奇異 (GE) 2020 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the General Electric Fourth Quarter 2020 Earnings Conference Call.

女士們、先生們，美好的一天，歡迎參加通用電氣 2020 年第四季財報電話會議。

(Operator Instructions) My name is Brandon, and I'll be your conference coordinator today.

（操作員說明）我的名字是布蘭登，今天我將擔任您的會議協調員。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the program over to your host for today's conference, Steve Winoker, Vice President of Investor Communications.

現在我想將會議議程交給今天會議的主持人、投資者傳播副總裁 Steve Winoker。

Please proceed.

請繼續。

Thanks, Brandon.

謝謝，布蘭登。

Good morning, and welcome to GE's Fourth Quarter 2020 Earnings Call.

早安，歡迎參加 GE 2020 年第四季財報電話會議。

I'm joined by our Chairman and CEO, Larry Culp; and CFO, Carolina Dybeck Happe.

我們的董事長兼執行長 Larry Culp 也加入了我的行列。財務長 Carolina Dybeck Happe。

Before we start, I'd like to remind you that the press release and presentation are available on our website.

在我們開始之前，我想提醒您，新聞稿和簡報可以在我們的網站上找到。

Note 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.

請注意，我們所做的一些陳述具有前瞻性，並且基於我們對當今世界和業務的最佳看法。

As described in our SEC filings and on our website, those elements can change as the world changes.

正如我們在 SEC 文件和網站上所述，這些要素可能會隨著世界的變化而變化。

Please note that we will hold an investor call on March 10 to provide more detail on our 2021 outlook.

請注意，我們將於 3 月 10 日舉行投資者電話會議，提供有關 2021 年前景的更多詳細資訊。

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

這樣，我就把電話轉給拉里。

Steve, thanks, and good morning, everyone.

史蒂夫，謝謝，大家早安。

It's hard to think of a tougher year than 2020.

很難想像還有比 2020 年更艱難的一年了。

However, our team performed, and the fourth quarter marked a strong free cash flow finish to the year.

然而，我們的團隊表現出色，第四季度標誌著今年結束時強勁的自由現金流。

Starting with our results snapshot on Slide 2. Industrial free cash flow came in at $4.4 billion in the quarter, $0.5 billion higher than last year.

從幻燈片 2 上的業績快照開始。本季工業自由現金流為 44 億美元，比去年增加 5 億美元。

This was largely driven by better working capital and improved Renewables and Power orders.

這主要是由於營運資金改善以及再生能源和電力訂單改善。

For the year, we generated positive free cash flow of $600 million, or $300 million excluding BioPharma in the first quarter.

今年，我們產生了 6 億美元的正自由現金流，即第一季不包括生物製藥的現金流為 3 億美元。

Despite the weakness in Aviation, Healthcare drove our performance, delivering $2.9 billion of free cash and Power and Renewables continued to improve.

儘管航空業疲軟，但醫療保健推動了我們的業績，提供了 29 億美元的自由現金，電力和再生能源業務持續改善。

Orders were down 3% organically in the quarter.

本季訂單有機下降 3%。

While down, this was a considerable improvement from the second and third quarters.

雖然有所下降，但與第二季和第三季相比已有相當大的改善。

In 3 of our 4 segments, orders were in fact up.

在我們的 4 個細分市場中，有 3 個細分市場的訂單實際上有所增加。

Notably, equipment orders at Renewables and Power were up double digits.

值得注意的是，再生能源和電力的設備訂單增加了兩位數。

For the year, orders were down 17% with 95% of this pressure Aviation-related.

今年訂單下降了 17%，其中 95% 的壓力與航空有關。

Despite this, our backlog remains a strength at $387 billion with approximately 80% geared towards services where we have higher margins.

儘管如此，我們的積壓訂單仍保持在 3,870 億美元的優勢，其中約 80% 用於利潤率較高的服務。

Industrial revenue was down 14% organically and 13% for the year.

工業收入有機下降 14%，全年下降 13%。

Services were down 22% this quarter driven by the Aviation aftermarket despite some moderation, outages and upgrades in Power and power upgrades in Renewables.

儘管電力和再生能源電力升級出現了一些放緩、停電和升級，但受航空售後市場的推動，本季服務下降了 22%。

While Services may fluctuate quarter-to-quarter, especially as we've seen during the pandemic, they create a multiyear backlog of profitable business, and importantly, keep us close to our customers, and we expect to grow in '21.

雖然服務可能會按季度波動，特別是正如我們在大流行期間所看到的那樣，但它們創造了多年的盈利業務積壓，而且重要的是，使我們與客戶保持密切聯繫，我們預計在21 年實現成長。

Industrial margin was 6.4% this quarter and 3.4% for the year.

本季工業利潤率為 6.4%，全年工業利潤率為 3.4%。

While this was an organic contraction on both measures, we saw sequential improvement through the year due to our more than $2 billion of cost actions.

雖然這兩個指標都是有機收縮，但由於我們採取了超過 20 億美元的成本行動，我們在這一年中看到了連續改善。

Adjusted EPS was $0.08 for the quarter and $0.01 for the year, which includes an impact for the restructuring recast of $0.02 for the quarter and $0.05 for the year.

調整後每股盈餘本季為 0.08 美元，全年為 0.01 美元，其中包括重組調整對本季 0.02 美元和全年 0.05 美元的影響。

Carolina will expand on this momentarily.

卡羅萊納州將立即對此進行擴展。

In all, momentum is growing across our businesses.

總而言之，我們的業務動能正在增強。

As 2020 progressed, we significantly improved GE's profitability and cash performance despite a still difficult macro environment.

隨著 2020 年的進展，儘管宏觀環境仍然很困難，但我們顯著提高了 GE 的獲利能力和現金績效。

We're encouraged by the significant free cash flow growth this quarter.

本季自由現金流的顯著成長令我們感到鼓舞。

We came into 2020 with a clear game plan at GE.

進入 2020 年，GE 制定了明確的策略計畫。

We were expecting strong performance from Aviation and Healthcare while executing our turnarounds at Power and Renewables.

我們預計航空和醫療保健業務將表現強勁，同時在電力和再生能源業務上實現扭虧為盈。

We all know how the story goes.

我們都知道故事是怎麼發展的。

The COVID-19 pandemic hit and it hit us hard, but our battle-tested team embraced the new realities and moved on.

COVID-19 大流行來襲，為我們帶來了沉重打擊，但我們久經考驗的團隊接受了新的現實並繼續前進。

This is best evidenced by the meaningful progress on our priorities.

我們的優先事項所取得的有意義的進展就是最好的證明。

Looking at Slide 3. One, we strengthened our businesses.

請看投影片 3。第一，我們加強了我們的業務。

This started first with what matters most: protecting the safety of our employees and taking care of our customers and our communities.

首先從最重要的事情開始：保護我們員工的安全並照顧我們的客戶和社區。

At the same time, we remained focused on what we can control.

同時，我們仍然專注於我們可以控制的事情。

We continued to build our world-class team at all levels with new leaders joining our existing strong bench of GE talent, and these leaders are playing a critical role in GE's operational and cultural transformation.

我們繼續在各級建立世界一流的團隊，新的領導者加入了我們現有的強大的 GE 人才隊伍，這些領導者在 GE 的營運和文化轉型中發揮關鍵作用。

In support of our transformation and better results, we executed more than $3 billion of cash actions.

為了支持我們的轉型和取得更好的成果，我們執行了超過 30 億美元的現金行動。

This enabled strong free cash flow generation in the quarter, bringing us again into positive territory for the full year.

這使得本季度產生了強勁的自由現金流，使我們全年再次進入正值。

Specifically, at Gas Power, we delivered positive cash flow one year ahead of our commitments due to our cost measures and operational improvements.

具體來說，在天然氣發電公司，由於我們的成本措施和營運改進，我們比承諾提前一年實現了正現金流。

And we saw traction across our other businesses.

我們看到了其他業務的吸引力。

For example, all 3 Power Portfolio businesses generated profit growth this quarter, the first time in 2 years.

例如，本季所有 3 個電力組合業務均實現利潤成長，這是兩年來的首次。

Two, we continued to solidify our financial position.

二是財務狀況持續鞏固。

Despite the ongoing market uncertainty, our liquidity remained strong, bolstered by our free cash flow performance.

儘管市場持續存在不確定性，但在自由現金流表現的支撐下，我們的流動性仍然強勁。

We exited the quarter with $37 billion of cash.

本季結束時，我們持有 370 億美元現金。

You'll recall that in early 2020, we completed the sale of our BioPharma business for $20 billion.

您可能還記得，2020 年初，我們以 200 億美元的價格完成了生物製藥業務的出售。

This cash enabled us to accelerate our balance sheet deleveraging efforts, and since the beginning of 2019, we've reduced external debt by $30 billion.

這筆現金使我們能夠加快資產負債表去槓桿化的步伐，自 2019 年初以來，我們已減少了 300 億美元的外債。

And three, we're building our foundation for long-term profitable growth.

第三，我們正在為長期獲利成長奠定基礎。

This starts with GE's purpose: rising to the challenge of building a world that works.

這始於 GE 的目標：迎接挑戰，建立一個運作良好的世界。

We're leading in some of the world's most important markets: the energy transition, precision health, and the future of flight.

我們在世界上一些最重要的市場處於領先地位：能源轉型、精準健康和未來飛行。

And we're passionate about delivering for our customers while tackling the world's biggest problems.

我們熱衷於為客戶提供服務，同時解決世界上最大的問題。

We're seeing this as we help customers decarbonize through leading technology across wind, gas power generation, and modernizing the power grid with digital and automation solutions.

我們透過風能、天然氣發電領域的領先技術幫助客戶脫碳，並透過數位和自動化解決方案實現電網現代化，從而看到了這一點。

And this really came to life at Healthcare this year where we were on the front lines responding to the exponential increases in demand in certain products due to COVID-19.

今年，這一點在醫療保健行業中真正實現了，我們處於第一線，應對因 COVID-19 導致某些產品的需求呈指數級增長。

And we're keeping our sights on the long term.

我們著眼於長期。

Healthcare launched more than 40 new products, including the Mural Virtual Care solution, which provides a complete view of patients' status across a care area, hospital or system.

醫療保健推出了 40 多種新產品，包括 Mural Virtual Care 解決方案，該解決方案提供了整個護理區域、醫院或系統中患者狀態的完整視圖。

And we announced that we acquired Prismatic Sensors, which has photon-counting technology, a huge leap forward in the quality of images that can be captured on a CT.

我們還宣布收購了 Prismatic Sensors，該感測器擁有光子計數技術，這在 CT 上捕獲的影像品質方面實現了巨大飛躍。

So as we play more offense in 2021, our team is energized about making our purpose a reality every day.

因此，隨著 2021 年我們打出更多的進攻，我們的團隊每天都充滿活力地實現我們的目標。

Now lean is how we will do this across GE and the real unfinished business.

現在，精益是我們在 GE 和真正未完成的業務中實現這一目標的方式。

In the last 2 years, we've laid the groundwork, establishing our Kaizen Promotion Office and introducing lean fundamentals across the company.

在過去的兩年裡，我們已經奠定了基礎，建立了 Kaizen 推廣辦公室，並在整個公司中引入了精實基本原則。

Now we're picking up the pace, scaling lean company-wide with an eye towards operational and financial impact through safety, quality, delivery, cost and cash improvements.

現在，我們正在加快步伐，在全公司範圍內擴展精益，著眼於透過安全、品質、交付、成本和現金改進來實現營運和財務影響。

In Digital Grid, for example, our team used problem-solving and daily management to reduce quality defects by 25%.

以數字網格為例，我們的團隊透過解決問題和日常管理將品質缺陷減少了 25%。

This helped drive savings that enabled the business to grow operating profit by 60% in 2020.

