Spirit AeroSystems Holdings Inc (SPR) 2023 Q3 法說會逐字稿

Good morning, everyone, and welcome to the Spirit AeroSystems Holdings, Inc. Third Quarter 2023 Earnings Conference Call. My name is Seb, and I'll be the coordinator today. (Operator Instructions) I would now like to turn the presentation over to Ryan Avey, Senior Director of Investor Relations and FP&A. Please proceed.

大家早安，歡迎參加 Spirit AeroSystems Holdings, Inc. 2023 年第三季財報電話會議。我叫 Seb，今天我將擔任協調員。 （操作員說明）我現在想將簡報交給投資者關係和 FP&A 高級總監 Ryan Avey。請繼續。

Thank you, Seb, and good morning, everyone. I'm Ryan Avey. With me today are Spirit's President and Chief Executive Officer, Pat Shanahan; and Senior Vice President and Chief Financial Officer, Mark Suchinski.

謝謝你，Seb，大家早安。我是瑞安·艾維。今天與我在一起的有 Spirit 總裁兼執行長 Pat Shanahan；資深副總裁兼財務長馬克‧蘇欽斯基 (Mark Suchinski)。

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 in the forward-looking statement at the end of this web presentation.

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，包括我們的收益報告、美國證券交易委員會文件以及年底的前瞻性聲明中詳細說明的風險。這個網路演示。

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.

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公認會計準則衡量標準的揭露和調節。

With that, I'd like to turn the call over to our Chief Executive Officer, Pat Shanahan.

我想將電話轉給我們的執行長 Pat Shanahan。

Great. Thank you, Ryan, and good morning, everyone. Welcome to Spirit's Third Quarter Earnings Call. It is a privilege to be here with you today representing Spirit AeroSystems and our global team. I want to thank the Board for entrusting me with this responsibility while we search for a permanent CEO. On behalf of the entire Board, we thank Tom Gentile for 7 years of dedication and service with Spirit.

偉大的。謝謝瑞安，大家早安。歡迎參加 Spirit 第三季財報電話會議。今天很榮幸能夠代表 Spirit AeroSystems 和我們的全球團隊與大家共聚一堂。我要感謝董事會在我們尋找永久執行長時將這項職責委託給我。我們代表整個董事會感謝 Tom Gentile 7 年來對 Spirit 的奉獻和服務。

I'm very familiar with Spirit and its operations from my time at Boeing and as a Board member for the past 2 years. My trips to Wichita go back to the '90s, where we tackled new programs and production rate increases together.

自從我在波音公司工作以及過去兩年擔任董事會成員以來，我對 Spirit 及其營運非常熟悉。我的威奇託之行可以追溯到 90 年代，當時我們一起處理新項目並提高生產力。

Now I am the supplier, not the customer, but the dynamics are the same. Over the past several years, Spirit has expanded its portfolio of commercial and defense businesses. However, the core of the business, designing and building large-scale aerostructures, has not changed.

現在我是供應商，而不是客戶，但動力是一樣的。在過去的幾年裡，Spirit 擴大了其商業和國防業務組合。然而，設計和建造大型航空結構的業務核心並沒有改變。

I've been in the role for about 30 days now. To borrow a military acronym, my approach since the first day has been TACOMO: Take charge and move out, meaning I'm with the Spirit team at all levels, deep into program and production rate plans and engaging with all our major customers.

我擔任這個職位已經大約30天了。借用一個軍事縮寫詞，我從第一天開始的做法就是TACOMO：負責並撤離，這意味著我與精神團隊的各個級別一起工作，深入了解項目和生產力計劃，並與我們所有的主要客戶進行接觸。

My initial impressions are that we have a strong team and tremendous capabilities, but we need better precision in our plans, better performance and the right schedule.

我的初步印像是，我們擁有強大的團隊和強大的能力，但我們需要更精確的規劃、更好的績效和正確的時間表。

We are manufacturing a product we've produced in large quantity at high rates before, as opposed to being in the throes of complex commercial development while concurrently ramping up production.

我們正在生產以前已經大量生產的產品，而不是在提高產量的同時經歷複雜的商業開發的陣痛。

My focus is simultaneously stabilizing operations, delivering on our customer commitments and strengthening Spirit financially. I want 100% alignment with our commercial and defense customers. I'm driving performance every day. And most importantly, building cohesive teams that view working together as the most effective way to perform and win.

我的重點是同時穩定營運、履行我們的客戶承諾並增強 Spirit 的財務實力。我希望與我們的商業和國防客戶 100% 保持一致。我每天都在推動績效。最重要的是，建立一個有凝聚力的團隊，將合作視為實現績效和獲勝的最有效方式。

The recent agreement with Boeing was an important step in the right direction. The strengthened partnership will support our shared goals of both companies to execute the increasing production rates.

最近與波音公司達成的協議是朝著正確方向邁出的重要一步。加強的合作夥伴關係將支持我們兩家公司實現不斷提高的生產力的共同目標。

Also, I'm devoting increased attention to our other major OEM commercial partnership. Let me touch briefly on our strategy. I do not intend to wait for my replacement before moving forward.

此外，我還更加關注我們的其他主要 OEM 商業合作夥伴關係。讓我簡單談談我們的策略。我不打算等待我的替代者再繼續前進。

Regarding diversification, I will narrow the aperture. I don't have an appetite for next square adjacencies. We at Spirit will build on our core defense and aftermarket success.

關於多元化，我會縮小光圈。我對下一個方形鄰接沒有興趣。 Spirit 將在我們的核心防禦和售後市場成功的基礎上再接再厲。

My principal goal is to be cash flow positive as soon as possible. Executing on programs, increasing deliveries is the most crucial lever to achieve that goal. However, we have other cash levers to pull to accelerate many of the activities previously developed, along with new ones we are uncovering every day.

我的主要目標是盡快實現正現金流。執行計劃、增加交付是實現這一目標的最關鍵槓桿。然而，我們還有其他現金槓桿可以用來加速先前開發的許多活動，以及我們每天發現的新活動。

Shifting the discussion to market demand. It's incredible what a difference a couple of years make. We are witnessing unprecedented demand. I'm encouraged by the unbelievable organic growth in our core segment with a $42 billion backlog. The demand comes with challenges that we must mitigate as part of a new world that is less stable.

將討論轉向市場需求。幾年之內發生的變化令人難以置信。我們正在見證前所未有的需求。我對我們的核心部門令人難以置信的有機成長以及 420 億美元的積壓訂單感到鼓舞。這項需求帶來了挑戰，作為不穩定的新世界的一部分，我們必須緩解這些挑戰。

I recognize we have disappointed our stakeholders. We want to restore confidence in the company. I'm passionate about this industry, our customers and Spirit. I'm in Kansas most days because this is where most of the action is. The people here and, quite frankly, at all our operations have been warm and welcoming. I'd like to provide you guidance for 2024, but I'm not prepared to at this time. My plan is to give guidance on our next earnings call, consistent with previous practices.

我認識到我們讓利害關係人感到失望。我們希望恢復人們對公司的信心。我對這個行業、我們的客戶和精神充滿熱情。我大部分時間都在堪薩斯州，因為這裡是大部分活動的舉辦地點。這裡的人們，坦白說，我們所有業務部門的人們都熱情好客。我想為您提供 2024 年的指導，但目前我還沒準備好。我的計劃是為我們的下一次財報電話會議提供指導，與先前的做法保持一致。

I'll now turn the call over to Mark to review with you our third quarter financial results.

我現在將電話轉給馬克，與您一起回顧我們第三季的財務表現。

Thank you, Pat, and good morning, everyone. As many of you know, I have known Pat as a member of our Board for a while now, and I look forward to working closely with him as we navigate the path forward. I can tell you that we are aligned on our priorities and the trajectory of Spirit.

謝謝你，帕特，大家早安。正如你們許多人所知，我認識帕特作為我們董事會成員已經有一段時間了，我期待著在我們前進的道路上與他密切合作。我可以告訴你，我們在優先事項和精神軌跡上是一致的。

Now turning to recent events. We are pleased to have reached a memorandum of agreement with Boeing in October, which we expect will result in improved cash flow over the next several years. I want to highlight the financial impacts of the agreement, which will be reflected in our financial results beginning in the fourth quarter.

