奇異 (GE) 2024 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the GE Aerospace First Quarter 2024 Earnings Conference Call. My name is Liz, and I will be your conference coordinator today. (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 GE 航空航天 2024 年第一季財報電話會議。我叫莉茲，今天我將擔任你們的會議協調員。 （操作員指示）謹此提醒，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.

現在我想將會議議程交給今天會議的東道主、投資者關係副總裁 Steve Winoker。請繼續。

Thanks, Liz. Welcome to GE Aerospace's First Quarter 2024 Earnings Call. I'm joined by Chairman and CEO, Larry Culp; and CFO, Rahul Ghai.

謝謝，莉茲。歡迎參加 GE 航空航太公司 2024 年第一季財報電話會議。董事長兼執行長 Larry Culp 也加入了我的行列。和首席財務官拉胡爾·蓋伊。

Many 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 filing and website, those elements may change as the world changes.

我們所做的許多聲明都是前瞻性的，並且基於我們對世界和我們今天所看到的業務的最佳看法。正如我們在 SEC 文件和網站中所述，這些要素可能會隨著世界的變化而變化。

With the spin-off of GE Vernova successfully completed earlier this month, GE Vernova will report its results separately on April 25. While included in our consolidated first quarter results, we're focusing today's commentary and Q&A primarily on GE Aerospace.

隨著本月稍早成功完成GE Vernova 的分拆，GE Vernova 將於4 月25 日單獨報告其業績。 GE 航空航太公司。

Now over to Larry.

現在輪到拉里。

Steve, thank you, and good morning, everyone. Welcome to our first earnings call as GE Aerospace, now a pure-play global leader in propulsion, services and systems. We're wholly focused on our aerospace and defense customers, serving the 900,000 passengers in the air right now with our technology under wing. It's an incredible responsibility for our teams globally and why we take safety and quality so seriously.

史蒂夫，謝謝你，大家早安。歡迎參加我們作為 GE 航空航太公司的第一次財報電話會議，該公司現已成為推進、服務和系統領域的全球領導者。我們完全專注於航空航太和國防客戶，利用我們的技術為 90 萬名空中乘客提供服務。對於我們的全球團隊來說，這是一項令人難以置信的責任，也是我們如此重視安全和品質的原因。

We'll come back to GE Aerospace in a moment. But before we do, we'll talk about GE on a consolidated basis, which is how we operated for the first few months of this year.

我們稍後會回到 GE 航空航太公司。但在此之前，我們將在合併的基礎上討論通用電氣，這就是我們今年前幾個月的運作方式。

Just 3 weeks ago on April 2, we completed GE Vernova spin and launched GE Aerospace, ringing the bell at the New York Stock Exchange after the successful spin of GE Healthcare last year. It was a proud moment that we celebrated with our teams around the world. This marked a new beginning, following the completion of GE's multiyear transformation that strengthened our businesses both financially and operationally.

就在三週前的 4 月 2 日，我們完成了 GE Vernova 的分拆，並推出了 GE Aerospace，繼去年成功分拆 GE Healthcare 之後，在紐約證券交易所敲響了鐘聲。這是我們與世界各地的團隊一起慶祝的值得驕傲的時刻。這標誌著 GE 多年轉型的完成，在財務和營運上加強了我們的業務，這是一個新的開始。

Thanks to the GE team, we significantly improved our financial position, reducing debt by more than $100 billion since 2018 and enhanced our operational execution by embracing lean with a relentless focus on safety, quality, delivery and cost, in that order, to better serve our customers. Together, we built a strong foundation for our 3 independent companies that, to date, have been shareholder value nearly fivefold.

感謝GE 團隊，我們顯著改善了我們的財務狀況，自2018 年以來減少了超過1000 億美元的債務，並透過堅持不懈、堅持不懈地關注安全、品質、交付和成本來增強我們的營運執行力，以便更好地服務我們的顧客。我們共同為 3 家獨立公司奠定了堅實的基礎，迄今為止，這些公司的股東價值已成長近五倍。

Now GE begins again, three industry leaders fit for purpose for the next century-plus and ready to put their stamp on the world: GE Healthcare, GE Vernova and GE Aerospace. Each carry forward GE's innovative spirit, customer focus and passion to build a world that works, fully focused on their respective missions to lead precision health, the energy transition and the future of flight.

現在，GE 再次開始，三個行業領導者已準備好迎接下一個多世紀的目標，並準備在世界上留下自己的印記：GE 醫療保健、GE Vernova 和 GE 航空航天。每位員工都秉承 GE 的創新精神、以客戶為中心和建立一個運作良好的世界的熱情，完全專注於各自的使命，引領精準健康、能源轉型和飛行的未來。

None of this would have been possible without the important work of our teams. I want to express again my sincere gratitude to our incredible people whose unmatched passion and talent have made this achievement possible. Thank you.

如果沒有我們團隊的重要工作，這一切都是不可能的。我想再次向我們令人難以置信的員工表示誠摯的謝意，他們無與倫比的熱情和才華使這一成就成為可能。謝謝。

If we turn to Slide 4. We had an exceptionally strong last quarter as GE. In the first quarter, orders were up substantially in both GE Aerospace and Power. Revenue was up 10% organically with all segments contributing to the growth. And equipment and services were up across both GE Aerospace and GE Vernova.

如果我們轉向幻燈片 4。第一季度，GE航空航太和電力部門的訂單均大幅成長。收入有機成長了 10%，所有部門都對成長做出了貢獻。 GE 航空航太公司和 GE Vernova 的設備和服務均有所提升。

Adjusted operating profit was $1.5 billion, up more than $600 million with 300 basis points of organic margin expansion. This was largely driven by pricing and volume, which more than offset investments and inflation. Adjusted EPS was $0.82, up more than 3x year-over-year. And free cash flow was $850 million, up more than 5x or $700 million, driven by higher earnings and a continued reduction in working capital. In all, a very strong performance for GE, reflecting real momentum at both GE Aerospace and GE Vernova.

調整後營業利潤為 15 億美元，成長超過 6 億美元，有機利潤率擴大了 300 個基點。這主要是由定價和數量推動的，這遠遠抵消了投資和通貨膨脹。調整後每股收益為 0.82 美元，年增超過 3 倍。在收益增加和營運資本持續減少的推動下，自由現金流為 8.5 億美元，成長了 5 倍多，即 7 億美元。總而言之，GE 的表現非常強勁，反映出 GE 航空航太和 GE Vernova 的真正動力。

And now the day has come where we bring our full focus to GE Aerospace. Our commercial propulsion fleet is the industry's largest and youngest, thanks to our world-class engineering and services teams. And in Defense, we're proud to be the rotorcraft and combat engine provider of choice, powering 2/3 of these aircraft worldwide.

現在，我們將全部精力集中在 GE 航空航太公司。由於我們世界一流的工程和服務團隊，我們的商業推進機隊是業界最大、最年輕的。在國防領域，我們很自豪能夠成為首選旋翼機和戰鬥機發動機供應商，為全球 2/3 的此類飛機提供動力。

A massive part of our business is aftermarket services, representing 70% of our $32 billion in revenue. Importantly, as we meet higher levels of demand today, services enable us to better understand how our technologies are performing. And we use that intelligence to help shape our future product road maps.

我們業務的很大一部分是售後服務，占我們 320 億美元收入的 70%。重要的是，隨著我們今天滿足更高水準的需求，服務使我們能夠更好地了解我們的技術的表現。我們利用這些情報來幫助制定我們未來的產品路線圖。

Turning to our performance. GE Aerospace had a solid start to the year. In the first quarter, we delivered double-digit revenue and profit growth as well as margin expansion in both businesses with free cash flow doubling year-over-year.

轉向我們的表現。 GE航空航太公司今年開局良好。第一季度，我們的兩項業務實現了兩位數的收入和利潤成長以及利潤率擴張，自由現金流較去年同期翻了一番。

Overall, we have great confidence in our forward trajectory. We're raising our full year operating profit guidance and see a path to our $10 billion operating profit target by 2028.

總的來說，我們對我們的前進軌跡充滿信心。我們正在提高全年營業利潤指引，並預計在 2028 年實現 100 億美元營業利潤目標。

Turning to Slide 6. As you heard from us last month at our Investor Day, we're keeping our strategy simple: focused on today, tomorrow and the future with safety and quality first. Enter FLIGHT DECK, our proprietary lean operating model to ensure focused execution as a public company. Fundamentally, it's a systematic approach to running our businesses to deliver exceptional value as measured through the eyes of our customers. And it's the best way we know to operationalize flight safety at GE Aerospace in combination with our safety and quality management systems.

轉向幻燈片 6。輸入 FLIGHT DECK，這是我們專有的精益營運模式，可確保作為上市公司的集中執行力。從根本上說，這是一種系統化的業務運營方法，旨在提供客戶眼中所衡量的卓越價值。這是我們所知道的與我們的安全和品質管理系統相結合的 GE 航空航太公司實施飛行安全的最佳方式。

Starting with today, we're focused on service and readiness, keeping our customers' fleet flying. We're experiencing a tremendous demand cycle for services as more people fly and fly more often. In the quarter, GE CFM departures were up low double digits and we're revising our expectations upward for the year. The onus is on us to meet this demand, and with FLIGHT DECK, we're maintaining the highest standards of safety and quality with greater predictability and speed. Easy to say, hard to do.

