雷神技術公司 (RTX) 2023 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Raytheon Technologies First Quarter 2023 Earnings Conference Call. My name is Latif, and I will be your operator for today. As a reminder, this conference is being recorded for replay purposes.

女士們先生們，美好的一天，歡迎來到雷神科技 2023 年第一季度收益電話會議。我叫 Latif，今天我將擔任您的接線員。提醒一下，正在錄製此會議以供重播。

On the call today are Greg Hayes, Chairman and Chief Executive Officer; Chris Calio, President and Chief Operating Officer; Neil Mitchill, Chief Financial Officer; and Jennifer Reed, Vice President of Investor Relations.

今天接聽電話會議的有董事長兼首席執行官 Greg Hayes； Chris Calio，總裁兼首席運營官；尼爾·米奇爾，首席財務官；和投資者關係副總裁 Jennifer Reed。

This call is being webcast live on the Internet, and there is a presentation available for download from Raytheon Technologies' website at www.rtx.com.

此電話會議在 Internet 上進行網絡直播，並且可以從 Raytheon Technologies 的網站 www.rtx.com 下載演示文稿。

Please note, except where otherwise noted, the company will speak to results from continuing operations, excluding acquisition accounting adjustments and net nonrecurring and/or significant items, often referred to by management as other significant items. The company also reminds listeners that the earnings and cash flow expectations and any other forward-looking statements provided in this call are subject to risks and uncertainties.

請注意，除非另有說明，否則公司將談到持續經營的結果，不包括收購會計調整和淨非經常性和/或重要項目，通常被管理層稱為其他重要項目。該公司還提醒聽眾，本次電話會議中提供的收益和現金流量預期以及任何其他前瞻性陳述都存在風險和不確定性。

Raytheon Technologies SEC filings, including its forms 8-K, 10-Q and 10-K, provide details on important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements. (Operator Instructions)

雷神技術公司向美國證券交易委員會提交的文件，包括其 8-K、10-Q 和 10-K 表格，詳細說明了可能導致實際結果與前瞻性陳述中預期的結果存在重大差異的重要因素。 （操作員說明）

With that, I will turn the call over to Mr. Hayes.

有了這個，我會把電話轉給海耶斯先生。

All right. Thank you, Latif, and good morning, everyone. I trust everyone has had a chance to see the press release. It was clearly a good start to the year for RTX, and demand remains strong for both our commercial aerospace and our defense businesses. And I think, importantly, we're seeing some stabilization in the supply chain.

好的。謝謝 Latif，大家早上好。我相信每個人都有機會看到新聞稿。對於 RTX 來說，這顯然是今年的一個良好開端，我們的商業航空航天和國防業務的需求依然強勁。而且我認為，重要的是，我們看到供應鏈有所穩定。

Before we get to the highlights for the quarter, let me just spend a couple of minutes on the macro environment. Starting on the commercial side. Domestic revenue passenger miles are now back to pre-pandemic levels, 2019 levels, as we exit March. This was led by a very strong rebound in China following their zero COVID policy reversal.

在我們討論本季度的亮點之前，讓我先花幾分鐘介紹一下宏觀環境。從商業方面開始。 3 月結束時，國內收入客運里程現已恢復到大流行前的水平，即 2019 年的水平。這是由於中國在零 COVID 政策逆轉後出現了非常強勁的反彈。

On the international front, we have seen continued improvement in RPMs, reaching nearly 80% of 2019 levels. With strong consumer demand and record advanced bookings, we expect total global air traffic to fully recover to 2019 levels as we exit the year.

在國際方面，我們看到 RPM 持續改善，達到 2019 年水平的近 80%。憑藉強勁的消費者需求和創紀錄的提前預訂，我們預計全球航空總交通量將在我們結束這一年時完全恢復到 2019 年的水平。

On the defense side, we're very encouraged by the President's most recent fiscal year '24 budget request of $886 billion. That's up about 3%. And that's on top of last year's nearly 10% top line budget increase. The proposed budget includes broad-based support for many of our key programs, technologies and capabilities, including a request to fund multiyear munitions purchases or AMRAAM. It also prioritizes HACM, that's the hypersonic attack cruise missile, as the future long-range hypersonic missile. And perhaps most importantly for us, the budget reflects the DoD's decision to move forward with the engine core upgrade for the F135 engine, which we believe is a win for both the war fighter and the taxpayer. This program will solidify Pratt & Whitney's position on the F-35 and will provide additional thrust, range and efficiency necessary to support the needs of the war fighter well into the next decade.

在國防方面，我們對總統最近提出的 24 財年 8860 億美元預算請求感到非常鼓舞。這增加了大約 3%。這是在去年近 10% 的預算增長之上。擬議預算包括對我們許多關鍵項目、技術和能力的廣泛支持，包括為多年軍火採購或 AMRAAM 提供資金的請求。它還優先考慮HACM，即高超音速攻擊巡航導彈，作為未來的遠程高超音速導彈。也許對我們來說最重要的是，預算反映了國防部推進 F135 發動機核心升級的決定，我們認為這對戰士和納稅人來說都是雙贏。該項目將鞏固普惠公司在 F-35 上的地位，並將提供必要的額外推力、航程和效率，以滿足未來十年戰鬥機的需求。

Looking internationally, we're also seeing strong demand for defense capabilities as our allies prioritize additional defense spending. Poland recently announced plans to spend 4% of their GDP on defense this year. That's the highest level across all of the NATO countries. And we continue to support Ukraine's ongoing needs, including the Pentagon's accelerated deployment of the Patriot Missile Defense System, adding another RTX capability to the Ukraine mission.

放眼國際，隨著我們的盟友優先增加國防開支，我們也看到對國防能力的強烈需求。波蘭最近宣布計劃今年將其 GDP 的 4% 用於國防。這是所有北約國家中的最高水平。我們繼續支持烏克蘭的持續需求，包括五角大樓加速部署愛國者導彈防禦系統，為烏克蘭任務增加另一個 RTX 能力。

Clearly, the demand environment remains strong across our end markets. And with that as a backdrop, let's turn to Slide 2 for the Q1 highlights. Importantly, we exited the quarter with a record backlog of $180 billion. This included over $20 billion of new awards from some of our key franchises in the quarter.

顯然，我們終端市場的需求環境依然強勁。以此為背景，讓我們轉到幻燈片 2 了解第一季度的亮點。重要的是，我們以創紀錄的 1800 億美元積壓結束了本季度。這包括本季度來自我們一些主要特許經營權的超過 200 億美元的新獎勵。

As an example, RMD received a $1.2 billion award for Patriot for Switzerland. That marks the 18th Patriot partner nation. RIS was awarded $1.9 billion in classified awards. We also delivered solid financial performance with strong year-over-year organic sales growth of 10% and adjusted EPS of $1.22.

例如，RMD 因瑞士的愛國者而獲得了 12 億美元的獎勵。這標誌著第 18 個愛國者夥伴國家。 RIS 獲得了 19 億美元的分類獎勵。我們還實現了穩健的財務業績，有機銷售額同比強勁增長 10%，調整後的每股收益為 1.22 美元。

Regarding free cash flow, we started the year slowly due to some timings of higher working capital, which Neil will talk to you about in a bit. Importantly, though, we remain confident in our full year outlook of about $4.8 billion of free cash flow. As expected, sales growth was led by commercial aerospace, with aftermarket up close to 20% and OEM shipments up close to 17% year-over-year.

關於自由現金流，由於某些時候營運資金較高，我們今年開局緩慢，Neil 稍後將與您討論。但重要的是，我們對全年約 48 億美元的自由現金流前景充滿信心。正如預期的那樣，銷售增長由商業航空引領，售後市場同比增長近 20%，OEM 出貨量同比增長近 17%。

Additionally, in the quarter, we achieved an incremental $50 million of gross merger cost synergies, and we are quickly approaching the $1.5 billion target, with more opportunities still ahead. On the capital allocation front, we repurchased more than $560 million of our shares in the quarter. And we remain on track for $3 billion of share repurchases for 2023. And as you saw yesterday, we increased our dividend over 7% from $0.55 to $0.59 a share, in line with our commitment to return at least $20 billion to shareowners in the 4 years following the merger.

此外，在本季度，我們實現了 5000 萬美元的總合併成本協同效應增量，我們正在迅速接近 15 億美元的目標，未來還有更多機會。在資本配置方面，我們在本季度回購了超過 5.6 億美元的股票。我們仍有望在 2023 年實現 30 億美元的股票回購。正如您昨天所見，我們將股息從每股 0.55 美元增加到 0.59 美元，增幅超過 7%，這符合我們向 4 年股東返還至少 200 億美元的承諾合併後的幾年。

We've done all this while continuing to invest in R&D, additional capacity, automation and the digitization of our production facilities in order to support our growing backlog. As you can see, we're extremely well positioned for growth this year and well into the future. Every day, we are furthering our integration to unlock the scale and breadth of RTX, all while driving additional technology synergies and a focus on operational performance.

我們在完成這一切的同時繼續投資於研發、額外產能、自動化和生產設施的數字化，以支持我們不斷增長的積壓訂單。如您所見，我們為今年和未來的增長做好了充分準備。每一天，我們都在進一步整合以釋放 RTX 的規模和廣度，同時推動更多的技術協同效應和對運營績效的關注。

With that, let me turn it over to Mr. Calio to talk about the progress we're making in regards to our business realignment. And I'll be back at the end for a wrap-up and Q&A. Chris?

有了這個，讓我把它交給 Calio 先生來談談我們在業務調整方面取得的進展。最後我會回來進行總結和問答。克里斯？

Well, thank you, Greg, and good morning, everybody. I'm on Slide 3. As you know, we announced back in January, our plan to realign our portfolio into three business units: Collins Aerospace, Raytheon and Pratt & Whitney. And as we said, this realignment has three primary objectives. The first is to better align our market-leading franchises with our customers' priorities, ensuring more effective coordination and collaboration across our businesses. The second is to enhance our performance and capture additional synergies from both a product and technology standpoint. And third, to better leverage our resources to optimize our investments and cost structure.

