奇異 (GE) 2022 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the General Electric Third Quarter 2022 Earnings Conference Call. (Operator Instructions) My name is Denise, and I will be your conference coordinator today. (Operator Instructions) If you experience issues with the slides refreshing or there appears to be delays in the slide's advancement, please hit F5 on your keyboard to refresh. 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 年第三季度收益電話會議。 （操作員說明）我的名字是丹妮絲，今天我將擔任您的會議協調員。 （操作員說明）如果您在幻燈片刷新時遇到問題或幻燈片的推進似乎有延遲，請按鍵盤上的 F5 進行刷新。提醒一下，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, Denise, and welcome to GE's Third Quarter 2022 Earnings Call. I'm joined, as usual, by Chairman and CEO, Larry Culp; and CFO, Carolina Dybeck Happe. GE Healthcare's CEO, Pete Arduini, is also here with us to share insights on pre-spin progress and performance.

謝謝，丹尼斯，歡迎來到通用電氣 2022 年第三季度財報電話會議。像往常一樣，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。 GE Healthcare 的首席執行官 Pete Arduini 也在這裡與我們分享關於預旋轉進度和性能的見解。

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。

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

有了這個，我會把電話交給拉里。

Steve, thank you, and good morning, everyone. We're building broad-based momentum, and GE delivered solid third quarter results with Aerospace leading the way.

史蒂夫，謝謝大家，大家早上好。我們正在建立基礎廣泛的勢頭，通用電氣在航空航天領域處於領先地位，實現了穩健的第三季度業績。

Within GE Vernova, Power remains on track to grow this year, and we took significant actions this quarter to reset renewable energy for future profitability. And external catalysts, like the recent U.S. climate legislation and the European energy crisis, are increasing investment in new decarbonization technologies, helping position this business for longer-term profitable growth.

在 GE Vernova 內部，Power 今年仍有望實現增長，我們本季度採取了重大行動，重新設定可再生能源以實現未來盈利能力。而外部催化劑，如最近的美國氣候立法和歐洲能源危機，正在增加對新脫碳技術的投資，幫助該業務實現長期盈利增長。

Our planned spins are on track with GE Healthcare ready to launch in January and GE Vernova in early 2024. GE Healthcare is in the home stretch now. I'm particularly proud of what they've accomplished: Navigating COVID, bringing in a new CEO and CFO and now preparing to operate as an independent global leader in precision health. Pete Arduini is with us today to give you a full update.

我們計劃的旋轉正在按計劃進行，GE Healthcare 準備在 1 月推出，GE Vernova 將於 2024 年初推出。GE Healthcare 現在正處於起步階段。我為他們所取得的成就感到特別自豪：駕馭新冠病毒，引入新的 CEO 和首席財務官，現在正準備成為精準健康領域的獨立全球領導者。 Pete Arduini 今天與我們在一起，為您提供完整的更新。

Now a moment on GE Aerospace. I'm really excited to be leading this exceptional franchise, especially during this unprecedented industry ramp. We have a tremendously talented team, a highly differentiated product and technology portfolio and leading positions in attractive commercial and military sectors. And we have leaders that nicely balance unparalleled experience and fresh perspective as nearly half are new to their roles in the last year. Our high-caliber team includes Russell Stokes leading our Commercial Engine business; Amy Gowder, who runs our Military business; and Rahul Ghai, who recently joined as CFO.

現在談談通用電氣航空航天公司。我真的很高興能夠領導這個非凡的特許經營權，尤其是在這個前所未有的行業發展時期。我們擁有一支才華橫溢的團隊、高度差異化的產品和技術組合，以及在有吸引力的商業和軍事領域的領先地位。我們的領導者很好地平衡了無與倫比的經驗和新的視角，因為近一半的人在去年是新來的。我們的高素質團隊包括領導我們商業發動機業務的 Russell Stokes； Amy Gowder，經營我們的軍事業務；以及最近加入 CFO 的 Rahul Ghai。

In that same vein, I'd like to recognize Shane Wright, who's retiring after 34 years of service. His many contributions across GE and GE Aerospace have been invaluable and helped build a world-class business and team. Shane, thank you.

同樣，我要感謝 Shane Wright，他在服務 34 年後即將退休。他在 GE 和 GE 航空航天公司的許多貢獻是無價的，並幫助建立了世界級的業務和團隊。謝恩，謝謝。

The opportunity and the imperative to embrace Lean more deeply, both within our 4 walls and with our partners, suppliers and customers, has really stood out to me over the last several months. We've been taking a harder look at our operating rhythms, moving toward a more frequent weekly and monthly cadence for each of our P&Ls. This has helped us manage the business in real time and deliver better, faster and more efficiently in what is clearly a dynamic environment.

在過去的幾個月裡，無論是在我們的四面牆內還是與我們的合作夥伴、供應商和客戶一起，更深入地擁抱精益的機會和必要性對我來說真的很突出。我們一直在更仔細地審視我們的運營節奏，朝著更頻繁的每周和每月的每個損益表的節奏前進。這有助於我們實時管理業務，並在顯然是動態的環境中更好、更快、更高效地交付。

The process capability improvements are real. Taking last quarter's example, the additional 20% of existing engineers that we reprioritized to support delivery. Through daily management, they're helping solve problems closer to the point of impact faster, and that's improving engine deliveries.

過程能力的改進是真實的。以上個季度為例，我們重新安排了 20% 的現有工程師以支持交付。通過日常管理，他們正在幫助更快地解決更接近影響點的問題，從而改善發動機交付。

Engine output was up double digits sequentially, with LEAP units up over 50% sequentially, a credit to the entire team, especially those in our supply chain organization. However, the post pandemic recovery requires continued sequential improvements for the foreseeable future, which our Lean efforts will help us deliver.

發動機輸出連續兩位數增長，LEAP 單元連續增長超過 50%，這歸功於整個團隊，尤其是我們供應鏈組織中的團隊。然而，大流行後的複蘇需要在可預見的未來持續不斷地改進，我們的精益努力將幫助我們實現這一目標。

We have a similar story in services, where internal shop visits grew 10% sequentially and more than 30% year-over-year. Lean helps us reduce cycle time, improve turnaround time and generate capacity for more. In addition to strengthening our operating rhythms to meet this extraordinary industry demand, we updated our strategic plan last month with an eye toward how we continue to shape the future of flight for years to come.

我們在服務領域也有類似的情況，內部商店訪問量環比增長 10%，同比增長超過 30%。精益幫助我們縮短週期時間、縮短周轉時間並產生更多產能。除了加強我們的運營節奏以滿足這一非凡的行業需求外，我們上個月更新了我們的戰略計劃，著眼於我們如何在未來幾年繼續塑造飛行的未來。

The quality of our technology and product roads, coupled with the energy and collaboration in the room, have me even more excited about what this business will become when it's a stand-alone aerospace leader. First things first, of course, with respect to the post-COVID ramp. But this is a business with an exceptional future.

我們的技術和產品道路的質量，再加上房間裡的活力和協作，讓我更加興奮的是，當它成為獨立的航空航天領導者時，這項業務將變成什麼樣。首先，當然，關於後 COVID 坡道。但這是一個有著非凡未來的企業。

Turning to total company results on Slide 3. Orders declined 7%, driven by a tough comp at Renewables against prior year megadeals in onshore wind. Excluding Renewables, orders were up 8% and positive across all segments. Revenue was up 7% with particular strength in services, up 20%.

轉向幻燈片 3 上的公司總業績。訂單下降了 7%，原因是可再生能源公司與去年陸上風電的大型交易相比表現不佳。不包括可再生能源，訂單增長了 8%，並且在所有領域都是積極的。收入增長 7%，其中服務特別強勁，增長 20%。

Looking at the segments. Aerospace and Healthcare were both up double digits as the market recovery continued and our pricing and delivery actions took hold. This was offset by Power down mid-single digits and Renewables down 10%, largely due to lower U.S. volumes resulting from the PTC lapse and our heightened new business selectivity.

看著細分。隨著市場持續復甦以及我們的定價和交付行動站穩腳跟，航空航天和醫療保健行業均實現了兩位數的增長。這被 Power down 中個位數和 Renewables 下降 10% 所抵消，這主要是由於 PTC 失效和我們提高新業務選擇性導緻美國銷量下降。

Collectively, supply chain and macro pressures adversely affected revenue by about 4 percentage points in the quarter, easing slightly again. Adjusted operating margin declined 190 basis points. Strength at Aerospace from volume and price was more than offset by Renewables, which included about $500 million of higher warranty and related reserves tied to fleet performance, which we'll address shortly. Excluding this impact, margin expanded by 80 basis points. Healthcare improved sequentially and Power decline year-over-year due largely to planned service outage seasonality.

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 4 個百分點，再次略有緩解。調整後的營業利潤率下降了 190 個基點。航空航天的數量和價格優勢被可再生能源所抵消，其中包括約 5 億美元的更高保修和與機隊性能相關的相關儲備，我們將很快解決這些問題。排除這種影響，利潤率擴大了 80 個基點。由於計劃中的服務中斷季節性，醫療保健連續改善，電力同比下降。

Adjusted EPS was down. Excluding the $0.40 Renewables reserve, EPS was $0.75. Free cash flow was $1.2 billion, largely driven by strong adjusted earnings. We've continued to build inventory as we prepare for the fourth quarter ramp and continue to work through ongoing supply chain challenges. All in all, I'm pleased with how the GE team has continued to navigate a tough operating environment.

調整後每股收益下降。不包括 0.40 美元的可再生能源儲備，每股收益為 0.75 美元。自由現金流為 12 億美元，主要受調整後盈利強勁的推動。在為第四季度的增長做準備並繼續應對持續的供應鏈挑戰時，我們繼續建立庫存。總而言之，我對 GE 團隊如何繼續在艱難的運營環境中生存感到滿意。

And for the year, we're maintaining our prior outlook for revenue, trending toward the low end of our high single-digit growth range. We now expect 125 to 150 basis points of operating margin expansion and $2.40 to $2.80 for EPS. This is primarily driven by the higher warranty and related reserves at Renewables this quarter. And aligned with the color we shared in the second quarter, we're expecting free cash flow this year of about $4.5 billion.

今年，我們維持之前的收入展望，趨向於高個位數增長范圍的低端。我們現在預計營業利潤率增長 125 至 150 個基點，每股收益為 2.40 至 2.80 美元。這主要是由於本季度可再生能源的保修和相關儲備增加。與我們在第二季度分享的顏色一致，我們預計今年的自由現金流約為 45 億美元。

Turning to GE Vernova. Power is a stable cash generator, as gas utilization grows, our ongoing focus on services at Steam take root, the continued turnaround progress at power conversion and innovation at nuclear.

轉向 GE Vernova。電力是穩定的現金產生者，隨著天然氣利用率的增長，我們對 Steam 服務的持續關注紮根，電力轉換和核能創新的持續周轉進展。

Now more on Renewables, where we've all been disappointed with our year-to-date performance. Our proven leadership, with Scott Strazik and his team at the helm, is leveraging the lessons from their power playbook to transform Renewables' fundamentals. Let me break down how we're going to improve performance there. Recall, we look at this in 3 parts: Onshore wind, offshore wind and grid. I'll take those in reverse order.