從今天開始，我們將專注於服務和準備工作，確保客戶的機隊保持飛行。隨著越來越多的人乘坐飛機並且乘坐飛機的頻率越來越高，我們正在經歷巨大的服務需求週期。本季度，GE CFM 離職率出現兩位數低點成長，我們正在上調今年的預期。我們有責任滿足這項需求，透過 FLIGHT DECK，我們以更高的可預測性和速度維持最高的安全性和品質標準。說起來容易，做起來難。

A key priority in our services business is improving turnaround times to increase our shop visit output. We're making progress with LEAP, a significant driver of shop visit growth this year. For example, at our Malaysia site, our joint GE Aerospace and Safran team collaborated to produce average LEAP test cell hours by 30% per engine, and they're working toward a 50%-plus improvement by year-end. As a result, the team has closed 95% of a 100-engine gap in test capacity so far while optimizing LEAP baseline test time, eliminating interruptions and reducing network variation.

我們服務業務的關鍵優先事項是縮短週轉時間，以增加我們的商店訪問量。我們在 LEAP 方面取得了進展，這是今年商店訪問量成長的重要推動力。例如，在我們的馬來西亞工廠，我們的GE 航空航太公司和賽峰集團聯合團隊合作，將每台引擎的平均LEAP 測試單元小時數縮短了30%，他們正努力在年底之前將其提高50% 以上。因此，到目前為止，該團隊已縮小了 100 台引擎測試能力差距的 95%，同時優化了 LEAP 基線測試時間、消除了中斷並減少了網路變化。

Actions like these are improving our shop turnaround time, which for LEAP was down approximately -- or down to approximately 90 days this quarter, a 10% reduction versus our roughly 100-day average last year. While there's more work to do, we're focused on getting engines back in the hands of our customers faster without compromising safety or quality.

諸如此類的行動正在改善我們的車間週轉時間，本季 LEAP 的周轉時間下降了約 90 天，與去年約 100 天的平均值相比減少了 10%。儘管還有更多工作要做，但我們致力於在不影響安全或品質的情況下更快地將引擎送回客戶手中。

For tomorrow, we remain focused on delivering on the ramp. This quarter, total engine deliveries improved up 9% year-over-year, including Defense up over 50%. However, these deliveries were short of our objectives due largely to continued material availability challenges. Thus, we have intensified our efforts working with our suppliers to problem solve these issues. Here is where FLIGHT DECK is key.

對於明天，我們仍然專注於交付坡道。本季度，引擎總交付量年增 9%，其中國防交付量成長超過 50%。然而，這些交付未能達到我們的目標，這主要是由於持續的材料可用性挑戰。因此，我們加大了與供應商的合作力度，以解決這些問題。這是飛行甲板的關鍵。

Currently, we can track about 80% of our largest delivery challenges back to 15 supplier sites. We're deploying more than 550 engineers and supply chain resources, up 25% from last year, working with them to improve quality and delivery performance. For example, we're problem-solving with one of our Tier 1 suppliers by going to Gemba at their most constrained supplier. We are shoulder to shoulder with them, leveraging FLIGHT DECK and working together to identify and break constraints such as labor shortfalls, manufacturing yield issues, identifying alternate material types for raw material shortages and improving flow and lead times. As a result, that constrained supply recently improved output by more than 25% and is no longer pacing deliveries.

目前，我們可以將約 80% 的最大交付挑戰追溯到 15 個供應商站點。我們部署了超過 550 名工程師和供應鏈資源，比去年增加了 25%，與他們合作提高品質和交付績效。例如，我們正在與我們的一級供應商之一一起解決問題，方法是前往現場最受限的供應商。我們與他們並肩作戰，利用 FLIGHT DECK 並共同努力識別和打破勞動力短缺、製造產量問題等限制，確定原材料短缺的替代材料類型以及改善流程和交貨時間。結果，供應受限最近使產量提高了 25% 以上，並且不再加快交貨速度。

We also recently announced we're investing more than $650 million in both our manufacturing facilities and our supply chain this year, reflecting our commitment to strengthening quality and increasing production to better support our customers' long-term needs. At the same time, both airlines and our Defense customers are expanding and modernizing their fleets and choosing to do so with us, adding to our $150 billion-plus backlog and continuing to build our installed base of engines and services.

我們最近也宣布，今年我們將在製造設施和供應鏈方面投資超過 6.5 億美元，這體現了我們致力於加強品質和增加產量，以更好地支持客戶的長期需求。同時，航空公司和我們的國防客戶都在擴大和現代化他們的機隊，並選擇與我們合作，增加了我們超過 1500 億美元的積壓訂單，並繼續建立我們的發動機和服務安裝基礎。

At the Singapore Airshow, Thai Airways committed to powering its new wide-body fleet of Boeing 787 aircraft with our GEnx-1B engines. The GEnx is now a cornerstone of the airline's long-term plan to open new markets and meet surging demand while working to achieve its environmental goals.

在新加坡航展上，泰國航空承諾使用我們的 GEnx-1B 發動機為其新型寬體波音 787 飛機機隊提供動力。 GEnx 現在是該航空公司開拓新市場、滿足不斷增長的需求、同時努力實現其環保目標的長期計劃的基石。

American Airlines secured 85 new Boeing 737 MAX Jets, which will be powered by our LEAP-1B. And easyJet made a commitment for more than 300 LEAP-1A engines for its fleet of 157 A320neo aircraft.

美國航空公司獲得了 85 架新的波音 737 MAX 噴射機，這些飛機將由我們的 LEAP-1B 提供動力。易捷航空承諾為其 157 架 A320neo 飛機機隊提供 300 多台 LEAP-1A 發動機。

In our Defense & Propulsion Technologies business, we won a new order for F414 engines to power additional KF-21 fighter jets for the Korean Air Force, continuing to build our international business.

在我們的國防與推進技術業務中，我們贏得了 F414 發動機的新訂單，為韓國空軍的更多 KF-21 戰鬥機提供動力，繼續發展我們的國際業務。

And for the future, we're advancing the technology building blocks that will define the future of flight with more than $2 billion of R&D spending this year. For example, we're continuing to make progress with testing in our CFM RISE program. We completed our first fan ingestion test with our full scale RISE fan blade, and the results were extremely encouraging.

面向未來，我們今年將投入超過 20 億美元的研發支出，推動定義飛行未來的技術建構模組。例如，我們將繼續在 CFM RISE 計劃的測試方面取得進展。我們使用全尺寸 RISE 風扇葉片完成了首次風扇吸入測試，結果非常令人鼓舞。

On the Defense side, in partnership with Sikorsky Innovations, our team is finalizing designs for a hybrid electric power systems testbed with a 600-kilowatt electric motor. This will support Sikorsky's plan to build, test and fly a hybrid electric vertical takeoff and landing demonstrator with a tilt-wing configuration.

在國防方面，我們的團隊與西科斯基創新公司合作，正在最終確定配備 600 千瓦電動馬達的混合電力系統測試台的設計。這將支援西科斯基建造、測試和飛行具有傾斜翼配置的混合電動垂直起降演示機的計劃。

Altogether, we're running GE Aerospace with customer expectations front and center while delivering breakthrough innovation that will further shape the future of flight. And FLIGHT DECK ensures we work as one team, utilizing one operating model, implement one strategy and ultimately yielding one culture. This will help to lead the industry forward and advance our vision to be the company that defines flight for today, tomorrow and the future.

總而言之，我們在經營 GE 航空航太公司時始終以客戶期望為中心，同時提供突破性創新，進一步塑造飛行的未來。 FLIGHT DECK 確保我們作為一個團隊工作，利用一種營運模式，實施一種策略並最終產生一種文化。這將有助於引領產業向前發展，並推進我們成為定義今天、明天和未來飛行的公司的願景。

Now let me hand it over to Rahul.

現在讓我把它交給拉胡爾。

Thank you, Larry, and good morning, everyone. Larry, I fully share your enthusiasm as we embark on the next chapter of our journey as a standalone company.

謝謝拉里，大家早安。拉里，當我們作為一家獨立公司踏上旅程的下一個篇章時，我完全分享你的熱情。

We will cover GE Aerospace's results on a standalone basis, the same as our full year guide. Also, for simplification, our results will be prepared on a reported basis and we are limiting non-GAAP free cash flow adjustments to spin-related matters.

我們將單獨報道通用電氣航空航太公司的業績，與我們的全年指南相同。此外，為了簡化起見，我們的結果將在報告的基礎上準備，並且我們將非公認會計原則自由現金流調整限制為與分拆相關的事項。

Overall, GE Aerospace delivered a solid start to the year with all headline metrics up double digits. Demand remained resilient. Orders grew 34% with similar growth rates in both Commercial Engines & services or CES and Defense & Propulsion Technologies or DPT.

