波音 (BA) 2023 Q3 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to The Boeing Company's Third Quarter 2023 Earnings Conference Call. Today's call is being recorded. The management discussion and slide presentation, plus the analyst question-and-answer session, are being broadcast live over the Internet. (Operator Instructions)

謝謝你的支持。大家好，歡迎參加波音公司 2023 年第三季財報電話會議。今天的通話正在錄音。管理層討論和幻燈片演示以及分析師問答環節均透過網路進行現場直播。 （操作員說明）

At this time, for opening remarks and introductions, I'm turning the conference over to Mr. Matt Welch, Vice President of Investor Relations for Boeing Company. Mr. Welch, please go ahead.

現在，我將把會議交給波音公司投資者關係副總裁馬特·韋爾奇先生致開幕詞和介紹。韋爾奇先生，請繼續。

Thank you, and good morning. Welcome to Boeing's Quarterly Earnings Call. I am Matt Welch, and with me today are Dave Calhoun, Boeing's President and Chief Executive Officer; and Brian West, Boeing's Executive Vice President and Chief Financial Officer.

謝謝你，早安。歡迎參加波音季度財報電話會議。我是馬特‧韋爾奇，今天和我在一起的還有波音總裁兼執行長戴夫‧卡爾霍恩；以及波音公司執行副總裁兼財務長布萊恩·韋斯特。

As a reminder, you can follow today's broadcast and slide presentation at boeing.com. As always, detailed financial information is included in today's press release.

提醒一下，您可以在 boeing.com 上關註今天的廣播和幻燈片演示。與往常一樣，詳細的財務資訊包含在今天的新聞稿中。

Furthermore, projections, estimates and goals included in today's discussion involve risks, including those described in our SEC filings and in the forward-looking statement disclaimer at the end of the web presentation. In addition, we refer you to our earnings release and presentation for disclosures and reconciliation of certain non-GAAP measures.

此外，今天討論中包含的預測、估計和目標涉及風險，包括我們向 SEC 提交的文件以及網路演示末尾的前瞻性聲明免責聲明中描述的風險。此外，我們建議您參閱我們的收益發布和簡報，以了解某些非公認會計原則措施的揭露和調節。

Now I will turn the call over to Dave Calhoun.

現在我將把電話轉給戴夫·卡爾霍恩。

Thank you, Matt, and thanks to all for joining us this morning. Let me start with a comment on the conflict in Israel and Gaza. We were saddened to see the horrific attacks in Israel and the escalating conflict in the region that is resulting in a significant humanitarian emergency. We will continue to monitor the situation. We will focus on the safety of our employees, and we will aid those in need. As always, we'll follow the lead of the U.S. government, and we'll coordinate closely with government agencies, customers and suppliers, always with safety, security and well-being as our top priority.

謝謝你，馬特，也謝謝大家今天早上加入我們。首先我要先評論以色列和加薩的衝突。我們對以色列的可怕襲擊以及該地區衝突不斷升級並導致嚴重的人道主義緊急情況感到悲痛。我們將繼續關注事態發展。我們將關注員工的安全，並為有需要的人提供協助。一如既往，我們將遵循美國政府的領導，我們將與政府機構、客戶和供應商密切協調，並始終將安全、安保和福祉作為我們的首要任務。

Now let me turn to the quarter. As you know, we ran into a few challenges over the last several months, but we've demonstrated that we know how to overcome obstacles, and we will continue to do just that. We knew 2023 would be a bumpy ride. We have more work to do, but overall, we're making progress in our recovery, and we are on track to meet the financial goals we shared for this year and for the '25, '26 time frame, a time frame I refer to as stability.

現在讓我談談本季。如您所知，我們在過去幾個月遇到了一些挑戰，但我們已經證明我們知道如何克服障礙，並且我們將繼續這樣做。我們知道 2023 年將會是一段坎坷的旅程。我們還有更多的工作要做，但總的來說，我們在復甦方面正在取得進展，我們有望實現我們今年和25 年、26 年時間框架（我指的是這個時間框架）共享的財務目標以作為穩定性。

As you know, free cash flow has been our primary financial metric through this recovery. And based on our performance year-to-date, we still plan to be in the guidance range for the year as well as the $10 billion target by 2025 and 2026.

如您所知，自由現金流一直是我們在這次復甦中的主要財務指標。根據我們今年迄今的業績，我們仍計劃保持在今年的指導範圍內，並在 2025 年和 2026 年實現 100 億美元的目標。

This is a complex, long-cycle business, and driving stability takes time, especially as an entire industry works its way back from the impact of a global pandemic. We expect challenges to come our way. And when they do, we are transparent. We take action, and we move forward. So month-to-month and quarter-to-quarter, it can be tough to predict, but we're focused on the long term, and we're taking the tough actions now to ensure that the long-term future is strong.

這是一項複雜、長週期的業務，保持穩定需要時間，特別是在整個行業正在從全球大流行的影響中恢復過來的情況下。我們預計挑戰將會來臨。當他們這樣做時，我們是透明的。我們採取行動，我們繼續前進。因此，每月和每季的情況可能很難預測，但我們著眼於長期，我們現在正在採取強硬行動，以確保長期的未來是強勁的。

So with that, I'll highlight a few key updates around the business. Boeing Commercial, BCA. In commercial, demand continues to be incredibly robust. We booked about 400 net orders in the quarter, including 150 737 MAX 10s for Ryanair, 50 787s for United Airlines and 39 787s for Saudi Arabian Airlines.

因此，我將重點介紹有關業務的一些關鍵更新。波音商業公司，BCA。在商業領域，需求仍然異常強勁。本季我們預訂了約 400 架淨訂單，其中包括瑞安航空 150 737 MAX 10、聯合航空 50 787 架和沙烏地阿拉伯航空 39 787 架。

With demand strong, our focus remains on delivering airplanes. We are seeing increased stability and quality performance within our own factories, but we're working to get the supply chain caught up to the same standards. Our production system is poised for steady and efficient increases, but we won't push the system too fast, and we'll ensure the supply base is in lockstep with us.

由於需求強勁，我們的重點仍然是交付飛機。我們看到我們自己的工廠的穩定性和品質表現有所提高，但我們正在努力讓供應鏈達到相同的標準。我們的生產系統已做好穩定、高效成長的準備，但我們不會推動系統太快，我們將確保供應基地與我們保持同步。

On the 737, we're moving through rework on the most recent nonconformance in the aft pressure bulkhead. That work slowed production and deliveries down in the course of the quarter. And given our year-to-date total, we now expect 737 deliveries for the year to be in the 375 to 400 range. While a setback, we'll regain our momentum as we progress through the issue. We are keeping our suppliers hot according to the master schedule. We plan to complete the production transition to 38 per month by the end of the year and still plan to reach the key rate of 50 per month by that '25 and '26 time frame.

在 737 上，我們正​​在對後壓力艙壁最近的不合格項進行返工。這項工作減緩了本季的生產和交付。考慮到今年迄今的總數，我們現在預計今年 737 架飛機的交付量將在 375 架至 400 架之間。儘管遇到了挫折，但隨著問題的解決，我們將重新獲得動力。我們根據主計劃保持供應商的熱度。我們計劃在今年年底前將產量過渡到每月 38 件，並仍計劃在 25 年和 26 年時間範圍內達到每月 50 件的關鍵產量。

Important to note with respect to our supply chain, delivery shortfalls have been driven by nonconformances, not actual supply chain constraints. On the 787, the program is demonstrating improved stability. We're now transitioning production from 4 to 5 per month and expect to meet our delivery range of 70 to 80 for the year. And longer term, we're on track for the rate step up to 10 per month by '25 and '26.

值得注意的是，就我們的供應鏈而言，交貨不足是由不合格品造成的，而不是實際的供應鏈限制。在 787 上，該程式展示了更高的穩定性。我們現在將生產量從每月 4 件過渡到每月 5 件，預計今年的交貨範圍為 70 件到 80 件。從長遠來看，我們預計在 25 和 26 年前將費率提高到每月 10。

To ensure our broader recovery and return to more normal margins, the key focus continues to be on liquidating our 787 and 737 inventory so that we can eliminate those shadow factories and focus our resources on the production floor, all of our resources. Nonconformance costs are exponentially higher on all of those finished airplanes. We still plan to deliver most, if not all, of the inventory by the end of next year, which will set us on a strong path for '25 and '26.

為了確保我們更廣泛的復甦並恢復到更正常的利潤率，重點仍然是清理我們的 787 和 737 庫存，以便我們能夠消除那些影子工廠，並將我們的資源集中到生產車間，我們所有的資源。所有這些成品飛機的不合格成本呈指數級增長。我們仍然計劃在明年年底之前交付大部分（如果不是全部）庫存，這將為我們在 25 年和 26 年奠定堅實的基礎。

With respect to China. We are encouraged by recent signs of progress and continue to work closely with our customers on the timing of returning to delivery. As I mentioned, supply chain performance will be a key enabler.

就中國而言。我們對最近的進展跡象感到鼓舞，並將繼續與客戶密切合作確定返回交貨的時間。正如我所提到的，供應鏈績效將是關鍵推動因素。

As Spirit Aerospace Systems brings in new leadership, we're looking forward to working with Pat. Pat Shanahan is known by The Boeing Company. We have great respect for his abilities on the shop floor, and we're pleased to have recently established a mutually beneficial agreement that will enhance stability of our production system and help us deliver on our customer commitments, a true win-win.

隨著 Spirit Aerospace Systems 引入新的領導層，我們期待與 Pat 合作。帕特·沙納漢因波音而聞名。我們非常尊重他在車間的能力，我們很高興最近達成了一項互利協議，該協議將增強我們生產系統的穩定性，並幫助我們兌現對客戶的承諾，實現真正的雙贏。

Lastly, on the development side, we're progressing across our commercial programs, and our timelines are unchanged on the 737-7 and the -10 and the 777X and 777-8 Freighter. A reminder, as always, the FAA will ultimately control the timing.

