波音 (BA) 2024 Q3 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Boeing Company's third quarter 2024 earnings conference call. Today's call is being recorded. (Operator Instructions) At this time for opening remarks and introductions, I'm turning the call over to Mr. Matt Welch, Vice President of Investor Relations for the Boeing Company. Mr. Welch, please go ahead.

謝謝你的支持。大家好，歡迎參加波音公司 2024 年第三季財報電話會議。今天的通話正在錄音。 （操作員說明） 現在，我將把電話轉給波音公司投資者關係副總裁 Matt Welch 先生進行開場發言和介紹。韋爾奇先生，請繼續。

Thank you and good morning, welcome to Boeing's quarterly earnings call. I am Matt Welch and with me today are Kelly Org. Boeing's President and Chief Executive Officer and Brian West Boeing's Executive Vice President and Chief Financial Officer.

謝謝大家，早安，歡迎參加波音季度財報電話會議。我是馬特·韋爾奇，今天和我一起的是凱利·奧格。波音公司總裁兼執行長和布萊恩·韋斯特波音公司執行副總裁兼財務長。

And as a reminder, you can follow today's broadcast and slide presentation at Boeing dotcom projections estimates and goals included in today's discussion involve risks including those described in our FCC filings and in the forward-looking statement disclaimer. At the beginning of the presentation, we also refer you to the disclosures relating to nongaap measures in our earnings release and presentation.

提醒一下，您可以關注波音網路公司今天的廣播和幻燈片演示，今天討論中包含的預測估計和目標涉及風險，包括我們的 FCC 文件和前瞻性聲明免責聲明中描述的風險。在簡報的開頭，我們也請您參閱我們的收益發布和簡報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. Let me start by saying that it's an honor to be leading the Boeing company. 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.

感謝馬特，感謝大家參加今天的電話會議。首先我要說的是，我很榮幸能夠領導波音公司。我的整個職業生涯都在航空航太和國防業務中度過，波音公司始終發揮著至關重要的作用，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而言。

But we're clearly at a crossroads. The trust in our company is eroded. We saddled with too much debt. We've had serious lapses in our performance across the company which have disappointed many of our customers. But by the same token, we have great opportunities ahead. Our company backlog is roughly a half a trillion dollars.

但我們顯然正處於十字路口。人們對我們公司的信任受到侵蝕。我們背負了太多的債務。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。但出於同樣的原因，我們前面還有巨大的機會。我們公司的積壓訂單大約是五兆美元。

We have a customer base that wants us and needs us to succeed. We have employees who are thirsty to get back to the iconic company. They know setting the standard for the products that we deliver. 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 now to do. This is going to require changes in four particular areas and let me introduce them and I'll come back and discuss each one.

我們的客戶群希望我們並需要我們取得成功。我們的員工渴望回到這家標誌性的公司。他們知道為我們提供的產品製定標準。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並且現在想要做的領導地位。這將需要在四個特定領域進行更改，讓我介紹它們，然後我將回來討論每一個。

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

首先，我們需要對公司文化進行根本性變革。二要穩定經營。第三，我們需要改善整個公司對新平台承諾的執行紀律。第四，在完成前三項任務的同時，我們必須為波音公司打造一個新的未來。因此，讓我從可以說是波音公司最重要的文化變革開始。

I spent the last two decades working with Boeing in the supply chain. So I have an outside in view of Boeing, which is very helpful. That experience combined. Now with seeing things from the inside of the company has helped provide an informed view of some of the actions we need to take much has been written about how we got to where we are, but most also recognized that Boeing was once a benchmark for what good culture looks like. And I believe we can return to that legacy.

過去二十年來，我在供應鏈領域與波音公司合作。所以我可以從外面看到波音公司，這非常有幫助。這些經驗結合起來。現在，從公司內部觀察事物，有助於我們對需要採取的一些行動有一個明智的看法，關於我們如何達到現在的水平的文章已經寫了很多，但大多數人也認識到，波音曾經是航空業的標竿。我相信我們可以回歸這項遺產。

I know culture change starts at the top. 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. We need to be on the factory floors in the back shops and in our engineering labs, we need to know what's going on, not only with our products but with our people.

我知道文化變革從高層開始。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。我們需要在工廠車間、後車間和工程實驗室中，我們需要了解發生了什麼，不僅是我們的產品，還有我們的員工。

And most importantly, we need to prevent the festering of issues and work better together to identify fix and understand root cause. I've already introduced a much more detailed business cadence to drive this across the organization. And this process of change is underway.

最重要的是，我們需要防止問題惡化，並更好地共同努力找出解決方案並了解根本原因。我已經引入了更詳細的業務節奏來推動整個組織的發展。而這個改變的過程正在進行中。

Culture is driven by values and will redefine those for the company together. This has to be more than the poster on the wall. These values will be used to hold leaders accountable and how they lead our teams and delivering safe high quality products and services to our customers. I recently had a meeting with our top executives in the company and we talked specifically about this culture change.

文化由價值觀驅動，並將共同為公司重新定義這些價值觀。這肯定不僅僅是牆上的海報。這些價值觀將用於讓領導者承擔責任，以及他們如何領導我們的團隊，並為我們的客戶提供安全的高品質產品和服務。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. We will be relentless in changing the Boeing culture through action, not just words on a page. Now let me shift to the second item which is stabilizing the business. This has been central to my focus in starting the job in August. We have some really big rocks that we need to get behind us to move the company forward.

我認為這更多是一個持續的流程改進，而不是一個里程碑。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。現在讓我談談第二項，即穩定業務。這是我八月開始工作的重點。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. We've been feverishly working to find a solution that works for the company and meets our employees' needs. I met with the union leadership the first week on the job and let them know that I was committed to resetting the relationship and I remain committed to getting the team back and improving our relationship. So we don't become so disconnected in the future.

今天每個人都關心的首要任務是結束 IAM 罷工。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。我在工作的第一周會見了工會領導層，讓他們知道我致力於重建關係，並且我仍然致力於讓團隊恢復並改善我們的關係。這樣我們以後就不會變得如此疏遠了。

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. 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. So it's critical, absolutely critical that we do this right. 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集中精力恢復公司。一旦我們回來，我們的任務就是重新啟動工廠和供應鏈，開啟它比關閉它要困難得多。因此，我們正確地做這件事至關重要，絕對至關重要。我們的安全和品質管理系統將引導我們完成重啟，並且我們制定了詳細的恢復工作計劃。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. 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. I'm encouraged with the progress we're making already and we need to continue that momentum.

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。如您所知，這是我們與美國聯邦航空管理局 (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。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. We have a plan and we're executing that plan and I'm confident that we have a good path forward to manage the realities of our business and retain our investment grade rating.

穩定公司的另一塊大石頭是管理我們的資產負債表以提供最佳支持，並保持我們的投資等級信用評級。我們有一個計劃，我們正在執行該計劃，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評級。

So I've talked about culture and stability. The third area is improving the execution discipline on our new platforms, whether this be the commercial derivatives of the 737 max and triple seven or the series of programs in our B DS business, we have to be better at understanding and managing the risk on these projects. More proactively, this includes discipline, program and risk management in all phases of the project, including the bid phase.

所以我談到了文化和穩定。第三個面向是提高我們新平台的執行紀律，無論是737 max、三七的商業衍生品，還是我們B DS業務的一系列項目，我們都要更好地理解和管理這些項目的風險。 。更積極主動的是，這包括專案所有階段（包括投標階段）的紀律、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. Supply chain management, improvements will be critical to this effort.

同樣，在這個領域，我們需要管理團隊更加關注他們的計劃，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。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. So lastly, the fourth area to discuss is building a new future for Boeing.

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。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 Boeing is an airplane company 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. 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.