這有助於節省開支，使該企業在 2020 年營業利潤增加了 60%。

As this team shows, you can apply lean in any part of the business, not just in manufacturing.

正如該團隊所展示的，您可以將精益應用於業務的任何部分，而不僅僅是製造業。

One of our key leadership behaviors is delivering with focus, which means ruthlessly prioritizing where we can add the greatest value.

我們的關鍵領導行為之一是專注交付，這意味著無情地優先考慮我們可以增加最大價值的領域。

Two key opportunities for GE are aftermarket services and digital, often working in tandem to transform what we can do for our customers on a daily basis.

GE 的兩個關鍵機會是售後服務和數位化，它們通常協同工作，以改變我們日常為客戶所做的事情。

For example, our Renewables and Digital teams are working together to develop AI-enhanced wind turbine inspections to reduce blade failures.

例如，我們的再生能源和數位團隊正在共同開發人工智慧增強型風力渦輪機檢查，以減少葉片故障。

In turn, earlier detection will help improve safety as well as reduce repair time and cost.

反過來，早期檢測將有助於提高安全性並減少維修時間和成本。

These advances are possible due to our ongoing commitment to investing in innovation.

這些進步之所以成為可能，是因為我們持續致力於創新投資。

We also had some major product launches this year with the Haliade-X wind turbine and the GE9X engine receiving certifications.

今年我們也推出了一些主要產品，其中 Haliade-X 風力渦輪機和 GE9X 引擎獲得了認證。

Both machines are leaders in their own rights offering incredible power output and efficiency.

這兩款機器本身都是領先者，可提供令人難以置信的功率輸出和效率。

So 2020 is certainly a year none of us will ever forget for its challenges, but even more so for how the world rose to meet them.

因此，2020 年無疑是我們任何人都不會忘記的一年，因為它所面臨的挑戰，更重要的是世界如何應對這些挑戰。

At GE, I'm proud of the way we persevered in the face of great uncertainty, and we're set up well for the year ahead.

在通用電氣，我為我們在面臨巨大不確定性時堅持不懈的方式感到自豪，並且我們為未來的一年做好了準備。

With that, Carolina will provide further details on our quarterly results.

這樣，卡羅萊納州將提供有關我們季度業績的更多詳細資訊。

Thanks, Larry.

謝謝，拉里。

Broadly speaking, I'm also pleased with how we're progressing on our priorities.

總的來說，我也對我們在優先事項上的進展感到滿意。

We're becoming more operational, we're deepening our focus on cash flow, and we're using lean and automation to improve speed, quality and scale.

我們正在變得更加運營，我們正在加深對現金流的關注，我們正在利用精益和自動化來提高速度、品質和規模。

And we've started to see evidence of this in our margin and cash flow numbers.

我們已經開始在我們的利潤率和現金流量數據中看到這一點的證據。

I'll share some examples with you today.

今天我將與大家分享一些例子。

Turning to Slide 4. Larry covered our consolidated results, so let me provide some additional color on our earnings performance.

轉向幻燈片 4。拉里介紹了我們的綜合業績，所以讓我對我們的盈利表現提供一些額外的說明。

First, we made some notable reporting enhancements.

首先，我們對報告進行了一些顯著的改進。

This better aligned with how we operate our businesses and will help us drive improvements.

這更好地符合我們的業務運作方式，並將幫助我們推動改進。

They also further enhanced transparency and disclosure quality.

他們還進一步提高了透明度和揭露品質。

Of particular note, we now include restructuring expense for significant and higher cost programs in adjusted EPS and in our segment results.

特別值得注意的是，我們現在將重大且成本較高的計劃的重組費用納入調整後每股收益和分部業績中。

This will drive accountability in managing cost and benefits at the businesses.

這將推動企業管理成本和效益的責任。

The restructuring recast was an impact of $0.02 in the quarter and $0.05 for the year.

重組調整對本季和全年的影響分別為 0.02 美元和 0.05 美元。

Second, we're still managing through significant market volatility.

其次，我們仍在應對市場的大幅波動。

Aviation continues to heavily impact our overall performance, pressuring our top line and our Industrial profit, but we saw progress in our other businesses.

航空業繼續嚴重影響我們的整體業績，對我們的營收和工業利潤帶來壓力，但我們看到了其他業務的進展。

This quarter, while overall Industrial margin was down 350 basis points, excluding Aviation, margin expanded 340 basis points reflecting swift action and strong execution on our cost programs.

本季度，雖然整體工業利潤率下降了 350 個基點（不包括航空業），但利潤率卻擴大了 340 個基點，反映出我們對成本計畫的快速行動和強有力的執行。

As planned in 2020, we reduced structural head count by more than 20,000 or 11% and that's ex-dispositions.

按照 2020 年計劃，我們將結構性員工人數減少了 20,000 多人，即 11%，這還是扣除配置後的金額。

Third, looking at continuing to adjusted EPS.

第三，關注持續調整的每股盈餘。

Much of this difference came from the steps we've taken to improve our financial position and operations.

這種差異很大程度上來自於我們為改善財務狀況和營運所採取的措施。

There were a couple of main drivers.

有幾個主要驅動因素。

This includes our Baker Hughes mark and $124 million of restructuring expense tied to the significant high cost programs.

這包括我們的貝克休斯商標和與重大高成本項目相關的 1.24 億美元重組費用。

I'd also point out debt tender costs, additional BioPharma-related tax benefit, and the remaining $100 million to close out the SEC matter.

我還要指出債務招標成本、額外的生物製藥相關稅收優惠，以及用於結束 SEC 案件的剩餘 1 億美元。

In all, as our actions took hold we saw improving results to close this difficult year.

總而言之，隨著我們的行動落地，我們看到了成果的改善，結束了這困難的一年。

Moving to cash.

轉向現金。

We generated $4.4 billion of Industrial free cash flow this quarter, well above our expectations coming into the quarter.

本季我們產生了 44 億美元的工業自由現金流，遠高於我們對本季的預期。

This is up $500 million year-over-year, but is also, ex-BioPharma, up $900 million.

這比去年同期增加了 5 億美元，但不包括生物製藥公司，也增加了 9 億美元。

All businesses delivered positive cash flow, largely driven by better working capital management.

所有企業都實現了正現金流，這主要得益於更好的營運資本管理。

Cash flow benefited from positive earnings.

現金流受益於正獲利。

Healthcare earnings were strong again this quarter, and together with Power and Renewables, were enough to offset Aviation's decline.

本季醫療保健收入再次強勁，加上電力和再生能源，足以抵消航空業的下滑。

You'll see that there are puts and takes between earnings and other CFOA.

您會看到收益和其他 CFOA 之間存在看跌期權和賣出期權。

As seen in prior quarters, noncash items such as the Baker Hughes mark-to-market impacted earnings but not cash, and they were offset in other CFOA.

正如前幾季所見，貝克休斯按市價計價等非現金項目影響了收益，但不影響現金，並且在其他 CFOA 中被抵消。

Consistent with how we run the business, we strengthened our working capital definition, broadening it to include current contract assets and other current items while our free cash flow definitions remain unchanged.

根據我們經營業務的方式，我們加強了營運資本定義，將其擴大到包括流動合約資產和其他流動項目，同時我們的自由現金流定義保持不變。

This quarter, working capital was the biggest driver of our free cash flow.

本季度，營運資金是我們自由現金流的最大驅動力。

A source of cash at $3.4 billion, this was significantly better sequentially and year-over-year due to seasonal volume and continued operational and financial process improvement.

現金來源為 34 億美元，由於季節性交易量以及持續的營運和財務流程改進，該數字環比和同比均顯著改善。

While we're seeing improvements across the board, inventory and payables were the net contributors to cash flow this quarter.

雖然我們看到全面改善，但庫存和應付帳款是本季現金流的淨貢獻者。

Looking at the dynamics.

看動態。

Receivable, naturally pressured from the higher seasonal volume in fourth quarter.

應收帳款自然受到第四季季節性銷售增加的壓力。

We also reduced short-term factoring by $1.2 billion this quarter, bringing the total factoring balance down to $6.8 billion.

本季我們也減少了 12 億美元的短期保理，使保理餘額總額降至 68 億美元。

Partially offsetting this were strong collections, resulting in a further decline in past dues and DSOs.

強勁的催收部分抵消了這一影響，導致逾期未付款項和 DSO 進一步下降。

Renewables was a standout this year, implementing a standard operating rhythm using lean to reduce its DSOs and its past dues by more than 25%.

再生能源今年表現出色，利用精益實施標準營運節奏，將 DSO 和逾期未付款項減少了 25% 以上。

On inventory, we released $1.6 billion across all businesses through higher deliveries driven by seasonality and more rigorous material management.

在庫存方面，我們透過季節性和更嚴格的物料管理推動的更高交付量，在所有業務中釋放了 16 億美元。

For example, Healthcare's MR team is implementing a real pull system in production.

例如，醫療保健的 MR 團隊正在生產中實施真正的拉動系統。

So far, this has improved on-time delivery by roughly 15 points and increased inventory turns by a half turn.

到目前為止，這已將準時交貨率提高了大約 15 個百分點，並將庫存週轉率提高了半週。

Payables were also a benefit as volume increased this quarter.

隨著本季銷售量的增加，應付帳款也是一個好處。

Progress collections were a net $1 billion inflow.

進展募款淨流入 10 億美元。

This was driven by cash collected from large orders closed in Renewables and strong milestone deliveries, partially offset by Aviation and Power.

這是由可再生能源領域完成的大訂單收集的現金和強勁的里程碑交付推動的，但航空和電力部分抵消了這一影響。

Contract assets, a net $800 million of inflow, this was due to Aviation CSA collections, including quarterly flight hours, annual minimum contract requirements and other items.

合約資產淨流入 8 億美元，這是由於航空 CSA 的徵收，包括季度飛行小時、年度最低合約要求和其他項目。

We're still carefully optimizing our investments to drive returns aligned with our long-term objectives.

我們仍在仔細優化我們的投資，以推動與我們的長期目標一致的回報。

We held capex flat sequentially.

我們連續維持資本支出持平。

In fourth quarter, this represents a reduction of more than 50% year-over-year; and for the year, this is down 31%.

第四季年減超過50%；今年下降了 31%。

But importantly, we continued to invest in high-return and strategically important projects.

但重要的是，我們繼續投資高回報和具有戰略意義的項目。

For the year, Industrial free cash flow was $600 million.

今年工業自由現金流為 6 億美元。

All businesses, except Aviation, improved cash flows and ended the year stronger than they began.

除航空業外，所有業務的現金流量均有所改善，年終業績強於年初。

Total Power generated positive free cash flow, including Gas Power, as we made faster progress on our fixed cost reductions and working capital improvements despite the negative cash flows at Power Portfolio.

儘管電力組合的現金流為負，但總電力公司（包括天然氣發電公司）在固定成本削減和營運資本改善方面取得了更快的進展，產生了正的自由現金流。

Healthcare delivered an impressive free cash flow of $2.9 billion, while overcoming a $1 billion headwind from the foregone cash flows of BioPharma.

醫療保健產業提供了 29 億美元的自由現金流，令人印象深刻，同時克服了生物製藥公司現金流損失帶來的 10 億美元的阻力。

This was driven by higher earnings primarily from the pandemic-related demand, cost actions, and better working capital.

這是由於主要來自與大流行相關的需求、成本行動和更好的營運資本的收入增加所推動的。

Free cash flow at Renewables was negative $600 million, but a $300 million improvement year-over-year despite the impact of the PTC cycle.

再生能源的自由現金流為負 6 億美元，但儘管受到 PTC 週期的影響，年比仍增加了 3 億美元。

The focus on inventory management is paying off and we had strong progress from orders and milestone execution.

