雷神技術公司 (RTX) 2024 Q2 法說會逐字稿

My name is Livia, and I'll be your operator for today. As a reminder, this conference is being recorded for replay purposes.

我叫 Livia，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 Chris Calio, President and Chief Executive Officer; Neil Mitchill, Chief Manager Officer; and Nathan Ware, 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是總裁兼執行長 Chris Calio；尼爾·米切爾，執行長；以及投資者關係副總裁 Nathan Ware。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. (Operator Instructions)

請注意，除非另有說明，公司將討論持續經營的結果，不包括收購會計調整和淨非經常性和/或重大項目，通常被管理層稱為其他重要項目。該公司還提醒聽眾，本次電話會議中提供的收益和現金流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。 （操作員說明）

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

現在，我將把電話轉給卡利奧先生。

Thank you, and good morning, everyone. As you saw from our press release this morning, RTX delivered strong operational and financial performance in the second quarter as we continue to execute on our customer commitments and strategic priorities.

謝謝大家，大家早安。正如您從今天早上的新聞稿中看到的，隨著我們繼續履行我們的客戶承諾和策略優先事項，RTX 在第二季度實現了強勁的營運和財務業績。

Let me start with the highlights on slide 3. We saw another quarter of excellent top line growth with adjusted sales of $19.8 billion, which were up 10% organically. Adjusted EPS of $1.41 was up 9% year-over-year, driven by profit growth and margin expansion across all three segments. And free cash flow was strong at $2.2 billion.

讓我從幻燈片 3 中的亮點開始。受所有三個部門的利潤增長和利潤率擴張的推動，調整後每股收益為 1.41 美元，同比增長 9%。自由現金流強勁，達 22 億美元。

We also saw continued growth in our backlog, which ended the quarter at $206 billion with a book-to-bill of 1.25. There were also some notable contract wins in the quarter, including a 10-year MRO agreement to support Collins' significant content on Air Canada's 787 fleet of up to 70 aircraft, including avionics, air management and electric power systems. Collins also received a multibillion-dollar award for the US Air Force's next-generation Survivable Airborne Operations Center, and Raytheon received a $639 million award for SPY-6 radar production for the US Navy. As you saw in early July, Germany placed an additional order for Patriot systems. This is on top of the $1.2 billion order they placed for multiple systems in the first quarter of the year.

我們也看到積壓訂單持續成長，本季末訂單量達到 2,060 億美元，訂單出貨比為 1.25。本季度還贏得了一些值得注意的合同，包括一項為期10 年的MRO 協議，以支持柯林斯在加拿大航空787 機隊（最多70 架飛機）上的重要內容，包括航空電子設備、空氣管理和電力系統。柯林斯公司還獲得了美國空軍下一代生存機載作戰中心的數十億美元合同，雷神公司則獲得了為美國海軍生產 SPY-6 雷達的 6.39 億美元合約。正如您在 7 月初所看到的，德國追加了愛國者係統訂單。這是他們在今年第一季為多個系統下達的 12 億美元訂單的基礎上。

We also saw some positive GTF announcements at the Farnborough Airshow earlier this week, with over 700 GTF engines ordered, including options and commitments. These include Cebu Pacific selecting the GTF to power the carrier's order for up to 152 additional single-aisle aircraft, and Avolon selecting the GTF engine for up to 160 aircraft. So another quarter of robust orders with significant wins already secured early here in Q3 and more expected as the year progresses.

本週早些時候，我們還在範堡羅航展上看到了一些積極的 GTF 公告，訂購了 700 多台 GTF 發動機，包括選項和承諾。其中包括宿霧太平洋航空​​選擇 GTF 為該航空公司訂購的多達 152 架單通道飛機提供動力，Avolon 選擇 GTF 發動機為多達 160 架飛機提供動力。因此，第三季初已經獲得了另一個季度的強勁訂單，並取得了重大勝利，隨著今年的進展，預計還會有更多訂單。

We also continue to make progress on our critical initiatives. Specifically regarding the GTF fleet management plan, we remain on track with our financial and operational outlook consistent with our prior comments. As of the end of Q2, we have inspected over 6,000 powdered metal parts that are in the field across all programs. And the associated fallout rate remains below the 1% we had assumed, and the findings are consistent with the assumptions that underpin our fleet management plan.

我們在關鍵措施上也持續取得進展。特別是關於 GTF 車隊管理計劃，我們的財務和營運前景仍符合我們先前的評論。截至第二季末，我們已經檢查了所有專案現場的 6,000 多個粉末金屬零件。相關的後果率仍然低於我們假設的 1%，而且研究結果與支持我們車隊管理計畫的假設是一致的。

At our MRO facilities, throughput of engines continues to improve, and overall capacity is expanding with the recent addition of two new MRO shops into the network. PW1100 MRO output increased 10% versus the first quarter. We expect this ramp to continue in the second half of the year.

在我們的 MRO 設施中，引擎的吞吐量持續提高，隨著最近在網路中新增兩家新的 MRO 車間，整體產能也在擴大。 PW1100 MRO 產量較第一季成長 10%。我們預計這種成長將在今年下半年持續。

As it relates to the PW1100 fleet, AOGs have leveled out over the past few months and remain in line with our expectations. We've also now reached support agreements with 20 of our customers, covering roughly 65% of the impacted fleet and the terms are in line with our assumptions.

由於與 PW1100 機隊相關，AOG 在過去幾個月中已趨於平穩，並與我們的預期保持一致。我們現在也與 20 家客戶達成了支援協議，涵蓋了約 65% 的受影響機隊，且條款符合我們的假設。

Beyond our operational performance, let me also comment on the legal and contract charges we outlined in our press release this morning, and then Neil will provide a more detail in a bit. We're nearing completion of agreements with the Department of Justice, SEC and Department of State to resolve several legal matters. These matters primarily arose out of legacy Raytheon Company and Rockwell Collins prior to the merger and acquisition of these companies. We've already taken robust corrective actions to address the legacy gaps that led to these issues, being implementing enhanced compliance and training measures.

除了我們的營運績效之外，讓我還對我們今天早上在新聞稿中概述的法律和合約費用發表評論，然後尼爾將提供更多細節。我們即將與司法部、證券交易委員會和國務院達成協議，以解決多項法律問題。這些事項主要源自於雷神公司和羅克韋爾柯林斯公司合併和收購之前的遺留問題。我們已經採取了強有力的糾正措施來解決導致這些問題的遺留問題，並且正在實施強化的合規性和培訓措施。

We also took a charge related to the anticipated termination of a Raytheon fixed price development contract that was entered into before the merger. As we've been discussing in the last few quarters, we've been battling through some challenges in a handful of fixed price development programs, including this one. But this specific contract is unique in terms of its scope, deliverables and associated risk profile, which led us to pursue termination. So we're pleased to be putting these matters behind us. And as I highlighted earlier, our operational performance was very strong in the quarter.

我們也收取了與合併前簽訂的雷神公司固定價格開發合約預期終止相關的費用。正如我們在過去幾個季度所討論的那樣，我們一直在努力應對一些固定價格開發計劃中的一些挑戰，包括這項計劃。但這份具體合約在其範圍、可交付成果和相關風險狀況方面是獨一無二的，這導致我們尋求終止。因此，我們很高興將這些問題拋在腦後。正如我之前強調的那樣，我們本季的營運業績非常強勁。

Given this performance and the continuing strength of our end markets, we are raising our outlook for adjusted sales and EPS. We've also revised our cash outlook for the year as a result of the matters I just discussed. Lastly, as you saw in May, we raised our dividend 7% and remain on track to return $36 billion to $37 billion of capital to share owners from the merger through the end of next year.

鑑於這一業績以及我們終端市場的持續強勁，我們正在上調調整後銷售額和每股收益的預期。由於我剛才討論的問題，我們也修改了今年的現金前景。最後，正如您在 5 月看到的那樣，我們將股息提高了 7%，並預計在明年年底之前透過合併向股東返還 360 億至 370 億美元的資本。

Okay. With that, let's move to slide 4, and I'll spend a few minutes on our strategic priorities that will enable us to drive best-in-class performance across RTX, including meeting customer demand, continued sales growth, margin expansion across our segments and strong cash flow generation.

好的。接下來，讓我們轉到投影片4，我將花幾分鐘時間討論我們的策略優先事項，這些優先事項將使我們能夠在整個RTX 中推動一流的績效，包括滿足客戶需求、持續銷售成長、各個細分市場的利潤擴張和強勁的現金流產生。

Given our growing installed base and the unprecedented demand for our products, our first priority is executing on our commitments. Powered by our core operating system, our focus is on driving incremental operational improvements to ramp output and deliver on this demand.

鑑於我們不斷增長的安裝基礎以及對我們產品前所未有的需求，我們的首要任務是履行我們的承諾。在我們的核心作業系統的支援下，我們的重點是推動增量營運改進，以提高產量並滿足此需求。

Today, we have over 4,000 core projects being worked across the company. For example, at Collins, our avionics business improved first pass yield by 2 times in its fire detection product line by reconfiguring the production cell layout, creating digital tools and upgrading equipment. And at Raytheon, the team conducted a core leadership week to identify initiatives to more than double weekly output on a key component of our AIM-9X effector. As a result, the team achieved a 90% increase in output in the quarter and is on track to hit their full year target by the end of Q3.

如今，我們整個公司正在進行 4,000 多個核心專案。例如，在柯林斯，我們的航空電子業務透過重新配置生產單位佈局、創建數位工具和升級設備，將其火災偵測產品線的首次合格率提高了兩倍。在雷神公司，團隊進行了核心領導週，以確定將 AIM-9X 效應器關鍵組件的每週產量提高一倍以上的舉措。結果，該團隊在本季度實現了 90% 的產量成長，並預計在第三季末實現全年目標。

We also continue to add capacity to meet the demands of the industrial ramp-up. During the quarter, we announced a $200 million investment in our carbon brake facility in Spokane, Washington. Once complete, it will add 70,000 square feet of manufacturing footprint to meet rapidly growing demand for our Collins brake solutions. And on the defense side, we're investing in test equipment and tooling to more than double production capacity by year-end in our Coyote program, which is a low-cost kinetic effector for the counter unmanned aircraft systems that directly address today's drone threats.

我們也持續增加產能，以滿足工業成長的需求。本季度，我們宣布對位於華盛頓州斯波坎的碳煞車工廠投資 2 億美元。竣工後，它將增加 70,000 平方英尺的製造面積，以滿足對柯林斯煞車解決方案快速增長的需求。在國防方面，我們正在投資測試​​設備和工具，到年底我們的Coyote 計畫的產能將增加一倍以上，這是一種用於反無人機系統的低成本動能效應器，可直接應對當今的無人機威脅。

In addition to creating new capacity, we continue to modernize our existing footprint as part of our Industry 4.0 initiatives. Across RTX, we have now connected 26 factories with our proprietary digital analytics technology, providing us with real-time data to boost equipment efficiency, improve quality and yield higher output. This represents a 30% increase in connected sites since the start of the year, and we remain on track to connect 40 factories by the end of the year. These incremental efficiency, capacity, and technology improvements are critical to meeting the needs of our customers as we operate in the strongest demand environment in our history.

