波音 (BA) 2017 Q1 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

Good day, everyone, and welcome to The Boeing Company's First Quarter 2017 Earnings Conference Call.

大家好，歡迎來到波音公司 2017 年第一季度收益電話會議。

Today's call is being recorded.

今天的通話正在錄音中。

The management discussion and slide presentation plus the analyst and media question-and-answer sessions are being broadcast live over the Internet.

管理層討論和幻燈片演示以及分析師和媒體問答環節正在通過互聯網進行現場直播。

At this time, for opening remarks and introductions, I'm turning the call over to Mr. Troy Lahr, Vice President of Investor Relations for The Boeing Company.

現在，為了進行開場白和介紹，我將把電話轉給波音公司投資者關係副總裁 Troy Lahr 先生。

Mr. Lahr, please go ahead.

拉爾先生，請繼續。

Thank you, and good morning.

謝謝，早上好。

Welcome to Boeing's First Quarter 2017 Earnings Call.

歡迎來到波音 2017 年第一季度財報電話會議。

I'm Troy Lahr, and with me today is Dennis Muilenburg, Boeing's Chairman, President and Chief Executive Officer; and Greg Smith, Boeing's Chief Financial Officer.

我是特洛伊·拉爾，今天和我一起的有波音公司董事長、總裁兼首席執行官丹尼斯·穆倫伯格；和波音公司首席財務官格雷格史密斯。

After management comments, we'll take your questions.

在管理層發表意見後，我們將回答您的問題。

(Operator Instructions) We've provided detailed financial information in today's press release, and you can follow the broadcast and presentation through our website at boeing.com.

（操作員說明）我們在今天的新聞稿中提供了詳細的財務信息，您可以通過我們的網站 boeing.com 關注廣播和演示。

Before we begin, I need to remind you that any projections and goals in our discussion today are likely to involve risk, which is detailed in our news release, various SEC filings and the forward-looking statement disclaimer in the presentation.

在我們開始之前，我需要提醒您，我們今天討論中的任何預測和目標都可能涉及風險，我們的新聞稿、各種 SEC 文件和演示文稿中的前瞻性聲明免責聲明中對此進行了詳細說明。

In addition, we refer you to our earnings release and presentation for disclosures and reconciliation of non-GAAP measures that we use when discussing our results and outlook.

此外，我們建議您參閱我們的收益發布和演示文稿，以了解我們在討論結果和展望時使用的非 GAAP 措施的披露和對賬。

Now I'll turn the call over to Dennis Muilenburg.

現在我將把電話轉給 Dennis Muilenburg。

Thank you, Troy, and good morning.

謝謝你，特洛伊，早上好。

My comments today will focus on our first quarter results, the ongoing health of our business environment and our growth plans going forward.

我今天的評論將集中在我們第一季度的業績、我們業務環境的持續健康以及我們未來的增長計劃上。

After that, Greg will walk you through the details of our financial results and outlook.

之後，格雷格將向您詳細介紹我們的財務業績和前景。

Now let's move to Slide 2. Boeing delivered first quarter 2017 financial results that included higher core earnings per share and strong operating cash flow.

現在讓我們轉到幻燈片 2。波音公司公佈了 2017 年第一季度的財務業績，其中包括更高的每股核心收益和強勁的運營現金流。

We also continued to execute a balanced cash deployment strategy of investing in innovation, growth and our people, and returning cash to our shareholders.

我們還繼續執行平衡的現金部署戰略，投資於創新、增長和我們的員工，並將現金返還給我們的股東。

In the first quarter, we generated $2.1 billion of operating cash, repurchased $2.5 billion of Boeing stock and increased our dividend per share 30% for a payout of $868 million.

第一季度，我們產生了 21 億美元的運營現金，回購了 25 億美元的波音股票，並將每股股息提高了 30%，支付了 8.68 億美元。

Revenue in the first quarter was $21 billion on timing of commercial and defense deliveries and services.

第一季度的收入為 210 億美元，用於商業和國防交付和服務的時間安排。

Core earnings per share of $2.01 were driven by continued strong operating performance on production programs and services and a lower-than-expected tax rate.

每股核心收益為 2.01 美元，這得益於生產項目和服務的持續強勁運營業績以及低於預期的稅率。

Now let's look at the first quarter operating performance for both of our businesses.

現在讓我們看看我們兩家公司第一季度的經營業績。

At Boeing Commercial Airplanes, we delivered 169 new jetliners and added 198 net new orders worth $15 billion.

在波音商用飛機公司，我們交付了 169 架新噴氣客機，並增加了 198 架淨新訂單，價值 150 億美元。

BCA generated solid results in the first quarter with revenue of $14.3 billion and operating margins of 8.5%.

BCA 在第一季度取得了穩健的業績，收入為 143 億美元，營業利潤率為 8.5%。

Key milestones in the quarter included the FAA certifying the 737 MAX 8 for commercial service and achieving first flight on the 787-10 1 month earlier than the development schedule we established 3 years ago.

本季度的主要里程碑包括美國聯邦航空局 (FAA) 對 737 MAX 8 進行商業服務認證，以及比我們 3 年前製定的開發計劃提前 1 個月實現 787-10 的首飛。

And furthermore, in April, we also achieved first flight on the 737 MAX 9.

此外，4 月份，我們還實現了 737 MAX 9 的首飛。

Boeing Defense, Space & Security reported first quarter revenue of $6.5 billion.

波音防務、航天與安全部門報告第一季度收入為 65 億美元。

Operating margins were a healthy 11.3%, reflecting continued strong operating performance.

營業利潤率為 11.3%，反映出持續強勁的經營業績。

Our defense and space business booked orders totaling $12 billion, including a $3.4 billion contract to the U.S. Army for 268 H-64 Apache helicopters.

我們的國防和航天業務預訂了總額為 120 億美元的訂單，其中包括與美國陸軍簽訂的價值 34 億美元的 268 架 H-64 阿帕奇直升機合同。

Also during the quarter, we booked a $2.2 billion contract for 17 P-8 Poseidon aircraft and a $2.1 billion order for 15 additional KC-46 Tanker aircraft from the U.S. Air Force.

同樣在本季度，我們從美國空軍訂購了價值 22 億美元的 17 架 P-8 Poseidon 飛機的合同和價值 21 億美元的 15 架 KC-46 加油機的訂單。

With approximately 1,600 flight hours completed, we continue to make steady progress towards completing Tanker development.

隨著大約 1,600 飛行小時的完成，我們繼續朝著完成 Tanker 開發穩步前進。

The program did see additional cost growth to incorporate changes into the initial production aircraft and solidify production configuration stability.

該計劃確實看到了額外的成本增長，以將變更納入初始生產飛機並鞏固生產配置穩定性。

That said, we continue to close out technical risks and progress towards final certification as we remain focused on delivering the first 18 Tankers to the U.S. Air Force by early 2018.

也就是說，我們繼續關閉技術風險並在最終認證方面取得進展，因為我們仍然專注於在 2018 年初之前向美國空軍交付首批 18 架加油機。

In summary, thanks to a concerted team effort throughout the company, we delivered another quarter of solid operating performance, captured noteworthy additions to our large and diverse backlog and returned significant cash to our shareholders.

總而言之，由於整個公司的團隊齊心協力，我們又交付了四分之一的穩健經營業績，為我們龐大而多樣化的積壓訂單增加了值得注意的補充，並向我們的股東返還了大量現金。

With that, let's turn to the business environment on Slide 3. Global demand for our market-leading products and services remains generally healthy across our key business segments.

有了這個，讓我們轉向幻燈片 3 上的商業環境。全球對我們市場領先的產品和服務的需求在我們的主要業務領域總體上保持健康。

Specifically for the commercial airplane market, we still see solid airline profitability and strong passenger traffic that continues to outpace global GDP.

特別是對於商用飛機市場，我們仍然看到航空公司穩健的盈利能力和強勁的客運量繼續超過全球 GDP。

According to the International Air Transport Association, the 8.8% year-to-date passenger traffic growth adjusted for the leap year is well above the long-term average of 5.5%.

根據國際航空運輸協會的數據，經過閏年調整後的年初至今客運量增長率為 8.8%，遠高於 5.5% 的長期平均水平。

And with the recovery in global trade, we are now seeing modest improvements in cargo traffic.

隨著全球貿易的複蘇，我們現在看到貨運量略有改善。

These favorable industry trends, combined with our robust backlog of more than 5,700 aircraft, underpin our planned production rate increases over the remainder of this decade.

這些有利的行業趨勢，加上我們 5,700 多架飛機的強勁積壓，支撐了我們在本十年剩餘時間內計劃的生產率增長。

In the narrowbody market, we're seeing strong demand, as illustrated by the 167 net orders we captured in the first quarter.

在窄體機市場，我們看到了強勁的需求，我們在第一季度獲得的 167 份淨訂單就說明了這一點。

Our high confidence in increasing 737 production to 57 per month by 2019 is based on our existing backlog of more than 4,500 aircraft and a production skyline that is oversold through the end of the decade.

我們對到 2019 年將 737 產量增加到每月 57 架的高度信心基於我們現有的 4,500 多架飛機積壓訂單和到本十年末超賣的生產天際線。

Furthermore, the strength of this market segment has given us increased assurance for sustaining that production rate, with market pressure to go even higher than 57 per month.

此外，該細分市場的實力使我們更有信心維持該生產率，市場壓力甚至超過每月 57 個。

It is also important to note that within our top 20 narrowbody customers, we continue to see a large capacity for additional orders when we compare existing order totals to their overall fleet size.

同樣重要的是要注意，在我們的前 20 大窄體機客戶中，當我們將現有訂單總數與他們的整體機隊規模進行比較時，我們繼續看到大量額外訂單的容量。

In the widebody market, as we've noted before, we're seeing varying levels of near-term demand across aircraft models.

在寬體機市場，正如我們之前所指出的，我們看到不同機型的近期需求水平各不相同。

However, over the next 20 years, we forecast the need for more than 9,000 widebody aircraft, underpinned by a meaningful upturn in replacement demand early in the next decade.

然而，在未來 20 年裡，我們預測需要 9,000 多架寬體飛機，這得益於下一個十年初期替換需求的顯著好轉。

Indicative of this overall long-term demand is the first quarter's announcement that Singapore Airlines intends to purchase 20 777-9s and an additional 19 787-10s.

新加坡航空公司第一季度宣布打算購買 20 777-9 架飛機和另外 19 787-10 架飛機，這表明了這種總體長期需求。

777 production for 2017 is now sold out.

2017 年生產的 777 現已售罄。

And for the current-generation 777, our backlog at quarter-end was 124 airplanes.

對於當前一代的 777，我們在季度末的積壓訂單為 124 架飛機。

Production continues at the 7 per month rate before we lowered to the production rate in August to 5 per month, as previously announced.

正如之前宣布的那樣，在我們將 8 月份的生產率降至每月 5 件之前，生產繼續以每月 7 件的速度進行。

That will result in 777 deliveries of approximately 3.5 per month in 2018 and 2019 as we transition production to the 777X.

隨著我們將生產過渡到 777X，這將導致 2018 年和 2019 年每月交付約 3.5 架 777。

At that rate, we are about 90% sold out for both years, including airplanes covered in the agreement with Iran Air, and we continue to have numerous campaigns underway.

按照這個速度，我們這兩年的售罄率約為 90%，包括與伊朗航空公司簽訂的協議中涵蓋的飛機，而且我們還在繼續開展大量促銷活動。

While we clearly have more work to do to fill the remaining 777 production slots, based on the current sales environment, we believe the rate plan we've put in place establishes a production floor for the program.

雖然我們顯然還有更多工作要做才能填補剩餘的 777 個生產槽位，但根據當前的銷售環境，我們相信我們已經制定的費率計劃為該項目建立了一個生產車間。

And we have a strong foundation of 340 777X orders and commitments that support our plan for ramping up production and delivery of the new 777X.

我們擁有 340 架 777X 訂單和承諾的堅實基礎，支持我們提高新 777X 的生產和交付計劃。

Our 787 Dreamliner program also stands on a strong foundation for long-term production with approximately 700 firm orders and commitments in our backlog.

我們的 787 夢想飛機計劃也為長期生產奠定了堅實的基礎，我們積壓了大約 700 份確認訂單和承諾。

As you know, we have a concerted effort in place to secure additional 787 orders to support the 14 per month production rate plan through the end of the decade.

如您所知，我們齊心協力獲得額外的 787 份訂單，以支持到本十年末每月 14 份的生產率計劃。

We will remain disciplined, as our team is, in the process of assessing our 787 production rate options and timing, with a focus, as always, on ensuring supply and demand are kept in balance as we continue to grow profitability of the program.

在評估我們的 787 生產率選項和時間安排的過程中，我們將像我們的團隊一樣保持紀律，一如既往地關注確保供需平衡，因為我們將繼續提高該項目的盈利能力。

Importantly, our 2017 financial guidance [balanced] the range of outcomes from these scenarios, and we continue to see cash flows growing annually over the remainder of the decade, largely driven by higher 737 deliveries and improving 787 profitability.