對庫存管理的關注正在得到回報，我們在訂單和里程碑執行方面取得了巨大進展。

Aviation free cash flow turned positive this quarter and was nearly breakeven for the year, enabled by our significant cash actions.

由於我們重大的現金行動，航空自由現金流本季轉為正值，全年幾乎達到損益兩平。

Stepping back, our trajectory to sustainable cash flow growth was largely on self-help.

退一步來說，我們實現永續現金流成長的軌跡主要依靠自助。

I'm confident we're focused on the right areas: operational cash drivers that improve working capital, increasing our frequency of our operating rhythms, and more linear cash flow generation throughout the quarters and the year.

我相信我們專注於正確的領域：改善營運資本的營運現金驅動因素、提高營運節奏的頻率以及整個季度和全年更線性的現金流產生。

For example, all leaders have action plans to run their businesses leaner with lower inventory levels.

例如，所有領導者都有行動計劃，以降低庫存水準來精簡業務。

In aggregate, our focus and actions to improve working capital are starting to pay off.

總的來說，我們對改善營運資金的關注和行動已開始取得成效。

Moving to the segment results, which I'll speak to on an organic basis.

轉向細分結果，我將在有機的基礎上談論它。

First, on Aviation.

首先，關於航空。

GE and CFM departures were down approximately 48% this quarter versus our January '20 baseline due to the resurgence of COVID-19 cases and further travel restrictions.

由於 COVID-19 病例死灰復燃和進一步的旅行限制，本季 GE 和 CFM 的出發航班數量與我們 20 年 1 月的基線相比下降了約 48%。

The commercial aftermarket, which is critical to our recovery, showed some sequential improvement.

對我們的復甦至關重要的商業售後市場顯示出一些連續的改善。

Orders were down 40% year-on-year, but up more than 50% sequentially.

訂單年減 40%，但季增超過 50%。

Commercial Services was down more than 50% year-over-year with Commercial Engines down 21%.

商業服務年減超過 50%，其中商業引擎下降 21%。

It's important to recall that the fourth quarter of '19 included a $1.9 billion order from the aeroderivative joint venture formation.

重要的是要記住，2019 年第四季包括來自航改合資企業的 19 億美元訂單。

This was just under half of the total orders decline in dollar terms.

以美元計算，這略低於訂單總數下降的一半。

Aviation backlog stands at $260 billion, down 5% year-over-year yet flat sequentially.

航空積壓訂單達 2,600 億美元，年減 5%，但季減。

The largest driver was Commercial Engines as unit shipments and cancellations outpaced orders.

最大的推動力是商用發動機，因為單位出貨量和取消量超過了訂單量。

Cancellations were about 400 units, primarily LEAP-1B, this quarter, significant, but for context, our ending LEAP backlog still stands at more than 9,600 engines.

本季取消的數量約為 400 台，主要是 LEAP-1B，但就背景而言，我們最終的 LEAP 積壓訂單仍超過 9,600 台。

Revenue declines continued to moderate, down 34% this quarter, while revenue was up nearly 20% sequentially.

營收下降持續放緩，本季下降 34%，而季增近 20%。

Commercial Engine revenue was down 47%.

商用發動機收入下降 47%。

As we shipped 309 fewer engines year-over-year.

我們的引擎出貨量年減了 309 台。

Commercial Services revenue was down nearly 50%.

商業服務收入下降近 50%。

This was driven by lower spare parts sales and shop visits.

這是由於備件銷售和商店訪問量減少所致。

Charges for long-term service agreements were approximately $150 million this quarter, roughly 1/3 is COVID-related.

本季長期服務協議費用約為 1.5 億美元，其中約 1/3 與新冠病毒相關。

While customer demand remained strong in military, revenue was flat, falling short of our expectations.

儘管軍事領域的客戶需求仍然強勁，但收入持平，低於我們的預期。

This was due to continued supply chain challenges, slowing shipments.

這是由於供應鏈持續面臨挑戰，出貨速度放緩。

Segment margin, 9.6%.

分部利潤率為 9.6%。

Margin expanded sequentially driven by the cost actions and improved volume in commercial markets despite more than $100 million of continued higher costs due to lower production rates.

儘管由於生產力下降導致成本持續上漲超過 1 億美元，但在成本行動和商業市場銷售增加的推動下，利潤率卻連續擴大。

Decremental margins this quarter were 48%, up sequentially.

本季利潤率下降 48%，比上一季上升。

This was due to continued volume pressure and a tough margin comp of 23% from 4Q'19.

這是由於持續的銷售壓力以及 2019 年第四季 23% 的艱難利潤率。

So for the year, Aviation margin of 5.6% were supported by significant countermeasures.

因此，今年5.6%的航空利潤率是受到重大因應措施的支持。

We realized savings of more than $1 billion of cost and $2 billion of cash actions.

我們節省了超過 10 億美元的成本和 20 億美元的現金行動。

This work continues in '21.

這項工作將在 21 年繼續進行。

Moving to Healthcare.

轉向醫療保健。

The team delivered another strong quarter.

該團隊又交付了強勁的季度業績。

The Healthcare Systems market remained dynamic with elevated demand in COVID-19-related equipment, offset by softer demand for non-pandemic products.

醫療保健系統市場保持活躍，對 COVID-19 相關設備的需求增加，但被非流行病產品需求疲軟所抵消。

Regionally, public health care markets such as Europe and China have been stronger than private markets, particularly U.S., India, and Latin America.

從地區來看，歐洲和中國等公共醫療保健市場強於私人市場，尤其是美國、印度和拉丁美洲。

For the second consecutive quarter, global procedure volumes were relatively stable with some regional variability as care providers postponed elective procedures due to COVID-19 spikes.

連續第二個季度，全球手術量相對穩定，但存在一些地區差異，因為護理提供者因 COVID-19 激增而推遲了選擇性手術。

With that backdrop, Healthcare orders continued to improve at 1%.

在此背景下，醫療保健訂單繼續以 1% 的速度成長。

In Healthcare Systems, orders grew 1%.

在醫療保健系統領域，訂單增加了 1%。

Europe was up low double-digits, and China, up low single digits.

歐洲實現了兩位數的低成長，中國實現了低個位數的成長。

Services saw consistent growth, up low double digits, as we continued to provide critical support to our customers.

隨著我們繼續為客戶提供關鍵支持，服務實現了持續成長，增幅為兩位數。

In PDx, demand continues to recover to pre-pandemic level and orders were down 1%, but up slightly sequentially.

在 PDx 中，需求持續恢復至疫情前的水平，訂單下降 1%，但較上季略有上升。

Healthcare revenue was up 6%.

醫療保健收入成長 6%。

Healthcare Systems was up 7%.

醫療保健系統上漲 7%。

LCS had solid execution delivering a record number of ventilators.

LCS 執行力強，交付的呼吸器數量創歷史新高。

Non-pandemic related volumes were also positive as we converted Imaging backlog and Ultrasound orders this quarter.

由於我們本季轉換了影像積壓訂單和超音波訂單，非流行病相關的銷售量也呈現正值。

From a regional perspective, we saw strong growth in Europe and China.

從區域角度來看，我們看到歐洲和中國的強勁成長。

This year, China revenue was more than $2 billion, and up 11% in the quarter alone.

今年，中國區營收超過 20 億美元，光是本季就成長了 11%。

U.S. revenue was more than $6.5 billion, up 2% for the year, including the U.S. Government's ventilator order.

美國收入超過 65 億美元，全年成長 2%，其中包括美國政府的呼吸器訂單。

PDx revenue slightly down 1%.

PDx 收入小幅下降 1%。

The segment margin was up 310 basis points this quarter and 190 basis points for the year.

本季該部門利潤率成長了 310 個基點，全年成長了 190 個基點。

While we continued to invest in new products, the team reduced structural costs.

在我們繼續投資新產品的同時，團隊降低了結構成本。

Headcount was down roughly 1,200 this quarter and the business maintained tighter control over discretionary costs.

本季員工人數減少約 1,200 人，且業務對可自由支配成本保持更嚴格的控制。

For the year, revenue was up 4%, with Healthcare Systems up 5% and the margin was 17%.

今年，營收成長 4%，其中醫療保健系統成長 5%，利潤率為 17%。

Our team delivered operational improvement and has headroom for more with an eye toward continued margin expansion.

我們的團隊實現了營運改進，並擁有更多空間，著眼於持續擴大利潤率。

Turning to Power.

轉向電源。

Our team continued to make operational progress, particularly in cash generation.

我們的團隊繼續取得營運進展，特別是在現金生成方面。

Starting with the market.

從市場著手。

Despite global electricity demand and gas-based power generation declining this quarter, GE gas turbine utilization and therefore our CSA billings were resilient, increasing mid-single digits driven by our technology and commercial positioning in higher-growth, gas-favored regions.

儘管本季全球電力需求和天然氣發電量下降，但 GE 燃氣渦輪機利用率以及我們的 CSA 帳單仍保持彈性，在我們在高成長、天然氣青睞地區的技術和商業定位的推動下，中個位數成長。

As anticipated, we saw significant orders improvement.

正如預期的那樣，我們看到訂單顯著改善。

Gas Power equipment order more than tripled with HA wins in Asia and securing 45 to 50 Heavy-Duty Gas Turbine shipments in 2021.

HA 在亞洲獲勝並確保 2021 年交付 45 至 50 台重型燃氣渦輪機，燃氣發電設備訂單增加了兩倍多。

Service orders grew 7% with double-digit growth in transactional and low single-digit growth in CSA while upgrade declines moderated from earlier in 2020, down single digits.

服務訂單成長 7%，交易量達到兩位數成長，CSA 實現低個位數成長，而升級降幅較 2020 年初放緩，下降個位數。

For the year, service orders were down 3%.

今年，服務訂單下降了 3%。

Power Portfolio orders were down 27%, largely driven by Steam equipment.

電力組合訂單下降 27%，主要由 Steam 設備推動。

As we exit new build coal, this trend of limited Steam equipment activity has continued and as we execute backlog and rightsize the business, we expect this to flow through the financials.

隨著我們退出新建煤炭，這種蒸汽設備活動有限的趨勢仍在繼續，隨著我們執行積壓訂單並調整業務規模，我們預計這將影響財務狀況。

We ended with slightly higher backlog as growth in Gas Power more than offset declines in Power Portfolio.

我們最終的積壓訂單略有增加，因為天然氣發電的成長足以抵消電力組合的下降。

Gas Power backlog of $66 billion grew roughly $700 million sequentially, driven by strong equipment and transactional services book-to-bill.

在強大的設備和訂單到帳單交易服務的推動下，天然氣發電訂單量為 660 億美元，季增約 7 億美元。

Revenue was down slightly this quarter.

本季度收入略有下降。

In Gas Power, revenue was down 3% largely driven by services down 10%.

在天然氣發電領域，收入下降了 3%，主要是由於服務下降了 10%。

We saw lower discretionary spend on upgrades and narrower scope of outages.

我們發現升級方面的可自由支配支出減少，停電範圍縮小。

For the year, we executed about 90% of our pre-COVID outage plan.

今年，我們執行了新冠疫情前的停電計畫的約 90%。

Offsetting this was equipment revenue, up double digits.

設備收入成長了兩位數，抵消了這一影響。

We shipped 28 gas turbines this quarter, up 7 units year-over-year, for a total of 51 heavy-duty shipments in 2020.

本季我們出貨了 28 台燃氣渦輪機，年增 7 台，2020 年重型燃氣渦輪機出貨量總計 51 台。

And, we commissioned 4 gigawatts of power to the grid, including 6 HA units.

此外，我們也向電網投運了 4 吉瓦電力，其中包括 6 個 HA 機組。

In Power Portfolio, revenue was up 5% primarily driven by Steam equipment project execution.

