波音 (BA) 2023 Q4 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to The Boeing Company's Fourth Quarter 2023 Earnings Conference Call. Today's call is being recorded. The management discussion and the 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 年第四季財報電話會議。今天的通話正在錄音。管理階層討論、投影片簡報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 call over to Mr. Matt Welch, Vice President of Investor Relations for The Boeing Company. Mr. Welch, please go ahead.

此時，我將把電話轉給波音公司投資者關係副總裁馬特·韋爾奇先生進行開場發言和介紹。韋爾奇先生，請繼續。

Thank you, and good morning, everyone. 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.

謝謝大家，大家早安。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. Good morning, everybody, and thanks for joining us. While we report on our fourth quarter results today, my focus is on Alaska Airlines Flight 1282 and the actions we are taking as a company that strengthen quality and earn the confidence of our customers, the confidence of our regulators and the flying public.

謝謝你，馬特。大家早安，感謝您加入我們。今天，在我們報告第四季度業績的同時，我的重點是阿拉斯加航空 1282 號航班，以及我們作為一家公司為加強品質並贏得客戶、監管機構和飛行公眾的信心而採取的行動。

Brian will cover the financials. I will keep my comments strictly to the issue at hand.

布萊恩將負責財務報告。我將嚴格針對當前問題發表評論。

I'll start upfront by apologizing again to Alaska Airlines, to their crew and to their passengers and more broadly to all of our customers who were affected by the 737 MAX 9 grounding. The NTSB's investigation into the accident is ongoing.

首先，我要再次向阿拉斯加航空、向其機組人員、向乘客以及更廣泛地向所有受到 737 MAX 9 停飛影響的客戶致歉。 NTSB 對這起事故的調查正在進行中。

I have an amazing amount of confidence in the work that they do. They bring experts to the investigation. And they take all the time that's necessary to draw accurate conclusions, and we intend to be there with them.

我對他們所做的工作充滿信心。他們派專家來調查。他們花了所有必要的時間來得出準確的結論，我們打算與他們在一起。

As part of that NTSB process, I cannot comment on any specific root cause or speculate a root cause. As a participant in the process, I do believe the investigation will narrow quickly. Whatever conclusions are reached, Boeing is accountable for what happened. Whatever the specific cause of the accident might turn out to be, an event like this simply must not happen on an airplane that leaves one of our factories. We simply must be better. Our customers deserve better.

作為 NTSB 流程的一部分，我無法評論任何特定的根本原因或推測根本原因。作為這一過程的參與者，我確實相信調查範圍會很快縮小。無論得出什麼結論，波音公司都要對所發生的事情負責。無論事故的具體原因是什麼，這樣的事件絕對不能發生在離開我們工廠的飛機上。我們必須變得更好。我們的客戶應該得到更好的服務。

I want to remind everybody what a great job the pilots and the crew at Alaska Airlines did in responding to a desperate moment. I also want to remind everybody what a terrific job the leadership at Alaska Airlines did, grounding the airplanes and ensuring safety.

我想提醒大家，阿拉斯加航空的飛行員和機組人員在應對絕望時刻方面做得非常出色。我還想提醒大家，阿拉斯加航空的領導階層在停飛飛機和確保安全方面做得非常出色。

Alaska Airlines did exactly what companies like Boeing would hope that they do at a moment like that. And that is why the airline industry is as safe as it is.

阿拉斯加航空公司所做的正是波音等公司所希望的。這就是航空業如此安全的原因。

We caused the problem, and we understand that. Over these last few weeks, I've had tough conversations with our customers, with our regulators, congressional leaders and more. We understand why they are angry, and we will work to earn their confidence.

我們造成了這個問題，我們理解這一點。在過去的幾周里，我與我們的客戶、監管機構、國會領導人等進行了艱難的對話。我們理解他們為什麼生氣，我們將努力贏得他們的信任。

There is no message, no slogan that will accomplish that. It's all about real, demonstrated action and absolute transparency every step of the way. So let's talk about those steps.

沒有任何資訊、任何口號可以實現這一目標。這一切都在於真實、經過論證的行動以及每一步的絕對透明度。那麼讓我們來談談這些步驟。

Our team has worked diligently to help our customers restore their 737-9 airplanes to service. The FAA approved the detailed inspection protocol last Wednesday. And today, all 737-9 operators are safely returning their airplanes in service.

我們的團隊一直在努力幫助客戶恢復 737-9 飛機的服務。美國聯邦航空管理局上週三批准了詳細的檢查協議。今天，所有 737-9 運營商都已將飛機安全地返航。

More broadly, we are taking immediate and comprehensive actions to strengthen quality of Boeing and within our supply chain. We instituted additional quality controls and inspections at Boeing and at our supplier.

更廣泛地說，我們正在採取立即和全面的行動，以加強波音公司和我們供應鏈內的品質。我們對波音公司和我們的供應商進行了額外的品質控制和檢查。

We issued bulletins to suppliers to strengthen the focus on conformance and reducing the risks of quality escapes. We opened our factories to 737 operators for additional direct oversight. And we appointed an expert quality adviser to conduct a comprehensive and independent review of our commercial airplane quality management system, and they will remain with us for many years.

我們向供應商發佈公告，加強對合規性的關注，並降低品質逃逸風險。我們向 737 名操作員開放工廠，以進行額外的直接監督。我們也任命了一位專家品質顧問，對我們的商用飛機品質管理系統進行全面、獨立的審查，他們將在我們身邊工作多年。

Most importantly, last week, we paused 737 production for the day as more than 10,000 teammates across Renton, Seattle and Moses Lake stopped to focus on safety and quality and only safety and quality. This was a quality stand-down at a scale we have never done before, and we're going to keep doing them across our commercial factories.

最重要的是，上週，我們暫停了當天的 737 生產，倫頓、西雅圖和摩西湖的 10,000 多名隊友停下來專注於安全和質量，並且只關注安全和品質。這是我們以前從未做過的大規模品質停工，我們將在我們的商業工廠繼續這樣做。

In addition to our internal actions, the FAA has announced new oversight of our 737 manufacturing. We will cooperate fully and transparently with the FAA at every turn. We respect their role as our regulator, and we will follow their direction in every step on production.

除了我們的內部行動外，美國聯邦航空局 (FAA) 還宣布對我們的 737 製造進行新的監督。我們將始終與美國聯邦航空局充分、透明地合作。我們尊重他們作為我們監管者的角色，我們將在生產的每一步中遵循他們的指導。

Today, we're producing 737s at a rate of 38 per month. And we will remain at that rate until the FAA and Boeing is satisfied with our quality and manufacturing process. This increased scrutiny, whether it comes from us, from our regulator or from third parties, will make us better. It's that simple.

如今，我們以每月 38 架的速度生產 737。我們將保持這個速度，直到美國聯邦航空管理局和波音公司對我們的品質和製造流程感到滿意為止。這種加強的審查，無論是來自我們、我們的監管機構或第三方，都會讓我們變得更好。就是這麼簡單。

Over the last several years, we've taken close care not to push the system too fast. And we have never hesitated to slow down, to halt production or to stop deliveries to take the time we need to get things right. Nobody knows that better than our investors.

在過去的幾年裡，我們一直非常小心，不要讓系統前進得太快。我們毫不猶豫地放慢速度、停止生產或停止交貨，以便花時間把事情做好。沒有人比我們的投資者更了解這一點。

As you know, we stopped delivering 787s for over a year to ensure that each conform to our exacting specifications prior to delivery. And on the 737 line, we have regularly slowed rate breaks to support the stability of the overall production system and to correct nonconformances when identified.

如您所知，我們已停止交付 787 飛機一年多，以確保每架飛機在交付前符合我們的嚴格規格。在 737 生產線上，我們定期放慢速度中斷速度，以支援整個生產系統的穩定性，並在發現問題時予以修正。

But this accident makes it absolutely clear we have more work to do. I know that these moments that impact delivery schedules can frustrate our customers and our investors. But quality and safety must come above all else. And our customers and our investors know that and are in there with us.