最後，在開發方面，我們的商業項目正在取得進展，並且 737-7 和 -10 以及 777X 和 777-8 貨機的時間表沒有變化。一如既往，聯邦航空局將最終控制時間。

Boeing Defense Systems, BDS. In Defense and Space, we still have more work to improve operating performance. Results this quarter were impacted by higher estimated costs on the VC-25B program. We are maturing through this build process, incorporating engineering changes to better support the installation process, and we resolved important supplier negotiations over the course of the quarter.

波音防務系統公司，BDS。在國防和航太領域，我們還有更多工作來提高營運績效。本季的業績受到 VC-25B 專案估計成本較高的影響。我們透過這個建置過程不斷成熟，納入工程變更以更好地支援安裝過程，並且我們在本季度解決了重要的供應商談判。

I'll note that none of these items will impact the performance and capability of the end product. The increased estimates reflect the process by which we build the airplanes. And in a fixed price environment, any unplanned hurdles can introduce unrecoverable cost. At the end of the day, we have 2 airplanes to build. We're getting past these hurdles and are committed to delivering 2 exceptional airplanes for our customer.

我要指出的是，這些項目都不會影響最終產品的性能和功能。增加的估算反映了我們製造飛機的過程。在固定價格環境中，任何計劃外的障礙都可能帶來無法回收的成本。最終，我們有兩架飛機要建造。我們正在克服這些障礙，並致力於為我們的客戶提供兩架卓越的飛機。

Separately, as you saw, we are also expecting higher costs on a satellite program as we build out the constellation and meet our life cycle commitments for our customer. We're working on real innovation and advanced capabilities in this space and see real potential market as we deliver against this commitment.

另外，正如您所看到的，隨著我們建立星座並履行對客戶的生命週期承諾，我們預計衛星計畫的成本也會更高。我們正在該領域致力於真正的創新和先進功能，並在兌現這一承諾時看到真正的潛在市場。

More broadly across BDS, we're stabilizing operations and taking comprehensive actions to improve performance, including lean initiatives, contracting disciplines, factory improvements, engineering investments and more. We're seeing some early signs of progress, but financial improvement at BDS' lower volumes takes time. The recovery in BDS is slower than we'd like, slower than I'd like, but we're confident in the future and our path to normalizing BDS margin performance by that '25 and '26 time frame is intact.

更廣泛地說，在 BDS 中，我們正在穩定運作並採取全面行動來提高績效，包括精益計劃、承包紀律、工廠改進、工程投資等。我們看到了一些早期進展的跡象，但 BDS 較低銷售的財務改善需要時間。 BDS 的復甦比我們希望的要慢，比我希望的要慢，但我們對未來充滿信心，並且我們在 25 年和 26 年時間範圍內實現 BDS 利潤表現正常化的道路完好無損。

The confidence is due in part to key milestones we're starting to hit and the strong demand we're seeing. For example, we delivered the first T-7A to the U.S. Air Force this quarter. We also captured a key award from the U.S. Army for 21 Apache helicopters. Additionally, we continue to invest and position ourselves for significant opportunities in proprietary programs.

這種信心部分歸因於我們開始達到的關鍵里程碑以及我們看到的強勁需求。例如，我們本季向美國空軍交付了第一架 T-7A。我們還獲得了美國陸軍頒發的 21 架阿帕契直升機的重要獎項。此外，我們繼續投資並定位自己，以獲取專有專案的重大機會。

The backlog at BDS is $58 billion, and nearly 30% of that is outside the United States. We're proud of the role our products play in protecting global security and national defense. Demand is strong, we're confident in the business, and we will continue to improve operational performance to more normalized levels.

BDS 的積壓金額為 580 億美元，其中近 30% 來自美國境外。我們為我們的產品在保護全球安全和國防方面發揮的作用感到自豪。需求強勁，我們對業務充滿信心，我們將繼續將營運績效提高到更規範的水平。

Boeing Global Services, BGS. In Global Services, the team had another strong quarter, both on the commercial and the government side, with improved revenue and earnings relative to the third quarter of 2022. The financials were again driven by strong operating performance and the team's ability to hit key milestones and capture new business.

波音全球服務公司，BGS。在全球服務領域，該團隊在商業和政府方面都取得了另一個強勁的季度，相對於2022 年第三季度，收入和收益均有所改善。財務狀況再次受到強勁的營運業績和團隊實現關鍵里程碑的能力的推動並捕捉新業務。

In the quarter, BGS delivered the 150th 737-800 Boeing Converted Freighter, received an award from the U.S. Navy for P-8 trainer upgrades and signed a digital maintenance agreement with multiple airlines. Our services team represents Boeing with our customers nearly every minute of every day. The work they do to keep military and commercial fleets flying is best-in-class, and we're proud of the performance that they're delivering.

本季度，BGS 交付了第 150 架 737-800 波音改裝貨機，獲得美國海軍 P-8 教練機升級獎勵，並與多家航空公司簽署了數位化維護協議。我們的服務團隊幾乎每天每分鐘都代表波音與客戶見面。他們為保持軍用和商業機隊的飛行所做的工作是一流的，我們為他們所提供的性能感到自豪。

A step back with respect to the market outlook. Looking across all 3 business units, demand for our products and services continues to be incredibly strong. Our backlog is at $469 billion, including over 5,100 commercial airplanes. Over the next 10 years, the value of the markets we serve across commercial, defense, space and services is estimated at $10.7 trillion according to our most recent Boeing market outlook.

關於市場前景的退一步。縱觀所有 3 個業務部門，對我們產品和服務的需求仍然非常強勁。我們的積壓訂單金額為 4,690 億美元，其中包括 5,100 多架商用飛機。根據我們最新的波音市場展望，未來 10 年，我們所服務的商業、國防、航太和服務市場價值估計為 10.7 兆美元。

Our products deliver exceptional capability in strong and growing markets, and our portfolio is well aligned with our customers' needs. The demand is there to support our recovery. It is on us to perform, and we will remain disciplined and patient in the process.

我們的產品在強大且不斷成長的市場中提供卓越的功能，並且我們的產品組合非常符合客戶的需求。需求是支持我們的復甦的。我們有責任去執行，在過程中我們將保持紀律和耐心。

Brian, I'll turn it over to you.

布萊恩，我會把它交給你。

Thanks, Dave, and good morning, everyone. Let's go to the next slide and start with total company financial performance. Third quarter revenue was $18.1 billion. That's up 13% year-over-year. Growth was driven by higher commercial volume, primarily on higher 787 deliveries.

謝謝戴夫，大家早安。讓我們轉到下一張投影片，從公司整體財務表現開始。第三季營收為 181 億美元。較去年同期成長 13%。成長是由商業銷售增加所推動的，主要是 787 交付量的增加。

Core operating margin in the quarter was minus 6%, and the core loss per share was $3.26. Margins and EPS were negatively impacted by unfavorable Defense performance, which I'll cover in a moment; lower 737 deliveries that were in line with expectations set last month; and expected abnormal costs and period expenses.

本季核心營業利益率為-6%，每股核心虧損為3.26 美元。利潤率和每股盈餘受到不利的國防表現的負面影響，我稍後會介紹這一點； 737 交付量下降，符合上個月設定的預期；以及預期的異常成本和期間費用。

Free cash flow was a usage of $310 million in the quarter. This reflects the lower 737 deliveries and in line with our expectations.

本季自由現金流使用量為 3.1 億美元。這反映了 737 交付量的下降，符合我們的預期。

With that, I'll turn to the next page and cover Boeing Commercial Airplanes. BCA booked 398 net orders in the quarter, including 150 MAX-10s for Ryanair, 50 787s for United and 39 787s for Saudi Arabian Airlines. BCA now has over 5,100 airplanes in the backlog, valued at $392 billion.

接下來，我將翻到下一頁並介紹波音商用飛機。 BCA 本季淨訂單 398 架，其中包括瑞安航空 150 架 MAX-10、聯合航空 50 787 架和沙烏地阿拉伯航空 39 787 架。 BCA 目前有超過 5,100 架飛機積壓，價值 3,920 億美元。

BCA delivered 105 airplanes in the quarter, and revenue was $7.9 billion. That's up 25% year-over-year driven by the higher 787 deliveries. Operating margin was minus 8.6%. We saw the impact of the lower 737 deliveries as well as expected abnormal costs and period expenses, including higher R&D spending primarily on the 777X investment.

BCA 本季交付了 105 架飛機，營收為 79 億美元。由於 787 交付量增加，這一數字年增 25%。營業利益率為-8.6%。我們看到了 737 交付量下降以及預期的異常成本和期間費用的影響，包括主要用於 777X 投資的研發支出增加。

Now I'll give a little more color on the key programs. On the 737, we delivered 70 airplanes in the quarter, reflecting the impact of the recent supplier fuselage nonconformance. Since our early September update, additional areas of the aft pressure bulkhead were identified that require further inspection and rework, which you likely read about. This additional scope impacts units that had already gone through the initial rework and will take us more time to stabilize production and deliveries.

現在我將對關鍵程序進行更多說明。在 737 方面，我們本季交付了 70 架飛機，反映了最近供應商機身不合格的影響。自 9 月初更新以來，發現後壓力艙壁的其他區域需要進一步檢查和返工，您可能會讀到相關內容。這一額外的範圍會影響已經進行了初步返工的單位，並將花費我們更多的時間來穩定生產和交付。

We've bounded the issue, understand the rework steps required and booked a nonmaterial financial impact in the quarter. Considering these latest facts, we expect October deliveries to be in line with September and now expect to deliver between 375 and 400 airplanes for the year. Performance ultimately will be dictated by the pace of the fuselage recovery.