重要的是，我們 2017 年的財務指南[平衡]了這些情景的結果範圍，我們繼續看到現金流在這十年的剩餘時間裡每年都在增長，這主要是由於 737 交付量增加和 787 盈利能力提高。

Now turning to Defense, Space & Security.

現在轉向國防、太空與安全。

We continue to see solid demand for our major platforms and programs.

我們繼續看到對我們的主要平台和程序的強勁需求。

The President's FY '18 defense budget request calls for healthy growth in military spending.

總統的 18 財年國防預算要求要求軍費開支健康增長。

Additionally, we are seeing the potential for FY '17 funding increases on numerous Boeing programs, including the Apache, the F-18 Super Hornet, P-8 Poseidon and the V-22 Osprey.

此外，我們看到許多波音項目的 FY '17 資金增加的潛力，包括阿帕奇、F-18 超級大黃蜂、P-8 波塞冬和 V-22 魚鷹。

International demand for our offerings remains high as well; in particular, for rotorcraft, commercial derivatives, fighters, satellites and services.

對我們產品的國際需求也依然很高；特別是旋翼機、商業衍生品、戰鬥機、衛星和服務。

We have now cleared congressional notification regarding the foreign military sales of 48 Chinooks to Saudi Arabia, 37 Apaches to the UAE, and the government of Norway recently signed a foreign military sale agreement with the U.S. government for 5 P-8 Poseidon aircraft.

我們現在已經清除了國會關於向沙特阿拉伯出售 48 架支奴干直升機、向阿聯酋出售 37 架阿帕奇戰鬥機的通知，挪威政府最近與美國政府簽署了 5 架 P-8 海神飛機的對外軍售協議。

International interest in our fighters also continues to be strong, with the government of Canada releasing a letter of request for the sale of 18 F-18 Super Hornets.

國際上對我們戰鬥機的興趣也一直很濃厚，加拿大政府發布了一份要求出售 18 架 F-18 超級大黃蜂的信函。

In addition, Kuwait and Qatar fighter sales are progressing.

此外，科威特和卡塔爾的戰鬥機銷售也在取得進展。

We continue to invest in areas that are priorities for our customers, such as commercial derivatives, rotorcraft, satellites, services, human space exploration and autonomous systems.

我們繼續投資於客戶優先考慮的領域，例如商業衍生品、旋翼機、衛星、服務、人類太空探索和自主系統。

Much of that investment supports the priority we have placed in capturing future franchise programs where we're leveraging capabilities and technologies across the enterprise: for JSTARS Recapitalization, Ground Based Strategic Deterrent, advanced weapons programs and other important opportunities like the unmanned carrier-based MQ-25A and the T-X trainer.

大部分投資支持我們優先考慮獲取未來的特許經營計劃，我們在這些計劃中利用整個企業的能力和技術：JSTARS 資本重組、陸基戰略威懾、先進武器計劃和其他重要機會，如無人艦載 MQ -25A 和 T-X 教練機。

Moving to services.

轉向服務。

We remain on track to begin operating our fully integrated Boeing Global Services business in the third quarter.

我們仍有望在第三季度開始運營完全整合的波音全球服務業務。

We believe the 10-year $2.5 trillion services market is a major growth opportunity for us, and standing up Boeing Global Services will sharpen our focus on it and accelerate our capabilities expansion across all services and support areas, from our traditional parts, modification and upgrade businesses to bolstering our suite of data analytics and information-based services.

我們相信 10 年價值 2.5 萬億美元的服務市場對我們來說是一個重要的增長機會，波音全球服務公司將加強我們對它的關注，並加速我們在所有服務和支持領域的能力擴展，從我們的傳統零件、修改和升級企業支持我們的數據分析和基於信息的服務套件。

Digital aviation services are a compelling and growing segment of offerings for us.

數字航空服務對我們來說是一個引人注目且不斷增長的產品部分。

For example, during the first quarter, we signed a contract with Etihad Airways for our [wind] update solution, which will increase airplane efficiencies and reduce fuel consumption.

例如，在第一季度，我們與阿提哈德航空公司就我們的 [wind] 更新解決方案簽訂了合同，這將提高飛機效率並降低油耗。

We now have 13 commercial customers subscribing to this service, covering a fleet of more than 1,000 airplanes.

我們現在有 13 個商業客戶訂閱了這項服務，涵蓋了 1,000 多架飛機的機隊。

On the defense services side, we were awarded a 10-year engineering services contract by the U.S. Air Force Materiel Command, and we captured a 5-year F-15 performance-based logistics services contract with the Republic of Korea.

在國防服務方面，我們獲得了美國空軍裝備司令部為期 10 年的工程服務合同，並與韓國簽訂了為期 5 年的 F-15 基於性能的後勤服務合同。

In summary, we continue to execute on our efforts to meet or exceed our commitments to our stakeholders while accelerating productivity improvements and making investments in innovation.

總而言之，我們繼續努力實現或超越我們對利益相關者的承諾，同時加快生產力的提高和對創新的投資。

With that, I'll now turn it over to Greg for our financial results.

有了這個，我現在將它交給格雷格來獲得我們的財務結果。

Thanks, Dennis.

謝謝，丹尼斯。

Good morning, everybody.

大家早上好。

Let's turn to Slide 4, and we'll discuss our first quarter results.

讓我們轉到幻燈片 4，我們將討論我們的第一季度業績。

As expected, first quarter revenue decreased to $21 billion, reflecting the timing of deliveries, while core earnings per share increased 16% to $2.01, driven by solid operating performance and lower-than-expected tax rate, which more than offset the impact of lower volume and cost growth on our Tanker program.

正如預期的那樣，第一季度收入下降至 210 億美元，反映了交貨時間，而每股核心收益增長 16% 至 2.01 美元，這得益於穩健的經營業績和低於預期的稅率，這大大抵消了較低的影響我們的油輪計劃的數量和成本增長。

Let's move to Slide 5 and we'll discuss Commercial Airplanes.

讓我們轉到幻燈片 5，我們將討論商用飛機。

For the first quarter, our Commercial Airplane business reported revenue of $14.3 billion, reflecting timing of deliveries and 737 MAX production, where entry into service is expected to begin in May.

第一季度，我們的商用飛機業務報告收入為 143 億美元，反映了交付時間和 737 MAX 的生產，預計 737 MAX 將於 5 月開始投入使用。

Operating margins in the quarter were 8.5% due to improved performance on production programs, offset by the impact of lower volume, delivery mix and, again, additional Tanker program costs.

本季度的營業利潤率為 8.5%，原因是生產計劃的績效有所改善，但被較低的產量、交付組合以及額外的油輪計劃成本的影響所抵消。

As Dennis indicated earlier, BCA captured $15 billion in net orders during the first quarter, and backlog remained very strong, $417 billion, more than 5,700 aircraft, again, equating to more than 7 years of production.

正如丹尼斯早些時候指出的那樣，BCA 在第一季度獲得了 150 億美元的淨訂單，積壓訂單仍然非常強勁，達到 4170 億美元，超過 5700 架飛機，同樣相當於 7 年多的生產時間。

On the 787 program, the deferred production balance continues its downward trend with a decrease of $316 million in the quarter.

在 787 項目中，延期生產餘額繼續呈下降趨勢，本季度減少了 3.16 億美元。

And again, over the long term, we continue to focus on improving 787 cash generation, driven by favorable delivery mix, internal productivity improvements and additional supplier step-down pricing.

同樣，從長遠來看，在有利的交付組合、內部生產力提高和額外的供應商降價定價的推動下，我們將繼續專注於改善 787 的現金生成。

Let's now move to Defense, Space & Security results on Slide 6. First quarter revenue at our defense business was $6.5 billion, and operating margins were a solid 11.3%, largely driven by strong performance at Boeing Military Aircraft and Global Services & Support business.

現在讓我們轉到幻燈片 6 上的國防、空間和安全結果。我們國防業務的第一季度收入為 65 億美元，營業利潤率為 11.3%，這在很大程度上是由波音軍用飛機和全球服務與支持業務的強勁表現推動的。

Boeing Military Aircraft first quarter revenue declined to $2.6 billion, reflecting the planned wind-down of the C-17 program and timing and mix on in-production aircraft deliveries.

波音軍用飛機第一季度收入下降至 26 億美元，反映出 C-17 計劃的縮減以及在產飛機交付的時間安排和組合。

Operating margins of 12.2% reflect solid overall performance.

12.2% 的營業利潤率反映了穩健的整體表現。

Network & Space Systems reported revenue of $1.6 billion.

Network & Space Systems 報告的收入為 16 億美元。

Operating margins were 6.3%, driven by lower satellite service volume and investments in development efforts.

營業利潤率為 6.3%，受衛星服務量下降和開發工作投資的推動。

Global Services & Support revenue was $2.3 billion, reflecting timing on contracts, and operating margins of 13.6% reflects solid execution across the portfolio.

全球服務與支持收入為 23 億美元，反映了合同的時間安排，13.6% 的營業利潤率反映了整個產品組合的穩健執行。

Defense, Space & Security reported a solid backlog of $63 billion, with 34% of that business from customers outside the United States.

國防、空間與安全報告稱積壓訂單金額高達 630 億美元，其中 34% 的業務來自美國以外的客戶。

Let's turn now to cash flow on Slide 7. Operating cash flow of $2.1 billion for the first quarter was driven by solid operating performance and favorable timing of receipts and expenditures.

現在讓我們轉向幻燈片 7 的現金流。第一季度 21 億美元的經營現金流是由穩健的經營業績和有利的收支時機推動的。

With regards to capital deployment, as Dennis mentioned, we paid $868 million in dividends and repurchased 14.9 million shares for $2.5 billion in the first quarter.

關於資本部署，正如丹尼斯提到的，我們在第一季度支付了 8.68 億美元的股息，並以 25 億美元的價格回購了 1490 萬股股票。

Our continued cash deployment efforts reflect our ongoing confidence in the long-term outlook for our business.

我們持續的現金部署工作反映了我們對我們業務的長期前景的持續信心。

We continue to anticipate completing the remaining $11.5 billion repurchase authorization over approximately the next 2 years.

我們繼續預計在未來大約 2 年內完成剩餘的 115 億美元回購授權。

And since 2012, we've increased our dividend per share by 190% and have repurchased 189 million shares.

自 2012 年以來，我們將每股股息提高了 190%，並回購了 1.89 億股。

Again, returning cash to shareholders, along with continued investment to support future growth, remains top priority for us.

同樣，向股東返還現金以及支持未來增長的持續投資仍然是我們的首要任務。

Let's move now to cash and debt balances on Slide 8. We ended the quarter with $9.2 billion of cash and marketable securities.

現在讓我們轉到幻燈片 8 的現金和債務餘額。我們在本季度結束時擁有 92 億美元的現金和有價證券。

This cash position continues to provide us flexibility to invest in our growth efforts and our people while also returning cash to our shareholders.

這種現金狀況繼續為我們提供靈活性，以投資於我們的增長努力和我們的員工，同時也向我們的股東返還現金。

Let's turn now to Slide 9, and we'll discuss our outlook for 2017.

現在讓我們轉到幻燈片 9，我們將討論我們對 2017 年的展望。

We're increasing our 2017 core earnings per share guidance by $0.10 to now be between $9.20 and $9.40 per share, driven by a lower-than-expected tax rate, partially offset by higher deferred compensation expense on the higher stock price.

我們將 2017 年的核心每股收益指引上調 0.10 美元，目前在每股 9.20 美元至 9.40 美元之間，這是由於低於預期的稅率，部分被較高的股票價格導致的遞延補償費用增加所抵消。

We are reaffirming our 2017 guidance for revenue, segment margins, deliveries and cash flow.

我們重申 2017 年收入、部門利潤率、交付量和現金流量的指導方針。

And again, the core operating engine continued to deliver strong operating results, and we remain focused on increasing production, driving productivity improvements, maximizing cash generation and continued efficient deployment.

再一次，核心運營引擎繼續提供強勁的運營業績，我們仍然專注於增加產量、推動生產力提高、最大限度地產生現金和持續高效部署。

With that, I'll turn it back over to Dennis for some closing comments.

有了這個，我會把它轉回給丹尼斯，以獲得一些結束評論。

All right.

好的。

Thanks, Greg.

謝謝，格雷格。

With a strong first quarter on which to build continued momentum for the year, our team remains focused on further driving both growth and productivity.

憑藉強勁的第一季度，我們的團隊將繼續專注於進一步推動增長和生產力。

Our priorities going forward are to leverage our unique One Boeing advantages, continue building strength on strength to deliver and improve on our commitments and to stretch beyond those plans and sharpen and accelerate our pace of progress on key enterprise growth and productivity efforts.

