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，美好的一天，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。謹此提醒，本次會議正在錄製以供重播。

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.

今天參加電話會議的有：董事長兼執行長 Greg Hayes； Chris Calio，總裁兼營運長；尼爾‧米切爾，財務長；珍妮佛·里德（Jennifer Reed），投資者關係副總裁。此次電話會議正在網路上進行網路直播，並且可以從 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，否則公司將討論持續經營的結果，不包括收購會計調整和管理層通常將其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收益和現金流預期以及任何其他前瞻性陳述均面臨風險和不確定性。 RTX 向 SEC 提交的文件，包括其表格 8-K、10-Q 和 10-K，提供了可能導致實際結果與前瞻性聲明中預期結果存在重大差異的重要因素的詳細資訊。

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

（操作員指示）接下來，我會將電話轉給海耶斯先生。

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。眾所周知，在下週的年度股東大會上，我將辭去執行長一職，並將權力移交給克里斯·卡里奧。

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。我們本季的銷售和營業利潤強勁成長，以及創紀錄的超過 2000 億美元的積壓訂單，是他成功的最佳證明。

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?

我將在電話會議結束後回來徵求一些最終意見。但現在讓我把它交給克里斯，讓你概述公司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，我要對格雷格的領導表示認可和讚賞。在過去的十年裡，他作為執行長創造了巨大的價值，並透過我們三個行業領先的業務將 RTX 打造成 A&D 領域的最佳產品組合，為我們的持續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，我想花一些時間介紹一下這個基礎的實力以及我們計劃如何在 2024 年及以後在此基礎上繼續發展。現在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。柯林斯是行業領導者，在其 70% 的產品組合中排名第一或第二，並且擁有價值 1000 億美元的保固期外安裝基礎，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.

在普拉特，大型商用引擎業務擁有 12,000 台引擎的安裝基地和超過 10,000 台 GTF 的積壓訂單，這也將推動未來幾十年的成長。但普拉特的意義遠不止於 GTF。普惠加拿大公司仍然是首屈一指的小型發動機企業，擁有 200 多個平台和 63,000 台在役發動機的獨家供應商地位，這也帶來了漫長的售後市場尾巴。普拉特的軍用發動機業務將在未來為 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權對於美國和我們的盟國至關重要，因為他們透過愛國者防空系統、GEM-T、NASAMS、SPY-6 雷達、AMRAAM、戰斧和標準飛彈等項目來應對當今和未來的威脅系列和未來技術，如 LTAMDS、高超音速技術和 LRSO（遠程防區外巡航飛彈）。

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，隨著我們前進，我們的重點將繼續是將 RTX 從 A&D 領域的最佳產品組合轉變為 A&D 領域的最佳公司。這意味著被我們的客戶認可為履行其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。接下來，讓我轉到投影片 2 上的季度。由於對新飛機的持續強勁需求的推動，RTX 的商業 OE 成長了 33%。隨著我們繼續看到國內和國際 RPK 的強勁成長，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.

很明顯，商業航空需求是存在的。但眾所周知，該行業仍在應對供應鏈限制和其他挑戰，這導致了一些原廠生產率的不確定性。這將繼續成為我們今年的重點項目。

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 7% 的同比增長，本季末國防訂單出貨比為 1.05，積壓訂單達 770 億美元。我們很高興 2024 財年支出法案已經頒布，提供 8,860 億美元的國防支出，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計劃和技術，包括下一代推進系統、關鍵彈藥和 F135 升級，確保它仍然是為 F-35 聯合攻擊戰鬥機的每個型號提供動力的唯一引擎。該預算還支持對關鍵能力的投資，以應對當前和未來的威脅，例如對抗無人機和高超音速的系統，RTX 在這些領域提供領先的技術。

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深化美國關鍵彈藥庫存，如陶式飛彈、標槍飛彈和神劍飛彈，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，我們持續看到美國盟友的需求增加。本季度，雷神公司獲得了一份價值 12 億美元的合同，為德國提供額外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，GTF 適航指令於 3 月發布，與我們的服務公告和服務說明一致。在技​​術方面，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，交付給客戶總裝線的所有 GTF 引擎均配備全壽命 HPC 和 HPT 碟盤。在 MRO 方面，我們已經開始將全壽命盤納入某些引擎大修中。正如我們之前所說，我們預計全年將逐步加強。此外，本季完成的 PW1100 引擎車間訪問量符合我們的計劃，並且年增 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，我們的平均機翼週轉時間假設與我們之前大約 250 至 300 天的指導保持一致。隨著 AD 的發布，我們現在基本上處於 AOG 的最高水平。我們預計從 2024 年到 2026 年，AOG 平均數量約為 350 個。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，讓我們轉向投影片 3，我將更多地分享我們如何利用核心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就是為了推動持續改進，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。我們柯林斯的機艙業務在支援 A320neo 計畫的 7 家工廠部署了 CORE，使按時交付率提高了 8%，品質提高了 17%。在雷神公司的TPY-2 計畫（一種旨在探測和攔截彈道飛彈的雷達）中，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一倍，從而將每個製造時間減少40 %單位並提高準時交貨。

We also remain committed to enhancing our factories through digitization, automation and connected equipment. Last year, we connected 20 factories and have another 20 plan 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.

