波音 (BA) 2024 Q1 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to The Boeing Company's First Quarter 2024 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 2024 年第一季財報電話會議。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 beginning 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開頭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。

Thanks, Matt. Good morning, and thanks for joining us. Although we report first quarter financial results today, I will direct my comments toward the dramatic actions we've taken since the Alaska Airlines accident in January.

謝謝，馬特。早安，感謝您加入我們。儘管我們今天報告第一季財務業績，但我將針對自一月份阿拉斯加航空事故以來我們所採取的重大行動發表評論。

First, we began with taking responsibility. We immediately and transparently began supporting the NTSB to identify the cause of the accident. We supported the FAA investigation of the 737-9 fleet in its entirety to do comprehensive airline inspections, and the aircraft were cleared to go back into service.

首先，我們從承擔責任開始。我們立即透明地開始支持 NTSB 查明事故原因。我們支持美國聯邦航空管理局 (FAA) 對整個 737-9 機隊進行全面的航空公司檢查，並批准飛機重新投入使用。

We immediately acted, working alongside our supply chain, to ensure the door plug depressurization event doesn't ever happen again. We held quality stand-downs across all of our production lines in BCA, and sought the advice and counsel of more than 70,000 employees to improve our factory disciplines and adherence to our quality standards. All in all, we collected over 30,000 ideas, and the list continues to grow. We have categorized and prioritized all.

我們立即採取行動，與供應鏈合作，確保門塞減壓事件不再發生。我們對 BCA 的所有生產線進行了品質檢查，並徵求了 70,000 多名員工的意見和建議，以改善我們的工廠紀律並遵守我們的品質標準。總而言之，我們收集了 30,000 多個想法，而這個清單還在不斷增長。我們對所有內容進行了分類和優先排序。

Employee engagement has been energizing for all. Actions are being taken across all of our factories, and areas of focus include: training, particularly on the job, taking advantage of our slowdown and adding hundreds of hours of training for each of our manufacturing employees; tooling, more of it and improve maintenance; work instructions, simplify, simplify, simplify; compliance checks, discipline; traveled work controls, don't travel work; incentive structures; employee listening; and maybe above all, culture improvement.

員工敬業度讓所有人都充滿活力。我們所有的工廠都在採取行動，重點領域包括：培訓，尤其是在職培訓，利用我們經濟放緩的機會，為每位製造員工增加數百小時的培訓；工具，更多並改善維護；工作指導，簡化，簡化，簡化；合規檢查、紀律；出差工作管制，不出差工作；激勵結構；員工傾聽；也許最重要的是文化的進步。

We transparently engaged with the FAA and immediately went to work on a 90-day plan of quality action to drive improvements throughout our production system. We completed our 30-day review, and we're regularly checking in with the FAA as we complete our 90-day plan.

我們以透明的方式與 FAA 合作，並立即著手製定 90 天的品質行動計劃，以推動整個生產系統的改進。我們完成了 30 天的審查，並在完成 90 天計劃的同時定期向 FAA 進行檢查。

We engaged a team of independent quality experts to systematically review our quality control process and bring forward long-term recommendations. They are roughly 60 days into their work beginning with Renton and Spirit. And we expect them to stay for several years.

我們聘請了獨立的品質專家團隊來系統地審查我們的品質控制流程並提出長期建議。從 Renton 和 Spirit 開始，他們的工作已經進行了大約 60 天。我們預計他們會留任數年。

We have appointed several new leaders into critical BCA leadership roles in the last couple of months. All have jumped in with both feet, alongside our world-class workforce. They are seasoned operators and all with a critical eye.

過去幾個月，我們任命了幾位新領導人擔任 BCA 的關鍵領導職務。所有人都與我們世界級的員工一起全力投入。他們都是經驗豐富的操作員，而且都具有挑剔的眼光。

Effective March 1, we moved inspection and rework teams to Wichita. Since then, we have only allowed fully inspected fuselages to be shipped to Renton, which has dramatically reduced our nonconformances entering the Renton factory. This started as a trickle, and it has been slowly improving as time goes on.

自 3 月 1 日起，我們將檢查和返工團隊遷往威奇托。從那時起，我們只允許經過全面檢查的機身運往倫頓，這大大減少了進入倫頓工廠的不合格品。這一切一開始只是涓涓細流，隨著時間的推移，情況正在慢慢改善。

The visibility in Wichita will help the Spirit team prevent nonconformances from being created in the first place. We are already beginning to see signs of more predictable and reduced cycle times in our factory as a result of these enhanced quality control standards. We expect this will continue to improve.

威奇託的可見性將有助於 Spirit 團隊從一開始就防止不合格情況。由於品質控制標準的提高，我們已經開始看到工廠的可預測性更高、週期時間更短的跡象。我們預計這一情況將繼續改善。

We've extended our commitment to reduce traveled work across all of our assembly lines and deep into our supply chain. While near-term delivery shortfalls hurt and will affect our performance during our first half of the year, the long-term benefits from a synchronized supply chain will be substantial.

我們已經承諾減少所有裝配線和供應鏈深處的出行工作。雖然近期交付短缺會損害我們的業績，並將影響我們今年上半年的業績，但同步供應鏈的長期效益將是巨大的。

We are absolutely committed to doing everything that we can to make certain our regulators, our customers and most importantly, our employees and the flying public are 100% confident in Boeing. And while I have shared my plans to step down as CEO by the end of the year, I will be very focused every day on seeing that commitment through.

我們絕對致力於盡一切努力確保我們的監管機構、我們的客戶，最重要的是，我們的員工和飛行大眾對波音 100% 有信心。雖然我已經分享了在今年年底前辭去執行長職務的計劃，但我每天都會非常專注於實現這項承諾。

As we move through this period, it is important that our people and our stakeholders understand how promising Boeing's future looks. Demand across our portfolio remains incredibly strong. Our people are world-class. There's a lot of work in front of us, but I'm proud of our team and remain fully confident in our future.

當我們經歷這段時期時，重要的是我們的員工和利害關係人了解波音的未來有多光明。我們的投資組合的需求仍然非常強勁。我們的人民是世界一流的。我們面前的工作還有很多，但我為我們的團隊感到自豪，並對我們的未來充滿信心。

While this effort will slow our recovery timing, we are now seeing these proof points that give us confidence that we'll begin to stabilize and improve performance moving forward. By the end of this year, we expect to have largely delivered our 737 and 787 inventory, effectively shutting down our 2 large shadow factories.

雖然這項努力會減慢我們的恢復時間，但我們現在看到的這些證據讓我們有信心我們將開始穩定並提高性能。到今年年底，我們預計將大部分交付 737 和 787 庫存，從而有效關閉我們的兩家大型影子工廠。

Our commercial business will be more stable. Our defense unit will be progressing towards more historic levels of performance. And our services team will continue to deliver exceptional results. And most importantly, we will have embedded all of the important lessons we've learned in the last few months and over the last several years.

我們的商業業務將會更加穩定。我們的國防部將朝著更高的歷史水準邁進。我們的服務團隊將繼續提供卓越的成果。最重要的是，我們將融入過去幾個月和過去幾年中學到的所有重要經驗教訓。

During that time, I've had the opportunity to speak to many of our frontline team members, engineers and mechanics. I continue to be amazed by the pride they take in their work, their commitment to getting things done the right way, the safe way, their willingness to raise their hands and offer ideas for how to do things better.

在那段時間，我有機會與我們的許多第一線團隊成員、工程師和機械師交談。他們對自己的工作感到自豪，他們致力於以正確、安全的方式完成工作，他們願意舉手並為如何做得更好提供想法，這讓我繼續感到驚訝。

With that, I'll turn it over to Brian.

有了這個，我會把它交給布萊恩。

Thanks, Dave, and good morning, everyone. Let's start with the total company financial performance for the quarter. Revenue was $16.6 billion, down 8% versus last year, primarily reflecting lower 737 delivery volume. The core loss per share was $1.13, a slight improvement versus last year, also reflecting lower 737 deliveries.

