波音 (BA) 2025 Q1 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to The Boeing Company's first-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's call is being recorded. The management discussion and slide presentation, plus the analyst question-and-answer session, are being broadcast live over the Internet. (Operator Instructions)

感謝您的支持。大家好，歡迎參加波音公司 2025 年第一季財報電話會議。（操作員指示）請注意，今天的通話正在錄音。管理層討論和幻燈片演示以及分析師問答環節正在透過網路進行現場直播。（操作員指示）

At this time, I'm turning the call over to Mr. Matt Welch, Vice President of Investor Relations for opening remarks and introductions. Mr. Welch, please go ahead.

現在，我將電話轉給投資者關係副總裁馬特·韋爾奇先生，請他致開幕詞並進行介紹。韋爾奇先生，請繼續。

Thank you, and good morning, everyone. Welcome to Boeing's quarterly earnings call. 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. This quarter's webcast, earnings release and presentation, which include relevant disclosures and non-GAAP reconciliations are available on our website.

謝謝大家，早安。歡迎參加波音公司的季度財報電話會議。今天與我一起出席的還有波音公司總裁兼執行長凱利·奧特伯格 (Kelly Ortberg) 和波音公司執行副總裁兼財務長布萊恩·韋斯特 (Brian West)。本季度的網路廣播、收益發布和演示（包括相關揭露和非公認會計準則對帳）可在我們的網站上查閱。

Today's discussion includes forward-looking statements that are subject to risks and uncertainty, including the ones described in our SEC filings.

今天的討論包括受風險和不確定性影響的前瞻性陳述，包括我們向美國證券交易委員會提交的文件中所描述的陳述。

As always, we will leave time at the end of the call for analyst questions. With that, I will turn the call over to Kelly Ortberg.

像往常一樣，我們將在電話會議結束時留出時間供分析師提問。說完這些，我將把電話轉給凱利·奧特伯格 (Kelly Ortberg)。

Thanks, Matt, and thanks to everyone for joining in today's call. Let me start out by saying that we had a really solid quarter of performance across the business, and I'm pleased to report that our recovery plan is in full swing and showing signs that it's being effective.

謝謝，馬特，也謝謝大家參加今天的電話會議。首先我要說的是，本季我們整個業務的業績表現非常穩健，我很高興地報告，我們的復甦計劃正在全面展開，並顯示出有效的跡象。

Albeit early, I do like what I'm seeing. In BCA, we continue to implement our safety management system and remain on schedule with our safety and quality plan that we've established with the FAA. The key performance indicators that we're using to measure our production stability continue to progress and we delivered 130 airplanes in the quarter, which was better than our internal plan.

儘管還為時過早，但我確實喜歡我所看到的。在 BCA，我們繼續實施我們的安全管理系統，並按計劃執行我們與 FAA 制定的安全和品質計劃。我們用來衡量生產穩定性的關鍵績效指標繼續取得進展，本季我們交付了 130 架飛機，比我們的內部計劃更好。

I want to remind you that we plan to ramp up conservatively so that we had some capacity to deal with unknown challenges. In BDS, we had improved performance on our fixed price development programs and held our EACs for the quarter.

我想提醒您，我們計劃謹慎地加大力度，以便有能力應對未知的挑戰。在 BDS 中，我們提高了固定價格開發計劃的績效，並維持了本季的 EAC。

We continue to make progress on our active management approach on the programs to improve performance and reduce our future EAC risks. And of course, winning the F-47 program was a transformational accomplishment to be selected the contractor for the world's first sixth-generation fighter is a testament to our focused investment in some pretty difficult time and to our dedicated team. This will secure our fighter franchise for decades to come.

我們繼續在專案上採取積極的管理方法，以提高績效並降低未來的 EAC 風險。當然，贏得 F-47 專案是一項變革性的成就，被選為世界上第一架第六代戰鬥機的承包商，證明了我們在相當困難的時期的專注投資以及我們敬業的團隊。這將確保我們未來幾十年的戰鬥機特許經營權。

And our BGS business continued to deliver strong results, and we reached a milestone event by delivering our 100th 767 freighter conversion. So let me dig a little deeper into our 4-point plan for our recovery. Recall from previous calls that I highlighted four key areas: the first, stabilizing our business; second, improving the development program execution; third, changing our culture; and fourth, building our new future.

我們的 BGS 業務繼續取得強勁業績，並透過交付第 100 架 767 貨機實現了里程碑事件。因此，讓我更深入地探討我們的四點復甦計畫。回想一下，在先前的電話會議中，我強調了四個關鍵領域：第一，穩定我們的業務；第二，改善發展計畫的執行；第三，改變我們的文化；第四，建立我們的新未來。

So for stabilizing our business, our balance sheet has been an important focus. The FTD RAYS at the end of last year was sized to provide us the ability to restore our production system to help. With the better-than-expected delivery performance, we naturally had less drain on cash in the first quarter so we continue to be on solid footing here.

因此，為了穩定我們的業務，資產負債表一直是我們關注的重點。去年年底的 FTD RAYS 規模為我們恢復生產系統提供了幫助。由於交付業績優於預期，我們第一季的現金消耗自然減少，因此我們繼續保持穩固的基礎。

As we announced yesterday, the expected divestiture of portions of our digital aviation solutions business will also provide a significant cash infusion. The key to cash generation will be continued progress on the 737 MAX ramp. We are currently producing in the low 30s per month and expect that we'll get to the 38 per month cap over the next few months. We'll ensure that the KPIs are showing a stable production system and then request an increase to 42 per month with the FAA later this year.

正如我們昨天宣布的那樣，預計剝離部分數位航空解決方案業務也將帶來大量現金注入。創造現金的關鍵在於 737 MAX 生產線的持續進展。我們目前的產量為每月 30 出頭，預計未來幾個月將達到每月 38 的上限。我們將確保 KPI 顯示穩定的生產系統，然後在今年稍後向 FAA 申請將生產數量增加到每月 42 架。

We've stayed very close to the new Department of Transportation and FAA leadership, and we remain aligned on the criteria to move to the next rate. If you look back before the strike last fall, we've seen about a 50% reduction in traveled work and a 25% reduction in rework hours on the 737 line.

我們與新交通部和美國聯邦航空管理局的領導層保持密切聯繫，並在轉向下一個費率的標準上保持一致。如果回顧去年秋天罷工之前的情況，我們會發現 737 生產線上的出差工作量減少了約 50%，返工時間減少了 25%。

So the changes we've made to strengthen our quality system are delivering results. Even more importantly, almost every customer I talk with report an improvement to the quality of the airplanes. On 787, we continue to produce at five per month, and I'm pleased to report that we've completed the work on the last joint verification airplane in Everett, which now allows us to close our shadow factory and redeploy the people and facilities dedicated to that work.

因此，我們為加強品質體係所做的改變正在發揮成效。更重要的是，幾乎每位與我交談過的客戶都表示飛機的品質有所提升。對於 787，我們繼續以每月 5 架的速度生產，我很高興地報告，我們已經完成了埃弗雷特最後一架聯合驗證飛機的工作，現在我們可以關閉影子工廠並重新部署致力於這項工作的人員和設施。

We're poised to move to seven per month this year, provided our KPIs indicate a stable production system, and they're currently looking very good. As we highlighted last quarter, we continue to work through seat certification issues affecting some deliveries, and I expect this will be a challenge for us for the balance of the year.

如果我們的 KPI 顯示生產系統穩定，那麼我們準備好今年將生產量提升至每月七批，而目前情況看起來非常好。正如我們上個季度所強調的那樣，我們將繼續努力解決影響部分交付的座椅認證問題，我預計這將是我們在今年剩餘時間內面臨的挑戰。

With the current cash balance and the production ramp status, I feel we are well on our way to stabilizing the business even in the face of the tariff situation, which I'll address in a moment. Now let me switch to the next priority, which is improving the development program execution. As I mentioned, a quarter with EAC stability in defense is a good start, but our efforts run deeper than that.

鑑於目前的現金餘額和產量提升狀況，我覺得即使面對關稅形勢，我們也正在順利穩定業務，我稍後會談到這個問題。現在讓我轉到下一個優先事項，即提高發展計畫的執行率。正如我所提到的，東非共同體在防守方面保持穩定的一個季度是一個良好的開端，但我們的努力遠不止於此。

During the last quarter, I mentioned that we had reached an MOA with the customer on the T-7 program, for which we termed active management . And we've since completed our first two incentive milestones associated with that agreement. On VC-25B, we continue to work with the customer to revise the program plan to allow for an earlier first delivery while maintaining our focus on safety and quality.

在上個季度，我提到我們已經與客戶就 T-7 專案達成了諒解備忘錄，我們稱之為主動管理。從那時起，我們就完成了與該協議相關的前兩個激勵里程碑。對於 VC-25B，我們繼續與客戶合作修改專案計劃，以便能夠更早進行首次交付，同時保持對安全和品質的關注。

And we recently transferred our MQ-25 aircraft to our new production facility in Illinois to begin final assembly, which is the last production step before we move to ground and flight test later this year. And this next quarter will be an important one for us as we begin to baseline the performance of our F-47 plan.

我們最近將 MQ-25 飛機轉移到伊利諾伊州的新生產工廠開始最終組裝，這是我們在今年稍後進行地面和飛行測試之前的最後一個生產步驟。下一季對我們來說非常重要，因為我們將開始對 F-47 計畫的執行進行基準評估。

On commercial development programs, we reached authorization from the FAA to expand the 777X flight test activities to include additional aerodynamics, brakes and engines. The aircraft are flying daily and performing well in flight testing.

