Spirit AeroSystems Holdings Inc (SPR) 2022 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Spirit AeroSystems Holdings, Inc.'s Fourth Quarter and Full Year 2022 Earnings Conference Call. My name is Glenn, and I will be your coordinator today. (Operator Instructions) I would now like to turn the presentation over to Aaron Hunt, Director of Investor Relations. Please proceed.

女士們先生們，早上好，歡迎來到 Spirit AeroSystems Holdings, Inc. 的 2022 年第四季度和全年收益電話會議。我叫格倫，今天我將擔任你們的協調員。 （操作員說明）我現在想將演示文稿轉交給投資者關係總監 Aaron Hunt。請繼續。

Thank you, Glenn, and good morning, everyone. Welcome to Spirit's Fourth Quarter and Full Year 2022 Results Call. I'm Aaron Hunt, Director of Investor Relations. And with me today are Spirit's President and Chief Executive Officer, Tom Gentile; Senior Vice President and Chief Financial Officer, Mark Suchinski; Executive Vice President and President of Defense & Space division, Duane Hawkins; and Spirit's Executive Vice President, Chief Operating Officer and President of Commercial Division, Sam Marnick. After opening comments by Tom, Duane and Mark regarding our performance and outlook, we will take your questions.

謝謝你，格倫，大家早上好。歡迎來到 Spirit 的第四季度和 2022 年全年業績電話會議。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；高級副總裁兼首席財務官 Mark Suchinski；執行副總裁兼國防與航天部門總裁 Duane Hawkins； Spirit 的執行副總裁、首席運營官兼商業部總裁 Sam Marnick。在 Tom、Duane 和 Mark 就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, in our SEC filings and the forward-looking statement at the end of this web presentation and referenced in our call today.

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，包括我們的收益發布、我們向美國證券交易委員會提交的文件以及本文末尾的前瞻性聲明中詳述的風險網絡演示並在我們今天的電話會議中引用。

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.

此外，我們建議您參閱我們的收益發布和演示文稿，以了解我們在討論結果時使用的非 GAAP 措施的披露和對賬。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 Fourth Quarter and Full Year 2022 Results Call. Last year, we saw domestic travel continue to recover across the globe. The U.S. was the best performing market, where air traffic was 2% below the 2019 level. And in China, we are encouraged to see some travel restrictions lifted in the 737 MAX return to service.

謝謝你，亞倫，大家早上好。歡迎來到 Spirit 的第四季度和 2022 年全年業績電話會議。去年，我們看到國內旅行在全球範圍內繼續復甦。美國是表現最好的市場，空中交通量比 2019 年水平低 2%。在中國，看到 737 MAX 恢復服務後一些旅行限制被取消，我們感到很鼓舞。

Domestic air travel favors narrow-body aircraft like the A320, and the 737 MAX, both of which logged several significant new orders during the year. The orders and additional backlog provides support to Airbus and Boeing's plans to increase narrow-body production rates further. We are encouraged by the continued demand, which we expect will benefit Spirit since 85% of our backlog is tied to narrow-body aircraft.

國內航空旅行青睞 A320 和 737 MAX 等窄體飛機，這兩款飛機在這一年都獲得了幾筆重要的新訂單。這些訂單和額外的積壓訂單為空客和波音進一步提高窄體飛機生產率的計劃提供了支持。我們對持續的需求感到鼓舞，我們預計這將使 Spirit 受益，因為我們 85% 的積壓訂單與窄體飛機有關。

While demand remains robust, we experienced a number of challenges as we increased production rates during 2022. We had to hire a significant number of new employees who are taking time to reach the same level of proficiency as the workers we had prior to the pandemic. We also experienced higher levels of attrition with the new employees we hired.

儘管需求依然強勁，但隨著我們在 2022 年提高生產率，我們遇到了許多挑戰。我們不得不僱用大量新員工，他們需要時間來達到與大流行之前的員工相同的熟練程度。我們聘用的新員工也經歷了更高程度的流失。

In addition, our suppliers encountered similar challenges, which resulted in higher levels of part shortages throughout the year. We also encountered higher levels of inflation. Despite these challenges, we managed to increase our production rates across several major programs by 27% overall.

此外，我們的供應商也遇到了類似的挑戰，導致全年零件短缺程度更高。我們還遇到了更高水平的通貨膨脹。儘管面臨這些挑戰，我們還是設法將幾個主要項目的生產率總體提高了 27%。

On the 737 program, we managed through the challenges as production increased from 162 units in 2021 to 281 units in 2022, a 73% increase. To support the recovery and the expected higher level of production in 2023, we began hiring additional head count in the fourth quarter, which drove additional cost, but is an investment to get ready for the production rate increases in 2023.

在 737 項目中，我們克服了挑戰，產量從 2021 年的 162 架增加到 2022 年的 281 架，增幅為 73%。為了支持復甦和 2023 年預期的更高生產水平，我們在第四季度開始招聘更多員工，這增加了成本，但這是一項為 2023 年生產率提高做好準備的投資。

While we expect to see ongoing supply chain challenges and issues, as we stabilize production, our December 737 production was 40 units, demonstrating our capability to produce at higher rates. In 2023, we plan to produce about 420, 737 shipsets which includes the units behind schedule from 2022, in January, we delivered 33 737 units.

雖然我們預計會看到持續的供應鏈挑戰和問題，但隨著我們穩定生產，我們 12 月的 737 產量為 40 架，這表明我們有能力以更高的速度生產。 2023年，我們計劃生產約420、737艘船，其中包括從2022年開始落後的單位，1月份，我們交付了33 737艘。

Turning to our wide-body programs, the 787 program navigated through challenges last year, and we delivered 20 units to our customer. Our 787 production resumed with a new build process to address the fit and finish requirements applicable to all the partners on the program. After completing a few units with the new process, we have found more labor per unit is needed than originally expected, which is one of the reasons driving an additional forward loss on future units this quarter.

談到我們的寬體項目，787 項目去年克服了挑戰，我們向客戶交付了 20 架飛機。我們的 787 生產恢復了新的構建過程，以滿足適用於該計劃所有合作夥伴的裝配和完成要求。在使用新工藝完成幾個單元後，我們發現每個單元需要的勞動力比最初預期的要多，這是導致本季度未來單元出現額外遠期虧損的原因之一。

It is also taking us longer than we expected to rework the stored 787 units. We now believe we have incorporated what is needed for the 787 fit and finish requirements in the new build process and rework.

返工存儲的 787 單元所花費的時間也比我們預期的要長。我們現在相信我們已經在新的構建過程和返工中納入了 787 裝配和完成要求所需的內容。

On our A350 program, we continue to see disruption driving increased cost pressure. During the year, we saw continued disruptions from the supply chain. The transfer of parts and the ramp-up of production put the program behind schedule. We have initiated our recovery plan. However, recovery costs included expedited shipping of components to support our customers' production are resulting in additional forward loss. Mark will walk you through the details of the forward losses on these 2 programs in his section.

在我們的 A350 計劃中，我們繼續看到中斷導致成本壓力增加。在這一年中，我們看到供應鏈持續中斷。零件的轉移和生產的增加使計劃落後於計劃。我們已經啟動了恢復計劃。然而，包括為支持我們客戶的生產而加快運送組件在內的回收成本導致了額外的遠期損失。馬克將在他的部分中詳細介紹這兩個程序的遠期損失。

We continue to support Airbus on their narrow-body programs. Our production was in line with demand from Airbus, and we expect to continue to produce to remain in sync with their production plans. In 2023, we plan to produce between 650 and 680 A320 units and about 80 A220 units.

我們繼續支持空中客車公司的窄體飛機項目。我們的生產符合空客的需求，我們希望繼續生產以與他們的生產計劃保持同步。 2023 年，我們計劃生產 650 至 680 架 A320 和約 80 架 A220。

And looking at our wide-body programs for 2023, we will support our customers as they increase their production rates to support the international traffic recovery. On the 787 program, we expect to produce between 40 and 45 787 shipsets. On the A350 program, we plan to remain in sync with Boeing -- excuse me, with Airbus production as they increase from 5 to 6 aircraft per month and plan to produce about 60 units on the A350.

看看我們 2023 年的寬體飛機計劃，我們將支持我們的客戶提高生產率以支持國際交通恢復。在 787 計劃中，我們預計將生產 40 至 45 787 架飛機。在 A350 項目上，我們計劃與波音保持同步——對不起，空中客車的產量從每月 5 架增加到 6 架，併計劃在 A350 上生產約 60 架。

Now let's turn to our defense and aftermarket businesses. On Defense & Space, our segment President, Duane Hawkins is retiring from his current role in just a few weeks and will hand off the segment to Mark Miklos. Duane and the team have done a great job in building Spirits' Defense & Space segment, and we wanted to give him an opportunity to take you through some of the many highlights from 2022.

現在讓我們談談我們的國防和售後市場業務。在國防與航天領域，我們的部門總裁 Duane Hawkins 將在幾週後從他目前的職位上退休，並將把該部門交給 Mark Miklos。 Duane 和他的團隊在構建 Spirits 的防禦與太空部分方面做得非常出色，我們希望給他一個機會，帶您了解 2022 年的許多亮點。

Duane?

杜安？

Thanks, Tom. In 2022, the Defense & Space team did a really good job, executing on existing programs and winning some new ones. Across our 5 growth areas, Hypersonics, UAS, Next Generation Effects, Next Generation Aircraft, and Space, we expanded relationships with current customers and created some new ones. The Defense & Space segment revenues were up a little over 11% from 2022 to $650 million with approximately 11.2% margin. We had solid contributions from the P8 and KC-46 programs.

謝謝，湯姆。 2022 年，國防與航天團隊做得非常好，執行了現有項目並贏得了一些新項目。在 Hypersonics、UAS、下一代效應、下一代飛機和太空這 5 個增長領域，我們擴大了與現有客戶的關係並創造了一些新客戶。國防與航天部門的收入比 2022 年增長了 11% 以上，達到 6.5 億美元，利潤率約為 11.2%。 P8 和 KC-46 計劃為我們做出了堅實的貢獻。

On the CH-53K program, we began preparing for full rate production by developing our rate production tooling and manufacturing build plan, while also delivering LRIP units.

在 CH-53K 計劃中，我們開始通過開發我們的速率生產工具和製造構建計劃來為全速率生產做準備，同時還交付 LRIP 裝置。

And in December, we had the opportunity to attend the B-21 unveiling to celebrate the team's contributions to this important new defense platform. Spirit is one of the 7 partners on the B-21 program. We have a strong pipeline of Defense & Space opportunities that we continue to pursue.