現在轉向最近發生的事件。我們很高興在 10 月與波音公司達成了一份協議備忘錄，我們預計這將改善未來幾年的現金流。我想強調該協議的財務影響，這將反映在我們第四季開始的財務表現中。

First, the MOA established an immediate higher price on the 787 program, with reductions to pricing on the 737 program beginning in 2026. We expect to record a reversal of a forward loss and material right obligations of $350 million to $370 million as a result of the 787 price increase.

首先，農業部立即提高了 787 項目的價格，並從 2026 年開始降低 737 項目的定價。我們預計，由於787 價格上漲。

With this, a majority of the existing 787 forward loss liability will be reversed, and we anticipate positive margins on the program beginning in the first half of 2025 as production rates increase.

這樣，現有 787 的大部分遠期損失負債將被扭轉，我們預計隨著生產率的提高，該計劃從 2025 年上半年開始將實現正利潤。

Next, the MOA provided for a broad release of existing claims and liabilities, which will include the reversal of $23 million of anticipated claims previously recorded related to the 737 vertical fan attach fitting issue.

接下來，MOA 廣泛免除了現有索賠和責任，其中包括撤銷先前記錄的與 737 垂直風扇連接配件問題相關的 2,300 萬美元預期索賠。

In addition, we will receive funding for certain tooling and capital through 2025 on the 737 and 787 programs. We will repay the majority of the capital funded related to the 787 program beginning in 2025. In October, we received an advance on the total expected CapEx funding of $100 million. Between now and 2025, there will be some timing differences between the receipt of funds and the CapEx spending, which will be reflected on the statement of cash flows.

此外，到 2025 年，我們還將獲得 737 和 787 項目某些工具和資本的資金。我們將從 2025 年開始償還與 787 項目相關的大部分資金。10 月份，我們收到了預計資本支出總額 1 億美元的預付款。從現在到 2025 年，資金收到和資本支出之間將存在一些時間差異，這將反映在現金流量表中。

And finally, the repayment dates were extended on the previously disclosed $100 million -- $180 million advance of customer financing received in the second quarter of this year. We will now make repayments of $90 million in December of 2025 and equal repayments of $45 million in December of 2026 and 2027.

最後，先前揭露的今年第二季收到的 1 億至 1.8 億美元客戶融資預付款的還款日期延長。我們現在將在 2025 年 12 月償還 9,000 萬美元，並在 2026 年 12 月和 2027 年等額償還 4,500 萬美元。

The MOA strengthens the relationships with our largest customer and further aligns the parties for future success. Broadly speaking, the agreement provides increased cash over the next several years, which will help support production rate ramps across the different Boeing programs.

MOA 加強了與我們最大客戶的關係，並進一步協調雙方以取得未來的成功。從廣義上講，該協議在未來幾年提供了更多的現金，這將有助於支持波音不同項目的生產力提升。

Now let me take you through the details of our third quarter financial results, which I remind you does not reflect any impacts of the recent Boeing MOA. So now let's start on Slide 2. Revenue for the quarter was $1.4 billion, up 13% from the third quarter of 2022. Year-over-year improvement was primarily due to higher production on almost all of our commercial programs as well as increased Defense and Space and Aftermarket revenues.

現在讓我向您介紹我們第三季度財務業績的詳細信息，我提醒您，這並沒有反映最近波音 MOA 的任何影響。現在讓我們從幻燈片 2 開始。該季度的收入為 14 億美元，比 2022 年第三季度增長 13%。同比增長主要是由於我們幾乎所有商業項目的產量增加以及國防的增加空間和售後市場收入。

Overall deliveries for the quarter increased 5% year-over-year. The third quarter 2023 revenue was impacted by disruption from the IAM work stoppage in early July and the 737 aft pressure bulkhead issue and continued supply chain and labor challenges, which resulted in less near-term deliveries, specifically on the 737 program. We now expect full year deliveries on the 737 program of approximately 345 to 360 units.

該季度的總體交付量年增 5%。 2023 年第三季的收入受到 7 月初 IAM 停工、737 機尾壓力艙壁問題以及持續的供應鏈和勞動力挑戰的影響，導致近期交付量減少，特別是 737 項目。我們現在預計 737 計劃全年交付量約為 345 至 360 架。

Now turning our attention to EPS. We reported earnings per share of negative $1.94 compared to negative $1.22 in the third quarter of 2022. Excluding certain items, adjusted EPS was negative $1.42 compared to negative $0.15 in the prior year. Operating margin was negative 9% compared to breakeven in the same period of 2022, driven by higher changes in estimates and excess capacity costs recognized during the current period.

現在將我們的注意力轉向每股收益。我們報告的每股收益為負 1.94 美元，而 2022 年第三季為負 1.22 美元。排除某些項目，調整後每股收益為負 1.42 美元，而上一年為負 0.15 美元。與 2022 年同期的損益兩平相比，營業利益率為負 9%，原因是預估變動較大以及本期確認的過剩產能成本。

Third quarter forward losses totaled $101 million and unfavorable cumulative catch-up adjustments were $64 million. This compared to $49 million of forward losses and $5 million of unfavorable cumulative catch-up adjustments in the third quarter of 2022.

第三季遠期損失總計 1.01 億美元，不利的累計追趕調整為 6,400 萬美元。相較之下，2022 年第三季的遠期損失為 4,900 萬美元，不利的累積追趕調整為 500 萬美元。

The current quarter forward losses relate primarily to the 787 and A350 programs and were driven by higher estimates of supply chain labor and other related costs. The unfavorable cumulative catch-up adjustments relate primarily to the 737 and A320 programs, reflecting higher factory costs and rework costs related to the quality issue on the 737 aft pressure bulkhead.

本季的遠期虧損主要與 787 和 A350 項目有關，是由於對供應鏈勞動力和其他相關成本的較高估計所造成的。不利的累積追趕調整主要與 737 和 A320 項目有關，反映了與 737 後壓力艙壁品質問題相關的更高的工廠成本和返工成本。

Additionally, excess capacity cost during the third quarter of 2023 were $56 million up from $31 million in the same period of 2022. Other income in the third quarter of this year was $7 million, compared to other expense of $42 million in the prior year. The variance was primarily due to noncash pretax charges of $73 million recorded in the third quarter of 2022, driven by the termination of our pension value Plan A as well as lower pension income during the current period.

此外，2023 年第三季的過剩產能成本為 5,600 萬美元，高於 2022 年同期的 3,100 萬美元。今年第三季的其他收入為 700 萬美元，而前一年的其他費用為 4,200 萬美元。差異主要是由於 2022 年第三季記錄的 7,300 萬美元非現金稅前費用，這是由於我們退休金價值計劃 A 的終止以及當期退休金收入下降所致。

Let's now turn to free cash flow. Free cash flow usage for the quarter was $136 million. Cash usage increased compared to the same period of 2022, largely driven by the negative impacts of working capital and costs associated with factory disruption.

現在讓我們轉向自由現金流。該季度的自由現金流使用量為 1.36 億美元。與 2022 年同期相比，現金使用量增加，主要是由於營運資金和工廠中斷相關成本的負面影響。

Working capital was impacted by the disruption and work stoppage associated with the IAM strike at the beginning of the third quarter, rework and disruption costs related to the 737 aft pressure bulkhead issue as well as ramping to higher production rates on the 737 program.

營運資金受到第三季初 IAM 罷工相關的中斷和停工、與 737 尾部壓力艙壁問題相關的返工和中斷成本以及 737 項目生產力提高的影響。

Third quarter 2023 cash from operations also included $50 million customer advance that was previously disclosed and the payment of the ratification bonus related to the IAM contract of $23 million. We have updated our full year free cash flow to reflect the lower 737 deliveries expected for the year and the impacts of the Boeing MOA, and now expect our full year free cash flow to be in the range of negative $275 million to negative $325 million.

2023 年第三季的營運現金還包括先前揭露的 5,000 萬美元客戶預付款以及與 IAM 合約相關的 2,300 萬美元批准獎金的支付。我們更新了全年自由現金流，以反映今年預期的 737 交付量下降以及波音 MOA 的影響，現在預計我們的全年自由現金流將在負 2.75 億美元至負 3.25 億美元之間。

With that, let's now turn to cash and debt balances on Slide 3. We ended the quarter with $374 million of cash and $3.9 million of debt. Addressing the $1.2 billion of 2025 debt maturities is a near-term priority, and we continue to evaluate all refinancing options to address debt as well as our overall liquidity.

