Spirit AeroSystems Holdings Inc (SPR) 2021 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Spirit AeroSystems Holdings, Inc.'s Fourth Quarter and Full Year 2021 Earnings Conference Call. My name is Charlie, and I will be coordinating your call today. (Operator Instructions)

女士們，先生們，早上好，歡迎參加 Spirit AeroSystems Holdings, Inc. 的 2021 年第四季度和全年收益電話會議。我的名字是查理，今天我將協調你的電話。 （操作員說明）

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

我現在想將演示文稿交給投資者關係總監 Aaron Hunt。請繼續。

Thank you, Charlie, and good morning, everyone. Welcome to Spirit's Fourth Quarter and Full Year 2021 Results Call. I'm Aaron Hunt, Director of Investor Relations. And with me today are Spirit's President and Chief Executive Officer, Tom Gentile; Spirit's Senior Vice President and Chief Financial Officer, Mark Suchinski; and Spirit's Executive Vice President, Chief Operating Officer and President of Commercial segment, Sam Marnick.

謝謝你，查理，大家早上好。歡迎來到 Spirit 的 2021 年第四季度和全年業績電話會議。我是投資者關係總監 Aaron Hunt。今天和我在一起的還有 Spirit 的總裁兼首席執行官 Tom Gentile； Spirit 的高級副總裁兼首席財務官 Mark Suchinski； Spirit 的執行副總裁、首席運營官兼商業部門總裁 Sam Marnick。

After opening comments by Tom, Sam and Mark regarding our performance and outlook, we will take your questions.

在 Tom、Sam 和 Mark 對我們的表現和前景發表評論後，我們將回答您的問題。

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

在我們開始之前，我需要提醒您，我們今天討論中可能包含的任何預測或目標都可能涉及風險，這些風險在我們的收益發布、我們提交給美國證券交易委員會的文件和年底的前瞻性聲明中都有詳細說明。這個網絡演示文稿。此外，我們向您推薦我們的收益發布和演示文稿，以披露和協調我們在討論我們的結果時使用的非公認會計原則措施。提醒一下，您可以在我們的網站investor.spiritaero.com 上關註今天的廣播和幻燈片演示。

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

有了這個，我想把電話轉給我們的首席執行官 Tom Gentile。

Thank you, Aaron, and good morning, everyone. Welcome to Spirit's Fourth Quarter and Full Year 2021 Results Call. Despite the challenges we faced in 2021 due to the ongoing COVID-19 pandemic, we successfully navigated the year delivering cash flow of negative $240 million, which was within the expected range of negative $200 million to negative $300 million that we communicated last year.

謝謝你，Aaron，大家早上好。歡迎來到 Spirit 的 2021 年第四季度和全年業績電話會議。儘管由於持續的 COVID-19 大流行，我們在 2021 年面臨挑戰，但我們成功度過了這一年，實現了負 2.4 億美元的現金流，這在我們去年傳達的負 2 億美元至負 3 億美元的預期範圍內。

Throughout the year, we remain focused on keeping our employees safe, meeting our customer commitments and progressing on our 3 main priorities: diversifying our revenues, delevering $1 billion over 3 years and driving margins to our 16.5% target.

全年，我們始終專注於確保員工安全、履行客戶承諾並推進我們的 3 個主要優先事項：實現收入多元化、在 3 年內實現 10 億美元的去槓桿化以及將利潤率提高到 16.5% 的目標。

During 2021, we made good progress on our diversification. We substantially completed the integration of the assets we acquired from Bombardier in Belfast, Casablanca and Dallas with only minor items remaining. The efforts included exiting the information technology transition services agreement with Bombardier 6 months early and closing the defined benefit pension plan in Belfast to new participants.

2021 年，我們在多元化方面取得了良好進展。我們基本上完成了從龐巴迪在貝爾法斯特、卡薩布蘭卡和達拉斯收購的資產的整合，只剩下少量項目。這些努力包括提前 6 個月退出與龐巴迪的信息技術過渡服務協議，以及向新參與者關閉貝爾法斯特的固定福利養老金計劃。

Our Airbus work packages increased significantly from this acquisition with the addition of the A220 integrated wing and center fuselage and strength in Spirit's position as one of the top external suppliers to Airbus. We also became a top supplier to Bombardier with the addition of significant business jet content. The acquisition also increased our aftermarket business and established a good foundation on which we continue to build during the year.

隨著 A220 集成機翼和中央機身的增加，以及 Spirit 作為空中客車頂級外部供應商之一的地位，我們的空中客車工作包顯著增加。通過增加重要的公務機內容，我們還成為龐巴迪的頂級供應商。此次收購還增加了我們的售後市場業務，並為我們在這一年繼續發展奠定了良好的基礎。

In addition, the acquisition even helped grow our Defense business. Shortly after closing the deal, we learned that the Belfast team had won the contract to build a loyal wingman demonstrator for the U.K. Ministry of Defense known as Project Mosquito. The acquisition was a meaningful accelerator to our diversification efforts. As a result, in the third quarter, we announced we would begin to report financial results in 3 new business segments: Commercial, Defense & Space and Aftermarket. We also changed our organization to align with these 3 new segments and appointed Sam Marnick, Duane Hawkins and Kailash Krishnaswamy, respectively, to lead the new segments.

此外，此次收購甚至幫助我們發展了國防業務。交易完成後不久，我們得知貝爾法斯特團隊贏得了為英國國防部建造忠誠僚機演示機的合同，稱為“蚊子計劃”。此次收購是我們多元化努力的一個有意義的加速器。因此，在第三季度，我們宣布將開始報告 3 個新業務部門的財務業績：商業、國防與航天和售後市場。我們還改變了我們的組織以與這 3 個新部門保持一致，並分別任命 Sam Marnick、Duane Hawkins 和 Kailash Krishnaswamy 領導新部門。

I'll turn it over to Sam now to talk more about the Commercial segment. Sam?

我現在將把它交給 Sam 來討論更多關於商業部分的內容。山姆？

Thank you, Tom, and good morning, everyone. In the Commercial business segment, we're focusing on 3 priorities in 2022: first, execution on our narrow-body production programs to meet the coming increases in production rates; second, continued progress on productivity projects to help Spirit achieve the 16.5% margin once the MAX reaches 42 aircraft per month; and a renewed focus on growth for the future.

謝謝你，湯姆，大家早上好。在商業業務領域，我們將在 2022 年重點關注 3 個優先事項：首先，執行我們的窄體生產計劃，以滿足即將到來的生產率增長；第二，生產力項目的持續推進，以幫助 Spirit 在 MAX 達到每月 42 架飛機後實現 16.5% 的利潤率；並重新關注未來的增長。

But first, let's look at execution. In 2021, we made many changes to our operations so that we can be ready to meet the higher narrow-body production rates that our customers will need in the future. Improvements are partly based on our experience from the last series of 737 rate increases. Now while some of the complexities like simultaneously producing multiple models of the NG and the MAX, whilst adding tooling and other equipment are behind us, we are putting measures in place to help us meet challenges we might face. These changes will help us achieve solid execution in the Commercial segment.

但首先，讓我們看看執行。 2021 年，我們對運營進行了許多改變，以便我們能夠準備好滿足客戶未來需要的更高的窄體生產率。改進部分基於我們上一次 737 加息系列的經驗。現在，雖然一些複雜性（例如同時生產 NG 和 MAX 的多個模型，同時添加工具和其他設備）已經過去，但我們正在採取措施幫助我們應對可能面臨的挑戰。這些變化將幫助我們在商業領域實現穩健的執行。

For example, the new automated 737 (inaudible) assembly line, which reduces the number of hours required to fabricate and assemble those structures, will improve our productivity and quality execution. The advanced digitization on the production floor and improved production flow in many areas is expected to result in better efficiency, such as reduced wait times between workstations. The launch of the global digital logistics center consolidates thousands of square feet and parts kits to a centralized location at our Wichita site.

例如，新的自動化 737（聽不清）裝配線減少了製造和組裝這些結構所需的時間，將提高我們的生產力和質量執行。生產車間的先進數字化和許多領域改進的生產流程預計將提高效率，例如減少工作站之間的等待時間。全球數字物流中心的啟動將數千平方英尺和零件套件整合到我們威奇托工廠的集中位置。

And at our Prestwick site, our new automated A320 spoiler line is a state-of-the-art system to produce hundreds of spoilers at peak rate. In looking at our rate readiness preparation, we have established a team of specialized employees to plan for Spirit's in our supply chain rate readiness. The team has been preparing plans for the production increases ahead to be ready to react to emerging pressures. Additional capacity in our fabrication area and new capacity we gained with our Bombardier asset acquisition may be used to help mitigate risk.

在我們的 Prestwick 工廠，我們新的自動化 A320 擾流板生產線是一種最先進的系統，可以以最高速度生產數百個擾流板。在審視我們的費率準備工作時，我們已經建立了一支由專業員工組成的團隊，為 Spirit 在我們的供應鏈費率準備中進行規劃。該團隊一直在準備未來的增產計劃，以準備應對新出現的壓力。我們製造領域的額外產能和我們通過收購龐巴迪資產獲得的新產能可用於幫助降低風險。

Our 2022 production plan factors in a reduction in the 737 shipset inventory, which is currently at 97. By the end of 2022, we expect to see the level reach approximately 20 shipsets, which will remain as a permanent buffer inventory. We are also planning for increased production on the 737, and will remain aligned with Boeing's communicated 31 aircraft per month production rate. We believe the rate increased preparations we have in place will help to drive the execution of narrow-body programs in 2022 and beyond.

我們的 2022 年生產計劃考慮到 737 艘船組庫存減少，目前為 97 艘。到 2022 年底，我們預計該水平將達到約 20 艘船組，這將作為永久緩衝庫存。我們還計劃增加 737 的產量，並將與波音公司傳達的每月 31 架飛機的生產速度保持一致。我們相信，我們已經做好的準備工作將有助於推動窄體計劃在 2022 年及以後的執行。

Now as we move to higher narrow-body production rates, we also remain focused on driving our costs down and margins up. The team is working on a number of initiatives to reduce costs. We have a team that regularly reviews what we make at our factories versus what we purchase from suppliers, so that we can have a cost-effective mix based on what we see in our production plans.

現在，隨著我們轉向更高的窄體生產率，我們也仍然專注於降低成本和提高利潤率。該團隊正在製定多項舉措以降低成本。我們有一個團隊定期審查我們在工廠生產的產品與我們從供應商那裡購買的產品，以便我們可以根據我們在生產計劃中看到的內容制定具有成本效益的組合。

Another closely related initiative is our regular review of asset utilization. We have teams in place to optimize our footprint to improve overhead costs and repurpose space for new work ahead. We closely watch the available hours of our equipment capacity for opportunities to maximize our usage and margin improvement.

另一個密切相關的舉措是我們對資產利用率的定期審查。我們有適當的團隊來優化我們的足跡，以降低間接成本並重新利用空間來進行新的工作。我們密切關注設備容量的可用時間，以尋找機會最大限度地提高我們的使用率和利潤率。

And turning to growth. We are pleased that in 2021, Spirit won 2 new business jet programs, including the nacelle for the new Dassault Falcon 10X. The team also began work with an emerging electric vertical take-off and landing, or eVTOL, company that promises exciting future potential. We have many new opportunities that the team is evaluating and we intend to build a pipeline of new commercial opportunities.

並轉向增長。我們很高興在 2021 年，Spirit 贏得了 2 個新的公務機項目，包括新的達索獵鷹 10X 的機艙。該團隊還開始與一家新興的電動垂直起降 (eVTOL) 公司合作，該公司承諾令人興奮的未來潛力。我們有許多團隊正在評估的新機會，我們打算建立一個新的商業機會管道。

In summary, for 2022, we expect to see our narrow-body production and deliveries to continue to increase. The improvements we have put in place and the team we have assembled have been anticipating the higher production rates, and we look forward to the opportunities we have for our new Commercial segments.

總而言之，我們預計 2022 年我們的窄體生產和交付將繼續增加。我們已經實施的改進和我們組建的團隊一直在期待更高的生產率，我們期待著我們在新的商業領域擁有的機會。

With that, I'll turn back over to Tom.

有了這個，我將轉回給湯姆。

Thanks, Sam. Our Commercial business segment has a strong position on current Airbus and Boeing programs. We have made a number of changes to enable us to meet the expected rate increases on narrow-body programs, but we also have many other growth opportunities, as Sam described.

謝謝，山姆。我們的商業業務部門在當前的空客和波音項目中處於強勢地位。正如 Sam 所描述的，我們已經進行了許多更改，以使我們能夠滿足窄體計劃的預期費率增長，但我們也有許多其他增長機會。

Our Defense & Space business has also been very active in setting us up for future growth. Early in the year, we announced that NASA had selected our FMI business in Maine for a contract to provide thermal protection systems to support several of their emerging projects.

