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Operator
Operator
Thank you for standing by. Good day, everyone, and welcome Boeing Company's Second Quarter 2020 Earnings Conference Call. Today's call is being recorded.
謝謝你的支持。大家好,歡迎波音公司 2020 年第二季度收益電話會議。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. (Operator Instructions)
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直播。 (操作員說明)
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. Ms. Sutedja, please go ahead.
在開始致辭和介紹時,我將把電話轉給波音公司投資者關係副總裁 Maurita Sutedja 女士。 Sutedja 女士,請繼續。
Maurita B. Sutedja - VP of IR
Maurita B. Sutedja - VP of IR
Thank you, and good morning. Welcome to Boeing's Second Quarter 2020 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 Executive Vice President of Enterprise Operations, Chief Financial Officer and Interim Leader of Communications.
謝謝,早上好。歡迎來到波音 2020 年第二季度財報電話會議。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;波音企業運營執行副總裁、首席財務官兼通信臨時負責人 Greg Smith。
After management comments, we will conduct a question-and-answer session. (Operator Instructions) 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.
管理層發表意見後,我們將進行問答環節。 (操作員說明)一如既往,我們在今天早些時候發布的新聞稿中提供了詳細的財務信息,作為提醒,您可以通過我們的網站 boeing.com 關註今天的廣播和幻燈片演示。
Before we begin, I need to remind you that any projections, estimates and goals we include in our discussions this morning are likely to involve risks, which are detailed in our news release, in our various SEC filings and in the forward-looking statement disclaimer at the end of this web presentation.
在我們開始之前,我需要提醒您,我們在今天上午的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、我們向美國證券交易委員會提交的各種文件和前瞻性聲明免責聲明中有詳細說明在本網絡演示結束時。
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。
David L. Calhoun - President, CEO & Director
David L. Calhoun - President, CEO & Director
Thank you, Maurita. Good morning, everyone. I hope you are all continuing to stay safe and healthy during this crazy global pandemic that we're all living through.
謝謝你,毛里塔。大家,早安。我希望你們在我們都經歷過的這場瘋狂的全球大流行期間繼續保持安全和健康。
Before getting started, I want to recognize all of the health care professionals, the public service, the frontline workers who are dedicated to keeping us safe and healthy day in and day out. On behalf of all of our Boeing associates, thank you.
在開始之前,我想感謝所有日復一日致力於確保我們安全和健康的醫護人員、公共服務人員和前線工作人員。我代表我們所有的波音員工,謝謝你們。
I also want to thank my Boeing teammates around the globe for everything they are doing to support each other, our business, our communities and our customers during these intensely challenging times.
我還要感謝我在全球的波音隊友,感謝他們在這個充滿挑戰的時期所做的一切,以支持彼此、我們的業務、我們的社區和我們的客戶。
With that, let's turn to business, and Slide 2, please. The current challenges we have are of unprecedented proportion. I think we all know that. This is true for our company, true for our industry and our society at large. In times of uncertainty, it is important we focus first on our people, and that is where I'll start today. We're working hard to strengthen our culture, support our workforce and to help our communities. The racial equity and social justice movement reminds us that we must do more to confront racism head-on. I'm proud of our Boeing team's commitment to this and the progress we've made over the years. But I recognize, we recognize we have more work to do. We're raising the bar on our key measures of equity, diversity and inclusion, and over the next 4 years, we will double the $25 million we've invested in partnerships and organizations that support marginalized communities.
說到這裡,讓我們開始談正事,請看幻燈片 2。我們當前面臨的挑戰規模空前。我想我們都知道這一點。這對我們公司、我們的行業和整個社會都是如此。在充滿不確定性的時期,我們首先關注我們的員工是很重要的,這就是我今天要開始的地方。我們正在努力加強我們的文化,支持我們的員工隊伍並幫助我們的社區。種族平等和社會正義運動提醒我們,我們必須做更多的事情來正面對抗種族主義。我為我們的波音團隊對此的承諾以及我們多年來取得的進步感到自豪。但我承認,我們承認我們還有更多工作要做。我們正在提高公平、多樣性和包容性等關鍵指標的標準,在接下來的 4 年裡,我們將把投資於支持邊緣化社區的合作夥伴和組織的 2500 萬美元翻一番。
Our commitments in this area will be an even more permanent and visible aspect of our engagement going forward.
我們在這一領域的承諾將成為我們未來參與的一個更加持久和明顯的方面。
Turning to the COVID-19 pandemic. As cases rise in certain areas, we are focused on keeping our people and our communities safe. As you know, during March and April, we temporarily suspended some of our operations due to COVID-19. We resumed operations and brought our teams back to work only after implementing objectives and rigorous steps aligned with federal and state guidance to ensure the health and safety of our workforce.
轉向 COVID-19 大流行。隨著某些地區病例的增加,我們專注於確保我們的人民和社區的安全。如您所知,在 3 月和 4 月期間,由於 COVID-19,我們暫停了部分運營。只有在實施了符合聯邦和州指導方針的目標和嚴格步驟後,我們才恢復運營並讓我們的團隊重返工作崗位,以確保我們員工的健康和安全。
We are taking all responsible measures across our facilities, including requiring face coverings, enhancing facility, cleaning, adding visual indicators. We are modifying work areas and adjusting work patterns to allow for physical distancing, providing access to medical information around the clock, quarantining anyone potentially exposed to the virus and conducting contact tracing and much more. For all of our employees whose jobs can be done effectively from home, we continue to implement virtual working arrangements. We believe we've put effective processes in place that enable our facilities to be as safe or safer than their respective communities.
我們正在我們的設施中採取所有負責任的措施,包括要求面罩、加強設施、清潔、增加視覺指示器。我們正在修改工作區域並調整工作模式以允許保持物理距離,全天候提供醫療信息,隔離可能接觸病毒的任何人並進行接觸者追踪等等。對於所有可以在家有效完成工作的員工,我們繼續實施虛擬工作安排。我們相信我們已經制定了有效的流程,使我們的設施能夠比它們各自的社區更安全或更安全。
Nevertheless, we will remain vigilant and follow the advice of our health care professionals and adhere to the government guidelines as we monitor the virus.
儘管如此,我們將保持警惕並聽從我們的醫療保健專業人員的建議,並在監測病毒時遵守政府的指導方針。
As our employees focus on their own health, they are also stepping up to help their communities through the crisis. I couldn't be more proud of their efforts, and I'll highlight just a few of their contributions.
在我們的員工關注自身健康的同時,他們也在加緊幫助社區度過危機。我為他們的努力感到無比自豪,我將重點介紹他們的一些貢獻。
To date, we've printed more than 40,000 face shields and completed 12 airlift missions, delivering 4 million units of personal protective equipment to health care workers in need. And combined with our gift-matching program, our employees have donated $1.5 million to support COVID-19 response efforts in their local communities.
迄今為止,我們已經打印了 40,000 多個面罩並完成了 12 次空運任務,向有需要的醫護人員運送了 400 萬套個人防護裝備。結合我們的禮物匹配計劃,我們的員工捐贈了 150 萬美元,以支持當地社區的 COVID-19 應對工作。
COVID has also dealt a heavy blow to the commercial aerospace sector and our business. Airlines have cut back operations dramatically. As they assess their business, they are making difficult decisions that result in grounding fleets, deferring airplane orders, postponing acceptance of completing orders and slowing down or stopping payments. They are also accelerating aircraft retirements, deferring elective maintenance and requiring fewer service.
COVID 還對商業航空航天部門和我們的業務造成了沉重打擊。航空公司大幅削減了運營。在評估業務時,他們正在做出艱難的決定,這些決定導致停飛機隊、推遲飛機訂單、推遲接受完成訂單以及放慢或停止付款。他們還在加速飛機退役,推遲選擇性維護並減少服務需求。
That is why we are working closely with our customers and suppliers to navigate through this uncertainty.
這就是我們與客戶和供應商密切合作以應對這種不確定性的原因。
We continue to monitor the commercial marketplace by staying very engaged with our customers around the globe to fully understand their short-term, medium-term and long-term requirements. We have and we will continue to work with our customers on specific timing and adjustments to their deliveries. We'll discuss this further in the business environment part of this discussion.
我們通過與全球客戶保持密切聯繫以充分了解他們的短期、中期和長期需求,繼續監控商業市場。我們已經並將繼續與我們的客戶合作,確定具體的交付時間和調整他們的交付。我們將在本次討論的業務環境部分進一步討論這個問題。
As air travel resumes and restrictions ease around the globe, aircraft crew and passenger health and safety are always our top priority. Through our Confident Travel Initiative, Boeing is supporting our customers and working with industry stakeholders to support multiple layers of protection aimed at minimizing health risks for passengers and crew throughout the travel journey.
隨著全球航空旅行的恢復和限制的放鬆,機組人員和乘客的健康與安全始終是我們的首要任務。通過我們的自信旅行計劃,波音正在支持我們的客戶並與行業利益相關者合作,以支持多層保護,旨在最大限度地減少乘客和機組人員在整個旅行過程中的健康風險。
Layered protection is a system-wide approach with customers, airports, regulatory authorities and industry associations, all having a role to play. First layer is having measures in place to prevent anyone with the virus from boarding the airplane. The second layer is assisting airlines on cleaning and disinfecting practices. The third layer is to minimize contaminants from spreading in the cabin itself through to the design of cabin airflow, the use of HEPA filters and encouraging passengers, if not requiring passengers to wear face coverings.
分層保護是一種全系統的方法,客戶、機場、監管機構和行業協會都可以發揮作用。第一層正在採取措施防止任何攜帶病毒的人登機。第二層是協助航空公司進行清潔和消毒工作。第三層是通過機艙氣流的設計、HEPA 過濾器的使用和鼓勵乘客(如果不要求乘客戴面罩),最大限度地減少污染物在機艙內的傳播。
In-cabin technology, enhanced cleanliness standards, airflow systems and other preventative measures are helping protect the health and safety of every person who steps on board Boeing airplanes. These have to be combined with personal responsibility of passengers and crews including wearing face mask and taking other precautions, which is a critical part of creating a safe travel experience.
機艙技術、更高的清潔標準、氣流系統和其他預防措施正在幫助保護登上波音飛機的每個人的健康和安全。這些必須與乘客和機組人員的個人責任相結合,包括戴口罩和採取其他預防措施,這是創造安全旅行體驗的關鍵部分。
Another important aspect of bridging to recovery is ensuring the health of our supply chain. We're doing everything we can to support our global suppliers and their stability remains a key watch item for us in the aerospace and -- as our aerospace industry weathers these unprecedented challenges. We're monitoring our suppliers' status around the world to assess risks and to address any potential disruption. We've been continuing payments to our more than 12,000 suppliers supporting about 1.5 million jobs.
過渡到復甦的另一個重要方面是確保我們供應鏈的健康。我們正在盡我們所能來支持我們的全球供應商,他們的穩定性仍然是我們在航空航天領域的一個關鍵觀察項目,並且——因為我們的航空航天工業經受住了這些前所未有的挑戰。我們正在監控全球供應商的狀態,以評估風險並解決任何潛在的中斷問題。我們一直在繼續向支持約 150 萬個工作崗位的 12,000 多家供應商付款。
As we discussed last quarter, given the severe nature of this virus and the shock to preserve the long-term competitiveness of our industry as well as our company, we're intensely focused on ensuring liquidity through the intermediate crisis. We've taken aggressive liquidity steps over the past few months, including raising $25 billion in the capital markets in May.
正如我們在上個季度所討論的那樣,鑑於這種病毒的嚴重性和衝擊,以保持我們行業和我們公司的長期競爭力,我們非常專注於通過中期危機確保流動性。過去幾個月我們採取了積極的流動性措施,包括 5 月份在資本市場籌集了 250 億美元。
While we've addressed the immediate liquidity issue, we still must continue taking action to improve our performance and transform our business for the future.
雖然我們已經解決了眼前的流動性問題,但我們仍必須繼續採取行動來提高我們的業績並為未來轉變我們的業務。
In the second quarter, we completed the realignment of our engineering organization and the integration of our new Enterprise Operations, Finance & Strategy group. These moves are foundational steps in our effort to strengthen engineering to elevate the company's focus on safety and quality, improve operational, factory and supply chain performance and streamline our processes.
在第二季度,我們完成了工程組織的重組以及新的企業運營、財務和戰略集團的整合。這些舉措是我們努力加強工程以提升公司對安全和質量的關注、改善運營、工廠和供應鏈績效並簡化流程的基本步驟。
And lastly, despite the challenges we face, we've not lost sight of our commitment and our need to deliver on our priorities, which have not changed. We're continuing to make steady progress towards the safe return of the 737 to service, working closely with the FAA and other global regulators.
