波音 (BA) 2017 Q4 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to The Boeing Company's Fourth Quarter 2017 Earnings Conference Call. Today's call is being recorded. The management discussion and slide presentation plus the analyst and media question-and-answer sessions are being broadcast live over the Internet.

感謝您的支持。大家好，歡迎參加波音公司2017年第四季財報電話會議。今天的通話正在錄音。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透過網路現場直播。

At this time, for opening remarks and introductions, I'm turning the call over to Ms. Maurita Sutedja, Vice President of Investor Relations for The Boeing Company. Please go ahead.

現在，我將把開場白和介紹交給波音公司投資者關係副總裁 Maurita Sutedja 女士。請繼續。

Thank you, and good morning. Welcome to Boeing's Fourth Quarter 2017 Earnings Call. I'm Maurita Sutedja. And with me today is Dennis Muilenburg, Boeing's Chairman, President and Chief Executive Officer; and Greg Smith, Boeing's Chief Financial Officer and Executive Vice President of Enterprise Performance & Strategy. After management comments, we will take your questions. (Operator Instructions) .

謝謝，早安。歡迎參加波音公司 2017 年第四季財報電話會議。我是 Maurita Sutedja。今天與我一起出席的還有波音公司董事長、總裁兼執行長丹尼斯‧米倫伯格 (Dennis Muilenburg) 和波音公司財務長兼企業績效與策略執行副總裁格雷格‧史密斯 (Greg Smith)。管理層發表評論後，我們將回答您的問題。（操作員指令）。

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

我們在今天的新聞稿中提供了詳細的財務信息，您可以透過我們的網站 boeing.com 關注廣播和演示。

Before we begin, I need to remind you that any projections and goals in our discussions 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. 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.

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，這在我們的新聞稿、各種 SEC 文件和簡報中的前瞻性聲明免責聲明中都有詳細說明。此外，我們建議您參閱我們的收益報告和介紹，以了解我們在討論績效和前景時使用的非公認會計準則指標的揭露和調節。

Now I will turn over the call to Dennis Muilenburg.

現在我將把電話轉給丹尼斯·米倫堡。

Thank you, Maurita, and good morning. Let me begin today with a brief overview of our 2017 operating performance, followed by an update on the business environment and our expectations going forward. After that, Greg will walk you through the details of our financial results and outlook.

謝謝你，毛里塔，早安。今天，我先簡單概述我們 2017 年的經營業績，然後介紹目前的商業環境和我們對未來的期望。之後，格雷格將向您介紹我們的財務業績和前景的詳細資訊。

Now let's move to Slide 2. Thanks to the dedicated efforts of employees throughout our company, Boeing delivered 2017 financial results that included record earnings, record cash flow and record commercial aircraft deliveries. Furthermore, all 3 of our businesses increased their backlog in 2017. We sharpened our focus on profitable, sustained, long-term growth strategies; disciplined execution of our production and development programs; delivering greater life cycle value, including growing our services business; and driving further quality and productivity gains across the enterprise. We also demonstrated our commitment to our customers in the ongoing investment in our people and our business while, once again, returning significant value to our shareholders.

現在讓我們看投影片 2。由於全公司員工的共同努力，波音公司 2017 年的財務業績取得了創紀錄的盈利、創紀錄的現金流和創紀錄的商用飛機交付量。此外，我們所有三家企業的積壓訂單在 2017 年均有所增加。我們更重視獲利、持續、長期的成長策略；嚴格執行我們的生產和開發計劃；提供更大的生命週期價值，包括發展我們的服務業務；並推動整個企業的品質和生產力進一步提高。我們也透過持續投資於我們的員工和業務，展現了我們對客戶的承諾，同時再次為我們的股東帶來了巨大的價值回報。

For the full year, we generated record operating cash flow of $13.3 billion. We repurchased 46.1 million shares for $9.2 billion and made dividend payments totaling $3.4 billion in 2017. In December, we reinforced our commitment to returning value to shareholders since our Board of Directors authorized a new $18 billion share repurchase program and a 20% increase in our quarterly dividend. The increase is a part of our balanced cash deployment strategy and reflects the confidence we have in our strong line of products and services and our long-term outlook for the business.

全年我們創造了創紀錄的 133 億美元經營現金流。2017 年，我們回購了 4,610 萬股股票，耗資 92 億美元，並支付了總計 34 億美元的股息。12 月，我們董事會批准了一項新的 180 億美元股票回購計劃，並將季度股息提高 20%，這進一步加強了我們為股東帶來回報的承諾。此次成長是我們平衡現金配置策略的一部分，反映了我們對強大的產品和服務系列以及對業務長期前景的信心。

Turning to our core operating performance for the year. Boeing Commercial Airplanes reported revenue of $56.7 billion, driven by record 763 deliveries, including the delivery of the first 74 737 MAX airplanes. This was our sixth consecutive year of leadership in airplane deliveries.

談談我們今年的核心營運表現。波音商用飛機公司報告營收為 567 億美元，這得益於創紀錄的 763 架飛機交付，其中包括首批 74 架 737 MAX 飛機的交付。這是我們在飛機交付方面連續第六年保持領先地位。

Net new commercial airplane orders were a healthy 912 and brought our robust backlog to a new record of more than 5,800 airplanes, which equates to about 7 years' production at current rates. Key commercial airplane milestones in 2017 included the successful launch of the 737 MAX 10 and the smooth transition of 737 production lines as we met our MAX delivery expectations while increasing production to 47 airplanes per month. Also in the year, we completed the first flight of the 787-10. Earlier this month, the 787-10 received an amended-type certification from the FAA, clearing the airplane for commercial service. We plan to deliver the first 787-10 to our launch customer, Singapore Airlines, in March. The 777X development program remains on track as well as we began production of the first 777X flight test airplane.

淨新增商用飛機訂單量達到 912 架，創下了 5,800 多架飛機的新紀錄，以目前的速度計算，這相當於約 7 年的產量。2017 年商用飛機的關鍵里程碑包括 737 MAX 10 的成功推出以及 737 生產線的平穩過渡，我們滿足了 MAX 交付預期，同時將月產量提高到 47 架飛機。同年，我們完成了 787-10 的首飛。本月初，787-10 獲得了美國聯邦航空管理局 (FAA) 頒發的修訂型號認證，獲準投入商業營運。我們計劃在三月向我們的首發客戶新加坡航空交付第一架 787-10。777X 開發計畫仍在順利進行中，我們已開始生產第一架 777X 飛行測試飛機。

Boeing Defense, Space & Security had a solid year, posting healthy revenue and margins and with the team securing some key awards and making progress on critical program milestones, including continued progress on the Tanker program.

波音防務、航太與安全部門今年表現穩健，收入和利潤均表現良好，團隊獲得了一些重要獎項，並在關鍵項目里程碑上取得了進展，包括油輪項目的持續進展。

In the quarter, we received FAA certification for the 767-2C aircraft, verifying that the fundamental design of the KC-46 Tanker is safe and reliable. This is a key building block for the program as it retires risk and builds confidence as we continue our test efforts and work to complete the next phase of certification. We continue to make steady progress closing out technical risk, on the path to final certification and to delivering the first 18 Tankers this year. We remain confident in the long-term value of this franchise. Additionally, the contract to provide the first KC-46 international Tanker to Japan highlights the broader demand and market opportunity we see for this program.

本季度，我們獲得了 767-2C 飛機的 FAA 認證，證實了 KC-46 加油機的基本設計是安全可靠的。這是該計劃的關鍵基石，因為它可以消除風險並建立信心，讓我們能夠繼續進行測試並努力完成下一階段的認證。我們在消除技術風險、獲得最終認證以及今年交付首批 18 艘油輪的道路上繼續取得穩步進展。我們對該特許經營權的長期價值仍然充滿信心。此外，向日本提供第一架 KC-46 國際加油機的合約凸顯了我們對該計劃的更廣泛需求和市場機會。

Across our Defense, Space & Security portfolio, we continue to provide the best value for our customers through innovative solutions, as evidenced by our $10 billion of new orders booked during the quarter, which included a contract to provide 36 advanced F-15 fighters to Qatar.

在我們的國防、太空和安全產品組合中，我們繼續透過創新解決方案為客戶提供最佳價值，本季度我們簽訂的 100 億美元新訂單就是明證，其中包括向卡達提供 36 架先進 F-15 戰鬥機的合約。

Other key milestones for BDS included meeting our commitment to the Missile Defense Agency to have 44 ground-based interceptors in place by the end of 2017 and delivery of the 150th EA-18G Growler to the U.S. Navy.

BDS 的其他重要里程碑包括履行對飛彈防禦局的承諾，在 2017 年底前安裝 44 枚地基攔截器，以及向美國海軍交付第 150 架 EA-18G 咆哮者。

During the quarter, we continued to make progress on the Commercial Crew program as we successfully completed Design Certification Review, which is a requirement prior to docking with the International Space Station.

本季度，我們繼續在商業載人計畫上取得進展，成功完成了設計認證審查，這是與國際太空站對接前的一項要求。

During the year, we reorganized our business to establish Boeing Global Services as we strengthened our focus on capturing value over the life cycle of our products. Since beginning its operation in July of 2017, BGS has continued to win new business, and that highlights the value we bring to our broad range of commercial and government customers.

在這一年中，我們重組了業務，成立了波音全球服務公司，加強了對在產品生命週期內獲取價值的關注。自 2017 年 7 月開始營運以來，BGS 不斷贏得新業務，這凸顯了我們為廣泛的商業和政府客戶帶來的價值。

Key awards included a contract for F-15 sustainment for Qatar, an order for 7 737-800 Boeing Converted Freighters from GECAS, a 787 landing gear exchange agreement with All Nippon and P-8I training agreement for India. These awards highlight the strength of our One Boeing offerings.

主要獎項包括卡達的 F-15 維修合約、通用電氣商業航空服務公司的 7 架 737-800 波音改裝貨機訂單、與全日空的 787 起落架交換協議以及印度的 P-8I 訓練協議。這些獎項彰顯了我們的「一個波音」產品的實力。

Before I close this 2017 recap, I'd like to offer a few thoughts on Embraer and the potential combination announced at the end of last year. We have a long-standing history of collaboration with Embraer spanning multiple decades. We're interested in the business combination because we see strong strategic value and clear synergy in a number of areas, including highly complementary product lines, advanced vertical capabilities, broadening service offerings and leveraging world-class talent and other combined resources. This deal is aligned with our long-term strategy of, first, robust and continuing organic growth investment and returning value to shareholders, complemented by strategic acquisitions that enhance and accelerate our growth plans. Our commitment to balanced cash deployment and returning cash to shareholders remains unchanged. For obvious reasons, we cannot share any more details about the ongoing discussions, but these discussions are productive, and we're continuing to have active dialogue with the key stakeholders.

在結束 2017 年回顧之前，我想就巴西航空工業公司以及去年年底宣布的潛在合併發表一些看法。我們與巴西航空工業公司有著長達數十年的長期合作歷史。我們對此次業務合併很感興趣，因為我們看到了多個領域的強大戰略價值和明顯的協同效應，包括高度互補的產品線、先進的垂直能力、拓寬的服務範圍以及利用世界一流的人才和其他綜合資源。這筆交易符合我們的長期策略，首先是強勁且持續的有機成長投資和股東回報價值，輔以增強和加速我們成長計畫的策略性收購。我們對平衡現金部署和向股東返還現金的承諾保持不變。由於顯而易見的原因，我們無法分享有關正在進行的討論的更多細節，但這些討論富有成效，我們正在繼續與主要利益相關者進行積極對話。

In summary, during what was a momentum building year, we achieved record earnings and cash flow, delivered strong core operating performance and strengthened our business for profitable long-term growth while making strategic investments to accelerate into our second century and returning cash to our shareholders.

總而言之，在勢頭強勁的一年裡，我們實現了創紀錄的盈利和現金流，實現了強勁的核心運營業績，並加強了我們的業務以實現長期盈利增長，同時進行了戰略投資，加速邁入第二個世紀並向股東返還現金。

With that, let's turn to the business environment on Slide 3. We continue to see healthy demand in our commercial, defense, space and services markets. In the commercial airplanes market, airlines continue to report robust profits, and passenger traffic in 2017 grew by more than 7% through November, exceeding the long-term trend of approximately 5%. Also, cargo traffic exceeded 9% growth in 2017 through November, driven by strong trade and industrial production in all regions. As we look to 2018, we expect passenger traffic to grow between 5.5% and 6%. Our global customers continue to recognize the compelling value proposition that our new, more fuel-efficient product family brings to the market. The strong new order activity in 2017 reflected this healthy demand. For 2018, we expect our new order intake to be moderated but still at a very healthy pace.

