波音 (BA) 2019 Q4 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to The Boeing Company's Fourth Quarter 2019 Earnings Conference Call. Today's call is being recorded. The management discussion and slide presentation, plus the analyst question-and-answer session, are being broadcast live over the Internet. (Operator Instructions)

謝謝你的支持。大家好，歡迎參加波音公司 2019 年第四季財報電話會議。今天的通話正在錄音。管理層討論和幻燈片演示以及分析師問答環節均透過網路進行現場直播。（操作員說明）

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

目前，我將把電話轉給波音公司投資人關係副總裁 Maurita Sutedja 女士進行開場演講和介紹。Sutedja 女士，請繼續。

Thank you and good morning. Welcome to Boeing's Fourth Quarter 2019 Earnings Call. I'm Maurita Sutedja, and with me today are David Calhoun, Boeing's President and Chief Executive Officer; and Greg Smith, Boeing's Chief Financial Officer and Executive Vice President of Enterprise Performance and Strategy. Dave will start with some opening comments and hand it over to Greg to address the business environment and our financial results. After management comments, we will conduct a question-and-answer session. (Operator Instructions)

謝謝你，早安。歡迎參加波音 2019 年第四季財報電話會議。我是毛里塔·蘇特賈 (Maurita Sutedja)，今天與我在一起的有波音公司總裁兼首席執行官戴維·卡爾霍恩 (David Calhoun)；以及波音公司財務長兼企業績效與策略執行副總裁格雷格史密斯。戴夫將首先發表一些開場評論，然後將其交給格雷格來討論商業環境和我們的財務表現。管理層提出意見後，我們將進行問答環節。（操作員說明）

As always, we have provided detailed financial information in our press release issued earlier today. And as a reminder, you can follow today's broadcast and slide presentation through our website at boeing.com.

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資訊。提醒一下，您可以透過我們的網站 boeing.com 關註今天的廣播和幻燈片簡報。

Before we begin, I need to remind you that any projections, estimates and goals we have included in our discussion today are likely to involve risks, which are detailed in our news release and our various SEC filings and in the forward-looking statement disclaimer at the end of this web presentation. In addition, we refer you to our earnings release and presentation for disclosures and reconciliation of certain non-GAAP measures.

在我們開始之前，我需要提醒您，我們今天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、我們向SEC 提交的各種文件以及前瞻性聲明免責聲明中進行了詳細說明。本次網路演示結束。此外，我們建議您參閱我們的收益發布和簡報，以了解某些非公認會計原則措施的揭露和調節。

Now I will turn over the call to Dave Calhoun.

現在我將把電話轉給戴夫·卡爾霍恩。

Thank you, Maurita. Good morning to everyone. I'll state the obvious. I've been here 2.5 weeks, and this is my first earnings call as the President and CEO of the company. While I'm new to the CEO role, I am certainly not new to the company and have long admired the business, the products that we build and the people that serve the company.

謝謝你，毛里塔。各位早安。我將陳述顯而易見的事。我來這裡已經 2.5 週了，這是我作為公司總裁兼執行長的第一次財報電話會議。雖然我剛擔任首席執行官，但我對這家公司當然並不陌生，並且長期以來一直欽佩我們的業務、我們打造的產品以及為公司服務的員工。

It's a very challenging moment for Boeing. We got a lot of work to do. But I'm confident that we'll manage this situation in the right way, and I'm optimistic about the company's future, both in terms of the markets that we serve and maybe more importantly, the engineering and technical capabilities we bring.

對於波音公司來說，這是一個非常具有挑戰性的時刻。我們還有很多工作要做。但我相信我們將以正確的方式處理這種情況，並且我對公司的未來感到樂觀，無論是在我們服務的市場方面，還是更重要的是，在我們帶來的工程和技術能力方面。

Before we proceed, let me just say to the families and the loved ones of those who perished in the Lion Air Flight 610 and Ethiopian Airlines Flight 302 accidents, we -- I am truly and deeply sorry for your loss. I will repeat this many, many times in the years ahead. Their memories will drive me personally to do everything I can to make our airplanes and our industry safer, and I know I speak for all of my Boeing associates accordingly.

在我們繼續之前，請允許我對獅子航空 610 航班和埃塞俄比亞航空 302 航班事故中遇難者的家人和親人說，我們對你們的損失深感抱歉。在未來的幾年裡，我將多次重複這一點。他們的記憶將驅使我個人盡我所能，使我們的飛機和我們的行業更安全，我知道我相應地代表我所有的波音同事發言。

I've been spending a lot of my first weeks meeting, connecting with, listening to my Boeing teammates across the country. What I'm seeing and hearing is that our employees are incredibly proud to work at Boeing, but they're also hurt and disappointed that we've let our stakeholders down. Together, we're committed to getting back on our front foot, learning with humility and building on the powerful legacy they and their predecessors have created over the last century. This includes engaging with one another and our stakeholders with greater transparency, holding ourselves accountable to the highest standards of safety and quality and incorporating an outside-in perspective on what we do and how we do it.

在第一週的大部分時間裡，我都在與全國各地的波音團隊成員開會、交流、傾聽他們的意見。我所看到和聽到的是，我們的員工對在波音工作感到無比自豪，但他們也對我們讓利害關係人失望感到受傷和失望。我們共同致力於重新站起來，謙虛地學習，並在他們及其前輩在上個世紀創造的強大遺產的基礎上再接再厲。這包括以更大的透明度與彼此和我們的利害關係人互動，讓我們自己對最高的安全和品質標準負責，並從外到內的角度看待我們的工作和工作方式。

To that end, I've also been reaching out to important external stakeholders, I know you know that, including our customers of our 3 businesses; our supply base, our supply chain, which is under stress; business partners; and finally, maybe most importantly, regulators.

為此，我還一直在聯繫重要的外部利害關係人，我知道你知道，包括我們 3 項業務的客戶；我們的供應基地、我們的供應鏈面臨壓力；商業夥伴;最後，也許是最重要的，監管機構。

I look forward to engaging with many others with whom I have not yet had the opportunity to meet with in the weeks and months to come. All of these conversations that I have had and I am certain ones I will have are laced with support for our company, the important work that we do and the importance of what we do for the country. We will be transparent in everything that we do as we move forward.

我期待在未來幾週和幾個月內與許多我尚未有機會見面的其他人接觸。我所進行的以及我確信將會進行的所有對話都包含對我們公司的支持、我們所做的重要工作以及我們為國家所做的事情的重要性。在我們前進的過程中，我們所做的一切都將保持透明。

I want to express my personal thanks to everyone who has been our partner in this journey. We're mindful that these are challenging times for many, and we remain grateful for your support.

我想向在這段旅程中成為我們合作夥伴的每個人表達我個人的感謝。我們注意到，對許多人來說，現在是充滿挑戰的時期，我們仍然感謝您的支持。

Before going through my initial priorities for 2020, let me share a brief history of my interactions with Boeing. I've known Boeing since the year 2000 when I started with GE's aircraft engine business. And we are engaged in the development of a new centerline engine for the long-range 777, capable of delivering 115,000 pounds of thrust to the airframe. That was the first of its kind. When you're on the wing, you are on the team.

在介紹 2020 年的初步優先事項之前，讓我先分享一下我與波音公司互動的簡短歷史。我從 2000 年開始接觸通用電氣的飛機引擎業務時就認識了波音。我們正在為遠端 777 開發新型中線發動機，能夠為機身提供 115,000 磅的推力。這是同類中的第一個。當你在邊路時，你就在團隊中。

Given this history, the 777X first flight on Saturday not only was a major milestone and a proud moment for the company, but also has a significant meaning for me. I've watched the development of the 777 series from the very first engine to the new wingtip on the 777X and see it as a proof point of Boeing's engineering and technology prowess.

鑑於這段歷史，777X週六的首飛不僅是公司的一個重要里程碑和值得驕傲的時刻，對我來說也具有重要意義。我見證了 777 系列從第一台發動機到 777X 的新型翼尖的發展過程，並將其視為波音工程和技術實力的證明。

Shortly after leaving GE, I returned to Boeing when Jim McNerney invited me to join the Board in 2009. As a Board member of Boeing with institutional knowledge of the business, I was able to develop my initial priorities right away in my first week.

離開通用電氣後不久，2009 年吉姆·麥克納尼 (Jim McNerney) 邀請我加入董事會，我回到了波音。作為具有業務機構知識的波音公司董事會成員，我能夠在第一週內立即制定我的初步優先事項。

We can turn to the second slide, please. First and foremost, our primary focus continues to be returning the 737 MAX to service safely. This includes following the lead of our regulators and working with them to ensure they're satisfied completely with the airplane and our work. The FAA and the global regulatory authorities will determine the time line for certification and return to service, and we remain fully committed to supporting this process. Our job is to ensure that every requirement is fulfilled, every question from the regulators answered. We'll get it done, and we'll get it done the right way.

我們可以看第二張投影片。首先也是最重要的，我們的首要重點仍然是讓 737 MAX 安全恢復營運。這包括遵循我們監管機構的領導並與他們合作，以確保他們對飛機和我們的工作完全滿意。美國聯邦航空局和全球監管機構將確定認證和恢復服務的時間表，我們將繼續全力支持這項程序。我們的工作是確保滿足每項要求，回答監管機構提出的每一個問題。我們會完成它，而且我們會以正確的方式完成它。

As you well know, over the last year, the entire Boeing Board has been actively engaged in helping to resolve our current challenges and enhancing our governance and safety oversight. These actions included establishing a Board Safety Committee and realigning and elevating safety management and engineering organizations across the company. These organization design changes will shine bright lights on the safety process and the engineering disciplines that underlie them.

眾所周知，去年，整個波音董事會一直積極參與幫助解決我們當前的挑戰並加強我們的治理和安全監督。這些行動包括建立董事會安全委員會以及重新調整和提升整個公司的安全管理和工程組織。這些組織設計的改變將為安全流程及其背後的工程學科帶來光明。

As previously announced, we've also decided to temporarily suspend the 737 production beginning this month. We believe this decision is least disruptive to maintaining long-term production system and supply chain health. We will work closely with our supply chain to ensure we are ready to safely and smartly return to production.

正如先前宣布的，我們還決定從本月開始暫時停止 737 的生產。我們認為這項決定對維持長期生產系統和供應鏈健康的破壞性最小。我們將與供應鏈密切合作，確保我們做好安全、明智地恢復生產的準備。

Similarly, public, customer and stakeholder confidence in the 737 MAX is critically important to us. And with that focus, we've decided to recommend simulator training combined with computer-based training for all pilots prior to return to service. Our singular priority is safety, and every decision, every action, every step we take as we move forward will be guided by it.

同樣，公眾、客戶和利害關係人對 737 MAX 的信心對我們也至關重要。出於這一重點，我們決定建議所有飛行員在返回服務之前進行模擬器培訓與基於電腦的培訓相結合。我們的首要任務是安全，我們前進過程中的每一個決定、每一個行動、每一步都將以此為指導。

As we mentioned last week, we're currently estimating that the ungrounding of the 737 MAX will begin mid-2020. This estimate is informed by our experience to date with the certification process. It is subject to our ongoing attempts to address known schedule risks and further developments that may arise in connection with the certification process. It also accounts for the rigorous scrutiny that regulatory authorities are rightly applying at every step of their review of the 737 MAX's flight control system and the Joint Operations Evaluation Board process, which determines pilot training requirements.

