波音 (BA) 2021 Q2 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 Second Quarter 2021 Earnings Conference Call.

大家好，歡迎來到波音公司 2021 年第二季度收益電話會議。

Today's call is being recorded.

今天的通話正在錄音中。

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

管理層討論和幻燈片演示，以及分析師問答環節，都在互聯網上進行現場直播。

(Operator Instructions) 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.

（操作員說明）此時，為了進行開場白和介紹，我將電話轉給波音公司投資者關係副總裁 Maurita Sutedja 女士。

Ms. Sutedja, please go ahead.

Sutedja 女士，請繼續。

Thank you, John.

謝謝你，約翰。

Thank you, and good morning.

謝謝，早上好。

Welcome to Boeing's Second Quarter 2021 Earnings Call.

歡迎來到波音 2021 年第二季度財報電話會議。

I'm Maurita Sutedja, and with me today are David Calhoun, Boeing's President and Chief Executive Officer; and Dave Dohnalek, Boeing's interim Chief Financial Officer.

我是 Maurita Sutedja，今天和我一起的有波音公司總裁兼首席執行官大衛卡爾霍恩；和波音臨時首席財務官 Dave Dohnalek。

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。

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

一如既往，我們在今天早些時候發布的新聞稿中提供了詳細的財務信息。

Projections, estimates and goals we include in our discussions this morning involve risks, including those described in our SEC filings and in the forward-looking statement disclaimer at the end of this web presentation.

我們在今天上午的討論中包含的預測、估計和目標涉及風險，包括我們提交給美國證券交易委員會的文件和本網絡演示文稿末尾的前瞻性聲明免責聲明中描述的風險。

In addition, we refer you to our earnings release and presentation for disclosures and reconciliation of certain non-GAAP measures.

此外，我們建議您參閱我們的收益發布和演示文稿，以了解某些非 GAAP 措施的披露和對賬情況。

Now I will turn the call over to Dave Calhoun.

現在我將把電話轉給戴夫卡爾霍恩。

Thank you, Maurita, and good morning, everyone.

謝謝 Maurita，大家早上好。

I hope you're all staying well as we continue through this global pandemic.

我希望你們在我們繼續度過這場全球大流行病的過程中一切都好。

And please encourage everyone you know to get the vaccine, if they haven't already.

請鼓勵您認識的每個人接種疫苗，如果他們還沒有的話。

With the onset of COVID-19 roughly 1.5 years ago, our worlds were turned upside down.

大約 1.5 年前，隨著 COVID-19 的出現，我們的世界發生了翻天覆地的變化。

As an industry, we faced it head-on and work together every step of the way.

作為一個行業，我們直面它，並在每一步都共同努力。

While there are still ways to go before a full recovery, we're encouraged by the continued progress on vaccine distribution and the uptick in domestic travel.

雖然在全面復甦之前還有很長的路要走，但我們對疫苗分發的持續進展和國內旅行的增加感到鼓舞。

We're also looking forward to further progress on coordinated international travel policies and protocols.

我們也期待在協調一致的國際旅行政策和協議方面取得進一步進展。

I've said before that we view this year as a critical inflection point, and it's proving to be just that.

我之前說過，我們將今年視為一個關鍵的轉折點，事實證明確實如此。

We are turning a corner, and the recovery is gaining momentum.

我們正在拐彎，復甦勢頭強勁。

Throughout all of this, we are continuously learning and adapting how we operate to best serve our customers, our suppliers, our teammates, our communities and other stakeholders, and I'm proud of how our team has remained focused on our mission.

在所有這一切中，我們不斷學習和調整我們的運營方式，以最好地服務於我們的客戶、我們的供應商、我們的隊友、我們的社區和其他利益相關者，我為我們的團隊如何始終專注於我們的使命感到自豪。

Before I go through our business update, I'd like to take a moment to recognize and thank Dave Dohnalek for serving as our interim CFO.

在介紹我們的業務更新之前，我想花點時間感謝 Dave Dohnalek 擔任我們的臨時首席財務官。

Dave is a proven well-respected leader here at Boeing, and I'm grateful for his partnership as we transition.

戴夫在波音公司是一位久經考驗、備受尊敬的領導者，我很感謝他在我們過渡期間的合作夥伴關係。

And as you know, we have appointed Brian West to serve as Boeing's next CFO.

如您所知，我們已任命 Brian West 擔任波音公司的下一任首席財務官。

It's effective August 27.

8 月 27 日生效。

Brian is an exceptional leader with significant financial management and long-term strategic planning experience in complex global organizations across the aerospace, manufacturing and services industries.

Brian 是一位傑出的領導者，在航空航天、製造和服務行業的複雜全球組織中擁有重要的財務管理和長期戰略規劃經驗。

And thanks to Greg Smith's legacy, he's inheriting a world-class finance team here at Boeing.

由於格雷格·史密斯的遺產，他在波音公司繼承了一支世界級的財務團隊。

I've worked directly with Brian previously in my professional career.

在我的職業生涯中，我曾直接與 Brian 共事過。

He has broad operational expertise and will bring great perspective to our business transformation journey and post-pandemic recovery as he joins the team this month.

他擁有廣泛的運營專業知識，並將在本月加入團隊時為我們的業務轉型之旅和大流行後恢復帶來廣闊的前景。

With that, let's start with an update on our business on the next chart.

有了這個，讓我們從下一張圖表上的業務更新開始。

Overall, we've made important progress in the quarter as our transformation actions began to take -- or get traction.

總體而言，隨著我們的轉型行動開始採取或獲得牽引力，我們在本季度取得了重要進展。

And we focused on improving our performance and driving stability across all of our operations.

我們專注於提高我們所有業務的績效並提高穩定性。

Let's start with the 737 program where we've made significant headway.

讓我們從取得重大進展的 737 項目開始。

We resumed 737 MAX deliveries in May and have continued to support our airline customer efforts to return those fleets to service.

我們在 5 月恢復了 737 MAX 的交付，並繼續支持我們的航空公司客戶努力使這些機隊恢復服務。

Excuse me, I'll keep going?

對不起，我會繼續嗎？

Yes.

是的。

In the second quarter, we delivered 47 737 MAX airplanes, including our first 737-8200 delivery to Ryanair.

第二季度，我們交付了 47 737 MAX 飛機，包括我們向瑞安航空交付的第一架 737-8200。

The 737 MAX 10 also completed its first flight in June, marking an important milestone for the largest member of the 737 family.

737 MAX 10 也在 6 月完成了首飛，標誌著 737 家族最大成員的一個重要里程碑。

As you may recall, roughly 9 months ago, we had approximately 450 airplanes in inventory, and we are awaiting approval from the FAA to begin returning the 737 MAX to service.

您可能還記得，大約 9 個月前，我們有大約 450 架飛機庫存，我們正在等待 FAA 批准開始讓 737 MAX 恢復服務。

Fast forward to today, and the progress is noteworthy.

快進到今天，進步是值得注意的。

175 countries have now approved the resumption of 737 MAX operations.

現已有 175 個國家/地區批准恢復 737 MAX 運營。

We've delivered more than 130 airplanes.

我們已經交付了 130 多架飛機。

Our airline customers have returned more than 190 previously grounded airplanes to revenue service.

我們的航空公司客戶已將 190 多架先前停飛的飛機恢復運營。

30 airlines have returned their fleets to service.

30 家航空公司的機隊已恢復服務。

And those airlines have safely flown nearly 95,000 commercial flights, totaling more than 218,000 flight hours.

這些航空公司已經安全飛行了近 95,000 次商業航班，總計超過 218,000 飛行小時。

Importantly, the fleet has an impressive schedule reliability rate of more than 99%.

重要的是，該機隊的進度可靠率高達 99% 以上，令人印象深刻。

Airlines are operating over 1,000 revenue flights daily and just last week, added nearly 3 million 737 MAX seats in the second half 2021 scheduled operations, a testament to the value proposition the airplane family offers.

航空公司每天運營超過 1,000 個創收航班，就在上週，在 2021 年下半年的定期運營中增加了近 300 萬個 737 MAX 座位，證明了該飛機系列提供的價值主張。

And as domestic traffic recovers, we believe we have started to turn a corner from an overall demand perspective.

隨著國內交通的恢復，我們相信從整體需求的角度來看，我們已經開始出現轉機。

This is reinforced by 5 straight months of positive net commercial airplane orders, driven primarily by the 737 MAX.

主要由 737 MAX 推動的連續 5 個月的正淨商用飛機訂單加強了這一點。

We are honored by the more than 280 additional orders during the quarter, including those from United Airlines and Southwest Airlines.

我們很榮幸本季度新增 280 多份訂單，其中包括美國聯合航空公司和西南航空公司的訂單。

And we appreciate the trust our customers are placing in Boeing and the 737 family.

我們感謝客戶對波音和 737 系列的信任。

These orders underscore our customers' commitment to continued fleet modernization as well as the accelerating demand for air travel.

這些訂單強調了我們的客戶對機隊持續現代化以及對航空旅行的需求不斷增加的承諾。

These new 737 airplanes are designed to improve the customer experience while significantly lowering carbon emissions per seat.

這些全新的 737 飛機旨在改善客戶體驗，同時顯著降低每個座位的碳排放量。

At the end of the quarter, we had over 3,300 aircraft in our 737 backlog.

在本季度末，我們的 737 積壓訂單中有超過 3,300 架飛機。

We're currently producing 16 airplanes per month and continue to expect to gradually increase the rate to 31 a month in early '22, with further gradual increases to correspond with market demand and importantly, supply chain capacity.

我們目前每月生產 16 架飛機，並繼續期望在 22 年初逐步將生產率提高到每月 31 架，並進一步逐步增加以適應市場需求，更重要的是供應鏈能力。

We will continue to assess the production rate plan as we monitor the market environment and engage in customer discussions.

我們將在監控市場環境和參與客戶討論時繼續評估生產率計劃。

As we previously communicated, the timing of remaining regulatory approvals will shape our delivery plans and our production ramp -- our rate ramp.

正如我們之前所傳達的那樣，剩餘監管批准的時間將影響我們的交付計劃和我們的生產坡度——我們的速率坡度。

We continue to work with global regulators and still anticipate that the remaining regulatory approvals will occur this year, including China.

我們將繼續與全球監管機構合作，並預計今年將完成剩餘的監管批准，包括中國。

And as always, we will follow global regulators' lead in the steps ahead.

一如既往，我們將在未來的步驟中遵循全球監管機構的領導。

Now I'd like to spend a bit of time on our business transformation efforts.

現在我想花點時間談談我們的業務轉型工作。

As we've discussed before, our activities in this area are organized around 5 pillars: infrastructure, overhead and organization, supply chain health, portfolio and investment and operational excellence.

正如我們之前所討論的，我們在這一領域的活動圍繞 5 個支柱進行組織：基礎設施、管理費用和組織、供應鏈健康、投資組合和投資以及卓越運營。

We've put rigor around each pillar and have detailed projects supporting each one.

我們對每個支柱都進行了嚴格的安排，並為每個支柱提供了詳細的項目支持。

We are implementing these projects to create long-lasting change, which will improve our competitiveness, help us grow our cash flow and create a foundation to enable us to return to healthy margins even at lower production rates.

我們正在實施這些項目以創造持久的變革，這將提高我們的競爭力，幫助我們增加現金流，並奠定基礎，使我們即使在較低的生產率下也能恢復健康的利潤率。

Many of the projects that we're executing have been shared previously and are widely visible, such as consolidating the 787 final assembly in Charleston; optimizing our facilities footprint to reduce nearly 6 million square feet of real estate; and forming strategic partnerships with IT vendors, accelerating our migration to the cloud.

我們正在執行的許多項目之前已經共享並且廣為人知，例如在查爾斯頓整合 787 總裝；優化我們的設施足跡以減少近 600 萬平方英尺的房地產；與IT廠商結成戰略合作夥伴關係，加速上雲。

Other projects may be less visible externally, but they're improving our productivity, simplifying our operations, reducing bureaucracy and driving first-time quality.

其他項目在外部可能不那麼顯眼，但它們正在提高我們的生產力、簡化我們的運營、減少官僚作風並提高首次質量。

Through our business transformation efforts over the past year, we've reduced billions of dollars of costs.

通過過去一年的業務轉型努力，我們減少了數十億美元的成本。

And our objective is that the majority of the savings is long-lasting, even when volume returns.

我們的目標是大部分節省是持久的，即使在銷量回升時也是如此。

At the same time, we remain focused on identifying new opportunities to further streamline how we operate.

與此同時，我們仍然專注於尋找新的機會，以進一步簡化我們的運營方式。

We've started to see the benefits of these efforts in our quarterly financial results, which Dave will go through in more detail.

我們已經開始在我們的季度財務業績中看到這些努力的好處，Dave 將詳細介紹這些成果。

As we've discussed previously, we've been adjusting the size of our workforce to align with the commercial market environment reality and lower production rates.

正如我們之前所討論的，我們一直在調整我們的勞動力規模，以適應商業市場環境的現實和較低的生產率。

We now plan to keep our overall workforce size roughly consistent with where we are today at approximately 140,000.

我們現在計劃將我們的整體員工規模保持在與今天大約 140,000 人大致一致的水平。

This will allow us to support the encouraging trends we've seen in the commercial market recovery; the growth opportunities in our defense and government services business; and increased investments to strengthen engineering and drive quality and stability into our production system, where the payback is large.