我們的國防和航天業務也非常積極地幫助我們為未來的增長做好準備。今年年初，我們宣布 NASA 已選擇我們在緬因州的 FMI 業務簽訂合同，以提供熱保護系統來支持他們的幾個新興項目。

Along with the NASA award, our Defense & Space team also won several new classified contracts. In the summer, we joined Lockheed Martin to unveil Polaris, a digital engineering and advanced assembly demonstrator that will help our customer reduce costs and improve quality. Then in October, we opened the National Defense prototype Center in partnership with Wichita State University's National Institute for Aviation Research, or NIA.

除了 NASA 獎項，我們的國防與航天團隊還贏得了幾份新的機密合同。今年夏天，我們與洛克希德馬丁公司一起推出了 Polaris，這是一款數字工程和先進的裝配演示器，將幫助我們的客戶降低成本並提高質量。然後在 10 月，我們與威奇托州立大學的國家航空研究所 (NIA) 合作開設了國防原型中心。

We continue to win new Defense business and now have 24 development projects over $1 million that could lead to significant future revenue. In 2016, we had just 1 such program over $1 million. One of the ways we have been able to win new programs recently is by repurposing wide-body capacity, which is available due to the slow recovery in international air traffic and lower wide-body production rates.

我們繼續贏得新的國防業務，現在有 24 個開發項目超過 100 萬美元，這些項目可能會帶來可觀的未來收入。 2016 年，我們只有 1 個這樣的項目超過 100 萬美元。我們最近贏得新項目的方法之一是重新利用寬體機容量，這是由於國際空中交通恢復緩慢和寬體機生產率較低而可用的。

We have plans for our defense footprint to expand from about 500,000 feet today to almost 1 million square feet over the next 2 years. In addition, we continue to execute against $6 billion in funded programs of record and are increasing and finalizing new additional multiyear contracts that will grow that funded amount.

我們計劃在未來兩年內將我們的國防足跡從今天的約 500,000 英尺擴大到近 100 萬平方英尺。此外，我們繼續執行 60 億美元的記錄資助計劃，並正在增加和敲定新的額外多年合同，這將增加資助金額。

Moreover, our new business pipeline for Defense & Space is extremely strong. We have many additional projects and opportunities that the Defense & Space team is actively shaping. We remain on track to grow our Defense & Space business to $1 billion in revenue by 2025 at typical defense margins.

此外，我們在國防和太空領域的新業務渠道非常強大。我們還有許多國防與航天團隊正在積極塑造的額外項目和機會。我們仍有望在 2025 年之前以典型的國防利潤率將我們的國防和航天業務收入增長到 10 億美元。

Turning to our Aftermarket segment. We built upon the foundation from our Bombardier asset acquisition and added Applied Aerodynamics to the Spirit portfolio early in 2021. The Applied Aerodynamics acquisition gave us radome and wing component repair capability to add to our Airbus and Boeing engine nacelle and flight repair -- flight control surfaces for overhaul and repair. The 2 acquisitions gave us a large presence in Dallas, and we have decided to center our aftermarket headquarters there.

轉向我們的售後市場。我們以收購龐巴迪資產為基礎，並於 2021 年初將 Applied Aerodynamics 添加到 Spirit 產品組合中。收購 Applied Aerodynamics 後，我們獲得了天線罩和機翼部件維修能力，以增加我們的空客和波音發動機短艙和飛行維修——飛行控制用於大修和維修的表面。兩次收購使我們在達拉斯擁有了很大的影響力，我們決定將我們的售後市場總部設在那兒。

We also set up a JV with EGAT in Taiwan to expand our services in Asia. In 2021, we saw Aftermarket revenue of about $240 million and plan to grow the business to $500 million by 2025 at accretive margins. We believe our new segments and organizational changes help us become a more diversified company.

我們還與 EGAT 在台灣成立了合資公司，以擴大我們在亞洲的服務。 2021 年，我們看到售後市場的收入約為 2.4 億美元，併計劃到 2025 年將業務增長到 5 億美元，並實現利潤增長。我們相信我們的新部門和組織變革有助於我們成為一家更加多元化的公司。

In 2016, approximately 95% of our business was Commercial. In 2021, 79% of our revenue was from our Commercial business, 15% from Defense & Space and 6% from Aftermarket. In the future, our aspiration is that our revenue will be a 40-40-20 split across the 3 segments.

2016 年，我們約 95% 的業務是商業業務。 2021 年，我們 79% 的收入來自商業業務，15% 來自國防與航天，6% 來自售後市場。在未來，我們的願望是我們的收入將在 3 個部分中以 40-40-20 的比例分配。

We are aggressively pursuing a path to cash flow breakeven in 2022, net of the $123 million advance repayment to Boeing. But of course, this is highly dependent on the production rates that Boeing decides on finally for the MAX.

我們正在積極尋求在 2022 年實現現金流盈虧平衡，扣除向波音公司預付的 1.23 億美元。但當然，這在很大程度上取決於波音最終決定的 MAX 生產率。

Now I'll turn the call over to Mark to take you through our detailed financial results and more on our 2022 expectations. Mark will also provide further details on our efforts to delever and recover our investment grade credit rating. Mark?

現在，我將把電話轉給馬克，帶您了解我們詳細的財務業績以及我們對 2022 年的預期的更多信息。馬克還將提供更多細節，說明我們為去槓桿和恢復投資級信用評級所做的努力。標記？

Thank you, Tom, and good morning, everyone. Despite the challenges over the last past couple of years, Spirit has maintained focus on our strategy to diversify and grow, especially during 2021, which provided to be a very transformative year for Spirit. The integration of FMI, the Belfast, Morocco and Dallas site from Bombardier and Applied Aerodynamics have expanded Spirit's capabilities, global footprint and customer base. With that, we saw the need to form 3 new segments: Commercial, Defense & Space and Aftermarket. These new segments position us well and encourage us to really sharpen our focus on the unique products and services that we provide to our customers.

謝謝你，湯姆，大家早上好。儘管過去幾年面臨挑戰，但 Spirit 一直專注於我們的多元化和發展戰略，尤其是在 2021 年，這對 Spirit 來說是非常具有變革性的一年。 FMI、Bombardier 和 Applied Aerodynamics 的貝爾法斯特、摩洛哥和達拉斯工廠的整合擴大了 Spirit 的能力、全球足跡和客戶群。有了這個，我們看到需要形成 3 個新的細分市場：商業、國防和航天以及售後市場。這些新的細分市場使我們處於有利地位，並鼓勵我們真正加強對我們為客戶提供的獨特產品和服務的關注。

Looking ahead to 2022 and beyond, we are focused on the execution of the increasing single-aisle production rates as well as our key 3 priorities, which are to diversify revenue, delever by $1 billion over the next 3 years, drive our segment margins to the 16.5% target.

展望 2022 年及以後，我們專注於提高單通道生產率以及我們的三個關鍵優先事項，即實現收入多元化，在未來 3 年減少 10 億美元，推動我們的細分市場利潤率16.5%的目標。

Now with that, let's move to our 2021 results. Please turn to Slide 4. Revenue for the year was $4 billion, up 16% from 2020. This improvement was primarily due to higher production rates on the 737 program as well as increased revenue driven by the acquisition of the A220 Bombardier program -- or A220 Airbus program and the Bombardier business jet programs and further growth in Aftermarket.

現在，讓我們轉向 2021 年的結果。請轉到幻燈片 4。今年的收入為 40 億美元，比 2020 年增長 16%。這一改善主要是由於 737 項目的生產率提高以及收購 A220 龐巴迪項目帶來的收入增加——或A220 空中客車計劃和龐巴迪公務機計劃以及售後市場的進一步增長。

These increases were partially offset by lower wide-body production rates resulting from the continued impacts of the COVID-19 pandemic on international air traffic as well as Boeing's pause in 787 deliveries. As we turn to deliveries, overall deliveries increased to 1,028 shipsets compared to 920 shipsets in 2020. 737 deliveries more than doubled to 162 and compared to 71 shipsets delivered in 2020, while 787 deliveries decreased to 37 shipments compared to 112 in 2020.

這些增長被 COVID-19 大流行對國際空中交通的持續影響以及波音暫停 787 交付導致的寬體生產率下降部分抵消。當我們轉向交付時，總體交付量從 2020 年的 920 艘增加到 1,028 艘。737 艘交付量增加了一倍多，達到 162 艘，而 2020 年交付了 71 艘，而 787 艘交付量從 2020 年的 112 艘減少到 37 艘。

Let's turn now to earnings per share on Slide 5. We reported earnings per share of negative $5.19 compared to negative $8.38 per share in 2020. Adjusted EPS was negative $3.46 compared to negative $5.72 in 2020. 2021 adjusted EPS excludes costs related to M&A, restructuring, the deferred tax asset valuation allowance, curtailment gain and pension settlement losses. 2020 adjusted EPS excludes M&A and restructuring costs, expenses related to the VRP offered in 2020 and the deferred tax asset valuation allowance.

現在讓我們轉向幻燈片 5 的每股收益。我們報告的每股收益為負 5.19 美元，而 2020 年為負 8.38 美元。調整後每股收益為負 3.46 美元，而 2020 年為負 5.72 美元。2021 年調整後每股收益不包括與併購、重組相關的成本、遞延稅項資產估值津貼、削減收益和養老金結算損失。 2020 年調整後的每股收益不包括併購和重組成本、與 2020 年提供的 VRP 相關的費用以及遞延稅項資產估值津貼。

Looking at operating margins, we saw an improvement to negative 12% compared to negative 24% in 2020, reflecting the cost reduction actions we have taken over the last 2 years, along with the increasing production rates. In 2020, we recognized lower expenses, including excess capacity, COVID-19 charges and restructuring costs as well as lower changes in estimates, including forward losses and cumulative catch-up adjustments compared to 2020.

從營業利潤率來看，與 2020 年的負 24% 相比，我們看到了負 12% 的改善，這反映了我們在過去 2 年中採取的降低成本措施以及生產率的提高。與 2020 年相比，我們在 2020 年確認了較低的費用，包括產能過剩、COVID-19 費用和重組成本，以及估計的較低變化，包括遠期虧損和累計追趕調整。

Despite the improvement of single-aisle rates during 2021, a full year profit was significantly impacted by the continued lower production rates on the twin-out programs. The wide-body programs, especially the 787, recognized significant overhead and forward loss charges during the year, which more than offset the execution and benefits on narrow-body programs. Forward losses in 2021 totaled $242 million, primarily driven by lower production rates announced by Boeing and Airbus on the 787 and A350 programs in addition to -- and in addition, some additional engineering analysis and rework costs on the 787 program.

儘管單通道率在 2021 年有所改善，但全年利潤受到雙胞胎計劃持續較低的生產率的顯著影響。寬體計劃，尤其是 787，在年內確認了巨額的間接費用和遠期損失費用，這大大抵消了窄體計劃的執行和收益。 2021 年的遠期虧損總額為 2.42 億美元，主要是由於波音和空中客車公司宣布降低 787 和 A350 項目的生產率，此外還有一些額外的工程分析和 787 項目的返工成本。

In 2020, we recorded $370 million of forward losses, primarily driven by lower production rates on the 787 and A350 programs. In 2021, we also recognized an increase in other income, primarily driven by a curtailment gain of $61 million, resulting from the closure of the defined benefit plans acquired as part of the Bombardier acquisition and a pension settlement spin-off loss on a U.S. plan of $11 million.

2020 年，我們記錄了 3.7 億美元的遠期虧損，主要是由於 787 和 A350 項目的生產率下降。 2021 年，我們還確認了其他收入的增長，這主要是由於關閉作為收購龐巴迪的一部分而獲得的固定福利計劃以及美國計劃的養老金結算分拆損失導致的 6100 萬美元的削減收益1100 萬美元。

2020 was impacted by expenses of $87 million related to the voluntary retirement program. All of these items are noncash in nature. Additionally, during the year, we recorded a noncash valuation allowance of $204 million on deferred income tax assets compared to $150 million that we recorded in 2020.

2020 年受到與自願退休計劃相關的 8700 萬美元費用的影響。所有這些項目本質上都是非現金的。此外，在這一年中，我們為遞延所得稅資產記錄了 2.04 億美元的非現金估值津貼，而我們在 2020 年記錄的為 1.5 億美元。

Now turning to free cash flow on Slide 6. Free cash flow for the year was a use of $214 million compared to a use of $864 million in 2020. The free cash flow usage for the year was in line with the range that we previously have communicated. Free cash flow benefited from higher deliveries, lower restructuring costs and positive impacts of working capital as well as $300 million of income tax refunds. These were partially offset by a payment of $154 million towards the Belfast pension plan made during 2021. Additionally, 2020 free cash flow included $215 million received as part of the February 2020 MOA that we negotiated with Boeing.

