Spirit AeroSystems Holdings Inc (SPR) 2022 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Spirit AeroSystems Holdings, Inc. Second Quarter 2022 Earnings Conference Call. My name is Matt, and I'll be your coordinator today. (Operator Instructions)

女士們，先生們，早上好，歡迎參加 Spirit AeroSystems Holdings, Inc. 2022 年第二季度收益電話會議。我叫馬特，今天我將擔任您的協調員。 （操作員說明）

I would now like to turn the presentation over to Aaron Hunt, Director of Investor Relations. Please proceed.

我現在想將演示文稿交給投資者關係總監 Aaron Hunt。請繼續。

Thank you, Matt, and hello, everyone. Welcome to Spirit's Second Quarter 2020 Results Call. I'm Aaron Hunt, Director of Investor Relations. And with me today are Spirit's President and Chief Executive Officer, Tom Gentile; Spirit's Senior Vice President and Chief Financial Officer, Mark Suchinski; and Spirit's Executive Vice President, Chief Operating Officer and President of Commercial division, Sam Marnick. After opening comments by Tom and Mark regarding our performance and outlook, we will take your questions.

謝謝你，馬特，大家好。歡迎來到 Spirit 的 2020 年第二季度業績電話會議。我是投資者關係總監 Aaron Hunt。今天和我在一起的還有 Spirit 的總裁兼首席執行官 Tom Gentile； Spirit 的高級副總裁兼首席財務官 Mark Suchinski； Spirit 的執行副總裁、首席運營官兼商業部門總裁 Sam Marnick。在湯姆和馬克對我們的表現和前景發表評論後，我們將回答您的問題。

Before we begin, I need to remind you that any projections or goals we may include in our discussion today are likely to involve risks, including those detailed in our earnings release and our SEC filings, in the forward-looking statement at the end of this web presentation and referenced in our call today. In addition, we refer you to our earnings release and presentation for disclosures and reconciliation of non-GAAP measures we use when discussing our results. And as a reminder, you can follow today's broadcast and slide presentation on our website at investor.spiritaero.com.

在我們開始之前，我需要提醒您，我們今天討論中可能包含的任何預測或目標都可能涉及風險，包括在我們的收益發布和我們提交給美國證券交易委員會的文件中詳述的風險，以及在本文末尾的前瞻性聲明中網絡演示，並在我們今天的電話會議中引用。此外，我們向您推薦我們的收益發布和演示文稿，以披露和協調我們在討論我們的結果時使用的非公認會計原則措施。提醒一下，您可以在我們的網站investor.spiritaero.com 上關註今天的廣播和幻燈片演示。

With that, I would like to turn the call over to our Chief Executive Officer, Tom Gentile.

有了這個，我想把電話轉給我們的首席執行官 Tom Gentile。

Thank you, Aaron, and good morning, everyone. Welcome to Spirit's Second Quarter Earnings Call. We continue to navigate a dynamic environment driven by challenges in supply chain, staffing and inflation. OEM schedule changes as they respond to this dynamic environment also disrupt operations and drive the need for rescheduling and replanning efforts. Despite these near-term pressures, the long-term outlook for air traffic and the global aviation industry remains strong. Domestic air traffic has recovered to close to 2019 levels. And over the July 4 holiday weekend, air traffic even exceeded 2019 levels.

謝謝你，Aaron，大家早上好。歡迎來到 Spirit 的第二季度財報電話會議。我們將繼續在供應鏈、人員配備和通貨膨脹挑戰驅動的動態環境中航行。原始設備製造商在應對這種動態環境時會改變日程安排，這也會擾亂運營並推動重新安排和重新計劃工作的需要。儘管存在這些近期壓力，但空中交通和全球航空業的長期前景依然強勁。國內空中交通已恢復至接近 2019 年的水平。而在 7 月 4 日假期週末，空中交通量甚至超過了 2019 年的水平。

Aircraft backlogs remain healthy. Spirit's backlog is $34 billion, of which 85% is narrow-body aircraft. Along with the rest of the industry, we were happy to be back at the Farnborough Air Show in July, which was the first major gathering of the entire global industry since the 2019 Paris Air Show. The return of the event was welcomed for us to reconnect with many of our customers, suppliers and other stakeholders.

飛機積壓仍然健康。 Spirit的積壓訂單為340億美元，其中85%是窄體飛機。與業界其他人一起，我們很高興能回到 7 月的範堡羅航展，這是自 2019 年巴黎航展以來全球業界的首次重大聚會。歡迎活動的回歸，讓我們重新與我們的許多客戶、供應商和其他利益相關者建立聯繫。

At the air show, we saw continued narrow-body demand improvement with Boeing's securing multiple 737 MAX orders, including 100 737 MAX-10s from Delta Airlines. Prior to the show in early July, Airbus also secured a large narrow-body order for nearly 300 A320s. Those orders reinforce the improved long-term outlook for narrow-body aircraft that support future production rate increases.

在航展上，我們看到窄體飛機的需求持續改善，波音公司獲得了多架 737 MAX 訂單，其中包括來自達美航空的 100 架 737 MAX-10。在 7 月初的展會之前，空客還獲得了近 300 架 A320 的大型窄體訂單。這些訂單強化了窄體飛機的長期前景改善，支持未來的生產率增長。

While the long-term outlook remains favorable, this quarter, we did experience economic pressures like the rest of the industry. As we ramp 737 MAX production to 31 airplanes per month in May, we saw additional challenges surface in our supply chain. These challenges at some suppliers resulted in part shortages in our factories. As a result, we are taking longer to stabilize at rate 31 aircraft per month on the MAX and have taken the opportunity to burn down the fuselage buffer we have in Wichita, which was reduced by 19 shipsets during the quarter and now sits at 66 shipsets. Overall, we now expect to deliver about 300 737 MAX units in 2022.

雖然長期前景仍然看好，但本季度，我們確實像其他行業一樣經歷了經濟壓力。隨著我們在 5 月份將 737 MAX 的產量提高到每月 31 架飛機，我們看到供應鏈中出現了更多挑戰。一些供應商面臨的這些挑戰導致我們工廠的零件短缺。因此，我們需要更長的時間才能在 MAX 上以每月 31 架飛機的速度穩定下來，並藉此機會燒毀了我們在威奇託的機身緩衝區，該緩衝區在本季度減少了 19 架，現在為 66 架.總體而言，我們現在預計 2022 年將交付約 300 737 MAX 單位。

We also saw a number of schedule changes this past quarter, particularly on the A350, 767 and 787 programs. These schedule changes contributed to the forward loss this quarter. The 787 program also requires some additional engineering analysis to support Boeing's efforts to resume deliveries. We continue to respond to all of Boeing's questions on the 787, so they can complete their work with the FAA.

在上個季度，我們還看到了一些時間表變化，特別是在 A350、767 和 787 計劃上。這些時間表變化導致本季度的遠期虧損。 787 計劃還需要一些額外的工程分析來支持波音恢復交付的努力。我們將繼續回答波音關於 787 的所有問題，以便他們能夠完成與 FAA 的合作。

In addition, we saw several supplier bankruptcies that created challenges this quarter. On the A220 program, 1 supplier bankruptcy drove a forward loss of $25 million related to scheduled recovery efforts and transfer of work. Through the efforts of our supply chain team, we have been able to ensure supply continuity to our customers. Also, we are experiencing challenges with inflation on purchase services, logistics and transportation that have created some headwinds to our results.

此外，我們看到本季度有幾家供應商破產，這給我們帶來了挑戰。在 A220 計劃中，1 家供應商破產導致與預定恢復工作和工作轉移相關的 2500 萬美元的遠期損失。通過我們供應鏈團隊的努力，我們已經能夠確保對客戶的供應連續性。此外，我們正面臨採購服務、物流和運輸通脹的挑戰，這對我們的業績造成了一些不利影響。

Finally, in light of the Russian invasion of Ukraine, our customers stopped shipping parts for an aircraft program. Due to the uncertainty of that program, we have taken a net charge of $28 million related to adjustments of certain assets and liabilities associated with U.S. sanctions on Russia.

最後，鑑於俄羅斯入侵烏克蘭，我們的客戶停止為飛機項目運送零件。由於該計劃的不確定性，我們已就與美國對俄羅斯制裁相關的某些資產和負債的調整收取了 2800 萬美元的淨費用。

Our Defense segment continues to show solid growth. Recently, we had 3 big wins in defense. First, Spirit was selected to provide the pylons and the cells for the B-52 reengine program. Second, Sierra Space also awarded Spirit, the Shooting Star Cargo Module for their Dream Chaser program. Third, in mid-July, we joined Airbus helicopters as a strategic partner to support the British-produced H175M for the U.K.'s new medium helicopter requirement. These wins demonstrate the momentum of our defense business in its core markets. Our Defense & Space growth strategy is moving us into new markets and expanding our relationship with the OEMs and primes.

我們的國防部門繼續呈現穩健增長。最近，我們在防守端取得了 3 場大勝。首先，Spirit 被選中為 B-52 再引擎計劃提供掛架和電池。其次，Sierra Space 還為他們的追夢者計劃授予了 Spirit，流星貨運模塊。第三，7月中旬，我們作為戰略合作夥伴加入空客直升機，支持英國生產的H175M滿足英國新的中型直升機需求。這些勝利證明了我們國防業務在其核心市場的發展勢頭。我們的國防和太空增長戰略正在將我們帶入新市場並擴大我們與原始設備製造商和主要製造商的關係。

The Aftermarket business also had a very good second quarter growing revenue by 42% over the second quarter of last year and delivering 15% margins. Without losses on Russia-related programs, margins would have been about 20%. We also expect to see the business in aftermarket benefit from new opportunities like the recently announced deal with Boeing Global Services on the MAX and the GAMECO partnership in China.

售後市場業務第二季度的收入也非常好，比去年第二季度增長了 42%，利潤率為 15%。如果沒有俄羅斯相關項目的損失，利潤率將約為 20%。我們還希望看到售後市場的業務受益於新的機遇，例如最近宣布與波音全球服務公司就 MAX 達成的交易以及 GAMECO 在中國的合作夥伴關係。

I also want to highlight that we released our second annual sustainability report in July. We shared our progress toward our sustainability targets, including key accomplishments of transitioning to 100% wind power at both our Wichita and Tulsa facilities. In addition, we completed an agreement to install a large solar panel array on the roof root of our Malaysia facility. We continue to leverage our research and technology investments to assist in the development of newer, more fuel-efficient aircraft.