我們未來的優先事項是利用我們獨特的 One Boeing 優勢，繼續在實力上不斷增強，以兌現和改進我們的承諾，超越這些計劃，加快我們在關鍵企業增長和生產力方面的進展步伐。

Achieving these objectives will require a continuing clear and consistent focus on the profitable ramp-up in commercial airplane production, continuing to strengthen our defense and space business, delivering on our development programs, launching our integrated services business, driving world-class levels of productivity and performance throughout the enterprise to fund our investments in innovation and growth and to develop and maintain the best team and talent in the industry, all of which position Boeing for continued market leadership, sustained top and bottom line growth and to create increasing value for our customers, shareholders, employees and other stakeholders.

實現這些目標將需要持續明確和始終如一地關注商用飛機生產的盈利增長，繼續加強我們的國防和太空業務，實施我們的發展計劃，啟動我們的綜合服務業務，推動世界一流的生產力水平和整個企業的績效來資助我們在創新和增長方面的投資，並培養和維持業內最優秀的團隊和人才，所有這些都使波音能夠繼續保持市場領先地位，實現持續的頂線和底線增長，並為我們創造越來越大的價值客戶、股東、員工和其他利益相關者。

Now we'd be happy to take your questions.

現在我們很樂意回答您的問題。

(Operator Instructions) Our first question is from Myles Walton with Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的邁爾斯沃爾頓。

I was wondering if we could start on cash flow.

我想知道我們是否可以從現金流入手。

Obviously, a pretty strong cash flow, certainly relative to your breakeven expectations.

顯然，現金流相當強勁，當然與您的盈虧平衡預期相關。

And I know, Greg, you alluded to the timing of receipts, but if you could delve a little bit more.

我知道，格雷格，你提到了收據的時間，但如果你能再深入一點的話。

And it does look like you were both over-performing on operating cash flow and then also underrunning on CapEx and, it looks like, on the operating line, maybe it was advances.

看起來你們在經營現金流方面都表現出色，但在資本支出方面也表現不佳，看起來，在經營線上，也許是進步。

If you could just dig a little bit deeper on those points, that would be terrific.

如果您能在這些要點上再深入一點，那就太好了。

Yes.

是的。

I would certainly point to execution, Myles, and just core performance as being the primary driver.

我肯定會指出執行力、Myles 和核心性能是主要驅動力。

We certainly had some timing in there.

我們當然有一些時間在那裡。

But I think a lot of the productivity improvements we've talked about, the initiatives, starting to see that hit some of the cash flow as well as the disciplined efforts around working capital.

但我認為我們已經討論過的許多生產力提高，舉措，開始看到影響了一些現金流以及圍繞營運資金的紀律努力。

And then, of course, within that 787 improvements, which you saw [in deferred], but even as you look at 787 cash flow as an individual item, it's positive and becoming more positive as we would expect with the improvements, again, in the step-down as well as the productivity in the factory and then the mix.

然後，當然，在 787 的改進中，你看到了 [延遲]，但即使你將 787 的現金流視為一個單獨的項目，它也是積極的，並且變得更加積極，正如我們預期的那樣，再次，在降壓以及工廠的生產力，然後是混合。

And playing into that mix is the early introduction of the -10, which, as you've seen -- and that is going into the production system as planned, and frankly, on some cases, a little bit better on the unit cost.

在這種組合中發揮作用的是 -10 的早期引入，正如您所看到的那樣 - 它正在按計劃進入生產系統，坦率地說，在某些情況下，單位成本要好一些。

So all of that really kind of playing in.

所以所有這些都在發揮作用。

But again, a little bit of timing.

但同樣，有點時機。

I'd certainly equate it to, look, it's early, but there's certainly -- we're off to go a good start, and we're seeing positive momentum.

我肯定會把它等同於，看，現在還早，但可以肯定的是——我們有了一個良好的開端，我們看到了積極的勢頭。

And we've got some things to work through, obviously, through the balance of the year, but there's definitely some upward bias as we see it today.

顯然，在今年餘下的時間裡，我們還有一些事情需要解決，但正如我們今天所看到的那樣，肯定存在一些向上的偏見。

But again, we'll keep you posted and work through the elements we got to balance through the battening -- through each of the quarters here around finishing up on Tanker, getting MAX deliveries ramped up and, of course, selling some of the 47 white tails.

但同樣，我們會及時通知您，並研究我們通過擊球來平衡的元素——在這裡的每個季度都圍繞著完成 Tanker，增加 MAX 交付量，當然，銷售 47 個中的一些白尾巴。

But we know what we need to focus on in order to do that, and we're off to a good start.

但我們知道為了做到這一點我們需要關注什麼，我們有了一個良好的開端。

And Myles, just to build on Greg's comments there, we're -- what you see here is, as we said, a good start to the year and, I think, consistent with our longer-term expectation for year-over-year cash growth.

邁爾斯，根據 Greg 的評論，我們 - 正如我們所說，您在這裡看到的是今年的良好開端，而且我認為這與我們對同比的長期預期一致現金增長。

All of the elements that Greg talked about are foundational things that will drive year-over-year cash growth through the end of the decade, and we continue to see that as a strong focus, and the performance is bearing out.

格雷格談到的所有要素都是基礎性的東西，它們將在本十年末推動現金同比增長，我們繼續將其視為一個重點，並且業績正在顯現。

Our next question is from Jason Gursky with Citi.

我們的下一個問題來自花旗銀行的 Jason Gursky。

Dennis, this one is for you.

丹尼斯，這是給你的。

I was wondering if you could spend a few minutes talking about the business cases that you're building around the 737-10 and the middle of the market aircraft.

我想知道您是否可以花幾分鐘時間談談您正在圍繞 737-10 和市場飛機中端構建的業務案例。

Perhaps just update us on customer feedback you're getting thus far and whether you're willing to go out on a limb there and maybe tell us which way you're thinking at this point on either one of those.

也許只是向我們更新您到目前為止收到的客戶反饋，以及您是否願意在那裡冒險，也許告訴我們您目前對其中任何一個的想法。

Yes, Jason.

是的，傑森。

Let me just give you a quick update on that.

讓我給你一個快速的更新。

We're continuing to have very productive conversations with our customers.

我們將繼續與客戶進行富有成效的對話。

Of course, the most near-term thing we're looking at is an extended version or a stretched version of the 737 MAX 9, which we're referring to as the MAX 10.

當然，我們最近關注的是 737 MAX 9 的加長版或加長版，我們稱之為 MAX 10。

We continue to work on closing that business case and working diligently with our customers.

我們將繼續努力完成該業務案例，並與我們的客戶一起努力工作。

We see encouraging momentum there, but we still have work to do to finish up on the business case.

我們在那裡看到了令人鼓舞的勢頭，但我們仍有工作要做才能完成商業案例。

And we have time to complete that work and then make the right decision.

我們有時間完成這項工作，然後做出正確的決定。

So we're not yet to the decision point, but we are making progress and, I'd say, seeing encouraging feedback from our customer base.

所以我們還沒有到決定點，但我們正在取得進展，我想說，我們看到了來自我們客戶群的令人鼓舞的反饋。

All of this, we're very confident, can be completed within the R&D profile that we've talked to you about before, so we don't see this as a big needle-mover to our R&D profile over the rest of the decade.

我們非常有信心，所有這一切都可以在我們之前與您討論過的研發概況中完成，因此我們認為這不會在接下來的十年中對我們的研發概況產生重大推動作用.

And we do see the MAX 10 as an airplane that we could have into the market in that 2020 time frame.

我們確實將 MAX 10 視為我們可以在 2020 年的時間框架內投放市場的飛機。

Longer term, the middle of the market airplane, we continue to have discussions with our customers on opportunities in that space as well, working on the business case and technology solutions.

從長遠來看，在市場飛機的中間，我們繼續與我們的客戶討論該領域的機會，研究業務案例和技術解決方案。

And again, we haven't arrived at a decision point yet.

再一次，我們還沒有到達決定點。

If we decide to move down that path, that's an airplane that would be entering into service in the 2024, 2025 time frame.

如果我們決定沿著這條路前進，那架飛機將在 2024 年、2025 年的時間框架內投入使用。

Again, we don't see that as a big needle-mover on our R&D profile for the rest of this decade.

同樣，在本十年的剩餘時間裡，我們並不認為這是對我們研發概況的重大推動。

And we have the time and place to, again, make the right deliberate decision on that.

我們有時間和地點再次就此做出正確的深思熟慮的決定。

All of these potential next products feather in very nicely in our overall development plan cycle on the backside of 777X.

所有這些潛在的下一個產品都很好地融入了我們在 777X 背面的整體開發計劃週期。

And we have the capacity and strength to do one or the other or both of these if we so choose.

如果我們願意，我們有能力和力量做其中之一或兩者。

Our next question is from Doug Harned with Bernstein.

我們的下一個問題來自 Doug Harned 和 Bernstein。

I'd like to understand 2 things on -- related to the top line, and they're 2 things that seem to be kind of a flat outlook.

我想了解兩件事——與頂線相關，這兩件事似乎是一種平坦的前景。

One is the 787, and the other is defense.

一個是787，一個是防禦。

And on the 787, there's -- the things you said earlier made it sound as though, when you look out further, you see more of a chance you would go up to 14 a month than any risk of falling from 12 a month.

在 787 上，你之前所說的話聽起來好像，當你進一步觀察時，你會發現每月增加到 14 次的可能性比從每月 12 次下降的任何風險都大。

And I'd like to understand what could take you to 14 a month.

我想了解什麼可以讓您達到每月 14 次。

And then on defense, you've also said in the past that you're looking at a pretty flat outlook over the next few years, maybe low single-digit growth.

然後在防守方面，你過去也說過，你對未來幾年的前景持平，可能是低個位數的增長。

But you've had a lot of orders recently.

但是你最近接到了很多訂單。

Has your view changed at all on that?

您對此的看法有什麼改變嗎？

Yes, Doug.

是的，道格。

Let me take a cut at both of those, and then, Greg, feel free to add in.

讓我對這兩個問題進行刪減，然後，Greg，請隨意添加。

First off, if you look at 787, Doug, as you've alluded to, our plan is still to go to 14 a month by the end of the decade, and we're actively working a number of campaigns to fill out that skyline.

首先，如果你看看 787，道格，正如你提到的那樣，我們的計劃仍然是到本世紀末達到每月 14 架，我們正在積極開展一系列活動來填補這一天際線.

Most of the skyline work we're doing is out in the 2020 kind of time frame.

我們正在做的大部分天際線工作都是在 2020 年的時間框架內完成的。

So just in our current backlog, as you know, we have nearly 700 aircraft, 787, in our firm backlog.

因此，就在我們目前的積壓訂單中，如您所知，我們公司的積壓訂單中有近 700 架飛機，787 架。

At 12 per month rate, we are in very, very solid position.

以每月 12 個的速度，我們處於非常非常穩固的位置。

So what we're really looking at is the step-up to 14 a month, the timing associated with that and then selling into that skyline.

所以我們真正關注的是每月增加到 14 個，與此相關的時間，然後賣到那個天際線。

We're looking at a range of scenarios between the current 12 a month and 14 a month and the specific timing around that.

我們正在研究當前每月 12 次到每月 14 次之間的一系列情況以及具體時間安排。

Our guidance for the year [balance] all of the possible scenarios we see.

我們今年的指導 [平衡] 我們看到的所有可能情況。

But to your underlying point there -- and we're not looking at scenarios that would drop us down from 12 a month.

但就你的基本觀點而言——我們並沒有考慮讓我們從每月 12 次下降的情況。

We're very strong at that foundational level, and this is all about the timing and sequencing of stepping up to 14 a month and selling into that skyline.

我們在那個基礎水平上非常強大，這完全是關於每月增加到 14 個並銷售到那個天際線的時間和順序。

And we're going to continue to work that hard.

我們將繼續努力工作。

Regardless, we see 787 as a strong cash growth part of our portfolio.

無論如何，我們將 787 視為我們投資組合中強勁的現金增長部分。

Just the fundamental productivity work at the current 12 a month rate is a significant source of cash generation over the next couple of years.

僅以當前每月 12 個月的速度進行的基本生產力工作就是未來幾年產生現金的重要來源。

So that's how we see the 787 portfolio.

這就是我們對 787 投資組合的看法。

On the defense side, you're right.

在防守端，你是對的。

We're seeing some progress.

我們看到了一些進展。

We're seeing some, I'll say, re-energization around the defense budget.

我們看到一些，我會說，圍繞國防預算重新註入活力。

We're encouraged by some of the signs on building the defense portfolio and strengthening the defense budget in the U.S. for the future.

我們對建立國防組合和加強美國未來國防預算的一些跡象感到鼓舞。

We've seen heightened interest in a number of our product lines spanning rotorcraft, fighters, our services product lines, satellites, and that spans over into the international arena as well.

我們已經看到人們對我們的許多產品線產生了濃厚的興趣，這些產品線涵蓋旋翼機、戰鬥機、我們的服務產品線、衛星，並且還跨越了國際舞台。

And so while we haven't modified our forecast or our guidance going forward in terms of growth rate, we still see defense as a low to moderate top line growth opportunity.