我們也繼續致力於透過數位化、自動化和互聯設備來增強我們的工廠。去年我們連接了20家工廠，今年年底還有另外20家計​​畫完成。一旦完全連網，這些工廠將實現整體設備效率的提高、品質的提高以及最終產量的提高。

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 和我們的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充實我們的產品線。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30億美元用於公司資助的研發，以及50億美元的客戶資助的研發，以開發新技術和新產品。我們也在關鍵領域擴大製造能力，以滿足客戶需求，這是我們 2024 年 25 億美元資本投資的關鍵優先事項。

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 provide 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.

我們推出市場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，可顯著提高針對無人機和高超音速等一系列威脅的性能。該計畫最近又成功完成了一次實彈活動，來自七個國家的代表參加了活動。我們預計今年將獲得首個國內 LRIP 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，我們宣布斥資 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，工廠整合和交付我們幾個關鍵彈藥項目的能力將增加 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 內的最佳產品組合、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 的未來以及我們轉型為 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?

接下來，讓我將其交給尼爾，讓您了解我們第一季的業績。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。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。自去年啟動 ASR 以來，我們在資產負債表去槓桿化方面取得了進展，已償還了超過 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 銷售額達 193 億美元，較上年有機成長 12%。這是繼去年第一季 10% 的成長之後的結果。需求強勁也反映在我們的積壓訂單中，目前積壓訂單量為 2,020 億美元，較去年同期成長 12%。 10% 的部門營業利潤成長被退休金收入減少和利息支出增加帶來的預期阻力部分抵銷。我們本季的有效稅率包括當期外國稅收優惠。

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%。根據 GAAP 基礎，持續經營業務產生的每股收益為 1.28 美元，其中包括： 0.29 美元的收購會計調整；與稅務審計結算相關的 0.21 美元福利；與網路業務銷售相關的 0.18 美元淨收益；與啟動替代鈦源相關的 0.13 美元費用； 0.03 美元的重組和其他非經常性項目。

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，比去年同期改善 13 億美元。按照計劃，國防里程碑的時間表和商店訪問量的增加，以及支持我們成長的庫存建設，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。讓我談談我們的業務部門以及我們在本季取得的一些進展。您聽說 Chris 介紹了 GTF 機隊管理計劃的最新狀態，所以讓我談談雷神公司和柯林斯公司的首要任務。在雷神公司，業務需求持續成長。正如我們在上次電話會議中所說，我們正在採取行動來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張。

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了 50 個基點，較去年同期提高了 20 個基點。在材料方面，我們看到第一季材料收入較去年同期實現兩位數增長，連續第四個季度增長，這當然推動了營收，但更重要的是，有助於緩解生產瓶頸。並銷毀逾期銷售。

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.

轉移到柯林斯。我們的重點仍然是透過持續的商業原廠設備和售後市場成長以及持續的結構性成本降低來提高利潤率。本季度，柯林斯的銷售額強勁成長，利潤率較上季和年增 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持續實現固定成本吸收效益。

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，我們也不斷取得進展。例如，柯林斯正計劃在 2025 年底將 270 萬個製造工時轉移到成本最佳的地點。最後，本季我們也實現了 RTX 總合併成本綜效增量 1.05 億美元。我們正在接近去年更新的 20 億美元目標。我們在年初的首要任務上取得了良好進展。

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 million 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.

因此，基於我們第一季的業績和強勁的積壓訂單，我們仍有望實現全年展望，包括全年銷售額在7,800 萬美元至790 億美元之間，這意味著有機收入成長在7% 至8 % 之間。此外，我們繼續看到調整後每股收益在 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?

現在讓我把它交給 Jennifer，帶您了解分段結果。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。按通路劃分，商業售後市場銷售額成長了 14%，這主要得益於零件和維修成長 17%、配置成長 16% 以及改裝和升級下降 3%。在寬體機、窄體機和公務機平台成長的推動下，本季商用原配設備銷量較上年成長 14%。國防銷售成長了 1%，主要是由於銷量增加。

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.