並且在 12 月，我們有機會參加了 B-21 的揭幕儀式，以慶祝該團隊對這個重要的新防禦平台的貢獻。 Spirit 是 B-21 計劃的 7 個合作夥伴之一。我們擁有強大的國防與太空機會管道，我們將繼續追求這些機會。

In 2022, the team won multiple classified and unclassified programs that could eventually result in significant revenue for Spirit. One of the first in the year was a win for the B-52 commercial engine replacement program, where Spirit will build the strut and nacelles for approximately 78 aircraft that are in service. We were also selected to support the KC-135 horizontal stabilizer program, which will help extend the life of an aircraft we often see gracing the skies here in Wichita.

2022 年，該團隊贏得了多個機密和非機密項目，最終可能為 Spirit 帶來可觀的收入。 B-52 商用發動機更換計劃贏得了今年的首批勝利之一，Spirit 將為大約 78 架在役飛機製造支柱和短艙。我們還被選中支持 KC-135 水平尾翼計劃，這將有助於延長我們在威奇託的天空中經常看到的飛機的使用壽命。

Another win in the year was the strategic partnership agreement for the Sierra Space's Shooting Star Cargo module. In addition to the Shooting Stars, Sierra Space and Spirit will work together to advance a family of cargo modules and service modules.

今年的另一項勝利是 Sierra Space 的 Shooting Star Cargo 模塊的戰略合作夥伴協議。除了 Shooting Stars，Sierra Space 和 Spirit 還將合作推進一系列貨運模塊和服務模塊。

And finally, we are closely monitoring the protest of the army FLRAA approved award to our partner, Bell Helicopter and look forward to supporting them on this exciting new program. Spirit is proud to be a member of Team Valor.

最後，我們正在密切關注軍隊 FLRAA 批准授予我們的合作夥伴貝爾直升機的抗議活動，並期待在這個激動人心的新項目上支持他們。 Spirit 很榮幸成為 Team Valor 的一員。

The Spirit National Defense Prototype Center, NDPC, continues to support development, prototyping and industrialization capabilities to support our growth strategy. In addition to the NDPC, we have continued to repurpose some of our excess wide-body capacity to defense applications. So far, approximately 1.2 million square feet in Wichita has been transitioned to our Defense & Space business. This includes the establishment of our defense manufacturing center, which will provide significant classified machining capability with full-size determinate assembly accuracy. The ability of our team to be involved from the initial concept design to production is critical to optimizing how we can support customers on future programs.

NDPC 精神國防原型中心繼續支持開發、原型製作和工業化能力，以支持我們的增長戰略。除了 NDPC 之外，我們還繼續將一些過剩的寬體機容量重新用於國防應用。到目前為止，威奇託的大約 120 萬平方英尺已經轉移到我們的國防與航天業務。這包括建立我們的國防製造中心，該中心將提供具有全尺寸確定裝配精度的重要分類加工能力。我們團隊參與從最初的概念設計到生產的能力對於優化我們如何在未來的項目中支持客戶至關重要。

We closed out the year with the acquisition of [T.E.A.M.], a small company in Rhode Island that has a great set of technologies that complements our capabilities. The 100,000 square foot facility and the 35 talented individuals brings some unique 3D composite weaving technology and equipment to enhance our portfolio that will support hypersonic weapon development as well as other new product development opportunities. I'm proud of the Defense & Space business that we've been building at Spirit. It's on track to our target of $1 billion in Defense & Space revenue by 2025 with 12% to 14% segment margins.

我們通過收購 [T.E.A.M.] 結束了這一年，這是一家位於羅德島的小公司，擁有一套完善的技術來補充我們的能力。 100,000 平方英尺的設施和 35 名人才帶來了一些獨特的 3D 複合編織技術和設備，以增強我們的產品組合，支持高超音速武器開發以及其他新產品開發機會。我為我們在 Spirit 建立的國防與航天業務感到自豪。它有望實現我們的目標，即到 2025 年國防與航天收入達到 10 億美元，部門利潤率為 12% 至 14%。

And I look forward to working with our new Spirit Defense & Space leader, Mark Miklos as he takes over on April 1.

我期待與我們新的 Spirit Defense & Space 領導人 Mark Miklos 合作，他將於 4 月 1 日接任。

Back to you, Tom.

回到你身邊，湯姆。

Thanks, Duane. Our aftermarket business also had a strong year with revenue growth of 30% at 19% margins. The aftermarket team continued to build out our strategy to expand our MRO capabilities in key geographic regions.

謝謝，杜安。我們的售後市場業務在這一年也表現強勁，收入增長 30%，利潤率為 19%。售後市場團隊繼續制定我們的戰略，以擴大我們在關鍵地理區域的 MRO 能力。

In Asia, we established multiple ways to support customers in that region. In April, we signed an agreement with GAMECO to be the Spirit authorized repair center in China. Then in September, we formed a joint venture with Evergreen Technologies Corporation in Taiwan, and signed an MOU with Malaysia Airlines Berhad to establish repair services for nacelles and flight control surfaces.

在亞洲，我們建立了多種方式來支持該地區的客戶。 4月，與GAMECO簽訂協議，成為Spirit在中國的授權維修中心。然後在九月，我們與台灣長榮科技公司成立了一家合資公司，並與馬來西亞航空公司簽署了一份諒解備忘錄，為機艙和飛行控制面提供維修服務。

We also signed a partnership with Boeing to provide repair services for the MAX on flight control surfaces, nacelles and thrust reversers. We closed out the year with an MOU with Joramco, the engineering arm of Dubai Aerospace Enterprise to explore how to bring a range of composite and metallic aerostructure repairs and services to customers in the Mid-East region.

我們還與波音公司簽署了合作夥伴關係，為 MAX 的飛行控制面、機艙和反推力裝置提供維修服務。我們與 Dubai Aerospace Enterprise 的工程部門 Joramco 簽署了諒解備忘錄，以探索如何為中東地區的客戶提供一系列複合材料和金屬飛機結構維修和服務，從而結束了這一年。

We continue to target $500 million of revenue for our aftermarket business with margins in excess of 20% by 2025.

我們的目標是到 2025 年售後市場業務的收入繼續達到 5 億美元，利潤率超過 20%。

I'll now turn it over to Mark to take you through more details on our results. Mark?

我現在將其轉交給馬克，向您介紹我們結果的更多細節。標記？

Thank you, Tom, and good morning, everyone. We experienced significant pressure in 2022 due to production schedule volatility of constrained supply chain, ongoing inflation and labor pressures, including shortages, high levels of attrition and increased training for our new hires. These challenges have resulted in higher-than-anticipated costs and disruptions in our factories.

謝謝你，湯姆，大家早上好。由於受限供應鏈的生產計劃波動、持續的通貨膨脹和勞動力壓力，包括短缺、高流失率和對新員工的培訓增加，我們在 2022 年承受了巨大壓力。這些挑戰導致我們工廠的成本和中斷高於預期。

We expect some of these pressures to continue into 2023, particularly those related to the supply chain and training new employees. We enter 2023 strongly focused on execution and getting our factories and people in place to stabilize and support higher production rates.

我們預計其中一些壓力將持續到 2023 年，尤其是與供應鍊和培訓新員工相關的壓力。進入 2023 年，我們將重點放在執行上，讓我們的工廠和人員到位，以穩定和支持更高的生產率。

Now let me take you through the details of our 2022 financial results. Let's start with revenue on Slide 2. Revenue for the year was $5 billion, up 27% from 2021. This improvement was primarily due to higher production on the 737, A320 and A220 programs as well as increased aftermarket and Defense & Space revenue partially offset by lower production on the 747 and 787 programs. The Defense & Space segment had a strong year with top line growth of 11%, increasing revenue by about $65 million. Aftermarket also displayed strong execution with revenue growth of 30% over 2021 levels.

現在讓我向您詳細介紹我們 2022 年的財務業績。讓我們從幻燈片 2 的收入開始。今年的收入為 50 億美元，比 2021 年增長 27%。這一改善主要是由於 737、A320 和 A220 項目的產量增加以及售後市場和國防與航天收入的增加部分抵消了通過降低 747 和 787 項目的產量。國防與航天部門今年業績強勁，收入增長 11%，收入增加約 6500 萬美元。售後市場也表現出強勁的執行力，收入比 2021 年增長了 30%。

Turning to deliveries. Overall, narrow-body deliveries in 2022 were 37% higher than 2021. We delivered 119 more 737 units and 124 more A320 units compared to 2021. Alternatively, wide-body program deliveries were down 6% compared to 2021, mainly driven by 17 less 787 units in 2022. Overall, 2022 deliveries increased 27% year-over-year.

轉向交付。總體而言，2022 年的窄體飛機交付量比 2021 年高出 37%。與 2021 年相比，我們交付了 119 架 737 架飛機和 124 架 A320 飛機。另外，寬體機項目的交付量與 2021 年相比下降了 6%，主要是由於減少了 17 架2022 年為 787 台。總體而言，2022 年的交付量同比增長 27%。

Now let's turn to earnings per share on Slide 3. We reported earnings per share of negative $5.21 compared to negative $5.19 in 2021. Excluding certain items, adjusted EPS was negative $2.81 compared to negative $3.46 in the prior year. Operating margin was negative 6% compared to negative 12% in 2021. The improvement over 2021 is due to higher production rates, specifically on the 737 program, partially offset by continued disruption in our factories, resulting from part shortages and labor challenges which led to out-of-sequence work and operational instability.

現在讓我們轉向幻燈片 3 的每股收益。我們報告的每股收益為負 5.21 美元，而 2021 年為負 5.19 美元。排除某些項目，調整後每股收益為負 2.81 美元，而上一年為負 3.46 美元。營業利潤率為負 6%，而 2021 年為負 12%。2021 年的改善是由於更高的生產率，特別是 737 計劃，部分被我們工廠持續中斷所抵消，原因是零件短缺和勞動力挑戰導致亂序工作和操作不穩定。

Full year forward losses totaled $250 million and unfavorable cumulative catch-up adjustments were $28 million, this compared to $242 million of forward losses and $5 million of unfavorable cumulative catch-up adjustments in 2021.

全年遠期虧損總計 2.5 億美元，不利累計追補調整為 2800 萬美元，而 2021 年的遠期虧損為 2.42 億美元，不利累計追補調整為 500 萬美元。

Specifically related to the fourth quarter of 2022, we incurred $114 million of forward losses, which were primarily driven by the 787 and A350 programs. The 787 forward loss of $38 million recorded in the fourth quarter was largely driven by higher cost estimates related to restarting the factory in ramping production as well as new build requirements on each unit resulting from the fit-and-finish issues. We forecast the cash impact from this loss to occur over the next 4 years.

