Hexcel Corp (HXL) 2023 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the Hexcel Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised that this call is being recorded. (Operator Instructions)

早上好，女士們，先生們。歡迎參加赫氏 2023 年第二季度收益電話會議。 （操作員說明）請注意，此通話正在錄音。 （操作員說明）

And now at this time, I would like to turn the call over to Mr. Patrick Winterlich, Chief Financial Officer. Please go ahead, sir.

現在這個時候，我想將電話轉給首席財務官 Patrick Winterlich 先生。請繼續，先生。

Thank you, [Bart]. Good morning, everyone. Welcome to Hexcel Corporation's Second Quarter 2023 Earnings Conference Call. Before beginning, let me cover the formalities. I want to remind everyone about the safe harbor provisions related to any forward-looking statements we may make during the course of this call. Certain statements contained in this call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. They involve estimates, assumptions, judgments and uncertainties caused by a variety of factors that could cause future actual results or outcomes to differ materially from our forward-looking statements today. Such factors are detailed in the company's SEC filings and last night's news release. A replay of this call will be available on the Investor Relations page of our website.

謝謝你，[巴特]。大家，早安。歡迎參加赫氏公司 2023 年第二季度收益電話會議。在開始之前，讓我先介紹一下手續。我想提醒大家注意與我們在本次電話會議期間可能做出的任何前瞻性陳述相關的安全港條款。本次電話會議中包含的某些陳述可能構成1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。它們涉及由各種因素引起的估計、假設、判斷和不確定性，可能導致未來的實際結果或結果有所不同實質上來自我們今天的前瞻性陳述。這些因素在該公司提交給美國證券交易委員會的文件和昨晚的新聞稿中都有詳細說明。本次電話會議的重播將在我們網站的投資者關係頁面上提供。

Lastly, this call is being recorded by Hexcel Corporation and is copyrighted material. It cannot be recorded or rebroadcast without our express permission. Your participation on this call constitutes your consent to that request. With me today are Nick Stanage, our Chairman, CEO and President; and Kurt Goddard, our Vice President of Investor Relations. The purpose of the call is to review our second quarter 2023 results detailed in our news release issued yesterday.

最後，本次通話由赫氏公司錄製，是受版權保護的材料。未經我們明確許可，不得對其進行錄製或轉播。您參與本次通話即表示您同意該請求。今天與我在一起的有我們的董事長、首席執行官兼總裁尼克·斯坦尼奇 (Nick Stanage)；以及我們的投資者關係副總裁庫爾特·戈達德 (Kurt Goddard)。此次電話會議的目的是回顧我們昨天發布的新聞稿中詳細介紹的 2023 年第二季度業績。

Now let me turn the call over to Nick.

現在讓我把電話轉給尼克。

Thanks, Patrick. Good morning, everyone, and thank you for joining us today as we share our second quarter 2023 results. We started the year with great momentum that is carried forward into the second quarter as we delivered a solid year-over-year increase in sales of almost 16% reflecting robust demand for lightweight advanced composites and strong execution. We continue to manage and mitigate supply chain constraints, inflationary pressures and a tight labor market to protect our customers' requirements. As we work through these issues and global supply chains continue to improve, our confidence increases.

謝謝，帕特里克。大家早上好，感謝您今天加入我們，分享 2023 年第二季度的業績。我們以強勁的勢頭開啟了新的一年，這一勢頭延續到了第二季度，銷售額同比增長了近 16%，反映出對輕質先進複合材料的強勁需求和強大的執行力。我們繼續管理和緩解供應鏈限制、通脹壓力和緊張的勞動力市場，以保護客戶的需求。隨著我們努力解決這些問題以及全球供應鏈的不斷改善，我們的信心隨之增強。

While delays and cancellations at airports this summer have been frustrating for many, it reflects an industry with high demand and growth. On June 30, TSA screened almost 2.9 million travelers, marking the highest daily number of passengers the agency has screened on record. According to the International Air Transport Association, domestic travel in key markets globally is now on average 5.3% higher than 2019 levels. International travel is more than 90% recovered and May 2023 was the first month that the global passenger load factor had returned to 2019 levels.

雖然今年夏天機場的延誤和取消讓許多人感到沮喪，但這反映出該行業的高需求和高增長。 6 月 30 日，運輸安全管理局對近 290 萬名旅客進行了篩查，創下該機構有記錄以來每日篩查旅客人數的最高紀錄。根據國際航空運輸協會的數據，目前全球主要市場的國內旅行平均比 2019 年增長 5.3%。國際旅行恢復了 90% 以上，2023 年 5 月是全球客座率恢復到 2019 年水平的第一個月。

Thinking back to the depth of the pandemic, there were many who doubted that air passenger traffic would recover to these levels by mid-2023. Growing passenger demand both domestically and internationally is great news for our customers and for us. Commercial aircraft order backlog now at a combined level of over 13,500 aircraft for Airbus and Boeing are just above the prior peak levels. Demand is strong for next-generation fuel-efficient aircraft with lower emissions and improved long-term maintenance costs. The demand for advanced composites and secular penetration opportunities continue to grow, and Hexcel is well positioned to keep winning in this space with our broad portfolio of lightweight solutions.

回想疫情的嚴重程度，許多人懷疑航空客運量能否在 2023 年中期恢復到目前的水平。國內和國際不斷增長的乘客需求對於我們的客戶和我們來說都是個好消息。目前，空客和波音的商用飛機積壓訂單總計超過 13,500 架，略高於之前的峰值水平。對排放更低、長期維護成本更低的下一代節能飛機的需求強勁。對先進複合材料和長期滲透機會的需求持續增長，赫氏已做好充分準備，憑藉我們廣泛的輕質解決方案組合在這一領域不斷獲勝。

Now let me highlight some of the results of the second quarter, and Patrick will then provide more detail on the numbers. Commercial aerospace sales of $264 million increased more than 15% in constant currency compared to the second quarter of 2022. The strongest growth came from the Airbus A350 and Boeing 787 widebody programs. Other commercial aerospace increased more than 13% for the second quarter on continued robust business jet demand. Announced orders and options for narrowbodies, including the Airbus A320neo family, the Airbus A220 and the Boeing 737 MAX remains strong in the second quarter, including growth in new regions and refleeting in existing markets to improve fuel efficiency and reduce operating costs. We remain agile and aligned with our customers and ready to support their growing demand.

現在讓我重點介紹第二季度的一些結果，然後帕特里克將提供有關數字的更多詳細信息。與 2022 年第二季度相比，商業航空航天銷售額達到 2.64 億美元，按固定匯率計算增長超過 15%。最強勁的增長來自空客 A350 和波音 787 寬體飛機項目。由於公務機需求持續強勁，其他商業航空航天第二季度增長超過 13%。包括空客A320neo 系列、空客A220 和波音737 MAX 在內的窄體機已公佈的訂單和選擇在第二季度仍然強勁，包括新地區的增長和現有市場的重新調整，以提高燃油效率並降低運營成本。我們保持敏捷並與客戶保持一致，並準備好支持他們不斷增長的需求。

In response to some of that increased demand, we celebrated the expansion at our site in Casablanca Morocco in May. The plant, which first began production in 2018 has now doubled in size as we ramp up to meet the growing requirements for lightweight composite engineered core materials in the region. I also want to mention that earlier this month, we received or we learned that for the fourth consecutive year, our team at Casa Grande, Arizona has been recognized by Boeing with the Supply Chain Performance Achievement Award for superior supplier excellence. Hexcel is the world's largest honeycomb provider for the aerospace industry produced at our Casa Grande, Arizona and Duxford U.K. plants.

為了滿足部分增加的需求，我們於五月慶祝了摩洛哥卡薩布蘭卡工廠的擴建。該工廠於 2018 年首次投產，目前規模已擴大一倍，我們正在努力滿足該地區對輕質複合工程芯材日益增長的需求。我還想提一下，本月早些時候，我們獲得或獲悉，我們亞利桑那州卡薩格蘭德的團隊連續第四年因卓越供應商卓越而獲得波音公司頒發的供應鏈績效成就獎。赫氏是世界上最大的航空航天工業蜂窩供應商，其生產基地位於亞利桑那州卡薩格蘭德和英國達克斯福德工廠。

Turning to Space & Defense. Sales of $138 million increased 22% in constant currency with broad-based growth across a number of platforms globally, including fighter aircraft such as the F-35 and Rafale as well as space programs and civilian rotorcraft. This level of quarterly sales for Space and Defense is our highest ever. Our Space & Defense business is supported by our team in Amesbury, Massachusetts, where we produce materials for multiple U.S. defense programs, including the F-35. You will recall that we acquired this business in January 2019. This has been an excellent strategic acquisition for us. Amesbury is a high-quality business that broadens our product line and enables innovation and deeper conversations with existing and potential customers regarding our composite solutions.