好吧，謝謝你，格雷格，大家早上好。我在幻燈片 3 上。如你所知，我們在 1 月份宣布，我們計劃將我們的投資組合重新調整為三個業務部門：柯林斯宇航、雷神和普惠。正如我們所說，這次調整有三個主要目標。首先是更好地使我們市場領先的特許經營權與客戶的優先事項保持一致，確保我們業務之間更有效的協調與協作。第二是從產品和技術的角度提高我們的性能並獲得額外的協同效應。第三，更好地利用我們的資源來優化我們的投資和成本結構。

So let me update you on where we are in the process. After continued internal analysis and customer engagement, we determined the major content shifts within our portfolio necessary to achieve these objectives. First, the multi-domain command and control solutions of RIS and RMD will transition to the Mission Systems strategic business unit within Collins to create a more focused business to support connected battle space opportunities.

因此，讓我向您介紹我們在流程中的進展情況。經過持續的內部分析和客戶參與，我們確定了實現這些目標所需的產品組合中的主要內容轉變。首先，RIS 和 RMD 的多域指揮和控制解決方案將過渡到柯林斯內部的任務系統戰略業務部門，以創建一個更專注的業務來支持互聯作戰空間機會。

Additionally, RIS' air traffic management business will be integrated into Collins' Connected Aviation Solutions strategic business unit, further consolidating what we call the connected ecosystem of flight data and management into one business.

此外，RIS 的空中交通管理業務將整合到柯林斯的互聯航空解決方案戰略業務部門，進一步將我們所說的飛行數據和管理的互聯生態系統整合為一項業務。

These two moves will put Collins at the center of our company-wide collaboration efforts. They will now be responsible for more than half of our revenue synergy projects. In parallel, we will move Collins' intelligence, surveillance and reconnaissance business to the new Raytheon business unit, combining complementary sensing and imaging technologies to improve our offerings for multiple customer applications.

這兩項舉措將使 Collins 成為我們全公司協作工作的中心。他們現在將負責我們一半以上的收入協同項目。與此同時，我們將把柯林斯的情報、監視和偵察業務轉移到新的雷神業務部門，結合互補的傳感和成像技術，改進我們為多個客戶應用提供的產品。

And lastly, the new Raytheon business will merge the remaining RIS and RMD businesses into strategic business units aligned around specific customers, such as the Air Force, Army, Navy, Space and Missile Defense. When this is complete, the top customer of each of these strategic business units will account for 70% or more of that business unit sales.

最後，新的雷神公司業務將把剩餘的 RIS 和 RMD 業務合併為圍繞特定客戶（例如空軍、陸軍、海軍、太空和導彈防禦）的戰略業務部門。完成後，每個戰略業務部門的最大客戶將佔該業務部門銷售額的 70% 或更多。

In addition, we'll establish a strategic business unit that will operate like a merchant supplier within the Raytheon business unit. We'll centralize components and subsystems that are sold internally as well as to a broad array of government, commercial and other prime customers, enabling us to sell more effectively into these channels.

此外，我們將建立一個戰略業務部門，該部門將像雷神業務部門內的商業供應商一樣運作。我們將集中在內部以及向廣泛的政府、商業和其他主要客戶銷售的組件和子系統，使我們能夠更有效地向這些渠道銷售。

As part of this realignment, we're pleased to announce that the new Raytheon business unit will be led by Wes Kremer, currently the President of RMD. Wes has over 20 years of experience across multiple businesses and product lines within Raytheon and is uniquely qualified to lead this business.

作為此次調整的一部分，我們很高興地宣布，新的雷神業務部門將由現任 RMD 總裁 Wes Kremer 領導。 Wes 在 Raytheon 的多個業務和產品線擁有超過 20 年的經驗，是領導該業務的獨一無二的人選。

We are now in the middle of the implementation phase, including our analysis and validation of targeted gross cost savings. We provide more details on the new design and the implementation status, including those savings at our investor meeting at the Paris Air Show. So overall, good progress thus far as we remain focused on our goal to operate under the new structure beginning in July.

我們現在正處於實施階段的中間，包括我們對目標總成本節約的分析和驗證。我們在巴黎航展的投資者會議上提供了有關新設計和實施狀態的更多詳細信息，包括節省的資金。總的來說，到目前為止，我們仍然專注於我們從 7 月開始在新結構下運作的目標，因此進展良好。

With that, let's move to Slide 4, and I'll provide an update on the current environment. In general, not a lot has changed since we spoke back in January, and demand remained strong across our end markets. On events side, as Greg mentioned upfront, some of the awards we received in the quarter and our record backlog.

有了這個，讓我們轉到幻燈片 4，我將提供有關當前環境的更新。總的來說，自從我們在 1 月份發表講話以來，變化不大，我們終端市場的需求依然強勁。在活動方面，正如 Greg 前面提到的，我們在本季度獲得的一些獎項和我們創紀錄的積壓。

On the commercial side, we saw strong aftermarket growth in the quarter as airlines were preparing to support the busy summer travel season. With air traffic increasing and retirements remaining very low, we continue to see strength in parts, repair, provisioning and maintenance across our end markets. Given this demand, our focus remains on ensuring we have the capacity, supply chain performance and operational excellence necessary to meet our commitments to customers.

在商業方面，由於航空公司準備支持繁忙的夏季旅遊旺季，我們在本季度看到了強勁的售後市場增長。隨著空中交通量的增加和退役率仍然很低，我們繼續看到我們終端市場在零件、維修、供應和維護方面的實力。鑑於這種需求，我們的重點仍然是確保我們擁有履行我們對客戶的承諾所需的能力、供應鏈績效和卓越運營。

So let me start and provide some color on capacity. In RMD, we continue to invest in new test equipment, tooling and automation at our Tucson, Andover and Huntsville facilities to support the ramp-up on key programs such as AMRAAM, StormBreaker, SM-3, SM-6 and Patriot GEM-T.

因此，讓我開始並提供一些關於容量的顏色。在 RMD，我們繼續在我們的圖森、安多弗和亨茨維爾工廠投資新的測試設備、工具和自動化，以支持 AMRAAM、StormbBreaker、SM-3、SM-6 和 Patriot GEM-T 等關鍵項目的升級.

At Pratt, Ashville, North Carolina turbine airfoil site, we now have 63% of machining production assets on site and are progressing towards first article inspection by the end of May on our way to improving productivity and cost in support of the high-volume GTF and F135 programs. While in Tucson, we recently completed a classified space conversion, bringing our total number of classified seats added over the past 2 years to almost 1,000, with the expectation of an additional 900 more by the end of '23. This will create the classified lab capacity for R&D to execute on recent development wins such as HACM, HALO and NGI.

在北卡羅來納州阿什維爾的普拉特渦輪機翼型工廠，我們現在有 63% 的機加工生產資產在現場，並且正在朝著 5 月底前的首件檢驗邁進，以提高生產率和成本以支持大批量 GTF和 F135 計劃。在圖森，我們最近完成了機密空間轉換，使過去 2 年增加的機密座位總數達到近 1,000 個，預計到 23 年底將增加 900 個。這將為研發創建分類實驗室能力，以執行最近的開發成果，如 HACM、HALO 和 NGI。

Furthermore, we are expanding our MRO network. This past quarter, two new facilities joined the GTF aftermarket network, a second MRO shop in Japan and a 155,000 square foot shop at Delta Airlines TechOps in Atlanta. We, of course, also remain very focused on the health of the supply chain, which continues to be a challenge from a performance and cost perspective.

此外，我們正在擴展我們的 MRO 網絡。上個季度，GTF 售後市場網絡加入了兩個新設施，一個是日本的第二個 MRO 商店，另一個是位於亞特蘭大達美航空公司 TechOps 的 155,000 平方英尺的商店。當然，我們也非常關注供應鏈的健康狀況，從性能和成本的角度來看，這仍然是一個挑戰。

Starting with performance. While we have experienced stabilization in certain areas, such as electronics, we continue to experience challenges in castings, forgings, raw materials and machining. And you've heard us talk before about our in-person support embedded our supplier sites, and that continues to increase.

從性能開始。雖然我們在電子等某些領域經歷了穩定，但我們在鑄件、鍛件、原材料和機械加工方面繼續面臨挑戰。您之前已經聽過我們談論我們在供應商網站中嵌入的面對面支持，並且這種支持還在繼續增加。

Today, we are present in more than 400 suppliers, with a focus on high-impact locations. And specific to defense, we have significantly increased on-site support in the last quarter, allowing us to help clear bottlenecks, better execute engineering and quality initiatives and provide improved overall visibility. And at RMD, this helped yield a 5% improvement in material receipts year-over-year, enabling increased flow through our factories.

今天，我們在 400 多家供應商中開展業務，重點關注具有高影響力的地點。具體到國防，我們在上個季度顯著增加了現場支持，使我們能夠幫助清除瓶頸、更好地執行工程和質量計劃並提供更高的整體可見性。在 RMD，這有助於材料收貨量同比提高 5%，從而增加我們工廠的流量。

Additionally, we held an RTX supplier conference just a few weeks ago, where we engaged with about 70 key suppliers to review detailed action plans to ensure future capacity and to reduce current overdue positions. On the cost side, the overall inflation picture remains persistently high, and we are attacking those inflationary pressures from several angles.

此外，就在幾週前，我們召開了一次 RTX 供應商會議，會上我們與大約 70 家主要供應商進行了接觸，以審查詳細的行動計劃，以確保未來的產能並減少當前的逾期職位。在成本方面，整體通脹形勢仍然居高不下，我們正從多個角度應對這些通脹壓力。

We have almost 2,000 cost reduction projects ongoing related to our supply chain, both product and non-product, including negotiating better contractual terms, transitioning work to lower cost sources and part redesigns to reduce cost. We're also going deeper into our supply chain to better understand their usage of constrained raw materials, such as aluminum, titanium and nickel, so we can get a complete picture of our embedded spend and to leverage total raw material purchases, drive improved cost positions and secure supply throughout our value stream.

我們有近 2,000 個與我們的供應鏈相關的成本削減項目正在進行中，包括產品和非產品，包括談判更好的合同條款、將工作轉移到成本更低的來源以及重新設計零件以降低成本。我們還將深入了解我們的供應鏈，以更好地了解他們對受限原材料（例如鋁、鈦和鎳）的使用情況，這樣我們就可以全面了解我們的嵌入式支出並利用原材料採購總量，推動成本降低在我們的整個價值流中的位置和安全供應。

And lastly, we continue to leverage our core operating system to execute on our cost reduction initiatives as well as footprint modernization. As we previously talked about, we have thousands of ongoing projects, many of which are at the manufacturing line or cell level to take costs out of our operations. These range from things like redesigning material, machining flow to reduce labor hours and cycle time, implementing closed door machining to enable the completion of a part in one continuous process without any operator intervention. But these are relatively small initiatives with short paybacks. They are part of a continuous commitment to improvement and efficiency.