除了創造新產能外，我們還繼續對現有業務進行現代化改造，作為工業 4.0 計畫的一部分。在 RTX 中，我們現在利用專有的數位分析技術連接了 26 家工廠，為我們提供即時數據，以提高設備效率、提高品質並提高產量。這意味著自年初以來聯網站點數量增加了 30%，我們仍有望在年底前聯網 40 家工廠。由於我們在歷史上最強勁的需求環境中運營，這些增量效率、產能和技術改進對於滿足客戶的需求至關重要。

Let me move now to our second priority: innovating for future growth. We are executing on our cross-company technology road map to develop differentiated solutions in areas, such as sustainability, advanced propulsion, next-generation sensing, connected battle space and hypersonics. This year alone, we will spend over $7.5 billion on company and customer-funded research and development to mature and introduce new capabilities to our customers and fill our product pipeline. For example, we are working on a number of hybrid electric demonstrator programs to deliver advanced propulsion technologies and enable greater fuel efficiency across all future aircraft segments.

現在讓我談談我們的第二要務：為未來成長而創新。我們正在執行跨公司技術路線圖，在永續發展、先進推進、下一代感測、互聯戰鬥空間和高超音速等領域開發差異化解決方案。光是今年，我們就將花費超過 75 億美元用於公司和客戶資助的研發，以成熟並向客戶推出新功能並充實我們的產品線。例如，我們正在進行許多混合動力電動演示項目，以提供先進的推進技術，並在未來所有飛機領域實現更高的燃油效率。

Recently, our Collins, Pratt and Technology Research Center teams completed a significant milestone in the development of our hybrid-electric demonstrator, validating the integrated system functionality of the engine, electric motor, batteries and high-voltage electric power distribution. And in the quarter, we delivered the first P2 radar that incorporates our proprietary gallium nitride technology. This technology is a game-changer for our sensing capability, providing expanded surveillance range and supporting additional missions in the space domain and hypersonic defense.

最近，我們的柯林斯、普拉特和技術研究中心團隊在混合動力電動演示機的開發過程中完成了一個重要的里程碑，驗證了引擎、電動馬達、電池和高壓配電的整合系統功能。在本季度，我們交付了首款採用我們專有氮化鎵技術的 P2 雷達。這項技術改變了我們的感測能力，提供了擴大的監視範圍並支援太空領域和高超音速防禦中的其他任務。

We also continue to invest in our digital transformation and AI. This year, we are adding an additional 30-plus use cases that generate incremental productivity and cost savings across RTX using advances in artificial intelligence and deep learning. In total, we have over 200 AI use cases currently deployed across various internal functions.

我們也持續投資於數位轉型和人工智慧。今年，我們將額外添加 30 多個用例，利用人工智慧和深度學習的進步，在整個 RTX 中提高生產力並節省成本。目前，我們在各個內部職能部門總共部署了 200 多個人工智慧用例。

Our AI investments are also enabling new and improved capabilities in our products, such as predicting equipment failures and aiding human operators in executing complex tasks. These types of investments in innovation will allow us to continue to develop next-gen products and solutions well into the future.

我們的人工智慧投資也為我們的產品提供了新的和改進的功能，例如預測設備故障和幫助人類操作員執行複雜的任務。這些類型的創新投資將使我們能夠在未來繼續開發下一代產品和解決方案。

Our third priority is to fully leverage our breadth and scale across RTX to drive value for our stakeholders. Specifically, this includes creating a more efficient and competitive cost structure and managing our common supply chain. For example, over 35% of our product procurement spend is with common suppliers that support all three of our businesses. And we're using a unified RTX approach to our contracts and sourcing strategy.

我們的第三個優先事項是充分利用我們在 RTX 的廣度和規模，為利害關係人創造價值。具體來說，這包括創建更有效率、更具競爭力的成本結構以及管理我們的共同供應鏈。例如，我們超過 35% 的產品採購支出來自支持我們所有三項業務的共同供應商。我們正在使用統一的 RTX 方法來製定合約和採購策略。

It also includes harmonizing our product life cycle and management processes, and developing integrated solutions for strategic campaigns and pursuits, such as NGAD, FLRAA and next-generation commercial platforms. And of course, we'll also continue to review our portfolio and prune where needed, as well as target bolt-on M&A to support our RTX technology road map and grow our core franchises.

它還包括協調我們的產品生命週期和管理流程，以及為策略活動和追求開發整合解決方案，例如 NGAD、FLRAA 和下一代商業平台。當然，我們還將繼續審查我們的產品組合併在需要時進行修剪，並瞄準補強併購以支持我們的 RTX 技術路線圖並發展我們的核心特許經營權。

And underlying all three of these priorities is our unwavering commitment to safety, quality and compliance in everything that we do. It's what we and our customers expect and a commitment we will never compromise on. Putting it all together, I'm extremely excited and confident about the future of RTX.

所有這三個優先事項的基礎是我們在所做的一切事情中對安全、品質和合規性的堅定承諾。這是我們和客戶的期望，也是我們永遠不會妥協的承諾。總而言之，我對 RTX 的未來感到非常興奮和充滿信心。

With that, before I turn it over to Neil, I want to acknowledge the leadership update we announced last week. As you saw, Steve Timm has decided to retire after 28 years with the company. Steve was a great partner in teammate, and I want to thank him for his leadership at Collins. And we're very fortunate to have a strong bench and are very excited that Troy Brunk is taking over as the new President of Collins. Troy has served as the President of three of the six Collins business units and is uniquely qualified for the role.

因此，在我將其交給尼爾之前，我想對我們上周宣布的領導層更新表示認可。如您所見，史蒂夫·蒂姆 (Steve Timm) 在為公司工作 28 年後決定退休。史蒂夫是一位出色的隊友，我要感謝他在柯林斯的領導。我們非常幸運，擁有強大的替補席，並且對特洛伊布倫克 (Troy Brunk) 接任柯林斯的新總裁感到非常興奮。 Troy 曾擔任柯林斯六個業務部門中三個部門的總裁，是擔任此職位的最佳人選。

Okay. Let me turn it over to Neil to take you through the second quarter results in more detail. Neil?

好的。讓我將其交給尼爾，讓您更詳細地了解第二季的業績。尼爾？

Thanks, Chris. I'm on slide 5. As Chris said, operationally, we had a strong quarter and continue to make progress on key financial metrics across RTX. RTX's adjusted sales of $19.8 billion were up 8%, and on an organic basis, were up 10%. By channel, commercial OE was up 19% as we continue to support aircraft demand. Commercial aftermarket was up 14% as domestic, international and long-haul travel continues to grow. And excluding the Raytheon cybersecurity divestiture, defense sales were up 7% as we execute on our backlog.

謝謝，克里斯。我在投影片 5 上。 RTX 調整後銷售額為 198 億美元，成長 8%，有機成長 10%。從通路來看，隨著我們繼續支持飛機需求，商業原件成長了 19%。隨著國內、國際和長途旅行的持續成長，商業售後市場成長了 14%。不包括雷神公司網路安全資產剝離，當我們執行積壓訂單時，國防銷售額增加了 7%。

Segment operating profit of $2.4 billion was up 19% with growth at all three businesses contributing to consolidated segment operating margin expansion of 100 basis points. Adjusted earnings per share of $1.41 was up 9% from the prior year, driven by segment operating profit growth as well as a lower share count, which was partially offset by expected headwinds from higher interest and tax expense and lower pension income.

分部營業利潤達 24 億美元，成長 19%，所有三項業務的成長有助於分部綜合營業利潤率擴大 100 個基點。調整後每股收益為1.41 美元，較上年增長9%，這得益於部門營業利潤增長以及股票數量減少，但利息和稅收支出增加以及養老金收入減少帶來的預期阻力部分抵消了這一影響。

On a GAAP basis, EPS from continuing operations was $0.08 and included $0.29 of acquisition accounting adjustments and $0.03 of restructuring and other significant nonrecurring items. In addition, as it relates to the items Chris mentioned, GAAP EPS also includes a $0.68 charge related to the expected resolution of several legacy legal matters and a $0.33 charge related to a fixed price development contract at Raytheon.

以 GAAP 計算，持續經營業務的每股收益為 0.08 美元，其中包括 0.29 美元的收購會計調整以及 0.03 美元的重組和其他重大非經常性項目。此外，由於與克里斯提到的項目相關，GAAP EPS 還包括與幾項遺留法律問題的預期解決相關的 0.68 美元費用，以及與雷神公司固定價格開發合約相關的 0.33 美元費用。

With respect to the legal matters. We are working to finalize deferred prosecution agreements and a civil settlement with the DOJ and an administrative order with the SEC. These agreements will cover the previously disclosed investigations of defective pricing claims for certain legacy Raytheon company contracts which were entered into between 2011 and 2013 and in 2017. They will also cover the previously disclosed investigations of improper payments made by Raytheon Company and its joint venture, Thales-Raytheon Systems, in connection with some Middle East contracts dating back to 2012. As a result, we recorded a pretax charge of $633 million in the quarter, which brings our total reserves associated with these matters to $959 million.

關於法律問題。我們正努力與司法部敲定延期起訴協議和民事和解協議，並與美國證券交易委員會敲定行政命令。這些協議將涵蓋先前披露的對 2011 年至 2013 年以及 2017 年簽訂的某些雷神公司舊合約的缺陷定價索賠的調查。 Thales-Raytheon Systems，涉及一些可追溯至2012 年的中東合約。

In addition, we recorded a pretax charge of $285 million related to voluntarily disclosed export controls compliance matters primarily identified during the integration of Rockwell Collins and Raytheon Company into RTX, including matters which are expected to be addressed in a consent agreement with the Department of State.

此外，我們還記錄了2.85 億美元的稅前費用，這些費用與自願披露的出口管制合規事項相關，這些事項主要是在羅克韋爾柯林斯和雷神公司整合到RTX 期間發現的，其中包括預計將在與國務院達成的同意協議中解決的事項。

As part of the resolution of each of these three matters, we will be required to retain independent compliance monitors over the 3-year term of the agreements. In total, we expect to pay about $1 billion related to these matters this year and have incorporated that into our updated free cash flow outlook for the year.

作為解決這三個問題的一部分，我們將需要在協議的三年期限內保留獨立的合規監督員。總的來說，我們預計今年將支付約 10 億美元與這些事項相關的費用，並將其納入我們更新的今年自由現金流展望中。

I'll take you through the other moving pieces of our outlook on the next slide. While the financial impact of these items is above what we had previously reserved, we believe the provisions we have taken put these issues behind us financially, and we will continue to cooperate with the government and external monitors as we move forward.