調整後營業利潤為10.5 億美元，比上年增加1.45 億美元，即16%，這是由於商業售後市場銷量增加而下降，部分被不利的OE 組合、更高的太空項目成本和增加的研發費用所抵消。展望未來，我們繼續預期柯林斯全年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，營業利潤成長在 6.5 億美元至 7.25 億美元之間。

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。本季商用原配設備銷量成長 64%，引擎交付量增加，大型商用引擎業務的產品組合也得到改善。本季商用售後市場銷售額成長 9%，主要得益於大型商用引擎銷量的增加（主要與 GTF 大修活動以及加拿大 Pratt 銷量的增加有關）。

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.

由於增加了支援 GTF 機隊的材料分配，傳統大型商用發動機售後市場收入較上年略有下降。在軍用發動機業務中，銷售額增長了 21%，這主要是由於 F135、F117 和 F100 平台的維護量增加，以及開發量增加（主要是 F135 發動機核心升級計劃推動）。

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 banner. Higher military volume and favorable mix was more than offset by higher R&D and SG&A expenses.

調整後營業利潤為 4.3 億美元，與前一年持平。有利的商業原件組合和更高的商業售後市場銷量帶來的好處被商業原件交付量增加、不利的商業售後市場組合以及缺乏有利的上一年6000 萬美元合同旗幟所帶來的不利因素部分抵消。更高的軍事數量和有利的組合被更高的研發和銷售、一般管理費用所抵消。

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.

轉向普拉特的全年展望。我們繼續預計，隨著大型商用發動機售後市場的持續增長和軍用銷量的增長，調整後的有機銷售額將實現低兩位數增長，調整後的營業利潤將比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 system and advanced technology programs. The increase in land and air defense system programs reflect higher customer demand for the Patriot, counter-UAS systems and NASAMS.

現在轉向幻燈片 7 上的雷神公司。陸地和防空系統專案的增加反映了客戶對愛國者、反無人機系統和NASMS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.

該季度調整後營業利潤為 6.3 億美元，比上年同期增加 4,600 萬美元，主要是由於銷量增加和淨生產率提高所致，但部分被不利的組合所抵消。另請記住，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，該選擇權在今年第一季沒有重複。預訂和積壓仍然非常強勁。第一季度，訂單量為 81 億美元，訂單出貨比為 1.23，積壓金額為 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 和機密工作的大量訂單。展望未來，我們繼續預期雷神公司的銷售額將達到低至中個位數的有機成長，營業利潤將比2023 年成長1 億至2 億美元。萬美元的年比逆風。

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

至此，我將把事情轉回給克里斯結束。

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 and improved margins. And third, at Collins, it's about generating strong incremental margins.

謝謝，珍妮佛。我在投影片8 上。並推動營運績效。我們今年的首要任務保持不變。首先，在普拉特，重點是繼續執行 GTF 車隊管理計畫。其次，在雷神公司，重點是解決積壓訂單並提高利潤率。第三，在柯林斯，重點是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 CORE 作業系統支援我們執行這些優先事項，並推動 RTX 的持續改進。同時，我們在研發、現代化和數位化能力方面投資超過 100 億美元，繼續評估我們的投資組合以尋找增量機會，以進一步加強我們的重點並優先考慮未來的投資。在我們這樣做的同時，我們仍有望從合併之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.

那麼，讓我把它交給尼爾。

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。在我們進行問答之前，我想快速向大家通報投資人關係團隊領導轉型的最新情況。

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) 正在迎接下一個機會。 Jennifer 在前所未有的環境中掌舵，並不懈努力，確保我們所有利益相關者在 RTX 合併後的關鍵年份獲得及時、清晰的信息。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業務部門，負責領導投資者關係。你們有些人可能還記得 Nathan，因為他是促成合併的 UTC IR 團隊的成員。但從那時起，內森在柯林斯擔任過多個職務，最近擔任室內裝潢業務的財務長。珍妮佛和內森將努力確保我們所有人和你們所有人順利過渡。

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

至此，我們準備好回答第一個問題了。

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

（操作員說明）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?

