Spirit AeroSystems Holdings Inc (SPR) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Spirit AeroSystems Holdings, Inc. First Quarter 2024 Earnings Conference Call. My name is Candice, and I will be your coordinator for today's call. (Operator Instructions) I would now like to turn this presentation over to Ryan Avey, Senior Director, Investor Relations and FP&A. Please proceed.

早安，女士們、先生們，歡迎參加 Spirit AeroSystems Holdings, Inc. 2024 年第一季財報電話會議。我叫坎迪斯，我將擔任今天電話會議的協調員。 （操作員說明）我現在想將此簡報交給投資者關係和 FP&A 高級總監 Ryan Avey。請繼續。

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

謝謝大家，大家早安。我是 Ryan Avey，今天和我在一起的有 Spirit 的總裁兼執行長 Pat Shanahan；資深副總裁兼財務長馬克‧蘇欽斯基 (Mark Suchinski)。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。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. With that, I would like to turn the call over to Pat.

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。有了這個，我想把電話轉給帕特。

Thank you, Ryan, and good morning, everyone. Let me say at the outset that I am so proud of the Spirit team and particularly proud of what we've accomplished through teamwork. I love this industry, our customers and the people that work in it. And we set out every day to make the industrial system better while ensuring safety, quality and compliance in the supply of our products and services.

謝謝瑞安，大家早安。首先我要說的是，我為 Spirit 團隊感到非常自豪，尤其為我們透過團隊合作所取得的成就感到自豪。我熱愛這個行業、我們的客戶以及在這個行業工作的人。我們每天都致力於讓工業體系變得更好，同時確保我們的產品和服務供應的安全、品質和合規性。

For Spirit, the primary objectives of stabilizing operations, delivering on our customer commitments and strengthening our company financially have not changed. We are laser-focused and continue to make real progress towards these objectives. Spirit AeroSystems is a critical component of a global network of engineers, manufacturers, customers and governments that comprise the aerospace industry. In that context, I'm going to frame our ongoing efforts.

對 Spirit 來說，穩定營運、履行客戶承諾和增強公司財務實力的主要目標並沒有改變。我們高度專注，並繼續在實現這些目標方面取得真正的進展。 Spirit AeroSystems 是航空航天業工程師、製造商、客戶和政府全球網路的重要組成部分。在這種背景下，我將概述我們正在進行的努力。

Demand for commercial air travel remains robust and firm. Our collective responsibility at Spirit is to match capacity and capability short and long term. It is a responsibility that defines the company and is at the core of our commitment to our customers. So as the industry prepares to ramp up production, we are diligently working across the industrial system to ensure we possess and demonstrate the capability to deliver on our commitments.

商業航空旅行的需求依然強勁且堅挺。 Spirit 我們的集體責任是在短期和長期內匹配產能和能力。這是定義公司的責任，也是我們對客戶承諾的核心。因此，當行業準備提高產量時，我們正在整個工業系統中努力工作，以確保我們擁有並展示我們履行承諾的能力。

Before moving to other topics, I would like to address talks with the Boeing company about a possible acquisition. At the beginning of March, we responded to media speculation by confirming that we are in discussions with Boeing. Those discussions continue, and as all of you understand, I'm not at liberty to comment further. When and if we have something to disclose, we'll make an announcement.

在討論其他議題之前，我想先談談與波音公司就可能的收購進行的談判。 3月初，我們回應了媒體的猜測，確認我們正在與波音公司進行討論。這些討論仍在繼續，正如你們所有人都理解的那樣，我無權進一步發表評論。當我們有什麼要揭露的時候，我們會發佈公告。

At our last earnings call, I spoke about Spirit's rapid response in support of the FAA NTSB Airlines and Boeing resulting from the Alaska air accident. Those actions concentrated on mitigating human factors by improving mechanic proficiency, compliance, mistake proofing and observation. Those systemic changes continue to take root as our foundational relationship with safety and quality matures.

在我們上次的財報電話會議上，我談到了 Spirit 在阿拉斯加空難中為支持 FAA NTSB 航空公司和波音公司而做出的快速反應。這些行動集中在透過提高機械熟練程度、合規性、防錯和觀察來減輕人為因素。隨著我們與安全和品質的基本關係的成熟，這些系統性變化繼續紮根。

Building on that foundation of improvement, we've expanded our actions to strengthen leadership, product conformity and governance. In terms of leadership, Gregg Brown has joined our team as SVP for Global Quality. Gregg is an airline operator, an airline safety and quality expert and authority in the management of the FAA's safety management system. He most recently was the Vice President of Technical Operations at JetBlue. Gregg possesses expertise for Airbus and Boeing products, having served in the industry and at Southwest Airlines for almost 4 decades.

在此改進基礎上，我們擴大了行動範圍，以加強領導力、產品合規性和治理。在領導方面，Gregg Brown 已加入我們的團隊，擔任全球品質高級副總裁。 Gregg 是航空公司營運商、航空公司安全和品質專家，也是 FAA 安全管理系統的管理權威。他最近擔任捷藍航空技術營運副總裁。 Gregg 擁有空中巴士和波音產品的專業知識，在該行業和西南航空公司工作了近 40 年。

Steps to strengthen product conformity have been significant. The decision was made to fundamentally change the inspection process. This change aligns Spirit and Boeing efforts into a joint inspection. Partnering with Boeing, this transformative undertaking was industrialized in 34 days. Today, working shoulder to shoulder with a standardized 26 zone product verification process, the teams verify conformity on the 737.

加強產品一致性的措施意義重大。決定從根本上改變檢查流程。這項變革將精神航空與波音公司的努力結合起來進行聯合檢查。與波音公司合作，這項變革性計畫在 34 天內就實現了工業化。如今，團隊透過標準化 26 區產品驗證流程並肩工作，驗證 737 的合規性。

Each week, the process improves in tandem with quality results being fed back to the teams working in station. Ultimately, our goal is not to streamline this operation but to move it further upstream to where the work is performed. In the interim, utilizing end-to-end digital feedback and analytics, we are accelerating the quality improvements initiated in the first quarter. With critical new building blocks, process changes and insight, we have further reexamined governance.

每週，流程都會改進，品質結果也會回饋給現場工作的團隊。最終，我們的目標不是簡化此操作，而是將其進一步移至上游執行工作的位置。在此期間，利用端到端數位回饋和分析，我們正在加速第一季啟動的品質改進。憑藉關鍵的新建模組、流程變更和洞察力，我們進一步重新審視了治理。

Breakthrough performance and safety and quality will be realized and sustained if teams at the point of production own their operations. We are moving from the office to the factory floor. We're enabling integrated product teams composed of quality assurance, manufacturing engineering, factory operations, supplier management and the customer. This form of governance, which is not new to our industry, provides the requisite authorities, resources, inspiration and motivation that unlocks discretionary effort. This change in governance is early stage, but has the greatest potential.

如果生產現場的團隊擁有自己的營運權，突破性的效能、安全性和品質將會實現並持續下去。我們正從辦公室搬到工廠車間。我們正在打造由品質保證、製造工程、工廠營運、供應商管理和客戶組成的整合產品團隊。這種治理形式對我們的產業來說並不新鮮，它提供了必要的權力、資源、靈感和動力，以釋放自由裁量權。這種治理變革尚處於早期階段，但潛力最大。

Now I will provide context on cash usage for the quarter. As Boeing mentioned on their call, they deliberately slowed 737 production below 38 per month to incorporate improvements to quality and safety management systems, including reducing traveled work and addressing supplier nonconformances. The inspection process changed by Boeing in effect paused our ability to receive payment for completed fuselages. The implementation of the product verification required that we inspect all the fuselage stored in ship-in-place utilizing the new conformity process.

現在我將提供本季現金使用情況的背景資訊。正如波音公司在電話會議中提到的那樣，他們故意將 737 的產量降低到每月 38 架以下，以改善品質和安全管理系統，包括減少出差工作和解決供應商不合格問題。波音公司改變的檢查流程實際上暫停了我們接收已完工機身付款的能力。產品驗證的實施要求我們利用新的合規流程檢查所有存放在原地的機身。

This represents a total of 54 ship-in place units that needed to flow through the newly established process beginning March 1. In the quarter, we produced 89 units and delivered 44 units prior to implementing the new process. The result was an increase of 45 fuselages to our work in process. To offset the lack of payment but recognizing the completion of fuselages, Boeing advanced Spirit $425 million to be repaid in the third quarter as the production system returns to equilibrium.