我還想強調，我們在 7 月發布了第二份年度可持續發展報告。我們分享了我們在實現可持續發展目標方面取得的進展，包括在我們的威奇托和塔爾薩工廠向 100% 風力發電過渡的關鍵成就。此外，我們完成了在馬來西亞工廠屋頂安裝大型太陽能電池板陣列的協議。我們繼續利用我們的研究和技術投資來協助開發更新、更省油的飛機。

I'll now turn the call over to Mark to take you through a few more details on the financials of our second quarter results. Mark?

我現在將電話轉給馬克，讓您了解有關我們第二季度業績財務的更多細節。標記？

Thank you, Tom, and good morning, everyone. We feel optimistic about the strength of the post-pandemic aerospace recovery as we continue to see narrow-body production rates increase. That said, we experienced some near-term pressures this quarter. We received scheduled changes from our customers and faced a constrained supply chain, labor shortages and rising costs. These challenges are not unique to Spirit, and I'm confident in our ability to manage through the uncertainties over time. Now let me take you through our second quarter financial results.

謝謝你，湯姆，大家早上好。我們對大流行後航空航天復甦的力量感到樂觀，因為我們繼續看到窄體生產率提高。也就是說，本季度我們經歷了一些短期壓力。我們收到了客戶的預定變更，並面臨供應鏈受限、勞動力短缺和成本上升的問題。這些挑戰並不是 Spirit 所獨有的，我相信我們有能力隨著時間的推移應對不確定性。現在讓我帶您了解我們第二季度的財務業績。

Let's start with revenue on Slide 3. Revenue for the quarter was $1.3 billion, up 26% from the same quarter of last year. This improvement was primarily due to higher production on the 737 and increased aftermarket revenue, partially offset by lower production on the 787 program. Turning to deliveries. The narrow-body programs in the second quarter of 2022 were 60% higher compared to 2021, with 234 deliveries in the second quarter of '22 compared to 146 in the same quarter last year.

讓我們從幻燈片 3 的收入開始。該季度的收入為 13 億美元，比去年同期增長 26%。這一改進主要是由於 737 的產量增加和售後收入增加，部分被 787 計劃的產量減少所抵消。轉向交付。與 2021 年相比，2022 年第二季度的窄體計劃增加了 60%，22 年第二季度交付了 234 架，而去年同期為 146 架。

The 737 and A320 programs each had increased deliveries. The second quarter 737 MAX deliveries were 71 units compared to 35 in the second quarter of last year, while we delivered 147 A320s compared to 96 in the prior year. Wide-body program deliveries were down 19% to 35 units compared to 43 in the second quarter of 2021, driven mainly by the 787 program.

737 和 A320 計劃的交付量均有所增加。第二季度 737 MAX 交付量為 71 架，而去年第二季度為 35 架，而我們交付了 147 架 A320，而去年同期為 96 架。與 2021 年第二季度的 43 架相比，寬體計劃交付量下降了 19%，至 35 架，主要受 787 計劃的推動。

Overall, deliveries increased to 318 units, compared to 235 in the same period of last year.

總體而言，交付量增加到 318 輛，而去年同期為 235 輛。

Now let's turn to earnings per share on Slide 4. We've got a lot going on from an EPS standpoint this quarter. So I plan on walking you through the key drivers that impacted earnings. We reported earnings per share of negative $1.17 compared to negative $1.30 per share in the second quarter of 2021. Adjusted EPS was negative $1.21 compared to negative $0.31 in the same period last year.

現在讓我們轉向幻燈片 4 的每股收益。從本季度每股收益的角度來看，我們有很多事情要做。因此，我計劃向您介紹影響收入的關鍵驅動因素。我們報告的每股收益為負 1.17 美元，而 2021 年第二季度為負 1.30 美元。調整後的每股收益為負 1.21 美元，而去年同期為負 0.31 美元。

2022 adjusted EPS excludes the deferred tax asset valuation allowance, gain related to the settlement of the repayable investment agreement and losses related to the Russian sanctions. While 2021 adjusted EPS excludes restructuring costs, and the deferred tax asset valuation allowance. We continue to see supply chain challenges with many of our suppliers experiencing staffing pressures resulting from a tight labor market and less experienced new employees as they have increased production rates. In turn, this has led to part shortages and disruptions in our factories during the quarter.

2022 年調整後的每股收益不包括遞延所得稅資產估值津貼、與解決可償還投資協議相關的收益以及與俄羅斯制裁相關的損失。而 2021 年調整後的每股收益不包括重組成本和遞延所得稅資產估值津貼。我們繼續看到供應鏈挑戰，因為我們的許多供應商都面臨著勞動力市場緊張和經驗不足的新員工因提高生產率而導致的人員配備壓力。反過來，這又導致本季度我們的工廠出現零件短缺和中斷。

We also experienced further increased inflationary pressures in logistics, energy, consumables and other indirect areas. Operating margin was negative 8% compared to 10% in the second quarter of 2021. The margin increase reflects increased production rates, partially offset by higher unfavorable changes in estimates and losses related to Russian sanctions. Operating margins in the quarter were negatively impacted by significant events, including supplier bankruptcies, losses related to Russian sanctions and production rate changes.

我們還在物流、能源、消耗品和其他間接領域經歷了進一步增加的通脹壓力。與 2021 年第二季度的 10% 相比，營業利潤率為負 8%。利潤率的增長反映了生產率的提高，部分被與俄羅斯制裁相關的估計不利變化和損失增加所抵消。本季度的營業利潤率受到重大事件的負面影響，包括供應商破產、與俄羅斯制裁相關的損失和生產率變化。

This quarter's net forward losses were $64 million, and we had unfavorable cumulative catch-up adjustments of $8 million, this compared to $52 million of forward losses and $10 million of favorable cumulative catch-up adjustments in the second quarter of 2021. The current quarter forward losses were primarily driven by the 787 and A220 programs. The 787 charge were a result of production rate decreases and increased supply chain and engineering costs while the A220 charges were the result of increased work -- increased costs associated with the supplier bankruptcy and cost to relocate that work.

本季度的淨遠期虧損為 6400 萬美元，不利的累計追補調整為 800 萬美元，而 2021 年第二季度的遠期虧損為 5200 萬美元，有利的累計追補調整為 1000 萬美元。本季度遠期虧損主要是由 787 和 A220 計劃造成的。 787 收費是生產率下降和供應鍊和工程成本增加的結果，而 A220 收費是工作增加的結果——與供應商破產相關的成本增加和搬遷該工作的成本。

The unfavorable cumulative catch-up adjustments during the quarter were driven by schedule changes, part shortages and increased estimates for supply chain, freight and other costs, mainly on the 737 and A320 programs.

本季度不利的累積追趕調整是由時間表變更、零件短缺以及對供應鏈、運費和其他成本的估計增加（主要是 737 和 A320 計劃）推動的。

In relation to the sanctioned Russian business activities, we recorded losses of $42 million and the reversal of the previously booked forward loss of $14 million for a net charge of $28 million. These charges resulted from impairments on inventory and capital as well as reserve adjustments.

關於受制裁的俄羅斯商業活動，我們記錄了 4200 萬美元的損失，並以 2800 萬美元的淨費用扭轉了先前記賬的 1400 萬美元的遠期損失。這些費用是由於庫存和資本減值以及儲備調整造成的。

Second quarter 2022 earnings also included $45 million of excess capacity costs a decrease of $3 million over the same period of 2021. The quarter did not include any restructuring or abnormal COVID-19 costs compared to $8 million of these combined expenses during the second quarter of 2021. Other income for the second quarter of '22 was $35 million, $4 million higher than the same period last year, and reflects several offsetting items, including a gain of $21 million related to the settlement of the repayable investment agreement and higher foreign currency gains, partially offset by lower pension income, higher excise taxes and losses on foreign currency forward contracts.

2022 年第二季度的收益還包括 4500 萬美元的產能過剩成本，比 2021 年同期減少了 300 萬美元。本季度不包括任何重組或 COVID-19 異常成本，而 2020 年第二季度這些綜合費用為 800 萬美元。 2021. 22 年第二季度的其他收入為 3500 萬美元，比去年同期增加 400 萬美元，並反映了幾個抵消項目，包括與結算可償還投資協議和更高的外幣有關的收益 2100 萬美元收益，部分被較低的養老金收入、較高的消費稅和外匯遠期合約的損失所抵消。

Now turning to free cash flow on Slide 5. Free cash flow usage for the quarter was $62 million. Cash usage was higher this quarter compared to the same period of 2021, driven by higher working capital due to increased production activities, the quarterly cash repayment of $31 million related to the Boeing 737 advance received in 2019 and the interest associated with the settlement of the repayable investment agreement.

現在轉向幻燈片 5 上的自由現金流。本季度的自由現金流使用量為 6200 萬美元。本季度現金使用量高於 2021 年同期，原因是生產活動增加導致營運資金增加、與 2019 年收到的波音 737 預付款相關的季度現金償還 3100 萬美元以及與結算相關的利息可償還投資協議。

Additionally, during the second quarter of this year, Spirit received the remaining $25 million of the AMJP Program grant Award, which was awarded in 2021, and $27 million of pension-related cash benefits net of excise tax. Looking ahead, due to lower 737 deliveries than previously expected, ongoing supply chain disruptions and continued inflationary pressures, we are now targeting full year 2022 free cash flow usage between $250 million to $300 million, inclusive of the $123 million Boeing advance repayment. This reflects estimated capital expenditures of $125 million to $150 million. Higher 737 deliveries, our effective management of working capital and burn down of inventory are important to achieving this year's free cash flow improvement in the back half of the year. In addition, further inflation, schedule changes and supplier disruptions could have an adverse impact on full year cash flow expectations.