正如我們上週所提到的，我們目前預計 737 MAX 將於 2020 年中期開始停飛。這項估計是根據我們迄今為止在認證過程中的經驗得出的。這取決於我們不斷嘗試解決已知的進度風險以及認證過程中可能出現的進一步發展。它還解釋了監管機構在審查 737 MAX 飛行控制系統和聯合作戰評估委員會流程（確定飛行員訓練要求）的每一步都正確應用的嚴格審查。

It is important to emphasize that this estimate should not be interpreted as an attempt to influence or interfere with the FAA and other regulators' absolute authority to determine the timing and conditions of return to service. Very simply, accurate financial reporting requires that we provide our latest and most informed schedule. Similarly, our supply chain, in the name of transparency, requires a schedule to perform up to its standard.

需要強調的是，這一估計不應被解釋為試圖影響或乾擾美國聯邦航空局和其他監管機構確定恢復服務的時間和條件的絕對權力。很簡單，準確的財務報告要求我們提供最新、最知情的時間表。同樣，我們的供應鏈以透明的名義，需要一個時間表來達到其標準。

Moving on to rebuilding trust, which I briefly touched on earlier. We recognize that many of our stakeholders are rightly disappointed in us, and it's our job to repair these vital relationships. We'll do so through a commitment to transparency in everything we do and by meeting or exceeding expectations. We will listen, we will seek feedback and respond appropriately, urgently and respectfully.

接下來是重建信任，我之前簡單提到過這一點。我們體認到，許多利害關係人對我們感到失望，而我們的工作就是修復這些重要的關係。我們將透過承諾我們所做的一切都保持透明度並滿足或超越期望來實現這一目標。我們將傾聽、尋求回饋並做出適當、緊急和尊重的回應。

Our culture is centered around strong shared value, safety, quality and integrity. Every day, we will recommit to these and foster an inclusive environment that embraces oversight and accountability and puts these 3 core principles above all else. We will listen and resolve real-time any all employee concerns pertaining to safety or other of our shared values.

我們的文化以強大的共同價值觀、安全、品質和誠信為中心。每一天，我們都會重新致力於這些目標，創造一個包容性的環境，擁抱監督和問責，並將這三個核心原則置於首位。我們將即時傾聽並解決所有員工對安全或其他共同價值觀的擔憂。

We will also focus on operating with excellence. We must get back to basics: delivering safe products and services to our customers while continuously improving our quality. We will complete our work in station wherever we are and whatever we do, and we will do it to the highest standards.

我們還將專注於卓越營運。我們必須回歸根本：為客戶提供安全的產品和服務，同時不斷提高我們的品質。無論我們身在何處、無論做什麼，我們都將在現場完成我們的工作，並且我們將按照最高標準完成工作。

We are committed to do it across our Commercial, Defense, Space & Security and Services businesses. This is not relegated to just the MAX or the 737. This requires a focused approach and simplification in everything we do to ensure we deliver on what matters most with accountability.

我們致力於在商業、國防、太空與安全以及服務業務中做到這一點。這不僅限於 MAX 或 737。這需要我們採取有針對性的方法並簡化我們所做的一切，以確保我們以問責制交付最重要的事情。

We will restore production health, both within the Boeing's 4 walls and the industry at large. We'll keep taking steps to manage our supply chain health and maintain workforce expertise across the enterprise so that, in particular, with respect to the 737 MAX, we'll be ready to restart production, increase rate safely, smartly, disciplined and with the highest standards of quality.

我們將恢復波音四牆內和整個產業的生產健康狀況。我們將繼續採取措施管理我們的供應鏈健康狀況並維持整個企業員工的專業知識，以便，特別是在 737 MAX 方面，我們將做好重啟生產的準備，安全、明智、有紀律地提高生產力。最高的品質標準。

While doing all of these, we will not lose sight of the importance of investing in our future. Our markets are growing. Customer demand is evolving. The competition is increasing, and technology is advancing at a pace we've never seen before. Boeing must keep innovating to succeed.

在做所有這些事情的同時，我們不會忽視投資未來的重要性。我們的市場正在成長。客戶的需求不斷在改變。競爭正在加劇，科技正在以我們從未見過的速度進步。波音必須不斷創新才能取得成功。

We'll continue to invest in our global workforce and new processes, new technologies that will help us become safer, more efficient as we define the future of aerospace. This work includes preparing for the first Starliner crewed mission, continuing to progress the 777X and the 737 MAX 10 and further growth of our global services business and full implementation of our Embraer partnership.

我們將繼續投資於我們的全球勞動力和新流程、新技術，這將有助於我們在定義航空航太的未來時變得更安全、更有效率。這項工作包括準備首次 Starliner 載人任務、繼續改進 777X 和 737 MAX 10、進一步發展我們的全球服務業務以及全面落實我們與巴西航空工業公司的合作夥伴關係。

That said, there are always some investment reprioritizing and streamlining that we can do, and we will. We'll take the time to reassess our product development strategy in a fairly methodical way. I think that's a natural course for any new incoming leader to take.

也就是說，我們總是能做一些投資的優先順序調整和精簡工作，而且我們也會這樣做。我們將花時間以相當有條理的方式重新評估我們的產品開發策略。我認為對於任何新上任的領導人來說，這都是自然而然的做法。

We'll return to this topic in future discussions. This is not intended to delay, simply to refresh. By focusing on these priorities and unleashing our talent, I'm confident we have the right foundation to keep the business strong, to keep it healthy while navigating this very difficult moment.

我們將在以後的討論中回到這個主題。這並不是為了拖延，只是為了刷新。透過專注於這些優先事項並釋放我們的才能，我相信我們擁有正確的基礎來保持業務強勁、保持健康，同時度過這個非常困難的時刻。

Before I turn it over to Greg for an update on the business environment and our performance, I want to pause and thank him for the leadership he has provided throughout this challenging time and for so ably filling the CEO role during the transition. Everybody here knows we've had a number of leadership changes over the past few months, including me. The strong teams we have supporting our leaders have provided the stability we need and paved the way for seamless transitions. But Greg has set in motion some of the changes we need to see, and he has led it with real skill. He will continue to be my partner, and we will lead the company together. I'm excited now to be working alongside him and the rest of our senior leaders.

在我向格雷格匯報業務環境和我們的業績的最新情況之前，我想停下來感謝他在這段充滿挑戰的時期所提供的領導，以及在過渡期間如此幹練地擔任首席執行官的角色。這裡的每個人都知道，過去幾個月我們發生了許多領導層變動，包括我。我們支持領導者的強大團隊提供了我們所需的穩定性，並為無縫過渡鋪平了道路。但格雷格已經啟動了一些我們需要看到的變化，並且他以真正的技巧領導了這些變化。他將繼續成為我的合作夥伴，我們將共同領導公司。我現在很高興能與他和我們其他高級領導一起工作。

And now I'll turn it over to Greg.

現在我將把它交給格雷格。

Great. Thanks, Dave, and good morning, everybody. As many of you know, I've had the distinct pleasure of knowing Dave for a long time. And we're extremely lucky to have him in the chair, helping us navigate through these challenging times and the path forward. I have a lot of respect for Dave and look forward to the continued partnership. And I can tell you, we are completely 100% aligned on our priorities and the path forward for our company.

偉大的。謝謝戴夫，大家早安。正如你們許多人所知，我很高興認識戴夫很長一段時間。我們非常幸運能有他擔任主席，幫助我們度過這些充滿挑戰的時期和前進的道路。我非常尊重戴夫，並期待繼續合作。我可以告訴你，我們在我們的優先事項和公司的前進道路上完全 100% 一致。

Let's now move to Slide 3, and we'll discuss our overall business environment. We continue to be operating in sizable sectors that are growing and backed by strong fundamentals with a combined market opportunity of $8.7 trillion over the next 10 years. We continue to see healthy global demand for our offerings in Commercial, Defense, Space and Services. However, we are starting to see some pressure, such as in the cargo market, that we will continue to monitor going forward.

現在讓我們轉到投影片 3，我們將討論我們的整體業務環境。我們將繼續在規模龐大的行業中開展業務，這些行業正在不斷增長，並有強勁的基本面作為支撐，未來 10 年的市場機會合計將達到 8.7 兆美元。我們繼續看到全球對我們的商業、國防、太空和服務產品的健康需求。然而，我們開始看到一些壓力，例如貨運市場的壓力，我們將繼續監控未來的情況。

In Commercial Aviation, although we've seen some moderation in passenger traffic this year, we saw growth of a solid 4.2% through November. The fundamentals remain intact. However, the impact of the coronavirus on near-term traffic growth is clearly a watch item this year.

在商業航空領域，儘管今年客運量有所放緩，但截至 11 月我們仍實現了 4.2% 的穩定成長。基本面不變。然而，冠狀病毒對近期流量成長的影響顯然是今年的觀察項目。

On the air cargo side, volumes have contracted due to challenging trade environment, and improvements in industrial production and global trade will be key to rebound the air traffic cargo market in 2020. We will continue to see steady utilization of global freighters while carriers are placing incremental orders to support their fleet replacement needs, but this is definitely something we're keeping a close eye on.

在航空貨運方面，由於貿易環境充滿挑戰，貨運量有所收縮，工業生產和全球貿易的改善將是2020年航空貨運市場反彈的關鍵。我們將繼續看到全球貨機的穩定使用，而承運商正在下增量訂單來支援其機隊更換需求，但這絕對是我們密切關注的事情。

In the narrowbody segment, although the MAX grounding has presented us with near-term challenges, the depth and breadth of our backlog affords us the time to assess and mitigate the longer-term implications. Our 737 program has a backlog of approximately 4,400 aircraft, and we continue to see these new airplanes creating capacity for growth and provide required replacement for older, less-efficient aircraft.

在窄體飛機領域，儘管 MAX 停飛給我們帶來了短期挑戰，但積壓訂單的深度和廣度使我們有時間評估和減輕長期影響。我們的 737 計畫積壓了約 4,400 架飛機，我們將繼續看到這些新飛機創造成長能力，並為舊型、效率較低的飛機提供所需的替代品。

Clearly, our narrowbody delivery market share has been and will continue to be impacted by the MAX. Although we've not seen a direct impact on the value proposition of the 737 MAX in the marketplace, we will continue to monitor the market dynamics this creates.

顯然，我們的窄體機交付市場份額已經並將繼續受到 MAX 的影響。儘管我們尚未看到 737 MAX 在市場上的價值主張受到直接影響，但我們將繼續監控由此產生的市場動態。

The limited production slot availability of aircraft from both Boeing and our competitor affords us ample time to double down on improving operating efficiency in order to mitigate some of these challenges the program is facing in the near term.

