波音 (BA) 2018 Q4 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 Fourth Quarter 2018 Earnings Conference Call.

大家好，歡迎來到波音公司 2018 年第四季度收益電話會議。

Today's call is being recorded.

今天的通話正在錄音中。

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

管理層討論和幻燈片演示，以及分析師和媒體問答環節，都在互聯網上進行現場直播。

At this time, for opening remarks and introductions, I'm going to turn the call over to Ms. Maurita Sutedja, Vice President of Investor Relations for the Boeing Company.

現在，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 Sutedja 女士。

Ms. Sutedja, please go ahead.

Sutedja 女士，請繼續。

Thank you, and good morning.

謝謝，早上好。

Welcome to Boeing's Fourth Quarter 2018 Earnings Call.

歡迎來到波音 2018 年第四季度財報電話會議。

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 and Strategy.

我是 Maurita Sutedja，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；波音公司首席財務官兼企業績效和戰略執行副總裁格雷格史密斯。

After management comments, we will take your questions.

管理評論後，我們將回答您的問題。

(Operator Instructions) As always, we have provided detailed financial information in our press release issued earlier today.

（操作員說明）一如既往，我們在今天早些時候發布的新聞稿中提供了詳細的財務信息。

And as a reminder, you can follow today's broadcast and slide presentation through our website at boeing.com.

提醒一下，您可以通過我們的網站 boeing.com 關註今天的廣播和幻燈片演示。

Before we begin, I need to remind you that any projections and goals we include in our discussions this morning are likely to involve risks, which is detailed in our news release, in our various SEC filings and in the forward-looking statement disclaimer at the end of this web presentation.

在我們開始之前，我需要提醒您，我們今天上午討論中包含的任何預測和目標都可能涉及風險，我們的新聞稿、我們向美國證券交易委員會提交的各種文件和前瞻性聲明免責聲明中都有詳細說明此 Web 演示文稿結束。

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

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

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，Maurita，早上好。

Let me begin today with a brief overview of our 2018 operating performance, followed by an update on the business environment and our expectations going forward.

今天讓我首先簡要概述一下我們 2018 年的經營業績，然後介紹最新的商業環境和我們對未來的期望。

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

之後，格雷格將向您詳細介紹我們的財務業績和前景。

With that, let's move to Slide 2. Thanks to the dedicated efforts of our teams across the company, Boeing delivered strong 2018 financial results that included record revenue, earnings per share and operating cash flow driven by record commercial aircraft deliveries, higher Defense, Space & Securities and services volume and strong performance.

有了這個，讓我們轉到幻燈片 2。由於我們整個公司團隊的不懈努力，波音公司在 2018 年取得了強勁的財務業績，其中包括創紀錄的收入、每股收益和運營現金流，這是由創紀錄的商用飛機交付、更高的國防、航天& 證券和服務量和表現強勁。

And all of our 3 businesses increased their backlog in 2018.

2018 年，我們所有的 3 家企業都增加了積壓訂單。

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, safety and productivity gains across the enterprise.

我們加強了對盈利、持續、長期增長戰略的關注；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；並推動整個企業進一步提高質量、安全性和生產力。

For the full year, we generated record operating cash flow of $15.3 billion.

全年，我們產生了創紀錄的 153 億美元運營現金流。

We repurchased 26.1 million shares for $9 billion and made dividend payments totaling $3.9 billion in 2018.

我們在 2018 年以 90 億美元回購了 2610 萬股股票，並支付了總計 39 億美元的股息。

We continued to deliver on our commitments of returning cash to shareholders while investing in our people, innovation and future growth.

我們繼續履行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。

In December, our Board of Directors authorized a new $20 billion share repurchase program and a 20% increase in our quarterly dividend.

12 月，我們的董事會批准了一項新的 200 億美元股票回購計劃，並將季度股息提高 20%。

The increase is a part of our balanced cash deployment strategy and reflects the confidence we have in our strong lineup of products and services and our long-term outlook for the business.

這一增長是我們平衡現金部署戰略的一部分，反映了我們對我們強大的產品和服務陣容以及我們對業務的長期前景的信心。

Turning to our core operating performance for the year.

轉向我們今年的核心經營業績。

Boeing Commercial Airplanes generated revenue of $60.7 billion, reflecting a record 806 deliveries including the delivery of the first 787-10 Dreamliner and the first 737 MAX 9. During the year, we delivered 256 MAX airplanes, nearly half of the total 737 deliveries.

波音商用飛機業務實現收入 607 億美元，交付量達到創紀錄的 806 架，其中包括首架 787-10 夢幻客機和首架 737 MAX 9。這一年，我們交付了 256 架 MAX 飛機，佔 737 架交付總量的近一半。

Continued healthy sales activity contributed to 893 net new airplane orders during the year, adding to our robust backlog stands at nearly 5,900 airplanes and it's worth $412 billion.

持續健康的銷售活動在這一年促成了 893 架淨新飛機訂單，增加了我們強勁的積壓訂單，將近 5,900 架飛機，價值 4,120 億美元。

Our backlog equates to about 7 years of production at current rates.

按目前的速度，我們的積壓訂單相當於大約 7 年的生產。

Key Commercial Airplane milestones in 2018 included the delivery of the 787th 787 Dreamliner and the first airplane from the new 737 completion center in China.

2018 年商用飛機的主要里程碑包括交付第 787 架 787 夢想飛機和來自中國新 737 完工中心的第一架飛機。

The 737 program increased its production rate to 52 per month and made good progress on its recovery plans to mitigate supply chain challenges with 173 aircraft delivered in the fourth quarter.

737 項目將其生產率提高到每月 52 架，並在其恢復計劃方面取得了良好進展，以緩解供應鏈挑戰，第四季度交付了 173 架飛機。

Also in the year, we completed the first flight of the 737 MAX 7 and delivered the first MAX Boeing Business Jet airplane.

同年，我們完成了 737 MAX 7 的首飛，交付了首架 MAX 波音公務機。

The 777X program achieved a number of key milestones last year as we rolled out the static test airplane and began production of the flight test airplanes.

777X 項目在去年實現了一系列重要的里程碑，因為我們推出了靜態測試飛機並開始生產飛行測試飛機。

We recently completed final body join for the first flight test airplane and turned on its electrically powered systems.

我們最近完成了第一架試飛飛機的最終機身連接並開啟了其電動系統。

We plan to start flight testing this year and remain on track for the first 777X delivery in 2020.

我們計劃今年開始飛行測試，並繼續按計劃在 2020 年交付首架 777X。

Meanwhile, the 787 program further matured its rate readiness.

與此同時，787 項目進一步成熟了其費率準備。

We have started transitioning to 14 per month in our factories and supply chain as we prepare to begin delivering at this higher rate.

我們已經開始在我們的工廠和供應鏈中過渡到每月 14 次，因為我們準備開始以這種更高的速度交付。

We expect to complete the transition in the second quarter.

我們預計將在第二季度完成過渡。

Now over to Defense, Space & Security.

現在轉到國防、太空與安全。

BDS reported revenue of $23.2 billion, a 13% growth year-on-year, reflecting higher volume across its business.

BDS 報告收入為 232 億美元，同比增長 13%，反映出其業務量增加。

BDS booked $36 billion of new orders during the year, including wins on important new franchise opportunities, like the T-X trainer, the MQ-25 unmanned aircraft and the MH-139 helicopter.

BDS 在這一年中獲得了 360 億美元的新訂單，包括贏得重要的新特許經營機會，如 T-X 教練機、MQ-25 無人機和 MH-139 直升機。

More recently in the fourth quarter, BDS was awarded contracts to modernize the entire Spanish Chinook helicopter fleet and a joint ground system to provide tactical satellite communications for the U.S. Air Force.

最近在第四季度，BDS 獲得了對整個西班牙支奴干直升機機隊進行現代化改造的合同，以及一個聯合地面系統，為美國空軍提供戰術衛星通信。

BDS made progress on a number of critical program milestones, including delivering the first 2 KC-46 tankers to the U.S. Air Force earlier this month.

BDS 在許多關鍵項目里程碑上取得了進展，包括本月早些時候向美國空軍交付了首批 2 架 KC-46 加油機。

Two more tankers have been accepted by the Air Force, and we expect to deliver these aircraft imminently.

空軍接收了另外兩架加油機，我們希望立即交付這些飛機。

We look forward to working with the Air Force and the Navy during their initial operational tests and evaluation of the KC-46 as we further demonstrate the operational capabilities of this next-generation aircraft across refueling, mobility and combat weapon systems missions.

我們期待在空軍和海軍對 KC-46 進行初始運行測試和評估期間與他們合作，因為我們將進一步展示這種下一代飛機在加油、機動和作戰武器系統任務方面的運行能力。

Additionally, we received the contract to provide the second KC-46 international tanker to Japan.

此外，我們還獲得了向日本提供第二架 KC-46 國際油輪的合同。

This highlights the broader demand and market opportunity that we see for this program.

這突出了我們對該計劃看到的更廣泛的需求和市場機會。

Other key operational milestones for BDS included the unveiling of the SB>1 DEFIANT helicopter Boeing and Sikorsky are developing for the U.S. Army's joint multi-role technology demonstrator program and completing another Minuteman III flight test.

北斗系統的其他關鍵運營里程碑包括波音和西科斯基為美國陸軍聯合多用途技術演示計劃開發的 SB>1 DEFIANT 直升機的揭幕，並完成了另一項民兵 III 飛行測試。

We're continuing to ramp up the activities for the T-X and MQ-25 programs.

我們將繼續加強 T-X 和 MQ-25 計劃的活動。

These wins are the culmination of years of unwavering focus, improving our technology and derisking the programs.

這些勝利是多年來堅定不移的專注、改進我們的技術和降低項目風險的結晶。

We have developed and flight tested 2 all-new, production-ready T-X jets with 76 flight tests having been completed to date.

我們已經開發並飛行測試了 2 架全新的、可投入生產的 T-X 噴氣式飛機，迄今為止已完成 76 次飛行測試。

We've already seen strong interest as well for the T-X from outside of the U.S.

我們已經看到美國以外地區對 T-X 的濃厚興趣。

On MQ-25, we have demonstrated deck handling and engine trials.

在 MQ-25 上，我們展示了甲板操縱和發動機試驗。

Our MQ-25 prototype aircraft is currently in ground test and expected to undergo first flight this year.

我們的 MQ-25 原型機目前正在進行地面測試，預計將於今年進行首飛。

Now turning to Global Services.

現在轉向全球服務。

BGS reported revenue of $17 billion, representing 17% growth year-on-year.

BGS 報告收入為 170 億美元，同比增長 17%。

Since its operations began in July of 2017, BGS growth has consistently outpaced the average for the services market.

自 2017 年 7 月開始運營以來，BGS 的增長一直超過服務市場的平均水平。

BGS continues to win new business, highlighting the value we bring to our broad range of commercial and government customers and the strength of our One Boeing offerings.

BGS 繼續贏得新業務，凸顯了我們為廣泛的商業和政府客戶帶來的價值以及我們 One Boeing 產品的優勢。

BGS booked new orders totaling approximately $18 billion in 2018.

BGS 在 2018 年的新訂單總額約為 180 億美元。

Key awards included support services and sustainment contracts for military customers globally, such as the recent C-17, F/A-18 and F-22 contracts with U.S. Navy and Air Force and F-15 for Qatar.

主要合同包括為全球軍事客戶提供的支持服務和維護合同，例如最近與美國海軍和空軍簽訂的 C-17、F/A-18 和 F-22 合同以及與卡塔爾簽訂的 F-15 合同。

In addition to the strong momentum in its parts and supply chain business, BGS continues to expand its market-leading digital solution portfolio and customer base.

除了零部件和供應鏈業務的強勁勢頭，BGS 還繼續擴大其市場領先的數字解決方案組合和客戶群。

In the fourth quarter, more than 5,300 commercial and military aircraft were monitored in flight by Airplane Health Management, a cloud-based, real-time health monitoring solution.

第四季度，超過 5,300 架商用和軍用飛機在飛行中受到基於雲的實時健康監控解決方案 Airplane Health Management 的監控。

Adding to the list our digital analytics customers, Shenzhen Airlines recently signed up for crew pairing and rostering services.

除了我們的數字分析客戶之外，深圳航空公司最近還簽署了機組配對和排班服務。

Shenzhen will be the first airline in China to use Boeing AnalytX-powered crew management solutions, bringing the most advanced data analytics capabilities to the airlines, allow them to focus on their core business of serving their customers while improving efficiency and costs.

深圳將成為中國第一家使用波音 AnalytX 驅動的機組管理解決方案的航空公司，為航空公司帶來最先進的數據分析能力，使他們能夠專注於服務客戶的核心業務，同時提高效率和成本。

In the fourth quarter, we also completed acquisition of KLX, a major global provider of aviation parts and services, boosting our supply chain capability enables us to better serve our customers while profitably and purposefully growing our business.

在第四季度，我們還完成了對全球主要航空零部件和服務供應商 KLX 的收購，提升了我們的供應鏈能力，使我們能夠更好地為客戶服務，同時有目的地實現盈利增長。

Our integration activities continue to progress well.

我們的整合活動繼續進展順利。

We've retained top KLX talent and are on track to achieve or exceed our business case synergy value.

我們保留了 KLX 的頂尖人才，並有望實現或超過我們的業務案例協同價值。

Additionally, last year, we started operations for our airplane seat joint venture with Adient and auxiliary power units joint venture with Safran.

此外，去年，我們開始運營與安道拓的飛機座椅合資企業以及與賽峰集團的輔助動力裝置合資企業。

These partnerships support Boeing's vertical integration strategy to strengthen in-house capabilities and depth in key areas to offer better products that deliver greater value to our customers, grow our services business and generate greater life cycle value.

