奇異 (GE) 2022 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the First Quarter 2022 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.

女士們，先生們，美好的一天，歡迎參加 2022 年第一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。

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.

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 First Quarter 2022 Earnings Call. I'm joined by Chairman and CEO, Larry Culp; and CFO, Carolina Dybeck Happe.

謝謝，布蘭登。歡迎參加 GE 2022 年第一季度財報電話會議。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。

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.

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。

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

有了這個，我會把電話交給拉里。

Steve, thanks, and good morning, everyone.

史蒂夫，謝謝，大家早上好。

I'd like to start by addressing the devastating war in Ukraine. The GE team stands proudly with the people of Ukraine. As we shared last month, we have suspended our operations in Russia with the exception of some essential activities, primarily in Healthcare. We've also made a multimillion-dollar contribution through philanthropic commitments and medical equipment to assist those who have been directly impacted by the events. I'm inspired by the more than 50 GE employees in the surrounding regions who have opened the doors of their homes to Ukrainian refugees and have volunteered their time to help with other refugee efforts.

我想首先談談烏克蘭的毀滅性戰爭。 GE 團隊自豪地與烏克蘭人民站在一起。正如我們上個月分享的那樣，我們已暫停在俄羅斯的業務，但一些基本活動除外，主要是在醫療保健領域。我們還通過慈善承諾和醫療設備做出了數百萬美元的捐款，以幫助那些直接受到事件影響的人。我受到周邊地區 50 多名通用電氣員工的啟發，他們向烏克蘭難民敞開家門，並自願抽出時間幫助其他難民工作。

Now let me turn to our results, starting on Slide 2. I'm proud of how our team drove improved services, orders, and cash as we managed through increasing challenges in the first quarter. Orders were up 13% organically, with strength in both services and equipment and we saw double-digit growth in Aviation and Power. Revenue was up slightly, driven by growth in higher-margin services in all segments. We saw continued momentum at Aviation with revenue up double digits. This however was largely offset by supply chain constraints in all segments, especially Healthcare and Aviation, U.S. policy uncertainty driving lower Onshore Wind North American deliveries at Renewables this quarter and continued selectivity at Power.

現在讓我談談我們的結果，從幻燈片 2 開始。我為我們的團隊在第一季度應對日益嚴峻的挑戰時如何推動改進服務、訂單和現金感到自豪。訂單有機增長 13%，服務和設備均表現強勁，航空和電力業務實現兩位數增長。收入小幅增長，受所有細分市場高利潤服務增長的推動。我們看到航空業務的持續發展勢頭，收入增長了兩位數。然而，這在很大程度上被所有領域的供應鏈限制所抵消，尤其是醫療保健和航空，美國政策的不確定性導致本季度可再生能源在北美陸上風電的交付量下降，以及電力的持續選擇性。

In particular, selectivity, being more disciplined about what we sign up for, taking a closer look at the margins we underwrite and not competing everywhere, continues to be a critical element of our strategy at Power and Renewables. We're focusing on business that's aligned with our long-term growth and profit objectives.

特別是，選擇性，對我們註冊的內容更加嚴格，仔細研究我們承保的利潤而不是到處競爭，仍然是我們在電力和可再生能源戰略的關鍵要素。我們專注於與我們的長期增長和利潤目標相一致的業務。

As you've been hearing from many other companies, we're operating in a challenging macro environment. Collectively, supply chain issues, the Russia-Ukraine war and China COVID impacts adversely affected revenue in the quarter by about 6 percentage points. I'll provide more detail shortly on these factors, and more importantly, the actions we're taking to mitigate them.

正如您從許多其他公司那裡聽到的那樣，我們在充滿挑戰的宏觀環境中運營。總體而言，供應鏈問題、俄羅斯-烏克蘭戰爭和中國 COVID 對本季度的收入產生了約 6 個百分點的不利影響。我將很快提供有關這些因素的更多詳細信息，更重要的是，我們為減輕這些因素而採取的措施。

Adjusted operating margin expanded 110 basis points, driven by higher services mix and continued cost out. Both Aviation and Power margin improved substantially, while Healthcare and Renewables were meaningfully pressured due to both inflation and supply chain [constraints] (corrected by company after the call). Strong services growth and margin expansion led to an adjusted EPS of $0.24, up 85% year-on-year. Free cash flow was roughly negative $900 million, as expected, given our seasonality. This was driven by receivables and inventory build for the second half and supply chain constraints. Importantly though, this was a $1.7 billion improvement, excluding discontinued factoring. Overall, services are recovering across our portfolio, our total orders are strong, and our cash generation continues to improve.

調整後的營業利潤率擴大了 110 個基點，受服務組合增加和成本持續下降的推動。航空和電力的利潤率都大幅提高，而醫療保健和可再生能源由於通貨膨脹和供應鏈 [約束]（在電話會議後由公司更正）受到了顯著的壓力。強勁的服務增長和利潤率擴張導致調整後每股收益為 0.24 美元，同比增長 85%。考慮到我們的季節性，正如預期的那樣，自由現金流大約為負 9 億美元。這是由下半年的應收賬款和庫存增加以及供應鏈限制推動的。不過，重要的是，這是一個 17 億美元的改進，不包括已終止的保理業務。總體而言，我們的投資組合中的服務正在恢復，我們的總訂單強勁，我們的現金生成持續改善。

Turning to Slide 3. At our Investor Day in March, we discussed some of the key risk factors that drove the range in our outlook. Since then, we're experiencing increased pressure from inflation, Renewable Energy and the Russia-Ukraine war. We're also watching 2 evolving areas, namely additional supply chain pressure and recent COVID impacts in China.

轉到幻燈片 3。在 3 月的投資者日，我們討論了一些推動我們展望區間的關鍵風險因素。從那時起，我們正承受著來自通貨膨脹、可再生能源和俄烏戰爭的越來越大的壓力。我們還在關注兩個不斷發展的領域，即額外的供應鏈壓力和近期對中國的 COVID 影響。

We're holding the outlook range we shared in January and working through these pressures I just outlined. But given the fluidity around the duration and magnitude of these factors, we're trending toward the low end of that range.

我們保持我們在 1 月份分享的前景範圍，並努力克服我剛剛概述的這些壓力。但考慮到這些因素的持續時間和幅度的流動性，我們正朝著該範圍的低端發展。

Carolina will run through the dynamics by business shortly, but let me spend a moment on Renewables. As Scott Strazik shared last month, our financial results here have been unacceptable, but they are fixable. First, continued U.S. policy uncertainty, along with higher prices, has reduced near-term demand in our profitable North America Onshore Wind business. Second, inflationary pressures are impacting GE with higher material and logistics costs. Third, proven and new leadership with Scott and Philippe Piron is transforming the business fundamentals, largely using their Gas Power and Power Conversion playbooks in their new roles.

卡羅來納州將很快通過業務了解動態，但讓我花點時間談談可再生能源。正如 Scott Strazik 上個月分享的那樣，我們在這裡的財務結果是不可接受的，但它們是可以修復的。首先，美國政策的持續不確定性以及價格上漲，降低了我們盈利的北美陸上風電業務的近期需求。其次，通脹壓力正在以更高的材料和物流成本影響通用電氣。第三，Scott 和 Philippe Piron 久經考驗的新領導力正在改變業務基礎，主要是在他們的新角色中使用他們的 Gas Power 和 Power Conversion 劇本。

This all starts, of course, with what's in our control. We need to run the business better, and that's something we know how to do. We're using lean to improve safety and quality and product cost. We're taking an even harder look at our cost structure to size the business for the new realities. We're now managing the business in a more decentralized manner, closer to our customers as well as improving our own execution. We're being more selective on deals internationally, with our price and market focus on defined geographies where we've identified product fit, services opportunities, and an ability to execute. This is already yielding improved order pricing, which was up high single digits in the quarter in our Onshore International business.

當然，這一切都始於我們的控制。我們需要更好地經營業務，這是我們知道如何做的事情。我們正在使用精益來提高安全性、質量和產品成本。我們正在更仔細地審視我們的成本結構，以根據新的現實調整業務規模。我們現在以更加分散的方式管理業務，更貼近我們的客戶並改善我們自己的執行力。我們對國際交易更加挑剔，我們的價格和市場關注於我們已經確定產品適合、服務機會和執行能力的特定地理區域。這已經產生了改進的訂單定價，在本季度我們的陸上國際業務中達到了高個位數。

These actions won't materialize in our results right away, but we do expect Renewable Energy to return to being a profitable growth business over time. And rest assured, this is a business that's critical to the energy transition, thus one positioned for long-term growth.

這些行動不會立即體現在我們的業績中，但我們確實預計可再生能源將隨著時間的推移恢復盈利增長業務。請放心，這是一項對能源轉型至關重要的業務，因此可以實現長期增長。

More broadly, in all of our businesses, we're driving growth, price and cost out. We're growing our more profitable services businesses, reconfiguring our supply chains, and leading with innovation while increasing R&D spend. We're also raising list prices and price floors. And in services, we're utilizing escalation clauses in our agreements. And we're focused on sourcing and productivity to reduce cost. Power, for example, continues to deliver profit and cash, supported by price escalation in our CSAs, an improving Steam business, a disciplined underwriting strategy and operational improvements despite the fulfillment challenges.

更廣泛地說，在我們所有的業務中，我們都在推動增長、價格和成本。我們正在發展我們的利潤更高的服務業務，重新配置我們的供應鏈，並在增加研發支出的同時引領創新。我們還提高了標價和底價。在服務方面，我們在協議中使用升級條款。我們專注於採購和生產力以降低成本。例如，在我們的 CSA 價格上漲、Steam 業務不斷改善、嚴格的承保策略和運營改進的支持下，儘管存在履行方面的挑戰，Power 繼續提供利潤和現金。

And we're embedding lean deeply across GE, changing the way we work for the better. You've heard me talked about the core principles of lean before, which is all about serving the customer, eliminating waste, and prioritizing ruthlessly.

我們正在將精益深深嵌入通用電氣，改變我們的工作方式，使其變得更好。你以前聽我談過精益的核心原則，就是服務客戶、消除浪費和無情地優先考慮。

Earlier, I mentioned 6 points of pent-up revenue. We need to work through to execute on the demand we're seeing, especially in Aviation and Healthcare. Let me give you a few quick examples of what we're doing to manage through the well-documented supply chain challenges out there. We hosted our Investor Day at Gemba, showing up close how lean is transforming the company. Many of you saw at our Aviation facility in Greenville how our team performs complex machining operations and detailed inspections on high-pressure turbine blades. Here, we're focused on reducing the site's blade delivery lead time. The team has used lean to improve the plant layout and create standard lines, improving part flow. These actions have reduced lead time by more than 10 days, and we're targeting an additional 10-day decrease. Through this work, overall inventory has been reduced as well.

