奇異 (GE) 2022 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the General Electric Second Quarter 2022 Earnings Conference Call. (Operator Instructions) My name is Cheryl, and I will be your operator for today's call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們，先生們，美好的一天，歡迎參加通用電氣 2022 年第二季度收益電話會議。 （操作員說明）我的名字是 Cheryl，今天我將擔任您的接線員。 （操作員說明）作為提醒，本次會議正在錄製中。

I would now like to turn the program over to your host for today's conference, Steve Winoker, Vice President of Investor Relations. Please proceed.

我現在想把這個項目交給今天會議的主持人，投資者關係副總裁 Steve Winoker。請繼續。

Thanks, Cheryl. Welcome to GE's Second Quarter '22 Earnings Call. I'm joined by Chairman and CEO, Larry Culp; and CFO, Carolina Dybeck Happe.

謝謝，謝麗爾。歡迎參加 GE 的 22 年第二季度財報電話會議。董事長兼首席執行官拉里·卡爾普 (Larry Culp) 也加入了我的行列；和首席財務官Carolina Dybeck Happe。

Keep in mind that some of the statements we're making are forward-looking and based on our best view of the world and our businesses as we see them today. As described in our SEC filings and on our website, those elements may change as the world changes.

請記住，我們所做的一些陳述是前瞻性的，並且基於我們對當今世界和業務的最佳看法。正如我們在美國證券交易委員會提交的文件和我們的網站上所述，這些要素可能會隨著世界的變化而變化。

With that, I'll hand the call over to Larry.

有了這個，我會把電話交給拉里。

Thanks, Steve. Good morning, everyone.

謝謝，史蒂夫。大家，早安。

GE delivered a strong second quarter with growth in orders, revenue and profit as well as positive free cash flow. Aerospace was the key driver and services remain a bright spot of performance. While this remains the toughest operating environment I've seen, I am proud of how the GE team is taking action to deliver.

通用電氣在第二季度實現了強勁的訂單、收入和利潤增長以及正的自由現金流。航空航天是主要驅動力，服務仍然是業績的亮點。雖然這仍然是我所見過的最艱難的運營環境，但我為 GE 團隊如何採取行動實現交付感到自豪。

I'll start this morning with an update on our plans to launch our strong franchises as 3 independent investment-grade industry leaders. It's now been 259 days since we shared this intent. We're on track and making good progress. Just last week, we unveiled the new branding of our 3 companies: GE Aerospace, GE HealthCare and GE Vernova, which will comprise our portfolio of energy businesses, including Renewable Energy, Power and Digital. The names leverage GE's multibillion-dollar global brand and deep customer trust, giving us competitive advantage in our end markets.

我將在今天早上開始更新我們作為 3 位獨立投資級行業領導者推出強大特許經營權的計劃。自從我們分享這個意圖到現在已經 259 天了。我們正在步入正軌並取得良好進展。就在上週，我們公佈了我們 3 家公司的新品牌：GE Aerospace、GE HealthCare 和 GE Vernova，它們將構成我們的能源業務組合，包括可再生能源、電力和數字。這些名稱利用了 GE 價值數十億美元的全球品牌和深厚的客戶信任，使我們在終端市場具有競爭優勢。

We also achieved several key milestones on the HealthCare spin, which will go first in early '23. We plan to file our confidential Form 10 shortly. Our team submitted its request for a private letter ruling to the IRS, an important step to achieve tax-free spin-off. We completed consultation with our European Works Council, allowing us to move forward with a number of critical employee actions globally, including adding key talent in support of the new company. We announced that GE HealthCare will trade on the NASDAQ, and I'm excited about the Board we're assembling for GE HealthCare and look forward to sharing more with you soon once finalized.

我們還在醫療保健領域取得了幾個關鍵里程碑，這將在 23 年初率先推出。我們計劃很快提交我們的機密表格 10。我們的團隊向美國國稅局提交了私信裁決請求，這是實現免稅分拆的重要一步。我們完成了與歐洲勞資委員會的協商，使我們能夠在全球範圍內推進一系列關鍵的員工行動，包括增加關鍵人才以支持新公司。我們宣布 GE HealthCare 將在納斯達克上市，我對我們為 GE HealthCare 組建的董事會感到興奮，並期待在敲定後儘快與您分享更多信息。

We're focused on building out our leadership team broadly to support the success of each of the standalone businesses. I'm thrilled to now be leading a very talented team at Aerospace including John Slattery, who has been named Chief Commercial Officer; Russell Stokes, now leading Commercial Engines and Services, Amy Gowder, leading Military Systems; and Rahul Ghai, who will join us next month as the business' CFO. And just last week, we announced Eric Gray as the new CEO of GE Gas Power, part of GE Vernova.

我們專注於廣泛建立我們的領導團隊，以支持每個獨立業務的成功。我很高興現在能夠在 Aerospace 領導一支非常有才華的團隊，其中包括被任命為首席商務官的 John Slattery； Russell Stokes，現在領導商業引擎和服務，Amy Gowder，領導軍事系統；和 Rahul Ghai，他將在下個月加入我們，擔任公司的首席財務官。就在上週，我們宣布埃里克·格雷（Eric Gray）擔任 GE 天然氣電力公司的新任首席執行官，該公司是 GE Vernova 的一部分。

I'm thankful for how the dedicated GE team has strengthened our financial and operating performance while advancing the spin-off plans. And I'm confident in our path to create 3 companies that will be well positioned for long-term growth.

我感謝敬業的 GE 團隊在推進分拆計劃的同時加強了我們的財務和運營績效。我對我們創建 3 家為長期增長做好準備的公司的道路充滿信心。

So now let's turn to our results on Slide 3. I'm encouraged by the order revenue and profit growth and positive free cash we delivered this quarter despite continuing macro pressures. Orders were up 4%, supported by growth in both services and equipment. Aerospace led the way, up 26%.

因此，現在讓我們轉向幻燈片 3 的結果。儘管宏觀壓力持續存在，但我們本季度交付的訂單收入和利潤增長以及正的自由現金令我感到鼓舞。在服務和設備增長的支持下，訂單增長了 4%。航空航天領漲，上漲 26%。

Revenue was up 5%, growing in 3 of our 4 segments. Aerospace was up double digits as the market recovery continued. HealthCare and Power were both up mid-single digits, and this was partially offset by Renewables, down double digits, reflecting lower U.S. volumes resulting from the PTC expiration as well as the business' international selectivity strategy. Our higher-margin services remained a bright spot, up double digits, led again by Aerospace.

收入增長 5%，在我們的 4 個部門中的 3 個部門增長。隨著市場復甦的持續，航空航天行業上漲了兩位數。 HealthCare 和 Power 均增長了中個位數，這被 Renewables 部分抵消，下降了兩位數，這反映了 PTC 到期以及該業務的國際選擇性戰略導致的美國銷量下降。我們的高利潤服務仍然是一個亮點，增長了兩位數，再次由航空航天領先。

Collectively, supply chain and macro pressures adversely affected revenue by about 5 percentage points this quarter but eased slightly versus the previous quarter.

總體而言，供應鍊和宏觀壓力對本季度收入的不利影響約為 5 個百分點，但與上一季度相比略有緩解。

Adjusted operating margin expanded 380 basis points, driven largely by higher services growth and our focus on pricing, with Aerospace and Power, sources of strength. HealthCare is stabilizing but still faces supply chain challenges and Renewables remains difficult.

調整後的營業利潤率擴大了 380 個基點，這主要是由於服務增長的提高以及我們對定價的關注，航空航天和電力是我們的優勢來源。醫療保健正在企穩，但仍面臨供應鏈挑戰，可再生能源仍然困難重重。

Adjusted EPS was up significantly, driven largely by Aerospace. Free cash flow was roughly $200 million and improved slightly year-over-year due to better adjusted earnings. This was offset by higher working capital tied to inventory build as we prepare for the second half ramp as well as work through the supply chain issues.

調整後的每股收益顯著上升，主要受航空航天的推動。自由現金流約為 2 億美元，由於調整後收益改善，同比略有改善。這被我們為下半年的坡道做準備以及解決供應鏈問題時與庫存建設相關的更高營運資金所抵消。

Overall, this was a strong quarter for GE with orders, revenue, profit and cash all growing.

總體而言，對於通用電氣來說，這是一個強勁的季度，訂單、收入、利潤和現金都在增長。

Notwithstanding much is still uncertain about the external environment companies like GE are facing at the moment. We continue to trend toward the low end of our 2022 outlook on all metrics except cash. Working capital will be pressured as we protect customers from the impact of supply chain challenges as well as the timing of Renewable Energy-related orders, which together are likely to push out approximately $1 billion of free cash flow into the future. So fundamentally, a timing dynamic at work.

儘管如此，像通用電氣這樣的公司目前面臨的外部環境仍然存在很多不確定性。除現金外，我們繼續朝著 2022 年展望的低端發展。由於我們保護客戶免受供應鏈挑戰的影響以及可再生能源相關訂單的時間安排的影響，營運資金將面臨壓力，這些訂單加在一起可能會向未來推出約 10 億美元的自由現金流。所以從根本上說，是一種時間動態在起作用。

We're just starting our annual strategy and budgeting cycle for 2023. We still expect to deliver significant year-over-year improvement in both profit and cash, but below our prior view. With the world evolving so quickly, we have to see how the next 6 months unfold and expect to provide you our 2023 outlook in the usual time frame at fourth quarter earnings.

我們剛剛開始製定 2023 年的年度戰略和預算週期。我們仍然希望在利潤和現金方面實現顯著的同比增長，但低於我們之前的預期。隨著世界發展如此之快，我們必須看看未來 6 個月如何展開，並期望在第四季度收益的通常時間範圍內為您提供我們的 2023 年展望。

Turning to Slide 4, starting with Aerospace and HealthCare. While demand remains robust, delivery has been a challenge for us, for the industry broadly and for our suppliers. What differentiates us is our Lean foundation, which we've built over the last several years.

轉到幻燈片 4，從航空航天和醫療保健開始。儘管需求依然強勁，但交付對我們、整個行業和我們的供應商來說都是一個挑戰。讓我們與眾不同的是我們在過去幾年中建立的精益基礎。

In Aerospace, the industry is experiencing an unprecedented ramp as the pandemic eases coupled with labor and material shortages. The team and I spent time with our airframer and airline customers at the Farnborough Air Show just last week, talking about the need for predictability and stability across the entire ecosystem. We need to do better to deliver for our customers, and quality and delivery are our top priorities.

在航空航天領域，隨著大流行病的緩解以及勞動力和材料短缺，該行業正在經歷前所未有的增長。就在上週的範堡羅航展上，我和團隊與我們的機身製造商和航空公司客戶一起討論了整個生態系統對可預測性和穩定性的需求。我們需要做得更好來為我們的客戶提供服務，質量和交付是我們的首要任務。

Let me take a couple of minutes on the actions that we're taking. Starting with OE. On the left chart, you can see material issues trending, either from our suppliers or of our own making that are impacting production flow and ultimately, delivery. We recently allocated an additional 20% of our existing engineering team to help solve these issues faster. We're seeing impact moving parts along, but we need to do more and quickly, and we will. We're partnering with our suppliers holding kaizens at points of impact in their shops to help them reduce setup time, eliminate constraints, optimize transportation and improve overall flow to us. This is leading to increased supplier throughput, as much as 30% or more in some cases. Overall, we're seeing signs of improvement with engine output up sequentially.