因此，雖然我們沒有修改我們的預測或我們對增長率的指導，但我們仍然認為國防是一個低到中等的收入增長機會。

I would say generally, there's an upward bias on how we see the strength of the defense business going forward, and that's backed up by what we see in a strengthening U.S. defense budget.

我想說的是，總的來說，我們對未來國防業務實力的看法存在向上的偏見，而這得到了美國國防預算不斷增加的支持。

Next, we'll go to Sam Pearlstein with Wells Fargo.

接下來，我們將與 Wells Fargo 一起去 Sam Pearlstein。

I was wondering if you could address the BCA margin a little bit more.

我想知道你是否可以多談談 BCA 利潤率。

Just looking at the 8.5% margin in the first quarter, it looks like it's going to be relatively steep to move up to the 9.5% to 10% for the rest of the year, and one of the things you called out was some Tanker pressure.

看看第一季度 8.5% 的利潤率，看起來今年剩餘時間上升到 9.5% 到 10% 的幅度會相對較大，而你提到的其中一件事是一些油輪壓力.

And it's still early in the process in terms of building Tankers, so I'm wondering, is that going to continue or was that a further charge?

就建造 Tankers 而言，它仍處於早期階段，所以我想知道，這是要繼續還是要進一步收費？

Just address the Tanker specifically but then BCA margin in total.

只需專門針對 Tanker，然後再針對總的 BCA 保證金。

Yes, yes -- no, within the quarter at BCA, it was roughly about $120 million of pressure.

是的，是的——不，在 BCA 的這個季度內，大約有 1.2 億美元的壓力。

And I think Dennis described kind of what we're working through on the Tanker, which is really those in-production airplanes and getting those to the point of certification -- final certification and then getting ready for delivery.

我認為丹尼斯描述了我們在 Tanker 上所做的工作，這實際上是那些生產中的飛機，並使它們達到認證點——最終認證，然後準備交付。

That's where we had the additional cost pressure within the quarter.

這就是我們在本季度面臨額外成本壓力的地方。

And then we had about $20 million on the BDS side.

然後我們在 BDS 方面有大約 2000 萬美元。

But that's the real, I'll say, unusual item in the quarter for BCA.

但我會說，這是 BCA 本季度真正的不尋常項目。

So if you strip that out, I think you'll see, through the balance of the year, continued improvement on the program margin side.

因此，如果你把它去掉，我想你會看到，在今年餘下的時間裡，項目利潤率方面會持續改善。

And then obviously, we've got some work to do, which, we know, again, what we need to do, around the period expense and elements within -- whether it's fleet support or R&D through the balance of the year.

然後很明顯，我們還有一些工作要做，我們再次知道，我們需要做些什麼，圍繞期間費用和其中的要素——無論是機隊支持還是今年餘下的研發。

So lots of moving pieces, but that's really the standout for the quarter.

這麼多動人的作品，但這確實是本季度的佼佼者。

But do you think of that as specific onetime item?

但你認為那是特定的一次性項目嗎？

Or does that continue as you build more Tankers?

還是隨著您建造更多的油輪，這種情況會繼續嗎？

No.

不。

That is readjusting the cost to complete the Tankers within the contract.

那就是重新調整在合同範圍內完成油輪的成本。

That's our estimate to complete that, and that was impacted in the quarter.

這是我們完成這項工作的估計，這在本季度受到了影響。

Our next question is from Carter Copeland with Barclays.

我們的下一個問題來自巴克萊銀行的卡特科普蘭。

Greg, just to keep on that topic, I wondered if you could tell us if there were any program margin revisions of significance.

格雷格，為了繼續討論這個話題，我想知道你是否可以告訴我們是否有任何重要的計劃餘量修改。

I think you said improved performance on production programs.

我想你說的是提高生產程序的性能。

I wonder if you could just clarify that.

我想知道你是否可以澄清一下。

And with respect to the guidance for the BCA margin, given that $120 million, and you've called out the 787 block extension should that slip, does that present a risk to the low end of that guidance?

關於 BCA 保證金的指導，考慮到 1.2 億美元，如果滑倒，你已經呼籲 787 塊擴展，這是否會給該指導的低端帶來風險？

No, no.

不，不。

It's bounded in the guidance, as Dennis described.

正如丹尼斯所描述的，它在指南中是有限制的。

So as we're running through those scenarios, we've taken that into consideration.

因此，當我們運行這些場景時，我們已經考慮到了這一點。

So to your point, we've absorbed the Tanker -- additional Tanker costs in the full year and, in the low end, provision for whatever if we make a different decision than what we're working towards right now.

因此，就您的觀點而言，我們已經吸收了 Tanker——全年的額外 Tanker 成本，並且在低端，如果我們做出與我們目前正在努力的決定不同的決定，我們將提供任何準備金。

On the overall program margins for the quarter, we had slight improvement across the board.

在本季度的整體計劃利潤率方面，我們全面略有改善。

And 37 had one block extension in there.

37 有一個街區的延伸。

So again, I think very good performance across all the production programs.

所以，我認為所有生產項目的表現都非常好。

And then again, I think raising -- not only raising the bar, as Dennis has talked about, on our standards of performance, comparing ourselves externally in this whole global industrial champion, again, we've got targets functionally, by program, by element of cost, and we're challenging ourselves on all aspects of that.

再一次，我認為提高 - 不僅僅是提高標準，正如丹尼斯所說的那樣，在我們的績效標准上，在這個全球工業冠軍的外部比較我們自己，再次，我們在功能上有目標，通過計劃，通過成本因素，我們正在挑戰自己的各個方面。

And certainly, not all that is going to come home near term.

當然，並非所有這些都會在短期內回歸。

But an added kind of element to that is change in the compensation, and you probably saw that in the proxy, where we're trying to provide even more clarity right down to the -- to all levels of management and all employees, where 50% of our comp now will be free cash, 25% on core EPS, 25% on revenue and then, of course, the long term reflecting the same, plus the TSR element.

但是，另一種因素是薪酬的變化，你可能在代理中看到了這一點，我們試圖在代理中提供更清晰的信息——所有級別的管理人員和所有員工，其中 50我們現在的 % 將是自由現金，核心 EPS 佔 25%，收入佔 25%，當然，長期反映相同，加上 TSR 元素。

And I would kind of put that all under the umbrella of this kind of standard of performance, clarity and understanding of what we need to do as a team year in and year out to drive value for our shareholders and, at the same time, reinvest back in the business.

我會把所有這些都放在這種績效標準的保護傘下，明確和理解我們作為一個團隊年復一年需要做些什麼來為我們的股東創造價值，同時，再投資回到業務中。

And so that's just another added element we've brought in this year.

因此，這只是我們今年引入的另一個附加元素。

That's great.

那太棒了。

So just to clarify, you had a positive revision across each of the single production programs in the quarter?

所以澄清一下，您對本季度的每個單一生產計劃都有積極的修正？

Yes, yes.

是的是的。

Next, we'll go to Ron Epstein with Bank of America Merrill Lynch.

接下來，我們將與美銀美林一起去羅恩·愛潑斯坦。

Yes.

是的。

I was wondering if you could talk to us a little bit more about the aftermarket strategy.

我想知道你是否可以和我們多談談售後市場戰略。

The long-term goal that you guys put out there was $50 billion.

你們提出的長期目標是 500 億美元。

It's a big number, right, to get there from here.

這是一個很大的數字，對吧，從這裡到那裡。

How do you think about getting there?

你覺得如何到達那裡？

Is it purely organic?

是純有機的嗎？

Is there an inorganic piece to it?

它有無機物嗎？

If you could just shed more light on that.

如果你能更清楚地說明這一點。

You bet.

你打賭。

Ron, first of all, I think it's important to look at the fundamental marketplace that we're pursuing.

羅恩，首先，我認為重要的是要看看我們追求的基本市場。

We see the services market as a $2.5 trillion marketplace over the next 10 years.

我們認為未來 10 年服務市場將達到 2.5 萬億美元。

So there's plenty of market growth space for us.

所以我們有很大的市場增長空間。

Today, depending on sector, we have a -- roughly a 7% to 9% market share of that growing, expanding market.

今天，根據行業的不同，我們在這個不斷擴大的市場中擁有大約 7% 到 9% 的市場份額。

So we have plenty of market headroom to play into and leverage our OEM depth of knowledge.

因此，我們有足夠的市場空間來發揮和利用我們的 OEM 知識深度。

And while $50 billion is a high bar target, it is an aspirational target we set for our team but one that we're serious about pursuing.

雖然 500 億美元是一個很高的目標，但這是我們為團隊設定的理想目標，也是我們認真追求的目標。

We see that as primarily an organic growth strategy, but it will be complemented with inorganic growth, consistent with our broader strategy and approach.

我們認為這主要是一種有機增長戰略，但它將輔之以無機增長，這與我們更廣泛的戰略和方法是一致的。

We still see organic investment as our #1 growth engine.

我們仍然將有機投資視為我們的第一增長引擎。

Going forward, that includes additional work on our proprietary parts business and selectively rebuilding some vertical capabilities.

展望未來，這包括我們專有零件業務的額外工作，並有選擇地重建一些垂直能力。

As you've noted, we've selectively brought in some capability, things like building the all-composite wing for the 777X, the propulsion center that we stood up in Charleston, where we're building nacelles, the actuation capability that we have in both Portland and with the new stand-up in Sheffield, as examples of building targeted verticals that will further enhance our parts life cycle business.

正如你所指出的，我們有選擇地引進了一些能力，比如為 777X 建造全複合材料機翼，我們在查爾斯頓站起來的推進中心，我們在那裡建造短艙，我們擁有的驅動能力在波特蘭和謝菲爾德的新展台，作為建立有針對性的垂直行業的例子，這將進一步加強我們的零件生命週期業務。

We also see opportunities to grow modifications and upgrades, again, leveraging our OEM depth of knowledge, and doing that across Boeing.

我們也看到了增加修改和升級的機會，再次利用我們的 OEM 知識深度，並在整個波音公司這樣做。

We see that combined integrated services business is one way for us to leverage infrastructure, talent and people so that we can compete in that marketplace.

我們看到合併的集成服務業務是我們利用基礎設施、人才和人員的一種方式，以便我們能夠在該市場中競爭。

And then thirdly, I see significant organic growth opportunity in the digital aviation services arena, information-based services, performance-based logistics.

第三，我在數字航空服務領域、基於信息的服務、基於績效的物流領域看到了重要的有機增長機會。

In my opening comments, I gave you an example on our wind solutions profile that now has more than a dozen commercial customers covering more than 1,000 aircraft on that subscription service.

在我的開場白中，我給你舉了一個關於我們的風力解決方案概況的例子，現在有十幾個商業客戶在該訂閱服務上覆蓋了 1,000 多架飛機。

We have other services that we're offering, things like our advanced health management service, which now covers more than 2,200 aircraft across some 90 customers.

我們還提供其他服務，比如我們的高級健康管理服務，現在覆蓋了大約 90 個客戶的 2,200 多架飛機。

GoldCare maintenance and engineering services as another example.

GoldCare 維護和工程服務是另一個例子。

We see tremendous and compelling growth opportunities for us in that digital arena, and that is significant organic investment that we're making that's building on what is already a market-leading, competitive position.

我們在數字領域看到了巨大而引人注目的增長機會，這是我們正在進行的重大有機投資，它建立在已經處於市場領先地位的競爭地位之上。

Now all of that will be augmented with inorganic growth and selective acquisitions in those same spaces.

現在，所有這些都將通過在這些相同領域的無機增長和選擇性收購得到加強。

And we've been deliberate about that, and we'll continue to selectively make acquisitions that complement our core organic strategy.

我們一直在深思熟慮，我們將繼續有選擇地進行收購，以補充我們的核心有機戰略。

That's a big focus for us.

這對我們來說是一個很大的重點。

It's one of the reasons we stood up the new services business, Ron, and we go fully operational with that here in the third quarter.

這是我們建立新服務業務 Ron 的原因之一，我們將在第三季度全面開展這項業務。

And we will have a team under Stan Deal's leadership that is focused exclusively on growing the services business and supporting our customers.

我們將擁有一個由 Stan Deal 領導的團隊，專門專注於發展服務業務和支持我們的客戶。

Got you.

明白了

And on a potential middle of the market airplane, right, if something like that were to happen, is it reasonable to expect that you'd probably be more vertically integrated on that around some of the important subsystems to get that aftermarket than on previous models of airplanes?

在潛在的中間市場飛機上，如果發生類似的事情，是否可以合理地期望您可能會圍繞一些重要的子系統更垂直地集成到該飛機上以獲得售後市場而不是以前的模型飛機？

Ron, certainly the life cycle value stream of that airplane, if we choose to launch it, will be an important parameter of the overall business case, so we're thinking hard about that.

羅恩，如果我們選擇推出這架飛機，那架飛機的生命週期價值流肯定會成為整個商業案例的一個重要參數，所以我們正在認真考慮。

And again, you see that strategy already reflected in our next-generation products.

再一次，您會看到該策略已經反映在我們的下一代產品中。

The 777X, for example, is more vertically integrated than its predecessors.

