奇異 (GE) 2021 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Fourth Quarter 2021 General Electric Company Earnings Conference Call. (Operator Instructions) My name is Brandon, and I'll be your conference coordinator today. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the program over to your host for today's conference, Steve Winoker, Vice President of Investor Relations. Please proceed.

女士們，先生們，美好的一天，歡迎來到 2021 年第四季度通用電氣公司收益電話會議。 （操作員說明）我的名字是 Brandon，今天我將擔任您的會議協調員。 （操作員說明）作為提醒，本次會議正在錄製中。我現在想把這個項目交給今天會議的主持人，投資者關係副總裁 Steve Winoker。請繼續。

Thanks, Brandon. Welcome to GE's Fourth Quarter 2021 Earnings Call. I'm joined by Chairman and CEO, Larry Culp; and CFO, Carolina Dybeck Happe. Keep in mind that some of the statements we're making are forward-looking and are based on our best view of the world and our businesses as we see them today. As described in our SEC filings and on our website, those elements may change as the world changes.

謝謝，布蘭登。歡迎參加 GE 2021 年第四季度財報電話會議。董事長兼首席執行官拉里·卡爾普 (Larry Culp) 也加入了我的行列；和首席財務官Carolina Dybeck Happe。請記住，我們所做的一些陳述是前瞻性的，並且基於我們對當今世界和我們業務的最佳看法。正如我們在美國證券交易委員會提交的文件和我們的網站上所述，這些要素可能會隨著世界的變化而變化。

Note that we plan to hold an investor event on March 10 in Greenville, South Carolina at our Power and Aviation plants to provide more in our 2022 outlook with an up-close look at our lean progress and innovation. We're covering a lot of ground today with the quarter, the year, our reporting changes and outlook. So we will run a little long. Appreciate your patience and we'll still make time at the end for Q&A.

請注意，我們計劃於 3 月 10 日在南卡羅來納州格林維爾的電力和航空工廠舉辦投資者活動，以近距離了解我們的精益進展和創新，為我們的 2022 年展望提供更多信息。今天，我們在季度、年度、我們的報告變化和展望方面涵蓋了很多領域。所以我們會跑得有點長。感謝您的耐心等待，我們仍然會在最後抽出時間進行問答。

One quick note, I've been getting a number of questions this morning on changes -- on the changes we're making and the relevance to consensus. Consensus is not comparable to our current numbers given the changes we're about to walk through, most notably Insurance, which was about $0.40 in '21. So, with that, I'll hand the call over to Larry.

一個簡短的說明，今天早上我收到了很多關於變化的問題——關於我們正在進行的變化以及與共識的相關性。鑑於我們將要經歷的變化，尤其是保險，在 21 年約為 0.40 美元，共識無法與我們目前的數字相提並論。所以，有了這個，我會把電話交給拉里。

Steve, thank you, and good morning, everyone. 2021 was an important year for GE. We successfully navigated a dynamic environment, delivering solid margin expansion, EPS growth and free cash flow. We focused our portfolio, significantly reduced debt and strengthened our operating performance through lean and decentralization. We've remained on track to achieve our long-term financial goals, and we're confident about where we stand today and where we're headed.

史蒂夫，謝謝大家，大家早上好。 2021 年對 GE 來說是重要的一年。我們成功地駕馭了充滿活力的環境，實現了穩健的利潤率擴張、每股收益增長和自由現金流。我們專注於我們的投資組合，通過精益和權力下放顯著減少了債務並加強了我們的運營績效。我們一直在實現我們的長期財務目標的軌道上，我們對我們今天的立場和前進的方向充滿信心。

We entered 2022 with strength from this continued strategic, operational, and financial progress, thanks to the dedication and resilience of the entire GE team. We're seeing real opportunities for sustainable profitable growth from near-term improvements in our businesses, especially as Aviation recovers and our end markets strengthen. With our transformation accelerating and significant momentum in our businesses, we're playing more offense through both organic and inorganic growth opportunities, such as our recent Healthcare acquisitions.

得益於整個 GE 團隊的奉獻精神和韌性，我們憑藉持續的戰略、運營和財務進展進入 2022 年。我們從業務的近期改善中看到了實現可持續盈利增長的真正機會，特別是隨著航空業的複蘇和我們的終端市場的加強。隨著我們的轉型加速和我們業務的顯著發展勢頭，我們通過有機和無機增長機會發揮更大的進攻性，例如我們最近的醫療保健收購。

It's this momentum that allowed us to announce in November, one of the most important events in GE's history-creating 3 independent investment-grade industry leaders focused on critical global needs. We're supporting the recovery of the aviation industry today and creating a future of smarter, more sustainable and efficient flight. We're developing precision health care that personalizes diagnoses and treatments, and we're leading the energy transition to drive decarbonization.

正是這種勢頭讓我們在 11 月宣布，這是 GE 歷史上最重要的事件之一，該事件創造了 3 位專注於關鍵全球需求的獨立投資級行業領導者。我們正在支持當今航空業的複蘇，並創造一個更智能、更可持續和高效飛行的未來。我們正在開發個性化診斷和治療的精準醫療保健，我們正在引領能源轉型以推動脫碳。

These are big challenges, and our customers deserve and demand our best work. At GE, we're committed to creating value for all of our stakeholders and delivering on our purpose of building a world that works.

這些都是巨大的挑戰，我們的客戶應該得到並要求我們做出最好的工作。在 GE，我們致力於為我們所有的利益相關者創造價值，並實現我們建立一個可行的世界的目標。

Turning to Slide 3. We materially strengthened our business in 2021, and our balance sheet is in solid shape. We took a large step in the fourth quarter with the close of the GECAS/AerCap transaction, focusing GE on our industrial core and creating an industry leader and strategic partner to airline customers. Using the proceeds, we reduced debt by $25 billion, and we're now able to transition to a simpler reporting structure. I'll address our 2021 performance versus our outlook on a prior basis for ease of comparison. Then we'll bridge these results to our simplified reporting, which we'll use going forward.

轉到幻燈片 3。我們在 2021 年實質性加強了我們的業務，我們的資產負債表狀況良好。隨著 GECAS/AerCap 交易的完成，我們在第四季度邁出了一大步，將 GE 專注於我們的工業核心，並為航空公司客戶打造行業領導者和戰略合作夥伴。利用這些收益，我們減少了 250 億美元的債務，現在我們能夠過渡到更簡單的報告結構。為了便於比較，我將在之前的基礎上討論我們 2021 年的表現與我們的前景。然後，我們會將這些結果與我們的簡化報告聯繫起來，我們將繼續使用它。

Let me briefly address the fourth quarter and Carolina will provide further insights. We made good progress in the quarter, 2 highlights of which were orders in Aviation and Healthcare, up 22% and 7%, respectively. But our top line results were pressured by 2 dynamics that we believe are temporary. First, persistent supply chain challenges. This was most acute in Healthcare, although the impact was felt in all businesses, and we're confident in our countermeasures that are underway, including both price and cost actions across GE. Second, we continue to drive commercial selectivity across the board with a particular focus in Power and Renewables. We're being more disciplined in the projects we choose to underwrite in the broader markets where we participate. This means lower volume with lower risk today but better margins and less risk over time.

讓我簡要介紹一下第四季度，Carolina 將提供進一步的見解。我們在本季度取得了不錯的進展，其中航空和醫療保健訂單有兩個亮點，分別增長了 22% 和 7%。但我們的頂線結果受到我們認為是暫時的 2 個動態的壓力。首先，持續的供應鏈挑戰。這在醫療保健領域最為嚴重，儘管所有業務都感受到了影響，我們對正在採取的對策充滿信心，包括通用電氣的價格和成本行動。其次，我們繼續推動全面的商業選擇性，特別關注電力和可再生能源。我們在選擇在我們參與的更廣泛市場中承保的項目中更加自律。這意味著今天的交易量更低，風險更低，但隨著時間的推移，利潤率更高，風險更低。

Increased selectivity and supply chain headwinds each impacted revenue performance by about 3 to 4 points. Our focus on profitability and cash generation was evident this quarter. Industrial margins expanded 290 basis points organically, led by Aviation and Power Services. And we delivered $3.8 billion of Industrial free cash flow.

增加的選擇性和供應鏈逆風分別影響收入表現約 3 到 4 個百分點。本季度我們對盈利能力和現金產生的關注顯而易見。在航空和電力服務的帶動下，工業利潤率有機增長了 290 個基點。我們提供了 38 億美元的工業自由現金流。

Now looking at the full year, orders were up 12% organically with services growth in all businesses and up 12% overall, supporting faster growth in 2022. Industrial revenue was down 2% organically. Increased selectivity and supply chain headwinds impacted performance by 3 to 4 points and 1 to 2 points, respectively. Total equipment revenue decreased 8% organically, while higher-margin services grew 4% organically, led by Power and Healthcare.

現在看全年，訂單有機增長 12%，所有業務的服務增長，整體增長 12%，支持 2022 年更快的增長。工業收入有機下降 2%。增加的選擇性和供應鏈逆風分別影響了 3 到 4 個百分點和 1 到 2 個百分點的績效。設備總收入有機下降 8%，而利潤率較高的服務有機增長 4%，其中電力和醫療保健行業領漲。

We ended the year with strong profitability and cash performance as margins, EPS and free cash flow all exceeded our full year outlook. Industrial margin expanded 390 basis points organically. Strong services growth, coupled with cost actions and restructuring benefits, drove improvements in 3 businesses, led by Aviation. This was offset by supply chain headwinds across the company, Renewable Energy performance and rising inflationary pressures.

我們以強勁的盈利能力和現金業績結束了這一年，因為利潤率、每股收益和自由現金流都超過了我們的全年預期。工業利潤率有機增長 390 個基點。強勁的服務增長，加上成本行動和重組收益，推動了以航空業為首的 3 項業務的改善。這被整個公司的供應鏈逆風、可再生能源業績和不斷上升的通脹壓力所抵消。

Solid margin expansion helped drive adjusted EPS up significantly to $2.12. And we delivered Industrial free cash flow of $5.1 billion, driven by better earnings and disciplined working capital management. If you add back discontinued factoring, our business has generated $5.8 billion of free cash flow last year. Now I recognize there are several definitions this quarter as we transition to reporting that reflects a simpler GE. But let there be no doubt, $5.8 billion best represents our operating performance for the year. And this is the number from which we'll grow in 2022 and going forward.

穩健的利潤率擴張幫助推動調整後的每股收益大幅上漲至 2.12 美元。在更好的收益和嚴格的營運資本管理的推動下，我們實現了 51 億美元的工業自由現金流。如果再加上已終止的保理業務，我們的業務去年產生了 58 億美元的自由現金流。現在我認識到，當我們過渡到反映更簡單通用電氣的報告時，本季度有幾個定義。但毫無疑問，58億美元最能代表我們今年的經營業績。這是我們將在 2022 年和未來增長的數字。

Now given the impact of Renewables on our overall performance, I'd like to spend a moment talking through the business dynamics. Remember, we run this business by its parts: Offshore Wind, pre-revenue and growing; Grid Solutions, on its way to profitability; and while not a part of Renewables results today, there's Grid Software, a profitable part of Digital within Corporate. Our largest business, though, is Onshore Wind, which is where I'll focus.

現在考慮到可再生能源對我們整體業績的影響，我想花點時間談談業務動態。請記住，我們經營這項業務的各個部分：海上風電、預收入和增長； Grid Solutions，正在走向盈利；雖然今天不是 Renewables 結果的一部分，但有 Grid Software，它是 Corporate 中 Digital 的一個有利可圖的部分。不過，我們最大的業務是陸上風電，這是我將重點關注的領域。

First, demand will be there in Onshore Wind as a critical component of the energy transition. We have leading products and a strong services franchise, but we do face near-term challenges, some structural, but many within our control. In the U.S., we're the market leader and profitable. While internationally, we've experienced continued challenges that we're addressing related to new technology ramps. And we're managing through the U.S. production tax credit, or PTC, inflation and supply chain issues.

首先，作為能源轉型的關鍵組成部分，陸上風電將存在需求。我們擁有領先的產品和強大的服務特許經營權，但我們確實面臨近期挑戰，有些是結構性的，但很多都在我們的控制範圍內。在美國，我們是市場領導者並且盈利。在國際上，我們經歷了與新技術坡道相關的持續挑戰。我們正在通過美國生產稅收抵免 (PTC)、通貨膨脹和供應鏈問題進行管理。

So what are we doing? Scott Strazik is now leading our energy businesses, and he'll run the same operational playbook he did at Gas Power. We're being more selective. It's okay not to compete everywhere, and we're looking closer at the margins we underwrite on deals with some early evidence of increased margins on our 2021 orders. Our teams are also implementing price increases to help offset inflation and are laser focused on supply chain improvements and lower costs.