這意味著從 3 月 1 日開始，總共有 54 個已出貨單位需要通過新建立的流程。結果是我們在製品中增加了 45 架機身。為了彌補付款不足的情況，但承認機身已完工，波音公司向 Spirit 預付了 4.25 億美元，待生產系統恢復平衡後在第三季償還。

We appreciate greatly Boeing's support operationally and financially as we strengthen the industrial system. Boeing is also modifying 787 deliveries due to supply chain challenges. Mark will provide additional detail. However, with the 737 production rate currently at 31 airplanes per month and 787 deliveries approximately 25% below original plans, we will make near-term adjustments to our supply chain to ensure optimal levels of inventory and rate capability.

我們非常感謝波音公司在我們加強工業體系過程中提供的營運和財務支持。由於供應鏈挑戰，波音公司也正在修改 787 的交付方式。馬克將提供更多細節。然而，由於目前 737 的生產率為每月 31 架飛機，而 787 的交付量比原計劃低約 25%，我們將對供應鏈進行近期調整，以確保最佳的庫存水平和生產率能力。

We are closely coordinating with our supplier partners to mitigate the short-term disruption. Our intent is to quickly resynchronize the industrial system while still balancing the capacity and capability to snap back to future production rate increases. The Spirit team is focused on driving our safety and quality efforts, synchronizing supplier partner operations and aligning to meet our commitments to defense customers, Airbus and Boeing.

我們正在與供應商合作夥伴密切協調，以減輕短期幹擾。我們的目的是快速重新同步工業系統，同時仍平衡產能和能力，以迅速恢復未來生產力的成長。 Spirit 團隊專注於推動我們的安全和品質工作，同步供應商合作夥伴的運營，並努力履行我們對國防客戶、空中巴士和波音的承諾。

Turning to Airbus, as we've discussed on earnings calls over the past year, we've been attempting to reach a commercial agreement in the best interest of both companies. These conversations have yet to result in an agreement. As a result of this impact and the continued pressure on meeting the delivery targets demanded by the rapid rate in the Airbus A350 and 220 programs, we booked significant losses this quarter, including net incremental losses for anticipated performance obligations extending beyond 2026.

談到空中巴士，正如我們在過去一年的財報電話會議上所討論的那樣，我們一直在努力達成一項符合兩家公司最佳利益的商業協議。這些對話尚未達成協議。由於這種影響以及空中巴士 A350 和 220 專案快速交付所要求的交付目標的持續壓力，我們本季度出現了重大損失，包括 2026 年以後預期履約義務的淨增量損失。

The strain on the supply chain being experienced by Spirit and other suppliers is both commercial and an operational risk. We have risen to the challenge thus far, and we'll continue to work with Airbus to ensure that quality and safety remain the foremost considerations. And to close, while it's not been the focus of my opening remarks today, I want to highlight the strong performance of the Defense and Aftermarket teams. They continue to execute day in and day out and are performing to their commitments operationally and financially.

Spirit 和其他供應商所面臨的供應鏈壓力既是商業風險，也是營運風險。到目前為止，我們已經迎接了挑戰，我們將繼續與空中巴士合作，確保品質和安全仍然是首要考慮因素。最後，雖然這不是我今天開場白的重點，但我想強調國防和售後市場團隊的強勁表現。他們繼續日復一日地執行，並在營運和財務上履行其承諾。

With that, let me turn the call over to Mark, who will take you through the financials before we open up the call to Q&A. Mark?

接下來，讓我將電話轉給馬克，他將在我們開始問答電話之前向您介紹財務狀況。標記？

Thank you, Pat. And good morning, everyone. As Pat covered in his opening remarks, there have been a number of events that have occurred since our last earnings call. I want to discuss the financial impacts of these items before getting into the first quarter results. First, the implementation of Boeing's product verification process on the 737 program, including moving inspections and rework teams from Renton to Wichita while no longer allowing travel work. This has been a collaborative effort to enhance quality and eliminate rework, but consequently has created delayed delivery acceptance in our factories, which has led to the build-up of undelivered units, higher levels of inventory and contract assets and lower cash flow.

謝謝你，帕特。大家早安。正如帕特在開場白中所說，自從我們上次財報電話會議以來，發生了許多事件。我想在討論第一季業績之前討論這些項目的財務影響。首先，對737專案實施波音的產品驗證流程，包括將檢查和返工團隊從倫頓轉移到威奇托，同時不再允許出差工作。這是提高品質和消除返工的共同努力，但結果導致我們工廠的交貨驗收延遲，從而導致未交付單位的堆積、庫存和合約資產水平更高以及現金流量減少。

We are working with Boeing to mitigate the slowdown resulting from the process changes. And despite the slow start, we are seeing signs of improvement. And in the long term, expect the benefit to be more synchronized with our customers' inspection process. Over the next few quarters, we expect to have our production systems aligned and built-up units delivered. Additionally, we have incurred factory and supply chain costs that were incurred to align with the higher 737 production rate, which has now been delayed.

我們正在與波音公司合作，以緩解流程變更造成的放緩。儘管起步緩慢，但我們看到了改善的跡象。從長遠來看，預計收益將與客戶的檢查流程更加同步。在接下來的幾個季度中，我們預計將調整我們的生產系統並交付建成的單位。此外，我們還產生了工廠和供應鏈成本，這些成本是為了與更高的 737 生產率保持一致，但現在已被推遲。

Our current rate is approximately 31 aircraft per month, and we now expect to remain at the lower-than-planned rate throughout the rest of the year. Similarly, on the 787 program, we are now anticipating delivering approximately 55 units during 2024, down from our original plan of approximately 80. All of these items will have a negative impact on cash flow throughout the year, but I want you to know that we are strongly focused on liquidity and actions to improve our current position.

我們目前的速度約為每月 31 架飛機，我們預計今年剩餘時間將保持低於計劃的速度。同樣，在 787 項目中，我們現在預計在 2024 年交付約 55 架飛機，低於我們最初計劃的約 80 架。非常關注流動性和改善我們當前狀況的行動。

Now let me take you through the details of our first quarter financial results. So let's move to Slide #2. Revenue for the quarter was $1.7 billion, up 19% from the first quarter of 2023. The year-over-year improvement was primarily due to higher production on our Commercial programs and increased Defense & Space revenues. Overall deliveries in the quarter decreased 11% year-over-year as a result of fewer deliveries recorded on the 737 program due to the reasons I described in my opening remarks.

現在讓我向您詳細介紹我們第一季的財務表現。那麼讓我們轉到投影片 #2。本季營收為 17 億美元，比 2023 年第一季成長 19%。由於我在開場白中描述的原因，737 專案的交付量減少，導致本季的整體交付量年減 11%。

The in-process and completed 737 fuselages that have not been through the new source inspection process are recorded as contract assets and not counted towards our shipset deliveries until accepted. The overtime accounting revenue recognition on these units has been reflected in our quarterly financial results. Now let's turn our attention to EPS. We reported earnings per share of a negative $5.31 compared to negative $2.68 in the first quarter of 2023.

尚未通過新的來源檢驗流程的在製品和已完工的 737 機身將被記錄為合約資產，在接受之前不計入我們的船組交付。這些單位的加班會計收入確認已反映在我們的季度財務表現中。現在讓我們把注意力轉向每股收益。我們報告的每股收益為負 5.31 美元，而 2023 年第一季為負 2.68 美元。

Excluding certain items, adjusted EPS was negative $3.93 compared to negative $1.69 in the prior year. Operating margin was lower compared to the same period of 2023, largely driven by higher unfavorable changes in estimates during the first quarter of 2024. First quarter net forward losses were $495 million and unfavorable cumulative catch-up adjustments were $39 million. This is compared to $110 million of forward losses and $12 million of unfavorable cumulative catch-up adjustments in the first quarter of 2023.