現在，讓我們轉向投影片 3 上的現金和債務餘額。本季結束時，我們有 3.74 億美元的現金和 390 萬美元的債務。解決 2025 年 12 億美元的債務到期問題是近期的首要任務，我們將繼續評估所有解決債務問題的再融資方案以及我們的整體流動性。

Next, let's discuss our segment performance, starting with the Commercial segment on Slide 4. In the third quarter of 2023, commercial revenue increased 10% over the same period of 2022 due to higher production volumes on almost all of our programs. Quarterly operating margin decreased to negative 7% compared to positive 4% in the prior year, driven by higher unfavorable changes in estimates and excess capacity costs recorded in the current period.

接下來，讓我們從幻燈片 4 上的商業部門開始討論我們的部門表現。2023 年第三季度，由於我們幾乎所有節目的產量增加，商業收入比 2022 年同期增長了 10%。季度營業利潤率從上一年的正 4% 降至負 7%，原因是預測不利變化加大以及本期記錄的產能過剩成本增加。

The changes in estimates during the third quarter, which I previously discussed, included forward losses of $87 million and unfavorable cumulative catch-up adjustments of $59 million. In comparison, during the third quarter of 2022, the segment recorded charges of $47 million of forward losses and $7 million of unfavorable cumulative catch-up adjustments.

我之前討論過的第三季預估變化包括 8,700 萬美元的遠期損失和 5,900 萬美元的不利累計追趕調整。相較之下，在 2022 年第三季度，該部門記錄了 4,700 萬美元的遠期損失費用和 700 萬美元的不利累積追趕調整費用。

Next, let's turn to the Defense and Space segment on Slide 5. Defense and Space revenue grew to $206 million or 27% higher than the third quarter of last year due to higher development program activity and increased KC-46 tanker production.

接下來，讓我們轉向幻燈片 5 上的國防和航太部門。由於開發計劃活動增加和 KC-46 加油機產量增加，國防和航太收入增長至 2.06 億美元，比去年第三季度增長 27%。

Operating margin for the quarter decreased to 5% compared to 11% in 2022, primarily due to higher changes in estimates recorded in the current period. The segment recorded forward loss of $15 million and unfavorable cumulative cash adjustments of $5 million compared to forward losses of $2 million and favorable catch-up adjustments of $2 million in the third quarter of 2022. The forward losses were primarily driven by higher production cost estimates on the Sikorsky CH-53K program and unfavorable cumulative catch-up adjustments that were primarily driven by the P-8 program.

與 2022 年的 11% 相比，本季的營業利潤率下降至 5%，這主要是由於本期記錄的預估變化較大。該部門的遠期虧損為1,500 萬美元，不利的累積現金調整為500 萬美元，而2022 年第三季的遠期虧損為200 萬美元，有利的追趕調整為200 萬美元。遠期虧損主要是由於生產成本估算較高所致西科斯基 CH-53K 計劃以及主要由 P-8 計劃驅動的不利的累積追趕調整。

For our Aftermarket segment results, let's turn to Slide 6. Aftermarket revenues were $97 million, up 21% compared to the third quarter of 2022, primarily due to higher spare parts sales. Aftermarket continues to grow along with the global air traffic recovery and is on track to meet the plan for the year. Operating margin for the quarter was 19% compared to 24% during the same period of 2022, driven by sales and model mix.

對於我們的售後市場部門業績，讓我們轉向幻燈片 6。售後市場收入為 9,700 萬美元，比 2022 年第三季成長 21%，這主要是由於備件銷售增加。隨著全球航空交通的復甦，售後市場繼續成長，並有望實現今年的計畫。受銷量和車型組合的推動，本季的營業利潤率為 19%，而 2022 年同期為 24%。

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

這樣，我們將很樂意回答您的問題。

Thank you. (Operator Instructions) Our first question today comes from Seth Seifman from JPMorgan.

謝謝。 （操作員指令）我們今天的第一個問題來自摩根大通的 Seth Seifman。

Thanks very much. Good morning, everyone, and welcome, Pat. A bunch of questions here. A bunch of questions, but maybe I'll just jump up. I wanted to ask you specifically, Pat, about 2 things that you said in your opening remarks.

非常感謝。大家早安，歡迎，帕特。這裡有一堆問題。一堆問題，但也許我會跳起來。帕特，我想具體問你關於你在開場白中所說的兩件事。

One is you talked about other cash levers to pull to accelerate. I wonder if you could expand upon that. And you also talked about having the right schedule. And I wonder when we think about 737 production from here, what does the right schedule mean? And what's really -- what are the 2 or 3 things that you think are most important to getting to adequate 737 profitability and not having more of these negative cume adjustments?

一是您談到了其他可以拉動加速的現金槓桿。我想知道你是否可以對此進行擴展。您還談到了製定正確的時間表。我想知道當我們考慮從這裡開始生產 737 時，正確的時間表意味著什麼？事實上，您認為對於獲得足夠的 737 盈利能力並且避免更多的負面累積調整最重要的 2 或 3 件事是什麼？

Sure, Seth. Happy Wednesday. Let's maybe take the first one. The biggest, as I mentioned, the biggest lever to get to positive free cash flow is program performance. But that's not a pass for the rest of the team to go after indirect costs. And those range from organization structure to enforcement of contracts with our suppliers to a number of the other traditional things you might address in terms of looking at inefficiencies or belt tightening.

當然，賽斯。星期三快樂。我們也許採取第一個。正如我所提到的，獲得正自由現金流的最大槓桿是計劃績效。但這並不是團隊其他成員追求間接成本的通行證。這些範圍從組織結構到與供應商簽訂的合約的執行，再到您可能在解決效率低下或勒緊褲腰帶方面需要解決的許多其他傳統問題。

In addition to that, they are just things we have to stop doing. So in parallel to the other improvement activity, we've really accelerated our focus on every dollar matters, and let's bring it to the bottom line more quickly.

除此之外，它們只是我們必須停止做的事情。因此，在進行其他改進活動的同時，我們確實加快了對每一美元問題的關注，讓我們更快地實現盈利。

Your other question, I think, is really the most important issue that we're dealing with right now, and that is the right schedule. And what I've learned over my almost 40 years in this business, if you get the right schedule, everything else works.

我認為你的另一個問題確實是我們現在正在處理的最重要的問題，那就是正確的時間表。我在這個行業近 40 年的經驗中學到的是，如果你有正確的時間表，其他一切都會成功。

The schedule is a barometer for performance. And if you're on schedule, you're going to realize the appropriate costs. And if you get the right costs, you'll get the right financial results.

日程安排是績效的晴雨表。如果您按計劃進行，您就會意識到適當的成本。如果您獲得正確的成本，您將獲得正確的財務結果。

When I look at the schedule and hopefully, with the guidance we provided in terms of end of quarter deliveries, we did the math. And the math is, let's adjust for holidays and nonworking days, our effective rate, when you look at deliveries is we're at about 37 to 42 a month in the fourth quarter, delivering to Boeing.

當我查看時間表時，希望根據我們在季度末交付方面提供的指導，我們進行了計算。數學是，讓我們調整假期和非工作日，當你查看交付量時，我們的有效率是，第四季度我們每月向波音交付約 37 至 42 架飛機。

We have a path to the 50s in '25. And the reason I say we have a path to the 50s is we've been there before. So it's not something new. It's a question of how do we stabilize in our internal operations so that without the effort we're using today, we can cost effectively with high-quality produce the fuselages that Boeing so desperately needs.

我們有一條通往 25 世紀 50 年代的道路。我之所以說我們有一條通往 50 年代的道路，是因為我們以前曾經去過那裡。所以這不是什麼新鮮事。問題是我們如何穩定我們的內部運營，以便在沒有我們今天所付出的努力的情況下，我們可以有效地成本有效地高品質生產波音公司迫切需要的機身。

The path is through rate increases. The 2 biggest levers for us are the supply chain and our own internal productivity. When you just look at producing 737 fuselages at 42 a month, it's roughly 25,000 parts that go into one. And so at 42, that's 1 million parts we need per month. And when you look at the amount of fasteners that we put in, it's something on the order of 10 million a month.

