of a broad question, but --

另外有一個領域看起來——我不想說技術表現不佳，但也許以公司擁有的所有技術而言，你們本可以做得更多——特別是在空中無人系統方面；考量到你們在電子推進（electronic propulsion）上的實力，以及你們在 Textron Aviation 等方面做過的一切——還有 Systems。所以我知道這是個比較廣泛的問題，但——

So I'll try to tackle the second question upfront in the sense of what you're talking about there is collaboration and synergies across the businesses. And what I would like to drive, it's how we're able to combine the engineering technology and talent that we have across Systems, Aviation, and Bell in order to come up with those ideas and platforms and breakthroughs, if you will, because we have that detail, as you mentioned.

我先試著回答第二個問題：你提到的核心其實是跨事業的協作與綜效。我想推動的是，我們如何把 Systems、Aviation 與 Bell 的工程技術與人才結合起來，進而產生你所說的那些想法、平台與突破，因為如你所提到的，我們確實具備那樣的深度。

On the X-76, whether or not they would actually use AI autonomy in terms of the brain of the platform itself. Right now, the proving out of the X-76 is a stop bold technology itself. And it will be an unmanned platform. And so I think as that program evolves, you'll see a lot of the expertise that we have on the -- or the MV-75 with the MOSA architecture will probably naturally follow it into the X-76.

關於 X-76，他們是否真的會在平台本身的「大腦」層面採用 AI 自主能力。就目前而言，X-76 的驗證本身就是一項大膽的技術。而且它將是一個無人平台。因此我認為，隨著該計畫的演進，你會看到我們在——或 MV-75 上、採用 MOSA 架構所累積的許多專業能力，很可能會自然而然地延伸到 X-76 上。

So there was just a lot of capability across Textron that I think we can now really come together in this pure-play A&D space. And I plan to continue to drive that. I mean, we've done it in the past. We've got examples of where we have helped each other between the various businesses. but really driving towards an A&D strategy amongst ourselves that think would generate what you're alluding to.

因此我認為 Textron 內部其實有大量的能力，我們現在可以在這個純粹的航太與國防（A&D）領域真正把它們整合起來。我也計畫持續推動這件事。我的意思是，我們過去也做過；我們有一些例子顯示，各個事業之間彼此支援、互相幫助。但真正要在我們內部推動一個 A&D 策略，我認為會產生你所暗示的那種效果。

And then, I mean, culturally, how do you achieve this, right, because you have no organization, I guess, in some parts that's used to being more independent. I mean, you're going to have a core A&D engineering group that will serve the whole company. I mean, I don't know if you're there yet, but how do you think about shifting a culture to support it? I mean, just to be blunt, if you can't tell, I think this is a great idea. But in terms of executing it, how do you get the culture to buy into it?

然後，我是說，在文化層面，你要怎麼做到這一點，對吧？因為我想在某些部分，你們沒有一個組織是習慣於更獨立運作的。我是說，你們會有一個核心的 A&D 工程團隊來服務整個公司。我不知道你們是否已經到那一步，但你怎麼看待要如何轉變文化來支持它？坦白說，如果你看不出來，我覺得這是個很棒的想法。但就執行而言，你要怎麼讓文化認同並買單？

Yeah. And then, as you know, culture takes a minute to evolve, but we are certainly on that journey. And part of my expectations is how we will continue to collaborate with each other. I mean, things as simple as sharing each other's strategic business reviews with each other. And so, we're just driving various different opportunities for the businesses to be exposed to what the other business is doing as a way for them to say, hey, that's a great idea. I've got somebody over in this area that can help with that.

是的。而且如你所知，文化需要一點時間才能演進，但我們確實正在這條路上。我的期望之一，就是我們將如何持續彼此協作。比如像是把彼此的策略性業務檢討（strategic business reviews）互相分享這麼簡單的事情。因此，我們正在推動各種不同的機會，讓各事業能接觸到其他事業正在做什麼，讓他們能說：嘿，那是個好主意；我在那個領域有人可以協助。

So I hope that you will see that continue to evolve over time. And I'm optimistic that the team is very excited about doing it.