早些時候，我提到了 6 點被壓抑的收入。我們需要努力執行我們看到的需求，特別是在航空和醫療保健領域。讓我給你幾個簡單的例子，說明我們正在做些什麼來應對有據可查的供應鏈挑戰。我們在 Gemba 舉辦了投資者日，近距離展示了精益是如何改變公司的。你們中的許多人在我們位於格林維爾的航空設施中看到了我們的團隊如何對高壓渦輪葉片進行複雜的加工操作和詳細檢查。在這裡，我們專注於縮短站點的刀片交付週期。該團隊使用精益改進工廠佈局並創建標準生產線，改善零件流程。這些行動將提前期縮短了 10 天以上，我們的目標是再縮短 10 天。通過這項工作，整體庫存也減少了。

Our Military business is also making progress. For the T700 program, we've improved first-time yield in key lines by about 40% and shipments increased more than 35% sequentially. This supported high single-digit revenue growth at Military in the quarter, with more improvement to come as we apply these learnings to other engine programs.

我們的軍事業務也在取得進展。對於 T700 計劃，我們將關鍵產品線的首次良率提高了約 40%，出貨量環比增長超過 35%。這支持了本季度軍事部門的高個位數收入增長，隨著我們將這些經驗應用於其他引擎項目，將會有更多的改進。

In Healthcare, our Ultrasound team shifted part of their work cadence from make to stock to make to order. This has simplified planning and execution, optimized infrastructure cost, and reduced lead time by 30%. Importantly, the team has also increased inventory turns by 50% since 2019, removing the Muda, or the waste, in the system. And while lean is always important, it's during these dynamic times that lean really contributes and differentiates us in the eyes of our customers.

在醫療保健領域，我們的超聲團隊將他們的部分工作節奏從生產到庫存轉變為按訂單生產。這簡化了規劃和執行，優化了基礎設施成本，並將交貨時間縮短了 30%。重要的是，自 2019 年以來，該團隊還將庫存周轉率提高了 50%，從而消除了系統中的 Muda 或廢物。儘管精益總是很重要，但正是在這些動態時期，精益真正為我們做出了貢獻並在客戶眼中使我們與眾不同。

In turn, as we make these kinds of continuous operational improvements, we better serve our customers and set ourselves up to reinvest for growth, driving innovation across GE, where we have significant impact with our customers.

反過來，隨著我們進行這些持續的運營改進，我們可以更好地為客戶服務，並為增長進行再投資，推動整個 GE 的創新，從而對客戶產生重大影響。

Just looking at what we market, sell and service today. At Renewables, we completed the Traverse Wind Energy Center with Invenergy recently. This is the largest wind farm constructed in North America in a single phase, and it's powered by more than 350 of GE's 2-megawatt platform turbines.

看看我們今天的營銷、銷售和服務。在 Renewables，我們最近與 Invenergy 一起完成了 Traverse 風能中心。這是北美最大的單相風電場，由 350 多台 GE 的 2 兆瓦平台渦輪機提供動力。

At Aviation, we're developing technologies for the future. We've recently reached 2 key engine milestones. Our adaptive cycle XA100, with the second engine to test fired up in March, and our first T901 engine tested successfully in March as well, achieving max power, with performance matching our pretest predictions.

在航空，我們正在開發麵向未來的技術。我們最近達到了 2 個關鍵的引擎里程碑。我們的自適應循環 XA100，第二台發動機在 3 月份啟動，我們的第一台 T901 發動機也在 3 月份成功測試，達到最大功率，性能符合我們的預測試預測。

We're also introducing new products, like Healthcare's Edison Digital Health Platform. Powered by AI, this platform will aggregate data from multiple sources and vendors to help reduce staff burdens and improve the delivery of care.

我們還推出了新產品，例如醫療保健公司的 Edison 數字健康平台。該平台由人工智能提供支持，將匯總來自多個來源和供應商的數據，以幫助減輕員工負擔並改善護理服務。

And at the same time, we'll continue to complement these organic investments with inorganic activity to improve our growth potential, whether with an acquisition like BK Medical or a sale, as seen this quarter with part of Steam Power's nuclear business.

與此同時，我們將繼續用無機活動補充這些有機投資，以提高我們的增長潛力，無論是通過像 BK Medical 這樣的收購還是出售，正如本季度與 Steam Power 的部分核業務所看到的那樣。

In summary, we're taking action in this difficult environment to serve our customers while investing in tomorrow's innovation. We're using lean principles to improve our results and our culture. We're confident this work is improving our operational and financial performance while fortifying our competitive positions around the world, ultimately, unlocking further potential across our company.

總之，我們正在這個艱難的環境中採取行動，為我們的客戶提供服務，同時投資於未來的創新。我們正在使用精益原則來改善我們的結果和文化。我們相信，這項工作正在改善我們的運營和財務業績，同時鞏固我們在全球的競爭地位，最終釋放我們公司的更多潛力。

And with that, Carolina will provide further insights on the quarter.

有了這個，卡羅萊納州將提供有關本季度的進一步見解。

Thanks, Larry. Let's dive right into our results.

謝謝，拉里。讓我們直接研究我們的結果。

Turning to Slide 4. I'll provide color on the quarter on an organic basis. Overall, orders were strong when revenue up 1% remained pressured, especially in Renewables due to U.S. onshore. The constraints that Larry detailed, including supply chain disruptions, Russia-Ukraine, and China, weighed on our ability to ship, which further hurt revenue. Taken together, these constraints reduced the total growth by about 6 points. Plus, our selectivity actions impacted revenue by another point. It's important to highlight that this was largely an equipment dynamic. And services remained strong, up 15%, with growth in all businesses. Notably, Aviation and Commercial Services rose 37% as the market recovery accelerated.

轉到幻燈片 4。我將在有機基礎上提供該季度的顏色。總體而言，當收入增長 1% 時，訂單強勁，尤其是在可再生能源領域，原因是美國在岸。拉里詳述的限制因素，包括供應鏈中斷、俄羅斯-烏克蘭和中國，影響了我們的發貨能力，這進一步損害了收入。總而言之，這些限制使總增長減少了大約 6 個百分點。此外，我們的選擇性行動對收入產生了另一點影響。重要的是要強調這主要是設備動態。服務業保持強勁增長 15%，所有業務均實現增長。值得注意的是，隨著市場復甦的加速，航空和商業服務上漲了 37%。

We continued to enhance profitability, expanding our adjusted margin 110 basis points, reflecting the mix shift to higher-margin services and continued cost productivity.

我們繼續提高盈利能力，將調整後的利潤率擴大 110 個基點，反映了向更高利潤率服務的組合轉變和持續的成本生產力。

On the positive side, both Aviation and Power expanded with more than 300 basis points, driven largely by favorable services mix. Within Power, Steam showed significant expansion, reflecting our strategy to exit less profitable segments like new build coal as well as benefits from prior cost actions. There was approximately 200 basis points of additional margin headwinds from inflation and logistics costs net of sourcing actions at the total company level. This was greater than expected, especially in our shorter-cycle businesses like Healthcare. While we achieved positive pricing on deliveries this quarter, particularly in Aviation and Power, it was not enough to offset inflation.

積極的一面是，航空和電力均擴大了 300 多個基點，這主要得益於有利的服務組合。在 Power 內部，Steam 表現出顯著擴張，這反映了我們退出新建煤炭等利潤較低領域的戰略，以及從之前的成本行動中獲益。扣除整個公司層面的採購行動後，通貨膨脹和物流成本帶來了大約 200 個基點的額外利潤逆風。這超出了預期，尤其是在我們的醫療保健等周期較短的業務中。雖然我們在本季度實現了正價交付，特別是在航空和電力領域，但這還不足以抵消通貨膨脹。

Despite the tough macro environment, we are continuing to prioritize investing in the future, with R&D up double digits. We remain focused on leading with innovation through high-return, strategically differentiated technologies, such as Aviation next-gen programs and Healthcare Imaging platforms like the CT photon counting.

儘管宏觀環境嚴峻，但我們仍將繼續優先投資於未來，研發增長達到兩位數。我們仍然專注於通過高回報、戰略差異化技術（例如航空下一代計劃和 CT 光子計數等醫療成像平台）引領創新。

Finally, we increased adjusted EPS 85%, driven by margin expansion. In the standard work from continuing to adjusted EPS, I'd call out 3 additional adjustments this quarter. First, separation costs related to the planned business operation; second, the asset impairment due to our previously announced plan to sell the nuclear activities within our Steam business to EDF; and third, Russia and Ukraine charges, primarily related to sanction activities at Aviation and certain Power businesses. In all, we delivered significant order growth and continued margin expansion this quarter.

最後，在利潤率擴張的推動下，我們將調整後的每股收益提高了 85%。在繼續調整每股收益的標準工作中，我會在本季度提出 3 項額外調整。第一，與計劃的業務運營相關的離職成本；第二，由於我們之前宣布計劃將 Steam 業務內的核活動出售給 EDF 導致的資產減值；第三，俄羅斯和烏克蘭的指控，主要與航空和某些電力業務的製裁活動有關。總的來說，我們在本季度實現了顯著的訂單增長和持續的利潤率擴張。

Moving to cash. Free cash flow was negative $880 million, a use of cash which we expect seasonally. This was an improvement of $2.5 billion year-over-year on a reported basis or up $1.7 billion, excluding discontinued factoring programs. The improvement was largely driven by lower interest expenses and derivatives on reduced debt, as expected, as well as improvement at Aviation and Power, in line with earnings growth and utilization. This was offset by significant headwinds, including supply chain disruptions.

轉向現金。自由現金流為負 8.8 億美元，這是我們預期的季節性現金使用。據報告，這比去年同期增加了 25 億美元或增加了 17 億美元，不包括已停止的保理計劃。這一改善主要是由於利息支出減少和債務減少衍生品的減少，如預期的那樣，以及航空和電力業務的改善，與盈利增長和利用率一致。這被包括供應鏈中斷在內的重大不利因素所抵消。

This quarter, working capital was the biggest component of negative free cash flow. And looking at the dynamics, receivables was a use of cash. This was driven by growing CSA billings through the quarter at Aviation and supply chain constraints, driving higher deliveries late in the quarter. Inventory was also a use across the businesses of $1 billion. We expected inventory to grow in the first quarter as inventory was built to support second half volume, but this was further impacted by material shortages, delaying shipments of finished goods.

本季度，營運資金是負自由現金流的最大組成部分。從動態來看，應收賬款是現金的使用。這是由於航空業和供應鏈限制在本季度不斷增長的 CSA 賬單，推動了本季度末的更高交付量。庫存也是 10 億美元的業務用途。我們預計第一季度庫存將增加，因為庫存的建立是為了支持下半年的銷量，但這進一步受到材料短缺的影響，延遲了成品的發貨。

We still see opportunities to improve both inventory turns and receivable DSOs. In this challenging environment, it is much harder to implement though, but we are still seeing pockets of improvement. Take the Onshore Wind North America. Our team in Pensacola, Florida held a case and event focused on hub costing. Using standard work, they reduced lead time to prep the hub costing for the assembly line by 80%, so from 9 hours to under 2. And as a result, the team also increased productivity by about 50% and reduced inventory by more than 80%.

我們仍然看到改善庫存周轉率和應收 DSO 的機會。在這個充滿挑戰的環境中，雖然實施起來要困難得多，但我們仍然看到了一些改進。以北美陸上風電為例。我們在佛羅里達州彭薩科拉的團隊舉辦了一個專注於樞紐成本核算的案例和活動。使用標準工作，他們將裝配線的中心準備時間減少了 80%，因此從 9 小時縮短到 2 小時以下。因此，該團隊還將生產力提高了約 50%，並將庫存減少了 80 多個%。

Contract assets and progress collections were a source of cash. Strength was driven by utilization, outpacing service visits in Aviation and Power as well as progress payments in Aviation and Renewable Energy.

