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.

感謝您的支持。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。管理層討論和幻燈片演示以及分析師問答環節正在透過網路現場直播。

(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.

（操作員指示）我將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，Lois，大家早安。歡迎參加波音公司的季度財報電話會議。我是馬特·韋爾奇，今天與我一起出席的是波音公司總裁兼首席執行官戴夫·卡爾霍恩；以及波音公司執行副總裁兼首席財務官布萊恩·韋斯特 (Brian West)。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.

今天討論中涉及的預測、估計和目標涉及風險，包括我們向美國證券交易委員會提交的文件中以及簡報開頭的前瞻性聲明免責聲明中所述風險。我們也請您參閱簡報開始時與 Spirit AeroSystems 交易相關的附加免責聲明，以及我們的收益報告和簡報中與非 GAAP 指標相關的揭露。

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，感謝大家的參與。首先，您看到消息稱，該公司已宣布任命凱利·奧特伯格（Kelly Ortberg）為我的繼任者，自今年 8 月 8 日起生效。如您所知，董事會進行了廣泛的搜索過程。該委員會由史蒂夫·莫倫科普夫 (Steve Mollenkopf) 領導。我非常感謝他處理此事的方式和程度。

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，在業界享有盛譽。我期待與他合作，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.

我想把我的前期評論重點放在我們在復甦方面所取得的進展上，因為我們加強了品質管理體系，並在前進的過程中使公司處於最佳位置。在我發言之後，布萊恩將介紹財務狀況。

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，我們多年來一直致力於加強我們的安全和品質管理系統。我們在每一步都強調我們對透明度的承諾。一月份的事故顯然強化了這一關注，促使我們採取多項額外措施來提高營運的穩定性，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，我們的行動包括放慢速度並控制旅行工作，使我們的供應鏈能夠跟上並為我們提高品質和穩定未來交付提供所需的緩衝。我們第二季的財務業績反映了阿拉斯加事故後經濟持續復甦的現實。我們致力於盡一切必要努力，確保波音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，我們朝著這個目標取得了有意義的進展。五月底，我們向美國聯邦航空局提交了全面的安全和品質計劃，美國聯邦航空局將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.

計劃記錄是關鍵績效指標，我們和我們的監管機構將透過這些指標來監控我們的生產系統的健康狀況和品質。這些措施包括員工熟練程度、逃工通知、供應商短缺、返工時間、工廠推廣時的旅客和票務表現。

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) 都是在我們的 BCA 員工計劃中建立和實施的，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表現都有所提高，隨著生產規模的擴大，我們仍然有信心達到這些關鍵績效指標。

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.

該計劃的一個重要元素是我們設立的控制限度，聯邦航空局以及更重要的是我們自己的團隊都要根據這些限度對自己負責。

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，我們的計劃將加倍投資四項關鍵投資；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措施之一是將機身檢查租賃流程轉移到威奇托。Spirit 公司的現場波音檢查員數量幾乎增加了三倍，與一月份之前的數量相比，我們最初在倫頓發現並返工的缺陷現在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.

雖然這在最初幾個月大幅減少了 Spirit 清潔機身的數量，但自此之後我們看到了穩定的改善。品質的提高顯著改善了同一時期的租金和流量時間。

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放在工廠上，以確保我們能夠履行對客戶的承諾，但我們的開發項目也取得了重要進展，包括 737-7、-10 和 777X。最值得注意的是，本月我們獲得了 777-9 的型式檢驗授權 TIA，並開始與 FAA 人員一起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，累計飛行時間 3,500 小時。而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，我們還確定了在產飛機發動機防冰系統的工程解決方案，該解決方案將於 2025 年實施和認證，以支援 MAX 系列中 -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.

對波音防衛、太空與安全表現的評論。顯然，本季的業績令人失望。布萊恩和我之前提到過，我們預計固定價格開發計畫將會一直坎坷，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.

根據我們在承接這些固定價格開發專案過程中所獲得的經驗教訓，我們在所有未來的發展機會中都保持了合約紀律。我們對國防業務的長期前景保持謹慎樂觀的態度，並相信隨著時間的推移，我們可以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，並繼續帶來穩健的業績。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.