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。營收為 166 億美元，比去年下降 8%，主要反映了 737 交付量的下降。每股核心虧損為 1.13 美元，與去年相比略有改善，這也反映出 737 交付量的下降。

Free cash flow was a usage of $3.9 billion in the quarter, a higher usage than last year and in line with the expectations shared last month. Cash was impacted by lower commercial deliveries and unfavorable timing of receipts and expenditures.

本季自由現金流使用量為 39 億美元，高於去年，且與上個月的預期一致。現金受到商業交付量減少以及收支時間不利的影響。

Turning to the next page, I'll cover Boeing Commercial Airplanes. BCA booked 125 net orders in the quarter, including 85 737-10s for American Airlines and 28 777Xs for customers, including Ethiopian Airlines. The backlog grew to $448 billion and includes more than 5,600 airplanes.

翻到下一頁，我將介紹波音商用飛機。 BCA 在本季預訂了 125 架淨訂單，其中包括為美國航空 (American Airlines) 提供的 85 737-10 架飛機，以及為埃塞俄比亞航空 (Ethiopian Airlines) 等客戶提供的 28 777X 架飛機。積壓訂單增至 4,480 億美元，其中包括 5,600 多架飛機。

BCA delivered 83 airplanes in the quarter. Revenue was $4.7 billion, and operating margin was minus 24.6%. These results were significantly lower than last year, primarily reflecting lower 737 deliveries and the 737-9 grounding impact for customer considerations of $443 million.

BCA 本季交付了 83 架飛機。收入為 47 億美元，營業利益率為-24.6%。這些結果顯著低於去年，主要反映了 737 交付量下降以及 737-9 停飛對客戶造成的 4.43 億美元影響。

Now I'll give more color on the key programs. On the 737, we delivered 67 airplanes in the first quarter as we deliberately slowed production below 38 per month to incorporate improvements to our quality and safety management systems, including reducing traveled work and addressing supplier nonconformances. These continued efforts will cause April deliveries to be more in line with February levels as we complete our work.

現在我將對關鍵程序進行更多說明。在 737 上，我們在第一季度交付了 67 架飛機，因為我們故意將產量降低到每月 38 架以下，以改善我們的品質和安全管理體系，包括減少出差工作和解決供應商不合格問題。當我們完成工作時，這些持續的努力將使 4 月的交付量更加符合 2 月的水平。

Production [ordering] below 38 per month for the first half of the year and will be higher in the second half as we move back to 38 per month, with the timing of rates beyond 38 predicated on the work we're doing with the FAA. We've recently made adjustments to the master schedule, and we'll continue to manage supplier by supplier based on inventory levels and rate ramp readiness.

上半年的生產[訂單]低於每月 38 架，下半年將更高，因為我們將恢復到每月 38 架，超過 38 架的時間取決於我們與 FAA 所做的工作。我們最近對主計劃進行了調整，我們將繼續根據庫存水準和速率提升準備逐個供應商進行管理。

Our objective remains to keep the supply chain paced ahead of final assembly to support stability and minimize traveled work. The quarter ended with approximately 110 737-8s built prior to 2023, the vast majority for customers in China and India. This is down 30 airplanes from last quarter and in line with our plans.

我們的目標仍然是在最終組裝之前保持供應鏈的節奏，以支援穩定性並最大限度地減少差旅工作。本季末，2023 年之前生產的約 110 737-8 架飛機，其中絕大多數為中國和印度的客戶。比上季度減少了 30 架飛機，符合我們的計劃。

We still expect to deliver most of these inventoried airplanes by year-end as we work towards shutting down the shadow factory. There were [approximately] 95 additional airplanes in inventory, about 35 of which were -7 and -10s, and the remaining are WIP airplanes impacted by factory and supply chain constraints.

我們仍預計在年底前交付大部分庫存飛機，同時我們將努力關閉影子工廠。庫存中還有大約 95 架飛機，其中約 35 架是 -7 和 -10 飛機，其餘則是受工廠和供應鏈限制影響的在製品飛機。

On the anti-icing, the timeline is unchanged, and we're making good progress towards resolution. As it pertains to the certification of the -7 and the -10, we coordinated with our customers and added more 8s and 9s into the skyline in the near term to mitigate impacts to their fleet needs and stabilize our production plans. And the program margin has been updated to reflect these impacts as well as the slower production ramp.

在防冰方面，時間表沒有改變，我們在解決問題方面取得了良好進展。由於涉及 -7 和 -10 的認證，我們與客戶協調，並在短期內向天際線添加了更多 8 和 9 飛機，以減輕對其機隊需求的影響並穩定我們的生產計劃。計劃利潤率已更新，以反映這些影響以及較慢的產量成長。

On the 787, we delivered 13 airplanes in the quarter. We're slowing near-term production and plan to return to 5 per month later this year. We expect to achieve rate increases, including 10 per month by 2026. We ended the quarter with about 60 airplanes of inventory, about 40 of which require rework, which continues to progress steadily and in line with our expectations. We still expect to finish the reworked airplanes and shut down the shadow factory by year-end, with most of these airplanes delivering in the year.

就 787 而言，我們本季交付了 13 架飛機。我們正在放慢近期的生產速度，並計劃在今年稍後恢復到每月 5 件。我們預計到 2026 年將實現費率成長，包括每月 10 架。 截至本季末，我們有約 60 架飛機庫存，其中約 40 架需要返工，這一情況繼續穩步進展，符合我們的預期。我們仍預計在年底前完成飛機的返工並關閉影子工廠，其中大部分飛機將在年內交付。

Finally, on 777X. We continue to progress along the program time line and still expect first delivery in 2025. We'll follow the lead of the FAA as we progress through the process, including working to obtain approval from the FAA to begin certification flight testing.

最後，在 777X 上。我們將繼續沿著計劃時間表取得進展，仍然預計在 2025 年首次交付。

Moving on to the next page, we'll go to Boeing Defense and Space. BDS booked $9 billion in orders during the quarter, including awards for 17 P-8 aircraft for the Royal Canadian Air Force and the German Navy and securing the final F/A-18 newbuild production contract from the U.S. Navy.

翻到下一頁，我們將前往波音防務與航太公司。 BDS 在本季度獲得了 90 億美元的訂單，其中包括為加拿大皇家空軍和德國海軍購買 17 架 P-8 飛機，並從美國海軍獲得了最終的 F/A-18 新建生產合約。

The backlog grew to $61 billion. Revenue was $7 billion, up 6% on improved volume, and BDS delivered 14 aircraft in the quarter. Operating margin was 2.2%, another quarter of sequential improvement, but still more work to do.

積壓訂單增至 610 億美元。營收為 70 億美元，因銷量增加而成長 6%，BDS 在本季交付了 14 架飛機。營業利潤率為 2.2%，又一個季度實現環比改善，但仍有更多工作要做。

First quarter results were impacted by losses on 2 fixed-price development programs totaling $222 million, $128 million on the tanker and $94 million on the T-7A. Our game plan to get BDS back to high single-digit margins by the '25, '26 time frame remains intact. We've made important progress in 1Q.

第一季業績受到 2 個固定價格開發項目損失總計 2.22 億美元的影響，其中加油機損失 1.28 億美元，T-7A 損失 9,400 萬美元。我們的計劃是在 25 年、26 年時間範圍內使 BDS 恢復到高個位數利潤率，這項計劃仍然完好無損。我們在第一季取得了重要進展。

Our core business, representing about 60% of our revenue, is seeing solid consistent performance in the mid- to high single-digit margin range with strong demand across the board. On the 25% of the portfolio, primarily comprised of fighter and satellite programs, operational performance further stabilized in the quarter, which drove improved margin trends. We still expect to return to the strong historical performance levels as we roll into new contracts with tighter underwriting disciplines as we move into the '25, '26 time frame.

我們的核心業務約占我們營收的 60%，在中高個位數的利潤率範圍內實現了穩定的穩定業績，且整體需求強勁。 25% 的投資組合主要由戰鬥機和衛星項目組成，本季營運表現進一步穩定，從而推動了利潤率趨勢的改善。隨著我們進入「25 年」和「26 年」時間框架，我們仍有望恢復到強勁的歷史業績水平，因為我們將簽訂具有更嚴格承保紀律的新合約。

Lastly, we have our fixed-price development programs that represent the remaining 15% of revenue. Despite the relatively modest updates in the quarter, we continue to retire risks and remain focused on maturing these programs quarter in and quarter out.