在 Power Portfolio 中，營收成長了 5%，主要得益於 Steam 裝置專案的執行。

Our Power Portfolio team performed about 95% of their pre-COVID outage plans.

我們的電力組合團隊執行了約 95% 的新冠疫情前停電計畫。

Segment margin of 6% was up 40 basis points.

6% 的部門利潤率上升了 40 個基點。

A double-digit reduction in Gas Power fixed costs was partially offset by negative revenue mix between equipment and services and some onetime, non-cash charges, including for specific customer credit event.

天然氣發電固定成本兩位數的下降被設備和服務之間的負收入組合以及一些一次性非現金費用（包括特定客戶信貸事件的費用）部分抵消。

In Power Portfolio, as Larry mentioned, all 3 businesses generated profit.

正如拉里所提到的，在 Power Portfolio 中，所有 3 項業務都產生了利潤。

Power conversion was a particular standout, better execution led to margin expansion of 10 points year-over-year.

電力轉換尤其突出，更好的執行力導致利潤率年增 10 個百分點。

For the year, Power revenues were down 5%, but the team held margins at 1.5%.

今年，Power 收入下降了 5%，但團隊的利潤率保持在 1.5%。

We offset pressure from lower services volume and onetime noncash charges such as an underperforming JV for global aeroderivative packaging by reducing headcount by roughly 3,300 and decreasing Power fixed costs.

我們透過減少約 3,300 名員工和降低電力固定成本來抵消服務量下降和一次性非現金費用（例如表現不佳的全球航空改造包裝合資企業）帶來的壓力。

Turning to Renewables, our progress continues.

談到再生能源，我們的進步仍在繼續。

This year, Onshore Wind delivered record volumes despite the pandemic.

今年，儘管發生了大流行，陸域風電的發電量仍創歷史新高。

Offshore Wind received full certification for both its 12-and 13-megawatt Haliade-X.

Offshore Wind 的 12 兆瓦和 13 兆瓦 Haliade-X 獲得了全面認證。

And, Grid and Hydro, our turnarounds, showed improved results.

而且，電網和水電，我們的扭虧為盈，顯示出更好的結果。

Starting with the market.

從市場著手。

Onshore Wind growth was sustained by international demand.

陸域風電的成長得益於國際需求的支持。

Offshore Wind continued to be supported by solid secular growth trends.

離岸風電繼續受到穩健的長期成長趨勢的支持。

And we've built a robust Haliade-X pipeline with total commitments of 5.7 gigawatts.

我們已經建立了強大的 Haliade-X 管道，總承諾量為 5.7 吉瓦。

Orders were up 32% year-over-year, representing the first quarter of growth since 3Q'19.

訂單年增 32%，這是自 2019 年第三季以來的第一季成長。

This was driven by Onshore Wind with large equipment orders in North America and Offshore Wind with its first Haliade-X order of 95 units from the Dogger Bank wind farm in the U.K. This double-digit order growth brings our backlog to a record high of $30 billion, and importantly, at better margins.

這是由陸上風電在北美的大型設備訂單和離岸風電的推動，離岸風電是英國Dogger Bank 風電場的首個Haliade-X 訂單，共95 台。這種兩位數的訂單增長使我們的積壓訂單達到30 美元的歷史新高。十億美元，而且重要的是，利潤率更高。

We remain focused on underwriting discipline and better project selectivity.

我們仍然專注於承保紀律和更好的專案選擇性。

Revenue was down 7% driven by Onshore Wind.

陸域風電導致收入下降 7%。

Specifically, new units and repower upgrades were down 27% as our deliveries were more heavily weighted in the prior quarter due to the PTC dynamics.

具體來說，新設備和重新供電升級下降了 27%，因為由於 PTC 的動態，我們上一季的交付量更加重要。

This was partially offset by growth in Offshore Wind and hybrids.

這被離岸風電和混合動力的成長部分抵消。

Segment margin was slightly negative this quarter, though up 290 basis points year-over-year.

本季該部門利潤率略有負值，但年增 290 個基點。

It was driven by cost productivity, better pricing in Onshore Wind North America and improved project execution.

這是由成本效率、北美陸上風電更好的定價以及項目執行的改進所推動的。

At Grid, profit, while negative, improved significantly driven by our restructuring actions and better project execution.

在 Grid，利潤雖然為負，但在我們的重組行動和更好的專案執行的推動下顯著改善。

For Renewables, revenue was up for the year, and while the segment margin improved, it was still negative.

對於再生能源，今年的收入有所增長，儘管部門利潤率有所改善，但仍為負值。

Moving to GE Capital on Slide 7. We ended the year with $103 billion of assets, excluding liquidity.

轉向幻燈片 7 上的 GE Capital。年底，我們的資產為 1,030 億美元，不包括流動性。

Continuing operations generated an adjusted net loss of $24 million this quarter.

本季持續經營業務產生的調整後淨虧損為 2,400 萬美元。

This was down year-over-year, primarily driven by lower gains at GECAS and EFS and higher taxes, partially offsetting lower EFS impairments and positive marks on the Insurance investment portfolio.

這一數字同比下降，主要是由於 GECAS 和 EFS 收益下降以及稅收增加，部分抵消了 EFS 減損下降和保險投資組合的積極標記。

At GECAS, our team continued to work customer-by-customer through restructurings, and in some cases, repossessions.

在 GECAS，我們的團隊繼續透過重組以及在某些情況下收回資產來逐一客戶地開展工作。

At year-end, the outstanding deferred balance was approximately $400 million.

截至年底，未償遞延餘額約為 4 億美元。

This was down slightly sequentially, both as a function of limited new deferrals as well as collections.

由於有限的新延期和催收，這一數字連續略有下降。

Importantly, we've collected around 84% of what we've invoiced to date.

重要的是，到目前為止，我們已經收集了大約 84% 的發票。

And out of a fleet of more than 900 aircraft, we ended the year with 27 aircraft on ground.

截至年底，我們的機隊共有 900 多架飛機，其中有 27 架飛機在地面飛行。

This quarter, GECAS generated a profit of $120 million.

本季度，GECAS 實現利潤 1.2 億美元。

That's down $94 million year-over-year, driven primarily by the disposition of the PK Air in 2019 and market conditions.

年比減少 9,400 萬美元，主要是由於 2019 年 PK Air 的處置和市場狀況所致。

For the year, GECAS generated earnings of $50 million, excluding the second quarter goodwill impairment.

今年，GECAS 獲利 5,000 萬美元，不包括第二季商譽減損。

Equipment lease impairments in the year totaled $542 million and $45 million in the quarter.

當年的設備租賃減損總額為 5.42 億美元，本季為 4,500 萬美元。

Going forward, we continue to monitor credit risk as further credit deterioration could result in additional airline failures over and above those that we have considered in our reviews.

展望未來，我們將繼續監控信用風險，因為信用進一步惡化可能會導致更多航空公司倒閉，超出我們在審查中考慮的範圍。

Turning to Insurance.

轉向保險。

The business generated net income of $112 million this quarter.

該業務本季淨利潤為 1.12 億美元。

This was largely driven by increases in the unrealized gains in the investment securities portfolio and in mark-to-market adjustments and realized gains.

這主要是由於投資證券組合的未實現收益以及按市值計算的調整和已實現收益的增加所致。

As it relates to the pandemic and adjusting for what we believe is timing related.

因為它與大流行有關，並根據我們認為與時間相關的內容進行調整。

In our LTC block, we continued to see reductions in new claims and higher policy terminations.

在我們的長期照護保險區塊中，我們繼續看到新索賠的減少和保單終止的增加。

In our run-off Life business, we saw -- we still saw higher claims due to higher mortality.

在我們的決勝壽險業務中，我們看到，由於死亡率較高，我們仍然看到更高的索賠金額。

In our structured settlement block, we also saw higher mortality resulting in lower claims.

在我們的結構化結算區塊中，我們還發現死亡率較高，導致索賠率較低。

Insurance will complete its annual statutory cash flow test in 1Q'21.

保險業將於 21 年第一季完成年度法定現金流量測試。

As expected, GE provided a capital contribution to GE Capital of $2 billion, in line with the required annual insurance statutory funding for 2020.

如預期，GE 向 GE Capital 提供了 20 億美元的出資，符合 2020 年年度保險法定資金的要求。

As we said in the third quarter, we expect an additional contribution from GE to GE Capital in '21 to meet its existing insurance statutory funding requirements of approximately $2 billion.

正如我們在第三季所說，我們預計 GE 在 21 年向 GE Capital 提供額外捐款，以滿足其現有約 20 億美元的保險法定資金需求。

In light of the uncertain environment, further 2021 contributions depend on GE Capital's performance, including GECAS operations and the Insurance CFT results.

鑑於環境的不確定性，2021 年的進一步貢獻取決於 GE Capital 的業績，包括 GECAS 營運和保險 CFT 業績。

Shifting to Corporate.

轉向企業。

Our focus on decentralization continues.

我們繼續關注權力下放。

We're driving more accountability to the segments and continue to resize the core in favor of the business units.

我們正在推動對各部門承擔更多責任，並繼續調整核心規模以支援業務部門。

This quarter, adjusted Corporate costs were $443 million, down 23% year-over-year.

本季度，調整後的企業成本為 4.43 億美元，年減 23%。

Functional costs and operations improved as we saw further reduced headcount, which was down 13% for the year.

隨著員工人數進一步減少（全年減少了 13%），職能成本和營運有所改善。

GE Digital saw significant traction on profit and cash flow as the business improved operations and optimized its cost structure.

隨著業務改善營運並優化成本結構，GE Digital 看到了利潤和現金流的顯著增長。

Moving to Slide 8. We continued to improve our financial position despite the uncertain external environment.

轉到幻燈片 8。儘管外部環境不確定，但我們的財務狀況繼續改善。

We ended the year with about $37 billion of total cash, more than $23 billion at GE and $13 billion at GE Capital.

到年底，我們的現金總額約為 370 億美元，其中 GE 超過 230 億美元，GE Capital 超過 130 億美元。

We also maintained $20 billion of credit lines.

我們也維持了 200 億美元的信貸額度。

And through a series of actions this year, we reduced near-term liquidity needs through 2024 by $10.5 billion.

透過今年的一系列行動，我們到 2024 年將近期流動性需求減少了 105 億美元。

We also continued to enhance our cash management operations, targeting more linear cash flow, lower factoring, and less restricted cash.

我們也持續加強現金管理業務，目標是實現更線性的現金流量、更低的保理成本和更少的現金限制。

As a result, we reduced intra-quarter borrowings by $3.6 billion in 2020, or approximately 75% less year-over-year.

因此，我們在 2020 年將季度內借款減少了 36 億美元，比去年同期減少約 75%。

Expanding on cash flow linearity.

擴大現金流線性度。

One focus area for our businesses has been improving the end-to-end cycle of order fulfillment, billing and collections.

我們業務的重點領域之一是改善訂單履行、計費和收款的端到端週期。

In our Healthcare System equipment business, for example, standard work is helping us level load the number of deliveries from the third month in the quarter to earlier in the quarter, smoothing out deliveries and collections.

例如，在我們的醫療保健系統設備業務中，標準工作正在幫助我們將季度第三個月的交付數量平衡到本季度早些時候，從而使交付和收款變得順利。

This is also reducing inventory and improving factory productivity.

這也減少了庫存並提高了工廠的生產力。

These types of operational improvements have reduced our Industrial cash needs to below $13 billion on a go-forward basis.

這些類型的營運改善已將我們的工業現金需求減少到 130 億美元以下。

And this creates greater capacity to de-lever the company.

這為公司去槓桿創造了更大的能力。

However, we'll continue to hold elevated cash levels through this period of uncertainty.

