波音 (BA) 2024 Q3 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

Good day, everyone, and welcome to the Boeing Company's third quarter 2024, earnings conference call.

大家好，歡迎參加波音公司 2024 年第三季財報電話會議。

Today's call is being recorded.

今天的通話正在錄音。

The management discussion and slide presentation plus the analyst question-and-answer session are being broadcast live over the Internet.

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) At this time, for opening remarks and introductions, I am turning the call over to Mr. Matt Welch, Vice President of Investor Relations for the Boeing Company.

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

Mr. Welch, please go ahead.

韋爾奇先生，請繼續。

Thank you, and good morning.

謝謝你，早安。

Welcome to Boeing's quarterly earnings call.

歡迎參加波音季度財報電話會議。

I am Matt Welch, and with me today are Kelly Ortberg, Boeing's President and Chief Executive Officer; and Brian West, Boeing's Executive Vice President and Chief Financial Officer.

我是馬特‧韋爾奇，今天和我在一起的還有波音公司總裁兼執行長凱利‧奧特伯格；以及波音公司執行副總裁兼財務長布萊恩·韋斯特。

And as a reminder, you can follow today's broadcast and slide presentation at boeing.com.

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 involve risks, including those described in our SEC filings and in the forward-looking statement disclaimer at the beginning of the presentation.

今天的討論中包含的預測、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。

We also refer you to the disclosures relating to non-GAAP measures in our earnings release and presentation.

我們也請您參閱我們的收益發布和演示中與非公認會計原則措施相關的揭露。

Now I will turn the call over to Kelly Ortberg.

現在我將把電話轉給凱利·奧特伯格。

Thanks, Matt, and thanks to everyone for joining today's call.

謝謝馬特，也謝謝大家參加今天的電話會議。

Let me start by saying that it's an honor to be leading the Boeing company.

首先我要說的是，我很榮幸能夠領導波音公司。

I've spent my entire career in the aerospace and defense business and one constant has always been the critical role that Boeing plays, not just to the A&D industry, but to our national security and the overall global economy.

我的整個職業生涯都在航空航太和國防業務中度過，波音公司始終發揮關鍵作用，不僅對航空航太和國防產業，而且對我們的國家安全和全球整體經濟也發揮關鍵作用。

But we're clearly at a crossroads.

但我們顯然正處於十字路口。

The trust in our company has eroded or saddled with too much debt.

人們對我們公司的信任已被削弱或背負了過多的債務。

We've had serious lapses in our performance across the company, which have disappointed many of our customers.

我們整個公司的業績出現嚴重失誤，這讓許多客戶感到失望。

But by the same token, we have great opportunities ahead.

但同樣的原因，我們前面還有很大的機會。

Our company backlog is roughly $0.5 trillion.

我們公司的積壓訂單約為 5 兆美元。

We have a customer base that wants us and needs us to succeed.

我們的客戶群希望我們並需要我們取得成功。

We have employees who are thirsty to get back to the iconic company they know, setting the standard for the products that we deliver.

我們的員工渴望回到他們所認識的標誌性公司，為我們提供的產品製定標準。

So my mission here is pretty straightforward, turn this big ship in the right direction and restore Boeing to the leadership position that we all know and want.

因此，我在這裡的任務非常簡單，就是將這艘大船轉向正確的方向，讓波音恢復到我們都知道和想要的領導地位。

Now to do this is going to require changes in four particular areas.

現在要做到這一點需要在四個特定領域進行改變。

And let me introduce them, and I'll come back and discuss each one.

讓我介紹一下它們，然後我會回來討論每一個。

First, we need a fundamental culture change in the company; second, we must stabilize the business; third, we need to improve our execution discipline on new platform commitments across the company; and fourth, while doing the first three, we must build a new future for Boeing.

首先，我們需要對公司文化進行根本性變革；二是要穩定經營；第三，我們需要提高全公司新平台承諾的執行紀律；第四，在做好前三點的同時，我們必須為波音打造一個新的未來。

So let me start with arguably the most important, changing the culture at Boeing.

因此，讓我從可以說是最重要的事情開始，即改變波音的文化。

I spent the last two decades working with Boeing in the supply chain.

過去二十年來，我在供應鏈領域與波音公司合作。

So I have an outside-in view of Boeing, which is very helpful.

所以我對波音有一個由外而內的了解，這非常有幫助。

That experience, combined now with seeing things from the inside the company, has helped provide an informed view of some of the actions we need to take.

這些經驗，加上現在從公司內部看到的情況，有助於我們對需要採取的一些行動提供明智的看法。

Much has been written about how we got to where we are, but most also recognize that Boeing was once a benchmark for what good culture looks like.

關於我們如何取得今天的成就已經有很多文章，但大多數人也意識到波音曾經是良好文化的標竿。

And I believe we can return to that legacy.

我相信我們可以回歸這項遺產。

I know culture change starts at the top.

我知道文化變革從高層開始。

Our leaders from me on down need to be closely integrated with our business and the people who are doing the design and production of our products.

從我開始，我們的領導者需要與我們的業務以及從事產品設計和生產的人員緊密結合。

We need to be on the factory floors, in the back shops and in our engineering labs.

我們需要在工廠車間、後車間和工程實驗室中進行工作。

We need to know what's going on, not only with our products, but with our people.

我們不僅需要了解我們的產品，還需要了解我們的員工的情況。

And most importantly, we need to prevent the festering of issues and work better together to identify, fix and understand root cause.

最重要的是，我們需要防止問題惡化，並更好地合作來識別、解決和理解根本原因。

I've already introduced a much more detailed business cadence to drive this across the organization, and this process of change is underway.

我已經引入了更詳細的業務節奏來推動整個組織的發展，而這個變革過程正在進行中。

Culture's driven by values and we'll redefine those for the company together.

文化由價值觀驅動，我們將共同為公司重新定義這些價值觀。

This has to be more than the poster on the wall.

這肯定不僅僅是牆上的海報。

These values will be used to hold leaders accountable in how they lead our teams and delivering safe, high-quality products and services to our customers.

這些價值觀將用於讓領導者對如何領導我們的團隊並向我們的客戶提供安全、高品質的產品和服務負責。

I recently had a meeting with our top executives in the company, and we talk specifically about this culture change.

我最近與公司的高階主管舉行了一次會議，我們專門討論了這種文化變革。

I see this more as a continuous process improvement rather than a milestone.

我認為這更多是一個持續的流程改進，而不是一個里程碑。

We will be relentless in changing the Boeing culture through action, not just words on a page.

我們將堅持不懈地透過行動改變波音文化，而不僅僅是紙上的文字。

Now let me shift to the second item, which is stabilizing the business.

現在讓我談談第二項，即穩定業務。

This has been central to my focus since starting the job in August.

自從八月開始工作以來，這一直是我關注的焦點。

We have some really big rocks that we need to get behind us to move the company forward.

我們需要一些真正的大石頭來推動公司前進。

The first and foremost on everybody's mind today is ending the IAM strike.

今天每個人首先想到的是結束 IAM 罷工。

We've been feverishly working to find a solution that works for the company and meets our employees' needs.

我們一直在努力尋找適合公司並滿足員工需求的解決方案。

I've met with the union leadership the first week on the job and let them know that I was committed to resetting the relationship.

我在上任的第一週就與工會領導階層會面，讓他們知道我致力於重建關係。

And I remain committed to getting the team back and improving our relationships so we don't become so disconnected in the future.

我仍然致力於讓團隊回歸並改善我們的關係，這樣我們將來就不會變得如此脫節。

I'm very hopeful that the package we put forward will allow our employees to come back to work so we can immediately focus on restoring the company.

我非常希望我們提出的一攬子計劃能夠讓我們的員工重返工作崗位，這樣我們就可以立即專注於恢復公司。

Once we get back, we have the task of restarting the factories and the supply chain, and it's much harder to turn this on than it is to turn it off.

一旦我們回來，我們的任務就是重新啟動工廠和供應鏈，而開啟它比關閉它要困難得多。

So it's absolutely critical that we do this right.

因此，我們正確地做這件事絕對至關重要。

Our safety and quality management system will guide us through the restart, and we have a detailed return to work plan in place, and I'm really looking forward to getting everybody back and getting to work on that plan.

我們的安全和品質管理系統將指導我們重新啟動，我們已經制定了詳細的重返工作計劃，我真的很期待讓每個人都回來並開始執行該計劃。

One additional area of focus that is critical to our stability is the implementation of the safety and quality plan.

對我們的穩定性至關重要的另一個重點領域是安全和品質計劃的實施。

As you know, this is a plan that we have reviewed with the FAA and will be part of the criteria we use to measure stability of our production system, which is necessary to gain authority to increase 737 rates.

如您所知，這是我們與美國聯邦航空局 (FAA) 一起審查的計劃，並將成為我們用來衡量生產系統穩定性的標準的一部分，這是獲得提高 737 機率的授權所必需的。

I'm encouraged with the progress we're making already, and we need to continue that momentum.

我對我們已經取得的進展感到鼓舞，我們需要繼續保持這一勢頭。

Another big rock to stabilize the company is managing our balance sheet to best support retaining our investment-grade credit rating.

穩定公司的另一塊大石頭是管理我們的資產負債表，以最好地支持維持我們的投資等級信用評級。

We have a plan, and we're executing that plan.

我們有一個計劃，我們正在執行該計劃。

And I'm confident that we have a good path forward to manage the realities of our business and retain our investment-grade rating.

我相信，我們有一條良好的前進道路來管理我們的業務現實並保持我們的投資等級評級。

So I've talked about culture and stability.