雖然我們對今天的挑戰感到有點疲憊，但我們需要為波音公司的未來奠定基礎 波音公司是一家飛機公司，在未來的適當時間，我們需要開發一架新飛機，但我們有他們面前還有很多工作要做。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. 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 non essential activity. So before I hand it over to Brian, let me summarize by saying that we have a lot of work to do.

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。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。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 change is already underway. This is a big ship that will take some time to turn, But when it does, it has the capacity to be great. Again. This is a company that ushered in the new era of air travel and helped play on the first man on the moon. Getting back to the values that help define this legacy is what will define our future. I'm excited about the opportunity and I look forward to working with all of you.

我們有一個計劃，改變已經在進行中。這是一艘大船，需要一些時間才能轉向，但當它轉向時，它就有能力變得偉大。再次。這是一家開創了航空旅行新時代並幫助人類登上月球的公司。回歸有助於定義這一遺產的價值觀將定義我們的未來。我對這個機會感到很興奮，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, Brian.

因此，讓我將其交給布萊恩來介紹財務狀況，然後我們期待著回來回答你的問題，布萊恩。

Thanks Kelly and good morning, everyone. Let's start with the total company financial performance for the quarter revenue was $17.8 billion down 1% primarily driven by lower commercial wide body deliveries including impacts of the IM work stoppage. 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.

謝謝凱莉，大家早安。讓我們先從公司總財務表現開始，本季營收為 178 億美元，下降 1%，這主要是由於商用寬體機身交付量下降（包括 IM 停工的影響）所致。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 a quarter with results impacted by lower commercial wide body deliveries and unfavorable working capital timing including impacts associated with the work stoppage. Improvement versus prior expectations was driven by better than expected BC. Advance payments turn to the next page. I'll cover Boeing commercial airplanes.

自由現金流在一個季度使用了 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。與先前預期相比的改善是由好於預期的 BC 所推動的。預付款翻到下一頁。我將介紹波音商用飛機。

BC A delivered 116 airplanes in the order revenue was $7.4 billion and operating margin was minus 54% primarily reflecting previously announced pretax charges of $3 billion on the triple seven X and 767 programs. The IM work stoppage and higher period costs including R&D. That plug in the quarter ended at $428 billion and includes more than 5,400 airplanes.

BC A 交付了 116 架飛機，訂單收入為 74 億美元，營業利潤率為負 54%，主要反映了先前宣布的三七 X 和 767 項目的 30 億美元稅前費用。 IM 停工和更高的期間成本（包括研發）。該季度的銷售額達 4,280 億美元，其中包括 5,400 多架飛機。

Now we'll give more color on the key programs. The 737 program delivered 92 airplanes in the quarter. As noted in mid September, we have 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. Given the strike and our need to conserve cash. We've made near term adjustments to broadly stop supplier shipments.

現在我們將為關鍵程式提供更多顏色。 737 專案本季交付了 92 架飛機。正如9月中旬所指出的那樣，我們在穩定生產方面取得了良好進展，並為年底前每月38%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。鑑於罷工和我們需要節省現金。我們已做出近期調整，以全面停止供應商出貨。

We continue to manage supplier by supplier based on inventory levels and for certain suppliers, this will allow them to catch up. We maintain our objective to position in the supply chain to support our ramp post strike. The quarter ended with approximately 67 37-8 built prior to 2023 the vast majority for customers in China and India down 30 from last quarter.

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。我們維持在供應鏈中定位的目標，以支持罷工後的坡道。本季末，2023 年之前建造的飛機數量約為 67 37-8，其中絕大多數是為中國和印度的客戶建造的，比上個季度減少了 30 架。

Additional progress on shutting down the shadow factory has been impacted by the work stoppage which will now extend into next year on the seven and 10 inventory levels remain stable at approximately 35 airplanes and the certification timelines remain unchanged on the 77 program, we delivered 14 airplanes in the quarter and as previously noted, we continue to work through production recovery plans on heat exchangers and delivery delays associated with seat certifications.

關閉影子工廠的額外進展受到停工的影響，停工現在將延續到明年，7 和 10 的庫存水平保持穩定在約 35 架飛機，77 計劃的認證時間表保持不變，我們交付了 14 架飛機在本季度，如前所述，我們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. We ended the quarter with 30 airplanes and inventory built prior to 2023 that required rework down five from last quarter. 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 the next year.

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。本季結束時，我們有 30 架飛機和 2023 年之前建造的庫存，比上季度需要返工的飛機減少了 5 架。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 triple seven X program. As previously announced, the $2.6 billion pretax charge primarily reflects our latest assessment of the certification timelines to address the delays in flight testing of the triple 79 as well as anticipated delays associated with the IAM work stoppage.

最後是三七X計劃。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表的最新評估，以解決三重 79 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 year-to-date triple seven X inventory spend has averaged a bit below 800 million per quarter.

隨著認證流程的進展，我們將繼續遵循 FAA 的領導，現在預計將於 2026 年首次交付，年初至今，三重七 X 的庫存支出平均每季略低於 8 億。

The cash profile will look similar to prior development programs with a 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，最大的現金使用是由與產量增加相關的庫存增加所驅動的，隨著交付開始，庫存增加將逐漸減少。

Moving on to the next page. Boeing Defense and Space 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 seven A wedge tail aircraft and the backlog ended at $62 billion revenue was $5.5 billion stable year over year. And BDS delivered 34 aircraft in the quarter including the first production. Mh 139 A Graywolf to the US Air Force as previously announced B DS recognized $2 billion of pretext charges on the T seven A KC, 46 a commercial crew and MQ 25 programs in the third quarter and operating margin was minus 43.1% in September. We indicated that margins would again be negative due to two things.

轉到下一頁。波音防務與航太公司在本季獲得了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 7 A 楔尾飛機，積壓訂單最終達到620 億美元，收入年比穩定55 億美元。 BDS 本季交付了 34 架飛機，其中包括第一批生產的飛機。正如先前宣布的，美國空軍的Mh 139 A 灰狼BDS 承認第三季度對T 7 A KC、46 名商業機組人員和MQ 25 項目收取了20 億美元的藉口費用，9 月份的運營利潤率為- 43.1%。我們表示，由於兩件事，利潤率將再次為負。

First, on the 25% of the portfolio primarily comprised of fighter and satellite programs. Our fighter programs recognize losses in third quarter due to disruption as the F-15 ex ramps up on its shared production line as well as additional cost pressures in winding down F-18 production.

首先，25% 的投資組合主要由戰鬥機和衛星項目組成。我們的戰鬥機計畫在第三季承認，由於 F-15 前生產線擴大其共享生產線的中斷以及 F-18 生產逐步減少帶來的額外成本壓力，造成了損失。

Second, additional cost pressures on fixed price development programs. The magnitude of these losses expanded as we close. The books primarily reflecting higher estimated production costs on the T seven A program mainly on contracts in 2026 and beyond. And an updated assessment of impacts on the KC 46 A program associated with the I A work stoppage and the decision to conclude production on the 767 freighter given the fixed price for these contracts will continue to be transparent about impacts as we work to stabilize and mature these programs.

其次，固定價格開發計畫面臨額外的成本壓力。隨著我們關閉，這些損失的規模擴大了。這些帳目主要反映了 T 7 A 計劃的較高估計生產成本，主要是 2026 年及以後的合約。隨著我們努力穩定和成熟這些合同，對與 IA 停工相關的 KC 46 A 計劃影響的最新評估以及鑑於這些合同的固定價格而結束 767 貨機生產的決定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. The plan to improve pdss margins in the medium to long term remains unchanged.

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。中長期提高PDSS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 three Q due to disruption in the puget sound factories including the work stoppage.