然而，在這段不確定時期，我們將繼續保持較高的現金水準。

Turning to debt reduction.

轉向減少債務。

We made strong progress in 2020, reducing external debt by $16 billion.

2020年，我們取得了巨大進展，外債減少了160億美元。

And our Industrial net debt ended at $32 billion, down $16 billion in '20 and down $23 billion from '19.

我們的工業淨債務最終為 320 億美元，比 20 年減少了 160 億美元，比 19 年減少了 230 億美元。

We also continued to derisk and actively manage our pension.

我們也繼續降低風險並積極管理我們的退休金。

In 2020, we decreased our pension deficit by $2.3 billion.

2020 年，我們的退休金赤字減少了 23 億美元。

The combination of strong asset returns at 17.6% and recent actions, such as the $2.5 billion pension prefunding, more than offset the impact of low interest rates.

17.6% 的強勁資產回報率和近期採取的行動（例如 25 億美元的退休金預籌資金）相結合，足以抵消低利率的影響。

Based on our current assumptions, we won't need to make contributions through 2023 to the GE Pension plan.

根據我們目前的假設，我們不需要在 2023 年之前向 GE 退休金計畫繳款。

In terms of leverage levels.

就槓桿水平而言。

Industrial ended with a 5.9x net debt-to-EBITDA ratio due to lower EBITDA, reflecting pandemic-related pressure.

由於 EBITDA 較低，工業部門最終的淨債務與 EBITDA 比率為 5.9 倍，反映出與疫情相關的壓力。

We remain committed to achieving our Industrial leverage target of 2.5x net debt-to-EBITDA over time.

我們仍致力於隨著時間的推移實現淨債務與 EBITDA 2.5 倍的工業槓桿目標。

At GE Capital, we ended 2020 with a debt-to-equity ratio of 3.4% and we expect to remain below our 4x debt-to-equity target.

在 GE Capital，2020 年底我們的負債股本比率為 3.4%，我們預期將繼續低於 4 倍負債股本目標。

In closing, our team has made meaningful progress this year.

最後，我們的團隊今年取得了有意義的進展。

I'm encouraged by the results we're seeing from the many, many changes underway.

我對我們從正在進行的許多改變中看到的結果感到鼓舞。

We'll continue to build on this momentum in 2021.

2021 年，我們將繼續鞏固這一勢頭。

Now Larry, back to you.

現在拉里，回到你身邊。

Carolina, thank you.

卡羅萊納，謝謝你。

Turning to page to 2021.

翻到2021年。

We're planning to provide a full outlook for the company, including detailed segment information during our March investor call.

我們計劃在三月的投資者電話會議上提供該公司的全面前景，包括詳細的部門資訊。

But today, we'll share an overview for the total company in 2021.

但今天，我們將分享 2021 年公司整體概況。

Moving to Slide 9. We're expecting organic growth in the low single-digit range for Industrial revenue, organic expansion of 250-plus basis points for Industrial operating margin, $0.15 to $0.25 for adjusted EPS and a range of $2.5 billion to $4.5 billion for Industrial free cash flow.

轉到幻燈片9。我們預計工業收入將在低個位數範圍內有機增長，工業營業利潤率將有機增長250 多個基點，調整後每股收益將在0.15 美元至0.25 美元之間，範圍在25 億美元至45 億美元之間工業自由現金流。

Of course, there are a number of key assumptions underpinning our plan for the year.

當然，我們今年的計畫有許多關鍵假設支撐。

First is the lost cash and earnings from dispositions, largely BioPharma, which, again, generated nearly $300 million in cash and $400 million in profit in the 1Q'20 and the continued reduction of Baker Hughes dividends, which represented more than $250 million of cash flow in 2020.

首先是現金和收益損失，主要是生物製藥業務，該公司在2020 年第一季再次產生了近3 億美元的現金和4 億美元的利潤，以及貝克休斯股息的持續減少，該股息代表了超過2.5 億美元的現金2020年流量。

Second, on Aviation, where the impact of COVID has been most acutely felt and our level of uncertainty is still the greatest.

其次，在航空業，新冠疫情的影響最為明顯，我們的不確定性仍然最大。

Starting with the market, our plan assumes departures remain close to fourth quarter levels in the first quarter, and we begin to see the commercial aviation market recover in the second half.

從市場開始，我們的計劃假設第一季的出發量仍接近第四季度的水平，並且我們開始看到下半年商用航空市場的復甦。

That said, we fully acknowledge the pace of the recovery remains dependent on containing the spread of the virus, effective inoculation programs and government's collaboration to encourage travel.

儘管如此，我們完全承認復甦的速度仍然取決於遏制病毒的傳播、有效的疫苗接種計劃以及政府鼓勵旅行的合作。

At GE Aviation, we continue to expect the engine aftermarket recovery to lag departure trends across regions and fleets, particularly around quarantine requirements.

在通用電氣航空集團，我們仍預期發動機售後市場的復甦將落後於各地區和機隊的出發趨勢，特別是在檢疫要求方面。

And given that we generate a significant portion of our cash in Commercial Services, the recovery of the aftermarket remains critical.

鑑於我們的現金大多來自商業服務，售後市場的復甦仍然至關重要。

So our full year plan assumes Aviation revenue is flat to up year-over-year.

因此，我們的全年計劃假設航空收入與去年同期持平或成長。

And as a reminder, since the full effect of the virus was not felt until late in the first quarter of last year, we will be lapping a tough comp.

提醒一下，由於直到去年第一季末才感受到病毒的全面影響，因此我們將進行一場艱難的比賽。

Looking across our other segments.

縱觀我們的其他細分市場。

In Power, we anticipate continued progress at Gas Power with some offset in Power Portfolio as we exit new build coal.

在電力方面，我們預計天然氣發電將繼續取得進展，但隨著我們退出新建煤炭項目，電力投資組合將有所抵消。

Overall, we expect equipment revenue will be down, driven by our narrower scope with less turnkey volume.

整體而言，我們預期設備收入將下降，原因是我們的範圍縮小，交鑰匙工程量減少。

We're also planning for growth in our higher-margin services revenue.

我們也計劃增加利潤率較高的服務收入。

In Renewables, we're focused on improving operational execution and driving structural cost out.

在再生能源領域，我們專注於改善營運執行並降低結構性成本。

This will help us expand margins and improve cash.

這將幫助我們擴大利潤並增加現金。

At Healthcare, we expect continued strength in Healthcare Systems as our new products and commercial efforts drive growth and PDx to recover.

在醫療保健領域，隨著我們的新產品和商業努力推動成長和 PDx 復甦，我們預計醫療保健系統將繼續保持強勢。

While we expect cash conversion to remain solid, it will be lower than 2020.

雖然我們預計現金轉換將保持穩定，但將低於 2020 年。

And at Capital, we expect earnings to be better.

在 Capital，我們預期收益會更好。

At each business, we're further accelerating cash performance and cost management with restructuring remaining elevated.

在每項業務中，我們都在進一步加速現金績效和成本管理，同時繼續加強重組。

So in aggregate, we have a positive trajectory going into 2021 despite areas of volatility and the continued challenges in Aviation.

因此，總的來說，儘管航空業存在波動和持續挑戰，但進入 2021 年我們仍將保持積極的發展軌跡。

We're focused on delivering on our commitments, and I'm confident that our continued efforts will build a stronger and more focused GE.

我們致力於兌現我們的承諾，我相信我們的持續努力將打造一個更強大、更專注的 GE。

Turning to Slide 10.

轉到投影片 10。

As we all know, 2020 was a year like none other.

眾所周知，2020 年是不平凡的一年。

I'm truly proud of the GE team and their remarkable resilience.

我真的為 GE 團隊及其非凡的韌性感到自豪。

I hope you can see that in the face of great uncertainty, we continue to strengthen our businesses and deliver for our customers.

我希望您能看到，面對巨大的不確定性，我們繼續加強我們的業務，為我們的客戶提供服務。

And as we move through the second half, our businesses had a strong free cash flow finish to what was a challenging year.

當我們進入下半年時，我們的業務擁有強勁的自由現金流，結束了充滿挑戰的一年。

Momentum is growing across our businesses.

我們的業務勢頭不斷增強。

We've continued to evolve our culture by embracing lean while preserving the strengths that have defined GE throughout its history.

我們透過擁抱精實不斷發展我們的文化，同時保留了 GE 整個歷史的優勢。

And I'm excited about the opportunities that lie ahead, how we will continue to lead the energy transition, help our customers deliver precision health and define the future of flight.

我對未來的機會感到興奮，對我們將如何繼續引領能源轉型、幫助我們的客戶提供精準的健康並定義飛行的未來感到興奮。

As our multiyear transformation accelerates, we'll unlock upside potential with better cash generation, profit and growth.

隨著我們多年轉型的加速，我們將透過更好的現金產生、利潤和成長來釋放上行潛力。

And ultimately, we expect that our Industrial businesses over time should generate high single-digit free cash flow margins while rising to the challenge of building a world that works.

最終，我們預計，隨著時間的推移，我們的工業業務將產生高個位數的自由現金流利潤率，同時迎接建立一個運作良好的世界的挑戰。

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

史蒂夫，接下來我們開始提問。

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

（操作員指示）布蘭登，您可以接通電話嗎？

(Operator Instructions) And from JP Morgan, we have Steve Tusa.

（操作員說明）摩根大通請來了史蒂夫·圖薩（Steve Tusa）。

Congrats on the strong finish on cash.

祝賀現金的強勁表現。

Just curious on this GE Capital change, when did that start?

只是好奇通用電氣資本的這項變化是什麼時候開始的？

And is there any impact on kind of working capital trends?

對營運資金趨勢有什麼影響嗎？

I'm just kind of trying to figure out how -- you mentioned that the transactions remained on kind of an arm's length basis.

我只是想弄清楚如何——你提到交易仍然是在公平的基礎上進行的。

But how does this kind of change the dynamic around working capital at all?

但這會如何改變營運資本的動態呢？

Okay.

好的。

Steve, just for clarity, you mean the change in how we account for it on an equity basis that we just announced today?

史蒂夫，為了清楚起見，您的意思是我們今天剛剛宣布的在權益基礎上會計處理方式的變化？

Yes.

是的。

Okay.

好的。

Okay.

好的。

Yes.

是的。

Well, that is really to sort of simplify the way we show how GE Industrial is performing and how GE Capital is performing.

嗯，這實際上是為了簡化我們展示通用電氣工業公司和通用電氣金融公司的表現的方式。

That's the only change that we do there.

這是我們在那裡所做的唯一改變。

I would say, though, that looking at the reporting changes that we have done in the quarter or at year-end, there are a couple of significant ones.

不過，我想說，看看我們在本季或年底所做的報告變化，有幾個重大變化。

And the most significant is really the restructuring recast in moving responsibility for not only the sort of execution, but also the cost as well as the benefit to the businesses.

最重要的是重組，不僅轉移了執行方式的責任，也轉移了企業的成本和利益。

So I would say that's the biggest and most important one.

所以我想說這是最大也是最重要的。

And also, when we're talking about the working capital definition and the broadening working capital definition, that is really to more align with how we really run the business internally and operationally to drive improvements in working capital to show that also in the external reporting, and the classified balance sheet really goes with that.

而且，當我們談論營運資本定義和擴大營運資本定義時，這實際上是為了與我們真正在內部和營運上經營業務的方式更加一致，以推動營運資本的改進，以在外部報告中表明這一點，分類資產負債表確實與此相符。

And then also was on R&D, right?

然後也是研發，對吧？

You saw that as well, it's really showing that as a stand-alone line to increase transparency and highlight that.

