Lockheed Martin (LMT) 2022 Q1 Earnings Call
发布时间 2023-04-20 01:16:48 来源
中英文字稿 
Good day and welcome everyone to the Lockheed Martin first quarter, 2023 earning the results conference call. Today's call is being recorded.
大家好，欢迎参加洛克希德·马丁2023年一季度营收结果电话会议。今天的电话会议正在录音。
At this time for opening remarks and introductions, I would like to turn the call over to Maria Richard on Wee, Vice President of Investor Relations. Please go ahead.
此刻，对于开场致辞和介绍，我想将电话转交给负责投资关系的副总裁Maria Richard on Wee。请开始。
意思：现在轮到负责投资关系的副总裁Maria Richard on Wee来做开场致辞和介绍了，请让她开口说话。
Thank you, Lois, and good morning. I'd like to welcome everyone to Lockheed Martin's first quarter, 2023 earning conference call. Joining me today on the call are Jim Teiglet, our Chairman, President and Chief Executive Officer, and Jay Malave, our Chief Financial Officer.
谢谢，洛伊斯，早上好。我欢迎大家参加洛克希德马丁2023年第一季度收益电话会议。今天加入我的通话的是我们的董事长、总裁兼首席执行官吉姆·泰格莱特和我们的首席财务官杰伊·马拉维。
Statements made in today's call that are not historical facts are considered forward-looking statements and are made pursuant to the safe harbor provisions of federal securities law. Actual results made differ materially from those projected in the forward-looking statements. Please see today's press release and our SEC filings for a description of some of the factors that may cause actual results to differ materially from those in the forward-looking statements.
在今天的电话中所作的陈述，如果不是历史事实，将被视为前瞻性陈述，并根据联邦证券法的安全港条款进行。实际结果可能会与前瞻性陈述中预计的结果有实质性的差异。请参阅今天的新闻发布和我们的SEC文件，以了解可能导致实际结果与前瞻性陈述中有所不同的因素的描述。
We have posted charts on our website today that we plan to address during the call to supplement our comments. These charts also include information regarding non-GAP measures that may be used in today's call. Please access our website at www.lockheedMartin.com and click on the investor relations link to view and follow the charts.
今天我们在网站上发布了图表，这些图表是为了补充我们在电话会议中提到的观点。这些图表还包括有关今天通话可能使用的非公认会计准则措施的信息。请访问我们的网站www.lockheedMartin.com并点击投资者关系链接以查看和跟随这些图表。
With that, I'd like to turn the call over to Jim.
随着这个，我想把电话交给Jim。意为：现在我想把这个电话转接给Jim。
Thanks, Maria. Good morning, everyone, and thank you for joining us on our first quarter, 2023 earnings call. I'd like to begin today with a few highlights from the quarter as well as an overview of the Presidential Budget request.
谢谢，玛丽亚。大家早上好，感谢大家加入我们的2023年第一季度收益电话。我想在今天的电话会议上分享一下本季度的一些亮点，以及总统预算请求的概述。
Then Jay will discuss our financial results in full year 2023 outlook in detail. We had a solid start to the year with first quarter sales of $15.1 billion, led by 16% year-over-year growth at space. Segment operating margin was 11.1%, led by MFC at 15.8%. Free cash flow grew 11% to $1.3 billion, and combined with a lower share count contributed to a strong free cash flow for share growth year-over-year.
接下来，Jay将详细讨论我们2023年财务业绩和展望。我们在本年度开局良好，第一季度销售额为151亿美元，太空领域的销售额增长了16%。各业务板块的运营利润率为11.1％，其中MFC的运营利润率为15.8％。自由现金流增长了11％，达到了13亿美元，并与较低的股份计数相结合，为股份增长提供了强劲的自由现金流。
We were made on track to meet our financial expectations for the full year, and to return to growth in 2024 as we laid out in January. In terms of capital deployment, we returned $1.3 billion or 101% of our free cash flow to shareholders in the quarter.
我们已经处于达成全年财务预期，并在2024年实现增长的轨道上，正如我们在一月份所规划的。在资本投资方面，我们在本季度向股东返还了13亿美元，相当于我们的自由现金流的101%。
We remained focused on our long-term strategy of growing free cash flow for share and continue to plan to deliver approximately 110% of our free cash flow to stockholders in 2023 through dividends and buybacks. Turning to the budget, the administration released preliminary details of the FY24 President's Budget Request, or PBR, in early March.
我们仍致力于长期战略，以增加股东的自由现金流为目标，并计划通过股息和回购在2023年向股东提供约110%的自由现金流。 至于预算，政府在三月初发布了FY24总统预算请求的初步细节。
This budget proposal reflects a heightened emphasis on defense and security cooperation with allies. The FY24 DOD budget request is $842 billion, an increase of $25 billion, or 3% over the FY23 enacted funding.
这份预算提案表明了国防和安全合作与盟国之间的重视。2024财政年度国防部预算请求为8420亿美元，较2023财政年度拨款增加了250亿美元或3%。
The near-pierre threats posed by China and the Russian invasion of Ukraine is driving the national defense strategy and has created added demand for Lockheed Martin's advanced effective solutions. Key highlights include the procurement of 83 F-35 aircraft, continued expansion in classified programs, and an increase in requested funding for munitions.
中国的威胁和俄罗斯入侵乌克兰等近期对国家安全构成的威胁正在推动国家防御战略的制定，也增加了对洛克希德·马丁公司先进有效解决方案的需求。主要亮点包括采购83架F-35飞机，继续扩展机密项目，并增加要求拨款用于弹药。
The PBR also includes facilitation investment and advanced funding for long-lead time parts in support of multi-year procurement of jazz and lorasm. We're also engaged with DOD on multi-year procurement proposals for PAC-3-MSE and guided multiple launch rocket systems. These proposals are subject to congressional approval during the course of the FY24 defense authorization and appropriations process.
PBR还包括为支持JAZZ和LORASM的多年采购的长时间零部件提供投资和先进资金的促进。我们还与国防部就PAC-3-MSE和制导的多发射火箭系统的多年采购提供方案进行合作。这些提案需要在FY24国防授权和拨款过程中经过国会批准。
The PBR also includes continued investments in key technology development efforts such as conventional prompt strike, long-range hypersonic weapon, next generation interceptor, hypersonic defense, bomb defense system, and other space programs. Furthermore, key technology areas aligned with Lockheed Martin investment priorities received increased funding to include microelectronics, 5G technologies, and joint all-domain operations.
PBR还包括对关键技术开发方面的持续投资，例如传统快速打击、远程高超声速武器、下一代拦截器、高超声速防御、炸弹防御系统和其他空间计划。此外，与洛克希德·马丁投资优先领域相一致的关键技术领域得到了增加的资金支持，包括微电子、5G技术和全域联合行动。
We are encouraged by this initial request and look forward to its progression through the authorization and appropriations process. We also anticipate heightened emphasis on national security prioritization from Congress, supplemental spending requests including Ukraine, and elevated demand from allies and partners.
我们对这个最初的请求感到鼓舞，并期待它通过授权和拨款程序的推进。我们也预计国会将加强对国家安全优先事项的强调，包括针对乌克兰的补充支出请求以及盟友和合作伙伴的增加的需求。
Turning to the F-35 program, the 83 F-35 lightning-2 aircraft included in the PBR signals strong support from the services and the administration. Moreover, the Canadian government's January announcement that it will procure 88 F-35s marks another milestone in continued international demand for the aircraft.
在谈论F-35项目方面，PBR中包含的83架F-35闪电II飞机表明服务机构和政府对该项目的强烈支持。此外，加拿大政府在1月份宣布将采购88架F-35，标志着对该飞机的不断国际需求迈出了又一步。
Selective production, deliveries of F-35 engines, which are government furnished equipment, resumed in February, and then flight operations and deliveries resumed in March. However, we do expect a fraction of total expected 2023 deliveries to be impacted later this year due to both software maturation related to technology refresh 3 or TR3 and hardware delivery timing. However, we anticipate little to no revenue impact from any potential delivery delay, and therefore no material adverse effect on our 2023 P&L. J.O. provides some more color on this in a moment.
选择性制造和交付F-35发动机的政府设备已于二月恢复了制造，随后在三月恢复了飞行操作和交付。然而，由于技术升级3（TR3）相关的软件成熟度和硬件交付时间，我们预计今年后期将会有一部分2023年计划的交付受到影响。但是，我们预计该潜在延误对我们的收入影响较小，因此对2023年的损益表没有任何实质性不利影响。J.O.稍后将提供更多详细信息。
Also at aeronautics, the first Greenville built F-16 Block 70 took flight and was delivered to Bahrain. In addition to the Bahrain customer, six countries have selected Block 70 or 72 aircraft, and Jordan and Bulgaria have signed letters of agreement for additional jets. Further related to the F-16 in the quarter, while as at the US-NDS CEO, Forum, and March, I'd the privilege to announce the memorandum of understanding with the Tata, Likies, Martin, and Aerostructured Limited Joint Venture to produce F-16 wing structures in India, demonstrating our commitment to India as an industry partner and customer, La Boise-Staying R Supply Chain.
在航空领域，格林维尔首架制造的F-16 Block 70已经进行了首飞，并交付给了巴林。除了巴林客户之外，还有六个国家选择了Block 70或72型飞机，约旦和保加利亚已签署有关额外喷气式飞机的谅解备忘录。在本季度与F-16相关的另一件事情是，在美国-国家防御战略公司CEO，论坛和三月份，我很荣幸宣布了与Tata、Likies、马丁和Aerostructured Limited合资企业签署了谅解备忘录，以在印度生产F-16机翼结构，展示我们对印度作为产业合作伙伴和客户的承诺，促进Boise-Staying R供应链的发展。
Turning to hypersonics, it is encouraging to see the continued investment outlined in the PBR for the conventional prompt strike weapon system or CPS, as it begins integration and testing for Zumwalt-class ships, recognizing our advancements in this critical technology. In February, the US Navy awarded Lockheed Martin an initial contract for CPS, the first C-based hypersonic strike capability for the United States, enabling long-range missile flight at speeds greater than Mach 5. First delivery is expected by the mid-2020s.
