波音 (BA) 2019 Q3 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 Third Quarter 2019 Earnings Conference Call.

大家好，歡迎參加波音公司 2019 年第三季度收益電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

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

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

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

Ms. Sutedja, please go ahead.

Sutedja 女士，請繼續。

Thank you, John, and good morning.

謝謝你，約翰，早上好。

Welcome to Boeing's Third Quarter 2019 Earnings Call.

歡迎參加波音 2019 年第三季度財報電話會議。

I'm Maurita Sutedja, and with me today is Dennis Muilenburg, Boeing's 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 Suteja，今天和我在一起的是波音公司總裁兼首席執行官 Dennis Muilenburg；以及波音公司首席財務官兼企業績效和戰略執行副總裁 Greg Smith。

After management comments, we will take your questions.

管理層發表意見後，我們將回答您的問題。

(Operator Instructions)

（操作員說明）

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

與往常一樣，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, estimates and goals we include in our discussion this morning are likely to involve risks, which are 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、估計和目標都可能涉及風險，這些風險在我們的新聞稿、我們的各種 SEC 文件和前瞻性聲明免責聲明中都有詳細說明在此網絡演示文稿的最後。

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

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

Now I will turn over to Dennis Muilenburg.

現在我將交給丹尼斯·米倫伯格。

Thank you, Maurita, and good morning.

謝謝你，毛里塔，早上好。

This month marks the 1 year anniversary of the Lion Air Flight 610 accident.

本月是獅航 610 航班事故一周年紀念日。

It's been roughly 7 months since the Ethiopian Airlines Flight 302 accident.

自埃塞俄比亞航空公司 302 航班事故以來已經過去了大約 7 個月。

Not a day goes by where my team and I don't think about these accidents.

我和我的團隊沒有一天不去想這些事故。

They weigh heavily on us, and we will never forget the lives lost aboard those flights.

它們沉重地壓在我們身上，我們永遠不會忘記在這些航班上失去的生命。

We are sorry, and we continue to extend the deepest sympathies to the families and loved ones.

我們很抱歉，我們繼續向家人和親人表示最深切的同情。

These accidents affect all of us personally and reinforce the importance of the work we do.

這些事故影響到我們所有人，並強化了我們所做工作的重要性。

We know lives depend on it, and nothing is more important to us than the safety of all those who fly on our airplanes.

我們知道生命依賴於它，對我們來說，沒有什麼比所有乘坐我們飛機的人的安全更重要的了。

Let me walk you through the latest developments regarding the 737 MAX on the next slide.

讓我在下一張幻燈片中向您介紹有關 737 MAX 的最新發展。

Our priority remains supporting the safe return to service of the MAX and assisting our airline customers and operators through this difficult time.

我們的首要任務仍然是支持 MAX 安全恢復服務，並協助我們的航空公司客戶和運營商度過這個困難時期。

We are working daily with the FAA and global regulators on the process they have laid out for certifying the 737 MAX software and training updates and ungrounding the global fleet.

我們每天都在與 FAA 和全球監管機構合作，制定他們為認證 737 MAX 軟件和培訓更新以及讓全球機隊停飛的流程。

Again, I want to express our regret for the difficulties that the release of an instant message document on Friday has presented to the FAA and other regulators, and we understand entirely the scrutiny it's receiving.

再次，我想對周五發布的即時消息文件給 FAA 和其他監管機構帶來的困難表示遺憾，我們完全理解它正在接受的審查。

We are committed to working with the investigative authorities and the U.S. Congress as they continue their investigations.

我們致力於與調查當局和美國國會合作，繼續他們的調查。

We are focused on going forward.

我們專注於前進。

As we have shared, we completed the MCAS software update earlier this year, which addresses concerns found following the 2 MAX accidents and provides 3 additional layers of protection to prevent accident like these from ever happening again.

正如我們所分享的，我們在今年早些時候完成了 MCAS 軟件更新，解決了 2 MAX 事故後發現的問題，並提供了 3 層額外的保護，以防止此類事故再次發生。

To date, we have conducted more than 800 tests and production flights, totaling more than 1,500 hours with the updated software, which incorporates feedback from across global regulators and MAX operators.

迄今為止，我們已經使用更新的軟件進行了 800 多次測試和生產飛行，總計超過 1,500 小時，其中包含來自全球監管機構和 MAX 運營商的反饋。

We are making steady progress on the second software update announced in June for additional flight control computer redundancy to eliminate the possibility of even extremely unlikely risks that are unrelated to the accidents.

我們正在穩步推進 6 月份宣布的第二次軟件更新，以增加飛行控制計算機冗餘，以消除與事故無關的極不可能風險的可能性。

In the upcoming days, Boeing will complete additional testing of this software update and conduct multiple simulator evaluations and reviews, leading up to a certification flight with the FAA onboard.

在接下來的幾天裡，波音公司將完成對這一軟件更新的額外測試，並進行多次模擬器評估和審查，最終獲得 FAA 機上的認證飛行。

Just last week, the company successfully conducted a dry run of the certification flight test.

就在上週，該公司成功進行了認證飛行測試的試運行。

We're making daily progress on these important certification steps.

我們每天都在這些重要的認證步驟上取得進展。

We have brought the very best of Boeing to this effort, dedicating all resources necessary to ensure that the improvements to the 737 MAX are comprehensive and thoroughly tested.

我們將波音最好的一面投入到這項工作中，投入了所有必要的資源，以確保對 737 MAX 的改進得到全面和徹底的測試。

That includes spending over 100,000 engineering and test hours on their development.

這包括在他們的開發上花費超過 100,000 小時的工程和測試時間。

Looking forward, we target regulatory approval for the 737 MAX return to service to begin this quarter.

展望未來，我們的目標是監管部門批准 737 MAX 在本季度開始恢復服務。

As we've said before, however, it's the FAA and other regulatory authorities who will ultimately determine the timing and conditions of return to service in each relevant jurisdiction.

然而，正如我們之前所說，FAA 和其他監管機構將最終決定在每個相關司法管轄區恢復服務的時間和條件。

This may include a phased approach and timing may vary by jurisdiction.

這可能包括分階段的方法，時間可能因司法管轄區而異。

During this process, we have been working closely with the FAA and other regulators.

在此過程中，我們一直與 FAA 和其他監管機構密切合作。

We'll provide the documentation, have flight simulators and help them understand our logic and the design for the new software.

我們將提供文檔，擁有飛行模擬器並幫助他們了解我們的邏輯和新軟件的設計。

All of their questions are being answered.

他們所有的問題都得到了解答。

The process is dynamic and involves constant dialogue with government agencies that will continue in the days and weeks ahead.

這個過程是動態的，涉及與政府機構的持續對話，這種對話將在未來幾天和幾週內繼續進行。

In preparation for the safe return of the 737 MAX to service, we have worked to build the trust and confidence of our customers and regulators.

為了準備 737 MAX 安全返回服務，我們努力建立客戶和監管機構的信任和信心。

We have partnered with customers and pilots from around the world as we've developed our solutions.

在開發解決方案的過程中，我們與來自世界各地的客戶和飛行員合作。

We have welcomed and encouraged their questions and giving them opportunities to test those solutions first hand in our simulators.

我們歡迎並鼓勵他們提出問題，並讓他們有機會在我們的模擬器中直接測試這些解決方案。

We have hosted 545 participants for more than 140 customers and regulators around the globe to experience the software updates in our simulator sessions.

我們為全球 140 多個客戶和監管機構接待了 545 名參與者，以在我們的模擬器會話中體驗軟件更新。

We have also conducted 20 global conferences with more than 1,100 participants from more than 250 organizations to help operators and financiers prepare for return to service and provide them the opportunity to ask questions for our teams.

我們還舉辦了 20 場全球會議，有來自 250 多個組織的 1,100 多名參與者參加，以幫助運營商和金融家為恢復服務做好準備，並為他們提供向我們的團隊提問的機會。

In addition, we're conducting weekly technical calls with our customers worldwide to deliver the highest quality support and fully prepare the fleet to safely return to service when the grounding is lifted.

此外，我們每週都會與全球客戶進行技術通話，以提供最優質的支持，並為機隊做好充分準備，以便在停飛後安全返回服務。

This involves an entry-into-service approach augmented with advanced analytics.

這涉及使用高級分析增強的進入服務方法。

This also includes the proposed comprehensive package of training and educational resources.

這還包括擬議的綜合培訓和教育資源包。

With our first and foremost priority, the safe return to the service of the MAX, we announced a change earlier this month that separates the Chairman and CEO roles to further enable me to center my attention on running the company as Boeing's President and CEO.

我們的首要任務是安全恢復 MAX 的服務，本月早些時候，我們宣布了一項變更，將董事長和首席執行官的角色分開，以進一步使我能夠將注意力集中在作為波音總裁兼首席執行官管理公司上。

Dave Calhoun, our Board's Independent Lead Director, is now serving as our Non-Executive Chairman.

我們董事會的獨立首席董事 Dave Calhoun 現在擔任我們的非執行主席。

I'm fully supportive of this division of labor and look forward to continuing my close partnership with Dave who has a deep knowledge of the aerospace industry and has been a strong and independent leader on Boeing's Board since 2009.

我完全支持這種分工，並期待與戴夫繼續保持密切的合作關係，戴夫對航空航天業有著深入的了解，並且自 2009 年以來一直是波音董事會的強大而獨立的領導者。

Together, we can be a force multiplier for this important work underway across the company and with our external stakeholders.

我們可以一起成為整個公司和外部利益相關者正在進行的這項重要工作的力量倍增器。

This move is just the latest of several actions by our Board and senior company leaders to strengthen Boeing's governance and safety management processes, which I will discuss next.

此舉只是我們董事會和公司高級領導人為加強波音公司治理和安全管理流程而採取的幾項行動中的最新一項，我將在下面討論。

Let's turn to Slide 3. As part of our long-standing commitment to safety, last month, I announced several actions we're taking to continuously improve.

讓我們轉到幻燈片 3。作為我們對安全的長期承諾的一部分，上個月，我宣布了我們為不斷改進而採取的幾項行動。

The actions followed recommendations from our Boeing Board of Directors that was a result of the 5-month Independent Board Committee review that I've requested of our policies and processes for the design and development of our airplanes.

這些行動遵循了波音董事會的建議，這是我要求獨立董事會委員會對我們的飛機設計和開發政策和流程進行為期 5 個月的審查的結果。

Members of the committee on airplane policies and processes rigorously explored this aspect of our business and made several recommendations focused on further improving safety throughout the company and the broader aerospace ecosystem.

飛機政策和流程委員會的成員對我們業務的這一方面進行了嚴格探索，並提出了幾項建議，重點是進一步提高整個公司和更廣泛的航空航天生態系統的安全性。

My team and I fully embraced our Board's recommendations and took immediate steps to implement them across the company.

我和我的團隊完全接受董事會的建議，並立即採取措施在全公司實施。

With the committee's input, we established a new product and services safety organization that will review all aspects of product safety and maintain oversight of our accident investigation team and the company's safety review boards.

在委員會的投入下，我們建立了一個新的產品和服務安全組織，該組織將審查產品安全的各個方面，並對我們的事故調查小組和公司的安全審查委員會進行監督。

Additionally, we're strengthening and elevating our engineering function through a direct reporting line to Boeing's Chief Engineer who reports to me.

此外，我們正在通過直接向向我報告的波音公司總工程師匯報的方式來加強和提升我們的工程職能。

We're also establishing a formal design requirements program, enhancing our continued operation safety program, partnering with our airline customers on flight deck designs that continue to anticipate the needs of future pilot populations, and we're expanding the reach of our Boeing safety promotion center.

我們還在建立正式的設計要求計劃，加強我們的持續運營安全計劃，與我們的航空公司客戶合作設計駕駛艙，以繼續預測未來飛行員群體的需求，我們正在擴大波音安全推廣的範圍中央。

These actions are on top of the steps our Board already has taken to reaffirm its commitment to and oversight of safety, including establishing a permanent aerospace safety committee and adding safety-related experience as one of the criteria for future directors.

這些行動是我們董事會為重申其對安全的承諾和監督而已經採取的步驟之上的，包括建立一個常設的航空航天安全委員會，並將安全相關經驗作為未來董事的標準之一。

In addition to implementing the Board's recommendations, we are committed to reaching even higher.

除了執行董事會的建議外，我們還致力於達到更高的目標。

We're concurrently expanding our efforts to strengthen the way we manage safety across Boeing and our supply chain, for example, by broadening the use of a comprehensive safety management system and safety review boards.

同時，我們正在加大努力，加強我們在波音和我們的供應鏈中管理安全的方式，例如，通過擴大綜合安全管理系統和安全審查委員會的使用範圍。

We're already driving a company-wide approach to safety, quality and integrity that strengthens our vision and serves to reinforce and improve our operational performance.