我將在下一張投影片上向您介紹我們展望中其他令人感動的部分。雖然這些項目的財務影響超出了我們先前的保留，但我們相信我們採取的規定在財務上已經解決了這些問題，我們將繼續與政府和外部監督機構合作，繼續前進。

As it relates to the fixed price development contract, as you know, we've been discussing the challenges we've been working through on this front for some time. In conjunction with that effort, and an anticipated termination on one of our Raytheon programs with a foreign customer, we've recorded a pretax charge of $575 million in the quarter.

如您所知，由於它涉及固定價格開發合同，我們一段時間以來一直在討論我們在這方面所面臨的挑戰。結合這項努力，以及我們與外國客戶的一項雷神公司計劃的預期終止，我們在本季度記錄了 5.75 億美元的稅前費用。

Again, we've incorporated the expected cash outflows into our revised free cash flow outlook for this year. But for the quarter, cash flow was robust with $2.2 billion of free cash flow that was driven by strong collections across the portfolio and some lower tax payments.

我們再次將預期現金流出納入今年修訂後的自由現金流前景中。但就本季而言，現金流強勁，自由現金流達 22 億美元，這是由整個投資組合的強勁收款和較低的納稅額推動的。

We also continued our deleveraging in the second quarter and paid down another $750 million of debt, bringing our total debt repayments since the accelerated share repurchase was initiated last October, to $2.7 billion. And we returned $867 million of capital to shareowners primarily through dividends during the quarter.

第二季我們也繼續去槓桿化，又償還了 7.5 億美元的債務，使自去年 10 月啟動加速股票回購以來的債務償還總額達到 27 億美元。本季我們主要透過股利向股東返還 8.67 億美元的資本。

On the portfolio front, we're also pleased that Italy has approved the sale of Collins' actuation business, and we continue to actively support the remaining efforts to complete the transaction. And as you may have also seen, we have entered into an agreement to sell Collins hoist and winch business for over $500 million. Another great example of the portfolio pruning we are doing to focus on our core franchises.

在投資組合方面，我們也很高興義大利已批准出售柯林斯的驅動業務，我們將繼續積極支持完成交易的剩餘努力。您可能也已經看到，我們已簽訂協議，以超過 5 億美元的價格出售柯林斯起重機和絞車業務。我們正在做的投資組合修剪的另一個很好的例子是專注於我們的核心特許經營權。

Okay. Turning to page 6. Let me share a few details on our updated outlook for the year. As you've seen, the first half performance across all three of our businesses has been strong, driven by end market demand and continued execution. There are, of course, a few areas we continue to monitor, including pockets of supply chain challenges, inflation and the ongoing OE production rate uncertainty.

好的。翻到第 6 頁。正如您所看到的，在終端市場需求和持續執行的推動下，我們所有三家業務的上半年業績都表現強勁。當然，我們會繼續監控一些領域，包括供應鏈挑戰、通貨膨脹和持續的原廠生產力不確定性。

But given the results to date, we are increasing our full year adjusted sales outlook to between $78.75 million and $79.5 billion, up from our prior range of $78 million to $79 billion. And we now expect 8% to 9% organic sales growth for the year, up from our prior range of 7% to 8%.

但鑑於迄今為止的結果，我們將全年調整後的銷售前景從先前的 7,800 萬美元至 790 億美元上調至 7,875 萬美元至 795 億美元之間。我們現在預計今年有機銷售額將成長 8% 至 9%，高於我們先前設定的 7% 至 8%。

We are also increasing our adjusted EPS outlook by $0.10 on the low end and $0.05 on the high end, putting the new range at $5.35 to $5.45, up from $5.25 to $5.40. The improvement is driven primarily by lower interest and corporate expenses, higher pension income and a lower full year effective tax rate. We have included the corresponding updated outlook for these metrics in the appendix of our webcast slides.

我們還將調整後每股收益預期的低端上調 0.10 美元，高端上調 0.05 美元，將新範圍從 5.25 美元上調至 5.40 美元，上調至 5.35 美元至 5.45 美元。這項改善主要是由於利息和企業支出的降低、退休金收入的提高以及全年有效稅率的降低而推動的。我們在網路廣播投影片的附錄中包含了這些指標的相應更新展望。

On free cash flow. As I mentioned earlier, we've incorporated our expected cash outflows associated with the legal and contract matters into our outlook. Partially offsetting these impacts is some improvement in current year tax payments of roughly $500 million. All in, we have updated our free cash flow outlook to be approximately $4.7 billion compared to our previous expectation of approximately $5.7 billion.

關於自由現金流。正如我之前提到的，我們已將與法律和合約事項相關的預期現金流出納入我們的展望中。本年度納稅額的改善約 5 億美元，部分抵消了這些影響。總而言之，我們將自由現金流前景更新為約 47 億美元，而先前的預期為約 57 億美元。

With that, let me turn it over to Nathan to talk you through our segment results and outlooks.

接下來，讓我將其交給內森，向您介紹我們的部門表現和前景。

Thanks, Neil. Starting with Collins on slide 7. Sales were $7 billion in the quarter, up 10% on both an adjusted and organic basis, driven by strength in commercial aftermarket, commercial OE and defense. By channel, commercial aftermarket sales were up 12%, driven by a 16% increase in parts and repair, a 15% increase in provisioning and a 9% decrease in mods and upgrades, with mods and upgrades coming off a difficult prior year compare that benefited from the 5G mandate.

謝謝，尼爾。從幻燈片 7 中的柯林斯開始。按通路劃分，商業售後市場銷售額成長了12%，這主要得益於零件和維修增加16%、配置增加15%、改裝和升級減少9%，與去年相比，改裝和升級經歷了艱難的一年受益於5G授權。

Commercial OE sales for the quarter were up 10% versus the prior year, driven by growth in narrow-body, wide-body and regional platforms. And defense sales were up 7%, primarily due to higher volume.

在窄體機、寬體機和區域平台成長的推動下，本季商用原配設備銷量較上年成長 10%。國防銷售成長了 7%，主要是由於銷量增加。

Adjusted operating profit of $1.15 billion was up $230 million or 25% from the prior year primarily by drop-through on higher commercial aftermarket volume as well as higher defense and commercial OE volume.

調整後營業利潤為 11.5 億美元，比上年增加 2.3 億美元，增幅為 25%，主要是由於商業售後市場銷量以及國防和商業原配設備銷量的增加。

Looking ahead, on a full year basis, we now expect Collins sales to grow high single digits on both an adjusted and organic basis, up from the prior range of mid- to high single digits, driven by continued strength in commercial air traffic and defense volume. And we continue to expect operating profit growth between $650 million and $725 million versus 2023.

展望未來，在全年的基礎上，我們現在預計柯林斯的銷售額在調整後和有機基礎上都將增長高個位數，高於之前的中高個位數範圍，這得益於商業航空交通和國防持續強勁的推動體積。我們仍預期 2023 年營業利潤將成長 6.5 億美元至 7.25 億美元。

Shifting to Pratt & Whitney on slide 8. Sales of $6.8 billion were up 19% on both an adjusted and organic basis with sales growth across all three channels. Commercial OE sales were up 33% in the quarter on higher engine deliveries and favorable mix in the large commercial engine business. Commercial aftermarket sales were up 15% in the quarter, driven by higher volume and favorable mix in both the large commercial engine and Pratt Canada businesses. And in the military engine business, sales were up 16%, primarily driven by higher sustainment volume across the F135 and F117 platforms.

轉向幻燈片 8 上的普惠公司。由於引擎交付量增加以及大型商用引擎業務的有利組合，本季商用原配設備銷售額成長了 33%。在大型商用引擎和普拉特加拿大業務的銷量增加和有利組合的推動下，本季商用售後市場銷售額成長了 15%。在軍用發動機業務中，銷售額成長了 16%，這主要是由於 F135 和 F117 平台的維護量增加所致。

Adjusted operating profit of $537 million was up $101 million versus the prior year. Drop-through on higher commercial aftermarket volume and favorable mix, as well as favorable large commercial OE mix, was partially offset by headwinds from large commercial OE engine deliveries and the absence of a $60 million favorable prior year contract matter. Drop-through from higher military volume and favorable mix was more than offset by higher production costs and higher R&D and SG&A expenses.

調整後營業利潤為 5.37 億美元，比前一年增加 1.01 億美元。較高的商業售後市場銷量和有利的組合以及有利的大型商業原裝備組合的下降被大型商業原裝備發動機交付的不利因素以及缺乏上一年 6000 萬美元的有利合同事項部分抵消。更高的軍事產量和有利的組合帶來的影響被更高的生產成本和更高的研發和銷售、一般管理費用所抵消。

Turning to Pratt's full year outlook. We now expect sales to grow mid-teens on an adjusted and organic basis, up from our prior range of low double digits driven by stronger military volume and higher commercial OE. And we continue to see adjusted operating profit growth between $400 million and $475 million versus 2023.

轉向普拉特的全年展望。我們現在預計，在調整後的有機基礎上，銷售額將增長到十幾歲左右，高於我們之前的低兩位數範圍，這是由軍事銷售增加和商業原裝備增加所推動的。與 2023 年相比，我們繼續看到調整後的營業利潤成長在 4 億美元至 4.75 億美元之間。

Now turning to Raytheon on slide 9. Adjusted sales of $6.6 billion in the quarter were down 2% as a result of the cybersecurity divestiture completed in the first quarter. On an organic basis, sales were up 4%, primarily driven by higher volume on land and air defense systems, including Patriot, counter-UAS programs and Stinger.

現在轉向幻燈片 9 上的雷神公司。從有機角度來看，銷售額增長了 4%，主要是由於陸地和防空系統銷售增加，包括愛國者、反無人機項目和毒刺。

Adjusted operating profit of $709 million was up $47 million versus the prior year, driven primarily by drop-through on higher volume, favorable mix and improved net productivity, partially offset by the impact of the cybersecurity divestiture. And Raytheon had $5 billion of bookings in the quarter, resulting in a backlog of $51 billion. On a rolling 12-month basis, Raytheon's book-to-bill is 1.13. In addition to the SPY-6 award that Chris mentioned earlier, Raytheon also had $928 million of classified awards and a $393 million award from NASA to design, produce and deliver four units that will provide advanced earth observation.