這些合作夥伴關係支持波音的垂直整合戰略，以加強關鍵領域的內部能力和深度，以提供更好的產品，為我們的客戶帶來更大的價值，發展我們的服務業務並產生更大的生命週期價值。

We've also made progress in our strategic partnership with Embraer.

我們在與 Embraer 的戰略合作夥伴關係方面也取得了進展。

We recently received approval by the government of Brazil and signed the definitive agreements with Embraer.

我們最近獲得了巴西政府的批准，並與巴西航空工業公司簽署了最終協議。

The Embraer shareholder vote, scheduled for February 26, is the next major milestone.

定於 2 月 26 日舉行的 Embraer 股東投票是下一個重要里程碑。

Over the coming months, we'll continue to work with Embraer, global regulators and other stakeholders to complete the transaction and create the most important strategic partnership in the aerospace industry.

在接下來的幾個月裡，我們將繼續與巴西航空工業公司、全球監管機構和其他利益相關者合作，以完成交易並建立航空航天業最重要的戰略合作夥伴關係。

Assuming the approvals are received in a timely manner, we expect to close the transaction by the end of this year.

假設及時收到批准，我們預計將在今年年底前完成交易。

In summary, we delivered another year of strong operating performance, captured noteworthy additions to our large and diverse backlog, returned significant cash to our shareholders, invested in our people and our business to drive innovation and excellence and complemented our organic growth with planned strategic inorganic investments.

總而言之，我們又一年取得了強勁的經營業績，在我們龐大而多樣化的積壓訂單中獲得了值得注意的補充，向我們的股東返還了大量現金，投資於我們的員工和我們的業務以推動創新和卓越，並通過計劃的戰略性無機增長補充了我們的有機增長投資。

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

有了這個，讓我們轉向幻燈片 3 的商業環境。我們繼續看到全球對我們在商業、國防、太空和服務方面的產品的健康需求。

These are sizable sectors that are growing and backed by strong fundamentals with a combined market opportunity of $8.1 trillion over the next 10 years.

這些規模龐大的行業正在增長，並受到強勁基本面的支持，未來 10 年的市場機會總和將達到 8.1 萬億美元。

I would note that as a global company with customers in 150 countries, we are always mindful of the potential impact of geopolitical and macroeconomic forces.

我要指出的是，作為一家在 150 個國家/地區擁有客戶的全球性公司，我們始終關注地緣政治和宏觀經濟力量的潛在影響。

We continue to track a host of near-term issues and mitigate potential risks as appropriate.

我們繼續跟踪一系列近期問題並酌情降低潛在風險。

We value and maintain strong relationships with our customers, suppliers and other stakeholders around the world, reinforcing the mutual economic benefits of a strong and prosperous aerospace industry.

我們重視並與世界各地的客戶、供應商和其他利益相關者保持牢固的關係，加強強大繁榮的航空航天業的共同經濟利益。

In commercial aviation, global passenger traffic continues to grow faster than GDP and long-term trends.

在商業航空領域，全球客運量的增長速度繼續快於 GDP 和長期趨勢。

For 2018, passenger traffic grew 6.6% through November, representing the ninth straight year of above-trend growth.

2018 年，截至 11 月客運量增長 6.6%，連續第九年高於趨勢增長。

We believe the changing nature of travel, with more connected city pairs and a rising middle class, has fundamentally expanded traffic patterns and supports sustained growth.

我們相信，隨著更多相互聯繫的城市對和不斷壯大的中產階級，旅行性質的變化從根本上擴大了交通模式並支持持續增長。

At the same time, airlines are maintaining capacity discipline, keeping supply and demand in balance as industry profitability remains near historic highs.

與此同時，由於行業盈利能力仍接近歷史高位，航空公司正在維持運力紀律，保持供需平衡。

Meanwhile, air cargo continued its solid momentum in 2018 with traffic increasing nearly 4% through November.

與此同時，航空貨運在 2018 年繼續保持強勁勢頭，截至 11 月貨運量增長近 4%。

Our customers continue to recognize the superior value proposition of our more fuel-efficient airplanes as reflected in the strong intake of new orders we saw last year.

我們的客戶繼續認識到我們更省油的飛機的卓越價值主張，這反映在我們去年看到的大量新訂單中。

For 2019, we expect to see our new order intake to be moderated but still at a healthy pace.

對於 2019 年，我們預計新訂單量將有所放緩，但仍保持健康的增長速度。

Our sales expectations are built on the diverse demand that we're seeing around the world and across airline business models.

我們的銷售預期建立在我們在世界各地和航空公司業務模式中看到的多樣化需求之上。

There also is more balance between airplanes purchased for fleet growth and replacement, leading to more stable purchasing patterns.

為機隊增長和更換而購買的飛機之間也更加平衡，從而導致更穩定的採購模式。

We believe the evolution in these key market dynamics, in aggregate, continues to drive less cyclicality for our industry.

我們認為，這些關鍵市場動態的演變總體上繼續推動我們行業的周期性減少。

Over the long term, we remain highly confident in our outlook, which forecasts a demand for nearly 43,000 new airplanes over the next 20 years, which will help double the size of the global fleet.

從長遠來看，我們對我們的前景仍然充滿信心，預測未來 20 年將需要近 43,000 架新飛機，這將有助於將全球機隊規模擴大一倍。

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

這些長期需求基本面，加上健康的市場狀況和強勁的積壓，為我們計劃的生產率提供了堅實的基礎。

Now turning to our product segments, starting with the narrowbody.

現在轉向我們的產品領域，從窄體機開始。

Our current production rate of 52 per month and planned increase to 57 this year is based on our backlog of more than 4,700 aircraft and a production skyline that is sold out into early next decade.

我們目前每月生產 52 架，併計劃今年增加到 57 架，這是基於我們積壓的 4,700 多架飛機和下個十年初售罄的生產天際線。

The 737 program added 13 new customers during the year and the MAX family surpassed 5,000 net orders in December.

737 項目在這一年增加了 13 個新客戶，MAX 家族在 12 月的淨訂單超過 5,000 架。

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

我們繼續評估市場對 737 生產率的上行壓力。

As with all rate increases, we continue to assess the supply chain readiness as well as the market demand in an integrated manner as part of our disciplined decision-making.

與所有加息一樣，我們繼續以綜合方式評估供應鏈準備情況和市場需求，作為我們有紀律的決策的一部分。

In the widebody segment, we have seen steady orders with the 787 and the 777 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 的訂單穩定，並且對下個十年初期寬體機替換需求的顯著增長充滿信心。

The current generation 777 continued its steady sales momentum with 51 net orders.

當前這一代 777 以 51 架的淨訂單繼續保持穩定的銷售勢頭。

The 777 program has captured more than 2,000 orders since its launch.

自推出以來，777 計劃已獲得 2,000 多架訂單。

These additional orders brought the backlog to 100 aircraft and provide further support for the 777 bridge.

這些額外的訂單使積壓訂單達到 100 架飛機，並為 777 橋樑提供進一步支持。

Turning to the 777X.

轉向 777X。

We recently launched our Boeing Business Jet variant, the longest range business jet ever that can connect virtually any 2 cities in the world.

我們最近推出了我們的波音公務機型號，這是有史以來航程最長的公務機，幾乎可以連接世界上任何兩個城市。

We have a strong foundation of 340 orders and commitments for the 777X, which support our plan for ramping up production and delivery of this new aircraft.

我們擁有 777X 的 340 架訂單和承諾的堅實基礎，這支持我們提高這款新飛機的生產和交付的計劃。

We're focused on further bolstering the 777X skyline.

我們專注於進一步提升 777X 的天際線。

The combined 777, 777X production rate is 5 per month.

777、777X 的總生產率為每月 5 架。

As we transition to 777X, we continue to expect the delivery rate to be approximately 3.5 aircraft per month in 2019, and we expect the delivery rate to increase slightly in 2020 as we continue to assess 777 demand as well as 777X timing.

隨著我們向 777X 過渡，我們繼續預計 2019 年的交付率約為每月 3.5 架飛機，我們預計 2020 年交付率將略有增加，因為我們將繼續評估 777 需求和 777X 的交付時間。

The 787 Dreamliner extended its status as the fastest selling twin-aisle jet in history with 109 net orders last year or more than 1,400 since the program launched.

787 夢想飛機去年獲得 109 架淨訂單，自該計劃推出以來已超過 1,400 架，延續了其作為歷史上銷售最快的雙通道噴氣式飛機的地位。

Highlights include Hawaiian Airlines and Turkish Airlines becoming new 787 customers.

亮點包括夏威夷航空公司和土耳其航空公司成為 787 的新客戶。

American Airlines and United Airlines added to the growing list of repeat 787 Dreamliner customers, highlighting the strong market preference for the 787 family and its superior value.

美國航空公司和美國聯合航空公司加入了不斷增長的 787 夢想客機回頭客名單，凸顯了市場對 787 家族的強烈偏好及其卓越價值。

With more than 600 in the backlog, our planned increased Dreamliner production to 14 airplanes per month this year is well supported.

由於積壓了 600 多架飛機，我們計劃在今年將夢想飛機的產量增加到每月 14 架，這得到了很好的支持。

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，我們有能力抓住不斷增長的貨運需求。

We added 4 new orders for the 747 in the fourth quarter.

我們在第四季度新增了 4 架 747 訂單。

And as previously announced, we plan to increase 767 production rate from 2.5 per month to 3 per month in 2020.

正如之前宣布的那樣，我們計劃在 2020 年將 767 的生產率從每月 2.5 架提高到每月 3 架。

At Defense, Space & Security, we continue to see solid demand for our major platforms and programs.

在國防、太空與安全領域，我們繼續看到對我們的主要平台和項目的強勁需求。

The BDS portfolio is well positioned with a mature world-class set of platforms to address current needs and innovative, capable and affordable new franchise programs to build the future.

BDS 產品組合定位良好，擁有一套成熟的世界級平台來滿足當前需求，並通過創新、有能力和負擔得起的新特許經營計劃來建設未來。

We expect to continue to see broad support for our products from the Pentagon and Congress.

我們希望繼續看到五角大樓和國會對我們產品的廣泛支持。

The fiscal year 2019 defense bill has authorized the fourth multiyear procurement for the F/A-18 fighter, added funding for additional rotorcraft, funded the requested quantities for our key programs across our fixed wing and commercial-derivative aircraft portfolios and supported our missile, space and satellite products.

2019 財年國防法案已授權 F/A-18 戰鬥機的第四次多年採購，為額外的旋翼機增加資金，為我們固定翼和商業衍生飛機組合的關鍵項目提供所需數量的資金，並支持我們的導彈，空間和衛星產品。

While the fiscal year 2019 NASA appropriations have not yet been enacted, Congress has also demonstrated robust support for our key space exploration programs.

雖然 2019 財年 NASA 撥款尚未頒布，但國會也對我們的關鍵太空探索計劃表示了大力支持。

Demand from outside of U.S. for our defense and space offerings also remains high, in particular for rotorcraft, commercial derivatives, fighters and satellites.

美國以外地區對我們的國防和太空產品的需求仍然很高，尤其是旋翼機、商業衍生產品、戰鬥機和衛星。

Our investment in future growth and new sales continues in areas that are priorities for our customers.

我們在客戶優先考慮的領域繼續投資於未來增長和新銷售。

We will continue to leverage capabilities and technologies from across our enterprise to win important opportunities such as the Ground Based Strategic Deterrent.

我們將繼續利用整個企業的能力和技術來贏得重要機會，例如地面戰略威懾力量。

Turning to the services sector.

轉向服務業。

We see the $2.8 trillion services market over the next 10 years as a significant growth opportunity for our company.

我們將未來 10 年 2.8 萬億美元的服務市場視為我們公司的重要增長機會。

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

BGS 為全球客戶提供靈活、具有成本競爭力的服務。

We aim to continue growing faster than the average services market growth rate 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，我們的目標是繼續以高於 3.5% 的平均服務市場增長率的速度增長。

BGS' 17% year-on-year revenue increase solidifies our confidence in the growth opportunity and our team's ability to capture it.

BGS 17% 的同比收入增長鞏固了我們對增長機會的信心以及我們團隊抓住機會的能力。

Strong orders of $18 billion in the year 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.

今年 180 億美元的強勁訂單反映了我們的客戶對我們在幫助他們優化機隊性能和降低整個生命週期運營成本方面的價值主張的認可。

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

我們對 BGS 的關注點仍然是通過有機增長投資優化業務和擴展我們的產品組合，例如加強我們的垂直能力，輔之以戰略收購和合作夥伴關係，以使 BGS 實現持續、長期和盈利的增長。

Our 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處於有利地位，可以在這一重要領域競爭並取勝。

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.

總而言之，隨著未來不斷增長的市場和機遇，我們的團隊仍然高度關注增長、創新和加速提高生產力，以推動我們對未來的投資。

For example, the first test flight of our autonomous passenger air vehicle prototype last week shows our efforts to continue to lead with a safe, innovative and responsible approach to new mobility solutions.

例如，上週我們的自主乘用飛行器原型的首次試飛表明我們努力繼續以安全、創新和負責任的方式引領新的移動解決方案。

Our One Boeing strategy and offerings across our 3 businesses are key differentiators that help cement our position as the world's leading aerospace company.

我們的 One Boeing 戰略和橫跨我們 3 大業務的產品是關鍵的差異化因素，有助於鞏固我們作為世界領先航空航天公司的地位。

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

有了這個，格雷格，就交給你財務結果了。

Great.

偉大的。

Thanks, Dennis.

謝謝，丹尼斯。

Good morning, everybody.