我們已經在全公司範圍內推行安全、質量和誠信的方法，以加強我們的願景，並有助於加強和改善我們的運營績效。

Additionally, investments in enhanced flight simulation and computing capabilities have increased our company's ability to proactively test a wide range of scenarios resulting in improved product safety.

此外，對增強飛行模擬和計算能力的投資提高了我們公司主動測試各種場景的能力，從而提高了產品安全性。

Advanced research and development efforts in future flight decks are also underway, leveraging leading-edge work in human factors, science and design.

未來駕駛艙的高級研究和開發工作也在進行中，利用人為因素、科學和設計方面的前沿工作。

Safety is our continual focus.

安全是我們持續關注的焦點。

Looking to the future, we'll be exploring ways we can strengthen global aviation safety in partnership with stakeholders across the aerospace community.

展望未來，我們將與航空航天界的利益相關者合作，探索加強全球航空安全的方法。

We also continue to invest in talent for the future.

我們還將繼續投資於未來的人才。

At this defining moment, Boeing has taken expanded leadership role with a heightened focus on safety.

在這個決定性的時刻，波音公司發揮了更大的領導作用，更加註重安全。

We'll keep learning from these recent accidents, we'll stay true to our values and we will come through this together as a company and industry.

我們將繼續從最近的這些事故中學習，我們將忠於我們的價值觀，我們將作為一個公司和行業共同度過難關。

As we keep safety at the forefront, we also remain focused on stability across our production systems and supply chain as well as mitigating impacts to our customers.

在將安全放在首位的同時，我們還繼續關注整個生產系統和供應鏈的穩定性，以及減輕對客戶的影響。

As I mentioned earlier, our best current estimate is return to service of the MAX that begins this quarter.

正如我之前提到的，我們目前最好的估計是本季度開始的 MAX 恢復服務。

Based upon this estimate and other factors, we expect to maintain our current production rate of 42 deliveries per month with a focus on supply chain and production systems stability.

基於這一估計和其他因素，我們預計將維持目前每月 42 次交付的生產率，重點是供應鍊和生產系統的穩定性。

This will be followed by incremental rate increases that would bring our production rate to 57 by late 2020.

隨後將逐步提高生產率，到 2020 年底，我們的生產率將達到 57。

After return to service, we expect the 737 MAX airplanes produced during the grounding and included within inventory will be delivered over several quarters with the majority of them delivering in the first year.

恢復服務後，我們預計停飛期間生產並包含在庫存中的 737 MAX 飛機將在幾個季度內交付，其中大部分在第一年交付。

We will continue to assess our production plans as part of our scenario planning process.

作為情景規劃過程的一部分，我們將繼續評估我們的生產計劃。

As mentioned before, the FAA and other regulatory authorities will ultimately determine the timing and conditions of return to service in each relevant jurisdiction.

如前所述，FAA 和其他監管機構將最終確定在每個相關司法管轄區恢復服務的時間和條件。

Should our estimate of the anticipated return to service change, we might need to consider possible further rate reductions or other options including a temporary shutdown of the MAX production line.

如果我們對預期恢復服務的估計發生變化，我們可能需要考慮可能的進一步降價或其他選擇，包括暫時關閉 MAX 生產線。

I want to reiterate my personal thanks to everyone who continues to be our partner in this journey.

我想重申我個人的謝意，感謝所有在這段旅程中繼續成為我們合作夥伴的人。

We are mindful these are challenging times for many, and we remain grateful for your support.

我們意識到這對許多人來說都是充滿挑戰的時期，我們仍然感謝您的支持。

Now let me turn to an overview of our third quarter operating performance followed by an update on the business environment and our expectations going forward.

現在讓我來回顧一下我們第三季度的經營業績，然後是對商業環境和我們未來預期的更新。

After that, Greg will walk you through the details of our financial results and how we are maintaining financial discipline and prudently managing our liquidity as we work through the safe return to service of the MAX.

之後，Greg 將向您詳細介紹我們的財務業績，以及我們如何在 MAX 安全恢復服務的過程中保持財務紀律和審慎管理我們的流動性。

With that, let's move to Slide 4. During the quarter, we generated revenue of $20 billion and core earnings per share of $1.45, reflecting lower 737 deliveries, partially offset by higher defense and services volume.

有了這個，讓我們轉到幻燈片 4。在本季度，我們創造了 200 億美元的收入和 1.45 美元的每股核心收益，這反映了 737 交付量的減少，部分被國防和服務量的增加所抵消。

We recorded negative $2.4 billion of operating cash due to the 737 impact.

由於 737 的影響，我們錄得 24 億美元的負運營現金。

We paid $1.2 billion of dividends in the quarter.

我們在本季度支付了 12 億美元的股息。

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

現在讓我們看看我們業務的第三季度經營業績。

Commercial Airplanes generated revenue of $8.2 billion, reflecting 62 deliveries.

商用飛機創造了 82 億美元的收入，交付了 62 架飛機。

BCA ended the quarter with our backlog of nearly 5,500 airplanes worth $387 billion.

BCA 在本季度結束時積壓了近 5,500 架飛機，價值 3,870 億美元。

As we discussed before, global trade tension is putting near-term pressure on our widebody production rates, especially the 787.

正如我們之前所討論的，全球貿易緊張局勢正在給我們的寬體機生產帶來近期壓力，尤其是 787。

I will discuss that in more detail later.

稍後我將更詳細地討論這一點。

Now over to Defense, Space & Security.

現在轉到國防、空間與安全。

BDS reported third quarter revenue of $7 billion and booked $5 billion of new orders, demonstrating the continued value we bring to our customers across our Defense, Space & Security portfolio.

BDS 報告第三季度收入為 70 億美元，並預訂了 50 億美元的新訂單，這表明我們在國防、太空和安全產品組合中為客戶帶來的持續價值。

Those orders included contracts for our fifth KC-46 Tanker production lot for the U.S. Air Force and 9 AH-64E Apaches for the U.S. Army.

這些訂單包括我們為美國空軍提供的第五批 KC-46 油輪生產批次和為美國陸軍提供 9 架 AH-64E 阿帕奇的合同。

Key milestones for BDS included the MQ-25 unmanned aerial refueler first test flight.

BDS 的關鍵里程碑包括 MQ-25 無人駕駛空中加油機的首次試飛。

Also T-X trainer, now renamed the T-7A Red Hawk, performed its 100th test flight.

T-X 教練機（現更名為 T-7A 紅鷹）也進行了第 100 次試飛。

Other accomplishments in the quarter included the first flight of the inaugural P-8A Poseidon for the U.K. Royal Air Force and final assembly of the Space Launch System core stage structure.

本季度的其他成就包括英國皇家空軍首架 P-8A Poseidon 的首飛以及太空發射系統核心級結構的最終組裝。

Also noteworthy is the satellite launch services award received by our United Launch Alliance joint venture from the U.S. Air Force.

同樣值得注意的是我們的聯合發射聯盟合資企業從美國空軍獲得的衛星發射服務獎。

Moving on to tanker.

繼續討論油輪。

As mentioned, Boeing received a $2.6 billion contract for production lot 5 covering 15 KC-46 aircraft, spares and support equipment.

如前所述，波音公司收到了價值 26 億美元的第 5 批生產合同，涵蓋 15 架 KC-46 飛機、備件和支持設備。

We delivered 9 tankers to the U.S. Air Force in the quarter and 23 year-to-date.

我們在本季度和今年迄今為止的 23 次向美國空軍交付了 9 架加油機。

Turning to Global Services.

轉向全球服務。

BGS reported revenue of $4.7 billion, representing 14% growth year-on-year.

BGS 報告收入為 47 億美元，同比增長 14%。

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

BGS 繼續贏得新業務，突出了我們為商業和政府客戶帶來的價值以及我們的 One Boeing 產品的實力。

In the quarter, BGS booked contracts for commercial modification, component and training services as well as contracts with the U.S. Air Force for F-15 training to Qatar, A-10 Thunderbolt II re-winging and KC-46 Tanker lot 5 services.

本季度，BGS 簽訂了商業改裝、部件和培訓服務合同，以及與美國空軍簽訂的 F-15 卡塔爾培訓合同、A-10 Thunderbolt II 換翼和 KC-46 Tanker lot 5 服務合同。

Also in the quarter, India-based carrier, SpiceXpress, took delivery of the first 737-800 Boeing-converted freighter to expand its air cargo operation.

同樣在本季度，總部位於印度的航空公司 SpiceXpress 接收了第一架波音改裝的 737-800 貨機，以擴大其航空貨運業務。

Progress continues towards our planned strategic partnership with Embraer.

我們與巴西航空工業公司計劃的戰略合作夥伴關係繼續取得進展。

We're actively engaged with authorities and relevant jurisdictions and have obtained a number of regulatory approvals including clearance to close in the U.S. and Japan.

我們正積極與當局和相關司法管轄區合作，並已獲得多項監管批准，包括在美國和日本關閉的許可。

The European Commission earlier this month opened a Phase 2 assessment in its review of the transaction.

歐盟委員會本月早些時候在其對交易的審查中啟動了第二階段評估。

We remain convinced that both the Commercial Aviation and the KC-390 joint ventures will increase competition in the market and create value for our customers and the traveling public as well as drive innovation in products and services.

我們仍然堅信，商業航空和 KC-390 合資企業將增加市場競爭，為我們的客戶和旅行大眾創造價值，並推動產品和服務的創新。

We now expect the transaction to close in early 2020.

我們現在預計該交易將在 2020 年初完成。

In summary, our priority continues to be the safe return to service of the 737 MAX, and we've continued to allocate additional resources and attention on this effort.

總而言之，我們的首要任務仍然是讓 737 MAX 安全恢復服務，並且我們繼續為這項工作分配額外的資源和注意力。

At the same time, we are maintaining our focus on keeping the business strong and healthy while focusing on operational performance.

與此同時，我們將繼續專注於保持業務強勁和健康，同時專注於運營績效。

As we announced yesterday, we made several leadership changes that will further strengthen our company during a challenging time.

正如我們昨天宣布的那樣，我們進行了幾項領導層變動，這將在充滿挑戰的時期進一步加強我們的公司。

Stan Deal has succeeded Kevin McAllister as President and CEO of Boeing Commercial Airplanes and Ted Colbert has succeeded Stan Deal as President and CEO of Boeing Global Services effective immediately.

Stan Deal 接替 Kevin McAllister 擔任波音商用飛機公司總裁兼首席執行官，Ted Colbert 接替 Stan Deal 擔任波音全球服務公司總裁兼首席執行官，立即生效。

Stan brings extensive operational experience in commercial airplanes and trusted relationships with our airline customers and industry partners; and Ted brings to our Global Services business an enterprise approach to customers and strong digital business expertise, a key component of our long-term growth plans.

Stan 在商用飛機方面擁有豐富的運營經驗，並與我們的航空公司客戶和行業合作夥伴建立了值得信賴的關係； Ted 為我們的全球服務業務帶來了面向客戶的企業方法和強大的數字業務專業知識，這是我們長期增長計劃的關鍵組成部分。

We are also grateful to Kevin for his dedicated and tireless service to Boeing, our customers and our communities during a challenging time and for his commitment to support this transition.

我們也感謝凱文在充滿挑戰的時期為波音、我們的客戶和我們的社區提供的專注和不懈的服務，以及他對支持這一過渡的承諾。

With that, let's turn to the business environment on Slide 5. We continue to see healthy global demand for our offerings in Commercial, Defense, Space & Services.

有了這個，讓我們轉向幻燈片 5 中的商業環境。我們繼續看到全球對我們在商業、國防、太空和服務領域的產品的健康需求。

These are sizable sectors that are growing and backed by strong fundamentals with a combined market opportunity of $8.7 trillion over the next 10 years.

這些都是相當大的行業，它們正在增長並得到強勁的基本面的支持，未來 10 年的市場機會總額將達到 8.7 萬億美元。

In commercial aviation, while we have seen some moderation of traffic growth, global passenger volume continues to be resilient, building on ninth straight years of above-trend growth.

在商業航空領域，雖然我們看到客運量增長有所放緩，但全球客運量繼續保持彈性，連續第九年高於趨勢增長。

Passenger traffic this year is growing at a solid 4.5% through August, again, outpacing global GDP and tracking with long-term growth rates.

今年到 8 月份的客運量以 4.5% 的穩定增長，再次超過全球 GDP 並與長期增長率保持一致。

Meanwhile, the air cargo sector is facing more headwinds as overall volumes have contracted year-to-date amid a challenging trade environment.

與此同時，在充滿挑戰的貿易環境中，由於今年以來總貨運量萎縮，航空貨運業面臨更多阻力。

That said, we continue to see steady utilization of the global freighter fleet while carriers are placing incremental orders to support their fleet replacement needs.

