波音 (BA) 2022 Q1 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to The Boeing Company's First Quarter 2022 Earnings Conference Call. Today's call is being recorded.

謝謝你的支持。大家好，歡迎參加波音公司 2022 年第一季度收益電話會議。今天的電話正在錄音。

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

管理層討論和幻燈片演示以及分析師問答環節正在互聯網上進行現場直播。 （操作員說明）此時，關於開場白和介紹，我將把電話轉給波音公司投資者關係副總裁 Matt Welch 先生。韋爾奇先生，請繼續。

Thank you, John, and good morning, everyone. Welcome to Boeing's First Quarter 2022 Earnings Call. I am Matt Welch, and with me today are Dave Calhoun, Boeing's President and Chief Executive Officer; and Brian West, Boeing's Executive Vice President and Chief Financial Officer.

謝謝你，約翰，大家早上好。歡迎參加波音 2022 年第一季度財報電話會議。我是馬特·韋爾奇，今天和我在一起的是波音公司總裁兼首席執行官戴夫·卡爾霍恩；波音公司執行副總裁兼首席財務官布萊恩·韋斯特（Brian West）。

As a reminder, you can follow today's broadcast and slide presentation through our website at boeing.com. As always, we have provided detailed financial information in our press release issued earlier today. Projections, estimates and goals we include in our discussion this morning involve risks, including those described in our SEC filings and in the forward-looking statement disclaimer at the end of this web presentation. In addition, we refer you to our earnings release and presentation for disclosures and reconciliation of certain non-GAAP measures.

提醒一下，您可以通過我們的網站 boeing.com 關註今天的廣播和幻燈片演示。與往常一樣，我們在今天早些時候發布的新聞稿中提供了詳細的財務信息。我們今天上午討論的預測、估計和目標涉及風險，包括我們提交給美國證券交易委員會的文件和本網絡演示文稿末尾的前瞻性聲明免責聲明中描述的風險。此外，我們建議您參閱我們的收益發布和演示文稿，以了解某些非公認會計原則措施的披露和調節。

Now I will turn the call over to Dave Calhoun.

現在我將把電話轉給 Dave Calhoun。

Yes. Thanks, Matt. I'm going to make a few comments upfront and then turn it over to Brian for a more detailed look at our financials in the quarter.

是的。謝謝，馬特。我將預先發表一些評論，然後將其交給布賴恩，以更詳細地了解我們本季度的財務狀況。

First, I need to acknowledge that on the 21st of March, Flight 5735 of our good customer, China Eastern, unfortunately crashed and took the lives of 132 passengers and crew. These things always take our breath away, and I want to extend our thoughts and prayers from the entire Boeing company, of course, to the families and friends of those passengers. Those are always rough moments.

首先，我需要承認，3月21日，我們的好客戶東航5735航班不幸墜毀，132名乘客和機組人員遇難。這些事情總是讓我們嘆為觀止，我想將整個波音公司的思念和祈禱，當然，傳遞給這些乘客的家人和朋友。那些總是艱難的時刻。

Our technical team is, in fact, supporting both the NTSB and the NTSB as it supports the CAAC, who is, of course, the lead investigator. Those are the only comments that I will make along the lines of the China Eastern accident but know that we are in the middle of that investigation.

事實上，我們的技術團隊同時支持 NTSB 和 NTSB，因為它支持 CAAC，CAAC 當然是首席調查員。這些是我將根據東航事故發表的唯一評論，但我知道我們正在進行調查。

'22 1Q, some challenges presented themselves. Unexpectedly, Russia obviously is the big issue in the news. Inflation continues to take a hard run at pretty much everything we do. And COVID, unfortunately, didn't leave as soon as we would have liked. So the -- at least the first 45 days of the quarter were impacted more than we imagined.

'22 1Q，一些挑戰出現了。出乎意料的是，俄羅斯顯然是新聞中的大問題。通貨膨脹繼續對我們所做的幾乎所有事情都造成嚴重影響。不幸的是，新冠病毒並沒有像我們希望的那樣盡快離開。因此，至少本季度的前 45 天受到的影響比我們想像的要大。

All that said, our focus and progress remains consistent with what we shared the last quarter. We still expect to accelerate our performance and the key financial metrics, namely cash flow because that is our key financial metric. That's what we've been focused on for a couple of years, and we will remain focused on.

儘管如此，我們的重點和進展與我們上一季度分享的內容保持一致。我們仍然希望加快我們的業績和關鍵財務指標，即現金流，因為這是我們的關鍵財務指標。這就是我們幾年來一直關注的內容，我們將繼續關注。

And we remain committed to the notion that we will have positive free cash flow over the course of '22 and meaningful improvement in 2023. Everything we are doing is leading with safety and quality and ultimately driving stability for our airline customers. And we believe we're taking the right actions for the future.

我們仍然堅持這樣的理念，即我們將在 22 年期間擁有正的自由現金流，並在 2023 年實現有意義的改進。我們所做的一切都是以安全和質量為主導，並最終為我們的航空公司客戶帶來穩定性。我們相信我們正在為未來採取正確的行動。

We have progressed on many key milestones. We'll comment on a few of them today. But we're focused on the 37 MAX and the 787 production and the return to service of those airplanes that we have built and stored in behalf of our airline customers. We feel good about all the progress we're making on that front.

我們在許多關鍵里程碑上取得了進展。我們今天將對其中一些進行評論。但我們專注於 37 MAX 和 787 的生產以及我們代表航空公司客戶建造和儲存的這些飛機的恢復服務。我們對在這方面取得的所有進展感到滿意。

The commercial market recovery, I'm not going to expand significantly on that. You've heard from almost all of the U.S. airline customers, many of the European customers. Traffic is returning, and it's returning in a pretty big way. Airplanes are being utilized at a fairly high rate. Domestic markets are the first to have recovered, and they're recovering robustly. Regional markets, second, and even long-haul traffic now is beginning to return.

商業市場的複蘇，我不會對此進行大量擴展。您已經從幾乎所有美國航空公司的客戶那裡聽說過，很多是歐洲客戶。流量正在返回，並且正在以相當大的方式返回。飛機的使用率相當高。國內市場率先復甦，並且正在強勁復甦。區域市場，其次，甚至長途運輸現在開始回歸。

The only real exception in that demand scenario is China in light of their current COVID constraints. But we're hopeful and we expect that they'll come out of that and continue to expand their fleet.

在這種需求情景中，唯一真正的例外是中國，鑑於其當前的 COVID 限制。但我們充滿希望，我們希望他們能走出困境並繼續擴大他們的機隊。

So that commercial market is very, very strong. And it's particularly strong for our line of airplanes, namely the MAX, the 87 and the 777. And I don't want anyone to forget the 67 because it continues to play a very important role in the freighter world.

所以商業市場非常非常強大。對於我們的飛機系列，即 MAX、87 和 777，它尤其強大。我不希望任何人忘記 67，因為它繼續在貨機世界中發揮著非常重要的作用。

I should comment on the conflict in Ukraine. I think I mentioned the last time we were together, we had 1,000 people in both the Ukraine in Kyiv and in Moscow. And those 2 teams work pretty closely together. So it's been a bit of a gut-wrenching and emotional period for all of The Boeing Company and our associates.

我應該評論烏克蘭的衝突。我想我上次我們在一起時提到過，我們在烏克蘭的基輔和莫斯科都有 1000 人。這兩個團隊非常緊密地合作。因此，對於波音公司和我們的所有員工來說，這是一段痛苦而情緒化的時期。

I'm very proud of the work that we are doing to support our team in Kyiv. We've provided $1.5 million in humanitarian assistance but also matched all of our employee donations to those people who are helping.

我為支持基輔團隊所做的工作感到非常自豪。我們提供了 150 萬美元的人道主義援助，但也將我們所有的員工捐款匹配到那些正在提供幫助的人。

And then most importantly, we have Boeing families in Poland and throughout the region who have willingly accepted and opened their homes to our displaced teammates. That's a big deal, and it's been an uplift for all of us to watch that happen.

然後最重要的是，我們在波蘭和整個地區都有波音家庭，他們願意接受並向我們流離失所的隊友開放家園。這是一件大事，對於我們所有人來說，看到這種情況發生是一種振奮。

We're following the lead of the U.S. government and strictly adhering to export controls and all the restrictions. We suspended maintenance and support for Russian customers. And in the spirit of doing the right thing, we had suspended titanium imports. Fortunately for us, we had a program of inventory built for quite some time ever since Crimea, such that we believe we are reasonably protected on that front.

我們跟隨美國政府的領導，嚴格遵守出口管制和所有限制。我們暫停了對俄羅斯客戶的維護和支持。本著做正確事的精神，我們暫停了鈦進口。對我們來說幸運的是，自克里米亞以來，我們已經制定了相當長一段時間的庫存計劃，因此我們相信我們在這方面受到了合理的保護。

Next, I should comment on the 37 MAX specifically. It's only been a little over a year since that airplane was recertified and put back into service. We now have over 1 million flight hours. It is performing incredibly well at 99%-plus service reliability. Our customers are happy with it in almost every case that I'm aware of. They talk about the airplane exceeding the performance specs that we sold it on. So we feel very good about that, and we feel very good about the skyline and our ability to deliver on that.

接下來，我要專門評論一下37 MAX。距離那架飛機重新獲得認證並重新投入使用僅一年多一點。我們現在有超過 100 萬個飛行小時。它以 99% 以上的服務可靠性表現出色。在我所知道的幾乎所有情況下，我們的客戶都對此感到滿意。他們談論這架飛機超出了我們出售的性能規格。所以我們對此感覺非常好，我們對天際線和我們實現這一目標的能力感覺非常好。

Brian will get into rate discussions in his piece on that one. But we still continue to think about this one airplane at a time, so that we can maintain that high in-service reliability rate.

布賴恩將在他的文章中對此進行討論。但我們仍然繼續一次考慮這架飛機，這樣我們就可以保持較高的服役可靠率。

We're applying the same rigor to the 787, and we took a very important step just in the last week by submitting the cert paperwork and the plan to the FAA. We're proud of that work. We touched a lot of operations across our facilities, exacting spec with respect to the 87

我們對 787 採用了同樣的嚴格要求，就在上週，我們邁出了非常重要的一步，向 FAA 提交了證書文件和計劃。我們為這項工作感到自豪。我們在我們的設施中進行了很多操作，對 87 進行了嚴格的規範

(technical difficulty)

（技術難度）

precisely. And that's all embedded in the cert paperwork that we presented to our FAA.