波音公司和我們的競爭對手的飛機生產時段有限，這為我們提供了充足的時間來加倍提高營運效率，以減輕該計劃在短期內面臨的一些挑戰。

With regards to the middle of the market aircraft, as Dave noted, we are reprioritizing and streamline some of our investments. We've asked the team to step back and reassess our commercial product development strategy to determine what family of airplanes will be needed in the future. The team will build on the work we have done as part of the NMA design and production system analysis as we move forward.

至於中端市場飛機，正如戴夫指出的那樣，我們正在重新調整優先順序並簡化一些投資。我們已要求團隊退後一步，重新評估我們的商業產品開發策略，以確定未來需要什麼系列的飛機。作為 NMA 設計和生產系統分析的一部分，該團隊將在我們已經完成的工作的基礎上繼續前進。

In the widebody segment, we saw solid order activity in 2019 for the 787 and 777 families. However, as we mentioned before, in the near term, the global trade environment has presented challenges for our widebody production plans, in particular, the 787 program. As part of our process, we're continually assessing the environment to determine if any further rate adjustments are required.

在寬體客機領域，我們看到 787 和 777 系列 2019 年的訂單活躍。然而，正如我們之前提到的，短期內，全球貿易環境對我們的寬體飛機生產計劃，特別是787項目提出了挑戰。作為流程的一部分，我們不斷評估環境，以確定是否需要進一步調整費率。

We previously announced that we will transition the 787 production rate from 14 per month to 12 per month in late '20. As we're in the planning window of a rate decision and to reduce risk in the '21 and 2022 skyline, we've decided to further reduce the rate to 10 per month in early '21 before returning to 12 per month in 2023.

我們先前宣布，我們將在 20 世紀 20 年代末將 787 的生產率從每月 14 架轉變為每月 12 架。由於我們正處於費率決策的規劃窗口，為了降低 21 世紀和 2022 年天際線的風險，我們決定在 21 年初將費率進一步降低至每月 10 次，然後在 2023 年恢復至每月 12 次。

We're pleased with the recent announcement of a Phase 1 deal between the U.S. and China, and we're proud that Boeing airplanes will continue to be part of this valued relationship. Progress on the trade deal is obviously very encouraging, and we will continue to work closely with our customer and awaiting details of access to the implementation of our backlog and how this will fit into our skyline given production lead times. In the meantime, we think it's prudent to take a more measured approach to our 787 future production rates.

我們對最近宣布的美國和中國之間的第一階段協議感到高興，並且我們為波音飛機將繼續成為這一寶貴關係的一部分而感到自豪。貿易協議的進展顯然非常令人鼓舞，我們將繼續與客戶密切合作，等待我們積壓訂單實施的詳細信息，以及考慮到生產交付週期，這將如何適應我們的天際線。同時，我們認為對 787 未來的生產力採取更審慎的方法是明智的。

We will continue to maintain this disciplined rate management process going forward, taking into account a host of risks and opportunities. We will also continue to assess the demand environment and make adjustments as appropriate in the future.

考慮到許多風險和機遇，我們將繼續維持這種嚴格的費率管理流程。未來我們也將持續評估需求環境並適時做出調整。

Turning to 777X. We successfully completed the 777X first flight last week. The test fleet, which began ground testing at Everett last year, will continue its rigorous test program over the months -- over the coming months to demonstrate safety and reliability. This is a comprehensive series of tests and conditions on the ground and in the air to evaluate flight controls, aerodynamic performance and cabin environmental controls, among many others. We're currently expecting first delivery of the 777-9 to be in 2021.

轉向 777X。上週我們成功完成了 777X 的首飛。該測試車隊去年在埃弗里特開始進行地面測試，並將在未來幾個月內繼續其嚴格的測試計劃，以證明安全性和可靠性。這是一系列全面的地面和空中測試和條件，用於評估飛行控制、空氣動力學性能和機艙環境控制等。目前，我們預計 777-9 的首次交付將於 2021 年進行。

We continue to expect the 777 delivery rate to be approximately 3 per month in 2020. Progress on the 777X will be the primary driver of future delivery rate for the combined 777, 777X program. We will take a measured approach to the 777X rate ramp, and we will look to minimize the amount of change in corporation work by managing the number of aircraft produced prior to entry into service.

我們繼續預計 2020 年 777 的交付率約為每月 3 架。777X 的進度將成為 777、777X 聯合計畫未來交付率的主要驅動力。我們將採取謹慎的方法來提高 777X 的生產率，並透過管理投入營運前的飛機生產數量來盡量減少公司工作的變化量。

On the 777, as I discussed earlier, we will continually closely monitor the cargo market and carefully manage our skyline. Finally, as we previously announced, we are in the process of starting to transition the 767 production rate from 2.5 to 3 per month.

在 777 上，正如我之前所討論的，我們將持續密切監控貨運市場並仔細管理我們的天際線。最後，正如我們之前宣布的，我們正在開始將 767 的生產率從每月 2.5 架轉變為每月 3 架。

At Defense, Space & Security, we continue to see solid global demand for major platforms and programs. In addition, the FY '20 enacted budget provide support for a broad range of products, including procurement of the F-15EX. Our portfolio remains well positioned with proven world-class platforms to address current needs and innovative, capable and affordable new franchises to build the future.

在國防、太空與安全領域，我們持續看到全球對主要平台和專案的強勁需求。此外，20 財年頒布的預算為廣泛的產品提供支持，包括採購 F-15EX。我們的產品組合仍然處於有利位置，擁有經過驗證的世界級平台來滿足當前需求，並提供創新、有能力且價格實惠的新特許經營權來建立未來。

We are maintaining a sharp focus on our future franchise programs such as the MQ-25, the T-7A Red Hawk and the MH-139A Grey Wolf, while working to ensure strong performance on existing platforms, especially our U.S. Air Force KC-46 program and our space programs, including Commercial Crew and Space Launch Systems.

我們將高度關注未來的特許經營項目，例如 MQ-25、T-7A 紅鷹和 MH-139A 灰狼，同時努力確保現有平台（尤其是美國空軍 KC-46）上的強勁性能計劃和我們的太空計劃，包括商業載人太空計劃和太空發射系統。

Last month marked a significant milestone for the Commercial Crew program with an uncrewed orbital flight test of the CTE -- or CST-100 Starliner. However, as reported, this test was abbreviated due to anomalies experienced during the mission for venting the docking with the International Space Station. NASA is in the process of reviewing the data from our December 2019 mission, and the uncrewed mission, including docking to the space station, became part of the company's contract with NASA. And NASA's approval is required to proceed with a flight test with astronauts on board. Given this obligation, we are provisioned for another uncrewed mission, and you'll see this crew impact reflected in BDS financial results.

上個月，CTE（或 CST-100 Starliner）進行了無人軌道飛行測試，標誌著商業載人計劃的一個重要里程碑。然而，據報道，由於在與國際太空站對接的任務中出現異常情況，這次測試被縮短。NASA 正在審查我們 2019 年 12 月任務的數據，包括與太空站對接在內的無人駕駛任務已成為該公司與 NASA 合約的一部分。進行載有太空人的飛行測試需要得到美國太空總署的批准。考慮到這項義務，我們準備執行另一次無人飛行任務，您將在北斗衛星系統的財務表現中看到這種對機組人員的影響。

Turning to the Services sector. The $3.1 trillion services market over the next 10 years is a significant opportunity for our company. We continue to see growth with expanded service offerings of our supply chain portfolio and our global digital solutions. The MAX grounding has had impact on BGS growth in 2019 by pushing back the timing of some service demand from our airline customers who have been impacted by the grounding. We expect much of this to be resolved over time.

轉向服務業。未來 10 年價值 3.1 兆美元的服務市場對我們公司來說是一個重大機會。我們的供應鏈產品組合和全球數位解決方案的服務範圍不斷擴大，我們的業務持續成長。MAX 停飛推遲了受停飛影響的航空公司客戶的部分服務需求時間，從而對 BGS 2019 年的成長產生了影響。我們預計隨著時間的推移，大部分問題都會得到解決。

Given the backdrop of demand, the healthy supply chain ecosystem is critical to sustain production system stability. Some of the suppliers have had challenges with production rate changes in the past. And therefore, we are extremely engaged and especially as we navigate the current MAX grounding and production rate outlook. Suppliers' health and rate readiness will be critical as we assess production rates going forward.

在需求背景下，健康的供應鏈生態系統對於維持生產系統穩定性至關重要。一些供應商過去曾面臨生產力變化的挑戰。因此，我們非常投入，尤其是在我們應對當前 MAX 停產和生產力前景時。當我們評估未來的生產力時，供應商的健康狀況和生產力準備將至關重要。

Let's now turn to Slide 4 for our full year results. Our financial results continue to be impacted by the 737 MAX grounding. Revenue, earnings per share and operating cash were materially reduced. Our revenue of $76.6 billion reflects the 737 MAX impacts, partially offset by higher service volume. Core earnings per share was negative $3.47 for the full year, and operating cash was a negative $2.4 billion, again, primarily due to the 737 MAX impacts.

現在讓我們轉向投影片 4，了解我們的全年業績。我們的財務表現持續受到 737 MAX 停飛的影響。收入、每股收益和營運現金大幅減少。我們 766 億美元的收入反映了 737 MAX 的影響，但部分被服務量增加所抵消。全年每股核心收益為負 3.47 美元，營運現金為負 24 億美元，主要是由於 737 MAX 的影響。

Let's now move to our quarterly results on Slide 5. During the quarter, we recorded revenue of $17.9 billion, core operating -- core earnings per share of negative $2.33 and negative $2.2 billion of operating cash.

現在讓我們來看看幻燈片 5 上的季度業績。本季度，我們的核心營運收入為 179 億美元，每股核心收益為負 2.33 美元，營運現金為負 22 億美元。

Before we discuss segment performance, let me go over 737 MAX financials in more detail. Turning now to Slide 6. In preparation for our fourth quarter financial statements, we made certain assumptions, including timing of resumption of delivery, production rate and ramp-up profiles. Again, let me reiterate, it is the FAA and the global regulators who will determine the timing and the conditions of return to service.

在我們討論細分市場表現之前，讓我更詳細地了解一下 737 MAX 的財務狀況。現在轉向投影片 6。在準備第四季財務報表時，我們做出了某些假設，包括恢復交付的時間、生產力和產能提升情況。我再次重申，美國聯邦航空局和全球監管機構將決定恢復服務的時間和條件。

We've assumed that the regulatory approval for the 737 MAX will enable deliveries to begin in mid-2020. We've also assumed that as a condition of return to service, regulators will require 737 MAX pilots to undergo combination of computer and simulator training.

我們假設 737 MAX 獲得監管部門批准後即可於 2020 年中期開始交付。我們也假設，作為恢復服務的條件，監管機構將要求 737 MAX 飛行員接受電腦和模擬器結合的培訓。

We've assumed that we will resume 737 MAX aircraft production at low rates in 2020 as timing and conditions of return to service are better understood. And then we expect to gradually increase previously planned production rates over the next few years.