我們的核心業務仍然穩健，約占我們收入的60%，總體表現在中高個位數利潤範圍內，商業衍生品由於普吉特海灣工廠的中斷（包括停工）而在第三季度經歷了利潤壓縮。

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

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。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 BGS continued to perform well in the quarter. The business received $6 billion in orders and the backlog ended at $20 billion. Revenue was $4.9 billion. Up 2% primarily on higher commercial volume operating margin was 17% up 70 basis points compared to last year and favorable volume and mix in the quarter. BGS secured several key services agreements with A as well as the KC 135 spares contract from the US Air Force.

進入下一頁，波音全球服務 BGS 在本季繼續表現良好。該公司收到了 60 億美元的訂單，積壓訂單達到 200 億美元。收入為 49 億美元。成長 2%，主要是由於商業銷售增加，營運利潤率比去年提高 70 個基點 17%，以及本季有利的銷售和組合。 BGS 與 A 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, midteen margins and very high cash flow conversion. Turn to the next page. I'll cover cash and debt 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, the debt balance remained stable ending at $57.7 billion.

這是一個出色的長期特許經營權，專注於盈利資本、高效的服務產品，並以中等個位數的收入增長、中等的利潤率和非常高的現金流轉換執行良好。翻到下一頁。我將用現金和有價證券來支付現金和債務。本季結束時，我們的債務餘額為 105 億美元，主要反映了本季使用了 20 億美元的自由現金流，債務餘額保持穩定，最終為 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 $all20 billion of which remain undrawn. We expect four Q 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.

上週，我們簽訂了一項新的 100 億美元短期信貸安排，現在可以獲得總計 200 億美元的信貸安排，其中尚未提取。我們預計第四季度的自由現金流將是由重返工作時間、產量成長速度和資產負債表中庫存釋放所驅動的使用量。

While we expect 2025 to be another use of cash, we anticipate a significant improvement over this year. Importantly, we expect to exit next year with real momentum in the business as we return to normal production rates, we continue to take the tough but necessary actions to preserve cash and safeguard our future.

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。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，我們將繼續採取嚴厲但必要的行動來保留現金並保障我們的未來。

We've worked across the supply chain partners to significantly reduce expenditures while balancing the associated trade offs. We shared plans to reduce our workforce to align with our financial reality and a more focused set of priorities. We are decisively implementing reductions to discretionary spending across the company as we move through this process, we'll maintain our steadfast focus on safety quality and delivery for our customers.

我們與供應鏈夥伴合作，大幅減少支出，同時平衡相關權衡。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。在整個過程中，我們將果斷地削減整個公司的可自由支配支出，我們將繼續堅定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, allow the factory and supply chain to reset which will take longer as a result of the work stoppage.

我們仍然致力於以審慎的方式管理資產負債表，有兩個主要目標。首先，優先考慮投資等級信用評級，其次，允許工廠和供應鏈重置，這將因停工而需要更長的時間。

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

我們不斷評估我們的資本結構和流動性水平，以確保我們能夠在未來18 個月內滿足債務到期日，同時保持信心並將我們的信用評級定為投資級，我們最近採取的行動包括建立通用擱置註冊，現在有效地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票和股票掛鉤證券。

We're confident that over time, the business performance and capital structural will return to levels fully aligned with an investment grade profile near term. We're focused on reaching agreement with our represented workforce to allow our factories in the puget sound area to resume and then ramp production in a stable fashion for years to come.

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近期投資評級完全一致的水平。我們致力於與我們代表的員工達成協議，讓我們在普吉特海灣地區的工廠得以恢復，並在未來幾年以穩定的方式提高生產。

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

退出我們所服務的市場意義重大，我們的產品組合定位良好，我們超過 5000 億美元的積壓訂單就證明了這一點。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.

就這樣。馬特。讓我們開放提問。

(Operator Instructions)

（操作員說明）

Myles Walton, Wolf Research.

邁爾斯·沃爾頓，沃爾夫研究中心。

Thanks. Good morning. Nice to speak with you again, Kelly. In your in your remarks, you talk about Boeing as an airplane company. And so I just want to understand what is core and not core 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.

謝謝。早安.很高興再次與你交談，凱利。在您的演講中，您談到波音是一家飛機公司。因此，我只想了解您所看到的波音商用飛機之外的核心和非核心內容，特別是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. So first of all, good talking to you again. Miles. Look as I look at the portfolio and I've made this comment, I think that, that we, we're better off being doing less and doing it better than doing more and not doing it well. So we're in the process of taking an evaluation of the, of the portfolio. 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, what do we want this company to look like, you know, five and 10 years from now and to do these things, add value to the company or distract us.

是的。首先，很高興再次與您交談。邁爾斯。看看我的投資組合，我發表了這樣的評論，我認為，我們最好少做事但做得更好，而不是做得更多但做得不好。因此，我們正在對投資組合進行評估。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後和十年後是什麼樣子並做這些事情時，這是新任首席執行官經常做的事情，為公司增加價值或分散我們的注意力。

So I'm in the process of going through that clearly our core of commercial airplanes and, and defense system are, are going to stay with the, the the Boeing company for the long run. But there's probably some things on the fringe there that we can be more efficient with or that just distract us from our main goal here. So more, more to come on that miles. 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, that's something for us to to evaluate and, and the process is underway to start that.

因此，我正在明確我們的商用飛機和防禦系統的核心將長期留在波音公司。但可能有一些邊緣的事情我們可以提高效率，或者只是分散我們對這裡主要目標的注意力。如此，更多，更多的里程即將到來。但我今天手上沒有具體的清單，請大家不要在這方面先於我。我沒有一個具體的清單，列出我們要保留和不保留的東西，這是我們需要評估的東西，而且這個過程正在進行中。

Okay. Thank you.

好的。謝謝。

David Strauss, Barclays.

大衛‧史特勞斯，巴克萊銀行。

Thanks again guys. Hey, Dave. Hey, so I wanted to ask you about the balance sheet and in the plan there. So how you're thinking around the parameters in terms of the size and, and timing of a potential capital raise? I'm I'm sure this is a function of you know, your discussions with the agencies as well as your ability to generate cash over over the longer term. So maybe some color on what you're hearing from the credit, you know, from the re agencies as well as you know, your thoughts, maybe initial thoughts around, you know, the ability of the company to generate free cash flow in the future relative to you know, to that 10 billion target that's been out there. Thanks.

再次感謝你們。嘿，戴夫。嘿，所以我想問你有關資產負債表和計劃的問題。那麼，您如何考慮潛在融資的規模和時機等參數？我確信這取決於您與各機構的討論以及您長期產生現金的能力。因此，也許您從信用機構、再代理機構以及您的想法中聽到的內容有一些色彩，也許是圍繞公司產生自由現金流的能力的初步想法。億目標的未來。謝謝。

Thanks David. I'll, I'll take a shot at that. We are in active engagement with the rating agencies. And it's a constructive dialogue and they help inform the plan that we have and we do have a plan to address the balance sheet from a timing perspective. You know, 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. In terms of the size question, you know, here's what's important to us on size.

謝謝大衛。我會，我會嘗試一下。我們正在與評級機構積極合作。這是一場建設性的對話，他們幫助我們制定了計劃，而且我們確實有一個從時間角度解決資產負債表問題的計劃。你知道，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，只要我們認為合適的時間，我們就會進入市場。就尺寸問題而言，您知道，尺寸對我們來說很重要。

You know, we're focused on maintaining $10 billion of cash in addition to our revolver capacity as we historically have 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. And the third piece of this is that we have debt maturities in the next couple of years. 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. So we have a plan, we're focused and again, it is all on the priority to protect our investment grading.