但這次事故清楚地表明我們還有更多工作要做。我知道這些影響交付時間表的時刻可能會讓我們的客戶和投資者感到沮喪。但品質和安全必須高於一切。我們的客戶和投資者都知道這一點，並且與我們同在。

On that note, as you will see, we are not issuing financial outlook for 2024 today. Now is not the time for that. We won't predict timing. We won't get ahead of our regulator. We will go slow to go fast. And we will encourage and reward employees for speaking up to slow things down if that's what's needed.

就這一點而言，正如您將看到的，我們今天不會發布 2024 年的財務展望。現在還不是時候。我們不會預測時間。我們不會領先我們的監管者。我們會慢慢地走得快。如果需要的話，我們將鼓勵並獎勵那些敢於發聲以放慢速度的員工。

We will simply focus on every next airplane and ensuring we meet all the standards that we have, all the standards that our regulator has and that our customers demand. As we go about that work, we remain confident in our recovery.

我們將專注於每一架飛機，並確保我們符合我們擁有的所有標準、監管機構擁有的所有標準以及客戶要求的所有標準。當我們進行這項工作時，我們對康復仍然充滿信心。

Since day 1, we've been focused squarely on inculcating safety and quality to everything that we do and getting back to our legacy of having engineering excellence at the center of our business. That focus and commitment is unwavering. And we will continue to strengthen our processes and our execution every step of the way.

從第一天起，我們就一直專注於將安全和品質灌輸到我們所做的一切中，並回歸我們以卓越工程為業務中心的傳統。這種專注和承諾是堅定不移的。我們將繼續加強我們的流程和每一步的執行。

Most importantly, we will be transparent every step of the way. And with our 170,000 employees in mind, I'd like to close with a message directly to our team. We have confidence in you, and we have confidence in Boeing. We have confidence in our airplanes. I know how seriously you take your work.

最重要的是，我們的每一步都將保持透明。考慮到我們的 170,000 名員工，我想直接向我們的團隊傳達一個訊息作為結束。我們對你們有信心，我們對波音也有信心。我們對我們的飛機充滿信心。我知道你對待工作有多認真。

Our men and women on the manufacturing floor and in our engineering offices know exactly what we must do. You know your work better than anyone else on the planet. Use your voice, speak up, focus on every next detail. We will seek out and act on your feedback.

我們生產車間和工程辦公室的男男女女確切地知道我們必須做什麼。你比地球上任何人都更了解你的工作。用你的聲音，大聲說出來，注意每一個細節。我們將尋求您的回饋並採取行動。

We're in a challenging moment. We will earn trust back through demonstrated action and a commitment to total transparency. I'm confident in you, I'm confident in our company and that together, we will do just that.

我們正處於一個充滿挑戰的時刻。我們將透過實際行動和對完全透明度的承諾重新贏得信任。我對你有信心，我對我們的公司有信心，我們將共同做到這一點。

Brian, over to you.

布萊恩，交給你了。

Thanks, Dave, and good morning, everyone. Let's start off with the total company financial performance for the quarter. Revenue was $22 billion. That's up 10% year-over-year. Growth was driven by higher commercial volume and favorable mix.

謝謝戴夫，大家早安。讓我們從本季公司的整體財務表現開始。收入為 220 億美元。較去年同期成長 10%。成長是由更高的商業量和有利的組合推動的。

The core loss per share was $0.47, better than last year primarily on improved commercial volume, better mix and lower abnormal costs. They were offset by lower defense margins and higher period expenses, including R&D, which we expected.

每股核心虧損為 0.47 美元，優於去年，主要是由於商業銷售的增加、更好的組合和較低的異常成本。它們被較低的國防利潤和較高的期間費用（包括我們預期的研發費用）所抵消。

Free cash flow was $3 billion in the quarter, in line with the prior year and up sequentially from the third quarter primarily due to improved commercial deliveries and strong order activity, which show favorable advanced payment timing, some of which was anticipated in the first quarter of 2024.

本季自由現金流為30 億美元，與上年持平，並且比第三季度連續增長，這主要是由於商業交付的改善和訂單活動的強勁，這顯示了有利的提前付款時間，其中一些是預計在第一季發生的2024 年。

Turning to the next page, I'll cover Boeing Commercial Airplanes. BCA booked 611 net orders in the quarter with 411 737s, including an order with Akasa, 98 777Xs largely an Emirates order and 83 787s. We have over 5,600 airplanes in backlog valued at $441 billion.

翻到下一頁，我將介紹波音商用飛機。 BCA 本季獲得 611 架淨訂單，其中 411 737 架，其中包括 Akasa 的訂單、98 777X（主要是阿聯酋航空的訂單）和 83 787 架。我們有超過 5,600 架飛機積壓，價值 4,410 億美元。

BCA delivered 157 airplanes in the quarter, and revenue was $10.5 billion. That's up 13% driven by higher widebody deliveries and favorable mix. Operating margin was just positive at 0.4%, driven by returning to normal 737 delivery levels in the quarter, improved mix as well as lower abnormal costs associated with getting to 5 per month on the 87 and resuming production on the 777X.

BCA 本季交付了 157 架飛機，營收為 105 億美元。由於寬體機交付量增加和有利的組合，這一數字增加了 13%。營運利潤率僅為正數，為 0.4%，這得益於本季 737 交付水準恢復正常、產品組合得到改善以及 87 達到每月 5 架以及恢復 777X 生產相關的異常成本降低。

Now I'll give more color on the key programs. On the 737, we delivered 110 airplanes in the quarter and 45 in December. The program also began FAA certification flight testing on the 737-10 in December.

現在我將對關鍵程序進行更多說明。對於 737，我們在本季度交付了 110 架飛機，在 12 月交付了 45 架。該計劃還於 12 月開始對 737-10 進行 FAA 認證飛行測試。

For the year, we delivered 396 airplanes, on the upper end of the revised guidance range we provided in October. Per the FAA announcement, we'll maintain production at 38 per month and work transparently with the FAA to complete all requirements for future increases. At the same time, we'll continue to prioritize the master schedule to avoid disruption in our supply chain.

今年，我們交付了 396 架飛機，處於我們 10 月提供的修訂指導範圍的上限。根據 FAA 的公告，我們將維持每月 38 架的產量，並與 FAA 透明合作，以完成未來產量成長的所有要求。同時，我們將繼續優先考慮主計劃，以避免供應鏈中斷。

On the 737-9, we're actively supporting our customers' return to service activities. And as of today, the majority are back flying. In our factory, we have 10 -9s in production, all of which will undergo the FAA-proved inspection process prior to delivery.

對於 737-9，我們正在積極支援客戶恢復服務活動。截至今天，大多數人都已返回航班。在我們的工廠，我們有 10 架 -9 正在生產，所有這些都將在交付前經過 FAA 驗證的檢查過程。

Spirit has also adopted this inspection routine in its factory. The quarter ended with about 200 MAX airplanes in inventory. It's important to think about this inventory in 3 buckets.

Spirit 在其工廠也採用了這種檢查程序。本季結束時，庫存中約有 200 架 MAX 飛機。重要的是要從三個方面來考慮這個庫存。

First, there are 140 737-8s built prior to 2023. The vast majority are for customers in China and India. We still expect to deliver most of these airplanes by year-end as we work towards shutting down the shadow factory.

首先，2023 年之前建造了 140 737-8。絕大多數是為中國和印度的客戶提供的。我們仍預計在年底前交付大部分飛機，並努力關閉影子工廠。

In the second bucket, there are around 25 airplanes produced in 2023 that are still in WIP, given the disruptions in the second half of last year. And we expect these to deliver in 2024.

在第二個桶中，考慮到去年下半年的中斷，2023 年生產的約 25 架飛機仍處於 WIP 狀態。我們預計這些將於 2024 年交付。

And lastly, there are approximately 35 -7s to -10s that we will deliver once those airplanes are certified, the timing of which will be determined by the FAA.