現在更多關於可再生能源，我們都對我們年初至今的表現感到失望。在 Scott Strazik 和他的團隊掌舵下，我們久經考驗的領導層正在利用他們的電力手冊中的經驗教訓來改變可再生能源的基本面。讓我分解一下我們將如何提高那裡的性能。回想一下，我們將其分為 3 個部分：陸上風電、海上風電和電網。我會按照相反的順序來處理。

Grid is a $3 billion business which will be the first to profitability. Market demand in automation and hardware remains strong. This year, we expect double-digit orders growth, and thanks to our cost efforts, significant margin expansion; along with profitability here in the fourth quarter, setting up 2023 as a profitable year for grid.

Grid 是一家價值 30 億美元的企業，將率先實現盈利。自動化和硬件的市場需求依然強勁。今年，我們預計訂單將實現兩位數增長，並且由於我們的成本努力，利潤率大幅增長；連同第四季度的盈利能力，將 2023 年設定為電網盈利的一年。

At offshore, we're transitioning from a new product investment into a business with roughly $1 billion of revenue, and growing. The roughly 80 turbines we installed and commissioned for EDF recently were on schedule. And we're now shifting to the 7-gigawatt Haliade-X backlog, knowing our initial 200 deliveries will be challenging financially in an inflationary environment. But as we move to the next tranche of projects and reduce cost, we expect to approach profitability in offshore in the mid-20s.

在離岸，我們正在從一項新產品投資轉變為一項收入約為 10 億美元且不斷增長的業務。我們最近為 EDF 安裝和調試的大約 80 台渦輪機按計劃進行。我們現在正在轉向 7 吉瓦的 Haliade-X 積壓，因為我們知道在通貨膨脹環境下，我們最初的 200 台交付將在財務上面臨挑戰。但隨著我們進入下一批項目並降低成本，我們預計將在 20 年代中期接近離岸業務的盈利能力。

Finally, onshore is a $9 billion revenue business, more than 60% of the segment today and most of the operating loss. This is the battleground. Overall, for Renewables, we expect to achieve profitability in 2024.

最後，在岸業務是一項 90 億美元的收入業務，佔當今該細分市場的 60% 以上，並且大部分經營虧損。這是戰場。總體而言，對於可再生能源，我們預計將在 2024 年實現盈利。

We've quickly innovated in the fast-growing onshore wind industry, introducing larger turbines to provide leading performance and competitive project economics for customers. Since 2017, we've added over 40 gigawatt to the grid, increasing megawatt hours per turbine significantly. However, like much of the industry, such rapid innovation strains manufacturing and the broader supply chain. It takes time to stabilize production and quality on these new products, which in turn pressures fleet availability. We need to industrialize faster to counteract these dynamics, and we are.

我們在快速發展的陸上風電行業進行了快速創新，推出了更大的渦輪機，為客戶提供領先的性能和具有競爭力的項目經濟性。自 2017 年以來，我們為電網增加了超過 40 吉瓦的電量，顯著增加了每台渦輪機的兆瓦時數。然而，與許多行業一樣，如此快速的創新會給製造業和更廣泛的供應鏈帶來壓力。穩定這些新產品的生產和質量需要時間，這反過來又給車隊的可用性帶來壓力。我們需要更快地實現工業化以抵消這些動態，我們正在這樣做。

First, we're drastically simplifying and standardizing too many variants into what we call workhorse products, so we and our suppliers can implement more repeatable manufacturing processes. This enhances product quality and reduces cost. In our existing fleet, we're deploying corrective measures, enhancements and monitor and repair programs to deliver high 90s availability consistently. We expect to implement the corrective measures associated with these warranty and related reserves over the next couple of years. With fleet availability as our true north, we'll continue to be a leader and deliver for our customers.

首先，我們正在大幅簡化和標準化我們稱之為主力產品的太多變體，因此我們和我們的供應商可以實施更多可重複的製造流程。這提高了產品質量並降低了成本。在我們現有的機隊中，我們正在部署糾正措施、增強功能以及監控和維修計劃，以始終如一地提供 90 年代的高可用性。我們希望在未來幾年內實施與這些保修和相關儲備相關的糾正措施。憑藉車隊可用性作為我們真正的北方，我們將繼續成為領導者並為我們的客戶提供服務。

Second, as we've talked about in the past, we're being more selective about where we play, going after fewer markets where we have the right product and service capabilities and can execute profitably, including focusing more on equipment-only projects. We're also seeing improvement in both orders and sales pricing.

其次，正如我們過去所談到的，我們對自己的遊戲領域更加挑剔，在我們擁有合適的產品和服務能力並且可以盈利的市場中尋找更少的市場，包括更多地關注僅設備項目。我們還看到訂單和銷售定價方面的改進。

Third, we're reducing fixed costs. We're decreasing global headcount in onshore wind by about 20% and more broadly delayering at Renewable Energy. Across GE Vernova, we're expecting about $500 million of annualized savings from a $600 million restructuring program we plan to implement over the next few years.

第三，我們正在降低固定成本。我們正在將陸上風電的全球員工人數減少約 20%，並更廣泛地推遲可再生能源的工作。在 GE Vernova，我們預計未來幾年計劃實施的 6 億美元重組計劃每年可節省約 5 億美元。

Reflecting on the broader market. When we spoke just 90 days ago, the prospect of significant U.S. climate legislation this year was unlikely. Recent months have been game-changing. The Inflation Reduction Act provides much-needed certainty and stability for us and our customers, especially in onshore wind. The bill's $370 billion in tax credits over the next decade aligned tightly with GE's decarbonization technologies. Additionally, the Infrastructure and Investment Jobs Act provides at least $75 billion for investment in grid, nuclear and breakthrough technologies.

反映在更廣闊的市場上。當我們在 90 天前發表講話時，今年不太可能通過重大的美國氣候立法。最近幾個月已經改變了遊戲規則。 《降低通脹法案》為我們和我們的客戶提供了急需的確定性和穩定性，尤其是在陸上風電領域。該法案在未來十年內提供的 3700 億美元稅收抵免與通用電氣的脫碳技術密切相關。此外，《基礎設施和投資就業法案》為電網、核能和突破性技術提供了至少 750 億美元的投資。

In Europe, we're seeing more urgency and pragmatism to reduce emissions and make energy more resilient. Take the new European taxonomy which reinforces the important role of gas and nuclear alongside renewables. As Europe looks to swiftly address energy security concerns, customers want to engage GE's full technology road map, including wind, gas fuel blends and grid.

在歐洲，我們看到減少排放和提高能源彈性的緊迫性和實用主義。以新的歐洲分類法為例，該分類法強化了天然氣和核能與可再生能源一起的重要作用。隨著歐洲尋求迅速解決能源安全問題，客戶希望參與 GE 的完整技術路線圖，包括風能、燃氣燃料混合物和電網。

While these external catalysts won't factor into our results overnight, they improve the demand and economic profile for our businesses remarkably. To that end, we see a robust future in contrast to the current orders troughed. Altogether, we're at a significant inflection point for onshore and Renewables overall. While we expect Renewables to achieve profitability in 2024, a about a year later than planned previously, we remain very excited about GE Vernova's future.

雖然這些外部催化劑不會在一夜之間影響我們的業績，但它們顯著改善了我們業務的需求和經濟狀況。為此，與當前訂單低谷相比，我們看到了強勁的未來。總而言之，我們正處於陸上和可再生能源整體的重要轉折點。雖然我們預計可再生能源將在 2024 年實現盈利，比之前的計劃晚了大約一年，但我們仍然對 GE Vernova 的未來感到非常興奮。

With that, let me hand it over to Carolina.

有了這個，讓我把它交給卡羅萊納。

Thanks, Larry. Turning to Slide 5. I'll share the insights from the quarter on an organic basis. While orders were down 7%, revenue was up high single digits with double-digit growth in Aerospace and Healthcare. Equipment declined 6% with continued U.S. onshore volume pressure and a largely planned decrease at Power. On a sequential basis, revenue increased more than $0.5 billion as we're making progress on our second half ramp.

謝謝，拉里。轉到幻燈片 5。我將有機地分享本季度的見解。雖然訂單下降了 7%，但收入卻以高個位數增長，航空航天和醫療保健領域實現了兩位數的增長。設備下降了 6%，原因是美國陸上體積壓力的持續以及 Power 的主要計劃減少。隨著我們在下半年的增長中取得進展，收入環比增長超過 5 億美元。

Services were the bright spot with orders and revenue up double digits and growth across all segments. Aerospace led the way with orders up 28% and revenue up 33% as market demand remained strong. Recall services represent half of our revenue and an even larger percentage of our backlog.

服務是亮點，訂單和收入均增長兩位數，所有領域均實現增長。由於市場需求保持強勁，航空航天行業領先，訂單增長 28%，收入增長 33%。召回服務占我們收入的一半，在我們的積壓訂單中佔比更大。

Overall, adjusted margin contracted 190 basis points. This was largely driven by the Renewables reserves which impacted margin by 270 basis points. Meaning, if we exclude this, margin would have expanded 80 basis points.

總體而言，調整後的利潤率收縮了 190 個基點。這主要是由可再生能源儲備推動的，該儲備對利潤率造成了 270 個基點的影響。這意味著，如果我們排除這一點，保證金將擴大 80 個基點。

Our actions are taking hold, and we are seeing early signs of supply chain easing. Volume, together with price, contributed almost 300 basis points of margin expansion, offsetting headwinds from inflation and logistics costs. Aerospace was a major contributor, up 280 basis points with strength in services.

我們的行動正在站穩腳跟，我們看到供應鏈放鬆的早期跡象。銷量和價格貢獻了近 300 個基點的利潤率擴張，抵消了通脹和物流成本帶來的不利影響。航空航天是主要貢獻者，服務業實力上漲 280 個基點。

Adjusted EPS was down $0.18. Excluding the renewables reserves, it would have been up $0.22. Continuing EPS was negative, primarily driven by an insurance transaction, which I'll cover momentarily, and increased separation costs, as expected.

調整後每股收益下降 0.18 美元。不包括可再生能源儲備，它將上漲 0.22 美元。持續的每股收益為負，主要是由保險交易驅動的，我將立即介紹，以及增加的分離成本，正如預期的那樣。

Regarding our updates to the margin and EPS outlook. We are now including additional pressure from the elevated warranty and related reserves at Renewables. About half of this charge is incremental to our prior view. We also expect to offset Healthcare pressure largely due to inflation and investments with strength in the other businesses.

關於我們對利潤率和每股收益前景的更新。我們現在包括來自可再生能源提高保修和相關儲備的額外壓力。這筆費用中約有一半是我們先前觀點的增量。我們還預計主要由於通貨膨脹和其他業務的強勁投資來抵消醫療保健壓力。

Moving to cash. We generated free cash flow of $1.2 billion. Strong adjusted earnings contributed to this. Working capital, again, had a very limited impact on free cash flow despite high single-digit growth this quarter.

