波音 (BA) 2024 Q2 法說會逐字稿

Thank you for standing by. Good day everyone, and welcome to the Boeing Company's second quarter 2024 earnings conference call. Today's call is being recorded. The management discussion and slide presentation plus the analyst question and answer session are being broadcast live over the Internet.

謝謝你的支持。大家好，歡迎參加波音公司 2024 年第二季財報電話會議。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。

(Operator Instructions) I'm turning the call over to Mr. Matt Welch, Vice President of Investor Relations for The Boeing Company. Mr. Welch, please go ahead.

（操作員說明）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。韋爾奇先生，請繼續。

Thank you, Lois, 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. As a reminder, you can follow today's broadcast and slide presentation at boeing.com.

謝謝你，路易斯，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。提醒一下，您可以在 boeing.com 上關註今天的廣播和幻燈片演示。

Projections, estimates and goals included in today's discussion involves risks, including those described in our SEC filings and in the forward-looking statement disclaimer at the beginning of the presentation. We also refer you to the additional disclaimers related to the Spirit AeroSystems transaction at the beginning of the presentation as well the disclosures relating to non-GAAP measures in our earnings release and presentation.

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 提交的文件以及演示開頭的前瞻性聲明免責聲明中描述的風險。我們也請您參閱演示開始時與 Spirit AeroSystems 交易相關的附加免責聲明，以及我們的收益發布和演示中與非 GAAP 衡量標準相關的披露。

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 to all, and thanks for joining us. First, you saw the news that the company has announced the appointment of Kelly Ortberg as my successor commencing August 8 of this calendar year. As you know, the Board conducted an extensive search process. It was led by Steve Mollenkopf. I am incredibly grateful to the way in which he conducted it, the extent to which he conducted it.

謝謝，馬特。大家早安，感謝您加入我們。首先，您看到的消息是，該公司宣布任命 Kelly Ortberg 作為我的繼任者，從今年 8 月 8 日開始。如您所知，董事會進行了廣泛的搜尋過程。它由史蒂夫·莫倫科普夫領導。我非常感謝他的處理方式和程度。

And I'm extremely confident in their selection of Kelly as the next leader for Boeing. He's had more than 35 years of experience in aerospace and is tremendously respected in the industry. I look forward to working with him to ensure a smooth transition.

我對他們選擇凱利作為波音公司的下一任領導人非常有信心。他在航空航太領域擁有超過 35 年的經驗，在業界備受尊敬。我期待與他合作以確保順利過渡。

I want to focus my upfront comments on the progress that we are making on our recovery as we strengthen our quality management systems and position the company in best possible way as we move forward. Brian will cover the financials following my remarks.

我想將我的前期評論重點放在我們在恢復方面所取得的進展，因為我們加強了品質管理體系，並在我們前進的過程中以盡可能最好的方式定位公司。布萊恩將在我發言後報道財務狀況。

As a company, we've been on a multiyear path to strengthen our safety and quality management systems. We've stressed our commitment to transparency every step of the way. The January accident obviously sharpened this focus, leading us to take multiple additional steps to improve the stability of our operations, including major elements of our supply chain.

作為一家公司，我們多年來一直在加強我們的安全和品質管理系統。我們在每一步都強調了對透明度的承諾。一月份的事故顯然強化了這一重點，促使我們採取多項額外措施來提高營運穩定性，包括供應鏈的主要要素。

First, among our actions was to slow things down and control travel work, allowing our supply chain to catch up and provide the buffer we need to improve quality and stabilize deliveries going forward. Our second quarter financial results reflect the reality of that continuing recovery post the Alaska accident. We're committed to doing all of the work necessary to ensure Boeing is the company the world needed to be, safe and predictable.

首先，我們的行動之一是放慢速度並控制差旅工作，使我們的供應鏈能夠趕上並提供我們所需的緩衝，以提高品質並穩定未來的交付。我們第二季的財務業績反映了阿拉斯加事故後持續復甦的現實。我們致力於完成所有必要的工作，以確保波音公司成為世界所需的安全且可預測的公司。

Over the last seven months, we have made meaningful progress toward that goal. At the end of May, we provided our comprehensive safety and quality plan to the FAA, which continues to provide strong oversight of the delivery process.

在過去的七個月裡，我們在實現這一目標方面取得了有意義的進展。 5 月底，我們向美國聯邦航空局 (FAA) 提供了全面的安全和品質計劃，該計劃繼續對交付過程進行強有力的監督。

The planned notes are key performance indicators, by which we and our regulators will monitor the health and the quality of our production system. These measures include employee proficiency, notice of escapes, supplier shortages, rework hours, travelers at factory rollout and ticketing performance.

計劃中的註釋是關鍵績效指標，我們和監管機構將透過這些指標來監控我們生產系統的健康狀況和品質。這些衡量標準包括員工熟練程度、逃逸通知、供應商短缺、返工時間、工廠旅客狀況和票務績效。

All of these key performance indicators, KPIs, are established and operationalized across our BCA employee programs and they provide real-time insight to support stability, quality and safety. We are seeing improved performance across the majority of the metrics and remain confident in our ability to meet these KPIs as we expand production.

所有這些關鍵績效指標 (KPI) 均在我們的 BCA 員工計劃中建立和實施，它們提供即時洞察以支援穩定性、品質和安全性。我們看到大多數指標的性能都有所提高，並對我們在擴大生產時滿足這些 KPI 的能力充滿信心。

An important element of this plan is the control limits we've established by which the FAA and more importantly, our own team hold ourselves accountable.

該計劃的一個重要組成部分是我們制定的控制限制，美國聯邦航空管理局（FAA）以及更重要的是我們自己的團隊據此對自己負責。

Furthermore, our plan doubles down on four key investments; workforce training, simplification of manufacturing plan and processes, eliminating defects and elevating our safety and quality culture. We continue to seek feedback from our employees, from our customers, our regulators, policymakers, shareholders and many others as we move forward.

此外，我們的計劃在四項關鍵投資上加倍投入；勞動力培訓、簡化製造計劃和流程、消除缺陷並提升我們的安全和品質文化。在我們前進的過程中，我們將繼續尋求員工、客戶、監管機構、政策制定者、股東和其他許多人的回饋。

One of the most important actions we took was the transfer of our rent in fuselage inspection process to Wichita. On-site Boeing inspectors at Spirit increased by almost three times, the number that we had before January and defects we initially caught and reworked in Renton are now caught and reworked in Wichita.

我們採取的最重要的行動之一是將機身檢查過程中的租金轉移到威奇托。 Spirit 的現場波音檢查員增加了近三倍，我們一月份之前的數量以及我們最初在倫頓發現並返工的缺陷現在都在威奇托發現並返工。

While this dramatically reduced the number of clean fuselages coming from Spirit in the first few months, we have seen steady improvement ever since. The improvements in quality have significantly improved our rent and flow times over that same period.

雖然這大大減少了最初幾個月來自 Spirit 的乾淨機身的數量，但從那時起我們看到了穩定的改進。同期品質的提高顯著改善了我們的租金和流動時間。

While our focus remains on our factories to ensure we can meet our customer commitments, we are also making important progress on our development programs, including the 737-7, the -10 and our 777X. Most notably, this month, we received type inspection authorization, TIA, for the 777-9 and began cert flight testing with FAA personnel on board the aircraft.

雖然我們的重點仍然是我們的工廠，以確保我們能夠滿足客戶的承諾，但我們也在開發計劃方面取得了重要進展，包括 737-7、-10 和 777X。最值得注意的是，本月，我們獲得了 777-9 型檢驗授權 (TIA)，並開始與 FAA 人員在飛機上進行認證飛行測試。

Our team has put the 777-9 test fleet through more than 1,200 flights, 3,500 flight hours across a wide range of regions and climate condition. And the certification of flight testing will continue validating the airplane safety, reliability and performance.

我們的團隊已讓 777-9 測試機隊在廣泛的地區和氣候條件下進行了 1,200 多次飛行、3,500 小時飛行。飛行測試認證將繼續驗證飛機的安全性、可靠性和性能。

In addition, we've identified an engineering solution for the engine anti-ICE system for in-production aircraft that will be implemented and certified in 2025 to support the first delivery of our -7 and -10 in MAX family.