現在轉向幻燈片 6 上的自由現金流。今年的自由現金流使用了 2.14 億美元，而 2020 年使用了 8.64 億美元。今年的自由現金流使用與我們之前的範圍一致溝通過。自由現金流受益於更高的交付量、更低的重組成本、營運資金的積極影響以及 3 億美元的所得稅退稅。這些部分被 2021 年為貝爾法斯特養老金計劃支付的 1.54 億美元所抵消。此外，2020 年的自由現金流包括作為我們與波音談判的 2020 年 2 月 MOA 的一部分收到的 2.15 億美元。

With that, let's now turn to our cash and debt balances on Slide 7. We ended the year with $1.5 billion of cash and $3.8 billion of debt. In terms of delevering, we remain committed to paying down $1 billion of debt through the end of 2023, which we believe will enable us to regain our status of investment grade. We initiated progress on this commitment in February of 2021 when Spirit prepaid $300 million of floating rate notes. Then in October, we took advantage of the lower interest rate environment and refinanced our term loan, which lowered our interest rate from 5.25% to 3.75%.

有了這個，現在讓我們轉向幻燈片 7 上的現金和債務餘額。我們在今年結束時有 15 億美元的現金和 38 億美元的債務。在去槓桿方面，我們仍然致力於在 2023 年底之前償還 10 億美元的債務，我們相信這將使我們重新獲得投資級的地位。 2021 年 2 月，Spirit 預付了 3 億美元的浮動利率票據，我們在這一承諾方面取得了進展。然後在 10 月，我們利用較低的利率環境為定期貸款再融資，將我們的利率從 5.25% 降至 3.75%。

Now let's discuss our segment performance. This is the first time we've reported the new segment structure, including Commercial, Defense & Space and Aftermarket. So let's begin with Commercial on Slide 8. In 2021, Commercial revenues increased 15% compared to 2020, primarily due to higher production volumes on the 737, A220 and Bombardier business jet programs, partially offset by lower production volumes on the twin-out programs and, in particular, the 787 program.

現在讓我們討論一下我們的細分市場表現。這是我們第一次報告新的細分市場結構，包括商業、國防與航天和售後市場。因此，讓我們從幻燈片 8 上的商業開始。與 2020 年相比，2021 年商業收入增長了 15%，這主要是由於 737、A220 和龐巴迪公務機項目的產量增加，部分被雙胞胎項目的產量下降所抵消尤其是 787 計劃。

Operating margin for the year was negative 7% compared to negative 23% in the prior year. The improvement in operating margins were primarily due to higher volumes on the 737 as well as lower expenses related to forward losses, restructuring, COVID-19 and excess capacity in 2021 as compared to 2020. The segment recorded $6 million of unfavorable cumulative catch-up adjustments and $227 million of net forward losses during 2021. In comparison, during 2020, the segment recorded $29 million of unfavorable cumulative catch-up adjustments and $367 million of forward losses.

今年的營業利潤率為負 7%，而去年為負 23%。與 2020 年相比，營業利潤率的提高主要是由於 737 的銷量增加以及與 2021 年遠期虧損、重組、COVID-19 和產能過剩相關的費用低於 2020 年。該部門錄得 600 萬美元的不利累積追趕2021 年的調整和 2.27 億美元的淨遠期損失。相比之下，在 2020 年，該部門記錄了 2900 萬美元的不利累積追補調整和 3.67 億美元的遠期損失。

Now let's move to Defense & Space, which is on Slide 9. Defense & Space segment revenue in 2021 improved by 19% compared to 2020, primarily due to increased activity on the P8, KC-46 Tanker and classified program revenue growth. In 2021, operating margin for the year was 8% compared to 10% in 2020. Margin was negatively impacted in 2021 by higher forward losses and a one-time charge of approximately $9 million on a nonclassified program.

現在讓我們轉到幻燈片 9 上的國防與航天。與 2020 年相比，2021 年國防與航天部門的收入增長了 19%，這主要是由於 P8、KC-46 加油機的活動增加和機密項目收入增長。 2021 年，該年度的營業利潤率為 8%，而 2020 年為 10%。2021 年，利潤率受到更高的遠期虧損和非機密項目一次性費用約 900 萬美元的負面影響。

The segment reported $14 million of forward losses compared to $4 million in 2020, primarily driven by an investment on the V-280 program made during 2021.

該部門報告了 1400 萬美元的遠期虧損，而 2020 年為 400 萬美元，這主要是由於 2021 年對 V-280 計劃的投資所致。

For our Aftermarket segment results, let's now turn to Slide 10. Aftermarket revenues were up 19% compared to 2020, primarily driven by the inclusion of full-year MRO activity from the Belfast and Dallas sites, which were acquired late in 2020, partially offset by lower spare parts sales compared to the prior year. Operating margin for the quarter improved to 21% compared to 18% in 2020, driven by favorable product mix and lower restructuring costs.

對於我們的售後市場部門結果，現在讓我們轉到幻燈片 10。與 2020 年相比，售後市場收入增長了 19%，這主要是由於包括了 2020 年底收購的貝爾法斯特和達拉斯站點的全年 MRO 活動，部分抵消了與上一年相比，備件銷售額下降。由於有利的產品組合和較低的重組成本，本季度的營業利潤率從 2020 年的 18% 提高到 21%。

In closing, we saw air traffic begin to recover in 2021 and expect it will continue to improve as we progress throughout the year. In addition to our 3 key priorities to diversify, delever and drive margins, our focus over the next 12 months will be on the execution of increasing single-aisle production rates. Our productivity and efficiency improvements made within our factories over the last couple of years should enable us to meet production rate increases in a more cost-effective manner.

最後，我們看到空中交通在 2021 年開始復蘇，並預計隨著我們全年的進展，它將繼續改善。除了我們多元化、去槓桿化和提高利潤率的 3 個關鍵優先事項外，我們未來 12 個月的重點將放在提高單通道生產率的執行上。在過去幾年中，我們在工廠內取得的生產力和效率提高應該使我們能夠以更具成本效益的方式滿足生產率的提高。

If we look ahead to 2022, our performance will be driven by the commercial market recovery, specifically the 737 and A320 programs. As a result, we expect to see improvement in our financial metrics, including deliveries, revenue, margin and cash flow. That said, we anticipate the first quarter to be the lowest quarter of the year for deliveries, revenue, earnings and cash flow with meaningful improvement throughout the year.

如果我們展望 2022 年，我們的業績將受到商業市場復甦的推動，特別是 737 和 A320 計劃。因此，我們預計我們的財務指標會有所改善，包括交付、收入、利潤率和現金流。也就是說，我們預計第一季度將是全年交付、收入、收益和現金流量最低的季度，全年都有顯著改善。

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

現在讓我把它轉回給湯姆，以徵求一些結束意見。

Thanks, Mark. 2021 was a transformative year for Spirit. We continued our recovery from the dual crises of the MAX grounding and the COVID-19 pandemic by investing in productivity and innovation to ensure we emerge a better company coming out of this period than the one that went in. We also made substantial progress on our diversification efforts, which culminated in new reporting segments and a new organization aligned to those segments. We are excited about the launch of these 3 new segments: Commercial, Defense & Space and Aftermarket.

謝謝，馬克。 2021 年對 Spirit 來說是變革性的一年。我們通過投資生產力和創新，繼續從 MAX 停飛和 COVID-19 大流行的雙重危機中復蘇，以確保我們在這一時期成為一家比過去更好的公司。我們還在我們的多元化努力，最終導致新的報告部門和與這些部門保持一致的新組織。我們對這 3 個新領域的推出感到興奮：商業、國防與航天以及售後市場。

Even though commercial air traffic continues to have some volatility with the recent COVID variants, demand for domestic travel around the world remains robust and narrow-body production rates at both of our OEM customers continue to increase. 85% of Spirit's backlog is narrow-body aircraft.

儘管隨著最近的 COVID 變體，商業空中交通繼續出現一些波動，但對世界各地的國內旅行的需求仍然強勁，我們兩個 OEM 客戶的窄體生產率繼續增加。 Spirit 85% 的積壓訂單是窄體飛機。

We have evaluated our operations and our supply chain so that we are ready to meet the narrow-body production targets from both of our customers. We will also continue to evaluate options to retire a total of $1 billion of debt over the 3-year period ending in 2023. We made good progress starting with paying off $300 million in floating rate notes in February of 2021. This year, we also refinanced our Term Loan B to secure a lower rate and upsize the loan to give us flexibility to repay other higher interest obligations. We remain committed to regaining our investment-grade credit rating.

我們已經評估了我們的運營和供應鏈，以便我們準備好滿足我們兩個客戶的窄體生產目標。我們還將繼續評估在截至 2023 年的 3 年內償還總計 10 億美元債務的選項。我們從 2021 年 2 月償還 3 億美元浮動利率票據開始取得了良好進展。今年，我們還為我們的定期貸款 B 再融資以確保較低的利率並擴大貸款規模，使我們能夠靈活地償還其他更高的利息義務。我們仍然致力於恢復我們的投資級信用評級。

Our investment in innovation and productivity projects to improve our operations will help us ramp our narrow-body production rates. These same actions will contribute to our objective of achieving 16.5% margins once MAX rates reach 42 aircraft per month. 2022 will bring continued improvement in our financial results and our cash flow generation with the expected increase of narrow-body production rates and the growth of our new Defense & Space and Aftermarket segments.

我們對創新和生產力項目的投資以改善我們的運營將幫助我們提高窄體生產率。一旦 MAX 費率達到每月 42 架飛機，這些相同的行動將有助於我們實現 16.5% 利潤率的目標。 2022 年將帶來我們的財務業績和現金流產生的持續改善，窄體生產率的預期提高以及我們新的國防與航天和售後市場部門的增長。

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

有了這個，我們很樂意回答您的問題。

(Operator Instructions) The first question comes from Myles Walton of UBS.

（操作員說明）第一個問題來自 UBS 的 Myles Walton。

Tom or Mark, I'm not sure which, could you talk about the trends in underlying margins, excluding excess costs, excluding forward loss charges? You've re-segmented, so it's a little tough to ask by the segments. So I'm just going to ask you at the high-level, company level.

湯姆或馬克，我不確定哪個，你能談談基本利潤率的趨勢，不包括超額成本，不包括遠期損失費用？您已重新細分，因此按細分要求詢問有點困難。所以我只想在高層、公司層面問你。

It doesn't look like the margins are really improving as you're going through the course of the year underlying. Could you just explain that? And then maybe give us a road map as to why they start to really inflect in '22 and then into '23.

看起來利潤率並沒有真正提高，因為你正在經歷一年的基礎。你能解釋一下嗎？然後也許會給我們一個路線圖，說明為什麼他們在 22 年開始真正變形，然後到 23 年。

Well, I'll start with that, Myles. First of all, we did start to see margins improve throughout the course of last year, and it really is linked primarily to rates on the narrow-body aircraft. As those rates go up, we get better fixed cost absorption. We lower some of those excess costs that we've had in the past couple of years. And overall, that has a positive benefit on margins in the Commercial segment. Let's focus on that.

好吧，我將從這個開始，邁爾斯。首先，我們確實開始看到去年整個過程中的利潤率有所提高，這實際上主要與窄體飛機的費率有關。隨著這些費率的上升，我們可以更好地吸收固定成本。我們降低了過去幾年中的一些超額成本。總體而言，這對商業領域的利潤率產生了積極的影響。讓我們專注於此。

And coming into 2022, again, the same thing will happen. We're going to see rates continue to improve on both the MAX and the A320, and that will drive better fixed cost absorption and ultimately lead to better margin performance this year and getting into next year. As we said, when we get to 42 aircraft per month on the MAX, that's a stable amount, that's a good surrogate. And that's when we think we can get to the 16.5% margins.

進入 2022 年，同樣的事情將再次發生。我們將看到 MAX 和 A320 的費率繼續提高，這將推動更好的固定成本吸收，並最終導致今年和明年的利潤率表現更好。正如我們所說，當我們在 MAX 上每月達到 42 架飛機時，這是一個穩定的數量，這是一個很好的替代品。那時我們認為我們可以達到 16.5% 的利潤率。

Yes, Myles, I would just say that it's -- it gets a little difficult for you guys as you try to glean or dig through the numbers. The fourth quarter was a little bit messy with additional forward losses on 787 with the lower expected production volumes, particularly in 2022, a couple of one-off charges in the defense area.