這將使我們能夠支持我們在商業市場復甦中看到的令人鼓舞的趨勢；我們國防和政府服務業務的增長機會；並增加投資以加強工程並提高我們生產系統的質量和穩定性，回報率很高。

Going forward, the pace of the commercial market recovery, trade relations with China, production rates and our own performance, our execution will be key factors of our overall employment levels.

展望未來，商業市場復甦的步伐、與中國的貿易關係、生產率和我們自己的表現，我們的執行力將是我們整體就業水平的關鍵因素。

Turning to our efforts to drive stability.

轉向我們推動穩定的努力。

With every action we are driving toward engineering excellence, production system stability and first-time quality and delivery predictability, which holding ourselves accountable to the highest standards.

我們採取的每一項行動都在推動工程卓越、生產系統穩定以及首次質量和交付可預測性，這使我們對最高標準負責。

We're implementing comprehensive quality and productivity initiatives in our factories and strengthening our quality reviews within our supply chain.

我們正在我們的工廠實施全面的質量和生產力計劃，並加強我們在供應鏈中的質量審查。

We conduct regular audits internally with suppliers to ensure adherence to approve processes and practices ranging from production methods to documentation standards.

我們對供應商進行定期內部審計，以確保遵守從生產方法到文檔標準的批准流程和實踐。

And as part of our process, we proactively and transparently keep the FAA fully aware of our efforts.

作為我們流程的一部分，我們主動且透明地讓美國聯邦航空局充分了解我們的努力。

This enhanced rigor has helped identify areas that we can improve.

這種增強的嚴謹性有助於確定我們可以改進的領域。

And by identifying and correcting any issue at the source, while our rates are still relatively low, we can strengthen first-time quality, eliminate traveled work and drive stability and predictability as demand returns.

通過從源頭上識別和糾正任何問題，雖然我們的費率仍然相對較低，但我們可以加強首次質量，消除出差工作，並隨著需求的恢復提高穩定性和可預測性。

These efforts have played a key role in supporting a healthy and stable rate ramp on the 737 MAX, and we're applying this same approach to the 787.

這些努力在支持 737 MAX 健康和穩定的運費增長方面發揮了關鍵作用，我們正在將同樣的方法應用於 787。

Now specifically on the 787 program, I understand the difficulties we have caused by the inconsistency in both our production rate and our delivery cadence.

現在特別是在 787 項目上，我理解我們因生產率和交付節奏不一致而造成的困難。

The impacts are felt by our suppliers and by our customers.

我們的供應商和客戶都感受到了這些影響。

I also recognize these uncertainties create challenges for the investment community to forecast our performance.

我也認識到這些不確定性給投資界預測我們的業績帶來了挑戰。

We are determined to address these issues and will work tirelessly to do so, just like we have and continue to do on the 737 MAX.

我們決心解決這些問題並將不懈努力，就像我們已經並將繼續在 737 MAX 上所做的那樣。

We're fully committed to this methodical approach to driving first-time quality and stability in our operations.

我們完全致力於採用這種有條不紊的方法來提高我們運營中的首次質量和穩定性。

The issues that our engineering teams have identified, and we are now addressing, are part of this purposeful process, and we have transparently communicated with our regulators and customers every step of the way.

我們的工程團隊已經確定並且我們現在正在解決的問題是這個有目的的過程的一部分，我們已經在每個步驟中與我們的監管機構和客戶進行透明的溝通。

We're progressing through these inspections and rework, including the additional work we shared earlier this month.

我們正在通過這些檢查和返工取得進展，包括我們在本月早些時候分享的額外工作。

We continue to engage in detailed discussions with the FAA on verification methodologies for the 787.

我們繼續與美國聯邦航空局就 787 的驗證方法進行詳細討論。

And based on our assessment of the time required, we're reprioritizing production resources for a few weeks to support the inspection and rework.

根據我們對所需時間的評估，我們將重新安排幾週的生產資源優先級以支持檢查和返工。

As that work is performed, the 787 production rate is now lower than 5 per month and will gradually return to that rate.

隨著這項工作的進行，787 的生產率現在低於每月 5 架，並將逐漸恢復到該水平。

Exact timing of returning to a rate of 5 per month will depend upon our progress on production stability and delivering airplanes from inventory.

恢復到每月 5 架的確切時間將取決於我們在生產穩定性和從庫存中交付飛機方面取得的進展。

Of the approximately 100 787s currently in inventory, we expect to deliver fewer than half of them this year.

在目前庫存的大約 100 787 架飛機中，我們預計今年交付的數量不到一半。

While this has a near-term impact to our operations, I'm confident it's the right course of action, and we will continue to take the time necessary to ensure the highest levels of quality.

雖然這對我們的運營有短期影響，但我相信這是正確的做法，我們將繼續花必要的時間來確保最高質量水平。

Although it's been a long journey, we believe we're closer to the end than the beginning.

雖然這是一段漫長的旅程，但我們相信我們離終點比起點更近。

Let me touch on the 777, 777X program, before I move to other segments.

在我轉到其他細分市場之前，讓我談談 777、777X 計劃。

The combined 777, 777X production rate is 2 per month.

777、777X 的總生產率為每月 2 架。

We continue to see strong freighter demand as evidenced by orders for 13 777 freighters in the quarter, providing a solid bridge to the 777X.

我們繼續看到強勁的貨機需求，本季度 13,777 架貨機的訂單證明了這一點，為 777X 提供了堅實的橋樑。

On the 777X program, we are subjecting the airplane to a comprehensive test program, designed to demonstrate safety and reliability as well as meet all applicable requirements.

在 777X 項目中，我們對飛機進行了全面的測試，旨在展示安全性和可靠性並滿足所有適用要求。

We continue to communicate transparently with the FAA and other global regulators about certification.

我們繼續與美國聯邦航空局和其他全球監管機構就認證進行透明溝通。

And like any development program, we learn every step of the way.

和任何開發計劃一樣，我們學習每一步。

We incorporate feedback from our regulators, and we mature and advance our product with every conversation, every engagement, every test, every review.

我們吸收了監管機構的反饋，並通過每次對話、每次參與、每次測試、每次審查來完善和改進我們的產品。

We continue to make progress to the previously shared schedule, including certification work with regulators and conducting Boeing flight tests.

我們繼續按照之前共享的時間表取得進展，包括與監管機構的認證工作和進行波音飛行測試。

The performance data we've collected to date suggests the airplane is performing as we expected and to our customers' commitments.

我們迄今為止收集的性能數據表明飛機的性能符合我們的預期並符合我們客戶的承諾。

We will be validating these results in the near future, along with continuing to work with the FAA to ensure we meet their requirements prior to beginning certification flight test.

我們將在不久的將來驗證這些結果，並繼續與美國聯邦航空局合作，以確保我們在開始認證飛行測試之前滿足他們的要求。

We continue to expect that we will deliver the first 777X in late 2023, as we shared previously.

正如我們之前分享的那樣，我們繼續預計我們將在 2023 年底交付第一架 777X。

Meanwhile, we continue delivering for our defense, space and services customers.

與此同時，我們繼續為我們的國防、太空和服務客戶提供服務。

Dave will go through the financials in more detail in his remarks.

戴夫將在他的發言中更詳細地介紹財務狀況。

But as you can see from the results, both our defense and services businesses had strong financial performance in the quarter.

但正如您從結果中看到的那樣，我們的國防和服務業務在本季度都有強勁的財務表現。

Let me highlight a few accomplishments.

讓我強調一些成就。

Our Defense, Space & Security team made history as our MQ-25 test asset completed the first-ever unmanned aerial refueling of another aircraft, the F-18.

我們的國防、太空和安全團隊創造了歷史，因為我們的 MQ-25 測試資產完成了另一架飛機 F-18 的首次無人空中加油。

We also joined the front fuselage of the first production T-7A with its aft section in less than 30 minutes, a testament to the digital advancements of the U.S. Air Force first eSeries aircraft and a demonstration of our model-based engineering and 3D design benefits.

我們還在不到 30 分鐘的時間內加入了第一架生產型 T-7A 的前機身及其後部，這證明了美國空軍第一架 eSeries 飛機的數字化進步，並展示了我們基於模型的工程和 3D 設計優勢.

Earlier this month, the U.S. Air Force approved the KC-46A Tanker for joint forces operational use of the center line hose and drogue refueling system, which provides more daily operational capabilities.

本月早些時候，美國空軍批准 KC-46A 加油機用於聯合部隊作戰使用中線軟管和錐套加油系統，提供更多的日常作戰能力。

KC-46A Tanker is of critical importance to our customer.

KC-46A 加油機對我們的客戶至關重要。

Moving to space.

移動到太空。

We began stacking the core stage of NASA's Space Launch System rocket, with other Artemis I elements at Kennedy Space Center.

我們開始將 NASA 太空發射系統火箭的核心級與肯尼迪航天中心的其他 Artemis I 元件堆疊在一起。

And of course, we're looking forward to the uncrewed orbital flight test of our commercial cruise, Starliner vehicle, later this week.

當然，我們期待本週晚些時候對我們的商用郵輪 Starliner 進行無人軌道飛行測試。

Additionally, in our Global Services business, we announced that we will be opening 2 new Boeing-converted freighter lines in 2022.

此外，在我們的全球服務業務中，我們宣布將於 2022 年開通 2 條新的波音改裝貨機航線。

We also signed a parts agreement with Turkish Technic and received a key contract to support C-17 training from the U.K. Royal Air Force.

我們還與 Turkish Technic 簽署了零部件協議，並從英國皇家空軍獲得了支持 C-17 訓練的重要合同。

In addition to program milestones, we made key progress on our sustainability, innovation and technology efforts.

除了計劃里程碑外，我們在可持續性、創新和技術方面的努力也取得了重要進展。

Just this week, we published Boeing's first integrated sustainability report, which is an important step in our continued efforts to reinforce our environmental, social and governance principles.

就在本週，我們發布了波音公司的第一份綜合可持續發展報告，這是我們不斷努力加強我們的環境、社會和治理原則的重要一步。

Also, we recently announced that we're collaborating with Alaska Airlines to fly an Alaska 737-9 aircraft in our ecoDemonstrator program.

此外，我們最近宣布，我們正在與阿拉斯加航空公司合作，在我們的 ecoDemonstrator 計劃中駕駛阿拉斯加 737-9 飛機。

In fact, today, our ecoDemonstrator aircraft is at Reagan National Airport, demonstrating the key leaders in many of the new technologies and improvements we're making to enhance safety and support a more sustainable future.

事實上，今天，我們的 ecoDemonstrator 飛機在裡根國家機場，展示了我們為提高安全性和支持更可持續的未來而進行的許多新技術和改進的主要領導者。

Earlier this month, we also announced a partnership with SkyNRG, focused on advancing the availability and use of sustainable aviation fuels, or SAF, globally.

本月早些時候，我們還宣布與 SkyNRG 建立合作夥伴關係，重點是在全球範圍內推進可持續航空燃料 (SAF) 的可用性和使用。

As part of this commitment, we will invest in SkyNRG, America's first dedicated U.S. production facility for SAF, to help establish SAF supply for airports and airline customers largely on the West Coast.

作為這一承諾的一部分，我們將投資美國第一家專門用於 SAF 的美國生產設施 SkyNRG，以幫助為主要位於西海岸的機場和航空公司客戶建立 SAF 供應。

Now let's turn to the next slide to discuss the industry environment.

現在讓我們轉到下一張幻燈片來討論行業環境。

Our government services, defense and space businesses remain significant and relatively stable.

我們的政府服務、國防和太空業務仍然重要且相對穩定。

While increased government spending on COVID-19 response is adding pressure to defense budgets in some countries, others are increasing spending on their security.

雖然增加政府在 COVID-19 響應方面的支出給一些國家的國防預算增加了壓力，但其他國家正在增加其安全支出。

Overall, the global defense market remains strong, and we continue to see solid global demand for our major programs.

總體而言，全球國防市場依然強勁，我們繼續看到全球對我們主要項目的強勁需求。

The diversity of our portfolio will continue to help provide critical stability for us as we move forward.

在我們前進的過程中，我們投資組合的多樣性將繼續幫助為我們提供至關重要的穩定性。

Congress has kicked off the annual authorization and appropriation cycle for fiscal year 2022.

國會已經啟動了 2022 財年的年度授權和撥款週期。

The President's budget proposal called for strategic investments in Boeing products and services from across the BDS and our BGS portfolios.

總統的預算提案要求對 BDS 和 BGS 產品組合中的波音產品和服務進行戰略投資。

The budget proposal demonstrates confidence in the capabilities of Boeing's F-15Ex and Apache as well as key commercial derivative programs such as the KC-46 Tanker and space programs like the Space Launch System, SLS, among other platforms.

預算提案顯示了對波音 F-15Ex 和阿帕奇以及關鍵商業衍生項目（如 KC-46 加油機）和太空項目（如太空發射系統、SLS 等平台）的能力的信心。

The FA-18 and the Chinook Block II remain critical capabilities for the warfighter, both domestically and for non-U.

FA-18 和支奴干 Block II 仍然是作戰人員的關鍵能力，無論是在國內還是在非美國。

S. customers.

S.客戶。

We will continue to work with the administration and work with Congress to ensure the necessary support for these key programs are in place.