最後，我們繼續利用我們的核心操作系統來執行我們的成本削減計劃以及足跡現代化。正如我們之前談到的，我們有數以千計的正在進行的項目，其中許多是在生產線或單元級別，以降低我們的運營成本。這些範圍包括重新設計材料、加工流程以減少工時和循環時間、實施閉門加工以在一個連續過程中完成零件而無需任何操作員干預。但這些都是相對較小的舉措，回報也很短。它們是對改進和效率的持續承諾的一部分。

So before I turn it over to Neil to recap the financials, I do want to provide a brief update on the GTF program. As you know, since the GTF program went into service in 2015, we have continued to introduce upgrades and improvements to increase reliability and durability.

因此，在我將其轉交給 Neil 重述財務狀況之前，我想簡要介紹一下 GTF 計劃的最新情況。如您所知，自 GTF 計劃於 2015 年投入使用以來，我們不斷推出升級和改進，以提高可靠性和耐用性。

With respect to reliability, we have met the target level for dispatch reliability. This is now at mature engine levels. With respect to durability, we have improved time on wing since program inception. Again, time on wing, meaning how long engines can be operated before needing to be removed for maintenance. But we are not yet at the level we and our customers expect. This has put stress on the operations of the fleet. We continue to develop upgrades from the current GTF configuration to improve durability. We are also expanding our MRO capacity and working to reduce shop visit turnaround times to improve service availability. It will take some time to realize these benefits, but we are continuing to invest in time on wing improvements as we were able to do over the course of the V2500 program.

在可靠性方面，我們達到了調度可靠性的目標水平。這現在處於成熟的引擎水平。關於耐久性，自項目啟動以來，我們已經改進了機翼時間。同樣，在翼時間，意味著發動機在需要拆卸進行維護之前可以運行多長時間。但我們還沒有達到我們和我們的客戶期望的水平。這給艦隊的運營帶來了壓力。我們繼續開發當前 GTF 配置的升級，以提高耐用性。我們還在擴大我們的 MRO 能力，並努力減少商店訪問周轉時間以提高服務可用性。實現這些好處需要一些時間，但我們將繼續投入時間改進機翼，因為我們在 V2500 計劃的過程中能夠做到這一點。

And of course, in parallel, we continue to execute on our GTF Advantage development program, our next-generation GTF configuration, that will incorporate all of our experiences and technical learnings since entering the service.

當然，與此同時，我們繼續執行我們的 GTF Advantage 開發計劃，即我們的下一代 GTF 配置，它將結合我們自服役以來的所有經驗和技術知識。

Okay. With that, let me turn it over to Neil to walk through our financial results.

好的。有了這個，讓我把它交給尼爾來瀏覽我們的財務結果。

Thank you, Chris. I'm on Slide 5. As Greg noted, sales of $17.2 billion were up a strong 10% organically versus the prior year. This growth was driven by both commercial aerospace and defense despite some of the environmental challenges we continue to face. Adjusted earnings per share of $1.22 was up 6% year-over-year, with strong segment operating profit growth of 15%, partially offset by the expected lower pension income and a higher effective tax rate.

謝謝你，克里斯。我在幻燈片 5 上。正如 Greg 指出的那樣，172 億美元的銷售額與上一年相比有機增長了 10%。儘管我們繼續面臨一些環境挑戰，但這種增長是由商業航空航天和國防推動的。調整後每股收益為 1.22 美元，同比增長 6%，部門營業利潤強勁增長 15%，部分被預期較低的養老金收入和較高的有效稅率所抵消。

On a GAAP basis, earnings per share from continuing operations was $0.97 per share and included $0.25 of acquisition accounting adjustments, restructuring and nonrecurring items. And finally, free cash flow was an outflow of $1.4 billion in the first quarter, which is historically our lightest quarter of the year due to the timing of incentive compensation payments and seasonality in our defense businesses.

根據 GAAP，持續經營每股收益為 0.97 美元，其中包括 0.25 美元的收購會計調整、重組和非經常性項目。最後，自由現金流在第一季度流出 14 億美元，這是歷史上我們今年最輕的一個季度，這是由於我們國防業務的激勵補償支付時間和季節性。

In addition to these typical dynamics, the timing of sales and cash collections as well as supply chain and capacity constraints drove higher working capital in the first quarter of this year. We expect to generate positive free cash flow beginning in the second quarter as commercial deliveries accelerate and performance as well as other funding milestones are achieved.

除了這些典型的動態因素外，銷售和現金回收的時間安排以及供應鍊和產能限制也推動了今年第一季度營運資金的增加。隨著商業交付加速和業績以及其他融資里程碑的實現，我們預計從第二季度開始產生正的自由現金流。

And importantly, as Greg said, we remain confident in delivering about $4.8 billion in free cash flow for the full year. So with that, let's turn to Slide 6 and get into the segment results.

重要的是，正如格雷格所說，我們仍然有信心在全年提供約 48 億美元的自由現金流。因此，讓我們轉到幻燈片 6 並進入細分結果。

Beginning with Collins. Sales were $5.6 billion in the quarter, up 16% on an adjusted basis and up 17% on an organic basis, driven primarily by the continued recovery in commercial aerospace end markets, resulting in higher flight hours and higher OE production rates.

從柯林斯開始。本季度銷售額為 56 億美元，經調整後增長 16%，有機增長 17%，這主要是由於商業航空終端市場的持續復甦，導致飛行時間增加和 OE 生產率提高。

By channel, commercial aftermarket sales were up 24% on an adjusted basis and 26% organically, driven by a 43% increase in provisioning and a 29% increase in parts and repair, while modifications and upgrades were up 1% organically in the quarter. Sequentially, commercial aftermarket sales were up 8%. Commercial OE sales were up 12% versus the prior year, driven by production ramps in narrow-body, business jets and widebody. And military sales were up 9% due to both higher material receipts and manufacturing throughput. Adjusted operating profit of $800 million was up $216 million from the prior year, with drop-through on higher volume and favorable mix, partially offset by higher production costs and higher SG&A expense. Looking ahead, on a full year basis, we continue to expect Collins' sales to grow low double digits and operating profit of between $750 million and $825 million increase versus 2022.

按渠道劃分，商業售後市場銷售額經調整後增長 24%，有機增長 26%，這主要受供應增長 43% 和零件和維修增長 29% 的推動，而改裝和升級在本季度有機增長 1%。隨後，商業售後市場銷售額增長了 8%。受窄體機、公務機和寬體機產量提升的推動，商用 OE 銷售額較上年增長 12%。由於材料收入和製造吞吐量的增加，軍品銷售額增長了 9%。調整後營業利潤為 8 億美元，比上年增加 2.16 億美元，產量增加和有利的產品組合有所下降，但部分被更高的生產成本和更高的 SG&A 費用所抵消。展望未來，與 2022 年相比，我們繼續預計 Collins 的銷售額將以低兩位數的速度增長，營業利潤將增長 7.5 億美元至 8.25 億美元。

Turning to Pratt & Whitney on Slide 7. Sales of $5.2 billion were up 15% on an adjusted basis and 16% on an organic basis, with sales growing across all segments. Commercial OE sales were up 27% in the quarter on higher engine deliveries within both Pratt's large commercial engine and Canada businesses.

轉到幻燈片 7 上的 Pratt & Whitney。52 億美元的銷售額在調整後增長了 15%，在有機基礎上增長了 16%，所有部門的銷售額都在增長。由於普惠大型商用發動機和加拿大業務的發動機交付量增加，本季度商用 OE 銷售額增長了 27%。

Commercial aftermarket sales were up 14% in the quarter, primarily driven by increased volume and favorable mix. And in the military business, sales were up 13%, driven by the F135 production contract award in the second quarter of last year and higher F135 sustainment volume. Adjusted operating profit of $434 million was up $126 million from the prior year, driven primarily by drop-through on higher commercial aftermarket, favorable contract matter and higher military sales, which was partially offset by conversion on higher commercial OE volume.

本季度商業售後市場銷售額增長了 14%，這主要是由於銷量增加和有利的組合。在軍事業務方面，受去年第二季度授予 F135 生產合同以及更高的 F135 維護量的推動，銷售額增長了 13%。調整後營業利潤為 4.34 億美元，比上年增加 1.26 億美元，這主要是由於更高的商業售後市場、有利的合同事項和更高的軍品銷售，這部分被更高的商業 OE 量的轉換所抵消。

Turning to Pratt's full year outlook. We continue to expect sales to grow low to mid-teens and operating profit growth of $200 million to $275 million versus 2022.

轉向普拉特的全年展望。我們繼續預計與 2022 年相比，銷售額將增長到 15% 左右，營業利潤將增長 2 億美元至 2.75 億美元。

Shifting to RI&S on Slide 8. Sales of $3.6 billion were in line with our expectations and flat versus prior year, both on an adjusted and organic basis. This was driven by lower command, control and communications programs, which was mostly offset by higher revenue from cyber and services programs.

轉到幻燈片 8 上的 RI&S。36 億美元的銷售額符合我們的預期，與上一年持平，無論是在調整後還是有機基礎上。這是由較低的指揮、控制和通信項目推動的，這主要被來自網絡和服務項目的更高收入所抵消。

Adjusted operating profit in the quarter of $330 million was down $48 million versus prior year, driven primarily by lower net program efficiencies spread across several programs. RIS began the year with strong orders in the quarter of $4.3 billion, resulting in a book-to-bill of 1.34 and a backlog of over $17 billion. This brings RIS' rolling 4-quarter book-to-bill to 1.09.

本季度調整後營業利潤為 3.3 億美元，較上年同期下降 4800 萬美元，主要原因是多個項目的淨項目效率較低。今年年初，RIS 在本季度獲得了 43 億美元的強勁訂單，導致訂單出貨率為 1.34，積壓訂單超過 170 億美元。這使 RIS 的 4 季度滾動訂單出貨比達到 1.09。

In addition to the significant bookings Greg mentioned earlier, RIS also received a $650 million award for the next-generation jammer and a $275 million Space Development Agency award for missile tracking satellite constellation.

除了 Greg 前面提到的重要訂單外，RIS 還獲得了 6.5 億美元的下一代干擾機獎勵和 2.75 億美元的太空發展局導彈跟踪衛星星座獎勵。

Looking ahead, we continue to expect RI&S' full year sales to be flat with operating profit growth of $75 million to $125 million versus 2022.