我們已經限制了這個問題，了解了所需的返工步驟，並在本季度記錄了非重大財務影響。考慮到這些最新事實，我們預計 10 月的交付將與 9 月持平，目前預計今年將交付 375 至 400 架飛機。性能最終將取決於機身恢復的速度。

The quarter ended with approximately 250 MAX airplanes in inventory, 85 of which are being held for customers in China. We still expect most of the MAX inventory aircraft to be delivered by the end of 2024, but more are likely to slip into 2025 tied to the fuselage recovery.

本季末，庫存約 250 架 MAX 飛機，其中 85 架為中國客戶持有。我們仍然預計大部分 MAX 庫存飛機將在 2024 年底前交付，但由於機身恢復，更多飛機可能會在 2025 年交付。

To support stability, suppliers are continuing with planned rate increases, and we're selectively managing inventory levels on certain parts where prudent. We expect to complete the 737 transition to 38 per month by year-end, and we're maintaining plans to increase to 50 per month in the '25, '26 time frame.

為了支援穩定性，供應商正在繼續按計劃提高價格，並且我們正在謹慎地有選擇地管理某些零件的庫存水準。我們預計到年底，將完成從 737 飛機到每月 38 架的過渡，並維持在 25 年、26 年期間增加到每月 50 架的計劃。

On the 787 program, we had 19 deliveries in the quarter and 50 year-to-date. We still expect 70 to 80 deliveries this year. We started transitioning production to 5 per month in October and still plan to reach 10 per month in the '25, '26 time frame. We ended the quarter with 75 airplanes in inventory. Rework is progressing nicely, and we still expect most to be delivered by the end of 2024. We booked $244 million of abnormal costs, in line with expectations. The total estimate is now $3 billion, up a bit, and we still expect to be largely done by year-end.

在 787 專案中，我們本季交付了 19 架飛機，今年迄今交付了 50 架飛機。我們仍預計今年將交付 70 至 80 架。我們從 10 月開始將產量轉變為每月 5 件，並仍計劃在 25 年、26 年期間達到每月 10 件。本季結束時，我們的庫存有 75 架飛機。返工進展順利，我們仍然預計大部分將在 2024 年底之前交付。我們預訂了 2.44 億美元的異常成本，符合預期。目前總估算為 30 億美元，略有上升，我們仍預計在年底前大部分完成。

Moving to the 777X program. Efforts are ongoing. The program timeline is unchanged, and we plan to resume production later this year. We booked $180 million of abnormal costs in the quarter, in line with expectations. The total estimate is unchanged at $1 billion, and we expect to be done this quarter.

轉向 777X 計劃。努力仍在繼續。計劃時間表不變，我們計劃在今年稍後恢復生產。我們在本季登記了 1.8 億美元的異常成本，符合預期。總預算維持在 10 億美元不變，我們預計在本季完成。

Importantly, as Dave mentioned, we recently reached an agreement with Spirit on commercial terms associated with the 737 and 787 programs. We believe this agreement is a win-win for both companies and directly promotes our goal to drive stability and support our airline customers.

重要的是，正如戴夫所提到的，我們最近與 Spirit 就 737 和 787 項目相關的商業條款達成了協議。我們相信這項協議對兩家公司來說是雙贏的，並直接促進我們推動穩定和支持航空公司客戶的目標。

Moving on to the next page, Boeing Defense and Space. BDS booked $6 billion in orders during the quarter, and the backlog now stands at $58 billion. Revenue was $5.5 billion, essentially flat year-over-year, and we delivered 28 aircraft. Operating margin was minus 16.9% in the quarter.

進入下一頁，波音防務與航太公司。 BDS 在本季預訂了 60 億美元的訂單，目前積壓訂單為 580 億美元。營收為 55 億美元，與去年同期基本持平，我們交付了 28 架飛機。本季營業利益率為-16.9%。

In early September, we indicated that margins would be around minus 9%, the driver being a $482 million charge on VC-25B fixed price development program due to higher estimated manufacturing costs related to engineering changes, labor instability and the resolution of supplier negotiations.

9月初，我們表示利潤率將約為-9%，驅動因素是VC-25B 固定價格開發計劃的4.82 億美元費用，這是由於與工程變更、勞動力不穩定和供應商談判解決相關的估計製造成本較高。

As we closed the books at quarter end, we saw another 8 points of margin erosion driven by, first, a $315 million loss tied to customer considerations and higher estimated costs to deliver a highly innovative satellite constellation contract that we signed several years ago; and second, we had smaller less material cost pressures across a couple of programs totaling $136 million primarily driven by the MQ-25 program.

當我們在季度末結帳時，我們發現利潤率又下降了8 個百分點，原因是：首先，與客戶考慮因素相關的3.15 億美元損失，以及我們幾年前簽署的高度創新衛星星座合約的交付成本較高的估計成本；其次，我們在幾個總計 1.36 億美元的專案中的材料成本壓力較小，主要由 MQ-25 專案推動。

These are disappointing results in the quarter and year-to-date. This performance is below our expectations, and we acknowledge that we aren't as far along in this recovery as we expected to be at this stage.

本季和年初至今的結果令人失望。這一表現低於我們的預期，我們承認，我們的復甦進程並未達到我們現階段預期的程度。

I'd like to point out that the team is executing a game plan to get BDS back to the high single-digit margins by the '25, '26 time frame, as you can see on the right-hand side of the slide. We're driving lean manufacturing, program management rigor and cost productivity consistently across the division. We have invested in new training program to accelerate performance on the factory floor, and we've deployed resources at our suppliers to support their recovery.

我想指出的是，團隊正在執行一項計劃，以使 BDS 在 25 年、26 年時間範圍內恢復到個位數的高利潤，正如您在幻燈片右側看到的那樣。我們在整個部門持續推動精益製造、嚴格的專案管理和成本生產力。我們投資了新的培訓計劃，以提高工廠車間的績效，並在供應商處部署了資源來支持他們的恢復。

Perhaps most importantly, we instituted much tighter underwriting standards. As you know, part of the challenge we're dealing with are legacy contracts that we need to get out from under. Rest assured, we haven't signed any fixed price development contracts nor intend to.

也許最重要的是，我們制定了更嚴格的承保標準。如您所知，我們面臨的部分挑戰是我們需要擺脫遺留合約。請放心，我們尚未簽署也不打算簽署任何固定價格開發合約。

These moves are all fundamental to accelerating the recovery by the '25, '26 time frame. We have detailed metrics and milestones to evaluate our performance and progress across the 3 areas that we previously highlighted.

這些措施對於在 25、26 年時間範圍內加速復甦至關重要。我們有詳細的指標和里程碑來評估我們先前強調的 3 個領域的績效和進展。

First, we have a solid core business representing about 60% of our revenue that performs in the mid- to high single-digit margin range. The demand for these products is strong. In particular, volume for missile and weapons products as well as the Apache are very robust given the current threat environment. And we need to keep executing, competing and growing these offerings.

首先，我們擁有穩固的核心業務，約占我們收入的 60%，且利潤率處於中高個位數範圍。對這些產品的需求強勁。特別是，考慮到當前的威脅環境，飛彈和武器產品以及阿帕奇的數量非常強勁。我們需要繼續執行、競爭和發展這些產品。

Then we have a 25% of the portfolio representing specific fighter and satellite programs that have negatively impacted margins the past several quarters. In these areas, we took on fixed price production contracts in a pre-pandemic environment with real technical innovation that we're working our way through.

然後，我們的投資組合中有 25% 代表特定的戰鬥機和衛星項目，這些項目在過去幾個季度對利潤率產生了負面影響。在這些領域，我們在大流行前的環境中簽訂了固定價格生產合同，並正在努力實現真正的技術創新。

We fully expect to see recovery in these areas as we improve execution, deliver next-generation capabilities and roll into new contracts with stronger underwriting disciplines that more accurately reflect the prevailing economic conditions. We expect to return to the strong performance levels that we've demonstrated historically on these programs as we move into the '25, '26 time frame.

隨著我們提高執行力、提供下一代能力並簽訂具有更嚴格承保紀律、更準確地反映當前經濟狀況的新合同，我們完全期望看到這些領域的復甦。當我們進入 25 世紀、26 世紀的時間框架時，我們預計將恢復到我們在這些計劃中歷史上展示的強勁績效水準。

Lastly, we have our large fixed price development programs that represent the remaining 15% of the portfolio, and we continue to be focused on maturing and retiring these risks. Specifically, on the KC-46A program, we're stabilizing the production system. We've seen signs of progress and improved productivity. And as of this month, we have delivered 77 tankers to the customer.

最後，我們有大型固定價格開發計劃，佔投資組合的剩餘 15%，我們將繼續專注於成熟和消除這些風險。具體來說，在KC-46A專案上，我們正​​在穩定生產系統。我們已經看到了進步和生產力提高的跡象。截至本月，我們已向客戶交付了77艘油輪。

For the VC-25B, we're now maturing through the build process. And the key milestones ahead are power on and first flight, both of which will essentially be behind us as we move to the '25, '26 time frame and represent a significant derisking of the program.

對於 VC-25B，我們現在的建造過程正在趨於成熟。未來的關鍵里程碑是開機和首飛，當我們進入「25」、「26」的時間框架時，這兩個里程碑基本上都將成為過去，並代表該計畫的重大風險消除。

For commercial crew, while it has been a long road, we're preparing to execute a successful crewed flight test next year and then fulfill operational launch commitments, all of which will be completed as we exit '25, '26.

對於商業載人來說，雖然這是一條漫長的道路，但我們正準備明年進行一次成功的載人飛行測試，然後履行營運發射承諾，所有這些都將在我們退出時完成 25 年、26 年。

On T-7A, we just delivered the first aircraft for the Air Force this quarter and have begun critical phases of the flight test program.