最後，我們有固定價格開發計劃，佔收入的剩餘 15%。儘管本季的更新相對溫和，但我們繼續消除風險，並繼續專注於使這些計劃逐季成熟。

Importantly, on the MQ-25 program, the program was awarded a cost-type contract modification from the U.S. Navy that included 2 additional test aircraft, demonstrating our progress and our commitment to stronger underwriting disciplines in the area of the development programs. The program also delivered the first static test article to the Navy, and the airframe is ready to begin stress testing.

重要的是，在MQ-25 項目上，該項目獲得了美國海軍的成本型合約修改，其中包括2 架額外的測試飛機，這證明了我們的進展以及我們對開發項目領域更嚴格的承保紀律的承諾。該項目還向海軍交付了第一個靜態測試品，機身已準備好開始壓力測試。

And on the Starliner, the program continues to progress towards a May 6 crew flight test as the spacecraft was recently integrated on top of its Atlas V rocket, and prelaunch testing is underway.

在 Starliner 上，該計劃繼續朝著 5 月 6 日的載人飛行測試邁進，因為該太空船最近被整合到其 Atlas V 火箭頂部，並且發射前測試正在進行中。

Lastly, the T-7A test aircraft completed climate lab testing in February, and the program continues to progress with Air Force flight testing. Overall, the defense portfolio is well positioned.

最後，T-7A 測試機於 2 月完成了氣候實驗室測試，該計劃繼續與空軍飛行測試一起取得進展。整體而言，防禦組合定位良好。

As seen in the initial FY '25 presidential budget, there's strong demand across the customer base. The products are performing in the field, and we're confident that our efforts to drive [execution stability] will return this business to performance levels that our investors recognize.

正如 25 財年最初的總統預算所示，客戶群的需求強勁。這些產品在該領域表現出色，我們相信，我們推動[執行穩定性]的努力將使該業務恢復到投資者認可的績效水準。

Moving on to the next page, Boeing Global Services. BGS had another strong quarter. They received $5 billion in orders, and backlog is at $20 billion. Revenue was $5 billion, up 7% primarily on higher commercial volume and favorable mix. Operating margin was a strong 18.2%, an expansion of 30 basis points compared to last year. In the quarter, BGS opened a maintenance facility in Jacksonville, Florida, supporting our military customers. And the U.S. Navy exercised options on a P-8 sustainment modification contract.

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 50 億美元的訂單，積壓訂單達 200 億美元。營收為 50 億美元，成長 7%，主要得益於更高的商業銷售和有利的組合。營業利益率高達 18.2%，比去年成長了 30 個基點。本季度，BGS 在佛羅裡達州傑克遜維爾開設了一家維護設施，為我們的軍事客戶提供支援。美國海軍對 P-8 維持改裝合約行使了選擇權。

Turning to the next page, I'll cover cash and debt. On cash and marketable securities, we ended the quarter at $7.5 billion, reflecting the debt repayment activity and use of free cash in the quarter. The debt balance decreased to $47.9 billion as we paid down $4.4 billion of the $5 billion of maturities due this year.

翻到下一頁，我將討論現金和債務。在現金和有價證券方面，本季結束時我們的資產為 75 億美元，反映了本季的債務償還活動和自由現金的使用情況。由於我們償還了今年到期的 50 億美元到期債務中的 44 億美元，債務餘額降至 479 億美元。

We continue to maintain access to $10 billion of revolving credit facilities, all of which remain undrawn. While we're still not in a position to provide a more detailed 2024 outlook today, I want to provide some additional context on the path forward.

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。雖然我們今天仍然無法提供更詳細的 2024 年展望，但我想提供一些有關前進道路的額外背景資訊。

The 2024 free cash flow outlook I shared last month is still expected to be a generation in the low single-digit billions. Cash flow should improve as we move through the year and be back-end loaded, driven by BCA deliveries and receipt timing, including an expected Lot 11 award on the tanker.

我上個月分享的 2024 年自由現金流前景預計仍將在 10 億美元左右。在 BCA 交付和收貨時間的推動下，隨著我們全年的發展和後端加載，現金流應該會有所改善，包括預期的 Lot 11 油輪合約。

Second quarter free cash flow is expected to improve sequentially but be another sizable use of cash. We're committed to managing the balance sheet in a prudent manner with two main objectives: one, prioritize the investment-grade rating; and two, allow the factory and supply chain to stabilize for a stronger trajectory as we exit this year.

第二季自由現金流預計將季比改善，但又會大量使用現金。我們致力於審慎管理資產負債表，主要目標有兩個：一是優先考慮投資等級評級；第二，當我們今年退出時，讓工廠和供應鏈穩定下來，走上更強勁的軌道。

As we operate at these lower production rates, we're actively monitoring our liquidity levels and believe we have significant market access, and are continuously monitoring and evaluating opportunities should we decide to supplement our liquidity position. Longer term, we remain confident in our ability to achieve $10 billion of free cash flow.

由於我們以較低的生產力運營，我們正在積極監控我們的流動性水平，並相信我們擁有重要的市場准入，如果我們決定補充我們的流動性頭寸，我們將持續監控和評估機會。從長遠來看，我們仍然對實現 100 億美元自由現金流的能力充滿信心。

However, given our continued focus on safety, quality and stability, we continue to expect that this goal will take us longer than we originally planned and later in the '25, '26 window, primarily tied to the 737 and 787 production delivery ramps of 50 per month and 10 per month, respectively.

然而，鑑於我們對安全、品質和穩定性的持續關注，我們仍然預計這一目標將比我們最初計劃的時間更長，並且在25 年、26 年晚些時候，主要與737 和787 的生產交付坡道有關。

Moving on, discussions with Spirit are ongoing. As with any large and complex deal, there are a number of terms and issues we need to work through, including price, financing and other key items and the best approach to handling and potentially divesting certain work that Spirit does for other customers. We believe in the strategic logic of a deal, but we'll take the time needed to get this right before we decide to enter into agreement.

接下來，與 Spirit 的討論正在進行中。與任何大型且複雜的交易一樣，我們需要解決許多條款和問題，包括價格、融資和其他關鍵項目，以及處理和可能剝離 Spirit 為其他客戶所做的某些工作的最佳方法。我們相信交易的戰略邏輯，但在決定達成協議之前，我們會花一些時間來弄清楚這一點。

In the meantime, the focus is on factory stability in Wichita and in Renton. And as you saw yesterday, we agreed to advance Spirit $425 million, virtually all of which will be repaid in the third quarter. This will be accounted for as investing cash.

同時，重點是威奇托和倫頓工廠的穩定性。正如您昨天所看到的，我們同意向 Spirit 預付 4.25 億美元，幾乎所有款項都將在第三季償還。這將被記為投資現金。

Looking forward to the balance of the year. We're taking the time now to ensure our BCA factories are stable and positioned to ramp production. We'll also continue to make progress on other important objectives, including shutting down the shadow factories, maturing and derisking the defense fixed-price development programs and building on the continued strong results in services.

期待今年的餘額。我們現在正在花時間確保我們的 BCA 工廠穩定並準備好提高產量。我們也將繼續在其他重要目標上取得進展，包括關閉影子工廠、完善國防固定價格發展計畫並消除風險，以及在服務業持續取得強勁成果的基礎上再接再厲。

Our backlog of nearly $530 billion speaks to the breadth of our portfolio, and this demand backdrop underpins our commitment to drive long-term results, all enabled by the everyday execution of 170,000 incredibly talented and dedicated team of Boeing employees.

我們近5,300 億美元的積壓訂單證明了我們產品組合的廣度，這種需求背景支撐了我們推動長期成果的承諾，而這一切都是透過17 萬名才華橫溢、敬業的波音員工團隊的日常執行來實現的。

With that, why don't we turn it over to questions?

既然如此，我們為什麼不把它轉為提問呢？

(Operator Instructions) And our first question will come from the line of Myles Walton with Wolfe Research.