在交給 Brian 之前，請允許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，而且它將沿著幾十年前做出的正確方向前進。此次計劃中的收購非常有力地表明了我們大力投資品質和安全以及採取重塑公司所需的額外措施的決心。

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，我們相信這項擬議的交易符合飛行公眾的最佳利益，符合我們航空公司客戶以及 Spirit 航空和波音公司員工以及整個國家的利益。

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.

透過將關鍵製造工作重新引入公司內部，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和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，我想對我們的員工發表一些評論。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。您的熱情、韌性和承諾令人鼓舞。對我們所有人來說，這都是一個充滿挑戰的時期。毫無疑問，但我有信心，因為你，我對我們的未來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，請容許我先花點時間談談我們計劃收購 Spirit AeroSystems 的事情。7 月 1 日，我們宣布了一項最終協議，以全股票交易方式收購 Spirit，交易價值約 47 億美元，企業總價值約為 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，包括監管部門和 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波音幾乎所有相關的商業業務，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工廠以及其他商業、國防和售後市場業務，這將進一步增強我們在整個投資組合中的能力和產品。

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 Spirit、其客戶和國防部合作，以確保連續性，從而支持這些關鍵任務。我們始終相信，此次重新整合將充分利用並增強我們的能力，支持供應鏈穩定，整合關鍵製造和工程勞動力，並最終實現安全和品質管理系統的統一。

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。所有這些都體現了我們對航空、安全、品質和穩定的持續承諾。

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，我將介紹本季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，反映了商業交付量的下降以及固定價格國防開發項目 10 億美元的損失，我稍後會詳細介紹。

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。業績受到商業交付量下降和營運資金時機不利的影響。

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。營收為 60 億美元，營業利潤率為-11.9%，主要反映了交付量下降和預期期間成本（包括研發）增加。本季積壓訂單總額為 4,370 億美元，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我們產品系列的強勁需求，我們宣布了超過 150 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詳細的說明。

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。儘管季節性因素正常，但 7 月的水平將與 6 月大致持平。在產量方面，我們在本季逐漸增加，預計下半年產量還會更高，到年底產量將達到每月 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.

我們重新啟動了租賃工廠的第三條生產線，每月產量從第一季末的個位數提高到 6 月和 7 月的約 25%。正如戴夫所指出的，該工廠目前的營運狀況符合或接近美國聯邦航空管理局作為安全和品質計劃的一部分所規定的 KPI 控制限度。

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

目前，工廠已開始對所有機身進行全面檢查，近期生產將繼續以威奇託的機身為主導。

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，我們會根據需要繼續進行調整，並根據庫存水準逐一管理供應商。我們的目標仍然是保持供應鏈領先於最終裝配，以支援穩定性並最大限度地減少差旅工作。

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.

本季結束時，約有 90 架 737-8 是在 2023 年之前製造的，絕大多數是為中國和印度的客戶製造的。這比上一季的交付量下降了 20 輛，我們預計 7 月的交付量將增加約 10 輛。我們正在努力關閉影子工廠，但仍預計在年底前交付大部分飛機。

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.

對於 -7 和 -10 型號，庫存水準保持穩定在約 35 架，認證時間表保持不變。就 787 而言，我們在本季度交付了 9 架飛機，儘管本季受到產量下降、座位延誤和先前提到的其他交付時間因素的影響。

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，並在七月交付了六架飛機。該項目本季的產量如預期般低於每月五部，併計劃在年底恢復到每月五部。

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.

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

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，正如戴夫所指出的，我們在本月初在認證時間表上邁出了非常重要的一步，因為該項目獲得了型式檢驗授權並開始了 FAA 認證飛行測試。在認證過程中，我們將繼續遵循美國聯邦航空局的指導，並仍預計在 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.

本季度庫存增長了約 8 億美元，與最近的季度趨勢一致，隨著我們按照先前的計劃投入使用，庫存將繼續增長。

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.