對於 T-7A，我們本季剛剛向空軍交付了第一架飛機，並已開始飛行測試計劃的關鍵階段。

On MQ-25, we'll get through key build and flight test milestones and transition out of the development phase as we move through the '25, '26 time frame. We remain very confident in the T-7A and MQ-25 investments that will deliver innovative performance to the customer with a strong long-term demand profile.

在 MQ-25 上，我們將完成關鍵的建造和飛行測試里程碑，並在 25 年、26 年時間框架內過渡開發階段。我們對 T-7A 和 MQ-25 投資仍然充滿信心，它們將為具有強勁長期需求的客戶提供創新性能。

So for BDS, this recovery is challenging at the moment, but we believe the actions we're taking will begin to gain traction and then accelerate. Fast forward to that '25, '26 time frame, fixed price development contracts will be substantially derisked. We'll have a healthy order book underwritten with much better economics and underwriting disciplines and a resilient employee base and supply chain that's executing at a much higher level.

因此，對於北斗系統來說，目前的復甦具有挑戰性，但我們相信我們正在採取的行動將開始獲得牽引力，然後加速。快轉到「25」、「26」時間框架，固定價格開發合約將大幅降低風險。我們將擁有一個健康的承保訂單簿，具有更好的經濟和承保紀律，以及有彈性的員工基礎和在更高水平上執行的供應鏈。

Moving on to the next slide, Boeing Global Services. BGS had another strong quarter. They received $5 billion in orders during the quarter, and the backlog sits at $18 billion. Revenue was $4.8 billion, up 9% year-over-year primarily on favorable commercial volume and mix. Operating margins were a strong 16.3%, in line with our expectations. Importantly, our commercial and government businesses continued to deliver double-digit margins.

轉到下一張投影片，波音全球服務。 BGS 又一個強勁的季度。該季度他們收到了 50 億美元的訂單，積壓訂單達 180 億美元。營收為 48 億美元，年增 9%，主要得益於良好的商業銷售和組合。營業利益率高達 16.3%，符合我們的預期。重要的是，我們的商業和政府業務繼續實現兩位數的利潤率。

With that, we'll turn to the next page and cover cash and debt. On cash and marketable securities, we ended the quarter at $13.4 billion. And on debt, the balance remained flat at $52.3 billion. We had access to $10 billion of revolving credit facilities at the end of the quarter, all of which was undrawn. Our liquidity position is strong. The investment-grade credit rating continues to be a priority. And we're deploying capital in line with the priorities that we've shared: Invest in the business and pay down debt through strong cash flow generation.

這樣，我們將翻到下一頁並討論現金和債務。在現金和有價證券方面，本季末我們的收入為 134 億美元。債務方面，餘額維持在 523 億美元不變。截至本季末，我們獲得了 100 億美元的循環信貸額度，但全部未提領。我們的流動性狀況強勁。投資等級信用評級仍然是優先考慮的事項。我們正在根據我們共同的優先事項部署資本：投資業務並透過強勁的現金流產生來償還債務。

And flipping to the last page on our outlook. The overall financial outlook for 2023 is unchanged from what we previously shared, including $3 billion to $5 billion of free cash flow generation, although the updated 737 deliveries now point more towards the low end of the free cash flow range. We also expect R&D to come in slightly above our original guide tied to the higher 777X investments that I touched on earlier.

並翻到我們展望的最後一頁。 2023 年的整體財務前景與我們之前分享的相同，包括 30 億至 50 億美元的自由現金流生成，儘管更新後的 737 交付量現在更接近自由現金流範圍的低端。我們也預計研發成果將略高於我之前提到的與較高的 777X 投資相關的原始指南。

Stepping back to address the state of the market. Commercial demand remains strong across our key programs and services. Global passenger traffic was up nearly 30% year-on-year in August and is at 96% of pre-pandemic levels, 109% domestic and 89% international.

退一步來解決市場狀況。我們的關鍵項目和服務的商業需求依然強勁。 8 月全球客運量年增近 30%，達到疫情前水準的 96%，其中國內客運量為 109%，國際客運量為 89%。

Cargo remains healthy, and August was the first month with annual cargo growth since early 2022.

貨運保持健康，8 月是 2022 年初以來貨運量年度增長的第一個月。

Defense demand is also robust, and FY '24 budget continues to be in line with our expectations. Our portfolio and capabilities are well positioned to support the needs of the nation and of our allies.

國防需求也強勁，24 財年預算持續符合我們的預期。我們的產品組合和能力能夠很好地支持國家和盟友的需求。

With demand strong, we still find ourselves in a supply-constrained environment, and our focus continues to be on execution, both within our factories and the supply chain as we steadily increase production. We're squarely focused on a meaningful step-up in operating performance, including deliveries, revenue, margins and cash flow, all of which we expect to improve as we finish out the year.

由於需求強勁，我們仍然處於供應受限的環境中，隨著產量的穩定增加，我們的重點仍然是工廠和供應鏈內的執行力。我們完全專注於經營業績的有意義的提升，包括交付量、收入、利潤率和現金流，我們預計所有這些都會在今年結束時得到改善。

On 4Q specifically, we expect BCA margins to improve sequentially but remain negative, more in line with 2Q, and we're still not anticipating much in terms of BDS profitability. On the tax expense side, we still expect full year tax expense of approximately $250 million.

具體到第四季度，我們預計 BCA 利潤率將環比改善，但仍為負值，與第二季度更加一致，而且我們對 BDS 盈利能力的預期仍然不高。在稅收支出方面，我們仍然預計全年稅收支出約為 2.5 億美元。

As we look into early 2024, we see a number of key milestones that give us confidence in building momentum across the business.

展望 2024 年初，我們看到了許多關鍵里程碑，這些里程碑讓我們對在整個業務中建立動力充滿信心。

The 737 factory should be recovered from the current nonconformance and will be stabilizing production at 38 per month with step-ups as we move to 50 per month by '25, '26. 787 will be stabilizing production at 5 per month, with a focus on stepping up to 10 per month by '25, '26. We'll be further along in our inventory unwind with better line of sight to the elimination of the 737 and 787 dual factories. Keep in mind that correcting nonconformances gets exponentially easier when this inventory has been delivered to our customers.

737 工廠應該會從當前的不合格情況中恢復過來，並將產量穩定在每月 38 架，並逐步提高，到 25 年、26 年將產量提高到每月 50 架。 787 的產量將穩定在每月 5 架，重點是到 25 年、26 年將產量提高到每月 10 架。我們將進一步清理庫存，並更好地消除 737 和 787 雙工廠。請記住，當該庫存交付給我們的客戶後，糾正不合格品會變得更加容易。

BDS will be further along in recovery, as I described earlier. BGS will still be generating mid-teen margins, executing on its high cash conversion, capital-efficient, disciplined growth model.

正如我之前所描述的，北斗系統將進一步恢復。 BGS 仍將產生中位數的利潤，執行其高現金轉換、資本效率高、紀律嚴明的成長模式。

And all of this will underwrite our continued strong liquidity position and enable us to further delever the balance sheet early next year.

所有這些都將保證我們持續強勁的流動性狀況，並使我們能夠在明年初進一步去槓桿化資產負債表。

With that, back over to Dave for closing comments.

就這樣，回到戴夫的最後評論。

Yes. Thanks, Brian. In closing, I just want to make a couple of comments and double down on the resiliency of our recovery. We've had no shortage of challenges this year. You all know that. Conformance items, development hurdles, external challenges within the supply chain and even logistics routes. These are not uncommon in our industry.

是的。謝謝，布萊恩。最後，我只想發表幾點評論，並強調我們復甦的彈性。今年我們不乏挑戰。你們都知道。合規性專案、開發障礙、供應鏈甚至物流路線內的外部挑戰。這些在我們這個行業中並不罕見。

I've heard from a few of you wondering if we've lost a step in this recovery. You might not be surprised to hear that I view it as exactly the opposite. Over the last several years, we've added rigor around our quality processes. We've worked hard to instill a culture of speaking up and transparently bringing forward any issue, no matter the size, so that we can get things right for a bright future.

我聽說你們中的一些人想知道我們在復甦過程中是否已經失去了一步。聽到我的看法恰恰相反，你可能不會感到驚訝。在過去的幾年裡，我們提高了品質流程的嚴格性。我們努力灌輸一種敢於直言不諱並透明地提出任何問題（無論問題大小）的文化，以便我們能夠把事情做好，創造光明的未來。

As a result, we're finding items that we need to resolve. They're not newly created defects in the system. Instead, thanks to the culture we're building, we identified items from the past that we now have the rigor and the focus to fix once and for all. Our shadow factories will be shut down.

因此，我們正在尋找需要解決的項目。它們不是系統中新產生的缺陷。相反，由於我們正在建立的文化，我們確定了過去的問題，現在我們有嚴格的要求和重點來一勞永逸地解決這些問題。我們的影子工廠將關閉。

So this process of transparency and change can be difficult in the moment, but I'm proud of our team. I'm confident we'll look back on this time period as when we got things right and we set Boeing on the right course. We still have work to do, but progress is clear, and our focus is long term. We're on the right path to restoring our operational and financial strength, and we thank you for your patience.

因此，這種透明度和變革的過程目前可能很困難，但我為我們的團隊感到自豪。我相信，當我們回顧這段時間時，我們會發現事情是正確的，我們讓波音走上了正確的道路。我們仍有工作要做，但進展是明確的，我們的重點是長期的。我們正走在恢復營運和財務實力的正確道路上，感謝您的耐心等待。

Okay. Now let's turn it over to questions.

好的。現在讓我們把問題轉過來。

(Operator Instructions) And our first question will come from the line of Doug Harned from Bernstein.

