波音 (BA) 2018 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 2018 Earnings Conference Call.

大家好，歡迎參加波音公司 2018 年第一季度收益電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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互聯網上進行現場直播。

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

目前，關於開場白和介紹，我將把電話轉給波音公司投資者關係副總裁 Maurita Suteja 女士。

Please go ahead.

請繼續。

Thank you, and good morning.

謝謝你，早上好。

Welcome to Boeing's First Quarter 2018 Earnings Call.

歡迎參加波音 2018 年第一季度財報電話會議。

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.

我是 Maurita Suteja，今天和我在一起的是波音公司董事長、總裁兼首席執行官 Dennis Muilenburg；以及波音公司首席財務官兼企業績效與戰略執行副總裁 Greg Smith。

After management comments, we will take your questions.

管理層發表意見後，我們將回答您的問題。

(Operator Instructions) 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.

（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.

在開始之前，我需要提醒您，我們今天討論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 文件和演示文稿中的前瞻性聲明免責聲明中有詳細說明。

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

此外，我們向您推薦我們的收益發布和演示文稿，以披露和協調我們在討論我們的結果和前景時使用的非公認會計原則措施。

Now I will turn the call over to Dennis Muilenburg.

現在我將把電話轉給 Dennis Muilenburg。

Thank you, Maurita, and good morning.

謝謝你，毛里塔，早上好。

Let me begin today with a brief overview of our first quarter operating performance, followed by an update on the business environment and our expectations going forward.

今天讓我先簡要概述一下我們第一季度的運營業績，然後是對商業環境和我們未來預期的更新。

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

之後，格雷格將向您介紹我們的財務業績和展望的詳細信息。

Now let's move to Slide 2. Thanks to the dedicated efforts of employees throughout our company, Boeing delivered strong first quarter 2018 financial results that included higher revenue, earnings and operating cash flow, driven by solid execution on production programs and services.

現在讓我們轉到幻燈片 2。由於我們公司員工的辛勤努力，波音公司在 2018 年第一季度實現了強勁的財務業績，其中包括更高的收入、收益和運營現金流，這得益於生產計劃和服務的穩健執行。

During the quarter, we generated $3.1 billion of operating cash and repurchased $3 billion of Boeing stock.

在本季度，我們產生了 31 億美元的運營現金並回購了 30 億美元的波音股票。

We also paid $1 billion in dividends, reflecting a 20% increase in dividends per share from last year.

我們還支付了 10 億美元的股息，反映出每股股息比去年增加了 20%。

We continue to deliver on our commitment to returning cash to shareholders while investing in our people, innovation and future growth.

我們將繼續兌現向股東返還現金的承諾，同時投資於我們的員工、創新和未來增長。

Revenue in the first quarter was $23.4 billion on higher volume of commercial deliveries and mix, along with services and defense contract volume.

第一季度的收入為 234 億美元，這得益於更高的商業交付量和組合，以及服務和國防合同量。

Core earnings per share of $3.64 was driven by strong performance across the businesses, volume and mix and lower tax rate.

每股核心收益為 3.64 美元，主要得益於業務、數量和組合的強勁表現以及較低的稅率。

Based on our strong first quarter 2018 performance, we are raising full year guidance for operating cash flow, earnings per share and Commercial Airplanes operating margins.

基於我們在 2018 年第一季度的強勁表現，我們正在提高對經營現金流、每股收益和商用飛機營業利潤率的全年指導。

Greg will discuss these in more detail shortly.

Greg 稍後將更詳細地討論這些內容。

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

現在讓我們看看我們業務的第一季度經營業績。

For the quarter, Commercial Airplanes generated revenue of $13.7 billion, reflecting 184 deliveries with operating margins of 11.0%.

本季度，商用飛機創造了 137 億美元的收入，交付了 184 架飛機，營業利潤率為 11.0%。

Continued healthy sales activity contributed to 221 net new airplane orders worth $18 billion during the quarter, adding to our robust backlog, which stands at more than 5,800 airplanes and is worth $415 billion.

持續健康的銷售活動促成了本季度 221 架新飛機淨訂單，價值 180 億美元，增加了我們強勁的積壓訂單，超過 5,800 架飛機，價值 4150 億美元。

Key commercial milestones in the quarter included the delivery of the first 787-10 Dreamliner to Singapore Airlines and the first 737 MAX 9 to Lion Air Group.

本季度的主要商業里程碑包括向新加坡航空公司交付首架 787-10 夢幻客機，向獅航集團交付首架 737 MAX 9。

We achieved first flight of the 737 MAX 7, completed firm configuration on the 737 MAX 10 and hit the 10,000 production milestone for the 737 program.

我們實現了 737 MAX 7 的首飛，完成了 737 MAX 10 的固定配置，並實現了 737 計劃的 10,000 架生產里程碑。

The smooth introduction of the 737 MAX into our production and delivery stream continued, with 36 737 MAXes delivered in the quarter.

737 MAX 繼續順利引入我們的生產和交付流程，本季度交付了 36 737 MAX。

On the 767 program.

關於767計劃。

After carefully assessing market conditions and customer demand, we plan to increase the rate of production from 2.5 to 3 per month beginning in 2020.

在仔細評估市場狀況和客戶需求後，我們計劃從 2020 年開始將生產速度從每月 2.5 個提高到 3 個。

Today, 767 freighters are the best they've ever been, and the demand for the 767 continues to grow from both freight and military customers around the world.

如今，767 貨機是有史以來最好的貨機，全球貨運和軍用客戶對 767 的需求持續增長。

In the quarter, we started building the first 777X fuselage for structural testing, as this exciting development program remains on track.

在本季度，我們開始建造第一架 777X 機身用於結構測試，因為這一激動人心的開發計劃仍在進行中。

Additionally, our partner, GE, achieved the first flight test of the GE9X engine.

此外，我們的合作夥伴 GE 實現了 GE9X 發動機的首次飛行測試。

Now over to Defense, Space & Security.

現在轉到國防、空間與安全。

BDS reported first quarter revenue of $5.8 billion, reflecting international fighters and weapons volume and the final C-17 sale, with operating margins of 11.3%.

BDS 報告第一季度收入為 58 億美元，反映了國際戰鬥機和武器數量以及 C-17 的最終銷售情況，營業利潤率為 11.3%。

The $12 billion of new orders booked by BDS during the quarter demonstrates the value we bring to our customers across our Defense, Space & Security portfolio.

BDS 在本季度預訂的 120 億美元新訂單證明了我們在國防、空間和安全產品組合中為客戶帶來的價值。

These orders included the Missile Defense Agency's sole-source contract extension to Boeing for the Ground-Based Midcourse Defense program, an initial contract for 28 F-18 Super Hornets for Kuwait, a contract for the final C-17 for India and a Joint Direct Attack Munition kits contract for the U.S. Air Force.

這些訂單包括導彈防禦局與波音公司簽訂的陸基中段防禦計劃的獨家合同延期、科威特的 28 架 F-18 超級大黃蜂的初始合同、印度最終 C-17 的合同和聯合直接與美國空軍簽訂的攻擊彈藥套件合同。

Key milestones for BDS included the second Commercial Crew spacecraft achieving power-on and delivery of the Space Launch System's inter-tank hardware to NASA for testing and integration.

BDS 的關鍵里程碑包括第二艘商業載人航天器實現通電並將太空發射系統的跨坦克硬件交付給 NASA 進行測試和集成。

In the quarter, the KC-46 Tanker program achieved a successful refueling flight between 2 KC-46 Tankers, which completed the required supplemental-type certificate fuel on-load testing.

本季度，KC-46 Tanker 項目實現了 2 架 KC-46 Tanker 之間的成功加油飛行，完成了所需的補充型式合格證燃油負載測試。

Additionally, earlier this month, we completed all planned supplemental-type certificate flight tests for the Tanker program, a very significant milestone that we've been aiming towards since we took first flight 3 years ago.

此外，本月早些時候，我們完成了所有計劃中的加油機計劃的補充型合格證飛行測試，這是我們自 3 年前首次飛行以來一直致力於實現的一個非常重要的里程碑。

We're making steady progress closing out technical risks on the path to final certification and to delivering the first 18 Tankers this year.

我們正在穩步消除技術風險，最終獲得最終認證並交付今年首批 18 艘油輪。

We remain confident in the long-term value of this franchise.

我們對這個特許經營權的長期價值仍然充滿信心。

Turning to Global Services.

轉向全球服務。

BGS reported revenue of $3.9 billion with operating margins of 16.3%, reflecting higher commercial volume along with product and services mix.

BGS 報告收入為 39 億美元，營業利潤率為 16.3%，反映了更高的商業量以及產品和服務組合。

During the quarter, BGS won new business totaling approximately $5 billion that demonstrates the value that we bring to our broad range of commercial and government customers.

在本季度，BGS 贏得了總額約為 50 億美元的新業務，這證明了我們為廣泛的商業和政府客戶帶來的價值。

These included an F-15 Saudi support contract award, a follow-on contract to support the Royal Canadian Air Force's Chinook fleet and a landing gear exchange contract for Aeromexico.

其中包括授予 F-15 沙特支持合同、支持加拿大皇家空軍支奴干機隊的後續合同以及墨西哥航空公司的起落架交換合同。

These orders highlight the strength of our One Boeing offerings.

這些訂單突顯了我們 One Boeing 產品的實力。

Also in the quarter, BGS completed flight testing for the 737 Boeing Converted Freighter program and signed a new distribution agreement with GE for T700 engines.

同樣在本季度，BGS 完成了波音 737 改裝貨機項目的飛行測試，並與通用電氣簽署了 T700 發動機的新分銷協議。

In summary, we delivered another quarter of strong operating performance, captured noteworthy additions to our large and diverse backlog and returned significant cash to shareholders.

總而言之，我們實現了又一個季度的強勁運營業績，為我們龐大而多樣化的積壓工作帶來了顯著的增加，並向股東返還了大量現金。

With that, let's turn to the business environment on Slide 3. We continue to see healthy global demand in our commercial, defense, space and services markets.

有了這個，讓我們轉向幻燈片 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全球需求。

These markets are growing and sizable at $7.6 trillion over the next 10 years.

這些市場在未來 10 年不斷增長，規模將達到 7.6 萬億美元。

In the commercial airplanes market, airlines continue to report robust profits and strong passenger traffic, outpacing global GDP.

在商用飛機市場，航空公司繼續報告強勁的利潤和強勁的客運量，超過了全球 GDP。

Passenger traffic in 2018 grew nearly 6% through February.