合同資產和進度收款是現金的來源。實力是由利用率、航空和電力領域的服務訪問以及航空和可再生能源領域的進度付款推動的。

In all, our efforts to improve working capital management are slowly taking hold despite the difficult supply chain environment. We see real opportunity for the company to build on this momentum, keeping us on track to reach more than $7 billion of free cash flow for 2023.

總而言之，儘管供應鏈環境艱難，但我們改善營運資金管理的努力正在慢慢取得成效。我們看到了公司在這一勢頭的基礎上發展的真正機會，使我們有望在 2023 年實現超過 70 億美元的自由現金流。

Our success in strengthening our balance sheet and improving cash flow provides us with more optionality to drive value, both through growth investments and capital return initiatives. To that end, our Board recently authorized up to $3 billion in share repurchases as a potential capital allocation alternative.

我們在加強資產負債表和改善現金流方面的成功為我們提供了更多的選擇權來推動價值，無論是通過增長投資和資本回報計劃。為此，我們的董事會最近批准了高達 30 億美元的股票回購作為潛在的資本配置選擇。

Moving to the businesses. Aviation results reflect continued recovery in commercial markets as demand remains strong. However, supply chain disruptions presented headwinds to our top line performance this quarter. This will be a key watch item as we progress through the year, but we still expect improvement across the business as deliveries and shop visits ramp. For the quarter, orders grew significantly, with both Commercial Engines and Services up substantially again. Military orders were down, largely due to a tough comp in the previous year when we recorded big CF6 and T408 engine wins. Demand remains robust. Revenue was up due to meaningful growth in Commercial Services, again, the shop visits up 18% year-over-year. Growth in shop visits this quarter would have been even higher without the material availability and fulfillment issues we experienced.

轉移到企業。航空業績反映了商業市場的持續復甦，因為需求依然強勁。然而，供應鏈中斷給我們本季度的收入帶來了不利影響。隨著我們全年的進展，這將是一個關鍵的觀察項目，但隨著交付和商店訪問量的增加，我們仍然預計整個業務會有所改善。本季度，訂單顯著增長，商用發動機和服務再次大幅增長。軍用訂單下降，主要是由於去年我們取得了 CF6 和 T408 發動機大勝的艱難競爭。需求依然強勁。由於商業服務的顯著增長，收入增長，商店訪問量同比增長 18%。如果沒有我們遇到的材料可用性和履行問題，本季度的商店訪問量增長會更高。

Military was up as lean improvements begin to materialize. As we apply the T700 learnings across other programs, we expect tangible progress through the second half of 2022. Commercial engine revenue was down double digits, driven by supply chain disruptions and lower production rates on GEnx. You can see the impact of wide-body mix here as engine shipments were down just 4% year-over-year, with LEAP narrow-body up 27%. The supply chain constraints were mainly related to labor and material availability due to COVID disruptions in our facilities and at our suppliers, which we're actively managing.

隨著精益改進開始實現，軍事力量上升。隨著我們在其他項目中應用 T700 的學習成果，我們預計到 2022 年下半年將取得切實進展。由於供應鏈中斷和 GEnx 生產率下降，商用發動機收入下降了兩位數。您可以在這裡看到寬體混合的影響，因為發動機出貨量同比僅下降 4%，而 LEAP 窄體則增長了 27%。供應鏈限制主要與勞動力和材料可用性有關，因為我們正在積極管理我們的設施和供應商的 COVID 中斷。

Segment margin expanded 310 basis points to 16.2%, primarily driven by Commercial Services growth as well as positive pricing and productivity. This was partially offset by higher LEAP engine shipments, inflation, and additional growth investments.

分部利潤率增長 310 個基點至 16.2%，主要受商業服務增長以及積極的定價和生產力的推動。這被更高的 LEAP 發動機出貨量、通貨膨脹和額外的增長投資所部分抵消。

Looking ahead at the remainder of the year. We expect demand to remain strong as the market continues to recover in most parts of the world despite uncertainty in China due to the recent COVID impacts. We're managing through this and the supply chain disruptions. We still expect shop visits to ramp through the year up to 25%, driven by the ongoing recovery and customer confidence. And this supports the total year growth of 20% or more.

展望今年剩餘時間。我們預計需求將保持強勁，儘管由於最近的 COVID 影響，中國存在不確定性，但世界大部分地區的市場繼續復甦。我們正在通過這個和供應鏈中斷進行管理。在持續復甦和客戶信心的推動下，我們仍然預計全年的商店訪問量將增加 25%。這支持了全年 20% 或更多的增長。

Moving to Healthcare. Market demand continues to be strong, though the first quarter was impacted by supply chain and inflationary challenges. Orders were up high single digits year-over-year. This was driven by high single-digit growth in Healthcare Systems and mid-single digits in PDx. Elective procedure volumes recovered from January. COVID cases subsided in February and March, with volumes improving sequentially, though hospital staffing shortages continue.

轉向醫療保健。儘管第一季度受到供應鍊和通脹挑戰的影響，市場需求依然強勁。訂單同比增長高個位數。這是由醫療保健系統的高個位數增長和 PDx 的中個位數增長推動的。擇期手術量從 1 月份開始恢復。 COVID 病例在 2 月和 3 月有所減少，數量依次增加，但醫院人員短缺仍在繼續。

Revenue was up 2%, with Services growing low single digit and Equipment flat. Growth was impacted by the continued supply chain constraints, primarily in electronics; COVID impact in certain China regions, further limiting what we can buy and ship and affecting revenue toward quarter end; lower volume in Russia and Ukraine, a region that accounts for about 2% of Healthcare's annual sales. And finally, COVID has delayed site readiness and some equipment installations, mainly due to customers' labor and construction material shortages. Absent these constraints, we estimate that the revenue growth would have been about 7 to 8 points higher or a year-over-year growth of approximately 9%.

收入增長 2%，服務增長低個位數，設備增長持平。增長受到持續供應鏈限制的影響，主要是電子產品； COVID對某些中國地區的影響，進一步限制了我們可以購買和運送的東西，並影響到季度末的收入；俄羅斯和烏克蘭的銷量較低，該地區約佔醫療保健年銷售額的 2%。最後，COVID 推遲了現場準備和一些設備安裝，主要是由於客戶的勞動力和建築材料短缺。如果沒有這些限制，我們估計收入增長將高出約 7 至 8 個百分點，或同比增長約 9%。

Segment margin was significantly impacted by increased material and logistics inflation, which net of our sourcing actions resulted in a headwind of about 4 points. We've been leveraging every tool at our disposal within our control. This includes: price actions, which are showing early success; qualifying alternative parts; redesigning product configuration; and reducing discretionary spend. The Healthcare team remains focused on innovation and commercial growth investments, with R&D investments up double digits this quarter. A couple of key solution highlights from the quarter include: the FDA approval of the End tidal Control software platform to automate anesthesia delivery and a subscription model for our handheld ultrasound tools.

分部利潤率受到材料和物流通脹增加的顯著影響，扣除我們的採購行動導致逆風約 4 個百分點。我們一直在利用我們可以控制的所有工具。這包括：價格走勢，顯示出早期的成功；合格的替代零件；重新設計產品配置；並減少可自由支配的支出。醫療保健團隊仍然專注於創新和商業增長投資，本季度的研發投資增長了兩位數。本季度的幾個關鍵解決方案亮點包括： FDA 批准 End tidal Control 軟件平台以自動化麻醉交付和我們的手持超聲工具的訂閱模型。

Looking ahead, our current view at Healthcare is that supply and inflationary challenges will persist at some level through 2022. Sequential improvement depends on supply chain constraints easing, especially in China, and our ability to leverage lean to improve output and strengthen our pricing discipline. We are working to offset headwinds with price increases. But given product fulfillment timing, this will likely have a more meaningful positive impact in the second half. We also continued to manage SG&A and discretionary costs to improve margins. Our supply chain constraints is Healthcare is well positioned to achieve high teens to 20% margins over time.

展望未來，我們目前對醫療保健的看法是，供應和通脹挑戰將在一定程度上持續到 2022 年。持續改善取決於供應鏈限制的緩解，尤其是在中國，以及我們利用精益改善產出和加強定價紀律的能力。我們正在努力通過價格上漲來抵消不利因素。但考慮到產品履行時間，這可能會在下半年產生更有意義的積極影響。我們還繼續管理 SG&A 和可自由支配成本以提高利潤率。我們的供應鏈限制是醫療保健有能力隨著時間的推移實現十幾歲到 20% 的高利潤率。

Turning to Renewables. Our results were challenging. So let me give you more context. We're seeing pressure in the U.S. Onshore Wind, largely due to the PTC dynamics, and higher prices suppressing demand as customers delay decisions. Grid is positioned to support modernization needs as demonstrated by our contract this quarter to supply a digital substation for the Empire Offshore Wind 1 project. And we've started to see increased interest within Europe as countries recognize the need to meet their energy goals.

轉向可再生能源。我們的結果具有挑戰性。所以讓我給你更多的背景。我們看到美國陸上風電面臨壓力，這主要是由於 PTC 的動態，以及由於客戶延遲決策而導致的價格上漲抑制了需求。正如我們本季度為 Empire Offshore Wind 1 項目提供數字變電站的合同所證明的那樣，Grid 的定位是支持現代化需求。隨著各國認識到實現其能源目標的必要性，我們已經開始看到歐洲內部的興趣增加。

On the quarter, orders were down double digits. Onshore equipment orders decreased, consistent with the inflation-driven customer delays and the U.S. market decline. Our selectivity strategy is impacting both Wind and Grid. Grid was also down as we lapped the large HVDC order versus last year. However, with automation orders remain strong, up double digits. And overall, services grew mid-single digits.

本季度，訂單下降了兩位數。陸上設備訂單減少，與通脹驅動的客戶延誤和美國市場下滑一致。我們的選擇性策略正在影響 Wind 和 Grid。與去年相比，我們完成了大量 HVDC 訂單，電網也出現了下滑。然而，自動化訂單依然強勁，上漲兩位數。總體而言，服務增長了中個位數。

Revenue declined, with all businesses down as we saw lower equipment revenue with 280 fewer wind turbine deliveries year-over-year. Grid was also down due to increased selectivity. This was partially offset by significant services growth, primarily driven by Onshore repower. Segment margin declined substantially, driven by volume reduction in our most profitable market, U.S. Onshore, combined with cost inflation in materials, such as steel and transportation costs across the business. Onshore Wind margin declined and was negative, pressured by volume, mix and the new product transitions. We continued to transition to newer product offerings internationally and executed on lower-margin projects in North America. On the positive side, we saw benefits from lower cost and savings associated with prior restructuring projects across our businesses.