也就是說，我們繼續看到全球貨運機隊的穩定利用，而承運人正在增加訂單以支持其機隊更換需求。

Additionally, traffic data points to solid growth in air cargo intensive sectors such as pharma, technology and express shipments.

此外，交通數據表明航空貨運密集型行業（如製藥、技術和快遞）的穩健增長。

Improvements in industrial production and global trade will be key to a rebound in air cargo in 2020.

工業生產和全球貿易的改善將是 2020 年航空貨運反彈的關鍵。

With an industry outlook for approximately 44,000 new airplanes over the next 20 years and an ecosystem of life cycle solutions needed to maintain and support it, we continue to see sustainable long-term growth in commercial aviation.

憑藉未來 20 年大約 44,000 架新飛機的行業前景以及維護和支持它所需的生命週期解決方案生態系統，我們繼續看到商業航空的可持續長期增長。

This is powered by mature and emerging economies and growing middle class and continued innovations in business models and products.

這得益於成熟和新興經濟體、不斷壯大的中產階級以及商業模式和產品的持續創新。

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

我們認為，總體而言，關鍵市場動態的演變繼續推動我們行業的周期性減少。

These long-term demand fundamentals provide a solid foundation for our commercial business.

這些長期需求基本面為我們的商業業務提供了堅實的基礎。

We are well positioned in this market with a strong portfolio of airplanes, a large and diverse order backlog and a strong One Boeing team.

我們擁有強大的飛機組合、龐大且多樣化的訂單積壓和強大的波音團隊，在這個市場上處於有利地位。

The narrowbody segment will command a larger share of new deliveries with expected demand for more than 32,000 single-aisle airplanes in the next 20 years.

窄體飛機將在新交付中佔據更大份額，預計未來 20 年將有超過 32,000 架單通道飛機的需求。

These new airplanes will continue to stimulate growth and provide required replacements for older, less-efficient airplanes.

這些新飛機將繼續刺激增長，並為舊的、效率較低的飛機提供所需的替代品。

Our 737 program has a backlog of more than 4,400 aircraft.

我們的 737 計劃積壓了 4,400 多架飛機。

In the widebody segment, we have seen solid order activity this year for our market-leading 787 and 777 families.

在寬體機領域，今年我們看到市場領先的 787 和 777 系列的訂單活躍。

In the quarter, Korean Air and Air New Zealand placed follow-on orders for the 787 to replace aging aircraft, reflecting the start of the widebody replacement cycle that we expect to accelerate early next decade.

在本季度，大韓航空和新西蘭航空訂購了 787 以更換老化的飛機，這反映了我們預計在下個十年初將加速的寬體更換週期的開始。

We see the need for more than 1,000 small to medium widebody aircraft to be replaced over the next decade.

我們認為未來十年需要更換 1,000 多架中小型寬體飛機。

In the near term, as we have shared, the U.S.-China trade situation has presented challenges for our widebody production plans, in particular for the 787 program.

正如我們所分享的，在短期內，美中貿易形勢對我們的寬體機生產計劃提出了挑戰，特別是對於 787 計劃。

As part of our practice for a significant market such as China, we have forecasted orders from operators based on the country as part of our skyline assumptions.

作為我們在中國等重要市場實踐的一部分，我們根據國家/地區預測運營商的訂單，作為我們天際線假設的一部分。

The lack of orders from China in the past couple of years has put pressure on the production rate.

過去幾年來自中國的訂單不足給生產率帶來了壓力。

We are in the planning window on the rate decision due to the production lead times.

由於生產提前期，我們正處於關於費率決策的計劃窗口中。

Therefore, as part of our disciplined rate management process, we believe it is appropriate to make a production rate adjustment to balance the supply and demand.

因此，作為我們嚴格的費率管理流程的一部分，我們認為調整生產率以平衡供需是適當的。

So beginning in late 2020, we plan to transition the 787 production rate from 14 per month to 12 per month for approximately 2 years.

因此，從 2020 年底開始，我們計劃將 787 的生產速度從每月 14 架轉變為每月 12 架，持續大約 2 年。

We will maintain this disciplined rate management process going forward, taking into account a host of risks and opportunities.

考慮到大量風險和機遇，我們將繼續保持這種嚴格的利率管理流程。

We will continue to assess the demand environment and make adjustments as appropriate in the future.

我們將繼續評估需求環境，並在未來進行適當的調整。

We'll also continue to monitor and inform the U.S.-China trade discussions.

我們還將繼續監測和通報美中貿易討論。

We value and maintain strong relationships with our customers and government 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和政府利益相關者保持牢固的關係，加強強大和繁榮的航空航天業的共同經濟利益。

And we remain hopeful that airplanes will ultimately be part of the trade solution.

我們仍然希望飛機最終成為貿易解決方案的一部分。

At our planned rates, our 787 backlog of nearly 530 orders provides a solid foundation and represents more than 3.5 years of production.

按照我們計劃的速度，我們 787 積壓的近 530 份訂單提供了堅實的基礎，代表了超過 3.5 年的生產。

Moving to the 777 program.

轉向 777 計劃。

The current generation 777 continued its steady sales momentum with 14 new orders in the quarter.

當前一代 777 繼續保持穩定的銷售勢頭，本季度新增了 14 架訂單。

These provide further support for the 777 bridge.

這些為 777 橋提供了進一步的支持。

On 777X development, we continue to progress in our preflight testing, focusing on final systems, propulsion and airplane-level test.

在 777X 開發方面，我們繼續在飛行前測試方面取得進展，重點是最終系統、推進和飛機級測試。

On the static airplane test results, our detailed analysis of the data is progressing well.

在靜態飛機測試結果上，我們對數據的詳細分析進展順利。

What we've seen to date reinforces our prior assessment that this will not have a significant impact on the design or on the preparations for first flight.

我們迄今為止所看到的加強了我們之前的評估，即這不會對設計或首次飛行的準備工作產生重大影響。

The GE9X engine remains the pacing item as we work towards first flight of the 777X.

在我們為 777X 首飛而努力的過程中，GE9X 發動機仍然是主力。

GE, our engine supplier, has made good progress to address the durability challenges.

我們的發動機供應商 GE 在應對耐久性挑戰方面取得了良好進展。

GE has installed retrofit components in the certification test engines, and testing has restarted.

GE 已在認證測試引擎中安裝了改裝組件，測試已重新開始。

Once the engines become available, GE and Boeing will need to successfully complete additional testing before we are ready to fly.

一旦發動機可用，通用電氣和波音需要在我們準備好飛行之前成功完成額外的測試。

We still expect first flight to take place in early 2020.

我們仍然預計首飛將在 2020 年初進行。

We continue to explore opportunities to improve the time line, such as leveraging our system integration labs and additional airplane ground testing, consistent with our commitment to safety.

我們將繼續探索改進時間線的機會，例如利用我們的系統集成實驗室和額外的飛機地面測試，這與我們對安全的承諾相一致。

That said, as we further assess the impact to the GE9X engine and associated risk, we now expect first delivery of the 777-9 to be in early 2021.

也就是說，隨著我們進一步評估對 GE9X 發動機的影響和相關風險，我們現在預計 777-9 將在 2021 年初首次交付。

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

777、777X 的總產量為每月 5 架。

We continue to expect the 777 delivery rate to be approximately 3.5 aircraft per month in 2019.

我們繼續預計 2019 年 777 的交付率約為每月 3.5 架飛機。

The delivery rate is expected to be at approximately 3 per month in 2020 as we mitigate some of the impact of the slide in 777X time line by producing more 777 current generation aircraft.

預計 2020 年的交付率約為每月 3 架，因為我們通過生產更多的 777 當前一代飛機來減輕 777X 時間線下滑的一些影響。

We are focused on further bolstering the 777X skyline.

我們專注於進一步加強 777X 的天際線。

The 777X orders and commitments of 364 aircraft provide a strong foundation that supports our plan for ramping up production and delivery of this new aircraft.

777X 的訂單和 364 架飛機的承諾為支持我們提高這架新飛機的生產和交付計劃提供了堅實的基礎。

On the 767 program, we added 16 new orders in the quarter, including 15 for the KC-46 production lot 5. As previously announced, we plan to increase the 767 production rate from 2.5 to 3 per month in 2020.

在 767 計劃中，我們在本季度新增了 16 個新訂單，其中 KC-46 生產批次 5 的 15 個。正如之前宣布的，我們計劃在 2020 年將 767 的生產速度從每月 2.5 個提高到 3 個。

In 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主要平台和項目的強勁需求。

Looking at the defense and space market for the next 10 years, we see $2.5 trillion of opportunities for our business, with 40% of that from outside the U.S. The BDS portfolio remains well positioned with proven world-class platforms to address current needs and innovative, capable and affordable new franchise programs to build the future.

展望未來 10 年的國防和太空市場，我們看到 2.5 萬億美元的業務機會，其中 40% 來自美國以外。 ，有能力和負擔得起的新特許經營計劃，以建立未來。

We continue to see broad support for our products from the Pentagon, NASA and Congress, including for procurement of Boeing F-15Ex and F-18 fighter jets, Apache and V-22 Osprey rotorcraft, JDAM weapons, satellite programs, the Space Launch System and key derivative programs like the KC-46 Tanker and the P-8.

我們繼續看到五角大樓、NASA 和國會對我們的產品的廣泛支持，包括採購波音 F-15Ex 和 F-18 戰鬥機、阿帕奇和 V-22 魚鷹旋翼機、JDAM 武器、衛星計劃、太空發射系統以及 KC-46 Tanker 和 P-8 等關鍵衍生項目。

We also see robust support for our future franchise programs.

我們還看到對我們未來特許經營計劃的強大支持。

We are maintaining a sharp focus on these future franchises.

我們將密切關注這些未來的特許經營權。

The MQ-25 recently began test flights, and we are humbled to honor the legacy of the Tuskegee Airmen with the T-7A Red Hawk.

MQ-25 最近開始試飛，我們很榮幸地用 T-7A 紅鷹向塔斯基吉飛行員的遺產致敬。

We also remain absolutely dedicated to Commercial Crew and the Space Launch System, which will maintain our nation's position as the leading edge of space exploration.

我們還絕對致力於商業船員和太空發射系統，這將保持我們國家作為太空探索前沿的地位。

Turning to the services sector.

轉向服務業。

We see the $3.1 trillion services market over the next 10 years as a significant opportunity for our company.

我們認為未來 10 年價值 3.1 萬億美元的服務市場對我們公司來說是一個重大機遇。

We continue to see growth with expanded service offerings across the supply chain portfolio and our global digital solutions.

隨著供應鏈產品組合和我們的全球數字解決方案的擴展服務產品，我們繼續看到增長。

New business in the quarter reflects our superior products, both on and off platform, with new digital agreements signed with Air Canada for our manpower planning software and with IndiGo for ops control and tail assignment digital solutions.

本季度的新業務反映了我們在平台內外的卓越產品，我們與加拿大航空公司就我們的人力規劃軟件簽署了新的數字協議，並與 IndiGo 就運營控制和機尾分配數字解決方案簽署了新的數字協議。

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

總之，隨著市場和機遇的不斷增長，我們的團隊將繼續致力於增長、創新和加速提高生產力，以推動我們對未來的投資。

So with that, Greg, over to you for our financial results.

因此，格雷格，我們的財務結果交給你了。

Thanks, Dennis.

謝謝，丹尼斯。

Good morning, everyone.

大家，早安。

Let's move to Slide 6, and we'll discuss our third quarter results.

讓我們轉到幻燈片 6，我們將討論第三季度的業績。

Revenue for the quarter was $20 billion with core earnings per share of $1.45, reflecting lower 737 deliveries, partially offset by higher defense and services volume.

本季度收入為 200 億美元，每股核心收益為 1.45 美元，反映了 737 架交付量減少，部分被國防和服務量增加所抵消。

Before we discuss the segment performance, let me also touch on the 737 MAX and explain how the grounding has impacted our financials, what we've done to mitigate some of that impact and what we're focused on today and going forward.

在我們討論細分市場表現之前，讓我也談談 737 MAX 並解釋接地如何影響我們的財務狀況，我們為減輕這種影響所做的工作以及我們今天和未來的重點。

For the purpose of our third quarter financial results, we have assumed the regulatory approval for the MAX return to service begins in the fourth quarter this year.

出於我們第三季度財務業績的目的，我們假設監管機構批准 MAX 恢復服務於今年第四季度開始。

While this assumption reflects our best estimate at this time, I just want to reiterate that the actual timing and condition of return to service will be determined by the regulatory authorities and could differ from this assumption and our estimate.

雖然這一假設反映了我們目前的最佳估計，但我只想重申，恢復服務的實際時間和條件將由監管機構確定，可能與這一假設和我們的估計不同。

Our third quarter financial results also assume a gradual increase in the 737 production rate from the current 42 per month to 57 per month by late 2020.