轉向現金。我們產生了 12 億美元的自由現金流。強勁的調整後收益促成了這一點。儘管本季度實現了高個位數增長，但營運資金對自由現金流的影響仍然非常有限。

Looking at the dynamics. First, receivables, the use of cash. Our terms were focused on collecting the accounts receivable from second quarter, improving year-over-year DSO by 2 days. But deliveries continue to occur later in the quarter, resulting in high quarter-end receivable balance. Inventory was also a use of cash. This is typical as we build for significant fourth quarter volume, leading to inventory and accounts payable growth. Progress was a source mainly due to the timing of down payments. Contract assets was also a source. Continued strength in aerospace and gas power utilization drove billings.

看動態。一是應收賬款、現金的使用。我們的條款側重於收集第二季度的應收賬款，將 DSO 同比提高 2 天。但本季度後期繼續交付，導致季度末應收賬款餘額較高。庫存也是現金的一種使用。這是典型的，因為我們為第四季度的大量生產而建立，導致庫存和應付賬款增長。進展主要是由於預付定金的時間安排。合同資產也是一個來源。航空航天和天然氣能源利用的持續強勁推動了賬單的增長。

AD&A was positive $300 million. Given the year-to-date impact and our fourth quarter estimate aligned with the current airframer aircraft delivery schedules, we now expect full year AD&A flow to be about 0. Year-to-date, free cash flow is approximately $500 million.

AD&A 為正 3 億美元。鑑於年初至今的影響以及我們與當前機身飛機交付時間表一致的第四季度估計，我們現在預計全年 AD&A 流量約為 0。年初至今，自由現金流約為 5 億美元。

In the fourth quarter, we expect higher collections given the large receivables balance and reduced inventory due to the strong quarterly deliveries. So in line with typical seasonality and our operational efforts, fourth quarter cash flow will be significantly higher, and we expect free cash flow of about $4.5 billion for the year. This is aligned with the color we shared last quarter.

鑑於強勁的季度交付導致大量應收賬款餘額和庫存減少，我們預計第四季度的收款將增加。因此，根據典型的季節性和我們的運營努力，第四季度的現金流將顯著增加，我們預計今年的自由現金流約為 45 億美元。這與我們上個季度分享的顏色一致。

Now a moment on corporate. Adjusted costs were down over 50% year-over-year. This was primarily driven by lower EHS and other costs and progress in functions and operations. For the year, we expect corporate costs of less than $700 million, which includes a few hundred million of favorability primarily from interest rate and FX dynamics.

現在談談公司。調整後的成本同比下降超過 50%。這主要是由於 EHS 和其他成本的降低以及職能和運營方面的進步。今年，我們預計企業成本將低於 7 億美元，其中包括主要來自利率和外匯動態的幾億美元的優惠。

As we prepare for the planned spin of GE Healthcare, we're looking at our corporate costs to ensure what remains is sized appropriately. Therefore, we plan to take restructuring actions to reflect today's reduced need for corporate-led activity and footprint. The program is expected to deliver roughly $450 million in annualized cost-out over the next few years with about $700 million of expense, the majority in the fourth quarter.

在我們為 GE Healthcare 的計劃分拆做準備時，我們正在研究我們的企業成本，以確保剩餘的規模適當。因此，我們計劃採取重組行動，以反映當今對企業主導活動和足蹟的需求減少。該計劃預計將在未來幾年內實現約 4.5 億美元的年化成本支出，其中支出約 7 億美元，其中大部分在第四季度。

At the insurers, we further derisked our portfolio by terminating several reinsurance contracts. This reduces counterparty risk and improves administration, settling our receivable from the reinsurer in exchange for $2.5 billion of assets that we can deploy in our current investment strategy. Given the assets need to be transferred at fair market value and the current rate environment, this was an after-tax charge of roughly $300 million. We expect to recoup this over time as the assets mature. While excluded from our adjusted results, interest -- insurance net income was roughly $250 million loss. And without the charge, was approximately positive $80 million.

在保險公司，我們通過終止幾份再保險合同進一步降低了我們的投資組合的風險。這降低了交易對手風險並改善了管理，結算了我們從再保險公司的應收賬款，以換取我們可以在當前投資策略中部署的 25 億美元資產。鑑於資產需要以公平的市場價值和當前的利率環境轉讓，這是大約 3 億美元的稅後費用。隨著資產的成熟，我們預計會隨著時間的推移收回這一點。雖然不包括在我們調整後的結果中，但利息——保險淨收入損失約為 2.5 億美元。如果不收取費用，大約是正的 8000 萬美元。

This quarter, we also completed our annual LRT. As expected, this resulted in a positive margin with no impact to earnings. And this, for the third consecutive year.

本季度，我們還完成了年度輕軌。正如預期的那樣，這導致了正利潤率，而對收益沒有影響。這是連續第三年。

In discontinued operations, we recorded charges of about $100 million in our runoff Polish BPH mortgage portfolio, primarily driven by unfavorable results for banks in ongoing litigation with borrowers. This brings total litigation reserves related to this matter to approximately $1.1 billion.

在已終止的業務中，我們在波蘭 BPH 抵押貸款組合中記錄了約 1 億美元的費用，這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 11 億美元。

Now turning to our businesses. Aerospace. Aerospace delivered a very strong quarter. Orders growth of 6% was driven by services, while equipment orders were down against a tough comp, especially in Military. Revenue was up 25%, led by substantial growth in commercial services, up 47%. This was driven by internal shop visit growth, strong spare part sales to our external MROs and favorable price. Commercial Engine revenue also grew significantly on higher shipments, both year-over-year and sequentially.

現在轉向我們的業務。航天。航空航天的季度表現非常強勁。 6% 的訂單增長是由服務推動的，而設備訂單在艱難的競爭中下降，尤其是在軍事領域。在商業服務大幅增長的帶動下，收入增長了 25%，增長了 47%。這是由內部商店訪問量增長、對我們外部 MRO 的強勁備件銷售和優惠價格推動的。商業引擎收入也因出貨量增加而顯著增長，無論是同比還是環比。

LEAP shipments improved, up over 100 units sequentially, and we're starting to see better flow through our factories. Military revenue was down year-over-year, driven by lower shipments and engine mix. However, tangible improvements on T700s helped drive a sequential increase in engine units.

LEAP 的出貨量有所改善，連續增加了 100 多台，我們開始看到更好的流經我們的工廠。由於出貨量下降和發動機組合減少，軍費收入同比下降。然而，T700 的切實改進幫助推動了發動機單元的連續增長。

Segment margin expanded 280 basis points, driven by commercial services growth and favorable price/cost. This more than offset negative mix from higher commercial engine shipments and increased growth investments. Based on strong year-to-date performance and continued improvement in services, we expect full year Aerospace margins to be high teens with greater than 20% top line growth. Overall, Aerospace's strong market growth and business fundamentals reinforce the significant long-term opportunity here.

在商業服務增長和有利的價格/成本的推動下，分部利潤率擴大了 280 個基點。這足以抵消商業發動機出貨量增加和增長投資增加帶來的負面影響。基於年初至今的強勁表現和服務的持續改進，我們預計全年航空航天的利潤率將達到十幾歲，收入增長超過 20%。總體而言，航空航天強勁的市場增長和業務基本面強化了這裡的重大長期機遇。

Turning to Renewables. Orders were down 40%. Recall, we had record orders last year due to offshore where the project-driven profile remains uneven, making this a difficult comparison. Importantly, services, excluding repower, grew double digits. And all grid product lines grew.

轉向可再生能源。訂單下降了 40%。回想一下，由於離岸項目驅動的情況仍然不平衡，我們去年的訂單量創歷史新高，因此很難進行比較。重要的是，服務，不包括 repower，增長了兩位數。所有網格產品線都在增長。

Revenue declined 10%. Over 2/3 was driven by lower U.S. volume at onshore from the PTC lapse and our heightened new business selectivity. This more than offset services growth of 40% and better pricing across many businesses. Segment margin declined significantly year-over-year, primarily driven by the warranty and related reserves at onshore. The remainder of the decline was driven by lower U.S. volume at onshore and net inflation pressure in all businesses. Excluding onshore though, all businesses improved reported profitability year-over-year.

收入下降了 10%。超過 2/3 是由於 PTC 失誤導緻美國在岸交易量下降以及我們提高了新業務的選擇性。這遠遠抵消了 40% 的服務增長和許多企業更好的定價。分部利潤率同比大幅下降，主要受陸上保修和相關儲備的推動。其餘下降的原因是美國在岸交易量下降和所有企業的淨通脹壓力。不過，不包括在岸業務，所有業務的報告盈利能力均同比提高。

While we previously included about half of this elevated reserve in our full year expectations, the incremental impact this quarter is pressure versus our prior view. We now expect an annual loss of about $2 billion. The IRA is a significant catalyst, medium to long term. However, near term, customers continue to defer investments into the future, impacting orders and associated cash.

雖然我們之前在全年預期中包括了大約一半的高儲備，但與我們之前的看法相比，本季度的增量影響是壓力。我們現在預計每年損失約 20 億美元。從中長期來看，愛爾蘭共和軍是一個重要的催化劑。然而，在短期內，客戶繼續將投資推遲到未來，從而影響訂單和相關現金。

While 2022 has been disappointing, the actions we're taking, combined with the external catalysts we've discussed, puts us on a much stronger footing as we head into 2023.

雖然 2022 年令人失望，但我們正在採取的行動，加上我們討論過的外部催化劑，讓我們在進入 2023 年時站穩了腳跟。

Moving to Power. As expected, we're managing through a lower CSA outage year, typical third quarter seasonality and second half timing dynamics for some equipment deliveries and service outages pushed to the fourth quarter.

走向權力。正如預期的那樣，我們正在應對較低的 CSA 中斷年份、典型的第三季度季節性和下半年一些設備交付的時間動態以及被推遲到第四季度的服務中斷。

Looking at the market. Global gas generation and utilization grew mid-single digits year-to-date, with strength in Europe and in the U.S. While we continue to monitor gas prices and availability, gas remains a fuel of choice on dispatch curves globally to meet growing electricity demand.

看著市場。今年迄今為止，全球天然氣生產和利用增長了個位數中位數，在歐洲和美國表現強勁。雖然我們繼續監測天然氣價格和可用性，但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。

In the third quarter, orders were up 20%. This was driven by higher HA and aeroderivative units as gas and services growth in all businesses. Importantly, our team continues to prioritize disciplined underwriting and project selectivity as we build our installed base pipeline. And as we've said, equipment orders remain uneven quarter-to-quarter.

第三季度，訂單增長了 20%。這是由更高的 HA 和航改單位推動的，因為所有業務的天然氣和服務增長。重要的是，我們的團隊在構建已安裝的基礎管道時繼續優先考慮嚴格的承保和項目選擇性。正如我們所說，設備訂單季度間仍然不平衡。

Revenue declined 5%, primarily driven by gas equipment and Steam, where we continue to exit our newbuild coal business. We shipped 2 fewer HAs and 2 fewer aero units year-over-year. Meanwhile, services grew 6%, driven by gas, where price and transactional services growth offset the lower expected CSA outage volume.

收入下降 5%，主要受燃氣設備和蒸汽驅動，我們繼續退出新建煤炭業務。與去年同期相比，我們減少了 2 個 HA 和 2 個航空單元。與此同時，在天然氣的推動下，服務增長了 6%，其中價格和交易服務的增長抵消了較低的預期 CSA 中斷量。

Segment margin declined 100 basis points. This was mainly due to lower CSA outages and unfavorable equipment mix at gas together more than offsetting the price escalation. At Steam, margins continued to improve, driven by selectivity and the associated cost-out.