接下來，讓我們來看看投影片 3 上的商業環境。我們繼續看到商業、國防、太空和服務市場的健康需求。在商用飛機市場，航空公司繼續報告強勁的利潤，截至 11 月，2017 年客運量成長超過 7%，超過了約 5% 的長期趨勢。此外，受各地區貿易和工業生產強勁推動，截至 2017 年 11 月，貨運量成長超過 9%。展望2018年，我們預期客運量將成長5.5%至6%。我們的全球客戶不斷認可我們新的、更省油的產品系列為市場帶來的引人注目的價值主張。2017 年強勁的新訂單活動反映了這種健康的需求。對於 2018 年，我們預計新訂單量將有所放緩，但仍將保持非常健康的速度。

We have also, over the past few years, seen an evolution in key market dynamics that we believe, in the aggregate, are driving greater stability and far less cyclicality for our industry. We see more diverse and balanced demand from a geographical perspective as well as across the spectrum of airline business models. There also is more balanced demand between new airplanes needed for fleet growth and those replacing older aircraft, and we are seeing more consistent and stable customer purchasing patterns. Over the long term, we remain highly confident in our 20-year commercial market outlook, which forecasts demand for approximately 41,000 new airplanes over the next 20 years, comprised of more than 29,500 aircraft in the narrowbody market and approximately 9,100 aircraft in the widebody market. This long-term demand, combined with healthy market conditions and a robust backlog, provides a solid foundation for our planned production rates.

在過去幾年中，我們也看到了主要市場動態的演變，我們相信，總體而言，這些演變正在推動我們行業更加穩定，週期性更低。從地理角度以及航空業務模式來看，我們看到了更多樣化和均衡的需求。機隊成長所需的新飛機和替換舊飛機的需求也更加平衡，我們看到了更一致和穩定的客戶購買模式。從長遠來看，我們對未來 20 年的商用市場前景仍然充滿信心，預測未來 20 年新飛機的需求量約為 41,000 架，其中窄體飛機市場超過 29,500 架，寬體飛機市場約 9,100 架。這種長期需求，加上健康的市場條件和充足的積壓訂單，為我們的計畫生產力奠定了堅實的基礎。

Turning to our product segments, starting with the narrowbody. Our planned production rate for the 737 going to 57 per month in 2019 is based on our backlog of more than 4,600 aircraft and a production skyline that is sold out into early next decade. We continue to assess the upward market pressure on the 737 production rate.

談到我們的產品領域，首先從窄體飛機開始。我們計劃在 2019 年將 737 的生產率提高到每月 57 架，這是基於我們積壓的 4,600 多架飛機訂單以及到下一個十年初將全部售罄的生產計劃。我們持續評估市場對 737 生產力的上行壓力。

In the widebody segment, we have seen steady orders for 787 and 777 airplanes and have high confidence in a meaningful increase in widebody replacement demand early next decade. For the current-generation 777, we received 40 net new orders in the year, bringing the backlog to 102. We continue to make progress on the 777 bridge, as highlighted by the recent orders. As we transition production to the 777X, we expect 777 deliveries of approximately 3.5 per month in 2018 and 2019, as previously announced. While we still have more work to do to fill the remaining 777 production slots based on our progress on maturing commitments into firm orders, managing the skyline and working new campaigns, we continue to believe the rate plan we put in place establishes a floor for the program and supports our production bridge from the current 777 to the 777X. As we look forward to the 777X, we have a strong foundation of 340 orders and commitments that support our plan for ramping up production and delivery of this new aircraft. We also captured nearly 100 orders for the 787 Dreamliner family in 2017, a strong foundation for long-term production. With more than 650 firm orders in our backlog, our plan to increase Dreamliner production to 14 airplanes a month in 2019 is well supported.

在寬體飛機領域，我們看到 787 和 777 飛機的訂單保持穩定，並且對下一個十年初寬體飛機替代需求的大幅增長充滿信心。對於當前一代 777，我們今年收到了 40 份淨新訂單，使積壓訂單達到 102 份。我們在 777 橋上繼續取得進展，最近的訂單就凸顯了這一點。隨著我們將生產轉向 777X，我們預計 2018 年和 2019 年每月將交付約 3.5 架 777 飛機，正如之前宣布的那樣。雖然我們還需要做更多的工作來填補剩餘的 777 生產時段，這取決於我們在將承諾轉化為確定訂單、管理天際線和開展新活動方面的進展，但我們仍然相信，我們制定的費率計劃為該計劃設定了底線，並支持我們從目前的 777 到 777X 的生產橋樑。當我們期待 777X 時，我們擁有 340 架訂單和承諾的堅實基礎，支持我們提高這款新飛機的生產和交付計劃。2017年我們也獲得了近100架787夢幻飛機系列的訂單，為長期生產奠定了堅實的基礎。由於我們積壓的確認訂單超過 650 架，我們將在 2019 年將夢想飛機的產量提高到每月 14 架的計劃得到了有力支持。

Turning to Defense, Space & Security. We continue to see solid demand for our major platforms and programs. While the fiscal year 2018 U.S. federal budget has not been finalized, congressional support for our key BDS programs is strong. We have seen support for funding levels above the President's budget request for a number of programs, including the F-18, CH-47 Chinook, Ground-Based Midcourse Defense, AH-64 Apache, the V-22 and Space Launch System. In addition, just recently, the Missile Defense Agency announced its intention to issue a sole-source contract to Boeing for extension of the Ground-Based Midcourse Defense program. International demand for our defense and space offerings remains high as well, in particular, for rotorcraft, commercial derivatives, fighters and satellites. As I mentioned earlier, we signed a contract to provide 36 advanced F-15 fighters to Qatar, and we're making progress towards completing other previously announced international sales, including 28 F-18 fighter aircraft for Kuwait, up to 40 more Chinook helicopters for Saudi Arabia and the final C-17 for India.

轉向國防、太空和安全。我們繼續看到對我們主要平台和程序的強勁需求。雖然2018財年美國聯邦預算尚未最終確定，但國會對我們關鍵的BDS計畫的支持力度很大。我們看到，許多專案獲得的資金支持都超過了總統的預算要求，其中包括 F-18、CH-47 支奴干、陸基中段防禦系統、AH-64 阿帕奇、V-22 和太空發射系統。此外，就在最近，飛彈防禦局宣布打算向波音公司頒發獨家合同，以延長陸基中段防禦計畫。國際上對我們的國防和航太產品的需求仍然很高，特別是旋翼機、商業衍生產品、戰鬥機和衛星。正如我之前提到的，我們簽署了向卡達提供 36 架先進 F-15 戰鬥機的合同，並且我們正在完成之前宣布的其他國際銷售，包括向科威特提供 28 架 F-18 戰鬥機、向沙烏地阿拉伯提供多達 40 架支奴干直升機以及向印度提供最後一架 C-17。

Our investment in future growth and new sales continues in areas that are priorities for our customers, which is commercial derivatives, rotorcraft, satellites, services, human space exploration and autonomous systems. Much of that investment supports the priority we placed in capturing future franchise programs, where we are also leveraging capabilities and technologies from across the enterprise for the T-X trainer, Ground-Based Strategic Deterrent, unmanned carrier-based MQ-25A and JSTARS Recapitalization, along with several other important opportunities.

我們對未來成長和新銷售的投資將繼續集中在客戶優先考慮的領域，即商業衍生性商品、旋翼機、衛星、服務、載人航太探索和自主系統。大部分投資都支持了我們優先考慮的未來特許經營項目，我們還利用整個企業的能力和技術來實現 T-X 教練機、陸基戰略威懾、無人艦載 MQ-25A 和 JSTARS 資本重組，以及其他幾個重要機會。

Turning to the services sector. We see the $2.6 trillion services market over the next 10 years as a significant growth opportunity for our company. In this market, both our commercial and defense customers remain focused on improving aircraft readiness and availability while driving improved operational efficiencies. The formation of Boeing Global Services by integrating the services capabilities of government, space and commercial sectors into a single customer-focused business allowed us to offer a market-leading portfolio of service solutions that our customers can use to optimize their operations. We aim to grow faster than the average services market growth of 3.5% as we expand our broad services offerings and gain market share.

轉向服務業。我們認為未來 10 年 2.6 兆美元的服務市場對我們公司來說是一個巨大的成長機會。在這個市場中，我們的商業和國防客戶都致力於提高飛機的準備度和可用性，同時提高營運效率。波音全球服務公司將政府、航太和商業領域的服務能力整合為一個以客戶為中心的業務，使我們能夠提供市場領先的服務解決方案組合，我們的客戶可以使用這些解決方案來優化他們的營運。隨著我們擴大服務範圍並贏得市場份額，我們的目標是實現高於服務市場 3.5% 的平均成長率。

Operating as a third business unit at Boeing, BGS provides agile, cost-competitive services to commercial and government customers worldwide. Our Global Fleet Care program that currently has more than 60 airlines operating more than 2,500 enrolled airplanes is an example of where we bring a high-value, low-risk and efficient fleet maintenance operations solution to our customers.

BGS 作為波音公司的第三個業務部門，為全球商業和政府客戶提供靈活、具成本競爭力的服務。我們的全球機隊護理計畫目前已服務 60 多家航空公司，營運超過 2,500 架飛機，這是我們為客戶帶來高價值、低風險和高效的機隊維護營運解決方案的一個例子。

Digital solutions remains a key enabler for us as well, with our portfolio reaching around $1 billion in 2017. This market-leading position helps us empower our customers by leveraging the data coming off their airplanes to drive reduced life cycle cost. This capability, combined with our offerings in parts, maintenance, modifications, logistics support and training, has allowed the BGS business to thrive as the accelerating force across all Boeing's services and support areas. Our focus remains on optimizing the business and expanding our portfolio offerings to position BGS for long term, sustained, profitable growth. Our services expertise, the global reach of our business and our strong customer partnerships have us well positioned to compete and win in this important sector.

數位解決方案仍然是我們的關鍵推動因素，2017 年我們的投資組合價值達到約 10 億美元。這個市場領先地位有助於我們利用飛機的數據來降低生命週期成本，從而增強客戶的能力。這種能力，加上我們在零件、維護、改裝、物流支援和培訓方面的服務，使得 BGS 業務蓬勃發展，成為波音所有服務和支援領域的加速力量。我們的重點仍然是優化業務和擴大我們的產品組合，以使 BGS 實現長期、持續、盈利的成長。我們的服務專業知識、業務的全球影響力以及強大的客戶合作夥伴關係使我們在這一重要領域具有競爭優勢並取得成功。

On a macro level, one significant development that took place in December last year was the enactment of the 2017 Tax Cuts and Jobs Act. The new tax law allows U.S. companies to better compete on the world stage, create more quality jobs for U.S. workers and invest in innovation. For Boeing, this tax reform gives us a stronger foundation for the investment in our future to help us win in the marketplace. The tax reform will have a clear and direct benefit to Boeing, our employees, suppliers, our communities and other stakeholders. As we announced in December, we will make a $300 million investment in corporate giving, workforce development and workplace improvements as a result of the new tax law. We will also make additional investments in innovation, driving new products, new services and new capabilities. Greg will go through the implications of the new tax law in our financial results and outlook in more detail later.

從宏觀層面來看，去年12月發生的重大進展是《2017年減稅與就業法案》的頒布。新稅法使美國公司能夠在世界舞台上更好地競爭，為美國工人創造更多高品質的就業機會並投資於創新。對波音來說，這次稅改為我們未來的投資奠定了更堅實的基礎，有助於我們在市場上獲勝。稅改將為波音公司、我們的員工、供應商、我們的社區和其他利害關係人帶來明顯而直接的利益。正如我們在 12 月宣布的那樣，根據新稅法，我們將在企業捐贈、勞動力發展和工作場所改善方面投資 3 億美元。我們也將增加對創新的投資，推動新產品、新服務和新功能的開發。格雷格稍後將更詳細地闡述新稅法對我們的財務表現和展望的影響。

In summary, with growing markets and opportunities ahead, our team remains intensely focused on growth, innovation and accelerating productivity improvements to fuel our investments in the future.

總之，隨著市場和機會的不斷增長，我們的團隊將繼續高度關注成長、創新和加速生產力改進，以推動我們未來的投資。

With that, Greg, over to you for the financial results.

格雷格，現在請你報告財務結果。

Great. Thanks, Dennis. Good morning, everybody. Let's turn to Slide 4, and we'll discuss our full year results. Revenue for the year was a strong $93.4 billion on record commercial aircraft deliveries, continued growth in services and solid Defense, Space & Security execution. Core earnings per share totaled $12.04 for the full year, another record, reflecting strong operating performance across the company and favorable tax reform impact of $1.74 per share. The tax reform earnings impact primarily resulted from the remeasurement of our net U.S. deferred tax liability in the fourth quarter to reflect the reduction in the federal income tax rate from 35% to 21%.

偉大的。謝謝，丹尼斯。大家早安。讓我們翻到幻燈片 4，討論我們的全年業績。由於商用飛機交付量創歷史新高、服務業務持續成長以及國防、太空和安全業務的穩健執行，全年收入達 934 億美元。全年核心每股收益總計 12.04 美元，再創紀錄，反映了整個公司強勁的經營業績以及每股 1.74 美元的稅改有利影響。稅改對收益的影響主要源自於我們第四季對美國淨遞延稅負債的重新計量，以反映聯邦所得稅率從 35% 降至 21%。

Operating cash flow for the year was also a record at $13.3 billion. The robust cash generation was largely driven by strong operating performance across all businesses.