那麼我們在做什麼呢？ Scott Strazik 現在領導我們的能源業務，他將採用與 Gas Power 相同的運營手冊。我們越來越挑剔了。可以不到處競爭，我們正在密切關注我們在交易中承保的利潤率，一些早期證據表明我們的 2021 年訂單利潤率有所提高。我們的團隊還在實施價格上漲以幫助抵消通貨膨脹，並專注於供應鏈的改進和降低成本。

We're making progress operationally. Turbine availability is increasing across the fleet. Our field teams are enhancing the customer experience with better design and testing and quicker responses to field issues. Core services was up double digits in 2021, and we expect growth to continue. Using lean, the team lowered overall inventory by more than $300 million at year end. We do have work to do, and we're on it. With Scott and Pat Byrne now full-time leading onshore at the helm, we believe this will be a growth business that delivers high single-digit margins over time.

我們在運營方面取得了進展。整個機隊的渦輪機可用性正在增加。我們的現場團隊正在通過更好的設計和測試以及對現場問題的更快響應來增強客戶體驗。核心服務在 2021 年增長了兩位數，我們預計增長將繼續。使用精益，該團隊在年底將總庫存降低了 3 億多美元。我們確實有工作要做，我們正在努力。由於 Scott 和 Pat Byrne 現在全職領導在岸，我們相信這將是一項增長業務，隨著時間的推移提供高個位數的利潤率。

Overall, our performance at GE was strong in 2021, underpinned by rising demand in Aviation and Healthcare. Our bottom line focus is paying off and enabling us to reinvest in growth. This sets us up well to deliver high revenue growth, margin expansion and better free cash flow in the year ahead.

總體而言，由於航空和醫療保健需求的增長，我們在 GE 的表現在 2021 年表現強勁。我們的底線重點是獲得回報並使我們能夠對增長進行再投資。這使我們能夠在未來一年實現高收入增長、利潤率擴張和更好的自由現金流。

Moving to Slide 4. GE today is operating from a position of strength. Lean principles are helping our teams increase their focus on customers, eliminating waste and driving continuous improvement. This is leading to sustainable, impactful improvements in safety, quality, delivery and cost. One recent example is what our Gas Power team did to dramatically improve the 7F turbine outage experience for our North American customers. By standardizing crews, optimizing material flow and digitizing frontline field procedures, the team reduced outage cycle time by 30%, ultimately decreasing customer downtime. Our teams are scaling their learnings to more regions.

轉到幻燈片 4。今天的通用電氣正處於強勢地位。精益原則正在幫助我們的團隊增加對客戶的關注，消除浪費並推動持續改進。這將導致安全、質量、交付和成本方面的可持續、有影響力的改進。最近的一個例子是我們的 Gas Power 團隊為我們的北美客戶顯著改善 7F 渦輪機停機體驗所做的工作。通過標準化工作人員、優化物流和數字化一線現場程序，該團隊將停電週期時間縮短了 30%，最終減少了客戶停機時間。我們的團隊正在將他們的學習擴展到更多地區。

In this quarter, at PDx in Ireland, our team rearranged standard workflow and prep sequences in their main contrast media filling line, reducing turnaround time by 40%. This helps avoid unnecessary capital expenditures while significantly expanding our production capacity to reach more customers and ultimately more patients. These are just 2 of the many examples demonstrating the progress our businesses continue to make. Decentralization goes hand-in-hand with lean. We continue to drive decentralization at every turn, P&L by P&L. In each of our 3 go-forward companies, we'll carry that philosophy to drive better results.

在本季度，在愛爾蘭的 PDx，我們的團隊重新安排了他們主要造影劑灌裝線的標準工作流程和準備序列，將周轉時間縮短了 40%。這有助於避免不必要的資本支出，同時顯著擴大我們的生產能力，以接觸更多客戶並最終吸引更多患者。這些只是展示我們的業務繼續取得進展的眾多示例中的兩個。權力下放與精益齊頭並進。我們繼續在每一個轉折點推動權力下放，P&L by P&L。在我們 3 家積極進取的公司中，我們將秉承這一理念來推動更好的結果。

First and foremost, we're driving organic growth through innovation. In Healthcare, for example, we've been investing in one of the fastest-growing Ultrasound subsegments, the handheld market. Portable ultrasound is expected to become standard-of-care over time as it enables quick insights from routine exams with greater mobile flexibility. We launched our Vscan Air, a pocket-sized wireless ultrasound last year, and it's already reaching patients in more than 70 countries, contributing to strong handheld ultrasound revenue growth in 2021.

首先，我們正在通過創新推動有機增長。例如，在醫療保健領域，我們一直在投資增長最快的超聲細分市場之一，即手持設備市場。隨著時間的推移，便攜式超聲波有望成為護理標準，因為它可以通過更大的移動靈活性從常規檢查中快速獲得洞察力。我們去年推出了袖珍型無線超聲儀 Vscan Air，它已經覆蓋 70 多個國家的患者，為 2021 年手持式超聲儀收入的強勁增長做出了貢獻。

And at Gas Power this quarter, Guangdong Energy ordered 2 9HA.01 gas turbines, which will be the first to burn hydrogen-blended with natural gas in Mainland China. We're also selectively complementing our organic growth with inorganic investments, becoming more active in the market as we've strengthened our financial position.

而在本季度燃氣發電，廣東能源訂購了2台9HA.01燃氣輪機，這將是中國大陸第一台使用氫氣與天然氣混合的燃氣輪機。我們還通過無機投資選擇性地補充我們的有機增長，隨著我們加強財務狀況，在市場上變得更加活躍。

Recently, GE Digital acquired Opus One, a company with advanced interoperable software and renewable energy planning capabilities that are highly complementary with Digital's network management and optimization portfolio. Together, we'll help customers integrate distributed energy resources at scale. This builds on other bolt-ons we've done lately such as BK Medical to expand our competitive capabilities.

最近，GE Digital 收購了 Opus One，該公司擁有先進的互操作軟件和可再生能源規劃能力，與 Digital 的網絡管理和優化產品組合高度互補。我們將共同幫助客戶大規模整合分佈式能源。這建立在我們最近所做的其他補充項目的基礎上，例如 BK Medical 以擴大我們的競爭能力。

In addition to broadening momentum in our businesses, many of our end markets are improving. In Aviation, we're encouraged by our performance, which reflects our actions and a continued market recovery. While the current GE CFM departures are down 25% versus '19 levels, given recent volatility due to the Omicron variant, it wasn't a material impact in 2021. Shop visits once again were higher than we initially anticipated, and green time utilization continues to lessen. Along with our customers, GE remains confident in the recovery while actively monitoring the impact of travel restrictions.

除了擴大我們業務的勢頭外，我們的許多終端市場也在改善。在航空領域，我們對我們的表現感到鼓舞，這反映了我們的行動和持續的市場復甦。雖然當前的 GE CFM 離職率與 19 年的水平相比下降了 25%，但鑑於最近由於 Omicron 變體導致的波動，這在 2021 年並沒有產生實質性影響。商店訪問量再次高於我們最初的預期，並且綠色時間利用率仍在繼續減輕。與我們的客戶一起，通用電氣對複蘇充滿信心，同時積極監測旅行限制的影響。

We're positioned to lead as the commercial aftermarket recovers and Military grows, supporting the industry today and sustainability for the long term. In Healthcare, order demand remained strong despite supply chain disruptions which we expect to be with us through at least the first half of next year or 2022. We're encouraged that government and private health systems are investing in products and services to support future capacity and improve quality of care. We're also continuing to invest to meet rising demand from hospital providers while managing costs through operational improvements.

隨著商業售後市場的複蘇和軍事的發展，我們處於領先地位，為當今的行業和長期的可持續性提供支持。在醫療保健領域，儘管供應鏈中斷，但我們預計至少到明年上半年或 2022 年，訂單需求仍然強勁。我們感到鼓舞的是，政府和私營醫療系統正在投資產品和服務以支持未來的產能並提高護理質量。我們還將繼續投資以滿足醫院供應商不斷增長的需求，同時通過改進運營來管理成本。

The energy market remains dynamic. At Renewables, the PTC expired at year's end, and the uncertainty is impacting Onshore Wind demand. Based on Wood Mac's latest equipment and repower forecast, the U.S. market is expected to decline from 15 gigawatts of installations in '21 to approximately 10 gigawatts in 2022. We're monitoring policy proposals and see strong diverse interest in continuing tax credit for wind. In Offshore Wind, demand continues to significantly increase around the world. We have over seven gigawatts of Haliade-X commitments, spanning across Europe, North America and now Asia, including our recent 1.7 gigawatt commitment with our partner, Mitsubishi, in Japan.

能源市場依然充滿活力。在可再生能源，PTC 於年底到期，不確定性正在影響陸上風電需求。根據 Wood Mac 最新的設備和再供電預測，美國市場預計將從 21 年的 15 吉瓦安裝量下降到 2022 年的約 10 吉瓦。我們正在監控政策建議，並看到人們對繼續對風能進行稅收抵免的強烈興趣。在海上風電領域，全球需求持續顯著增長。我們有超過 7 吉瓦的 Haliade-X 承諾，橫跨歐洲、北美和現在的亞洲，包括我們最近與我們的合作夥伴三菱在日本的 1.7 吉瓦承諾。

At Gas, while global gas generation was down slightly for the year, GE gas turbine megawatt hours grew high single digits, supporting stronger services and cash generation. We anticipate the '21 equipment market will be above 30 gigawatts. Overall, gas continues to be a reliable and economic source of power generation, and we see gas generation demand growing low single digits over the next decade.

在 Gas 部門，雖然今年全球天然氣發電量略有下降，但 GE 燃氣輪機兆瓦時數增長了高個位數，支持更強勁的服務和現金產生。我們預計 21 年的設備市場將超過 30 吉瓦。總體而言，天然氣仍然是一種可靠且經濟的發電來源，我們預計未來十年天然氣發電需求將以低個位數增長。

Our Renewables and Power businesses, including Digital and Grid, are playing a critical role in solving the trilemma of affordable, reliable and sustainable energy to meet increasing energy demand and support customers in achieving their net zero ambitions. GE operates in mission-critical markets, each with global reach, profitably growing backlogs and sizable installed bases. Aftermarket services, which make up roughly 80% of our more than $400 billion backlog and more than half our revenue keep us close to our customers on a daily basis.

我們的可再生能源和電力業務，包括數字和電網，在解決負擔得起、可靠和可持續能源的三難困境中發揮著關鍵作用，以滿足不斷增長的能源需求並支持客戶實現淨零目標。 GE 在關鍵任務市場開展業務，每個市場都具有全球影響力、可盈利的積壓訂單和龐大的安裝基礎。售後服務占我們超過 4000 億美元的積壓訂單的大約 80% 和一半以上的收入，使我們每天都貼近客戶。

So I hope that you can see that we're running GE better with a focus on driving innovation, sustainability and growth in '22 and longer term. With that, I'll turn it over to Carolina for further insights on our results.

因此，我希望您能看到我們在 22 世紀及更長遠的時間內專注於推動創新、可持續性和增長，從而更好地運營通用電氣。有了這個，我將把它交給卡羅萊納，以進一步了解我們的結果。

Thanks, Larry. We're continuing to make GE a focused, simpler and stronger high-tech industrial company. Closing the GECAS transaction was a significant milestone that helped us reduce gross debt by $87 billion since the end of 2018 and created an opportunity for us to make reporting changes to substantially simplify our financials and enhance transparency. This quarter, we moved from a 3-column reporting format, which showed GE Industrial separately from our financial services operations to a simpler 1-column format. This means we rolled the remainder of Capital, including EFS and run-off insurance into Corporate. As we shared before, to provide a clearer view of our core performance, our results will exclude run-off insurance from adjusted revenue, profit and free cash flow.

謝謝，拉里。我們將繼續使 GE 成為一家專注、簡單和強大的高科技工業公司。完成 GECAS 交易是一個重要的里程碑，它幫助我們自 2018 年底以來將總債務減少了 870 億美元，並為我們創造了一個機會來進行報告更改，以大大簡化我們的財務並提高透明度。本季度，我們從 3 欄報告格式（將 GE 工業與我們的金融服務業務分開顯示）轉變為更簡單的 1 欄格式。這意味著我們將剩餘的資本，包括 EFS 和徑流保險納入企業。正如我們之前分享的那樣，為了更清楚地了解我們的核心業績，我們的結果將從調整後的收入、利潤和自由現金流中排除徑流保險。

Let me outline what this means. Looking at the EPS and cash flow bridges provided at the right-hand side, starting with adjusted EPS of $2.12 in the prior 3-column format. Now ex run-off insurance, adjusted EPS is $1.71 in the 1-column format.