大家早上好。

Let's turn to Slide 4, and we'll discuss our full year results.

讓我們轉到幻燈片 4，我們將討論我們的全年業績。

We booked record revenue of $101 billion in 2018, exceeding $100 billion for the first time in the company's history.

我們在 2018 年創下了創紀錄的 1010 億美元收入，這是公司歷史上首次超過 1000 億美元。

This was driven by record commercial aircraft deliveries, higher Defense, Space & Security volume and continued growth in services.

這是由創紀錄的商用飛機交付量、更高的國防、空間和安全量以及服務的持續增長推動的。

Core earnings per share totaled $16.01 for the full year, another record, reflecting higher volume, improved mix and solid execution across the company.

全年每股核心收益總計 16.01 美元，再創歷史新高，反映出公司的銷量增加、產品組合改善和執行穩健。

Operating cash flow for the year was also a record at $15.3 billion.

該年度的經營現金流也達到創紀錄的 153 億美元。

The robust cash generation was largely driven by higher volume and strong operating performance across the businesses.

強勁的現金產生主要是由業務量的增加和強勁的經營業績推動的。

Let's move now to our quarterly results on Slide 5. Fourth quarter revenue increased to $28.3 billion driven by growth in all 3 businesses while core earnings per share grew to $5.48 driven by higher volume and strong operating performance across the portfolio, which outweighed the favorable tax reform impact in the fourth quarter of last year.

現在讓我們轉到幻燈片 5 上的季度業績。第四季度收入在所有 3 項業務的增長推動下增長至 283 億美元，而核心每股收益增長至 5.48 美元，這得益於整個投資組合的銷量增加和強勁的經營業績，這超過了優惠稅收去年第四季度的改革影響。

Now let's discuss Commercial Airplanes on Slide 6. Our Commercial Airplanes business revenue of $17.3 billion during the quarter reflected higher deliveries and favorable mix.

現在讓我們在幻燈片 6 上討論商用飛機。本季度我們的商用飛機業務收入為 173 億美元，反映出更高的交付量和有利的組合。

BCA operating margins increased to 15.6% driven by higher 737 volume and strong operating performance on production programs, including higher 787 margins.

BCA 營業利潤率增至 15.6%，這得益於 737 產量的增加和生產計劃的強勁運營表現，包括更高的 787 利潤率。

BCA captured $16 billion in net orders during the fourth quarter, and the backlog remains strong at $412 billion with nearly 5,900 aircraft representing approximately 7 years of production.

BCA 在第四季度獲得了 160 億美元的淨訂單，積壓訂單仍然強勁，達到 4,120 億美元，其中近 5,900 架飛機的生產時間約為 7 年。

We delivered 238 aircraft in the quarter, including 173 737s.

我們在本季度交付了 238 架飛機，其中包括 173 737。

And as we've discussed, the 737 deliveries for the year were backloaded due to production and supply chain recovery efforts.

正如我們所討論的那樣，由於生產和供應鏈恢復工作，今年的 737 交付量被推遲。

Let's now turn to Defense, Space & Security results on Slide 7. Fourth quarter revenue increased to $6.1 billion, driven by higher volume across the BDS portfolio including F/A-18, satellites and weapons.

現在讓我們看看幻燈片 7 上的國防、空間和安全結果。第四季度收入增加到 61 億美元，這主要受 BDS 產品組合（包括 F/A-18、衛星和武器）銷量增加的推動。

BDS margins increased to 10.9%, reflecting solid performance and favorable mix.

BDS 利潤率增至 10.9%，反映出穩健的業績和有利的組合。

BDS added $5 billion of new orders in the quarter, bringing its backlog to $57 billion with 30% of that from outside the United States.

BDS 在本季度增加了 50 億美元的新訂單，使其積壓訂單達到 570 億美元，其中 30% 來自美國以外。

Turning now to Global Services results on Slide 8. In the fourth quarter, Global Services revenue increased $4.9 billion, reflecting higher volume, predominantly driven by increased sales of parts and supply chain solutions.

現在轉到幻燈片 8 上的全球服務結果。第四季度，全球服務收入增加了 49 億美元，反映出銷量增加，這主要是由於零件和供應鏈解決方案的銷售額增加所致。

Year-over-year growth of 17% for the full year, which was predominantly driven by organically, more than meets our objective to outpace the average annual service market growth rate of 3.5%.

全年同比增長 17%，這主要是由有機驅動的，超過了我們超過 3.5% 的年平均服務市場增長率的目標。

BGS operating margins were strong at 15%, reflecting the mix of products and services in the quarter as well as improved performance, partially offset by higher period costs for investments focused on expanding our portfolio of offerings going forward.

BGS 營業利潤率高達 15%，反映了本季度產品和服務的組合以及業績的改善，部分被專注於擴大我們未來產品組合的投資的較高期間成本所抵消。

During the quarter, BGS won key contract awards worth approximately $6 billion, bringing our backlog to $21 billion.

本季度，BGS 贏得了價值約 60 億美元的重要合同，使我們的未完成訂單達到 210 億美元。

These wins underscore the strength of our One Boeing offerings to our customers.

這些勝利凸顯了我們為客戶提供的 One Boeing 產品的優勢。

Let's turn now to cash flow on Slide 9. Operating cash flow for the quarter and full year was strong at $2.9 billion and $15.3 billion, respectively.

現在讓我們轉到幻燈片 9 的現金流量。本季度和全年的運營現金流量強勁，分別為 29 億美元和 153 億美元。

These results were driven by planned higher volumes, strong operating performance across the business and some timing of receipts and expenditures.

這些結果是由計劃的更高銷量、整個企業的強勁經營業績以及收支的一些時間推動的。

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

我們仍然專注於我們平衡的現金部署戰略。

In 2018, we invested $5 billion in R&D and CapEx, repurchased $9 billion of Boeing stock and paid $3.9 billion in dividends, reflecting a 20% increase in dividend per share from last year.

2018 年，我們在研發和資本支出方面投入了 50 億美元，回購了 90 億美元的波音股票，並支付了 39 億美元的股息，每股股息比去年增加了 20%。

And we also completed the KLX acquisition in the fourth quarter.

我們還在第四季度完成了對 KLX 的收購。

The strength of our business and our confidence in the sustainable long-term outlook are powering investments and productivity, innovation and growth while delivering on our commitments to return cash to shareholders.

我們的業務實力和我們對可持續長期前景的信心正在推動投資和生產力、創新和增長，同時兌現我們向股東返還現金的承諾。

As Dennis mentioned earlier, in December last year, we reinforced our commitment to returning value to shareholders as our Board of Directors authorized a new $20 billion share repurchase program and a 20% increase in our quarterly dividend.

正如丹尼斯之前提到的那樣，去年 12 月，我們的董事會批准了一項新的 200 億美元股票回購計劃，並將季度股息增加 20%，因此我們加強了向股東回報價值的承諾。

Over the last 5 years, we've repurchased more than 205 million shares and increased our dividend by more than 180%.

在過去 5 年中，我們回購了超過 2.05 億股股票，並將股息增加了 180% 以上。

At the same time, we've invested nearly $35 billion in key strategic areas of our business to support long-term growth sustainability for Boeing, for our customers and our shareholders.

與此同時，我們在業務的關鍵戰略領域投資了近 350 億美元，以支持波音、我們的客戶和股東的長期可持續增長。

We remain committed to continue to execute on our balanced cash deployment strategy going forward.

我們仍然致力於繼續執行我們未來的平衡現金部署戰略。

Let's move now to cash and debt balances on Slide 10.

現在讓我們轉到幻燈片 10 上的現金和債務餘額。

We ended the quarter with $8.6 billion of cash and marketable securities, $13.8 billion of debt and stable credit ratings.

本季度結束時，我們擁有 86 億美元的現金和有價證券、138 億美元的債務和穩定的信用評級。

Our cash and debt position reflects the acquisition of KLX in the fourth quarter, and our balance sheet position continues to provide us with flexibility to invest in innovation and profitable growth opportunities while, again, returning value back to shareholders.

我們的現金和債務狀況反映了第四季度對 KLX 的收購，我們的資產負債表狀況繼續為我們提供了投資創新和盈利增長機會的靈活性，同時再次將價值回報給股東。

Turning now to Slide 11 to discuss our outlook for 2019.

現在轉到幻燈片 11，討論我們對 2019 年的展望。

Building on the strong performance in 2018, our guidance for 2019 reflects higher volume, improved core operating performance, additional productivity capture and continued focus and effort to drive growing cash flows.

基於 2018 年的強勁表現，我們對 2019 年的指引反映了更高的產量、改善的核心運營績效、更多的生產力捕獲以及持續關注和努力推動現金流增長。

Total company revenue for 2019 is forecasted to be between $109.5 billion and $111.5 billion, largely reflecting higher planned 737 and 787 production rates and growth in both services as well as Defense, Space & Security.

預計 2019 年公司總收入將在 1095 億美元至 1115 億美元之間，這主要反映了 737 和 787 計劃生產率的提高以及服務以及國防、太空和安全領域的增長。

Core earnings per share guidance for 2019 is set to be between $19.90 and $20.10 per share on higher volume, favorable mix and improved productivity and affordability.

2019 年的核心每股收益指引定在每股 19.90 美元至 20.10 美元之間，原因是產量增加、組合有利以及生產率和負擔能力提高。

Operating cash flow for 2019 is forecasted to increase by $2 billion to be between $17 billion and $17.5 billion.

2019 年的運營現金流預計將增加 20 億美元，達到 170 億美元至 175 億美元之間。

This is largely driven by improved 787 cash generation in 2019, higher overall volume, including 737 and 787 production; and improving Tanker cash profile that's partially offset by increased planned 777X inventory-related test aircraft and early build units and higher cash taxes, primarily due to improved unit profitability as well as higher planned R&D spending in 2019.

這主要是由於 2019 年 787 的現金產生能力有所改善，總產量增加，包括 737 和 787 產量；改善的 Tanker 現金狀況被計劃增加的 777X 庫存相關測試飛機和早期建造單位以及更高的現金稅部分抵消，這主要是由於單位盈利能力提高以及 2019 年計劃研發支出增加。

Capital spending is forecasted to be approximately $2.3 billion and includes the timing shift of some expenditures that were expected in 2018.

資本支出預計約為 23 億美元，其中包括一些預計在 2018 年發生的支出的時間轉移。

Our investments align with our long-term growth and productivity strategy that supports core programs, innovation, productivity, verticals and services.

我們的投資符合我們支持核心計劃、創新、生產力、垂直行業和服務的長期增長和生產力戰略。

And before we discuss the business unit guidance, I'd like to highlight in the beginning -- in January of 2019, we are changing the realignment of our military derivative aircraft contracts, such as the KC-46 Tanker, P-8 Poseidon, VC-25 Air Force One between BCA and BDS.

在我們討論業務部門指導之前，我想在一開始就強調——在 2019 年 1 月，我們正在改變我們的軍用衍生飛機合同的重新調整，例如 KC-46 加油機、P-8 波塞冬， BCA 和 BDS 之間的 VC-25 空軍一號。

This change is to better reflect the contractual relationship with the end customers as BDS holds the prime contracts.

這一變化是為了更好地反映與最終客戶的合同關係，因為 BDS 持有主要合同。

This accounting realignment does not change how BCA and BDS execute together on these contracts.

這種會計調整不會改變 BCA 和 BDS 在這些合同上的共同執行方式。

Also, it does not affect total Boeing sales, earnings, cash flow, assets or liabilities.

此外，它不會影響波音的總銷售額、收益、現金流、資產或負債。

Our 2019 segment guidance includes the impact of this realignment.

我們 2019 年的分部指引包括了此次調整的影響。

And beginning in January 2019, the revenue and costs associated with military derivative aircraft that was previously reported in both BCA and BDS will now be 100% reported in the BDS segment.

從 2019 年 1 月開始，以前在 BCA 和 BDS 中報告的與軍用衍生飛機相關的收入和成本現在將 100% 在 BDS 部分報告。

And for comparison purposes, as part of this earnings release, we've provided restated 2018 and 2017 financial information incorporating this accounting change.

為了進行比較，作為本次收益發布的一部分，我們提供了包含此會計變更的重述 2018 年和 2017 年財務信息。

Now for 2019 commercial airplane revenue guidance.

現在為 2019 年商用飛機收入指南。

It is set to be between $64.5 billion and $65.5 billion.

預計將在 645 億美元至 655 億美元之間。

And as we've discussed, this is largely driven on the higher deliveries of 737 and 787 program, partially offset by the impact of the military derivative aircraft realignment to BDS.

正如我們所討論的，這主要是由於 737 和 787 計劃的交付量增加，部分被軍用衍生飛機調整為 BDS 的影響所抵消。

The ramp-up on the 737 MAX production continues, and we expect 737 MAX to account for approximately 90% of total of 737 deliveries in 2019.

737 MAX 產量的增加仍在繼續，我們預計 737 MAX 將佔 2019 年 737 交付總量的約 90%。

In all, BCA is expected to deliver between 895 and 905 airplanes for the full year.

總體而言，BCA 預計全年將交付 895 至 905 架飛機。

Incorporated in this delivery guidance assumption are planned 737 and 787 production rate increases and the intercompany deliveries of the military aircraft from BCA to BDS.

納入該交付指導假設的是計劃中的 737 和 787 生產率提高以及軍用飛機從 BCA 到 BDS 的公司間交付。

Commercial airplane operating margin guidance is set to be between 14.5% and 15% on higher 737 volume and improved operating performance, which more than offset the higher period costs, including R&D.

由於 737 產量增加和運營績效改善，商用飛機運營利潤率指導值設定在 14.5% 至 15% 之間，這足以抵消包括研發在內的較高期間成本。

The margin guidance also reflects all planned production rate increases.

