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，大家好，歡迎參加 GE 航空 2024 年第一季財報電話會議。我叫 Liz，今天我將擔任您的會議協調員。 （操作員指示）提醒一下，本次會議正在錄音。

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，我想將節目單交給今天會議的主持人、投資者關係副總裁史蒂夫·維諾克 (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 2024 年第一季財報電話會議。與我一起出席的還有董事長兼首席執行官拉里·卡爾普 (Larry Culp)；和首席財務官 Rahul Ghai。

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，基於我們對當今世界和我們業務的最佳看法。正如我們向美國證券交易委員會提交的文件和網站所述，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 25th. While included in our consolidated first quarter results, we're focusing today's commentary and Q&A primarily on GE Aerospace.

隨著本月初GE Vernova的分拆成功完成，GE Vernova將於4月25日單獨公佈業績。雖然包含在我們的綜合第一季業績中，但我們今天的評論和問答主要關注通用電氣航空航太公司。

Now over to Larry.

現在交給拉里。

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 GE 航空航太集團的首次財報電話會議，我們目前是推動、服務和系統領域的全球領導者。我們全心全意地服務於我們的航空航天和國防客戶，利用我們的技術為目前空中的 90 萬名乘客提供服務。這對我們全球的團隊來說是一項重大責任，因此我們非常重視安全和品質。

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 航空航太領域。但在此之前，我們先來談談通用電氣的合併情況，也就是今年前幾個月的營運狀況。

Just 3 weeks ago on April 2nd, 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航空航太公司，繼去年成功分拆GE醫療後，該公司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自豪時刻。這標誌著通用電氣公司新的開始，此前該公司完成了多年的轉型，從而增強了我們的財務和營運業務。

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.

感謝通用電氣團隊，我們顯著改善了財務狀況，自 2018 年以來減少了 1000 多億美元的債務，並透過精益生產增強了營運執行力，堅持不懈地專注於安全、品質、交付和成本，以便更好地服務我們的客戶。我們共同為我們的三家獨立公司建立了堅實的基礎，到目前為止，這些公司的股東價值已增長近五倍。

Now GE begins again, three industry leaders fit for purpose for the next centuryplus, 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.

如今，通用電氣公司重新出發，擁有三個行業領導者，他們將面向下個世紀，在世界上留下自己的印記：通用電氣醫療集團、通用電氣 Vernova 集團和通用電氣航空航天集團。他們每個人都發揚通用電氣的創新精神、客戶至上精神和建立高效世界的熱情，全心全意專注於各自的使命，引領精準醫療、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，這一切都不可能實現。我要再次向我們出色的員工表達誠摯的謝意，是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.

如果我們翻到投影片 4，我們可以看到通用電氣上個季度的表現異常強勁。第一季度，通用電氣航空航太和發電業務的訂單均大幅增加。所有部門都為收入成長做出了貢獻，實現了 10% 的有機成長。 GE航空集團和GE Vernova集團的設備和服務均有所上漲。

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.

調整後的營業利潤為 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，它們足以抵消投資和通貨膨脹的影響。調整後每股收益為 0.82 美元，年增 3 倍以上。自由現金流為 8.5 億美元，成長 5 倍多，即 7 億美元，這得益於收益增加和營運資本持續減少。總體而言，通用電氣的表現非常強勁，反映了通用電氣航空航太公司和通用電氣 Vernova 的真正發展勢頭。

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 two-thirds of these aircraft worldwide.

現在，我們將全部精力集中到 GE 航空航太事業。由於我們世界一流的工程和服務團隊，我們的商用推進船隊是業界規模最大、最年輕的。在國防領域，我們很自豪能夠成為首選的旋翼機和戰鬥機發動機供應商，為全球三分之二的飛機提供動力。

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.

我們的業務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.

談談我們的表現。 GE航空航太集團今年開局良好。第一季度，我們的兩項業務的營收和利潤均實現了兩位數成長，利潤率也擴大，自由現金流較去年同期成長一倍。

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.

總體而言，我們對我們的未來發展軌跡充滿信心。我們正在上調全年營業利潤預期，並計劃在 2028 年實現 100 億美元的營業利潤目標。

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.