讓我概述一下這意味著什麼。查看右側提供的每股收益和現金流量橋，從之前 3 欄格式的調整後每股收益 2.12 美元開始。現在不包括徑流保險，調整後的每股收益為 1.71 美元，採用 1 欄格式。

Looking at free cash flow, there were a couple more puts and takes. Starting with the prior 3-column format or what we called Industrial, adding back the cash impact of discontinued factoring gets us to $5.8 billion. Transitioning to the 1-column format and the impact of legacy Capital, which is largely interest expense and derivatives ex run-off insurance, and we arrived at $2.6 billion of free cash flow ex discontinued factoring.

看看自由現金流，還有更多的看跌期權。從之前的 3 欄格式或我們稱之為工業的格式開始，加上停止保理的現金影響，我們將獲得 58 億美元。過渡到 1 欄格式和遺留資本的影響，主要是利息費用和衍生品，不包括徑流保險，我們得出了 26 億美元的自由現金流，不包括終止保理。

Importantly, we expect the $3.2 billion legacy impact on cash flow to be close to $0.5 billion in 2022. This is driven by the significant debt reduction, causing lower interest expense and lower derivatives impact. For ease of comparison, we've provided detailed walks, including quarterly financials on our IR website. Stepping back, after this transition quarter, our new simplified financials reflect the strategic actions we've taken to further focus on our industrial core.

重要的是，我們預計 2022 年對現金流的 32 億美元遺留影響將接近 5 億美元。這是由大幅減少債務推動的，從而降低了利息支出和衍生品影響。為了便於比較，我們在我們的 IR 網站上提供了詳細的步行信息，包括季度財務數據。退一步說，在這個過渡季度之後，我們新的簡化財務反映了我們為進一步關注我們的工業核心而採取的戰略行動。

Turning to Slide 6. I'll speak to all figures on the 1-column reporting format and an organic basis, unless otherwise noted. Starting with orders. This quarter, we saw strength in Aviation and Healthcare. We're growing more profitable areas like services, which was up 7%. Meanwhile, equipment was down, driven by large order timing at Renewables, including the PTC and Power. As we've mentioned, we're being more selective in the commercial deals we're pursuing. For the year, equipment and services orders were both up 12% organically, with services growing in all businesses. We're confident this builds revenue momentum heading into '22.

轉到幻燈片 6。除非另有說明，否則我將討論 1 列報告格式和有機基礎上的所有數據。從訂單開始。本季度，我們看到航空和醫療保健領域表現強勁。我們正在發展更有利可圖的領域，例如服務，增長了 7%。與此同時，由於可再生能源公司（包括 PTC 和 Power）的大訂單時間推動，設備下降。正如我們所提到的，我們在追求的商業交易中更具選擇性。全年，設備和服務訂單均有機增長 12%，所有業務的服務均增長。我們相信這會在 22 年建立收入勢頭。

While adjusted revenue was down this quarter, services was a bright spot, up double digits with growth in all businesses. We're managing through various market and operational dynamics, including supply chain challenges in all businesses, especially Healthcare as well as the continued impact of increased selectivity. Examples here include lower turnkey scope at Power, pursuing deals at the right margins and the exit of new build coal. For the year, these dynamics play through with equipment down and services up.

儘管本季度調整後的收入有所下降，但服務是一個亮點，隨著所有業務的增長而增長了兩位數。我們正在通過各種市場和運營動態進行管理，包括所有業務中的供應鏈挑戰，尤其是醫療保健以及增加選擇性的持續影響。這裡的例子包括 Power 較低的交鑰匙範圍、以適當的利潤進行交易以及退出新建煤炭。今年，這些動態隨著設備下降和服務上升而發揮作用。

This quarter, adjusted margins expanded 210 basis points, largely driven by Aviation Services. For the year, we achieved 400 basis points of margin expansion, driven by services growth, cost productivity, non-repeat of COVID contract charges and more than $1 billion of restructuring savings. At the macro level, inflation pressure continues.

本季度，調整後的利潤率擴大了 210 個基點，主要受航空服務的推動。這一年，我們實現了 400 個基點的利潤率增長，這得益於服務增長、成本生產率、不重複 COVID 合同費用以及超過 10 億美元的重組節省。宏觀層面，通脹壓力持續。

Finally, adjusted EPS was up significantly this quarter and for the year, primarily driven by margin expansion. In all, we're pleased with our orders, margins and earnings performance this year while we continue to drive profitable top line growth in the year ahead. Strengthening our cash generation through improved working capital management and linearity has been a major focus of our transformation. This will ultimately drive more consistent, sustainable and higher cash flow. Thanks to the focus and discipline of our team, we generated $3.7 billion of free cash flow this quarter, mainly driven by earnings and working capital. This was down $2.1 billion year-over-year ex discontinued factoring. In addition to improved linearity throughout the year, the decline was primarily driven by the timing of Onshore Wind North America orders due to PTC and Healthcare supply chain constraints.

最後，本季度和全年調整後每股收益顯著上升，主要受利潤率擴張的推動。總而言之，我們對今年的訂單、利潤率和盈利表現感到滿意，同時我們將繼續推動未來一年的盈利增長。通過改善營運資本管理和線性度來加強我們的現金生成一直是我們轉型的主要重點。這最終將推動更加一致、可持續和更高的現金流。由於我們團隊的專注和紀律，本季度我們產生了 37 億美元的自由現金流，主要由收益和營運資金推動。這比去年同期減少了 21 億美元，不包括已終止的保理業務。除了全年線性度改善外，下降的主要原因是由於 PTC 和醫療保健供應鏈的限制，北美陸上風電訂單的時間安排。

As you know, we stopped factoring this year. The fourth quarter impact was roughly $2 billion, bringing the full year adjustment to approximately $5.1 billion. Working capital was the biggest driver of our free cash flow this quarter and focused on 2 key dynamics. Receivables were a source of cash, mainly driven by continued operational rigor. For example, this quarter, daily management has improved DSO in 3 of our 4 businesses, with total company down DSO of 12 days for the full year. On inventory, we reduced 0.5 billion, mainly from Renewables. This was due to seasonally higher deliveries and more rigorous material management driven by lean as we adjust for the 2022 market demand. We have more to do, but we're confident this will be a source of cash in '22.

如您所知，我們今年停止了保理業務。第四季度的影響約為 20 億美元，全年調整約為 51 億美元。營運資金是本季度我們自由現金流的最大推動力，並專注於兩個關鍵動態。應收賬款是一種現金來源，主要受持續嚴格的運營驅動。例如，本季度，我們 4 項業務中有 3 項的日常管理改善了 DSO，全年公司總 DSO 下降 12 天。在庫存方面，我們減少了 5 億美元，主要來自可再生能源。這是由於隨著我們針對 2022 年的市場需求進行調整，季節性更高的交付量和由精益驅動的更嚴格的材料管理。我們還有更多工作要做，但我們相信這將成為 22 年的現金來源。

For the year, free cash flow was $1.9 billion or $2.6 billion ex discontinued factoring. As previously discussed, the consolidation to 1 column resulted in a negative impact of $3.2 billion, mostly from interest and derivatives. When you add back the impact of discontinued factoring, we generated $5.8 billion of Industrial free cash flow in '21. As Larry said earlier, we believe this best represents our operating performance for the year, and this is the number which we will grow from in '22 and going forward.

本年度，自由現金流為 19 億美元或 26 億美元（不包括已終止保理）。如前所述，合併到 1 列產生了 32 億美元的負面影響，主要來自利息和衍生品。當您加上終止保理的影響時，我們在 21 年產生了 58 億美元的工業自由現金流。正如拉里早些時候所說，我們相信這最能代表我們今年的運營業績，這是我們將在 22 年和未來增長的數字。

Allowance and discount payments or AD&A were net zero this quarter, which is $200 million better than we anticipated due to delayed aircraft deliveries. This resulted in total year '21 AD&A flow of a positive $500 million, flat year-over-year.

本季度津貼和折扣支付或 AD&A 淨額為零，由於飛機交付延遲，這比我們預期的要高 2 億美元。這導致 21 年 AD&A 總流量為正 5 億美元，同比持平。

Let's take a look at free cash flow by business for the year, ex factoring all periods. Aviation delivered an impressive $4.6 billion, up $2.6 billion. This was driven by services strength aligning with the market recovery, improved working capital, including strong customer collections and timing of customer allowance payments. Healthcare delivered $2.7 billion, which was roughly flat ex BioPharma. Higher earnings were offset by working capital pressure linked to supply chain constraints. Renewables was negative $1.2 billion versus breakeven last year. We saw a decline in the U.S. equipment orders due to PTC. The lower down payments drove a $1.5 billion of progress burn, while inventory and receivables substantially improved.

讓我們看一下本年度各業務的自由現金流，不包括所有時期。航空業帶來了令人印象深刻的 46 億美元，增加了 26 億美元。這是由與市場復甦相一致的服務實力、改善的營運資金推動的，包括強大的客戶收款和客戶津貼支付的時間。醫療保健交付了 27 億美元，與生物製藥公司大致持平。較高的收益被與供應鏈限制相關的營運資金壓力所抵消。與去年的盈虧平衡相比，可再生能源為負 12 億美元。由於 PTC，我們看到美國設備訂單下降。較低的首付推動了 15 億美元的進度消耗，而庫存和應收賬款大幅改善。

Total Power generated $1.2 billion, up $600 million, mainly driven by improved earnings and working capital at Gas Power, including substantial progress payments for Aeroderivative orders and backlog growth. This was partially offset by the impact of new build coal, which was about $500 million negative. Overall, our returns are driving working capital improvements, which coupled with higher earnings, will continue to drive measurable free cash flow growth in '22.

Total Power 創造了 12 億美元，增加了 6 億美元，這主要得益於 Gas Power 的收益和營運資金的改善，包括航改型訂單的重大進展付款和積壓的增長。這部分被新建煤炭的影響所抵消，損失約為 5 億美元。總體而言，我們的回報正在推動營運資本的改善，再加上更高的收益，將繼續推動 22 年可衡量的自由現金流增長。

Turning to Slide 8. We've made substantial progress strengthening our long-term financial position. On leverage, our rating agency-aligned net debt-to-EBITDA was 5.4x in '21, improving from our estimate of approximately 6x, driven by higher debt reduction. Using a market-aligned measure, which includes bonds, preferreds and cash, as you can see on the slide, we ended '21 at 3.3x and expect to be around 2x at the end of '22. We expect our leverage to continue to decrease with a clear focus on improving operations and thereby EBITDA. Additionally, we have significant sources available, growing free cash flow, cash on hand of $16 billion and our stakes in AerCap and Baker Hughes, totaling $13 billion.

轉到幻燈片 8。我們在加強長期財務狀況方面取得了實質性進展。在槓桿率方面，我們與評級機構一致的淨債務與 EBITDA 的比率在 21 年為 5.4 倍，高於我們估計的約 6 倍，這是由於債務減少程度較高。正如您在幻燈片上看到的那樣，使用包括債券、優先股和現金在內的與市場一致的衡量標準，我們在 21 年結束時為 3.3 倍，預計在 22 年結束時約為 2 倍。我們預計我們的槓桿率將繼續下降，明確專注於改善運營，從而改善 EBITDA。此外，我們還有大量可用資源、不斷增長的自由現金流、160 億美元的手頭現金以及我們在 AerCap 和貝克休斯的股份，總計 130 億美元。

We've continued to de-risk and actively manage our pension. We decreased our after-tax deficit by $8 billion, ending the year at $12 billion, driven by strong asset returns and a favorable interest rate environment. Going forward, the strength of our balance sheet positions us well to create 3 independent investment grade and industry-leading companies and enables us to invest for growth.

我們繼續降低風險並積極管理我們的養老金。在強勁的資產回報和有利的利率環境的推動下，我們將稅後赤字減少了 80 億美元，到年底達到 120 億美元。展望未來，我們的資產負債表實力使我們有能力創建 3 家獨立的投資級和行業領先的公司，並使我們能夠投資以實現增長。

Moving to our business results, which I'll also speak to on an organic basis. First, on Aviation. Our strong results reflect our underlying business fundamentals and a recovery in commercial market. For the quarter, orders grew double digits. Both Commercial Engines and services were up substantially again year-over-year. Military orders were down, largely due to a tough comp when we had large wins on F404 and F414 last year, but demand remains strong. Revenue was up. Commercial Services grew significantly. Shop visits was up over 40% again year-over-year and mid-single digits sequentially. Overall scope improved sequentially. MRO purchases were seasonally higher in the fourth quarter. And as usual, we expect activity to decline significantly in the first quarter.

轉向我們的業務成果，我也會有機地談論它。首先，關於航空。我們強勁的業績反映了我們的基本業務基本面和商業市場的複蘇。本季度，訂單增長兩位數。商用發動機和服務均同比大幅增長。軍用訂單下降，主要是由於去年我們在 F404 和 F414 上大獲全勝，但需求依然強勁。收入上升了。商業服務顯著增長。商店訪問量同比增長超過 40%，環比增長中個位數。整體範圍依次改善。 MRO 採購在第四季度出現季節性增長。和往常一樣，我們預計第一季度的活動將顯著下降。

Commercial Engines was down double digits. The driver here were twofold. First, mix continues to shift to more NPI units, specifically LEAP, with lower production rates on GEnx. Second, we're navigating continued supply chain and labor availability challenges. Military was also down as output challenges continue, but we are seeing significantly higher first-time yields in the areas where we have fully implemented lean and sustainable process improvements. It's taking more time to realize the process benefits across all production lines. We'll see more tangible and visible progress, particularly through the second half of '22.