具體與 2022 年第四季度相關，我們產生了 1.14 億美元的遠期虧損，這主要是由 787 和 A350 項目驅動的。 787 第四季度錄得 3800 萬美元的遠期虧損，這主要是由於與重新啟動工廠以提高產量相關的更高成本估計，以及裝配和完成問題導致的每架飛機的新建造要求。我們預測這一損失的現金影響將在未來 4 年內發生。

The A350 charge of $67 million in the fourth quarter of '22 was a result of additional costs related to labor and part shortages, manufacturing quality issues and additional freight to support our customer deliveries. In addition, during the fourth quarter, we experienced disruption resulting from transferring the production of parts from a supplier into our Kinston facility. This resulted in additional disruptions to our factory, and we have now initiated a recovery plan, which will result in additional costs. Approximately $40 million of that forward loss will have an impact to cash in 2023.

22 年第四季度 A350 的費用為 6700 萬美元，原因是與勞動力和零件短缺、製造質量問題以及為支持客戶交付而增加的運費相關的額外成本。此外，在第四季度，我們經歷了將零件生產從供應商轉移到我們的金斯頓工廠造成的中斷。這對我們的工廠造成了額外的干擾，我們現在已經啟動了一項恢復計劃，這將導致額外的成本。該遠期虧損中約有 4000 萬美元將對 2023 年的現金產生影響。

Additionally, in the fourth quarter of 2022, we recognized unfavorable cumulative catch-up adjustments of $59 million, primarily driven by the 737 and A320 programs. On the 737 program, we experienced disruptions due to labor inefficiencies and continued part shortages, which exacerbated behind schedule hours and our auto sequence work. To catch up and prepare for the next rate break, we've made the decision to accelerate the hiring and training of employees to support a rate of 42 aircrafts per month. This investment has a near-term impact on the program's profitability and cash flow but we believe it is important to improve Spirit's production efficiencies as well as prepare for higher production rates in the future.

此外，在 2022 年第四季度，我們確認了 5900 萬美元的不利累計追趕調整，這主要是由 737 和 A320 計劃推動的。在 737 項目中，由於勞動力效率低下和零件持續短缺，我們經歷了中斷，這加劇了計劃時間和我們的自動排序工作的延遲。為了迎頭趕上並為下一次降息做好準備，我們決定加快員工的招聘和培訓，以支持每月 42 架飛機的速度。這項投資對項目的盈利能力和現金流有短期影響，但我們認為提高 Spirit 的生產效率以及為未來更高的生產率做好準備非常重要。

The A320 programs unfavorable adjustment was driven by operational and supply chain disruptions and increased costs related to material, freight and labor. 2022 earnings also included $157 million of excess capacity costs, a decrease of $60 million over 2021.

A320 計劃的不利調整是由於運營和供應鏈中斷以及與材料、貨運和人工相關的成本增加所致。 2022 年的收益還包括 1.57 億美元的產能過剩成本，比 2021 年減少了 6000 萬美元。

Other expense were $14 million compared to other income of $147 million in 2021. This variance was primarily due to pension plan termination activities that were undertaken separately in each of the years. 2021 included a curtailment gain of $61 million resulting from the closure of the defined benefit plans acquired as part of the Bombardier acquisition. And in 2022, we terminated the frozen U.S. pension value plan A, which resulted in noncash charges of $108 million.

其他費用為 1400 萬美元，而 2021 年其他收入為 1.47 億美元。這種差異主要是由於每年單獨進行的退休金計劃終止活動所致。 2021 年包括 6100 萬美元的縮減收益，這是由於關閉了作為龐巴迪收購的一部分而獲得的固定福利計劃。 2022 年，我們終止了凍結的美國養老金價值計劃 A，這導致了 1.08 億美元的非現金費用。

We anticipate additional pretax noncash charge in the first quarter of 2023 for the final settlement accounting as well as tax-related charges for the income and excise taxes, which we expect to conclude no later than the second quarter.

我們預計 2023 年第一季度將有額外的稅前非現金費用用於最終結算會計以及所得稅和消費稅的稅收相關費用，我們預計這些費用將不遲於第二季度結束。

Now turning to free cash flow on Slide 4. Free cash flow usage for the year was $516 million, in line with the range we communicated on our third quarter call. Free cash flow in both years were impacted by several large onetime cash items, including a $300 million tax refund received in 2021, a payment of $154 million to the Belfast pension plan in 2021 as well as the repayment in 2022 of $123 million Boeing 737 advance that we received in 2019.

現在轉向幻燈片 4 上的自由現金流。今年的自由現金流使用量為 5.16 億美元，與我們在第三季度電話會議上溝通的範圍一致。這兩年的自由現金流都受到幾筆一次性現金項目的影響，包括 2021 年收到的 3 億美元退稅、2021 年向貝爾法斯特養老金計劃支付的 1.54 億美元以及 2022 年償還的 1.23 億美元波音 737 預付款我們在 2019 年收到的。

In addition, 2022 free cash flow was negatively impacted by production schedule changes; the Ukraine, Russian conflict; headwinds from forward losses; labor constraints; supply chain part shortages and inflationary pressures. There were also several other cash items in 2022 that will not recur going forward, including $38 million of a grant received from the AMJP program, and $27 million of net pension-related benefits from the termination of the pension value plan B.

此外，2022 年的自由現金流受到生產計劃變化的負面影響；烏克蘭、俄羅斯衝突；遠期虧損帶來的逆風；勞動力限制；供應鏈零件短缺和通脹壓力。 2022 年還有其他幾項現金項目將不會再出現，包括從 AMJP 計劃收到的 3800 萬美元贈款，以及因養老金價值計劃 B 終止而獲得的 2700 萬美元淨養老金相關福利。

Looking to 2023, we plan to deliver approximately 420 737 units and 650 to 680 A320s during the year, which will be the largest driver of cash flow improvement. Additionally, 2023 will be positively impacted by $120 million to $140 million of surplus cash from the termination of the pension value Plan A, partially offset by higher interest payments and a previously reserved litigation payment, which has been appealed. Incorporating all items including the pension surplus cash, we are targeting 2023 free cash flow to be better than breakeven, reflected estimated capital expenditures in the range of $125 million to $150 million.

展望 2023 年，我們計劃年內交付約 420,737 架和 650 至 680 架 A320，這將是現金流改善的最大驅動力。此外，2023 年將受到 1.2 億至 1.4 億美元的養老金價值計劃 A 終止帶來的盈餘現金的積極影響，部分被更高的利息支付和先前保留的訴訟支付所抵消，該訴訟支付已被上訴。考慮到包括養老金盈餘現金在內的所有項目，我們的目標是到 2023 年的自由現金流要好於收支平衡，反映出預計資本支出在 1.25 億美元至 1.5 億美元之間。

We anticipate the first quarter free cash flow to be the weakest and cash flow improving throughout the last 3 quarters of the year, partially due to normal seasonality of our cash flows.

我們預計第一季度的自由現金流量將是最弱的，而今年最後三個季度的現金流量將有所改善，部分原因是我們現金流量的正常季節性。

With that, let's now turn to our cash and debt balances on Slide 5. We ended the year with $659 million of cash and $3.9 billion of debt. These balances reflect items I previously listed as drivers to free cash flow in addition to the $319 million payment to settle the repayable investment agreement in the first half of 2022 and the refinancing activity we completed during the fourth quarter of 2022, including refinancing and extending maturities on $800 million of existing debt and upsizing by $100 million.

有了這個，現在讓我們轉向幻燈片 5 上的現金和債務餘額。我們以 6.59 億美元的現金和 39 億美元的債務結束了這一年。這些餘額反映了我之前列為自由現金流驅動因素的項目，以及 2022 年上半年用於結算可償還投資協議的 3.19 億美元付款以及我們在 2022 年第四季度完成的再融資活動，包括再融資和延長期限8 億美元的現有債務和 1 億美元的規模擴大。

Now let's discuss our segment performance, starting with the Commercial segment on Slide 6. In 2022, commercial revenue was $4.1 billion, an increase of 30% compared to 2021, primarily due to higher production volumes on the 737, A220 and A320 programs, partially offset by lower production on the 747 and 787 programs. Operating margin was negative 2% compared to negative 7% in 2021, driven by higher volumes on the 737.

現在讓我們從幻燈片 6 的商業部門開始討論我們的部門表現。2022 年，商業收入為 41 億美元，比 2021 年增長 30%，這主要是由於 737、A220 和 A320 項目的產量增加，部分原因是被 747 和 787 項目的較低產量所抵消。營業利潤率為負 2%，而 2021 年為負 7%，原因是 737 的銷量增加。

As I previously mentioned, the changes in estimates during the year included forward losses of $244 million and unfavorable cumulative catch-up adjustments of $30 million. In comparison, during 2021, the segment recorded $227 million of forward losses and $6 million of unfavorable cumulative catch-ups. The segment had excess cost of $150 million compared to $207 million in 2021. Additionally, the segment recognized $38 million of charges related to the Russian sanctions, which had an impact during 2022.

正如我之前提到的，這一年的估計變化包括 2.44 億美元的遠期虧損和 3000 萬美元的不利累計追趕調整。相比之下，在 2021 年期間，該部門錄得 2.27 億美元的遠期虧損和 600 萬美元的不利累計追補。該部門的超額成本為 1.5 億美元，而 2021 年為 2.07 億美元。此外，該部門確認了與俄羅斯制裁相關的 3800 萬美元費用，這些費用在 2022 年產生了影響。

Now let's turn to the Defense & Space segment on Slide 7. Defense & Space revenue grew to $650 million or 11% higher than 2021 due to higher development program activity and increased P-8 production. Operating margin for the year increased to 11% compared to 8% in 2021. The improvement was due to higher classified program profit and the absence of nonrecurring charges taken into 2021. In 2022, the segment recorded forward losses of $6 million and excess capacity cost of $8 million compared to forward losses of $14 million and excess capacity cost of $11 million in 2021.

現在讓我們轉到幻燈片 7 上的國防與航天部門。由於開發計劃活動增加和 P-8 產量增加，國防與航天收入增長至 6.5 億美元，比 2021 年增長 11%。與 2021 年的 8% 相比，今年的營業利潤率增加到 11%。這一改善是由於更高的分類項目利潤和沒有計入 2021 年的非經常性費用。2022 年，該部門錄得 600 萬美元的遠期虧損和產能過剩成本800 萬美元，而 2021 年的遠期損失為 1400 萬美元，產能過剩成本為 1100 萬美元。

For our aftermarket segment results, let's turn to Slide 8. Aftermarket revenues were $311 million, up 30% compared to 2021, primarily due to higher spare part sales as well as higher maintenance, repair in overall activity. Operating margin for the year increased to 19% compared to 21% in 2021 due to onetime inventory adjustment charges as well as losses of $4.2 million related to the Russian sanction.