你知道，除了我們歷史上擁有的左輪手槍產能之外，我們還專注於維持 100 億美元的現金，我們預計我們的近期現金流將主要由第四季度和明年的時間安排驅動。第三點是我們的債務將在未來幾年到期。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。因此，我們有一個計劃，我們很專注，而且我們的首要任務是保護我們的投資評級。

Okay. And, and Kelly, maybe if you could take that, that question, around the 10 billion target that's out there. Is that a realistic, you know, target to think about any time over the next couple of years for this company based on what you've seen so far.

好的。凱利，也許你可以接受這個問題，圍繞目前的 100 億目標。根據您迄今為止所看到的情況，您知道，對於這家公司來說，在未來幾年的任何時間裡，這是一個現實的目標嗎？

Yeah, it's too early for me to, to answer that. I would just say all the financial forecast, the long term outlook are under review and, you know, I need some time to, to assess that and certainly we need to see some stability in the business to be able to, to put any kind of target out there. So, you know, I'm evaluating that, but today I'm not ready today to provide any update to that.

是的，現在回答這個問題對我來說還為時過早。我想說的是，所有的財務預測、長期前景都在審查中，你知道，我需要一些時間來評估這一點，當然我們需要看到業務的穩定性，以便能夠將任何形式的那裡的目標。所以，你知道，我正在評估這一點，但今天我還沒有準備好提供任何更新。

Okay, fair enough. Thank you.

好吧，很公平。謝謝。

Shea Sheila Kobu from Jeffrey. Please go ahead.

傑弗裡的謝伊·希拉·科布。請繼續。

Thank you. Kelly, nice speaking. With you again. And Brian, thanks as always. So Brian, you mentioned free cash flow usage in Q4 and in 2025 as a total. Obviously, that assumes the vote is positive today. Can you talk about some of the drivers that were more positive in Q3? How do we think about the Q4 outflow? And you know what are you assuming for BC A delivery ranges and your free cash flow outflow next year? And B DS losses? And does it become positive any time in 25?

謝謝。凱莉，講得很好。再次和你在一起。布萊恩，一如既往的感謝。 Brian，您提到了第四季和 2025 年的自由現金流總量。顯然，這是假設今天的投票結果是正面的。能談談第三季比較正面的一些驅動因素嗎？我們如何看待第四季的資金流出？您知道您對 BC A 交付範圍和明年自由現金流出的假設是什麼嗎？那麼B DS的損失呢？ 25 年內是否會轉為陽性？

Thanks Sheila. So earlier in the third quarter, we had expected working capital to be a drag in line with the first two quarters. And as we closed the quarter, with the timing benefit from BC A customer advances that cut the expected working capital about in half. The working capital drag about in half. So as we look into the fourth quarter, you know, a lot's going to depend upon the timing of the return to work and the pace of the production ramp, but you could see 1/4 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.

謝謝希拉。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。當我們結束本季時，由於 BC A 客戶預付款的時機優勢，預期營運資金減少了約一半。營運資金拖累了大約一半。因此，當我們展望第四季度時，您知道，很大程度上取決於重返工作崗位的時間和產量增長的速度，但您可能會看到1/4 季度的營運資本拖累與前兩個季度類似因為我們在建立庫存時基本上已經將交貨向右轉移了。

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. As it pertains to 2025 you know, 2025 free cash flow will be significantly better than 2024. And we expect the first half to be a cash usage and the second half from positive and then build real momentum as we exit the year and return to more stable production rates. So the calendar year is likely to be a usage, but the profile is important as we set ourselves up for the recovery and then for 26.

因此，第四季度的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。就2025 年而言，您知道，2025 年的自由現金流將明顯好於2024 年。建立真正的動力穩定的生產力。因此，日曆年可能是一種使用情況，但配置文件很重要，因為我們為恢復做好準備，然後為 26 年做好準備。

And, and, and beyond, in terms of the divisions, you know, there's no doubt that BC A will be driven by those production rate ramps which is too early to call those as we stand today. And then BB DS is going to be impacted by some of the cash implication of some of the charges that we've announced. But we've got a good handle on that and will be more descriptive as we get in towards the end of the year.

而且，而且，除此之外，就部門而言，毫無疑問，BC A 將受到生產力提升的推動，而按照我們今天的情況來稱呼這些還為時過早。然後 BB DS 將受到我們已宣布的一些費用的現金影響的影響。但我們已經很好地處理了這個問題，隨著年底的到來，我們將提供更多描述性的信息。

Thank you.

謝謝。

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

Good morning. Thank you. Kelly. You referred to. The idea that bing was once a benchmark for culture and you know, that was, that was a long time ago. And if you look over the last five years, Billings lost many experienced leaders from senior management to the factory floor who are part of that culture.

早安.謝謝。凱莉.你提到的。必應曾經是文化基準的想法，你知道，那是很久以前的事了。如果你回顧過去五年，比林斯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 head count reduction. 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. And should this involve internal and external approaches?

而且您也開始大規模裁員。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。這是否應該涉及內部和外部方法？

Yeah, Doug. So, so first of all, I'm still in the process of, of traveling around meeting our people, particularly, you know, two and three levels down. My first impression is we've got great people in the Boeing company, fantastic people. We just got to get everybody in the right position, running the right play focused on the right things. And I think we've got some work to do there. Of course, I'll supplement the team as needed if we see that we need some additional resources from outside.

是的，道格。所以，首先，我仍在四處旅行與我們的人民會面，特別是，你知道，兩到三層以下。我的第一印像是波音公司有很棒的人，非常棒的人。我們必須讓每個人都處於正確的位置，以正確的方式專注於正確的事情。我認為我們還有一些工作要做。當然，如果我們發現需要外部一些額外的資源，我會根據需要補充團隊。

I do think some outside view also helps us think a little bit when we're looking at, at culture change. 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. So our culture change here is really going to be for the entire company we've got come back and reevaluate the values that we have.

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。但你是對的，我指的是波音的文化，可能大多數生活在這種文化中的人已經退休或繼續前進。因此，我們的文化變革實際上是為了整個公司，我們會回來重新評估我們所擁有的價值觀。

This starts at the top. I know that it starts at the top. I've had a meeting with the top leaders in the company and we talked explicitly about what we're going to do to change the culture, but it's going to take time, as I said, in my prepared remarks, this isn't something that there's just a light switch that, that flips. We'll continue to work this, it's a never ending process. We got to get to a point where the organization itself holds itself accountable to the cultural aspects and the values of the company.

這從頂部開始。我知道它是從頂部開始的。我與公司的高層領導舉行了會議，我們明確討論了我們將採取哪些措施來改變文化，但這需要時間，正如我在準備好的演講中所說，這不是只是一個可以翻轉的電燈開關。我們將繼續努力，這是一個永無止境的過程。我們必須達到組織本身對公司的文化和價值觀負責的程度。

And, you know, I know what that looks like. I've been in a company where, where the values and the culture is very, very strong and it becomes self policing and self developing as you bring new people in. So I think, I think this is something that we can do. I think we may have to supplement in certain areas with some additional outside resources. But in the main we need to turn the culture around with every, every employee here. We've got a large employee base.

而且，你知道，我知道那是什麼樣子。我曾經在一家公司，那裡的價值觀和文化非常非常強大，當你引進新人時，它會變得自我監管和自我發展。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。但總的來說，我們需要扭轉這裡每位員工的文化。我們擁有龐大的員工基礎。

Now let me come to the 100 or the the announcement on the, the workforce reduction. Look, I, as I've come in, we're, we're, we're inefficient and one of the things I've heard from a lot of employees is is there's just too much overhead, it slows them down and being able to get their work done. So we're going to really focus this workforce reduct reduction in streamlining those overhead activities, consolidating things that can be consolidated.