最後,儘管我們面臨挑戰,但我們並沒有忘記我們的承諾和我們需要實現我們的優先事項,這些都沒有改變。我們與美國聯邦航空局和其他全球監管機構密切合作,繼續穩步推進 737 安全復飛。
While we still have a lot of work in front of us, we're encouraged with the completion of the FAA certification flight test earlier this month and the FAA's announcement to move forward with the notice of proposed rulemaking to safely return the 737 to service. Both are important milestones in the certification process as we collectively focus on ensuring transparency at all stages.
雖然我們面前還有很多工作要做,但我們對本月早些時候完成的美國聯邦航空局認證飛行測試以及美國聯邦航空局宣布推進擬議規則制定通知以安全恢復 737 服務感到鼓舞。兩者都是認證過程中的重要里程碑,因為我們共同致力於確保所有階段的透明度。
We're working now on completing the remaining key tasks, coordinating with and following the lead of our global regulators.
我們現在正在努力完成剩餘的關鍵任務,協調並遵循我們的全球監管機構的領導。
As you would expect, the pandemic has required some changes to how we do things, including working remotely and virtual meetings with our regulators. For activities that cannot be completed remotely, we're making appropriate and safe arrangements to enable effective cross-border collaboration with the global regulators, but the overall environment presents real logistical challenges for the necessary international travel and the in-person meetings, which are required and that we are working through.
正如您所預料的那樣,大流行病要求我們改變做事方式,包括遠程工作和與監管機構的虛擬會議。對於無法遠程完成的活動,我們正在做出適當和安全的安排,以實現與全球監管機構的有效跨境合作,但整體環境對必要的國際旅行和麵對面的會議提出了真正的後勤挑戰,這些都是需要,我們正在努力。
Based on our latest assessment, we now expect the necessary regulatory approvals will be obtained in time to support resumption of deliveries during the fourth quarter. Of course, the actual timing will ultimately be determined by the global regulators.
根據我們的最新評估,我們現在預計將及時獲得必要的監管批准,以支持在第四季度恢復交付。當然,具體時間最終還是要由全球監管機構決定。
After an approximately 4-month suspension of production operations, in May, we resumed early stages of our 737 production line.
在停產約 4 個月後,我們於 5 月恢復了 737 生產線的早期階段。
During the suspension, we implemented more than a dozen initiatives focused on workplace safety, product quality, and they have strengthened the production system and helped optimize the build environment, allowing for more predictability and stability for future rate increases.
停產期間,我們實施了十多項以工作場所安全、產品質量為重點的舉措,加強了生產系統,幫助優化了構建環境,為未來加薪提供了更多的可預測性和穩定性。
In addition to the 737, we're focused on meeting our commitments to our commercial, defense and space customers. In fact, within defense, we delivered 44 aircraft in the quarter, completed the critical design review for the T-7A advanced trainer and achieved our first flight of both the F-15 Qatar Advanced and the F/A-18 Block III Super Hornet for the U.S. Navy.
除了 737,我們還專注於履行我們對商業、國防和太空客戶的承諾。事實上,在國防領域,我們在本季度交付了 44 架飛機,完成了 T-7A 高級教練機的關鍵設計審查,並實現了 F-15 卡塔爾高級戰鬥機和 F/A-18 Block III 超級大黃蜂的首飛為美國海軍。
Now let's turn to the next slide to discuss the business environment for our industry. In our Defense, Space & Security, we continue to see a healthy market with solid demand for our major platforms and programs, both domestically and internationally. Our portfolio of programs and technologies remains well aligned to our customers' missions.
現在讓我們轉到下一張幻燈片,討論我們行業的商業環境。在我們的國防、太空與安全領域,我們繼續看到一個健康的市場,對我們的主要平台和項目有強勁的需求,無論是在國內還是在國際上。我們的項目和技術組合與客戶的使命保持一致。
We are also well positioned with proven world-class platforms to address current needs. And innovative, capable and affordable new franchise programs for the future. The $7 billion of orders that BDS booked in the quarter and some recent awards, including the historic contract for the F-15EX from the U.S. Air Force, combined with a contract extension from NASA to support the International Space Station, underscore the strength of our offerings. The demand outlook for our government services business remains stable. The strength of government services provides a strong foundation for our overall services business. We see growth in a number of government services areas, including ramp-ups to support international customers with training, logistics and supply chain offerings as well as growth on key U.S. programs.
我們還擁有經過驗證的世界級平台,可以很好地滿足當前的需求。以及面向未來的創新、有能力且負擔得起的新特許經營計劃。 BDS 在本季度預訂的 70 億美元訂單和最近的一些合同,包括來自美國空軍的歷史性 F-15EX 合同,以及 NASA 為支持國際空間站而延長的合同,突顯了我們的實力產品。我們政府服務業務的需求前景保持穩定。政府服務的實力為我們的整體服務業務奠定了堅實的基礎。我們看到許多政府服務領域的增長,包括通過培訓、物流和供應鏈產品支持國際客戶的增長,以及美國關鍵項目的增長。
Our government services, defense and space programs continues to provide critical stability for us as we move forward.
在我們前進的過程中,我們的政府服務、國防和太空計劃繼續為我們提供至關重要的穩定性。
On the commercial side, our industry and our company are weathering challenges like none we have ever experienced in our lifetimes. And many of those challenges are still unfolding. IATA projects passenger traffic will drop by more than half this year compared to 2019 as global economic activity slows down due to COVID, and governments severely restrict travel to contain the spread of the virus.
在商業方面,我們的行業和我們的公司正經受著我們一生中從未經歷過的挑戰。其中許多挑戰仍在繼續。 IATA 預計今年的客運量將比 2019 年下降一半以上,原因是全球經濟活動因 COVID 而放緩,並且政府嚴格限制旅行以遏制病毒的傳播。
After a sharp 94% drop in passenger traffic in April, we've seen tangible signs of recoveries in key markets such as China and Europe, with operations increasing into July.
在 4 月份客運量銳減 94% 之後,我們已經看到中國和歐洲等主要市場復甦的明顯跡象,7 月份的運營量有所增加。
The U.S. has also improved from the April lowest point. However, the recent uptick in COVID cases has slowed its recovery. So while we were encouraged by the early signs of recovery, the past few weeks demonstrate the trajectory may be uneven.
美國也從 4 月份的最低點有所改善。然而,最近 COVID 病例的增加減緩了它的恢復。因此,雖然我們對複甦的早期跡象感到鼓舞,但過去幾週表明軌跡可能並不均衡。
On the cargo side, the reduction of belly cargo capacity has led operators to utilize essentially all available freighters. Significant use of passenger aircraft as freighters continue. Though yields are starting to return to normal as more belly cargo capacity comes back online.
在貨運方面,腹艙貨運能力的下降導致運營商基本上利用所有可用的貨機。貨機繼續大量使用客機。儘管隨著更多腹艙運力恢復正常,收益率開始恢復正常。
We've also seen improvement in global fleet utilization. Around 65% of the fleet is now back in service, with hundreds of aircraft reactivated weekly. Utilization metrics are improving as airlines resume more of their network and schedules. June passenger operations reached approximately 30% of last year's level, with acceleration in July bringing them to nearly 50% at last year's level.
我們還看到全球車隊利用率有所提高。大約 65% 的機隊現已恢復服務,每周有數百架飛機重新投入使用。隨著航空公司恢復更多的網絡和航班時刻表,利用率指標正在改善。 6 月份客運量達到去年水平的 30% 左右,7 月份增速加快,達到去年水平的近 50%。
Passenger load factor has improved from the April levels but remains low. In June, the load factor was 58% versus 84% a year ago.
客座率較 4 月份有所改善,但仍然很低。 6 月份,載客率為 58%,而一年前為 84%。
As I alluded to earlier, we're seeing different paces of recovery for different regions. In some countries, reopened their air travel improved along with it. This is the case in Europe, with many airlines resuming operations as borders open. The U.S. recovery has sustained weekly 20% traffic growth momentum until about the 4th of July. And since then, with rising cases in key leisure markets, we've seen signs of flattening or slight declines as the airlines have noted.
正如我之前提到的,我們看到不同地區的複蘇步伐不同。在一些國家,重新開放航空旅行也隨之改善。歐洲就是這種情況,隨著邊境開放,許多航空公司恢復運營。直到 7 月 4 日左右,美國的複蘇一直保持著每週 20% 的客流量增長勢頭。從那以後,隨著主要休閒市場病例的增加,我們已經看到航空公司指出的趨於平緩或略有下降的跡象。
Continued growth in cases and corresponding travel restrictions or quarantine policies may dampen the near-term recovery. The way forward will depend on the development with respect to the pandemic and the scope of government travel restrictions. We continue to see volatility on the recovery path ahead.
病例的持續增長和相應的旅行限製或檢疫政策可能會抑制近期的複蘇。前進的道路將取決於大流行病的發展和政府旅行限制的範圍。我們繼續看到未來復甦道路上的波動。
Given the amount of uncertainty that is still in front of us, managing liquidity continues to be vital to our industry's ability to bridge to recovery and navigate the challenges.
鑑於我們面前仍然存在大量不確定性,管理流動性對於我們行業能否渡過復甦和應對挑戰仍然至關重要。
As we previously discussed, we continue to believe that the fundamentals that have driven air travel for the past 5 decades and doubled air traffic over the past 2 decades remain intact, and we believe this industry will, in fact, recover. But we currently estimate it will take around 3 years for travel to return to 2019 levels. And it will be a few years beyond that for the industry to return to long-term growth trends. The picture is obviously dynamic and subject to many unknowns. As we see it today, narrow-body airplanes will lead the way to recovery as airlines bring their networks back online, focusing first on domestic routes.
正如我們之前所討論的,我們仍然相信過去 5 年推動航空旅行和過去 2 年航空運輸量翻番的基本面仍然完好無損,而且我們相信這個行業實際上將會復蘇。但我們目前估計,旅行需要大約 3 年時間才能恢復到 2019 年的水平。該行業要恢復長期增長趨勢還需要幾年時間。圖片顯然是動態的並且受許多未知數的影響。正如我們今天所看到的那樣,窄體飛機將引領復甦之路,因為航空公司將其網絡重新上線,首先關注國內航線。
Meanwhile, border closures and travel restrictions significantly dampened international travel demand, which in turn impacts the utilization of widebody passenger fleets in the near term.
與此同時,邊境關閉和旅行限制顯著抑制了國際旅行需求,進而影響了寬體客運機隊的短期利用率。
A key driver in both segments will be the rate of retirements of older fleets. We expect our customers to look at their fleet planning strategies differently in light of these dynamics. More than 2,500 aircraft with 20-plus years of service were in active service prior to the crisis. So far, we have tracked retirements of close to 1,000 of these aircraft across the global fleet.
這兩個領域的一個關鍵驅動因素將是老舊機隊的退役率。我們希望我們的客戶根據這些動態以不同的方式看待他們的車隊規劃策略。超過 2,500 架服役超過 20 年的飛機在危機前服役。到目前為止,我們已經跟踪了全球機隊中近 1,000 架此類飛機的退役情況。
Replacements will not be uniform as airlines will focus on the oldest and least efficient airplanes to retire. Some airlines have already made announcements to this effect. Thousands of more fuel-efficient airplanes that we and our competitors have in backlog will make future flying even more environmentally sustainable and help us reach our industry's emission reduction targets. Airplanes that we plan to deliver this year will be 25% to 40% more fuel efficient than the airplanes they're replacing.
替換將不會統一,因為航空公司將專注於最老和效率最低的飛機退役。一些航空公司已經就此發布了公告。我們和我們的競爭對手積壓的數千架更省油的飛機將使未來的飛行更具環境可持續性,並幫助我們實現行業的減排目標。我們計劃今年交付的飛機的燃油效率將比它們正在更換的飛機高 25% 到 40%。
The urgency and value of fleet versatility is accelerated by this crisis. And our position is helped by the value proposition of our family of airplanes and the diversity of our backlog. This includes our market-leading 787, our unmatched cargo lineup; the world's largest and most efficient twin-engine jet, the 777X; and of the course, the versatile 737 family.
這場危機加速了機隊多功能性的緊迫性和價值。我們的地位得益於我們飛機系列的價值主張和我們積壓訂單的多樣性。這包括我們市場領先的 787,我們無與倫比的貨運陣容;世界上最大、最高效的雙引擎噴氣式飛機 777X;當然,還有多功能的 737 系列。
On the services side, we are seeing a direct impact on our commercial supply chain business as fewer flights result in a decreased demand for our parts and logistics offerings. Our commercial customers are curtailing discretionary spend such as modifications and upgrades and focusing on required maintenance only. We anticipate accelerated retirement of older aircraft, which will result in a newer fleet when air travel resumes to previous levels. This will prolong the period of decreased demand for our commercial services offerings.