此外，我們還確定了用於在產飛機的發動機防冰系統的工程解決方案，該解決方案將於 2025 年實施並獲得認證，以支援我們 MAX 系列中的 -7 和 -10 的首次交付。

A comment on Boeing Defense, Space & Security performance. Clearly, the results this quarter are disappointing. Brian and I have mentioned before that we expected the fixed price development programs to remain bumpy until we complete the development phase and transition to mature long-term franchise programs.

對波音國防、太空和安全績效的評論。顯然，本季的結果令人失望。布萊恩和我之前提到過，我們預計固定價格開發計畫將繼續坎坷，直到我們完成開發階段並過渡到成熟的長期特許經營計畫。

Based on the lessons that we've learned in taking on these fixed-price development programs, we have maintained contracting discipline for all future opportunities. We remain cautiously optimistic about the long-term prospects of our defense business, and we believe we can progress toward a more historical level of performance over time.

根據我們在實施這些固定價格開發計劃中學到的經驗教訓，我們對所有未來的機會都保持了合約紀律。我們對國防業務的長期前景保持謹慎樂觀，並且相信隨著時間的推移，我們能夠取得更歷史性的績效水準。

Finally, Global Services remains a bright spot and continues to deliver solid results. We have a strong franchise and the team remains dedicated to supporting our commercial and defense customers.

最後，全球服務仍然是一個亮點，並繼續取得紮實的成果。我們擁有強大的特許經營權，團隊始終致力於支持我們的商業和國防客戶。

Before turning it over to Brian, let me touch on the recently announced agreement to acquire Spirit AeroSystems. This is an important shift in strategic direction, and it would course correct as -- made decades ago. This planned acquisition is a very significant demonstration of our resolve to invest heavily in quality and safety and to take the additional actions needed to reshape our company.

在將其交給布萊恩之前，讓我談談最近宣布的收購 Spirit AeroSystems 的協議。這是戰略方向的重要轉變，而且正如幾十年前所做的那樣，它的路線是正確的。這次計劃中的收購非常重要地表明了我們決心大力投資品質和安全，並採取必要的額外行動來重塑我們的公司。

As we have said, we believe this proposed deal is in in the best interest of the flying public, the best interest of our airline customers and the employees of Spirit and Boeing and the country more broadly.

正如我們所說，我們相信這項擬議交易符合飛行公眾的最佳利益、我們的航空公司客戶以及精神航空和波音員工以及更廣泛的國家的最佳利益。

By bringing in critical manufacturing work back within our four walls, we can unify our safety and quality management systems and ensure our engineers mechanics are working together as one team day-in and day-out.

透過將關鍵的製造工作帶回我們的四面牆之內，我們可以統一我們的安全和品質管理體系，並確保我們的工程師機械師日復一日地作為一個團隊一起工作。

I'll close with a comment to our employees. Thank you for all that you do every single day. You care deeply about our mission, about our company and about each other. Your passion, your resilience and commitment are inspiring. This is a challenging period of time for all of us. There is no doubt, but I am confident, maybe more confident than I've ever been in our future because of you.

最後我將向我們的員工發表評論。感謝您每天所做的一切。您非常關心我們的使命、我們的公司以及彼此。你的熱情、韌性和奉獻精神令人鼓舞。對我們所有人來說，這是一段充滿挑戰的時期。毫無疑問，但因為你，我對我們的未來充滿信心，也許比以往任何時候都更有信心。

And thank you, and Brian, I'll turn it over to you.

謝謝你，布萊恩，我會把它交給你。

Thanks, Dave, and good morning, everyone. Before jumping into the financial results, let me take a moment on our planned acquisition of Spirit AeroSystems. On July 1, we announced a definitive agreement to acquire Spirit in an all-stock transaction worth approximately $4.7 billion with a total enterprise value of approximately $8.3 billion.

謝謝戴夫，大家早安。在介紹財務表現之前，讓我先介紹一下我們計劃收購 Spirit AeroSystems 的情況。 7 月 1 日，我們宣布達成最終協議，以價值約 47 億美元的全股票交易收購 Spirit，企業總價值約 83 億美元。

As our materials indicated, we expect the transaction to close mid 2025, subject to the satisfaction of customary closing conditions, including regulatory and Spirit shareholder approvals as well as the sale of Spirit operations related to certain Airbus commercial work packages.

正如我們的資料所示，我們預計該交易將於 2025 年中期完成，但須滿足慣例成交條件，包括監管機構和 Spirit 股東的批准，以及出售與某些空中巴士商業工作包相關的 Spirit 業務。

This agreement contemplates us acquiring substantially all Boeing related commercial operations, primarily consisting of the Wichita, Kansas, Tulsa, Oklahoma and Dallas, Texas facilities as well as other commercial, defense and aftermarket operations that would further augment our capabilities and offerings across the portfolio.

該協議設想我們收購幾乎所有波音相關的商業業務，主要包括堪薩斯州威奇托、俄克拉荷馬州塔爾薩和德克薩斯州達拉斯的設施以及其他商業、國防和售後市場業務，這將進一步增強我們整個產品組合的能力和產品。

Regarding the defense programs, we're committed to working with Spirit, it's customers and the DoD to ensure continuity in order to support these critical missions. We continue to believe that this reintegration leverages and builds on our capabilities, supports supply chain stability, integrates critical manufacturing and engineering workforces and allows for the ultimate unification of safety and quality management systems.

關於國防計劃，我們致力於與精神號、其客戶和國防部合作，確保連續性，以支援這些關鍵任務。我們仍然相信，這種重新整合利用並建立在我們的能力之上，支持供應鏈的穩定性，整合關鍵的製造和工程人員，並實現安全和品質管理系統的最終統一。

Full aligning to the same priorities, incentives and outcomes centered on safety and quality is in the best interest of our customers, the aviation industry and all stakeholders, including the flying public. All of this demonstrates our ongoing commitment to aviation, safety, quality and stability.

完全遵循以安全和品質為中心的相同優先事項、激勵措施和成果，符合我們的客戶、航空業和所有利益相關者（包括飛行公眾）的最佳利益。所有這些都表明了我們對航空、安全、品質和穩定性的持續承諾。

Turning to the next page, I'll cover the total company financial performance for the quarter. Revenue was $16.9 billion, primarily reflecting lower commercial delivery volume. The core loss per share was $2.90, reflecting lower commercial delivery volume and losses of $1 billion on fixed price defense development programs, which I'll get into later.

翻到下一頁，我將介紹該季度公司的整體財務表現。營收為 169 億美元，主要反映商業交付量下降。每股核心虧損為 2.90 美元，反映出商業交付量下降以及固定價格國防開發計畫損失 10 億美元，我稍後會對此進行討論。

Free cash flow was a usage of $4.3 billion in the quarter, which was generally in line with the expectations shared in May. Results were impacted by lower commercial deliveries and unfavorable working capital timing.

本季自由現金流使用量為 43 億美元，與 5 月的預期基本一致。結果受到商業交付量下降和不利的營運資金時機的影響。

Turning to the next page, I'll cover Boeing Commercial Airplanes. BCA delivered 92 airplanes in the quarter. Revenue was $6 billion and operating margin was minus 11.9%, primarily reflecting lower deliveries and expected higher period costs, including R&D. The backlog in the quarter ended at $437 billion and includes more than 54 hundred airplanes.

翻到下一頁，我將介紹波音商用飛機。 BCA 本季交付了 92 架飛機。收入為 60 億美元，營業利潤率為-11.9%，主要反映了交付量的減少和預期的期間成本（包括研發）的增加。本季的積壓訂單達到 4,370 億美元，其中包括 5,400 多架飛機。

Last week's Farnborough Airshow continue to highlight the robust demand for our product lineup as we announced orders and commitments for over 150 airplanes, including nearly 100 widebodies. Now I'll give more color on the key programs.

上週的範堡羅航展繼續凸顯了對我們產品陣容的強勁需求，我們宣布了 150 多架飛機的訂單和承諾，其中包括近 100 架寬體飛機。現在我將對關鍵程序進行更多說明。

The 737 program delivered 70 airplanes in the second quarter, including a meaningful step up to 35 in June. July will be more or less in line with June levels despite normal seasonality. On production, we gradually increased during the quarter and still expect to be higher in the second half, as we move to 38 per month by year-end.