全年經營現金流也創下133億美元的紀錄。強勁的現金產生主要得益於所有業務的強勁營運表現。

Let's move now to our quarterly results on Slide 5. Fourth quarter revenue increased to $25.4 billion, driven by growth in all 3 businesses, while core earnings per share grew to $4.80, driven by strong operating performance across the portfolio as well as favorable tax reform impact, as I mentioned, of $1.74 per share.

現在讓我們來看看投影片 5 上的季度業績。第四季營收增至 254 億美元，這得益於所有三大業務的成長，而每股核心收益增至 4.80 美元，這得益於整個投資組合的強勁營運業績以及稅改帶來的有利影響，正如我所提到的，每股收益為 1.74 美元。

Let's now discuss Commercial Airplanes on Slide 6. Our Commercial Airplane business revenue increased to $15.5 billion during the quarter on higher planned production rates and delivery mix. BCA operating margins increased to 11.5% on strong execution across all programs. BCA captured $25 billion in net orders during the fourth quarter, and the backlog remains very strong at $421 billion and now more than 5,800 aircraft, equating to around 7 years of production.

現在讓我們來討論幻燈片 6 上的商用飛機。由於計劃生產率和交付組合的提高，我們的商用飛機業務收入在本季增加到 155 億美元。由於所有專案的強勁執行，BCA 營業利潤率增至 11.5%。BCA 在第四季度獲得了 250 億美元的淨訂單，積壓訂單仍然非常強勁，價值 4,210 億美元，目前已超過 5,800 架飛機，相當於約 7 年的產量。

On the 787 program, we delivered 36 aircraft in the quarter and booked 94 net orders for the year. The deferred production balance declined, as planned, by $591 million in the quarter. Our teams remain focused on improving 787 cash generation, driven by favorable delivery mix, additional supplier step-down pricing and a relentless effort to further drive internal productivity and first-time quality.

在 787 項目方面，我們在本季度交付了 36 架飛機，全年淨訂單量達 94 架。本季遞延生產餘額按計畫減少了 5.91 億美元。我們的團隊繼續專注於提高 787 的現金產生能力，這得益於有利的交付組合、額外的供應商降價以及進一步提高內部生產力和首次品質的不懈努力。

Turning now to Defense, Space & Security results on Slide 7. Fourth quarter revenue increased to $5.5 billion, reflecting higher weapons and rotorcraft deliveries. And operating margins were 10%, driven by performance, slightly offset by mix. During the quarter, BDS won key contract awards worth $10 billion, and our backlog stands at $50 billion, with now more than 40% of that from international customers.

現在轉向幻燈片 7 上的國防、太空和安全結果。第四季營收增加至 55 億美元，反映了武器和旋翼機交付量的增加。營業利益率為 10%，受業績推動，但略受產品組合影響。本季度，BDS 贏得了價值 100 億美元的關鍵合同，我們的積壓訂單價值 500 億美元，其中 40% 以上來自國際客戶。

Turning now to Boeing Global Services results on Slide 8. In the fourth quarter, Global Services revenue increased to $4 billion, reflecting growth across the entire portfolio. Year-over-year growth of 17% for the quarter and 5% growth for the full year met our objective to outpace the average annual service market growth rate of 3.5%.

現在就來看看幻燈片 8 上的波音全球服務業績。第四季度，全球服務收入增加至 40 億美元，反映了整個投資組合的成長。本季年增 17%，全年成長 5%，達到了我們的目標，即超過服務市場 3.5% 的平均年增長率。

BGS operating margin was strong at 15.4%, reflecting solid execution, offset by mix in the quarter. BGS results were a testament to the team's focus on achieving top line growth while maintaining disciplined execution. The key wins during the quarter underscore the strength of our One Boeing offerings to our customer.

BGS 營業利潤率高達 15.4%，反映出穩健的執行力，但被本季的產品組合所抵銷。BGS 的表現證明了團隊專注於實現營收成長，同時保持嚴格的執行力。本季的關鍵勝利凸顯了我們向客戶提供「一個波音」服務的實力。

Let's turn now to cash flow on the next Slide 9, please. Operating cash flow for the fourth quarter and full year was strong at $2.9 billion and $13.5 billion, respectively. The results were driven by strong operating performance across the enterprise. Cash generation will continue to be a top priority going forward. In fact, half of our employee incentive score is based on cash flow to ensure that we are fully aligned to this important objective across the company.

現在讓我們轉到下一張投影片 9 上的現金流量。第四季和全年的營運現金流強勁，分別為 29 億美元和 135 億美元。這一業績得益於整個企業強勁的營運表現。現金創造仍將是未來的首要任務。事實上，我們員工激勵分數的一半是基於現金流，以確保我們在整個公司範圍內完全符合這一重要目標。

Now turning to Slide 10. In 2017, we repurchased $9.2 billion of Boeing stock and paid $3.4 billion in dividends. As Dennis mentioned earlier, in December last year, we reinforced our commitment to returning value to shareholders as our Board of Directors authorized the new $18 billion share repurchase program and a 20% increase to our quarterly dividend. Our continued balanced cash deployment activity reflects our ongoing confidence in the long-term outlook for our business. Balanced and prudent cash deployment is a product of our consistent focus on shareholder value and disciplined cash management. Since the end of 2012, we returned approximately $40 billion to our shareholders through dividend and repurchases. During this period, we raised our dividend by over 250% and reduced our share count by more than 205 million shares and significantly reduced volatility and risk around our pension through freezing our plans and pre-funding efforts. While executing these, we also continue to invest in key strategic areas to ensure our long-term sustained growth for Boeing, prudently and strategically manage our R&D and capital expenditures to create value for our customers and for our shareholders. We will continue to expect operating cash flow to grow annually through the end of the decade, and we remain committed to returning approximately 100% of our free cash flow to investors while continuing to invest in future growth opportunities.

現在翻到投影片 10。2017年，我們回購了價值92億美元的波音股票，並支付了34億美元的股利。正如丹尼斯之前提到的，去年 12 月，我們董事會批准了新的 180 億美元股票回購計劃，並將季度股息提高 20%，這進一步加強了我們為股東帶來回報的承諾。我們持續平衡的現金部署活動反映了我們對業務長期前景的持續信心。均衡、審慎的現金配置是我們始終關注股東價值和嚴格現金管理的成果。自2012年底以來，我們透過股利和回購向股東返還了約400億美元。在此期間，我們將股息提高了 250% 以上，將股票數量減少了 2.05 億多股，並透過凍結計畫和預先籌資努力，顯著降低了退休金的波動性和風險。在執行這些目標的同時，我們也持續在關鍵策略領域進行投資，以確保波音的長期持續成長，審慎且策略性地管理我們的研發和資本支出，為我們的客戶和股東創造價值。我們將繼續預期到本世紀末，經營現金流將逐年成長，我們將繼續致力於將約 100% 的自由現金流返還給投資者，同時繼續投資於未來的成長機會。

Let's now move to cash and debt balances on Slide 11. We ended the quarter with $10 billion of cash and marketable securities and stable debt levels and credit ratings. Our cash position, once again, provides us flexibility to invest in innovation and profitable growth opportunities while returning value back to our shareholders.

現在讓我們轉到投影片 11 上的現金和債務餘額。本季末，我們擁有 100 億美元的現金和有價證券以及穩定的債務水平和信用評級。我們的現金狀況再次為我們提供了靈活性，可以投資於創新和獲利成長機會，同時為股東帶來價值回報。

Let's now turn to Slide 12, and we'll discuss our outlook for 2018. Building on the strong performance we posted in 2017, our guidance for 2018 reflects improved core operating performance, additional productivity capture and, as we long discussed, growing cash flows. The guidance incorporates the estimated benefit of the tax reform on earnings and cash flow, net of additional investments that we will make as a result of the new tax law. The guidance also includes the impact of adopting the new revenue recognition and pension postretirement accounting standards, which came into effect January 1, 2018.

現在我們翻到第 12 張投影片，討論一下我們對 2018 年的展望。基於我們在 2017 年取得的強勁業績，我們對 2018 年的預期反映了核心營運業績的改善、生產力的進一步提升以及我們長期討論的現金流的成長。該指南包含了稅改對收益和現金流的預期收益，扣除了我們根據新稅法進行的額外投資。該指南還包括採用2018年1月1日生效的新收入確認和退休金退休後會計準則的影響。

Our expected effective tax rate for 2018 is approximately 16%. The 2 primary drivers for the difference between this rate and the new federal rate of 21% are, one, being the R&D credit and due to our considerable investments in innovation and new technologies that allow us to bring market-leading products and services to our customers. And the other key element is the deduction as a result of selling our products and services to non-U. S. customers while creating intellectual capital -- intellectual property, excuse me, and manufacturing of our products here in the United States. Obviously, we're still in the early stages of the implementation of the new tax law, and therefore, we may refine our estimate's impact of the future quarters, and we'll update you accordingly.

我們預計 2018 年的有效稅率約為 16%。這項稅率與新的聯邦稅率 21% 之間的差異主要有兩個驅動因素：一是研發信貸，二是我們在創新和新技術方面的大量投資，使我們能夠為客戶帶來市場領先的產品和服務。另一個關鍵因素是向非美國客戶銷售我們的產品和服務而獲得的抵扣。美國客戶，同時創造知識資本－智慧財產權，對不起，以及在美國製造我們的產品。顯然，我們仍處於新稅法實施的早期階段，因此，我們可能會完善對未來幾季的影響的估計，並會相應地向您更新。

As I mentioned, we have adopted the new revenue recognition standard as of January 1, 2018 to meet the required implementation timing under U.S. GAAP. Under this new standard, contracts that previously recognized revenue based on deliveries or performance milestones will now recognize revenue as costs are incurred. It will not change the total amount of revenue recognized, only accelerate the timing of when the revenue is recognized. The change in revenue standard will not affect cash flows. The new standard primarily impacts our defense contracts, including certain military derivative aircraft contracts in our BCA business. It will not, however, impact revenue recognition for commercial airplane contracts in BCA.

正如我所提到的，我們已於 2018 年 1 月 1 日起採用新的收入確認標準，以滿足美國公認會計準則規定的實施時間。根據這項新標準，以前根據交付或績效里程碑確認收入的合約現在將在發生成本時確認收入。它不會改變確認的收入總額，只會加快收入確認的時間。收入準則的變更不會影響現金流。新標準主要影響我們的國防合同，包括我們的 BCA 業務中的某些軍用衍生飛機合約。但它不會影響 BCA 中商用飛機合約的收入確認。

The new pension and postretirement accounting standard involves reclassification of certain pension and benefit items from our operating to nonoperating. The adoption of the new standard has no impact on our sales, core earnings, cash flows or liabilities. And for comparison purposes, as part of this earnings release, we have provided restated 2017 and 2016 financial information, incorporating the adoption of these new accounting standards.

新的退休金和退休後會計準則涉及將某些退休金和福利項目從經營項目重新分類為非經營項目。採用新標準對我們的銷售額、核心收益、現金流量或負債沒有影響。為了進行比較，作為本收益報告的一部分，我們提供了重述的 2017 年和 2016 年財務信息，其中納入了這些新會計準則的採用。

Revenue for 2018 is forecasted to be between $96 billion and $98 billion, largely reflecting higher planned 737 production and growth in Defense, Space & Security and services, which is more than offset by the planned 777 volume -- lower 777 volume as we transition to the 777X. We continue to expect revenue growth over the remainder of the decade and additional commercial production rate increases planned as we deliver on our robust backlog and execute on our Defense, Space & Security and services growth strategies.

預計 2018 年的收入將在 960 億美元至 980 億美元之間，這主要反映了計劃中的 737 產量增加以及國防、航太與安全以及服務的增長，但這被計劃中的 777 產量所抵消——隨著我們向 777X 過渡，777 的產量會降低。隨著我們完成大量積壓訂單並執行國防、太空與安全和服務成長策略，我們預計未來十年剩餘時間的收入將持續成長，商業生產力也將進一步提高。

Core earnings per share guidance for 2018 is set to be between $13.80 and $14 per share on higher volume, improved productivity and affordability and the impact of tax reform. Operating cash flow for 2018 is forecasted to increase by $1.7 billion to be approximately $15 billion, largely driven by the following: improving 787 cash generation, higher 737 production and improved Tanker profile, partially offset by the cash impact from the 777 investments and planned 777 lower volume. At the same time, the net impact of higher cash tax payments is incorporated. And although we have a benefit from a lower effective tax rate, our cash tax payments will still increase compared to the prior period as our unit profitability continues to improve on the 787 program.