所以我談到了文化和穩定。

The third area is improving the execution discipline on our new platforms, whether this be the commercial derivatives of the 737 MAX and 777 or the series of programs in our BDS business.

第三個領域是改善我們新平台的執行紀律，無論是737 MAX和777的商業衍生品，還是我們北斗業務的一系列項目。

We have to be better at understanding and managing the risk on these projects more proactively.

我們必須更好地理解並更主動地管理這些專案的風險。

This include disciplined program and risk management in all phases of the project, including the bid phase.

這包括專案所有階段（包括投標階段）的嚴格計劃和風險管理。

Again, this is an area where we need the management team much more focused on their programs and much more active working with their customers on ensuring success and anticipating risks before they happen.

同樣，在這個領域，我們需要管理團隊更加專注於他們的計劃，更加積極地與客戶合作，以確保成功並在風險發生之前對其進行預測。

Supply chain management improvements will be critical to this effort.

供應鏈管理的改進對於這項努力至關重要。

Clearly, we have some difficult contracts in our defense business, but we have to do a better job of executing on the things that we can control.

顯然，我們的國防業務中有一些困難的合同，但我們必須更好地執行我們可以控制的事情。

So lastly, the fourth area to discuss is building a new future for Boeing.

最後，要討論的第四個領域是為波音公司打造新的未來。

While we're somewhat consumed with the challenges of today, we need to be setting the foundation of the future for Boeing.

雖然我們對今天的挑戰有些不知所措，但我們需要為波音的未來奠定基礎。

Boeing's an airplane company.

波音是一家飛機公司。

And at the right time in the future, we need to develop a new airplane, but we have a lot of work to do before them.

在未來合適的時間，我們需要開發一架新飛機，但擺在他們面前我們還有很多工作要做。

This includes stabilizing our business, improving the execution on the development programs, streamlining the portfolio to do what we do well and restoring the balance sheet so that we do have a path to the next commercial aircraft.

這包括穩定我們的業務、改善開發計劃的執行、精簡產品組合以做好我們擅長的事情以及恢復資產負債表，以便我們確實有一條通往下一代商用飛機的道路。

We need to reset priorities and create a leaner, more focused organization.

我們需要重新調整優先事項並創造一個更精簡、更專注的組織。

We've recently announced a workforce reduction, which will focus on consolidation of areas where we're not efficient, and we need to continue to focus on reducing nonessential activity.

我們最近宣布了裁員計劃，重點是整合效率不高的領域，我們需要繼續專注於減少非必要活動。

So before I hand it over to Brian, let me summarize by saying that we have a lot of work to do.

因此，在我將其交給布萊恩之前，讓我總結一下，我們還有很多工作要做。

We have a plan and changes already underway.

我們已經制定了計劃並正在進行更改。

This is a big shift that will take some time to turn, but when it does, it has the capacity to be great again.

這是一個重大轉變，需要一些時間才能扭轉，但一旦發生，它就有能力再次偉大。

This is a company that ushered in the new era of air travel and helped plan the first man on the moon.

這家公司開創了航空旅行的新時代，並幫助計劃了第一個登上月球的人。

Getting back to the values that help define this legacy is what will define our future.

回歸有助於定義這一遺產的價值觀將定義我們的未來。

I'm excited about the opportunity, and I look forward to working with all of you.

我很高興能有這個機會，並期待與大家合作。

So with that, let me hand it off to Brian to cover the financials, and then we look forward to coming back and answering your questions.

因此，讓我將其交給布萊恩來介紹財務情況，然後我們期待回來回答您的問題。

Brian?

布萊恩？

Thanks, Kelly, and good morning, everyone.

謝謝，凱利，大家早安。

Let's start with the total company financial performance for the quarter.

讓我們從本季公司的整體財務表現開始。

Revenue was $17.8 billion, down 1%, primarily driven by lower commercial widebody deliveries, including impacts of the IAM work stoppage.

收入為 178 億美元，下降 1%，主要是由於商業寬體飛機交付量下降，包括 IAM 停工的影響。

The core loss per share was $10.44, primarily reflecting impacts from the IAM work stoppage and previously announced charges across certain commercial and defense programs.

每股核心虧損為 10.44 美元，主要反映了 IAM 停工以及先前宣布的某些商業和國防項目費用的影響。

Free cash flow was a use of $2 billion in the quarter with results impacted by lower commercial widebody deliveries and unfavorable working capital timing, including impacts associated with the work stoppage.

本季自由現金流使用了 20 億美元，結果受到商業寬體飛機交付量下降和不利的營運資金時機（包括與停工相關的影響）的影響。

Improvement versus prior expectations was driven by better-than-expected BCA advanced payments.

優於預期的 BCA 預付款推動了與先前預期的改善。

Turning to the next page, I'll cover Boeing Commercial Airplanes.

翻到下一頁，我將介紹波音商用飛機。

BCA delivered 116 airplanes in the quarter.

BCA 本季交付了 116 架飛機。

Revenue was $7.4 billion, and operating margin was minus 54%, primarily reflecting previously announced pre-tax charges of $3 billion on the 777X and 767 programs, the IAM work stoppage and higher period costs, including R&D.

收入為 74 億美元，營業利潤率為負 54%，主要反映了先前宣布的 777X 和 767 項目 30 億美元的稅前費用、IAM 停工以及更高的期間成本（包括研發）。

Backlog in the quarter ended at $428 billion and includes more than 5,400 airplanes.

本季的積壓訂單達到 4,280 億美元，其中包括 5,400 多架飛機。

Now, I'll give more color on the key programs.

現在，我將對關鍵程序進行更多說明。

The 737 program delivered 92 airplanes in the quarter.

737 專案本季交付了 92 架飛機。

As noted in mid-September, we had been making good progress on stabilizing production and preparing for 38 per month by year-end, but those objectives will now take longer due to the IAM work stoppage.

正如9月中旬所指出的，我們在穩定生產方面取得了良好進展，並為年底前每月38個產量做好了準備，但由於IAM停工，這些目標現在將需要更長的時間。

Given the strike and our need to conserve cash, we've made near-term adjustments to broadly stop supplier shipments.

考慮到罷工和我們節省現金的需要，我們做出了短期調整，廣泛停止供應商出貨。

We continue to manage supplier by supplier based on inventory levels and for certain suppliers, this will allow them to catch up.

我們繼續根據庫存水準逐一供應商進行管理，對於某些供應商來說，這將使他們能夠趕上。

We maintain our objective to position the supply chain to support our ramp post strike.

我們維持我們的目標，即定位供應鏈以支持罷工後的坡道。

The quarter ended with approximately 60 737-8s built prior to 2023, the vast majority for customers in China and India, down 30 from last quarter.

本季末，2023 年之前生產的飛機數量約為 60 737-8，其中絕大多數面向中國和印度的客戶，比上季度減少了 30 架。

Additional progress on shutting down the Shadow factory has been impacted by the work stoppage, which will now extend into next year.

關閉影子工廠的額外進度受到停工的影響，目前停工將延續到明年。

On the Dash Seven and Dash 10, inventory levels remained stable at approximately 35 airplanes and the certification time lines remain unchanged.

Dash 7 和 Dash 10 的庫存水準保持穩定在約 35 架飛機，認證時間表保持不變。

On the 787 program, we delivered 14 airplanes in the quarter.

在 787 專案中，我們本季交付了 14 架飛機。

And as previously noted, we continue to work through production recovery plans on heat exchangers and delivery delays associated with seat certifications.

如前所述，我們將繼續制定熱交換器的生產恢復計劃以及與座椅認證相關的交付延遲。

The program is currently producing at four per month and still plans to return to five per month by year-end.

該節目目前每月製作四部，並計劃在年底前恢復到每月五部。

We ended the quarter with 30 airplanes in inventory built prior to 2023, that required rework, down five from last quarter.

本季結束時，我們庫存中有 30 架 2023 年之前製造的飛機，需要返工，比上季減少了 5 架。

Our ability to finish the rework and shut down the Shadow factory has also been impacted by the work stoppage and will now extend into next year.

我們完成返工和關閉影子工廠的能力也受到停工的影響，現在將延續到明年。

Finally, on the 777X program.

最後，關於777X計劃。

As previously announced, the $2.6 billion pre-tax charge primarily reflects our latest assessment of the certification time lines to address the delays in flight testing of the 777-9 as well as anticipated delays associated with the IAM work stoppage.

正如先前宣布的，26 億美元的稅前費用主要反映了我們對認證時間線的最新評估，以解決 777-9 飛行測試的延誤以及與 IAM 停工相關的預期延誤。

We'll continue to follow the lead of the FAA as we progress through the certification process and now expect first delivery in 2026.

我們將繼續遵循 FAA 的領導，推進認證流程，目前預計將於 2026 年首次交付。

Year-to-date, 777X inventory spend has averaged a bit below $800 million per quarter.

今年迄今為止，777X 的庫存支出平均每季略低於 8 億美元。

The cash profile will look similar to prior development programs with the year prior to first delivery, typically the largest use of cash driven by inventory build associated with the production ramp, which will unwind as deliveries commence.

現金狀況將與首次交付前一年的先前開發計劃類似，通常是由與產量增加相關的庫存增加驅動的最大現金使用，隨著交付開始，庫存增加將減少。

Moving on to the next page, Boeing Defense & Space.

轉到下一頁，波音防務與航太公司。

BDS booked $8 billion in orders during the quarter, including definitizing a $2.6 billion award from the US Air Force for two rapid prototype E-7A Wedgetail aircraft and the backlog ended at $62 billion.