轉向太空與國防。按固定匯率計算，銷售額達 1.38 億美元，增長 22%，全球多個平台均實現廣泛增長，包括 F-35 和陣風等戰鬥機以及太空項目和民用旋翼機。太空和國防領域的季度銷售額是我們有史以來最高的。我們的太空與國防業務得到了馬薩諸塞州埃姆斯伯里團隊的支持，我們在那里為包括 F-35 在內的多個美國國防項目生產材料。您可能還記得，我們於 2019 年 1 月收購了該業務。這對我們來說是一次出色的戰略收購。埃姆斯伯里是一家高質量的企業，它擴大了我們的產品線，並促進創新以及與現有和潛在客戶就我們的複合材料解決方案進行更深入的對話。

Since the acquisition, Hexcel has leased the building from the former Art Technologies owner. So we -- when we recently had the opportunity to buy the property, we gladly did so and closed the deal around the end of May. Ownership provides Hexcel with control and flexibility of the site, which will simplify our ability to grow and expand operations to meet the many opportunities we foresee in the years ahead. This step to acquire the site is a clear signal that the Amesbury team is now fully integrated into our One Hexcel family.

自收購以來，赫氏已從 Art Technologies 前所有者那裡租用了該建築。因此，當我們最近有機會購買該房產時，我們很高興這樣做，並在五月底左右完成了交易。所有權為赫氏提供了對場地的控制和靈活性，這將簡化我們發展和擴大業務的能力，以滿足我們在未來幾年預見的許多機會。收購該場地的這一步驟是一個明確的信號，表明埃姆斯伯里團隊現已完全融入我們的 One Hexcel 大家庭。

Total Industrial sales of $53 million decreased about 3% in constant currency due to lower wind energy sales that were only partially offset by growth in automotive, marine, and other industrial markets. Year-to-date, total Hexcel sales of $912 million are up more than 16% year-over-year in constant currency and EPS is up 82% from $0.55 this time last year to $1 at the end of June 2023, all of which reflects Hexcel's strong performance and growing momentum.

由於風能銷售額下降，工業總銷售額為 5300 萬美元，按固定匯率計算下降了約 3%，而汽車、船舶和其他工業市場的增長僅部分抵消了風能銷售額的下降。年初至今，赫氏總銷售額達 9.12 億美元，按固定匯率計算，同比增長超過 16%，每股收益從去年同期的 0.55 美元增至 2023 年 6 月末的 1 美元，增長 82%，所有這些體現了赫氏強勁的業績和不斷增長的勢頭。

Before I hand over to Patrick, I'd like to say we were excited to return to the Paris Air Show last month. As always, it is thrilling to see all the aircraft on display, knowing that Hexcel has extensive and growing product content on practically every aircraft flying and in development today. We had many face-to-face customer meetings to talk about how our lightweight solutions will propel their next-generation products, which always is the best part of the event. And it was made even more notable this year as we hosted about 180 customers for a special event to celebrate Hexcel's 75th anniversary. At the show, we launched 2 new aerospace products that each delivered faster cure cycles, enabling higher production throughput rates.

在我把時間交給帕特里克之前，我想說我們很高興能重返上個月的巴黎航展。與往常一樣，看到展示的所有飛機令人興奮，因為知道赫氏在當今飛行和開發的幾乎每架飛機上都有廣泛且不斷增長的產品內容。我們舉行了許多面對面的客戶會議，討論我們的輕量級解決方案將如何推動他們的下一代產品，這始終是活動中最精彩的部分。今年，這一點更加引人注目，我們接待了約 180 名客戶，參加了一場慶祝赫氏成立 75 週年的特別活動。在展會上，我們推出了 2 種新的航空航天產品，每種產品都具有更快的固化週期，從而實現更高的生產生產率。

We also exhibited parts made with our advanced composite materials by Airbus for the Wing of Tomorrow project. We congratulate Airbus on their recently announced opening of a new wind technology development center in Filton, U.K. and look forward to our continued collaboration on making longer, thinner and lighter aircraft wings, which represent one of the biggest opportunities to improve fuel efficiency, reduce CO2 and ultimately work toward the air transport industry's carbon emissions reduction goal.

我們還展示了空中客車公司為“明日之翼”項目採用先進複合材料製造的零件。我們祝賀空中客車公司最近宣佈在英國菲爾頓開設新的風能技術開發中心，並期待我們繼續合作，製造更長、更薄、更輕的飛機機翼，這是提高燃油效率、減少二氧化碳排放的最大機會之一最終努力實現航空運輸業的碳減排目標。

Finally, our Hexcel leadership team had the opportunity to ring the opening bell at the New York Stock Exchange in June in recognition of Hexcel's 75th anniversary. The last time Hexcel had the privilege of ringing the bell was in 2005 when we celebrated 25 years on the Stock Exchange. This was truly an experience for all of us and a great way to represent and recognize our One Hexcel team for their hard work and efforts that has led us to this anniversary year and a significant moment in our history.

最後，我們的赫氏領導團隊有機會於 6 月在紐約證券交易所敲響開盤鐘，以紀念赫氏成立 75 週年。赫氏上次有幸敲響鐘聲是在 2005 年，當時我們慶祝了在證券交易所上市 25 週年。這對我們所有人來說確實是一次經歷，也是代表和認可我們One Hexcel 團隊的辛勤工作和努力的好方法，正是他們的辛勤工作和努力使我們迎來了這一周年紀念日和我們歷史上的一個重要時刻。

Now I'll turn it over to Patrick to provide more details on the numbers.

現在我將把它交給帕特里克，以提供有關數字的更多詳細信息。

Thank you, Nick. As a reminder, the majority of our sales are denominated in dollars. However, our cost base is a mix of dollars, euros and British pounds as we have a significant manufacturing presence in Europe. As a result, when the dollar strengthens against the euro and the pound, our sales translate lower, while our costs also translate lower, leading to a net benefit to our margins. Conversely, a weak dollar is a headwind to our financial results. We hedge this currency exposure over a 10-quarter horizon to protect our operating income. As a result, currency changes are layered into financial results over time. As a reminder, the year-over-year sales comparisons I will provide are in constant currency, which thereby removes the foreign exchange impact to sales.

謝謝你，尼克。提醒一下，我們的大部分銷售額都是以美元計價的。然而，我們的成本基礎是美元、歐元和英鎊的混合體，因為我們在歐洲擁有重要的製造業務。因此，當美元兌歐元和英鎊走強時，我們的銷售額就會下降，而我們的成本也會下降，從而為我們的利潤帶來淨收益。相反，美元疲軟對我們的財務業績不利。我們在 10 個季度內對沖這種貨幣風險，以保護我們的營業收入。因此，隨著時間的推移，貨幣變化會逐漸體現在財務業績中。提醒一下，我將提供的同比銷售比較是按固定匯率計算的，從而消除了外匯對銷售的影響。

Turning to our 3 markets. Commercial Aerospace represented approximately 58% of total second quarter 2023 sales. Second quarter Commercial Aerospace sales were $264.3 million increased 15.4% compared to the second quarter of 2022, led by growth in the Airbus A350 and Boeing 787 programs. The other Commercial Aerospace category grew 13.3% led by strength in business jets on greater adoption of lightweight concepts in the latest generation of large cabin business jets.

轉向我們的 3 個市場。商業航空航天約佔 2023 年第二季度總銷售額的 58%。第二季度商業航空航天銷售額為 2.643 億美元，較 2022 年第二季度增長 15.4%，其中空客 A350 和波音 787 項目的增長帶動了這一增長。由於最新一代大客艙公務機更多地採用輕量化概念，公務機的實力帶動其他商用航空航天類別增長了 13.3%。

Space & Defense represented 30% of second quarter sales and totaled $137.5 million, increasing 22.1% from the same period in 2022. Fighter aircrafts were particularly strong, including the F-35 and Blackhawk and civilian rotorcraft also grew strongly, along with a solid performance for Space. Industrial comprised 12% of second quarter 2023 sales. Industrial sales totaled $52.5 million decreasing 3.3% compared to the second quarter of 2022, as growth in other -- in automotive and other industrial markets did not offset the lower wind energy sales.

航天與國防佔第二季度銷售額的 30%，總計 1.375 億美元，較 2022 年同期增長 22.1%。戰鬥機尤其強勁，包括 F-35 和黑鷹，民用旋翼機也強勁增長，表現穩健對於空間。工業佔 2023 年第二季度銷售額的 12%。工業銷售額總計 5,250 萬美元，較 2022 年第二季度下降 3.3%，原因是其他汽車和其他工業市場的增長未能抵消風能銷售額的下降。

On a consolidated basis, gross margin for the second quarter was 24.4% compared to 22.8% last year. The gross margin this quarter was consistent with our expectations, following an unusually strong first quarter 2023 gross margin due to a number of factors we called out on our last earnings call including favorable sales mix with strong demand for Hexcel fiber-rich products and significant overhead absorption from increasing inventory. As a percentage of sales, selling, general and administrative expenses and R&D expenses were 10.8% in the second quarter compared to 11.4% in the second quarter of 2022, reflecting robust cost control as sales grow. Adjusted operating income in the second quarter was $61.8 million or 13.6% of sales compared to $44.7 million or 11.4% of sales in the comparable prior year period. The year-over-year impact of exchange rates in the second quarter to adjusted operating income was favorable by approximately 30 basis points.