收入下降，所有業務都下降，因為我們看到設備收入下降，風力渦輪機交付量同比減少 280 台。由於選擇性增加，網格也下降了。這被主要由陸上再供電推動的顯著服務增長部分抵消。分部利潤率大幅下降，原因是我們最賺錢的市場美國陸上的銷量減少，以及整個業務的鋼鐵和運輸成本等材料成本上漲。陸上風電利潤率下降並為負數，受到數量、組合和新產品轉型的壓力。我們繼續在國際上過渡到更新的產品，並在北美執行利潤率較低的項目。從積極的一面來看，我們看到了與我們之前的重組項目相關的成本降低和節約帶來的好處。

At Grid, margins improved slightly with the restructuring benefits, offsetting lower volume and our rundown of low-margin legacy backlog. Today, due to lower volumes in Onshore Wind North America and the additional inflation we've seen, we expect Renewables to be below the outlook range. The business full year result will depend largely on North America volume, the inflationary environment and execution of cost and price actions.

在 Grid，由於重組帶來的好處，利潤率略有提高，抵消了較低的銷量和我們對低利潤率遺留積壓的削減。今天，由於北美陸上風能發電量減少以及我們看到的額外通脹，我們預計可再生能源將低於前景範圍。全年業務業績將在很大程度上取決於北美的銷量、通脹環境以及成本和價格行動的執行情況。

Overall, these results are disappointing and we know we have a lot to do here, but we have a proven playbook and a leadership driving price to market and selectivity and taking a hard look at the right cost structure. Long term, we're confident the team will drive profitable growth given the market demand for renewable energy generation as the world adds 1,000 gigawatts of wind capacity in the next decade and our strong portfolio.

總體而言，這些結果令人失望，我們知道我們在這方面還有很多工作要做，但我們有一個成熟的劇本和領導力推動市場價格和選擇性，並認真研究正確的成本結構。從長遠來看，鑑於未來十年全球風電裝機容量將增加 1,000 吉瓦以及我們強大的產品組合，鑑於市場對可再生能源發電的需求，我們相信該團隊將推動盈利增長。

Moving to Power, where our team is driving operational improvements. Better results reflect progress with Gas Power, Steam, and Power Conversion as lean takes hold, positioning the business for long-term success. Global gas generation and GE utilization remained resilient, up mid-single-digits as the market manages through the uncertainty and disruptions in Ukraine. Despite recent price volatility, gas continues to be reliable and economic source of power generation. And over the next decade, we expect the gas market to remain stable, with gas generation growing low single digits. Orders were strong, and we improved the quality of the backlog for the future. Significant growth in equipment was driven by large H-class order, with continued aero momentum. Our new business underwriting remained disciplined as we grow our backlog profitably. Services orders were also up, driven by gas, with growth in both our contractual and transactional business.

轉移到 Power，我們的團隊正在推動運營改進。更好的結果反映了燃氣動力、蒸汽和動力轉換方面的進展，因為精益已經佔據了主導地位，從而為企業的長期成功奠定了基礎。隨著市場在烏克蘭的不確定性和混亂中進行管理，全球天然氣生產和通用電氣利用保持彈性，上升到個位數中位數。儘管最近價格波動，但天然氣仍然是可靠且經濟的發電來源。在接下來的十年中，我們預計天然氣市場將保持穩定，天然氣發電量將以低個位數增長。訂單強勁，我們提高了未來積壓的質量。裝備顯著增長受H級大訂單帶動，航空動力持續。隨著我們的積壓訂單盈利增長，我們的新業務承保仍然保持自律。在天然氣的推動下，服務訂單也有所增長，我們的合同業務和交易業務均有所增長。

Revenue was down mid-single digits, primarily driven by equipment as we shipped 3 fewer H-class units year-over-year. This was consistent with our backlog ship dates, which will result in back-end loaded equipment revenue this year. Aero continued to grow, shipping 7 more units versus last year. And services was up 1%, driven by Gas and Power Conversion. And recall, we deconsolidated the Baker aero joint venture last year, so that is now excluded from our organic metrics.

收入下降了中個位數，主要受設備驅動，因為我們的 H 級設備出貨量同比減少了 3 個。這與我們的積壓發貨日期一致，這將導致今年後端裝載設備收入。 Aero 繼續增長，與去年相比增加了 7 台。在天然氣和電力轉換的推動下，服務業增長了 1%。回想一下，我們去年取消了貝克航空合資企業的合併，因此現在我們將其排除在我們的有機指標之外。

Segment margin expanded 360 basis points. Gas Power margin was positive and improved. We are seeing progress in Steam with meaningful margin improvement due to the increased focus on services, reduced cost structure, and project and legal charges from last year that did not repeat. Similarly, the focus on services and selectivity at Power Conversion generated positive margin, making 4 quarters of profitability.

分部利潤率擴大了 360 個基點。燃氣發電利潤率為正並有所改善。由於對服務的更多關注、成本結構的降低以及去年沒有重複的項目和法律費用，我們看到 Steam 取得了顯著的利潤率提高。同樣，Power Conversion 對服務和選擇性的關注產生了正利潤率，實現了 4 個季度的盈利。

And for 2022, we expect to deliver margin expansion, driven by Aero deliveries, transactional services and continued improvement in Steam. And while we expect a dip in our CSA revenue, driven by a lower planning outage profile in 2022 really based on multiyear technology cycles, we expect to increase next year. And we expect continued strong service fleet utilization and cash generation.

到 2022 年，我們預計在 Aero 交付、交易服務和 Steam 持續改進的推動下實現利潤增長。雖然我們預計我們的 CSA 收入會下降，這是由於 2022 年的計劃中斷情況較低，實際上基於多年技術週期，但我們預計明年會增加。我們預計服務車隊利用率和現金產生將持續強勁。

Power remains on track to meet its full year outlook, though the team faces a relatively higher exposure to Russia than the other businesses, with Russia comprising of about 4% of revenue at high incremental margin. Importantly, our commitment to selectivity and operational execution is enabling us to win the right orders, grow services and increase free cash flow generation.

Power 仍有望實現其全年展望，儘管與其他業務相比，該團隊在俄羅斯的風險敞口相對較高，其中俄羅斯佔收入的約 4%，增量利潤率較高。重要的是，我們對選擇性和運營執行的承諾使我們能夠贏得正確的訂單、發展服務並增加自由現金流的產生。

Finally, I'll spend a moment on Corporate. As a reminder, we rolled the remainder of Capital, including EFS, under Corporate. Adjusted corporate costs, which we expect to be uneven through the year, decreased by more than 40% year-over-year. This was primarily driven by better EFS performance and improvements in functions and operations.

最後，我將花一點時間在企業上。提醒一下，我們將剩餘的資本（包括 EFS）滾動到企業下。調整後的企業成本（我們預計全年不均衡）同比下降超過 40%。這主要是由於更好的 EFS 性能以及功能和操作的改進。

While excluded from our adjusted results, Insurance net income was approximately $180 million, up year-over-year. This was driven by favorable claim experience in our LTC portfolio and continued investment return favorability. This quarter, we also completed our annual cash flow test. As expected, we funded $2 billion in line with permitted practice. Additionally, our team is preparing to implement the industry-wide FASB accounting standard beginning in January 2023. As disclosed previously, this will result in a GAAP charge but does not impact projected cash funding. At Q2 earnings, we'll provide more detailed update.

雖然不包括在我們調整後的結果中，但保險業淨收入約為 1.8 億美元，同比增長。這是由我們在 LTC 投資組合中的良好理賠經驗和持續的投資回報率推動的。本季度，我們還完成了年度現金流測試。正如預期的那樣，我們按照允許的做法資助了 20 億美元。此外，我們的團隊正準備從 2023 年 1 月開始實施全行業的 FASB 會計準則。如前所述，這將產生 GAAP 費用，但不會影響預計的現金資金。在第二季度的收益中，我們將提供更詳細的更新。

In parallel, we are adopting the LTC first principles approach, which complements the FASB standard and includes incorporating more granular modeling assumptions. This is expected to impact our GAAP LRT margin, but we expect the margin to remain positive. And in addition, we do not expect changes to statutory reserves to regulatory capital or projected funding.

與此同時，我們正在採用 LTC 第一原則方法，該方法補充了 FASB 標準，並包含了更精細的建模假設。預計這將影響我們的 GAAP LRT 利潤率，但我們預計利潤率將保持正數。此外，我們預計監管資本或預計資金的法定儲備不會發生變化。

In discontinued operations, we have our runoff Polish BPH mortgage portfolio, with a current gross balance of $2.2 billion. This quarter, we recorded charges of about $200 million, mainly driven by more adverse results for banks in the ongoing litigation with borrowers. This brings the total litigation reserves related to this matter to approximately $900 million.

在已停產的業務中，我們有我們的波蘭 BPH 抵押貸款組合，當前總餘額為 22 億美元。本季度，我們記錄了約 2 億美元的費用，主要是由於銀行在與借款人的訴訟中出現了更多不利結果。這使與此事項相關的訴訟準備金總額達到約 9 億美元。

Stepping back, we are managing through an increasingly difficult macro environment. We are focused on what's within our control by leveraging lean and digital tools to improve our operations. As those improvements take hold, we'll drive sustainable, profitable growth and free cash flow, enabling us to deliver value for shareholders and strengthening GE for the long term.

退後一步，我們正在應對日益困難的宏觀環境。通過利用精益和數字工具來改善我們的運營，我們專注於我們控制範圍內的事情。隨著這些改進的實施，我們將推動可持續、盈利的增長和自由現金流，使我們能夠為股東創造價值並長期加強通用電氣。

Now Larry, back to you.

現在拉里，回到你身邊。

Carolina, thanks.

卡羅萊納，謝謝。

Before I close, I'll briefly touch on the real progress we're making on our plan to create 3 independent investment-grade industry leaders.

在結束之前，我將簡要介紹一下我們在創建 3 個獨立投資級行業領導者的計劃方面取得的實際進展。

As always, it starts with our team. As we shared at our Investor Day, we've added 3 new Board members: Steve Angel; Bella Goren; and Tom Mihaljevic, who bring deep domain expertise in our key industries. And we're delighted to add to our existing leadership bench, Scott Reese, who joined as CEO of our Digital business, which will be part of GE's Global Energy portfolio going forward. And in Healthcare, we welcome Chief People Officer, Betty Larson, and General Counsel, Frank Jimenez.

與往常一樣，它始於我們的團隊。正如我們在投資者日分享的那樣，我們增加了 3 位新的董事會成員：Steve Angel；貝拉·戈倫；和 Tom Mihaljevic，他為我們的關鍵行業帶來了深厚的領域專業知識。我們很高興加入我們現有的領導班子 Scott Reese，他作為我們數字業務的首席執行官加入，這將成為 GE 未來全球能源組合的一部分。在醫療保健領域，我們歡迎首席人事官 Betty Larson 和總法律顧問 Frank Jimenez。

We remain very enthusiastic about the opportunities these spins will unlock for our already strong franchises as they will help drive greater focus, accountability and alignment with our customers and the markets they serve. We're committed to making sure each proposed company is set up with an investment-grade rating, strong capital and governance structures, and best-in-class talent that will position them for long-term success.