總體而言，通用電氣航空航太公司今年開局良好，所有主要指標均達到兩位數成長。需求保持彈性。訂單成長了 34%，商用引擎和服務或 CES 以及國防和推進技術或 DPT 的成長率相似。

Revenue was up 15% from pricing, spare parts volume and an increase in wide-body and defense engine deliveries.

由於定價、備件數量以及寬體和國防引擎交付量的增加，收入增加了 15%。

Operating profit was $1.5 billion, up 24% with margins up 140 basis points to 19.1%. The profit growth was driven primarily by price, growth in services volume and favorable mix. Profit and margins were up in both CES and DPT.

營業利潤為 15 億美元，成長 24%，利潤率成長 140 個基點，達到 19.1%。利潤成長主要由價格、服務量成長和有利的組合推動。 CES 和 DPT 的利潤和利潤率均有所上升。

Adjusted corporate costs and elimination, including prior GE corporate costs, were $130 million, down more than 20% year-over-year. Post the GE Vernova spin-off, we expect to incur roughly $300 million for the remaining wind-down of GE corporate office and close to $250 million to set up standalone infrastructure for GE Aerospace. We will continue to adjust these items from earnings and cash.

調整後的企業成本和消除（包括先前的 GE 公司成本）為 1.3 億美元，年減超過 20%。 GE Vernova 分拆後，我們預計將花費約 3 億美元用於 GE 公司辦公室剩餘的關閉，並花費近 2.5 億美元為 GE 航空航天建立獨立的基礎設施。我們將繼續從收益和現金中調整這些項目。

Free cash flow was $1.7 billion, doubling year-over-year with higher earnings and working capital improvements offsetting AD&A outflow. Specifically, working capital was a source largely from strong collections and progress payments while inventory was a headwind.

自由現金流為 17 億美元，年比翻一番，收益增加和營運資本改善抵消了 AD&A 流出。具體而言，營運資金主要來自強勁的收款和進度付款，而庫存則是不利因素。

The strength of our operational and financial fundamentals gives us confidence to return 70% to 75% of our available cash to investors. Earlier this month, we initiated a quarterly dividend at $0.28, a 250% increase. And at our Investor Day, we announced a $15 billion share buyback, a testament to the strength of our balance sheet.

我們強大的營運和財務基礎使我們有信心將 70% 至 75% 的可用現金回饋給投資者。本月早些時候，我們開始派發季度股息 0.28 美元，增幅為 250%。在投資者日，我們宣布了 150 億美元的股票回購，證明了我們資產負債表的實力。

Through a new capital return framework, we are well positioned to create significant shareholder value while we continue to invest in growth, innovation and focused M&A.

透過新的資本回報框架，我們能夠在持續投資於成長、創新和集中併購的同時，創造顯著的股東價值。

Now turning to CES and DPT results. Starting with CES, a $24 billion business with 70% of revenue generated from services. As Larry mentioned, demand continues to be robust. For the year, we now expect departures to grow high single digits. Total departures are off to a stronger start versus our prior expectation, growing 11% in the quarter with particular strength in China.

現在轉向 CES 和 DPT 結果。從 CES 開始，這是一個價值 240 億美元的業務，其中 70% 的收入來自服務。正如拉里所提到的，需求仍然強勁。今年，我們預計出發人數將出現高個位數成長。與我們先前的預期相比，出發總數在本季成長了 11%，其中中國的成長尤為強勁。

We continue to expect departure growth to moderate throughout the year. We expect passenger traffic growth in high single-digit range for the year, a slight improvement. Narrow-body remained solid with increased CFM56 fleet utilization and significant LEAP growth.

我們仍然預計全年出發人數成長將放緩。我們預計今年客運量成長將維持在高個位數範圍，略有改善。隨著 CFM56 機隊利用率的增加和 LEAP 的顯著增長，窄體飛機保持穩定。

Further, we now expect freight demand to be up low single digits versus a prior expectation of down mid-single digits. Heightened geopolitical conflicts have increased the need for air cargo and improved its relative economics. As a result, commercial momentum continues.

此外，我們現在預期貨運需求將成長低個位數，而先前的預期為中個位數下降。地緣政治衝突加劇增加了對航空貨運的需求並改善了其相對經濟效益。因此，商業勢頭仍在繼續。

CES orders were up 34% this quarter. Both services and equipment were up double digits, largely driven by strong demand for LEAP and spare parts across our platforms. Overall, customer dynamics remained positive with strong order books from both airlines and airframers.

本季 CES 訂單成長 34%。服務和設備均成長了兩位數，這主要是由於我們平台上對 LEAP 和備件的強勁需求所推動的。總體而言，由於航空公司和飛機製造商的訂單強勁，客戶動態仍然積極。

On narrow-body platforms, we won more than 300 LEAP-1B engines and a multiyear services agreement from Akasa Air. And on wide-body platforms, recent key wins included 90 GEnx engines for Thai Airways, 16 GE9X engines for Ethiopian Airlines and 10 GEnx engines for LATAM Group. This improving demand backdrop underscores our confidence in our annual guide and longer-term outlook.

在窄體飛機平台上，我們贏得了 Akasa Air 的 300 多台 LEAP-1B 發動機和多年服務協議。在寬體平台上，最近的關鍵勝利包括為泰國航空提供 90 台 GEnx 發動機、為埃塞俄比亞航空公司提供 16 台 GE9X 發動機以及為 LATAM 集團提供 10 台 GEnx 發動機。這種不斷改善的需求背景凸顯了我們對年度指南和長期前景的信心。

Now looking at CES' first quarter results. Revenue grew 16% with volume up low double digits and the remainder driven primarily by higher price. Services growth of 12% was driven by pricing and strong spare part volume, which grew faster than internal shop visits that were up 3%, impacted by material inputs challenges. Equipment growth of 31% was driven by pricing and deliveries, which were up 2% with higher wide-body engine mix. LEAP shipments were roughly flat year-over-year given the supply chain challenges. As expected, spare engine shipments were down slightly.

現在來看看 CES 第一季的業績。營收成長 16%，銷售成長兩位數，其餘部分主要由物價上漲推動。服務成長 12% 是由定價和強勁的備件數量推動的，其成長速度快於受材料投入挑戰影響的內部車間訪問量增長 3%。設備成長 31% 是由定價和交付量推動的，隨著寬體引擎組合的增加，價格和交付量增加了 2%。鑑於供應鏈挑戰，LEAP 出貨量年比大致相當。正如預期，備用引擎出貨量略有下降。

Profit was $1.4 billion, up 17% with margins expanding 10 basis points from pricing, spare parts sales and mix. This more than offset higher inflation investments and a change in estimated profitability on long-term service agreements on a mature platform, which negatively impacted both services revenue and profit by roughly $200 million. At CES, we are pleased with the strong start to the year, delivering significant growth and profit improvement.

利潤為 14 億美元，成長 17%，定價、備件銷售和產品組合使利潤率擴大 10 個基點。這足以抵消通貨膨脹投資的上升和成熟平台上長期服務協議的預計盈利能力的變化，這對服務收入和利潤產生了約 2 億美元的負面影響。在 CES 上，我們對今年的強勁開局感到滿意，實現了顯著的成長和利潤改善。

Turning to DPT, which includes both defense and systems and propulsion and additive technologies. This is roughly a $9 billion business, where services make up approximately 55% of the revenue. Looking at the sector broadly, national defense budgets are growing with U.S. spending expected to grow low single digits and international spending up mid-single digits. Our defense customers ask of us is clear: support their readiness while delivering more and more predictably.

轉向 DPT，其中包括防禦和系統以及推進和添加劑技術。這大約是一項價值 90 億美元的業務，其中服務約佔收入的 55%。從廣義來看，國防預算正在成長，美國支出預計將成長低個位數，而國際支出將成長中個位數。我們的國防客戶對我們的要求很明確：支援他們的準備工作，同時提供越來越可預測的服務。

Turning to our first quarter results. Orders were up 34%, underscoring strong demand and the quality of our franchisees with Defense book-to-bill of 1.1x. Revenue grew 18%. Defense unit deliveries grew by 45 engines on an easier compare. This, combined with pricing and growth in classified programs, increased defense and systems revenue by 17%.

轉向我們第一季的業績。訂單成長了 34%，突顯了強勁的需求和我們特許經營商的質量，Defense 的訂單出貨比達到了 1.1 倍。營收成長 18%。簡單比較一下，國防單位的交付量增加了 45 台引擎。再加上機密項目的定價和成長，國防和系統收入增加了 17%。

Propulsion and additive technologies grew 19%, primarily from growth at Avio and Unison to support GEnx and LEAP. Profit was $250 million, up 26%, with margins expanding 80 basis points. Volume and pricing, net of inflation, more than offset investments and defense equipment mix. In all, improved delivery and pricing drove strong revenue and profit growth this quarter.

