奇異 (GE) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the GE Aerospace investor update and second-quarter 2025 earnings webcast. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，大家好，歡迎收聽 GE 航空投資者更新和 2025 年第二季度收益網絡廣播。（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, Blaire Shoor from the GE Aerospace Investor Relations team. Please proceed.

現在，我想將節目交給今天會議的主持人，通用電氣航空航天投資者關係團隊的布萊爾舒爾 (Blaire Shoor)。請繼續。

Thanks, Liz. Welcome to GE Aerospace's 2025 Investor Update and 2Q '25 Earnings Call. I'm joined by Chairman and CEO, Larry Culp; and CFO, Rahul Ghai. Today, we will be sharing an update on our second-quarter 2025 results, financial guidance for 2025, and outlook for 2028, followed by a Q&A session.

謝謝，莉茲。歡迎參加 GE 航空航太 2025 年投資者更新和 2025 年第二季財報電話會議。與我一起出席的還有董事長兼執行長 Larry Culp 和財務長 Rahul Ghai。今天，我們將分享 2025 年第二季業績更新、2025 年財務指導和 2028 年展望，隨後進行問答環節。

As usual, many of the statements we're making are forward looking and based on our view of the world and our businesses as we see them today. As described in our SEC filings and website, those elements may change as the world changes. Additionally, Larry and Rahul will speak to total company and corporate financials as well as our guidance and outlook on a non-GAAP basis.

像往常一樣，我們發表的許多聲明都具有前瞻性，並且基於我們對當今世界和我們業務的看法。正如我們向美國證券交易委員會提交的文件和網站中所述，這些要素可能會隨著世界的變化而改變。此外，拉里和拉胡爾將談論公司和企業的整體財務狀況以及非公認會計準則下的指導和展望。

With that, I'll hand it over to Larry.

說完這些，我就把它交給拉里。

Thanks, Blaire, and we appreciate everyone joining us today.

謝謝，布萊爾，我們感謝今天與我們一起的各位。

The GE Aerospace team is guided by our purpose to invent the future of flight, lift people up, and bring them home safely. At any given moment, nearly 1 million people are flying with GE Aerospace technology under wing. That is a significant responsibility that our 53,000 employees carry with great pride. We use FLIGHT DECK, our proprietary lean operating model, to continuously improve safety, quality, delivery, and cost, always in that order, as we strive to provide unrivaled customer service and deliver our roughly $175 billion backlog.

GE 航空航天團隊的宗旨是創造飛行的未來，載人飛行，並安全回家。在任何特定時刻，都有近 100 萬人搭乘 GE 航空航天技術的飛機飛行。這是我們的 53,000 名員工引以為傲的重大責任。我們使用專有的精益營運模式 FLIGHT DECK，不斷提高安全性、品質、交付和成本，始終按照這個順序，努力提供無與倫比的客戶服務並交付約 1750 億美元的積壓訂單。

Before we dive in further, I want to acknowledge the tragedy of Air India Flight 171. We extend our heartfelt sympathies to the families and loved ones of those who lost their lives. Since June 12, our focus has been and remains on supporting our customers and providing technical support to the regulators.

在我們進一步深入探討之前，我想先了解印度航空 171 航班的悲劇。我們向罹難者的家人和親人表達深切的慰問。自 6 月 12 日以來，我們的重點一直是支持我們的客戶並向監管機構提供技術支援。

While we were looking forward to a broader update with you in Paris, Rahul and I are here today to share our second-quarter results and our increased outlook. We'll create additional opportunities later this year to share more of the operational details we expected to cover with you in Paris.

當我們期待在巴黎與您進行更廣泛的更新時，拉胡爾和我今天在這裡分享我們的第二季度業績和我們更高的前景。我們將在今年稍後創造更多機會，與您分享更多我們預計在巴黎討論的營運細節。

Turning to the next slide, safety is and always will be foundational to everything we do. Through decades of experience, learning, and continuous improvement, we've built our reactive, proactive, and our predictive safety processes. GE Aerospace was the first manufacturer to have its Safety Management System, or SMS, accepted by the FAA. We established our SMS a decade before the agency proposed requiring it. The system encourages our employees to report safety concerns voluntarily and ensures that they are thoroughly evaluated.

翻到下一張投影片，安全現在是、並且永遠是我們所做一切的基礎。透過數十年的經驗、學習和持續改進，我們建立了反應性、主動性和預測性安全流程。GE 航空航太公司是第一家其安全管理系統（SMS）獲得 FAA 認可的製造商。我們在該機構提出要求 SMS 的十年前就建立了 SMS。該系統鼓勵我們的員工自願報告安全問題，並確保對其進行全面評估。

SMS, together with our quality management system, are the foundation of our safety culture, while our approach to continuous improvement helps us drive safety up the value chain. FLIGHT DECK further standardizes our own processes to support safety investigations, leading to identifying corrective actions faster.

SMS 與我們的品質管理系統一起構成了我們安全文化的基礎，而我們持續改進的方法則幫助我們提升價值鏈的安全性。FLIGHT DECK 進一步標準化我們自己的流程以支援安全調查，從而更快地確定糾正措施。

We're also enhancing engine inspections to begin at the part level, extend through manufacturing, and continue into the aftermarket. And now, we're deploying AI-enabled tools to further improve inspection accuracy and consistency, helping to predict potential safety threats. Everyone at GE Aerospace owns safety, and we never compete on safety.

我們也正在加強引擎檢查，從零件層面開始，延伸到製造流程，並持續到售後市場。現在，我們正在部署支援人工智慧的工具，以進一步提高檢查的準確性和一致性，幫助預測潛在的安全威脅。GE 航空航天的每個人都肩負著安全的責任，我們從不拿安全來競爭。

Turning to slide 5. GE Aerospace is an exceptional franchise. As a global aerospace leader in propulsion, services and systems, we're well positioned to benefit from favorable long-term market trends across both commercial and defense.

翻到幻燈片 5。GE 航空航太是一家卓越的特許經營企業。作為推進、服務和系統領域的全球航空航天領導者，我們完全有能力從商業和國防領域長期有利的市場趨勢中獲益。

Our Commercial Engines & Services business, or CES, is servicing and growing the industry's most extensive commercial install base. We're proud to be underwing on three out of every four commercial flights, demonstrating our unmatched scale and scope across the world's most successful and innovative aircraft platforms.

我們的商用引擎與服務業務（CES）正在服務並發展業界最廣泛的商用安裝基礎。我們很自豪能夠在四次商業航班中的三次中提供飛行服務，展示了我們在全球最成功和最具創新性的飛機平台上無與倫比的規模和範圍。

Our Defense & Propulsion Technologies business, or DPT, powers two-thirds of all US military combat and helicopter fleets. DPT offers both the leading defense programs of today while developing mission-critical technology for the future.

我們的國防與推進技術業務（DPT）為美國三分之二的軍事作戰和直升機隊提供動力。DPT 既提供當今領先的國防計劃，也開發未來的關鍵任務技術。

Let's take a closer look at GE Aerospace today. As the industry's largest and growing engine fleet, our business model is highly resilient, largely due to our balanced exposure across narrowbody, widebody, regional, and defense platforms.

今天讓我們來仔細看看GE航空航天。作為業界規模最大且不斷成長的引擎車隊，我們的業務模式具有很強的彈性，這主要歸功於我們在窄體、寬體、區域和國防平台上的均衡佈局。

CES has more than 49,000 engines in service and growing. In 2024, we delivered a particularly strong year with $27 billion of revenue, growing 13%, with robust services, demand and performance supporting higher profit. About half of our revenue comes from narrowbody platforms, while widebody represents 35%.

CES 目前有超過 49,000 台引擎投入使用，而且數量還在增加。2024年，我們取得了特別強勁的成績，營收達到270億美元，成長13%，強勁的服務、需求和業績支持了更高的利潤。我們約有一半的收入來自窄體平台，而寬體平台佔 35%。

In DPT, we have more than 29,000 engines in service. 2024 was a solid year with nearly $10 billion in revenue, up 6%, and profit up double digits. Our Defense & Systems business accounts for roughly two-thirds of DPT revenue, including over 70% of revenue from US customers and around 30% internationally. Propulsion & Additive Technologies represents the remaining third with exposure to commercial programs and localized European defense capabilities.

在 DPT，我們有超過 29,000 台發動機投入使用。 2024 年是穩健的一年，營收近 100 億美元，成長 6%，利潤成長兩位數。我們的國防與系統業務約佔 DPT 收入的三分之二，其中超過 70% 的收入來自美國客戶，約 30% 的收入來自國際客戶。推進與積層技術佔據剩餘的三分之一，涉及商業項目和本地化的歐洲防禦能力。

Notably, 70% of our total revenue comes from recurring, predictable, and highly profitable services, including three quarters of CES revenue and more than half of DPT revenue. This represents a significant growth opportunity as our commercial install base continues to grow at a low-single to mid-single-digit compounded annual growth rate through the end of the decade. Services also enable us to live the customer experience and strengthen our relationships, seeing and hearing their needs firsthand while shaping our product roadmaps to ensure alignment with their future priorities.

值得注意的是，我們總收入的 70% 來自經常性、可預測且高利潤的服務，其中包括四分之三的 CES 收入和一半以上的 DPT 收入。這代表著一個重大的成長機會，因為到本世紀末，我們的商業安裝基數將繼續以低個位數到中個位數的複合年增長率成長。服務還使我們能夠體驗客戶並加強我們的關係，直接觀察和傾聽他們的需求，同時制定我們的產品路線圖以確保與他們未來的優先事項保持一致。

Turning to slide 7. Given macroeconomic dynamics, we're watching demand near term. This quarter, departures grew nearly 4% in line with our expectations. For 2025, we're still planning for low-single-digit departures growth, taking a more conservative view on the second half.

翻到幻燈片 7。鑑於宏觀經濟動態，我們正在關注近期的需求。本季度，離境人數成長近 4%，符合我們的預期。對於 2025 年，我們仍計劃實現低個位數的離境人數成長，並對下半年持更保守的看法。

Broadly speaking, we support promoting free and fair trade, including the duty-free environment that has long fueled the US aerospace sector, leading to more than 1.8 million US jobs and a $75 billion annual trade surplus. We commend the administration for the US-UK trade deal, eliminating tariffs on the aerospace sector, and view this deal as a strong framework for future trade agreements.

廣義上講，我們支持促進自由和公平貿易，包括長期以來推動美國航空航天業發展的免稅環境，這種環境為美國創造了180多萬個就業崗位，並帶來了每年750億美元的貿易順差。我們讚揚英國政府達成的美英貿易協議，取消了航空航太領域的關稅，並將該協議視為未來貿易協定的有力框架。

Longer term, GE Aerospace is operating from a position of strength. Our robust orders over the last several quarters have increased our commercial services backlog to now over $140 billion, supporting growth for years to come.

從長遠來看，GE 航空航太業的營運處於優勢地位。過去幾個季度，我們的訂單強勁增長，使我們的商業服務積壓訂單增加到現在的 1400 多億美元，為未來幾年的增長提供了支持。

Across the commercial sector specifically, we see strong fundamentals. Air traffic growth is expected to outpace global GDP, especially in Asia-Pac and the Middle East. And new aircraft builds and airline expansions remain healthy, supporting the growth of our installed base.

具體來說，在整個商業領域，我們看到了強勁的基本面。預計航空運輸量成長將超過全球 GDP，尤其是亞太地區和中東地區。新飛機的建造和航空公司的擴張仍然健康，支持了我們安裝基數的成長。

On the defense side, we see solid momentum globally toward modernization and localization. Domestically, we're pleased that the reconciliation package includes funding for key defense propulsion initiatives with more than $1 billion for six-generation aircraft programs.

在國防方面，我們看到全球朝著現代化和在地化邁進的強勁勢頭。在國內，我們很高興看到和解方案包括為關鍵的國防推進計劃提供資金，其中超過 10 億美元用於六代飛機項目。

Internationally, we're expecting faster growth than in the US, largely in response to rising global tensions and the evolving geopolitical landscape. Overall, we expect the market to grow at a mid-single-digit compounded annual growth rate through 2028, reaffirming our strong trajectory.

在國際上，我們預計其成長速度將超過美國，這主要是為了應對日益加劇的全球緊張局勢和不斷變化的地緣政治格局。總體而言，我們預計到 2028 年市場將以中等個位數的複合年增長率成長，這再次證明了我們強勁的發展軌跡。

Moving to slide 8. Our vision is clear: to be the company that defines flight for today, tomorrow, and in the future. For today, we're ramping up services and equipment to support our customers' fleets while fulfilling strong demand for new engines. For tomorrow, we're expanding capacity and capabilities to deliver on while growing our backlog. This includes expanding our supply chain and service networks and investing in technologies to further enhance engine performance. And for the future, we're building the technological foundation that will define the future of flight across both commercial and defense.

移至幻燈片 8。我們的願景很明確：成為定義今天、明天和未來飛行的公司。今天，我們正在加強服務和設備以支援客戶的車隊，同時滿足對新引擎的強勁需求。為了明天，我們將擴大產能和能力，同時增加積壓訂單。這包括擴大我們的供應鏈和服務網絡，並投資技術以進一步提高引擎性能。面向未來，我們正在建立決定商業和國防飛行未來的技術基礎。

FLIGHT DECK is a systematic approach to running our company, translating strategy into outcomes while advancing our culture. Let me share here a few examples of FLIGHT DECK in action to support our multi-year services and equipment ramp.

FLIGHT DECK 是我們公司營運的系統方法，將策略轉化為成果，同時推動我們的文化。讓我在這裡分享一些 FLIGHT DECK 的實際應用範例，以支援我們多年的服務和裝置提升。

Earlier this year, we launched the new Technology & Operations team to hardwire and accelerate the FLIGHT DECK enhancements we made last year, often in partnership with our suppliers. The team is providing greater stability and transparency to our demand signals and stronger collaboration to help identify and then break constraints. This helps our suppliers deliver today while investing to support the ramp in the future.

今年早些時候，我們成立了新的技術與營運團隊，以硬連線和加速我們去年進行的駕駛艙改進，通常是與我們的供應商合作。該團隊為我們的需求訊號提供了更高的穩定性和透明度，並透過更強有力的協作來幫助識別並打破限制。這有助於我們的供應商在當前交付的同時進行投資以支持未來的成長。

We're also removing waste within our own operations with a focus on improving output and turnaround times. Take our largest MRO site in Celma, Brazil, which is responsible for 25% of our global volume. Here, the CFM56 fan module has been the key constraint to reaching our turnaround time target. A cross-functional team used value stream mapping and implemented flow lines to reduce lead time by over 30%. Now, CFM56 turnaround time at Celma is below 80 days.

我們也在自身營運中消除浪費，重點在於提高產量和周轉時間。以我們位於巴西塞爾馬的最大 MRO 基地為例，該基地承擔了我們全球 25% 的 MRO 任務。在這裡，CFM56 風扇模組一直是我們實現週轉時間目標的關鍵限制因素。跨職能團隊使用價值流圖並實施流線將交貨時間縮短了 30% 以上。現在，Celma 的 CFM56 週轉時間不到 80 天。

Additionally, our recently deployed AI-enabled blade inspection tool is improving inspection accuracy and consistency, while we're reducing inspection time by roughly 50%. Improvements like this are driving turnaround times closer to 90 days for GEnx and CFM56 in our larger shops. That said, we have more work to do on our other platforms.

此外，我們最近部署的支援人工智慧的葉片檢查工具正在提高檢查的準確性和一致性，同時將檢查時間縮短了約 50%。此類改進使得我們大型工廠的 GEnx 和 CFM56 的周轉時間接近 90 天。話雖如此，我們在其他平台上還有很多工作要做。

And finally, we're expanding capacity with the LEAP installed base expected to roughly triple and GEnx to roughly double by 2030. We're growing our elite third-party MRO network which includes six premier partners. In this quarter, we saw significantly higher third-party LEAP shop visits.