到 2 月份，2018 年的客運量增長了近 6%。

Meanwhile, cargo traffic maintained its strong momentum, growing by 7.7% in 2018 through February as we see trade and industrial production growing in all regions.

與此同時，貨運量保持強勁勢頭，2018 年至 2 月增長 7.7%，因為我們看到所有地區的貿易和工業生產都在增長。

Our global customers continue to recognize the compelling value proposition that our new, more fuel-efficient product family brings to the market, as reflected in the healthy new order intake we've seen year-to-date.

我們的全球客戶繼續認識到我們新的、更省油的產品系列為市場帶來的令人信服的價值主張，這反映在我們今年迄今所看到的健康的新訂單接收中。

We continue to see the trend of diverse and balanced demand from a geographical perspective as well as across the spectrum of airline business models.

我們繼續從地理角度以及航空公司業務模式的範圍內看到需求多樣化和平衡的趨勢。

There also is more balanced demand between fleet growth and replacement of older aircraft, and we are seeing more consistent and stable customer purchasing patterns.

機隊增長和舊飛機更換之間的需求也更加平衡，我們看到客戶購買模式更加一致和穩定。

We believe the evolution in key market dynamics in the aggregate are driving greater stability and far less cyclicality for our industry.

我們認為，總體而言，關鍵市場動態的演變正在推動我們行業的更大穩定性和更少的周期性。

Over the long term, we remain highly confident in our 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.

從長遠來看，我們對我們的商業市場前景仍然充滿信心，預計未來 20 年將有約 41,000 架新飛機的需求，其中包括超過 29,500 架窄體飛機和約 9,100 架寬體飛機。

This long-term demand, combined with healthy market conditions and a robust backlog, provides a solid foundation for our planned production rates.

這種長期需求，加上健康的市場條件和強勁的積壓訂單，為我們計劃的生產率提供了堅實的基礎。

Turning to our product segments, starting with the narrowbody.

轉向我們的產品領域，從窄體開始。

Our planned production rate for the 737, going to 52 per month this year and 57 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.

我們計劃的 737 生產速度將在今年達到每月 52 架，到 2019 年達到 57 架，這是基於我們積壓的 4,600 多架飛機和在下個十年初售罄的生產天際線。

We continue to assess the upward market pressure on the 737 production rate.

我們繼續評估市場對 737 生產率的上行壓力。

In the widebody segment, we have seen steady orders for the 787 and 777 airplanes and have high confidence in a meaningful increase in widebody replacement demand early next decade.

在寬體機領域，我們看到 787 和 777 飛機的穩定訂單，並對下個十年初寬體機更換需求的顯著增長充滿信心。

For the current-generation 777, we received 5 net new orders in the quarter, bringing the backlog to 90 aircraft.

對於當前一代的 777，我們在本季度收到了 5 架淨新訂單，使積壓的飛機達到 90 架。

We continue to make progress on the 777 bridge, as highlighted by these orders and the recent letter of intent from Qatar Airways for 5 777 freighters.

正如這些訂單和卡塔爾航空公司最近就 5 777 貨機發出的意向書所強調的那樣，我們繼續在 777 橋上取得進展。

As we transition production to the 777X, we expect 777 deliveries of approximately 3.5 per month in 2018 and 2019, as previously announced.

隨著我們將生產過渡到 777X，我們預計 2018 年和 2019 年每月交付 777 架飛機約 3.5 架，正如之前宣布的那樣。

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.

雖然我們仍有更多工作要做，以填補剩餘的 777 生產空位，但基於我們在將承諾落實到確定訂單、管理天際線和開展新活動方面取得的進展，我們仍然相信我們實施的費率計劃為該程序並支持我們從當前 777 到 777X 的生產橋樑。

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.

在我們期待 777X 的同時，我們擁有 340 架訂單和承諾的堅實基礎，這些訂單和承諾支持我們提高這架新飛機的生產和交付計劃。

We also captured 24 orders for the 787 Dreamliner family in the quarter, a solid platform for long-term production.

本季度我們還獲得了 787 夢幻客機系列的 24 份訂單，這是一個長期生產的堅實平台。

With more than 630 firm orders in our backlog, our plan to increase Dreamliner production to 14 airplanes a month in 2019 is well supported.

我們的積壓訂單超過 630 架，我們計劃在 2019 年將夢想飛機的產量增加到每月 14 架飛機的計劃得到了很好的支持。

We continue to see repeat orders for the 787 Dreamliner, as demonstrated by the order from American Airlines earlier this month for an additional 47 787s.

我們繼續看到 787 夢想客機的重複訂單，美國航空公司本月早些時候訂購了 47 787 飛機就證明了這一點。

And the recent Hawaiian Airlines' decision to select the 787 as its flagship airplane for medium to long-haul flights highlights the strong market preference for the 787 and its superior value.

而最近夏威夷航空公司決定選擇 787 作為其中遠程航班的旗艦機型，凸顯了市場對 787 的強烈偏好及其卓越的價值。

Turning to our 747 and 767 programs.

轉向我們的 747 和 767 計劃。

With our unmatched freighter product lines, we are well positioned to capture the increased cargo demand.

憑藉我們無與倫比的貨機產品線，我們可以很好地把握不斷增長的貨運需求。

During the quarter, UPS ordered 18 incremental freighters, including 14 747-8s and 4 767s.

本季度，UPS 訂購了 18 架增量貨機，包括 14 747-8 和 4 767。

We remain focused on our long-term strategy to capitalize on the strength of the aerospace industry fundamentals.

我們仍然專注於我們的長期戰略，以利用航空航天業基本面的優勢。

It is important to have this in perspective as we navigate through global trade discussions.

在我們瀏覽全球貿易討論時，重要的是要正確看待這一點。

Boeing is a global company, with operations around the world supporting commercial and government customers in more than 150 countries.

波音是一家全球性公司，業務遍及全球，為 150 多個國家的商業和政府客戶提供支持。

We are continually working in a range of geopolitical and business environments.

我們不斷在一系列地緣政治和商業環境中工作。

We maintain strong relationships with our customers, suppliers and other stakeholders around the world and continuing our own efforts to proactively engage the different governments.

我們與世界各地的客戶、供應商和其他利益相關者保持著牢固的關係，並繼續努力主動與不同的政府接觸。

A strong and vibrant aerospace industry is important to global economic prosperity.

強大而充滿活力的航空航天業對全球經濟繁榮至關重要。

Turning to Defense, Space & Security.

轉向國防、空間和安全。

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

我們繼續看到對我們主要平台和程序的強勁需求。

The final appropriation bill for fiscal year 2018 U.S. federal budget funds our key programs across our fixed wing, rotorcraft and commercial derivative aircraft and also missile, space and satellite products.

2018 財年美國聯邦預算的最終撥款法案為我們的固定翼、旋翼飛機和商用衍生飛機以及導彈、太空和衛星產品的關鍵項目提供資金。

With our portfolio of reliable, proven and affordable products, we continue to see strong support for our key products in the fiscal year 2019 President's budget.

憑藉我們可靠、經過驗證且價格合理的產品組合，我們繼續在 2019 財年總統預算中看到對我們關鍵產品的大力支持。

The highlights include increased funding for the Ground-Based Midcourse Defense program and various programs in our weapons portfolio.

亮點包括增加對陸基中段防禦計劃和我們武器組合中的各種計劃的資助。

Additionally, there continues to be support for increased procurement of the F-18 Super Hornet across the future year's defense plan.

此外，繼續支持在未來一年的國防計劃中增加 F-18 超級大黃蜂的採購。

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

國際上對我們的國防和太空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。

As I mentioned earlier, we received an initial contract for 28 F-18 Super Hornets to Kuwait and a contract for the final C-17 to India.

正如我之前提到的，我們收到了一份為科威特提供 28 架 F-18 超級大黃蜂的初始合同，以及一份為印度提供最後一架 C-17 的合同。

And we're making progress towards completing other previously announced international sales, including additional Chinook helicopters for Spain and Saudi Arabia.

我們在完成之前宣布的其他國際銷售方面取得了進展，包括為西班牙和沙特阿拉伯增加的支奴干直升機。

Our investment in future growth and new sales continues in areas that are priorities for our customers, such as commercial derivatives, rotorcraft, satellites, services, human space exploration and autonomous systems.

我們對未來增長和新銷售的投資繼續在我們客戶的優先領域，例如商業衍生品、旋翼飛機、衛星、服務、載人太空探索和自主系統。

Much of that investment supports the priority we have placed on capturing future franchise programs, where we're 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.

大部分投資支持我們優先考慮獲取未來特許經營計劃，我們正在利用整個企業的能力和技術用於 T-X 教練機、陸基戰略威懾、無人艦載 MQ-25A 和 JSTARS 資本重組，以及還有其他幾個重要機會。

Turning to the services sector.

轉向服務業。

We see the $2.6 trillion services market over the next 10 years as a significant growth opportunity for our company.

我們認為未來 10 年價值 2.6 萬億美元的服務市場對我們公司來說是一個重要的增長機會。

In this market, both our commercial and defense customers remain focused on improving aircraft readiness and availability while driving improved operational efficiencies.

在這個市場上，我們的商業和國防客戶仍然專注於提高飛機的準備情況和可用性，同時提高運營效率。

BGS provides agile, cost-competitive services to our customers worldwide.

BGS 為我們的全球客戶提供靈活、具有成本競爭力的服務。

We aim to grow faster than the average services market growth of 3.5% as we further expand our broad portfolio of services offerings and continue to gain market share.

隨著我們進一步擴大我們廣泛的服務產品組合併繼續獲得市場份額，我們的目標是增長速度超過 3.5% 的平均服務市場增長率。

Strong orders of $5 billion in the quarter, along with other agreements announced earlier this year, demonstrate the progress we are making in this key area.

本季度 50 億美元的強勁訂單，以及今年早些時候宣布的其他協議，證明了我們在這一關鍵領域取得的進展。

They reflect our customers' recognition of our value proposition in helping them optimize the performance of their fleets and reduce operational costs through the life cycle.

它們反映了我們的客戶對我們的價值主張的認可，幫助他們優化車隊的性能並降低整個生命週期的運營成本。

These activities stretch across BGS's 4 capability areas, including parts; engineering, modifications and maintenance; digital aviation and analytics; and training and professional services.

這些活動跨越 BGS 的 4 個能力領域，包括零件；工程、修改和維護；數字航空和分析；以及培訓和專業服務。

Earlier this month, we announced a number of new products and services across the BGS portfolio, including tools powered by Boeing Analytics such as Self-Service Analytics and the Service Bulletin Value Tool.