翻到第 6 張投影片。正如您在上個月的投資者日上聽到的那樣，我們的策略很簡單：專注於今天、明天和未來，把安全和品質放在第一位。進入 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重點執行。從根本上來說，這是一種系統化的業務運營方法，旨在透過客戶的眼睛來衡量我們提供的卓越價值。這是我們所知的將 GE 航空的飛行安全與我們的安全和品質管理系統相結合實施的最佳方式。

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，確保客戶的機隊持續飛行。隨著搭乘飛機的人數越來越多且頻率越來越高，我們正經歷著一個巨大的服務需求週期。本季度，GE CFM 的離職人數成長了低兩位數，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，我們能夠以更高的可預測性和速度保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.

我們服務業務的一個主要優先事項是縮短週轉時間以增加我們的店內訪問量。我們在 LEAP 方面取得了進展，這是今年店鋪客流量成長的重要推手。例如，在我們的馬來西亞工廠，GE航空航太和賽峰集團的聯合團隊通力合作，使每台引擎的LEAP測試單元平均運行時間提高了30%，並且他們正在努力實現到年底將這一數字提高50%以上。結果，該團隊迄今已彌補了 100 台引擎測試容量差距的 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.

這些措施正在改善我們的車間週轉時間，對於 LEAP 來說，本季週轉時間縮短了約 90 天，與去年的約 100 天平均週轉時間相比減少了 10%。雖然還有更多工作要做，但我們專注於在不影響安全性和品質的情況下更快地將引擎重新交到客戶手中。

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.

明天，我們將繼續專注於按時交付。本季度，發動機總交付量年增 9%，其中國防發動機交付量增長超過 50%。然而，由於持續的材料供應挑戰，這些交付未能達到我們的目標。因此，我們加大了與供應商的合作力度，以解決這些問題。此處飛行甲板是關鍵。

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% 的最大交付難題追溯到 15 個供應商站點。我們正在部署超過 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，我們透過前往其最受限的供應商現場來與我們的一級供應商一起解決問題。我們與他們並肩作戰，利用 FLIGHT DECK 共同努力識別和突破勞動力短缺、製造產量問題等限制，為原材料短缺尋找替代材料類型，並改善流程和交貨時間。結果，供應受限導致產量近期提高了 25% 以上，並且不再影響交貨速度。

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.

我們最近還宣布，今年我們將對製造設施和供應鏈投資超過 6.5 億美元，這體現了我們致力於加強品質和提高產量以更好地支持客戶的長期需求的承諾。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，並選擇與我們一起進行，這增加了我們超過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 widebody 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，泰國航空承諾為其新的波音 787 寬體飛機機隊配備我們的 GEnx-1B 發動機。 GEnx 目前已成為該航空公司開拓新市場、滿足不斷增長的需求並努力實現其環境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.

美國航空公司購買了 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，繼續拓展我們的國際業務。

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.

展望未來，我們今年將投入超過 20 億美元的研發資金，推動決定未來飛行的技術基礎。例如，我們的 CFM RISE 計劃的測試正在繼續取得進展。我們利用全尺寸 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，正在完成配備 600 千瓦電動馬達的混合電力系統試驗台的設計。這將支援西科斯基建造、測試和試飛具有傾轉翼配置的混合動力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 航空航太時始終將客戶期望放在首位，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，採用一種營運模式，實施一種策略，並最終形成一種文化。這將有助於引領產業向前發展，並推進我們的願景，成為一家定義今天、明天和未來飛行的公司。

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.

謝謝你，拉里，大家早安。拉里，當我們作為一家獨立公司開啟新篇章時，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.

我們將獨立報道 GE 航空航太公司的業績，就像我們的全年指南一樣。此外，為簡單起見，我們的結果將以報告為基礎編制，並且我們將非 GAAP 自由現金流調整限制在與分拆相關的事項上。

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.

整體而言，GE航空航太集團今年開局良好，所有主要指標均達到兩位數成長。需求依然強勁。訂單成長了34%，商用引擎與服務（CES）和國防與推進技術（DPT）的成長率相似。

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

由於定價、備件數量以及寬體飛機和國防發動機交付量的增加，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%，利潤率上漲 140 個基點，達到 19.1%。利潤成長主要得益於價格、服務量成長及有利的產品組合。 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 企業成本）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 億美元用於為 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，較上年同期翻了一番，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，而庫存則是阻力。

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.