感謝詹妮弗多年來的幫助。您能否先與普拉特售後市場談談，考慮到今年剩餘時間的競爭更加困難，考慮到第一季的 9% 和較低的兩位數，實現全年指導是否存在風險全年預計？

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一些事情。我認為第一季 9% 的售後市場成長基本上符合我們的預期。我們在第一季確保了 GTF 售後市場檢修的良好開局。我相信克里斯可以在那裡提供更多的色彩。這樣做時，V2500 的材料分配稍微輕一些。

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，第一季我們的商店訪問量比去年同期下降了一些，大約為 175 次左右。不過，我們仍然有信心全年使用 V2500 進行的商店參觀量將達到 800 次。因此，我們預計在今年剩餘時間內，我們將看到越來越多的商店訪問量。的售後市場。

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 1 月份，我們就討論過 PW2000 和 4000。那裡有一些看跌期權。它們在很大程度上抵消了今年的影響。因此，這實際上是為了看到傳統售後市場繼續成長。全年來看，普拉特售後市場仍有望實現低兩位數的成長。我們相信我們會看到支持這一點的材料流動。

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，我唯一要補充的是，邁爾斯，這是克里斯，就尼爾的觀點而言，考慮到車隊管理計劃的情況，我們知道我們需要在GTF MRO 方面表現強勁。因此，我們在分配材料和資源時考慮到了這一點。我認為我們在第一季就看到了成果。但正如尼爾所說，我們繼續看到對我們所謂的成熟機隊、V 機隊和其他機隊的需求。而且這種增長是根據我們今年的數字進行校準的，因此仍然有信心它將提供我們所需的全年商店訪問量。

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，Chris，感謝您為 GTF 車隊管理計劃提供更多資訊。而此時此刻，似乎一切都進展順利。

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，以了解是否有潛在的風險降低？是否有許多具體已完成的 AOG 或更多客戶協議需要完成？任何能夠幫助我們了解退休風險的衡量標準都會有所幫助。

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。因此，GTF 車隊管理計劃是一個多年的過程。我們將在未來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。我們今天在電話會議上研究了它們，我們已經做到了歷史性的。這將是 AOG 級別，這將是周轉時間。同樣，我們已經為每個關鍵推動因素給出了這些範圍，我們將繼續盡一切努力保持在或移至這些範圍的下限。

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.

再說一次，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 年有一個龐大的成長計劃。正如我們在上次電話會議和評論中所說，我們繼續在 MRO 中添加全壽命 HPC 和 HPT，並且它將在全年中不斷增加。所以這將是我們的一個關鍵指標。

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 production, MRO.

顯然，我們能獲得的輸出越多，我們就能為艦隊提供更多的救濟，AOG天數就越少，懲罰就越少。真的就是這麼簡單。因此，對我們來說，一切都與 MRO 推動因素有關，其中最主要的是粉末金屬生產 MRO 的持續成長。

(technical difficulty)

（技術難度）

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

是的。克里斯汀，我對這個回饋感到抱歉。希望這一切都能實現。

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?

也許這是一個小問題，但這是我們經常遇到的問題。當你考慮飛機在地面上的軌跡時，我們似乎正處於我們將在這裡看到的最高水平 - 550 左右的水平，當我們考慮從這裡開始走向何方時，我們認為是否會在今年剩餘時間裡保持幾季的穩定狀態？

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？當您考慮現在的周轉時間以及您在接下來的幾個季度中可以做出的改進時，您是否可以為我們提供一些東西來衡量這一點？

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，所以看，正如我們在評論中所說，我們基本上處於 AOG 的頂峰。我的意思是，上面、下面都會有一些擾動。但我們認為這是一個頂峰，我們將開始逐漸削減並降低它。所以，正如我對克里斯汀的問題所說的那樣，第一大推動因素是我們的 MRO 輸出。

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.

再說一次，本季開局強勁，但我們今年有一個宏偉的計劃。我們專注於週轉時間和新材料。歸根結底，就我們的 MRO 產出而言，容量並不是那麼重要。我們有足夠的商店。我們有足夠的勞動力。這是關於物質流動的。我們的物料流動速度越快，我們就能越快縮短週轉時間、增加產量，然後燒掉那些等待進氣的引擎的積壓訂單。

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 in there for you guys?

您能否談談眾議院通過的補充資料以及它對您的國防業務有何影響？那裡對你們有什麼好處？

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 million 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。我相信您已經看到，如果您將補充資金分成幾個大的部分，那麼烏克蘭大約需要 600 億美元，以色列大約需要 2500 萬美元，印太司令部大約需要 100 億美元。因此，當我們根據這些大桶來查看我們的產品組合時，我們會關注烏克蘭，並表示其中大約 2/3 可以透過 RTX 產品來解決，例如 GEM-T、NASAMS、Patriot、AMRAAM、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，我們在某種程度上阻礙了大約 30% 的可尋址庫存補充、鐵穹、大衛吊索採購。然後是 INDOPACOM，同樣可以使用 RTX 產品套件解決約 30% 的問題，即 SM-6、Tomahawk、AIM-9X。同樣，這些服務將有他們正在尋找的特定清單。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，我想快速跟進一下，您在導彈的固定價格開發計劃方面遇到了一些挑戰。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。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張的重要組成部分。因此，在本季度，我們看到了生產力的提高，這確實很有幫助。再說一遍，如您所知，我們今年的生產力計劃實際上是沒有生產力。但去年，當然，我們在生產力部門遇到了一些阻力。總體而言，今年有所改善。

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.