本月早些時候，我們宣布了 BGS 產品組合中的一些新產品和服務，包括由波音分析提供支持的工具，例如自助分析和服務公告價值工具。

We also added new features to Aviator, an all-in-one app that provides centralized access to a seamless integrated suite of tools.

我們還為 Aviator 添加了新功能，這是一款一體化應用程序，可集中訪問無縫集成的工具套件。

These new service capabilities are driving life cycle innovation in the form of faster flow times, lower operational costs and enhanced end-to-end reliability.

這些新的服務能力正在以更快的流動時間、更低的運營成本和增強的端到端可靠性的形式推動生命週期創新。

As these tools are introduced to fleets, aircraft will become more efficient and less expensive to operate.

隨著這些工具被引入機隊，飛機將變得更加高效且運營成本更低。

Our focus remains on optimizing the businesses and expanding our portfolio offerings through organic growth investments such as vertical capabilities, complemented by strategic acquisitions to position BGS for sustained, long-term and profitable growth.

我們的重點仍然是通過垂直能力等有機增長投資來優化業務和擴展我們的產品組合，並輔以戰略收購，以使 BGS 實現持續、長期和盈利的增長。

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.

我們的服務專業知識、我們業務的全球影響力以及我們強大的客戶合作夥伴關係使我們能夠在這一重要領域競爭並取勝。

Highlighting again the value we bring as One Boeing is the recently announced memorandum of agreement for a joint venture between Boeing and Saudi Arabian Military Industries to provide sustainment services for the Kingdom of Saudi Arabia fleet of fixed and rotary wing military aircraft, demonstrating the strength of our comprehensive defense platform and services offerings.

再次強調我們作為波音公司帶來的價值是最近宣布的波音公司和沙特阿拉伯軍事工業公司之間的合資協議備忘錄，為沙特阿拉伯王國的固定翼和旋翼軍用飛機機隊提供維持服務，展示了波音公司的實力我們全面的防禦平台和服務產品。

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

總之，隨著市場和機遇的不斷增長，我們的團隊仍然高度關注增長、創新和加速提高生產力，從而推動我們對未來的投資。

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

有了這個，格雷格，我們的財務結果交給你了。

Thanks, Dennis, and good morning, everyone.

謝謝，丹尼斯，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。

Revenue for the quarter was strong at $23.4 billion, reflecting higher volume of commercial deliveries, favorable mix, along with improved service and defense volume.

本季度收入強勁，達到 234 億美元，這反映了更高的商業交付量、有利的組合以及改進的服務和防禦量。

Core earnings per share of $3.64 reflect strong performance across the business, again, driven by higher volume and improved mix, along with a lower tax rate.

每股核心收益 3.64 美元反映了整個業務的強勁表現，這再次受到銷量增加和組合改善以及較低稅率的推動。

All of these more than offset the additional Tanker cost growth in the quarter of $81 million.

所有這些都抵消了該季度 8100 萬美元的額外油輪成本增長。

Before we go into the business performance, I should also note that with the adoption of the new accounting standards, including revenue recognition, as of the beginning of this year, we've adjusted our financial statements to comply with these new standards.

在我們進入業務績效之前，我還應該指出，隨著新會計準則的採用，包括收入確認，截至今年年初，我們已經調整了我們的財務報表以符合這些新準則。

Let's now discuss Commercial Airplanes on Slide 5. Our Commercial Airplane business revenue increased to $13.7 billion during the quarter, reflecting higher deliveries and improved mix.

現在讓我們在幻燈片 5 上討論商用飛機。我們的商用飛機業務收入在本季度增加到 137 億美元，這反映了更高的交付量和改進的組合。

BCA operating margins increased to 11%, driven by strong operating performance on production programs, reflecting the volume and mix and also timing of some period expense.

BCA 營業利潤率增至 11%，這得益於生產計劃的強勁運營表現，反映了數量和組合以及某些期間費用的時間安排。

BCA captured $18 billion in net orders during the first quarter, and backlog remains very strong at $415 billion and more than 5,800 aircraft, equating to approximately 7 years of production.

BCA 在第一季度獲得了 180 億美元的淨訂單，積壓訂單仍然非常強勁，達到 4150 億美元和超過 5,800 架飛機，相當於大約 7 年的生產時間。

On the 787 program, we delivered 34 aircraft and booked 24 net orders in the quarter, and our team remains focused on improving 787 profitability and cash generation, driven by favorable delivery mix, additional supplier step-down pricing and a relentless effort to further drive internal and supply chain productivity.

在 787 計劃中，我們在本季度交付了 34 架飛機並預訂了 24 架淨訂單，在有利的交付組合、額外的供應商降價和不懈努力進一步推動內部和供應鏈生產力。

Let's now turn to Defense, Space & Security results on Slide 6. First quarter revenue increased to $5.8 billion, reflecting the sale of a final C-17 and higher international fighters and weapons volume.

現在讓我們看看幻燈片 6 上的國防、太空和安全結果。第一季度收入增加到 58 億美元，這反映了最終 C-17 的銷售以及更高的國際戰鬥機和武器數量。

Our continued focus on productivity and execution resulted in margins growing to 11.3%.

我們對生產力和執行力的持續關注導致利潤率增長至 11.3%。

During the quarter, BDS won key contract awards worth $12 billion, and our backlog stands at $50 billion, with 36% of that from international customers.

本季度，BDS 贏得了價值 120 億美元的關鍵合同，我們的積壓訂單為 500 億美元，其中 36% 來自國際客戶。

Let's turn now to global -- Boeing Global Services results on Slide 7. In the first quarter, Global Services revenue increased to $3.9 billion, reflecting higher commercial services volume.

現在讓我們轉向全球——幻燈片 7 上的波音全球服務業績。第一季度，全球服務收入增至 39 億美元，反映了更高的商業服務量。

Year-over-year growth of 8% for the quarter meets our objective to outpace the average annual services market growth of 3.5%.

本季度 8% 的同比增長符合我們超過 3.5% 的年均服務市場增長率的目標。

BGS operating margins were strong at 16.3%, reflecting ongoing productivity efforts as well as mix of products and services.

BGS 營業利潤率強勁，達到 16.3%，反映了持續的生產力努力以及產品和服務的組合。

During the quarter, BGS won key contract awards worth approximately $5 billion, and our service backlog now stands at $20 billion.

本季度，BGS 贏得了價值約 50 億美元的關鍵合同，我們的服務積壓現為 200 億美元。

BGS results are a testament to the team's and the enterprise's focus on achieving top line growth while maintaining disciplined execution.

BGS 結果證明了團隊和企業在保持嚴格執行的同時實現收入增長的重點。

The key wins during the quarter underscore the strength of our One Boeing offerings to our customers.

本季度的關鍵勝利凸顯了我們為客戶提供的 One Boeing 產品的實力。

Let's turn now to cash flow on Slide 8. Operating cash flow for the quarter was strong at $3.1 billion, driven by planned higher commercial production rates, strong operating performance across the business and favorable timing of receipts and expenditures.

現在讓我們轉向幻燈片 8 上的現金流。本季度的經營現金流強勁，達到 31 億美元，這得益於計劃中更高的商業生產率、整個業務的強勁經營業績以及有利的收支時機。

We remain focused and on track with our balanced cash deployment strategy.

我們仍然專注於平衡現金部署戰略，併步入正軌。

And in the first quarter, we repurchased $3 billion of Boeing stock and paid $1 billion in dividends, reflecting a 20% increase in dividend per share from last year.

並且在第一季度，我們回購了 30 億美元的波音股票並支付了 10 億美元的股息，反映出每股股息比去年增加了 20%。

We continue to anticipate completing the remaining $15 billion repurchase authorization over approximately the next 2 years.

我們繼續預計在大約未來 2 年內完成剩餘的 150 億美元回購授權。

Since the end of 2012, we returned $45 billion to shareholders through dividend and share repurchase.

自 2012 年底以來，我們通過股息和股票回購向股東返還了 450 億美元。

At the same time, we've invested in key strategic areas to ensure long-term sustainable growth for Boeing.

與此同時，我們在關鍵戰略領域進行了投資，以確保波音公司的長期可持續增長。

We remain committed to returning approximately 100% of our free cash flow to investors while continuing to invest in future growth opportunities.

我們仍然致力於將大約 100% 的自由現金流返還給投資者，同時繼續投資於未來的增長機會。

Let's move now to cash and debt balances on Slide 9. We ended the quarter with nearly $10 billion of cash and marketable securities, and our cash position continues to provide us with flexibility to invest in innovation and profitable growth opportunities while, again, returning value back to our shareholders.

現在讓我們轉到幻燈片 9 上的現金和債務餘額。本季度結束時，我們擁有近 100 億美元的現金和有價證券，我們的現金狀況繼續為我們提供投資創新和盈利增長機會的靈活性，同時再次實現價值回報回饋給我們的股東。

Let's turn now to Slide 10, and we'll discuss our outlook for 2018.

現在讓我們轉到幻燈片 10，我們將討論我們對 2018 年的展望。

As Dennis indicated earlier, due to our strong Q1 performance and our outlook for the year, we're raising 2018 earnings per share, BCA margin and cash flow guidance.

正如丹尼斯早些時候指出的那樣，由於我們強勁的第一季度業績和我們對今年的展望，我們正在提高 2018 年的每股收益、BCA 利潤率和現金流指導。

We increased 2018 core earnings per share guidance by $0.50 to now be between $14.30 and $14.50.

我們將 2018 年核心每股收益指引提高了 0.50 美元，目前在 14.30 美元至 14.50 美元之間。

BCA margin guidance is increasing to approximately 11.5% from our prior guidance of greater than 11%.

BCA 利潤率指引從我們之前超過 11% 的指引增加到約 11.5%。

And operating cash flow guidance is increased to be between $15 billion and $15.5 billion from our prior guidance of approximately $15 billion.

運營現金流指引從我們之前的大約 150 億美元的指引增加到 150 億美元至 155 億美元之間。

As we look towards the remainder of the year, we remain focused on strong execution and risk mitigation within our company and throughout our supply chain.

展望今年剩餘時間，我們將繼續專注於公司內部和整個供應鏈的強大執行力和風險緩解。

So in summary, our core operating engine continues to deliver strong results.

總而言之，我們的核心運營引擎繼續提供強勁的成果。

We will continue to use our 3-business-unit strategy as a key differentiator in the marketplace, make prudent investments, leverage the talent and innovation across the company.