展望未來，我們繼續預計 RI&S 的全年銷售額將與 2022 年持平，營業利潤將增長 7500 萬美元至 1.25 億美元。

Turning now to Slide 9. RMD sales were $3.7 billion, up 4% on an adjusted basis and up 5% organically, primarily driven by higher sales in the advanced technology and air power programs. Adjusted operating profit of $335 million was down $52 million versus the prior year, driven by the lower -- by lower net program efficiencies and higher development program mix, partially offset by higher volume.

現在轉到幻燈片 9。RMD 銷售額為 37 億美元，調整後增長 4%，有機增長 5%，這主要是受先進技術和空中動力項目銷售額增加的推動。調整後營業利潤為 3.35 億美元，較上年減少 5200 萬美元，原因是較低的淨計劃效率和較高的開發計劃組合，部分被較高的銷量所抵消。

Lower net program efficiencies included the unfavorable impact of a significant option exercise in the quarter, which had about a 100 basis point impact on the margin. Like RI&S, RMD's bookings were also very strong to start the year with $5.2 billion of bookings in the quarter, including an over $600 million SPY-6 award. This resulted in a record backlog of $35 billion and a book-to-bill of 1.43 in both the quarter as well as on a rolling 4-quarter basis.

較低的淨計劃效率包括本季度重大期權行使的不利影響，這對利潤率產生了約 100 個基點的影響。與 RI&S 一樣，RMD 的預訂量在年初也非常強勁，本季度的預訂量為 52 億美元，其中包括超過 6 億美元的 SPY-6 合同。這導致本季度和第 4 季度的訂單積壓達到創紀錄的 350 億美元，訂單出貨比為 1.43。

And for the full year, we continue to expect R&D sales to grow low to mid-single digits with operating profit growth between $175 million and $225 million versus 2022.

對於全年，我們繼續預計研發銷售額將以中低個位數增長，與 2022 年相比，營業利潤將增長 1.75 億美元至 2.25 億美元。

With that, I'll turn it back to Greg to wrap things up.

有了這個，我會把它轉回給 Greg 來總結一下。

Okay. Thank you, Neil. I'm on Slide 10 here. Just a couple of thoughts before we open it up for Q&A.

好的。謝謝你，尼爾。我在幻燈片 10 上。在我們打開它進行問答之前，先想幾點。

I think first and foremost, given the strength of our backlog and the continued end market demand, we, as a team, remain extremely confident we can deliver our '23 guidance and our 2025 commitments. Our success, of course, begins with ensuring that we're meeting our customers' most critical needs. We're keeping a watchful eye on external factors. And I would tell you that Chris and the entire senior leadership team remained laser-focused on mitigating supply chain constraints and driving productivity and efficiency improvements across all of the businesses.

我認為，首先，考慮到我們積壓的實力和持續的終端市場需求，我們作為一個團隊仍然非常有信心能夠實現我們的 23 年指南和 2025 年的承諾。當然，我們的成功始於確保滿足客戶最關鍵的需求。我們正在密切關注外部因素。我會告訴你，Chris 和整個高級領導團隊一直專注於減輕供應鏈限制並推動所有業務的生產力和效率提高。

More importantly, we're continuing to invest in innovative solutions and differentiated technology that will continue to drive long-term growth. Last thought is earlier this month we marked the third anniversary of the merger. We've been able to accomplish a lot so far even with this challenging environment, and we know there's a lot more progress we can make with the ongoing business realignment, which will set up RTX for success for decades to come.

更重要的是，我們將繼續投資創新解決方案和差異化技術，以繼續推動長期增長。最後想到的是本月早些時候我們紀念了合併三週年。到目前為止，即使在這種充滿挑戰的環境中，我們也已經取得了很多成就，而且我們知道，通過正在進行的業務調整，我們可以取得更多進展，這將為 RTX 在未來幾十年取得成功奠定基礎。

We look forward to sharing more of this information on our transformational efforts and our long-range outlook during our Investor Day at the Paris Air Show on June 19.

我們期待在 6 月 19 日巴黎航空展的投資者日期間分享更多有關我們轉型努力和長期展望的信息。

With that, let me open up the call for Q&A. Latif?

有了這個，讓我打開問答環節。拉提夫？

(Operator Instructions) The first question comes from the line of Myles Walton of Wolfe Research.

（操作員說明）第一個問題來自 Wolfe Research 的 Myles Walton。

Greg or maybe Chris, I don't know which. But on RMD, obviously, this has been one where you're sort of trying to get to the bottom of the issues. And it sounded like it was a contract option exercise. It was 100 basis points.

格雷格或克里斯，我不知道是哪一個。但是在 RMD 上，很明顯，這是一個你試圖找到問題根源的地方。這聽起來像是一項合同期權練習。這是100個基點。

But even with that, you obviously have an implied 12.5% margin for the rest of the year in the guidance. So I'm just curious, what's driving that? How profitable is the backlog growth you've now built up? I think that's one of the questions that everybody has. And I know after realignment, RMD won't exist, but it will still be part of the business, obviously.

但即便如此，您顯然在指導中隱含了今年剩餘時間的 12.5% 利潤率。所以我很好奇，是什麼推動了它？您現在建立的積壓增長的盈利能力如何？我認為這是每個人都有的問題之一。我知道重組後，RMD 將不復存在，但顯然它仍將是業務的一部分。

Myles, this is Chris. Thanks for the question. Look, agree, we'd like to be seeing the margins improving at a bit of a faster rate. But there are some real positives in this business when you step back. Most of it will be the backlog.

邁爾斯，這是克里斯。謝謝你的問題。看，同意，我們希望看到利潤率以更快的速度提高。但是當你退一步時，這個行業有一些真正的積極因素。其中大部分將是積壓。

If you think about the book-to-bill over the last 12 months, it's a 1.43, which is really phenomenal, with some key wins in some potential franchise areas. As Neil noted in his remarks, we did have a contract option exercise in the first quarter. It's a good business. Let's make no mistake about that.

如果你想想過去 12 個月的訂單出貨比，它是 1.43，這真的很了不起，在一些潛在的特許經營領域取得了一些關鍵的勝利。正如尼爾在他的評論中指出的那樣，我們在第一季度確實進行了合同選擇權行使。這是一門好生意。我們不要搞錯了。

But because of the accounting resulted in a bit of a negative impact, about 100 basis points. If you exclude that, it would put R&D at a bit over 10%, sort of in line with where we were in Q4. As you sort of look ahead to the RMD margin profile, the two principal drivers of that margin improvement are going to be material flow and flow in our factory. And of course, just absorption brought on by higher material receipts and of course, the labor that goes with it. So if you think about the factory flow, we had a 15% increase in Q4 in terms of material sheets, another 5% here in Q1, and we're starting to see the results in the factory. You heard Greg talk prior about kit fill rates being in the 50s. The material flow that we've seen lately has brought the kit fill rate up into the low 70s.

但是因為會計導致了一點負面影響，大約100個基點。如果你排除這一點，它會使 R&D 略高於 10%，與我們在第四季度的情況一致。當您展望 RMD 利潤率概況時，利潤率提高的兩個主要驅動因素將是我們工廠的物料流和流量。當然，只是更高的材料收入帶來的吸收，當然還有隨之而來的勞動。因此，如果你考慮工廠流程，我們在第四季度的材料表方面增加了 15%，在第一季度又增加了 5%，我們開始在工廠看到結果。你之前聽 Greg 談到過 50 年代的裝備填充率。我們最近看到的材料流使套件填充率降至 70 年代的低點。

Our historical rate is in more the mid-80s. But as we continue to drive more material, you'll see more material flow in the factories, getting those kit fill rates up. And that's going to reduce the period of performance. And then again, the second one, again, is just math. With increasing material volume in labor, we're going to see better absorption of our fixed and indirect support costs. So more productivity there. So that's the margin sort of profile and story in RMD.

我們的歷史利率更多是在 80 年代中期。但隨著我們繼續推動更多的材料，你會看到工廠中有更多的材料流動，從而提高這些套件的填充率。這將減少性能週期。再一次，第二個，再次，只是數學。隨著勞動力材料量的增加，我們將看到更好地吸收我們的固定和間接支持成本。所以那裡的生產力更高。這就是 RMD 中邊緣類型的個人資料和故事。

Okay. And is it particularly back-end loaded to the year out of management in the second half?

好的。下半年是否特別後端加載到管理之外的年份？

Myles, this is Neil. Yes, I expect that to accelerate as the year goes on. But I would point to the second half. As Chris said, with the kit fill rates in the 70s, as that grows into the 80s and then higher as the year progresses, you'll see the productivity, the confidence around our ability to shorten that period of performance improve. And that will show up in the EACs.

邁爾斯，這是尼爾。是的，我希望隨著時間的推移這種情況會加速。但我會指出下半場。正如 Chris 所說，隨著 70 年代的套件填充率，隨著時間的推移增長到 80 年代，然後隨著時間的推移而更高，你會看到生產力，以及對我們縮短這段表現期的能力的信心的提高。這將顯示在 EAC 中。

The other thing I'll say is that option we had, again, as Chris said, good business. There may be another one. But again, this is really good business coming on the heels of increased customer demand. So we'll be sure to continue to talk about that. But I think the fundamentals of the backlog are strong. As we look at the margin embedded in that backlog, it's above 10%, and that gives us the confidence that, that margin expansion will come over time.

我要說的另一件事是，正如克里斯所說，我們有一個很好的選擇。可能還有另一個。但同樣，隨著客戶需求的增加，這確實是一筆好生意。所以我們一定會繼續討論這個問題。但我認為積壓的基本面很強。當我們查看積壓訂單中嵌入的利潤率時，它超過 10%，這讓我們相信，利潤率會隨著時間的推移而擴大。

Our next question comes from the line of Noah Poponak of Goldman Sachs.

我們的下一個問題來自高盛的 Noah Poponak。

Can we just spend a little bit more time on the Pratt margin? And I guess, what's happening with pricing in the aftermarket, maybe specifically in the engine? Just sounds like out there in the industry, given limited parts supply, limited MRO availability that pricing is maybe much better than normal. So curious what you're seeing on that front, especially things that are not on some version of a long-term agreement? And what does that mean for the Pratt margin going forward?