讓我花幾分鐘時間談談我們正在採取的行動。從 OE 開始。在左側圖表中，您可以看到影響生產流程並最終影響交付的供應商或我們自己製造的材料問題的趨勢。我們最近分配了 20% 的現有工程團隊來幫助更快地解決這些問題。我們正在看到影響移動的部分，但我們需要做更多和更快的事情，我們會的。我們正在與我們的供應商合作，在其商店的影響點舉行 kaizens，以幫助他們減少設置時間、消除限制、優化運輸並改善對我們的整體流動。這導致供應商吞吐量增加，在某些情況下高達 30% 或更多。總體而言，我們看到了發動機輸出連續上升的改善跡象。

In services, we use work stops to measure how often we need to interrupt a shop visit due to a lack of resources, primarily from delayed repairs, castings, forgings or labor constraints. The curve was beginning to bend in May and June, reflecting our efforts to ramp labor and improve overhaul cycle time.

在服務中，我們使用停工來衡量由於缺乏資源（主要是由於延遲維修、鑄件、鍛件或勞動力限制）而需要中斷車間訪問的頻率。曲線在 5 月和 6 月開始彎曲，反映了我們努力增加勞動力和改善大修週期時間。

Last month, we held kaizen events at multiple GE sites around the world. John, Russell, Amy and I were all in Wales at our GE Aerospace MRO facility, where we overhaul both the CFM56 and GE90 engines. As we work to improve turnaround time for a steep CFM56 ramp, the kaizen focused on increasing overhaul capabilities from 3 to 4 engines per week.

上個月，我們在全球多個 GE 工廠舉辦了改善活動。 John、Russell、Amy 和我都在威爾士的 GE Aerospace MRO 工廠，在那裡我們對 CFM56 和 GE90 發動機進行大修。當我們努力改善陡峭 CFM56 坡道的周轉時間時，改善專注於將大修能力從每週 3 台發動機提高到 4 台發動機。

What I saw across our 7 kaizen teams in Wales was Lean in action, a clear focus on waste elimination and continuous improvement. For example, operators on my team shared with me how they spent 45 minutes searching for parts for what is often a 60-minute operation. By removing this waste, we improved turnaround time at Wales by 3 to 5 days, about a 5% reduction. These examples are everywhere at GE. Each one further increases the efficiency of our operations and improves our pace of delivery to customers.

我在威爾士的 7 個改善團隊中看到的是精益行動，明確關註消除浪費和持續改進。例如，我團隊中的操作員與我分享了他們如何花費 45 分鐘來尋找零件，而這通常需要 60 分鐘。通過消除這些浪費，我們將威爾士的周轉時間縮短了 3 到 5 天，大約減少了 5%。這些例子在 GE 無處不在。每一項都進一步提高了我們的運營效率，並提高了我們向客戶交付產品的速度。

In HealthCare, we continue to broaden and strengthen our supplier base and address inflation through price and cost actions. One way we monitor supply dynamics is through red flags, which identify the lines at risk of a shortage if not replenished within 10 days. The chart indicates our efforts are starting to yield improvements. But again, we need to do more.

在醫療保健領域，我們繼續擴大和加強我們的供應商基礎，並通過價格和成本行動解決通貨膨脹問題。我們監控供應動態的一種方法是通過危險信號，如果未在 10 天內補貨，則可以識別有短缺風險的生產線。該圖表表明我們的努力開始產生改進。但同樣，我們需要做更多的事情。

For example, responding to the COVID-19-related factory shutdown in Shanghai, our PDx team took fast action and we were able to operate at full capacity within 10 weeks. In the interim, our Cork, Ireland PDx team used a kaizen to increase capacity in the first step of producing contrast media solutions, which help doctors better image patients. They reduced cycle time by over 20% lifting capacity by about 5 million doses annually, critical in a shortage.

例如，針對上海與 COVID-19 相關的工廠停工，我們的 PDx 團隊迅速採取行動，我們能夠在 10 週內滿負荷運轉。在此期間，我們位於愛爾蘭科克的 PDx 團隊在生產造影劑解決方案的第一步中使用了 kaizen 來提高產能，從而幫助醫生更好地為患者成像。他們將周期時間縮短了 20% 以上，每年可生產約 500 萬劑，這對於短缺至關重要。

Examples like these support our confidence for higher output in the second half and in 2023. The actions we're taking not only help clear today's backlogs but build what our customers want, more predictable, shorter cycle times going forward.

像這樣的例子支持了我們對下半年和 2023 年更高產量的信心。我們正在採取的行動不僅有助於清除今天的積壓訂單，還可以構建我們的客戶想要的、更可預測、更短的循環時間。

Looking at GE Vernova. In Renewables, it's been a disappointing first half, and we're working intensely focused on stabilizing the business. We're working the fundamentals with Scott and his team leveraging the Power playbook that has delivered improved profitability and increased cash over the last 3 years.

看著 GE Vernova。在可再生能源領域，上半年令人失望，我們正全力以赴穩定業務。我們正在與 Scott 和他的團隊合作，利用 Power 劇本，在過去 3 年中提高了盈利能力並增加了現金。

First, given the U.S. political environment, we're taking a more conservative view of the market for the time being. You've heard us talk about sizing Gas Power for a [25] (corrected by company after the call) to 30 gigawatt market. In Renewables, we're taking a similar strategy, assuming GE Onshore Wind output of about 2,000 turbines per year. One key difference in Onshore, we aren't sizing ourselves to the market. We're sizing ourselves based on our refocused efforts on select geographies where we believe we can grow and grow profitably.

首先，鑑於美國的政治環境，我們暫時對市場持較為保守的看法。您聽說過我們談論將天然氣電力規模調整為 [25]（在電話會議後由公司更正）至 30 吉瓦市場。在可再生能源領域，我們採取了類似的策略，假設 GE Onshore Wind 每年的渦輪機產量約為 2,000 台。陸上的一個關鍵區別是，我們沒有根據市場調整自己的規模。我們正在根據我們重新集中精力在我們相信我們可以增長和盈利增長的選定地區來調整自己的規模。

Lean and decentralization are core to the strategy. In Power, our first step was to decentralize, removing headquarters and other layers and driving full accountability closer to the customer. Using Lean, the team has implemented our live outage program that many of you saw firsthand in Greenville last March.

精益和權力下放是該戰略的核心。在 Power 中，我們的第一步是去中心化，移除總部和其他層級，並推動更貼近客戶的全面問責制。使用精益，該團隊實施了我們的實時中斷計劃，你們中的許多人去年 3 月在格林維爾親眼目睹了這一計劃。

At Renewables, we're embedding similar principles, starting with reorganizing Grid into 3 P&Ls and integrating horizontal functions such as commercial and services vertically into the businesses.

在 Renewables，我們嵌入了類似的原則，首先將 Grid 重組為 3 個損益表，並將商業和服務等橫向功能垂直整合到業務中。

Next, scope selectivity, stronger commercial underwriting and a focus on pricing has enabled Power to reduce risk and offset rising costs. We're turning to price escalation in our long-term service agreements where appropriate, and we're updating our project cost estimates more frequently to reflect our current reality.

其次，範圍選擇性、更強的商業承保和對定價的關注使 Power 能夠降低風險並抵消不斷上升的成本。我們正在酌情在我們的長期服務協議中提高價格，並且我們正在更頻繁地更新我們的項目成本估算以反映我們當前的現實。

In Renewables, while it won't be enough to offset the significant inflation pressure, we are making progress. Our pricing has substantially improved in Onshore while continuing our focus on deal selectivity. Additionally, we're growing our higher-margin businesses, such as Grid Automation, which delivered double-digit orders growth.

在可再生能源領域，雖然不足以抵消巨大的通脹壓力，但我們正在取得進展。我們在陸上的定價已大幅改善，同時繼續關注交易選擇性。此外，我們正在發展利潤率更高的業務，例如 Grid Automation，該業務實現了兩位數的訂單增長。

In Power, we continue to invest in Gas and Steam services productivity while focusing on product cost competitiveness. At Renewables, we've introduced several new products, which we are working down the cost curve. These are larger, more innovative technologies that need to be industrialized for large-scale production. We're also proactively deploying improvements to our fleet that will enable long-term reliable performance from these high-tech products.

在 Power 方面，我們繼續投資於天然氣和蒸汽服務的生產力，同時專注於產品成本競爭力。在 Renewables，我們推出了幾種新產品，我們正在努力降低成本。這些是更大、更具創新性的技術，需要工業化以進行大規模生產。我們還積極地對我們的機隊進行改進，以使這些高科技產品具有長期可靠的性能。

Fixed costs, frankly, a misnomer in my view because nothing is really fixed, is another critical element here. Over 3 years, we cut these costs in gas by approximately $1 billion. Based on international selectivity and a smaller North American market, we're taking a harder look at our Renewables cost structure, which we expect will yield significant savings.

坦率地說，固定成本在我看來是一個誤稱，因為沒有什麼是真正固定的，是這裡的另一個關鍵因素。 3 年多來，我們將這些天然氣成本削減了大約 10 億美元。基於國際選擇性和較小的北美市場，我們正在更仔細地審視我們的可再生能源成本結構，我們預計這將節省大量成本。

We know from our Power experience that these actions at Renewables won't yield results immediately. But with this playbook, we expect the business to return to profitable growth over time. Combined with Power's progress and enhanced profitability and cash, we're excited about the future for GE Vernova.

根據我們的電力經驗，我們知道可再生能源公司的這些行動不會立即產生結果。但有了這個劇本，我們預計該業務將隨著時間的推移恢復盈利增長。結合 Power 的進步以及盈利能力和現金的提高，我們對 GE Vernova 的未來感到興奮。

Moving to Slide 6. While driving operational improvements across our businesses, we're also focused on better serving our customers and innovating for the future. A few recent highlights. At Aerospace, our joint venture with Safran. CFM International was selected by Delta to deliver 200 CFM LEAP-1B engines to power its new fleet of Boeing 737-10 aircraft, with options for up to 60 additional engines. Qatar Airways also signed an agreement for installed and spare LEAP-1B engines to power the airline's new fleet of 25 737-10 aircraft.

轉到幻燈片 6。在推動我們業務的運營改進的同時，我們還專注於更好地為客戶服務並為未來進行創新。最近的幾個亮點。在 Aerospace，我們與賽峰集團的合資企業。達美航空選擇 CFM International 為其新的波音 737-10 機隊提供 200 台 CFM LEAP-1B 發動機，並可選擇最多 60 台額外的發動機。卡塔爾航空公司還簽署了安裝和備用 LEAP-1B 發動機的協議，為該航空公司的 25 737-10 飛機組成的新機隊提供動力。

At HealthCare, our recently announced partnership with Medtronic is enabling personalized care with the integration of 2 of Medtronic's continuous monitoring solutions with our precision monitoring platform. These capabilities allow clinicians to have access to real-time, reliable patient insights.