恰恰。這一切都包含在我們提交給 FAA 的證書文件中。

And as always, we will let the FAA take the lead with respect to cert and ticketing, and we will work closely with them. They have been involved in this process from the very beginning. So there is no new news embedded in this.

與往常一樣，我們將讓 FAA 在證書和票務方面帶頭，我們將與他們密切合作。他們從一開始就參與了這個過程。因此，其中沒有嵌入新消息。

777 family. I'd like to make a comment with respect to the decision we made on the 777X and the extension of its introduction until 2025. I believe we've made that decision out of a position of strength, not weakness.

777家庭。我想就我們在 777X 上做出的決定以及將其推出時間延長到 2025 年發表評論。我相信我們做出這個決定是出於優勢而非劣勢。

We've embedded every lesson that we've learned on the 37 MAX certs, and we continue to have 2 of those ahead of us. We've applied all the lessons from the 787 cert, which, of course, we have just submitted and believe that we've got to give ourselves the time and freedom to get this right with the FAA and give everybody the time they need to give us the cert that will last, frankly, for decades and decades into the future.

我們已經在 37 MAX 證書中嵌入了我們學到的每一課，並且我們繼續擁有其中的 2 課。我們已經應用了 787 證書中的所有經驗教訓，當然，我們剛剛提交了該證書，並相信我們必須給自己時間和自由，以便在 FAA 中做到這一點，並給每個人他們需要的時間坦率地說，給我們將持續數十年乃至未來數十年的證書。

It also, by calling it out now, gives us an opportunity to create some capacity for our traditional metal wing 777 freighter, which right now is in incredibly high demand. So we will extend that airplane life and continue to meet that demand.

現在，它也讓我們有機會為我們的傳統金屬機翼 777 貨機創造一些容量，目前這種貨機的需求量非常大。因此，我們將延長飛機的使用壽命並繼續滿足這一需求。

And then finally, the 777-8 Freighter, which we introduced with Qatar, is a very big deal with respect to the long-term ramifications of the 777 family in the decades ahead. We're very proud of the 777 family in the post-A380, 747 world. We think it stands on its own, and it will be one of the great contributors to share owner value over the decades ahead.

最後，我們與卡塔爾一起推出的 777-8 貨機對於 777 系列在未來幾十年的長期影響而言意義重大。我們為後 A380、747 世界中的 777 家族感到非常自豪。我們認為它是獨立存在的，它將成為未來幾十年分享所有者價值的重要貢獻者之一。

Boeing Global Services, I'm not going to get into a lot of detail other than to say we're riding that wave of recovery with respect to fleet utilization pretty much everywhere in the world. And so that business has enjoyed that success and has been able to stay ahead of the supply chain constraints that some are feeling. So all things good on that front.

波音全球服務公司，除了說我們在全球幾乎所有地方的機隊利用率方面都處於復甦的浪潮中，我不會詳細說明。因此，該企業享受了這種成功，並能夠在一些人感受到的供應鏈限制方面保持領先。所以這方面的一切都很好。

And then on BDS, a messy quarter. And we got hit where you might expect us to get hit in a supply constrained, still COVID-impacted and inflationary world. And then that is on a group of fixed-price development contracts that I think you're all aware of, where we had to recognize future costs on those program economics. And so we have taken a write-off on those programs, VC-25B, the T-7A and the MQ-25. Brian will talk to you a little bit more about this.

然後是 BDS，一個混亂的季度。在供應受限、仍受 COVID 影響和通貨膨脹的世界中，我們受到了您可能期望我們受到打擊的打擊。然後是一組固定價格的開發合同，我想你們都知道，我們必須承認這些項目經濟學的未來成本。因此，我們取消了這些計劃，VC-25B、T-7A 和 MQ-25。布賴恩會和你多談談這件事。

VC-25B was, by far, the biggest part of that hit. You'll recall it was a public negotiation that happened quite some time ago. We took some risks not knowing that COVID would arise and not knowing that an inflationary environment would take hold like it has. And both of those things have impacted us fairly severely.

到目前為止，VC-25B 是這次打擊中最大的一部分。你會記得那是很久以前發生的公開談判。我們冒了一些風險，不知道會出現新冠病毒，也不知道通脹環境會像現在這樣站穩腳跟。這兩件事都對我們產生了相當嚴重的影響。

This will ultimately accrue to 2 airplanes where we will continue to do our work and deliver first-rate airplanes to our customer in the government. As we deliver today's numbers, know that we are increasing our investment, safety and producibility, digital transformation, autonomy and sustainable aerospace are the keynotes with respect to where those investments are going.

這最終將增加 2 架飛機，我們將繼續開展我們的工作，並為我們在政府的客戶提供一流的飛機。當我們提供今天的數據時，要知道我們正在增加投資、安全性和可生產性、數字化轉型、自主性和可持續航空航天是這些投資走向的基調。

We feel good about where that's setting us up for the future. We're progressing on our development programs. Are we frustrated with the timing? You bet. But we're progressing. And everyone is getting their feet firmly planted on the ground, both us and our counterparty and the regulators around the world. And so I have to feel good about the progress that we're making collectively and that matters for the long term.

我們對未來的發展方向感到滿意。我們正在推進我們的發展計劃。我們對時機感到沮喪嗎？你打賭。但我們正在進步。我們和我們的交易對手以及世界各地的監管機構都在腳踏實地。因此，我必須對我們集體取得的進展感到滿意，這對長期而言很重要。

Stability and predictability, it's coming along. It will matter in the years ahead. And above all else, our culture is built around safety, built around quality. And transparency is the word of the day with respect to how we interact with our counterparties everywhere in the world.

穩定性和可預測性，它正在出現。這在未來幾年將很重要。最重要的是，我們的文化以安全、質量為基礎。就我們如何與世界各地的交易對手進行互動而言，透明度是當今的熱門話題。

Strong leadership team in place, I'll comment and also congratulate Leanne. Leanne has retired. She's given us over 30 years of service, never had a more diehard and more engaged leader in our company. So I want to congratulate her on that. As you know, she'll be with us until the end of the year and supporting transition activities.

強大的領導團隊到位，我會評論並祝賀Leanne。萊恩退休了。她為我們服務了 30 多年，在我們的公司中從未有過比她更頑固、更敬業的領導者。所以我想祝賀她。如您所知，她將與我們在一起直到今年年底，並支持過渡活動。

But also to congratulate Ted Colbert, who is a fantastic leader and proven himself in our services world and servicing. Half of his business is servicing the U.S. military. So he is ready to go on Boeing Defense, and he'll do a fantastic job.

但也要祝賀 Ted Colbert，他是一位出色的領導者，並在我們的服務領域和服務領域證明了自己。他一半的業務是為美軍服務。所以他已經準備好去波音防務公司，他會做得非常出色。

And then Stephanie Pope in our Services business, it's a bit of an old hat. She was the CFO at our Services business when we stood it up. She did a lot of the hard work associated with that stand up, and we treasure her as an operator, all the right instincts, and look forward to her future leading the Services business. So we feel good about the talent transitions that have occurred.

然後是我們服務業務的 Stephanie Pope，這有點過時了。當我們站起來時，她是我們服務業務的首席財務官。她做了很多與站起來相關的艱苦工作，我們珍視她作為一名運營商，所有正確的直覺，並期待她未來領導服務業務。因此，我們對已經發生的人才轉移感到滿意。

And then I'll call out before I turn it back to Brian, just the -- thanks to administrator Steve Dickson at the FAA. As many of you know, he has retired. He stood tall during a difficult moment for The Boeing Company and to the FAA in the recertification of the 737 MAX, amongst the other multitude of responsibilities that he's had. We respect the work that he did and ultimately, the courage that he provided in the face of what was otherwise difficult external circumstance. So congratulations to him.

然後我會在我把它轉回給布賴恩之前打電話給我，感謝美國聯邦航空局的管理員史蒂夫迪克森。眾所周知，他已經退休了。在波音公司和美國聯邦航空局重新認證 737 MAX 的困難時刻，他站得高高在上，他承擔的其他眾多責任。我們尊重他所做的工作，以及他在面對原本艱難的外部環境時所提供的勇氣。所以祝賀他。

And then the acting administrator Billy Nolen, he can count on our full support as he now takes over. So I'm confident in the milestones that we've been meeting. And we've been focused, I think, on the right things and with respect to long-term share owner value. That is what it's all about, and we intend to deliver on that prospect.

然後是代理管理員比利·諾倫（Billy Nolen），他現在接任時可以指望我們的全力支持。因此，我對我們已經達到的里程碑充滿信心。我認為，我們一直專注於正確的事情以及長期股東價值。這就是它的全部意義所在，我們打算實現這一前景。

So Brian, I'll turn it over to you.

所以布萊恩，我會把它交給你。

Great. Thanks, Dave, and good morning, everyone. 1Q certainly had a few challenges to navigate: the war in Ukraine, the updated regulatory requirements on our commercial airplane programs as well as a combination of COVID, supply chain constraints, inflation, impacting, in particular, the fixed-price defense development program as Dave mentioned.

偉大的。謝謝，戴夫，大家早上好。 1Q 肯定面臨一些挑戰：烏克蘭戰爭、對我們的商用飛機計劃的更新監管要求以及 COVID、供應鏈限制、通貨膨脹、特別是影響固定價格國防發展計劃的組合戴夫提到。

Importantly though, cash performance is on track with our expectations. The utilization in the quarter was in line with what I shared a few months ago. The trajectory throughout the rest of the year remains intact, and we continue to expect to generate positive free cash flow for the year.

但重要的是，現金表現符合我們的預期。本季度的利用率與我幾個月前分享的一致。今年剩餘時間的軌跡保持不變，我們繼續預計今年將產生正的自由現金流。

The business is resilient, and we're encouraged by the momentum we're seeing. We still think about this year in 3 parts. First, we anticipate reaching key delivery milestones. On the 87, we're on a path to restart deliveries in the near term. On the 37, we continue to work towards resuming MAX deliveries to Chinese customers. At the same time, we're re-sequencing our skyline to take advantage of strong customer demand for the MAX airplane and meet delivery objectives.

該業務具有彈性，我們對所看到的勢頭感到鼓舞。我們仍然分三部分考慮今年。首先，我們預計會達到關鍵的交付里程碑。在 87 號公路上，我們正處於近期重啟交付的道路上。 37 日，我們將繼續努力恢復向中國客戶交付 MAX。與此同時，我們正在對我們的天際線進行重新排序，以利用客戶對 MAX 飛機的強勁需求並實現交付目標。

Next, once we see progress on these programs, we anticipate improvement in our performance metrics, including deliveries, revenue, margin and cash flow. And finally, as we move through the remainder of the year, our financial performance will accelerate. And going forward, there is significant opportunity for our company to return to sustainable growth.