是的，邁爾斯，我只想說，當你們試圖收集或挖掘這些數字時，這對你們來說有點困難。第四季度有點混亂，由於預期產量較低，特別是在 2022 年，787 有額外的遠期損失，國防領域有幾次一次性收費。

So I think if we strip out the forward loss items, which mainly have been related to lower volumes on our twin-out programs, and those are the programs where we're in a forward loss situation, those programs, along with a few one-off items as we look at the third and fourth quarter, once you kind of normalize those out, we see our excess costs starting to get more in alignment with the higher rates.

因此，我認為如果我們剔除遠期虧損項目，這主要與我們的雙胞胎計劃的交易量減少有關，而那些是我們處於遠期虧損情況的計劃，這些計劃以及一些當我們查看第三季度和第四季度的項目時，一旦您將這些項目正常化，我們就會看到我們的超額成本開始與更高的利率保持一致。

I think underlying, when we look at actually our gross profit, we're starting to see the benefits of the higher production rates. And I think as we move into 2022 and we get past the -- we're now at low stable twin-out rates. We'll start to see the 737 and the A320 benefit show up in our overall margins, and we're planning to execute here in 2022.

我認為，當我們實際查看我們的毛利潤時，我們開始看到更高生產率的好處。我認為，隨著我們進入 2022 年，我們已經過去了——我們現在處於較低的穩定雙胞胎率。我們將開始看到 737 和 A320 的優勢出現在我們的整體利潤率中，我們計劃在 2022 年在這裡執行。

And so some of that noise will be behind us. We've seen a lot of ups and downs in '20 and '21, a lot of schedule changes, a lot of things that have impacted us, and we've really tried to react to those accordingly. I think you'll start to see the incremental margin growth that you're expecting as we move throughout 2022.

所以一些噪音將在我們身後。我們在 20 年和 21 年看到了很多起起落落，很多日程安排的變化，很多影響我們的事情，我們真的試圖對這些做出相應的反應。我認為隨著我們整個 2022 年的發展，您將開始看到您所期望的增量利潤率增長。

But as I said in my opening comments, our first quarter will be our most challenging quarter from a revenue and an earnings and a cash flow standpoint. And we should see things start to really improve in the second and third quarters. But you'll see a nice margin tick-up here in the first quarter compared to what you've seen here in 2021.

但正如我在開場白中所說，從收入、收益和現金流的角度來看，我們的第一季度將是我們最具挑戰性的季度。我們應該看到情況在第二和第三季度開始真正改善。但與 2021 年的情況相比，第一季度的利潤率會大幅上升。

Yes. And I would just add that if you look at the segment margins for Aftermarket, you'll see they're north of 20%. Defense, you really got to go back a couple of years to a normal year, but they're going to be in the, as we said, the 12% to 14% range going forward. So those will also contribute in the future.

是的。我只想補充一點，如果您查看售後市場的細分市場利潤率，您會發現它們在 20% 以上。防守，你真的要回到幾年前的正常年份，但正如我們所說，他們將處於 12% 到 14% 的範圍內。因此，這些也將在未來做出貢獻。

The next question comes from Doug Harned of Bernstein.

下一個問題來自伯恩斯坦的 Doug Harned。

On the 787, I mean Boeing has talked about the need to get enough -- in the sense enough volume of -- through enough volume of inspection and repair so the FAA can look at this in a sense from a statistical standpoint. And when you look at Spirit's role, I mean your -- the forward pressure bulk add, the overall Section 41, when you look at where you're at now, both in terms of new production, and then there was being able to make sure that the nonconformities are gone, then it meets the requirements.

關於 787，我的意思是波音已經談到需要通過足夠多的檢查和維修來獲得足夠的——從某種意義上說是足夠多的——以便 FAA 可以從統計的角度來看待這個問題。當你看看 Spirit 的角色時，我的意思是你的 - 前向壓力補充，整個第 41 節，當你看看你現在所處的位置，無論是在新生產方面，然後是能夠製造確保不符合項消失，則符合要求。

And then also, the number -- the work you've been doing to get through the shipsets that you've been -- you've delivered and are being inspected and repaired and the completed aircraft at Boeing, can you give us a sense of where you are now on this sort of road to recovery and delivery on the 787 from a Spirit standpoint?

還有，數量——你一直在做的工作，以通過你一直在做的工作——你已經交付並正在接受檢查和修理，以及波音公司完成的飛機，你能給我們一個感覺嗎？從 Spirit 的角度來看，您現在在 787 的恢復和交付之路上處於什麼位置？

Yes. So on the new production, we've been through all the engineering analysis, and we've completed that and we know now what changes we need to make to production going forward. And all those changes are incorporated, and we are executing those as we start to produce again. In terms of the rework, again, we've also identified the rework that needs to be done.

是的。所以在新的生產中，我們已經完成了所有的工程分析，我們已經完成了，我們現在知道我們需要對生產進行哪些改變。所有這些更改都被合併，我們正在執行這些更改，因為我們再次開始生產。在返工方面，我們也確定了需要完成的返工。

And in fact, I'd say we're about 40% complete with all of the rework that we need to do on the 110 units that Boeing still has in storage because we've had access during different points of last year to those, and we were able to get in and do them. And we will complete that rework as we get access to those aircraft.

事實上，我會說我們已經完成了大約 40% 的所有返工，我們需要對波音仍在存儲中的 110 台設備進行所有返工，因為我們在去年的不同時間點都可以訪問這些設備，我們能夠進入並做到這一點。當我們可以使用這些飛機時，我們將完成返工。

And so we know what has to be done. We've already started the work. As I said, we're 40% complete. And in terms of new production, we know how we will build it going forward, and the teams are now essentially perfecting that and putting it into operation as we resume production on the 787.

所以我們知道必須做什麼。我們已經開始工作了。正如我所說，我們完成了 40%。在新生產方面，我們知道我們將如何構建它，團隊現在基本上正在完善它，並在我們恢復生產 787 時將其投入運營。

And then given that insight, do you have any updated sense of when we might see deliveries happen?

然後鑑於這種洞察力，您對我們何時可能會看到交付有任何更新的感覺嗎？

Nothing beyond what Boeing indicated in their earnings call last week. So we are waiting for them to give us more information. They're obviously in close contact with their regulator and customers. So I would just defer to the comments that Dave Calhoun made last week on when they'll resume deliveries.

除了波音在上週的財報電話會議上所表明的以外，沒有什麼比這更重要的了。所以我們正在等待他們給我們更多的信息。他們顯然與監管機構和客戶保持密切聯繫。所以我只想听從戴夫卡爾霍恩上週關於他們何時恢復交付的評論。

The next question comes from David Strauss of Barclays.

下一個問題來自巴克萊的大衛施特勞斯。

Maybe for Mark. Mark, can you just talk about the pathway in terms of burning off or coming down in terms of the excess capacity costs? I think previously, you had said 25% lower. You did $218 million this year. So is that 25% still right? Do we get, by the end of the year based on what you're thinking about for MAX rates, are those excess capacity costs pretty close to 0? And are you actually also taking excess capacity cost on 87 at this point?

也許是為了馬克。馬克，你能談談在產能過剩成本方面燒掉或下降的途徑嗎？我想以前，你說過要低 25%。你今年賺了 2.18 億美元。那麼這 25% 仍然正確嗎？根據您對 MAX 費率的看法，到今年年底，我們是否得到這些過剩產能成本是否非常接近於 0？而且，此時您實際上是否也在考慮 87 的產能過剩成本？

Okay. Good question. So on our excess capacity, we've got multiple programs that have -- we're seeing much lower production rates. And so we're period costing that 737 is one of them, as you mentioned. A220 is another one and A320. We do have the negative impact of the lower production rates on 787 that has a, what I'll call, a collateral impact to our twin-all programs because there's a shared costing rate and the lower the production is on 787, it has a negative impact on our Boeing twin-all programs.

好的。好問題。因此，在產能過剩的情況下，我們有多個項目——我們看到生產率要低得多。因此，正如您所提到的，我們正在計算 737 就是其中之一。 A220 是另一個和 A320。我們確實對 787 的低生產率產生了負面影響，這對我們的雙全計劃產生了附帶影響，因為有一個共同的成本計算率，而且 787 的產量越低，它就有一個對我們的波音雙胞胎計劃產生負面影響。

So in 2020, we incurred $280 million worth of excess capacity costs, mainly 737 and A320. In 2021, with the integration or with the acquisition of Bombardier, we included excess -- some additional excess costs related to A220 on our way to higher production rates. So in 2021, where we ended up roughly, call it, somewhere between $215 million and $220 million. And I expect based on the rate ramp in 2022, that we should see our excess cost to be about half of what we saw in 2021.

因此，在 2020 年，我們產生了價值 2.8 億美元的過剩產能成本，主要是 737 和 A320。 2021 年，隨著整合或收購龐巴迪，我們將超額費用包括在內——與 A220 相關的一些額外超額成本，以提高生產率。所以在 2021 年，我們大致結束了，稱之為 2.15 億美元到 2.2 億美元之間。我預計，根據 2022 年的利率上升，我們應該看到我們的超額成本約為 2021 年的一半。

The next question comes from Robert Spingarn of Melius Research.

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

Sam, you opened your comments on cost initiatives. And I wanted to get a sense of how much more cost reduction work is still needed to get the company to the 16.5% margin at rate 42? Or are these initiatives accretive to that?

山姆，你打開了你對成本計劃的評論。而且我想知道還需要多少成本降低工作才能使公司以 42 的利率達到 16.5% 的利潤率？或者這些舉措是否會增加這一點？

So what I would say is that it's part of getting to that 16.5%. These initiatives, we spent a lot of time this past probably 1.5 years, getting these in place, we'll really start to see the benefit of those as rates starts to increase, and we'll really see what efficiencies that we can gain.

所以我想說的是，這是達到 16.5% 的一部分。這些舉措，我們在過去大概 1.5 年里花了很多時間，把它們落實到位，隨著利率開始增加，我們將真正開始看到這些舉措的好處，我們將真正看到我們可以獲得哪些效率。

Additional to that, as we go out here into the future, and we do eventually get to the 42 aircraft a month, whatever point that is, there are a number of other initiatives that we're constantly looking at that are not baked into that. For example, as you look in out years, as you look at what you might do with your supply chain with you make/buy, the initiatives I talked about in terms of what we've done so far in terms of the automation, the digitization, those are all part and parcel of getting us where we need to be on the to 16.5%.

除此之外，當我們走向未來時，我們最終會達到每月 42 架飛機的數量，無論那是什麼，還有一些我們一直在關注的其他舉措並未納入其中.例如，當您展望未來幾年時，當您考慮製造/購買時您可能會如何處理您的供應鏈時，我談到的舉措是關於我們迄今為止在自動化方面所做的工作，數字化，這些都是讓我們達到 16.5% 的目標的重要組成部分。

Yes. And I would say that, of course, like any set of projects, we always set our own internal targets higher, recognizing that there might be some leakage, but also to offset other challenges that are going to come up. Obviously, inflation and material and labor, all of these things are going to be headwinds that we'll have to overcome. And so we always say we have to run fast to stand still.

是的。我想說的是，當然，就像任何一組項目一樣，我們總是將自己的內部目標設定得更高，認識到可能存在一些洩漏，但也要抵消即將出現的其他挑戰。顯然，通貨膨脹、材料和勞動力，所有這些都將成為我們必須克服的逆風。所以我們總是說我們必須跑得快才能站穩。

So the initiatives that Sam initially outlined are all built into our plan to get to 16.5%. And we target to achieve more than that but we want to make sure that we achieve at least that. And so our goal is to offset the headwinds that we already know are there and still deliver and execute to that target.

因此，Sam 最初概述的計劃都包含在我們的計劃中，以達到 16.5%。我們的目標是實現更多目標，但我們希望確保我們至少實現這一目標。因此，我們的目標是抵消我們已經知道的逆風，並且仍然可以交付和執行該目標。

Okay. Just a quick clarification for Mark, if I could. Mark, how do we think about the net effect on cash flow in '22 from 787? We've talked a lot about the slow ramp and the rework and so on. Some of these things, I guess, shipments being down as a positive on the -- given the negative cash margin on new builds. But then, of course, all the rework and engineering goes the other way. So what's the net effect in '22? And does that lead to '23 being a tailwind on 87 or a headwind?

好的。如果可以的話，請快速澄清一下馬克。馬克，我們如何看待 22 年 787 對現金流的淨影響？我們已經談論了很多關於緩慢坡道和返工等問題。我想，其中一些事情是出貨量下降，因為新造船的現金利潤率為負。但是，當然，所有的返工和工程都是相反的。那麼 22 年的淨效應是什麼？這會導致 23 年成為 87 年的順風還是逆風？

Rob, really good question. You know our program really well. And so you're right. Since we're in a forward loss position, we have negative cash flow on a unit-by-unit basis on the 787 program. So the lower production rates here in 2022 will be a benefit to us. I would say that those benefits offset the additional rework and finalization of some engineering analysis that we're completing.