不包括某些項目，調整後每股收益為負 3.93 美元，而前一年為負 1.69 美元。與2023 年同期相比，營業利潤率較低，這主要是由於2024 年第一季預估的不利變化加大所致。為3900 萬美元。相較之下，2023 年第一季的遠期損失為 1.1 億美元，不利的累計追趕調整為 1,200 萬美元。

The current quarter 4 losses were primarily driven by A350 and A220 programs of $281 million and $167 million, respectively. I know these are large losses but are really due to the inability to reach a conclusion to commercial negotiations with Airbus. And as a result, we were required to adjust our assumptions and record forward losses on the A220 and A350 programs, which drove $373 million of total losses. This includes forward losses through 2025, our current accounting contract as well as losses for anticipated performance obligations beyond 2026.

目前第四季的虧損主要是由 A350 和 A220 項目造成的，分別為 2.81 億美元和 1.67 億美元。我知道這些損失很大，但實際上是由於與空中巴士的商業談判無法達成協議。因此，我們需要調整假設並記錄 A220 和 A350 項目的遠期損失，這導致總損失達 3.73 億美元。這包括截至 2025 年的遠期損失、我們目前的會計合約以及 2026 年後的預期履約義務的損失。

The remainder of the forward losses were a result of production cost growth and additional firm orders. Additionally, the 787 program drove $34 million of forward losses due to supply chain and labor cost growth to support future higher production rates. The unfavorable cumulative catch-up adjustments primarily related to increased 737 costs associated with the product verification process changes, which caused delayed delivery acceptances and a significant build-up of undelivered units in Wichita.

其餘的遠期損失是由於生產成本增長和額外的確定訂單造成的。此外，由於供應鏈和勞動力成本增長以支持未來更高的生產力，787 項目還導致了 3,400 萬美元的遠期損失。不利的累積追趕調整主要與產品驗證流程變更相關的 737 成本增加有關，這導致交付驗收延遲以及威奇托未交付飛機的大量增加。

Now turning to free cash flow. Free cash flow usage for the quarter was $444 million compared to free cash flow usage of $69 million in the first quarter of 2023, primarily caused by disruption to the 737 production and delivery delay experienced in the period. Having a large number of unbilled 737 units built during the first quarter had a significant negative impact on our first quarter free cash flow. Once these units can be fully inspected under the new product verification process, they will be considered delivered, and we can collect the cash earned on those units.

現在轉向自由現金流。本季的自由現金流使用量為 4.44 億美元，而 2023 年第一季的自由現金流使用量為 6,900 萬美元，這主要是由於該期間 737 生產中斷和交付延遲造成的。第一季建造的大量未開票的 737 飛機對我們第一季的自由現金流產生了重大負面影響。一旦這些設備能夠根據新產品驗證流程進行全面檢查，它們將被視為已交付，我們可以收取這些設備所賺取的現金。

The prior year free cash flow reflects $180 million surplus cash payment received related to the termination of the pension value Plan A. Now with that, let's turn to our cash and debt balances on Slide 3. We ended the quarter with $352 million of cash, which reflects the unfavorable impacts of the disruption experienced on the 737 production and delivery process. We ended the quarter with $4.1 billion of debt.

上一年的自由現金流反映了與終止退休金價值A 計畫相關的1.8 億美元剩餘現金支付。現金，這反映了此次中斷對 737 生產和交付流程的不利影響。本季結束時，我們的債務為 41 億美元。

In April, we entered into an MOA with Boeing to provide cash advances totaling $425 million. These funds were used to address Spirit's high levels of inventory and contract assets, lower operational cash flows, decreased deliveries and higher factory costs attributed to the change in the product verification process and the FAA's imposition of limitations on the Boeing increased production rates.

4 月份，我們與波音公司簽署了一份諒解備忘錄，提供總額為 4.25 億美元的預付現金。這些資金用於解決 Spirit 的高庫存和合約資產、較低的營運現金流、交付量減少以及由於產品驗證流程的變化以及 FAA 對波音提高生產率的限製而導致的工廠成本上升的問題。

This advance will be reflected in the second quarter financial results and will be treated as financing activity on the statement of cash flows. As I mentioned in my remarks, we are strongly focused on liquidity and our working plans to improve our current position. Next, let's discuss our quarterly segment performance, along with the Commercial segment on Slide 4.

這筆預付款將反映在第二季的財務表現中，並將被視為現金流量表中的融資活動。正如我在演講中提到的，我們非常關注流動性和改善當前狀況的工作計劃。接下來，讓我們討論我們的季度部門業績以及幻燈片 4 上的商業部門。

Even with the 737 disruption impacts, Commercial revenue increased compared to the same period of 2023, primarily due to higher production across most of our programs. Quarterly operating margin decreased compared to the first quarter of 2023, primarily driven by higher changes in estimates recorded in the current period. These changes in estimates included net forward losses of $494 million, which were largely driven by the change in assumptions on our conversations with Airbus and unfavorable cumulative catch-up adjustments of $39 million.

即使受到 737 中斷的影響，商業收入與 2023 年同期相比仍有所增加，這主要是由於我們大多數項目的產量增加。與 2023 年第一季相比，季度營業利潤率有所下降，主要是由於本期記錄的預估變化較大。這些估計變化包括 4.94 億美元的淨遠期損失，這主要是由於我們與空中巴士公司對話的假設變化以及 3900 萬美元的不利累計追趕調整所致。

In comparison, during the first quarter of 2023, the segment recorded charges of $110 million of forward losses and $11 million of unfavorable cumulative catch-up adjustments. Next, let's turn to Defense & Space segment on Slide 5. We are especially pleased with the performance by the Defense & Space teams this quarter. Revenue grew to $251 million due to higher activity on development and classified programs as well as the Sikorsky CH-53K and FLRAA programs. Operating margin of 13% in the first quarter increased compared to the same period of 2023, primarily due to higher classified program activities and strong execution by the team.

相比之下，2023 年第一季度，該部門記錄了 1.1 億美元的遠期損失費用和 1,100 萬美元的不利累積追趕調整費用。接下來，讓我們轉向幻燈片 5 上的國防與航太部分。由於開發和機密項目以及西科斯基 CH-53K 和 FLRAA 項目的活動增加，收入增長至 2.51 億美元。第一季的營業利潤率較 2023 年同期有所增加，達到 13%，這主要是由於專案活動的分類程度更高以及團隊的強大執行力。

For our Aftermarket segment results, let's now turn to Slide 6. Aftermarket had another solid quarter with revenue of $96 million, up slightly over the prior year, primarily due to higher spare parts sales. Operating margin in the first quarter of 2024 decreased compared to the first quarter of '23, primarily due to lower MRO activity during the current period. With that, we will be happy to take your questions.

對於我們的售後市場部門的業績，現在讓我們轉向幻燈片 6。與 2023 年第一季相比，2024 年第一季的營業利潤率有所下降，主要是由於本期 MRO 活動減少。這樣，我們將很樂意回答您的問題。

(Operator Instructions) So our first question comes from the line of Seth Seifman of JPMorgan.

（操作員指令）所以我們的第一個問題來自摩根大通的 Seth Seifman。

I was wondering, Pat and Mark, if you could talk about when we think about the potential deliveries from Spirit this year, and we think about the current production rate of 31, but the deliveries we saw in the first quarter, should we think about the rest of the year as being kind of that 31 per month plus, I guess, the difference between the 89 that were produced and the 44 that were delivered in the first quarter? Or will it take more time to kind of marry up the actual deliveries that can happen with that sort of underlying production rate of 31 a month? I guess how should we think about that trajectory of deliveries going forward and when those deliveries meet up with the production rate and how the excess fuselages come out over the rest of the year or longer as well?

我想知道，帕特和馬克，當我們考慮今年 Spirit 的潛在交付量時，您是否可以談談，我們考慮當前的生產率為 31，但我們在第一季看到的交付量，我們是否應該考慮今年剩下的時間大約是每月31 架，加上我猜，生產的89 架和第一季交付的44 架之間的差異？或者是否需要更多時間才能將實際交付量與每月 31 件的基本生產力結合？我想我們應該如何考慮未來的交付軌跡，以及這些交付何時達到生產率，以及多餘的機身在今年剩餘時間或更長時間內如何排出？

Yes, Seth, maybe just think about it this way. We'll be steady state at 31 aircraft per month for the balance of the year. And you might think of that ship-in-place as a buffer that will allow Boeing to increase to 38 per month when the time is appropriate based on their work with the FAA. So I kind of think of that buffer as surge capacity. Based on the volume that's there, it positions us then to respond, should the rate go higher.