谈到高超声速技术，很欣慰地看到《总统预算报告》中继续投资于常规瞬间打击武器系统或CPS，开始在宙斯盾级舰艇上进行集成和测试，这是我们在这项关键技术上的进展。今年2月，美国海军授予洛克希德·马丁公司CPS的首份合同，这是美国的首个基于C波段的高超音速打击能力，其能够以大于5马赫的超音速速度进行远程导弹飞行。预计首批交付将在2020年代中期实现。
Starting our air launch rapid response weapon also known as Aero, we are continuing testing of the system at hypersonic speeds in order to advance technical maturation of the missile and the glide body, and to ensure the final product is safe or liable and supportive of our customer's missions and future plans. In January, we also completed the second flight test of hypersonic air breathing weapons concept also known as Hock, in partnership with DARPA and the Air Force Research Lab. We accomplished all the test objectives during the second flight test, including affordable rapid development and performance requirements. And in late March, the US Navy announced its support of the hypersonic air-launched offensive anti-surface strike weapon or halo. Lockheed Martin was down-selected and awarded a contract for the first step to fielding a critical capability over the next decade and begin the design and development of a carrier-based air breathing hypersonic strike capability for the Navy's fleet.
我们正在启动我们的空中快速反应武器Aero，并继续在高超音速下测试该系统，以推进导弹和滑翔体的技术成熟，并确保最终产品安全可靠且支持我们客户的任务和未来计划。今年1月，我们还与DARPA和空军研究实验室合作完成了高超音速空气呼吸武器概念的第二次飞行测试，实现了所有测试目标，包括经济快速开发和性能要求。在3月底，美国海军宣布支持高超音速空中进攻反水面打击武器（Halo），洛克希德·马丁公司被选中并获得了一份合同，以在未来十年内部署至关重要的能力，并开始为海军舰队设计和开发基于航母的空中呼吸高超音速打击能力。
As a company, we remain fully committed to developing hypersonic technology on accelerated timelines to meet this critical national security need and establish a solid deterrent posture in this area for the US and its allies. The hypersonic solutions are just one element in our vision of 21st century security. We advanced several additional aspects of the strategy during the quarter, including announcing a memorandum of our understanding with Unifer Networks to jointly develop integrated hybrid software to find wide area network solutions and to demonstrate that with our customers in the future.
作为一家公司，我们始终全力致力于在加速的时程内开发高超音速技术，以满足这一关键的国家安全需求，并为美国及其盟友在这个领域建立坚实的威慑姿态。高超音速解决方案只是我们21世纪安全愿景中的一个元素。在这个季度，我们推进了战略的几个附加方面，包括宣布与Unifer Networks签署谅解备忘录，共同开发集成的混合软件，以找到广域网络解决方案，并在未来与我们的客户展示。
This technology enables mission-aware dynamic routing, a foundational capability for resilient joint all-domain operations. This mission, I aware, dynamic routing shifts the movement of data and communications in real time across the mix of military and commercial infrastructure according to evolving conditions. Our solutions give customers the flexibility to rapidly adapt to maintain the flow of crucial data and information as their assets operate in contested environments. We also led simulations of technologies to the US Army Air Force and Navy to demonstrate the impacts of 5G communications and advanced analytics to significantly improve operations and maintenance performance for a variety of aircraft, as well as for on-man platforms and operation challenging environments.
这项技术可以实现任务感知的动态路由，是弹性联合跨域作战的基础能力。任务感知的动态路由可以根据不断变化的条件，在军用和商用基础设施的混合环境中实时移动数据和通信。我们的解决方案能够让客户灵活适应不同的环境，从而保持重要数据和信息的流动。此外，我们还向美国陆军、空军和海军进行了技术模拟演示，以证明 5G 通信和先进分析对各种飞机、人员平台和挑战环境的运营和维护性能的显著改进作用。
At the Mobile World Congress in Barcelona, I had the opportunity to deliver a keynote address and meet with CEOs across the digital technology, mobile and networking industries to encourage us working together to promote innovative solutions to protect our countries and advance our space exploration capabilities.
我在巴塞罗那的世界移动通信大会上发表了主旨演讲，并与数字科技、移动和网络行业的CEO会面，以鼓励我们合作推广创新解决方案，保护我们的国家并提升我们的太空探索能力。
Another example of our leadership in accelerating advanced 21st century technologies to improve national defense and deterrence to conflict is in the arena of directed energy. Currently our RMS unit achieves success in our initial test of our demos. High energy laser, which verifies that the laser's optical performance meets the system's targeted design parameters. This 50 kilowatt-class laser weapon system aligns with the Army's directed energy, short range air defense mission.
我们在推动先进的21世纪技术以提高国防和避免冲突方面的领导地位在导向能源领域也有一个例子。目前，我们的RMS部门在演示测试中取得成功。激光输出高能量，验证激光的光学性能是否符合系统的设计参数。这个50千瓦级的激光武器系统符合军队的导向能源、短程防空任务。
In addition to delivering on absolutely cutting edge technologies, demand for many of our well-known and long-time high-performing systems continues to be strong. For example, in January, the Australian government announced the purchase of 20 Lockheed Martin, high mobility artillery rocket systems, or the now familiar high-mars, providing Australian defense for its reliable, well-proven capability. And we continue to grow our significant partnership with Australia beyond high-mars. In February, an agreement was announced between the Australian and United States governments for a foreign military sale of 40 UH-60M Black Hawks for the Australian Army. And deliveries are slated to begin early this year. The Black Hawk remains unmatched as an all-around, multi-role, durable military helicopter for Australia and for the 34 other countries around the globe that use it.
除了交付绝对领先的技术，我们知名且表现出色的许多系统继续受到强烈需求的支持。例如，在今年1月，澳大利亚政府宣布购买20辆洛克希德马丁公司的高机动火箭系统，或者现在已经熟知的“高火神”，为澳大利亚国防提供可靠的、经过验证的性能。我们与澳大利亚的重要合作关系不仅止于“高火神”，在今年2月，澳大利亚政府与美国政府宣布了一项涉及向澳大利亚军队出售40架UH-60M黑鹰直升机的协议，交付将在今年年初开始。黑鹰直升机在澳大利亚和其他34个使用它的国家中仍然是无与伦比的全方位、多功能、耐用的军用直升机。
Further, we're excited to work with the ADF and Australian industry to develop their sovereign satellite communications component, otherwise known there as Joint Project 9102. The Commonwealth of Australia announced in April that Lockheed Martin was selected as the preferred bidder for JP 90102. This multi-billion dollar project will provide the ADF with a robust solution for military satellite communications and defined by its versatility and its resilience. With that, I'll turn the call over to Jay and join you later for questions.
除此之外，我们很高兴与ADF和澳大利亚工业合作开发他们作为联合项目9102而被称为主权卫星通信部件的项目。澳大利亚联邦政府在4月份宣布洛克希德·马丁公司被选为JP 90102的首选投标人。这个价值数十亿美元的项目将为ADF提供一个强大的军事卫星通信解决方案，以其通用性和韧性为特点。至此，我将把通话转给Jay，并稍后回答问题。
Thanks, Jim. Good morning, everyone. Today, I will walk you through our consolidated and business area results for the first quarter. And cover our 2023 outlook. As I highlight our results, please follow along with the web charts we have posted with our earnings release today.
大家早上好，感谢Jim。今天，我将为大家介绍我们第一季度的整体和业务区域结果，并涵盖我们2023年的前景展望。当我强调我们的结果时，请跟随我们今天发布的收益报告中的网页图表。
Let's begin with chart 3 in an overview of our consolidated financial results. Overall, 2023 is off to a solid start, positioning us well to meet our commitments for the year. We delivered just over $15 billion in sales with $1.7 billion in segment operating profit, resulting in 11.1% segment operating margin. Earnings for share was $6.61, and we generated $1.3 billion of free cash flow, enabling a solid shareholder return to share repurchases and dividends. Our book to bill ratio for the first quarter was 0.7 as anticipated, with backlog expected to increase in the second quarter from the upcoming order for F-35 LAT-17 production. And we continue to strategically invest in our growth strategy with $600 million of capital expenditures and independent research and development this quarter. These financial results are on track with our expectations for the year.
我们从综述中的第三个表格开始，总体来说，2023年度已经有一个良好的开端，让我们有望实现今年的承诺。我们的销售额超过了150亿美元，业务部门营运利润为17亿美元，业务部门营运利润率达到了11.1%。每股收益为6.61美元，我们创造了13亿美元的自由现金流，使得我们能够通过股票回购和股息实现稳健的股东回报。第一季度的预订销售额是我们预期的0.7，但由于F-35 LAT-17生产即将到来的订单，我们预计订单后续会增加。同时，我们也继续在我们的增长战略中战略性地投资，本季度的资本支出和自主研发总共达到了6亿美元。这些财务成果符合我们对今年的预期。
Taking a closer look at the quarter's results with consolidated sales and segment operating profit on chart 4, first quarter sales increased year by 1%. A space led the way with 16% growth. Sigmund operating profit was down 2%. As lower ULA equity earnings and contract mix, more than offset the benefits from slightly higher volume and step ups. As expected, margins contracted, mostly due to the lower equity earnings from ULA.
仔细观察图表4中的合并销售和细分业务利润结果，第一季度的销售额同比增长了1%。其中，太空领域增长最快，增幅为16%。然而，细分业务利润下降了2%。因为低下的ULA股权收益和合同组合所带来的影响超过了轻微的产量和增值的好处。预期的是，利润率收缩，主要是因为ULA股权收益的下降。
Moving to earnings per share on chart 5, gap earnings per share were up 17 cents or 3% over 2022. Adjusted for market-to-market investment gains, EPS was flat. On an adjusted basis, the unfavorable URVR impacts from segment operating profit, interest expense and fast-cast pension income were offset by the lower share cow.