分部利潤率下降了 100 個基點。這主要是由於較低的 CSA 中斷和不利的天然氣設備組合，而不是抵消了價格上漲。在 Steam，在選擇性和相關成本支出的推動下，利潤率繼續提高。

Looking at the fourth quarter. We continue to expect significant sequential and year-over-year growth in equipment and services. This sets Power up to deliver its outlook of low single-digit revenue growth and margin expansion. And Power remains on track for earnings growth and cash generation this year and next.

看第四季度。我們繼續預計設備和服務將出現顯著的連續和同比增長。這使 Power up 實現了低個位數的收入增長和利潤率擴張的前景。 Power 在今明兩年的盈利增長和現金生成方面仍處於正軌。

Now I'm happy to welcome Pete, who will cover GE Healthcare.

現在我很高興歡迎 Pete，他將負責 GE Healthcare。

Thanks, Carolina. It's a pleasure to join you and Larry on the last earnings call before GE Healthcare's planned spin, which is on track for the first week of January.

謝謝，卡羅萊納。很高興與您和拉里一起參加 GE Healthcare 計劃的旋轉之前的最後一次財報電話會議，該計劃將在 1 月的第一周進行。

Our team has made excellent progress preparing GE Healthcare for its future as an independent public company. We achieved several milestones in recent months, including establishing our Board of Directors with deep health care expertise, diverse leadership and financial experience. I look forward to working with them as we hit the ground running together in GE Healthcare's next chapter of growth and value creation.

我們的團隊在為 GE Healthcare 作為一家獨立上市公司的未來做準備方面取得了巨大進步。最近幾個月，我們實現了幾個里程碑，包括建立具有深厚醫療保健專業知識、多元化領導和財務經驗的董事會。我期待與他們合作，因為我們在 GE Healthcare 的下一個增長和價值創造篇章中共同起步。

Another key step in the process was our public Form 10 filing. This important disclosure details our historical and pro forma financials for GE Healthcare at both the segment and total company level. We also disclosed our planned capital structure. We expect our go-forward financial policy will incorporate a strong investment-grade rating for the company. And while we expect to prioritize deleveraging near term, we believe our solid financial position provides us significant flexibility to continue to invest in the business.

該過程中的另一個關鍵步驟是我們的公開表格 10 歸檔。這一重要披露詳細說明了我們在部門和整個公司層面對 GE 醫療保健的歷史和備考財務狀況。我們還披露了我們計劃的資本結構。我們預計我們未來的財務政策將為公司提供強大的投資級評級。雖然我們預計近期會優先考慮去槓桿化，但我們相信我們穩健的財務狀況為我們提供了繼續投資業務的巨大靈活性。

We'll share more on our strategy at our December 8 Investor Day. My senior leadership team and I look forward to meeting with many of you and discussing our vision as we work to drive better outcomes for patients and productivities for customers in the years ahead.

我們將在 12 月 8 日的投資者日上分享更多關於我們的策略的信息。我和我的高級領導團隊期待與你們中的許多人會面並討論我們的願景，因為我們將努力在未來幾年為患者帶來更好的結果並為客戶提高生產力。

Moving to our performance. Overall, GE Healthcare delivered a strong quarter with sequential improvement. Top line growth across the business reflects the tireless work of our teams and partners to address supply chain constraints and improve product fulfillment. Market demand and backlog conversion remained positive despite inflationary and supply challenges that continue to impact the industry.

轉向我們的表現。總體而言，通用電氣醫療在季度表現強勁，環比有所改善。整個業務的收入增長反映了我們的團隊和合作夥伴為解決供應鏈限制和改善產品履行所做的不懈努力。儘管通脹和供應挑戰繼續影響該行業，但市場需求和積壓轉換仍然積極。

We're speaking with our customers regularly and watching their behavior closely. They have been impacted by higher costs, particularly around labor. This makes the imaging and ultrasound products we provide more important than ever based on their ability to deliver increased productivity for providers.

我們定期與客戶交談並密切關注他們的行為。它們受到成本上漲的影響，尤其是在勞動力方面。這使得我們提供的成像和超聲產品比以往任何時候都更加重要，因為它們能夠為供應商提供更高的生產力。

Looking at customer trends. Global public spending in health care is solid, particularly in Europe and Asia. In the U.S., customers are taking a more cautious approach as they monitor the economic environment.

關注客戶趨勢。全球醫療保健公共支出穩健，尤其是在歐洲和亞洲。在美國，客戶在監控經濟環境時採取了更加謹慎的態度。

Overall, continued patient demand is leading providers to invest in products and services that increase productivity and reduce operating cost, an important dynamic as health care systems modernized post-pandemic and prepare for increased demand longer term. That said, we're keeping a keen eye on provider performance and procedures, which continue to improve sequentially.

總體而言，持續的患者需求導致供應商投資於提高生產力和降低運營成本的產品和服務，這是大流行後醫療保健系統現代化並為長期需求增加做準備的重要動力。也就是說，我們正在密切關注供應商的績效和程序，它們會繼續按順序改進。

Looking at the quarter. Orders increased 4% year-over-year with sequential growth. Service is strong, up low double digits. Equipment was negative due to our reclassification of certain upgrades from equipment to services, plus a tough comp year-over-year. Organic revenue was up 10% year-over-year with sequential growth. Equipment and services were both up low double digits year-over-year and imaging and ultrasound were bright spots. Currency negatively impacted reported results by 5 points.

看著季度。訂單同比增長 4%，環比增長。服務強，低兩位數。由於我們將某些從設備升級到服務的升級重新分類，加上同比艱難的補償，設備為負數。有機收入同比增長 10%，連續增長。設備和服務同比增長兩位數，成像和超聲是亮點。貨幣對報告的結果產生了 5 個百分點的負面影響。

Near term, we're focused on commercial execution improvements and NPI launches. Notably, GE Healthcare recently topped the FDA's list of authorized artificial intelligence and machine learning-enabled medical devices. Our commitment to innovation continues, with quarterly R&D spend up double digits year-over-year, helping us accelerate our long-term growth plans.

近期，我們專注於商業執行改進和 NPI 發布。值得注意的是，GE Healthcare 最近在 FDA 授權的人工智能和機器學習醫療設備清單中名列前茅。我們繼續致力於創新，季度研發支出同比增長兩位數，幫助我們加快了長期增長計劃。

Segment margins declined to 15.4% year-over-year due to ongoing supply and inflation impacts. Sequential margins have improved since the first quarter, driven by higher volume, price and a continued focus on reducing costs. We've now delivered 2 consecutive quarters of positive price and orders price which also remains positive.

由於持續的供應和通貨膨脹影響，分部利潤率同比下降至 15.4%。自第一季度以來，連續利潤率有所改善，這得益於銷量、價格和持續關注降低成本的推動。我們現在已經連續 2 個季度實現了正價，訂單價格也保持正數。

We've been offsetting supply constraints by embedding Lean throughout our business. One way we monitor supply dynamics is through red flags, identifying lines of -- at risk of a shortage if not replenished within 10 days. And these have declined nearly 40% since last quarter. We've also broadened our supply base and requalified and redesigned over 7,000 parts, driving positive results. While challenging, we expect supply chain pressures to improve for the remainder of '22 and into '23.

我們通過在我們的業務中嵌入精益來抵消供應限制。我們監控供應動態的一種方法是通過危險信號識別線——如果在 10 天內沒有補充，則有短缺的風險。自上個季度以來，這些已經下降了近 40%。我們還擴大了供應基礎，對 7,000 多個零件進行了重新認證和重新設計，取得了積極成果。儘管具有挑戰性，但我們預計供應鏈壓力在 22 年剩餘時間和 23 年將有所改善。

With the spin approaching, we thought it would be helpful to provide some color on GE Healthcare's cash performance. Keeping in mind our customer needs, we work with suppliers to stock up on critical inventory year-to-date and continue to manage inventory in an inflationary environment. In total, our quarterly free cash flow grew slightly year-over-year and sequentially. Our actions leave us confident that we can meet fourth quarter customer demand.

隨著旋轉的臨近，我們認為為 GE Healthcare 的現金表現提供一些顏色會有所幫助。牢記我們的客戶需求，我們與供應商合作，儲備年初至今的關鍵庫存，並在通貨膨脹的環境中繼續管理庫存。總體而言，我們的季度自由現金流同比和環比略有增長。我們的行動讓我們相信我們能夠滿足第四季度的客戶需求。

For the full year, we still expect mid-single-digit revenue growth. At the same time, higher inflation, currency and investments are impacting operating profit, which we now expect to be $2.6 billion or more. And we expect free cash flow in a range of $2.1 billion to $2.3 billion, based on the higher inventory build to meet demand in the fourth quarter and into 2023.

對於全年，我們仍預計收入將保持中個位數增長。與此同時，更高的通貨膨脹、貨幣和投資正在影響營業利潤，我們現在預計將達到 26 億美元或更多。我們預計自由現金流在 21 億美元至 23 億美元之間，這是基於更高的庫存增加以滿足第四季度和 2023 年的需求。

In closing, our team is highly energized as we approach this new chapter. We're confident, and the planned spin will unlock significant shareholder value, enabling us to prioritize R&D investment, grow faster and optimize our operating model.

最後，我們的團隊在接近這一新篇章時充滿活力。我們有信心，計劃中的分拆將釋放重要的股東價值，使我們能夠優先考慮研發投資，更快地增長並優化我們的運營模式。

And so with that, Larry, I'll hand it back over to you.

有了這個，拉里，我會把它還給你。

Pete, thank you. I share your excitement. I think we're going to have some fun.

皮特，謝謝。我分享你的興奮。我想我們會玩得開心的。

I'd like to close on Slide 12. GE continued to build momentum in the third quarter. Aerospace delivered a very strong quarter. Renewables is taking action to reset for profitable growth. Power remains on track for stable earnings and cash. And Healthcare, as Pete just outlined, improved performance.

我想結束幻燈片 12。通用電氣在第三季度繼續發展勢頭。航空航天的季度表現非常強勁。可再生能源正在採取行動重新實現盈利增長。 Power 仍有望獲得穩定的收益和現金。正如皮特剛剛概述的那樣，醫療保健提高了績效。

Lean and decentralization are the key enablers of this momentum, driving safety, quality, delivery and cost improvements which serve as the foundation of all we do at GE. And these improvements are sustainable. Take my 2021 kaizen week team at Lynn. 1 year later, the team has enhanced our closed-loop machining process on the T700 midframe. Now while there's always more to do, this process is delivering close to 100% first-time yields compared to about 50% previously.

精益和權力下放是這一勢頭的關鍵推動力，推動安全、質量、交付和成本改進，這是我們在 GE 所做一切的基礎。這些改進是可持續的。以我在林恩的 2021 年改善週團隊為例。 1 年後，該團隊在 T700 中框上增強了我們的閉環加工工藝。現在，雖然總是有更多工作要做，但這個過程提供了接近 100% 的首次良率，而之前約為 50%。

Real Lean sticks, and we're scaling it across lines, sites and businesses. And with that Lean foundation, GE continues to lead with innovation. At Aerospace, we completed testing on our second XA100 adaptive cycle engine, partnering with the U.S. Air Force. It's an innovative engine that pairs power with efficiency.