綜合來看，第二季度毛利率為 24.4%，而去年同期為 22.8%。本季度的毛利率與我們的預期一致，繼2023 年第一季度的毛利率異常強勁之後，我們在上次財報電話會議上指出了一系列因素，包括有利的銷售組合、對赫氏富含纖維的產品的強勁需求以及大量的管理費用吸收增加庫存。第二季度銷售、一般和管理費用以及研發費用佔銷售額的百分比為 10.8%，而 2022 年第二季度為 11.4%，反映出隨著銷售額增長而強有力的成本控制。第二季度調整後營業收入為 6180 萬美元，佔銷售額的 13.6%，而去年同期為 4470 萬美元，佔銷售額的 11.4%。第二季度匯率對調整後營業收入的同比影響有利約 30 個基點。

Now turning to our 2 segments. The Composite Materials segment represented 83% of total sales and generated an operating margin of 16.2%. The operating margin in the comparable prior year period was 14%. The Engineered Products segment, which is comprised of our structures and engineered core businesses, represented 17% of total sales and generated an 8.9% operating margin as compared to 12% in the comparable prior year period. The operating margin was softer than normal in this quarter on sales mix and higher development and tooling costs related to the CH-53K and various space programs. The effective tax rate for the second quarter of 2023 was 22.1%.

現在轉向我們的兩個部分。複合材料部門佔總銷售額的 83%，營業利潤率為 16.2%。上年同期營業利潤率為 14%。工程產品部門由我們的結構和工程核心業務組成，佔總銷售額的 17%，營業利潤率為 8.9%，而去年同期為 12%。由於銷售組合以及與 CH-53K 和各種太空計劃相關的開發和加工成本較高，本季度的營業利潤率低於正常水平。 2023年第二季度的有效稅率為22.1%。

Net cash provided by operating activities is $30.1 million year-to-date compared to $18.3 million in the first half of 2022. Working capital was the use of cash of $113.9 million year-to-date to support higher sales. With a comparable prior year period, working capital increased $95.1 million. Capital expenditures on an accrual basis were $70.5 million in the first half of 2023, which includes $37.8 million for the Amesbury, Massachusetts property purposes, discussed by Nick. This compares to $28.3 million in the prior year period.

年初至今，經營活動提供的淨現金為 3010 萬美元，而 2022 年上半年為 1830 萬美元。營運資金是年初至今使用 1.139 億美元的現金來支持更高的銷售額。與去年同期相比，營運資金增加了 9510 萬美元。尼克討論過，2023 年上半年按權責發生製計算的資本支出為 7050 萬美元，其中包括用於馬薩諸塞州埃姆斯伯里財產用途的 3780 萬美元。相比之下，去年同期為 2830 萬美元。

I would also like to mention that early in July, we sold our former wind entity facility in Colorado for $11 million. This was an asset that was held for sale and will be accounted for in the third quarter of 2023. Free cash flow for the first 6 months of 2023 was negative $44.7 million, which includes the Massachusetts property acquisition. For the comparable prior year period, free cash flow was negative $19.6 million.

我還想提一下，7 月初，我們以 1100 萬美元的價格出售了位於科羅拉多州的前風電實體設施。這是一項持有待售的資產，將在 2023 年第三季度入賬。2023 年前 6 個月的自由現金流為負 4470 萬美元，其中包括馬薩諸塞州的房產收購。與去年同期相比，自由現金流為負 1,960 萬美元。

For an alternative metric of cash generation, adjusted EBITDA in the second quarter of 2023 was $95.6 million or 21% of sales compared to $78.8 million or 20% of sales in the second quarter of 2022. As disclosed on our last earnings call, we renewed and extended the maturity date for our bank syndicated $750 million revolver. The leverage liquidity covenant calculation is now on a net debt basis. As a result, we may trend a little lower in our desired leverage range of 1.5x to 2x, as we have previously defined that range on a gross debt basis.

對於現金產生的替代指標，2023 年第二季度調整後的EBITDA 為9560 萬美元，佔銷售額的21%，而2022 年第二季度為7880 萬美元，佔銷售額的20%。正如我們在上次財報電話會議上披露的那樣，我們更新了並延長了我們銀行銀團 7.5 億美元左輪手槍的到期日。槓桿流動性契約計算現在以淨債務為基礎。因此，我們期望的槓桿率範圍（1.5 倍至 2 倍）可能會稍微降低，因為我們之前已根據總債務定義了該範圍。

The Board of Directors declared a $0.125 quarterly dividend yesterday, payable to stockholders of record as of August 4, with a payment date of August 11. We did not repurchase any common stock during the second quarter of 2023. The remaining authorization under the share purchase program at June 30, 2023 was $217 million.

董事會昨天宣布派發0.125 美元的季度股息，支付給截至8 月4 日登記在冊的股東，支付日期為8 月11 日。我們在2023 年第二季度沒有回購任何普通股。股份購買項下的剩餘授權截至 2023 年 6 月 30 日，該計劃金額為 2.17 億美元。

As you read in our release last night, we are updating our 2023 guidance. We have raised and narrowed our site sales guidance range to $1.765 billion to $1.835 billion. And similarly, we have raised and narrowed our EPS guidance range to $1.80 to $1.94. Our guidance for free cash flow is updated to reflect the purchase of the Amesbury, Massachusetts property. Free cash flow guidance is now to generate more than $110 million with accrued capital expenditures in 2023 revised to approximately $130 million. And as a reminder, on sales forecasting seasonality, we typically experienced softer sales in the third quarter of the year due to some applications, particularly in Europe.

正如您昨晚在我們的新聞稿中所讀到的那樣，我們正在更新 2023 年指南。我們已將網站銷售指導範圍上調並縮小至 17.65 億美元至 18.35 億美元。同樣，我們將 EPS 指導範圍上調並縮小至 1.80 美元至 1.94 美元。我們更新了自由現金流指南，以反映購買馬薩諸塞州埃姆斯伯里房產的情況。自由現金流指引目前預計將產生超過 1.1 億美元，2023 年應計資本支出修訂為約 1.3 億美元。提醒一下，在銷售預測季節性方面，由於某些應用（尤其是在歐洲），我們通常會在今年第三季度經歷銷售疲軟。

With that, let me turn the call back to Nick.

接下來，讓我把電話轉回給尼克。

Thanks, Patrick. We are confident that the outlook for Hexcel continues to get stronger with expectations for significant cash generation in the coming years. As we plan for that cash generation, our capital deployment priorities remain unchanged. First, we will invest in organic growth opportunities to support secular penetration and expanded composite adoption. Though for the next few years, we expect our capital expenditure requirements to be subdued as we grow back into and optimize our existing capacity and footprint.

謝謝，帕特里克。我們相信，赫氏的前景將繼續變得更加強勁，預計未來幾年將產生大量現金。在我們計劃現金生成時，我們的資本部署優先事項保持不變。首先，我們將投資於有機增長機會，以支持長期滲透和擴大復合材料的採用。不過，在接下來的幾年裡，隨著我們恢復並優化現有產能和足跡，我們預計我們的資本支出需求將受到抑制。

The next priority is to explore in a disciplined manner, high-quality M&A opportunities involving innovative and value-adding material science technology. We will continue to pay a dividend. And depending on these activities, we will repurchase our stock while staying aligned with our target leverage range.

下一個優先事項是以嚴謹的方式探索涉及創新和增值材料科學技術的高質量併購機會。我們將繼續支付股息。根據這些活動，我們將回購我們的股票，同時保持與我們的目標槓桿範圍一致。

Before we take questions, I want to note that last week, our global team were in Stanford for our annual strategic review, which is 3 days of sharing and collaborating on the new and expanded business opportunities that lie ahead for our markets, our customers and Hexcel over the next 5 to 10 years. While we packed a lot into that meeting, at least 2 things were crystal clear. First, our advanced composite materials are a key enabler in helping our customers meet their efficiency and sustainability targets, and that value proposition continues to expand as the focus on global emissions reduction increases. We look forward to continuing our relentless pursuit of new technologies and lightweight material solutions that enable our customers to achieve their goals to optimize fuel consumption, lower emissions, reduce noise and help sustain the planet for generations to come.

在我們回答問題之前，我想指出，上週，我們的全球團隊在斯坦福大學進行了年度戰略審查，為期3 天的分享和合作，探討了我們的市場、客戶和客戶面臨的新的和擴展的商業機會。赫氏未來5到10年。雖然我們在那次會議上討論了很多內容，但至少有兩件事是非常清楚的。首先，我們的先進複合材料是幫助客戶實現效率和可持續發展目標的關鍵推動因素，並且隨著對全球減排關注的增加，這一價值主張不斷擴大。我們期待繼續不懈地追求新技術和輕質材料解決方案，使我們的客戶能夠實現優化燃油消耗、降低排放、減少噪音並幫助子孫後代維持地球的目標。

Second, we are absolutely ready to meet the growing demand forecasted over the coming quarters and years. All that we did during the pandemic to become lean and efficient and all that we have done since to prepare ourselves for robust growth is paying off. We are aligned with our customers. We are at depth at pivoting and flexing with changing requirements, and we have demonstrated time and again that we know how to work through uncertainties or challenges that arise. Our One Hexcel team will stay focused on efficiency and productivity, cash management and overall performance, especially in quality and on-time delivery. I remain extremely confident in Hexcel's future and our ability to continue delivering value to our stockholders. Thank you.

其次，我們完全準備好滿足未來幾個季度和幾年預計不斷增長的需求。我們在大流行期間為變得精簡和高效所做的一切以及此後為強勁增長做好準備所做的一切正在得到回報。我們與客戶保持一致。我們能夠根據不斷變化的需求進行深入的調整和調整，並且我們一次又一次地證明，我們知道如何應對出現的不確定性或挑戰。我們的 One Hexcel 團隊將繼續專注於效率和生產力、現金管理和整體績效，特別是質量和按時交付。我對赫氏的未來以及我們繼續為股東創造價值的能力充滿信心。謝謝。

Paul, we're now ready to take questions.