我們強勁的營運和財務基本面使我們有信心將 70% 至 75% 的可用現金回饋給投資者。本月初，我們開始發放季度股利 0.28 美元，增幅達 250%。在我們的投資者日，我們宣布回購 150 億美元的股票，證明了我們資產負債表的強勁。

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，我們能夠創造巨大的股東價值，同時繼續投資於成長、創新和重點併購。

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 的結果。從 CES 開始，這是一個價值 240 億美元的產業，其中 70% 的收入來自服務。正如拉里所提到的，需求持續強勁。我們預計，今年的離境人數將以高個位數成長。總離境人數開局強勁，超出我們先前的預期，本季成長了 11%，其中中國地區的增幅尤其強勁。

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. Narrowbody remained solid with increased CFM56 fleet utilization and significant LEAP growth.

我們預計全年離境遊客數量成長仍將放緩。我們預計今年的客運量成長率將達到高個位數，略有改善。隨著 CFM56 機隊利用率的提高和 LEAP 的顯著增長，窄體飛機市場保持穩定。

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，我們現在預計貨運需求將上漲低個位數，而先前預期的是下降中個位數。地緣政治衝突加劇增加了航空貨運的需求，並提高了其相對經濟性。因此，商業勢頭持續不斷。

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 訂單成長了 34%。服務和設備均實現了兩位數的成長，這主要得益於我們平台對 LEAP 和備件的強勁需求。整體而言，客戶動態依然保持積極，來自航空公司和飛機製造商的訂單強勁。

On narrowbody platforms, we won more than 300 LEAP-1B engines and a multi-year services agreement from Akasa Air. And on widebody 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.

在窄體平台上，我們從 Akasa Air 贏得了 300 多台 LEAP-1B 發動機和多年期服務協議。在寬體平台方面，最近的關鍵訂單包括為泰國航空採購 90 台 GEnx 發動機，為埃塞俄比亞航空採購 16 台 GE9X 發動機，以及為拉美航空集團採購 10 台 GEnx 發動機。需求改善的背景增強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 widebody 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。營收成長了 16%，銷量成長了兩位數，其餘成長主要得益於價格上漲。服務業務成長 12%，主要得益於定價和強勁的備件數量，而服務業務的成長速度快於內部車間訪問量（受材料投入挑戰的影響，內部車間訪問量增長了 3%）。設備成長 31%，主要受定價和交付推動，其中寬體引擎組合增加導致設備成長 2%。由於供應鏈挑戰，LEAP 出貨量與去年同期基本持平。正如預期，備用引擎的出貨量略有下降。

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%，利潤率因定價、備件銷售和產品組合而擴大了 10 個基點。這遠遠抵消了更高的通膨投資和成熟平台上長期服務協議的預期獲利能力的變化，這些變化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高興，實現了顯著的成長和利潤提升。

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，它包括國防和系統以及推進和增材技術。這是一項價值約 90 億美元的業務，其中服務約佔收入的 55%。從整個領域來看，國防預算正在成長，其中美國支出預計將成長低個位數，國際支出預計將成長中等個位數。我們的國防客戶對我們的要求很明確：支援他們的準備，同時提供越來越可預測的交付。

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%.

談談我們的第一季業績。訂單量成長了 34%，凸顯了強勁的需求和我們特許經營商的質量，國防訂單出貨比為 1.1 倍。收入增長18％。更簡單的比較一下，國防單位的交付量增加了 45 台引擎。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.

推進和增材技術業務成長了 19%，主要得益於 Avio 和 Unison 為支援 GEnx 和 LEAP 而實現的成長。利潤為 2.5 億美元，成長 26%，利潤率擴大 80 個基點。扣除通膨因素後，產量和定價超過了投資和國防設備組合的抵銷作用。總體而言，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.

鑑於我們良好的開局和對今年剩餘時間的積極展望，我們將提高全年利潤和現金預期，如幻燈片 11 所示。我們繼續預計收入將至少實現低兩位數的成長。

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 widebody mix.