最後，一旦這些飛機獲得認證，我們將交付約 35 架 -7 至 -10 架飛機，具體時間將由美國聯邦航空管理局 (FAA) 決定。

Moving on to the 787. We delivered 23 airplanes in the quarter, including 11 in December. For the year, we delivered 73 airplanes, within the guidance range we originally outlined for 2023. The program successfully transitioned production to 5 per month in the quarter and still plan to steadily work our way to 10 per month in the '25, '26 time frame.

接下來是 787。本季我們交付了 23 架飛機，其中 12 月交付了 11 架。今年，我們交付了 73 架飛機，符合我們最初為 2023 年制定的指導範圍。該計劃在本季度成功將產量過渡到每月 5 架，並仍計劃在 2025 年、26 年穩步實現每月 10 架大體時間。

We ended the quarter with approximately 60 airplanes in inventory, about 50 of which require rework, which continues to progress steadily. We still expect to deliver most of these airplanes by year-end as we finish the rework and shut down the shadow factory.

本季末，我們的庫存約有 60 架飛機，其中約 50 架需要返工，這項工作仍在穩步推進。我們仍預計在年底前交付大部分飛機，完成返工並關閉影子工廠。

We booked $77 million of abnormal costs in the quarter and have approximately $300 million left to go that will wind down by year-end, in line with our expectations.

我們在本季登記了 7,700 萬美元的異常成本，還有大約 3 億美元的費用待處理，這部分費用將在年底前減少，這符合我們的預期。

On the 777X, we resumed production in the quarter and continue to progress along the program timeline, which remains unchanged. During the quarter, the Emirates order for 90 777Xs, brought the program backlog to more than 400 airplanes and also extended the accounting quantity.

對於 777X，我們在本季度恢復了生產，並繼續沿著專案時間表取得進展，該時間表保持不變。本季度，阿聯酋航空訂購了 90 架 777X，使計畫積壓飛機數量達到 400 多架，並擴大了核算數量。

We continue to follow the lead of the FAA as we progress through the certification process, including working to obtain approval from the FAA to begin certification flight testing. We booked $71 million of abnormal costs in the quarter, which is now fully behind us after resuming production, in line with our expectations.

在認證過程中，我們將繼續遵循美國聯邦航空局的領導，包括努力獲得美國聯邦航空局的批准以開始認證飛行測試。我們在本季登記了 7,100 萬美元的異常成本，在恢復生產後，該成本已完全超出我們的預期，符合我們的預期。

Moving to the next page, Boeing Defense and Space. BDS booked $8 billion in orders during the quarter, including the Lot 10 award from the U.S. Air Force for 15 KC-46A tankers. The backlog is now at $59 billion.

轉到下一頁，波音防務與航太公司。 BDS 在本季度獲得了 80 億美元的訂單，其中包括美國空軍授予的 10 批 15 架 KC-46A 加油機訂單。目前積壓訂單已達 590 億美元。

Revenue was $6.7 billion, up 9% on the tanker award and improved volume. And BDS delivered 52 aircraft and 2 satellites in the quarter. Operating margin was minus 1.5% in the quarter, a sequential improvement from 3Q, but still we have more work to do.

收入為 67 億美元，因油輪合約和數量增加而增長 9%。北斗系統本季交付了52架飛機和2顆衛星。本季營業利潤率為-1.5%，較第三季較上季改善，但我們仍有更多工作要做。

4Q results were impacted by cost true-ups on 3 fixed-price development programs totaling $139 million as well as unfavorable performance and mix on other programs. Our game plan to get BDS back to high single-digit margins by the '25, '26 time frame remains unchanged.

第四季業績受到 3 個固定價格開發項目的成本調整（總計 1.39 億美元）以及其他項目的不利績效和組合的影響。我們的計劃保持不變，即在 25 年、26 年時間範圍內使 BDS 恢復到高個位數利潤率。

Our core business remains solid, representing 60% of our revenue and performing in the mid- to high single-digit margin range. The demand for these products is very strong. And we need to execute, compete and grow these offerings.

我們的核心業務依然穩健，占我們營收的 60%，利潤率處於中高個位數範圍。對這些產品的需求非常強勁。我們需要執行、競爭和發展這些產品。

On the 25% of the portfolio primarily comprised of fighter and satellite programs, operational performance stabilized as we exit the year. And as a result, the fourth quarter saw improved margin trends, although still negative. We still expect to return to the strong historical performance levels as we roll in our new contracts with tighter underwriting disciplines as we move into the '25, '26 time frame.

25% 的投資組合主要由戰鬥機和衛星項目組成，隨著今年的結束，營運績效趨於穩定。因此，第四季的利潤率趨勢有所改善，但仍為負值。隨著我們進入「25 年」和「26 年」時間框架，我們仍期望能夠恢復到強勁的歷史業績水平，因為我們將以更嚴格的承保紀律推出新合約。

Lastly, we have our fixed-price development programs that represent the remaining 15% of revenue. Despite the relatively modest cost (inaudible) in the quarter, we continue to focus on maturing these programs and retiring risks quarter in, quarter out. And we made some good progress in the fourth quarter.

最後，我們有固定價格開發計劃，佔營收的剩餘 15%。儘管本季成本相對較低（聽不清楚），但我們繼續專注於使這些計劃成熟並逐季消除風險。我們在第四季度取得了一些良好進展。

In addition to capturing the tanker award from the U.S. Air Force, the program delivered 9 aircraft in the fourth quarter, continuing to build positive momentum in spite of the supply-related disruptions to the factory that we faced earlier last year. And on the T-7A, the first Red Hawk arrived at Edwards Air Force Base in November, formally starting the Air Force development flight test campaign for the aircraft.

除了獲得美國空軍頒發的加油機合約外，該專案還在第四季度交付了 9 架飛機，儘管我們去年早些時候面臨工廠供應中斷的情況，但仍繼續保持積極勢頭。首架紅鷹 T-7A 於 11 月抵達愛德華茲空軍基地，正式開始空軍對該機的開發飛行測試活動。

Overall, the defense portfolio is poised to improve. The strong demand across the customer base, the products are performing in the field, and we're confident that our efforts to drive execution and stability will return this business to performance levels that our investors recognize.

整體而言，國防組合可望改善。客戶群的強勁需求，產品在該領域的表現，我們相信，我們推動執行和穩定性的努力將使該業務恢復到投資者認可的業績水平。

Moving now to the next page, Boeing Global Services. BGS had another strong quarter. They received $6 billion in orders, and the backlog is now at $20 billion. Revenue was $4.8 billion, up 6% primarily on favorable commercial volume and mix.

現在進入下一頁，波音全球服務。 BGS 又一個強勁的季度。他們收到了 60 億美元的訂單，目前積壓訂單已達 200 億美元。營收為 48 億美元，成長 6%，主要得益於良好的商業銷售和組合。

Operating margins were a very strong 17.4%, an expansion of 350 basis points versus last year as both our commercial and government businesses were delivering double-digit margins. In the quarter, BGS opened a parts distribution center in India and received a follow-on contract to provide sustainment for the C-17.

營業利潤率高達 17.4%，比去年增長了 350 個基點，因為我們的商業和政府業務都實現了兩位數的利潤率。本季度，BGS 在印度開設了一家零件配送中心，並獲得了一份為 C-17 提供維護的後續合約。

Turning now to the next page, I'll cover cash and debt. On cash and marketable securities, we ended the quarter at $16 billion. On debt, the balance remained flat at $52.3 billion. And over the next few days, we'll pay down $4 billion of the $5 billion of maturities coming due this year from our available cash on hand.

現在翻到下一頁，我將討論現金和債務。就現金和有價證券而言，本季末我們的收入為 160 億美元。債務方面，餘額維持不變，為 523 億美元。在接下來的幾天裡，我們將從我們手頭上的可用現金中償還今年到期的 50 億美元到期債務中的 40 億美元。

We continue to maintain access to $10 billion of revolving credit facilities, all of which remain undrawn. Our liquidity position remains strong. Our investment-grade credit rating continues to be a priority. And we're developing -- deploying capital in line with the projects we've shared previously: invest in the business and pay down debt.