真正的精益堅持，我們正在跨生產線、站點和業務擴展它。憑藉精益基礎，GE 繼續引領創新。在 Aerospace，我們與美國空軍合作完成了第二台 XA100 自適應循環發動機的測試。這是一款將動力與效率相結合的創新引擎。

Healthcare made further progress in the home care space, expanding its AliveCor relationship and announcing a new collaboration with AMC Health to enable remote patient monitoring.

醫療保健在家庭護理領域取得了進一步進展，擴大了與 AliveCor 的關係，並宣布與 AMC Health 開展新的合作，以實現遠程患者監測。

And Power secured an order from Kindle Energy to provide HA class power generation equipment. This will help support Louisiana's ongoing energy transition, initially fueled by natural gas, with the ability to use up to 50% hydrogen by volume.

Power 獲得了 Kindle Energy 的訂單，提供 HA 級發電設備。這將有助於支持路易斯安那州正在進行的能源轉型，最初以天然氣為燃料，能夠使用高達 50% 的氫氣。

It's clear our businesses are creating a smarter and more efficient future of flight, driving decarbonization through the energy transition and enabling precision healthcare. And we're set to unleash their full potential through our plans to launch 3 independent investment-grade industry leaders, starting with GE Healthcare in just 2 short months.

很明顯，我們的業務正在創造一個更智能、更高效的飛行未來，通過能源轉型推動脫碳，並實現精準醫療。我們將通過在短短 2 個月內推出 3 位獨立投資級行業領導者的計劃，從 GE Healthcare 開始，釋放他們的全部潛力。

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

史蒂夫，有了這個，讓我們去提問。

Thanks, Larry. (Operator Instructions) Denise, can you please open the line?

謝謝，拉里。 （操作員說明）Denise，你能打開線路嗎？

(Operator Instructions) The first question comes from Nigel Coe from Wolfe Research.

（操作員說明）第一個問題來自 Wolfe Research 的 Nigel Coe。

So quick -- I'll keep the one question. On the Renewables, I just want to confirm the charge in the quarter. That's sufficient to cover the entire scope of the work that needs to be done? And my real question is on the restructuring charges you've laid out. Is that sufficient to return the business to breakeven or better with stable markets? Or do we need the U.S. onshore market to recover to get back to profitability?

這麼快——我會保留一個問題。關於可再生能源，我只想確認本季度的收費。這足以涵蓋需要完成的工作的整個範圍嗎？我真正的問題是關於你提出的重組費用。這是否足以使業務在穩定的市場中恢復盈虧平衡或更好？還是我們需要美國在岸市場復甦才能恢復盈利？

Nigel, let me take that in order. I think what we have laid out today, what we've been working on all year, really puts us in a position for onshore wind to be profitable in 2024. That's not the end state, but it's an important waypoint for us, given recent performance, obviously.

奈傑爾，讓我按順序來。我認為我們今天制定的計劃，以及我們全年所做的工作，確實使我們能夠在 2024 年實現陸上風能盈利。這不是最終狀態，但考慮到最近的情況，這對我們來說是一個重要的路標。性能，很明顯。

The charge that we're taking here, the $500 million, is geared toward resolving the fleet availability issues that we've touched on. I think that gives us ample room to tend to what we need to deal with and move forward from there. That not only helps us with fleet availability, but the other design and manufacturing improvements we referenced, in addition to the restructuring, are what really set us up to be more profitable, and -- to be flat out profitable in 2024. So next year will be another year where we'll probably have parentheses around the op profit numbers, but then we get to where we need to be in '24, and we'll move on from there.

我們在這裡收取的費用為 5 億美元，旨在解決我們已經觸及的機隊可用性問題。我認為這給了我們足夠的空間來處理我們需要處理的事情並從那裡向前發展。這不僅有助於我們提高機隊的可用性，而且我們提到的其他設計和製造改進，除了重組之外，真正讓我們變得更有利可圖，而且——在 2024 年完全盈利。所以明年將是另一年，我們可能會在運營利潤數字周圍加上括號，但隨後我們會在 24 年達到我們需要達到的水平，我們將從那裡繼續前進。

We really aren't expecting, in the short term, Carolina touched on this, meaningful help from the IRA. In fact, we're going to -- we've seen some business move from '22 to '23 as a result of customers taking a pause, waiting for the incentives that they will enjoy in all likelihood next year in a way that they couldn't access this year.

我們真的沒想到，在短期內，Carolina 會從 IRA 獲得有意義的幫助。事實上，我們將——我們已經看到一些業務從 22 年轉移到 23 年，因為客戶暫停了，等待他們明年很可能以他們喜歡的方式享受的激勵措施今年無法訪問。

But we've never had more clarity. We've never had, I think, better visibility about U.S. government support for onshore wind than we do now for the rest of the decade. But none of the operating actions that we've highlighted here are relying on that legislation. Remember, we didn't think that was going to happen when we talked to you in late July, right? That was a pleasant third quarter surprise. So everything we've been doing operationally is geared toward a lower level of volume, profitability in that context. But the Inflation Reduction Act just, I think, improves the prospects for this business for a decade meaningfully.

但我們從未有過更清晰的認識。我認為，在過去十年的剩餘時間裡，我們對美國政府對陸上風能的支持從未有過如此清晰的認識。但我們在此強調的所有運營行動均不依賴於該立法。請記住，當我們在 7 月下旬與您交談時，我們並不認為會發生這種情況，對吧？這是一個令人愉快的第三季度驚喜。因此，在這種情況下，我們在運營上所做的一切都是為了降低產量和盈利能力。但我認為，《降低通脹法案》只是有意義地改善了這項業務十年的前景。

The next question comes from Anthony Petrone from Mizuho Group.

下一個問題來自瑞穗集團的 Anthony Petrone。

Congratulations to the team on getting to -- close to the first spin with GE Healthcare. So this question will be for Pete and Helmut on the call.

祝賀團隊接近 - 接近與 GE Healthcare 的第一次旋轉。所以這個問題將由電話會議上的皮特和赫爾穆特提出。

Pete, just as we head into spin here, we've had a number of companies in the medical device space report already as well as several large hospital customers. And I think I would classify the environment right now is highly mixed. And still a lot of variables out there, certainly as it relates to 2023. Specifically, last week, we had 2 large hospital operators elect to not issue guidance. On the flip side, some of the medical device companies have actually posted slightly better procedures. Turning to the GE Healthcare business sequentially, it actually looks like orders improved a bit.

皮特，就在我們在這裡開始旋轉時，我們已經在醫療設備領域報告了許多公司以及幾家大型醫院客戶。我想我現在會把環境分類為高度混合的。還有很多變數，當然與 2023 年有關。具體來說，上週，我們有 2 家大型醫院運營商選擇不發布指導。另一方面，一些醫療器械公司實際上發布了稍微好一點的程序。依次轉向 GE Healthcare 業務，實際上訂單看起來有所改善。

So with that as context, maybe just your background as the company speaks to its hospital customers. And maybe just a very early view on your high-level thoughts on 2023. Congratulations to the team again.

因此，以此為背景，也許只是您在公司與醫院客戶交談時的背景。也許只是您對 2023 年高層想法的一個非常早期的看法。再次祝賀團隊。

Anthony, thanks for the question. Yes, look, to your point, as I mentioned in the prepared comments, actually Q3, we see a positive global growth market, backlog, price improving. But we are watching this evolving environment, particularly in the U.S. The public markets outside of the U.S. and EMEA and Asia, particularly China, there's actually a reasonable amount of stimulus money or post-COVID investment that's going in to increase growth.

安東尼，謝謝你的提問。是的，看你的觀點，正如我在準備好的評論中提到的那樣，實際上第三季度，我們看到全球市場正增長，積壓，價格上漲。但我們正在關注這種不斷變化的環境，特別是在美國。美國和歐洲、中東和非洲以及亞洲以外的公共市場，尤其是中國，實際上有合理數量的刺激資金或新冠疫情后的投資將用於促進增長。

But we see the patient demand from some of the different reports that's out on The Street, both from med tech as well as other providers to be showing incremental growth. Obviously, there's been some increases in cost of labor, but that seems to be subsiding.

但我們看到，來自 The Street 上的一些不同報告的患者需求，無論是來自醫療技術公司還是其他供應商，都顯示出增量增長。顯然，勞動力成本有所增加，但似乎正在消退。

And so I'm out pretty regularly speaking with customers, and we still see a reasonable amount of pent-up demand within the system. I think we all realize that year-over-year, '21 to '20, it's actually a tough comp. It was a pretty big recovery in procedures as well as equipment growth.

所以我經常與客戶交談，我們仍然看到系統內有合理數量的被壓抑的需求。我想我們都意識到，從 21 年到 20 年，這實際上是一場艱難的比賽。這是程序和設備增長的一個相當大的恢復。

And so we're still seeing -- if you look at a 2-year stack, we're still seeing double-digit growth versus '20 and '19. So keeping a sharp eye on it for sure. Look, relative to '23, we'll obviously talk a lot more about our strategy on December 8, and then we'll plan to talk about our guidance in our normal time periods at the end of the Q4 announcement. Thanks again for your question.

所以我們仍然看到 - 如果你看一下 2 年的堆棧，我們仍然看到與 20 年和 19 年相比兩位數的增長。所以一定要密切關注它。看，相對於 23 年，我們顯然會在 12 月 8 日更多地談論我們的戰略，然後我們計劃在第四季度公告結束時談論我們在正常時間段內的指導。再次感謝您的提問。

The next question comes from Andy Kaplowitz from Citigroup.

下一個問題來自花旗集團的 Andy Kaplowitz。

So cash in Q3 was higher than your own expectations coming in, but you mentioned that you're planning to take, I think, $1 billion plus of additional restructuring between Corporate and Vernova, the majority of the corporate restructuring in Q4. So how do we think about the rightsizing of your businesses in the context of cash?

因此，第三季度的現金高於您自己的預期，但您提到您計劃在 Corporate 和 Vernova 之間進行 10 億美元以上的額外重組，這是第四季度公司重組的大部分。那麼，我們如何考慮在現金背景下調整您的業務規模？

And I know you've really said you need to assess what your cash generation would look like versus that old $7 billion plus guidance for '23. But could you give us more color into the puts and takes of how to think about cash going to '23 versus the $4.5 billion this year?

而且我知道你真的說過你需要評估你的現金生成與舊的 70 億美元加上 23 年的指導相比會是什麼樣子。但是，您能否為我們提供更多關於如何看待 23 年現金與今年 45 億美元的看跌期權的顏色？

Okay. So to be sure I understood the question. So you're talking about how we get to the cash in 2023. Okay.

好的。所以可以確定我理解了這個問題。所以你說的是我們如何在 2023 年獲得現金。好的。

So we've talked about the different businesses and where we are. Just to comment on the restructuring. So the restructuring that we take this year, you are right, that cash will impact 2023 and probably also 2024. But that said, with where we are now, we have strong momentum going into 2023, and we've talked about us expecting a significant improvement of both profit and cash for 2023, and that still holds.