推進和添加劑技術成長了 19%，主要來自 Avio 和 Unison 的成長，以支援 GEnx 和 LEAP。利潤為 2.5 億美元，成長 26%，利潤率擴大 80 個基點。扣除通貨膨脹因素後的數量和定價超過了投資和國防設備組合的抵消。總而言之，交付和定價的改善推動了本季營收和利潤的強勁成長。

Given our solid start and constructive outlook for rest of the year, we are raising our full year profit and cash guidance, as outlined on Slide 11. We continue to project at least low double-digit revenue growth.

鑑於我們今年剩餘時間的良好開端和建設性前景，我們正在提高全年利潤和現金指導，如幻燈片 11 所示。

In CES, we still expect revenue growth of mid- to high teens. In services, we continue to expect mid-teens revenue growth with shop visit output growing faster than spare part sales. We are anticipating reduced LEAP output in the range of 10% to 15% growth, but continue to expect overall equipment revenue growth of high teens from improving wide-body mix.

在 CES 上，我們仍然預期營收成長將達到中高水準。在服務方面，我們繼續預計收入將實現十幾歲左右的增長，其中商店訪問量的增長速度快於備件銷售的增長速度。我們預計 LEAP 產量將減少 10% 至 15% 的增幅，但繼續預計，由於寬體機組合的改善，整體設備收入將實現十幾個百分點的成長。

In DPT, we continue to expect mid- to high single-digit revenue growth, primarily driven by equipment growth. Operating profit is now expected to be in a range of $6.2 billion to $6.6 billion, up from $6 billion to $6.5 billion previously.

在 DPT 方面，我們繼續預期收入將實現中高個位數成長，這主要是由設備成長推動的。營業利潤目前預計在 62 億美元至 66 億美元之間，高於先前的 60 億美元至 65 億美元。

CES operating profit guidance is now expected to be in a range of $6.1 billion to $6.4 billion, up $100 million at the midpoint from favorable revenue dynamics. DPT profit guidance is unchanged.

CES 營業利潤指引目前預計在 61 億美元至 64 億美元之間，較有利的收入動態增加了 1 億美元。 DPT 利潤指引不變。

In corporate, we continue to expect cost and eliminations of about $1 billion, including $600 million of corporate expenses and roughly $400 million of eliminations. We now expect margins to expand roughly 50 basis points for the year versus flat previously.

在企業方面，我們仍然預計成本和沖銷約為 10 億美元，其中包括 6 億美元的企業開支和約 4 億美元的沖銷。我們現在預計今年的利潤率將比之前持平增長約 50 個基點。

Now as a standalone company, we are initiating adjusted EPS in a range of $3.80 to $4.05, up more than 30% year-over-year. This includes first quarter adjusted EPS of approximately $0.92, up more than 40% year-on-year. And on free cash flow, we expect higher profit to flow through to cash, delivering more than $5 billion with conversion well above 100% of net income.

現在，作為一家獨立公司，我們將調整後每股盈餘調整為 3.80 至 4.05 美元，較去年同期成長超過 30%。其中第一季調整後每股收益約為 0.92 美元，年增超過 40%。在自由現金流方面，我們預計更高的利潤將轉化為現金，帶來超過 50 億美元的收益，且轉換率遠高於淨利潤的 100%。

Overall, we are encouraged by the strong start and the market environment that gives us confidence to raise our performance expectations for the year. Larry, back to you.

總體而言，我們對強勁的開局和市場環境感到鼓舞，這使我們有信心提高今年的業績預期。拉里，回到你身邊。

Rahul, thanks. We're clearly off to a solid start this year. If I close on Slide 12, this captures the essence of GE Aerospace and what we take forward with us. We have an excellent franchise with sustained competitive advantages and a compelling value proposition. Our platforms are preferred by customers across narrow-body, wide-body and defense.

拉胡爾，謝謝。今年我們顯然有了一個好的開始。如果我以幻燈片 12 結束，這體現了 GE 航空航天公司的精髓以及我們的未來發展方向。我們擁有優秀的特許經營權，具有持續的競爭優勢和令人信服的價值主張。我們的平台深受窄體、寬體和國防客戶的青睞。

We're aiming to provide industry-leading reliability and durability, prioritizing safety and quality first; then delivery; finally, cost. This means delivering unmatched time on wing and faster turnaround times for our customers. And we're doing this across the industry's largest and growing fleets.

我們的目標是提供業界領先的可靠性和耐用性，將安全和品質放在首位；然後發貨；最後，成本。這意味著為我們的客戶提供無與倫比的飛行時間和更快的周轉時間。我們正在業內最大且不斷成長的機隊中這樣做。

With our deep domain expertise and talent, commitment to innovation and capacity to invest, we're poised to deliver the breakthrough technologies of the future. And with FLIGHT DECK as our foundation to bring this all together, our team is poised to realize our full potential and deliver exceptional value for our customers and our shareholders. I've never been more confident in our path ahead as GE Aerospace.

憑藉我們深厚的領域專業知識和人才、對創新的承諾和投資能力，我們準備好提供未來的突破性技術。以 FLIGHT DECK 作為將這一切結合在一起的基礎，我們的團隊準備充分發揮我們的潛力，為我們的客戶和股東創造卓越的價值。我對 GE 航空航太公司的未來之路從未如此充滿信心。

Before I pass it back to Steve for Q&A, I'd like to take a moment to recognize him and his many contributions to GE. As you know by now, today is Steve's last call with us after more than 5 years with the company, or put another way, after 22 earnings calls. His dedication and partnership leading the Investor Relations team and serving as a trusted strategic adviser to me and the rest of the leadership team here has been invaluable throughout our transformation.

在我將其傳回給史蒂夫進行問答之前，我想花一點時間來表彰他以及他對通用電氣的許多貢獻。正如您現在所知，今天是史蒂夫在公司工作 5 年多後最後一次與我們通話，或者換句話說，在 22 次財報電話會議之後。他領導投資者關係團隊的奉獻精神和夥伴關係，以及作為我和領導團隊其他成員值得信賴的策略顧問，在我們的轉型過程中發揮了無價的作用。

On behalf of myself and the entire team, Steve, we thank you and wish you the best of luck in your next chapter. And I know Rahul would like to say a few words.

史蒂夫，我代表我自己和整個團隊感謝您，並祝您在下一章中一切順利。我知道拉胡爾想說幾句話。

Thanks, Larry. Steve, I want to personally thank you for your trusted advice and friendship as I joined the company and as we executed the launches of GE Aerospace and Vernova. Your strategic and operating depth and your collaborative style have been instrumental in our transformation. And I know many on this call and on the calls in the year past are appreciative of your responsiveness to their questions and the work you have done to simplify our financial disclosures while communicating our transformation with clarity and candor.

謝謝，拉里。史蒂夫，我想親自感謝您在我加入公司以及我們推出 GE Aerospace 和 Vernova 時所給予的值得信賴的建議和友誼。您的策略和營運深度以及協作風格對我們的轉型發揮了重要作用。我知道，這次電話會議和過去一年的電話會議中的許多人都感謝您對他們的問題的回應，以及您為簡化我們的財務披露所做的工作，同時清晰和坦誠地傳達我們的轉型。

We wish you all the best, and I'll pass it back to you in the spirit of making you work 'til the last day for questions.

我們祝您一切順利，我將本著讓您工作到最後一天回答問題的精神將其傳回給您。

Larry, Rahul, thank you. I can't go on just without at least one quick comment. It's really been a true honor, privilege and pleasure to serve with you and the rest of the teams at GE and GE Aerospace, a real master class for me. Thank you for always giving our investors and analysts a seat at the table. And I'm deeply grateful, proud of the teams and excited to see what comes next. And I know the futures of GE Aerospace, GE Healthcare and GE Vernova are bright, indeed.

拉里、拉胡爾，謝謝你們。如果沒有至少一條簡短的評論，我就無法繼續下去。能夠與您以及 GE 和 GE Aerospace 的其他團隊一起服務，我真的感到非常榮幸、榮幸和高興，這對我來說是真正的大師班。感謝您始終為我們的投資者和分析師提供一席之地。我對這些團隊深表感激，感到自豪，並很高興看到接下來會發生什麼。我知道 GE 航空航太、GE 醫療保健和 GE Vernova 的未來確實是光明的。

(Operator Instructions) We ask that you please save any GE Vernova questions until their earnings call later this week again. Liz, can you please open the line?

（操作員說明）我們要求您保留任何 GE Vernova 問題，直到本週稍後再次召開財報電話會議。 LZ，可以幫我開電話嗎？

(Operator Instructions) Our first question comes from the line of David Strauss with Barclays.

（操作員說明）我們的第一個問題來自大衛‧史特勞斯與巴克萊銀行的連結。

Great. Congrats, Steve. One to Larry, Rahul, wanted to ask about the updated LEAP delivery guidance now, 10% to 15%, down from 20% to 25%. Could you just dig into that a little bit what drove that? Is that constraint on the supplier side? Is that Boeing taking down their schedule? What exactly went into that?