接下來，一旦我們看到這些計劃取得進展，我們預計我們的績效指標會有所改善，包括交付、收入、利潤率和現金流。最後，隨著我們度過今年剩餘的時間，我們的財務業績將會加速。展望未來，我們公司有很大的機會恢復可持續增長。

This fall, we plan to host an Investor Day to share our more detailed expectations for the rest of the year and beyond. Before I get into the financials, I did want to make a few points on the current business environment on Slide 3.

今年秋天，我們計劃舉辦投資者日，以分享我們對今年剩餘時間及以後的更詳細的期望。在進入財務之前，我確實想在幻燈片 3 上對當前的商業環境提出幾點看法。

I'll start with one of the stronger segments, freighters. The market remains quite robust with cargo traffic up 12% above 2019 levels in February largely delivered by e-commerce. This continues to be one of the more reliable forms of transportation, and our lineup is perfectly positioned to take advantage of this growth for a very long time.

我將從更強大的部分之一開始，貨輪。市場仍然相當強勁，2 月份貨運量比 2019 年水平增長 12%，主要由電子商務交付。這仍然是更可靠的交通方式之一，我們的產品線非常適合在很長一段時間內利用這種增長。

The commercial pass-through market recovery expectations are largely unchanged from what I shared last quarter even as we saw some events that added near-term pressure, including reduced pass-through traffic in and around Russia. Global flight ops are at about 75% of 2019 levels as the global recovery is tempered by China and the impacts of the war in Ukraine.

儘管我們看到一些事件增加了近期壓力，包括俄羅斯境內及周邊地區的直通車流量減少，但商業直通車市場復甦的預期與我上個季度分享的基本沒有變化。由於全球復甦受到中國和烏克蘭戰爭影響的緩和，全球航班運營量約為 2019 年水平的 75%。

We still see overall passenger traffic returning to 2019 levels in the 2023 to 2024 time frame. Domestic traffic continued to lead at 78% of 2019 levels in February with China the notable exception. Ex China, domestic traffic was 84% of the 2019 levels.

我們仍然看到在 2023 年至 2024 年的時間範圍內，總體客運量將恢復到 2019 年的水平。 2 月份國內客運量繼續以 2019 年水平的 78% 領先，中國是一個明顯的例外。除中國外，國內流量是 2019 年水平的 84%。

U.S. carriers are providing the best window into the recovery at this point. Our customers are seeing record booking volumes and very strong forward yields for late spring and summer to the point of being able to offset sharply higher fuel prices, and they're also highlighting the return of business travel.

目前，美國航空公司正在為複蘇提供最好的窗口。我們的客戶看到了春末和夏季創紀錄的預訂量和非常強勁的遠期收益率，以至於能夠抵消大幅上漲的燃料價格，他們還強調商務旅行的回歸。

Beyond domestic routes, we're seeing encouraging signs from intra-regional traffic in both Europe and the Americas. International traffic continues to lag at 40% of the pre-pandemic levels, but we are seeing recovery in regional markets such as intra-Europe and U.S., Mexico, both progressing well with significant reopening now underway across many parts of Asia.

除了國內航線，我們還看到歐洲和美洲區域內交通的令人鼓舞的跡象。國際客運量繼續落後於大流行前水平的 40%，但我們看到歐洲內部和美國、墨西哥等區域市場正在復蘇，這兩個市場都進展順利，目前亞洲許多地區正在大規模重新開放。

Long-haul recovery will be led by the trans-Atlantic market this summer as well as Middle East connectors. Time and again, the market has shown its resilience driven by the essential nature of moving both people and goods around the world. And in addition to Commercial Airplanes, the expanding market recovery directly benefits our Commercial Services business.

今年夏天跨大西洋市場以及中東連接器將引領長途復甦。市場一次又一次地顯示出其彈性，這是由在全球範圍內運送人員和貨物的基本性質所驅動的。除了商用飛機之外，不斷擴大的市場復甦直接有利於我們的商業服務業務。

In Defense and Space, we continue to see stable demand. The present FY '23 budget request reflects the important role our products and services have in ensuring our national security, including significantly increased funding for the F-15EX and support for our other critical products and services that support national security.

在國防和太空領域，我們繼續看到穩定的需求。目前的 23 財年預算請求反映了我們的產品和服務在確保我們的國家安全方面的重要作用，包括顯著增加對 F-15EX 的資金以及對我們支持國家安全的其他關鍵產品和服務的支持。

Outside of the U.S., we're seeing similar solid demand as governments prioritize security, defense technology and global cooperation given evolving threats. Our operations are well positioned to maintain continuity despite the war in Ukraine, and we see limited impacts to our business. I'll cover the financial impacts a bit later.

在美國以外，我們看到了類似的強勁需求，因為政府優先考慮安全、國防技術和全球合作，因為威脅不斷變化。儘管烏克蘭發生戰爭，我們的業務仍能保持連續性，我們認為對我們業務的影響有限。稍後我將介紹財務影響。

On the supply side, we are carefully managing supply chain constraints and working through issues as they arise to ensure the stability of our production system. We've experienced some disruption to our production such as some supplier delays and resource availability, including the impacts of COVID. And we're actively working mitigation plans to ensure continuity.

在供應方面，我們正在仔細管理供應鏈限制，並在出現問題時解決問題，以確保我們生產系統的穩定性。我們的生產經歷了一些中斷，例如一些供應商延遲和資源可用性，包括 COVID 的影響。我們正在積極制定緩解計劃以確保連續性。

The markets we see -- we serve continue to be big. Our competitive position is strong, and we're actively addressing the supply chain, and all of this give us confidence in the fundamentals of our business and the long-term outlook as we work hard to serve our customers.

我們看到的市場——我們服務的市場仍然很大。我們的競爭地位很強，我們正在積極解決供應鏈問題，所有這些都使我們對我們的業務基本面和長期前景充滿信心，因為我們努力為客戶服務。

With that, let's turn to the financials on Slide 4. First quarter revenue of $14 billion was down 8%, and the core operating loss in the quarter was negative $1.5 billion, resulting in a $2.75 core loss per share. Operating cash flow was a usage of $3.2 billion, in line with what we expected.

有了這個，讓我們轉向幻燈片 4 的財務狀況。第一季度收入為 140 億美元，下降了 8%，該季度的核心運營虧損為負 15 億美元，導致每股核心虧損 2.75 美元。運營現金流為 32 億美元，符合我們的預期。

These results were impacted by $1.3 billion of charges at BDS, which I will discuss in more detail in a minute. Due to the war in Ukraine and associated impacts to our business, we did record about $200 million in pretax charges in the quarter related to certain asset impairments. And we also reduced the backlog by 86 units and roughly $5 billion. As we review business unit financials, I'll highlight some unique challenges that we're overcoming as we drive stability and position for the future.

這些結果受到 BDS 13 億美元費用的影響，我將在稍後詳細討論。由於烏克蘭戰爭以及對我們業務的相關影響，我們確實在本季度記錄了與某些資產減值相關的約 2 億美元的稅前費用。我們還將積壓訂單減少了 86 個單位和大約 50 億美元。在我們審查業務部門的財務狀況時，我將重點介紹我們在推動未來穩定和定位時正在克服的一些獨特挑戰。

Now let's move to Commercial Airplanes on Slide 5. First quarter revenue was $4.2 billion, down slightly. It's primarily driven by the timing of wide-body deliveries, partially offset by higher 37 deliveries. Operating losses of $0.9 billion and the resulting negative margin rate reflect abnormal costs and period expenses, including charges for impacts of the war in Ukraine and higher R&D expense as we increase our investment in the business.

現在讓我們轉到幻燈片 5 上的商用飛機。第一季度收入為 42 億美元，略有下降。這主要是由寬體交付的時間驅動的，部分被更高的 37 交付所抵消。 9 億美元的經營虧損和由此產生的負利潤率反映了異常的成本和期間費用，包括對烏克蘭戰爭影響的費用以及隨著我們增加對該業務的投資而增加的研發費用。

Turning to the 87 program. As Dave mentioned, we've met a very important milestone and submitted the cert plan to the FAA. Deliveries remained paused, and we had 115 airplanes in inventory at the end of the quarter.

轉向87計劃。正如 Dave 提到的，我們已經達到了一個非常重要的里程碑，並向 FAA 提交了認證計劃。交付仍然暫停，截至本季度末，我們有 115 架飛機庫存。

Importantly, we've completed the rework on the initial airplanes and are preparing them for delivery, including conducting our own check flights in advance. As always, we will work closely with the FAA on the remaining steps, and we'll follow their lead on timing of deliveries.

重要的是，我們已經完成了初始飛機的返工並正在為交付做好準備，包括提前進行我們自己的檢查飛行。與往常一樣，我們將在剩餘步驟上與 FAA 密切合作，我們將在交付時間方面遵循他們的領導。

As we stated last quarter, we're producing at very low rates, and we'll continue to do so until deliveries resume, gradually returning to 5 airplanes per month over time. Notably, we're currently rolling out conforming airplanes from the factory.

正如我們上個季度所說，我們的生產速度非常低，我們將繼續這樣做，直到交付恢復，隨著時間的推移逐漸恢復到每月 5 架飛機。值得注意的是，我們目前正在從工廠推出符合要求的飛機。

We did not take additional charges on the 87 program in the quarter. We did record $312 million of abnormal costs in line with expectations. And we still anticipate a total of approximately $2 billion of abnormal with most being incurred by the end of 2023.

本季度我們沒有對 87 計劃收取額外費用。我們確實記錄了 3.12 億美元的異常成本，符合預期。我們仍然預計總計約 20 億美元的異常情況，其中大部分將在 2023 年底發生。

Consistent with what we shared last quarter, cash margins on the 87 remain positive and are expected to improve significantly over time. We see a long runway ahead for the 87 program based on a very healthy backlog of 405 airplanes and compelling operating economics for our customers. And we're well positioned to capture future demand as the wide-body market recovers.