我們繼續保留 100 億美元的循環信貸額度，所有這些額度仍未提取。我們的流動性狀況依然強勁。我們的投資等級信用評級仍是首要任務。我們正在開發—根據我們之前分享的項目部署資本：投資業務並償還債務。

Turning to the next page, I'll cover our full year financials. Full year revenue was $77.8 billion, up 17% year-over-year. Growth was driven by improved commercial volume primarily on higher 787 deliveries. The core loss per share was $5.81, better than prior year primarily on improved commercial volume and mix as well as lower fixed-price development charges in defense.

翻到下一頁，我將介紹我們的全年財務狀況。全年營收為 778 億美元，年增 17%。成長的推動因素是商業銷售的提高，主要是 787 交付量的增加。每股核心虧損為 5.81 美元，優於上年，主要是由於商業銷售和組合的改善以及國防領域固定價格開發費用的降低。

Free cash flow was $4.4 billion for the year, up versus prior year primarily on higher 787 deliveries and favorable receipt timing that was partially offset by higher expenditures as we increase production rates and invest in the business.

本年度自由現金流為 44 億美元，高於上年，主要是因為 787 交付量增加以及有利的接收時機，但隨著我們提高生產力和投資業務，支出增加部分抵消了這一影響。

While we're postponing issuing 2024 guidance today, given our current focus, we're committed to sharing timely and transparent updates moving forward. I would like to provide some additional context on our path forward.

雖然我們今天推遲發布 2024 年指南，但考慮到我們目前的重點，我們致力於分享及時、透明的更新。我想就我們的前進道路提供一些額外的背景資訊。

We always knew 2024 was going to be an important year in our recovery. Based on what we know today, we expect another steady year of free cash flow driven by the 737 production at 38 per month, ongoing execution of the 787 toward our long-term objectives, continued liquidation of our 737 and 787 inventory and continued focus to wind down both shadow factories.

我們一直都知道 2024 年將是我們復甦的重要一年。根據我們今天所知，我們預計，在 737 每月 38 架的產量、持續執行 787 以實現我們的長期目標、持續清理我們的 737 和 787 庫存以及繼續關注關閉兩個影子工廠。

Our defense business will continue to improve as we mature fixed-price programs and transition recently challenged programs with better underwriting disciplines that we've already started to see. And BGS will continue to generate strong free cash flow.

隨著我們成熟的固定價格計劃和透過我們已經開始看到的更好的承保紀律過渡最近面臨挑戰的計劃，我們的國防業務將繼續改善。 BGS 將持續產生強勁的自由現金流。

Longer term, we're focused on quality and stability, which will ultimately drive free cash flow. Nothing has changed on the demand front, and the backlog is strong and growing.

從長遠來看，我們專注於品質和穩定性，這最終將推動自由現金流。需求方面沒有任何變化，積壓訂單數量強勁且不斷成長。

Remember, our '25, '26 guidance was based on achieving stability. And we have to earn that by applying resources to fix our issues and demonstrate predictability one airplane at a time, side-by-side with our regulator.

請記住，我們的「25」、「26」指導方針是基於實現穩定。我們必須透過運用資源來解決我們的問題並與監管機構並肩，一次只展示一架飛機的可預測性來實現這一目標。

This team is up to the challenge, and we'll apply any and all resources to get back to deliveries that satisfy our customers and underwrite the long-term demand profile. We're still confident in the goals we laid out for '25, '26 although it may take longer in that window than originally anticipated, and we won't rush the system.

這個團隊正在迎接挑戰，我們將運用一切資源來交付滿足客戶需求的產品，並滿足長期需求。我們仍然對 25 年、26 年制定的目標充滿信心，儘管該窗口可能需要比最初預期更長的時間，我們不會催促系統。

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

至此，我將把它轉回戴夫以徵求結束意見。

Yes. Thanks, Brian. We're addressing you from Renton, home of 737 MAX family. We're living in the here and now, and we're working with all of our people. And I couldn't be more impressed with their commitment, dedication and the comprehensive nature around which they will look at this.

是的。謝謝，布萊恩。我們在 737 MAX 家族所在地倫頓向您致詞。我們生活在此時此地，我們正在與我們所有人一起工作。他們的承諾、奉獻精神以及他們看待此事的全面性給我留下了深刻的印象。

Boeing will get better. I am confident in that. We will address everything that needs to be learned from the accident, and we'll move forward.

波音會變得更好。我對此充滿信心。我們將解決需要從事故中學習的所有問題，然後繼續前進。

So thanks. Happy to take your questions.

那謝謝啦。很高興回答您的問題。

(Operator Instructions) And our first question is from the line of Peter Arment.

（操作員說明）我們的第一個問題來自 Peter Arment。

Yes. Dave, thanks for the initial opening color on the MAX situation and the steps being taken. So I guess just to follow on that, Dave, I wanted to ask you about where you assess you are in kind of the recovery of the MAX program when we think about what has been a successful transition to rate 38 and some of the progress in stabilizing the supply chain. And you've commenced deliveries to China. And I know we're not talking about '25, '26 targets, but directionally. There's been a lot of improvement since last fall and since your Investor Day when you laid out this long-term outlook.

是的。 Dave，感謝您對 MAX 情況的最初開場白以及正在採取的步驟。所以我想接下來，戴夫，我想問你，當我們考慮到 38 級的成功過渡以及 MAX 計劃的恢復方面的一些進展時，你對 MAX 計劃恢復情況的評估是怎樣的？穩定供應鏈。你們已經開始向中國供貨。我知道我們不是在談論'25、'26 目標，而是方向性的。自去年秋天以及您在投資者日闡述長期前景以來，情況已經有了很大的改善。

Yes, Peter. I appreciate that. By the way, one stat, which I was just handed, which I track all the time is the number of our -9s that have been returned into service. We're at 129, and that is progressing at a very quick rate based on the inspection protocols that are FAA and we all agreed with.

是的，彼得。我很感激。順便說一句，我剛剛收到的一項統計數據是我一直在追蹤的，那就是我們已經返回服役的 -9 飛機的數量。我們目前處於 129 級，根據我們都同意的 FAA 檢查協議，這一進展速度非常快。

I am very proud of the progress that we've made, and I feel great about it, of course, with one exception, and it's too big an exception, which is the escape. I also know that as the NTSB investigation narrows and concludes, and I do believe that will happen in relatively short order, all the learning that can be extracted from it and all the learning that can be extracted from all those inspections of all those airplanes flying day in and day out, that will inform us on what improvements we can make on our quality systems.

我對我們所取得的進步感到非常自豪，我對此感覺很棒，當然，有一個例外，而且是一個太大的例外，那就是逃避。我還知道，隨著國家運輸安全委員會的調查範圍縮小並得出結論，而且我確實相信這將在相對較短的時間內發生，所有可以從中提取的知識以及可以從對所有正在飛行的飛機的所有檢查中提取的所有知識日復一日，這將告訴我們可以對品質系統進行哪些改進。

First and foremost, we will run the door plug literally from the second a door is received at Wichita through their lines, all 12 positions, through our 11 positions here. Inspections will be added at every turn. It is on lockdown, and we've had help from our FAA. We've had help from our customers, et cetera. So that's sort of step 2.

首先也是最重要的，我們將從威奇託收到門的那一刻起，通過他們的線路（所有 12 個位置），通過我們這裡的 11 個位置，運行門塞。每次都會增加檢查。它處於封鎖狀態，我們得到了美國聯邦航空局的幫助。我們得到了客戶等的幫助。這就是第 2 步。

The next one is how do you take all of that learning and apply it through all the supply chain lines. And we have some medium- and long-term efforts just beginning to make sure that we do that.

下一個問題是如何利用所有這些知識並將其應用到所有供應鏈中。我們剛開始進行一些中長期努力，以確保我們做到這一點。

My confidence comes from quality systems always can get better. And when you have a moment like this, you take everything. You literally look at everything, and we're all keenly aware of everything.

我的信心來自於品質體系總是可以變得更好。當你擁有這樣的時刻時，你就擁有了一切。你確實會看到一切，而我們都敏銳地意識到一切。

So we're going to run that play as hard as we can, and we're going to take the time to do it and the FAA -- I'm sort of glad they called out a pause because that's a good excuse to just take our time, do it right, and I wish I had called that out in the first day, but maybe I would have.