我們將繼續使用我們的 3 個業務單元戰略作為市場上的關鍵差異化因素，進行審慎的投資，利用整個公司的人才和創新。

At the same time, we will continue to set challenging goals and objectives around elements of operations and support functions tied to profitability and efficiency to generate cash and improving working capital while delivering value to our customers.

與此同時，我們將繼續圍繞與盈利能力和效率相關的運營要素和支持職能設定具有挑戰性的目標和目標，以產生現金和改善營運資本，同時為我們的客戶創造價值。

All of these will help us achieve our goal to grow year-over-year revenue, cash flow and margins.

所有這些都將幫助我們實現收入、現金流和利潤率同比增長的目標。

So with that, I'll turn it back over to Dennis for closing comments.

因此，我將把它交還給丹尼斯以結束評論。

Thank you, Greg.

謝謝你，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為今年建立持續的動力，我們的團隊仍然專注於進一步推動增長和生產力。

We would not have been able to achieve these strong results without the hard work and dedication of our employees and the great partnership with our customers and suppliers.

如果沒有我們員工的辛勤工作和奉獻精神以及與我們的客戶和供應商的良好合作夥伴關係，我們將無法取得這些強勁的成果。

In addition to the strong commercial airplane market dynamics I mentioned earlier in my remarks, we've taken our own actions to reduce cyclicality in our business.

除了我之前在講話中提到的強勁的商用飛機市場動態外，我們還採取了自己的行動來減少業務的周期性。

This includes 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.

這包括在我們的生產率決策中保持紀律；降低我們的養老金負債風險；戰略性地分階段進行我們的研發支出；通過長期合同創造勞動力穩定性；並擴大我們的服務業務，該業務的周期性也較小。

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.

我們已經執行了穩健且持續的有機增長投資和向股東回報價值的長期戰略，並輔以戰略收購，以增強和加速我們的增長計劃。

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.

作為世界上最大的商用飛機製造商、美國第二大國防承包商、航天領域的全球領導者和生命週期服務領域不斷增長的力量，我們對我們的未來和行業的未來一如既往地樂觀。

Being a global company, we are continually working in a range of geopolitical and business environments.

作為一家全球性公司，我們不斷在一系列地緣政治和商業環境中工作。

We maintain strong relationships with our customers, suppliers and other stakeholders around the world, and we will continue to engage in our own efforts to proactively work with different governments.

我們與世界各地的客戶、供應商和其他利益相關者保持著牢固的關係，我們將繼續努力與不同的政府積極合作。

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波音公司優勢，繼續增強實力，以兌現和改進我們的承諾，超越這些計劃，加快和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 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 our investments in 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.

實現這些目標需要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，發展我們的綜合服務業務，並利用我們的 3 個業務單元戰略的力量，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，為我們在創新和增長方面的投資、紀律嚴明的前沿投資和平衡的價值創造現金部署提供資金，並繼續發展和維持最優秀的團隊和人才行業，所有這些都使波音公司繼續保持市場領先地位、持續的頂線和底線增長以及為我們的客戶、股東、員工和其他利益相關者增加價值。

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

有了這個，我們很樂意回答您的問題。

(Operator Instructions) Our first question comes from Doug Harned with Bernstein.

（操作員說明）我們的第一個問題來自 Doug Harned 和 Bernstein。

Can you -- could you describe in more detail where you stand on your 2 most current new programs?

你能 - 你能更詳細地描述你在你的兩個最新的新項目中的立場嗎？

And I guess specifically, on the MAX, are you comfortable with your ability to insulate the delivery ramp from supplier delays such as the LEAP engine, Spirit's fuselage?

而且我想具體來說，在 MAX 上，您對將交付坡道與供應商延遲（例如 LEAP 引擎、Spirit 的機身）隔離的能力感到滿意嗎？

And then on the 777X, where do you see the greatest challenge is in getting that airplane into service on schedule in 2020?

然後在 777X 上，您認為最大的挑戰是在 2020 年讓這架飛機按時投入使用嗎？

And could there be any risk to free cash flow from that program other than early inventory build?

除了早期庫存建立之外，從該計劃中釋放現金流是否存在任何風險？

Doug, let me take a cut at that, and then, Greg, feel free to add anything in.

道格，讓我對此有所了解，然後，格雷格，請隨意添加任何內容。

Sure, yes.

當然，是的。

First of all, on the MAX, again, we're feeling very bullish about that program.

首先，在 MAX 上，我們再次對該計劃感到非常看好。

The MAX introduction has gone well.

MAX 的介紹進展順利。

The customer intros, operationally, have been effective.

客戶介紹在操作上是有效的。

The airplane is performing well in the field.

這架飛機在該領域表現良好。

Reliability for the fleet in the field is very high, so we're pleased with the performance of the program.

現場車隊的可靠性非常高，因此我們對該計劃的表現感到滿意。

On the production system side, feathering that into the main line of the 737 factory overall has gone well.

在生產系統方面，將其融入737工廠的主線整體進展順利。

We're continuing to hit all of our customer delivery commitments.

我們將繼續履行我們所有的客戶交付承諾。

You notice that we delivered 36 MAXes in the first quarter.

您注意到我們在第一季度交付了 36 台 MAX。

We expect about 40% to 45% of our 737 deliveries this year will be MAXes.

我們預計今年我們交付的 737 架飛機中約有 40% 至 45% 將是 MAX。

That's right on plan.

這是正確的計劃。

Now to your point, we're continuously keeping a very close eye on our supply chain.

現在說到您的意思，我們一直密切關注我們的供應鏈。

And while there's been some challenges in the LEAP engines, there's been some noted challenges in fuselages with Spirit, those are all issues that we're on top of.

雖然 LEAP 引擎存在一些挑戰，但 Spirit 機身也存在一些明顯的挑戰，這些都是我們要解決的問題。

We're working very closely with our partners.

我們正在與我們的合作夥伴密切合作。

They are responding well, and we're continuing to meet all of our customer delivery commitments.

他們的反應很好，我們將繼續履行我們所有的客戶交付承諾。

And we're going to keep a close eye on that.

我們將密切關注這一點。

We're ever vigilant on our supply chain.

我們一直對我們的供應鏈保持警惕。

We know there will be pressure points as we ramp up, but we're confident that we'll continue to ramp up and hit our delivery marks.

我們知道隨著我們的增加會有壓力點，但我們有信心我們將繼續增加並達到我們的交付標記。

On the 777X, I just had a chance again to visit the team last week, and we're marching through the development program.

在 777X 上，我上周有機會再次訪問該團隊，我們正在推進開發計劃。

We're now building the first static airplane.

我們現在正在建造第一架靜態飛機。

We're going to be building -- or we're underway on production on the first flight test airplane as well, so you see real hardware coming together in the factory.

我們正在建造——或者我們也在第一架試飛飛機上進行生產，所以你會看到真正的硬件在工廠裡組裝在一起。

The associated production system transformation for the 777X is being implemented.

正在實施 777X 的相關生產系統改造。

That includes some of the automation that we're building into the core 777 line to derisk it for 777X, and we're marching right through the factory step-up as we implement 777X.

這包括我們在 777 核心產品線中構建的一些自動化功能，以將其用於 777X，並且在實施 777X 時，我們正在逐步推進工廠升級。

We're going to be building those airplanes, getting into the flight test program, and the program remains on track for 2020 delivery.

我們將建造這些飛機，進入飛行測試計劃，該計劃仍有望在 2020 年交付。

Now again, anytime we've got a big development program, Doug, as you point out, it's one that we keep a very close eye on.

再說一次，只要我們有一個大的開發計劃，Doug，正如你所指出的，我們會密切關注它。

So daily, the team is working 777X with great focus, great intensity, but the development program remains on track.

因此，團隊每天都在高度專注、高度集中地工作 777X，但開發計劃仍在正常進行。

And the R&D profile that we committed to, the spend profile, remains on track, getting to your point on cash management.

我們承諾的研發配置文件，支出配置文件，保持在軌道上，達到您在現金管理方面的觀點。

So we're confident but, again, ever vigilant on our development program.

因此，我們有信心，但再次對我們的發展計劃保持警惕。

Now Greg, you've got anything you want to add?

現在格雷格，你有什麼要補充的嗎？

No, I think you captured it well.

不，我認為你拍得很好。

It's -- having the midbody in the factory right now and watching the components coming into the factory and the team knocking down any risk that they have in place real-time.

它是 - 現在在工廠中擁有中間體，並觀察進入工廠的組件和團隊實時消除他們存在的任何風險。

And I think some of the upfront work we did on derisking is -- you're seeing that paying off, but we're watching it closely.

而且我認為我們在去風險方面所做的一些前期工作是 - 你看到了回報，但我們正在密切關注它。

Are there any points when you're seeing a higher risk step in this process, whether it's related to the wing, wing joint, final assembly?

當您在此過程中看到更高風險的步驟時，是否有任何要點，無論它與機翼、機翼接頭、總裝有關嗎？

Any timing that we should be cognizant of as you look at the next year or so?

當你展望明年左右時，我們應該意識到什麼時間點？

I think, Doug, the key waypoints will be -- once the first static airplane is fully assembled and we get into test of that airplane, getting into the flight test program on schedule as we get into next year will be important.

我認為，道格，關鍵航路點將是——一旦第一架靜態飛機完全組裝好並且我們開始對該飛機進行測試，在我們進入明年時按時進入飛行測試計劃將很重要。

So that will be a key milestone for us.

所以這對我們來說將是一個重要的里程碑。

And that's the point at which we hand off the airplane, if you will, from the ground laboratories, the simulation facilities, where we've wrung out the risk, and we get into the flight test program and then just executing on the flight test program.

這就是我們從地面實驗室、模擬設施交出飛機的時候，在那裡我們已經消除了風險，我們進入了飛行測試計劃，然後只是在飛行測試中執行程序。

So those waypoints will be visible as we head into next year and then, of course, getting to first delivery in 2020.

因此，這些航路點將在我們進入明年時可見，然後當然是在 2020 年首次交付。

The next question is from Rob Spingarn with Crédit Suisse.

下一個問題來自瑞士信貸的 Rob Spingarn。

So I wanted to ask you on the reconfiguration of the aft section of the 787-8 for better production commonality and also these new orders that you've taken.

因此，我想就 787-8 機尾部分的重新配置以實現更好的生產通用性以及您接受的這些新訂單詢問您。

Does that -- it puts a little bit more life into that variant.