此外，在今年第二季度，Spirit 獲得了剩餘的 2500 萬美元 AMJP 計劃贈款獎，該獎項於 2021 年頒發，以及扣除消費稅後的 2700 萬美元與養老金相關的現金福利。展望未來，由於 737 的交付量低於此前預期、持續的供應鏈中斷和持續的通脹壓力，我們現在的目標是 2022 年全年自由現金流使用量在 2.5 億美元至 3 億美元之間，其中包括 1.23 億美元的波音預付款。這反映了 1.25 億美元至 1.5 億美元的估計資本支出。更高的 737 交付量、我們對營運資金的有效管理和庫存的消耗對於實現今年下半年的自由現金流改善非常重要。此外，進一步的通貨膨脹、時間表變化和供應商中斷可能對全年現金流預期產生不利影響。

With that, let's now turn to our cash and debt balances on Slide 6. We ended the quarter with a healthy cash balance of $770 million and $3.8 billion of debt. The cash balance reflects the payment of $293 million made during the quarter to the U.K.'s Department of Business, Energy and Industrial Strategy to settle the repayable investment agreement which we acquired as part of the Bombardier acquisition in 2020. We remain committed to reducing debt levels through cash flow generation as narrow-body production rates improve over time.

有了這個，現在讓我們轉向幻燈片 6 上的現金和債務餘額。本季度末，我們的現金餘額為 7.7 億美元，債務為 38 億美元。現金餘額反映了本季度向英國商業、能源和工業戰略部支付的 2.93 億美元，以解決我們作為 2020 年收購龐巴迪的一部分而獲得的可償還投資協議。我們仍然致力於減少債務隨著窄體生產率隨著時間的推移而提高，通過現金流產生的水平。

Now let's discuss our segment performance, first, beginning with commercial on Slide 7. In the second quarter of 2022, commercial revenue increased 28% compared to 2021. Primarily due to higher production volumes on the 737, 777 and A320 programs, partially offset by lower production on 787 and 747 programs. Operating margin for the quarter improved to negative 4% compared to negative 6% in the same quarter of 2021. The slight improvement was due to higher volumes on the 737 and lower costs related to excess capacity and restructuring partially offset by higher changes in estimates and losses related to Russian sanctions. The segment had combined excess capacity and restructuring cost of $43 million compared to $50 million in the same period last year.

現在讓我們討論一下我們的細分市場表現，首先從幻燈片 7 的商業廣告開始。在 2022 年第二季度，商業收入與 2021 年相比增長了 28%。主要是由於 737、777 和 A320 計劃的產量增加，部分抵消了降低 787 和 747 程序的產量。本季度的營業利潤率從 2021 年同一季度的負 6% 改善至負 4%。略有改善是由於 737 的銷量增加以及與產能過剩和重組相關的成本降低，部分被估計和重組的較高變化所抵消。與俄羅斯制裁有關的損失。該部門的產能過剩和重組成本合計為 4300 萬美元，而去年同期為 5000 萬美元。

Net forward losses were $59 million and unfavorable cumulative catch-up adjustments were $8 million during the second quarter of 2022. In comparison, during the same period of 2021, the segment recorded $51 million of forward losses and $11 million of favorable cumulative catch-up adjustments. In relation to the sanctioned Russian business activities, the segment recorded losses of $38 million as well as the reversal of a previously booked forward loss reserve of $14 million.

2022 年第二季度的淨遠期虧損為 5900 萬美元，不利的累積追補調整為 800 萬美元。相比之下，在 2021 年同期，該部門錄得 5100 萬美元的遠期虧損和 1100 萬美元的有利累積追補調整。關於受制裁的俄羅斯商業活動，該部門錄得 3,800 萬美元的虧損，並沖銷了先前計入的 1,400 萬美元的遠期損失準備金。

Next, let's turn to Defense & Space on Slide 8. Defense & Space revenue improved 3% compared to the second quarter of 2021 due to increased P8 production and development program activity. Defense & Space revenues did see some pressure in the quarter from changes in timing as well as the shift between development and production on classified programs. Operating margin for the quarter was flat compared to the same quarter of 2021. The segment recorded excess capacity cost of $2 million and forward losses of $4 million compared to excess capacity cost of $2 million and forward losses of $1 million in the second quarter of 2021.

接下來，讓我們轉向幻燈片 8 上的國防與航天。由於 P8 生產和開發計劃活動的增加，國防與航天收入與 2021 年第二季度相比增長了 3%。由於時間變化以及機密項目的開發和生產之間的轉變，本季度國防和航天收入確實受到了一些壓力。本季度的營業利潤率與 2021 年同期相比持平。該部門的產能過剩成本為 200 萬美元，遠期虧損為 400 萬美元，而 2021 年第二季度的產能過剩成本為 200 萬美元，遠期虧損為 100 萬美元.

For our Aftermarket segment results, let's now turn to Slide 9. Aftermarket revenues were up 42% compared to the same period of 2021, primarily due to higher spare part sales as well as higher maintenance, repair and overall activity. Operating margin for the quarter decreased to 15% compared to 26% in 2021 due to losses of $4 million related to sanctioned Russian business activities.

對於我們的售後市場部分結果，現在讓我們轉到幻燈片 9。售後市場收入與 2021 年同期相比增長了 42%，這主要是由於備件銷售增加以及維護、維修和整體活動增加。由於與受制裁的俄羅斯商業活動有關的 400 萬美元損失，本季度的營業利潤率從 2021 年的 26% 下降至 15%。

In closing, we're feeling the impacts of the strained supply chain, a tight labor market and increased costs and the associated impacts of these pressures to our customer production rates. While our recovery depends on some factors beyond our control, we remain focused on execution and delivering on our commitments to our customers.

最後，我們感受到供應鏈緊張、勞動力市場緊張和成本增加的影響，以及這些壓力對我們客戶生產率的相關影響。雖然我們的複蘇取決於一些我們無法控制的因素，但我們仍然專注於執行和兌現我們對客戶的承諾。

Now let me turn it back over to Tom for some closing comments.

現在讓我把它轉回給湯姆，以徵求一些結束意見。

Thanks, Mark. The long-term outlook for the global aerospace industry continues to remain strong and supports increased narrow-body production rates. We believe Spirit is well positioned to benefit from the recovery of domestic air traffic and the increasing narrow-body production rates since 85% of our backlog is narrow-body aircraft. Our current focus is on managing challenges in the supply chain and near-term pressures caused by inflation and other global events. As we see our 737 MAX production rates stabilize, we expect to see steady improvements over the remainder of this year.

謝謝，馬克。全球航空航天業的長期前景繼續保持強勁，並支持窄體生產率的提高。我們相信 Spirit 處於有利地位，可以從國內空中交通的複蘇和窄體生產率的提高中受益，因為我們 85% 的積壓訂單是窄體飛機。我們目前的重點是管理供應鏈中的挑戰以及通貨膨脹和其他全球事件造成的近期壓力。當我們看到我們的 737 MAX 生產率穩定時，我們預計今年剩餘時間會看到穩步改善。

Our diversification efforts are progressing well with the Defense & Space team securing additional work statement in this quarter. We also have a healthy pipeline of emerging opportunities that the team continues to pursue that could provide additional future revenue. The aftermarket team has diligently worked to build a strong foundation and we expect the segment's revenue growth to continue as aircraft utilization recovers.

我們的多元化努力進展順利，國防與航天團隊在本季度獲得了額外的工作聲明。我們還有一個健康的新興機會渠道，團隊繼續追求這些機會，可以提供額外的未來收入。售後市場團隊一直在努力建立堅實的基礎，我們預計隨著飛機利用率的恢復，該部門的收入增長將繼續。

With that, we'll be happy to take your questions.

有了這個，我們很樂意回答您的問題。

(Operator Instructions) The first question is from the line of Douglas Harned with Bernstein.

（操作員說明）第一個問題來自 Douglas Harned 和 Bernstein。

Yes. Tom, you talked about the 787. And my understanding was that the work with the FAA, there was 1 outstanding issue that's related to Section 41. But my understanding was that, that the resolution of that was pretty much in hand now. Can you comment on where that stands and what work needs to be done? Because I'm thinking about this both in terms of getting delivery restart, but also what the impact would be on you of the timing of getting that 787 production back up.

是的。湯姆，你談到了 787。我的理解是，與 FAA 的合作，有一個與第 41 條有關的懸而未決的問題。但我的理解是，這個問題的解決方案現在幾乎已經掌握。你能評論一下它的立場和需要做的工作嗎？因為我正在考慮這兩個方面，即重啟交付，以及恢復 787 生產的時間對您的影響。

Right. Well, a couple of things. We've worked closely with Boeing on responding to all of their questions related to the work statement we have on the 787. And we've submitted all of the engineering analysis that they've requested. Now there was some additional engineering analysis this quarter, which Mark mentioned, that was part of our forward loss. But all of that work is complete that they have requested, and we've submitted it.

正確的。嗯，有幾件事。我們與波音公司密切合作，回答了他們與我們在 787 上的工作聲明相關的所有問題。我們已經提交了他們要求的所有工程分析。馬克提到，本季度還有一些額外的工程分析，這是我們遠期虧損的一部分。但是他們要求的所有工作都已完成，我們已經提交了。

And so we're working with them closely so that they can complete any outstanding items with the FAA and resume deliveries. Now we did see the press reports last week that there were some encouraging signs on that. And so we'll continue to support Boeing. But as far as we're aware, there's no outstanding engineering analysis that they need from us for our work packages on the 787.

因此，我們正在與他們密切合作，以便他們能夠通過 FAA 完成任何未完成的項目並恢復交付。現在我們確實看到了上週的新聞報導，這方面有一些令人鼓舞的跡象。因此，我們將繼續支持波音。但據我們所知，對於我們在 787 上的工作包，他們不需要我們提供出色的工程分析。

And then if I can, just 1 more thing. This quarter, we were surprised by the U.K. cash payment. We didn't know about that. Can you just help us understand if there are any other puts and takes we should be looking for in the next 2 quarters with respect to cash, other one-offs, either positive or negative?