我們預計，隨著恢復服務的時間和條件得到更好的了解，我們將在 2020 年以較低的速度恢復 737 MAX 飛機的生產。然後我們預計在未來幾年內逐步提高先前計劃的生產力。

We're also assuming that the 737 MAX airplanes produced and stored during the grounding will be delivered over several quarters, with the majority of them delivered during the first year after resumption of deliveries. Any changes to these assumptions will require us to recognize additional financial impacts.

我們還假設停飛期間生產和儲存的 737 MAX 飛機將在幾個季度內交付，其中大部分在恢復交付後的第一年交付。這些假設的任何變化都將要求我們認識到額外的財務影響。

In the fourth quarter, we added $2.6 billion of program costs to the 737 program. This is primarily to reflect current assumptions regarding timing of return to service and the timing of planned production rates and reflect the additional time required to produce and complete undelivered aircraft in the accounting quantity. 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. Adding these to the program costs brings the total cumulative program impact to $6.3 billion.

第四季度，我們為 737 項目增加了 26 億美元的專案成本。這主要是為了反映目前有關恢復服務時間和計畫生產力時間的假設，並反映在會計數量中生產和完成未交付飛機所需的額外時間。這些額外成本將分攤到約 3,100 架未交付的飛機上，從而減少 737 項目的利潤。將這些添加到計劃成本中，使計劃的累積影響總額達到 63 億美元。

In addition, the suspension of the 737 MAX production means that some costs must be recorded as abnormal production costs under U.S. GAAP. This includes costs related to our decision to maintain the 737 production infrastructure, including labor during the suspension and low rate production. As you may recall, this decision is part of our efforts to sustain the gains in the production system and supply chain quality and health made over the last several months.

此外，737 MAX生產的暫停意味著一些成本必須根據美國公認會計原則記為非正常生產成本。這包括與我們維持 737 生產基礎設施的決定相關的成本，包括停工期間的勞動力和低速生產。您可能還記得，這項決定是我們為維持過去幾個月在生產系統、供應鏈品質和健康方面所取得的成果所做的努力的一部分。

We currently estimate these abnormal costs to be approximately $4 billion. These costs will be expensed as incurred, primarily in 2020, and you'll see these flow through earnings as period expense starting in the first quarter. Since the portion of these costs deemed abnormal will be the largest when the production rate is 0 and the rates are low, we expect expense to be front-end loaded.

我們目前估計這些異常成本約為 40 億美元。這些成本將在發生時記入費用，主要是在 2020 年，從第一季開始，您將看到這些成本作為期間費用通過收益流動。由於當生產率為 0 且生產率較低時，這些被視為異常的成本部分將最大，因此我們預計費用將由前端加載。

During the quarter, we also reassessed our estimate of potential concessions and other considerations to customers for disruptions related to the 737 MAX grounding and associated delivery delays. This reassessment included updating estimates to reflect our most recent assumptions as well as latest information based on engagement with 737 customers. Based on our assessment, we added $2.6 billion to the recorded liability in the quarter. This brings the total cumulative impacts to $8.3 billion net of insurance.

在本季度，我們還重新評估了對潛在優惠的估計以及針對與 737 MAX 停飛和相關交付延誤相關的中斷而向客戶提供的其他考慮因素。此次重新評估包括更新估計值，以反映我們最新的假設以及基於與 737 名客戶互動的最新資訊。根據我們的評估，我們本季的記錄負債增加了 26 億美元。這使得扣除保險後的累積影響總額達到 83 億美元。

As we've mentioned, we're addressing the impact individually customer by customer. We expect any concessions or other considerations to be revised over a number of years, and we continue to see the cash impact to be more front-end loaded in the first few years but, of course, will be dependent upon individual conversations with customers. In 2019, we reduced the liability balance by $1.4 billion through cash payments but also other in-kind considerations.

正如我們所提到的，我們正在逐一解決每個客戶的影響。我們預計任何讓步或其他考慮因素都會在幾年內進行修改，並且我們繼續看到現金影響在最初幾年會更多地前端加載，但當然，這將取決於與客戶的個人對話。2019 年，我們透過現金支付以及其他實物考慮將負債餘額減少了 14 億美元。

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

展望未來，與 737 相關的財務影響的主要驅動因素仍將是恢復服務的時間表和條件；交付量的增加，這將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；以及 737 生產暫停的持續時間和產能斜坡曲線；與客戶討論潛在的優惠和其他考慮因素。

We expect our financial results to continue to be adversely impacted until we safely return the 737 MAX to service, resume deliveries to customers and ramp up production rates. 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. We're also taking actions to prudently manage our liquidity, increase our balance sheet flexibility, manage our spending and stay laser-focused on productivity. I'll talk more about that a little later.

我們預計，在 737 MAX 安全恢復服務、恢復向客戶交付並提高生產力之前，我們的財務表現將繼續受到不利影響。我們繼續圍繞服務恢復和生產力進行詳細的情境規劃，包括分析對我們的供應鏈、客戶車隊和交付的影響，以充分了解財務結果的範圍。我們也採取行動審慎管理流動性、提高資產負債表靈活性、管理支出並高度關註生產力。稍後我會詳細討論這一點。

Let's now move to Commercial Airplanes on Slide 7. Our Commercial Airplane business revenue decreased to $7.5 billion during the quarter and operating margin declined to negative 38%, both reflecting 737 deliveries and additional $2.6 billion of estimated potential concession -- customer concessions and other considerations. BCA backlog includes 5,400 aircraft valued at $377 billion, equating to more than 6 years of production.

現在讓我們轉向幻燈片7 上的商用飛機。本季我們的商用飛機業務收入下降至75 億美元，營業利潤率下降至負38%，這都反映了737 架飛機的交付量以及預計額外26 億美元的潛在優惠——客戶優惠和其他考慮因素。BCA 積壓訂單包括 5,400 架飛機，價值 3,770 億美元，相當於超過 6 年的生產時間。

Let's now move to Defense, Space & Security on Slide 8. Fourth quarter revenue decreased to $6 billion, reflecting lower volume across the portfolio as well as the impact of previously mentioned Commercial Crew charge, which affected revenue recognition on the program. BDS operating margin of 0.5% reflected a $410 million pretax charge to provision for the additional uncrewed mission for the Commercial Crew program as well as several performance items and the mix within the portfolio in the quarter. During the quarter, BDS won key contract awards worth $8 billion, and our backlog now stands at $64 billion with 29% from outside the U.S.

現在讓我們轉到幻燈片8 上的國防、太空和安全。第四季度收入下降至60 億美元，反映出整個投資組合的銷量下降以及前面提到的商業船員費用的影響，這影響了該計劃的收入確認。BDS 營運利潤率為 0.5%，反映了 4.1 億美元的稅前費用，用於為商業載人計劃的額外無人任務以及本季度投資組合中的多個績效項目和組合提供準備金。本季度，BDS 贏得了價值 80 億美元的關鍵合同，我們的積壓訂單目前達到 640 億美元，其中 29% 來自美國以外的地區。

Let's now turn to Boeing Global Services results on Slide 9. In the fourth quarter, Global Services revenue decreased to $4.6 billion, reflecting lower commercial service volume. Year-over-year growth of 8% is lower than we expected partially due to the impact of the 737 MAX grounding, which affected the timing of demand of some of our service offerings.

現在讓我們來看看幻燈片 9 上的波音全球服務業績。第四季度，全球服務收入下降至 46 億美元，反映出商業服務量的下降。8% 的年成長率低於我們的預期，部分原因是 737 MAX 停飛影響了我們某些服務的需求時間。

BGS operating margin of 14.7% reflect a noncash charge related to retirement of the Aviall brand as we consolidate our distribution businesses under the Boeing brand as well as mix of products and services in the quarter. We were partially offset by a onetime gain on a divestiture. During the quarter, BGS won key contract awards worth approximately $6 billion, which brings its backlog now to $23 billion.

BGS 營運利潤率為 14.7%，反映了與 Aviall 品牌退休相關的非現金費用，因為我們在本季度整合了波音品牌下的分銷業務以及產品和服務組合。我們被剝離的一次性收益部分抵銷。本季度，BGS 贏得了價值約 60 億美元的重要合同，這使其積壓訂單目前達到 230 億美元。

Let's now turn to cash flow on Slide 10. As I mentioned, operating cash flow in the fourth quarter was a negative $2.2 billion driven by lower 737 deliveries, lower advanced payments, higher inventories and timing of receipts and expenditures. We expect continued cash flow pressure from the MAX impacting until production stabilizes. Strong operating cash flow from other parts of the business and further balance sheet levers will help provide adequate liquidity during this time.

現在讓我們轉向幻燈片 10 上的現金流。正如我所提到的，由於 737 交付量減少、預付款減少、庫存增加以及收支時間表增加，第四季度營運現金流為負 22 億美元。我們預計，在生產穩定之前，MAX 的影響將持續帶來現金流壓力。來自其他業務部門的強勁營運現金流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。

We also continue to look at all aspects of spending to ensure we have the right prioritization and sharpen our focus on operational excellence, including closely assessing the timing of noncritical expenditures. Additionally, we're accelerating key working capital initiatives to help navigate this difficult period.

我們也繼續關注支出的各個方面，以確保我們有正確的優先順序，並加強對卓越營運的關注，包括密切評估非關鍵支出的時間表。此外，我們正在加快關鍵的營運資金計劃，以幫助渡過這段困難時期。

During the fourth quarter, we paid $1.2 billion in dividend, and our share repurchase program remains on pause. Near term, managing our liquidity and balance sheet leverage are top priorities and will continue to be until the MAX deliveries resume, we execute the 737 production rate increases and see stability in the production system. But as Dave mentioned, we will also continue to make necessary investments in the business, in our people, new technology and better processes and tools.

第四季度，我們支付了 12 億美元的股息，但我們的股票回購計畫仍處於暫停狀態。短期內，管理我們的流動性和資產負債表槓桿是首要任務，並將繼續如此，直到 MAX 交付恢復、我們提高 737 的生產力並看到生產系統穩定為止。但正如戴夫所提到的，我們也將繼續對業務、人員、新技術以及更好的流程和工具進行必要的投資。

Our debt level has been elevated during the grounding, and we are planning to immediately reduce it once our cash flow generation returns to a more normalized level. Again, we will continue to evaluate all available liquidity levers as we navigate the current challenges. Investing in our business and repaying debt will remain our cash deployment priority for the next few years.

我們的債務水平在停飛期間有所上升，我們計劃一旦我們的現金流恢復到更正常的水平，就立即減少債務水平。同樣，在應對當前挑戰時，我們將繼續評估所有可用的流動性槓桿。投資業務和償還債務仍將是我們未來幾年現金部署的重點。

Let's now move to cash and debt balances on Slide 11. We ended the quarter with $10 billion of cash and marketable securities. We raised additional commercial paper in the quarter, increasing the debt balance to $2.6 billion and helping shore up our liquidity position as we work through the current MAX challenges. Our strategy of maintaining a strong balance sheet and providing us with substantial borrowing capacity through capital markets access of our credit facility of $9.6 billion.