在 HealthCare，我們最近宣布與美敦力合作，通過將美敦力的 2 個連續監測解決方案與我們的精確監測平台相結合，實現個性化護理。這些功能使臨床醫生能夠獲得實時、可靠的患者見解。

And at Power, we celebrated the first HA gas turbine order in Vietnam. The new 9HA.02 combined cycle power plant is expected to improve the reliability and stability of the energy grid to support renewables penetration there.

在 Power，我們慶祝了越南的第一個 HA 燃氣輪機訂單。新的 9HA.02 聯合循環發電廠有望提高電網的可靠性和穩定性，以支持可再生能源的滲透。

We're also developing new products with innovation supported by our continued investment in R&D. For example, Digital announced the first solution resulting from its Opus One Solutions acquisition, Distributed Energy Resource Management System designed to help utilities keep the grid safe, secure and resilient while enabling energy affordability.

在持續的研發投資支持下，我們還在開發具有創新性的新產品。例如，Digital 宣布了其收購 Opus One Solutions 所產生的第一個解決方案，即分佈式能源管理系統，旨在幫助公用事業公司保持電網安全、可靠和有彈性，同時實現能源負擔能力。

So in summary, I have great confidence in the actions we're taking and our path forward to drive sustained profitable growth.

總而言之，我對我們正在採取的行動以及推動持續盈利增長的前進道路充滿信心。

With that, Carolina will provide further insights on the second quarter.

有了這個，卡羅來納州將提供關於第二季度的進一步見解。

Thanks, Larry.

謝謝，拉里。

Diving into the results. Turning to Slide 7, I'll share the highlights from the quarter on an organic basis. Orders were up 4% and revenue up 5%, with growth led by Aerospace. On a sequential basis, adjusted revenue improved $1.6 billion or 10%, a significant step-up reflecting progress towards our second half ramp. Services revenue was a particular strength in the quarter as we delivered double-digit service revenue growth compared to last year, with Aerospace leading the way, up 47%.

深入研究結果。轉到幻燈片 7，我將有機地分享本季度的亮點。訂單增長 4%，收入增長 5%，其中航空航天行業領漲。在連續的基礎上，調整後的收入增加了 16 億美元或 10%，這是一個顯著的進步，反映了我們在下半年增長方面取得的進展。服務收入在本季度尤為突出，因為與去年相比，我們實現了兩位數的服務收入增長，其中航空航天領先，增長了 47%。

Equipment declined 6%, driven by Renewables. HealthCare and Power equipment revenues were bright spots, with HealthCare up 5% despite supply constraints and Power up 18%, reflecting strong Aeroderivative shipments. Year-to-date, organic growth was 3%. Both quarter and year-to-date, this includes 5 points of pressure from supply chain disruptions, COVID impact in China and the Russia-Ukraine war with the latter contributing roughly 1 point of impact year-to-date.

在可再生能源的推動下，設備下降了 6%。醫療保健和電力設備收入是亮點，儘管供應限制，醫療保健增長 5%，電力增長 18%，反映出航改產品的強勁出貨量。年初至今，有機增長率為 3%。本季度和年初至今，這包括來自供應鏈中斷的 5 個壓力點、中國的 COVID 影響和俄羅斯-烏克蘭戰爭，而後者今年迄今貢獻了大約 1 個影響點。

On adjusted margin, both Aerospace and Power saw expansion overall as a result of the actions we're taking, focused on pricing drove more than 100 basis points of margin expansion in the quarter. Services mix, particularly in Aerospace, contributed favorably. We also saw improved contract margin reviews for CMRs with strength from contractual escalations and engine utilization. Cost reductions were more than 150 basis points of year-over-year benefit, largely restructuring savings and some timing-related corporate benefit. Partly offsetting these improvements was approximately 200 basis points of margin headwinds from inflation and logistics costs, net of sourcing actions.

在調整後的利潤率方面，由於我們正在採取的行動，航空航天和電力公司整體都出現了擴張，重點是定價推動了本季度超過 100 個基點的利潤率擴張。服務組合，特別是航空航天，貢獻良多。我們還看到 CMR 的合同保證金審查有所改善，合同升級和發動機利用率的影響。成本降低是同比收益超過 150 個基點，主要是重組節省和一些與時間相關的企業收益。部分抵消了這些改善的是來自通貨膨脹和物流成本的大約 200 個基點的利潤逆風，扣除採購行動。

In Aerospace and Power, the net impact of price cost and inflation was positive. HealthCare and Onshore Wind both took steps to address cost and price, but it wasn't enough to offset the inflation.

在航空航天和電力領域，價格成本和通貨膨脹的淨影響是積極的。 HealthCare 和 Onshore Wind 都採取措施解決成本和價格問題，但這還不足以抵消通貨膨脹。

Lastly, adjusted EPS was up about $0.56 or about 2.5x driven by profit growth plus lower interest expense from our debt reduction actions. About $0.15 of earnings was timing related that we either do not expect to repeat or had originally expected in the third quarter. Continuing EPS was negative, primarily driven by the unfavorable mark-to-market impact from our Baker Hughes and AerCap positions.

最後，調整後的每股收益增長了約 0.56 美元或約 2.5 倍，這是由於利潤增長加上我們的減債行動降低了利息費用。大約 0.15 美元的收益與時間相關，我們預計不會重複或最初預計在第三季度。每股收益持續為負，主要是由於我們的貝克休斯和 AerCap 頭寸對市價的不利影響。

In total, we delivered a strong quarter marked by revenue up mid-single digits significant profit growth and margin expansion. These results and our focus on execution gives me confidence that we will achieve the low end of full year growth, profit and EPS outlook even in a tough environment. Year-to-date, we have delivered more than 1/3 of our EPS guide, in line with typical seasonality.

總體而言，我們實現了一個強勁的季度，其特點是收入增長了中個位數，顯著的利潤增長和利潤率擴張。這些結果和我們對執行的關注讓我相信，即使在艱難的環境中，我們也將實現全年增長、利潤和每股收益前景的低端。年初至今，我們已經交付了超過 1/3 的 EPS 指南，符合典型的季節性。

Moving to cash. We generated $200 million of free cash flow driven by strong adjusted earnings, which was positive, excluding the mark-to-market impact previously mentioned. Despite a limited impact on free cash flow in the quarter, supply chain challenges are contributing to inventory pressure and later deliveries and billings.

轉向現金。在強勁的調整後收益的推動下，我們產生了 2 億美元的自由現金流，這是積極的，不包括前面提到的按市值計算的影響。儘管本季度對自由現金流的影響有限，但供應鏈挑戰正在導致庫存壓力以及後期交付和計費。

First, on working capital dynamics. Receivables for the use of cash driven by billings from sequential revenue growth and also pressured by later deliveries in the quarter. This was partially offset by collection strength, where we saw a 7-day DSO improvement year-over-year. Inventory up across all businesses was a large use of cash. A portion of this is typical, building for the second half volume growth leads to inventory and accounts payable growth with material resets outpacing disbursement.

首先，關於營運資金動態。使用現金的應收賬款是由連續收入增長帶來的賬單驅動的，同時也受到本季度後期交付的壓力。這被收集強度部分抵消，我們看到 7 天的 DSO 同比有所改善。所有企業的庫存都大量使用現金。其中一部分是典型的，下半年銷量增長導致庫存和應付賬款增長，材料重置速度超過支出。

This quarter, however, supply chain challenges also contributed to elevated inventory levels across inputs and outputs. Inputs were pressured by the impact on inflation and additional purchases needed to support second half deliveries for customers. For output, fulfillment challenges led to higher inventory.

然而，本季度，供應鏈挑戰也導致投入和產出的庫存水平上升。對通貨膨脹的影響以及支持下半年向客戶交付所需的額外採購給投入帶來了壓力。對於產出，履行挑戰導致庫存增加。

Progress was a source of cash, mainly due to Aerospace collections on equipment orders to support production. Contract assets was a use of cash. We saw continued strength in Aerospace utilization, resulting in higher billings, offset by service revenue in Aerospace and positive CMRs.

進展是現金的來源，主要是由於航空航天收集設備訂單以支持生產。合同資產是對現金的使用。我們看到航空航天利用率持續強勁，導致更高的賬單，但被航空航天的服務收入和積極的 CMR 所抵消。

In the second half, we expect free cash flow to be significantly greater than the first half due to higher collections on revenue growth and disbursements in line with the first half inventory build. However, supply chain constraints are delaying deliveries and pushing collections to the following periods. So as a result, much of the third quarter free cash flow is likely to shift to the fourth quarter, while late fourth quarter deliveries would leave a higher receivable balance at the end of the year to be collected in 2023. Combined with lower progress payments from Renewable Energy orders, we expect this to result in a deferral of about $1 billion of free cash flow out of 2022.

下半年，我們預計自由現金流將顯著高於上半年，原因是收入增長和支出增加與上半年庫存增長一致。然而，供應鏈限制正在延遲交付並將收集推到以下時期。因此，第三季度的大部分自由現金流可能會轉移到第四季度，而第四季度末的交付將在年底留下更高的應收賬款餘額，以便在 2023 年收回。再加上較低的進度付款根據可再生能源訂單，我們預計這將導致約 10 億美元的自由現金流推遲到 2022 年。

Turning to the business. Aerospace delivered a very strong quarter as the commercial market continued to recover. Orders grew across the board, up 26% with both commercial engines and services up substantially, reflecting continued robust customer demand. Revenue was up, driven by significant growth in commercial services with shop visits 14% higher year-over-year and continued strength in spare parts sales. Supply constraints, including material availability, negatively impacted revenue by 9 points, primarily in Commercial Engines. Military growth was driven by services while engine deliveries slowed due to temporary setbacks, specifically in T700 shipments, we expect tangible improvements in the second half.

轉向業務。隨著商業市場的持續復甦，航空航天的季度表現非常強勁。訂單全面增長，增長 26%，商用引擎和服務均大幅增長，反映了持續強勁的客戶需求。收入增長，主要得益於商業服務的顯著增長，商店訪問量同比增長 14%，並且備件銷售持續強勁。供應限制，包括材料可用性，對收入產生了 9 個百分點的負面影響，主要是在商用發動機領域。軍事增長是由服務推動的，而發動機交付由於暫時的挫折而放緩，特別是在 T700 出貨量方面，我們預計下半年會有明顯改善。

Commercial Engine revenue was down slightly as supply chain disruptions continued to impact deliveries. Total engine shipments were down 7%, largely due to lower GEnx production, where LEAP shipments were up 7%.

由於供應鏈中斷繼續影響交付，商業引擎收入略有下降。發動機總出貨量下降 7%，主要是由於 GEnx 產量下降，其中 LEAP 出貨量增長了 7%。

Segment margin expanded by almost 15 points primarily driven by Commercial Cervices growth, lower OE shipments as well as actions improving pricing structures to address inflation and CMR performance. CMR alone drove over 8 points of improvement given the negative CMR last year.

分部利潤率增長了近 15 個百分點，主要受商業服務增長、OE 出貨量下降以及改善定價結構以應對通脹和 CMR 績效的行動的推動。鑑於去年的負 CMR，僅 CMR 就推動了超過 8 個點的改善。

For the total year, largely due to China's first half slowdown, we now expect shop visits to be in the high teens range. We also expect lower commercial engines revenue, trending below 20% growth year-over-year due to continued supply chain challenges. However, we continue to expect more than 25% Commercial Services growth from ongoing strength in spare parts sales, and that more than offsets the lower shop visit volume and OE volume. Therefore, we still expect to achieve greater than 20% growth and $3.8 billion to $4.3 billion of operating profit for the year.