由於銷售量增加、生產力和可負擔性提高以及稅制改革的影響，2018 年每股核心收益預期將介於 13.80 美元至 14 美元之間。預計 2018 年的營運現金流將增加 17 億美元，達到約 150 億美元，主要受以下因素推動：787 現金產生能力提高、737 產量提高以及油輪狀況改善，但 777 投資和 777 計劃產量降低帶來的現金影響部分抵消了這一影響。同時，也納入了更高現金稅款的淨影響。儘管我們從較低的有效稅率中受益，但隨著 787 項目的單位獲利能力不斷提高，我們的現金稅款支付仍將比上一時期增加。

Capital spending is forecasted to be approximately $2.2 billion, returning to our more normalized level and includes the timing shift of some expenditures that were expected in 2017. Our 2018 Commercial Airplane revenue guidance is set to be between $59.5 billion and $60.5 billion. And as we've previously discussed, this largely is based on the higher deliveries on 737 program, offset by the planned lower 777 volume. The ramp-up of the 737 MAX production continues, and we expect 737 MAX to account for between 40% and 45% of our total 737 deliveries in 2018. In all, BCA is expected to deliver between 810 and 815 airplanes for the full year.

預計資本支出約為 22 億美元，恢復到我們更正常的水平，並包括 2017 年預計的一些支出的時間變化。我們預計 2018 年商用飛機收入將在 595 億美元至 605 億美元之間。正如我們之前所討論的，這主要是基於 737 計劃的交付量增加，但被計劃中的較低 777 產量所抵消。737 MAX 產量持續增加，我們預計 737 MAX 將佔 2018 年 737 總交付量的 40% 至 45%。總體而言，BCA 預計全年將交付 810 至 815 架飛機。

Commercial Airplanes operating margin guidance is greater than 11% on improved operating performance that more than offset the impact of the lower 777 volume. The margin guidance also reflects all planned production rate increases.

商用飛機的營運利潤率預期高於 11%，因為營運績效的改善足以抵消 777 銷量下降的影響。利潤率指導也反映了所有計劃的生產力成長。

Defense, Space & Security revenue guidance for 2018 is between $21.5 billion and $22.5 billion, reflecting the sale of our last C-17, increased weapons volume and strength of our overall international fighter business. Operating margin guidance for our defense business is approximately 11% based on continued productivity efforts across the portfolio.

2018 年國防、太空與安全收入預期在 215 億美元至 225 億美元之間，反映了我們最後一架 C-17 的銷售、武器數量的增加以及我們整體國際戰鬥機業務的實力。基於整個投資組合持續的生產力努力，我們國防業務的營業利潤率預期約為 11%。

Global Services revenue guidance is between $15 billion and $15.5 billion with operating margins of approximately 15.5%. And as we've discussed, we aim to grow faster than the average service market growth of 3.5% as we expand our broad service offerings and gain market share while maintaining and growing overall profitability.

全球服務收入預期在 150 億美元至 155 億美元之間，營業利潤率約為 15.5%。正如我們所討論的，我們的目標是在擴大廣泛的服務範圍、獲得市場份額的同時，保持並提高整體盈利能力，從而實現高於 3.5% 的平均服務市場增長率。

We expect research and development spending to increase to approximately $3.7 billion in 2018, with around 70% related to BCA as we invest in future growth, while BDS and BGS also continue to invest in key strategic opportunities. This R&D spending forecast also includes the timing shift of some expenditures that were planned in 2017.

我們預計 2018 年研發支出將增至約 37 億美元，其中約 70% 與 BCA 有關，因為我們投資於未來成長，而 BDS 和 BGS 也將繼續投資於關鍵策略機會。此次研發支出預測還包括2017年計畫的一些支出的時間調整。

Tax reform certainly provides a stronger foundation for us to make additional investments in our business, such as R&D. Our funding will continue to be focused on core programs; key future franchises; productivity enablers such as automation; and capabilities to further expand our vertical content, life cycle capture and other key growth areas such as autonomy. We will continue to make the required investments in innovation and technology to ensure our products and services continue to win in the marketplace. And going forward, we expect our overall R&D spending as a percentage of revenue to be relatively stable.

稅制改革無疑為我們在業務上進行額外投資（例如研發）提供了更堅實的基礎。我們的資金將繼續集中在核心專案、未來的關鍵特許經營權、自動化等生產力推動因素以及進一步擴展我們的垂直內容、生命週期捕獲和其他關鍵成長領域（如自主性）的能力。我們將繼續在創新和技術方面進行必要的投資，以確保我們的產品和服務繼續在市場上獲勝。展望未來，我們預期整體研發支出佔營收的百分比將相對穩定。

While our organic investment remains the primary engine for our growth, we continue to look for opportunities to partner with other industry players in investments that accelerate our life cycle value strategy and vertical content, as we demonstrated by the joint -- recent joint venture with Adient for seats announced earlier this month.

雖然我們的有機投資仍然是我們成長的主要引擎，但我們仍在尋找機會與其他行業參與者合作進行投資，以加速我們的生命週期價值策略和垂直內容，正如我們本月早些時候宣布的與 Adient 成立的合資座椅企業所證明的那樣。

Consistent with prior years and given the seasonality of our business, as we look into the next quarter, we expect first quarter revenue to be the lowest of the year for revenue. Core earnings per share is estimated to be approximately 15% of full year earnings, and Q1 operating cash flow forecast to be approximately 10%, again, driven by the timing of receipts and expenditures and the seasonality of our business.

與往年一致，考慮到我們業務的季節性，展望下個季度，我們預計第一季的收入將是全年最低的。預計每股核心收益約佔全年收益的 15%，第一季營運現金流量預計約為 10%，這也受到收支時間和業務季節性的影響。

So in summary, our core operating engine continues to deliver strong results and increase our momentum for our company. We remain focused on ensuring we continue the seamless ramp-up of Boeing Global Services and leveraging our 3 business unit strategy in the marketplace. And as I mentioned, we'll continue to make prudent, disciplined investments to create value for our customers and our shareholders while, at the same time, set challenging goals and objectives around elements of our operation and support functions tied to profitability and efficiency to generate cash and improve working capital, all with an eye towards profitable growth in the second century and maintaining our commitment to balanced cash deployment and returning value to our shareholders and to our customers.

總而言之，我們的核心營運引擎繼續提供強勁的業績並增強我們公司的動力。我們將繼續致力於確保波音全球服務業務的無縫升級，並在市場上發揮我們的三大業務部門策略。正如我所提到的，我們將繼續進行審慎、嚴謹的投資，為我們的客戶和股東創造價值，同時，圍繞與盈利能力和效率相關的運營和支持職能要素設定具有挑戰性的目標和目的，以產生現金並改善營運資本，所有這些都著眼於第二個世紀的盈利增長，並保持我們對平衡現金部署和為股東和客戶帶來價值回報的承諾。

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

說完這些，我將把話題交還給丹尼斯，請他發表一些結束語。

Thank you, Greg. As I reflect on 2017, this first full year of our second century was a year of strong performance and record results on many different fronts, both operational and financial. We would not have been able to do it without the hard work and dedication of our employees and the great partnership we have with our customers. In addition to the stabilizing commercial airplane market dynamics I mentioned earlier in my remarks, we've also taken our own actions to reduce cyclicality in our business, including remaining disciplined in our production rate decisions; derisking our pension liabilities; strategically phasing our research and development spending; creating labor stability with long-term contracts; and expanding our services business, which is also less cyclical. We have executed on our long-term strategy of robust and continuing organic growth investment and returning value to shareholders, complemented by strategic acquisitions that enhance and accelerate our growth plans. As we look to 2018, our teams remain focused on further driving both growth and productivity. As the world's largest commercial airplane maker, our nation's second-largest defense contractor, a global leader in spaceflight and a growing force in life cycle services, we are as optimistic about our future and the future of our industry as we have ever been. 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. Achieving these objectives will require a clear and consistent focus on the profitable ramp-up in commercial airplane production, continuing to strengthen our defense and space business, growing our integrated services business and leveraging the power of our 3 business unit strategy, delivering on our development programs, driving world-class levels of productivity and performance throughout the enterprise to fund innovation and growth, disciplined leading-edge investments and balanced value-creating cash deployment and continuing 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 increasing value for our customers, shareholders, employees and other stakeholders.

謝謝你，格雷格。回顧 2017 年，這是我們第二個百年的第一個完整年份，在營運和財務等許多不同方面都表現強勁、創紀錄。如果沒有我們員工的辛勤工作和奉獻精神以及與客戶的良好合作關係，我們就不可能做到這一點。除了我在前面的發言中提到的穩定商用飛機市場動態之外，我們還採取了自己的行動來減少業務的周期性，包括在生產力決策中保持紀律；降低退休金負債風險；策略性地分階段安排研發支出；透過長期合約創造勞動力穩定性；以及擴大我們的服務業務，這些業務的周期性也較低。我們實施了長期策略，即強勁且持續的有機成長投資和為股東帶來價值回報，同時輔以策略性收購，以增強和加速我們的成長計劃。展望 2018 年，我們的團隊將繼續致力於進一步推動成長和生產力。作為世界上最大的商用飛機製造商、我國第二大國防承包商、航太領域的全球領導者以及生命週期服務領域不斷壯大的力量，我們對我們的未來以及我們行業的未來一如既往地樂觀。我們未來的首要任務是利用我們獨特的「一個波音」優勢，不斷增強實力，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成長和生產力努力方面的進展步伐。實現這些目標需要我們明確並持續關注商用飛機生產的盈利增長，繼續加強我們的國防和航太業務，發展我們的綜合服務業務，並利用我們的三大業務部門戰略的力量，實現我們的發展計劃，推動整個企業的世界級生產力和績效水平以資助創新和成長，嚴謹的前沿投資和平衡的價值創造現金配置，並繼續發展和保持業內最好的團隊和人才，所有這些都使波音能夠繼續保持市場領先地位，實現持續的營收和利潤增長，並為我們的客戶、股東、員工和其他利益相關者創造更多價值。

With that, we'd be happy to take your questions.

我們很樂意回答您的問題。

(Operator Instructions) Our first question is from Carter Copeland with Melius Research.

（操作員指示）我們的第一個問題來自 Melius Research 的 Carter Copeland。

Just a quick clarification and question, Greg. On the [Universe's] program, net differences were small. I wondered if you could just tell us if there was anything on a gross program basis that was significant in that and if you took any margin revisions on the various programs this quarter. And then on Boeing Global Services, you've got some variability around the margin in, at least, the quarterly data that we've seen to date, and you commented about mix having an impact there. Just in terms of understanding the algorithm, the profit algorithm here, how much variability should we expect in those sorts of numbers? And how much mix impact could we see quarter to quarter in that business? Just help us understand that one, if you would.

只是一個快速的澄清和問題，格雷格。在[Universe]計劃中，淨差異很小。我想知道您是否可以告訴我們，從總體計劃來看，這其中是否存在任何重要的事情，以及您是否對本季度的各個計劃進行了任何利潤率修訂。然後，關於波音全球服務公司，至少從我們迄今為止看到的季度數據來看，利潤率存在一些差異，您評論說組合對此產生了影響。僅從理解演算法、這裡的利潤演算法的角度來看，我們應該預期這些數字會有多大的變化？我們可以看到該業務每季的混合影響有多大？如果您願意的話，請幫助我們理解這一點。

Yes. No, that's -- it's a good question because, you're right, it's obviously -- considering the type of portfolio and the contract and the number of contracts, you are going to see variability just through whether customer mix or product offering mix quarter-over-quarter. But I think the ranges that you've seen it in and as we've kind of restated the numbers, you get a good sense of kind of where it operates. But on a quarterly -- quarter-to-quarter basis, yes, you're going to see some variability in there. But I would tell you that the team's very focused as we brought these units together. And we've talked about this prior is the cost structure. And so they're not only are kind of working on what they're offering in the marketplace, but they're also working across the enterprise on the synergy opportunities as they bring the defense and the commercial, say, backroom services together there. So Carter, the objective here, obviously, is to grow the margin profile, but you're going to see variability just because of the nature of the business. I don't know if you had anything you want to add there. Yes, on program margin, we had a couple of moving pieces. We had the last early build 787 delivered and then we had a couple of the 737 test aircraft inflow for the fourth quarter. But other than that, we had margin expansion across all BCA programs.

是的。不，這是個好問題，因為你是對的，顯然，考慮到投資組合的類型、合約的數量，你會看到無論是透過客戶組合還是產品組合，季度環比都會出現變化。但我認為，根據您所看到的範圍以及我們重申的數字，您可以很好地了解它的運作方式。但從季度來看，是的，你會看到其中的一些變化。但我想告訴你，當我們把這些單位聚集在一起時，團隊非常專注。我們之前討論過成本結構。因此，他們不僅致力於在市場上提供自己的產品，而且還在整個企業範圍內努力尋找協同機會，將國防和商業，例如幕後服務整合在一起。因此，卡特，這裡的目標顯然是提高利潤率，但由於業務性質的原因，你會看到變化。我不知道您是否還有什麼要補充的。是的，在程式裕度方面，我們有幾個移動的部分。我們交付了最後一架早期製造的 787 飛機，然後在第四季又有幾架 737 測試飛機投入使用。但除此之外，我們所有 BCA 項目的利潤率都有所擴大。

And Carter, the only thing I'd add on the BGS front, as you heard both Greg and I said, is we're focused on long-term profitable growth. So while you'll see some variability on margins, depending on particular contracts and customer frameworks, we expect to grow both top and bottom line, and we are focused on that top line growth being profitable growth.