在 CES 上，我們仍然預計收入將實現中高水準的成長。在服務方面，我們繼續預期營收將實現中等幅度成長，其中店內訪問量的成長速度將快於備件銷售額的成長速度。我們預計 LEAP 產量將減少 10% 至 15% 左右，但由於寬體飛機組合改善，我們預計整體設備收入將實現高成長率。

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，我們持續預期營收將實現中高個位數成長，主要受設備成長的推動。目前預計營業利潤在 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 營業利潤預期目前預計在 61 億美元至 64 億美元之間，中間值比有利的收入動態高出 1 億美元。 DPT 利潤指引維持不變。

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，我們繼續預期成本和消除費用約為 10 億美元，其中包括 6 億美元的企業費用和約 4 億美元的消除費用。我們現在預計，今年的利潤率將比之前持平，擴大約 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，我們調整後的每股盈餘範圍為 3.80 美元至 4.05 美元，年增 30% 以上。其中包括第一季調整後的每股收益約 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 億美元的收入，轉換率將遠高於淨收入的 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.

整體而言，強勁的開局和市場環境令我們感到鼓舞，這讓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 narrowbody, widebody and defense.

拉胡爾，謝謝。顯然，我們今年的開局很好。如果我以第 12 張幻燈片作為結束，它概括了 GE 航空航天的精髓以及我們未來發展的願景。我們擁有優秀的特許經營權，具有持續的競爭優勢和引人注目的價值主張。我們的平台深受窄體機、寬體機和國防領域客戶的青睞。

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，首先考慮安全性和質量，然後是交付，最後是成本。這意味著為我們的客戶提供無與倫比的在機時間和更快的周轉時間。我們正在業界規模最大且不斷成長的機隊中推行這項舉措。

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.

憑藉我們深厚的專業知識和人才、對創新的承諾和投資能力，我們已準備好提供未來的突破性技術。有了 FLIGHT DECK 作為基礎，我們的團隊將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。我對於 GE 航空航太的未來之路從未像現在這樣充滿信心。

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.

在我將其交回給史蒂夫進行問答之前，我想花點時間來認識他以及他對通用電氣的許多貢獻。正如你們現在所知，今天是史蒂夫在公司任職五年多後與我們進行的最後一次電話會議，或者換句話說，在參加過 22 次財報電話會議之後。在我們的轉型過程中，他的奉獻精神和合作精神領導著投資者關係團隊，並作為我和其他領導團隊值得信賴的策略顧問，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，我代表我本人和整個團隊向您表示感謝，並祝您在接下來的篇章中一切順利。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，我要親自感謝您在我加入公司以及我們執行 GE Aerospace 和 Vernova 發布會期間給予我的值得信賴的建議和友誼。您的策略和營運深度以及您的協作風格對我們的轉型起到了重要作用。我知道，參加這次電話會議以及過去幾年電話會議的許多人都很欣賞您對他們問題的積極響應，以及您為簡化我們的財務披露所做的工作，同時清晰坦率地傳達我們的轉型。

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.

我們祝福你們一切順利，我會以讓你們工作到最後一天來回答問題的精神把這一切轉達給你們。

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。如果不至少發表一則簡短的評論，我就無法繼續下去。能夠與您以及通用電氣公司和通用電氣航空航天公司的其他團隊一起工作真的是一種榮幸、特權和樂趣，對我來說這是一次真正的大師級培訓。感謝您總是給予我們的投資者和分析師發言機會。我對這些團隊深表感激和自豪，並對接下來發生的事情感到興奮。我知道 GE 航空航太、GE 醫療和 GE Vernova 的前景確實光明。

(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?

（操作員指示）我們請求您將任何有關 GE Vernova 的問題保存到本週稍後的財報電話會議。莉茲，你能打開電話線嗎？

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

（操作員指示）我們的第一個問題來自巴克萊銀行的戴維‧史特勞斯（David Strauss）。

Great. Congrats, Steve. One to Larry, Rahul, wanted to ask about the updated LEAP delivery guidance now, 10%-15%, down from 20%-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。其中一位是 Larry，Rahul，想詢問現在更新的 LEAP 交付指導，即 10%-15%，低於 20%-25%。您能否稍微深入分析一下，是什麼導致了這個現象？這是對供應商方面的限制嗎？波音公司是否取消了航班計畫？那到底發生了什麼事？

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中發生的變化。我確信，戴夫和公司明天將在收益電話會議上討論他們的費率，因此我們將把這個主題留給他們。

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，正如我們對待所有客戶一樣，我們已經很好地校準和調整了我們需要做的事情，以及他們未來需要我們做什麼。但我認為，我們所有人，特別是此刻，在談論費率之前，總是要回過頭來確保我們在安全和品質方面盡一切努力，以確保我們的產品在製造過程中以及在現場部署過程中發揮最佳性能。

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

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?