因此，我們將盡我們所能地進行這項工作，我們將花時間去做這件事，聯邦航空管理局——我很高興他們暫停了，因為這是一個很好的藉口慢慢來，把事情做好，我希望我在第一天就指出了這一點，但也許我會這樣做。

We've been good at taking pauses. I've probably taken more pauses in the last 3 years, and I'll apologize to all our investors now, than have been taken in 10 years before it. But this is what we do, and it's how we get better.

我們一直很擅長暫停。在過去的三年裡，我可能停頓的次數比之前十年多，現在我要向所有投資人道歉。但這就是我們所做的，也是我們變得更好的方法。

And I also say, Peter, as you know, one of the nagging issues that we've been facing have been shortages here and there, where we have to pause our line. Buffer inventory is not quite as robust as we'd like them to be based on supply chain weaknesses.

我還要說，彼得，正如你所知，我們一直面臨的棘手問題之一是到處都出現短缺，我們不得不暫停生產線。由於供應鏈的弱點，緩衝庫存並不像我們希望的那樣強大。

We will run our master schedule in accordance with the plans that preceded this. And each and every part we receive and all the buffer inventories that we get will stabilize production here on out, less traveled work in our line, all things good come from that.

我們將按照先前的計劃來執行我們的總體計劃。我們收到的每一個零件以及我們獲得的所有緩衝庫存都將穩定生產，減少我們生產線上的工作量，一切美好的事情都來自於此。

So I feel really good about it. And I also have confidence in our airplanes that will be certified. I like the respect that the FAA and Boeing are showing one another. Again, maybe too long a diatribe, but there are lots of sound reasons for why I'm feeling good. And in some ways, this moment will accelerate recovery, not delay it.

所以我對此感覺非常好。我也對我們的飛機能夠獲得認證充滿信心。我喜歡美國聯邦航空局和波音公司相互表現出的尊重。再說一次，也許謾罵太長了，但我感覺良好有很多合理的理由。從某些方面來說，這一刻將加速恢復，而不是延遲。

And just initial progress on China?

在中國問題上只是取得了初步進展？

Yes. So Peter, as we've talked many, many, many times, we have stood by our customers in China day in, day out. They have been flying MAXs now for the better part of the year. They are performing extremely well.

是的。所以，彼得，正如我們已經說過很多很多次的那樣，我們日復一日地支持我們在中國的客戶。今年大部分時間他們都在駕駛 MAX 飛機。他們的表現非常出色。

And we'd always hoped and expected they would begin to take deliveries. And I think everybody has noticed that those deliveries have started. So we are just going to stay diligent, stay with each and every one of them and make sure our Chinese customers get what they've ordered and paid for.

我們一直希望並期待他們會開始接收貨物。我想每個人都注意到這些交付已經開始。因此，我們將繼續努力，與每位客戶保持聯繫，確保我們的中國客戶得到他們訂購和支付的產品。

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

下一個問題來自 Jefferies 的 Sheila Kahyaoglu。

Maybe if you could update us on how you're thinking about the MAX 10 and the MAX 7 certification timing, just given MAX 7 exemption being withdrawn. What does it mean for the 10? And how does that phase in as you think about ramping production to 50 a month and the profit profile of the MAX side if there's no MAX 7 or 10?

也許您可以向我們介紹您對 MAX 10 和 MAX 7 認證時間的最新看法，因為 MAX 7 豁免剛剛被撤銷。對於10來說意味著什麼？當您考慮將產量提高到每月 50 台時，如果沒有 MAX 7 或 10 台，那麼 MAX 方面的利潤狀況如何？

Sheila, thanks for that question. I'm going to just give a little bit of a moment on why we made that decision on the time-limited exemption. I'll let Brian help quantify it.

希拉，謝謝你提出這個問題。我將簡單介紹我們為何做出限時豁免的決定。我會讓布萊恩幫忙量化它。

I visited Capitol Hill for a lot of reasons. My biggest one is to own the problem, be transparent and convey that to all of our workforce so that they know we're willing to do that. And then we can all be honest, clear with each other every step of the way in this process. And so I'm glad I made the visit.

我出於很多原因訪問國會山莊。我最重要的一個任務是承認問題，保持透明，並將其傳達給我們所有的員工，以便他們知道我們願意這樣做。然後我們就可以在這個過程中的每一步都誠實、清晰地彼此溝通。所以我很高興能夠來訪。

I was not expecting when I met with Senator Duckworth, the conversation that we had. You know she's a pilot and a decorated pilot. She listened to everything I had to say. We didn't have a debate about the safety of the 7. And the 7 in its certification work was moving along at a pretty steady pace.

當我見到達克沃斯參議員時，我沒想到我們會進行這樣的對話。你知道她是一名飛行員，而且是一名功勳卓著的飛行員。她聽了我所說的一切。我們沒有對 7 號的安全性進行爭論。7 號的認證工作正在以相當穩定的速度進行。

She had a way different argument for me, and it was right. She said, you want to introduce this new airplane, a derivative, yes, but a new airplane. And 9 months from now, you'll have an engineered solution to it, to this issue. And why is that the right call? And in my view, it was a sound, principled position to take.

她對我有一種不同的論點，這是正確的。她說，你想介紹這款新飛機，一種衍生品，是的，但是一架新飛機。從現在起 9 個月後，您將針對這個問題找到工程解決方案。為什麼這是正確的選擇？在我看來，這是一個合理的、有原則的立場。

I went home for the weekend. I talked to our customer, and you know who that is, unbelievably constructive, and this is the right thing to do for aviation. So that is really how it happened, and it was that simple. But the passion and the argument that Senator Duckworth presented to me, I'm so glad I heard.

我回家過週末。我和我們的客戶交談過，你知道他是誰，他的建設性令人難以置信，這對航空業來說是正確的事情。事情就是這樣發生的，就這麼簡單。但達克沃斯參議員向我提出的熱情和論點，我很高興聽到了。

Anyway, that's what happened. The 7 will have to move until we get that engineered fix in place. And then I'll let Brian sort of quantify the, okay, now what.

無論如何，事情就是這樣發生的。 7 必須移動，直到我們完成工程修復。然後我會讓布萊恩量化一下，好吧，現在要做什麼。

Yes. And on the 7, the work at hand, we will design engineering solution. We're applying the resources. Our view that, that could be within a year.

是的。 7號，手頭上的工作，我們將設計工程解決方案。我們正在應用資源。我們認為，這可能會在一年內完成。

But on the 7, remember, while it's a very, very important customer, the number of deliveries you're talking about is relatively small. As I mentioned, we've got 35 of -7 and -10s in inventory at the end of the quarter. There are a handful of 10s. They're mostly 7. So we'll sort that out as the process works in that airplane before the FAA gets certified.

但是7號，請記住，雖然它是一個非常非常重要的客戶，但你所說的送貨數量相對較少。正如我所提到的，到本季末，我們的庫存中有 35 架 -7 和 -10。有少數 10 個。他們大多是 7 人。因此，在美國聯邦航空局 (FAA) 獲得認證之前，我們會在該飛機上進行該流程時解決這個問題。

On your question on the -10, I prefer not to get into what ifs. It is a great airplane. Customers love it, and there's great demand for it, and it will get certified at some point when the FAA decides.

關於你關於-10的問題，我不想陷入假設。這是一架很棒的飛機。客戶喜歡它，而且需求量很大，當 FAA 決定時，它會在某個時候獲得認證。

Our next question is from Myles Walton from Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的邁爾斯·沃爾頓。

Brian, you alluded to 2024 being another -- I think the words were steady year of free cash flow. I think in sort of follow-on descriptions, you gave a lot of uppers to what's going to happen year-on-year. So is steady meaning growth in free cash flow and/or can you give some of the offsets to the uppers?