就全年而言，主要是由於中國上半年經濟放緩，我們現在預計商店訪問量將在青少年範圍內。我們還預計商用發動機收入將下降，由於持續的供應鏈挑戰，同比增長率將低於 20%。但是，我們繼續預計，由於備件銷售的持續強勁，商業服務將增長 25% 以上，這足以抵消商店訪問量和 OE 量的下降。因此，我們仍預計今年將實現 20% 以上的增長和 38 億至 43 億美元的營業利潤。

Moving to HealthCare. Market demand remains solid, while supply and inflation challenges continue to impact the market. Underlying customer orders indicate continued commitment to investment and we're encouraged by signs that supply chain pressures will ease in the second half of this year. We continue to monitor hospital investment plans and procedure activity. Second quarter orders grew 1%, but that was against a tough comparison to the second quarter of last year when orders increased 11% as well as the impact from COVID in China. Orders increased mid-single digits in Services, partially offset by a slight decline in Equipment orders. Comparisons continue to be challenging through the second half.

轉向醫療保健。市場需求依然穩固，而供應和通脹挑戰繼續影響市場。潛在客戶訂單表明對投資的持續承諾，我們對供應鏈壓力將在今年下半年緩解的跡象感到鼓舞。我們將繼續監控醫院投資計劃和程序活動。第二季度訂單增長 1%，但這與去年第二季度訂單增長 11% 以及中國 COVID 的影響形成鮮明對比。服務訂單增加了中個位數，部分被設備訂單的小幅下降所抵消。下半年的比較仍然具有挑戰性。

Revenue in the second quarter was up 4%, with mid-single-digit growth in equipment and low single-digit growth in services. Growth was driven by Imaging, Ultrasound and HCS Services sales, and it was offset by the continuing supply chain constraints, including those related to COVID impact in China. Recall that fulfillment challenges started in the second quarter of 2021. And when excluding supply chain impact in both periods, revenue growth would have been 5% this quarter, highlighting how we proactively manage sourcing and logistics.

第二季度收入增長 4%，設備增長中個位數增長，服務增長低個位數。增長由影像、超聲和 HCS 服務銷售推動，但被持續的供應鏈限制所抵消，包括與中國 COVID 影響相關的限制。回想一下，履行挑戰始於 2021 年第二季度。如果不計兩個時期的供應鏈影響，本季度的收入增長將達到 5%，突出了我們如何主動管理採購和物流。

COVID in China impacted growth in both Equipment and PDx revenue. With China broadly reopening in early June and our Shanghai PDX facility fully operational, our Equipment and PDx revenue in China is expected to rebound in the third quarter.

中國的 COVID 影響了設備和 PDx 收入的增長。隨著中國於 6 月初全面重新開放以及我們的上海 PDX 設施全面投入運營，我們在中國的設備和 PDx 收入預計將在第三季度反彈。

Segment margin was impacted by material and logistics inflation with some sequential improvement. Net of sourcing actions, margins contracted about 300 basis points year-over-year but were up about 200 basis points sequentially. We are making progress with price in sales positive for the first time in recent history.

分部利潤率受到材料和物流通脹的影響，並出現了一些環比改善。扣除採購活動後，利潤率同比收縮約 300 個基點，但環比增長約 200 個基點。我們在近期歷史上首次在銷售價格為正方面取得進展。

Looking ahead, HealthCare is focused on driving cost reductions and implementing Lean through supply chain actions to deliver for customers and address cost and price structures as we work to offset inflation and logistics pressures. We are also prudently investing in future innovation, aiming at high-return differentiated technologies. Our commitment to R&D investments is demonstrated by the double-digit year-over-year increase this quarter. For example, we launched Voluson Expert 22, our most advanced ultrasound yet. This latest addition to our Women's Health portfolio has AI-powered tools and our proprietary Lyric Architecture to unlock new imaging and processing power, achieving higher resolution detailed images and scanning flexibility revealing fine anatomy in 2D, 3D and 4D with ease.

展望未來，HealthCare 專注於通過供應鏈行動推動成本降低和實施精益，為客戶提供服務並解決成本和價格結構問題，同時努力抵消通貨膨脹和物流壓力。我們也在審慎地投資於未來的創新，瞄準高回報的差異化技術。本季度兩位數的同比增長證明了我們對研發投資的承諾。例如，我們推出了 Voluson Expert 22，這是我們迄今為止最先進的超聲波。我們女性健康產品組合的最新成員擁有人工智能驅動的工具和我們專有的抒情架構，以解鎖新的成像和處理能力，實現更高分辨率的詳細圖像和掃描靈活性，輕鬆揭示 2D、3D 和 4D 的精細解剖結構。

In addition, our inventory levels are elevated as we prepare for an anticipated ramp in orders fulfillment in the second half of 2022.

此外，隨著我們為 2022 年下半年訂單履行量的預期增加做準備，我們的庫存水平也有所提高。

As Larry mentioned, we're making good progress on the HealthCare spin. We have an opportunity to impact both patients and customers as HealthCare transitions into an independent public company.

正如拉里所說，我們在醫療保健方面取得了良好進展。隨著 HealthCare 轉變為一家獨立的上市公司，我們有機會影響患者和客戶。

Looking at the full year, order demand remains solid, and we're expecting mid-single-digit revenue growth while closely monitoring customer order activity. Due largely to inflation pressure, we now expect 2022 operating profit to be about $3 billion, slightly below our prior outlook.

縱觀全年，訂單需求保持穩定，我們預計收入將實現中個位數增長，同時密切關注客戶訂單活動。主要由於通脹壓力，我們現在預計 2022 年的營業利潤約為 30 億美元，略低於我們之前的預期。

Turning to Renewables. Orders were down due to continued pressure from Onshore North America market dynamics and the selectivity in International, impacting both equipment and services Repower upgrades. Partially offsetting this were Grid and Hydro, which won a large order for the upgrade of the Itaipu hydropower plant. Grid had orders growth across all businesses, including significant growth in Grid Automation.

轉向可再生能源。由於北美陸上市場動態和國際選擇性的持續壓力，訂單下降，影響設備和服務 Repower 升級。 Grid 和 Hydro 部分抵消了這一影響，它們贏得了伊泰普水電站升級的大筆訂單。 Grid 在所有業務中都有訂單增長，其中包括 Grid Automation 的顯著增長。

Revenue declined with roughly 2/3 of the decline from lower Onshore Wind North America deliveries. The remainder of the decline was primarily driven by Onshore Wind International as planned. Grid and Onshore services, excluding Repower, both were up low single digits, reflecting our focus on driving growth in these businesses.

由於北美陸上風電交付量下降，收入下降了大約 2/3。其餘的下降主要是由 Onshore Wind International 按計劃推動的。不包括 Repower 在內的電網和陸上服務均出現低個位數增長，反映出我們專注於推動這些業務的增長。

Segment margin declined significantly although up 160 basis points sequentially. Roughly half the year-on-year decline was a result of volume reductions in our most profitable market, U.S. Onshore. The remainder of the decline was split roughly equally between net inflation pressures across our businesses and higher-than-expected new product costs in Onshore International as we take measures to improve durability across our fleet. This was partially offset by Grid where margins improved from higher volume and benefits from prior restructuring actions, and we also recovered costs associated with legacy hydro projects of about $70 million.

部門利潤率顯著下降，儘管環比上升了 160 個基點。同比下降的大約一半是由於我們最賺錢的市場美國陸上交易量減少。隨著我們採取措施提高船隊的耐用性，其餘的下降大致平均分配給我們業務的淨通脹壓力和陸上國際高於預期的新產品成本。這被 Grid 部分抵消，後者的利潤率因產量增加而提高，並從先前的重組行動中受益，我們還收回了與遺留水電項目相關的約 7000 萬美元的成本。

In summary, we knew coming into this year that Renewables would be challenging. Offshore Wind is a long-term investment in an industry still not at full maturation. Grid, a critical part of the energy transition, is where we're making good progress today. Our priority is Onshore Wind where many pressures are converging. The ongoing paralysis in Washington with the PTC expiration is hitting our most profitable market, impacting demand. This is coupled with additional inflationary pressures and fleet durability actions.

總之，我們知道進入今年可再生能源將充滿挑戰。海上風電是對一個尚未完全成熟的行業的長期投資。電網是能源轉型的關鍵部分，是我們今天取得良好進展的地方。我們的首要任務是陸上風電，那裡的許多壓力正在匯聚。隨著 PTC 到期，華盛頓的持續癱瘓正在衝擊我們最賺錢的市場，影響需求。這與額外的通脹壓力和船隊耐久性行動相結合。

For 2022, due to these dynamics, we no longer expect a step-up profit in the second half. Clearly, we have more work to do here. We're taking swift actions to turn around this business, running our Power playbook. Given the strength of our portfolio and the fundamental importance of renewable energy in the energy transition, we remain confident that we will drive profitability over time.

對於 2022 年，由於這些動態，我們不再期望下半年的利潤增加。顯然，我們還有更多工作要做。我們正在迅速採取行動扭轉這項業務，運行我們的 Power 手冊。鑑於我們產品組合的實力以及可再生能源在能源轉型中的根本重要性，我們仍然相信我們將隨著時間的推移提高盈利能力。

Moving to Power. Starting with the market. Global gas generation and GE utilization remained resilient, growing low single digits. Despite higher gas prices and availability challenges, gas remains a fuel of choice on the dispatch curves around the globe to meet the growing electricity demand. We continue to expect the market for gas generation to grow low single digits over the next decade.

走向權力。從市場開始。全球天然氣生產和 GE 利用率保持彈性，增長低個位數。儘管天然氣價格上漲和可用性挑戰，天然氣仍然是全球調度曲線上的首選燃料，以滿足不斷增長的電力需求。我們繼續預計天然氣發電市場將在未來十年以低個位數增長。

Orders were down in the quarter, largely reflecting the uneven equipment order profile we've seen quarter-to-quarter. Services declined due to lower gas CSA outages in line with our multiyear technology cycle. Importantly, Power orders grew low single digits in the first half of the year, driven by equipment strength in the first quarter. The team remains focused on disciplined underwriting and backlog quality.

本季度訂單下降，主要反映了我們看到的季度間設備訂單情況不均衡。由於符合我們多年技術週期的天然氣 CSA 中斷減少，服務下降。重要的是，在第一季度設備實力的推動下，上半年電力訂單增長了個位數。該團隊仍然專注於嚴格的承保和積壓質量。

Revenue was up mid-single digits, primarily driven by margin-accretive aeroderivative strength, shipping 14 more units versus last year. Overall, services revenue was flat. We delivered strong transactional services growth in Gas and Power Conversion, which was offset with the expected lower gas CSA outage volume. Segment margin reached high single digits in the quarter and expanded 30 basis points.

收入增長了中個位數，主要受利潤率增長的航改實力推動，與去年相比，出貨量增加了 14 台。總體而言，服務收入持平。我們在天然氣和電力轉換方面實現了強勁的交易服務增長，這被預期較低的天然氣 CSA 中斷量所抵消。本季度分部利潤率達到高個位數並擴大了 30 個基點。

At Gas Power, margins remain resilient from improving price structure to address inflation and aero equipment and transactional services volume growth. This helped offset the mix headwind. At Steam, margins improved significantly due to continued focus on productivity as well as project and legal charges from last year that didn't repeat.