737 專案在第二季度交付了 70 架飛機，其中 6 月份交付量顯著增加至 35 架。儘管季節性正常，但 7 月的水平將或多或少與 6 月的水平一致。在產量方面，我們在本季逐漸增加，預計下半年產量會更高，到年底我們將達到每月 38 輛。

We've reactivated the third line in our rented factory and monthly production improvement from high single digits at the end of the first quarter to roughly 25 in June and July. As Dave noted, the factory is currently operating within or near the KPI control limits laid out with the FAA as part of the safety and quality plan.

我們重新啟動了租用工廠的第三條生產線，每月產量從第一季末的高個位數提高到 6 月和 7 月的約 25 倍。正如 Dave 所指出的那樣，該工廠目前的運作處於或接近 FAA 規定的 KPI 控制限值（作為安全和品質計劃的一部分）。

The factory is operating with all fully inspected fuselages today and near-term production will continue to be paced by fuselages from Wichita.

該工廠目前正在運作所有經過全面檢查的機身，近期生產將繼續由威奇託的機身進行。

More broadly on the master schedule, we continue to make adjustments as needed and manage supplier by supplier based on inventory levels. Our objective remains to keep the supply chain paced ahead of final assembly to support stability and minimize traveled work.

更廣泛地說，在主計劃上，我們繼續根據需要進行調整，並根據庫存水準逐個供應商進行管理。我們的目標仍然是在最終組裝之前保持供應鏈的節奏，以支持穩定性並最大程度地減少差旅工作。

The quarter ended with approximately 90 737-8s built prior to 2023, the vast majority for customers in China and India. This is down 20 from last quarter's value, and we expect approximately 10 more delivered in the month of July. We still expect to deliver most of these airplanes by year-end as we work towards shutting down the shadow factory.

本季末，2023 年之前建造了約 90 737-8 架，其中絕大多數為中國和印度的客戶。這比上季的價值下降了 20 個，我們預計 7 月還會交付約 10 個。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。

Regarding the -7 and the -10 models, inventory levels remained stable at approximately 35 airplanes and the certification timelines remain unchanged. On the 787, we delivered nine airplanes in the quarter, although the quarter was impacted by lower production, seat delays and other delivery timing items noted previously.

至於-7和-10型號，庫存水準保持穩定在約35架飛機，認證時間表保持不變。對於 787，我們在本季度交付了 9 架飛機，儘管該季度受到產量下降、座位延誤和之前提到的其他交付時間項目的影響。

We're starting to work through these issues and delivered six airplanes in July. The program produced below five per month in the quarter as expected and still plans to return to five per month by year-end.

我們正在開始解決這些問題，並在 7 月交付了六架飛機。該項目在本季的產量低於預期，每月產量低於 5 個，但仍計劃在年底恢復至每月 5 個。

We ended the quarter with around 35 airplanes in inventory built prior to 2023 that required rework, which continues to progress steadily. We still expect to finish the rework and shut down the shadow factory by year end with most of these airplanes delivering this year.

截至本季末，我們庫存中約有 35 架 2023 年之前製造的飛機需要返工，這項工作仍在穩步推進。我們仍預計在年底前完成返工並關閉影子工廠，其中大部分飛機將在今年交付。

Finally, on the 777X program, as Dave noted, we took a very important step on the certification timeline earlier this month as the program obtained type inspection authorization and began FAA certification flight testing. We'll continue to follow the lead of the FAA as we progress through the certification process and still expect first delivery in 2025.

最後，關於 777X 項目，正如 Dave 所指出的那樣，我們在本月早些時候的認證時間表上邁出了非常重要的一步，該項目獲得了型式檢驗授權並開始了 FAA 認證飛行測試。我們將繼續遵循 FAA 的指導，推進認證流程，並預計在 2025 年首次交付。

Inventory in the quarter grew approximately $800 million in line with recent quarterly trends and will continue to grow as we move towards entry into service as we've previously contemplated.

本季的庫存成長了約 8 億美元，符合最近的季度趨勢，隨著我們按照先前的預期投入服務，庫存將繼續成長。

Moving on to the next page, Boeing Defense & Space. BDS booked $4 billion in orders during quarter, including capturing an award from the US Air Force for seven MH-139 helicopters and the backlog ended 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 40 億美元的訂單，其中包括從美國空軍獲得的七架 MH-139 直升機訂單，積壓訂單最終達到 590 億美元。

Revenue was $6 billion, down 2%, driven by fixed price development losses and BDS delivered 28 aircraft in the quarter, including the first CH-47F Block 2 Chinook to the US Army. We took a $1 billion loss on certain fixed-price development contracts in the quarter and operating margin was minus 15.2%.

由於固定價格開發損失，收入為 60 億美元，下降 2%，BDS 在本季度交付了 28 架飛機，其中包括向美國陸軍交付的第一架 CH-47F Block 2 Chinook。本季度，我們在某些​​固定價格開發合約上損失了 10 億美元，營業利潤率為負 15.2%。

In late May, we indicated that margins would take a step back and be negative due to a couple of things. First, the deliberate slowdown of the Puget Sound factories has impacted the derivative programs, specifically a $391 million loss on the KC-46 A Tanker, as well as margin compression on the profitable P-8 program.

5 月下旬，我們表示，由於一些原因，利潤率將回落並為負值。首先，普吉特海灣工廠的故意放緩影響了衍生項目，特別是 KC-46 A 加油機損失了 3.91 億美元，以及盈利的 P-8 項目的利潤率壓縮。

Second, we've seen additional fixed price development cost pressures resulting in additional losses on T-7A, VC-25B and commercial crew, primarily related to higher estimated engineering and manufacturing costs and inefficiencies associated with meeting certain technical requirements.

其次，我們看到額外的固定價格開發成本壓力導致 T-7A、VC-25B 和商業機組人員的額外損失，這主要與預計工程和製造成本較高以及滿足某些技術要求相關的效率低下有關。

Given the fixed price nature of these contracts, we continue to be transparent about impacts as we work to stabilize the maturities programs. While acknowledging these are disappointing results is a complicated development program, and we continue to put milestones behind us and remain focused on retiring risk each quarter and ultimately delivering these mission critical commitments to our customers.

鑑於這些合約的固定價格性質，我們在努力穩定到期計劃時繼續對影響保持透明。雖然承認這些令人失望的結果是一個複雜的開發計劃，但我們繼續將里程碑拋在身後，並繼續專注於每季消除風險，並最終向我們的客戶交付這些關鍵任務承諾。

Stepping back the game plan to get BDS back to high single digit margins in the medium to long term remains unchanged. The core business remains solid, representing approximately 60% of our revenue and performing in the mid to high single digit margin range.

後退以使 BDS 在中長期內恢復到高個位數利潤率的計劃保持不變。核心業務依然穩健，約占我們營收的 60%，利潤率處於中高個位數範圍。

The demand for these products continued to be very strong, supported by the geopolitical threat environment confronting our nation and our allies. And the 25% of the portfolio, primarily comprised of fighter and satellite programs to quarter again saw improved margin trends as we continue to make important progress, including delivering our eight F-15EX aircraft to the US Air Force, which enabled the program to achieve its initial operating capability milestone in July.

在我們國家和盟友面臨的地緣政治威脅環境的支持下，對這些產品的需求仍然非常強勁。隨著我們繼續取得重要進展，包括向美國空軍交付我們的八架 F-15EX 飛機，這使得該計劃能夠實現七月份達到了其初始運營能力里程碑。

We still expect to return strong historical performance level as we roll to new contracts with tighter underwriting standards.

隨著我們以更嚴格的承保標準推出新合同，我們仍然預計將恢復強勁的歷史業績水平。

Overall, the defense portfolio is well positioned for the long term. There's strong demand across the customer base, the products are performing well 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 will recognize.

總體而言，從長遠來看，國防投資組合處於有利位置。客戶群需求強勁，產品在該領域表現良好，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 on to the next page, Boeing Global Services. BGS continued to perform well in the second quarter, delivering very strong results across a globally deployed team that is focused on supporting its customers on both the defense and commercial sides.