我們仍然有一些固定價格的機密計劃，我們正在繼續努力。我們說這是一個 12 到 18 個月的旅程，因為我們正在努力完成這些工作。我想說，在其中一些方面，我們已經在里程碑方面取得了一些良好進展。而其他人，我們將繼續在那段時期內奮力渡過難關。

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，我只想補充一下生產力方面的問題，在第一季度，我們看到第一季同比增長了約 5800 萬美元。當然，去年我們行使了一項選擇權，這可能佔了改善的 55%。但儘管如此，我們預計年比收入將達到 2 億美元，並且繼續預計將達到 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所看到的轉變感到鼓舞。

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?

所以第一季普拉特的股價上漲了 23%。如果我們要降低兩位數，稱之為 11%、12%，那麼在這一年中你必須急劇減速。然而，你仍然對售後市場進行指導，這意味著要么你的總指導很低，要么我們將在這一年中看到商業或軍事領域的持平甚至下降。您能否為我們介紹普拉特業務的這三個部分以及它們在這一年中的季度順序？

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，讓我從這裡開始。我的意思是，普拉特的第一季我們有一個非常強大的開局。其中大部分歸功於商業原廠交付量，第一季單位交付量幾乎增加了 40%。因此，這顯然推動了營收成長。在安裝和備用引擎之間也有一些良好的組合，因為我們希望在今年開始時盡可能地定位 GTF 車隊。我認為隨著今年剩餘時間的展開，其中一些因素將會明顯減弱。所以我認為我們在安裝方面有一個好的開始。

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.

在售後市場方面，你是對的。在接下來的三個季度中，我們將看到更多中個位數的成長。再次強調，V2500 的出現將進一步推動這一趨勢。 GTF 售後市場也將支撐收入，當然，它不會帶來那麼多利潤，但肯定會幫助車隊變得更健康。軍事方面第一季的開局也非常強勁。第一季收到的材料旨在支援主要是軍事業務的售後市場。我們確實看到今年下半年這一速度會放緩。

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.

這些是關鍵要素，這裡不會按季度的節奏詳細介紹。但今年才剛過去一個季度。但這是今年的良好開端，我們會看到，我們目前仍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，恭喜你的下一步行動，祝你一切順利。我想問一位關於柯林斯的問題，也許是尼爾或克里斯。光是今年的指導就意味著利潤率將上升 16.6%，而本季調整後的利潤率為 15.7%。您能否談談隨著柯林斯今年的進展，推動利潤率擴張的因素是什麼？

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。讓我開始吧，希拉。正如我所想的——首先，讓我們從柯林斯的第一節開始。這是一個非常好的季度。經調整後，我們的利潤成長約為 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所驅動的。現在還有很長的路要走。我們全年的支出範圍為 6.5 億至 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持續降低成本，並且我們開始看到與實現成本降低輕鬆相關的成本以及從中獲得的收益這些行動開始以更強勁的增量形式下降，所以感覺售後市場軌跡在這個時刻支持了這一點。我認為，這將繼續成為柯林斯今年剩餘時間利潤成長的關鍵驅動力。

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.

正如我們在發言中所說，如果我對1.75 億美元發表評論，這筆費用與鈦的一些採購有關，我知道你們都知道，考慮到許多正在進行的供應鏈，鈦是航空航天工業的重要商品。坦白說，我們花了一些時間才做到這一點。

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.

具體到這項指控，我們在本季與兩家新供應商達成了一項協議，涉及這些協議以及加拿大在 2 月宣布的一些制裁措施。我們收取費用是為了反映兩件事。一是這兩項新協議帶來了更高的採購承諾成本。第二個是約 7,500 萬美元的成本減值，這些成本先前已在與特定項目相關的資產負債表上資本化，但無法再收回。

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.

正如我們所說，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，我們在許多領域都避免了這種風險。我認為這是解決這個問題的重要一步。因此，我們對我們達成的協議感到滿意，但它們的成本肯定更高，因此我們收取了費用來處理這個問題。

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?