在商業開發項目方面，我們獲得了美國聯邦航空局的授權，擴大 777X 飛行測試活動，包括額外的空氣動力學、煞車和引擎。這些飛機每天都在飛行，並且在飛行測試中表現良好。

Along with the 777X, the 737-7 and the 737-10 continue with their certification programs and there is no change to our previously shared certification time line on any of the commercial programs. So while there's still a tremendous amount of work to do across all of our development programs, I am seeing an improved sense of urgency around the baseline management and risk management on these programs.

和 777X 一樣，737-7 和 737-10 也將繼續其認證計劃，我們之前分享的任何商業計劃的認證時間表都沒有變化。因此，儘管我們所有的開發專案仍有大量工作要做，但我看到這些專案的基準管理和風險管理的緊迫感有所增強。

Now the third area of focus is changing the culture at Boeing, and we've made some good progress there as well. In the quarter, we had a series of employee meetings talking specifically about culture change. We formed an enterprise working group to help us refresh our values and behaviors. And we've recently completed an all-employee survey, the first in five years and got very constructive feedback on what's needed to improve the future of our company.

現在的第三個重點領域是改變波音公司的文化，我們在這方面也取得了一些良好的進展。本季度，我們召開了一系列員工會議，專門討論文化變革。我們成立了一個企業工作小組來幫助我們更新我們的價值觀和行為。我們最近完成了一項全體員工調查，這是五年來的首次調查，並就如何改善公司未來獲得了非常有建設性的回饋。

We've introduced the new values and behaviors to the entire organization, and we'll be incorporating those into our new performance management system, our leadership training and leadership selection criteria. Our people are passionate about the culture change, so I really want to seize the moment to make the necessary changes within the company.

我們為整個組織引入了新的價值觀和行為，並將其納入我們的新績效管理系統、領導力培訓和領導力選拔標準。我們的員工對文化變革充滿熱情，所以我真的很想抓住時機在公司內部做出必要的改變。

Now the last area to discuss is building our future. The planned divestiture of portions of our digital aviation solutions business is an example of the portfolio streamlining that I highlighted on earlier calls. There are a couple more steps that we are considering in this regard to help us keep focus on the right products and capabilities for Boeing's future.

現在要討論的最後一個領域是建立我們的未來。我們計劃剝離部分數位航空解決方案業務，這是我在之前的電話會議上強調的投資組合精簡的一個例子。我們正在考慮在這方面採取更多措施，以幫助我們專注於適合波音未來的產品和能力。

And obviously, the F-47 win is a key step for building our future, cementing our franchise in the fighter business. So that brings me to the current tariff environment and the impact to our plan. I would break this down into two categories, input tariffs that affect our cost to manufacture our products and then the potential impact of retaliatory tariffs like those we are seeing in China.

顯然，F-47 的勝利是我們建立未來、鞏固我們在戰鬥機業務領域的特許經營權的關鍵一步。這讓我想到了當前的關稅環境及其對我們計劃的影響。我將其分為兩類：影響我們產品製造成本的投入關稅，以及像我們在中國看到的報復性關稅的潛在影響。

Brian will walk you through the financials, but the input tariffs incurred in the first quarter were immaterial, and we really didn't see any impact to deliveries in the first quarter. Much of our supply chain is based in the United States, and many of our imports from Canada and Mexico are exempt under the USMCA agreement. We do have suppliers in countries subject to the new US tariffs, most notably in Japan and Italy, where our suppliers do significant structures work on our wide-body airplanes.

布萊恩將向您介紹財務狀況，但第一季產生的投入關稅並不重要，我們確實沒有看到對第一季交付的任何影響。我們的大部分供應鏈都位於美國，根據 USMCA 協議，我們從加拿大和墨西哥進口的許多產品都享有豁免。我們在受美國新關稅影響的國家確實有供應商，尤其是日本和義大利，我們的供應商在那裡為我們的寬體飛機進行重要的結構工作。

We are currently paying the 10% tariff on those components, but we should recover tariff costs for those aircraft that are subsequently exported which is a large portion of our widebodies. I hope over time that these tariffs can be resolved through negotiated agreements, but until that happens, we will have to manage our way through these increased input costs.

我們目前正在為這些零件支付 10% 的關稅，但我們應該收回隨後出口的飛機的關稅成本，這些飛機占我們寬體飛機的很大一部分。我希望隨著時間的推移，這些關稅能夠透過談判協議得到解決，但在此之前，我們必須設法解決這些增加的投入成本。

The other issue is impact of potential retaliatory tariffs from other countries, which could affect our ability to deliver aircraft. The only region that we have an issue with aircraft delivery today is China, and due to the tariffs, many of our customers in China have indicated that they will not take delivery. Given the uncertainty, we are taking a very straightforward approach to dealing with these deliveries.

另一個問題是其他國家潛在的報復性關稅的影響，這可能會影響我們交付飛機的能力。目前我們在飛機交付方面遇到問題的唯一地區是中國，由於關稅問題，我們在中國的許多客戶表示他們不會接受交付。鑑於不確定性，我們採取非常直接的方式來處理這些交付。

We have approximately 50 China deliveries in our plan for the balance of the year. We're in close communication with our China customers, and we're actively assessing options for remarketing already built or in-process airplanes. And for the nine airplanes not yet in the production system, we're engaged with our customers to understand their intentions for taking delivery and if necessary, we have the ability to assign those positions to other customers.

我們計劃在今年餘下時間內向中國交付約 50 架飛機。我們正在與中國客戶保持密切溝通，並正在積極評估重新銷售已建造或正在製造的飛機的選擇。對於尚未投入生產系統的九架飛機，我們正在與客戶聯繫，以了解他們接收飛機的意圖，如有必要，我們可以將這些飛機分配給其他客戶。

It's an unfortunate situation, but we have many customers who want near-term deliveries, so we plan to redirect the supply to the stable demand. And we're not going to continue to build aircraft for customers who will not take them.

這是一個不幸的情況，但我們有許多客戶需要近期交貨，因此我們計劃將供應轉向穩定的需求。我們不會繼續為那些不願意接受的客戶製造飛機。

We founded our exposure and until we get more clarity, we're going to do our best to keep the China situation from impacting our production flow. We've put in place a conservative recovery plan this year, anticipating some perturbations or risk. So I feel really good about our overall plan for the year even though I expect the China situation, we'll take away some of the headroom we've built with our strong first quarter deliveries at BCA.

我們建立了自己的曝光度，直到我們獲得更清晰的資訊之前，我們將盡最大努力防止中國局勢影響我們的生產流程。我們今年制定了保守的復甦計劃，預計會出現一些幹擾或風險。因此，儘管我預計中國的情況會對我們今年的總體計劃產生影響，但我們對 BCA 第一季強勁交付所建立的一些空間還是會有所縮減。

We continue to work this situation proactively with the administration, and it's clear that they understand the importance of the aerospace industry to the US economy and the role that Boeing plays as a top US exporter.

我們將繼續積極與政府合作解決這個問題，很明顯，他們了解航空航太業對美國經濟的重要性以及波音公司作為美國最大出口商所發揮的作用。

So before I wrap up my prepared remarks, I want to recognize and thank our employees for their work in the quarter. We've really had a good start to the year, and I'm glad we put a conservative plan together that will allow us to deal with the tariffs. Let me also give a special shout out to Matt Welch, who is moving on to his new role as BCA CFO, he has done a great job for us. So congratulations, and thanks, Matt, for all you've done.

因此，在我結束準備好的發言之前，我想認可並感謝我們的員工在本季度所做的工作。今年我們確實有一個好的開端，我很高興我們制定了一個保守的計劃，這將使我們能夠應對關稅。我還要特別感謝即將擔任 BCA 財務長的 Matt Welch，他為我們做出了巨大貢獻。所以祝賀你，並感謝馬特所做的一切。

Now let me hand it over to Brian to detail the operating results before we take your questions. Brian?

現在，在回答您的問題之前，請容許我把經營績效詳細介紹給 Brian。布賴恩？

Thanks, Kelly, and good morning, everyone. Let's start with the total company financial performance for the quarter. Revenue was $19.5 billion, up 18%, primarily driven by higher commercial delivery volume. The core loss per share of $0.49 was a significant improvement compared to last year, driven by higher commercial deliveries and improved operational performance across the business.

謝謝，凱利，大家早安。讓我們先來看看本季公司的整體財務表現。營收為 195 億美元，成長 18%，主要得益於商業交付量的增加。每股核心虧損 0.49 美元，與去年相比有顯著改善，這得益於商業交付量的增加和整個業務營運績效的提高。

Free cash flow was a usage of $2.3 billion in the quarter, reflecting higher commercial deliveries and a working capital usage that improved compared to both the prior year and quarter. Our free cash flow was better than expectations shared last month driven by volume and favorable working capital timing. These financial results reflect only tariffs enacted as of March 31, which was not material.

本季自由現金流使用量為 23 億美元，反映出商業交付量增加，且營運資本使用量與去年同期及本季相比有所改善。受交易量和有利的營運資本時機的推動，我們的自由現金流好於上個月的預期。這些財務結果僅反映截至 3 月 31 日實施的關稅，並不重要。

Turning to the next page, I'll cover BCA. BCA delivered 130 airplanes in the quarter. Revenue was $8.1 billion, and operating margin was minus 6.6%, primarily reflecting higher 737 and 777 deliveries as well as lower period costs.