現在讓我來談談 100 人或關於裁員的公告。聽著，我，當我進來時，我們，我們，我們效率低下，我從很多員工那裡聽到的一件事是，管理費用太多，這降低了他們的速度，能夠完成他們的工作。因此，我們將真正把減少勞動力的重點放在簡化那些間接費用活動、整合可以整合的事情上。

And I wouldn't think of it like we're going to take people off the production or out of the engineering labs. That's not what our intent here. It's about around getting ourselves more efficient. And, and have a more lean and mean machine going forward and I think that's going to be really important as we ramp up the production as Brian talked about over the next year.

我不認為我們會讓人們離開生產或工程實驗室。這不是我們的意圖。這是為了讓我們自己更有效率。並且，並擁有一台更精益和平均的機器，我認為這將非常重要，因為我們將像布萊恩在明年談到的那樣提高產量。

Very good. Thank you.

非常好。謝謝。

Ron Epstein, Bank of America.

羅恩愛潑斯坦，美國銀行。

Yeah. Good, good morning, Kelly. Nice to talk to you again. Hi, Ron. When you, 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? I mean, this kind of addresses some of the questions we've already hit. I mean, where do you think you could fer in a new airplane and, and, and where really, where could this company be? And, and you know, as outsiders looking in, you know, what should we expect that it will be?

是的。早上好，凱莉。很高興再次與你交談。嗨，羅恩。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，你會怎麼想？我的意思是，這解決了我們已經遇到的一些問題。我的意思是，你認為你可以在哪裡提供一架新飛機，以及，這家公司到底在哪裡？而且，你知道，作為一個局外人，你知道，我們應該期待它會是什麼？

Well, look, I'm still, you know, as I said before, I'm still going through that process of, of in detail, understanding what, what do we want to look like. But it, it's clear, I want to, I want to be the leader in the aerospace and defense market. I want to be setting the standard for the products that we deliver. I want our customers doing our marketing for us, not us doing our marketing.

好吧，看，我仍然，你知道，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什麼樣子。但很明顯，我想，我想成為航空航太和國防市場的領導者。我想為我們提供的產品設定標準。我希望我們的客戶為我們進行行銷，而不是我們為我們進行行銷。

And we've got to get to a point where our engineering capability and our production capability is actually is due in the talk. So execution is going to be extremely critical I do think we need to focus on the things that we can be good at. This is not a situation where we have to figure out what market opportunities are we going to go pursue? They're right in front of us. Our backlog is, is so strong. Our demand for our products is so strong. This is about getting ourselves focus focused on the things that we can do well and executing on those things and what comes out of that. You, you can, you can run the numbers. I mean, the demand is fantastic for our product lines and if we're efficient as we deliver those into the market, the sky is the limit for us.

我們必須達到這樣一個地步：我們的工程能力和生產能力實際上是在談話中應有的。因此，執行力將非常關鍵，我確實認為我們需要專注於我們擅長的事情。這不是我們必須弄清楚我們要追求什麼市場機會的情況嗎？他們就在我們面前。我們的積壓非常多。我們對我們產品的需求是如此強烈。這是為了讓我們專注於我們能做好的事情，並執行這些事情以及由此產生的結果。你，你可以，你可以計算數字。我的意思是，我們的產品線的需求非常大，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。

Yeah. Yeah. All right. Thank you.

是的。是的。好的。謝謝。

Seth Seifman, JP Morgan.

賽斯‧塞夫曼，摩根大通。

Okay. Thanks very much. Good morning and good to speak with you, Kelly. Maybe if I could do a question and a and a clarification. You know, Kelly, I wonder if you could talk a little bit about the defense business. You know, I think a lot of us have been surprised by the magnitude of the charges there in recent years. There's obviously some tough contract terms, but you know, the, the fact that the charges are so persistent suggest that there's an estimating problem there as well.

好的。非常感謝。早安，很高興與你交談，凱利。也許我可以提出一個問題並進行澄清。你知道，凱利，我想知道你是否可以談談國防業務。你知道，我想我們很多人都對近年來那裡的指控規模感到驚訝。顯然有一些嚴格的合約條款，但你知道，收費如此持續的事實表明那裡也存在估計問題。

And so, you know, what do you see is kind of the core of the problem at B DS and you know, what does it take to get to an acceptable level there? And then maybe Brian, you talked about, the, getting to an acceptable production rate by the normal production rates by the end of the next year. What, what, what are those normal production rates?

所以，你知道，你認為 B DS 問題的核心是什麼，你知道，如何才能達到可接受的程度？然後也許布萊恩，你談到，到明年年底，以正常生產力達到可接受的生產力。什麼，什麼，正常的生產力是多少？

Okay. Let me, let me start with the B DS portfolio. So, everything you said is, is true, we've got some, some tough contracts and there's no magic bullet to that. We're going to have to work our way through some of those tough contracts. Having said that the discipline about what we can control on those contracts needs to get better. Our E AC process needs to get better, 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.

好的。讓我從 B DS 組合開始。所以，你所說的一切都是真的，我們有一些非常艱難的合同，但沒有靈丹妙藥。我們將不得不努力完成一些艱難的合約。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。我們的 E AC 流程和風險管理需要變得更好。我認為非常重要的是，我們不是在欣賞這些風險，而是在採取行動。

So we've been carrying risks in these programs and I don't think we've been doing enough work with our customers to figure out how to de risk these things before the, before it turns into an E AC overrun. So that's what I've got. The team focused on doing a lot more, a lot more deep dives, a lot, a 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, as you pointed out, we've gone from today's problem to today's problem to today's problem.

因此，我們在這些計劃中一直承擔著風險，我認為我們沒有與客戶做足夠的工作來弄清楚如何在 E AC 超支之前降低這些風險。這就是我所擁有的。團隊專注於做更多、更深入的研究、更多、更深入地研究項目，更多地審視未來，而不僅僅是處理今天的問題，因為隨著你，作為你指出，我們從今天的問題到今天的問題再到今天的問題。

And that's because we're not looking around the quarter enough on these programs. And some of that means that you've got to be better at working with your customers to define success on the, on these programs going forward. So look, it's going to take a lot of work. We're not going to be able to, you know, just wave a wand and clean up these these troubled contracts. We signed up to some things that, that are, are problematic.

那是因為我們對本季這些計劃的關注不夠。其中一些意味著您必須更好地與客戶合作，以定義未來這些計劃的成功。所以看，這需要做很多工作。你知道，我們無法揮動魔杖來清理這些有問題的合約。我們簽署了一些有問題的協議。

But we're also, I will tell you are really focusing on our bidding proposal activity, putting discipline around that to make sure that we absolutely understand the risk that we're taking on as we enter into new contracts as well. So burn down the tough ones, get better execution on, on the future. And I think the opportunities are there, we know how to run these, we know how to run these programs. We just have lost a little bit of this.

但我要告訴你的是，我們也確實專注於我們的投標提案活動，並對此進行紀律約束，以確保我們完全了解我們在簽訂新合約時所承擔的風險。因此，燒掉那些困難的事情，對未來進行更好的執行。我認為機會就在那裡，我們知道如何運行這些，我們知道如何運行這些程式。我們只是失去了一點點。

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. And so, you know, we've started, we've made some changes in that regard and there's more to come to focus on, on these E A CS, we just gotta get better.

我告訴你，我認為我們的員工與工廠實驗室實驗室的員工不夠親近，無法確定是什麼阻礙了我們成功。所以，你知道，我們已經開始，在這方面做了一些改變，還有更多需要關注的事情，在這些 E A CS 上，我們必須變得更好。

Is that the, your BC A question prior to the work stoppage, we had a plan in place to get to 38 per month on the 737. We were making very nice progress. We were starting to bring up that third line and renting and then the work stop, it happened. So our expectation is once we get back to work, we ramp production and move through next year, we'll get back on track and then we'll be having discussions with the regulator about increasing beyond 38 per month. 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.