BDS 在本季度獲得了 80 億美元的訂單，其中包括美國空軍確定的 26 億美元訂單，用於購買兩架快速原型 E-7A 楔尾飛機，積壓訂單最終達到 620 億美元。

Revenue was $5.5 billion, stable year-over-year, and BDS delivered 34 aircraft in the quarter, including the first production MH-139A Grey Wolf, to the US Air Force.

營收為 55 億美元，年比穩定，BDS 本季向美國空軍交付了 34 架飛機，其中包括第一架生產型 MH-139A 灰狼。

As previously announced, BDS recognized $2 billion of pre-tax charges on the T-7A, KC-46A, commercial crew and MQ-25 programs in the third quarter, and operating margin was minus 43.1%.

如同先前所宣布的，BDS第三季確認T-7A、KC-46A、商用機組和MQ-25項目的稅前費用為20億美元，營運利潤率為-43.1%。

In September, we indicated that margins would again be negative due to two things: First, on the 25% of the portfolio, primarily comprised of fighter and satellite programs.

9 月份，我們表示，由於兩件事，利潤率將再次為負：首先，投資組合的 25%，主要由戰鬥機和衛星項目組成。

Our fighter programs recognized losses in third quarter due to disruption as the F-15EX ramps up on a shared production line as well as additional cost pressures and winding down F-18 production.

我們的戰鬥機專案在第三季度確認了虧損，原因是 F-15EX 在共享生產線上的產能增加以及額外的成本壓力和 F-18 生產的逐步減少造成的中斷。

Second, additional cost pressures on fixed price development programs.

其次，固定價格開發計畫面臨額外的成本壓力。

The magnitude of these losses expanded as we close the books, primarily reflecting higher estimated production costs on the T-7A program, mainly on contracts in 2026, and beyond and an updated assessment of impacts on the KC-46A program associated with the IAM work stoppage and the decision to conclude production on the 767 freighter.

隨著我們結帳，這些損失的規模擴大了，主要反映了 T-7A 項目的估計生產成本增加，主要是 2026 年及以後的合同，以及與 IAM 工作相關的 KC-46A 項目影響的最新評估停工並決定結束767 貨機的生產。

Given the fixed price nature for these contracts, we'll continue to be transparent about impacts as we work to stabilize and mature these programs.

鑑於這些合約的固定價格性質，我們在努力穩定和成熟這些計劃的過程中將繼續對影響保持透明。

While acknowledging these are disappointing results, these are complicated development programs, and we remain focused on retiring risk each quarter and ultimately delivering these mission-critical capabilities to our customers.

雖然我們承認這些結果令人失望，但這些都是複雜的開發計劃，我們仍然專注於每季消除風險，並最終向我們的客戶提供這些關鍵任務功能。

The plan to improve BDS margins in the medium to long term remains unchanged.

中長期提高北斗系統利潤率的計畫維持不變。

Our core business remains solid, representing about 60% of our revenue and generally performing in the mid-to-high single-digit margin range with commercial derivatives experiencing margin compression in 3Q due to the disruption in the Puget Sound factories, including the work stoppage.

我們的核心業務依然穩健，約占我們營收的60%，整體表現在中高個位數利潤率範圍內，商業衍生品由於普吉特海灣工廠的中斷（包括停工）而在第三季度經歷利潤率壓縮。

Broadly, the demand for our defense products remains very strong, supported by the threat environment confronting our nation and our allies.

總體而言，在我們國家和盟友面臨的威脅環境的支持下，對我們國防產品的需求仍然非常強勁。

We still expect the business to return to historical performance levels as we stabilize production, execute on development programs and transition to new contracts with tighter underwriting standards.

我們仍然預計，隨著我們穩定生產、執行開發計劃並過渡到承保標準更嚴格的新合同，業務將恢復到歷史業績水平。

Moving on to the next page, Boeing Global Services.

進入下一頁，波音全球服務。

BGS continues to perform well in the quarter.

BGS 本季持續表現良好。

The business received $6 billion in orders and the backlog ended at $20 billion.

該公司收到了 60 億美元的訂單，積壓訂單達到 200 億美元。

Revenue was $4.9 billion, up 2%, primarily on higher commercial volume.

營收為 49 億美元，成長 2%，主要得益於商業銷售的增加。

Operating margin was 17%, up 70 basis points compared to last year on favorable volume and mix.

由於銷售量和產品組合良好，營業利益率為 17%，比去年上升 70 個基點。

In the quarter, BGS secured several key services agreements with ANA as well as a KC-135 spares contract from the US Air Force.

本季度，BGS 與 ANA 簽訂了多項關鍵服務協議，並與美國空軍簽訂了 KC-135 備件合約。

It's a terrific long-term franchise focused on profitable, capital-efficient service offerings and executing well with mid-single-digit revenue growth, mid-teen margins and very high cash flow conversion.

這是一家出色的長期特許經營公司，專注於提供盈利、資本效率高的服務產品，並以中個位數的收入增長、中雙位數的利潤率和非常高的現金流轉換執行良好。

Turning to the next page, I'll cover cash and debt.

翻到下一頁，我將討論現金和債務。

On cash and marketable securities, we ended the quarter at $10.5 billion, primarily reflecting the $2 billion use of free cash flow in the quarter.

在現金和有價證券方面，本季末我們的資產為 105 億美元，主要反映了本季使用了 20 億美元的自由現金流。

The debt balance remained stable, ending at $57.7 billion.

債務餘額維持穩定，為 577 億美元。

Last week, we entered into a new $10 billion short-term credit facility and now have access to credit facilities totaling $20 billion, all of which remain undrawn.

上週，我們簽訂了一項新的 100 億美元短期信貸安排，現在可以獲得總額為 200 億美元的信貸安排，全部尚未提取。

We expect 4Q free cash flow to be a usage driven by the timing of return to work, the pace of our production ramp and the unwind of inventory in the balance sheet.

我們預計第四季度自由現金流的使用量將由復工時間、產量成長速度以及資產負債表中庫存的釋放所驅動。

While we expect 2025, to be another use of cash, we anticipate a significant improvement over this year.

雖然我們預計 2025 年將再次使用現金，但我們預計今年將顯著改善。

Importantly, we expect to exit next year with real momentum in the business as we return to normal production rates.

重要的是，隨著我們恢復正常的生產力，我們預計明年將以業務的真正動力退出。

We continue to take the tough but necessary actions to preserve cash and safeguard our future.

我們將繼續採取嚴厲但必要的行動來保存現金並保障我們的未來。

We've worked across our supply chain partners to significantly reduce expenditures while balancing the associated trade-offs.

我們與供應鏈合作夥伴合作，大幅減少支出，同時平衡相關的權衡。

We shared plans to reduce our workforce to align with our financial reality and a more focused set of priorities.

我們分享了減少勞動力的計劃，以適應我們的財務現實和更集中的優先事項。

We're decisively implementing reductions to our discretionary spending across the company.

我們正在果斷地削減整個公司的可自由支配支出。

As we move through this process, we'll maintain our steadfast focus on safety, quality and delivery for our customers.

當我們完成這一過程時，我們將堅定不移地專注於客戶的安全、品質和交付。

We remain committed to managing the balance sheet in a prudent manner with two main objectives: First, prioritize the investment-grade credit rating; and second, allowing the factory and supply chain to reset, which will take longer as a result of the work stoppage.

我們堅持審慎管理資產負債表，主要目標有兩個：一是優先考慮投資等級信用評等；其次，允許工廠和供應鏈重新啟動，但由於停工，這將需要更長的時間。

We're constantly evaluating our capital structure and liquidity levels to ensure that we could satisfy our debt maturities over the next 18 months while keeping confidence in our credit rating as investment grade.

我們不斷評估我們的資本結構和流動性水平，以確保我們能夠滿足未來 18 個月的債務到期要求，同時對我們的投資等級信用評級保持信心。

The actions we've recently taken, including establishing the universal shelf registration, which is now effective, directly support these priorities, and we have a plan to comprehensively address the balance sheet in the near term that could include an offering of equity and equity-linked securities.

我們最近採取的行動，包括建立通用貨架登記（現已生效），直接支持這些優先事項，我們有一項計劃在短期內全面解決資產負債表問題，其中可能包括發行股權和股權-掛鉤證券。

We're confident that over time, the business performance and capital structure will return to levels fully aligned with an investment-grade profile.

我們相信，隨著時間的推移，業務績效和資本結構將恢復到完全符合投資等級狀況的水平。

Near term, we're focused on reaching an agreement with our representative workforce to allow our factories in the Puget Sound area to resume and then ramp production in a stable fashion for years to come.

短期內，我們的重點是與我們的員工代表達成協議，讓我們在普吉特海灣地區的工廠恢復運營，然後在未來幾年穩定地提高產量。

Stepping back, the markets we serve are significant, and our product portfolio is well positioned, demonstrated by our backlog of more than $0.5 trillion.

退一步來說，我們服務的市場非常重要，我們的產品組合定位良好，我們的積壓訂單超過 0.5 兆美元就證明了這一點。

Long term, these fundamentals underpin our confidence as we manage the business with a long-term view built on safety, quality and delivering for our customers.

從長遠來看，這些基本原則支撐著我們的信心，因為我們以基於安全、品質和為客戶提供服務的長遠眼光來管理業務。

With that, Matt, let's open up for questions.

馬特，讓我們開始提問吧。

(Operator Instructions) Myles Walton, Wolfe Research.