利潤率指導還反映了所有計劃的生產率增長。

Defense, Space & Security revenue guidance for 2019 is between $26.5 billion and $27.5 billion, reflecting the higher volume on new programs, strong backlog on core programs and the impact of the military derivative aircraft realignment from BCA.

2019 年國防、太空與安全收入指引在 265 億美元至 275 億美元之間，反映出新項目數量增加、核心項目大量積壓以及 BCA 軍用衍生飛機調整的影響。

Operating margin guidance for Defense business is greater than 11% based on continued productivity efforts across the portfolio, offset by less favorable mix.

基於整個產品組合的持續生產力努力，國防業務的營業利潤率指導高於 11%，但被不太有利的組合所抵消。

Global Services' revenue guidance is set to be between $18.5 billion and $19 billion with operating margins of greater than 15%.

全球服務的收入指引將在 185 億美元至 190 億美元之間，營業利潤率超過 15%。

BGS margin guidance reflects solid performance, mix of products and services as well as investments to expand our portfolio of offerings.

BGS 利潤率指引反映了穩健的業績、產品和服務的組合以及為擴大我們的產品組合而進行的投資。

And as we've discussed, we aim to grow faster than the average service market growth rate at 3.5% as we expand our broad service offerings and gain market share while maintaining and growing margins.

正如我們所討論的那樣，我們的目標是在擴大我們廣泛的服務範圍並獲得市場份額的同時保持和增長利潤率的同時，以高於平均服務市場增長率 3.5% 的速度增長。

We expect research and development spending to increase to approximately $4.1 billion in 2019 with approximately 60% related to BCA as we invest in future growth.

我們預計 2019 年的研發支出將增至約 41 億美元，其中約 60% 與 BCA 相關，因為我們投資於未來增長。

BDS and BGS also continue to invest in key strategic growth opportunities and productivity enablers.

BDS 和 BGS 還繼續投資於關鍵的戰略增長機會和生產力推動因素。

In addition, we will continue to make investments at the corporate level for technology and innovation with enterprise applicability.

此外，我們將繼續在企業層面對具有企業適用性的技術和創新進行投資。

This 2019 R&D forecast also includes some timing shifts of some expenditures previously planned in 2018.

這份 2019 年研發預測還包括之前計劃在 2018 年進行的一些支出的時間調整。

Our R&D funding will continue to be focused on our core programs; key future franchises; productivity enablers, such as automation, prototyping; and capabilities to further our vertical content, life cycle capture and other key growth areas, such as autonomy and mobility solutions.

我們的研發資金將繼續專注於我們的核心項目；未來的主要特許經營權；生產力推動因素，例如自動化、原型設計；以及進一步推進我們的垂直內容、生命週期捕獲和其他關鍵增長領域（例如自主和移動解決方案）的能力。

We will continue to make the required investment in innovation and technology to ensure our products and services continue to win in the marketplace.

我們將繼續對創新和技術進行必要的投資，以確保我們的產品和服務繼續在市場上取勝。

And going forward, we expect our overall R&D spending as a percentage of revenue to be relatively stable.

展望未來，我們預計我們的整體研發支出佔收入的百分比將相對穩定。

While our organic investment remains the primary engine for growth, we may partner with other industry players in investments that accelerate our life cycle value strategy and strengthen our vertical capabilities and content, as demonstrated by the proposed strategic partnership with Embraer, which, assuming all approvals are received in a timely manner, we expect to close by the end of the year.

雖然我們的有機投資仍然是增長的主要引擎，但我們可能會與其他行業參與者合作投資，以加速我們的生命週期價值戰略並加強我們的垂直能力和內容，正如與巴西航空工業公司擬議的戰略合作夥伴關係所證明的那樣，假設所有批准及時收到，我們預計在年底前完成。

Now consistent with prior years and given the seasonality of our business, as we look into the next quarter, we expect first quarter to be the lowest quarter of the year for revenue.

現在與往年一致，考慮到我們業務的季節性，在展望下一季度時，我們預計第一季度將是今年收入最低的一個季度。

With a relatively light commercial airplane deliveries, January is expected to have slow delivery activity, consistent with prior year trends and reflects the supply chain recovery plans.

由於商用飛機交付量相對較少，預計 1 月份的交付活動將放緩，這與去年的趨勢一致，並反映了供應鏈恢復計劃。

Core EPS is estimated to be approximately 20% of the full year earnings; and first quarter operating cash is forecast to be approximately 10% to 15%, again driven by lower volume and the timing of receipts and expenditures.

核心每股收益估計約為全年收益的 20%；第一季度的運營現金預計約為 10% 至 15%，這同樣是受到較低的交易量和收支時間的推動。

As we look towards the remainder of the year, our key focus areas are continuing to manage the 737 recovery progress within our factory and throughout our supply chain, including assuring rate readiness for a smooth transition to 57 a month.

展望今年剩餘時間，我們的主要重點領域是繼續管理我們工廠和整個供應鏈中 737 的恢復進度，包括確保為平穩過渡到每月 57 架做好準備。

Also working together with our U.S. Air Force customer, delivering additional KC-46 Tankers, continuing healthy order momentum, especially on new programs such as the 777X as well as strong execution across the portfolio, including T-X and MQ-25 development.

還與我們的美國空軍客戶合作，交付額外的 KC-46 加油機，保持健康的訂單勢頭，尤其是在 777X 等新項目上，以及整個產品組合的強大執行力，包括 T-X 和 MQ-25 開發。

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

因此，總而言之，我們的核心運營引擎繼續提供強勁的業績。

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

我們繼續將我們的 3 個業務部門戰略作為贏得市場的關鍵差異化因素，進行審慎的戰略投資並利用整個公司的人才和創新。

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

與此同時，我們將圍繞與盈利能力和效率相關的運營支持職能要素設定具有挑戰性的目標，以產生現金、改善營運資本，同時為我們的客戶創造價值。

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

所有這些都將幫助我們實現收入、利潤率和現金流同比增長的目標。

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

有了這個，我會把它轉回給丹尼斯，以獲得一些結束評論。

All right.

好的。

Thanks, Greg.

謝謝，格雷格。

2018 was a year of strong performance and record results on many different fronts, operationally and financially, a demonstration of how our team remains focused on further driving both growth and productivity.

2018 年是在運營和財務等許多不同方面表現強勁並取得創紀錄成果的一年，這表明我們的團隊如何繼續專注於進一步推動增長和生產力。

These results were achieved through the hard work and dedication of our employees and the great partnerships that we have with our customers and suppliers.

這些成果是通過我們員工的辛勤工作和奉獻精神以及我們與客戶和供應商建立的良好合作夥伴關係取得的。

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.

除了我之前在發言中提到的強勁的商用飛機市場動態之外，我們還採取了自己的行動來減少我們業務的周期性。

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，戰略性地調整我們的研發支出，通過長期合同創造勞動力穩定性以及擴大我們的服務業務，這也是周期性較低的。

We've executed on our long-term strategy of robust and continuing organic growth investment and returning value to our shareholders, complemented by strategic acquisitions and partnerships that enhance and accelerate our growth plans.

我們已經執行了我們的長期戰略，即強勁和持續的有機增長投資並為我們的股東回報價值，並輔以戰略收購和合作夥伴關係，以加強和加速我們的增長計劃。

The planned strategic partnerships with Embraer, the recent KLX acquisition and the seats and APU joint ventures are entirely consistent with this strategy.

計劃中的與巴西航空工業公司的戰略合作夥伴關係、最近對 KLX 的收購以及席位和 APU 合資企業都完全符合這一戰略。

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

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

As always, we'll continue to keep a close eye on the geopolitical and macroeconomic forces and prudently manage risks.

一如既往，我們將繼續密切關注地緣政治和宏觀經濟形勢，審慎管理風險。

Achieving these objectives will require a clear and consistent focus on the profitable ramp-up in commercial airplane production; continuing to strengthen our Defense, Space & Security 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 a balanced, value-creating cash deployment strategy; 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一致地關注商用飛機生產的盈利增長；繼續加強我們的國防、太空與安全業務；發展我們的綜合服務業務並利用我們的 3 個業務部門戰略的力量；執行我們的發展計劃；推動整個企業達到世界一流的生產力和績效水平，以資助我們對創新和增長的投資；紀律嚴明的前沿投資和平衡的、創造價值的現金部署戰略；繼續發展和保持業內最優秀的團隊和人才，所有這些都使波音能夠繼續保持市場領先地位，實現持續的收入和利潤增長，並為我們的客戶、股東、員工和其他利益相關者增加價值。

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

這樣，我們很樂意回答您的問題。

(Operator Instructions) Our first question comes from Rajeev Lalwani with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Rajeev Lalwani。

On the 737, at what point do you expect to be caught up on deliveries?

在 737 上，您預計什麼時候會趕上交付？

And where are the pressure points been of late?

最近的壓力點在哪裡？

Also, how does that inform the latest thinking in time line on a decision beyond 57 a month?

此外，這如何為超過每月 57 個月的決策提供時間線的最新思考？

Rajeev, good question.

拉傑夫，問得好。

Certainly, 737 production system health remains a key focus for us.

當然，737 生產系統的健康狀況仍然是我們關注的重點。

As you can see by the fourth quarter deliveries with 173 in the quarter and 69 in December, you have good signs of recovering to our production plan.

正如您在第四季度看到的那樣，本季度交付 173 架，12 月交付 69 架，您有恢復我們生產計劃的良好跡象。

You can also see the increased rates reflected in our total year guidance for deliveries for 2019 as we continue to ramp up.

隨著我們繼續增加，您還可以看到我們對 2019 年交付的全年指導中反映的增加的費率。

I would say we still have work to do on the recovery efforts.

我想說我們在恢復工作方面仍有工作要做。

We've seen some good, solid progress.

我們已經看到了一些良好、穩固的進展。

We still have work to do inside our own factories and in our supply chain, and that is a daily and weekly focus for us, very intense effort.

我們在自己的工廠和供應鏈中仍有工作要做，這是我們每天和每週關注的重點，需要付出非常大的努力。

I'll say within the supply chain, we've seen some solid recovery in several areas.

我會說在供應鏈中，我們在幾個領域看到了一些穩固的複蘇。

We still have some areas that need work, including engines.

我們還有一些領域需要改進，包括引擎。

And we're doing some additional work with CFM, including deploying some additional Boeing personnel to their factories and to their sub-tier suppliers.

我們正在與 CFM 進行一些額外的工作，包括將一些額外的波音人員部署到他們的工廠和他們的次級供應商。

So that's one area that will have some additional focus for us in the first quarter.

因此，這是我們在第一季度將額外關注的一個領域。

And as Greg mentioned, just in terms of production profile for the year, we expect the first quarter to be the lightest quarter of the year, and we expect January to be the lightest month within that quarter.

正如格雷格提到的那樣，就今年的生產情況而言，我們預計第一季度將是今年最輕的季度，我們預計 1 月將是該季度中最輕的月份。

So we're going to continue to work hard on production system health and recovery.

因此，我們將繼續努力改善生產系統的健康和恢復。

And then as you alluded to, at the same time, we're moving forward on our plans to ramp up to 57 a month during the year.

然後正如您提到的，與此同時，我們正在推進我們的計劃，在這一年中每月增加到 57 個。

Some elements of the supply chain have already moved to that position.

供應鏈的一些元素已經轉移到那個位置。

We still have some work to do before we move the entire line to 57 a month.

在將整條生產線移動到每月 57 條之前，我們還有一些工作要做。

And we're going to be very, very disciplined in that process.

我們將在這個過程中非常非常有紀律。

Again, we're making good progress, we know exactly what needs to be done.

同樣，我們正在取得良好進展，我們確切地知道需要做什麼。

But we're going to just look at this through very clear eyes and step through it day by day, week by week and make sure that we, in a very disciplined and smooth way, move to 57 a month.

但我們將通過非常清晰的眼睛來看待這個問題，並逐日、逐週地逐步完成，並確保我們以一種非常有紀律和平穩的方式，達到每月 57 次。

I think we learned some lessons from the 52 a month step that we did last year.

我認為我們從去年每月 52 次的步驟中吸取了一些教訓。

And those lessons are certainly being applied this year on the 57 a month rate change.

這些教訓肯定會在今年應用於 57 個月的利率變化。

But you see all of that, again, reflected in our plans and our guidance for 2019.

但你會再次看到所有這些都反映在我們 2019 年的計劃和指南中。

Our next question is from Myles Walton with UBS.

我們的下一個問題來自瑞銀的邁爾斯沃爾頓。

Could you catch us up on your latest thinking on the NMA and maybe tie that to your view on moderating demand -- I guess, if -- demand would obviously fluctuate a bit if you chose to launch the aircraft with a pile of launch customers, I'd imagine.

你能不能跟我們談談你對 NMA 的最新想法，並可能將其與你對緩和需求的看法聯繫起來——我想，如果——如果你選擇與一大堆發射客戶一起發射飛機，需求會明顯波動一點，我想。

So maybe just juxtapose those 2 different points.

所以也許只是並列這兩個不同的點。

Yes.

是的。

Myles, I'd say first of all, if you take a look at NMA, we're still working through that same disciplined decision process that we've talked about previously.

邁爾斯，我首先要說的是，如果你看一下 NMA，我們仍在通過我們之前討論過的同樣有紀律的決策過程來工作。

We're making progress on that.

我們正在這方面取得進展。

We've had very productive conversations with customers.

我們與客戶進行了非常富有成效的對話。

We understand the market.

我們了解市場。

It's clear that there's a market need, but we're working through the details of the business case.

顯然存在市場需求，但我們正在研究商業案例的細節。

And as we said, we're going to be very disciplined on how we do that.