我們仍然非常熱衷於這些旋轉將為我們已經強大的特許經營權帶來的機會，因為它們將有助於推動更大的關注度、責任感以及與我們的客戶及其服務的市場的一致性。我們致力於確保每家擬建公司都具備投資級評級、強大的資本和治理結構以及一流的人才，這些都將使他們獲得長期成功。

As you heard from our Healthcare leaders last month, planning work for the spin-off is well underway, and we're on track to launch Healthcare early next year. We've received positive feedback from our customers and many investors. And we have dedicated cross-functional teams working through stand-alone operating and capital structures, governance branding and a range of other work streams to ensure operational readiness. We have more than 1,000 people today engaged in the separation planning work, moving forward with purpose in important areas. We're progressing the carve-out audits, and we have finalized the IT infrastructure and legal entity separation plans. A lot of work has been completed, more to come, but we're on our way.

正如您上個月從我們的醫療保健領導人那裡聽到的那樣，分拆的計劃工作正在進行中，我們有望在明年初推出醫療保健。我們收到了客戶和許多投資者的積極反饋。我們有專門的跨職能團隊通過獨立的運營和資本結構、治理品牌和一系列其他工作流程來確保運營準備就緒。我們今天有1000多人從事分離規劃工作，在重要領域有目標地向前推進。我們正在推進剝離審計，我們已經完成了 IT 基礎設施和法人實體分離計劃。很多工作已經完成，還有更多工作要做，但我們正在路上。

Pete and his leadership team are focused not only on successfully executing the intended spin, but also deeply embedding lean and developing long-term plans to accelerate top and bottom line growth as an independent company.

皮特和他的領導團隊不僅專注於成功執行預期的旋轉，而且還深入嵌入精益和製定長期計劃，以加速作為一家獨立公司的頂線和底線增長。

At the same time, GE remains focused on serving our customers. The majority of our teams are fully dedicated to running the business and driving lean improvements to further strengthen our foundation ahead of the spins.

與此同時，GE 仍然專注於為我們的客戶服務。我們的大多數團隊都完全致力於經營業務和推動精益改進，以在旋轉之前進一步加強我們的基礎。

As we move forward, we're confident about our path to create 3 outstanding companies well positioned for the future, with global leadership positions, lean cultures and innovation prowess to solve for the critical needs of our customers.

在我們前進的過程中，我們對創建 3 家為未來做好準備的傑出公司充滿信心，這些公司擁有全球領導地位、精益文化和創新能力，可以解決客戶的關鍵需求。

I'm grateful for the focus and dedication of the GE team. I continue to be inspired by their extraordinary commitment. I'm excited about our ability to realize the full potential of these businesses as we move forward.

我感謝 GE 團隊的專注和奉獻。我繼續受到他們非凡的承諾的啟發。我很高興我們能夠在前進的過程中充分發揮這些業務的潛力。

To close on Slide 11. It's been a busy start to the year to say the least. This quarter presented its challenges with rising inflation, Renewable Energy and Russia-Ukraine chief amongst those challenges. And we continue to monitor additional supply chain constraints and the COVID impacts in China. But we're managing through, focusing on what we can control, and there is a lot that we can control. The recovery in services is a bright spot, with all businesses growing service revenue this quarter as well as strong underlying demand in Aviation and Healthcare.

在幻燈片 11 上結束。至少可以說，今年是一個忙碌的開始。本季度面臨的挑戰包括通脹上升、可再生能源和俄羅斯-烏克蘭酋長國等挑戰。我們將繼續監測額外的供應鏈限制和新冠病毒在中國的影響。但是我們正在管理，專注於我們可以控制的事情，我們可以控制很多事情。服務業的複蘇是一個亮點，本季度所有業務的服務收入都在增長，航空和醫療保健的潛在需求也很強勁。

I'm confident that our team is leveraging lean and decentralization, focused on safety, quality and delivery, and taking action to drive growth, price and cost out. And we continue preparing our plans to stand up 3 strong independent companies, focused on growing critical sectors: in Aviation, where we're on the cusp of a post-COVID recovery and new engine ramp with our airframe customers, accelerating our mission to create a smarter and more efficient future of flight; in Healthcare, where we're innovating in precision health to drive efficiency and improve patient outcomes; and in Energy, where we see tremendous opportunity to provide affordable, reliable and sustainable power.

我相信我們的團隊正在利用精益和權力下放，專注於安全、質量和交付，並採取行動推動增長、降低價格和成本。我們將繼續準備我們的計劃，以建立 3 家強大的獨立公司，專注於發展關鍵領域：在航空領域，我們正處於 COVID 後復甦的風口浪尖，與我們的機身客戶一起推出新的發動機，加速我們創造的使命更智能、更高效的未來飛行；在醫療保健領域，我們在精準醫療領域進行創新，以提高效率並改善患者治療效果；在能源領域，我們看到了提供可負擔、可靠和可持續電力的巨大機會。

Overall, I hope you see what I see, that our businesses are positioned for success as we continue to scale lean and drive innovation, delivering better results for our shareholders today and tomorrow.

總體而言，我希望您能看到我所看到的，我們的業務已為成功做好準備，因為我們將繼續擴大精益規模並推動創新，為今天和明天的股東帶來更好的結果。

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

史蒂夫，有了這個，讓我們去提問。

Thanks, Larry. (Operator Instructions) We have a hard stop at 9:00. Brandon, can you please open the line?

謝謝，拉里。 （操作員說明）我們在 9:00 有一個硬停。布蘭登，你能打開電話嗎？

(Operator Instructions) And from Wolfe Research, we have Nigel Coe.

（操作員說明）來自 Wolfe Research 的 Nigel Coe。

I want to turn back to the guide. Obviously, we're recognizing your comments about working to the low end of the range. But can we focus on Renewables and Power -- Renewables and Healthcare based on 1Q performance? Even the low end for those 2 segments looks like a long putt. So I'm wondering if we could maybe just in more detail talk about the line of sight you have to better results in those 2 segments, be it pricing, backlog quality or cost reduction, whatever you see out there to improve the performance and get it into those ranges for the full year? How does that second half ramp look?

我想回到嚮導。顯然，我們認識到您對工作到該範圍低端的評論。但我們能否專注於可再生能源和電力——基於第一季度業績的可再生能源和醫療保健？即使是這兩個部分的低端看起來也像是一個長推桿。所以我想知道我們是否可以更詳細地討論一下你必須在這兩個細分市場中獲得更好結果的視線，無論是定價、積壓質量還是降低成本，無論你看到什麼來提高性能並獲得全年都在這些範圍內嗎？下半場坡道看起來如何？

Well, I think we start with Healthcare, Nigel. We're clearly seeing more inflation there. And the price/cost challenges we've discussed before I think continues to be top of mind. We're encouraged by what we've seen with respect to improved pricing in the order book here of late. That has yet to match up with what we're seeing in terms of price in our recognized revenue. But that will come. So I think as we look sequentially through the rest of the year, that will be less of a headwind for us as we make that progress. I think we're doing a lot of good work with not only our suppliers, but within our own facilities, to make sure that we're able to match output with demand, right?

好吧，我想我們從醫療保健開始，奈傑爾。我們清楚地看到那裡有更多的通貨膨脹。我認為我們之前討論過的價格/成本挑戰仍然是首要考慮因素。我們對最近在訂單簿中看到的關於改進定價的情況感到鼓舞。這尚未與我們在確認收入中的價格方面所看到的相匹配。但那會來的。因此，我認為，隨著我們在今年餘下的時間裡按順序查看，隨著我們取得進展，這對我們來說不會是逆風。我認為我們不僅與我們的供應商，而且在我們自己的設施內，都在做很多很好的工作，以確保我們能夠使產出與需求相匹配，對嗎？

This is not a demand issue. As you saw, orders in the quarter for Healthcare were up 8%. It really is a throughput dynamic. I don't want to lay all that off on our suppliers. There's a lot that we are doing with them and with our own facilities to improve the reliability of supply. And things are just backed up. We've talked about this before. I think we're making good progress with some of our larger suppliers, if you will, with our -- many of our A parts. But with the B and C part, that continues to be a challenge. But again, whether it be the redesigns, some of the resourcing, some of the better signaling with them, let alone our kaizen work in our own facilities, I think we'll see through the course of the year sequential improvement in that regard. So we can get that volume out with better pricing over time. Given this demand backdrop, I think you'll see Healthcare improve through the course of the year.

這不是需求問題。如您所見，本季度醫療保健訂單增長了 8%。這確實是一個吞吐量動態。我不想把所有這些都放在我們的供應商身上。我們正在與他們以及我們自己的設施一起做很多事情，以提高供應的可靠性。事情只是備份。我們以前談過這個。我認為我們在一些較大的供應商方面取得了良好的進展，如果你願意的話，我們的 - 我們的許多 A 零件。但對於 B 和 C 部分，這仍然是一個挑戰。但同樣，無論是重新設計，一些資源，一些更好的信號，更不用說我們在我們自己的設施中的改善工作，我認為我們將在這方面看到全年的連續改進。因此，隨著時間的推移，我們可以以更好的價格獲得該數量。鑑於這種需求背景，我認為您會看到醫療保健在這一年中有所改善。

I think with respect to Renewables, what we really want to highlight here is that we're fundamentally taking, I think, a more measured and more conservative posture with respect to the outlook in Onshore Wind. There's, I think, considerable uncertainty with respect to the PTC and other incentives. That is creating a bit of a pause with customers. I think the timing of that resolution is unclear. Congress can, and I believe will, take action this year.

我認為關於可再生能源，我們真正想在這裡強調的是，我認為，我們從根本上對陸上風電的前景採取了更加謹慎和保守的態度。我認為，PTC 和其他激勵措施存在相當大的不確定性。這讓客戶有點停頓。我認為該決議的時間尚不清楚。國會可以而且我相信會在今年採取行動。

But at this point, with the passage of time, I think we know that the orders later in the year are likely to be delayed, if not push into '23. That will create some pressure for us particularly from an order, and in turn, a cash perspective. But that, coupled with the pricing actions, which I'm pleased by, right, because we do need to see improved price at Renewables, particularly in Wind. While it's a short-term pause with respect to demand, it's the right thing for the business, and I would argue, the industry. We're taking some of those tough decisions. But if you look at even ex U.S., we saw a high single-digit increase in our pricing moves internationally in Onshore Wind. That's part of the improvement plan, and again, I think something that you'll see play out through the course of the year. But in the absence of that volume in onshore North America, that creates a more muted outlook for us in Renewables in '22.

但在這一點上，隨著時間的推移，我想我們知道今年晚些時候的訂單很可能會延遲，如果不是推遲到 23 年的話。這將給我們帶來一些壓力，尤其是從訂單方面，進而從現金的角度來看。但是，再加上定價行動，我很高興，對，因為我們確實需要看到可再生能源的價格有所提高，特別是在 Wind 中。雖然這是需求方面的短期停頓，但這對企業來說是正確的，我認為，這個行業。我們正在做出一些艱難的決定。但是，即使您看看美國以外的地區，我們在陸上風電的國際定價變動中也看到了高個位數的增長。這是改進計劃的一部分，而且我認為你會在這一年中看到一些事情。但是，由於北美陸上沒有這一數量，這為我們在 22 年的可再生能源領域創造了更加黯淡的前景。

And maybe to sort of -- specific on the second half there. So basically, if you think about it, the beginning of the year, we talked about the orders, and as Larry mentioned, sort of what Healthcare would have been, so we are expecting that growth to come in the second half where we see the orders now. And we also have a seasonality before the first half and the second half of the year, as you know. So there's a big growth of volume and profit and cash, just the seasonality through the second half. And I don't talk to that sort of the strengthening of the organic growth that we're seeing through Healthcare. But actually, also within Renewables, we have a second half where we know that the orders in the second half on Onshore Wind U.S. and a couple of customers are also better, so that will also improve the second half numbers.