最後，我們正在擴大容量，預計到 2030 年，LEAP 安裝基數將增加約兩倍，GEnx 將增加約一倍。我們正在擴大我們的精英第三方 MRO 網絡，其中包括六個主要合作夥伴。本季度，我們發現第三方 LEAP 商店的訪問量明顯增加。

Additionally, last year, we announced we'll invest more than $1 billion in our MRO and component repair facilities over the next five years. We've added XEOS in Poland, in partnership with Lufthansa Technik, to our MRO network, which inducted its first LEAP engine earlier this year. And we're investing more than $1 billion across our US factories and supply chain infrastructure to support growth. Overall, we expect to grow internal and external capacity by approximately 40% by the end of the decade.

此外，去年我們宣布，未來五年內向我們的 MRO 和零件維修設施投資超過 10 億美元。我們與漢莎技術公司合作，將波蘭的 XEOS 添加到我們的 MRO 網路中，該網路於今年稍早推出了第一台 LEAP 引擎。我們將在美國工廠和供應鏈基礎設施上投資超過 10 億美元來支持成長。總體而言，我們預計到本世紀末內部和外部產能將成長約 40%。

The impact of FLIGHT DECK and our Technology & Operations team combined is delivering better operational outcomes with substantial momentum. In the second quarter, material input at our priority supplier sites was up 10% sequentially. Stability also continued to improve, with suppliers delivering more than 95% of committed volume, up nearly twofold versus early last year. This contributed significantly to second-quarter output.

FLIGHT DECK 和我們的技術與營運團隊的結合將帶來更佳的營運成果和強勁的勢頭。第二季度，我們優先供應商站點的材料投入較上季成長了 10%。穩定性也持續改善，供應商交付了承諾數量的 95％ 以上，比去年年初增長了近兩倍。這對第二季的產出貢獻巨大。

CES services revenue was up nearly 30% year over year, supported by internal shop visit revenue up more than 20% and spare parts revenue up over 25%. Total engine deliveries were up 45%, with commercial up 37%, including LEAP up 38%, and defense up 84%. And through the first half, we've delivered 12% growth in commercial units, including LEAP up 10% and 37% growth in defense deliveries.

CES 服務營收年增近 30%，其中內部店內訪問收入成長超過 20%，備件收入成長超過 25%。引擎總交付量增加了 45%，其中商用引擎交付量增加了 37%，其中 LEAP 引擎交付量增加了 38%，國防引擎交付量增加了 84%。上半年，我們的商用單位成長了 12%，其中 LEAP 成長了 10%，國防交付量增加了 37%。

Overall, material input improvement has resulted in higher inventory as we accelerate output and grow LEAP deliveries 15% to 20% here in 2025. But I do want to pause here and just thank our teams and our suppliers who are working hand in hand to deliver for our customers both near term and longer term.

總體而言，隨著我們加快產量並在 2025 年將 LEAP 交付量提高 15% 至 20%，材料投入的改善帶來了更高的庫存。但我想在這裡停下來，感謝我們的團隊和供應商，他們攜手合作，為我們的客戶提供短期和長期服務。

We move to slide 11. We've won some sizable deals so far in 2025. I'd like to highlight a few. Qatar Airways announced a significant expansion of their fleet with a deal for over 400 GEnx and GE9X engines, marking the largest widebody win in GE Aerospace history. IAG announced an agreement for 32 Boeing 787 aircraft powered by GEnx for British Airways. This further builds upon our growing backlog for GEnx, and our life of program win rate now stands at 75%.

我們轉到第 11 張投影片。到目前為止，我們已經在 2025 年贏得了一些規模可觀的交易。我想強調幾點。卡達航空宣布大幅擴充其機隊，簽訂了超過 400 台 GEnx 和 GE9X 發動機的訂單，這是 GE 航空航太史上最大的寬體飛機訂單。IAG 宣布與英國航空公司達成協議，將向其提供 32 架採用 GEnx 發動機的波音 787 飛機。這進一步鞏固了我們不斷成長的 GEnx 訂單，目前我們的專案成功率已達到 75%。

And in defense, the US Air Force awarded a $5 billion contract for our F110 engines to meet the evolving needs of allied operators. Today, we have more than 1,600 commercial and defense engines in backlog, and we're effectively sold out through the rest of this decade.

在國防方面，美國空軍授予我們一份價值 50 億美元的 F110 發動機合同，以滿足盟軍運營商不斷變化的需求。目前，我們積壓的商用和國防發動機訂單已超過 1,600 台，並且在本世紀剩餘時間內，這些發動機實際上已經全部售罄。

Turning to slide 12. GE Aerospace is a business with tremendous competitive advantages built on decades of experience and significant investment. With the world's largest installed base of engines, we've accumulated over 2.3 billion flight hours, providing us with unmatched insights on performance, opportunities for improvement, and future breakthroughs. Add to that our R&D investment of approximately $3 billion in 2025, or 6-8% of revenue per year, we're well positioned to enhance our foundational and current generation platforms while inventing the future of flight.

翻到第 12 張投影片。GE 航空航太是一家憑藉數十年的經驗和大量投資而擁有巨大競爭優勢的企業。我們擁有世界上最大的引擎安裝基數，累計飛行時間超過 23 億小時，這為我們提供了有關性能、改進機會和未來突破的無與倫比的見解。再加上我們在 2025 年約 30 億美元的研發投資，佔每年收入的 6-8%，我們完全有能力增強我們的基礎和當前一代平台，同時創造飛行的未來。

Here's a specific example, composite fan blades, a technology that only GE Aerospace and our partners have in service today. Compared to traditional metal blades, these lighter and stronger fan blades were first introduced on the GE90. Now, with over 140 million flight hours on more than 2,500 engines in service, these blades are helping us deliver industry-leading departure reliability.

舉一個具體的例子，複合材料風扇葉片，這是目前只有 GE 航空航太和我們的合作夥伴才擁有的技術。與傳統金屬葉片相比，這些更輕、更堅固的風扇葉片首次在 GE90 上推出。現在，已有超過 2,500 台發動機投入使用，累計飛行時間超過 1.4 億小時，這些葉片幫助我們實現了業界領先的出發可靠性。

Our experience with the GE90, along with GEnx and LEAP, has informed the GE9X development with fourth-generation composite fan blades. These blades contribute to the platform's overall performance with enhanced durability and fuel burn.

我們在 GE90 以及 GEnx 和 LEAP 的經驗為採用第四代複合材料風扇葉片的 GE9X 開發提供了參考。這些葉片有助於提高平台的整體性能，增強耐用性和燃油消耗。

And finally, we're designing composite fan blades for the CFM RISE program, combining 30 years of experience with continued investment to help deliver the next step change in durability and efficiency. More on that in a moment, but let me first share with you how our current generations of engines is ramping with customer needs in mind.

最後，我們正在為 CFM RISE 計劃設計複合風扇葉片，結合 30 年的經驗和持續的投資，以幫助實現耐用性和效率的下一步變化。稍後我會詳細介紹，但首先讓我與大家分享一下我們目前幾代引擎是如何根據客戶需求進行改進的。

Looking at slide 13. Durability and reliability are the top priorities to ensure consistent performance for our customers. Leveraging our experience over multiple product generations, we're maturing technologies to deliver meaningful durability gains.

看投影片 13。耐用性和可靠性是確保為客戶提供一致性能的首要任務。利用我們在多代產品中累積的經驗，我們正在不斷完善技術，以實現顯著的耐用性提升。

Take the GEnx for example. We launched the platform back in 2011 and released our durability package back in 2021. This resulted in a more than 2.5 times increase in time on wing, supporting increased utilization. Today, the fleet leader in hot and harsh environments is approaching 4,000 cycles and still running. This means customers are keeping engines on wing about five years between shop visits and even longer in neutral environments. This has been a differentiator for us in the marketplace, underpinning our 90% plus win rate since 2023.

以 GEnx 為例。我們於 2011 年推出了該平台，並於 2021 年發布了耐用性套件。這使得飛行時間增加了 2.5 倍以上，從而提高了利用率。如今，這台在炎熱和惡劣環境下運行的機隊領頭羊已接近4000次循環並且仍在運行。這意味著客戶每次進廠維修之間引擎的使用壽命約為五年，在中性環境下則更長。這是我們在市場上的差異化因素，也是我們自 2023 年以來 90% 以上的成功率的基礎。

Through our hot and harsh experience here, we've refined durability testing to replicate dust challenges, innovate effective fixes, and validate them. And we're the only engine manufacturer able to leverage this extensive widebody experience for narrowbody engines, which has accelerated the LEAP learning curve, getting to mature time on wing faster.

透過我們在這裡經歷的炎熱和嚴酷的考驗，我們改進了耐久性測試，以複製灰塵挑戰，創新有效的解決方案並進行驗證。我們是唯一一家能夠將豐富的寬體經驗應用於窄體引擎的引擎製造商，這加速了 LEAP 的學習曲線，使機翼更快達到成熟時間。

The LEAP-1A durability kit released late last year that includes the upgraded HPT blade and is now incorporated into all LEAP-1A deliveries and shop visits. This will improve time on wing by more than twofold, matching our industry-leading CFM56 performance.

LEAP-1A 耐久性套件於去年年底發布，其中包括升級的 HPT 刀片，現已納入所有 LEAP-1A 交付和車間訪問中。這將使機翼停留時間延長一倍以上，與我們領先業界的 CFM56 性能相匹配。

Next up, we're working with Boeing to certify the LEAP-1B durability kit in the first half of 2026. But we haven't stopped there. As we tested the upgraded HPT blade, our teams, leveraging FLIGHT DECK, found further design improvements which are already certified and set to enter production in the second half of 2025, further enhancing HPT blade producibility. These durability enhancements have supported a win rate of over 70% on the A320 family since 2023.

接下來，我們將與波音合作，在 2026 年上半年對 LEAP-1B 耐用套件進行認證。但我們並未就此止步。在測試升級後的 HPT 葉片時，我們的團隊利用 FLIGHT DECK 發現了進一步的設計改進，這些改進已經過認證並將於 2025 年下半年投入生產，從而進一步提高了 HPT 葉片的生產能力。這些耐用性的增強使得 A320 系列自 2023 年以來成功率保持在 70% 以上。

Turning to slide 14. We're also using our experience to enhance new engine platforms before they enter service. Starting with the GE9X, the most tested engine in GE Aerospace history, with more than 30,000 cycles, the equivalent of six years of commercial flying. Drawing on our GEnx and LEAP experience, this is the first time we've completed dust testing prior to launch, which has informed product enhancements, such as the second iteration of the HPT blades. Importantly, we're ensuring that the GE9X is as close to maturity as it can be at launch.

翻到第 14 張投影片。我們也利用我們的經驗來增強新引擎平台在投入使用之前的性能。從 GE9X 開始，它是 GE 航空航天歷史上經過測試最多的發動機，循環次數超過 30,000 次，相當於六年的商業飛行。憑藉我們在 GEnx 和 LEAP 方面的經驗，這是我們首次在發布前完成灰塵測試，這為產品改進提供了信息，例如 HPT 葉片的第二次迭代。重要的是，我們要確保 GE9X 在發佈時盡可能接近成熟。

We're also progressing the CFM RISE program, our most ambitious and transformative technological effort underway. To date, we've completed over 350 program tests with an early focus on durability. This includes advancing new HPT blade cooling technology and testing full-size fan blades, along with more than 3,000 endurance cycles.

我們也正在推動 CFM RISE 計劃，這是我們正在進行的最雄心勃勃、最具變革性的技術努力。到目前為止，我們已經完成了 350 多個程式測試，早期專注於耐用性。這包括推進新的 HPT 葉片冷卻技術和測試全尺寸風扇葉片，以及超過 3,000 次耐久循環。

And earlier this year at the Airbus Summit, we outlined our vision for the future of propulsion with Open Fan technology. Airbus and CFM teams continue to work together on engine and airframe integration as we look forward to engine ground level and flight test this decade. Big picture, we're continuously applying learnings and improving durability to advance new programs, ensuring we deliver the best performing engines for our customers.

今年早些時候，在空中巴士高峰會上，我們概述了利用開放式風扇技術來推進未來發展的願景。空中巴士和 CFM 團隊將繼續在發動機和機身整合方面進行合作，我們期待在未來十年內進行發動機地面和飛行測試。總體而言，我們不斷運用學習成果並提高耐用性以推進新項目，確保為客戶提供性能最佳的引擎。

Spending another moment on CFM RISE, which will be a game changer for customers, prioritizing safety, durability, and efficiency. Looking at the Open Fan architecture, first, on safety. Leveraging our experience with composite fan blades, the Open Fan will spin slower at one-sixth the speed of a traditional jet engine. This helps provide a safe flying experience even without a nacelle, and we also expect will result in a quieter engine than today's LEAP.

再花點時間在 CFM RISE 上，它將為客戶帶來改變，優先考慮安全性、耐用性和效率。綜觀Open Fan架構，首先，從安全性方面來看。利用我們在複合風扇葉片方面的經驗，開放式風扇的旋轉速度將比傳統噴射引擎慢六分之一。這有助於在沒有引擎室的情況下提供安全的飛行體驗，我們還期望其引擎比今天的 LEAP 更安靜。

Turning to durability. RISE's Open Fan architecture gains efficiency through the fan system rather than the core. This reduces the need to push the core to higher temperatures as much as a ducted engine, a key driver of today's engine removals.

轉向耐用性。RISE 的開放式風扇架構透過風扇系統而非核心來提高效率。這減少了將核心推向更高溫度的需要，就像管道引擎一樣，這是當今引擎拆除的關鍵驅動因素。

And finally, efficiency. Our customers need at least a 20% reduction in fuel burn to support investments in next-generation technology. In our view, the Open Fan is the most promising path to accomplish this step change in efficiency.

最後，效率。我們的客戶需要減少至少 20% 的燃料消耗來支援對下一代技術的投資。我們認為，開放式風扇是實現這效率轉變最有希望的途徑。

When it comes to delivering greater durability and fuel burn, we won't compromise on either, as we recognize both are critical for our customers. With RISE, we believe we can accomplish the genius of the end, meeting customer needs for durability and delivering fuel efficiency.

當談到提供更高的耐用性和燃油消耗時，我們不會在任何一個方面妥協，因為我們認識到兩者對我們的客戶都至關重要。有了 RISE，我們相信我們可以實現最終的目標，滿足客戶對耐用性和燃油效率的需求。

Turning to slide 16. We're pursuing similar generational advancements in military propulsion. In the US, we completed testing on the XA100 adaptive cycle engine, demonstrating significant gains in thrust and range. Building on that success, we're now progressing to the XA102, aligned with the US Air Force's Next Generation Adaptive Propulsion, or NGAP, program.

翻到第 16 張投影片。我們正在軍事推進領域追求類似的世代進步。在美國，我們完成了XA100自適應循環引擎的測試，結果顯示推力和續航里程顯著提升。在此成功的基礎上，我們現在正在向 XA102 邁進，與美國空軍的下一代自適應推進系統 (NGAP) 計劃保持一致。

Importantly, earlier this month, Congress funded $750 million for the F/A-XX through the reconciliation bill in the coming years. And the US Navy recognized its need for a sixth-generation fighter as the only platform capable of delivering the combination of range, stealth, advanced sensors, and standoff capabilities necessary to operate across mission sets in highly contested environments. We stand ready to deliver and encourage the Pentagon to move forward with this important program that Congress has already funded.

重要的是，本月早些時候，國會通過未來幾年的和解法案為 F/A-XX 提供了 7.5 億美元的資金。美國海軍認識到需要第六代戰鬥機作為唯一能夠提供射程、隱身、先進感測器和防區外能力的平台，以便在高度競爭的環境中執行各種任務。我們隨時準備並鼓勵五角大廈推進國會已經資助的這項重要計畫。

Through Avio Aero, we represent Italy as an equal propulsion partner with the UK and Japan in the global Combat Air Program, a next-gen indigenous European fighter. We're actively investing to support a targeted 2035 entry into service. And at the same time, with Kratos, we're advancing propulsion technologies for affordable unmanned aerial systems by the end of the decade. And to accelerate development of advanced hypersonic propulsion systems, we recently announced significant investments in our test infrastructure at select manufacturing sites, enabling us to conduct higher mission-relevant testing.