羅布，非常好的問題。你非常了解我們的計劃。所以你是對的。由於我們處於遠期虧損狀態，因此在 787 計劃中，我們每個單位的現金流為負。因此，2022 年這裡較低的生產率將對我們有利。我想說，這些好處抵消了我們正在完成的一些工程分析的額外返工和最終確定。

So overall, I think the lower volumes, the savings there offsets the rest of the rework, the cash that is required to go complete the remaining, call it, 55%, 60% of the rework that is needed. The one area that we're really focused a lot is we had, from a production system standpoint, work in process in our system in the line along with supply chain parts expected at a higher rate in 2021.

所以總的來說，我認為較低的產量，那裡的節省抵消了其餘的返工，完成剩餘工作所需的現金，稱之為所需返工的 55%，60%。我們真正非常關注的一個領域是，從生產系統的角度來看，我們的生產線系統中的在製品以及預計在 2021 年以更高速度出現的供應鏈部件。

So if we do our jobs right, there could be some tailwind here in 2022 from an inventory standpoint, getting the production system, getting the number of units in flow at the lower rate, more in alignment with the current rate of production. And so that could provide a little bit of tailwind from a cash flow standpoint in 2022, and we're very, very focused on supporting Boeing. When they decide to start the production back up, we'll be there for them. But we've got a lot of work to go do there.

因此，如果我們把工作做好，從庫存的角度來看，到 2022 年可能會有一些順風，讓生產系統，以較低的速度獲得流動的單位數量，更符合當前的生產速度。因此，從 2022 年現金流的角度來看，這可能會帶來一點順風，我們非常非常專注於支持波音。當他們決定重新開始生產時，我們會在那里為他們服務。但是我們有很多工作要做。

So multiple pieces we're juggling. I think you've got it right, benefits by lower deliveries. We still have some rework, the majority of that we should complete this year. And then maybe we get a little bit of a tailwind here if we can do a good job managing down our supply chain parts to the lower levels of production and getting our production system back in sync with the production rates when Boeing starts to deliver aircraft to airlines.

所以我們正在雜耍多個部分。我認為你做對了，通過較低的交付量受益。我們還有一些返工，其中大部分應該在今年完成。然後，如果我們能夠很好地管理我們的供應鏈零件到較低的生產水平，並使我們的生產系統與波音開始向其交付飛機時的生產率保持同步，那麼我們可能會在這裡獲得一點順風。航空公司。

Yes. I mean, I think another way to say it is we completed 40% of the rework on 787 last year, but really spent 60% of the cost because it included engineering analysis, which we don't have to do this year. And the 40% of the cost this year for the rework will essentially be offset because of the lower production rates on the 787.

是的。我的意思是，我認為另一種說法是，我們去年完成了 787 的 40% 的返工，但實際上花費了 60% 的成本，因為它包括工程分析，而我們今年不必這樣做。由於 787 的生產率較低，今年 40% 的返工成本將基本上被抵消。

Our next question comes from Sheila Kahyaoglu of Jefferies.

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

I was wondering if we could talk about maybe Commercial profitability. I appreciate the segment breakout, but there's really no historical context. So if you could give a little bit or maybe on the 777 specifically, what did 2021 profitability look like? And how do you think about the profitability of that program as it maybe steps up in rates?

我想知道我們是否可以談論商業盈利能力。我很欣賞細分市場的突破，但實際上沒有歷史背景。因此，如果您可以提供一點，或者特別是在 777 上，那麼 2021 年的盈利能力是什麼樣的？您如何看待該計劃的盈利能力，因為它可能會提高利率？

Sheila, good to hear from you. I would say this, if you can give us just a few days here, we'll be filing our 10-K. And when we file our 10-K, it will show 3 years' worth of results under our new segmentation. And so you'll see 2021 results, 2020 results and 2019 results. You'll see a breakout between Commercial, Defense Space and Aftermarket. You'll see revenues. You'll see operating margins and operating profit.

希拉，很高興收到你的來信。我想說的是，如果你能給我們幾天的時間，我們將提交我們的 10-K。當我們提交我們的 10-K 時，它將在我們的新細分下顯示 3 年的結果。因此，您將看到 2021 年的結果、2020 年的結果和 2019 年的結果。您將看到商業、國防空間和售後市場之間的突破。你會看到收入。您會看到營業利潤率和營業利潤。

And I think really, if you go back to 2019, and we should have this filed in the next few days, I think that will give you a good feel for the segment margins when we get back to normal type production rates. And so I don't really want to get ahead and get too specific, I think it's pretty easy to see in our disclosures today, our earnings release, you saw Aftermarket margins in excess of 20%. We've always told you those were accretive and north of 20%.

我真的認為，如果你回到 2019 年，我們應該在接下來的幾天內提交這個文件，我認為當我們恢復到正常的類型生產率時，這會讓你對細分市場的利潤率有一個很好的感覺。因此，我真的不想前進並變得過於具體，我認為在我們今天的披露，我們的收益發布中很容易看到，你看到售後市場的利潤率超過 20%。我們一直告訴你，這些是增值的，超過 20%。

We've talked about Defense margins that are typically somewhere between 10% and 14%. And then I think when you see the 10-K that we filed here, and I think 2019 is a good proxy from what you should expect as we move into what we'll call as normal production, 2023. I think that will give you a good feel for what overall commercial margins expect to be.

我們已經討論過防禦利潤率通常在 10% 到 14% 之間。然後我想當你看到我們在這裡提交的 10-K 時，我認為 2019 年是你應該期待的一個很好的代理，因為我們進入了我們稱之為正常生產的 2023 年。我認為這會給你對整體商業利潤的預期有很好的感覺。

And I would just add to this is that as we look at the 737, in particular, because obviously that's still a big program for us. It's still a major driver of our economics. One of the things we're going to do is look at 2016 as a comparison. And the reason we picked 2016 is because that was a time we were at about 42 aircraft per month, and it was stable production in the sense of we were producing 100% NGs. So even in 2019, we were still doing a little bit of both NGs and MAXs. But now we're 100% MAXs. And so we're using 2016 as a surrogate to say where do we need to get all of our operating metrics and comparables in order to drive the margins to get to the 16.5% target overall.

我要補充的是，當我們特別關注 737 時，因為顯然這對我們來說仍然是一個大項目。它仍然是我們經濟的主要驅動力。我們要做的一件事是將 2016 年作為比較。我們選擇 2016 年的原因是因為那時我們每月大約有 42 架飛機，從我們生產 100% NG 的意義上說，這是穩定的生產。所以即使在 2019 年，我們仍然在做一些 NG 和 MAX。但現在我們是 100% 的 MAX。因此，我們使用 2016 年作為替代指標，說明我們需要從哪裡獲得所有運營指標和可比數據，以推動利潤率達到 16.5% 的總體目標。

I was actually going ask you about 2016. So -- and then just on the 777, can you talk about profitability and how it looks there?

我實際上是想問你關於 2016 年的情況。所以 - 然後就 777 來說，你能談談盈利能力以及它在那裡的樣子嗎？

Sure. I mean, 777 has always been a really good program for Spirit, right? Obviously, Tom starts to talk about 2016 as a good benchmark year for us when we talk to our teams about cost and margins. The headwind we have, right, back in the 2016, 2017 time frame, we were producing at a rate of roughly 8 aircraft per month. And that really -- that overhead absorption really helps supercharge margins.

當然。我的意思是，777 一直是 Spirit 的一個非常好的項目，對吧？顯然，當我們與我們的團隊討論成本和利潤時，湯姆開始談論 2016 年對我們來說是一個很好的基準年。在 2016 年和 2017 年的時間框架內，我們遇到的逆風，我們以每月大約 8 架飛機的速度生產。這真的 - 開銷吸收確實有助於提高利潤率。

As Boeing has indicated, we'll be, over the next couple of years, looking at 2, 3, 4 aircraft per month. We like the 777 freighter that we have and 777X, as Boeing has indicated, hopes to start delivering at the end of 2023. And as those rates start to go up, that will help contribute and contribute nicely to our overall Commercial margins. It's a good program for us. It's a profitable program for us, and it's one that we're hoping Boeing continues to get more orders. Hopefully, they can deliver more freighters. We're ready to support them. And hopefully, they execute on the time lines and getting the airplane certified and we're excited to be on that. And you see a lot of customers in the marketplace excited about that 777 platform with Qatar looking to buy 777 freighters. So it's a good program for us, and it will be a contributor as we move into '22 and '23.

正如波音公司所指出的那樣，在接下來的幾年裡，我們將每月購買 2、3、4 架飛機。我們喜歡我們擁有的 777 貨機，而波音公司表示，777X 希望在 2023 年底開始交付。隨著這些費率開始上漲，這將有助於並為我們的整體商業利潤做出很好的貢獻。這對我們來說是一個很好的計劃。這對我們來說是一項有利可圖的計劃，我們希望波音公司繼續獲得更多訂單。希望他們能提供更多的貨機。我們已準備好支持他們。希望他們能按時執行並獲得飛機認證，我們很高興能參與其中。您會看到市場上的許多客戶對 777 平台感到興奮，而卡塔爾則希望購買 777 貨機。所以這對我們來說是一個很好的計劃，它將成為我們進入'22 和'23 的貢獻者。

The next question comes from Peter Arment of Baird.

下一個問題來自 Baird 的 Peter Arment。

Mark, maybe I could just follow up with you on just kind of Defense margins. You kind of commented that kind of more normalized is 10% to 14%. But you've got a lot of growth planned in front of you, and I assume some of that is still in development. So how do we think about the pathway on those margins if we're just thinking about '22 and '23 going forward?

馬克，也許我可以跟進你的防守邊際。你有點評論說，更標準化的是 10% 到 14%。但是你有很多增長計劃在你面前，我認為其中一些仍在發展中。那麼，如果我們只考慮 22 年和 23 年的未來，我們如何考慮這些邊際的路徑？

Sure. We had a couple of one-time items here in 2021 that really kind of depressed the margins. It doesn't really show what our defense margins are. I talked about an agreement that we have with Bell on the V-280, call it, a cost-sharing agreement as we work with them to win that program. That was an $8 million investment that we made in 2021 that won't repeat as we move forward. And then we had a one-time charge on one of our nonclassified programs in the fourth quarter. And if I exclude those 2 items in 2021, we'd be looking at 12% to 14% margins on the Defense side.

當然。 2021 年，我們在這裡有幾件一次性商品，確實有點壓低了利潤率。它並沒有真正顯示出我們的防守邊際是多少。我談到了我們與貝爾就 V-280 達成的協議，稱之為成本分攤協議，因為我們與他們合作以贏得該計劃。這是我們在 2021 年進行的 800 萬美元投資，在我們前進的過程中不會重複。然後我們在第四季度對我們的一個非機密項目進行了一次性收費。如果我在 2021 年排除這兩項，我們將在國防方面看到 12% 到 14% 的利潤率。

And when we look at '22 and '23, everything is lining up for that. We have a nice mix of mature programs like the CH-53K. We all know that we're on the B-21, which is still in development. And we've been winning some classified programs and classified programs typically are development-type programs, cost-plus type programs that enable you to achieve a fair margin for the work that we're doing. So we've got a good path into Defense, right? We're excited about it. 20 -- almost 20% growth in 2021, and we really feel good about another nice growth profile as we move into 2022, and we expect to achieve those types of margins in this year. And as we continue to grow, it's going to be a nice contributor to our overall book of business.

當我們看 22 年和 23 年時，一切都在為此排隊。我們有很多成熟的程序，如 CH-53K。我們都知道我們在 B-21 上，它仍在開發中。我們已經贏得了一些機密項目，機密項目通常是開髮型項目、成本加成型項目，使您能夠為我們正在進行的工作獲得公平的利潤。所以我們有一條很好的防御之路，對吧？我們對此感到興奮。 20 - 2021 年增長近 20%，隨著我們進入 2022 年，我們對另一個良好的增長狀況感到非常滿意，我們預計今年將實現這些類型的利潤率。隨著我們的不斷發展，它將成為我們整體業務的一個很好的貢獻者。

Yes. I mean I would say one way to look at the Defense margins as you can think of it in maybe 3 categories. Mark mentioned the core programs that are maturing in production, CH-53K. And you can even include P8 and KC-46, which are the military derivatives of the commercial aircraft there. And then we have these new classified programs, which are cost plus.