也許有點——具體在下半場。所以基本上，如果你考慮一下，今年年初，我們談到了訂單，正如拉里所說，醫療保健本來就是這樣，所以我們預計下半年會出現增長，我們看到現在下單。如您所知，我們在上半年和下半年之前也有季節性。所以銷量、利潤和現金都有很大的增長，只是下半年的季節性。而且我不談論我們通過醫療保健看到的那種有機增長的加強。但實際上，同樣在可再生能源領域，我們知道下半年 Onshore Wind U.S. 和幾個客戶的訂單也更好，因此下半年的數字也會有所改善。

From Bank of America, we have Andrew Obin.

來自美國銀行，我們有 Andrew Obin。

Yes. So a question regarding your range. You did say that you are holding the range initiated in late January, but currently trending to low. And so 2 questions really. A, what would it take? What kind of circumstances would it take to hit the upper end of the range? Because I do find it interesting that you -- it's still out there. And the second question, when you talk about the range, are you thinking differently about EPS versus free cash flow? Which one is lower risk?

是的。所以關於你的範圍的問題。您確實說過您持有 1 月下旬開始的區間，但目前趨於低位。所以真的有2個問題。 A，需要什麼？達到範圍上限需要什麼樣的情況？因為我確實覺得你很有趣——它還在外面。第二個問題，當你談到這個範圍時，你對每股收益和自由現金流的看法是否不同？哪一個風險更低？

Well, let me take the first part of that. Maybe Carolina will take the second part of that. Andrew, I think what we really wanted to make sure people understood here was that we've got a number of pressures, again, inflation. We talked about Renewables a moment ago, and incrementally, the Ukraine-Russia situation. I think depending on the pace of some of these sequential improvements we've just touched on, be it our pricing actions, be it our throughput actions, let alone some of this policy uncertainty being resolved, that could, I think, give us a bit of a lift here beyond the low end of the range.

好吧，讓我來談談第一部分。也許卡羅來納州會承擔第二部分。安德魯，我認為我們真正想確保人們在這裡理解的是，我們面臨著許多壓力，同樣，通貨膨脹。我們剛才談到了可再生能源，然後逐漸談到了烏克蘭-俄羅斯的局勢。我認為取決於我們剛剛提到的一些連續改進的速度，無論是我們的定價行動，還是我們的吞吐量行動，更不用說解決一些政策不確定性了，我認為這可以給我們一個這裡有點超出範圍的低端。

Clearly, throughput is not strictly a Healthcare dynamic for us. We're really encouraged by the strong order books in Aviation, up 30% overall. As you saw, services up over 35%. But we really have a lot of work to do, again, with the supply base and in our own shops to keep pace with that. So we're working that hard every day. I see a lot of progress. But nevertheless, we are building our past due backlog in a number of areas, and we've got to clear that out. But given where we are today, you see how we're framing the year.

顯然，吞吐量對我們來說並不是嚴格意義上的醫療保健動態。我們對航空業強勁的訂單量感到非常鼓舞，總體增長了 30%。如您所見，服務增長了 35% 以上。但我們確實有很多工作要做，同樣，與供應基地和我們自己的商店保持同步。所以我們每天都在努力工作。我看到了很多進步。但是，儘管如此，我們正在一些領域建立我們過去到期的積壓，我們必須清除它。但鑑於我們今天所處的位置，你會看到我們是如何規劃這一年的。

Yes. And if you just compare sort of the EPS range and the cash flow range, what we're commenting on is we're saying that our guide is at the low end. And that goes for sort of both KPIs. I would say from a risk opportunity perspective, there's less risk on the cash flow side than on the EPS side.

是的。如果你只是比較 EPS 範圍和現金流範圍，我們評論的是我們的指南處於低端。這適用於兩種 KPI。我想說，從風險機會的角度來看，現金流方面的風險比每股收益方面的風險要小。

From Citigroup, we have Andy Kaplowitz.

花旗集團有安迪·卡普洛維茨。

Carolina, maybe can you give us more color into your assumptions for the cadence of the year, both on EPS and free cash flow? Maybe quantify how might additional supply chain and China pressure impact Q2 versus what are your assumptions for how these pressures might alleviate through the rest of the year? And there, how your own self-help and pricing initiatives might help your earnings progression?

卡羅琳娜，也許你能給我們更多關於你對今年節奏的假設，包括每股收益和自由現金流？也許量化額外的供應鍊和中國壓力如何影響第二季度，而您對這些壓力如何在今年剩餘時間緩解的假設是什麼？在那裡，您自己的自助和定價計劃如何幫助您的收入增長？

Yes. Sure. So what we are seeing -- well, we've talked about the Q1 and the pressure that we see there. So what we are seeing and what we're expecting is that it continues through the second quarter. But then, that it starts to ease. And you sort of see the impact of that, I would say, through the businesses, with Aviation being able to sort of ship all the engines that they want towards the second half. We also see, I would say, especially on Healthcare, I mean, 9% organic growth if we've gotten everything out that our customers wanted. So we are expecting that to come towards the second half as well. And that will then obviously impact both profit and cash.

是的。當然。所以我們所看到的——好吧，我們已經談到了第一季度和我們在那裡看到的壓力。因此，我們所看到的以及我們所期望的是它會持續到第二季度。但是，它開始緩解。我想說的是，通過業務，你可以看到這種影響，航空能夠在下半年運送他們想要的所有發動機。我會說，我們還看到，特別是在醫療保健方面，如果我們得到了客戶想要的一切，我的意思是 9% 的有機增長。因此，我們預計下半年也會出現這種情況。這顯然會影響利潤和現金。

If you look at the Renewables side, it's probably more of a sort of slower trend there, highly impacted by the inflation. We do have, as I mentioned earlier, sort of good orders with reasonable margins in the second half. So we have a positive mix also first half to second half, which isn't necessarily inflation. But sort of as we continue to work through, that would also improve.

如果你看一下可再生能源方面，它可能更像是一種緩慢的趨勢，受通貨膨脹的影響很大。正如我之前提到的，我們確實有一些不錯的訂單，下半年利潤合理。因此，上半年到下半年我們也有積極的組合，這不一定是通貨膨脹。但是，隨著我們繼續努力，這也會有所改善。

I would say in Power, probably least impacted there. We do have a dynamic that we know of that with our backlog, we have more deliveries in the second half. And that's also why we expect to have the, I'm going to call it, typical seasonality, as we saw it last year as well as Power with lower first half volumes versus second half volumes.

我會說在 Power 中，可能在那裡受到的影響最小。我們確實有一個動態，我們知道我們的積壓，我們在下半年有更多的交付。這也是為什麼我們期望擁有典型的季節性，我將稱之為典型的季節性，正如我們去年看到的那樣，以及上半年銷量低於下半年銷量的 Power。

What I would say, we expect to go through all the businesses through the year and get sort of stronger momentum, it will be price. So the pricing actions that we're working through, especially in the longer-cycle businesses, you sort of start to see improved pricing in the order side. And Larry mentioned that earlier today, that even if you take Onshore Wind international, which is an important area for us to increase prices, we actually had high single-digit price increases in the first quarter in orders. So as the orders translate into sales and revenue, we'll start to see more impact from pricing as we go through the year. I would say pricing cost as a balance for the year, we expect it to be negative. But we do expect it to be offset by the other actions that we're doing in productivity and restructuring.

我想說的是，我們希望通過這一年的所有業務並獲得更強勁的動力，這將是價格。因此，我們正在採取的定價行動，尤其是在較長周期的業務中，您開始看到訂單方面的定價有所改善。並且拉里今天早些時候提到，即使你把陸上風電國際，這是我們提價的重要領域，我們實際上在第一季度的訂單中有很高的個位數價格增長。因此，隨著訂單轉化為銷售額和收入，我們將在這一年中開始看到定價的更多影響。我會說定價成本作為今年的平衡，我們預計它是負數。但我們確實希望它會被我們在生產力和重組方面所做的其他行動所抵消。

From JPMorgan, we have Steve Tusa.

來自摩根大通，我們有史蒂夫圖薩。

Just a couple of follow-ups, I guess. First of all, can you just tell us what you currently expect working capital to be this year? If there is any change there. I think you gave precise guidance at the March event. And then I think you just talked about second quarter being -- can you just maybe be more precise about a range -- some sort of a range to frame the second quarter? It seems like there was some confusion coming out of the fourth quarter of '21. And it kind of resulted in a couple of rounds of cuts in the first quarter. Maybe if you could be a little bit more precise relative to the $0.24 and relative to the negative $800 million in free cash, what you would expect for the second quarter.

我猜只是幾個後續行動。首先，您能否告訴我們您目前預計今年的營運資金是多少？如果那裡有任何變化。我認為你在三月的活動中給出了準確的指導。然後我想你剛剛談到第二季度是——你能不能更精確地描述一個範圍——某種範圍來構建第二季度？ 21 年第四季度似乎出現了一些混亂。這導致了第一季度的幾輪削減。也許如果你可以更精確一點，相對於 0.24 美元和相對於負 8 億美元的自由現金，你對第二季度的預期。

Steve, thanks for asking 2 questions there. If I start with the working capital, we expect, even at the low end of the guide to be -- to have a positive impact from working capital. As you know, in 2021, we had a good $2 billion of positive flow of working capital, and we expect that to be an even higher positive flow in 2022. I would say, if you look at it part by part, we still expect high single-digit growth. We expect receivables to be under pressure, where we would expect inventory to improve and basically the other pieces of working capital also to be a positive flow for the year. So we would expect that to continue to improve in 2022 as well.

史蒂夫，感謝您在那裡提出 2 個問題。如果我從營運資金開始，我們預計，即使在指南的低端 - 也會對營運資金產生積極影響。如您所知，在 2021 年，我們有 20 億美元的正流動資金，我們預計 2022 年的正流動資金會更高。我想說，如果你逐個看，我們仍然預計個位數的高增長。我們預計應收賬款將面臨壓力，我們預計庫存將改善，基本上其他營運資金也將成為今年的正流量。因此，我們預計這也將在 2022 年繼續改善。

And thank you for coming back on the 2Q question. I think I missed that one from you, Andy. Sorry about that. So if we talk about the second quarter where we are, Larry spoke about what's pressuring the first quarter. So clearly, we continued to see that into the second quarter as well. We have the inflation, we have Russia-Ukraine, and we have the Renewables situation and we have the back-end loaded second half as we usually would have. I would say though that there's a lot of good things going on as well, especially the Aviation return to flight as we expect that to continue to ramp through the year as well as I talked about the Power part as well. If we look for the second quarter specifically, working capital will have the typical seasonality, and that means that 2Q is pressured by working capital. So overall, for the second quarter, we are expecting low single-digit growth, some OMX expansion sequentially and a free cash flow that's better sequentially but still negative.