我們能否在 Pratt 保證金上多花點時間？而且我想，售後市場的定價會發生什麼，也許特別是在引擎中？聽起來就像在業內，鑑於零件供應有限，MRO 可用性有限，定價可能比正常情況好得多。很好奇您在這方面看到了什麼，尤其是某些版本的長期協議中沒有的內容？這對 Pratt 利潤率的未來意味著什麼？

No, let me start. It's Greg. First of all, on the pricing side, with all of the inflation that we've seen over the last 18 months, I would say, Pratt and Collins were both relatively aggressive last year in catalog price increases. And so I think we are seeing some of the benefits of that aftermarket part increase.

不，讓我開始。是格雷格。首先，在定價方面，鑑於我們在過去 18 個月中看到的所有通貨膨脹，我想說，普拉特和柯林斯去年在目錄價格上漲方面都相對激進。因此，我認為我們正在看到售後市場部分的一些好處在增加。

But keep in mind, on GTF, for instance, more than 75% of all of those customers are on long-term support agreements. So you really aren't seeing the benefit of pricing there. Similarly, on the OEM contracts, again, we have some benefit of pricing, but it is very limited based upon the indices.

但請記住，例如，在 GTF 上，所有這些客戶中超過 75% 都簽訂了長期支持協議。所以你真的沒有看到在那裡定價的好處。同樣，在 OEM 合同上，我們也有一些定價優勢，但基於指數，這是非常有限的。

Obviously, there's a dead (inaudible) there. So we're not getting, I would say, a lot of pricing power today. It's not to say that we won't improve as time on wing, as Chris was talking about, improves, margins will improve, but pricing is not the driver of this. This is really demand-driven what's driving top line here.

顯然，那裡有一個死人（聽不清）。所以我想說，我們今天沒有獲得很多定價權。這並不是說我們不會隨著時間的推移而改善，正如克里斯所說的那樣，改善，利潤率會提高，但定價不是這方面的驅動因素。這真的是需求驅動的，這是推動收入增長的因素。

Maybe I'll just add about the margin profile of Pratt. Obviously, as we look at the rest of the year, Noah, we expect the engine deliveries to increase. Think about between 35% and 40% year-over-year, you saw 42% in the first quarter. That will obviously come with some negative engine margin headwind.

也許我只會添加關於 Pratt 的保證金概況。顯然，當我們展望今年剩餘時間時，諾亞，我們預計發動機交付量會增加。想想同比增長 35% 到 40%，第一季度是 42%。這顯然會帶來一些負面的引擎利潤逆風。

I would put a number around $250 million in terms of rest of year NEM headwind that would then, coupled with the strong aftermarket that we're expecting to continue at Pratt, you'll see that margin sort of level out as the year goes on and those engine deliveries increase.

就今年剩餘時間的 NEM 逆風而言，我會給出一個大約 2.5 億美元的數字，再加上我們預計 Pratt 將繼續強勁的售後市場，你會看到隨著時間的推移，利潤率會趨於平穩這些發動機的交付量增加了。

Our next question comes from the line of Rob Stallard of Vertical Research.

我們的下一個問題來自 Vertical Research 的 Rob Stallard。

Maybe just a follow-up actually on Noah's question with regard to Pratt. 14% aftermarket growth year-on-year in the quarter, given the aggressive price increase that Greg referred to, feels a bit low. And then secondly, on those GTF volumes, how do those compare versus Airbus' A320 ramp plan?

也許只是諾亞關於普拉特的問題的後續行動。考慮到格雷格提到的激進價格上漲，本季度售後市場同比增長 14%，感覺有點低。其次，在這些 GTF 數量上，與空中客車公司的 A320 坡道計劃相比如何？

Okay. So let me start on the aftermarket. 14% Pratt & Whitney consolidated level aftermarket growth on top of 37% a year ago. So when I think about that, it's still very strong growth. We have seen shop business increased low double digits here in the first quarter, and we expect that to continue as the rest of the year continues, Rob.

好的。所以讓我從售後市場開始。 14% Pratt & Whitney 綜合售後市場增長高於一年前的 37%。所以當我想到這一點時，它仍然是非常強勁的增長。我們已經看到第一季度這裡的商店業務增長了兩位數，我們預計隨著今年剩餘時間的繼續，Rob。

I would tell you that the legacy engines remain very strong, even the PW2000s and 4000s. On the V2500, the shop visits continue. They are paced by some of the structural casting issues that we've talked about. So I think as we've seen improvement there, and I'll let Chris talk about that in a minute, we do expect to see accelerated growth in terms of the Pratt & Whitney aftermarket on a full year basis,

我會告訴你，舊引擎仍然非常強大，即使是 PW2000 和 4000。在 V2500 上，商店訪問繼續進行。他們被我們談到的一些結構鑄造問題所困擾。所以我認為，正如我們已經看到那裡有所改善，我會讓克里斯在一分鐘內談論這一點，我們確實希望在全年的基礎上看到普惠售後市場的加速增長，

We still think Pratt's aftermarket will be up 20% to 25% year-over-year. So nothing concerning in the first quarter results, as you know, incredible demand as we look at the rest of the year for the flying fleets of the Pratt engines.

我們仍然認為 Pratt 的售後市場將同比增長 20% 至 25%。因此，如您所知，第一季度的結果與我們對普拉特發動機飛行機隊的需求令人難以置信。

Rob, this is Chris. Maybe just to comment on the OE deliveries. Greg mentioned stabilization in the supply chain. I would say, on structural castings, we continue to see some improvement, and that's obviously critical for Pratt.

羅伯，這是克里斯。也許只是對 OE 交付發表評論。 Greg 提到了供應鏈的穩定性。我想說，在結構鑄件方面，我們繼續看到一些改進，這對 Pratt 來說顯然至關重要。

If you think about the key constrained castings at Pratt, they are up about 30% sequentially this quarter. Now that's not to the level of flow that we need. We continue to see some manpower sort of labor challenges in that supply chain, and we're taking some actions to try to address that, whether it be offload, whether it be helping to improve yields in the manufacturing process.

如果您考慮 Pratt 的關鍵受限鑄件，它們本季度環比增長約 30%。現在這還沒有達到我們需要的流量水平。我們繼續在該供應鏈中看到一些人力方面的勞動力挑戰，我們正在採取一些行動來解決這個問題，無論是卸載，還是有助於提高製造過程的產量。

But we are lockstep with Airbus on their demand for the year. And we are hand-to-mouth right now given some of the constraints. But again, lockstep with the demand, and that will continue to increase as we move into the back half of the year.

但我們與空中客車公司對他們今年的需求保持一致。考慮到一些限制，我們現在只能勉強糊口。但同樣，與需求同步，隨著我們進入今年下半年，需求將繼續增加。

Chris, maybe just to add on to that a little bit. The key constrained structural castings, that 30% of the sequential improvement in the number of castings that we've been able to get in the first quarter. So continue to have the challenges, but good sign as we gain momentum starting the year.

克里斯，也許只是為了補充一點。關鍵的受限結構鑄件，我們在第一季度能夠獲得的鑄件數量的連續改進的 30%。因此，繼續面臨挑戰，但隨著我們從今年開始獲得動力，這是一個好兆頭。

Our next question comes from the line of Matt Akers of Wells Fargo.

我們的下一個問題來自富國銀行的 Matt Akers。

I wonder if you could touch a little bit more on working capital. I mean, a little bit of a bigger impact than we've seen in Q1 prior year is kind of spread across contract assets receivable inventories, anything that kind of drove that this quarter?

我想知道你是否可以多談一點營運資金。我的意思是，比我們在去年第一季度看到的影響更大的一點是合同資產應收賬款庫存的分佈，本季度有什麼推動了這種影響？

Sure. Thanks, Matt. Certainly, working capital was a drag on the quarter. I would say, about -- we typically see breakeven-ish type cash flow. We were expecting probably a slight outflow. It's obviously a little bit worse than that. About $500 million of that I would characterize as an inventory build.

當然。謝謝，馬特。當然，營運資金拖累了本季度。我會說，關於——我們通常會看到盈虧平衡類型的現金流。我們預計可能會有輕微的流出。顯然比那差一點。我將其中約 5 億美元描述為庫存建設。

The silver lining here is that with the easing of the supply chain constraints, we've seen an incredible amount of inventory come in. We're also looking to balance that and make adjustments in our MRP as we look at the rest of the year, but about I'd call, $500 million of the excess there associated with the inventory build, we increased our inventory $700 million.

這裡的一線希望是，隨著供應鏈限制的放鬆，我們已經看到大量庫存進入。我們也在尋求平衡，並在今年剩餘時間調整我們的 MRP ，但我認為，與庫存建設相關的超額 5 億美元，我們增加了 7 億美元的庫存。

So we plan to grow our inventory and sort of a good news situation, it grew a little bit further. I fully expect that to turn the other way as we go through the rest of the year. On the contract asset side, that really was in our defense businesses. Again, the seasonality of those businesses is that we invest in the products, we ship them, and then we make milestone collections as we meet performance milestones. I expect those performance milestones to be met as we go through the rest of the year.

所以我們計劃增加我們的庫存和某種好消息情況，它進一步增長了一點。我完全希望在今年餘下的時間裡情況會發生變化。在合同資產方面，這實際上是在我們的國防業務中。同樣，這些業務的季節性是我們投資產品，發貨，然後在達到業績里程碑時製作里程碑系列。我希望在今年餘下的時間裡能夠實現這些績效里程碑。

So again, slightly higher than we had planned. We did get those billings out in early April, and they've already been collected. So I'm not concerned about that. Then the last piece we saw in terms of the first quarter was a slight increase in our receivables, probably about a couple of hundred million dollars.

再次，略高於我們的計劃。我們確實在 4 月初發出了這些賬單，並且已經收到了。所以我對此並不擔心。然後我們在第一季度看到的最後一塊是我們的應收賬款略有增加，可能大約有幾億美元。

And frankly, that's due to the timing of sales. They came a little bit later in March. We'll collect that here in the second quarter. So as we look at the rest of the year and I think about getting from the outflow of $1.4 billion, up to our objective of $4.8 billion or so, here's how I would characterize that walk.

坦率地說，這是由於銷售的時機。他們在三月晚些時候來了。我們將在第二季度在這裡收集。因此，當我們回顧今年剩餘時間時，我考慮從 14 億美元的資金流出，達到我們 48 億美元左右的目標，這就是我如何描述這種情況。

The majority of that is going to come from profit that we've yet to realize. So nearly $5.5 billion, $6 billion there. We expect working capital to be flat year-over-year. So we'll have an improvement of about $2.7 billion, about half of which will come from inventory. We've got some puts and takes, a few hundred million dollars net of taxes and pension and then, of course, a little under $2 billion of capital CapEx left to go in the year. And if you do all that math, you get to about the $4.8 billion.