我們第三季度的財務業績還假設到 2020 年底，737 的生產速度將從目前的每月 42 架逐漸增加到每月 57 架。

We also assume that after return to service of the MAX airplanes produced during the grounding and including within inventory will be delivered over several quarters with the majority of them being delivered within the first year.

我們還假設在停飛期間生產並包括在庫存中的 MAX 飛機恢復服務後，將在幾個季度內交付，其中大部分將在第一年內交付。

Any changes to these assumptions could require us to recognize additional financial impact.

這些假設的任何變化都可能要求我們確認額外的財務影響。

We added $872 million of program costs on the 737 in the third quarter.

我們在第三季度為 737 增加了 8.72 億美元的項目成本。

This is primarily to reflect current assumptions regarding timing of return to service and the timing of planned production rate increases.

這主要是為了反映當前關於恢復服務時間和計劃生產率提高時間的假設。

These additional costs will be spread across the undelivered aircraft in the accounting block of approximately 3,100 units and therefore reduce the 737 program margin.

這些額外成本將分攤到大約 3,100 架的未交付飛機上，因此會降低 737 計劃的利潤。

During the quarter, we reassessed our estimate of potential considerations and other in concessions for customers for disruptions related to the 737 MAX grounding and associated delivery delays.

在本季度，我們重新評估了我們對與 737 MAX 停飛相關的中斷和相關交付延遲相關的客戶潛在考慮因素和其他讓步的估計。

This reassessment included updated -- updating estimates to reflect revised return to service and production rate assumptions as well as latest information based on engagements with 737 MAX customers.

這次重新評估包括更新——更新估計以反映修訂後的服務回報和生產率假設，以及基於與 737 MAX 客戶接觸的最新信息。

We have made no significant adjustments to the recorded liability in the quarter.

我們沒有對本季度記錄的負債進行重大調整。

As we've mentioned, we're also addressing the impact individually customer-by-customer, and we will look at various forms of economic value that we can provide.

正如我們所提到的，我們也在逐個客戶解決影響，我們將研究我們可以提供的各種形式的經濟價值。

We expect any concessions or other considerations to be provided over a number of years.

我們預計將在數年內提供任何讓步或其他考慮。

And therefore, you can expect the impact to our cash flow to affect 2019 and beyond.

因此，您可以預期對我們現金流的影響將影響到 2019 年及以後。

We continue to see this impact to be more front-end loaded in the first few years but, of course, will be dependent upon individual conversations with customers.

在最初的幾年裡，我們繼續看到這種影響更多的是前端負載，但當然，這將取決於與客戶的個人對話。

Looking forward, the key drivers of the financial impact related to the 737 continue to be the return-to-service time line and conditions; the delivery ramp-up, which is dependent on how fast we can deliver aircraft once the fleet returns to service and how fast our customers can accept the aircraft; also includes 737 production rate profile; and as discussed, customers regarding potential concessions and considerations.

展望未來，與 737 相關的財務影響的主要驅動因素仍然是恢復服務的時間線和條件；交付量增加，這取決於機隊恢復服務後我們交付飛機的速度以及我們的客戶接受飛機的速度；還包括 737 生產率概況；正如所討論的，客戶關於潛在的讓步和考慮。

We expect our financial results to continue to be adversely impacted until we safely return the 737 MAX to service, resume deliveries to our customers and ramp up production rates.

我們預計我們的財務業績將繼續受到不利影響，直到我們安全地將 737 MAX 恢復服務、恢復向客戶交付並提高生產率。

We continue to perform detailed scenario planning around return to service and production rates, including analyzing the implications on our supply chain, customer fleet and deliveries to fully understand the range of financial outcomes.

我們繼續圍繞恢復服務和生產率執行詳細的情景規劃，包括分析對我們的供應鏈、客戶車隊和交付的影響，以充分了解財務成果的範圍。

We will continue to assess our current production plans and incorporate any new insights such as return-to-service time line, storage capacity and supply chain, all in our analysis to help inform us on whether further rate reductions or other options, including a temporary shutdown of the MAX production, are needed.

我們將繼續評估我們當前的生產計劃，並在我們的分析中納入任何新的見解，如恢復服務時間線、存儲容量和供應鏈，以幫助我們了解是否進一步降低費率或其他選擇，包括臨時需要關閉 MAX 生產線。

We've also taken actions to prudently manage our liquidity, increasing our balance sheet flexibility in managing our spending and laser-focused on productivity.

我們還採取行動審慎管理我們的流動性，提高資產負債表在管理支出方面的靈活性，並專注於生產力。

We will continue to diligently review all levers available to minimize the financial impact.

我們將繼續認真審查所有可用的槓桿，以盡量減少財務影響。

It's important to note that everything we do are focused on quality and safety are and always have been our highest priority.

重要的是要注意，我們所做的一切都專注於質量和安全，並且一直是我們的首要任務。

We do not compromise these values for cost or schedule.

我們不會因成本或進度而妥協這些價值。

Returning the MAX safely to flight continues to be priority 1 for us.

讓 MAX 安全返回飛行仍然是我們的首要任務。

It's a team effort that leverages the best talent from across Boeing and outside experts.

這是一個團隊的努力，它利用了來自波音公司和外部專家的最優秀人才。

We will continue to apply whatever resources are required to return the 737 MAX safely into the fleet and take the time necessary to do so, working hand in hand with our customers.

我們將繼續運用所需的一切資源將 737 MAX 安全送回機隊，並花必要的時間與我們的客戶攜手合作。

Let's now move to Commercial Airplanes on Slide 7. Our Commercial Airplanes business revenue decreased to $8.2 billion during the quarter, reflecting lower 737 deliveries.

現在讓我們轉到幻燈片 7 上的商用飛機。我們的商用飛機業務收入在本季度下降至 82 億美元，這反映了 737 的交付量減少。

BCA operating margin declined to negative 0.5%, reflecting lower 737 delivery, partially offset by higher 787 margin.

BCA 營業利潤率下降至負 0.5%，反映出 737 交付量下降，部分被 787 利潤率上升所抵消。

BCA backlog includes nearly 5,500 airplanes valued at $387 billion, equating to more than 6 years of production.

BCA 積壓包括近 5,500 架飛機，價值 3,870 億美元，相當於 6 年以上的生產時間。

Let's now turn to Defense, Space & Security results on Slide 8. Third quarter revenue increased to $7 billion, reflecting higher volume on satellites, weapons and new franchise programs, T-7A in particular, partially offset by lower F-15 volume.

現在讓我們看看幻燈片 8 上的國防、太空和安全結果。第三季度收入增至 70 億美元，這反映了衛星、武器和新特許經營項目的銷量增加，特別是 T-7A，但部分被 F-15 銷量的下降所抵消。

BDS booked operating margin of 10.7% in the quarter, reflecting improved performance.

BDS 本季度的營業利潤率為 10.7%，反映了業績的改善。

During the quarter, BDS won key contract awards worth $5 billion, and our backlog stands at $62 billion with 30% from outside the U.S.

本季度，BDS 贏得了價值 50 億美元的關鍵合同，我們的未完成訂單為 620 億美元，其中 30% 來自美國以外。

Let's now turn to Boeing Global Services results on Slide 9. In the third quarter, Global Services revenue increased to $4.7 billion, reflecting the acquisition of KLX and higher government services volume.

現在讓我們看看幻燈片 9 上的波音全球服務業績。第三季度，全球服務收入增加到 47 億美元，這反映了對 KLX 的收購和更高的政府服務量。

Year-over-year growth of 14% for the quarter continues to outpace the average services market growth rate of 3.5%.

本季度同比增長 14% 繼續超過服務市場 3.5% 的平均增長率。

BGS booked operating margins of 14.4%.

BGS 的營業利潤率為 14.4%。

And as I mentioned before, BGS margins quarter-to-quarter are subject to fluctuations due to factors such as mix of products and services as well as performance on individual contracts.

正如我之前提到的，由於產品和服務的組合以及單個合同的表現等因素，BGS 的季度利潤率會受到波動的影響。

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

在本季度，BGS 贏得了價值約 60 億美元的關鍵合同，現在其積壓訂單達到 210 億美元。

Let's now turn to cash flow on Slide 10.

現在讓我們轉向幻燈片 10 上的現金流。

Operating cash flow for the third quarter was negative $2.4 billion driven by lower 737 deliveries, lower advance payments and timing of receipts and expenditures.

第三季度的經營現金流為負 24 億美元，原因是 737 交付量減少、預付款減少以及收支時間安排。

We expect continued working capital pressure to adversely affect cash flow until MAX deliveries resume.

我們預計在 MAX 交付恢復之前，持續的營運資金壓力將對現金流產生不利影響。

Strong operating cash from other parts of the business, a strong balance sheet and further balance sheet levers will help provide adequate liquidity during this period.

來自業務其他部分的強勁運營現金、強勁的資產負債表和進一步的資產負債表槓桿將有助於在此期間提供充足的流動性。

In the third quarter, we paid $1.2 billion in dividends.

第三季度，我們支付了 12 億美元的股息。

And as I previously mentioned, we have temporarily paused our share repurchase program.

正如我之前提到的，我們暫時暫停了股票回購計劃。

Our long-term balanced cash deployment strategy and commitment to returning cash to shareholders remains unchanged.

我們的長期平衡現金部署策略和向股東返還現金的承諾保持不變。

However, in the near term, managing our liquidity and balance sheet leverage are top priorities and will continue to be so until the 737 MAX deliveries resume, we execute the 737 production rate increases and see stability in the production system.

然而，在短期內，管理我們的流動性和資產負債表槓桿是重中之重，並將繼續如此，直到 737 MAX 交付恢復，我們執行 737 生產率提高並看到生產系統的穩定性。

Let's move now took cash and debt balance on Slide 11.

現在讓我們移動幻燈片 11 上的現金和債務餘額。

We ended the quarter with $10.9 billion of cash and marketable securities.

我們在本季度結束時擁有 109 億美元的現金和有價證券。

We raised additional debt in the quarter, increasing the balance by $5.5 billion, primarily to fund the Embraer acquisition and also to help shore up liquidity position as we work through the current MAX challenges.

我們在本季度籌集了額外的債務，使餘額增加了 55 億美元，主要用於為巴西航空工業公司的收購提供資金，並在我們應對當前 MAX 挑戰時幫助支撐流動性狀況。

Our strategy of maintaining a strong balance sheet provides us with substantial borrowing capacity through capital markets access and unused credit facility of $6.6 billion.

我們維持穩健資產負債表的戰略通過資本市場准入和 66 億美元的未使用信貸額度為我們提供了可觀的借貸能力。

Our long-term goal and strategic objectives remain unchanged, and we will continue to use our 3 business unit strategy as a key differentiator in the marketplace, make prudent investments and leverage talent and innovation from across the company.

我們的長期目標和戰略目標保持不變，我們將繼續將我們的 3 個業務單元戰略作為市場上的關鍵差異化因素，進行審慎的投資，並利用全公司的人才和創新。

As always, we'll continue to keep a close eye on the geopolitical and macroeconomic developments, prudently managing risk.

一如既往，我們將繼續密切關注地緣政治和宏觀經濟發展，審慎管理風險。

As Dennis said, we maintain our disciplined rate management and continue to monitor the environment and make rate adjustments as appropriate in the future.

正如丹尼斯所說，我們保持嚴格的費率管理，並繼續監控環境並在未來適當地調整費率。

As a reminder, in addition to the MAX, our financials, particularly cash flow, will also be impacted by the decrease in the 787 production rate and timing of 777X entry into service.

提醒一下，除了 MAX，我們的財務狀況，尤其是現金流量，也將受到 787 生產率下降和 777X 投入服務時間的影響。

Reduction in future deliveries create cash headwind due to lower cash from predelivery and delivery payments.

由於來自預交付和交付付款的現金減少，未來交付量的減少會產生現金逆風。

So in summary, while focusing on a very important priority of safe 737 MAX return to service and minimizing the significant impact on our customers and the flying public, our team keeps the core operating engine strong, delivering results and meeting customer commitments.

因此，總而言之，在專注於 737 MAX 安全恢復服務這一非常重要的優先事項並儘量減少對我們的客戶和飛行公眾的重大影響的同時，我們的團隊保持核心運營引擎的強大，交付成果並履行客戶承諾。

While we still have a lot of work in front of us, we're confident that we have the right focus, team and resources to navigate through.

雖然我們面前還有很多工作要做，但我們相信我們擁有正確的重點、團隊和資源來進行導航。

We're committed to providing you with additional updates on the MAX return to service progress, production rate plans as we have more information.