進入下一頁，波音防務與航太。BDS 本季獲得了價值 40 億美元的訂單，其中包括從美國空軍獲得的 7 架 MH-139 直升機訂單，積壓訂單價值達到 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%.

收入為 60 億美元，下降 2%，受固定價格開發損失的影響，BDS 在本季度交付了 28 架飛機，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-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.

五月底，我們曾表示，由於一些因素，利潤率將會下降並出現負值。首先，普吉特海灣工廠的故意放緩影響了衍生項目，具體而言，KC-46A 加油機損失了 3.91 億美元，而盈利能力強的 P-8 項目的利潤率也受到壓縮。

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，這主要與估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的同時，繼續對其影響保持透明。雖然承認這些結果令人失望，但這是一個複雜的開發計劃，我們將繼續實現里程碑，並繼續專注於每季消除風險，並最終向我們的客戶兌現這些關鍵任務承諾。

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.

讓 BDS 在中長期內恢復到高個位數利潤率的計畫保持不變。核心業務依然穩健，約占我們營收的 60%，利潤率維持在中高個位數範圍內。

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，這些產品的需求持續強勁。25% 的投資組合（主要由戰鬥機和衛星項目組成）的利潤率趨勢再次有所改善，因為我們繼續取得重要進展，包括向美國空軍交付 8 架 F-15EX 飛機，這使該項目在 7 月實現了其初始作戰能力里程碑。

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

隨著我們推出承保標準更嚴格的新合同，我們仍然希望恢復強勁的歷史績效水準。

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.

整體而言，國防投資組合的長期定位良好。整個客戶群的需求強勁，產品在該領域表現良好，我們相信，我們推動執行和穩定的努力將使這項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，波音全球服務部。BGS 在第二季度繼續表現良好，其遍布全球的團隊取得了非常強勁的業績，該團隊專注於為國防和商業領域的客戶提供支援。

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.

他們收到了價值 40 億美元的訂單，積壓訂單價值達到 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%，與去年相比略有下降，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 從美國陸軍獲得了阿帕奇基於性能的物流合同，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 在上半年繼續實現非常強勁的營業利潤率，與 2023 年創紀錄的水平持平。

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.

這是一個為未來幾年而建立的出色的特許經營權。該團隊專注於盈利且資本高效的高 IP 產品，我們仍然預計其收入將以穩健的中等個位數水平增長，利潤率將達到十幾歲左右，自由現金流轉換率也將非常高。

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，我將介紹現金以及現金和債務。就現金和有價證券而言，本季末我們的現金和有價證券總額為 126 億美元，這反映了 5 月發行的 100 億美元新債，但部分被本季使用的自由現金流所抵消。在新債發行的推動下，債務餘額增加至 579 億美元。我們持續保有 100 億美元循環信貸額度，目前這些信貸額度尚未提領。

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致力於提高安全和品質的承諾，並且我們將繼續以長遠的眼光管理業務。我們承認這些行動對日曆年現金流產生了影響。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.

儘管商業生產和交付正在改善，但 BDS 和營運資金時機的額外損失繼續對近期現金流造成壓力。庫存仍將是短期內的阻力，因為我們優先考慮供應鏈穩定性以支持未來的價格上漲，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.

鑑於這些近期營運資金壓力，預計第三季將再次使用現金。我們預計，隨著今年稍後交付和生產的穩定，這些營運資金時間影響將開始消退。

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.

對於今年的自由現金流前景，我們預計現金使用量將比之前預測的要大。如您所知，我們業務中的經營槓桿意義重大。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，並花費必要的時間來做好正確的事情，以確保我們能夠以更可預測和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，主要有兩個目標。首先，優先考慮投資等級；其次，允許重置保理和供應鏈，這兩點都得到了我們決定以全股票融資收購 Spirit 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，在考慮這兩個目標的情況下補充我們的流動性狀況。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內以穩定的方式提高產量。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、完善和降低國防固定價格開發計畫的風險以及在服務領域繼續取得強勁成果。

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，我們的實力將更加強大。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 年的基本面仍然存在，我們預計全球機隊數量將幾乎翻一番，交付近 44,000 架新飛機，其中約一半用於替換需求。

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，因為我們今天以安全、品質和為客戶提供服務的長遠眼光來管理業務。

With that, let's open up for questions.