對於我們的售後市場部門業績，讓我們轉到幻燈片 8。售後市場收入為 3.11 億美元，比 2021 年增長 30%，這主要是由於備件銷售額增加以及整體活動的維護、維修增加。由於一次性庫存調整費用以及與俄羅斯制裁相關的 420 萬美元損失，今年的營業利潤率從 2021 年的 21% 增至 19%。

2022 was a more challenging year than we expected, production schedule volatility, a disrupted supply chain, labor constraints and ongoing inflation resulted in increased costs, forward loss charges and instability in our factories. Despite the many challenges during the year, there were several things that went right. Many of our financial metrics have reflected continued improvement over the last 2 years, and I expect the recovery to continue going forward.

2022 年比我們預期的更具挑戰性，生產計劃的波動、供應鏈中斷、勞動力限制和持續的通貨膨脹導致成本增加、遠期損失費用和我們工廠的不穩定。儘管這一年面臨許多挑戰，但仍有幾件事情是對的。我們的許多財務指標反映了過去 2 年的持續改善，我預計復甦將繼續向前發展。

We have announced wins in our Defense & Space and aftermarket segments, and we have restructured our debt, including executing on refinancing activity, which has extended our maturities and settled a repayable investment agreement.

我們已經宣佈在我們的國防與航天和售後市場領域取得勝利，我們已經重組了我們的債務，包括執行再融資活動，這延長了我們的期限並達成了一項可償還的投資協議。

As we enter 2023, we are working with our suppliers and our internal teams to stabilize production and position ourselves for higher production rates. The focus on operational execution as well as optimizing our costs should enable us to improve profitability and cash flow as we move throughout 2023.

隨著我們進入 2023 年，我們正在與我們的供應商和我們的內部團隊合作，以穩定生產並為更高的生產率做好準備。專注於運營執行以及優化我們的成本應該使我們能夠在整個 2023 年提高盈利能力和現金流。

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

現在讓我把它轉回給 Tom 作一些結束評論。

Thanks, Mark. Demand remains strong in the global aerospace industry. However, it was a challenging year to navigate the supply chain and other challenges we faced. We worked hard to make progress to stabilize at higher production rates, and we were pleased to close the year with some positive results, which will provide a strong foundation for 2023.

謝謝，馬克。全球航空航天業的需求依然強勁。然而，在應對供應鍊和我們面臨的其他挑戰方面，這是充滿挑戰的一年。我們努力取得進展以穩定更高的生產率，我們很高興以一些積極的成果結束了這一年，這將為 2023 年奠定堅實的基礎。

As we enter 2023, we expect free cash flow to be positive as we benefit from increased narrow-body production rates and continue to work on improving our labor productivity and stabilizing our supply chain. We have seen some improvements from the depths of the pandemic but expect that there will still be some volatility as the recovery continues. After 4 challenging years since the first MAX crash in 2018, we see some positive trends in the market that will benefit Spirit. Domestic traffic has recovered to 98% of what it was compared to 2019 levels, which will benefit narrow-body aircraft production. And 85% of Spirit's backlog is narrow-body aircraft.

隨著我們進入 2023 年，我們預計自由現金流將為正，因為我們受益於窄體飛機生產率的提高，並繼續致力於提高我們的勞動生產率和穩定我們的供應鏈。我們已經從大流行的深處看到了一些改善，但預計隨著復甦的繼續，仍會出現一些波動。自 2018 年 MAX 首次崩盤以來，在經歷了 4 年充滿挑戰的歲月之後，我們看到市場上出現了一些有利於 Spirit 的積極趨勢。與 2019 年相比，國內客運量已恢復至 98%，這將有利於窄體飛機的生產。 Spirit 85% 的積壓訂單是窄體飛機。

Boeing has said that they do not want to develop a new aircraft until 2035, which is good news for Spirit since the MAX and all of our other Boeing programs will continue for many years to come. China has started to fly the MAX again. Both China Southern and Hainan have both made flights, which is very good news for that program and offers upside as China brings the stored MAX aircraft out of storage, starts taking deliveries again and then eventually places new orders.

波音公司表示他們不想在 2035 年之前開發新飛機，這對 Spirit 來說是個好消息，因為 MAX 和我們所有其他波音項目將在未來許多年內繼續進行。中國又開始試飛MAX了。中國南方航空和海南航空都已開通航班，這對該計劃來說是個好消息，並隨著中國將存儲的 MAX 飛機出庫、再次開始接收交付並最終下達新訂單而帶來上行空間。

Boeing just announced that they're starting a fourth 737 MAX production line in Everett, which highlights their commitment to increasing rates on the MAX and that Spirit's biggest and most profitable program. And organic diversification in our Defense & Space segments and aftermarket is progressing well.

波音剛剛宣布，他們將在埃弗雷特啟動第四條 737 MAX 生產線，這凸顯了他們對提高 MAX 費率的承諾以及 Spirit 最大、最賺錢的項目。我們的國防與航天部門和售後市場的有機多元化進展順利。

We also have some good growth opportunities in commercial including freighters for Airbus and Boeing eVTOL opportunities and other machining opportunities. For 2023, our 3 primary objectives will be what we are calling the 3 Rs. First, we must realize the production rate increases across all of our programs while maintaining a safe workplace and improving quality.

我們在商業領域也有一些良好的增長機會，包括空客貨機和波音 eVTOL 機會以及其他加工機會。對於 2023 年，我們的 3 個主要目標將是我們所說的 3 R。首先，我們必須實現所有項目的生產率提高，同時保持安全的工作場所並提高質量。

Second, we have to reduce structural costs to position Spirit to be profitable and cash flow positive even if production rates do not go up as fast as currently projected. We have assigned a senior executive and team of leaders to our cost optimization project focused in 3 areas: operations, infrastructure and supply chain.

其次，我們必須降低結構性成本，以使 Spirit 能夠盈利並產生正現金流，即使生產率沒有像目前預計的那樣快速增長。我們已指派一名高級管理人員和領導團隊負責我們的成本優化項目，重點關注 3 個領域：運營、基礎設施和供應鏈。

In the infrastructure area, our target is to reduce 1,000 indirect positions from our 2023 headcount plan through a combination of reductions, attrition and closing open hiring requisitions.

在基礎設施領域，我們的目標是通過裁員、自然減員和關閉公開招聘申請相結合的方式，從我們的 2023 年員工人數計劃中減少 1,000 個間接職位。

Third, we want to reenergize our workforce so that we are ready to meet the challenges ahead as fast as we can, as we face the fastest growing rates in the history of the aviation industry.

第三，我們希望重振我們的員工隊伍，以便我們準備好盡快迎接未來的挑戰，因為我們面臨著航空業歷史上最快的增長速度。

With that, we will be happy to take your questions.

這樣，我們將很樂意回答您的問題。

(Operator Instructions)

（操作員說明）

Our first question comes from David Strauss from Barclays.

我們的第一個問題來自巴克萊銀行的 David Strauss。

Great. Free cash flow. So I guess prior to today, you were seeing better than breakeven without the pension cash gain, now you're seeing kind of better than breakeven, but including that, I guess what changed in terms of your forecast? Because it looks like now 420 on the MAX would be better than what you were talking about before, which I think was 31 a month. So if you can just help us reconcile what changed now versus your prior free cash flow guidance.

偉大的。自由現金流。所以我想在今天之前，如果沒有養老金現金收益，你會看到比收支平衡更好，現在你看到的比收支平衡要好，但包括在內，我想你的預測有什麼變化？因為看起來現在 MAX 上的 420 比你之前所說的要好，我認為是每月 31。因此，如果您能幫助我們協調現在發生的變化與您之前的自由現金流量指導。

Yes. So thanks, David. A lot of things have changed really since we made some of those forecasts. We have seen higher costs across the board in things like freight, utilities and logistics as well as labor.

是的。所以謝謝，大衛。自從我們做出其中一些預測以來，很多事情確實發生了變化。我們已經看到貨運、公用事業和物流以及勞動力等方面的成本全面上升。

In addition, as we are looking at the -- just the overall cost for production, those are going up. So we mentioned that we've, for example, hired now up to 42 aircraft per month on the MAX program. That's in advance of any rate increases to that level.

此外，正如我們所看到的——只是生產的總成本，這些成本正在上升。所以我們提到，例如，我們現在每月在 MAX 計劃中僱用多達 42 架飛機。這是在任何利率上升到該水平之前。

And the reason we did that was to prepare ourselves for higher rates in the future. That means it's a higher investment now. And so those are the types of pressures and headwinds that make us to conservatively estimate that we'll be breakeven now, including the pension benefit of $120 million to $150 million.

我們這樣做的原因是為將來更高的利率做好準備。這意味著它現在是一項更高的投資。因此，這些壓力和逆風使我們保守估計我們現在將達到收支平衡，包括 1.2 億至 1.5 億美元的養老金福利。

Mark, anything else to add?

馬克，還有什麼要補充的嗎？

David, I think Tom summarized it right, we continue to see instability in our factories. We're bringing in much higher headcount to support our 737 production. And that is going to have a negative impact on 2023 cost and cash flow. And so that is the first headwind, an investment we need to make to drive stability in the factory and meet our delivery commitments to our customer.

大衛，我認為湯姆的總結是正確的，我們繼續看到我們工廠的不穩定。我們正在引進更多的員工來支持我們的 737 生產。這將對 2023 年的成本和現金流產生負面影響。因此，這是第一個逆風，我們需要進行投資以推動工廠的穩定性並履行我們對客戶的交付承諾。

Secondly, I had mentioned some challenges in our Kinston facility, and we took an additional $60-plus million forward loss. And I had mentioned that, that recovery is going to require us to hire more people, expedite shipments and incur some additional costs to support our customer requirements and indicated that, that cash impact will be $40 million, which was not incorporated in our last overall discussion.

其次，我提到了我們金斯頓工廠面臨的一些挑戰，我們額外承擔了 60 多萬美元的遠期損失。我已經提到，恢復將需要我們僱用更多的人、加快發貨並產生一些額外的成本來支持我們的客戶需求，並表示現金影響將是 4000 萬美元，這沒有包含在我們最後的整體中討論。

And then I'll also tell you, as we think about the supply chain that we have here, I think it's going to put a little bit of pressure on our working capital. We're needing to bring in additional inventory, provide some buffers ahead of the rate breaks, probably more so than we anticipated as the stability continues here. So at this point in time, it's early in the year. We've just started. We want to make sure that we're providing you with some information that we can meet, and we'll continue to update you as we progress throughout the year.