我們將繼續與政府和國會合作，確保為這些關鍵項目提供必要的支持。

In the commercial market, while near-term pressure due to COVID-19 remains, the recovery is accelerating and many of the key long-term fundamentals remain intact.

在商業市場，雖然 COVID-19 帶來的短期壓力依然存在，但復甦正在加速，許多關鍵的長期基本面保持完好。

In June, we saw global departures approach 70% of 2019 levels, up from less than 60% in the first quarter.

6 月，我們看到全球離職率接近 2019 年水平的 70%，高於第一季度的不到 60%。

We've seen encouraging signs in some markets, although the recovery continues to be uneven.

我們在一些市場看到了令人鼓舞的跡象，儘管復甦仍然不平衡。

In the near term, we expect that the environment will remain very challenged for many of our airline customers and the industry as a whole as they adapt to this rapidly evolving travel demand.

在短期內，我們預計，在我們的許多航空公司客戶和整個行業適應這種快速變化的旅行需求時，環境仍將充滿挑戰。

While vaccine dissemination is broadening and some travel restrictions are loosening, others are still in place and some even tightening, which keeps significant pressure on passenger traffic.

雖然疫苗的傳播正在擴大，一些旅行限制正在放鬆，但其他一些仍然存在，有些甚至收緊，這對客運量造成了巨大壓力。

Continuing the positive momentum we saw in the first quarter, domestic traffic is leading the recovery.

延續我們在第一季度看到的積極勢頭，國內客運正在引領復甦。

May domestic traffic was 24% below 2019 levels compared to 50% a quarter before.

5 月份國內客流量比 2019 年水平低 24%，而上一季度為 50%。

Since then, it continues to pick up in regions like the U.S. and Europe, and we anticipate continued improvement this summer.

從那以後，它在美國和歐洲等地區繼續回升，我們預計今年夏天會繼續改善。

The U.S. domestic market is showing remarkable recovery, with summer bookings consistent with 2019 levels according to several airlines.

美國國內市場正在顯著復甦，據幾家航空公司稱，夏季預訂量與 2019 年的水平持平。

TSA average daily throughput has already reached over 2 million passengers, around 80% of 2019 levels.

TSA 平均每日吞吐量已超過 200 萬人次，約為 2019 年水平的 80%。

Additionally, some regions such as Europe, India, Latin America are recently seeing double-digit monthly improvements in operations as vaccine rates improve and travel restrictions begin to loosen.

此外，隨著疫苗接種率的提高和旅行限制開始放鬆，歐洲、印度、拉丁美洲等一些地區的運營情況最近出現了兩位數的月度改善。

While the recovery in China has wavered at times due to case rates, it remains robust with operations above 80% of pre-pandemic levels.

儘管中國的複蘇有時因病例率而動搖，但仍保持強勁，運營水平超過大流行前水平的 80%。

However, passenger traffic in other parts of the world, such as Southeast Asia, remained significantly lower due to travel restriction, uncertainty and new strains of the virus.

然而，由於旅行限制、不確定性和新病毒株，世界其他地區（例如東南亞）的客運量仍然顯著下降。

International operations remain extremely low and May traffic still 85% 2019.

國際業務仍然極低，2019 年 5 月的客流量仍為 85%。

And concerns about virus variants and limited coordination on cross-border entry protocols are still significantly hindering recovery in the international segment.

對病毒變體的擔憂和跨境入境協議的有限協調仍然嚴重阻礙了國際市場的複蘇。

Nevertheless, on average, roughly 100 aircraft per week have returned to service over the past 4 months, making the active fleet now approximately 80% of its previous size with single-aisle activity levels slightly above twin aisle.

儘管如此，在過去 4 個月中，平均每周大約有 100 架飛機恢復服務，使現役機隊規模約為之前的 80%，單通道飛機活動水平略高於雙通道飛機。

And although utilization rates and load factors are increasing in some areas, they are still below historic levels, which means airlines are flying around 70% of their normal capacity at the global level.

儘管某些地區的利用率和載客率有所上升，但仍低於歷史水平，這意味著航空公司在全球範圍內的飛行能力約為其正常運力的 70%。

With the toughest impacts appearing to be in the rearview mirror, airlines are shifting their focus to medium-term fleet planning.

隨著最嚴重的影響似乎出現在後視鏡中，航空公司正在將重點轉移到中期機隊規劃上。

The number of aircraft being retired from the active fleet is significant, with around 1,500 airplanes and growing, retired or announced, to be removed since the onset of the pandemic.

從現役機隊中退役的飛機數量很多，自大流行病爆發以來，大約有 1,500 架飛機在增加、退役或宣布將被拆除。

We anticipate this trend will continue as our customers focus on replacing the oldest, least efficient airplanes with new airplanes that will be as much as 25% to 40% more fuel efficient with commensurate reductions in emission.

我們預計這一趨勢將持續下去，因為我們的客戶專注於用新飛機替換最舊、效率最低的飛機，這些飛機的燃油效率將提高 25% 至 40%，排放量也會相應減少。

The freighter market continues to be strong with cargo traffic year-to-date through May at 8% higher than 2019.

貨運市場繼續保持強勁勢頭，年初至今截至 5 月的貨運量比 2019 年高出 8%。

Limited belly cargo capacity from passenger airplanes has resulted in more freighters flying with high load factors.

客機的腹艙載貨能力有限，導致更多的貨機以高載客率飛行。

In fact, 72% of air cargo is now being carried on dedicated freighters.

事實上，72% 的空運貨物現在由專用貨機運輸。

That compares to 48% pre-pandemic.

相比之下，大流行前為 48%。

This demand is evidenced by orders in the quarter for 31 additional freighter airplanes and strong demand for Boeing-converted freighters.

這一需求體現在本季度 31 架額外貨機的訂單以及對波音改裝貨機的強勁需求。

Longer term, cargo demand will continue to be driven by global trade and GDP growth, both of which experienced improvement in the second quarter.

從長遠來看，貨運需求將繼續受到全球貿易和 GDP 增長的推動，這兩者在第二季度均有所改善。

And we've shared previously, and consistent with IATA and other industry groups, we expect passenger traffic to return to 2019 levels in 2023 to 2024 and then a few years beyond that to return to long-term trend growth.

我們之前已經分享過，並且與 IATA 和其他行業組織一致，我們預計客運量將在 2023 年至 2024 年恢復到 2019 年的水平，然後再過幾年恢復長期趨勢增長。

We still see recovery in 3 phases.

我們仍然看到三個階段的複蘇。

First, domestic; then regional markets, such as intra-Asia, intra-Europe intra-Americas; and finally, long-haul international routes.

一是國內；然後是區域市場，例如亞洲內部、歐洲內部、美洲內部；最後是長途國際航線。

Therefore, we expect demand for narrow-body aircraft to recover faster.

因此，我們預計窄體飛機的需求將更快恢復。

-- as evidenced by our year-to-date orders for 737 MAX airplanes and demand for wide-body aircraft to remain challenged for a longer period.

-- 正如我們年初至今的 737 MAX 飛機訂單和對寬體飛機的需求在較長時期內仍面臨挑戰所證明的那樣。

On the global trade environment, we welcome the agreement between European Union and United States that all future government support for the development or production of commercial aircraft must be provided on market terms.

在全球貿易環境方面，我們歡迎歐盟和美國達成協議，即未來政府對商用飛機開發或生產的所有支持都必須按市場條件提供。

We will fully support the U.S. government's efforts to enforce this agreement.

我們將全力支持美國政府執行該協議的努力。

We are also monitoring U.S. trade -- U.S.-China trade relations, given the importance of the China market to our economy and our industry's recovery as well as our near-term delivery profile and future orders, all of which influence future production rates.

考慮到中國市場對我們的經濟和我們行業的複蘇以及我們的近期交付情況和未來訂單的重要性，我們也在關注美國貿易——美中貿易關係，所有這些都會影響未來的生產率。

We remain in active discussions with our Chinese customers on their fleet planning needs and will continue to engage with leaders in both countries to urge a productive dialogue, reiterating the mutual economic benefits of a strong and prosperous aerospace industry.

我們將繼續與中國客戶就他們的機隊規劃需求進行積極討論，並將繼續與兩國領導人進行接觸，以敦促進行富有成效的對話，重申強大繁榮的航空航天業的共同經濟利益。

Ultimately, America's leadership in aerospace, as well as the health and stability of millions of commercial aerospace jobs, rely on free and fair trade.

歸根結底，美國在航空航天領域的領導地位，以及數百萬商業航空航天工作崗位的健康和穩定，都依賴於自由和公平的貿易。

And we're confident our leaders understand the importance of this area, not just for our business but for the overall health of our economy and competitiveness.

我們相信我們的領導人了解這一領域的重要性，不僅對我們的業務如此，對我們經濟的整體健康和競爭力也如此。

Turning to the commercial services market.

轉向商業服務市場。

We saw improved demand in the second quarter as we are rebounding from the trough and as airlines prepared for the summer season.

隨著我們從低谷反彈以及航空公司為夏季做準備，我們看到第二季度的需求有所改善。

We expect this trend to continue near term, slightly ahead of our expectations.

我們預計這一趨勢將在短期內繼續，略高於我們的預期。

That said, we still anticipate a multiyear recovery that may be uneven.

也就是說，我們仍然預計多年的複蘇可能是不均衡的。

Overall industry liquidity, which remains critical for our industry and our industry's bridge to full recovery, it's been improving.

整體行業流動性一直在改善，這對我們的行業和我們行業全面復甦的橋樑仍然至關重要。

Product differentiation and versatility will also be key as airlines adapt to the evolving market realities.

隨著航空公司適應不斷變化的市場現實，產品差異化和多功能性也將成為關鍵。

I'm confident our product lineup is well positioned, and we're focused on executing to meet our customers' needs.

我相信我們的產品陣容定位良好，我們專注於執行以滿足客戶的需求。

The impact of COVID-19 has been significant and a number of challenges remain, but we are seeing signs of recovery.

COVID-19 的影響很大，許多挑戰依然存在，但我們看到了復甦的跡象。

More broadly across the economy, we're now seeing positive indicators for economic growth.

在更廣泛的經濟領域，我們現在看到了經濟增長的積極指標。

And we believe bipartisan agreements on infrastructure investment can further support growth across the economy, not just for airports and highways, but also for the tens and thousands of small businesses and suppliers that contribute to industries like ours all across the country.

我們相信，兩黨就基礎設施投資達成的協議可以進一步支持整個經濟的增長，不僅是機場和高速公路，還包括為全國各地像我們這樣的行業做出貢獻的數以萬計的小企業和供應商。

With economic activities picking up, labor availability within our supply chain is a watch item.

隨著經濟活動的回暖，我們供應鏈中的勞動力可用性成為一個值得關注的項目。

As we position for a market recovery, we're taking the right actions to manage liquidity and drive long-lasting change to make our business leaner, sharper, more sustainable.

當我們為市場復甦做好準備時，我們正在採取正確的行動來管理流動性並推動持久的變革，以使我們的業務更精簡、更敏銳、更可持續。

We remain committed to safety, quality, transparency, and I'm confident in our path forward.

我們仍然致力於安全、質量、透明度，我對我們前進的道路充滿信心。

And with that, let me turn it over to Dave Dohnalek.

然後，讓我把它交給 Dave Dohnalek。

Great.

偉大的。

Thanks, Dave, and good morning, everyone.

謝謝，戴夫，大家早上好。

It's good to be reconnecting with many of you that I know from my time in Investor Relations and throughout my career at Boeing.

很高興與你們中的許多人重新建立聯繫，這些人是我在投資者關係部門和我在波音公司的整個職業生涯中認識的。

I'm honored to be in the role of interim CFO and to help facilitate a smooth transition for Brian.

我很榮幸擔任臨時首席財務官，幫助 Brian 順利過渡。

Now let's turn to Slide 4, please.

現在請轉到幻燈片 4。

Second quarter revenue increased to $17 billion, primarily due to higher commercial deliveries and commercial services volume.

第二季度收入增至 170 億美元，主要原因是商業交付量和商業服務量增加。

Positive earnings in the quarter also benefited from lower period costs.

本季度的正收益也得益於較低的期間成本。

Additionally, several nonrecurring items favorably contributed to the quarter.

此外，一些非經常性項目對本季度做出了有利貢獻。

Income tax in the quarter primarily reflects benefits from a lower valuation allowance.

本季度的所得稅主要反映了較低估值津貼帶來的好處。

Now let's turn to Commercial Airplanes on Slide 5. Revenue was $6 billion, reflecting higher commercial airplane deliveries.

現在讓我們轉到幻燈片 5 上的商用飛機。收入為 60 億美元，反映出更高的商用飛機交付量。

The improvement from the prior year was also due to a $551 million 737 MAX customer consideration impact in the second quarter of last year.

與去年同期相比的改善還得益於去年第二季度 5.51 億美元的 737 MAX 客戶考慮影響。

Although Commercial Airplanes operating margin continued to be under pressure, it improved in the quarter due to higher commercial airplane deliveries and lower period costs.

儘管商用飛機營業利潤率繼續面臨壓力，但由於商用飛機交付量增加和期間成本降低，本季度有所改善。

We delivered 47 MAX airplanes in the second quarter.