調整後營業利潤為 7.09 億美元，比上年增加 4,700 萬美元，這主要是由於產量增加、有利的組合和淨生產率提高而導致的，但部分被網路安全剝離的影響所抵消。雷神公司本季的訂單量為 50 億美元，導致積壓 510 億美元。以 12 個月滾動計算，雷神公司的訂單出貨比為 1.13。除了克里斯之前提到的 SPY-6 合約外，雷神公司還獲得了 9.28 億美元的機密合約和 NASA 的 3.93 億美元合同，用於設計、生產和交付四個提供先進地球觀測的裝置。

Looking ahead, we now expect Raytheon sales to grow by mid-single digits organically, up from the prior range of low to mid-single digits, driven by improved material flow. As a result, we now expect Raytheon's operating profit to grow between $125 million and $200 million versus 2023, up from the prior range of between $100 million and $200 million, and this includes the impact from the cybersecurity divestiture.

展望未來，在材料流動改善的推動下，我們現在預期雷神公司的銷售額將有機成長中個位數，高於先前的中個位數。因此，我們現在預計雷神公司的營業利潤將比 2023 年增長 1.25 億美元至 2 億美元，高於之前的 1 億美元至 2 億美元範圍，其中包括網路安全剝離的影響。

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

有了這個，我會把它轉回給克里斯來結束事情。

Okay. Thanks, Nathan. I'm on slide 10. As you've heard today, our second quarter operating results were very strong, and we're confident in our updated outlook for the full year. But if you step back and just think of beyond 2024 and look at the long term for RTX, we've got the best positioned franchise programs with the right content on the right platforms across commercial, aerospace and defense. Our large and growing installed base will support significant commercial aftermarket growth for decades to come, and our industry-leading defense capabilities address the threats playing out across the global landscape.

好的。謝謝，內森。我在幻燈片 10 上。但如果你退後一步，想想2024 年之後的情況，著眼於RTX 的長期發展，我們已經擁有了定位最佳的特許經營計劃，在商業、航空航天和國防領域的正確平台上提供正確的內容。我們龐大且不斷增長的安裝基礎將支持未來幾十年商業售後市場的顯著增長，我們行業領先的防禦能力可應對全球範圍內出現的威脅。

All right. With that, let's open the line for questions.

好的。接下來，讓我們打開提問熱線。

(Operator Instructions) Peter Arment, Baird.

（操作員說明）Peter Arment，Baird。

Chris, nice results. Just, I guess, maybe just on the GTF fleet management plan. It sounds like everything is going according to plan and remains on track. But maybe if you could just peel back the onion a little bit. I know you talked about some pacing items in the past about getting full life, this into the MRO shops and just material availability. It sounds like the MRO capacity is going as planned. But maybe any metrics or any color, what you're seeing? And any opportunities actually where any of these metrics might still be able to come into the left before 2026?

克里斯，結果不錯。我想，也許只是 GTF 車隊管理計畫。聽起來一切都在按計劃進行並保持在正軌上。但也許你可以把洋蔥剝一點。我知道您過去談到過一些關於獲得完整生命的節奏項目，這些項目進入 MRO 商店以及材料可用性。聽起來 MRO 產能正在按計劃進行。但也許有任何指標或任何顏色，你看到了什麼？實際上，在 2026 年之前，這些指標中的任何一個仍然能夠出現在左側嗎？

Yes. Okay, Peter. Thanks for the question. Let me take you through where things stand. As you noted, our key assumptions around AOGs, lingering turnaround time, shop visit mix between heavy and light and customer compensation all remain consistent. And as I noted upfront, our assumptions on the inspection fallout rates and the findings are all consistent or even better than we planned. So good stability around the key assumptions.

是的。好吧，彼得。謝謝你的提問。讓我帶您了解一下情況。正如您所指出的，我們對 AOG、持續的周轉時間、重型和輕型的商店訪問組合以及客戶補償的關鍵假設都保持一致。正如我之前指出的，我們對檢查後果率的假設和結果都是一致的，甚至比我們計劃的更好。關鍵假設的穩定性很好。

As you know, MRO output is the key enabler. And we're focused on improving the material flow, better processes in the shops, and we've added some capacity on this front. And again, we saw some good signs of progress here in the first half of the year. I mean, output was up 10% from Q1 to Q2. And first half output on the 1100 is up over 30% versus the first half in 2023. We continue to drive some output there, which is helpful.

如您所知，MRO 輸出是關鍵推動因素。我們專注於改善物料流程、改善車間流程，並在這方面增加了一些產能。今年上半年，我們再次看到了一些很好的進展跡象。我的意思是，從第一季到第二季度，產出成長了 10%。與 2023 年上半年相比，1100 上半年的產量增加了 30% 以上。

The key enabler of course, on the MRO output is material. You had mentioned that upfront. We're continuing to see some progress on structural castings. Structural castings are up about 5% sequentially and 14% year-over-year. So good progress there.

當然，MRO 產出的關鍵推動因素是材料。你之前就提到過這一點。我們繼續看到結構鑄件方面取得了一些進展。結構鑄件季增約 5%，較去年同期成長 14%。那裡進展順利。

And then on forging, the powdered metal parts, we continue to drive output there as well. Isothermal forgings were up almost 100% year-over-year, and we continue to add additional capacity for inspection and machining. For example, we've nearly doubled our sonic inspection capacity for the year.

然後在鍛造、粉末金屬零件方面，我們也繼續推動那裡的產量。等溫鍛件年增近 100%，並且我們繼續增加額外的檢查和加工能力。例如，我們今年的聲波偵測能力幾乎增加了一倍。

So again, driving on all the key enablers, Peter, to try to get this fleet in as healthy a shape as we possibly can. I'll also just note, unrelated to the fleet management plans, continue to drive OE output as well. OE deliveries were up sequentially, up 30% in the first half on a year-over-year basis despite grinding through some of the supply chain probabilities, and we're also pleased with the additions to the GTF backlog that were announced at Farnborough recently.

彼得，再次推動所有關鍵推動因素，努力讓這支車隊保持盡可能健康的狀態。我還要指出的是，與車隊管理計畫無關，也將繼續推動原裝備輸出。 OE 交付量較上季成長，上半年年增 30%，儘管供應鏈的一些可能性受到了影響，我們也對最近在範堡羅宣布的 GTF 積壓訂單的增加感到高興。

So again, focusing on what we can control on the fleet management plan and continuing to drive both supply chain and new orders into the backlog.

再次強調，重點關注我們可以控制的車隊管理計劃，並繼續推動供應鏈和新訂單積壓。

Robert Stallard, Vertical Research.

羅伯特·斯塔拉德，垂直研究。

Chris, following on, on the GTF theme. I was wondering if you could comment on what the situation is with Airbus and their recent forecast cut because they've clearly not been getting as many new engines as they anticipated. So those engines instead go into the spare engine pool.

Chris，接下來是 GTF 主題。我想知道您是否可以評論一下空中巴士的情況以及他們最近下調的預測，因為他們顯然沒有獲得預期的那麼多新引擎。因此，這些引擎會進入備用引擎池。

Yes. Thanks, Rob. So again, you heard me say just a minute ago to Peter that our OE deliveries are up sequentially and up first half of the year, 30% on a year-over-year basis. We're not necessarily where we need to be with Airbus. But again, we're seeing strong growth sequentially and year-over-year. And our outlook reflects our assessment of where Airbus needs support from us, and we're aligned on what they need.

是的。謝謝，羅布。再說一次，你聽到我一分鐘前對 Peter 說，我們的 OE 交付量連續成長，今年上半年成長了，比去年同期成長 30%。與空中巴士一起，我們不一定能達到我們需要的目標。但我們再次看到環比和同比的強勁成長。我們的前景反映了我們對空中巴士在哪些方面需要我們支援的評估，並且我們與他們的需求保持一致。

You alluded to the fact that we're balancing both OE and spare engines and material, and that's true. And we need to do that for the support of the fleet. But again, I continue to be encouraged by what we continue to drive in terms of production and getting Airbus what they need. And I think in the back half, we're going to continue to balance the OE, spare engine and MRO needs. But I think we'll be in a position to get Airbus what they need.

您提到我們正在平衡原廠設備和備用引擎及材料，這是事實。我們需要這樣做以獲得艦隊的支援。但再次，我繼續對我們在生產方面的持續推動以及為空中巴士提供他們所需的東西感到鼓舞。我認為在下半年，我們將繼續平衡 OE、備用引擎和 MRO 需求。但我認為我們將能夠為空中巴士提供他們所需要的東西。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究中心。

Chris or Neil, I'm not sure which. On the defense side, on Raytheon, could you maybe dig a little bit into what are the problem programs still remaining? Maybe a percentage of revenue, if that's what you want to handle it, or backlog?

克里斯還是尼爾，我不確定是哪一個。在防禦方面，雷神公司，您能否深入研究一下仍然存在哪些問題程序？如果您想處理的話，也許是收入的百分比，或者是積壓的訂單？

And then specifically to this decision to proactively cut losses and terminate the contract, not an easy decision, right? Are there other contracts where you could extinguish similarly? Or would that cause customer distress? And lastly, was there a cash impact to it?

然後專門做出這個主動減損並解除合約的決定，也不是一個容易的決定吧？還有其他合約可以類似地終止嗎？或者這會導致客戶困擾嗎？最後，這對現金有影響嗎？

Yes. Thanks, Myles. I'll start and then Neil can certainly chime in. Certainly not an easy decision. But we've been alluding to the fact that we've had a significant classified program out there that was, what we would say, not in our wheelhouse, meaning the work that we had taken on in this contract was pre-formation of RTX, was not within our core competency. And we struggled with that, and we struggled to get to the right technical solutions, and ultimately came to a point where we just didn't think it was productive anymore to continue to go down this path and ultimately decided it was in the best interest of us and the customer to just do a reset here and allow us to go focus our resources on some of the other programs that we've got.

是的。謝謝，邁爾斯。我先開始，然後尼爾當然可以插話。但我們一直在暗示，我們有一個重要的機密項目，我們可以說，它不在我們的駕駛室中，這意味著我們在這份合約中承擔的工作是 RTX 的預形成，不屬於我們的核心能力範圍。我們為此苦苦掙扎，我們努力尋找正確的技術解決方案，最終我們認為繼續走這條路不再有成效，並最終決定這符合最大利益。將資源集中在我們擁有的其他一些計劃上。

You had mentioned a handful of other, I'll call them classified development, fixed price development programs that we've been talking about. I would say those are much different in terms of risk profile than the one we took action on here. Those have some important milestones here in '24 and in '25. But we feel like we've got a much better handle on those than the one we're talking about here. And feel like we understand the risks much better there and what needs to be done to get them to closure.

您提到了我們一直在討論的其他一些項目，我將其稱為分類開發、固定價格開發計劃。我想說，就風險狀況而言，這些與我們在此採取的行動有很大不同。這些在 24 年和 25 年有一些重要的里程碑。但我們覺得我們對這些問題的處理比我們在這裡討論的要好得多。我們感覺我們更了解了那裡的風險以及需要採取哪些措施才能消除這些風險。

And just to add, Myles, in terms of the cash flow impact. So as I sit here today, there's really just a few changes that we made to our '24 outlook. The first is about $1 billion related to the legal matters. Placed out about $0.5 billion related to the contract matter that Chris just was talking about. And offsetting that is about $0.5 billion of improvement that we've seen operationally in our tax payments due to some planning that we've done.