然後我還要告訴你，當我們考慮我們在這裡的供應鏈時，我認為這會給我們的營運資金帶來一點壓力。我們需要增加庫存，在降息之前提供一些緩衝，隨著這裡的穩定持續，可能比我們預期的要多。所以在這個時間點，是年初。我們才剛剛開始。我們希望確保為您提供一些我們可以滿足的信息，並且隨著我們全年的進展，我們將繼續向您更新。

We'll take our next question from Cai von Rumohr from Cowen.

我們將從 Cowen 的 Cai von Rumohr 那裡回答下一個問題。

Yes. So the pattern of cash flow throughout the year, maybe give us some color there. Is it all 3 quarters of red ink and then 1 quarter of black ink, if you just breakeven? And then related to that, you delivered 33 737s in January. Is that a sustainable rate? Or is that just -- they were sort of pretty much done in the fourth quarter? And because the inventory bulged and now they're just getting out the door. So that's kind of tough to build so that we're not going to get a huge benefit from delivering planes in the first quarter.

是的。所以全年的現金流模式，也許會給我們一些顏色。如果您只是收支平衡，是不是先是 3 個季度的紅色墨水，然後是 1 個季度的黑色墨水？然後與此相關，您在 1 月份交付了 33 737。這是一個可持續的速度嗎？或者這只是 - 他們在第四季度幾乎完成了？而且由於庫存膨脹，現在他們才剛剛出門。所以這有點難以構建，所以我們不會從第一季度交付飛機中獲得巨大好處。

Yes. So Cai, as we said it a little bit earlier, cash flow in Q1 is going to be our toughest quarter. And then the cash flow in Q2, Q3 and Q4 should be positive. That's the pattern that we are anticipating. Normally, the Q1 is our hardest because of several onetime cash payments that happen just in the first quarter from a seasonality standpoint.

是的。所以蔡，正如我們之前所說，第一季度的現金流將是我們最艱難的季度。那麼Q2、Q3、Q4的現金流應該是正的。這就是我們期待的模式。通常情況下，第一季度是我們最困難的，因為從季節性的角度來看，第一季度發生了幾次一次性現金支付。

In terms of the production level for January, 33% is a run rate projection. As we said, we're going to produce about 420 MAX units for 2023. The plan for Q1 is about 105. So it's just basically right on schedule throughout the year. We do expect some rate breaks in the back half of the year. But the total, again, is 420 units with 105 in Q1, and we started off the year with 33 in January.

就 1 月份的生產水平而言，33% 是運行率預測。正如我們所說，我們將在 2023 年生產大約 420 台 MAX。第一季度的計劃是大約 105 台。所以它基本上符合全年的計劃。我們確實預計今年下半年會出現一些降息。但總的來說，第一季度是 420 台，其中 105 台，而我們在 1 月份以 33 台開始了這一年。

If you mentioned the one-timers in the first quarter, could you give us some color on what those are because interest basically is -- gets hit in the second and fourth quarter.

如果你在第一季度提到了一次性的，你能給我們一些顏色嗎，因為興趣基本上是——在第二和第四季度受到打擊。

Yes. Sure, Cai. I mean the first quarter always is typically from a seasonality standpoint, our worst cash flow. A lot of that has to do with shutting down production at the end of the year. And so what happens is, we start off the year, we pay bills but we go the first week or 2 without any cash receipts from all of our customers.

是的。當然，蔡。我的意思是，從季節性的角度來看，第一季度通常是我們最糟糕的現金流。這在很大程度上與年底停產有關。所以發生的事情是，我們從這一年開始，我們支付賬單，但我們在第一周或第二週沒有收到所有客戶的任何現金收入。

And so I would say that is the biggest negative as it relates to our seasonality in the first quarter. Last 7 to 10 days of the year, we don't make any deliveries. And therefore, it takes a couple of weeks for us to start delivering units and starting to get paid. And so cash receipts are always the lowest in the first quarter, but you still have 13 payment cycles in the first quarter, and therefore, that's what puts overall pressure on our cash flow.

所以我想說這是最大的負面因素，因為它與我們第一季度的季節性有關。一年中的最後 7 到 10 天，我們不進行任何交付。因此，我們需要幾週時間才能開始交付設備並開始收到付款。因此，第一季度的現金收入總是最低的，但第一季度仍然有 13 個付款週期，因此，這給我們的現金流帶來了整體壓力。

There's some incentive-related type compensated related things that get paid out in the first quarter that don't repeat. But you're correct. As it relates to the big headwinds on cash as it relates to interest is going to occur in the second and fourth quarters.

第一季度有一些與激勵相關的補償相關的東西不會重複。但你是對的。由於它與現金有關，因為它與利息有關，因此將在第二季度和第四季度出現。

We have our next question, comes from Sheila Kahyaoglu from Jefferies.

我們有下一個問題，來自 Jefferies 的 Sheila Kahyaoglu。

So I just wanted to ask us, how are you thinking about the cash burn on the 787 just given the forward losses and what the contribution is in 2023, given the target to deliver between 40 and 45 shipsets. Can you hear me?

所以我只想問我們，考慮到交付 40 到 45 架飛機的目標，考慮到遠期損失以及 2023 年的貢獻，您如何看待 787 的現金消耗。你能聽到我嗎？

Yes.

是的。

We can hear you, Sheila.

我們能聽到你的聲音，希拉。

Okay. You heard the question...

好的。你聽到了這個問題...

Yes. Yes. 787 is cash burn. 787 right now still continues to burn cash on a per unit basis. Part of it is related to Boeing advance from several years ago that we send with each shipset. So it's about $450,000 per unit. And then on top of that, as I mentioned, with this new fit and finish, the set of requirements in the build process, is resulting in some more hours, which is creating some further drag in terms of the overall 787 program.

是的。是的。 787是燒錢。 787 現在仍在繼續按單位燒錢。其中一部分與幾年前我們隨每艘船發送的波音公司的進展有關。所以它大約是每台 450,000 美元。然後最重要的是，正如我所提到的，隨著這種新的裝配和完成，構建過程中的一系列要求導致了更多的時間，這對整個 787 項目造成了一些進一步的拖累。

We've reflected that in the forward loss that we announced in this quarter. But the 787 does continue to be a challenging program. We do have a price step-up at line unit 1405, where we go up to a higher price with Boeing. But until then, the program is going to continue to be negative as we continue to work our cost reduction programs.

我們在本季度宣布的遠期虧損中反映了這一點。但 787 確實仍然是一個具有挑戰性的項目。我們確實在 1405 號線單元提高了價格，我們在那裡與波音公司一起提高了價格。但在那之前，隨著我們繼續實施成本削減計劃，該計劃將繼續產生負面影響。

Sheila, I would just add, I think you're going here. If you think about -- as Tom said, we're in a forward loss. So everybody understands that our costs are higher than the price and 787 consumes cash. So when you think about 2022, for most of the year, for a big portion of the year, production was stopped. And so we were incurring costs at the end of the day, you couldn't completely shut down the place, you still had to pay bills and some of the employees. So our cost per unit at the lower production in 2022 was significantly higher.

Sheila，我想補充一點，我想你會來這裡。如果你想一想——正如湯姆所說，我們正處於虧損狀態。所以大家都明白，我們的成本高於價格，787是耗現金的。所以當你想到 2022 年時，在一年中的大部分時間裡，在一年中的大部分時間裡，生產都停止了。所以我們在一天結束時產生了成本，你不能完全關閉這個地方，你仍然需要支付賬單和一些員工。因此，我們在 2022 年產量較低時的單位成本要高得多。

As we move into 2023, we are going to double production, which will help from a fixed cost standpoint and help reduce our cost per unit. And so when we think about cash flow, the consumption that we had in '22 versus '23, typically, as you build more units, that would put more pressure on your cash flow year-over-year. But with the doubling of production, when we think about the cash consumption in '22 on 787, how much cash we consumed at delivering 20 units versus how much cash we're going to consume at 45 units, I would say there's a little bit of pressure on cash flow in '23 compared to 2022, but that's how things shape up. We're going to bring the cost per unit down. Production starts back up. We're still losing money on it. Just a little less than what we lost in 2022. If that helps provide a little bit more clarity.

隨著我們進入 2023 年，我們將把產量翻一番，從固定成本的角度來看，這將有助於降低我們的單位成本。因此，當我們考慮現金流時，我們在 22 年與 23 年的消費，通常，隨著您建造更多的單位，這會給您的現金流帶來更大的同比壓力。但是隨著產量的翻倍，當我們考慮 22 年 787 年的現金消耗時，交付 20 台時消耗的現金與交付 45 台時消耗的現金相比，我會說有一點點與 2022 年相比，23 年的現金流壓力更大，但事情就是這樣形成的。我們將降低單位成本。生產開始恢復。我們仍然在賠錢。只比我們在 2022 年失去的少一點。如果這有助於提供更多的清晰度。

Our next question comes from Ken Herbert from RBC.

我們的下一個問題來自 RBC 的 Ken Herbert。

Mark or Tom, I just wanted to see if you could clarify. It sounds like on a per unit basis on the 737, you talked in the past about breakeven at 31 a month, looks like that number is just creeping up with obviously the incremental cost around staffing and supply chain disruptions. Can you level set us now on how we should think about that for the 737, maybe sort of where we are today and where you expect it to be at the end of the year?

馬克或湯姆，我只是想看看你能否澄清一下。這聽起來像是在 737 上以每單位為基礎，你過去曾談到過每月 31 次盈虧平衡，看起來這個數字只是隨著人員配備和供應鏈中斷的增量成本而緩慢上升。您現在能否讓我們了解我們應該如何考慮 737 的問題，也許是我們今天所處的位置以及您期望它在今年年底的位置？

Well, can I think -- it is true that we are seeing higher levels of cost on the 737 program right now, in particular, because we've overstaffed it to get ready for higher rate breaks. And we've also seen some increases in cost in things like utilities and logistics and even some labor costs as well as supply chain.

好吧，我能不能想——我們現在確實看到 737 項目的成本水平更高，特別是因為我們已經超員以準備迎接更高的利率中斷。我們還看到公用事業和物流等方面的成本有所增加，甚至還有一些勞動力成本和供應鏈。

So we said that in the past that once we got to 31 aircraft per month, that would be breakeven. This year, we're going to -- basically, we started the year off at 31%, and we're going to continue. We have a couple of rate breaks later in the year, and we're saying that we're going to be breakeven. So we do have some additional units in this year, but we'll see how everything flows out in terms of how much better we can do.