其中大部分將來自我們尚未實現的利潤。所以將近 55 億美元，那裡有 60 億美元。我們預計營運資金同比持平。所以我們有大約 27 億美元的改進，其中大約一半將來自庫存。我們有一些投入和投入，扣除稅收和養老金後淨值幾億美元，當然，今年還剩下不到 20 億美元的資本支出。如果你做所有這些計算，你會得到大約 48 億美元。

If you look at the fourth quarter of last year, I think we generated about $2.2 billion of cash. So I do expect it to be back ended, but turning cash positive in the second quarter, pretty consistent with what we saw last year, which was in the $750 million range and that's after absorbing about $650 million of incremental cash taxes that we'll pay here in the second quarter because of the R&D impact.

如果你看看去年第四季度，我認為我們產生了大約 22 億美元的現金。所以我確實預計它會結束，但在第二季度轉為正現金，這與我們去年看到的情況非常一致，在 7.5 億美元的範圍內，這是在吸收了大約 6.5 億美元的增量現金稅之後，我們將由於研發影響，第二季度在這裡支付。

So we feel confident in the full year. Obviously, a lot to do, but it's nice to have the inventory given the strength of the demand that we're all seeing here in the business.

因此，我們對全年充滿信心。顯然，有很多工作要做，但鑑於我們在業務中都看到的需求強度，擁有庫存是件好事。

Our next question comes from the line of Sheila Kahyaoglu of Jefferies.

我們的下一個問題來自 Jefferies 的 Sheila Kahyaoglu。

Neil, since you're so good with the numbers and you keep giving us detail, I wanted to ask another one on Pratt performance. What drove the strength in the quarter of 8.3% margins versus the 6% implied for '23? And sort of what drives the lower margins for the year? And how do we think about the aftermarket drop-through given some of the prior commentary on GTF aftermarket? And how do we think about the PwC and military mix as well?

尼爾，既然你對數字非常在行，而且你一直在給我們提供細節，我想問另一個關於普拉特表現的問題。是什麼推動了本季度 8.3% 的利潤率高於 23 年的 6%？是什麼導致了今年較低的利潤率？鑑於之前對 GTF 售後市場的一些評論，我們如何看待售後市場的下降？我們如何看待普華永道和軍事組合？

Four questions. Let me get back and remember them all. So in the first quarter, as I think about the 8.3% margin for Pratt, there are really two things that I would point to. Clearly, we had the drop-through from the aftermarket growth. So you have that.

四個問題。讓我回去記住他們。所以在第一季度，當我想到普拉特 8.3% 的利潤率時，我真的要指出兩件事。顯然，我們從售後市場的增長中受益。所以你有那個。

We also had a favorable contract matter settled. That was about $50 million or $60 million. So that won't repeat, but it was good news. And we also had -- we had year-over-year headwind in negative engine margin of about $50 million. But obviously, I expect as we go through the rest of the year, as I said earlier, about another $250 million of headwind as those engine volumes step up.

我們還解決了有利的合同問題。那大約是 5000 萬或 6000 萬美元。所以這不會重複，但這是個好消息。而且我們也有 - 我們在負引擎利潤率方面遇到了同比逆風約 5000 萬美元。但很明顯，正如我之前所說，我預計在今年餘下的時間裡，隨著這些發動機產量的增加，還會有大約 2.5 億美元的逆風。

So I think that's the Pratt story. We clearly will see the aftermarket continue to grow in the remainder of the year. We'll get good drop-through on that, and that should help to partially offset the negative engine margin headwind that will come with the higher engine deliveries.

所以我認為這就是普拉特的故事。我們顯然會看到售後市場在今年餘下時間繼續增長。我們將在這方面取得很好的進展，這應該有助於部分抵消發動機交付量增加帶來的負發動機利潤逆風。

The other piece of that in terms of thinking about the GTF and time on wing, basically, what I can say is our estimates today contemplate everything that we know about the engine. We feel very comfortable with where we are with our contract accounting. And any challenges in terms of cost or additional resources we need to put into that area are already contemplated in the outlook that we have for Pratt and for RTX as a whole.

在考慮 GTF 和機翼時間方面的另一部分，基本上，我能說的是我們今天的估計考慮了我們對發動機了解的一切。我們對合同會計的現狀感到非常滿意。在我們對 Pratt 和 RTX 整體的展望中，我們已經考慮到我們需要投入該領域的成本或額外資源方面的任何挑戰。

So I don't see that as being a headwind against our expectations for the year. I feel like I missed one of those.

因此，我認為這不會對我們今年的預期造成不利影響。我覺得我錯過了其中一個。

Our next question comes from the line Peter Arment of Baird.

我們的下一個問題來自 Baird 的 Peter Arment。

One question is for Greg or Chris, maybe just focusing on R&D and just $35 billion backlog. I mean you've had some big wins. Obviously, Switzerland was a big one. But maybe if you could just talk a little bit about obviously, customer engagement is very high or probably at its highest levels ever. Maybe you could just talk about kind of the backdrop, the ability to continue to grow backlog or some of the bigger booking opportunities that are still out there?

一個問題是給格雷格或克里斯的，也許只是專注於研發和僅 350 億美元的積壓。我的意思是你已經取得了一些重大勝利。顯然，瑞士是一個大國。但也許如果你能簡單談談，很明顯，客戶參與度非常高，或者可能達到有史以來的最高水平。也許你可以談談背景，繼續增加積壓的能力或仍然存在的一些更大的預訂機會？

Yes. Peter, let me start, and then I'll turn it over to Chris. But look, we had a very, very strong bookings quarter at RMD.

是的。彼得，讓我開始，然後我會把它交給克里斯。但是看，我們在 RMD 有一個非常非常強勁的預訂季度。

Obviously, the Patriot $1.2 billion for Switzerland, that's a war we've been working on for a number of years. It's the 18th country to be a Patriot operator. But we see continuing demand that even is still not in the backlog. We know -- for instance, so far, we've only seen about $2 billion of awards related to Ukraine munitions replenishment.

顯然，愛國者為瑞士投入了 12 億美元，這是一場我們多年來一直致力於的戰爭。這是第 18 個成為愛國者運營商的國家。但我們看到持續的需求，甚至還沒有積壓。我們知道——例如，到目前為止，我們只看到與烏克蘭彈藥補給有關的大約 20 億美元的獎勵。

We expect that we'll see more of that coming up later this year and into next year. We also know that as LTAMS, which is the Patriot upgrade system, is certified later this year, that we'll start to see orders internationally for LTAMS also start to pick up as well as the U.S. DoD.

我們預計我們會在今年晚些時候和明年看到更多此類內容。我們還知道，隨著愛國者升級系統 LTAMS 在今年晚些時候獲得認證，我們將開始看到 LTAMS 的國際訂單也開始增加，美國國防部也是如此。

We're also, I think, going to see very strong bookings on SPY-6. And SPY-6 is the new radar system for the Navy. We've had the initial low rate production contract on that, but again, much more to come on SPY-6, not just this year but into the future. On top of that, of course, AMRAAM continues to be very, very solid. There's Tomahawk, which will eventually be replaced by the LRS. So the fact is the backlog at RMD is only going to grow, we think, over the next couple of years.

我認為，我們還將看到 SPY-6 的預訂量非常大。 SPY-6 是海軍的新型雷達系統。我們已經就此簽訂了最初的低利率生產合同，但同樣，SPY-6 還會有更多，不僅是今年，而且是未來。當然，最重要的是，AMRAAM 仍然非常非常可靠。有戰斧，最終將被 LRS 取代。所以事實是，我們認為，在接下來的幾年裡，RMD 的積壓只會增加。

I think, again, one of the issues that RMD has, if you will, is you're going to see lower margins on some of these new development contracts, which is depressing the margin this year and next. That will start to turn around as we get into 2025, but it's going to take some time, but that is going to grow.

我再次認為，如果你願意的話，RMD 面臨的一個問題是，你會看到其中一些新開發合同的利潤率較低，這會壓低今年和明年的利潤率。隨著我們進入 2025 年，這種情況將開始好轉，但這需要一些時間，但這種情況將會增長。

And the other piece of the puzzle we don't really talk a lot about is the other international customers. Right now, our international sales in RMD are only about 30%. That's below historical levels. That should also improve as we get into LTAMS, the next generation of AMRAAM delivery.

我們並沒有真正談論太多的另一個難題是其他國際客戶。目前，我們在 RMD 的國際銷售額僅佔 30% 左右。這低於歷史水平。隨著我們進入 LTAMS，即下一代 AMRAAM 交付，這也應該有所改善。

So lots of good news out there. And for us, it's just a question of getting it out the door at this point. As Chris mentioned, we still are constrained from a supply chain standpoint, although it's getting a hell of a lot better. We still have work to do, and we talked about structural castings with Pratt. For RMD, it's all about rocket motors. And that impacts TOW, that impacts Javelin, that impacts Stingers, that impacts SM6, SM3. So again, as we work through those supply chain issues on rocket motors that should also drive extraordinary growth in the top line over the next couple of years.

那裡有很多好消息。對我們來說，現在只是將其推出的問題。正如 Chris 提到的，從供應鏈的角度來看，我們仍然受到限制，儘管它已經好得多了。我們還有工作要做，我們和 Pratt 討論了結構鑄件的問題。對於 RMD，一切都與火箭發動機有關。這會影響 TOW，會影響 Javelin，會影響 Stingers，會影響 SM6、SM3。再次重申，當我們解決火箭發動機的供應鏈問題時，這些問題也應該會在未來幾年推動收入的非凡增長。

Our next question comes from the line of Ron Epstein of Bank of America.

我們的下一個問題來自美國銀行的 Ron Epstein。

A question that's come up a lot among investors is when you think about the GTF and its variance. And all the long-term contracts that have been sold with it. Correct me if I'm wrong, it was about 80% of those engines have been sold with the long-term contracts?

投資者經常提出的一個問題是，當您考慮 GTF 及其方差時。以及與它一起出售的所有長期合同。如果我錯了，請糾正我，大約 80% 的發動機是通過長期合同出售的？

Correct.

正確的。

And you're having this time on wing issues. Like you mentioned to Sheila, it's not an issue this year. But as we go out over time, how can we get confidence that those contracts were actually priced right, particularly the ones that were put in place earlier in the program?