好了，讓我們開始提問吧。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

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。我想了解一下 787 和 737 的生產過程，因為您說的是庫存建設，而且看起來供應商每月為 MAX 供應 38 架，為 787 供應 5 到 6 架。

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，我希望你正在建立庫存。另一方面，由於座位問題，產品下線和部分庫存都會運往中國。要離開那裡非常困難。考慮到您目前的生產流程或產量，您能否談談您如何考慮從兩端管理庫存？

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投資時，庫存建設的問題就擺在我們面前。我認為未來的發展方向是，我們首先採用 737。我們四月和五月的送貨率都在十五六成左右。六月，我們做了 35 個。七月，我們會在那個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，隨著我們不斷前進並不斷穩定和進步，我們看到了明顯的進步。因此，進步的證據就在那裡，我們預計這種情況將在下半年繼續下去，當然，然後庫存將開始減少。

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.

但它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於我們恢復向中國的供貨至關重要。因此，所有這些跡象表明生產正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，第二季度，我們有 9 次交付。到七月份，我們已經有大約六個了。因此，儘管如您所說，存在一些實際的供應鏈限制，但仍然取得了良好的進展。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.

我們已經制定了比賽計劃。我們確實相信，到今年年底，我們將實現每月 5 部的目標。而且，隨著生產績效的提高，這些庫存將會被清算。

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.

如果我可以繼續說下去的話，那麼——你們都談到了瓶頸——我認為主要的瓶頸是來自 Spirit 的幾張幻燈片。那麼，當您將第三行添加到其中時，它是如何工作的？之前的瓶頸似乎不是最終組裝。

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

那麼，現在這對你的精神有什麼幫助呢？你的能力是否是限制因素？？

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.

所以，Spirit 做得非常出色。我們非常密切地關注著，但戴夫的進步非常穩定，他的進步速度很快。我們有信心，帕特和團隊，我們相信我們能夠填補第三條生產線，我們相信到今年下半年我們將能夠達到每月 38 個的水平。

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.

道格，我唯一想補充的是第三行。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條生產線的靈活性，而不是讓我們在某個地方遇到不合規情況時才採取行動。因此，我們只是試圖透過過度產能來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，謝謝你提到一些你正在談論的 KPI，顯然它們都非常重要。您知道，您說過您對其中一些指標獲得了一些即時見解。也許您能給我們一些關於目前所看到的進展情況的信息，無論您是否知道逃稅或短缺的通知，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?

只是想弄清楚最終的指標是什麼，即是否存在阻礙利率上漲的障礙，以及達到 38 利率的信心？

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，我認為沒有人知道我們採取了什麼措施來減緩事態發展。這是非常深思熟慮、非常直接的，從那一刻起，每個指標都受益。

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，我們已經有了階躍式的改進，當然，在我看來，旅行工作是我衡量旅行工作最重要的方面，我認為我們的生產團隊的觀點是，當我們得到一個乾淨的機身，我們將其移動的時間不到之前狀態的一半，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。整個生產線上不會有任何缺陷。你沒有這些東西。因此，我們是這一方面重大變革的受益者。我們現在處於只能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，我們則充分利用了先前的製度和現在的製度。無論如何，這是事態未來發展和正在前進的重要指標。當我們在任何一個指標上失去平衡時，你就會知道。

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，在接近年底之際，他們中的任何一個人都不會阻止我們實施已經宣布的計劃和期望，我們唯一需要關注的就是差旅工作情況，我們不能讓自己回到那種把事情拖得太遠的情況，我們已經採取了很多控制措施，所以這種情況不會發生。

Appreciate it. Thanks, Dave.

非常感謝。謝謝，戴夫。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

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，早安，戴夫和布萊恩。布萊恩，這個是給你的。也許我們可以考慮一下自由現金流和現金餘額的緩衝是什麼？如果現金流低於 100 億美元（這是您在第三季建議的），我們如何考慮利用該 RC？我們是否認為第四季是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節奏是怎麼樣的？

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.