我們在第二季度交付了 47 架 MAX 飛機。

We currently have approximately 390 MAX aircraft built and stored in inventory.

我們目前大約有 390 架 MAX 飛機製造並庫存。

We have made significant progress in our efforts to remarket some of our inventory airplanes and have now largely addressed that issue and put it behind us.

我們在重新銷售我們的一些庫存飛機方面取得了重大進展，現在已經在很大程度上解決了這個問題並將其拋在腦後。

Just prior to the 737 MAX return to service in the U.S., we estimated that around half of the approximately 450 aircraft we had in storage would be delivered by the end of 2021 and the majority of the remaining aircraft by the end of 2022.

就在 737 MAX 在美國恢復服務之前，我們估計我們存放的大約 450 架飛機中的大約一半將在 2021 年底交付，其餘大部分飛機將在 2022 年底交付。

That expectation has not changed.

這種期望沒有改變。

We expect delivery timing in the production rate ramp profile to remain dynamic given the market environment, customer discussions and the remaining global regulatory approvals.

鑑於市場環境、客戶討論和剩餘的全球監管批准，我們預計生產率斜坡曲線的交付時間將保持動態。

There is no material change in our assumption for 737 abnormal costs or our assessment of the liability for estimated 737 MAX potential concessions and other considerations to customers.

我們對 737 異常成本的假設或我們對估計 737 MAX 潛在讓步的責任評估以及對客戶的其他考慮沒有重大變化。

Turning to 787.

轉向787。

Second quarter deliveries were light as we worked through the activities that Dave just mentioned.

由於我們完成了 Dave 剛才提到的活動，第二季度的交付量很少。

Our later -- or our latest assessment of the financial impact of inspections, rework, temporary production rate adjustment and delivery delays has been included in our second quarter closing position.

我們後來——或我們對檢查、返工、臨時生產率調整和交貨延遲的財務影響的最新評估已包含在我們的第二季度結算頭寸中。

The 787 program margin remains near breakeven.

787 項目的利潤率仍接近盈虧平衡。

On a cash basis, these additional costs will create a headwind in the near term.

在現金基礎上，這些額外成本將在短期內造成不利影響。

However, we still expect overall unit margins to hold up relatively well.

然而，我們仍然預計整體單位利潤率將保持相對良好。

Moving now to 777X.

現在轉向 777X。

As Dave mentioned, we still expect first delivery of the 777X to occur in late 2023.

正如 Dave 所提到的，我們仍然預計 777X 的首次交付將在 2023 年底進行。

We are making progress in our flight test activities.

我們的飛行測試活動正在取得進展。

We still expect that the peak use of cash for the 777X program occurred in 2020, and that cash flow will improve as we get closer to EIS and begin deliveries in late 2023.

我們仍然預計 777X 項目的現金使用高峰出現在 2020 年，隨著我們接近 EIS 並在 2023 年底開始交付，現金流將會改善。

We anticipate the program will turn cash flow positive approximately 1 to 2 years after first delivery.

我們預計該計劃將在首次交付後大約 1 至 2 年內將現金流轉為正值。

We are starting to see improvements in Commercial Airplanes' financial performance due to increasing 737 MAX deliveries and great efforts by the BCA team to manage costs through our business transformation activities.

由於 737 MAX 交付量的增加以及 BCA 團隊通過我們的業務轉型活動管理成本的巨大努力，我們開始看到商用飛機的財務業績有所改善。

We also captured strong orders in the quarter, which is a testament to the value of our products and our customers' focus shifting now to fleet planning.

我們在本季度還獲得了強勁的訂單，這證明了我們產品的價值以及我們客戶現在將注意力轉移到車隊規劃上。

Although the commercial recovery will take time and we still have work to do, we're on a positive path, and we remain -- and we will remain focused on driving stability on the 787 program and across the business.

儘管商業復甦需要時間，而且我們仍有工作要做，但我們正走在積極的道路上，而且我們會繼續——我們將繼續專注於推動 787 項目和整個業務的穩定性。

Let's now move to Defense, Space & Security on Slide 6. Second quarter revenue increased to $6.9 billion, primarily due to higher volume on the KC-46A Tanker program and the P-8A program.

現在讓我們轉到幻燈片 6 上的國防、空間和安全。第二季度收入增加到 69 億美元，這主要是由於 KC-46A 加油機計劃和 P-8A 計劃的銷量增加。

We posted a strong operating margin of 13.9% in the second quarter.

我們在第二季度公佈了 13.9% 的強勁營業利潤率。

The margin increase was driven by lack of a charge on the tanker program as compared to second quarter of 2020 as well as a favorable adjustment on a non-U.

利潤率增加的原因是與 2020 年第二季度相比，油輪項目沒有收費，以及對非 U 的有利調整。

S. contract.

S.合同。

We received $4 billion in orders during the quarter, including an award for 14 Chinook helicopters for the U.K. Royal Air Force.

我們在本季度收到了 40 億美元的訂單，其中包括為英國皇家空軍訂購 14 架支奴干直升機的訂單。

We also reached an agreement with Germany for 5 P-8A aircraft.

我們還與德國達成了5架P-8A飛機的協議。

BDS backlog is currently valued at $59 billion.

BDS 積壓訂單目前價值 590 億美元。

Now let's turn to Global Services on Slide 7. In the second quarter, Global Services revenue increased to $4.1 billion and operating margin grew to 13.1%, driven by higher commercial services as the market continues recovering from the impact of COVID-19.

現在讓我們轉到幻燈片 7 上的全球服務。第二季度，全球服務收入增加到 41 億美元，營業利潤率增長到 13.1%，這是由於市場繼續從 COVID-19 的影響中恢復而增加的商業服務推動的。

Operating margin was also helped by lower asset impairments, lower severance costs and a favorable mix of products and services.

較低的資產減值、較低的遣散費以及有利的產品和服務組合也有助於營業利潤率。

During the quarter, BGS won key contracts worth approximately $3 billion, resulting in a total backlog now of $19 billion.

本季度，BGS 贏得了價值約 30 億美元的重要合同，目前積壓訂單總額已達 190 億美元。

We saw incremental improvement in commercial services during the second quarter, and we expect the quarterly revenue trend to improve as we support increasing airline flight operations.

我們看到第二季度商業服務的逐步改善，我們預計隨著我們支持增加航空公司航班運營，季度收入趨勢將會改善。

That said, given the dynamic environment, we can expect to see variability in the revenue and margin trajectory from quarter-to-quarter at BGS.

也就是說，鑑於動態環境，我們可以預期 BGS 的收入和利潤率軌跡會出現季度變化。

Now let's take a look at cash flow on Slide 8. Operating cash flow for the quarter improved significantly to negative $0.5 billion, reflecting higher commercial deliveries, higher order receipts, reduced expenditures on lower wide-body production rates and benefits from our business transformation efforts.

現在讓我們看看幻燈片 8 上的現金流。本季度的運營現金流顯著改善至負 5 億美元，反映出商業交付量增加、訂單收到量增加、寬體機生產率降低的支出減少以及我們的業務轉型努力帶來的好處.

While we saw a cash flow benefit from order activity in the second quarter, keep in mind that we continue to expect advanced payment burn-down to be a headwind for the rest of this year and into next.

雖然我們看到第二季度的訂單活動帶來了現金流收益，但請記住，我們仍然預計預付款的消耗將成為今年剩餘時間和明年的不利因素。

Now let's move to Slide 9 and discuss our liquidity position.

現在讓我們轉到幻燈片 9 並討論我們的流動性狀況。

We ended the second quarter with strong liquidity, including $21.3 billion of cash and marketable securities on our balance sheet and access to $14.8 billion from our bank credit facilities, which remain undrawn.

我們以強勁的流動性結束了第二季度，包括我們資產負債表上的 213 億美元現金和有價證券，以及尚未提取的 148 億美元銀行信貸額度。

Our debt balance remained stable at $63.6 billion at the end of the quarter.

本季度末，我們的債務餘額穩定在 636 億美元。

We expect to have lower total debt at the end of the year due to the paydown of maturing bonds and potential early paydown of our delayed draw term loan.

由於到期債券的償還以及我們延遲提取的定期貸款的潛在提前償還，我們預計年底的總債務將減少。

Given the dynamic environment, we maintain vigilance in managing our cash.

鑑於瞬息萬變的環境，我們在管理現金方面保持警惕。

Thanks to actions taken throughout the business to enhance our cash balance, we believe we currently have sufficient liquidity.

由於在整個業務中採取了增加現金餘額的行動，我們相信我們目前有足夠的流動性。

We remain focused on reducing our debt levels and actively managing our balance sheet.

我們仍然專注於降低債務水平並積極管理我們的資產負債表。

Our investment-grade credit rating is important to us, and we will continue to consider all aspects of our capital structure to strengthen our balance sheet.

我們的投資級信用評級對我們很重要，我們將繼續考慮我們資本結構的各個方面，以加強我們的資產負債表。

Moving to the next slide.

移動到下一張幻燈片。

In summary, we operate in a dynamic business environment.

總之，我們在動態的商業環境中運營。

We are seeing the commercial market recovery accelerating.

我們看到商業市場正在加速復蘇。

However, it continues to be uneven across different regions, and the near-term path remains challenging.

然而，不同地區的情況仍然不平衡，近期路徑仍然充滿挑戰。

Given this backdrop, we will continue to diligently cultivate opportunities and monitor risks.

在此背景下，我們將繼續努力創造機會並監控風險。

Our key enablers include vaccine distribution and travel protocols, U.S.-China trade relations, remaining 737 MAX regulatory approvals and resumption of 787 deliveries.

我們的關鍵推動因素包括疫苗分發和旅行協議、美中貿易關係、剩餘的 737 MAX 監管批准和恢復 787 交付。

Our financial performance in the second half of this year will largely be driven by these key enablers.

我們今年下半年的財務業績將主要由這些關鍵推動因素推動。

On cash flow, we still expect full year 2021 to be a use of cash.

在現金流方面，我們仍然預計 2021 年全年將使用現金。

Despite additional pressure from the updated 787 delivery schedule, our expectations for cash flow this year have not deteriorated due to timing of advanced payment burn-down and favorable order activity.

儘管更新後的 787 交付時間錶帶來額外壓力，但我們對今年現金流的預期並未因提前付款的時間安排和有利的訂單活動而惡化。

With respect to the quarterly trajectory for the remainder of this year, we expect continued variability in cash flow quarter-over-quarter due to timing of deliveries as well as receipts and expenditures such as expected cash tax benefits and MAX customer settlement payments.

關於今年剩餘時間的季度軌跡，我們預計由於交貨時間以及預期現金稅收優惠和 MAX 客戶結算付款等收支情況，現金流量環比將繼續變化。

We still expect to turn cash flow positive in 2022.

我們仍然預計 2022 年現金流將轉正。

The key drivers of cash flow in 2022 as compared to this year include continued improvement on the 737 program due to lower customer considerations and higher delivery payments as well as recovery in commercial services.

與今年相比，2022 年現金流的主要驅動因素包括 737 項目的持續改進，原因是客戶考慮因素減少、交付付款增加以及商業服務恢復。

However, advanced payments will still be a headwind in 2022.

然而，預付款在 2022 年仍將是一個不利因素。

While our delivery expectations are now higher next year due to some 787 deliveries moving from this year into 2022, the related additional cash flow will be largely offset by the burn-down of advanced payments next year.

由於從今年到 2022 年的交付量約為 787 架，我們現在對明年的交付預期更高，但相關的額外現金流將在很大程度上被明年預付款的消耗所抵消。

To close, while focusing on safety, quality and operational excellence, our team continues to closely examine all aspects of our business, simplify and streamline everything we do, drive stability in our operations and make long-lasting change.

最後，在專注於安全、質量和卓越運營的同時，我們的團隊繼續密切檢查我們業務的各個方面，簡化和精簡我們所做的一切，推動我們運營的穩定性並做出持久的改變。

I'm honored to be a part of such a strong team and look forward to our bright future.

我很榮幸能成為這樣一支強大團隊的一員，並期待我們美好的未來。

With that, I'll turn it back to Dave Calhoun for closing comments.

有了這個，我會把它轉回 Dave Calhoun 以結束評論。

Thanks, Dave.

謝謝，戴夫。

I appreciate it.

我很感激。

As we continue to transform our business, we remain committed to quality, safety, integrity and transparency in everything that we do and every action we take.

隨著我們繼續轉變我們的業務，我們仍然致力於在我們所做的每一件事和我們採取的每一個行動中保證質量、安全、誠信和透明度。

I'm extremely proud of the resiliency and dedication of our team, and I remain confident in our future.

我為我們團隊的韌性和奉獻精神感到非常自豪，我對我們的未來充滿信心。

And with that, Dave and I are happy to take your questions.

因此，戴夫和我很樂意回答您的問題。

Thanks.

謝謝。

(Operator Instructions) Our first question comes from Noah Poponak with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Noah Poponak。

I wanted to ask about margins given the performance in the quarter, and you talked a lot about the business transformation.

鑑於本季度的表現，我想問一下利潤率，你談到了很多關於業務轉型的問題。

Is there any way to quantify what you're gaining in the aircraft business, whether it's a structural cost out or where the MAX and 87 production rates need to be to achieve the margins they had the last cycle or anything along those lines?