在服務方面,我們看到了對我們的商業供應鏈業務的直接影響,因為航班減少導致對我們的零件和物流產品的需求減少。我們的商業客戶正在減少可自由支配的支出,例如修改和升級,並只關注必要的維護。我們預計舊飛機將加速退役,這將在航空旅行恢復到以前的水平時產生更新的機隊。這將延長對我們的商業服務產品需求減少的時期。
Similar to commercial airplanes, we expect a multiyear recovery period for the commercial services business. You'll see the significant impact of COVID is reflected in our commercial services financial results this quarter, which Greg will go through a little bit later.
與商用飛機類似,我們預計商業服務業務將經歷多年的複蘇期。您會看到 COVID 的重大影響反映在我們本季度的商業服務財務業績中,格雷格將在稍後討論。
We closely monitor the commercial marketplace by staying very engaged with our customers all around the world to fully understand short and long-term requirements. We regularly incorporate additional insight to inform current and future production rates. Based on our latest assessment, we have decided to refine our commercial airplane production rates to better calibrate near to medium-term supply and demand balance.
我們密切關注商業市場,與世界各地的客戶保持密切聯繫,以充分了解短期和長期需求。我們會定期納入額外的洞察力,以告知當前和未來的生產率。根據我們最新的評估,我們決定改進我們的商用飛機生產率,以更好地校準近期和中期的供需平衡。
Let's turn to Slide 4. In the narrowbody segment, we expect to continue to produce the 737 at low rates for the remainder of 2020 and gradually increase the rate to 31 by the beginning of 2022, with further gradual increases that correspond with market demand. The production ramp profile is also affected by the pace of delivery of our stored aircraft. We have moderated the production rate ramp-up from our prior assumption to reflect commercial airline industry uncertainty due to the impact of COVID.
讓我們轉到幻燈片 4。在窄體機領域,我們預計將在 2020 年剩餘時間內繼續以低利率生產 737,並在 2022 年初逐步將利率提高到 31 架,並根據市場需求進一步逐步增加。生產坡道情況也受到我們存儲飛機的交付速度的影響。我們已經從我們之前的假設中緩和了生產率的上升,以反映由於 COVID 的影響而導致的商業航空業的不確定性。
We continue to see our 737 family of airplanes creating capacity for growth and providing required replacements for older, less efficient airplanes. We have and will continue to work closely with our customers to review their fleet plans and make adjustments where appropriate to adapt to lower-than-planned 737 production in the near term, provide more flexibility to deliver our backlog and protect the value of the 737 family.
我們繼續看到我們的 737 系列飛機創造增長能力,並為老舊、效率低下的飛機提供所需的替代品。我們已經並將繼續與我們的客戶密切合作,審查他們的機隊計劃,並在適當的時候做出調整,以適應近期低於計劃的 737 產量,提供更大的靈活性來交付我們的積壓訂單並保護 737 的價值家庭。
Moving to the widebody segment. We previously planned to reduce the 787 production rate to 10 per month in 2020 and gradually reduce to 7 per month by 2022. In light of the ongoing challenges presented by the pandemic and the impact on our airline customers, we now plan to reduce the 787 production rate from the current 10 per month to 6 per month in 2021 to further de-risk our skyline, taking into account the financial condition of our customers and the geopolitical environment.
轉向寬體機部分。我們之前計劃在2020年將787的生產率降低到每月10架,到2022年逐步減少到每月7架。鑑於大流行帶來的持續挑戰以及對我們航空公司客戶的影響,我們現在計劃減少787考慮到客戶的財務狀況和地緣政治環境,到 2021 年,生產率將從目前的每月 10 架提高到每月 6 架,以進一步降低我們天際線的風險。
Given the lower growth -- the lower rate profile, we will prudently evaluate the most efficient way to produce the 787 to include the studying the feasibility of consolidating our 787 production into one location. We will continue to evaluate the rate beyond 2021 to balance supply and demand. Our 787 family has a compelling value proposition, offering unparalleled fuel efficiency and range flexibility, enabling carriers to optimize fleet and network performance as well as profitably expanding into new markets.
鑑於較低的增長——較低的利率概況,我們將謹慎評估生產 787 的最有效方式,包括研究將我們的 787 生產整合到一個地點的可行性。我們將繼續評估 2021 年以後的利率以平衡供需。我們的 787 系列具有令人信服的價值主張,提供無與倫比的燃油效率和航程靈活性,使承運人能夠優化機隊和網絡性能,並有利地擴展到新市場。
Turning to the 777X. We continue to execute the flight testing phase of our rigorous test program. As we look toward entry into service, we have adjusted the timing of the first 777-9 delivery to 2022 versus our prior forecast of 2021. This reflects our assessment of the development and test time line, feedback from our customers and projected impacts from COVID-19. We are also incorporating lessons learned from the 737 certification process. We will continue to manage the risks inherent in any development program.
轉向 777X。我們繼續執行嚴格測試計劃的飛行測試階段。在我們著眼於投入使用時,我們將首架 777-9 的交付時間調整為 2022 年,而不是我們之前預測的 2021 年。這反映了我們對開發和測試時間表的評估、客戶的反饋以及 COVID 的預計影響-19。我們還吸取了從 737 認證過程中吸取的經驗教訓。我們將繼續管理任何開發計劃中固有的風險。
We continue to expect to deliver 777s at an average rate of approximately 2.5 per month in 2020. We will take a measured approach to the 777X rate ramp as we look to minimize the amount of change in corporation work by managing the number of aircraft produced prior to entry into service.
我們繼續期望在 2020 年以平均每月約 2.5 架的速度交付 777。我們將對 777X 的增長率採取審慎的方法,因為我們希望通過管理之前生產的飛機數量來最大程度地減少公司工作的變化量進入服務。
Due to market uncertainties driven primarily by the impacts of COVID-19 and moving the 777X delivery to 2022, we now plan to reduce the combined 777/777X production rate to 2 per month in 2021 versus our previous plan of 3 per month in 2021.
由於主要由 COVID-19 的影響和將 777X 交付推遲到 2022 年導致的市場不確定性,我們現在計劃在 2021 年將 777/777X 的綜合生產率降低到每月 2 架,而我們之前的計劃是 2021 年每月 3 架。
Finally, we'll make no change to the 767 and 747 production rates at this time. These programs are targeted for the cargo market and approximately half the 767 production is dedicated for the tanker program.
最後,我們目前不會改變 767 和 747 的生產率。這些項目針對貨運市場,大約一半的 767 生產專門用於油輪項目。
On the 747, we will continue building 747s at the current rate as we deliver on our commitments to key customers. In light of the current market dynamics and the outlook, we anticipate completing production of the iconic 747 in 2022.
在 747 方面,我們將繼續以目前的速度建造 747,同時履行我們對主要客戶的承諾。鑑於當前的市場動態和前景,我們預計標誌性的 747 將於 2022 年完成生產。
Our commitment to our customers does not end at delivery. These airplanes will be flying for decades to come and will continue to support the 747 franchise, its operations and sustainment well into the future.
我們對客戶的承諾不會在交付時終止。這些飛機將在未來幾十年內飛行,並將繼續支持 747 的特許經營權、其運營和維護到未來。
These rate decisions are based on our current assessment of the demand environment, taking into account a host of risks and opportunities. We will closely monitor the key factors that affect our skyline, including the widebody replacement cycle and the cargo market. We will maintain a disciplined rate management process and maintain -- and make adjustments as appropriate into the future.
這些利率決定基於我們當前對需求環境的評估,同時考慮了一系列風險和機遇。我們將密切關注影響天際線的關鍵因素,包括寬體機更換週期和貨運市場。我們將維持紀律嚴明的費率管理流程,並在未來進行適當的調整。
As I mentioned last quarter, the sharp reductions in demand for our airplanes and services that we see over the next several years, won't support the size of the workforce that we had prior to the start of the pandemic.
正如我在上個季度提到的那樣,我們在未來幾年看到對我們的飛機和服務的需求急劇減少,將無法支持我們在大流行開始之前擁有的勞動力規模。
As previously announced, we started implementing a reduction of our global staffing by approximately 10% by end of this year from where we ended the year last year through the combination of voluntary layoffs, attrition and where necessary involuntary layoffs. These are difficult actions we're taking along with infrastructure and spending reductions to better position us for the future. We're taking a thoughtful and methodical approach, carefully managing required skills and talent. In some areas and most notably defense, we continue hiring to meet our customer commitments and to fill critical skill positions.
正如之前宣布的那樣,到今年年底,我們開始通過自願裁員、自然減員和必要的非自願裁員相結合的方式,將全球員工人數比去年年底減少約 10%。這些是我們正在採取的艱難行動以及基礎設施和支出削減,以便更好地為未來做好準備。我們正在採取深思熟慮和有條不紊的方法,謹慎管理所需的技能和人才。在某些領域,尤其是國防領域,我們繼續招聘以履行我們對客戶的承諾並填補關鍵技能職位。
We are implementing these reductions as fairly, respectively and transparently as possible and providing as much support for our employees as we can through the duration of the global health emergency that we're facing.
我們正在盡可能公平、分別和透明地實施這些削減,並在我們面臨的全球衛生緊急情況期間為我們的員工提供盡可能多的支持。
Unfortunately, the prolonged impact of COVID-19, the further reductions in our production rates and the lower demand for commercial services means we'll have to further assess the size of our workforce and ensure we're aligning with a smaller market. More of our decisions are likely ahead of us as we try to limit the impact on our people as much as we possibly can. We will be communicating with our teammates openly, honestly and transparently. The assessment will be aligned with our ongoing efforts to simplify and improve how we do our work, driving agility and positioning us for when the industry recovers.
不幸的是,COVID-19 的長期影響、我們生產率的進一步降低以及對商業服務的需求減少意味著我們將不得不進一步評估我們的勞動力規模,並確保我們與更小的市場保持一致。我們可能會做出更多決定,因為我們試圖盡可能地限制對我們人民的影響。我們將公開、誠實和透明地與我們的隊友溝通。該評估將與我們為簡化和改進我們的工作方式、推動敏捷性以及在行業復甦時定位我們所做的持續努力保持一致。
In summary, our industry is changing, our customers' needs are shifting and we're adapting. We believe over the next several years, air travel demand will gradually recover to the growth trend. Protecting long-term flexibility, while adjusting capacity in the interim to balance near to medium-term supply and demand will be critical to preserve our long-term prospects. There's no question that this is a historically dynamic and challenging time for our industry. We'll work closely and transparently with our customers, our suppliers and our employees as we navigate through and rebuild stronger on the other side. We'll take decisive action to transform the business, focus investments, preserve liquidity, streamline and size our operations to become a better, more sustainable Boeing.
總而言之,我們的行業正在發生變化,我們的客戶需求正在發生變化,而我們正在適應。我們相信未來幾年,航空旅行需求將逐漸恢復到增長趨勢。保護長期靈活性,同時調整臨時產能以平衡近期和中期供需,對於保持我們的長期前景至關重要。毫無疑問,對於我們的行業來說,這是一個歷史上充滿活力和充滿挑戰的時期。我們將與我們的客戶、我們的供應商和我們的員工密切和透明地合作,因為我們在另一邊航行並重建得更強大。我們將採取果斷行動來轉變業務、集中投資、保持流動性、精簡和調整我們的運營規模,以成為一家更好、更可持續的波音公司。
And with that, let me turn it over to Greg for an update on our financial performance. Greg?
就此,讓我將其轉交給格雷格,了解我們財務業績的最新情況。格雷格?
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Great. Thanks, Dave, and good morning, everyone. Let's turn to Slide 5 for our second quarter results. Our financial results continue to be significantly impacted by COVID and the 737 MAX grounding. Second quarter revenue of $11.8 billion reflects lower commercial airplane deliveries and commercial service volume and an additional 737 MAX customer consideration charge of $551 million in the quarter.
偉大的。謝謝,戴夫,大家早上好。讓我們轉到幻燈片 5 了解我們的第二季度業績。我們的財務業績繼續受到 COVID 和 737 MAX 停飛的重大影響。第二季度 118 億美元的收入反映了較低的商用飛機交付量和商業服務量,以及本季度額外的 737 MAX 客戶對價費用 5.51 億美元。
Earnings in the quarter were also impacted by over $2 billion of charges, comprised of the BCA abnormal costs, BGS charges as a result of the COVID-19 market environment and severance costs for approximately 19,000 employees leaving the company, of which around 6,000 have left as of June 30. These reductions, combined with the additional hiring that continues in key areas like BDS and critical skill areas, will result in approximately 10% net workforce reduction this year.