Brian，你提到 2024 年是另一個——我認為這些話是自由現金流穩定的一年。我認為在後續的描述中，你對同比將要發生的事情給出了很多上限。那麼，穩定意味著自由現金流的成長和/或您可以對上部進行一些補償嗎？

Yes. Thanks, Myles. So I did describe some of the key ones. Obviously, BCA volume up, BDS less of a drag, BGS steady. There's a big investment in there that I probably should have called out now that you're asking is the 777X investment. That's important, and that's big.

是的。謝謝，邁爾斯。所以我確實描述了一些關鍵的內容。顯然，BCA 成交量上升，BDS 拖累較少，BGS 穩定。既然您問的是 777X 投資，那麼我可能應該指出其中有一項巨大的投資。這很重要，而且很重要。

And also, we got a plan for making sure that we stay laser like our supply based on the master schedule. We don't want them to take their foot off what they're doing. And if that means we got to hold more inventory, so be it.

而且，我們還制定了一項計劃，確保我們根據主計劃保持像我們的供應一樣雷射。我們不希望他們停下手邊的工作。如果這意味著我們必須持有更多庫存，那就這樣吧。

It's important because at this moment, it will allow us to have any of our suppliers that might have been at the line (inaudible) than short of the line, they get a chance to catch up. So all of that in the mix are levers that we got to deal with as we move into the year.

這很重要，因為此時此刻，這將使我們的任何供應商（可能已經在排隊（聽不清楚））而不是在排隊之外，他們都有機會趕上。因此，所有這些都是我們進入今年時必須處理的槓桿。

And in terms of what steady means, our belief we stand here today, the bottom end will look a lot like it did last year and maybe a little bit of growth. And once we know more, we'll put more specificity around it, and we'll give normal guidance when adequate, when appropriate.

就穩定的含義而言，我們相信今天站在這裡，底部看起來會很像去年，也許還會有一點增長。一旦我們了解更多，我們就會更加具體，並在適當的時候提供正常的指導。

Our next question is from Seth Seifman from JPMorgan.

我們的下一個問題來自摩根大通的 Seth Seifman。

Brian, you talked a couple of times about the shadow factories and the path towards winding them down over the next year and change. Is there any way to quantify how you think about what the cost of the shadow factories was in 2023 or what you expect it to be in 2024?

布萊恩，你多次談到影子工廠以及在明年逐步關閉它們並進行變革的路徑。有什麼方法可以量化您對 2023 年影子工廠成本的看法或您對 2024 年影子工廠成本的預期嗎？

Yes. So thanks. I would -- the impact you're not going to see in 2024, just because we still have to move that work through the system. But as we exit, it will largely -- behind us.

是的。那謝謝啦。我認為 2024 年你不會看到這種影響，因為我們仍然需要透過系統來推動這項工作。但當我們退出時，它基本上就會被拋在身後。

As we think about our expectations on BCA profitability over time, we've always talked to it getting back to normal. A lot of that productivity will be not only what volume might look like. I can't say a lot about that now.

當我們思考對 BCA 獲利能力隨著時間的推移的預期時，我們總是談論它恢復正常。生產力的很大一部分不僅在於產量。我現在不能說太多。

But also, we don't have this resource with the shadow factories. So we won't quantify it specifically, but it is an important component as we think about going from what our profitability has looked like at BCA historically and where we think we can get to.

而且，我們的影子工廠也沒有這種資源。因此，我們不會具體量化它，但當我們考慮 BCA 歷史上的盈利能力以及我們認為可以達到的目標時，它是一個重要組成部分。

Maybe I'll just add and refresh everybody's memory because we've talked about it a couple of times. In our shadow factories, we put more hours into those airplanes than we do to produce it in the first place. So anyway, that's a metric I know everybody understands.

也許我會補充一下並刷新大家的記憶，因為我們已經討論過幾次了。在我們的影子工廠裡，我們投入這些飛機的時間比最初生產它的時間還要多。無論如何，這是一個我知道每個人都理解的指標。

Great. And maybe if I could sneak in one more to -- the advances, it was a nice tailwind in '23. How do you think about that in '24?

偉大的。也許如果我能再多爭取一點進步，那對 23 年來說是一個很好的順風。 24世紀你對此有何看法？

Right now, we plan for, obviously, not to be quite what it was in 2023. That's factored into my comments. The good news is, is that we still have a pretty robust demand environment and our commercial teams are working hard to chase every next order. So we're not counting on a big one, but we know that our teams can go win campaigns.

目前，我們的計劃顯然不會像 2023 年那樣。我的評論中也考慮到了這一點。好消息是，我們仍然擁有相當強勁的需求環境，我們的商業團隊正在努力追逐下一個訂單。所以我們並不指望一場大比賽，但我們知道我們的球隊可以贏得比賽。

The next question is from Jason Gursky from Citi.

下一個問題來自花旗銀行的 Jason Gursky。

Brian, just maybe a quick clarification or maybe, Dave, and then a question on defense. The clarification on the rate 38 a month, you guys still firing some planes so that the number that you're actually producing is a little bit less than that? Just kind of curious what rate 38 means.

布萊恩，也許只是快速澄清一下，或者戴夫，然後是一個關於防守的問題。澄清一下每個月38架，你們還在發射一些飛機，所以你們實際生產的數量比這個少一點點？只是有點好奇rate 38 是什麼意思。

And then on defense, Brian, you've historically broken things down into that 60, 25, 15 bucket. You talked a little bit about the 25% bucket and the 15% bucket in your remarks. So I was wondering if you can just comment on the 60%, the remaining part of the portfolio and how that's performing and where maybe margins are in that slug of business at this point?

然後在防守方面，Brian，你歷來將防守分成 60、25、15 個部分。您在演講中談到了 25% 的桶子和 15% 的桶子。所以我想知道您是否可以評論一下 60%、投資組合的剩餘部分以及其表現如何，以及目前該業務的利潤率在哪裡？

Sure. I'll take the first one. Yes, we've cycled to 38 per month. We said that. Keep in mind, it always takes time for that to equate it to deliveries, but we're not firing blanks.

當然。我就拿第一個。是的，我們已經騎自行車到每月 38 次。我們是這麼說的。請記住，總是需要時間才能將其等同於交付，但我們不會發射空彈。

On your question on the 60% of the portfolio on BDS, look, they've consistently quarter in, quarter out has still been able to deliver some very good performance on some products that the customers need. And you know the laundry list that we talked about, things like Apache and all that sort of stuff, missiles and weapons, things that are needed right now in this environment that we live in. And they're performing well. And they're in that mid- to high single-digit margin rate.

關於 BDS 上 60% 的產品組合的問題，您看，他們始終如一地季度復刻仍然能夠在客戶需要的某些產品上提供一些非常好的性能。你知道我們談到的清單，像是阿帕契和所有類似的東西，飛彈和武器，我們生活的環境中現在需要的東西。而且它們表現得很好。他們的利潤率處於中高個位數。

And when we step back, if we think about going from where BDS is with margins, 2 things have to happen. That 25% that's wrapped around fighters and satellites, that has to get better. We expect it to get better and look a lot like it used to.

當我們退後一步時，如果我們考慮從 BDS 的利潤率出發，必須發生兩件事。那 25% 涉及戰鬥機和衛星，必須變得更好。我們希望它能變得更好，看起來和以前一樣。

So then you've got 85% of your portfolio clicking at stable, consistent mid- to high single-digit rates. And we know we can get there. And then you've got this 15% of the portfolio on fixed-price development programs that we expect to be less of a drag as we retire risk over time. And we expect that to play out.

因此，您的投資組合中有 85% 的利率穩定、一致，處於中高個位數。我們知道我們可以到達那裡。然後，您將投資組合的 15% 用於固定價格開發計劃，我們預計隨著時間的推移，隨著我們消除風險，這些項目的拖累會減少。我們預計這將會發生。

Your next question is from Doug Harned from Bernstein.

您的下一個問題來自伯恩斯坦的道格·哈內德。

I want to go back to the MAX 7 and the MAX 10 certification. And the question I have is when you look forward and given there is uncertainty on the timing of the certification of each one of those, and you look at both the mix and your customer demand. And certainly, you've had more demand than you can respond to, given supply chain issues.