是的，塞斯，也許就這樣想吧。在今年剩下的時間裡，我們將保持每月 31 架飛機的穩定狀態。您可能會認為該交付到位是一個緩衝區，根據與 FAA 的合作，在適當的時候，波音可以將其數量增加到每月 38 架。所以我認為這個緩衝就是浪湧能力。根據現有的交易量，如果利率走高，我們就可以做出反應。

Yes, Seth, just a little bit more color here for you. Let's just focus on Spirit deliveries, where we'll get paid cash. I'd expect the second quarter cash deliveries to be consistent with the first quarter as we work through the product process verification and then we'll see our deliveries increase higher than that in the third and fourth quarter so that for the full year, the deliveries will be roughly 31 a month x 12.

是的，Seth，這裡給你多一點顏色。讓我們只專注於精神交付，我們將獲得現金支付。我預計第二季度的現金交付量將與第一季度保持一致，因為我們將進行產品流程驗證，然後我們將看到我們的交付量增長高於第三和第四季度，因此全年，每月交付量約為31 x 12。

So we have some more ship-in-place Boeing owned inventory that needs to go through the process verification in the second quarter. And then our finished goods will start to follow after that. So delivered units revenue -- or cash delivered units, again, will be consistent with the first quarter, and then we'll see those go higher in the third and fourth quarter.

因此，我們有更多波音擁有的庫存，需要在第二季進行流程驗證。然後我們的成品將開始跟進。因此，交付單位收入（或現金交付單位）將與第一季保持一致，然後我們將看到第三季和第四季的收入更高。

Your next question comes from the line of Sheila Kahyaoglu from Jefferies.

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

I wanted to ask about Airbus and the assumptions there. Just what were the assumptions within the A220 and the 350 per pricing given part of the forward loss in the quarter was tied to the failure to reach a new pricing agreement there? And was there some sort of relief assumed in those numbers?

我想詢問空中巴士公司以及那裡的假設。鑑於本季部分遠期損失與未能達成新的定價協議有關，A220 和 350 元定價中的假設是什麼？這些數字是否讓人鬆了一口氣？

Yes, Sheila, thanks for the question. Yes, there were embedded in our previous assumptions, an assumption on a higher price based on discussions that had ensued at the time. As we said, we haven't been able to come to a conclusion on that. So the forward loss is really represented, I think, in 3 components. Number one is it's a reversal of that pricing benefit that we previously booked. It's additional orders that Airbus booked beyond 2026 on both A350 and A220.

是的，希拉，謝謝你的提問。是的，我們先前的假設中包含了基於當時討論的更高價格的假設。正如我們所說，我們尚未就此得出結論。因此，我認為，前向損失實際上由 3 個組成部分錶示。第一，這與我們之前預訂的定價優惠相反。這是空中巴士在 2026 年之後為 A350 和 A220 預訂的額外訂單。

And so while we're a stand-alone company, we need to continue to record losses on those future performance obligations. And then there were just some normal cost growth associated with the production. But in my remarks, I said specifically the reversal of those benefits and the additional losses on the future performance obligations were roughly $373 million of the total Airbus losses.

因此，雖然我們是一家獨立的公司，但我們需要繼續記錄這些未來履約義務的損失。然後，只有一些與生產相關的正常成本成長。但在我的演講中，我特別指出，這些收益的逆轉以及未來履約義務的額外損失約為空中巴士總損失的 3.73 億美元。

Maybe just to clarify, can you level set us on what sort of cash usage we should assume for the Airbus business in '24 and '25?

也許只是為了澄清一下，您能否告訴我們，我們應該為 24 年和 25 年的空中巴士業務假設使用什麼樣的現金？

What I would say is this, Sheila, if you look at our balance sheet and you look at current forward loss reserves or liabilities, I would say that Airbus is about 80% to 85% of those balances. So I think you can do some math from there.

我想說的是，希拉，如果你看看我們的資產負債表，看看當前的遠期損失準備金或負債，我會說空中巴士約佔這些餘額的 80% 到 85%。所以我認為你可以從那裡做一些數學計算。

The next question comes from the line of Jason Gursky of Citigroup.

下一個問題來自花旗集團的傑森古爾斯基。

Pat, I was wondering if you could just spend a few minutes kind of contextualizing for all of us. The scale of the changes that the ecosystem is going through here. And this idea of reducing traveled work to 0 essentially, I'm guessing is, what's being asked of you. How do you think of a philosophical changes in aerospace manufacturing? And how difficult is it going to be to achieve what's being asked of you and in turn, what you're asking, I suspect your suppliers to do?

帕特，我想知道您是否可以花幾分鐘為我們所有人介紹背景。這裡的生態系統正在經歷的變化的規模。我猜，這種將旅行工作量減少到 0 的想法本質上就是對你的要求。您如何看待航空航太製造的哲學變革？實現對您的要求以及您的要求（我懷疑您的供應商會做什麼）會有多困難？

I think just big picture, giving us a really good understanding of the task at hand here and how maybe normal this is going to be? Or how unusual this is going to be, I think, would be helpful for all of us here on the call?

我認為這只是大局，讓我們對手頭上的任務有一個很好的理解，以及這將是多麼正常？或者我認為這將是多麼不尋常，這對我們在座的所有人都有幫助？

Sure, Jason. Let me kind of break it into some different pieces. So when we think about the process that's been stood up here in Wichita, think about it in terms of there are many points along the production system, and I'm going to characterize that as production system for this discussion starts in Wichita and ends when we load a fuselage into the Renton facilities, there are many points along that process where inspections take place.

當然，傑森。讓我把它分成幾個不同的部分。因此，當我們考慮在威奇托建立的流程時，請從生產系統中存在很多點的角度來考慮，我將把這一點描述為本次討論的生產系統從威奇托開始，到結束時結束。 我們將機身裝載到倫頓工廠，在此過程中有許多點進行檢查。

And this effort with Boeing has been to better align all of that activity so that we can take the feedback from those inspections and drive (inaudible) corrective action at a very top level, that's what we're talking about. The details are more complicated than that in the sense that in our production system in Wichita, we conduct 9,000 inspections.

與波音公司的合作是為了更好地協調所有這些活動，以便我們能夠從這些檢查中獲取反饋，並在最高層推動（聽不清楚）糾正措施，這就是我們正在談論的內容。細節比這更複雜，因為我們在威奇託的生產系統中進行了 9,000 次檢查。

When you think about the fuselage that we delivered to Boeing, it's 100 feet long and about 12 feet in diameter. It's the largest single integrated commercial aerostructure in the world, and we have very exacting tolerances in which we have to build that to from an engineering standpoint. So when we talk about skin quality, skin quality must be within 10,000 (inaudible) roughly the thickness of 2 sheets of paper.

當您想到我們交付給波音公司的機身時，您會發現它長 100 英尺，直徑約 12 英尺。它是世界上最大的單一整合商用飛機結構，我們必須從工程角度建造它，並且具有非常嚴格的公差。因此，當我們談論皮膚質量時，皮膚質量必須在 10,000（聽不清楚）之內，大約相當於 2 張紙的厚度。

So when we think about that fuselages about the size of a high school basketball court. And when Boeing says, we expect perfection, they're talking about nothing in excess of 2 sheets of paper thickness. We also install on the skin, 100,000 -- it's about 100,000 fasteners. So there are no fasteners that can have a tolerance greater than what you could detect with your fingernail. So what we've done here is to consolidate all of these inspections where there's a final inspection in Wichita before it goes to Boeing.

因此，當我們想到機身大小相當於高中籃球場。當波音公司說「我們期望完美」時，他們指的是不超過 2 張紙厚度的東西。我們還在皮膚上安裝了 100,000 個——大約 100,000 個緊固件。因此，沒有任何緊固件的公差可以大於您用指甲所能偵測到的公差。因此，我們在這裡所做的就是整合所有這些檢查，在前往波音之前在威奇托進行最終檢查。

And when Dave Calhoun talks about clean fuselages, the definition there is what we ship to them, they can load into their first position and immediately put (inaudible) and the goal is that they can immediately go to work because what we provide to them is the pacing item for all of those installations, we cannot travel any type of work that would disrupt their ability to start on day 1.