路徑是透過加息。對我們來說最大的兩個槓桿是供應鏈和我們自己的內部生產力。如果只以每月 42 架的速度生產 737 機身，就會發現一架飛機大約包含 25,000 個零件。 42 歲時，我們每月需要 100 萬個零件。如果你看看我們投入的緊固件數量，你會發現每月大約有 1000 萬個。

And so for us to produce, it's really about being synchronized and stable. And there's just a lot of detail that goes into achieving that. I believe that we'll be able to stabilize here and meet Boeing's demands in 2024. I'd like to walk you through the detailed schedule that we're working on.

因此，對於我們的製作來說，真正重要的是同步和穩定。要實現這一目標需要很多細節。我相信我們能夠在 2024 年穩定在這裡並滿足波音的要求。我想向您介紹我們正在製定的詳細時間表。

I would just tell you this, is that we're not doing things parametrically. We're down to looking at things by the day, by the train pull, by the supplier. I've been here only a short period of time, but the readiness that we didn't have in the past is not the readiness you will see in 2024.

我只想告訴你，我們不是以參數方式做事。我們會按天、按列車牽引、按供應商來審視事情。我來這兒的時間很短，但我們過去沒有做好的準備並不是你在 2024 年會看到的準備。

Our next question comes from Sheila Kahyaoglu from Jefferies.

我們的下一個問題來自 Jefferies 的 Sheila Kahyaoglu。

Good morning, guys. And happy Wednesday to you, too, Pat. So I was wondering if you guys could talk about the free cash flow revision, $275 million to $325 million of usage. How are you thinking about the change there from the prior guide? How much of it is tied to the 737? And just as we think about the step-up in Q4, what really changes in first 30 days or so on the job, what have you seen that could be an immediate improvement?

早上好傢伙。帕特，也祝你星期三快樂。所以我想知道你們是否可以談談自由現金流的修改，即 2.75 億美元到 3.25 億美元的使用量。您如何看待與先前指南相比的變化？其中有多少與 737 有關？正如我們思考第四季度的進步一樣，在工作的前 30 天左右，真正發生了什麼變化，您看到什麼可以立即改善？

Well, Sheila, let me just take the walk on the headwinds and the tailwinds. And then I think Pat can provide some additional color. The biggest impact to free cash flow from a headwind standpoint is fewer 737 deliveries. And I think the challenge that we have here is when we were staffed to 42 airplanes per month, we've been bringing in parts to help support 42 airplanes per month.

好吧，希拉，讓我在逆風和順風中散步。然後我認為帕特可以提供一些額外的色彩。從逆風的角度來看，對自由現金流的最大影響是 737 交付量的減少。我認為我們面臨的挑戰是，當我們每月為 42 架飛機配備人員時，我們一直在引進零件來幫助支援每月 42 架飛機。

And when we drop our deliveries from the previous forecast of 370 to 390 to 345 to 360, a lot of that cost is embedded into our system. And so by not delivering the aircraft, we're not collecting the cash on the delivery.

當我們將交付量從先前預測的 370 輛下降到 390 輛、345 輛到 360 輛時，大量成本就被嵌入到我們的系統中。因此，如果不交付飛機，我們就不會收取交付時的現金。

So I think the impact is a little bit bigger than you've put in your note as it relates to missing the deliveries. The additional forward losses and the negative cume catch-up adjustments that we took is going to add some additional pressure to cash in the fourth quarter. And then we're seeing lower A220 deliveries in the fourth quarter, and that's primarily driven by a customer change in their schedule.

所以我認為影響比你在筆記中所寫的要大一些，因為它與錯過交貨有關。我們採取的額外遠期損失和負累積追趕調整將為第四季度的現金增加一些額外壓力。然後我們看到第四季度 A220 的交付量有所下降，這主要是由於客戶計劃的變化所致。

On the flip side, positiveness from the Boeing MOA, the 787 price increase and the CapEx funding. So I think if you factor all those things in, the biggest impact, I would say, is the lower 737 deliveries and us being staffed and having the working capital in place, and we're just not going to release that inventory and collect the cash.

另一方面，波音 MOA、787 價格上漲和資本支出資金帶來的正面影響。因此，我認為，如果將所有這些因素考慮在內，我想說，最大的影響是 737 的交付量下降，而且我們配備了人員並擁有適當的營運資金，而我們只是不會釋放庫存並收集現金。

Our next question comes from Myles Walton at Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的邁爾斯·沃爾頓。

One quick clarification and then one question for you, Pat. So on the clarification, are you currently shipping to Boeing, conforming fuselages at this point? I realized that you were able to recognize revenue and earnings on sort of nonconforming and then fix after the fact. But if you can update us if you're now conforming.

帕特，先快速澄清一下，然後再問你一個問題。那麼澄清一下，你們目前是否正在向波音運送符合要求的機身？我意識到你能夠根據某種不合格的情況確認收入和收益，然後在事後修復。但如果您現在符合要求，可以告訴我們最新情況嗎？

And then, Pat, you made comments about diversification in your opening remarks. And just curious, I know you've been on the Board for a few years, and you've only been on the job for a very short period of time, but is diversification necessary to make Spirit a great company? It had 80% concentration of rev to Boeing just a few years ago. And obviously, the stock did quite nicely, and the revenue and earnings were actually pretty good. So is diversification required?

然後，帕特，您在開場白中對多元化做出了評論。只是好奇，我知道您已經在董事會任職幾年了，而且您任職的時間很短，但是多元化是否有必要使 Spirit 成為一家偉大的公司？就在幾年前，它的80%的轉速集中在波音公司。顯然，該股表現相當不錯，收入和獲利其實也相當不錯。那麼是否需要多元化呢？

Sure. Maybe I'll just take the diversification one first. To the degree that Spirit has approached that in the past, I would say, no. Diversification doesn't make sense at this time. And when you look at the demand for commercial airplanes, having 2 of the biggest customers in the world and not being able to satisfy the demand, it should command our full attention.

當然。也許我會先採取多元化。就精神在過去所達到的程度而言，我會說，不。此時多元化沒有意義。當你看到商用飛機的需求時，你會發現擁有世界上最大的兩個客戶卻無法滿足需求，這應該引起我們的充分關注。

On maybe the kind of the next level down, we've built a great defense business here, and it's a more dangerous world, and I think what you would take away from some of that is we have tremendous engineering capability.

也許在下一個層次上，我們在這裡建立了一個偉大的國防業務，這是一個更危險的世界，我認為你會從中學到的是我們擁有巨大的工程能力。

And when you think about the future of large-scale aerostructures, it's advanced materials. So to that extent, the diversification and probably developing broader capability in advanced materials makes a lot of sense. Aftermarket is -- just isn't of the volume that we see in the other businesses.

當你想到大型航空結構的未來時，你會想到先進材料。因此，從這個意義上說，先進材料的多元化以及可能發展更廣泛的能力是很有意義的。售後市場的規模與我們在其他業務中看到的規模不一樣。

And to your earlier question, I believe they're conforming, we'll make sure to get back to you on our full answer there.

對於您先前的問題，我相信他們是符合要求的，我們將確保向您回覆我們的完整答案。

Yes, Myles. The product that we're shipping to Boeing at this point in time is being reworked and is conforming. We've put the fixes in place. So we're in good shape there.

是的，邁爾斯。我們目前運送給波音的產品正在進行返工並符合要求。我們已經進行了修復。所以我們在那裡狀況良好。

Our next question comes from Scott Deuschle from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Scott Deuschle。

Pat, my understanding is that supplier price negotiations with Airbus these days often involve around moving money from one year to another, but that they often fail to address the underlying long-term unit economics for suppliers. But it seems like you need a real structural fix here rather than a band-aid. So I'm curious if you think it's possible that you get a structural remedy from Airbus. And if not, maybe you can describe what your alternatives might be.

帕特，我的理解是，如今與空中巴士的供應商價格談判通常涉及將資金從一年轉移到另一年，但它們往往無法解決供應商潛在的長期單位經濟效益。但看起來你需要一個真正的結構修復而不是創可貼。因此，我很好奇您是否認為有可能從空中巴士那裡獲得結構性補救措施。如果沒有，也許您可以描述一下您的替代方案。

Well, I won't describe what the alternatives are because I think we can get a remedy. And I am spending more and more time with my Airbus counterparts. And this is an item of utmost urgency for me personally, and I will be, if not leading, very deep into these conversations and discussions.