在 Gas Power，通過改善價格結構以應對通貨膨脹以及航空設備和交易服務量的增長，利潤率仍然保持彈性。這有助於抵消混合阻力。在 Steam，由於持續關註生產力以及去年沒有重複的項目和法律費用，利潤率顯著提高。

We're focused on expanding our services opportunity and expect higher CSA outages next year. In the second half, we expect more growth as H-class and aero delivery ramp alongside the continued strength of transactional services and the improvement at Steam.

我們專注於擴大我們的服務機會，並預計明年 CSA 中斷會增加。下半年，隨著交易服務的持續強勁和 Steam 的改進，我們預計隨著 H 級和航空交付量的增加，會有更多的增長。

Power is set up well to grow profit in 2022, and we are reaffirming our outlook for low single-digit revenue growth and margin expansion.

Power 的設置良好，可以在 2022 年實現利潤增長，我們重申對低個位數收入增長和利潤率擴張的前景。

Finally, a moment on corporate. Adjusted corporate costs decreased over 50% versus last year and 65% year-to-date. We saw lower functions and operations costs from some timing benefit in addition to lower elimination. Given the favorability in the first half, we now expect corporate costs of below $1 billion for the year.

最後，談談企業。調整後的企業成本與去年相比下降了 50% 以上，年初至今下降了 65%。除了減少淘汰之外，我們還看到一些時間優勢降低了功能和運營成本。鑑於上半年的有利情況，我們現在預計今年的企業成本將低於 10 億美元。

While excluded from our adjusted results, insurance net income was approximately $140 million. This was down year-over-year as COVID favorability subsides and trends continue to normalize.

雖然不包括在我們調整後的結果中，但保險淨收入約為 1.4 億美元。隨著 COVID 的好感度下降且趨勢繼續正常化，這一數字同比下降。

As we have previously disclosed early this year, aligned with the industry, we plan to adopt the GAAP LDTI accounting standard. The transition adjustment is being applied retroactively to the beginning of 2021. As a result, we expect a negative equity impact of about $7 billion to $8 billion after tax using January '21 rates. This is driven primarily by the lower discount rates.

正如我們今年早些時候披露的那樣，與行業保持一致，我們計劃採用 GAAP LDTI 會計準則。過渡調整將追溯應用到 2021 年初。因此，我們預計使用 21 年 1 月的稅率，稅後股票的負面影響約為 70 億至 80 億美元。這主要是由於較低的貼現率所致。

Using June 30, 2022 rates, the transition adjustment would be $4 billion to $5 billion, taking effect in the first quarter of 2023. Also embedded in this estimate is the $1.5 billion to $2 billion after-tax equity impact primarily from adopting the LTC first principles approach, which complements the LDTI and incorporates a more granular modeling assumptions. The first principles model are considered an industry best practice and allow for additional transparency driven by refined modeling that improves claims projections.

使用 2022 年 6 月 30 日的利率，過渡調整將在 40 億美元至 50 億美元之間，於 2023 年第一季度生效。這一估計中還包含 15 億美元至 20 億美元的稅後股權影響，主要來自首先採用 LTC原則方法，它補充了 LDTI 並結合了更精細的建模假設。第一原則模型被認為是行業最佳實踐，並允許通過改進索賠預測的改進模型驅動額外的透明度。

Importantly, we do not expect any additional cash funding needs as a result of these changes currently.

重要的是，我們預計當前這些變化不會導致任何額外的現金資金需求。

We will finalize our CFT results in the first quarter of 2023. We also currently expect our LRT margin to remain positive and will report results in the third quarter of this year. We've provided more info on this in the 10-Q that we filed today.

我們將在 2023 年第一季度最終確定我們的 CFT 業績。我們目前還預計我們的輕軌利潤率將保持正數，並將在今年第三季度報告業績。我們在今天提交的 10-Q 中提供了更多相關信息。

In discontinued operations, our runoff Polish BPH mortgage portfolio ended the quarter with a gross balance of about $2.1 billion. And this quarter, we recorded charges of about $200 million, primarily driven by unfavorable results for banks in ongoing litigation with borrowers. This brings the total litigation reserves related to this matter to approximately $1 billion.

在已停業的業務中，我們在本季度末的波蘭 BPH 抵押貸款組合的總餘額約為 21 億美元。本季度，我們記錄了約 2 億美元的費用，主要是由於銀行在與借款人的持續訴訟中的不利結果。這使與此事相關的訴訟準備金總額達到約 10 億美元。

Stepping back, despite the volatile environment, we are pleased by the progress we made this quarter. We delivered order, revenue and profit growth and positive cash. This gives me confidence in achieving the outlook for 2022 that we've shared today.

退後一步，儘管環境動盪，但我們對本季度取得的進展感到高興。我們實現了訂單、收入和利潤增長以及正現金。這讓我有信心實現我們今天分享的 2022 年展望。

Now Larry, back to you.

現在拉里，回到你身邊。

Thanks, Carolina. And by the way, happy birthday.

謝謝，卡羅萊納。順便說一句，生日快樂。

Wrapping up on Slide 13. As we sit here today, I hope you see what we see. GE is a stronger, more customer-centric company. With Lean and decentralization at the center of everything we do, we've made significant progress across delivery, price and cost, driving lasting improvements. The actions I outlined earlier are helping us manage pressures today and most importantly, positioning our businesses for sustainable long-term growth.

結束幻燈片 13。當我們今天坐在這裡時，我希望你能看到我們所看到的。 GE 是一家更強大、更以客戶為中心的公司。以精益和去中心化為我們所做的一切的核心，我們在交付、價格和成本方面取得了重大進展，推動了持久的改進。我之前概述的行動正在幫助我們管理當今的壓力，最重要的是，將我們的業務定位於可持續的長期增長。

Looking ahead, our story is simple. We have leading innovative franchises poised to accelerate in critical growth sectors the world needs. We're advancing the future of flight, precision health and the energy transition. And our solid financial and operational foundation keeps us on track with our plan to launch 3 companies, each with greater agility, more focus and future growth opportunities. I'm excited about what's ahead and confident GE is positioned to create value.

展望未來，我們的故事很簡單。我們擁有領先的創新特許經營權，準備在世界需要的關鍵增長領域加速發展。我們正在推進飛行、精準健康和能源轉型的未來。我們堅實的財務和運營基礎使我們能夠按計劃推出 3 家公司，每家公司都具有更大的敏捷性、更多的專注度和未來的增長機會。我對未來的發展感到興奮，並對 GE 能夠創造價值充滿信心。

Steve, with that, let's turn to questions.

史蒂夫，有了這個，讓我們轉向問題。

(Operator Instructions) Cheryl, can you please open the line?

（操作員說明）謝麗爾，你能打開線路嗎？

(Operator Instructions) Our first question comes from Deane Dray from RBC.

（操作員說明）我們的第一個問題來自 RBC 的 Deane Dray。

A couple of free cash flow clarification questions. First, how much of the $1 billion pushout is supply chain versus the Renewable orders? What's the reset 2022 guide? And what does this mean for that previous placeholder for '23, the $7 billion plus? And happy birthday, Carolina.

幾個自由現金流澄清問題。首先，在 10 億美元的推動下，供應鏈與可再生能源訂單有多少？什麼是重置 2022 指南？這對於之前的 23 年佔位符，超過 70 億美元意味著什麼？生日快樂，卡羅萊納。

Well, thank you, Deane. There was a lot of questions on cash. We'll take them step by step.

好吧，謝謝你，迪恩。有很多關於現金的問題。我們會一步一步來。

So to start with the $1 billion of working capital pushout that we mentioned earlier today, it's really 2/3 that is timing, I would say, a combination of inventory versus receivable from the businesses. And then about 1/3 is progress in the PTC dynamics from Renewables. So that's the split of the $1 billion.

因此，從我們今天早些時候提到的 10 億美元的營運資金推出開始，我想說，實際上是 2/3 的時機，是庫存與企業應收賬款的組合。然後大約 1/3 是可再生能源在 PTC 動態方面取得的進展。這就是 10 億美元的分成。

Then you asked about the guide for 2022 free cash flow, and what does that mean then per business. So what I would say is that if we start with what we talked about today, $1 billion, about $1 billion of pushout compared to what we've talked about before. So if you take them segment by segment, it really means that in Aerospace, we expect to be down due to the supply constraints. HealthCare, similar. So basically, I would say, trending flat due to the supply constraints here on deliveries. For Renewables, and here, we already in the first quarter talked about that we expected to sort of be below our original guide, but still better than last year. Now we have additional pressure. So about 1/3 is added to the Renewables number or reduced from Renewables number. And then for Power, we have conviction in the existing outlook. And Corporate, we also expect to land in the existing guidance.

然後您詢問了 2022 年自由現金流的指南，以及這對每個企業意味著什麼。所以我想說的是，如果我們從今天討論的內容開始，10 億美元，與我們之前討論的內容相比，大約 10 億美元的推出。因此，如果您逐個細分市場，這實際上意味著在航空航天領域，由於供應限制，我們預計會下降。醫療保健，類似。所以基本上，我會說，由於交貨方面的供應限制，趨勢持平。對於可再生能源，在這裡，我們已經在第一季度談到了我們預計會低於我們最初的指南，但仍然比去年好。現在我們有額外的壓力。因此，大約 1/3 被添加到可再生能源數量或從可再生能源數量減少。然後對於 Power，我們對現有的前景充滿信心。和企業，我們也希望登陸現有的指導。

So that's overall the 2022 impact of the changes in the free cash flow guide.

這就是自由現金流指南變化對 2022 年的總體影響。

And Deane, on '23, if I may, as you know well, we're just starting our annual strategy and budgeting cycle, that will take us through the next several months. I think as it pertains to '23, we're still of the view that we're going to deliver significant year-over-year improvement in both profit and cash but as we said earlier, below the prior view that we've expressed.

迪恩，如果可以的話，在 23 年，正如你所知，我們剛剛開始我們的年度戰略和預算週期，這將帶我們度過接下來的幾個月。我認為與 23 年有關，我們仍然認為我們將在利潤和現金方面實現顯著的同比增長，但正如我們之前所說，低於我們之前表達的觀點.

And perhaps stating the obvious, with so much in flux right now, around the world, I think it's going to be important for us to see how the next 6 months unfold and at this point, expect to provide an outlook on '23 in the usual time frame at earnings -- at fourth quarter earnings.

也許是說顯而易見的，現在在世界範圍內發生瞭如此多的變化，我認為對我們來說，看看未來 6 個月如何展開很重要，在這一點上，預計將提供 23 年的展望通常的收益時間框架——第四季度收益。

That said, I mean, given the way we've talked about '23 in the past and the underlying improvement drivers, I don't think they've really changed since March relative to the strong tailwind that we see in Aerospace broadly, both in services and in new units. Clearly, post-pandemic spending by health care providers is something that is critical to the HealthCare story. And I think the energy transition all the more, given events in Ukraine, are going to play to GE's strengths. We just need to work through some of these near-term issues that we've highlighted in the prepared remarks in Renewables.