這樣做 - 它為該變體增加了一點生命。

Does that impact the configuration of a future NMA, perhaps, at the high end?

這是否會影響未來 NMA 的配置，也許，在高端？

And what's the latest status on timing for some kind of authority to offer on NMA?

在 NMA 上提供某種權威的時間安排的最新狀態是什麼？

Rob, on your first question, we're very pleased with the progress we're making on the 787 production line overall, and commonality between variants in the production system is a key part of that productivity plan.

Rob，關於你的第一個問題，我們對我們在 787 生產線整體上取得的進展感到非常滿意，生產系統中變體之間的共性是該生產力計劃的關鍵部分。

As you well know, we have very high commonality between the -9 and -10, which is borne out in the early production costs on the 787-10.

眾所周知，我們在-9和-10之間有非常高的共性，這在787-10的早期生產成本中得到了證明。

And so we're pleased with that progress.

因此，我們對這一進展感到滿意。

And then as you noted, on the 787-8, there have been some opportunities to drive additional commonality, in particular, in the aft body between the -8 and -9, and that is showing up as flow-time reductions in the factory, additional efficiency and cost reductions.

然後正如您所指出的，在 787-8 上，有一些機會推動額外的共性，特別是在 -8 和 -9 之間的後機身，這表現為工廠的流動時間減少，額外的效率和成本降低。

And you're right.

你是對的。

That is giving us some additional life and strength in the 787-8 variant.

這讓我們在 787-8 變體中獲得了額外的生命和力量。

That said, going forward, we still see more of the future mix being -9s and -10s but fundamental strength in the -8s as well.

也就是說，展望未來，我們仍然看到更多的未來組合是-9s和-10s，但-8s的基本實力也是如此。

And we're going to continue to look for opportunities for production system commonality between the variants.

我們將繼續尋找變體之間生產系統通用性的機會。

To your second question on NMA, we continue to make progress on our studies there.

關於你關於 NMA 的第二個問題，我們在那裡的研究繼續取得進展。

Again, we have not made a launch decision at this point, but we're having very good discussions with our customers, continuing to hone details of not only the airplane but, perhaps, even more importantly, the associated production system, taking a hard look at the business case.

同樣，我們目前還沒有做出發布決定，但我們與客戶進行了很好的討論，不僅繼續磨練飛機的細節，也許更重要的是，相關的生產系統，看看商業案例。

Timing of that decision is still to be determined as we work our way through the details.

在我們通過細節工作時，該決定的時間仍有待確定。

We have time to do our homework and do it well, but I will say we're making progress and clearly advancing our analysis.

我們有時間做功課並做得很好，但我會說我們正在取得進展並明確推進我們的分析。

We still see that airplane, if we decide to launch, as a 2025 timeframe airplane in terms of entry into service, so we have time to do our homework.

如果我們決定發射，我們仍然認為這架飛機是 2025 年投入使用的時間表飛機，所以我們有時間做功課。

And the R&D profile for that airplane, if we proceed, would feather in very nicely on the backside of 777X.

如果我們繼續進行，那架飛機的研發概況將在 777X 的背面得到很好的體現。

So from an overall cash deployment, cash management standpoint, we feel confident as well.

因此，從整體現金部署和現金管理的角度來看，我們也有信心。

So we're going to complete our homework and continue to stay very close to our customers and make sure we're meeting their future needs.

因此，我們將完成我們的功課並繼續與我們的客戶保持密切聯繫，並確保我們能夠滿足他們未來的需求。

Dennis, what's the outer limit on when you'd have to make an announcement to launch to make that 2025 timeframe?

丹尼斯，在 2025 年的時間範圍內，你必須宣布發布的外部限制是多少？

We're not going to pin that down too tightly, Rob, because, really, this is about having the business case discipline and making sure we have crystal clarity on the future production system, which is part of our broader enterprise transformation.

Rob，我們不會把它固定得太緊，因為，實際上，這是關於擁有商業案例紀律並確保我們對未來的生產系統有清晰的認識，這是我們更廣泛的企業轉型的一部分。

But this is something that we'll be getting to over the next year, if you want to put a rough bounding on it.

但這是我們明年將要做的事情，如果你想給它一個粗略的界限。

Again, the idea is an airplane that would enter into service in the 2025 timeframe.

同樣，這個想法是一架將於 2025 年投入使用的飛機。

So if you back off from that timeframe with our standard milestones, you'd be looking at a decision in that time frame.

因此，如果您使用我們的標準里程碑從該時間範圍內退出，您將在該時間範圍內考慮做出決定。

But to me, this is not one where we're going to be making a decision just based on a schedule that we have to meet.

但對我來說，這不是我們將根據我們必須滿足的時間表做出決定的地方。

This is about having a disciplined business case, a future production system and making sure that we're meeting our customers' future needs.

這關乎擁有規範的業務案例、未來的生產系統並確保我們滿足客戶的未來需求。

This is really about providing value to our customers.

這實際上是為我們的客戶提供價值。

Our next question is from David Strauss with Barclays.

我們的下一個問題來自巴克萊銀行的大衛施特勞斯。

I wanted to follow up on 777X.

我想跟進 777X。

So within your forecast that cash flow is going to continue to grow from here, what exactly are you assuming for 777X in terms of the inventory build over the next couple of years?

因此，在您預測現金流將從這裡繼續增長的情況下，您對 777X 在未來幾年的庫存建設有何假設？

And then following on that, how key is the reversal on Tanker, getting that delivered in that going from a big cash burn, I assume, closer to cash breakeven to cash flow positive?

然後接下來，油輪的逆轉有多關鍵，我認為從大量現金消耗中實現這一目標，接近現金盈虧平衡到現金流為正？

How key is that to allowing for your forecast for free cash flow continuing to grow?

這對於允許您預測自由現金流繼續增長有多重要？

Yes.

是的。

Yes, I mean, I'll start with Tanker, David.

是的，我的意思是，我將從油輪開始，大衛。

As you know, we're going to start delivering here this year, so that is important from a cash perspective when you look at the year-over-year from '17 into '18.

如您所知，我們將在今年開始在這裡交付，因此從現金的角度來看，當您查看從 17 年到 18 年的同比情況時，這一點很重要。

And then beyond that, it's modest growth, really, from there.

然後除此之外，它實際上是從那裡開始的適度增長。

So this is kind of the transitional year on the program but also, obviously, from a cash perspective.

因此，這是該計劃的過渡年，但顯然，從現金的角度來看。

I think when you look at the 777X, a lot of what you talked about is what's been taken into account in our forecast.

我認為當您查看 777X 時，您所談論的很多內容都是我們在預測中考慮到的。

So obviously, building the static aircraft and having those in inventory as well as the blanks that we're firing, the risk mitigation efforts that we're putting into the line is also taken into account, combined with the production rate, I'll say, kind of slow ramp up from there.

所以很明顯，建造靜態飛機並有庫存以及我們正在發射的空白，我們在生產線上投入的風險緩解工作也被考慮在內，結合生產率，我會說，從那裡開始緩慢上升。

So all of that is kind of taken into consideration as we talk about continued growing cash flow.

因此，當我們談論持續增長的現金流時，所有這些都被考慮在內。

Now other moving pieces around there are obviously significant.

現在周圍的其他移動部件顯然很重要。

87 going up in rate, 737 going up in rate as well.

87 人在上漲，737 人也在上漲。

Dennis just talked about the 67 up slightly.

丹尼斯剛剛談到了 67 上升略。

So you got to kind of take all those into consideration combined with some of the headwind we'll have on 777X.

因此，您必須將所有這些考慮在內，並結合我們在 777X 上遇到的一些不利因素。

But we've bounded that in our forecast and, like I said, taken that into consideration around our commentary around growing cash flow.

但我們已經在我們的預測中限制了這一點，並且就像我說的那樣，在我們對不斷增長的現金流的評論中考慮到了這一點。

Greg, in terms of 777X actual inventory, are you thinking equivalent of like 15 to 20 aircraft -- production aircraft inflow by the time you get to first delivery in 2020?

格雷格，就 777X 的實際庫存而言，您是否認為相當於 15 到 20 架飛機——到 2020 年首次交付時，生產飛機的流入？

I think it's a little bit less than that, David.

大衛，我認為它比那少一點。

I mean, again, you got the static aircraft, and then you got the flight test aircraft that will be out operating and getting test points.

我的意思是，再一次，你得到了靜態飛機，然後你得到了飛行測試飛機，它將運行並獲得測試點。

So obviously, those won't be delivered in the near term.

很明顯，這些不會在短期內交付。

So you've got that kind of built-up inventory along with the production rate ramp-up and the advances coming in on the 777X, so taking all that into consideration within that kind of -- that 2020, 2021 timeframe.

因此，隨著生產率的提高和 777X 的進步，你已經擁有了這種積累的庫存，所以在 2020 年、2021 年的時間框架內考慮到所有這些。

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

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

Can you talk a little bit about the tariffs and sanctions environment and, really, how that's impacting any customer discussions and then also how you're thinking about the impact on the supply chain and how you do things, whether it's aluminum, titanium, et cetera?

你能談談關稅和製裁環境嗎，真的，這如何影響任何客戶討論，然後你如何考慮對供應鏈的影響以及你如何做事，無論是鋁、鈦等等等？

You bet.

你打賭。

Yes, Sam, as you might guess, this is something we're keeping a very close eye on.

是的，Sam，正如您可能猜到的那樣，這是我們一直在密切關注的事情。

This is daily actions and daily vigilance on this topic.

這是對這個話題的日常行動和日常警惕。

We're engaged with governments around the world.

我們與世界各地的政府合作。

Obviously, one of the hot topics right now is the U.S.-China trade relationship.

顯然，當前的熱門話題之一是美中貿易關係。

We know aerospace is very important to both countries.

我們知道航空航天對兩國都非常重要。

And while some initial statements have been made about potential tariffs, none of those severe actions have been implemented.

儘管已經就潛在關稅做出了一些初步聲明，但這些嚴厲行動都沒有實施。

And we're, frankly, encouraged by the continuing dialogue, and we've heard from leadership in both countries that both are seeking to find negotiated positions that will be productive for both countries.

坦率地說，我們對持續對話感到鼓舞，我們從兩國領導人那裡聽到，雙方都在尋求找到對兩國都有益的談判立場。

The fact that the administration just announced a senior-level trip to China next week to have negotiations and continue the engaging dialogue, I think, is another positive indicator.

我認為，政府剛剛宣布高層將在下周訪問中國進行談判並繼續進行互動對話，這是另一個積極的跡象。

So we're staying very engaged on that front.