好吧，我不會描述替代方案，因為我認為我們可以找到補救措施。我與空中巴士同行相處的時間越來越多。這對我個人來說是最迫切的事情，即使不是領導，我也將非常深入地參與這些對話和討論。

If you would indulge me for a minute, just kind of talking about composites and advanced materials, just as I mentioned before, really is the future. And when we think about the situation, we have a near-term financial problem. And when I look at the A220 or the C Series, it was produced about the same time as the 787 and the A350.

請允許我花一點時間，談談複合材料和先進材料，正如我之前提到的，這確實是未來。當我們考慮目前的情況時，我們面臨著近期的財務問題。當我查看 A220 或 C 系列時，它與 787 和 A350 大約是同時生產的。

From a technical standpoint, those products are performing extremely well. The maturity of the production system when those designs were certified were really immature, and there are inherent cost limitations. And the performance that we should be realizing out of the manufacturing system just isn't there, but I think it's inherently not there.

從技術角度來看，這些產品的性能非常好。這些設計在獲得認證時生產系統的成熟度確實不成熟，並且存在固有的成本限制。我們應該從製造系統中實現的性能根本不存在，但我認為它本質上不存在。

And between us and Airbus, we have to come to some resolution to address that discontinuity. I think we'll be able to get to the place that makes sense for both parties. But it is a near-term action that I'm committed to undertaking, and my counterparts at Airbus feel the same sense of urgency.

我們和空中巴士之間必須達成某種解決方案來解決這種不連續性。我認為我們將能夠到達對雙方都有意義的地方。但這是我致力於採取的近期行動，空中巴士公司的同事也有同樣的迫切感。

Our next question is from Doug Harned from Bernstein.

我們的下一個問題來自伯恩斯坦的道格·哈內德。

Good morning. Thank you. When you look at -- Spirit has been dealing with new quality escapes over the last year that have resulted from manufacturing problems that happened well before this year, such as the tail fittings, the aft bulkhead issue, 787 nonconformities. How do you make sure that there are not more issues like these still to come out? And how are you thinking about changing the way you approach quality from an operational standpoint so you can prevent this in the future?

早安.謝謝。去年，Spirit 一直在處理新的品質問題，這些問題是由於今年之前發生的製造問題造成的，例如尾部配件、後艙壁問題、787 不合格項。您如何確保不會有更多類似的問題？您如何考慮從營運角度改變處理品質的方式，以便將來防止這種情況發生？

Well, Doug, that's probably reading my mind in terms of what's really going to change the reputation and give customers greater confidence is that we really deliver pristine quality products to our customers. Maybe just let me frame it from this standpoint. The tone from the top internally is that my priority is the safety of our teammates, the quality of the product that we build and productivity. Externally, the focus is quality to our customer and on-time, reliable delivery.

好吧，道格，這可能是在閱讀我的想法，真正改變聲譽並讓客戶更有信心的是我們真正為客戶提供原始優質的產品。也許讓我從這個角度來闡述它。內部高層的語氣是，我的首要任務是我們隊友的安全、我們製造的產品的品質和生產力。在外部，重點是為客戶提供的品質和準時、可靠的交貨。

The mindset I have is that we can be 0 defects. I mean, we can eliminate all defects. We have a very robust quality management system. But every day, we have to put time and attention to that. And it isn't as though there's a silver bullet out there or a different procedure that we can implement. It's the whole organization being first and foremost, focused on how we build the product. And I think you'll see that over time because that's where my time will be in, is where you put your time. It gets people's attention, and leadership has a long shadow. And I think you'll see us improve quite a bit in this area.

我的心態是我們可以做到零缺陷。我的意思是，我們可以消除所有缺陷。我們擁有非常健全的品質管理系統。但每天，我們都必須投入時間和注意力。似乎沒有什麼靈丹妙藥或我們可以實施的不同程序。整個組織首先關注的是我們如何建立產品。我想隨著時間的推移你會看到這一點，因為那是我的時間所在，也是你投入時間的地方。引起人們的關注，領導力的陰影很長。我想你會看到我們在這方面取得了很大的進步。

Our next question comes from David Strauss from Barclays. Please go ahead.

我們的下一個問題來自巴克萊銀行的大衛‧史特勞斯。請繼續。

Mark, I think before you guys had talked about getting to free cash flow positive in 2024. Is there anything on the other side of the Boeing MOA as to why that still wouldn't be the case? That's my first question.

馬克，我想在你們談論到 2024 年實現正自由現金流之前。波音 MOA 的另一面是否有任何內容可以解釋為什麼情況仍然如此？這是我的第一個問題。

And second question, just an update. You mentioned the urgency around the refinancing. What are you looking at in terms of timing to come to market? I think previously, you talked about maybe doing it in 2 phases. So any update there?

第二個問題，只是更新。您提到了再融資的迫切性。您對上市時間有何看法？我想之前您有談到可能分兩個階段進行。那麼有更新嗎？

Well, good morning David, good to hear from you. As it relates to 2024, I think Pat said, he's 30 days into his role here. He's making his way through. We're looking at the business holistically and really focused on completing the year, getting the business stabilized and then providing you guys a good, robust update in February.

好吧，早安，大衛，很高興收到你的來信。我想帕特說，因為這與 2024 年有關，他在這裡任職已經 30 天了。他正在努力通過。我們正在全面審視業務，真正專注於完成這一年，讓業務穩定下來，然後在二月份為大家提供良好、強勁的更新。

But I'll just kind of reiterate what we said previously. We expect 2024 to be a positive cash flow year. The Boeing MOA is definitely a benefit to 2024 and beyond. And so I'll leave it at that at this point in time. And in February, we'll come back and give you more specifics around our plans.

但我只是重申一下我們之前說過的話。我們預計 2024 年將是正現金流的一年。波音 MOA 絕對對 2024 年及以後有利。因此，我現在就將其保留下來。二月份，我們將回來向您提供有關我們計劃的更多細節。

As it relates to the refinancing, it's obviously a big priority for me. The refinancing is a little more than a year out. The goal here is to assess all of our options that we have at this point in time.

由於它涉及再融資，這顯然對我來說是一個重要的優先事項。再融資還有一年多一點的時間。這裡的目標是評估我們目前擁有的所有選擇。

We've got some good plans in place we're thinking through. We've been successful as we've gone to the markets in the past. And I think that's -- as Pat talked about, his big goal of working with Airbus, one of my big goals is getting through the refinancing, getting us behind us so we can focus on the business in 2024.

我們已經制定了一些好的計劃，正在考慮之中。我們過去已經進入市場，因此取得了成功。我認為，正如帕特所說，他與空中巴士合作的大目標，我的大目標之一是完成再融資，讓我們支持我們，這樣我們就可以在 2024 年專注於業務。

And so there's a sense of urgency there. It's a near-term priority. And we're going to be working through that, as I had previously stated, to make sure that we get the refinancing done before the debt becomes short term.

所以這裡有一種緊迫感。這是近期的優先事項。正如我之前所說，我們將努力解決這個問題，以確保我們在債務變成短期債務之前完成再融資。

Our next question comes from George Shapiro from Shapiro Research.

我們的下一個問題來自夏皮羅研究中心的喬治‧夏皮羅。

Welcome, Pat. It's been a while, but good to see you back in there.

歡迎，帕特。已經有一段時間了，但很高興見到你回到那裡。

Yes. Thank you. Good to be here. Good morning, George.

是的。謝謝。很高興來到這裡。早上好，喬治。

And Mark, if I look at this quarter's free cash flow, I take out the $100 million that you're getting from Boeing. And I don't -- I'm not sure whether you got another advance for Airbus. But if you did, I mean, you're still -- next year's free cash ought to be a lot better than just looking at this year's fourth -- this year's implied fourth quarter, which was like $140 million, take out the $100 million from Boeing, so at $40 million.

馬克，如果我看看本季的自由現金流，我會扣除你從波音公司獲得的 1 億美元。我不知道——我不確定你們是否又收到了空中巴士公司的預付款。但如果你這樣做了，我的意思是，你仍然- 明年的自由現金應該比只看今年的第四季度要好得多- 今年隱含的第四季度，大約是1.4 億美元，拿出這1億美元來自波音公司，所以價值 4,000 萬美元。

And I don't think there was an Airbus payment there, you can correct me. But why wouldn't next year at least be as good as the annualized rate for this year's fourth quarter?

