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，早安！歡迎參加Spirit AeroSystems Holdings, Inc. 2021年第四季及全年業績電話會議。我叫Charlie，今天將負責協調您的電話會議。 （接線生指示）

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

現在，我想把演講交給投資人關係總監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.

謝謝查理，大家早安！歡迎參加Spirit航空2021年第四季及全年業績電話會議。我是投資者關係總監亞倫·亨特（Aaron Hunt）。今天與我一同出席的還有Spirit航空總裁兼首席執行官湯姆·金泰爾（Tom Gentile）、Spirit航空高級副總裁兼首席財務官馬克·蘇欽斯基（Mark Suchinski）以及Spirit航空執行副總裁、首席營運官兼商業部門總裁薩姆·馬尼克（Sam Marnick）。

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

在湯姆、山姆和馬克就我們的表現和前景發表開場評論後，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.

在開始之前，我需要提醒您，我們今天討論的任何預測或目標都可能涉及風險，這些風險已在我們的收益報告、提交給美國證券交易委員會的文件以及本網絡演示末尾的前瞻性聲明中詳細說明。此外，我們建議您參閱我們的收益報告和演示，以了解我們在討論績效時使用的非公認會計準則指標的揭露和對帳。此外，您可以在我們的網站 investor.spiritaero.com 上關註今天的直播和幻燈片簡報。

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

說完這些，我想把電話轉給我們的執行長湯姆金蒂爾 (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Aaron，大家早安。歡迎參加Spirit 2021年第四季及全年業績電話會議。儘管2021年新冠疫情持續肆虐，我們面臨諸多挑戰，但我們依然成功渡過難關，實現了負2.4億美元的現金流，這符合我們去年預期的負2億至負3億美元的範圍。

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.

在這一年中，我們始終致力於保障員工安全、履行對客戶的承諾以及推進我們的三大重點任務：實現收入多元化、在 3 年內減少 10 億美元的槓桿以及將利潤率提高至 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，我們在多元化策略方面取得了良好進展。我們基本上完成了從龐巴迪收購的貝爾法斯特、卡薩布蘭卡和達拉斯資產的整合，僅剩少量剩餘項目。這些努力包括提前6個月退出與龐巴迪的資訊科技轉型服務協議，以及停止貝爾法斯特的固定收益退休金計劃，不再接受新參與者。

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.

此次收購顯著增加了我們在空中巴士的業務，增加了A220一體化機翼和中央機身，鞏固了Spirit航空作為空中巴士頂級外部供應商之一的地位。我們也透過增加大量公務機零件，成為龐巴迪的頂級供應商。此次收購也擴大了我們的售後市場業務，為我們在本年度的持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，此次收購甚至促進了我們國防業務的成長。交易完成後不久，我們獲悉貝爾法斯特團隊贏得了為英國國防部建造“忠誠僚機”驗證機的合同，該項目名為“蚊子計劃”。此次收購對我們多角化策略的推進起到了重要的加速作用。因此，我們在第三季宣布將開始報告三個新業務部門的財務表現：商用、國防與航太以及售後市場。我們也對組織架構進行了調整，以適應這三個新部門的需要，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?

現在我將把時間交給 Sam，讓他進一步討論商業部分。 Sam？

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.

謝謝湯姆，大家早安。在商用飛機業務領域，我們將在2022年重點關註三個方面：首先，繼續推進窄體飛機生產項目，以滿足未來生產力的提升；其次，繼續推進生產力項目，以幫助Spirit航空在737 MAX達到每月42架飛機後實現16.5%的利潤率；再次，重新關注未來的成長。

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，讓我們來看看執行情況。 2021年，我們對營運進行了許多調整，以便為滿足客戶未來更高的窄體機生產率做好準備。這些改進部分是基於我們上一輪737提價的經驗。現在，雖然一些複雜的情況，例如同時生產NG和MAX的多個型號，以及增加工裝和其他設備，已經過去，但我們正在採取措施，以應對可能面臨的挑戰。這些變化將有助於我們在商用飛機領域中取得穩健的執行力。

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（聽不清楚）裝配線減少了製造和組裝這些結構所需的工時，將提高我們的生產力和品質執行力。生產車間先進的數位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。全球數位物流中心的啟用將數千平方英尺的空間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.

在我們位於普雷斯蒂克的工廠，我們全新的自動化A320擾流板生產線擁有先進的系統，能夠以峰值速率生產數百個擾流板。在製定速率準備方案時，我們成立了一支專業團隊，負責為Spirit航空的供應鏈速率準備方案進行規劃。該團隊一直在製定未來的增產計劃，以應對新出現的壓力。我們製造區域的新增產能以及透過收購龐巴迪資產所獲得的新產能，都可能用於協助降低風險。

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年生產計畫已將737飛機的出貨量減少納入考量，目前庫存為97架。到2022年底，我們預計庫存量將達到約20架，這些飛機將作為永久緩衝庫存。我們還計劃提高737的產量，並將與波音公司公佈的每月31架的生產速度保持一致。我們相信，我們目前已做好的生產速度提高的準備將有助於推動2022年及以後窄體飛機計畫的實施。

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.