转向图表5上的每股收益，差距收益每股增加了17美分，比2022年增长了3%。经过市场投资收益的调整，每股收益基本持平。在调整基础上，从细分业务利润、利息支出和快速退休金收入的URVR不利影响被较低的牛股抵消了。
意思是：本段主要讲述了每股收益上涨的情况，除去市场投资收益的调整，每股收益基本持平。虽然细分业务利润、利息支出和快速退休金收入等方面受到了URVR的不利影响，但是仍有较低的股份补偿抵消了这些负面影响。
Moving to cash flow on chart 6, we generated nearly $1.3 billion of free cash flow in the quarter, including nearly $300 million of capital expenditures, as well as over $600 million of accelerated payments and continued support of the supply chain. Our cash deployment plan is on track, which we expect to accelerate throughout the year. In the quarter, we had $500 million of share repurchases and paid almost $800 million in quarterly dividends. Total cash return of shareholders in the quarter was 101% of free cash flow.
在第六张图表上，我们转向现金流方面，本季度我们产生了接近13亿美元的自由现金流，包括近3亿美元的资本支出，以及超过6亿美元的加速付款及继续对供应链的支持。我们的现金部署计划在计划内进行，我们预计将加速整个年度。本季度，我们有5亿美元的股票回购，支付了近8亿美元的季度股息。股东在本季度的总现金回报率为自由现金流的101%。
Moving to segment results and starting with aeronautics on chart 7, first quarter sales at Aero decreased 2% year over year. Lower F-35 production sales were partially offset by higher F-16 and classified program volumes. Operating profit was slightly lower than prior year, as the impact from lower net profit adjustments and sales volume was partially offset by favorable contract mix. For the year, we expect F-35 deliveries to be lower than previously anticipated due to software maturation with the tech Refresh 3 program and hardware delivery timing. We will refine the impact as the year progresses, but do not expect the change to Aero's 23 sales and profit ranges that we had previously communicated in January, as we maintain our production cost throughput profile for the year.
在第七张图上，以航空为起点，Aero在第一季度的销售额同比下降了2%。由于F-35生产减少导致了销售额的下降，但由于F-16和涉密项目的增加销售量部分抵消了这种影响。经营利润略低于往年，这是由于净利润调整和销售量的下降部分抵消了有利的合同组合带来的影响。我们预计F-35交付量将低于之前的预期，这是由于技术刷新3项目中软件成熟度和硬件交付时间的影响。随着一年的推进将进一步观察影响，但我们不期望这种变化会对Aero以前在1月份所提出的销售额和利润范围产生影响，因为我们将继续保持今年的生产成本吞吐量的稳定。
Looking at missiles and fire control on page 8, sales decreased 3%, as lower sales volume on sensors and global sustainment, as well as our tactical strike missile programs were partially offset by growth in integrated air and missile defense. Operating profit was down 2%, during by lower sales volumes and net profit adjustments, partially offset by favorable contract mix.
在第8页看导弹和火控，销售额下降了3%，主要是由于传感器和全球维护以及我们的战术打击导弹项目的销售量下降，但这一部分被集成空中和导弹防御增长部分抵消。营业利润减少了2%，部分原因是由于销售额下降和净利润调整，但是这一部分被合同组合的有利影响所抵消。
At rotary and mission systems on page 9, sales were down 1% from 2022. During by lower volume on blackhawk production and our C6 ISR programs, these declines were partially offset by favorable volume on radar programs in integrated warfare systems and sensors, including the fence of Guam, an important growth area for RMS that was won in 2022. Operating profit decreased 14% due to lower sales volumes and timing of net profit adjustments.
在第9页的旋转和任务系统中，销售额相比2022年下降了1%。这是由于黑鹰生产和我们的C6 ISR项目的销量下降造成的，但是这些下降部分被整合作战系统和传感器中雷达项目的有利销量所抵消，其中包括关岛的围栏项目，这是RMS的重要增长区，也是在2022年赢得的。由于销售额下降和净利润调整的时机，运营利润下降了14%。
Turning to chart 10 in our space business area, sales were up 16% in the quarter during by strong growth on the next gen interceptor and classified programs. And further boosted by favorable program lifecycle timing on Orion, protected communications, and fleet ballistic missile programs. Operating profit was up 13%, during by the increase in volume and favorable profit adjustments, partially offset by the lower equity earnings from United Launch Alliance.
在我们的空间业务领域的第十张图表中，由于下一代拦截器和机密计划的强劲增长，本季度销售额增长了16％。此外，Orion、保护通信和舰队弹道导弹计划的有利程序生命周期时机进一步增强了销售额。营业利润增长了13％，其中包括由于销售增加和有利的利润调整带来的好处，部分抵消了由于United Launch Alliance的股权收益较低。
Okay, now shifting to the outlook for 2023 on page 11. For the year, we are reaffirming guidance for all key metrics. We continue to expect sales to be in the range of $65 to $66 billion, with segment operating margin at 11.2% at the midpoint. We also still expect to deliver free cash flow at or above $6.2 billion, while we are purchasing $4 billion of outstanding shares. We believe our first quarter results positioned us to achieve these expectations as we continue to add orders, be program execution commitments, and pursue new opportunities throughout the year.
现在，我们转向第11页的2023年展望。对于这一年，我们对所有关键指标的预测保持不变。我们仍然预计销售额在65亿美元到66亿美元之间，部门运营利润率在11.2%的中间点。我们还预计将提供不少于62亿美元的自由现金流，同时我们将购买40亿美元的未偿还股份。我们相信我们第一季度的业绩定位是实现这些预期的，因为我们将继续增加订单、执行承诺并在整个年份追求新的机会。
All right, so let's close on page 12 to summarize the comments. As noted, first quarter represents a solid start to 2023. 2023. We reaffirmed key financial metrics as previously guided and continue to expect a return to growth in 2024 and beyond, with consistent free cash flow for share growth. Looking ahead, our strategic focus on 21st century security solutions aligns with expected increases to defense and security spending. So our continued discipline and focus on execution, we are in track to meet our expectations for long-term growth and value creation for our shareholders.
好的，接下来让我们翻开第12页，总结一下意见。正如所指出的那样，第一季度是2023年的一个强劲开端。我们已经确认了关键的财务指标，符合之前的指引，并且预计2024年及以后实现回归增长，并保持持续稳定的自由现金流以支持股票增长。展望未来，我们的战略着眼于21世纪安全解决方案，与防御和安全支出的预期增长相符。在持续保持纪律性和专注于执行的情况下，我们有能力达到我们对于股东长期增长和价值创造的期望。
Without lowest, let's open up the call for Q&A. Thank you, and ladies and gentlemen, in the interest of time, we are limiting you to one question. Please return to the queue for any follow-up questions. At this time, we are opening our lines for questions. Please press 1.0 to enter the queue to ask a question. Into exit, please enter 1.0. If you're on a speaker phone, please pick up your hands at B4, press in the number.
没有最低限制，现在我们开始提问环节。谢谢大家，女士们先生们，考虑到时间的限制，我们只允许每人提一个问题。如果您有后续问题，请重新排队。现在，我们开始接受提问。请按1.0键进入提问队列。如果您想结束提问，请输入1.0。如果您使用的是免提电话，请在B4处按下数字键。
Once again, please press 1.0 at this time. Our first question will come from the line of theft. I'm sorry. Thanks very much. Good morning, everyone. Apologies. I'm losing my voice a little bit here. But, Jay, I wonder if you could talk a little bit about the GAO report. It would indicate that Sikorsky's bid for Flara was about 45 percent of that of Bell. So it seems like investors are kind of fortunate that Sikorsky did not win that competition. And I guess what can you say to investors? You talked about some of the classified missile profitability headwinds. I know there was a charge on CH53K, some ULA development. That kind of the bid process is consistent with generating adequate returns on new work.
请再次按下数字键“1.0”。我们的第一个问题将来自Theft的电话。非常抱歉，谢谢大家，早上好。抱歉，我的声音有点儿丧。但是，Jay，你能否谈谈GAO报告？他们指出Sikorsky的Flara投标价仅相当于Bell的45%。所以投资者似乎很幸运Sikorsky没有赢得这个竞标。而我想知道你对投资者有什么话要说？你提到了一些分类导弹的盈利压力。我知道有一些CH53K的费用和ULA发展费用。这种竞标过程是否有助于为新的工作带来足够的回报呢？
Good question, Seth. Let me just say on Flara, we're obviously disappointed. We believed that our offering was the best technology to support the multi-mission requirements at the best value. And while we'll acknowledge that the proposal did include aggressive pricing, a significant amount of our offering included efficiencies made possible by the benefits of 1LMX. And our adoption of 1LMX model-based and digital thread enhancements significantly improved our cost competitiveness, and we expect that to continue in the future. The business case itself was favorable, and that's what enabled the pricing that we were able to offer.
塞斯，这是个好问题。让我就Flara（公司）来说，我们很显然感到失望。我们认为我们的产品是最好的技术，能够以最优秀的性价比支持多种任务需求。虽然我们承认我们的提案包括了激进的定价，但我们的产品的很大一部分能够得以提高效率，这要归功于1LMX（某个技术？）所带来的好处。我们采用了1LMX的基于模型的和数字化增强方案，显著提高了我们的成本竞争力，并且我们预计这种优势会在未来继续存在。商业案例本身是有利的，这也开启了我们能够提供价格的可能性。
As it relates to, I think, generally speaking, that's how we evaluate these proposals. We look at the NPV, we look at IRR, we look at all different metrics, we look at current affordability. And as I mentioned at your conference, Seth, I said that on the classified program at MC, we have to take a little bit of short-term pain for some long-term gain. But the fact of the matter is, the business case does provide that long-term gain for us. And so we go through all of that as part of the management decision making, the technology that we can provide.
关于这个问题，我认为我们通常会评估这些提案。我们会查看净现值、内部收益率、各种不同的指标以及当前的支付能力。正如我在Seth的会议中所提到的，MC的保密项目短期内可能需要承受一些痛苦，但事实是，商业案例确实为我们提供了长期的收益。因此，我们会在管理决策和我们可以提供的技术中进行全面考虑。
As you would expect, we have the leverage, we have the capability of where we're all to provide favorable pricing and outstanding technology offerings to our customer. We don't do it at the expense of financial returns. Let me just add, just on the CH53K, we did have something to press release. That was a small adjustment related to a development contract, an older development contract. There was no adjustments taken on the forward production agreements that were working on currently.