現在讓我們來看看投影片 11 上的現金和債務餘額。本季結束時，我們擁有 100 億美元的現金和有價證券。我們在本季籌集了更多商業票據，將債務餘額增加到 26 億美元，並在我們應對當前 MAX 挑戰時幫助支撐我們的流動性狀況。我們的策略是保持強勁的資產負債表，並透過資本市場准入 96 億美元的信貸額度為我們提供大量借貸能力。

Additionally, we've received commitment from a syndicate of banks sufficient to entry into $12 billion term loan facility. Based on the strong demand, the size of the facility could exceed this amount when the transaction closes in February. We are mindful of the impacts the additional debt has on our credit ratings. Currently at A-, A3, but confident we have the sufficient balance sheet flexibility and operational levers to navigate this challenging time.

此外，我們也收到了銀行財團的承諾，足以獲得 120 億美元的定期貸款融資。由於需求強勁，當二月交易結束時，該設施的規模可能會超過這筆金額。我們注意到額外債務對我們信用評級的影響。目前處於 A-、A3，但我們有信心擁有足夠的資產負債表彈性和營運槓桿來應對這一充滿挑戰的時期。

Our financials this year will continue to be negatively impacted by the MAX. Cash flow, in particular, will be more significantly impacted in 2020 than 2019. We expect the use of cash flow in 2020 to be greater than '19, primarily due to 737 MAX advanced payments will be lower in 2019 based on our latest 737 delivery assumptions.

我們今年的財務狀況將繼續受到 MAX 的負面影響。尤其是現金流，2020 年將比 2019 年受到更顯著的影響。我們預計 2020 年現金流的使用將大於 19 年，主要是因為根據我們最新的 737 交付假設，2019 年 737 MAX 預付款將較低。

As I mentioned previously, we're increasing our customer consideration liability and expect the cash impact to be higher this year. Also, due to the additional 787 production rate reduction, as I discussed, as well as our current 777X entry into service assumptions, widebody receipts will be a headwind in 2020.

正如我之前提到的，我們正在增加客戶考慮責任，並預計今年的現金影響會更大。此外，正如我所討論的，由於 787 生產率進一步降低，以及我們目前 777X 投入運營的假設，寬體機收入將成為 2020 年的阻力。

Keep in mind, we'll continue to see expenditures on the 737 program despite the production suspension as we invest in the production system health to derisk our future production rate. And these investment decisions, including keeping our workforce in place and continuing to make payments to our supply chain for inventory, are examples of our focus on long-term stability but will require cash in the near term.

請記住，儘管生產暫停，但我們將繼續看到 737 項目的支出，因為我們對生產系統的健康進行投資，以降低未來生產力的風險。這些投資決策，包括保留我們的員工隊伍和繼續向我們的供應鏈支付庫存費用，是我們注重長期穩定性的例子，但短期內將需要現金。

Given these headwinds and our current assumptions on 737 MAX return to service as well as future production and delivery rates, cash flow recovery is now expected to start until 2021. We are committed to providing you with additional updates on the MAX return to service progress and production rate plans as we have more information.

考慮到這些不利因素以及我們目前對 737 MAX 恢復營運以及未來生產和交付率的假設，現金流量預計將在 2021 年之前開始恢復。當我們掌握更多資訊時，我們致力於為您提供有關 MAX 恢復服務進度和生產力計劃的更多更新。

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

一旦我們有了進一步的明確性，我們將安排一次後續投資者和媒體電話會議，討論財務影響並提供財務指導，其中將記錄各種情況，包括最近寬體機變化的影響。

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

因此，我將把它轉回戴夫以徵求一些結束語。

Greg, thanks. Thanks to everyone on the other end of this line. I want you to know I'm as excited as I can be about taking on this challenge. I wish the moment was different, but we can get through this moment and we will get through this moment. I'm confident in this airplane. The MAX is a sound airplane. We believe we're going to deliver the safest airplane in the sky, and we're committed to do just that and I know our regulator is as well.

格雷格，謝謝。感謝這條線路另一端的所有人。我想讓你知道，我對接受這項挑戰感到非常興奮。我希望這一刻有所不同，但我們可以度過這一刻，我們將會度過這一刻。我對這架飛機很有信心。MAX 是一架健全的飛機。我們相信我們將提供天空中最安全的飛機，我們致力於做到這一點，我知道我們的監管機構也是如此。

So with that, and again, open this line up to questions. And I want to thank Greg for the last time since now we're partners. But at any rate, he has really stood tall in this big transition process, and I appreciate it.

因此，再次提出問題。自從我們成為合作夥伴以來，我想最後一次感謝格雷格。但無論如何，他在這個大轉變過程中確實站了出來，我很欣賞。

Thanks, Dave.

謝謝，戴夫。

Thanks.

謝謝。

I appreciate it.

我很感激。

(Operator Instructions) Our first question comes from the line of Carter Copeland from Melius Research.

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

Can you hear me?

你聽得到我嗎？

Yes, we can, Carter.

是的，我們可以，卡特。

We can.

我們可以。

Okay. I wondered if you might expand a little bit on the short comment you made about monitoring the market dynamic for the MAX and not having the value proposition change there. I mean, I guess, are you -- are we referring to sold aircraft or unsold aircraft? And I guess, more broadly, what's your level of confidence that longer term, MAX pricing won't be materially impacted by what you've seen? Or just can you expand on that comment for us?

好的。我想知道您是否可以擴展一下您關於監控 MAX 市場動態並且不改變價值主張的簡短評論。我的意思是，我想，我們指的是已售出的飛機還是未售出的飛機？我想，更廣泛地說，您對長期 MAX 定價不會受到您所看到的情況的重大影響的信心有多大？或者您能為我們詳細闡述一下這個評論嗎？

Yes. No, Carter, look, I think first go to the backlog. And we've got 4,400 aircraft in backlog, and this has been a very challenging time obviously for our customers, but folks want the airplane. And the value proposition the airplane brings into the market is unchanged. So look, we're in a grounded period, and we realized the strain that's put on the customers. So we're monitoring that closely. But the value proposition of the franchise still remains intact.

是的。不，卡特，你看，我認為首先要處理積壓的工作。我們有 4,400 架飛機積壓，這對我們的客戶來說顯然是一個非常具有挑戰性的時期，但人們想要這架飛機。該飛機為市場帶來的價值主張並沒有改變。所以看，我們正處於停滯期，我們意識到對客戶帶來的壓力。所以我們正在密切監視這一情況。但該系列的價值主張仍然完好無損。

And like I said, Dave said, the focus right now, safely get this thing back in the air, and we're going to do it one airplane at a time, as Dave has said, and ensure that we have this production system stable as we move up and delivering on our commitments to our customers.

就像我說的，戴夫說，現在的重點是安全地將這個東西帶回空中，我們將一次只生產一架飛機，正如戴夫所說，並確保我們的生產系統穩定地隨著我們不斷進步並兌現對客戶的承諾。

Yes. In the first couple of weeks, when I've talked with most of our large customers, they get to tell me whatever they want. They do still believe in the value prop of this airplane. They believe in everything about the airplane, and it means a lot, but I've heard it firsthand.

是的。在最初的幾周里，當我與大多數​​大客戶交談時，他們可以告訴我他們想要什麼。他們仍然相信這架飛機的價值支撐。他們相信有關飛機的一切，這意義重大，但我親耳聽到了這一點。

And our next question comes from the line of Myles Walton from UBS.

我們的下一個問題來自瑞銀集團的邁爾斯·沃爾頓。

Dave, you're coming to the table with a decade of experience seeing the company from the inside. And I just wonder how you've been able to step outside of that familiarity, take an orthogonal view, kind of a different view of what went wrong and reorient everything so that this isn't maybe just changing tone and/or repairing relationships. But maybe it is, or if there's something more needed, how you've been able to step out of that familiarity role.

戴夫，你帶著十年的從內部觀察公司的經驗來到了談判桌。我只是想知道你如何能夠擺脫這種熟悉感，採取正交的觀點，對出了問題的地方採取不同的看法，並重新調整一切，這樣這可能不僅僅是改變基調和/或修復關係。但也許是這樣，或者如果還有更需要的東西，你如何能夠擺脫那個熟悉的角色。

Well, let me maybe answer that question a little differently because I get a lot of media attention around the idea that I'm somehow an insider. What if I change that a little bit? What if I told you I simply had a front-row seat to everything you saw? And so all the things I read and see and hear, make no mistake, they all have an impact, they have an effect, and I get a front-row seat. And ultimately, our Board took action as a result of it. And now I'm the one sitting in the operating seat.

好吧，也許讓我以稍微不同的方式回答這個問題，因為我作為內部人士的想法引起了很多媒體的注意。如果我稍微改一下怎麼辦？如果我告訴你我只是坐在前排觀看你所看到的一切怎麼辦？所以我讀到的、看到的和聽到的所有東西，毫無疑問，它們都會產生影響，它們會產生影響，我得到了前排座位。最終，我們的董事會因此採取了行動。現在我是坐在操作座位上的人。

So I don't want it to be lost on anybody. I know we've got things to work on and changes to make. I treasure my relationship across the industry with customers and with regulators and others. And when they tell me something, I believe them. I always felt to believing them. And so the work we have to do internally to restore all those confidences and, yes, modify our culture, you can bet I'm working on it. I don't think I see it any differently than you probably do. I might put a nuance here and there, but I think I know the job at hand and that's exactly what I'm going to do. I got to restore trust, confidence and faith in the Boeing Company.

所以我不想讓任何人失去它。我知道我們還有很多事情要做，還有很多事情要做。我珍惜整個產業與客戶、監管機構和其他人的關係。當他們告訴我一些事情時，我相信他們。我一直覺得相信他們。因此，我們必須在內部開展工作，以恢復所有這些信心，並且，是的，改變我們的文化，你可以打賭我正在努力。我認為我的看法與您的看法沒有什麼不同。我可能會在這裡或那裡提出一些細微差別，但我認為我了解手頭上的工作，而這正是我要做的。我必須恢復對波音公司的信任、信心和信心。

And from that orthogonal view, do you think there is a deficiency in competitive narrowbody offering in the market?

從這個正交的角度來看，您認為市場上有競爭力的窄體機產品是否有缺陷？

Say that again?

再說一次？

Do you think there's a deficiency in your competitive narrowbody offering in the market today?

您認為當今市場上你們的窄體機產品有競爭力嗎？

Yes. No, I don't. I know that in airplane type by type, sometimes you got to lead, sometimes you don't. But in the family and ultimately the performance of this MAX and the feedback I get from our customers, I'm not actually worried about that. All that said, we're in the airplane development business, and we're going to stay in the airplane development business. So we're going to keep looking at what the next one needs to be.

是的。不，我不。我知道，在不同型號的飛機中，有時你必須領導，有時則不需要。但在家庭和最終這款 MAX 的性能以及我從客戶那裡得到的反饋中，我實際上並不擔心這一點。話雖如此，我們從事飛機開發業務，而且我們將繼續從事飛機開發業務。因此，我們將繼續研究下一個需要是什麼。

I want to make sure everyone understands that me not immediately signing up to the NMA is not -- is me not wanting to do new airplanes. We'll do one. And I don't want to even suggest or convey to you that it's anywhere near the narrowbody fleet we have today. I don't see big deficiencies there.