卡特，關於 BGS，我唯一想補充的是，正如你聽到格雷格和我所說的那樣，我們專注於長期獲利成長。因此，儘管您會看到利潤率有所變化，但這取決於特定的合約和客戶框架，我們預計營收和利潤都會成長，並且我們專注於營收成長即獲利成長。

Our next question is from Seth Seifman with JPMorgan.

我們的下一個問題來自摩根大通的 Seth Seifman。

So another question about services. I'm just thinking about growing in excess of the market at 3.5% and looking at maybe 5% this year, which is kind of what we were expecting. But you could grow 5% for a very long time and not get close to $50 billion. And so just wondering if acquisitions are playing a greater role in your longer-term outlook for the services business.

另一個問題是關於服務的。我只是在考慮以 3.5% 的速度超過市場成長率，預計今年的成長率可能會達到 5%，這正是我們所預期的。但你可以在很長一段時間內保持 5% 的成長速度，但也不會接近 500 億美元。所以我想知道收購是否在您對服務業務的長期展望中發揮更大的作用。

Seth, let me take a cut at that one. First of all, you're right, for the total year, we performed at about 5% growth versus 3.5% in the market. We saw a bit of acceleration beyond that in the fourth quarter. Note that we just launched the business in the middle of the year. So we've got 6 months under our belt. So I'd say that's a good start, but a lot of work is still ahead of us. We have set that longer term $50 billion target for growth of this business, achieving that over the next 10 years. We remain very focused on achieving that. We still see organic growth as the primary engine here. And continuing to outpace the market, growing at 5% to 6% a year at the start is a good start. We see some opportunities to accelerate that as we expand our parts business. Our engineering mods and maintenance business has some significant potential. Our training business. And then as we ramp up digital solutions, in particular, we see that as an enabler. Again, we're at the early part of that digital growth. We surpassed the $1 billion milestone just this past quarter in terms of volume in our digital business. That's a market-leading position that still has a lot of headroom. So we see organic growth as our primary engine as we head towards that $50 billion mark. We see an opportunity to complement that with M&A, to your point, but we don't see M&A as the primary growth engine here. It's primarily organic growth with complementary actions. I think a good example of that is the seats JV that we announced with Adient during this past quarter. That's a way for us to generate life-cycle value for our customers. It's something that complements our product line and platform businesses, and it's a services growth enabler for the longer term. But we're going to continue to look for those kind of partnerships or acquisitions to augment our services business. Also, as we build out our vertical capabilities with both organic and inorganic actions, expect those vertical capabilities to transition into life-cycle value or services growth.

塞斯，讓我切一下。首先，您說得對，全年來看，我們的成長率約為 5%，而市場成長率為 3.5%。我們在第四季度看到了一些加速。請注意，我們剛剛在年中啟動了這項業務。我們已經擁有 6 個月的經驗了。所以我想說這是一個好的開始，但我們還有很多工作要做。我們為該業務的成長設定了 500 億美元的長期目標，並計劃在未來 10 年內實現這一目標。我們仍然非常專注於實現這一目標。我們仍然認為有機成長是主要動力。並且繼續領先市場，一開始每年以 5% 到 6% 的速度成長是一個好的開始。隨著我們零件業務的擴大，我們看到了一些加速這一進程的機會。我們的工程改造和維護業務具有巨大的潛力。我們的培訓業務。然後，當我們加強數位解決方案時，我們將其視為一種推動因素。再說一次，我們正處於數位成長的早期階段。就在本季度，我們的數位業務規模突破了 10 億美元的里程碑。這是一個市場領先地位，但仍有很大的發展空間。因此，我們將有機成長視為我們邁向 500 億美元目標的主要動力。正如您所說，我們看到了透過併購來補充這一點的機會，但我們並不認為併購是這裡的主要成長引擎。它主要是有機增長，並採取互補行動。我認為一個很好的例子就是我們上個季度與 Adient 宣布成立的座椅合資企業。這是我們為客戶創造生命週期價值的一種方式。它是對我們的產品線和平台業務的補充，也是長期服務成長的推動力。但我們將繼續尋求此類合作或收購來擴大我們的服務業務。此外，隨著我們透過有機和無機行動來建立我們的垂直能力，預計這些垂直能力將轉變為生命週期價值或服務成長。

Next, we'll go to Doug Harned with Bernstein.

接下來，我們將和伯恩斯坦一起拜訪道格‧哈內德 (Doug Harned)。

I wanted to go back to BCA margins because when you look at guidance, you're guiding to above 11% for '18. That would be the best that, I think, maybe ever. Now when you go there, how do you see the different programs progressing to get you there? And then when you look longer term, out to 2020, you've talked about getting to around 15% margins. Is that still the trajectory you're looking at? And what needs to happen to get you to a target like that?

我想回到 BCA 利潤率，因為當你查看指導時，你指導 18 年利潤率將超過 11%。我認為這可能是有史以來最好的結果。現在當您去那裡時，您認為不同的專案進度如何以幫助您到達那裡？然後，當您放眼更長遠，到 2020 年，您談到要達到 15% 左右的利潤率。這仍然是您所看到的軌跡嗎？那麼需要做些什麼才能達到這樣的目標呢？

Yes, Doug, let me jump on that first and Greg can add some comments on the program specifics. First of all, Doug, that 15% margin target, mid-teens target, remains our clear focus and getting there towards the end of the decade, and we are unwavering in that focus. And I think what you see is this progress along that path in 2017. You see our guidance in 2018 as another step towards that. As we mentioned before, we expect our progress to be steady over a multiyear time frame to achieve that long-term target. That includes actions we're taking throughout the enterprise to reduce our cost structure, market-based actions, reducing every element of our cost structure, both in terms of direct labor costs, but also significantly in our supply chain. We've made some significant progress in our Partnering for Success initiative, but we have more ahead of us than what's behind us. We see that as a significant lever for the future. Balanced R&D deployment and making sure we're continuing to execute on our development programs is another component of that. And then also on the pricing side, ensuring that our pricing is holding up in the marketplace by bringing in the highest value of products. So we're on a solid trajectory. We remain very focused on the end goal here. A lot of hard work to go yet, but it's an achievable target and one that we will relentlessly pursue. Greg, you want to add anything?

是的，道格，讓我先談談這個，格雷格可以對該計劃的具體細節發表一些評論。首先，道格，15% 的利潤率目標，即十五六成的利潤率目標，仍然是我們明確的重點，並將在 2020 年前實現這一目標，我們對此目標堅定不移。我認為，2017 年你們看到的是這條道路上的進展。您會看到我們在 2018 年的指導是朝著這一目標邁出的又一步。正如我們之前提到的，我們預計我們的進展將在多年的時間內穩步推進，以實現這一長期目標。這包括我們在整個企業範圍內採取的降低成本結構的行動、基於市場的行動、降低成本結構的每個要素，不僅包括直接勞動力成本，還包括顯著降低我們的供應鏈成本。我們在「合作共贏」計畫中取得了一些重大進展，但我們面臨的挑戰比過去的挑戰更大。我們認為這是未來一個重要的槓桿。平衡的研發部署和確保我們繼續執行我們的開發計劃是其中的另一個組成部分。然後，在定價方面，透過提供最高價值的產品，確保我們的定價在市場上保持競爭力。因此，我們正走在一條穩固的軌道上。我們仍然非常關注最終目標。雖然還有很多艱苦的工作要做，但這是一個可以實現的目標，也是我們將不懈追求的目標。格雷格，你想補充什麼嗎？

Yes, just maybe a little bit detail on the program. Obviously, we're expecting 787 to improve through time and I think the team has done a great job getting us to this point. But the amount of initiatives that they have in place as they look forward is key to capturing that margin. And I think, again, off to a great start and frankly setting some standards for our company about best practices right down on the factory floor, reducing flow time and improving first-time quality and -- in all aspects of the operation. So that's good, that's obviously going to improve in the mix, Doug, as we've talked about. We'll have a different mix profile on the 787 line that will also be favorable. 737, managing through the implementation of the MAX, team's done a great job. Done a great job, a lot of derisking done upfront, it's really helped us from a margin perspective and just -- and overall, cost objective as we made that transition. And that obviously is off to a great start, and we'll continue that momentum as we get more MAX aircraft in the line. And that's more than offsetting the investments we're making in 777X. And then this transition between the rates on 777 to 777X. So beyond -- and that, beyond -- and then the other things that Dennis mentioned around period costs and the overall broader One Company initiatives where we're leveraging best practices and getting them implemented. And a reminder, we're all on One company score here, and so that's the primary driver. So we're really embedding these best practices and bringing them across, whether it's from space, the fighters to commercial or vice versa, really trying to amp that up because we've got some great practices in segments of our business that we really want to leverage more going forward.

是的，也許只是關於該計劃的一點細節。顯然，我們期待 787 隨著時間的推移而不斷改進，我認為團隊在幫助我們達到這一點方面做得非常出色。但他們展望未來所採取的舉措數量是獲得這項優勢的關鍵。我認為，這是一個很好的開始，坦白說，為我們公司製定了一些標準，包括工廠車間的最佳實踐、減少流動時間、提高首次品質以及營運的各個方面。所以這很好，這顯然會改善混合效果，道格，正如我們所討論的。我們將在 787 系列上採用不同的混合配置，這也是有利的。737，透過實施 MAX 管理，團隊做得非常出色。做得很好，前期完成了很多降低風險的工作，從利潤率的角度來看，這確實對我們有幫助，而且總體而言，在我們進行轉變時，還實現了成本目標。這顯然是一個良好的開端，隨著更多 MAX 飛機投入生產，我們將繼續保持這一勢頭。這遠遠超過了我們在 777X 上所做的投資。然後是 777 和 777X 之間的匯率轉換。除此之外，還有丹尼斯提到的其他事情，涉及期間成本和更廣泛的「一個公司」計劃，我們正在利用最佳實踐並加以實施。提醒一下，我們都關注的是同一家公司的得分，所以這是主要的驅動力。因此，我們確實在嵌入這些最佳實踐並將它們傳播開來，無論是從太空、戰鬥機到商業還是反之亦然，我們確實在努力擴大這些實踐，因為我們在業務的各個領域都有一些很好的實踐，我們真的希望在未來更多地利用這些實踐。

And to Greg's last point there, Doug, we launched Boeing Analytics during the past year, and we're just starting to see some of the benefits of applying those advanced analytics tools across our whole enterprise. That's another way to optimize flows, gain efficiencies in our factories, take out costs. And I think we're just beginning to see the benefits of what those high-powered analytics tools can bring to our overall enterprise operations. So that will be another important ingredient going forward.

關於格雷格的最後一點，道格，我們在去年推出了波音分析系統，我們剛開始看到在整個企業中應用這些高級分析工具的一些好處。這是優化流程、提高工廠效率、降低成本的另一種方法。我認為我們才剛開始看到這些高效能分析工具能為我們的整體企業營運帶來的好處。因此，這將是未來發展的另一個重要因素。

Next we'll go to George Shapiro with Shapiro Research.

接下來我們來談談 Shapiro Research 的 George Shapiro。

One for you, Dennis, and one for Greg. The question for you Dennis is, with the seat venture that you have and you're talking of doing some avionics, do you have an objective as to how much you want to build internally now versus how much you outsource to suppliers and what -- how that mix might change? And then the one for you, Greg, is R&D in '17 was $400 million less than your initial guide. Did all that get shifted into '18? Or was there just some underspending and '18 has some of that for something else?

一個給你，丹尼斯，一個給格雷格。丹尼斯，你的問題是，就你所擁有的座椅業務以及你正在談論的一些航空電子設備而言，你是否有目標，即現在你想在內部生產多少，將多少外包給供應商，以及這種組合將如何變化？然後，格雷格，您要知道的是，2017 年的研發費用比您最初的指導金額少了 4 億美元。所有這些都轉移到 18 年了嗎？或者只是存在一些支出不足的情況，而 18 年將其中一些資金用於其他用途？

George, on your first question regarding the verticals, that strategy is one that we launched this past year, and we focused in on some key areas where we believe deepening our vertical capability will add value for both Boeing and our customers and at the same time, produce a life-cycle value to grow our services business. And so we really begun to focus that in a few areas that we see as needle movers for us. One key area is in actuation. As you noted previously, we've stood up operations at Boeing Sheffield and Boeing Portland to begin building actuators for 777s and 737s. We expect to continue to grow scale in that vertical area. We see avionics as an attractive area, both hardware and software. We stand up at Boeing avionics this past year. That scaled up now to several hundred engineers, and we're working together across the enterprise and with our supply chain in that area. We see interiors selectively in the interiors area as a growth segment, that's where the seats JV comes into play as an example. And so we're going to continue to invest in these vertical areas. We're going to be disciplined about it. We don't intend to be vertical everywhere. But where we can add vertical capability that's valuable for Boeing and customers and creates long-term services value, we're going to invest. And in some cases, that will be done in partnership with existing suppliers. In some cases, we may be looking at shifting more content between internal work in our supply base. Again, we'll do that in a disciplined manner and a way that produces value. Greg, you want to take the second question?