商業引擎下降了兩位數。這裡的司機是雙重的。首先，混合繼續轉向更多的 NPI 單元，特別是 LEAP，GEnx 的生產率較低。其次，我們正在應對持續的供應鍊和勞動力供應挑戰。隨著產出挑戰的繼續，軍用也有所下降，但在我們已全面實施精益和可持續流程改進的領域，我們看到首次產量顯著提高。實現所有生產線的工藝優勢需要更多時間。我們將看到更多切實可見的進展，尤其是到 22 年下半年。

Segment margin expanded significantly year-over-year and sequentially. This was primarily driven by Commercial Services growth and favorable Commercial Engines mix. For the year, while Aviation revenue was slightly below our expectations, margin expanded to 13.5% reported. This leverage was supported by solid services as shop visits increased 10% year-over-year, and we reduced operational costs.

分部利潤率同比和環比大幅增長。這主要是由商業服務增長和有利的商業引擎組合推動的。今年，雖然航空收入略低於我們的預期，但利潤率擴大至 13.5%。這種槓桿得到了可靠的服務的支持，因為商店訪問量同比增長了 10%，並且我們降低了運營成本。

Looking at '22, given our strong fourth quarter margin, a moment on Aviation in the first quarter. We expect margins closer to mid-teens, driven by seasonal decreases in MRO buying behavior and the new engine ramp. Broadly speaking, we continue to evaluate and manage the impact of Omicron and we're confident in the long-term fundamentals of this business.

鑑於我們強勁的第四季度利潤率，看看 22 年，第一季度的航空業是一個時刻。由於 MRO 購買行為的季節性下降和新發動機的增加，我們預計利潤率接近 10 倍左右。從廣義上講，我們繼續評估和管理 Omicron 的影響，我們對該業務的長期基本面充滿信心。

Moving to Healthcare. Looking at our performance, market momentum continues to drive strong demand, despite the industry-wide supply chain constraints. For the quarter, orders were up high single digits, both year-over-year and compared to '19 levels. This was driven by high single-digit growth in Healthcare Systems and low single-digit growth in PDx. Revenue was down with a mid-single-digit decline in Healthcare Systems. This more than offset the low single-digit growth at PDx. Service revenue increased low single digits. Industry-wide semiconductor, resin, parts and labor shortages continued across all modalities. Absent these shortages, meaning if we were able to fill all orders, we estimate that organic revenue growth would have been about 7 to 8 points higher in the fourth quarter or year-over-year a growth of 4% and about 3 to 4 points higher for the full year or growth of mid-single digits.

轉向醫療保健。從我們的表現來看，儘管整個行業的供應鏈受到限制，市場動力繼續推動強勁的需求。本季度，訂單量同比增長高個位數，與 19 年的水平相比。這是由醫療保健系統的高個位數增長和 PDx 的低個位數增長推動的。收入下降，醫療保健系統出現中個位數的下降。這足以抵消 PDx 的低個位數增長。服務收入增長低個位數。整個行業的半導體、樹脂、零件和勞動力短缺在所有模式中持續存在。如果沒有這些短缺，這意味著如果我們能夠滿足所有訂單，我們估計第四季度的有機收入增長將高出約 7 至 8 個百分點或同比增長 4% 和約 3 至 4 個百分點全年更高或增長中個位數。

Supply chain challenges are expected to continue at least through the first half of '22, which we're actively managing. We are confident that these factors are temporary and the business should return to long-term sustainable growth. We've seen elective procedures holding through the year-end. While Omicron is having a more recent impact on procedure volumes, it is still too early to quantify, but we're encouraged to see hospitals better managing routine procedures along with COVID cases.

預計供應鏈挑戰至少會持續到 22 年上半年，我們正在積極應對。我們相信，這些因素是暫時的，業務應該會恢復到長期的可持續增長。我們已經看到選舉程序一直持續到年底。雖然 Omicron 最近對手術量產生了影響，但現在量化還為時過早，但我們很高興看到醫院更好地管理常規手術以及 COVID 病例。

Segment margin declined year-over-year, largely driven by supply chain issues and inflation. Also recall that the fourth quarter was a difficult comp to 2020 as revenue began to rebound significantly from COVID lows. This was partially offset by productivity and higher PDx volume. In addition, we're seeing evidence of lean-driven operational improvement, including Health care finance, where our team is lean to reduce the quarter close process to 5 days down from 10 days just 2 years ago.

分部利潤率同比下降，主要是由於供應鏈問題和通貨膨脹。還記得第四季度到 2020 年是一個艱難的比較，因為收入開始從 COVID 低點大幅反彈。這被生產力和更高的 PDx 量部分抵消。此外，我們看到了精益驅動的運營改進的證據，包括醫療保健財務，我們的團隊精益求精，將季度結算流程從 2 年前的 10 天縮短到 5 天。

For the year, Healthcare delivered strong performance. We proactively managed sourcing and logistics as well as qualifying new parts, for example, to partially mitigate supply chain impact. Orders were up double digits with strength in HCS and PDx. Revenue was up low single digits and margins expanded with 70 basis points. Overall, this strength has enabled us to increase our recent organic and inorganic investments. We continue to reinvest launching a significant number of exciting new products in MR, CT, X-ray, Hand-held Ultrasound, Interventional and Digital. The innovation we deliver extends beyond clinical capabilities. We also always consider how can we help customers make the most of their investments whether that's through efficient digital upgrades at AI, such as our AIR Recon DL, or leveraging a platform like Revolution Apex CT to scale existing solutions without significant hardware changes.

今年，醫療保健表現強勁。例如，我們主動管理採購和物流以及對新零件進行認證，以部分減輕對供應鏈的影響。由於 HCS 和 PDx 的強勁，訂單增長了兩位數。收入增長了低個位數，利潤率擴大了 70 個基點。總體而言，這種優勢使我們能夠增加我們最近的有機和無機投資。我們繼續進行再投資，推出大量令人興奮的 MR、CT、X 射線、手持式超聲、介入和數字新產品。我們提供的創新超越了臨床能力。我們還一直在考慮如何幫助客戶充分利用他們的投資，無論是通過 AI 的高效數字升級，例如我們的 AIR Recon DL，還是利用像 Revolution Apex CT 這樣的平台來擴展現有解決方案，而無需進行重大硬件更改。

And on the inorganic side, we completed the acquisition of BK Medical in December, adding fast-growing surgical visualization assets to our $3 billion ultrasound business. Looking forward, Healthcare is well positioned for continued profitable growth, targeting 25 to 75 bps of margin expansion as we prepare to stand up the business as an independent company.

在無機方面，我們於 12 月完成了對 BK Medical 的收購，為我們 30 億美元的超聲業務增加了快速增長的手術可視化資產。展望未來，醫療保健已做好持續盈利增長的準備，在我們準備將業務作為一家獨立公司站穩腳跟時，目標是實現 25 至 75 個基點的利潤率擴張。

Turning to Renewables. As Larry said, we're focused on improving our performance in '22 and '23. Looking at the quarter, orders were down double digits, driven largely by PTC uncertainty, delaying investments in the U.S. Onshore equipment. Offshore was also down slightly despite several large orders, including Dogger Bank C this quarter. Revenue declined mid-single digits, driven by lower equipment deliveries at Onshore and continued project selectivity at Grid. Offshore was also lower, driven by project timing. Services partially offset these declines as Repower revenue nearly doubled, even ex-repower, Onshore services grew double-digits for the year.

轉向可再生能源。正如拉里所說，我們專注於提高我們在 22 和 23 年的表現。從本季度來看，訂單下降了兩位數，主要是由於 PTC 的不確定性，推遲了對美國陸上設備的投資。儘管有幾個大訂單，包括本季度的 Dogger Bank C，但離岸業務也略有下降。受陸上設備交付量下降和 Grid 持續項目選擇性的推動，收入下降了中個位數。受項目時間的推動，離岸價格也較低。服務部分抵消了這些下降，因為 Repower 收入幾乎翻了一番，即使是前 repower，陸上服務今年也增長了兩位數。

Segment margin declined over 500 basis points, largely due to Onshore and Grid. Onshore margins decline were negative, driven by our International business. We continue to experience challenge related to our new technology ramp as well as project execution and lower margins on older deals in the backlog, which will run off over the next couple of years.

分部利潤率下降超過 500 個基點，主要是由於陸上和電網。在我們的國際業務的推動下，在岸利潤率下降為負數。我們繼續面臨與我們的新技術斜坡以及項目執行和積壓中較舊交易的較低利潤率相關的挑戰，這將在未來幾年內耗盡。

In the U.S., margins improved. This was due to continued productivity and higher repower sales, partially offset by lower volume. At Grid, cost actions were more than offset by continued volume declines, largely driven by selectivity and project costs. While both supply chain and inflation impacts were limited this quarter, rising inflation will be a bigger impact in 2022 as we have previously flagged.

在美國，利潤率有所改善。這是由於持續的生產力和更高的動力銷售，部分被較低的銷量所抵消。在 Grid，成本行動被持續的銷量下降所抵消，這主要是由選擇性和項目成本驅動的。儘管本季度供應鍊和通脹的影響都有限，但正如我們之前所指出的，通脹上升將在 2022 年產生更大的影響。

So for the year, we delivered double-digit order growth driven by Offshore, while revenue and margin both declined. Long term, we are firmly positioned to lead the energy transition, building on advanced technologies like the Haliade-X, which we'll begin delivering in '22.

因此，這一年，我們在 Offshore 的推動下實現了兩位數的訂單增長，而收入和利潤率均有所下降。從長遠來看，我們將堅定地引領能源轉型，以 Haliade-X 等先進技術為基礎，我們將於 22 年開始提供這些技術。

Moving to Power. The team delivered strong performance this year, driven by operational improvements, especially at Gas Power. For the quarter, orders were down driven by Gas Power offsetting Steam growth. Gas declined, facing a tough comp and some customer timing changes. This quarter, we booked 4 HA units, some of which will run on hydrogen-blended natural gas. We see continued momentum on our HA with more than 20 tech selections for the year, which will likely manifest in orders in '22 and '23.

走向權力。在運營改進的推動下，該團隊今年表現出色，尤其是在 Gas Power 方面。本季度，由於 Gas Power 抵消了 Steam 的增長，訂單下降。天然氣下降，面臨艱難的競爭和一些客戶時間變化。本季度，我們預訂了 4 套 HA 裝置，其中一些將使用氫混合天然氣。我們看到我們的 HA 繼續保持勢頭，今年有超過 20 項技術選擇，這可能會在 22 和 23 年的訂單中體現出來。

Steam orders were up across equipment and services, driven by the nuclear part of the Steam business. Revenue was down. Equipment was down due to fewer unit shipments, reduced turnkey scope at Gas and Steam's continued exit of new build coal. We're navigating supply chain constraints, which significantly impacted deliveries this quarter. Services was up. Gas was up double digits with both CSA and transactional volume growth.

在 Steam 業務的核業務的推動下，Steam 的設備和服務訂單均有所增加。收入下降了。由於單位出貨量減少、Gas 和 Steam 繼續退出新建煤炭的統包範圍減少，設備下降。我們正在應對供應鏈限制，這嚴重影響了本季度的交付。服務起來了。隨著 CSA 和交易量的增長，Gas 增長了兩位數。

One reminder, due to the aeroderivative joint venture with Baker being deconsolidated effective November 1, Gas Services revenue no longer includes the sales from the joint venture to Baker Hughes or about $0.5 billion of lower reported annual revenue. Steam services was down on continued selectivity. Margins expanded year-over-year and were up sequentially, largely driven by Gas Power services. All businesses delivered positive margins this quarter.

提醒一下，由於與貝克的航改合資企業將於 11 月 1 日解除合併，天然氣服務收入不再包括合資企業對貝克休斯的銷售額或報告的年收入減少約 5 億美元。 Steam 服務因持續的選擇性而下降。利潤率同比增長並環比上升，主要受燃氣發電服務的推動。本季度所有業務均實現了正利潤率。

For the year, orders were up low single digits. Gas orders were about flat with services offsetting equipment. We remain selective with disciplined underwriting. Margin in our Gas equipment backlog increased by 2 points. And due to selectivity, 80% of our heavy-duty unit orders were equipment-only in scope. Power revenue was down 4%. Services saw double-digit growth led by Gas, while equipment was down with turnkey revenue about $1 billion lower year-over-year. Steam's coal equipment backlog also ended below $1 billion and Power Conversion grew double digits. Margins improved more than 300 basis points. Gas has stabilized, achieving high single-digit margins and Power Conversion achieved low single-digit margins, reflecting operational improvement through the year.