保羅，我們現在準備好回答問題了。

(Operator Instructions) We'll go first this morning to Ken Herbert at RBC Capital Markets.

（操作員指示）今天早上我們首先去找加拿大皇家銀行資本市場公司的肯·赫伯特 (Ken Herbert)。

Just first, I wanted to just clarify on the free cash flow outlook. I think, obviously, the facility acquisition justified the majority of the change in the cash flow outlook. But can you comment on any other moving pieces that we may or otherwise would have expected to see in the cash flow guide?

首先，我想澄清一下自由現金流前景。我認為，顯然，設施收購證明了現金流前景的大部分變化是合理的。但是您能否評論一下我們可能或本來希望在現金流量指南中看到的任何其他動態內容？

Yes. So I mean, and it really was driven fundamentally by that onetime, if you like, slightly exceptional capital expenditure to buy the property. That essentially moved us down really from $140 million to $100 million. But we felt a little bit more confident with the earnings that we see coming through and the outlook and getting control of inventory now for the rest of the year that we post it to $110 million. There's not a lot more to it than that. So really recognizing the Amesbury property purchase and some underlying strength.

是的。所以我的意思是，這實際上是由一次性的（如果你願意的話）購買房產的稍微特殊的資本支出驅動的。這實際上使我們的資金從 1.4 億美元減少到了 1 億美元。但我們對今年剩餘時間的盈利和前景以及對庫存的控制更有信心，我們將其預測為 1.1 億美元。除此之外，沒有更多的事情了。所以真正認識到埃姆斯伯里的房產購買和一些潛在的優勢。

Great. And as I look at the full year commercial aerospace growth, you obviously saw some slightly slower growth in the second quarter. I think the guidance would imply sort of high teens for the full year. Is the growth rate for Aerospace in the second quarter a fair starting point as we think about the second half of the year? Or does it maybe soften a little bit from where you are today?

偉大的。當我審視全年商業航空航天增長時，您顯然會看到第二季度的增長略有放緩。我認為該指導意見意味著全年的收入將達到十幾歲。當我們思考下半年時，航空航天第二季度的增長率是否是一個公平的起點？或者說，與你今天的處境相比，情況可能會有所緩和嗎？

Well, I mean, we've called out the seasonality with Q3 and particularly the European vacations, and so that will slow things down a little. I think the question really is how strong is the fourth quarter going to be. Everyone has obviously read about the (inaudible) engine issue this morning. There are always challenges out there. But fundamentally, we're confident. The underlying demand is fantastic. Our content on all these platforms is strong. And we're obviously willing Airbus and Boeing to move forward as strong as possible. So, we're still pretty positive, but we recognize it's not always going to be a smooth path, but it should be a solid second half of the year, especially the fourth quarter.

嗯，我的意思是，我們已經在第三季度指出了季節性，特別是歐洲假期，因此這會稍微放慢速度。我認為真正的問題是第四季度的表現有多強勁。今天早上每個人顯然都讀到了（聽不清）發動機問題。總是存在挑戰。但從根本上來說，我們有信心。潛在的需求是巨大的。我們在所有這些平台上的內容都很豐富。我們顯然希望空客和波音盡可能強勁地向前發展。因此，我們仍然非常樂觀，但我們認識到這並不總是一條平坦的道路，但下半年應該會很穩健，尤其是第四季度。

We go next now to Gautam Khanna at Cowen .

我們現在去考恩的高塔姆·卡納 (Gautam Khanna)。

I wanted to just ask, in the quarter itself, did you guys see a rate increase on 37 MAX (inaudible) . You cited a couple of programs of 350 and 787 year-over-year, but I didn't know sequentially, you saw much change across any of the programs.

我想問一下，在本季度，你們是否看到 37 MAX 的價格上漲（聽不清）。您引用了幾個與去年同期相比為 350 和 787 的計劃，但我不知道順序，您看到任何計劃都有很大變化。

Yes. So if you look at the first half, we're clearly aligned with Boeing in the low 30s on the rate. There's a little bit of movement between first and second quarter, maybe some supply chain restocking happened in Q1, so we saw a minimal decrease sequentially, Gautam.

是的。因此，如果你看看上半年，我們的利率顯然與波音保持一致，在 30 左右。第一季度和第二季度之間有一些變化，也許第一季度發生了一些供應鏈補貨，所以我們看到環比略有下降，Gautam。

Okay. And just stepping back, do you feel like most of the supply chain, most of your customers are aligned on rate across the board? I mean, with underlying assembly rates at Boeing and Airbus? Or is there anyone that's out of whack noticeably?

好的。退一步來說，您是否覺得大多數供應鏈、您的大多數客戶在價格上都是一致的？我的意思是，波音和空客的基本裝配率？或者有人明顯不正常嗎？

Well, we pay a lot of attention to the supply chain and especially looking for outliers that may be pulling excess material or not pulling enough and right now, we see our supply chain throughout the OEs and the Tier 1s, 2s and beyond to be pretty much aligned on the product lines that we're providing.

嗯，我們非常關注供應鏈，特別是尋找可能拉動多餘材料或拉動不足的異常值，現在，我們看到我們整個原始設備製造商以及一級、二級及其他一級的供應鏈都相當不錯與我們提供的產品線非常一致。

We'll go next now to David Strauss at Barclays.

接下來我們要請教巴克萊銀行的大衛·施特勞斯。

Just want to -- first question on margins in the quarter. So could you just maybe touch on the mix, all the different things that might have impacted the margin in Composite Materials in Q2 versus Q1, I mean, the revenue was fairly similar. The margin, obviously, was down a decent amount, so if you could address that first?

只是想——關於本季度利潤率的第一個問題。那麼，您能否談談混合材料，所有可能影響第二季度和第一季度複合材料利潤率的不同因素，我的意思是，收入相當相似。顯然，利潤率下降了相當大的幅度，所以你能先解決這個問題嗎？

Yes. I mean I think that we tried to call out in Q1, and I think I've just touched on in those -- in the previous comments, Q1 really was as the things aligned, it was somewhat exceptional. We had very strong product mix, if you like, Hexcel carbon fiber rich product mix. And that always drives our strongest profile of margins. And so we had a good weighting of that in Q1. We also have quite a lot of inventory build in Q1. And that, combined with good cost control led to very good overhead absorption.

是的。我的意思是，我認為我們試圖在第一季度大聲疾呼，我想我剛剛談到了這些——在之前的評論中，第一季度確實是事情一致的，這有點特殊。我們有非常強大的產品組合，如果你願意的話，赫氏碳​​纖維豐富的產品組合。這總是推動我們實現最強勁的利潤率。因此，我們在第一季度對此進行了很好的權重。我們在第一季度也建立了相當多的庫存。再加上良好的成本控制，就可以很好地吸收管理費用。

And so with that strong mix of Hexcel fiber products, good sales, leveraging over a controlled overhead base and combined with some inventory build, that is really -- those are really the key factors that drove that strong or very strong Q1. I would say Q2 is back more in the normal solid range. We would expect to be performing with this level of revenue is the way I would frame it.

因此，憑藉赫氏纖維產品的強大組合、良好的銷售、在受控管理費用基礎上的槓桿作用以及一些庫存建設，這些確實是推動第一季度強勁或非常強勁的關鍵因素。我想說第二季度已經回到了正常的穩定範圍內。我們期望以這樣的收入水平來表現，這是我的框架方式。

Okay. And I guess a question on where we go from here. I think previously, Patrick, you talked about mid-teens margins, total margins for the company on $1.8 billion to $1.9 billion in revenue. You're going to be kind of at the bottom end of that range this year. It doesn't look like based on your EPS guidance that you're implying that you're going to get all the way to mid-teens margins. So how do we think about the margin progression from here as volumes continue to go higher?

好的。我想問題是我們接下來要走向何方。帕特里克，我想之前您談到了公司的 18 億至 19 億美元收入的總利潤率。今年你將處於該範圍的底部。根據您的每股收益指導，您似乎並不暗示您將一路達到十幾歲左右的利潤率。那麼，隨著銷量繼續走高，我們如何看待從這裡開始的利潤率進展？

Yes. I think we talked to this probably in the fourth quarter and then after the Q4 earnings. Essentially, the inflationary pressures last year probably pushed us back a bit on that mid-teens $1.8 billion to $1.9 billion sort of model. And I think we acknowledge we would be at the low end of that range and it would now be a struggle to get to something like 15% with $1.8 billion. I think a lot of the inflationary pressures are transitory. So energy costs are going to dissipate certainly as we look forward into 2024, some of the commodity chemicals and raw materials that we buy are going to ease off.

是的。我認為我們可能在第四季度以及第四季度財報發布後討論過這個問題。從本質上講，去年的通脹壓力可能使我們對 18 億至 19 億美元的模型有所後退。我認為我們承認我們將處於該範圍的低端，現在很難用 18 億美元達到 15% 左右的水平。我認為很多通脹壓力都是暫時的。因此，展望 2024 年，能源成本肯定會消散，我們購買的一些大宗化學品和原材料也會減少。

And so the general shape of what we put out there is fundamentally correct, but we have been delayed in getting there. So as we now approach 2024 and our sales are going to step up again significantly, we will definitely be looking at that mid-teens and maybe slightly higher range for our operating income. And then as we go above $2 billion and continue to drive up to back to where we were in 2019, we should be pushing ourselves back to the 17%, 18% of income that we historically saw. And ultimately, we'll be looking to push past that.