進入下一頁，波音全球服務。 BGS 在第二季度繼續表現良好，在全球部署的團隊中取得了非常強勁的業績，該團隊專注於為國防和商業方面的客戶提供支援。

They received $4 billion in orders and the backlog ended at $19 billion. Revenue was $4.9 billion, up 3%, primarily on higher commercial volumes. Operating margin was 17.8%, down slightly compared to last year, but still strong performance.

他們收到了 40 億美元的訂單，積壓訂單達到 190 億美元。營收為 49 億美元，成長 3%，主要得益於商業銷售的增加。營業利益率為17.8%，較去年略有下降，但表現仍強勁。

In the quarter, BGS secured an Apache performance-based logistics contract from the US Army and captured flight deck pro service contracts with Hainan Airlines and Ryanair. Importantly, BGS continued to deliver very strong operating margins for the first half of the year, matching the record levels from 2023.

本季度，BGS 從美國陸軍獲得了基於阿帕奇性能的物流合同，並與海南航空和瑞安航空簽訂了飛行甲板專業服務合約。重要的是，BGS 今年上半年繼續實現非常強勁的營業利潤率，與 2023 年以來的創紀錄水平持平。

It's a terrific franchise that set up for years to come. The team is focused on profitable, capital efficient high IP offerings, and we still expect it to grow at solid mid-single-digit revenue levels and throughout mid teen margins with very high free cash flow conversion.

這是一個在未來幾年建立的出色的特許經營權。該團隊專注於盈利、資本效率高的高 IP 產品，我們仍然預計其收入將保持穩定的中個位數成長，利潤率將達到中位數，自由現金流轉換率非常高。

Turning to the next page, I'll cover cash and cash and debt. On cash and marketable securities, we ended the quarter at $12.6 billion, reflecting the $10 billion issuance of new debt in May, partially offset by the use of free cash flow in the quarter. The debt balance increased to $57.9 billion driven by the new debt issuance. We continue to maintain access to $10 billion of revolving credit facilities, all of which remain undrawn.

翻到下一頁，我將討論現金、現金和債務。就現金和有價證券而言，本季末我們的營收為 126 億美元，反映出 5 月發行了 100 億美元的新債，部分被本季自由現金流的使用所抵銷。在新債發行的推動下，債務餘額增加至579億美元。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。

The deliberate actions we're taking demonstrate our commitment to improve safety and quality, and we continue to manage the business with a long-term view. We acknowledge the impact these actions are having on calendar year cash flows. So let me provide some additional context on near term expectations.

我們正在採取的深思熟慮的行動表明了我們對提高安全和品質的承諾，並且我們將繼續以長遠的眼光來管理業務。我們承認這些行動對歷年現金流量的影響。因此，讓我提供一些有關近期預期的額外背景資訊。

While commercial production and deliveries are improving, additional losses in BDS and working capital timing continue to weigh on near-term cash flow. Inventory will remain a near-term headwind as we prioritize supply chain stability to support future rate increases and advance payments will take time to improve as we stabilize production and improve predictability of deliveries to our customers.

雖然商業生產和交付正在改善，但 BDS 和營運資金時間表的額外損失繼續影響近期現金流。庫存仍將是近期的阻力，因為我們優先考慮供應鏈穩定性以支持未來的費率上漲，而隨著我們穩定生產並提高向客戶交付的可預測性，預付款將需要時間來改善。

Given these near-term working capital pressures, third quarter is expected to be another use of cash. We expect these working capital timing impacts will begin to unwind as deliveries and production stabilize later this year.

考慮到這些近期營運資金壓力，預計第三季將是現金的另一個使用。我們預計，隨著今年稍後交付和生產穩定，這些營運資金時間影響將開始緩解。

On the free cash flow outlook for the year, we are now expecting a larger use of cash than previously forecasted. As you know, operating leverage in our business is meaningful. As we ramp up deliveries, free cash flow will grow. We are deliberately investing today and taking the time necessary to get it right to ensure we're positioned to ramp production in a more predictable and stable fashion.

關於今年的自由現金流前景，我們目前預計現金使用量將比先前的預測更大。如您所知，我們業務中的營運槓桿意義重大。隨著我們增加交付量，自由現金流將會增加。我們今天正在刻意投資，並花必要的時間來做好準備，以確保我們能夠以更可預測和更穩定的方式提高產量。

We remain committed to managing the balance sheet in a prudent manner with two main objectives. First, prioritize the investment grade rating, and second, allow the factoring and supply chain to reset, both of which were supported by our decision to acquire Spirit with all stock financing.

我們仍然致力於以審慎的方式管理資產負債表，有兩個主要目標。首先，優先考慮投資等級評級，其次，允許保理和供應鏈重置，這兩者都得到了我們以全股票融資收購 Spirit 的決定的支持。

We'll continue to actively monitor our liquidity levels and as needed, will supplement our liquidity position with these two objectives in mind. We're confident that over time that business performance and capital structure will return to levels fully aligned with an investment grade profile.

我們將繼續積極監控我們的流動性水平，並根據需要補充我們的流動性頭寸，同時牢記這兩個目標。我們相信，隨著時間的推移，業務績效和資本結構將恢復到與投資等級狀況完全一致的水平。

Loking forward, we're taking the time now to ensure that our BCA factories are positioned to ramp production in a stable fashion for years to come. 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.

展望未來，我們現在正在花時間確保我們的 BCA 工廠能夠在未來幾年穩定提高產量。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。

Entering 2025, we'll be in a much stronger position because of the work we're doing now. As noted in the commercial market outlook published this month, we continue to see robust demand and the fundamentals are there for the next 20 years or we expect the global fleet to almost double and nearly 44,000 new airplanes are delivered with about half of those for replacement demand.

進入 2025 年，由於我們現在所做的工作，我們將處於更有利的地位。正如本月發布的商業市場展望中所指出的，我們繼續看到強勁的需求，並且未來20 年的基本面依然存在，或者我們預計全球機隊將幾乎翻一番，交付近44,000 架新飛機，其中約一半用於替換要求。

The commercial and defense markets we serve along with our product portfolio, underpin our confidence as we manage the business today with a long-term view built on safety, quality and delivering for our customers.

我們所服務的商業和國防市場以及我們的產品組合鞏固了我們的信心，因為我們以安全、品質和為客戶提供服務的長遠眼光來管理今天的業務。

With that, let's open up for questions.

說到這裡，讓我們開放提問。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

Good morning. Thank you. I wanted to understand a little bit about the -- so the process, the production process on the 787 and the 737 because you're saying this inventory build, and it appears both from suppliers supplying it 38 a month for the MAX and five to six a month for the 787.

早安.謝謝。我想了解一點關於 787 和 737 的流程、生產流程，因為你說的是庫存建設，而且供應商每月供應 38 架 MAX 飛機，每月供應 5 架飛機。

On that end, I expect you're having inventory build. And then on the other end, difficulty with seats, so you would have things coming off the line and some of the inventory to China as well. It's difficult to get out of there. Can you talk about how you think of managing this inventory on both ends, given the production process or ramp that you're on right now?

為此，我希望你們能夠建立庫存。另一方面，座位也有困難，所以你的產品可能會下線，一些庫存也會運往中國。很難離開那裡。考慮到您現在所處的生產流程或產能，您能否談談您如何看待管理兩端的庫存？

Yes. Thanks, Doug. So the question, the inventory build is right in front of us as we make this investment for stability. The way I would think about going forward, we were on the 737 to start with. Our delivery rates in April, May were in the mid-teens. June, we did 35. July, we'll do somewhere in that ZIP code.

是的。謝謝，道格。因此，當我們為了穩定而進行這項投資時，庫存建設的問題就擺在我們面前。在我看來，我們的未來發展方向是從 737 開始。我們四月、五月的交貨率在十幾歲左右。 6 月，我們做了 35。7 月，我們將在該郵遞區號的某個地方做。

So we are seeing demonstrated progress as we continue to move forward and rent in to stabilize and get better. So the progress evidence is there, and we expect that to continue as we move through the second half and, of course, then the inventory will begin to unwind.