有什麼方法可以量化您在飛機業務中獲得的收益，無論是結構性成本支出，還是 MAX 和 87 的生產率需要達到上一個週期的利潤率，還是類似的任何東西？

And then can we expect BDS and services margins to continue to march higher from the levels they achieved this quarter?

然後我們能否期望 BDS 和服務利潤率繼續從本季度達到的水平走高？

Yes.

是的。

Noah, thanks for that question.

諾亞，謝謝你提出這個問題。

So let's start with maybe BDS and BGS.

因此，讓我們從 BDS 和 BGS 開始吧。

As you know, BGS before the pandemic was sort of a mid-teen margin business.

如您所知，大流行之前的 BGS 是一種中等利潤率的業務。

And I think you saw some significant progress towards that this quarter to 13.1%.

我認為本季度您看到了 13.1% 的一些重大進展。

So I think that will depend from quarter-to-quarter on mix.

所以我認為這將取決於每個季度的組合。

There's variability in many, many programs in BGS, but I think we're seeing positive trajectory there.

BGS 的很多很多項目都存在差異，但我認為我們在那裡看到了積極的軌跡。

And we see a path to getting back towards those mid-teen margins over time.

隨著時間的推移，我們看到了一條回到青少年中期利潤率的道路。

In BDS, strong quarter on margins with 13.9%.

在 BDS，強勁的季度利潤率為 13.9%。

Now some of that was due to, as we mentioned, a higher -- or a benefit from a non-U.

現在，正如我們提到的，其中一些是由於非 U 的更高或收益。

S. program adjustment that benefited the quarter.

S. 使本季度受益的計劃調整。

Even if you sort of stripped that out, BDS performed well and in the kind of the low double-digit margin territory that they've been in good times when we're not taking charges.

即使你把它剔除掉，BDS 的表現也很好，並且處於低兩位數的利潤率區域，當我們不收費時，他們一直處於好時光。

So clearly, the fact that we didn't take any significant charges in the quarter and performed well across the programs, that turned out very well.

很明顯，事實上我們在本季度沒有收取任何重大費用並且在所有計劃中表現良好，結果非常好。

And so then back to BCA, clearly, we're still in negative margin territory, although much better than we've been certainly in recent quarters and compared to the same quarter last year.

然後回到 BCA，很明顯，我們仍然處於負利潤率區域，儘管比我們最近幾個季度的情況和與去年同期相比要好得多。

I think a lot there will be driven by rate.

我認為很多都會受到利率的驅動。

We are ramping up in the 737 MAX program at 16 per month now, moving to 31 per month at the beginning of next year.

我們現在正在以每月 16 架的速度增加 737 MAX 計劃，明年年初將增加到每月 31 架。

And we intend to go higher, obviously driven by what we see in the market beyond early next year.

我們打算走高，這顯然是受到我們在明年年初之後在市場上看到的情況的推動。

And some of that, the key enablers that we just talked about, China being one, are important in that, in addition to just overall traffic trends.

其中一些，我們剛剛談到的關鍵推動因素，中國就是其中之一，除了整體交通趨勢之外，在這方面也很重要。

So I think for BCA, it's going to be production rate driven, in addition to getting additional traction on the business transformation efforts we've had cutting costs; and then, of course, as Dave mentioned, achieving stability, especially in the 787 program as we work through our final issues there.

所以我認為對於 BCA 來說，除了在我們削減成本的業務轉型工作中獲得額外的牽引力外，它將由生產率驅動；然後，當然，正如 Dave 提到的那樣，實現穩定性，尤其是在 787 項目中，因為我們在那裡解決了我們的最終問題。

Yes.

是的。

I'm optimistic to get to or beat our prior -- with the margins you were accustomed to with respect to BCA, biggest part being transformation and the leverage we can get by reducing our sort of breakeven rates.

我很樂觀地達到或超過我們之前的水平——你已經習慣了 BCA 的利潤率，最大的部分是轉型和我們可以通過降低我們的盈虧平衡率獲得的槓桿作用。

And that's what we're working on.

這就是我們正在努力的。

It's been quite effective.

這是相當有效的。

The key will be to keep it when the market turns back.

關鍵是在市場回頭時保持它。

So anyway, I'm looking forward to that.

所以無論如何，我很期待。

So David, it sounds like you believe you can have the margins you used to have in BCA even before you're all the way back to the production rates you had?

所以大衛，聽起來你相信你可以擁有你在 BCA 中曾經擁有的利潤，甚至在你一直回到你擁有的生產率之前？

Well, yes.

嗯，是。

I mean, our initiatives are definitely intending to do that.

我的意思是，我們的舉措絕對是為了做到這一點。

We'll see when the measures come.

我們會看到措施何時到來。

But if you think about the dynamics with respect to that, it's all about that underlying infrastructure cost and the consolidation of a couple of plants and a few things like that.

但是，如果你考慮與此相關的動態，那就是基礎設施成本和幾家工廠的整合以及類似的事情。

That has to give us benefit at similar rates from where we were before.

這必須讓我們以與以前相似的速度受益。

So yes, the leverage is in the rates.

所以是的，槓桿在利率中。

But when we get to those similar rates, I feel good about where we're going to be.

但是當我們達到類似的利率時，我對我們將要達到的目標感到滿意。

Can you just quickly give us the millions of dollars of the contract adjustment in BDS?

能不能快點把BDS合約調整的數百萬美元給我們？

Yes.

是的。

We don't have that specific number that we're disclosing.

我們沒有透露的具體數字。

But again, it would be -- even if you strip that out, you're above 11% margins at BDS, which is we're happy about the progress there.

但同樣，它會是——即使你把它去掉，你在 BDS 的利潤率超過 11%，這是我們對那裡取得的進展感到高興。

Our next question is from the line of Myles Walton with UBS.

我們的下一個問題來自 Myles Walton 與 UBS 的合作。

David Calhoun, some of the order activity in the last 6 months would seem to be opportunistic as you're backfilling some of the skyline from the 37 and repositioning some of those.

大衛卡爾霍恩，過去 6 個月的一些訂單活動似乎是機會主義的，因為你正在回填 37 號的一些天際線並重新定位其中的一些。

So one of the questions we get is, is this more just a surge of opportunism?

所以我們得到的一個問題是，這是否只是機會主義的浪潮？

Or is this really significant demand that's turning to the positive?

還是這個真正重要的需求正在轉向積極？

Maybe you can frame it for what you expect over the next 6 to 12 months on order activity.

也許您可以根據您對未來 6 到 12 個月的訂單活動的預期來構建它。

Yes.

是的。

No, I don't view this as opportunistic, either on my side or on the customer side.

不，我不認為這是機會主義，無論是在我這邊還是在客戶方面。

When you make decisions to order 270 airplanes and expand your capacity and get aggressive in the marketplace, that is his fundamental decision as it gets, and there's very little with respect to opportunism.

當你決定訂購 270 架飛機並擴大產能並在市場上積極進取時，這就是他的基本決定，而機會主義幾乎沒有。

The good news, when I just evaluate the United order, is they have to consider all of their routes, all of their operations.

好消息是，當我評估聯合訂單時，他們必須考慮所有航線，所有運營。

And then they, as you know, solve for the lowest cost, most efficient delivery of a passenger and a route of a passenger.

然後，如您所知，他們解決了成本最低、效率最高的乘客運送和乘客路線問題。

And then they make choices around the airplanes.

然後他們圍繞飛機做出選擇。

The good news is they have history with both manufacturers.

好消息是他們與這兩家製造商都有合作歷史。

So I like the way our product line competed with our competitor.

所以我喜歡我們的產品線與競爭對手競爭的方式。

I mean, it was straight up.

我的意思是，它是直線上升的。

Out of the 270, we got 200.

在 270 個中，我們得到了 200 個。

The models and the routes that they're intended to satisfy, they're optimal for United.

它們旨在滿足的模型和路線，它們是聯合航空的最佳選擇。

And anyway, so I'm quite pleased with how that went and was quite, in my view, strategic and long term.

無論如何，所以我對進展情況感到非常滿意，在我看來，這是戰略性和長期性的。

And in the case of Southwest, it's the same.

就西南航空而言，情況也是如此。

Southwest, we benefit from it being an all-Boeing fleet and they benefit from it being all Boeing.

西南航空公司，我們受益於它是一個全波音的機隊，他們也受益於它是全波音的。

But on the other hand, they're doing the same thing as United.

但另一方面，他們正在做與曼聯相同的事情。

These are 2 very strong airlines who are staking out the future and making big strategic decisions to do so.

這兩家非常強大的航空公司正在著眼未來並為此做出重大戰略決策。

They're extending their reach.

他們正在擴大影響範圍。

They're improving their route structures, et cetera.

他們正在改進他們的路線結構，等等。

So I can't see these in any way as being opportunistic.

所以我不能以任何方式將這些視為機會主義。

I do think and expect as domestic markets return, recovery is robust.

我確實認為並預計隨著國內市場的回歸，復甦將是強勁的。

The retirements stay retired, and I believe most of them will, that we're going to end up in that same real estate play going forward, meaning airlines who get aggressive and have balance sheets that are strong, who want to improve their route structures and grow into the market, they'll be the first one to play.

退休人員保持退休狀態，我相信他們中的大多數人會，我們將在未來的同一場房地產比賽中結束，這意味著航空公司變得積極進取並且資產負債表強勁，他們想要改善他們的航線結構並成長為市場，他們將是第一個參與其中的人。

I can't predict exactly when that happens, just like I couldn't predict when United would step forward or Southwest.

我無法準確預測這種情況何時會發生，就像我無法預測聯合航空或西南航空何時會挺身而出一樣。

But I think these 2 are as strategic as it gets.

但我認為這兩個具有戰略意義。

And we held our ground in posture, and we let the airplanes perform and sell itself.

我們堅守陣地，讓飛機自行發揮和推銷。

That's really the way it happened.

事情就是這樣發生的。

Yes.

是的。

So you would expect the backlog on a 37 MAX to continue to build, even with the stronger deliveries in the second half of the year?

因此，即使下半年交付量增加，您是否預計 37 MAX 的積壓訂單會繼續增加？

Yes, I do.

是的，我願意。

I do.

我願意。

Again, I can't predict timing, and I certainly can't predict the scale of each and every order.

同樣，我無法預測時間，當然也無法預測每個訂單的規模。

But I like the way these were let, and I like the way we competed.

但我喜歡這些被允許的方式，我喜歡我們競爭的方式。

Next question from Kristine Liwag with Morgan Stanley.

摩根士丹利的 Kristine Liwag 的下一個問題。

Can you help us understand the drivers of free cash flow through the rest of 2021?

您能否幫助我們了解 2021 年剩餘時間內自由現金流的驅動因素？

And how we should think about the run rate of 737 MAX concession payments?

我們應該如何考慮 737 MAX 優惠付款的運行率？

I mean ultimately, is there a path to positive free cash flow for any of the remaining quarters of the year?

我的意思是，最終，是否有辦法在今年剩餘的任何季度中實現正自由現金流？

Yes.

是的。

So Kristine, I think, number one, the burn-down of advanced payments, as I mentioned, is going to be lumpy, obviously, dependent on delivery schedule.

所以克里斯汀，我認為，第一，正如我提到的那樣，預付款的消耗將是不穩定的，顯然，這取決於交付時間表。

And we're going to see that affect second half of this year and also 2022.

我們將看到這會影響今年下半年和 2022 年。

So that is a headwind.

所以這是一個逆風。

Certainly, the tailwinds you see are expected higher airplane deliveries, certainly 737 MAXs.

當然，你看到的有利因素是預計飛機交付量會增加，當然是 737 MAX。

And as we work through 787, higher deliveries there, too, once we complete the work and are able to deliver again.

當我們完成 787 時，一旦我們完成工作並能夠再次交付，那裡的交付量也會更高。

I think while we're not predicting which quarter this year might be cash flow positive, I think it will be variable.

我認為雖然我們沒有預測今年哪個季度的現金流量可能為正，但我認為這將是可變的。

We certainly made a lot of progress from Q1 with the Q2 cash flow performance.

從第二季度的現金流表現來看，我們確實從第一季度取得了很大進展。

I think the rest of the year, I think it will be a balance of higher deliveries and some headwinds from advanced payments, but also benefits from, as Dave mentioned, continued work on the business transformation efforts and also on the expectation that we should be receiving a cash tax benefit sometime in the second half, could be in Q3, could be in Q4.

我認為今年剩下的時間，我認為這將是更高交付量和預付款帶來的一些不利因素之間的平衡，但正如 Dave 提到的那樣，也受益於繼續開展業務轉型工作以及我們應該在下半年的某個時候獲得現金稅收優惠，可能是在第三季度，也可能是在第四季度。

So that would be a benefit to the year as well on cash.

因此，這對年度和現金都有好處。

But we're not predicting, Kristine, not giving guidance on a quarter for cash flow level.

但我們不是在預測，克里斯汀，也沒有給出季度現金流量水平的指導。

But we see -- we do see some tailwinds for the rest of the year.

但我們看到 - 我們確實看到了今年剩餘時間的一些順風。

The underlying trajectory is good.

潛在的軌跡是好的。

And we're making really solid ground on that basis.

我們在此基礎上打下了堅實的基礎。

So I feel good.