這是你的 BC 問題嗎？我們開始提出第三條線和租賃，然後工作停止了，事情發生了。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，我們將回到正軌，然後我們將與監管機構討論每月增加 38 個以上的產量。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。

Thank you.

謝謝。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Yeah, thanks. Good morning. Nice to talk to you again, Kelly. Hey, Kelly, you, you spent a few decades in as a supplier and, and, and, and are very familiar with Boeing from the outside and now you're inside. 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? 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? Thanks.

是的，謝謝。早安.很高興再次與你交談，凱利。嘿，凱利，你，你作為供應商工作了幾十年，從外部對波音非常熟悉，現在你在裡面了。你能談談你已經有一家波音公司達成了收購精神航空並將其納入內部的協議，你是如何考慮這一點的，垂直整合以及什麼樣的能力？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。但你能談談這一點嗎？謝謝。

Yeah, first of all, just to be clear, there's no change in our commitment to the spirit acquisition and the integration. And you know, that's clearly one of our major activities here in terms of stabilizing, the business is they're a big part of, of the supply chain. Now, you know, the deal won't close until sometime next year. So it's very important that we work closely with spirit and we are in, in improving their performance so that they're so that they support our ramp up.

是的，首先要澄清的是，我們對精神收購和整合的承諾沒有改變。你知道，這顯然是我們在穩定方面的主要活動之一，他們是供應鏈的重要組成部分。現在，你知道，這筆交易要到明年某個時候才能完成。因此，我們與精神密切合作非常重要，我們致力於提高他們的績效，以便他們支持我們的發展。

And, you know, I like what I see there, Peter, we're making good progress in pushing the defects back into the system to where they're where they're originating and then getting that root cause to fix those. And prior to the strike, we were starting to see some pretty good improvementment in the overall quality of the fuselages coming back in.

而且，你知道，我喜歡我在那裡看到的，彼得，我們在將缺陷推回到系統中到它們起源的地方，然後找到根本原因來解決這些問題方面取得了良好的進展。在罷工之前，我們開始看到機身整體品質有了一些相當好的改進。

So fu no change in our strategy with Spirit. I think once we get that under our belt, it'll be easier for us to integrate and tightly couple the, the improvements there. And I think that'll be even a step change improvement from, from where we are today, but we've got a lot of work to do with Spirit. We've got several 100 people on their site to, you know, every day helping them work through some of their challenges and it's going to be critical to our ramp up.

所以我們的精神策略沒有改變。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。我認為，與我們今天的處境相比，這甚至是一個進步，但我們在 Spirit 方面還有很多工作要做。您知道，我們的網站上有 100 名員工，每天幫助他們解決一些挑戰，這對我們的發展至關重要。

Appreciate the call. Thanks.

感謝您的來電。謝謝。

Noah Popek, Goldman Sachs.

諾亞·波佩克，高盛。

Hey, good morning, everyone. I know just to be 100% clear, you guys are saying you expect negative free cash flow for full year 2025.

嘿，大家早安。我百分之百清楚知道，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? Because I guess I would have thought, you know, 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. 87 it sounds like is on, on pretty decent footing, exiting the year, you still have a ton of inventory to unwind.

Brian，可以多談談其中的各個部分嗎？因為我想我會想，你知道，如果你能有一點最大生產率，恢復動力從 24 進入 25，你肯定可以讓它達到現金流正值。 87 聽起來像是在相當不錯的基礎上，今年結束時，你仍然有大量的庫存需要釋放。

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

我想，我不知道您對於進度落後的情況有何看法。

And I guess I don't know what you're assuming for defense and, and maybe the, maybe the max ramp back up post labor dispute takes or is a lot tougher than I'm appreciating, but maybe you could just talk more about those moving pieces that roll up to that.

我想我不知道你對防禦的假設是什麼，也許勞資糾紛後的最大恢復需要或比我想像的要困難得多，但也許你可以多談談那些滾動起來的移動部件。

Sure. So first of all, it will be significantly better is our expectation versus 2024 and the moving pieces are exactly that you laid out in terms of the commercial side of our business in addition to the triple seven X, which is going to be at that, you know, cash flow, you know, most investment as it gets ready for an EIS in 2026 which is going to put further pressure on the cash flows.

當然。首先，與 2024 年相比，我們的預期會好得多，而移動部分正是您在我們業務的商業方面所佈局的，除了三重七 X 之外，你知道，現金流，你知道，大多數投資都為2026 年的EIS 做好準備，這將對現金流施加進一步的壓力。

But broadly speaking, you know, we have to have a return to work. We didn't have a ramp, 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. And we know the first thing we need to do is get back to work in the factory.

但總的來說，我們必須重返工作崗位。我們沒有坡道，我們沒有超過 38 的坡道。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 in the next year and appreciate that, you know, 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 in terms of B DS.

因此，隨著明年年底的到來，我們將變得更加具體，並且您知道，所有這些都將是我所描述的情況，即我們通常有上半年的現金使用情況顯然，第一季是這樣，但下半年情況會發生轉變，隨著工廠生產的恢復和BDS 的恢復，我們將以更大的動力退出。

You know, we've got charges that have been announced, some of those charges are going to be more near term 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. So it's all in the mix. 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, you know, the early part of the year.

你知道，我們已經宣布了一些費用，其中一些費用將更側重於近期，我們必須承認，我們期待該團隊執行一個遊戲計劃，以不同水平的績效執行當我們明年退出時。所以這一切都在混合之中。現在很難做出決定，我們會隨時向您通報，隨著我們進入今年年初，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, once you have a labor resolution.

我猜。一旦你有了勞工決議，你最好估計需要多少個月才能讓最高工資回到九月上半月的樣子。

Yeah. So, hey, no, this is Kelly. Let me, 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. Let me tell you kind of some of the steps that we have to take that we've got in our plan. So first of all, it would probably be a couple weeks to bring the members back. We have a recertification effort and a retraining effort that we're going to do 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.

是的。所以，嘿，不，這是凱利。讓我，讓我，我不會給你確切的月份，因為我不知道確切的月份是哪一天。讓我告訴你我們計劃中必須採取的一些步驟。所以首先，可能需要幾週的時間才能讓成員回歸。我們將為那些沒有接受過工作培訓、在罷工之前沒有足夠時間搭乘飛機的人進行重新認證和再培訓工作。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 as you know, we've got, the supply chain right now that we've, we've turned off in many cases. So I'm anticipating, we're probably going to have a little bumpy return from the supply chain. We've tried to manage that as best we could and keep folks like spirit, for example, on fu fuselage, keep them funded and, and, and moving forward. But there are some folks who've had to stop and are going to start back up.

我們正確地做到這一點比快速走出困境更為重要，正如你所知，我們現在的供應鏈在許多情況下已經關閉。所以我預計，我們的供應鏈回報可能會有些坎坷。我們已經盡力做到最好，讓人們保持像精神一樣的精神，例如，在機身上，為他們提供資金，然後繼續前進。但有些人不得不停下來，然後又要重新開始。

And so we've got, you know, be realistic about some, some schedule issues associated with, with bringing the supply chain back on. The other thing that I think is really important is, you know, we have this 38 a month cap with the FAA, we've got a safety and, and quality management plan in place. We've laid that flat with the FAA and that monitors a lot of key metrics within our production system. 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.

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。我認為真正重要的另一件事是，你知道，我們與 FAA 簽訂了每月 38 次的上限，我們制定了安全和品質管理計劃。我們已經與美國聯邦航空管理局（FAA）達成一致，並監控我們生產系統中的許多關鍵指標。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, we're going to make sure that we take care of that. But I'm anticipating the first rate increase. This is going to be the first time that we've done it and the FAA has done it. And so I think the first one is probably going to be the hardest going beyond rate 38. And so, you know, 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.