本季度的收益還受到超過 20 億美元費用的影響,其中包括 BCA 異常成本、因 COVID-19 市場環境而產生的 BGS 費用以及約 19,000 名離開公司的員工的遣散費,其中約 6,000 名員工已離職截至 6 月 30 日。這些裁員,加上在 BDS 和關鍵技能領域等關鍵領域繼續進行的額外招聘,將導致今年淨勞動力減少約 10%。
These charges were partially offset by income tax benefit related to the NOL carryback provision in the CARES Act as well as the impact of pretax losses. I'll cover these charges in more detail on the subsequent slides.
這些費用被 CARES 法案中與 NOL 結轉條款相關的所得稅優惠以及稅前虧損的影響部分抵消。我將在後續幻燈片中更詳細地介紹這些費用。
Let's now move to commercial airplanes on Slide 6. Revenue was $1.6 billion, reflecting lower commercial airplane deliveries due to the significant impact of COVID-19 pandemic on our customers and in our operations, including the shutdown of our commercial airplane production for several weeks in April and May.
現在讓我們轉到幻燈片 6 上的商用飛機。收入為 16 億美元,反映出由於 COVID-19 大流行對我們的客戶和我們的運營造成重大影響,包括我們的商用飛機生產停產數週,導致商用飛機交付量下降四月和五月。
Also impacting revenue in the quarter was the $551 million increase in estimated 737 MAX customer considerations. This is compared to a $5.6 billion charge we booked in the second quarter last year to establish the customer consideration liability.
同樣影響本季度收入的是估計 737 MAX 客戶考慮因素增加了 5.51 億美元。相比之下,我們在去年第二季度為確定客戶對價責任而計入了 56 億美元的費用。
BCA's second quarter operating margins declined due to the following: lower delivery volume; $712 million of abnormal production costs related to the 737 MAX program; $468 million of severance expense; and $131 million of abnormal production costs for the temporary suspension of our Puget Sound and Charleston production sites due to the COVID-19 through again the April and early May time frame.
BCA 第二季度營業利潤率下降的原因如下:交付量下降; 7.12億美元與737 MAX項目相關的異常生產成本; 4.68 億美元的遣散費;由於 COVID-19,我們的 Puget Sound 和 Charleston 生產基地在 4 月和 5 月初的時間框架內再次暫停,因此產生了 1.31 億美元的異常生產成本。
Similar to prior period in preparation for our second quarter financial statements, we made certain assumptions on the 737 MAX, including delivery and production rate ramp-up profiles. As Dave mentioned, we've moderated the production rate ramp-up from our prior assumption to reflect detailed ongoing discussions with our customers as they assess the environment and their fleet requirements.
與前期準備第二季度財務報表時類似,我們對 737 MAX 做出了某些假設,包括交付和生產率提升情況。正如 Dave 所提到的,我們已經從我們之前的假設中緩和了生產率的提高,以反映與我們的客戶在評估環境和車隊要求時正在進行的詳細討論。
We've also revised our assumptions on timing and the profile deliveries from storage. Delivery from storage will continue to be priority 1 after assisting our customers with their return to service.
我們還修改了我們對存儲時間和配置文件交付的假設。在協助我們的客戶恢復服務後,從倉庫發貨將繼續是第一要務。
We currently have approximately 450 737 MAX aircraft built and stored in inventory. We expect to continue to produce the 737 at very low rates for the remainder of 2020 and gradually increase the rate to 31 by the end of '22 and expect further gradual rate increases to correspond with market demand.
我們目前有大約 450 架 737 MAX 飛機製造並庫存。我們預計在 2020 年剩餘時間裡將繼續以非常低的速度生產 737,並在 2022 年末逐步將 737 的生產率提高到 31 架,並預計進一步逐步提高速度以適應市場需求。
We've assumed that the timing of regulatory approvals will enable the 737 MAX deliveries to resume during the fourth quarter of 2020. We have also assumed that the majority of the 737 MAX aircraft in storage will be delivered during the first year after resumption of deliveries.
我們假設監管批准的時間將使 737 MAX 的交付能夠在 2020 年第四季度恢復。我們還假設大部分入庫的 737 MAX 飛機將在恢復交付後的第一年交付.
There is no material change in our estimate total abnormal costs of $5 billion. We expect these costs will be expensed and incurred over this year and the next year.
我們估計的 50 億美元異常總成本沒有重大變化。我們預計這些成本將在今年和明年計入費用並發生。
During the second quarter, we expensed $712 million of abnormal production costs, which brought the cumulative abnormal cost expense to date to $1.5 billion.
在第二季度,我們支出了 7.12 億美元的異常生產成本,使迄今為止的累計異常成本支出達到 15 億美元。
As reflected in the second quarter revenue, we've updated our assessment of the liability for estimated potential concessions and other considerations to customers for disruptions related to the 737 MAX grounding and associated delivery delays. This reassessment includes updated estimates to reflect revisions to return to service, delivery and production rate assumptions driven by timing of regulatory approvals as well as latest information based on engagement with our customers.
正如第二季度收入所反映的那樣,我們已經更新了我們對估計潛在讓步的責任評估以及對客戶的其他考慮因素,以應對與 737 MAX 停飛和相關交付延遲相關的中斷。此次重新評估包括更新的估計,以反映由監管批准時間驅動的服務恢復、交付和生產率假設的修訂,以及基於與客戶互動的最新信息。
Cumulatively, we've accrued a $9.6 billion liability for the estimated potential concessions and other considerations. To date, we've made $2.6 billion of payments to customers in cash and other forms of compensation, including $600 million we paid this quarter. We have settlement agreements covering approximately $3 billion of the remaining liability balance of $6.7 billion.
累計起來,我們已經為估計的潛在讓步和其他考慮因素累積了 96 億美元的負債。迄今為止,我們已經以現金和其他形式的補償向客戶支付了 26 億美元,其中包括本季度支付的 6 億美元。我們有和解協議,涵蓋剩餘負債餘額 67 億美元中的約 30 億美元。
We continue to address the impact individually customer-by-customer including assessing the effects of MAX disruption is having on their operations in light of the COVID pandemic.
我們繼續逐個客戶解決影響,包括根據 COVID 大流行評估 MAX 中斷對其運營的影響。
We also continue to expect any concessions or other considerations to be provided over a number of years with the cash impact to be more front-loaded in the first few years.
我們還繼續期望在幾年內提供任何讓步或其他考慮,現金影響將在頭幾年更加提前。
Any changes to these assumptions could require us to recognize additional financial impacts. Commercial airplanes backlog includes more than 4,500 aircraft valued at $326 billion. The decline in backlog in the second quarter reflected aircraft order cancellations and removal of aircraft orders from our backlog due to ASC 606 accounting standard. The ASC 606 imposes additional criteria for recognizing an aircraft order in Boeing's backlog. Even though the customers continue to have binding contracts with our company, we have -- when an order is deemed to not meet the criteria that we adjust the backlog accordingly. The ASC 606 adjustment removes aircraft and backlog if the customer has a contractual right to cancel and incorporates our assessment of a customer's liquidity position and commitment to take the delivery.
這些假設的任何變化都可能要求我們確認額外的財務影響。商用飛機積壓訂單包括 4,500 多架飛機,價值 3,260 億美元。第二季度積壓訂單的減少反映了飛機訂單取消以及根據 ASC 606 會計準則從我們的積壓訂單中刪除飛機訂單。 ASC 606 對確認波音積壓訂單中的飛機訂單施加了額外的標準。即使客戶繼續與我們公司簽訂有約束力的合同,我們也有 - 當訂單被認為不符合我們相應調整積壓的標準時。如果客戶有合同取消權,ASC 606 調整將刪除飛機和積壓訂單,並納入我們對客戶流動性狀況的評估和接受交付的承諾。
As Dave mentioned earlier, we are taking action to adjust our production rates and our infrastructure to adapt to the COVID-19 pandemic impact on aircraft demand. These rate decisions are based on our current assessment of our demand environment, and we will continue to closely monitor these factors that affect our skyline and make rate adjustments as appropriate in the future. We strive to adjust our production rates as timely as possible. In some cases, we would have liked to bring production rate down sooner to match near-term demand. However, there's a number of key factors that need to take into consideration, including orderly supply chain transition and production system stability. Therefore, we expect production to continue to outpace delivery rate in the near term, resulting in higher finished good inventory.
正如 Dave 之前提到的,我們正在採取行動調整我們的生產率和基礎設施,以適應 COVID-19 大流行對飛機需求的影響。這些費率決定是基於我們當前對需求環境的評估,我們將繼續密切關注影響我們天際線的這些因素,並在未來進行適當的費率調整。我們努力盡可能及時地調整我們的生產率。在某些情況下,我們希望盡快降低生產率以滿足近期需求。然而,有許多關鍵因素需要考慮,包括有序的供應鏈過渡和生產系統的穩定性。因此,我們預計短期內產量將繼續超過交貨速度,從而導致成品庫存增加。
Let's now move to Defense, Space & Security on Slide 7. Second quarter revenue was stable at $6.6 billion, reflecting COVID-19 impact on derivative aircraft programs partially offset by higher volume across the remainder of the portfolio. Second quarter operating margin decreased to 9.1%, largely due to $151 million KC-46A tanker charge primarily driven by additional fixed cost allocation resulting from lower commercial airplane production volume due to COVID-19. BDS operating margin in the second quarter of 2019 benefited from a gain on sale of property.
現在讓我們轉到幻燈片 7 上的國防、太空與安全。第二季度收入穩定在 66 億美元,反映了 COVID-19 對衍生飛機項目的影響,部分被其餘投資組合的銷量增加所抵消。第二季度營業利潤率下降至 9.1%,主要是由於 1.51 億美元的 KC-46A 加油機費用,這主要是由於 COVID-19 導致商用飛機產量下降導致的額外固定成本分配。 BDS 2019 年第二季度的營業利潤率得益於出售物業的收益。
During the quarter, BDS won key contract awards worth $7 billion, and our backlog stands at $64 billion, with 31% from outside the United States.
在本季度,BDS 贏得了價值 70 億美元的重要合同授予,我們的積壓訂單為 640 億美元,其中 31% 來自美國以外。
Let's now turn to Boeing Global Services results on Slide 8. In the second quarter, Global Services revenue declined to $3.5 billion due to lower commercial services volume due to COVID-19, partially offset by higher government service volume. Operating margin in the quarter reflected lower commercial service volume, less favorable mix of products and services and a $923 million of an earnings charge. The charges are due to significant impacts COVID has had on our customers' liquidity and demand for certain products as customers' fleet plans adapt to sharp reductions in air travel. The charges include the following: reserve for higher expected credit losses primarily due to customer liquidity issues; inventory write-downs and impairments of distribution rights, primarily driven by airlines' decision to retire certain aircraft; and contract termination and facilities impairment charges; and finally, severance costs.
現在讓我們來看看幻燈片 8 上的波音全球服務業績。第二季度,全球服務收入下降至 35 億美元,原因是 COVID-19 導致商業服務量下降,部分被政府服務量增加所抵消。本季度的營業利潤率反映了較低的商業服務量、不太有利的產品和服務組合以及 9.23 億美元的收益費用。這些費用是由於 COVID 對我們客戶的流動性和對某些產品的需求產生了重大影響,因為客戶的機隊計劃適應了航空旅行的急劇減少。這些費用包括: 主要由於客戶流動性問題導致的較高預期信用損失的準備金;庫存減記和分銷權減值,主要是由於航空公司決定退役某些飛機;合同終止和設施減值費用;最後,遣散費。
BGS backlog declined to $18 billion, primarily due to the reduction for commercial orders that in our assessment no longer meet the accounting requirements of ASC 606 for inclusion in our backlog. Our remaining backlog is primarily made up of government contracts, which continue to be stable.
BGS 積壓訂單下降至 180 億美元,這主要是由於商業訂單減少,在我們的評估中,這些訂單不再符合 ASC 606 的會計要求以包含在我們的積壓訂單中。我們剩餘的積壓訂單主要由政府合同組成,這些合同繼續保持穩定。
To respond to the challenging market dynamics, we have taken significant action and proactive steps to rightsize and ultimately better position our services business for these new market realities. These include employment actions as well as proactively taking steps to rightsize our inventory and tailor our portfolio to ensure that we are positioned to serve our customers both through this challenging time and when the industry begins to recover.