當戴夫·卡爾霍恩（Dave Calhoun）談論清潔機身時，定義是我們運送給他們的東西，他們可以裝載到他們的第一個位置並立即放置（聽不清楚），目標是他們可以立即開始工作，因為我們提供給他們的是作為所有這些安裝的進度項目，我們不能進行任何類型的工作，以免影響他們在第一天開始的能力。

I think we've made substantial improvement in realigning all the inspections, interpreting the engineering specifications in an exacting manner so that the eyes of Boeing and the eyes of Spirit are the same. And we've been migrating away from humans doing this to digitally inspecting the condition of assembly. It's a long way of saying that we've made step function changes in how we inspect, where we inspect and how we do that together.

我認為我們在重新調整所有檢查、以精確的方式解釋工程規範方面已經取得了實質性的進步，以便波音和精神航空的眼睛是一樣的。我們已經從人工操作轉向數位化檢查組裝狀況。從長遠來看，我們在檢查方式、檢查地點以及如何一起檢查方面做出了階梯功能改變。

The benefits in the short term have been we've seen about a 15% improvement in quality. That's just here in the first quarter. My expectation is that by the second half of this year, we'll actually see a step function change in the level of quality. Our ultimate goal is always to drive this back in a position where the work is performed and eliminate the need for so many different inspection points. And I believe that will take place over time and probably faster than most people expect. Maybe I'll stop there and see if that touches on your question.

短期內的好處是我們看到品質提高了約 15%。這只是第一季的情況。我的預期是，到今年下半年，我們實際上會看到品質水準發生階躍變化。我們的最終目標始終是將其恢復到執行工作的位置，並消除對如此多不同檢查點的需求。我相信這會隨著時間的推移而發生，而且可能比大多數人預期的要快。也許我會停在那裡，看看這是否涉及你的問題。

Yes. No, it's great. Maybe just one quick follow-up to that. I'm sorry. But -- okay. So it sounds to me like process will get better, learning will happen more quickly, probably more inspections going on here. But does this represent kind of a whole scale change in the way that both you and Boeing are approaching manufacturing? Or is this more kind of an evolutionary kind of thing? And there is a really visible path on how we're going to get all of this done in a relatively timely fashion. I'm just trying to understand how big of a change this really represents and how hard it's going to be?

是的。不，這太棒了。也許只是對此的一個快速跟進。對不起。但是——好吧。所以在我看來，流程會變得更好，學習會更快，可能會進行更多檢查。但這是否代表您和波音公司的製造方式發生了全面變化？或者這更像是一種進化的事情？關於如何以相對及時的方式完成所有這些工作，有一條非常明顯的路徑。我只是想了解這到底代表著多大的改變以及會有多困難？

Well, I think good portion of the hard work is done. The hard work was moving this activity 2,000 miles closer to where the work is being done, physically stand up at the operation and normalize the inspection process, that work is behind us. We did ran 2 fuselages through the process March 18, in April. And in the month of May, we'll exceed the production rate of our internal operations. So we'll start to burn down the backlogs. I think the heavy lift has occurred.

嗯，我認為大部分艱苦工作已經完成。艱苦的工作是將這項活動移近 2,000 英里，距離工作地點更近，在操作現場站起來並使檢查過程正常化，工作已經過去了。我們確實在 3 月 18 日和 4 月運行了 2 架機身。在五月份，我們將超過內部營運的生產力。所以我們將開始銷毀積壓的訂單。我認為重型電梯已經發生。

Now it's really utilizing the findings to rapidly improve the quality and position, which is really the foundation to get to the higher rates. I mean this all supports rate 42, rate 47 and beyond. So that part will be incremental. The big step function of realigning the two companies and where the work is done, I think, is behind us, but it's significant.

現在，它真正利用這些發現來快速提高品質和地位，這確實是獲得更高利率的基礎。我的意思是這一切都支援速率 42、速率 47 及更高速率。所以這部分會是增量的。我認為，重組兩家公司以及完成工作的重大舉措已經過去，但意義重大。

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

下一個問題來自大衛‧史特勞斯與巴克萊銀行的關係。

One clarification question and my main question. The 55 MAX units that you didn't ship in the quarter but produced, how many of those at this point have gone through this joint verification process and (inaudible), that's my clarification question. And then my main question on Airbus and the negotiations there, Pat. Has there been any progress on the pricing side? Or did the pricing negotiations kind of get put to the side at this point, given it sounds like you're potentially negotiating with Airbus to take back the A220, A350 work as part of a potential acquisition from Boeing?

一個澄清問題和我的主要問題。你們本季沒有出貨但生產的 55 MAX 裝置，其中有多少已經通過了聯合驗證過程（聽不清楚），這是我的澄清問題。然後我的主要問題是關於空中巴士公司和那裡的談判，帕特。定價方面有進展嗎？或者考慮到您可能正在與空中巴士公司談判以收回 A220、A350 的工作，作為從波音公司潛在收購的一部分，定價談判此時是否已被擱置？

Sure. Let me address the first question. Mid-May, we'll start processing the first unit from the finished goods, work in place buffer and then we'll burn those down in terms of the advances we've been paid on by the third quarter. Maybe more broadly to the subject of Airbus, I just maybe start out with, we have lots of conversations with Airbus on many different levels. The majority of the conversations tend to focus on the integrity of supply given the significant ramp-ups on the 350 and the 220. And just kind of remind everybody, the ramp-up on the 350 is an increase of 43% this year in addition to delivering the ULR in the first freighter.

當然。讓我回答第一個問題。五月中旬，我們將開始處理第一批成品，在緩衝區工作，然後我們將根據第三季支付的預付款將其燒毀。也許更廣泛地說，對於空中巴士的主題，我可能首先會說，我們與空中巴士在許多不同層面上進行了很多對話。鑑於 350 和 220 的大幅增長，大多數討論往往集中在供應的完整性上。

On the 220 side, it's an increase of 52% in 1 year. So as you can imagine, there's an intensity of conversations going on there. We have never stopped talking about price with Airbus. We haven't made the progress, we've never stopped talking about price. And maybe to the third point, we've explored other economics and different relationship in our production system. And I won't go further there. But there's a path forward on all fronts, and we'll continue to partner with Airbus.

220方面，一年內成長了52%。正如你可以想像的那樣，那裡正在進行著激烈的對話。我們從未停止與空中巴士談論價格。我們還沒有取得進展，我們從未停止談論價格。也許到第三點，我們已經探索了我們生產系統中的其他經濟和不同關係。我不會再進一步了。但所有方面都有前進的道路，我們將繼續與空中巴士合作。

The next question comes from the line of Ken Herbert of RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的肯‧赫伯特。

I just wanted to follow up, if I could, (inaudible) I apologize if you you've already addressed this. But what would you characterize for the A220 line, in particular, as sort of incremental investments to support the rates that Airbus has talked about in terms of mid-teens? You're looking at substantial growth this year. I think the growth profile was pretty aggressive over the next few years.

如果可以的話，我只是想跟進（聽不清楚）如果您已經解決了這個問題，我深表歉意。但是，您認為 A220 系列飛機的特點是什麼，特別是作為一種增量投資來支援空中巴士公司所談論的十幾歲左右的費率？您預計今年將大幅成長。我認為未來幾年的成長勢頭相當強勁。

And Airbus has been pretty vocal about pushing as much cost on to the supply chain as possible. Can you talk about that investment profile with you to support sort of a mid-teens rate on that particular program, I guess, predominantly, that would be within the Belfast facility?

空中巴士一直直言不諱地將盡可能多的成本轉嫁給供應鏈。您能否與您談談投資概況，以支持該特定計劃的中位數利率，我想，主要是在貝爾法斯特設施內？

Yes. Ken, as you said, and Pat just mentioned it, we're talking about a 50-plus percent increase in deliveries in '24 compared to 2023. And then when you do the projection of getting to 14 a month in the '25, '26 time frame, that's essentially more than doubling from where we were last year. So there's no doubt we have capital investments that would be required in our Belfast facility from a property plant and equipment, things like autoclaves and other significant pieces of equipment.