正如你所预期的那样，我们拥有杠杆作用和能力，我们能够提供有利的价格和出色的技术产品给我们的客户。我们不会以牺牲财务回报为代价。让我补充一下，关于CH53K，我们有一些要发布的消息。那是一份与旧的开发合同有关的小调整。在目前进行中的前期生产协议上没有做任何调整。
Thank you, the next question is from the line of Christine Lee Wong with Morgan Stanley. Please go ahead. Thanks. Good morning, Jim and Jay. On the F-35, the talk of the performance-based logistics deal has been ongoing for some time. But it seems like it's possible you would reach a deal this year. So could you give us an update in terms of where you stand and transitioning over to a PBL contract in the program and then assuming that PBL meets conditions set by the 2022 NDAA? How could this impact the sustainment work and the overall program profile over the coming years? Thanks, Christine. It's an excellent question. We did submit a proposal. We are expecting that to be decided by the end of the year and awarded.
谢谢，下一个问题来自于摩根士丹利的Christine Lee Wong。请提问。谢谢。早上好，Jim和Jay。关于F-35，基于性能的物流交易的讨论已经持续了一段时间，但看起来今年可能会达成交易。所以你能否给我们更新一下关于你们的立场和转向PBL合同的计划，并假设PBL符合2022年国防授权法案规定的条件，这将如何影响维护工作和未来几年的整个项目情况？谢谢，Christine。这是一个非常好的问题。我们已经提交了一个方案，预计将在年底作出决定并授予合同。
We think this is the best solution for the customer not only over the next five years, but frankly over the right program for the life of the program. And what this offers is really a win-win type of solution. It enables us to utilize our proprietary modeling for material requirements to most efficiently use inventory and provide real-time availability of material to our customer as they need it. And so we're able to take that responsibility off their shoulders, being able to provide them the requirements when they need to maintain obviously the readiness levels that are necessary. And so overall not just over the next five years, we think it's the right long-term solution for our customer. And we think again it's just a win-win proposal for not just the services, but also industry as a whole. And Christine, we think we're on a path to establish a PBL with the F-35 customer enterprise this year. And that's what we're tracking too.
我们认为这是客户的最佳解决方案，不仅在未来五年内，而且在整个项目的生命周期中。这提供了一种双赢的解决方案。它使我们能够利用我们的专有建模技术来规划物料需求，以最有效地使用库存，并为客户提供物料实时可用性，以满足其所需其所需的要求。因此，我们能够帮助他们减轻责任负担，及时提供所需，并维持必要的就绪水平。总的来说，我们认为这不仅在未来五年内，而且在长期内是我们客户的正确解决方案。我们认为这不仅是对服务，而且对整个行业的双赢提议。Christine，我们认为我们正在与F-35客户企业建立长期维护合同，这是我们正在追踪的方向。
Thank you. The next question is from Rob Starler from Vertical Research. Please go ahead. Thanks so much. Good morning. Good morning. Jim or Jay, neither do you actually mentioned supply chain issues or labor shortages or other things in your commentaries. I was wondering if you could give us an update on that situation or whether things have improved.
谢谢。下一个问题来自Vertical Research的Rob Starler。请提问。非常感谢。早上好。早上好。Jim或Jay，在您的评论中实际上都没有提到供应链问题、劳动力短缺或其他问题。我想知道您是否能为我们更新这种情况，或者情况是否有所改善。
Yeah, it's a good question. Rob, our visibility is we're going through it the year and I made a few comments, public comments in the quarter that we were looking at potentially at some shortfalls. In part of that, partly that was due to the strong performance that we saw in the fourth quarter. Ultimately, the supply chain delivered, I think for the most part, there are still some pockets that we've seen, particularly where it was impacted, and the most was at MFC and RMS, both of them had some continuing lingering issues that continue to plague us.
是的，这是一个好问题。我们的可见性正在经历这一年，我在本季公开发表了几个评论，我们正在考虑可能存在一些不足之处。部分原因是由于我们在第四季度看到的强劲表现。最终，供应链表现还不错，我认为大部分情况下都如此。仍然有一些问题，尤其是在 MFC 和 RMS，两者都有一些持续存在的问题，继续影响我们。
On-time delivered performance really didn't get any better from Q4 and really what we saw in the back half of last year. So as we expected, really going back to when we reset expectations in the second quarter of 2022. We're really not expecting any type of significant recovery to the end of the year as we go into 2024. So it's essentially more the same in the first quarter from what we saw previously.
准时交付表现并没有在去年第四季度和下半年得到改善。因此，我们预计自2022年第二季度起，准时交付表现并不会有任何显著提升，直到进入2024年。因此，第一季度基本上与之前相同。
And Rob, it's Jim. We're on the cusp of fully implementing really best practices in supply chain across this one Lockheed Martin concept that we have now.
嗨，Rob，我是Jim。我们正在实现最佳实践在供应链领域的完全应用，这是我们目前在洛克希德马丁公司推行的一个概念。
It used to be that each business unit here, business areas, we call it, did its own supply chain management, and then within programs, it was even more narrowly managed. And so we're now bringing all the aggregate demand together, free, free supplier across all of Lockheed Martin from space, MFC, and everything in between. And then we're also looking at components that programs are using in different parts of the company from mid-tier suppliers and aggregating that demand to and actually synchronizing our requirements and so that we can have more bulk buys everything from raw materials up through mid-stage components, et cetera.
在过去，这里的每个业务单元，也就是我们称之为业务领域的部门，都独立进行自己的供应链管理，甚至在项目方面，管理更加狭窄。现在，我们正在将所有的聚合需求整合起来，自由地跨越从太空、MFC到所有洛克希德 - 马丁之间的供应商。同时，我们也在考虑不同业务部门中的项目所使用的中间供应商提供的部件，并将这些需求汇总起来，实际上同步我们的需求，以便我们可以进行更多的大批次采购，所有的原材料都清楚到中间阶段的部件等。
So we're implementing those kind of best practices. That will be good for the supply base too. They'll have more reliable demand from our company in Toto. And I think we'll lead, I hope we'll lead the industry into that future where we help strengthen the supply chain by our practices in addition to their improvements. Thank you.
我们正在实施这些最佳实践。这对供应基础也有好处，他们将从我们公司得到更可靠的需求。我认为，通过我们的实践，我们将带领行业走向未来，并帮助加强供应链。谢谢。
The next question is from Kai Van Rumer from TD Collin. Please go ahead.
下一个问题来自TD Collin的Kai Van Rumer，请发言。
Yes, thanks so much. So Jay, you had very strong profitability at MFC, 15.8% was up. And yet you talked of this classified missile program hitting, I think, 50 to 100 bits on margins.
是的，非常感谢。所以杰伊，你在MFC有非常强的盈利能力，达到了15.8％的增长。然而，你谈及这个分类导弹项目，会对利润率造成50到100位的影响。
Can you update us in terms of, is that still what the number is given the strength and the first quarter and how far out into the future does that extend? And then maybe more broadly, Northrop also mentioned maybe on B21 that they have some fixed price exposure looking out, do you have any other programs where we should be aware of potential, you know, LREP or fixed price options on programs out in the future?
能否告诉我们，考虑到第一季度表现的强劲程度，数字仍然保持不变吗？这种情况将延伸多远到未来？而更广泛地说，诺斯罗普也提到了B21可能存在一些固定价格风险，您是否还有其他项目需要我们注意未来潜在的LREP或固定价格选项？
Okay, thanks, Kai, for the question. Let me just address specifically, I'm going to see they did have a strong quarter. If you look throughout the year where we go from here, in the quarter they had essentially the highest profit adjustment quarter they're going to have. Okay, so that's going to step down in the balance of the year. Secondly, we will see more of an impact from the dilutive margins associated with this classified program in the back half of the year as well. And so I would expect in the step down in the 13% range in Q2, it'll cycle down from there, we're still expecting the full year to be in this 13.5% range, really due to these two items.
好的，谢谢 Kai 的问题。让我具体回答一下，他们确实有过强劲的季度。如果你看整年的情况，从现在开始，他们这个季度实际上是最高利润调整季度，所以以后的季度会有所下降。第二点，我们也将在今年后半年看到更多与这个分类计划相关的利润下调的影响。因此，我预计第二季度会下降约13%，从那里开始循环下降，我们仍然期望全年处于13.5%的范围内，真正的原因就是这两个问题。
The step up profit adjustments will be lower for the balance of the year and the dilutive impact, it becomes more profound in the back half of the year. As far as other fixed price production programs, that's pretty much the large one that we're tracking.
今年剩下的时间内，利润的提升将较为缓慢，而抛售所带来的冲击将在后半年变得更为显著。就其他固定价格的生产计划而言，那就是我们密切关注的主要计划。
You know, we've had the program at Aeronautics that we took the charge in 2021 on. We continue to monitor that program, it's fixed price development. We still have multiple years of development on that program. And so that's one that we continue to keep an eye on. But I think Greg Olmer and his team are really managing that and laser focused on driving to the customer's requirements and meeting their schedule and doing it when the cost objectives that we've currently laid out.
你知道的，在2021年我们接手的航空航天项目，我们一直在监控。这是固定价格开发项目，我们还有多年的开发时间。因此，我们仍在密切关注这个项目。但是我认为，格雷格·奥尔默和他的团队正在真正管理和聚焦于满足客户要求和时间表，并且以我们目前制定的成本目标来完成这一切。
Just going back to the MSC in terms of the outlook, we're going to be pressured on margins probably for the next four to five years on predominantly from this program. It'll step up, it'll probably peak out in 2025 and then stabilize from there. The other question I've been asked on, you know, MSC is whether they can grow absolute profit and the answer to that question is yes. And so while we may see some dilutive impact to margins, we may see profit may be flat from one year to another, overall over the next four to five years, we will see profit grow at MSC. And so those are pretty much the answer to your questions. Thank you, Kai.
我们回到MSC的前景展望方面，预计在未来四到五年中，由于该项目的影响，我们将面临利润率的压力。它会逐步提高，在2025年达到顶峰，然后保持稳定。有关MSC的另一个问题是他们是否能够增加绝对利润，而对于这个问题的回答是肯定的。因此，虽然我们可能会看到对利润率的稀释影响，我们可能会看到年度利润基本上相同，但在未来四到五年内，我们将看到MSC的利润增长。这就是关于您提出的问题的答案。谢谢，凯。
Thank you. And the next question is from Ron Epstein from Bank of America Securities. Please go ahead.