例如，777X 比其前輩更垂直整合。

And that's a deliberate strategy going forward that allows us to provide more value to our customers and capture more of the life cycle value.

這是一項經過深思熟慮的戰略，它使我們能夠為客戶提供更多價值並獲得更多生命週期價值。

Our next question is from Rajeev Lalwani with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Rajeev Lalwani。

Dennis, you had a great quarter in terms of book-to-bill, even before considering seasonality, at nearly 1.2x or so.

丹尼斯，即使在考慮季節性因素之前，您的訂單出貨比也很出色，接近 1.2 倍左右。

Do you think we're starting to see a turn here?

你認為我們開始看到轉機了嗎？

Or is it just timing?

還是只是時機？

And then what would a hypothetical MAX 10 do to that book-to-bill if it came out this year?

如果今年推出，假設的 MAX 10 會對訂單出貨量產生什麼影響？

Yes.

是的。

I think what you see here, Rajeev, is that it's still fundamentally a very strong market.

拉吉夫，我認為你在這裡看到的是，從根本上說，它仍然是一個非常強勁的市場。

And especially when you take a look at the narrowbody marketplace, as I mentioned earlier, we are more than sold out against our production ramp-up to 57 a month through the end of the decade.

特別是當你看一下窄體機市場時，正如我之前提到的那樣，我們的產量在本世紀末達到每月 57 架，但已經售罄。

And on top of that, we continue to see healthy order demand: 198 net orders in the first quarter, and a little more than 160 of those were in the narrowbody arena.

最重要的是，我們繼續看到健康的訂單需求：第一季度有 198 份淨訂單，其中略多於 160 份是在窄體機領域。

So we see heavy demand.

所以我們看到了巨大的需求。

We think the MAX is well placed.

我們認為 MAX 的位置很好。

And if we choose to proceed with the MAX 10, I think it only adds to the strength of our portfolio in the narrowbody marketplace.

如果我們選擇繼續使用 MAX 10，我認為這只會增加我們在窄體機市場的產品組合的實力。

The widebody marketplace, as you know, remains a bit more mixed, but still some fundamental strength there.

如您所知，寬體機市場仍然比較複雜，但仍有一些基本優勢。

Our focus there is on filling out the 777 bridge over the next couple of years and, as we talked earlier, filling out the skyline to 14 a month for the 787 and thinking through the timing of that.

我們在那裡的重點是在接下來的幾年裡填滿 777 橋，正如我們之前所說，將 787 的天際線填滿到每月 14 架，並考慮時間安排。

We still see the widebody market as fundamentally strong as well and a big replacement cycle coming at the start of the next decade.

我們仍然認為寬體機市場的基本面也很強勁，並且在下一個十年之初將出現一個大的更換週期。

And with the 787 and 777 families, in particular, we are well positioned for that next wave of orders in widebodies.

尤其是 787 和 777 系列，我們已準備好迎接下一波寬體機訂單。

And don't forget, over the next 20 years, we still see a total need for more than 39,000 new airplanes around the globe, and we're continuing to see strong passenger traffic growth, in particular.

不要忘記，在接下來的 20 年裡，我們仍然看到全球對 39,000 多架新飛機的總需求，而且我們將繼續看到客運量的強勁增長，尤其如此。

Now it's only one quarter, but 8.8% passenger growth in the first quarter this year, again, just speaks to the fundamental strength of the marketplace.

現在只有一個季度，但今年第一季度 8.8% 的乘客增長再次說明了市場的基本實力。

And we're going to be very mindful about our rate ramp-up.

我們將非常注意我們的利率上升。

We're going to do it profitably.

我們要做的是盈利。

We're going to keep supply and demand in balance.

我們將保持供需平衡。

But with 5,700 aircraft in backlog, we have the opportunity to continue to grow cash delivery and earnings delivery over the long term.

但由於積壓了 5,700 架飛機，我們有機會在長期內繼續增加現金交付和收益交付。

We're going to do that year-over-year while we continue to invest in the future and play this as a long-term, sustained growth business, not a cyclical business.

我們將逐年這樣做，同時繼續投資未來並將其作為一項長期、持續增長的業務，而不是周期性業務。

Our next question is from Cai Von Rumohr with Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Cai Von Rumohr。

So in the first quarter, the 787 deferred amortization increased by about $100 million sequentially.

因此在第一季度，787 的遞延攤銷環比增加了約 1 億美元。

And I believe, at one point, you'd said in the fourth quarter that you expected it to be relatively flat in the first part of the year.

而且我相信，在某個時候，您曾在第四季度說過您預計今年上半年會相對平穩。

And it did it, really, a weaker mix, I guess, with the -10 being introduced in the mix.

它做到了，真的，一個較弱的混音，我猜，在混音中引入了 -10。

Maybe give us some color on what should happen to the trend in that deferred if you do not increase the block size.

如果您不增加塊大小，也許可以給我們一些關於延遲趨勢應該發生什麼的顏色。

Yes.

是的。

I mean, Cai, we're expecting it to continue to improve.

我的意思是，蔡，我們期待它繼續改進。

And again, it's really around those 3 fundamentals in, certainly productivity, but mix.

再一次，它確實圍繞著這 3 個基本要素，當然是生產力，但要混合。

And bringing the -10 in smoothly, as we've talked a lot about bringing the -9 and how important that was, -10 is very similar.

並順利引入 -10，因為我們已經討論了很多關於引入 -9 及其重要性的內容，-10 非常相似。

And just as an early indicator, we're on unit 3 in the factory, or at least the data I have off unit 3. And that unit cost is in line with the -9 already, so -- I mean, that kind of level of performance and really going back into the overall strategy on commonality in that design and really leveraging that technology on derivative platforms is really -- we're seeing that hitting the factory floor.

作為早期指標，我們在工廠中使用第 3 單元，或者至少是我從第 3 單元獲得的數據。單位成本已經與 -9 一致，所以 - 我的意思是，那種性能水平並真正回到該設計中通用性的總體戰略，並真正在衍生平台上利用該技術——我們看到它正在進入工廠車間。

So those are good early indicators of, again, a smooth transition, which will ultimately help with the flow and the unit cost.

因此，這些都是順利過渡的良好早期指標，最終將有助於流量和單位成本。

So obviously, that's a key element, getting the mix improved.

很明顯，這是一個關鍵因素，可以改善混音。

And then, of course, the supplier step-down.

然後，當然，供應商降級。

So as we move into these next blocks, we've got supplier step-down as well as that favorable mix and then the productivity.

因此，當我們進入下一個區塊時，我們已經減少了供應商以及有利的組合，然後是生產力。

So all of that, as we move through these blocks, will continue to improve, so therefore, you'll see that in the overall deferred.

因此，當我們通過這些塊時，所有這些都將繼續改進，因此，您會在整體延遲中看到這一點。

And we'll go to Howard Rubel with Jefferies.

我們將與 Jefferies 一起去 Howard Rubel。

Dennis, your risk tolerance and mine are sometimes different.

丹尼斯，你的風險承受能力和我的有時不同。

And as I look at sort of the variability we've seen in Tanker and at Network & Space Systems, I'd like for you, for a moment, to kind of talk about how you're managing that risk.

當我審視我們在 Tanker 和 Network & Space Systems 中看到的某種可變性時，我想請您暫時談談您是如何管理這種風險的。

And there's 2 contexts.

並且有 2 個上下文。

One is that if we back out the R&D and the costs related to the Tanker and we look at commercial margins, they're flattish or down a little bit, and yet you've got a lot of productivity in the factory.

一個是，如果我們取消與 Tanker 相關的研發和成本，我們看看商業利潤率，它們持平或略有下降，但工廠的生產力很高。

So where is that going?

那要去哪裡呢？

And then second, as you think about these -- as you think about ongoing and new programs, T-X as one case, and new opportunities in space, how are you going to take some of the bumps out of the road?

其次，當你考慮這些時——當你考慮正在進行的和新的項目時，以 T-X 為例，以及太空中的新機會，你將如何消除道路上的一些障礙？

Howard, first of all, on Tanker, while we did see cost growth in the quarter, as we noted, that cost growth is well bounded, and it's clearly in the initial production aircraft as we get to production configuration stability.

霍華德，首先，在油輪上，雖然我們確實看到了本季度的成本增長，但正如我們所指出的那樣，成本增長是有限的，而且隨著我們達到生產配置穩定性，它顯然是在初始生產的飛機上。

And while we're doing everything we can to drive that to closure, just getting to concurrent designs and consistency in the configuration across all the airplanes has taken us a little more time than we expected.

雖然我們正在竭盡全力推動它走向終結，但僅僅在所有飛機上實現並發設計和配置一致性就花費了我們比預期更多的時間。

I will say it's very clear to us, the flight testing with more than 1,600 hours is going very well.

我會說我們非常清楚，1600多個小時的飛行測試進行得非常順利。

The airplane is performing as expected.

飛機的性能符合預期。

We have not discovered any new technical issues and are clearly converging on technical risk closure and getting to the finish line.

我們沒有發現任何新的技術問題，並且很明顯正在收斂技術風險並到達終點線。

And so while none of us are happy with the cost growth, we're clearly converging on the program and expect to deliver those first 18 Tankers.

因此，雖然我們都對成本增長不滿意，但我們顯然正在集中精力執行該計劃，並期望交付首批 18 艘油輪。

We're also making the investments for the future with the expectation that, that will be a long-term profitable line for us.

我們也在為未來進行投資，期望這將成為我們的長期盈利線。

We know how to build that airplane, and the investments we're making now to get configuration stability in the production line will produce profitability for the long run.

我們知道如何製造那架飛機，我們現在為獲得生產線配置穩定性而進行的投資將產生長期盈利能力。

So I remain very confident in the Tanker program in terms of its long-term value.

因此，就其長期價值而言，我仍然對 Tanker 計劃充滿信心。

We still see a marketplace there that's 400-plus aircraft.

我們仍然看到那裡有 400 多架飛機的市場。

And we have the right airplane for the customers.

我們為客戶提供合適的飛機。

Now more broadly, we've taken some of those lessons from our Tanker program and other development programs and have rolled those into our Development Program Excellence initiative that we've deployed on subsequent programs.

現在更廣泛地說，我們已經從我們的 Tanker 計劃和其他開發計劃中汲取了一些經驗教訓，並將它們融入了我們部署在後續計劃中的卓越發展計劃計劃中。

And we are seeing good signs of progress there.

我們在那裡看到了良好的進展跡象。

I think you see it in the MAX program, for example, as that airplane is delivering a little ahead of schedule and a little under budget on a good, steady development program.

例如，我認為您在 MAX 計劃中看到了這一點，因為該飛機在良好、穩定的開發計劃中比計劃提前了一點，而且預算也有點低。

We're seeing similar great results coming out of the 787-10, and that airplane getting to flight test a month ahead of schedule.

我們看到 787-10 取得了類似的出色成果，並且該飛機提前一個月進行了飛行測試。

We're seeing similar progress on 777X, and we're applying those same best practices to future programs like T-X, as you mentioned, and using some of our advanced prototyping to leverage that.

我們在 777X 上看到了類似的進展，並且我們正在將這些相同的最佳實踐應用於未來的項目，如您提到的 T-X，並使用我們的一些高級原型設計來利用它。

So we're deploying those lessons learned, and we are committed to being able to deliver development programs consistently on schedule and on cost.

因此，我們正在部署這些經驗教訓，我們致力於能夠按時按成本持續交付開發計劃。

It's one of my key focus areas at the corporate level.

這是我在公司層面的重點關注領域之一。

Our next question is from Rob Spingarn with Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 Rob Spingarn。

Guys, I wanted to go back to -- this is really the tail end to Ron's question about the supply chain and the life cycle opportunity, and given your margin push to the mid-teens and competitive aircraft pricing market and your recent in-sourcing of certain components like wings at the composite wing center, which, I guess, is enabled by important increases in automation capability, I wanted to ask about the long-term prognosis for the Tier 1 suppliers.

伙計們，我想回到——這真的是羅恩關於供應鍊和生命週期機會的問題的尾聲，考慮到你們將利潤推向了十幾歲的中期和競爭激烈的飛機定價市場，以及你們最近的內包某些部件，如復合材料機翼中心的機翼，我想這是通過自動化能力的重要提高實現的，我想問一下一級供應商的長期預測。

And maybe I'd ask it this way: if you look at your overall business, both commercial and defense combined, what's your current make-versus-buy ratio?

也許我會這樣問：如果你看看你的整體業務，包括商業和國防，你目前的製造與購買比率是多少？

And how would we think about a target for that 10 years from now?

我們將如何考慮從現在起 10 年的目標？

Well, roughly, at the total level, it's about 60% to 70% outsourced to in-sourced.

嗯，粗略地說，在總體水平上，大約有 60% 到 70% 外包給內包。

And maybe I'll give you my perspective, and then certainly Dennis will have one.

也許我會給你我的觀點，丹尼斯肯定會有一個。

But I mean, as far as the Tier 1s go, I think it just goes back to the market.