也就是說，我的意思是，考慮到我們過去談論 '23 的方式和潛在的改進驅動因素，相對於我們在航空航天領域廣泛看到的強勁順風，我認為它們自 3 月以來並沒有真正改變，兩者在服務和新單位。顯然，醫療保健提供者的大流行後支出對醫療保健故事至關重要。而且我認為，考慮到烏克蘭的事件，能源轉型將更加發揮通用電氣的優勢。我們只需要解決我們在可再生能源中準備好的評論中強調的一些近期問題。

Yes. So what that means basically is that we still expect to see the same drivers as we shared in March, but we're monitoring the volatility as Larry spoke about. And we do expect earnings to be a bigger contributor in the sort of the 2023 improvement. It will start off a lower 2022 base, but it will still be the main part of improvement for 2023.

是的。所以這基本上意味著我們仍然希望看到與三月份分享的相同驅動因素，但我們正在監控拉里所說的波動性。我們確實預計收益將成為 2023 年改善的更大貢獻者。它將從較低的 2022 年基數開始，但仍將是 2023 年改善的主要部分。

And if I look at the earnings as a big improvement part. Then on top of that, we have -- as usual, we have the delta between depreciation, amortization and CapEx. So you'll have, what, $1 billion of amortization that's noncash. And then you add to that the working capital part, and we do expect to continue to focus on improving the efficiency, and we expect working capital to continue to be a source of cash, and that will be helped by what I just mentioned, at least in '23 by the 2/3 of the $1 billion of pushout. Well, I would say our more conservative view of the U.S. onshore wind market creates more uncertainty about when we get the progress part and possible restructuring.

如果我將收益視為一個很大的改進部分。然後最重要的是，我們有——像往常一樣，我們有折舊、攤銷和資本支出之間的差值。因此，您將擁有 10 億美元的非現金攤銷。然後你加上營運資金部分，我們確實希望繼續專注於提高效率，我們希望營運資金繼續成為現金來源，這將得到我剛才提到的幫助，在至少在 23 年被 10 億美元推出的 2/3。好吧，我想說的是，我們對美國陸上風電市場的更為保守的看法給我們何時獲得進展部分和可能的重組帶來了更多的不確定性。

So overall, we still expect a significant improvement on profit as well as free cash flow for 2023.

因此，總體而言，我們仍然預計 2023 年的利潤和自由現金流將有顯著改善。

The next question comes from Julian Mitchell from Barclays.

下一個問題來自巴克萊銀行的 Julian Mitchell。

Best wishes, Carolina. Maybe just wanted to focus my question around the sort of operating profit for the second half. So I think you're saying you're at the low end, so sort of $6 billion of full year adjusted op profit is the new guide. That implies, I think, about $3.4 billion of second half op profit versus $2.6 billion in the first half. So you had about an $800 million increase half-on-half. I suppose my point was that in the -- just maybe you could confirm that. And then I just want to understand that step-up in profit in the context of the revenue step-up because I guess your old revenue guide of $76 billion you have a very big implied sort of revenue increase, $8 billion or so in the second half, half-on-half. I'm assuming that number is lower. But maybe help us understand the sort of revised revenue guide for the year and how we're thinking about the half-on-half step-up, what kind of operating leverage we should expect and what price cost is doing in the back half?

最好的祝愿，卡羅萊納。也許只是想把我的問題集中在下半年的營業利潤上。所以我認為你是在說你處於低端，所以 60 億美元的全年調整後運營利潤是新的指導方針。我認為，這意味著下半年運營利潤約為 34 億美元，而上半年為 26 億美元。所以你有大約 8 億美元的一半增長。我想我的意思是——也許你可以證實這一點。然後我只是想了解在收入增長的背景下利潤的增長，因為我猜你的舊收入指南是 760 億美元，你有一個非常大的隱含收入增長，第二個是 80 億美元左右一半，一半一半。我假設這個數字更低。但也許可以幫助我們了解今年修訂後的收入指南，以及我們如何考慮半對半的提升，我們應該期待什麼樣的運營槓桿以及後半部分的價格成本是多少？

Julian, thank you for congratulations. I won't to reveal my age here, but thanks anyway.

朱利安，謝謝你的祝賀。我不會在這裡透露我的年齡，但無論如何謝謝。

So on the profit. So no, your math is absolutely right. Let me start by saying that for us, our seasonality is that the second half is really loaded. So we have more than 100% of free cash flow in the second half and the 80% of net income in the second half taking '21 as a reference point. So it's not uncommon. And we do expect to see strong sequential improvement in growth, so that continued to accelerating through the year.

所以就利潤而言。所以不，你的數學是絕對正確的。首先讓我說，對我們來說，我們的季節性是下半年真的很充實。因此，以 21 年為參考點，我們在下半年擁有超過 100% 的自由現金流和 80% 的淨收入。所以這並不少見。我們確實預計增長會出現強勁的連續增長，因此這一年將繼續加速。

If I look at the different businesses and what you commented on with the profit, we do expect to see about $800 million of profit growth compared to what we saw in the first half. And I would just start by saying, we expect to see improvements in all segments, but excluding Renewables.

如果我查看不同的業務以及您對利潤的評論，我們確實預計與上半年相比，利潤增長約為 8 億美元。我首先要說的是，我們希望看到所有領域的改進，但不包括可再生能源。

So if you start with Aerospace, we do expect to see strong growth from OE deliveries, which is actually driving a mixed headwind, and we expect that to be offset by the shop visits and the services strength that I mentioned earlier today.

因此，如果您從航空航天開始，我們確實希望看到 OE 交付的強勁增長，這實際上是推動了混合逆風，我們預計這將被我今天早些時候提到的商店訪問和服務實力所抵消。

On the HealthCare side, we also expect the supply chain constraints to improve, and you've see in our backlog there. So we expect to see healthy growth in the second half as well and a combination of pricing taking hold. I would say while we continue to invest for the future growth, we also expect good profit from HealthCare and on the margin improvement there.

在醫療保健方面，我們還預計供應鏈限制會有所改善，您已經在我們的積壓工作中看到了這一點。因此，我們預計下半年也將出現健康增長，並且定價的結合將佔據上風。我想說的是，雖然我們繼續為未來的增長進行投資，但我們也預計醫療保健將帶來可觀的利潤以及那裡的利潤率改善。

For Power, I would say it's already in the backlog. But the second half deliveries, both the gas turbines and aeroderivatives are already sort of planned for the second half and we see strong transactional services growth as well. And also getting price here.

對於 Power，我想說它已經在積壓中。但下半年的交付，燃氣輪機和航改機已經計劃在下半年進行，我們也看到交易服務的強勁增長。並在這裡獲得價格。

So I would say when we look at our low-end range, really, the majority there depends on our own ability to deliver. We've talked about sort of 2/3 high convictions and 1/3 that supply chain restraints. And that holds. What we have done now, though, is we've taken a more conservative view on Renewables, and therefore, we no longer expect to see PTC conversion in the year for Renewables. So overall, the numbers are right, and most of that depends on our own ability to deliver.

所以我想說，當我們查看我們的低端產品系列時，實際上，大部分產品取決於我們自己的交付能力。我們已經談到了 2/3 的高信念和 1/3 的供應鏈限制。這成立。不過，我們現在所做的是，我們對可再生能源採取了更為保守的看法，因此，我們不再期望在今年看到可再生能源的 PTC 轉換。所以總的來說，這些數字是正確的，其中大部分取決於我們自己的交付能力。

You also asked about what about price cost. We're very happy to see that we have positive price in all the segments in the quarter, and we do expect that to continue to improve through the year.

您還詢問了價格成本。我們很高興看到本季度所有細分市場的價格都為正，我們確實預計這一情況將在今年繼續改善。

We also continue to expect to deliver on our $2 billion of cost out for the full year. That said, we are also seeing, as everyone is, inflationary pressures. We saw them in the first half, but we do expect, depending on long cycle versus short cycle, a little bit of a different impact of inflation in the second half, but still working to mitigate that. So that's overall how we get to the low end of our range.

我們還繼續期望在全年實現 20 億美元的成本。也就是說，我們也像每個人一樣看到了通脹壓力。我們在上半年看到了它們，但我們確實預計，取決於長周期與短週期，下半年通脹的影響會有所不同，但仍在努力減輕這種影響。這就是我們如何達到我們範圍的低端的總體情況。

Our next question comes from Joseph Ritchie from Goldman Sachs.

我們的下一個問題來自高盛的約瑟夫·里奇。

Happy birthday, Carolina. I hope you have some fun plan later.

生日快樂，卡羅萊納。我希望你以後有一些有趣的計劃。

Just I guess my question is -- Larry, maybe just -- it's interesting that Slide 4, when you're talking about the progress that you're making across both Aviation and HealthCare. I'm just curious like as you think about the margin trajectory for both of those segments, can we start to underwrite something closer to a high teens margin in the Aviation business? And then maybe just talk about the trajectory of the HealthCare margins from here.

只是我想我的問題是——拉里，也許只是——有趣的是幻燈片 4，當您談論您在航空和醫療保健方面取得的進展時。我很好奇，當您考慮這兩個細分市場的利潤率軌跡時，我們可以開始承保航空業務中接近青少年利潤率的東西嗎？然後也許只是從這裡談論醫療保健利潤率的軌跡。

Well, Joe, thanks for flagging that page. I think what we're trying to do was just help everybody understand that despite some of these supply chain challenges, you don't need us talking about that macro, it's well documented. It's really about -- at least for us, what are we going to do. And I think in both instances, in Aerospace and HealthCare, we're making some good progress that we just need to make more of. And I think as we do that, we'll not only unlock some of this pent-up organic growth. We talked about 500 basis points overall from the quarter, but particularly in services and Aerospace and just HealthCare broadly, that's going to be, I think, not only good growth but highly accretive growth.

好吧，喬，感謝您標記該頁面。我認為我們試圖做的只是幫助每個人理解，儘管存在一些供應鏈挑戰，但你不需要我們談論那個宏觀，它有據可查。這真的是——至少對我們來說，我們要做什麼。我認為在這兩種情況下，在航空航天和醫療保健領域，我們都取得了一些不錯的進展，我們只需要做出更多的努力。我認為，當我們這樣做時，我們不僅會釋放一些被壓抑的有機增長。我們從本季度開始討論了 500 個基點，但特別是在服務和航空航天以及廣義的醫療保健領域，我認為這不僅是良好的增長，而且是高度增值的增長。

With respect to margins, I think both businesses are marching toward 20%. As we said earlier, with respect to '23 and beyond, we're really now in the throes of our strategic plan process with each of the businesses. As you can imagine, a lot of opportunity in Aerospace that we need to work through. HealthCare, similar but different in that they're preparing for the spin. But I think later on in the year, when you speak with Pete and Helmut, as they get ready, it will be clear that margin expansion and strong cash conversion are very much an important part of their story. I think, first and foremost, they want to demonstrate outsized growth, and we think we're going to be well positioned, both in terms of commercial execution and the innovation investments to do that. And hopefully, that cash conversion can be reinvested both organically and inorganically.