您也看到了，它確實將其顯示為一條獨立的線，以增加透明度並突出顯示這一點。

Just a follow-up, will you be growing assets at GE Capital on a core basis outside of Insurance in 2021?

後續問題是，您是否會在 2021 年在保險業以外的核心基礎上增加 GE Capital 的資產？

No.

不。

We're planning to keep that flat.

我們計劃保持這一水平。

From Wolfe Research, we have Nigel Coe.

來自沃爾夫研究中心的奈傑爾·科 (Nigel Coe)。

Just want to dig into your kind of outlook for 2021.

只是想深入了解您對 2021 年的展望。

At the midpoint, $3.5 billion, you'd be converting over 100% on your adjusted earnings outlook.

在中間值 35 億美元時，調整後的獲利前景的轉換率將超過 100%。

So just wondering just in terms of broad strokes, what are you seeing in terms of working capital benefits, progress collections?

因此，我只是想知道，從總體上看，您在營運資金效益、進度收集方面看到了什麼？

Any detail there would be helpful.

任何細節都會有幫助。

So why don't I -- to your point there, why don't I sort of explain how we could walk to the midpoint of the guide.

那麼，我為什麼不呢——就你的觀點而言，我為什麼不解釋一下我們如何才能走到指南的中間點。

So we're guiding for $2.5 billion to $4.5 billion of free cash flow in 2021 with the midpoint there of the $3.5 billion, right?

因此，我們預計 2021 年自由現金流為 25 億至 45 億美元，中間值為 35 億美元，對吧？

So you will have to start by re-baselining the numbers from 2020.

因此，您必須先重新確定 2020 年的數位基準。

So you take out the BioPharma -- disposition of BioPharma, and the Healthcare COVID demand and that really gets you to roughly 0 as a starting point.

因此，你去掉了生物製藥——生物製藥的處置，以及對醫療保健新冠病毒的需求，這確實讓你得到了大約 0 作為起點。

And then I would say you have cash earnings, it's about 1/3, that gets you to the midpoint of our range with all the businesses planning for structural cost out, and here, we have both the normal course of strengthening the business, that's the business around, but also the carryover from the COVID 2020 actions.

然後我會說你有現金收入，大約是 1/3，這會讓你達到我們範圍的中點，所有企業都計劃結構性成本削減，在這裡，我們都有加強業務的正常過程，那就是周圍的業務，還有2020 年新冠疫情行動的遺留影響。

And on top of that, also the low single-digit organic growth that we're talking to, right, primarily in Healthcare, Renewables, and Aviation.

最重要的是，我們正在談論的低個位數有機成長，主要是在醫療保健、再生能源和航空領域。

The remaining 2/3 are driven by net working capital improvements.

其餘 2/3 是由淨營運資本改善所推動的。

It's including the factoring tailwind that we talked about.

其中包括我們談到的保理順風。

And it's partially offset by other items such as the non-repeat of military in Aviation that we've called out as well as higher AD&A payments from higher aircraft deliveries really pushed out.

它被其他項目部分抵消，例如我們呼籲的航空領域的軍事不再重複，以及因飛機交付量增加而導致的更高的 AD&A 付款確實被推遲。

And Nigel, I would just add that I think what you see coursing through both the cash earnings, and frankly, the working capital improvement are both the improvements that we're trying to drive commercially with respect to just better up-front opportunity identification, better underwriting, pricing terms and the like all the way through that up-front cycle, but also operationally, right?

奈傑爾，我想補充一點，我認為你透過現金收入看到的，坦白說，營運資金的改善都是我們試圖在更好的預先機會識別方面推動商業化的改進，在整個前期週期中，更好的承保、定價條款等，而且在營運上也更好，對嗎？

Be it in terms of cost, be it quality and delivery, that's helping us both in the income statement, but also, obviously, on the balance sheet.

無論是在成本、品質和交付方面，這都對我們的損益表有所幫助，而且顯然對資​​產負債表也有幫助。

And I think when you look at the fourth quarter numbers, you see some encouraging evidence that while it's still early innings for us with respect to the lean transformation, we're seeing some nice results.

我認為，當您查看第四季度的數據時，您會看到一些令人鼓舞的證據，表明雖然我們在精益轉型方面仍處於早期階段，但我們已經看到了一些不錯的結果。

And that will just feed on itself, that will build momentum and that is something that we're looking forward to contributing in that bridge into the '21 numbers.

這只會自我維持，這將形成勢頭，這就是我們期待在通往 21 數字的橋樑中做出的貢獻。

From Vertical Research, we have Jeff Sprague.

來自垂直研究的傑夫·斯普拉格 (Jeff Sprague)。

Just a kind of a 2-part question, if I could.

如果可以的話，這只是一個由兩個部分組成的問題。

Just share if you could a little bit of the restructuring variance embedded in what you just told us on cash flow?

請分享一下您剛才告訴我們的現金流方面是否可以包含一點重組差異？

And then also, Carolina, just picking up from what you said, if 1/3 of the earnings -- 1/3 of the cash flow is from earnings next year, that would kind of imply your underlying conversion is 65%, 70% or so.

然後，卡羅萊納州，從你所說的開始，如果 1/3 的收益 - 1/3 的現金流來自明年的收益，那就意味著你的基本轉換率為 65%、70%或。

Is that what your underlying free cash flow conversion should be once we kind of normalize out of this thing?

一旦我們從這件事中恢復正常，你的基本自由現金流轉換應該是這樣的嗎？

Okay.

好的。

So we'll start with the first question then on restructuring.

我們將從第一個問題開始，然後討論重組。

So we have the recast, right, that we now include basically with moving the responsibility out into the segments and we're also including it in the EPS, and therefore, in the recast.

因此，我們進行了重新調整，對吧，我們現在基本上將責任轉移到各個細分市場中，我們也將其包含在每股收益中，因此也包含在重新調整中。

So if you look at the quarter, for example, you have $0.02 of effect of that on our numbers.

例如，如果您查看本季度，您會發現該季度對我們的數據產生了 0.02 美元的影響。

So from -- we go from $0.08 to $0.10 and $0.05 for the full year.

因此，我們全年的價格從 0.08 美元到 0.10 美元，再到 0.05 美元。

And if we look at the restructuring, we -- basically, we delivered on the $2 billion of cost that we committed to, but also the $3 billion of cash as we promised.

如果我們看看重組，我們基本上兌現了我們承諾的 20 億美元成本，而且還兌現了我們承諾的 30 億美元現金。

And you do have a carryover effect of that going into 2021.

這確實會對 2021 年產生影響。

It's about $0.5 billion that will then flow into the numbers and improve the earnings next year.

大約有 5 億美元將流入數字並改善明年的收益。

From UBS, we have Markus Mittermaier.

來自瑞銀 (UBS) 的馬庫斯·米特邁爾 (Markus Mittermaier)。

If I could maybe double click specifically on the Power free cash flow guidance.

如果我可以專門雙擊無電現金流指南。

So it seems that you are clearly about a year ahead of targets here on fixed cost, but on that cash trajectory, you're guiding flat next year.

因此，在固定成本方面，您顯然比目標提前了大約一年，但在現金軌跡上，您明年的指導將持平。

Can you maybe just double click here, particularly on 12% down on the Gas Power services side, how much -- sorry, 12% down on the fixed cost side on the Gas Power side, you're down on services.

您能否雙擊此處，特別是燃氣發電服務方面的 12% 下降，多少 - 抱歉，燃氣發電方面的固定成本方面下降了 12%，您的服務下降了。

But should we assume that there's no catch up on that side next year?

但我們是否應該假設明年這一方面不會迎頭趕上呢？

And then specifically on Steam and the exit of new build coal, is there something that in that fixed cost base you can address going forward?

然後，特別是在蒸汽和新建煤炭的退出方面，在固定成本基礎上，有什麼可以解決的問題嗎？

And how should we then think about that maybe over the medium term, if '21 is flat, how do you think about it over the medium term?

那我們該如何考慮中期，如果 21 年持平，你如何看待中期？

Markus, let me take a swing at that.

馬庫斯，讓我來試試看。

I think you have the basic architecture in hand.

我認為您已經掌握了基本架構。

The segment will be flat, but it really masks two underlying dynamics, right?

該細分市場將持平，但它確實掩蓋了兩個潛在的動態，對吧？

You're spot on with respect to the improvement at Gas Power, I don't think we could be more pleased with the progress the team is making there.

您對 Gas Power 的改進非常滿意，我認為我們對團隊在那裡的進展感到非常滿意。

Clearly, a competitive market, no question.

顯然，這是一個競爭激烈的市場，這是毫無疑問的。

But in terms of controlling what we can control, both, again, the better underwriting up-front with respect to equipment, the continued market acceptance of the HA, all of that, I think, is in our favor.

但就控制我們所能控制的東西而言，我認為，設備方面更好的預先承保以及市場對醫管局的持續接受，所有這些都對我們有利。

Services has been a challenge.

服務一直是個挑戰。

We've talked about that, I think, through the course of 2020.

我想，我們已經在 2020 年討論過這個問題了。

A little bit of light there relative to the order book in the fourth quarter.

與第四季的訂單相比，情況略有改善。

But I think we really know the onus is on us to continue to drive better performance in all aspects of the Service portfolio there, be it CSAs, transactions, and upgrades.

但我認為我們確實知道我們有責任繼續推動服務組合各個方面的更好性能，無論是 CSA、交易還是升級。

Upgrades was particularly pressured for us in '20.

在 20 世紀，升級對我們來說壓力尤其大。

We know CSA is a function of utilization a little bit better.

我們知道CSA是一個利用率更好一點的函數。

So I think when you put all of that commercial and operational activity on top of the restructuring where we've taken $1 billion of cost out at Gas Power, you get the early arrival of that positive free cash performance in '20 as opposed to '21.

因此，我認為，當你將所有商業和營運活動放在重組之上時，我們已經在天然氣發電公司削減了10 億美元的成本，那麼你會在「20 年」提前實現積極的自由現金績效，而非 “20 世紀”。21.

And we really move from here with a team that I think has proven that we can control our controllable and deliver better results with this book of business.

我們真正從這裡開始，我認為我們的團隊已經證明我們可以透過這本書來控制我們的可控因素並提供更好的結果。

I think when you talk about Power Portfolio, you put your finger on Steam, we're going to be restructuring as we exit coal, new build coal.

我認為當你談論 Power Portfolio 時，你會把手指放在 Steam 上，我們將在退出煤炭、新建煤炭時進行重組。

That is the significant undertaking.

這是一項重大任務。

It is early in that effort, and that will be a cash pull on us in '21 and probably to a lesser degree in '22 as we execute on that.

這項工作還處於早期階段，這將在 21 年對我們產生現金拉動，並且在我們執行該計劃時，程度可能會較小。

So when you put it all together, as you saw on the slide in the appendix, it will be roughly flat in '21.

因此，當您將所有內容放在一起時，正如您在附錄中的幻燈片中看到的那樣，21 年的情況將大致持平。

We'll be looking to drive Gas as best we can, but we need to see the new coal exit through and we'll do that as thoroughly and as thoughtfully as we can.

我們將盡最大努力推動天然氣的發展，但我們需要確保新的煤炭出口順利通過，我們將盡可能徹底、深思熟慮地做到這一點。

Yes.

是的。

And just a comment on Gas Power specifically because we've talked a lot about the restructuring with the COVID-related restructuring, but it's really an achievement from the Gas Power team, with Scott and team.

只是專門針對天然氣發電發表評論，因為我們已經討論了很多與新冠病毒相關的重組，但這確實是天然氣發電團隊與斯科特和團隊的一項成就。

So achieving positive cash flow in 2020, a year ahead of plan, really basing on what Larry talked about, almost $1 billion of fixed cost out in the last 2 years.