所以我們過去說，一旦我們達到每月 31 架飛機，那就是收支平衡。今年，我們將 - 基本上，我們以 31% 的速度開始了這一年，我們將繼續。我們在今年晚些時候有幾次降息，我們說我們將實現收支平衡。所以今年我們確實有一些額外的單位，但我們會看到一切都在我們能做得更好的方面如何發展。

But I would say that we said that 31 aircraft per month, we get back to breakeven. This year, we're going to be consistently at 31 aircraft per month plus some at the back end of the year, and we will be breakeven. All that said, as I said, there are some higher costs, no doubt about it in the system, which is putting pressure and we're working to offset those. What will help, though, is as we continue to go up in rate, we'll absorb more of the fixed cost, and we will naturally improve the margin as the rate goes up.

但我要說的是，我們說每月 31 架飛機，我們回到了盈虧平衡點。今年，我們將始終保持每月 31 架飛機的水平，年底還會增加一些飛機，我們將實現收支平衡。綜上所述，正如我所說，系統中存在一些更高的成本，毫無疑問，這正在施加壓力，我們正在努力抵消這些成本。不過，有幫助的是，隨著我們繼續提高利率，我們將吸收更多的固定成本，隨著利率的上升，我們自然會提高利潤率。

Yes, Ken, I would just say that the single biggest driver and the difference between being breakeven and the situation we're in now is the instability in the factory. Once we get to stable, we get the out-of-sequence work built down and behind schedule within the control limits will be right back to our previous expectations of being breakeven at 31, but there's a lot of cost at this point in time, an investment that we're making to drive the instability down in the factory to get the factory back within its control limits.

是的，肯，我只想說，最大的單一驅動因素以及盈虧平衡與我們現在所處情況之間的區別是工廠的不穩定。一旦我們穩定下來，我們就會把亂序的工作建立起來，在控制範圍內落後於計劃，這將回到我們之前的預期，即在 31 點實現收支平衡，但此時成本很高，我們正在進行的一項投資，旨在降低工廠的不穩定因素，使工廠恢復到其控制範圍內。

And that's why we're making the investment now here in the first quarter to get that cost down so that we're in a good position to generate positive cash flow going forward and to make sure that we're more than well prepared for the next breaks that happened in the back half of the year, right?

這就是為什麼我們現在在第一季度在這裡進行投資以降低成本，以便我們能夠在未來產生正現金流並確保我們為下半年發生的下一次休息，對嗎？

So the headcount we're investing in right now is to make us capable of 42 and that's where we expect to end the year. So by having those individuals in place now, they've got their training, they get experience on the job, and we'll be ready for those breaks as they happen.

所以我們現在投資的員工人數是讓我們有能力擁有 42 名員工，這就是我們預計今年年底的人數。因此，現在讓這些人到位，他們已經接受了培訓，獲得了工作經驗，我們將為這些休息時間做好準備。

Great. Just one quick follow-up. Is the instability in the factory. It sounds like it's predominantly rate related to just the surge in hiring you're having to do to support rate down the road. But are you still seeing issues with supplier disruption and delays? Or is it predominantly just labor and the ramp-up and training associated with that?

偉大的。只是一個快速跟進。是工廠的不穩定性。聽起來這主要與您為支持未來的利率而必須做的招聘激增有關。但是您是否仍然看到供應商中斷和延誤的問題？還是主要只是勞動力以及與之相關的提升和培訓？

No, it's both, Ken. Certainly, bringing all the new labor on and getting them trained is a factor, and we have seen higher levels of attrition. And it just -- it takes time for people to get up to the levels of productivity that we were at back in 2018 and 2019.

不，兩者都是，肯。當然，引入所有新勞動力並讓他們接受培訓是一個因素，我們已經看到更高程度的流失。它只是 - 人們需要時間才能達到我們在 2018 年和 2019 年的生產力水平。

They're getting there. It's just taking some time. But there's no doubt that there's also still supply chain disruption. We're seeing shortages probably 2 or 3x higher than when the factory is in steady state. And when you have those kind of supply chain shortages, it creates traveled work, it creates disruption in the factory, it exacerbates all the other issues.

他們到了那裡。這只是需要一些時間。但毫無疑問，供應鏈中斷仍然存在。我們看到短缺可能比工廠處於穩定狀態時高出 2 或 3 倍。當你遇到這種供應鏈短缺時，它會造成出差工作，造成工廠中斷，並加劇所有其他問題。

So it really is both things. It's the labor, but it's also the supply chain shortages. I would say though that the supply chain situation is under better control than we were last year. There are still challenges, but it's definitely improving. We can see that, but we just got to stay laser focused on it.

所以這真的是兩件事。這是勞動力，但也是供應鏈短缺。我想說的是，供應鏈情況比去年更好地控制了。挑戰仍然存在，但它肯定在改善。我們可以看到這一點，但我們只需要保持激光專注於它。

We have our next question comes from Seth Seifman from JPMorgan.

我們的下一個問題來自摩根大通的 Seth Seifman。

Tom, I was wondering if you could talk a little bit about the guidance for 737 this year, the deliveries in the past, there have been plans for rate breaks later in the year that haven't really materialized, and that's left you guys in a tougher position in terms of kind of what you've told the investor community. So can you talk a little bit about your level of confidence in the rate breaks for later this year versus in the past?

湯姆，我想知道你是否可以談談今年 737 的指導，過去的交付，今年晚些時候有降息計劃，但尚未真正實現，這讓你們陷入困境就您告訴投資者社區的內容而言，立場更為強硬。那麼，您能否談談您對今年晚些時候與過去相比降息的信心程度？

Well, you're right, the schedules have been more volatile over the past couple of years, but we've worked very closely with our customer Boeing in this case, to establish what the production rates are going to be for 2023. And they've been very firm and committed to saying that that's what they will take from us. And by now, their own production rates may vary, but we know fairly well at this point that will deliver in the 420 units and that Boeing is committed to take those.

好吧，你是對的，在過去的幾年裡，時間表更加不穩定，但在這種情況下，我們與我們的客戶波音公司密切合作，以確定 2023 年的生產率。他們一直非常堅定並承諾說這就是他們將從我們這裡拿走的東西。到現在為止，他們自己的生產率可能會有所不同，但我們現在非常清楚他們將交付 420 架飛機，而且波音公司承諾接受這些飛機。

And that's going to involve 2 rate breaks later in the year to achieve it. But we're staffing for it now so that we can make it. So I would say there has been more volatility, but we're further along in the process post pandemic. And we do expect, with a fairly high degree of certainty at this point, that the projections that we have right now for the 420 units is what we'll deliver this year.

為了實現這一目標，今年晚些時候將涉及兩次降息。但我們現在正在為它配備人員，以便我們能夠做到。所以我想說波動更大，但我們在大流行後的進程中走得更遠。我們確實預計，在這一點上相當確定的是，我們現在對 420 台的預測是我們今年將交付的。

We have next question comes from George Shapiro from Shapiro Research.

我們的下一個問題來自 Shapiro Research 的 George Shapiro。

Inventory was up $80 million in the fourth quarter from the third. Is that all pretty much due to the 19 37 deliveries that we missed?

第四季度庫存比第三季度增加了 8000 萬美元。這幾乎是由於我們錯過了 19 37 次交付嗎？

George, as always, you're very -- you're intuitive as it relates to the numbers, you know our numbers very well. I would say, for the most part, we had expected to make those deliveries and burn that inventory down. We brought the parts in to support 300 shipsets on the 737. A lot of them are pretty well down the road by the end of the year, but we just -- with the disruption and some shortages, we just couldn't push those out the door.

George，一如既往，你非常 - 你在與數字相關時非常直覺，你非常了解我們的數字。我想說的是，在大多數情況下，我們曾期望完成這些交付並消耗掉庫存。我們帶來了零件來支持 737 上的 300 艘船。到今年年底，他們中的很多人都在路上，但我們只是 - 由於中斷和一些短缺，我們無法將它們推出門。

So the biggest driver to that growth in inventory between the third and fourth quarter was due to the fact that we didn't make those additional 20 deliveries by the end of the year.

因此，第三季度和第四季度之間庫存增長的最大驅動力是我們沒有在年底前交付額外的 20 輛。

Okay. And a follow-up, Mark, given the negative cum catches on the 320 in the 737, how much -- does that start to impact what you've said in the past that at 42 rate, you'd be able to get back to the 16% margins that you made in 2018?

好的。馬克，考慮到 737 中 320 的負兼捕獲量，後續行動會影響多少 - 這是否開始影響你過去所說的，以 42 的比率，你能夠回來到 2018 年 16% 的利潤率？

I would say this, George, and we've talked about it the last couple of calls and in some of the earnings or some of the conferences that we've gone to. The 16.5% was a good proxy back in 2016. But I would tell you today, in 2023, when you think about the macroeconomic environment, when you think about the inflationary pressures overall from a cost standpoint, we're going to have to evaluate that at this point in time, I think that all of those things that I just talked about are going to put pressure on our ability to achieve the 16.5% margin. We're not backing off our goals to improve our segment margins and get back to the types of cash flow that you saw in 2019 and 2018.

我會這麼說，喬治，我們在過去的幾個電話中以及在我們參加的一些收益或一些會議中討論過這個問題。 16.5% 在 2016 年是一個很好的代表。但我今天要告訴你，在 2023 年，當你考慮宏觀經濟環境時，當你從成本的角度考慮整體通脹壓力時，我們將不得不評估在這個時候，我認為我剛才談到的所有這些事情都會對我們實現 16.5% 利潤率的能力施加壓力。我們並沒有放棄提高分部利潤率並恢復到您在 2019 年和 2018 年看到的現金流類型的目標。

But there are a lot of things that are outside of our control at this point in time that are putting pressure on overall margins. We know that our pricing is fixed with our customer. And so the way we have to drive those margins is to manage our costs and take advantage of the higher production rates in front of us. But we'll continue to -- as we move throughout the year, we tackle these higher production rates. First things first, we've got to get our factories stable, we've got to get ourselves to cash flow positive. And that's what we're really focused on here in 2023 and then improving on that as we move into 2024.