所以我希望你會看到這件事隨時間持續演進。而且我很樂觀，團隊對於這樣做感到非常興奮。

Yeah. And then maybe just one quick financial detail. The Industrial business over the years, we heard that there'd be too much tax leakage to spin it or do whatever -- how should we think about that, the tax impact?

是的。然後也許再問一個快速的財務細節。多年來，我們聽到工業事業若要分拆或做任何處置，會有太多稅負流失（tax leakage）——我們應該如何看待這件事，也就是稅務影響？

I mean, you obviously have -- in this different scenarios to tax impact. So you have the potential repatriation of cash, which would be we are thought about in terms of what the transaction expenses would be and then the tax leakage on the transaction itself. Both of those, we believe, would be manageable in whatever structure we end up doing. And as we mentioned in our release, we believe in a spin scenario, it would be done on a tax-free basis.

我的意思是，你顯然在不同情境下會有不同的稅務影響。因此你有現金匯回（repatriation of cash）的可能性；我們會從交易費用會是多少，以及交易本身的稅負流失兩個面向來思考。我們相信，無論最後採用何種架構，這兩者都是可控、可管理的。而且如同我們在新聞稿中提到的，我們相信在分拆（spin）情境下，將會以免稅（tax-free）的方式完成。

All right. Thank you, Dave.

好的。謝謝你，Dave。

Doug Harned Bernstein.

Doug Harned，Bernstein。

On Systems, I find this to be the most difficult business to really kind of look forward long term. ATAC, the Ship-to-Shore Connector, this has been going well. But if we think on more of a five-year view, what do you see as the underlying differentiated capabilities there and the types of programs that you see you're best positioned for as you look longer term?

談到 Systems，我覺得這是最難用長期角度去展望的業務。ATAC、Ship-to-Shore Connector 目前進展良好。但如果我們用更偏五年的視角來看，你認為其底層的差異化能力是什麼？以及當你用更長期的角度看，你覺得你們最有利的位置會落在哪些類型的計畫上？

Yes. So I would say there's two stand out for me. First being the Sentinel program as that EMD program continues to mature into a production program. And as we are a key Tier 1 supplier to Northrop Grumman on that program, we will follow where that Sentinel program continues to grow. So I think that's a key aspect of the Systems portfolio.

是的。我會說對我而言有兩個特別突出的。第一個是 Sentinel 計畫，隨著該 EMD 計畫持續成熟並轉入量產計畫。而且我們是 Northrop Grumman 在該計畫上的關鍵一級供應商（Tier 1 supplier），我們會跟隨 Sentinel 計畫持續成長的方向前進。所以我認為這是 Systems 產品組合的一個關鍵面向。

And then additionally, on the ground side of the business, the Armored Reconnaissance Vehicle as well as the XM30, which we haven't mentioned so far in this call, Textron Systems is competing in both of those, and those will both be decided in the coming two to three years. And I believe that you'll see us have a position on one or both of those programs. So I think those underpin the go forward on the Systems performance.

另外，在地面端的業務方面，裝甲偵察車（Armored Reconnaissance Vehicle）以及 XM30——我們在這通電話中到目前為止還沒提到——Textron Systems 兩個案子都有參與競標，而且這兩個案子都會在未來兩到三年內定案。我相信你會看到我們在其中一個或兩個計畫上取得一席之地。因此我認為這些是支撐 Systems 未來表現的基礎。

And then if you do the same -- sort of the same thing at Bell, when you look beyond MV-75, you mentioned the FSN program. Is -- can you give us a sense at all of kind of the timing and scale of potential new opportunities over the next few years and beyond what you're doing on MV-75.