但我的意思是，就一級而言，我認為它只是回歸市場。

As we look at the 39,000 airplanes that are out there and if we can continue to compete to win as a team, then I think everybody benefits as a result of that.

當我們審視現有的 39,000 架飛機時，如果我們能夠作為一個團隊繼續競爭取勝，那麼我認為每個人都會因此受益。

So I think there's plenty of work out there, but we just got to stay focused on improving the overall performance in cost elements across the board and put ourselves in a position to win every time.

所以我認為還有很多工作要做，但我們必須繼續專注於全面提高成本要素的整體績效，並讓我們每次都能獲勝。

And if we win every time, then Tier 1, 2, 3, everybody wins as a result of that.

如果我們每次都贏，那麼第 1、2、3 層，每個人都會因此而贏。

But just staying aligned and understanding where we have inefficiencies and how do we work as a team to really overcome those is going to be the continued focus.

但是，保持一致並了解我們效率低下的地方以及我們如何作為一個團隊真正克服這些問題將成為持續關注的焦點。

Greg and Rob, those are the fundamentals behind our Partnering For Success program and how we're working with the supply chain more broadly.

Greg 和 Rob，這些是我們合作成功計劃背後的基礎，以及我們如何更廣泛地與供應鏈合作。

So we are thinking through future supply chain architecture.

所以我們正在思考未來的供應鏈架構。

We're engaging at the Boeing enterprise level, not at the single-program level.

我們在波音企業層面參與，而不是在單一項目層面。

I think that makes us more efficient as a company, better for our supply chain as well.

我認為這使我們公司更有效率，對我們的供應鏈也更好。

And that's going to allow us to drive productivity and cost-effectiveness, both inside our 4 walls as well as inside our supply chain.

這將使我們能夠在我們的 4 堵牆內以及我們的供應鏈內提高生產力和成本效益。

Where we need to, we will build selective vertical capability so that we can further drive costs down and value up for our customers.

在我們需要的地方，我們將建立選擇性的垂直能力，以便我們可以進一步降低成本並為我們的客戶增加價值。

And in some cases, we may decide to create additional new sources of competition if we need to.

在某些情況下，如果需要，我們可能會決定創造更多新的競爭來源。

So we are very focused about winning in the marketplace, and we'd like to do that in partnership with our supply chain.

所以我們非常專注於在市場上取勝，我們希望與我們的供應鏈合作來做到這一點。

And that's the whole design behind our Partnering For Success initiative.

這就是我們合作成功計劃背後的整體設計。

As Greg said, there is plenty of market growth opportunity for us to all be successful, and as long as we stay aligned on objective, we can do that.

正如 Greg 所說，我們有很多成功的市場增長機會，只要我們在目標上保持一致，我們就能做到。

So Dennis, understanding that, it's clear that not everybody on the supply side buys into or is able to agree to a Partnering for Success construct.

所以丹尼斯明白這一點，很明顯並不是供應方的每個人都購買或能夠同意合作成功的結構。

So is it still fair to say that over time, the make percentage will rise even though the overall -- I understand Greg's point.

那麼，隨著時間的推移，儘管總體而言，成功率會上升，這是否仍然公平——我理解格雷格的觀點。

The pie is going to get bigger, so everybody can benefit.

蛋糕會越來越大，這樣每個人都可以受益。

But it sounds like the portion that Boeing will do in-house will rise.

但聽起來波音公司將在內部完成的部分將會增加。

That will be determined over the longer run, Rob.

從長遠來看，這將是確定的，Rob。

We certainly have the capacity to do that, and we'll make selective decisions around that equation.

我們當然有能力做到這一點，我們將圍繞這個等式做出有選擇的決定。

Our decision on the 777X to build the wing in-house is a focused, strategic decision.

我們對 777X 內部建造機翼的決定是一項重點突出的戰略決策。

I announced earlier some of the other vertical capabilities that we're investing in.

我早些時候宣布了我們正在投資的其他一些垂直能力。

We think those are places where we can add new value.

我們認為這些是我們可以增加新價值的地方。

So there will be some places where that work will shift to an internal make.

因此，在某些地方，這項工作將轉移到內部製作。

There may be some other places where we might decide to go outside and buy.

可能還有其他一些地方我們可能會決定去外面買。

So there will be puts and takes, all aligned with the strategy of being a global industrial champion and having a supply chain for the future.

因此，將有進取心，所有這些都與成為全球工業冠軍和擁有未來供應鏈的戰略保持一致。

So that outcome is not predetermined, but it is an outcome that's based on partnership with our supply chain and both Boeing and our supply chain making the right investments for the future and committing to being cost-competitive for the future.

所以這個結果不是預先確定的，但它是一個基於與我們的供應鏈合作的結果，波音和我們的供應鏈都為未來做出正確的投資，並致力於在未來具有成本競爭力。

And our next question is from George Shapiro with Shapiro Research.

我們的下一個問題來自夏皮羅研究中心的喬治夏皮羅。

Yes.

是的。

A couple of questions.

幾個問題。

Greg, how did period expenses and fleet support costs in the quarter compare to last year?

格雷格，本季度的期間費用和機隊支持成本與去年相比如何？

And also, could you explain why the unit profit was so much lower than the program this quarter despite having a $300 million benefit to deferred?

此外，您能否解釋為什麼本季度的單位利潤遠低於該計劃，儘管有 3 億美元的收益要遞延？

Yes, yes.

是的是的。

No problem, George.

沒問題，喬治。

Yes, the difference there, we delivered 2 of the early builds on the 87, and so that certainly impacted the program versus unit.

是的，不同之處在於，我們在 87 上交付了 2 個早期版本，因此這肯定會影響程序與單元的對比。

And then the other element in there is we've got some end-of-line NGs that are also impacting the quarter.

然後那裡的另一個因素是我們有一些終端 NG 也影響了這個季度。

Going back to the early builds just for a second, we've got 3 left.

暫時回到早期構建，我們還剩下 3 個。

They're sold, and we got 3 left to deliver, and we'll be done with those by the end of the year.

它們已售出，我們還剩下 3 個要交付，我們將在年底前完成這些。

So we're getting to the endgame on those.

所以我們要結束這些了。

But that's really what was the moving pieces primarily in the quarter.

但這確實是本季度主要的移動部分。

As far as -- there is some puts and takes, frankly, George, around the period expense.

至於 - 坦率地說，喬治在期間費用周圍有一些看跌期權。

I mean, we had a little bit better performance around the R&D, and it really was performance in that.

我的意思是，我們在研發方面的表現要好一些，而且確實是這方面的表現。

And then we had some movement around, in particular, in fleet support.

然後我們有一些動作，特別是在艦隊支持方面。

But other than that, I'd say teams, again, they're not leaving any rock unturned in looking for opportunities to drive more efficiency, and you saw some of that in the quarter.

但除此之外，我要說的是團隊，他們不會不遺餘力地尋找機會來提高效率，你在本季度看到了其中的一些。

So was the fleet support in the period a little higher than last year?

那麼這一時期的機隊支持是不是比去年高了一點？

I mean -- or no?

我的意思是 - 或者不是？

No, no.

不，不。

About the same, okay.

差不多，好吧。

Yes, yes.

是的是的。

But a little better than what we expected or what was originally planned.

但比我們預期的或最初計劃的要好一點。

And the program margin on the 787, you'd mentioned that -- the increased margins across the board.

還有 787 的項目利潤率，你提到過——全面增加的利潤率。

You took some middle-of-the-road position based on whether you'd go to 14 a month or 12?

你是根據每月 14 次還是 12 次來採取中間立場的？

On the guide.

在指南上。

So if you look at the low end of the margin guide at BCA, we're trying to take that into consideration as a hold or delay in a 14 a month, so holding at 12.

因此，如果您查看 BCA 保證金指南的低端，我們正試圖將其視為每月 14 個月的暫停或延遲，因此保持在 12。

And so that's what's considered on that low end of the guide.

這就是指南低端所考慮的內容。

Our next question is from Hunter Keay with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Hunter Keay。

So we've seen some deferrals from some major customers on the 37 side, United, Ryanair, just to name a couple.

因此，我們已經看到 37 方的一些主要客戶的一些延期，如聯合航空、瑞安航空，僅舉幾例。

I'm sure you're still fully bridged on the MAX, but obviously you're almost there anyway.

我確定您在 MAX 上仍處於完全橋接狀態，但顯然您已經快到了。

But as you think about the broader transition over the next couple of years, are some of your more risky delivery position still double-booked?

但是當你考慮未來幾年更廣泛的轉型時，你的一些風險更高的交割頭寸是否仍然被重複預訂？

Or have you kind of used up a little bit of that buffer?

或者你有沒有用完一點緩衝區？

Hunter, we feel very confident in our delivery profile on the 37 line and ramp-up at the MAX.

Hunter，我們對 37 號線的交付情況和 MAX 的提升非常有信心。

As you know, we're stepping up to 47 a month then to 52 and 57, and we are oversold against that profile.

如您所知，我們每月增加到 47 次，然後增加到 52 次和 57 次，並且我們已經超賣了該配置文件。

And it's not unusual for us to have some shifts in our customers, in some cases, deferrals and in some cases, accelerations.

我們的客戶發生一些變化並不罕見，在某些情況下是延期，在某些情況下是加速。

But across the whole profile every year, we're oversold against that profile.

但在每年的整個概況中，我們都超賣了該概況。

So we're very confident in the MAX ramp-up and our ability to ramp up the 737 line overall.

因此，我們對 MAX 的提升以及我們提升整個 737 系列的能力非常有信心。

MAX will represent about 15% to 20% of the deliveries from that line this year.

MAX 將佔該生產線今年交付量的 15% 至 20%。

And the flight test is going well, and we'll begin delivering the MAX here in May.

飛行測試進展順利，我們將在 5 月份開始交付 MAX。

So we remain very confident.

所以我們仍然非常有信心。

And we'll go to Peter Arment with Baird.

我們將和 Baird 一起去 Peter Arment。

Dennis, just talking back on BDS.

丹尼斯，剛剛回話 BDS。

You mentioned some kind of upward bias on a couple of the kind of your key programs.

你提到了一些關鍵項目的某種向上偏見。

Are we -- is there a way to kind of look at it as 2017 should be kind of the trough in kind of the top line and how you're thinking about it?

我們 - 有沒有一種方法可以看待它，因為 2017 年應該是頂線的低谷以及你如何看待它？

Or maybe give us just kind of a longer-term projection, how you're looking at the BDS growth profile.

或者也許給我們一個更長期的預測，你如何看待 BDS 的增長概況。

Yes.

是的。

Generally, Peter, as we look at it, we're seeing a flat to moderately up top line on the defense business over the next 5 years.

一般來說，彼得，正如我們所看到的，我們看到未來 5 年國防業務的收入持平或適度上升。

Some of this is dependent on where we end up on the U.S. defense budget.

其中一些取決於我們最終在美國國防預算中的位置。

As you know, we're still under sequestration.

如您所知，我們仍處於隔離狀態。

It's the law of the land.

這是土地的法律。

And we're hopeful, and there's some signs, that alternatives to sequestration are going to come through as the new baseline.

我們充滿希望，並且有一些跡象表明，封存的替代方案將成為新的基準。

But until that happens, it's hard to say exactly what that future profile will look like.

但在那之前，很難確切地說出未來的情況會是什麼樣子。

I will say what we're hearing from our customers and what we're seeing from the new administration and from the hill are encouraging signs in terms of adding to robustness to the defense budget and selectively growing.

我要說的是，我們從客戶那裡聽到的，以及我們從新政府和山上看到的，在增加國防預算的穩健性和選擇性增長方面都是令人鼓舞的跡象。

You see some of that reflected in funding for our programs, in particular.

你會看到其中一些反映在我們項目的資金中，特別是。

And not only within the defense market, writ large, where we're seeing some strength, but I'll say additional strength within some of our specific programs, like the P-8, like the V-22, the Apache and our fighter lines.

不僅在國防市場，特別是在我們看到一些實力的地方，而且我會說在我們的一些特定項目中的額外實力，比如 P-8，比如 V-22、阿帕奇和我們的戰鬥機線。

And we see reemerging interest in the F-18 Super Hornet as well as the Growler variant, domestically and internationally.

我們看到國內外對 F-18 超級大黃蜂及其“咆哮者”改型的興趣重新出現。

So we have clear opportunities.

所以我們有明確的機會。

I think we have the right products for our customers in terms of capability and value.

我認為我們在功能和價值方面為我們的客戶提供合適的產品。

And we're in the marketplace to compete, and we have opportunities, especially if the U.S. defense budget continues to strengthen.

我們在市場上競爭，我們有機會，特別是如果美國國防預算繼續增加的話。

But I will put that caveat on it.

但我會把這個警告放在上面。

We need to see a long-term, stable, strong defense budget in the U.S.

我們需要看到美國有一個長期、穩定、強勁的國防預算。

Ladies and gentlemen, that completes the analyst question-and-answer session.