透過 Avio Aero，我們代表義大利作為與英國和日本在全球戰鬥航空計畫中平等的推廣合作夥伴，開發下一代歐洲本土戰鬥機。我們正在積極投資，以實現 2035 年投入服務的目標。同時，借助 Kratos，我們將在 2020 年前推動可負擔的無人機系統的推進技術。為了加速先進高超音速推進系統的開發，我們最近宣布對部分製造基地的測試基礎設施進行大量投資，以使我們能夠進行更高級別的任務相關測試。

Inventing the future of flight has always motivated the GE Aerospace team. We're building upon our leadership positions across both defense and commercial.

創造飛行的未來始終是 GE 航空航太團隊的動力。我們正在鞏固我們在國防和商業領域的領導地位。

Shifting to the outlook on slide 17. Rahul will cover the second-quarter results momentarily, but so far in '25, we're off to an excellent start, enabling us to raise both our near- and longer-term outlook. For 2028, we're raising our outlook for profit and free cash flow by $1.5 billion versus our prior view, driven by strong operating and commercial services performance. We expect to sustain strong adjusted revenue growth at a double-digit compounded [annual growth rate](added by company after the call), which will be supported by robust demand for services and equipment.

前往幻燈片 17 上的展望。拉胡爾將立即介紹第二季度的業績，但到目前為止，25 年我們已經有了一個很好的開端，這使我們能夠提高短期和長期的展望。對於 2028 年，由於營運和商業服務表現強勁，我們將利潤和自由現金流預期較先前的預測提高了 15 億美元。我們預計調整後的營收將保持強勁成長，複合年增長率達到兩位數（公司在電話會議後增加），這將受到服務和設備強勁需求的支持。

We expect to drive meaningful operating leverage over that period, with adjusted EPS reaching at roughly $8.40. Operating profit is expected to reach a $11.5 billion, with margins expanding to more than 21%. And we expect to generate substantial free cash flow of [roughly](corrected by company after the call) $8.5 billion, with conversion around 100%. All in, this represents operating profit growth of more than $3 billion compared to our updated '25 guide, driven by commercial services. We're well positioned for continued value creation for years to come.

我們預計在此期間將實現顯著的營運槓桿，調整後每股盈餘將達到約8.40美元。預計營運利潤將達到115億美元，利潤率將擴大至21%以上。我們預計將產生約 85 億美元的大量自由現金流（電話會議後公司進行了更正），轉換率約為 100%。總而言之，與我們更新的 25 年指南相比，這代表著在商業服務的推動下，營業利潤增加了 30 多億美元。我們已做好準備，在未來幾年繼續創造價值。

Let me pass it here over to Rahul.

讓我把它傳給拉胡爾。

Larry, thank you, and good morning, everyone.

拉里，謝謝你，大家早安。

Starting with the results, we had a strong second quarter, with improvement across all key metrics. Orders were up 27%. Revenue was over $10 billion, up 23%, with CES growing 30% and DPT up 7%. Profit was $2.3 billion, up over $400 million, or 23%, driven by services volume and price, which supported margins reaching 23%. EPS of $1.66 was up 38% from profit growth, a favorable tax rate, lower interest expense, and a reduced share count. Free cash flow was $2.1 billion, nearly doubling over last year.

從結果開始，我們第二季表現強勁，所有關鍵指標均有所改善。訂單成長了27%。營收超過 100 億美元，成長 23%，其中 CES 成長 30%，DPT 成長 7%。利潤達到 23 億美元，成長超過 4 億美元，增幅為 23%，這得益於服務量和價格的推動，支持利潤率達到 23%。每股收益 1.66 美元，由於利潤增長、稅率優惠、利息支出降低和股票數量減少而上漲 38%。自由現金流為 21 億美元，幾乎比去年翻了一番。

Looking closer at our businesses. CES delivered an excellent quarter, with demand remaining robust. Orders for services were up 28%, and equipment was up 26%. Continued demand, combined with material input improvement, drove meaningful revenue growth.

仔細審視我們的業務。CES 本季表現出色，需求依然強勁。服務訂單成長28%，設備訂單成長26%。持續的需求加上材料投入的改善推動了收入的顯著成長。

Service revenue was up 29%, with spare parts revenue up more than 25%, from higher volume and price. This included strong CFM56 shop visit growth and higher LEAP third-party shop visits. Internal shop visit revenue grew more than 20% from higher output, increased workscopes, and price. This included LEAP internal shop visit volume growth of over 20%. Equipment revenue grew 35%, with spare engine ratio down sequentially and year over year, as expected.

由於銷量和價格上漲，服務收入增長了 29%，備件收入增長了 25% 以上。其中包括 CFM56 店內訪問量強勁增長以及 LEAP 第三方店內訪問量增加。由於產量提高、工作範圍擴大和價格上漲，內部店內訪問收入增加了 20% 以上。其中包括 LEAP 內部店內訪問量成長超過 20%。設備收入成長 35%，備用引擎比例季減，年減，符合預期。

Profit was $2.2 billion, up 33%, primarily from services volume. CES margins expanded 50 basis points to 27.9%.

利潤為 22 億美元，成長 33%，主要來自服務量。CES 利潤率擴大 50 個基點至 27.9%。

Moving to DPT. Higher output supported a solid quarter. Orders were up 24% year over year, with defense book-to-bill of 1.2x. Revenue grew 7%, with Defense & Systems up 6% and Propulsion & Additive Technologies up 9%. Profit was roughly $360 million, up 5% on a tough compare. Volume, productivity, and price more than offset self-funded next-gen investments and inflation. Margins declined 20 basis points to 14.1%. At the mid-year mark, we've delivered high-teens revenue growth, $1 billion of operating profit growth, and nearly $800 million of higher free cash flow.

移至 DPT。產量增加支撐了本季的穩健表現。訂單年增24%，國防訂單出貨比為1.2倍。營收成長7%，其中國防與系統業務成長6%，推進與增材技術業務成長9%。利潤約 3.6 億美元，較去年同期上漲 5%。產量、生產力和價格足以抵消自籌資金的下一代投資和通貨膨脹。利潤率下降20個基點至14.1%。截至年中，我們的收入實現了高成長，營業利潤成長了 10 億美元，自由現金流增加了近 8 億美元。

Given the strength of our first-half results and our expectations for remainder of the year, we are raising our 2025 guidance across the board. We now expect total revenue growth of mid-teens, up from low double digits. With the absence of reciprocal tariffs in China thus far, we are currently seeing reduced risk for spare engines and spare part deliveries. And material availability is improving, supporting higher spare parts growth. Therefore, we are increasing revenue growth expectations for commercial services to high teens and commercial equipment to high teens to 20%. This supports total CES revenue growth of high teens. Our DPT expectations are unchanged from mid to high-single-digit revenue growth.

鑑於我們上半年業績的強勁表現以及對今年剩餘時間的預期，我們全面上調了 2025 年的預期。我們現在預計總收入成長率將從兩位數的低點上升至十幾歲左右。由於中國迄今尚未實施互惠關稅，我們目前看到備用引擎和備件交付的風險降低。材料供應不斷改善，支持備件成長。因此，我們將商業服務的營收成長預期上調至十幾歲，商業設備的營收成長預期上調至十幾歲至 20%。這支持了 CES 總收入實現高成長。我們對 DPT 收入成長的預期保持不變，仍為中高個位數成長。

For total operating profit, we now expect to be in a range of $8.2 billion to $8.5 billion, up $350 million at the midpoint versus our April guide from improved services outlook. And we now expect adjusted EPS of $5.60 to $5.80, growing over 20% at the midpoint year over year, reflecting higher operating profit and a reduced tax rate.

對於總營業利潤，我們現在預計在 82 億美元至 85 億美元之間，與我們 4 月改善的服務前景指引相比，中位數高出 3.5 億美元。我們現在預計調整後的每股收益為 5.60 美元至 5.80 美元，比去年同期成長超過 20%，這反映了更高的營業利潤和更低的稅率。

Additionally, as we shared in April, high-teens tariffs are resulting in additional costs for us and our supply chain. We are continuing to make progress on our operational plans to reduce the impact. Assuming that reciprocal tariffs are implemented after the current pause, we still expect the net impact of tariffs to be roughly $500 million in 2025, which we are offsetting through cost controls and pricing actions.

此外，正如我們在四月所分享的，高關稅正在為我們和我們的供應鏈帶來額外的成本。我們正在繼續推進營運計劃，以減少影響。假設在目前暫停之後實施互惠關稅，我們仍然預期關稅的淨影響在 2025 年將達到約 5 億美元，我們將透過成本控制和定價行動來抵銷這一影響。

We now expect free cash flow to be in a range of $6.5 billion to $6.9 billion, up from $6.3 billion to $6.8 billion, driven by our improved profit outlook. With this raise, we expect to grow operating profit by over $1 billion for second year in a row, with free cash flow conversion remaining solidly above 100%.

受利潤前景改善的推動，我們目前預計自由現金流將在 65 億至 69 億美元之間，高於 63 億美元至 68 億美元。透過此次加薪，我們預計營業利潤將連續第二年成長 10 億美元以上，而自由現金流轉換率將穩定維持在 100% 以上。

Now, as we look at the longer-term outlook on slide 20, win rates continue to be strong. Backlog is at record levels. We are making operational progress to improve durability and delivery, and defense spending remains resilient. With this backdrop, we are expecting that the improvement in '25 guidance will carry through to our '28 outlook.

現在，當我們看幻燈片 20 上的長期前景時，勝率仍然很高。積壓量已達到創紀錄水準。我們在提高耐用性和交付能力方面正在取得進展，國防開支仍然保持彈性。在此背景下，我們預期 25 年指引的改善將延續到 28 年展望。

Starting with revenue, we now expect double-digit growth on an annualized basis between '24 and '28. The main drivers will be growth in commercial install base, largely from LEAP and GEnx, and increase in workscopes as our fleets mature, supporting 25% growth in widebody revenue per shop visit, favorable mix in defense, with rising international defense shipments, mid-single-digit growth or low single-digit net price increases [for spare parts catalog list price](added by company after the call).

從收入開始，我們預計 2024 年至 2028 年期間的年化收入將實現兩位數成長。主要驅動因素將是商業安裝基數的成長，主要來自 LEAP 和 GEnx，以及隨著我們機隊的成熟，工作範圍的增加，支持寬體飛機單次進廠收入增長 25%，國防業務組合良好，國際國防出貨量不斷增加，中個位數增長或低個位數淨價格上漲[備件目錄定價]（公司在通話後添加）。

Higher revenue will support double-digit profit growth, with profit reaching approximately $11.5 billion in '28. This growth, plus benefits from share buyback and a lower tax rate, will drive mid-teens EPS growth. And we expect to convert 100% of net income to free cash flow, reaching roughly $8.5 billion of cash by '28. Our updated outlook from profit and free cash flow both represent a raise of $1.5 billion versus our prior outlook.

更高的收入將支持兩位數的利潤成長，28 年利潤將達到約 115 億美元。這種成長，加上股票回購和較低稅率帶來的好處，將推動每股盈餘達到十五六位數的成長。我們預計到 2028 年，淨收入將 100% 轉化為自由現金流，現金流將達到約 85 億美元。我們最新的利潤和自由現金流預期均比我們先前的預期增加了 15 億美元。

On slide 21, looking closer at our profit growth drivers between '25 and '28. Starting on the left, at our new '25 profit midpoint of $8.35 billion, the most significant driver of profit growth will be nearly $8 billion of commercial services revenue growth between '25 and '28. This will be partially offset by a mid-teens increase in equipment revenue, including higher LEAP and GE9X shipments, and the normalization of spare engine ratio. We expect incremental GE9X losses of a few hundred million dollars in '28 versus '25, given higher volume.

在第 21 張投影片上，我們仔細研究了 25 年至 28 年之間的利潤成長動力。從左邊開始，以我們新的 25 年利潤中點 83.5 億美元計算，利潤成長的最重要驅動力將是 25 年至 28 年期間商業服務收入成長近 80 億美元。這將被設備收入的中等幅度增長所部分抵消，包括 LEAP 和 GE9X 出貨量的增加，以及備用引擎比例的正常化。由於產量增加，我們預計 28 年 GE9X 的損失將比 25 年增加數億美元。

DPT revenue growth of mid-single digits at improving margins will also contribute to profit growth. Given ongoing supply chain constraints, we expect material inflation to stay elevated, but pricing actions should more than offset that impact. And we're leveraging FLIGHT DECK to drive 2 points of [gross](added by company after the call) productivity annually, as we reduce waste by lowering the non-productive and overtime in our shops and increase output per employee. At the same time, we're stepping up R&D investments to improve LEAP durability, support the GE9X ramp, and advanced technologies supporting the future of flight.

DPT 收入將以中等個位數成長，同時利潤率的提高也將有助於利潤成長。鑑於持續的供應鏈限制，我們預期材料通膨將保持高位，但定價行動應該足以抵消這種影響。而且，我們正在利用 FLIGHT DECK 每年推動 2 個點的 [總]（公司在電話會議後增加）生產力，因為我們透過降低車間的非生產性和加班時間來減少浪費，並提高每位員工的產出。同時，我們正在加大研發投入，以提高 LEAP 的耐用性、支援 GE9X 坡道以及支援未來飛行的先進技術。

Overall, these actions will add more than $3 billion of profit between '25 and '28. And despite the introduction of a new widebody platform and significant new product ramps, double-digit annualized growth in services will support margin expansion.

整體而言，這些措施將在2025年至2028年間增加30多億美元的利潤。儘管推出了新的寬體平台和顯著的新產品，但服務業務的兩位數年化成長將支持利潤率的擴大。

So let's unpack commercial services revenue in slide 22. As you can see, both narrowbody and widebody are well positioned to deliver sustainable growth. Today, CFM engines power approximately 75% of industry's narrowbody flights. This share continues to increase, as our LEAP fleet is expected to grow roughly 3x by 2030.

那麼讓我們來分析一下第 22 張投影片中的商業服務收入。如您所見，窄體機和寬體機都具備實現永續成長的有利條件。如今，CFM 發動機為業內約 75% 的窄體飛機提供動力。這一比例將繼續增加，因為我們的 LEAP 機隊預計到 2030 年將成長約 3 倍。

Narrowbody revenue is exceeding our prior expectations, driven by LEAP growth and the extended longevity of CFM56 fleet. As a result, we now expect narrowbody revenue to grow at a low-double-digit CAGR and '28 revenue to be approximately 15% higher than our expectations last March.

受 LEAP 成長和 CFM56 機隊壽命延長的推動，窄體飛機的收入超出了我們先前的預期。因此，我們現在預計窄體飛機的收入將以低兩位數的複合年增長率增長，並且 28 年的收入將比我們去年 3 月的預期高出約 15%。

Our widebody business remains a significant differentiator. We currently power more than half of industry's departures. We expect to maintain this position with GEnx doubling its install base by the end of the decade and continued utilization of GE90 fleet and the introduction of GE9X. We anticipate widebody services revenue will grow at high-single-digit CAGR through 2030, including GEnx at a low-double-digit CAGR. Taken together, the strength of our foundational fleets, combined with our install base growth, supports the annualized double-digit services revenue growth.