然後如果在 Bell 也做同樣的——類似的分析，當你看 MV-75 之後的機會時，你提到了 FSN 計畫。你能否讓我們大概了解一下，未來幾年以及更長期、在你們 MV-75 之外，潛在新機會的時程與規模？

Yeah. So timing and scale. So the Flight School Next program will be decided by the end of next quarter. So we will know how that's going to impact the future of Bell's prospects here within the next 90 days or so. So there's -- when we see what that comes out, and I don't want to go into numbers right now because we are in, I'll say, active negotiations there of Phase 4, but it is a strong opportunity for Bell for the next candidly, 25 years for Flight School Next.

好的。就時程與規模而言，Flight School Next 計畫將在下個季度末前定案。因此在接下來大約 90 天內，我們就會知道它將如何影響 Bell 未來的前景。所以——等我們看到結果後再說；我現在不想談數字，因為我們正處於我所說的第四階段（Phase 4）積極談判中，但坦白說，Flight School Next 對 Bell 而言是一個非常強的機會，時間跨度可達未來 25 年。

When you look at what the Marine Corps is doing with their H-1 program, and frankly, I mean, we focused on MV-75 and X-76, but there's still a lot of work going on, on the H-1 and the V-22 platforms and the sustainment of those platforms for the coming decades. So there's a lot of work going on both in the Nacelle Improvement Program for the V-22 as well as the structural improvement and electrical power upgrade program for the H-1. So they have upside on both of those programs.

再看海軍陸戰隊在其 H-1 計畫上的作為，坦白說，我的意思是，我們聚焦在 MV-75 和 X-76，但在 H-1 與 V-22 平台上仍有大量工作正在進行，並且在未來數十年對這些平台的維持與支援（sustainment）也會持續。因此在 V-22 的短艙（Nacelle）改良計畫，以及 H-1 的結構改良與電力升級計畫上，都有很多工作在推進。所以這兩個計畫都有上行空間。

That's just on the defense side. On the commercial side, as the 525 platform reaches its certification and moves into the commercial backlog, we'll start to see strong growth on that towards the back end of this decade, beginning of next.

那只是國防端。在商用端，隨著 525 平台取得認證並進入商用訂單積壓（commercial backlog），我們將在本十年後段、以及下一個十年初開始看到該平台的強勁成長。

Very good. Thank you.

非常好。謝謝。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Congratulations on the announcement.

恭喜你們發布這項公告。

Thank you.

謝謝。

Wanted to ask if there are any dissynergies that you can point to? I know you talked a little bit about tax, but any sense of dissynergies early on from the separation?

想請問你們是否能指出任何分拆後的負面協同效應（dissynergies）？我知道你們稍微談到稅務，但就分離初期而言，對負面協同效應有沒有任何概念？

So we've obviously, as part of this process, analyzed all those. There'd be a minimal level of stranded cost that we can -- we do strongly believe we can manage through. But otherwise, there is nothing of a significant nature from a dissynergy perspective, but the stranded costs are very minimal.

因此我們顯然在這個流程中已經分析了所有這些。會有一個最低程度的閒置成本（stranded cost），我們非常相信可以加以管理。但除此之外，從負面協同效應的角度來看，沒有任何重大事項；閒置成本也非常小。

Okay. And Lisa to Kristine's earlier question, I just wanted to understand better. Is that -- do you think this is kind of the end of the portfolio review? Or will there be parts of the AMD franchise is that you're looking to maybe scale back as part of this process?

好的。還有，Lisa，針對 Kristine 先前的問題，我只是想更清楚理解。你認為這算是投資組合檢視（portfolio review）的終點嗎？還是說在這個流程中，你們也在考慮把 A&D 版圖中的某些部分縮減規模？

Yeah. So again, great question. And I would say I'm looking to lean in and grow versus scaling back.

是的。所以再次說，這是個好問題。我會說我希望加大投入並成長，而不是縮減規模。

Got you. Thank you very much.

了解。非常感謝。

With no further questions, that concludes our Q&A session, and this also concludes today's conference call. You may now disconnect.

若沒有進一步問題，我們的問答環節到此結束，今天的電話會議也到此結束。您現在可以掛線。