我想確保每個人都明白，我不立即加入 NMA 並不是——我不想製造新飛機。我們會做一個。我什至不想向您暗示或傳達它與我們今天擁有的窄體機機隊相近。我不認為那裡有什麼大的缺陷。

On the other hand, I'm going to -- I'm just simply going to listen to customers and markets. It's been over 2 years since we started that whole discussion. I'm going to refresh it every way I can think of, along with my new commercial airplane leader, and then we'll get out with new news. But honestly, right now, it's all about the MAX, getting it up. And yes, I believe in the product.

另一方面，我只是想傾聽客戶和市場的聲音。自從我們開始整個討論以來已經過去兩年多了。我將與我的新商用飛機領導者一起以我能想到的一切方式更新它，然後我們將發布新消息。但說實話，現在最重要的是 MAX，讓它起來。是的，我相信這個產品。

Our next question comes from the line of Ron Epstein from Bank of America.

我們的下一個問題來自美國銀行的羅恩愛潑斯坦。

Maybe a big picture question for you. You've mentioned a couple of times in -- when you talked to the press before that you're focusing on the culture of the company, right? And so my question is how do you change the culture, it's a big organization? And particularly when you've got a workforce in some places, it might be a bit demoralized given some of the texts and things that went around. I mean that's something we can infer. And since you had this front-row seat on the Board of what happened, and this is a question I asked your predecessor that he never really answered, how did we get here?

也許對你來說是一個大問題。您之前在接受媒體採訪時曾多次提到您關注的是公司文化，對嗎？所以我的問題是如何改變文化，這是一個大組織？尤其是當你在某些地方擁有勞動力時，考慮到一些文字和周圍發生的事情，可能會有點士氣低落。我的意思是我們可以推斷出這一點。既然你在董事會中對所發生的事情擁有前排席位，而且這是我問過你的前任但他從未真正回答過的問題，我們是如何走到這一步的？

That's a big question. Yes. So first of all, let's go back to what happened. So the MCAP design failed to deal with a boundary condition in an environment we should have known something about. The regulators made the same mistake. There are engineering disciplines that you can and should apply to that question that I think can get fixed relatively quickly. I don't think culture contributed to that miss. I think simply disciplines did.

這是一個大問題。是的。首先，讓我們回顧一下發生的事情。因此，MCAP 設計未能處理我們應該了解的環境中的邊界條件。監管者也犯了同樣的錯誤。您可以而且應該應用一些工程學科來解決這個問題，我認為這些問題可以相對快速地解決。我不認為文化因素導致了這次失誤。我認為只是紀律而已。

The question with respect to training recommendations and the horrible IMs that people would like to think all of Boeing rights really was relegated to a relatively small group of folks, but it wasn't detected. The system didn't apparently listen or watch for things like that, and it didn't react appropriately. And I have to do everything in my power to make sure going forward that it does.

關於培訓建議和可怕的即時消息的問題是，人們認為波音公司的所有權利實際上都被降級到相對較小的一群人，但沒有被發現。系統顯然沒有傾聽或觀察類似的事情，也沒有做出適當的反應。我必須盡我所能確保它能夠繼續下去。

Listening starts with leadership, and it starts with me. And I think we need to do more of it. And then slowly, steadily, you change culture. People want to believe in that, and they will. They are all good engineers. They are all -- they all follow disciplined processes. And let's not mistake, this plan is 777X, tested more technology, tested our patience, tested our disciplines in every way you can think of. And we did it successfully on that first flight, and we will move it through a certification process that will be more rigorous than history has ever seen. And we'll get to that finish line, and we'll fly it. And if you looked at that product and sat near or in or flew in it, you'd be impressed with everything about Boeing, I promise you.

傾聽從領導力開始，從我開始。我認為我們需要做得更多。然後慢慢地、穩定地改變文化。人們想要相信這一點，他們也會相信的。他們都是優秀的工程師。他們都遵循嚴格的流程。我們不要誤會，這個計劃是 777X，測試了更多技術，測試了我們的耐心，以您能想到的各種方式測試了我們的紀律。我們在第一次飛行中成功地做到了這一點，我們將使其通過比歷史上任何時候都更加嚴格的認證流程。我們會到達終點線，並且會飛翔。如果您看到該產品並坐在它附近或裡面或乘坐它飛行，我向您保證，您會對波音的一切印象深刻。

So the thing isn't entirely broken. Leaders have a massive role to play in setting culture, setting the stage for how to fix a culture. And I have to demonstrate that one step at a time, every inch of the way. I don't have to convince anybody that safety is in the best interest of every stakeholder and including investors. It is. It's perfectly obvious to everyone. So I have no convincing to do on that front. I will have no competing priorities as we step forward. And so I hate to reduce it to things that's simple, but I think that's what it's all about.

所以這個東西還沒完全壞掉。領導者在塑造文化、為如何修復文化奠定基礎方面發揮著巨大作用。我必須一步一步地、每一寸地證明這一點。我不必讓任何人相信安全符合每個利害關係人（包括投資者）的最佳利益。這是。這對每個人來說都是顯而易見的。所以我在這方面沒有令人信服的事情要做。當我們向前邁進時，我不會有任何競爭的優先事項。所以我討厭把它簡化為簡單的事情，但我認為這就是它的全部意義。

We have a question from the line of Sheila Kahyaoglu from Jefferies.

我們收到來自 Jefferies 的 Sheila Kahyaoglu 的提問。

We talked about clearly a lot of challenges with the MAX grounding, the 787 rate cut and 777 potential delays. I guess how do we think about the longer-term implications of what the Commercial Airplane segment looks like in 2022, whether that's market dynamics, touching on Carter's question, impact of charges and some of that offset by manufacturing processes at Boeing? If you could maybe talk about what 2022 looks like.

我們明確討論了 MAX 停飛、787 降價和 777 潛在延誤等諸多挑戰。我想我們如何看待 2022 年商用飛機領域的長期影響，無論是市場動態、卡特問題、收費的影響還是波音製造流程所抵銷的部分影響？如果您可以談談 2022 年會是什麼樣子。

Yes. Yes. Well, I think on the widebody side, we talked about kind of where we see the rate profiles today. And I think, as we said, we think it's prudent, considering the outlook and some of the global, I'll say, trade dynamics and the timing associated with taking a trade deal to a point of actually a delivery in a skyline, we still got some steps to work our way through. So I think we're being prudent here and looking at the marketplace in that time and moderating those rates.

是的。是的。嗯，我認為在寬體機方面，我們討論了今天看到的費率概況。我認為，正如我們所說，我們認為這是謹慎的，考慮到前景和一些全球貿易動態以及與將貿易協議實際交付到天際線相關的時機，我們我們還有一些步驟需要完成。因此，我認為我們在此保持謹慎態度，關注當時的市場並調節這些利率。

Now having said all that, there's still great demand for the widebody franchises, and you see that in the backlog and you see that in the market outlook. So I think the potential there going forward continues to be strong.

話雖如此，對寬體機特許經營權的需求仍然很大，您可以在積壓訂單和市場前景中看到這一點。所以我認為未來的潛力仍然很大。

On the narrowbody, in 2022 under these assumptions we talked about, you're certainly getting back up in rate, but all these investments we've been making during this time of grounding, Sheila, and I think if you saw the line today versus what you saw even a year ago, there's been tremendous activity put in place in tools and processes to have stability for the long term. That ultimately is going to help the overall franchise, our predictability on delivering to our customers on time and a healthier supply chain as a result of it.

在窄體飛機上，在我們討論的這些假設下，到 2022 年，您的利率肯定會回升，但我們在停飛期間所做的所有這些投資，希拉，我想如果您今天看到的線與正如您一年前所看到的那樣，為了保持長期穩定性，工具和流程方面已經開展了大量活動。這最終將有助於整體特許經營、我們按時向客戶交付產品的可預測性以及由此帶來的更健康的供應鏈。

So that's been a huge level of effort today. But let's face it, that's a long-term play, but it's a really critical one to get in place during this time. So we have that stability and predictability, again, on our delivery profile and then ultimately on our financials.

所以今天我們付出了巨大的努力。但讓我們面對現實吧，這是一項長期的工作，但在這段時間內落實到位非常關鍵。因此，我們的交付情況以及最終的財務狀況都具有穩定性和可預測性。

And then during this, we mentioned, we're still making investments. And we're making investments in the productivity as well as on the R&D side. So we're being prudent about it, and we're being -- we're sharpening the pencils. But that, again, is really focusing on the long-term franchise that we have and the potential franchises to come.

然後在此期間，我們提到，我們仍在進行投資。我們正在生產力和研發方面進行投資。所以我們對此持謹慎態度，我們正在削鉛筆。但這再次真正關注的是我們擁有的長期特許經營權和未來的潛在特許經營權。

I'd like to follow on. I like everything about the portfolio of products that we field, widebody and narrowbody. The trade deal matters a lot. And I believe if it is what I think it is and our Chinese customers come back and we rebuild the relationship we've always had and enjoyed with them, I think that is a major stimulus.

我想繼續跟進。我喜歡我們所生產的寬體和窄體產品組合的一切。貿易協定非常重要。我相信，如果事情真如我所想，我們的中國客戶回來了，我們重建了與他們一直以來的關係，我認為這是一個重大的刺激。

Secondly, this industry has been supply chain limited and constrained. And I believe that some of the actions have been taken on Boeing's side of that process. During this pause, some of the readiness questions that we -- I believe, are being fixed. I think that supply chain will begin to alleviate itself, and I don't think we'll be as supply-constrained going forward as we have been to date. And now I'm trying to speak for the industry, not just for us. So I am optimistic from lots of angles, but I think those are the big ones.

其次，這個產業一直受到供應鏈的限制和限制。我相信波音方面已經在這過程中採取了一些行動。在這段暫停期間，我們認為一些準備問題正在解決。我認為供應鏈將開始緩解，而且我認為我們未來不會像迄今為止那樣受到供應限制。現在我試圖代表整個產業，而不僅僅是我們自己。所以我從很多角度都很樂觀，但我認為這些才是最重要的。

Our next question then will come from the line of Doug Harned from Bernstein.

我們的下一個問題將來自伯恩斯坦的道格·哈內德（Doug Harned）。

The one thing I'm certain, Dave, is that a decade ago, we could not have predicted we'd be having this conversation. The thing I'd like to look at is the challenges you're looking at BCA. And in the short term, as you said, you're spending time with regulators and customers to support MAX certification. And then over the course of the year, you've also got to deliver on the restart operationally of the MAX, improve efficiency on the 787 as rate comes down, progress on the 777X, and then as you talked about, decide on how Boeing is going to look at what it does next. And I would think you wouldn't want to wait too long to see how you want to compete against Airbus in the back half of the decade.