為了應對充滿挑戰的市場動態,我們採取了重大行動和積極主動的措施來調整我們的服務業務規模,並最終更好地定位我們的服務業務,以適應這些新的市場現實。其中包括僱傭行動以及積極採取措施調整我們的庫存並調整我們的產品組合,以確保我們能夠在這個充滿挑戰的時期和行業開始復蘇時為我們的客戶提供服務。
Let's now turn to cash flow on Slide 9. The historic market downturn caused by the impact of COVID-19 on our airlines and the global economy continues to put significant pressure on our cash receipts. Operating cash flow for the second quarter was negative $5.3 billion, driven by lower commercial airplane delivery volume, advanced payment timing, commercial service volume, and as discussed, COVID-19 caused delivery and production disruption in the quarter.
現在讓我們轉向幻燈片 9 上的現金流。COVID-19 對我們的航空公司和全球經濟的影響造成的歷史性市場低迷繼續給我們的現金收入帶來巨大壓力。第二季度的運營現金流為負 53 億美元,原因是商用飛機交付量下降、付款時間提前、商業服務量下降,並且如前所述,COVID-19 導致本季度交付和生產中斷。
In the quarter, we also saw increased cash receipts from the release of withholds on tanker deliveries and the Department of Defense initiative to increase progress payment rate. We appreciate the Pentagon's leadership in supporting the national security industry base, and we continue to do our part to keeping cash flow to our supply chain.
在本季度,我們還看到因取消油輪交付扣款以及國防部提高進度付款率的倡議而增加的現金收入。我們感謝五角大樓在支持國家安全產業基地方面發揮的領導作用,我們將繼續儘自己的一份力量來保持供應鏈的現金流。
We continue to expect cash flow generation on the government side of the business to be solid and in line with earnings. Clearly, the additional reductions in our commercial production rates, as well as the updated 777X schedule, have made our cash profile even more challenging. However, based on what we know today and our actions, we still see a path to positive cash flow in 2021. We'll continue to work opportunities diligently and monitor risk factors given the dynamic nature of the current environment.
我們繼續預計企業政府方面的現金流量將保持穩定並與收益保持一致。顯然,我們商業生產率的進一步降低,以及更新的 777X 計劃,使我們的現金狀況更具挑戰性。然而,根據我們今天所知道的和我們的行動,我們仍然看到了在 2021 年實現正現金流的途徑。鑑於當前環境的動態性,我們將繼續努力尋找機會並監控風險因素。
Let's move now to Slide 10, and we'll discuss our liquidity position. As discussed last quarter, given the significant impact of COVID-19 on our operating cash, we've been proactively managing our cash position and assessing additional liquidity.
現在讓我們轉到幻燈片 10,我們將討論我們的流動性狀況。正如上個季度所討論的那樣,鑑於 COVID-19 對我們的運營現金的重大影響,我們一直在積極管理我們的現金頭寸並評估額外的流動性。
In May, we completed a $25 billion bond issuance and the strong investor response on the bond validates the confidence we have in our future.
5 月,我們完成了 250 億美元的債券發行,投資者對債券的強烈反應證實了我們對未來的信心。
Also in the quarter, we paid down $2.4 billion of commercial paper, bringing our total debt to $61.4 billion.
同樣在本季度,我們還清了 24 億美元的商業票據,使我們的總債務達到 614 億美元。
We appreciate the administration, Congress, the Federal Reserve and the treasury departments for their swift actions in stabilizing the market at the onset of this crisis, which helped the credit markets function again and paved the way for our successful bond offering. We ended the second quarter with $32.4 billion of cash and marketable securities. We also continue to have access to our $9.6 billion revolving credit facility, which to date has not been drawn upon. We expect our current -- we expect our use of cash due to COVID-19 to continue for the remainder of the year and into part of '21.
我們感謝政府、國會、美聯儲和財政部在危機爆發時迅速採取行動穩定市場,這幫助信貸市場重新發揮作用,並為我們成功發行債券鋪平了道路。我們在第二季度結束時擁有 324 億美元的現金和有價證券。我們還可以繼續獲得 96 億美元的循環信貸額度,迄今為止尚未動用。我們預計我們目前的 - 我們預計我們因 COVID-19 而使用的現金將在今年剩餘時間和 21 年的部分時間繼續使用。
Given the dynamic environment, we continue to carefully monitor our cash flow position and perform scenario planning to understand the range of outcome and assess what future actions we may need to take to ensure that we continue to have sufficient liquidity.
鑑於動態環境,我們繼續仔細監控我們的現金流量狀況並進行情景規劃以了解結果的範圍並評估我們可能需要採取哪些未來行動以確保我們繼續擁有足夠的流動性。
Managing our liquidity and balance sheet leverage are top priorities as we navigate this challenging environment. Reduce our debt levels once cash flow generation returns to normal levels will continue to be a top priority.
在我們應對這個充滿挑戰的環境時,管理我們的流動性和資產負債表槓桿是首要任務。一旦現金流量恢復到正常水平,降低我們的債務水平將繼續成為重中之重。
Let's now turn to Slide 11. Clearly, COVID-19 pandemic is continuing to present significant challenges for our industry and for our company. We're managing these challenges daily and taking swift action to bridge the recovery and emerge stronger on the other side.
現在讓我們轉到幻燈片 11。顯然,COVID-19 大流行繼續給我們的行業和我們的公司帶來重大挑戰。我們每天都在應對這些挑戰,並迅速採取行動以彌合復甦並在另一端變得更加強大。
To bolster our near-term liquidity, we've taken a number of actions since early this year. We suspended our dividend and terminated our prior share repurchase authorization. We've proactively drawn down on our $13.8 billion term loan in mid-March and raised $25 billion of new debt, cut discretionary spending and reduced or deferred R&D and capital expenditures.
為了增強我們的短期流動性,我們自今年年初以來採取了一系列行動。我們暫停了派息並終止了之前的股票回購授權。我們在 3 月中旬主動提取了 138 億美元的定期貸款,並籌集了 250 億美元的新債務,削減了可自由支配的支出,並減少或推遲了研發和資本支出。
As discussed, to align to the new commercial aerospace realities, we're also lowering commercial production rates and taking difficult workforce actions.
如前所述,為了適應新的商業航空航天現實,我們還降低了商業生產率並採取了困難的勞動力行動。
As we look to the future, we're focused not just on adapting and recovering, but on emerging stronger and more resilient for the long term. That includes prudently and proactively reviewing every aspect of our company to identify opportunities to improve performance on our -- and our focus on safety, position for new market realities and ensure we're sharper, leaner and more competitive for the long term. This is a true business transformation effort and addressing holistically 5 key areas. We're reassessing all aspects of our infrastructure, facilities, sites and enterprise footprint in light of the reduced demand and also taking into account new remote working opportunities.
展望未來,我們不僅關注適應和恢復,還關注長期變得更強大、更有彈性。這包括審慎和主動地審查我們公司的各個方面,以確定提高我們績效的機會——以及我們對安全的關注,針對新市場現實的定位,並確保我們在長期內變得更敏銳、更精簡和更具競爭力。這是一項真正的業務轉型工作,從整體上解決了 5 個關鍵領域。鑑於需求減少,我們正在重新評估我們的基礎設施、設施、站點和企業足蹟的各個方面,並考慮到新的遠程工作機會。
We're looking critically at our organizational cost structure and how we operate. We're reevaluating our portfolio and investments to ensure we're focused in our spend on where we see market opportunities and areas more critical to our future like safety, quality and innovation. We're managing our supply chain stability carefully while calibrating to lower demand. And we're driving operational excellence into every corner of our company, so we can prove performance, enhance quality, workplace safety and reduce rework.
我們正在批判性地審視我們的組織成本結構以及我們的運作方式。我們正在重新評估我們的投資組合和投資,以確保我們將支出重點放在我們認為市場機會和對我們的未來更重要的領域,如安全、質量和創新。我們正在謹慎管理我們的供應鏈穩定性,同時調整以降低需求。我們正在推動卓越運營進入我們公司的每個角落,因此我們可以證明性能、提高質量、工作場所安全並減少返工。
As we transform our enterprise across these 5 pillars, we will continuously assess the size of our workforce to ensure we're adapting to market realities while limiting the impact on our people as much as possible.
當我們在這 5 個支柱上轉變我們的企業時,我們將不斷評估我們的勞動力規模,以確保我們適應市場現實,同時盡可能限制對我們員工的影響。
The goal is to improve cash flow profile, restore our balance sheet strength as quickly as possible, and these actions will help get us there. The financial objectives we've established are measured in billions of dollars and will be executed over a multiyear period. Again, this effort is about ensuring we're well positioned for the future.
目標是改善現金流狀況,盡快恢復我們的資產負債表實力,這些行動將幫助我們實現目標。我們制定的財務目標以數十億美元為單位,並將在多年內執行。同樣,這項努力是為了確保我們為未來做好準備。
Even as we reduce our spend, we will continue investing in areas critical to our future including safety, quality, operational excellence and innovation in key technologies and products.
即使我們減少開支,我們仍將繼續投資於對我們的未來至關重要的領域,包括安全、質量、卓越運營以及關鍵技術和產品的創新。
We're also working with our supply chain partners to carefully manage liquidity and do all we can to maintain stability through this demand shock, so that we can protect for the long-term health of the U.S. aerospace industry. Again, approximately $0.70 on every dollar we spend goes to the supply chain, and we are focused on the best ways to keep liquidity flowing through our business and to our supply chain through this period.
我們還與我們的供應鏈合作夥伴合作,謹慎管理流動性,並儘我們所能在這種需求衝擊中保持穩定,以便我們能夠保護美國航空航天業的長期健康。同樣,我們在供應鏈上花費的每一美元中大約有 0.70 美元,我們專注於在此期間保持流動性通過我們的業務和供應鏈流動的最佳方式。
We are also staying and fully engaged with our customers, assessing the challenging environment to ensure we are right-minded about near-term and long-term demand so that we can always be prepared to meet our customers' needs.
我們還堅持並與客戶充分接觸,評估充滿挑戰的環境,以確保我們對近期和長期需求保持正確的態度,以便我們始終準備好滿足客戶的需求。
We worked hard to derisk the past decade by addressing a number of different areas, including pension funding risk, labor stability, product development sequencing and raising the bar on productivity, safety and cash management discipline. Our teams know how to do this, and I'm confident that we're taking the right actions to ensure long-term sustainable future.
在過去十年中,我們努力通過解決許多不同領域來降低風險,包括養老基金風險、勞動力穩定性、產品開發順序以及提高生產力、安全和現金管理紀律的標準。我們的團隊知道如何做到這一點,我相信我們正在採取正確的行動來確保長期可持續的未來。
So with that, I'll turn it back over to Dave for closing comments.
因此,我將把它轉回給 Dave 以徵求結束意見。
David L. Calhoun - President, CEO & Director
David L. Calhoun - President, CEO & Director
Thanks, Greg. We're definitely in an unprecedented period, a tough moment for the industry and the world. Every day, I'm inspired by the resilience and the hard work of our Boeing associates, our customers and our business partners. We are and we will continue taking the right actions to navigate through this together while maintaining focus on our priorities, living our values and driving safety, quality, operational excellence into everything we do. A focus not just on adopting and recovering but on emerging stronger and more resilient than ever before. We believe the long-term industry fundamentals remain strong, and air travel will recover. Our portfolio of products and technology is well positioned for that recovery.
謝謝,格雷格。我們絕對處於前所未有的時期,對行業和世界來說都是艱難的時刻。每一天,我都被我們的波音員工、我們的客戶和我們的業務合作夥伴的韌性和辛勤工作所鼓舞。我們現在是,而且我們將繼續採取正確的行動,共同渡過難關,同時繼續關注我們的優先事項,踐行我們的價值觀,並將安全、質量和卓越運營融入我們所做的每一件事中。不僅要關注採用和恢復,還要關注變得比以往任何時候都更強大、更有彈性。我們認為,長期行業基本面依然強勁,航空旅行將會復蘇。我們的產品和技術組合為複蘇做好了充分準備。
Much hard work remains ahead of us. But what I've seen the Boeing team do gives me great confidence that we will adapt, we will lead and we will thrive as our industry recovers.
我們面前還有很多艱苦的工作。但我所看到的波音團隊所做的一切讓我充滿信心,相信我們會適應,我們會領先,我們會隨著行業的複蘇而蓬勃發展。
With that, Greg and I will be happy to take your questions, and I'll turn it back to Maurita. Thank you.
有了這個,格雷格和我會很樂意回答你的問題,我會把它轉回毛里塔。謝謝。
Operator
Operator
(Operator Instructions) Our first question will come from the line of Myles Walton with UBS.
(操作員說明)我們的第一個問題將來自 Myles Walton 與 UBS 的合作。
And our next question comes from the line of Hunter Keay with Wolfe Research.