但目前有很多事情是我們無法控制的，這給整體利潤率帶來了壓力。我們知道我們的定價是由我們的客戶決定的。因此，我們必須推動這些利潤的方式是管理我們的成本並利用我們面前更高的生產率。但我們將繼續——隨著我們全年的行動，我們將解決這些更高的生產率問題。首先，我們必須讓我們的工廠穩定下來，我們必須讓自己的現金流為正。這就是我們在 2023 年真正關注的重點，然後在我們進入 2024 年時對此進行改進。

And we'll dialogue with you guys every call on our progress to those plans. But at this point in time, there's a lot that has taken place between when we had those conversations now. But our goals are continuing to stretch ourselves to improve our overall profitability and make sure that we're providing great value to our investors.

我們將在每次通話中與你們對話，了解我們在這些計劃方面的進展。但此時此刻，從我們現在進行這些對話到現在發生了很多事情。但我們的目標是繼續努力提高我們的整體盈利能力，並確保我們為投資者提供巨大的價值。

We have our next question comes from Kristine Liwag from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Kristine Liwag。

On the 420 737 MAX production this year, can you guys talk about how you think about the inventory burn down that Boeing already had? Is that factored in? So could we see true production rate and final assembly be higher than the 420 for the year that you have?

關於今年的420 737 MAX生產，你們能談談你們如何看待波音已經消耗的庫存嗎？這是考慮因素嗎？那麼我們能否看到真正的生產率和最終組裝高於您當年的 420？

Right. Well, we have taken into account the inventory and the buffers. The 420 is what we will produce and deliver to Boeing and get paid for. Now we still have roughly 90 units or so in buffer in Wichita. Those will continue to get burned down over time. But in the meantime, they also provide a cushion to the production system as rates go up. And honestly, it's quite a useful thing to have that buffer in place. Over the next 2 years, that buffer will get smaller at different times as Boeing's production rate exceeds Spirit's. But for right now, that buffer is in place and it's serving a very useful purpose to cushion the production system.

正確的。好吧，我們已經考慮了庫存和緩衝區。 420 是我們將生產並交付給波音公司並獲得報酬的產品。現在我們在威奇托仍有大約 90 個單位左右的緩衝區。隨著時間的推移，這些將繼續被燒毀。但與此同時，隨著利率上升，它們也為生產系統提供了緩衝。老實說，擁有該緩衝區是一件非常有用的事情。在接下來的 2 年裡，隨著波音的生產率超過 Spirit，該緩衝區將在不同時間變小。但就目前而言，該緩衝區已經到位，並且它在緩衝生產系統方面發揮著非常有用的作用。

And Kristine, I would just add. For clarity and what we're focused on is the 420, it's about 20 units that we didn't deliver in 2022 will carry over. And so we're planning on new production of 400 units. And that's what we expect to put and ship in place and to be paid for. What Boeing delivers to their customers is we have no purview, that's on the Boeing side. We're just trying to communicate to you what contract schedules we have and what we expect to produce internally and what we expect to ship the Boeing and to get paid for.

克里斯汀，我想補充一下。為了清楚起見，我們關注的是 420，我們在 2022 年未交付的大約 20 個單位將繼續使用。因此，我們計劃新生產 400 台。這就是我們期望放置和運送到位並支付的東西。波音向他們的客戶提供的是我們沒有權限，這是在波音方面。我們只是想與您溝通我們有哪些合同時間表，我們希望在內部生產什麼，以及我們希望運送波音飛機並獲得報酬。

And so again, I think you have to separate our production from what Boeing delivers because they have a production line, they have stored units. And we can't really opine on what Boeing is going to deliver to the customers. What we do know is we have contractual commitments to deliver to our customer, and that's what our production rates are...

因此，我認為您必須將我們的生產與波音公司交付的產品分開，因為他們有一條生產線，他們有存儲單元。我們真的不能對波音公司將向客戶提供什麼發表意見。我們所知道的是我們有向客戶交付的合同承諾，這就是我們的生產率......

Yes. And just to clarify, the production for the year is going to be 420 units, which includes 20 that carried over from last year. So total units production this year and deliveries to Boeing is 420.

是的。澄清一下，今年的產量將為 420 輛，其中包括去年結轉的 20 輛。所以今年的總產量和交付給波音的是 420 架。

If I could do a follow-up question on margins. So I mean before it was 30 per month, it's breakeven, now with your guide for 420 per year, if we just average that, that's 35 per month for breakeven. I mean when we get out to 42, how should we think about the margin progression? And also for when you get to the mid-40s, I mean it sounded like you guys are walking back to 16.5% segment margin. So can you give us an idea of the magnitude of change and where margins could be when you get to that mid-40s rate and stable there?

如果我可以做一個關於利潤率的後續問題。所以我的意思是，在它是每月 30 美元之前，它是盈虧平衡的，現在你的指南是每年 420 美元，如果我們只是平均的話，那是每月 35 美元的盈虧平衡。我的意思是當我們達到 42 時，我們應該如何考慮保證金的進展？而且當你到了 40 多歲時，我的意思是聽起來你們正在回到 16.5% 的細分市場利潤率。那麼，您能否告訴我們變化的幅度以及當您達到 40 年代中期並穩定在那裡時利潤率可能在哪裡？

Yes. Well, what I would say is as production rates increase, margins will improve. We've certainly seen a lot of headwinds in terms of labor costs, inflation in utilities and freight and logistics and other things in terms of supply chain. And as the production rates increase, the margins will improve. Now at this point, there's been so much change in volatility is we're not making projections in terms of where we'll be at specific times, but they will certainly improve as the production rates increase.

是的。好吧，我想說的是，隨著生產率的提高，利潤率將會提高。在勞動力成本、公用事業、貨運和物流以及供應鏈方面的其他方面，我們確實看到了很多不利因素。隨著生產率的提高，利潤率也會提高。現在在這一點上，波動性發生了很大變化，我們沒有根據特定時間的位置做出預測，但隨著生產率的提高，它們肯定會有所改善。

We have our next question comes from Myles Walton from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Myles Walton。

You have [Louis] adding on for Myles. Just a couple of quick cleanups here. Can you guys size the inventory charge in aftermarket in the fourth quarter? .

你有 [Louis] 加入 Myles。這裡只是幾個快速清理。你們能確定第四季度售後市場的庫存費用嗎？ .

I'm sorry, could you repeat that?

對不起，你能再重複一遍嗎？

Sorry, can you size the inventory charge in the fourth quarter and aftermarket?

抱歉，您能否確定第四季度和售後市場的庫存費用？

Inventory charge.

庫存費用。

Sure. It was small. It was -- we had some excess and obsolete inventory that we had to dispose of in the fourth quarter. It was a couple of million dollars, $2 million, $3 million. If you think about aftermarket, it's $360 million of revenue. We did about $73 million in the fourth quarter. So $2 million or $3 million could have a pretty big impact on the overall profitability. That probably -- excluding that inventory reduction or charge that we took, aftermarket margins would have been in excess of 20%.

當然。它很小。它是 - 我們有一些過剩和過時的庫存，我們必須在第四季度處理這些庫存。這是幾百萬美元，兩百萬美元，三百萬美元。如果你考慮售後市場，它的收入為 3.6 億美元。我們在第四季度做了大約 7300 萬美元。因此，200 萬或 300 萬美元可能會對整體盈利能力產生相當大的影響。這可能 - 不包括我們採取的庫存減少或費用，售後市場利潤率將超過 20%。

All right. Great. And then just you mentioned there's going to be a pension charge in the first quarter, any way to guess size that as well? .

好的。偉大的。然後你剛剛提到第一季度將收取養老金費用，還有什麼方法可以猜測它的大小嗎？ .

At this point in time, we're finalizing that with our actuaries. We're probably thinking somewhere between $70 million and $100 million, but we're working through the final impacts of that. Again, that is the noncash component of it. And then we'll also have some tax and excise that we'll have to deal with as part of that closure.

此時此刻，我們正在與我們的精算師一起敲定這一點。我們可能在考慮 7000 萬到 1 億美元之間的某個地方，但我們正在研究它的最終影響。同樣，這是它的非現金部分。然後我們還會有一些稅收和消費稅，作為關閉的一部分，我們必須處理這些稅收和消費稅。

Okay. Great. And then just last one, I guess with all the talk about the cash impact and the margins going forward, I believe you guys have an IAM agreement that expires in June. How, if at all, are you taking that into account for the guidance for this year? And just how do we think about that going forward, given potential cost increases on that.

好的。偉大的。最後一個，我想所有關於現金影響和未來利潤率的討論，我相信你們有一個 IAM 協議，該協議將於 6 月到期。如果有的話，您如何在今年的指導中考慮到這一點？考慮到潛在的成本增加，我們如何看待未來的發展。

Right. Well, our IAM agreement does expire on June 23. And we have taken into account any potential impact in our projections that we've provided today. So -- we naturally have seen several other agreements that the IAM has concluded with Boeing in St. Louis with Lockheed; with Pratt & Whitney; ULA and so forth. So we've taken into account that potential impact in our projections today.

正確的。那麼，我們的 IAM 協議確實將於 6 月 23 日到期。我們已經考慮了我們今天提供的預測中的任何潛在影響。所以——我們自然而然地看到了 IAM 與洛克希德公司在聖路易斯與波音公司達成的其他幾項協議；與普惠公司合作； ULA 等等。因此，我們在今天的預測中考慮了這種潛在影響。

We have our next question comes from Michael Ciarmoli from Truist Securities.

我們的下一個問題來自 Truist Securities 的 Michael Ciarmoli。

So I guess just thinking about the production versus deliveries. It sounds like at 400, the implied rate is 33, but I thought you said there were going to be potentially 2 rate breaks. It doesn't really imply too much of a step function increase in production. I mean, is that how we should look at that? Or are you guys anticipating higher monthly production rates in the second half of the year?

所以我想只是考慮生產與交付。聽起來像是 400，隱含利率是 33，但我想你說過可能會有 2 次利率中斷。它並不真的意味著產量的階躍函數增加太多。我的意思是，我們應該如何看待它？或者你們是否期待下半年更高的月生產率？

Well, the production rates will go up in the second half of the year. So we'll have a break to 38, and then we'll have a break to 42. And we've taken that into account in the terms of the total number that we're going to produce this year is 420. But that's -- we'll have a production rate break. We'll go to 38 in August and 42 in October. That's the plan. And when you add it out, and I think it's important always to focus not on the rates, but on the total numbers of deliveries. The rate break is what you're cycling at, at any given point, but what really matters, obviously, is the total number of deliveries in a period.