是的。我的意思是我會說一種看待防守邊際的方法，因為您可以將其分為 3 個類別。馬克提到了在生產中成熟的核心程序，CH-53K。您甚至可以包括 P8 和 KC-46，它們是那裡商用飛機的軍用衍生產品。然後我們有這些新的分類程序，它們是成本加成的。

And then I would say we have some specialty programs, particularly that came out of our FMI acquisition that are more targeted, more niche, tend to be a little bit higher margin and those tend to be on things like thermal protection barriers, space applications, missile applications and for very specialty type of materials. And so the combination of those 3 things give us confidence that the Defense & Space segment can deliver the 12% to 14% margins consistently going forward.

然後我想說我們有一些專業項目，特別是我們收購 FMI 後的項目，這些項目更有針對性，更利基，利潤率往往更高一些，這些項目往往涉及熱保護屏障、空間應用、導彈應用和非常特殊的材料類型。因此，這三件事的結合讓我們相信國防和太空部門可以持續提供 12% 到 14% 的利潤率。

The next question comes from George Shapiro of Shapiro Research.

下一個問題來自夏皮羅研究公司的喬治夏皮羅。

Mark, if I want some clarification. The forward loss that you took on the 787, looks like it was just due to lower production rate. So one, can you tell us what you're including in terms of the expectation for the 787 rates as to when you get to your [14 05], which you kind of had as the magic number?

馬克，如果我想澄清一下。您對 787 的遠期損失，看起來只是由於較低的生產率。所以一，你能告訴我們你對 787 率的預期包括什麼，當你到達你的 [14 05] 時，你有一個神奇的數字？

And then two, the cost incurred for the rework that you did on the 787, that's not included in the charge. So can you spell out roughly how much those costs are going to be? And then is there any agreement as to what you might have to contribute to Boeing in terms of the $3.5 billion charge that they took, if any?

其次，您在 787 上進行的返工所產生的費用，不包括在費用中。那麼，您能否大致說明這些成本將是多少？那麼，就波音公司收取的 35 億美元費用而言，你可能需要向波音公司做出什麼貢獻，如果有的話，是否有任何協議？

Okay. Well, let me answer the first 2 questions, and then Tom will address the third component. And so maybe let me tackle the second component, which is the rework, okay? And so during 2021, we recorded approximately $154 million of forward losses in total. We did incur a forward loss in the fourth quarter of $32 million. And that $32 million in the fourth quarter was specific to lower deliveries, which extended the block, and those lower deliveries are primarily isolated to 2022 and the fourth quarter of 2021. But we have included in those forward losses, estimates as it relates to the rework, both reworking Boeing aircraft that are completed, the 110 that Tom talked about, reworking airplanes in their production system and rework in our factory. And as Tom indicated, it's a combination of engineering work that we did, plus actually touch labor replacement parts, et cetera.

好的。好吧，讓我回答前兩個問題，然後湯姆將解決第三個問題。所以也許讓我處理第二個部分，即返工，好嗎？因此，在 2021 年，我們總共記錄了約 1.54 億美元的遠期虧損。我們確實在第四季度遭受了 3200 萬美元的遠期虧損。第四季度的 3200 萬美元專門用於較低的交付量，這擴大了區塊，而這些較低的交付量主要孤立於 2022 年和 2021 年第四季度。但我們已將這些遠期損失包括在內，因為它與返工，包括改造完成的波音飛機，湯姆談到的 110，在他們的生產系統中改造飛機和在我們的工廠返工。正如湯姆所說，這是我們所做的工程工作的結合，加上實際接觸人工更換零件等等。

And when we look at completing that work, as Tom said, roughly 40%, 45% of the work itself the number of units were completed in 2021, but we spent about 60% of that cost. The remaining component, the remaining 40% of the cost will be spent in 2022 as we complete those units.

正如湯姆所說，當我們考慮完成這項工作時，大約 40%、45% 的工作本身是在 2021 年完成的，但我們花費了大約 60% 的成本。剩下的部分，即剩餘 40% 的成本將在 2022 年完成這些單元時花費。

So that cost is in the forward loss. It's reflected in our financial results. 60% of that cash cost is included in our free cash flow that we reported in 2021, and the rest of it will be spent in 2022. The latest schedule change, again, it was kind of isolated to 5, 5.5 quarters. It means that our block now extends into 2025.

所以這個成本是在遠期損失中。這反映在我們的財務業績中。 60% 的現金成本包含在我們在 2021 年報告的自由現金流中，其餘的將在 2022 年花費。最新的時間表更改再次被隔離為 5、5.5 個季度。這意味著我們的區塊現在延伸到 2025 年。

And so you talk about getting to line unit [14 06], which is our next price increase there. But the airplane program, we're working very closely with our customer, once they get it delivered, that will be good for us. But at this point in time, 2020 and 2021 has had a significant impact on our block. It extended the block by almost -- by roughly 2 years, and that includes 2 years' worth of fixed cost like depreciation, property taxes, insurance that now unload on that same number of units. So it's a lot of headwind on us, but we've got it all captured. It's in our forward losses, it's all booked. So hopefully, that helps, George.

所以你談到到達生產線單元 [14 06]，這是我們在那裡的下一次提價。但是飛機計劃，我們正在與我們的客戶密切合作，一旦他們交付，這將對我們有好處。但在這個時間點，2020 年和 2021 年對我們的區塊產生了重大影響。它將街區幾乎延長了大約 2 年，其中包括 2 年的固定成本，如折舊、財產稅、現在在相同數量的單位上卸載的保險。所以這對我們來說是很大的阻力，但我們已經抓住了一切。這是我們的遠期損失，都被預訂了。所以希望，這會有所幫助，喬治。

Yes. And I would say, George, the -- as Mark said, the lower production rates are already incorporated into the forward loss as well as all the rework and engineering analysis. Those were part of the forward losses in 2021. And so we've taken a pretty conservative view of what the production rates are likely to be this year. As you know -- if you look back in time, in 2020, we delivered 112 787 shipsets. In '21, it was 37. And we're anticipating even fewer this year, kind of in line with what Boeing has been communicating.

是的。我會說，喬治，正如馬克所說，較低的生產率已經被納入前向損失以及所有返工和工程分析中。這些是 2021 年遠期損失的一部分。因此，我們對今年的生產率可能採取了相當保守的看法。如您所知——如果您回顧過去，在 2020 年，我們交付了 112 787 套船。在 21 年，它是 37 歲。我們預計今年會更少，這與波音公司一直在傳達的信息一致。

With regard to your last question on claims, I will just say that we've not discussed any claims with Boeing. We do have rework to do on some of the work packages that Spirit provides for the 787 on the undelivered units, the 110 that I mentioned, and we're about 40% complete with those. Now we're doing all that rework at our own expense with our own people in Boeing's factories, and all of the costs for that are reflected in the forward losses that we took mostly in Q3 of last year in 2021.

關於你關於索賠的最後一個問題，我只想說我們沒有與波音討論過任何索賠。我們確實需要對 Spirit 為未交付的 787 提供的一些工作包進行返工，我提到的 110，我們已經完成了大約 40%。現在，我們在波音工廠與我們自己的員工自費進行所有返工，所有成本都反映在我們在 2021 年第三季度主要承擔的遠期虧損中。

But I'd say is that the Spirit rework is not the sole cause for the delays to the Boeing 787 deliveries, and so we'll stay in close communication with Boeing on that, but we have not discussed claims with them.

但我想說的是，Spirit 返工並不是波音 787 交付延遲的唯一原因，因此我們將就此與波音保持密切溝通，但我們尚未與他們討論索賠。

The next question comes from Ken Herbert of RBC.

下一個問題來自 RBC 的 Ken Herbert。

I just wanted to ask a question, if I could, Tom, about the supply chain. I wanted to see sort of relative to the third quarter, if you've seen any incremental delays in the supply chain, specifically around, I guess, the 37, any incremental areas, maybe a pressure from the supply chain? And I guess more importantly, as rates continue to go up on the 37 and eventually on the 87, are there any areas you'd highlight maybe as a greater financial risk, either where you might be looking to inject capital into the supply chain or where you would expect suppliers that might need a little more support if there are issues to support the rate?

我只是想問一個關於供應鏈的問題，如果可以的話，湯姆。我想看看相對於第三季度的情況，如果您看到供應鏈中的任何增量延遲，特別是在我猜的第 37 個方面，任何增量區域，也許是來自供應鏈的壓力？而且我想更重要的是，隨著利率在 37 和最終在 87 上繼續上漲，您是否會強調任何可能存在更大財務風險的領域，或者您可能希望將資金注入供應鍊或如果存在支持費率的問題，您希望供應商在哪裡可能需要更多支持？

Right. Well, Ken, the answer is we have seen some pressure, like everybody in the global supply chain on some ports. So for example, the California ports tend to be a little bit more backed up right now. So some of the products that we have coming out of Asia, and we have suppliers in Malaysia, in South Korea, Indonesia, amongst others. We have seen some pressure on that and some increase in freight rates.

正確的。好吧，肯，答案是我們已經看到了一些壓力，就像全球供應鏈中某些港口的每個人一樣。因此，例如，加利福尼亞港口現在往往得到更多支持。所以我們的一些產品來自亞洲，我們在馬來西亞、韓國、印度尼西亞等地都有供應商。我們已經看到這方面的一些壓力以及運費的一些上漲。

But if you look at freight as a total part of our business, it's about 2% of our total cost base. So even if it goes up some, it's a relatively minor total cost impact even if the rates go up quite a bit. One of the things that we've been doing, for example, is doing some consolidated air shipments from Asia. We're particularly, say, from South Korea is we can load up a lot of parts onto 1 aircraft and basically skip over the ports in L.A. and California and get them here. So we've been able to demonstrate that we can do that.

但是，如果您將貨運視為我們業務的一部分，它大約占我們總成本基礎的 2%。因此，即使它上升了一些，即使費率上升了很多，它對總成本的影響也相對較小。例如，我們一直在做的一件事是從亞洲進行一些綜合空運。比如說，我們特別是來自韓國，我們可以將很多零件裝載到一架飛機上，基本上可以跳過洛杉磯和加利福尼亞的港口，然後把它們運到這裡。所以我們已經能夠證明我們可以做到這一點。

As rates go up, we are working very closely across the entire supply chain to make sure that we have access to the parts. In many cases, we're looking at dual sourcing opportunities. As you know, we have a significant fabrication capability internally, so we can in-source things, and we're looking for local suppliers to provide backups if we get into trouble. So we're actively working all those things.

隨著費率的上漲，我們正在整個供應鏈中密切合作，以確保我們能夠獲得零件。在許多情況下，我們正在尋找雙重採購機會。如您所知，我們在內部擁有強大的製造能力，因此我們可以內購，如果遇到麻煩，我們正在尋找當地供應商提供備份。因此，我們正在積極開展所有這些工作。

We actually appointed a new Vice President to lead supplier development in the field, and we have a fairly large team that we can deploy anywhere in the world to work with suppliers as we see situations. And one of the situations we're looking actively to mitigate is any potential supply disruptions at the ports. And so we're putting in place proactively plans to either dual source or in-source some of that content so that we don't experience risk.

實際上，我們任命了一位新的副總裁來領導該領域的供應商開發，並且我們有一個相當大的團隊，我們可以在世界任何地方部署，在我們看到情況時與供應商合作。我們正在積極尋求緩解的一種情況是港口的任何潛在供應中斷。因此，我們正在製定主動計劃，以雙源或內源某些內容，這樣我們就不會遇到風險。

Obviously, the 737 is -- because it's the biggest program we have, that's where we're seeing some of the most pressure. I mean that's where we're spending a lot of time in the mitigation. 787, it's much less so. I mean, the rates are much lower, and we expect them to remain lower for this year. So we're not anticipating as much pressure there.

顯然，737 是——因為它是我們擁有的最大的項目，這也是我們看到一些最大壓力的地方。我的意思是這就是我們在緩解方面花費大量時間的地方。 787，就差很多了。我的意思是，利率要低得多，我們預計今年它們將保持較低水平。所以我們預計那裡的壓力不會太大。

That's great. And maybe if you could just quantify what -- of your 37 supply chain, maybe how much is from domestic suppliers versus how much do you source internationally, just roughly?

那太棒了。也許如果你能量化一下——在你的 37 個供應鏈中，有多少來自國內供應商，多少來自國際，只是粗略的？

Right. Well, we still source more than 60% domestically even on 737 because we just have some of our big suppliers happen to be domestic and a lot of them in the Kansas, Oklahoma region. So it's -- we do source from international suppliers, but still most of our supply is coming domestically.