正如我們所說，我們將在如何做到這一點上非常自律。

And while we're making progress, we're not up to our decision point yet.

雖然我們正在取得進展，但我們還沒有達到我們的決定點。

And just to provide clarity on that, as we've mentioned before, we do see a decision point this year, and that is a decision of whether we would offer the airplane in the market.

只是為了澄清這一點，正如我們之前提到的，我們今年確實看到了一個決策點，那就是我們是否會在市場上提供飛機的決定。

And we need to complete the business case analysis before we arrive at that decision, but that is one that's for this year.

我們需要在做出該決定之前完成業務案例分析，但那是今年的決定。

And then assuming a positive market response or depending on the market response, we'll make the final launch decision next year.

然後假設市場反應積極或取決於市場反應，我們將在明年做出最終的發布決定。

So it's a 2-step decision process, as we've always done with Commercial Airplanes and a very disciplined process.

所以這是一個兩步決策過程，就像我們一直對商用飛機所做的那樣，這是一個非常有紀律的過程。

All of that, we're continuing to work our development program work and maturing the technologies, reducing risk in parallel to protect a 2025 EIS or entry into service.

所有這一切，我們將繼續開展我們的開發計劃工作並使技術成熟，同時降低風險以保護 2025 EIS 或投入使用。

We think that remains important to our customers, so we're working all of that in parallel.

我們認為這對我們的客戶仍然很重要，因此我們正在同時開展所有這些工作。

And again, we'll march in a disciplined way through our decision process.

再一次，我們將在我們的決策過程中以一種有紀律的方式前進。

Our assessment of the market and the size of that market hasn't changed.

我們對市場和市場規模的評估沒有改變。

Now to your broader question on orders and how the market's looking.

現在回答關於訂單和市場前景的更廣泛問題。

Again, we've continued to see strong demand signals.

同樣，我們繼續看到強勁的需求信號。

I think you see that reflected in the orders volume for this past year with 806 deliveries and 893 orders.

我想你看到這反映在過去一年的訂單量中，交付量為 806 次，訂單量為 893 次。

And while as I said, we expect some moderation or timing on orders going forward, we have a very robust backlog position with about 7 years of backlog -- equivalent backlog in position now.

正如我所說，雖然我們預計未來訂單會有所緩和或時間安排，但我們有一個非常強大的積壓頭寸，積壓了大約 7 年——相當於現在的積壓頭寸。

If you look at the stats on traffic growth, cargo, global, expansion of route structures, all the fundamentals remain very strong.

如果你看一下交通增長、貨運、全球、航線結構擴張的統計數據，所有的基本面仍然非常強勁。

And we're encouraged by that.

我們對此感到鼓舞。

So we expect to see continuing, steady orders volume.

因此，我們預計會看到持續、穩定的訂單量。

I wouldn't expect that to change significantly depending on the NMA decision.

我不認為這會根據 NMA 的決定而發生重大變化。

So we're going to be in the marketplace continuing to compete and win.

因此，我們將在市場上繼續競爭並取勝。

I guess, one other reminder on NMA, if we do decide to proceed with the authority to offer, don't expect a big change in the R&D profile.

我想，NMA 的另一個提醒是，如果我們決定繼續提供授權，不要指望研發概況會發生重大變化。

This is all part of our plan to R&D profile.

這都是我們計劃研發概況的一部分。

As Greg said earlier, we expect R&D to continue to be roughly the same in terms of percentage of revenue going forward.

正如格雷格早些時候所說，我們預計研發在未來收入中所佔的百分比將繼續大致相同。

So as revenue grows, you'll see some R&D growth.

因此，隨著收入的增長，您會看到一些研發增長。

It'll be at the same percent.

它將保持相同的百分比。

And if we launch NMA, it will feather in on the backside of 777X.

如果我們推出 NMA，它將在 777X 的背面飛速發展。

So from a profile standpoint, it fits very nicely.

所以從個人資料的角度來看，它非常適合。

Greg, anything you want to add on that?

格雷格，你想補充什麼嗎？

No.

不。

I think you got it.

我想你明白了。

Next question is from Rob Spingarn with Crédit Suisse.

下一個問題來自 Crédit Suisse 的 Rob Spingarn。

So margins at BCA are now in your targeted area, in the mid-teens, with the 2019 guidance where it is, and you're still not fully ramped with the production rates.

因此，BCA 的利潤率現在處於你的目標區域，在十幾歲左右，2019 年的指導就是這樣，你仍然沒有完全提高生產率。

There's more upside there.

還有更多的好處。

And you've built the higher R&D into the '19 forecast.

而且你已經在 19 年的預測中建立了更高的研發。

So I wanted to ask, how much of this 2019 improvement in margins is volume versus mix versus productivity?

所以我想問，2019 年利潤率的提高中有多少是數量、組合和生產率？

And with the supply chain initiative still ongoing, what is your longer-term margin potential now?

在供應鏈計劃仍在進行的情況下，您現在的長期利潤潛力是多少？

How much further can you go?

你還能走多遠？

I was going to ask you how much that differs with and without a new airplane, but I think you just answered that part.

我本來想問你有沒有新飛機有多少不同，但我想你只是回答了那部分。

So the components of the improvement in 2019 and then what the potential is long term now that you've have gotten this far.

因此，2019 年改進的組成部分，以及既然你已經走到這一步，那麼長期的潛力是什麼。

Yes.

是的。

No, it's a great question, Rob.

不，這是一個很好的問題，羅伯。

I would say, it's all of the above.

我會說，以上都是。

I mean, certainly, the increased volume is a big driver to that.

我的意思是，當然，增加的數量是一個很大的推動力。

But the mix of that volume is important.

但該卷的組合很重要。

And we've talked about, in particular, 787, executing on bringing in the -9, the -10 flawlessly into the market and meeting the commitments to our customers there and ensuring that happens smoothly while going up in rate.

我們特別談到了 787，執行將 -9、-10 完美地推向市場並履行對那裡客戶的承諾，並確保在提高速度的同時順利進行。

You saw that in '18 and you're going to see that in '19 as we look to go to 14 a month there.

你在 18 年看到了這一點，你將在 19 年看到這一點，因為我們希望在那裡每月達到 14 次。

But the productivity engine, so the -- I'll say the targets that we've set for ourselves is the same playbook that we put in place for the last number of years of really just looking where we have opportunity -- where we can leverage best practices.

但是生產力引擎，所以——我要說的是，我們為自己設定的目標與我們在過去幾年中製定的劇本相同，只是尋找我們有機會的地方——我們可以在哪裡利用最佳實踐。

We've talked a lot about this whole One Boeing effort.

我們已經就整個 One Boeing 的努力談了很多。

But there's a lot of -- there's a lot behind that in leveraging things that are going on in F/A-18, on 87 and leveraging things on 87 over onto Chinook and vice versa.

但是有很多 - 在利用 F/A-18 和 87 中正在發生的事情並將 87 上的事情轉移到 Chinook 上，反之亦然。

That's now part of our operating rhythm.

這現在是我們運營節奏的一部分。

And certainly, it's how we're all rewarded and ultimately how the company is rewarded.

當然，這是我們所有人獲得獎勵的方式，也是公司最終獲得獎勵的方式。

So there's complete alignment to leverage these practices.

因此，完全一致可以利用這些實踐。

Same in the supply chain.

在供應鏈中也是如此。

So the whole Partnering for Success effort, some of that is also where we've had productivity gains.

因此，整個 Partnering for Success 努力，其中一些也是我們提高生產力的地方。

How do we take those back in the supply chain?

我們如何將它們帶回供應鏈？

Frankly, make the supply chain even better, but come up with ways where we can both take that to the bottom line and reinvest in growth for the future.

坦率地說，讓供應鏈變得更好，但想出一些方法，讓我們既能把它帶到底線，又能為未來的增長再投資。

So I'd say, it plays into all 3. But I, Rob, I would think about the playbook, the same playbook you saw for the last couple of years, that's the playbook.

所以我想說，它適用於所有 3 個。但是我，Rob，我會考慮劇本，你在過去幾年看到的同樣的劇本，這就是劇本。

And I'd say, I'd add to that, benchmarking ourselves outside.

我會說，我會補充一點，在外面對自己進行基準測試。

This whole global industrial champion effort that -- you can imagine, that target keeps moving.

整個全球工業冠軍的努力——你可以想像，這個目標一直在前進。

So when we look at cost as a function.

因此，當我們將成本視為一個函數時。

What's the cost just to run a function?

僅運行一個功能的成本是多少？

Or how efficient are we with our capital and with our R&D?

或者我們的資本和研發效率如何？

And what are some best practices within industrials, outside the industrials, how we bring them back into Boeing, make it part of our operating rhythm and hold ourselves to a standard that is not necessarily industry?

工業界內和工業界外有哪些最佳實踐，我們如何將它們帶回波音，使其成為我們運營節奏的一部分，並使我們自己遵守不一定是行業的標準？

It could be that it's best-in-class.

它可能是一流的。

And then again, holding ourselves accountable and targeting ourselves to go achieve all that.

再一次，讓我們自己負起責任，並以自己為目標去實現這一切。

So I'd say, same playbook.

所以我會說，同樣的劇本。

So we don't really have a cap, I think I would say.

所以我們真的沒有上限，我想我會說。

It's really just continuing to look for opportunities and then compete to win.

真的就是不斷地尋找機會，然後爭分奪秒。

Use some of that...

使用其中的一些...

But is there a pace of improvement?

但是有改進的步伐嗎？

Because you've hit your target or at least you will in '19 based on the guidance, and again, you're not done improving the organization.

因為你已經達到了你的目標，或者至少你會根據指導在 19 年達到目標，而且，你還沒有完成對組織的改進。

So is there a new target?

那麼有沒有新的目標呢？

Rob, we're not slowing down.

羅伯，我們不會放慢腳步。

So as we said, we set a target.

正如我們所說，我們設定了一個目標。

We've been aggressively pursuing that.

我們一直在積極追求這一點。

We've made some great progress.

我們取得了一些很大的進步。

I'm proud of the team's efforts there.

我為團隊在那裡所做的努力感到自豪。

But the competition is only getting tougher, and we're not going to slow down.

但競爭只會越來越激烈，我們不會放慢腳步。

So the pace of progress you've seen is the pace of progress we aim to sustain.

因此，您所看到的進步步伐就是我們旨在維持的進步步伐。

And what we're looking for is continued year-over-year margin and cash flow growth.

我們正在尋找的是持續的同比利潤率和現金流量增長。

That's part of our planning.

這是我們計劃的一部分。

That's the framework that we've set up for the team, and we're going to continue to push with that pace.

這是我們為團隊建立的框架，我們將繼續推進這一步伐。

Our next question is from Carter Copeland with Melius Research.

我們的下一個問題來自 Melius Research 的 Carter Copeland。

Greg, I wonder if I could just get a couple of clarifications on the quarter and then a question about the guidance.

格雷格，我想知道我是否可以在本季度得到一些澄清，然後是關於指導的問題。

With respect to what you printed, just wanted to check on the unit earnings that the -- it looks like the 737 is still unit below your program margin but not by much.

關於您打印的內容，只是想檢查一下單位收益——看起來 737 仍然低於您的計劃利潤率，但幅度不大。

And then with respect to the 87 deferred, it looks like you had a margin expansion there that kept the deferred down.

然後關於 87 延期，看起來你有一個利潤率擴張，使延期下降。

I just wondered if that was correct.

我只是想知道這是否正確。

And then just building on Rob's question and what's built into your '19 plan, do you have any material difference in period expenses outside of R&D that you envision for next year that we should be considering?

然後，根據 Rob 的問題以及你的 19 年計劃中的內容，你在明年我們應該考慮的研發之外的期間費用方面有什麼實質性差異嗎？

And if so, can you help us quantify how to think about that?

如果是這樣，你能幫助我們量化如何思考嗎？

Yes.

是的。

I mean, I'd say outside of R&D, we definitely got some investments around productivity and systems that we're making, again, thinking about kind of long-term competitiveness.

我的意思是，我想說在研發之外，我們肯定會圍繞我們正在製作的生產力和系統進行一些投資，再次考慮長期競爭力。

So we've got some money put aside in there and budgeted for the year.

所以我們已經在那裡預留了一些錢，並為這一年做了預算。

That's up year-on-year?

那是同比增長？

Pardon me?

對不起？

Yes.

是的。

So obviously, we'll manage that extremely tight as we always do, but we've got budgets in place there and clear initiatives and business cases to go drive that, that are a little over and above what we were spending in 2018.

很明顯，我們將一如既往地管理得非常緊，但我們已經制定了預算，並製定了明確的舉措和業務案例來推動這一點，這比我們 2018 年的支出略高。

All included in the guidance.

都包含在指南中。

All included, absolutely, yes.

全部包括在內，絕對是的。

And your unit to program, you got it, you're right on.

和你的單位編程，你明白了，你是對的。

I mean, 737, but increase in 787, and we had a block extension in the quarter that was a big, big driver of that unit -- or that -- sorry, that program margin increase.

我的意思是，737，但增加了 787，我們在本季度進行了一次大塊擴展，這是該部門的一個很大的推動力——或者那個——對不起，那個項目利潤率增加了。

And next, we go to Doug Harned with Bernstein.

接下來，我們和伯恩斯坦一起去拜訪道格·哈內德。

I wanted to continue on the 787.

我想繼續乘坐 787。

And just to understand a little bit better how you're looking at this longer term and in terms of cash margin improvement.

並且只是為了更好地了解您如何看待這個長期以及現金利潤率的提高。

I mean, you're at a point now where you don't have that many -8s in the mix anymore.

我的意思是，您現在正處於混音中不再有那麼多 -8 的地步。

You're going to have more -10s.