然後，如果可以的話，再做一件事。本季度，我們對英國的現金支付感到驚訝。我們對此一無所知。您能否幫助我們了解在接下來的兩個季度中，我們是否應該在現金、其他一次性交易（正面或負面）方面尋找任何其他看跌期權？

Right. Well, the U.K. item is something we actually mentioned last quarter as a subsequent event. So we did try to give everybody a heads up that it was coming. And as we described it, it was really to pay off some liabilities and just clean up the balance sheet to reduce future interest expense.

正確的。好吧，英國項目實際上是我們上個季度提到的後續事件。所以我們確實試圖讓每個人都知道它即將到來。正如我們所描述的那樣，它實際上是為了償還一些負債並清理資產負債表以減少未來的利息費用。

Over the next couple of quarters, really -- from a cash standpoint, the items that are still out there that we've mentioned before is the repayment that Boeing advance that we got in 2019, it was $123 million. So it's about $31 million a quarter that we're paying off. So in the next 2 quarters, we have about $62 million of that left to pay. So that's what's kind of the outlook for cash in terms of one-offs.

在接下來的幾個季度裡，真的——從現金的角度來看，我們之前提到的仍然存在的項目是波音公司在 2019 年獲得的預付款，為 1.23 億美元。因此，我們每季度的回報約為 3100 萬美元。因此，在接下來的兩個季度中，我們還有大約 6200 萬美元需要支付。這就是一次性現金的前景。

On 787, I just want to go back because you did ask about production rates, and we're at the same rate Boeing is at, which is about 2 aircraft per month. We expect to deliver roughly 20 units this year. We've delivered 7. So we've got about 13 or 14 more to go for the year.

在 787 上，我只想回去，因為您確實詢問了生產率，而我們的速度與波音相同，大約每月 2 架飛機。我們預計今年將交付大約 20 台。我們已經交付了 7 個。所以今年我們還有大約 13 或 14 個。

The next question is from the line of Seth Seifman with JPMorgan.

下一個問題來自摩根大通的 Seth Seifman。

I was wondering, given the new starting point for cash flow in 2022, how we should think about the possibility to generate cash in 2023, and what the big building blocks are? And then, Mark, I guess if we -- if the company is to end the year with, let's say, $850 million of cash on the balance sheet and first half is often a use of cash. And I think there's $300 million of debt coming due by the end of the first half of '23. How do we think about your approach to all of that?

我想知道，鑑於 2022 年現金流的新起點，我們應該如何考慮 2023 年產生現金的可能性，以及主要的組成部分是什麼？然後，馬克，我想如果我們 - 如果公司在年底時在資產負債表上擁有 8.5 億美元的現金，而上半年通常是現金的使用。而且我認為到 23 年上半年末將有 3 億美元的債務到期。我們如何看待您處理所有這些的方法？

Well, let me answer the back half of the question, and Tom could chime in on the first part. When you think about the adjustment to our cash flow this year, some of that is just really working capital timing, right? We're going to deliver less units. With some of the supply chain challenges, we're going to have to build up some more strategic buffer from an inventory standpoint. So some of it isn't lost cash, it's going to be made up over time. So I just wanted to make sure that you understood that.

好吧，讓我回答問題的後半部分，湯姆可以插話第一部分。當您考慮今年對我們現金流量的調整時，其中一些只是真正的營運資金時機，對嗎？我們將交付更少的單位。面對一些供應鏈挑戰，我們將不得不從庫存的角度建立一些更具戰略意義的緩衝。因此，其中一些不是損失的現金，而是會隨著時間的推移而彌補的。所以我只是想確保你明白這一點。

But secondly, as it relates to your comment about the debt requirements next year and having roughly $850 million of cash at the end of the year. And you're right, first quarter is, from a seasonality standpoint, is always our toughest quarter from a free cash flow standpoint. We expect that we'll use cash off our balance sheet to pay down that debt. At this point in time, we don't believe that there's any need for us to refinance it. And we expect to pay down that debt via the cash on our books and expected cash flow, that should come with higher production rates as we move forward into 2023.

但其次，這與您對明年的債務要求以及年底大約 8.5 億美元現金的評論有關。你是對的，從季節性的角度來看，從自由現金流的角度來看，第一季度始終是我們最艱難的季度。我們預計我們將使用資產負債表上的現金來償還債務。在這個時間點上，我們認為沒有必要再融資。我們希望通過賬面上的現金和預期的現金流來償還債務，隨著我們進入 2023 年，這將伴隨著更高的生產率。

Right. And Seth, on the building blocks for next year, Obviously, the most important are production rates, particularly for the 737 MAX. Since we're at 31 now, we expect that we would be at least 31 aircraft per month for the whole of 2023. And as we said, in the high 20s, low 30s in terms of MAX production rates, Spirit is at breakeven. And so that is obviously going to be a key building block.

正確的。而賽斯，在明年的基石上，顯然，最重要的是生產率，特別是對於 737 MAX。由於我們現在已經 31 歲，我們預計整個 2023 年我們每月將至少有 31 架飛機。正如我們所說，在 20 年代高點和 30 年代末期的 MAX 生產率方面，Spirit 處於盈虧平衡狀態。所以這顯然將是一個關鍵的組成部分。

The other thing we expect is 787 deliveries to recover some more, which will help burn down some working capital that we have in terms of width. And then a third working building block would be our continued focus on working capital and streamlining our inventory as those production rates go up, and then, of course, very prudent capital expenditure management. So those would be the major building blocks for next year. And we do expect, given the current outlook that we would be cash flow positive next year in 2023.

我們預計的另一件事是 787 交付量將恢復更多，這將有助於消耗我們在寬度方面擁有的一些營運資金。然後第三個工作基石將是我們繼續關注營運資本和隨著生產率的提高而精簡我們的庫存，然後當然是非常謹慎的資本支出管理。所以這些將是明年的主要組成部分。我們確實預計，鑑於目前的前景，我們將在 2023 年實現現金流為正。

The next question is from the line of Rob Spingarn with Melius.

下一個問題來自 Rob Spingarn 和 Melius 的台詞。

Tom, at a recent conference, you mentioned that you've exhausted your recall list and incremental labor would need to come from external hires. So I wanted to ask you to talk about that process, how that's gone. And because I think earlier, one of you mentioned that your supplier is having trouble labor, but I want to see how you're doing with that. And then how is the learning curve on getting the newer people up to speed? And does it affect the relationship between a 42% rate on the MAX and a 16.5% margin.

湯姆，在最近的一次會議上，你提到你已經用盡了你的召回清單，增加的勞動力需要來自外部招聘。所以我想請你談談那個過程，它是如何消失的。因為我之前認為，你們中的一個人提到你的供應商遇到了勞動力問題，但我想看看你是如何處理的。那麼讓新人跟上速度的學習曲線如何？它是否會影響 MAX 上 42% 的利率和 16.5% 的保證金之間的關係。

Right. So you're right. We have more or less exhausted our recall list. And so we have started to tap into the market for new employees. But we did have a job fair. Last month, we had over 1,200 people. We extended almost 700 offers. So we are seeing good take up in terms of employment in the Wichita area.

正確的。所以你是對的。我們或多或少已經用盡了召回清單。因此，我們已經開始開拓新員工市場。但我們確實有一個招聘會。上個月，我們有超過 1,200 人。我們提供了近 700 個報價。因此，我們看到威奇托地區的就業情況良好。

In Tulsa, for example, we're actually slightly over our staffing number right now. So very solid there and same in Kinston. And our overseas areas, Presswick, Belfast, Morocco, Malaysia, Saint-Nazaire and France are all basically at their staffing numbers.

例如，在塔爾薩，我們現在的員工人數實際上略高於我們的人數。那裡非常穩固，在金斯頓也是如此。而我們的海外地區，普萊斯維克、貝爾法斯特、摩洛哥、馬來西亞、聖納澤爾和法國，基本上都在人員編制上。

So I would say our current staffing is solid. We do have to hire a few more people in Wichita. But one thing we've been able to do is shift around resources from some of the other programs. So for example, 787 production rates are down. We have shifted a lot of 787 staff to the 737 program.

所以我想說我們目前的人員配置很穩固。我們必須在威奇托再僱傭幾個人。但是我們能夠做的一件事是從其他一些程序中轉移資源。例如，787 的生產率下降。我們已將大量 787 員工轉移到 737 計劃。

So I'd say we're fairly stable. And the fact that production rates are going to remain at 31 per month for the rest of the year, gives us time to absorb that and to do the training that we need. The learning curve on new employees, we generally look at we need about 90 days to get staff hired, get them through the basic training, get them through their specific training and then get them on-the-job training. So it's those kind of 3 phases, and we try to leave 90 days to do that.

所以我會說我們相當穩定。事實上，在今年剩下的時間裡，生產率將保持在每月 31 次，這讓我們有時間吸收這一點並進行我們需要的培訓。新員工的學習曲線，我們一般認為我們需要大約 90 天的時間來聘用員工，讓他們通過基礎培訓，讓他們通過特定培訓，然後讓他們接受在職培訓。所以這是 3 個階段，我們嘗試留出 90 天的時間來做這件事。

And just being on the floor yesterday in our training center, we've got a lot of retirees that we've brought back, for example, and they are helping with that training. And so it's -- I would say it's basically on track to what we normally expect.

例如，昨天剛剛在我們的培訓中心上場，我們已經帶回了很多退休人員，他們正在幫助進行培訓。所以它 - 我會說它基本上符合我們通常的預期。

So you're still the same margin target at rate 42%?

所以你的利潤率目標仍然是 42%？

Yes, yes. Obviously, there will be challenges, but once we get to rate 42% and that's obviously been pushed a little bit to the right. But once we stabilize there, our target is 16.5%, and all of our plans are built around that, absolutely.

是的是的。顯然，會有挑戰，但一旦我們獲得 42% 的評分，這顯然被推到了右邊一點。但是一旦我們穩定在那裡，我們的目標是 16.5%，我們所有的計劃都是圍繞這個建立的，絕對。

The next question is from the line of Cai von Rumohr with Cowen.

下一個問題來自 Cai von Rumohr 和 Cowen 的對話。

Yes, Tom, so I was surprised that you said you had 66 units stored at the end of the quarter. I assume that's down about 30 during the quarter, which would have said you were nowhere near close to 31 per month in terms of a run rate. Maybe explain to us why.