因此，我們討論了不同的業務以及我們所處的位置。只是對重組發表評論。所以我們今年進行的重組，你是對的，現金將影響到 2023 年，可能還會影響到 2024 年。但話雖如此，按照我們現在的情況，我們有強勁的勢頭進入 2023 年，我們已經談到我們期待2023 年的利潤和現金都顯著改善，而且這種情況仍然存在。

You look at it business by business. Aerospace clearly on a big rebound from COVID and an unprecedented ramp which will continue in the next year. We have Healthcare, Pete just mentioned that still strong orders and executing on the backlog, so that will continue to go into 2023 as well.

您逐個業務地看待它。航空航天顯然正從 COVID 中大幅反彈，並且將在明年繼續出現前所未有的增長。我們有醫療保健，Pete 剛剛提到仍然強勁的訂單並在積壓中執行，因此這也將持續到 2023 年。

On Renewables, as we take the charge is one thing, but we will also expect to start to see the impact from both the improved availability on our products as well as the cost-out that we mentioned earlier today. So you'll start to see that improvement. And then for Power, I would say we expect services to continue to grow, Steam continue to improve, grid being profitable.

在可再生能源方面，我們負責是一回事，但我們也希望開始看到我們產品可用性的提高以及我們今天早些時候提到的成本支出的影響。所以你會開始看到這種改進。然後對於 Power，我想說我們希望服務繼續增長，Steam 繼續改進，電網盈利。

And you put all of that together -- and I would add to that also the working capital opportunity with reducing inventory and ARs. Put all of that together and you're going to see a strong improvement in 2023.

你把所有這些放在一起——我還要加上減少庫存和 AR 的營運資金機會。將所有這些放在一起，您將在 2023 年看到強勁的進步。

And Andy, I think our current intent now that we have just come out of our strat plan cycle and are heading into budgets here over the next several weeks, is to effectively do what we've, I think, done in the last several years and provide that forward-looking outlook, cash and everything else, at fourth quarter earnings in January.

Andy，我認為我們目前的意圖是，我們剛剛結束戰略計劃週期並在接下來的幾週內進入預算，是有效地做我們過去幾年所做的事情。並在 1 月份的第四季度收益中提供這種前瞻性的展望、現金和其他一切。

The next question comes from Brendan Luecke from AllianceBernstein.

下一個問題來自 AllianceBernstein 的 Brendan Luecke。

I just wanted to touch base real quickly on the rightsizing for the onshore wind business. How should we be thinking about longer-term competitive implications of having a smaller business here? Are you setting yourself up for a scale disadvantage down the road?

我只是想快速了解陸上風電業務的合理規模。我們應該如何考慮在這裡經營規模較小的企業所帶來的長期競爭影響？您是否正在為未來的規模劣勢做好準備？

Brendan, I'm sorry, could you ask the last part of that again, please?

Brendan，對不起，你能再問一下最後一部分嗎？

Are you saying...

你是說...

Is there a risk of GE onshore being at a disadvantage from a scale perspective down the road?

從規模的角度來看，GE陸上是否存在處於劣勢的風險？

Brendan, I don't think so whatsoever. I think that in many respects, one could argue that it has been the pursuit of scale that has led us in part to our current underperformance. We have led the last several years, as you know well, here in North America, in the U.S. It's a market where we've got a home field advantage. It tends to be one of the better geographies in the entire onshore wind space.

布倫丹，我不這麼認為。我認為，在許多方面，有人可能會爭辯說，正是對規模的追求導致了我們目前表現不佳的部分原因。如您所知，我們在過去幾年中一直處於領先地位，在北美，在美國。這是一個我們擁有主場優勢的市場。它往往是整個陸上風能領域中較好的地區之一。

And I think all you're really seeing is due -- with respect to the restructuring, the selectivity efforts and the change in our product road maps is to really make sure that we are in a position to lead through this orders trough, particularly in North America. But come out of it not only with better products, better value propositions, better cost structures, but ultimately better performance as we move forward here, both for our customers and investors.

而且我認為您真正看到的一切都是應得的——關於重組、選擇性努力和我們產品路線圖的變化，是為了真正確保我們能夠引領這個訂單低谷，特別是在北美。但是，它不僅會帶來更好的產品、更好的價值主張、更好的成本結構，而且隨著我們在這裡向前發展，最終會為我們的客戶和投資者帶來更好的業績。

I don't think that anything that we're doing here does anything to undermine our competitiveness. I would argue it will enhance our competitiveness, particularly at a time when I think many customers are looking forward here when the IRA kicks in, and we're going to go quickly from a trough period to a time of scarcity, where it won't be about one-upsmanship or specsmanship, it will really be about reliability.

我不認為我們在這裡所做的任何事情都會削弱我們的競爭力。我認為這將增強我們的競爭力，特別是在我認為許多客戶都在期待 IRA 生效的時候，我們將迅速從低谷時期進入稀缺時期，在那裡它不會”不是關於單一的技巧或規格，而是關於可靠性。

We're going to lead in that fashion. We can be better than we are today. And I know that's what Scott and the rest of the onshore wind team are committed to. It may mean that we don't play in as many markets as we have historically. I think that will be a good thing because we have no intention of being all things to all people in any of our businesses. That's particularly important in onshore wind.

我們將以這種方式引領潮流。我們可以比今天更好。我知道這就是斯科特和陸上風電團隊的其他成員所致力於的。這可能意味著我們沒有像歷史上那樣參與那麼多市場。我認為這將是一件好事，因為我們無意為我們任何業務中的所有人提供一切。這在陸上風能中尤為重要。

I think it's part of what you've seen Scott and the team do effectively in running what we refer to as the power playbook as they've transformed that business. And that's certainly going to be an important part of the program in onshore wind, and frankly, more broadly across Renewables. But it's particularly acute given the relative size of the operating loss today in onshore.

我認為這是您看到 Scott 和團隊在運行我們所說的權力劇本方面所做的有效工作的一部分，因為他們已經改變了該業務。這肯定會成為陸上風電項目的重要組成部分，坦率地說，更廣泛地適用於可再生能源。但鑑於目前在岸經營虧損的相對規模，這種情況尤為嚴重。

The next question comes from Jeff Sprague from Vertical Research.

下一個問題來自 Vertical Research 的 Jeff Sprague。

Maybe just a little bit more color on Aero. Just a couple of things jumping out to me here today. I think originally, we started the year thinking AD&A would be kind of $1 billion-ish headwind, and we're at 0 now for the year.

在 Aero 上可能只是多一點顏色。今天在這裡我突然想到了幾件事。我認為最初，我們在年初認為 AD&A 將是 10 億美元左右的逆風，而我們今年的收益為 0。

And then also just looking at the aftermarket, right? I don't expect you to speak to your competitors necessarily, but Collins and Pratt posted 23% to 25% aftermarket growth here. Your spares number is up 52%. So I wonder if you could just address both of those. What -- how we should expect AD&A to maybe track into 2023. And if there was anything kind of unusual in timing, particularly in the spares business.

然後也只看售後市場，對嗎？我不希望您一定要與您的競爭對手交談，但柯林斯和普拉特在這裡發布了 23% 到 25% 的售後市場增長。您的備件數量增加了 52%。所以我想知道你是否可以同時解決這兩個問題。什麼——我們應該如何預期 AD&A 可能會進入 2023 年。如果時間上有什麼不尋常的地方，特別是在備件業務方面。

Jeff, maybe I'll take the latter, and I'll let Carolina speak to the former. But I think you're exactly right in terms of what we're seeing in Aerospace, right? I mean, overall revenue is up 25%. The business just is facing, welcome after the COVID drought, incredible levels of demand. We know we're going to continue to see that in the fourth quarter and in '23.

傑夫，也許我會接受後者，我會讓卡羅萊納與前者交談。但我認為就我們在航空航天領域看到的情況而言，您是完全正確的，對吧？我的意思是，總收入增長了 25%。在 COVID 乾旱之後，該業務正面臨著令人難以置信的需求水平。我們知道我們將在第四季度和 23 年繼續看到這一點。

I think from an aftermarket perspective specifically, we've got a number of things that really helped us not only from a volume, but frankly, from a margin and cash performance this quarter in the aftermarket. Shop visits were up year-over-year, and sequentially, the scope within those shop visits was more robust. We saw a favorable mix with respect to our parts business as well, really, I think as we and our partners, in service to the airlines, are trying to keep the current fleet in the air as much as we possibly can.

我認為從售後市場的角度來看，我們有很多東西真正幫助了我們，不僅從數量上，而且坦率地說，從本季度售後市場的利潤率和現金表現來看。商店訪問量同比增長，並且依次，這些商店訪問量的範圍更加強大。我們在零部件業務方面也看到了有利的組合，真的，我認為我們和我們的合作夥伴為航空公司提供服務，正在努力盡可能地保持現有機隊的飛行。

So a little bit of the tempering with respect to the fourth quarter margins is that we see some of that mix moving it the other way. It will still be, I think, a more than respectable second half, but we benefited a little bit in the third quarter. We'll probably give up some of that in the fourth.

因此，關於第四季度利潤率的一些緩和是我們看到其中一些組合將其轉移到另一個方向。我認為，這仍然會是一個值得尊敬的下半年，但我們在第三季度受益了一點。我們可能會在第四節放棄其中的一些。

But that said, I think the operating mindset that we have is really to continue to drive shorter turnaround times, higher on-time delivery and really do all that we can to help the airlines meet what has been clearly a quite robust demand on the part of the flying public. And having been with a number of these customers recently, not only the airline leadership, but a number of others in the travel and leisure hospitality spaces, they're excited about the end of the year outlook here and going into '23. So we want to be part of the solution in that regard, and we're obviously well positioned to do just that.

但話雖如此，我認為我們的運營理念是繼續推動更短的周轉時間、更高的準時交貨，並儘我們所能幫助航空公司滿足顯然相當強勁的需求的飛行公眾。最近與這些客戶中的一些人打交道，不僅是航空公司的領導層，還有其他一些旅遊和休閒酒店領域的客戶，他們對這裡的年底前景和進入 23 年感到興奮。因此，我們希望成為這方面解決方案的一部分，而且我們顯然有能力做到這一點。

Carolina, AD&A?

卡羅來納州，AD&A？

Yes. So Jeff, on AD&A, you're right. When you referenced the $1 billion of headwind year-over-year, that's comparing '21 to '22. So in '21, we were $0.5 billion positive. And if -- we were expecting to be about $0.5 billion negative in 2022.

是的。所以傑夫，關於 AD&A，你是對的。當您提到每年 10 億美元的逆風時，這是在比較 21 年和 22 年。所以在 21 年，我們的收益為 5 億美元。如果 - 我們預計到 2022 年將出現約 5 億美元的負數。

The way it has panned out is that, in the third quarter, we had about $300 million of positive flow, which gets us sort of year-to-date still negative. But if we put the full year 2022 now, our latest expectation is that we will be flat in year flow.