你將有更多的-10。

And then if I look at pricing, I wouldn't -- at this stage in the cycle, I wouldn't expect you to get a lot more from there.

然後，如果我看定價，我不會——在周期的這個階段，我不希望你從那裡得到更多。

So can you talk about, as you look at the next few years, how you see that cash margin trajectory evolving?

那麼，在您展望未來幾年時，您能否談談您如何看待現金利潤率軌蹟的演變？

And what's likely to drive it?

什麼可能會推動它？

Yes.

是的。

Well, it is going to continue to grow, Doug.

嗯，它會繼續增長，道格。

And as Dennis said, I mean, the team has done a great job executing to our commitments, our rate breaks.

正如丹尼斯所說，我的意思是，該團隊在執行我們的承諾和利率突破方面做得很好。

But I know I keep going on about this, but bringing 2 derivatives in while going up in rate is no small task, and they've done it extremely well.

但我知道我一直在做這件事，但在利率上升的同時引入 2 個衍生品並不是一件容易的事，他們做得非常好。

And then at the same time, leveraging the best practices.

然後同時利用最佳實踐。

So that's all going to continue to play out as you go forward here.

所以當你在這裡前進時，這一切都將繼續發揮作用。

You're right, bringing in more -10s.

你是對的，帶來更多的-10。

So the mix will be higher 9s and 10s.

所以組合將是更高的 9s 和 10s。

Right now, it's predominantly 9, and -10 is -- you're going to see the benefit of that over that kind of longer-term period from a cash perspective and then going up in rate.

現在，它主要是 9，而 -10 是——你將從現金的角度看到這種長期的好處，然後利率會上升。

So you will see the cash associated with those advances as well as with that higher rate, but again, at the same time, bringing down the expenditures.

因此，您會看到與這些預付款以及較高利率相關的現金，但同時又會降低支出。

And don't forget, we've got step-down pricing as well on the supply chain that will play into that along with our own productivity.

不要忘記，我們在供應鏈上也有降價定價，這將與我們自己的生產力一起發揮作用。

So it probably fits into about 6 categories of things that need to happen or things that are just going to happen through time as we execute through each of these blocks and having a more favorable mix combined with continuing to have a step-down in the supply chain.

因此，它可能適合大約 6 類需要發生的事情或隨著時間的推移將要發生的事情，因為我們執行這些塊中的每一個並具有更有利的組合併繼續減少供應鏈。

So we -- again, we see growing cash flow on the 787.

所以我們——再次，我們看到 787 的現金流不斷增長。

They've done a great job in delivering on their commitments to shareholders, but also the customers.

他們在履行對股東和客戶的承諾方面做得很好。

And now we're kind of moving into the next phase of moving up into 14 and continuing to capture productivity gains.

現在我們有點進入下一階段，即進入 14 並繼續獲得生產力收益。

And then just on the -10.

然後就在-10上。

I mean, you delivered, I think, 9 of them in Q4.

我的意思是，我認為你在第四季度交付了其中的 9 個。

So would it be fair to say that your -10 margins were probably a little less mature in the quarter we just saw?

那麼可以公平地說，在我們剛剛看到的那個季度，您的 -10 利潤率可能不太成熟嗎？

And you should get some improvement out of that as well, is that fair?

你也應該從中得到一些改進，這公平嗎？

Right.

正確的。

It's still -- to your point, it's still relatively early in the production system and in the supply chain.

它仍然 - 就你的觀點而言，它在生產系統和供應鏈中仍處於相對早期的階段。

So if that becomes more mature, just like we would normally, we'll come down that learning curve as the supply chain will, and we'll capture the benefit of that.

因此，如果它變得更加成熟，就像我們通常那樣，我們將像供應鏈一樣降低學習曲線，我們將從中受益。

To that, Doug, there's also a big benefit from the high level of manufacturing commonality between the -10 and 9, which accelerates and reinforces what Greg said.

為此，Doug，-10 和 9 之間的高水平製造通用性也有很大好處，這加速並強化了 Greg 所說的。

And then the value proposition for that airplane in the market with our customers, it's very clear that it's generating value and it's winning in the marketplace.

然後是我們客戶在市場上對該飛機的價值主張，很明顯它正在創造價值並在市場上獲勝。

So on the pricing side, it's holding up well there as well just because of the value it's creating for our customers.

因此，在定價方面，由於它為我們的客戶創造了價值，它在那裡也保持良好。

Next question is from Seth Seifman with JPMorgan.

下一個問題來自摩根大通的 Seth Seifman。

So you mentioned the idea of, I think, trying to bolster the backlog for 777 and 777X.

所以你提到了我認為試圖加強 777 和 777X 積壓的想法。

And you talked a lot in the past about a widebody replacement, where it's coming in the early part of the next decade.

你過去曾多次談到寬體機的替代品，它會在下一個十年的早期出現。

Does that mean in the near term, are there 777X order opportunities?

這是否意味著在短期內，有 777X 的訂單機會？

Or does the order opportunities in the near term kind of focus on more of the classic and the freighters and we'll kind of wait until we get into the early part of the next decade to see the orders for the 777X come through?

或者近期的訂單機會是否會集中在更多的經典機型和貨機上，我們會等到下一個十年的早期才能看到 777X 的訂單通過？

Seth, we're working both in parallel.

賽斯，我們正在同時工作。

Certainly, during the last year, we've seen some great progress on the 777 with 51 net orders in the year.

當然，在去年，我們看到 777 取得了一些巨大的進步，全年獲得 51 架淨訂單。

And that's really strengthened the bridge that we're building, 777 to 777X.

這確實加強了我們正在建造的橋樑，777 到 777X。

We still have some work to do to fill out the remainder of the bridge, but our confidence continues to grow in our ability to do that.

我們還有一些工作要做，以填補橋樑的剩餘部分，但我們對自己有能力做到這一點的信心不斷增強。

And as we've made that progress, we're now shifting our teams more and more to 777X opportunities.

隨著我們取得這些進展，我們現在正在將我們的團隊越來越多地轉移到 777X 機會上。

As you said, we do see a high wave of replacement demand early in the next decade, but that means those sales campaigns are underway now.

正如您所說，我們確實看到在下一個十年的早期會有大量的更換需求，但這意味著這些銷售活動現在正在進行中。

So those are very active.

所以他們非常活躍。

We're very engaged with a number of customers around the world.

我們與世界各地的許多客戶保持著密切的聯繫。

The 777X clearly is bringing a value proposition to the market that's attractive.

777X 顯然正在為市場帶來極具吸引力的價值主張。

And you'll see us focusing more and more on those 777X campaigns here during this coming year.

在接下來的一年裡，你會看到我們越來越關注這裡的 777X 活動。

So that's a very near-term effort as well.

所以這也是一個非常近期的努力。

And all of that is consistent with the investment profile and the production system ramp and transition that we talked about earlier.

所有這一切都與我們之前談到的投資概況以及生產系統的升級和轉型是一致的。

Next, we go to David Strauss with Barclays.

接下來，我們與巴克萊銀行一起去大衛施特勞斯。

In the free cash flow walk that you provided, you highlighted the headwind from 777X in 2019.

在您提供的自由現金流走動中，您強調了 2019 年 777X 的逆風。

Could you maybe talk about, is 2019 going to be the peak year for 777X investment?

能否談談，2019年會不會是777X投資的高峰年？

I'm thinking mainly in working capital.

我主要考慮營運資金。

And how many airplanes do you plan on kind of having in flow before you actually start making deliveries?

在你真正開始交付之前，你計劃有多少架飛機在流動？

Yes.

是的。

No, the profile, David, certainly, for the reasons you described, building the inventory and the test aircraft and so on.

不，大衛，當然，出於你描述的原因，建立庫存和測試飛機等。

So this year, there's more headwind.

所以今年，有更多的逆風。

And then as we move into 2020, that headwind will moderate, and so we'll start to have some more positive cash flow with the combination of 777X moving into production and then into delivery.

然後，當我們進入 2020 年時，這種逆風將會減弱，因此隨著 777X 投入生產和交付，我們將開始擁有更積極的現金流。

So this is kind of a peak year for us on, I'll say, cash usage on 777 combined with 777X.

所以今年對我們來說是一個高峰年，我會說，777 和 777X 的現金使用。

So as Dennis said, transitioning the airplane today in the factory and moving through and building up that move from development to production will be key and obviously a big driver on the cash flow.

因此，正如丹尼斯所說，今天在工廠中轉換飛機，並逐步建立從開發到生產的轉變將是關鍵，並且顯然是現金流的重要推動力。

And things are going well out there today.

今天一切進展順利。

So we're -- we've got very good early signs that the aircraft is moving into the production systems smoothly.

所以我們 - 我們有很好的早期跡象表明飛機正在順利進入生產系統。

And any challenges we're having, we're working through and we know what they are.

我們正在努力應對任何挑戰，我們知道它們是什麼。

But so far, so good.

但到目前為止，還不錯。

So that will be a big driver of cash flow going forward.

因此，這將成為未來現金流的重要推動力。

And did I hear you say that 777 deliveries in 2020 would actually step up a bit?

我聽說你說 2020 年 777 架的交付量實際上會增加一點嗎？

Is that just the legacy kind of 777 rate holding and 777X starting to deliver?

這只是傳統的 777 利率持有和 777X 開始交付嗎？

It's really the combined of the 2. So it's the X and the 777.

它實際上是 2 的組合。所以它是 X 和 777。

Now having said that, as Dennis indicated, we're still seeing a lot of demand for the 777, in particular in the area of freight.

話雖如此，正如丹尼斯所說，我們仍然看到對 777 的大量需求，尤其是在貨運領域。

So we're feathering all this together and making sure that we're in the marketplace and we're meeting the demands of the customers in the near term, but at the same time, feathering in the 777X.

因此，我們將所有這些結合在一起，確保我們在市場上，我們在短期內滿足客戶的需求，但同時，在 777X 中發揮作用。

So that's kind of key in 2020, but we're not -- we're seeing good demand there on the 777.

所以這是 2020 年的關鍵，但我們不是——我們看到 777 的需求很好。

So we'll combine -- that'll be a combined production rate on those 2 programs.

所以我們將合併——這將是這兩個程序的合併生產率。

Yes.

是的。

Just for clarity, 2020 production system will be operating in 5 months.

為清楚起見，2020 年生產系統將在 5 個月後運行。

So we look at delivery rate slightly increasing over the current 3.5 month delivery rate.

因此，我們看到交付率比當前 3.5 個月的交付率略有增加。

That's the combination of 777s and 777Xs that Greg mentioned.

這就是 Greg 提到的 777s 和 777Xs 的組合。

Next, we go to Sheila Kahyaoglu with Jefferies.

接下來，我們將與 Jefferies 一起前往 Sheila Kahyaoglu。

Going back to commercial profitability just because it's such a standout.

回到商業盈利能力只是因為它是如此出色。

How sustainable is the 100 bps of margin improvement?

利潤率提高 100 個基點的可持續性如何？

Are there any mix impacts we should be thinking about with the 777 coming in, which is changing customer dynamics or any pricing dynamic that would alter that trajectory?

隨著 777 的到來，我們是否應該考慮任何混合影響，它正在改變客戶動態或任何會改變該軌蹟的定價動態？

You're thinking kind of beyond '19?

你在想超越'19？

Yes.

是的。

Well, I mean, there's -- yes, to your point, there's a lot of moving pieces.

嗯，我的意思是，有——是的，就你的觀點而言，有很多動人的部分。

Obviously, when you get into '19, we're more stable at the 14 a month and we're more stable at the 57.

顯然，當你進入 19 年時，我們在每月 14 次時更穩定，在 57 次時更穩定。

So again, we should be able to capture productivity and we're expecting to capture productivity in that.

因此，我們應該再次獲得生產力，並且我們期望在其中獲得生產力。

And there are some mix movements certainly between the 777 ramping down and the X moving in, so there's a lot of moving pieces.

在 777 下降和 X 進場之間肯定有一些混合動作，所以有很多移動的部分。

But I'd say, Sheila, and I'll let Dennis comment here, but the objective we have in place is the same one as I addressed on a prior question.

但我要說的是，Sheila，我會讓 Dennis 在這裡發表評論，但我們的目標與我在上一個問題中提到的目標相同。

We're looking for opportunities where we can to derisk production system and bringing in automation where we can bring in automation and bring in best practices with an overall objective to grow margins and fund our future and return cash to shareholders.

我們正在尋找可以降低生產系統風險並引入自動化的機會，我們可以引入自動化並引入最佳實踐，總體目標是增加利潤並為我們的未來提供資金並向股東返還現金。

So that playbook, you should just think of that as the same no matter what the mix.

因此，無論組合如何，您都應該認為那本劇本是一樣的。

So we don't let mix be the deciding factor.

所以我們不讓混合成為決定因素。

Mix is mix.

混合就是混合。

It's our job to try to offset that or use that to our advantage the best way possible.

我們的工作是嘗試抵消它或以盡可能最好的方式利用它來發揮我們的優勢。

Yes.

是的。

And just to reinforce that, Sheila, as Greg said, a lot of moving parts here, but the sustained margin growth trend is one that's long term.

正如格雷格所說，希拉只是為了強調這一點，這裡有很多移動部件，但持續的利潤率增長趨勢是長期的。

So we expect to continue to see year-over-year margin growth in 2019 and further growth in 2020 and beyond.

因此，我們預計 2019 年利潤率將繼續同比增長，並在 2020 年及以後進一步增長。

So this is all about long-term, sustained top and bottom line growth.

因此，這一切都與長期、持續的收入和利潤增長有關。

And the game book that we're operating here will drive that year-over-year.