（操作員說明）Myles Walton，Wolfe Research。

Nice to speak with you again, Kelly.

很高興再次與你交談，凱利。

In your remarks, you talked about Boeing as an airplane company.

在您的演講中，您談到了波音公司作為一家飛機公司。

And so I just want to understand what is core and noncore outside of Boeing Commercial Airplanes as you see it and specifically, how significant portfolio shaping and simplifying the business is in your turnaround you're describing looking forward?

因此，我只想了解您所看到的波音商用飛機公司之外的核心和非核心是什麼，具體來說，投資組合塑造和簡化業務對於您所描述的未來轉型有何重要意義？

Yeah.

是的。

So first of all, good talking to you again, Myles.

首先，很高興再次與您交談，邁爾斯。

Look, as I look at the portfolio, and I've made this comment, I think that we're better off being -- doing less and doing it better than doing more and not doing it well.

聽著，當我審視作品集時，我發表了這樣的評論，我認為我們最好是少做多做，而不是做得多但做得不好。

So we're in the process of taking an evaluation of the portfolio.

因此，我們正在對投資組合進行評估。

It's something a new CEO always does when you come into a business and looking at those things and asking in the filter of what do we want this company to look like five and 10 years from now?

當你進入一家企業並審視這些事情並詢問我們希望這家公司在五年和十年後是什麼樣子時，這是新任執行長經常做的事情？

And do these things add value to the company or distract us?

這些事情會為公司增加價值還是分散我們的注意力？

So I'm in the process of going through that.

所以我正在經歷這個過程。

Clearly, our core of commercial airplanes and defense systems are going to stay with the Boeing Company for the long run.

顯然，我們的商用飛機和國防系統的核心將長期留在波音公司。

But there's probably some things on the fringe there that we can be more efficient with or that distract us from our main goal here.

但可能有一些邊緣的事情我們可以提高效率，或是分散我們對這裡主要目標的注意力。

So more to come on that, Myles, but I don't have a specific list in my hand today, and I'd ask everybody don't get ahead of me on this, I don't have a specific list of things that we're going to keep, and we're not going to keep.

邁爾斯，還有更多內容，但我今天手上沒有具體的清單，我想請大家不要在這方面超越我，我沒有具體的清單我們會保留，也不會保留。

That's something for us to evaluate and the process is underway to start that.

這是我們需要評估的事情，我們正在啟動這個過程。

David Strauss, Barclays.

大衛‧史特勞斯，巴克萊銀行。

So wanted to ask you about the balance sheet and the plan there.

所以想向您詢問有關資產負債表和計劃的資訊。

So how you're thinking around the parameters in terms of the size and timing of a potential capital raise?

那麼，您如何考慮潛在融資規模和時間方面的參數？

I'm sure this is a function of your discussions with the rating agencies as well as your ability to generate cash over the longer term.

我確信這取決於您與評級機構的討論以及您長期產生現金的能力。

So maybe some color on what you're hearing from the credit -- from the rating agencies as well as your thoughts, maybe initial thoughts around the ability of the company to generate free cash flow in the future relative to that $10 billion target that's been out there?

因此，也許您從評級機構聽到的信用信息以及您的想法有一些色彩，也許是關於公司未來相對於 100 億美元目標產生自由現金流的能力的初步想法。

Thanks, David.

謝謝，大衛。

I'll take a shot at that.

我會嘗試一下。

We are in active engagement with the rating agencies, and it's a constructive dialogue, and they help inform the plan that we have.

我們正在與評級機構積極接觸，這是一次建設性的對話，他們幫助我們制定了計劃。

And we do have a plan to address the balance sheet.

我們確實有一個解決資產負債表問題的計劃。

From a timing perspective, we've done everything necessary to be in a position to raise capital, and we're monitoring events closely and we'll access the markets whenever we determine it's the right time.

從時機的角度來看，我們已經採取了一切必要措施來籌集資金，我們正在密切監視事件，只要我們確定合適的時間，我們就會進入市場。

In terms of the size question, here's what's important to us on size.

就尺寸問題而言，以下是對我們來說重要的尺寸。

We're focused on maintaining $10 billion of cash in addition to our revolver capacity as we historically have.

除了我們歷史上擁有的左輪手槍產能之外，我們還致力於維持 100 億美元的現金。

And we're anticipating our near-term cash flows to be usage driven mostly by timing, both in the fourth quarter and next year as we ramp production.

我們預計，隨著我們提高產量，我們的近期現金流將主要由時間驅動，無論是第四季還是明年。

And the third piece of this is that we have debt maturities in the next couple of years.

第三點是我們的債務將在未來幾年到期。

All of that is contextual for how we would think about a funding raise to address the capital needs and ensure sufficient liquidity as we execute our recovery game plan.

所有這些都與我們在執行復甦計劃時如何考慮籌集資金以滿足資本需求並確保足夠的流動性有關。

So we have a plan.

所以我們有一個計劃。

We're focused.

我們很專注。

And again, it's all on the priority to protect our investment grade.

再說一遍，保護我們的投資評級是首要任務。

Okay.

好的。

And Kelly, maybe if you could take that question around the $10 billion target that's out there.

凱利，也許您可以圍繞 100 億美元的目標來回答這個問題。

Is that a realistic target to think about any time over the next several years for this company based on what you've seen so far?

根據您迄今為止所看到的情況，對於這家公司來說，這是否是未來幾年內值得考慮的現實目標？

Yes, it's too early for me to answer that.

是的，我現在回答這個問題還為時過早。

I would just say all the financial forecast, the long-term outlook are under review.

我只想說所有的財務預測和長期前景都在審查中。

And I need some time to assess that.

我需要一些時間來評估這一點。

And certainly, we need to see some stability in the business to be able to put any kind of target out there.

當然，我們需要看到業務具有一定的穩定性，以便能夠實現任何目標。

So I'm evaluating that.

所以我正在評估這一點。

But I'm not ready today to provide any update to that.

但我今天還沒準備好提供任何更新。

Sheila Kahyaoglu, Jefferies.

希拉·卡哈奧格魯，杰弗里斯。

Kelly, nice speaking with you again.

凱利，很高興再次與你交談。

And Brian, thanks as always.

布萊恩，一如既往的感謝。

So Brian, you mentioned free cash flow usage in Q4 and in 2025, as a total.

Brian，您提到了第四季度和 2025 年的自由現金流總體使用情況。

Obviously, that assumes the vote is positive today.

顯然，這是假設今天的投票結果是正面的。

Can you talk about some of the drivers that were more positive in Q3?

能談談第三季比較正面的一些驅動因素嗎？

How do we think about the Q4 outflow?

我們如何看待第四季的資金流出？

And what are you assuming for BCA delivery ranges in your free cash flow outflow next year in BDS losses?

您對明年 BDS 損失中自由現金流出的 BCA 交付範圍有何假設？

And does it become positive anytime in '25?

25 年的任何時候它都會變得積極嗎？

Thanks, Sheila.

謝謝，希拉。

So earlier in the third quarter, we had expected working capital to be a drag in line with the first two quarters.

因此，在第三季早些時候，我們預計營運資金將成為與前兩個季度相同的拖累。

And as we closed the quarter, we had a timing benefit from BCA customer advances that cut the expected working capital about half -- working capital drag about in half.

當我們結束本季時，我們從 BCA 客戶預付款中獲得了及時的好處，這將預期營運資金減少了大約一半——營運資金拖累大約減少了一半。

So as we look into the fourth quarter, a lot is going to depend upon the timing of the return to work and the pace the production ramp.

因此，當我們展望第四季時，很大程度上將取決於恢復工作的時間和產量成長的速度。

But you could see a fourth quarter working capital drag similar to the first two quarters as we've essentially had a shift of deliveries to the right as we're building inventory.

但你可能會看到第四季度的營運資金受到與前兩個季度類似的拖累，因為我們在建立庫存時基本上已經將交貨向右轉移。

So net-net, free cash flow for the fourth quarter could look similar to the second quarter depending on a lot of things coming together as we move through the course of the end of the year.

因此，第四季度的淨淨自由現金流可能看起來與第二季度相似，具體取決於年底時發生的許多事情。

As it pertains to 2025, 2025 free cash flow will be significantly better than 2024.

就2025年而言，2025年的自由現金流將明顯優於2024年。

And we expect the first half to be a cash usage and the second half to turn positive and then build real momentum as we exit the year and return to more stable production rates.

我們預計上半年將是現金使用，下半年將轉為正數，然後在我們退出今年並恢復到更穩定的生產力時建立真正的動力。

So the calendar year is likely to be usage, but the profile is important as we set ourselves up for the recovery and then for '26 and beyond.

因此，日曆年可能是使用情況，但概況很重要，因為我們為復甦做好準備，然後為 26 年及以後做好準備。

In terms of the divisions, there's no doubt that BCA will be driven by those production rate ramps, which is too early to call those as we stand today.

就部門而言，毫無疑問 BCA 將受到生產力提升的推動，但按照我們今天的情況來稱呼這些還為時過早。

And then BDS is going to be impacted by some of the cash implications of some of the charges that we've announced, but we've got a good handle on that and we'll be more descriptive as we get in towards the end of the year.

然後，BDS 將受到我們宣布的一些費用的一些現金影響的影響，但我們已經很好地處理了這一點，當我們接近年底時，我們將更具描述性。

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

Kelly, you've referred to the idea that Boeing was once a benchmark for culture.

凱利，您提到波音曾經是文化基準的想法。

And that was a long time ago.