它的結果是，在第三季度，我們有大約 3 億美元的正流量，這讓我們年初至今仍然是負數。但是，如果我們現在將 2022 年全年計算在內，我們最新的預期是年度流量將持平。

If you then look into 2023, we do expect the airframers to continue to deliver aircraft from inventory. So that will be then a headwind for us with the outflows. But we also expect the engine deliveries from us to provide some -- I would say, some offset to that number. And exactly where that lands, we'll talk to you more about when we guide for next year.

如果您展望 2023 年，我們確實預計機身製造商將繼續從庫存中交付飛機。因此，資金外流對我們來說將是一個逆風。但我們也希望我們交付的發動機能夠提供一些——我想說，一些抵消這個數字。確切地說，我們將在明年指導時與您進行更多討論。

Your next question comes from Nicole DeBlase from Deutsche Bank.

您的下一個問題來自德意志銀行的 Nicole DeBlase。

Just on the Vernova spin. Now that you guys are kind of expecting Renewables to still have parentheses around the profit number in 2023, does that change at all the potential timing of the spin? Just thinking about the rating agencies and how you guys want to be investment grade rated in all of the businesses, would it benefit that business to start to see positive profitability before the spin actually is consummated?

就在 Vernova 旋轉上。既然你們有點期待可再生能源在 2023 年的利潤數字周圍仍然有括號，那麼這是否會改變所有潛在的旋轉時間？想想評級機構，以及你們希望如何在所有業務中獲得投資級評級，在旋轉實際完成之前開始看到積極的盈利能力是否有利於該業務？

Nicole, we're, again, very much on track not only with the Healthcare spin with Pete and team here early in the new year, but Vernova in early '24, just as we laid out last November.

妮可，我們再次走上正軌，不僅是在新年初與皮特和團隊一起進行醫療保健旋轉，而且在 24 年初，正如我們去年 11 月所安排的那樣，維諾瓦也在進行中。

I think you're spot on. We aspire to have all 3 businesses be investment grade as we move forward with the plan. And that framework, that commitment, very much intact. Which is why I'm excited about both what we're doing operationally in terms of controlling the controllable, and we've touched on that a couple of times relative to our product strategy, the fleet availability effort with the charge today and obviously the restructuring. That, coupled with the legislative support that we're seeing here in the U.S.; and clearly the enhanced concerns around the energy trilemma, particularly energy security in Europe, I think, bode very well for Renewables and all of GE Vernova, right?

我認為你是正確的。隨著計劃的推進，我們希望所有 3 家企業都達到投資級別。那個框架，那個承諾，非常完整。這就是為什麼我對我們在控制可控方面所做的操作感到興奮的原因，並且我們已經多次談到我們的產品戰略，今天收費的車隊可用性工作，顯然是重組。再加上我們在美國看到的立法支持；很明顯，圍繞能源三難困境的擔憂加劇，尤其是歐洲的能源安全，我認為，這對可再生能源和 GE Vernova 來說是個好兆頭，對吧？

We do a lot of things. And I think increasingly, as we talk to customers, particularly in this environment, our strategy, our breadth to help them navigate sustainability objectives, security, let alone affordability concerns, couldn't be more timely. So I think we feel good about those things within our control. Wish the print were otherwise. But I think it's very much an investment in the trajectory of this business, which, again, will be an investment-grade business. So very much on track.

我們做很多事情。而且我越來越多地認為，當我們與客戶交談時，特別是在這種環境下，我們的戰略、我們幫助他們實現可持續發展目標的廣度、安全性，更不用說負擔能力問題，再及時不過了。所以我認為我們對我們控制範圍內的這些事情感覺很好。希望印刷品不是這樣。但我認為這在很大程度上是對這項業務發展軌蹟的投資，這又將是一項投資級業務。非常順利。

Your next question comes from Steve Tusa from JPMorgan.

您的下一個問題來自摩根大通的 Steve Tusa。

So Carolina, you were out in mid-September talking about cash that was close to breakeven. I mean, what's the -- what was the swing factor in the last couple of weeks of the quarter?

所以卡羅琳娜，你在 9 月中旬出去談論接近盈虧平衡的現金。我的意思是，本季度最後幾週的波動因素是什麼？

And then just a quick one on Healthcare. What are you guys planning on doing with the proceeds or the stock that you're keeping on your balance sheet after the spin?

然後只是一個關於醫療保健的快速說明。你們打算用收益或旋轉後保留在資產負債表上的股票做什麼？

Thanks, Steve. So yes, if I compare to where we were in Laguna, well first of all, I'd like to say that I'm really proud of how the teams came together and performed to deliver this $1.2 billion of free cash flow in the quarter.

謝謝，史蒂夫。所以，是的，如果我與我們在拉古納的情況相比，首先，我想說的是，我為團隊如何齊心協力並在本季度實現 12 億美元的自由現金流而感到自豪.

And I would say, overall, the dynamics did play out as we've talked about them. The receivables were pressured, and we did see month 3 billings being higher than we would have wanted, pushing collections to the following quarter. And we also had elevated material purchases to derisk the fourth quarter delivery, and you see that on the inventory.

我想說，總的來說，正如我們所討論的那樣，動態確實發揮了作用。應收賬款受到壓力，我們確實看到第 3 個月的賬單高於我們的預期，將收款推到了下一個季度。我們還增加了材料採購以降低第四季度交貨的風險，您可以在庫存中看到這一點。

What was better than anticipated, a couple of things. We saw stronger Aerospace performance, higher earnings. And then you know it's going to be about services, so better services and especially on the spare parts side. Then we also saw even stronger utilization, both on aero engines and gas turbines, and that drove higher billings and higher collections, and you can see that on contract assets.

有幾件事比預期的要好。我們看到航空航天表現更強勁，收益更高。然後你知道這將是關於服務，所以更好的服務，尤其是在備件方面。然後我們還看到航空發動機和燃氣輪機的利用率更高，這推動了更高的賬單和更高的收款，你可以在合同資產上看到這一點。

We're also working to have more rigor on receivable daily management, and we actually managed to collect more than we thought. So we reduced DSO by 2 days year-over-year, which was better than we thought across the businesses.

我們也在努力對應收賬款的日常管理進行更嚴格的管理，我們實際上設法收集了比我們想像的更多的東西。因此，我們將 DSO 同比減少了 2 天，這比我們對所有業務的預期要好。

And then finally, on AD&A, the aircraft deliveries pushed relative to the forecast, which really -- well, that's a positive impact for us on our numbers. So overall, that's what got us to $1.2 billion of free cash flow, and that's also part of what gives us confidence in reiterating the guide of $4.5 billion of free cash flow for the full year.

最後，在 AD&A 上，飛機交付量相對於預測有所增加，這確實 - 嗯，這對我們的數字產生了積極影響。總的來說，這就是我們獲得 12 億美元自由現金流的原因，這也是我們有信心重申全年 45 億美元自由現金流的指導的部分原因。

Your second question was on the Healthcare proceeds. So yes, we've talked about that spin, that we would keep a part of Healthcare. But it's too early to say what we're going to do with that. We are -- we have a capital allocation framework and a capital iteration structure. So in due time, we'll come back to that and share more.

你的第二個問題是關於醫療保健收益的。所以是的，我們已經討論過這個問題，我們將保留醫療保健的一部分。但現在說我們將要做什麼還為時過早。我們是——我們有一個資本分配框架和一個資本迭代結構。所以在適當的時候，我們會回來分享更多。

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。

So you had a disclosure that, in third quarter, you agreed to terminate substantially all long-term care insurance exposure, previously seated through single reinsurance company, right? So $300 million after-tax charge in the third quarter. So I guess the question is, are you guys cleaning up things? Does this make it easier to do a transaction, long-term care, down the road? Are these things connected?

所以你有一個披露，在第三季度，你同意基本上終止所有長期護理保險風險，以前通過單一的再保險公司就座，對嗎？因此，第三季度的稅後費用為 3 億美元。所以我想問題是，你們在清理東西嗎？這是否使交易、長期護理變得更容易？這些東西有聯繫嗎？

Andrew, thanks for asking. So to start with, I would say this transaction is really a good example of how we continue to work to reduce risk. So we're bringing back $2.5 billion of assets that were previously held by a third party. And as said, we will invest that. I would say everything that reduces risk and makes it a stronger book is a positive and keeps our optionality even broader for the future.

安德魯，謝謝你的提問。因此，首先，我想說這筆交易確實是我們如何繼續努力降低風險的一個很好的例子。因此，我們將收回之前由第三方持有的 25 億美元資產。如前所述，我們將投資。我想說，所有能降低風險並使它成為一本更強大的書的東西都是積極的，並讓我們的選擇權在未來更加廣闊。

The next question comes from Joseph Ritchie from Goldman Sachs.

下一個問題來自高盛的約瑟夫·里奇。

My question is for Peter. And so I really want to try to understand the path for normalizing free cash flow in the Healthcare business, because -- it seems like you're running about $1.4 billion behind this year as of the middle of the year. Things will only improve a little bit sequentially in the third quarter. So maybe just talk about that path beyond 2022.

我的問題是針對彼得的。因此，我真的很想嘗試了解醫療保健業務中自由現金流正常化的路徑，因為 - 截至今年年中，您似乎比今年落後了大約 14 億美元。第三季度情況只會有一點點改善。所以也許只是談談 2022 年以後的道路。

Joe, thanks for the question. As I mentioned in the comments, I mean, we made a conscious decision with the mid-single-digit growth that we see here in the second half, and really going into next year, to index on taking on sourcing and stocking the right level of critical parts.

喬，謝謝你的問題。正如我在評論中提到的，我的意思是，我們做出了一個有意識的決定，我們在下半年看到了中個位數的增長，並且真正進入明年，將採購和庫存水平納入指數的關鍵部分。

And as you've heard in other areas within Healthcare and other parts of the business, certain areas, such as chips and other areas, sometimes, you just can't count on a consistent flow. And in our case, where there might be a couple of thousand components that come into an MRI. The shortage of 1 or 2 pieces could let that big chunk of equipment actually not get transferred. And so that's part of what we've laid out.

正如您在醫療保健和業務的其他部分的其他領域所聽到的那樣，某些領域，例如芯片和其他領域，有時，您不能指望一致的流程。在我們的案例中，可能有幾千個組件進入 MRI。一兩件的短缺，可能會讓那一大塊裝備實際上無法轉移。這就是我們已經制定的部分內容。

We actually have a very strong backlog and commitment for customer orders well out into '23. And so I think what we're seeing now is we're going to continue to see that moving through. Obviously, we had -- as we mentioned, we actually had quarter-over-quarter improvement. I believe sequentially, we were -- free cash flow grew about $450 million and year-over-year in the upper 20s. But I think you're going to see more of that accelerate into Q4 and to the next year.

實際上，我們對 23 年的客戶訂單有非常強的積壓和承諾。所以我認為我們現在看到的是我們將繼續看到這種情況發生。顯然，我們有 - 正如我們所提到的，我們實際上有季度環比的改進。我相信，在上個 20 年代，我們的自由現金流按順序增長了約 4.5 億美元，並且同比增長。但我認為你會在第四季度和明年看到更多的加速。

But the majority of it is really liquidating it here with the commitments that we have and as the supply chain improves, which we are seeing quarter-over-quarter.

