雷神技術公司 (RTX) 2024 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the RTX First Quarter 2024 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，大家好，歡迎參加 RTX 2024 年第一季財報電話會議。我叫拉蒂夫，今天我將擔任您的接線生。提醒一下，本次會議正在錄音以供重播。

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

參加今天電話會議的有：董事長兼執行長 Greg Hayes；總裁兼營運長 Chris Calio；尼爾米切爾 (Neil Mitchill)，財務長；以及投資者關係副總裁珍妮佛里德（Jennifer Reed）。本次電話會議正在網路上進行現場直播，您也可以從 RTX 網站 www.rtx.com 下載簡報。

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. RTX 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.

請注意，除非另有說明，公司將談論持續經營的結果，不包括收購會計調整和管理層通常稱為其他重要項目的淨非經常性和/或重要項目。該公司還提醒聽眾，本次電話會議中提供的盈利和現金流預期以及任何其他前瞻性陳述都存在風險和不確定性。 RTX SEC 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聲明中預期的結果有重大差異的重要因素。

(Operator Instructions) With that, I will turn the call over to Mr. Hayes.

（操作員指示）說完這些，我將把電話轉給海斯先生。

Thanks, and good morning, everyone. As you all know, next week at our Annual Shareowners' Meeting, I'll be stepping down as CEO and turning the reins over to Chris Calio.

謝謝，大家早安。大家知道，下週在我們的年度股東大會上，我將辭去執行長一職，並將權力移交給 Chris Calio。

For the past 2 years, Chris has had responsibility for leading our three business units: Pratt & Whitney, Collins and Raytheon. There's no better evidence of his success than our results this quarter with strong sales and operating profit growth and a record backlog of over $200 billion.

在過去的兩年裡，克里斯一直負責領導我們的三個業務部門：普惠公司、柯林斯公司和雷神公司。本季的業績表現強勁，銷售額和營業利潤均有成長，訂單積壓金額達到創紀錄的 2,000 多億美元，這就是他成功的最佳證據。

I'll be back at the conclusion of the call for some final comments. But let me turn it over to Chris right now to give you an overview of the company and our first quarter performance. Chris?

會議結束後我會回來做一些最後的評論。但現在讓我把時間交給克里斯，讓他向大家概述公司的狀況和我們第一季的表現。克里斯？

Thank you, Greg, and good morning, everyone. First, I want to acknowledge and express my appreciation for Greg's leadership. He has created significant value over the last decade as CEO and has shaped RTX into the best portfolio in A&D with our three industry-leading businesses, leaving a strong foundation for our continued success.

謝謝你，格雷格，大家早安。首先，我要承認並表達對格雷格領導能力的讚賞。他在擔任執行長的十年中創造了巨大的價值，並透過三大行業領先業務將 RTX 打造成為 A&D 領域的最佳投資組合，為我們持續的成功奠定了堅實的基礎。

Before we discuss our first quarter, I want to spend a few moments on the strength of this foundation and how we plan to build upon it in 2024 and beyond. Now I know we've highlighted it before, but I think it's worth repeating. Collins is an industry leader, #1 or #2 on 70% of its product portfolio and has an off-warranty installed base of $100 billion, which will create decades of aftermarket growth.

在我們討論第一季之前，我想花一點時間談談這個基礎的優勢以及我們計劃如何在 2024 年及以後在此基礎上再接再厲。我知道我們之前已經強調過這一點，但我認為值得重複一遍。柯林斯是行業領先者，70% 的產品組合位居第一或第二，並且擁有 1000 億美元的保固期外安裝基數，這將創造數十年的售後市場成長。

At Pratt, the large commercial engine business has an installed base of 12,000 engines and a backlog of over 10,000 GTFs, which will also drive growth for decades to come. But Pratt is much more than the GTF. Pratt & Whitney Canada remains the premier small engine business with sole-source positions on over 200 platforms and 63,000 engines in service, which also comes with long aftermarket tails. And Pratt's military engine business is set to power the F-35 and B-21 bomber well into the future.

普惠的大型商用發動機業務已安裝12,000台發動機，並積壓了超過10,000台GTF發動機，這也將推動未來幾十年的成長。但普拉特遠不止於 GTF。普惠加拿大公司仍然是全球領先的小型發動機企業，在超過 200 個平台和 63,000 台在役發動機上擁有獨家供應地位，並且還擁有長期的售後市場供應。普惠的軍用發動機業務將為未來的 F-35 和 B-21 轟炸機提供動力。

At Raytheon, our defense franchises are essential to the U.S. and our allies as they confront the threats of today and tomorrow with programs like the Patriot air defense system, GEM-T, NASAMS, SPY-6 radars, AMRAAM, Tomahawk and the Standard Missile family and future technologies like LTAMDS, hypersonics and LRSO, the Long-Range Standoff cruise missile.

在雷神公司，我們的國防特許經營對於美國及其盟友至關重要，因為他們需要使用愛國者防空系統、GEM-T、NASAMS、SPY-6 雷達、AMRAAM、戰斧和標準飛彈系列等項目以及 LTAMDS、高超音速和 LRSO（遠程防區外巡航飛彈）等未來技術來應對當前和未來的威脅。

So as we move forward, our focus will continue to be transforming RTX from the best portfolio in A&D into the best company in A&D. This means being recognized by our customers as a trusted partner that executes on its commitments. It means leveraging our core operating system to help drive operational excellence in terms of quality and cost. It means being the provider of differentiated technologies that create a competitive advantage. And it means converting all of these attributes into best-in-class financial performance and long-term shareholder value.

因此，隨著我們不斷前進，我們的重點將繼續是將 RTX 從 A&D 領域的最佳投資組合轉變為 A&D 領域中最好的公司。這意味著我們被客戶認可為履行承諾的值得信賴的合作夥伴。這意味著利用我們的核心作業系統來幫助推動品質和成本的卓越營運。這意味著成為創造競爭優勢的差異化技術的提供者。這意味著將所有這些屬性轉化為一流的財務表現和長期股東價值。

All right. With that, let me move to the quarter on Slide 2. We've gotten off to a strong start to the year with organic sales up 12%, segment operating profit up 10% and free cash flow in line with our expectations. Commercial OE was up 33% across RTX, driven by continued strong demand for new aircraft. And commercial aftermarket was up 11% as we continue to see strong growth in both domestic and international RPKs.

好的。說完這些，讓我轉到投影片 2 的季度業績。今年我們取得了良好的開端，有機銷售額成長 12%，分部營業利潤成長 10%，自由現金流符合我們的預期。受新飛機需求持續強勁的推動，RTX 的商業 OE 成長了 33%。由於國內和國際 RPK 繼續強勁成長，商業售後市場成長了 11%。

So clearly, the commercial aero demand is there. But as you all know, the industry is still working through supply chain constraints and other challenges, which is leading to some OE production rate uncertainty. And this will continue to be a watch item for us for the year.

顯然，商業航空需求是存在的。但眾所周知，該行業仍在努力克服供應鏈限制和其他挑戰，這導致一些 OE 生產率的不確定性。這將繼續是我們今年關注的項目。

On the defense side, we delivered 7% growth year-over-year and ended the quarter with a defense book-to-bill of 1.05 and a backlog of $77 billion. We're pleased the fiscal year 2024 spending bills have been enacted and provide $886 billion in defense spending, which is up 3%.

在國防方面，我們實現了年增 7%，本季末國防訂單出貨比為 1.05，積壓訂單金額為 770 億美元。我們很高興2024財年支出法案已經頒布，並提供8,860億美元的國防開支，成長3％。

But more importantly, the budget supports our key programs and technologies, including next-generation propulsion, critical munitions and upgrades to the F135, ensuring it remains the only engine powering every variant of the F-35 Joint Strike Fighter. The budget also supports investment in key capabilities to address current and future threats such as systems that counter unmanned aircraft and hypersonics, where RTX provides leading technologies.

但更重要的是，預算支持我們的關鍵項目和技術，包括下一代推進系統、關鍵彈藥和 F135 的升級，確保它仍然是 F-35 聯合攻擊戰鬥機每個型號的唯一引擎。該預算還支持對應對當前和未來威脅的關鍵能力進行投資，例如對抗無人機和高超音速的系統，其中 RTX 提供領先的技術。

And we are encouraged by the progress on the Ukraine supplemental bill, which the DoD will use to further deepen critical U.S. munition stockpiles, such as TOW, Javelin and Excalibur, and provide needed air defense capabilities to the region with NASAMS and Patriot. Internationally, we continue to see heightened demand from U.S. allies. In the quarter, Raytheon was awarded a $1.2 billion contract to supply Germany with additional Patriot air and missile defense systems.

我們對烏克蘭補充法案的進展感到鼓舞，國防部將利用該法案進一步加強美國關鍵彈藥庫存，如陶式飛彈、標槍飛彈和王者之劍飛彈，並透過 NASAMS 和愛國者飛彈為該地區提供所需的防空能力。在國際上，我們繼續看到美國盟友的需求不斷增加。本季度，雷神公司獲得了一份價值 12 億美元的合同，為德國提供更多的愛國者防空和飛彈防禦系統。

Okay. Let me move beyond the end market dynamics and talk about some of our critical initiatives, and I'll start with an update on the GTF fleet management plan. We continue to stay on track here, and our financial and operational outlook remain consistent with our prior comments. As you may have seen, in March, the GTF airworthiness directives were issued and are consistent with our service bulletins and service instructions. On the technical side, the results from the ultrasonic angle scan inspections have all been in line with our initial expectations and assumptions.

好的。讓我超越終端市場動態，談談我們的一些關鍵舉措，我將首先介紹 GTF 車隊管理計畫的最新情況。我們將繼續保持正軌，我們的財務和營運前景與我們先前的評論保持一致。正如您可能已經看到的，3月份，GTF適航指令已經發布，並且與我們的服務公告和服務說明一致。從技術方面來看，超音波角度掃描檢查的結果都符合我們最初的預期和假設。

With regard to new engine production, as we said on our last call, all GTF engines being delivered to our customers' final assembly lines have full-life HPC and HPT discs. And on the MRO side, we have started the process of incorporating full-life discs into certain engine overhauls. And as we previously said, we expect to progressively ramp this effort throughout the year. In addition, the PW1100 engine shop visits completed in the quarter were in line with our plan and up 50% year-over-year.