因此，在 2020 年實現正現金流，比計劃提前一年，實際上根據拉里所說，過去 2 年固定成本支出近 10 億美元。

And then also basically, I would say, rebalancing our relationship with our partners and suppliers and significantly structurally increasing DPO as well as significant strengthening the processes that we still on DSOs and how we both bill, collect, including overdues, that's really gotten us to a positive cash flow already in 2020.

然後，我想說，基本上，重新平衡我們與合作夥伴和供應商的關係，在結構上顯著增加DPO，並顯著加強我們仍在DSO 上的流程以及我們如何計費、收款（包括逾期費用），這確實讓我們做到了2020年已經出現正現金流。

So strong achievement there.

那裡取得瞭如此強大的成就。

And just to come back, Jeff, to your second part of your question about the question of whether that number that you calculated for this year is an ongoing number or not.

傑夫，回到你問題的第二部分，今年你計算的數字是否是一個持續的數字。

Carolina, why don't you take a minute to come back on that in terms of free cash flow conversion longer term?

卡羅萊納州，為什麼不花一點時間來討論長期自由現金流轉換的問題呢？

Yes.

是的。

When we look at free cash flow conversion longer term, we still -- we need to acknowledge that if we look at the earnings guidance also for next year, we still have elevated levels of restructuring and we have elevated levels of pension and legal and so on.

當我們長期考慮自由現金流轉換時，我們仍然需要承認，如果我們也考慮明年的盈利指引，我們的重組水平仍然較高，養老金和法律水平也較高，因此在。

So there is still significant room to improve our earnings and then also the structural process improvements that we are driving through the business on the working capital.

因此，我們的獲利還有很大的改善空間，而且我們正在透過營運資本來推動業務的結構性流程改善。

So we see a healthy cash conversion.

因此，我們看到了健康的現金轉換。

But will take a little bit longer than next year.

但會比明年稍微長一點。

And from Bank of America, we have Andrew Obin.

來自美國銀行的安德魯‧奧賓 (Andrew Obin)。

On Aviation, one of the questions we're getting is that I think plane retirements this year have been below average because I think airlines did not really go bankrupt.

在航空方面，我們收到的問題之一是，我認為今年的飛機退役數量低於平均水平，因為我認為航空公司並沒有真正破產。

But how do you see -- one of the questions we get is sort of plane retirements and Usable Service Materials availability into '21.

但你怎麼看——我們收到的問題之一是飛機退役和可用服務材料的可用性到 21 年。

How do you account for this in your forecast for your baseline forecast for Aviation in '21?

您在 21 年航空業基線預測中如何解釋這一點？

Andrew, you're exactly right.

安德魯，你說得完全正確。

I mean the way we look at retirements in '20 just interestingly compared to '19, we actually saw fewer aircraft retire last year than we did the year before.

我的意思是，與 19 年相比，我們看待 20 年退役的方式很有趣，我們實際上去年看到的飛機退役數量比前一年要少。

But I think we're going to see that uptick in '21 in all likelihood here in the back half as volumes return and the deliveries at both of the major airframers pick up.

但我認為，隨著銷量的回升以及兩家主要飛機製造商的交付量的增加，我們很可能會在 21 年下半年看到這種上升。

So we're assuming that we will see that retirement transition, and at the same time, while there's been a little bit of a bid-ask spread with respect to departing out some of those planes, we're anticipating that we'll see a little bit more of that USM effect as we get into the second half at a time when we should see a return to volume activity.

因此，我們假設我們將看到退役過渡，同時，雖然在離開其中一些飛機方面存在一些買賣價差，但我們預計我們會看到當我們進入下半年時，我們應該看到交易量活動有所恢復， USM 效應會更多。

I think people need to appreciate that USM cuts both ways for us.

我認為人們需要認識到 USM 對我們來說是雙向的。

We've been a major user of USM given the nature of our CSA obligations over time.

鑑於我們長期履行的 CSA 義務的性質，我們一直是 USM 的主要使用者。

So it will take a little while, I think, for that market to begin to really kick in.

因此，我認為這個市場需要一段時間才能真正開始發揮作用。

There is a lag, of course, from the time a plane is retired to the time that we would see it in the USM market.

當然，從飛機退役到我們在 USM 市場上看到它的時間是有一個滯後期的。

But I think as we look out over the next several years, again, not trying today to pin a particular time in which we see a return to normal volume activities, from our perspective, we anticipate deliveries to outpace retirements and that will be a net effect positive for us at Aviation.

但我認為，當我們展望未來幾年時，今天不再試圖確定我們看到恢復正常交易量活動的特定時間，從我們的角度來看，我們預計交付量將超過退休量，這將是淨交付量對我們航空業產生正面影響。

The other dynamic worth noting there, of course, is when we look at the dynamics for our fleet today, when we highlight the fact we've got a very young fleet, what we really mean by that is we've got a little over half of the CFM56-5B and 7B fleet, they haven't seen their first shop visit, right?

當然，另一個值得注意的動態是，當我們審視我們今天機隊的動態時，當我們強調我們擁有一支非常年輕的機隊這一事實時，我們真正的意思是，我們已經有點過了一半的CFM56-5B 和7B 機隊，他們還沒有第一次參觀商店，對吧？

So they're still early in their life cycle, 3/4 of that same fleet have yet to see their second shop visit.

因此，它們仍處於生命週期的早期階段，同一車隊中的 3/4 尚未第二次光顧商店。

So they'll typically see 3 during the course of a normal useful life.

因此，在正常使用壽命期間，他們通常會看到 3 個。

Our major economics happen in and around the first and second.

我們的主要經濟學發生在第一和第二期間及其前後。

So as these planes come back online, that green time is used.

因此，當這些飛機重新上線時，就會使用綠燈時間。

Demand puts additional pressures on the fleet that those are the catalysts that we're really watching for relative to the beginning of the recovery and the return to, let's just say, '19 levels in our commercial aftermarket business there in Aviation.

需求給機隊帶來了額外的壓力，這些是我們真正關注的催化劑，相對於復甦的開始以及我們航空商業售後市場業務恢復到「19」水平。

From Melius, we have Scott Davis.

來自 Melius 的 Scott Davis。

A little bit of a nitpicky question, but what's left in corporate that you guys plan on parsing out to the businesses if you can be somewhat specific.

這是一個有點挑剔的問題，但是如果您能具體一點的話，你們計劃向企業解析公司還剩下什麼。

I mean is there still R&D that's done at a central level?

我的意思是，研發仍然是在中央層級進行的嗎？

Or is everything being kind of built out already?

或者一切都已經建成了嗎？

I'll just leave it there.

我就把它留在那裡。

Yes.

是的。

Well, there are a couple of things in place, Scott, and I'd rather talk about that internally before we talk about it externally.

嗯，有幾件事已經到位，斯科特，我寧願在內部討論這些問題，然後再在外部討論。

But in effect, what you've seen in the last couple of years really is not only the reduction of the core through absolute reductions, but also the movement of a number of the traditional corporate functions that had been at the center in some form out into the businesses.

但實際上，過去幾年你所看到的不僅是透過絕對削減來削減核心業務，而且還以某種形式將一些一直處於中心地位的傳統企業職能轉移了出來。進入企業。

There is still a fair bit of activity.

仍然有相當多的活動。

You're referencing there specifically the Global Research Center where we have a shared facility.

您具體指的是我們擁有共享設施的全球研究中心。

That's really not part in a major way of that corporate net number that you see there, right?

這確實不是您在那裡看到的公司淨值的主要部分，對嗎？

The businesses are paying their way by and large in that regard.

在這方面，企業基本上都在付出代價。

Also, keep in mind, we've got a number of P&Ls in what we call corporate, principally the Digital business, our $1 billion software business.

另外，請記住，我們在所謂的企業中擁有許多損益表，主要是數位業務，也就是我們價值 10 億美元的軟體業務。

Some of those businesses are more independent than of the portfolio.

其中一些業務比投資組合更加獨立。

Others are operationally linked.

其他的則在操作上是相關的。

So we'll continue to work to improve those businesses.

因此，我們將繼續努力改善這些業務。

And if there are situations where they can work more closely or better with the businesses under a different roof, we'll do that.

如果在某些情況下他們可以與不同屋簷下的企業進行更密切或更好的合作，我們就會這樣做。

But I think we'll continue to look for opportunities, but they will be, on balance, more modest in scale and scope than what you've seen in the last couple of years.

但我認為我們將繼續尋找機會，但總的來說，它們的規模和範圍比過去幾年所看到的要小。

From RBC Capital Markets, we have Deane Dray.

我們邀請了加拿大皇家銀行資本市場部的迪恩‧德雷 (Deane Dray)。

A couple of questions on Aviation.

請教幾個關於航空的問題。

It was announced last week, one of the major airlines said they were restarting deferred engine overhauls.

上週宣布，一家主要航空公司表示，他們將重新啟動推遲的發動機大修。

And just would like to hear how you expect to flex Aviation capacity back up to meet this normalized demand?

只是想聽聽您希望如何調整航空運力以滿足這種正常化的需求？

And then any color on the supply chain challenges you mentioned in Aviation.

然後，您在航空中提到的供應鏈上的任何顏色挑戰。

Sure.

當然。

Well, Deane, it's probably most helpful to just frame kind of what we did and where we are, right?

好吧，迪恩，框架我們所做的事情和我們所處的位置可能是最有幫助的，對吧？

We didn't bring that activity level down to 0. We tried to resize it in a way that embraced this harsh, unfortunate near-term reality, but gave us a little bit of room just because, back to Andrew's question, a number of dynamics that are hard to know in the short term with absolute certainty, be it the retirement dynamic, how fleets are going to manage green time just even in the short term, how folks are going to flex around the COVID effects as we saw in July and August and then in the other direction here in the first quarter.

我們並沒有將活動水平降低到 0。我們試圖以一種接受這種嚴酷、不幸的近期現實的方式調整它的大小，但給了我們一點空間，只是因為，回到安德魯的問題，一些短期內很難絕對確定的動態，無論是退休動態、車隊將如何在短期內管理綠燈時間、人們將如何應對新冠疫情的影響，正如我們在7 月份看到的那樣八月，然後在第一季度朝另一個方向發展。

So as an operational matter, I think what John, Russell, and the team are prepared for is a number of scenarios where when we see that recovery, we'll leverage some of the, if you will, the excess cost that is still there because again, we didn't take it to the bone.

因此，作為一個營運問題，我認為約翰、拉塞爾和團隊正在準備好應對多種情況，當我們看到復甦時，我們將利用一些（如果你願意的話）仍然存在的超額成本因為我們再次沒有認真對待它。

But also, we've laid in place plans that will give us an opportunity to ramp back effectively from a safety, from a quality, from an on-time delivery perspective, but also to have the right cost structure along the way.

而且，我們已經制定了計劃，這將使我們有機會從安全、品質、按時交付的角度有效地恢復生產，同時也能在過程中擁有正確的成本結構。

But we will be dealing with limits, right, in terms of our shop visit capacity in a particular window.

但我們將面臨特定視窗的店鋪訪問能力方面的限制，對吧。

And then that's part of the conversation we're already having with customers as they begin to think about the second half of '21.

當客戶開始思考 21 年下半年時，這就是我們已經與客戶進行的對話的一部分。

They want to make sure that they have their fleet in tiptop ready-to-go condition.

他們希望確保自己的機隊處於最佳的隨時可用狀態。

So a lot that we're working through there.

我們正在那裡做很多工作。

Clearly, our supply chain has been through a roller coaster right there along with us.

顯然，我們的供應鏈與我們一起經歷了過山車。

I mean it was a year ago, I mean, literally, right now, when we're talking about not only continued volume ramps, but a new introduction clearly at Boeing with the MAX and then literally weeks later we're talking about slamming on the brakes.