喬治，關於你關於垂直行業的第一個問題，這個策略是我們去年推出的，我們專注於一些關鍵領域，我們相信深化我們的垂直能力將為波音和我們的客戶增加價值，同時產生生命週期價值以發展我們的服務業務。因此，我們真正開始專注於一些我們認為對我們有利的領域。一個關鍵領域是執行。正如您之前提到的，我們已經在波音謝菲爾德和波音波特蘭啟動了生產，開始為 777 和 737 製造執行器。我們期望在該垂直領域繼續擴大規模。我們認為航空電子是一個有吸引力的領域，包括硬體和軟體。去年我們在波音航空電子設備部門站穩了腳步。現在，我們的工程師團隊已擴大到數百名，我們正在整個企業以及該地區的供應鏈中合作。我們將內裝領域的內裝選擇性地視為成長領域，這就是座椅合資企業發揮作用的地方。因此我們將繼續投資這些垂直領域。我們將對此採取紀律措施。我們並不打算在所有地方都採用垂直佈局。但如果我們可以增加對波音和客戶有價值的垂直能力並創造長期服務價值，我們就會進行投資。在某些情況下，這將與現有供應商合作完成。在某些情況下，我們可能會考慮在供應基地的內部工作之間轉移更多內容。再次強調，我們將以嚴謹的方式和創造價值的方式來做到這一點。格雷格，你想回答第二個問題嗎？

Yes, yes. George, your question on R&D. I mean, frankly, it's a little bit of both. I mean, there's some timing that moved into '18, and we've incorporated that, but there was also some underrun. And as you know, this R&D expenditure, all elements of that, we've got very strong discipline and oversight in place. So we are working them. When we talk about affordability, it's -- R&D is a key element of that. So again, a little underspending and then some shifting into '18.

是的，是的。喬治，你的問題是關於研發的。我的意思是，坦白說，兩者都有一點。我的意思是，有些時間已經進入 18 年，我們已經將其納入其中，但也存在一些不足之處。如你所知，對於研發支出及其所有要素，我們都實施了非常嚴格的紀律和監督。所以我們正在努力。當我們談論可負擔性時，研發是其中的關鍵因素。因此，再次出現支出不足的情況，然後進入 18 年。

Okay. If I'm still on, Dennis, could I pin you down just maybe a little bit like seating. Do you have an objective as to how much seating you'd rather supply yourself versus buying from outsiders?

好的。如果我還在的話，丹尼斯，我可以幫你安排座位嗎？您是否有目標，決定自己提供多少座位，而不是從外部購買？

That balance will be determined over time, George. We're going to start by ramping up this joint venture. We know we have some pinch points in the current supply chain, and we can relieve some of those pinch points with this capability. We think we can bring unique value to customers. And the scale of that business will be determined over time. It will be balanced between internal and external capabilities, but we intend to produce value here, and we're very serious about these investments.

喬治，這種平衡將隨著時間的推移而確定。我們將首先擴大這項合資企業。我們知道當前供應鏈中存在一些瓶頸，我們可以利用這種能力來緩解其中的一些瓶頸。我們認為我們可以為客戶帶來獨特的價值。並且該業務的規模將隨著時間的推移而確定。我們將在內部和外部能力之間取得平衡，但我們打算在這裡創造價值，我們對這些投資非常認真。

Next, we go to Sheila Kahyaoglu with Jefferies.

接下來，我們和 Jefferies 一起拜訪 Sheila Kahyaoglu。

I guess, could you comment on working capital assumptions for 2018, how should we think about that and the moving pieces there, and particularly with regards to the 777 inventory impact and any offset to that?

我想，您能否評論一下 2018 年的營運資本假設，我們應該如何看待這一點以及其中的變化，特別是關於 777 庫存的影響及其抵消？

Yes -- no question, Sheila. This is the year where as we go through this transition between 777 and 777X and building the static aircraft as well as the test aircraft. There's more headwind with regards to working capital on 777. That's more than offset by the elements that I talked about where 87 is getting better, 37 production will improve. On top of, I'll say, the productivity initiatives, Tanker, and I mentioned as well. So all of those more than offsetting the inventory build as we work through that transition from 777 to 777X. And then lastly, as I mentioned, even though the tax rate has come down, we are going to pay more cash taxes in 2018 as a result of the improving unit cost performance on the 787. So those are the big moving pieces, but we're very steely eyed on all the elements of working capital. And as I mentioned in my remarks, that this is a top priority for us. And you've seen it in our results, and you're going to continue to see it in our results going forward that we've got, again, everybody diligently focused. And it's on everybody's scorecard around working capital, inventory, payables, receivables. And so we're going to continue to work that engine as we work through these rate transitions, product transitions and rate increases.

是的——毫無疑問，希拉。今年，我們將經歷 777 和 777X 之間的過渡，並建造靜態飛機和測試飛機。777 的營運資金面臨更多阻力。這比我之前提到的 87 個變得更好、37 個生產將會提高的因素所抵消的要多。除此之外，我想說的是，Tanker 和我也提到了生產力措施。因此，當我們從 777 過渡到 777X 時，所有這些都足以抵消庫存的增加。最後，正如我所提到的，儘管稅率已經下降，但由於 787 單位成本表現的提高，我們將在 2018 年繳納更多的現金稅。這些都是重要的變動因素，但我們對營運資本的所有要素都保持著密切關注。正如我在發言中提到的，這是我們的首要任務。您已經從我們的結果中看到了這一點，並且您將繼續從我們未來的結果中看到這一點，我們再次讓每個人都全神貫注。每個人的營運資金、庫存、應付款項、應收款項的記分卡上都有它。因此，在完成這些利率轉換、產品轉換和利率提高的過程中，我們將繼續推動這具引擎。

And just a follow-up. How do we think about advances and the assumptions there?

這只是後續行動。我們如何看待其中的進步和假設？

Yes, not a big impact on advances from 2017 to 2018. Again, there's some moving pieces in there, but certainly not a big contributor to the cash flow profile year-over-year from '17 to '18.

是的，對 2017 年至 2018 年的進展影響不大。再次強調，這其中確實存在一些變動，但肯定不會對 2017 年至 2018 年的現金流狀況產生重大影響。

Our next question is from Pete Skibitski with Drexel Hamilton.

我們的下一個問題來自 Drexel Hamilton 的 Pete Skibitski。

Dennis, just curious on the MAX integration into the 3 lines at -- do you have the MAX on all 3 lines right now? Or maybe not quite yet since it's not half of the total deliveries? And as you're going through that, are you seeing any execution problems at all? Are there yellow or red on the risk register? Or looking now to see any at your suppliers? Just wanted to get more color there given the ramp.

丹尼斯，我只是對 MAX 與 3 條線路的整合感到好奇——你現在在所有 3 條線路上都有 MAX 嗎？或者可能還沒有，因為這還不到總交付量的一半？當您經歷這個過程時，您是否發現任何執行問題？風險登記冊上有黃色或紅色嗎？或者現在想看看您的供應商有什麼？只是想在坡道上獲得更多的顏色。

Yes, Pete, the ramp continues to be right on track. We delivered 74 MAXs during the past year, as Greg mentioned in his comments. As we ramped up, continue to ramp up production overall going from 47 a month to 52 a month this coming year -- or during the rest of 2018 and then 57 a month next year. Those rate planned ramp-ups are continuing on track. This year, we expect deliveries -- MAX deliveries to be about 40% to 45% of the total 737 deliveries. So implementation on the lines on in Renton is right on track. I tell you what, I'm just very impressed by what our 737 team is doing. I had the chance to be out on the line again just recently, and they're implementing productivity improvements, production line flow improvements, tacked-time improvements, all while rolling the MAX into the line. So while it's a challenging situation, it's a high-volume line, fast-moving line. We're continuing to ramp up while we introduce the MAX into the line, and it requires daily focus and daily attention. The ramp-up continues on track, and we're not seeing issues or any problems that are out of the ordinary. And I remain confident that we'll achieve our MAX ramp-up goals for 2018.

是的，皮特，斜坡繼續在正確的軌道上。正如 Greg 在評論中提到的那樣，我們在過去一年中交付了 74 架 MAX。隨著我們產量的增加，今年的產量將從每月 47 輛增加到每月 52 輛——或在 2018 年剩餘時間內增加到每月 52 輛，然後在明年增加到每月 57 輛。那些計劃中的利率上調仍在繼續。今年，我們預計 MAX 的交付量將佔 737 飛機總交付量的 40% 至 45%。因此，倫頓的實施一切順利。我告訴你，我們的 737 團隊所做的事情給我留下了深刻的印象。最近我有機會再次來到生產線，他們正在實施生產力改進、生產線流程改進、追蹤時間改進，同時將 MAX 投入生產線。因此，儘管這是一個充滿挑戰的情況，但這是一條高容量、快速移動的生產線。在將 MAX 引入生產線的同時，我們也不斷增加投入，這需要我們每天的關注和注意。成長仍在繼續，我們沒有發現任何問題或異常情況。我仍然相信我們能夠實現 2018 年 MAX 的成長目標。

That's great. Good to hear. One quick one on the 787-10 certification, congrats on that, number one. And maybe for Greg. Greg, given how you guys have talked about the cost structure on the Dash 10, should we expect to see kind of an immediate improvement to 787 unit margins as that kind of -- gets to be more meaningful part of the mix? Or is it going to take maybe a couple of years before that impacts the end markets?

那太棒了。很高興聽到這個消息。關於 787-10 認證，首先要祝賀你。也許對格雷格來說也是如此。格雷格，考慮到你們對 Dash 10 成本結構的討論，我們是否應該期待看到 787 單位利潤率的立即改善，因為這將成為組合中更有意義的一部分？或者可能需要幾年時間才會對終端市場產生影響？

It's going to take a little bit of time, Pete, as we bring it into the production system and it becomes, I'll say, more heavily weighted versus the overall delivery, so -- but I'll tell you what, I mean, when you look at -- again, to Dennis' point, like 37 MAX implementation, how the team has implemented the Dash 10 in the factory and minimize disruption in that. Remember that objective we had around commonality has really paid off. So as it's transitioning through the factory and the crews are cycling, the amount of disruption is really minimized. And frankly, I would characterize it as a best practice going from one derivative to another. And so that's really going to help the overall margin profile and the flow of the aircraft and all other, I'll say, operational aspects of the business. So they're off to a great start bringing that aircraft into the production system, but you'll see more of that as a weighted -- as the overall deliveries going forward.

皮特，這需要一點時間，因為我們將它引入生產系統，而且我會說，與整體交付相比，它變得更加重要，所以 - 但我會告訴你，我的意思是，當你看 - 再次回到丹尼斯的觀點，比如 37 MAX 的實施，團隊如何在工廠中實施 Dash 10 並最大限度地減少其中的干擾。請記住，我們圍繞共同點所設定的目標確實已經得到了回報。因此，當它在工廠中過渡並且工作人員循環往復時，幹擾程度確實被降到最低。坦白說，我將其描述為從一種衍生品到另一種衍生品的最佳實踐。因此，這確實有助於整體利潤狀況和飛機流量以及所有其他業務運營方面。因此，他們在將這架飛機引入生產系統方面取得了良好的開端，但你會看到，隨著未來整體交付量的增加，這一情況會更加明顯。

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。

There's obviously been a lot out there around middle of the market aircraft and maybe even return of the 767 passenger. Just with tax reform coming through, how does that impact the thinking as far as how you're approaching the middle of the market in particular? And then should we expect some sort of decision this year as to whether or not you're moving forward?

顯然，市場上有許多中階飛機，甚至 767 客機也可能回歸。隨著稅制改革的實施，這對您如何進入中端市場有何影響？那麼我們是否應該期待今年做出某種決定，決定您是否繼續前進？

Rajeev. We continue to have productive discussions with our customers on middle of the market. More than 50 customers have been engaged. We're continuing to expand those discussions. We still see this as an airplane if we launch it as one that would enter into service in the 2024, 2025 time frame, so we haven't made any changes there. As you probably noticed over the last couple of quarters, we did stand up a program management team with Mark Jenks leading the day-by-day program activity. So that's a serious investment on our part as we get more into the details of the program, not only the specifics around the airplane and the systems, but taking a look at production systems and all elements of the business model. We still have time to do the work and determine the business case. We're not going to launch this airplane unless the business case makes good sense for both us and our customers. And we also have some enterprise transformation objectives that we want to achieve as we look at our second-century production and supply chain systems. So all of that is interwoven. We haven't changed the time line. We're going to continue to have a very disciplined process on how we evaluate this, and we still have time to do our homework and make the right decisions. So we're not going to be rushed into a decision here. I will say, with the tax reform, as Greg pointed out, it does increase our ability to invest in innovation and in the future, not only in product lines like the M&A, but also the underlying production and supply chain systems. And that will just help us further solidify the business case. And if we launch, give us even additional confidence.