谢谢。下一个问题来自美银证券的Ron Epstein。请提问。
意思：感谢您提出问题。接下来的问题来自美银证券的Ron Epstein，请继续提问。
Hey, good morning, guys. Good morning. Question for you, maybe a bigger picture question. You know, Secretary Kendall was out talking about NDEAD and kind of restructuring that program so that more of the IP is owned by the DOD and having the constant recopitation of contractors and so on and so forth.
各位早上好。我有一个问题要问你们，可能是一个更大的问题。你们知道，肯德尔部长谈到了关于 NDEAD 并对该计划进行了重新结构，以便更多的知识产权归属于国防部，并对承包商进行持续的重组和改进等等。
How does that factor into how you think about, you know, that business model? Is that really changing anything? And I don't know if you could kind of speak about that.
这个因素如何影响你对那个商业模式的看法？这真的改变了什么吗？我不知道你能不能谈谈这个。
这句话的意思是：这个因素对于你对某个商业模式的看法有多大影响？它真的改变了其它方面吗？请你分享一下你对此的看法。
Ron, it's Jim. We're constantly and have over the years, the company's history worked with government on intellectual property, management rights, et cetera. We'll continue to do that.
Ron，是Jim。我们一直在过去多年中，公司的历史上与政府合作处理知识产权、管理权等问题。我们将继续这样做。
NDEAD itself is a concept and progress, I'll call it, the government services, DOD, et cetera. They are formalizing and crafting what NDEAD is going to look like and what NDEAD stands for is next generation air dominance aircraft. So I think F-15F-22, that kind of class airplane that's meant to win air combat. And so there'll be a mix of crude and uncrewed vehicles in that concept. That's still being formulated. We're working with government through our Sconquerc operation on what the options are there. We'll sort out the intellectual property rules as we go forward. But frankly, we're driving and advocating strongly for a more open architecture approach to the entire industry, unless proprietary standards and protocols and architectures. We just demonstrated one of those with a docking mechanism for spacecraft, which can be basically implemented on a wide range of spacecraft to do future replenishment of either data fees or fuel, et cetera, to satellite inflate. So those are the kinds of things we're advocating for. And we will always guard and protect our intellectual property rights for the IP that we develop. And we'll work with customers to create the open architecture so that we can continue to compete effectively. Thank you. The next question is from Pete Skubitzky from Alameda Global Advisors. Please go ahead.
NDEAD本身是一个概念和进展，我称之为政府服务、国防部等等。他们正在制定和规划NDEAD的外观和意义，NDEAD代表着下一代的空中优势飞机。所以我认为F-15F-22，这种类别的飞机旨在获得空中战斗胜利。因此，在这个概念中将会有一些有人和无人驾驶的飞行器混合在一起。这仍在制定中。我们正在通过我们的Sconquerc运作与政府合作，研究那里的选项。我们会在前进过程中梳理知识产权规则。但是，坦率地说，我们正在强烈推动采用更加开放式的体系架构方法来影响整个行业，采用标准和协议以及体系架构的专有方式。我们刚刚为太空舱设计了一个对接机制，它可以在未来的太空舱上大量实施，用于数据费用或燃料等未来的补给到卫星。这些都是我们提倡的事情。我们将保护我们开发的知识产权，并与客户合作创建开放式结构，这样我们可以继续有效地竞争。谢谢。下一个问题来自Alameda全球顾问的Pete Skubitzky，请发言。
Good morning, everyone. Jim, was just wondering if you could add some more color on sort of where Lockheed stands with hypersonics just in light of the changes made to Arrow and your Hawk variant. Obviously, CPS looks good. I don't know how big that could be, but could you walk us through maybe where you're at today in hypersonics and would the program changes where things could go, how big it could get? Thanks.
大家早上好，吉姆，我想知道洛克希德在高超声速领域的现状，尤其是在Arrow和你们的Hawk变种项目中做出的变化后。显然，CPS看起来很不错。我不知道它有多大，但你能否向我们介绍一下现在的高超声速项目进展如何，以及这些变化将会影响它的发展规模有多大？谢谢。
Sure. I'll take the construct and offer Jay the opportunity to give you some scoping where the business side of it could go and revenue growth, et cetera. But hypersonics is a complex endeavor. You can build a matrix in your mind. There's two different kinds of propulsion technologies. One is air breathing. So think a cruise missile type of vehicle where the atmospheric provision of oxygen going through an inlet duct and it's aiding the propulsion system to continue forward. The other technology for propulsion is called boost glide. It's more like a kind of space rocket almost. And the fact that it's got either solid fuel rocket or equivalent to that, it gets a big boost off the launch vehicle or the launch pad. And then the vehicle ultimately separates the glide body. It's called with the warhead from the rocket and on it goes by, it's basically momentum. It's already been provided from the boost. So air breathing is one boost glides another. Those are the two propulsion technologies. And then there are notions about the source of the launch.
当然可以。我会建造模型，并给Jay提供机会来让他介绍商业方面和收益增长的规划方向。但是，高超音速是一个复杂的事业，你可以在脑海中建造一个矩阵。其中有两种不同的推进技术，一种是空气呼吸式，类似于巡航导弹类型的车辆，它利用进气道中的大气氧气来辅助推进系统继续前进。另一种推进技术被称为增压滑翔，更像是一种太空火箭。它具有固体燃料火箭或相当的推进系统，在发射车辆或发射平台上得到巨大的升力。最后，飞行器将滑翔体和弹头从火箭上分离出来，利用动量继续前进。空气呼吸式和增压滑翔式是两种不同的推进技术。然后，关于发射源也有一些想法。
So you can have ship-based, which is CPS. You can have land-based off a tail vehicle, a transport director launch or vehicle that the Army calls along any type of sonic weapon, or you could launch this off an aircraft. And that's the matrix you have to build in your head. What propulsion are we talking about and what launch platform we're speaking about. So let's just go really quickly through each of those. So ground-based, right now there's essentially the long-range type sonic weapon is the game in town. It's very similar to the CPS, which is the ship-based vehicle. It's boost glide and it can be see, it's surface launch, sea or ground. That is where the government is placing its, that is on that joint program, CPS and long-range type sonic weapon. You pointed out that we have that contract right now, we're executing on that for both services.
所以，你可以有基于舰船的声爆武器，也就是CPS。你还可以有基于陆地交通工具、运输导向器、以及任何类型的声波武器的车辆，或者你可以从飞机上发射。这是你需要在脑海中构建的矩阵。我们在谈论什么推进方式和什么发射平台。现在，让我们对每个方面快速回顾一下。所以，基于地面，现在基本上是长程型声波武器是主要装备。它非常类似于CPS，也就是基于舰船的声爆武器。它是助推滑翔，可以从地面、海面或陆地发射。这是政府正在支持的联合计划，CPS和长程型声波武器都在其中。你指出我们现在有这个合同，我们正在为两个服务执行。
Then when you get to air-launched, you have the two propulsion systems. So Hawk and Halo are the air-breathing, air-launched vehicle, right? The air-launched vehicles have a size concern that you have to take into account. So what airplanes can carry such a product or such a weapon? The boost glide is a heavier, larger vehicle, which we have been testing through the Aero program. And it's going to be a matter of what aircraft, the Air Force and ultimately the Navy want to use to bring the hypersonic weapons that they will have into the battle. And that's the debate and discussion that's going on in the service. That's the way to frame all of this.
当你开始谈论空中发射时，你会涉及到两个推进系统。所以Hawk和Halo都是空气呼吸、空中发射的飞行器，对吧？然而，空中发射的飞行器需要考虑尺寸的问题，因为需要考虑哪些飞机可以携带这样的产品或武器。我们一直在Aero项目中测试的推进滑翔飞行器是个更沉重、更庞大的飞行器，将来空军和海军将需要选择使用哪种飞机来将他们手中的超音速武器投入战斗。这就是现在服务部门正在讨论和争论的问题，这就是整个问题的框架。
Those are all government decisions. We're supporting really all of the, you know, the matrix, if you will, at this point, with either a development program like Aero or a production program like CPS. So I'll stop there and give Jay a chance to kind of give you some scope on what the growth of the company could be.
这些都是政府的决定。我们现在支持整个矩阵，无论是像Aero这样的开发计划还是像CPS这样的生产计划。因此，我会在此停止，并给杰伊一个机会来告诉你公司的增长可能性。
Sure. Today it's about a $1.5 billion of business force in the aggregate. All of those programs that Jim mentioned. We expect that to continue to grow and be a contributor of it's one of our growth for growth pillars. It's not the largest because it's small than some of the other contributors, but it still provides healthy growth. And there's upside to that related to hypersonic defense. And so when I talk about 1.4 or 1.5 going to with solid growth embedded in our growth projection, it's really these weapon systems that Jim just mentioned.
当然。今天这些项目总价值已高达15亿美元。这些项目中包括吉姆提到的所有计划。我们预计这些项目将继续增长并成为我们增长柱之一的贡献者。尽管它并不是最大的贡献者，但它仍提供了健康的增长。并且与高超音速防御相关，它还有增长的潜力。因此，当我谈到1.4或1.5亿美元的稳定增长时，这实际上是指吉姆刚刚提到的这些武器系统。
The next question is from the line of Rich Saferin from Seaport Global Securities. Please go ahead. Thank you. Jim, Jay, Maria, good morning. Good morning. So, you know, I want to know if you could just expand on your opening remarks about international demand. I want to know if you could maybe discuss some of the timing of international award opportunities where you're seeing the most demand for what types of equipment. And finally here, are you seeing any more interest in direct commercial versus FMS in the international orders that you're signing up now? Thanks. Jay.