我想回到 MAX 7 和 MAX 10 認證。我的問題是，當你展望未來時，考慮到每項認證的時間都存在不確定性，你會同時考慮組合和客戶需求。當然，考慮到供應鏈問題，您的需求超出了您的回應能力。

First, let's say that mix changes because of the timing of certification on those 2 variants. Are you still -- do you still see your line as full because it could be moved around between -7s, 8s, 9s, 10s?

首先，假設組合因這兩種變體的認證時間而改變。您是否仍然認為您的線路已滿，因為它可以在 -7s、8s、9s、10s 之間移動？

And then second, what kind of operational challenges, if any, do you have when you have to have some flexibility about what variant you're producing?

其次，當您必須對生產的變體有一定的靈活性時，您會遇到什麼樣的營運挑戰（如果有的話）？

Doug, I'll just start by saying I think it's manageable. We will have this -- if there's a delay in any way, we're not going to know at the last second. We're going to know with a considerable time frame in my view.

道格，我首先要說的是我認為這是可以管理的。我們將會得到這個——如果有任何延遲，我們到最後一秒都不會知道。我認為我們需要相當長的時間才能知道結果。

And by the way, right now, the status on the 7 and the 10 was progressing reasonably well. I don't believe the FAA has taken anybody off the course, and we haven't taken anybody off the course. And so they are making real progress.

順便說一下，目前 7 號和 10 號的狀態進展得相當順利。我不相信美國聯邦航空局已經讓任何人偏離航線，我們也沒有讓任何人偏離航線。所以他們正在取得真正的進步。

And I think we were almost close to the finish line had we not pulled the time-limited exemption. So I don't -- again, I'm never going to suggest a date or anything like that for the FAA. But they're working diligently on it, and they know how to separate these 2 -- these -- the issue we're wrestling within our factory from the [cert] efforts.

我認為，如果我們沒有取消限時豁免，我們就已經接近終點線了。所以我不會——再說一遍，我永遠不會向美國聯邦航空局建議日期或類似的事情。但他們正在努力解決這個問題，他們知道如何將我們工廠內正在努力解決的這兩個問題與[認證]工作分開。

And I believe we're going to have plenty of time, and we'll be able to manage our product mix reasonably well. There won't be anything dramatic by way of change. If there are some subtle change from quarter-to-quarter, first or second, you'll know it pretty early, and so will we. And I think it's quite manageable.

我相信我們將有足夠的時間，並且我們將能夠很好地管理我們的產品組合。不會有任何戲劇性的改變。如果每個季度、第一季或第二季之間存在一些微妙的變化，您會很早就知道，我們也會知道。我認為這是很容易管理的。

So is it fair to say that the supply chain ramp is probably still the governing constraint on your production ramp, not things like mix here?

那麼，可以公平地說，供應鏈的成長可能仍然是生產成長的主要約束，而不是這裡的混合之類的因素嗎？

Yes. Although I will say, if this pause goes on for a little while, I like -- I don't want to pause my customers. But the pause is going to be helpful for us in so many ways in the sense that, that supply chain, they're going to keep running according to that master schedule.

是的。儘管我會說，如果這種暫停持續一段時間，我喜歡 - 我不想暫停我的客戶。但暫停將從很多方面對我們有幫助，因為供應鏈將繼續按照主時間表運行。

It's good for us if some buffers get developed and some of the more stressed suppliers get ahead of the game. So there is important progress that will get made despite this momentary pause.

如果開發出一些緩衝措施並且一些壓力更大的供應商能夠領先一步，這對我們來說是有好處的。因此，儘管有短暫的停頓，仍將取得重要進展。

The next question is from the line of Ron Epstein from Bank of America.

下一個問題來自美國銀行的羅恩愛潑斯坦。

If I may, I got a 2-part question if that's okay. The first one, if you guys could walk through 787 a little bit. You mentioned the rate -- what's going on in that line, that sort of thing. We get questions about that. And then I'll come back with the second part in a second.

如果可以的話，我有一個由兩部分組成的問題是否可以。第一個，如果你們能稍微瀏覽一下 787。你提到了利率——那條線發生了什麼，諸如此類的事情。我們對此有疑問。然後我會在一秒鐘內返回第二部分。

Yes. So on the 787, there's nothing new on the 87. Team is doing a very nice job. We'll produce at the 5 per month rate like we described. We expect to steadily increase those rates over time and liquidate a lot of inventory, a lot of inventory. And we'll give more dimensions around the specifics in line with normal guidance, but the program is doing just fine. And the backlog is big.

是的。因此，在 787 上，87 上並沒有什麼新東西。團隊做得非常好。我們將按照我們描述的每月 5 件的速度生產。我們預計隨著時間的推移，這些利率將穩步提高，並清算大量庫存。我們將根據正常指導提供更多有關細節的維度，但該計劃運行得很好。而且積壓量很大。

Yes, that's been doing great. And then maybe the second question, this one is a little more difficult. The -- I'm still trying to get my head around how we got here. Meaning if you go back to the beginning of the MAX issue, wasn't the 737 line like the most scrutinized production line in the world?

是的，這做得很好。然後也許是第二個問題，這個問題有點困難。 - 我仍在努力弄清楚我們是如何走到這一步的。這意味著，如果你回到 MAX 問題的開頭，737 生產線不就是世界上最受審查的生產線嗎？

So what happened to get to where we got today? I understand that revamping the quality system and all that is all great news. It's a positive move forward. But why did that have to happen now? And I just don't understand that.

那麼到底發生了什麼事才導致我們走到今天這一步呢？我知道改進品質體係以及所有這些都是好消息。這是一個積極的進步。但為什麼現在必鬚髮生這種事呢？我就是不懂。

Well, Ron, it's a -- it should never happen. So the question about now is not so relevant. It should never and can never happen. I am incredibly proud of the work that our people do on the 37 line. I think it has steadily progressed. Quality numbers have gotten better.

好吧，羅恩，這是——它永遠不應該發生。所以現在的問題沒​​那麼重要。它不應該也不可能發生。我對我們的員工在 37 號線上所做的工作感到無比自豪。我認為它一直在穩步進展。品質數字變得更好。

But when you have an escape and then when everybody concludes exactly what happened in that escape, that lights another fire. So you take another step forward with respect to all things quality.

但當你逃脫了，然後當每個人都準確地得出了那次逃脫中發生的事情時，就會點燃另一場火。因此，您在所有事物的品質方面又向前邁出了一步。

And you make certain that whatever it was that created that opportunity for failure in the sky or in flight can never happen again. And that has already happened, and then we'll learn from everything. So yes, I think I understand your underlying context for the question, but I probably take exception to that premise.

你要確保無論是什麼造成了天空或飛行中失敗的機會，都不會再發生。這已經發生了，然後我們將從一切中學習。所以，是的，我想我理解你這個問題的基本背景，但我可能不同意這個前提。

The next question is from the line of Cai von Rumohr from TD Cowen.

下一個問題來自 TD Cowen 的 Cai von Rumohr。

Yes. So now that you've waived the exemption on the engine anti-icing and you're redesign -- you're designing the new system, you said it would take about a year. Have you accelerated that at all? And could you accelerate it more because my assumption is that is going to be the long pole in the tent in terms of when you -- when the FAA can certify the MAX 7 and 10.

是的。所以現在你已經放棄了發動機防冰的豁免並且你正在重新設計 - 你正在設計新系統，你說這需要大約一年的時間。你加速了嗎？你能不能加快速度，因為我的假設是，當 FAA 能夠認證 MAX 7 和 10 時，這將成為帳篷裡的長桿。

I think that is an accurate statement that you just made. Given the fact that we made this decision just a couple of days ago, needless to say, we will throw more engineers at it. We're going to put more work into it and can accelerate it.

我認為你剛才的說法是準確的。鑑於我們幾天前才做出這個決定，不用說，我們將投入更多的工程師。我們將投入更多工作並加快進程。

And the 9 months that I discussed with Senator Duckworth was based on my understanding of that project before I made this decision. So the answer is yes, we'll step up resources. We'll step up whatever testing is required. We will do everything we can to inform the FAA about that particular part of that program. So -- and that's where we stand today. And you are correct. That is the pole in the tent all of us should be watching.