（操作員說明）我們的第一個問題將來自沃爾夫研究中心的邁爾斯·沃爾頓。

You gave color on the April MAX deliveries similar to February, but I'm really more interested in the production output, how it's going on the line, where you are relative to where you were when you started to give the no traveled work policy, how that's improving or not? And what specific metrics you're looking at to allow you to go higher over the next 6 months?

您對 4 月 MAX 交付量的描述與 2 月類似，但我更感興趣的是生產量、生產線的進展、與開始實施禁止出行工作政策時的情況相比，情況如何改善或沒有改善？您正在考慮哪些具體指標可以讓您在未來 6 個月內取得更高的成績？

So why don't I start this off? It is going to stay sporadic through 2Q. The real pivot for us is the number of clean fuselages we get out of Spirit with the new inspection protocols. It started slow.

那我為什麼不開始呢？整個第二季它將保持零星的狀態。對我們來說真正的關鍵是我們透過新的檢查協議從精神號上獲得的乾淨機身的數量。開始很慢。

In the meantime, we've been working on all the fuselages that were already trapped in the pipeline that did not go through that inspection process. So that's why it's slow and lumpy here in these couple of months, but we will be through that process within the next 60 days. And then we will just be dealing with clean fuselages out of Wichita.

與此同時，我們一直在處理所有已經被困在管道中但沒有經過檢查過程的機身。這就是為什麼這幾個月來進展緩慢且不穩定，但我們將在接下來的 60 天內完成這個過程。然後我們將在威奇托處理乾淨的機身。

So far, we're quite encouraged at just how clean they are and how quickly they move through our production cycle, substantially better, faster than before. So as we exit 2Q, we will know exactly what numbers are coming out of Wichita and what expectations are.

到目前為止，我們對它們的清潔程度以及它們在我們的生產週期中的移動速度感到非常鼓舞，比以前更好、更快。因此，當我們退出第二季時，我們將確切地知道威奇託的數據以及期望是什麼。

We are not going to rush it. We're simply going to demand that they be clean. But I like all the signals. I was walking through the factory yesterday. When we get a clean one, it whistles through the factory, and that's the most important thing.

我們不會著急。我們只是要求它們保持乾淨。但我喜歡所有的訊號。昨天我走過工廠。當我們得到一個乾淨的東西時，它就會在工廠裡呼嘯而過，這是最重要的事。

The next question is from Doug Harned from Bernstein.

下一個問題來自伯恩斯坦的道格·哈內德。

When you look at production on the 737, when you talk about going to $10 billion in free cash flow maybe by late -- by the end of 2026 or even 2027, this seems to be very much contingent on getting to this 50 a month rate. But when you look at that process, if I go back even pre-grounding for the MAX, Spirit had never successfully done a rate break to 50 a month before.

當你觀察 737 的生產時，當你談到自由現金流可能會在 2026 年底甚至 2027 年達到 100 億美元時，這似乎很大程度上取決於達到每月 50 架的速度。但當你看看這個過程時，如果我回顧一下 MAX 的預接地，Spirit 之前一個月從未成功地將速率突破到 50。

And given the restart mode that they're in right now, how do you see the pathway to getting up from where they are today, getting through the quality issues and getting to 50 a month there within 2 years?

考慮到他們現在所處的重啟模式，您如何看待他們從今天的位置起身、解決品質問題並在 2 年內達到每月 50 條的途徑？

We do. Spirit's committed to it. I think the acquisition of Spirit will factor in significantly into that prospect. Clean fuselages in Spirit and in Wichita and fix on all those nonconformances will reduce their cycle and improve their output. So there's a lot of things that contribute to it, Doug. If we get ourselves to 38, which is our first objective, and we do it in a steady fashion moving up another 12 in my view, is doable in the window that we're talking about.

我們的確是。精神致力於此。我認為收購 Spirit 將在這一前景中發揮重要作用。清潔精神號和威奇託的機身並解決所有不合格問題將減少其週期並提高產量。所以有很多因素促成了這一點，道格。如果我們達到 38 分（這是我們的第一個目標），並且我們以穩定的方式做到這一點，在我看來，再上升 12 分，在我們正在討論的窗口中是可行的。

So that's the bet we're making, and I'm confident we can get there. But job 1 is the 6 months that commenced post Alaska and the inspection protocols and the nonconformance fixes that are then embedded into the Wichita facility.

這就是我們所下的賭注，我相信我們能夠實現這一目標。但第 1 項工作是在阿拉斯加之後開始的 6 個月，檢查協議和不合格項修復程序隨後嵌入威奇托工廠。

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

下一個問題來自 TD Cowen 的 Cai von Rumohr。

Yes. So as a result of the production slowdown, you've had some -- presumably, you'll have late deliveries to customers. And traditionally, late deliveries require compensation. Could you give us some color in terms of what sort of a number we're going to look at? And basically, where are we going to see it? Is that going to be front-loaded, back-loaded? How should we think about that?

是的。因此，由於生產放緩，您可能會延遲向客戶交貨。傳統上，延遲交貨需要賠償。您能否給我們一些關於我們將要查看的數字類型的信息？基本上，我們要去哪裡看到它？是前置還是後置？我們該如何思考這個問題？

Cai, I'll take that one. Why don't we talk about in the context of 737 overall margins? The program booked about 300 basis points of impact in the quarter. And that was primarily driven by the delayed rate ramp that you're describing as well as mixing in more 8s and 9s for 10s in the near term so that we can support our customers in their fleet planning.

蔡，我就拿那個吧。我們為什麼不談論 737 的整體利潤率呢？該計劃在本季度產生了約 300 個基點的影響。這主要是由您所描述的延遲速率上升以及在短期內混合更多 8 和 9 的 10 秒驅動的，以便我們可以支援客戶的機隊規劃。

So that will all roll through, and the timing will be expanded over the next couple of years. What our expectation is that over time that while these program margins won't get back to the 2018 levels, they will expand. And that will largely be driven by the rate ramps that Dave described.

因此，這一切都將順利進行，並且時間安排將在未來幾年內延長。我們的預期是，隨著時間的推移，雖然這些計劃利潤不會回到 2018 年的水平，但它們將會擴大。這很大程度上是由戴夫描述的利率上升所推動的。

And the reason why they'll be different from where they were in 2018 is largely, as you know, is because of the customer mix and these delayed considerations. So all in all, when we step back and think about long term, structurally, particularly on the cash margin front, not a lot has changed. We just have to work through getting from here to those higher levels, including the consideration that we've described that we booked in the quarter. Overall long term, we still think we get there.

如您所知，它們之所以與 2018 年不同，很大程度上是因為客戶組合和這些延遲的考慮因素。總而言之，當我們退一步思考長期結構性問題時，特別是在現金利潤率方面，並沒有太大變化。我們只需要努力從這裡達到更高的水平，包括我們已經描述過的在本季度預訂的考慮因素。總體而言，從長遠來看，我們仍然認為我們能夠實現這一目標。

The next question is from Seth Seifman from JPMorgan.

下一個問題來自摩根大通的 Seth Seifman。

Brian, you talked a little bit about the cash balance and liquidity. I don't know if this is necessarily the right way to think about it, but I feel like there's this conventional wisdom out there that Boeing should have roughly $10 billion of cash on the balance sheet. Maybe that can dip a little bit lower intra-year as we see now.

布萊恩，您談到了現金餘額和流動性。我不知道這是否一定是正確的思考方式，但我覺得有一種傳統觀點認為波音的資產負債表上應該有大約 100 億美元的現金。也許正如我們現在所看到的，年內這一數字可能會下降一些。

But burning cash in the second quarter, kind of how low can that cash balance get before you have to do something? When you talked about additional sources of liquidity, what were you talking about? And how much room do you think you still have with the rating agencies to avoid getting put on a negative watch?

但是在第二季燒錢，在你必須採取行動之前，現金餘額能低到什麼程度呢？當您談到額外的流動性來源時，您在談論什麼？您認為評級機構還有多少空間可以避免受到負面關注？

Thanks, Seth. First and foremost, I remind everyone that we do have $17 billion of liquidity today, comprised of the cash on hand as well as our credit lines. What we're focused on is a first half cash usage that is resulting from all of the actions we're taking to stabilize both the factory and the supply chain to set ourselves up for success as we move to the second half and into 2025.