我們實際上不會將其提交給美國聯邦航空局。如果我們沒有實現升息，我們將確保解決這個問題。但我預計第一次升息。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。所以我認為第一個可能是最難超越速率 38 的。

And this will be the first time, you know, there's a lot of dynamics around both the technical parts of rate increases and the political dynamics around our rate increases. So we absolutely have to make sure that, that we're not increasing rate when we're not ready. And, and I'm in, in a direct lock step with the FAA on that So, you know, those are things, I think the first rate increase is something for us all to watch. I think they'll get easier for the sequential rate increases after that throughout the year. And as Brian said, you know, we should, we should exit next year in a much more. I'll call it normal or recovered fashion.

你知道，這將是第一次，升息的技術部分和升息的政治動態都存在著許多動態。因此，我們絕對必須確保，在我們還沒準備好的時候，我們不會提高利率。而且，我與美國聯邦航空管理局（FAA）在這方面直接保持一致，所以，你知道，這些都是事情，我認為第一次升息值得我們所有人關注。我認為全年之後的連續升息將會變得更加容易。正如布萊恩所說，你知道，我們應該，我們應該在明年更多地退出。我將其稱為正常時尚或恢復時尚。

Okay. Thank you.

好的。謝謝。

Scott Deitchle, Deutsche Bank.

史考特·戴奇爾，德意志銀行。

Hey, good morning.

嘿，早安。

Good morning.

早安.

Kelly. Just following up on supply chain. Can you, can you provide more detail on how you're managing supply chain through this work stoppage and also what specific steps you're taking to ensure that, you know, supply chain remains in a position to ramp up once the strike is over.

凱莉.只是跟進供應鏈。您能否提供更多關於如何在這次停工期間管理供應鏈的詳細信息，以及您正在採取哪些具體步驟來確保罷工結束後供應鏈仍能保持正常運轉。

And I&I asked because, you know, 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. And so I'm just looking for some more clarity here on how we kind of avoid.

我和我問這個問題是因為，你知道，上次出現了廣泛的停工，讓事情回到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幽靈。所以我只是想在這裡更清楚地了解我們如何避免。

Well, the answer that.

嗯，答案就是這樣。

The past.

過去。

Yeah, the answer that is we have to work with every supplier on each commodity relative to what their current situation is. 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, for there was too much risk associated with, with, with turning them down. Some of the larger companies, you know, they're, they're going to use this time to, to actually get in a healthier position themselves.

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。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，要么是有必要，因為與拒絕他們相關的風險太大。一些較大的公司，你知道，他們將利用這段時間，讓自己真正處於更健康的境地。

So I think that'll be okay. It'll be the, the, you know, ones or twos, these things that we have to deal with. You need all the parts to build the airplane. So, as we bring that on, I'm not expecting a major issue. It's not like we, you know, we've been out on strike for a long period such that someone's decommissioned a factory or changed the foundry or, you know, shifted a balance of their workforce.

所以我想那會沒問題的。這將是我們必須處理的一兩件事。您需要建造飛機的所有零件。因此，當我們這樣做時，我預計不會有重大問題。這不像我們，你知道，我們已經罷工了很長一段時間，以至於有人關閉了工廠或改變了鑄造廠，或者你知道，改變了他們的勞動力平衡。

We have seen some furloughs but furloughs are temporary, that's why they furlough them because they want want to be able to call those folks back and we've done some furloughs ourselves. So, you know, we're managing that supplier by supplier day in day out trying to keep close communication with all of our supply chain as we, as we bring this back on.

我們已經看到了一些休假，但休假是暫時的，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來，而我們自己也做了一些休假。所以，你知道，我們日復一日地逐一供應商管理供應商，努力與我們所有的供應鏈保持密切溝通，因為我們恢復了這一點。

Thank you.

謝謝。

Jason Gursky, Citi.

賈森古爾斯基，花旗銀行。

Yeah, good. Morning. And Kelly, welcome back to the fun of quarterly earnings calls. Thanks Jason. Yeah, let's see here. I want to just talk a little bit about, you know, the bigger picture turnaround here and particularly as it, you know, it relates to the balance sheet. Seems to me like you're getting ready here to deploy. You know, a pretty well thought out plan, you got some cost cutting that you're doing here. You've talked about, you know, you're going to go look at the portfolio, there might be some divestitures, potentially there.

是的，很好。早晨。凱利，歡迎回到季度財報電話會議的樂趣中。謝謝傑森。是的，我們在這裡看看。我想談談，你知道，這裡的大局轉變，特別是因為它與資產負債表有關。在我看來，你已經準備好部署了。你知道，這是一個經過深思熟慮的計劃，你在這裡所做的一些成本削減。你已經談到，你知道，你將去看看投資組合，可能會有一些資產剝離。

Brian's talked about the capital raise. And you've talked about, you know, better execution. I think the one thing that maybe missing from that list, but I just wanted to, 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.

布萊恩談到了融資事宜。你知道，你談到了更好的執行力。我認為該清單中可能缺少一件事，但我只是想嘗試從您那裡了解一下，退出某些項目或合約的可能性，而您絕對沒有盈利或免費的途徑長期來看現金流。

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

你們是否有機會擺脫其中一些合約或其中一些計劃，以及你們如何做到這一點，並且只是想很好地了解這是否是一種你們所擁有的選項菜單，因為我認為我們都在尋找如何加快這一轉變的步伐。我知道你說這需要很長時間，但是你可以使用哪些工具？

Yeah. So look, I think if you're talking the big, you know, the big defense programs where we've got e ac problems, I don't think that's a viable option to us, I don't think we can just, even if we wanted to, I don't think we can walk away from these contracts. We, these are core customers that, that need this capability. We've got long term commitments to them.

是的。所以，我認為，如果你談論的是大型國防項目，我們遇到了交流問題，我認為這對我們來說不是一個可行的選擇，我認為我們不能只是，即使我們願意，我也不認為我們可以放棄這些合約。我們這些都是需要這種能力的核心客戶。我們對他們做出了長期承諾。

So, you know, walking away isn't an answer to this. I, 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 to. And I do, I don't think we've been doing enough of that in the trade space, with the customers so we can come up with some win, wins and that we don't sit here with these, these risks that are unmitigated going forward.

所以，你知道，走開並不是解決這個問題的方法。我，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，看看是否有我們可以與他們進行權衡的領域，並幫助我們和幫助他們。我確實如此，我認為我們在貿易領域與客戶做得還不夠，因此我們可以取得一些勝利，但我們不會坐在這裡接受這些風險義無反顧地向前邁進。

So I think that's more the where I would focus on these things. Now, there are some things that we can just stop doing, that we're currently doing. And tho those are on the table in the streamlined effort that I'm talking about. There are some areas where, you know, we may be at one contract phase and do we want to go to the next contract phase, that will sit and evaluate. And you know, we, we've got to get in, 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. And, you know, we're going to be working that. But again, I don't think a wholesale walk away is just in the cards.

所以我認為這才是我更關注這些事情的地方。現在，有些事情我們可以停止做，但我們目前正在做。儘管這些都在我所說的精簡工作中擺在桌面上。您知道，在某些領域，我們可能處於合約階段，我們是否想要進入下一個合約階段，這將進行評估。你知道，我們，我們必須進入，我們確實必須處於這樣一個位置：我們的投資組合更加平衡，風險較低的項目和利潤更高的項目。而且，你知道，我們將致力於此。但我再次強調，我不認為大規模走開是可能的。

Okay. That's helpful. Thank you.

好的。這很有幫助。謝謝。

Cai Von rumor, TD Securities.

蔡馮傳言，道明證券。

Yes, thanks so much and welcome. Welcome back, Kelly. So two questions for you first. You know, would you consider hiring from the outside to fill the B DS head slot? Because obviously the folks there have really not been getting the job done. And secondly, if we look at your portfolio, you have several properties in global services on the commercial side that look like they could be very highly valued. Specifically Jefferson, you could argue are not directly required to build planes successfully. So would you consider, you know, divesting any of those because that would significantly reduce the amount you have to raise via equity?