而你這段時間在機翼問題上。就像你對希拉提到的，今年這不是問題。但隨著時間的推移，我們如何才能確信這些合同的價格實際上是正確的，尤其是那些在項目早期就已落實的合同？

Ron, let me -- I'll turn it over to Chris. Obviously, Chris is intimately familiar with this having run the commercial engine business in Pratt. I would say, the one bright spot is most of those contracts were 8 to 10 years in length.

羅恩，讓我——我會把它交給克里斯。顯然，克里斯在普拉特經營商業發動機業務後對此非常熟悉。我想說的是，一個亮點是這些合同中的大部分都是 8 到 10 年的。

If you think about it, they were -- this engine was introduced back in 2015. So as you think about the long-term outlook, I am very confident margins are going to improve because we'll have a chance to relook at some of those contracts. But obviously, there's a challenge today with margins because time on wing is not what we expected it to be.

如果你考慮一下，他們是——這個引擎是在 2015 年推出的。所以當你考慮長期前景時，我非常有信心利潤率會提高，因為我們將有機會重新審視一些那些合同。但顯然，今天的利潤率面臨挑戰，因為機翼時間不是我們預期的那樣。

Reliability and durability are the two issues. And reliability is great. 99.98% dispatch reliability. Time on weighing is the challenge. But again, I think as Chris explained, we've got some solutions to that, which we'll see over the next couple of years.

可靠性和耐用性是兩個問題。而且可靠性很好。 99.98% 的調度可靠性。稱重時間是一個挑戰。但是，我認為正如 Chris 所解釋的那樣，我們已經找到了一些解決方案，我們將在未來幾年內看到這些解決方案。

Yes. And just to build on that, Ron, this is Chris. This is why that we are running as fast as we can to continue to insert upgrades into the fleet during shop visits. We've talked before about the sort of the block D upgrades, which are really aimed at combustor hot section, improving time on wing in those areas.

是的。在此基礎上，羅恩，這是克里斯。這就是為什麼我們盡可能快地運行以繼續在商店訪問期間將升級插入車隊。我們之前已經討論過 Block D 升級的類型，這些升級實際上是針對燃燒室熱區，改善這些區域的機翼時間。

That's only about 50% of the way through the fleet in terms of those upgrades. And so again, we've had some part constraints and shortages and labor in our MRO network, which has which has impacted our ability to output MRO to the levels that we and our customers want, which is why we're adding more capacity to that MRO network.

就這些升級而言，這只是艦隊的大約 50%。因此，我們的 MRO 網絡再次遇到了一些零件限制、短缺和勞動力，這影響了我們將 MRO 輸出到我們和我們的客戶想要的水平的能力，這就是為什麼我們要增加更多的能力那個 MRO 網絡。

You heard me talk about the new Japanese facility, Delta, obviously, a top-tier provider joining the network helpful there as well. So adding capacity to networks where we continue to accelerate these upgrades and improve the time on wing.

你聽我談過新的日本設施，達美航空，顯然，加入該網絡的頂級供應商也對那裡有幫助。因此，增加網絡容量，我們將繼續加速這些升級並改善機翼時間。

At the end of the day, that's what it's all about. In addition to the contract mix that Greg talked about, it's also about accelerating our repair development, making sure that we've got a full suite of repairs in our MRO networks so that we're not always having to replace parts. We can repair parts at a better cost and improve turn times.

歸根結底，這就是全部。除了 Greg 談到的合同組合之外，它還涉及加快我們的維修開發，確保我們的 MRO 網絡中有全套維修，這樣我們就不必總是更換零件。我們可以以更低的成本維修零件並縮短周轉時間。

And if I may, as a follow-on to this question, same thing. My understanding is the gear is just fine. It's the other stuff that's wearing out quicker. How did that happen? Because it was -- everybody was worried about the gear, not the other stuff.

如果可以的話，作為這個問題的後續問題，同樣的事情。我的理解是齒輪很好。是其他東西磨損得更快。那是怎麼發生的？因為它是——每個人都擔心裝備，而不是其他東西。

I think to your point, Ron, the gear has proved to be extremely reliable. We have not seen a gear failure out there in any of the 3,000 engines or so that we've delivered. But again, we're operating in some very harsh environments. And I would tell you that we probably didn't spend enough time testing for those harsh environments, specifically places like India.

我認為就你的觀點而言，羅恩，該裝置已被證明是極其可靠的。在我們交付的大約 3,000 台發動機中，我們還沒有發現齒輪故障。但同樣，我們在一些非常惡劣的環境中運作。我會告訴你，我們可能沒有花足夠的時間來測試那些惡劣的環境，特別是像印度這樣的地方。

And that's where we've seen the lower life on the combustor. We've seen some lower life the turbine blades just because of the harsh conditions there. So as we move forward to Chris' point, we have the advantage coming online. It's got a lot more testing. It's got all the learnings from the existing fleet. This should be significantly more durable out there in terms of time on wing. It's going to take us a couple of years before we can get all of those upgrades introduced.

這就是我們看到燃燒器壽命較低的地方。由於那裡的惡劣條件，我們已經看到渦輪葉片的壽命有所縮短。因此，當我們推進到克里斯的觀點時，我們有上線的優勢。它有更多的測試。它吸取了現有艦隊的所有經驗。就機翼時間而言，這應該更加耐用。我們需要幾年時間才能引入所有這些升級。

To your point, Greg, and Ron, you're 100% right, the gear and the fuel burn performance have been spot on in meeting expectations. Keep in mind, this was a new architecture, and we've had some learnings along the way.

就您的觀點而言，格雷格和羅恩，您是 100% 正確的，齒輪和燃油燃燒性能已經達到預期。請記住，這是一個新架構，我們在此過程中學到了一些東西。

The only thing I'll remind you, I kind of mentioned this in my remarks, we had a similar journey on the V2500. And it took us a while to get to the levels today that people are enjoying on the V2500. Big difference, of course, has been the ramp up on the GTF has been massive ramp versus when the V went into service. So there's a little bit more, I would say, time and buffer to help manage that fleet as it was entering into service. But the playbook is there on the V. We've got to follow it the GTF.

我唯一要提醒你的是，我在發言中提到了這一點，我們在 V2500 上也有過類似的經歷。我們花了一段時間才達到人們今天在 V2500 上享受的水平。當然，與 V 投入使用時相比，GTF 的提升幅度很大。因此，我想說，還有更多的時間和緩衝來幫助管理該艦隊，因為它正在投入使用。但是劇本就在 V 上。我們必須在 GTF 中遵循它。

Our next question comes from the line of David Strauss of Barclays.

我們的下一個問題來自巴克萊銀行的大衛施特勞斯。

Greg, specifically on the MAX, I think you previously commented that the expectation around Collins and the OE growth rate there was for the MAX to be in the low 30s for you all for the full year. Is that still what you're thinking even with the new issues that have developed here?

格雷格，特別是關於 MAX，我想你之前評論過，柯林斯的預期和 OE 增長率對你們所有人來說全年都在 30 多歲左右。即使這裡出現了新問題，您仍然是這麼想的嗎？

And then second part of the question, just on rocket motors. Your view of the potential Aerojet acquisition by LHX and how that potentially could improve things in terms of rocket motor availability?

然後是問題的第二部分，關於火箭發動機。您對 LHX 可能收購 Aerojet 的看法，以及這將如何改善火箭發動機的可用性？

Yes. In terms of 737 MAX, I think current production rate is about 31 a month. Boeing had talked about moving that up to 37 a month by the end of the year. I would tell you, Collins is right now, I think we're all set at the 31 a month. And it might get a little bit better during the course of the year. But I think, again, that wouldn't be an issue in terms of our ability to ramp production to meet that.

是的。就737 MAX而言，我認為目前的生產速度大約是每月31架。波音公司曾談到在年底前將這一數字提高到每月 37 架。我會告訴你，柯林斯現在是，我想我們都準備好每月 31 次了。在這一年中它可能會好一點。但我再次認為，就我們提高產量以滿足這一要求的能力而言，這不是問題。

But right now, again, I think Boeing has got some challenges. We'll hear what they have to say here in another day or so. But we're, I would say, in constant contact with both Boeing and Airbus on OEM rates both at Pratt and at Collins. So no surprises there to think of or to talk about.

但是現在，我認為波音再次遇到了一些挑戰。改天我們會在這裡聽聽他們要說什麼。但我要說的是，我們在普拉特和柯林斯的 OEM 費率方面一直與波音和空客保持聯繫。因此，沒有什麼可以想到或談論的驚喜。

As far as rocket motors, obviously, the potential acquisition by L3 Harris of rocket is something that we have been discussing. There's always a concern, I think, when you have one of your key suppliers going through a merger or an acquisition is that they lose focus on delivering and quality. And we are, again, laser focused. We've got folks out at Aerojet Rocketdyne every single day. We'll see what happens. I know there's a second request right now with L3 Harris as it relates to their potential acquisition. And we have been obviously in contact with everyone as it relates to that.

就火箭發動機而言，顯然，我們一直在討論 L3 Harris 對火箭的潛在收購。我認為，當您的主要供應商之一進行合併或收購時，人們總是擔心他們會失去對交付和質量的關注。我們再次專注於激光。我們每天都有人在 Aerojet Rocketdyne 工作。我們將看看會發生什麼。我知道 L3 Harris 現在有第二個請求，因為它與他們的潛在收購有關。很明顯，我們已經與與此相關的每個人保持聯繫。

So we'll have to see what happens. But I would tell you, in the current antitrust environment, no deal is certain until it is actually done. So we'll have to see how this plays out and make sure that, again, the Aerojet Rocketdyne continues to focus on delivery and not get distracted by this deal.

所以我們必須看看會發生什麼。但我要告訴你，在當前的反壟斷環境下，任何交易在真正完成之前都不確定。因此，我們必須看看結果如何，並再次確保 Aerojet Rocketdyne 繼續專注於交付，而不會因這筆交易而分心。

Our next question comes from the line of Rob Spingarn of Melius Research.

我們的下一個問題來自 Melius Research 的 Rob Spingarn。

Neil, just going back to Collins. And I think in 2019, about 40%, 45% of the aftermarket there was from wide-bodies. I wanted to see if you could update us on where that is now? And how it's trending relative to narrow bodies, maybe this year and next?