隨著我們掌握更多信息，我們致力於為您提供有關 MAX 恢復服務進度、生產率計劃的更多更新。

We'll strive to continue to keep all of our stakeholders informed with the utmost transparency through our public statements and information posted on our website.

我們將努力通過我們網站上發布的公開聲明和信息，繼續以最大的透明度讓我們所有的利益相關者了解情況。

Once we have further clarity, we will schedule a follow-up investor and media conference call to discuss financial impacts, provide financial guidance which will capture the puts and takes including the impacts from the recent widebody changes.

一旦我們進一步明確，我們將安排後續的投資者和媒體電話會議，討論財務影響，提供財務指導，包括近期寬體變化帶來的影響。

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

有了這個，我會把它交給丹尼斯來結束評論。

All right.

好的。

Thank you, Greg.

謝謝你，格雷格。

These are challenging times, first and foremost, for the families and loved ones affected by these recent accidents.

對於受最近這些事故影響的家庭和親人來說，這是一個充滿挑戰的時代。

They will always be on our thoughts.

他們將永遠在我們的腦海中。

This is also a defining moment for Boeing, and I can assure you that we have learned from this, and we'll continue learning.

這對波音來說也是一個決定性的時刻，我可以向你保證，我們已經從中吸取了教訓，我們將繼續學習。

We have changed from this, and we will continue changing.

我們已經改變了，我們將繼續改變。

And we're committed to coming through this challenging time better and stronger as a company.

作為一家公司，我們致力於更好、更強大地度過這個充滿挑戰的時期。

We'll stay true to our enduring values of safety, quality and integrity while driving operational excellence across the enterprise.

我們將忠於我們持久的安全、質量和誠信價值觀，同時推動整個企業的卓越運營。

We will never waver in our commitment, the importance of our work demands it.

我們永遠不會動搖我們的承諾，我們工作的重要性要求它。

Nothing is more important to us than the safety of our customers and the flying public.

對我們來說，沒有什麼比客戶和飛行公眾的安全更重要的了。

The safe return to service of the 737 MAX is our company's top priority.

737 MAX 的安全恢復服務是我們公司的首要任務。

I want to thank my Boeing teammates who are delivering on this priority and on our other commitments of executing on our key priorities, driving growth and operational excellence across the business in close partnership with our customers, suppliers and regulatory agencies while returning value to our shareholders.

我要感謝我的波音隊友，他們正在兌現這一優先事項以及我們執行關鍵優先事項的其他承諾，與我們的客戶、供應商和監管機構密切合作，推動整個業務的增長和卓越運營，同時為我們的股東回報價值.

With the changes we're making to the MAX software and training, we're confident that the MAX will be one of the safest airplanes ever to fly.

隨著我們對 MAX 軟件和培訓的改變，我們相信 MAX 將成為有史以來最安全的飛機之一。

The long-term fundamentals of our businesses remain strong and our key priorities are unchanged.

我們業務的長期基本面依然強勁，我們的主要優先事項沒有改變。

Our One Boeing advantage has never been more clear, and we will leverage this unique strength to deliver and improve on our commitments to our customers and partners around the world.

我們的波音公司優勢從未如此明顯，我們將利用這一獨特優勢來兌現和改進我們對全球客戶和合作夥伴的承諾。

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

有了這個，我們很樂意回答您的問題。

(Operator Instructions) Our first question comes from the line of Sheila Kahyaoglu with Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Sheila Kahyaoglu。

Greg, perhaps a question for you on cash.

格雷格，也許是現金問題。

Given MAX production and changes in working capital associated with the aircraft as well as the recent widebody cut on the 87s, how are you thinking about the free cash flow profile of the company over the next few years?

考慮到與飛機相關的 MAX 生產和營運資金的變化，以及最近對 87 的寬體機削減，您如何看待公司未來幾年的自由現金流狀況？

Yes.

是的。

Yes.

是的。

Well, look, considering the circumstances of where we are, obviously, the cash profile is more challenging than it was.

好吧，看，考慮到我們所處的環境，顯然，現金狀況比以前更具挑戰性。

But I'd say the long-term objective that we had in place continues to be in place.

但我想說，我們制定的長期目標仍然存在。

I'd say outside of MAX, in the service and defense business, we continue to see opportunities there.

我想說的是，在 MAX 之外，在服務和國防業務中，我們繼續看到那裡的機會。

But as you mentioned, between getting the 737 MAX back up, that will be the single biggest driver, safely return that back to service, deliver on our aircraft off the ramp and meeting those rate breaks that we talked about and maintaining stability will be the key driver in the cash flow profile going forward.

但正如你所提到的，在讓 737 MAX 恢復運行之間，這將是最大的驅動因素，安全地恢復服務，在停機坪上交付我們的飛機，並滿足我們談到的那些速率中斷並保持穩定將是未來現金流狀況的關鍵驅動因素。

We've got more 777X inventory build as a result of the scheduled change, so we see that use of cash now peeking in 2020.

由於計劃的變化，我們已經建立了更多的 777X 庫存，因此我們看到現金的使用現在在 2020 年開始顯現。

And obviously, with the 787 rate decisions that we announced today and the associate advances, that also will have an impact within that time frame.

很明顯，隨著我們今天宣布的 787 費率決定和合作夥伴的進步，這也將在該時間範圍內產生影響。

So lots of puts and takes, but 737 MAX being the biggest driver through that period.

如此多的看跌期權，但 737 MAX 是那個時期最大的推動力。

So when we have better clarity on that path forward and the stability, we'll give you a further update of where we think we are over the long-term profile.

因此，當我們對前進的道路和穩定性有了更清晰的認識時，我們將進一步更新我們認為我們在長期情況下所處的位置。

But again, that remains our objective, and the underlying engine continues to perform well but we've got to continue to execute.

但同樣，這仍然是我們的目標，底層引擎繼續表現良好，但我們必須繼續執行。

And like I said, those key elements are really going to be the big drivers of cash going forward.

就像我說的那樣，這些關鍵要素確實將成為未來現金的主要驅動力。

The next question is from Doug Harned with Bernstein.

下一個問題來自 Doug Harned 和 Bernstein。

If we go back a little ways, you had previously said that you'd expected to have a completed fix for the MAX to the FAA by the end of September.

如果我們回顧一下，您之前曾說過，您希望在 9 月底之前完成對 FAA 的 MAX 修復。

So we're in end of October now, that appears to have slipped.

所以我們現在是 10 月底，這似乎已經下滑。

But yesterday, Steve Dickson made, the FAA made some statements that sounded fairly positive regarding software and documentation that Boeing has provided to the FAA.

但昨天，史蒂夫·迪克森（Steve Dickson）表示，美國聯邦航空局（FAA）就波音公司向美國聯邦航空局（FAA）提供的軟件和文件發表了一些聽起來相當積極的聲明。

So I'm trying to understand where we stand now.

所以我試圖了解我們現在的立場。

Is there -- what constitutes the delivery of a final fix?

有沒有 - 什麼構成了最終修復的交付？

And is there a milestone that we should be looking for ahead of an FAA certification flight?

在 FAA 認證飛行之前，我們應該尋找一個里程碑嗎？

Yes.

是的。

Doug, good question.

道格，好問題。

And as you know, we've been working this at a very detailed level, basically every hour, every day in close coordination with the FAA.

如你所知，我們一直在非常詳細地進行這項工作，基本上每一小時、每一天都與 FAA 密切協調。

And we are in the process of delivering those certification items, and that includes the final software, the training products, the system description documents.

我們正在交付這些認證項目，包括最終軟件、培訓產品、系統描述文件。

And that has been an iterative process.

這是一個反复的過程。

We did start that incremental process in September.

我們確實在 9 月開始了這個增量過程。

The review cycles have taken a little longer than originally planned.

審查週期比最初計劃的要長一些。

But I think that's a good representation of the fact that we're diving deep into the documents, we're answering all the questions.

但我認為這很好地說明了我們正在深入研究文件，我們正在回答所有問題。

And the FAA has taken the time to make sure we get it right.

FAA 已經花時間確保我們做對了。

So I think that level of scrutiny is good.

所以我認為這種審查水平是好的。

We have -- now have the final software in our regression testing labs.

我們已經 - 現在在我們的回歸測試實驗室中擁有最終軟件。

As you heard from Administrator Dickson yesterday, the FAA has been involved in that final software delivery.

正如您昨天從管理員迪克森那裡聽到的那樣，FAA 參與了最終的軟件交付。

You also heard from Administrator Dickson that we've now delivered the final system description document of the changes to the MAX.

您還從管理員 Dickson 那裡聽說，我們現在已經交付了 MAX 更改的最終系統描述文檔。

That's another important milestone.

這是另一個重要的里程碑。

So there are tangible milestones being achieved, but we still have more work to do.

因此，我們已經取得了切實的里程碑，但我們還有更多工作要做。

Last week, we did complete an initial dry run of the certification test flight.

上週，我們確實完成了認證試飛的初步試運行。

We anticipate doing a couple more dry run kind of flights.

我們預計會進行更多的試運行。

But to a next big milestone that you might look forward, Doug, to your question, when we get to the certification flight, that will be a key weigh point on the way to the airworthiness directive.

但是對於你可能期待的下一個重要里程碑，道格，當我們到達認證飛行時，這將是適航指令的關鍵權衡點。

And again, that final decision around the airworthiness directive to unground the fleet and bring the MAX back up, that will be the regulator's decision, that will be the FAA's decision.

再一次，關於適航指令的最終決定是讓機隊停飛並使 MAX 恢復正常，這將是監管機構的決定，這將是 FAA 的決定。

But we're going to lean forward and provide every piece of data we can.

但我們將向前傾斜並提供我們可以提供的每一條數據。

We're going to make sure the depth of analysis is complete.

我們將確保分析的深度是完整的。

We're going to answer every single question.

我們將回答每一個問題。

And I can tell you, we are making steady daily progress.

我可以告訴你，我們每天都在穩步前進。

We have a well-defined plan, and we're performing against that plan.

我們有一個明確的計劃，我們正在執行該計劃。

And the preeminent focus here is on safety.

這裡最突出的重點是安全。

We're going to take the time to get it right, make sure it's safe.

我們會花時間把它做好，確保它是安全的。

And we'll continue to share the milestone progress as we go.

我們將繼續分享里程碑式的進展。

Next question is from Peter Arment with Baird.

下一個問題來自 Peter Arment 和 Baird。

Dennis, maybe you could just talk about 787 decision.

丹尼斯，也許你可以談談 787 的決定。

This is really obviously the first production cut for that program.

這顯然是該節目的第一次減產。

It's been so successful.

它是如此成功。

Maybe just on holding that rate at 12 a month, kind of confidence levels around that, just thoughts about, in general, the longer-term production profile for the 787.

也許只是將這個速度保持在每月 12 架，這種信心水平，只是想想，總的來說，787 的長期生產情況。

Yes.

是的。

Peter, it's a good question.

彼得，這是個好問題。

Obviously, not a decision that we take lightly.

顯然，我們不會輕易做出決定。

As Greg mentioned and as we've talked about before, production rate discipline is one of our key management principles, something that will drive stable, long-term growth.

正如 Greg 提到的以及我們之前談到的那樣，生產率紀律是我們的關鍵管理原則之一，它將推動穩定的長期增長。

Our prospects for the long-term widebody market haven't changed.

我們對長期寬體機市場的前景沒有改變。

We still see that as positive.

我們仍然認為這是積極的。

As I mentioned in my comments, we see a market for roughly 1,000 new small- to medium-sized widebodies over the next decade.

正如我在評論中提到的，我們看到未來十年將有大約 1,000 種新的中小型寬體飛機的市場。

So that replacement wave cycle early in the next decade that we've talked about previously, we still see that coming.

因此，我們之前討論過的下一個十年早期的替代浪潮週期，我們仍然看到它的到來。

But in the near term, our skyline has been dependent on orders from China.

但在短期內，我們的天際線一直依賴於來自中國的訂單。

And now that we're within lead time on our production system and those orders from China have not materialized, we need to make a decision.

現在我們的生產系統在交貨時間之內，而來自中國的那些訂單還沒有實現，我們需要做出決定。

And so that's what you see reflected here.

這就是你在這裡看到的反映。

We think the decision to take the rate down to 12 for approximately 2 months is a good -- or excuse me, for 2 years is a good disciplined decision and fits with the market signals that we're seeing.

我們認為在大約 2 個月內將利率降至 12 的決定是一個好的——或者對不起，2 年是一個很好的自律決定，並且符合我們所看到的市場信號。

We're going to continue to monitor the U.S.-China trade policy discussions and then we'll continue to make our plans going forward.

我們將繼續關注美中貿易政策討論，然後我們將繼續制定我們的計劃。

We have a very disciplined process for looking at the market, our supply chain health, all of the other parameters that might affect our customers' decision-making process.