因此，我們在那裡發布的內容的總體形式基本上是正確的，但我們在實現這一目標方面卻被推遲了。因此，隨著我們現在臨近 2024 年，我們的銷售額將再次大幅增長，我們的營業收入肯定會達到十幾歲左右，甚至可能略高一些。然後，當我們的收入超過 20 億美元並繼續回到 2019 年的水平時，我們應該將自己推回到歷史上收入的 17%、18%。最終，我們將努力超越這一點。

We'll go next now to Robert Spingarn at Melius Research.

接下來我們將採訪 Melius Research 的 Robert Spingarn。

Nick, I think you just said, or maybe Patrick said it, but you're pretty aligned with Boeing on the MAX in the low 30s during the second quarter. When would you expect to start building to that 38 per month? And then I have another quick one on future programs.

尼克，我想你剛剛說過，或者也許帕特里克說過，但你在第二季度 30 多歲的 MAX 上與波音非常一致。您預計什麼時候開始達到每月 38 個？然後我還有另一篇關於未來計劃的簡短文章。

Basically confirm that we are very aligned with Boeing, not only on the MAX, but on the 787 running at about 4 and low 30s on the MAX. We have the capacity. We are ready to ramp up, and we're not going to get ahead of Boeing. But as soon as they start pulling material at a higher rate, getting up to their 38 target or 41 or even 50 in '25, '26, we're going to be aligned with them. So to put a prediction on that, I'll let Boeing talk to that tomorrow.

基本上確認我們與波音非常一致，不僅在 MAX 上，而且在 787 上以大約 4 秒和低 30 秒的速度運行。我們有能力。我們已經準備好加速發展，但我們不會領先於波音。但一旦他們開始以更高的速度提取材料，達到 25、26 年 38 或 41 甚至 50 的目標，我們就會與他們保持一致。因此，為了對此進行預測，明天我將讓波音公司對此進行討論。

Okay. And then a couple of things on Airbus. There's been some talk that the 321XLR, maybe hitting some weight challenges that might affect range. To what extent are you talking to them about maybe increasing your lightweight material content to mitigate that? And then you also talked about having brought in your team on future programs. So that must be fresh in your mind. And you mentioned the Wing of Tomorrow facility in the U.K., and I wondered if you could speak a little bit to the Hexcel opportunity on the Wing of Tomorrow.

好的。然後是空中客車公司的一些事情。有傳言稱 321XLR 可能會遇到一些可能影響續航里程的重量挑戰。您在多大程度上與他們談論可能增加輕質材料含量以緩解這種情況？然後您還談到了在未來的項目中引入您的團隊。所以這對你來說一定是新鮮的。您提到了英國的“明日之翼”設施，我想知道您是否可以談談“明日之翼”上的赫氏機遇。

Yes, Rob. So to start with on the XLR, we're seeing what everybody else is seeing and reading on some weight challenges related to the Central fuel tank in the back of the aircraft and some additional lining that's going to take place. I can tell you, we're intimately involved with Airbus on their development efforts. I can't call out this specifically because it's related to a fuel liner, and I don't want to get into the details. But anything that they can do to decrease that weight impact, they certainly know our portfolio, they know our capability, and they know the areas that we can continue to help them to drive weight out. So that's ongoing. Again, I'll let Airbus talk to that point tomorrow during their earnings call.

是的，羅布。因此，首先從 XLR 開始，我們看到了其他人所看到和讀到的與飛機後部中央油箱相關的一些重量挑戰以及即將發生的一些額外襯裡。我可以告訴你，我們密切參與空客的開發工作。我不能具體指出這一點，因為它與燃油襯套有關，而且我不想詳細說明。但他們可以採取任何措施來減少體重影響，他們當然了解我們的產品組合，他們了解我們的能力，並且他們知道我們可以繼續幫助他們減輕體重的領域。所以這一切仍在繼續。我將再次讓空中客車公司在明天的財報電話會議上討論這一點。

On the Wing of Tomorrow, it's exciting, obviously. It's -- there really is no final Wing of Tomorrow as of yet, there's a lot of demonstrations. There's a lot of different material product forms. And what I'm so excited about with Hexcel is our portfolio allows us to position multiple material types to help optimize that wing. And it depends on the type of ultimate technology that's selected. So we believe we're in a great position. We believe Airbus have a fantastic path forward to continue to decrease weight, increase strength and optimize the future wings for the next new narrowbody or any other derivatives they move forward with.

顯然，在《明日之翼》中，這令人興奮。到目前為止，確實還沒有最終的《明日之翼》，有很多演示。有很多不同的材料產品形式。我對赫氏感到非常興奮的是我們的產品組合使我們能夠定位多種材料類型以幫助優化機翼。這取決於所選擇的終極技術的類型。所以我們相信我們處於有利地位。我們相信，空中客車公司有一條奇妙的前進道路，可以繼續減輕重量、增加強度並優化未來的機翼，以用於下一個新型窄體飛機或他們推出的任何其他衍生產品。

And Nick, do you think that they've got the technology where it needs to be, and I'm speaking specifically to composite wing where it could keep up with the types of rates that are necessary in narrowbody?

尼克，你認為他們已經擁有了所需的技術嗎？我特別談論的是複合材料機翼，它可以跟上窄體飛機所需的速率類型嗎？

I think they have the technology and they could launch a wing today, absolutely. I think they are still evaluating that technology and the rate throughput, not only in the material laydown rate but the material cure rate and the downstream processing, all of that is being evaluated with the various material forms. And I can just say I'm excited that we're side-by-side with them, helping them to optimize that design.

我認為他們擁有技術，他們今天絕對可以發射一個機翼。我認為他們仍在評估該技術和速率吞吐量，不僅在材料沉積速率方面，而且在材料固化速率和下游加工方面，所有這些都正在通過各種材料形式進行評估。我只能說，我很高興我們能與他們並肩作戰，幫助他們優化設計。

Next now to Matt Akers at Wells Fargo.

接下來是富國銀行的馬特·埃克斯。

To put a finer point. Could you talk about the decision to buy the Amesbury facility? What drove that? Was it just that the prior owner was looking to sell and you want to be the owner? It seems like it wasn't in the original plan for the year.

說得更細一點。您能談談購買埃姆斯伯里工廠的決定嗎？是什麼推動了這一點？是否只是前任業主想要出售而您想成為業主？看起來這並不在今年的原定計劃中。

So you're right. It was not in our original plan for the year, and that's one of the major reasons or the major reason why we updated our guidance on cash and CapEx. When we acquired Amesbury (inaudible) technologies, we were excited to find that technology that so cohesively fit into our existing portfolio and technologies and how to add value to composites. As you know, it's primarily a U.S. military product site, but the opportunities around what they do and how we can enhance our overall composite offering is tremendous and our excitement just continues to grow with that site.

所以你是對的。這並不在我們今年的原始計劃中，這是我們更新現金和資本支出指引的主要原因之一。當我們收購埃姆斯伯里（聽不清）技術時，我們很高興地發現該技術如此緊密地適合我們現有的產品組合和技術以及如何為複合材料增加價值。如您所知，它主要是美國軍事產品網站，但圍繞他們所做的事情以及我們如何增強我們的整體複合材料產品的機會是巨大的，我們對這個網站的興奮感不斷增強。

When Dan Haley, the prior owner approached us, and we found out that he was going to market that property, he wanted to change direction, we took the opportunity to pursue it so that we could control the expansions there. We could control the facility modifications and consolidations and really continue to drive the growth and the efficiency that we see in the coming periods.

當前業主 Dan Haley 找到我們，我們發現他要出售該房產，他想改變方向時，我們趁機追求它，以便我們可以控制那裡的擴張。我們可以控制設施改造和整合，並真正繼續推動我們在未來時期看到的增長和效率。

Got it. That makes sense. And then if I could ask on industrial. I know the wind compares get a lot easier in the back half. But can you just talk about sort of how you think about that business growing sequentially after kind of the step-up sequentially we saw in Q2?

知道了。這就說得通了。然後我是否可以詢問工業方面的問題。我知道後半段的風比較容易得多。但是，您能否談談您如何看待我們在第二季度看到的業務連續增長之後的連續增長？

Well, I think we've said before, wind has pretty much stabilized for us in the second half of '22. Obviously, that's driven by Europe by the legacy products that we're supporting there, and we do see it stabilizing and continuing to be a solid business for the foreseeable future. Clearly, automotive, marine, other industrial continues to grow nicely, and we see that offsetting or basically driving some of the significant growth we see in the go-forward period on the industrial side.

嗯，我想我們之前已經說過，22 年下半年風勢已經基本穩定。顯然，這是由我們在歐洲支持的傳統產品推動的，我們確實看到它在可預見的未來穩定並繼續成為一項穩固的業務。顯然，汽車、船舶和其他工業繼續良好增長，我們看到這抵消或基本上推動了工業方面未來一段時期的一些顯著增長。

Recreation has been a little softer on some winter sports and some of the rec goods, but again, that tends to be a little bit impacted by GDP and inflationary pressures. And again, the product offerings we have there and the technology we're introducing there, we continue to see that as being an opportunity going forward.