拉吉夫。我們繼續與中端市場的客戶進行富有成效的討論。已有超過 50 位客戶參與其中。我們正在繼續擴大這些討論。如果我們將其發射出去，我們仍然將其視為一架將在 2024 年、2025 年左右投入使用的飛機，因此我們沒有對此做出任何改變。正如您可能注意到的，在過去的幾個季度中，我們確實成立了一個專案管理團隊，由 Mark Jenks 領導日常的專案活動。因此，這是我們的一項重大投資，因為我們將更加了解該計劃的細節，不僅了解飛機和系統的具體細節，還會了解生產系統和商業模式的所有要素。我們仍有時間開展工作並確定商業案例。除非對我們和我們的客戶都有利，否則我們不會推出這架飛機。當我們展望第二世紀的生產與供應鏈系統時，我們也有一些想要實現的企業轉型目標。所以所有這些都是交織在一起的。我們沒有改變時間線。我們將繼續採用非常嚴謹的流程來評估這一點，我們仍然有時間做好功課並做出正確的決定。所以我們不會倉促做決定。我想說的是，正如格雷格指出的那樣，稅收改革確實提高了我們投資創新和未來的能力，不僅在併購等產品線上，而且在底層生產和供應鏈系統上。這將有助於我們進一步鞏固商業案例。如果我們推出，將會為我們帶來更多的信心。

Operator, we have time for just one more analyst question.

接線員，我們只剩下時間再回答一個分析師的問題了。

That will be from Jon Raviv with Citi.

這是花旗銀行的喬恩·拉維夫 (Jon Raviv) 的發言。

Curious about -- you talked about higher R&D. You also have higher CapEx ticking up a little bit. You went through some timing elements there. What do you see as the long-term trajectory for CapEx? How much of that growth is defense? How much is commercial? I guess, especially on the defense side, where you seeing growth come back in some of those budget markups and words at least out of DCs pointed to even higher growth ahead?

好奇－您談到了更高的研發。您的資本支出也會略有增加。您在那裡經歷了一些時間元素。您認為資本支出的長期發展軌跡是如何的？其中有多少成長是來自國防？商業版多少錢？我想，特別是在國防方面，您會看到一些預算加價出現成長，而且至少來自 DC 的消息表明未來還會有更高的成長？

Yes. Well, right now, obviously, it's predominantly weighted to BCA, really supporting the rate increases that we've talked about. And at the same time, I would say there's some enterprise initiatives and business initiatives around investments in things like automation and lean -- I'll say, lean efforts of where we can optimize the factory. So there's some investments in productivity balanced with investments in growth. So that's kind of what you're seeing in there right now. I mentioned this is that 2.2 is kind of a more of a normalized level. It's going to shift year-over-year, depending on our growth opportunities that come. So you'll see capital going -- more capital going into services as an example. But as you mentioned, in defense, as we see opportunities there, if they make sense and they deliver value back to the bottom line, we're going to make the right prudent investments in capital in that business. So as those opportunities come up on themselves, frankly, if we have an opportunity to get ahead of it and derisk some of those initiatives or investments, we'll do that as well. We have -- again, we've got the firepower to do that, which I think positions us uniquely, but we're going to be really smart and prudent about it, as we have been for the last number of years. So that discipline is going to continue to be in place when we see these opportunities in the future.

是的。嗯，現在，顯然，它主要以 BCA 為權重，真正支持我們所討論的利率上調。同時，我想說，有一些企業計劃和商業計劃圍繞自動化和精益等領域的投資——我想說，精益努力是我們可以優化工廠的領域。因此，對生產力的投資與對成長的投資是平衡的。這就是您現在所看到的。我提到這一點是因為 2.2 是一種更為標準化的水平。它會逐年變化，這取決於我們未來的成長機會。因此，你會看到資本流向──例如更多的資本流入服務業。但正如您所提到的，在國防方面，當我們看到機會時，如果它們有意義並且能夠為底線帶來價值，我們就會對該業務進行正確審慎的資本投資。因此，坦白說，當這些機會出現時，如果我們有機會領先並降低其中一些舉措或投資的風險，我們也會這樣做。我們——再說一次，我們擁有做到這一點的實力，我認為這使我們處於獨特的地位，但我們會非常聰明和謹慎地對待它，就像過去幾年一樣。因此，當我們在未來看到這些機會時，這種紀律將繼續存在。

Ladies and gentlemen, that completes the analysts question-and-answer session. (Operator Instructions) I will now return you to The Boeing company for introductory remarks by Mr. Phil Musser, Senior Vice President of Communication. Mr. Musser, please go ahead.

女士們、先生們，分析師問答環節到此結束。（操作員指示）現在我將帶您回到波音公司，聽取公司通訊高級副總裁菲爾·馬瑟先生的介紹性發言。穆瑟先生，請繼續。

Thank you very much. Good morning, everybody. We're going to continue now with media questions for Dennis and Greg. And if you have questions following this part of the session, please follow up with our Media Relations team by calling the office or e-mailing us directly. Operator, we're ready for the first question. (Operator Instructions) So let's go ahead and roll.

非常感謝。大家早安。我們現在將繼續向丹尼斯和格雷格回答媒體問題。如果您對本部分會議還有任何疑問，請致電辦公室或直接發送電子郵件聯絡我們的媒體關係團隊。接線員，我們已準備好回答第一個問題。（操作員指示）那麼讓我們繼續前進吧。

And we'll go to Doug Cameron with the Wall Street Journal.

我們將採訪《華爾街日報》的道格‧卡麥隆。

So I'm a little depressed. I'm asking what appears the first tax question after 1,700 analyst questions, but it's Greg's fault. So Greg, you kind of painted about some things you might do with the tax benefits? But at the same time, you said that R&D would be relatively stable, CapEx was turning to a more normalized levels. So the kind of simplistic question is, what's changed? What will you actually do that's different if R&D is relatively stable and CapEx is going to a more normalized level? I don't quite understand.

所以我有點沮喪。我問的是分析師問過的 1,700 個問題中的第一個稅務問題，但這是格雷格的錯。那麼，格雷格，您是否描述了利用稅收優惠可以做的一些事情？但同時，您說研發將相對穩定，資本支出將轉向更正常化的水平。那麼，一個簡單的問題是，到底發生了什麼變化呢？如果研發相對穩定且資本支出達到更正常化的水平，您實際上會做些什麼不同的事情？我不太明白。

Doug, let me comment on that, and then I'll ask Greg to jump in, too. A couple of things on tax reform benefits and how we're rolling that into our plans going forward. One is some very targeted investment in our workforce, workplace and our communities, and that's a previous announcement we made on a $300 million investment with more opportunities ahead. But those are very important investments for us on the talent side, on training for the future, enabling our employees with advanced capabilities, workplace improvements that will enhance productivity and investing in our communities along important lines like veterans and veterans' support. We also complement that with significant additional investments in innovation. And while we said R&D is stable, note that with R&D stable relative as a percentage of revenue. So as we're growing revenue, we're also going to be growing R&D. And the tax reform benefit will allow us to accelerate some of that work on advanced prototyping activities. People accelerate work on productivity initiatives and our factory spaces. Some of what we call our second-century design and manufacturing capabilities, analytics by building out some of the vertical capabilities that we talked about earlier. You saw some of those items on Greg's cash deployment chart, and we will be ramping up our investment in innovation as a result of tax reform in a meaningful way. Greg, you want to add anything?

道格，讓我對此發表評論，然後我也會請格雷格加入。關於稅改福利的幾件事以及我們如何將其納入我們未來的計劃。一是對我們的勞動力、工作場所和社區進行一些非常有針對性的投資，這是我們先前宣布的 3 億美元投資，未來將有更多的機會。但對我們來說，這些都是非常重要的投資，包括人才方面、未來培訓方面、為員工提供先進能力方面、提高生產力的工作場所改善方面以及在退伍軍人和退伍軍人支持等重要方面對社區的投資方面。我們也透過在創新方面進行大量額外投資來補充這一點。雖然我們說研發是穩定的，但請注意，研發佔收入的百分比是相對穩定的。因此，隨著營收的成長，我們也將增加研發投入。稅改的益處將使我們能夠加快一些高級原型製作活動的工作。人們加快了生產力計劃和工廠空間的工作。我們稱之為第二世紀的設計和製造能力，透過建構我們之前談到的一些垂直能力進行分析。您在格雷格的現金部署圖表上看到了其中一些項目，我們將以有意義的方式增加對稅收改革的創新投資。格雷格，你想補充什麼嗎？

Yes. Doug, and there is some of that in the CapEx as well. Obviously, as Dennis indicated, more of it in the R&D, but the CapEx without tax reform would have been slightly lower. And so we are making some strategic investments in there and utilizing those resources to really fuel winning in the marketplace. At the same time, making investments in productivity, training and development, as Dennis indicated. So I think we've really taken a hard look at this and looked at what's the best use of our capital to win in the marketplace, at the same time, meet our overall objectives that is to drive profitability that again will allow us to continue to invest in the business. So that's the kind of the cycle, or I'll say, the screens that these investments need to go through, but we have, to Dennis' point, increase on both.

是的。道格，資本支出中也有一些這樣的內容。顯然，正如丹尼斯所指出的，其中更多的資金用於研發，但如果沒有稅制改革，資本支出會略低一些。因此，我們正在那裡進行一些策略性投資，並利用這些資源來真正推動市場的成功。同時，正如丹尼斯所指出的，對生產力、培訓和發展進行投資。因此，我認為我們確實認真考慮過這個問題，並研究瞭如何最好地利用我們的資本來贏得市場，同時實現我們的總體目標，即提高盈利能力，這將使我們能夠繼續對業務進行投資。這就是這種週期，或者說，這些投資需要經過的篩選，但正如丹尼斯所說，我們在這兩方面都有所增加。

Our next question is from Julie Johnsson with Bloomberg.

下一個問題來自彭博社的朱莉·約翰遜。

I just had a quick question on -- about the ITC decision on Friday and the rather measured response by the Commerce Secretary. So where does this lead Boeing? And at this point, do you have any regrets on -- for pursuing the antidumping case given the outcome?

我只是想問一個簡單的問題——關於週五美國國際貿易委員會的裁決以及商務部長相當謹慎的回應。那麼這將對波音帶來什麼後果？那麼，考慮到目前的結果，您是否後悔繼續進行反傾銷訴訟？

So Julie, first of all, as we've -- as you noted in our statement, we were disappointed with the outcome of the ITC ruling. Frankly, we won't have the details until the full ruling is released later in February. So all we know at the moment is the vote outcome. We await the details of the ruling, and that will help us understand some of the rationale behind it and allow us to make decisions on our path forward. I will say that we remain firm in our stance on the need for fair global trade. It's really important for the future that we all play by the same rules. We've been consistent on that theme for years. We will continue to be consistent on that theme. And when we see practices that are not consistent with everybody playing by the same rules, we're going to raise the issue. And you can count on that being the case going forward as well. Regarding the ITC matter, we'll take a look when we get the outcomes here in the middle of February.

朱莉，首先，正如你在我們的聲明中提到的，我們對 ITC 裁決的結果感到失望。坦白說，直到二月下旬完整裁決公佈之前，我們無法了解詳情。因此，我們目前所知道的只是投票結果。我們等待裁決的細節，這將有助於我們了解背後的一些理由，並讓我們對未來的發展做出決定。我想說的是，我們對於公平全球貿易的必要性的立場始終堅定不移。對於未來來說，我們都遵守相同的規則非常重要。多年來我們一直堅持這個主題。我們將繼續堅持這個主題。當我們發現有些做法不符合所有人遵守相同規則時，我們就會提出這個問題。而您可以相信未來情況依然如此。關於 ITC 事宜，我們將在二月中旬獲得結果後進行審查。

Our next question is from Gillian Rich with Investor's Business Daily.

我們的下一個問題來自《投資者商業日報》的吉莉安·里奇。

So I have a question. I know that you raised your dividend and buyback in December, but do you have any plans to do that, raise that -- increase the dividend or buyback this year at all? And can you give me an update on the time line for the CST-100 Starliner?

所以我有一個問題。我知道你們在 12 月提高了股利和回購金額，但今年你們有任何計畫提高股利或增加回購金額嗎？能告訴我 CST-100 星際客機的最新時間表嗎？

Sure. Greg, take the first one.

當然。格雷格，拿第一個。

I'll take the first one. Well, yes, like I mentioned, we got authorization from our board to increase to a $18 billion share repurchase program. So obviously, that will give us some time period here, 2 to 3 years of repurchasing opportunity. So that will continue throughout this year and into next year and a little bit into the first. So that kind of set, I would think of it that way Jillian. And then on the dividend, that's something obviously we review on an annual basis. As you heard me mention, we've made some pretty significant investments in our dividend or increases in our dividend. So we continue to monitor that from a competitive perspective with our peers, outside of our peers, talked to our shareholders and so on. So it's an annual process. So as we get closer to the end of the year, we'll do another assessment and then we'll decide what we want to do with the dividend. But again, we remain very committed to returning cash to shareholders, as I indicated. 100% of our free cash flow, we've committed to delivering back to shareholders, while at the same time, making some significant investments in future growth opportunities for the company. So it's a balanced approach that we have in place, and you shouldn't expect that to change going forward.