如今，隨著我們轉向更高的窄體機生產率，我們也將繼續專注於降低成本、提高利潤率。團隊正在製定一系列降低成本的措施。我們有一個團隊定期審查我們工廠生產的飛機和從供應商購買的飛機，以便我們能夠根據生產計劃制定具有成本效益的配置組合。

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.

另一項密切相關的措施是定期檢視資產利用率。我們設立了專門團隊，負責優化場地佈局，以降低管理成本，並將空間重新利用，用於未來的新專案。我們密切注意設備容量的可用小時數，以最大程度地提高利用率並提升利潤率。

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.

轉向增長。我們很高興在2021年贏得了兩個新的公務機項目，包括新款達梭獵鷹10X的引擎室。團隊也開始與一家新興的電動垂直起降（eVTOL）公司合作，該公司未來潛力巨大。我們的團隊正在評估許多新的機會，並計劃建立一系列新的商業機會。

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年窄體飛機的產量和交付量將持續成長。我們已實施的改進措施以及我們組建的團隊一直期待著更高的生產率，我們也期待新的商用飛機細分市場帶來的機會。

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

說完這些，我把話題轉回湯姆身上。

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，Sam。我們的商用飛機業務部門在目前的空中巴士和波音專案中佔據著強勢地位。為了應對窄體飛機專案的預期漲價，我們做出了一些調整，但正如Sam所說，我們也擁有許多其他成長機會。

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.

我們的國防與航太業務也積極為我們未來的成長奠定了基礎。今年年初，我們宣布美國國家航空暨太空總署 (NASA) 已選擇我們在緬因州的 FMI 業務，簽訂合同，為其多個新興項目提供熱防護系統。

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.

除了獲得NASA合約外，我們的國防與航太團隊還贏得了幾項新的機密合約。今年夏天，我們與洛克希德馬丁公司合作推出了Polaris，這是一款數位工程和先進組裝演示器，將幫助我們的客戶降低成本並提高品質。隨後，我們於10月與威奇托州立大學國家航空研究所（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.

我們持續贏得新的國防業務，目前有24個超過100萬美元的開發項目，這些項目未來可能帶來可觀的收入。 2016年，我們只有1個超過100萬美元的專案。我們最近贏得新項目的方法之一是重新利用寬體飛機的運力，由於國際航空運輸復甦緩慢，寬體飛機的生產率較低，我們獲得了充足的運力。

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國防覆蓋範圍從目前的約50萬平方英尺擴大到近100萬平方英尺。此外，我們將繼續執行已獲60億美元資助的備案項目，並正在增加和敲定新的多年期合同，以增加資助金額。

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，我們在國防與航太領域的新業務管道非常強勁。我們還有許多其他專案和機遇，國防與航太團隊正在積極打造。我們仍有望在2025年將國防與航太業務的收入成長至10億美元（以典型的國防利潤率計算）。

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.

談到我們的售後市場部門。在收購龐巴迪資產的基礎上，我們於2021年初將應用空氣動力學公司（Applied Aerodynamics）納入Spirit投資組合。收購應用空氣動力學公司使我們擁有了機鼻雷達罩和機翼部件的維修能力，這增強了我們空中巴士和波音發動機短艙和飛行維修（飛行控制面的大修和維修能力）。這兩次收購使我們在達拉斯擁有了強大的業務，我們決定將售後市場總部設在那裡。

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.

我們也與台灣EGAT公司成立了合資公司，以拓展我們在亞洲的服務。 2021年，我們的售後市場收入約為2.4億美元，並計劃在2025年將業務收入提升至5億美元，並實現利潤成長。我們相信，新的業務部門和組織變革有助於我們成為一家更多元化的公司。

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%的業務來自商用車業務。 2021年，我們79%的營收來自商用車業務，15%來自防航與航太業務，6%來自售後市場。未來，我們的目標是實現三大業務板塊營收佔比達到40-40-20。

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.

扣除預付給波音的1.23億美元款項後，我們正積極尋求在2022年實現現金流損益兩平。當然，這在很大程度上取決於波音最終確定的737 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?

現在我將把電話交給馬克，他將為您詳細介紹我們的財務表現以及我們對2022年的預期。馬克還將詳細介紹我們為去槓桿和恢復投資等級信用評級所做的努力。馬克？

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.