因此，隨著我們繼續前進並穩定並變得更好，我們看到了明顯的進展。因此，進展證據已經存在，我們預計下半年這種情況將持續下去，當然，庫存將開始減少。

But it's really predicated on the continued progress. And as I mentioned, that third line in Renton is a very big deal for us to get moving as well resuming deliveries to China. So all those indications suggest that production is moving in the right direction, we're making progress and the inventory will unwind.

但這確實取決於持續的進步。正如我所提到的，倫頓的第三條生產線對我們來說是一件非常重要的事情，我們需要繼續向中國發貨。因此，所有這些跡像都表明生產正在朝著正確的方向發展，我們正在取得進展，庫存將會減少。

On the 87, similarly, as I mentioned, second quarter, we had nine deliveries. In July, we've already got about six. So again, good progress, despite having some real supply chain constraints, as you mentioned. Those constraints aren't going to go away immediately, but they're going to get better.

同樣，正如我所提到的，在 87 第二季度，我們有 9 次交付。七月份，我們已經有了大約六個。正如您所提到的，儘管存在一些實際的供應鏈限制，但還是取得了良好的進展。這些限制不會立即消失，但會變得更好。

We've got a game plan in place. And we do believe that we'll get to that five per month as we get to the end of the year. And again, that inventory will liquidate as production performance improves.

我們已經制定了一個遊戲計劃。我們確實相信，到年底時，我們將達到每月五個。同樣，隨著生產績效的改善，庫存將會被清算。

If I can just follow up on that, the -- you all have talked about the bottleneck -- chief bottleneck, I believe, being a few slides deliveries from Spirit. So as you bring that third line on it, how does this work? It didn't seem like it was final assembly that was the bottleneck before.

如果我能跟進這一點，我相信你們都談到了瓶頸，主要瓶頸是 Spirit 交付的幾張幻燈片。那麼當你添加第三行時，它是如何工作的呢？之前的瓶頸似乎不在於總裝。

So how does that help you with Spirit at a point now where -- is your capacity that is limiting factor ?

那麼，在現在這個點上，這對你的精神有什麼幫助──你的能力是限制因素嗎？

So Spirit has done a very nice job. We watch it very closely, but Dave had a nice steady improvement, the ramp of their way up. We've got confidence, Pat and the team, and we believe that we will be able to fill that third line, and we believe that we'll be able to get to that 38 per month as we get to the back half of the year.

因此，Spirit 做得非常好。我們非常仔細地觀察它，但戴夫取得了很好的穩定進步，他們的進步越來越大。帕特和團隊，我們有信心，我們相信我們將能夠填補第三條線，我們相信，當我們進入後半部分時，我們將能夠達到每月 38 人。

The only thing I would add Doug is the third line. It also helps us with unforeseen issues because it gives us flexibility across three lines as opposed to having us -- having a close to if we end up with a nonconformance somewhere. So we are simply trying to over capacitized to accommodate things that appear end up and steady our production.

我唯一要加上道格的是第三行。它還可以幫助我們解決不可預見的問題，因為它為我們提供了跨三線的靈活性，而不是讓我們在某個地方出現不合格情況時就結束。因此，我們只是試圖過度產能以適應最終出現的情況並穩定我們的生產。

Okay, very good. Thank you.

好的，非常好。謝謝。

Thank you. Peter Arment, Baird.

謝謝。彼得·阿門特，貝爾德。

Yes, good morning, Dave and Brian. Dave, thanks for calling out some of the KPI.s that you were talking about, obviously they're all super important. You know, you said you're getting some real-time insights on some of these metrics. Maybe is there any any color you can give us on what you're seeing so far on the progress, whether you know the notice of escapes or shortages or you talk about employee proficiency.

是的，早上好，戴夫和布萊恩。戴夫，感謝您提出您正在談論的一些 KPI，顯然它們都非常重要。您知道，您說過您正在獲得有關其中一些指標的一些即時見解。也許您可以就您迄今為止所看到的進展情況向我們提供任何信息，無論您是否知道逃逸或短缺的通知，或者您談論員工的熟練程度。

Just trying to get at ultimately what the metrics that is there anything that's a long pole in the tent that is holding back for rate increases and just the confidence around getting to that rate 38?

只是想了解最終的指標是什麼，是否有任何因素阻礙升息，以及達到 38 的信心？

Thanks.

謝謝。

Peter, thanks. Every metric gets better when you slow things down. So yes, I don't think anybody the step we took to slow things down. It was very deliberate, very straightforward and every metric benefits from that moment.

彼得，謝謝。當你放慢速度時，每個指標都會變得更好。所以，是的，我認為沒有人會採取我們放慢速度的措施。這是非常深思熟慮、非常直接的，每個指標都從那一刻受益。

So we've had a step change improvement, traveled work, of course, being the big one in the way I measure traveled work in my view, I think the view of our production team is when we get a clean fuselage and we move it through it less than half the flow time, it would have taken in its prior state, that reduces everything.

因此，我們已經有了一步改變，旅行工作，當然，在我看來，這是我衡量旅行工作方式中最重要的一個，我認為我們生產團隊的觀點是，當我們獲得乾淨的機身並移動它時通過它的時間少於其先前狀態的一半流動時間，這減少了一切。

And the reason is you don't have traveled work. You don't have defects moving down the line. You don't have any of that stuff. So we've been a beneficiary of a step change on that front. And we're now at the stage where we're only getting clean fuselages.

原因是你沒有出差工作。您不會有任何缺陷。你沒有任何這些東西。因此，我們是這方面變革的受益者。我們現在正處於僅獲得乾淨機身的階段。

Whereas in the first two quarters, we were advantaging a mix of the prior regime and what we get now. So anyway, that's the big proxy for the way things are going to move forward and are moving forward. You'll know when we get out of out of kilter on any one of those metrics.

而在前兩個季度，我們綜合利用了先前的製度和現在的製度。所以無論如何，這是事情將要向前發展和正在向前發展的方式的重要指標。當我們在這些指標中的任何一項上失去平衡時，您就會知道。

I don't think any of them are going to stop us from the plans that we've announced and our expectations as we approach year end, probably the one we'll all just keep our eye on is the traveled work scenario where we cannot allow ourselves to get back into a scenario where we're traveling things too far down the line and we got a lot of controls in place, so that won't happen.

我認為他們中的任何一個都不會阻止我們在年底之前宣布的計劃和我們的期望，可能我們所有人都會關注的是我們無法做到的旅行工作場景讓我們自己回到這樣一個場景：我們已經把事情走得太遠了，我們有很多控制措施，所以這種情況不會發生。

Appreciate it. Thanks, Dave.

欣賞它。謝謝，戴夫。

Sheila Kahyaoglu, Jefferies.

希拉·卡哈奧格魯，杰弗里斯。

Thank you, guys, and good morning, Dave and Brian. Brian, this one's for you. Maybe if we could just think about what's the buffer on free cash flow and the cash balance? How do we think about tapping that RC, if cash flows falls below $10 billion, which is what you're suggesting in Q3? And do we think about Q4 as cash usage or generation? And what's the cadence of inventories and advances maybe over the next two to four quarters, if you can?

謝謝你們，大家早安，戴夫和布萊恩。布萊恩，這個是給你的。也許我們可以考慮自由現金流和現金餘額的緩衝是多少？如果現金流低於 100 億美元（正如您在第三季所建議的那樣），我們如何考慮利用 RC？我們將第四季視為現金使用還是現金產生？如果可以的話，未來兩到四個季度的庫存和預付款的節奏是怎樣的？

Yeah, sure. Thanks Sheila, for the question. So the working capital drag has been pretty meaningful in the first and the second quarter, and it's the inventory as well as the advances as deliveries have been lower. Now, the third quarter is going to be a similar working capital drag as it was in the first second quarter. Inventory will still be a headwind, albeit a smaller one.

好，當然。謝謝希拉的提問。因此，第一季和第二季的營運資金拖累相當嚴重，這是庫存以及交付量下降導致的預付款。現在，第三季的營運資金將受到與第一季和第二季類似的拖累。庫存仍將是一個阻力，儘管阻力較小。

And the advances timing will be an additional headwind, which again, that will gradually improve over time with deliveries. And we're seeing that customers are applying excess advances and lowering advanced payments as they want to see delivery performance improve.