與我們上個季度分享的內容一致，87 的現金利潤率仍然為正，預計會隨著時間的推移而顯著改善。基於非常健康的 405 架飛機的積壓和為我們的客戶提供令人信服的運營經濟性，我們認為 87 計劃的跑道很長。隨著寬體市場的複蘇，我們已經做好了捕捉未來需求的準備。

Moving on to the 37 program. We delivered 86 37 airplanes in the quarter, including 37 in March, a slight decrease from fourth quarter of last year despite impacts of COVID, some supply chain delays and typical seasonality. Given some supply chain disruption and timing of taking airplanes out of storage, deliveries were slightly below our expectations, and we ended the quarter with 320 MAX airplanes in inventory.

繼續 37 計劃。我們在本季度交付了 86 37 架飛機，其中 3 月交付了 37 架，儘管受到 COVID、一些供應鏈延遲和典型季節性的影響，但與去年第四季度相比略有下降。鑑於一些供應鏈中斷和飛機出庫的時機，交付量略低於我們的預期，我們在本季度末有 320 架 MAX 飛機庫存。

However, we still anticipate delivering most of these airplanes by the end of 2023. The timing and pace of deliveries to Chinese customers and supply chain stability remain key factors to our delivery profile.

然而，我們仍預計到 2023 年底交付大部分飛機。向中國客戶交付的時間和速度以及供應鏈的穩定性仍然是我們交付情況的關鍵因素。

We continue to make progress ramping our 37 production rate and are essentially at 31 airplanes per month. As we shared last quarter, 37 abnormal costs are largely behind us. The MAX customer consideration liability also continues to burn down as expected.

我們繼續在提高 37 架生產率方面取得進展，基本上每月生產 31 架飛機。正如我們上個季度所分享的，37 項異常成本基本上已經過去了。正如預期的那樣，MAX 客戶對價責任也繼續減少。

On our development programs, we're doing everything we can to complete the certification of the MAX 7 and MAX 10 and ensure their respective first deliveries this year and next. We're working closely with the FAA on implementation of Aircraft Certification, Safety and Accountability Act legislation and expect any necessary actions to be defined later this year. As always, we will follow the lead of regulator on the timing of certification.

在我們的開發計劃中，我們正在盡一切努力完成 MAX 7 和 MAX 10 的認證，並確保它們各自今年和明年的首次交付。我們正在與 FAA 密切合作以實施飛機認證、安全和責任法案立法，並期望在今年晚些時候確定任何必要的行動。與往常一樣，我們將在認證時間上跟隨監管機構的領導。

Moving on to the 777, 777X programs. We remain highly confident in this family of airplanes as Dave outlined. We launched the 777-8 Freighter with an order from Qatar Airlines in January. And as a result, we increased the accounting quantity on the program to 400 airplanes.

繼續 777、777X 程序。正如戴夫所說，我們對這個系列的飛機仍然充滿信心。 1 月份，我們收到了卡塔爾航空公司的訂單，推出了 777-8 貨機。因此，我們將該計劃的核算數量增加到 400 架飛機。

We continue to perform 777-9 Boeing flight test to retire technical risk with over 2,000 flight hours completed through the end of the first quarter. The airplane is performing well, and our customers continue to see the value in the compelling economics and sustainability benefits this airplane offers.

我們繼續執行 777-9 波音飛行測試以消除技術風險，截至第一季度末完成了 2,000 多個飛行小時。這架飛機表現良好，我們的客戶繼續看到這架飛機提供的引人注目的經濟和可持續性優勢的價值。

Based on an updated assessment of the time required to meet certification requirements, we now anticipate delivery of the first 777-9 airplane in 2025. Additionally, we're coordinating with the FAA to prioritize resources across our development programs.

根據對滿足認證要求所需時間的最新評估，我們現在預計在 2025 年交付第一架 777-9 飛機。此外，我們正在與 FAA 協調，以優先考慮我們開發計劃中的資源。

As we manage the company for cash flow, we're adjusting our 777-9 production rate, including a temporary pause due 2023. This move will minimize inventory, reduce the number of airplanes requiring change in corporation and avoid capitalizing costs on the balance sheet.

在我們管理公司的現金流時，我們正在調整 777-9 的生產率，包括在 2023 年暫停。此舉將最大限度地減少庫存，減少需要變更公司的飛機數量，並避免在資產負債表上資本化成本.

Additionally, given the robust market for freighters, we're leveraging this production pause on the 777-9 to add 777 freighter aircraft in the 2023 to 2026 time frame. We anticipate the 777-9 pause will result in approximately $1.5 billion of abnormal costs beginning in the second quarter of this year and continuing until production resumes. We believe this is the best allocation of resources and cash.

此外，鑑於貨機市場強勁，我們將利用 777-9 的停產在 2023 年至 2026 年的時間範圍內增加 777 貨機。我們預計，從今年第二季度開始，777-9 的停頓將導致大約 15 億美元的異常成本，一直持續到生產恢復。我們相信這是資源和現金的最佳配置。

Turning to overall demand at BCA. During the quarter, we booked 167 gross commercial airplane orders, including 134 orders for the 37 MAX. As of the end of the first quarter, we had nearly 4,200 airplanes in backlog valued at $291 billion.

轉向 BCA 的整體需求。本季度，我們共預訂了 167 架商用飛機訂單，其中 37 MAX 的訂單為 134 架。截至第一季度末，我們有近 4,200 架飛機積壓，價值 2,910 億美元。

Let's now move to Defense, Space & Security on Slide 6. First quarter revenue was $5.5 billion, down 24%, and operating margin was negative 17%. These results were primarily driven by lower volume and $1.3 billion in charges on fixed-price development programs, including the VC-25B and the T-7A.

現在讓我們轉到幻燈片 6 上的國防、空間和安全。第一季度收入為 55 億美元，下降 24%，營業利潤率為負 17%。這些結果主要是由於 VC-25B 和 T-7A 等固定價格開發項目的銷量減少和 13 億美元的費用。

On a normalized basis, adjusting for onetime items, revenue across our defense portfolio, including government services, was down 9%, half of which was the impact of COVID and supply chain constraints. The other half was from planned program transitions.

在正常化的基礎上，調整一次性項目後，我們的國防投資組合（包括政府服務）的收入下降了 9%，其中一半是 COVID 和供應鏈限制的影響。另一半來自計劃中的項目過渡。

The VC-25B program recorded a $660 million charge primarily driven by higher supplier costs, higher cost to finalize technical requirements and schedule delays. The T-7A Red Hawk program recorded $367 million in charges primarily driven by ongoing supplier negotiations impacted by supply chain constraints, COVID and inflationary pressures. We continue to have high confidence in the long runway ahead for the T-7A program. Similar pressures impacted other fixed-price development programs, though to a lesser extent.

VC-25B 項目記錄了 6.6 億美元的費用，主要是由於供應商成本增加、最終確定技術要求的成本增加和進度延誤。 T-7A 紅鷹計劃記錄了 3.67 億美元的費用，主要是由於正在進行的供應商談判受到供應鏈限制、COVID 和通貨膨脹壓力的影響。我們繼續對 T-7A 計劃的長跑道充滿信心。類似的壓力影響了其他固定價格的開發項目，儘管程度較輕。

From a cash perspective, these charges will be incurred over the next several years. We received $5 billion in orders during the quarter, including an award for 6 MH-47G Block II Chinook rotorcraft for U.S. Army Special Operations, and the BDS backlog remains at $60 billion.

從現金的角度來看，這些費用將在未來幾年內產生。我們在本季度收到了 50 億美元的訂單，其中包括為美國陸軍特種作戰部隊購買 6 架 MH-47G Block II 支奴干旋翼機，而 BDS 的積壓訂單仍為 600 億美元。

Across the portfolio, we're focused on improving performance as we transition several development programs into production. And we're making progress but have more work to do as we position ourselves to deliver for our customers. While we recognize charges on these key programs, we remain confident in demand for these future technologies and capabilities, and our Defense and Space portfolio is well positioned for growth.

在整個產品組合中，我們專注於提高性能，因為我們將多個開發計劃轉變為生產。我們正在取得進展，但在我們定位自己為客戶提供服務時還有更多工作要做。雖然我們承認對這些關鍵項目的收費，但我們對這些未來技術和能力的需求仍然充滿信心，我們的國防和太空產品組合已為增長做好準備。

Now let's turn to Global Services results on Slide 7. The Global Services team had a great quarter, particularly on our parts and distribution business due to the strength of the portfolio and broad offerings.

現在讓我們來看一下幻燈片 7 上的全球服務結果。全球服務團隊的季度表現非常出色，尤其是在我們的零件和分銷業務方面，因為產品組合的實力和廣泛的產品。

First quarter revenue was $4.3 billion, up 15%, and operating margin was 14.6%, in line with our expectations. Results were driven by higher commercial service volume and favorable mix.

第一季度收入為 43 億美元，增長 15%，營業利潤率為 14.6%，符合我們的預期。結果是由更高的商業服務量和有利的組合推動的。

We received $3 billion in orders during the quarter, including a fuel-saving digital solutions contracts for Etihad Airways 87 fleet and a contract for KC-135 horizontal stabilizers from the U.S. Air Force. The BGS backlog remains at $20 billion.

我們在本季度收到了 30 億美元的訂單，其中包括阿提哈德航空 87 機隊的節油數字解決方案合同和美國空軍的 KC-135 水平穩定器合同。 BGS 的積壓工作仍為 200 億美元。

With commercial services revenue now back to nearly 90% of pre-pandemic levels, our Service business remains well positioned for growth as the commercial market recovers and the Defense business continues to see strong support.

隨著商業服務收入現在恢復到大流行前水平的近 90%，隨著商業市場的複蘇和國防業務繼續得到強有力的支持，我們的服務業務仍處於良好的增長狀態。

Now let's turn to Slide 8 and cover cash and debt. We ended the first quarter with strong liquidity comprised of $12.3 billion of cash and marketable securities on the balance sheet and access to $14.7 billion across our bank credit facilities, which remain undrawn.

現在讓我們轉到幻燈片 8 並涵蓋現金和債務。我們在第一季度結束時擁有強勁的流動性，包括資產負債表上的 123 億美元現金和有價證券，以及我們尚未提取的銀行信貸額度中的 147 億美元。

Our debt balance decreased slightly from the end of the last year to $57.7 billion driven by repayment of maturing debt. Our investment-grade credit rating is a priority. We remain committed to reducing debt levels.

在償還到期債務的推動下，我們的債務餘額較去年底略有下降至 577 億美元。我們的投資級信用評級是我們的首要任務。我們仍然致力於降低債務水平。

Now similar to what I shared last quarter, I'd like to review the key drivers of 2022 revenue and cash. In comparison to 2021, we still anticipate total company revenue to increase this year. The growth will be primarily driven by higher commercial airplane deliveries on the 37 and 87 programs and solid growth in our Services business as the commercial market continues to improve.