感謝您再次回答 2Q 問題。我想我錯過了你的那個，安迪。對於那個很抱歉。因此，如果我們談論第二季度的情況，拉里談到了第一季度的壓力。很明顯，我們在第二季度也繼續看到這一點。我們有通貨膨脹，我們有俄羅斯 - 烏克蘭，我們有可再生能源的情況，我們有後端加載的下半年，就像我們通常會有的那樣。我想說的是，還有很多好事正在發生，尤其是航空重返飛行，因為我們預計這一年將繼續增長，我也談到了動力部分。如果我們具體看第二季度，營運資金將具有典型的季節性，這意味著第二季度受到營運資金的壓力。因此，總體而言，對於第二季度，我們預計低個位數增長、一些 OMX 環比擴張和自由現金流環比更好但仍為負數。

From RBC, we have Deane Dray.

來自 RBC，我們有 Deane Dray。

Can you provide some more color on what the macro assumptions are that are embedded in the guidance for the year? And just to clarify, and I know this is fast changing, but you said it was a 6-percentage point revenue headwind between Russia, supply chain and the China shutdowns. Are you able to parse out those 3 factors? That would be helpful.

您能否就今年指導中嵌入的宏觀假設提供更多顏色？澄清一下，我知道這正在快速變化，但你說這是俄羅斯、供應鍊和中國停工之間 6 個百分點的收入逆風。你能分析出這三個因素嗎？那會很有幫助。

Deane, I would say that with respect to the macro, again, I think inflation pressures have become more acute in certain areas. And we're working hard to offset that in a number of ways, both from a procurement, from a utilization perspective, let alone on the price side. We can get into that in more detail if you'd like.

迪恩，我想說的是，就宏觀而言，我認為通脹壓力在某些領域變得更加嚴重。我們正在努力以多種方式抵消這一點，無論是從採購的角度，還是從利用率的角度，更不用說在價格方面了。如果您願意，我們可以更詳細地討論。

Again, I think in Renewables, we're assuming a resolution, but probably a late resolution in that regard with respect to some of the incentives here and the clearing of this pause customers are taking in the wake of price increases that we and others are trying to put across. Clearly, there's an inflationary between a metals and a logistics-based inflationary pressure that has picked up in Renewables as well. And then there's just the Russia-Ukraine dynamic. I think we're really keeping a weather eye out on some of these supply strain constraints, working very hard to offset those, both with our suppliers and in our own shops, right?

同樣，我認為在可再生能源領域，我們正在假設一個解決方案，但在這方面可能是一個較晚的解決方案，涉及這裡的一些激勵措施，以及在我們和其他人價格上漲之後客戶正在採取的這種暫停的清除試圖跨越。顯然，金屬和基於物流的通脹壓力之間存在通脹壓力，可再生能源領域的通脹壓力也有所上升。然後就是俄羅斯-烏克蘭的動態。我認為我們確實在密切關注其中一些供應緊張限制，努力抵消這些限制，無論是與我們的供應商還是在我們自己的商店，對吧？

There's a lot that we can do to, frankly, be a better customer with our suppliers in terms of how we signal what we need and when we need it, if you will, a good bit of pull being implemented now, particularly at Aviation. We're doing kaizens with our suppliers to help them break bottlenecks where we can. So there's progress, probably more with the A parts than the C parts. But we're working hard and keeping an eye out on this while continuing to drive the flow in our own facilities to drive more output where we can.

坦率地說，我們可以做很多事情來與我們的供應商成為更好的客戶，就我們如何發出我們需要的信號以及何時需要它，如果你願意的話，現在正在實施一個很好的拉動，特別是在航空領域。我們正在與我們的供應商進行改善，以幫助他們盡可能打破瓶頸。所以有進步，A 部分可能比 C 部分更多。但我們正在努力工作並密切關注這一點，同時繼續推動我們自己設施的流動，以盡可能提高產量。

Also watching closely what happens here in China. We know we were hit both from a demand and from an output perspective in the first quarter with the lockdowns, particularly in and around Shanghai. How that plays out? It's not something that we have a handle on. I don't think anybody really does. So those are the 2 things we're watching. But it's really inflation, the dynamics in Renewables in Russia, which are the primary pressures on the range.

也在密切關注中國發生的事情。我們知道，第一季度的需求和產出都對我們造成了打擊，尤其是在上海及其周邊地區。怎麼玩？這不是我們能處理的事情。我認為沒有人真的這樣做。這就是我們正在關注的兩件事。但實際上是通貨膨脹，俄羅斯可再生能源的動態，這是該區間的主要壓力。

Yes. And when we talked about 6%, so that's the impact on the top line. And 5% of that is from supply chain, and we said 1%, we attribute to sort of the China and the Russia situation.

是的。當我們談到 6% 時，這就是對收入的影響。其中5%來自供應鏈，我們說1%，我們歸因於中國和俄羅斯的情況。

From Melius Research, we have Scott Davis.

我們有來自 Melius Research 的 Scott Davis。

I wanted to focus just a little bit on Healthcare because it's a pretty important part of the story here. Obviously, the lost sales that you get when you have the problems in supply chain, is there a way to think about -- is any of that lost forever? Or is it just pushed to the right? And are there late delivery penalties or anything in the contracts that would imply that you really can't make money when you do ship those units out?

我想把重點放在醫療保健上，因為它是這裡故事的一個非常重要的部分。顯然，當您在供應鏈中遇到問題時，您所獲得的銷售損失，有沒有辦法考慮 - 是否永遠失去了？還是只是推到了右邊？合同中是否有延遲交貨罰款或任何暗示當您將這些設備運出時您真的無法賺錢的內容？

Scott, fortunately, we make very good margins across the Healthcare portfolio, right? It's probably our highest gross margin business of the 4. So when you look at a quarter like the one we just had, where orders were up 8%, shipments were up 2%, we're building backlog. And that's a good thing. Normal course. Unfortunately, what's also happening, because we haven't necessarily cleared all the orders we got in the back half of last year, we're also building our past due or our delinquent backlog. That doesn't -- that tends not to carry some of the penalties that you'll see in longer-cycle businesses.

斯科特，幸運的是，我們在醫療保健產品組合中的利潤率非常高，對吧？這可能是我們 4 中毛利率最高的業務。因此，當您查看像我們剛剛擁有的季度一樣的季度時，訂單增長了 8%，出貨量增長了 2%，我們正在積壓。這是一件好事。正常課程。不幸的是，正在發生的事情也發生了，因為我們不一定清除了去年下半年收到的所有訂單，我們還在建立我們的逾期或拖欠的積壓訂單。這不會 - 這往往不會帶來您在較長周期業務中看到的一些懲罰。

So we simply have to get that product out, recognize that revenue when we do. And I think you'll see strong impact, both in the P&L and in the cash flow statements. Again, a lot to do, a lot of work to do with our suppliers, a lot of work we can do within our own shops, which we're doing. It's just hard for anybody on the outside to see some of that progress. But fortunately, again, it's not a demand issue. It's really a throughput issue. And that's where we're focused.

因此，我們只需要推出該產品，並在我們這樣做時確認收入。而且我認為您會在損益表和現金流量表中看到強大的影響。再說一次，還有很多事情要做，我們的供應商要做很多工作，我們可以在我們自己的商店裡做很多工作，我們正在做。外界的任何人都很難看到其中的一些進展。但幸運的是，這又不是需求問題。這確實是一個吞吐量問題。這就是我們關注的地方。

On the inflationary side of things, it -- there is pressure there. And again, that's why Pete and the team have been pushing price where they can. I think we've seen really nice improvement in the order book in that regard. To get that into revenue, of course, we've got to clear this backlog. And in some cases, that is happening now. We're going to need a few more months, I think, in other cases. But that work, again, is underway. And I'm optimistic, when you put all that together, it's a good part of the sequential improvement we should see in Healthcare through the course of '22.

在通貨膨脹方面，它 - 那裡有壓力。再說一次，這就是為什麼皮特和團隊一直在盡可能地推高價格。我認為我們在這方面看到了訂單簿的非常好的改進。當然，要將其轉化為收入，我們必須清除積壓的訂單。在某些情況下，這種情況現在正在發生。我認為，在其他情況下，我們還需要幾個月的時間。但這項工作再次進行中。我很樂觀，當你把所有這些放在一起時，這是我們應該在 22 年期間在醫療保健領域看到的連續改進的一個很好的部分。

From Morgan Stanley, we have Josh Pokrzywinski.

我們有來自摩根士丹利的 Josh Pokrzywinski。

So just on -- we covered a lot of ground elsewhere, and maybe just to spend a minute on Aviation, if we could. Just seems like there's a pretty wide difference between Commercial Services and shop visits, services being up kind of double the shop visit rate. I mean how sustainable is that number? Is that just some of this higher calorie stuff coming in on wide-body? Like how do we -- how should we interpret that performance variance? And how do you expect that to trend from here?

所以就這樣吧——我們在其他地方覆蓋了很多地方，如果可以的話，也許只是花一分鐘在航空方面。似乎商業服務和商店訪問之間存在很大差異，服務的訪問率是商店訪問率的兩倍。我的意思是這個數字有多可持續？這只是寬體車上的一些高熱量食物嗎？就像我們如何——我們應該如何解釋這種性能差異？您如何期望這種趨勢從這裡開始？

Josh, you're right. I mean we've got a lot of momentum right now in services. Revenues were up 26% in the quarter in Aviation. It's not simply a function of shop visits. And there's a lot we're doing even there to make sure that our own capacity and our supply lines are set to keep pace with this ramp. Again, a high-class challenge to have. Demand is robust. But in addition, we're feeding parts and other elements of the service mix to third parties, which particularly now as people deal with an inventory depletion. As everybody is working down inventories during COVID to get ready for this post-COVID ramp, we're seeing some of that spike in certain areas as well right now. So there's a lot of good going on. And again, I think we're -- our primary challenge is going to be to keep pace with the rest of the year.

喬希，你是對的。我的意思是我們現在在服務方面有很大的發展勢頭。本季度航空業的收入增長了 26%。這不僅僅是商店訪問的功能。即使在那裡，我們也在做很多事情，以確保我們自己的產能和供應線能夠跟上這一增長步伐。再次，一個高級的挑戰。需求強勁。但此外，我們正在向第三方提供服務組合的部分和其他元素，尤其是現在人們處理庫存枯竭的問題。由於每個人都在 COVID 期間減少庫存以準備應對 COVID 後的增長，我們現在也看到某些地區的庫存激增。所以有很多好事發生。再說一次，我認為我們 - 我們的主要挑戰將是跟上今年剩餘時間的步伐。

From Goldman Sachs, we have Joe Ritchie.

來自高盛，我們有喬·里奇。

So one question on -- just a clarifying question and then another quick one on the bridge to 2023. So for this year in 2022, is the 25 to 75 basis points in margin expansion in Healthcare still on the table if we're at the low end of the guide? And then as you think about 2023, clearly, the net income bridge from 2022 to 2023 is widening. I'm just wondering whether any confidence has waned at all just given what's happening externally to get to, call it, roughly $7 billion of net income by 2023?