我們的寬體業務仍然是一個顯著的差異化因素。目前，我們為半數以上的產業發車提供動力。我們預計，隨著 GEnx 到本世紀末安裝基數翻倍、繼續利用 GE90 機組並推出 GE9X，我們將保持這一地位。我們預計到 2030 年寬體飛機服務收入將以高個位數複合年增長率成長，其中 GEnx 將以低兩位數複合年增長率成長。總的來說，我們基礎機隊的實力，加上我們的安裝基數的成長，支持了年度兩位數的服務收入成長。

Moving to slide 23. On commercial services revenue growth and how that will translate into significant profit improvement, narrowbody profit is expected to rise over 70%, primarily from LEAP, with CFM56 continuing to contribute meaningfully. And by the end of the decade, we expect LEAP and CFM56 profit to reach parity, reflecting the maturity and the scale of the LEAP program.

移至投影片 23。關於商業服務收入成長及其如何轉化為顯著的利潤提升，窄體飛機利潤預計將成長 70% 以上，主要來自 LEAP，而 CFM56 將繼續做出重大貢獻。到本世紀末，我們預計 LEAP 和 CFM56 的利潤將達到平價，這反映了 LEAP 計畫的成熟度和規模。

Widebody profit is expected to grow more than 40%, supported by installed base growth and higher workscope shop visits for both GE90 and GEnx. We also expect contributions from productivity, pricing, and favorable mix as external shop visits increase. And even with LEAP shop visit volume growing at a 25% CAGR through 2030, we expect CES [Service](added by company after the call) margins to stay at current levels as we are offsetting the impact of LEAP with better performance on other platforms. Altogether, we expect services profit to grow over 50% between '24 and '28, with contributions from both foundational and current generation programs.

受安裝基數成長以及 GE90 和 GEnx 維修範圍訪問量增加的推動，寬體飛機的利潤預計將增加 40% 以上。我們也預計，隨著外部商店訪問量的增加，生產力、定價和有利的產品組合也會做出貢獻。即使到 2030 年 LEAP 店家訪問量以 25% 的複合年增長率增長，我們預計 CES [服務]（公司在電話會議後添加）利潤率仍將保持在當前水平，因為我們正在通過其他平台上的更好表現來抵消 LEAP 的影響。總體而言，我們預計服務利潤將在 2024 年至 2028 年期間增長 50% 以上，這得益於基礎計劃和當前一代計劃的貢獻。

Going deeper into the outlook for our foundational fleets on slide 24. Currently, approximately 40% of CFM56 fleet has yet to undergo a first shop visit, and a majority of the operators anticipate keeping these engines in service well into 2030s. This sustained demand is resulting in fewer retirements. We expect retirements of around 1.5% in 2025, rising to 2% to 3% percent in '26, before normalizing at 3% to 4%.

第 24 張投影片深入探討了我們基礎艦隊的前景。目前，約有 40% 的 CFM56 引擎尚未進行首次進廠檢查，大多數業者預計這些引擎將持續服役至 2030 年代。這種持續的需求導致退休人數減少。我們預計 2025 年退休率約為 1.5%，2026 年將上升至 2% 至 3%，然後回歸正常水平，為 3% 至 4%。

Increased shop visit activity, which we expect to peak in '27, with approximately 600 additional shop visits through '28 compared to our outlook last March, and we expect a gradual decline in volume post '27 to roughly 2,000 shop visits by the end of the decade. With this shop visit outlook, we expect CFM56 revenue peaks in '28, underpinned by increased workscopes and pricing.

店內訪問活動增加，我們預計在 27 年將達到頂峰，與去年 3 月的預測相比，到 28 年店內訪問次數將增加約 600 次，我們預計 27 年後店內訪問次數將逐漸下降，到 2020 年底將降至約 2,000 次。根據此次車間訪問的前景，我們預計 CFM56 的收入將在 28 年達到峰值，這得益於工作範圍和定價的增加。

We are seeing similar dynamics with GE90. Continued strong demand for freighter aircraft, coupled with a more gradual widebody production ramp, is extending the services demand across this fleet. We now expect internal shop visits for GE90 to grow to '28, representing approximately 100 incremental visits compared to our outlook last March. And as a reminder, widebody shop visits can be more than 2x the revenue of a narrowbody shop visit. So this is a significant contributor to higher revenue.

我們在 GE90 上看到了類似的動態。對貨機的持續強勁需求，加上寬體飛機產量的逐步提升，擴大了整個機隊的服務需求。我們現在預計 GE90 的內部維修訪問次數將增加至 28 次，與我們去年 3 月的預測相比，增加了約 100 次。需要提醒的是，寬體飛機的修車收入可能是窄體飛機修車收入的兩倍以上。因此，這是增加收入的重要因素。

In addition, the scope for widebody shop visits typically increases by about 50% during the second shop visits. With approximately 70% of GE90 fleet yet to undergo a second shop visit, this dynamic is contributing to higher growth. Better performance from both CFM56 and GE90 is a key driver of our improved outlook compared to last March.

此外，寬體飛機第二次進廠維修的範圍通常會增加約 50%。由於約有 70% 的 GE90 機隊尚未進行第二次返廠維修，這種動態有助於更高的成長。CFM56 和 GE90 的更好性能是我們與去年 3 月相比前景改善的關鍵驅動因素。

Another significant contributor to our profit outlook is the growing LEAP aftermarket on slide 25. Overall, the LEAP installed base will approximately triple by the end of the decade, with internal shop visits growing roughly at the same pace. Beyond revenue, we are focused on improving the profitability of services as the program matures.

對我們利潤前景做出貢獻的另一個重要因素是幻燈片 25 上不斷增長的 LEAP 售後市場。總體而言，到本世紀末，LEAP 的安裝基數將增加約兩倍，而內部車間訪問量也將以大致相同的速度增長。除了收入之外，隨著計劃的成熟，我們也致力於提高服務的獲利能力。

Touching on a couple of ways we are improving performance. First, we expect external shop visits to grow from 10% of the total in '24 to 15% in '25 to 30% by the end of the decade. This increased volume drives spare part sales and offers a mixed benefit. Second, we expect to continue benefiting from catalog price increases. More importantly, we've significantly improved pricing in new service contracts as we move past launch. While these increases take time to materialize in the financials, higher shop visit pricing, combined with improved time on wing, will support improved services profitability.

談談我們提高性能的幾種方法。首先，我們預計外部商店訪問量將從 2024 年佔總訪問量的 10% 增長到 2025 年的 15%，到 2020 年將增長到 30%。銷售量的增加推動了備件的銷售，並帶來了多種效益。其次，我們預期將繼續受惠於目錄價格上漲。更重要的是，隨著新服務合約的推出，我們大幅提高了新服務合約的定價。雖然這些成長需要時間才能在財務上體現出來，但更高的進店價格加上更好的在機時間將支持服務盈利能力的提高。

We continue to expect approximately 70% of LEAP shop visits to be performed by CFM, split equally between our JV partner, Safran, and us. To further reduce shop visit cost, we are investing in repair technology, which typically costs roughly 50% less than new parts. This offers customer significant economic benefit while also reducing turnaround time as we do not have to wait for new material.

我們仍預計約 70% 的 LEAP 維修工作將由 CFM 完成，由我們的合資夥伴賽峰集團和我們平均分擔。為了進一步降低維修成本，我們正在投資維修技術，其成本通常比新零件低約 50%。這為客戶帶來了顯著的經濟效益，同時由於我們不必等待新材料，也減少了周轉時間。

Year to date, we have developed over 200 new repairs for LEAP and 1,000 repairs across the Commercial Engines business. Our goal is to more than double the number of LEAP-specific repairs by '28. For context, we've developed nearly 3,000 repairs over the lifetime of the GE90 program, and we are targeting a similar number for LEAP at maturity. These actions give us confidence that we can navigate the impact from CFM56 retirement and that LEAP will not only equal CFM56 profit by the end of the decade, but the profitability levels will continue to improve beyond that.

今年迄今為止，我們已經為 LEAP 開發了 200 多項新維修，並為商用引擎業務開發了 1,000 多項維修。我們的目標是到 28 年將 LEAP 特定修復的數量增加一倍以上。就背景而言，我們在 GE90 項目的整個生命週期中開發了近 3,000 個修復項目，並且我們的目標是在 LEAP 成熟時實現類似數量的修復。這些舉措讓我們有信心能夠應對 CFM56 退休帶來的影響，到 2020 年 LEAP 的利潤不僅將與 CFM56 的利潤持平，而且盈利水平還將繼續提高。

Now, let's turn to how we plan to continue converting this profit growth into cash. We added approximately $3 billion of inventory within '23 and '24, and our results are inventory terms declined by about 0.5 point. The majority of this increase is due to trapped inventory, material we purchased but can't yet use because we don't have all the parts needed to complete a shop visit or deliver an engine.

現在，讓我們來談談我們計劃如何繼續將利潤成長轉化為現金。我們在 23 年和 24 年增加了約 30 億美元的庫存，結果是庫存期限下降了約 0.5 個百分點。大部分增長是由於庫存積壓，即我們購買但尚未使用的材料，因為我們沒有完成車間訪問或交付發動機所需的所有零件。

As material availability and stability improve, we expect inventory terms to begin recovering. We see a clear opportunity to improve at least one full turn from '24 to '28. We'll get there by reducing work in progress and raw material inventory, driven by better flow and continued implementation of a pool-based system with our suppliers.

隨著材料可用性和穩定性的提高，我們預計庫存條件將開始恢復。我們看到了從 24 年到 28 年至少提高一個完整回合的明顯機會。我們將透過減少在製品和原材料庫存來實現這一目標，這得益於更好的流程以及與供應商持續實施基於池的系統。

If you look to the right-hand side of the page, you will see the growing install base and increasing flight departures are fueling strong growth in billings. Take LEAP for example. Billings are expected to grow 2.5x between '24 and '28. For GEnx, we expect 1.5x increase over the same period. Given shop visit growth, the cash flow from contract assets will not contribute at the same levels as the last couple of years, but billings growth on these contracts continues to support cash flow growth. This gives us a clear roadmap to sustain cash conversion at or above 100% through '28.

如果您查看頁面的右側，您會看到不斷增長的安裝基數和不斷增加的航班起飛正在推動營業額的強勁增長。以 LEAP 為例。預計 24 年至 28 年間，比林斯的銷售額將成長 2.5 倍。對於 GEnx，我們預計同期將成長 1.5 倍。鑑於店鋪訪問量的增長，合約資產的現金流貢獻將不會達到與過去幾年相同的水平，但這些合約的帳單增長將繼續支持現金流的成長。這為我們提供了清晰的路線圖，以確保在 28 年現金轉換率維持在 100% 或以上。

To summarize, GE Aerospace is a business with solid operational and financial fundamentals. Revenue growth will be driven by positive secular trends, our growing install base, and our best-in-class products, technology, and people. Profit growth will be driven by volume, productivity, and price, offsetting the typical headwinds associated with new product introductions. Given this strong profit and cash performance, we have ample opportunity to compound shareholder returns.

總而言之，通用電氣航空是一家擁有穩健營運和財務基礎的企業。收入成長將受到積極的長期趨勢、不斷增長的安裝基礎以及我們一流的產品、技術和人才的推動。利潤成長將由產量、生產力和價格推動，從而抵消新產品推出帶來的典型不利因素。鑑於強勁的利潤和現金表現，我們有充足的機會實現股東回報。

I'll now pass it back to Larry to cover capital allocation and share some closing remarks. Larry?

現在我將把它交還給拉里來介紹資本配置並分享一些結束語。拉里？

Rahul, thank you. Pulling this all together on slide 27. As Rahul just walked you through, our operating performance and robust commercial services outlook underpins our increased guidance of sustainable revenue, earnings, and cash flow growth.

拉胡爾，謝謝你。將所有這些內容匯總到幻燈片 27 上。正如拉胡爾剛才向您介紹的那樣，我們的經營業績和強勁的商業服務前景支撐了我們對可持續收入、收益和現金流增長的更高指導。

2024 was a strong year with approximately $1 billion more in operating profit than we had originally expected at the start of the year. In 2025, we're again performing ahead of our expectations and raising guidance across all key metrics. Compared to our 2024 Investor Day outlook, this represents an increase of more than $1 billion in operating profit. Importantly, we expect this momentum extends into 2028 with operating profit growing more than $3 billion and free cash flow growing over $1.5 billion versus '25. We're also leveraging our strong balance sheet and free cash flow generation to support mid-teens EPS growth.

2024 年是強勁的一年，營業利潤比我們年初預期的多出約 10 億美元。2025 年，我們的業績再次超出預期，並提高了所有關鍵指標的指導。與我們 2024 年投資者日的展望相比，這意味著營業利潤將增加 10 億美元以上。重要的是，我們預計這股動能將延續到 2028 年，與 25 年相比，營業利潤將成長 30 億美元以上，自由現金流將成長 15 億美元以上。我們也利用強大的資產負債表和自由現金流來支持中期每股盈餘成長。

With respect to capital allocation, our principles remain the same. First, we will invest in the business to support growth in current and future programs.

對於資本配置，我們的原則保持不變。首先，我們將投資業務以支持當前和未來項目的成長。

Next, we have a bias toward returning cash to shareholders and expect we'll return more than 100% of free cash flow to shareholders through 2026. Last year, we shared plans to return roughly $19 billion of cash to shareholders between '24 and '26 between dividends and buybacks. Now, subject to Board approval, we're increasing that to $24 billion, including about $19 billion of buybacks and roughly $5 billion of dividends at roughly 30% of net income. This is 20% higher than what we discussed a year ago. Beyond 2026, we expect to return at least 70% of free cash flow annually through a combination of dividends and buybacks.

其次，我們傾向於向股東返還現金，並預計到 2026 年我們將向股東返還超過 100% 的自由現金流。去年，我們制定了在 2024 年至 2026 年期間透過股利和回購向股東返還約 190 億美元現金的計畫。現在，經董事會批准，我們將把這一數字增加到 240 億美元，其中包括約 190 億美元的回購和約 50 億美元的股息，約佔淨收入的 30%。這比我們一年前討論的高出 20%。2026 年以後，我們預計每年將透過股利和回購的方式返還至少 70% 的自由現金流。

Finally, we're open to opportunistic bolt-on M&A with a high threshold for strategic, operational, and financial fit. We believe this balanced and disciplined approach best supports our goal of compounding long-term shareholder returns.

最後，我們對於機會性附加併購持開放態度，但對策略、營運和財務契合度有較高的門檻。我們相信，這種平衡而嚴謹的方法最能支持我們實現長期股東回報的目標。

And to close, on slide 29, our strong operational and financial foundation supports our increased outlook and our sustained competitive advantages will propel us to new heights. We have a diversified fleet of preferred platforms across the narrowbody, widebody, and defense sectors.

最後，在第 29 張投影片上，我們強大的營運和財務基礎支持我們提高前景，我們持續的競爭優勢將推動我們達到新的高度。我們擁有涵蓋窄體機、寬體機和國防部門的多樣化首選平台機隊。

What we do and how we do it matter. Front and center are safety, quality, delivery, and cost, always in that order. Our services and technology offer industry-leading operational reliability, including greater efficiency, extended time on wing, and faster turnaround times.

我們做什麼以及我們如何做很重要。首要的是安全、品質、交付和成本，並且始終按照這個順序。我們的服務和技術提供業界領先的營運可靠性，包括更高的效率、更長的飛行時間和更快的周轉時間。

We serve the industry's largest fleet of 78,000 engines with unrivaled customer service and flight support. This keeps us close to our customers through decade-long life cycles, building meaningful relationships, and making us the partner of choice. Our talented engineering teams continue to develop breakthrough innovation to support our existing fleet and advanced next-generation technology. And finally, FLIGHT DECK supports us in delivering results and lasting value for our customers and shareholders.

我們為業內最大的 78,000 台發動機機隊提供無與倫比的客戶服務和飛行支援。這使得我們在長達十年的生命週期中與客戶保持密切聯繫，建立有意義的關係，並使我們成為首選的合作夥伴。我們優秀的工程團隊不斷開發突破性創新，以支援我們現有的車隊和先進的下一代技術。最後，FLIGHT DECK 支持我們為客戶和股東創造成果和持久價值。

So we're still far from reaching our full potential, yet we couldn't be more optimistic about our path ahead. We appreciate you joining us for this extended call on both the quarter and our revised outlook.