但是，隨著我們的承諾以及供應鏈的改善，其中大部分確實在這裡清算它，我們看到的是季度環比。

Denise, let's try to get in 2 more questions. A quick one first from, I think -- can you go next?

丹妮絲，讓我們試著再回答 2 個問題。我想先來一個快速的——你能下一個嗎？

The next question comes from Julian Mitchell from Barclays.

下一個問題來自巴克萊銀行的 Julian Mitchell。

Yes, I'll try and be quick, per Steve's comment. It's really on Vernova. Just any color around the cash flow this year and where that will look in '24.

是的，根據史蒂夫的評論，我會盡量快點。它真的在 Vernova 上。只是今年現金流的任何顏色以及 24 年的情況。

And then on that EBIT guide, I think minus $2 billion Carolina had mentioned for this year going to 0-plus in 2024. A big -- what are the big swings? I think there's $500 million of cost-out, there's maybe $700 million, $800 million of warranty coming back. How does that balance split? Any color at all? Volume, price cost, FX? Any help on that?

然後在 EBIT 指南中，我認為卡羅萊納州今年提到的負 20 億美元將在 2024 年變為 0 以上。一個大的 - 大的波動是什麼？我認為有 5 億美元的成本支出，可能有 7 億美元，8 億美元的保修回來了。餘額如何分配？有任何顏色嗎？數量、價格成本、外匯？有什麼幫助嗎？

So Julian, well, you mentioned a couple of the most important ones to start with. So as we're working through, the restructuring is one piece of it. But also the sort of the workhorse and the industrialization will help improve the products, and also how we install the product. So you put all of that together, you will see improved profitability. And of course, you won't see the recurring -- you won't see the charges that we take this year going forward. So we do see some cash pressure in, I would say, 2022.

所以朱利安，你提到了幾個最重要的開始。因此，在我們進行工作時，重組是其中的一部分。而且這種主力和工業化也將有助於改進產品，以及我們如何安裝產品。所以你把所有這些放在一起，你會看到盈利能力的提高。當然，你不會看到重複出現的情況——你不會看到我們今年繼續收取的費用。所以我們確實看到了一些現金壓力，我想說，2022 年。

But for 2023, if you think about it, you have grid positive and you have a significant improvement on the onshore wind side. You have, I would say, the continued decentralization and the restructuring actions there. So you put all of that together, you will see a significant improvement in 2023 and that moving on then into 2024.

但是到 2023 年，如果您考慮一下，您會發現電網是積極的，並且您在陸上風電方面有了顯著改善。我想說的是，那裡有持續的權力下放和重組行動。所以你把所有這些放在一起，你會在 2023 年看到顯著的改善，然後到 2024 年。

And in 2024, basically, the restructuring is completed. You'll see the full benefits, and we expect to see a big IRA demand volume coming through. Some of them, probably end 2023, but the majority of that coming in 2024. And with those -- with the new orders, you get progress payments as well. So that's how you step sort of through '22, '23 to '24 on profit and also on cash.

到2024年，重組基本完成。你會看到全部的好處，我們預計會看到大量的 IRA 需求量。其中一些可能會在 2023 年結束，但大部分將在 2024 年到來。有了這些——有了新訂單，你也可以獲得進度付款。所以這就是你如何通過'22，'23到'24的利潤和現金。

And I think, clearly, Julian, we're feeling the other side of that in the absence of a healthy order book with the PTC lapse all the more, given some of the postponement that we've seen here of late relative to business we anticipated this year.

而且我認為，顯然，朱利安，在沒有健康的訂單簿的情況下，由於 PTC 失效，我們感受到了另一面，因為我們最近在這裡看到了一些與我們預計今年。

But I think Caroline has got it right. We'll be in a more normal environment in terms of the order book and the attendant flows. I also think some of the product rationalization that we've hit on will help us from a working capital perspective as well, right, with the -- just the variance in the extreme customization that we've fallen to in a couple of areas. There's no way that hasn't had us carrying more inventory then we aspire to carry in this business.

但我認為卡羅琳做對了。就訂單簿和隨之而來的流程而言，我們將處於更正常的環境中。我還認為，從營運資金的角度來看，我們已經實現的一些產品合理化也會對我們有所幫助，正確的，只是我們在幾個領域陷入的極端定制的差異。沒有辦法讓我們攜帶更多的庫存，然後我們渴望在這項業務中進行。

So a lot that we can do. But again, I think the template that you've seen over the last several years at Power is a pretty good road map here for what we are working on and what you'll see more clearly in the financials in that business in the next several years.

我們可以做的很多。但同樣，我認為你在過去幾年在 Power 看到的模板是一個很好的路線圖，對於我們正在做的事情以及你將在接下來的幾年中更清楚地看到該業務的財務狀況年。

Great. Denise, last question, please.

偉大的。丹妮絲，最後一個問題，請。

The next question comes from Deane Dray from RBC.

下一個問題來自 RBC 的 Deane Dray。

Larry, could you give us an update on the '23 planning cycle? You said the strat plans have been done, you're in the budgeting process. What's the macro you're assuming? I know that's -- it's pretty fluid here. And how would you describe the recession playbook for GE? I know you got 30 platforms, it's not cookie cutter. But any color there in terms of the resilience of the portfolio would be helpful.

拉里，你能給我們介紹一下 23 年計劃週期的最新情況嗎？你說戰略計劃已經完成，你正在預算過程中。你假設的宏是什麼？我知道那是 - 這裡非常流暢。您如何描述通用電氣的衰退劇本？我知道你有 30 個平台，這不是千篇一律。但就投資組合的彈性而言，那裡的任何顏色都會有所幫助。

Deane, you're exactly right. We've just been through a couple of weeks with Renova, in fact, just given the breadth of the portfolio. Timely, obviously, in the wake of not only what's happened in Ukraine and in turn Europe, but also the IRA. We recently did the same with the Aerospace team. I think I referenced that in the prepared remarks. We actually ran through the Healthcare strat plan earlier in our calendar than is normal simply to make sure we have that as a front-end load to all the subsequent work that Pete and the team have done, in part, the Form 10 that just came public.

迪恩，你完全正確。事實上，考慮到產品組合的廣度，我們剛剛與 Renova 合作了幾個星期。很明顯，不僅是在烏克蘭和歐洲發生的事情之後，而且在愛爾蘭共和軍發生的事情之後。我們最近對航空航天團隊做了同樣的事情。我想我在準備好的評論中提到了這一點。實際上，我們在日曆中比正常情況更早地完成了醫療保健戰略計劃，只是為了確保我們將其作為 Pete 和團隊所做的所有後續工作的前端負載，部分是剛剛到來的表格 10上市。

I would say overall, from a process perspective, really quite pleased in all 3 instances as to how far we've come over the last several years, frankly, just sharpening up our strategic intentions around those critical questions. You've heard me ask a lot over the years, what game are we playing and how do we win?

總的來說，從流程的角度來看，我想說的是，坦率地說，我們在過去幾年中取得的進展在所有 3 種情況下都非常高興，坦率地說，只是圍繞這些關鍵問題加強了我們的戰略意圖。這些年來，你聽到我問了很多問題，我們在玩什麼遊戲，我們如何取勝？

I think that as we look at the macro, Deane, we don't have a unique house view here as to how things are going to play out. I think, like others, we're concerned just around the host of issues that are out there.

我認為當我們看宏觀時，迪恩，對於事情將如何發展，我們在這裡沒有一個獨特的房子視圖。我認為，像其他人一樣，我們只關心存在的大量問題。

But that said, at Aerospace, we have tremendous demand. Again, the customers I speak to on a regular basis are quite bullish about their outlooks. They need us to continue to support them, and we intend to do that. I'm sure you'll hear later this week from our airframer customers and the ramps that are underway in new plane production. We want to do the same with them. So we're not unmindful of the macro at Aerospace, but we've got a lot of activity to work through, and perhaps a little bit of a secular exemption to some of the near-term economic uncertainty.

但話雖如此，在航空航天，我們有巨大的需求。同樣，我經常與之交談的客戶對他們的前景非常看好。他們需要我們繼續支持他們，我們打算這樣做。我相信你會在本週晚些時候聽到我們的機身客戶和新飛機生產正在進行的坡道。我們想對他們做同樣的事情。因此，我們並沒有忽視航空航天的宏觀經濟，但我們有很多活動要完成，也許對一些近期經濟不確定性有一點長期豁免。

Pete, I think, spoke well to Healthcare. But here again, post-COVID, in addition to the backlog work-down that we will pursue, I think health care modernization. Pete mentioned China, I think we're going to see the same thing here in the U.S. Europe also a priority. I think that bodes well, particularly for how we play in precision health.

我認為皮特對醫療保健公司說得很好。但在這裡，在 COVID 之後，除了我們將追求的積壓工作之外，我認為醫療保健現代化。皮特提到了中國，我認為我們將在美國看到同樣的事情，歐洲也是一個優先事項。我認為這是個好兆頭，尤其是對於我們在精準健康方面的表現。

And then, again, given the support here in the U.S. around the inflation Reduction Act primarily for wind and grid, but to a degree, gas. But also this more pragmatic approach to the trilemma, I think, is going to really help both Renewables and Power as we move forward. And that's not a '23 dynamic.

然後，再一次，考慮到美國在減少通脹法案方面的支持，主要是針對風能和電網，但在一定程度上，也包括天然氣。但我認為，這種更務實的解決三難困境的方法將在我們前進的過程中真正幫助可再生能源和電力。這不是 23 年的動態。

So again, I don't want to suggest that any of our businesses are insulated or immune from the broader economic context. But I do think we've got specific secular drivers in addition to so much that is within our control to work through it. And that's what we're going to do. We're going to control the controllable, stay true to the Lean agenda and put forward the best fourth quarter and the best 2023, we possibly can.

再說一次，我不想暗示我們的任何業務都與更廣泛的經濟環境隔離或免疫。但我確實認為，除了我們控制範圍內的許多因素之外，我們還有特定的世俗驅動因素來解決它。這就是我們要做的。我們將控制可控，堅持精益議程，並提出最好的第四季度和最好的 2023 年，我們可能會。

Great. Larry, any final comment?

偉大的。拉里，有什麼最後的評論嗎？

Steve, thank you. Just to close here, the team, the GE team delivered again in the third quarter, led by Aerospace, a very strong quarter. The spins are on track, starting with Healthcare in early January. As Pete mentioned, before then, we hope to see many of you at our GE Healthcare Investor Day on the 8th of December.

史蒂夫，謝謝。就在這裡，GE團隊在第三季度再次交付，由航空航天公司領導，這是一個非常強勁的季度。從 1 月初的醫療保健開始，這些旋轉正步入正軌。正如皮特所說，在那之前，我們希望在 12 月 8 日的通用電氣醫療投資者日見到你們中的許多人。

And we do appreciate your time today, your interest in GE, your investment in our company. And we stand by, Steve, Carolina and the rest of the IR team, to help as you consider GE and GE Healthcare in your investment processes.

我們非常感謝您今天的時間，您對 GE 的興趣，您對我們公司的投資。我們隨時待命，Steve、Carolina 和 IR 團隊的其他成員，在您在投資過程中考慮 GE 和 GE Healthcare 時提供幫助。

Thank you.

謝謝你。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. 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。