接下来的问题来自Seaport Global Securities的Rich Saferin。请开始提问。谢谢。Jim，Jay，Maria，早上好。早上好。我想知道你们能否就你们关于国际需求的开场白作进一步扩展。我想知道你们能否讨论一下在何时、何种类型的设备下，最有需求的国际订单机会的时间表。最后，在你们目前签订的国际订单中，你们是否看到了更多直接商业订单的兴趣，而非通过FMS进行的订单？谢谢。Jay。
Rich, a good question on international. Over the next five years or so, we expect international to be a significant contributor to our growth. It's embedded amongst each of our four pillars. But when you strip out international, when you're talking high single digit growth there, as far as contracting, most of that particularly as you're dealing with munitions is FMS, including it as well as F-35 program. So most of that that right now that we've got embedded in our forecast, particularly on the growth side is FMS related. You know, we just, as Jim mentioned, and his prepared remarks were very excited about the Australian military satellite communication program to multi-billion dollar opportunity.
Rich，关于国际业务的问题很好。在未来的五年左右，我们预计国际业务将成为我们增长的重要因素，并嵌入到我们的四大支柱之间。但当你剥离国际业务时，如果你谈到高个位数增长，大部分尤其是当你处理军火时，多数是FMS业务，包括F-35项目。因此，我们现在在预测中嵌入的大部分增长方面，尤其是在FMS相关业务上。正如Jim提到的，我们非常兴奋地期待着澳大利亚军事卫星通信计划，这是一个价值数十亿美元的机会。
And that really expands the international footprint of our space business, which has historically been predominantly a domestic U.S. space business. So these opportunities continue to present themselves. There's a lot more opportunity in front of us, and that is absolutely a growth driver for us over the next five years. Yeah, and I could add some more background to Jay's remarks there. Mention space. There's a credible amount of upside.
这真的扩大了我们的国际业务范围，在过去，我们的太空业务主要是在美国国内。所以这些机会将继续出现。我们还有很多机会，这将绝对是未来五年我们业务增长的驱动力。是的，我可以补充一些关于Jay的讲话的背景。提到太空，这有可信的增长潜力。
The notion of independent, sort of sovereign satellite communication for military and national defense is catching on, if you will. The UK already has a system like this, but they want to replace and upgrade that. Australia is getting into that game as well, and I think there'll be hundreds in the Middle East and elsewhere that we'll look into these options for space. On the arrow side, they F-35 has been incredibly popular. I think one every competition, meaningful competition over the last few years, as far as the generation fighter, Aircraft Go. In addition to that, F-16, we can't build them fast enough. We've additional orders coming in.
“独立、类似主权的卫星通信用于军事和国防正逐渐普及。英国已有此类系统，但他们希望进行升级。澳大利亚也逐渐加入此类行列，我认为中东和其他地区也将会有成百上千的人考虑将空间用作此类选择。另一方面，F-35非常受欢迎，在过去几年的所有有意义的竞争中，它都获得了胜利。除此之外，我们无论如何都不能生产足够多的F-16，因为我们已经有了额外的订单。”
We're going to compete in India to try to get that order as well. And it's a matter of us being able to get to the production rate that the international demanding and requesting of us there. RMS is having a lot of success with the Seahawk helicopter, for example, and various versions of the Black Hawk, as we mentioned Australia as part of that. So their radar systems are becoming more exportable as we go forward, and both in Europe and Asia there's demand for those. And then in MFC, obviously, PAC-3, Javilan, Gimler's, ultimately, potentially, Jasmine and Lourasm for some or closer allies are going to be in the mix.
我们将前往印度参加比赛，以争取获得该订单。这取决于我们能否达到国际市场对我们的生产率需求和要求。例如，RMS在Seahawk直升机和各个版本的Black Hawk方面取得了很大的成功，正如我们提到的澳大利亚是其中的一部分。因此，随着我们向前发展，他们的雷达系统变得更具可出口性，在欧洲和亚洲都有需求。在MFC方面，显然，PAC-3，Javilan，Gimler's，最终可能会加入Jasmine和Lourasm，以供我们更亲密的盟友使用。
So there's a wide and broad range across all of our business areas of significant international demand that we'll be seeing over the next few years. Contracting that through the MFMS process does take some time. On the other hand, there are a few DCS programs and projects, but a lot of this is going to be continued to be export control by the U.S. government, and there'll be largely FMS. But it's a broad range. It's going to last for many years, and we'll continue to be updating you on other programs that start getting more international traction.
在未来的几年中，我们的所有业务范围都将面临广泛和深远的国际需求。通过MFMS流程进行合同签订需要一定的时间。另一方面，有一些DCS计划和项目，但很多都将继续由美国政府进行出口管制，而大部分将是FMS。但这是一个广泛的范围。它将持续很多年，我们将继续向您更新其他开始获得更多国际关注的计划。
The next question is from Miles Lawton from Wolf Research. Please go ahead. Thanks, Morden. Maybe on RMS, could you talk about the driver to the expansion in the margin implied in the guidance? I guess a couple hundred basis points implied run rate for the rest of the year is that something programmatic was their extra R&D issue with Flora. And also on Flora, now that that decision is made, anything you anticipate needing to do is of course key to maintain competitiveness. Thanks.
下一个问题来自Wolf Research的Miles Lawton。请讲。谢谢，Morden。也许关于RMS，您能谈一下驱动指导中暗示的利润率扩张的原因吗？我猜隐含的每年跑步速率会有几个百分点，是由于Flora出现了额外的研发问题。并且关于Flora，现在决定已经做出来了，您预计需要做些什么来保持竞争力吗？谢谢。
So, Miles, on your first question on RMS margins, again, the first quarter was 10. We've got a guide of nearly 12 percent for the year. What happens is a little bit of the opposite of MFC. This was their lowest profit adjustment quarter of the year. We expect that to grow based on the program schedules and the risk returns that we've received for the balance of the year. So that'll step up. Let me just give you just a frame of reference. The first quarter, their step ups were about 20 percent of their profit for the full year. We're expecting that to be closer to 30 percent for profit adjustment for the full year for RMS. So that'll be a big contributor to the increase in profitability.
所以，Miles，在你关于 RMS 收益率问题的第一个问题上，第一季度为10。我们为全年指导率提供了近12％的指引。与MFC相反，这是他们全年最低的利润调整季度。我们预计根据计划时间表和已获得的风险回报，这种情况将有所改善。因此，它会逐步提升。让我给你一个参考框架。第一季度时，他们的利润步步为营占全年利润的约20％。我们预计 RMS 的利润调整这一比例将接近全年利润的30％，这将是增加盈利能力的重要贡献者。
The second element is that we have just some sales mix. We have some passes that try to hire margin sales in the second half of the year, which will also give a boost to their margins. So that's fundamentally what's happening at RMS.
第二个因素是我们只有一些销售混合。我们有一些努力在下半年雇佣高利润销售的门票，这也将提高他们的利润。这就是 RMS 正在发生的基本情况。
As far as flora, you know, we had in any impacts related to Sikorsky. You know, part of, we announced a cost reduction program in the fourth quarter had taken a few charges, about $100 million of charges at RMS in the fourth quarter. About maybe half of that was related to Sikorsky and cost reduction and cost competitiveness. So we have just an interesting dynamic there.
就植物而言，您知道，在与Sikorsky有关的任何影响方面，我们都没有受到影响。您知道，在第四季度，我们宣布了一个成本削减计划，并对RMS进行了几项费用，约1亿美元。其中大约一半与Sikorsky的成本削减和成本竞争力有关。因此，我们在那里有一个有趣的动态。
The while we've got production, particularly in the black cough stepping down here in 2023, it actually steps up slightly again in 2023. I'm sorry, in 2024. And then we have significant growth on the CH-53 program in 2004, where we're expecting to double our deliveries on that program. And so we're just dealing with a one year type of trough, I would say. I think the team, Stephanie Hill and her team have done a nice job of right-sizing the cost structure for where we are today, what the same time maintain in the capability to provide this growth in the future.
我们有产能，特别是在黑咳嗽领域，到2023年我们的产能会略微下降，但在2024年又会略微上升。在2024年，我们的CH-53项目会有显著的增长，预计会将交付量翻倍。所以我们只是在处理一个短暂的一年低谷。我认为Stephanie Hill及其团队已经做了一个不错的工作，将成本结构调整到今天的位置，并在同一时间维持提供未来增长所需的能力。
The next question is from the line of Matt Acres. From Wells Fargo Securities, please go ahead. Hey, hey, good morning guys, thanks for the question. I wanted to ask about, you know, missiles and fire control, you made some comments in the opening remarks about some of the multi-year procurement programs going on now. When should we think about sort of transitioning from kind of flatish sales this year to, I think you talked about mid-single digits, growth and then also is there any investment needed to support that in terms of capacity, you know, scaling up your business there?
下一个问题是由Matt Acres提出的。来自富国银行证券的，请发言。嘿，早上好各位，感谢你们的问题。我想问一下，关于导弹和火控，你们在开场白中提到了一些正在进行中的多年采购项目。您认为我们应该从今年的销售相对稳定转变为中等单数增长，这应该何时考虑，并且是否需要进行任何投资来支持业务的扩张和生产能力的提升？
Yeah, so, you know, when you look at get over the next five years at MFC, there's certainly our strongest grower. We'll lay out, you know, a little bit more specifics as we go through our strategic planning process in the summer and we give you kind of a first look on 2024 and maybe beyond when we do that in the October call. But I certainly are our strongest grower. Yes, there are capacity investments.
是的，你知道，在接下来的五年里，当你看着MFC的发展的时候，它肯定是我们发展最强的一部分。我们会在夏季的战略规划过程中逐步详细说明，并在10月的电话会议上首次展示2024年甚至更远未来的情况。但我可以肯定地说它是我们发展最强劲的部分。是的，我们还将进行产能投资。
Jim mentioned some of the funding that is being proposed in the presidential budget request for facilitation investments. We have also invested our own monies in capability pack three is a good example in some a few other programs where we've gotten in front of funding to make sure that we can deliver to the requirements for capacity and deliver requirements that our customers are asking for.
Jim提到了总统预算要求中提议的一些资金来促进投资。我们还在第三个能力包等一些其他计划中投入了自己的资金，我们已经领先于资金以确保我们可以满足容量需求和客户要求的交付要求。
And so, you know, again, I think we've got a good beat there. We've talked about different capacity levels over the next few years. These, we reach some of these levels in 25, 26 and 27. And that investment really between now and over the next few years is going to, is going to help enable that capacity increase in growth as well. Yeah, and it's Jim, and I can give you some details on exactly what we're talking about here.