因此，我們還遠遠沒有發揮出全部潛力，但我們對未來的道路充滿樂觀。我們感謝您參加本次有關本季和我們修訂後的展望的延長電話會議。

So with that, I'll throw it back to Blaire for questions.

因此，我將把問題交還給布萊爾。

Before we open the line, I'd ask everyone in the queue to consider your fellow analysts and ask one question so that we can get to as many people as possible. Liz, can you please open the line?

在我們開始通話之前，我要求排隊中的每個人都考慮您的同儕分析師，並提出一個問題，以便我們可以聯繫到盡可能多的人。莉茲，你能接通電話嗎？

(Operator Instructions) Scott Deuschle, Deutsche Bank.

（操作員指示）Scott Deuschle，德意志銀行。

Hey. Good morning.

嘿。早安.

Good morning, Scott.

早安，史考特。

Rahul, the high end of the 2025 guide implies second-half EBIT nearly $500 million lower than the first half. But over the last few years, the second-half EBIT has actually been trending around $400 million higher than the first half. So your guide essentially has nearly $1 billion spread versus the seasonality you've demonstrated over the last few years. I understand there's this GE9X headwind this year, but it is a very stark difference versus typical earnings cadence. So I'm just wondering if you can reconcile that second-half EBIT decline for us. Thank you.

拉胡爾，2025 年指南的高端意味著下半年的息稅前利潤將比上半年低近 5 億美元。但在過去幾年中，下半年的息稅前利潤實際上比上半年高出約 4 億美元。因此，與過去幾年所展示的季節性相比，您的指南基本上有近 10 億美元的差額。我知道今年 GE9X 有不利因素，但與典型的獲利節奏相比，這是一個非常明顯的差異。所以我只是想知道您是否可以為我們解釋一下下半年息稅前利潤的下降。謝謝。

Yeah. Scott, let me try, and Larry, please jump in here.

是的。史考特，讓我試試，拉里，請跳進來。

So Scott, first, we're having a good year, raised the revenue growth expectations from low double digit to mid-teens. So about $900 million of increase in revenue at the midpoint with about $350 million of profit increase at the midpoint versus April. So we had a better second quarter than we expected.

所以史考特，首先，我們今年的業績不錯，我們將營收成長預期從兩位數的低點提高到了十幾歲的中位數。因此，與 4 月相比，中期收入增加約 9 億美元，中期利潤增加約 3.5 億美元。因此，我們的第二季表現比預期要好。

But if you look at a $350 million profit increase, it is split between what our overperformance in the second quarter and raising our expectations for the second half of the year. So the first half, second half thing, we expected a strong start to the year this year, and we've been striving to have a more linear year than we did in '24, just given the OE ramp in second half of the year, including 9X shipments that we expected a couple of million dollars of headwind versus the prior year, and also expected a lower spare engine ratio in the second half. And then the corporate expenses also typically step up in the second half of the year. And you can see that in the corporate expenses in the first half versus what we are projecting for the full year. And then there's an R&D step-up between the first half and second half as well.

但如果你看一下 3.5 億美元的利潤成長，你會發現這部分成長源自於我們第二季的超額表現以及對下半年預期的提高。因此，對於上半年和下半年的情況，我們預計今年開局強勁，並且我們一直在努力實現比 24 年更加線性的一年，因為下半年 OE 的增長，包括 9X 出貨量，我們預計與上一年相比將面臨幾百萬美元的逆風，並且預計下半年備用發動機比例會降低。而企業的開支通常也會在下半年增加。您可以從上半年的企業支出與我們對全年的預測中看出這一點。上半年和下半年之間也出現了研發升級。

And these expectations around all these factors have not changed from where we were back in April. But also, we are maintaining some conservatism around departures that Larry mentioned in his prepared remarks, which impacts our expectations for spare part sales in the second half. And even with that, we're kind of expecting a mid-teens services revenue growth in second half.

圍繞所有這些因素的預期與四月相比沒有改變。但同時，我們對拉里在準備好的發言中提到的離職保持一定的保守態度，這影響了我們對下半年備件銷售的預期。即便如此，我們預計下半年服務收入將達到十五六倍的成長。

But if you look at all of that, we should still see strong year-over-year profit growth in the second half at the midpoint of the guide. And overall, we feel better about the year than we did back in April. And if you step back, it should be another year of more than $1 billion of profit growth and $1.25 billion at the high end.

但如果綜合考慮所有這些因素，我們仍然應該看到下半年利潤將以指南中點的水平實現強勁的同比增長。整體而言，我們對今年的感受比四月好。如果你退一步來看，今年的利潤成長應該會超過 10 億美元，最高可達 12.5 億美元。

Thank you.

謝謝。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Thanks. Good morning. Good presentation. I wanted to touch on two assumptions, if I could. One is the pricing assumption through 2028, 2024 to 2028, and the low-single-digit assumption there. What would that imply for the go-forward period, '26 through '28? It would seem like it would imply no pricing.

謝謝。早安.很好的演講。如果可以的話，我想談兩個假設。一個是到 2028 年、2024 年至 2028 年的定價假設，以及那裡的低個位數假設。這對於 26 年至 28 年期間意味著什麼？這似乎意味著沒有定價。

And then on the retirement step-up to 3% to 4%, can you just give us some baseline as to -- for the last decade, CFM56 has been running about 1.5%. Is there a prior period where you'd put this as similar, where you'd have that quick of a step-up in retirement rates?

然後，關於退役率提高到 3% 至 4%，您能否給我們一些基準——在過去十年中，CFM56 的運行率約為 1.5%。以前是否有類似的情況，退休金率會如此快速地提高？

Myles, maybe I'll speak to price and Rahul can take retirements.

邁爾斯，也許我會談談價格，拉胡爾可以退休。

Yeah, I think if you just step back for a moment, I think you know well our pricing philosophy. We make significant investments in next-generation platforms, obviously provide a lot of value to our customers while taking on considerable risk. So we really try to price more broadly with appropriate returns around those commitments in mind.

是的，我想如果你稍微退一步，你就會很了解我們的定價理念。我們對下一代平台進行了大量投資，顯然在承擔相當大的風險的同時也為我們的客戶提供了巨大的價值。因此，我們確實嘗試根據這些承諾的適當回報進行更廣泛的定價。

I think the way we've looked at price here is really to have price more than offset inflation in '25 between what we're doing in CES services, call it up at a mid-single-digit level on a net basis. That includes spare parts, where in some instances we might do a little bit better than that. It's really dependent on which program we're talking about. But I think as we look forward, we're probably looking at something on a mid-single-digit basis at a gross level, low-single-digit on a net basis, at least with respect to spare parts.

我認為，我們看待價格的方式實際上是讓價格在 25 年抵消通貨膨脹的影響，我們在 CES 服務中所做的事情，在淨基礎上達到中等個位數水平。其中包括備件，在某些情況下我們可能會做得更好一些。這實際上取決於我們討論的是哪個程序。但我認為，展望未來，我們可能會看到總額達到中等個位數，淨額達到低個位數，至少在備件方面是如此。

But also keep in mind that as we move past launch, I think Rahul touched on this in his prepared remarks, we anticipate to see better pricing dynamics. And fundamentally, it's all about moving beyond launch. LEAP is well into the life cycle now. But it does take time to see that fall through, typically, call it, eight years thereabouts, post an agreement to really see that in the P&L. So a lot of volume here, workscope expansion in a number of areas, a little bit of price, that's how you get to that double digit top-line number that we're looking at between now and '28.

但也請記住，隨著產品的發布，我認為拉胡爾在他準備好的發言中提到了這一點，我們預計會看到更好的定價動態。從根本上來說，這一切都是為了超越發布。LEAP 目前已進入生命週期。但要看到這一點確實需要時間，通常，大約需要八年時間，才能在損益表中真正看到這一點。因此，這裡的數量很大，工作範圍在多個領域擴大，價格稍微上漲，這就是我們從現在到 28 年期間實現兩位數營收目標的方法。

Yeah. Rahul, did you want to talk to retirements?

是的。拉胡爾，你想談談退休問題嗎？

Yeah, I can talk retirements. So Myles, you're right. I mean, the last couple of years have been really low. I mean, even this year through the first six months of the year, retirements for CFM56 have been running below where we were in '24. And if I remember correctly, '24 was below '23.

是的，我可以談談退休。邁爾斯，你是對的。我的意思是，過去幾年的情況確實很低迷。我的意思是，即使今年前六個月，CFM56 的退休數量也低於 24 年的水平。如果我沒記錯的話，'24 低於 '23。

So the retirements have been trending extremely low. But as you would expect that, as the fleet ages, this should pick up, and that's been our expectation. And now we've been proven wrong on that one before. But ultimately, what it comes down to is what do you expect in new aircraft deliveries and where you expect departure growth to be.

因此退休人數一直呈現極低趨勢。但正如您所預料的那樣，隨著船隊的老化，這種情況應該會有所好轉，這也是我們的預期。而現在，事實證明我們之前的觀點是錯的。但最終，關鍵在於您對新飛機交付的期望以及您預計的起飛增長幅度是多少。

So what's built into our assumptions is that both Airbus and Boeing kind of reach their stated goals over the next couple of years, three to four years. And as those -- and if you add up what Airbus aims to deliver and you add up what Boeing aims to deliver, that leads to about a 6% to 7% increase in installed base growth, over where 19,000 to 20,000 narrowbody aircraft that are flying today. And then you say, okay, the departures, we expect the departures to be up, call it 3% or so, low single digits, and you can say 3% to 4%.

因此，我們的假設是，空中巴士和波音都將在未來幾年（三到四年）內實現其既定目標。如果你把空中巴士的目標交付量和波音的目標交付量加起來，那麼安裝基數將比目前飛行的 19,000 到 20,000 架窄體飛機增加 6% 到 7%。然後你說，好吧，我們預計離職人數會增加，大概是 3% 左右，個位數的低位，你也可以說是 3% 到 4%。

So that gets us to our ratio of 3% to 4% somewhere in that zone. Now, we don't have a precise insight into that number, but I think we decided, Myles, so that everybody understands our fundamental assumptions going into what we are projecting for CFM56 shop visits, because that's the fundamental driver of where the shop visits are going to be and the number that we will see. So that's our assumptions.

這樣，我們的比例就達到了該區域的 3% 到 4% 左右。現在，我們對這個數字還沒有準確的了解，但我認為，邁爾斯，我們決定讓每個人都了解我們對 CFM56 車間訪問量預測的基本假設，因為這是車間訪問量和我們將看到的數量的根本驅動因素。這就是我們的假設。

Okay. Thank you.

好的。謝謝。

Thank you, Myles.

謝謝你，邁爾斯。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Good morning, guys. Thank you.

大家早安。謝謝。

Maybe if we could talk about LEAP aftermarket profitability. It's been a major contributor to CES performance year to date. Can you talk about -- you talked about profits equal in the 2030 timeframe which, based on the revenue buckets you give, would mean margins pretty close to CFM56 levels. So if you could talk a bit about the margin profile across CSAs and external for LEAP and how that progresses today to 2028 to 2030.

也許我們可以談談 LEAP 售後市場的獲利能力。迄今為止，它一直是今年 CES 表現的主要貢獻者。您能談談嗎——您談到了 2030 年時間範圍內的利潤，根據您提供的收入範圍，這意味著利潤率非常接近 CFM56 水平。因此，您可以談談 LEAP 的 CSA 和外部利潤率狀況，以及從現在到 2028 年到 2030 年的進展。

So Sheila, we have -- overall, we are very pleased with how LEAP is progressing. If you -- we are kind of hitting our key milestones here for LEAP, both on financial performance and operational performance. And the share has been higher than what we expected. So on financially, we've always targeted the program to break even this year, and that's on track. We expected OE to break even next year. That's on track. And then obviously the install base, as we said that in our prepared remarks, we expect the install base to be up 3x.

所以 Sheila，總的來說，我們對 LEAP 的進展感到非常滿意。如果您 - 我們在財務表現和營運績效方面都達到了 LEAP 的關鍵里程碑。而這一份額已經高於我們的預期。因此，從財務角度來看，我們一直以今年實現收支平衡為目標，目前這一目標正在順利實現。我們預計 OE 明年將達到收支平衡。一切順利。然後顯然是安裝基數，正如我們在準備好的評論中所說的那樣，我們預計安裝基數將增加 3 倍。

So if you look at fundamental, what are the drivers of LEAP service profitability? I would say there are a few. One, as the LEAP shop visits grow, we will leverage our fixed investments in the MRO shops at a greater rate. So the fixed cost will get utilized at a higher rate; therefore, that should help improve the profitability. The second is around price. We spoke about kind of the mid-single-digit growth, low-single-digit pricing on CLP, plus the pricing discipline that we've been driving for pricing new shop visits. So that's the second piece in the LEAP puzzle.

那麼，如果從基本面來看，LEAP 服務獲利能力的驅動因素是什麼？我想說有幾個。首先，隨著 LEAP 商店訪問量的增加，我們將以更大的速度利用我們在 MRO 商店的固定投資。因此固定成本將以更高的比率得到利用；因此，這應該有助於提高獲利能力。第二是價格問題。我們談到了中等個位數的成長、CLP 的低個位數定價，以及我們一直在推動的新店訪問定價規則。這就是 LEAP 難題的第二部分。

The third, I would say, is the growing aftermarket channel. Again, I said that earlier. So we expect about 30% of the shop visits to be external by the time we get to 2030. So that's right, the spare parts revenue stream, which is now beginning to grow as we -- in 2025, but will continue to expand. And the last piece is going to be repairs. I mean, I think we spoke about it in our prepared remarks as well. And you saw that when we were together in Celma, some initial work that we're starting to do around that. So that's the final piece.

第三，我想說的是不斷成長的售後市場管道。我再次強調，我之前就說過了。因此，我們預計到 2030 年，約有 30% 的商店訪客將來自外部。沒錯，備件收入流現在開始成長，預計到 2025 年還會繼續擴大。最後一步是修復。我的意思是，我認為我們在準備好的發言中也談到了這一點。而且您也看到了，當我們在塞爾瑪一起時，我們開始圍繞這一點進行一些初步工作。這就是最後一部分。

And I think you put all that together, we are seeing good progress on LEAP service profitability in '25. And I think that will continue to improve as we get into the outer years. Profit equals CFM56 margins. I see a profit equals CFM56 dollars by 2030. And overall, I would say the LEAP service margins should start approaching our overall service margins by the time we get into that timeframe.

我認為，綜合考慮所有這些因素，我們將看到 25 年 LEAP 服務盈利能力取得了良好進展。我認為，隨著我們進入未來幾年，這種情況將繼續改善。利潤等於 CFM56 利潤率。我認為到 2030 年利潤將達到 CFM56 美元。總的來說，我認為當我們進入那個時間範圍時，LEAP 服務利潤率應該開始接近我們的整體服務利潤率。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

Good morning. Thank you.

早安.謝謝。

Good morning, Doug.

早安，道格。

I'd like to just continue on that topic. Because when you look out -- first, I wanted to make sure to clarify when you said LEAP service profitability should be comparable to overall service profitability or specifically to CFM56. And then -- I guess the question I have is, you're at the very early stages in terms of performance restoration shop visits, so a lot of the heavy work. How do you get comfortable in projecting what you know so far out five years out to really have the confidence you're going to be able to get to those margins that are like CFM56?

我想繼續討論這個話題。因為當你觀察時——首先，我想確保澄清一下你所說的 LEAP 服務盈利能力應該與整體服務盈利能力或特別是 CFM56 相當。然後——我想我的問題是，就性能恢復店訪問而言，你們還處於非常早期的階段，因此有很多繁重的工作。您如何根據目前所了解的情況對未來五年的情況進行預測，從而真正有信心達到像 CFM56 那樣的利潤率？

Yeah. Well, so Doug, just to clarify my comment here, when Sheila asked about the service margins, and our comment was that LEAP service margins should equal overall service margins, not CFM56. So just to kind of clarify that, so they should be close to the overall service margin levels. So that's one.