這一年，訂單增長了個位數。天然氣訂單與服務抵消設備基本持平。我們仍然有選擇性地進行有紀律的承保。我們的天然氣設備積壓保證金增加了 2 個百分點。由於選擇性，我們 80% 的重型設備訂單僅在範圍內。電力收入下降 4%。服務在天然氣的帶動下實現了兩位數的增長，而設備收入下降，統包收入同比下降約 10 億美元。 Steam 的煤炭設備訂單也低於 10 億美元，Power Conversion 增長了兩位數。利潤率提高了 300 多個基點。天然氣已經企穩，實現了高個位數的利潤率，而電力轉換實現了低個位數的利潤率，反映了全年的運營改善。

Looking at '22, we see opportunities to expand margins and improve free cash flow as lean becomes further embedded and Steam continues to exit new build coal. At Gas, equipment revenue will increase driven by Aeroderivative growth and heavy-duty normalizing. HA commissioned units will almost double by year-end versus 2020, supporting future services and cash growth. We expect total Power to achieve high single-digit margins in 2023.

縱觀 22 年，我們看到了擴大利潤率和改善自由現金流的機會，因為精益變得更加深入，Steam 繼續退出新建煤炭。在天然氣，設備收入將在航改型增長和重型正常化的推動下增加。到年底，房委會委託的單位將比 2020 年翻一番，支持未來的服務和現金增長。我們預計 Total Power 將在 2023 年實現高個位數利潤率。

Now closing with Corporate. As we've discussed, we're driving leaner processes and decentralization to reduce functional and operational costs. Compared to our outlook on the prior reporting basis, adjusted corporate costs was less than $1 billion in '21, down 30%. Adjusted capital net income was negative $350 million, better than our most recent guide of negative $500 million. As we've mentioned earlier, on our 1-column basis, Capital is now part of Corporate. So for the year, adjusted Corporate cost was $1.2 billion with functions and operations continuing to improve.

現在與企業關閉。正如我們所討論的，我們正在推動更精簡的流程和權力下放，以降低功能和運營成本。與我們在之前報告基礎上的展望相比，調整後的公司成本在 21 年不到 10 億美元，下降了 30%。調整後的資本淨收入為負 3.5 億美元，好於我們最近的負 5 億美元指南。正如我們之前提到的，在我們的 1 列基礎上，Capital 現在是 Corporate 的一部分。因此，這一年，調整後的公司成本為 12 億美元，功能和運營持續改善。

I'm encouraged at Digital with double-digit order growth in the fourth quarter and exciting innovations such as autonomous tuning software. This applies AI to continuously optimize any gas turbine to operate with the ideal combustion and reduce emissions and fuel consumption.

Digital 在第四季度實現了兩位數的訂單增長和令人興奮的創新，例如自主調整軟件，這讓我感到鼓舞。這應用人工智能來不斷優化任何燃氣輪機，以實現理想燃燒並減少排放和燃料消耗。

At Insurance, which is included -- excluded from our organic results as this is a run-off business, net income was approximately $450 million. This was up significantly, driven primarily by strong investment results and favorable claim experience in our LTC portfolio, partially offset by higher paid claims in our Life portfolio.

在包括在內的保險業務中，由於這是一項決勝業務，因此不包括在我們的有機業績中，淨收入約為 4.5 億美元。這顯著上升，主要是由於我們的長期投資組合中強勁的投資結果和良好的索賠經驗，部分被我們的人壽投資組合中更高的支付索賠所抵消。

Consistent with prior years, we will finalize our annual statutory cash flow test in the first quarter. We currently anticipate that this will be in line with our permitted practice requirements. In discontinued operations, we have our run-off Polish BPH mortgage portfolio with a current gross balance of $2.4 billion. This quarter, we recorded charges of about $200 million, mainly driven by more adverse results in the ongoing litigation with borrowers. This brings the total estimate of losses in connection with this litigation to approximately $800 million.

與往年一致，我們將在第一季度完成年度法定現金流量測試。我們目前預計這將符合我們允許的實踐要求。在已停產的業務中，我們的波蘭 BPH 抵押貸款組合的當前總餘額為 24 億美元。本季度，我們記錄了約 2 億美元的費用，主要是由於與借款人正在進行的訴訟中出現了更多不利結果。這使與該訴訟有關的損失總額估計達到約 8 億美元。

In all, this quarter marked a strong close to 2021. As you can see, lean and decentralization are not just operational levers. They are becoming embedded in our culture and in the business. These operational improvements drove margin expansion, EPS growth and free cash flow generation for the year, and we are continuing to improve. Our strong performance is enabling us to play more offense and drive sustainable, long-term profitable growth.

總之，本季度標誌著接近 2021 年的強勁表現。如您所見，精益和權力下放不僅僅是運營槓桿。它們正在融入我們的文化和業務中。這些運營改進推動了今年的利潤率增長、每股收益增長和自由現金流的產生，我們正在繼續改進。我們的強勁表現使我們能夠發揮更多的進攻能力並推動可持續的長期盈利增長。

Now Larry, back to you.

現在拉里，回到你身邊。

Carolina, thanks. Turning the page to 2022. We're planning to provide more detail during our March investor event that Steve referenced. But today, let me share our company overview.

卡羅萊納，謝謝。將這一頁翻到 2022 年。我們計劃在史蒂夫提到的 3 月投資者活動期間提供更多細節。但是今天，讓我分享一下我們公司的概況。

Looking at Slide 10, we're expecting organic revenue growth in the high single-digit range; organic margin expansion of 150 basis points or more; adjusted EPS of $2.80 to $3.50 a share; and a range of $5.5 billion to $6.5 billion for free cash flow. There are a number of key assumptions underpinning our plan for the year.

從幻燈片 10 來看，我們預計有機收入將在高個位數範圍內增長；有機利潤率擴大 150 個基點或更多；調整後每股收益為 2.80 美元至 3.50 美元；以及 55 億至 65 億美元的自由現金流。我們的年度計劃有許多關鍵假設。

Let me start with Aviation. The continued commercial market recovery will again be one of the most critical factors to delivering our '22 outlook. Starting with the market, we're currently planning for improved GE CFM departures, which we expect to average down about 10% off '19 levels and total year shop visits to be up about 20% year-over-year. We expect revenue will increase more than 20% driven by strong worldwide shop visit growth and the ramp of LEAP engine deliveries. Margins will expand despite Commercial mix pressure as LEAP engine deliveries increase while we increase our investment in new technology.

讓我從航空開始。持續的商業市場復甦將再次成為實現我們 22 年展望的最關鍵因素之一。從市場開始，我們目前正計劃改進 GE CFM 離場率，我們預計這將比 19 年的水平平均下降約 10%，全年商店訪問量將同比增長約 20%。我們預計，在全球商店訪問量強勁增長和 LEAP 發動機交付量增加的推動下，收入將增長 20% 以上。儘管隨著 LEAP 發動機交付量的增加，同時我們增加對新技術的投資，商業組合壓力仍將擴大，但利潤率仍將擴大。

Looking across our other segments. At Healthcare, we see low to mid-single-digit revenue growth driven by our commercial efforts and new product launches, tempered by continued supply chain challenges through at least the first half. We're targeting solid margin expansion this year inclusive of more than $1 billion of R&D spend.

縱觀我們的其他細分市場。在醫療保健領域，我們看到由我們的商業努力和新產品發布推動的中低個位數收入增長，至少在上半年受到持續供應鏈挑戰的影響。我們今年的目標是實現穩健的利潤率擴張，其中包括超過 10 億美元的研發支出。

In Renewables, we've discussed in detail how we're driving operational improvement today in a smaller Onshore Wind market. This better execution, along with Offshore Wind growth will help us deliver low single-digit revenue growth and improved profitability.

在可再生能源中，我們詳細討論了我們今天如何在較小的陸上風電市場推動運營改進。這種更好的執行以及海上風電的增長將幫助我們實現低個位數的收入增長並提高盈利能力。

In Power, continued services strength will drive low single-digit revenue growth while we continue to increase selectivity and exit new build coal. We're on a path towards high single-digit margins in '23. We'll discuss cash more on the next slide, but across each business, we're driving operational improvements that in turn will deliver higher cash flow for the company. Better earnings and working capital management, especially inventory will enable us to grow free cash flow in 2022. For the first quarter, though, we expect free cash flow to be negative.

在電力方面，持續的服務實力將推動低個位數的收入增長，同時我們繼續提高選擇性並退出新建煤炭。我們正朝著 23 年的高個位數利潤率邁進。我們將在下一張幻燈片中更多地討論現金，但在每項業務中，我們都在推動運營改進，從而為公司帶來更高的現金流。更好的收益和營運資金管理，尤其是庫存，將使我們能夠在 2022 年增加自由現金流。不過，我們預計第一季度的自由現金流將為負數。

In aggregate, our substantial backlog and large services installed base give us confidence in our ability to deliver on these commitments. We're focused on delivering profitable growth and stronger cash generation, enabling us to reinvest in growth and play more offense.

總的來說，我們大量的積壓和龐大的服務安裝基礎使我們對我們履行這些承諾的能力充滿信心。我們專注於實現可盈利的增長和更強勁的現金生成，使我們能夠對增長進行再投資並發揮更多進攻能力。

Moving to Slide 11. Our strong $5.8 billion of free cash performance in '21 sets us up well to deliver $5.5 billion to $6.5 billion of free cash in '22.

轉到幻燈片 11。我們在 21 年強勁的 58 億美元自由現金表現使我們能夠很好地在 22 年交付 55 億至 65 億美元的自由現金。

Looking at the year-over-year dynamics. Following last year's significant debt reduction actions, legacy Capital outflows will be dramatically lower, down to $0.5 billion. We expect earnings will continue to grow driven by revenue growth and margin expansion. Excluding the Capital impact, this drives the bulk of the year-over-year improvement. We expect working capital to be a source with continued lean efforts offsetting volume growth. We see opportunity to improve inventory turns as we resolve supply chain constraints.

看看逐年動態。在去年採取重大減債行動之後，遺留資本外流將大幅減少，降至 5 億美元。我們預計，在收入增長和利潤率擴張的推動下，盈利將繼續增長。排除資本影響，這推動了同比增長的大部分。我們預計營運資金將成為持續精益努力抵消銷量增長的來源。隨著我們解決供應鏈限制，我們看到了改善庫存周轉率的機會。

At Renewables, we expect a higher impact from Onshore progress collections resulting from down payments on new orders and fewer deliveries in '22. And as both gas and aircraft engine utilization increases, we expect CSA billings to increase as well. We anticipate an AD&A outflow of $0.5 billion or a year-over-year negative impact of $1 billion, as our customers plan for higher deliveries in '22. We expect a limited drag from other cash flows, including growth investments supported by higher CapEx.

在 Renewables，我們預計 22 年新訂單的首付和交付量減少會導致陸上進度收款產生更大的影響。隨著燃氣和飛機發動機利用率的增加，我們預計 CSA 的費用也會增加。我們預計 AD&A 流出 5 億美元或同比負面影響 10 億美元，因為我們的客戶計劃在 22 年實現更高的交付量。我們預計其他現金流的拖累有限，包括更高資本支出支持的增長投資。

Some color by business compared to '21 free cash flow, excluding the impact of discontinued factoring. We expect Aviation will be slightly down, driven by the AD&A headwinds I mentioned a moment ago, while Healthcare, Renewables and Power all improved year-over-year. This positive trajectory gives us conviction in achieving high single-digit margins or greater than $7 billion of free cash flow in '23 with today's portfolio of businesses.

與 21 年的自由現金流相比，某些業務的顏色有所不同，不包括終止保理的影響。我們預計，在我剛才提到的 AD&A 逆風的推動下，航空業將略有下降，而醫療保健、可再生能源和電力均同比有所改善。這種積極的軌跡使我們有信心在 23 年通過當今的業務組合實現高個位數的利潤率或超過 70 億美元的自由現金流。

Closing on Slide 12. Since our announcement in November, we've received very encouraging feedback. Our customers are excited. In hundreds of conversations, they've indicated that the new structure will help us better serve their needs. There's also a lot of excitement within the company. Our teams are highly motivated. They're sharpening their focus and picking up the pace. This makes me even more confident in what we'll deliver this year. And our investors are also very supportive and see the value creation opportunity ahead. We have 3 terrific businesses that are leaders in their respective industries. And independently, they will be able to attract an even broader investor base with distinct sector-specific investment propositions.