所以我感覺很好。

We always have our quarterly lumps, but anyway, I do think this quarter is indicative of the underlying trend.

我們總是有季度腫塊，但無論如何，我確實認為這個季度表明了潛在趨勢。

And if I could squeeze one more on the 737.

如果我能在 737 上再擠一架。

Earlier this month, we saw news on China's willingness to conduct flight tests.

本月早些時候，我們看到了中國願意進行飛行試驗的消息。

Has there been any feedback on what you need to do to get the aircraft certified?

關於您需要做什麼才能使飛機獲得認證，是否有任何反饋？

Yes.

是的。

Well, let's just say, the dialogue with the CAAC -- first of all, let's remember, they have 100 airplanes on the ground in China that the airlines want to get into the air.

好吧，我們就說一下，與中國民航局的對話——首先，讓我們記住，他們在中國地面上有 100 架飛機，航空公司想要起飛。

They got the Olympics coming, and they want to move down that path.

他們讓奧運會來了，他們想沿著這條路走下去。

So they have a lot of natural incentive to want to do it.

所以他們有很多想去做的自然動機。

We've been working closely with them from the beginning.

我們從一開始就與他們密切合作。

It's constructive.

這是建設性的。

Technical issues are being resolved.

技術問題正在解決中。

In fact, for the most part, I think they're all behind us.

事實上，在大多數情況下，我認為他們都支持我們。

And yes, I anticipate there will be test flights conducted in certification.

是的，我預計將進行認證試飛。

As we said, we expect that we will get that before the end of this year.

正如我們所說，我們預計我們將在今年年底之前得到它。

So anyway, I'm very encouraged about the constructive nature of that -- of how that's going.

所以無論如何，我對它的建設性性質感到非常鼓舞 - 它是如何進行的。

And anyway, hopefully, bigger trade issues don't get in the way, and I don't believe they will.

無論如何，希望更大的貿易問題不會成為障礙，我相信他們不會。

Both sides are incented for this industry to move forward.

雙方都希望這個行業向前發展。

Our next question is from Doug Harned with Bernstein.

我們的下一個問題來自 Doug Harned 和 Bernstein。

On the 787, the new issue that you're addressing, it appears to be the same type of structural nonconformity problem.

在 787 上，您正在解決的新問題似乎是同一類型的結構不合格問題。

You've been addressing elsewhere in the airplane since last like August.

自去年 8 月以來，您一直在飛機的其他地方講話。

How do you get comfortable to know there's not a next place where this issue could come up?

知道沒有下一個地方可能會出現此問題，您如何感到自在？

And because it appears to be occurring across multiple suppliers, how do you resolve that for the long term?

而且由於它似乎發生在多個供應商之間，您如何長期解決這個問題？

Is it a production process problem, a quality control problem or maybe even an over specification of tolerances?

是生產過程問題、質量控制問題還是公差超標？

I mean can you describe a little bit of what's going on here?

我的意思是你能描述一下這裡發生的事情嗎？

Yes, Doug, I really appreciate the question because it outlines the heart of what we're trying to accomplish here.

是的，道格，我真的很欣賞這個問題，因為它概述了我們在這裡要完成的工作的核心。

So let me start by saying this is not the FAA getting tough on Boeing.

所以讓我首先說這不是美國聯邦航空局對波音公司採取強硬態度。

This is Boeing getting tough on Boeing.

這是波音對波音越來越強硬。

We launched a program to inspect.

我們啟動了一項檢查計劃。

Because we did find some issues by way of notice of escape out of the supply chain.

因為我們確實通過通知逃出供應鏈的方式發現了一些問題。

Early on, we decided we would do a nose-to-tail inspection of all of it, Tier 1, Tier 2. And we did exactly all the things you're describing.

早些時候，我們決定對所有這些進行從頭到尾的檢查，第 1 層，第 2 層。我們完全按照您描述的方式進行了檢查。

Are specs too tight?

規格是否太嚴格？

Are the process controls at our suppliers where they need to be?

我們供應商的過程控制是否在他們需要的地方？

Is the rework operations that we've now put into our operations in Charleston, are they necessary?

我們現在在查爾斯頓的業務中進行的返工操作是否必要？

And are they getting the job done?

他們完成工作了嗎？

And in every case, we look for even the smaller -- smallest exception to the tolerances that we've designed.

在每種情況下，我們都會尋找我們設計的公差的更小 - 最小的例外。

And in every case, we then take a step to, one, identify it.

在每種情況下，我們都會採取一個步驟來識別它。

We immediately talk to the FAA about it.

我們立即與美國聯邦航空局討論此事。

Two, we fix it.

二，我們解決它。

Three, we make sure it won't happen again.

第三，我們確保它不會再次發生。

How do you do it?

你怎麼做呢？

Well, you have teams inside our suppliers working on process control development, understanding of exactly why that spec is necessary and where it is.

好吧，您在我們的供應商內部有團隊致力於過程控制開發，確切地了解為什麼該規範是必要的以及它在哪裡。

And on our side, we start putting disciplines in place that make it clear to the supply chain that we're not going to keep our line running if we get one that isn't right.

在我們這邊，我們開始製定紀律，讓供應鏈清楚地知道，如果我們發現一條不正確的生產線，我們將不會繼續運行。

That's a little bit of what's going on here.

這就是這裡發生的事情的一小部分。

Here's the good news.

這是個好消息。

If we ever had a window to get this behind us once and for all, it's now.

如果我們有機會一勞永逸地擺脫這一切，那就是現在。

We're producing at the lowest rate ever.

我們正在以有史以來最低的速度生產。

Customers are not knocking down our door to get their airplanes in light of the COVID impact on international traffic.

鑑於 COVID 對國際交通的影響，客戶並沒有敲門要他們的飛機。

And so we're very determined to see our way through this.

因此，我們下定決心要解決這個問題。

Good news, the inspections are done, right, toe to tail.

好消息，檢查已經完成，對，從頭到尾。

So those inspections are done.

所以這些檢查都完成了。

Doesn't mean somewhere along the way, a supplier is not going to raise their hand and tell us there's an escape somewhere along the way.

這並不意味著在途中的某個地方，供應商不會舉手告訴我們在途中某處有逃生通道。

But it's not going to be as a result of this big effort that we've put forward here.

但這不會是我們在這裡提出的巨大努力的結果。

And each and every one of these issues that we find, we always have a decision to make with respect to compliance, which is that each and every part and every airplane is built precisely to the drawings that we've created, and it's our job to rework the issue.

我們發現的每一個問題，我們總是要做出關於合規性的決定，即每個零件和每架飛機都精確地按照我們創建的圖紙建造，這是我們的工作重做這個問題。

And that is what we're going through.

這就是我們正在經歷的。

I view this as a courageous moment for Boeing.

我認為這對波音來說是一個勇敢的時刻。

My hats off to our team, believe it or not.

不管你信不信，我向我們的團隊致敬。

All of these conditions were preexisting, my leadership team.

我的領導團隊，所有這些條件都是預先存在的。

So the work they're taking on and the readiness that we're getting in place for what I think is a second half recovery in the wide-body world of next year, that's when I believe that border protocols are going to begin to get understood and predictability will return to the market.

因此，他們正在進行的工作以及我們為明年寬體飛機世界的下半年復蘇所做的準備工作，我相信屆時邊境協議將開始生效理解和可預測性將回歸市場。

When that happens and orders come, we will have to be able to respond to rate increases in a very stable form and fashion.

當這種情況發生並且訂單到來時，我們將必須能夠以非常穩定的形式和方式應對加息。

And I think the actions we're taking right now are the most important part of that puzzle.

我認為我們現在正在採取的行動是這個難題中最重要的部分。

So I really do apologize to investors, and I apologize for guessing that the last issue was our last but we're getting close.

所以我真的向投資者道歉，我為猜測最後一期是我們的最後一期而道歉，但我們已經接近了。

And most importantly, the underlying causes are getting understood and resolved.

最重要的是，根本原因正在得到理解和解決。

Then is this latest issue, which seemed to be somewhat of a surprise, was that the result of just the completion of inspections, which are now done and this one was turned up?

那麼最新一期，似乎有些意外，是剛剛完成檢查的結果，現在已經做完了，就出現了這個嗎？

Or is there more to go here so that there's still some risk that remains?

或者還有更多的事情要做，所以仍然存在一些風險？

I mean, I know there's always a tiny bit of risk, but how would you characterize that?

我的意思是，我知道總會有一點點風險，但你如何描述它？

The former.

前者。

It was part of our inspection process.

這是我們檢查過程的一部分。

This one happened to be a Tier 2 issue.

這恰好是第 2 層問題。

So you go through your supplier, then you go through your supplier's supplier to find that process control that needs to be implemented clearly and correctly.

所以你通過你的供應商，然後你通過你的供應商的供應商來找到需要明確和正確實施的過程控制。

And the rework work that needs to be done is largely done on their premise.

而需要做的返工工作，很大程度上是在他們的前提下完成的。

So again, we don't have like a big inspection program from here forward.

因此，從現在開始我們沒有大型檢查計劃。

This one is, for the most part, complete.

在大多數情況下，這一個是完整的。

And I expect things to change dramatically.

我希望事情會發生巨大變化。

But most importantly, the amount of rework we'll eliminate in our factory and the predictability of our supply chain on all these fronts is that much better off.

但最重要的是，我們將在工廠中消除的返工量以及我們供應鏈在所有這些方面的可預測性要好得多。

Doug, one other comment I want to make, just to make sure everyone knows how important the 87 is.

道格，我想發表另一條評論，只是為了確保每個人都知道 87 有多重要。

During this COVID period, during this COVID period, no wide-body passenger airplane has been flown more aggressively than the 87.

在這個 COVID 期間，在這個 COVID 期間，沒有寬體客機比 87 更積極地飛行。

It's everywhere.

它無處不在。

90% of that fleet is up and active and being worked as hard as it can be worked.

該機隊中有 90% 已啟動並處於活動狀態，並且正在盡其所能地努力工作。

So despite the low numbers with respect to all this international traffic, et cetera, the 87 is the prized asset that's getting worked hard.

因此，儘管所有這些國際交通等方面的數字都很低，但 87 是正在努力工作的寶貴資產。

Our next question is from Seth Seifman with JPMorgan.

我們的下一個問題來自摩根大通的 Seth Seifman。

Dave Dohnalek, I was wondering if you could talk a little bit about the advanced balance?

Dave Dohnalek，我想知道你是否可以談談高級平衡？

You mentioned that as a headwind to free cash flow in the second half and through 2022, almost $51 billion right now.

你提到，作為下半年和到 2022 年自由現金流的逆風，目前將近 510 億美元。

It hasn't really come down very much at all since the pandemic started.

自大流行開始以來，它並沒有真正下降太多。

Is there kind of a back-of-the-envelope way that you can help us think about how much that liability balance needs to come down?

有沒有一種粗略的方法可以幫助我們考慮負債餘額需要減少多少？

Yes.

是的。

Thanks, Seth.

謝謝，賽斯。

So it's -- that's going to be lumpy from quarter-to-quarter.

所以它 - 這將是一個季度到一個季度的塊狀。

And obviously, depending on the delivery schedule, which we've talked about, it's going to vary from quarter-to-quarter.

顯然，根據我們已經討論過的交付時間表，每個季度都會有所不同。

We also saw orders come in, right?

我們也看到訂單進來了，對吧？

So you've got deliveries happening.

所以你有交貨發生。

You've got orders coming in.

你有訂單進來。

So you've got adding and subtracting at the same time.

所以你必須同時加減。

So the bottom line for you to think about is that we still do see these PDPs or advances as a headwind through the second half of this year and into next year.

所以你要考慮的底線是，我們仍然將這些 PDP 或進步視為今年下半年和明年的逆風。

It's a headwind we think we will more than overcome because we're predicting or expecting cash flow to be positive in 2022.

這是一個我們認為我們將克服的逆風，因為我們預測或期望現金流在 2022 年為正。

But just so it's not off your radar screen, this will be with us for the next number of quarters as we work through these deliveries out of inventory and apply advanced payments case by case, customer by customer.

但只是為了讓它不在你的雷達屏幕之外，這將在接下來的幾個季度與我們一起完成這些庫存交付，並逐個客戶逐個應用預付款。

So it's really hard to predict or give guidance there.

所以真的很難在那裡預測或提供指導。

But net-net, again, 2022, we expect to be positive cash flow, and we would have tailwinds more than offsetting that headwind.

但淨值，再次，2022 年，我們預計將有正現金流，我們將有順風而不是抵消逆風。

And next, we go to Rob Spingarn with Crédit Suisse.

接下來，我們將與 Crédit Suisse 一起去 Rob Spingarn。

First, a clarification first, Dave Calhoun, for you, and then a question on R&D.

首先，Dave Calhoun，先為您澄清一下，然後是關於研發的問題。

But do you need to do any rework on delivered 787s?

但是您需要對交付的 787 進行任何返工嗎？

That's the first question.

這是第一個問題。

The second question on R&D, is it's -- I think it's down about -- at least for BCA, at about half the second quarter '19 level.

關於研發的第二個問題是——我認為它下降了——至少對於 BCA 來說，大約是 19 年第二季度水平的一半。

So when does that trough?

那麼這個低谷是什麼時候？

And when might you expect to start investing in R&D, again, growing headcount there?