（操作員說明）我們的第一個問題將來自伯恩斯坦的道格·哈內德（Doug Harned）。

Yes. Talking about the recovery here, when we look at the 737 MAX ramp, we had thought you'd be at 38 a month production back in August, and we were looking forward to a new line that should be up and running at Everett in 2025, which looks to us that will give you capacity for well over 60 a month. But now that 38-a-month rate is coming -- is still to come later this year. And if I separate the bottlenecks here into 3 topics, sort of engines, Spirit and everything else, engines appear fine. You've got a new leadership -- the new leadership at Spirit, a new agreement.

是的。談到這裡的復甦，當我們查看 737 MAX 的坡道時，我們原以為 8 月份的產量會達到每月 38 架，我們期待一條新生產線將於 2025 年在埃弗雷特投入運行，我們認為這將為您提供每月超過60 個的容量。但現在 38 個月的利率即將到來——今年晚些時候仍將到來。如果我將這裡的瓶頸分為 3 個主題，即引擎、Spirit 和其他一切，引擎看起來很好。你們已經有了一個新的領導階層——Spirit 的新領導層，一個新的協議。

So this is not just one part, but I guess, how much has your longer-term ramp outlook changed, given the Spirit issues you've had this year? And if you could take those Spirit risks off the table, what bottlenecks are still out there in the everything else category for the MAX?

所以這不僅僅是一部分，但我想，考慮到今年你遇到的精神問題，你的長期成長前景發生了多大變化？如果您可以消除 Spirit 的風險，那麼 MAX 的其他所有類別中仍然存在哪些瓶頸？

And to put it all together, what could this ramp look like if you can avoid quality escapes like the ones we have seen this year?

總而言之，如果你能避免像我們今年看到的那樣的質量逃逸，這個坡道會是什麼樣子？

Yes, Doug, that's the money question. We think we are synced perfectly with the constraints that we know. You talked about engine constraints. We have as clear and as transparent a relationship as we could possibly have with the GE and CFM teams. The rates that we have outlined in our guidance reflect those constraints. We all could go much higher, much faster if it was strictly a demand question, but we have to listen hard to those constraints. So we are there.

是的，道格，這就是錢的問題。我們認為我們與已知的限製完全同步。您談到了引擎限制。我們與 GE 和 CFM 團隊有著盡可能清晰、透明的關係。我們在指南中概述的費率反映了這些限制。如果這只是一個嚴格的需求問題，我們都可以走得更高、更快，但我們必須認真傾聽這些限制。所以我們就在那裡。

On Spirit, we really do believe that the commercial agreement, and I can have Brian make a comment on it, he was in the center of that negotiation, the commercial agreement, gives them the resources and the breathing room they need to get ahead of our rate forecast.

關於 Spirit，我們確實相信商業協議，我可以讓布萊恩對此發表評論，他是談判的中心，商業協議為他們提供了領先所需的資源和喘息空間我們的利率預測。

And maybe even more importantly, I think the selection of Pat at exactly this moment in time to sort of get them really focused on factory performance, I'm quite optimistic and quite pleased with. We've had, just in the last 30 days, as many interactions with Pat as we've had over the last year, even though we've had more than 100 people embedded at Spirit.

也許更重要的是，我認為在此時選擇帕特可以讓他們真正專注於工廠績效，我對此非常樂觀和滿意。就在過去 30 天裡，我們與 Pat 的互動次數與去年一樣多，儘管我們在 Spirit 的員工已經超過 100 人。

So all the signs are good there. I feel like we took a major step forward on relieving that particular constraint. And as you know, that is mostly a conformance constraint. I got to tell you, these fuselages, man, they have been gone over with a microscope in light of what we've experienced here in the last 4 months.

所以那裡的所有跡像都很好。我覺得我們在緩解這一特定限制方面向前邁出了重要一步。如您所知，這主要是一個一致性約束。我必須告訴你，這些機身，夥計，根據我們過去 4 個月在這裡所經歷的情況，它們已經用顯微鏡仔細檢查過。

So all that said, those are -- you correctly articulated the constraints that we've had to deal with. On the all other, we had one that has really taken aggressive steps and gotten ahead of us. And so I'm feeling better about all other than I have in quite a long time just because there was another one embedded. I'm not going to mention names.

綜上所述，您正確地闡明了我們必須應對的限制。另一方面，我們有一個真正採取積極措施並走在我們前面的人。因此，我對其他一切的感覺比我很長一段時間以來的感覺都要好，只是因為嵌入了另一個。我不會提及名字。

So anyway, that's it in a nutshell. I am always tempted, based on demand, to tell you we can do more than 50 and get to 60. And we are physically capacitized to do it, you're correct in that. But I can't call it out until the supply chain constraints can make it, and they haven't yet, to get to those kinds of numbers. But we have a couple of years to work it, and we'll continue to work it. But right now, everything we're doing is based on the constraints we know, and that's what we've outlined to the industry.

無論如何，簡而言之就是這樣。根據需求，我總是很想告訴您我們可以做 50 多個，甚至可以達到 60 個。而且我們的體力有能力做到這一點，您是對的。但在供應鏈限制能夠實現之前，我無法說出這一點，而他們還沒有達到這些數字。但我們還有幾年的時間來進行這項工作，而且我們將繼續進行這項工作。但現在，我們所做的一切都是基於我們所知的限制，這就是我們向業界概述的。

And even in these last just several months with the nonconformance issues that have sort of constrained our delivery, as we've said many times, we have kept our master schedule intact to get to that 38. We're definitely building inventory in the process, and we're paying our suppliers. So they're not second-guessing where we're going to end up, and we think we're going to have a little bit of buffer, particularly at the front end, in light of what we've just experienced.

即使在過去的幾個月裡，不合格問題在一定程度上限制了我們的交付，正如我們多次說過的那樣，我們仍然保持了我們的主計劃完好無損，以達到38。我們肯定會在此過程中建立庫存，我們正在向供應商付款。因此，他們不會事後猜測我們最終會走向何方，我們認為，根據我們剛剛經歷的情況，我們將有一點緩衝，特別是在前端。

And is there any point we should be looking toward where you might have more clarity on how that whole supply chain is going to come together for this?

我們是否應該關註一下您可以更清楚地了解整個供應鏈將如何為此整合在一起的地方？

Yes. I -- first of all, we'll definitely update guidance for next year as we get into the early part of next year, put these nonconformances in the rearview mirror once and for all, get to a stable rate at 38. And then we're going to be anxious to build from there as fast as we can.

是的。我——首先，當我們進入明年初時，我們肯定會更新明年的指導，一勞永逸地把這些不符合項納入後視鏡，達到 38 的穩定比率。然後我們我們將渴望盡快從那裡開始建造。

We will give guidance based on everything we know early in that year. So not avoiding it now, but we -- it's best we get these things in the rearview mirror. And the good news is we really do have these in a box with respect to the scope of work that's required, and now it's just executing against it. And our teams have done a pretty good job on that.

我們將根據年初所知道的一切提供指導。所以現在不能迴避它，但我們最好把這些事情放在後視鏡裡。好消息是，我們確實將所需工作範圍的這些內容放在一個盒子裡，現在只需對其進行執行即可。我們的團隊在這方面做得非常好。

The next question is from the line of Jason Gursky with Citi.

下一個問題來自花旗銀行的 Jason Gursky。

Brian, you made some comments in September about expectations for cash flow in 2024 in the past 2-year goals in 2025 and described things back in September as potentially being nonlinear. So you've had some things that have happened since then, including the pushout of some deliveries into 2024. You've incurred some more charges, I think, that were a bit greater than you were expecting in the defense business.

Brian，您在 9 月對 2025 年過去兩年目標中對 2024 年現金流的預期發表了一些評論，並在 9 月描述了事情可能是非線性的。自那時起發生了一些事情，包括將一些交付推遲到 2024 年。我認為，您產生了更多費用，這比您在國防業務中的預期要高一些。

So I'm wondering if you can kind of update us on the current thought on 2024 cash flow and kind of the puts and takes that you're expecting. What are the good guys, what are the bad guys relative to 2023?

因此，我想知道您是否可以向我們介紹一下目前對 2024 年現金流的想法以及您所期望的看跌期權和看跌期權的最新情況。相對於 2023 年，什麼是好人，什麼是壞人？

And then maybe just provide us some thoughts on the quantum of cash that you expect to generate at the company, '23, '24, '25 and '26, given all that's occurred here, particularly in the defense business here since you lead out those goals at your Investor Day last year, whether the quantum of cash that you'd expect to generate over those 4 years has changed materially.

然後也許只是向我們提供一些關於您期望在公司產生的現金量的想法，'23、'24、'25 和 '26，考慮到這裡發生的一切，特別是自您領導以來這裡的國防業務去年投資者日的目標，您預計在這4 年內產生的現金量是否發生了重大變化。

Yes. Thanks, Jason. Let me start with the quantum and the '25, '26 time frame. It's $10 billion. And we continue to have line of sight to hitting that target. I think that's most important.

是的。謝謝，傑森。讓我從量子和「25」、「26」時間框架開始。這是100億美元。我們持續致力於實現這一目標。我認為這是最重要的。

In terms of how we get from where we land in 2023 to that moment, yes, going to be some things we've got to deal with, not going to be linear, but we've got some things that feel good about in terms of momentum. Let me just highlight a few.

就我們如何從 2023 年的目標到那一刻而言，是的，我們必須處理一些事情，不會是線性的，但我們已經有了一些感覺良好的事情的勢頭。讓我重點介紹幾個。

Of course, we'll be more specific in January on next year's free cash flow guidance. But we expect to be higher. It's too early to be that specific, but it will be underwritten by higher BCA deliveries, both on the 737 and the 787. We'll have made progress on the inventory wind-down that Dave mentioned. And we're also going to factor in the 777X ramp.