現在類似於我上個季度分享的內容，我想回顧一下 2022 年收入和現金的主要驅動因素。與 2021 年相比，我們仍預計今年公司總收入將增加。這一增長將主要受 37 和 87 計劃的商用飛機交付量增加以及隨著商業市場持續改善而我們的服務業務的穩健增長所推動。

And while the overall demand outlook for the Defense business remains stable, due to the revenue impacts of the charges we took in the first quarter, we're forecasting a modest decrease in revenue at BDS this year versus 2021. However, we expect 2023 to return to stable levels.

儘管國防業務的整體需求前景保持穩定，但由於我們在第一季度收取的費用對收入的影響，我們預測今年 BDS 的收入與 2021 年相比將略有下降。但是，我們預計 2023 年將回到穩定的水平。

On cash, we still expect to generate positive free cash flow this year. The key driver of improvement remains higher 37 and 87 delivery volume. As we described previously, the working capital benefit from delivering airplanes from inventory will be partially offset by a lower advances and progress payments balance. We still anticipate a burn down of our advance balance this year. The profile continues to be dynamic due to customer discussions and timing of deliveries.

在現金方面，我們仍預計今年將產生正的自由現金流。改善的關鍵驅動因素仍然是更高的 37 和 87 交付量。正如我們之前所描述的，從庫存中交付飛機所帶來的營運資金收益將被較低的預付款和進度付款餘額部分抵消。我們仍然預計今年我們的預付款餘額會被燒掉。由於客戶討論和交付時間，該配置文件繼續保持動態。

From a phasing standpoint, our first quarter cash utilization was in line with what we shared in January. We remain confident that our free cash flow will improve in the second quarter and will make meaningful -- and will meaningfully accelerate in the back half of the year as we achieve the key delivery milestones that I outlined.

從分階段的角度來看，我們第一季度的現金利用率與我們在一月份分享的一致。我們仍然相信，隨著我們實現我概述的關鍵交付里程碑，我們的自由現金流將在第二季度有所改善，並將在今年下半年有意義地加速。

As we look beyond this year, we expect 2023 cash flow will be materially higher than 2022. And we look forward to sharing more details on our plan in the fall.

隨著我們展望今年，我們預計 2023 年的現金流量將大大高於 2022 年。我們期待在秋季分享我們計劃的更多細節。

To wrap up, our performance is tied to several key items: commercial market recovery, return to delivery for the 87 and 37 MAX in China, successful execution and certification of development programs and production system and delivery stability. We remain acutely focused on what we can control.

總而言之，我們的業績與幾個關鍵項目相關：商業市場的複蘇、87 和 37 MAX 在中國的恢復交付、開發計劃和生產系統的成功執行和認證以及交付穩定性。我們仍然非常專注於我們可以控制的事情。

Most notably, we continue to focus our efforts to stabilize our production system, including the supply chain and improve our delivery predictability. And while we saw improvements in some of this first quarter, we have more work to do. And we're keenly aware that these activities will be critical to our success and are prioritizing these resources accordingly.

最值得注意的是，我們繼續集中精力穩定我們的生產系統，包括供應鏈，並提高我們的交付可預測性。雖然我們在第一季度看到了一些改進，但我們還有更多工作要做。我們敏銳地意識到這些活動對我們的成功至關重要，並相應地優先考慮這些資源。

Beyond these execution priorities immediately in front of us, we continue to invest in our people, technology, manufacturing capabilities and strategic partnerships to ensure we're well positioned for future growth. There's no doubt that the business environment is evolving.

除了擺在我們面前的這些執行優先事項之外，我們還將繼續投資於我們的人員、技術、製造能力和戰略合作夥伴關係，以確保我們為未來的增長做好準備。毫無疑問，商業環境正在發生變化。

That said, we're making good progress driving productivity and cash flow while addressing risks as they arise. And while we do all this, we're laser-focused on safety, quality and stability. We believe these are the right actions and resource calls. And we remain confident in the strength of our business now and in the future.

也就是說，我們在推動生產力和現金流方面取得了良好進展，同時應對出現的風險。在我們做這一切的同時，我們專注於安全、質量和穩定性。我們相信這些是正確的行動和資源呼籲。我們對現在和未來的業務實力充滿信心。

With that, over to Dave for closing comments.

有了這個，給戴夫結束評論。

Yes. We believe we're on a real improvement track with respect to engineering and manufacturing of our products and ultimately, the predictability of our business with respect to our commercial customers. We also believe strongly in our defense product line and the prospects for defense orders and growth in the relatively near to medium term.

是的。我們相信，我們在產品的工程和製造以及最終我們的商業客戶的業務可預測性方面正處於真正的改進軌道上。我們還堅信我們的國防產品線以及相對近期至中期的國防訂單和增長前景。

So that's it. I'll turn it over to questions. Let's go.

就是這樣了。我會把它轉給問題。我們走吧。

(Operator Instructions) One moment for our first question. And that's from Noah Poponak with Goldman Sachs.

（操作員說明）我們的第一個問題一會兒。那是來自高盛的諾亞波波納克。

A lot of questions, but I guess the 2 most important things in the near term are when you can restart 787 deliveries and when you'll resume MAX deliveries to China. So can you give us more specific detail on what the regulators and counterparties are still looking for? What specifically you need to do to satisfy their questions and process?

有很多問題，但我想近期最重要的兩件事是何時可以重啟 787 的交付以及何時恢復 MAX 向中國的交付。那麼，您能否就監管機構和交易對手仍在尋找的內容向我們提供更具體的細節？您具體需要做什麼來滿足他們的問題和流程？

And then I know you don't want to get into predicting timing on these, but you have guidance for cash flow for the year. So just how are you thinking through what those deliveries need to look like to have that positive free cash?

然後我知道你不想預測這些時間，但你對今年的現金流有指導。那麼，您如何考慮這些交付需要什麼樣的外觀才能獲得積極的自由現金呢？

Yes. So why don't I grab that one? Brian can augment any way you like. Again, this is a tricky moment where I get into trouble if I predict any outcome with respect to FAA certification.

是的。那我為什麼不抓那個呢？ Brian 可以隨心所欲地增強。同樣，這是一個棘手的時刻，如果我預測有關 FAA 認證的任何結果，我會遇到麻煩。

What I can say because I do control it is the quality of the package that we've delivered to the FAA. And I also know that their fingerprints are all over it because they've been sort of side-by-side with us in this process. We've been getting guidance every step of the way.

我能說的是因為我確實控制它是我們交付給 FAA 的包裹的質量。我也知道他們的指紋到處都是，因為他們在這個過程中一直與我們並肩作戰。我們在每一步都得到指導。

So I feel very good about all of that. Our customers have been through these airplanes. And so I think we're in reasonably good shape to go through a normal order, and I do not expect this to get elongated in any significant way.

所以我對這一切感覺很好。我們的客戶已經通過這些飛機。所以我認為我們處於相當好的狀態，可以通過正常的訂單，我不認為這會以任何顯著的方式延長。

And I believe our cash flow projections or confidence, if you will, with respect to the year, are well suited and have enough room for the FAA to do its work and for us to answer questions in that process. So it's been a long, hard run, but I feel really good about where we are.

我相信我們的現金流量預測或信心，如果你願意的話，就這一年而言，是非常適合的，並且有足夠的空間讓 FAA 開展工作並讓我們在這個過程中回答問題。所以這是一個漫長而艱難的過程，但我對我們所處的位置感覺非常好。

And with respect to China, similarly, we've had no indications that there aren't going to be China deliveries in any way. As we know, we're certified to fly the airplanes.

同樣，關於中國，我們沒有任何跡象表明不會以任何方式在中國交付。眾所周知，我們已獲得駕駛飛機的認證。

The COVID environment has put a really tough situation in play because our customers are not flying. They're down 70% in their domestic travel, and this is significant for them. So how long that goes on if it's measured in a couple of months, I still feel good about where we are with respect to deliveries. We derisked this year's delivery significantly, and we can derisk more.

由於我們的客戶沒有飛行，因此 COVID 環境使情況變得非常艱難。他們的國內旅行減少了 70%，這對他們來說意義重大。因此，如果在幾個月內衡量它會持續多長時間，我仍然對我們在交付方面的狀況感到滿意。我們大大降低了今年的交付風險，而且我們可以降低更多風險。

The market is craving 737 MAX, so I'm not concerned about our ability to derisk. I don't want to derisk because I still have faith that China can take the airplane. Anything, Brian?

市場渴望 737 MAX，所以我不擔心我們的冒險能力。我不想冒險，因為我仍然相信中國可以坐飛機。有什麼事嗎，布賴恩？

You got it.

你說對了。

Dave, the last quarter, you talked about collecting data as you rework 787s. And it sounded like you had to collect a lot of data, it took time. You then had to iterate it with the FAA. Is the package you've sent them that you described as a package, is that now sort of binary? They'll either accept that package or not? Or does it still remain an iterative Q&A type of process?

戴夫，上個季度，您談到在返工 787 時收集數據。聽起來你必須收集大量數據，這需要時間。然後，您必須使用 FAA 對其進行迭代。您發送給他們的包裹是您描述為包裹的包裹嗎，現在是二進制的嗎？他們要么接受那個包裹，要么不接受？還是它仍然是一個迭代的問答類型的過程？

Well, we believe based on all of our interactions with the FAA and our own engineering unit members and others that we have sufficient data to make our case and recertify or certify this airplane in accordance. So we have a reasonably high level of confidence in that, and I don't expect any significant sort of banter around that.

好吧，我們相信基於我們與 FAA 和我們自己的工程部門成員和其他人的所有互動，我們有足夠的數據來提出我們的理由並重新認證或認證這架飛機。所以我們對此有相當高的信心，我預計不會有任何重大的玩笑。

But I can't be absolute about it. We're going to go through the process. I just know that there's been a lot of involvement on both sides and a lot of working together in this process in getting to the package we've submitted.

但我不能絕對。我們將完成整個過程。我只知道雙方都參與了很多工作，並且在這個過程中進行了很多合作，以獲取我們提交的包。

And next, we'll go to David Strauss with Barclays.

接下來，我們將與巴克萊一起去大衛施特勞斯。

Brian, I know you noted that you would expect free cash flow to improve here in the second quarter. I wanted to see if that meant positive or you still think you're negative?