邁爾斯補充一下，就現金流影響而言。因此，當我今天坐在這裡時，我們實際上對 24 世紀的展望做了一些改變。第一個是與法律事務相關的約 10 億美元。與克里斯剛才談到的合約問題相關，投入了大約5億美元。由於我們所做的一些規劃，我們在納稅方面看到了約 5 億美元的改善，從而抵消了這一損失。

So net-net, that's $1 billion. And I would expect that, that mostly sits in the fourth quarter of this year. It will depend on when we get the final resolutions with the government agencies, but that's trending towards certainly late September or early in the fourth quarter.

所以淨淨值是 10 億美元。我預計這主要發生在今年第四季。這將取決於我們何時與政府機構達成最終決議，但趨勢肯定是在 9 月底或第四季初。

Sheila Kahyaoglu, Jefferies.

希拉·卡哈奧格魯，杰弗里斯。

So Neil, maybe another one for you. Just you're going to do about $7.2 billion of net income this year on an adjusted basis and generate $4.7 billion of cash. Some of that is onetime items with the DOJ, the powdered metal and tax. So how do we think about that gap closing on net income to cash flow? And then just on the DOJ, can you elaborate a little bit more how we think about that, the outcomes of it and the cash impact outside of '24?

尼爾，也許再給你一份。今年調整後的淨利潤將達到約 72 億美元，並產生 47 億美元的現金。其中一些是曾經屬於司法部的物品、粉末金屬和稅收。那我們如何看待淨利潤與現金流之間的差距呢？關於司法部，您能否詳細說明一下我們對此的看法、其結果以及 24 世紀以外的現金影響？

Sure. Let me start with free cash flow. You just heard me talk about the changes that we rolled into our outlook for the year. As I think about the absolute value of the $4.7 billion, remember, that includes a couple of nonrecurring items that are pretty substantial. And if you adjust for those things, you get to a $7 billion, $7.5 billion, maybe even higher level of free cash flow that is operational.

當然。讓我從自由現金流開始。您剛剛聽到我談論我們對今年的展望所做的改變。當我思考 47 億美元的絕對價值時，請記住，其中包括一些相當大的非經常性項目。如果你對這些事情進行調整，你會得到 70 億美元、75 億美元，甚至可能更高水準的可營運自由現金流。

So I think as we look forward, Sheila, and we get the powdered metal payments behind us this year and next year, just a little color. So far, we're a little less than $200 million into our $1.3 billion in powdered metal outflows this year. We expect that to obviously ramp up. You heard us talk about doubling the number of customers that we've got agreements with and about 2/3 of the fleet under agreement. So I would expect third and fourth quarter be split pretty evenly with respect to the rest of the payments this year.

所以我認為，希拉，當我們展望未來時，我們會在今年和明年獲得粉末金屬付款，只是一點點顏色。到目前為止，今年 13 億美元的粉末金屬外流還略低於 2 億美元。我們預計這一數字將顯著上升。您聽到我們談論將與我們簽訂協議的客戶數量增加一倍，以及約 2/3 的機隊已簽訂協議。因此，我預計第三季和第四季的支出將與今年的其餘付款相當平均。

But if you look at the underlying operations, you can see that there's real strong organic, sustainable cash flow. And I think that's what we'll be looking to see sustain itself over time.

但如果你看看基本業務，你會發現這裡有真正強大的有機、可持續的現金流。我認為這就是我們希望看到的隨著時間的推移而維持下去的原因。

Now in particular, there's some working capital improvement. I've talked about like $1.1 billion of improvement year-over-year and arriving at our $4.7 billion. Obviously, inventory was a use of cash in the first half. We expect that to turn around in the second half, which is typical for our business. We've got a little bit of headwind from the OE production rates that we've contemplated in that, but we're seeing stronger collections on the customer side. So that balances for the rest of this year. So that's how I would characterize the free cash flow situation today.

特別是現在，營運資金有所改善。我談到了同比 11 億美元的改進，最終達到 47 億美元。顯然，上半年庫存是現金的使用。我們預計這種情況將在下半年扭轉，這對我們的業務來說是典型的情況。我們在其中考慮的原廠生產率方面遇到了一些阻力，但我們看到客戶方面的產品系列更加強大。因此，今年剩餘時間的情況達到了平衡。這就是我對當今自由現金流狀況的描述。

As it relates to the DOJ and the outcomes, I think we feel very certain about the amount of cash impact that's going to happen this year. As we talked about in our prepared remarks, we've reached agreements in principle. There's some work to do to get that finalized with the various government agencies. That could take a few months. But when it happens, that will get filed and be available publicly. And then shortly thereafter, we'll be required to make the payments associated with that.

由於它與司法部和結果有關，我認為我們對今年將發生的現金影響金額非常確定。正如我們在準備好的發言中談到的那樣，我們已經原則上達成了協議。為了與各個政府機構最終確定這一點，還有一些工作要做。這可能需要幾個月的時間。但當它發生時，它將被歸檔並公開。此後不久，我們將被要求支付與此相關的款項。

There's very little that lingers beyond that. I'd say it's in the $50 million a year range following 2024, so it's manageable. Those costs will include some residual payments on the global trade-related consent agreement as well as some internal costs that we'll obviously invest in to continue to improve our processes as we support the monitor activities. So I would leave it at that for now with those items.

除此之外，幾乎沒有什麼可以持久的。我想說，2024 年之後，每年的支出將在 5000 萬美元的範圍內，所以這是可以管理的。這些成本將包括全球貿易相關同意協議的一些剩餘付款，以及我們在支援監測活動時顯然將投資的一些內部成本，以繼續改進我們的流程。所以我現在就保留這些東西。

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

What you've talked about and what we've heard as well is that your shop on the GTF, that a lot of the shop visit times, you brought that down significantly, the time in the shop, which is great. And so presumably, this is with improved parts availability that's allowed you to do that. And I know in Q1, you did divert resources away from V2500 work in order to better enable you to provide GTF parts.

你所談論的以及我們所聽到的是，你在 GTF 上的商店，很多商店的訪問時間，你顯著降低了在商店的時間，這很棒。因此，據推測，零件可用性的提高使您能夠做到這一點。我知道在第一季度，你們確實將資源從 V2500 工作中轉移出來，以便更好地提供 GTF 零件。

And so two things on this. I guess first, where do you stand now on V2500 MRO? Is that back to normal? And then second, even though those shop visit times seem to have come down significantly, everything we've seen is that induction wait times are still quite long. And perhaps if you could address those two issues, it would be really helpful.

關於這一點有兩件事。我想首先，您現在對 V2500 MRO 的立場如何？這是恢復正常了嗎？其次，儘管商店光顧時間似乎已顯著減少，但我們所看到的一切是感應等待時間仍然相當長。也許如果你能解決這兩個問題，那將會非常有幫助。

Doug, let me start on the V2500, then I'll hand it over to Chris to talk a little bit about the GTF induction times and turnaround times. On the V2500 on a first half basis, we're at about 369 inductions to date. So we had talked about 800 on a full year basis, and we expect that, we still expect that to continue. And I guess the good news there is that, with that acceleration, not only are we seeing an increase in the number of shop visits in the second half of the year, we're also seeing more work scope. So these are heavier overhauls.

Doug，讓我從 V2500 開始，然後我將把它交給 Chris 來談談 GTF 感應時間和周轉時間。上半年，我們對 V2500 進行了約 369 次歸納。因此，我們已經討論了全年 800 次，我們預計，我們仍然預計這種情況會持續下去。我想好消息是，隨著這種加速，我們不僅看到下半年造訪商店的數量增加，而且我們還看到了更多的工作範圍。所以這些都是更重的檢修。

And all of that will contribute to the second half growth that we'll expect to see coming from Pratt & Whitney, particularly in the aftermarket. So the second half story for Pratt's operating outlook is really focused around what we call the mature commercial engines, the V2500 being the biggest part of that. So that's where we sit today on that front.

所有這些都將有助於我們預期普惠公司下半年的成長，特別是在售後市場。因此，普拉特營運前景的後半部分實際上集中在我們所謂的成熟商用引擎上，其中 V2500 是其中最大的部分。這就是我們今天在這方面的立場。

Chris, maybe a couple of comments on GTF?

Chris，能否對 GTF 發表一些評論？

Yes, yes. And before I do that, Doug, I'll just say, on the V, obviously, our customers are relying heavily on that given the other stress in the fleet. So we're heavily focused on making sure that V inductions, turnaround times and whatnot, that the support is there for the customer base.

是的是的。在我這樣做之前，道格，我只想說，在 V 上，顯然，考慮到機隊中的其他壓力，我們的客戶嚴重依賴它。因此，我們專注於確保 V 導入、週轉時間等，為客戶群提供支援。

On the GTF MRO, you're right. In the shop, when we've got material flowing, when we've got material in the right positions in Gate 2 and Gate 3, we are seeing significant reduction in shop turnaround time, both our shops and our partners', which is really encouraging.

在 GTF MRO 上，你是對的。在商店中，當我們的物料流動時，當我們將物料放置在 2 號門和 3 號門的正確位置時，我們發現我們的商店和合作夥伴的商店週轉時間都顯著減少，這確實是令人鼓舞。

The induction times are really a function of what we would call the parking lot. There are a lot of engines that came off wing, obviously, when the AD hit, and people did some of that proactively. So we are still working through a large parking lot of engines that need to get inducted into the shop.

誘導時間實際上是我們所說的停車場的函數。顯然，當廣告襲擊時，有很多引擎從機翼上脫落，人們主動做了一些。因此，我們仍在研究需要將引擎引入車間的大型停車場。

Again, we're encouraged by what we're seeing when the material is there, which is why we're so heavily focused on making sure the supply chain is healthy. You heard me talk about structural castings, isothermal forgings. These are the things that are going to be the biggest unlock for us as we take the AOG numbers down and support our customers.

同樣，當材料到達時我們所看到的一切讓我們感到鼓舞，這就是為什麼我們如此專注於確保供應鏈的健康。您聽到我談論結構鑄件、等溫鍛件。當我們減少 AOG 數量並支援我們的客戶時，這些對我們來說將是最大的解鎖。

Ronald Epstein, Bank of America.

羅納德·愛潑斯坦，美國銀行。

This is Samantha Stiroh, on for Ron Epstein. I was wondering if you could talk a little bit about Collins, particularly interiors, what they're doing and what your expectations are there.