我們的下一個問題來自 Hunter Keay 與 Wolfe Research 的合作。
Hunter Kent Keay - MD and Senior Analyst of Passenger Airlines, Aerospace & Defense
Hunter Kent Keay - MD and Senior Analyst of Passenger Airlines, Aerospace & Defense
Can you please give us some color on that path to positive free cash flow in '21? Kind of curious to know -- obviously, I know your assumptions on rate. But beyond that, what are the primary drivers you need to achieve it?
你能給我們一些關於 21 年正自由現金流的道路的顏色嗎?有點好奇——顯然,我知道你對利率的假設。但除此之外,實現它所需的主要驅動因素是什麼?
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Yes. Yes, absolutely. Well, look, I'd say, first and foremost, 737 return to service and driving the production and then the delivery ramp as we deliver those aircraft out inventory. That is the primary driver. Outside of that, 777X getting closer to EIS and the financials associated with that. The 737 -- or 787, I'm sorry, cash profile does improve due to inventory unwind and really that the deliveries are outpacing production. So we'll see the benefit of that. And then just continue to take actions on liquidity and rightsizing the company and productivity. But essentially, those are really the 4 biggest buckets to get you to 2021. But the single biggest driver being the 737 MAX profile.
是的。是的,一點沒錯。好吧,我想說的是,首先,737 將恢復服務並推動生產,然後是交付坡道,因為我們將這些飛機交付庫存。這是主要的驅動力。除此之外,777X 越來越接近 EIS 和與之相關的財務狀況。 737——或 787,對不起,由於庫存減少,現金狀況確實有所改善,而且交付速度確實超過了生產速度。所以我們會看到這樣做的好處。然後繼續對流動性以及公司和生產力的合理調整採取行動。但從本質上講,這些確實是讓您到 2021 年的 4 個最大的目標。但最大的單一驅動因素是 737 MAX 配置文件。
Operator
Operator
And our next question comes from the line of Carter Copeland with Melius Research.
我們的下一個問題來自 Carter Copeland 與 Melius Research 的合作。
Carter Copeland - Founding Partner, President and Research Analyst of Aerospace & Defense
Carter Copeland - Founding Partner, President and Research Analyst of Aerospace & Defense
Just a quick clarification question. Greg, because of the rate changes, did you have material program margin revisions downward on the 87 and the 37? And how comfortable are you about forward loss, staying away from a forward loss in the 87?
只是一個快速澄清的問題。格雷格,由於利率變化,您是否對 87 和 37 進行了實質性的計劃利潤率下調?你對前鋒損失有多舒服,遠離 87 的前鋒損失?
And then just on the 606 revisions and what you're seeing there, what -- can you give us a better sense of the backlog change and how much of that is related to the liquidity assessments you outlined and some of these claims turnable at this point?
然後就 606 次修訂以及您在那裡看到的內容,您能否讓我們更好地了解積壓變化,以及其中有多少與您概述的流動性評估以及其中一些索賠在此期間可轉觀點?
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Yes, yes. Let me start with -- on the margin front. Yes, we -- obviously, we had adjustments on margins -- program margins across the board with the rate reductions and the revised delivery profile. Look, when you step back and look at 87 in particular at these lower rates and look at it on a unit basis, the margins obviously don't increase the way we had in prior with the higher rates, but they maintained to be pretty strong on a unit basis. And I would say that continues to be the fundamentals we've talked about. Again, even with the lower rate, the improvement of mix and the step down by block. So -- and then, of course, the continued productivity. And as Dave mentioned, we're initiating the study on the multiple sites. So more to come on that. But we'll continue to work, obviously, all areas of productivity on the program, particularly with these lower rates. But again, on a cash basis, on a unit basis, margins are actually hanging in there pretty well. You've got these low rates. And that's really, I think, a credit to a lot of the work that's behind us that got done to get the program more efficient. And so we're certainly seeing the benefits of that even at these low rates.
是的是的。讓我從 - 在保證金方面開始。是的,我們 - 顯然,我們對利潤率進行了調整 - 通過降低利率和修改交付情況全面計劃利潤率。看,當你退後一步,特別是在這些較低的利率下查看 87 並按單位查看時,利潤率顯然不會像我們之前的較高利率那樣增加,但它們仍然非常強勁以單位為單位。我要說的是,這仍然是我們討論過的基本面。同樣,即使利率較低,混合的改善和逐塊下降。所以——當然還有持續的生產力。正如 Dave 提到的,我們正在多個站點上啟動研究。所以還有更多的事情要做。但顯然,我們將繼續在該計劃的所有生產力領域開展工作,尤其是在這些較低的利率下。但同樣,以現金為基礎,以單位為基礎,利潤率實際上相當不錯。你有這些低利率。我認為,這真的要歸功於我們為提高程序效率所做的大量工作。因此,即使在這些低利率下,我們也肯定會看到它的好處。
On the 606 in the second quarter, so I think if you look at it, there was about 480-odd cancellations that were noted. About 300 of those were associated with 606. So there's a disciplined process that is outlined that we go through every quarter and assess the entire backlog by customer that the team goes through and makes that assessment. And we do that, like I said, every quarter, and we'll continue to do that. And I suspect with time, at least in the near term, we'll have more adjustments on -- related to 606. But again, that doesn't mean that they may not take the airplane over time. It just has to get through that criteria, even though there's contracts in place. But again, the steps that we take in a thorough assessment and we adjust the backlog accordingly at that time. But it could change. Quarter-over-quarter, some folks could move into the 606 and move out of it. But again, we'll true it up every quarter.
在第二季度的 606 上,我想如果你看一下,就會發現大約有 480 多個取消。其中大約 300 個與 606 相關聯。因此,我們每個季度都會進行概述,並按客戶評估團隊經歷的整個積壓工作並進行評估。正如我所說,我們每個季度都這樣做,我們將繼續這樣做。而且我懷疑隨著時間的推移,至少在短期內,我們將對與 606 相關的問題進行更多調整。但同樣,這並不意味著他們可能不會隨著時間的推移乘坐飛機。它只需要通過該標準,即使有合同。但同樣,我們在徹底評估中採取的步驟,我們當時相應地調整了積壓。但它可能會改變。每個季度,一些人可能會搬進 606 並搬出它。但同樣,我們每個季度都會進行調整。
Operator
Operator
And our next question will come from the line of Myles Walton with UBS.
我們的下一個問題將來自 Myles Walton 與瑞銀的合作。
Myles Alexander Walton - MD & Senior Analyst
Myles Alexander Walton - MD & Senior Analyst
Greg, in the second half of 2020, should we expect the cash flow burn to be materially improved from the first half? Or is that excess inventory build going to be a continued headwind? And then just considering everything else, you obviously solved the liquidity problem with the debt offering. But do you think about accelerating the balancing of the capital structure here to ensuring investment-grade ratings?
格雷格,在 2020 年下半年,我們是否應該預期現金流量消耗會比上半年有實質性改善?還是庫存過剩將成為持續的逆風?然後只考慮其他一切,你顯然通過發行債券解決了流動性問題。但您是否考慮在這裡加速資本結構的平衡以確保投資級評級?
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Yes. I think as you look at the second half right now, Myles, it's a little bit better. That's at least what we got in the forecast. As you can imagine, it's dynamic and will remain dynamic through the balance of the year. But as we look at it right now on our latest forecast, we see it being slightly better and it'll -- we'll continue to be burning cash into early '21. And like I said, as with the production rates that we laid out and the assumptions we made around those and our actions that we'll take, we can see a path to positive cash flow in '21, and we'll continue to keep you up to date on that. But you should continue to expect to see negative cash though through the balance of the year and into early '21.
是的。邁爾斯,我認為你現在看下半場,情況好多了。這至少是我們在預測中得到的。正如您可以想像的那樣,它是動態的,並且將在今年餘下的時間裡保持動態。但是,正如我們現在根據最新預測來看的那樣,我們發現它會稍微好一些,而且它會——我們將繼續在 21 年初燒錢。就像我說的,就像我們制定的生產率和我們圍繞這些做出的假設以及我們將採取的行動一樣,我們可以在 21 年看到一條通往正現金流的道路,我們將繼續保持你是最新的。但是你應該繼續期望在今年餘下時間和 21 年初看到負現金。
On the liquidity front, I think, again, getting the $25 billion was critical. And I think the fact that the markets got opened up and allowed us to get in there at the right time. And as you know, we were well oversubscribed, which I think just goes to the confidence that the market has in the long-term fundamentals of the marketplace. We don't see a need to raise any additional capital at this time. But we'll continue to monitor it and keep all of our options open. But as I said in my opening remarks on deployment, if we see opportunities to pay down that debt sooner or restructure that in any way, we will absolutely be doing that, and we'll be laser focused on bringing that debt down and getting the balance sheet back in order.
在流動性方面,我再次認為,獲得 250 億美元至關重要。而且我認為市場開放並允許我們在正確的時間進入市場這一事實。如您所知,我們獲得了很好的超額認購,我認為這只是市場對市場長期基本面的信心。我們認為目前不需要籌集任何額外資金。但我們會繼續監控它,並保持我們所有的選擇開放。但正如我在關於部署的開場白中所說,如果我們看到有機會更快地償還債務或以任何方式對其進行重組,我們絕對會這樣做,我們將專注於減少債務並獲得資產負債表恢復正常。
Operator
Operator
And our next question will come from the line of Seth Seifman with JPMorgan.
我們的下一個問題將來自摩根大通的 Seth Seifman。
Seth Michael Seifman - Senior Equity Research Analyst
Seth Michael Seifman - Senior Equity Research Analyst
I wonder if you -- Greg, I wonder if you could give us a little more color on the 737. I mean, the change in the rate from kind of 31 by the end of '21 to beginning of '22 sounds like -- seems like a fairly small change. It seemed like your suppliers are experiencing something a little bit bigger. And so maybe what does that say about the cadence of that ramp during 2021? And how much risk is there still around that number? And maybe finally, what opportunities are there maybe for you to make more deals with some of your top customers to get more planes out of inventory and allow you to raise that rate?
我想知道你是否 - 格雷格,我想知道你是否可以給我們更多關於 737 的顏色。我的意思是,從 21 年底的 31 到 22 年初的速率變化聽起來像 -似乎是一個相當小的變化。您的供應商似乎正在經歷更大的事情。那麼,這對 2021 年斜坡的節奏有何影響?這個數字周圍還有多少風險?也許最後,你有什麼機會與你的一些頂級客戶達成更多交易,從庫存中獲得更多飛機並讓你提高利率?
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Yes. Well, look, I mean, like Dave mentioned, and I think I echoed, the rate profile that we put in, in the delivery profile is really based on detailed discussions with each of our customers that certainly have better clarity this quarter than they did last quarter. So we adjusted that accordingly. But we're in discussions with them daily, and we'll continue to do that and make adjustments. When you look at the supply chain, as you know, Seth, it's -- everybody is in a different state, I'll say, inventory and rate, based on where they were before the pandemic, in particular, where we had suppliers that were not -- did not have appropriate inventory levels or weren't making our master schedule. So some of those have been accelerated. So I would just tell you that each one of them is at a bit of a different place, depending on how much built inventory they have. So you're going to see variation supplier by supplier. And we're, again, staying really engaged with them daily on our plans and assumptions. And then helping them as they manage through their inventory or their ramp-up. But you're not going to see, I'll say, everybody going to have a similar profile to what we have really due to the, like I said, the fact that everybody is sitting at a little bit different inventory level.
是的。嗯,看,我的意思是,就像 Dave 提到的,我想我也附和了,我們在交付資料中放入的費率資料實際上是基於與我們每個客戶的詳細討論,本季度肯定比他們更清楚上個季度。所以我們相應地進行了調整。但我們每天都在與他們討論,我們將繼續這樣做並做出調整。當你看供應鏈時,正如你所知,Seth,它是——我會說,每個人都處於不同的狀態,庫存和費率,基於他們在大流行之前的狀態,特別是我們有供應商的地方不是 - 沒有適當的庫存水平或沒有製定我們的主計劃。所以其中一些已經加速。所以我只想告訴你,他們每個人都在不同的地方,這取決於他們有多少庫存。所以你會看到供應商的變化供應商。而且,我們再次每天就我們的計劃和假設與他們保持真正的聯繫。然後在他們管理庫存或提高產能時幫助他們。但是你不會看到,我會說,每個人的概況都與我們的實際情況相似,因為就像我說的那樣,每個人的庫存水平都略有不同。
And of course, we're going to, as we said, priority 1 for us, help our customers get their fleet back up and then it's clearing the ramp. Delivering the inventoried aircraft that are, as you know, built and ready to go, all that taking into consideration again in informing the production rates that will happen in conjunction, but really predominantly follow after we deliver off the ramp. So lots of moving pieces in there, but I think the most important thing is we got to stay engaged with a supplier and really get them clear line of sight and help them manage through the transition period as we get return to service and get the airplane back in the air.