布賴恩，我知道你注意到你預計第二季度的自由現金流會有所改善。我想看看這是否意味著積極，或者你仍然認為你是消極的？

And how you're thinking about the capital structure from here? I think you've talked about in the past that you need $10 billion to run the business. You're down to $12 billion if you burn further cash in the quarter. I mean, are you willing to take on additional leverage at this point? Or would you look to potentially an equity raise?

您如何看待這裡的資本結構？我想你過去曾說過你需要 100 億美元來經營這項業務。如果您在本季度進一步燒錢，您將減少到 120 億美元。我的意思是，您是否願意在這一點上承擔額外的槓桿作用？或者你會考慮潛在的股權融資嗎？

Yes, I'll take the last one. We see no need as we think about both near-term and midterm any need for that type of event. We feel very comfortable with our liquidity position and the balance sheet.

是的，我會選擇最後一個。我們認為近期和中期都不需要這種類型的活動。我們對我們的流動性狀況和資產負債表感到非常滿意。

We know that as we get more progress on really accelerating cash flows, that will -- that derisking will change, and we'll talk about that later as we meet some of these milestones. But we don't see any need to tap lines, add debt or anything else of that nature as we stand here today.

我們知道，隨著我們在真正加速現金流方面取得更多進展，這種去風險化將會改變，我們稍後會在達到其中一些里程碑時討論這一點。但當我們今天站在這裡時，我們認為沒有必要增加線路、增加債務或其他任何類似性質的事情。

In terms of the cash flow for the year, look, 2Q will be better than 1Q. And it's probably pretty obvious, but -- and the second half will accelerate. So I'm not going to put a discrete number on 2Q. It will be better. But the full year, we will generate cash flow. And everything is pretty much lined up as we talked about last quarter, puts and takes, but overall, confident with where we think we're going to land for the year.

從全年的現金流來看，2Q 會好於 1Q。這可能很明顯，但是 - 下半年將加速。所以我不會在 2Q 上放一個離散的數字。會好起來的。但全年，我們將產生現金流。正如我們上個季度所討論的那樣，一切都幾乎排成一列，看跌期權，但總體而言，對我們認為我們將在今年登陸的地方充滿信心。

So is $10 billion still the right number that you need in terms of cash to run the business? Or is it lower than that?

那麼，就經營業務而言，100 億美元仍然是您需要的正確數字嗎？還是比那個低？

I think recency effect, it seems like it's in that $10 billion to $12 billion, but it's too hard to tell right now given it's a dynamic world. We're very comfortable where we stand right now. And as we start to put points on the board with delivery and execution, all of that will be a rich discussion that we can't wait to have with you.

我認為近因效應似乎在 100 億到 120 億美元之間，但現在很難說，因為它是一個充滿活力的世界。我們現在所處的位置非常舒服。隨著我們開始通過交付和執行將要點放在董事會上，所有這些都將成為我們迫不及待地與您進行的豐富討論。

And next, we go to Peter Arment with Baird.

接下來，我們和貝爾德一起去彼得·阿門特。

Dave, I wonder if I could just come back to kind of Noah's questions on the 787. Just you have 115 aircraft in inventory, and it sounds like you now are producing aircraft off the line and conforming to your latest spec.

戴夫，我想知道我是否可以回到諾亞關於 787 的問題。只要您有 115 架飛機庫存，聽起來您現在正在生產符合您最新規格的飛機。

What's left to be done within that 115? And like the other stored aircraft when we think about MAX, should we think about most of these aircraft will be delivered through 2023? Or does it stretch out beyond that?

在這 115 中還剩下什麼要做？當我們想到 MAX 時，就像其他存儲的飛機一樣，我們是否應該考慮這些飛機中的大部分將在 2023 年之前交付？還是超出了這個範圍？

Yes. So I'll take that one. It is -- on the 115 in inventory in the 87, as we have described that abnormal cost, it's going to substantially be done by the end of 2023, which will also correspond with the liquidation of that inventory. So that -- nothing has really changed on that front. In fact, we probably feel a little bit more confident as we're starting to look at clean airplanes.

是的。所以我會拿那個。它是 - 在 87 中的 115 庫存中，正如我們所描述的異常成本，它將在 2023 年底之前基本完成，這也將與該庫存的清算相對應。所以——在這方面並沒有真正改變。事實上，當我們開始關注清潔飛機時，我們可能會感到更有信心。

On the 37, consistently, we've got 320 in inventory at the end of the quarter. We hate that it's that high. But the flip side of that is that we'll be able to meet some pretty robust demand that's out there in the marketplace. And that, again, will likely liquidate over the course of between this year and next, and that has not changed.

在 37 日，我們在本季度末始終有 320 件庫存。我們討厭它那麼高。但另一方面，我們將能夠滿足市場上一些相當強勁的需求。而且，這很可能會在今年和明年之間清算，而且這一點沒有改變。

Our next question is from Rob Stallard with Vertical Research.

我們的下一個問題來自 Vertical Research 的 Rob Stallard。

The question I have is on the 737 MAX rate. You mentioned you're pretty much at 31 a month here. What are your plans going forward? And what is your confidence that the supply chain could match any further rate increases, especially what's going on with your competitor?

我的問題是關於 737 MAX 的速率。你提到你在這裡差不多一個月 31 歲。你的未來計劃是什麼？您對供應鏈可以匹配任何進一步的費率增長有什麼信心，尤其是您的競爭對手的情況如何？

Yes. So we always think about this in 2 ways. One is that inventory opportunity I just described, and we've got to work on getting those delivered. And then, of course, the production rate that we're essentially at 31 a month.

是的。所以我們總是以兩種方式思考這個問題。一個是我剛才描述的庫存機會，我們必須努力交付這些機會。然後，當然，我們基本上是每月 31 個的生產率。

Our biggest job right now is to stabilize around that rate. The teams are working hard. They deal with supply constraints that pop up every now and then, but we got to be stable around 31 and then anything else is going to be a future decision that we're not prepared to take because we just want to get confidence in what's right in front of us.

我們現在最大的工作是穩定在這個速度附近。團隊正在努力工作。他們處理時不時出現的供應限制，但我們必須在 31 歲左右保持穩定，然後其他任何事情都將成為我們不准備做出的未來決定，因為我們只想對正確的事情充滿信心在我們的前面。

The good news is that there's plenty of demand that we can fulfill. And while we're watching the supply chain very closely, we feel good about where that particular program stacks up.

好消息是我們可以滿足大量需求。在我們密切關注供應鏈的同時，我們對特定程序的疊加位置感到滿意。

Next, we'll go to Seth Seifman with JPMorgan.

接下來，我們將與摩根大通一起前往塞思·塞夫曼。

Just following up on 737. I think, Brian, you spoke last quarter about looking to deliver about 500 aircraft, and you talked about being on plan. So is that still your target for this year? And how does the kind of evolving situation in China affect that, if at all?

只是跟進 737。我想，布賴恩，你上個季度談到希望交付大約 500 架飛機，你談到了按計劃進行。那麼這仍然是你今年的目標嗎？如果有的話，中國不斷變化的局勢會如何影響這一點？

And then second, on Rob's question on the production rate for 737. How does the MAX 10 certification question factor into that?

其次，關於 Rob 關於 737 生產率的問題。MAX 10 認證問題對此有何影響？

So we derisked China, just to put that one aside, as Dave mentioned. The first quarter deliveries were a little light versus what we expected. And we probably won't get quite all the way there in the calendar year count, but that's just timing. Like I said, we've got plenty of finished goods inventory. We've got the rate where we want it. So we may not quite get there.

因此，正如戴夫所說，我們把中國放在一邊，只是為了把它放在一邊。與我們的預期相比，第一季度的交付量有點少。在日曆年計算中，我們可能不會完全做到這一點，但這只是時間安排。就像我說的，我們有大量的成品庫存。我們已經得到了我們想要的利率。所以我們可能不會完全到達那裡。

But again, the momentum month in, month out has gotten better. And we feel confident that if we don't quite get there this year, it's just going to be timed into the next, which we're perfectly comfortable with. And again, that's been all factored into our cash flow updated look and still believe that we will be cash flow positive in the year.

但同樣，月復一月的勢頭有所好轉。而且我們有信心，如果我們今年不能完全做到這一點，那麼它只會被安排到明年，我們對此非常滿意。再一次，這一切都被考慮到我們的現金流更新外觀中，並且仍然相信我們今年的現金流將是正數。

As it pertains to the -10, right now, it's -- all the energy and focus is on certification. And really that one won't disrupt our near-term projections.

因為它與 -10 相關，現在，它是 - 所有的精力和重點都放在認證上。真的，那不會破壞我們的近期預測。

Our next question is from Cai von Rumohr with Cowen.

我們的下一個問題來自 Cai von Rumohr 和 Cowen。

Yes. So on their call, General Dynamics mentioned that their G700 is basically -- may have a certification slip because of additional software validation that the FAA is now requiring, which was not anticipated when they started this process. And they mentioned kind of the MAX sort of indirectly as an issue.

是的。所以在他們的電話中，通用動力公司提到他們的 G700 基本上 - 可能有一個認證單，因為 FAA 現在需要額外的軟件驗證，這在他們開始這個過程時沒有預料到。他們間接提到了某種 MAX 作為一個問題。

So are you seeing that the FAA is now basically stabilizing what they're acquiring? Or are they stable and then they ask for even more data? And how does that sort of relate to your confidence that you will be able to certify the MAX 10 by year-end?

那麼您是否看到 FAA 現在基本上穩定了他們所獲得的東西？或者他們是穩定的，然後他們要求更多的數據？這與您對能夠在年底前認證 MAX 10 的信心有何關係？

Yes, let me take that one. It's a very tricky question, and I don't want to speak for our counterparty in any way. Part of our 777X move out into '25 was to incorporate exactly whatever observations that you took account of to incorporate all the learnings we've had from our cert programs, the original MAX, the 87, now the -7 and then the -10.

是的，讓我拿那個。這是一個非常棘手的問題，我不想以任何方式代表我們的交易對手發言。我們 777X 遷移到 '25 的一部分是準確地結合您考慮的所有觀察結果，以結合我們從我們的證書計劃中獲得的所有知識，最初的 MAX、87、現在的 -7 和 -10 .

So we keep trying to incorporate all our learnings, and it is definitely a more rigorous process that we're all going through. Everything has to be completed. Every I has to be dotted, and every T has to be crossed. And now we're all getting used to it.