那麼，生產率將在今年下半年上升。所以我們會突破到 38，然後我們會突破到 42。我們已經考慮到今年我們要生產的總數是 420。但那是- 我們將暫停生產率。我們將在 8 月達到 38，在 10 月達到 42。這就是計劃。當你把它加起來時，我認為重要的是始終不要關注費率，而是關注交付總數。速率中斷是您在任何給定時間點騎自行車的時間，但顯然，真正重要的是一段時間內的交付總數。

Michael, I would just add that the second rate break happens very late in the year. And so there is some investment in capital -- Working capital that we'll have, but that rate break has very little impact on deliveries. The benefit of deliveries will really mostly take effect in 2024.

邁克爾，我只想補充一點，第二次降息發生在今年很晚的時候。因此，有一些資本投資——我們將擁有營運資金，但利率下降對交付的影響很小。交付的好處實際上將主要在 2024 年生效。

Got it. That makes sense. And then just another one. I mean, do you guys have any opportunities to renegotiate these contracts? I mean we keep hearing most of the suppliers out there passing through cost, getting price increases. I mean, you guys seem to be structurally stuck here as a price taker. I mean you mentioned the 787 pricing at that line unit 1405. I mean, is there anything on the 37 with new blocks? Or are you just here for the long haul at these prices or with these contracts?

知道了。這就說得通了。然後只是另一個。我的意思是，你們有機會重新談判這些合同嗎？我的意思是我們不斷聽到大多數供應商通過成本轉嫁，價格上漲。我的意思是，你們似乎在結構上被困在這裡作為價格接受者。我的意思是你提到了 1405 線路單元的 787 定價。我的意思是，37 上有沒有新塊的東西？或者你只是以這些價格或這些合同長期在這裡？

Well, we're always in discussions with our customers about the current market environment and the pressures that we're facing. The 737 contract, the pricing on that is set all the way out to 2033. And it's indexed to rate as we've said in the past. But on all the programs, we're always in constant discussions with all of our customers in terms of the current market conditions.

好吧，我們一直在與客戶討論當前的市場環境和我們面臨的壓力。 737 合同的定價一直設定到 2033 年。正如我們過去所說的那樣，它與費率掛鉤。但是在所有的項目中，我們總是就當前的市場狀況與我們所有的客戶進行不斷的討論。

We have our next question, comes from Noah Poponak from Goldman Sachs.

我們有下一個問題，來自高盛的 Noah Poponak。

Just going to stay on that MAX discussion. Just want to confirm, what you're saying is there are rate breaks going on in the system on the MAX to that 38 and that 42, but one, because you're doing them late in the year; and then two, you kind of get your system there, you break there before you're actually sustainably delivering there that those don't really generate a significant amount of units for you this year? Is that correct?

只是繼續討論 MAX。只是想確認一下，你所說的是 MAX 的系統中有 38 和 42 的利率中斷，但是有一個，因為你在今年晚些時候這樣做；然後兩個，你有點讓你的系統在那裡，你在你真正可持續地交付之前打破那裡，那些今年並沒有真正為你產生大量的單位？那是對的嗎？

In particular, the 42 a month it happens way late in the year, that is correct.

特別是，它發生在今年晚些時候的每月 42 次，這是正確的。

Okay. But should we then think about 2024, shipments as running off of that underlying 42 rate?

好的。但是我們是否應該考慮到 2024 年，出貨量將超過 42 的基本匯率？

Yes. we'll end the year at 42, and we'd expect to continue at that rate throughout 2024.

是的。我們將以 42 的速度結束這一年，並且我們希望在整個 2024 年繼續保持這一速度。

Okay. And I mean, I know there's always a little bit of a interesting or difficult. I don't know the right word, but a dynamic of, you don't want to get ahead of Boeing, but you physically produce ahead of Boeing and Boeing wants to be conservative and cautious and everybody still trying to figure out the health of the supply chain. But I guess I'll just ask it anyway. I mean, how do I foot what you're saying there on MAX rate breaks and when they occur compared to the latest from Boeing is sort of there's still a scenario that they're at 31 a month through this entire year. And if supply chain is a little better, maybe they can break into the high 30s sometime in the back half of the year?

好的。我的意思是，我知道總會有一點有趣或困難。我不知道正確的詞，但動態的是，你不想領先於波音，但你在實際生產上領先於波音，而波音想要保守和謹慎，每個人都在努力弄清楚它的健康狀況供應鏈。但我想我還是會問的。我的意思是，我如何支持你所說的 MAX 費率中斷以及它們何時發生與波音公司的最新情況相比，仍然有一種情況是他們在整個一年中每月 31 次。如果供應鏈好一點，也許他們可以在今年下半年的某個時候突破 30 多歲？

Right. Well, what we've given you is the production schedule that we have from our customer. What they determine is their production rate and how they communicate -- you'll have to talk to them. But what we wanted to do here is give you what we have -- I mean these schedules have to be put in place for us long in advance. And that's a schedule that we have right now is to produce 420 units and to have 2 rate breaks in the back half of the year. So we just wanted to give you clarity and transparency into what our production schedule is.

正確的。嗯，我們給你的是我們從客戶那裡得到的生產計劃。他們決定的是他們的生產率和他們的溝通方式——你必須和他們談談。但我們想在這裡做的是給你我們所擁有的——我的意思是這些時間表必須提前很長時間為我們準備好。我們現在的時間表是生產 420 台，並在今年下半年有 2 次降息。因此，我們只是想讓您清楚和透明地了解我們的生產計劃。

No, I would also think of it this way. Boeing has said by in '25, they're going to go to 52 aircraft per month. So that's -- we're getting close to 18 months away from that time frame. So at some point in time, in order to hit 52 aircraft per month, there's going to have to be rate breaks. All of that can happen in 2024. So again, I think, again, what Boeing is saying they're delivering to their customers, that's what they do.

不，我也會這樣想。波音公司表示，到 25 年，他們將達到每月 52 架飛機。這就是 - 我們離那個時間框架已經接近 18 個月了。所以在某個時間點，為了達到每月 52 架飛機的數量，就必須降低費率。所有這一切都可能在 2024 年發生。因此，我再次認為，波音公司所說的他們正在向客戶交付的東西，就是他們所做的。

We're focused on what do we have to do to meet our contractual commitments to deliver to Boeing and what they pull from us is their decision at this point in time. But again, Tom talked about 2 rate breaks. One of them will help us get to the 420 deliveries this year, the other one will bring people in and working capital, but the real benefit from a delivery standpoint really doesn't take place until 2024.

我們專注於我們必須做些什麼來履行我們向波音公司交付的合同承諾，而他們從我們這裡得到的是他們此時的決定。但湯姆再次談到了 2 次降息。其中一個將幫助我們實現今年的 420 次交付，另一個將帶來人員和營運資金，但從交付的角度來看，真正的好處要到 2024 年才會出現。

Okay. And maybe just one more on the topic. Is supply chain actually better? Are the bottlenecks coming to you, coming to Boeing saying, "Hey, we're now ready to go?" Or is it you and Boeing and those that aren't bottlenecks are saying, let's just start gunning for it and that will help pull the bottlenecks along?

好的。也許還有一個關於這個話題的。供應鏈真的更好嗎？瓶頸是不是來到你身邊，來到波音公司說，“嘿，我們現在準備好了？”或者是您和波音以及那些不是瓶頸的人在說，讓我們開始努力吧，這將有助於解決瓶頸問題？

Yes. No, the supply chain is better. The way I would measure it is just shortages, part shortages. And our shortages are still elevated, as I said, 2 or 3x higher than what they would be at steady state, but they're less than half of what they were at some point in 2022. So we've definitely seen improvement in the supply chain.

是的。不，供應鏈更好。我衡量它的方式只是短缺，部分短缺。正如我所說，我們的短缺仍在加劇，比穩定狀態高出 2 或 3 倍，但還不到 2022 年某個時候的一半。所以我們肯定看到了改善供應鏈。

Now that said, there's always about a dozen suppliers that are in deep distress that we're having to work with. And often, by the way, we're working closely with Boeing on those suppliers.

話雖如此，總有大約十幾個供應商深陷困境，我們不得不與之合作。順便說一句，我們經常與波音公司就這些供應商展開密切合作。

We actually have right now about 70 people out in the field, Spirit People as well as contractors, working with individual suppliers on the rate deliveries. And in addition to that, we are working on bringing some work in. We have our fab unit, which can help cover, and we also move work to other suppliers that have capacity to level load the system. But the shortages are still higher than they should be, but they're less than half of what they were. And so that's why I can say there's been some improvement in the supply chain.

事實上，我們現在大約有 70 人在外地工作，包括 Spirit People 和承包商，他們與各個供應商合作制定交貨率。除此之外，我們正在努力引入一些工作。我們擁有可以幫助覆蓋的晶圓廠，我們還將工作轉移到其他有能力對系統進行負載均衡的供應商。但短缺仍然高於應有的水平，但還不到過去的一半。這就是為什麼我可以說供應鏈有所改善的原因。

We have our next question from Peter Arment from Baird.

我們有來自 Baird 的 Peter Arment 的下一個問題。

Tom, just quickly, just on the rate breaks going to 38 and then eventually 42, historically, we've always kind of understood that kind of they've done a little more methodically kind of at least 6-month increments. It seems like August and October pretty close. Just maybe if you want to highlight how you're thinking about that or whether I'm wrong in my assumption on those rate break increments.

湯姆，很快，就利率下降到 38，然後最終下降到 42，從歷史上看，我們總是有點理解他們已經有條不紊地做了至少 6 個月的增量。八月和十月似乎很接近。也許如果你想強調你是如何考慮的，或者我對這些利率中斷增量的假設是否錯誤。

No, you're right. it's closer than we -- Yes. Thanks, Peter. It is closer than we would normally do. But that's why we've made the investment now in getting up to the 42 headcount so that we can practice cycling there essentially all year, that will help us do the 38 break in August and then to go to 42 in October. So it's a little closer, but because we have the 42 heads now which is well in advance of when we would normally have them, we were confident that we could do that, and we discussed it in a lot of detail with Boeing, and we both agreed that, that was the right plan.

不，你是對的。它比我們更近——是的。謝謝，彼得。它比我們通常做的更近。但這就是為什麼我們現在投資增加到 42 人，這樣我們基本上全年都可以在那裡練習騎自行車，這將幫助我們在 8 月完成 38 次休息，然後在 10 月達到 42 人。所以它更近了一點，但是因為我們現在有 42 個頭，比我們通常擁有它們的時間提前了很多，我們有信心我們可以做到這一點，我們與波音公司進行了很多詳細的討論，我們雙方都同意，這是正確的計劃。

We have no further questions on the line. Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.

我們沒有其他問題了。女士們，先生們，今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。