正確的。好吧，即使在 737 上，我們仍然在國內採購超過 60% 的產品，因為我們的一些大型供應商恰好是國內供應商，其中很多在堪薩斯州、俄克拉荷馬州地區。所以它 - 我們確實從國際供應商那裡採購，但我們的大部分供應仍然來自國內。

The next question comes from Cai von Rumohr of Cowen.

下一個問題來自 Cowen 的 Cai von Rumohr。

And I apologize, I missed some of the early part of the call. But could you -- if you give us where you are on the 737, i.e., how much the -- how many of the stored fuselages you have at your facilities now? Where the rate is now? Where you expect to be in terms of stored fuselages by year-end? And kind of how should we think of the profile of your rate versus Boeing as you're moving up?

我很抱歉，我錯過了電話的早期部分。但是，如果您能告訴我們您在 737 上的位置，即您現在在您的設施中有多少存儲的機身嗎？現在匯率在哪裡？到年底，您期望存儲的機身在哪裡？當你上升時，我們應該如何看待你的費率與波音的關係？

Right. Well, Sam did mention that we are at 97 units this morning. So we're -- we've broken the 100 barrier. At one point, we were up to 140. And so as we've said, we are lagging Boeing on production rates, so we can burn off that inventory. Our plan is to burn off the inventory by year-end to a level of 20, which will become a buffer, a permanent buffer to cushion the production system.

正確的。嗯，山姆確實提到我們今天早上有 97 個單位。所以我們 - 我們已經打破了 100 的障礙。在某一時刻，我們達到了 140 個。正如我們所說，我們在生產率方面落後於波音，所以我們可以燒掉這些庫存。我們的計劃是在年底前將庫存燒掉到 20 的水平，這將成為一個緩衝，一個永久性的緩衝來緩衝生產系統。

But when we get to that point, we will no longer be wrapping aircraft and storing them out of the ramp. So by the end of third quarter into the fourth quarter, we expect the ramp across the street to be pretty much empty. Right now, we're at a rate of 21. You heard on Boeing's call that they're at a rate of about 26. So that's what we always said is that we'd lag them by about 5 to burn down those aircraft over time, and that's exactly where we are.

但是當我們達到那個點時，我們將不再包裹飛機並將它們存放在停機坪之外。因此，到第三季度末到第四季度，我們預計馬路對面的坡道幾乎是空的。現在，我們的速度是 21。你在波音的電話中聽說他們的速度大約是 26。所以我們總是說我們會落後他們大約 5 以燒毀那些飛機時間，而這正是我們所在的地方。

And then in terms of the rates going forward is we'll stay at a lower rate to Boeing until we burn off that inventory, and then we will re-sync with them at the same rate that they are whenever that occurs. And we expect that re-syncing will happen -- yes, that re-syncing will happen by the end of the year.

然後就未來的費率而言，我們將與波音保持較低的費率，直到我們燒掉該庫存，然後我們將以與發生這種情況時相同的費率重新與它們同步。我們預計重新同步將會發生——是的，重新同步將在今年年底發生。

The next question comes from Hunter Keay of Wolfe Research.

下一個問題來自 Wolfe Research 的 Hunter Keay。

Just a couple of quick ones. I just want to just clarify a question on the free cash flow for 2022. Are you targeting breakeven cash flow after the $123 million payment to Boeing? I thought you'd say last quarter, you were targeting breakeven free cash flow before that payment. Am I incorrect? Or is there an improvement in that commentary?

只是幾個快速的。我只是想澄清一個關於 2022 年自由現金流的問題。在向波音支付 1.23 億美元後，您的目標是盈虧平衡現金流嗎？我以為您會在上個季度說，您的目標是在付款之前實現盈虧平衡的自由現金流。我不正確嗎？還是那條評論有改進？

No, it's still -- it's after the $123 million.

不，它仍然是 - 在 1.23 億美元之後。

After. Okay. All right. And then of the 24 development projects, Tom, that you mentioned that are over $1 million, how many of those are outside the aerospace and defense realm?

後。好的。好的。然後湯姆，在你提到的超過 100 萬美元的 24 個開發項目中，有多少是在航空航天和國防領域之外的？

Well, they're all in aerospace and defense. They're all defense projects.

嗯，他們都在航空航天和國防領域。都是國防項目。

Okay. And you're not thinking about...

好的。而你並沒有考慮...

So it's -- all of them are Defense & Space. Pardon?

所以它是 - 所有這些都是國防和太空。赦免？

I was wondering if there was some sort of like a...

我想知道是否有某種類似的...

I'm sorry. Could you repeat that? I didn't hear.

對不起。你能重複一遍嗎？我沒聽見。

Sorry. I was just wondering basically if you were thinking about some sort of like adjacent market type concept in some of these development projects, but it seemed like...

對不起。我只是想知道你是否在考慮在這些開發項目中的一些類似相鄰市場類型的概念，但它似乎......

Yes. no adjacencies. It's all pure defense and space work.

是的。沒有鄰接。這都是純粹的防禦和太空工作。

The next question comes from Kristine Liwag of Morgan Stanley.

下一個問題來自摩根士丹利的 Kristine Liwag。

Tom or Mark, just talking about the defense charge, you mentioned it's a nonclassified program. Can you provide a little bit more detail on exactly what that was, what that entails? And is it really one-time? And if you could share where you get that confidence?

湯姆或馬克，剛剛談到辯護指控，你提到這是一個非機密項目。您能否提供更多詳細信息，具體說明那是什麼，這意味著什麼？而且真的是一次性的嗎？如果你能分享你從哪裡獲得這種信心？

Yes. I'll take that, Kristine. It was really just an issue on a single unit. It's some rework that we have to do. To be honest, we took a bit of a conservative view that we'd have to do more rework. We'll refine and clarify that as we go forward. But it was a one-off thing, and we're going to fix it, and we don't expect it to repeat.

是的。我會接受的，克里斯汀。這實際上只是單個單元的問題。這是我們必須做的一些返工。老實說，我們採取了一些保守的觀點，認為我們必須做更多的返工。隨著我們的前進，我們將完善和澄清這一點。但這是一次性的，我們會修復它，我們不希望它重複。

Great. And as you grow your defense business, what's the normalized margin you should think about here going forward? And then is there -- I mean, with the program that you mentioned, is this related to future virtual list? And how should we think about that upside for you with which team wins the summer?

偉大的。隨著您的國防業務的發展，您應該考慮的標準化利潤率是多少？然後——我的意思是，對於你提到的程序，這與未來的虛擬列表有關嗎？我們應該如何考慮哪支球隊在夏天獲勝？

Right. Well, as we said for Defense, we want to get to $1 billion by 2025 at typical Defense margins, which we say are 12% to 14%. So as I was saying a little bit earlier, if you look at the type of defense, I think Peter asked this question, is we've got our classified programs and those tend to be in development phase, those are cost plus. We've got a kind of core mature programs like the CH-53K or the P8 or KC-46. And those are typical defense margins, 12% to 14%, but then we have some specialty programs, which can be higher margin.

正確的。好吧，正如我們在國防方面所說的那樣，我們希望到 2025 年以典型的國防利潤率達到 10 億美元，我們說這是 12% 到 14%。所以正如我之前所說的，如果你看一下防禦類型，我想彼得問了這個問題，我們是否有我們的機密項目並且那些往往處於開發階段，這些都是成本加成的。我們有一種核心成熟方案，如 CH-53K 或 P8 或 KC-46。這些是典型的防禦利潤率，12% 到 14%，但我們有一些專業項目，利潤率可能更高。

So overall, we're saying 12% to 14% on defense going forward. Now on the future vertical lift, we are on the Bell team, the Valor, for the V-280. And as Mark said, there was some investment in 2021 in that program as they are getting ready for the decision, which I think is expected to -- they're going to make a decision sometime in March of this year, maybe communicated by June. Perhaps there's some slippage on that. But those numbers aren't built into our forward outlook.

所以總的來說，我們說未來的防守有 12% 到 14%。現在，在未來的垂直升降機上，我們加入了 Bell 團隊，Valor，負責 V-280。正如馬克所說，2021 年對該計劃進行了一些投資，因為他們正在為決定做準備，我認為這是預期的——他們將在今年 3 月的某個時候做出決定，可能會在 6 月之前傳達.也許有一些滑點。但這些數字並未納入我們的前瞻性展望。

It's only the things that are in our outlook is the work on the development program. But this is the FLRAA program, the future long-range assault aircraft. And it is nominally going to be a replacement for the Black Hawks, which have about 2,000 units in the field. So it would be a very big program. If Bell were to win it and our work package would go forward, that's a very big program going forward, but that's not included in our current financials.

只有我們展望中的事情是發展計劃的工作。但這是 FLRAA 計劃，未來的遠程攻擊機。它名義上將替代黑鷹隊，後者在該領域擁有約 2,000 個單位。所以這將是一個非常大的計劃。如果貝爾贏得它並且我們的工作包將繼續進行，那將是一個非常大的計劃，但這不包括在我們目前的財務中。

The next question comes from Ron Epstein of Bank of America.

下一個問題來自美國銀行的 Ron Epstein。

We haven't talked about typical airplane program, maybe with the exception of the A220 program. Could you walk us through that in a little more detail, where you expect those rates to go and how you think the profitability in that program will proceed over time?

我們還沒有討論過典型的飛機項目，也許除了 A220 項目。您能否更詳細地向我們介紹一下，您預計這些費率會在哪里以及您認為該計劃的盈利能力將如何隨著時間的推移而發展？

Right. Well, on A220, we're at about 4 aircraft per month right now. Airbus has indicated that by 2025, middle of the decade that they would be at around 14. So that's kind of our trajectory. And as you know, we did have a forward loss when we opened that program up in Q1 of last year of about $375 million. But we said it would basically get to breakeven by 2025 when they get to the rate of 14%. So that is what's built into our financials. Obviously, we've got programs in place to try to do better than that, but that's what's built into our core financials right now.

正確的。嗯，在 A220 上，我們現在每月大約有 4 架飛機。空中客車公司表示，到 2025 年，也就是十年中期，他們將達到 14 歲左右。所以這就是我們的發展軌跡。如您所知，當我們在去年第一季度開放該計劃時，我們確實有大約 3.75 億美元的遠期虧損。但我們說，到 2025 年，當它們達到 14% 的比率時，它基本上會達到收支平衡。這就是我們財務中所包含的內容。顯然，我們已經制定了計劃，試圖做得比這更好，但這就是我們現在核心財務中的內容。

And then where from the Bombardier acquisition of their aerostructures components, where do you get profitability anytime sooner than 2025?

然後從龐巴迪收購他們的航空結構部件，到 2025 年之前，您從哪裡獲得盈利？

Well, 2 places. One is the Aftermarket. So Mark mentioned that the Aftermarket this year is about $240 million. A lot of that did come from the Bombardier acquisition, and that was at very good margins. So you saw that it's north of 20%. The other area is business jets. We did inherit quite a bit of business jet work for Bombardier. We're now one of their largest suppliers, and those are at positive margins. I mean, obviously, it suffered a little bit because of COVID, but as the rates recover, we expect those to normalize. But those are 2 areas of the Bombardier acquisition that are immediately profitable with good margins.

嗯，2個地方。一是售後市場。所以馬克提到，今年的售後市場約為 2.4 億美元。其中很多確實來自對龐巴迪的收購，而且利潤率非常高。所以你看到它在20%以北。另一個領域是公務機。我們確實為龐巴迪繼承了相當多的公務機工作。我們現在是他們最大的供應商之一，而且利潤率為正。我的意思是，很明顯，它因為 COVID 而遭受了一些損失，但隨著利率的恢復，我們預計這些利率會正常化。但這些是龐巴迪收購的兩個領域，可以立即獲利並獲得豐厚的利潤。

The next question comes from Michael Ciarmoli of Truist Securities.

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

Tom, I was wondering, can we go back to kind of supply chain and what Ken was asking? And I guess, specifically, just looking at the labor market, thinking about inflation that's going to impact both labor and raw materials, and I think you guys had planned to rehire 4,600 people over the next 3 years. But how are you thinking about just labor availability? And then 16.5% margins, I mean, we don't have a crystal ball, so I don't know what inflation is going to look like. But if we have inflationary pressures, do you still think you can get to that 16.5%?

湯姆，我想知道，我們可以回到供應鏈的類型上嗎？肯問的是什麼？我想，具體來說，看看勞動力市場，想想會影響勞動力和原材料的通貨膨脹，我認為你們計劃在未來 3 年內重新僱用 4,600 人。但是，您如何考慮勞動力的可用性？然後是 16.5% 的利潤率，我的意思是，我們沒有水晶球，所以我不知道通貨膨脹會是什麼樣子。但如果我們有通脹壓力，你還認為你能達到那個 16.5% 嗎？

The answer is yes, we do. Let me go through the 2 aspects of the question. So in terms of labor availability, just to give you some sense, we laid off about 5,200 people in Wichita. We've recalled already about 2,200 of those. A number of other people did permanent retirements or took part of retirement program, so they wouldn't be available in the pool. We still have about 1,000 left in the recall pool. And we think that will take us through at least midyear and perhaps longer.