當然，我們將在一月更具體地介紹明年的自由現金流指引。但我們預計會更高。現在說具體情況還為時過早，但 737 和 787 的 BCA 交付量將得到提高。我們將在 Dave 提到的庫存削減方面取得進展。我們還將考慮 777X 的坡道。

So those things are pretty discrete, and we just got to follow our ability to deliver in a stable environment. BGS will be steady. BDS, as you point out, we expect cash flows next year to be better than they are this year but still likely a drag, mostly factoring in the impact of some of the charges that you mentioned that we just got to put behind us.

因此，這些事情是相當離散的，我們只需遵循我們在穩定環境中交付的能力。 BGS 將保持穩定。 BDS，正如您所指出的，我們預計明年的現金流將好於今年，但仍可能成為拖累因素，主要考慮到您提到的一些我們必須拋在腦後的費用的影響。

So we'll spell all of this out in January once we finish our planning cycle and get through 2023. But the most important thing to remember is that quantum in '25, '26 is $10 billion. And all of the levers that we have to go from where we land this year to at that point are still very clear to us and underwritten by execution, and we know how to do that.

因此，一旦我們完成規劃週期並度過 2023 年，我們將在 1 月闡明所有這些內容。但要記住的最重要的事情是，25 年、26 年的金額是 100 億美元。從今年的目標到那時我們必須採取的所有槓桿措施對我們來說仍然非常清楚，並由執行力保證，我們知道如何做到這一點。

Okay. And then, Brian, just if you don't mind, the $10 billion quantum out in '25, '26, can you talk about the potential for -- where we might go from there? What are some of the puts and takes that we might see from a growth perspective beyond that $10 billion?

好的。然後，布萊恩，如果你不介意的話，25 年、26 年將發放 100 億美元的資金，你能談談我們未來的發展潛力嗎？從超過 100 億美元的成長角度來看，我們可能會看到哪些看跌期權和看跌期權？

Yes. We're still looking forward to that stability, as Dave calls it, in the '25, '26 time frame in that $10 billion. That's where we're laser-like focused. Anything beyond that is going to be outside of our planning window. And hopefully, it's going to be underwritten by a very attractive, robust demand environment. But let's get there first.

是的。正如 Dave 所說，我們仍然期待在 25 年、26 年的時間範圍內實現 100 億美元的穩定。這就是我們像雷射一樣專注的地方。超出此範圍的任何事情都將超出我們的計劃範圍。希望它能得到一個非常有吸引力、強勁的需求環境的支持。但我們先到那裡。

The next question is from Peter Arment from RW Baird.

下一個問題來自 RW Baird 的 Peter Arment。

Brian, maybe just to talk about stability there because you just brought it up. On -- if we look at just the remaining 2 months of the year, if you're going to deliver about 15 737s in the -- in October, that kind of implies that you need to deliver high 30s or high 40s if you're going to be at the upper end of your range.

Brian，也許只是談論那裡的穩定性，因為你剛剛提到了它。如果我們只看今年剩下的 2 個月，如果您打算在 10 月份交付大約 15 737 架飛機，這意味著您需要交付高 30 架或高 40 架，如果您'我們將處於您範圍的上限。

Just kind of the confidence level around that for November, December, I mean. And if you could update us on when you talked about the -- in September, I think about the 75% of the MAX aircraft in storage had to be inspected. What's the latest there? And just lastly, is there -- is the -- getting to 38 a month later in the year, does that impact any of your rate-break decisions when you're thinking about '24?

我的意思是，這就是 11 月、12 月的信心水準。如果您能向我們介紹您在 9 月談到的最新情況，我認為庫存中 75% 的 MAX 飛機必須接受檢查。那裡最新的情況是什麼？最後，今年一個月後達到 38 歲，這是否會影響您在考慮「24 小時」時所做的降息決定？

Yes, sure. So October will be a little bit light, as I mentioned, with November and December being picked up. Remember, we had a number of airplanes that were ready to be delivered prior to this latest Spirit NOE, and now we just have to work them through the system. We do have a good line of sight to finish in the year, and the team is laser-like focused on meeting this updated set of numbers. And then, of course, we feel good about the free cash flow that will be dragged along with that.

是的，當然。因此，正如我所提到的，10 月會比較清淡，而 11 月和 12 月則會有所回升。請記住，我們有許多飛機已準備好在最新的 Spirit NOE 之前交付，現在我們只需透過系統來處理它們即可。我們確實有一個很好的目標來完成今年的工作，團隊像雷射一樣專注於滿足這組更新的數字。當然，我們對隨之而來的自由現金流感到滿意。

In terms of the 75%, that is still the way to think about how we have to touch those inventory airplanes. As we've mentioned, we know the scope. We know what's got to happen, and we're working our way through finishing that work across that cohort of airplanes. So that has remained unchanged, and it's just all the work we have to do in front of us, clear line of sight.

就 75% 而言，這仍然是我們思考如何接觸這些庫存飛機的方式。正如我們所提到的，我們知道範圍。我們知道將會發生什麼，並且我們正在努力完成這批飛機的工作。所以這一點一直沒有改變，只是我們眼前要做的所有工作，視線清晰。

And in terms of the rate breaks, largely speaking, we've had a master schedule out there for some time with the required rate breaks. Of course, we're trying to get our way to 50 per month by the '25, '26 time frame. None of that's changed. And we're still focused on executing that once we can get to that 38 as we exit this year and then move the supply chain with us, considering everything Dave described about how we see the supply chain coordinating going forward.

就利率優惠而言，基本上來說，我們已經制定了一段時間的整體時間表，並規定了所需的利率優惠。當然，我們正努力在 25 年、26 年的時間範圍內達到每月 50 個。這些都沒有改變。我們仍然專注於執行，一旦我們今年退出時達到 38 個，然後將供應鏈與我們一起轉移，考慮到 Dave 所描述的關於我們如何看待未來供應鏈協調的一切。

The next question is from the line of Myles Walton from Wolfe Research.

下一個問題來自沃爾夫研究中心的邁爾斯·沃爾頓。

Brian or Dave, looking at the $10 billion target for '25, '26, is there a way that we can have confidence yet that, even if BDS is nearly neutral, that the rest of the organization can still get to that number?

Brian 或 Dave，看看 25 年、26 年 100 億美元的目標，有沒有一種方法可以讓我們有信心，即使 BDS 幾乎是中立的，組織的其他部分仍然可以達到這個數字？

And then also, if you can just highlight the space satellite constellation charge. I'm always a little bit curious when I first hear about it, if I'm going to hear about it again. So maybe just lay out the trajectory of that program.

然後，如果你能強調太空衛星星座的費用。當我第一次聽到它時，我總是有點好奇，如果我會再聽到它。所以也許只是列出該計劃的軌跡。

Sure. So I'll take the last one first. This is a particular contract with the customer that really isn't in the category of development. The way we talk about the fixed price development contracts, is very different. We are completing the requirements for the customer. We have additional work to do to make this constellation very robust with new technology. It's very innovative. And we have to work our way through it, and we will in short order. This is not going to be one that's going to be dragged out for a long period of time.

當然。所以我先拿最後一個。這是與客戶簽訂的特定合同，實際上不屬於開發範疇。我們談論固定價格開發合約的方式非常不同。我們正在完成客戶的要求。我們還有更多工作要做，才能利用新科技讓這個星座變得非常強大。這是非常有創新性的。我們必須努力解決這個問題，而且我們會在短時間內完成。這不會是會被拖很久的事情。

And in terms of the $10 billion, we always built that with some understanding that not every piece was going to go exactly correct, there were going to be some puts and takes. And we provide ourselves the room with which we could have certain things not go quite perfectly.

就 100 億美元而言，我們總是在某種程度上理解這一點，即並非每件事都會完全正確，總是會有一些調整和調整。我們為自己提供了一個空間，在這個空間裡我們可以讓某些事情變得更不完美。

In the case of BDS, even though it might be a bit different than we had thought even a year ago, it's still within the quantum of us being able to deliver that $10 billion. And we have a lot of confidence that they will be contributing to that $10 billion, maybe not quite as much, but they're going to be positive.

就 BDS 而言，儘管它可能與我們一年前的預期有些不同，但它仍然在我們能夠交付 100 億美元的範圍之內。我們非常有信心他們將為這 100 億美元做出貢獻，也許沒有那麼多，但他們將是積極的。

And of course, BGS remains strong. BCA, we have more and more confidence. So we still have a path to that $10 billion and just reinforce how confident we are in being able to get the whole enterprise there.

當然，BGS 仍然強勁。 BCA，我們越來越有信心。因此，我們仍有通往 100 億美元的道路，並且增強了我們對能夠讓整個企業實現這一目標的信心。

The next question is from the line of Sheila Kahyaoglu from Jefferies.

下一個問題來自 Jefferies 的 Sheila Kahyaoglu。

And I just wanted to dig into commercial airplanes and just the operating loss there of $678 million. Brian, I know you've been out there in the trenches working with suppliers. You called out another loss in Q4. So maybe as you think about the production rates normalizing, can you maybe parse out how much of the losses are linked to concessions, pricing, supply chain constraints? And how you expect that to turn?

我只是想深入研究商用飛機以及該領域 6.78 億美元的營運虧損。布萊恩，我知道您一直在與供應商合作。您指出第四季再次出現虧損。因此，也許當您考慮生產力正常化時，您能否分析出有多少損失與優惠、定價、供應鏈限制有關？您預計情況會如何轉變？

Yes. Thanks, Sheila. So it's -- the factors that we were negative again in the quarter is all this Spirit impact that we've described. And fourth quarter is going to be sequentially better, but it's still going to be negative. And that's, again, as we work our way through this factory disruption, and we still have this abnormal running through the BCA P&L.