我們有一個非常嚴格的流程來觀察市場、我們的供應鏈健康狀況以及所有其他可能影響客戶決策過程的參數。

And the decision we're announcing today is something that's consistent with that disciplined approach.

我們今天宣布的決定與這種嚴格的方法是一致的。

So bottom line here is our long-term prospects have not changed, but we need to make prudent decisions here in the near term that match with the economic realities.

所以這裡的底線是我們的長期前景沒有改變，但我們需要在短期內做出與經濟現實相匹配的審慎決定。

Next, we'll go to Myles Walton with UBS.

接下來，我們將與瑞銀一起去邁爾斯沃爾頓。

Dennis, you've had a mid-teen BCA margin target out there a while.

丹尼斯，你已經有一段時間的中期 BCA 保證金目標了。

I'm just curious with all the changes, I guess the 37s now 400 basis points, maybe lowering the block program looking forward, the 87 rates and the 777, are we now looking more in the 10% to 12% range?

我只是對所有的變化感到好奇，我猜 37s 現在是 400 個基點，可能會降低未來的整體計劃，87 利率和 777，我們現在是否更關注 10% 到 12% 的範圍？

And then Greg, just a clarification on share repurchase.

然後是格雷格，只是對股票回購的澄清。

I was interpreting from your comments, you mean you don't anticipate share repurchase until 2021 after everything is back up?

我是從您的評論中解釋的，您的意思是在一切都恢復後，您預計要到 2021 年才能進行股票回購？

Is that accurate?

那準確嗎？

Greg, you want to take the second question first?

格雷格，你想先回答第二個問題嗎？

Sure.

當然。

I think don't anticipate share repo until we've got return to service.

我認為在我們恢復服務之前不要期待股票回購。

We're executing on the production rates and reaching the stability that we expect.

我們正在執行生產率並達到我們預期的穩定性。

And once we get to that level, then we'll reassess our cash deployment efforts.

一旦我們達到這個水平，我們就會重新評估我們的現金部署工作。

And of course, as I mentioned, we've got additional debt on the balance sheet and we plan to address that as well.

當然，正如我所提到的，我們的資產負債表上有額外的債務，我們也計劃解決這個問題。

So we'll keep you up to speed, but those are the key milestones to watch for.

因此，我們會讓您跟上進度，但這些是值得關注的關鍵里程碑。

And until we're satisfied with where we are and we're generating the cash that we would expect as a result of reaching those milestones, we'll re-execute on our cash deployment strategies.

直到我們對我們所處的位置感到滿意並且我們產生了達到這些里程碑所期望的現金，我們將重新執行我們的現金部署策略。

But as I said, our long-term objective is certainly what it was, but we've got to get through that -- those milestones before we'll re-address repo.

但正如我所說，我們的長期目標肯定是它的本來面目，但我們必須完成它——在我們重新解決回購之前的那些里程碑。

And Myles, to your first question, similar thing on the operating margin side.

對於您的第一個問題，邁爾斯（Myles）在營業利潤率方面也有類似的情況。

Our long-term objectives and targets have not changed.

我們的長期目標和指標沒有改變。

We're still driving towards a mid-teen margins business.

我們仍在努力實現中等利潤的業務。

We haven't altered our plans for that.

我們沒有改變我們的計劃。

But again, in the near term, our laser focus is on the safe return to service of the MAX.

但同樣，在短期內，我們的重點是 MAX 的安全恢復服務。

That is the most important thing we can do, and we're going to invest all of our resource and focus in making that happen.

這是我們能做的最重要的事情，我們將投入所有資源並專注於實現這一目標。

The fundamentals of the business, the investments we're making in digitizing our enterprise, lean principles in our factories, a lot of these production rate discipline and efficiency we're continuing to drive during this interim time period.

業務的基本面，我們在企業數字化方面的投資，工廠的精益原則，以及我們在此過渡時期繼續推動的許多生產率紀律和效率。

While we have had to make production rate reductions on the 737 line for good reasons, we're also using this as an opportunity to continue to invest in the line and maturing some of our advanced manufacturing processes.

儘管出於充分的理由我們不得不降低 737 生產線的生產率，但我們也藉此機會繼續投資生產線並成熟我們的一些先進製造工藝。

And that will make for a healthier production system for the long run and keep us on track for those long-term targets.

從長遠來看，這將建立一個更健康的生產系統，並使我們保持在這些長期目標的軌道上。

But in the near term, no question, our focus is on the safe return to service of the MAX.

但在短期內，毫無疑問，我們的重點是 MAX 的安全恢復服務。

And I can tell you without any question, our preeminent focus every day going forward is on safety and quality.

我可以毫無疑問地告訴您，我們今後每天的首要關注點是安全和質量。

Our next question is from Carter Copeland with Melius Research.

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

Greg, just a clarification on the cash.

格雷格，只是對現金的澄清。

Are you no longer receiving MAX PPs and advances?

您是否不再收到 MAX PP 和預付款？

I just -- I didn't quite catch that out on your earlier comment.

我只是 - 我沒有完全理解你之前的評論。

And then on the 87 margin increase, I mean you've had several steps upward in that margin in the last several quarters.

然後在 87 的利潤率增長中，我的意思是在過去幾個季度中，您的利潤率已經上升了幾個步驟。

Are we to assume that this is similar in scale in terms of the increase?

我們是否假設這在增加的規模上是相似的？

Or should it be significantly less because of the rate decision?

還是應該因為利率決定而顯著減少？

Just wanted to dive in there just because you have good deferred production numbers there, and so it looked like that might have been better.

只是想潛入那裡只是因為你在那裡有很好的延期生產數字，所以看起來那可能會更好。

The team continues to do a great job in executing on their plans across not only the 2 sites, but within the supply chain, with the partners as well in integrating the mix between 9s, 10s and 8s.

該團隊繼續在執行他們的計劃方面做得很好，不僅在兩個站點，而且在供應鏈中，與合作夥伴一起整合 9s、10s 和 8s 之間的組合。

The team has done a great job, and you're seeing the results of that in the margin.

團隊做得很好，你在邊際上看到了結果。

The profile that you've seen, you should expect that to continue as we work through these blocks.

您已經看到的配置文件，您應該期望在我們處理這些塊時繼續進行。

As we talked about, there are some key levers within those blocks, our own productivity, supplier step-down as well as mix.

正如我們所說，這些塊中有一些關鍵槓桿，我們自己的生產力，供應商降級以及混合。

That will be favorable to the margin as we work through the block.

當我們通過區塊時，這將有利於利潤。

So that's all about executing on those fundamentals.

所以這就是在這些基礎上執行。

And if we do that and do that as planned, you'll continue to see margin expansion associated with the program.

如果我們這樣做並按計劃進行，您將繼續看到與該計劃相關的利潤增長。

On advances, obviously, the profile of advances, in particular on the 737, has changed dramatically and appropriately so.

顯然，在預付款方面，特別是在 737 上，預付款的情況發生了巨大而適當的變化。

So we are still getting some advances.

所以我們仍然取得了一些進展。

But with the shutdown, all of those have been rescheduled.

但隨著關閉，所有這些都被重新安排了。

And that profile, again, is very different than it would have been, clearly, if we were at full rate.

再一次，這個配置文件與我們全速運行時的配置文件很明顯不同。

So we continue to work with each of our customers on this.

因此，我們將繼續與我們的每一位客戶合作。

But again, as we talk about cash flow going forward, as we execute on the rates going up and do that and maintain stability through that period and the efficiencies, we'll start to see that advance stream picking up and associated back with a higher delivery.

但是再一次，當我們談論未來的現金流時，當我們執行利率上升並這樣做並在那個時期和效率保持穩定時，我們將開始看到提前流回升並與更高的送貨。

So obviously, a key enabler for cash flow going forward.

很明顯，這是未來現金流的關鍵推動力。

But as we're at this period right now, as I said, you're going to see continued pressure on cash -- on operating cash until we get back to service.

但正如我所說，正如我所說，我們現在正處於這個時期，在我們恢復服務之前，您將看到現金持續壓力——運營現金壓力。

And so just to be clear, on that 87 margin, the step-up was similar to what you've seen in some of the recent quarters?

所以要明確一點，在 87 的差距上，這個提升與你在最近幾個季度看到的相似？

Yes.

是的。

It varies from quarter-to-quarter, Carter, just depending on -- again, depending on mix and delivery profile and just overall kind of, again, model mix plays into that pretty significantly as well.

卡特，它每個季度都會有所不同，這取決於 - 再次取決於混合和交付配置文件以及整體類型，再次，模型組合也非常重要。

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

我們的下一個問題來自美銀美林的 Ron Epstein。

How do we think about -- in the backdrop with the change in leadership with Boeing commercial, how do we think about where NMA stands now, right?

我們如何思考——在波音商業領導層發生變化的背景下，我們如何思考 NMA 現在的立場，對吧？

I mean the broader margin keeps moving right along, right?

我的意思是更廣泛的利潤一直在移動，對吧？

So how are you guys thinking about MA?

那麼你們是如何看待MA的呢？

And how should we think about NMA?

我們應該如何看待 NMA？

And is that still a project you guys are interested in, so on and so forth?

那仍然是你們感興趣的項目嗎？等等？

Yes.

是的。

Ron, first of all, let me be really clear on our priorities.

羅恩，首先，讓我非常清楚我們的優先事項。

Our priority is safe return to service for the MAX, and that's been clear to our team, clear to all of our suppliers, clear to all of our constituencies.

我們的首要任務是安全地恢復 MAX 的服務，我們的團隊清楚這一點，我們所有的供應商清楚，我們所有的支持者都清楚。

And we've applied additional resources there.

我們已經在那裡應用了額外的資源。

We put additional talent there.

我們在那裡增加了人才。

That is our focus.

這是我們的重點。

Now with that in mind, we are continuing to drive forward with our efforts evaluating NMA.

現在考慮到這一點，我們將繼續努力評估 NMA。

We still are not at a decision point nor are we ready to be at a decision point yet.

我們還沒有處於決策點，也沒有準備好處於決策點。

We're continuing to mature the business case.

我們正在繼續完善業務案例。

We're continuing to invest in risk reduction around the production system of the future, and that continues to be a productive effort for us.

我們將繼續投資於降低未來生產系統的風險，這對我們來說仍然是一項富有成效的努力。

So we'll continue to leverage those investments.

因此，我們將繼續利用這些投資。

And when we're ready to make a decision, we will.

當我們準備好做出決定時，我們會的。

So still a project of interest.

所以仍然是一個感興趣的項目。

We're still looking at a middle of the next decade entry-into-service time frame as we talk to our customers.

當我們與客戶交談時，我們仍在關注下一個十年的中期投入服務時間框架。

And we'll make a good prudent decision when we're ready.

當我們準備好時，我們會做出明智的決定。

But let there be no question, our focus is on safe return to service for MAX.

但毫無疑問，我們的重點是 MAX 的安全恢復服務。

Next, we'll go to Cai von Rumohr with Cowen and Company.

接下來，我們將與 Cowen and Company 一起去 Cai von Rumohr。

So maybe you can walk us through the milestones required to achieve your FAA airworthiness directive, the sequence of those milestones and then the milestones between receiving the AD and resumption of U.S. service because most of your customers in the U.S. are talking about flying again in February, not at year-end.

因此，也許您可以向我們介紹實現您的 FAA 適航指令所需的里程碑，這些里程碑的順序，然後是接收 AD 和恢復美國服務之間的里程碑，因為您在美國的大多數客戶都在談論 2 月份再次飛行，而不是在年底。

You bet.

你打賭。

Cai, good question.

蔡，好問題。

Let me just walk you through that at the top level.

讓我在頂層引導您完成。

And again, this is a very detailed plan that we've laid out with all of our teams and stakeholders and one that we're working together with the FAA and our regulators.

同樣，這是一個非常詳細的計劃，我們已經與我們所有的團隊和利益相關者一起制定，並且我們正在與 FAA 和我們的監管機構合作。

In the near term, we're marching through the technical steps, if you will, and that includes finalizing the software.

在短期內，如果您願意，我們將逐步完成技術步驟，其中包括最終確定軟件。

That will go into a series of simulation -- evaluations.

這將進入一系列模擬——評估。

There's a near-term milestone that we referred to as the line pilot evaluation that will take that final software and with external line pilots from airlines come in and evaluate the handling quality of the airplane.

有一個近期里程碑，我們稱之為航線飛行員評估，它將採用最終軟件，並與航空公司的外部航線飛行員一起評估飛機的操控質量。

We'll also have an external set of pilots coming in, again, authorized by the regulators that will conduct what we call a Joint Operation Evaluation Board.

我們還將有一組外部飛行員再次進入，得到監管機構的授權，他們將開展我們所謂的聯合運營評估委員會。

And that set of pilots will evaluate the training materials.