提前時間將是一個額外的阻力，隨著交付時間的推移，這種情況將逐漸改善。我們看到客戶正在申請超額預付款並降低預付款，因為他們希望看到交付績效得到改善。

So we've just got to deal with that timing because once the factory moves and we start delivering, all of that will unwind on both the advances and the inventory, but it is going to take us time to do that.

因此，我們必須處理好這個時機，因為一旦工廠搬遷並且我們開始交付，所有這些都將在預付款和庫存方面得到緩解，但這將需要我們時間來做到這一點。

Now, on the third quarter deliveries will be better, but we still have these working capital headwinds. In the fourth quarter, we're going to have stronger deliveries. We're going to have real working capital improvement. And I'd also mentioned that we're going to have a tanker 11 that we expect.

現在，第三季的交付量將會更好，但我們仍然面臨這些營運資金的阻力。在第四季度，我們的交付量將會更加強勁。我們的營運資金將會得到真正的改善。我還提到我們將擁有一艘我們所期待的 11 號加油機。

So these cash flows can move fairly meaningful quarter-to-quarter, and it's all predicated on our ability to deliver and get the factory stable and getting it improved. So that's the way we're thinking about the back half on cash,

因此，這些現金流可以按季度進行相當有意義的變動，而這一切都取決於我們交付、使工廠穩定並改善的能力。這就是我們考慮現金後半部分的方式，

What's the cash balance you feel comfortable with?

您覺得滿意的現金餘額是多少？

So we've always said 10, but at any given moment, if that kind of moves a little bit given what's in front of us, we can be comfortable. I think there's a broader question around we're we're constantly looking at liquidity. You saw that with what we did in May. You saw that and how we treated the Spirit transaction. So right now we're comfortable with where we're at and how we get to the end of the year.

所以我們總是說 10，但在任何特定時刻，如果考慮到我們面前的情況有一點變化，我們就會感到舒服。我認為我們一直在關注流動性，這是一個更廣泛的問題。你從我們五月所做的事情中就看到了這一點。你看到了這一點以及我們如何對待精神交易。因此，現在我們對自己所處的位置以及如何到達年底感到滿意。

Thank you.

謝謝。

Myles Walton, Wolfe research.

邁爾斯·沃爾頓，沃爾夫研究。

Thanks. Good morning. Maybe to follow up briefly on that, Brian, can you comment on that on the abnormality of those advanced payments? You mentioned some are applying previous prepayments to the current profile and some are basically deferring their payments until they see better performance.

謝謝。早安.也許是為了簡單地跟進一下，布萊恩，你能對這些預付款的異常情況發表評論嗎？您提到有些人正在將先前的預付款應用到當前的個人資料中，有些人基本上會推遲付款，直到看到更好的表現。

Can you categorize where you are on advances? Have you over collected in the past and therefore, we're in a divot? Or are you under collecting now an actually beneficial recovery, if you will, at some point in the near term?

您能對您的預付款進行分類嗎？您過去是否收集過多，因此我們陷入了困境？或者，如果您願意的話，您現在正在收集真正有益的復甦嗎？

So both to answer your question. We do have the excesses that people are applying as well as people are withholding the PDPs until they get that delivery structure -- delivery schedule more stable. So it's both. I mean, what you saw in the in the quarter that we had a pullback of about $1 billion on the advanced balance. Those two things are both happening in that balance, and we expect that in the second half to continue. But when we start to deliver with predictability, all that will begin to unwind. So this really is timing and it's timing over quarters is our best guess, and it's all again, predicated on our ability to get deliveries in a different position.

所以兩者都回答你的問題。我們確實存在人們正在申請的過度行為以及人們扣留 PDP 的情況，直到他們獲得交付結構——交付時間表更加穩定。所以兩者都是。我的意思是，您在本季看到我們的預付款餘額減少了約 10 億美元。這兩件事都在這種平衡中發生，我們預計下半年這種情況將繼續下去。但當我們開始以可預測的方式交付時，所有這些都將開始緩解。因此，這確實是一個時機，而且每個季度的時機是我們最好的猜測，這一切都取決於我們在不同位置交付的能力。

And the overarching opportunity for us is still the shortage of airplanes and the demand scenario. So this isn't a soft spot in the market where people are trying to sort of get something create a fundamental change. This is short term management, which we all understand and we're trying to accommodate.

對我們來說最重要的機會仍然是飛機短缺和需求情況。因此，這並不是市場上的軟肋，人們試圖獲得某種東西來創造根本性的改變。這是短期管理，我們都理解並且我們正在努力適應。

But the demand is still so strong for airplanes that provides the incentive for everybody to want to get us money so they can get therir plane.

但對飛機的需求仍然如此強勁，這激勵每個人都想給我們錢，這樣他們就可以得到他們的飛機。

And on advances on 777X to offset that $800 million quarter inventory growth, is that a material offset to the $800 million or $800 million more or less the net 777X performance that we're seeing?

777X 的進步抵消了 8 億美元的季度庫存增長，這是否實質上抵消了我們所看到的 777X 淨性能的 8 億美元或或多或少的 8 億美元？

Yeah, the $800 million is really the inventory specifically. The advance was not meaningful at this moment. It's the inventory that is the real one that we're dealing with, which again, is the investment in the entry into service.

是的，這8億美元確實是具體的庫存。此時此刻，前進沒有任何意義。我們正在處理的真正庫存是庫存，這也是投入服務的投資。

Thank you.

謝謝。

David Strauss, Barclays.

大衛‧史特勞斯，巴克萊銀行。

Morning. Thanks for taking the question. Brian, I know it's difficult to put a fine point on the cash burn. But I guess for the full year, are you looking at a number closer to a $5 billion or burn or a $10 billion burn? That's the first question.

早晨。感謝您提出問題。布萊恩，我知道很難準確地描述現金消耗問題。但我想，對於全年而言，您所看到的數字是接近 50 億美元還是燃燒 100 億美元？這是第一個問題。

And then, you've obviously said you're prioritizing your investment grade rating. To the extent that you need more funding, do expect the rating agency to allow you to issue debt again and key 5G? Or are you potentially thinking about having you do an equity offering? Thank you.

然後，您顯然說過您會優先考慮您的投資等級評級。如果你需要更多的資金，你是否期望評級機構允許你再次發債並專注於5G？或者您可能考慮進行股票發行？謝謝。

Yeah, I'm just not smart enough right at this moment to say whether it's five or 10. As you know, as we ramp up deliveries, it's pretty meaningful movement in our cash balance. So I'm going to steer away from trying to get more specific. It will be a usage, and we're working our way through it. And as we work through the timing elements, we know that as we move forward, that's going to go in the right direction.

是的，我只是現在還不夠聰明，無法判斷是 5 個還是 10 個。因此，我將不再試圖變得更具體。這將是一種用法，我們正在努力解決它。當我們研究時間要素時，我們知道隨著我們的前進，這將朝著正確的方向發展。

In terms of the question around the rating agencies, we are in regular conversations with all three rating agencies. They like us, are all focused on the operating performance of the company, our ability to generate free cash flow and the absolute debt reduction. And we tell them what we consistently said to everyone, the investment grade is the number one priority. And as we regularly monitor our liquidity. If we are able to bump up against maturities, or to do what it takes to protect that rating period. And we've been consistent since April 2020 on that front and evidenced by the spirit of financing decisions. So we stay ready, we stay agile. That rating is the priority.

就有關評級機構的問題而言，我們正在與所有三個評級機構進行定期對話。他們和我們一樣，都關注公司的經營績效、我們產生自由現金流的能力和絕對債務減少。我們告訴他們我們一直對大家說的話，投資等級是第一要務。我們定期監控我們的流動性。如果我們能夠提前到期，或採取措施保護該評級期。自 2020 年 4 月以來，我們在這方面一直保持一致，融資決策的精神也證明了這一點。所以我們要做好準備，保持敏捷。此評級是優先考慮的。

Thanks very much.