是的。謝謝，希拉。所以，我們在本季再次出現負面影響的因素就是我們所描述的所有精神影響。第四季的情況將連續好轉，但仍會出現負面影響。再說一次，當我們努力解決工廠中斷的問題時，我們的 BCA 損益表中仍然存在這種異常情況。

I will tell you that, in 2024, we expect margins to be positive, and that's going to be underwritten by 2 things primarily BCA. It's going to be driven by higher volume for sure. And remember, all this abnormal will be essentially done, which has been a drag on the BCA margins for quite some time. So we just got to work our way out of that, which we will by the end of this year, and then work towards executing on the delivery targets for next year. And that will get us back in a positive territory.

我會告訴你，到 2024 年，我們預計利潤率為正，這將由兩件事（主要是 BCA）承保。它肯定會受到更高銷量的推動。請記住，所有這些異常行為基本上都會完成，這在相當長的一段時間內一直拖累 BCA 的利潤。因此，我們必須努力解決這個問題，我們將在今年年底之前實現這一目標，然後努力執行明年的交付目標。這將使我們回到積極的境地。

And then the good news is, by '25, '26, we still have a view where they will be double-digit margins as they have been historically. And that will be underwritten by these dual factories that Dave's talked about will be behind us. And all that labor that today is working on inventoried airplanes for both the 737 and the 787 is going to go be applied to these ramps in the rates up to 50 and 10, respectively, in the 737 and the 787.

好消息是，到 25 年、26 年，我們仍然認為它們的利潤率將像歷史上一樣達到兩位數。這將由戴夫談到的這些雙工廠承保，這些工廠將在我們身後。今天在 737 和 787 的庫存飛機上進行的所有勞動力都將應用於 737 和 787 中分別高達 50 和 10 的坡道。

So all of that still is right in front of us, and it all still gives us confidence that we're going to be able to hit those kind of targets. And the BCA team is very focused on delivering that.

因此，所有這些仍然就在我們面前，這一切仍然讓我們有信心實現這些目標。 BCA 團隊非常專注於實現這一目標。

Our next question is from Cai von Rumohr from TD Cowen.

我們的下一個問題來自 TD Cowen 的 Cai von Rumohr。

So Brian, 777X R&D spiked up. It looks like total R&D at BCA was up about $150 million sequentially. Where do those -- where does the 777X sort of R&D number go moving forward? When does it peak? When does it come down?

所以布萊恩，777X 的研發工作突飛猛進。 BCA 的研發總額似乎比上一季增加了約 1.5 億美元。 777X 之類的研發數字將走向何方？什麼時候達到峰值？什麼時候下來？

And also, maybe you could update us on the certification status, given we're in a CR. Are we going to make it on MAX 7 by year-end? What about MAX 10? What about achieving TIA on the 777X?

另外，鑑於我們處於 CR 狀態，也許您可以向我們通報認證狀態的最新情況。我們會在年底前推出 MAX 7 嗎？ MAX 10 怎麼樣？在 777X 上實現 TIA 怎麼樣？

Yes. So let's start with the R&D question. So overall R&D, we continue to spend on the -7 and the -10. And the uptick is, as I pointed out and as you mentioned, on the 777X and the 777-8 Freighter. Now as we move forward, that range of call it, $3 billion, $4-ish billion of R&D, that's going to modestly go up over the next couple of years, but it's not going to do anything to disrupt our free cash flow target. And if it goes up a little bit, I think that will be good news because we're investing in programs. So we're not necessarily worried about that at all, and it's all within our expectations, both near term and longer term.

是的。那麼讓我們從研發問題開始。因此，整體研發，我們繼續在-7和-10上投入資金。正如我所指出的和您所提到的，777X 和 777-8 貨機的銷量有所上升。現在，隨著我們向前邁進，30 億美元、4 億美元左右的研發費用將在未來幾年適度增加，但這不會對我們的自由現金流目標產生任何影響。如果它上升一點，我認為這將是個好消息，因為我們正在投資專案。所以我們根本不必擔心這一點，而且這一切都在我們的預期之內，無論是短期還是長期。

And in terms of the certification milestones that we have in front of us, as Dave mentioned, there's been no change to either the -7, the -10 or the 777X. We move forward, and in particular the 777X, the team is hard at work trying to meet that commitment. So there's really nothing to say other than there's a lot of people hard at work, which is why we continue to invest in those spots.

正如戴夫所提到的，就我們面前的認證里程碑而言，-7、-10 或 777X 都沒有變化。我們不斷前進，特別是 777X，團隊正在努力實現這項承諾。因此，除了有很多人在努力工作之外，真的沒什麼好說的，這就是我們繼續在這些地方投資的原因。

I always have to add because I don't want to get into a trap like we did a long time ago. The FAA makes that call, and we're going to give them all the flexibility they need. We try to interpret it the best we can, and that's what we've done. Know that there haven't been any real changes to the airplanes. So we are mostly working design assurance documentation as required by new legislation back at the end of 2020.

我總是要補充，因為我不想像我們很久以前那樣陷入困境。美國聯邦航空管理局做出了這樣的決定，我們將給予他們所需的一切彈性。我們試圖盡我們所能地解釋它，這就是我們所做的。要知道飛機並沒有任何真正的改變。因此，我們主要按照 2020 年底新立法的要求編寫設計保證文件。

And on the issue of 777X TIA, when do you expect that?

至於777X TIA的問題，您預計什麼時候會出現？

Yes. I don't think that we've necessarily put a date out on that for obvious reasons. So we'll let the teams do the work, and we'll let the regulators dictate those specifics. And we're just going to follow their lead.

是的。我認為出於顯而易見的原因，我們不一定要為此確定日期。因此，我們將讓團隊完成工作，並讓監管機構規定這些細節。我們只會跟隨他們的領導。

And the next question is from Seth Seifman from JPMorgan.

下一個問題來自摩根大通的 Seth Seifman。

Brian, with your comment that the 2023 cash flow is going to come in at the low end of the range, your expectation for growth in 2024, I guess, should we be expecting 2024 to be in the 2023 range when we're trying to get -- draw bead on where 2024 is?

Brian，根據您的評論，2023 年的現金流將處於該範圍的低端，您對 2024 年增長的預期，我想，當我們試圖得到——在 2024 年在哪裡畫珠子？

And then within that, the 737s, sometimes I think it's hard to bridge between production and deliveries. If it's 38 a month exiting the year, can we say at least 38 times 12 next year, plus some chunk of the inventory that's remaining?

然後，在 737 中，有時我認為很難在生產和交付之間架起橋樑。如果今年退出時每月 38 個，我們是否可以說明年至少是 38 乘以 12，再加上剩餘的一些庫存？

Yes. So Seth, we're just going to wait until January to be able to describe any kind of range for cash flow next year. We just got to get through our planning cycle, we got to close the year. So just be patient with us. But we will be specific in January the same way we were this year.

是的。所以，塞斯，我們要等到一月才能描述明年現金流的任何範圍。我們必須完成我們的計劃週期，我們必須結束這一年。所以請對我們耐心等待。但我們將像今年一樣在一月具體實施。

And I'll also probably let you know that, that would apply to your question on deliveries on how to think about them. Deliveries is going to be higher next year. We're going to have momentum going on this year. All of those details, we're going to flesh out and share at the beginning of the year and at the right time, and we look forward to doing that.

我也可能會讓你知道，這適用於你關於如何思考交付的問題。明年的交付量將會更高。今年我們將繼續保持強勁勢頭。所有這些細節，我們將在今年年初的適當時間充實並分享，我們期待這樣做。

The next question is from Noah Poponak from Goldman Sachs.

下一個問題來自高盛 (Goldman Sachs) 的諾亞·波波納克 (Noah Poponak)。

Brian, just staying on the 737 pace for me, recognizing you're not going to give a number for next year, it sounds like. But if October is similar to September, it implies November, December are decent delivery numbers. So is it the case that the aft fuselage issue and the incremental inspection of hand-drilled, in addition to laser-drilled fasteners, that, that is kind of behind you as you get to January 1? It's not impacting 2024 737 deliveries.

Brian，對我而言，請保持 737 的速度，因為您認識到您不會給出明年的具體數字，聽起來像是這樣。但如果 10 月與 9 月相似，則意味著 11 月、12 月的交付量不錯。那麼，到 1 月 1 日，後機身問題和手工鑽孔以及雷射鑽孔緊固件的增量檢查是否已經過去了？這不會影響 2024 年 737 的交付量。

And then when you're talking about being at 38 a month out in the off-the-line final assembly versus where the system is, is a different number, is there a wide gap in that to start the year? Or can we think out a real, clean, stable 38 a month to start the year?

然後，當您談到每月 38 個月的離線組裝與系統當前的情況時，是一個不同的數字，與年初相比是否存在很大差距？或者我們可以想出一個真正的、乾淨的、穩定的每月38來開始新的一年嗎？

Answer your first question, the answer is yes, for sure. And in terms of how we think about the rate, we -- the system, as Dave mentioned, has always maintained to be hot because we want to make sure that they know that the demand cycle is there. And we want them to continue focus on that master schedule. How exactly as we start the year, we'll be able to count deliveries relative to that 38? We'll see.

回答你的第一個問題，答案是肯定的。就我們如何看待費率而言，正如戴夫所提到的，我們的系統始終保持熱度，因為我們希望確保他們知道需求週期的存在。我們希望他們繼續關注這個總體時間表。年初時，我們如何準確計算相對於這 38 件的交付量？我們拭目以待。

But right now, job 1 is to exit -- get the nonconformance behind us. Remember, we had about a 30-aircraft growth between the second quarter and the third quarter in terms of inventoried airplane. So that's going to be working its way out of the system relatively quickly, which gives us confidence in the November, December time frame. And then as we think about priming the pump for 38 per month, we're going to move towards January and beyond and hopefully some pretty good execution.