在防守方面，雷神公司進行了領導層過渡，韋斯·克萊默在第一季退休。您能談談您是如何（如果有的話）以不同的方式思考該策略的嗎？我想說的是，在兩個方面，第一，您之前提到將利潤率提高到 2025 年的目標，這可能是固定價格合約的一部分，但也有助於供應鏈的進步。其次，回到巴黎，您談到需要在太空方面製定新策略，以真正重振那裡的成長。您能否評論一下您對菲爾·賈斯珀（Phil Jasper）新領導者的看法？

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。你敢打賭，道格。這是克里斯。因此，讓我們先討論您問題的第一部分，即供應鏈和雷神公司的利潤率以及我們如何考慮這一點。道格，如果我們退後一步，雷神公司的積壓量非常大。您在第一季看到了成長。顯然，其中很大一部分是對執行的持續關注，特別是供應鏈。雷神公司的材料收據已連續 4 個季度增長。因此，感覺對供應鏈和供應鏈健康的關注開始帶來紅利。我們看到這種情況再次發生，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 in driving material. So that's where the focus is.

菲爾和團隊再次非常專注於執行，在我們需要的利潤範圍內埋頭執行積壓的工作。再說一次，其中很大一部分是供應鏈。我們也在增加產能以滿足這一成長的需求。您今天聽到我們宣布亨茨維爾。上個季度，我們談到了阿肯色州卡姆登的擴張，因此再次投入了驅動材料所需的產能。所以這就是重點所在。

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 in 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.

在太空方面，道格，我們確實討論了從太空主要產品（如果你願意的話）到成為主要太空產品的零件供應商的一些轉變。我認為，當你看到我們在該投資組合中的優勢時，我認為這種轉變是正確的。我們在一些精緻的太空領域擁有歷史實力。我們在主要衛星和巴士的一些關鍵部件方面還有其他一些優勢。但我再次認為，這就是我們將從太空主要供應商轉變為更多零件供應商的地方。

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‧史特勞斯。

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，在 GTF 計劃中，我認為它要求更換煞車碟盤，更換大約 3,000 台引擎。現在您能告訴我們有多少人實際上已經完成了全面更換嗎？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，你們在公開的季度與精神航空達成了協議。以 AOG 計算的該金額是否可以代表您的其他客戶協議？因為這似乎意味著薪酬數字比您預測的要高。

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。所以關於第一個問題，大衛，是的，椎間盤更換，所以我們又處於早期階段。我告訴過你這將會是一個為期三年的過程。同樣，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全壽命粉末金屬零件，這就是今天所發生的情況。將這些全壽命零件插入 MRO 中，這將是全年的一個斜坡，直到 25 年。

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.

所以我今天要說的是，現在還太早。因此，並沒有太多人收到所有這些東西。但正如我們之前所說，我們正在努力優化那裡的工作範圍，具體取決於發動機在哪裡運行、它有什麼配置、它是否會在這個時間範圍內再次訪問，無論如何取決於它在哪裡操作。因此，重點是產出，其中一部分是優化工作範圍。但再說一遍，早期。

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.

至於客戶補償，我們已經簽訂了大約 9 份協議，約佔機隊的 1/3。我認為我們已經接近完成其他一些重要任務。所有這些的補償仍然在我們為此提供的指導範圍內。

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

我們的下一個問題來自垂直研究公司的 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，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 they could potentially be for the Collins business and what do you see as the risk of potential destocking as this year progresses.

可能是問克里斯的問題。在柯林斯，目前 737 MAX 顯然正在發生一些事情。我想知道它們可能對柯林斯業務產生什麼樣的影響，以及隨著今年的進展，您認為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。 Rob，是的，正如您所指出的，柯林斯在 737 和 787 上有重要內容，因此在波音的主要增長平台上也是如此。我想說，我的意思是，我們預先提到了這一點。我想，今天的利率存在一些不確定性。我們認為我們已經校準了很多內容。所以我們不會比他們先出去。

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.

我們將專注於與他們合作，透過動態支持他們，並準備根據他們提供的指導採取我們認為必要的任何行動。但我只想說，團隊非常努力地推動材料的發展，因為我們需要支持他們的費率，而且我們有能力這樣做。

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?

關於已經被詢問過的主題的兩個後續行動。但在粉末金屬加工過程中，您能否量化（即使是粗略地）目前 MRO 設施中實際上有多少台機外發動機，以及排隊等待進入一台的發動機？

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，在國防邊際上，該指導意味著每個季度、今年剩餘時間看起來與第一季大致相似。明年你就有了相當大的擴張的框架。我原以為你們會在今年進入 25 年的擴張。 25 世紀我們如何翻轉？或者我只知道那裡有數字嗎？

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，讓我從防守開始，然後我將把它交給克里斯來回答你的第一個問題。但是聽著，我認為去年我們遇到了一些阻力。我想你們都很清楚這一點。因此，當我們總結今年的前景時，我們基本上假設今年沒有生產力。正如克里斯所說和我之前談到的，與我們去年的經歷相比，這是一個重大的進步。去年很大程度上是由少數固定價格開發計劃推動的。但我們還沒有走出困境。

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.