偉大的。恭喜，史蒂夫。一位拉里（Larry）拉胡爾（Rahul）想詢問現在更新的 LEAP 交付指南，從 20% 到 25% 下降到 10% 到 15%。您能稍微深入研究一下是什麼推動了這一點嗎？這是供應商方面的限制嗎？波音公司正在取消他們的航班計劃嗎？這到底是怎麼回事？

Yes. I would say that, that clearly is a change here in the update this morning. Dave and company are going to talk about their rates tomorrow, I'm sure, on their earnings call so we'll leave that conversation with them.

是的。我想說的是，這顯然是今天早上更新的一個變化。我確信，戴夫和公司將在明天的財報電話會議上討論他們的費率，所以我們將把對話留給他們。

But rest assured, as we are with all of our customers, we're well calibrated and aligned with respect to what we need to do, what they need from us as we look forward. But I think, all of us, particularly at this moment, before we talk about rates, always come back to make sure we're doing all that we can on the safety and quality front to ensure the best possible performance of our products, both as they're being manufactured and then, in turn, deployed in the field.

但請放心，正如我們與所有客戶一樣，我們對我們需要做的事情以及他們對我們的期望的需求進行了良好的校準和協調。但我認為，我們所有人，特別是在此時此刻，在我們談論費率之前，總是回來確保我們在安全和品質方面盡了一切努力，以確保我們產品的最佳性能，無論是因為它們正在被製造，然後又被部署到現場。

Our next question comes from Ron Epstein with Bank of America.

我們的下一個問題來自美國銀行的羅恩愛潑斯坦。

If you could talk a little bit about the orders. I mean, they're up pretty spectacularly in Commercial Engines & Services, up 78%; Defense Propulsion & Technologies, up 72%. How much is that volume versus pricing?

如果你能談談訂單的話。我的意思是，商業引擎和服務領域的成長非常驚人，成長了 78%；國防推進與技術，成長 72%。銷售與定價是多少？

Ron, I would say most of that is volume. And pricing helped across the board, showed up in our revenue growth, margin expansion and in the orders outlook. But of a 34% increase in orders, I would say most of that is coming from base volume growth with price contributing as well.

羅恩，我想說大部分是數量。定價全面發揮了作用，這體現在我們的收入成長、利潤率擴張和訂單前景。但我想說，訂單成長 34% 的大部分來自基本銷售成長，價格也有所貢獻。

Our next question will come from the line of Sheila Kahyaoglu with Jefferies.

我們的下一個問題將來自 Sheila Kahyaoglu 和 Jefferies 的電話。

Steve, congratulations on elevating the Investor Relations game to the next level. So one for Larry or Rahul. With Q1 margins, you guys have done a really great job, 19%, 150 bps above the prior guide -- sorry, the midpoint. Rahul, maybe if you could revisit the 2 points of margin headwind you pointed us to last quarter. You mentioned LEAP is lower on that unit volume, maybe about 40 bps of a tailwind versus your original guide and then GE9X is probably consistent. So maybe if you could talk about the puts and takes along with the investment in timing to get us to that mid-17% range for the year?

史蒂夫，祝賀您將投資者關係遊戲提升到了一個新的水平。拉里或拉胡爾就是其中之一。就第一季的利潤率而言，你們做得非常出色，比之前的指導高出 19%，即 150 個基點——抱歉，是中點。拉胡爾（Rahul），也許您可以回顧一下上季度您向我們指出的 2 個百分點的利潤逆風。您提到 LEAP 在該單位音量上較低，與您最初的指南相比，順風可能大約有 40 bps，然後 GE9X 可能是一致的。那麼，也許您可以談談看跌期權和看跌期權以及投資時機，以使我們今年達到 17% 的中間區間？

Okay. A couple of things in there, Sheila, so let me start with where you started, which was the 2 points of margin headwind that we had spoken to on the January call and on our Investor Day.

好的。希拉，其中有幾件事，所以讓我從你開始的地方開始，這是我們在 1 月份的電話會議和投資者日談到的 2 個點的利潤逆風。

So if you go back, we had expected 2 points of margin pressure from LEAP OE ramp, introduction of 9X and the step-up in R&D to support LEAP durability, introduction of 9x and develop the future of flight.

因此，如果您回顧一下，我們預計 LEAP OE 坡道、9X 的推出以及研發的升級將帶來 2 個百分點的利潤壓力，以支持 LEAP 耐用性、9x 的推出和開發飛行的未來。

Now with the pushout of LEAP volume, that headwind of the 2 points is marginally lower. But now if you step back and look at our overall guide for the year, listen, a strong start to the year. We are pleased with where we are and that has given us confidence to raise guidance for the full year. And we expect the momentum to fully continue as we get into the second quarter.

現在，隨著 LEAP 成交量的推出，2 點的逆風略有降低。但現在，如果您退後一步，看看我們今年的整體指南，請聽，這是今年的強勁開局。我們對目前的狀況感到滿意，這讓我們有信心提高全年的指導。我們預計，進入第二季度後，這一勢頭將全面持續。

And overall, for first half, we are expecting about low double-digit revenue growth and about half of profit and free cash for the year, so far more linear year than we've done in the past. And overall, as you step back and look at the full year, profit up $150 million at the midpoint of our guide to a range of $6.2 billion to $6.6 billion, call it, mid-teens profit growth and more than 30% EPS growth. So it will be a good year if we deliver these numbers.

總體而言，上半年我們預計收入將實現兩位數的低成長，全年利潤和自由現金將成長約一半，到目前為止，這一年比我們過去的表現更加線性。總體而言，當您退後一步審視全年時，我們的指南中點利潤增加了1.5 億美元，達到62 億美元至66 億美元的範圍，可以稱之為十幾歲左右的利潤增長和超過30% 的每股收益成長。因此，如果我們能夠交付這些數字，那將是美好的一年。

Our next question will come from Myles Walton with Wolfe Research.

我們的下一個問題將來自沃爾夫研究中心的邁爾斯·沃爾頓。

Good luck, Steve. If I adjust CES for the $200 million long-term contract adjustment, the CES margins are up like 250 basis points year-on-year despite this OE growth at 2x aftermarket growth. And I hear what you're saying, Rahul, on the spares exceeding shop visits. But is there anything else under the surface that really explains that kind of counterintuitive margin expansion?

祝你好運，史蒂夫。如果我根據 2 億美元的長期合約調整 CES，儘管 OE 成長是售後市場成長的 2 倍，但 CES 利潤率仍年增 250 個基點。拉胡爾，我聽到你所說的關於超出商店訪問的備件的內容。但表面之下還有其他東西可以真正解釋這種違反直覺的利潤擴張嗎？

No. Listen, we had a good start in CES, $1.4 billion of profit, margin expansion despite the CMR, the service profit adjustment that we had to make in the quarter. But -- and the big drivers here were pricing and customer mix, both on the equipment and on services.

不，聽著，我們在 CES 上有一個良好的開端，儘管 CMR（我們必須在本季進行服務利潤調整），但利潤率仍保持成長，達到 14 億美元。但是，這裡的主要驅動因素是價格和客戶組合，包括設備和服務。

The mix shift from -- mix shift in OE from LEAP to wide-body mix helped, and also in services, our spare part volume growth was higher than shop visit growth. So that mix shift in services was a contributor as well. So encouraging start.

OE 的混合轉變從 LEAP 轉向寬體混合也有所幫助，而且在服務方面，我們的備件數量增長高於車間訪問增長。因此，服務的混合轉變也是一個貢獻者。如此令人鼓舞的開始。

But as you go through the year, keep in mind that the equipment growth will ramp in the second half of the year. Equipment growth will also include 9X shipments. And the services mix will skew back towards the shop visit growth, which we still expect to be maybe low to mid-teens for the year. So the second half profit growth on a year-over-year basis will be lower than the profit growth that we'll see in the first half.

但當你度過這一年時，請記住，設備成長將在下半年加速。設備成長還將包括 9 倍的出貨量。服務組合將偏向商店訪問量的增長，我們仍然預計今年的訪問量可能會低至十幾歲左右。因此，下半年的利潤年增將低於上半年的利潤成長。

But overall, listen, good start in CES. Gives us confidence to raise the full year for CES in profit by about $100 million.

但總的來說，聽著，CES 上有一個好的開始。讓我們有信心將 CES 全年利潤提高約 1 億美元。

Our next question will come from Robert Stallard with Vertical Research.

我們的下一個問題將來自垂直研究公司的羅伯特·斯塔拉德（Robert Stallard）。

Just following on from David's question on the LEAP. Do these issues with ramping up the LEAP have positive implications for the CFM shop visit peak, which I think you've earlier estimated at 2025 and also the height of that peak potentially going forward?

接續 David 關於 LEAP 的問題。這些與提高 LEAP 相關的問題是否會對 CFM 商店訪問高峰（我認為您之前估計為 2025 年）以及未來可能達到的峰值高度產生積極影響？

Well, I would say that we do see, I think, some knock-on positive effects in the aftermarket, both here in '24, but also in some of our projections. I think it was just even last month at Investor Day we talked about how retirements have been lower than we would have anticipated thus that should yield 200 incremental shop visits in 2024 relative to what we anticipated.