關於利潤率，我認為這兩家公司都在向 20% 邁進。正如我們之前所說，關於 23 年及以後，我們現在真的正處於與每個企業的戰略計劃流程的陣痛中。您可以想像，我們需要努力解決航空航天領域的很多機會。醫療保健，類似但不同的是他們正在為旋轉做準備。但我認為，在今年晚些時候，當你與皮特和赫爾穆特交談時，當他們準備好時，很明顯，利潤率擴張和強勁的現金轉換是他們故事中非常重要的一部分。我認為，首先，他們希望展示出巨大的增長，我們認為我們將在商業執行和創新投資方面處於有利地位。希望這種現金轉換可以有機地和無機地再投資。

But I think in both instances, you're going to see nice margin expansion as we move forward. As to when we hit 20%, give us a little bit of time and we'll give you an updated view later this year.

但我認為在這兩種情況下，隨著我們的前進，你都會看到很好的利潤增長。至於我們何時達到 20%，請給我們一點時間，我們將在今年晚些時候為您提供更新的視圖。

The next question comes from Steve Tusa from JPMorgan.

下一個問題來自摩根大通的 Steve Tusa。

The first half to second half on HealthCare, that $1.2 billion going to something close to $1.8 billion. Just can we get a little more granularity on that? And then the follow-up would just be how do you actually see the cash and earnings for third quarter? How does that split between third and fourth with a little more precision?

上半年到下半年醫療保健，這 12 億美元將接近 18 億美元。只是我們能得到更多的粒度嗎？然後接下來就是你如何看待第三季度的現金和收益？如何以更精確的方式在第三和第四之間劃分？

So if you start with the HealthCare part and the HealthCare margins, because what you're asking is really was the confidence in improving the second half. I would say what we saw that clearly is that we get good orders in, but we still have fulfillment issues and the inflation continues to pressure. And therefore, we now expect profit dollars to be slightly below our prior guidance, so $3 billion, and that on a mid-single-digit top line growth.

因此，如果您從醫療保健部分和醫療保健利潤率開始，因為您所要求的實際上是改善下半年的信心。我想說的是，我們清楚地看到的是，我們收到了很好的訂單，但我們仍然存在履行問題，通脹繼續承壓。因此，我們現在預計利潤美元將略低於我們之前的指導，即 30 億美元，而且收入增長率為中個位數。

And I would say for the second half, with what we're seeing, we are seeing fulfillment and pricing improve meaningfully, and we expect that to continue. And of course, the combination of that will help with significant margin expansion in the second half.

我會說下半年，根據我們所看到的，我們看到履行和定價顯著提高，我們預計這種情況會繼續下去。當然，這兩者的結合將有助於下半年的利潤率大幅增長。

I commented on sales price in the prepared remarks earlier. It was the first time we saw a positive in recent history. We've talked about how we've had that in orders, and now we see it come through in sales and we expect it to continue to improve through the year as well as getting deliveries out.

我之前在準備好的評論中評論了銷售價格。這是我們在近代史上第一次看到積極的一面。我們已經討論過我們是如何在訂單中實現這一點的，現在我們看到它在銷售中實現了，我們預計它會在全年繼續改善，並實現交付。

In parallel, we're also taking actions and the team is working really hard on implementing more Lean and decentralization to drive redundant costs out. Sort of early stages of that, but we expect to see more of that take hold in the second half. And I would say that at the same time, we are investing in R&D and in commercial activities to really drive the growth for the future.

與此同時，我們也在採取行動，團隊正在努力實施更多的精益和權力下放，以消除多餘的成本。有點像早期階段，但我們預計下半年會看到更多。我想說的是，與此同時，我們正在投資研發和商業活動，以真正推動未來的增長。

And then you had a question on the third quarter margins as well.

然後你對第三季度的利潤率也有疑問。

Overall third quarter.

第三季度總體。

In general, third quarter. So what we're seeing. So I would start with the headlines, I would say third quarter top line would be trending in mid-single digits. EPS, we would expect to be down year-over-year. And free cash flow, we would expect to be better than previous quarter, but down year-over-year. And if you take that little bit into the context of the second quarter bit, I mentioned this morning that we had some timing impact. So some of the EPS sort of improved second quarter will impact the third quarter. We had sort of the nonrecurring benefits. We also expect to see higher Aerospace deliveries, OE deliveries. So that's going to be a headwind from profit and margins. And then with this typical seasonality in Power, in the second quarter, we have the CSA outages and we have a bit lower margin outages in the third quarter. So overall, that's why we get there on EPS.

一般來說，第三季度。所以我們所看到的。所以我會從頭條新聞開始，我會說第三季度的收入將呈中個位數趨勢。每股收益，我們預計將同比下降。和自由現金流，我們預計會好於上一季度，但同比下降。如果你把那一點點放在第二季度的背景下，我今天早上提到我們有一些時間影響。因此，第二季度的一些每股收益有所改善將影響第三季度。我們有一些非經常性的好處。我們還期望看到更高的航空航天交付量，OE 交付量。因此，這將是利潤和利潤率的逆風。然後，由於 Power 的這種典型季節性，在第二季度，我們遇到了 CSA 中斷，而第三季度的利潤中斷則略低。總的來說，這就是我們在 EPS 上取得成功的原因。

And I would say on free cash flow, so it's a combination. You have sort of the impact on the second quarter, the positive impact on the second quarter, but also what happens in the third quarter with the OE deliveries moving out, we also expect to have a bigger impact on AD&A.

我會說自由現金流，所以這是一個組合。你對第二季度有一定的影響，對第二季度有積極影響，還有第三季度隨著 OE 交付的轉移，我們也預計會對 AD&A 產生更大的影響。

And then I would say, finally, we commented on this morning is that we do see the impact of the supply constraints, which basically leads to sort of orders going out later in the quarter, which means the second quarter deliveries pushed out in the third, third into the fourth and the fourth into the beginning of next year, which also puts pressure on working capital. So you can expect to continue to see that in the third quarter. And that's why we expect cash flow to be slightly up quarter-over-quarter but down year-over-year.

然後我想說，最後，我們今天早上評論說，我們確實看到了供應限制的影響，這基本上導致了本季度晚些時候的訂單，這意味著第二季度的交付推遲到第三季度，第三進入第四，第四進入明年初，這也給營運資金帶來壓力。因此，您可以期望在第三季度繼續看到這一點。這就是為什麼我們預計現金流將環比略有上升但同比下降。

The next question comes from Andrew Obin from Bank of America.

下一個問題來自美國銀行的 Andrew Obin。

I guess I should really be greedy and follow my colleagues, competitors and ask five questions, but I'll stick with one. On supply chain, specifically in Aerospace, Aviation, how do you solve the issue with castings both near term but it also seems it's more of a structural issue for Aviation in the longer term, particularly with a, LEAP ramp-up but also NGAD being and being used. What's your perspective near term and longer term sort of dealing with casting supply chain?

我想我真的應該貪婪地跟著我的同事、競爭對手問五個問題，但我會堅持一個。在供應鏈上，特別是在航空航天、航空領域，您如何在短期內解決鑄件問題，但從長遠來看，這似乎更像是航空業的一個結構性問題，特別是在 LEAP 加速增長和 NGAD 正在形成的情況下並被使用。您對鑄造供應鏈的近期和長期處理有何看法？

Andrew, I would say that if I can just open the aperture a bit relative to the question, it's important that everybody understand that the supply chain challenges in the aerospace industry are far broader than any one commodity at the moment. I mean we see that not only in our own supply chains, but particularly in the wake of Farnborough and the conversations we had there with the airframers and others, this is something that we're grappling with broadly.

安德魯，我想說的是，如果我可以稍微打開這個問題的範圍，那麼重要的是每個人都明白航空航天業的供應鏈挑戰比目前任何一種商品都要廣泛。我的意思是，我們不僅在我們自己的供應鏈中看到了這一點，尤其是在範堡羅機場以及我們在那裡與機身製造商和其他人進行的對話之後，這是我們正在廣泛努力解決的問題。

I've had an opportunity just in the 4 weeks that I've been in harness at Aerospace to sit with a number of the CEOs and their teams of our core forging and casting suppliers. Here again, Andrew, no silver bullet. This is a ramp that's going to, I think, have us all very much on our toes. I think what we're trying to do is make sure that, first and foremost, our signaling to the vendors is as crystal clear and consistent as we possibly can. I think over time, we've sent many signals, often mixed signals, and it's really tough for them to operate accordingly. I think similarly, both have indicated there are a number of ways in which we can collaborate around design, let alone capacity additions that will serve everybody and ultimately, our end customers better.

就在我在 Aerospace 任職的 4 週內，我有機會與我們核心鍛造和鑄造供應商的一些 CEO 及其團隊坐在一起。再說一次，安德魯，沒有靈丹妙藥。我認為，這是一個讓我們所有人都非常警覺的坡道。我認為我們要做的是確保，首先，我們向供應商發出的信號盡可能清晰和一致。我認為隨著時間的推移，我們已經發送了許多信號，通常是混合信號，它們很難相應地操作。我認為類似地，兩者都表明我們可以通過多種方式圍繞設計進行協作，更不用說能夠更好地服務於每個人並最終為我們的最終客戶服務的容量增加了。

So there's a lot of work to do. It will be a multiyear task to ramp as the industry is clearly poised to ramp, but that's a high-class problem where I come from and one we're very keen to tackle with our supplier partners in service of our airframer customers, and that's exactly what we're going to do.

所以有很多工作要做。由於該行業顯然已經準備好，這將是一項多年的任務，但這是我來自的一個高級問題，我們非常熱衷於與我們的供應商合作夥伴一起解決為我們的機身客戶提供服務的問題，那就是正是我們要做的。

The next question comes from Scott Davis from Melius Research.

下一個問題來自 Melius Research 的 Scott Davis。

I can't think of a worst way to spend your birthday than having to talk to us, but I hope Larry let you leave early today. Let's put it that way.

我想不出比不得不和我們交談更糟糕的方式來度過你的生日，但我希望拉里讓你今天早點離開。讓我們這樣說吧。

But Larry, you haven't really talked much about FX. I mean, the dollar has gone through the roof here. And I know Aero stuff is in U.S. dollars. Talk to us about the headwinds you have in the other businesses. Or not only HealthCare.

但是拉里，你並沒有真正談論過外匯。我的意思是，這裡的美元已經漲到了頂峰。我知道 Aero 的東西是美元。與我們談談您在其他業務中遇到的不利因素。或者不僅僅是醫療保健。

Yes, I would say on FX, for us, our reported sales were 2%. So we had a negative 3 points top line from currency. While on the profit and EPS, it's really an immaterial impact. For us, this is mainly a translation impact because on the transaction side, and you were sort of commenting on that yourself, Scott, that much of our global sales are really U.S. dollar-denominated. Aerospace, no exception. And then with the longer projects that we have, where we have FX exposure, we actively manage that and hedge against those.

是的，我會說在外匯上，對我們來說，我們報告的銷售額是 2%。因此，我們的貨幣頂線為負 3 點。而在利潤和每股收益方面，這確實是一個無關緊要的影響。對我們來說，這主要是一種翻譯影響，因為在交易方面，Scott，您自己也曾評論說，我們的大部分全球銷售額實際上都是以美元計價的。航天，也不例外。然後隨著我們擁有的較長項目，我們有外匯敞口，我們積極管理並對沖這些。

So I would say, if you assume the same rates stay for the full year, we would expect a similar impact for the full year. So about 3 on the top line and small on the bottom line.