是的，湯姆，所以我很驚訝你說你在本季度末存儲了 66 個單位。我假設本季度下降了大約 30 次，這意味著就運行率而言，你離每月 31 次還很遠。也許向我們解釋原因。

And then going forward, when you talk of 31 per month, I mean Boeing talks of 31 per month, but they're not there because they have to pause the rate to avoid traveled work. So what is the effective actually produced number in that 31? And what is your Boeing scheduled deliveries for the rest -- for this year, for the total of the 737?

然後繼續前進，當你談到每月 31 架時，我的意思是波音公司談到每月 31 架，但他們不在那裡，因為他們不得不暫停費率以避免出差工作。那麼這 31 個中的有效實際產生的數字是多少？其餘的波音公司計劃交付什麼——今年，737 的總數是多少？

Right. Okay. So let me explain the buffer. I believe at the last call, we mentioned that we were at 85. So we're now at 66. So that's a reduction of 19. To be clear, these are Boeing owned buffer units that are stored in Wichita, these are fuselages. And I want to also be clear that it's not all a result of us lagging Boeing. Some of it, as I've said in the past, is we plan to have a buffer of about 20 units, which will maintain as a permanent buffer to cushion the production system.

正確的。好的。所以讓我解釋一下緩衝區。我相信在上次電話會議中，我們提到我們是 85 歲。所以我們現在是 66 歲。所以減少了 19 歲。需要明確的是，這些是波音公司擁有的存儲在威奇託的緩衝單元，這些是機身。我還想明確一點，這並不是我們落後波音的結果。正如我過去所說，其中一些是我們計劃擁有大約 20 個單位的緩衝區，這將作為永久性緩衝區來維持生產系統的緩衝。

And in fact, we've already started to reposition some of those buffer units from Wichita up to the Seattle area so that they're closer to the Renton site. That's where they'll be stored for the long term. So that process has already begun. And that's why the number dropped as much as it did this quarter. It wasn't just as a result of lagging Boeing.

事實上，我們已經開始重新定位從威奇托到西雅圖地區的一些緩衝單元，以便它們更靠近倫頓站點。那是它們將長期存儲的地方。所以這個過程已經開始了。這就是為什麼這個數字與本季度一樣下降的原因。這不僅僅是落後於波音的結果。

In terms of production rate for the year -- for the remainder of the year, we are at 31%. We did drop a little bit to allow the supply chain to catch up in June -- May and June, but we are back to 31. And the effective rate that we're producing is 31. So that's the number that will be coming off of our line. What we expect this year is that we will produce about 300 MAX units.

就今年的生產率而言——在今年剩下的時間裡，我們是 31%。我們確實下降了一點，以使供應鏈在 6 月 - 5 月和 6 月趕上來，但我們又回到了 31。我們生產的有效率為 31。所以這就是將要下降的數字我們的線。我們今年的預期是我們將生產大約 300 台 MAX 單元。

So last quarter, we said 315. We've taken some out of the schedule this year to allow the supply chain to recover and burn down some of that buffer inventory. So we're now expecting 300 total units for the year. And I believe for the year, we have already delivered about 131. So we've got 170 units or so to go.

所以上個季度，我們說 315。今年我們已經取消了一些計劃，以允許供應鏈恢復並消耗一些緩衝庫存。所以我們現在預計今年的總銷量為 300 台。我相信這一年，我們已經交付了大約 131 台。所以我們還有 170 台左右。

But so if you have 66 that are on your premises, but some of them have been shipped to Boeing. Boeing has more excess fuselages, right? Because they basically have not been hitting their 31 per month rate. So that really the buffer in terms of the destock you have to go through is a little bit bigger. Is that the right way to think of it?

但是，如果您有 66 個在您的場所，但其中一些已被運往波音公司。波音有更多多餘的機身，對吧？因為他們基本上沒有達到每月 31 的速度。因此，就您必須經歷的去庫存而言，真正的緩衝要大一些。這是正確的思考方式嗎？

It's not bigger than it was in Q2. But I'd say the buffer is, I would say, basically flat to where it was because we've been more or less at the same rate as Boeing. And the goal, though, is to position about 20 units permanently up in the Seattle area to cushion the production system and then to burn down the rest of what's in Wichita. So I'm just trying to give you some transparency of what's left in Wichita and what's here in Wichita is about 66 units.

它並不比第二季度大。但我想說的是，緩衝區基本上與原來的水平持平，因為我們或多或少地處於與波音相同的速度。不過，我們的目標是在西雅圖地區永久放置大約 20 個單位，以緩衝生產系統，然後燒毀威奇託的其餘部分。所以我只是想讓你了解一下威奇托剩下的東西，威奇托這裡有大約 66 個單位。

The next question is from the line of Sheila Kahyaoglu with Jefferies.

下一個問題來自 Jefferies 的 Sheila Kahyaoglu。

I wanted to walk through and understand cash in the first half a little bit more and how that translates into what happens in the second half and eventually 2023. When we think about free cash flow outflow of $375 million in the first half, just if we neutralize working capital, which I think is tough anyway, that's $200 million going away. And then take away $100 million of onetime items that you guys had in the quarter, we still get to about a $60 million free cash flow outflow in the first half.

我想進一步了解上半年的現金情況，以及這將如何轉化為下半年以及最終 2023 年發生的情況。當我們考慮上半年 3.75 億美元的自由現金流流出時，只要我們中和營運資金，我認為這無論如何都很難，那就是 2 億美元正在消失。然後拿走你們在本季度擁有的 1 億美元一次性物品，我們仍然會在上半年獲得大約 6000 萬美元的自由現金流流出。

So I guess what changes and what gets better as maybe the MAX goes up in rate, but you did mention inefficiencies there and the 787 increases. So if you guys wouldn't mind walking me through that?

所以我猜想隨著 MAX 的速度上升，什麼會發生變化，什麼會變得更好，但你確實提到了那裡的低效率和 787 的增加。所以，如果你們不介意帶我走過那？

Right. Well, Sheila, I'll give you a high-level overview, and then Mark will jump into the details. But I would say for the second half of the year, there are 5 levers that will help cash. So the first is 737 rates. We'll be at 31 per month for the entire 6 months of the back half. And so that is going to be a big driver of cash in the second half. The second is what I mentioned earlier is the 787 deliveries. We only delivered 7 in the first half. But we're planning to deliver 20 for the years, so we still have 13 to go. So pretty much doubles the production or the deliveries of 787 in the back half.

正確的。好吧，希拉，我會給你一個高層次的概述，然後馬克會跳到細節上。但我想說的是，下半年有 5 個槓桿可以幫助套現。所以第一個是737費率。在後半段的整個 6 個月裡，我們每個月都在 31 歲。因此，這將成為下半年現金的一大推動力。第二個就是我之前提到的787交付。我們上半年只交付了 7 個。但我們計劃在未來幾年內交付 20 個，所以我們還有 13 個要交付。因此，後半部 787 的產量或交付量幾乎翻了一番。

The next driver -- main driver is working capital burn down. We do have a lot of inventory. And as the production rates go up, it will give us the opportunity to burn that inventory off. We'll also continue to manage capital expenditures very prudently. And some of these supplier bankruptcies have created losses for us, and we do have supplier recoveries that we can target, and we'll be working on that in the second half. So those are the 5 building blocks for what will drive cash performance in the second half. Mark, maybe you can add some additional to that?

下一個驅動因素——主要驅動因素是營運資金消耗。我們確實有很多庫存。隨著生產率的提高，我們將有機會燒掉庫存。我們還將繼續非常謹慎地管理資本支出。其中一些供應商破產給我們造成了損失，我們確實有我們可以瞄準的供應商恢復，我們將在下半年努力解決這個問題。因此，這些是推動下半年現金業績的 5 個基石。馬克，也許你可以添加一些額外的東西？

Yes, I think you captured it well, Tom. But Sheila, as Tom indicated, we're going to deliver 170 737s in the back half of the year. And that helps from a cash flow in multiple ways. One is it's our most profitable program. And so that will help improve profit and cash to the bottom line. But also as we stabilize at 31 a month, we were going up in rate in the first half of the year. We brought on a lot of inventory.

是的，湯姆，我認為你拍得很好。但希拉，正如湯姆所說，我們將在今年下半年交付 170 737 架飛機。這有助於以多種方式獲得現金流。一是這是我們最賺錢的計劃。因此，這將有助於提高利潤和現金的底線。但隨著我們穩定在每月 31 次，我們在今年上半年的增長率也在上升。我們帶來了很多庫存。

If you look at our inventory, it's pretty much flat in the first half of the year. So as we stabilize the 737 production rate, we'll be able to burn some of that inventory that we've built up and created buffer to protect the production system. So 37 will be cash flow -- higher cash flow generation in the back half of the year, we won't be stocking up the inventory. We won't be building the WIP to get the production line ready for the higher delivery rates and we're going to see stable deliveries in the back half of the year.

如果你看看我們的庫存，它在今年上半年幾乎持平。因此，當我們穩定 737 的生產率時，我們將能夠消耗我們建立的一些庫存並創建緩衝區來保護生產系統。所以 37 將是現金流——下半年產生更高的現金流，我們不會囤積庫存。我們不會建造 WIP 來讓生產線為更高的交付率做好準備，我們將在今年下半年看到穩定的交付。

As Tom said, we'll see some modest improvements from our working capital by doubling our 787 deliveries. We've got a lot of WIP built up due to the fact that there hasn't been any deliveries in more than a year, that will help out. And then I expect us to do a much better job of burning down inventory in the back half of the year. If you look at our -- what we did from an inventory standpoint in 2021, we were close to an improvement of over $100 million. And so we expect to pick up the pace of getting our inventories in line with production rates in the back half of the year. So I think those are some big drivers to it.

正如湯姆所說，通過將我們的 787 交付量增加一倍，我們的營運資金將會有所改善。由於一年多來沒有任何交付，我們已經建立了很多 WIP，這將有所幫助。然後我希望我們在下半年能更好地減少庫存。如果您從 2021 年的庫存角度來看我們所做的事情，我們的收益接近 1 億美元以上。因此，我們預計在今年下半年加快使我們的庫存與生產率保持一致的步伐。所以我認為這些是它的一些重要驅動因素。

There's a lot of challenges in the marketplace. But based on those factors, and where we see ourselves going between now and the end of the year with really driving production stability and not needing to add strategic buffers because of some supplier challenges in the first half of the year. We think we're in a position. We expect to go get there, but it's going to take a lot of hard work.