翻到下一頁，我將介紹 BCA。BCA 本季交付了 130 架飛機。收入為 81 億美元，營業利潤率為-6.6%，主要反映了 737 和 777 交付量的增加以及期間成本的降低。

BCA booked 221 net orders in the quarter, 777-9s and 20 787-10 airplanes for Korean Air and 50 737-8 airplanes for BOCA. Backlog in the quarter ended at $460 billion, which was up more than $25 billion sequentially. This includes more than 5,600 airplanes that translate to over seven years of production. And importantly, the 737 and 787 are sold for into the next decade. Now I'll give more color on the key programs.

BCA 本季淨訂單量為 221 架，為大韓航空訂購了 777-9 和 20 架 787-10 飛機，為 BOCA 訂購了 50 架 737-8 飛機。本季積壓訂單總額為 4,600 億美元，較上一季增加 250 多億美元。其中包括超過 5,600 架飛機，相當於七年以上的生產時間。重要的是，737 和 787 的銷售量將持續到下一個十年。現在我將對關鍵程序進行更詳細的說明。

The 737 program delivered 105 airplanes in the quarter, including 33 in March. On production, the factory gradually increased rate during the quarter and monthly production was in the low 30s in March. Importantly, the operational KPIs continue to progress, and we still expect to be in a position to go to 38 per month over the next few months.

737 專案本季交付了 105 架飛機，其中 3 月交付了 33 架。在生產方面，工廠在本季逐漸提高了生產率，3 月的月產量已達到 30% 出頭。重要的是，營運 KPI 繼續進步，我們仍然預計在未來幾個月內能夠達到每月 38 個。

Spirit continues to improve the quality and flow of fuselages, which sets us up well for the reintegration and the deal is expected to close around midyear. More broadly on the master schedule, we continue to make adjustments as needed and manage supplier by supplier based on inventory levels.

Spirit 繼續改進機身的品質和流動性，這為我們重新整合做好了準備，預計交易將在年中左右完成。更廣泛地說，在主計劃上，我們會根據需要繼續進行調整，並根據庫存水準逐一管理供應商。

Over the past year, our buffer inventory has grown to promote stability across our production system. As production stabilizes and rates increase over time, we plan to deliberately return buffer inventory to more normal levels. Today, we have about 30 737-8s built prior to 2023, which is down 25 from year-end and includes 25 airplanes for customers in China.

在過去的一年裡，我們的緩衝庫存不斷增加，以促進整個生產系統的穩定性。隨著生產的穩定和產量的不斷增加，我們計劃有意將緩衝庫存恢復到更正常的水平。目前，我們在 2023 年之前建造了大約 30 架 737-8，比年底減少了 25 架，其中包括為中國客戶建造的 25 架飛機。

We still expect to complete the rework on these airplanes and shut down the shadow factory by midyear. On the 7 and 10, inventory levels were stable at approximately 35 airplanes and certification timelines are unchanged.

我們仍預計在年中之前完成這些飛機的返工並關閉影子工廠。7日和10日，庫存水準穩定在約35架飛機，認證時間表保持不變。

On the 787, we delivered 13 airplanes in the quarter generally in line with expectations outlined on our last earnings call. The program continues to stabilize production at five per month in the quarter, and we remain intent on demonstrating stability in the production system and supply chain prior to making the next rate increase to seven over the next few months.

就 787 而言，我們在本季度交付了 13 架飛機，基本上符合我們上次收益電話會議上概述的預期。該計劃在本季繼續將產量穩定在每月 5 台，我們仍致力於在未來幾個月將產量提高到 7 台之前展示生產系統和供應鏈的穩定性。

Today, we have about 20 airplanes in inventory built prior to 2023 that required rework, down five from year-end. 4 of these 20 are for customers in China. Importantly, we finished the rework and shut down the shadow factory in the quarter and expected to deliver about half of the remaining airplanes this year.

目前，我們庫存中約有 20 架 2023 年之前製造的飛機需要返工，比年底減少了 5 架。其中 4 架是為中國客戶提供的。重要的是，我們在本季度完成了返工並關閉了影子工廠，預計今年將交付剩餘飛機的一半左右。

Finally, on the 777X, the program took another important step in its certification timeline as it received approval from the FAA to expand flight testing activities. We'll continue to follow the lead of the FAA as we progress through the certification process and still expect first delivery in 2026.

最後，777X 計畫在認證時間表上邁出了重要一步，獲得了美國聯邦航空管理局 (FAA) 的批准，可以擴大飛行測試活動。在認證過程中，我們將繼續遵循美國聯邦航空局的指導，並仍預計在 2026 年首次交付。

777X inventory was up approximately $800 million in the quarter and will continue to grow as we move towards entering service as we've previously shared. Moving on to the next page, in BDS. BDS booked $4 billion in orders during the quarter, and the backlog ended at $62 billion.

777X 庫存在本季度增加了約 8 億美元，並且正如我們之前所分享的，隨著我們投入使用，庫存還將繼續增長。繼續下一頁，在 BDS 中。BDS 本季的訂單總額為 40 億美元，積壓訂單總額達到 620 億美元。

Importantly, in the quarter, BDS was selected by the US Air Force to design, build and deliver its next-generation fighter aircraft, the F-47. This order was not included in our first quarter backlog, pending the completion of the source selection and evaluation review process.

重要的是，本季度，BDS 被美國空軍選中，負責設計、建造和交付其下一代戰鬥機 F-47。該訂單未包含在我們第一季的積壓訂單中，有待完成來源選擇和評估審查過程。

Revenue was $6.3 billion, down 9% on planned lower volume, including the impact from commercial derivatives associated with the production restart. BDS delivered 26 aircraft in the quarter. Operating margin was plus 2.5%, up 30 basis points compared to last year and reflected stabilizing operational performance in the quarter.

收入為 63 億美元，比計劃的較低銷量下降 9%，其中包括與生產重啟相關的商業衍生品的影響。BDS 本季交付了 26 架飛機。營業利益率為+2.5%，比去年同期上升了30個基點，反映出本季營運表現趨於穩定。

We made important progress in 1Q and the game plan is to get BDS back to high single-digit margins over time. Our core business remains solid, representing approximately 60% of our revenue and performing in the mid-to high single-digit margin range. The demand for these products remains very strong supported by the threat environment confronting our nation and our allies.

我們在第一季取得了重要進展，計劃是隨著時間的推移讓 BDS 恢復到高個位數利潤率。我們的核心業務依然穩健，約占我們營收的 60%，利潤率維持在中高個位數範圍內。由於我國及其盟友面臨的威脅環境，對這些產品的需求依然非常強勁。

The roughly 25% of the portfolio is primarily comprised of fighter and satellite programs, operational performance improved in the quarter, which drove favorable margin trends. Lastly, on our fixed price development programs that represent the remaining 15% of revenue, we continue to work to stabilize and mature these programs.

該投資組合中約 25% 主要由戰鬥機和衛星項目組成，本季營運表現有所改善，推動了有利的利潤趨勢。最後，對於佔剩餘 15% 收入的固定價格開發計劃，我們將繼續努力穩定和完善這些計劃。

This quarter's results reflected stabilizing operational performance, and we remain focused on retiring risk each quarter and ultimately delivering these mission-critical capabilities to our customers. During the quarter, the MQ-25 program successfully transported the first engineering development model aircraft to the new production facility in Illinois, where it began final assembly, the last production step before ground and flight testing begin later this year.

本季的業績反映了穩定的營運績效，我們仍然專注於每季消除風險並最終向客戶提供這些關鍵任務功能。本季度，MQ-25 專案成功將第一架工程開發模型飛機運送到伊利諾伊州的新生產設施，並在那裡開始最後的組裝，這是今年稍後開始地面和飛行測試前的最後一個生產步驟。

On the T-7A, we achieved the first two EMD performance milestones outlined in the MOA that was finalized with the US Air Force in January. This continues to be an important example of how we are working with our customers to find better overall outcomes for both parties.

在 T-7A 上，我們實現了 1 月與美國空軍最終達成的 MOA 中概述的前兩個 EMD 性能里程碑。這仍然是我們如何與客戶合作以尋求對雙方都更好的整體結果的一個重要例子。

Overall, the defense portfolio is well positioned for the future and we still expect the business to return to historical performance levels as we continue to stabilize production, execute our development programs and transition to new contracts with tighter underwriting standards.

總體而言，國防投資組合在未來表現良好，我們仍然預計，隨著我們繼續穩定生產、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, in BGS. BGS continued to perform well, delivering very strong financial results in the quarter. The business received $5 billion in orders and the backlog ended at $22 billion. Revenue was $5.1 billion, stable year-over-year. Operating margin was 18.6% in the quarter, up 40 basis points compared to last year on favorable performance and mix with both our commercial and government businesses delivering double-digit margins.

繼續下一頁，在 BGS。BGS 繼續表現良好，本季取得了非常強勁的財務業績。該業務已收到價值 50 億美元的訂單，積壓訂單價值達 220 億美元。營收為51億美元，與去年同期持平。本季營業利潤率為 18.6%，比去年同期增長 40 個基點，這得益於良好的業績表現和商業與政府業務的組合，均實現了兩位數的利潤率。

In the quarter, BGS delivered the 100th 767-300 Boeing converted freighter to SF Airlines and received a modification contract from the US Air Force to integrate electronic warfare systems for the F-15 Eagle. It remains a terrific long-term franchise focused on profitable, capital-efficient service offerings and continues to execute very well.