關於新引擎的生產，正如我們在上次電話會議中所說，交付到客戶最終裝配線的所有 GTF 引擎都配備了全壽命的 HPC 和 HPT 盤。在 MRO 方面，我們已經開始將全壽命煞車碟盤納入某些引擎大修之中。正如我們之前所說，我們希望全年逐步加大這一力度。此外，本季完成的 PW1100 引擎維修符合我們的計劃，年增 50%。

With regard to overhaul turnaround time, our average wing-to-wing turnaround time assumptions remain consistent with our prior guidance of roughly 250 to 300 days. With the ADs now issued, we are now essentially at our peak AOG level. We continue to expect an average of roughly 350 AOGs from 2024 through 2026. And lastly, we have reached support agreements with nine of our customers. And these are in line with our assumptions.

關於大修週轉時間，我們的平均翼對翼週轉時間假設與我們先前的指導（大約 250 到 300 天）保持一致。隨著 AD 的發布，我們現在基本上處於 AOG 峰值。我們預計 2024 年至 2026 年期間平均 AOG 次數將達到約 350 次。最後，我們已經與 9 位客戶達成了支援協議。這些都符合我們的假設。

And with that, let's turn to Slide 3, and I'll share a bit more on how we're leveraging our CORE operating system and digital transformation to drive quality, efficiency and productivity. As I said before, our CORE operating system is all about driving continuous improvements that compound over time to create a significant impact on our business.

接下來，讓我們轉到投影片 3，我將進一步分享我們如何利用 CORE 作業系統和數位轉型來提高品質、效率和生產力。正如我之前所說，我們的核心作業系統致力於推動持續改進，隨著時間的推移，這些改進會對我們的業務產生重大影響。

Let me give you a few recent examples. Our nacelle business within Collins deployed CORE across 7 factories that support the A320neo program, resulting in an 8% improvement in on-time delivery and a 17% improvement in quality. And at Raytheon, on the TPY-2 program, which is a radar designed to detect and intercept ballistic missiles, we leveraged CORE practices to help double first pass yield on high-volume circuit cards, resulting in a 40% reduction in manufacturing hours per unit and improved on-time delivery.

讓我舉幾個最近的例子。柯林斯的短艙業務在支援 A320neo 項目的 7 家工廠部署了 CORE，從而使準時交貨率提高了 8%，品質提高了 17%。在雷神公司的 TPY-2 項目中，這是一種用於探測和攔截彈道飛彈的雷達，我們利用 CORE 實踐來幫助將大批量電路卡的首次通過率提高了一倍，從而使每個單元的製造時間減少了 40%，並提高了準時交付率。

We also remain committed to enhancing our factories through digitization, automation and connected equipment. Last year, we connected 20 factories and have another 20 planed to be completed by the end of this year. Once fully connected, these factories will achieve improved overall equipment efficiency, better quality and ultimately higher output.

我們也將繼續致力於透過數位化、自動化和連網設備來增強我們的工廠。去年我們連接了20家工廠，另外20家計​​劃在今年底完成。一旦全面連接，這些工廠將實現整體設備效率的提高、品質的提高和最終產量的提高。

And lastly, we will continue to invest both directly and indirectly through RTX Ventures and our cross-company technology roadmaps to develop differentiated technologies to fill our product pipeline. These include areas such as advanced materials, electrification, power and thermal management and microelectronics.

最後，我們將繼續透過 RTX Ventures 和跨公司技術路線圖進行直接和間接投資，以開發差異化技術來填補我們的產品線。其中包括先進材料、電氣化、電力和熱管理以及微電子等領域。

This year, we will invest about $3 billion in company-funded R&D, along with $5 billion in customer-funded R&D, to develop new technologies and products. We are also expanding our manufacturing capacity in key areas to meet customer demand, a key priority within our $2.5 billion of capital investment in 2024.

今年，我們將投資約 30 億美元用於該公司資助的研發，以及 50 億美元用於客戶資助的研發，以開發新技術和新產品。我們也正在擴大關鍵領域的製造能力，以滿足客戶需求，這是我們 2024 年 25 億美元資本投資的首要任務。

One of our most significant new products coming to the market is LTAMDS, which is the next-generation advanced 360-degree air defense radar that provides significant performance improvement against a range of threats, including UAS and hypersonics. This program recently completed another successful live-fire event with representatives from seven countries in attendance. And we expect both the first domestic LRIP and international FMS contracts this year.

我們即將上市的最重要的新產品之一是 LTAMDS，它是下一代先進的 360 度防空雷達，可顯著提高針對包括 UAS 和高超音速在內的一系列威脅的性能。該計畫最近又成功完成了一次實彈演習，來自七個國家的代表參加了演習。我們預計今年將簽訂首批國內 LRIP 合約和國際 FMS 合約。

And today, we're announcing a $115 million expansion of our Raytheon Redstone Missile Integration Facility in Huntsville, Alabama. When complete, the factory's capacity for integrating and delivering several of our critical munitions programs will increase by more than 50%.

今天，我們宣布投資 1.15 億美元擴建位於阿拉巴馬州亨茨維爾的雷神紅石飛彈整合設施。竣工後，該工廠整合和交付我們多個關鍵彈藥項目的能力將提高50%以上。

So with the best portfolio within A&D, CORE driving our continuous improvement in operational excellence and ongoing investments in next-generation technologies, I'm incredibly confident in RTX's future and our ability to transform into the best company in A&D.

因此，憑藉 A&D 領域內最好的投資組合，CORE 推動我們在卓越營運方面的持續改進以及對下一代技術的持續投資，我對 RTX 的未來以及我們轉變為 A&D 領域最佳公司的能力充滿信心。

With that, let me turn it over to Neil to take you through our first quarter results. Neil?

現在，請容許我讓尼爾向您介紹我們的第一季業績。尼爾？

Thanks, Chris. I'm on Slide 4. As Chris said, we got off to a really good start this year on a number of our key financial metrics across RTX with Collins, Pratt and Raytheon all making progress in line with our expectations. Additionally, we completed the sale of Raytheon's cybersecurity business at the end of the first quarter with gross proceeds of $1.3 billion. And we've made progress on deleveraging the balance sheet, having paid down over $2 billion of debt since we initiated the ASR last year.

謝謝，克里斯。我在幻燈片 4 上。正如克里斯所說，今年我們在 RTX 的許多關鍵財務指標上都有了很好的開端，柯林斯、普拉特和雷神公司都取得了符合我們預期的進展。此外，我們在第一季末完成了雷神公司網路安全業務的出售，總收益為 13 億美元。我們在去槓桿方面取得了進展，自去年啟動 ASR 以來已經償還了超過 20 億美元的債務。

RTX sales of $19.3 billion were up 12% organically versus prior year. And that is on top of 10% growth in the first quarter of last year. Demand strength was also reflected in our backlog, which is now $202 billion and up 12% year-over-year. Segment operating profit growth of 10% was partially offset by expected headwinds from lower pension income and higher interest expense. And our effective tax rate for the quarter included a current period foreign tax benefit.

RTX 銷售額為 193 億美元，較上年同期有機成長 12%。這是去年第一季 10% 增幅的基礎。需求強勁也反映在我們的積壓訂單上，目前積壓訂單額為 2,020 億美元，較去年同期成長 12%。分部營業利潤成長 10%，但被退休金收入下降和利息支出上升預期帶來的不利因素部分抵銷。我們本季的有效稅率包括了當期外國稅收優惠。

Adjusted earnings per share of $1.34 was up 10% year-over-year. And on a GAAP basis, EPS from continuing operations was $1.28 and included: $0.29 of acquisition accounting adjustments; a $0.21 benefit related to tax audit settlements; an $0.18 net gain related to the cyber business sale; a $0.13 charge related to initiating alternative titanium sources; and $0.03 of restructuring and other nonrecurring items.

調整後每股收益為 1.34 美元，年增 10%。依照 GAAP 計算，持續經營業務的每股收益為 1.28 美元，其中包括：0.29 美元的收購會計調整；與稅務審計和解相關的 0.21 美元福利；與網絡業務出售相關的淨收益為 0.18 美元；與啟動鈦源相關的 0.13 美元費用；以及 0.03 美元的重組和其他非經常替代品。

And finally, free cash flow was an outflow of $125 million in the first quarter, in line with our expectations and a $1.3 billion year-over-year improvement. As planned, the timing of defense milestones and increase in shop visits, along with inventory build to support our growth, drove higher working capital this quarter.

最後，第一季自由現金流流出 1.25 億美元，符合我們的預期，年增 13 億美元。按照計劃，國防里程碑的時間安排和店內訪問量的增加，以及為支持我們的成長而建立的庫存，推動了本季營運資本的增加。

Okay. Let me turn to our business units and some of the progress we made in the quarter. You heard Chris give a status update on the GTF fleet management plan, so let me touch on our top priorities at Raytheon and Collins. At Raytheon, the business continues to see incredible demand. And as we said on our last call, we're taking actions to advance our key franchises, improve our supply chain and drive margin expansion.

好的。讓我來談談我們的業務部門以及我們在本季取得的一些進展。大家聽到了克里斯介紹 GTF 機隊管理計畫的最新進展，所以讓我來談談雷神公司和柯林斯的首要任務。在雷神公司，業務需求持續旺盛。正如我們在上次電話會議上所說，我們正在採取行動推進我們的主要特許經營權，改善我們的供應鏈並推動利潤率擴大。

In the quarter, Raytheon saw 50 basis points of sequential margin improvement and 20 basis points on a year-over-year basis. On the material front, we saw a double-digit increase in material receipts in the first quarter versus prior year, the fourth consecutive quarter of growth, which, of course, is driving the top line, but more importantly, helping to alleviate bottlenecks in the manufacturing processes and burn down overdue sales.

本季度，雷神公司的利潤率較上季提高 50 個基點，較去年同期提高 20 個基點。在材料方面，我們看到第一季的材料收入比去年同期實現了兩位數成長，這是連續第四個季度的成長，這當然推動了營業收入的成長，但更重要的是，有助於緩解製造過程中的瓶頸並減少逾期銷售。

Moving over to Collins. Our focus remains on driving incremental margins through continued commercial OE and aftermarket growth and the benefit from ongoing structural cost reduction. In the quarter, Collins saw strong sales growth and 90 basis points of margin expansion on both a sequential and year-over-year basis. And we expect future volume increases to drive continued fixed cost absorption benefits across the business this year.