女士們，先生們，分析師問答環節到此結束。

(Operator Instructions) I'll now return you to The Boeing Company for introductory remarks by Mr. Tom Downey, Senior Vice President of Corporate Communications.

（操作員說明）現在我將帶您回到波音公司，聽取企業傳播部高級副總裁湯姆·唐尼先生的介紹性發言。

Mr. Downey, please go ahead.

唐尼先生，請繼續。

Thank you.

謝謝。

We will continue with the questions for Dennis and Greg now.

我們現在將繼續向丹尼斯和格雷格提問。

If you have any questions following this part of the session, please use our Media Relations Team number at (312) 544-2002.

如果您在會議的這一部分之後有任何問題，請撥打我們的媒體關係團隊電話 (312) 544-2002。

Operator, we're ready for the first question.

接線員，我們準備好了第一個問題。

(Operator Instructions)

（操作員說明）

And first, we'll go to Julie Johnsson with Bloomberg.

首先，我們將與彭博社一起去朱莉約翰森。

Dennis, on -- could you just walk us through your thinking on workforce and how best to size the company to its businesses and growth prospects?

丹尼斯，你能否向我們介紹一下你對勞動力的看法，以及如何最好地調整公司規模以適應其業務和增長前景？

Looking back since the end of 2012, I think overall headcount has fallen by about 27,000 people.

回顧 2012 年底以來，我認為總人數減少了約 27,000 人。

And for some people, especially in the Puget Sound region, this is sort of almost feeling like a mass layoff playing out in slow motion.

對於一些人來說，尤其是在 Puget Sound 地區，這感覺就像一場大規模裁員正在以慢動作進行。

At what point are the cuts deep enough?

什麼時候切口足夠深？

Yes, Julie, let me give you a little perspective on that.

是的，朱莉，讓我給你一點看法。

And I think the data you've seen over the last few years reflects the fact that we work in a very competitive marketplace.

我認為你在過去幾年看到的數據反映了我們在一個競爭非常激烈的市場中工作的事實。

And we've talked about the need for global competitiveness and government policies that enable competitiveness.

我們已經討論了對全球競爭力的需求以及促進競爭力的政府政策。

That's why we've been pushing hard on things like Ex-Im Bank reauthorization, trade policy, tax reform policy, all things that will allow us to be more competitive.

這就是為什麼我們一直在努力推進諸如重新授權進出口銀行、貿易政策、稅收改革政策等所有能讓我們更具競爭力的事情。

We are having to deal with a lot of competitive realities in the marketplace.

我們不得不應對市場上的許多競爭現實。

And we've also committed as a company that, while we compete today, we need to invest for the future.

作為一家公司，我們還承諾，在我們今天競爭的同時，我們需要為未來投資。

And some of the tough affordability actions we've had to take have been necessary so we can continue to fuel our R&D and our innovation machine for the future.

我們必須採取的一些艱難的負擔得起的行動是必要的，這樣我們才能繼續為未來的研發和創新機器提供動力。

So those are kind of the framing statements and strategies around our workforce.

因此，這些是圍繞我們員工隊伍的框架聲明和策略。

Now while we have had workforce reductions over the last few years, we're also very mindful about doing that in a way that's respectful to our team and continues to invest in talent for the future.

現在，雖然我們在過去幾年中裁員，但我們也非常注意以尊重我們團隊的方式進行裁員，並繼續為未來投資人才。

So we've largely been able to leverage voluntary layoffs and take advantage of natural attrition rather than massive steps.

因此，我們在很大程度上能夠利用自願裁員並利用自然減員而不是大規模裁員。

So I think that diligent incremental approach is the right way to do it.

所以我認為勤奮的增量方法是正確的方法。

It's respectful of our team, and it's a way that allows us to continue to invest in the future.

這是對我們團隊的尊重，也是讓我們能夠繼續投資於未來的一種方式。

And while we've had overall reductions, if you look at the total numbers, I think it's also worth reminding everyone that just over the last couple of years, we've hired more than 11,000 new employees.

雖然我們進行了整體裁員，但如果你看一下總數，我認為還值得提醒大家的是，就在過去的幾年裡，我們僱傭了超過 11,000 名新員工。

And so while we've had net reductions overall, we continue to fill the front end of our talent pipeline, bring the best talent into the company, engage at the high school and collegiate levels, our intern programs, to make sure we're making the right talent investments for the future.

因此，雖然我們總體上出現了淨裁員，但我們繼續填補人才管道的前端，將最優秀的人才帶入公司，參與高中和大學級別的實習生計劃，以確保我們為未來做出正確的人才投資。

So this is a challenging equation for us, but we take it very seriously about investing in talent and treating our people with respect while we drive competitiveness and fuel our future innovation.

因此，這對我們來說是一個具有挑戰性的方程式，但我們非常重視對人才的投資和尊重我們的員工，同時我們推動競爭力和推動我們未來的創新。

Our next question is from Doug Cameron with The Wall Street Journal.

我們的下一個問題來自《華爾街日報》的道格卡梅倫。

I can't sound quite as chirpy as Julie, but I'll do my best.

我聽起來不像朱莉那麼活潑，但我會盡力而為。

I don't remember the last time anyone asked a space question on the call, Dennis, so let's do that for a change.

我不記得上次有人在電話中問過空格問題是什麼時候了，丹尼斯，所以讓我們換個方式吧。

There were reports in the media last week that Apple was a potential coinvestor in your small sat program.

上周有媒體報導稱，Apple 是你們小型 sat 項目的潛在共同投資者。

Can you comment on that?

你能對此發表評論嗎？

And just given all the chatter and noise about the space business over the past 2 years, speculation about AirJet coming and maybe just at a very high level, you could, one, address potential Apple investment; and secondly, at a high level, just how you see the space business developing.

考慮到過去 2 年有關太空業務的所有傳聞和喧囂，以及關於 AirJet 即將到來且可能處於非常高水平的猜測，你可以，一，解決潛在的 Apple 投資；其次，在高層次上，您如何看待太空業務的發展。

Yes.

是的。

Doug, let me take a cut at that, and I'm not going to comment on any specific partnerships or engagements we have.

道格，讓我插話一下，我不會對我們擁有的任何具體合作夥伴關係或約定發表評論。

We are engaged with many, many industry partners across the space spectrum.

我們與整個太空領域的許多行業合作夥伴進行了合作。

So rather than comment on that, let me give you just a little bit of framing on where we're headed.

因此，與其對此發表評論，不如讓我簡單介紹一下我們的發展方向。

We do see the space business broadly as a long-term growth business for us.

我們確實將太空業務廣泛視為我們的長期增長業務。

That includes the satellite business, both the satellite product lines and the services, and that plays into both the commercial and the defense or military marketplace.

這包括衛星業務，包括衛星產品線和服務，並且涉及商業和國防或軍事市場。

We've made investments in that area, like our 702MP midsize bus, our SP small bus as well as new microsatellites.

我們已經在該領域進行了投資，例如我們的 702MP 中型巴士、我們的 SP 小型巴士以及新的微型衛星。

We're now the only company in the world that has all-electric propulsion satellites on orbit serving commercial customers, and we still see significant demand for commercial communications bandwidth.

我們現在是世界上唯一一家在軌道上為商業客戶提供全電力推進衛星的公司，我們仍然看到對商業通信帶寬的巨大需求。

And that's part of what's driving the future marketplace.

這是推動未來市場的部分原因。

And you've seen interest in that commercial bandwidth from a lot of parties.

你已經看到很多方面對商業帶寬的興趣。

You mentioned Apple, but there are many others who are interested in commercial bandwidth for the future.

你提到了 Apple，但還有很多其他人對未來的商業帶寬感興趣。

You've probably noted our recent license filings for spectrum in that arena, again, for the opportunity to service a number of customer opportunities downstream.

您可能已經註意到我們最近在該領域提交的頻譜許可申請，再次是為了有機會為下游的許多客戶機會提供服務。

So we're going to continue to selectively invest in our satellites business as a growth area.

因此，我們將繼續有選擇地投資我們的衛星業務作為一個增長領域。

Now we also see human space exploration as an opportunity for the long term, programs like the Space Launch System for NASA, our work on Commercial Crew and continuing to make the right investments, partnerships in the launch marketplace, including our ULA joint venture.

現在我們也將人類太空探索視為一個長期的機會，例如 NASA 的太空發射系統、我們在商業船員方面的工作以及繼續在發射市場上進行正確的投資、合作夥伴關係，包括我們的 ULA 合資企業。

All of those are important complements for the future.

所有這些都是對未來的重要補充。

So hopefully, that gives you a sense.

所以希望這能給你一種感覺。

Strategically, we see space as a priority.

從戰略上講，我們將空間視為優先事項。

We see it as a business growth area.

我們將其視為業務增長領域。

That business thrives on industrial partnerships, and we're doing that across large and small companies.

該業務在工業合作夥伴關係中蓬勃發展，我們正在為大型和小型公司做這件事。

And we also see that as a great area to attract future talent.

我們也認為這是吸引未來人才的重要領域。

It inspires innovation, and it's a great way for us to draw talent into our company.

它激發創新，是我們將人才吸引到公司的好方法。

Our next question is from Alwyn Scott with Reuters.

我們的下一個問題來自路透社的 Alwyn Scott。

Two-pronged question on tax reform.

稅制改革的兩難問題。

First, I wonder if Boeing is still pressing for border adjustment tax given the outline that we saw today from the administration.

首先，鑑於我們今天從政府那裡看到的概要，我想知道波音公司是否仍在敦促徵收邊境調整稅。

And second, would a cut in the corporate tax rate and incentives to repatriate overseas cash make any difference to Boeing's plans for investment in the United States?

其次，降低公司稅率和鼓勵將海外現金匯回國內是否會對波音在美國的投資計劃產生影響？

The answer to your second question is no, because we don't have any cash offshore other than cash that supports our operations, so we're not in a situation where repatriation is an issue or a priority.

你的第二個問題的答案是否定的，因為除了支持我們運營的現金外，我們沒有任何離岸現金，所以我們不處於遣返成為問題或優先事項的情況。

Broader speaking, we're a supporter of tax reform, and simplifying the tax code as well as getting the rate to a point of being able to compete on a global scale is certainly something that we support.

更廣泛地說，我們是稅制改革的支持者，簡化稅法以及將稅率提高到能夠在全球範圍內競爭的程度當然是我們支持的。

And again, we're looking for efficiency in the tax system as well as rate, and we're working with the administration and those that have, I'll say, the same priorities in mind to help the administration think this through and implement it in a smooth fashion.

再一次，我們正在尋求稅收制度和稅率的效率，我們正在與政府和那些有相同優先考慮的人合作，以幫助政府考慮並實施它以流暢的方式。

But at the highest level, we're a big supporter of tax reform.

但在最高層面，我們是稅制改革的大力支持者。

It's going to drive jobs.

它將推動就業。

It's going to drive the U.S. economy, broadly speaking.

從廣義上講，它將推動美國經濟。

And it's going to allow us to compete in any -- whether -- it doesn't matter what industry you're in.

它將使我們能夠在任何——無論——無論你在哪個行業中競爭。

If you're a global company, it's going to allow you to compete on a global platform, and so we're supportive of that.

如果你是一家全球性公司，它將允許你在全球平台上競爭，所以我們支持這一點。

Next question is from Dominic Gates with The Seattle Times.

下一個問題來自西雅圖時報的多米尼克·蓋茨。

Following up on Julie's employment question, one of the real worries here in the Puget Sound area is, of course, the 777 rate.

繼 Julie 的就業問題之後，Puget Sound 地區真正令人擔憂的問題之一當然是 777 的比率。

And we already have these baked-in reductions that are coming to -- there.

而且我們已經有了這些即將到來的烘焙減少 - 那裡。

And a lot of hope that, that will change rests on the introduction of the 777X, and yet you've talked about an upturn in the widebody market happening in the early part of the next decade.

很多人希望，這將取決於 777X 的推出，但您已經談到了下一個十年初期寬體機市場的好轉。

And that, to me, brings up the question, how soon after 777X starts do you actually bring these rates up to what they were?

對我來說，這提出了一個問題，在 777X 啟動後多久你才真正將這些費率提高到原來的水平？

You're going to be going down to delivering 3.5 a month in 2018, 2019.

您將在 2018 年和 2019 年每月交付 3.5 個。

777X will start delivering in 2020.

777X 將於 2020 年開始交付。

But how many years is it going to take before you're at 7 a month?

但是要過多少年才能達到每月 7 歲？

And what is the impact of that gap on -- what is the likely impact here on the Puget Sound of that gap?

這個差距對這個差距的影響是什麼——這個差距對普吉特灣的可能影響是什麼？

Can you speak about that?

你能談談嗎？

Yes, Dominic, let me frame that up for you.

是的，多米尼克，讓我為你構思一下。

As you know, we're currently at 7 a month, and we've already announced the plan to go to 5 a month in the third quarter of this year.

如您所知，我們目前每月 7 次，並且我們已經宣布計劃在今年第三季度達到每月 5 次。

And in fact, we're already feathering in that into the production plan and into the factory space.