謝謝湯姆，大家早安。儘管過去幾年面臨挑戰，Spirit 始終專注於多元化和成長策略，尤其是在 2021 年，這對 Spirit 來說是極具變革意義的一年。 FMI、龐巴迪的貝爾法斯特、摩洛哥和達拉斯工廠以及應用空氣動力學公司的整合，擴展了 Spirit 的產能、全球業務版圖和客戶群。由此，我們意識到有必要打造三個新的細分市場：商用、國防與航太、售後市場。這些新的細分市場為我們提供了良好的定位，並鼓勵我們真正專注於為客戶提供獨特的產品和服務。

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力以及我們的三大重點任務，即實現收入多元化、在未來 3 年內降低 10 億美元槓桿、將我們的分部利潤率提高到 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，讓我們來看看2021年的業績。請翻到幻燈片4。全年營收為40億美元，較2020年成長16%。這項成長主要得益於737專案的生產力提高，以及收購A220龐巴迪專案（或A220空中巴士專案和龐巴迪公務機專案）帶來的營收成長，以及售後市場的進一步成長。

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.

由於新冠疫情對國際航空運輸的持續影響以及波音公司暫停交付787飛機，導致寬體飛機生產率下降，部分抵消了上述成長。交車量方面，整體交車量增加至1028架，而2020年為920架。 737飛機的交付量增加了一倍多，達到162架，而2020年為71架；而787飛機的交付量則從2020年的112架下降至37架。

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.

現在讓我們來看看投影片 5 上的每股盈餘。我們報告的每股收益為負 5.19 美元，而 2020 年為負 8.38 美元。調整後的每股收益為負 3.46 美元，而 2020 年為負 5.72 美元。 2021 年調整後的每股盈餘不包括與併購、重組、遞延所得稅資產評估準備、縮減收益和退休金結算損失相關的成本。 2020 年調整後的每股盈餘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所得稅資產評估準備。

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.

營業利潤率方面，我們由2020年的-24%改善至-12%，這反映了我們過去兩年採取的成本削減措施以及生產力的提高。 2020年，我們確認的支出有所下降，包括產能過剩、新冠疫情費用和重組成本，以及包括遠期虧損和累計追補調整在內的估算變動均低於2020年。

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2021年單通道飛機的產量有所提高，但雙體飛機專案持續較低的生產率嚴重影響了全年利潤。寬體飛機項目，尤其是787，在年內確認了巨額的間接費用和預期損失，足以抵消窄體飛機項目的執行和收益。 2021年的預期損失總計2.42億美元，主要原因是波音和空中巴士宣布降低787和A350專案的生產率，此外，787專案也產生了一些額外的工程分析和返工成本。

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，我們錄得3.7億美元的預期虧損，主要原因是787和A350項目的生產力下降。 2021年，我們也確認了其他收入的增加，主要原因是因收購龐巴迪而獲得的固定收益計劃終止而產生的6100萬美元的縮減收益，以及一項美國計劃的養老金結算分拆損失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年受自願退休計畫相關的8,700萬美元支出影響。所有這些項目均為非現金項目。此外，本年度，我們提列了2.04億美元的遞延所得稅資產非現金估值準備，而2020年則為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.

現在就來看看幻燈片6上的自由現金流。本年度自由現金流使用量為2.14億美元，2020年為8.64億美元。本年度自由現金流量使用量與我們先前公佈的範圍一致。自由現金流受益於交付量的增加、重組成本的降低、營運資金的正面影響以及3億美元的所得稅退稅。這些收入被2021年支付給貝爾法斯特退休金計畫的1.54億美元部分抵銷。此外，2020年的自由現金流還包括我們與波音公司在2020年2月談判達成的諒解備忘錄中收到的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%.

現在，讓我們來看看幻燈片7上的現金和債務餘額。截至年底，我們的現金餘額為15億美元，債務餘額為38億美元。在去槓桿方面，我們仍致力於在2023年底前償還10億美元的債務，我們相信這將使我們重獲投資級評級。 2021年2月，Spirit預付了3億美元的浮動利率票據，標誌著我們兌現這項承諾的進程正式啟動。 10月，我們利用低利率環境，對定期貸款進行了再融資，將利率從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.

現在我們來討論一下各部門的表現。這是我們首次報告新的部門架構，包括商用、防務與航太以及售後市場。所以我們先從第8張投影片上的商用開始。 2021年，商用收入較2020年增長了15%，這主要得益於737、A220和龐巴迪公務機項目的產量增加，但雙發項目（尤其是787項目）產量的下降部分抵消了這一增長。

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.

本年度營業利益率為負7%，而上年度為負23%。營業利益率的提高主要得益於737客機銷售的提升，以及2021年與遠期損失、重組、新冠疫情和運力過剩相關的費用較2020年有所降低。該部門在2021年錄得600萬美元的不利累計追補調整和2.27億美元的淨遠期損失。相較之下，2020年，該部門錄得2,900萬美元的不利累計追補調整和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.