轉到柯林斯。我們的重點仍然是透過持續的商業 OE 和售後市場成長以及持續的結構性成本降低所帶來的好處來推動增量利潤。本季度，柯林斯的銷售額實現強勁成長，利潤率環比和年比均擴大 90 個基點。我們預期未來銷售量的成長將推動今年整個業務的固定成本吸收效益持續提升。

On the cost reduction front, we continue to make progress as well. For example, Collins is in the process of shifting 2.7 million manufacturing hours to best cost locations by the end of 2025. To date, over 2 million of those hours have already been moved with 400,000 more planned for the rest of the year. And finally, we also achieved an incremental $105 million of RTX gross merger cost synergies in the quarter. And we're approaching the $2 billion target we updated last year. So good progress on our top priorities to start the year.

在降低成本方面，我們也持續取得進展。例如，柯林斯計劃在 2025 年底前將 270 萬個製造小時轉移到最佳成本地點。到目前為止，已經轉移了超過 200 萬個製造小時，並計劃在今年剩餘時間內再轉移 40 萬個製造小時。最後，我們在本季也實現了 1.05 億美元的 RTX 總合併成本綜效。我們正在接近去年更新的20億美元的目標。因此，我們年初的首要任務取得了良好的進展。

With that, based on our first quarter results and strong backlog, we remain on track to deliver our full year outlook, including full year sales of between $78 billion and $79 billion, which translates to between 7% and 8% organic revenue growth. In addition, we continue to see adjusted earnings per share of between $5.25 and $5.40 and free cash flow of approximately $5.7 billion.

基於我們的第一季業績和強勁的積壓訂單，我們仍有望實現全年預期，包括全年銷售額在 780 億美元至 790 億美元之間，相當於 7% 至 8% 的有機收入成長。此外，我們繼續看到調整後的每股收益在 5.25 美元至 5.40 美元之間，自由現金流約為 57 億美元。

Now let me hand it over to Jennifer to take you through the segment results. Jennifer?

現在，讓我將話題交給詹妮弗，讓她向大家介紹細分結果。詹妮弗？

Thanks, Neil. Starting with Collins on Slide 5. Sales were $6.7 billion in the quarter, up 9% on both an adjusted and organic basis, driven primarily by continued strength in commercial aftermarket and OE. By channel, commercial aftermarket sales were up 14%, driven by a 17% increase in parts and repair, a 16% increase in provisioning and a 3% decrease in mods and upgrades. Commercial OE sales for the quarter were up 14% versus the prior year, driven by growth in widebody, narrowbody and bizjet platforms. And defense sales were up 1%, primarily due to higher volume.

謝謝，尼爾。從幻燈片 5 上的柯林斯開始。本季銷售額為 67 億美元，調整後和有機成長 9%，主要得益於商業售後市場和 OE 的持續強勁成長。按通路劃分，商業售後市場銷售額成長 14%，其中零件和維修成長 17%，供應成長 16%，改裝和升級下降 3%。受寬體機、窄體機和公務機平台成長的推動，本季商用原始設備銷售額較上年同期成長 14%。國防銷售額成長了 1%，主要原因是銷量增加。

Adjusted operating profit of $1.05 billion was up $145 million or 16% from the prior year with drop-through on higher commercial aftermarket volume, partially offset by unfavorable OE mix, higher space program costs and increased R&D expense. Looking ahead, on a full year basis, we continue to expect Collins sales to grow mid- to high single digits on both an adjusted and organic basis with operating profit growth between $650 million and $725 million versus 2023.

調整後的營業利潤為 10.5 億美元，比上年增加 1.45 億美元（增幅 16%），原因是商業售後市場銷量增加導致利潤下降，但不利的 OE 組合、更高的太空計劃成本以及增加的研發費用部分抵消了這一影響。展望全年，我們仍預期柯林斯的銷售額將在調整後和有機基礎上實現中高個位數成長，與 2023 年相比，營業利潤將成長 6.5 億美元至 7.25 億美元。

Shifting to Pratt & Whitney on Slide 6. Sales of $6.5 billion were up 23% on both an adjusted and organic basis with sales growth across all three channels. Commercial OE sales were up 64% in the quarter and higher engine deliveries and favorable mix in the large commercial engine business. Commercial aftermarket sales were up 9% in the quarter, driven by higher volume within large commercial engines, primarily related to GTF overhaul activity as well as an increased volume at Pratt Canada.

轉向幻燈片 6 上的普惠公司。銷售額為 65 億美元，經調整和有機成長均為 23%，三個通路的銷售額均成長。本季商用 OE 銷售額成長 64%，大型商用引擎業務的交付量增加且產品組合良好。本季商用售後市場銷售額成長 9%，這得益於大型商用引擎銷量增加，這主要與 GTF 大修活動以及普惠加拿大銷量增加有關。

Legacy large commercial engine aftermarket revenues were down slightly versus prior year as a result of increased allocation of material to support the GTF fleet. And in the military engine business, sales were up 21%, primarily driven by higher sustainment volume across the F135, F117 and F100 platform, and higher development volume, primarily driven by the F135 Engine Core Upgrade program.

由於支援GTF機隊的材料分配增加，傳統大型商用發動機售後市場收入較上年略有下降。在軍用發動機業務方面，銷售額增長了 21%，主要得益於 F135、F117 和 F100 平台的維持量增加，以及開發量增加，這主要得益於 F135 發動機核心升級計劃。

Adjusted operating profit of $430 million was flat to prior year. The benefit of favorable commercial OE mix and drop-through on higher commercial aftermarket volume was partially offset by headwinds from increased commercial OE deliveries, unfavorable commercial aftermarket mix and the absence of a favorable $60 million prior year contract matter. Higher military volume and favorable mix was more than offset by higher R&D and SG&A expenses.

調整後的營業利潤為 4.3 億美元，與前一年持平。有利的商業 OE 組合和商業售後市場銷量增加帶來的收益，被商業 OE 交付量增加、商業售後市場組合不利以及缺乏有利的 6000 萬美元上年合約事項帶來的阻力部分抵消。軍用產品的銷售增加和有利的產品組合被研發和銷售、一般及行政開支的增加所抵銷。

Turning to Pratt's full year outlook. We continue to expect sales to grow low double digits on an adjusted and organic basis and adjusted operating profit to grow between $400 million and $475 million versus 2023 as large commercial engine aftermarket continues to ramp and military volume grows.

談談普拉特的全年展望。由於大型商用發動機售後市場持續成長和軍事量成長，我們繼續預期銷售額將在調整後和有機基礎上實現低兩位數增長，調整後營業利潤將較 2023 年增長 4 億至 4.75 億美元。

Now turning to Raytheon on Slide 7. Sales of $6.7 billion in the quarter were up 6% on both an adjusted and organic basis, primarily driven by higher volume on land and air defense systems and advanced technology programs. The increase in land and air defense systems programs reflect higher customer demand for the Patriot, counter-UAS systems and NASAMS.

現在就來看看投影片 7 上的雷神公司。本季銷售額為 67 億美元，按調整後和有機基礎計算均成長 6%，主要得益於陸地和防空系統以及先進技術項目的銷售增加。陸地和防空系統計畫的增加反映了客戶對愛國者、反無人機系統和 NASAMS 的更高需求。

Adjusted operating profit for the quarter of $630 million was up $46 million versus the prior year, driven primarily by higher volume and improved net productivity, partially offset by unfavorable mix. Also recall that Q1 2023 net productivity included the exercise of a significant unfavorable contract option that did not repeat in the first quarter of this year. Bookings and backlog remain very strong. In the first quarter, bookings of $8.1 billion resulted in a book-to-bill of 1.23 and a backlog of $53 billion.

本季度調整後營業利潤為 6.3 億美元，較上年同期增長 4,600 萬美元，主要由於銷量增加和淨生產率提高，但部分被不利的產品組合所抵消。還記得，2023 年第一季的淨生產力包括行使一項重大不利合約選擇權，而這在今年第一季並未重複出現。預訂量和積壓訂單量依然強勁。第一季度，訂單量為 81 億美元，訂單出貨比為 1.23，積壓訂單量為 530 億美元。

In addition to the German Patriot award that Chris mentioned earlier, Raytheon also saw significant orders for the GEM-T, NASAMS and classified work. Looking ahead, we continue to expect Raytheon sales to grow low to mid-single digits organically with operating profit up between $100 million and $200 million versus 2023. As a reminder, the profit outlook includes an $80 million year-over-year headwind from the sale of the cybersecurity business.

除了克里斯之前提到的德國愛國者獎之外，雷神公司還獲得了 GEM-T、NASAMS 和機密工作的重要訂單。展望未來，我們仍預期雷神公司的銷售額將達到低至中等個位數的有機成長，營業利潤將比 2023 年成長 1 億至 2 億美元。需要提醒的是，利潤前景包括出售網路安全業務帶來的 8,000 萬美元的年比逆風。

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

說完這些，我將把話題轉回給克里斯，讓他結束這一切。

Thanks, Jennifer. I'm on Slide 8. With our portfolio strength and current demand, our overall backlog is at a record $202 billion, and our focus as a team remains on executing this backlog to meet our customer commitments and driving operational performance. And our top priorities for the year remain unchanged. First, at Pratt, it's about continuing to execute the GTF fleet management plan. Second, at Raytheon, it's about delivering the backlog at improved margins. And third, at Collins, it's about generating strong incremental margins.

謝謝，珍妮佛。我在幻燈片 8 上。憑藉我們的投資組合實力和當前需求，我們的整體積壓訂單達到了創紀錄的 2020 億美元，我們作為一個團隊的重點仍然是執行這個積壓訂單，以履行我們對客戶的承諾並提高營運績效。我們今年的首要任務保持不變。首先，在普惠，這是為了繼續執行GTF機隊管理計畫。其次，對於雷神公司來說，其目標是以更高的利潤率完成積壓訂單。第三，對柯林斯來說，關鍵在於創造強勁的增量利潤。

As I discussed, our CORE operating system underpins our execution on these priorities and drives continuous improvement across RTX. At the same time, we're investing over $10 billion in research and development, modernization and digital capabilities, continuing to evaluate our portfolio for incremental opportunities to further enhance our focus and prioritize future investments. And as we do this, we remain on track to return $36 billion to $37 billion of capital to shareowners from the date of the merger through next year.

正如我所討論的，我們的核心作業系統支撐著我們執行這些優先事項，並推動 RTX 的持續改進。同時，我們正在投資超過 100 億美元用於研發、現代化和數位化能力，並繼續評估我們的投資組合，尋找增量機會，進一步增強我們的重點並確定未來投資的優先順序。同時，我們仍有望從合併日起到明年向股東返還 360 億至 370 億美元的資本。

So with that, let me turn it over to Neil.