答案是肯定的，我們願意。讓我從問題的 2 個方面看一下。因此，就勞動力可用性而言，為了讓您了解一下，我們在威奇托解雇了大約 5,200 人。我們已經召回了大約 2,200 個。其他一些人進行了永久退休或參加了退休計劃，因此他們不會在池中可用。我們在召回池中還剩下大約 1,000 個。我們認為這將至少讓我們度過年中，甚至更長時間。

So the labor availability is good because we still have a pretty good recall pool to tap, and we're in the process. But the good news is we should have everybody recalled by the end of this year, and certainly in Wichita and we expect in our other locations as well in the U.S.

所以勞動力可用性很好，因為我們仍然有一個很好的召回池可供挖掘，我們正在這個過程中。但好消息是，我們應該在今年年底之前召回所有人，當然是在威奇托，我們預計在美國的其他地方也會如此。

Now with regard to inflation, obviously, that's a concern. But if you look at the different components, direct labor is only about 8% of our cost. Indirect labor is a bit more. But there, we made a lot of cuts, and we're looking at improving productivity so that we can be more productive as we come back and we don't need to add as much cost.

現在關於通貨膨脹，顯然，這是一個問題。但是，如果您查看不同的組件，直接人工僅占我們成本的 8% 左右。間接勞動要多一些。但是在那裡，我們進行了很多削減，並且我們正在考慮提高生產力，以便我們在回來時可以提高生產力，並且我們不需要增加太多成本。

The raw material is obviously a bigger number, and then you have the parts. And let me just say on raw material, we're fortunate as a Tier 1 supplier is we buy a lot of our raw material through the buying consortia that Boeing and Airbus had. So for Boeing, it's TMX and for Airbus (inaudible). And particularly on the TMX side, that -- those prices tend to be fairly locked with Boeing. They buy at huge volumes, and we benefit from that. And so we feel we have a good way to manage the raw material costs by working with Boeing and Airbus through their buying consortia.

原材料顯然是一個更大的數字，然後你就有了零件。我只想說原材料，作為一級供應商，我們很幸運，我們通過波音和空中客車的採購聯盟購買了很多原材料。所以對於波音來說，它是 TMX 和空客（聽不清）。尤其是在 TMX 方面，這些價格往往與波音相當鎖定。他們大量購買，我們從中受益。因此，我們認為通過與波音和空中客車公司的採購聯盟合作，我們有一個很好的方法來管理原材料成本。

On the parts, those come from our supply chain that represents typically about 66% of our cost, and that's a big chunk of it is from suppliers. Now there, what we have done is we've put in place a lot of back-to-back contracts. So with, for example, on the 737 program, our pricing with Boeing goes out to 2033. So particularly there in the pandemic, we offered a lot of our big suppliers the ability to put their contracts out to 2033, and a lot of them took it up. And so we have back-to-back contracts with our suppliers, which essentially give us a natural hedge on part inflation for a big chunk of our direct cost.

在零件方面，這些來自我們的供應鏈，通常占我們成本的 66%，其中很大一部分來自供應商。現在，我們所做的是我們已經制定了很多背靠背合同。因此，例如，在 737 計劃中，我們與波音公司的定價將持續到 2033 年。特別是在大流行期間，我們為許多大型供應商提供了將合同延期到 2033 年的能力，其中很多拿起它。因此，我們與供應商簽訂了背靠背合同，這從本質上為我們提供了對部分通脹的自然對沖，以節省我們大部分直接成本。

And so we worked very closely with our suppliers during the pandemic. We provided support to about 600 suppliers in total. It added up to over $2 billion. And a lot of that were these contract extensions out to 2033, so that we had a back-to-back hedge on inflation. So that's the way we're managing inflation in some of the different buckets.

因此，在大流行期間，我們與供應商密切合作。我們總共為大約 600 家供應商提供了支持。它加起來超過 20 億美元。其中很多是這些合同延期至 2033 年，因此我們對通脹進行了背靠背的對沖。這就是我們在一些不同的桶中管理通貨膨脹的方式。

The next question comes from Noah Poponak of Goldman Sachs.

下一個問題來自高盛的諾亞波波納克。

So how many 737 MAX shipments -- shipsets are you anticipating in 2022?

那麼，您預計 2022 年的 737 MAX 出貨量是多少？

Right. Well, Boeing, as you know, has indicated that they will get up to 31 aircraft per month in early 2022. And so we will work with them depending on what rate they establish. We are going to align with our customer. We don't want to get out ahead of our customer. And I think they're trying to just look at the market and understand it before they make any commitments, and we'll do the same.

正確的。好吧，眾所周知，波音公司表示，他們將在 2022 年初每月獲得多達 31 架飛機。因此，我們將根據他們建立的速度與他們合作。我們將與我們的客戶保持一致。我們不想領先於我們的客戶。我認為他們試圖在做出任何承諾之前只看市場並了解它，我們也會這樣做。

Tom, I think last quarter, you had indicated for your shipsets this year, it could be in the range of 275 to 300. If you're lagging Boeing by 5 a month for a few months, or sorry, until you link up with them, and they're 26 for a few months here, break to 31. Even if they just stayed there for the full year, that would be in the zone of 300 for you before even unwinding the inventory you've talked about. So it would put you over 300, and you gave that range last quarter. Can you maybe just update that range from last quarter?

湯姆，我想上個季度，你已經為你今年的船組表示，它可能在 275 到 300 的範圍內。如果你在幾個月內落後波音 5 個月，或者對不起，直到你與他們，他們在這裡幾個月是 26 歲，突破到 31 歲。即使他們只是在那里呆了一整年，在你解除你談到的庫存之前，這對你來說也將在 300 歲左右。所以它會讓你超過 300，而你在上個季度給出了這個範圍。你能不能從上個季度更新一下這個範圍？

Well, we just did a math equation and said, if Boeing is at 31 and they stayed there the whole year, let's say, so 12 times 31 for them would be 372. And we said we wanted to burn down 80 that were in our inventory across the street. So the 372 minus 80 gets us into the 290 range. So that was just -- it was math equation, just running the numbers like that to give everybody a scenario.

好吧，我們只是做了一個數學方程式，然後說，如果波音公司是 31 歲，他們整年都呆在那裡，假設，那麼 12 乘以 31 對他們來說就是 372。我們說我們想燒掉我們的 80 個街對面的庫存。所以 372 減去 80 讓我們進入 290 範圍。所以這只是 - 這是數學方程式，只是運行這樣的數字給每個人一個場景。

But it really depends on the outlook for narrow-body market and Boeing is carefully watching that. And what they've indicated is they're going to get to 31 in early 2022. And they haven't provided any more public guidance than that. And so that's really the best that we can provide as well.

但這真的取決於窄體機市場的前景，波音公司正在密切關注這一點。他們表示，他們將在 2022 年初達到 31 歲。而且他們還沒有提供比這更多的公開指導。所以這也是我們能提供的最好的。

Yes. And we're always as transparent as we can be with you guys. I just think it's really difficult for us right now to get ahead of our customer. What they've said is they are at 26, they're going to 31. They talked about in the next few months, not in the first quarter but probably in the second quarter, making decisions on what they might do above 31. And until Boeing makes that decision, it's very difficult for us to give you precisely what we're going to deliver this year. It's still in flux, right? And we're really waiting for direction from our customer on where they think things are going in the back half of the year.

是的。我們總是盡可能地與你們保持透明。我只是認為我們現在真的很難領先於我們的客戶。他們說的是他們已經 26 歲了，他們將達到 31 歲。他們在接下來的幾個月裡討論過，不是在第一季度，而是可能在第二季度，就他們在 31 歲以上可能做的事情做出決定。而且在波音做出這一決定之前，我們很難準確地向您提供我們今年將要交付的產品。它還在不斷變化，對吧？我們真的在等待客戶的指示，他們認為今年下半年的情況會怎樣。

And so although I know you want the information, we really want to provide it to you, I think we need further direction from Boeing, all of us do, before we can really get too precise as it relates to where we think things are going here. And we'll give you another update next quarter. And when we know information, and we've got it solidly, we will provide it to you, like we always have in the past.

所以雖然我知道你想要這些信息，但我們真的很想把它提供給你，我認為我們需要波音公司的進一步指導，我們所有人都這樣做，然後才能真正變得過於精確，因為它與我們認為事情的發展方向有關這裡。我們將在下個季度為您提供另一個更新。當我們知道信息並且我們已經掌握了它時，我們會像過去一樣將其提供給您。

Yes. No, that's very fair. Is 2023 a relatively normal free cash flow margin year?

是的。不，這很公平。 2023年是一個相對正常的自由現金流利潤率年嗎？

I mean, of course, it depends on narrow-body production rates, particularly the MAX. But based on kind of outlook, I would say that, yes, that's exactly what we're expecting.

我的意思是，當然，這取決於窄體生產率，尤其是 MAX。但基於某種前景，我會說，是的，這正是我們所期待的。

Yes. We -- no, we don't want to get too ahead of things, but the market recovery is coming. I think even if it isn't as bullish as everybody says, it will be a very good cash year for Spirit.

是的。我們——不，我們不想太超前，但市場復甦即將到來。我認為，即使它不像大家所說的那樣樂觀，但對於 Spirit 來說，這將是一個非常好的現金年。

Okay. And I'm sorry to stay on this, but just before I leave the call, has the narrow-body plan, overall situation worsened or improved? Or is it just that you're now -- we're now at the point in time where decisions will have to be made about the back half of '22, so your ability to discuss them with specificity has lessened because of the nature of not wanting to be ahead of your customer.

好的。很抱歉，我留下來了，但就在我離開電話之前，窄體計劃，整體情況是惡化了還是改善了？或者只是你現在——我們現在正處於必須對 22 年下半年做出決定的時間點，所以你有針對性地討論它們的能力已經降低，因為不想領先於您的客戶。

Yes. I would say that nothing has changed. And we are hearing in 2022 our customer has given indications about what they expect and what their outlook is, and we don't want to get ahead of that. But nothing has changed in the outlook. It's still fundamentally the same.

是的。我想說什麼都沒有改變。我們聽說我們的客戶在 2022 年已經給出了他們的期望和前景的指示，我們不想超越這一點。但前景沒有任何改變。基本上還是一樣的。

No, I would say the latter, Obviously, things move around a bit. Okay?

不，我會說後者，顯然，事情會發生一些變化。好的？

The next question comes from Seth Seifman of JPMorgan.

下一個問題來自摩根大通的塞思·塞夫曼。

I guess, Tom, just one question. Now that we have the segments and we think about kind of the long-term targets and I guess the understanding, as you've mentioned before, that there's probably an inorganic component to reaching those targets over the long term. Is there like -- are there things that kind of need to happen with regard to getting up to certain production rates or leverage levels or cash flow levels before you start to think more about that inorganic component? Or is it kind of totally opportunistic?

我想，湯姆，只有一個問題。現在我們有了細分市場，我們考慮了長期目標，我想正如你之前提到的那樣，理解長期實現這些目標可能有一個無機組成部分。在您開始更多地考慮無機成分之前，是否有類似的事情需要發生在達到一定的生產率或槓桿水平或現金流水平？還是完全是機會主義的？

Well, as you know, I mean, deals happen when they happen and they're actionable when they become available. So obviously, it would be better if we could wait until everything has fully recovered and we're generating lots of cash. But if the right deal came up, that was strategic and met our financial hurdles, we would look at ways to accomplish how we could do it.

好吧，正如您所知，我的意思是，交易在發生時發生，並且在可用時可操作。所以很明顯，如果我們可以等到一切都完全恢復並且我們正在產生大量現金會更好。但是，如果達成了正確的交易，那是戰略性的，並且解決了我們的財務障礙，我們會尋找方法來完成我們如何做到這一點。

I mean we do have capacity and opportunities to fund deals if they came up. But again, in an ideal world, we'd get everything stable and back. But as you know, in the world of M&A, deals are available when they're available, and you've got to be prepared to move.

我的意思是，如果交易出現，我們確實有能力和機會為交易提供資金。但同樣，在一個理想的世界裡，我們會讓一切都穩定下來。但如您所知，在併購領域，交易一旦可用，您就必須準備好搬家。

There are no further questions. This therefore concludes today's call. Thank you for joining. You may now disconnect your lines.

沒有進一步的問題。因此，今天的電話會議就此結束。感謝您的加入。您現在可以斷開線路。