我認為那裡沒有空中巴士付款，你可以糾正我。但為什麼明年至少不會像今年第四季的年化率一樣好呢？

Good question, George. I think as I addressed with David, as it relates to free cash flow, again, we'll stick with the fact that it's going to be positive next year. We'll provide you more specifics around that when we come back and chat with you in the first week of February when we disclose our results.

好問題，喬治。我認為正如我與大衛所說的那樣，因為它與自由現金流有關，我們將再次堅持這樣一個事實，即明年將是積極的。當我們在二月的第一周披露我們的結果時回來與您交談時，我們將為您提供更多細節。

We don't want to get ahead of things. Pat's got a lot of work to do here, and we're all here supporting him. We'll pull together a good plan, and we'll provide you guys an update in February.

我們不想走在前面。帕特在這裡有很多工作要做，我們都在這裡支持他。我們將製定一個好的計劃，並在二月向大家提供最新情況。

Okay. Then one quick one for you, Mark. The higher than expected excess costs, can you give some color with that and kind of what the thinking might be when we get to the fourth quarter?

好的。那麼馬克，快給你一份吧。超額成本高於預期，您能否對此進行一些說明，以及當我們進入第四季度時可能會有什麼想法？

Sure, George. I would just say this, the third quarter was highly disrupted. When you think about our production, the number of units, our position in the factory starting the quarter, not gearing back the production line back up until around, call it, July 10 because of the IAM work stoppage and then the -- or aft bulkhead issue.

當然，喬治。我只想說，第三季非常混亂。當你想到我們的產量、單位數量、我們在工廠中的位置時，從本季度開始，直到大約 10 月才恢復生產線，稱其為 7 月 10 日，因為 IAM 停工，然後——或後艙壁問題。

So I would say, for the most part, it's the IAM strike, it was a quality issue and then just some of our own performance in the factory that ultimately added to the excess costs.

所以我想說，在很大程度上，這是 IAM 罷工，這是一個品質問題，然後只是我們自己在工廠的一些表現，最終增加了超額成本。

And so what I would say is it's a little bit of an anomaly because of that. And as we move into 2024, I would expect us to continue to see that those excess costs go down as we go up in rate and absorb more of the fixed cost overhead here. So again, I think we'll continue to see things improve in the fourth quarter and then get better in '24 as compared to '23.

所以我想說的是，正因為如此，這有點反常。隨著我們進入 2024 年，我預計我們將繼續看到這些超額成本隨著我們利率的上升而下降，並吸收更多的固定成本開銷。因此，我認為我們將繼續看到第四季度情況有所改善，然後在 24 年與 23 年相比會變得更好。

Our next question is from Noah Poponak from Goldman Sachs.

我們的下一個問題來自高盛的諾亞·波波納克。

Good morning, everybody. Pat, is it at least in the scenario analysis that you stay in the CEO seat long term rather than it being an interim solution?

大家早安。帕特，至少在情境分析中，你是否會長期留在執行長席位上，而不是作為一個臨時解決方案？

Well, I'll tell you, Noah. My commitment to Adrian, my wife and the Board was that I would do this for a year, stand up the operations so that we could put a strong replacement in place, and that remains the commitment, and no change at this time.

好吧，我告訴你，諾亞。我對阿德里安、我的妻子和董事會的承諾是，我將這樣做一年，繼續運營，以便我們能夠安排強有力的替代者，這仍然是承諾，目前沒有任何改變。

Okay. Appreciate that. And then just as a follow-up on the aft pressure bulkhead challenge on the MAX. I heard you that you're now shipping conforming, clean, new off the line. I guess, what about the inventory rework? And just overall, what's the time frame in which that is behind you completely?

好的。感謝。然後作為 MAX 尾部壓力艙壁挑戰的後續行動。我聽說你們現在正在運送符合要求的、乾淨的、全新的下線產品。我想，庫存返工怎麼樣？總的來說，你在什麼時間範圍內完全擺脫了這種情況？

I don't have a time frame specifically right now in the work that we've been doing. If we had this call another week, I could probably give you a precise answer. The analysis continues to improve. And so I can't really tell you what the final work scope is there, but it's trending towards sooner rather than later.

對於我們一直在做的工作，我目前沒有具體的時間框架。如果我們再過一週再打這通電話，我可能會給你一個準確的答案。分析不斷改進。所以我不能真正告訴你最終的工作範圍是什麼，但它的趨勢是宜早不宜遲。

Our next question comes from Robert Stallard from Vertical Research.

我們的下一個問題來自 Vertical Research 的 Robert Stallard。

Thanks so much. Pat, this is one for you, actually. On the Airbus negotiations, I was wondering if you could give us some idea of how this differs versus the discussions you've been having with Boeing? And in conjunction with Airbus, the A220 program didn't take a charge this quarter. So I was wondering if you could give us an update on how that's going.

非常感謝。帕特，這實際上是給你的。關於空中巴士的談判，我想知道您能否告訴我們這與您與波音的談判有何不同？與空中巴士公司合作，A220專案本季沒有收費。所以我想知道您能否向我們介紹最新進展。

Maybe Mark can talk about the charge, and I can talk about the negotiations. Do you want to take that first?

也許馬克可以談談指控，我可以談談談判。你想先拿那個嗎？

Sure. Rob, you're right. No forward loss charge in the A220 program. It was a pretty good quarter. I think the team is doing well. We're meeting our delivery commitments to our customer. And so a pretty quiet quarter on the A220 side.

當然。羅布，你是對的。 A220 計劃中不收取遠期損失費。這是一個相當不錯的季度。我認為球隊做得很好。我們正在履行對客戶的交付承諾。因此，A220 方面的季度相當安靜。

Yes, maybe just a comment on the differences or similarities between the Boeing and the Airbus negotiations. I'd say they're very similar. I mean, the nature -- this is really kind of concentrated on the A220. I mean, at the end of the day, it's really about the A220.

是的，也許只是對波音和空中巴士談判之間的差異或相似之處進行評論。我想說他們非常相似。我的意思是，本質上——這確實集中在 A220 上。我的意思是，歸根結底，這實際上是關於 A220 的。

And like my earlier comment about the maturity of the production system and expectations of performance were not aligned. And until we can get that alignment, it makes producing at the higher rates more difficult.

就像我之前關於生產系統成熟度的評論和對性能的期望不一致。在我們能夠實現這種一致性之前，以更高的速度生產會變得更加困難。

And I think that we will come to a reasonable outcome because it's important for -- it's important for Airbus. It's important for Spirit. It's important for the airplane. There is strong demand for that airplane. And we're committed to Airbus, and I think they're committed to us, and it's just something here in the short term. But I'm encouraged, based on the Boeing agreement, that we'll get there with Airbus.

我認為我們會得出合理的結果，因為這對空中巴士來說很重要。這對精靈來說很重要。這對飛機很重要。對那架飛機的需求很強烈。我們致力於空客，我認為他們也致力於我們，這只是短期內的事。但根據波音協議，我感到鼓舞的是，我們將與空中巴士一起實現這一目標。

Okay. And just a quick follow-up, Pat. Hard to put a time frame on this. Do you think you'll get this done before February?

好的。帕特，快速跟進。很難為此設定一個時間框架。你認為你能在二月之前完成這件事嗎？

I think so.

我想是這樣。

Our next question comes from Robert Spingarn from Melius Research.

我們的下一個問題來自 Melius Research 的 Robert Spingarn。

[Scott Mikus] on for Rob Spingarn. Pat, I did want to ask you, if you pursue a financial remedy on the A220 or A350, is there any concern that Spirit could potentially see a reduced role later on A220 or A320neo if Airbus rewings those programs?

[斯科特·米庫斯] 替補羅布·斯賓加恩。帕特，我確實想問您，如果您對 A220 或 A350 尋求經濟補救措施，是否擔心如果空中巴士公司重新修訂這些計劃，Spirit 可能會在以後的 A220 或 A320neo 上減少其角色？

I mean, I spend half my time on that question and half my time on the negotiating. Not as much of the negotiating strategy with the strategy process. And I think with our advanced engineering capability and the things that we do with resin transfer molding, we're a critical part. It's not so much the wing of tomorrow. It's just Airbus' long-term composite supply chain, I think we're a vital piece of that.