所以我們在這方面非常投入。

We know trade policy is very important.

我們知道貿易政策非常重要。

But this is not a surprise to us.

但這對我們來說並不意外。

We operate in a global environment.

我們在全球環境中運營。

We have to deal with these kind of issues continuously, and we're going to stay very close to our customers and the governments as we proceed.

我們必須不斷地處理這類問題，並且在我們進行的過程中，我們將與我們的客戶和政府保持密切聯繫。

But we're hopeful for a positive outcome from the discussions between the U.S. and China.

但我們希望美中之間的討論取得積極成果。

More broadly, on some of the other matters you mentioned, material costs, titanium supply chain, aluminum and so on, again, we're not seeing anything there that's a material effect right now.

更廣泛地說，在你提到的其他一些問題上，材料成本、鈦供應鏈、鋁等等，我們現在還沒有看到任何物質效應。

We're very engaged with our suppliers, as you might guess.

正如您可能猜到的那樣，我們與供應商非常合作。

Over many years, we've been continuing to build alternative sources.

多年來，我們一直在繼續構建替代資源。

And daily, we're testing our supply chain for any pressure points, and that is a continuous process and one where we remain ever vigilant.

每天，我們都在測試我們的供應鍊是否存在壓力點，這是一個持續的過程，我們始終保持警惕。

And I think just the fact that you can see our production system continues to run well, we're continuing to meet our customer deliveries, it tells you that we're effectively managing that risk, and we're just going to stay very close to it.

而且我認為您可以看到我們的生產系統繼續運行良好，我們繼續滿足我們的客戶交付，這告訴您我們正在有效地管理這種風險，我們將保持非常密切給它。

And the whole team is, on a daily basis, hourly basis, engaged with our supply chain.

整個團隊每天、每小時都與我們的供應鏈打交道。

I feel like a few years ago, there were some issues with regards to titanium, and you ended up carrying a little bit more than usual.

我覺得幾年前，鈦存在一些問題，最終你攜帶的東西比平時多一點。

Is there anything in terms of the inventory levels we should think about where you might do the same in terms of getting some additional buffer?

就庫存水平而言，我們是否應該考慮在獲得一些額外緩衝方面您可以在哪裡做同樣的事情？

No, Sam, we really don't see any changes there.

不，山姆，我們真的看不到那裡有任何變化。

Those actions that we took a few years ago, those were long-term actions, so we're still, frankly, benefiting from some of those actions.

我們幾年前採取的那些行動，那些是長期行動，所以坦率地說，我們仍然從其中一些行動中受益。

And that's allowed us to diversify our supply chain, maintain the right inventory levels, balance that around the world.

這使我們能夠多樣化我們的供應鏈，保持適當的庫存水平，平衡世界各地的庫存。

And we're going to continue to actively manage that portfolio.

我們將繼續積極管理該投資組合。

Now Greg, do you have anything to add?

現在格雷格，你有什麼要補充的嗎？

No, you're absolutely right.

不，你完全正確。

You won't see any impact on the inventory, Sam.

山姆，你不會看到對庫存有任何影響。

Our next question is from Ron Epstein with Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Ron Epstein。

It's really encouraging that the 767 rate's gone up on the heels of improving health in the air freight market.

在改善航空貨運市場的健康狀況之後，767 的運價上升，這真是令人鼓舞。

Can we look at that -- or do you guys see any other indicators that the large aircraft markets or stuff bigger than 787s, that, that segment of the market, 777, 777X, 74, we're starting to see at least the early stages of recovery there?

我們可以看看 - 或者你們是否看到任何其他指標表明大型飛機市場或比 787 更大的東西，那個市場部分，777、777X、74，我們至少開始看到早期有恢復階段嗎？

Because it seems like that market really kind of got hit hard.

因為看起來這個市場真的受到了重創。

And are we finally starting to see some pickup there or not?

我們是否終於開始在那裡看到一些皮卡？

I mean, what's your sense on that?

我的意思是，你對此有何看法？

Yes, Ron, as you know, the freight cargo market had been down for a couple of years.

是的，羅恩，如你所知，貨運市場已經低迷了幾年。

We saw some restrengthening last year, and we see further strengthening year-to-date.

去年我們看到了一些重新加強，我們看到今年迄今進一步加強。

So I think as I mentioned in my comments, we see freight traffic growth at 7.7% so far this year through February.

因此，我認為正如我在評論中提到的那樣，今年截至 2 月份，貨運量增長了 7.7%。

That's another encouraging sign.

這是另一個令人鼓舞的跡象。

We do see long-term strength in that market.

我們確實看到了該市場的長期實力。

We're seeing it grow across all regions around the world.

我們看到它在全球所有地區都在增長。

We're seeing general increases in trade levels and transport levels.

我們看到貿易水平和運輸水平普遍提高。

E-commerce, the growth of e-commerce is also fueling some of that.

電子商務，電子商務的增長也推動了其中的一部分。

So we see this as a longer-term growth trend.

所以我們認為這是一個長期的增長趨勢。

That's part of what's factored into our decision to increase the 767 production rate from 2.5 to 3 per month in 2020.

這是我們決定在 2020 年將 767 的生產率從每月 2.5 架提高到 3 架的部分考慮因素。

But as you noticed, we're also seeing increased orders for 777X, 777 freighters, including the letter of intent from Qatar just this past quarter as well as 2 additional birds for ANA.

但正如您所注意到的，我們也看到 777X、777 貨機的訂單增加，包括卡塔爾上個季度的意向書以及 ANA 的另外 2 隻鳥。

Now we're seeing strength in those larger freighters.

現在我們看到這些大型貨輪的實力。

And the UPS order on 747s, I think, is another good indicator.

我認為 747 的 UPS 訂單是另一個很好的指標。

So again, we're going to be -- maintain a very balanced approach on our production -- delivery schedules and our production rates, but the fundamental strength in the freighter market is encouraging.

再說一次，我們將 - 在生產上保持非常平衡的方法 - 交付時間表和我們的生產率，但貨運市場的基本實力令人鼓舞。

And I would say our product lineup to support that demand is a really good lineup.

我會說我們支持這種需求的產品陣容是一個非常好的陣容。

So we're pleased with the fact we've got a portfolio with different airplane scales that can satisfy that growing need.

因此，我們很高興我們擁有具有不同飛機秤的產品組合，可以滿足不斷增長的需求。

But do you see that as a leading indicator for a potential pickup in passenger demand -- for passenger jets, I mean, in that segment?

但是，您是否認為這是客運需求潛在回升的領先指標——我的意思是，在該領域，對於客機而言？

I don't know that I see that as an indicator that would ripple into passengers.

我不知道我認為這是一個會影響乘客的指標。

Those 2 marketplaces have some common catalysts.

這兩個市場有一些共同的催化劑。

I'd say world GDP growth, trade growth is something that can support passenger growth.

我想說世界 GDP 增長、貿易增長可以支持乘客增長。

But in many cases, we've seen passenger growth be somewhat independent of GDP growth based more on just the fact that we see a rising population of travelers that are entering the market for the first time.

但在許多情況下，我們看到乘客增長在某種程度上獨立於 GDP 增長，這更多是基於我們看到首次進入市場的旅行者人數不斷增加這一事實。

So while an increased freighter market, I'll say, can be helpful to the passenger market, we see the passenger market growth being independently strong based on other factors.

因此，儘管貨運市場的增長可能對客運市場有所幫助，但我們認為客運市場的增長在其他因素的基礎上獨立強勁。

And that's why we continue to see sustained passenger growth of almost 6% so far this year, and that is a long-term trend.

這就是為什麼今年迄今為止我們繼續看到近 6% 的持續乘客增長，這是一個長期趨勢。

And we're seeing more and more new city pairs being connected.

我們看到越來越多的新城市對被連接起來。

We're seeing global network traffic grow.

我們看到全球網絡流量在增長。

We're seeing 100 million new passengers per year in Asia alone, and by our estimates, less than 20% of the world's population has even taken a single flight in their life.

僅在亞洲，我們每年就有 1 億新乘客，據我們估計，世界上只有不到 20% 的人口在他們的一生中乘坐過一次航班。

So you can see that passenger growth has a lot of headroom beyond what might be driven by cargo growth.

因此，您可以看到，除了貨運增長可能推動的之外，乘客增長還有很大的空間。

Our next question is from Noah Poponak with Goldman Sachs.

我們的下一個問題來自高盛的諾亞波波納克。

Greg, what can you share with us about the change in the 787 cash unit accounting margin through the year, end of 2017 to end of 2018, that you're embedding in your cash flow outlook?

格雷格，關於 2017 年底至 2018 年底這一年中 787 個現金單位的會計利潤率變化，您能與我們分享您嵌入到您的現金流展望中的哪些變化？

Well, I mean, you've got, obviously, the improvement in mix that we've talked a lot about.

嗯，我的意思是，很明顯，你已經得到了我們已經談論了很多的混合改進。

And you've seen how smooth the -9 has entered into the production system as we planned, and you've seen the ramp-up in deliveries there year-over-year.

您已經看到 -9 按照我們的計劃順利進入生產系統，並且您已經看到交付量逐年增加。

As well as the -10, you've seen us hit significant milestones there, making our first delivery.

與 -10 一樣，您已經看到我們在那里達到了重要的里程碑，實現了我們的首次交付。

So again, that mix will start to pick up some pace here throughout the year and into next year.

因此，這種組合將在全年和明年開始加快步伐。

You got the supplier step-down, as we've talked about, and then including the additional productivity in the factory.

正如我們已經談到的那樣，您讓供應商下台，然後包括工廠的額外生產力。

Those are really the big, big elements, certainly, mix being the biggest one.

這些確實是非常大的元素，當然，混合是最大的元素。

And the team's done a fantastic job of getting these airplanes not only certified but getting them into the production system on time and doing that smoothly.

團隊做得非常出色，不僅讓這些飛機獲得認證，而且讓它們按時進入生產系統並順利完成。

And that, obviously, is impacting the cash flow and improving the cash flow overall and, of course, improving the deferred production.

顯然，這正在影響現金流並改善整體現金流，當然還有改善遞延生產。

Okay.

好的。

Yes, I mean, the -- you had a -- you -- sequentially you had a faster pace of deferred decline on -- but on fewer units.

是的，我的意思是——你有一個——你——依次你有更快的遞延下降速度——但單位更少。

So the sequential cash margin jump is -- looks pretty good compared to what it was the last few quarters.