非常感謝。

Jason Gursky, Citigroup.

賈森古爾斯基，花旗集團。

Good morning everyone. I just want to go back to the 777 for a minute. And Brian maybe ask you to talk a little bit about at the expected, I mean, a future burn on that program from a cash flow perspective in the quarters leading up to certification and initial delivery. And then, and I know a lot of that's being driven by inventory, of course. So maybe as well, talk about what the inventory burn looks like on the back side of that and kind of what you are expecting at this point from production and we get out in that '25, '26 time frame, and kind of what's your thinking on deliveries out of that '26 time frame, given the backlog, assuming that you get the certification done there in 2025 and first deliveries get started? Thanks.

大家，早安。我只想先回顧一下 777。布萊恩可能會要求你談談預期，我的意思是，從現金流的角度來看，在認證和初始交付之前的幾個季度中，該計劃的未來燒錢情況。當然，我知道其中很多都是由庫存驅動的。因此，也許也可以談談庫存消耗情況，以及您目前對生產的期望，我們會在 25 年、26 年的時間範圍內完成，以及您對生產的期望考慮到積壓的情況，假設您在2025 年獲得認證並開始首次交付，是否考慮在26 年的時間範圍內進行交付？謝謝。

Well, the good news on the last part of the question is the backlog is pretty robust and we just had some terrific performance at the air show on the wide body front. I would say, in general, the 777X cash is going to look similar to all the other development programs. We used cash prior to the entry in service. You've seen that I talked about the $800 million this quarter. That's been consistent and that is all driven by the natural inventory build as we prepare for the entry in service.

好吧，關於問題最後一部分的好消息是，訂單積壓相當強勁，而且我們剛剛在航展上在寬體機方面取得了一些出色的表現。我想說的是，總的來說，777X 現金版看起來與所有其他開發項目相似。我們在投入服務之前使用現金。你已經看到我談到了本季的 8 億美元。這是一致的，這都是由我們為投入使用做準備時自然庫存構建所驅動的。

Now, we also know that it will turn positive about a year after EIS as deliveries begin to ramp. And that will play out in a very normal way that most development programs play out. And yes, it's going to be underwritten by that robust backlog that we have a high confidence in and the customers love the airplanes. So we feel pretty good and these are just investments in timing. And over the long term, it's going to be a great payoff.

現在，我們也知道，隨著交付量開始增加，EIS 大約一年後，它將轉為正值。這將以大多數開發項目的正常方式進行。是的，它將由大量積壓訂單承保，我們對這些訂單充滿信心，而且客戶也喜歡這些飛機。所以我們感覺很好，這些只是對時機的投資。從長遠來看，這將帶來巨大的回報。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Hey, Dave, Brian, on the IAM labor negotiations, can you provide an update on where you are, how far apart are you and the union economics? And what operating contingencies are in place in case the union work to go on strike? Thank you.

嘿，戴夫，布萊恩，關於 IAM 勞工談判，你能提供一下你的最新情況嗎？如果工會罷工，有哪些緊急措施？謝謝。

Well, we're definitely not planning on a strike for starters, I can't really -- it's too early to call out a gap analysis with respect to the puts and takes because we're too early in the process. And yes, I like the framework. I like the investments that we want to make with respect to training and development of people.

好吧，我們絕對不打算對首發者進行罷工，我真的不能——現在就看跌期權和看跌期權進行差距分析還為時過早，因為我們在這個過程中還為時過早。是的，我喜歡這個框架。我喜歡我們在人員培訓和發展方面的投資。

We know that ASKs will be big. We know wage ASKs will be big. We're not afraid to treat our employees well in this process. So we're just going to work as hard as we can, not to have a strike. And anyway, I -- this will be in Kelly and Stephanie's backyard by the time we get to that negotiation. But as you know, as well as I do until the last week is in play. You don't you don't know much. So I'll just leave it at that and try not to predict. Other than to tell you, we have express intent to not have to strike.

我們知道要求會很大。我們知道工資要求會很高。我們不怕在過程中善待我們的員工。所以我們會盡力工作，而不是罷工。不管怎樣，當我們進行談判時，我——這將在凱利和史蒂芬妮的後院。但正如你所知，就像我一樣，直到上週才開始發揮作用。你不知道，你知道的不多。所以我就這樣吧，盡量不去預測。除了告訴您之外，我們明確表示不想罷工。

Great. Thank you.

偉大的。謝謝。

Cai von Rumohr, TD Cowen.

蔡·馮·魯莫爾，TD·考恩。

Thanks. So much. So production in July, it looked like it remained pretty depressed. In August, you basically have on vacations. So how how should we think about the recovery in terms of production and deliveries because it looks like August, isn't that great? And so the related a number of your suppliers who are growing at a higher rate than you are producing are talking about there are keeping on inventory there because you don't pull it yet and they're asking you for advances.

謝謝。非常。所以七月份的生產看起來仍然相當低迷。 8月基本上都是放假的。那麼我們應該如何看待生產和交付方面的復甦，因為看起來像八月份，不是很好嗎？因此，您的一些相關供應商的成長率高於您的生產速度，他們正在談論那裡的庫存，因為您還沒有拉貨，他們要求您預付款。

So what are you having to do with your suppliers in terms of giving them a lifeline of some advances, so that they can continue to produce won't have to cut back and then ramp up later. So yes, so what's maybe talk about those two issues?

那麼，您與供應商有什麼關係，為他們提供一些預付款的生命線，以便他們可以繼續生產，而不必先削減產量，然後再增加產量。那麼是的，那麼這兩個問題可以討論什麼呢？

So in terms of your question around the 737 rate ramps, keep in mind, beginning part of this year, we were very, very low production, like single digit. And now we're getting to the point in June, July where we're kind of mid 20s. And August will likely be an improvement of head of that. But then we're going to have a nice steady ramp through the back half of the year, again, predicated on a successful line three being brought to bear and also the China resumption.

因此，就您關於 737 產能提升的問題而言，請記住，今年年初，我們的產量非常非常低，就像個位數一樣。現在我們已經到了 6 月、7 月，我們已經 20 多歲了。八月可能會有所改善。但是，我們將在今年下半年再次實現良好的穩定成長，前提是三號線的成功投入使用以及中國的恢復。

So everything we see, we've got the labor, we've got the inventory, we've got the fuselages, it all lined up for us to continue to improve our delivery ramp, and that's on us to go execute it. So we feel good about the progress we've made, and we've got proof points that says, a real ability to hit our 38 per month as we exit the year.

所以我們看到的一切，我們有勞動力，我們有庫存，我們有機身，所有這些都為我們繼續改善我們的交付坡道而準備，這就是我們去執行它。因此，我們對所取得的進展感到滿意，我們有證據表明，在今年結束時，我們確實有能力達到每月 38 的目標。

In terms of the discussion about supply chain, they're all unique. It's one by one. We're very careful to make sure that the way we're trying to protect stability in our own factory, we're trying to protect stability across the supply chain. And we do make certain moves here and there.

就供應鏈的討論而言，它們都是獨一無二的。是一件一件的。我們非常小心地確保我們在努力保護自己工廠的穩定性的同時，也在努力保護整個供應鏈的穩定性。我們確實到處採取了某些行動。

Probably spirits, the best example, and we have to do that so that when we move through the course of this year and going forward, we do have in a very stable, predictable way with the supply chain that's right there with us. Nothing that we see gives us any pause or concern. We've got all the assets and resources. We just have to start working our way through and delivering these airplanes for our customers.

也許烈酒是最好的例子，我們必須這樣做，這樣當我們度過今年並繼續前進時，我們確實能夠以非常穩定、可預測的方式擁有與我們同在的供應鏈。我們所看到的一切都沒有為我們帶來任何停頓或擔憂。我們擁有所有的資產和資源。我們只需要開始努力為我們的客戶交付這些飛機。

But so collectively, if you add all of your advances to suppliers, have those peaked? Or are they continuing to move up?

但總的來說，如果你把所有預付款加到供應商身上，這些已經達到頂峰了嗎？還是他們繼續往上移動？

Yeah, there's not really a material change, Cai. Here and there, there might be some differences, but nothing material and nothing that's not contemplated in our forward look.