我的意思是，我一半的時間花在這個問題上，一半的時間花在談判上。談判策略與策略過程的關係就沒那麼重要。我認為憑藉我們先進的工程能力以及我們在樹脂傳遞模塑方面所做的事情，我們是一個關鍵的部分。與其說是明天之翼，不如說是明天之翼。這只是空中巴士的長期複合材料供應鏈，我認為我們是其中至關重要的一部分。

The issue we have is just here in the near term, how do we solve this financial disconnect? But I would bet on the team in Belfast to be a critical part of Airbus' future.

我們面臨的問題只是近期出現的，我們該如何解決這種財務脫節？但我敢打賭貝爾法斯特的團隊將成為空中巴士未來的重要組成部分。

We just have the overhang of some agreements that go back a long time pre-COVID that we have to kind of work our way through. But as the earlier remark I made about this company in advanced materials, the things that we're doing are really going to be the basis of the next generation of product out there on the defense world and commercially because we can do it at scale and we get reps every single day.

我們只是有一些懸而未決的協議，這些協議可以追溯到新冠疫情爆發之前很長一段時間，我們必須努力完成這些協議。但正如我之前對這家先進材料公司所說的那樣，我們正在做的事情確實將成為國防領域和商業領域下一代產品的基礎，因為我們可以大規模地做到這一點，而且我們每天都會得到代表。

And to go replicate some of these assets in a greenfield at scale is cost-prohibitive. So I think it's just you get trapped in these situations of managing quarter-to-quarter or that somebody should get better performance than they're actually realizing. And I think just like with the Boeing agreement, we're going to get to a place that makes sense for both parties.

在新建專案中大規模複製其中一些資產成本高昂。所以我認為這只是你陷入了按季度管理的情況，或者有人應該獲得比他們實際意識到的更好的績效。我認為就像波音協議一樣，我們將達成一個對雙方都有意義的協議。

Our next question comes from Cai von Rumohr from TD Cowen.

我們的下一個問題來自 TD Cowen 的 Cai von Rumohr。

Pat, welcome. So the Boeing MOA basically, you basically get some -- have to take a lower price on the 737 as you get out to '26. And you get a much higher price on the 787 near term. But then around the middle of 2008, you have the renegotiation of the price on the 787. And I mean, as I read what I've read of the MOA, it looks like basically barring any change in the negotiation, that the 787 price at that point goes back to where it currently is or relatively close.

帕特，歡迎。所以波音 MOA 基本上，你基本上會得到一些東西——當你到 26 世紀時，你必須以更低的價格購買 737。短期內 787 的價格要高得多。但在 2008 年中期左右，787 的價格重新談判。我的意思是，當我讀到 MOA 的內容時，看起來基本上除非談判有任何變化，787 的價格然後回到當前位置或相對接近的位置。

Is that your read or so -- how should I be concerned that that's a real liability or as you get out there that the 87 could revert to going back into modest, basically breakeven or a loss?

這是你讀到的嗎？我怎麼應該擔心這是一個真正的負債，或者當你走出去時，87 可能會恢復到適度的、基本上是盈虧平衡或虧損的狀態？

Cai, it's Mark. Let me jump in there. I would say that we came to a good conclusion on the appropriate pricing on the 787 program, essentially out through the order book. We have a commitment between the 2 parties to negotiate a fair and reasonable price beyond 1605, one year in advance of that delivery date. And just like we came to an appropriate conclusion, which allows Spirit to make an appropriate margin on that airplane program here shortly. That's what our expectations will be long term.

蔡，我是馬克。讓我跳進去。我想說的是，我們基本上透過訂單簿就 787 項目的適當定價得出了很好的結論。我們雙方承諾在 1605 年後（即交貨日期提前一年）協商公平合理的價格。就像我們得出了一個適當的結論一樣，這使得精神航空很快就可以在該飛機項目上獲得適當的利潤。這就是我們的長期期望。

Okay. And if I may, one more on the Airbus talks, clearly, it's going to be difficult to do a refi unless that is behind you. Does that -- do you feel that puts increased pressure on you to kind of come to the table more quickly? Or how do you deal with that timing issue of having to get that done before a refi?

好的。如果可以的話，我再談談空中巴士的談判，顯然，除非你支持，否則很難進行改裝。您是否覺得這給您帶來了更大的壓力，要求您更快地回到談判桌？或者您如何處理必須在重新啟動之前完成此操作的時間問題？

Cai, I don't think we're in a position where we're pressured to negotiate. I mean, Mark, you might comment just on the financial situation, but I think we have time to get it right, but there's no point in wasting time.

蔡，我認為我們沒有處於被迫談判的境地。我的意思是，馬克，你可能只評論財務狀況，但我認為我們有時間把事情做好，但沒有必要浪費時間。

No, I agree with Pat. I'd just say this, Cai, I think the Boeing MOA provides a nice boost to liquidity here over the next several years. And I think we have some momentum here on that front. And so again, when it comes to the refinancing, we're going to do what's best for us, for our company and for our shareholders. And work through that accordingly. And as Pat said, no pressure on the Airbus side. That will happen in its due course.

不，我同意帕特的觀點。我只想說，蔡，我認為波音 MOA 在未來幾年內為這裡的流動性提供了很好的推動。我認為我們在這方面有一些動力。因此，在再融資方面，我們將竭盡全力為我們、我們的公司和我們的股東做到最好。並相應地解決這個問題。正如帕特所說，空中巴士方面沒有壓力。這將在適當的時候發生。

Our next question comes from Gavin Parsons at UBS.

我們的下一個問題來自瑞銀集團的加文‧帕森斯。

Good morning. Pat, you suggested you'll be delivering, I think, around 37 to 42 a month in the fourth quarter. Just to clarify, is your plan still that you'll be cycling and delivering at 42, starting in 2024? Or is there a spread? And then could you update us on the current MAX inventory buffer?

早安.帕特，您建議您將在第四季度每月交付約 37 到 42 份。澄清一下，您的計劃是否仍然是從 2024 年開始，在 42 歲時騎自行車並分娩？或者說有傳播嗎？那麼您能否向我們介紹目前最大庫存緩衝區的最新情況？

Let's see. No guidance on '24. And in terms of the buffer, I don't have...

讓我們來看看。 '24 沒有指導。就緩衝區而言，我沒有......

I've got that, Pat.

我明白了，帕特。

We've got, as you know, a mix of units in there.

如您所知，我們那裡有多種單位。

Yes. So we -- Gavin, we have about 80 units in buffer. We like to categorize them in 2 components. Units that are on hold and then units that are available to ship. So there's around 50 units that have -- that are in Boeing's -- in the buffer, Boeing owns title to those, and Boeing can pull them whenever they're ready to pull.

是的。 Gavin，我們的緩衝區中有大約 80 個單位。我們喜歡將它們分為兩個部分。擱置的單位和可運輸的單位。因此，大約有 50 架飛機在波音公司的緩衝區中，波音公司擁有這些飛機的所有權，只要他們準備好，波音公司就可以將它們拉走。

So buffers increased a bit. At the end of the second quarter, it was low as we prepared for the work stoppage issue, but we've been able to build up that buffer to a certain degree. And as Pat said, the goal here is as we move forward here to sync up our production schedules. But that's an update on the buffer.

所以緩衝區增加了一點。在第二季末，由於我們為停工問題做好了準備，所以它處於較低水平，但我們已經能夠在一定程度上建立起緩衝。正如帕特所說，我們的目標是向前邁進以同步我們的生產計劃。但這是緩衝區的更新。

Our next question comes from Peter Arment from Baird.

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

The $100 million you're getting for tooling-related equipment for the 737 and 787, can you kind of give us a little more color of what the real benefit is there? I mean, obviously, it's nice to see the cash infusion. But as Pat you said, you've been at these higher rates before. So what is actually the benefit that you're seeing here?

您為 737 和 787 的工具相關設備花費了 1 億美元，您能否讓我們更了解它們的真正好處是什麼？我的意思是，顯然，很高興看到現金注入。但正如帕特你所說，你以前也經歷過這樣高的利率。那麼您在這裡看到的實際好處是什麼？

Yes, sure, Peter. A couple of things. Number one, with most OEMs, if you have production rate increases or model mix or new derivatives, the OEMs always own the tooling, right? And so that's unchanged from our previous agreements. But in this current environment, when we look at the model mixes -- and we have the Dash-7s, the 8s, the 9s and the 10s, Boeing is selling more 7s, more 10s, and that has an impact on our production system. And so therefore, it's going to require us to make some capital investment. And so one of the benefits of the agreement, we appreciate this from Boeing is they're going to pay for some capital that normally Spirit would have to pay.