本季度，BGS 向舊金山航空交付了第 100 架 767-300 波音改裝貨機，並獲得了美國空軍的改裝合同，為 F-15 鷹戰機整合電子戰系統。它仍然是一家出色的長期特許經營企業，專注於盈利且資本高效的服務產品，並且繼續表現良好。

Turning to the next page, I'll cover cash and debt. Cash and marketable securities ended at $23.7 billion, primarily reflecting the free cash flow usage in the quarter. Debt balance ended at $53.6 billion, down $300 million due to the paydown of maturing debt and leaving $550 million of debt maturities remaining in the year.

翻到下一頁，我將討論現金和債務。現金和有價證券最終達到 237 億美元，主要反映了本季自由現金流的使用情況。債務餘額最終為 536 億美元，由於償還到期債務而減少了 3 億美元，今年仍有 5.5 億美元的債務到期。

The company maintains access to $10 billion of revolving credit facilities, all of which remain undrawn. We remain committed to managing the balance sheet in a prudent manner with two main objectives: first, prioritize the investment-grade rating; and second, allow the factories supply chain to stabilize. As you saw yesterday, we entered into an agreement to sell portions of our digital aviation solutions business for $10.55 billion, which is an important component of our strategy to focus on our core businesses and strengthen the balance sheet.

該公司保留 100 億美元的循環信貸額度，但這些信貸額度目前尚未提取。我們將繼續致力於以審慎的方式管理資產負債表，主要有兩個目標：第一，優先考慮投資等級評級；第二，使工廠供應鏈穩定下來。正如您昨天看到的，我們達成協議，以 105.5 億美元的價格出售部分數位航空解決方案業務，這是我們專注於核心業務和加強資產負債表策略的重要組成部分。

Stepping back, let me provide some additional context on the macro backdrop before getting into the free cash flow outlook. We continue to closely monitor recent policy developments and believe that the administration understands the aerospace industry's importance to our economy broadly and US manufacturing jobs specifically and is focused on keeping our US industrial base globally competitive for the long term.

退一步來說，在討論自由現金流前景之前，讓我先提供一些關於宏觀背景的額外背景資訊。我們將繼續密切關注最近的政策發展，並相信政府了解航空航太業對我們經濟的重要性，特別是對美國製造業就業的重要性，並致力於長期維持美國工業基礎的全球競爭力。

Given our position as a significant US exporter, free trade policy across commercial aerospace remains very important to us. As noted recently on the supply side, roughly 80% of our annual commercial supply chain spend goes directly to US based suppliers, and we'll work closely with all our suppliers to ensure continuity of supply and pursue options to mitigate cost pressures.

鑑於我們作為美國重要出口國的地位，商業航空航太領域的自由貿易政策對我們來說仍然非常重要。正如最近在供應方面所指出的，我們每年大約 80% 的商業供應鏈支出直接流向美國供應商，我們將與所有供應商密切合作，確保供應的連續性並尋求減輕成本壓力的方案。

Conversely, on the demand side, about 70% of our commercial deliveries this year are planned for customers outside the US. And importantly, the company has a large and diverse backlog of over $0.5 trillion with our key commercial programs sold out into the next decade.

相反，在需求方面，我們今年約有 70% 的商業交付計畫是針對美國以外的客戶。重要的是，該公司擁有超過 0.5 兆美元的大量多樣化積壓訂單，我們的關鍵商業項目在未來十年內已經全部售罄。

Specifically on China, it represents approximately 10% of our commercial backlog, and if we need to redirect supply to more stable demand, a strong market backdrop across the rest of the world still supports our planned production rate increases. Regarding free cash flow.

具體來說，中國約占我們商業積壓訂單的 10%，如果我們需要將供應轉向更穩定的需求，世界其他地區強勁的市場背景仍然支持我們計劃的生產力提高。關於自由現金流。

We set a conservative plan for the year and had a strong start operationally, which we believe puts us in a position to largely offset any potential cash flow impact of China deliveries this year as well as higher expected input costs due to tariffs. Regarding deliveries, our plan for the rest of the year was to deliver roughly 50 airplanes to customers in China.

我們為今年制定了保守的計劃，並在營運上取得了良好的開端，我們相信這使我們能夠在很大程度上抵消今年中國交付對現金流的任何潛在影響以及關稅導致的預期投入成本上升。關於交付，我們今年剩餘時間的計畫是向中國客戶交付約 50 架飛機。

There is strong demand for these airplanes, and we are actively assessing options should we need to redirect the 41 China airplanes that are already built or currently in production. We will continue to monitor the demand situation and if tariff-related impacts expand beyond China, we would expect to see additional pressure.

這些飛機的需求強勁，我們正在積極評估是否需要重新安排已經建造或正在生產的 41 架中國飛機的選項。我們將繼續監控需求狀況，如果關稅相關影響擴大到中國以外，我們預計將面臨額外的壓力。

Broadly, the markets we serve continue to be significant, and our backlog of more than $0.5 trillion demonstrates the strength of our core product portfolio. Long term, these fundamentals underpin our confidence in managing the business with a long-term view built on safety, quality and delivering for our customers.

總體而言，我們服務的市場仍然很重要，我們超過 0.5 兆美元的積壓訂單證明了我們核心產品組合的實力。從長遠來看，這些基本原則鞏固了我們以安全、品質和為客戶提供服務的長遠眼光來管理業務的信心。

And before I open it up for questions, I too would like to thank Matt Welch for his partnership over almost four years, and we all knew they weren't easy four years. He's a terrific Boeing leader and we wish him all the best in his new promotion, and we welcome Eric Hill in his IR role.

在開始提問之前，我也想感謝馬特‧韋爾奇近四年來的合作，我們都知道這四年並不容易。他是一位出色的波音公司領導者，我們祝他在新的晉升中一切順利，並歡迎埃里克·希爾擔任投資者關係主管一職。

With that, I'll open up for questions.

這樣，我就可以開始回答問題了。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

Good morning. Thank you. Kelly, if we go back to the first Trump administration, negotiations on subsidies across the Atlantic led effectively to a 0 tariff environment for aviation. And when you look at the recent tariffs announced and under consideration, I mean, we would say they do nothing positive for the industry.

早安.謝謝。凱利，如果我們回顧川普第一屆政府時期，大西洋彼岸的補貼談判實際上導致了航空業零關稅環境。當你看到最近宣布和正在考慮的關稅時，我們會說它們對該行業沒有任何積極作用。

I expect if Guillaume Faury were on this call, the two of you would probably be in violent agreement on this. But you commented earlier that the administration understands the importance of the industry, but can you describe how you and others are interacting with Washington to get around, get out of this tariff environment and what are you hearing back? What's your sense on how this might evolve in the US and even in Europe and China based on your interactions there?

我想，如果紀堯姆·福里 (Guillaume Faury) 參加了這次通話，你們兩人可能會對此意見一致。但您之前評論說，政府了解該行業的重要性，但您能否描述一下您和其他人如何與華盛頓互動以擺脫這種關稅環境，以及您聽到了什麼反饋？根據您在美國、甚至歐洲和中國的互動，您認為這種情況會如何發展？

Yeah, Doug, well, obviously, it's an important topic right now and very dynamic topic. I don't think a day goes by where we aren't engaged with someone in the administration including cabinet secretaries and up to POTUS himself.

是的，道格，顯然，這是目前一個重要的主題，也是一個非常活躍的話題。我想，我們每天都會與政府中的某些人接觸，包括內閣部長乃至美國總統本人。

So this is a dynamic environment. As you point out, we've had the luxury of operating for decades, actually since the 1979 civil aircraft aviation agreement on large aircraft in a tariff-free environment. So we're spending a lot of time making sure the administration understands the implications of either short-term or long-term tariffs on not just our company, but the overall aviation industry here in the US.

所以這是一個動態的環境。正如您所指出的，實際上自 1979 年簽署大型飛機民用航空協議以來，我們已經享受了數十年的免關稅運營特權。因此，我們花費大量時間確保政府了解短期或長期關稅不僅對我們公司而且對美國整個航空業的影響。

I would just tell you that they understand, they know this is extremely important to our trade, to the trade balance. Aircraft are such a significant part of our trade surplus. And if we see markets closing, that's going to be a big challenge for us.

我只想告訴你，他們明白，他們知道這對我們的貿易、貿易平衡極為重要。飛機是我們貿易順差的重要組成部分。如果我們看到市場關閉，這對我們來說將是一個巨大的挑戰。

So look, I'm very hopeful that we get to some negotiated agreements here and that we can move forward. Right now, China is our only problem and as we said in the prepared remarks, we're going to work our tail off to make sure the China issue doesn't implicate our recovery and particularly our or stability in our production system.

所以，我非常希望我們能夠在這裡達成一些談判協議，並且能夠向前邁進。目前，中國是我們唯一的問題，正如我們在準備好的演講中所說的那樣，我們將竭盡全力確保中國問題不會影響我們的復甦，特別是我們的生產系統的穩定。

So we'll deal with that. Customers are calling, asking for additional airplanes. So this is really going to be just a short-term challenge for us to either have China reverse course and take the airplanes or get us in a position to remarket those airplanes. And as you know, to remarket them, we'll have to do some things like painting them and things like that. But having said that, look, I can't predict where this is going to go.