一些冬季運動和一些休閒商品的娛樂活動稍顯疲軟，但同樣，這往往會受到國內生產總值和通脹壓力的影響。再說一遍，我們在那裡提供的產品和我們在那裡引入的技術，我們仍然認為這是一個未來的機會。

We'll go next now to Sheila Kahyaoglu at Jefferies.

接下來我們將採訪 Jefferies 的 Sheila Kahyaoglu。

Just wanted to ask on Space and Defense good growth in the quarter. What sort of drove that? And as you think about 2024, are there any platforms that decline up the V22 in defense?

只是想詢問太空和國防在本季度的良好增長。是什麼樣的驅動力？當你想到 2024 年時，是否有任何平台會在防禦方面降低 V22 的性能？

So really, what drove, the F-35 was very strong for us in Q2. The Rafale was very strong. We saw civil helicopter step up nicely. Black Hawk was up strong, and we saw space applications, which is U.S. driven, although we got good positions in India, which stepped up nicely. So all in all, it was very broad-based, but those were the primary drivers.

所以，實際上，F-35 在第二季度對我們來說非常強大。陣風戰機非常強大。我們看到民用直升機進展順利。黑鷹公司表現強勁，我們看到了太空應用，這是由美國推動的，儘管我們在印度獲得了很好的地位，印度的進步也很大。總而言之，它的基礎非常廣泛，但這些是主要驅動因素。

In 2024, there's really nothing new. I'd say the CH-53K, there's a lot of optimism around that, continued growth in the F-35 as Lockheed ultimately will hit their targeted delivery and build rates. And perhaps some softness in the V-22, but people have been talking about that going down for a long time, and it just continues to hold strong. So I'll wait until we roll up our '24 plan before I really guide more on what's going to be the puts and the takes in the Space and Defense side.

2024 年，真的沒有什麼新鮮事了。我想說的是 CH-53K，對此有很多樂觀情緒，F-35 的持續增長，因為洛克希德最終將達到其目標交付和建造率。 V-22 或許有些軟弱，但人們長期以來一直在談論這種下降，而且它仍然保持強勁。因此，我會等到我們推出 24 小時計劃後，才會真正對太空和國防方面的看跌期權提供更多指導。

Sure. And then, Patrick, if I could ask one for you. No, I understand you don't want to deal with a new landlord, so you purchased that facility from ARC. How do we think about your other capital allocation and when you start buying back shares? What's your sort of metric and analysis you do behind resuming your share repurchases?

當然。然後，帕特里克，我可以幫你要一份嗎？不，我知道您不想與新房東打交道，因此您從 ARC 購買了該設施。我們如何看待您的其他資本配置以及您何時開始回購股票？您在恢復股票回購後進行了哪些衡量和分析？

Yes. So we continue -- I mean Nick laid out our capital deployment priorities, which haven't changed the organic growth. Disciplined M&A will pay dividends, and so share buyback kind of becomes the default sort of last stock, which we will do. We're not going to sit on mountains piles of cash. So as we go through the rest of this year, and we will start to generate some cash now in the second half, which is the typical profile for Hexcel and certainly going into '24 and beyond. We will expect to engage in share buyback. I'm not going to call out specifically what and when at this point, but it's very much on our agenda in the coming periods.

是的。所以我們繼續——我的意思是尼克列出了我們的資本部署優先事項，這並沒有改變有機增長。有紀律的併購將帶來股息，因此股票回購有點成為最後股票的默認類型，我們將這樣做。我們不會坐擁堆積如山的現金。因此，當我們度過今年剩下的時間時，我們將在下半年開始產生一些現金，這是赫氏的典型概況，當然會進入 24 年及以後。我們預計將進行股票回購。目前我不會具體說明具體內容和時間，但它在我們未來一段時間的議程中非常重要。

We'll go next now to Pete Skibitski at Alembic Global.

接下來我們將請教 Alembic Global 的 Pete Skibitski。

Patrick, maybe just extending your comments on the third quarter revenue-wise, margin-wise, should we expect third quarter margins to be down sequentially? Or do you have a sense already about the carbon fiber picks in 3Q versus 2Q that could maybe offset it?

帕特里克，也許只是擴展您對第三季度收入、利潤率的評論，我們是否應該預期第三季度利潤率會連續下降？或者您是否已經意識到第三季度與第二季度的碳纖維選擇可能會抵消它？

Yes. I mean what I would say in terms of fiber mix is that Q1 was unusually strong, perhaps going forward for the rest of the year, we'll see a more normal profile as we saw in the second quarter.

是的。我的意思是，就纖維組合而言，我想說的是，第一季度異常強勁，也許在今年剩餘時間裡，我們會看到一個更加正常的情況，就像我們在第二季度看到的那樣。

I mean, in terms of margin, and we don't -- I'm not going to get into sort of quarter-by-quarter predictions or come up with any specifics, but a lower revenue that we are expecting because of the seasonality will give us less or lower sort of overhead volume leverage, if you like, which makes that bottom line a bit tougher, but it's a top line issue. It's not a margin quality issue going forward. And then as the revenue steps back up in the fourth quarter, we should be driving back to strong margins again.

我的意思是，就利潤率而言，我們不會進行逐季度的預測或提出任何具體細節，但由於季節性因素，我們預計收入會較低如果你願意的話，會給我們帶來更少或更低的間接費用槓桿，這使得底線有點困難，但這是一個頂線問題。這不是未來的保證金質量問題。然後，隨著第四季度收入回升，我們應該會再次恢復強勁的利潤率。

Next now to Richard Safran at Seaport Research Partners.

接下來是 Seaport Research Partners 的理查德·薩夫蘭 (Richard Safran)。

Nick, since you bought (inaudible) , I'd like to ask you about the materials that you were highlighting in Paris that highlighted or enabled the higher build rates. So I just want to know if you could discuss what platforms they might be being targeted for commercial, defense, both. And generally, when you have new aerospace materials, they have a long-term payout, and I'm wondering if that's the case here. Or might there be more of a near-term payoff for these materials you've been talking about?

尼克，既然您購買了（聽不清），我想問您有關您在巴黎強調的材料的信息，這些材料強調或實現了更高的構建率。所以我只是想知道您是否可以討論它們可能針對商業、國防或兩者的目標平台。一般來說，當你擁有新的航空航天材料時，它們會帶來長期的回報，我想知道這裡是否屬於這種情況。或者您一直在談論的這些材料可能會帶來更多的短期回報？

Yes. So again, there's multiple versions, and we're talking about the laydown type, whether it's a prepreg, whether it's an infused product form, whether it's cured in autoclaves under pressure or out-of-autoclaves, we're working all those technologies, and they're on the table, some more mature than others.

是的。再說一遍，有多個版本，我們談論的是鋪放類型，無論是預浸料，無論是灌注產品形式，無論是在壓力下高壓釜中固化還是在高壓釜外固化，我們正在研究所有這些技術，他們都在談判桌上，其中一些比其他更成熟。

With respect to Boeing and Airbus and again, you look at the material cost as being one element, but the lay down in the processing and the curing and the after machining is also something that we work with our customers diligently on. I would say the new materials for the most part, run on our existing assets. So with respect to our flexibility in our plans, it makes for a very easy transition. It's just a question of qualification for the application.

對於波音和空客，您將材料成本視為一個因素，但加工、固化和後加工的準備也是我們與客戶努力合作的事情。我想說的是，新材料大部分是在我們現有的資產上運行的。因此，就我們計劃的靈活性而言，這使得過渡非常容易。這只是申請資格的問題。

Okay. And then, Patrick, just a quick one. You've been talking about back half and margins. And if you've answered this and I missed it, I apologize, but I want to know about working capital in the back half of the year, specifically, I guess, inventory. Given the expected 3Q seasonal slowing, is it correct to assume that most of your working capital benefit shows up in the fourth quarter. Is that the way it should trend this year?

好的。然後，帕特里克，請快速講一下。您一直在談論後半部分和邊距。如果你已經回答了這個問題而我錯過了，我很抱歉，但我想了解下半年的營運資金，特別是，我想，庫存。鑑於預期的第三季度季節性放緩，假設您的大部分營運資金收益出現在第四季度是否正確？這是今年的趨勢嗎？

We should definitely see a working capital benefit in the second half of the year, I would expect, driven by inventory. I think we kind of turned a corner in the second quarter inventory was essentially flat. It was a few million dollars up. But essentially, we stopped the growth that we've seen in the sort of the second half of 2022 and the first quarter of '23. So I would expect that trend to continue and our inventory, in fact, to reduce. And so that should drive some working capital reduction and therefore, cash positive cash flow.

我預計，在庫存的推動下，我們肯定會在下半年看到營運資本效益。我認為我們在第二季度庫存基本持平，情況有所好轉。漲了幾百萬美元。但本質上，我們停止了 2022 年下半年和 23 年第一季度的增長。因此，我預計這種趨勢將持續下去，而且我們的庫存實際上會減少。因此，這應該會導致一些營運資本減少，從而產生正現金流。

Receivables will reflect the level of sales. And so with seasonality and lower Q3 sales, receivables will probably step down, but then they're likely to come back again in the fourth quarter. But overall, driven by inventory, I would expect a positive cash flow impact from working capital in the second half of the year.