但現在，第一個任務是退出──把不合格問題拋在腦後。請記住，從第二季度到第三季度，我們的庫存飛機數量增加了約 30 架。因此，這將相對快速地脫離系統，這讓我們對 11 月、12 月的時間框架充滿信心。然後，當我們考慮每月啟動 38 個泵浦時，我們將邁向 1 月及以後，希望能有一些不錯的執行。

So we'll have to wait and see exactly how that plays out, but the underlying system is going to stay at 38. And as we get through next year, obviously, there'll be certain rate ramps that we'll describe later. But right now, if we have everything be coordinated across the broad supply chain, I think we'll be fine.

因此，我們必須等待，看看到底會如何發揮作用，但基礎系統將保持在 38。當我們度過明年時，顯然，會有一定的速率上升，我們將在稍後描述。但現在，如果我們在整個供應鏈中協調一切，我想我們會沒事的。

Okay. And I guess, putting a lot of this together and everybody trying to figure out where the '24 free cash is going to land. Is it kind of reasonable to think of '24 as just 2 halves, and that some of your hesitation in giving some of those numbers is you just don't know exactly where the year starts. Is there still some 737 disruption? 787 at 5 is a different margin than 787 at 10. Maybe BDS margins are still negative in the first half, but they're positive in the second half.

好的。我想，把很多這些放在一起，每個人都試圖弄清楚 24 年的免費現金將落在哪裡。將“24”視為只是兩個半部分是否合理，而您在給出其中一些數字時的一些猶豫是因為您不知道這一年到底從哪裡開始。 737 仍然存在一些幹擾嗎？ 787 為 5 的利潤與 787 為 10 的利潤不同。也許 BDS 利潤在上半年仍然為負，但在下半年卻為正。

And so this next year's first half free cash flow could still have some of 2023's elements lingering in it? But that the second half will be kind of run-rating into more of what your stable looks like, and maybe second half '24 looks -- the numbers look more like second half of '22 type of free cash flow numbers. And we can comfortably think of that as run-rating into your future?

那麼明年上半年的自由現金流可能仍保留著 2023 年的一些因素嗎？但下半年將更多地對你的穩定情況進行評級，也許 24 年下半年的樣子——這些數字看起來更像是 22 年下半年類型的自由現金流數字。我們可以輕鬆地將其視為對您未來的評估嗎？

Yes. Noah, all of that is going to have to be something we talk about in January. Right now, we have to get the nonconformance behind us. We have to be able to hit this delivery range that we've just described. And we have a lot to do, but confidence we'll get there. And then we'll describe the shape of next year at the right time.

是的。諾亞，所有這些都將是我們在一月份討論的事情。現在，我們必須解決不合格問題。我們必須能夠達到我們剛才所描述的交付範圍。我們還有很多事情要做，但我們有信心能夠實現這一目標。然後我們將在適當的時候描述明年的情況。

I just don't want to get too far ahead of ourselves. And I do believe that as -- I do believe next year will be better, and I do believe we'll exit next year better. How that folds up between halves, you're just going to have to give us a little bit more time as we work our way through our planning cycle and we get to January.

我只是不想太過超前。我確實相信——我確實相信明年會更好，我也確實相信我們明年會更好。這是如何在兩半之間折疊起來的，你只需要給我們多一點時間，我們就可以完成我們的計劃週期，直到一月份。

Noah, if I could just maybe add one thing to make sure everybody knows what -- at least what I'm all focused on. We're going to exit this year with a little more than 100 of the return-to-service airplanes that we had at the end of 2020. That is what our shadow factories are focused on in a big way, to make sure that we can bleed that down to basically nothing by the end of next year. So the pace at which we bleed that down, we complete that rework, deliver all those airplanes, dictates a lot about that cash flow.

諾亞，如果我可以添加一件事，以確保每個人都知道什麼——至少是我所關注的。今年我們將帶著略多於 2020 年底恢復服務的飛機 100 架退出。這就是我們的影子工廠重點關注的事情，以確保我們到明年年底可以將其減少到基本為零。因此，我們降低成本、完成返工、交付所有飛機的速度在很大程度上決定了現金流。

It gets better every month. But it's going to be all about the pace at which we can do it and transfer that workforce into the production rate increases. So we need -- there's a lot to know about that. We're going to give you our best shot at what that guidance looks like. But by way of proxy, that is a very important achievement for us. And I'm 100% focused on it, and I know Brian is, and the team at BCA.

每個月都會變得更好。但這完全取決於我們能夠以何種速度實現這一目標並將勞動力轉移到生產力的提高中。所以我們需要——對此有很多了解。我們將盡力向您提供該指南的內容。但透過代理的方式，這對我們來說是一個非常重要的成就。我 100% 專注於此，我知道 Brian 以及 BCA 團隊也是如此。

Our next question is from David Strauss from Barclays.

我們的下一個問題來自巴克萊銀行的大衛‧史特勞斯。

Wanted to ask about the supply chain. Are there any other spots -- hotspots in the supply chain, where you've either had to infuse a meaningful amount of cash like you did with Spirit, or are in negotiations to do something similar to what you've done with Spirit? That's the first question.

想問一下供應鏈。還有其他點——供應鏈中的熱點，您必須像在 Spirit 上那樣注入大量現金，或者正在談判做一些與 Spirit 上所做的類似的事情？這是第一個問題。

And then the second question, I guess a clarifying comment for Brian. On the BCA margin progression next year turning positive, is that both on a program, on a unit basis? Or would that just be on a program basis?

然後是第二個問題，我想布萊恩需要澄清一下。明年 BCA 利潤率進展將轉為正數，這是在計劃上還是在單位基礎上？或者這只是基於計劃？

Brian, how about I answer the first part of this one? I consider the Spirit remedy fairly unique, in fact, totally unique. I don't think that's going to have any ramifications anywhere else, and there aren't any signals that way.

布萊恩，我回答這個問題的第一部分怎麼樣？我認為精神療法相當獨特，事實上，完全獨特。我認為這不會對其他任何地方產生任何影響，也沒有任何這樣的訊號。

But the linkage really is important. As Spirit becomes stable and we get to our rates, rates solve most of the supply chain's problems. We got to get to those rates so that they can make the kind of money that they associate with those rates and we get to where we need. So there is a linkage, but it's not a copycat linkage, and there's no sign of that happening.

但這種聯繫確實很重要。隨著 Spirit 變得穩定並且我們達到了我們的費率，費率解決了供應鏈的大部分問題。我們必須達到這些利率，以便他們能夠賺到與這些利率相關的錢，然後我們到達我們需要的地方。所以這是有聯繫的，但不是模仿聯繫，而且沒有任何跡象表明這種情況發生。

And in terms of the margins on both unit and program, they'll be positive. And in program, we'll have growth. So we look forward to describing that as we get closer to January. But both.

就單位和計劃的利潤而言，它們將是積極的。在計劃中，我們將會成長。因此，隨著一月份的臨近，我們期待著對此進行描述。但兩者都有。

And our next question is from Rich Safran from Seaport Research Partners.

我們的下一個問題來自 Seaport Research Partners 的 Rich Safran。

I got a 2-part tanker-related question for you. First, with Lockheed dropping out, when do you expect an award? And what could that do to your overall assessment of program profitability? I'm basically assuming here that you would have to redo the accounting on the program.

我向您提出了一個與油輪相關的問題，分為兩部分。首先，隨著洛克希德公司退出，您預計什麼時候獲獎？這會對您對專案獲利能力的整體評估產生什麼影響？我基本上假設您必須重新對程式進行記帳。

Second part is, with deliveries restarting, what's being anticipated? I mean, how much of a catch-up should we expect in 4Q? And is that being factored in your guide?

第二部分是，隨著交付的重新啟動，預計會發生什麼？我的意思是，我們預計第四季會有多大程度的追趕？您的指南中是否考慮了這一點？

Well, let me just comment on the tanker. I'm not surprised at what we all read with respect to Airbus now going on their own. They will go, so we shouldn't expect them to sort of vacate. I do like what it ultimately does for us and the competition. We are not afraid of competition. And yes, that next contract matters a lot. We have to ultimately underwrite the cost and get this right. And as we've committed to you all along, we're going to stay disciplined on that front.

好吧，讓我簡單評論一下這艘油輪。我對我們所讀到的有關空中巴士現在自行其是的報道並不感到驚訝。他們會離開，所以我們不應該指望他們會離開。我確實喜歡它最終為我們和競爭對手帶來的好處。我們不怕競爭。是的，下一份合約很重要。我們最終必須承擔費用並解決這個問題。正如我們一直向您所做的承諾一樣，我們將在這方面保持紀律。

And no, there's not -- this isn't program accounting, it's contract accounting. So I don't think we're going to have any implication associated with lots and an additional contract. Now I'm not the accountant, so I'll ask Brian to corroborate.

不，不存在——這不是計劃會計，而是合約會計。因此，我認為我們不會對批次和額外合約產生任何影響。現在我不是會計師，所以我會請布萊恩證實。

Yes. No, exactly. We don't see that changing. We'll just add to volume like we do with any kind of extension.

是的。不，確切地說。我們認為這種情況不會改變。我們將像處理任何類型的擴充功能一樣增加音量。

And in terms of your question in the fourth quarter, of course, any kind of deliveries and cash flow are going to be factored into our look for the quarter and going forward. So that's all baked in.

就您在第四季度提出的問題而言，當然，任何類型的交付和現金流都將被納入我們對本季和未來的展望中。所以這一切都已經烤好了。

And that concludes our call this morning. I appreciate everybody joining. Thank you again.

我們今天早上的電話會議到此結束。我感謝大家的加入。再次感謝你。

Thank you.

謝謝。

Thanks.

謝謝。

Thank you, and that completes The Boeing Company's Third Quarter 2023 Earnings Conference Call. Thank you all for joining.

謝謝，波音公司 2023 年第三季財報電話會議到此結束。感謝大家的加入。

Thank you again.

再次感謝你。

Thank you.

謝謝。

Thanks.

謝謝。