因此，我們一直在努力整合我們所有的學習成果，這絕對是一個我們都在經歷的更嚴格的過程。一切都必須完成。每個 I 都必須點綴，每個 T 都必須交叉。現在我們都習慣了。

So on the subject of whether that's a mature process or not, boy, I hope so. And I believe we're all better off for it. I don't like all the difficulties we've had to go through to get here. But so far, so good.

所以關於這是否是一個成熟的過程，男孩，我希望如此。我相信我們都會因此而變得更好。我不喜歡我們必須經歷的所有困難才能到達這裡。但到目前為止，一切都很好。

And I know, I think the FAA has enough rigor in what they're doing. But with every next cert, I think we're all going to learn that it's just going to take a little longer. It's going to be a little more thorough than it's ever been.

我知道，我認為美國聯邦航空局對他們正在做的事情有足夠的嚴格性。但是對於每一個下一個證書，我想我們都會知道它只是需要更長的時間。它將比以往任何時候都更加徹底。

Next, we'll go to Rob Spingarn with Melius.

接下來，我們將和 Melius 一起去 Rob Spingarn。

Just following with this theme, Dave, we've already covered this today. A lot of the problems and the issues Boeing's facing are on these development programs or this unusual recertification process that you're doing on 787 and had to do on the MAX.

緊接著這個主題，戴夫，我們今天已經介紹過了。波音面臨的許多問題和問題都與這些開發計劃或您在 787 上進行的並且必須在 MAX 上進行的這種不尋常的重新認證過程有關。

Is the common denominator here the FAA? Or is it engineers? Do you have enough engineering resources? Brian mentioned allocating resources with the FAA. So is there a shortfall there? And how do you solve it?

這裡的共同點是美國聯邦航空局嗎？還是工程師？你有足夠的工程資源嗎？ Brian 提到了與 FAA 分配資源。那麼那裡有短缺嗎？你如何解決它？

Yes. I don't -- I've never seen this, and I have yet to run into an issue where we have not been resourced adequately on the programs. This has always boiled down to the time lines, and we go through these time lines every week.

是的。我沒有——我從來沒有見過這種情況，而且我還沒有遇到過我們在項目上沒有得到足夠資源的問題。這一直歸結為時間線，我們每週都會經歷這些時間線。

So the time lines have always been impacted by the rigor of the discussion between ourselves and our counterparty, the FAA, on what's needed, what data is required, what's needed to demonstrate a certain point or to write fully the development assurance program.

因此，時間線一直受到我們和我們的對手方 FAA 之間關於需要什麼、需要什麼數據、需要什麼來證明某個點或完整編寫開發保證計劃的討論的影響。

A lot of writing, a lot of documentation, very thorough, et cetera. It has not been about whether we've had enough engineers to do the development work or to -- or even to write the technical work. So more focus, more resources on programs is always helpful. But that's not been the constraint so far, and I don't expect it to be the constraint.

大量的寫作，大量的文檔，非常透徹，等等。這與我們是否有足夠的工程師來完成開發工作或——甚至是編寫技術工作無關。所以更多的關注，更多的項目資源總是有幫助的。但到目前為止，這還不是約束，我也不希望它成為約束。

I think our pushout on the 777X with respect to the reallocation of resources, frankly, the biggest beneficiary of that is going to be the traditional metal wing 777 and our ability to just run some more airplanes through that -- through the line in the midst of the demand that we're seeing. So on the reallocation question, that's where I see the benefit the most. We have to really see it on the cert programs themselves.

我認為我們在資源重新分配方面推出 777X，坦率地說，最大的受益者將是傳統的金屬機翼 777 以及我們通過它運行更多飛機的能力——通過中間的生產線我們看到的需求。所以在重新分配問題上，這是我看到最多好處的地方。我們必須在證書程序本身上真正看到它。

And if the MAX 10 slips beyond year-end and then you need the new flight crew alerting system, do you assume you'll get the waiver? Or does this put the program at risk? I mean, if you can't get the 10 done without substantial more cost and looking at the order book, do you just leave that market for next airplane?

如果 MAX 10 滑過年底，然後你需要新的機組人員警報系統，你認為你會得到豁免嗎？或者這是否會使程序處於危險之中？我的意思是，如果你不能在不增加大量成本和查看訂單簿的情況下完成 10 架飛機，你會離開那個市場換下一架飛機嗎？

It's a great question. I hope I never get there. First and foremost, with respect to the original legislation, there was a lengthy window put in there based on historic certification timetables that would have provided for the 7 and 10 easily.

這是一個很好的問題。我希望我永遠不會到達那裡。首先，關於最初的立法，根據歷史認證時間表設置了一個很長的窗口，這很容易為 7 和 10 提供。

So these things have taken longer. The intent of that legislation was never to stop the derivative product line with respect to the MAX. So I believe our chances are good with respect to getting legislative relief. It doesn't mean we'll get them. And if we don't, it's a problem.

所以這些事情花了更長的時間。該立法的目的是永遠不會停止與 MAX 相關的衍生產品線。因此，我相信我們獲得立法救濟的機會很大。這並不意味著我們會得到它們。如果我們不這樣做，那就是個問題。

On the other hand, demand for the MAX is substantial. And we have other airplanes in substitution that we could implement. And that decision has to get made sometime between now and the end of the year. Don't feel the need to do it now. I'm still pretty focused and our company is pretty focused on getting the -10 certified and in our customers' hands.

另一方面，對MAX的需求很大。我們還有其他可以實施的飛機替代。這個決定必須在現在到年底之間的某個時間做出。不要覺得現在有必要這樣做。我仍然非常專注，我們公司非常專注於獲得 -10 認證並交到客戶手中。

They love everything about the airplane. That's doing incredibly well on the development program itself. So it's a good question. It's the right question, and we have to make sure our decisioning and thought process is ahead of where we think things end up at the end of the year.

他們喜歡飛機的一切。這在開發程序本身上做得非常好。所以這是一個很好的問題。這是一個正確的問題，我們必須確保我們的決策和思考過程領先於我們認為事情會在年底結束的地方。

And next, we'll go to Ron Epstein with Bank of America.

接下來，我們將與美國銀行一起去 Ron Epstein。

Yes. Back to the engineering question. Dave, when you sit back and you look at the company, do you -- I mean, do you have to restructure the engineering organization? I mean, really what's going on there?

是的。回到工程問題。戴夫，當你坐下來看看公司時，你是否——我的意思是，你必須重組工程組織嗎？我的意思是，真的發生了什麼事？

I mean, I struggle to think of a program that you guys aren't or haven't taken a charge on. And the vast number of the issues that you've had compared to some of your peer companies, both in either defense or commercial, it just seems like it's just been more troublesome for Boeing than some of your peers. And why is that the case? And what can you do to prevent that for future programs because future programs are going to have to happen?

我的意思是，我很難想到你們沒有或沒有負責的程序。與您的一些同行公司相比，無論是在國防還是商業方面，您遇到的大量問題似乎對波音公司來說比您的一些同行更麻煩。為什麼會這樣？你能做些什麼來防止未來的項目發生這種情況，因為未來的項目將不得不發生？

Yes. So Ron, let me start by hoping that you haven't missed the restructuring of our engineering organization. We -- it's the first thing I did. It wasn't to address the issue you're talking about because I don't attribute all of our issues and specific instances and write-offs to engineering shortfalls. I don't -- I never have.

是的。所以羅恩，讓我首先希望你沒有錯過我們工程組織的重組。我們——這是我做的第一件事。這不是為了解決您正在談論的問題，因為我不會將我們所有的問題以及特定實例和註銷都歸因於工程不足。我沒有——我從來沒有。

But we did restructure engineering to, in effect, reinforce, build our safety management system in a different way with a different outlet so that people could voice concerns and call out engineering disciplines as appropriate. And it's worked, and it's been fantastic.

但我們確實重組了工程，實際上以不同的方式加強和建立我們的安全管理系統，以不同的方式，以便人們可以表達擔憂並在適當的情況下調用工程學科。它奏效了，而且非常棒。

And we've benefited from the ideas that have moved from the BDS to BCA, et cetera, et cetera. So we've been beneficiaries of what I think is a significant restructuring.

我們已經從從 BDS 轉移到 BCA 等的想法中受益。因此，我們一直是我認為是重大重組的受益者。

We are hiring. We are doing, I think, a terrific job on that front. It is not easy. So I don't want anybody to think otherwise, but we have had a pretty successful hiring program, a pretty successful retention program on that front.

我們正在招聘。我認為，我們在這方面做得非常好。這不簡單。所以我不希望任何人有其他想法，但我們有一個非常成功的招聘計劃，一個非常成功的保留計劃。

But when we look at the write-offs that we've taken, let's say, this quarter, for instance, these fixed-price development contracts that we took were taken before COVID existed and before this inflationary spiral came ripping down the road. So I don't attribute that to engineering shortfalls. And I don't attribute our certification issues and time lines to engineering shortfalls in any way.

但是，當我們查看我們已經採取的沖銷措施時，比如說，本季度，我們採取的這些固定價格開發合同是在 COVID 存在之前以及在這種通貨膨脹螺旋式上升之前採取的。因此，我不將其歸因於工程缺陷。而且我不會以任何方式將我們的認證問題和時間線歸咎於工程缺陷。

Our airplanes are flying incredibly well. Our 777X made it to Dubai, made it to Singapore in a gangbuster show. Everyone loved it. It's flying beautifully. It's meeting all of the requirements that we laid out.

我們的飛機飛行得非常好。我們的 777X 抵達迪拜，在一場轟動一時的表演中抵達新加坡。每個人都喜歡它。它飛得很漂亮。它滿足了我們提出的所有要求。

But the process of discovery between ourselves and our certification or our regulators around the world, it's different. It's changed. It's got to be thorough, and it's got to be good.

但是我們自己與我們的認證或世界各地的監管機構之間的發現過程是不同的。它變了。它必須是徹底的，它必須是好的。

So I don't accept the premise entirely that you put forward in the question. But please don't miss the fact that we have restructured and we are building our engineering function. I've always believed it's strong. I believe it's going to be even stronger.

所以我不完全接受你在問題中提出的前提。但是請不要錯過我們已經重組並且正在構建我們的工程功能的事實。我一直相信它很強大。我相信它會變得更強大。

Our next question is from Sheila Kahyaoglu with Jefferies.

我們的下一個問題來自 Jefferies 的 Sheila Kahyaoglu。

Dave, you've alluded to MAX demand being good several times on this call, but also, you're not at 31 a month on the delivery rate there yet. So how could we think about going above 31 a month? It doesn't seem like you need the MAX 10 cert to get above it, but do you need China to get above it? Or do we stabilize at that level?