所以我想說，如果你假設全年保持相同的利率，我們預計全年會有類似的影響。因此，頂線上大約 3 個，底線上大約 3 個。

When it comes to the different businesses, yes, well, it's the ones that are more outside of U.S. based that are impacted. So you see HealthCare and Renewables. In different ways, but they will both be impacted by the translation impact. But overall, it's a small one for GE for the reasons that I mentioned.

當涉及到不同的業務時，是的，受到影響的是那些在美國以外的業務。所以你看到了醫療保健和可再生能源。以不同的方式，但它們都會受到翻譯影響的影響。但總的來說，由於我提到的原因，這對通用電氣來說是一個小問題。

The next question comes from Andy Kaplowitz from Citigroup.

下一個問題來自花旗集團的 Andy Kaplowitz。

Larry, maybe you can give us a little more color into some of the actions you're taking on Renewables in terms of the fixed cost takeout you mentioned, do you end up taking a bigger restructuring at some point? And then you mentioned you no longer expect to step up in profit in the second half, point two. Does that mean you expect as significant losses in the second half as you took in the first half. And as the market stands today, do you still think you could achieve your target of approaching breakeven in Renewables in '23 or at some point in '23?

拉里，也許你可以就你提到的固定成本支出方面對可再生能源採取的一些行動給我們更多的色彩，你最終會在某個時候進行更大的重組嗎？然後你提到你不再期望在下半年增加利潤，第二點。這是否意味著您預計下半年的損失與上半年一樣大。就今天的市場而言，您是否仍然認為您可以在 23 年或 23 年的某個時候實現可再生能源接近盈虧平衡的目標？

Andy, I think what we had indicated back in April is that we would see another approximately $400 million off-profit drain in the second quarter. Unfortunately, it played out in just that fashion, but we thought we'd see second half a reduction in that drain, approximately $600 million first to second half. Again, that's not happening unfortunately.

安迪，我認為我們在 4 月份曾表示，我們將在第二季度看到另外約 4 億美元的非利潤流失。不幸的是，它只是以這種方式發揮作用，但我們認為我們會看到下半年的流失減少，上半年到下半年大約 6 億美元。同樣，不幸的是，這並沒有發生。

I break it down really due to 3 drivers, all of which we've touched on. One, just this more conservative posture in the face of the realities in Washington relative to demand, convertible demand here in '22, the inflationary pressures that have been well discussed and the fleet durability investments that we indicated we're going to make here as well.

我真的把它分解了，因為我們已經談到了 3 個驅動程序。一，面對華盛頓相對於需求的現實，這種更為保守的姿態，22 年的可轉換需求，已經充分討論的通脹壓力以及我們將在這裡進行的機隊耐久性投資出色地。

So I think you're going to see a second half that resembles the first half more than we would like, but we are working through that. We'll talk again about targets for '23 later. This is still a business that we have confidence in. Even though we may have a lull in demand here in the short term, whether it be energy security, whether it be climate, there will be demand for this business in the U.S. and broadly in attractive markets over the medium and long term, and I think we're well positioned to play there.

所以我認為你會看到下半場比我們想要的更類似於上半場，但我們正在努力解決這個問題。稍後我們將再次討論 23 年的目標。這仍然是我們有信心的業務。儘管短期內我們的需求可能會有所放緩，但無論是能源安全，還是氣候問題，美國乃至整個地區都會對這項業務有需求中長期具有吸引力的市場，我認為我們已經準備好在其中發揮作用。

It's important that everyone remember that while we talk about Renewables as a segment, we've got 3 different dynamics within the segment. We've got Offshore Wind, which is a growth play for us. We knew that would be an investment over the next -- over several years. Grid, which is rapidly approaching breakeven. And it, too, has, I think, a role to play in the energy transition. How long it takes us to get to breakeven? Again, Andy, we'll talk about it in more detail later.

重要的是每個人都記住，當我們將可再生能源作為一個細分市場討論時，我們在細分市場中有 3 種不同的動態。我們有海上風電，這對我們來說是一個增長點。我們知道這將是未來幾年的投資。 Grid，正在迅速接近盈虧平衡。我認為，它也可以在能源轉型中發揮作用。我們需要多長時間才能達到收支平衡？再一次，安迪，我們稍後會更詳細地討論它。

But most importantly, we are going to deal with the fixed cost, the so-called fixed cost in the business. But that's just one plank of the plan, right? We've got to do a much better job in terms of modularity and design to not only improve quality and delivery, but frankly, to bring down unit costs.

但最重要的是，我們要處理固定成本，即業務中的固定成本。但這只是計劃的一部分，對吧？我們必須在模塊化和設計方面做得更好，不僅要提高質量和交付，而且坦率地說，要降低單位成本。

What we've talked about in terms of selectivity and price is really important here. We can't chase every order. And we need to continue to make substantial improvement with respect to capturing value for what we deliver.

我們在選擇性和價格方面所討論的內容在這裡非常重要。我們不能追逐每一個訂單。我們需要繼續在為我們交付的產品獲取價值方面做出實質性改進。

The decentralization of Renewables as a segment and even within the businesses is something that will help not only, I think, reduce cost, but more importantly, improve our execution day in, day out. And that's against the backdrop not unlike we did a few years ago with Gas where we're just going to take a more conservative view for planning purposes of volume, mindful that this lull in the market, again, will be short-lived.

我認為，可再生能源作為一個細分市場甚至在企業內部的去中心化不僅有助於降低成本，更重要的是，可以日復一日地提高我們的執行力。這與我們幾年前在 Gas 上所做的背景不同，在該背景下，我們將採取更保守的觀點來規劃數量，並註意市場的這種平靜再次將是短暫的。

So there's a lot going on there. We're going to need some time to work through it. But given what Scott and team did in Gas and Power broadly over the last several years, I think we have, again, confidence that we'll run a similar set of plays to get not only to break even, too, but far more respectable returns in that business.

所以那裡發生了很多事情。我們需要一些時間來解決它。但考慮到 Scott 和他的團隊在過去幾年裡在 Gas and Power 方面所做的廣泛工作，我認為我們再次有信心，我們將進行一系列類似的比賽，不僅可以達到收支平衡，而且更值得尊敬在該業務中返回。

Cheryl, we're going to make time for one more last and hopefully brief question.

謝麗爾，我們將騰出時間再問一個最後一個希望簡短的問題。

Our final question comes from Josh Pokrzywinski from Morgan Stanley.

我們的最後一個問題來自摩根士丹利的 Josh Pokrzywinski。

So to keep Steve happy, I'll keep it brief here on my end.

因此，為了讓史蒂夫高興，我將在此簡要介紹一下。

Just on the Aviation ramp here, they're kind of a little later to the party on supply chain maybe versus some of these chip-oriented businesses like HealthCare. What's the confidence from here in terms of maybe the ability to ramp sequentially. Talk a little bit about that in the context of by, I think, Andrew Obin's question, but maybe with shop visits as well, where you had some issues in the first quarter, I think, relative to plan. And related to that, how long can the spares dynamic sort of offset whatever gap is forming there?

就在這裡的航空坡道上，他們在供應鏈上的聚會有點晚了，可能與醫療保健等一些以芯片為導向的企業相比。就可能按順序上升的能力而言，這裡有什麼信心。在我認為 Andrew Obin 的問題的背景下談談這個問題，但也許還有商店參觀，我認為你在第一季度遇到了一些與計劃相關的問題。與此相關的是，備用動態排序可以抵消那裡形成的任何差距多長時間？

Well, Josh, I -- a couple of things there. Let me try to cut through it.

好吧，喬希，我 - 那裡有幾件事。讓我試著突破它。

What matters most is the customer. And for sure, the spares in the aftermarket helps us financially at a time like this. But we don't want to have that in any way dilute our focus on shortening cycle times and improving on-time delivery, right? We know our major airframer customers need more engines from us than we are providing, and that will be the case for the foreseeable future. So we need to ramp, again, in a predictable, reliable, stable way. That's what they want more than anything so that they can plan the rest of their assembly operations accordingly. And that's where we're focused.

最重要的是客戶。可以肯定的是，售後市場的備件在這樣的時候為我們提供了經濟上的幫助。但我們不希望以任何方式削弱我們對縮短週期時間和提高準時交付的關注，對吧？我們知道我們的主要機身客戶需要我們提供的發動機比我們提供的要多，而且在可預見的未來都會如此。因此，我們需要再次以可預測、可靠、穩定的方式進行爬坡。這就是他們最想要的，這樣他們就可以相應地計劃其餘的裝配操作。這就是我們關注的地方。

So there are a whole host of things that we've touched on here relative to our own operations, which we're driving in terms of improving yields, improving capacity and the like. And the same thing applies in the supply base.

因此，相對於我們自己的運營，我們在這裡談到了很多事情，我們在提高產量、提高產能等方面正在推動這些事情。同樣的事情也適用於供應基地。

I think the distinction, Josh, I would draw with semi is that semi didn't have the dramatic downturn that this industry, and I say the industry, saw with COVID and then the dramatic spring back. So when the industry was turned down to such a degree, right, and we can talk about this commodity, that commodity, I would argue you see a similar dynamic with some of the pilot shortages that we hear about, some of the operating challenges the airports are going through. This is an industry that was nearly mothballed that is working very hard to come back to meet ultimate leisure and business travel demand, and we're very much a part of that industry and have our version of those challenges. But we're on it.

喬什，我認為與 semi 不同的是，semi 沒有這個行業（我說這個行業）在 COVID 中看到的戲劇性低迷，然後是戲劇性的回彈。所以當這個行業被拒絕到這樣的程度時，對，我們可以談論這種商品，那種商品，我認為你會看到類似的動態，我們聽到的一些試點短缺，一些運營挑戰機場正在通過。這是一個幾乎被封存的行業，正在努力回歸以滿足最終的休閒和商務旅行需求，我們是該行業的一部分，並且擁有我們的這些挑戰版本。但我們正在努力。

Great. Larry, any final comments before we wrap?

偉大的。拉里，在我們結束之前有什麼最後的評論嗎？

You bet, Steve. I know we're tight here. But to close, I appreciate everybody staying in overtime with us. We delivered a strong quarter. The actions we're taking to improve delivery, price and cost performance are building meaningfully stronger businesses at GE, and our planned spins are on track.

你打賭，史蒂夫。我知道我們在這裡很緊張。但最後，我感謝大家和我們一起加班。我們交付了一個強勁的季度。我們為改善交付、價格和成本績效而採取的行動正在 GE 建立有意義的更強大的業務，我們計劃的旋轉正步入正軌。

We appreciate your interest in GE, your investment in our company and your time today. Steve and the entire IR team stand ready to assist as you consider GE and your investment processes.

感謝您對 GE 的興趣、您對我們公司的投資以及您今天的寶貴時間。在您考慮 GE 和您的投資流程時，Steve 和整個 IR 團隊隨時準備提供幫助。

Okay. Thank you.

好的。謝謝你。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for your participation. You may now disconnect.

謝謝你們，女士們，先生們。今天的會議到此結束。感謝您的參與。您現在可以斷開連接。