因此，讓我把話題交給尼爾。

Thanks, Chris. Before we go into Q&A, I want to quickly update everyone on an Investor Relations team leadership transition.

謝謝，克里斯。在我們進入問答環節之前，我想快速向大家介紹一下投資人關係團隊領導的變動。

After 3 years leading the team, Jennifer Reed is moving on to her next opportunity. Jennifer took the helm in an unprecedented environment and worked tirelessly to ensure all of our stakeholders had timely and clear information during the critical post-merger years for RTX. I want to thank Jennifer for her leadership.

在領導團隊 3 年後，珍妮佛·里德 (Jennifer Reed) 正在尋找下一個機會。 Jennifer 在一個前所未有的環境中掌舵，並孜孜不倦地工作，以確保我們所有的利益相關者在 RTX 合併後的關鍵幾年裡能夠及時、清晰地獲得資訊。我要感謝詹妮弗的領導。

I also want to introduce Nathan Ware, who's coming over from our Collins business to lead Investor Relations. Some of you will remember Nathan as he was a member of the UTC IR team leading up to the merger. But since then, Nathan has held a couple of roles at Collins, and most recently as CFO of the Interiors business. Jennifer and Nathan will work to ensure a smooth transition for all of us and all of you.

我還想介紹一下內森·韋爾 (Nathan Ware)，他來自我們的柯林斯 (Collins) 業務部門，負責投資者關係事務。你們中的一些人可能會記得 Nathan，因為他是合併前 UTC IR 團隊的成員之一。但自那時起，內森在柯林斯擔任過幾個職位，最近擔任內裝業務的財務長。珍妮佛和內森將努力確保我們所有人和你們所有人的順利過渡。

And with that, we are ready to open the line for our first question.

現在，我們準備開始回答第一個問題。

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

（操作員指示）我們的第一個問題來自 Wolfe Research 的 Myles Walton。

Thanks for the help, Jennifer, over the years. Can you talk to the Pratt aftermarket first to start and sort of if there is risk to achieving the full year guidance, given the harder comps that play out for the rest of the year, given the 9% in the first quarter and low double digits expected for the full year?

謝謝詹妮弗多年來的幫助。首先，您能否與普惠售後市場談談，考慮到今年剩餘時間的競爭情況更為嚴峻，考慮到第一季度的 9% 增長率和全年預計的低兩位數增長率，實現全年預期是否存在風險？

Myles, this is Neil. I'll start out and Chris can add anything here. But a couple of things on the Pratt aftermarket. I think 9% aftermarket growth in the first quarter was largely as we expected. We took the first quarter to make sure that we started off on a strong foot with respect to the GTF aftermarket overhauls. And I'm sure Chris can provide a little more color there. In doing so, there was a little bit lighter material allocation to the V2500s.

邁爾斯，這是尼爾。我先開始，克里斯可以在這裡添加任何內容。但普拉特售後市場上有幾件事。我認為第一季 9% 的售後市場成長基本上符合我們的預期。我們利用第一季的時間確保 GTF 售後市場大修方面有一個良好的開端。我相信克里斯可以提供更多精彩的內容。這樣做的話，V2500s 的材料分配就會稍微輕一點。

We're actually down a handful of shop visits year-over-year in the first quarter, a little bit -- around 175 or so. We still feel confident though that we'll hit 800 shop visit inductions on the V2500 for the full year. And so what we expect to play out over the remainder of the year is that we will see more and more of those shop visits come in. We'll also see the content on those shop visits increase, so we'll see better drop-through on the legacy aftermarket.

實際上，第一季我們的門市訪問量與去年同期相比有所下降，大概約 175 人次。不過，我們仍有信心，全年 V2500 的進店培訓次數將達到 800 次。因此，我們預計今年剩餘時間內我們將看到越來越多的店內訪問。我們還將看到店內訪問的內容增加，因此我們將看到傳統售後市場的更好表現。

Back in January, we talked about the PW2000s and 4000s. There's some puts and takes there. They largely offset for the year. So it's really about seeing that legacy aftermarket continue to grow. So full year, still expect low-teens sort of growth in the aftermarket at Pratt. And we're confident that we'll see the material flowing to support that.

早在一月份，我們就討論了 PW2000 和 4000。這其中存在著一些得失。它們今年基本上抵消了。因此，這實際上意味著看到傳統售後市場繼續成長。因此，預計全年普惠售後市場仍將實現低十幾倍的成長。我們有信心，會看到材料流來支持這一點。

Yes. I mean, I guess, the only thing I would add, Myles, this is Chris, is to Neil's point, we know we needed to come out of the gates strong on GTF MRO, given the situation in the fleet management plan. And so we were allocating material and resources with that in mind. And I think we saw the fruits of that here in the first quarter. But as Neil said, we continue to see the demand on what we call the mature fleets, the V and others. And that ramp-up is calibrated in our number for the year, so still feel confident it's going to deliver the full year shop visits that we need.

是的。我的意思是，我想，我唯一想補充的是，邁爾斯，我是克里斯，關於尼爾的觀點，考慮到機隊管理計劃的情況，我們知道我們需要在 GTF MRO 方面取得強勢開局。因此，我們在分配材料和資源時就考慮到了這一點。我認為我們在第一季就看到了其成果。但正如尼爾所說，我們繼續看到對所謂成熟機隊、V 型機隊和其他機隊的需求。而且這種增長是根據我們全年的數字進行校準的，因此我們仍然有信心它將滿足我們全年所需的店鋪訪問量。

Our next question comes from the line of Kristine Liwag of Morgan Stanley.

我們的下一個問題來自摩根士丹利的克里斯汀·利瓦格 (Kristine Liwag)。

And Greg, thank you for your leadership over the years. And Jennifer, wish you the best in your next endeavor. So maybe on GTF, Chris, thank you for providing more color on the GTF fleet management plan. And at this point, it seems like everything is progressing well.

格雷格，感謝您多年來的領導。詹妮弗，祝你在接下來的努力中一切順利。所以也許在 GTF 上，克里斯，謝謝你提供更多關於 GTF 車隊管理計劃的細節。目前看來，一切進展順利。

So as we look forward to understanding the risk retirement, are there other milestones you're monitoring to see if there could be potential risk reduction? Is there a number of specific completed AOGs or more customer agreements to be completed? Any sort of gauge to help us understand risk retirement would be helpful.

因此，當我們期待了解風險退休時，您是否正在監控其他里程碑，以查看是否有潛在的風險降低？是否有具體已完成的 AOG 數量或更多的客戶協議需要完成？任何能夠幫助我們了解風險退休的衡量標準都是有幫助的。

Sure. Thanks, Kristine. So look, the GTF fleet management plan is a multiyear process. And we're going to continue to grind through that over the next 3 years or so. And we've laid out all of the key enablers. We looked at them on the call today and we've done it historically. And that's going to be AOG levels, that's going to be turnaround times. And so again, we've given those sort of ranges on each of those key enablers, and we're going to continue to do everything we can to stay within or move to the lower end of those ranges.

當然。謝謝，克里斯汀。所以，GTF 車隊管理計畫是一個多年的過程。我們將在接下來的三年左右的時間內繼續努力解決這個問題。我們已經列出了所有關鍵推動因素。我們在今天的電話會議上討論了這些問題，我們以前也這樣做過。這將是 AOG 級別，這將是周轉時間。因此，我們再次對每個關鍵推動因素給出了相應的範圍，並且我們將繼續竭盡全力保持在這些範圍之內，或移動到這些範圍的下限。

And again, the single biggest enabler for us is MRO output. We had a very good first quarter, but we've got a large growth plan here in 2024. And so for us, it's about material flow, including the new powdered metal parts that we're going to be putting into the engine. As we said during the last call and during our comments, we continue to add the full-life HPC and HPT in MRO, and it's going to ramp throughout the year. So that will be a key indicator for us.

再次強調，對我們來說最大的推動因素是 MRO 產出。我們的第一季表現非常好，但我們在 2024 年有一個宏偉的成長計劃。因此對我們來說，最重要的是材料流，包括我們將要放入引擎的新型粉末金屬零件。正如我們在上次電話會議和評論中所說的那樣，我們將繼續在 MRO 中添加全生命週期 HPC 和 HPT，並且它將在全年增加。所以這對我們來說將是一個關鍵指標。

The more output we can get obviously, the more relief we can get the fleet, the less AOG days and then the less penalties. It's really that simple. So for us, it's all about the MRO enablers, chief among them continuing to ramp up in powdered metal part production and MRO.

顯然，我們的產量越高，我們可以減輕船隊的負擔，AOG 天數就越少，罰款就越少。真的就這麼簡單。因此對我們來說，一切都與 MRO 推動因素有關，其中最重要的是繼續增加粉末金屬零件生產和 MRO 力度。

(technical difficulty)

（技術難度）

Yes. Sorry about that feedback there, Kristine. So hopefully, that all came through.

是的。很抱歉給您這樣的回饋，克里斯汀。所以希望一切都能順利。

Very helpful, appreciate it.

非常有幫助，非常感謝。

Our next question comes from the line of Seth Seifman of JPMorgan.

我們的下一個問題來自摩根大通的 Seth Seifman。

Maybe kind of a small-picture question here, but it is one that we get a lot. When you think about the trajectory of aircraft on ground, and it seems like we are right around the highest level we'll see here at -- in the 550-ish level, when we think about where that goes from here, do we think of that more as a plateau for the remainder of the year for a couple of quarters?

這也許是一種小問題，但我們常常遇到這種問題。當您考慮地面飛機的軌跡時，似乎我們正處於最高水平 - 在 550 左右的水平，當我們思考從現在開始的發展時，我們是否會認為這更像是今年剩餘時間或幾個季度的平台期？

Or do we start to see some progress there? And when you think about where turnaround times are kind of now and the improvement that you can make over the next few quarters, is there anything that you can kind of lay out for us to gauge that?

或者我們開始看到一些進展了嗎？當您考慮現在的周轉時間以及未來幾季可以取得的進展時，您能為我們列出一些可以衡量的指標嗎？

Seth, this is Chris. Thanks for the question. Yes, so look, we are, as we said in our comments, essentially at peak AOG. I mean, there'll be some perturbations a little bit above, a little bit below. But we see that as kind of the peak, and we're going to start to gradually chip away and move that down. So again, as I said to Kristine's question, the #1 enabler of that is our MRO output.