好吧，我想說的是，我認為我們確實在售後市場看到了一些連鎖反應的正面影響，不僅是在 24 年，而且在我們的一些預測中也是如此。我認為就在上個月的投資者日，我們討論了退休人數如何低於我們的預期，因此，相對於我們的預期，2024 年到訪商店的數量應該會增加 200 次。

I think as long as capacity demand remains strong -- I get a report every morning at 6 a.m. This morning showed our departures on a worldwide basis across all of our platforms up 7.8%, right? That's part of what Rahul alluded to in our prepared remarks with respect to our more optimistic outlook with respect to passenger demand. We know the airlines are looking to generate as much lift as they possibly can. And to the extent that they're paced by deliveries, retirements will slow and that installed base will be worked. Unfortunately, much of that came from our factories and we're well positioned to support that.

我認為只要運力需求保持強勁，我每天早上 6 點都會收到一份報告。這是拉胡爾在我們準備好的演講中提到的關於我們對乘客需求更加樂觀的前景的一部分。我們知道航空公司希望產生盡可能多的升力。在某種程度上，他們的交付速度會加快，退役速度將會放緩，安裝基礎也會發揮。不幸的是，其中大部分來自我們的工廠，我們有能力支持這一點。

Does that push out the timing of perhaps peak CFM56? Yes. But it's early, right, and I don't think we're going to try today to take a quarter in that time frame as to when that might occur. But it's a positive dynamic for us in the aftermarket, both with existing platforms and increasingly with the LEAP.

這是否會推遲 CFM56 峰值的時間？是的。但現在還為時過早，對吧，我認為我們今天不會嘗試在這個時間範圍內花四分之一的時間來確定何時會發生這種情況。但這對我們的售後市場來說是一個積極的動力，無論是現有平台還是越來越多的 LEAP。

Our next question will come from Seth Seifman with JPMorgan.

我們的下一個問題將來自摩根大通的賽斯·塞夫曼。

Congratulations, Steve, and thanks for all the help. Wanted to ask about shop visit growth and sort of the any challenges around the guidance for the year and the level of visibility that you have sort of starting off with 3% and needing to get to kind of at least a mid-teens type of number for the year and that being constrained by various challenges in supply chain and internal productivity and kind of how much confidence you have around that ramp and shop visit growth.

恭喜史蒂夫，並感謝您的所有幫助。想詢問商店訪問量的增長情況以及圍繞今年指導的任何挑戰以及您的可見度水平，您從 3% 開始，需要達到至少 15% 左右的數字今年的情況受到供應鍊和內部生產力方面的各種挑戰以及您對坡道和商店訪問量增長的信心的限制。

Clearly, if we're going to talk about a guide as we are this morning, there's a high level of conviction. But I think you put your finger on what we are working on day in/day out here operationally. I think the financial numbers year-over-year are strong, but we know that we could have delivered -- we could have executed on more shop visits in the first quarter had we had more reliable, more predictable material flow into our shops. That doesn't impact us as much in terms of spare parts, right? We don't need everything necessarily to move that product to customers, but we do in the case of a shop visit.

顯然，如果我們要像今天早上那樣談論指南，那麼我們就有很高的信念。但我認為您已經了解了我們每天在營運方面所做的工作。我認為同比財務數據很強勁，但我們知道，如果我們有更可靠、更可預測的物料流入我們的商店，我們本可以在第一季進行更多的商店訪問。這對我們的備件影響不大，對吧？我們不一定需要一切才能將該產品運送給客戶，但在參觀商店時我們需要這樣做。

Some of the FLIGHT DECK examples that I referenced, I think, give us real encouragement that the work we're doing with those top five or top 15 supplier sites is yielding progress. If you look at what we've seen just here in April, we've had a stronger start to the second quarter in terms of shop visit activity, completed outputs than we did in January. That's one comparison that we focus on because we still are not as linear through the course of a quarter as we would like and making good use of the first two, three, four weeks of a quarter is critical for us to be able to deliver the year-over-year let alone on the sequential growth that we would like to see that's embedded here, and most importantly, what our customers need from us given how active they're working these assets.

我認為，我引用的一些飛行甲板範例給了我們真正的鼓勵，我們與前 5 名或前 15 名供應商站點所做的工作正在取得進展。如果你看看我們四月所看到的情況，你會發現第二季度在商店參觀活動和完成產出方面比一月份有更好的開局。這是我們關注的一個比較，因為我們在一個季度的過程中仍然沒有像我們希望的那樣呈線性，充分利用每個季度的前兩週、三週、四週對於我們能夠實現目標至關重要。

So the supply chain topic is still relevant. I suspect we'll be talking about it again for the foreseeable future, but I'm very encouraged by the progress that we're making. We just need to make a whole lot more.

因此，供應鏈話題仍具有現實意義。我懷疑在可預見的將來我們會再次討論這個問題，但我們所取得的進展讓我深受鼓舞。我們只需要做得更多。

Our next question will come from the line of Ken Herbert with RBC Capital Markets.

我們的下一個問題將來自加拿大皇家銀行資本市場部的肯‧赫伯特 (Ken Herbert)。

Congratulations, Steve.

恭喜，史蒂夫。

Thanks, Ken.

謝謝，肯。

Okay. Larry or Rahul, you called out freight as a source of growth in the quarter, and I think you raised your full year outlook there from sort of previously down maybe low single to now up low single as we think about the impacts in CES. Is that just in relation to what we've seen in the Middle East? Are you seeing other fundamental changes that give you more confidence there? And how do we think about that impact specifically as we think about the CES business and where you're seeing that flow through?

好的。拉里（Larry）或拉胡爾（Rahul），你們稱貨運是本季度增長的一個來源，我認為，當我們考慮CES 的影響時，你們將全年展望從之前的低單上調到現在的低單上調。這與我們在中東所看到的情況有關嗎？您是否看到其他讓您更有信心的根本性改變？當我們考慮 CES 業務時，我們如何具體考慮這種影響以及您看到這種影響的流向？

Well, Ken, you're spot on. We're taking that, again, to level set everybody from an outlook we had us down mid-singles this year to now a positive low single-digit number. I think there is some influence here from what's happening in the Middle East, but I think we're just seeing a higher demand overall from an air cargo perspective. That will principally course through our wide-body exposure more so than the single-aisles. And I don't think we're going to quantify it here, but that's certainly part of what is behind the improved service outlook, and thus, the improved overall outlook for the rest of this year.

嗯，肯，你說得對。我們再次以此來讓每個人都保持平衡，從我們今年單打中段的前景到現在一個正的低個位數數字。我認為中東發生的事情有一些影響，但我認為從航空貨運的角度來看，我們總體上看到了更高的需求。這主要是透過我們的寬體飛機暴露，而不是單通道。我認為我們不會在這裡對其進行量化，但這肯定是服務前景改善的部分原因，因此，今年剩餘時間的整體前景也有所改善。

And Ken, just to add to that, the direct impact is -- all depends on the number of shop visits that kind of move into the year and I think that is -- that always takes time. So there's not a direct correlation here that may show up during the year. But overall, as we look over an extended period of time, as we look at '24, '25 combined, that will definitely be a positive driver.

肯，補充一點，直接影響是 - 一切都取決於進入這一年的商店訪問數量，我認為 - 這總是需要時間。因此，這一年中可能不會出現直接相關性。但總體而言，當我們長期觀察時，當我們將 24 年和 25 年結合起來時，這肯定會是一個積極的驅動因素。

So we do expect the benefit from the higher freight departures to be in our financials. The question is probably not as much in '24, more in '25.

因此，我們確實預計貨運班次增加將為我們的財務帶來好處。這個問題在 24 年可能不那麼嚴重，在 25 年則更多。

Our next question comes from the line of Gautam Khanna with TD Cowen.

我們的下一個問題來自 Gautam Khanna 和 TD Cowen 的對話。

Congrats, Steve.

恭喜，史蒂夫。

Thanks, Gautam.

謝謝，高塔姆。

So you guys mentioned the lower LEAP production this year. I assume it's a function of lower 1B OE needs. But I was curious if you could just help us understand how we should think about the LEAP OE versus spares provisioning mix this year versus your prior expectations?

你們提到了今年 LEAP 產量較低。我認為這是較低 1B OE 需求的函數。但我很好奇您能否幫助我們了解我們應該如何考慮今年的 LEAP OE 與備件供應組合以及您之前的預期？

And also wondering, given the lower rate on LEAP, are you going to be slowing down some of your LEAP suppliers? Or given the comments you made on the constraints within the supply chain, are you still pushing all these guys to continuously raise production? To work as hard as they can?

而且也想知道，鑑於 LEAP 的費率較低，您是否會放慢一些 LEAP 供應商的速度？或者考慮到您對供應鏈內部限制的評論，您是否仍在推動所有這些人不斷提高產量？盡他們所能努力工作？

Let -- maybe we'll take those in reverse order. I'll speak to the supply chain and Rahul can speak to where we are from a spares perspective. As I indicated, we're calibrated with both of our major narrow-body airframers. As we do that, we are always, in turn, calibrating with the supply base. And I think what we want to do in that work is make sure we're not overly indexed, if you will, on the next quarter or 2.