如果您可以稍微談一下訂單的話。我的意思是，商用引擎和服務領域的成長相當驚人，成長了 78%；國防推進與技術，上漲 72%。相對於價格而言數量是多少？

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，我想說其中大部分是數量。定價全面發揮作用，體現在我們的收入成長、利潤率擴大和訂單前景。但對於訂單量成長34%的原因，我想說大部分成長來自於基礎銷售的成長，也有價格的因素。

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

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

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，祝賀你將投資者關係提升到一個新的水平。所以，要嘛選拔拉里 (Larry)，要嘛選拉胡爾 (Rahul)。就第一季的利潤率而言，你們做得非常出色，達到了 19%，比之前的預期（抱歉，是中間值）高出 150 個基點。拉胡爾，也許您可以重新回顧一下上個季度您指出的 2 個利潤逆風點。您提到 LEAP 的單位產量較低，與您最初的指導相比，可能順風約 40 個基點，而 GE9X 可能保持一致。那麼，您能否談談為使我們今年的成長率達到 17% 左右，我們需要在時機上進行哪些投資，以及需要付出哪些代價？

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，這裡有幾件事，讓我從你開始的地方開始說起，也就是我們在一月份電話會議和投資者日上談到的兩點利潤逆風。

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.

所以如果回顧一下，我們曾預計 LEAP OE 坡道、9X 的推出以及為支持 LEAP 耐用性、9x 的推出和飛行的未來而加強的研發將帶來 2 點利潤壓力。

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 量的推出，這 2 點的逆風略有降低。但是現在，如果您回顧我們今年的整體指南，您會發現今年開局強勁。我們對目前的狀況感到滿意，這給了我們信心提高全年業績預期。我們預計，進入第二季度，這股勢頭將全面延續。

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，我們預計上半年收入將實現低兩位數成長，全年利潤和自由現金將達到約一半，因此今年的成長速度將比過去更加線性。總體而言，回顧全年，利潤按我們的預期中位數增長了 1.5 億美元，達到 62 億美元至 66 億美元之間，這可以說是中等水平的利潤增長和超過 30% 的每股收益增長。所以，如果我們能實現這些數字，那麼今年就是豐收的一年。

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

我們的下一個問題來自 Wolfe Research 的 Myles Walton。

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 成長率是售後市場成長率的 2 倍，CES 利潤率仍將同比上漲 250 個基點。拉胡爾，我聽到了您所說的關於備件數量超過維修次數的問題。但是，是否有其他深層原因可以真正解釋這種違反直覺的利潤率擴張呢？

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，儘管我們在本季必須進行 CMR（服務利潤調整），但我們的利潤率仍然擴大了，達到 14 億美元。但是 — — 這裡的主要驅動因素是定價和客戶組合，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.

從原始設備製造商的混合轉變 - 從LEAP到寬體混合的混合轉變有所幫助，而且在服務方面，我們的備件量增長高於維修站訪問量的增長。因此，服務組合的轉變也是一個因素。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.

但隨著時間的流逝，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。而服務組合將偏向商店客流量的成長，我們仍預期今年的客流量成長可能會達到 15% 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.

但總體而言，CES 開局良好。這讓我們有信心將 CES 全年利潤提高約 1 億美元。

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

我們的下一個問題來自 Vertical Research 的 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?

接下來是 David 關於 LEAP 的問題。這些問題是否會對 CFM 車間訪問高峰產生正面影響？我認為您之前曾估計 CFM 車間訪問高峰將在 2025 年出現，並且該高峰的高度可能會在未來持續下去。

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.