在幻燈片 12 上結束。自 11 月宣布以來，我們收到了非常令人鼓舞的反饋。我們的客戶很興奮。在數百次對話中，他們表示新結構將幫助我們更好地滿足他們的需求。公司內部也有很多令人興奮的事情。我們的團隊非常積極。他們正在集中註意力並加快步伐。這讓我對我們今年將要交付的產品更有信心。我們的投資者也非常支持，並看到了未來的價值創造機會。我們有 3 家了不起的企業，它們都是各自行業的領導者。並且獨立地，他們將能夠以獨特的行業特定投資主張吸引更廣泛的投資者群。

During the transition, it's critical that our employees remain focused on serving our customers and driving daily business performance. While nearly all of the company remains fully dedicated to running the business, we've established a dedicated Separation Management Office led by Jen VanBelle and the senior leadership team. They are focused on detailed work stream planning and execution to deliver on each business' critical value drivers, ranging from optimizing their operating model to their capital structures, armed with best-in-class talent and board governance starting with Healthcare.

在過渡期間，我們的員工必須始終專注於為客戶服務和推動日常業務績效，這一點至關重要。儘管幾乎所有公司都完全致力於經營業務，但我們已經建立了一個由 Jen VanBelle 和高級領導團隊領導的專門的分離管理辦公室。他們專注於詳細的工作流程規劃和執行，以實現每個企業的關鍵價值驅動因素，從優化運營模式到資本結構，配備一流的人才和從醫療保健開始的董事會治理。

We're also naming leadership for these independent companies. Pete Arduini started as the Healthcare CEO earlier this month. He's already deeply engaged with our team and customers and has started meeting with investors and analysts, including at recent conferences, where the focus has been on technology and growth. And we're attracting new talent who are excited to be part of this, including Scott Reese, who will lead our Digital business, which will be part of the go-forward energy businesses.

我們還任命了這些獨立公司的領導層。本月早些時候，Pete Arduini 開始擔任醫療保健首席執行官。他已經與我們的團隊和客戶進行了深入接觸，並開始與投資者和分析師會面，包括在最近的會議上，這些會議的重點一直是技術和增長。我們正在吸引新的人才，他們很高興能參與其中，包括 Scott Reese，他將領導我們的數字業務，這將成為未來能源業務的一部分。

So, we've hit the ground running to launch 3 outstanding businesses at scale in places the world needs and wants GE at its best. Each business will be focused and accountable with the agility to respond faster to customer needs, and there will be more opportunities for employees, management teams, boards and investors who increasingly want to be part of dedicated industries and missions. And these businesses, each with a well-capitalized balance sheet, will enjoy greater capital allocation and strategic flexibility to invest in growth.

因此，我們已經開始著手在世界需要並希望 GE 處於最佳狀態的地方大規模推出 3 項傑出的業務。每個企業都將專注並負責，靈活地更快地響應客戶需求，員工、管理團隊、董事會和投資者將獲得更多機會，他們越來越希望成為專門行業和使命的一部分。這些企業，每一個都擁有充足的資產負債表，將享有更大的資本配置和戰略靈活性來投資於增長。

It's still early in the process, and we look forward to updating you as we move forward. More broadly, this is the next phase of building a world that works. GE is exceptionally well positioned to create long-term growth and value in our 3 critical global needs, shaping the future of flight, delivering precision health care and leading the energy transition. I'm proud of the work our teams are doing to enable a more sustainable, healthier, cleaner and connected future for all. And we look forward to seeing as many of you as can make it to Greenville, South Carolina in March for our Outlook event.

現在還處於早期階段，我們期待在前進的過程中為您提供最新信息。更廣泛地說，這是建設一個有效世界的下一階段。 GE 非常有能力在我們的 3 個關鍵全球需求中創造長期增長和價值，塑造飛行的未來，提供精準醫療保健和引領能源轉型。我為我們的團隊為為所有人創造一個更可持續、更健康、更清潔和更互聯的未來所做的工作感到自豪。我們期待著盡可能多的人在 3 月前往南卡羅來納州格林維爾參加我們的 Outlook 活動。

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

（操作員說明）Brandon，你能打開線路嗎？

(Operator Instructions) From Morgan Stanley, we have Josh Pokrzywinski.

（操作員說明）來自摩根士丹利，我們有 Josh Pokrzywinski。

Larry, I guess a question on Aviation. So it doesn't seem like there's been as much volatility related to Omicron. You said shop visits were better in the fourth quarter. And I think you even kind of reestablished that '23 return to peak revenue. Are we just sort of at a point where either the age of the fleet or the green time situation says that things can move around, but we're talking by a month or 2, not a year or 2 at this point. Like what is sort of driving this apparent decoupling or what appears to be decoupling in shop visits versus kind of some volatility in air traffic?

拉里，我猜是關於航空的問題。因此，與 Omicron 相關的波動似乎並不大。你說第四季度的商店訪問量更好。而且我認為你甚至重新確立了 23 年收入峰值的回歸。我們是否只是在某種程度上，無論是機隊的年齡還是綠色時間情況都表明事情可以轉移，但我們現在談論的是一兩個月，而不是一兩個月。比如是什麼推動了這種明顯的脫鉤，或者是什麼似乎在商店訪問中脫鉤與空中交通的某種波動？

Well, Josh, I think that's a pretty good summary in so much as we saw through the course of last summer and early fall, right, folks want to get back in the air. A lot of activity. We knew we would see a slight lag. But through the course of the year, right, our inductions and in turn, our shop visits, increased sequentially at any step along the way.

好吧，喬希，我認為這是一個很好的總結，就像我們在去年夏天和初秋的過程中看到的那樣，對，人們想回到空中。很多活動。我們知道我們會看到輕微的滯後。但是在這一年中，對，我們的入職培訓以及我們的商店訪問量在此過程中的任何一步都在依次增加。

There is a little bit of noise here, I think, with the new variant. But I think you're spot on and our customers have worn through a good bit of the green time capacity that they had as they prepare for what I think many of us expect to be improved conditions before too long here in '22 and then going into '23. Everybody wants to be ready. And I think that's more or less what you see, not only in our results in 2021 but is inherent in what we've shared relative to our outlook for 2022. So there may be some timing here or there in a part of the world or with a particular airline. But I think you're spot on, we're talking months, not years.

我認為，對於新變體，這裡有一點噪音。但我認為你是正確的，我們的客戶已經耗盡了他們所擁有的大量綠色時間能力，因為他們為我認為我們中的許多人期望在 22 年很快就會得到改善的條件做準備，然後繼續進入'23。每個人都想做好準備。而且我認為這或多或少是你所看到的，不僅在我們 2021 年的結果中，而且在我們分享的相對於我們對 2022 年的展望中是固有的。所以在世界的某個地方或某處可能會有一些時間安排，或者與特定航空公司。但我認為你是正確的，我們談論的是幾個月，而不是幾年。

From Melius Research, we have Scott Davis.

我們有來自 Melius Research 的 Scott Davis。

Larry, can you give us some scenarios or at least your view on given kind of the stability of the businesses, any sense of whether you may pull forward the timing of the breakup a bit or perhaps some variables that could pull you one way or another on that decision?

拉里，你能給我們一些情景，或者至少你對給定的業務穩定性的看法，任何關於你是否可以提前分手時間的感覺，或者可能會以某種方式拉你的一些變量關於那個決定？

Scott, it's really been, what, 77 days since we announced the spins. I tend to use that framing as opposed to something that has a sadder context like breakup, right? We're excited about what we're doing. I think we really think that when you look at the year that Healthcare had operationally, they're in a very good position, getting better every day. Clearly, these supply chain challenges held back revenue in the second half with 800 to 900 basis points. But all in, we simply have to go through the work, right, over the next year to prepare this business to be independent.

斯科特，自從我們宣布旋轉以來，真的是，什麼，77 天。我傾向於使用這種框架，而不是像分手這樣更悲傷的背景，對吧？我們對我們正在做的事情感到興奮。我認為我們真的認為，當您查看醫療保健在運營方面的這一年時，他們處於非常好的位置，每天都在變得更好。顯然，這些供應鏈挑戰使下半年的收入減少了 800 到 900 個基點。但總而言之，我們只需要完成工作，對，在接下來的一年裡，為這項業務做好準備，使其獨立。

And I think if you could just snap your fingers operationally, that would be -- that would take less time, but there's a lot of legal and structural financial systems and the rest that we need to work through. So net-net, the plan of record remains today early '23. If we can get that work done more quickly, rest assured, I think we'd be motivated and keen to do that. But I think for today's purposes, the update is really that the logic and the rationale around greater accountability, better alignment, smarter capital allocation holds. The feedback across the board has been strong and supportive. So, we're heads down. We're doing the work. And before too long, we're going to have an outstanding independent GE Healthcare under Pete and company's leadership that I think we're all going to be quite excited and proud of.

而且我認為，如果您可以在操作上打響指，那將花費更少的時間，但是還有很多法律和結構性的金融體係以及我們需要解決的其餘部分。所以 net-net，記錄的計劃今天仍然是 23 年初。如果我們能夠更快地完成這項工作，請放心，我認為我們會積極並熱衷於這樣做。但我認為，就今天的目的而言，更新實際上是圍繞更大的問責制、更好的一致性、更智能的資本分配的邏輯和理由成立。全面的反饋是強烈和支持的。所以，我們低著頭。我們正在做這項工作。不久之後，我們將在 Pete 和公司的領導下擁有出色的獨立 GE Healthcare，我認為我們都會為之感到非常興奮和自豪。

From AllianceBernstein, we have Brendan Luecke.

來自 AllianceBernstein，我們有 Brendan Luecke。

On the Renewable side, I'm wondering if we are entering a world of, say, prolonged or persistent inflation, what type of countermeasures are you taking in Wind, in the Grid business maybe around hedging or price escalators for contracts? Any color you can offer there?

在可再生能源方面，我想知道我們是否正在進入一個長期或持續通脹的世界，您在 Wind、電網業務中採取什麼類型的對策，可能是圍繞對沖或合同價格自動扶梯？你可以在那裡提供任何顏色嗎？

Sure. Brendan, I would say that in many respects, we're going to do 3 things in the face of inflation. We're not doing them in reaction to these inflationary pressures that we see, but the inflationary pressures make progress all the more critical. I'd say first, as you know, we have been reducing our fixed cost structure in a number of ways through restructuring and normal course work in Onshore Wind and in Grid, in particular, within Renewables over the last several years. That's 1 reason that Grid's on the cusp of being breakeven. That's not the target, but it is a waypoint towards better margins in that regard. And there's some work that we can do certainly in Grid and in Wind going forward.

當然。布倫丹，我想說，在很多方面，面對通貨膨脹，我們將做三件事。我們這樣做並不是為了應對我們看到的這些通脹壓力，但通脹壓力使進展變得更加關鍵。首先，如您所知，我們一直在通過重組和在陸上風電和電網領域的正常課程工作，特別是在過去幾年中的可再生能源領域，以多種方式降低了我們的固定成本結構。這是 Grid 即將實現盈虧平衡的原因之一。這不是目標，但它是在這方面提高利潤率的一個路標。在 Grid 和 Wind 中，我們肯定可以做一些工作。

On the material cost side of things, we certainly can do more to make sure that we're not only designing in better, more robust cost structures given the inflationary pressures and the price pressures in the industry, but we've retooled our procurement team in that business as well. And we're just trying to make sure that we are working with our suppliers as smartly as we can to get the best combination of quality, delivery and cost possible.

在材料成本方面，我們當然可以做更多工作，以確保我們不僅設計出更好、更穩健的成本結構，考慮到行業的通貨膨脹壓力和價格壓力，而且我們已經重組了我們的採購團隊在那個行業也是如此。我們只是在努力確保我們與供應商合作，盡可能巧妙地獲得質量、交付和成本的最佳組合。

So, we're working both of those cost leverage while at the same time, making sure that we are pushing price where we can. We were encouraged by the progress we saw in the upfront order price activity in the back half, particularly in Onshore Wind. There is more to do there. And rest assured coming into '22, the team, both here in the U.S. and across the world is hard at that work.

因此，我們正在同時利用這兩種成本槓桿，確保我們盡可能地推高價格。我們看到後半部分前期訂單價格活動取得的進展令我們感到鼓舞，特別是在陸上風電方面。那裡還有更多事情要做。請放心，進入 22 年，無論是在美國還是在世界各地的團隊都在努力完成這項工作。

And that dovetails admittedly a little bit into the selectivity that we talked about earlier in our prepared remarks, not that it's a reaction to inflation per se. But by being more selective, more disciplined in what we sign up for, being clear about the segments and the geographies that we like versus not given our footprint and capabilities, that will help, I think, drive margin expansion and frankly, in turn, better cash performance here as well.

誠然，這與我們之前在準備好的評論中談到的選擇性有點吻合，而不是說它是對通貨膨脹本身的反應。但是，通過對我們註冊的內容更具選擇性、更加自律，明確我們喜歡的細分市場和地理區域，而不是考慮到我們的足跡和能力，我認為這將有助於推動利潤增長，坦率地說，反過來，這裡的現金表現也更好。

So, there's a lot to do here, and we could go on. But I think it's important, Brendan, not to lose sight of the fact that the progress we're making in many respects is hidden a bit, given the downturn in the U.S. market, our best market given the PTC lapsing. But that said, when you look medium to long term, we continue to be big believers in the demand environment for Onshore Wind, and we think we're well positioned to be an important part of that going forward.