應收賬款將反映銷售水平。因此，由於季節性因素和第三季度銷售額下降，應收賬款可能會下降，但隨後可能會在第四季度再次回升。但總體而言，在庫存的推動下，我預計下半年營運資金將對現金流產生積極的影響。

(inaudible) now to Kristine Liwag at Morgan Stanley.

（聽不清）現在請摩根士丹利的克里斯汀·利瓦格 (Kristine Liwag) 發言。

Patrick, on the Airbus A220-500, or should I say the potential Airbus A220-500, can you provide any color in terms of the maximum shipset content you could potentially win? Is there an opportunity for Hexcel IM fiber for the aircraft? And should you get upper end of your expected shipset content. How do we think about CapEx requirements to meet that program?

帕特里克，關於空中客車 A220-500，或者我應該說潛在的空中客車 A220-500，您能否提供有關您可能贏得的最大船舶組內容的任何顏色？赫氏 IM 光纖在飛機上有機會嗎？如果您獲得了預期的艦船內容的上限。我們如何考慮滿足該計劃的資本支出要求？

Okay. So that was a lot of questions in there. So essentially, the 220 today is, we call out in sort of $200,000 to $500,000 range. In terms of shipset is probably at the lower end of that range. I mean if we were to win a significant position, the wing on the 220-500, and we'll be aiming for other opportunities as well if they reengineer that platform. But clearly, we see a significant step-up in the shipset. I mean, multiple times what we have today, not going to try and give a number. It's far too variable, but clearly, it's a great opportunity.

好的。所以這裡面有很多問題。所以本質上，今天的 220 是我們所說的 200,000 美元到 500,000 美元範圍內的。就船舶組而言，可能處於該範圍的下限。我的意思是，如果我們要贏得一個重要的位置，即 220-500 的側翼，如果他們重新設計該平台，我們也會瞄准其他機會。但顯然，我們看到了船舶組的顯著進步。我的意思是，是我們今天擁有的數倍，不會嘗試給出一個數字。雖然變化太大，但顯然這是一個很好的機會。

Would it attract IM fiber, but very likely to attract IM fiber of some sort, if there's a wing involved and you need to structural integrity that the IM fibers bring. So again, Hexcel fiber-rich opportunity would be great.

它會吸引 IM 纖維嗎？但很可能會吸引某種 IM 纖維，如果涉及機翼並且您需要 IM 纖維帶來的結構完整性。再說一次，赫氏纖維豐富的機會將是巨大的。

In terms of capital expenditure, I wouldn't foresee too much. We are bringing on, as you know, we're completing a new fiber line and we have a pan line in the works in to cater Alabama, which we put on hold as we went into the pandemic. And I would imagine that capacity, certainly in the next few years, will cover us. Now if the platform grew significantly, combined with other opportunities, we will gladly invest in capital for strong, long-term returns and good margins.

就資本支出而言，我不會預見太多。正如你所知，我們正在完成一條新的纖維生產線，我們還有一條平底鍋生產線正在建設中，以滿足阿拉巴馬州的需求，但隨著疫情的爆發，我們暫停了這條生產線。我想，在接下來的幾年裡，這種能力肯定會覆蓋我們。現在，如果該平台顯著增長，再加上其他機會，我們將很樂意進行資本投資，以獲得強勁、長期的回報和良好的利潤率。

Next now to Myles Walton at Wolfe Research.

接下來是沃爾夫研究中心的邁爾斯·沃爾頓。

Maybe to follow up on that, Patrick, or how much of the sales today within composite materials is supplied or furnished with your own fiber or vertical integrated perspective?

也許是為了跟進這一點，帕特里克，或者今天復合材料的銷售中有多少是根據您自己的纖維或垂直整合視角提供或配備的？

Well, I'll turn that around a little bit. I don't know that we're explicit on that, but we use 70% to 80% our own fiber. So the fiber we produce, we consume the vast majority internally. Now we're not at the full capacity we were in 2019 yet, but it is stepping up, and we are using 70% to 80% of what we produce. The remainder goes to third parties, military outlets and a smaller amount goes to industrial, but we use the vast majority of our own fiber.

好吧，我會扭轉一下局面。我不知道我們對此是否明確，但我們使用 70% 到 80% 的我們自己的纖維。因此，我們生產的纖維絕大多數是在內部消耗的。現在我們還沒有達到 2019 年的滿負荷，但產能正在加快，我們正在使用我們生產的 70% 到 80%。其餘部分流向第三方、軍事渠道，少量流向工業，但我們使用絕大多數自己的纖維。

And you procure from external sources, less fiber I presume than what you're producing internal?

我猜你們從外部採購的纖維比你們內部生產的纖維少？

That is true. But for some of the older legacy programs is really where we're buying in third-party fibers, and that will continue because those programs are long term qualified and very unlikely to be requalified and so yes, we do buy in third-party fiber, but it is a smaller quantity than we use of our own fiber.

那是真實的。但對於一些較舊的遺留計劃來說，我們確實購買了第三方光纖，而且這種情況將繼續下去，因為這些計劃是長期合格的，而且不太可能重新合格，所以是的，我們確實購買了第三方光纖，但它的數量比我們使用自己的纖維要少。

Okay. Fair enough. And then looking to cash flow, is there a path to 100% net income to free cash flow conversion in '24 or is it growth...

好的。很公平。然後看看現金流，是否有辦法在 24 年實現 100% 淨利潤向自由現金流轉換，或者是增長......

The simple answer is yes. We're definitely driving towards that. Whether we'll get there in '24, I don't know, but we're definitely moving in that direction in the next year or 2 Myles, yes.

簡單的答案是肯定的。我們肯定會朝著這個方向努力。我不知道我們是否會在 24 年實現這一目標，但我們肯定會在明年或 2 邁爾斯朝著這個方向前進，是的。

We'll go next now to Ron Epstein at Bank of America.

接下來我們請美國銀行的羅恩·愛潑斯坦 (Ron Epstein) 發言。

A quick financial question and then maybe a more technical question. The finance one first. I mean what are you guys seeing out there in the M&A environment? Is there any interesting add-on things that you want to do, technologies or whatever? I mean if you could just share a couple of words on that. And then I just have a quick technology question.

一個簡單的財務問題，然後可能是一個更技術性的問題。首先是財務。我的意思是，你們在併購環境中看到了什麼？您想做任何有趣的附加事情，技術還是其他什麼？我的意思是您能否就此分享幾句話。然後我有一個簡單的技術問題。

Yes, Ron. So as part of our strat review, obviously, M&A and more importantly, technologies around material science is a big portion of our review process. And I would say there are technologies out there that are attractive, that would enhance our portfolio, allow us to offer a broader solution set to our customers, whether that's a value add to the materials or sensing capability to do on condition maintenance or diagnostics.

是的，羅恩。因此，作為我們戰略審查的一部分，顯然，併購，更重要的是，圍繞材料科學的技術是我們審查過程的重要組成部分。我想說的是，有些技術很有吸引力，可以增強我們的產品組合，使我們能夠為客戶提供更廣泛的解決方案，無論是材料的增值還是狀態維護或診斷的傳感能力。

To get into the specifics on companies, obviously, is tough to do. And as always, it always comes down to what's actionable. So we have a pipeline. It's very active. We review it on a regular basis. We have our priorities that our pipeline is based on and we continue to work those and stay mindful, but always disciplined on what we would consider going forward.

顯然，要了解公司的具體情況是很困難的。與往常一樣，它總是歸結為可操作的事情。所以我們有一個管道。它非常活躍。我們定期對其進行審查。我們有我們的管道所基於的優先事項，我們將繼續致力於這些工作並保持警惕，但始終遵守我們未來考慮的事項。

Got it. Got it. And then on the technology side. When we think about future wings, I mean that's come up a couple of times here in the context of an A220-500 or a future wing, would you expect it to be kind of how they're doing it today with the tape lay up? Or would you expect it how I guess, how the 220 does it within an injection molded technology, or something completely different? I mean how are you thinking about that when we think about the future application of advanced composites on something like a wing? I mean, just could you give us a broad context for that.

知道了。知道了。然後是技術方面。當我們考慮未來的機翼時，我的意思是，在 A220-500 或未來機翼的背景下，這個問題已經出現過幾次，您是否期望他們今天用膠帶鋪層的方式做到這一點？ ？或者您是否會像我猜測的那樣，220 如何在註塑技術中實現這一點，或者完全不同的技術？我的意思是，當我們考慮先進複合材料未來在機翼等物體上的應用時，您如何看待這一點？我的意思是，您能給我們提供一個廣泛的背景嗎？

Yes. So that's a great question. And it's one of the focuses on Hexcel's strategy, and that is we're not making an assumption that a wing will be designed with one material type, but technology has advanced so rapidly, our customers' knowledge and ability to design and work with multiple material forms, all composite lightweight just allows them a great opportunity to optimize the wing. So when you're talking of a wing skin versus a wing strut versus a (inaudible), versus brackets, really what I believe and what Hexcel is positioned for is it's not going to be one material type. It could be a combination of thermal set, thermal plastic, prepreg infused and liquid compound molding. And again, that's the beauty of our diverse portfolio.