您預計什麼時候開始投資研發，再次增加那裡的員工人數？

And what would be the focus of that incremental investment?

增量投資的重點是什麼？

Yes, I'll start just with the underlying premise on R&D.

是的，我將從研發的基本前提開始。

I mean we are -- my view is we are fully funded on the important R&D efforts that will support BCA broadly.

我的意思是我們 - 我的觀點是我們在重要的研發工作上得到了充分的資助，這些工作將廣泛支持 BCA。

I want to separate that from development funding, which is the ongoing certification work associated with the MAX-10, the 777X.

我想將其與開發資金分開，開發資金是正在進行的與 MAX-10、777X 相關的認證工作。

And I hope in the relatively near term, a freighter version of that airplane.

我希望在相對較短的時間內，該飛機的貨機版本。

So we are going to be very busy and have been very busy on the development front and spending a fair amount of money on it.

因此，我們將非常忙碌，並且一直在開發方面非常忙碌，並在這方面投入了大量資金。

I don't expect that number to go up significantly at any different -- at any point in time and even in a relatively near term, not because we're not going to take on new stuff just because.

我不希望這個數字在任何不同時間顯著上升——在任何時間點，甚至在相對較短的時間內，不是因為我們不打算接受新東西只是因為。

And the next comment I would make on just the research front and what is the likely technologies that will surround that next airplane.

接下來我將僅就研究前沿以及圍繞下一架飛機的可能技術發表評論。

It's not going to be dramatically different than -- with one exception and that is everything sustainability.

它不會有太大的不同——除了一個例外，那就是一切可持續性。

That next airplane will have to meet some serious sustainability tests.

下一架飛機將必須通過一些嚴格的可持續性測試。

I do think that sustainable aviation fuel is going to be a big part of that and our propulsion suppliers with respect to the packages that they're now promoting.

我確實認為可持續航空燃料將成為其中的重要組成部分，我們的推進供應商就他們現在正在推廣的包裝而言。

You may have seen the CFM package most recently with the fan.

您最近可能已經看到了帶有風扇的 CFM 封裝。

Anyway, I think it's going to be a fight between sustainability, propulsion packages and meeting that spec.

無論如何，我認為這將是可持續性、推進組件和滿足該規範之間的鬥爭。

And then for Boeing, it's to make this the most efficient airplane it can possibly be.

然後對於波音公司來說，就是要讓這架飛機盡可能成為最高效的飛機。

And you may have heard me say, our investments in the underlying modeling technologies that have to be deployed, applying the digital thread that we have in our defense programs to the commercial programs, that is critically important to this next development.

你可能聽過我說，我們對必須部署的基礎建模技術的投資，將我們在國防計劃中擁有的數字主線應用到商業計劃中，這對下一個發展至關重要。

It will shorten the cycle on development.

這將縮短開發週期。

It will improve the productivity on the program itself.

它將提高程序本身的生產力。

And that's critical.

這很關鍵。

And then finally, just our production system will be quite different as we think about it.

最後，我們的生產系統與我們想像的完全不同。

And we have very active programs on both the modeling and production system to be ready for that moment.

我們在建模和生產系統上都有非常活躍的計劃，為那一刻做好準備。

So that's a lot.

所以很多。

But I'm quite -- I'm actually quite confident that our R&D budgets are what they ought to be and quite robust relative to the needs of our BCA business.

但我相當 - 我實際上非常有信心我們的研發預算是他們應該的，並且相對於我們 BCA 業務的需求來說非常穩健。

Okay.

好的。

And then just on that 787, any retrofit needed?

然後就在那架 787 上，需要任何改裝嗎？

Oh yes, I'm sorry.

哦，是的，對不起。

Look, that's a determination that has to be made with the FAA.

看，這是必須與美國聯邦航空局一起做出的決定。

And most of this, in light of the fact that the safety margins on the structural elements of our airplanes is huge.

大多數情況下，鑑於我們飛機結構元件的安全裕度很大。

So it's not the world's easiest set of analyses to go through, and our teams have taken their shot at it.

因此，這不是世界上最容易完成的一組分析，我們的團隊已經嘗試過。

They go through the FAA with it in great detail.

他們非常詳細地通過了美國聯邦航空局。

And so I don't really know the answer to that.

所以我真的不知道答案。

But the ideal for all of us is to just incorporate it into ongoing maintenance schedules of the airlines.

但對我們所有人來說，理想的做法是將其納入航空公司正在進行的維護計劃中。

So that is -- that's our hope and desire and sort of -- anyway, but I'm going to leave it to the FAA and our ultimate conclusions between those 2 teams as to just what happens on that front.

所以這就是 - 這是我們的希望和願望 - 無論如何，但我將把它留給美國聯邦航空局以及我們在這兩個團隊之間就這方面發生的事情得出的最終結論。

And next, we'll go to Rob Stallard with Vertical Research.

接下來，我們將去 Vertical Research 的 Rob Stallard。

I can't -- I really can't keep track of the number of times you mentioned China on the call, but this is clearly a very important issue.

我不能——我真的記不清你在電話中提到中國的次數，但這顯然是一個非常重要的問題。

Now Dave Calhoun, you said that you expected certification by the end of this year.

現在，Dave Calhoun，你說你希望在今年年底前獲得認證。

Is that effectively the drop-dead date that if we're sitting here on the 31st of December, and you haven't got certification, then you would have to then cut to say, the 737 ramp, for example, and maybe further push out the recovery on the 78?

如果我們在 12 月 31 日坐在這裡，而你還沒有獲得認證，那麼你將不得不停止說，例如 737 坡道，並且可能進一步推動出78就恢復了？

Or is it actually an earlier date because you need to give notice to your suppliers?

或者它實際上是一個更早的日期，因為你需要通知你的供應商？

Yes.

是的。

No, it's a great question.

不，這是一個很好的問題。

If we get to the end of the year, I often use the beginning of the following year, but do it -- but I'll start thinking about it very hard by the end of the year.

如果我們到了年底，我通常會使用下一年的年初，但要這樣做——但到年底我會開始非常努力地考慮它。

If we get to that moment and importantly, we're not within a minute of getting certification in some way, we do have to consider real actions with respect to what the future rate ramp looks like.

如果我們到了那一刻，重要的是，我們不會在一分鐘內以某種方式獲得認證，我們確實必須考慮針對未來利率上升的情況採取實際行動。

And so yes, that's -- your premise is right.

所以是的，那是——你的前提是正確的。

So that still gives suppliers enough notice to effectively double production in that time frame?

那麼這仍然會給供應商足夠的通知，以便在那個時間段內有效地使產量翻倍嗎？

Yes.

是的。

I mean -- but I -- we put some margin into that.

我的意思是 - 但我 - 我們為此投入了一些利潤。

In other words, we may have to take some risks ourselves with respect to their readiness and their production rates and inventory that we might accumulate.

換句話說，我們可能不得不自己承擔一些關於他們的準備情況、他們的生產率和我們可能積累的庫存的風險。

That's on us.

那是我們的責任。

We understand that.

我們明白這一點。

But yes, the answer is yes.

但是，是的，答案是肯定的。

We'll have to give them notice, and I think they're going to be -- they'll be okay with that, largely because of risks we take.

我們必須通知他們，我認為他們會——他們會同意的，這主要是因為我們承擔了風險。

Our next question is from Sheila Kahyaoglu with Jefferies.

我們的下一個問題來自 Jefferies 的 Sheila Kahyaoglu。

So just a follow-up on Rob's point actually since we're on the math.

因此，實際上只是對 Rob 的觀點進行跟進，因為我們在進行數學計算。

Can you talk about the ramp to 31 a month production in the beginning of 2022 from 16 today?

你能談談從今天的 16 開始到 2022 年初每月產量增加到 31 的情況嗎？

And burning down half of the inventory to aircraft at the beginning of the year implies 165 deliveries.

並且在年初將一半的庫存消耗到飛機上意味著交付 165 架飛機。

And assuming 16 per month production rate through year-end, that implies a delivery rate of 44.

假設到年底每月生產 16 個，這意味著交付率為 44 個。

So how do we kind of think about that visibility on a regional basis?

那麼我們如何在區域基礎上考慮這種可見性？

What kind of assumptions did you make on China and other regions?

你對中國和其他地區做了什麼樣的假設？

And then also just on that last point you made, Dave, on profitability.

然後也就是你最後一點，戴夫，關於盈利能力。

What does that kind of mean for BCA profitability and when you hit breakeven?

這對 BCA 盈利能力以及何時達到收支平衡意味著什麼？

Well, these -- I can't throw a dart and be that precise with respect to the day we're at profitability.

好吧，這些——我不能投擲飛鏢，也不能準確地說出我們盈利的那一天。

But we have a real rate ramp scheduled for the remainder of our year on the subject of deliveries, not so much production.

但我們計劃在今年剩餘時間裡就交付問題進行實際利率調整，而不是生產量。

I think we get as high as 50 as we exit the year.

我認為我們在今年結束時會達到 50 個。

And then that begins to make a big dent, and I'm pretty confident we can do that.

然後這開始產生很大的影響，我非常有信心我們能做到。

We have derisked our year largely for China.

我們主要為中國降低了今年的風險。

So they become next year's risk with respect to delivery.

因此，它們成為明年交付方面的風險。

So we'll run that play and that ramp as hard as we can.

因此，我們將盡可能努力地進行比賽和斜坡。

We will have signals with respect to where China is well before that.

在此之前，我們將收到有關中國所處位置的信號。

And if we have to make adjustments, we will.

如果我們必須做出調整，我們會的。

But I do think we are prepared for that delivery rate.

但我確實認為我們已經為交付率做好了準備。

And I think we're close to have already demonstrated.

我認為我們已經接近證明了。

I think we delivered over 30, I don't think I know, over 30 in the month of June.

我想我們在 6 月份交付了 30 多個，我想我不知道，超過 30 個。

We've got big teams.

我們有大團隊。

They know how to do it.

他們知道該怎麼做。

The FAA has granted us our authorities, and we are -- we're running full speed.

美國聯邦航空局授予我們權力，我們正在——我們正在全速運行。

So -- and as I said, the performance of the airplane has been fantastic.

所以——正如我所說，飛機的性能非常出色。

So again, it's -- your premise is right.

再次重申，您的前提是正確的。

China is mostly derisked for this year but will definitely be part of next year's risk as we talked earlier.

中國今年大部分都被低估了，但正如我們之前所說，明年肯定會成為風險的一部分。

Again, I remain confident on that prospect, but we'll know when we know.

再一次，我對這個前景充滿信心，但我們會知道什麼時候知道。

And our next question from Ron Epstein with Bank of America.

我們的下一個問題來自美國銀行的 Ron Epstein。

Just maybe a question on the engineering front.

也許只是工程方面的問題。

There's been some press that we've seen some engineering ranks seen now at Boeing.

有一些媒體報導說，我們在波音公司看到了一些工程師級別。

How do you think about that, particularly at the -- maybe the more senior level, some of the senior technical fellows taken off.

您如何看待這一點，特別是在 - 可能是更高級別的一些高級技術研究員離開了。

Are you worried about a bit of a brain drain in the engineering ranks at Boeing?

您是否擔心波音工程隊伍中的人才流失？

And how are you addressing that?

你是如何解決這個問題的？

With every -- first of all, as you well know, I've been in engineering businesses most of my life.

對於每個 - 首先，正如你所知，我一生中的大部分時間都在從事工程業務。

With every retirement of a seasoned veteran in Boeing and engineering, there's always a, "Oh my gosh, what's going to happen?" Because they carry an awful lot of knowledge.

每當一位在波音和工程領域經驗豐富的老兵退休時，總會有這樣的想法：“哦，天哪，會發生什麼？”因為它們承載著大量的知識。

And so I accept that as a norm.

所以我接受這是一種常態。

On the other hand, those very same people worked as hard as they could to train the best engineers that the aerospace industry would ever see behind them.

另一方面，正是這些人盡其所能地努力培養航空航天業在他們身後看到的最優秀的工程師。

And when moments like this happen, where we've had a few more and mostly just out of natural voluntary actions on their part, all good for them, all in good relation to us, these folks that they've trained all these years step up and they step up big, and they're impressive and they're good.

當這樣的時刻發生時，我們又做了一些，而且大多是出於他們自然而然的自願行為，對他們都有好處，都與我們有良好的關係，這些他們多年來訓練的人走了出來向上，他們向前邁進了一大步，他們令人印象深刻，他們很好。

And so in many ways, there are always 2 sides to that coin.

所以在很多方面，硬幣總是有兩個面。

And I love the side I'm seeing, which is an incredibly qualified, highly motivated group of younger engineers who studied under these folks.

我喜歡我所看到的一面，這是一群非常合格、積極進取的年輕工程師，他們在這些人的指導下學習。

And I promise you, these folks who left will never not return those kids' phone calls.

我向你保證，這些離開的人永遠不會不回那些孩子的電話。

Life goes on, and we continue to improve.

生活還要繼續，我們要不斷進步。

I have been traveling the engineering function across the Boeing Company in some of the highest profile projects, some of the most amazing technologies I've ever seen.

我一直在波音公司的工程部門工作，參與過一些最引人注目的項目，一些我見過的最令人驚嘆的技術。

I can't -- I don't ever come away unimpressed.

我不能——我離開時絕不會不為所動。

These -- the folks are great.