所以，這裡有很多事情要做，我們可以繼續。但我認為重要的是，布倫丹，鑑於美國市場的低迷，我們在許多方面取得的進展都被隱藏了一點，這是我們最好的市場，因為 PTC 倒閉了。但話雖如此，從中長期來看，我們仍然堅信陸上風電的需求環境，我們認為我們已做好準備成為未來發展的重要組成部分。

From RBC Capital Markets, we have Deane Dray.

在加拿大皇家銀行資本市場，我們有 Deane Dray。

I'd like to circle back on the broader impact of the supply chain disruptions on the company overall. I know in Healthcare, you sized, I think, it was 3 to 4 percentage points of growth. What would it be for the total company? And have you seen instances of any cancellations out of backlog?

我想回顧一下供應鏈中斷對公司整體的更廣泛影響。我知道在醫療保健領域，我認為你的規模是 3 到 4 個百分點的增長。對整個公司來說會是什麼？您是否看到過任何因積壓而取消的實例？

Deane, I think that if you look at the total company impact in the quarter, we were down, what, 3% from a revenue perspective. You probably -- if you were to adjust for supply chain and selectivity the way I penciled it out, you're probably in the mid-single-digit range in terms of revenue growth. Now I don't like doing that as you well know, right, that helps understand what's happening from an underlying perspective. But again, we didn't see those pressures strictly constraining Healthcare. We saw that really across the board, but it was most acute in Healthcare.

迪恩，我認為如果你看一下本季度對公司的總體影響，從收入的角度來看，我們下降了 3%。您可能 - 如果您按照我筆下的方式調整供應鍊和選擇性，您的收入增長可能處於中個位數範圍內。現在我不喜歡這樣做，正如你所知道的那樣，這有助於從潛在的角度理解正在發生的事情。但同樣，我們沒有看到這些壓力嚴格限制醫療保健。我們確實全面看到了這一點，但在醫療保健領域最為嚴重。

And that's why I think it's important to look past or look through the revenue number here in the fourth quarter. Never happy to be down, but I certainly applaud the business' efforts at being more selective. The supply chain issues are what they are. We're not alone in that regard. But when you look at those dynamics, couple that with the 12% increase we saw for the full year in terms of orders, that is why I think we've got the optimism and the conviction that we do relative to the high single-digit organic growth figure in the outlook.

這就是為什麼我認為回顧第四季度的收入數字很重要。從不高興失望，但我當然讚賞企業在更具選擇性方面所做的努力。供應鏈問題就是這樣。在這方面，我們並不孤單。但是當你看到這些動態時，再加上我們在訂單方面看到的全年 12% 的增長，這就是為什麼我認為我們對高個位數持樂觀態度和信念展望中的有機增長數字。

From Vertical Research Partners, we have Jeff Sprague.

我們有來自 Vertical Research Partners 的 Jeff Sprague。

I just wanted to kind of understand a little bit more what you're thinking on kind of normalized cash flow. And the nature of my question is this. We're looking at somewhere around $3 billion in net income this year and $6 billion in free cash flow, right? And 2022 free cash flow already has the benefit of the legacy capital swing in the results. And working capital is negative $9 billion at year-end. So, it's just -- it's very difficult to see how we bridge even further from this net income number to over $7 billion in free cash flow in 2023. I know there's a lot of adjustments going on and the like, but if there's any way you could provide some context between thinking about where adjusted net income is, how that correlates to adjusted free cash flow, and what maybe are the key adjustments we need to think about?

我只是想多了解一點你對標準化現金流的看法。我的問題的性質是這樣的。我們今年的淨收入約為 30 億美元，自由現金流為 60 億美元，對吧？ 2022 年的自由現金流已經受益於結果中遺留的資本波動。到年底，營運資本為負 90 億美元。所以，這只是 - 很難看到我們如何從這個淨收入數字進一步跨越到 2023 年超過 70 億美元的自由現金流。我知道正在進行很多調整等等，但如果有任何辦法您可以在思考調整後的淨收入在哪裡、這與調整後的自由現金流之間的關係以及我們需要考慮的關鍵調整之間提供一些背景信息？

Jeff, of course, maybe starting with sort of the guide for 2022. Yes, we have a high cash conversion in 2022. And if you take our EPS guide, the midpoint of that is $3.15, right? If you just compare that with '21 to '22, that's actually at the higher end of the range. It's actually a doubling of EPS. But if we start with the midpoint being $3.15, that's basically the equivalent of roughly net income of, say, $3.5 billion. You add back a D&A of just below $3 billion.

傑夫，當然，也許從 2022 年的指南開始。是的，我們在 2022 年有很高的現金轉換率。如果你看我們的每股收益指南，中點是 3.15 美元，對嗎？如果您僅將其與 '21 到 '22 進行比較，那實際上是該範圍的高端。它實際上是 EPS 的兩倍。但是，如果我們從中點 3.15 美元開始，這基本上相當於大約 35 億美元的淨收入。你再加上略低於 30 億美元的 D&A。

Then we talked about working capital, as you mentioned. So in 2021, we had positive flows of about $2 billion of working capital ex all factoring. And as Larry said this morning, we also expect that to continue to be a good source, so you can expect to have almost $3 billion of positive working capital in the number of the midpoint of our guide for 2022.

然後我們談到了營運資金，正如你提到的。因此，在 2021 年，我們有大約 20 億美元的營運資金正流動（不包括所有保理）。正如拉里今天早上所說，我們還希望這將繼續成為一個很好的來源，因此您可以預期在我們 2022 年指南的中點數中擁有近 30 億美元的正營運資金。

Then AD&A is going to be negative about $0.5 billion of flow in 2022, so you put that back. And then you have the CapEx. And we mentioned earlier today that we expect to increase CapEx. So it was $1.4 billion in '21, so you jack that up a bit for 2022. And then you have some sort of restructuring and pension payments as usual. And that gets you to the $6 billion of free cash flow, the midpoint of our guide. So that's how you get from the mid EPS to the midpoint of our free cash flow.

那麼 AD&A 將在 2022 年出現大約 5 億美元的負流量，所以你把它放回去。然後你有資本支出。我們今天早些時候提到，我們預計會增加資本支出。所以在 21 年是 14 億美元，所以你在 2022 年增加了一點。然後你像往常一樣進行某種重組和養老金支付。這使您獲得了 60 億美元的自由現金流，這是我們指南的中點。這就是你如何從每股收益中點到我們自由現金流的中點。

And when you talk about the working capital part. Well, yes, we saw good improvement in 2021, but there is still significant opportunity to do more. I mean, our inventory turns are on 2.7 at the end of the year in '21, and we expect that to continue to improve next year, especially with supply chain easing a bit through the half of the year. We saw strong improvement in 2021, but also expect that to continue to improve in 2022. And then you have sort of the arbitrage between CapEx and D&A with CapEx being lower.

當您談論營運資金部分時。嗯，是的，我們在 2021 年看到了良好的進步，但仍有很大的機會可以做得更多。我的意思是，我們的庫存周轉率在 21 年年底為 2.7，我們預計明年將繼續改善，尤其是在今年上半年供應鏈有所放鬆的情況下。我們在 2021 年看到了強勁的改善，但也預計到 2022 年這種情況會繼續改善。然後在資本支出較低的情況下，資本支出和 D&A 之間存在某種套利。

But overall, I would say that we are, of course, clearly focused on growing earnings, as we have talked to you before. So, although we see working capital being a strong bridge in the next couple of years, we expect conversion to normalize over time. I would say probably still elevated with above 100%, but on a much higher earnings base. And then over time, EPS and free cash flow will be much closer to each other.

但總的來說，我要說的是，我們當然顯然專注於增加收入，正如我們之前與您談過的那樣。因此，儘管我們認為營運資金將在未來幾年成為一座強大的橋樑，但我們預計轉換會隨著時間的推移而正常化。我會說可能仍然高於 100%，但收入基礎要高得多。然後隨著時間的推移，每股收益和自由現金流將更加接近。

From UBS, we have Markus Mittermaier.

在瑞銀，我們有 Markus Mittermaier。

Thanks for the clarification on free cash flow just now, very helpful. That was the #1 question we got this morning. But maybe I can bubble up a little bit to a high-level question on delevering. You basically said that you're going to end '22 at 2x. You said earlier in Q4 that target for '23 is under 1x. So what I'm wondering given sort of the discussion among investors around deal limbo in the stock, how should we think about capital deployment here over the next, say, 6 to 9 months given that it would appear that you have quite some capacity for some capital deployment, be it M&A, be it dividend, be it buyback. I was just thinking around how you develop those equity stories going forward, Larry. Some thoughts around that would be helpful.

感謝您剛才對自由現金流的澄清，非常有幫助。這是我們今天早上收到的第一個問題。但也許我可以提出一個關於去槓桿的高級問題。你基本上說你將在 22 年結束 2 倍。您在第四季度早些時候說過，23 年的目標低於 1 倍。因此，鑑於投資者之間圍繞股票交易不確定性進行的某種討論，我想知道的是，鑑於您似乎有相當大的能力一些資本配置，無論是併購、股息還是回購。拉里，我只是在考慮如何發展這些股票故事。圍繞這一點的一些想法會有所幫助。

Markus, let me start. Happy to help with clearing up the cash ones. I'm sure we'll get many more questions on cash. But going forward, it's going to be much simpler. So, on the deleveraging, yes, we've made tremendous progress on our debt and leverage, took out more than $50 billion in 2021. And to your point, we are expecting 2x by year-end 2022.

馬庫斯，讓我開始吧。很高興幫助清理現金。我相信我們會收到更多關於現金的問題。但往前走，它會變得簡單得多。因此，在去槓桿方面，是的，我們在債務和槓桿方面取得了巨大進展，到 2021 年拿出了超過 500 億美元。就你的觀點而言，我們預計到 2022 年底將翻一番。

I would say and stress that our capital allocation plan for 2022 includes playing offense. And with that, we mean organic, investing in R&D and commercial activities. And you heard us talk about an increased CapEx, but it also includes inorganic actions. And you saw BK Medical and Opus One, so I think you can expect to see more where that comes from. And at the same time, we're working to make sure that each stand-alone company has an operating model that maximizes shareholder value. So overall, we are really excited about the opportunities we have to strategically deploy capital as we go forward.

我想說並強調，我們 2022 年的資本分配計劃包括進攻。我們的意思是有機的，投資於研發和商業活動。你聽說我們談論增加資本支出，但它也包括無機行動。你看到了 BK Medical 和 Opus One，所以我認為你可以期待看到更多來自哪裡。與此同時，我們正在努力確保每家獨立公司都有一個能夠最大化股東價值的運營模式。因此，總體而言，我們對在前進過程中必須戰略性地部署資本的機會感到非常興奮。

From Citigroup, we have Andy Kaplowitz.

花旗集團有安迪·卡普洛維茨。

Maybe just stepping back. We know you've talked about how GE has a number of longer-cycled businesses, which has allowed you navigate in the inflationary environment. But can you give us more color into the price versus cost dynamic in your businesses? And specifically, when do you think we see peak pressure on price versus cost, for instance, in Renewables? And given, for instance, steel has started to roll, does that help that business as you go into the second half of '22?

也許只是退後一步。我們知道您已經談到通用電氣如何擁有許多周期較長的業務，這使您能夠在通脹環境中導航。但是，您能否為我們提供更多關於您業務中價格與成本動態的信息？具體來說，您認為我們何時會看到價格與成本之間的峰值壓力，例如可再生能源？例如，鑑於鋼鐵已經開始滾動，這對您進入 22 年下半年有幫助嗎？

Andy, I would say that if you look at '21, price/cost was ever so slight negative for us. And I think as we look at this outlook for '22, the same holds. It will be -- it will have a different constitution, I think, this year because there are places, given the longer cycle nature of certain businesses, Renewables certainly amongst them and certain commodities, and you touch on steel appropriately, right? We're going to see a little bit more headwind, I think, just given our cycling through the P&L in '22 than we did in '21. That said, right, the teams are much further along with respect to both some of the procurement and the value engineering work that helps us offset some of those pressures from a cost perspective as well as some of the price actions that we're taking.

安迪，我想說的是，如果你看看 21 年，價格/成本對我們來說是如此輕微的負面影響。我認為，當我們審視 22 年的前景時，情況也是如此。它將是 - 我認為今年會有不同的憲法，因為有些地方，鑑於某些企業的較長周期性質，其中當然包括可再生能源和某些商品，你適當地觸及鋼鐵，對嗎？我認為，鑑於我們在 22 年的損益表中的循環比 21 年的情況，我們會看到更多的逆風。也就是說，對，團隊在一些採購和價值工程工作方面走得更遠，這有助於我們從成本角度以及我們正在採取的一些價格行動中抵消其中的一些壓力。

I think we clearly saw through the course of '21 in the shorter cycle business is Healthcare perhaps being the best example, where that inflationary pressure hit first, and we began to see some of the positive effect from our pricing work as well take root. It will be a little bit different as the long-cycle businesses kick in, right, both the bigger ticket, longer-cycle pieces of Healthcare, but also in Power and Renewables, Aviation as well to a certain degree.