戴夫，您在本次電話會議中多次提到 MAX 需求良好，但您還沒有達到每月 31 個月的交貨率。那麼我們怎麼能想到一個月超過 31 歲呢？看起來你不需要 MAX 10 證書來超越它，但你需要中國來超越它嗎？還是我們穩定在那個水平？

We don't need the 10. Believe me, the demand is there. And we delivered 37 MAXs last month in the month of March, and we're working our way towards momentum. So we feel pretty good that the trick for us is to stay focused on that production rate of 31 a month and make it stable and dependable and reliable.

我們不需要 10。相信我，需求就在那裡。上個月，我們在 3 月份交付了 37 台 MAX，我們正在努力實現發展勢頭。所以我們感覺很好，我們的訣竅是保持專注於每月 31 台的生產率，並使其穩定、可靠和可靠。

We derisked the China piece. The -10 isn't contemplated in the near term. So if we just execute at that level, we feel pretty good.

我們貶低了中國部分。短期內不考慮-10。所以如果我們只是在那個水平上執行，我們感覺很好。

Okay. Cool. And then on commercial profitability, if we exclude the abnormal costs, there was still a loss. So how do we think about that program getting to breakeven and how 787 is maybe impacting it?

好的。涼爽的。然後在商業盈利能力上，如果我們排除異常成本，仍然是虧損的。那麼，我們如何看待該計劃實現盈虧平衡以及 787 可能對其產生怎樣的影響？

I would say the 87 from a cash margin standpoint, they're still positive. They're down, obviously. But the future, it's going to get significantly better once the deliveries start rolling.

從現金利潤率的角度來看，我想說的是 87，它們仍然是積極的。很明顯，他們倒下了。但是未來，一旦交付開始滾動，它會變得更好。

So i.e., that program is perfectly fine. And of course, the 37 is strong. We might have some mix in there around any given quarter. And of course, we had a couple of charges related to abnormal period costs and things like Ukraine, but those are kind of isolated.

因此，即該程序非常好。當然，37很強大。我們可能在任何給定的季度都有一些混合。當然，我們有一些與異常期間成本和烏克蘭等事件有關的費用，但這些都是孤立的。

I think going forward, as we get deliveries going on 37 and 87, those cash margins will accrue and accrete. And then the 87, some of the moves we're making, we feel pretty good about getting the metal wing freighter going to fill the factory and satisfy this demand. So overall, we think that BCA margins are headed in the right direction, and they're going to follow deliveries.

我認為展望未來，隨著我們在 37 日和 87 日交貨，這些現金利潤將不斷增加。然後是 87，我們正在採取的一些舉措，我們對讓金屬翼貨機填滿工廠並滿足這一需求感到非常高興。因此，總體而言，我們認為 BCA 利潤率正朝著正確的方向發展，它們將跟隨交付。

Our next question is from Doug Harned with Bernstein.

我們的下一個問題來自 Doug Harned 和 Bernstein。

I want to switch over to defense. David, as you said, the defense programs that you all are talking about this quarter, they were a bit of fixed-price development contracts. And some were very aggressive even to the point of known below-cost bids as investments.

我想轉投防守。大衛，正如你所說，本季度你們都在談論的國防項目，它們有點像固定價格的開發合同。有些甚至非常激進，甚至以低於成本的出價作為投資。

And some of those problems, we're now seeing them coming home. So I mean, these were done well before you came on as CEO, but how do you look at the BDS bidding process going forward? And then also, are the cost overruns on these programs completely due to higher input costs? Or are there other execution issues at work here?

其中一些問題，我們現在看到他們回家了。所以我的意思是，在您擔任 CEO 之前，這些都做得很好，但是您如何看待 BDS 的招標流程？此外，這些項目的成本超支是否完全是由於投入成本較高？或者這裡還有其他執行問題嗎？

Yes. So it's a great question, Doug. Yes, I will have a very different philosophy with respect to fixed-price development. And so I don't expect and I hope never to contribute to that issue. But we are where we are.

是的。所以這是一個很好的問題，道格。是的，對於固定價格開發，我會有一個非常不同的理念。所以我不期望也希望永遠不會為這個問題做出貢獻。但我們就在我們所在的地方。

And let me also say because I was on the Board at the time the T-7 and MQ-25 programs were taken, and yes, they were written off the day we took them knowing that we would be investing a fair amount of our own money in the future of those airframes. I will tell you this. I think those are going to be really good bets even though the development costs are more than we had anticipated.

我還要說，因為我在執行 T-7 和 MQ-25 計劃時是董事會成員，是的，它們在我們接受它們的那天就被註銷了，因為我們知道我們將自己投資相當數量這些機身未來的錢。我會告訴你這個。我認為這些將是非常好的賭注，即使開發成本比我們預期的要高。

When we get through them all and deliver on those contracts, those airplanes don't go away. There are futures attached to them and big programs in our view that involve many, many airplanes. And I think both airplanes are going to be very successful in supporting our military.

當我們通過所有這些並交付這些合同時，這些飛機不會消失。在我們看來，它們有未來，還有涉及很多很多飛機的大型項目。我認為這兩架飛機都將非常成功地支持我們的軍隊。

So the futures, with respect to real airplanes making real margins and contributing to The Boeing Company, I still believe strongly in. And then I'll just -- as I think I said earlier in my CNBC interview, Air Force One, I'm just going to call a very unique moment, a very unique negotiation, a very unique set of risks that Boeing probably shouldn't have taken. But we are where we are, and we're going to deliver great airplanes. And we're going to recognize the costs associated with it.

所以未來，關於真正的飛機創造真正的利潤並為波音公司做出貢獻，我仍然堅信。然後我會 - 正如我想我之前在 CNBC 採訪空軍一號時所說的那樣，我我只想稱之為一個非常獨特的時刻，一次非常獨特的談判，一組波音可能不應該承擔的非常獨特的風險。但我們就在我們所在的地方，我們將交付出色的飛機。我們將認識到與之相關的成本。

With respect to inputs, yes, it's predominantly COVID-related inefficiency because I'll remind us in the defense world, when a COVID line goes down or a group of workers steps out, we don't have a whole bunch of cleared people to step into their shoes. So it has always been a tougher implication.

就投入而言，是的，這主要是與 COVID 相關的低效率，因為我會在國防領域提醒我們，當 COVID 線路中斷或一群工人離開時，我們沒有一大堆被清除的人來走進他們的鞋子。所以它一直是一個更嚴厲的暗示。

And for VC-25B, where the clearances are ultra high, it's really tough. So we just got whacked in a number of different areas. Where you started is a great question and one that I hope I never contribute to.

而對於間隙超高的VC-25B來說，這真的很難。所以我們只是在許多不同的領域受到打擊。你從哪裡開始是一個很好的問題，我希望我永遠不會做出貢獻。

John, we have time for one more question.

約翰，我們還有時間再問一個問題。

And that will come from Myles Walton with UBS.

這將來自瑞銀的邁爾斯沃爾頓。

Dave, I'll stick to a high-level one. When you first signed on, you had, I think, 7 performance goals. And after today, I think maybe you'll be able to achieve a couple of them.

戴夫，我會堅持一個高水平的。當您第一次登錄時，我認為您有 7 個性能目標。在今天之後，我想也許你可以實現其中的幾個。

And so I'm just trying to understand how we should measure your, the firm's performance. And also, it begs the question, is Boeing realistic in its expectations of its own performance? And have you sort of recalibrated something more realistic if things go bad? So maybe we should calibrate more margin into our measures of success.

所以我只是想了解我們應該如何衡量你公司的業績。而且，它引出了一個問題，波音對其自身業績的期望是否現實？如果事情變糟，你有沒有重新校準一些更現實的東西？所以也許我們應該在衡量成功的標準中增加更多的利潤。

Well, that's a -- it's a big question for the last one, but I'm very willing to take it on. You know the circumstance under which I came into the role. It all happened in a period of weeks, and I simply took on the objectives that had been set program by program inside the business.

嗯，這是一個 - 對於最後一個問題來說這是一個大問題，但我非常願意接受它。你知道我是在什麼情況下擔任這個角色的。這一切都發生在幾週的時間裡，我只是簡單地承擔了在企業內部按程序設定的目標。

And I discussed with the Board that I would not in any way, shape or form hold that compensation program hostage to what I do with The Boeing Company. I would simply do what's right. I would simply pursue the programs, operate them the way I think they should be.

我與董事會討論過，我不會以任何方式、形式或形式將薪酬計劃作為我對波音公司所做的事情的人質。我只會做正確的事。我會簡單地追求這些程序，按照我認為應該的方式操作它們。

If there are improvement opportunities that would compromise my ability to make one of those deliveries, then that's what I would do. So -- and that's what I've been doing. And I have been resetting expectations every step of the way the best I can.

如果有改進的機會會損害我進行其中一項交付的能力，那我就會這樣做。所以——這就是我一直在做的事情。我一直在盡我所能的每一步重新設定期望。

We have certain things in the world that we can't predict. That frustrates everyone. I get it. But what we do is we just keep trying to improve and get better and get back to a normalized rate of cash flow for you, cash flow for us. And I'm highly confident in our ability to do that, and I'm highly confident in the Boeing people to do it.

世界上有一些我們無法預測的事情。這讓每個人都感到沮喪。我得到它。但我們所做的只是不斷努力改進並變得更好，並為您恢復正常的現金流量，為我們提供現金流量。我對我們做到這一點的能力非常有信心，我對波音公司的員工也非常有信心。

So I don't want to recalibrate expectations other than timing questions and real-world stuff around how regulators approach certification. These are real. They take a little longer than they used to. They're a little more thorough than they used to. Boeing is better for it in the long run.

因此，除了時間問題和有關監管機構如何處理認證的現實問題之外，我不想重新調整期望。這些是真實的。他們需要的時間比以前要長一些。他們比以前更徹底。從長遠來看，波音更適合它。

And every one of these programs lasts for decades and decades, every one of them. And that's how I think about everything I do inside The Boeing Company. I think my Board understands it, and I trust that they will evaluate me on that basis whether or not compensation schemes are perfectly aligned.

這些程序中的每一個都持續數十年和數十年，其中的每一個。這就是我對我在波音公司所做的一切的看法。我認為我的董事會理解這一點，並且我相信無論薪酬計劃是否完全一致，他們都會在此基礎上評估我。

And that concludes our first quarter 2022 earnings call.

我們的 2022 年第一季度財報電話會議就此結束。