是的。好吧，Doug，我只是想澄清一下我的評論，當 Sheila 詢問服務利潤率時，我們的評論是 LEAP 服務利潤率應該等於整體服務利潤率，而不是 CFM56。因此，為了澄清這一點，它們應該接近整體服務利潤水準。這就是其中之一。

Second, if you look at kind of looking at the trajectory, and I can start and Larry can jump in here, I mean, part of that is improvement in LEAP durability. If you see the improvement here that we've seen over the last couple of years, everything that we've been speaking to and driving to, we've been hitting those milestones. And obviously, LEAP-1A durability is now at CFM56 levels for everything that we are shipping now and everything that we are overhauling in our MRO shops. So that's one.

其次，如果你看一下軌跡，我可以開始，拉里可以跳進去，我的意思是，其中一部分是 LEAP 耐久性的提升。如果您看到我們在過去幾年中所看到的進步，那麼我們所談論和推動的一切，我們都已經達到了這些里程碑。顯然，對於我們現在運送的所有物品以及我們在 MRO 車間進行大修的所有物品來說，LEAP-1A 的耐用性現在都達到了 CFM56 水平。這就是其中之一。

And if you look at our trajectory on GE90 or GEnx, 60% to 70% of those fleets are under a long-term service agreement, and the profitability on those programs is above our overall service profitability. So we have enough experience with these long-term service agreements that we can do this, we can do it right, we're conservative in how we model it. And with improvement in durability, that's the remaining piece of the puzzle, which we feel much better about today than we did a couple of years ago.

如果你看一下我們在 GE90 或 GEnx 上的發展軌跡，就會發現其中 60% 到 70% 的機組都簽訂了長期服務協議，這些項目的盈利能力高於我們的整體服務盈利能力。因此，我們在這些長期服務協議方面擁有足夠的經驗，我們可以做到這一點，我們可以正確地做到這一點，我們對如何建模持保守態度。隨著耐用性的提高，這就是剩下的難題，我們今天對此的感覺比幾年前好多了。

Larry, anything you want to add?

拉里，你還有什麼要補充的嗎？

No, I think you hit it right. We try to model conservatively up front, continue to push product performance, witness the durability kit with LEAP, and make sure that we are executing not only from a safety and quality perspective, but from a delivery cost perspective. So whether it be the fixed cost leverage you talked about, the variable cost improvements we ought to get from repairs, let alone the turnaround effect we see from repairs, there are a whole host of things that help the bottom line. Put it all together, you get our outlook here at least through '28.

不，我認為你說對了。我們嘗試預先進行保守建模，繼續推動產品性能，見證 LEAP 的耐用性套件，並確保我們不僅從安全和品質的角度執行，而且從交付成本的角度執行。因此，無論是您談到的固定成本槓桿，還是我們應該從維修中獲得的變動成本改進，更不用說我們從維修中看到的扭轉效應，都有很多因素有助於提高利潤。綜合起來，你就能了解我們至少到 28 年的展望。

Very good. Thank you.

非常好。謝謝。

Thank you, Doug.

謝謝你，道格。

Scott Mikus, Melius Research.

米庫斯（Scott Mikus），Melius Research。

Morning, Larry and Rahul. Nice quarter and good presentation.

早上好，拉里和拉胡爾。不錯的季度和出色的演示。

Thanks, Scott. Good morning.

謝謝，斯科特。早安.

I wanted to ask a question about the new HPT blades and the LEAP-1A and LEAP-B. That should result in better margins on both just through spare part sales, but also by extending the time on wing for the CSA contracts. So I'm just wondering how long are you expecting it to take to retrofit the roughly 9,000-plus LEAPs that are already delivered? And then, as those retrofits happen, should we be expecting you to be booking favorable contract margin reviews as those retrofits ramp up?

我想問一個有關新型 HPT 葉片以及 LEAP-1A 和 LEAP-B 的問題。這不僅能透過備件銷售提高利潤率，還能透過延長 CSA 合約的飛行時間提高利潤率。所以我只是想知道您預計需要多長時間來改造已經交付的大約 9,000 多輛 LEAP？然後，隨著這些改造的進行，我們是否應該期待您在這些改造升級的過程中獲得有利的合約保證金審查？

Scott, maybe just a couple of key markers here. Again, we received certification for the durability kit for the LEAP-1A late last year. I mean, Rahul mentioned in his prepared remarks, we're now fully in production both with new make and in the aftermarket. We're not going to go out necessarily and try to upgrade everybody overnight. That will be a multi-year process as the field of engines come in for their next shop visit. So think years, not months in that regard.

斯科特，也許這裡只有幾個關鍵標記。再次，我們在去年年底獲得了 LEAP-1A 耐久性套件的認證。我的意思是，拉胡爾在他的準備好的演講中提到，我們現在已經全面投入新車和售後市場的生產。我們不一定會試圖在一夜之間讓每個人都升級。這將是一個多年的過程，因為引擎領域即將進行下一次進廠檢查。因此，在這方面要考慮幾年，而不是幾個月。

But clearly, as we talk about the LEAP installed base growing by what a factor of three between now and 2030, all of those A's will be covered. We updated the outlook here for the durability kit for the LEAP-1B, thinking about early next year. We'll go through a similar process in feathering that in both with respect to new make and in the aftermarket, and again, with respect to the fleet that's out there, upgrade those as they come in.

但顯然，當我們談論從現在到 2030 年 LEAP 安裝基數將增長三倍時，所有這些 A 都將被覆蓋。我們在此更新了 LEAP-1B 耐久性套件的展望，計劃於明年年初推出。我們將在新車和售後市場中採用類似的流程，並針對現有的車隊，在它們進入時進行升級。

So you put that together, I think we are, again, encouraged with the outlook here in part because of the improved durability performance. We know that's top of mind for customers. But in turn, we also are going to have a more producible blade that is going to help us. It's already helping us on the LEAP-1A deliver better output. So part of the services revenue number, even in the quarter here, up 29%, is a function of improved supply chain performance to include but not limit it to the new HPT blade.

所以，綜合起來，我認為我們再次對前景感到鼓舞，部分原因是耐用性性能的提升。我們知道這是客戶最關心的問題。但反過來，我們也將擁有更俱生產性的刀片來幫助我們。它已經幫助我們在 LEAP-1A 上實現更好的輸出。因此，即使在本季度，服務收入也成長了 29%，這是供應鏈績效改善的結果，包括但不限於新的 HPT 刀片。

All right. Thank you.

好的。謝謝。

Thank you.

謝謝。

Seth Seifman, JPMorgan.

摩根大通的賽斯‧塞夫曼。

Hey. Thanks very much, and good morning.

嘿。非常感謝，早安。

Good morning, Seth.

早安，塞斯。

I wanted to ask about the trajectory of margin going into next year, given kind of the step-down that's implied for the second half. When we think about -- we look out at 2028 and we see something that's above where we are this year and last year, but there's a starting point potentially in the second half of this year that's considerably lower. So how do we think about how we bridge there kind of from the second half of this year kind of through '26 and then getting to that destination in '28?

考慮到下半年利潤率可能下降，我想問明年利潤率的走勢。當我們思考——展望 2028 年，我們看到的是高於今年和去年的水平，但今年下半年的起點可能會低得多。那麼，我們如何考慮從今年下半年到 26 年實現這一目標，然後在 28 年實現這一目標？

Yeah, Seth. So as we think about '26, first, there's tons of momentum coming out of '25. We spoke earlier about we've improved our revenue expectations. We improved our profit expectations. And part of that is just driven by our supply chain improvements. Part of that is driven by the macro environment being slightly better than what we thought back in April. So it's a combination of factors that's allowing us to improve our '25 outlook, and those things should continue into '26 as well.

是的，塞思。因此，當我們思考 26 年時，首先，25 年將會出現巨大的發展動能。我們之前談到我們已經提高了收入預期。我們提高了獲利預期。其中一部分只是由我們的供應鏈改進所推動的。部分原因是宏觀環境比我們四月預想的略好。因此，多種因素共同作用，使我們能夠改善 25 年的前景，而這些因素也應該會持續到 26 年。

So now, as you think about '26 specifically, we take the different pieces of our business. On commercial equipment, sufficient backlog extends multiple years, as Larry said in his prepared remarks. We kind of sold out through the end of the decade. So we're not expecting a big disruption. We expect to kind of stay the course here with improving our engine output and improving shipments.

所以現在，當你具體思考 26 時，我們會考慮我們業務的不同部分。正如拉里在準備好的演講中所說，就商用設備而言，充足的積壓訂單可以延續數年。到本世紀末，我們的產品基本上已經銷售一空。所以我們預計不會有大的混亂。我們希望繼續保持這一勢頭，提高引擎產量並增加出貨量。

On the commercial services side, there is some uncertainty in the environment, but it feels a lot better than it did three months ago. And more importantly, as you think about our business, our basic growth algorithm of the business has not changed on the services side, even in an uncertain economic environment. You talk about LEAP installed base growth. You talk about LEAP share of cycles being up almost 6 points versus where we were in 2023. The number of engines coming off wing, that is going to be up in '25. That's going to be up in '26. And that is irrespective of number of cycles that are going to fly now. That's just the number of cycles that have previously flown. So that is good as well. And then we're increasing the widebody workscopes, combine that with a mid-single-digit price increase. So all that gives us reasonable confidence about our service business as we think about 2026 and achieving the growth targets that we've outlined.

在商業服務方面，環境存在一些不確定性，但感覺比三個月前好多了。更重要的是，當你考慮我們的業務時，即使在不確定的經濟環境下，我們業務的基本成長演算法在服務方面也沒有改變。您談到了 LEAP 安裝基數的成長。您談到 LEAP 週期份額與 2023 年相比上升了近 6 個百分點。機翼下發動機的數量將在 25 年增加。這將在 26 年實現。這與現在要飛行的周期數無關。這只是之前飛行過的周期數。這也很好。然後，我們增加了寬體飛機的工作範圍，並將其與中等個位數的價格上漲結合起來。因此，當我們考慮 2026 年並實現我們概述的成長目標時，所有這些都讓我們對我們的服務業務充滿信心。

And on DPT, it should be steady, with nearly $20 billion backlog today. So that should be good as well. So while the economy may play a role here, I think overall we feel good.

就 DPT 而言，情況應該會比較穩定，目前積壓金額接近 200 億美元。所以這也應該很好。因此，儘管經濟可能在這裡發揮了一定作用，但我認為總體而言我們感覺良好。

And then in regards to your question around second half to '26, I just would not index too much on a quarter or a half because there are factors that can impact performance. Like if you look at the second half, I think we spoke earlier about corporate expenses being more skewed towards the second half, R&D stepping up here between first half and second half, same thing you take for the 9X shipments, they're all sitting in the second half versus being spread throughout the year. So I would -- as you think about run rating into '26, I think the full year is a better baseline just to normalize those things and then you project forward.

然後關於你關於 26 年下半年的問題，我不會對一個季度或一半的時間進行過多的指數化，因為有些因素會影響表現。如果你看一下下半年，我想我們之前談過，企業支出更偏向下半年，研發費用在上半年和下半年之間有所增加，9X 的出貨量也是如此，它們都集中在下半年，而不是分散在全年。因此，當您考慮 26 年的運行評級時，我認為全年是一個更好的基準，只是為了使這些事情正常化，然後您可以進行預測。

Great. Thanks very much.

偉大的。非常感謝。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯。

Thanks, guys. Good morning.

謝謝大家。早安.

Morning.

早晨。

Good morning.

早安.

Obviously strong CES order growth in the quarter, but you still do have that conservatism in the second half of the year that you talked about. Is that informed by behavior changes from airlines or your conversations with customers, or just erring on the side of caution? And then similar question, as MAX and LEAP deliveries ramp up, are you hearing any fleet planning changes in terms of retirements from your customers? Thanks.

顯然，本季 CES 訂單成長強勁，但您仍然對下半年抱持您所說的保守態度。這是根據航空公司的行為變化或與客戶的對話得出的結論，還是僅僅出於謹慎？然後是類似的問題，隨著 MAX 和 LEAP 交付量的增加，您是否聽到客戶在退休方面有任何機隊規劃變化？謝謝。

Gavin, I would -- to the first question, I don't think we've got a tremendously different perspective on the second half here today than we did 90 days ago. We've got a second quarter where departures were in line with the first up 4% and we watch that on a daily basis. We've said for the full year, we think we'll end up being up low single digits, which would suggest a flat, a slightly up back half. But I don't think our commentary in that regard is too far out of line with what you're hearing from the airline. Some have suggested maybe that's a touch conservative. We've been called worse. We'll take that.

加文，對於第一個問題，我認為我們今天對下半年的看法與 90 天前相比並沒有太大的不同。我們第二季的離境人數與第一季持平，成長了 4%，我們每天都會關注這一情況。我們已經說過，就全年而言，我們認為最終將實現低個位數成長，這意味著後半年將持平，略有上升。但我並不認為我們在這方面的評論與您從航空公司聽到的言論相差太大。有些人認為這可能有點保守。我們受到過更惡劣的稱呼。我們會接受的。

I think with respect to skylines, I don't think we've seen any change in customer behavior, whether it be what we're doing with Boeing on the MAX, on the widebody platforms with Airbus, on the neo, those backlogs are real. Those annual step-ups in production are where we're focused at every turn. But we haven't really seen that evolve or change.

我認為就天際線而言，我們沒有看到客戶行為發生任何變化，無論是我們與波音在 MAX 上合作，還是與空中巴士在寬體平台上合作，還是在 neo 上合作，這些積壓訂單都是真實存在的。我們始終關注的是每年產量的增加。但我們還沒有真正看到這種演變或變化。

So in many respects, it's all -- you put that together, it's what undergirds the outlook, the improvement of the outlook for 2028. The foundational platforms are going to be used for longer, be it in the narrowbody or the widebody space. And we know we have a lot of not only demand to service, but momentum in doing so, as we think about how FLIGHT DECK is helping us improve deliveries.

所以從很多方面來說，這一切都是——你把這些放在一起，這就是支撐前景、改善 2028 年前景的基礎。基礎平台將會使用更長時間，無論是在窄體機或寬體機領域。我們知道，我們不僅有大量的服務需求，而且還有這樣做的動力，因為我們在思考 FLIGHT DECK 如何幫助我們改善交付。

I mean, anytime you print a new make engine increase of 45% year over year, you've got momentum. Again, shout out to the supply base. They're working hard, working well, working with us. But in terms of customer behavioral changes, we really haven't seen much new or different in that regard over the last 90 days.

我的意思是，只要新引擎的產量年增 45%，你就獲得了動力。再次向供應基地發出呼籲。他們工作努力，工作出色，與我們一起工作。但就客戶行為變化而言，在過去的 90 天裡，我們並沒有看到太多新的或不同的變化。

Appreciate it.

非常感謝。

Thank you.

謝謝。

Ron Epstein, Bank of America.

美國銀行的羅恩愛潑斯坦。

Yeah. Good morning, guys. It seems like since the Paris Air Show, the discussion around RISE has changed. It really does seem like you all feel much more confident in the technology and in the program. And in fact, your competitors trying to say, no, no, no, that won't work. And it really does seem like there's flags getting put in the ground. So I guess broadly, what makes you all feel so good about RISE today? And if it doesn't end up being an unducted fan, is there a ducted option?