我是莎曼珊·史特羅，為羅恩·愛潑斯坦配音。我想知道您是否可以談談柯林斯，特別是室內設計，他們正在做什麼以及您的期望是什麼。

Let me start there. I mean, we're seeing significant improvement in the interiors business. And frankly, the second half story for Collins is going to rely substantially on the aftermarket uptick there in mods and upgrades.

讓我從這裡開始。我的意思是，我們看到室內裝潢業務取得了顯著的進步。坦白說，柯林斯的後半段故事將在很大程度上依賴改裝和升級的售後市場的成長。

And the one thing I would say about the Collins portfolio of businesses is we've seen really strong performance across all the segments, the SBU segments there. And many of them are at or above, and frankly above, where we were in 2019. Interiors is the one place where we're still lagging.

關於柯林斯業務組合，我要說的一件事是，我們看到所有細分市場（其中的 SBU 細分市場）都表現強勁。其中許多都處於或高於，坦率地說高於我們 2019 年的水平。

So we're encouraged by the orders we are seeing there, and we do expect that to translate to substantial growth in the second half of this year that's going to be driving a substantial part of Collins aftermarket year-over-year.

因此，我們對在那裡看到的訂單感到鼓舞，我們確實預計這將轉化為今年下半年的大幅成長，這將推動柯林斯售後市場的很大一部分同比增長。

Seth Seifman, JPMorgan.

賽斯‧塞夫曼，摩根大通。

Chris and Neil, I wonder if you could address the free cash flow target for next year. Kind of talk about whether you feel like that still stands, areas of risk, areas of opportunity and your level of confidence.

克里斯和尼爾，我想知道你們是否可以解決明年的自由現金流目標。談談你是否覺得這種情況仍然存在、風險領域、機會領域以及你的信心程度。

Yes. Thanks for the question. Right now, Seth, we don't see a reason to change the outlook. The fundamental business drivers remain strong on both the commercial and defense side. Our end markets have proven pretty resilient, and demand remains strong as we said up front. I think with everybody else, there are several items that we're tracking that have 2025 implications. Think OE rates continue to see the strength in the aftermarket. That's a big part of the cash walk in 2025.

是的。謝謝你的提問。現在，賽斯，我們看不到改變前景的理由。商業和國防方面的基本業務驅動因素仍然強勁。事實證明，我們的終端市場相當有彈性，正如我們前面所說，需求仍然強勁。我認為與其他人一樣，我們正在追蹤的一些項目對 2025 年有影響。認為 OE 率繼續看到售後市場的強勢。這是 2025 年現金支出的重要組成部分。

And of course, the supply chain. I mean you just heard me talk about the sequential improvement and the stability we're seeing, but that's got to continue to ramp. But again, still feel like the 2025 cash goal here is achievable based on everything we see today, both within our four walls and the macro environment.

當然，還有供應鏈。我的意思是，您剛剛聽到我談論我們所看到的連續改進和穩定性，但這必須繼續增加。但再次強調，根據我們今天所看到的一切，無論是在我們的四面牆內還是在宏觀環境內，我們仍然認為 2025 年的現金目標是可以實現的。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Chris, Neil and Nathan. Maybe back with Pratt, you guys have highlighted that isothermal forgings are getting better, you're seeing doubled capacity increases in sonic inspections, which are all good. But structural castings continue to be an issue.

克里斯、尼爾和內森。也許回到普拉特，你們強調等溫鍛造正在變得更好，你們看到聲波檢查的能力增加了一倍，這都是好的。但結構鑄件仍然是一個問題。

Can you provide more color on why structural casting continues to linger? And then also, I mean, look, this historically has been one of the bottlenecks for previous aerospace ramp ups. So I guess, how is your approach different this time around to mitigate risk? And any color you could provide on the underlying tightness would be helpful.

您能否提供更多關於結構鑄造為何持續存在的資訊？然後，我的意思是，看，從歷史上看，這一直是以前航空航天業發展的瓶頸之一。所以我想，這次你們降低風險的方法有何不同？您可以提供有關潛在緊繃程度的任何顏色都會有所幫助。

Sure. Thanks, Kristine. And you're right, structural castings has been a habitual constrained value stream, even since the beginning of the ramp-up back in the '16, '17 time frame. While we've seen some improvement here, I mentioned up 5% sequentially, it needs to be higher than that in order to continue to meet the demands of both OE to the airframers, spare engines, and MRO.

當然。謝謝，克里斯汀。你是對的，結構鑄件一直是一種習慣性的受限價值流，即使自 16 年、17 年開始加速以來也是如此。雖然我們在這裡看到了一些改進，我提到了連續成長 5%，但為了繼續滿足 OE 對機身製造商、備用引擎和 MRO 的需求，它需要高於這一水平。

So again, while we're seeing positive incremental improvement, it needs to continue to grow. And the reason it's constrained is because there are very few people that do this and a lot of us in the industry rely on the same players. And so we're all ramping up around the same time.

因此，雖然我們看到了積極的漸進式改進，但它需要繼續成長。它受到限制的原因是很少有人這樣做，而且我們這個行業的許多人依賴相同的參與者。所以我們幾乎在同一時間都在加速。

To your point about what we're doing differently. I would say we're really working hard on making sure that our demand signal is crystal clear, that people know what we need both from an OE but also an MRO perspective. And then getting on LTAs as quickly as we can so that we can make sure that, again, supply chain knows what we need, when we need it and that they can go make the necessary investments to deliver.

關於我們正在採取的不同做法的觀點。我想說的是，我們確實在努力確保我們的需求訊號非常清晰，讓人們從 OE 和 MRO 的角度了解我們的需求。然後儘快簽訂長期協議，這樣我們就可以再次確保供應鏈知道我們需要什麼、何時需要，並且他們可以進行必要的投資來交付。

One thing I would add there, too, is that we've forward deployed a lot of our own people to these suppliers to help sort through the assessments that are required around the inspection criteria. As you know, these are parts that are built to extremely tight tolerances. And it's important to have our engineering teams working collaboratively with the supply base to make sure that we can clear those items as they come through the production process. And that's been something that I think we've put a lot of effort into over the last couple of years, frankly, but we've ramped that up recently.

我還要補充的一件事是，我們已經向這些供應商部署了許多我們自己的人員，以幫助整理圍繞檢查標準所需的評估。如您所知，這些零件的製造公差極為嚴格。重要的是讓我們的工程團隊與供應基地合作，以確保我們能夠在這些物品通過生產過程時清除它們。坦白說，我認為我們在過去幾年中投入了大量精力，但最近我們加強了力度。

Cai von Rumohr, TD Cowen.

蔡·馮·魯莫爾，TD·考恩。

So operations look good at Pratt and Collins in the quarter, sales beat, margins beat. And you've increased sales for the year, but you basically didn't touch profit guide for Pratt or Collins. Is that conservative? Or are you assuming, I mean, it looks like in Collins, the margins are the same or basically a little bit lighter in the second half than the second quarter. Give us some color on that, if you could.

因此，普拉特和柯林斯在本季的營運情況看起來不錯，銷售額和利潤率都超出預期。你們增加了今年的銷售額，但基本上沒有觸及普拉特或柯林斯的利潤指南。這算保守嗎？或者你是否假設，我的意思是，在柯林斯，下半場的利潤率與第二季相同或基本上略低。如果可以的話，請給我們一些顏色。

Cai, thanks for the comments. Overall, we're pleased with the first half results as you outlined there, and we've updated our full year guide to reflect that strong top line growth. When we think about the segments and what's going on there, there are some headwinds.

蔡老師，謝謝您的評論。總體而言，我們對您在其中概述的上半年業績感到滿意，並且我們更新了全年指南以反映強勁的收入成長。當我們思考這些細分市場以及那裡正在發生的事情時，會發現一些阻力。

We've got some higher product costs, primarily in the defense pieces of Pratt and Collins. We've got a little bit of under-absorption with some of the lower OE rates. And we've seen some higher E&D. Now we have offset some of those headwinds with some below-the-line items, such as corporate spending reductions and tightening. So there are a few moving pieces here, but we've got good momentum as we enter the second half of the year, and we're confident in the updated outlook.

我們的產品成本較高，主要是普拉特和柯林斯的國防產品。我們有一些吸收不足的情況，其中一些原件率較低。我們已經看到了一些更高的 E&D。現在，我們已經透過企業支出削減和緊縮等一些線下項目抵消了一些不利因素。因此，這裡有一些令人感動的事情，但隨著我們進入今年下半年，我們已經取得了良好的勢頭，並且我們對更新後的前景充滿信心。

Thanks, Chris. Let me add a little bit, Cai, in terms of the top line, maybe some perspective on the moving pieces. You saw that we took up our sales $750 million at the low end, $500 million at the high end. So think about the midpoint, obviously, $625 million. If you break that down, I would put $500 million of that is within the Pratt & Whitney business.

謝謝，克里斯。蔡，讓我補充一點，就頂線而言，也許是對移動部分的一些看法。你看到我們的低端銷售額為 7.5 億美元，高端為 5 億美元。因此，考慮一下中點，顯然是 6.25 億美元。如果你細分的話，我會把其中 5 億美元歸類在普惠公司業務。

It's really two pieces of that. About $400 million of that, 80%, is in the military business. We saw really strong material inputs, particularly supporting the F135 and F117 aftermarket. We dropped that through. And the rest is slightly higher OE. You saw the numbers we had in the first and second quarter. And so we're seeing good mix and we're letting that flow through to the full year as well.

這確實是兩個部分。其中約 4 億美元（80%）用於軍事業務。我們看到了非常強勁的材料投入，特別是支持 F135 和 F117 售後市場。我們放棄了它。其餘OE略高。您看到了我們第一季和第二季的數據。因此，我們看到了良好的組合，我們也讓這種情況延續到全年。

As Chris mentioned, the profit side of Pratt, we're seeing higher production costs, again, particularly in the military side of the business as we burn down the F135 contract and a little bit of higher R&D spending supporting the continued certification of the GTF Advantage and obviously, the powdered metal-related things.

正如克里斯所提到的，普拉特的利潤方面，我們再次看到更高的生產成本，特別是在業務的軍事方面，因為我們燒毀了F135 合同，並且支持GTF 持續認證的研發支出有所增加優點很明顯，與粉末金屬相關的東西。

At Collins, we also took that guide up a little bit, see high single digit, think, 7% to 8%, higher end of the range that we were at before. That's about $100 million of sales. And as I think about that, it's a couple of hundred million, maybe a 3 points lower on the commercial OE side. We've taken our rates down on the Boeing side in particular. But offsetting that or more than offsetting that is the aftermarket and the military side of Collins as well. So about a 1-point increase on the commercial aftermarket, 2 points on defense.