那是很久以前的事了。

I mean if you look over the last five years, Boeing's lost many experienced leaders from senior management to the factory floor, who were part of that culture.

我的意思是，如果你回顧過去五年，波音公司失去了許多經驗豐富的領導者，從高階管理層到工廠車間，他們都是這種文化的一部分。

And you're also initiating a large headcount reduction.

而且您也開始大規模裁員。

So how are you thinking about rebuilding leadership talent in this environment to make your goals for cultural change, stabilization of the business and execution achievable?

那麼，您如何考慮在這種環境下重建領導者才，以實現文化變革、業務穩定和執行的目標？

And should this involve internal and external approaches?

這是否應該涉及內部和外部方法？

Yeah, Doug.

是的，道格。

So first of all, I'm still in the process of traveling around, meeting our people, particularly two and three levels down.

首先，我仍在四處旅行，與我們的人民會面，特別是兩層和三層以下的人。

My first impression is we've got great people in the Boeing Company.

我的第一印像是波音公司有很棒的人才。

Fantastic people.

很棒的人。

We just got to get everybody in the right position, running the right place, focused on the right things.

我們必須讓每個人都處於正確的位置，在正確的地方運行，專注於正確的事情。

And I think we've got some work to do there.

我認為我們還有一些工作要做。

Of course, I'll supplement the team as needed.

當然，我會根據需要對團隊進行補充。

If we see that we need some additional resources from outside.

如果我們發現我們需要外部一些額外的資源。

I do think some outside view also helps us think a little bit when we're looking at culture change.

我確實認為一些外部觀點也可以幫助我們在考慮文化變革時進行一些思考。

But you're right, the culture I'm referring to at Boeing, probably most of the folks who lived in that culture have retired or moved on.

但你是對的，我指的是波音公司的文化，可能大多數生活在這種文化中的人都已經退休或繼續前進。

So our culture change here is really going to be for the entire company.

因此，我們的文化變革確實適用於整個公司。

We've got to come back and re-evaluate the values that we have.

我們必須回來重新評估我們所擁有的價值觀。

This starts at the top.

這從頂部開始。

I know that it starts at the top.

我知道它是從頂部開始的。

I've had a meeting with the top leaders in the company, and we've talked explicitly about what we're going to do to change the culture.

我與公司的高層領導進行了會面，我們明確討論了我們將採取哪些措施來改變文化。

But it's going to take time, as I said in my prepared remarks.

但這需要時間，正如我在準備好的發言中所說的那樣。

This isn't something that there's just a light switch that flips.

這不僅僅是一個電燈開關可以翻轉的事情。

We'll continue to work this.

我們將繼續進行這方面的工作。

It's a never-ending process.

這是一個永無止境的過程。

We got to get to a point where the organization holds itself accountable to the cultural aspects and the values of the company.

我們必須達到這樣一個地步：組織對公司的文化和價值觀負責。

And I know what that looks like.

我知道那是什麼樣子。

I've been in a company where the values and the culture is very, very strong, and it becomes self-policing and self-developing as you bring new people in.

我曾在一家價值觀和文化非常非常濃厚的公司工作，當你引進新人時，它會變得自我監管和自我發展。

So I think this is something that we can do.

所以我認為這是我們可以做的事情。

I think we may have to supplement in certain areas with some additional outside resources.

我認為我們可能需要在某些領域補充一些額外的外部資源。

But in the main, we need to turn the culture around with every employee here.

但總的來說，我們需要扭轉這裡每位員工的文化。

We've got a large employee base.

我們擁有龐大的員工基礎。

Now let me come to the 100 or the announcement on the workforce reduction.

現在讓我來談談100人或關於裁員的公告。

Look, as I've commented, we're inefficient.

瞧，正如我所評論的，我們效率低下。

And one of the things I've heard from a lot of employees is there's just too much overhead.

我從很多員工那裡聽到的一件事是管理費用太多。

It slows them down in being able to get their work done.

這會減慢他們完成工作的速度。

So we're going to really focus this workforce reduction in streamlining those overhead activities, consolidating things that can be consolidated.

因此，我們將真正把裁員的重點放在簡化這些日常活動、整合可以整合的事物上。

And I wouldn't think of it like we're going to take people off the production or out of the engineering labs.

我不認為我們會讓人們離開生產或工程實驗室。

That's not our intent here.

這不是我們的意圖。

It's about around getting ourselves more efficient and have a more lean and mean machine going forward.

這是為了讓我們自己變得更有效率，並讓機器變得更加精益和平均。

And I think that's going to be really important as we ramp up the production, as Brian talked about, over the next year.

我認為，正如布萊恩所說，明年我們將提高產量，這將非常重要。

Ron Epstein, Bank of America.

羅恩愛潑斯坦，美國銀行。

Nice to talk to you again.

很高興再次與你交談。

When you sit back and you think about where you want the Boeing company to be in five years, how do you think about that?

當你坐下來思考你希望波音公司在五年內達到什麼水平時，你是如何看待的？

I mean this kind of addresses some of the questions we've already hit.

我的意思是，這解決了我們已經遇到的一些問題。

Where do you think you could feather in a new airplane?

您認為您可以在哪裡購買新飛機？

And really, where could this company be?

說實話，這家公司可能在哪裡？

And as outsiders looking in, what should we expect that it will be?

作為局外人，我們應該期待它會是什麼？

Well, look, I'm still -- as I said before, I'm still going through that process of, in detail, understanding what do we want to look like.

嗯，看，我仍然——正如我之前所說，我仍然在經歷這個過程，詳細地了解我們想要的樣子。

But it's clear, I want to be the leader in the aerospace and defense market.

但很明顯，我想成為航空航太和國防市場的領導者。

I want to be setting the standard for the products that we deliver.

我想為我們提供的產品設定標準。

I want our customers doing our marketing for us, not us doing our marketing.

我希望我們的客戶為我們做行銷，而不是我們為我們做行銷。

And we've got to get to a point where our engineering capability and our production capability is actually doing the talk.

我們必須達到這樣一個地步：我們的工程能力和生產能力確實能夠發揮作用。

So execution is going to be extremely critical.

因此，執行力將變得極為關鍵。

I do think we need to focus on the things that we can be good at.

我確實認為我們需要專注於我們可以擅長的事情。

This is not a situation where we have to figure out what market opportunities are we going to go pursue.

在這種情況下，我們不必弄清楚我們要追求哪些市場機會。

They're right in front of us.

他們就在我們面前。

Our backlog is so strong.

我們的積壓非常多。

Our demand for our products is so strong.

我們對我們產品的需求是如此強烈。

This is about getting ourselves focused on the things that we can do well and executing on those things.

這是讓我們專注於我們能做好的事情並執行這些事情。

And what comes out of that?

結果是什麼呢？

You can run the numbers.

你可以運行這些數字。

I mean the demand is fantastic for our product lines.

我的意思是我們的產品線需求非常大。

And if we're efficient as we deliver those into the market, the sky is the limit for us.

如果我們能夠有效率地將這些產品推向市場，那麼我們的前途就是無限的。

Seth Seifman, JPMorgan.

賽斯‧塞夫曼，摩根大通。

Good to speak with you, Kelly.

很高興與你交談，凱利。

Maybe if I could do a question and a clarification.

也許我可以提出一個問題並進行澄清。

Kelly, I wonder if you could talk a little bit about the defense business.

凱利，我想知道你能否談談國防業務。

I think a lot of us have been surprised by the magnitude of the charges there in recent years.

我想我們很多人都對近年來那裡的指控規模感到驚訝。

There's obviously some tough contract terms, but the fact that the charges are so persistent suggest that there's an estimating problem there as well.

顯然有一些嚴格的合約條款，但收費如此持續的事實表明那裡也存在估計問題。

And so what do you see as kind of the core of the problem at BDS?

那麼您認為 BDS 問題的核心是什麼呢？

And what does it take to get to an acceptable level there?

怎樣才能達到可接受的水平？

And then maybe, Brian, you talked about the -- getting to an acceptable production rate by the -- or normal production rates by the end of next year.

然後，布萊恩，你可能談到了 - 到明年年底達到可接受的生產力 - 或正常的生產力。

What are those normal production rates?

正常生產率是多少？

Okay.

好的。

Let me start with the BDS portfolio.

讓我從 BDS 產品組合開始。

So everything you said is true.

所以你說的一切都是真的。

We've got some tough contracts, and there's no magic bullet to that.

我們有一些艱難的合同，而且沒有靈丹妙藥。

We're going to have to work our way through some of those tough contracts.

我們將不得不努力完成一些艱難的合約。

Having said that, the discipline about what we can control on those contracts needs to get better.

話雖如此，關於我們可以控制這些合約的內容的紀律需要變得更好。

Our EAC process needs to get better.

我們的 EAC 流程需要變得更好。

Our risk management -- this is the thing that I think is so important is that we're not admiring these risks, but we're acting on them.

我們的風險管理—我認為這一點非常重要，因為我們不是在欣賞這些風險，而是在針對它們採取行動。

So we've been carrying risks in these programs.

所以我們在這些專案中一直承擔著風險。

And I don't think we've been doing enough work with our customers to figure out how to derisk these things before it turns into an EAC overrun.

我認為我們沒有與客戶進行足夠的工作來弄清楚如何在 EAC 超支之前消除這些風險。

So that's what I've got the team focused on doing, a lot more deep dives, a lot deeper look at the programs, a lot more looking around the corner, not just dealing with what today's problem is going to be because as you pointed out, we've gone from today's problem to today's problem to today's problem, and that's because we're not looking around the quarter enough on these programs.