是的。大家早安。自巴黎航展以來，圍繞 RISE 的討論似乎發生了變化。看起來你們確實對這項技術和程序更有信心了。事實上，你的競爭對手會試圖說，不，不，不，那是行不通的。看起來確實像是有旗幟插在地上。所以我想，總的來說，是什麼讓你們今天對 RISE 感覺如此好？如果最終沒有採用無管道風扇，那麼是否有管道風扇選項？

Ron, we're really looking forward to putting the full team on stage in Paris. I think everybody understands why we adjusted that original plan and are here in an abbreviated form. I'm glad you think we planted the flag. It was a flag we planted several years ago at the Air Show. But we were going to be as full-throated in Paris as hopefully we are today with respect to our confidence and our optimism about the RISE development program, technology development program, just as a reminder for everybody, and in particularly Open Fan architecture.

羅恩，我們非常期待整個團隊在巴黎的舞台上演出。我想大家都明白我們為什麼調整原計劃，並以簡略的形式在這裡發布。我很高興你認為我們插上了旗幟。這是我們幾年前在航展上插的一面旗幟。但我們將在巴黎全力以赴，就像我們今天希望的那樣，表達我們對 RISE 發展計劃、技術發展計劃的信心和樂觀態度，這提醒大家，特別是對 Open Fan 架構而言。

Why, to your first question, do we feel so good about it? I think it's really a combination of all the progress that we're making in the labs. Again, I'll underscore technology development. But we now have over 350 program tests at the module subsystem level that is not only focused on that propulsive efficiency gain we talked so much about, but also durability. And to be able to, again, leverage everything we've done, not only in predecessor widebody platforms, but narrowbody here as well, I think just sets us up to have confidence to go with this architecture.

對於你的第一個問題，為什麼我們對此感覺如此好？我認為這實際上是我們在實驗室中取得的所有進展的結合。再次強調，我要強調技術發展。但現在我們在模組子系統層級進行了超過 350 個程式測試，不僅關注我們經常談論的推進效率提升，還關注耐用性。而且，為了能夠再次利用我們所做的一切，不僅是在前代寬體平台上，而且也在窄體平台上，我認為這讓我們有信心採用這種架構。

More to come. This is a multi-year effort, ground test, flight test, all of that. But then I think when you combine that with what we're hearing from so many in the industry who understand the pivot to relying more on propulsive than thermal efficiency, we had Mohamed Ali, who runs Technology & Operations, up on stage in Toulouse just a couple of months ago, talking about the joint work we're doing with Airbus in that instance, and their own thoughts around what that next-generation narrowbody is going to require in the latter part of the next decade.

未來還會有更多。這是一項多年的努力，包括地面測試、飛行測試等等。但我認為，當你把這一點與我們從業內許多人士那裡聽到的、理解轉向更多地依賴推進力而非熱效率的觀點結合起來時，幾個月前，我們讓技術與運營部門負責人穆罕默德·阿里在圖盧茲登台，談論我們與空客在那個例子中所做的聯合工作，以及他們對下一代窄體飛機在未來十年後期將需要什麼的看法。

So we're all in, Ron, on Open Fan. Not to be strident about it, but really to just make sure that we're making the investments today and all the underlying technology components that are going to deliver on that next-generation narrowbody propulsion platform that the industry will need.

所以，羅恩，我們全力支持 Open Fan。並不是要對此表現出強烈抗議，而只是要確保我們今天進行的投資以及所有將在行業所需的下一代窄體推進平台上實現的底層技術組件。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

Thanks. Good morning.

謝謝。早安.

Morning, David.

早安，大衛。

Good morning, David.

早安，大衛。

I wanted to ask a couple of questions on the OE side of things. I guess first of all, starting with 9X, the production rate assumptions that are underlying your loss forecast on 9X, if you can give us some detail there, what you're assuming for LEAP deliveries out in 2028, and then how much you think better LEAP profitability on the OE side and GEnx profitability can offset some of that incremental 9X headwind. Thanks.

我想問幾個有關 OE 方面的問題。我想首先從 9X 開始，您對 9X 損失預測所依據的生產率假設，如果您可以提供一些細節，您對 2028 年 LEAP 交付的假設是什麼，然後您認為 OE 方面的更好的 LEAP 盈利能力和 GEnx 盈利能力可以在多大程度上抵消一些 9X 增量逆風。謝謝。

Okay. I'm taking notes here, David, as I'm trying to answer the question.

好的。大衛，我在這裡做筆記，因為我正在嘗試回答這個問題。

There are a few there. I think you started on the 9X and the 777X. Maybe as context, we're excited to be underway. We have started shipping engines to Boeing and are working with them, as you would imagine, on EIS. I think we're encouraged by what we hear from customers, witness the 60% win rate versus competition. We've got over 1,000 engines now in backlog. So the market really wants to see this platform, this engine come forward.

那裡有幾個。我認為您是從 9X 和 777X 開始的。也許就背景而言，我們很高興能夠開始行動。我們已經開始向波音公司運送發動機，並且正如您所想像的那樣，正在與他們合作開發 EIS。我認為我們從客戶那裡聽到的消息令我們感到鼓舞，見證了與競爭對手相比 60% 的成功率。目前，我們已經積壓了超過 1,000 台引擎。因此市場確實希望看到這個平台、這個引擎的出現。

We know that at EIS, it will be the most tested engine really in the company's history. We've got over 30,000 cycles behind us now, 8,000 endurance cycles. So that's a significant test regimen. And again, leveraging what we've learned, particularly in hot and harsh environments, we've got over 1,600 dust ingestion tests that are behind us. So we continue to learn and iterate there. I think we're on our second generation of both the HPT blades and the CMC nozzles. So a lot happening in this regard.

我們知道，在 EIS，這將是該公司歷史上經過最多測試的引擎。我們現在已完成超過 30,000 次循環，其中耐久循環 8,000 次。所以這是一個重要的測試方案。再次，利用我們所學到的知識，特別是在炎熱和惡劣的環境中，我們已經進行了超過 1,600 次灰塵吸入測試。因此我們繼續學習並不斷迭代。我認為我們已經有了第二代 HPT 葉片和 CMC 噴嘴。因此在這方面發生了很多事情。

Rahul, maybe you can hit some of the modeling assumptions, but we're excited to be underwing, and I think this is going to be a winning platform in the marketplace.

拉胡爾，也許您可以提出一些建模假設，但我們很高興能夠參與其中，我認為這將成為市場上的成功平台。

Yeah, absolutely. So on the losses, I think Larry touched on some of the trends that are underpinning this, David. We shipped our first engines to Boeing last year, and we're increasing our shipments to Boeing this year in 2025, all in the second half of the year. And these are initial shipments with kind of the highest losses. So we do expect a couple of hundred million dollars of profit headwind in '25. And that is no change to prior expectations.

是的，絕對是如此。因此，關於損失，我認為拉里談到了造成這一現象的一些趨勢，大衛。去年，我們向波音公司運送了第一批發動機，今年（2025年）我們將增加對波音公司的出貨量，所有出貨量都將在下半年進行。這些是損失最大的初始出貨量。因此，我們確實預計 2025 年的利潤將面臨數億美元的逆風。這與先前的預期並無改變。

Now, we're working to get the cost down. We expect to take about 30% of the cost out by the time we hit the 50th unit, another 30% out by the time we get to the 250th engine. So we'll start moving past kind of peak losses, which we expect a year after entry into service for the platform, which we're still expecting that to be in 2026.

現在，我們正在努力降低成本。我們預計，當我們生產第 50 台引擎時，可以減少約 30% 的成本，當我們生產第 250 台引擎時，可以再減少 30% 的成本。因此，我們將開始擺脫峰值損失，我們預計該平台投入使用一年後就會出現峰值損失，我們仍然預計這將是在 2026 年。

And then as we think about the '28 guidance that we've provided, the losses per engine start to come down. But still, as since the volume is still growing, we do expect the losses to be a few hundred million dollars higher in '28 versus where we are in '25. So you're seeing kind of -- and then we move past that, and we expect the program to get profitable as we get into the 2030s. So that's our expectation of the LEAP trajectory.

然後，當我們考慮我們提供的 28 項指導時，每台引擎的損失開始下降。但是，由於交易量仍在增長，我們預計 28 年的損失將比 25 年高出數億美元。所以你會看到——然後我們超越了這一點，我們預計到 2030 年代該計劃將會實現盈利。這就是我們對 LEAP 軌跡的預期。

I think Larry, the question on LEAP volume, if you want to take that.

我認為 Larry，如果你願意回答關於 LEAP 數量的問題的話。

Yeah. I think David was asking about '28, if I heard him correctly. Just maybe to back up for a moment, I think we're, again, encouraged by the momentum we've got not only here in the quarter, but in the half. I mean, quarter was up, new make 38% for the first half, year over year, up 10%. And I think that as we generate more momentum with FLIGHT DECK, if Safran gets past the labor disruption they had in the second quarter, and we're still confident around our deliveries for this year, we've said previously, we'd be up 15% to 20%. No change in that outlook here in '25. That puts us on a path to deliver 2,500 LEAPs in 2028.

是的。如果我沒聽錯的話，我認為大衛問的是 28 年的事。稍微回顧一下，我認為我們不僅為本季度，而且為上半年的勢頭感到鼓舞。我的意思是，本季的銷售額上漲了，上半年成長了 38%，年增了 10%。我認為，隨著我們在 FLIGHT DECK 方面獲得更多發展動力，如果賽峰集團能夠度過第二季度的勞動中斷，並且我們仍然對今年的交付量充滿信心，那麼我們之前就說過，我們的交付量將增長 15% 至 20%。25 年，這種觀點沒有改變。這使我們預計在 2028 年實現 2,500 個 LEAP。

Plenty of work to do, not only with Safran, but all of our suppliers. But that's what we're here for. And again, I think we can look at the second quarter and the first half and point to a number of signs of improving performance.

有很多工作要做，不僅與賽峰集團，而且與我們所有的供應商也一樣。但這正是我們來這裡的目的。再次，我認為我們可以看看第二季和上半年，並指出一些業績改善的跡象。

Great. Thanks for hitting them all.

偉大的。謝謝你把他們都打了。

Glad we caught them all.

很高興我們抓住了它們。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

Thanks. Good morning, and nice presentation, guys.

謝謝。大家早安，演講很精彩。

Morning, Gautam.

早上好，高塔姆。

Thank you. Good morning.

謝謝。早安.

I was wondering if you could elaborate on the state of the supply chain. You guys have given us good updates in the past, how that's progressing, where the pinch points still are. And also, if you could just comment on your expectations of gross inflation over the supply chain inflation over the forecast period. Thanks.

我想知道您是否可以詳細說明供應鏈的狀況。你們過去曾向我們提供過很好的更新，包括進展如何、困難點在哪裡。另外，您是否可以評論一下您對預測期內供應鏈通膨的總通膨預期？謝謝。

Sure. Well, again, I think with the proof points that we've shared this morning, not only in terms of output, but also input, I think we're really encouraged by what we're able to do with FLIGHT DECK and as a function of this new organizational construct that we put in place earlier this year, let alone what we're seeing from an input perspective from suppliers.

當然。好吧，我再次認為，根據我們今天早上分享的證明點，不僅在輸出方面，而且在輸入方面，我認為我們對使用 FLIGHT DECK 所能做的事情以及作為我們今年早些時候建立的這種新組織結構的功能感到非常鼓舞，更不用說我們從供應商的輸入角度所看到的情況了。

I can remember vividly a year ago when we weren't necessarily getting what we needed in terms of volume, but the variability around delivery to expectations, to commitments, rather, was all over the place. And it's just hard enough to ramp, but when you don't have that visibility, that certainty, it's even harder. And that's why we call out not only the 10% sequential improvement, first quarter to second quarter, just in sheer volume that we're getting from our critical suppliers. And again, when we say our priority or critical suppliers, we're really talking about 12 companies across 18 sites. But for them to be delivering to their commitments in the 95% range just makes life a whole lot easier.

我清楚地記得，一年前，我們並不一定能得到我們需要的數量，而是交付與預期、承諾之間的差異非常大。而要實現這個目標本身就已經夠難了，但如果沒有這種可見性和確定性，那就更加困難了。這就是為什麼我們不僅宣稱第一季至第二季實現了 10% 的連續成長，還宣稱我們從關鍵供應商獲得的絕對數量也實現了成長。再說一次，當我們說我們的優先或關鍵供應商時，我們實際上指的是 18 個站點的 12 家公司。但對他們來說，如果能兌現 95% 左右的承諾，生活就會輕鬆很多。

But frankly, what I'm most excited about, you don't see in these numbers. We see it day in, day out, but just the way our supply chain, our engineering, and our quality teams have come together to be quicker, to be deeper in our technical problem solving, and to have, frankly, a higher level of expectation with respect to countermeasures, both short and long term, all the while taking that to the supply base, who I think by and large would hopefully tell you outside of our earshot that they're working with a different GE Aerospace, that we're more constructive, we're more collaborative. We want to be their best customers, because we know there's no way we serve the airlines and the airframers who depend on us without having the best possible supply base in the world.

但坦白說，我最興奮的事情，你在這些數字中看不到。我們每天都能看到這種情況，但我們的供應鏈、工程和品質團隊齊心協力，以更快、更深入的方式解決技術問題，並且坦率地說，對短期和長期對策抱有更高的期望，同時將這些期望傳達給供應基地，我認為他們大體上會在我們聽不到的地方告訴你，他們正在與一個不同的 GE 航天公司協作，我們更具協作性。我們希望成為他們最好的客戶，因為我們知道，如果沒有世界上最好的供應基地，我們就無法為依賴我們的航空公司和飛機製造商提供服務。

So again, a lot of proof points here. What I see qualitatively supports that all the more. But we need to do more in the second half than we did in the first half. We need to do more next year than we did this year. We'll be talking about this for a while. I don't want anyone to think, okay, well, check the supply chain box. That's done, anything but -- again, lots of proof points that suggest we're all moving in the right direction.

所以，這裡再次出現了很多證據。我所看到的事實更能證明這一點。但我們在下半場需要做得比上半場更多。明年我們需要做的比今年更多。我們將會討論這個問題一段時間。我不希望任何人認為，好吧，檢查一下供應鏈框。這已經完成了，但還有什麼呢——再次，大量的證據表明我們都在朝著正確的方向前進。

And then to hit your other point on inflation, Gautam, I think it goes hand in hand with what Larry said about the continued ramp that we need to see from our suppliers. So the material delivery environment is expected to remain tight. We're not expecting that this magically gets better, and you see the ramp that we need to deliver on both on the OE side and on the aftermarket side. I mean, you think about where Boeing and Airbus, the benchmark that they are putting on in the market. And so expectations will be up 50%, 60% from where we are in terms of total aircraft output in the next three years or so.

然後談到你關於通貨膨脹的另一個觀點，高塔姆，我認為這與拉里所說的我們需要從供應商那裡看到通貨膨脹的持續上升相一致。因此預計材料交付環境仍將保持緊張。我們並不期望這種情況會神奇地好轉，但你會看到我們需要在原始設備製造商 (OE) 和售後市場方面實現成長。我的意思是，想想波音和空中巴士在市場上樹立的標竿。因此，預計未來三年左右飛機總產量將比現在增加 50% 到 60%。

And then you combine that with the aftermarket growth that we need to deliver on and the defense market. So we expect the supply chain environment to remain tight, and that drives a higher inflationary environment than we've seen in the past. So we are really not expecting any letoff in the inflation that we have been seeing here over the last couple of years. So we're expecting a consistent environment from where we are. And then, as we said, as we were walking through the profit drivers for '28, we are expecting that overall, given what we've outlined in pricing this morning, that the pricing will cover inflation. So that's the building blocks for the '28 profit.