在柯林斯，我們也將該指南提高了一點，看到高個位數，認為 7% 到 8%，比我們之前的範圍更高。這相當於約 1 億美元的銷售額。我想，商業 OE 方面的成本要數億，可能低 3 個百分點。我們特別降低了波音方面的費率。但抵消這一點，或不僅僅是抵消這一點，還有柯林斯的售後市場和軍事方面。因此，商業售後市場增加 1 點，防禦增加 2 點。

Just to round it out. At Raytheon, we now see solid flat, if you will, organically up mid-single digits. It's about $50 million. There's slightly higher eliminations at the corporate level. We're going to hold as a placeholder of what we saw in the second quarter for the rest of the year, a lot more intercompany activity between Collins and Pratt and Collins and Raytheon there.

只是為了圓潤它。在雷神公司，我們現在看到的是穩定的持平，如果你願意的話，有機地上升到中個位數。大約是5000萬美元。公司層級的淘汰率略高。我們將把第二季所看到的情況作為今年剩餘時間的佔位符，柯林斯和普拉特以及柯林斯和雷神公司之間有更多的公司間活動。

So again, we're early, we're encouraged by the first half results on the profit side. But certainly, on the top end, we're seeing a trend towards the top end of our prior ranges, taking them up slightly here. And of course, if there's more, you'll see that in the results and want to see another quarter play out.

因此，我們還處於早期階段，我們對上半年利潤的表現感到鼓舞。但當然，在高端，我們看到了一種向之前範圍的高端發展的趨勢，在這裡略有上升。當然，如果有更多，您會在結果中看到這一點，並希望看到另一個季度的結果。

Jason Gursky, Citi.

賈森古爾斯基，花旗銀行。

Great. And Nathan, welcome to the call. Chris, I recognize that you're executing on the existing engine platforms. But I'm wondering if you wouldn't spend a few minutes talking about the future. News flow coming out of Farnborough suggests maybe Rolls is going to get back into the narrow-body market. GE made some comments this week on its earnings call that customer interest in the RISE continues to grow. And then I think somebody at Pratt at Farnborough suggested that your next generation GTF might be 25% more fuel efficient. Not clear to me whether that was relative to the existing GTF, or it was a comment about the overall existing fleet.

偉大的。內森，歡迎來電。克里斯，我認識到您正在現有的引擎平台上執行。但我想知道您是否願意花幾分鐘談論未來。來自範堡羅的消息表明勞斯萊斯可能會重返窄體飛機市場。 GE 在本週的財報電話會議上發表了一些評論，表示客戶對 RISE 的興趣持續增長。然後我認為範堡羅普拉特公司的某人建議你們的下一代 GTF 燃油效率可能提高 25%。我不清楚這是否與現有 GTF 相關，或者是對整個現有機隊的評論。

But I'm wondering if you can just paint a picture for us on what the next generation of engines is going to look like from your perspective, whether the customers are starting to have more conversations with you all about that. And what the potential timing of a new engine on the narrow-body side might be.

但我想知道您是否可以從您的角度為我們描繪下一代引擎的外觀，客戶是否開始與您就此進行更多對話。以及窄體機方面新引擎的潛在時機可能是什麼。

Thank you, Jason. And as you might imagine, having been at Farnborough this week, there was a lot of conversation around the future of narrow body on sustainability and on when those platforms will be launched and get into service. I'll maybe break this into near, medium, and then longer term.

謝謝你，傑森。正如您可能想像的那樣，本週在範堡羅，圍繞窄體飛機的未來可持續性以及這些平台何時推出並投入使用進行了很多討論。我可能會將其分為近期、中期和長期。

Near, medium, our focus, and Neil alluded to this, is on the GTF Advantage. Right now, we're about 90-plus percent of the way through that testing. It's got some good results out of our environmental and durability, and so we're continuing down that certification path. As you know, another 1% of fuel burn, 4% thrust, but a more durable and reliable engine. So that's the near term.

近、中、尼爾提到的我們的重點是 GTF 優勢。目前，我們的測試已完成 90% 以上。它在環境和耐用性方面取得了一些良好的成果，因此我們將繼續沿著這條認證道路前進。如您所知，多消耗 1% 的燃油，增加 4% 的推力，但引擎更耐用、更可靠。這就是近期的情況。

As we think about the medium, longer term, I will tell you, we're evaluating and investing in a number of key enabling technologies for insertion into future GTF configurations. Think composite fan blades, advanced materials, like CMCs, planetary gear system.

當我們考慮中長期時，我會告訴您，我們正在評估和投資一些關鍵的支援技術，以插入未來的 GTF 配置。想想複合材料風扇葉片、先進材料，如 CMC、行星齒輪系統。

And then you referenced hybrid electric. Some of those numbers that were coming out of Farnborough are what I would call hybrid electric or electric applications. And you think about that for the narrow-body, I view that as more of an assist, if you will, around corner points of the flight envelope. Lower platform, smaller platforms, the hybrid electrical do more work. And we continue to invest there and have made some really strong strides in some of our demonstrator programs.

然後你提到了混合動力電動車。來自範堡羅的一些數據我稱之為混合動力電動或電動應用。你想想對於窄體飛機來說，如果你願意的話，我認為這更多的是在飛行包線的角落周圍的輔助。平台越低，平台越小，混合動力電動車就能做更多的工作。我們繼續在那裡投資，並在一些示範計畫中取得了一些真正的重大進展。

So again, we've said this before, the GTF architecture continues to have runway. And so these are all the enabling technologies that we continue to invest in that we think we're going to be able to insert in that for the next-generation single-aisle.

再說一次，我們之前已經說過，GTF 架構仍然有跑道。因此，這些都是我們繼續投資的所有支援技術，我們認為我們將能夠將其插入下一代單通道。

I'll also make the point that many of us in the industry are focused on fuel efficiency, and rightly so. I will tell you that we're also really focused on durability and reliability. As we continue to go push efficiency gains in the engine, there's always going to be trade-offs. And we've got to make sure that those trades make sense, which is why we continue to invest in things like advanced coatings and other advanced manufacturing techniques that can help with the durability of the engines.

我還要指出，我們這個行業的許多人都專注於燃油效率，這是正確的。我會告訴您，我們也非常注重耐用性和可靠性。當我們繼續推動引擎效率的提升時，總是會有一些權衡。我們必須確保這些交易有意義，這就是為什麼我們繼續投資先進塗層和其他先進製造技術等有助於提高引擎耐用性的原因。

If you talk to operators today, the #1 thing that they want in addition to sustainability and fuel efficiency is time on wing. We've got to make sure that, as we're driving efficiency and rightly so, that we're also focused on the durability of the engines and the time on wing. That's frankly how -- that's what the customers need and that's what we need for our business model.

如果您今天與操作員交談，您會發現，除了永續性和燃油效率之外，他們最想要的就是飛行時間。我們必須確保，在我們提高效率的同時，我們也應該關注引擎的耐用性和飛行時間。坦白說，這就是客戶所需要的，也是我們商業模式所需要的。

Matt Akers, Wells Fargo.

馬特·埃克斯，富國銀行。

I wanted to see if you could touch on divestitures a little bit. You've been pretty active there. Could you talk about just what inning we're in there? What's left to divest? And specifically, are you able to give the revenue and EBIT contribution from the hoist and winch deal?

我想看看你能否談談資產剝離問題。你在那裡一直很活躍。你能談談我們正在哪一局嗎？還剩下什麼可以剝離？具體來說，您能否給出提昇機和絞車交易的收入和息稅前利潤貢獻？

Matt, this is Neil. We're really happy, obviously, with some of the transactions that we've announced recently, and hoist and wind in particular. Not going to be able to give you the numbers today, but once that transaction is closed, we'll get that out there in the right forum. But we got good value there. We expect to close that in the fourth quarter.

馬特，這是尼爾。顯然，我們對最近宣布的一些交易感到非常高興，特別是在起重和風力方面。今天無法向您提供具體數字，但一旦交易結束，我們將在正確的論壇中公佈該數字。但我們在那裡得到了很好的價值。我們預計將在第四季完成。

As it relates to the actuation business at Collins, we are pleased to see the Italian approval in the last quarter. We're continuing to support Safran and the efforts that are required to close that transaction. Again, nothing that we see we can't get through here, but it's going to take a little bit of time, some regulatory hurdles still remain there.

由於它與柯林斯的驅動業務相關，我們很高興看到義大利在上個季度獲得批准。我們將繼續支持賽峰集團以及完成交易所需的努力。再說一次，我們認為沒有什麼是我們無法克服的，但這需要一點時間，一些監管障礙仍然存在。

But there's other things we're looking at. We're always looking at the portfolio. As Chris and I have talked about, we're targeting bolt-on type M&A that fits into our technology road maps where it's appropriate. We want to be opportunistic there, but we also want to be thoughtful and careful.

但我們還在關注其他事情。我們一直在關注投資組合。正如克里斯和我所討論的，我們的目標是在適當的情況下適合我們的技術路線圖的補強型併購。我們希望在那裡保持機會主義，但我們也希望深思熟慮和小心謹慎。

And then we're always looking at the portfolio from a pruning perspective. Nothing to announce today, but I can tell you that we're going through a rigorous process, as we always do every year. And there'll probably be a handful of others that we come up with. We've talked about some of them in the past, but again, nothing to say today.

然後我們總是從修剪的角度來看投資組合。今天沒有什麼可宣布的，但我可以告訴你，我們正在經歷一個嚴格的過程，就像我們每年都會做的那樣。我們可能還會想出一些其他的方案。我們過去曾討論過其中的一些問題，但今天再次無話可說。

Yes. Maybe just to add to that, Matt, we do have a robust and rigorous process to take a hard look at the portfolio every year. And while there are businesses that might be solid performers, we want to make sure that they fit into the criteria long term within RTX, namely technology differentiation and strong aftermarket tails, right? So continuing to look at the portfolio through that prism.

是的。也許只是補充一點，馬特，我們確實有一個強大而嚴格的流程來每年仔細審視投資組合。雖然有些企業可能表現穩健，但我們希望確保它們符合 RTX 的長期標準，即技術差異化和強大的售後市場尾部，對嗎？因此，繼續透過這個棱鏡來審視投資組合。

I'll also remind you that we've set up an RTX Ventures. We've been making investments in early stage companies, keeping our eye on some of those trends, both commercial and defense. And so those may yield some opportunities as well for bolt-ons that fit into, again, our criteria.

我還要提醒您，我們已經成立了 RTX Ventures。我們一直在對早期公司進行投資，並密切關注其中的一些趨勢，包括商業和國防領域。因此，這些也可能為符合我們標準的補充產品帶來一些機會。

David Strauss, Barclays.

大衛‧史特勞斯，巴克萊銀行。

One to Neil. Your comments on Collins and the Boeing OE reach, you said took them down. I didn't know if that meant you actually have reduced the rate at which you're building on the MAX and 787, or are you just going up more slowly? Maybe if you could clarify that. And if possible, talk about where you are exactly on the MAX and 787.