所以我們會處理這個問題。客戶打來電話，要求增加飛機。因此，這對我們來說真的只是一個短期挑戰，要么讓中國改變路線並接收這些飛機，要么讓我們重新銷售這些飛機。而且如您所知，為了重新銷售它們，我們必須做一些事情，例如對它們進行噴漆等。但話雖如此，看，我無法預測事情將走向何方。

I don't know any better than anybody reporting. We do hear signs that indicate that negotiated settlements are opportunities for that. I just don't know the timing. And so again, we're going to take the actions we need to make sure if this takes a while, we don't get into a situation where it impacts our recovery. The one thing that we have to watch is to make sure we don't see more countries in a similar boat as where we are with China.

我並不比任何報道者更了解情況。我們確實聽到一些跡象表明，透過談判解決問題可以帶來機會。我只是不知道時間。因此，我們將再次採取必要的行動，以確保即使這需要一段時間，我們也不會陷入影響我們復甦的境地。我們必須要注意的一件事是，確保不會看到更多國家陷入與中國類似的境地。

We're watching the EU. You made the comment on our competitor. And I think you -- I would agree with you wholeheartedly that both Guillaume and I would welcome a non-tariff environment for both of us. This isn't good for either company to be in this situation or the industry. So hey, we're working through it.

我們正在關注歐盟。您對我們的競爭對手發表了評論。我認為－我完全同意你的觀點，紀堯姆和我都歡迎一個對我們雙方都有益的非關稅環境。這對於處於這種境地的公司或整個行業來說都不是好事。嘿，我們正在努力解決這個問題。

I can't tell you the timing of when this is going to all get resolved, but I can't tell you we're going to take proactive action and manage our way through it.

我無法告訴您何時才能解決所有問題，但我無法告訴您我們將採取積極行動並設法解決問題。

Very good. Thank you.

非常好。謝謝。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Thanks. Good morning and congrats on the move, Matt. You survived a lot. So Brian, I think in January, you were expecting deliveries in the 37 in the low 400s and maybe 80 or so on the 787, does that still -- that framework still holds with the 50 aircraft from China not going to China specifically, as Kelly mentioned.

謝謝。早上好，恭喜你搬家，馬特。你經歷了很多。那麼布萊恩，我想在一月份，您預計交付量在 37 架左右，400 架出頭，787 飛機大概有 80 架左右，這個框架仍然成立嗎？正如凱利所提到的，中國的 50 架飛機不會專門運往中國。

Thanks, Myles. On the 37, yes, we still think that's the right ballpark of 400. You had a nice strong start to the year operationally and that should allow us to offset most of any delivery pressure that would come from the 25 airplanes already built in inventory and around six that are in production, airplanes that we plan to deliver this year.

謝謝，邁爾斯。是的，對於 37，我們仍然認為這是 400 的正確範圍。今年的營運開局良好，這使我們能夠抵消大部分交付壓力，這些壓力來自已製造的 25 架庫存飛機和約 6 架正在生產的飛機（我們計劃今年交付）。

And for the second quarter specifically, we expect to deliver in the high 20s for April and the quarter should be more or less in line with 1Q ex China, which is in the low to mid-90s. On the 87, you're also in the right ballpark.

具體來說，對於第二季度而言，我們預計 4 月份的銷售額將達到 20 多億美元，該季度的銷售額應與中國以外的第一季的銷售額大致持平，即 90 多億美元左右。在 87 號公路上，你也處於正確的範圍內。

We also are having a nice start to the year, and we expect to ramp to seven per month in the next few months and China would only be a handful of airplanes impacted. So we like the ballpark that you mentioned. And for 2Q, we've already delivered five so far in April, and we expect 2Q to be a bit higher than where we were in 4Q '24 delivery.

我們今年的開局也很好，預計未來幾個月產量將增加到每月七架，中國只會有少數飛機受到影響。所以我們喜歡您提到的球場。就第二季而言，截至 4 月我們已經交付了 5 輛，我們預計第二季的交付量將比 2024 年第四季的交付量略高。

So things are going pretty well. I think what's really important is any delivery timing won't disrupt our production rate increases on these programs and we're making really good progress operationally, and we're tracking to achieve the right milestones that Kelly mentioned in both programs in the coming months.

一切進展順利。我認為真正重要的是任何交付時間都不會影響我們在這些專案中的生產力提高，而且我們在營運方面取得了非常好的進展，我們正在努力實現凱利在未來幾個月內在兩個專案中提到的正確里程碑。

All right, thank you.

好的，謝謝。

Seth Seifman, JPMorgan.

摩根大通的賽斯‧塞夫曼。

Hey.

嘿。

Thanks very much, and good morning, everyone, and congratulations, Matt. Just wanted to ask a follow-up question on tariffs on the cost side. I guess if there's anything you could say to kind of size if we're thinking about the two impacts being kind of the China impact and the cost impact, maybe kind of sizing potentially those two impacts?

非常感謝，大家早安，恭喜你，馬特。只是想問一個關於成本方面的關稅的後續問題。我想，如果我們考慮兩種影響，即中國影響和成本影響，您可以說說其規模，也許可以估算這兩種影響的潛在規模？

And then talking about the drawback process on the cost side, do you need to maybe manage the supply chain a little bit on the cost side, if there are suppliers down in the chain who can handle this as well as some of the larger and more well-capitalized suppliers. And also how you deal with -- I gather you're going to get a push from certain suppliers to kind of push through tariffs that they have with different surcharges and anything you can say about that process?

然後談論成本方面的退稅流程，您是否需要在成本方面稍微管理供應鏈，如果供應鏈下游的供應商以及一些規模較大、資金更雄厚的供應商可以處理這個問題。還有您如何處理——我猜您會受到某些供應商的壓力，以不同的附加費來推行他們的關稅，您能談談這個過程嗎？

Yeah, Seth, let me start with kind of the process, and then I'll let Brian kind of quantify it. So as you point out, we do have the duty drawback opportunity. And as you know, about 80% of our airplanes go outside or delivered outside of the US. So we have the opportunity for those duties that we pay, those tariffs that we pay to recover that when we deliver the aircraft.

是的，塞斯，讓我先介紹一下這個過程，然後讓布萊恩來量化它。正如您所指出的，我們確實有退稅機會。如您所知，我們約有 80% 的飛機飛往美國境外或在美國境外交付。因此，當我們交付飛機時，我們就有機會收回我們支付的關稅。

Now it creates a little bit of a cash flow timing issue that we'll have to work through. We are actively working as well with the supply chain because they don't have that opportunity. Their point of deliveries to us and that we, in turn, deliver the product outside of the US. So we are working to see if we can't, in effect, allow them to piggyback on our duty drawback. And that requires accounting processes to make sure we can track things.

現在它產生了一些現金流時間問題，我們必須解決這個問題。我們也積極與供應鏈合作，因為他們沒有這樣的機會。他們向我們交貨，然後我們再將產品運送到美國境外。因此，我們正在努力看看是否能夠實際上允許他們利用我們的關稅減免。而這需要會計流程來確保我們能夠追蹤事情。

And so we're working that right now. We do have some suppliers who indicated they're going to have some pricing increases associated with that. But it's not overly material, and we're working through that. The thing I'm really trying to make sure we're focused on is making sure that an argument over a 10% tariff who's going to pay doesn't turn into a continuity of supply issue.

所以我們現在正在努力。確實有一些供應商表示他們將會因此提高價格。但它並不是過於物質化，我們正在努力解決這個問題。我真正想確保我們關注的是確保有關誰來支付 10% 關稅的爭論不會演變成供應連續性問題。

So we really need to make sure that people are buying and bringing in the parts that we're going to need, and then we'll work through the financial implications. I'll let Brian kind of quantify that for you.

因此，我們確實需要確保人們購買和引進我們需要的零件，然後我們再解決財務影響。我會讓 Brian 為你量化這一點。

Yeah, sure. So I think I'll start with the supply chain input costs, and then I'll get to the China piece. On the supply chain side, the net annual impact of higher tariffs on our input costs is manageable and within our plan, it's less than $500 million annually. And here's how to think about some of the pieces in addition to what Kelly described. We have elevated inventory levels that are all pre-tariff.

是的，當然。所以我想我會先從供應鏈投入成本開始，然後再談中國部分。在供應鏈方面，提高關稅對我們的投入成本的年度淨影響是可控的，在我們的計畫中，每年不到 5 億美元。除了凱利所描述的內容之外，這裡還有一些其他思考方法。我們的庫存水平均已提高，且均為關稅前的水準。

Aluminum and steel are typically 1% to 2% of the average cost of the airplane, which is virtually all US sourced. And with higher inventory levels and hedging strategies, that 1% to 2% is even lower in the current environment.

鋁和鋼通常佔飛機平均成本的 1% 至 2%，而飛機的原料幾乎全部來自美國。而且，由於庫存水準較高且對沖策略的實施，在當前環境下，這一 1% 至 2% 的比率甚至更低。

We do [ballify] on behalf of our supply chain partners, and those could be subject to some price increases as tariffs look higher, that we can't pass along, but that's a very small amount of money, nothing to worry about. As Kelly said, we do have this duty drawback opportunity to get you to that net a few hundred million dollars.

我們確實代表我們的供應鏈合作夥伴進行 [ballify]，隨著關稅的提高，這些合作夥伴的價格可能會有所上漲，而我們無法將這種上漲轉嫁出去，但這只是很小的一筆錢，無需擔心。正如凱利所說，我們確實有這個退稅機會，可以讓你淨賺幾億美元。

And I would point out that we have a global trade and supply chain team that have decades of experience with tariffs and duty recovery. And when you're one of the world's biggest exporters, we really have a good handle on this. So we feel confident in some of the ways that we've been describing this, I'd also say that keep in mind that over time, any input-related costs will work its way through to price escalators.