當然,正如我們所說,我們將優先考慮 1,幫助我們的客戶恢復他們的車隊,然後清理坡道。如您所知,交付已建造並準備就緒的庫存飛機,所有這些都再次考慮到通知將同時發生的生產率,但實際上主要是在我們下線之後。裡面有很多動人的部分,但我認為最重要的是我們必須與供應商保持聯繫,真正讓他們清楚地看到並幫助他們在我們恢復服務並獲得飛機時度過過渡期回到空中。
Operator
Operator
And our next question comes from the line of Noah Poponak with Goldman Sachs.
我們的下一個問題來自 Noah Poponak 與高盛的合作。
Noah Poponak - Equity Analyst
Noah Poponak - Equity Analyst
Greg, maybe just following up on those fluid conversations with your customers. I mean, it's a very dynamic situation, obviously, but you guys have talked about having spoken to every customer and you've identified the categories of customers that would want to take deliveries right now. I mean there was an airline this morning actually talking about accelerating because it's an opportunity to countercyclically invest. So I mean, I guess, how close are we to the whole ecosystem of you, the supply chain, your customers being on the same page? What inning are you in of revision until we feel like we aren't going to get production rate cuts anymore moving forward?
格雷格,也許只是跟進與客戶的流暢對話。我的意思是,很明顯,這是一個非常動態的情況,但是你們已經談到與每一位客戶交談,並且你們已經確定了想要立即交貨的客戶類別。我的意思是今天早上有一家航空公司實際上在談論加速,因為這是一個反週期投資的機會。所以我的意思是,我想,我們與您、供應鏈、您的客戶在同一頁面上的整個生態系統有多接近?在我們覺得我們不會再降低生產率之前,你在哪一局進行修訂?
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Yes. Well, look, I think we're all on the same page. However, like we said, it's dynamic, especially in the near term. So it's really important that our engagements happen frequently, have a clear line of sight and understanding. So then we can make appropriate changes to delivery profiles, rates and then in the supply chain. So what we laid out today is our best estimate based on all that input and feedback from customers, again, around the globe and then managing the risk within our factories, combined with the supply chain. As both Dave and I have articulated several times is we've spent a lot of time and effort stabilizing the 737 production facility and enhancing it. And with a keen eye towards as we move up and move back into higher production rates, it's going to be very smooth and methodical, and we're going to certainly have the advantage of all the hard work we put in place to drive stability and not have traveled work and just ensure that, again, we have a smooth rate ramp-up, that combined with informed -- being informed by our customers. So all of that has been taken into consideration on the profile that we just laid out. And obviously, if we see that changing, we'll adjust accordingly.
是的。好吧,看,我想我們都在同一頁上。然而,正如我們所說,它是動態的,尤其是在短期內。因此,我們的接觸經常發生、有清晰的視線和理解是非常重要的。這樣我們就可以對交付配置文件、費率以及供應鏈進行適當的更改。因此,我們今天提出的是我們的最佳估計,該估計基於全球客戶的所有輸入和反饋,然後管理我們工廠內的風險,並結合供應鏈。正如戴夫和我多次闡明的那樣,我們花費了大量時間和精力來穩定和改進 737 生產設施。並且隨著我們向上移動並回到更高的生產率,它會非常順利和有條不紊地密切關注,我們肯定會利用我們為推動穩定性和沒有出差工作,只是再次確保我們有一個平穩的利率上升,結合知情 - 被我們的客戶告知。因此,所有這些都已在我們剛剛列出的配置文件中考慮在內。顯然,如果我們看到這種變化,我們會相應地進行調整。
I think the one moving piece in there, Noah, that certainly does have flexibility is the delivery off the ramp. Those aircraft are finished, they're ready to go. We've got flexibility, and the team actually has done some great work getting ahead of that and essentially modeling out and really practicing how we're going to deliver those aircraft and recognizing there's going to be some movement from tail to tail and customer to customer. So we've got that flexibility out there that I suspect that we'll have to utilize as we deliver those finished planes. That will in turn inform the production rate ramp-up. So we'll continue to kind of keep both of those in mind, and like I said, one, one form or the other, and we'll continue to stay engaged with the customers.
我認為其中一個動人的部分,Noah,確實具有靈活性,就是從斜坡上交付。那些飛機已經完成,它們可以起飛了。我們有靈活性,團隊實際上已經做了一些很棒的工作,領先於此,基本上是建模,真正練習我們將如何交付這些飛機,並認識到從尾部到尾部和客戶到尾部會有一些移動顧客。因此,我們擁有這種靈活性,我懷疑我們在交付那些成品飛機時必須利用這種靈活性。這將反過來通知生產率的提高。因此,我們將繼續牢記這兩點,就像我說的,一種形式或另一種形式,我們將繼續與客戶保持聯繫。
Noah Poponak - Equity Analyst
Noah Poponak - Equity Analyst
Just as a quick follow-up to that. The discussion around 2021 free cash flow, it looked like you were going to have MAX inventory unwind, and then airplanes you're producing but not delivering this year also unwind next year. And those could be pretty sizable numbers, where even if the aircraft business otherwise was just breakeven, plus defense plus services, you'd actually maybe have nicely positive cash flow. Is the missing piece there? Just it sounds like from your earlier comments, you might plan to be producing ahead of deliveries the rest of this year and then even into the beginning of next year.
就像對此的快速跟進一樣。圍繞 2021 年自由現金流的討論,看起來您要解除 MAX 庫存,然後您正在生產但今年未交付的飛機明年也會解除。這些數字可能相當可觀,即使飛機業務在其他方面只是收支平衡,加上國防加服務,你實際上可能會有很好的正現金流。丟失的部分在那裡嗎?從你之前的評論來看,你可能計劃在今年餘下時間甚至明年年初提前生產。
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Yes. Yes. I think that's definitely -- that is going to be the case. And on the MAX, again, customer by customer, it varies. So it's not kind of a one size fits all when it comes to cash and the delivery profile of those airplanes that are going to come off the ramp. So again, lots of moving pieces right in there. But as we kind of pull it all together, just again, based on what we see today, we can see that path to positive cash flow. And like I said, we'll continue to keep you up to date on that. But I think we've got between the rates and our game plan around how we're going to execute between now and then, I think we have a good line of sight on that right now.
是的。是的。我認為這絕對是 - 情況將會如此。而在 MAX 上,又因客戶而異。因此,當涉及到現金和那些將要離開坡道的飛機的交付情況時,它並不是一種千篇一律的方法。再說一遍,裡面有很多動人的作品。但是,當我們根據今天所看到的情況再次將它們整合在一起時,我們可以看到通往正現金流的途徑。就像我說的,我們會繼續讓你了解最新情況。但我認為我們在利率和我們的遊戲計劃之間存在分歧,我們現在和那時之間將如何執行,我認為我們現在對此有很好的看法。
David L. Calhoun - President, CEO & Director
David L. Calhoun - President, CEO & Director
Greg, if I might just add something since I've been part of most of these calls with our customers. It's I want to acknowledge what you said is actually a fact. We do have many calls that are on the forward looking, want to take a big position kind of discussion. And then we have the others, of course, who are in the opposite. So that's a true story.
格雷格,如果我可以添加一些內容,因為我參與了與我們客戶的大部分電話會議。我想承認你說的是事實。我們確實有很多關於前瞻性的電話,希望採取重要立場的討論。然後我們還有其他人,當然,他們在對面。所以這是一個真實的故事。
I think from Boeing's vantage point and our posture at the moment, we're still trying to de-risk the skyline. That has been our motive and to emphasize to everyone, including our own people, that we're going to move the finished goods first. That is going to be -- that's our intent. If we can move it faster, great. We're still going to hold our production rates as conservative as we can so that we can get that inventory on the move.
我認為從波音的有利位置和我們目前的姿態來看,我們仍在努力降低天際線的風險。這一直是我們的動機,並向包括我們自己的員工在內的所有人強調,我們將首先移動成品。這將是——這就是我們的意圖。如果我們可以更快地移動它,那就太好了。我們仍將盡可能保持我們的生產率保守,以便我們能夠在移動中獲得庫存。
And then when I think this virus ever looks like in a rearview mirror, I think all those discussions that, of course, we do have about the forward upside point of view, I think they'll come faster rather than slower. And honestly, I think as much about the recovery and the pace of as I do sort of the retrenchment and to deal with today's liquidity because I think actually that ramp-up is going to be the more important part of this puzzle going forward.
然後,當我認為這種病毒在後視鏡中看起來像什麼時,我認為所有這些討論,當然,我們確實有關於前瞻性上行觀點的討論,我認為它們會來得更快而不是更慢。老實說,我對經濟復甦和復蘇步伐的思考與我對緊縮和應對當今流動性的思考一樣多,因為我認為實際上,增加將成為未來這個難題中更重要的部分。
Operator
Operator
And our next question comes from the line of Sheila Kahyaoglu with Jefferies.
我們的下一個問題來自 Sheila Kahyaoglu 與 Jefferies 的合作。
Sheila Karin Kahyaoglu - Equity Analyst
Sheila Karin Kahyaoglu - Equity Analyst
I wanted to ask about normalized margins in BCA in 2022 at these lower rates. Based on these retail, produced about 510 aircraft in 2022. The last time you were around those levels was 2011, your commercial margins back then were closer to 10%, and granted, that included some service. And free cash flow, if we adjust for 787, was around $10 billion. So I guess I'm asking, how do we think about normalized margins and free cash flow sometime in 2022?
我想問一下 2022 年 BCA 在這些較低利率下的標準化利潤率。基於這些零售,2022 年生產了大約 510 架飛機。上一次達到這些水平是在 2011 年,當時的商業利潤率接近 10%,當然,其中包括一些服務。如果我們針對 787 進行調整,自由現金流約為 100 億美元。所以我想我是在問,我們如何看待 2022 年某個時候的標準化利潤率和自由現金流?
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Yes. Well, Sheila, as I said, right now, it's the path to that point, right? And so the focus that we talked about around rightsizing the company and taking the actions are going to -- they're going to feed right into that. When you look at kind of unit margin over that period by program, again, as I mentioned on one of the prior questions, we're certainly under more pressure because of the lower production rates. But as we ramp up, and particularly on the MAX, we'll see that gross margin on a unit basis come up. And then, again, we'll just have to continue to manage our spend on all of our discretionary. But the actions that -- and I'll let Dave comment here, but the actions that we're putting in place now are really focused out in that time frame to make sure we come out of this stronger and healthier in position to compete and get us through this window, this period that we're all faced with the pandemic and really just not leave a rock unturned as far as our cost structures and our site consolidations and so on, to ensure that we preserve cash flow out in that period and then, therefore, margin. But I'll let Dave comment as well.
是的。好吧,希拉,正如我所說,現在,這是通往那一點的道路,對吧?因此,我們所討論的關於調整公司規模和採取行動的重點將——他們將直接融入其中。當您按計劃查看該時期的單位利潤率時,正如我在前面的一個問題中提到的那樣,由於生產率較低,我們肯定承受更大的壓力。但隨著我們的發展,特別是在 MAX 上,我們會看到單位毛利率上升。然後,再一次,我們只需要繼續管理我們所有可自由支配的支出。但是這些行動——我會讓戴夫在這裡發表評論,但我們現在採取的行動確實集中在那個時間框架內,以確保我們從這個更強大、更健康的位置中脫穎而出,以競爭和讓我們度過這個窗口,這個我們都面臨大流行的時期,就我們的成本結構和網站整合等而言,真的只是不遺餘力,以確保我們在那個時期保持現金流出然後,因此,保證金。但我也會讓 Dave 發表評論。
David L. Calhoun - President, CEO & Director
David L. Calhoun - President, CEO & Director
Well, I'm not sure there's much I can add to that. We're going to have these volume impacts on our program accounting, et cetera, over this near term. Unit margins, cash margins is our focus. We feel good about where they are. We think we can make them better. And then as volume and orders come along and we can begin to look out further, I think everything gets -- not only gets back to where it was, but maybe gets better. So not much I can add to sort of the dynamics of next year's margins other than to tell you our focus is on unit cash margins and just continue to manage that as closely as we can for liquidity purposes. And then as order books fill out, we can -- you'll see that impact in the accounting side of the puzzle.