所以我想說的是，我們採取的方法並沒有假設大幅上升。請記住，這家企業幾年前就開始了 3 億美元、4 億美元和 5 億美元的積極生產力。雷神公司業務每季的生產力仍然為正。但它已經被負面因素壓垮了。因此，在這一點上，我認為我們真的很高興看到今年伊始出現這樣的季度。

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，要讓多個季度都像這個一樣，還有很多工作要做。這就是我們關注的重點。我們真正專注於改善供應鏈的健康狀況，並透過您可以看到的材料運輸進來，現在我們必須讓它通過整個製造過程，以滿足客戶的這些重要需求。這才是我們真正關注的焦點。

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?

我確實認為它會在 25 年加強。一件令人鼓舞的事情是我們在本季度收到了大量訂單。新訂單的利潤率非常可觀。綜合來看，這些新訂單中約 60% 是國外銷售。所以這是一個好的開始，但一次一個季度。克里斯，也許有一些評論？

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，我不會透露等待引進的引擎的具體數字。但同樣，當您查看週轉時間時，我們討論過的延長週轉時間，今天卸下的引擎將不得不等待一段時間才能真正進入 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，我們在某種程度上提到了今年 GTF 商店訪問方面的這一預先、重大的進步。這就是為什麼我們在去年底、今年年初進行了一些分配遊戲，以便在那裡有一個好的開始。但同樣，我們全年都會大幅增加 GTF MRO，以支持這支車隊。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 商店的合作夥伴非常擅長於此。這是關於物質流動的。

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，固定價格開發計畫一直是雷神公司防禦的一個挑戰，這些計畫什麼時候結束？這些何時停止開發？

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。所以這裡有幾種看待它的方法。目前，這些計畫約佔雷神公司現有積壓訂單的 1%。我想說大約是 12 到 18 個月。其中有幾個。所以我們仍然——我們還有一些路要走。我們正在取得進展，每個專案都取得了關鍵的里程碑。

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，我們的淨不利生產力約為 2,800 萬美元。幾乎所有這些都與這些計劃有關。因此，當我們進行額外的技術學習和測試時，我們仍然遇到一些阻力。但這就是時間框架，這就是我要考慮的程度。

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

格雷格和詹妮弗，感謝多年來的幫助。

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 (Baird) 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?

格雷格和詹妮弗，祝你好運。多年來我很享受它。克里斯，在雷神公司，歐洲仍然是預訂的一個非常重要的原因。也許你可以談談那裡的前景，以及我們應該如何思考，我想，尼爾剛剛談到了這一點，FMS 組合的增加和利潤率的提高。這是——我們是否應該期望 FMS 組合將是一個多年的過程，因為它會在利潤率方面表現出有利的表現，但也可能只是談論預訂前景？

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。我認為這是對的，彼得。我認為這是一個多年的過程。就你的觀點而言，如果你想想當今正在發生的事情，綜合防空和飛彈防禦，顯然，愛國者、NASAMS，當然還有 GEM-T 等的需求異常強烈。去年年底，我們看到北約為我們下了一筆巨額訂單，而且需求仍然非常強勁。

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.

就你的觀點而言，當我們審視全年的利潤率以及雷神公司的利潤率進展故事時，我們預計隨著國際積壓訂單的增加，混合將帶來推動力。雷神公司第一季約 60% 的訂單來自國際。這為我們提供了良好的推動力。我們預計這種情況會持續下去。

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·阿克斯​​。

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 quarter. 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。一、目前 GTF 全停的翼對翼週轉時間是？接近那250、300天嗎？或者更短，然後隨著等待的飛機管道變得更大——我想你可能會說普拉特售後市場，在本季度剩餘時間內保持在個位數左右。我是不是聽錯了？這實際上是青少年嗎？

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.

馬特，讓我從翼與翼之間的周轉時間開始。是的，它在我們提供的範圍內，即 250、300 個。我們仍然相信，到訪商店時將有 90% 的重度和 10% 的輕量。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的需求的方法，我們稱之為非粉末金屬材料修復開發之類的，也許我們會更接近較低的水平該範圍的末端。但考慮到我們看到的商店訪問組合和我們看到的物料流，我們今天就在那裡。

Can I get the aftermarket?