是的。 Ken，正如您所說，Pat 剛剛提到過，我們談論的是 24 年交付量比 2023 年增加 50% 以上。內，基本上是去年的兩倍多。因此，毫無疑問，我們貝爾法斯特工廠所需的資本投資來自房地產工廠和設備，例如高壓滅菌器和其他重要設備。

So that CapEx has to start to take place in the back half of this year and into 2025 so that we can meet those production rate ramps that our customer is asking for.

因此，資本支出必須在今年下半年和 2025 年開始進行，以便我們能夠滿足客戶要求的生產力提升。

Can you put a finer point on that CapEx? Or maybe another way to ask it, Mark, is what staffing level are you at the Belfast facility and how much hiring would you have to do there to support the higher rate?

您能否對資本支出進行更詳細的闡述？或者也許換一種方式問它，馬克，你在貝爾法斯特工廠的人員配備水平是多少，你需要在那裡招聘多少人來支持更高的比率？

Yes. So right now, we're staffed to meet the current requirements. We're not overstaffed there. We're still adding people to support the higher production as we move to the middle and into the back half of the year. So first things first here, as we said, we're looking at delivering somewhere in the ballpark of 90 to 100 units this year. And we did around 60, a little more than that last year.

是的。所以現在，我們的人員配備可以滿足當前的要求。我們那裡並沒有人滿為患。隨著我們進入今年中期和下半年，我們仍在增加人員以支持更高的產量。首先，正如我們所說，我們計劃今年交付 90 到 100 台。我們做了大約 60 個，比去年多一點。

So while we're in the process of bringing those folks on board, we call it green labor, training them, getting them on the bar lines, getting them through the learning process, but we're in the process of hiring those people to support the rate ramp here, but there's more work to be done. As we think about '25 and '26, there will be additional CapEx required. There will be further hiring that will be need to be done and further alignment by the supply chain.

因此，當我們正在讓這些人加入的過程中，我們稱之為綠色勞動力，培訓他們，讓他們進入酒吧，讓他們完成學習過程，但我們正在僱用這些人來支持這裡的利率上升，但還有更多工作要做。當我們考慮 25 年和 26 年時，將需要額外的資本支出。供應鏈將需要進一步招募和進一步調整。

The next question comes from the line of Myles Walton of Wolfe Research.

下一個問題來自沃爾夫研究中心的邁爾斯·沃爾頓。

Pat, (inaudible), but I know David Gitlin took himself out of the potential running for Boeing CEO. I'm curious if you'd care to share your thoughts on your future and your interest in that potential position?

帕特（聽不清楚），但我知道大衛·吉特林放棄了競選波音執行長的潛力。我很好奇您是否願意分享您對未來的想法以及您對該潛在職位的興趣？

Yes, thanks for the question, Myles. I wake up every single day focused on Spirit, our teammates here, our suppliers, customers and shareholders. And that's my plans.

是的，謝謝你的提問，邁爾斯。我每天醒來都專注於 Spirit、我們的隊友、我們的供應商、客戶和股東。這就是我的計劃。

Okay. I'm going to go for a second question, that was okay. So the audit that the FAA ran inclusive of Spirit's facilities, can you quantify how many of those sort of failed audits or failed audit points you've addressed and have submitted to Boeing as part of a master schedule of recovery against those audits?

好的。我要問第二個問題，沒關係。那麼，美國聯邦航空局對Spirit 的設施進行的審計，您能否量化您已經解決了多少此類失敗的審計或失敗的審計點，並將其作為針對這些審計的恢復總計劃的一部分提交給波音公司？

Yes. I mean just right off the top of my head, I remember that there were 28 findings that were documented and I have to go ask our team, but I'm very confident that every item has been addressed with a mitigating action. And then our focus has really been the follow-up. So I mean it's one thing to have the action plans. The other is to make sure that we're following through. And these were focused on things like tagging of storage parts and scrap materials, I think that's what you're referring to.

是的。我的意思是，我突然想到，我記得有 28 項調查結果被記錄下來，我必須去詢問我們的團隊，但我非常有信心每一項都已通過緩解措施得到解決。然後我們的重點實際上是後續行動。所以我的意思是製定行動計畫是一回事。另一個是確保我們堅持到底。這些重點是諸如存儲零件和廢料的標籤之類的事情，我想這就是你所指的。

That's right.

這是正確的。

We've followed through on those. But we -- our quality plan was addressed more than what they had audited and those quality plans continue to progress and grow week by week. And as I mentioned before, with the 15% improvement -- and this isn't just on the (inaudible) across our other programs. The attention and the benefits that we're seeing are going to continue to improve week over week and have a lot of confidence in the second half of this year.

我們已經跟進了這些。但我們——我們的品質計劃得到了比他們審核的更多的解決，而這些品質計劃繼續逐週取得進展和成長。正如我之前提到的，提高了 15%，而且這不僅僅是我們其他計劃的（聽不清楚）。我們看到的關注和效益將繼續逐週改善，並對今年下半年充滿信心。

The next question comes from the line of George Shapiro from Shapiro Research.

下一個問題來自夏皮羅研究中心的喬治‧夏皮羅。

Two questions, I guess. One for you, Pat. What gets these Airbus negotiations to some resolution? I mean, I think like by your own admission, you've been on it for 3 to 6 months at this point in time. Do you wind up having to threaten that you're not going to make the investments? Or if you could just provide some color on that? And then, Mark, one for you. The underlying margin to me looked like it was like 5.4% this quarter, down from around 9%. And you had mentioned that there were inefficiencies that caused reductions. How much of that reduction was something that was fixed and how much of it was kind of going to be embedded in the longer-term profit margins?

我想有兩個問題。給你一份，帕特。是什麼讓這些空中巴士談判達成某種解決方案？我的意思是，我認為您自己也承認，此時您已經這樣做了 3 到 6 個月。您是否最終不得不威脅說您不會進行投資？或者你可以提供一些顏色嗎？然後，馬克，給你一張。在我看來，本季的基本利潤率為 5.4%，低於 9% 左右。您曾提到，效率低下導致了產量減少。其中有多少減少是固定的，有多少會嵌入長期利潤率？

Yes, George. Let me take the second question, and then Pat can jump in on the Airbus side of things. We talked about the disruption in the first quarter, the standing up of the process to inspect the units and the FAA audits and the NTSB investigation, all of that was very, very disruptive, right? And we continue to enable the operational execution of this inspection process. And so all of that has now been embedded in our contract margins and it's put some pressure on our profit rates and the amounts that we're booking here.

是的，喬治。讓我回答第二個問題，然後帕特可以談談空中巴士方面的問題。我們談到了第一季的混亂、檢查單位的流程、聯邦航空局的審計和國家運輸安全委員會的調查，所有這些都非常非常具有破壞性，對吧？我們將繼續確保該檢查流程的運作執行。因此，所有這些現在都已包含在我們的合約利潤中，這對我們的利潤率和我們在這裡預訂的金額施加了一些壓力。

I think over the long term, a lot of this is onetime investment that we're making. It's near-term pressure from a cost standpoint. But over the long term, when we think about this and the impact it has on a profitability rates, particularly on the 737 program, we think as we get through the learning and implement this and take the benefits from it that Pat talked about that it won't have a long-term negative impact on the margins.

我認為從長遠來看，其中許多都是我們正在進行的一次性投資。從成本角度來看，這是近期的壓力。但從長遠來看，當我們考慮這一點及其對盈利率的影響時，尤其是 737 項目，我們認為，當我們通過學習和實施這一點並從中受益時，帕特談到了不會對利潤率產生長期負面影響。

It's just -- it's painful right now. I think we're syncing up the system. Short-term pain right now. We're doing the right things from a business standpoint, and this will pay off as we think about the future.

只是——現在很痛苦。我認為我們正在同步系統。現在是短期疼痛。從商業角度來看，我們正在做正確的事情，當我們思考未來時，這將會得到回報。

Yes. Thanks, Mark. George, maybe to answer your question, my experience in this industry is threats are not effective. And at the end of the day, we all have to work and partner together. But I would just say almost to a fault, we have tried to find solutions to this situation. And our commitment has been to the integrity of supply, and I have shared this message time and time again. Financial risk ultimately manifests itself as operational risk. And the system is elastic until it's not.