而我們在這裡運營的遊戲本將推動這一年同比增長。

Next question is from Hunter Keay with Wolfe Research.

下一個問題來自 Wolfe Research 的 Hunter Keay。

I'd like to go back to NMA for a second.

我想暫時回到 NMA。

I don't want to nitpick a little bit.

我不想挑剔一點。

But Dennis, you did mention that NMA was going to be a 2-step decision process with the final decision coming in '20.

但是丹尼斯，你確實提到 NMA 將是一個兩步決策過程，最終決定將在 20 年做出。

Are you saying that you would make the announcement for the public, so to speak, in '20 after talking to your customers in '19?

你是說你會在 19 年與客戶交談後在 20 年向公眾發佈公告？

So if you could just clarify that announcement.

所以，如果你能澄清一下那個公告。

And then the second part of the NMA question is, how are these conversations going with your customers around this plane being used as a replacement aircraft versus opening up new markets maybe relative to new designs in the past?

然後 NMA 問題的第二部分是，這些與您的客戶圍繞這架飛機被用作替代飛機與開闢新市場可能與過去的新設計相關的對話如何進行？

Yes.

是的。

Hunter, let me take on the first one there.

獵人，讓我來對付那裡的第一個。

The process we're talking about here, the decision process is identical to what we've used in all of our previous programs.

我們在這裡討論的過程，決策過程與我們在之前所有程序中使用的過程相同。

So this year's decision is what we call authority to offer.

所以今年的決定就是我們所說的授權。

That's based on a business case and our ability to go and have deep, detailed discussions with customers.

這是基於業務案例以及我們與客戶進行深入、詳細討論的能力。

That will be something that will be publicly announced once we make our decision around that.

一旦我們對此做出決定，這將是公開宣布的事情。

So that will be information that you'll see and that will initiate deep and meaningful customer conversations.

因此，這將是您將看到的信息，並將啟動深入而有意義的客戶對話。

And then depending on the market response and our ability to build the right kind of group of launch customers, then we get to an official launch or authority to launch decision next year.

然後根據市場反應和我們建立合適的啟動客戶群的能力，然後我們將在明年正式啟動或授權啟動決定。

So both of those steps are typically public steps and ones that you would see.

因此，這兩個步驟通常都是公共步驟和您會看到的步驟。

Again, I want to reemphasize the discipline that we're putting into these.

再一次，我想再次強調我們在這些方面的紀律。

These are not only decisions related to the airplane in that market, there are also decisions related to the enterprise transformation objectives that we have in terms of production system for the future.

這些不僅是與那個市場的飛機相關的決策，還有與我們在未來生產系統方面的企業轉型目標相關的決策。

So we're looking at this as a total enterprise effort and really being very disciplined in our business case analysis.

因此，我們將此視為整個企業的努力，並且在我們的業務案例分析中確實非常有紀律。

And then your second question, Hunter?

然後你的第二個問題，亨特？

Yes.

是的。

It was sort of just how the conversations are going with your customers, preliminarily at least, around this plane being used as sort of an enabler of opening up new point-to-point markets versus replacement relative to say -- really, I was thinking of 787s specifically, but just broader in general.

這就是與您的客戶進行對話的方式，至少是初步的，圍繞這架飛機被用作開闢新的點對點市場的推動者，而不是相對於替代品來說——真的，我在想特別是 787，但總體上更廣泛。

Yes.

是的。

We've talked extensively with customers here, more than 60 customers and very consistent feedback.

我們在這裡與客戶進行了廣泛的交談，超過 60 位客戶和非常一致的反饋。

And we do see several different market segments and potential applications for this airplane.

我們確實看到了這架飛機的幾個不同的細分市場和潛在應用。

We do see a market need here that's in between today's narrowbody and widebody families.

我們確實看到了介於當今窄體機和寬體機系列之間的市場需求。

It's a market area that really cannot be addressed by modifying those existing platforms and aircraft.

這是一個真正無法通過修改現有平台和飛機來解決的市場領域。

Some of that is medium-haul, medium-range segments that today are being served by, I'll say, inefficient use of widebodies.

其中一些是中程、中程航段，我會說，今天所服務的是寬體機的低效使用。

And we see that as an opportunity for airline customers to gain efficiency.

我們認為這是航空公司客戶提高效率的機會。

But a good portion of this is also a creation of new medium-range route structures.

但其中很大一部分也是創建新的中程路線結構。

And just as we saw with the introduction of the 787 where we saw roughly already 200 new city pairs emerge because of the capability of the airplane in the medium-range marketplace, again, 4,000 to 5000 mile kind of range, we see an opportunity for significant regional city pair growth from this airplane.

正如我們在 787 的推出中看到的那樣，由於飛機在中程市場的能力，我們看到大約已經出現了 200 個新的城市對，同樣，4,000 到 5000 英里的航程，我們看到了一個機會這架飛機帶來顯著的區域城市對增長。

And that's another area where we're gaining customer feedback.

這是我們獲得客戶反饋的另一個領域。

So there are multiple segments of applicability, significant customer interest.

因此，有多個細分市場的適用性，顯著的客戶興趣。

The key here is for us to build a business case that's going to create value for our customers as well as value for our company and our shareholders.

這裡的關鍵是我們要建立一個商業案例，為我們的客戶創造價值，同時也為我們的公司和股東創造價值。

And that's the work we still need to finish.

這是我們仍然需要完成的工作。

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

接下來，我們與美銀美林一起去羅恩·愛潑斯坦。

Just a question and maybe a follow-up.

只是一個問題，也許是後續行動。

How do we think about the 900 airplanes?

我們如何看待 900 架飛機？

Like where do you have to transition on 73 and 78 to get to 900?

比如你必須在 73 和 78 上轉換到哪裡才能達到 900？

That's a lot of airplanes, right?

那是很多飛機，對吧？

I mean, it's something like 75 a month, right, on average?

我的意思是，平均每月大約 75 美元，對吧？

Yes.

是的。

Ron, you've made the right calculation there.

羅恩，你的計算是正確的。

So as I mentioned, we are well into the 14 a month rate step on 787, and we expect to complete that transition in the second quarter.

因此，正如我提到的，我們已經進入 787 的每月 14 次利率步驟，我們預計將在第二季度完成這一過渡。

So that's moving forward very briskly and on track.

因此，這正在非常迅速地向前推進。

On the 737, we've already moved parts of the supply chain to 57 a month, but we still have some work to do on some elements of the supply chain, in particular with engines and CFM.

在 737 上，我們已經將部分供應鏈轉移到每月 57 架，但我們在供應鏈的某些要素上仍有一些工作要做，尤其是發動機和 CFM。

And we're not going to make that full transition to 57 a month until we're very confident that we're ready.

在我們非常有信心準備好之前，我們不會完全過渡到每月 57 次。

And it's important that we do that in a very disciplined way.

重要的是我們要以一種非常有紀律的方式來做這件事。

So you can back into the number mathematically with about 900 deliveries for the year.

因此，您可以從數學上回溯到這一年大約 900 次交付的數字。

Note that, that 900 roughly deliveries for the year also includes the military derivatives, the P-8, tankers are all included in that number just for clarity.

請注意，今年的 900 輛粗略交付量還包括軍用衍生產品 P-8，為清楚起見，加油機都包含在該數字中。

Okay.

好的。

Great, great.

很棒很棒。

And then -- and maybe just one follow-on on the NMA question.

然後——也許只是關於 NMA 問題的一個後續問題。

In the business case, when you think about NMA, how do you think about it and the potential relationship it could have with a future family of narrowbodies?

在商業案例中，當您想到 NMA 時，您如何看待它以及它與未來窄體機系列的潛在關係？

It's one of the parameters that we think through any time we're thinking about investments for the future.

這是我們在考慮未來投資時要考慮的參數之一。

I think as we relayed earlier, we fundamentally have changed our R&D investment strategy for the company, so that it's feathered over the long term where we can sequence development programs, so that we gain the benefits of continuous development and lessons learned program to program rather than stacking multiple development programs on top of each other.

我認為正如我們之前所傳達的那樣，我們已經從根本上改變了公司的研發投資戰略，因此從長遠來看，我們可以對開發計劃進行排序，從而獲得持續發展和經驗教訓計劃的好處，而不是計劃而不是將多個開發程序堆疊在一起。

And that's the way we're thinking through NMA as well, so not only the development program for that particular airplane and the market it will serve, but also how do we sequence it, how do we leverage learnings from 777X, how do we leverage what we're learning from things like T-X and roll that into NMA and then how could we use an NMA investment to think about leverage and creating the production system for the even more distant future, whether that be some future narrowbody airplane or other alternatives that we might invest in.

這也是我們通過 NMA 思考的方式，所以不僅是特定飛機的開發計劃及其服務的市場，還有我們如何對其進行排序，我們如何利用 777X 的經驗，我們如何利用我們從 T-X 之類的東西中學到了什麼並將其投入 NMA，然後我們如何使用 NMA 投資來考慮槓桿作用並為更遙遠的未來創建生產系統，無論是未來的窄體飛機還是其他替代方案我們可能會投資。

But think of this as a continuum of R&D efforts.

但可以將其視為研發工作的連續統一體。

This, again, is all key to creating a sustained growth business where top and bottom line are both long-term sustained growth levels.

這再次是創建持續增長業務的關鍵，在該業務中，頂線和底線都是長期持續增長水平。

That is our approach here, and so we're thinking about NMA in that multi-program concept.

這是我們的方法，所以我們在多程序概念中考慮 NMA。

Got you?

明白了嗎？

Can I ask one more at the tail end here?

我可以在這裡的尾端再問一個嗎？

Well, I think we're...

好吧，我想我們...

Can I?

我可以嗎？

Just sort of quick one?

只是一種快速的？

This is for Greg.

這是給格雷格的。

Greg, when we think about the 737NG versus the MAX and just for modeling purposes because there's going to be 90% MAXs this year, how do we think about the margin profile of one variant versus the other?

格雷格，當我們考慮 737NG 與 MAX 的對比時，並且僅出於建模目的，因為今年將有 90% 的 MAX，我們如何考慮一種變體與另一種變體的利潤率？

Well, it's still kind of early introduction, right?

好吧，這仍然是早期介紹，對吧？

So just take that into account.

所以請考慮到這一點。

But net-net, you're in a similar margin profile as you are on the NG.

但是，淨淨，您的利潤率與 NG 相似。

It's really just more around on timing from a unit perspective and how they're feathered in.

從單位的角度來看，它實際上更多地圍繞著時間安排以及它們是如何融入的。

So I wouldn't think of it any different.

所以我不會認為它有任何不同。

It's really just, again, more timing.

這真的只是，再一次，更多的時機。

That will be from Peter Arment with Baird.

那將來自 Peter Arment 和 Baird。

Dennis, just maybe an easier one on book-to-bill expectations in 2019, I guess, specifically, around 737 MAX orders.

丹尼斯，我想 2019 年的訂單出貨比預期可能更簡單，具體來說，大約是 737 MAX 訂單。

You mentioned you had 13 new customers in 2018, and you've had really, I think, 5,000 aircraft since the launch.

你提到你在 2018 年有 13 個新客戶，我認為自推出以來你真的有 5,000 架飛機。

So that's close to 68%, I think, of the coverage of NGs.

所以我認為這接近 68% 的 NG 覆蓋率。

Just how you're thinking about the order momentum with that program.

您是如何考慮該程序的訂單動量的。

Yes.

是的。

Peter, we continue to see strong order momentum there.

彼得，我們繼續看到那裡強勁的訂單勢頭。

I think just another sign of it, this week earlier, you saw ANA's announcement about their intent to buy the MAX.

我認為這只是另一個跡象，本週早些時候，你看到全日空宣布他們有意購買 MAX。

And that's another addition to the fleet there.

這是那裡艦隊的另一個補充。

So you see continued momentum on the MAX sales front.

因此，您會看到 MAX 銷售方面的持續勢頭。

That airplane is creating value in the market for our customers.

這架飛機正在為我們的客戶創造市場價值。

And we are oversold against our production profile.

而且我們的生產狀況超賣了。

We talked earlier about ramping up to 57 a month.

我們之前談到過每月增加到 57 個。

We are oversold against that profile.

我們被超賣了。

We're filling skyline slots way out in 2023.

我們將在 2023 年填補天際線插槽。

We continue see upward market pressure overall on the production rate as a result.

因此，我們繼續看到整體市場對生產率的上行壓力。

And we think the demand for that airplane continues to be sustained.

我們認為對該飛機的需求將繼續保持下去。

So while we had great orders, volume and momentum this year, and I mentioned we might see some moderation in that demand this coming year, we still expect book-to-bill to be in that sort of 1:1 range.

因此，儘管我們今年的訂單、數量和勢頭都很好，而且我提到我們可能會看到來年的需求有所放緩，但我們仍然預計訂單出貨比將處於 1:1 的範圍內。

And there's always timing variability.

而且總是存在時間可變性。

But in terms of the MAX, the demand signals in the marketplace continue to be very strong.

但就 MAX 而言，市場上的需求信號仍然非常強勁。

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 Ms. Anne Toulouse, interim Vice President of Communications.

（操作員說明）我現在將帶您返回波音公司，聽取臨時通訊副總裁安妮·圖盧茲女士的介紹性發言。

Ms. Toulouse, please go ahead.

圖盧茲女士，請繼續。

Thank you.

謝謝。

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

我們現在將繼續電話會議，向丹尼斯和格雷格提出媒體問題。

And if you have additional queries following this session, please call our Media Relations team at (312) 544-2002.

如果您在本次會議後有其他疑問，請致電 (312) 544-2002 聯繫我們的媒體關係團隊。

Operator, we're ready for that first question.