戴夫，我確信的一件事是，十年前，我們無法預測我們會進行這樣的對話。我想關注的是 BCA 面臨的挑戰。正如您所說，短期內您將花時間與監管機構和客戶合作以支援 MAX 認證。然後在這一年中，你還必須實現 MAX 的營運重啟，隨著運價下降提高 787 的效率，777X 的進展，然後正如你所說，決定波音如何我們將看看它接下來會做什麼。我想你不會想等太久就能看到你想如何在本世紀後半段與空中巴士公司競爭。

So with all of this on your plate, new leaders across BCA, so how are you prioritizing your time? And when we get to the end of the year, what would you consider a successful outcome on sort of short-, medium- and long-term issues there?

那麼，面對所有這些事情，BCA 的新領導們，您如何優先安排自己的時間？當我們到年底時，您認為短期、中期和長期問題的成功結果是什麼？

Well, one, Doug -- so thanks for the question. As you said, I remember looking at this chessboard all the way back in 2000. Didn't turn out actually as different with the exception of the MAX pickup, as you might think. We are on a very long cycle world. Getting decisions right is way more important than getting them fast. So I make no mistake about that.

嗯，一，道格——謝謝你的提問。正如你所說，我記得早在 2000 年就一直看著這個棋盤。正如您可能想像的那樣，除了 MAX 皮卡之外，實際上並沒有什麼不同。我們正處於一個非常長週期的世界。做出正確的決策比快速做出決策更重要。所以我對此沒有任何誤解。

The MAX itself has to be my priority over the course of this year. It's important from a lot of points of view. One, the economics of our institution rely in a significant way on it. Rebuilding the relationships with our customers and our regulator in the process of getting the MAX back up is also critically important. We will always be dependent on those relationships.

MAX 本身必須成為我今年的首要任務。從很多角度來看這都很重要。第一，我們機構的經濟在很大程度上依賴它。在恢復 MAX 的過程中重建與客戶和監管機構的關係也至關重要。我們將永遠依賴這些關係。

And then finally, with respect to new airplane development, I don't think anybody will enjoy working on that more than I will. I just want to get exactly the right airplane for the market that's out there. And I want to refresh our view as to what it is. The last 2.5 years have been tumultuous. It has tested some of the -- in my view, some of the edges of demand on all types of airplanes. And so we had to learn from that. But I will not hesitate to move forward on it. And I think creating competitive advantage in that next airplane, I think I have more tools to work with than I've ever had in my previous life. So at any rate, I have confidence in all of that.

最後，關於新飛機的開發，我認為沒有人會比我更喜歡從事這方面的工作。我只是想買到最適合市場的飛機。我想刷新我們對它是什麼的看法。過去的2.5年是動盪的。在我看來，它測試了所有類型飛機的一些需求邊緣。所以我們必須從中學習。但我會毫不猶豫地繼續前進。我認為，為了在下一架飛機中創造競爭優勢，我認為我擁有比前世更多的工具可以使用。所以無論如何，我對這一切都有信心。

But I don't want to -- going back to your original question, I don't want to confuse anybody in the process. The fact that I will be focused on the MAX, the fact that I will talk about that almost exclusively across Boeing over the course of this coming year is not an indication that I'm going to start anything going forward. It is simply a necessity for us. We got to get it out there, and we have to get our confidence back and get on the front of our feet. And so, again, that's mostly what you'll hear from me, but don't get confused by it, please.

但我不想——回到你原來的問題，我不想在這個過程中讓任何人感到困惑。事實上，我將專注於 MAX，事實上我將在未來的一年裡幾乎專門在波音公司談論 MAX，但這並不表明我將開始任何前進的事情。這對我們來說只是必需品。我們必須把它拿出來，我們必須找回信心，站起來。所以，再一次，這就是你從我這裡聽到的大部分內容，但請不要對此感到困惑。

And if I can, when you look at this year, certainly, financially, this will be a rough year. But when you put all this together, do you have goals you're thinking of and how this should translate into financial goals in 2021 or 2022? Or is it too early to think that way? How do you treat that?

如果可以的話，當你回顧今年時，當然，從財務角度來看，這將是艱難的一年。但是，當您將所有這些放在一起時，您是否有正在考慮的目標以及如何將其轉化為 2021 年或 2022 年的財務目標？或者現在這樣想還太早嗎？你如何對待這個？

Yes, it's too early to think that way. While I might conjure up a notion here in my head, I'm going to listen to an awful lot of people before I do. And I'm also going to be certain that all the investments that are required to stand up our engineering function, have everybody regain their confidence and, again, simply believe in the safety of every airplane that The Boeing Company puts forward, I don't want to -- I'm not going to jump to that conclusion now. I'm simply going to get through this moment, restore our confidence and then projections will follow.

是的，現在這樣想還太早。雖然我可能會在腦海中浮現出一個想法，但在此之前我會聽取很多人的意見。我還將確定，維持我們的工程職能所需的所有投資，讓每個人都重拾信心，並再次相信波音公司提出的每架飛機的安全性，我不相信我不想——我現在不打算貿然下這個結論。我只是要度過這一刻，恢復我們的信心，然後預測就會跟著來。

Our next question then will come from the line of David Strauss from Barclays.

我們的下一個問題將來自巴克萊銀行的大衛·施特勞斯。

Wanted to discuss the supply chain and how you're approaching the supply chain during this call. Greg, you mentioned some of this $4 billion, I guess, is to support the supply chain during the halt. How overall are you approaching -- it doesn't sound like you're telling everyone to halt. Who are you not telling to halt? How much financial support are you going to provide to the supply chain or do you think is needed for the supply chain during this?

想在這次電話會議中討論供應鏈以及您如何處理供應鏈。格雷格，你提到這 40 億美元的一部分，我猜，是為了在停工期間支援供應鏈。你的整體進展如何——聽起來你並沒有告訴每個人都停下來。你不告訴誰停下來？您打算向供應鏈提供多少資金支持，或者您認為供應鏈在此期間需要多少資金支持？

Yes. No, David, I would tell you, it's a one-on-one engagement, and not just them but their suppliers. And so I'll say kind of tiered-down suppliers and understanding the impact that this is having on them and then what levers do we all have in order to help get them through this. And again, with the objective that we're playing a long game, and we want them to come out of this healthier, quite frankly.

是的。不，大衛，我會告訴你，這是一對一的接觸，不僅是他們，還有他們的供應商。因此，我會說一些分級供應商，並了解這對他們的影響，然後我們都有哪些槓桿來幫助他們度過難關。再說一次，我們的目標是打一場持久戰，坦白說，我們希望他們能更健康地走出困境。

So each one of them is a little bit different about how we're working and how we're engaging and what type of assistance is needed. Everybody, as you know, has been at a little bit of a different level of production through this. So there's different levels of inventory. So I would tell you, if you went around supplier by supplier, you're going to get a variation of what their build rate is or where they are in inventory. But the engagement with them, I would say, has been very good by our supply chain folks and keeping them informed and trying to get ahead of this, and again, making smart decisions and assisting where we can assist. So, yes, we've got some provisioning in here to help them, and we'll continue to do that, again, with the long-term objective. We need them to be healthy. We want them to be healthy, and we're playing this for the long term.

因此，他們每個人在我們的工作方式、參與方式以及需要什麼類型的幫助方面都略有不同。如您所知，每個人都處於不同的生產水平。所以庫存有不同的水準。所以我想告訴你，如果你逐一供應商，你會得到他們的建造率或庫存位置的變化。但我想說的是，我們的供應鏈人員與他們的接觸非常好，讓他們了解情況並努力搶先一步，再次做出明智的決策並在我們能提供幫助的地方提供幫助。所以，是的，我們在這裡提供了一些準備來幫助他們，並​​且我們將繼續這樣做，以實現長期目標。我們需要他們保持健康。我們希望他們保持健康，我們會長期這樣做。

So even some of these productivity things that we've we talked about on the 37, the supply chain team has taken those into the supply chain that, again, ultimately will make them healthier, more stable, more predictable, which is going to be key to our production rates going forward.

因此，即使是我們在 37 日討論過的一些生產力問題，供應鏈團隊也已將它們納入供應鏈，最終將使它們更健康、更穩定、更可預測，這將是我們未來生產力的關鍵。

I might just add, the -- their rate in return in these early months will be ahead of ours, and that's by design simply because we want the protection in our factories so that we never travel work. That's actually an important discipline that we will reinstall with our MAX line. And they will be the beneficiary to that as they, as I said, accelerated at a faster rate.

我可能只是補充一下，他們在最初幾個月的回報率將領先於我們，這是設計使然，因為我們希望我們的工廠得到保護，這樣我們就不會出差工作。這實際上是一個重要的規則，我們將在 MAX 系列中重新安裝它。他們將成為受益者，因為正如我所說，他們以更快的速度加速發展。

Can I ask one clarifying question, Dave? I think you mentioned that you see certification -- or for planning purposes, accounting purposes, certification and deliveries resuming in the middle of the year. Or is it cert and then I assume some sort of lag between cert and then deliveries resuming?

我可以問一個澄清問題嗎，戴夫？我想你提到過你會看到認證——或者出於規劃目的、會計目的，認證和交付將在年中恢復。或者它是證書，然後我假設證書和恢復交付之間存在某種滯後？

Yes. We've got a kind of time in the midyear time frame, Dave. But like we said, it's going to be a very moderated, slow, I'll say, prudent ramp-up. And as we talked about, priority 1, once the grounding is lifted, will be to start getting those airplanes off the tarmac, the inventoried aircraft, and then slowly bringing that line up in a very methodical way and monitoring stability each step of the way. And when we reach our objectives of stability, then we'll make the next move. But that will kind of be the priority and the time frame associated with that.

是的。戴夫，我們在年中的時間範圍內度過了一段時間。但正如我們所說，這將是一個非常溫和、緩慢、謹慎的成長過程。正如我們所討論的，一旦取消停飛，第一要務將是開始讓這些飛機離開停機坪，即庫存的飛機，然後以非常有條理的方式慢慢地調整該隊列，並監控每一步的穩定性。當我們實現穩定目標時，我們將採取下一步行動。但這將是優先事項以及與之相關的時間框架。

Now we will -- currently, we're looking at starting the line earlier than the actual lifting of the grounding. But again, think of that as a risk mitigator. We'll look at that during that period of time and our confidence level of getting the grounding lifted, and then we'll start to slowly bring resources back onto the program, keeping in mind that these lines are empty. They're going to be empty. They're empty right now. And so we'll start in position 1, but again, very methodical, start bringing the crews over, get stability and then slowly bring them back into play. But we'll make that decision as we get closer to return to service, but that's the game plan that we see it today.

現在，我們正在考慮在實際解除接地之前開始生產線。但同樣，請將此視為風險緩解因素。我們將審視那段時間的情況以及我們對解除基礎的信心水平，然後我們將開始慢慢地將資源帶回該計劃，同時記住這些線是空的。他們將是空的。他們現在是空的。因此，我們將從位置 1 開始，但同樣，非常有條理，開始讓工作人員過來，穩定下來，然後慢慢地讓他們重新投入工作。但我們會在接近恢復服務時做出決定，但這就是我們今天看到的遊戲計劃。

And if the question relates to this certificates by airplane, which, of course, is going to be a new and very, I think, tightly run process, of course, that involves us and the FAA. And I think we've provided for plenty of room for that process to unfold methodically and not with too much pressure on it. So that's important in the way we've laid out our time line.