我想指出的是，我們擁有一支全球貿易和供應鏈團隊，在關稅和關稅追繳方面擁有數十年的經驗。當你是世界上最大的出口商之一時，我們確實能夠很好地處理這個問題。因此，我們對我們描述的某些方式充滿信心，我還要說，請記住，隨著時間的推移，任何與投入相關的成本都會影響價格上漲。

So it should mostly neutralize over time. And then in addition to what Kelly said about the suppliers, as you know, many are on fixed price life of program contracts where the import of record does pay the tariff. And as Kelly said, we're doing what we can to help them through this situation.

因此隨著時間的推移，它應該基本上會中和。除了凱利所說的關於供應商的內容之外，如你所知，許多供應商都簽訂了固定價格的計劃合同，其中記錄的進口確實支付了關稅。正如凱利所說，我們正在盡我們所能幫助他們度過難關。

As it pertains to China specifically, we talk about 50 or so airplanes that's -- it could be north of $1 billion. But as I said, it's all contemplated within a conservative plan we put together.

具體到中國，我們談論的是 50 架左右的飛機，價值可能超過 10 億美元。但正如我所說，這一切都是我們所製定的保守計劃中考慮的。

Great. Thank you.

偉大的。謝謝。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Hey, good morning, Brian. On the last call, you seem to reference that the free cash flow usage for the year will be somewhere in the $4 billion to $5 billion range. I guess can you give an update on how you're thinking about that specific range as well as some further characterization of the free cash flow cadence as we move through the year? Thank you.

嘿，早上好，布萊恩。在上次通話中，您似乎提到今年的自由現金流使用量將在 40 億美元至 50 億美元之間。我想您能否介紹一下您對該特定範圍的看法，以及我們對今年自由現金流節奏的進一步描述？謝謝。

Sure, thanks, Scott. Let me start with the second quarter. So we expect the second quarter to be roughly in line with the first quarter usage. And as we've said, we expect the second half free cash flow to turn positive and then accelerate as we exit the year, driven by a few really important levers. The 737 production ramped to 38 per month and even potentially higher as we exit the year.

當然，謝謝，斯科特。讓我先從第二季開始。因此我們預計第二季的使用量將與第一季大致持平。正如我們所說，我們預計下半年自由現金流將變為正值，並在年底前加速成長，這得益於幾個非常重要的槓桿的推動。737 的產量已增加至每月 38 架，到年底甚至可能更高。

Higher 737 delivery volume. We've got the 787 production ramp to seven per month and also potentially higher as we exit the year. We have the higher 787 delivery volume, and we have customer receipts that will be favorable, and those are offset by a couple of things: higher investment levels, including the 777X and the potential impact of both China and this net impact from higher input costs from tariffs that we've discussed.

737交付量更高。我們的 787 產量已提升至每月 7 架，到今年底產量可能會更高。我們的 787 交付量較高，客戶收據也不錯，但這些都被以下幾點所抵消：更高的投資水平，包括 777X，以及中國的潛在影響和我們討論過的關稅投入成本上升的淨影響。

So in terms of the range that you mentioned, we're not going to adjust that full year range right now. We're good with where it's at. We had a really good start to the year. We need to execute on the production rate increases and we need more clarity on China and tariffs more broadly. So give us a little bit of time to see how things play out. The good news is that as Kelly said, we deliberately built the year to account for some unknowns. We're still comfortable with the plan that we've outlined.

因此，就您提到的範圍而言，我們現在不會調整全年範圍。我們對現狀很滿意。我們今年有一個非常好的開始。我們需要提高生產力，也需要更清楚地了解中國和關稅問題。所以請給我們一點時間看看事情會如何發展。好消息是，正如凱利所說，我們特意設計這一年來解釋一些未知因素。我們對於所製定的計劃仍然感到滿意。

Appreciate it. Thank you.

非常感謝。謝謝。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Good morning, Kelly, Brian, and thank you Matt so much. So maybe just on that last thought, assuming the skyline is largely intact outside of China, and there's no demand impact with tariffs, how are we thinking that production ramps outside 2025 with the 37 and the 87 rates? And how you're watching the biggest risks in the supply chain and the master schedule and how that correlates to cash flow expectations as you continue to benefit from volume ramps, but also on-time deliveries?

早安，凱利、布萊恩，非常感謝馬特。因此，也許只是基於最後一個想法，假設中國以外的天際線基本上完好無損，並且關稅不會對需求產生影響，那麼我們如何認為在 2025 年之後產量會以 37% 和 87% 的稅率增長？您如何看待供應鏈和主計劃中的最大風險，以及當您繼續受益於產量增長和準時交貨時，這與現金流量預期有何關聯？

See, let me take the demand side, and now I'll let Brian comment. So we don't see any change in the overall demand here. Our backlog is well over $0.5 trillion. It's everybody wants the aircraft. So we're going to work through this China situation, maybe have to redeploy some aircraft, but we don't see any pullback whatsoever in demand for the aircraft.

瞧，讓我來談談需求方，現在我讓布萊恩發表評論。因此，我們沒有看到這裡的整體需求有任何變化。我們的積壓訂單遠遠超過 0.5 兆美元。每個人都想要一架飛機。因此，我們將努力解決中國的問題，也許必須重新部署一些飛機，但我們認為對飛機的需求不會有任何下降。

So our rate increase plan is remains unchanged. We'll go to 38 a month here. We'll get to the stability. And then our first rate increase will be from 38 to 42. And then we'll do five per month increments after that. So 42 to 47, 47 to 52. Those rate increases would be no earlier than probably six months in between. But again, it depends on -- each one will require that we have stable KPIs.

因此我們的升息計劃保持不變。我們這裡每月將達到 38 次。我們將實現穩定。然後我們的首次利率上調將從38%增加到42%。此後，我們將每月增加五次。所以 42 比 47，47 比 52。這些利率上調的時間可能不會早於六個月。但同樣，這取決於——每個人都要求我們有穩定的KPI。

And the more you move up the rate, the more difficult it is to make sure you maintain stable KPIs. So if we go to one of those rates and we need to stay there for a little longer to be mature, that's what we'll do. But I don't see any change in our long-term rate plans.

而且，利率越高，就越難確保維持穩定的 KPI。因此，如果我們達到其中一個利率，並且需要在該利率下停留一段時間才能成熟，那麼我們就會這樣做。但我認為我們的長期利率計劃不會有任何變化。

All the KPIs on 787 right now are all green, look good. So we'll make this next rate increase in the coming months on 787 and then there are future opportunities there. As you know, we've invested additional capital, $1 billion here in our Charleston facility. That's where we are today to expand our production capacity here.

787 上的所有 KPI 目前都是綠色，看起來不錯。因此，我們將在未來幾個月內提高 787 的費率，未來將有更多機會。如您所知，我們已向查爾斯頓工廠額外投資了 10 億美元。今天，我們要在這裡擴大生產能力。

So we definitely want to get the 87 back up to double-digit production rates. And none of what we're seeing right now is not going to stop those plans.

所以我們肯定希望 87 的生產力能恢復到兩位數。而我們現在看到的一切都不會阻止這些計劃。

And on the supply chain side, as I mentioned, we have a lot of inventory, enough inventory that is there for us to achieve the rates that Kelly is mentioning. And we've got really good alignment with our key suppliers, fuselages, engines, everything looks pretty good.

在供應鏈方面，正如我所提到的，我們有大量庫存，足以讓我們達到凱利所提到的價格。我們與主要供應商、機身、引擎都保持著良好的協調，一切看起來都很好。

Yes, we have to get through some discrete moments around this tariffs and ensuring the continuity of delivery, which we'll work through, as Kelly mentioned. But as we look a little further out, good alignment, plenty of inventory. We feel pretty confident about the supply chains side of it.

是的，我們必須克服圍繞關稅的一些特殊困難並確保交付的連續性，正如凱利所提到的那樣，我們會努力解決的。但如果我們看得更遠一些，就會發現排列整齊，庫存充足。我們對供應鏈方面非常有信心。

Thank you.

謝謝。

Scott Mikus, Melius Research.

米庫斯（Scott Mikus），Melius Research。

Good morning.

早安.

Hey Scott.

嘿，斯科特。

Kelly, congrats on the F-47 win. I have a quick question there. There was a comment from the administration about the EMD phase being cost-plus, but there were some competitively priced options for LRIP. So I'm just wondering, are those options fixed price? Do they have inflation escalators built into them?

凱利，恭喜你贏得 F-47 勝利。我有一個簡單的問題。管理部門表示 EMD 階段是成本加成，但 LRIP 也有一些價格具競爭力的選項。所以我只是想知道，這些選項的價格是固定的嗎？它們是否內建有通貨膨脹自動扶梯？

How should we be thinking about the risk from those options?

我們應該如何考慮這些選擇所帶來的風險？

Yeah, hey Scott. On the F-47, we're not at liberty to disclose anything relative to the contract structure beyond what the Air Force has said. So the only thing I can say is what they've read, what you've read there is the extent of our disclosure. Clearly we haven't come off our strategy of ensuring we're entering into the appropriate.