在我做出這個決定之前，我與達克沃斯參議員討論的 9 個月是基於我對該計畫的理解。所以答案是肯定的，我們將增加資源。我們將加強所需的任何測試。我們將盡一切努力向美國聯邦航空局通報該計劃的特定部分。所以——這就是我們今天的立場。你是對的。這是我們所有人都應該注意的帳篷裡的桿子。

Terrific. And then another quick one. With the supply chain running at the master schedule but you're delivering not quite as many, should we think about a fairly large build in the inventory account here in the next couple of quarters until you get beyond that?

了不起。然後又是一個快速的。由於供應鏈按主計劃運行，但您交付的數量並不多，我們是否應該考慮在接下來的幾個季度內增加相當大的庫存帳戶，直到您超出這個範圍？

Yes. There's 2 things, Cai, that are going to be things we have to deal with in cash flow. One is going to be the 777X investment I discussed as well as what you just described. And that's contemplated in my description of what we thought the bottom look like. And then we just got to go run the play and work through what's in front of us. But more work ahead, and we'll describe it more specifically as we move through the year.

是的。蔡，有兩件事是我們必須在現金流方面處理的。其中之一是我討論過的以及您剛剛描述的 777X 投資。我在描述我們認為的底部時就考慮到了這一點。然後我們就必須去演戲並解決我們面前的問題。但未來還有更多工作要做，我們將在今年內更具體地描述它。

Louis, we have time for one more question.

路易斯，我們還有時間再問一個問題。

And that question comes from Noah Poponak from Goldman Sachs.

這個問題來自高盛的諾亞·波波納克。

Might go over one if I'm last. But Brian, recognizing that there's some limitation here in how you can discuss it, but maybe just trying to talk out MAX units this year with assumptions of not breaking to higher rates. You made it a point to say you're at 38.

如果我是最後一個，可能會超過一個。但是布萊恩，認識到如何討論它存在一些限制，但也許今年只是嘗試討論 MAX 單位，並假設不會突破更高的利率。你特意說自己已經38歲了。

I know that rate final assembly, where the entire supply chain is, is always a different number. But if I just simply said 31 for 6 months and 38 for 6 months, that's in the low 400s and then you unwind 5 to 10 of inventory a month. I can kind of get somewhere near 500 or just decent growth from 2023. Is that just a reasonable starting point as we wait to learn more from the FAA?

我知道整個供應鏈所在的總裝率始終是不同的數字。但如果我只是簡單地說 31 個月為 6 個月，38 個月為 6 個月，那就是 400 左右，然後您每月會釋放 5 到 10 個庫存。從 2023 年開始，我可以實現接近 500 或只是體面的增長。當我們等待從 FAA 那裡了解更多信息時，這只是一個合理的起點嗎？

No, I completely understand the question. Those are the inputs I described. But out of respect for the process that we need to go through the FAA, I just got to steer away from specificity. It's just not the right time.

不，我完全理解這個問題。這些是我描述的輸入。但出於對我們需要通過美國聯邦航空局的流程的尊重，我不得不迴避具體問題。只是現在還不是時候。

We've got work in front of us. And I promise when appropriate, we are going to be more specific. But anyway, that's -- it's probably going to be on the specificity of those numbers, wait and see. It's just not appropriate.

我們面前有工作。我保證在適當的時候，我們會更具體。但無論如何，這可能取決於這些數字的特殊性，拭目以待。這只是不合適。

Yes. Fair enough. Fair enough. Are you willing and able to speak to just updating what the cap is these days on the monthly inventory unwind and how China plays into that?

是的。很公平。很公平。您是否願意並且能夠談論最近每月庫存釋放的上限以及中國如何應對這種情況？

I don't know we think about a cap. We've got the shadow factories that have been working for quite a while. And they know the routines, and they've been pretty steadily on both 37 and the 87, consistently meeting month in, month out liquidation targets and expectations for customers. So I don't think there's any kind of cap.

我不知道我們是否考慮過上限。我們的影子工廠已經運作了相當長一段時間了。他們了解慣例，並且在 37 和 87 上都相當穩定，始終滿足月復一月的清算目標和客戶期望。所以我不認為有任何上限。

We're just focused on we know exactly the [piles] inventory. It's 140 on the 37 that I described. It's 50 on the 87 that have to get the rework. And we're just going to move through this year with real focus in order to be in a position where we start shutting these shadow factories down. And then we're just going to run that play as hard as we can.

我們只專注於準確了解[堆]庫存。我描述的37號是140號。 87 上有 50 個需要返工。今年我們將真正集中精力，以便能夠開始關閉這些影子工廠。然後我們就會盡我們所能地進行比賽。

Okay. And is China officially fully 100% taking deliveries? We see it in the press. We see the reading of the tail number of websites. But can you just declare that, that's just fully officially on at this point?

好的。中國正式100%接受交付了嗎？我們在媒體上看到了這一點。我們看到網站尾數的閱讀量。但你能聲明一下，目前這一切才剛正式啟動嗎？

One at a time, and yes.

一次一個，是的。

Okay. And then, Brian, just one more, defense. The margin is still not where you want it but better sequentially. Any framework you can provide around how that progresses through '24? And what was the final defense cash burn in the '23 cash so we can think about where -- what to work off of as we go into '24.

好的。然後，布萊恩，還有一件事，防守。邊距仍然不是您想要的位置，但順序更好。您能提供任何關於 24 世紀如何進展的框架嗎？ 23 年現金中最終的國防現金消耗是多少，這樣我們就可以考慮在進入 24 年時要在哪些方面進行工作。

Yes. So the cash burn, we put out some numbers a year ago, and we thought the operating cash flows by division. BDS, the worst case and for them in that range they were much worse than that. And it's all what we described last year, and we expect it to be better this year. And that's behind us. But yes, they did a lot worse, obviously, offset by BGS and BCA doing better. But it was worse.

是的。因此，對於現金消耗，我們一年前公佈了一些數據，我們按部門考慮了營運現金流。 BDS，最壞的情況，對他們來說，在這個範圍內，他們比這更糟。這都是我們去年所描述的，我們預計今年會更好。那是在我們身後。但是，是的，他們的表現顯然更差，但被 BGS 和 BCA 的表現更好所抵消。但情況更糟。

And then the first part of your question on margins, we expect margin trajectories to get better over time, particularly as we focus on this 25% of the portfolio that is very specific, and there's a lot of actions or activity around it. But we will get better.

然後是關於利潤率的問題的第一部分，我們預計利潤率軌跡會隨著時間的推移而變得更好，特別是當我們專注於非常具體的投資組合的25% 時，並且圍繞它有很多行動或活動。但我們會變得更好。

They will eventually get to the point where we're putting positives on the board. What I'm most interested is the team that's got to execute over the next -- between now and 2025, '26 in order to get these margins back in the high single-digit range. And I will remind you that that's how we describe our defense margins.

他們最終會達到我們在董事會上提出正面意見的地步。我最感興趣的是團隊必須在接下來的時間內執行任務——從現在到 2025 年、26 年，以便將這些利潤率恢復到較高的個位數範圍內。我要提醒您，這就是我們描述我們防禦餘裕的方式。

You really got to put 2 points on top of that, which is what we account for in our Global Services division for the defense side. So it's really more like a double-digit defense external view that we are aiming to get towards because we think that's a pretty decent business.

除此之外，你真的必須再加上兩點，這就是我們在國防方面的全球服務部門所考慮的內容。因此，這實際上更像是我們的目標是實現兩位數的防禦外部觀點，因為我們認為這是一項相當不錯的業務。

Thanks, everyone.

感謝大家。

Thanks, everybody.

謝謝大家。

That completes the Boeing Company's Fourth Quarter 2023 Earnings Conference Call. Thank you for joining. You may now disconnect.

波音公司 2023 年第四季財報電話會議至此結束。感謝您的加入。您現在可以斷開連線。