是的。謝謝，馬克。喬治，也許可以回答你的問題，我在這個行業的經驗是威脅是無效的。歸根結底，我們所有人都必須共同努力和合作。但我只想說幾乎是錯的，我們已經嘗試找到解決這種情況的方法。我們的承諾是保證供應的完整性，我一次又一次地分享了這個訊息。財務風險最終表現為操作風險。而且系統是有彈性的，直到沒有彈性為止。

So if you look at what Boeing has done, they've secured supply from us with their agreements. Now we need to do the same with Airbus to protect supply. And we'll continue to have the conversations that we're having, and I am confident that we will come to some type of conclusion.

因此，如果你看看波音公司所做的事情，他們已經透過協議確保了我們的供應。現在我們需要對空中巴士採取同樣的措施來保護供應。我們將繼續進行目前的對話，我相信我們會得出某種結論。

But I guess, Pat, I mean, what kind of gets it going to get to that conclusion when you've been working on it for quite a while now?

但我想，帕特，我的意思是，當你已經研究了很長一段時間後，怎麼才能得出這樣的結論呢？

Well, I think with these production rates, we're going to have to have some of those real family meetings. And that's what it's going to take. But me threatening not to ship them parts or the drama, all of that is not a way to ensure that their customers get their supply. But at the same time, we have to have a financially strong business. And partnerships are the only way to do this, but we'll probably have to have a few more family meetings.

嗯，我認為按照這些生產力，我們將不得不召開一些真正的家庭會​​議。這就是它所需要的。但我威脅不向他們運送零件或戲劇，所有這些都不能確保他們的客戶獲得供應。但同時，我們必須擁有雄厚的財務實力。合作關係是實現這一目標的唯一途徑，但我們可能還需要再召開幾次家庭會議。

The next question comes from the line of Gavin Parsons of UBS.

下一個問題來自瑞銀集團的加文‧帕森斯。

Pat, you mentioned aligning factory costs, but retaining the ability to snap back in rate. Can you just give us a little more detail on what that means for the rate for your own suppliers, if that reflects any workforce changes? And how much notice you'd need to go above 31 per month?

帕特，您提到調整工廠成本，但保留快速回升的能力。如果反映了勞動力的變化，您能否給我們更多詳細信息，說明這對您自己的供應商的費率意味著什麼？每月超過 31 小時需要提前多久通知？

Right. Yes, we spend a lot of time on this subject. So I'll break it into 2 areas, maybe talk about the supply chain first. When we think of the (inaudible), there are 425 critical suppliers. When we talk about suppliers, it's not monolithic. So they're not all the same. They're about 400 suppliers in addition to that, that provide raw material forgings, fasteners. So we treat them differently, but they're a critical part of the supply chain. A big component of what we've been trying to do or what we've been doing is, first of all, communicating formally and informally and then really doing the analysis of where do we need to create critical buffer stock going forward so we'll probably continue with the higher production rate.

正確的。是的，我們在這個主題上花了很多時間。所以我會把它分成兩個領域，也許先談談供應鏈。當我們想到（聽不清楚）時，有 425 家關鍵供應商。當我們談論供應商時，它並不是單一的。所以它們並不完全相同。除此之外，還有約 400 家供應商，提供原料鍛造、緊固件。因此，我們以不同的方式對待它們，但它們是供應鏈的關鍵部分。我們一直在努力做或一直在做的事情的一個重要組成部分是，首先，正式和非正式地進行溝通，然後真正分析我們需要在哪裡創建未來的關鍵緩衝庫存，以便我們「可能會繼續保持更高的生產率。

Where have we had shortages that we need to address in terms of the supply chain limitation? Where do we need buffer stock for programs like (inaudible) analysis that goes on around the work statement so that we can snap back to the higher production rates. Then there's a set of discussions around the suppliers themselves that the buyers perform to make sure they're viable that they can continue to produce now. We don't have the check book to support the whole supply chain nor do we have enough warehouse space to store all of the goods that would come through.

就供應鏈限製而言，我們在哪些方面有需要解決的短缺問題？我們在哪裡需要緩衝庫存來用於圍繞工作報表進行的（聽不清楚）分析等程序，以便我們可以快速恢復到更高的生產力。然後，買家會圍繞供應商本身進行一系列討論，以確保他們現在可以繼續生產。我們沒有支票簿來支援整個供應鏈，也沒有足夠的倉庫空間來存放所有將要經過的貨物。

So it's a balancing act that we're performing now. The good news is this isn't COVID, so we're talking months, not years. And this is reality of our industry where we have these kinds of disruptions and we'll roll up our sleeves and figure out a way for everybody to get through this, break, break. When we think about our internal operations, what I've said to the team is that our teammates aren't 100% variable with rate, okay? It doesn't make sense to go up and down and have people go in and out the door.

所以這是我們現在正在執行的平衡行為。好消息是這不是新冠病毒，所以我們談論的是幾個月，而不是幾年。這就是我們行業的現實，我們面臨著這些幹擾，我們將捲起袖子，找出一種方法讓每個人都能度過難關，打破，打破。當我們考慮我們的內部運作時，我對團隊說的是，我們的隊友的比率並不是 100% 可變的，好嗎？上上下下、讓人進出的門都沒有意義。

We've invested a lot in their training, they're critical part of our company. So we're trying to find the right balance here. So as the system recovers, we don't go through a quality issue or a training issue and repeat some of the things that it is hard coming out of COVID. We're talking about smaller numbers, not big numbers like we did with the shutdown of COVID. But it's a balance of financials and then maintaining a bridge of talent. We'll have to make some decisions here in the next couple of weeks, which we're prepared to do.

我們在他們的培訓上投入了大量資金，他們是我們公司的重要組成部分。所以我們試圖在這裡找到適當的平衡。因此，當系統恢復時，我們不會遇到品質問題或訓練問題，也不會重複一些因新冠疫情而難以解決的事情。我們談論的是較小的數字，而不是像新冠疫情關閉時那樣的大數字。但這是財務平衡和人才橋樑的維護。我們必須在接下來的幾週內做出一些決定，我們已經準備好了。

Those decisions will be preceded by conversations, the union, other constituencies, but I think we've got a very solid approach to being able to respond quickly as Boeing turns their rates back up.

在做出這些決定之前，將進行對話、工會和其他支持者，但我認為我們已經有了一個非常可靠的方法，能夠在波音恢復利率時迅速做出反應。

Yes. Gavin, I would just add because it's a bit of a follow-up on the margin conversation here. As Pat just said, to protect the future production rates, we're going to be carrying some additional costs, right? And it's going to have a near-term impact to profitability and cash. But it's the best thing for the long term. As Pat said, this is -- we're going to be going up in rate. The production, the demand is there. And so we're working very hard to protect the production system while balancing our financial situation at the same time.

是的。加文，我想補充一下，因為這是這裡的邊際對話的後續行動。正如帕特剛才所說，為了保護未來的生產力，我們將承擔一些額外的成本，對嗎？這將對獲利能力和現金產生短期影響。但從長遠來看，這是最好的事情。正如帕特所說，我們將提高利率。有生產，就有需求。因此，我們正在努力保護生產系統，同時平衡我們的財務狀況。

Great. I appreciate the detail. If I could just confirm, I heard you say 31 per month x 12, so about 370 MAX deliveries for the year?

偉大的。我很欣賞細節。如果我可以確認一下，我聽到你說每月 31 x 12，那麼今年最多交付 370 架？

Yes. We would call it roughly 350-ish at this point in time.

是的。此時我們稱之為大約 350 左右。

The next question comes from Cai von Rumohr of TD Cowen.

下一個問題來自 TD Cowen 的 Cai von Rumohr。

So Pat, what about labor availability and attrition? Maybe talk about Wichita because Textron also has been building? And talk also about when we talk to -- about Ireland and the plant there and the ability to get folks to be able to surge by 50%?