是的，嘿，斯科特。關於 F-47，除了空軍所說的內容外，我們不能透露任何與合約結構有關的資訊。所以我唯一能說的是他們所讀到的，你們所讀到的就是我們揭露的範圍。顯然，我們還沒有放棄確保我們進入適當階段的策略。

A contract type for the appropriate type of work. So I wouldn't worry that we've signed up to undo risk like we, like we've done in some of our past fixed price programs, but that's about all I can say on that right now.

適合相應工作類型的合約類型。因此，我不會擔心我們已經簽署了取消風險的協議，就像我們在過去的一些固定價格計劃中所做的那樣，但這就是我現在能說的全部。

Alright, thanks for taking the question.

好的，感謝您回答這個問題。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

Good morning.

早安.

Hey David.

嘿，大衛。

Hey Kelly. Could you maybe dig in a little bit more on the status of the six KPIs, specifically the progress you're seeing there, I guess, maybe three months ago, both on the MAX and the 787, I think you had highlighted there was one on the 787 that was kind of out of line a little bit. If you could just touch on that. And then how you've gone about mitigating risk around the Jenkintown, the fire there? And how do you feel like how you've got that kind of captured in the guidance as well? Thanks.

嘿，凱利。您能否更深入地了解這六個 KPI 的現狀，特別是您看到的進展，我想，大概三個月前，無論是 MAX 還是 787，我想您已經強調過 787 上有一項有點出乎意料。如果你能談談這一點的話。那麼，您如何減輕詹金敦周圍火災的風險？您覺得您在指導中是如何掌握這一點的？謝謝。

Okay. Look, on the KPIs, as I mentioned, on 787, when we talked at the last earnings call, we had one of the KPIs that was below threshold, and that was in final ticketing the number of snags the final ticketing. That's all gone green. So we're looking really good that -- the 87 team has done a really, really nice job of focusing on that.

好的。你看，關於 KPI，正如我所提到的，在 787 上，當我們在上次收益電話會議上討論時，我們有一個低於閾值的 KPI，那就是最終出票時的故障數量。一切都變綠了。所以我們看起來真的很好——87 團隊在關注這一點方面做得非常非常好。

We are still burning down some rework associated with pre-strike level inventory aircraft. We're getting close to that -- I switched to 737 now. And so we still have a little bit of work on one KPI, and that's on rework relative to the 737 MAX.

我們仍在進行與襲擊前庫存飛機水準相關的一些返工工作。我們快要實現這個目標了——我現在換到 737 了。因此，我們在一個 KPI 上仍有一些工作要做，那就是針對 737 MAX 的返工。

However, it's coming down the rework is coming down per our plan. So I feel pretty good that as we continue to go through from the low 30s to 38, and we get the cleaner airplanes flowing through the factory that will actually be green on all of our metrics. So look, as I sit here right now, things really look good.

然而，返工正在按照我們的計劃進行。因此，我感到非常高興，隨著我們繼續從 30 多歲走到 38 歲，我們將有更清潔的飛機流經工廠，這些飛機在我們所有的指標上都將是綠色的。所以看，當我現在坐在這裡時，事情看起來真的很好。

We had as I said in my prepared remarks, we had Secretary Duffy and the acting administrator, Chris Rocheleau here, in Seattle. They spent time out the floor, talking to FAA people, talking to our machines and things look pretty good.

正如我在準備好的發言中所說，達菲部長和代理行政官克里斯·羅切洛來到了西雅圖。他們花了一些時間在現場，與聯邦航空管理局的人員交談，與我們的機器交談，情況看起來相當不錯。

I think we're really aligned on what we need to do to get to the rate increases. So far, so good. We can't claim victory. We got to get to 38 and show stable performance there. But our plan seems to be working, and we'll make any adjustments we need to.

我認為，我們對需要採取哪些措施來提高利率的看法是一致的。到目前為止，一切都很好。我們不能宣稱勝利。我們必須達到 38 並在那裡表現出穩定的表現。但我們的計劃似乎正在發揮作用，我們將做出必要的調整。

Regarding the SPS Fire, the team has done a very, very nice job of reacting and jumping all over that issue. And it's a combination of finding alternate source, requalifying finding inventory and getting it in the right place. And it's not just us, as you know, it's some of our major suppliers as well who this impact.

關於 SPS 火災，團隊在應對和解決該問題方面做得非常出色。它是尋找替代來源、重新確認庫存並將其放置在正確位置的組合。而且正如你所知，這不僅僅是我們，我們的一些主要供應商也受到了影響。

I think we're going to be able to scramble our way through this. I don't think we'll be at the inventory levels we want, but I don't see right now that any aircraft program is going to be held up over these fasteners. So the team, every time I meet with them, they've burned down the open issues to fewer and fewer. And it looks like we're going to be able to manage our way through this.

我認為我們能夠設法解決這個問題。我認為我們的庫存水準不會達到我們想要的水平，但我現在不認為任何飛機項目會因為這些緊固件而受到阻礙。因此，每次我與該團隊會面時，他們都會將未解決的問題減少到越來越少。看起來我們能夠解決這個問題。

Now it's going to take a while to get this capacity back into the system. So we're going to just have to stay diligent as we manage this and particularly as we ramp up in rates.

現在需要一段時間才能將這種容量恢復到系統中。因此，我們必須保持勤勉，處理好這個問題，特別是在調高利率的時候。

Noah Poponak, Goldman Sachs

諾亞·波波納克（Noah Poponak），高盛

Hey, good morning, everyone.

嘿，大家早安。

Hi, Noah.

你好，諾亞。

Kelly, how did you reduce traveled work by 50% in a few months? And how did you have a positive defense margin despite the tanker news in the quarter? And really, the bigger picture question there is, were some of these improvements inevitable with time? Or how much have you changed specifically since you've come on board with the blocking and tackling of the operating performance of the business.

凱利，你是如何在幾個月內將出差工作減少 50% 的？儘管本季有油輪新聞，但你們如何保持正防禦裕度？而實際上，更大的問題是，隨著時間的推移，這些改進是否不可避免？或者自從您加入並負責阻止和解決業務營運績效問題以來，您具體做出了多大改變？

You've laid out how you're going to turn the battleship, but curious if you could talk about the shorter-term simpler blocking and tackling improvements you've made and I thought maybe those would be two that would be helpful to hear more about.

您已經闡述瞭如何轉變戰艦，但我很好奇您是否可以談談您所做的短期更簡單的阻塞和解決問題的改進，我想也許這兩個方面值得進一步了解。

Yeah, so let me address the traveled work first, Noah. First of all, I don't build any airplanes. So the team is doing a great job. It's not me. That's what the team is doing. And we've put in a major new process in the way we're building the aircraft.

是的，那麼讓我先談談旅行工作，諾亞。首先，我不製造任何飛機。所以這個團隊做得很好。這不是我。這就是團隊正在做的事情。我們在飛機製造過程中採用了重大的新工藝。

For any -- before we move the aircraft, and you know these are moving lines. So before we move the aircraft, we now have what we call a travel-ready process. And what that requires that any work not done on station, any traveled work has to be evaluated in a risk -- safety risk assessments done against that.

對於任何——在我們移動飛機之前，你知道這些都是移動線。因此，在移動飛機之前，我們現在有一個所謂的旅行準備流程。這就要求，任何不在站內進行的工作、任何在站外進行的工作都必須經過風險評估－安全風險評估。

And if it induces safety risk like we saw with the door blow out, we're not going to move the airplane. And the last I saw, and I know these numbers are probably higher right now, but the last I saw the numbers we had implemented that process on 800 airplane moves, and we had stopped the airplanes 200 of those 800 times.

如果它引發像我們看到的艙門爆裂那樣的安全風險，我們就不會移動飛機。我知道這些數字現在可能更高，但根據我上次看到的數據，我們在 800 次飛機調度中實施了該流程，其中有 200 次我們都讓飛機停了下來。

So long-winded, that's how we're not getting the traveled work. We're not traveling the airplanes. And so if the work is not done, we're getting it done. We're holding the airplanes and getting it done and being much more disciplined. Now I'll also say our supply chain is in much better shape than it was prestrike.

如此冗長，這就是我們沒有得到旅行工作的原因。我們不是搭飛機旅行。因此，如果工作尚未完成，我們就會將其完成。我們正在控制飛機並完成任務，而且紀律更加嚴格。現在我還要說的是，我們的供應鏈比攻擊前狀況好得多。

So we're not dealing with near the number of shortages that we were prior to that. Look, on the defense side, it is around this new focus on working with our customers to get these contracts so that is a win-win. We've made real good progress as I've talked about, particularly like on the T-7, VC-25, the Starliner.

因此，我們現在面臨的短缺問題遠不及之前嚴重。你看，在國防方面，我們新的重點是與客戶合作來獲得這些合同，這是一個雙贏的局面。正如我所說的，我們取得了真正的良好進展，特別是在 T-7、VC-25 和 Starliner 方面。

I think we've got all these programs now well contained in terms of what our ETC. Now I'm not claiming victory here yet. We've got a lot of work to do on the ETCs on a lot of these programs. But I do think our disciplined cost risk management and active management with our customers to get to a win-win on these programs is helping.

我認為就我們的 ETC 而言，我們現在已經很好地包含了所有這些計劃。現在我還沒有宣布勝利。我們在許多這類專案的 ETC 方面還有很多工作要做。但我確實認為，我們嚴格的成本風險管理和與客戶積極的管理在這些項目上實現雙贏是有幫助的。

And obviously, our goal here is to get our defense business back up to a high single-digit kind of performing business. And there's no reason I see that we can't do that. So this is a good step, but we've got to continue to have good EAC performance to make that happen. And the team is really focused on doing that.