是的，蔡，並沒有真正發生實質變化。到處可能存在一些差異，但沒有什麼實質的差異，也沒有什麼是我們的前瞻性展望中未考慮到的。

Thank you very much.

非常感謝。

Seth Seifman, JP Morgan.

賽斯‧塞夫曼，摩根大通。

Thank you very much and good morning. I wanted to ask on spirit, which you mentioned on the last question. When you think about their ability to fund themselves through the close of this transaction in mid 2025, is that -- are you contemplating having to -- any additional action to fund Spirit through close?

非常感謝，早安。我想問一下你在上一個問題中提到的精神。當您考慮到他們在 2025 年中期完成這筆交易之前為自己提供資金的能力時，您是否正在考慮採取任何其他行動來透過交易完成為 Spirit 提供資金？

And then secondly, when you think about the investment plan for Boeing into Spirit, when Spirit is part of Boeing. What can you tell us qualitatively or quantitatively to characterize that investment plan to prepare Spirit for the rate ramp ahead?

其次，當你考慮波音對 Spirit 的投資計畫時，當 Spirit 是波音的一部分。您能從定性或定量方面告訴我們什麼來描述為 Spirit 為未來利率上升做好準備的投資計劃？

So i'd be careful not to speak for Spirit too much. On the other hand, they're performing well. We expect them to continue to perform well, and we've got confidence that we're going to get clean fuselages that helps to coincide with our delivery schedule.

所以我會小心不要過度為精神說話。另一方面，他們的表現也不錯。我們期望它們繼續表現良好，並且我們有信心我們將獲得乾淨的機身，這有助於與我們的交貨時間表保持一致。

So we feel pretty good about where they sit in their compute performance. So nothing there gives us any concern at the moment. In terms of investing, we look forward to closing this acquisition. We look forward towards bringing them into the Boeing world. And we will not be shy or bashful with any investments that are needed or for long-term stability. We feel really good about what is in front of us on that front, and we can't wait to close.

因此，我們對它們的計算性能表現非常滿意。所以目前沒有什麼讓我們擔心的。在投資方面，我們期待完成此次收購。我們期待著將他們帶入波音世界。我們不會對任何需要的或長期穩定的投資感到害羞或害羞。我們對眼前的情況感到非常滿意，我們迫不及待地想要關閉。

Okay. Thanks very much.

好的。非常感謝。

Noah Poponak, Goldman Sachs.

諾亞·波波納克，高盛。

Hey, good morning, everyone. Can you just talk a little bit more about the leadership decisions that you've made? I know Kelly has had a lot of experience in the industry, but kind of out of an operating role for a bit. What's the potential -- hit the reset button on a lot of the transitions you're in the middle of right now versus ability to hit the ground running. And how should we think about Pat, Stephanie, other roles as you move forward here?

嘿，大家早安。您能多談談您所做的領導決策嗎？我知道凱利在該行業擁有豐富的經驗，但有點脫離營運角色。潛力是什麼——在你現在正處於的許多轉變中按下重置按鈕，而不是立即開始運行。當你在這裡前進時，我們應該如何考慮帕特、史蒂芬妮和其他角色？

Well, I'll take a crack and I'm not going to divulge anything that I that I'm not perfectly aware of. The Board made this decision. Over the last nine months, when I think about the number of people they've called around the industry, the supply side, the buy side, the regulatory pretty remarkable, thorough discussions.

好吧，我會嘗試一下，我不會透露任何我不完全了解的事情。董事會做出了這項決定。在過去的九個月裡，當我想到他們打電話給整個行業、供應方、買方、監管部門的人數時，他們進行了非常引人注目、徹底的討論。

And at the end of the day, a couple of names surfaced and they landed on Kelly and I could not be happier with the call because I know Kelly. Kelly I've been around He is a seasoned operator, he's got experience. He knows what we do for a living on, and I'll bring that experience immediately to bear. So I wasn't really in the decision making process. So I don't want to I don't want to kid you about that. On the other hand, where it ended up is, in my view, a very, very strong place.

最終，幾個名字浮出水面，最終落在了凱利身上，我對這個電話感到非常高興，因為我認識凱利。凱利 我一直在身邊 他是一位經驗豐富的操作員，他有經驗。他知道我們靠什麼謀生，我會立刻運用這種經驗。所以我並沒有真正參與決策過程。所以我不想，我不想在這件事上跟你開玩笑。另一方面，在我看來，它最終的結局是一個非常非常強大的地方。

And then with respect to Kelly, Kelly was quite informed about everything going on at Boeing, on leadership team, et cetera. And anyway, I don't think he's coming in with a notion to want to change a lot of folks. And my guess is, he is going to put his arms around Stephanie and the rest of the team in a big way and just trying to support their work. He knows full well that we're in a recovery mode, and we got to get the state stable and move forward. So that's me talking. And anyway, I don't think Brian can add much to this, but I don't think this is intended to be a large leadership overhaul.

然後，關於凱利，凱利非常了解波音公司、領導團隊等方面發生的一切。不管怎樣，我不認為他帶著想要改變很多人的想法進來。我的猜測是，他會大力擁抱史蒂芬妮和團隊其他成員，努力支持他們的工作。他非常清楚我們正處於恢復模式，我們必須穩定狀態並繼續前進。這就是我說的。無論如何，我不認為布萊恩可以對此做出太多補充，但我不認為這旨在進行大規模的領導改革。

Okay. Brian, just a quick one. Do you have a number of whether billions of dollars or number of airplanes, how much inventory you hold that specifically from having the supply chain stay ahead of you?

好的。布萊恩，請快速說一下。您是否擁有數十億美元或飛機數量，您持有多少庫存，特別是因為供應鏈領先於您？

Is that a number that we disclose. It's not immaterial. The good news is, is that you see it right there in the cash flow statement in total. That's a big driver, and the good news is that this is timing. This will unwind as we deliver airplanes for our customers, which we look forward to being able to do more predictably.

這是我們披露的數字嗎？這並非無關緊要。好消息是，您可以在現金流量表中看到總計。這是一個很大的推動力，好消息是現在正是時候。當我們為客戶交付飛機時，這種情況將會得到緩解，我們期待能夠更可預測地做到這一點。

Okay. Thank you.

好的。謝謝。

Lois, we have time for one final question.

路易斯，我們還有時間回答最後一個問題。

Ken Herbert, RBC Capital Markets.

肯‧赫伯特，加拿大皇家銀行資本市場。

Hey, good morning, Dave and Brian. Thanks for squeezing me in. I just wondered, Dave, maybe if you can provide a little bit more color on the certification timing on the seven and the 10. I know it's now '25, you're confident in the deicing certification, but can you give any more granularity on how we think about that timing and some of the next milestones for those two particular variance on MAX?

嘿，早上好，戴夫和布萊恩。謝謝你把我擠進去。信心，但是您能否更詳細地說明我們如何考慮 MAX 上這兩個特定差異的時間表以及下一個里程碑？

Well, really the milestone is to complete the engineering work and make sure that it passes, the certification tests, et cetera. And it's it literally is that one discrete item that is chokepoint. But high level of confidence that we're going to complete that and probably complete the engineering well before the end of the year. Then we've got to get through the test certification work and then we're off. I don't think there are any other sort of issues that we have to contend with other than to get that done and prove it out.

嗯，真正的里程碑是完成工程工作並確保它通過認證測試等等。從字面上看，這就是一個離散的項目，這是一個瓶頸。但我們對完成這項工作充滿信心，並可能在今年年底前完成工程。然後我們必須完成測試認證工作然後我們就出發了。我認為除了完成並證明這一點之外，我們沒有任何其他問題需要解決。

So first half 25 sounds realistic.

所以前半部 25 聽起來很現實。

Sounds realistic to me. But they're in charge.

對我來說聽起來很現實。但他們負責。

All right, Lois, everybody, that concludes our call. Thank you for joining.

好吧，路易斯，大家，我們的通話到此結束。感謝您的加入。

Thank you. That concludes the call. Thank you for joining the Boeing Company's second quarter 2024 earnings conference call.

謝謝。通話結束。感謝您參加波音公司 2024 年第二季財報電話會議。