這就是我讓團隊專注於做的事情，進行更深入的研究，更深入地研究項目，更多地審視即將發生的事情，而不僅僅是處理今天的問題，因為正如你所指出的出來，我們已經從今天的問題變成了今天的問題，這是因為我們沒有對本季度的這些計劃進行足夠的審視。

And some of that means that you've got to be better at working with your customer to define success on these programs going forward.

其中一些意味著您必須更好地與客戶合作，以定義這些計劃未來的成功。

So look, it's going to take a lot of work.

所以看，這需要做很多工作。

We're not going to be able to just wave a wand and clean up these troubled contracts.

我們不可能僅僅揮動魔杖就能清理這些有問題的合約。

We signed up to some things that are problematic.

我們簽署了一些有問題的事情。

But we're also, I will tell you, really focusing on our bid and proposal activity, putting discipline around that to make sure that we absolutely understand the risks that we're taking on as we enter into new contracts as well.

但我會告訴你，我們也真正專注於我們的投標和建議活動，並圍繞這些活動制定紀律，以確保我們完全了解我們在簽訂新合約時所承擔的風險。

So burn down the tough ones, get better execution on the future, and I think the opportunities are there.

因此，克服困難，更好地執行未來，我認為機會就在那裡。

We know how to run these programs.

我們知道如何運行這些程式。

We just have lost a little bit of discipline.

我們只是失去了一點紀律。

And I'll tell you, I don't think our people are close enough to the people in the labs, on the factory floor, identifying what's keeping us from being successful.

我告訴你，我認為我們的員工與實驗室、工廠車間的員工距離不夠近，無法確定是什麼阻礙了我們成功。

And so we've started -- we've made some changes in that regard, and there's more to come to focus on these EACs.

所以我們已經開始——我們在這方面做了一些改變，並且還有更多的事情要關注這些 EAC。

We just got to get better.

我們必須變得更好。

And Seth, to your BCA question, prior to the work stoppage, we had a plan in place to get to 38 per month on the 737.

Seth，關於你的 BCA 問題，在停工之前，我們制定了一項計劃，將 737 飛機的班次提高到每月 38 架。

We were making very nice progress.

我們取得了非常好的進展。

We were starting to bring up that third line in Renton and then the work stoppage happened.

我們開始在倫頓建立第三條生產線，然後停工了。

So our expectation is, once we get back to work, we ramp production and move through next year, we'll get back on track.

因此，我們的期望是，一旦我們恢復工作、提高產量並度過明年，我們就會回到正軌。

And then we'll be having discussions with the regulator about increasing beyond 38 per month.

然後我們將與監管機構討論每月增加 38 個以上的數量。

All that is not specific in timing, but those are kind of the milestones that we look forward to getting through as we go through next year.

所有這些都沒有具體的時間安排，但這些都是我們期待明年實現的里程碑。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Nice to talk to you again, Kelly.

很高興再次與你交談，凱利。

And Kelly, you spent a few decades in -- as a supplier and are very familiar with Boeing from the outside and now you're inside.

凱利，您作為供應商工作了幾十年，從外部對波音非常熟悉，現在您已經了解了內部情況。

Can you talk a little bit about -- you've got a -- Boeing has a deal to acquire Spirit and pull it in house, how you're thinking about kind of that and being vertically integrated and what kind of capabilities?

你能談談——你有——波音公司有一項收購精神航空並將其納入內部的交易，你是如何考慮這種情況的，垂直整合以及什麼樣的能力？

I know you've got a lot on your plate still evaluating lots of things in the portfolio and things, but could you maybe address that point?

我知道你有很多事情要做，仍在評估投資組合中的很多事情和事情，但你能解決這一點嗎？

Yeah.

是的。

First of all, just to be clear, there's no change in our commitment to the Spirit acquisition and the integration.

首先，需要澄清的是，我們對精神收購和整合的承諾沒有改變。

And that's clearly one of our major activities here in terms of stabilizing the business as they're a big part of the supply chain.

這顯然是我們穩定業務的主要活動之一，因為它們是供應鏈的重要組成部分。

Now the deal won't close until sometime next year.

現在這筆交易要到明年某個時候才能完成。

So it's very important that we work closely with Spirit, and we are in improving their performance so that they support our ramp-up.

因此，我們與 Spirit 密切合作非常重要，我們正在改善他們的績效，以便他們可以支持我們的發展。

And I like what I see there, Peter.

我喜歡在那裡看到的一切，彼得。

We're making good progress in pushing the defects back into the system to where they're originating and then getting that root cause to fix those.

我們在將缺陷推回系統中，找到它們的根源，然後找出根本原因來修復這些缺陷方面，取得了良好的進展。

And prior to the strike, we were starting to see some pretty good improvement in the overall quality of the fuselages coming back in.

在罷工之前，我們開始看到機身的整體品質得到了一些相當好的改善。

So no change in our strategy with Spirit.

所以我們的 Spirit 戰略沒有改變。

I think once we get that under our belt, it will be easier for us to integrate and tightly couple the improvements there.

我認為一旦我們掌握了這一點，我們就會更容易整合並緊密結合那裡的改進。

And I think that will be even a step change improvement from where we are today.

我認為這將是我們今天的進步的一步。

But we've got a lot of work to do with Spirit.

但我們在 Spirit 方面還有很多工作要做。

We've got several hundred people on their site every day, helping them work through some of their challenges.

我們每天都有數百人造訪他們的網站，幫助他們解決一些挑戰。

And that's going to be critical to our ramp-up.

這對於我們的加速發展至關重要。

Noah Poponak, Goldman Sachs.

諾亞·波波納克，高盛。

Just to be 100% clear, you guys are saying you expect negative free cash flow for full year 2025?

百分之百明確地說，你們是說預計 2025 年全年自由現金流為負？

Yes.

是的。

So Brian, can you talk maybe a little bit more about the pieces of that?

Brian，可以多談談其中的各個部分嗎？

Because I guess I would have thought if you could have a little bit of MAX production rate recovery momentum exiting '24 into '25, you could certainly get that to a cash flow positive place. 8 7, it sounds like is on pretty decent footing exiting the year.

因為我想我會想，如果你能在 24 年到 25 年期間有一點最大生產力恢復勢頭，你肯定可以實現現金流量正值。 8 月 7 日，聽起來今年的情況相當不錯。

You still have a ton of inventory to unwind.

您仍然有大量庫存需要清理。

I guess I don't know where you stand with the advances relative to being behind schedule.

我想我不知道你對進度落後的情況有何看法。

And I guess, I don't know what you're assuming for defense?

我想，我不知道你對防守有何假設？

And maybe the MAX ramp back up post labor dispute takes -- is a lot tougher than I'm appreciating.

也許勞資糾紛後 MAX 的恢復比我想像的困難得多。

But maybe you could just talk more about those moving pieces that roll up to that.

但也許你可以更多地談論那些涉及到這一點的動人的事情。

Sure.

當然。

So first of all, it will be significantly better as our expectation versus 2024.

首先，與我們的預期相比，2024 年會好得多。

And the moving pieces are exactly you laid out in terms of the commercial side of our business, in addition to the 777X which is going to be at that cash flow, most investment as it gets ready for an EIS in 2026, which is going to put further pressure on the cash flows.

行動零件正是您在我們業務的商業方面所佈局的，除了 777X 之外，它的現金流量、大部分投資都為 2026 年的 EIS 做好了準備，這將是進一步給現金流帶來壓力。

But broadly speaking, we have to have a return to work.

但總的來說，我們必須重返工作崗位。

We didn't have a ramp.

我們沒有坡道。

We didn't have a ramp beyond 38, all things that we don't have clarity on as we sit here today, but one we're making some general forecast of what that might look like.

我們沒有超過 38 的坡道，所有這些我們今天坐在這裡都不清楚，但我們正在對可能的情況做出一些總體預測。

And we know that the first thing we need to do is get back to work in the factory.

我們知道，我們要做的第一件事就是回到工廠工作。

So we'll get more specific as we move through the end of the year and into next year and appreciate that all that is going to be that profile that I described, which is we typically have a first half cash usage clearly, first quarter but then it's going to turn in the second half, and then we're going to exit with more momentum as the production in the factories heal and recover.

因此，當我們進入今年年底和明年時，我們將變得更加具體，並認識到所有這一切都將是我所描述的情況，即我們通常有明確的上半年現金使用情況，第一季度，但然後下半年情況會發生轉變，隨著工廠生產的恢復和恢復，我們將以更大的動力退出。

In terms of BDS, we've got charges that have been announced.

就北斗系統而言，我們已經公佈了收費情況。

Some of those charges are going to be more near-term and focused and we have to acknowledge and we look forward to that team operating a game plan to execute with a much different level of performance as we exit next year.

其中一些費用將更加短期和集中，我們必須承認，我們期待團隊制定一項遊戲計劃，以便在我們明年退出時以截然不同的績效水平執行。

So it's all in the mix.

所以這一切都在混合之中。

It's hard to call at this moment, and we'll keep you posted on how all these levers are going to move as we get towards the early part of the year.

目前很難做出決定，隨著今年年初的到來，我們將隨時向您通報所有這些槓桿將如何變化。

I guess what's your best guess of number of months it takes to get the MAX back to what that first half of September was looking like once you have a labor resolution?

我想，一旦您做出勞工決議，您對 MAX 恢復到 9 月上半月的情況所需的最佳猜測時間是多少？

Yeah.

是的。

Noah, this is Kelly.