賽斯，這是克里斯。謝謝你的提問。是的，正如我們在評論中所說，我們基本上處於 AOG 高峰期。我的意思是，上面稍微有點擾動，下面稍微有點擾動。但我們認為這已經達到了頂峰，我們將開始逐步削減這一數字，並將其降低。所以，正如我回答克里斯汀的問題時所說的那樣，實現這一目標的首要因素是我們的 MRO 產出。

And again, strong start to the quarter, but we've got a big plan for the year. And we're focused on turnaround times and new material. At the end of the day, in terms of our MRO output, it's not so much about capacity. We've got enough shops. We've got enough labor. It's about material flow. The faster that we can flow material, the faster we can take turnaround times down, increase output and then burn down the backlog of those engines waiting for induction.

本季開局強勁，但我們對今年有一個宏偉的計劃。我們專注於週轉時間和新材料。歸根究底，就我們的 MRO 產出而言，產能並不是那麼重要。我們已經有足夠的商店了。我們有足夠的勞動力。這是關於物質流的。材料流通速度越快，我們就能越快縮短週轉時間，提高產量，然後消除等待投入使用的積壓引擎。

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羅恩愛潑斯坦。

Could you speak a little bit to the supplemental that got through the House and how that plays out for your defense business? What good is there in there for you guys?

您能否談談眾議院通過的補充法案以及該法案對您們的國防業務有何影響？那裡面對你們有什麼好處呢？

Ron, this is Chris. So as I'm sure you've seen, if you break down sort of the supplemental into it big buckets, it's about $60 billion for Ukraine, another $25 billion or so for Israel and $10 billion for INDOPACOM. So when we look at our product portfolio against those big buckets, we look at Ukraine and say about 2/3 of that is addressable with RTX products, think GEM-T, NASAMS, Patriot, AMRAAM, AIM-9X.

榮恩，這是克里斯。我相信你已經看到了，如果把補充資金分成幾大類，其中烏克蘭約有 600 億美元，以色列約有 250 億美元，印度太平洋司令部約有 100 億美元。因此，當我們根據這些大類別來審視我們的產品組合時，我們看看烏克蘭，其中大約 2/3 可以透過 RTX 產品解決，例如 GEM-T、NASAMS、Patriot、AMRAAM 和 AIM-9X。

Israel, we kind of handicap that as about 30% addressable, stockpile replenishment, Iron Dome, David's Sling procurements. And then INDOPACOM, again roughly that 30% addressable with the RTX product suite, namely SM-6, Tomahawk, AIM-9X. So again, the services will have their specific lists of what they're looking for. But again, we think our product portfolio is pretty well positioned to address the needs in each of those theaters.

以色列，我們對此的阻礙大約為30%，包括庫存補充、鐵穹防禦系統、大衛投石器採購。然後是 INDOPACOM，同樣，大約 30% 可以透過 RTX 產品套件解決，即 SM-6、Tomahawk、AIM-9X。所以，再次強調，各服務機構都會有自己所尋找的具體清單。但我們再次認為，我們的產品組合能夠很好地滿足每個戲院的需求。

Great. And then if I may, just a quick follow-on, you had some challenges with the fixed price development program within missiles. How is that going?

偉大的。然後如果可以的話，我只是想快速跟進一下，您在導彈固定價格開發計劃中遇到了一些挑戰。進展如何？

Yes. So again, when you look at the productivity story at Raytheon, Ron, that's a big part of the continued margin expansion. And so in the quarter, we saw improvements in productivity, which is really helpful. Again, as you know, our productivity plan for the year is effectively no productivity. But last year, of course, we had some headwinds in the productivity department. So again, overall, an improvement for the year.

是的。所以，羅恩，當你再看看雷神公司的生產力故事時，你會發現這是利潤率持續擴大的重要組成部分。因此，在本季度，我們看到生產力的提高，這確實很有幫助。再說一次，如你所知，我們今年的生產力計畫其實沒有生產力。但去年，我們在生產力方面當然遇到了一些阻力。所以，總體而言，今年的情況有所改善。

We've still got some classified programs of fixed price that we are continuing to work through. We said that's kind of a 12- to 18-month journey as we work through those. I would say, on a number of them, we've made some good progress towards milestones. And others, we're going to continue to battle our way through during that period.

我們仍有一些固定價格的機密項目正在繼續處理中。我們說，這是一個需要 12 到 18 個月才能完成的旅程。我想說，在許多方面，我們已經取得了一些進展，朝著里程碑邁進。至於其他人，我們將在這段時期內繼續奮力拼搏。

Chris, I'll just add with respect to the productivity, in the first quarter, we saw about a $58 million year-over-year Q1-to-Q1 improvement. Of course, we had the exercise of an option last year, which accounts for maybe 55% of that improvement. But nonetheless, we're expecting $200 million year-over-year and continue to expect $200 million year-over-year. And so good progress in the first quarter. But there's still 3 quarters to go, but we are encouraged by the shift that we've seen here in the first quarter so far.

克里斯，我只想補充一下，關於生產力，在第一季度，我們看到第一季與去年同期相比增長了約 5800 萬美元。當然，我們去年行使了選擇權，這可能解釋了 55% 的改進。但儘管如此，我們預計將年增 2 億美元，並且繼續預計將年增 2 億美元。第一季取得了良好的進展。雖然還有 3 個季度的時間，但我們對第一季迄今為止看到的變化感到鼓舞。

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

我們的下一個問題來自 TD Cowen 的 Cai von Rumohr。

So you had a 23% gain at Pratt in the first quarter. If we're going to low double digits, call it, 11%, 12%, you have to have a sharp deceleration as you go through the year. And yet you're still guiding to, what, low-teens for the aftermarket, which would suggest either your total guide is low or we're going to see a flat to down year in commercial or military as we go through the year. Can you give us some color in terms of each of those three parts of Pratt's business and their quarterly sequence as we move through the year?

因此，普拉特第一季的收益成長了 23%。如果我們要達到兩位數的低水平，例如 11%、12%，那麼在全年增長過程中就必須出現急劇減速。但是，您仍然為售後市場提供低十幾美元的指導，這可能表明，要么您的整體指導價格較低，要么我們將在今年看到商用或軍用產品價格持平或下降。您能否為我們詳細介紹一下普惠公司這三個業務部分以及它們全年的季度變化？

Sure. Cai, let me start here. I mean, we had a really strong start to Pratt's first quarter. Most of that was on the back of commercial OE deliveries, up 40% almost in the first quarter on a unit basis. So that obviously drove the top line. And some good mix there, too, between installs and spare engines as we look to position the GTF fleet as best we can to start the year. I think some of that's going to moderate, clearly, as the rest of the year unfolds. So I think we had a good start out of the gate on installs.

當然。蔡，我就從這裡開始。我的意思是，我們在普拉特第一季的開局非常強大。其中大部分得益於商業 OE 交付，第一季單位交付量增加近 40%。這顯然推動了營收的成長。而且，在安裝和備用引擎之間也存在一些良好的組合，我們希望在年初盡可能地定位 GTF 車隊。我認為，隨著今年剩餘時間情勢的發展，這種現象顯然會有所緩和。所以我認為我們在安裝方面已經有了一個好的開始。

On the aftermarket side, you're right. We're going to see more of the mid-single-digit type of growth in the next 3 quarters. So again, that will be fueled by V2500s coming up a little bit. The top line is going to be also bolstered by GTF aftermarket, which, of course, doesn't come with nearly as much profit but will certainly help the fleets get healthier. And military also had a really strong first quarter start. The material coming in, in the first quarter was positioned to support the aftermarket principally in the military business. And we do see that slowing down a bit in the next part of the year.

從售後市場方面來說，你是對的。在接下來的三個季度裡，我們將看到更多中等個位數的成長。因此，這將再次受到 V2500 的推動。 GTF 售後市場也將推動營收成長，當然，這不會帶來太多的利潤，但無疑將有助於車隊變得更加健康。軍事方面第一季的開局也非常強勁。第一季進入的材料主要用於支援軍事業務的售後市場。我們確實看到這一趨勢在今年下半年有所放緩。

So those are the key ingredients, not going to get into the specifics on a quarterly cadence here. But we're just 1 quarter into the year. But a good start to the year, and we'll see, we're kind of holding on to our guidance at this point.

這些都是關鍵因素，這裡不打算深入討論季度節奏的具體細節。但今年才剛過去一個季度。但今年的開局不錯，我們會看到，我們目前會堅持我們的指導方針。

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。

Jennifer, congratulations on your next move, wishing you all the best. I wanted to ask one on Collins, maybe Neil or Chris. Just the guidance for the year implies a step-up 16.6% margins versus a 15.7% adjustment in the quarter, adjusted basis in the quarter. Can you maybe talk about what drives that margin expansion as we progress through the year at Collins and if you could give us any more detail on the impairment of $175 million?

詹妮弗，恭喜你下一步的行動，祝你一切順利。我想問一個關於柯林斯的問題，也許是尼爾或克里斯。僅年度指引就意味著利潤率將上升 16.6%，而本季的調整後利潤率為 15.7%。您能否談談是什麼推動了柯林斯利潤率的提高？能否向我們詳細介紹一下 1.75 億美元減損的情況？

All right. Let me start, Sheila. As I think about -- first, let's start with the first quarter for Collins. It was a really good quarter. We had about $145 million of profit growth on an adjusted basis. We've talked about the Collins growth trajectory really being driven by the aftermarket. Now there's still a long ways to go. We put out a range of $650 million to $725 million for the full year.

好的。讓我先開始吧，希拉。正如我所想——首先，讓我們從柯林斯的第一季開始。這確實是一個好的季度。經過調整後，我們的利潤成長了約 1.45 億美元。我們已經討論過，柯林斯的成長軌跡實際上是由售後市場推動的。現在還有很長的路要走。我們預計全年營收範圍為 6.5 億美元至 7.25 億美元。

And so what we're going to see is increased drop-through on the continued cost reduction essentially that Collins embarked upon several years ago, and we're starting to see the costs associated with achieving that cost reduction ease as well as the benefit from the actions start to drop through in the form of stronger incrementals, so feel like the aftermarket trajectory supports that at this juncture. And that, I think, is going to really continue to be the key driver for the Collins profit growth for the rest of the year.

因此，我們將看到，柯林斯幾年前開始實施的持續成本削減舉措的下降幅度不斷加大，我們開始看到，實現成本削減相關的成本減輕，以及這些行動帶來的收益開始以更強勁的增量形式下降，所以感覺售後市場的發展軌跡在這個關鍵時刻支持了這一點。我認為，這將繼續成為今年剩餘時間內柯林斯利潤成長的主要驅動力。

If I just comment for a minute on the $175 million, as we said in our remarks, that charge related to some procurement of titanium, which I know you all know is an important commodity for the aerospace industry, given a number of ongoing supply chain dynamics around aerospace-grade titanium in particular, especially as it relates to the titanium that we use in our landing gear manufacturing at Collins, we've taken some steps to secure alternative sources for that supply. And it's taken us some time to do that, frankly.