是的，當然。謝謝 Sheila 提出這個問題。因此，第一季和第二季的營運資本拖累相當顯著，而且由於交付量較低，庫存和預付款也受到拖累。現在，第三季將面臨與第一季和第二季類似的營運資金拖累。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.

而進步的時間安排將是一個額外的阻力，但隨著時間的推移，隨著交付的進行，這種情況將逐漸改善。我們發現，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的改善。

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.

所以我們必須處理好這個時間安排，因為一旦工廠搬遷，我們開始交付，預付款和庫存都會減少，但這需要時間。

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，第三季的交付情況將會更好，但我們仍然面臨營運資金的阻力。第四季度，我們的交付量將會更加強勁。我們將實現真正的營運資本改善。我還提到，我們預計將有一艘 11 號油輪。

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，這些現金流可以逐季度發生相當大的變化，而這一切都取決於我們交付和維持工廠穩定性以及改進工廠的能力。這是我們對現金後半段的思考，

What's the cash balance you feel comfortable with?

您覺得合適的現金餘額是多少？

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，這種數字有一點變化，我們可以感到舒服。我認為有一個更廣泛的問題是我們一直在關注流動性。從我們五月的所作所為中您就可以看出這一點。您看到了這一點以及我們如何對待 Spirit 交易。因此，現在我們對目前的狀況以及如何度過年底感到滿意。

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.也許可以簡單跟進一下，布萊恩，您能評論一下這些預付款的異常情況嗎？您提到，有些人正在將以前的預付款應用到當前的狀況中，而有些人基本上是在推遲付款，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?

您能對進展進行分類嗎？您過去是否收集過多，因此我們陷入困境？或者，如果您願意的話，您現在是否正在收集近期某個時候真正有益的復甦？

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.

所以兩者都可以回答你的問題。我們確實存在人們正在應用的過度行為，以及人們正在保留 PDP，直到他們獲得更穩定的交付結構 - 交付時間表。所以兩者都有。我的意思是，您在本季看到，我們的預付餘額減少了約 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會持續下去。但當我們開始以可預測的方式交付時，所有這一切都將開始瓦解。所以這確實是一個時機問題，而且我們最好的猜測是按季度計算的時機問題，而這一切又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的短缺和需求狀況。因此，這並不是市場的一個弱點，人們正在試圖以某種方式帶來根本性的改變。這是短期管理，我們都理解並且正在努力適應。

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很強勁，這促使每個人都想賺錢來購買飛機。

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?

而 777X 的預付款可以抵銷 8 億美元的季度庫存成長，這是否會對我們所看到的 8 億美元或 8 億美元的淨 777X 業績產生實質抵銷？

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 億美元實際上是庫存。此時，進步已經沒有意義了。我們真正處理的是庫存，也就是投入使用時的投資。

Thank you.

謝謝。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

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。感謝您回答這個問題。布萊恩，我知道很難準確指出現金消耗。但我想，就全年而言，您認為這個數字是接近 50 億美元還是 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，您顯然說過您優先考慮您的投資等級評級。如果你們需要更多資金，是否期望評級機構允許你們再次發行債券並專注於 5G？還是您正在考慮進行股票發行？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，我現在還不夠聰明，無法判斷是 5 還是 10。如您所知，隨著我們增加交付量，我們的現金餘額發生了相當顯著的變化。因此我將不再嘗試談論得更具體。這將是一種用法，我們正在努力實現它。當我們處理好時間因素後，我們知道，隨著我們不斷前進，一切都會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.

關於評級機構的問題，我們正在與三家評級機構進行定期對話。他們和我們一樣，都是關注公司的經營業績、我們產生自由現金流的能力以及絕對的債務削減。我們告訴他們我們一直對每個人說的話，投資等級是第一要務。我們會定期監控我們的流動性。如果我們能夠趕上到期日，或盡一切努力保護該評級期。自 2020 年 4 月以來，我們在這方面始終保持一致，融資決策的精神就證明了這一點。因此，我們隨時準備著，保持敏捷。該評級是優先事項。

Thanks very much.