是的，當然，彼得。有幾件事。第一，對於大多數原始設備製造商來說，如果生產率提高或模型組合或新的衍生產品，原始設備製造商總是擁有工具，對嗎？這與我們先前的協議沒有變化。但在當前的環境下，當我們觀察模型組合時——我們有 Dash-7、8、9 和 10，波音正在銷售更多的 7、更多的 10，這對我們的生產系統產生了影響。因此，這將需要我們進行一些資本投資。因此，我們對波音公司表示讚賞的該協議的好處之一是，他們將支付通常精神航空必須支付的一些資本。

And normally, what would happen is as we built those units, we'd absorb more overhead and that would help profitability. But the big benefit here is it's a combination of tooling and capital that Boeing is going to pay for. They've given us an advance in the fourth quarter and some funding in '24 and a little bit in '25, and that's going to result in us spending higher CapEx in '24 and '25 to reflect the new models and the adjustments we need to make in the production system.

通常情況下，當我們建造這些單位時，我們會吸收更多的管理費用，這將有助於獲利。但這裡的最大好處是，它是波音公司將支付的工具和資本的結合。他們在第四季度給了我們預付款，並在 24 年和 25 年提供了一些資金，這將導致我們在 24 和 25 年支出更高的資本支出，以反映我們的新模型和調整。需要在生產系統中製作。

So there is a benefit to Spirit. It's going to be a little lumpy when the receipts come in and when the funds go out. But we think our Boeing customer, they're making the actual capital investment themselves. And so we appreciate that. So really, that's in a nutshell. It's a nice little benefit, although it's cash neutral, it is a benefit to Spirit.

因此，精神有一個好處。當收據進來和資金出去時，它會有點不穩定。但我們認為我們的波音客戶，他們自己進行實際的資本投資。因此我們對此表示讚賞。簡而言之，確實如此。這是一個不錯的小福利，雖然它與現金無關，但它對 Spirit 來說是一個福利。

Our next question comes from Michael Ciarmoli from Truist.

我們的下一個問題來自 Truist 的 Michael Ciarmoli。

Pat or Mark, just on the MOA, can you maybe help us out or give us a little bit more detail? Obviously, you kind of cotriangulate where the 787 deliveries are going to be this year. You got the $60 million revenue increase. I mean, was that all pricing? And should we assume that's kind of maybe rough $2 million per unit pricing?

帕特或馬克，就 MOA 而言，您能否幫助我們或為我們提供更多細節？顯然，您可以對今年 787 的交付量進行三角測量。您的收入增加了 6000 萬美元。我的意思是，這就是全部定價嗎？我們是否應該假設每單位定價約為 200 萬美元？

And then you kind of said not going to be margin positive for '25. I guess the reversal of the amortization looks to be an additive, but I think you're still paying back from the existing MOU, the 450,000. Can you just help us bridge some of those moving pieces so we can get a better expectation on 787?

然後你說 25 年的利潤率不會是正值。我猜攤銷的逆轉看起來是一種累加，但我認為你仍然從現有的諒解備忘錄（450,000）中償還。您能否幫助我們彌合一些令人感動的部分，以便我們對 787 抱有更好的期望？

Yes. Sure, Michael. I'm not going to comment specifically on what the price increase is per unit. But I think the -- what you should take from the agreement is we're reversing forward losses where previously in the future, our cost was higher than our price. So when you reduce a forward loss, right, and the cost forecast is unchanged, it's a pricing benefit. So those losses or those cash losses that we would book in the future, we're reversing those because those no longer exist.

是的。當然，邁克爾。我不會具體評論每單位價格的上漲幅度。但我認為，你應該從協議中得到的是，我們正在扭轉以前的未來損失，我們的成本高於我們的價格。因此，當您減少遠期損失（對）並且成本預測不變時，這就是定價優勢。因此，我們將在未來登記的那些損失或現金損失，我們正在扭轉這些損失，因為它們不再存在。

And then when we talk about when we get to positive margins on that program, we're at 4, 5 a month, moving to 7 a month. So it's going to take us a little time to absorb some of that overhead and get the full benefits of the pricing agreement. And so when we look at the early part of 2025, we're going to be at a higher rate than we are right now.

然後，當我們談論該計劃何時獲得正利潤時，我們會從每月 4、5 塊，轉向每月 7 塊。因此，我們需要一些時間來吸收部分管理費用並獲得定價協議的全部好處。因此，當我們展望 2025 年初時，我們的成長率將比現在更高。

And based on the price we're getting paid per unit and what our cost projections are, we talked about being positive margins, and we expect that to be a benefit on an ongoing basis.

根據我們每單位支付的價格以及我們的成本預測，我們談到了正利潤率，我們預計這將是持續的好處。

So again, I don't want to get into specifics about how much we got paid, but it's a big, big deal to Spirit. We're at the point now where we were in a loss position since essentially the inception of the program.

再說一遍，我不想詳細說明我們的報酬是多少，但這對 Spirit 來說是一件非常非常大的事情。從該計劃啟動以來，我們現在就處於虧損狀態。

And here in short order, our cash and the revenue will be higher than our cost, and it will be a cash positive program for us. And so a good thing for us as that program starts to go up and right here over the next 12 to 18 months.

短期內，我們的現金和收入將高於我們的成本，這對我們來說將是一個現金的積極計劃。因此，對我們來說這是一件好事，因為該計劃將在接下來的 12 到 18 個月內開始啟動。

Our last question today comes from Kristine Liwag from Morgan Stanley.

今天我們的最後一個問題來自摩根士丹利的克里斯汀·利瓦格。

Pat and Mark, the MOA with Boeing clearly signaled to Spirit equity and bondholders your strategic importance to Boeing. I mean that said, operations continue to get worse with the forward losses and the negative cumulative catch-ups, even in defense. So from your conversations with Boeing, to what degree does Boeing's financial support extend? And can Boeing step in to explicitly help underwrite the refinancing of the 2025 maturities?

帕特和馬克，波音的 MOA 向 Spirit 股權和債券持有人明確表明了你們對波音公司的戰略重要性。我的意思是說，即使在防守方面，由於前進的損失和負的累積追趕，行動繼續變得更糟。那麼從您與波音公司的對話來看，波音公司的財務支持範圍到什麼程度呢？波音能否介入並明確協助承銷 2025 年到期的再融資？

Good morning, Kristine. An interesting question. And we do thank our big customer for the agreement that we have in place, and we think it's -- they deemed it as a win-win. I wouldn't view it as charity. I think we perform a great service to our customers. I think we do a great job performing on their programs. And so overall, it's -- they describe it as a win-win. And we view it as a win-win.

早安，克里斯汀。一個有趣的問題。我們確實感謝我們的大客戶與我們達成的協議，我們認為這是——他們認為這是雙贏的。我不會將其視為慈善事業。我認為我們為客戶提供了優質的服務。我認為我們在他們的節目中表現出色。總的來說，他們將其描述為雙贏。我們認為這是雙贏的。

As it relates to refinancing strategies, as I've said before, we have access to the capital markets. We don't need Boeing to underwrite us as we think about our strategies around upcoming maturities. And I would just kind of leave it at that.

正如我之前所說，由於涉及再融資策略，我們可以進入資本市場。當我們考慮圍繞即將到期的策略時，我們不需要波音公司來承保我們。我就這樣吧。

Great. And if I could do a follow-up. When we factor in the current inflation environment, the higher labor costs, in the pricing step down for the 737 come 2026, what should margins for the program be for the 737 at that point? And how would that compare to where we were around the 2019 levels?

偉大的。如果我可以跟進的話。當我們考慮到當前的通貨膨脹環境、更高的勞動成本以及 2026 年 737 的定價下降時，屆時 737 的計畫利潤率應該是多少？與 2019 年的水準相比如何？

Yes. Hey Kristine, I'd just say this, hey, before we jump to 2026, let us get through 2023 and have a good, robust discussion with you in February about 2024. We'll have those discussions in good time.

是的。嘿，克里斯汀，我只想說，嘿，在我們跳到2026 年之前，讓我們度過2023 年，並在2 月份與您就2024 年進行一次良好、有力的討論。我們會及時進行這些討論。

This concludes today's conference call. Thank you all very much for dialing in, and have a wonderful day.

今天的電話會議到此結束。非常感謝大家撥電話，祝您有個愉快的一天。