如果問題與飛機證書有關，當然，我認為這將是一個新的、非常嚴格的流程，當然，涉及我們和美國聯邦航空局。我認為我們已經為這個過程有條不紊地展開提供了足夠的空間，而不是給它太大的壓力。因此，這對於我們制定時間表的方式非常重要。

We have a question from the line of Jon Raviv from Citi.

我們收到花旗銀行喬恩‧拉維夫 (Jon Raviv) 的提問。

In the context of cash being a bigger use in '20 versus '19, certainly understand the moving pieces in BCA, can you talk about perhaps some of the cash generation and the state of the businesses outside of Boeing Commercial, which I think is still a relevant topic here?

在 20 世紀與 19 世紀現金使用量更大的背景下，當然了解 BCA 的變化，您能否談談波音商業公司之外的一些現金產生和業務狀況，我認為波音商業公司仍然是這裡有相關主題嗎？

Yes, yes. On BDS, slightly lower than last year. And I'd say a lot of that is timing. It's just around receipt timing and award timing. But outside of that, from an operating -- core operating performance, pretty much on par. But we'll see a little bit of headwind this year. And on BGS, a little bit of headwind but less than BDS, and again, a lot of that is just timing. It's nothing more than that. The core performance-wise or the conversion to earnings to cash, it remains pretty consistent with 2019. But again, the bulk of the variance in cash will be at BCA.

是的是的。北斗系統上，比去年略有下降。我想說很多都是時間問題。這只是關於收據時間和獎勵時間。但除此之外，從營運核心營運表現來看，幾乎是相當的。但今年我們會看到一些逆風。在 BGS 上，有一點逆風，但比 BDS 少，而且，其中很多只是時機問題。僅此而已。核心業績或現金收益轉換與 2019 年保持相當一致。但同樣，大部分現金差異將來自 BCA。

We have a question from Noah Poponak from Goldman Sachs.

我們有來自高盛 (Goldman Sachs) 的諾亞·波波納克 (Noah Poponak) 的提問。

Wanted to ask about 787 supply and demand and then also the margins given the changes there. Do you have visibility into the order pace stepping up into the kind of mid-100s per year for a while there? Because even at the 12 a month or the 10 a month and you're still building over 100, but the order rate has been below 100. So I know China is an input but not -- I don't know if China is planning to order that many widebodies that would fill that gap sustainably.

想了解 787 的供需情況，以及考慮到那裡的變化後的利潤率。您是否能看到那裡的訂單速度在一段時間內每年會增加到 100 個左右？因為即使是每月 12 件或每月 10 件，你的訂單數量仍然超過 100 個，但訂單率卻一直低於 100 個。所以我知道中國是一個投入，但不是——我不知道中國是否計劃訂購那麼多寬體飛機來可持續地填補這一空白。

And then, Greg, on the margin, on the cash margin, you've talked about being able to continue to increase it just at a slower pace at 12 versus 14. Is that still true or not at 10?

然後，格雷格，在邊際上，在現金邊際上，您談到能夠繼續以較慢的速度增加現金邊際，即 12 比 14。到了 10 年後，這仍然是真的嗎？

Yes, yes. Obviously, not at the same, I'll say, slope as it was, but we still continue to see improved cash margin over the profile for all the reasons we've discussed before between supply chain, mix and our own productivity. That story is unchanged. But again, the amount of growth over that period has moderated obviously under these lower rates.

是的是的。顯然，我想說的是，斜率與以前不同，但我們仍然繼續看到現金利潤率的提高，原因是我們之前在供應鏈、組合和我們自己的生產力之間討論過的所有原因。這個故事沒有改變。但同樣，在這些較低的利率下，這段期間的成長量明顯放緩。

On the supply-demand, China is a big deal. Don't mistake it. It's a big deal, and that's a big play in these production rates. Outside of that, as you've seen, when we've been going head-to-head with the 787, we've been winning the marketplace. The airplane continues to bring great economics into the field. And the long-term market outlook continues. When you look at the 20-year forecast, there's still a lot of widebodies and more replacement in there. And the 787 family, I think, is extremely well suited to address that market. And I'd say the one that is probably underserved at this point is the 787-10. I think as we see that replacement market, I'll say coming more within our skyline, I think we're going to continue to see more demand for the -10. It's just an incredible value proposition and machine for our customers, especially considering what is going to be replacing in the market.

就供需而言，中國是一個大問題。別誤會了。這是一件大事，而且對生產力有很大影響。除此之外，正如您所看到的，當我們與 787 正面交鋒時，我們一直在贏得市場。該飛機繼續為該領域帶來巨大的經濟效益。長期市場前景仍在持續。當你看一下 20 年的預測時，你會發現仍然有很多寬體機和更多的替代品。我認為 787 系列非常適合滿足該市場的需求。我想說，目前服務不足的機種是 787-10。我認為，當我們看到替換市場時，我會說更多地出現在我們的天際線中，我認為我們將繼續看到對 -10 的更多需求。對於我們的客戶來說，這只是一個令人難以置信的價值主張和機器，特別是考慮到市場上即將被取代的東西。

So China, big watch item. Outside of that, do we have work to do on the skyline? Absolutely. And we're going to play that out one campaign at a time. And we'll continue to monitor, again, our lead times and make whatever adjustments are needed. But as we see it today, we think this is a prudent thing to do, and we have good confidence in the 10 to go into 12 a month.

所以中國，大型手錶專案。除此之外，我們在天際線上還有工作要做嗎？絕對地。我們將一次進行一場戰役。我們將再次繼續監控我們的交貨時間並做出任何必要的調整。但正如我們今天所看到的，我們認為這是一件謹慎的事情，我們對每月 10 到 12 充滿信心。

Do you expect the China 787 order to come out of Phase 1 specifically? Or do we need to get past Phase 1?

您是否預計中國 787 訂單將在第一階段結束？或者我們需要度過第一階段嗎？

I don't know at this point. No. I know -- we know that airplanes are a part of the -- certainly, a big part of the trade deal with China. And we'll get into those details when -- between the government and our customers, but we're actually engaged with them. And when we get more clarity on that, then we'll provide it. But at this point, we're -- we don't have model clarity.

我現在不知道。不。我知道——我們知道飛機是與中國貿易協議的一部分——當然也是很大一部分。我們將在政府和我們的客戶之間討論這些細節，但我們實際上正在與他們接觸。當我們對此更加清楚時，我們將提供它。但目前，我們還沒有明確的模型。

There's no reason to believe it has to wait for Phase 2.

沒有理由相信它必須等待第二階段。

We have a question from the line of Hunter Keay from Wolfe Research.

我們有來自 Wolfe Research 的 Hunter Keay 的問題。

So I realize, obviously, FAA is the decider here. You've made that very clear. But would you care to -- in the spirit of transparency, would you care to share your accounting assumptions for the MAX rate ramp 6 and 12 months after recertification? And then the second part of the question is how can you get comfortable potentially resuming production before certification given all the head fakes that we've had over the last few months or so?

所以我意識到，顯然，美國聯邦航空局是這裡的決定者。你已經說得很清楚了。但是，本著透明的精神，您願意分享您對重新認證後 6 個月和 12 個月的 MAX 利率上升的會計假設嗎？問題的第二部分是，考慮到過去幾個月左右我們遇到的所有假冒產品，您如何才能在認證之前放心地恢復生產？

Yes. Well, maybe on that one, I'll just, again, put a finer point on what the game plan is as we see it. Don't think of that as just turning the line back on. We're going to slowly bring crews back, but we're going to have to have a confidence level -- a higher confidence level in that exact time frame on return to service because, obviously, we don't want to build more airplanes and store them.

是的。好吧，也許在這一點上，我會再次更詳細地闡述我們所看到的遊戲計劃。不要認為這只是重新打開線路。我們將慢慢地讓機組人員回來，但我們必須有一個信心水平——在恢復服務的確切時間範圍內有更高的信心水平，因為顯然，我們不想建造更多的飛機並存放它們。

So that's the game plan as it sits today. But again, remember, the line is empty. So it's going to be in the first position, and that's going to take some time to slowly bring that up. But obviously, we'll have cert flight behind us, which is a big milestone, and that will give us more confidence in our, I'll say, kind of slow introduction of the production line. So that's the game plan on that.

這就是今天的遊戲計劃。但再次記住，該行是空的。所以它將處於第一個位置，這將需要一些時間來慢慢地提出。但顯然，我們將進行認證飛行，這是一個重要的里程碑，這將使我們對生產線的緩慢引進更有信心。這就是我們的計劃。

As far as rate increases going forward, Hunter, I would just say, look, we got to get this thing back. We got to start delivering on the -- off the ramp and think of the rate increases one step at a time, or as Dave has said to many of us, one airplane at a time. We're going to keep work in position, and we're going to ensure we have stability and equally, if maybe not more important, the supply chain has stability. We'll make the next rate increase. So we've certainly made some assumptions in there, but we are going to do this one at a time. And again, really playing the long game here to ensure we've got stability that is, I'll say, institutionalized, not just with us but all suppliers, and then that will ultimately have a much more predictable production, I'll say, cadence to it and predictability and delivering to our customers.

至於未來利率的上漲，亨特，我只想說，看，我們必須把這件事拿回來。我們必須開始在停機坪上交付，並考慮一次一步地增加速度，或者正如戴夫對我們許多人所說的那樣，一次一架飛機。我們將保持工作到位，我們將確保我們的穩定性，同樣，如果不是更重要的話，供應鏈也具有穩定性。我們將在下次升息。所以我們當然在那裡做了一些假設，但我們將一次做一個。再說一遍，真正在這裡打持久戰，以確保我們獲得穩定性，也就是說，制度化，不僅是我們，而且是所有供應商，然後我會說，最終將有一個更加可預測的生產、節奏和可預測性以及交付給我們的客戶。

So we'll keep you posted on our rate plans going forward. But at this time, that's kind of the game plan, and we'll give you more clarity once we -- like I said, once we provide guidance and I'll say the moving pieces that will support that guidance.

因此，我們將隨時向您通報我們未來的費率計劃。但目前，這就是遊戲計劃，一旦我們——就像我說的那樣，一旦我們提供指導，我們就會給你們帶來更多的清晰度，我會說支持該指導的移動部分。

I just will reiterate because I think it does matter. That philosophy, one at a time, is reflected in what we have built into this set of financials and our expectations. So I hope we can go one at a time at a rate that exceeds those expectations, but we're not going to think about it that way. We're simply going to get to every next airplane.

我只是重申一下，因為我認為這確實很重要。這一理念一次一個地反映在我們的這套財務數據和我們的預期中。所以我希望我們能夠以超出預期的速度一次一個地進行，但我們不會這樣考慮。我們只需趕上每一架飛機即可。

Please go ahead.

請繼續。

That concludes our question-and-answer session. Thank you for joining the call.

我們的問答環節到此結束。感謝您加入通話。

Thank you. That completes The Boeing Company Fourth Quarter 2019 Earnings Conference Call. Thank you for joining.

謝謝。波音公司 2019 年第四季財報電話會議至此結束。感謝您的加入。