非常感謝。

Jason Gursky, Citigroup.

花旗集團的傑森古爾斯基。

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。我只是想回到 777 一會兒。布萊恩可能會請您從現金流的角度談談該專案在認證和首次交付前幾個季度的預期未來支出。當然，我知道這很大程度上是由庫存驅動的。那麼，也許您也應該談談庫存消耗情況如何，以及您目前對生產的預期，以及我們在 2025 年、2026 年的時間範圍內的交付情況，考慮到積壓訂單，假設您在 2025 年獲得認證並開始第一批交付，您對 2026 年時間範圍內的交付有何看法？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.

嗯，關於這個問題的最後一部分，好消息是積壓訂單相當充足，而且我們剛剛在寬體飛機的航展上取得了出色的表現。我想說，總的來說，777X 現金看起來與所有其他開發項目類似。我們在投入使用前就使用現金。你已經看到我談到了本季的 8 億美元。這是一致的，這一切都是由我們為投入使用做準備時自然庫存的累積所驅動的。

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 一年後，資料將轉為正值。這將以大多數開發計劃的正常方式進行。是的，這將由我們高度信任的大量積壓訂單和客戶喜愛的飛機所保證。所以我們感覺很好，這些只是時機上的投資。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 勞資談判，你們能否提供一下最新情況，說明你們目前的情況，以及你們與工會經濟的差距有多大？如果工會罷工，有哪些營運緊急措施？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.

嗯，首先，我們絕對沒有計劃罷工，我真的不能——現在就對投入和產出進行差距分析還為時過早，因為我們還處於這個過程的早期階段。是的，我喜歡這個框架。我喜歡我們在人員培訓和發展方面所做的投資。

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 ASK 將會很大。我們知道工資要求會很高。在這個過程中，我們不怕善待我們的員工。所以，我們只會盡力工作，避免罷工發生。無論如何，當我們進行談判時，這將在凱利和史蒂芬妮的後院進行。但正如你和我所知，直到最後一周比賽仍在進行中。你知道的不多。所以我就不多說了，盡量不做預測。除了告訴你之外，我們明確表示不想罷工。

Great. Thank you.

偉大的。謝謝。

Cai von Rumohr, TD Cowen.

Cai von Rumohr，TD Cowen。

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。這麼多。因此，七月的產量看起來仍然相當低迷。八月基本上都在度假。那麼，我們該如何看待生產和交付方面的復甦呢？因為看起來八月的狀況不是很好嗎？因此，與此相關的是，許多供應商的成長速度高於您的生產速度，他們正在談論保留庫存，因為您尚未提取庫存，他們要求您預支款項。

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，您需要為您的供應商做些什麼呢？為他們提供一些預付款，以便他們能夠繼續生產，而不必先減產，然後再增加產量。是的，那我們可以討論一下這兩個問題嗎？

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，關於您關於 737 產量提升的問題，請記住，從今年年初開始，我們的產量非常非常低，只有個位數。現在到了六、七月份，我們的年齡大概是 20 多歲左右。八月份的情況可能會有所改善。但是，我們將在今年下半年迎來穩步成長，同樣，這取決於三號線的成功投入使用以及中國市場的復甦。

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，一切都為我們繼續改善交貨坡道做好了準備，這就是我們要去執行的。因此，我們對所取得的進展感到滿意，我們有證據表明，我們確實有能力在年底時實現每月 38 美元的目標。

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。是一個接一個的。我們非常謹慎地確保我們保護自己工廠的穩定，也確保整個供應鏈的穩定性。我們確實會採取一些行動。

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.

也許烈酒就是最好的例子，我們必須這樣做，這樣當我們度過今年並展望未來時，我們就能以非常穩定、可預測的方式擁有我們身邊的供應鏈。我們看到的一切都不能讓我們停下來或擔心。我們擁有所有的資產和資源。我們只需要開始努力並將這些飛機交付給我們的客戶。

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

但總體來說，如果你把所有支付給供應商的預付款加起來，這些預付款是否已經達到高峰了？還是他們還在繼續進步？

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，實際上並沒有實質的變化，蔡。這裡或那裡，可能存在一些差異，但這些差異並不大，而且在我們的展望中也已經考慮到了。

Thank you very much.