也許我們會以相反的順序來處理這些問題。我將談論供應鏈，拉胡爾可以從備件的角度談論我們的現狀。正如我所指出的，我們用我們的兩種主要窄體機身進行了校準。當我們這樣做時，我們總是反過來與供應基地進行校準。我認為我們在這項工作中想要做的是確保我們不會在下一個或第二個季度（如果你願意的話）過度索引。

Though important, we want to make sure that we are preparing over the next several years to ramp given the skylines that both of our major airframer customers enjoy today, right? A single-aisle slot is a scarce commodity. If we were out looking for one day we might not find it until the next decade.

雖然很重要，但我們希望確保我們在未來幾年做好準備，考慮到我們的主要機身客戶今天所享受的天際線，對吧？單通道老虎機是一種稀缺商品。如果我們有一天出去尋找，可能要等到下一個十年才能找到。

That said, I think, everybody, GE Aerospace included, is primarily focused on making sure from a safety and a quality perspective that we are in no way compromising as we think about the wonderful gift we have in the form of these robust skylines. And that's been at the heart of the GE work, the lean transformation for years now, right? You hear us talk about SQDC, safety and quality before delivering cost. It's at the core of FLIGHT DECK and everything that we do.

也就是說，我認為，每個人，包括通用電氣航空航太公司，主要關注的是從安全和品質的角度確保我們在考慮這些強大的天際線所擁有的美妙禮物時絕不妥協。這一直是 GE 工作的核心，多年來的精實轉型，對嗎？在交付成本之前，您會聽到我們談論 SQDC、安全和品質。它是 FLIGHT DECK 以及我們所做的一切的核心。

Rahul, spares?

拉胡爾，備用嗎？

So on the spare engines, Gautam, overall, our spare engine ratio came down slightly in the first quarter on a year-over-year basis. And we do expect the full year spare engine ratio to be down as well versus 2023 kind of as we've communicated before. So really not a lot of change here from the change that we are making in the LEAP installed engine output to translate into spare engines. So we still expect the spare engine ratio to be down year-over-year.

因此，在備用引擎方面，高塔姆，總體而言，我們第一季的備用引擎比率比去年同期略有下降。我們確實預計全年備用引擎比率將比 2023 年有所下降，正如我們之前溝通過的那樣。因此，我們在 LEAP 安裝的發動機輸出中進行的更改轉化為備用發動機，實際上並沒有太多變化。因此我們仍然預計備用引擎比率將年減。

And it will be -- it will keep coming down over the next couple of years, I would say, on a gradual basis, Gautam, just given where LEAP spare engine has been in the past. So we expect a continued decline here in the spare engine ratio over the next couple of years gradually.

我想說的是，在接下來的幾年裡，它會繼續下降，Gautam，考慮到 LEAP 備用引擎過去的情況。因此，我們預計未來幾年備用引擎比率將持續逐漸下降。

Our next question will come from the line of Scott Deuschle with Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Scott Deuschle。

Rahul, what does the 100% free cash flow conversion target for 2028 assumed with respect to the proportion of new engines being sold on CSAs in that time frame, particularly on LEAP? Mainly, I'm just curious if you're assuming LEAP mostly migrates to T&M by that time.

Rahul，2028 年 100% 自由現金流轉換目標對於 CSA 在此期間（尤其是 LEAP）銷售的新引擎的比例有何假設？主要是，我只是好奇您是否假設 LEAP 到那時大部分會遷移到 T&M。

We do expect, Scott, that as we go through the year -- as we go through the decade, I should say, that there will be more T&M contracts. Keep in mind, as Russell spoke at Investor Day, our 2030 target for LEAP is we do about 60% or so of the shop visits between us and Safran and 40% are done externally. And of that 60%, there will be a mix between CSAs and T&M, but we are actively working to increase the T&M population.

斯科特，我們確實預計，隨著我們度過這一年，我應該說，隨著我們度過這十年，將會有更多的 T&M 合約。請記住，正如拉塞爾在投資者日上所說，我們的 LEAP 2030 年目標是我們與賽峰集團之間約 60% 左右的商店訪問進行，40% 是外部完成的。在這 60% 中，CSA 和 T&M 將會混合使用，但我們正在積極努力增加 T&M 數量。

Our CBSA partners are standing up, they're helping us as well. So we would see a migration from CSAs to T&M contracts with about 60% of shop visits done in-house here between Safran and GE Aerospace, and the remaining 40% being done by our channel partners.

我們的 CBSA 合作夥伴正在站起來，他們也在幫助我們。因此，我們將看到從 CSA 向 T&M 合約的轉變，其中約 60% 的車間訪問在賽峰集團和 GE 航空航太公司內部完成，其餘 40% 由我們的通路合作夥伴完成。

Our next question will come from the line of Robert Spingarn with Melius Research.

我們的下一個問題將來自 Melius Research 的 Robert Spingarn。

Congrats to the team for this new chapter and getting through the spins. And congrats to you, Steve.

祝賀團隊開啟新篇章並度過難關。恭喜你，史蒂夫。

I wanted to ask you, Larry, about RISE just to change the topic a little bit and the potential here to deliver 20% improvement in fuel consumption versus current engines. Both airframers appear interested in RISE. And if competing engine OEMs aren't providing an open-fan architecture, could we find ourselves in a position where RISE is -- or CFM is the only engine provider for the next-gen narrow-bodies? Or do you think that the need for competition changes that dynamic?

拉里，我想向您詢問有關 RISE 的問題，只是想稍微改變一下話題，以及與當前發動機相比，它有可能將燃油消耗提高 20%。兩位機身製造商似乎都對 RISE 感興趣。如果競爭對手的引擎原始設備製造商不提供開放式風扇架構，我們是否會發現自己處於 RISE 的境地，或者 CFM 是下一代窄體飛機的唯一發動機提供者？或者您認為競爭的需要會改變這種動態嗎？

Well, I think where we're focused today is really in 2 areas: one, making sure that we continue to advance the building blocks of the underlying technologies with that engine platform. And that's the work that we're spending a considerable amount of money on as part of that $2 billion R&D budget this year.

嗯，我認為我們今天的重點實際上是在兩個領域：第一，確保我們繼續利用該引擎平台來推進底層技術的建構。這就是我們今年 20 億美元研發預算中花費大量資金的工作。

I'd say the other area is making sure that we are closely aligned with the airframers, not only with respect to giving them visibility on the progress that we're making in our technology road map, but also working with them as they think about their own product road maps into the future so that there is that, well, that collaborative symbiotic dynamic.

我想說的另一個領域是確保我們與機身製造商密切配合，不僅讓他們了解我們在技術路線圖中取得的進展，而且在他們考慮時與他們合作他們自己的產品路線圖通向未來，這樣就有了協作共生的動力。

How all that plays out, time will tell. But as we have done over generations, we want to lead with innovation. We want to lead with technology. We want to be close to the airframers. I think everyone understands that we are going to need to see that type of 20%-plus step function in efficiency of the next-gen platform. And as we have in the past, we intend to have GE Aerospace at the forefront.

這一切將如何發展，時間會告訴我們答案。但正如我們幾代人所做的那樣，我們希望以創新來引領。我們希望以技術領先。我們希望靠近機身製造商。我想每個人都明白，我們需要看到下一代平台的效率提高 20% 以上。正如我們過去所做的那樣，我們打算讓通用電氣航空航太公司走在前面。

Our next question will come from the line of Noah Poponak with Goldman Sachs.

我們的下一個問題將來自高盛的諾亞·波波納克（Noah Poponak）。

Can you hear me?

你聽得到我嗎？

We can, loud and clear.

我們可以，響亮而清晰。

Sorry. It cut out on my end. Let me add my congratulations to completing the spin. And Steve, thanks a lot for all your help getting up to speed.

對不起。它在我這邊被切斷了。讓我對旋轉的完成表示祝賀。史蒂夫，非常感謝您為加快進度提供的所有幫助。

Thank you.

謝謝。

Rahul, could you spend another minute on the free cash in the quarter and for the full year? If you're going to have any seasonality that looks like the company used to or the industry often does through the year, that number in the first quarter would imply a lot of upside to the 5. I know you highlighted working capital timing. It didn't look like that big of a number in the quarter on an absolute basis. Maybe it's just normally weaker.

拉胡爾，您能再花一分鐘討論本季和全年的自由現金嗎？如果你打算有任何像公司過去或行業全年經常出現的季節性現象，那麼第一季的數字將意味著 5 季度有很大的上升空間。從絕對的角度來看，這個季度的數字看起來並沒有那麼大。也許只是平常比較弱而已。

So yes, I guess how much bigger is the greater sign on the 5 now than it was before? Or did you just truly have pure timing in the quarter?

所以是的，我猜現在 5 上的大號比以前大了多少？或者你在本季真的有純粹的時機嗎？

Yes. So Noah, listen, good start on cash. Obviously, pleased. We doubled our free cash flow at Aerospace year-over-year. I would say, first, let's just talk about the quarter, two main drivers here: one was earnings growth; and second was working capital improvement, which kind of offset the AD&A headwind.