尼爾，剛回到柯林斯。我認為在 2019 年，大約 40%、45% 的售後市場來自寬體機。我想看看你是否可以更新我們現在的位置？以及它相對於窄體的趨勢如何，也許今年和明年？

Thanks for the question, Rob. I think what I would say about the growth at Collins right now is the majority of it is still coming from the narrow-body. We have started to see wide-body begin to improve. I don't have the exact number in front of me on that mix today. But as we think about the wide-body environment, those volumes are coming up, I would say, particularly seeing that in the interiors business on the OE side, as they continue to take those production levels up.

謝謝你的問題，羅伯。我想我現在要說的是柯林斯的增長大部分仍然來自窄體飛機。我們已經開始看到寬體飛機開始改善。今天我沒有關於那個混音的確切數字。但當我們考慮寬體環境時，我會說，這些數量正在上升，特別是在 OE 方面的內飾業務中，因為它們繼續提高這些生產水平。

And as you said, today, I think Collins is more in the -- on the OE side, probably about 30% of their OE sales relate to wide-body with about 40% from narrow-body. And then on the aftermarket side -- I'm sorry, -- let me just stop there. I think that's enough for those numbers right now.

正如你所說，今天，我認為柯林斯更多地是在 - 在 OE 方面，他們的 OE 銷售額中大約有 30% 與寬體相關，約 40% 來自窄體。然後在售後市場方面——對不起，——讓我就此打住。我認為現在這些數字已經足夠了。

Okay. If I could just ask for a follow -- just a follow-up to Ron's question on the GTF losses on the -- on engine delivery. And I think you mentioned recently somewhere that, that's about $1 million per engine. Yes. How much of that is learning curve versus need for new productivity versus volume? In other words, which of those three things will improve the most?

好的。如果我可以要求跟進 - 只是跟進 Ron 關於發動機交付的 GTF 損失的問題。我想你最近在某個地方提到過，每個引擎大約需要 100 萬美元。是的。其中有多少是學習曲線與對新生產力的需求與數量的關係？換句話說，這三件事中哪一個會改善最多？

Volume. Clearly, volume, as we continue to ramp back up to levels that we saw pre-pandemic, are going to be the tailwind, if you will, on a per engine reduction in negative engine margin. As you'll recall, we were already producing in the high 50s rate as we kind of entered into 2020.

體積。顯然，隨著我們繼續回升到大流行前的水平，銷量將成為順風，如果你願意的話，每台引擎的負引擎利潤率都會降低。你會記得，當我們進入 2020 年時，我們已經以 50 年代的高速度生產。

And when you think about the headwind we saw here in the first quarter on 40% higher volume, we're getting good absorption as we continue to take up those engine volumes. I expect that to continue.

當你想到我們在第一季度看到的不利因素，即產量增加 40% 時，隨著我們繼續佔用這些引擎量，我們得到了很好的吸收。我希望這種情況繼續下去。

We're always working productivity. We're working productivity to offset the growing costs that we're seeing, particularly on the casting side. So we're doing all of those things. But I would say, what's going to drop to the bottom line is going to be driven by that higher volume and the absorption that comes from that.

我們一直在努力提高生產力。我們正在努力提高生產率，以抵消我們看到的不斷增長的成本，尤其是在鑄造方面。所以我們正在做所有這些事情。但我會說，將下降到底線的是更高的交易量和由此產生的吸收。

Our next question comes from the line of Ken Herbert of RBC.

我們的下一個問題來自 RBC 的 Ken Herbert。

I wanted to stay on Collins' aerospace for a minute. The first quarter aftermarket numbers were continuing to be pretty strong. You're seeing better pricing. Is it fair to assume that there's upside to sort of the full year aftermarket expectations within Collins? Or how do we see sort of the remainder of the year progressing with tough comps, but with still very strong fundamentals in demand?

我想在柯林斯的航天飛機上停留一分鐘。第一季度售後市場數據繼續相當強勁。你看到更好的定價。假設柯林斯對全年售後市場的預期有上升空間是否公平？或者我們如何看待今年餘下時間在艱難的競爭中取得進展，但需求的基本面仍然非常強勁？

Thanks for that question, Ken. Clearly, the first quarter was a good strong start. Collins has a lot of operating profit growth in our year-over-year plan between $750 million and $825 million, and certainly seeing a little over $200 million of that happened in the first quarter was encouraging.

謝謝你提出這個問題，肯。顯然，第一季度是一個良好的開端。柯林斯在我們的年度計劃中有很大的營業利潤增長，在 7.5 億美元到 8.25 億美元之間，當然看到第一季度發生的 2 億美元多一點是令人鼓舞的。

And I think when you look at the provisioning numbers that we saw from Collins, very strong, obviously. I think a lot of that was driven by these airlines getting ready to put their fleets up in the air and be prepared to continue to fly through the summer travel season.

而且我認為，當您查看我們從 Collins 看到的供應數字時，顯然非常強勁。我認為這在很大程度上是由這些航空公司準備好讓他們的機隊起飛並準備在夏季旅遊旺季繼續飛行所推動的。

It's certainly a watch item today, I would say. Our aftermarket outlook for Collins is in the low teens plus range. So certainly, a positive indicator, but it's one quarter into the year. It's a little early to kind of take those numbers up. But certainly, if they continue at this level, there will be goodness. And we'll see that goodness drop to the bottom line.

我會說，今天它肯定是一個手錶項目。我們對 Collins 的售後市場展望處於十幾歲以下。當然，這是一個積極的指標，但現在已經是今年的四分之一了。現在考慮這些數字還為時過早。但可以肯定的是，如果他們繼續保持這個水平，就會有好處。我們會看到善良降到底線。

But certainly, a great start driven by all the right things. The China reopening certainly gave a boost in the first quarter for Collins. And as we see, OE deliveries continued to at least stabilize and grow as the year goes on. And I think that too will add some tailwind there. But a little early to kind of give a bigger number at this point.

但可以肯定的是，這是一個由所有正確的事情驅動的良好開端。中國的重新開放無疑在第一季度為柯林斯帶來了提振。正如我們所看到的，隨著時間的推移，OE 交付至少繼續穩定並增長。而且我認為這也會在那裡增加一些順風。但是現在給出更大的數字有點早。

Our next question comes from the line of Cai von Rumohr of Cowen.

我們的下一個問題來自 Cowen 的 Cai von Rumohr。

So two issues at Pratt. First, you mentioned NEM was $50 million in the first quarter. Deliveries were up 48, so that's a little more than $1 million a unit. And yet if we look at the back part of the year, it should be another $50 million to $70 million, something like that. And so why does NEM go up to $250 million? That seems an acceleration in the level per unit.

所以普拉特有兩個問題。首先，您提到第一季度 NEM 為 5000 萬美元。交付量增加了 48 台，即每台 100 萬美元多一點。然而，如果我們看看今年的下半年，它應該是另外 5000 萬到 7000 萬美元，類似的東西。那麼為什麼 NEM 會漲到 2.5 億美元呢？這似乎是每單位水平的加速。

And secondly, your aftermarket in the first quarter, up 14%. If I take out price, you're probably flat to up 1%. And I recognize it's a tough year-over-year compare. Why was it so low? And is part of that the casting shortage and having to allocate parts to OE?

其次，你們的售後市場在第一季度增長了 14%。如果我去掉價格，你可能持平到上漲 1%。而且我認識到這是一個艱難的同比比較。為什麼這麼低？鑄件短缺和必須將零件分配給 OE 是其中的一部分嗎？

So let me take the first one. I think we can take it offline, Cai, and Jennifer can help you a little bit.

所以讓我拿第一個。我認為我們可以將其離線，Cai，Jennifer 可以為您提供一點幫助。

But I think as we look at the volume uptick as we go through the rest of the year, you'll find that when you combine that with the mix of new and spare engines that our negative engine margin is stable, if not reducing a little bit. So I feel good about that. There's a number of different engine families that make that up.

但我認為，當我們觀察今年剩餘時間的銷量上升時，你會發現，當你將其與新引擎和備用引擎的組合結合起來時，我們的負引擎利潤率即使沒有減少一點也很穩定少量。所以我對此感覺很好。有許多不同的發動機系列構成了它。

So we don't see any issues there in terms of cost headwinds or degradation on a per engine basis as the rest of the year goes. As you think about the aftermarket, a couple of thoughts there. I had mentioned that we were addressing and dealing with material flow and availability. Certainly, the castings are playing a part in that in terms of allocations amongst MRO and OE deliveries.

因此，在今年餘下的時間裡，我們在每台發動機的成本逆風或退化方面看不到任何問題。當您考慮售後市場時，有一些想法。我曾提到我們正在解決和處理物料流和可用性問題。當然，鑄件在 MRO 和 OE 交付之間的分配方面發揮了作用。

But we did see price improvements in the Pratt & Whitney portfolio as we do every year, and the volume is also dropping through. The content on the shop business is also stepping up across almost all segments of Pratt & Whitney, large and the small engine business as well.

但我們確實看到 Pratt & Whitney 產品組合的價格每年都在上漲，而且銷量也在下降。商店業務的內容也在普惠公司的幾乎所有部門、大型和小型發動機業務中得到加強。

So we're seeing the right momentum there. And I do expect that as we continue to see the casting improvements alleviate as the year goes on, you'll see that also drop through in the top and bottom line.

所以我們在那裡看到了正確的勢頭。而且我確實希望，隨著時間的推移，我們繼續看到鑄造改進有所緩解，你會看到頂部和底部線也會下降。

Yes. I mean, Cai, the key for Pratt in terms of the aftermarket really goes back to V2500. And we see very strong input. I think shop visits were up more than 10% here in the quarter. So the pricing is a part of it, to Neil's point, but really, it is the volume coming back into the shops as these engines are flying more.

是的。我的意思是，蔡，普拉特在售後市場方面的關鍵真的可以追溯到 V2500。我們看到了非常強大的投入。我認為本季度這裡的商店訪問量增長了 10% 以上。所以定價是其中的一部分，就尼爾的觀點而言，但實際上，隨著這些引擎飛得更多，它是返回商店的數量。

At this time, I'd like to turn the call over to Greg Hayes for any closing remarks. Sir?

此時，我想將電話轉給 Greg Hayes 以聽取任何結束語。先生？

Well, thank you, everyone, for listening in today. As always, Jennifer and her team will be around to answer all of your questions over the next couple of days. Thanks again for listening and take care. We'll see you. Bye.

嗯，謝謝大家今天的收聽。與往常一樣，Jennifer 和她的團隊將在接下來的幾天內回答您的所有問題。再次感謝您的聆聽和保重。我們將會見你。再見。

This now concludes today's conference. You may now disconnect.

今天的會議到此結束。您現在可以斷開連接。