謝謝，賽斯。首先，我提醒大家，我們今天確實擁有 170 億美元的流動性，包括手頭現金和信貸額度。我們關注的是上半年的現金使用情況，這是我們為穩定工廠和供應鏈所採取的所有行動所產生的結果，以便為下半年和 2025 年的成功做好準備。

And to that end, any supplemental funding that I talked about would do two things. First of all, it would restore our cash balance to the historical level that you point out, that $10 billion-ish. But it also means that we want to continue our practice to stay well ahead of our near-term maturities. And by near term, I mean roughly the next 12 months.

為此，我談到的任何補充資金都會起到兩個作用。首先，這將使我們的現金餘額恢復到您指出的歷史水平，約 100 億美元。但這也意味著我們希望繼續我們的實踐，以遠遠領先於我們的近期成熟度。我所說的近期是指大約未來 12 個月。

So that's what we're thinking about as we sit here today. We will be prudent and thoughtful. We believe the market would be open to us. And as we've said consistently, the most important thing is our investment-grade credit rating that we think a lot about, and it is a priority.

這就是我們今天坐在這裡思考的問題。我們會謹慎、深思熟慮。我們相信市場會向我們開放。正如我們一貫所說，最重要的是我們的投資等級信用評級，我們對此進行了很多思考，並且這是一個優先事項。

Our next question is from Sheila Kahyaoglu from Jefferies.

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

Can we talk about the 737 rate again? How much of that is self-inflicted versus the FAA processes that are in place? And when we think about the 90-day time line that comes to a head with the IAM negotiations over the summertime, I would assume. So how do we think about the IAM progressing as well? And how much was incorporated into the $10 billion free cash flow target?

我們可以再談737 的費率嗎？與現有的 FAA 流程相比，其中有多少是自己造成的？當我們考慮夏季 IAM 談判即將到來的 90 天時間表時，我會這麼認為。那我們如何看待 IAM 的進展呢？ 100 億美元自由現金流目標中納入了多少資金？

Okay, Sheila, that's like a 3-parter.

好吧，希拉，這就像一個三人組。

Sorry about that.

對於那個很抱歉。

Yes. I'll do my best. So I -- all of the 737 disruption that it goes on today, in my view, is self-inflicted in the sense that we've made the decision that the amount of traveled work, particularly as it relates to the fuselage that was embedded and normalized in our factory, that we would make a dramatic reduction in it. So that move we made with all the inspectors and all the rework operators down to Wichita, the visibility we've provided to the Wichita workforce with respect to the rework that we were doing, the FAA didn't demand that. We demanded it because it's -- we're determined to get ahead of it.

是的。我將盡我所能。因此，在我看來，今天發生的所有 737 中斷都是我們自己造成的，因為我們已經做出了旅行工作量的決定，特別是因為它與嵌入的機身有關並在我們工廠標準化，我們將大幅減少它。因此，我們與所有檢查員和所有返工操作員一起前往威奇托，我們向威奇托員工提供了我們正在進行的返工的可見性，美國聯邦航空局並沒有要求這樣做。我們要求它，因為我們決心領先。

What the FAA is doing, and they have been very diligent and business-like in the way they've approached this is they want a control plan. And they want a control plan in 90 days that, in essence, monitors and measures whether our production system is in control moving forward. And if it ever gets out of control, the signals are clear, both to the FAA and to us even more importantly. And if we don't, we won't extend. We won't rate up. We won't do anything until it is under control, and that has to stay that way.

美國聯邦航空局正在做的事情，他們一直非常勤奮和務實，他們處理這個問題的方式是他們想要一個控制計劃。他們希望在 90 天內製定一個控制計劃，本質上是監控和衡量我們的生產系統是否處於受控狀態。如果它失控，訊號是明確的，無論是對美國聯邦航空局，還是對我們來說，更重要的是。如果我們不這樣做，我們就不會延長。我們不會評價。在局勢得到控制之前我們不會採取任何行動，而且必須保持這種狀態。

So 90 days isn't like a wave a magic flag and everything is great, and you guys can go from 38 to 40. It's quite different. It is simply a set of metrics and controls that we both agree are the right ones to monitor the performance of our factories. And I am confident it will be a good set of controls and something that we can live up to.

所以 90 天不像揮舞一面神奇的旗幟，一切都很棒，你們可以從 38 天到 40 天。這只是我們雙方都同意監控工廠績效的正確指標和控制措施的集合。我相信這將是一套很好的控制措施，也是我們能夠實現的目標。

And we're going to work our way through this one. As I said, the most important thing that occurs over the next 6 months or frankly, starting in January when we launched this effort is going to be the pace at which clean fuselages come out of Wichita. That is the most essential part of this equation.

我們將努力解決這個問題。正如我所說，未來 6 個月發生的最重要的事情，或者坦白說，從一月份我們啟動這項工作開始，將是威奇託生產乾淨機身的速度。這是這個等式中最重要的部分。

With respect to IAM, as you know, we worked through the summer. There's a lot of discussions going on between our team and their teams. It feels productive. While we're doing that, we have huge engagement with a relatively new workforce across our factories in light of what we've just experienced. That engagement helps. It doesn't hurt.

如您所知，關於 IAM，我們整個夏天都在努力。我們的團隊和他們的團隊之間正在進行許多討論。感覺很有成效。在我們這樣做的同時，根據我們剛剛經歷的情況，我們與工廠中相對較新的勞動力進行了廣泛的接觸。這種參與有幫助。它不痛。

I am -- I can't ever tell you I'm perfectly confident that we rush to an agreement. But we're all going to try to solve for continuous production. And I think we -- I think our chances are good. So -- but we're not going to know until we get really close to the deadline, and that's just real life and labor negotiation. I think that covers most of what you asked. Was there any other part I missed?

我——我永遠無法告訴你我完全有信心我們能盡快達成協議。但我們都會努力解決連續生產的問題。我認為我們的機會很大。所以——但直到我們真正接近最後期限之前我們不會知道，這只是現實生活和勞資談判。我認為這涵蓋了您所問的大部分內容。還有其他部分我錯過了嗎？

The $10 billion free cash flow, does it incorporate the IAM negotiation?

100億美元的自由現金流，是否包含了IAM談判？

Oh, yes. Yes, yes.

哦是的。是的是的。

And the next question is from the line of 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)。

I guess this is sort of asked and you've alluded to pieces of the answer to this, but I'm just going to ask it anyway because it seems to be the most important thing, which is just how long does it take to do everything you need to do on product quality? And how much of it needs to be done before you can increase production again versus how much of it can be done as you're increasing production again?

我想這是一個問題，你已經提到了這個問題的部分答案，但我還是要問它，因為這似乎是最重要的事情，這就是需要多長時間才能完成您需要在產品品質方面採取哪些措施？在再次提高產量之前需要完成多少工作，以及再次提高產量時可以完成多少工作？

Because I've heard you now reference 6 months a few times, and you've referenced the back half of the year looking a lot different than the first half of the year. And 6 months isn't a short window of time. But in the context of what you're doing and referencing 30,000 ideas and if you're going to take Spirit in, that hasn't even happened yet, and it's almost May. When you were working with the FAA on 787 a few years ago, you didn't deliver one for 18 months.

因為我聽說您現在多次提到 6 個月，而且您提到的下半年看起來與上半年有很大不同。 6個月並不是一個短時間。但就你正在做的事情和參考了 30,000 個想法而言，如果你打算採納 Spirit，那還沒有發生，而且已經快到五月了。幾年前，當您與 FAA 合作開發 787 飛機時，您已經 18 個月沒有交付飛機了。

So I don't know what you can say to that, but how do we get confident that the time just doesn't keep ripping by, and you're not iterating back and forth and there isn't a much longer window of time needed to do everything you need to do to start to ramp again?

所以我不知道你對此能說什麼，但是我們如何才能確信時間不會一直流逝，並且你不會來回迭代並且沒有更長的時間窗口需要做所有需要做的事情才能再次開始加速嗎？

Yes. So Noah, I'll address this one. First of all, I'm glad you asked about the 6 months. When I say 6 months, I'm talking about the first half of this year because remember, we commenced all of these actions the day after the Alaska Air accident.