可以去售後嗎？

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。只是需要澄清一些，所以當我說中個位數時，我指的是軍事成長。顯然，我們在第一季的成長非常強勁。在售後市場上，今年剩餘時間這一數字將在青少年左右。

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傑森·古爾斯基。

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，祝福你們在新角色和新事業中好運。內森，歡迎回來。克里斯，我想問你一個關於雷神公司在國防業務方面的快速問題，第一季的訂單到帳單表現良好。所以我想知道您是否可以談談您在這裡看到的未來​​ 12 到 24 個月的管道，以及您認為該時間段內訂單到帳單的情況。我們的訂單出貨比是否會長期高於預測值 1，或者——是的，預測值會持續多年增長？

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，聽著，我認為考慮到我們所描述的威脅環境以及我們在補充問題中提出的問題，我們將繼續看到雷神公司強勁的營收成長和預訂量的強勁增長。再說一遍，如果你按地區劃分，那就是美國的補給，歐洲的綜合防空和飛彈防禦，亞洲的海軍彈藥。再次強調，需求的強勁動能將持續存在。

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.

Jason，我要說的另一件事是，我們也在考慮一些我們試圖推向市場的先進功能：LTAMDS，我之前提到過，360 度雷達； AMRAAM 的更新； SPY-6雷達已完成初步海上試驗；我們的 Coyote 系統具有反 UAS 能力；然後是高功率微波之​​類的東西，因為你正在尋找持續形成的無人機群威脅。同樣，對現有管道產品的需求強勁。我們繼續投資下一代產品，我們認為該產品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，要明確的是，您認為這會導致今年的訂單出貨比高於 1，並且可能會進入 25 年？

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.

我只是想對訂單到賬單發表評論。我的意思是，第一季確實非常強勁。由於頂線銷售額預計達到我們所看到的水平，這顯然會稍微改變訂單到帳單計算的數學方法。但我們仍然預計今年的訂單出貨比將超過 1.1。我認為明年它會很強勁。但顯然，隨著銷售額的上升，這個數字將會趨於平穩。但積壓訂單將繼續增加。

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.

為了更好地說明今年的一些獎項，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，所以這是一個很好的潛在事物清單。國際大的可能是凹凸不平的。他們可能是今年進來的，也可能是明年進來的。但我們看到了很多非常強烈的需求訊號。

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集團的加文·帕森斯。

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，我想知道你們是否可以提供有關 GTF 客戶賠償協議實際完成比例的最新資訊？其次，您能否就您提到的 OE 利率不確定性提供更多細節。我知道我們明天會等波音飛機。但是，如果您實際上已經看到這些計劃中的任何一個的吸引力較低，並且在柯林斯的指導中是否考慮到了這一點。

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。再說一次，在 GTF 客戶部分，我們剛剛預先說過，我們已經完成了大約九個。我們正處於最後的陣痛中。我們擁有的這九架飛機約佔 GTF 機隊總數的 1/3。

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.

關於費率，波音明天將再次提供指導。我只是認為我們與 737、787 有著密切的聯繫，我們需要做什麼來支持 787 上的坡道，然後我們需要做什麼來幫助他們在 737 上前往任何需要的地方。會領先他們，但要知道我們正在處理許多場景。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（Greg Hayes）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。我將保持這些評論簡短。但當我卸下 RTX 執行長的日常職責時，我想藉此機會感謝我們的團隊在過去十年中的信任和支持。我們所取得的任何成功都是整個團隊、高階領導團隊以及所有 185,000 名員工辛勤工作和奉獻的結果，正是這些才使 RTX 成為一家偉大的公司。

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。這個角色經歷了有趣的十年左右。感謝您在我們將聯合技術公司（一家多行業公司）轉變為 RTX 過程中的耐心等待，我相信 RTX 是當今世界上定位最好的 A&D 公司。我們擁有出色的產品、優秀的人員和技術組合以及大量的積壓訂單，我認為這些將在未來為我們提供良好的服務。

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。我們可以就此談論很多。我認為克里斯絕對走在正確的道路上，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。我想不出比 Chris 更好的領導者來領導 RTX 未來十年左右的時間。你們應該都知道，克里斯得到了董事會的全力支持，但不僅僅是董事會，還有整個高階領導團隊和整個組織。我期待在短期內與克里斯合作，並在場外觀看他的成功。

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。從西科斯基的部署到雷神公司和聯合技術公司的整合，珍妮佛和我一起工作了十年。最近，在擔任投資人關係主管的三年裡，她一直是公司的重要資源和好朋友。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.

至此，我想就這樣了。感謝您今天的收聽。珍妮佛和內森及其團隊將全天回答您的任何問題。但感謝您的聆聽與照顧。

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。