非常感謝。

Seth Seifman, JP Morgan.

塞思‧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。我想問一下您在上一個問題中提到的精神問題。當您考慮他們在 2025 年中期完成這筆交易之前為自己提供資金的能力時，您是否考慮過採取任何額外行動來為 Spirit 提供資金以完成交易？

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，當您考慮波音公司對 Spirit 航空的投資計劃時，Spirit 航空是波音公司的一部分。您能否從定性或定量的角度告訴我們該投資計劃的特點，為 Spirit 航空公司未來升息做好準備？

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，不要為 Spirit 講太多話。另一方面，他們的表現良好。我們期望它們繼續表現良好，並且我們有信心獲得乾淨的機身，以幫助與我們的交貨時間表相吻合。

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感到非常滿意。因此目前沒有什麼值得我們擔心的事。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。對於任何需要的投資或為了長期穩定的投資，我們不會羞於或羞於投資。我們對眼前的進展感到非常滿意，我們迫不及待地想要完成它。

Okay. Thanks very much.

好的。非常感謝。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

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。您能否再多談談您所做的領導決策？我知道凱利在這個行業擁有豐富的經驗，但暫時還不具備擔任營運職務的能力。潛力是什麼——按下您現在所處的許多轉變中的重置按鈕，而不是立即開始行動的能力。當您繼續前進時，我們應該如何看待帕特、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，我不會洩露任何我不知道的事情。董事會做出了這項決定。在過去的九個月裡，我想到他們與業界各界、供應方、買方和監管機構進行了非常深入的討論。

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.

最後，他們從幾個名字中挑選出凱利，我對這個決定感到非常高興，因為我認識凱利。凱利，我見過他，他是一位經驗豐富的操作員，經驗豐富。他知道我們靠什麼謀生，我會立刻運用他的經驗。所以我其實並沒有參與決策過程。所以我不想，我不想跟你開玩笑。另一方面，在我看來，它最終的歸宿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.

至於凱利，凱利對波音公司、領導團隊等發生的一切都非常了解。無論如何，我不認為他想要改變很多人。我的猜測是，他會大力支持史蒂芬妮和團隊的其他成員，並盡力支持他們的工作。他非常清楚我們正處於復甦階段，我們必須穩定局勢並繼續前進。這就是我所說的。無論如何，我認為布萊恩對此無法做出太多補充，但我也不認為這是一次大規模的領導改革。

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，我只想快速問一下。您是否有數十億美元的資金或飛機數量，您持有多少庫存，特別是因為供應鏈保持領先？

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？這並不是無關緊要的事。好消息是，您可以在現金流量表中看到它。這是一個巨大的推動力，好消息是時機正佳。隨著我們向客戶交付飛機，這個問題將會逐漸解決，我們期待能夠更可預測地完成交付。

Okay. Thank you.

好的。謝謝。

Lois, we have time for one final question.

露易絲，我們還有時間回答最後一個問題。

Ken Herbert, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ken Herbert。

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。謝謝你把我擠進來。我只是想知道，戴夫，你是否可以提供更多關於 7 和 10 的認證時間的詳細資訊。我知道現在是 25 年，您對除冰認證很有信心，但您能否更詳細地說明我們如何看待這個時間表以及 MAX 上這兩個特定變化的一些下一個里程碑？

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。它其實就是那個成為瓶頸的離散項目。但我們非常有信心完成這項工作，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可以出發了。我認為除了完成這件事並證明這一點之外，我們沒有其他需要解決的問題。

So first half 25 sounds realistic.

因此，上半年 25 聽起來很現實。

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

聽起來很現實。但他們是負責人。

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

好的，Lois，各位，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。通話到此結束。感謝您參加波音公司 2024 年第二季財報電話會議。