所以，你知道的，我认为我们已经有了一个好的节奏。我们已经谈论了未来几年不同容量水平的问题。我们在2025年、2026年和2027年达到了其中一些水平。而现在到未来几年之间的投资，将有助于促进容量增长和发展。是的，我是Jim，我可以给你一些关于这里具体讨论内容的细节。
So, for pack three capacity, it's in 2022 is 450. And we're planning to make the investments and working with government to coordinate with us on this to 550 by 2026. So, just three years from now, you know, we'll go from 450 to 550. And then similar with the javelin, which has been, you know, pretty widely discussed in the past, you know, our 2022 capacity was about 2000 a year. And by 2026, we'll have it the 3500 plus. And ultimately, we're going to get the 4000. This comes to gimlers, which is the high Mars munition, the original capacity last year was 10,000. We're taking that to 14,000 by 2026.
因此，针对第三包装容量，到2022年为450。我们计划进行投资，并与政府合作，协调使其到2026年达到550。因此，就在三年后，我们将从450增加到550。同样，对于Javelin，这已经被广泛讨论过了，我们2022年的产能约为每年2000个。到2026年，我们将达到3500多个。最终，我们将达到4000个。这涉及到Gimlers，即高马尔斯弹药。去年的初始产能为10,000。到2026年，我们将把产能提高到14,000。
So, these are meaningful step-ups, I guess you could call them in capacity. And we're doing those because we think we have a really strong demand for that capacity to fill it. And we're now programming, you know, which customers go where and what point in time and working with the US government to do that along with their own priorities. So we've got a significant plan to grow the business at MSC. There's investment either through our own rates and our CAPEX plan plus funds committed by the government.
因此，这些是容量方面的重要提升，我想你可以称之为容量升级。我们之所以这样做，是因为我们认为我们有强烈的需求来填补这种容量。目前，我们正在制定计划，安排哪个客户在什么时间到哪个地方，并与美国政府合作进行此项工作，以及他们自己的优先事项。因此，我们有一个重大的计划来发展MSC业务。除了我们自己的费用率和CAPEX计划之外，政府还承诺投资资金。
Because we are making a pretty strong case, I think, with them, to drive an anti-fragility program into munitions and other high-importance production facilities and production systems, we got asked to double or triple production of certain munitions. And the answer came back, as you see, it's going to take three years to do a lot of that. We want to get the fragility out of the system. So if this ever happens again, it's six months instead of three years to get a meaningful improvement in capacity. And that's how you see the government acting now with the log-lead time parts and the phytosilization and the multi-years that they're now implementing.
因为我们正在向他们发出一个非常强有力的信号，要求在弹药和其他高重要性的生产设施和生产系统中推动一个反脆弱计划，所以我们被要求将某些弹药的生产量翻倍或者翻三倍。答案是，这需要三年的时间来完成很多工作。我们想要从系统中消除脆弱性。因此，如果这种情况再次发生，我们希望能在六个月内实现显著的产能提升，而不是三年。这就是你现在看到政府行动的方式，他们正在推行长时间配件的物流和植物硅化以及多年实施的计划。
Thank you, your next question. It's from the line of Jason Gersky with City Group. Please go ahead.
谢谢，下一个问题来自花旗集团的Jason Gersky。请您提问。
意思是：麻烦Jason Gersky提问。
Bookkeeping question for you and then Jim, a more strategic one. Bookkeeping question, Jay, what kind of book to build do you need to have this year to support the commentary about return to growth in 24? And it's the timing of those words, important.
簿记问你，Jay，你今年需要建立什么样的账本来支持对于24年复苏的评论？而且，这些话的时机很重要。Jim，接下来是一个更具战略性的问题。
And then for Jim, I'm going to do a double click a little bit on the Evolve initiative and the announcement that you made here recently with the Crescent Organization and support and lunar communications. Just kind of curious from a big picture perspective, what kind of capital you're anticipating putting into an organization like Crescent and the capital that you're going to be putting into this Evolve initiative over time?
接下来，我想要重点谈谈Evolve倡议以及最近与Crescent组织、Lunar通讯公司所作出的声明。从一个宏观角度来看，您计划为像Crescent这样的组织投入多少资本，以及您会在未来为这个Evolve倡议投入多少资本呢？
So let me just start with the book to build question, Jason. Essentially, it's one. Last year, we ended the book, the backlog at $150 billion. This year, we're planning for that to be around the case. Maybe it's down a billion or up a billion. But effectively, a one book to build sets us up for the growth to resume in 2024. So we don't need to necessarily see the backlog. There is opportunity for it to grow from where we are and where we landed or ended in 2022. But right now, we're planning for that to be generally flatish and that's where we need to be to drive the growth resumption in 2024.
首先，让我从《建造书》的问题开始，杰森。本质上，这是一个问题。去年，我们的积压订单达到了1500亿美元。今年，我们计划把它降到相同的水平。也许会减少10亿或增加10亿。但是，一个积压订单的水平将为我们奠定在2024年恢复增长的基础。因此，我们不需要必须看到积压订单增长。从我们目前的水平和2022年的积压订单结束点来看，还有增长的机会。但是现在，我们计划让积压订单保持大致平稳，这样才能在2024年恢复增长。
Jason, let me put the whole notion of Evolve and Crescent into the overall strategy that company for you and provide context that way. We've got three main strategic initiatives that the company that we're driving. One, I just mentioned is to take the fragility out of the production system, not just for Lockheed Martin, but for US government and our industry. And we just described some of the ways that we're endeavoring to do that with government. And so that's the first strategy.
杰森，让我为你将“进化”和“新月”这两个概念置于公司的整体战略中，并提供相关的背景信息。我们正在推动公司的三项主要战略举措。其中一项我刚刚提到过，那就是要为洛克希德•马丁公司以及美国政府和我们的产业摆脱生产系统的脆弱性。我们刚刚描述了我们正在努力与政府合作的一些方式。因此，这是第一项战略。
The second one is you've heard us talk about before 21st century security. And that is working beyond the five defense primes in our supply chains to bring the latest and most advanced Newtonian and digital technologies into national defense. And that means we have to work at Lockheed Martin with a wider variety of companies from the tech sector to laser-guided weapons supply chain companies that we may not be doing current business with and they can be startups to a Microsoft size corporation. So we are structuring our company to be able to participate and collaborate and collaborate with that much broader range of partners to deliver this 21st century security concept.
第二件事是，你们之前听说过我们提到过的21世纪安全。这意味着在国防领域中要超越五大防御主义者，引进最先进的牛顿和数字技术。这意味着洛克希德·马丁公司需要与技术行业的更广泛企业，比如激光导引武器供应链公司，以及可能是初创企业或微软规模的企业进行合作，而这些公司可能不是我们目前的业务伙伴。因此，我们正在调整公司结构，以便能够与更广泛的合作伙伴参与协作，提供这个21世纪安全概念。
And so evolve is meant to complement what we already had. We have a Ventures group, Lockheed Martin Ventures, that deals with startups that have technology that are promising for our core business. On the other side, we have partnerships and agreements and arrangements with our big five defense primes, so to speak, the North or Grumman, us and BAE, for example, work together on the F-35 aircraft. And there are many, many of those. What we needed in the middle was something to work with mid-sized companies and companies in the technology sector to work with us in ways that really don't have a traditional history with companies like Lockheed Martin or Peer Group. And so evolve is now meant to be able to do joint ventures, co-investments, commercial arrangements with mid-sized to large companies outside of our normal sphere, so to speak, and deliver on new capabilities for space exploration and also for national defense.
因此，evolve 的意义在于补充我们已经拥有的资源。我们有一支风险投资团队——Lockheed Martin Ventures，负责投资那些具有核心技术的新创公司。另一方面，我们与五大国防企业——如Northrop Grumman、我们和英国BAE等——建立了合作伙伴关系和协议，一起开发F-35战机等众多项目。然而，我们需要在这两者之间建立联系，与中型企业和科技公司合作，共同创新，而这种合作方式并无传统渊源。因此，evolve 的目标是，与中大型企业开展合资项目、共同投资、商业合作，打破我们“日常圈子”，为太空探索和国防领域开发新的能力。
So Crescent is the business that will work with others outside of Lockheed Martin to figure out how to finance and then how to implement and how to sustain lunar service for everything from transportation on the surface to basically the uber for the moon, if you will, at the end of the day, to the communications and positioning and navigation systems that you need to have on orbit around the moon so that you can actually operate on the lunar surface with either robotics or with humans. Crescent designed to do that.
Crescent是一家公司，将与Lockheed Martin以外的其他合作伙伴共同研究如何为月球服务提供融资、实施和维持，包括在月球表面的交通运输、类似于月球版Uber的服务，以及必要的通信、定位和导航系统，以便在月球轨道上操作机器人或人类。Crescent的设计就是为此而设。
The capital that we will deploy to build that type of business will be more creatively sourced. It will not come out of the disclosure statement that goes back to the DOD or NASA into our rates. It's going to be independently sourced. We may contribute, our partners may contribute directly, but they will be outside the rate structure and the federal acquisition regulations so that we can get the full benefit of those investments over time and also creatively finance them and partner with others to do that. That's the concept. That's why we're doing it and we intend to grow it without necessarily burdening the CAPEX disclosure statement and ramifications of that to the company.
我们将用于建设这种类型业务的资本将会更具创造性地来源。它不会来自于回溯到国防部或NASA披露声明中的费率。这将是独立资金来源。我们可以直接捐赠，我们的合作伙伴也可以直接捐赠，但他们将不在费率结构和联邦采购法规之外，以便我们可以随时间获得这些投资的全部好处，并以创造性的方式进行融资和与其他人合作。这就是概念。这就是我们这样做的原因，我们打算在不必担负CAPEX披露声明和对公司的影响的情况下进行扩展。
By breaking it out of the business-state structure, it enables these ideas and these pursuits to really operate at a speed and a agility level. Otherwise, it would be available to them working within the bureaucratic structure that we have in our business areas with the multi- you know, all the policies and procedures that we have. So we give them a little bit more flexibility to operate with some speed and as Jim mentioned, the ability to pursue co-investment by others as well.