嗯，我想說的是，我們確實看到了售後市場的一些連鎖正面影響，不僅在24年，而且在我們的一些預測中。我想就在上個月的投資者日，我們還在討論退休人數低於我們的預期，因此到 2024 年，相對於我們的預期，應該會有 200 次增量店內訪問。

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。今天早上顯示，我們所有平台的全球出發航班數量增加了 7.8%，對嗎？這就是拉胡爾在我們準備好的發言中提到的有關我們對乘客需求更樂觀的前景的部分內容。我們知道航空公司正在尋求盡可能大的升力。並且，以交付速度來算，退役速度將會減慢，安裝基礎將會被利用。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 的峰值時間？是的。但現在還為時過早，我認為我們今天不會試圖用這個時間段來預測何時會發生這種情況。但這對我們在售後市場來說是一個積極的動態，無論是現有平台還是日益增長的 LEAP。

Our next question will come from Seth Seifman with JPMorgan.

我們的下一個問題來自摩根大通的 Seth Seifman。

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.

恭喜你，史蒂夫，謝謝你所有的幫助。想問一下關於店鋪客流量增長的情況，以及今年指引方面面臨的任何挑戰，以及您對今年的可見性水平，從 3% 開始，需要達到至少 15% 左右的數字，並且受到供應鏈和內部生產力等各種挑戰的製約，以及您對這一增長和店鋪客流量增長有多大信心。

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一樣討論指南，那麼就需要有很高的信念。但我想你已經知道我們在這裡日復一日地進行的業務工作了。我認為同比的財務數據很強勁，但我們知道我們本可以實現目標——如果我們的車間有更可靠、更可預測的材料流入，我們本可以在第一季度進行更多的車間訪問。就備件而言，這對我們影響不大，對嗎？我們並不需要做任何必要的事情來將產品送到客戶手中，但是在商店訪問的情況下，我們需要做這件事。

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，我們與前五名或前十五名供應商站點合作的工作正在取得進展。如果您看一下我們在四月份看到的情況，您會發現第二季的開局在店鋪訪問活動和完成產出方面都比一月份更加強勁。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線性發展，並且充分利用一個季度的前兩、三、四周對於我們實現同比增長至關重要，更不用說我們希望看到的連續增長了，最重要的是，考慮到客戶對這些資產的使用有多積極，我們的需求是什麼。

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.

因此供應鏈主題仍具有相關性。我想我們會在可預見的未來再次談論這個問題，但我對我們所取得的進展感到非常鼓舞。我們只是需要做出更多努力。

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

我們的下一個問題來自 RBC Capital Markets 的 Ken Herbert。

Congratulations, Steve.

恭喜你，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)，您曾指出貨運是本季度的增長源之一，考慮到 CES 的影響，我認為您將全年業績預期從之前的下降可能低位上調至上升可能低位。這與我們在中東看到的情況有關嗎？您是否看到其他根本性變化讓您更有信心？當我們考慮 CES 業務時，我們如何具體看待這種影響以及您如何看待這種影響？

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。我們再次採取這項措施，使每個人都從今年的中單數展望調整到現在的正低個位數。我認為中東事件對此有一定的影響，但我認為從航空貨運的角度來看，我們整體看到的需求更高。這將主要透過我們的寬體飛機而不是單通道飛機來體現。我認為我們不會在這裡量化它，但這肯定是服務業前景改善的部分原因，因此也是今年剩餘時間整體前景改善的原因。

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，我還要補充一點，直接影響是——完全取決於一年內商店訪問的次數，我認為這總是需要時間。因此，這裡不存在可能在年內出現的直接關聯。但總體而言，從較長的一段時間來看，當我們回顧 2024 年和 2025 年的總和時，這肯定會是一個積極的推動力。

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，我們確實預期貨運量增加將為我們的財務帶來好處。這個問題在'24年可能沒有那麼嚴重，在'25年則更為嚴重。

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

我們的下一個問題來自 TD Cowen 的 Gautam Khanna。

Congrats, Steve.

恭喜，史蒂夫。

Thanks, Gautam.

謝謝，Gautam。

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?

所以你們提到今年的 LEAP 產量較低。我認為它是降低 1B OE 需求的一個函數。但我很好奇，您是否可以幫助我們了解，我們應該如何看待今年的 LEAP OE 與備件供應組合以及與您之前的預期相比如何？

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?

另外想知道，鑑於 LEAP 的費率較低，您是否會放慢一些 LEAP 供應商的供貨速度？或者鑑於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？盡其所能地努力工作？

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.