那麼帕特，勞動力可用性和人員流失如何？也許談論威奇托是因為德事隆也一直在建立？還要談談當我們談論愛爾蘭和那裡的工廠以及讓人們能夠激增 50% 的能力嗎？

Sure, Cai. Labor scarcity is a challenge to the industry. We look at what are the big issues. Forgings, raw material and labor come to the top of the list. So here long term in Wichita, one is, it's a great part of the country for talent and skill where we need to go to market differently. I mean there's a lot of skill that we have to train for that's differently than we have done in the past.

當然，蔡。勞動力短缺是該行業面臨的挑戰。我們來看看什麼是大問題。鍛件、原料和勞動力位居榜首。因此，從長遠來看，在威奇托，一是，它是該國人才和技能的重要地區，我們需要以不同的方式進入市場。我的意思是，我們必須訓練許多與過去不同的技能。

So you said as your approach to hiring people going to be different than it has been in the past, it definitely will. We have a different workforce. What we've found so far is when we train them with the basics, they're just as talented and as committed as their predecessors. So -- but I think how we recruit and how we train is an important part of getting these higher production rates.

所以你說，由於你的招募方式將與過去不同，所以肯定會的。我們有不同的勞動力。到目前為止，我們發現，當我們對他們進行基礎知識培訓時，他們與他們的前輩一樣有才華，也一樣忠誠。所以，但我認為我們如何招募和培訓是獲得更高生產力的重要組成部分。

We have similar challenges in the marketplace in Northern Ireland. But I think it's not as industrialized when you kind of think about the Textrons of the world competing for the same type of labor, but labor is always a challenge. Attrition hasn't been a problem for us. And I think these production rates, it's always hard to strike the balance of when you bring people on so that you aren't unnecessarily spending money, but at the same time, give people enough training so that they're prepared and they can produce the quality that's required.

我們在北愛爾蘭市場也面臨類似的挑戰。但我認為，當你想到世界上的德事隆公司在爭奪相同類型的勞動力時，它並沒有那麼工業化，但勞動力始終是一個挑戰。人員流失對我們來說不是問題。我認為這些生產力總是很難取得平衡，當你讓人們加入時，這樣你就不會不必要地花錢，但同時，給人們足夠的培訓，讓他們做好準備，他們可以生產所需的品質.

The next question comes from Peter Arment of Baird.

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

Mark, maybe I could just ask quickly on Defense. Really good performance in the quarter. I'm just wondering if there was any kind of one-offs on that margin rate of (inaudible)? Or how sustainable that is just given the nice performance?

馬克，也許我可以快速詢問防守問題。本季的表現確實不錯。我只是想知道（聽不清楚）的保證金率是否有任何一次性的情況？或者說，鑑於良好的表現，這種情況的可持續性如何？

Yes. Thanks, Peter. We've historically said we target on our Defense program somewhere between 12% to 14%. And I think we were right in the sweet spot there. So there were no what I would consider to be significant benefits that we recorded. I think it was just really good execution on the contracts that we have. The last couple of quarters, we've had some challenges on the CH-53K. Our team there has done a wonderful job of really improving the production processes, and I think they're working very hard to please our Sikorsky customer there.

是的。謝謝，彼得。我們歷來說過，我們的國防計畫目標是 12% 到 14% 之間。我認為我們正處於最佳位置。因此，我們沒有記錄到任何我認為顯著的好處。我認為我們對合約的執行非常好。過去幾個季度，我們在 CH-53K 上遇到了一些挑戰。我們在那裡的團隊在真正改進生產流程方面做得非常出色，我認為他們正在非常努力地取悅我們在那裡的西科斯基客戶。

So again, nothing significant, either good or bad. I think as we think about that business going forward, we expect our team to perform. And if they do, we should continue to perform to the margin targets that we've put out there.

再說一次，沒有什麼重要的事情，無論是好或壞。我認為，當我們考慮該業務的未來發展時，我們希望我們的團隊能夠表現出色。如果他們這樣做了，我們應該繼續執行我們設定的利潤目標。

The next question comes from Michael Ciarmoli of Truist Securities.

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

Pat, maybe just a quick two-parter here. I mean, how much if you can tell us what percent of your assets in Wichita IP tooling is already owned by Boeing? And then, obviously, we throw in some of the advances. You're still repaying them on each 787. I guess I'm just trying to get a sense of if there was a transaction, how much value do they already own? And then the other follow-on to that is you're making all these wholesale changes, improving the inspection, process quality. Presumably, that will improve out-year margins and cash. Why is it a good move for shareholders to potentially sell to Boeing?

帕特，也許只是一個快速的二人組。我的意思是，如果您能告訴我們，您在威奇托 IP 工具中的資產中，波音公司已經擁有多少百分比？然後，顯然，我們投入了一些進步。你仍然在為每架 787 飛機償還費用。接下來的另一個後續工作是進行所有這些大規模的改變，提高檢查和流程品質。據推測，這將改善年外利潤和現金。為什麼股東可能將其出售給波音公司是一個好舉措？

Yes, Michael, let me just kind of address your questions around assets and IP. And I guess your question was specifically around Wichita. In our industry -- and it's consistent with whether it's any OEM. The OEMs typically own the tooling associated with the production of their products. The facilities, call it, the brick-and-mortar, the property, plant and equipment, whether it's tape-laying machines, autoclaves, broaches to drill holes, that equipment is owned by Spirit, right? So for the most part, it's a fully functioning business. It's consistent, whether it's in the U.S. or overseas.

是的，邁克爾，讓我回答您有關資產和智慧財產權的問題。我猜你的問題專門針對威奇托。在我們的行業中——無論是任何 OEM，這都是一致的。 OEM 通常擁有與其產品生產相關的工具。這些設施，稱之為實體、財產、廠房和設備，無論是鋪帶機、高壓釜、鑽孔用拉刀，這些設備都是 Spirit 擁有的，對嗎？因此，在很大程度上，這是一項功能齊全的業務。無論是在美國還是海外，都是一致的。

As it relates to IP, a lot of that just depends on the contract, right? It could be joint ownership, sole ownership. But I think that's the way I would characterize it. It's -- they own the tooling and Spirit owns the rest of the assets used in the production of the products that we build for whether it's Boeing, Airbus, Bombardier, et cetera.

由於它與知識產權相關，很大程度上取決於合同，對嗎？可以是共同所有製，也可以是個人所有權。但我認為這就是我對它的描述方式。他們擁有工具，而 Spirit 擁有我們為波音、空中巴士、龐巴迪等公司生產的產品生產中所使用的其餘資產。

Maybe I'll just answer the broader question that you asked, the value of reintegration of most of these operations can only be unlocked by the OEM. And when we think of supply chain optimization, whether it's forging, raw materials, fasteners, things that are needed for the higher production rates, that's a significant amount of value they can unlock. Same goes for internal operations in terms of safety, quality and delivery cost.

也許我會回答您提出的更廣泛的問題，大多數這些操作的重新整合的價值只能由 OEM 來解鎖。當我們考慮供應鏈優化時，無論是鍛造、原材料、緊固件或提高生產力所需的東西，他們都可以釋放大量價值。內部營運在安全、品質和交付成本方面也是如此。

In the case of Spirit, whether it's the wing of the fuselage on the 220 or the fuselage of the 737, so largest part of the build material for those major programs, it really represents another opportunity to drive efficiency. The kind of the broader value proposition is sharpening engineering and manufacturing expertise for the future. And that's a skill that's hard to acquire. So whether you're Short Brothers or Bombardier (inaudible) 100 years, depth of expertise that's here at Spirit and Wichita is similar. So -- but quite often, it's really only the OEM that can unlock that value.

就 Spirit 而言，無論是 220 的機身機翼還是 737 的機身（這些重大項目的建造材料的最大部分），它確實代表了另一個提高效率的機會。這種更廣泛的價值主張是提高未來的工程和製造專業知識。這是一項很難獲得的技能。因此，無論您是 Short Brothers 還是 Bombardier（聽不清楚）100 年，Spirit 和威奇託的專業知識深度都是相似的。因此，但通常情況下，實際上只有 OEM 才能釋放該價值。

Ladies and gentlemen, this now concludes our Q&A session. I would like to thank you all for joining today's call. Have a great rest of your day. You may now disconnect your lines.

女士們先生們，我們的問答環節到此結束。我要感謝大家參加今天的電話會議。祝您有個愉快的一天。現在您可以斷開線路。