諾亞，這是凱利。

Let me -- I'm not going to give you an exact month because I don't know what the exact month is going to be.

讓我——我不會告訴你具體的月份，因為我不知道具體的月份是哪一天。

Let me tell you kind of some of the steps that we have to take that we've got in our plan.

讓我告訴你我們計劃中必須採取的一些步驟。

So first of all, it will probably be a couple of weeks to bring the members back.

首先，可能需要幾週的時間才能讓成員回歸。

We have a recertification effort and a retraining effort that we're going to do.

我們將進行重新認證工作和再培訓工作。

For those who haven't been -- who were trained on their job and didn't get enough time on an airplane before they went out on strike, we're going to go through a retraining activity.

對於那些沒有接受過工作培訓並且在罷工之前沒有足夠時間乘坐飛機的人，我們將進行再培訓活動。

It is so much more important that we do this right than fast coming out of the chute.

我們正確地做到這一點比快速走出降落傘更重要。

As you know, we've got the supply chain right now that we've turned off in many cases.

如您所知，我們現在的供應鏈在許多情況下已經關閉。

So I'm anticipating we're probably going to have a little bumpy return from the supply chain.

因此，我預計我們的供應鏈回報可能會有些坎坷。

We've tried to manage that as best we could and keep folks like Spirit, for example, on fuselage, keep them funded and moving forward.

我們試圖盡我們所能來管理這一點，並將像精神號這樣的人留在機身上，為他們提供資金並繼續前進。

But there are some folks who had to stop and are going to start back up.

但有些人不得不停下來，然後又要重新開始。

And so we've got to be realistic about some schedule issues associated with bringing the supply chain back on.

因此，我們必須現實地處理與恢復供應鏈相關的一些時間表問題。

The other thing that I think is really important is you know we have this 38 a month CAP with the FAA.

我認為真正重要的另一件事是，您知道我們與 FAA 簽訂了每月 38 項 CAP。

We've got a safety and quality management plan in place.

我們制定了安全和品質管理計劃。

We've laid that flat with the FAA, and that monitors a lot of key metrics within our production system.

我們已經與美國聯邦航空管理局（FAA）坦白了這一點，並監控我們生產系統中的許多關鍵指標。

And those metrics have to be trending in the right direction and they have to be meeting certain thresholds for us to achieve a rate increase.

這些指標必須朝著正確的方向發展，並且必須達到某些閾值，我們才能實現利率成長。

And we actually won't take it to the FAA if we're not achieving those rate increases.

如果我們沒有實現這些費率的提高，我們實際上不會將其提交給美國聯邦航空局。

We're going to make sure that we take care of that.

我們將確保我們處理好這個問題。

But I'm anticipating the first rate increase.

但我預計第一次升息。

This is going to be the first time that we've done it and the FAA has done it.

這將是我們第一次這樣做，美國聯邦航空管理局也已經這樣做了。

And so I think the first one's probably going to be the hardest going beyond rate 38.

所以我認為第一個可能是最難超過 38 級的。

And so we just can't be overly aggressive in how we're forecasting that because anything in aerospace, the first time you do it, it's hard.

因此，我們的預測不能太激進，因為航空航太領域的任何事情，第一次做都會很難。

And this will be the first time.

這將是第一次。

There's a lot of dynamics around both the technical parts of rate increases and the political dynamics around our rate increases.

升息的技術部分和升息的政治動態都存在著許多動態。

So we absolutely have to make sure that we're not increasing rate when we're not ready.

因此，我們絕對必須確保在我們還沒有準備好時不會提高利率。

And I'm direct lockstep with the FAA on that.

在這一點上我與美國聯邦航空局的立場是一致的。

So those are things -- I think the first rate increase is something for us all to watch.

所以這些都是——我認為第一次升息值得我們所有人關注。

I think they'll get easier for the sequential rate increases after that throughout the year.

我認為，在那之後，全年的連續升息將會變得更加容易。

And as Brian said, we should exit next year in a much more, I'll call it, normal or recovered fashion.

正如布萊恩所說，我們明年應該以一種更加正常或恢復的方式退出，我稱之為正常或恢復的方式。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Kelly, just following up on supply chain.

凱利，只是跟進供應鏈。

Can you provide more detail on how you're managing supply chain through this work stoppage?

您能否提供更多關於如何在停工期間管理供應鏈的詳細資訊？

And also what specific steps you're taking to ensure that supply chain remains in a position to ramp up once the strike is over?

您將採取哪些具體措施來確保罷工結束後供應鏈仍能維持正常運作？

And I ask because last time, there was a broad-based work stoppage and getting things back on track was clearly a challenge and frankly, we're still seeing the ghost of that four years later.

我問這個問題是因為上次發生了廣泛的停工，讓事情重回正軌顯然是一個挑戰，坦白說，四年後我們仍然看到那件事的陰影。

And so just looking for some more clarity here on how we kind of avoid mistakes of the past.

因此，我們只是想更清楚地了解我們如何避免過去的錯誤。

Yeah, the answer to that is we have to work with every supplier on each commodity relative to what their current situation is.

是的，答案是我們必須與每個供應商就每種商品的當前情況進行合作。

Now I think in some cases, we've kept people hot, as I've said, either because we felt that they were behind or there was a need for -- there was too much risk associated with turning them down.

現在我認為，在某些情況下，正如我所說，我們讓人們保持熱情，要么是因為我們覺得他們落後了，要么是有需要——拒絕他們的風險太大了。

Some of the larger companies, they're going to use this time to actually get in a healthier position themselves.

一些較大的公司將利用這段時間讓自己真正處於更健康的境地。

So I think that will be okay.

所以我認為那會沒問題的。

It will be the ones or twosies things that we have to deal with.

這將是我們必須處理的一些或兩件事。

You need all the parts to build the airplane.

您需要建造飛機的所有零件。

So as we bring that on, I'm not expecting a major issue.

因此，當我們這樣做時，我預計不會有重大問題。

It's not like we've been out on strike for a long period such that someone's decommissioned a factory or changed a foundry or shifted a balance of their workforce.

這並不是說我們已經進行了很長一段時間的罷工，以至於有人關閉了一家工廠，或者改變了一家鑄造廠，或者改變了他們的勞動力平衡。

We have seen some furloughs but furloughs are temporary.

我們已經看到了一些休假，但休假只是暫時的。

That's why they furlough them because they want to be able to call those folks back.

這就是為什麼他們讓他們休假，因為他們希望能夠把這些人召回。

And we've done some furloughs ourselves.

我們自己也休假了一些。

So we're managing that supplier by supplier, day in, day out, trying to keep close communication with all of our supply chain as we bring this back on.

因此，我們日復一日地逐一供應商進行管理，在恢復供應時努力與我們所有的供應鏈保持密切溝通。

Jason Gursky, Citi.

傑森古爾斯基，花旗銀行。

Yeah.

是的。

And Kelly, welcome back to the fun of quarterly earnings calls.

凱利，歡迎回到季度財報電話會議的樂趣中。

Thanks, Jason.

謝謝，傑森。

Let's see here, I want to just talk a little bit about the bigger picture turnaround here and particularly as it relates to the balance sheet.

讓我們來看看，我想簡單談談這裡的大局轉變，特別是與資產負債表相關的情況。

It seems to me like you're getting ready here to deploy a pretty well thought out plan.

在我看來，你似乎正在準備部署一個經過深思熟慮的計劃。

You've got some cost cutting that you're doing here.

您在這裡正在削減一些成本。

You've talked about you're going to look at the portfolio, there might be some divestitures potentially there.

您已經談到您將查看投資組合，那裡可能會有一些資產剝離。

Brian's talked about the capital raise and you've talked about better execution.

布萊恩談到了融資，而您談到了更好的執行。

I think the one thing that may be missing from that list, I just wanted to try to get a sense from you on is the potential of just exiting some programs or some contracts that you've got absolutely no path to profitability or free cash flow on over the longer term.

我認為該清單中可能缺少一件事，我只是想嘗試從您那裡了解一下，退出某些計劃或某些合約的可能性，而您絕對沒有盈利或自由現金流的途徑從長遠來看。

And whether there's an opportunity for you all to get out of some of these contracts or get out of some of these programs and how you go about doing that.

以及你們是否有機會擺脫其中一些合約或其中一些計劃，以及如何做。

And just want to get a really good sense of whether that is kind of on the menu of options that you have because I think we're all looking for ways on how you can kind of increase the pace of this turnaround.

只是想很好地了解這是否屬於您所擁有的選項菜單，因為我認為我們都在尋找如何加快這一轉變步伐的方法。

I know you say it's going to take a long time, but just kind of what are some of the tools at your disposal here?

我知道您說這需要很長時間，但是您可以使用哪些工具？

Yeah.

是的。

So look, I think if you're talking the big defense programs where we've got EAC problems, I don't think that's a viable option to us.

所以，我認為，如果你談論的是我們遇到 EAC 問題的大型國防計劃，我認為這對我們來說不是一個可行的選擇。

I don't think we can just -- even if we wanted to, I don't think we can walk away from these contracts.

我不認為我們可以——即使我們願意，我也不認為我們可以放棄這些合約。

These are our core customers that need this capability.

這些是我們需要這種能力的核心客戶。

We've got long-term commitments to them.

我們對他們做出了長期承諾。

So walking away isn't an answer to this.

所以走開並不是解決這個問題的方法。

In my prepared remarks and comment to an earlier, we do have to work with the customers and see if there's areas where we can trade things off with them and help us and help them too.