如果我只對 1.75 億美元發表一點評論，正如我們在評論中所說，這筆費用與一些鈦的採購有關，我知道大家都知道鈦是航空航天工業的重要商品，鑑於圍繞航空級鈦的供應鏈持續動態，特別是因為它與我們在柯林斯的起落架製造中使用的鈦有關，我們已經採取了一些措施來確保該供應的替代來源。坦白說，我們花了一些時間來做到這一點。

So specific to the charge, we reached an agreement with two new suppliers during the quarter in connection with those agreements as well as some sanctions imposed by Canada, which were announced in February. We took a charge to reflect two things. One was the higher purchase commitment cost that came about as a result of these two new agreements. And the second is the impairment of about $75 million of cost that have been previously capitalized on the balance sheet associated with the specific program that are no longer recoverable.

因此，具體到指控，我們在本季度與兩家新供應商達成了協議，涉及這些協議以及加拿大於 2 月宣布的一些制裁。我們承擔了反映兩件事的任務。一是這兩項新協議導致的採購承諾成本更高。第二項是與特定項目相關的資產負債表上已資本化的約 7,500 萬美元的成本減值，這些成本已無法收回。

So as we talked about, since 2022, we've been evaluating our global sourcing strategies to mitigate the potential impact of sanctions and other restrictions. And frankly, we've derisked that in many areas. And I think this is an important step in putting this issue behind us. So feel good about the agreements we have, but they're certainly at a higher cost, and so we took a charge to deal with that.

正如我們所討論的，自 2022 年以來，我們一直在評估我們的全球採購策略，以減輕制裁和其他限制的潛在影響。坦白說，我們已經在許多領域降低了這種風險。我認為這是我們解決這個問題的重要一步。所以，我們對所達成的協議感到很滿意，但這些協議的成本肯定更高，所以我們承擔了處理這一問題的費用。

Our next question comes from the line of Doug Harned of Bernstein.

我們的下一個問題來自伯恩斯坦的道格·哈內德（Doug Harned）。

On the defense side, so in Raytheon, you made a leadership transition, Wes Kremer retired in Q1. Can you talk about how, if at all, you're thinking about the strategy differently? And I'd say in two areas, one, you mentioned a little bit about this before in terms of bringing margins up to your objectives in 2025, which presumably fixed price contracts play into that but also the supply chain progress. And then second, back in Paris, you talked about a need for a new strategy on the space side to really reinvigorate growth there. Can you comment on how you're thinking about those now with a new leader in place in Phil Jasper?

在防禦方面，雷神公司進行了領導層的變動，韋斯克萊默 (Wes Kremer) 在第一季退休了。您能否談談您對該策略有何不同看法？我想從兩個方面來說，第一，您之前提到過，到 2025 年將利潤率提高到您的目標，這可能與固定價格合約以及供應鏈的進步有關。第二，回到巴黎，您談到需要在太空方面採取新的策略才能真正重振那裡的成長。您能否評論一下現在菲爾·賈斯珀 (Phil Jasper) 這位新領導人對您的看法？

Yes. You bet, Doug. This is Chris. So let's start first on the first part of your question here on the supply chain and Raytheon margins and how we're thinking about that. If we just take a step back for a sec, Doug, it's a tremendous backlog at Raytheon. You saw the increase here in Q1. A big part of that, obviously, is the continued focus on execution, in particular, the supply chain. We've had 4 consecutive quarters of material receipt growth at Raytheon. So feeling like the focus on the supply chain and the health of the supply chain is starting to pay dividends. And we're seeing that flow through again with some of the margin increases here in Q1.

是的。當然，道格。這是克里斯。因此，我們首先從您問題的第一部分開始，關於供應鏈和雷神公司的利潤率，以及我們對此的看法。道格，如果我們稍微回顧一下，雷神公司的積壓訂單量非常大。您在第一季看到了成長。顯然，其中很大一部分是繼續專注於執行，特別是供應鏈。雷神公司的物料收入已連續 4 個季度成長。因此感覺對供應鏈和供應鏈健康的關注開始帶來回報。我們看到這種流動再次體現在第一季的利潤率增加。

And so again, Phil and team are incredibly focused on execution, head down in execution on this backlog at the margins that we need. And again, a big part of that is supply chain. And we're adding production capacity as well to meet the demands of this ramp. You heard us announce today Huntsville. Last quarter, we talked about the expansion in Camden, Arkansas, so again putting in the production capacity that we need and driving material. So that's where the focus is.

因此，菲爾和他的團隊再次高度重視執行，全心全意地執行我們所需的積壓工作。再次強調，其中很大一部分是供應鏈。我們正在增加生產能力以滿足這一增長的需求。大家今天聽到我們宣布了亨茨維爾的消息。上個季度，我們談到了阿肯色州卡姆登的擴張計劃，因此再次投入了我們所需的生產能力和推動材料。這就是重點所在。

On space, we did talk about a bit of a pivot, Doug, from a space prime, if you will, to being more of a component supplier to the space primes. And I think when you look at our strengths in that portfolio, I think that pivot is the right one. We've got historical strength in some of the exquisite space areas. We've got some other strengths in some of the key components that go into the prime satellites and buses. But again, I think that's where we're going to be shifting away from perhaps being a space prime to being more of a component supplier.

在太空領域，道格，我們確實談論了一些轉變，如果你願意的話，可以從太空主要產品轉變為太空主要產品的零件供應商。而且我認為，當你看到我們在該投資組合中的優勢時，你會發現這種轉變是正確的。我們在一些精緻的太空領域擁有歷史實力。我們在主要衛星和總線的一些關鍵部件方面還具有其他優勢。但我再次認為，我們將從太空巨頭轉變為零部件供應商。

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戴維施特勞斯（David Strauss）。

Best of luck, Greg, enjoyed working with you. Same thing, Jennifer. Chris, on the GTF plan, I think it's calling for disc replacement, replacement on 3,000-or-so engines. Can you just tell us at this point how many have actually seen full replacement, actually having been done at this point? That's my first question.

祝你好運，格雷格，很高興與你合作。同樣的事情，詹妮弗。克里斯，關於 GTF 計劃，我認為它要求更換輪盤，更換大約 3,000 台引擎。您能否告訴我們，目前實際上有多少人已經實現了完全替換？這是我的第一個問題。

Then the second question, you reached an agreement with Spirit Airlines in the quarter that was made public. Is that amount kind of on a per AOG basis representative of your other customer agreements? Because that would seem to imply a higher compensation number than you've baked into your forecast.

那麼第二個問題，您在本季與精神航空達成了一項已公開的協議。這個金額是否以 AOG 為基礎，代表了您與其他客戶達成的協議？因為這似乎意味著比你預測的更高的薪酬數字。

Yes. So on the first question, David, yes, the disc replacement, so again we're early stages. I told you this is going to be a 3-year process. Again, the priority was making sure everything we delivered to our customers' final assembly lines had the full-life powdered metal parts, and that's what's happening today. And it was going to be a ramp throughout the year and into '25 on insertion of those full-life parts into MRO.

是的。關於第一個問題，大衛，是的，椎間盤置換術，所以我們還處於早期階段。我告訴過你這將會是一個三年的過程。再次強調，我們的首要任務是確保我們交付給客戶最終裝配線的所有產品都具有使用壽命長的粉末金屬零件，這就是我們今天正在做的事情。並且，在全年和 25 年內，這些全壽命零件將逐漸納入 MRO 體系。

So I would say today, it's early days. And so there haven't been a ton that have received all of those things. But as we said before, we're working hard to optimize the work scopes there, depending on where the engine is operating, what configuration it has, was it going to come in for another visit within this time frame, anyway depending on where it operated. So again, the focus is on output and part of that is optimizing the work scope. But again, early days.

因此我想說，今天還為時過早。所以，還沒有很多人收到所有這些東西。但正如我們之前所說的，我們正在努力優化那裡的工作範圍，這取決於發動機的運行地點、它的配置，它是否會在此時間範圍內進行另一次訪問，無論如何取決於它的運行地點。所以，再次強調，重點在於產出，其中一部分在於優化工作範圍。但這只是開始而已。

As for the customer compensation, we've got about nine agreements under our belt, which represents about 1/3 of the fleet. And I think we're close on a number of other significant ones. And the compensation on all of those remains within the guidance that we provided on this.

至於客戶賠償，我們已經達成了大約九項協議，約佔車隊的三分之一。我認為我們在許多其他重要問題上也已接近達成一致。所有這些的補償仍在我們提供的指導範圍內。

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。

Greg, all the best for the future. And Jennifer, thanks for all your help. It's been interesting times, obviously.

格雷格，祝你未來一切順利。詹妮弗，謝謝你的幫忙。顯然，這是一段有趣的時光。

Obviously.

明顯地。

A question for Chris, probably. At Collins, there's clearly some things going on with the 737 MAX at the moment. And I was wondering what sort of implications there could potentially be for the Collins business and what do you see as the risk of potential destocking as this year progresses.

這可能是給克里斯的問題。在柯林斯，737 MAX 目前顯然正在發生一些事情。我想知道這對柯林斯業務可能產生什麼樣的影響，以及您認為今年潛在的去庫存風險是什麼。

Yes. Rob, yes, as you pointed out, significant content at Collins on 737 and 787, so across the main growth platforms there at Boeing. I would say that, I mean, we kind of mentioned this upfront. We've got, I guess, some uncertainty around rates today. We think that we've calibrated a lot of that in. But again, I know The Boeing Company will provide their guidance tomorrow. So we won't get out ahead of them.

是的。羅布，是的，正如你所指出的，柯林斯在 737 和 787 方面擁有大量內容，因此也涵蓋了波音公司的主要成長平台。我想說的是，我們之前就已經提到過這一點。我想，今天我們對利率有些不確定。我們認為我們已經對其中許多內容進行了校準。但我再次知道波音公司明天將提供他們的指導。所以我們不會領先他們。

We're just going to focus on working with them, supporting them through the dynamics in play and preparing to take whatever actions we think necessary, depending on the guidance that they provide. But I'll just say that the team has worked very hard to go drive the material in that we need to support their rates, and we've got the capacity to do so.