市場上有很多挑戰。但基於這些因素，我們認為從現在到年底，我們將真正推動生產穩定性，並且由於上半年供應商的一些挑戰，不需要增加戰略緩衝。我們認為我們處於一個位置。我們希望能到達那裡，但這需要付出很多努力。

Can I just follow up on the 787 because I thought that was a cash loser for you guys given the advances of [$400 million] per shipset and maybe a 10% margin hit there. So I thought you were losing $1 million per unit. How is that cash accretive in our second half?

我可以跟進 787 嗎，因為我認為這對你們來說是一個現金損失，因為每艘船的預付款 [4 億美元] 並且可能有 10% 的利潤。所以我認為你每單位損失 100 萬美元。我們下半年的現金增長如何？

Yes. So really -- yes, so Sheila, the way that works is you're right, those comments are exactly right. But we started the year from a work in process of a significant number of units, right, that we were coming off a production rate that went from 14 to 12 to 10 down to 5. And so the number of units at the beginning of the year that's in the production system.

是的。所以真的- 是的，所以希拉，工作方式是你是對的，這些評論是完全正確的。但我們今年開始時有大量單元的在製品，對，我們的生產率從 14 到 12 到 10 降到 5。所以在開始時的單元數量生產系統中的年份。

A lot of them almost completely built. The number of units that will be in the production system will be dramatically lower at the end of this year compared to end of '21 because the production rates are so much lower. So although we lose money on that, we'll be carrying at an absolute basis, less WIP units in the production system at the end of this year than we had last year, and that creates some working capital benefit.

其中很多幾乎完全建成。與 21 年底相比，今年年底生產系統中的單元數量將大大減少，因為生產率要低得多。因此，儘管我們在這方面虧損，但我們將在絕對基礎上進行，今年年底生產系統中的 WIP 單位將比去年少，這會產生一些營運資金收益。

The next question is from the line of Kristine Liwag with Morgan Stanley.

下一個問題來自摩根士丹利的 Kristine Liwag。

In terms of cash, you look at your net debt, it ticked up from $2.6 billion last quarter to $3 billion at the end of this quarter. And with the lower free cash flow outlook for the full year '22 and a cash balance, cash still gets under pressure. Can you discuss your debt covenants that you're monitoring and actions you could take to avoid potentially breaching terms?

在現金方面，你看看你的淨債務，它從上一季度的 26 億美元上升到本季度末的 30 億美元。由於 22 年全年的自由現金流前景和現金餘額較低，現金仍然面臨壓力。您能否討論您正在監控的債務契約以及為避免可能違反條款而可以採取的行動？

Yes. So Kristine, when you look at our capital structure today. We don't have any traditional banking relationships, not a revolver. So when you look at our -- the debt that we have on our books today, it's a combination of bonds, right, in the capital market debt holders as well as term loan B, which is with debt holders, public debt holders.

是的。所以克里斯汀，當你看看我們今天的資本結構時。我們沒有任何傳統的銀行關係，沒有左輪手槍。因此，當您查看我們今天賬面上的債務時，它是債券的組合，對，資本市場債務持有人以及定期貸款 B，債務持有人，公共債務持有人。

So based on the structure of those debt arrangements, there are no, what I would say, no quantitative covenant requirements from a, call it, a cash balance standpoint or from a leverage standpoint. So no real challenges as it relates to any type of potential covenant issues on those debt agreements. So that is not anything that we have to worry about from a near-term perspective.

因此，根據這些債務安排的結構，我想說，從現金餘額的角度或槓桿的角度來看，沒有量化契約要求。因此，沒有真正的挑戰，因為它與這些債務協議的任何類型的潛在契約問題有關。因此，從短期來看，這不是我們必須擔心的事情。

We obviously want to -- I'm very focused on cash and maintaining an appropriate level of cash balance and also very focused on paying down debt as we return to cash flow positive. So no near-term challenges as it relates to covenants. We talked a little bit about kind of the plans on how we'll deal with our bonds that come due in the middle of 2023. But I think we're okay here in the near term.

我們顯然想要 - 我非常關注現金並保持適當水平的現金餘額，並且在我們恢復正現金流時也非常專注於償還債務。因此，沒有與契約相關的近期挑戰。我們談了一些關於如何處理 2023 年年中到期的債券的計劃。但我認為我們在短期內還可以。

That's really helpful color. And if I could do a follow-on defense. You took a $2 million forward loss last quarter, $4 million this quarter. Are these forward losses related to the same program? And if so, can you provide some context around the size of the contract? And potential risks going forward?

這顏色真的很有幫助。如果我能做一個後續的防守。上個季度你承擔了 200 萬美元的遠期虧損，本季度為 400 萬美元。這些遠期損失是否與同一計劃有關？如果是這樣，您能否提供有關合同規模的一些背景信息？以及未來的潛在風險？

Yes. Sure, Christine. It's pretty straightforward. About $1 million was associated with the V-280 program that we're supporting. And so we have kind of a cautioning arrangement with our customer there until that contract gets awarded. So that was a small modest forward loss due to kind of just a little bit of a delay in the government awarding that contract. We've got our fingers crossed that we're going to be on the winning team.

是的。當然，克里斯汀。這很簡單。大約 100 萬美元與我們支持的 V-280 計劃有關。因此，在該合同獲得授予之前，我們與那裡的客戶進行了某種謹慎的安排。因此，由於政府授予該合同的時間稍有延遲，因此這是一個很小的遠期損失。我們已經祈禱我們將成為獲勝的球隊。

And then the tanker on the defense side, our tanker on that, along with our commercial 767 share the same production line. and we had a forward loss on the 767 program. A lot of that had to do with some pauses on the commercial production system. And so that program shares in that cost structure and that resulted in a couple of million dollar charge being allocated to defense. But there's no systemic challenges around our defense programs that we see at this point in time.

然後是防禦側的加油機，我們的加油機，以及我們的商用 767 共享同一條生產線。我們在 767 計劃上遭受了損失。這在很大程度上與商業生產系統的一些停頓有關。因此，該計劃分攤了該成本結構，並導致將數百萬美元的費用分配給國防。但是，我們目前看到的防禦計劃沒有系統性挑戰。

And I would say that if you look at the defense revenues, the growth did look modest at 3%. But overall, we're expecting about a 15% annual increase this year as we get past some of these transition issues in terms of moving from development to production on a couple of the bigger programs. But we have a lot of confidence in the defense business. We have these wins. It's on track for a very solid year. And Mark just highlighted some of the issues that were impacting the forward loss, but they're relatively small and not systematic.

我想說，如果你看一下國防收入，增長看起來確實溫和，只有 3%。但總體而言，我們預計今年的年增長率約為 15%，因為我們在幾個更大的項目從開發到生產的過程中克服了其中的一些過渡問題。但我們對國防業務充滿信心。我們有這些勝利。這是一個非常穩固的一年。馬克剛剛強調了一些影響遠期損失的問題，但它們相對較小且不繫統。

The next question is from the line of David Strauss with Barclays.

下一個問題來自巴克萊銀行的大衛施特勞斯。

Tom, could you maybe just clarify on the MAX buffer? I think we were at 100 originally, we were going to get down to 20 this year, then I think you had said we weren't going to come down really at all and now we're down 19. I mean how does that -- how do we get to 20 from 66 today? How does that progress?

湯姆，你能否澄清一下 MAX 緩衝區？我認為我們最初是 100 人，今年我們將下降到 20 人，然後我想你說過我們根本不會下降，現在我們下降了 19 人。我的意思是那是怎麼 - - 我們如何從今天的 66 到 20？那進展如何？

Right. Well, it really is what we've always said is in order to burn the buffer down, we have to lag Boeing in terms of production rates at some point. So again, the reason we originally said it was going to go from 100 to 20 over the course of this year as we expected Boeing to be going up in rate, and then we would lag them. But they didn't go up in rate, and we're now basically at the same rate of 31, and so we expect it to level out.

正確的。嗯，這確實是我們一直說的，為了消耗緩衝，我們必須在某個時候在生產率方面落後於波音。再說一次，我們最初說它會在今年從 100 個增加到 20 個的原因是因為我們預計波音的速度會上升，然後我們會落後於它們。但他們的增長率並沒有上升，我們現在基本上處於相同的 31 倍率，所以我們預計它會趨於平穩。

Now the reason the -- we're down to 66 in Wichita is what I was saying to Cai, is that we started to reposition some units to the Northwest, so that they are a permanent buffer for the production system. Before, we used to deliver a unit out of Wichita, and there was 14 days to the load point in Renton in Seattle, and the train would take 6 to 8 days. So it left very little time if there was any sort of disruption, any sort of delay or something that could impact production. So we decided with Boeing that we would keep that buffer of 20 units, and that's the plan. So we started to reposition the units.

現在我們在威奇托減少到 66 個的原因就是我對蔡說的，是我們開始將一些單位重新定位到西北部，以便它們成為生產系統的永久緩衝區。以前，我們從威奇托發貨，到西雅圖倫頓的裝貨點需要 14 天，而火車需要 6 到 8 天。因此，如果出現任何形式的中斷、任何形式的延遲或可能影響生產的事情，它留下的時間非常短。因此，我們與波音公司決定，我們將保留 20 個單位的緩衝，這就是計劃。所以我們開始重新定位這些單位。

Right now, the buffer is not burning down in total because we're at the same rate as Boeing. But as they go up in the future, we will continue to lag them to burn this down. And I don't have an exact time yet right now in terms of when that buffer will get down to the 20 units overall. But it will be at some point when Boeing has increased their rates and we'll lag them.