是的，非常感謝並歡迎。歡迎回來，凱利。首先問你兩個問題。您知道嗎，您會考慮從外部招募來填補 B DS 負責人的空缺嗎？因為顯然那裡的人並沒有真正完成工作。其次，如果我們查看您的投資組合，您會發現您在商業方面的全球服務領域擁有多項資產，看起來它們的價值可能非常高。特別是傑斐遜，你可能會說，成功製造飛機並不直接需要。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. So Kyle, let me, let me, I would say I'm not going to specifically address the, the B Ds position, but I'll just say generically, as I look at any of these positions and any changes we'll make, you know, we'll take a look at internally, do we have the right candidate? And if so that's the way we'll, we'll head if we need to supplement from the outside and bring some outside skills and then we'll, we'll head that direction. So, as I said before, I'm certainly not averse to bringing in some additional resources to help, to help the team. And I don't think the team's averse to that as well. So, you know, we'll see, we'll see where that heads on specific positions. The second part of his question, Jefferson.

是的。所以凱爾，讓我，讓我，我不會專門討論 B D 的立場，但我只會籠統地說，因為我會考慮這些立場以及我們將做出的任何改變，你知道，我們會在內部進行審查，我們有合適的候選人嗎？如果是這樣，那就是我們的方式，如果我們需要從外部補充並帶來一些外部技能，我們就會朝這個方向前進。因此，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。我認為團隊也不反對這樣做。所以，你知道，我們會看到，我們會看到具體位置的方向。他的問題的第二部分，傑佛遜。

Is on the, yes, on the, the, the, the properties and in global services that, you know, you've got things like Jefferson that arguably could command a very high price. And don't look like they're totally required to build planes successfully. Would you consider, you know, divesting any of those to supplement an equity raise?

是的，在房地產和全球服務方面，你知道，像傑斐遜這樣的人可以說可以賣到很高的價格。而且看起來他們並不是成功製造飛機所必需的。您是否會考慮剝離其中任何一項以補充股權融資？

Yeah, I think, I think that's what I'm talking about when I'm talking about looking at the portfolio and deciding what, what do we need for our future. I'm not going to specifically comment on Jefferson but, but looking at at all of our activities like that, whether it's in our services business or in either the core businesses looking at, at at what we're doing there and, and asking the question, does that really fit in our long term strategy or would that property be better off, you know, somewhere else and we could get more value, We're destroying value by holding it in the Boeing company. So those are the things that we'll look at as we do this portfolio review. And my guess is there will be some things that that we want to take on action on. I just don't have that list to tell you right. Now, what am I going to do?

是的，我想，當我談論查看作品集並決定我們的未來需要什麼時，我想這就是我所說的。我不會具體評論杰斐遜，但是，看看我們所有的此類活動，無論是在我們的服務業務中，還是在核心業務中，看看我們在那裡所做的事情，並詢問問題是，這是否真的符合我們的長期策略，或者該財產在其他地方會更好，我們可以獲得更多價值，我們透過將其持有於波音公司而破壞了價值。這些就是我們在進行投資組合審查時將要考慮的事情。我的猜測是我們希望對一些事情採取行動。我只是沒有那個清單可以正確地告訴你。現在，我該怎麼辦？

Do you have any time frame for, to, to make that decision? Like are we talking three months? Are we talking? Nine months?

您有做出決定的時間範圍嗎？就像我們談論三個月一樣？我們在說話嗎？九個月？

Yeah, I want to have a good feeling internally by the end of the year as to what I want that we've got a process underway where we do our long range planning which will facilitate that. Now, you know, you know, that, that some of these things can be action quickly, some of these things are, are not actionable, some of these things, you know, take a long time.

是的，我希望在今年年底之前在內部對我想要的東西有一個良好的感覺，我們正在進行一個流程，我們將在其中進行長期規劃，這將有助於實現這一目標。現在，你知道，你知道，有些事情可以很快採取行動，有些事情是不可採取行動的，有些事情需要很長時間。

So it, it sort of depends on what the opportunities are, you know, can things be separated? Can we just stop doing work? You know, an example, just the 767 para or we looked at that and said, hey, look, there's an end coming on the 767 freighter, it's coming soon. Let's make the decision now and get that distraction out of the way we'll finish the deliveries been a fantastic airplane and we'll continue to support our, our customers and support the the middle variant of that. But let's let's declutter our minds with some of this stuff and get, get our resources really focused on what's going to make a difference for us going forward and, and that's the type of stuff I want to really focus on.

所以，這在某種程度上取決於機會是什麼，你知道，事情可以分開嗎？我們可以停止工作嗎？你知道，舉個例子，就是 767 客機，或者我們看了之後說，嘿，看，767 貨機即將結束，它很快就會到來。讓我們現在就做出決定，消除乾擾，我們將完成交付，成為一架出色的飛機，我們將繼續支援我們的客戶，並支援其中的中間版本。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，這就是我真正想要關注的事情。

Terrific. Thank.

了不起。感謝。

You very much.

你非常喜歡。

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 Saffron, Seaport research Partners.

理查德·薩弗隆（Richard Saffron），海港研究合作夥伴。

Thanks Kelly Bryant Matt. Good morning, Kelly. Great to be speaking with you again. So I I thought I'd ask also about global services, but I think you may have some better visibility. You know, we've seen some modest growth this year. We had about 70 basis points of margin improvement this quarter. I thought you might talk about your near and long term outlook for the segment, how you see sales and margins trending and, and Kelly is is there any read through to global services from your port four part strategy or you're pretty happy with the way things are going there?

謝謝凱莉布萊恩馬特。早上好，凱利。很高興再次與您交談。所以我想我也會詢問全球服務，但我認為你可能有更好的知名度。你知道，今年我們看到了一些溫和的成長。本季我們的利潤率提高了約 70 個基點。我想你可能會談談你對該領域的近期和長期前景，你如何看待銷售和利潤趨勢，凱利是否有從你的港口四部分戰略中了解全球服務，或者你對事情進展如何？

Well, let, let me just say that, that that's not my focus right now. They're doing really well. Chris Raymond and his team are executing and the one thing I want to do right now is just help them make sure they get all the support from the corporation that they need to continue to, to execute. Having said that absolutely, there's parts in this four part strategy that flow through our global service, particularly the cultural aspects of of this. So that, that's a company wide activity.

好吧，讓我說一下，這不是我現在的重點。他們做得非常好。克里斯雷蒙德和他的團隊正在執行，我現在想做的一件事就是幫助他們確保他們得到公司的所有支持，這是他們繼續執行所需的。話雖如此，這四部分策略中的某些部分貫穿我們的全球服務，特別是其中的文化方面。因此，這是一項全公司範圍的活動。

And it has to permeate through our global services business as well. And there's areas in global services, they're doing well, but there's areas we could do better. There's areas we could closer to our people and have, have better, you know, better outcomes for our customers. So they're, they're in this together. But I would just say chris' team is doing really well and it's not my priority right now. We, we want them to continue with their head down and delivering the results that they're delivering.

它也必須滲透到我們的全球服務業務中。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。在某些領域，我們可以更貼近我們的員工，為我們的客戶帶來更好的結果。所以他們，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。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 hard money. Thank you everybody for joining.

我們的硬通貨到此結束。感謝大家的加入。

Ladies and gentlemen, that completes the Boeing company's third quarter, 2024 earnings conference call. Thank you for joining. You may now disconnect.

女士們先生們，波音 2024 年第三季財報電話會議到此結束。感謝您的加入。您現在可以斷開連線。