事實上，我們已經將其納入生產計劃和工廠空間。

As we look at filling the 777 bridge over the next couple of years, and I'm talking 2018, 2019 and a little into 2020, and then building on the 777X order book that we already have in place with a firm backlog of 340 aircraft, we see that 5 a month as a floor through the bridge and through the transition.

當我們考慮在未來幾年內填滿 777 橋樑時，我說的是 2018 年、2019 年和 2020 年，然後在我們已經擁有的 777X 訂單簿的基礎上增加 340 架飛機的積壓訂單，我們看到 5 一個月作為一個樓層通過橋和通過過渡。

We'll begin introducing the 777X into final assembly in the factory in 2018.

我們將在 2018 年開始將 777X 引入工廠進行總裝。

So mindful of the fact that, yes, it goes into service in 2020, but it starts to hit the factory space in 2018.

請記住，是的，它在 2020 年投入使用，但它在 2018 年開始進入工廠空間。

So it's important that all of the lead turns on that in terms of supply chain, factory ramp-up and the people to do the job are all in place.

因此，重要的是，在供應鏈、工廠擴產和完成這項工作的人員方面，所有的領先優勢都已到位。

So when we step to the 5 a month later this year, again, that's the floor that we see in the factory in terms of the production line, and then we'll transition from 777 to 777X over the next 2 to 3 years and then be up to full rate as we get into the new decade.

因此，當我們在今年晚些時候升級到 5 代時，同樣，這就是我們在工廠中看到的生產線，然後我們將在接下來的 2 到 3 年內從 777 過渡到 777X，然後在我們進入新的十年時達到全速。

Now where we take that rate in the new decade will be dependent again on how well we do in that marketplace.

現在，我們在新的十年中採取的速度將再次取決於我們在該市場上的表現。

As I said, we see a demand for more than 9,000 widebody aircraft as we get into that big replacement cycle at the start of the next decade.

正如我所說，隨著我們在下一個十年開始時進入大更換週期，我們看到對 9,000 多架寬體飛機的需求。

We think we have the right product lineup with 787s and the 777X, so we're well positioned to take advantage of that marketplace.

我們認為我們擁有 787 和 777X 的正確產品陣容，因此我們已做好充分準備利用該市場。

And we have lead time in place to tailor our production rate as we get into the new decade, depending on how well we compete and win in the marketplace.

隨著我們進入新的十年，我們有適當的準備時間來調整我們的生產率，這取決於我們在市場上競爭和獲勝的能力。

Our next question is from Patti Waldmeir with The Financial Times.

我們的下一個問題來自金融時報的 Patti Waldmeir。

This is a question for Mr. Muilenburg.

這是 Muilenburg 先生的問題。

The congressional Republican leadership just held a press conference today, in which they said that the -- one of the biggest achievements, if not the biggest achievement of the first 100 days of President Trump is deregulation.

國會共和黨領導人今天剛剛舉行了一次新聞發布會，他們在會上表示，特朗普總統上任 100 天以來最大的成就之一，如果不是最大的成就，就是放鬆管制。

Are there any significant ways in which deregulation has affected Boeing in the first 100 days?

在最初的 100 天內，放鬆管制對波音公司有哪些重大影響？

Yes, just to comment on that, one, the overall focus on deregulation and simplifying processes is one that we've been a strong proponent for.

是的，只是評論一下，第一，對放鬆管制和簡化流程的整體關注是我們一直強烈支持的。

And the administration has been very engaged across government agencies and with industry to find ideas and ways and opportunities to simplify and streamline.

政府一直在跨政府機構和行業積極參與，以尋找簡化和精簡的想法、方法和機會。

Things like FAA certification processes is one place that we're seeing some solid progress.

FAA 認證流程之類的事情是我們看到一些穩固進展的地方。

That's helping us more efficiently work through certification on some of our new model aircraft, such as the MAX, as it's going through flight test and entering into service.

這有助於我們更有效地通過對我們的一些新型號飛機（例如 MAX）的認證，因為它正在通過飛行測試並投入使用。

So we're already seeing some benefits there of some of the work that's being done with the FAA.

因此，我們已經看到了 FAA 正在進行的一些工作的一些好處。

In the Defense Department, we're seeing streamlining of the regulations and contractual structures, things like improving the cycle time on foreign military sales, as an example, which is an enabler for us on helicopters and fighters.

在國防部，我們看到了法規和合同結構的精簡，比如改善對外軍事銷售的周期時間，例如，這對我們在直升機和戰鬥機方面是一個推動因素。

We're seeing progress on things like multiyear procurement programs and performance-based logistics.

我們在多年採購計劃和基於績效的物流等方面看到了進展。

I mentioned some examples of that earlier.

我之前提到過一些例子。

So these are things that are clearly working to our benefit broadly as an industry.

因此，這些顯然對我們整個行業都有利。

I think it's also worth pointing out the progress on Ex-Im Bank reauthorization.

我認為還值得指出進出口銀行重新授權的進展。

To me, that's a very big step.

對我來說，這是非常大的一步。

It has a regulatory element as well as a trade element to it.

它具有監管要素和貿易要素。

But for some time, we have not had the Ex-Im Bank fully operating, even though it had been reauthorized by supermajorities on both sides of the hill.

但一段時間以來，我們還沒有讓美國進出口銀行全面運作，儘管它已經得到山坡兩邊絕大多數人的重新授權。

The fact that we didn't have a board quorum has left the bank unable to execute at full volume.

事實上，我們沒有達到董事會法定人數，這導致銀行無法滿負荷執行。

And with the recent nomination of 2 board members, we're hopeful that soon we'll see a fully operational board and fully operational Ex-Im Bank and not only to the benefit Boeing but to our 13,000-plus companies that are in our U.S.-based supply chain and other industries.

最近任命了 2 名董事會成員，我們希望很快就能看到一個全面運作的董事會和全面運作的進出口銀行，這不僅有利於波音公司，也有利於我們在美國的 13,000 多家公司。基於供應鍊等行業。

Ex-Im Bank is a big enabler for jobs growth across big and small companies.

Ex-Im Bank 是大公司和小公司就業增長的重要推動力。

So those are a few concrete examples.

這些是一些具體的例子。

We're encouraged by the progress, encouraged by the conversations and look forward to a continued focus in this area.

我們對進展和對話感到鼓舞，並期待繼續關注這一領域。

Our next question is from Jon Ostrower with CNN.

我們的下一個問題來自 CNN 的 Jon Ostrower。

Dennis, can you drill down on your thinking on the NMA business case?

丹尼斯，你能深入談談你對 NMA 商業案例的看法嗎？

Customers, particularly on the leasing side of (inaudible) airplane, with a cost that's effectively coming in somewhere below $70 million to $75 million.

客戶，尤其是（聽不清）飛機租賃方的客戶，其成本實際上低於 7000 萬至 7500 萬美元。

When you look at the combination of manufacturing, flying technology and the aftermarket, what's the weight you're assigning each of those levers when you're looking at the business model and getting that price tag down?

當你審視製造、飛行技術和售後市場的組合時，當你審視商業模式並降低價格標籤時，你為每個槓桿分配的權重是多少？

Have you figured out yet how to make a profit on selling your sub-$75 million 797?

您是否想出如何通過出售低於 7500 萬美元的 797 獲利？

And kind of in that same vein, when you look back on the inception of the 87 business model, what kind of leadership controls have you put in place at the CEO level to ensure you're getting a realistic business plan that looks like it does 15 years after you get started?

同樣地，當你回顧 87 商業模式的開始時，你在 CEO 層面實施了什麼樣的領導控制來確保你得到一個看起來像它的現實商業計劃開始工作 15 年後？

Jon, first of all, it's important that we start with the customer here.

喬恩，首先，我們從這裡的客戶開始很重要。

So our primary focus right now is engaging with our customers and understanding their future needs.

因此，我們現在的主要重點是與客戶互動並了解他們未來的需求。

We are looking at different potential price points in the marketplace, different capacities, range, seat capacity, a whole range of options for our customers.

我們正在研究市場上不同的潛在價格點、不同的容量、範圍、座位容量以及為我們的客戶提供的一系列選擇。

So we haven't finalized that nor have we finalized a price point for the airplane.

所以我們還沒有最終確定，也沒有最終確定飛機的價格點。

Now regardless of where we end up there and whether we decide to launch, in parallel, we're doing our due diligence on business case opportunities that gets into reducing development cost.

現在，無論我們在哪裡結束，也不管我們是否決定同時啟動，我們都在對商業案例機會進行盡職調查，以降低開發成本。

This is all the work we're doing on step-function reduction in development cost and the Development Program Excellence initiative I mentioned earlier.

這就是我們在逐步降低開發成本和我之前提到的卓越開發計劃計劃方面所做的所有工作。

It gets into production cost reduction, leveraging the work that we're doing on all of our product lines today, selective automation in our factory spaces; as an example, all the work we're doing on second-century design and manufacturing.

它可以降低生產成本，利用我們今天在所有產品線上所做的工作，在我們的工廠空間中進行選擇性自動化；例如，我們在二世紀的設計和製造方面所做的所有工作。

It also gets into life cycle value and how we think about services.

它還涉及生命週期價值以及我們如何看待服務。

So as we think about the potential business case, we're evaluating all of those elements of the life cycle and how that can best serve our customers and best enable us to compete in the marketplace.

因此，當我們考慮潛在的業務案例時，我們正在評估生命週期的所有這些要素，以及如何最好地為我們的客戶服務並最好地使我們能夠在市場上競爭。

And we're doing this together as a team.

我們作為一個團隊一起做這件事。

To your point, my leadership team across the entire enterprise, all of our functional expertise across supply chain, engineering, operations, finance, our talent pool, our businesses, all of the capabilities we have, this is a shared enterprise effort as we think about how do we position The Boeing Company to be a global industrial leader for our second century.

就你而言，我在整個企業的領導團隊，我們在供應鏈、工程、運營、財務、我們的人才庫、我們的業務以及我們擁有的所有能力方面的所有職能專長，正如我們認為的那樣，這是企業共同努力關於我們如何將波音公司定位為第二個世紀的全球工業領導者。

And the opportunity here in terms of building this business case will help us in that transformation journey as well.

就構建此業務案例而言，這裡的機會也將幫助我們進行轉型之旅。

So you can bet we're going to be diligent about that.

所以你可以打賭我們會為此努力。

We're going to build a business case that makes sense for our company in the long term and adds value for our customers.

我們將建立一個對我們公司長期有意義並為我們的客戶增加價值的商業案例。

And our decisions on whether or not we launch will be dependent on that vigorous business case.

而我們是否推出的決定將取決於那個充滿活力的商業案例。

And we'll go to Gillian Rich with Investor's Business Daily.

我們將與投資者商業日報一起去 Gillian Rich。

So my question is about what specific lessons did you guys learn from the Tanker issues and how they relate to the 737 MAX and the T-X?

所以我的問題是你們從 Tanker 問題中吸取了哪些具體教訓，以及它們與 737 MAX 和 T-X 有何關係？

I think to put that in a capsule, what we've learned is that, as we think through detail design integration where, for the first time, we're building a military product highly modified in our commercial product line, we see huge cost advantages to bringing that capability in line and in our production models.

我想把它放在一個膠囊中，我們了解到的是，當我們通過詳細設計集成進行思考時，我們第一次在我們的商業產品線中構建高度修改的軍用產品，我們看到了巨大的成本將這種能力帶入我們的生產模型中的優勢。

But around the edges of that, things like systems installation, wiring installation, the details that go into concurrently designing and building and how to do that most efficiently, those are the lessons that we're learning, and those are now getting applied to our next stage of development programs.

但圍繞著它的邊緣，諸如係統安裝、佈線安裝、同時進行設計和構建的細節以及如何最有效地做到這一點，這些都是我們正在學習的課程，現在正在應用於我們的下一階段的發展計劃。

Again, the work we've done on Tanker, while we haven't executed the development program as well as we would like to, it's leading to a high-value product for our customers.

同樣，我們在 Tanker 上所做的工作，雖然我們沒有像我們希望的那樣執行開發計劃，但它正在為我們的客戶帶來高價值的產品。

We're still going to deliver these first 18 airplanes early in the next year, and it's going to provide long-term value to the U.S. Air Force.

我們仍將在明年初交付首批 18 架飛機，它將為美國空軍提供長期價值。

So it's a long-term franchise program.

所以這是一個長期的特許經營計劃。

And as we learn lessons in development programs, we pick those up and we apply them across our enterprise.

當我們在發展計劃中吸取教訓時，我們會吸取教訓並將其應用到整個企業中。

It makes us better and more competitive for the future.

它使我們在未來變得更好，更具競爭力。

That concludes our earnings call.

我們的財報電話會議到此結束。

Again, for members of the media, if you have further questions, please call our Media Relations Team at (312) 544-2002.

同樣，對於媒體成員，如果您還有其他問題，請致電 (312) 544-2002 聯繫我們的媒體關係團隊。

Thank you.

謝謝。