那組飛行員將評估培訓材料。

So over the near term, those are 2 key milestones for us.

所以在短期內，這對我們來說是兩個關鍵的里程碑。

One that evaluates the software, update to the airplane; and the second that evaluates the training products.

一種評估軟件，更新飛機；第二個是評估培訓產品。

In that same time frame, as those 2 milestones are completed, we'll roll into the certification flight that I mentioned earlier.

在同一時間框架內，隨著這兩個里程碑的完成，我們將進入我之前提到的認證飛行。

That will be another key milestone for us.

這將是我們的另一個重要里程碑。

And then after all of the assessments are completed, those evaluations are done, that will roll into the airworthiness directive decision that the FAA will make and that other regulators will make.

然後在完成所有評估後，這些評估也將完成，這將納入 FAA 和其他監管機構將做出的適航指令決定。

Subsequent to the issuance of the airworthiness directive and the ungrounding of the airplane, then we would move into the phase of ungrounding the aircraft and incrementally bringing up fleet operations for our airline customers.

在適航指令發布和飛機停飛之後，我們將進入停飛飛機並逐步為我們的航空公司客戶提供機隊運營的階段。

And the reference points that you're seeing out here from our customers are perfectly aligned with the detailed technical plan that I just walked you through.

您從我們的客戶那裡看到的參考點與我剛剛向您介紹的詳細技術計劃完全一致。

So they're very aware of that plan.

所以他們非常清楚這個計劃。

And there is a time period between the airworthiness directive and when they can resume full operations, revenue-bearing operations.

在適航指令和他們可以恢復全面運營、有收入的運營之間有一段時間。

And that includes bringing each individual airplane up, making sure that each airplane is safe and ready to perform.

這包括讓每架飛機升起，確保每架飛機都安全並準備好執行任務。

We've been working, as we've been storing airplanes, to ensure the health of those vehicles, but we'll be working tail number by tail number with our customers to ensure they can bring the fleet up back successfully and then get back to full revenue-bearing operations.

我們一直在努力，因為我們一直在存儲飛機，以確保這些車輛的健康，但我們將與客戶一起按尾號處理尾號，以確保他們能夠成功地將機隊帶回並返回到全面的有收入的業務。

And that's why you see a bit of a time lag between the airworthiness directive and what our customers are now quoting as going operational dates.

這就是為什麼您會看到適航指令與我們的客戶現在引用的運行日期之間存在時間差的原因。

So hopefully that gives you a feel for the time phasing of the plan.

所以希望這能讓你對計劃的時間階段有所了解。

And ultimately, bringing all of those grounded airplanes back up and all of those stored airplanes back up, fleet operations will be a multi-quarter operation.

最終，將所有停飛的飛機和所有儲存的飛機恢復正常，機隊運營將是一個多季度的運營。

The next question is from Rajeev Lalwani with Morgan Stanley.

下一個問題來自摩根士丹利的 Rajeev Lalwani。

Staying on the 737, maybe moving at a slightly different direction.

留在 737 上，可能會朝著稍微不同的方向移動。

In terms of the backlog, it's obviously remained stable here over the last couple of quarters.

就積壓而言，在過去幾個季度中，它顯然保持穩定。

But with the easing backdrop in some of the MAX issues, have you not seen a wave of interest in cancellations?

但是在一些 MAX 問題的寬鬆背景下，您沒有看到一波對取消的興趣嗎？

Maybe just talk more about that dialogue with customers.

也許只是多談談與客戶的對話。

I mean at a minimum, it seems like advances are pushing out.

我的意思是，至少，進展似乎正在推進。

Obviously, the orders aren't there, et cetera.

顯然，訂單不存在，等等。

So want some color.

所以想要一些顏色。

You bet, Rajeev.

你打賭，拉吉夫。

We've been having a good productive conversations with our customers around the world.

我們一直在與世界各地的客戶進行富有成效的對話。

We're engaged with them daily, keeping them abreast of the progress we're making on the safe return to service.

我們每天都與他們接觸，讓他們了解我們在安全恢復服務方面取得的進展。

We've seen continued strength in our backlog, stability in that backlog.

我們看到我們的積壓工作持續強勁，積壓工作穩定。

Our customers still around the world see the value of the 737 MAX, and they know what it will ultimately bring to their operations.

我們仍然在世界各地的客戶看到了 737 MAX 的價值，他們知道它將最終為他們的運營帶來什麼。

So that backlog of roughly 4,400 aircraft has remained solid and stable.

因此，大約 4,400 架飛機的積壓訂單一直保持穩定。

We have had discussions with customers who, given time lines and fleet needs, may want to move skyline positions.

我們已經與客戶進行了討論，考慮到時間線和車隊需求，他們可能希望移動天際線位置。

In some cases, model differences or model trades are options.

在某些情況下，模型差異或模型交易是選項。

So as we think through customer compensation models, you should know we're having those discussions with our customers, there is some trade space around delivery profiles in skyline positions.

因此，當我們考慮客戶補償模型時，您應該知道我們正在與我們的客戶進行這些討論，在天際線位置的交付配置文件周圍有一些交易空間。

But all of that within the context of what I think overall is a very stable backlog position, and we continue to see strong customer commitment around the globe.

但所有這一切都在我認為總體上非常穩定的積壓職位的背景下，我們繼續在全球範圍內看到強大的客戶承諾。

Next, we'll go to Rob Spingarn with Crédit Suisse.

接下來，我們將與瑞士信貸一起前往 Rob Spingarn。

Greg, with regard to the concessions not changing, no material change there, it does seem, and to the prior couple of questions, that we have slipped to the right for RTS at least from October to likely December.

格雷格，關於沒有改變的讓步，沒有實質性的改變，看起來，對於前面的幾個問題，我們至少從 10 月到可能的 12 月滑到了 RTS 的右邊。

So I wanted to see why we wouldn't see a change there because it certainly adds a couple hundred delayed airplanes.

所以我想看看為什麼我們不會在那裡看到變化，因為它肯定會增加幾百架延誤的飛機。

And then the other part of it is, how aligned are the customers on this concession figure?

然後另一部分是，客戶在這個讓步數字上的一致性如何？

If I understood correctly, last time, they had not necessarily endorsed the figures that were in the 5.9 billion.

如果我理解正確的話，上次，他們不一定認可59億的數字。

Weren't necessarily based on agreements with them, has that changed?

不一定基於與他們的協議，這是否改變了？

Yes.

是的。

No.

不。

So Rob, I would say, there's a lot that goes in that.

所以Rob，我想說，其中有很多內容。

So multiple data points obviously going into that, and we assess it on a regular basis and obviously go through that quarter-by-quarter.

因此，顯然有多個數據點涉及其中，我們會定期對其進行評估，並且顯然每個季度都會進行評估。

So that could change obviously with time.

因此，這可能會隨著時間而明顯改變。

So our discussions with our customers, the methodology, their expectations and kind of working through customer-by-customer, the impact on them and then ultimately a form of settlement continues to be a regular dialogue and it will be.

因此，我們與客戶的討論、方法、他們的期望和逐個客戶的工作方式、對他們的影響以及最終的解決形式仍然是定期對話，而且會是。

So we did not see a change in what we have for a liability this quarter.

因此，我們沒有看到本季度負債的變化。

That does not mean that we won't -- could not see a change going forward.

這並不意味著我們不會——看不到未來的變化。

This is part of our regular, I'll say, closing process that we will go through every one of those in what's outstanding and assess what we believe is the liability, again, based on multiple data points, including conversations and overall, I'll say, kind of impact that they have experienced.

這是我們常規的，我會說，關閉過程的一部分，我們將檢查每一個突出的部分，並再次根據多個數據點，包括對話和整體，評估我們認為的責任，我'我會說，他們經歷過的那種影響。

But we don't, again, expect significant change in that.

但我們也不希望這方面發生重大變化。

But again, we assess it every quarter.

但同樣，我們每季度對其進行評估。

And next, we'll go to Seth Seifman with JPMorgan.

接下來，我們將與摩根大通一起前往塞思·塞夫曼。

Greg, sorry, I definitely appreciate that you guys aren't giving guidance right now.

格雷格，對不起，我非常感謝你們現在沒有提供指導。

But just in terms of thinking about the cash trajectory going forward, nearly $3 billion of cash burn in the quarter plus $1 billion for the dividend.

但就未來的現金軌跡而言，本季度消耗了近 30 億美元的現金，外加 10 億美元的股息。

Do we think about something similar in Q4?

我們會在第四季度考慮類似的事情嗎？

And I would assume that Q1 will still have some challenges in it.

我認為第一季度仍然會有一些挑戰。

There are some cash on the balance sheet, but some of that is earmarked for Embraer.

資產負債表上有一些現金，但其中一些專用於巴西航空工業公司。

You talked about the potential maybe to still have additional balance sheet levers.

您談到了可能仍有額外的資產負債表槓桿的可能性。

Can you talk a little bit more maybe even just in broad numbers about the near-term liquidity and balance sheet profile and what you expect to do?

您能否就近期流動性和資產負債表狀況以及您期望做的事情多談一點，甚至只是廣泛的數字？

Yes.

是的。

Well, look, over the short term, as you know, on a quarterly basis, just through timing of expenditures and just through advances, that varies significantly or can vary significantly.

好吧，看，在短期內，如您所知，每季度一次，僅通過支出時間和僅通過預付款，變化很大或可能變化很大。

So I would not take necessarily one quarter and apply it to the next, as you know.

因此，如您所知，我不一定會採取四分之一併將其應用於下一個。

So we've got key milestones in the fourth quarter around advances, around deliveries and, of course, within our defense business as well.

因此，我們在第四季度取得了關於進展、交付以及當然在我們的國防業務中的關鍵里程碑。

So there's a lot of puts and takes in there, Seth.

所以那裡有很多投入和投入，賽斯。

But that RTS assumption and then that production rate increase in delivering those units, again, off of our ramp, are real key drivers to cash going forward.

但是，RTS 假設以及交付這些設備的生產率提高，再次脫離我們的斜坡，是未來現金的真正關鍵驅動因素。

So if those assumptions and our estimates change, that profile obviously will change resulting in that.

因此，如果這些假設和我們的估計發生變化，那麼該概況顯然會發生變化，從而導致這種情況。

So that's the near term, I'd say, movements.

所以這是近期的，我會說，運動。

Beyond that, if you went outside of MAX, again, the services business, defense business is doing a nice job on their working capital.

除此之外，如果你再次離開 MAX，服務業務、國防業務在營運資金方面做得很好。

We're reprioritizing spending as we navigate through this.

在我們瀏覽這個問題時，我們正在重新確定支出的優先級。

And as I said, we do have additional balance sheet levers.

正如我所說，我們確實有額外的資產負債表槓桿。

If we need to pull additional levers, we'll do that.

如果我們需要拉額外的槓桿，我們會這樣做。

We don't see that over the short term.

我們在短期內看不到這一點。

But we're, again, managing this prudently best we can and running various scenarios to really kind of understand our banding around liquidity and taking some proactive actions internally as well as in the debt markets.

但是，我們再次盡可能謹慎地管理這一點，並運行各種方案，以真正了解我們圍繞流動性的束縛，並在內部和債務市場採取一些積極行動。

And we'll continue to do that, again, until we have final RTS and then start delivering airplanes.

我們將繼續這樣做，直到我們有最終的 RTS，然後開始交付飛機。

Next, we'll go to Hunter Keay with Wolfe Research.

接下來，我們將與 Wolfe Research 一起前往 Hunter Keay。

I'd like to talk a little bit about 777X certification process.

我想談談777X認證過程。

If you decide -- I don't think you've said whether you're going to go derivative or new type yet, but how does that decision impact the -- not only the process itself but the operating economics for the airline customers when they consider the benefit, like training costs and things like that, of a derivative versus a new type?

如果你決定——我認為你還沒有說過你是要使用衍生產品還是新類型，但是這個決定如何影響——不僅是流程本身，而且是航空公司客戶的運營經濟他們考慮衍生產品與新型產品的好處，例如培訓成本和類似的東西？

Yes.

是的。

Hunter, on that point, we're continuing to work through the certification and development process and -- with the FAA.

亨特，在這一點上，我們將繼續完成認證和開發過程，並與美國聯邦航空局合作。

The key is going to be any process updates that we might learn from the 737 MAX, any revisions to the certification time lines or procedures, we're thinking through that and any lessons learned that we might have, any applications we might want to make to the 777X.

關鍵是我們可能從 737 MAX 中學到的任何流程更新，對認證時間線或程序的任何修訂，我們正在考慮這些以及我們可能獲得的任何經驗教訓，我們可能想要製作的任何應用程序到 777X。

As I said, we're continuing to march towards our first flight early in the coming year, and then EIS now we're looking at first delivery early in 2021.