在我之前準備好的評論和評論中，我們確實必須與客戶合作，看看是否有一些領域我們可以與他們進行權衡，幫助我們，也幫助他們。

And I don't think we've been doing enough of that in the trade space with the customers.

我認為我們在與客戶的貿易領域做得還不夠。

So we can come up with some win-wins and we don't sit here with these risks that are unmitigated going forward.

因此，我們可以實現一些雙贏，而我們不會坐視這些未來毫無緩解的風險。

So I think that's more the -- where I would focus on these things.

所以我認為這更應該是我關注這些事情的地方。

Now there are some things that we can just stop doing that we're currently doing.

現在有些事情我們可以停止做目前正在做的事情。

And those are on the table in the streamlined effort that I'm talking about.

這些都在我所說的精簡工作中擺在桌面上。

There are some areas where we may be at one contract phase and do we want to go to the next contract phase that will sit and evaluate.

在某些領域，我們可能處於一個合約階段，我們是否想要進入下一個合約階段進行評估。

And we've got to get it -- we do have to get in a position where we've got a portfolio much more balanced with less risky programs and more profitable programs.

我們必須做到這一點——我們確實必須獲得一個更平衡的投資組合，其中包括風險較小的項目和利潤較高的項目。

And we're going to be working that.

我們將致力於此。

But again, I don't think a wholesale walk away is just in the cards.

但我再次強調，我不認為大規模走開是可能的。

Cai von Rumohr, TD Securities.

Cai von Rumohr，道明證券。

Welcome back, Kelly.

歡迎回來，凱利。

So two questions for you.

所以有兩個問題想問你。

First, would you consider hiring from the outside to fill the BDS head slot because obviously, the folks there have really not been getting the job done?

首先，您是否會考慮從外部招募來填補 BDS 負責人的空缺，因為顯然，那裡的人確實沒有完成工作？

And secondly, if we look at your portfolio, you have several properties in Global Services on the commercial side that looked like they could be very highly valued, specifically Jeppesen, you could argue are not directly required to build planes successfully.

其次，如果我們看看您的投資組合，您在商業方面的全球服務領域擁有幾項資產，看起來它們的價值可能非常高，特別是傑普森，您可能會說它們不直接需要成功製造飛機。

So would you consider divesting any of those because that would significantly reduce the amount you'd have to raise via equity?

那麼您是否會考慮剝離其中任何一個，因為這將大大減少您必須透過股權籌集的金額？

Yeah.

是的。

So Cai, I would say, I'm not going to specifically address the BDS position, but I'll just say generically, as I look at any of these positions and any changes we'll make, we'll take a look at internally.

所以蔡，我想說，我不會具體討論 BDS 的立場，但我只是籠統地說，當我考慮這些立場以及我們將做出的任何改變時，我們會看看內部。

Do we have the right candidate?

我們有合適的候選人嗎？

And if so, that's the way we'll head.

如果是這樣，這就是我們的前進方向。

If we need to supplement from the outside and bring some outside skills in, then we'll head that direction.

如果我們需要從外部補充，引入一些外部技能，那麼我們就會朝這個方向發展。

So as I said before, I'm certainly not averse to bringing in some additional resources to help the team.

正如我之前所說，我當然不反對引入一些額外的資源來幫助團隊。

And I don't think the teams are averse to that as well.

我認為團隊也不反對這樣做。

So we'll see where that heads on specific positions.

因此，我們將看看具體位置的走向。

The second part of his question -- Jeppesen...

他的問題的第二部分——傑普森…

Yeah, on the properties in Global Services that you've got things like Jeppesen that arguably could command a very high price and don't look like they're totally required to build planes successfully.

是的，在全球服務的資產中，有像傑普森這樣的東西，可以說可以賣到很高的價格，而且看起來並不完全需要它們來成功製造飛機。

Would you consider divesting any of those to supplement an equity raise?

您是否會考慮剝離其中任何一項以補充股權融資？

Yeah, I think that's what I'm talking about when I'm talking about looking at the portfolio and deciding what do we need for our future.

是的，我認為這就是我在談論查看作品集並決定我們的未來需要什麼時所談論的內容。

I'm not going to specifically comment on Jeppesen.

我不會具體評論傑普森。

But looking at all of our activities like that, whether it's in our services business or in either the core businesses, looking at what we're doing there and asking the question, does that really fit in our long-term strategy?

但是，看看我們所有的此類活動，無論是在我們的服務業務還是核心業務中，看看我們在那裡所做的事情並提出問題，這真的符合我們的長期策略嗎？

Or would that property be better off somewhere else, and we could get more value -- we're destroying value by holding it in the Boeing company.

或者，該財產在其他地方會更好，我們可以獲得更多價值 - 我們通過將其持有於波音公司而破壞了價值。

So those are the things that we'll look at as we do this portfolio review.

這些就是我們在進行投資組合審查時將要考慮的事情。

And my guess is there'll be some things that we want to take action on.

我的猜測是我們想要對一些事情採取行動。

I just don't have that list to tell you right now what am I going to do?

我只是沒有那張清單來告訴你我現在要做什麼？

Do you have any time frame to make that decision?

您有做出決定的時間範圍嗎？

Like are we talking three months?

就像我們談論三個月一樣？

Are we talking nine months?

我們說的是九個月嗎？

Yeah, I want to have a good feeling internally by the end of the year as to what I want that.

是的，我想在年底前對自己想要的東西有一個好的感覺。

We've got a process underway where we do our long-range planning, which will facilitate that.

我們正在進行一個進行長期規劃的流程，這將有助於實現這一目標。

Now Cai, that some of these things can be actioned quickly.

現在蔡，其中一些事情可以迅速採取行動。

Some of these things are not actionable.

其中一些事情是不可行的。

Some of these things take a long time.

其中一些事情需要很長時間。

So it sort of depends on what the opportunities are, can things be separated?

所以這在某種程度上取決於機會是什麼，事情可以分開嗎？

Can we just stop doing work?

我們可以停止工作嗎？

An example, just the 767 freighter.

舉個例子，767 貨機。

We looked at that and said, "Hey, look, there's an incoming on the 767 freighter.

我們查看後說：「嘿，看，767 貨機有來港航班。

It's coming soon.

很快就來了。

Let's make the decision now and get that distraction out of the way.

讓我們現在就做出決定，消除乾擾。

We'll finish the deliveries, been a fantastic airplane and we'll continue to support our customers and support the mill variants of that."

我們將完成交付，這是一架出色的飛機，我們將繼續支援我們的客戶並支援該飛機的各種型號。

But let's declutter our minds with some of this stuff and get our resources really focused on what's going to make a difference for us going forward.

但是，讓我們用這些東西來理清思路，讓我們的資源真正集中在對我們未來產生影響的事情上。

And that's the type of stuff I want to really focus on.

這就是我真正想要關注的事情。

And Greg, we have time for one final question.

格雷格，我們有時間回答最後一個問題。

Richard Safran, Seaport Research Partners.

理查德·薩夫蘭，海港研究合作夥伴。

Kelly, great to be speaking with you again.

凱利，很高興再次與你交談。

So I thought I'd ask also about Global Services, but I think you may have some better visibility.

所以我想我也會問一下全球服務的問題，但我認為你可能有更好的知名度。

We've seen some modest growth this year.

今年我們看到了一些溫和的成長。

We had about 70 basis points of margin improvement this quarter.

本季我們的利潤率提高了約 70 個基點。

I thought you might talk about your near- and long-term outlook for the segment, how you see sales and margins trending?

我想您可能會談談您對該領域的近期和長期前景，您如何看待銷售和利潤趨勢？

And Kelly, is there any read-through to Global Services from your core part structure?

凱利，您的核心部分結構是否對全球服務有任何通讀？

Or you're pretty happy with the way things are going there?

還是你對那裡的事情進展非常滿意？

Well, let me just say that that's not my focus right now.

好吧，我只想說這不是我現在的重點。

They're doing really well.

他們做得非常好。

Chris Raymond and his team are executing.

克里斯·雷蒙德和他的團隊正在執行。

And the one thing I want to do right now is just help them make sure they get all the support from the corporation they need to continue to execute.

我現在想做的一件事就是幫助他們確保他們獲得繼續執行所需的公司的所有支援。

Having said that, absolutely, there's parts in this four-part strategy that flow through our global service, particularly the cultural aspects of this.

話雖如此，這個由四部分組成的策略中的某些部分確實貫穿了我們的全球服務，特別是其中的文化方面。

So that's a company-wide activity, and it has to permeate through our Global Services business as well.

因此，這是一項全公司性的活動，也必須滲透到我們的全球服務業務中。

And there's areas in Global Services, they're doing well, but there's areas we could do better.

全球服務的某些領域做得很好，但有些領域我們可以做得更好。

There's areas we could get closer to our people and have better outcomes for our customers.

在某些領域，我們可以更接近我們的員工，並為我們的客戶帶來更好的結果。

So they're in this together, but I would just say Chris' team is doing really well, and it's not my priority right now.

所以他們在一起，但我只想說克里斯的團隊做得非常好，這不是我現在的首要任務。

We want them to continue with their head down and delivering the results that they're delivering.

我們希望他們繼續埋頭苦幹，交付他們正在交付的成果。

And that concludes our call today.

我們今天的電話會議到此結束。

Thank you, everybody, for joining.

謝謝大家的加入。

Ladies and gentlemen, that completes the Boeing Company's third quarter 2024, earnings conference call.

女士們先生們，波音 2024 年第三季財報電話會議到此結束。

Thank you for joining.

感謝您的加入。

You may now disconnect.

您現在可以斷開連線。