是的。諾亞，我來解決這個問題。首先，我很高興您詢問這 6 個月的情況。當我說 6 個月時，我指的是今年上半年，因為請記住，我們在阿拉斯加航空事故發生後的第二天就開始了所有這些行動。

Our determination -- the big factor here, in my view with respect to the essence of the question, is this move to eliminate traveled work in our factory and specifically and most importantly, the fuselage. So that action was commenced on March 1, inspection line in place, full inspections being performed in Wichita.

我們的決心——在我看來，就問題的本質而言，這裡的一個重要因素是消除我們工廠的出差工作，特別是最重要的是機身。因此，該行動於 3 月 1 日開始，檢查線就位，在威奇托進行全面檢查。

Our rework teams with respect to nonconformances that were worked up in Seattle, those teams have been visiting regularly down to Wichita. And I fully expect, I fully expect for them to come up to rate with clean fuselages here as we get into the second half.

我們的返工團隊針對在西雅圖處理的不合格問題，這些團隊定期前往威奇托。我完全期望，當我們進入下半場時，我完全期望他們能夠以乾淨的機身達到標準。

That, again, is the big productivity driver in the Renton factory. And the cycle time improvements also double up as capacity improvements for pretty much for us and for them. So that is the big question.

這又是倫頓工廠生產力的一大推手。對我們和他們來說，週期時間的改善也與產能的改善倍增。所以這是一個大問題。

The 30,000 ideas, that is a long list of stuff that just provides for continuous improvement from this day until forever. So that's not something that all has to get processed and completed before we can sort of flip the switch and go. It's quite the opposite. It is a set of continuous improvement concepts and ideas that we simply set out with our workforce and our leadership team over time. And that's recognized by our employees and by our leadership team. So that's how I think about this sequence.

30,000 個想法，這是一長串的東西，只是提供了從今天到永遠的持續改進。因此，在我們可以打開開關之前，這並不是所有事情都必須處理和完成的事情。事實恰恰相反。這是一套持續改進的概念和想法，我們只是隨著時間的推移與我們的員工和領導團隊一起制定。這得到了我們的員工和領導團隊的認可。這就是我對這個序列的看法。

Okay. Have you guys thought about framing and disclosing some version of that time line of work maybe in big buckets or categories that you would provide to the investment community? Because it feels like everybody is guessing and has no visibility.

好的。你們是否考慮過框架和揭露該工作時間軸的某些版本，可能是在您向投資界提供的大桶或類別中？因為感覺大家都在猜測，沒有可見性。

And if you said, traveled work is one category, Wichita, I don't know what the categories would even be. But if there was 4 or 5 of them, and you could provide an update on which are complete and how complete the other ones are as you report just some version of milestones that investors could follow on your progress here?

如果你說，旅行工作是一類，威奇托，我甚至不知道這些類別是什麼。但是，如果有 4 或 5 個，您可以提供更新，說明哪些是完整的，以及其他的完成程度如何，因為您只報告了投資者可以在此處追蹤您的進度的某些版本的里程碑？

I think that's fair. Noah, the most important one, the essential one and that we will have to report as we close the second quarter is going to be the number of clean fuselages that we're receiving from Wichita and the prognosis for that going forward. So that will be the most essential part of the equation I think you're trying to solve.

我認為這是公平的。諾亞，最重要的、最重要的，我們在第二季結束時必須報告的將是我們從威奇託收到的乾淨機身的數量以及對未來的預測。所以這將是我認為你要解決的方程式中最重要的部分。

I think all the other stuff, we'll categorize for you. That's not hard. We do it for the FAA. We do it for our own teams. But that is not going to be rate limiting. It's not -- none of that is going to factor into the rate limits. What is going to factor in is this determination, it's to make sure traveled work doesn't come back to us and that Wichita is up to the rate increases.

我想所有其他的東西，我們都會為你分類。這並不難。我們為美國聯邦航空管理局 (FAA) 做這件事。我們為自己的團隊這樣做。但這不會限制速率。事實並非如此——這些都不會影響速率限制。需要考慮的因素是這個決定，這是為了確保旅行工作不會回到我們身邊，並且威奇托能夠承受加薪。

Our next question is from Kristine Liwag from Morgan Stanley.

我們的下一個問題來自摩根士丹利的克里斯汀·利瓦格。

Dave, Brian, you mentioned that the first half deliveries for the 737 will be under pressure as you focus on quality. But then again, stability of the supply chain is also a priority. So in the event that 737 MAX production and deliveries continue to be under pressure beyond the first half of this year, how long can you keep the supply chain at a higher rate? What does it mean to keep them stable? And then also as a follow-on to that, if this were to play out, can you talk about the puts and takes of free cash flow generation in the second half of the year?

Dave、Brian，你們提到，由於你們注重質量，737 上半年的交付量將面臨壓力。但話又說回來，供應鏈的穩定性也是一個優先考慮的問題。那麼，如果今年上半年以後737 MAX的生產和交付繼續面臨壓力，供應鏈還能維持多久的高速運轉呢？保持它們穩定意味著什麼？然後，作為後續內容，如果這種情況發生，您能談談今年下半年自由現金流產生的看跌期權和收益嗎？

Yes. I'm sure Brian is going to answer this one, but let me start. We have a rate increase plan. And as everyone knows, it gets us up to 50 here as we get into that '25, '26 window. So our job now, given the slowdown here in these 6 months and then sort of the pushout of those rate increases is to make sure we have all the inventory we need to satisfy that 50 number and have the buffers where they need to be to make sure that the supply chain can demonstrate the capacity to meet those numbers.

是的。我確信布萊恩會回答這個問題，但讓我開始吧。我們有一個加息計劃。眾所周知，當我們進入「25、26」視窗時，它會讓我們達到 50。因此，考慮到這 6 個月的經濟放緩以及隨後的加息，我們現在的工作是確保我們擁有滿足 50 個數字所需的所有庫存，並在需要的地方提供緩衝確保供應鏈能夠證明有能力滿足這些數字。

So this slowdown, in my view, is an opportunity for us to shore up whatever supply chain issues were out there sort of one supplier at a time and to get there. Now if we get to a moment because the slowdown has gone on too long, if we get to a moment where the buffers exceed that requirement, we will curtail but not until they exceed that requirement. Brian?

因此，在我看來，這種放緩對我們來說是一個機會，可以一次解決一個供應商存在的任何供應鏈問題，並解決這個問題。現在，如果我們因為經濟放緩持續太長時間而到達某個時刻，如果我們到達緩衝區超過該要求的時刻，我們將減少，但直到它們超過該要求。布萊恩？

Only thing I would add is that tactically, we have adjusted the master schedule at a supplier-by-supplier basis. It's all out there. They know it. We will continue to pace final assembly in line with that master schedule so that we don't sacrifice stability because what we're talking about is a very important near-term investment that we have to stay laser-like focused on so that we don't take a step back. And that's what we're focused on. And we believe that we can handle the cash flow fluctuations as we get through the first half into the second half and position ourselves for 2025.

我唯一要補充的是，從戰術上講，我們已經逐個供應商調整了主計畫。一切都在那裡。他們知道。我們將繼續按照主時間表加快組裝進度，這樣我們就不會犧牲穩定性，因為我們正在談論的是一項非常重要的短期投資，我們必須高度關注，這樣我們就不會不要退後一步。這就是我們關注的重點。我們相信，從上半年到下半年，我們能夠應對現金流波動，並為 2025 年做好準備。

And our next question is from Scott Deuschle from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Scott Deuschle。

Dave, could you further characterize what you're seeing with respect to supply chain performance on the 87? And where the constraints are that are driving you to drop back below 5 a month? And then I'm curious if there's been any change to the plan on the 777X ramp.

Dave，您能否進一步描述您所看到的 87 供應鏈績效？是什麼因素導致您每個月的收入下降到 5 個以下？我很好奇 777X 坡道的計劃是否有任何變化。

Yes. No change on the latter. But we really have two constraints to think about on the 87. One is discrete. It's well understood and known, and it's heat exchangers. This is a product that used to be built in Russia. When the invasion happened, it got moved, and the capacity of that supplier has not kept pace with us. But the improvement plan that we all see gets us where we need to be by the fourth quarter, and we have a lot of confidence in it. So again, discrete, well known, et cetera.