好吧,我不確定我能補充多少。在短期內,我們將對我們的計劃會計等產生這些數量影響。單位利潤率、現金利潤率是我們的重點。我們對他們所在的位置感到滿意。我們認為我們可以讓他們變得更好。然後隨著數量和訂單的出現,我們可以開始進一步觀察,我認為一切都會 - 不僅回到原來的位置,而且可能會變得更好。因此,除了告訴您我們的重點是單位現金利潤率,並且出於流動性目的,我們將繼續盡可能密切地管理它,因此我無法對明年利潤率的動態進行補充。然後隨著訂單簿的填寫,我們可以——你會在難題的會計方面看到這種影響。
Operator
Operator
Our next question comes from the line of Doug Harned with Bernstein.
我們的下一個問題來自 Doug Harned 與 Bernstein 的對話。
Douglas Stuart Harned - SVP and Senior Analyst
Douglas Stuart Harned - SVP and Senior Analyst
Greg, you were talking about the flexibility and basically with the airplanes, the roughly 450 MAXs that you have parked. But given a lot of the pressures that you've had from customers for deferrals and cancellations, as we look at this, it probably does mean that a large number of those airplanes will go to different customers than we originally planned.
格雷格,你談到了靈活性,基本上是關於飛機,你停放的大約 450 架 MAX。但考慮到客戶對延期和取消的壓力很大,正如我們所看到的,這可能確實意味著這些飛機中的大量將交付給與我們原先計劃不同的客戶。
So operationally, how will you go about reconfiguration of these airplanes, particularly you've got a supply chain that would be involved here that's sort of -- it's in a very difficult situation? And have you assumed costs associated with reconfiguration and remarketing of these airplanes and the BCA provisions you've taken so far?
所以在操作上,你將如何重新配置這些飛機,特別是你有一個供應鏈會涉及到這裡 - 它處於非常困難的境地?您是否承擔了與這些飛機的重新配置和再營銷相關的成本以及您目前採取的 BCA 規定?
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Yes. The short answer is yes, we have, Doug. So we've assessed all 450 and put a risk assessment against all of those aircraft and then took a provision for that we believe we will have to either remarket or reconfigure some of those aircraft. And that's something, obviously, that we'll continue to monitor and update on. But we've assumed that, that will take place with some of those aircraft, just again by the discussions we've been having with our customers.
是的。簡短的回答是肯定的,我們有,道格。因此,我們評估了所有 450 架飛機並對所有這些飛機進行了風險評估,然後為我們認為我們將不得不重新銷售或重新配置其中一些飛機做出了準備。顯然,這是我們將繼續監控和更新的內容。但我們已經假設,其中一些飛機會發生這種情況,只是通過我們與客戶的討論再次進行。
Douglas Stuart Harned - SVP and Senior Analyst
Douglas Stuart Harned - SVP and Senior Analyst
But just physically, this could be -- I mean, this is different than anything that I've ever seen you had to deal with in the past in terms of scale. I mean, operationally, how do you think about doing that?
但就物理而言,這可能是——我的意思是,這與我在過去看到的任何規模不同。我的意思是,在操作上,您如何考慮這樣做?
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Yes. Well, like I said, we're trying to stay ahead of these things. So anticipating this was a possibility, quite frankly, sometime ago. The team has gone through and got clear understanding about how would you go about doing this systematically. Where would we do it? How much configuration would take place? Obviously, with the MAX, as you know, it's fairly limited. You're not dealing with a widebody. So impact on the supply chain, quite frankly, I don't really see it much. It's going to be more basic reconfiguration. And in some cases, possibly customers take them configured as is and they reconfigure them. So I think you're going to see a variety in how this plays out. But again, we're anticipating we're going to do some of it. And we're trying to get ahead of it. And I think getting those plans in place today and if it's better than that, great. If it isn't, we'll be ready and facilitized to be able to do it.
是的。好吧,就像我說的,我們正在努力保持領先地位。因此,坦率地說,很久以前就有可能預見到這一點。該團隊已經完成並清楚地了解您將如何系統地執行此操作。我們在哪裡做?將進行多少配置?顯然,如您所知,對於 MAX,它是相當有限的。你不是在處理寬體機。所以對供應鏈的影響,坦率地說,我真的看不到太多。這將是更基本的重新配置。在某些情況下,客戶可能會按原樣配置它們並重新配置它們。所以我認為你會看到各種各樣的結果。但同樣,我們預計我們會做一些。我們正在努力超越它。我認為今天就制定這些計劃,如果比這更好,那就太好了。如果不是,我們將做好準備並提供便利以能夠做到這一點。
Operator
Operator
And our next question comes from the line of Robert Stallard with Vertical Research.
我們的下一個問題來自 Vertical Research 的 Robert Stallard。
Robert Alan Stallard - Partner
Robert Alan Stallard - Partner
Greg, I was wondering if you could give us some more clarity on what's in your plan with regard to these 737 MAX deliveries. You said you expected to deliver most of them in the first year after recertification or reentry into service. But could you give us some idea of exactly what that number is? And what the sort of cash impact of that would be?
格雷格,我想知道你是否可以讓我們更清楚地了解你在這些 737 MAX 交付方面的計劃。你說你希望在重新認證或重新投入使用後的第一年交付其中的大部分。但是你能告訴我們這個數字到底是多少嗎?那會產生什麼樣的現金影響?
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Yes. No, like, I think we've been consistent to say, hey, look, we want to get those airplanes delivered, and that's the majority of them in the first year. So there will be airplanes that are outside that first year, but the majority will take place in the first year. Rob, this is just based on discussions we're having with customers in sequencing those airplanes out. And we'll continue to focus on, again, relieving the inventory off the ramp, which then, again, that informs the production rate. So we got to focus there first and then ramp up production and clear the ramp so we can complete the airplanes coming out of production. So it moves around, certainly, month-to-month, quarter-to-quarter, but again, majority will remain in the first year, and then we'll see some of that trailing off over time, just again, based on customer preference.
是的。不,就像,我認為我們一直在說,嘿,看,我們希望交付這些飛機,這是第一年的大部分飛機。所以會有第一年之外的飛機,但大部分將在第一年發生。 Rob,這只是基於我們與客戶就這些飛機的排序進行的討論。我們將再次專注於減少斜坡上的庫存,然後再一次通知生產率。所以我們必須首先關注那裡,然後提高產量並清理坡道,這樣我們才能完成飛機的停產。因此,它肯定會逐月、逐季度移動,但同樣,大部分將保留在第一年,然後我們會看到其中一些隨著時間的推移逐漸減少,同樣,基於客戶偏愛。
Robert Alan Stallard - Partner
Robert Alan Stallard - Partner
Just a quick follow-up because that would seem to imply a very large number of aircraft deliveries in the next almost 12 months when, obviously, airline conditions are very weak. Are most of these going to replacement? Is that the best way to look at this?
只是快速跟進,因為這似乎意味著在接下來的近 12 個月內將有大量飛機交付,而顯然,航空公司的狀況非常疲軟。這些大部分要更換嗎?這是看待這個問題的最佳方式嗎?
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Yes, certainly. I mean, they've got the fleet plans in place. And so again, what informs it is our discussions with them around quantity and around timing and sequencing. So all of that's informing kind of how we front-load this thing. But look, Rob, could it move here and there from month-to-month and from quantity of airplane outside this profile? Sure, it could. But as we see it today, we see the majority of those, again, informed by the customer. We certainly have the ability and we're capacitized to deliver them. And as you know, they're completed aircraft. So the cycle time from turn that airplane on and getting it into the hands of the customer is pretty short. So we've got that, again, that flexibility in our favor here, and we'll adapt accordingly based on the needs of the customer.
是的,當然了。我的意思是,他們已經制定了艦隊計劃。因此,我們與他們就數量、時間和順序進行的討論再次說明了這一點。所以所有這些都在告訴我們如何預先加載這個東西。但是,Rob,它是否可以每月和從超出此配置文件的飛機數量移動到這里和那裡?當然可以。但正如我們今天所看到的,我們再次看到其中大部分是由客戶告知的。我們當然有能力而且我們有能力交付它們。如您所知,它們是完成的飛機。因此,從啟動飛機到將其交到客戶手中的周期時間非常短。因此,我們在這裡再次獲得了對我們有利的靈活性,我們將根據客戶的需求進行相應調整。
Operator
Operator
And our last question will come from the line of Cai von Rumohr with Cowen and Company.
我們的最後一個問題將來自 Cai von Rumohr 與 Cowen and Company 的合作。
Cai von Rumohr - MD & Senior Research Analyst
Cai von Rumohr - MD & Senior Research Analyst
So a follow-up to Rob's question. So if you're going to ramp to 31 a month going into 2022, you've got to be building close to 200 planes or more in 2021. And if you deliver 400-plus planes, the inventory goes down by 200, but we still have 250, 300 of [a lot of] planes. We're only seeing it makes sense to go to 31 if you felt your skyline called for delivering more 737s in 2022 than in 2021. Is that correct?
因此,請跟進 Rob 的問題。因此,如果到 2022 年你要增加到每月 31 架,你必須在 2021 年建造近 200 架飛機或更多。如果你交付 400 多架飛機,庫存就會減少 200 架,但我們仍然有 250、300 架 [很多] 飛機。只有當您覺得您的天際線需要在 2022 年交付比 2021 年更多的 737 時,我們才會認為增加 31 架是有意義的。這是正確的嗎?
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Well, Cai, I'd say, look, the production rate increases, Dave said it, I said it, it's going to be slow and gradual on the production side, building up to 31 in that time frame.
好吧,蔡,我會說,看,生產率增加,戴夫說過,我說過,在生產方面它將是緩慢而漸進的,在那個時間段內達到 31。
In conjunction with that will be the delivery, again, off the ramp, and that will really inform the production rate. But it's a very gradual slow rate buildup to that 31. And that could adjust based on how we deliver off the ramp or any further information we gather from the customers. Again, the supply chain, we have the inventory, clearly, on hand, as you've seen. And so if we could go up quicker, we'd certainly assess that, but -- and I'll let Dave weigh in here. But stability is going to be job one. It's ensuring that we move up methodically and stabilized, not have travel work, first-time quality, we'll do an assessment then we'll move up to the next rate. And then again, we'll be informed of how quickly we're clearing the inventory off the ramp. I don't know, Dave, if you had any more to add on the production side.
與此相結合的是交付,再次,下坡,這將真正影響生產率。但這是一個非常緩慢的緩慢增長到 31。這可以根據我們如何交付斜坡或我們從客戶那裡收集的任何進一步信息進行調整。同樣,供應鏈,我們手頭有庫存,正如您所見。因此,如果我們可以更快地上升,我們肯定會對此進行評估,但是 - 我會讓戴夫在這裡權衡。但穩定將是首要任務。它確保我們有條不紊地穩定上升,沒有差旅工作,第一次質量,我們將進行評估,然後我們將上升到下一個利率。然後再一次,我們將被告知我們清理坡道庫存的速度有多快。戴夫,我不知道你在製作方面是否有更多要補充的內容。
David L. Calhoun - President, CEO & Director
David L. Calhoun - President, CEO & Director
Yes. I don't really have anything more to add other than, again, think about our posture, the middle of next year. If in fact, things are beginning to return, customers are beginning to see the virus in the rearview mirror, vaccines are being discussed and described. I really believe that the toughest part of our puzzle, as I said, going forward is going to be then returning to rate that satisfy what I think will be a reasonably robust return to the market. So that's part of our math here. But what Greg said holds. For most of the year next year, the governor on rate is going to be the pace at which we sell that finished goods inventory.
是的。除了再次考慮明年年中我們的姿態之外,我真的沒有什麼要補充的了。如果事實上,事情開始恢復,客戶開始在後視鏡中看到病毒,正在討論和描述疫苗。我真的相信,正如我所說,我們的難題中最困難的部分是,未來將恢復到滿足我認為將是相當強勁的市場回報的利率。所以這是我們數學的一部分。但格雷格所說的是成立的。在明年的大部分時間裡,利率將成為我們銷售成品庫存的速度。
Cai von Rumohr - MD & Senior Research Analyst
Cai von Rumohr - MD & Senior Research Analyst
But as you look today, does it look like 2022 you'll deliver more than 2021 without getting into numbers?
但是,正如您今天所看到的那樣,2022 年您的交付量是否會超過 2021 年而無需計算數字?
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Yes.
是的。
David L. Calhoun - President, CEO & Director
David L. Calhoun - President, CEO & Director
I sure hope so.
我當然希望如此。
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
Gregory D. Smith - CFO and Executive VP of Enterprise Operations, Finance & Strategy
That's the plan, Cai.
這就是計劃,蔡。
Maurita B. Sutedja - VP of IR
Maurita B. Sutedja - VP of IR
Thank you. So that completes the Boeing Company's Second Quarter 2020 Earnings Conference Call. Thank you all for joining.
謝謝。這樣就完成了波音公司 2020 年第二季度的收益電話會議。謝謝大家的加入。