因此，與過去幾個季度相比，連續的現金利潤率增長看起來相當不錯。

But you also have -- also, your seasonality of cash flow -- total cash flow guidance quarter to quarter implies the first quarter is a little higher than normal.

但你也有——而且，你的現金流的季節性——季度總現金流指導意味著第一季度略高於正常水平。

So I'm trying to figure out if you're assuming that the nice -- it looks like several hundred basis points of sequential change that you had in the quarter keeps going or if that slows down as you move through the year.

因此，我試圖弄清楚您是否假設良好 - 它看起來像您在本季度所擁有的數百個基點的連續變化繼續進行，或者隨著您一年的推移而放緩。

No.

不。

I mean, we expect continued increase in productivity, and overall cash profile will improve on the 87 through the balance of the year.

我的意思是，我們預計生產力將繼續提高，整體現金狀況將在今年餘下的 87 年有所改善。

I mean, like I said to you, the difference, I think, you saw here was primarily due to some mix and some step-down pricing.

我的意思是，就像我對你說的那樣，我認為你在這裡看到的差異主要是由於一些混合和一些降價。

But I think because of the elements of -- you've got 3 different variants in the production system and so on, and that's why I keep kind of bringing it back to cash flow.

但我認為由於元素——你在生產系統中有 3 種不同的變體等等，這就是為什麼我一直把它帶回現金流。

Look at the overall cash flow of the program, and that ties directly to the productivity, ties directly to the mix and the step-down in the supply chain that we've talked about a lot as we move through these blocks.

看看該計劃的整體現金流，它與生產力直接相關，與我們在通過這些區塊時討論過的供應鏈中的組合和降級直接相關。

And you're seeing that improving.

你看到了這種改善。

So I think the team is executing extremely well not only in our factories but reaching back into the supply chain and improving the productivity there that's helping on the nonrecurring side, like the things like the -10, but also helping overall on the recurring side.

因此，我認為該團隊不僅在我們的工廠中執行得非常好，而且還回到了供應鏈並提高了那裡的生產力，這對非經常性方面有所幫助，例如 -10 之類的東西，而且對經常性方面也有幫助。

So you're going to continue to see improvement on the 787 going forward.

因此，您將繼續看到 787 的改進。

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。

Yes.

是的。

So your commercial profitability looked really good, even if one excludes the lower R&D, certainly, than we expected.

因此，即使不包括較低的研發，您的商業盈利能力看起來也非常好，當然，比我們預期的要好。

Could you give us some color on that in terms of were there any increases in program accrual rates?

您能否就計劃應計率是否有任何增加給我們一些顏色？

Were there any increases in the block sizes?

塊大小是否有任何增加？

And lastly, given your R&D was so low in that quarter, it looks like it has to ramp very sharply to get to your full year bogey.

最後，鑑於你在那個季度的研發如此之低，看起來它必須非常急劇地上升才能達到你的全年目標。

Is that number, perhaps, a little bit conservative?

這個數字是不是有點保守？

Yes, Cai, it's expected to ramp, and that, again, is tied primarily to the profile that Dennis articulated earlier on the 777X.

是的，Cai，預計它會上升，這主要與 Dennis 早些時候在 777X 上闡述的配置文件有關。

So that's what we plan.

所以這就是我們的計劃。

And look, if we see more opportunities with regards to R&D spending, we'll certainly capture them.

而且，如果我們在研發支出方面看到更多機會，我們肯定會抓住它們。

And we're as focused on that level of spending as we are of any level of spending in the company.

我們關注這種支出水平，就像我們關注公司的任何支出水平一樣。

So we do have challenging targets out there for the team, but they're achievable.

因此，我們確實為團隊制定了具有挑戰性的目標，但它們是可以實現的。

But there are some timing elements that come in from quarter to quarter, so we do expect the back half to be a little richer in R&D.

但是每個季度都會有一些時間因素，所以我們確實預計後半部分的研發會更豐富一些。

As far as block extensions, we extended the 737 by 200 units and then the 767.

至於塊擴展，我們將 737 擴展了 200 個單位，然後是 767。

And then as far as booking rate changes, we saw an increase, really, kind of very slightly but across the board on all programs.

然後，就預訂率的變化而言，我們看到了所有計劃的全面增長，真的，非常輕微，但全面。

So good core performance.

這麼好的核心性能。

And again, I think the productivity focus we've had for the last number of years and continuing on that path and sharing of best practices across the entire company and leveraging that, at the same time, getting out into the supply chain and taking these best practices out there and allowing them to be more efficient and sharing the benefit of that on our overall program performance is the -- continues to be the objective.

再一次，我認為我們過去幾年一直關註生產力，並繼續沿著這條道路走，在整個公司分享最佳實踐，同時利用這一點，進入供應鏈並採取這些措施那裡的最佳實踐並讓他們更有效率並分享我們整體計劃績效的好處是 - 仍然是目標。

But there's a lot of focus and energy around it.

但它周圍有很多焦點和能量。

Team's doing a great job, but plenty more for us to do here.

團隊做得很好，但我們在這裡要做的還有很多。

Cai, just to reinforce Greg's last point there, that fundamental productivity machine, that's a relentless effort that we have the whole enterprise just focused on and the longer-term goal we set to drive our business to mid-teen margins.

蔡，只是為了加強格雷格的最後一點，即基本的生產力機器，這是我們讓整個企業都專注於的不懈努力，也是我們設定的將我們的業務推向青少年利潤率的長期目標。

And what you see in this quarter is another step of progress towards that longer-term goal, and we expect to make sustained progress on margin expansion across all of our businesses.

您在本季度看到的是朝著該長期目標邁出的又一步，我們預計將在我們所有業務的利潤率擴張方面取得持續進展。

And that will be from Carter Copeland with Melius Research.

這將來自卡特科普蘭和 Melius Research。

Just a couple of quick points of clarification, if I can, Greg.

如果可以的話，請快速澄清幾點，格雷格。

On the unit profitability versus program, was that good 78s have been offsetting anything material in the other programs?

在單位盈利能力與計劃方面，良好的 78 是否抵消了其他計劃中的任何實質性內容？

Or did you have a contribution from any of the others in a positive sense?

或者你是否從其他任何人那裡得到了積極的貢獻？

And then on BGS, I think you commented around favorable mix.

然後在 BGS 上，我認為您評論了有利的組合。

Can you just help us, since BGS is new to all of us, understand what that means and what we should expect in mix terms?

你能幫我們嗎，因為 BGS 對我們所有人來說都是新手，了解這意味著什麼以及我們在混合方面應該期待什麼？

Yes, yes.

是的是的。

Maybe I'll start there.

也許我會從那裡開始。

I mean, as you know, this is the breadth of a portfolio in a lot of contracts, so you're going to see variability quarter-over-quarter.

我的意思是，如您所知，這是許多合同中投資組合的廣度，因此您將看到季度環比的變化。

But like -- as Dennis just articulated, we've set objectives for ourselves to drive not only top line but bottom line and margin overall productivity.

但是就像丹尼斯剛剛闡明的那樣，我們為自己設定了目標，不僅要推動收入，還要推動利潤和整體生產力。

So the team is getting their arms around -- we've talked some of the backroom opportunities as we brought these 2 businesses together and really leveraging, again, some of the, I'll say, kind of core operational aspects of the business, at the same time, grow the top line.

因此，團隊正在全力以赴——我們已經討論了一些幕後機會，因為我們將這兩項業務整合在一起，並再次真正利用了一些，我會說，業務的核心運營方面，同時，增加收入。

So you're going to see some variability in there, but net-net, the objective is to continue to grow those margins.

所以你會在那裡看到一些變化，但淨淨值，目標是繼續增加這些利潤。

And we think there's good opportunity to do that, at the same time, deliver better value to our customers.

我們認為這是一個很好的機會，同時可以為我們的客戶提供更好的價值。

So just kind of like I said, watch quarter-over-quarter, you're going to see some -- and really, that's just contract mix in there.

所以就像我說的，按季度看，你會看到一些——真的，這只是合同組合。

But overall, expect margin expansion for that business.

但總體而言，預計該業務的利潤率將擴大。

On the program versus unit, obviously, the biggest difference here from what we've talked prior quarters is we have no more 787 early builds.

顯然，在程序與單元之間，與我們之前幾個季度討論的最大區別是我們沒有更多的 787 早期版本。

So it's a lot cleaner, I'll say, comparison when you look at unit versus program, and you're -- again, you're seeing the fundamentals on a unit basis of improvement productivity taking place unit after unit and looking for further opportunity.

因此，我會說，當您查看單元與程序的比較時，它會更清晰，並且您再次看到基於單元的基本原理，即一個單元一個單元地提高生產力，並進一步尋找機會。

You saw that in the quarter.

你在本季度看到了這一點。

So a lot of the productivity initiatives that we've had in place, the team's continuing to focus on them and chip away at them.

因此，我們已經實施了很多生產力計劃，團隊繼續關注它們並削弱它們。

And obviously, they're impacting unit, and therefore, they're impacting the cash profile.

顯然，它們正在影響單位，因此，它們正在影響現金狀況。

Is there anything material outside of the 787 program in either direction?

787 計劃之外的任何一個方向都有什麼材料嗎？

No, not really, Carter.

不，不是真的，卡特。

And 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 will now return you to The Boeing Company for introductory remarks by Mr. Phil Musser, Senior Vice President, Communications.

（操作員說明）我現在將請您返回波音公司，聽取通信部高級副總裁 Phil Musser 先生的介紹性發言。

Please go ahead.

請繼續。

Thank you.

謝謝你。

We'll continue now with media questions for Dennis and Greg.

我們現在將繼續向丹尼斯和格雷格提出媒體問題。

If you have questions following this part of the session, please contact the Media Relations Team here in Chicago.

如果您在這部分會議之後有任何疑問，請聯繫芝加哥的媒體關係團隊。

Operator, we're ready for the first question.

接線員，我們準備好回答第一個問題了。

(Operator Instructions)

（操作員說明）

And first, we'll go to Doug Cameron with The Wall Street Journal.

首先，我們將與華爾街日報一起去道格卡梅倫。

It's about 20 years since you announced plans for the China completion center, maybe not quite 20 years, but can you just give us an update on that?

自您宣布中國完成中心的計劃以來已經有 20 年了，也許還不到 20 年，但您能告訴我們最新情況嗎？

I mean, how long does it take to build a big shed?

我的意思是，建一個大棚子需要多長時間？

And when do you actually expect to start putting aircraft through there?