是的。後者沒有變化。但對於 87，我們確實有兩個限制需要考慮。這是眾所周知的，它就是熱交換器。這是一款曾經在俄羅斯製造的產品。當入侵發生時，它被移動了，而該供應商的能力已經跟不上我們的步伐。但我們都看到的改進計劃使我們能夠在第四季度達到我們需要的目標，我們對此充滿信心。再說一次，離散的、眾所周知的等等。

The other one that is -- that affects us is not necessarily our suppliers. But as you may know, the seat suppliers out there are in shorter capacity. A lot of that is buyer furnished. But nevertheless, it holds up an airplane. And so that one is a little more medium term-ish. Capacity is being built out.

影響我們的另一個因素不一定是我們的供應商。但正如您所知，座椅供應商的產能不足。其中很多是買家提供的。但儘管如此，它仍然支撐著一架飛機。所以這是一個更中期的問題。產能正在建設中。

I think people will get ahead of it, but that will be a little longer than the heat exchanger. And anyway, so that will affect us a bit. And when you have a buyer-furnished problem like that, you don't have a consequence attached to it, as you probably know.

我認為人們會領先它，但這會比熱交換器長一點。無論如何，這會對我們產生一些影響。當你遇到這樣的買家提供的問題時，你不會有任何後果，你可能知道。

Got it. And then, Brian, can you get an advance on the large P-8 contract that you won this quarter?

知道了。然後，Brian，您能否獲得本季贏得的 P-8 大型合約的預付款？

So we're going to not talk about that specifically in terms of that award. But I did want to come back to two things that you asked about. I want to make sure there's color out there. 777X, as we described, no changes. But I would like to indicate that we're starting to see the inventory implications of that ramp. And that's something that's big and important as we move through this year, and we're excited to be able to put that in service. But that does create some working capital pressure that I don't want to be -- have lost on anyone.

因此，我們不會專門討論該獎項。但我確實想回到你問的兩件事。我想確保那裡有顏色。 777X，正如我們所描述的，沒有變化。但我想指出的是，我們開始看到這種成長對庫存的影響。這是我們今年面臨的重大而重要的事情，我們很高興能夠將其投入使用。但這確實造成了一些我不想承受的營運資金壓力——任何人都失去了這種壓力。

And as it pertains to the 87, very nice progress in terms of our inventory liquidation progressing well. Keep in mind, not all of that will get delivered. All that will get reworked and completed, but the deliveries are going to lag.

就 87 而言，我們的庫存清理進展順利，並且取得了非常好的進展。請記住，並非所有這些都會交付。所有這些都將被返工並完成，但交付將會滯後。

And as far as production is concerned, we will be a couple lower than that 5 per month for most of the year as the supply chain catches up. And as Dave mentioned, we do have a recovery plan, and we are optimistic.

就產量而言，隨著供應鏈的趕上，我們在一年中的大部分時間裡每月產量將低於 5 個。正如戴夫所提到的，我們確實有一個恢復計劃，而且我們很樂觀。

And one bright spot is that, that second line has now been activated. So as soon as that supply chain is positioned, we'll be ready to go, but it will be lower as we move through this year.

一個亮點是，第二條線現已啟動。因此，一旦供應鏈定位完畢，我們就會做好準備，但隨著今年的推移，供應鏈的數量將會降低。

And the next question is from David Strauss from Barclays.

下一個問題來自巴克萊銀行的大衛‧史特勞斯。

Just wanted to clarify on your comments around the balance sheet and liquidity. Is equity -- considering equity issuance, is that still off the table as you think about the balance sheet and potentially funding Spirit?

只是想澄清您對資產負債表和流動性的評論。考慮到股票發行，當您考慮資產負債表和可能為 Spirit 提供資金時，股權是否仍然是不可能的？

Well, as we stand for what I described in terms of what we're looking at right now, working closely with the rating agencies, we believe we can do the move I described in the near term with market access without that.

好吧，正如我們代表我所描述的那樣，我們現在正在與評級機構密切合作，我們相信我們可以在沒有市場准入的情況下在短期內採取我所描述的舉措。

As it pertains to Spirit, we talked about that this is a deal where discussions are ongoing. It's complicated. There's other parties involved. And what this means is that once it does get signed, we expect it to, that it's going to take time to close. And in that time between signing and closing, we're going to explore the optimal financing for that transaction in order to maintain the investment-grade credit rating. And that's important.

至於精神，我們談到這是一項正在進行討論的交易。情況很複雜。還有其他各方參與其中。這意味著一旦簽署，我們預計它需要時間才能完成。在簽署和完成之間的這段時間裡，我們將探索該交易的最佳融資方式，以維持投資等級信用評級。這很重要。

How exactly that looks? Don't know. We've got the time. And importantly, at the same time, we're going to have a factory that we expect to get more and more stable. So we're going to get to the optimal answer. We're going to protect the investment-grade credit rating. And how the pieces play out, stay tuned.

看起來到底怎麼樣？不知道。我們有時間。重要的是，同時，我們將擁有一個我們希望變得越來越穩定的工廠。所以我們將得到最佳答案。我們將保護投資等級信用評級。以及這些作品將如何發揮，敬請期待。

Okay. And a quick follow-up there as it relates to Spirit. How engaged is Airbus in this process at this point and thinking about potentially taking back their own work? And does the deal need to wait until you get full clarity on what might happen with that Airbus business? Or do you think you can move forward without full clarity there?

好的。以及與精神相關的快速跟進。空中巴士目前在這過程中的參與程度如何，並考慮收回自己的工作？這筆交易是否需要等到您完全清楚空中巴士業務可能發生的情況之後才進行？或者你認為你可以在沒有完全明確的情況下繼續前進嗎？

No. We can move forward without full clarity. And as you probably know, we're not going to get involved in that, whatever is going on there. We encourage Spirit to do whatever they need to do to try to remedy or improve their business relative to our potential acquisition. So I don't have a lot of insight into that, but I encourage Spirit to try to resolve that kind of stuff as quickly as they can. But we are not -- we're not being held hostage to that.

不，我們可以在沒有完全明確的情況下繼續前進。正如您可能知道的那樣，無論那裡發生什麼，我們都不會參與其中。我們鼓勵 Spirit 盡其所能，嘗試補救或改善與我們潛在收購相關的業務。所以我對此沒有太多的見解，但我鼓勵 Spirit 嘗試盡快解決此類問題。但我們不是──我們不會受此束縛。

Our next question is from Peter Arment from Baird.

我們的下一個問題來自貝爾德 (Baird) 的彼得·阿門特 (Peter Arment)。

Dave, can you talk about your pending kind of leadership change? I mean you've been on the Board for many years. You've been CEO for 5 years during what's obviously been a very challenging environment with MAX, COVID, 787. But it kind of -- as we think about it in reality, Boeing is in kind of a position to have a multiyear improvement story. So what do you think is the right leader that's needed to execute kind of what is a very complex company?

戴夫，您能談談您即將進行的領導層變動嗎？我的意思是你已經在董事會任職很多年了。你已經擔任執行長5 年了，當時的環境顯然充滿了MAX、新冠肺炎、787 等極具挑戰性的環境。位置。那麼，您認為執行一家非常複雜的公司需要什麼樣的合適領導者呢？

Yes. I always -- I appreciate you're asking that, Peter. First of all, the process we have in place is a good one. Steve Mollenkopf in the Chair role, Bob Bradway in the governance role. The Board at large, they're going to look at the market every way they can. They know I have an internal candidate that I think the world of. They will balance sort of their perspective and get to the right conclusion with my full support. I do not expect that to happen in the next month or 2. So let's all be clear about that.