一位給尼爾。你說你對柯林斯和波音原廠設備的評論讓他們被刪除了。我不知道這是否意味著你們實際上已經降低了 MAX 和 787 的建造速度，或者只是進展得更慢？也許你能澄清一下。如果可能的話，請談談您在 MAX 和 787 上的具體情況。

Sure, David. Listen, I'm not going to get into specific rates per se, but I'll tell you that, obviously, we started the year with a more aggressive outlook in terms of what that rate ramp would look like. What I would tell you is that we're in the low 30s in the first half of the year, and we do expect the rate to ramp up as the year goes on. So it's not a flat rate assumption, but I'd say it's a calculated increase. And you'll be able to hear from Boeing next week.

當然，大衛。聽著，我不會討論具體的利率本身，但我會告訴你，顯然，我們在今年伊始就利率上升的情況採取了更積極的前景。我要告訴你的是，今年上半年我們的成長率處於 30 多歲左右，我們預計隨著時間的推移，這一比率將會上升。因此，這不是統一費率假設，但我想說這是經過計算的成長。下週您將能夠收到波音公司的消息。

I think I'm sure they'll have something to say about their rates. I'd say today, we're aligned with the airframers, but we're monitoring it just like everybody else.

我想我確信他們會對他們的費率有話要說。今天我想說，我們與機身製造商保持一致，但我們像其他人一樣對其進行監控。

On the Airbus front, Chris talked about it already. Same thing. We're aligned there with the Airbus team on output. There is always a desire to increase those rates, but we're doing the best we can to balance between airline customers and the OEMs here. But I'd say from an outlook perspective, we're reasonably well calibrated, barring some change that we're not aware of right now.

在空中巴士方面，克里斯已經談到了這一點。一樣。我們在輸出方面與空中巴士團隊保持一致。人們總是希望提高這些費率，但我們正在盡最大努力在航空公司客戶和原始設備製造商之間取得平衡。但我想說，從前景的角度來看，我們已經進行了相當好的校準，除非發生一些我們目前尚未意識到的變化。

Robert Spingarn, Melius Research.

羅伯特‧斯賓加恩 (Robert Spingarn)，Melius 研究中心。

This is Scott Mikus on for Rob Spingarn. Neil or Chris, in the past, you've mentioned that you don't exactly like the business model where the engine OEMs go through a heavy development cycle, lose cash on the OE sales, and have to recoup your investment in the aftermarket. So I'm just wondering, with the general misalignment of profit drivers between the airframers and the engine OEMs that can be attention when allocating scarce resources, on a future clean-sheet aircraft program, is there going to be a broader industry discussion to better align those profit drivers between the airframers and engine OEMs?

這是 Scott Mikus 為 Rob Spingarn 配音。尼爾或克里斯，您過去曾提到，您不太喜歡發動機原始設備製造商經歷繁重的開發週期、在原始設備銷售上損失現金、並且必須收回在售後市場的投資的商業模式。因此，我只是想知道，在分配稀缺資源時，飛機製造商和發動機原始設備製造商之間普遍存在利潤驅動因素不一致的情況，在未來的全新飛機計劃中，是否會進行更廣泛的行業討論，以更好地實現這一目標？

Thanks for the question, Scott, and it's a good question. Yes, the short answer is yes. There's going to need to be a discussion around aligning our business model. And I believe that's not only in the interest of -- I'll speak from the engine side from the Pratt team, but also from the airframer team. When you've got different incentives in terms of how you make your money, it does just drive a tension, and ultimately sometimes the customer is the one that's caught in between there.

謝謝你的問題，斯科特，這是一個很好的問題。是的，簡短的回答是肯定的。需要圍繞調整我們的業務模式進行討論。我相信這不僅符合普拉特團隊引擎方面的利益，也符合機身製造團隊的利益。當你在賺錢方式上有不同的激勵措施時，它確實會造成緊張，最終有時客戶會陷入困境。

And so again, I think the more that we can align our business models, the better it will be for the OEMs and for the customer base. And you're right, the opportunity to do that is going to be on the next platform. We're already obviously entrenched in their current platforms. But I think we're both seeing this, at times, misalignment play out. And I think with the new platforms, it gives us a chance with a clean sheet of paper to sketch out, how do we get better aligned and better serve our customers?

再說一次，我認為我們越能調整我們的業務模式，對原始設備製造商和客戶群就越好。你是對的，這樣做的機會將在下一個平台上。我們顯然已經在他們目前的平台上紮根了。但我認為我們有時都會看到這種不一致的情況。我認為，有了新平台，我們就有機會在一張乾淨的紙上勾勒出輪廓，我們如何更好地協調並更好地為我們的客戶服務？

Noah Poponak, Goldman Sachs.

諾亞·波波納克，高盛。

With regard to the GTF powdered metal process, is it possible to put numbers around of the number of engines that will need to come off-wing, how many, what percentage even if a range, have come off-wing? And of that, how many have actually fully gone through the full fix process versus are waiting in line to do so?

關於 GTF 粉末金屬工藝，是否可以列出需要從機翼上拆下的發動機數量的數字，有多少，即使是一個範圍，已經從機翼上拆下來的百分比是多少？其中，有多少人實際上已經完全完成了完整的修復過程，而不是排隊等待這樣做？

Thanks, Noah. So let me just step back and give you a powdered metal ramp-up and insertion background here. So as we've talked about before, since late last year, everything coming off the line going to the OEMs had the full life powdered metal parts. Now all spare engines have those as well. MRO was always a, I'll call it, a phased ramp-up. And so we'll start to see this ramp up here in the second half of the year, and it's going to continue to accelerate into 2025 and into 2026.

謝謝，諾亞。因此，讓我退後一步，為您提供粉末金屬的加速和插入背景。正如我們之前談到的，自去年年底以來，所有交付給原始設備製造商的產品都具有全壽命粉末金屬零件。現在所有備用引擎也都有這些。我稱之為，MRO 始終是一種分階段的提升。因此，我們將在今年下半年開始看到這種成長，並將繼續加速到 2025 年和 2026 年。

Again, we've put a lot of emphasis on isothermal forging production. As I said upfront, we put a lot of demand into the system, as you might imagine, given what's happened with the fleet. And we've seen some solid progress. We need to continue to see some more ramp up.

同樣，我們非常重視等溫鍛造生產。正如我之前所說，考慮到機隊發生的情況，正如您可能想像的那樣，我們對系統提出了很多要求。我們已經看到了一些紮實的進展。我們需要繼續看到更多的成長。

And as we said before, when a shop -- excuse me, when an engine comes into the shop for a visit, we do an evaluation based on the work scope it needs, where it operates, when it was naturally going to see another shop visit, to determine whether or not insertion of those parts makes sense. Again, we're trying to get the longest time on wing that we can and make sure that we allocate these resources appropriately.

正如我們之前所說，當一家商店——對不起，當一台發動機進入商店參觀時，我們會根據它需要的工作範圍、在哪裡運營、何時自然會去另一家商店進行評估訪問，以確定插入這些部分是否有意義。同樣，我們正在努力獲得盡可能長的飛行時間，並確保我們適當地分配這些資源。

And so those are all the things that go into decision as to which engines get the full life parts in which we can do an inspection and do all the other things in the engine because it was already slated to come back in advance of the time limits that we've established. So there's a lot of moving pieces here. But suffice it to say, it's going to be a continued ramp back half of this year, '25 and '26, on powdered metal production and insertion in MRO.

因此，這些都是決定哪些引擎獲得全壽命零件的所有因素，我們可以在其中進行檢查並在引擎中執行所有其他操作，因為它已經計劃在時間限制之前返回我們已經建立了。所以這裡有很多移動的部分。但我只想說，今年下半年，即 25 年和 26 年，粉末金屬生產和 MRO 插入將持續增加。

Okay. As you are going through incremental customer negotiations, are you finding yourself able to change assumptions, either are better or worse based on what you've experienced thus far? Or is it more the assumptions remain similar because the output has been in line?

好的。當您進行增量客戶談判時，您是否發現自己能夠根據您迄今為止的經歷改變假設，無論是更好還是更糟？還是因為輸出一直保持一致，所以假設仍然相似？

The assumptions remain similar, Noah. But I'll tell you, each customer negotiation is different based upon where they operate and how they operate. And so the agreements are tailored to those, I would say, airline-specific metrics and criteria. But we're using the same, I'll call it, key assumptions that we outlined upfront across the board.

諾亞，假設仍然相似。但我會告訴你，每個客戶的談判都是不同的，這取決於他們的經營地點和經營方式。因此，我想說，這些協議是根據航空公司特定的指標和標準量身定制的。但我們正在使用相同的，我稱之為，我們預先全面概述的關鍵假設。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Chris, are you seeing progress with the FAA in terms of getting some of these wide-body first-class seats certified? And then I'm sorry if I missed it, but are you seeing momentum on ramping up output on the 787 heat exchanger?

克里斯，您是否看到美國聯邦航空局在獲得一些寬體頭等艙座椅認證方面取得了進展？如果我錯過了，我很抱歉，但是您是否看到了 787 熱交換器輸出增加的動力？

Yes. Thanks, Scott. So yes, on the seating question, we continue to work our way through the certification there. These are actually a lot more complex than I think people understand, and the certification requirements are relatively high bar. But we think we have our arms around what we need to do there to get these certified and ultimately into the hands of the airframers and the airlines.

是的。謝謝，斯科特。所以，是的，在座位問題上，我們將繼續努力通過那裡的認證。這些其實比我想人們理解的要複雜很多，而且認證要求也比較高吧。但我們認為我們已經做好了需要做的事情，以獲得這些認證並最終交到機身製造商和航空公司的手中。

On the heat exchanger, I'll just remind everyone that, that was a part that we had to move as a result of the conflict in Russia-Ukraine, out of Russia. And then set up another source here and set up a separate supply chain. And that has taken some time, but we're starting to ramp up there to the rates that we need to support what we think Boeing's demand is.

關於熱交換器，我只是提醒大家，由於俄羅斯-烏克蘭衝突，我們必須將其移出俄羅斯。然後在這裡建立另一個來源，建立一個單獨的供應鏈。這需要一些時間，但我們開始提高利率，以支持我們認為波音的需求。

Thank you. And with that, I will now turn the call back over to the RTX team.

謝謝。現在，我將把電話轉回給 RTX 團隊。

All right. Thanks, Livia. That concludes today's call. As always, I and the Investor Relations team will be available for follow-up questions. I really appreciate everyone joining us today, and have a good day.

好的。謝謝，利維亞。今天的電話會議到此結束。像往常一樣，我和投資者關係團隊將隨時回答後續問題。我非常感謝今天加入我們的大家，祝您有美好的一天。

Have a good day, everybody.

祝大家有美好的一天。

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。