然後將其與我們需要實現的售後市場成長和國防市場結合。因此，我們預期供應鏈環境將保持緊張，這將導致通膨環境比過去更高。因此，我們確實不期望過去幾年出現的通貨膨脹會有任何緩解。因此，我們期望我們所處的環境保持一致。然後，正如我們所說的那樣，當我們討論 28 年的利潤驅動因素時，我們預計總體而言，根據我們今天上午在定價中概述的內容，定價將覆蓋通貨膨脹。這就是 28 年利潤的基礎。

And I think as we improve those deliveries, Rahul, not only in terms of volumes, but just improved linearity. I think about the labor productivity we saw in the second quarter, I think about a number of our key facilities like Lynn that have gotten off to a very good start here in July, just with those inputs coming in at a higher level, coming in more predictably in a more linear fashion, we're just able to mitigate some of that material price inflation so much more effectively than we saw in '24 or '23.

我認為，隨著我們改進這些交付，拉胡爾，不僅在數量方面有所提高，而且線性也得到了改善。我想到我們在第二季度看到的勞動生產率，我想到我們的一些主要設施，例如林恩，在 7 月份已經有了一個很好的開端，只是這些投入達到了更高的水平，以更線性的方式更可預測地進入，我們能夠比 24 年或 23 年更有效地緩解部分材料價格通脹。

Thank you, guys.

謝謝你們。

Thank you.

謝謝。

Jason Gursky, Citi.

花旗銀行的傑森古爾斯基。

Hey, good morning, everybody.

嘿，大家早安。

Good morning.

早安.

Hey, Larry. I'm going to just go back to some of the comments that you made about the international defense outlook, and I think you used the word localization maybe in your words. So just kind of curious how you think the company is going to participate in the growth of European defense budgets that we're likely to see over the next decade. Do you need to find additional partners to take advantage of this growth? Do you need to make some investments, either organically or inorganically, in the region to assure that you are local enough in the views of the Europeans to take on some of this new work? Thanks.

嘿，拉里。我將回顧您對國際防禦前景所做的一些評論，我認為您可能在您的言論中使用了“本地化”這個詞。所以我只是好奇，您認為該公司將如何參與我們可能在未來十年看到的歐洲國防預算的成長。您是否需要尋找其他合作夥伴來利用這個成長機會？您是否需要在該地區進行一些投資（無論是有機投資還是無機投資），以確保在歐洲人看來，您具有足夠的本地化背景，能夠承擔一些新工作？謝謝。

Well, I think that with respect to Europe in particular, but even more broadly, the optimism we have around defense growth is going to be fundamentally within Defense & Systems. And it will really be around these existing programs that we've got really across the board, both in rotorcraft and in combat jets trainers as well. So those increased budgets, I think, play into our existing footprint very well. It's a little bit of what you see with the F110 agreement as well.

嗯，我認為特別是就歐洲而言，但更廣泛地說，我們對國防成長的樂觀態度基本上將集中在國防和系統領域。我們的工作將圍繞這些現有項目展開，包括旋翼機和戰鬥機教練機。因此，我認為增加的預算與我們現有的規模非常契合。這與 F110 協議中看到的有些相似。

And frankly, those international contracts tend to be priced a bit better. They're structured more like commercial agreements than not. So we get not only the revenue, but the margin hit. Part of what we don't get to show you, I think today doing this virtually as opposed to having the team on stage in Paris, is putting the spotlight on Avio Aero, which is our native European defense position in Italy. Very strong position with the MOD there, with exposure to the Eurofighter, Eurodrone, GCAP, all of the core programs there. And they'll be a focal point for us here as we go forward.

坦白說，這些國際合約的價格往往更優惠一些。它們的結構更像商業協議。因此，我們不僅獲得了收入，還獲得了利潤。我們沒有向你們展示的部分內容是，我認為今天是透過虛擬方式而不是讓團隊在巴黎的舞台上進行展示，目的是將焦點放在 Avio Aero 上，這是我們在義大利的本土歐洲防禦陣地。在那裡的國防部中佔據非常強勢的地位，接觸了歐洲戰鬥機、歐洲無人機、GCAP 等所有核心項目。隨著我們不斷前進，他們將成為我們關注的焦點。

Are we open to other partnerships, other arrangements? Of course. But frankly, we like where we are positioned today, both from a US base as well as from Avio. And know that, again, given the backlogs, I think both Rahul and I have pointed to, we're going to have a good growth trajectory on top of -- or before we get any additional major orders from any of those customers, be it again in Europe or more broadly.

我們是否願意接受其他合作或其他安排？當然。但坦白說，我們喜歡我們今天的定位，無論是從美國基地還是從 Avio 基地。並且要知道，考慮到積壓訂單，我認為拉胡爾和我都指出，我們將擁有良好的成長軌跡 - 或者在我們從任何客戶那裡獲得任何其他主要訂單之前，無論是在歐洲還是更廣泛的地區。

Great. Thank you.

偉大的。謝謝。

Ken Herbert, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ken Herbert。

Yeah. Hi. Good morning, Larry and Rahul. I wanted to ask about the 15% higher revenues associated with narrowbody services through 2028. Just curious if you could parse that out a bit, and specifically from a couple of angles. One sort of sounds like much of that is CFM56. And I'm wondering if you've seen within that any fundamental change in airline spending, like greater percentage of engines, seeing a second or third shop visit, or how much of this is really just supply chain unlock and better turnaround times and your ability to obviously get better flow through?

是的。你好。早上好，拉里和拉胡爾。我想問一下到 2028 年窄體飛機服務帶來的 15% 的收入成長。我只是好奇您是否可以稍微分析一下，特別是從幾個角度。其中一種聽起來很像 CFM56 的。我想知道您是否看到了航空公司支出的任何根本變化，例如發動機比例的提高、第二次或第三次進廠維修，或者其中有多少實際上只是供應鏈解鎖、更好的周轉時間以及您明顯獲得更好流程的能力？

Yeah. It's a great question, Ken. So let me if I just step back for a second before I get into the narrowbody. What we did this morning is we improved our services outlook from where we were back in March of last year by, call it, $4 billion. And that's a combination of two things. One, we improved our expectations of growth in the future. We went from high single digit growth expectation to a double-digit growth expectation. And that's coming off a higher starting point in 2024. So you put both of them together, the services revenue are up approximately $4 billion from where we were back in March of last year.

是的。這是一個很好的問題，肯。因此，在我進入窄體飛機之前，請容許我先退後一步。我們今天早上所做的就是將我們的服務業前景從去年 3 月的水平提高了 40 億美元。這是兩件事的結合。一是提高了對未來成長的預期。我們的成長預期從高個位數上升到了兩位數的成長預期。2024 年的起點更高了。因此，將這兩項加在一起，服務收入比去年 3 月增加了約 40 億美元。

And that is a fairly broad-based improvement in outlook, Ken. It's coming both from narrowbody and from widebody. So if you're getting into the narrowbody where you were a second ago, I think that there are kind of two things that are driving the narrowbody improvement. One, as we said earlier, we've seen 600 incremental shop visits for CFM56 between now and 2028 vs where we were back last year. So that is fewer retirements and also just the airlines keeping their fleets longer. I mean, as you see, even some of the lessors talk about it. They talk about the fact that their renewal leases add kind of close to 90%, 95% from where they were just 30% to 40% a few years ago. So these fleets are just continuing to fly longer. And that's what we're seeing.

肯，這是一個相當廣泛的前景改善。它既來自窄體，也來自寬體。因此，如果您回到剛才所在的窄體機，我認為有兩個因素推動了窄體機的改進。首先，正如我們之前所說，從現在到 2028 年，與去年相比，CFM56 的進廠次數增加了 600 次。因此，退役飛機數量會減少，航空公司保留機隊的時間也會更長。我的意思是，正如你所看到的，甚至一些房東也在談論這件事。他們談到，他們的續約租約增加了近 90%、95%，而幾年前只有 30% 到 40%。因此這些機隊將繼續飛行更長時間。這就是我們所看到的。

Also seeing an increase in LEAP install base. So the LEAP install base is growing and that is driving an improvement in outlook. So the narrowbody is a combination of both CFM56 and LEAP. And the same things happening on the widebody side as well. I mean, widebody you saw, we spoke about the GE90 shop visits being 100 shop visits higher, GEnx kind of the growth in install base there. So it's the exact same replica on the widebody side. So I think it's a fairly broad-based improvement in outlook that's giving us that incremental $4 billion of revenue versus where we were in March. And overall about $8 billion of revenue growth on services between now and 2028, which is driving the profit.

LEAP 安裝基數也有所增加。因此，LEAP 安裝基數正在成長，這將推動前景的改善。因此窄體飛機是 CFM56 和 LEAP 的結合。同樣的事情也發生在寬體飛機上。我的意思是，您看到的寬體飛機，我們談到 GE90 的進店次數比普通飛機高出 100 次，GEnx 的安裝基數也有所增長。因此，它是寬體方面的完全相同的複製品。因此，我認為這是一個相當廣泛的前景改善，這將使我們的收入與 3 月相比增加 40 億美元。從現在到 2028 年，服務收入將整體成長約 80 億美元，這將推動利潤的成長。

Liz, we have time for one last question.

莉茲，我們還有時間問最後一個問題。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

Hey. Good morning, everyone.

嘿。大家早安。

Good morning, Noah.

早上好，諾亞。

Good morning, Noah.

早上好，諾亞。

Can you hear me okay? I just landed in the airport. It's a bit noisy.

你聽見我說話嗎？我剛剛抵達機場。有點吵。

Loud and clear. Hopefully you were on a GE engine.

聲音響亮、清晰。希望您使用的是 GE 引擎。

I was powered by the LEAP-1B. So that's a win. I wanted to ask, we've been in this world where air travel growth has been decelerating. Aftermarket growth has not. Part of that is the aging of the fleet. A lot of that is pent-up demand that's being created by part component labor availability and then the pricing that that creates, all of which you've alluded to at different degrees.

我由 LEAP-1B 提供動力。所以這是一場勝利。我想問的是，我們身處的世界航空旅行成長一直在減速。售後市場卻沒有成長。部分原因是船隊老化。其中很大一部分是由於零件勞動力可用性以及由此產生的定價而產生的被壓抑的需求，所有這些您都在不同程度上提到過。

And so I wonder if you can quantify the duration of the pent-up demand. Will it take you one, two, three years to get through that? And when you built the '25 to '28 framework, are you assuming all of that pent-up demand and the price that comes with it, versus did you just assume the normal core algorithm of the fleet becomes the shop visits in a normal world?

所以我想知道您是否可以量化被壓抑的需求的持續時間。你需要花一、二、三年的時間來完成這個任務嗎？當您建立 25 至 28 年的框架時，您是否假設了所有被壓抑的需求以及隨之而來的價格，還是僅僅假設車隊的正常核心演算法在正常世界中變成了商店訪問？

Well, it's a hard question to answer quantitatively. I think you touched on many of the factors that work in the business's favor and our favor. You didn't touch on our pre-share cycles, which helps lever up the underlying installed base growth. And not only are some of these foundational platforms like the CFM56 or the GE90 staying in service longer, they're approaching those higher-calorie shop visits as well, which is another positive mix effect.

嗯，這個問題很難定量地回答。我認為您談到了許多對企業和我們有利的因素。您沒有觸及我們的預共享週期，這有助於提高底層安裝基數的成長。其中一些基礎平台（如 CFM56 或 GE90）不僅服役時間更長，而且它們的維修次數也在減少，這又是一個積極的組合效應。

But I think with respect to the outlook here, Noah, it's really, I think, looking at what we can, what we need to do to satisfy that $175 billion backlog, which is maybe the one quantitative way that catches most of what we've just touched on. And in turn, we're clearly going to be working that down over the next three years is whatever is pent up there, flushed in three years, five years, I think that's hard to tell, so many moving pieces. But again, even in this environment, to look at that backlog, to see what we're seeing on the part of customers with respect to existing fleets, let alone their skylines, their fleet plans, we come forward today with a revised update largely on the back of confidence born of that backlog in their plans.

但我認為，就這裡的前景而言，諾亞，我認為，實際上，我們要看我們能做什麼，我們需要做什麼來滿足 1750 億美元的積壓，這也許是捕捉我們剛剛談到的大部分內容的一種定量方法。反過來，我們顯然會在未來三年內努力解決那些被壓抑的問題，並在三年或五年內解決，我認為這很難說，因為有太多活動的部分。但是，即使在這種環境下，看看積壓訂單，看看客戶對現有機隊的看法，更不用說他們的天際線、他們的機隊計劃，我們今天提出了修訂後的更新，這主要是基於他們對計劃中積壓訂單產生的信心。

Okay. And Larry, maybe if I could sneak one in on the OE side, just since I'm last here. It's sort of an ask, but just as something specifically and singularly broken wide open in the supply chain improvement process, you sound a lot better. We see the Boeing numbers are finally clicking into the rates they've talked about, maybe even a little faster than they last said. Was there one bottleneck that's now solved? Or is this just sort of the triangulation of the many different efforts that have been ongoing?

好的。還有拉里，也許我可以偷偷地在 OE 方面做一點，因為我上次來這裡。這有點像是詢問，但就像供應鏈改進過程中某個具體而單獨地被打破的東西一樣，你的說法聽起來好多了。我們看到波音的數據終於達到了他們所談論的速度，甚至可能比他們上次說的還要快一點。是否存在一個現在已解決的瓶頸？或者這只是對正在進行的許多不同努力的三角測量？

No, I wish it would have been one bottleneck. We had stopped talking about this a long time ago. But it's a moving target because the volumes keep increasing, thankfully. And it's never been about one commodity, one supplier. Again, we wish it were so simple.

不，我希望這是一個瓶頸。我們很久以前就不再談論此事了。但幸運的是，這是一個移動的目標，因為數量一直在增加。它從來都不是只涉及一種商品、一個供應商。再次，我們希望它如此簡單。

I think in terms of what we can control between FLIGHT DECK and our new Technology & Operations organization, we're better at deploying lean principles. And we've got an outstanding team working more closely together, deep in the organization, deep with suppliers to put those tools to their highest and best use. And again, that's why we cite the input progress. You see that in turn in the output numbers that we've cited throughout the call here.

我認為，就我們在 FLIGHT DECK 和新技術與營運組織之間能夠控制的內容而言，我們更擅長部署精實原則。我們擁有一支優秀的團隊，他們深入組織內部，與供應商緊密合作，最大限度地發揮這些工具的作用。再次，這就是我們引用輸入進度的原因。您將在我們在整個通話過程中引用的輸出數字中看到這一點。

But more to do. So we'll be talking about supply chain again, I think, for the next several years. But I'm really encouraged and frankly proud of what our team has done. Again, a shout out to the supply base who's been there virtually every step of the way. But we all know we have this wonderful opportunity to satisfy that existing backlog while inventing the future of flight.

但還有很多事情要做。所以我認為，在接下來的幾年裡，我們將再次討論供應鏈。但我真的為我們團隊所取得的成就感到鼓舞，坦白說，我感到自豪。再次向幾乎全程陪伴的供應基地致以謝意。但我們都知道，我們有這個絕佳的機會來解決現有的積壓問題，同時創造飛行的未來。

So we'll wrap here and we'll get back to work.

我們就到此為止，然後回去工作。

Larry, any final comments?

拉里，還有什麼要說的嗎？

Blaire, thanks. And thanks to you and the team for preparing this so well, particularly twofold now, what was going to be in Paris and here this morning.

布萊爾，謝謝。感謝您和您的團隊如此周到的準備，特別是雙重準備，既包括今天上午在巴黎舉行的會議，也包括今天上午在這裡舉行的會議。

No, I would just say that, again, we think GE Aerospace is an exceptional franchise with real tremendous competitive advantages. The updated outlook that we provided here reinforces our optimism about our path ahead. And we think we're well positioned to deliver significant value creation for shareholders. We went long today, but we really do appreciate the time you invested in the presentation and obviously your interest in our company.

不，我只是想說，我們認為通用電氣航空航太公司是一家擁有巨大競爭優勢的卓越特許經營企業。我們在此提供的最新展望增強了我們對未來道路的樂觀態度。我們認為我們有能力為股東創造巨大的價值。我們今天講的時間很長，但我們真的很感謝您在演示中投入的時間以及您對我們公司的興趣。

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。