是的。我總是——我很感激你這麼問，彼得。首先，我們現有的流程是一個很好的流程。史蒂夫·莫倫科普夫 (Steve Mollenkopf) 擔任主席，鮑勃·布拉德韋 (Bob Bradway) 擔任治理職務。整個董事會，他們將盡其所能地關注市場。他們知道我有一位我所重視的內部候選人。在我的全力支持下，他們會平衡自己的觀點並得出正確的結論。我預計這種情況不會在下個月或兩個月內發生。

Look, my prescription is pretty simple. You know as well as anybody, maybe better than anybody how long term this business is. You also know that mistakes that matter are usually in the development of another airplane, not so much in the production issues that we face today or the supply chain issues that were created from COVID. These are in the context of aviation, short-term issues that have to get wrestled through slowly in a disciplined way.

你看，我的處方很簡單。你和任何人一樣清楚，也許比任何人都更清楚這項業務的長期期限。您也知道，重要的錯誤通常出現在另一架飛機的開發中，而不是出現在我們今天面臨的生產問題或新冠疫情造成的供應鏈問題中。這些都是航空領域的短期問題，必須以有紀律的方式慢慢解決。

On the other hand, when you get big development programs wrong, you pay a price, and you pay it for a long time, and I know an awful lot about that. So my view is that next leader has to be prepared to make smart long-term decisions and get the development programs right.

另一方面，當你的大型開發專案出錯時，你就會付出代價，而且要付出很長一段時間的代價，我對此了解很多。因此，我的觀點是，下一任領導人必須做好準備，做出明智的長期決策並制定正確的發展計劃。

So that's the prescription that I've offered to the Board, that I offer to pretty much everybody. And again, I have an internal succession plan broadly that I like. And anyway, we'll see where things turn out. But either way, they have my full support.

這就是我向董事會提供的處方，也是向幾乎所有人提供的處方。再說一次，我有一個我喜歡的內部繼任計劃。不管怎樣，我們會看看事情的結果如何。但無論如何，他們都會得到我的全力支持。

And that question will come from the line of Jason Gursky from Citigroup.

這個問題將來自花旗集團的傑森·古斯基（Jason Gursky）。

Okay. Great. Recognizing that you've got 2 other segments, the last caller here, nobody has touched on BDS.

好的。偉大的。認識到您還有另外 2 個段落，即這裡的最後一個呼叫者，沒有人接觸過 BDS。

Go Jason. Thank you.

去吧傑森。謝謝。

So first on the services business. Look, the operating margins there have been quite healthy over the last year or so, and I think are operating well above kind of your targeted margin range for that medium-term targets out there in '25, '26. So the question is, can we sustain the margins that we've got that we're seeing today out into that period?

首先是服務業務。看，在過去一年左右的時間裡，那裡的營業利潤率相當健康，而且我認為，營業利潤率遠高於 25 年和 26 年中期目標的目標利潤率範圍。所以問題是，我們能否維持今天所看到的利潤到那個時期？

And then over on BDS, the incremental charges seem like they're coming down quarter-on-quarter. But Brian, just kind of curious, are there some -- any significant milestones or risk retirements that you're -- that you could point to here over the next 12, 18 months that kind of give us a little bit of an idea of when those things completely go away and we begin to start seeing that financial model that you've talked about start to lock in for that '25, '26 time frame?

然後在 BDS 上，增量費用似乎逐季下降。但布萊恩有點好奇，在接下來的 12、18 個月裡，你是否可以指出一些重要的里程碑或有退休風險的事情，讓我們對以下問題有一些了解：當這些事情完全消失時，我們開始看到您談到的財務模型開始鎖定「25」、「26」的時間範圍？

Let's split this, Brian. I'll do the services. You can handle the defense contracts. So services. The one thing that I don't think anybody's factored into margin for us in services, a big profit pool that we have is our distribution business. This was the acquisitions of Aviall, KLX over the years.

讓我們分開吧，布萊恩。我來做服務。你可以處理國防合約。所以服務。我認為沒有人將我們的服務利潤考慮在內的一件事是我們的分銷業務，這是我們擁有的巨大利潤池。這就是多年來對Aviall、KLX的收購。

This calendar year, we have a full integration of those 2 distribution companies in mind. I've reviewed this program. This will be another important productivity stepping stone for the business that, in my view, provides for a sustainable margin improvement and just a better, smarter, simpler way of doing business around the world.

今年，我們計劃對這兩家分銷公司進行全面整合。我已經審查過這個程序。在我看來，這將是企業提高生產力的另一個重要墊腳石，它可以實現可持續的利潤率提高，並提供一種更好、更聰明、更簡單的全球業務開展方式。

So that project is in full swing. We will likely do the change somewhere in the fourth or first quarter of next -- fourth quarter this year or the first quarter of next year. We'll let that team tell us when they want to pull the trigger.

所以這個項目正在緊鑼密鼓地進行中。我們可能會在明年第四季或第一季的某個地方進行更改——今年第四季或明年第一季。我們會讓團隊告訴我們他們何時想要扣動扳機。

But that one is a pretty big one, and it's a pretty important one. It's one I've always wanted to get done. It will take those brands out of play. It will simply be a Boeing brand. And the integration in the warehouses broadly across our company, it's pretty significant. So you want to hit that?

但這是一個相當大的問題，也是一個非常重要的問題。這是我一直想完成的一件事。這將使這些品牌失去作用。它將只是一個波音品牌。我們公司範圍內倉庫的整合非常重要。那你想打那個嗎？

Sure. On BDS, Jason, characterized in a couple of ways, we're retiring risk every day, particularly on a program like VC-25B, which will move our way through. And we will deliver 2 airplanes, and then that will be over as a program.

當然。 Jason，在 BDS 上，我們每天都在消除風險，特別是像 VC-25B 這樣的項目，它將幫助我們渡過難關。我們將交付兩架飛機，然後這個計畫就會結束。

The ones that are interesting to us in terms of the development side would be the T-7 and the MQ. T-7, we expect to get through the flight test program. Good progress with the customer. It's proceeding well. That's an important milestone as we exit this year.

在開發方面，我們感興趣的是 T-7 和 MQ。 T-7，我們預計能夠通過飛行測試計劃。與客戶取得良好進展。進展順利。這是我們今年退出的一個重要里程碑。

Similarly, on MQ-25, we will get to the build, we will get to the software integration, and we will be able to get through an important milestone with the customer as we exit this year. Importantly on the MQ-25, as I mentioned, we just signed with the customer 2 additional airplanes that are going to be cost type. That's important. Another move towards our intent to derisk.

同樣，在 MQ-25 上，我們將進行構建，我們將進行軟體集成，當我們今年退出時，我們將能夠與客戶一起實現一個重要的里程碑。重要的是，正如我所提到的，在 MQ-25 上，我們剛剛與客戶簽署了另外 2 架成本型飛機的合約。這很重要。這是我們消除風險的另一個舉措。

And then on the commercial crew, we've got a launch coming up. That will continue to derisk that program. And the tanker, the tanker continues to show good progress. It does get impacted somewhat by our determination to reduce traveled work. But long term, the tankers are performing in the field.

然後在商業團隊方面，我們即將推出。這將繼續降低該計劃的風險。而油輪，油輪持續展現出良好的進步。它確實受到我們減少出差工作的決心的影響。但從長遠來看，油輪正在現場發揮作用。

We're getting a better handle on what that needs to look like over time, and we're confident that we're derisking it. So by and large, we still feel confident that we'll work our way through it. And that will result in a BDS margin level as we get into the '25, '26 time frame that we believe is going to be in the high single digits. Nothing has taken us off that, and we look forward to retiring these risks.

隨著時間的推移，我們正在更好地處理需要的情況，我們有信心我們正在消除它的風險。所以總的來說，我們還是有信心能夠度過難關。當我們進入「25」、「26」時間框架時，這將導致 BDS 利潤水準達到較高的個位數。沒有什麼能讓我們擺脫這一點，我們期待消除這些風險。

And that concludes our call today. Thank you, everybody, for joining.

我們今天的電話會議到此結束。謝謝大家的加入。

Thank you. And ladies and gentlemen, that does conclude our conference for today. Thank you for your participation and for using AT&T teleconference. You may now disconnect.

謝謝。女士們、先生們，我們今天的會議到此結束。感謝您的參與和使用 AT&T 電話會議。您現在可以斷開連線。