我的意思是，那是一年前，我的意思是，從字面上看，現在，當我們談論的不僅是持續的銷量增長，而且是波音公司明確推出的MAX 的新產品，然後幾週後，我們談論的是猛烈抨擊煞車。

Part of what you saw in the fourth quarter is a little bit better inventory performance because the lead times and the cycle times in Aviation tend to be longer than they are in some of the other businesses.

您在第四季度看到的部分原因是庫存績效有所改善，因為航空業的交貨時間和週期時間往往比其他一些業務更長。

But we are working as closely as we can with the supply base to help them do what we're doing and that is work through the near term here where we have these volume pressures, but also be ready for, again, a number of scenarios by which we see a return toward more normal volumes.

但我們正在與供應基地盡可能密切合作，幫助他們做我們正在做的事情，即短期內我們面臨著數量壓力，但也要為多種情況做好準備我們看到成交量回歸正常。

From Morgan Stanley, we have Josh Pokrzywinski.

來自摩根士丹利的喬許波克茲溫斯基 (Josh Pokrzywinski)。

Just on Aviation, maybe a 2-part question.

關於航空，可能是由兩部分組成的問題。

Larry, you mentioned expecting a lag in terms of the recovery in your shop visits versus what the market traffic is, it doesn't look like it's happening today, but I get that's the phenomenon that develops over time.

拉里，你提到預計你的商店訪問量的恢復與市場流量的恢復會存在滯後，這看起來不像今天會發生，但我知道這是隨著時間的推移而發展的現象。

Just given so much of the free cash flow performance at the Corporate level is working capital and not earnings, I mean how much of the range is really dependent on Aviation as a market because it doesn't seem like there's a ton of volatility or expectation in the forecast that kind of Aviation core performance is really driving that.

鑑於公司層面的自由現金流表現大部分是營運資本而不是收益，我的意思是這個範圍在多大程度上真正依賴航空市場，因為它似乎沒有太多的波動性或預期在預測中，航空核心性能確實推動了這一趨勢。

And maybe that's a lag or something else, but am I interpreting that right?

也許這是一個滯後或其他原因，但我的解釋正確嗎？

Josh, I would say that if Carolina walked you through kind of the walk to the midpoint as if GE was a business as a whole, the slide in the back of the earnings presentation where we look at cash flow by business, I think it's really meant to capture the fact that the bulk of the range is going to be made up by what happens at Aviation and that will largely be a function of what happens in the market, particularly the aftermarket.

喬什，我想說的是，如果卡羅萊納州引導你走到中點，就好像通用電氣是一個整體的企業一樣，在收益演示後面的幻燈片中，我們按業務查看現金流量，我認為這真的是旨在捕捉這樣一個事實，即大部分範圍將由航空業發生的情況構成，而這在很大程度上取決於市場（尤其是售後市場）發生的情況。

There's a bit of Renewables in the range there as well.

該範圍內也有一些再生能源。

But I think what we've seen through the course of 2020 is that, fortunately, when all was said and done, our Power businesses were able to work their way through the pressure and the uncertainty.

但我認為，我們在 2020 年所看到的是，幸運的是，當一切都說了、做了之後，我們的電力業務能夠克服壓力和不確定性。

We had a number of orders at Renewables that came in at the end of the year, and we didn't know they were going to be there until they were there, and fortunately, they were.

我們在年底收到了許多可再生能源訂單，直到它們到達之前我們才知道它們會到達那裡，幸運的是，它們確實到達了。

But clearly, this will be a year of climate broadly and that will be a good thing for our Renewables business.

但顯然，今年將是大氣候的一年，這對我們的再生能源業務來說將是一件好事。

And I think Healthcare, while we won't convert at the exceptionally high levels the team did and credit to them in the back half of last year, Healthcare, I think we've got good line of sight on.

我認為醫療保健產業，雖然我們不會像去年下半年團隊所做的那樣實現極高水準的轉換，但我認為醫療保健產業我們已經有了良好的視野。

So when you look at that range, I think the bulk of it, again, is really a function of Aviation.

因此，當你看到這個範圍時，我認為其中大部分實際上是航空的函數。

I like the way we're executing, we can always do better.

我喜歡我們的執行方式，我們總是可以做得更好。

But that said, it will really be a function of what happens in the end of the market.

但話雖如此，這實際上取決於市場最終發生的情況。

And I think what we try to do here is provide a framework that isn't assuming some sort of out-of-consensus early spike recovery in Aviation.

我認為我們在這裡嘗試做的是提供一個框架，不假設航空業出現某種超出共識的早期高峰復甦。

That would be, in a word, foolish.

簡而言之，那是愚蠢的。

From Goldman Sachs, we have Joe Ritchie.

來自高盛的喬·里奇 (Joe Ritchie)。

So I'm going to apologize up-front for the 2-part question, but I wanted to first ask a question to Carolina.

因此，我要為這個由兩部分組成的問題預先道歉，但我想先向卡羅萊納問一個問題。

To maybe just bridge us a little bit given the reporting changes, bridge the EPS guide for 2021 versus what you reported in 2020?

鑑於報告的變化，也許只是為了讓我們稍微了解一下，將 2021 年每股收益指南與您在 2020 年報告的內容聯繫起來？

And then my second question for Larry.

然後是我要問拉里的第二個問題。

Just from a portfolio perspective, arguably, there's never been a better time to divest assets that you don't want longer term.

僅從投資組合的角度來看，可以說，現在是剝離您長期不想要的資產的最佳時機。

How are you thinking about that for 2021?

您對 2021 年有何看法？

So let me start with the EPS question.

讓我從 EPS 問題開始。

It is really focusing in on the restructuring, right?

它確實專注於重組，對嗎？

So I commented in the beginning that we have restructuring in the EPS now and that the effect of that for the full year is around $0.05.

所以我一開始就評論說，我們現在對每股收益進行了重組，全年的影響約為 0.05 美元。

We do expect to have, I would say, roughly the same level of restructuring in 2021, right?

我想說，我們確實預期 2021 年會有大致相同的重組，對嗎？

So you don't have an effect from elevated or changed restructuring levels when you compare '20 to '21 when we do the walk on the EPS.

因此，當我們對每股盈餘進行比較時，當您比較 20 世紀和 21 世紀時，您不會受到重組水準提高或變化的影響。

I would say with respect to portfolio evolution and capital allocation, Joe, take your point relative to the market dynamics, they are remarkable.

我想說的是，關於投資組合演變和資本配置，喬，就你相對於市場動態的觀點而言，它們是非凡的。

But that said, I don't think any of our businesses are close to optimizing their underlying performance.

但話雖如此，我認為我們的任何一家企業都沒有接近優化其基本績效。

And again, clearly pressure and some uncertainty here in the very short term, particularly around Aviation.

再次，短期內明顯存在壓力和一些不確定性，特別是在航空領域。

But I think what we want to do in '21 is build on the momentum that we think we clearly demonstrated last year, continue to pursue our strategic intent across the 3 major areas that we've talked about.

但我認為我們在 21 年想要做的就是在去年明確展示的勢頭基礎上，繼續在我們討論過的 3 個主要領域追求我們的戰略意圖。

And over time, we're going to be open to ways to deliver value, maximize value at GE.

隨著時間的推移，我們將對在 GE 實現價值、實現價值最大化的方式持開放態度。

But we still have a lot to do, still a lot in front of us.

但我們還有很多事情要做，還有很多事情擺在我們面前。

And I think that's the way at the end of the day that we will do right by shareholders, customers and other stakeholders.

我認為這就是我們最終為股東、客戶和其他利害關係人做正確事情的方式。

From Barclays, we have Julian Mitchell.

來自巴克萊銀行的朱利安·米切爾。

Maybe just the first question around, or my only question really around the outlook for Power Portfolio, Larry.

也許只是第一個問題，或者我唯一的問題是關於 Power Portfolio 的前景，拉里。

It seems like, looking at the slides, that's one of the few areas where the cash performance remains very, very difficult in 2021.

從幻燈片來看，這似乎是 2021 年現金表現仍然非常非常困難的少數領域之一。

Maybe just help us understand the moving pieces within that.

也許只是幫助我們理解其中的動人部分。

And you assume that by the time you get to the end of this year, you've really sort of cleaned the deck and those businesses have a shot at positive cash flow in '22.

你假設到今年年底，你確實已經清理乾淨了甲板，而這些企業有機會在 22 年實現正現金流。

Yes.

是的。

I would say that, I think we talked a little earlier about the makeup, encouraged by what we saw in 2020 at Power Conversion.

我想說的是，我認為我們早些時候討論過有關化妝的問題，受到 2020 年 Power Conversion 所見所聞的鼓舞。

Losing less money is different than making good returns, but you've got to work your way through that.

損失更少的錢與獲得豐厚的回報是不同的，但你必須努力克服這一點。

And the Power Conversion business is doing that.

電力轉換業務正在這樣做。

Our Nuclear business is smaller, sub-billion size, but fundamentally stable.

我們的核能業務規模較小，不到十億美元，但基本上穩定。

The action, to your question, Julian, really centers on the Steam business.

朱利安，對於你的問題，這次行動實際上集中在 Steam 業務上。

And again, exiting the new build coal business, which has largely a European base, is going to be a multiyear effort.

再說一次，退出主要以歐洲為基地的新建煤炭業務將是一項多年的努力。

We're in the very early stages of that.

我們正處於早期階段。

So that's really the primary cash pull on Power Portfolio and I would say in the segment in '21.

所以這確實是 Power Portfolio 的主要現金來源，我想說的是在 21 年的細分市場中。

And given the way that plan will inevitably play out, we'll be talking about this at least in the first part of '22 as well.

考慮到該計劃將不可避免地實施，我們至少也會在 22 年的第一部分討論這個問題。

But I think we've got our arms around that.

但我認為我們已經解決了這個問題。

Again, it will -- all of that will mask a lot of the momentum that Scott and the team have built.

再說一遍，所有這些都將掩蓋斯科特和團隊已經建立的勢頭。

But we'll keep you posted.

但我們會及時通知您。

It is what it is.

就是這樣。

But when we get to the other side, I think that segment is going to be a much better contributor for us.

但當我們到達另一邊時，我認為該部分將為我們做出更好的貢獻。

And that's all the time we have.

這就是我們所有的時間。

At this point, we will now turn it back to Steve Winoker for closing remarks.

現在，我們將把它轉回史蒂夫·威諾克（Steve Winoker）做總結發言。

Thanks, everybody.

謝謝大家。

I'm going to actually -- I'd like to come back to a question that was raised earlier on the call about our reporting GE Capital and equity method investment within the GE Industrial column of our financial statements.

實際上，我想回到早些時候在電話會議上提出的問題，該問題涉及我們在財務報表的 GE 工業專欄中報告 GE 資本和權益法投資。

And I'd like to be clear, I think we'd all like to be clear, that it has no impact whatsoever on working capital or any individual transactions.

我想澄清，我想我們都想澄清，它對營運資金或任何個人交易沒有任何影響。

It was done simply to simplify reporting and make that column more reflective of GE Industrial earnings as investors have been requesting.

這樣做只是為了簡化報告並使專欄更能反映投資者一直要求的通用電氣工業公司的收益。

So I want there to be no ambiguity on that front whatsoever.

所以我希望在這方面沒有任何含糊之處。

Thanks, everybody, for participating.

謝謝大家的參與。

We look forward to your follow-up calls and wishing you a good start to 2021.

我們期待您的後續來電，祝您 2021 年有一個好的開始。

Thank you.

謝謝。

Ladies and gentlemen, this concludes your conference.

女士們、先生們，你們的會議到此結束。

Thank you for your participation today.

感謝您今天的參與。

You may now disconnect.

您現在可以斷開連線。