這些——這些人很棒。

I really don't worry about it.

我真的不擔心。

I do worry about input, meaning we are now in a ruthless competition with everybody, not just our aerospace industry, which is getting bigger, but also all of the folks in the cyber and Silicon Valley world.

我確實擔心投入，這意味著我們現在正與所有人進行無情的競爭，不僅是我們越來越大的航空航天業，還有網絡和矽谷世界的所有人。

But I like our chances.

但我喜歡我們的機會。

We've got a great mission.

我們有一個偉大的使命。

Most engineers start their career and start their jobs based on the mission of the company.

大多數工程師都是根據公司的使命開始他們的職業生涯和工作的。

We got a pretty good one.

我們得到了一個很好的。

And anyway, so I -- look, I read it.

無論如何，所以我 - 看，我讀了它。

I've seen it.

我已經看到了它。

I understand the concern from the outside in.

我理解由外而內的擔憂。

But from the inside out, I'm quite confident in our technical team.

但從內到外，我對我們的技術團隊很有信心。

So this is a logical follow-on.

所以這是合乎邏輯的後續行動。

What are you doing to recruit the best?

你在做什麼來招募最好的？

I mean, you've -- there's a lot of choices out there like you highlighted.

我的意思是，你有——就像你強調的那樣，有很多選擇。

And in fact, there's even a lot of start-ups now in aerospace, which is an interesting time.

事實上，現在甚至有很多航空航天領域的初創企業，這是一個有趣的時期。

How are you getting the best folks to come to Boeing?

你如何讓最好的人來波音？

Big internships, we got a lot of them, active internships.

大實習，我們得到了很多，積極的實習。

We never slowed them down during COVID.

在 COVID 期間，我們從未放慢他們的速度。

I personally participate in the discussions with many of the interns.

我親自參與了與許多實習生的討論。

This virtual world allows you to do that.

這個虛擬世界可以讓你做到這一點。

So that's something we will continue.

所以這是我們將繼續的事情。

It's the mission.

這是使命。

It's really the mission.

這真的是使命。

Most of these engineers and these highly qualified data analysts and software engineers, they like what we do.

大多數這些工程師和這些高素質的數據分析師和軟件工程師，他們喜歡我們所做的。

They want to go to deep space, right?

他們想去外太空，對吧？

They want to help protect the country.

他們想幫助保護國家。

These are meaningful things.

這些都是有意義的事情。

So we try to attach them to our mission, our vision, and then we try to give them the best set of assignments they can get, move them around, do the things that Boeing can do because of our big footprint.

所以我們試著讓他們了解我們的使命和願景，然後我們試著給他們最好的任務，調動他們，做波音因為我們的大足跡可以做的事情。

Anyway, some of them just go as deep as they can go because there's a particular technology we might be a world leader on.

不管怎樣，他們中的一些人只是盡可能地深入，因為有一種特殊的技術我們可能會成為世界領先者。

Those are easy for us to recruit because they just want to go deeper.

這些對我們來說很容易招募，因為他們只是想更深入。

So anyway, I -- we're active on it.

所以無論如何，我 - 我們正在積極參與其中。

I personally am active on it, and I'm confident in what Boeing brings to them.

我個人對此很積極，我對波音公司給他們帶來的東西充滿信心。

Our next question is from Carter Copeland with Melius Research.

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

Just a question on the 87 for either one of you, actually.

實際上，對於你們中的任何一個，只是一個關於 87 的問題。

I know you had been pretty close based on the previous disclosures to a forward loss on the program just given where that stood.

我知道根據之前的披露，您已經非常接近該計劃的遠期損失。

And given that you've now taken the delivery rates lower, I was kind of surprised you didn't actually tip that line.

鑑於您現在降低了交付率，我有點驚訝您實際上沒有提示那條線。

Was that related to the efficiency that you talked about earlier, Dave, in terms of on the back end, you'll be better?

這與你之前談到的效率有關嗎，戴夫，就後端而言，你會更好嗎？

Just any color you could help us on how you guys avoided that despite the lower production would be helpful.

儘管產量較低，但你們可以幫助我們避免這種情況的任何顏色都會有所幫助。

Yes.

是的。

Carter, yes, thanks for the question.

卡特，是的，謝謝你的提問。

Certainly, there are some additional costs associated with the rework, production rate adjustment, delivery, timing, et cetera.

當然，還有一些與返工、生產率調整、交貨、時間安排等相關的額外成本。

But there also are other puts and takes that go into this, as you know, that have enabled us to maintain a positive margin there.

但正如你所知，還有其他的投入和投入，這使我們能夠在那裡保持正利潤率。

And so we -- it's still near to 0. It's not where we want it to be.

所以我們 - 它仍然接近 0。這不是我們想要的地方。

We've got work to do to get it to keep moving north and higher.

我們需要努力讓它繼續向北和更高的地方移動。

But -- and we obviously examine this thing every quarter, a very detailed approach along with our auditors, et cetera.

但是——我們顯然每個季度都會檢查這件事，我們的審計員會採用非常詳細的方法，等等。

And so we just have some additional benefits on the cost side and -- that are offsetting enough so that we don't find ourselves in an RFL position.

因此，我們在成本方面只有一些額外的好處——這些好處足以抵消，因此我們不會發現自己處於 RFL 的位置。

And obviously, as Dave said, it's all about achieving stability and starting to march back up that margin.

顯然，正如戴夫所說，這一切都是為了實現穩定並開始回升這一利潤率。

We have not made any outlandish forward assumptions with respect to productivity that we don't know is there.

我們沒有就我們不知道的生產力做出任何古怪的前瞻性假設。

So -- because we don't do that.

所以 - 因為我們不這樣做。

So anyway, it's not half baked.

所以不管怎麼說，都不是半生不熟。

This is fully baked.

這是完全烘烤的。

And next, we'll go to Rich Safran with Seaport Global.

接下來，我們將與 Seaport Global 一起前往 Rich Safran。

So Dave, I wanted to know if you could expand on your opening remarks about freight and your strategy there.

所以戴夫，我想知道你是否可以擴展你關於貨運的開場白和你的策略。

Your comments about current freight demand, I would think, drive an improvement in your long-term outlook and wondering if that's the case.

我認為，您對當前貨運需求的評論會推動您的長期前景有所改善，並且想知道情況是否如此。

Second, am I correct that there are new emission standards coming that might impact the 67 and 777 freighters?

其次，我認為即將出台可能影響 67 和 777 貨機的新排放標準是否正確？

I was wondering if you could comment on how you're going to address and meet those standards.

我想知道你是否可以評論一下你將如何解決和滿足這些標準。

And then finally, Airbus is talking about A350 freighter.

最後，空客正在談論 A350 貨機。

Any plans to address this threat?

有應對這一威脅的計劃嗎？

Dave, I'm just trying to get to your overall product strategy here for freighters.

戴夫，我只是想了解一下你們的貨機整體產品戰略。

Yes.

是的。

I am quite confident in the freighter market.

我對貨機市場很有信心。

I think some secular things have happened there that are going to continue to make that a very important market.

我認為那裡發生了一些世俗的事情，這些事情將繼續使它成為一個非常重要的市場。

As you know, we are significant in that market and have long-standing customer relationships.

如您所知，我們在該市場中舉足輕重，並擁有長期的客戶關係。

And especially in the next couple of years, prior to the ICAO standards being implemented, I'm confident it will drive some additional 76 and additional 777 demands, et cetera.

尤其是在接下來的幾年裡，在實施 ICAO 標準之前，我相信它將推動一些額外的 76 和額外的 777 需求，等等。

We need to develop a new ICAO-compliant freighter version opportunity.

我們需要開發一個新的符合國際民航組織標準的貨機版本機會。

I circled the 777X as the logical place for that and a smart place to do that.

我將 777X 圈定為合理的位置和明智的位置。

So as I said, without suggesting that we've already launched and/or that we have one planned by the day, we're confident, and I'm confident that, that might be the next of our programs.

因此，正如我所說，雖然沒有暗示我們已經啟動和/或我們有一個計劃，但我們有信心，而且我有信心，這可能是我們的下一個計劃。

And it will be an incredible freighter with incredible long-term advantages for our major customers.

這將是一艘令人難以置信的貨輪，為我們的主要客戶帶來難以置信的長期優勢。

So anyway, that's where we stand.

所以無論如何，這就是我們的立場。

And in the meantime, there are exemptions that exist within the ICAO language that have to be accommodated by our U.S. government in some way, shape or form, that allow for a transition strategy to that new kind of opportunity that is ICAO compliant.

與此同時，國際民航組織語言中存在一些豁免，我們的美國政府必須以某種方式、形式或形式適應這些豁免，從而允許向符合國際民航組織標準的新型機會的過渡戰略。

Because you'll recall -- or maybe no or don't know the 76, when it moves into like a FedEx or a UPS opportunity, it displaces airplanes that are 40%-plus less efficient and most importantly, 40% less environmentally friendly.

因為你會記得——或者可能不知道或不知道 76，當它像 FedEx 或 UPS 機會一樣進入時，它取代了效率降低 40% 以上的飛機，最重要的是，環境友好性降低了 40% .

So there is, I think, some transition strategies that can and should be implemented that will help us in that.

因此，我認為，可以而且應該實施一些過渡戰略，這將有助於我們實現這一目標。

But we need to step forward on an airplane itself.

但是我們需要在飛機本身上向前邁進。

And yes, so I don't mind tipping my hand.

是的，所以我不介意舉手。

That's what's got my greatest interest.

這是我最感興趣的。

Operator, we have time for one more analyst question.

接線員，我們有時間再問一個分析師問題。

Certainly.

當然。

And that will be from Cai von Rumohr with Cowen.

這將來自 Cai von Rumohr 和 Cowen。

So Dave, I was a little surprised by your comment on expecting China approval by year-end because while I get it that the airlines want it and that you're making progress with testing, nothing in China happens without political okay.

所以戴夫，我對你關於期望在年底前獲得中國批准的評論感到有點驚訝，因為雖然我知道航空公司想要它並且你在測試方面取得了進展，但如果沒有政治上的同意，中國什麼都不會發生。

And everything I read is that situation has been going downhill.

我讀到的一切都是情況一直在走下坡路。

So the question is, are you seeing any specific signs, either from the Chinese government through your contact or from the U.S. government that would give you confidence to make a prediction that you expect to see those -- the approval by year-end?

所以問題是，你是否看到任何具體跡象，無論是通過你的聯繫人來自中國政府還是來自美國政府，這些跡象會讓你有信心做出你希望看到的預測 - 年底前批准？

Yes.

是的。

Let me just, in some ways, state the obvious.

讓我以某種方式陳述顯而易見的事實。

So I don't want to imply that anything is risk-free on this front, it's not and never will be, especially as it relates to those China relations, which are real.

所以我不想暗示在這方面任何事情都是沒有風險的，現在不是，也永遠不會，尤其是當它涉及到那些真實的中國關係時。

And we see all the strains as well.

我們也看到了所有的壓力。

The advantages and the needs on both sides with respect the need for the equipment, again, 100 airplanes on the ground, an economy that has been the fastest to recover from COVID, an economy preparing for the Olympics and for a substantial amount of traffic to and from in the domestic market.

雙方在設備需求方面的優勢和需求，再次，地面上有 100 架飛機，經濟體從 COVID 中恢復最快，經濟體為奧運會和大量交通做準備並來自國內市場。

So all of those needs line up and the support to airlines to accommodate that traffic is where it needs to be.

因此，所有這些需求都排成一行，並且需要為航空公司提供支持以適應該流量。

There is nothing that prevents this trade from happening.

沒有什麼可以阻止這種交易的發生。

So there's no -- there's nothing written that says, "You can't do it." I mean -- so there's nothing that prevents it.

所以沒有 - 沒有任何文字說“你做不到”。我的意思是 - 所以沒有什麼可以阻止它。

And our government fully understands and appreciates the fact that our industry is a leader in the world.

我們的政府完全理解並讚賞我們的行業處於世界領先地位這一事實。

And that leadership in China is critical to that and the employment that it, of course, holds.

當然，中國的領導地位對於這一點以及它所擁有的就業至關重要。

So without them having to sort of launch, this is some big new opening to a structural agreement.

因此，無需他們啟動，這是對結構性協議的一些重大新開放。

We're just going to stay on course and continue to support free trade between these 2 players, both of whom understand the importance.

我們將堅持不懈，繼續支持這兩位球員之間的自由貿易，他們都明白這一點的重要性。

And there are plenty of trade partners that exist between China and the United States, and all I have to do is look at all the sort of import numbers in this country and vice versa.

中國和美國之間有很多貿易夥伴，我所要做的就是看看這個國家的各種進口數據，反之亦然。

It's a big corridor.

這是一個很大的走廊。

We just want to be part of that.

我們只是想成為其中的一部分。

We want to do it the right way and support our customers.

我們希望以正確的方式做到這一點並支持我們的客戶。

And things have been constructive.

事情是有建設性的。

If they weren't, I would tell you.

如果他們不是，我會告訴你。

So anyway, that's where we are.

所以無論如何，這就是我們所在的位置。

That completes the Boeing Company's Second Quarter 2021 Earnings Conference Call, and thank you all for joining.

波音公司 2021 年第二季度收益電話會議到此結束，感謝大家的加入。