接線員，我們準備好回答第一個問題。

(Operator Instructions)

（操作員說明）

And first is from the line of Andrew Tangel with Wall Street Journal.

首先來自《華爾街日報》的安德魯·坦格爾 (Andrew Tangel)。

Some other manufacturers have reported seeing economic weakness in China as a major headwind.

其他一些製造商報告稱，中國的經濟疲軟是主要的不利因素。

What are you all seeing?

你們都在看什麼？

And are the orders from China setting, slowing, picking up?

來自中國的訂單是設定、放緩還是回升？

And overall, where do you expect to see that moderating order intake coming from around the world?

總的來說，您預計來自世界各地的緩和訂單接收量會在哪裡出現？

And where is -- either demand slowing a bit or growth slowing a bit from what you all see?

從你們所看到的情況來看，需求放緩或增長放緩在哪裡？

Yes.

是的。

Andrew, let me touch on the China question first.

安德魯，讓我先談談中國問題。

We continue to see strong demand in China overall in terms of market dynamics.

就市場動態而言，我們繼續看到中國整體需求強勁。

As I said earlier, over the 20 years, we see a world that needs about 43,000 new commercial airplanes.

正如我之前所說，在過去的 20 年裡，我們看到世界需要大約 43,000 架新的商用飛機。

We remain very confident in that outlook, and about 7,700 of those 43,000 are in China.

我們對這一前景仍然充滿信心，這 43,000 人中約有 7,700 人在中國。

And that remains solid.

這仍然很穩固。

Traffic patterns in China continue to progress.

中國的交通模式不斷進步。

We're seeing passenger growth there that exceeds the overall market growth around the world, and we also see passenger traffic growth there continuing to exceed GDP growth.

我們看到那裡的客運增長超過了全球整體市場增長，我們也看到那裡的客運量增長繼續超過 GDP 增長。

So those market fundamentals remain strongly in place.

因此，這些市場基本面依然強勁。

In terms of orders volume in China, that's typically paced by timing of their 5-year planning.

就中國的訂單量而言，這通常取決於他們 5 年計劃的時間安排。

So it tends to come in waves.

所以它往往會波濤洶湧。

So that's why we -- again, as we look to the future, we expect to see some timing adjustments on orders.

所以這就是為什麼我們 - 再次展望未來，我們希望看到訂單的一些時間調整。

But overall, volume over the long term remains very strong.

但總的來說，長期來看成交量仍然非常強勁。

And that really applies to my broader comment, too, about moderation of orders in 2019.

這也適用於我關於 2019 年訂單適度的更廣泛評論。

As we look to the long term, the market fundamentals are very strong.

從長遠來看，市場基本面非常強勁。

And we see long-term volume of orders continuing to grow and adding to backlog.

我們看到長期訂單量繼續增長並增加積壓。

It just gets into a question of local timing quarter-to-quarter and year-to-year as our customers meet their fleet needs.

隨著我們的客戶滿足他們的機隊需求，這只是一個按季度和按年計算本地時間的問題。

So nothing here that I would say is a macro trend or a substantial change.

所以這裡我要說的不是宏觀趨勢或實質性變化。

We just see fundamental aerospace growth and air traffic growth as a long-term, sustainable trend.

我們只是將基本的航空航天增長和空中交通增長視為長期、可持續的趨勢。

And with a backlog of about 5,900 aircraft or roughly 7 years in production, that gives us the ability to weather any local variations and maintain a long-term view in terms of sustained growth.

憑藉約 5,900 架飛機的積壓訂單或大約 7 年的生產時間，這使我們能夠經受住任何局部變化，並在持續增長方面保持長遠眼光。

Our next question is from Julie Johnsson with Bloomberg.

我們的下一個問題來自彭博社的 Julie Johnsson。

So I just wanted to make sure that I understood what you're -- the point you're making on China, Dennis.

所以我只是想確保我理解你的意思——你對中國的看法，丹尼斯。

Do you potentially see a lull in orders this year because the next 5-year plan is looming in the headlights?

由於下一個 5 年計劃迫在眉睫，您是否可能會看到今年的訂單減少？

And then totally unrelated question and apologies for that, but where does CFM stand on its catch-up plan for the LEAP?

然後是完全不相關的問題並為此道歉，但是 CFM 在 LEAP 的追趕計劃中處於什麼位置？

How unusual is it for Boeing to embed your people in their supply chain?

波音公司將您的員工嵌入他們的供應鏈有多不尋常？

Yes.

是的。

Julie, on your first question regarding China, that was exactly my point earlier given the 5-year planning cycle there.

朱莉，關於你關於中國的第一個問題，考慮到那裡的 5 年規劃週期，這正是我之前的觀點。

We're having ongoing discussions with our customers in China, the Chinese government, the U.S. government.

我們正在與中國客戶、中國政府和美國政府進行持續討論。

This also factors into the trade dialogue between the U.S. and China.

這也是中美貿易對話的一個因素。

So these are all factors that we're very much engaged in.

所以這些都是我們非常關注的因素。

Again, we expect China is a long-term growth market for us, but exactly how those efforts play out over the next quarter or 2 is still an open question as we proceed with trade discussions.

同樣，我們預計中國對我們來說是一個長期增長的市場，但隨著我們繼續進行貿易討論，這些努力在下一季度或第二季度究竟如何發揮作用仍然是一個懸而未決的問題。

I can tell you, having been intimately involved in the discussions and engagement with the governments, both in U.S. and China, we see progress on that front.

我可以告訴你，在密切參與與美國和中國政府的討論和接觸之後，我們看到了這方面的進展。

We see convergence.

我們看到趨同。

And we also see that there's clearly a neutral benefit to having a healthy aerospace industry for both the U.S. and China.

我們還看到，擁有一個健康的航空航天業顯然對美國和中國都有中性的好處。

China needs the airplanes for growth to fuel their economy and to meet their passenger growth and cargo growth needs.

中國需要飛機來促進經濟增長，滿足乘客增長和貨運增長的需求。

And here in the U.S., our aerospace business is a tremendous U.S. jobs generator, manufacturing jobs.

在美國，我們的航空航天業務為美國創造了巨大的就業機會，製造業就業機會。

We hired 34,000 people last year.

去年我們僱用了 34,000 人。

And we, as an aerospace industry here in the U.S., create about an $80 billion a year trade surplus for the country.

而我們，作為美國的航空航天業，每年為國家創造約 800 億美元的貿易順差。

So there's mutual interest in a healthy aerospace business.

因此，健康的航空航天業務對雙方都有好處。

We expect that to lead to productive trade discussions between the U.S. and China or at least be part of that.

我們預計這將導緻美國和中國之間進行富有成效的貿易討論，或者至少是其中的一部分。

And then that will factor into the ultimate orders volume and timing with China.

然後，這將影響與中國的最終訂單量和時間。

So that's just a little additional context there.

所以這只是一些額外的背景。

Regarding your CFM question, it's not unusual for us to have Boeing personnel at our suppliers' sites and down into their supply chain.

關於您的 CFM 問題，我們在供應商現場和供應鏈中安排波音人員並不罕見。

That's a very typical process that we would have.

這是一個非常典型的流程。

But I will say again, as it goes to 737, one of the supply chain health issues that we're spending a lot of time on right now is engines and our work with CFM.

但我要再說一遍，談到 737，我們現在花費大量時間解決的供應鏈健康問題之一是引擎和我們與 CFM 的合作。

And so we are deploying additional resources with them into their factories and supply chain.

因此，我們正在與他們一起部署額外的資源到他們的工廠和供應鏈中。

We do expect to recover, we're seeing signs of recovery, but we still have work to go.

我們確實希望恢復，我們看到了恢復的跡象，但我們仍有工作要做。

And being deeply engaged in our supply chain is part of how we do business.

深入參與我們的供應鍊是我們開展業務的一部分。

Our next question is from Sylvia Pfeifer with Financial Times.

我們的下一個問題來自金融時報的 Sylvia Pfeifer。

Sorry, I had the China question, which was one of my main ones.

抱歉，我有一個關於中國的問題，這是我的主要問題之一。

Can I just ask you about Brexit then?

那我可以問你關於英國退歐的事嗎？

I know you're in a very different position to Airbus here in the U.K. But I just wondered whether you saw any risks to your own operations in the U.K. in the event of a hard Brexit with just a few weeks to go before the 29th of March?

我知道你們在英國的處境與空中客車公司的處境截然不同。但我只是想知道，如果英國脫歐僅剩幾週時間 29 日，你們是否認為自己在英國的運營存在任何風險？行進？

Yes.

是的。

Sylvia, we're continuing to keep a very close eye on that, as you might guess.

西爾維亞，正如您可能猜到的那樣，我們將繼續密切關注這一點。

And again, we're very involved in the discussion.

再一次，我們積極參與了討論。

That said, we're committed to our operations in the U.K. We've ramped up significantly over the last many years, roughly doubling the size of our operations, roughly tripling the size of our supply chain in the U.K. And those are long-term, sustained investments.

也就是說，我們致力於我們在英國的業務。在過去的許多年裡，我們的業務增長顯著，我們的業務規模大約翻了一番，我們在英國的供應鏈規模大約增加了三倍。這些都是長期的, 持續投資。

And we don't expect that to change based on the outcome of Brexit.

我們預計這不會根據英國退歐的結果而改變。

That said, we're keeping a very close eye on it and making sure it doesn't impact our operations.

也就是說，我們正在密切關注它並確保它不會影響我們的運營。

I think just as a further sign of our commitment in the U.K., you'll note that during the last year, we opened our new operation in Sheffield where we're doing some advanced manufacturing work.

我認為，作為我們在英國承諾的進一步標誌，您會注意到，在去年，我們在謝菲爾德開設了我們的新工廠，我們在那裡進行一些先進的製造工作。

That's also helping us to build out our actuation vertical capability.

這也有助於我們建立我們的驅動垂直能力。

So just another example of our long-term commitment to the U.K. and the investments that we'll continue to make.

因此，這只是我們對英國的長期承諾以及我們將繼續進行的投資的另一個例子。

And that will be from Dominic Gates with The Seattle Times.

這將來自西雅圖時報的多米尼克蓋茨。

Going back to the 737 MAX situation and CFM.

回到 737 MAX 的情況和 CFM。

In December, with the delivery of 69 airplanes, it did seem like you had almost fully recovered.

12 月，交付了 69 架飛機，看起來你幾乎完全康復了。

Has there been some further setback?

有沒有進一步的挫折？

And is the need to send people to CFM, is that because there's a problem with the ramp-up of the engine production?

是否需要派人到 CFM，是因為發動機生產的增加有問題嗎？

Or is there some configuration change that's become necessary?

或者是否有一些必要的配置更改？

Can you just tell us a bit more?

你能告訴我們更多嗎？

Also what's the time line you expect to be back to normal, let's say?

另外，您希望恢復正常的時間表是什麼時候？

Yes, Dominic, first of all, as you saw in our December deliveries, as you alluded to, we did see some recovery across our supply chain, including engine supply, and that enabled us to drive those December deliveries of 69 aircraft.

是的，多米尼克，首先，正如你在我們 12 月的交付中看到的那樣，正如你提到的，我們確實看到我們的供應鏈有所恢復，包括發動機供應，這使我們能夠推動 12 月交付的 69 架飛機。

But we were not yet fully recovered at that point, so we've continued to work supply chain recovery.

但那時我們還沒有完全恢復，所以我們繼續致力於供應鏈恢復。

And there's still work to go there.

而且還有工作要去那裡。

There's nothing here that I would say is an issue associated with having to change a configuration or make that kind of alteration to the engine.

這裡沒有什麼我想說的是與必須更改配置或對引擎進行此類更改相關的問題。

This is really about just ramping up production and doing it efficiently and being able to get a linear profile of engine deliveries that matches up with our factory production rate for the airplane and synchronizing those production systems.

這實際上是關於提高產量並高效地進行生產，並能夠獲得與我們工廠的飛機生產率相匹配的發動機交付的線性曲線，並同步這些生產系統。

That's really what we're focused on.

這才是我們真正關注的。

We still have work to go to get CFM to be supporting our 52 a month production rate and having those systems synchronized; and then even more work to go yet to get them ramped up to 57 a month.

我們仍然需要努力讓 CFM 支持我們每月 52 次的生產率並使這些系統同步；然後還有更多工作要做，讓他們每月增加到 57 個。

And that's really what we're focused on.

而這正是我們關注的重點。

This is about production system ramp-up and synchronization.

這是關於生產系統的升級和同步。

And by us getting deeper into their factories, it's going to give us better insights on long lead items.

通過我們更深入地了解他們的工廠，這將使我們對長周期項目有更好的了解。

And frankly, it will, I think, help us do best practice sharing between Boeing and CFM, which is part of how we operate, right?

坦率地說，我認為這將幫助我們在波音和 CFM 之間進行最佳實踐共享，這是我們運營方式的一部分，對吧？

That will make us better and it will make CFM better.

這將使我們變得更好，也將使 CFM 變得更好。

And that's the work that we plan to be very focused on in the first quarter.

這就是我們計劃在第一季度非常關注的工作。

And timing of that is reflected in our overall delivery guidance for the year, so you can see that factored in.

時間安排反映在我們今年的總體交付指南中，因此您可以看到這一點。

But we're going to be very, very disciplined about ensuring supply chain health before we fully move to the 57 a month production rate.

但在我們完全轉向每月 57 件的生產率之前，我們將非常、非常有紀律地確保供應鏈健康。

Okay.

好的。

That concludes our earnings call.

我們的財報電話會議到此結束。

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

再次提醒媒體成員，如果您還有其他問題，請致電 (312) 544-2002 聯繫我們的團隊。

Thank you.

謝謝。