讓我們—也許我們應該按相反的順序來做這些。我將談論供應鏈，拉胡爾可以從備件角度談談我們的現狀。正如我所指出的，我們與兩家主要的窄體飛機製造商進行了校準。當我們這樣做的時候，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要做的是確保我們在下個季度或兩個季度不會被過度指數化。

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.

雖然這很重要，但我們希望確保在未來幾年內做好準備，以便能夠滿足我們兩家主要飛機製造商目前所享有的天際線的要求，對嗎？單通道航班時刻是一種稀缺商品。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它。

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.

儘管如此，我認為，包括 GE 航空航天在內的每個人都主要關注從安全和品質的角度確保我們不會做出任何妥協，因為我們會想到這些宏偉的天際線給我們帶來的美好禮物。而這多年來一直是通用電氣工作的核心，即精實轉型，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 和我們所做的一切的核心。

Rahul, spares?

拉胡爾，備用的嗎？

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，就備用引擎而言，Gautam，總體而言，我們的備用引擎比例在第一季與去年同期相比略有下降。我們確實預計全年備用引擎比例也將較 2023 年有所下降，正如我們先前溝通的那樣。因此，我們對 LEAP 安裝的發動機輸出所做的改變轉化為備用發動機，實際上並沒有太大的變化。因此，我們仍然預計備用引擎比例將比去年同期下降。

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.

而且我會說，在未來幾年裡，這個數字將會逐漸下降，Gautam，考慮到過去 LEAP 備用引擎的位置。因此，我們預計未來幾年備用引擎比例將繼續逐步下降。

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

我們的下一個問題來自德意志銀行的 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.

拉胡爾，2028 年 100% 自由現金流轉換目標對於該時間範圍內在 CSA 上銷售的新發動機比例（尤其是在 LEAP 上）有何假設？主要是，我只是好奇您是否認為 LEAP 到那時大部分都會遷移到 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，隨著這一年的發展——我應該說，隨著這一十年的發展，將會有更多的 T&M 合約。請記住，正如 Russell 在投資者日所說的那樣，我們對 LEAP 的 2030 年目標是，我們與賽峰集團之間的車間訪問量約為 60%，而 40% 的車間訪問則由外部完成。在這 60% 中，CSA 和 T&M 將會混合存在，但我們正在積極努力增加 T&M 的數量。

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 合作夥伴正在站出來，他們也在幫助我們。因此，我們將看到從 CSA 到 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.

恭喜團隊開啟新的篇章並順利度過難關。祝賀你，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，我想問你關於 RISE 的問題，只是稍微改變話題，以及與現有引擎相比，燃料消耗預計將降低 20%。兩家飛機製造商似乎都對 RISE 感興趣。如果競爭的引擎 OEM 不提供開放式風扇架構，我們是否會發現自己處於 RISE 或 CFM 成為下一代窄體飛機唯一發動機供應商的境地？或者您認為競爭的需要會改變這種動態？

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模組。這是我們今年 20 億美元研發預算投入大量資金的工作。

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.

我想說的另一個方面是確保我們與飛機製造商保持密切聯繫，不僅要讓他們了解我們在技術路線圖上所取得的進展，還要與他們合作，共同思考未來的產品路線圖，這樣就能形成合作共生的動態。

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，時間將告訴我們答案。但正如我們幾代人所做的那樣，我們希望以創新引領。我們希望以科技引領。我們希望與飛機製造商保持密切聯繫。我想每個人都明白，我們需要看到下一代平台的效率達到 20% 以上的階躍提升。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.

我們的下一個問題來自高盛的諾亞·波波納克。

Can you hear me?

你聽得到我嗎？

We can, loud and clear.

我們能，而且很清楚。

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。它從我這邊切斷了。讓我對完成旋轉表示祝賀。史蒂夫，非常感謝你對我的幫助。

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，您能再花一點時間談談本季和全年的自由現金嗎？如果您要經歷任何與公司過去或行業全年經常經歷的季節性相似的情況，那麼第一季的數字將意味著 5 有很大的上升空間。我知道您強調了營運資本時機。從絕對值來看，本季的數字看起來並沒有那麼大。或許它只是通常比較弱。

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 上的大符號比以前大多少？或者您只是在本季真正擁有純粹的時間安排？

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，現金方面這是一個好的開始。顯然，很高興。我們航空航太業務的自由現金流年增了一倍。我想說，首先，讓我們來談談本季度，這裡有兩個主要驅動因素：一是獲利成長；第二是營運資本改善，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.