我要第一個。嗯，是的，正如我所提到的，我們獲得了董事會的授權，將股票回購計畫增加到 180 億美元。顯然，這將給我們一些時間段，2 到 3 年的回購機會。因此，這種情況將持續到今年、明年，甚至第一年。所以那種場景，我會這樣想，吉莉安。至於股息，顯然我們每年都會進行審查。正如您聽到我所提到的，我們在股息或增加股息方面進行了一些相當大的投資。因此，我們將繼續從與同業、同業以外的競爭角度進行監控，並與股​​東等進行溝通。所以這是一個每年一次的過程。因此，隨著年底的臨近，我們將進行另一次評估，然後決定如何處理股息。但正如我所指出的，我們仍然致力於向股東返還現金。我們致力於將 100% 的自由現金流回饋給股東，同時對公司未來的成長機會進行一些重大投資。因此，我們採取了平衡的方法，你不應該期望它在未來會改變。

And then on the Commercial Crew Starliner effort, we're continuing to march smartly through the development program. As I noted, we just completed the design certification review, which is a major milestone on the program. We're continuing through the test program. We have plans in place for our first launch later this year, and we're continuing to work this very closely with our NASA customer. More broadly, we see human space exploration as a very important marketplace for us for the future. We've led in that market since it was created, and we intend to be a leader in human spaceflight going forward, and the Starliner effort is a key part of that.

然後，在商業載人星際客機計畫方面，我們將繼續順利推進開發計畫。正如我所說，我們剛剛完成了設計認證審查，這是該計劃的一個重要里程碑。我們正在繼續測試程序。我們已製定了今年稍後首次發射的計劃，並且我們將繼續與 NASA 客戶密切合作。更廣泛地說，我們認為載人太空探索對我們未來來說是一個非常重要的市場。自該市場成立以來，我們一直處於領先地位，並且我們打算成為未來載人航太領域的領導者，而星際客機計畫是其中的關鍵部分。

Our next question is from Dominic Gates with the Seattle Times.

我們的下一個問題來自《西雅圖時報》的多明尼克蓋茲。

Another question related to Bombardier and that decision with the ITC. It seems that the loss last week was possibly because of the details of the Delta order where you didn't have a plan competing in that particular campaign. So if Bombardier -- there's now an expectation that after that result, Bombardier will begin to sell into the U.S. market. We expect orders possibly pretty soon. If they were to sell the CS300, the bigger airplane, would you possibly reignite the ITC case, launch another one? And then secondly, expecting Bombardier to start selling in the U.S. market, where does that leave you with Embraer and your discussions with Embraer? How do you see your plans if you get Embraer to counter what Bombardier will do, which, of course, will become Airbus?

另一個問題與龐巴迪和國際貿易委員會的裁決有關。看來上週的損失可能是因為達美航空訂單的細節，而您在該特定活動中沒有競爭計劃。因此，如果龐巴迪——現在人們預計，在取得這一結果之後，龐巴迪將開始向美國市場銷售產品。我們預計很快就會收到訂單。如果他們出售更大的飛機 CS300，您是否有可能重新提起 ITC 案件並發起另一起案件？其次，龐巴迪預計將開始在美國市場銷售，這對您和巴西航空工業公司以及您與巴西航空工業公司的談判有何影響？如果您讓巴西航空工業公司對抗龐巴迪（當然，龐巴迪將成為空中巴士）的行動，您如何看待您的計劃？

Yes. Dominic, to your first question, I think it's important again to note that we haven't seen the details of the ruling or the vote that was taken last week. So we need to see those details before we can make any decisions on plans forward. I think it's important to note that the Department of Commerce did make an earlier ruling regarding dumping behavior, and as a result, identified the tariffs. That ruling still stands. As to the ITC hearing, it has to show harm and imminent import. And until we see the details of that ruling, we simply don't know the rationale behind it. So more to come when we determine that. I think for the longer term, again, the important principle here is we stand for fair global trade. And as long as we're all playing by the same rules, we are more than happy to compete, but it's important that we play by the same rules. That will be our standard for any future decisions that we make. And the opportunity with Embraer, we do think it's an important one. It's a great strategic fit. We continue to have productive discussions on that topic. We know that the government of Brazil has raised some concerns or issues that we fully respect, and we're working through the details of potential options going forward and doing that in a very diligent way. So I'm hopeful that we can bring that deal to conclusion, but more work to go on that front. Even if that doesn't happen, we have a very strong plan for the future. We have a solid strategy. We know exactly how we're going to grow for the future. We've got the right investments identified. We are ready to compete and win in the future regardless of the outcomes of these trade matters and/or the potential deal with Embraer, and we're going to stay very focused on executing that strategy. It's a winning strategy.

是的。多明尼克，對於你的第一個問題，我認為有必要再次指出，我們還沒有看到上週裁決或投票的細節。因此，我們需要了解這些細節，然後才能對未來的計劃做出任何決定。我認為值得注意的是，商務部確實早些時候就傾銷行為做出了裁決，並因此確定了關稅。該裁決仍然有效。至於ITC聽證會，則必須證明損害和迫在眉睫的進口。除非我們看到該裁決的細節，否則我們根本不知道背後的理由。當我們確定這一點時，還會有更多內容。我認為從長遠來看，這裡的重要原則是我們支持公平的全球貿易。只要我們都遵守相同的規則，我們就會非常樂意競爭，但重要的是我們都遵守相同的規則。這將是我們未來做出任何決定的標準。我們確實認為與巴西航空工業公司合作是一個重要的機會。這是一個非常契合的策略。我們繼續就該主題進行富有成效的討論。我們知道巴西政府提出了一些我們完全尊重的擔憂或問題，我們正在非常認真地研究未來可能的選擇的細節。因此，我希望我們能夠達成協議，但在這方面還有很多工作要做。即使這種情況沒有發生，我們對未來也有一個非常周密的計劃。我們有一個完善的戰略。我們清楚知道未來我們將如何發展。我們已經確定了正確的投資。無論這些貿易問題和/或與巴西航空工業公司的潛在交易結果如何，我們都已準備好在未來競爭並獲勝，並且我們將繼續專注於執行該策略。這是一個成功的策略。

Our next question is from Alwyn Scott with Reuters.

下一個問題來自路透社的 Alwyn Scott。

I just wanted to follow up. Boeing has talked a lot about -- in the past about the competition from Airbus, Bombardier, COMAC, serious threats, which prompted cost cutting, including job cutting. But given your strong performance now and your outlook, how do you feel the competitive environment is now? Is it not really so difficult as you thought? Are there any risks that you see? And related to that, Boeing reduced employment 6% last year, but you just said at the start of the call that the tax cuts give you an opportunity to create more quality jobs. Does Boeing plan to add significantly to its employment this year? And if so, where? And why?

我只是想跟進一下。波音公司過去曾多次談論來自空中巴士、龐巴迪、中國商飛的競爭和嚴重威脅，這些威脅促使波音削減成本，包括裁員。但考慮到您目前的出色表現和前景，您認為現在的競爭環境如何？事實是不是沒有你想的那麼難呢？您認為有什麼風險嗎？與此相關的是，波音去年裁員 6%，但您在電話會議開始時就說過，減稅為您提供了創造更多優質就業機會的機會。波音公司今年是否計劃大幅增加員工人數？如果是的話，在哪裡？為什麼？

Alwyn, on the first part of your question, the competitive environment is tougher than ever, and it's not getting any easier. The fact is we operate in a very attractive market space. It's about a $7.5 trillion market over the next 10 years. It's a growing market. I'd say it's probably the most attractive industrial market in the world. And as a result, it's attracting more competition both at the OEM level and at the supply chain level. So we expect the competition to only get tougher, and our focus is to make Boeing ever tougher from a competitive standpoint as well. So it's really important that we continue to drive our competitive efforts, our affordability actions so that we can compete and win in the marketplace. And really important to note that, as we drive our affordability actions, that creates our fuel for the future. Our business is based on self-generated R&D and innovation and investment, and that is a cycle that we need to continue to stay in front of it. We're going to continue to drive affordability so that we can invest in the future. Now regarding employment levels, you're right. We have come down significantly over the last few years. We've done that in a way that is respectful as possible of our people, managing it through, primarily through natural attrition and voluntary layoffs. While we've had reductions in net, we've also continued to hire on the front-end of our talent pipeline, literally thousands of people over the last 3 years as we continue to refresh our talent pipelines. We're going to continue that balanced approach as well. More of a employment plateau in the near term, but we still have reductions in some areas, other areas where we'll increase. Those are natural ebbs and flows of our various programs. But while we do that, we're going to continue to keep our talent pipeline fresh and continue to invest in our people so that we can win in the future.

阿爾文，關於你問題的第一部分，競爭環境比以往任何時候都更加嚴峻，而且並沒有變得更容易。事實上，我們在一個非常有吸引力的市場空間中運作。未來 10 年，這個市場規模約為 7.5 兆美元。這是一個不斷成長的市場。我想說這可能是世界上最具吸引力的工業市場。因此，它在 OEM 層面和供應鏈層面都吸引了更多的競爭。因此，我們預期競爭只會變得更加激烈，我們的重點是從競爭的角度讓波音變得更強大。因此，我們必須繼續加強競爭力和可負擔性行動，這樣我們才能在市場上競爭並獲勝。真正值得注意的是，當我們推動可負擔性行動時，這將為我們的未來提供動力。我們的業務基於自主研發、創新和投資，我們需要繼續保持這一領先地位。我們將繼續推動可負擔性，以便我們能夠投資未來。關於就業水平，您說得對。過去幾年裡，我們已經大幅下降。我們以盡可能尊重員工的方式實現了這一目標，主要透過自然減員和自願裁員來實現這一目標。雖然我們的淨員工人數有所減少，但我們仍繼續在人才管道前端招聘，在過去 3 年中，我們招聘了數千人，並不斷更新我們的人才管道。我們也將繼續採取這種平衡的做法。短期內就業將處於穩定狀態，但在某些領域我們仍會減少就業，而在其他領域我們會增加就業。這些都是我們各個項目的自然起伏。但在我們這樣做的同時，我們將繼續保持人才儲備的新鮮，並繼續投資我們的員工，以便我們能夠在未來取得成功。

And we'll go to Jon Ostrower with CNN.

我們將採訪 CNN 的 Jon Ostrower。

Question about the discussions with Embraer. How much of the outcome of that strategic plan is coupled with completing the business case for NMA? Is that a large component of your thinking around a new airplane for 2024, 2025? And kind of the bigger, broader question on the tie-up. How is this particular strategic arrangement going to position you with China in mind, specifically as a future Competitor? It's a different twist on what Alwyn was asking.

關於與巴西航空工業公司討論的問題。此策略計劃的成果有多少與完成 NMA 的商業案例有關？這是您對 2024 年、2025 年新飛機規劃的重要組成部分嗎？這是關於合作的更大、更廣泛的問題。這種特殊的策略安排將如何讓您在中國，特別是作為未來的競爭對手，處於什麼樣的地位？這與 Alwyn 所問的問題有不同之處。

John, first of all, the work that we're doing on middle of the market and the Embraer action are 2 separate activities. They're not dependent on each other or influencing each other, and I would expect that to continue to be the case. Now that said, our discussions with Embraer, those are discussions that have been going on for relatively long period because we do see the complementary combination between our companies with complementary product lines, vertical capabilities, services capabilities and innovation and talent investments. But those are all advantages that would span multiple marketplaces around the globe. Certainly, that combination can make us more competitive globally, but it's -- our strategy is not dependent on it. And our primary focus for the future will continue to be organic growth investments as our primary strategic growth path.

約翰，首先，我們在中端市場所做的工作和巴西航空工業公司的行動是兩項獨立的活動。它們並不相互依賴或相互影響，我希望這種情況能持續下去。話雖如此，我們與巴西航空工業公司的討論已經持續了相對較長的時間，因為我們確實看到了我們兩家公司之間的互補組合，包括互補的產品線、垂直能力、服務能力以及創新和人才投資。但這些都是能夠涵蓋全球多個市場的優勢。當然，這種結合可以使我們在全球範圍內更具競爭力，但我們的策略並不依賴它。我們未來的主要關注點仍將是有機成長投資作為我們的主要策略成長路徑。

Great. Okay. I think, operator, that wraps this -- that wraps our call. Thank you very much, everyone, for being with us today. And I think that concludes the end of our earnings call for fourth quarter 2017. Thank you very much.

偉大的。好的。我認為，操作員，這就結束了——結束了我們的通話。非常感謝大家今天與我們同在。我想我們的 2017 年第四季財報電話會議到此結束。非常感謝。