是的。這是一個很好的問題。這是赫氏戰略的重點之一，即我們不會假設機翼將採用一種材料類型進行設計，但技術進步如此之快，我們的客戶設計和使用多種材料的知識和能力越來越強。材料形式，全複合材料的輕量化正好讓他們有很好的機會來優化機翼。因此，當您談論機翼蒙皮、機翼支柱、（聽不清）、支架時，我真正相信的以及赫氏的定位是，它不會是一種材料類型。它可以是熱固、熱塑料、預浸料注入和液體複合成型的組合。再說一遍，這就是我們多元化產品組合的美妙之處。

And go next now to Michael Ciarmoli at Truist Securities.

接下來請聽 Truist 證券公司的邁克爾·恰莫利 (Michael Ciarmoli)。

Just back to CapEx on the facility purchase. I mean you kind of said in the past 100% conversion is still there. Does anything change in terms of your CapEx profile to support the new facility? Or how should we think about your CapEx spend there?

回到設施購買的資本支出。我的意思是你說過去 100% 的轉化率仍然存在。為了支持新設施，您的資本支出狀況是否發生了變化？或者我們應該如何考慮您在那裡的資本支出？

Our CapEx outlook remains unchanged, really. As I think I described there, I would see this property acquisition is a little bit of an exception to our underlying trends. And our underlying trend is to sort of be under $100 million for the next few years. We guided to around $90 million this year. I would see a similar shape in the next few years. This building, so to speak, with an outlier, the opportunity arose and as Nick described, strategically and for the growth opportunities, we want to be in control of that site to expand it and grow it, and now we can do that, but the underlying trend in our CapEx remains unchanged at sort of under $100 million for the next few years.

事實上，我們的資本支出前景保持不變。正如我在那裡所描述的那樣，我認為這次房地產收購對我們的基本趨勢來說有點例外。我們的基本趨勢是未來幾年的銷售額將低於 1 億美元。今年我們的指導金額約為 9000 萬美元。在接下來的幾年裡我會看到類似的形狀。這座建築，可以說，有一個異常值，機會出現了，正如尼克所描述的，從戰略上和增長機會來看，我們希望控制該網站以擴展它並發展它，現在我們可以做到這一點，但是未來幾年，我們資本支出的基本趨勢保持在 1 億美元以下，保持不變。

Okay. Perfect. And then just back to the margin question. I mean, there's been some -- a bunch of talk here on the wing of the future, but it sounds like there might be some more shovel-ready projects in Space and Defense. And I think you called out development and tooling kind of as a headwind in this quarter in Engineered Products. How should we think about if there are -- if there is a bigger pipeline for Space and Defense. Should we think about maybe some margin pressure going forward in that Engineered Products? Or do you think you can get that segment back to prior peak?

好的。完美的。然後回到保證金問題。我的意思是，已經有一些關於未來的討論，但聽起來太空和國防領域可能會有更多準備就緒的項目。我認為您認為開發和工具在本季度的工程產品中是一種逆風。如果有更大的太空和國防管道，我們應該如何考慮。我們是否應該考慮工程產品未來可能存在的一些利潤壓力？或者您認為您可以讓該細分市場恢復到之前的峰值嗎？

Yes. I mean, we did have a softer quarter, but on top of a very strong first quarter and a very positive sort of Engineered Product mix in Q1, Engineered Products is lumpy and anyone who's followed Hexcel for some time, would kind of have seen that. We do get tooling lumps when we buy it, the costs we incur can bring this down and then we sell tooling and we get a good mix in a quarter and we can have a very strong Engineered Product. It is much more lumpy than composite materials just because of the nature of the business.

是的。我的意思是，我們確實經歷了一個疲軟的季度，但除了非常強勁的第一季度和第一季度非常積極的工程產品組合之外，工程產品是不穩定的，任何關注赫氏一段時間的人都會看到這一點。當我們購買時，我們確實會得到工具塊，我們產生的成本可以降低這種情況，然後我們出售工具，我們在一個季度內獲得良好的組合，我們可以擁有非常強大的工程產品。由於業務的性質，它比複合材料塊狀得多。

I mean this quarter was particularly about the CH-53K, but there was also some development and tooling around some space programs. And I think we believe very strongly in our opportunities for military programs going forward across our engineered -- Core Engineered Products businesses, we're fantastically positioned to win more business, and we'll be driving to do that.

我的意思是，本季度特別關注 CH-53K，但也有一些圍繞某些太空項目的開發和工具。我認為我們非常相信我們的工程 - 核心工程產品業務中軍事項目的機會，我們處於贏得更多業務的絕佳位置，我們將努力做到這一點。

Thank you. And ladies and gentlemen, we do have time for one further question this morning. We'll take that now from Noah Poponak at Goldman Sachs.

謝謝。女士們、先生們，今天早上我們確實有時間再問一個問題。我們現在從高盛的諾亞·波波納克那裡得到這一點。

Patrick, I wanted to ask about the revenue profile in the back half. I think you alluded to Aerospace being down sequentially with the normal seasonality, but it looks historically like that's usually only down low single digits. And I think you're maybe ramping on a number of airplanes. So can you give us a little more context around how much that's down? And then on the Defense side, should we be thinking of Defense revenues as growing now sequentially from that new level you've put in with this 2Q in absolute dollars? Or with that -- does that pull back before then growing again?

帕特里克，我想問一下下半年的收入情況。我認為您提到航空航天業隨著正常的季節性而連續下降，但從歷史上看，通常只下降低個位數。我認為你可能會搭乘多架飛機。那麼您能給我們更多關於下降幅度的背景信息嗎？然後在國防方面，我們是否應該考慮國防收入現在從您在第二季度提出的絕對美元新水平開始連續增長？或者說，在再次增長之前會回落嗎？

Yes. So there's a lot in there. I mean, you're right. We've got underlying program growth, which is -- we are going to see some more certainly towards the end of the year, how much of that really materialized in the third quarter, we will see -- we will align ourselves with Airbus and Boeing and what they're doing. I think the seasonal effect will be the larger effect, net-net, if you like. And so we will see a bit of a dip. I wouldn't overstate it, but we will see a bit of a step down in Q3.

是的。所以里面有很多東西。我的意思是，你是對的。我們已經有了潛在的計劃增長，也就是說，到今年年底，我們將看到更多的增長，其中有多少在第三季度真正實現，我們將看到，我們將與空中客車公司保持一致，波音公司和他們正在做的事情。如果你願意的話，我認為季節性影響將是更大的影響。因此我們會看到一些下滑。我不會誇大這一點，但我們會在第三季度看到一些下降。

And that in Europe could affect some of the Space & Defense programs as well. Quite honestly, it might not just be Commercial Aerospace, it could affect Space & Defense. In terms of Space & Defense, Q2 was a record highest ever sort of sales quarter, $137 million, $138 million. I mean, quarter-to-quarter, it's not a straight line. It can be a bit bumpy from time to time, but we're very encouraged and very positive about Space & Defense is one of our markets, one of our sectors, and we do continue to see opportunities going forward. It won't be a perfect straight line as I see, but there are growth opportunities ahead. We would expect another good year in 2024.

在歐洲，這也可能影響一些太空與國防項目。老實說，這可能不僅僅是商業航空航天，它可能會影響航天與國防。在太空與國防領域，第二季度創下了有史以來最高的銷售季度記錄，分別為 1.37 億美元、1.38 億美元。我的意思是，從季度到季度，這不是一條直線。有時可能會有點坎坷，但我們對太空與國防是我們的市場之一、我們的行業之一感到非常鼓舞和非常樂觀，我們確實繼續看到未來的機會。正如我所見，這不會是一條完美的直線，但前方有增長機會。我們預計 2024 年將是又一個美好的一年。

That's helpful. I appreciate that. And if I could just ask one more on margins. Should we think of next year as kind of settling back into that 25% incremental that has long been sort of normalized for the business? Or are you early enough in getting back to normal capacity utilization and maybe a slower growth in cost inputs that it should be higher than that again next year?

這很有幫助。我很感激。如果我能再問一個關於邊緣的問題嗎？我們是否應該認為明年會恢復到長期以來業務正常化的 25% 增量？或者您是否足夠早地恢復正常的產能利用率，並且成本投入的增長可能會放緩，明年應該會再次高於這一水平？

Well, as you know, no, we're not going to call out a specific sort of incremental leverage number or target. We're always going to look to maximize what we can do. Obviously, the last year, 18 months, has been somewhat exceptional coming out of the pandemic, and we've driven very high incremental margins. Quarter-to-quarter, you can get different shapes, different growth profiles and even mixes and costs, as we know. But we will always be pushing ourselves, whether it's 20s or 30s or occasionally, unfortunately, it's going to be lower than that, but we will always be driving to do the best incremental margins that we can perform to.

嗯，如您所知，不，我們不會提出特定類型的增量槓桿數字或目標。我們總是會尋求最大化我們能做的事情。顯然，去年，即 18 個月，在疫情結束後的 18 個月裡，情況有些特殊，我們的利潤率增量非常高。正如我們所知，每個季度，您都會得到不同的形狀、不同的增長曲線，甚至是組合和成本。但我們將始終鞭策自己，無論是 20 歲還是 30 歲，或者不幸的是，偶爾會低於這個數字，但我們將始終努力實現我們能夠實現的最佳增量利潤。

And ladies and gentlemen, that will bring us through the conclusion of the Hexcel Second Quarter Earnings Conference Call. I'd like to thank you all so much for joining us and wish you all a great day. Goodbye.

女士們、先生們，赫氏第二季度收益電話會議即將結束。我非常感謝大家加入我們，並祝大家度過愉快的一天。再見。