本季的營運資金是現金來源，而去年同期則是現金使用，因此與我們的交付情況相比，這是一個很好的轉變。我們在本季看到的改善來自於應收帳款週轉天數年減了 6 天，以及我們從客戶獲得的進度付款。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，而且被困庫存也有所增加。因此總體而言，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.

當您回顧全年業績時，對於您關於與我們先前的指引相比有何變化的問題，正如我在準備好的發言中所說，我們確實預計我們推動的增量盈利增長將轉化為現金。因此，我們將營業利潤的中間點提高了 1.5 億美元，也就是稅後 1 億美元。那應該——我們的自由現金應該會增加。

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，免費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力。諾亞，我認為，隨著今年下半年的到來，我們所關注的事情就是我們可以推動的庫存減少。所以這就是問題所在——考慮到供應鏈的挑戰，考慮到飛機製造商的需求動態，我們將繼續關注庫存水平，並確定我們能否將庫存減少量降至與年初最初計劃相同的水平。

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.

再次強調，這是一個好的開始。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，我們所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%，遠高於全年的 100%。

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

我們的下一個問題來自富國銀行的馬特‧埃克斯 (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。您能否進一步談談這筆 6.5 億美元的投資以及您預計從中獲得哪些收益？看起來其中有很多積層製造。你能談談這個機會嗎？

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影響力的廣泛增強。我相信您已經看到了在全國各地公佈的一些項目細節。我認為，最重要的是，我們想要確保我們支持所需的固定資本投資，以使 FLIGHT DECK 投入運營，為產能擴張做好準備，在某些情況下，無論是添加劑還是其他一些技術，如 CMC，我們都盡可能地領先於需求。再次回到我們之前談到的天際線的現實。

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。我確信，隨著我們繼續投資，將會有後續公告。但我認為，我們最重要的投資是對員工的投資。從培訓發展角度來看，我們所做的大部分工作，特別是與駕駛艙相關的工作，實際上都是為了確保每天來上班的人都能出色地完成工作，並最大限度地利用這些固定資產。

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

這個問題來自花旗的 Jason Gursky。

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

是的。諾亞也發生了同樣的事情。你聽得到我所有的聲音嗎？

We can.

我們可以。

Very well.

非常好。

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.

在你被允許接通電話之前確實安靜下來了。史蒂夫，感謝您在過去一年多的時間裡給予我的所有幫助。布萊爾，期待與您合作。我確信你正在聽。

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，我認為您在準備好的演講中對 LEAP 的交易量的評論中提到了供應鏈在那裡受到一些限制，因此除了波音公司正在發生的事情之外，我想確保情況確實如此。

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.

然後從問題方面來說，我只是有點好奇，目前在與普惠發動機競爭時段的航空公司中，窄體飛機的客戶態度如何，在競爭環境中，這些談話的語氣是否對您更有建設性，在與普惠發動機的正面競爭中，對您來說是否更樂觀。

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，我認為拉胡爾和我都曾評論過，我們在 LEAP-1B 要求上與波音公司意見一致。我們將於明天與戴夫和布萊恩討論細節。

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，展望未來，不僅是該引擎，還有其他引擎，我們在先前的電話會議中提到的供應鏈挑戰仍然具有現實意義。

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，我想如果你看看我們的成功率，特別是過去幾年在窄體客機領域的成功率，我們會對連續的趨勢和看到的上升趨勢感到非常鼓舞。我們將繼續努力工作，贏得應有的業務。姿勢沒有任何改變。

So Larry, any final comments?

那麼 Larry，還有什麼要說的嗎？

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.

好的，讓我結束一下。我希望你們看到，GE 航空航天團隊正在更加專注於創造飛行的未來，將人們送上太空並安全帶回家。我相信，以 FLIGHT DECK 為基礎，我們一定能夠充分發揮我們的潛力，為我們的客戶、員工和股東提供服務。

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

我們感謝您今天抽出時間並關注GE航空。

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

謝謝各位，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。