我們只是將專注於與他們合作，透過遊戲中的動態為他們提供支持，並根據他們提供的指導準備採取我們認為必要的任何行動。但我只想說，團隊已經非常努力地推動我們需要的材料來支持他們的費率，而且我們有能力做到這一點。

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諾亞·波波納克（Noah Poponak）。

Two follow-ups on topics already asked about. But on the powdered metal process, can you quantify, even if roughly, how many engines that are off-wing are actually in an MRO facility now versus waiting in line to get into one?

對已經詢問過的主題進行兩個後續提問。但是，就粉末金屬工藝而言，您能否量化（即使粗略地來說）目前實際位於 MRO 設施中的離翼發動機數量，以及有多少發動機在排隊等候進入 MRO 設施？

And then, Neil, on the defense margins, the guidance implies that each quarter, the rest of the year looks roughly similar to the first quarter. You have the framework next year for a decent amount of expansion. I would have thought you would have sort of ramped through this year into that '25 expansion. How do we kind of flip in '25? Or do I just have the numbers off there?

然後，尼爾，在防禦利潤率方面，指導表明每個季度，今年剩餘時間的情況大致與第一季相似。您已經為明年的大規模擴展建立了框架。我原本以為你會在今年順利實現 25 年的擴張。我們該如何在 25 年實現轉變？還是我只是把數字刪掉了？

Noah, let me start with defense and I'll hand it off to Chris to hit your first question. But listen, I think we had a number of headwinds last year. I think you're all well aware of that. And so as we put together our outlook for this year, we essentially assumed no productivity for the year. Now as Chris said and I talked about earlier, that's a significant step-up from what we experienced last year. And largely, last year was driven by a handful of fixed price development programs. But we're not out of the woods there.

諾亞，讓我先從辯護開始，然後我會把它交給克里斯來回答你的第一個問題。但是聽著，我認為我們去年遇到了一些阻力。我想大家都很清楚這一點。因此，當我們制定今年的展望時，我們基本上假設今年不會有生產力。正如克里斯和我之前談到的，這比我們去年經歷的有了顯著的進步。很大程度上，去年是由少數固定價格開發計劃推動的。但我們尚未脫離險境。

So what I would say is we took an approach that is not assuming a huge uptick. Remember, this is a business that several years ago was kicking off $300 million, $400 million and $500 million of positive productivity. There is still positive productivity in the Raytheon business each quarter. But it's been overwhelmed by the negatives. And so at this point, I think we're really pleased to see a quarter like this to start the year.

因此我想說的是，我們採取的方法並不假設會大幅上漲。請記住，幾年前這項業務就已經產生了 3 億美元、4 億美元和 5 億美元的正生產力。雷神公司業務每季的生產力仍然保持正成長。但它已經被負面因素淹沒了。所以現在，我認為我們真的很高興看到今年第一季出現了這樣的成績。

There's work to do, obviously, to get multiple quarters together that look like this one going forward. And that's what we're focused on. We're really focused on improving the health of the supply chain and moving the material through that you could see has come in, and now we've got to get it through the entire manufacturing process to meet these important needs of our customers. And that's where really where our focus is.

顯然，為了讓多個季度能夠像本季一樣順利發展，還有很多工作要做。這正是我們關注的重點。我們真正專注於改善供應鏈的健康狀況並運送您所看到的材料，現在我們必須讓它經歷整個製造過程以滿足客戶的這些重要需求。這才是我們真正關注的重點。

I do think it will step up in '25. One encouraging thing is we had significant orders during the quarter. And the margins in that new backlog are very healthy. The mix of that, those new orders, about 60% foreign sales. So it's a good start, but 1 quarter at a time. Chris, maybe a couple of comments?

我確實認為它將在 25 年有所進步。令人鼓舞的事情是，我們在本季度獲得了大量訂單。新積壓訂單的利潤率非常可觀。這些新訂單中，約有 60% 是海外銷售額。所以這是一個好的開始，但每次只能進行一個季度。克里斯，也許有幾則評論？

Yes, sure. So Noah, I'm not going to get into the specific numbers on where things stand in terms of those engines waiting to be inducted. But again, when you look at the turnaround times, the extended turnaround times that we've talked about, engines coming off today are going to have to wait a bit before they actually do get inducted and enter into Gate 1 in the MRO process.

是的，當然。所以諾亞，我不會詳細談論等待導入的引擎的具體數字。但是，再說一次，當你看到週轉時間，也就是我們談到的延長週轉時間時，今天拆下的引擎將需要等待一段時間才能真正被引入並進入 MRO 流程的 1 號門。

Suffice it to say, and we kind of alluded to this upfront, big step-up this year in GTF shop visits. And that's why we've played a little bit of the allocation game end of last year, early this year to get off to a strong start there. But again, we've got a big ramp on GTF MRO throughout the year in order to support this fleet. Again, we think we've got the capacity to do it, the labor to do it, the partners in our MRO shops who are incredibly adept at this. It's about material flow.

可以這麼說，我們有點暗示了今年 GTF 店內訪問量的大幅提升。這就是為什麼我們在去年年底和今年年初進行了一些分配遊戲，以便有一個好的開始。但為了支持這支機隊，我們全年都會大力增加 GTF MRO 產能。再說一次，我們認為我們有能力做到這一點，有勞動力做到這一點，我們的 MRO 商店中的合作夥伴也非常擅長這一點。這是關於物質流的。

Neil, the fixed price development programs that have been a challenge in Raytheon defense, when do those end? When do those move out of development?

尼爾，雷神公司國防領域面臨的固定價格開發計畫何時結束？這些什麼時候不再開發？

Yes. So here's a couple of ways to look at it. About 1% of our existing Raytheon backlog today constitutes those programs. And I'd say it's about 12 to 18 months. There's a few of them. So we're still -- we still have a little ways to go. We are making progress, critical milestones on each program.

是的。這裡有幾種觀察這問題的方法。目前，雷神公司積壓訂單中約有 1% 屬於這些項目。我認為大概是12到18個月。有好幾個。所以我們仍然──我們還有一段路要走。我們正在取得進展，每個專案都達到了關鍵的里程碑。

In the first quarter, we had net unfavorable productivity of about $28 million. Nearly all of that was associated with these programs. So there's still some headwinds that we're encountering as we get additional technical learning and going through testing. But that's the time frame and that's the magnitude I would put on it.

第一季度，我們的淨虧損約為 2,800 萬美元。幾乎所有這些都與這些計劃有關。因此，我們在進行額外的技術學習和測試時仍然會遇到一些阻力。但這就是我所設定的時間框架和重要性。

Greg and Jennifer, thanks for all the help over the years.

格雷格和詹妮弗，感謝你們多年來的幫助。

Thanks, Noah.

謝謝，諾亞。

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

我們的下一個問題來自貝爾德公司的彼得·阿門特 (Peter Arment)。

Greg and Jennifer, best of luck. I enjoyed it over the years. Chris, on Raytheon, Europe continues to be a really strong reason for bookings. Maybe you could talk about the outlook there and how should we think about, I guess, Neil just touched upon it, the FMS mix kind of ramping and going to benefit margins. Is this -- should we expect the FMS mix to kind of be a multiyear process as it plays out where that shows up favorably on margins but also just maybe just talk about the outlook on bookings?

祝格雷格和珍妮佛好運。多年來我一直很享受它。克里斯，對雷神公司來說，歐洲仍然是預訂的重要原因。也許您可以談談那裡的前景，以及我們應該如何看待，我想，尼爾剛剛提到過，FMS 組合的提升和利潤率的提高。這是——我們是否應該預期 FMS 組合會是一個多年的過程，因為它會在利潤率上顯示出有利的一面，但也許只是談論預訂的前景？

Yes. I think that's right, Peter. I think it is a multiyear process. To your point, if you just think about what's going on out there today, the integrated air and missile defense, the demand there is exceptionally strong, obviously, Patriot, NASAMS and, of course, GEM-T and the like. You saw a huge order from NATO at the end of last year for us and the demand continues to be really strong.

是的。我認為那是對的，彼得。我認為這是一個多年的過程。對於你提到的問題，如果你想想今天發生的事情，綜合防空反導系統的需求非常強烈，顯然是愛國者飛彈、NASAMS，當然還有GEM-T等。您看到去年年底我們從北約獲得了一筆巨額訂單，而且需求持續強勁。

To your point, when we look at our margins throughout the year, our margin progression story at Raytheon, we're expecting a tailwind from mix as we increase the international backlog. About 60% of Raytheon's Q1 bookings were international. And so that's provided us a nice tailwind. And we expect that to continue.

正如您所說，當我們回顧全年的利潤率，以及雷神公司的利潤率成長時，我們預計，隨著國際積壓訂單的增加，混合業務將迎來順風。雷神公司第一季約 60% 的訂單來自國際市場。這給我們提供了良好的順風。我們預計這種情況將會持續下去。

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馬特‧埃克斯 (Matt Akers)。

Good luck, Greg and Jennifer. I had a couple of questions. One, what's the current wing-to-wing turnaround time for GTF full stop? Is it close to that 250, 300 days? Or is it shorter and then sort of builds as the pipeline of planes waiting gets bigger than -- I think you might have said Pratt aftermarket, mid-single digits through the rest of the quarters. Did I mishear that? Is that actually mid-teens?

祝你好運，格雷格和珍妮佛。我有幾個問題。第一，目前 GTF 引擎完全停止時的翼對翼週轉時間是多少？這接近250、300天嗎？或者它先是變短，然後隨著等待的飛機管道變得越來越大而逐漸建立——我想你可能會說普惠售後市場，在接下來的幾個季度裡都將保持個位數的中等水平。我是不是聽錯了？那真的是十幾歲嗎？

So let me start, Matt, with the wing-to-wing turnaround time. Yes, it's in that range that we've provided, in that 250, 300. Again, a lot of that will continue to be dependent on the mix of work scopes. We're still believing that it's going to be more of a 90% heavy, 10% lighter shop visit. And with that, we'll stay within that range.

那麼馬特，讓我先來了解翼對翼的周轉時間。是的，它就在我們提供的範圍內，也就是 250 到 300 個。同樣，這其中的許多內容仍將取決於工作範圍的組合。我們仍然相信，這將是一次 90% 重型、10% 輕型的店內訪問。這樣，我們就會保持在這個範圍內。

If we can find a way to come up with medium work scopes and other things that can alleviate the need for new, we'll call it, non-powdered metal material repair development and the like, perhaps we'll be closer to the lower end of that range. But we're in there today, given the shop visit mix that we see and the material flow that we see.