你真正期望什麼時候開始讓飛機通過那裡？

To your question, we've been engaged in China for a long time, as you point out.

關於你的問題，正如你所指出的，我們在中國已經有很長時間了。

The new delivery and finishing center that we're building in Zhoushan is underway.

我們正在舟山建設的新配送和整理中心正在建設中。

So site preparation has been initiated.

於是場地準備工作開始了。

Construction is underway.

建設正在進行中。

We're still driving towards a goal of beginning to have operational capability towards the end of this year.

我們仍在朝著在今年年底開始具備運營能力的目標邁進。

We're working very closely with our Chinese partners to drive that to closure.

我們正在與我們的中國合作夥伴密切合作，以推動這一進程的結束。

So we're in stride.

所以我們大步向前。

We're on track to open that capability, and it will be something in the near term.

我們正朝著開放該功能的方向前進，這將在短期內實現。

Our next question is from Tim Hepher with Reuters.

我們的下一個問題來自路透社的 Tim Hepher。

You mentioned -- you were talking about some of the various sanctions issues amongst the geopolitical problems.

你提到 - 你在談論地緣政治問題中的一些各種制裁問題。

Of course, an important one is Iran, and that, we understand, is completely out of your hands.

當然，一個重要的國家是伊朗，據我們了解，這完全不在你的掌控之中。

You've said very clearly you will follow U.S. policy.

你已經說得很清楚了，你會遵守美國的政策。

But presumably, you must be planning what to do.

但大概，你必須計劃做什麼。

You must have some contingency plans for the 15 777-300ERs that you were supposed to sell them.

您必須為應該出售的 15 777-300ER 制定一些應急計劃。

I believe, if I'm not mistaken, the first one was originally due to be delivered this month.

我相信，如果我沒記錯的話，第一個原定於本月交付。

So have you had a chance to examine whether, if that deal does collapse, you would have to cut 777 production further, bearing in mind that when you last adjusted production, you said that your target incorporated the Iran order?

那麼，您是否有機會檢查一下，如果該交易確實失敗，您是否必須進一步削減 777 的產量，請記住，當您上次調整產量時，您說您的目標包含伊朗訂單？

And could you just tell us roughly how many aircraft would have been involved this year and next year?

您能否大致告訴我們今年和明年將涉及多少架飛機？

Tim, we're continuing to manage our overall 777 production skyline very effectively and understand the risks and implications around the Iranian aircraft deal.

蒂姆，我們將繼續非常有效地管理我們的整體 777 生產線，並了解伊朗飛機交易的風險和影響。

First and foremost, it's important, again, to restate that we continue to follow the U.S. government's lead here.

首先，重要的是再次重申，我們將繼續追隨美國政府的領導。

And everything is being done per that process.

一切都在按照這個過程完成。

We have no Iranian deliveries that are scheduled or part of the skyline this year, so those have been deferred, again, in line with the U.S. government process.

我們今年沒有預定的或部分天際線的伊朗交付，因此根據美國政府的程序，這些交付再次被推遲。

And I can tell you with confidence that we've continued to build risk mitigation into our 777 production plan.

我可以自信地告訴你，我們一直在將風險緩解納入我們的 777 生產計劃。

The plan that we outlined for you, the production rate that we've put in place, is not dependent on the Iranian orders.

我們為您概述的計劃，我們實施的生產率，不依賴於伊朗的訂單。

If those orders do come to fruition, if we do ultimately deliver airplanes, those represent opportunities for us.

如果這些訂單真的實現了，如果我們最終交付了飛機，那對我們來說就是機會。

Again, we're going to follow the U.S. government's lead.

同樣，我們將追隨美國政府的領導。

And we've ensured that from a skyline management standpoint and from a production system standpoint, we are not dependent on those aircraft.

我們確保從天際線管理的角度和生產系統的角度來看，我們不依賴這些飛機。

And the good news is that the fundamental strength of the 777 product line and increased sales volume that we're seeing in the marketplace, both for 777-300ERs and for the 777 freighters, has only bolstered our confidence in that line.

好消息是，777 產品線的基本實力和我們在市場上看到的 777-300ER 和 777 貨機銷量的增長，只會增強我們對該產品線的信心。

And while we still have some work to do to fill out the remainder of the 777 bridge, we're steadily marching through that, and we think we're well positioned.

雖然我們仍有一些工作要做，以填補 777 橋的其餘部分，但我們正在穩步推進，我們認為我們處於有利位置。

So as I said earlier, the production system delivery plan, the skyline, the delivery rate that we've already announced, we think, represents a solid position for that program, and we're on track to bridge to the 777X.

因此，正如我之前所說，我們認為我們已經宣布的生產系統交付計劃、天際線和交付率代表了該計劃的穩固地位，我們正朝著通往 777X 的道路前進。

The next question is from Jacqueline Klimas with POLITICO.

下一個問題來自 POLITICO 的 Jacqueline Klimas。

I'm hoping you guys can talk a little bit about how -- or whether the administration's focus on space and the proposed budget increase in space programs is impacting Boeing's investment and prioritization of its space business segment.

我希望你們能談談 - 或者政府對太空的關注以及太空計劃的擬議預算增加是否會影響波音公司的投資和太空業務部門的優先級。

Jacqueline, thanks for the question there.

杰奎琳，謝謝你的問題。

We continue to see the space segment and human spaceflight, in particular, as one of our key investment areas going forward.

我們繼續將太空領域和載人航天視為我們未來的主要投資領域之一。

We're encouraged by the administration's support and strong leadership on that topic.

政府對該主題的支持和強有力的領導使我們感到鼓舞。

That includes funding for NASA programs, among those, the Commercial Crew program, where we're marching through the milestones on our CST-100 Starliner, as well as support for the Space Launch System program and deep space exploration.

這包括為 NASA 計劃提供資金，其中包括商業船員計劃，我們正在推進 CST-100 Starliner 的里程碑，以及對太空發射系統計劃和深空探索的支持。

We do think strong and continued funding of those NASA programs is really important to our country, and that sustained funding and support that we're seeing from the administration is very encouraging.

我們確實認為，為這些 NASA 項目提供強大而持續的資金對我們的國家非常重要，我們從政府那裡看到的持續資金和支持非常令人鼓舞。

I also think the re-institution of the National Space Council under Vice President Pence's leadership and guidance, along with President Trump, has been a very important step.

我還認為，在彭斯副總統的領導和指導下，與特朗普總統一起重新組建國家航天委員會是非常重要的一步。

We're encouraged by that as well.

我們也因此受到鼓舞。

And we're continuing to invest in that area.

我們將繼續在該領域進行投資。

We do see it as an important business segment for our future.

我們確實將其視為我們未來的重要業務部門。

And Boeing, as we had a leadership role in human space exploration since it was invented, and we continue to expect to lead in that field.

和波音公司一樣，自人類太空探索發明以來，我們就一直處於領導地位，我們將繼續期待在該領域處於領先地位。

And that will be from Marcus Weisgerber with Defense One.

這將來自防禦一號的 Marcus Weisgerber。

Dennis, about 2 years ago, the narrative on St.

丹尼斯，大約 2 年前，關於聖彼得堡的敘述。

Louis was pretty grim, mostly alluding to the end of fighter production.

路易斯非常嚴峻，主要是在暗示戰鬥機生產的終結。

Now you have the President of the United States actually sitting in a Super Hornet.

現在你有美國總統實際上坐在超級大黃蜂中。

I was wondering if you can reflect kind of on the turnaround of the defense business in recent years and how politics and the recent budget deal is changing your outlook for the defense business.

我想知道您是否可以反映近年來國防業務的好轉以及政治和最近的預算協議如何改變您對國防業務的看法。

Yes, Marcus, thanks for your question there.

是的，馬庫斯，謝謝你的問題。

I'd say first of all, from a macro standpoint, again, we're encouraged by the strength of the U.S. defense budget.

首先，我要說的是，從宏觀角度來看，美國國防預算的實力讓我們再次感到鼓舞。

And I think after several years of having to endure the damage of sequestration and a challenging defense budget, we're now seeing reemerging strength of that budget supported by both parties.

而且我認為，經過幾年不得不忍受封存和具有挑戰性的國防預算的損害之後，我們現在看到雙方支持的預算的力量重新出現。

And we're encouraged by the future year plans that we've seen, and that is something that has bolstered our expectations for our defense business going forward.

我們對我們所看到的未來年度計劃感到鼓舞，這增強了我們對未來國防業務的期望。

Now in particular, to St.

現在特別是到聖。

Louis, the support for individual programs there has been strong, both domestically and internationally.

聖路易斯，無論是在國內還是在國際上，對個人項目的支持都非常強大。

Our weapons business, which is based there, has been strong, and we're continuing to see growth there in a number of programs in our fighter business, and that includes F-15 international sales as well as upgrades to the F-15 fleet domestically.

我們的武器業務一直很強勁在國內。

And perhaps, most encouragingly is the progress we're seeing on the F-18 Super Hornet line, and I think it's a testament to the quality of the product.

也許，最令人鼓舞的是我們在 F-18 超級大黃蜂生產線上看到的進步，我認為這證明了產品的質量。

You can hear our customers are very supportive of the U.S. Navy, and what that airplane is doing for them every day in the fleet is important.

您可以聽到我們的客戶非常支持美國海軍，而這架飛機在機隊中每天為他們所做的事情很重要。

And we have a great program that's producing capability that our customers need, and we're looking forward to continuing to grow that program going forward.

我們有一個很棒的計劃，可以生產我們客戶需要的能力，我們期待著繼續發展這個計劃。

As you noted, a couple of years ago, we had some questions about that production line.

正如您所指出的，幾年前，我們對那條生產線有一些疑問。

We can now see both the F-18 and the F-15 production lines extending far into next decade.

我們現在可以看到 F-18 和 F-15 的生產線延伸到下一個十年。

And one good example of that is in the 5-year future defense plan.

一個很好的例子就是未來 5 年的國防計劃。

We see a Navy request now for 110 new Super Hornets as well as the service life extension program for the existing Super Hornet fleet.

我們現在看到海軍要求 110 架新的超級大黃蜂以及現有超級大黃蜂艦隊的使用壽命延長計劃。

So we're bullish about the fighter lines for the future.

所以我們看好未來的戰鬥機線。

Thank you, Dennis.

謝謝你，丹尼斯。

That concludes our earnings call for today.

我們今天的財報電話到此結束。

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

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或通過電子郵件與我們聯繫。

Thank you very much.

非常感謝。