顯然，我們的目標是讓我們的國防業務恢復到高個位數的績效水準。我認為我們沒有理由不能做到這一點。所以這是一個很好的舉措，但我們必須繼續保持良好的 EAC 表現才能實現這一目標。團隊確實專注於此。

And on the tankers specifically, Noah, that crack on the leading edge. The team identified it very quickly, determined it wasn't a safety of flight issue, the population that they had to go do was small the rework they could get to that very quickly. So it really wasn't a big deal. So it didn't disrupt the quarter at all.

特別是諾亞號油輪，其前緣出現了裂縫。團隊很快就發現了問題，並確定這不是飛行安全問題，他們需要處理的人數很少，因此他們可以很快完成返工。所以這真的不是什麼大問題。因此它根本沒有擾亂本季的業績。

Okay. I appreciate all the detail. And Matt, congrats on the promotion, and thanks for all the help over the years.

好的。我感謝所有的細節。馬特，祝賀你升職，感謝你多年來的幫助。

Thanks, Noah

謝謝，諾亞

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Yeah, thanks. Hi Kelly, Brian. Congrats Matt. Kelly, I guess maybe just to wrap up a little bit on a lot of questions around the rate breaks. But -- when you get to 38 and obviously, your -- the FAA is reviewing the KPIs with you.

是的，謝謝。你好，凱利，布萊恩。恭喜馬特。凱利，我想也許可以稍微總結一下許多關於利率減免的問題。但 — — 當你達到 38 歲時，顯然，你的 — — FAA 正在與你一起審查 KPI。

How do we think about that when you're moving beyond rate 42 or rate 47, is that something you're doing in concert with the FAA? I know you mentioned the field that you're looking for stability first on all those. Is it just keeping them in the loop or are they more involved in the process? Appreciate it.

當您超越 42 號或 47 號費率時，我們該如何考慮這一點，這是您與 FAA 協同做的事情嗎？我知道您提到您在所有領域首先尋求的是穩定性。這只是讓他們了解情況還是讓他們更參與這個過程？非常感謝。

No. Our current plan is that unless -- until the plans change, we will go through the same process with each rate break. So the metrics, they have access to the metrics. We have a digital dashboard. They look at them on a daily basis.

不。我們目前的計劃是，除非計劃發生變化，否則我們將對每次利率調整採取相同的流程。因此，他們可以訪問這些指標。我們有一個數位儀表板。他們每天都會看它們。

So it's not just looking at one point in time. They're regularly looking on these. So that's why I said when we go from 42 to 47. If we're not stable for a couple of months, we'll stay at that rate until we get the stability. And so we think the fastest we'd want to go would be about six months in between rate breaks.

所以這不僅僅是專注於一個時間點。他們經常查看這些內容。所以這就是為什麼我說我們從 42 到 47。如果幾個月內我們無法穩定下來，我們就會保持這個速度，直到穩定下來。因此，我們認為最快的時間間隔應該是兩個利率調整之間約六個月。

But it really -- we do have to have a stable production system. And they're going to be the same KPIs that we're using on the initial rate break. I said this last quarter, and I think it's going to still be true is that I think the first rate break will be, maybe take the longest just because it's not something we've collectively done before.

但實際上——我們確實必須有一個穩定的生產系統。它們將與我們在初始利率突破時使用的 KPI 相同。我在上個季度就說過這一點，而且我認為這仍然是事實，我認為第一次突破可能需要最長的時間，因為這不是我們以前共同做過的事情。

I think we've got a good plan to do it, but that may take a little while to get through that plan. Then I think it's going to be much more standard work, and we've always had a process with the FAA, we call it capstone reviews, where we do a major FAA review before we go higher in a rate increase. So this isn't really a new thing to sit down with the FAA as we go through rate increases. We just have a new process here to do it.

我認為我們有一個很好的計劃，但可能需要一段時間才能完成這個計劃。然後我認為這將會是更標準化的工作，我們一直與美國聯邦航空管理局有一個流程，我們稱之為頂點審查，在提高費率之前我們會對美國聯邦航空管理局進行重大審查。因此，在我們提高費率時與聯邦航空管理局坐下來討論這件事並不是什麼新鮮事。我們只是採用了一種新流程來執行此操作。

Thanks for all the call. I appreciate it.

謝謝大家的來電。我很感激。

Robert Stallard, Vertical Research.

羅伯特·斯托拉德（Robert Stallard），垂直研究。

Thanks so much. Good morning.

非常感謝。早安.

Hey Rob.

嘿，羅布。

Congrats, Matt, on the move. A quick question on the sale you announced yesterday. Brian, maybe give us some idea of what the impact could be on future EBIT and free cash flow dilution as this exits the business? And what you expect your net cash proceeds to be after tax from the sale? Thank you.

恭喜馬特，前進吧。關於您昨天宣布的出售，我問一個簡單的問題。布萊恩，也許可以跟我們講一下，退出該業務後，會對未來的息稅前利潤和自由現金流稀釋產生什麼影響？您預計銷售稅後的淨現金收益是多少？謝謝。

Thanks, Rob. So on the margin question, this is not going to disrupt our long-term view as to be in the mid double-digit margins for the business. It's just not a very big impact. So I'm not worried about that at all. And the service business will continue to perform in that grow in the mid-single digits revenue and deliver nice mid-teen margins, so that will be consistent.

謝謝，羅布。因此，關於利潤率問題，這不會破壞我們對業務利潤率處於兩位數中段的長期看法。只是影響不是很大。所以我一點也不擔心。服務業務將繼續保持良好的表現，收入將實現中等個位數成長，利潤率也將達到中等十幾個百分點，因此這將是穩定的。

This is nothing to do with that. In terms of the deal itself, the -- there's not a lot of leakage on this. So you can think about it being $10 billion net. So it's going to be pretty close to the full purchase price. And then I'd also add that the way this deal got done is that it's all cash.

這與那件事無關。就交易本身而言，這方面沒有太多洩漏的消息。因此你可以認為它的淨值是 100 億美元。因此它將非常接近全額購買價格。然後我還要補充一點，這筆交易的完成方式是全額現金支付。

So it's important to know that we're not going to take any risk between signing and closing, which I think is good for the company and good to get this behind us.

因此，重要的是要知道我們不會在簽署和結束之間承擔任何風險，我認為這對公司有利，也有利於我們解決此事。

Okay, thanks so much.

好的，非常感謝。

And Rob, we have time for one final question.

羅布，我們還有時間回答最後一個問題。

Richard Safran, Seaport Research Partners.

理查德·薩夫蘭（Richard Safran），海港研究合作夥伴。

Thanks. Kelly, Brian, good morning, Matt. Congrats. I think you guys have talked several times about your portfolio shaping. I thought maybe you'd update us on where the Jeppesen sale leaves you as you look forward. Is there anything else that you're considering on any other items on the list. And on Jeppesen specifically, I think it's a pretty important digital asset. So I was just wondering how you think about where to set the perimeter of the deal.

謝謝。凱利、布萊恩、早安、馬特。恭喜。我想你們已經多次談論過你們的投資組合塑造。我想也許您可以告訴我們您對 Jeppesen 促銷活動的期望。您對清單上的其他項目還有什麼其他考慮嗎？特別是對於 Jeppesen 來說，我認為它是一項非常重要的數位資產。所以我只是想知道您如何考慮設定交易的邊界。

I was wondering if you kept what you needed to ensure you have a strong digital capability going forward? Thanks.

我想知道您是否保留了所需的一切，以確保未來擁有強大的數位能力？謝謝。

Yeah, so that's a good question. We spent an extraordinarily long time looking at the boundary of this and ensuring that we're retaining access to everything we need for the future of our aircraft. You're right, it's a great digital asset. We'll continue to do business with Jeppesen even post divestiture.

是的，這是個好問題。我們花了很長時間來研究這個問題的界限，並確保我們能夠獲得未來飛機所需的一切。你說得對，這是一項偉大的數位資產。即使剝離後，我們仍將繼續與 Jeppesen 開展業務。

It's a great. It's a great asset. But I can assure you that all the things that we need for the success of our cockpits and our future aircraft support and maintenance we've retained either access to that or it was outside of the perimeter of what we're talking about in the divestiture.

這太棒了。這是一筆巨大的財富。但我可以向你們保證，我們為確保駕駛艙和未來飛機支援與維護的成功所需的一切都保留了訪問權限，或者超出了我們在剝離中所討論的範圍。

We do have a couple more, Rich, that we're looking at. I would say that they're probably not going to be as big as Jeppe, but we've got a couple more things that I'd like to action in the portfolio. I am done with the review. So I kind of have our mind on what we need to do here. I think a couple more smaller activities are probably in the cards, and we'll just have to see how those play out over time.

我們還有幾個，Rich，我們正在考慮。我想說的是，他們可能不會像 Jeppe 那樣大，但我們還有一些其他的事情我想在投資組合中採取行動。我已經完成了審核。所以我已經知道我們需要做什麼了。我認為可能會有更多小型活動，我們只需要觀察它們隨著時間的推移如何發展。

Well, thanks very much.

嗯，非常感謝。

Thanks, Rich.

謝謝，里奇。

And that concludes the Boeing Company's first-quarter 2025 earnings conference call. Thank you for joining.

波音公司 2025 年第一季財報電話會議到此結束。感謝您的加入。