如果我們能夠找到一種方法來提出中等工作範圍和其他可以減輕對新產品（我們稱之為非粉末金屬材料修復開發等）的需求，也許我們會更接近該範圍的低端。但今天我們就在那裡，考慮到我們看到的商店訪問組合和材料流動情況。

Can I get the aftermarket?

可以拿到售後市場嗎？

Yes, sorry, I didn't put my mic on. Just a couple of clarifications, so when I said mid-single digits, I was referring to the military growth. We had really strong growth, obviously, in the first quarter. On the aftermarket, think about that as low- to mid-teens for the rest of the year.

是的，抱歉，我沒有打開麥克風。只要澄清幾點，當我說中等個位數時，我指的是軍事成長。顯然，第一季我們實現了非常強勁的成長。在售後市場，可以想像今年剩餘時間內其銷量將維持在 15% 至 16% 左右。

Our next question comes from the line of Jason Gursky of Citigroup.

我們的下一個問題來自花旗集團的 Jason Gursky。

Jennifer, Greg, best of luck with your new roles and ventures. And Nathan, welcome back. Chris, just a quick question for you on Raytheon in the defense side of the business, solid book-to-bill here in the first quarter. So I'm wondering if you can talk about the pipeline that you see here for the next 12 to 24 months and what you think the book-to-bill is going to look like over that time period. Do we have a prolonged period here of book-to-bills above 1 that forecast or -- yes, forecast growth here for multiple years?

珍妮佛、格雷格，祝福你們在新的角色和事業上好運。內森，歡迎回來。克里斯，我想問您一個關於雷神公司國防業務的快速問題，第一季的訂單出貨比很穩定。所以我想知道您是否可以談談未來 12 到 24 個月的銷售管道，以及您認為該時間段內的訂單出貨比將會是怎樣的情況。我們這裡的訂單出貨比是否會長期高於預測的1，或者——是的，預測這裡的成長會持續多年嗎？

Yes. Jason, look, I think given the threat environment we described and we kind of laid out in the question on the supplemental, we're going to continue to see strong top line growth at Raytheon and strength in bookings. And again, if you just kind of go region-by-region, it's replenishment in the U.S., it's the integrated air and missile defense in Europe, it's naval munitions in Asia. So again, feel like the strength of demand is going to continue to be there.

是的。傑森，看，我認為鑑於我們所描述的威脅環境以及我們在補充問題中所提出的威脅環境，我們將繼續看到雷神公司的強勁營收成長和預訂量的強勁增長。再說一次，如果你只是逐個地區看，美國有補給，歐洲有綜合防空反導，亞洲有海軍彈藥。因此，再次感覺需求強勁將會持續下去。

And then the other thing I'll say, Jason, is we're also thinking through some of the advanced capabilities that we're trying to bring to market as well: LTAMDS, which I mentioned upfront, the 360-degree radar; the refresh on AMRAAM; SPY-6 radar, which has gone through its initial sea trials; counter-UAS capabilities with our Coyote system; and then things like high-power microwave as you look to sort of the drone swarm threat that continues to build. So again, strong demand for the existing pipeline of products. And we continue to invest in that next-generation product, which we think meets the emerging threats.

然後我要說的另一件事，傑森，我們也在考慮一些我們試圖推向市場的先進功能：我前面提到的 LTAMDS，360 度雷達； AMRAAM 的更新； SPY-6雷達已完成初步海上試驗；利用我們的 Coyote 系統實現反無人機能力；然後是高功率微波等，以應對持續增強的無人機群威脅。因此，現有產品線的需求強勁。我們將繼續投資下一代產品，我們認為它可以應對新出現的威脅。

And as I say, to be clear, you think that, that leads to the book-to-bill above 1 here for this year and maybe going into '25?

正如我所說，明確地說，您認為這會導致今年的訂單出貨比超過 1，甚至可能持續到 25 年嗎？

I was just going to comment on the book-to-bill. I mean, certainly really strong first quarter. With top line sales projected to where we see them, it's obviously going to change the math a little bit on the book-to-bill calculation. But we still expect a book-to-bill over 1.1 for this year. And I think it's going to be strong next year. But obviously, as sales go up, too, that will level off a little bit. But the backlog is going to continue to grow.

我只是想對訂單出貨比發表一下評論。我的意思是，第一季確實非常強勁。根據我們所預測的頂線銷售額，這顯然會稍微改變訂單出貨比的計算結果。但我們仍然預計今年的訂單出貨比將超過 1.1。我認為明年它會更加強勁。但顯然，隨著銷售額的上升，這一水準也會逐漸趨於平穩。但積壓的數量還會持續增加。

To put a finer point on some of the awards for this year, we see AMRAAM, we've talked about LTAMDS both with the U.S. Army and Poland, certainly Patriot, SPY-6 and SM-3, so a good list of potential things. The large international ones could be lumpy. They can come in this year, they could fall into next year. But we see a lot of demand signals that are really strong there.

為了更詳細地介紹今年的一些獎項，我們看到了 AMRAAM，我們已經與美國陸軍和波蘭討論了 LTAMDS，當然還有愛國者、SPY-6 和 SM-3，所以這是一份很好的潛在清單。大型國際企業可能會舉步維艱。他們可能今年來，也可能明年來。但我們看到那裡有很多非常強勁的需求訊號。

Our final question comes from the line of Gavin Parsons of UBS.

我們的最後一個問題來自瑞銀的加文·帕森斯（Gavin Parsons）。

First, I was wondering if you guys could just give an update on what ratio of GTF customer compensation agreements have actually been completed? And then second, if you could just give a little more detail on the OE rate uncertainty you talked about. I know we're waiting for Boeing tomorrow. But if you're actually already seeing lower pull on any of those programs and if that's considered in Collins' guidance.

首先，我想知道你們能否更新一下 GTF 客戶賠償協議實際完成的比例？第二，如果您可以更詳細地介紹您談到的 OE 利率不確定性。我知道我們明天正在等待波音公司。但如果你實際上已經看到這些項目的吸引力下降，並且如果柯林斯的指導考慮到了這一點。

Yes, sure, Gavin. This is Chris. So again, on the GTF customer piece, we've just said upfront, we've got about nine done. We're in the final throes of a few more. And those nine that we've got under our belt represent about 1/3 of the GTF fleet total.

是的，當然，加文。這是克里斯。因此，關於 GTF 客戶部分，我們剛才已經說過，我們已經完成了大約 9 項。我們正處於最後的掙扎之中。我們已擁有的這 9 架飛機約佔 GTF 機隊總數的三分之一。

And then on the rates, again Boeing will provide their guidance tomorrow. I just think we're very much embedded with the 737, 787, what do we need to do to support a ramp on 787 and then what do we need to do to help them go wherever they need to on 737. And so we're not -- we won't get out ahead of them, but just know that we're working a number of scenarios. And we'll take whatever action is necessary based upon what they need.

然後關於利率，波音公司明天將再次提供其指引。我只是認為我們對 737、787 有著深入的了解，我們需要做些什麼來支持 787 上的坡道，然後我們需要做些什麼來幫助他們在 737 上到達他們需要的任何地方。所以我們不會——我們不會走在他們前面，但要知道我們正在研究多種方案。我們將根據他們的需要採取一切必要的行動。

I would now like to turn the conference back to Greg Hayes for closing remarks.

現在我想請格雷格·海耶斯致閉幕詞。

Okay. Thank you, Latif. I'll keep these comments brief. But as I step back from the day-to-day responsibility as CEO of RTX, I want to take this opportunity to thank our team for their trust and support over this past decade. Any success we have had is the result of the hard work and dedication of the entire team, the senior leadership team, but also the whole 185,000 people that make RTX the great company that it is.

好的。謝謝你，拉蒂夫。我將簡短地發表這些評論。然而，當我辭去 RTX 執行長的日常職責時，我想藉此機會感謝我們團隊在過去十年中給予的信任和支持。我們所取得的任何成功都歸功於整個團隊、高階領導團隊以及全體 185,000 名員工的辛勤工作和奉獻，正是他們讓 RTX 成為了一家偉大的公司。

I also want to thank our investors. It's been an interesting decade or so in the role. And thank you for your patience as we've transitioned and transformed what was United Technologies, a multi-industry company, into RTX, which is, I believe, the best-positioned A&D company in the world today. We've got great products, great portfolio of people and technologies and a great backlog that I think is going to serve us well into the future.

我還要感謝我們的投資者。我擔任這個角色的十年左右非常有趣。感謝大家的耐心等待，我們已將原來的跨產業公司聯合技術公司轉型為 RTX，我相信 RTX 是當今世界上定位最正確的 A&D 公司。我們擁有優質的產品、優秀的人才和技術組合以及大量的積壓訂單，我認為這些將為我們未來的發展提供良好的服務。

There is, of course, always more to do. We can talk a lot about that. I think Chris is absolutely on the right track, that is focusing on execution, focusing on technology and making sure we have the best team possible. And I can't think of a better leader than Chris to lead RTX for the next decade or so. You should all know that Chris has the full support of the Board, but not just the Board, the entire senior leadership team and the entire organization. And I look forward to working with Chris in the near term and watching from the sidelines beyond that as he is successful.

當然，總是有更多的事情要做。我們可以就此進行多方面的討論。我認為克里斯完全走在正確的軌道上，那就是專注於執行，專注於技術並確保我們擁有最好的團隊。我認為沒有誰比克里斯更適合在未來十年左右領導 RTX。大家應該都知道，克里斯得到了董事會的全力支持，但不僅僅是董事會，還包括整個高階領導團隊和整個組織的支持。我期待近期與克里斯合作，並在旁觀他的成功。

I also want to thank Jennifer. Jennifer and I worked together for a decade from Sikorsky's disposition to the integration of Raytheon and UTC. And lately, for the last 3 years as Head of Investor Relations, she's been a great resource for the company and a great friend. So Jennifer, thank you.

我還要感謝珍妮佛。從西科斯基的處置到雷神公司和 UTC 的整合，珍妮佛和我一起工作了十年。在最近 3 年擔任投資者關係主管期間，她一直是公司的寶貴資源和好朋友。所以詹妮弗，謝謝你。

With that, I think that's all. Thanks for listening today. Jennifer and Nathan and team will be available all day to answer whatever questions you have. But thanks for listening and take care.

我想，就這樣了。感謝您今天的聆聽。 Jennifer、Nathan 和團隊將全天為您解答任何問題。但感謝您的聆聽並保重。

And this now concludes today's conference. You may now disconnect.

今天的會議到此結束。您現在可以斷開連線。