我認為我們清楚地看到，在 21 年的較短週期業務中，醫療保健可能是最好的例子，通脹壓力首先受到衝擊，我們開始看到我們的定價工作產生的一些積極影響也開始生根發芽。隨著長周期業務的出現，情況會有所不同，對，不僅是更大的票、更長周期的醫療保健，而且在一定程度上也在電力和可再生能源、航空領域。

So, I wish it weren't what it is, but as we all know, it's probably as tough an operating environment as we've seen in decades in that regard. Again, it is what it is. We need to work hard both on the cost and the price aspects, which rest assured the teams are doing as we speak.

所以，我希望它不是現在這樣，但眾所周知，這可能是我們幾十年來在這方面看到的那樣艱難的運營環境。再一次，它就是這樣。我們需要在成本和價格方面努力工作，這讓我們放心團隊正在做的事情。

From JPMorgan, we have Steve Tusa.

來自摩根大通，我們有史蒂夫圖薩。

Thanks for all the extra disclosure. Just 2 kind of specific questions. Can you give us kind of a little bit more directional guidance on first quarter free cash? I think you said negative. And will there be any adjustments in that?

感謝所有額外的披露。只有2種具體問題。你能給我們一些關於第一季度自由現金的更多方向性指導嗎？我想你說的是否定的。並且會有任何調整嗎？

And then just thinking about the receivables dynamics, will you still be like selling receivables, just kind of holding the balance at close to 0? Or will there still be activity on receivable sales in the enterprise on-book, off-book JVs wherever in 2022?

然後想想應收賬款的動態，你還會像出售應收賬款一樣，只是將餘額保持在接近於 0 的水平嗎？還是在 2022 年的任何地方，企業賬上、賬外合資企業的應收賬款銷售活動仍然存在？

Steve, so let me start with talking about the first quarter. So, we expect to see the typical seasonality with the first quarter. And basically, we expect it to be negative on the free cash flow in the first quarter. I would say the majority of the businesses are up year-over-year on cash, while Renewables is in a tougher spot because of the purchases made through the second half of last year, and we don't expect to see big progress payments in the first quarter. So that's why we overall end on a negative in the first quarter.

史蒂夫，讓我先談談第一季度。因此，我們預計第一季度會出現典型的季節性。基本上，我們預計第一季度的自由現金流將為負數。我想說的是，大多數企業的現金同比都在增長，而可再生能源由於去年下半年的採購而處於更艱難的境地，我們預計不會看到大的進展支付第一季度。所以這就是為什麼我們在第一季度總體上以負面收場。

And when it comes to receivables, I'm obviously speaking for the GE numbers and the GE activity that we have in our numbers and there, we won't continue with factoring. We basically have, I would say, less than $100 million still that is running off in 2022, but no more new activities.

當談到應收賬款時，我顯然是在談論通用電氣的數字和我們在我們的數字中的通用電氣活動，我們不會繼續進行保理。我想說，到 2022 年，我們基本上還有不到 1 億美元的資金流失，但沒有更多的新活動。

From Wolfe Research, we have Nigel Coe.

我們有來自 Wolfe Research 的 Nigel Coe。

I want to go back to the free cash flow. And obviously, the working capital benefits, that's again, we've seen a lot of questions on this. So, the way to think about this would be the working capital benefits are bridging us to significant EBITDA expansion over the next couple of years. But just wondering, you alluded to improving dynamics in inventory turns. Just wondering if you got any targets around that over the next couple of years? And then just maybe give us a little bit of help in terms of CapEx, what could CapEx kind of get to? I know that the D part of the D&A is $1.8 billion. Is that a good target CapEx? And then any help on restructuring -- cash restructuring in 2023 would be helpful.

我想回到自由現金流。顯然，營運資金的好處，這又是，我們已經看到了很多關於這個的問題。因此，考慮這一點的方法是營運資金收益正在為我們在未來幾年內實現顯著的 EBITDA 擴張搭建橋樑。但只是想知道，您提到改善庫存周轉的動態。只是想知道你在接下來的幾年裡是否有任何目標？然後也許在資本支出方面給我們一點幫助，資本支出能得到什麼？我知道 D&A 的 D 部分是 18 億美元。這是一個很好的目標資本支出嗎？然後對重組的任何幫助——2023 年的現金重組都會有所幫助。

So Nigel, let me talk about that. We'll obviously talk much more about this at outlook. So, I won't give all the detail here and now. I don't want to spoil that for our outlook and all of you in Carolina. If we look at working capital then specifically, I would say that even if we've seen improvements in 2022, we took down 12 days on the receivables, but there is still more as I see it that we can improve. There are different pockets and sort of different areas have different structures, but there's still improvement to do there. And it's about $300 million per day as we improve, right?

那麼奈傑爾，讓我談談這個。我們顯然會在 Outlook 中對此進行更多討論。所以，我不會在這里和現在提供所有細節。我不想破壞我們的前景以及卡羅來納州的所有人。如果我們具體看營運資金，我會說即使我們在 2022 年看到了改善，我們在應收賬款上減少了 12 天，但我認為還有更多可以改善的地方。有不同的口袋，不同的區域有不同的結構，但仍有改進的地方。隨著我們的改進，每天大約 3 億美元，對吧？

On inventory turns, a bit of the improvement that we have made is hidden by the fact that supply chain challenges sort of got stronger and stronger. And that's why we have some WIP. We are on 2.7x -- turns now. I mean there is a best-in-class that are a couple of turns better. So clearly more to do there. And 1 turn here is equivalent of $4 billion to $5 billion, right? So, there's a lot of money in improving there.

在庫存周轉方面，我們所做的一些改進被供應鏈挑戰越來越強的事實所掩蓋。這就是為什麼我們有一些在製品。我們現在是 2.7 倍——轉彎。我的意思是有一個最好的，比幾個回合更好。所以很明顯還有更多的事情要做。在這裡轉一圈就相當於 40 億到 50 億美元，對吧？所以，有很多錢可以改善那裡。

But I think it's going to be important to remember that as we grow as a business, there's a working capital need by a growing company, and that's why it's going to be so important to look at the underlying KPIs like DSOs and turns to see what the real improvement is on processes. And that's why we're going to continue to work with that and also continue to share that with you.

但我認為重要的是要記住，隨著我們作為一家企業成長，一家成長中的公司需要營運資金，這就是為什麼查看像 DSO 這樣的潛在 KPI 並轉而了解什麼如此重要的原因真正的改進在於流程。這就是為什麼我們將繼續努力並繼續與您分享。

On the CapEx side, so the $1.4 billion last year, well, in 2021, and we are expecting that to grow. And yes, it is to be compared with the $1.8 billion. Where that goes over time, I think it's too early to tell. We've talked about how to manage CapEx in a more effective way and also making sure that the capital allocation is done in a shareholder value-maximizing situation. So, we'll come back with you on more on that. But overall, still much more to do on working capital, even if we're proud of the accomplishments we did in 2021.

在資本支出方面，去年的 14 億美元，嗯，到 2021 年，我們預計會增長。是的，這是與 18 億美元相比。隨著時間的推移，我認為現在說還為時過早。我們已經討論瞭如何以更有效的方式管理資本支出，並確保在股東價值最大化的情況下進行資本分配。所以，我們會在這方面與您一起回來。但總的來說，即使我們為 2021 年取得的成就感到自豪，在營運資金方面還有很多工作要做。

From Deutsche Bank, we have Nicole DeBlase.

來自德意志銀行，我們有 Nicole DeBlase。

Can we just talk a little bit about going back to the cadence of results in 2022? I know you guys have spent some time giving us some color on free cash flow. But it's obviously going to be a pretty unusual year with respect to revenue and perhaps margin expansion as well. So any thoughts that you could provide on 1Q or first half versus second half organic and margin expansion would be super helpful.

我們可以談談回到 2022 年的結果節奏嗎？我知道你們花了一些時間給我們一些關於自由現金流的顏色。但就收入和利潤率擴張而言，這顯然將是非常不尋常的一年。因此，您可以在第一季度或上半年與下半年有機和利潤率擴張提供的任何想法都會非常有幫助。

So Nicole, as I understand it, you're talking a bit about the seasonality, right? So if we look at -- if you compare '21 to 2020, of course, they are sort of special years. But if you look at that, you can see that the seasonality overall in the business, you still have lower volumes in the first half versus the second half. You have Aviation usually growing through the year. In Renewables, we're expecting first half to have lower Onshore Wind deliveries. Power, we would expect the outages as usual to be more second half-loaded. And I would say on Healthcare, it's more the supply chain constraints that make us expect the second half to be stronger than the first half. So sort of that is how the business is moving. And we talked about the first quarter, so I won't go back to that again. So overall, I would say operationally, improving linearity is super important for us, and we're really happy to see the progress we did in 2021 and we expect to continue to improve in 2022.

所以妮可，據我所知，你說的是季節性，對吧？因此，如果我們看一下 - 如果您將 21 年與 2020 年進行比較，當然，它們是特殊的年份。但是，如果您看一下，您會發現業務的整體季節性，與下半年相比，上半年的交易量仍然較低。你有航空通常在一年中增長。在可再生能源方面，我們預計上半年的陸上風電交付量將減少。電力，我們預計像往常一樣的停電將更多地加載到下半年。我想說的是，在醫療保健方面，供應鏈的限制讓我們預計下半年會比上半年更強勁。這就是業務的發展方式。我們談到了第一季度，所以我不會再談了。所以總的來說，我想說的是，在操作上，提高線性度對我們來說非常重要，我們很高興看到我們在 2021 年取得的進展，我們預計在 2022 年會繼續改進。

From Barclays, we have Julian Mitchell.

在巴克萊，我們有 Julian Mitchell。

Maybe just on the cash flow. Just trying to understand on your free cash flow, will we be able to sort of read that off the 10Q once you publish that, say, for Q1? Or will there still be a sort of massive of adjustments and maybe call out what the main ones are to get from a sort of published free cash and a cash flow statement in a filing to get to your sort of $6 billion-ish number? And maybe just any thoughts on sort of separation costs' cash flow impact in 2022? I assume that the ex out of the free cash flow guide, but maybe just any clarity on that, please?

也許只是在現金流上。只是想了解您的自由現金流，一旦您發布第一季度，我們是否能夠從 10Q 中讀取？或者是否還會進行某種大規模的調整，並且可能會從文件中公佈的自由現金和現金流量表中找出主要的調整，以達到你的 60 億美元左右的數字？也許只是對 2022 年分離成本對現金流的影響有什麼想法？我假設自由現金流指南中的前任，但也許只是澄清一下，好嗎？

So Julian, yes, you will be able to follow the cash flow and the different numbers that we have in the K. I would say, though, that $5.8 billion is the number to look at as what we achieved operationally for 2021. So that is our jumping off point. But you will be able to see what it looked like on the different pieces. So, no worries about that. And to your second question about separation costs, you're absolutely right. You will see that separately, and it will be adjusted out of earnings.

所以朱利安，是的，你將能夠關注現金流和我們在 K 中擁有的不同數字。不過，我想說的是，58 億美元是我們在 2021 年運營所取得的成就。所以是我們的出發點。但是您將能夠看到它在不同部分上的樣子。所以，不用擔心。關於你關於離職成本的第二個問題，你是絕對正確的。你會單獨看到它，它會根據收入進行調整。

Larry, any final comments?

拉里，有什麼最後的評論嗎？

Sure, Steve. This was an incredibly important year for GE. I'm proud of how our team continued to execute for our customers, and we're excited about the work that lies ahead. I just want to thank all of our employees and our partners for their incredible efforts and our investors for their continued support. We appreciate your interest today, your investment in our company and the time you shared with us this morning. Steve and the IR team stand ready to assist as you consider GE in your investment processes. Thank you.

當然，史蒂夫。對於通用電氣來說，這是極其重要的一年。我為我們的團隊如何繼續為我們的客戶執行而感到自豪，我們對未來的工作感到興奮。我只想感謝我們所有的員工和合作夥伴所做的令人難以置信的努力，以及我們的投資者的持續支持。我們感謝您今天的興趣、您對我們公司的投資以及您今天早上與我們分享的時間。當您在投資過程中考慮 GE 時，Steve 和 IR 團隊隨時準備提供幫助。謝謝你。

Ladies and gentlemen, this concludes today's conference. Thank you for joining. You may now disconnect.

女士們，先生們，今天的會議到此結束。感謝您的加入。您現在可以斷開連接。