目前，緩衝區並沒有完全耗盡，因為我們的速度與波音相同。但隨著它們在未來上升，我們將繼續落後於它們以將其燒毀。而且我現在還沒有確切的時間來確定該緩衝區何時會降至 20 個單位。但是，波音會在某個時候提高他們的費率，而我們會落後於他們。

Okay. I got it now. You guys mentioned you still think you can get to free cash flow positive for next year. Just wanted to ask you the consensus for next year, I think, is $200 million, $225 million positive free cash flow. Is that realistic? Or are you thinking closer to slightly above breakeven for free cash flow next year?

好的。我現在明白了。你們提到你仍然認為你可以在明年獲得正的自由現金流。只是想問你明年的共識，我認為是 2 億美元，2.25 億美元的正自由現金流。那是現實的嗎？還是您認為明年的自由現金流接近略高於盈虧平衡點？

I would just say it really depends on what the production rates are, particularly for the MAX. That's still a big driver for us. And if those rates do go up, obviously above 31 for us, for Spirit, then that will create better cash flow opportunities. But at this point, it's a little bit too early to call what the production rates will be on the 320 program, the 787 program, the 350 program and the MAX program. So I don't want to comment on a specific cash flow outlook for next year, but it's just going to be dependent on rate. And as I said, in the high 20s, low 30s for the MAX, that's breakeven for Spirit. So if the rates are above that, that will drive positive cash flow for us next year.

我只想說這真的取決於生產率，特別是對於 MAX。這對我們來說仍然是一個很大的驅動力。如果這些利率確實上升，對於我們和 Spirit 來說顯然高於 31，那麼這將創造更好的現金流機會。但在這一點上，現在說 320 計劃、787 計劃、350 計劃和 MAX 計劃的生產率還為時過早。所以我不想評論明年的具體現金流前景，但這將取決於利率。正如我所說，在 MAX 的 20 多歲，30 多歲的低點，這對 Spirit 來說是盈虧平衡的。因此，如果利率高於此，那將在明年為我們帶來正現金流。

The next question is from the line of George Shapiro with Shapiro Research.

下一個問題來自夏皮羅研究公司的喬治夏皮羅。

Yes. Mark, I want to go back to the cash flow comp that you had made because, like you said, inventories and contract assets, if I look at them in total, about flat year-to-date, but your payables have actually gone up by $90 million. So effectively, you've got a benefit to working capital this year. So you were saying something about $100 million liquidation of inventory I thought, what happens to payables in that context as I would think they've got to go down some from where they were in Q2.

是的。馬克，我想回到你所做的現金流量計算，因為就像你說的那樣，庫存和合同資產，如果我看一下它們，今年迄今為止基本持平，但你的應付賬款實際上已經增加了9000 萬美元。如此有效地，您今年可以從營運資金中受益。所以你說的是關於 1 億美元的庫存清算，我認為在這種情況下應付賬款會發生什麼，因為我認為它們必須從第二季度的水平下降一些。

Yes, George, I think if you look at our balance sheet, you're absolutely right. We've seen our payable balance go up, which is a benefit on the working capital. But I think if you look at accounts receivable, that's up over $120 million. So that's an offset consumer of cash.

是的，喬治，我認為如果你看看我們的資產負債表，你是絕對正確的。我們已經看到我們的應付餘額增加了，這對營運資金是有利的。但我認為，如果你看一下應收賬款，就會增加超過 1.2 億美元。所以這是現金的抵消消費者。

So really, I think receivables growth is higher than payable growth. That neutralizes each other. As you said, we haven't seen from an inventory contract assets, it's flat, so it hasn't generated or hurt us year-to-date. In the environment that we're in when we're going up in rate, we should start to burn down the inventory and turn our -- and improve our turns.

所以說真的，我認為應收賬款的增長高於應付賬款的增長。這會互相抵消。正如你所說，我們沒有從庫存合同資產中看到，它是持平的，所以今年迄今為止它沒有產生或傷害我們。在我們所處的環境中，當我們提高速度時，我們應該開始燃燒庫存並扭轉我們的 - 並改善我們的轉彎。

So as we progress through the year with higher production rates, that should result in payable balances staying where it is or slightly going higher with higher production rates. We should see AR tick up a bit. But as we drive this stability and we dealt with some of the supply chain challenges, where we had to add strategic inventory buffer in the first half of the year, we had to bring in extra inventory because of titanium and the Russian sanctions.

因此，隨著我們以更高的生產率在這一年中取得進展，這應該會導致應付餘額保持不變，或者隨著生產率的提高而略微上升。我們應該會看到 AR 有所上升。但隨著我們推動這種穩定性並應對一些供應鏈挑戰，我們不得不在上半年增加戰略庫存緩衝，由於鈦和俄羅斯的製裁，我們不得不引入額外的庫存。

As we move into the back half of the year, we should -- the contract assets, which was building WIP in the line to support the 31 a month 737, all of that stabilizes. And once we get stable and we get a steady drumbeat in the factory, we'll be able to liquidate some of the higher inventories that we have. We'll be able to align our min/maxes better with the current production rates.

隨著我們進入今年下半年，我們應該 - 正在構建 WIP 以支持每月 31 架 737 的合同資產，所有這些都趨於穩定。一旦我們穩定下來，我們在工廠裡得到了穩定的鼓聲，我們將能夠清算我們擁有的一些較高的庫存。我們將能夠更好地使我們的最小值/最大值與當前的生產率保持一致。

And so in the back half of the year, I think AR, AP kind of offset themselves. And I think if we do a good job of managing our inventory, we can drive the stability in the production system, we'll see inventories come down in the back half of the year. We won't have to replenish the inventories and that will help improve the cash flow.

所以在今年下半年，我認為 AR、AP 有點抵消了自己。而且我認為如果我們做好庫存管理，我們可以推動生產系統的穩定，我們會看到庫存在今年下半年下降。我們不必補充庫存，這將有助於改善現金流。

Okay. And then if you could just go through excess capacity costs were somewhat higher this quarter. I think you've been saying they'd be down 40% to 50% for the year. Is that still the thinking? Or now it's more 50-plus?

好的。然後，如果你能經歷產能過剩，本季度成本會略高一些。我想你一直在說他們今年會下降 40% 到 50%。還是這樣的想法嗎？還是現在已經超過 50 了？

No, I think it's going to be down around 30% to 40%. I think last quarter, I told you about 40%. It's probably a tick down from there. A lot of that has to do with we -- as Tom said, we slightly paused the factory in July to -- on 737 to give some of our suppliers the time to catch up. We slowed down a bit. We kept our suppliers hot at 31 a month to make sure that we had the parts at the right time. And so saw a little bit of that slowdown as we moved in from the second quarter.

不，我認為它會下降 30% 到 40% 左右。我想上個季度，我告訴過你大約 40%。從那裡可能是一個滴答聲。這在很大程度上與我們有關——正如湯姆所說，我們在 7 月份稍微暫停了工廠到 737，以便讓我們的一些供應商有時間趕上。我們放慢了一點。我們讓我們的供應商保持每月 31 次的熱度，以確保我們在正確的時間獲得零件。因此，隨著我們從第二季度開始，我們看到了一些放緩。

A little bit of impact on A220 with some part shortages on that program. That kind of stuff bled a little bit into our excess costs. So I would say it's not a material change from what we talked about in the first quarter. We still -- we had $218 million of excess costs in 2021, and I still expect it to be 30% or 40% lower. So probably somewhere between $140 million, $150 million this year.

對 A220 有一點影響，該程序有一些零件短缺。這類東西稍微影響了我們的超額成本。因此，我想說這與我們在第一季度所討論的內容相比沒有實質性變化。我們仍然——我們在 2021 年有 2.18 億美元的超額成本，我仍然預計它會降低 30% 或 40%。所以今年可能在 1.4 億美元到 1.5 億美元之間。

And how much more does that come down next year?

明年還會下降多少？

I would say that we're probably looking at another 40% to 50% reduction year-over-year.

我想說的是，我們可能會看到同比下降 40% 到 50%。

But obviously, George, it depends on production rates. The excess cost is based on a MAX production rate of 52 aircraft per month. So it will disappear when we get back to 52. But it just depends on where the rate is in terms of how much we incur next year and potentially, into 2024.

但顯然，喬治，這取決於生產率。超額成本基於每月 52 架飛機的 MAX 生產率。因此，當我們回到 52 歲時，它將消失。但這僅取決於我們明年以及可能到 2024 年發生的費用。

And the 31 a month helps us reduce the excess inventory or excess costs, and we expect that to happen.

每月 31 次幫助我們減少過多的庫存或過多的成本，我們希望這會發生。

The next question is from the line of Michael Ciarmoli with Truist.

下一個問題來自 Michael Ciarmoli 與 Truist 的對話。

Just to stay on George's line of questioning there. I mean the excess capacity cost, I mean, if you guys are going to hold 31 a month, presumably even if Boeing increases, you're going to stay at that 31 to burn down the buffer. So I mean I guess how far, how long do you envision staying at 31 a month into '23? And then what rate do you really need to see Boeing go to so you can move up in lockstep with -- given the buffer that you have?

只是為了留在喬治的提問線上。我的意思是過剩產能成本，我的意思是，如果你們每個月要持有 31 個，大概即使波音增加，你們也會保持在 31 個以消耗緩衝。所以我的意思是我猜你設想在 23 年每月保持 31 歲多久？然後你真的需要看到波音達到什麼樣的速度，這樣你就可以同步上升——考慮到你擁有的緩衝？

Right. Well, just in terms of the outlook for next year, again, Boeing has not really committed to any change from the 31. If you listen to their earnings call, they said they're going to wait to see how the overall production system, including engines and systems and electronics, how all that plays out before they commit to what their production rate will be. So we'll have to wait to take their lead on that.

正確的。好吧，就明年的前景而言，波音並沒有真正承諾對 31 做出任何改變。如果你聽聽他們的財報電話會議，他們說他們將等著看整體生產系統如何，包括發動機、系統和電子設備，在他們承諾生產速度之前，這一切是如何發揮作用的。所以我們必須等待他們在這方面發揮領導作用。

But you're right, we're at 31 aircraft per month, and the excess costs are really based on returning to 52 aircraft per month. So there will be additional excess costs next year as we remain below 52.