是的。所以諾亞，聽著，現金的良好開端。顯然，很高興。我們航空航太的自由現金流比去年增加了一倍。我想說，首先我們來談談這個季度，這裡有兩個主要驅動因素：一是獲利成長；二是成長。其次是營運資本的改善，這在一定程度上抵消了 AD&A 的不利影響。

And working capital in the quarter was a source of cash versus a use of cash last year, so that was a good turnaround from what we delivered. And the improvements we saw in the quarter came from a days sales outstanding that were down 6 days year-over-year and then progress payments that we got from customers. Inventory continued to be a challenge, given all the material availability, so our WIP levels are high and the trapped inventory that we have increased as well. So overall, earnings growth and working capital kind of drove the first quarter.

與去年的現金使用相比，本季的營運資金是現金來源，因此這是我們交付的一個很好的轉變。我們在本季看到的改進來自於應付天數年減 6 天，以及我們從客戶收到的進度付款。考慮到所有材料的可用性，庫存仍然是一個挑戰，因此我們的在製品水平很高，而且我們也增加了受困庫存。總體而言，獲利成長和營運資本推動了第一季的發展。

And as you look at the full year, to your question on how -- what's changed versus our prior guide, as I said in my prepared remarks we do expect the incremental earnings growth that we are driving to flow through to cash. So we increased the midpoint of our op profit by, call it, $150 million, so call it $100 million kind of post taxes. That should -- our free cash should be up by that.

當你回顧全年時，對於你的問題，即與我們之前的指南相比，發生了什麼變化，正如我在準備好的講話中所說，我們確實預計我們正在推動的增量收益增長將流向現金。因此，我們將營業利潤的中點增加了 1.5 億美元，即稅後 1 億美元。那應該——我們的自由現金應該會隨之增加。

Again, on a full year basis, same drivers of free cash. Earnings growth and working capital improvement will continue to be the two big drivers. I think the things that we are watching here, Noah, as you go into the second half of the year, is going to be the inventory reduction that we can drive. So that's the one that's -- just given the supply chain challenges, given the demand dynamics with the airframers, so we continue to watch that inventory level and can we drive the same level of inventory reduction that we had initially planned that we'd started the year.

同樣，從全年來看，自由現金的驅動因素相同。獲利成長和營運資本改善將持續成為兩大驅動因素。諾亞，我認為，當你進入今年下半年時，我們在這裡關注的事情將是我們可以推動的庫存減少。所以這就是——考慮到供應鏈的挑戰，考慮到飛機製造商的需求動態，所以我們繼續關注庫存水平，我們能否推動我們最初計劃的庫存減少水平那一年。

So again, good start. We expect about half the full year cash to be in the first half of the year, and then we do think that the earnings increase that we've driven should flow through our cash as well. And greater than 100% conversion, well above 100% for the year.

再說一次，好的開始。我們預計全年現金的一半左右將出現在上半年，我們確實認為我們推動的獲利成長也應該透過我們的現金流動。轉換率超過 100%，遠高於今年的 100%。

Our next question will come from the line of Matt Akers with Wells Fargo.

我們的下一個問題將來自富國銀行的 Matt Akers。

Congrats, Steve. Can you touch a little bit more on the $650 million investment, just the benefits you expect to get from that? And it looks like there's a lot of additive manufacturing in there. Can you just talk about that opportunity as well?

恭喜，史蒂夫。您能否進一步談談 6.5 億美元的投資，以及您期望從中獲得的收益？看起來那裡有很多積層製造。您能也談談這個機會嗎？

Well, it really is a broad-based enhancement of our existing domestic footprint. I'm sure you've seen some of the line item details that were publicized locally across the country. I think more than anything, what we wanted to do was make sure we were supporting the fixed capital investments required to operationalize FLIGHT DECK to prepare for the capacity expansions, and in some instances, be it additive or in some other technologies like CMCs that we were getting out ahead of demand to the fullest extent possible. Again, back to the reality of the skylines we talked about earlier.

嗯，這確實是對我們現有國內足跡的廣泛增強。我相信您已經看到了在全國各地公佈的一些訂單項目詳細資訊。我認為最重要的是，我們想要做的是確保我們支持運行飛行甲板所需的固定資本投資，為容量擴張做好準備，在某些情況下，無論是添加劑還是我們的 CMC 等其他技術。我們盡可能地領先需求。再次回到我們之前討論過的天際線的現實。

So that's what we'll do. That's kind of the announcement that we made here recently. I'm sure there will be follow-on announcements as we continue to invest. But the most important investments, I think we make are those that we make in our people. And much of what we do from a training development perspective, especially vis-a-vis FLIGHT DECK, is really geared toward making sure that the people who come in every day are able to do great work and put those fixed assets to their highest and best use.

這就是我們要做的。這就是我們最近在這裡發布的公告。我相信隨著我們繼續投資，將會有後續公告。但我認為我們所做的最重要的投資是對員工的投資。從訓練發展的角度來看，我們所做的大部分工作，尤其是與飛行甲板相關的工作，實際上都是為了確保每天進來的人員能夠出色地完成工作，並將這些固定資產發揮到最高水平。

This question will come from the line of Jason Gursky with Citi.

這個問題將來自花旗銀行的傑森·古斯基（Jason Gursky）。

Yes. Same thing with Noah. Can you hear me all?

是的。諾亞也是如此。你聽得到我說的一切嗎？

We can.

我們可以。

Very well.

很好。

Does go quiet right before you're allowed to be put on the line. Steve, thanks for all of the help over the last year or so. And Blaire, look forward to working with you. I'm sure you're listening in.

在您被允許接通之前會安靜下來。史蒂夫，感謝您在過去一年左右的所有幫助。布萊爾，期待與您合作。我確信你在聽。

Larry, a clarification point here and then just a really quick question. On the clarification side of things, I think in your commentary about volume on LEAP during your prepared remarks, you talked a little bit about the supply chain being a bit of a constraint there so I want to make sure that that's the case in addition to whatever is going on with Boeing.

拉里，這裡有一個澄清點，然後是一個非常簡單的問題。在澄清方面，我認為在您準備好的演講中關於 LEAP 數量的評論中，您談到了供應鏈在那裡受到了一些限制，所以我想確保除了無論波音公司發生了什麼。

And then on the question side of things, the -- just kind of curious how the customer tone is these days on the narrow-body side win with those airlines where you're competing for slots against the Pratt & Whitney engine, whether the tone of those conversations is any more constructive for you in the competitive environment, is looking more optimistic for you on head-to-head competition against the Pratt engine.

然後在問題方面，只是有點好奇，現在窄體機方面的客戶語氣如何贏得那些與普惠發動機競爭航班時刻的航空公司，無論語氣如何這些對話對您在競爭環境中更具建設性，對您在在與普拉特引擎的正面競爭中看起來更加樂觀。

Yes. I would say, as I think both Rahul and I have commented, that we're well calibrated with Boeing on the LEAP-1B requirements. We'll leave it to Dave and Brian to speak to the details tomorrow.

是的。我想說，正如我和拉胡爾都評論過的那樣，我們已經與波音公司就 LEAP-1B 的要求進行了很好的校準。我們將讓戴夫和布萊恩明天討論細節。

I think as we look forward, not only with that engine, but others, the supply chain challenge that we've touched on in prior calls continues to be relevant.

我認為，當我們展望未來時，不僅是該引擎，還有其他引擎，我們在先前的電話會議中談到的供應鏈挑戰仍然具有相關性。

With respect to new business, I think if you look at our win rates, particularly in the narrow-body space over the last several years, we've been very encouraged by the sequential trend, the upticks that we have seen there. And we will continue to work hard to earn the business that ought to come our way. No change in that posture whatsoever.

關於新業務，我認為如果你看看我們的勝率，特別是過去幾年在窄體飛機領域，我們對連續趨勢以及我們在那裡看到的上升感到非常鼓舞。我們將繼續努力工作，贏得應有的業務。那個姿勢沒有任何變化。

So Larry, any final comments?

拉里，最後有什麼意見嗎？

Steve, thank you. And again, thanks for everything.

史蒂夫，謝謝你。再次感謝你所做的一切。

Yes, let me just close. I hope you see here that the GE Aerospace team is moving forward with a greater focus to invent the future of flight, to lift people up and bring them home safely. And with FLIGHT DECK as our foundation, I'm confident we will realize our full potential in service of our customers, employees and shareholders.

是的，讓我結束。我希望您在這裡看到 GE 航空航天團隊正在更加專注地向前邁進，以創造飛行的未來，幫助人們飛翔並安全回家。以 FLIGHT DECK 作為我們的基礎，我相信我們將充分發揮我們為客戶、員工和股東服務的潛力。

We appreciate your time today and your interest in GE Aerospace.

我們感謝您今天抽出時間以及您對 GE 航空航天公司的興趣。

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。您現在可以斷開連線。