正如我所說，我們將繼續朝著明年年初的第一次飛行邁進，然後是 EIS，現在我們正在考慮在 2021 年初進行首次交付。

And we'll be thinking through all the details of that certification plan with the regulators over the next many months.

在接下來的幾個月中，我們將與監管機構一起考慮該認證計劃的所有細節。

And again, if there are any updates to the plan or any of the requirements, we'll be sure to discuss those and factor those into the planning going forward.

同樣，如果計劃或任何要求有任何更新，我們一定會討論這些並將其納入未來的計劃中。

That will be from Jon Raviv with Citi.

那將來自花旗的 Jon Raviv。

On that topic Dennis, again, bigger picture, it's been a while with the MAX grounding.

關於這個話題，丹尼斯，再一次，更大的圖景，MAX 接地已經有一段時間了。

You've seen what it takes to certify, and we've seen some of the shortfalls in your previous processes.

您已經了解了認證所需的條件，並且我們已經看到了您之前流程中的一些不足之處。

So just over the long term, beyond 777X, to what extent could the future aircraft development just essentially cost more, whether it's engineering, testing, certification?

所以從長遠來看，除了 777X，未來飛機的開發成本會在多大程度上增加，無論是工程、測試還是認證？

And in the context, and if there's some uncertainty around that, why does it make sense to maintain the current capital allocation priorities?

在這種情況下，如果存在一些不確定性，為什麼維持當前的資本配置優先級有意義？

Yes.

是的。

Jon, once again, as we take a look at our development processes, we're always continuously learning and applying any lessons learned we might have from the previous programs.

喬恩，再一次，當我們審視我們的開發過程時，我們總是在不斷地學習和應用我們可能從以前的項目中學到的任何教訓。

And certainly, through the process of the MAX development and flight testing and everything that we're proceeding with right now to get to safe return to service, anything we're learning from that process is factoring into all of our development programs going forward.

當然，通過 MAX 開發和飛行測試的過程以及我們現在為安全恢復服務而進行的一切，我們從該過程中學到的任何東西都將納入我們未來的所有開發計劃。

We're taking a hard look at our safety review board processes, our certification processes.

我們正在認真審視我們的安全審查委員會流程和認證流程。

We're going to take a look at flight deck designs for the future.

我們將看看未來的駕駛艙設計。

All of those things will factor into our future development programs.

所有這些都將納入我們未來的發展計劃。

But in terms of our priorities for capital allocation, those priorities haven't changed.

但就我們的資本配置優先事項而言，這些優先事項沒有改變。

As we've always said, our #1 use of cash is investment in organic growth, and that continues to be the case.

正如我們一直所說，我們對現金的第一使用是對有機增長的投資，而且情況仍然如此。

We think that is the best use of our capital.

我們認為這是對我們資本的最佳利用。

It's the way that we build our future.

這是我們構建未來的方式。

And we haven't seen anything here that would turn us in a different direction, so we're going to continue to invest in organic growth for the future.

而且我們在這裡沒有看到任何能讓我們轉向不同方向的東西，所以我們將繼續投資於未來的有機增長。

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)

（操作員說明）

I will now return you to the Boeing Company for introductory remarks by Ms. Anne Toulouse, Senior Vice President of Communications.

我現在請您回到波音公司，聽取高級副總裁 Anne Toulouse 女士的介紹性發言。

Ms. Toulouse, please go ahead.

圖盧茲女士，請繼續。

Good morning.

早上好。

We will continue the call with media questions for Dennis and Greg, and John, we're ready for that first question.

我們將繼續電話會議，向丹尼斯和格雷格提出媒體問題，約翰，我們已準備好回答第一個問題。

(Operator Instructions)

（操作員說明）

And first, we'll go to Eric Johnson with Reuters News.

首先，我們將與路透社新聞一起前往埃里克約翰遜。

And so the comments you've made is focused on FAA approval, but I wonder how you see the risk of surprise and delays from overseas regulators as they take longer to -- or ask for more changes.

因此，您發表的評論主要集中在 FAA 的批准上，但我想知道您如何看待海外監管機構帶來意外和延誤的風險，因為他們需要更長的時間 - 或要求更多的改變。

And then separately, I wanted to get some details as you can on why -- on the decision to fire Kevin McAllister.

然後，我想盡可能詳細地了解原因——關於解僱凱文·麥卡利斯特的決定。

All right.

好的。

Eric, on your first question regarding international regulators, we've been working hand in hand with the FAA on those interfaces throughout this entire process.

Eric，關於你關於國際監管機構的第一個問題，在整個過程中，我們一直在與 FAA 在這些接口上攜手合作。

The FAA has convened something that they call the certification management team, which includes Transport Canada, ANAC out of Brazil and EASA out of Europe.

FAA 召集了他們稱之為認證管理團隊的組織，其中包括加拿大交通部、巴西的 ANAC 和歐洲的 EASA。

We've been engaged with the regulators in China and, frankly, several dozen regulators around the world.

我們一直在與中國的監管機構進行接觸，坦率地說，與世界各地的幾十個監管機構進行了接觸。

So this is all a highly coordinated process with the FAA's lead regulator role.

因此，這一切都是與 FAA 的主要監管機構角色高度協調的過程。

We've taken some of the same deliverables that I mentioned earlier, things like the system description document, things like other certification deliverables and, with the FAA's approval, have shared those with the international regulators.

我們已經採用了我之前提到的一些相同的可交付成果，例如係統描述文件、其他認證可交付成果，並且在 FAA 的批准下，已與國際監管機構共享這些內容。

Those are also undergoing review.

這些也正在接受審查。

So all of this work is being done concurrently.

所以所有這些工作都是同時進行的。

Now until the reviews are complete, we may have additional actions, additional questions from some of these international regulators.

現在，在審查完成之前，我們可能會採取其他行動，以及來自這些國際監管機構的其他問題。

As I mentioned earlier, while the coordination is ongoing, it could well be that approvals will vary by jurisdiction.

正如我之前提到的，雖然協調正在進行中，但批准很可能會因司法管轄區而異。

And again, the regulators will make that decision.

再一次，監管機構將做出決定。

Ultimately, it will be their time line.

最終，這將是他們的時間線。

But we are and will continue to share the data consistently and transparently with all of the regulators.

但我們現在並將繼續與所有監管機構一致且透明地共享數據。

Our interest here is on the safe return to service of the MAX.

我們的興趣在於 MAX 的安全恢復服務。

That is our focus, and we're working that hand in hand with the FAA, and we'll continue to support the other regulators as well.

這是我們的重點，我們正在與 FAA 攜手合作，我們也將繼續支持其他監管機構。

To your second question on our leadership changes, again, our focus here is on ensuring that we continue to field the strongest team we can.

關於你關於我們領導層變動的第二個問題，我們的重點是確保我們繼續派遣最強大的團隊。

And these are decisions that we've made as a company that are aligned with our leadership plans, our plans to have a strong and growing company for the future.

這些是我們作為一家公司做出的決定，這些決定與我們的領導計劃相一致，我們計劃在未來擁有一家強大且不斷發展的公司。

And these changes are aligned with that plan.

這些變化與該計劃一致。

Our focus is on safety and quality and performance and delivering operational excellence.

我們的重點是安全、質量和性能以及提供卓越運營。

Our next question is from Julie Johnsson with Bloomberg.

我們的下一個問題來自彭博的 Julie Johnsson。

Would you mind walking us through your expectations for trade ceasefire between the U.S. and China?

你介意告訴我們你對中美貿易停火的期望嗎？

President Trump, a few weeks ago, hinted at a mega-potential Boeing deal coming with a Phase 1 agreement.

幾週前，特朗普總統暗示與第一階段協議達成的巨大潛在波音交易。

We've been puzzling as to what he was referring to when he mentioned $16 billion to $20 billion in orders.

當他提到 160 億至 200 億美元的訂單時，我們一直對他指的是什麼感到困惑。

And I'm also wondering how we should square that up with the 787 rate cut today.

而且我還想知道我們應該如何將其與今天的 787 降息相提並論。

Yes.

是的。

Julie, good question.

朱莉，好問題。

And as I mentioned, we're continuing to engage with the constituencies in both the U.S. and China on the trade discussions.

正如我所提到的，我們將繼續與美國和中國的選民就貿易討論進行接觸。

We've been continuing to inform those discussions.

我們一直在繼續通知這些討論。

We continue to see benefit to both countries with a healthy aerospace ecosystem.

我們繼續看到擁有健康航空生態系統的兩國都從中受益。

Here in the U.S., as you know, the aerospace industry is the largest exporter.

如您所知，在美國，航空航天業是最大的出口商。

We contribute about $80 billion of trade surplus per year to the U.S. economy.

我們每年為美國經濟貢獻約 800 億美元的貿易順差。

And we are a heavy manufacturing industry.

我們是一個重工業。

We generate strong manufacturing jobs here in the U.S. China clearly needs the airlift capacity.

我們在美國創造了強大的製造業就業機會。中國顯然需要空運能力。

Of those 44,000 new airplanes over the next 20 years that I've mentioned, about 7,700 of those are in China.

在我提到的未來 20 年的 44,000 架新飛機中，其中大約 7,700 架在中國。

And so there's mutual interest in both countries that we continue to see.

因此，我們繼續看到兩國存在共同利益。

I think the recent trade discussions have been productive, they're moving in a good direction.

我認為最近的貿易討論富有成效，它們正朝著好的方向發展。

But given the time line and the fact that we don't have firm orders from China at this point, we're within production lead times, and so we have to make the decision on the 787 line, which is what you see reflected in our announcement today.

但考慮到時間線和我們目前沒有來自中國的確定訂單的事實，我們在生產提前期之內，所以我們必須在 787 線上做出決定，這就是你所看到的反映在我們今天的公告。

We're going to continue to monitor and support the China trade discussions.

我們將繼續關注和支持中國的貿易討論。

Those are still very important for the future.

這些對於未來仍然非常重要。

But for purposes of our company, we have to be very disciplined in our production rate management, and we're going to continue to do that.

但是為了我們公司的目的，我們必須在我們的生產率管理方面非常自律，我們將繼續這樣做。

And the decision that we're announcing today is consistent with that discipline.

我們今天宣布的決定與該原則是一致的。

And that will be from David Koenig with the Associated Press.

這將來自美聯社的大衛科尼格。

Mr. Muilenburg, looking ahead to your congressional testimony next week.

Muilenburg 先生，期待您下週的國會證詞。

I'm curious, how are you preparing for that?

我很好奇，你是怎麼準備的？

What kind of reception do you expect?

你期待什麼樣的接待？

And will you meet with any families of the passengers from the accident flights who say they are going to be there?

你會見那些說他們要去那裡的事故航班乘客的家屬嗎？

Yes.

是的。

David, we are preparing for those hearings.

大衛，我們正在為這些聽證會做準備。

Of course, we've been supporting the document requests from the committees, both the Senate and House, and we're going to continue to do that.

當然，我們一直支持參議院和眾議院委員會的文件要求，我們將繼續這樣做。

We welcome the discussion and the questions.

我們歡迎討論和提問。

I'm looking forward to participating in those hearings.

我期待著參加這些聽證會。

I anticipate there will be tough questions, challenging questions, a lot of scrutiny.

我預計會有棘手的問題，具有挑戰性的問題，大量的審查。

And frankly, we support the scrutiny on the work that we're doing.

坦率地說，我們支持對我們正在做的工作進行審查。

I think everybody here is aligned on the objective of a safe aviation system for our country.

我認為這裡的每個人都在為我們國家建立安全航空系統的目標上達成一致。

And I know that's the interest of the committees.

我知道這是委員會的利益所在。

That is clearly the interest of our company.

這顯然是我們公司的利益所在。

And I look forward to participating in those hearings and talk about what we're doing, all again with a focus on safety.

我期待參加這些聽證會並談論我們正在做的事情，所有這些都再次關注安全。

And that's our culture, that's what our company is about.

這就是我們的文化，這就是我們公司的宗旨。

And I hope to represent that, represent it well at the hearings next week.

我希望能代表這一點，在下週的聽證會上很好地代表它。

And as I mentioned earlier, our sympathies continue to go out to the families and loved ones of those that have been affected by these accidents.

正如我之前提到的，我們繼續向受這些事故影響的家人和親人表示同情。

That will never go away.

那永遠不會消失。

And I anticipate that some of those families will be represented next week, and I hope to be able to express my sympathies to them as we're at the hearings.

我預計其中一些家庭將在下週派代表出席，我希望能夠在我們參加聽證會時向他們表達我的同情。

Okay.

好的。

That concludes our earnings call.

我們的財報電話會議到此結束。

Thank you for joining us today.

感謝您今天加入我們。

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

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

Thank you again.

再次感謝你。