但你是對的，我們每月有 31 架飛機，而超額成本實際上是基於每月恢復到 52 架飛機。因此，由於我們仍低於 52，明年將會有額外的超額成本。

Now in terms of the lag to Boeing, again, we've always said that we'll seek to lag them about 5 per month as they go up until we burn down the excess buffer. And that will vary depending on how fast they go up, but that's basically the equation that we've laid out in the past, and that's what we'll stick to burn down the buffer.

現在就滯後於波音而言，我們一直說，隨著它們的上升，我們將尋求每月滯後它們約 5 個，直到我們耗盡多餘的緩衝。這將取決於它們上升的速度，但這基本上是我們過去製定的方程式，這就是我們將堅持燒毀緩衝區的方法。

And just, Michael, for clarity, if we stay at 31 a month, I know how much excess cost we'll have, and it will be lower next year than this year, even if we stay at 31 for the full year.

邁克爾，為了清楚起見，如果我們保持每月 31 歲，我知道我們會有多少超額成本，明年會比今年低，即使我們全年保持在 31 歲。

Okay. Okay. But to get a 40% to 50% reduction, I mean, even if you go to 42, right, I mean, there's still 20% capacity there. So mean this capacity is always going to be lingering to an extent, correct?

好的。好的。但是要減少 40% 到 50%，我的意思是，即使你達到 42，對，我的意思是，那裡仍然有 20% 的容量。所以意味著這種能力總是會在一定程度上揮之不去，對嗎？

Yes. Really, we'll see the lingering impacts of the excess cost until we hit 52 a month. But as we move into '23 and we get to 42 and 47, that becomes a fairly small number, right? Not to say it's 0, but it's a lot more manageable than what we saw in 2021, which was $218 million.

是的。真的，我們將看到超額成本的揮之不去的影響，直到我們達到每月 52 次。但是當我們進入 23 年並達到 42 和 47 時，這將成為一個相當小的數字，對吧？並不是說它是 0，但它比我們在 2021 年看到的 2.18 億美元更易於管理。

The next question is from the line of Ron Epstein with Bank of America.

下一個問題來自美國銀行的 Ron Epstein。

So I want a run of the forward loss was distributed between 787 and A220?

所以我想在 787 和 A220 之間分配一個運行前向損失？

Yes. So on the forward loss, 87 was around $31 million and A220 was $25 million, and the A220, 100% of that $25 million was associated with a fairly important supplier of ours that filed bankruptcy in the quarter. And so we've been on site, on presence working with them to recover schedule, which is driving cost to us. And then we have a plan to onload that work. But once you onload it, you have to go through first part quals, SAIs. And so it's a sizable impact. And so we'll see that cash be consumed between now and the end of the year and into next year. So that's the A220.

是的。因此，在遠期損失中，87 約為 3100 萬美元，A220 約為 2500 萬美元，而 A220，這 2500 萬美元中的 100% 與我們在本季度申請破產的相當重要的供應商有關。所以我們一直在現場，與他們一起努力恢復進度，這給我們帶來了成本。然後我們有一個計劃加載這項工作。但是一旦你下載它，你必須通過第一部分的資格，SAI。所以這是一個相當大的影響。因此，我們將看到從現在到年底以及到明年之間消耗現金。這就是A220。

And then on 787, about half of that is tied to schedule. Once we got the official schedule, we're seeing -- we've trued up to the lower deliveries next year. A little bit scheduled impact this year. And then as Tom talked about, we had some engineering costs to help them support the -- getting the airplanes delivered to the customers.

然後在 787 上，其中大約一半與日程安排有關。一旦我們得到正式的時間表，我們就會看到——我們已經證實了明年的較低交付量。今年有點預定的影響。然後正如湯姆所說，我們有一些工程成本來幫助他們支持 - 將飛機交付給客戶。

And then we saw some additional supply chain pressure on 787. We've got a big supplier on the West Coast that has gone through financial challenges, and we're going to move that work from that supplier to another supplier. And in the meantime, that is going to cause us to have to incur some higher prices on the components that we were purchasing from them. So that -- those 2 combined are about $66 million of the forward loss.

然後我們看到 787 面臨一些額外的供應鏈壓力。我們在西海岸有一家大型供應商經歷了財務挑戰，我們將把這項工作從該供應商轉移到另一家供應商。與此同時，這將導致我們不得不為我們從他們那裡購買的組件支付更高的價格。所以 - 這兩個加起來大約是遠期損失的 6600 萬美元。

Got you. And then if I kind of go through the programs, it's 78s in the forward loss, the A350s in the forward loss. I think I can infer tankers in the forward loss and A320 is in a forward loss. And some of this was supposed to fade in kind of that 2025 time frame. How has that changed now? I mean when do you expect, for example, A220 or Belfast to actually have a positive return on the investment? And when can we expect some of these other programs to actually make a positive return?

得到你。然後，如果我通過程序，前向損失是 78，前向損失是 A350。我想我可以推斷油輪在前方損失中，A320 在前方損失中。其中一些應該在 2025 年的時間範圍內消失。現在情況發生了怎樣的變化？我的意思是，例如，您預計 A220 或貝爾法斯特何時會真正獲得正的投資回報？我們什麼時候可以期待這些其他計劃中的一些真正獲得正回報？

Well, I would say the A220 program continues to track very well to our original purchase accounting absent this one issue on the bankruptcy from the supplier. So in 2025, the rates are supposed to go to 14, and that's when the forward loss ends and it becomes a profitable program for us.

好吧，我想說 A220 計劃繼續很好地跟踪我們最初的採購會計，沒有關於供應商破產的這一問題。因此，到 2025 年，利率應該達到 14，屆時遠期虧損結束，它成為我們的盈利計劃。

So that's right on track. The integration has gone well, and we've transitioned off of the service agreement with Bombardier on information technology. We ended up closing the pension program. We've renegotiated the union agreement. In addition, we paid off that refundable loan incentive to the U.K. government. So a lot of very positive things are on track.

所以這是正確的。整合進展順利，我們已經脫離了與龐巴迪的信息技術服務協議。我們最終關閉了養老金計劃。我們重新談判了工會協議。此外，我們還向英國政府償還了可退還的貸款獎勵。所以很多非常積極的事情都在進行中。

And the forward loss is proceeding exactly on plan, absent this supplier bankruptcy this quarter, and we are on track to be profitable once that program reaches rate 14 in 2025.

並且遠期虧損完全按計劃進行，本季度沒有供應商破產，一旦該計劃在 2025 年達到 14，我們有望實現盈利。

And then on 787. As we've talked historically, there's -- we get a price adjustment at line unit 1406. We continue to focus on getting the cash flow positive at that line unit. And so I think that's about the same time frame, 2025-ish, 2026, where we see us getting to breakeven cash flow positive break or positive cash flow on the 787. And so those are 2 big programs that we're really focused on from an execution standpoint. The delay on the 87 to lower production rates and the pause there has kind of put that plan -- move that plan a little bit to the right. But I think Tom talked about the A220, what our plans are, and I'm just reiterating what we've told the market on 787.

然後是 787。正如我們從歷史上講的那樣，我們在 1406 行單位進行了價格調整。我們繼續專注於使該行單位的現金流為正。所以我認為這大約是同一時間框架，2025 年，2026 年，我們看到我們在 787 上實現盈虧平衡現金流正中斷或正現金流。所以這是我們真正關注的兩個大項目從執行的角度來看。 87 延遲以降低生產率以及那裡的暫停有點使該計劃 - 將該計劃向右移動一點。但我認為湯姆談到了 A220，我們的計劃是什麼，我只是重申我們在 787 上告訴市場的內容。

The next question is from the line of Peter Arment with Baird.

下一個問題來自 Peter Arment 和 Baird。

Tom, Mark. Tom, a lot of questions have been asked on production rates. But just bigger picture, just given what's going on in the supply chain. Maybe you could just -- is Boeing or -- for this -- going to have to give like more of an advanced lead time, just if they decide to take rates up. So instead of giving the typical, say, 4 to 6 months or whatever it may be when they're thinking about a higher rate on the MAX. Just given your insight of what you're seeing in the supply chain, are they going to have to let the supply chain know earlier, and this is obviously thinking longer term.

湯姆，馬克。湯姆，有人問了很多關於生產率的問題。但只是更大的圖景，只是考慮到供應鏈中正在發生的事情。也許你可以 - 是波音公司，或者 - 為此 - 如果他們決定提高利率，就必須提供更多的提前交貨時間。因此，當他們考慮在 MAX 上提高利率時，不要給典型的，比如 4 到 6 個月或任何可能的時間。鑑於您對供應鏈中所見內容的洞察力，他們是否必須更早地讓供應鏈知道，這顯然是從長遠考慮。

Right. Well, the normal lead time for production rate increases or any production rate changes is 6 months, roughly. That's normal. Obviously, we don't live in normal times right now. So we have to be a little bit adaptable and flexible. Boeing does have production rate scenarios that they talk about with the supply chain on a regular basis and we use that to inform us and to get ready, and they use that with all their suppliers. So we have various scenarios, and we prepare for those.

正確的。嗯，生產率提高或任何生產率變化的正常提前期大約是 6 個月。這很正常。顯然，我們現在並不生活在正常時期。所以我們必須有一點適應性和靈活性。波音確實有他們定期與供應鏈討論的生產率情景，我們用它來通知我們並做好準備，他們與所有供應商一起使用。所以我們有各種各樣的場景，我們為這些場景做準備。

But the normal lead time is 6 months, but we've been very flexible in working with Boeing because we know that their environment is extremely dynamic with the airlines. And so we've been trying to accommodate that as much as possible. But we do have production rate scenarios that go out the next 18 months, and we are working to those so that we're prepared for a variety of different contingencies.

但是正常的交貨時間是 6 個月，但我們在與波音公司的合作中一直非常靈活，因為我們知道他們的環境對航空公司來說是非常動態的。所以我們一直在努力盡可能地適應這種情況。但我們確實有未來 18 個月的生產率情景，我們正在努力應對這些情景，以便為各種不同的突發事件做好準備。

Thank you for your question. There are no additional questions waiting at this time. That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

謝謝你的問題。目前沒有其他問題在等待。電話會議就此結束。感謝您的參與。您現在可以斷開線路。