通过打破商业状态结构，使这些想法和追求能够真正以速度和灵活性运作。否则，他们只能在商业领域的官僚结构中工作，我们有很多政策和程序。因此，我们给他们更多的灵活性来快速运作，正如吉姆所提到的那样，还有与其他人合作投资的能力。
The next question is from the line of Scott Dushal from Credit Tweet. Please go ahead. Hey, good morning. If I were to model Q2 through Q4 space system sales based off of Q1 and adjust the just for an increased number of weeks in those future reporting periods, I think I would get around 12.8 billion space segment sales for the year versus the guidance midpoint of 11.6. So basically 10% higher than what you've guided. So curious if you comment on what prevents that type of upside case from happening or to ask another way what the volume headwinds are in the remainder of the year relative to the first quarter. Thank you.
下一个问题来自Credit Tweet的Scott Dushal，请发言。嗨，早上好。如果我根据Q1进行建模Q2到Q4的空间系统销售，并调整未来报告期中增加的周数，我认为我会得到大约128亿的空间部段销售额，而不是你们提供的指导中心值的116亿。因此，基本上比您指导的高出10％。因此，想知道您对什么阻止了这种正面情况发生或换句话说，相对于第一季度，今年余下时间内的销售量风险是什么。谢谢。
You know, it's a good question, Scott. And as I mentioned in my remarks, they had excellent growth from next-gen interceptor classified programs and national security space areas that you would expect. But they also had some growth that I mentioned that they was boosted. And protected COMS programs, Orion, Fleet ballistic missiles, those are programs we're expecting to be a little bit more steady state. And so they just were they just benefited from some program timing here in the quarter. And just to give you an example, you know, protected COMS was up 50% in the quarter. We're expecting that to generally be flat for the year. Orion was up 20% in the quarter. We're expecting that to generally be flat for the year. FBM was up about 20% in the quarter. And that was pretty much the full year's worth of growth all in the first quarter. And so just, you know, these things all came together here in the first quarter that really caused this growth of 16%. We expect these programs to just mention to really normalize in the balance of the year. We will continue to see some growth on some of these other programs. I will announce that probably is some upside to their sales. But it's not a billion dollars that you're nearly talking anywhere between 100 to 200 million dollars of probably upside to where we are today.
Scott，你问得很好。正如我在讲话中提到的那样，他们在未来拦截器保密计划和国家安全空间领域取得了很好的增长，这是可以预期的。但是我也提到了他们从一些被保护的通信计划、Orion和舰队弹道导弹计划中获得了一些增长，这些计划我们预计将更加稳定。所以他们只是在本季度从一些项目的时机优势中受益。比如，你知道，被保护的通信计划本季度增长了50%。我们预计今年总体上将保持平稳。Orion本季度增长了20%。我们预计今年总体上将保持平稳。弹道导弹计划本季度增长了约20%。这已经几乎是全年增长的全部了。所以可以看到，这些事情在本季度都会汇聚在一起，导致16%的增长。我们预计这些计划会在其他季度“平稳发展”。我们仍将在其他一些计划上看到增长。我要宣布的是可能会有一些销售额的增加，但不会是你所说的10亿美元，大概在1亿到2亿美元之间。
The next question is from the line of George Shapiro. Would Shapiro research please go ahead? Yes. Jay, I wanted to pursue some of these other income numbers because they were actually a big part of the large beat this quarter relative to my expectation. Anyway, so if you look at the other net that's in operating income, it was 2 million dollars. You kept a guide at minus 325 for the year. So what happens in the subsequent quarters? It's all negative 100 plus or is there some quarter that's abnormally high? And then somewhat less. But other non-operating income was 49 million. You disclose 29 of that was the venture stuff. What was the other 20 million dollars? I left out the 29 million in the other net number which was for deferred compensation adjustment.
下一个问题来自乔治·夏皮罗。夏皮罗研究请说一下你的问题。是的。杰伊，我想追踪一下其他收入数字，因为相对于我的预期，它们实际上是这个季度的大幅超预期的主要原因之一。无论如何，如果您看一下运营收入中的其他净额，那么它是200万美元。你在今年的指南中保持在负325。那么在随后的几个季度会发生什么？都是负100多还是有一些在异常高的季度中？然后略微减少了。但其他非运营收入为4900万美元。你披露其中29是风险投资。还有2000万美元是什么？我在其他净额中忽略了2900万美元，这是用于延期补偿调整的。
Okay. Let me, so George, fair question. You may have a big question, a big picture question in terms of what happens for the balance of the year. Just on the investment gains, obviously we saw that in the quarter. We talked about that being 18 cents implied because we're not changing it implies that we're reversing the balance of the year. So we'll see, we'll look at that in the second quarter update where we're halfway through the year and make a call on that. The other element we just were speaking about a little bit in terms of our investment in LM evolve. We have some of those investments increasing in the balance of the year as well. And then there's just residual corporate costs that we have flowing through. And so all those things are allocated. We'll monitor those throughout the rest of the year and see whether or not, again, I think we'll just make an assessment halfway through the year on where we are those things. To the extent there's upside, we'll make an update at that point in time.
好的，让我来回答这个问题。乔治问了一个公正的问题，你可能在今年余下的时间里有一个关于大局的问题。在投资收益方面，我们显然在这个季度看到了18分钱的增长。由于我们不会改变投资策略，所以这意味着我们会在余下的时间里逆转这个增长。我们会在第二季度更新时仔细考虑这个问题，因为那时候我们已经过了今年的一半，然后进行决策。另外一个元素是我们之前提到的在LM evolve中的投资，我们也会在余下的时间里增加这样的投资。此外，我们还有一些公司结构性的成本。所以我们会持续关注这些方面，看看我们在这些方面的表现如何。如果没有意外，我们将在今年的一半时对这些事情进行评估。如果有任何不错的发展，我们会在那时候提供更新。
The next question is from Kin Herbert from ABC Capital Markets. Please go ahead.
下一个问题来自ABC资本市场的金·赫伯特。请发言。
Hi, good morning. J or Jim, I wanted to see if you can provide a little more granularity on the TR3 and the F-35 program. It seems like that program's faced in ongoing delays in other headwinds in terms of adoption and implementation. But how is that impacting deliveries this year? And how do you see that timing of that getting back on track?
大家早上好。J或Jim，我想请问一下TR3和F-35项目方面能否提供更详细的信息。这些项目似乎一直面临延迟和其他方面的困扰，对今年的交付有何影响？您如何看待这种情况何时会恢复正常？
Yeah, Kenneth Jim. In the round, we're in the very late endings of it fully implementing this tech-refresh 3. The point of it is really critical and that is it gives us much, much greater capability to really make the F-35 a true edge compute node in an open architecture, Internet of Things Constructed System. And so the three elements of edge compute node in a 5G system are data storage on board to vehicle, data processing on board to vehicle, multi-path ability to get back to the cloud, right? Defining the cloud is to whatever your enterprises.
是的，Kenneth Jim。在这一轮中，我们已经完全实现了技术更新3，而现在我们处于非常后期的阶段。这项技术的重点非常关键，它让我们在开放架构下为F-35带来了更强大的能力，使其成为真正的边缘计算节点，用于构建物联网系统。所以，5G网络系统中的三个边缘计算节点元素是：车载数据存储、车载数据处理和多路径返回云端。对于云端的定义是与企业有关的。
And the TR3 upgrade provides all that. It's a coming together of a number of components, I'll call them, and subcomponents, which is pretty intricate, fairly leading edge for the aerospace industry to accomplish and it's being done. So there have been some delays in some of the hardware and software, but we're really in the very late endings of getting this all together. We're literally in flight test right now and we'll be, you know, wrap all that up by October or December, etc.
TR3升级提供了所有这些功能。它是由许多组件和子组件组成，我称之为相当复杂和领先的组合，对于航空航天业来说 accomplishing 这属于比较高端的技术。尽管一些硬件和软件一直存在一些延迟，但我们现在真的已经接近完成所有这些问题。我们现在正在进行测试飞行，最终会在10月或12月之前完成。
We've got to see what the test results are and work with the government to define exactly when everybody's ready to go and implement in our production system in the factory, those software loads. And that's where we're at now. So I would consider this extremely high degree of difficulty dive and we're going to make sure that it's done right. And we can prove that rate, you know, in our block 15. So that's what we're up to and we're working closely with the joint program office to define that and make that successful.
我们必须看到测试结果并与政府合作，确定何时每个人准备好并在工厂的生产系统中实现这些软件负载。这就是我们现在所处的位置。因此，我认为这是极高难度的任务，我们将确保它做得正确。我们可以在我们的15号机块中证明这一点。因此，我们正在与联合计划办公室密切合作，定义并使其成功。
And we are seeing the demand for the aircraft both from the U.S. and international customers really kind of blossom here lately. So I think we're going to get shaped on the program.
最近我们看到了来自美国和国际客户对飞机的需求急速增长。因此，我认为我们将在这个项目上取得成功。
All right. Lowest, this is Maria. I think we've come to the top of the hour. So I'm just going to quickly turn it back to Jim for any final thoughts.
好的，大家好。我是玛丽亚。我想我们已经到了整点的时间了。所以我只是要把话题迅速转回给吉姆，看他有没有最后的想法。
Thanks Maria. As we conclude, I'd like to say thank you to our 115,000 employees here at Lockheed Martin for their commitment to providing our customers the 21st century digital and physical technologies that will help them deter conflict and win if they have to. So thank you all again for joining us today. We look forward to speaking with you on our next earnings call in July.
感谢玛丽亚。在这次汇报结束时，我想感谢我们在洛克希德·马丁公司的115,000名员工，他们致力于为客户提供21世纪数字和物理技术，帮助他们避免冲突并在必要时获胜。再次感谢大家今天的参与，我们期待在七月的下一次收益电话会议上与大家交流。
And lowest that concludes our call today. Thank you and ladies and gentlemen, that those can include our conference for today. Thank you for your participation and for using the AT&T Telecom for the rest of your.
最后，这就是今天我们的通话内容。感谢大家，包括女士们和先生们，参加我们今天的会议。感谢您的参与并使用AT&T电信服务。