所以有一個問題——只是一個澄清問題，然後是另一個快速的問題，在通往 2023 年的橋樑上。因此，對於 2022 年的今年，如果我們處於指南的低端？然後當你想到 2023 年時，很明顯，從 2022 年到 2023 年的淨收入橋樑正在擴大。我只是想知道，考慮到外部正在發生的事情，到 2023 年淨收入約為 70 億美元，是否有任何信心減弱？

So Josh, maybe I'll -- sorry, Joe, I'll start with the first part. So if we look at the Healthcare and the guide that we have, we said 25 to 75 bps. I would say that it will depend on how much the supply chain eases in the second half because of the pent-up demand that we have. There's great orders in there. And getting those out at a good pace in the second half, then we would be able to get to the part of that range. I would say though that on top of that, it's what Larry talked about before. We also have the work done on pricing, we have the work done on productivity and as well as sort of pushing the right mix even in Healthcare. So it's still a possibility, but it's, of course, tougher now with low part of the range. And for '22 to '23, Larry?

所以喬什，也許我會- 抱歉，喬，我將從第一部分開始。因此，如果我們查看醫療保健和我們擁有的指南，我們會說 25 到 75 個基點。我想說這將取決於供應鏈在下半年放鬆多少，因為我們有被壓抑的需求。裡面有很多訂單。並在下半場以良好的速度將它們淘汰出局，然後我們將能夠達到該範圍的一部分。我想說的是，除此之外，這是拉里之前談到的。我們還完成了定價工作，我們完成了生產力工作，以及在醫療保健領域推動正確的組合。所以這仍然是一種可能性，但當然，現在由於範圍的低部分變得更加艱難。 22 年到 23 年，拉里？

Sure. Joe, I think a lot of what we've talked about here in terms of the sequential improvements in those areas that are within our control really are the most important planks in the bridge to '23. But I obviously start with cash, as you know. And when I think about, if you will, the low end of that $5.5 billion, $6.5 billion guide for cash this year, if we just take the $5.5 billion, it doesn't really take us much to get to that $7 billion figure we've talked about for next year. Again, I think Aviation is moving forward in this regard. And the AD&A headwinds we've talked about for this year, probably $0.5 billion shouldn't repeat next year.

當然。喬，我認為我們在這裡談到的很多關於我們控制範圍內的連續改進的內容確實是通往 23 年的橋樑中最重要的木板。但正如你所知，我顯然是從現金開始的。當我想，如果你願意的話，今年 55 億美元，65 億美元的現金指導的低端，如果我們只拿 55 億美元，我們真的不需要花太多時間就能達到我們的 70 億美元的數字。 '已經談到了明年。同樣，我認為航空在這方面正在向前發展。我們今年談到的 AD&A 逆風，明年可能不應該重複 5 億美元。

We talked a moment ago with Scott relative to Healthcare and the sequential ramp from here. We think demand will continue to be robust. Again, in this post-COVID world, we see investment both on the private and the public side. So as we clear that backlog, probably carry a little bit of that back into next year, we're going to move. And I think with respect to Power, you continue to see steady improvement. And all we really need out of Renewables is a little bit of the same, right, not a dramatic turnaround going into next year. So a lot of work to do still this year, but we think we're on a path for '23, along the lines of what we've discussed previously.

我們剛才與 Scott 談到了醫療保健和從這裡開始的連續斜坡。我們認為需求將繼續強勁。同樣，在這個後 COVID 世界中，我們看到了私人和公共方面的投資。因此，當我們清除積壓的工作，可能會將其中的一部分帶回明年，我們將搬家。我認為就 Power 而言，你會繼續看到穩步改善。我們真正需要的可再生能源只是一點點相同，對，而不是明年的戲劇性轉變。所以今年還有很多工作要做，但我們認為我們正朝著 23 年的道路前進，這與我們之前討論的內容相同。

From Barclays, we have Julian Mitchell.

在巴克萊，我們有 Julian Mitchell。

Maybe just a quick question on the points around offsets to some of the headwinds. You had that EBIT bridge on slide, I think, 112 of the Investor Day deck. You have the price/cost inflation bucket and the productivity bucket. Can you just sort of give us dollar numbers on what you're expecting for those 2 in 2022 now? That price/cost aspect, in particular, how big could that headwind be? And what was it in Q1?

也許只是一個關於抵消某些逆風的要點的快速問題。我認為，在投資者日甲板的 112 號幻燈片上，您有那個 EBIT 橋。你有價格/成本通脹桶和生產力桶。您能否就您現在對 2022 年的那 2 個人的期望給我們一些美元數字？尤其是價格/成本方面，逆風有多大？第一季度是什麼？

And then on the productivity side, I didn't really hear you talk about accelerated restructuring today. So I just wondered kind of what's going on, on the productivity side to make sure that you can limit the negative impact of these gross headwinds into '22 and not have them bleed too much into next year.

然後在生產力方面，我今天沒有真正聽到你談論加速重組。所以我只是想知道在生產力方面發生了什麼，以確保您可以將這些總逆風的負面影響限制在 22 年，並且不會讓它們在明年流失太多。

Well, Julian, let me maybe take the back part of that while Carolina grabs Page 112 from the deck in Greenville by way of reference. I think when we talk about throughput, we're talking -- I mean, implied in that is a productivity element. Now admittedly, we want to make sure in the spirit of SQDC, right, safety, quality first, delivery before cost, that we're getting product out. But a lot of the lean work, again, I think you saw this in Greenville, allows us to create capacity to bust bottlenecks and do so in a way that isn't throwing a lot of arms and legs at it, that would dilute productivity. So part of the challenge in Aviation and in Healthcare is to make sure that we're true to that. But I think the lean approach, make sure -- well, it's a focus on productivity, first and foremost.

好吧，朱利安，讓我來談談後面的部分，而卡羅琳娜從格林維爾的甲板上拿了第 112 頁作為參考。我認為當我們談論吞吐量時，我們正在談論 - 我的意思是，其中隱含的是生產力元素。現在誠然，我們希望本著 SQDC 的精神，正確、安全、質量第一、交付優先於成本，我們正在推出產品。但是很多精益工作，我想你在格林維爾看到了這一點，使我們能夠創造能力來打破瓶頸，並且以一種不會投入大量手腳的方式來做到這一點，這會削弱生產力.因此，航空和醫療保健領域的部分挑戰是確保我們做到這一點。但我認為精益方法，確保——嗯，它首先關註生產力。

I think you did hear in the prepared remarks us talk about the fact that we need to adjust the cost structure in Renewables to the new realities that we're dealing with and some of these uncertainties. So Scott's in that business, I think, 100 days, give or take right now. But he and the team are taking a hard look at where those opportunities are to deal with some of the cost buckets that are clearly in need of review. So that work continues. Very much spooled up on that. But again, in the spirit of priorities, we want to make sure we're clearing the supply constraints as best we can and working the purchase cost and the price side of things probably with more energy.

我想你確實在準備好的評論中聽到了我們需要調整可再生能源成本結構以適應我們正在處理的新現實和其中一些不確定性的事實。所以斯科特從事這項業務，我認為，100 天，現在給予或接受。但他和他的團隊正在認真研究這些機會在哪裡來處理一些顯然需要審查的成本桶。所以這項工作仍在繼續。對此非常關注。但同樣，本著優先考慮的精神，我們希望確保我們盡可能地消除供應限制，並可能以更多的精力來處理採購成本和價格方面的問題。

And actually, Julian, I vividly remember that slide so I didn't even have to look it up, because it's really about how we get from our profit, from sort of 4.6 to where we go in 2022. But just start with the first quarter because you asked about that as well. So in the first quarter, we did see positive price, but it did not offset the cost on inflation, even net of the cost actions. But we do expect that to improve through the year as the pricing impact continues to get larger, but also as our work. And we talked about it in 3 different categories. We talked about sourcing actions, we talked about productivity, and we talked about restructuring.

實際上，朱利安，我清楚地記得那張幻燈片，所以我什至不必查看它，因為它實際上是關於我們如何從利潤中獲得收益，從 4.6 到 2022 年的目標。但從第一個開始季度，因為您也問過這個問題。因此，在第一季度，我們確實看到了正價格，但它並沒有抵消通脹成本，即使是扣除成本行動後也是如此。但我們確實預計，隨著定價影響的持續擴大，以及我們的工作，這一情況將在今年有所改善。我們在 3 個不同的類別中討論了它。我們談到了採購行動，我們談到了生產力，我們談到了重組。

So if you take for the full year, I would say, what we see now, price/cost we thought would be basically flat. But what we're seeing now, inflation is strengthening, and therefore, we expect that to be a negative net. But we do expect to be able to offset that with the productivity plans that we have as well as the current restructuring that we've talked about.

因此，如果您考慮全年，我會說，我們現在看到的價格/成本我們認為基本持平。但我們現在看到的是，通脹正在加強，因此，我們預計這將是一個負淨值。但我們確實希望能夠通過我們擁有的生產力計劃以及我們討論過的當前重組來抵消這一點。

Another big important part to grow the profit is going to be on the volume side, which we also talked about then. And we are saying high single digit, but the low part of that, that still means reasonable growth. So that's going to be a good important part of how to get to the profit number for the full year. You asked if we're not doing anything more or what are we doing on productivity and restructuring. What we tried to talk to earlier today was that each of the businesses are going through their plans, both on productivity and how to sort of right-size their organization. So I would say, as we're speaking, all teams are working to increase those numbers and increase the actions since they're also seeing the effect of inflation.

增加利潤的另一個重要部分是銷量方面，我們當時也談到了這一點。我們說的是高個位數，但其中的低部分仍然意味著合理的增長。因此，這將是如何獲得全年利潤數字的一個很好的重要部分。你問我們是否沒有做更多的事情，或者我們在生產力和重組方面做了什麼。我們今天早些時候試圖談論的是，每個企業都在完成他們的計劃，包括生產力和如何適當地調整他們的組織規模。所以我想說，正如我們所說，所有團隊都在努力增加這些數字並增加行動，因為他們也看到了通貨膨脹的影響。

Larry, any final comments?

拉里，有什麼最後的評論嗎？

Steve, thanks.

史蒂夫，謝謝。

I would just wrap up here by highlighting the fact that our teams continue to deliver for our customers in what was clearly a difficult operating environment. And we're laser-focused on positioning all of our franchises, all of our strong franchises for the long term. And I'd just like to wrap by thanking our employees and our partners for their hard work and our investors for their continued support. We appreciate your interest, your investment in GE and your time today. Of course, Steve and the IR team stand ready to assist you as you consider GE in your investment processes.

最後，我想強調一個事實，即我們的團隊在顯然是困難的運營環境中繼續為我們的客戶提供服務。我們專注於定位我們所有的特許經營權，我們所有強大的長期特許經營權。最後，我想感謝我們的員工和合作夥伴的辛勤工作以及投資者的持續支持。感謝您對 GE 的關注、您對 GE 的投資以及您今天的寶貴時間。當然，當您在投資過程中考慮 GE 時，Steve 和 IR 團隊隨時準備為您提供幫助。

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

謝謝你。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。