現在我們來看看第9張投影片上的國防與航太業務。國防與航太部門2021年的營收較2020年成長了19%，主要得益於P8和KC-46加油機業務的活躍度提升，以及機密專案收入的成長。 2021年全年營業利益率為8%，而2020年為10%。 2021年利潤率受到遠期虧損增加以及一項非機密項目約900萬美元的一次性費用的負面影響。

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.

該部門報告的預期虧損為 1,400 萬美元，而 2020 年為 400 萬美元，主要原因是 2021 年對 V-280 計劃的投資。

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.

現在讓我們來看第10張投影片，了解售後市場部門的表現。售後市場收入較2020年增長19%，主要得益於2020年末收購的貝爾法斯特和達拉斯工廠的全年維護、維修和大修(MRO)業務的納入，但部分抵消了與上年相比備件銷售額的下降。本季營業利潤率由2020年的18%提升至21%，這得益於良好的產品組合和較低的重組成本。

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年開始復甦，並預計全年將繼續改善。除了多元化、去槓桿和提升利潤率這三大關鍵重點之外，未來12個月，我們的重點將放在提高單通道飛機的生產力上。過去幾年，我們工廠在生產力和效率方面的改進，應該能夠讓我們以更具成本效益的方式滿足生產力的成長需求。

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.

展望2022年，我們的業績將受到商用市場復甦的推動，尤其是737和A320專案的推動。因此，我們預計財務指標將有所改善，包括交付量、收入、利潤率和現金流。儘管如此，我們預計第一季將是全年交付量、收入、獲利和現金流表現最差的季度，但全年業績將顯著改善。

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

現在讓我把話題轉回給湯姆，讓他發表一些結束語。

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來說是轉型的一年。我們繼續從737 MAX停飛和新冠疫情的雙重危機中復甦，投資於生產力和創新，以確保我們走出這段時期後會比之前更好。我們的多元化策略也取得了實質進展，最終形成了新的報告部門和與這些部門協調的新組織。我們非常高興地宣布推出三個新的部門：商用、防務與航太、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.

儘管近期 COVID 病毒變異導致商業空中交通持續波動，但全球國內旅行需求仍然強勁，我們兩家 OEM 客戶的窄體飛機生產率也持續提高。 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.

我們已經評估了營運和供應鏈，以便做好滿足兩家客戶窄體飛機生產目標的準備。我們也將繼續評估在截至2023年的三年內償還總計10億美元債務的方案。我們取得了良好的進展，首先是在2021年2月償還了3億美元的浮動利率票據。今年，我們也對B期定期貸款進行了再融資，以獲得較低的利率，並增加了貸款額度，使我們能夠靈活地償還其他高利率債務。我們將繼續致力於恢復投資等級信用評級。

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.

我們投資於創新和生產力項目，以改善運營，這將有助於我們提升窄體飛機的生產力。這些措施也將有助於我們實現目標，即在 MAX 飛機月產量達到 42 架後，實現 16.5% 的利潤率。隨著窄體飛機生產率的預期提升以及我們新的防務與航太和售後市場業務的成長，2022 年我們的財務表現和現金流產生能力將持續改善。

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

我們很樂意回答您的問題。

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

（操作員指示）第一個問題來自瑞銀的 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.

湯姆還是馬克，我不確定是哪一個，您能談談扣除超額成本和遠期損失費用後，基礎利潤率的趨勢嗎？您重新劃分了業務部門，所以按部門提問有點困難。所以我想從公司高層的角度來問您。

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.

就全年來看，利潤率似乎並沒有真正提高。您能解釋一下嗎？然後能否給我們一個路線圖，解釋為什麼利潤率在2022年和2023年會開始真正改變。

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，麥爾斯，我就從這個開始說吧。首先，我們確實看到利潤率在去年全年有所提高，這主要與窄體飛機的運價有關。隨著這些運價的上漲，我們的固定成本吸收能力也提升了。我們降低了過去幾年產生的一些超額成本。總的來說，這對商業航空部門的利潤率有正面的影響。我們來重點談談這一點。

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，情況也是如此。我們將看到MAX和A320的運價持續上漲，這將推動固定成本吸收的改善，最終在今年和明年帶來更好的利潤率表現。正如我們所說，當MAX的月產量達到42架時，這是一個穩定的數字，是一個很好的參考值。我們認為，到那時，我們的利潤率就能達到16.5%。

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——你們在試圖收集或挖掘這些數字時確實有點困難。第四季有點混亂，787專案出現了額外的預期虧損，預期產量較低，尤其是在2022年，國防領域還有幾項一次性費用。

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，如果我們剔除遠期損失項目，這些項目主要與我們的雙出計劃的較低數量有關，而這些計劃是我們處於遠期損失狀況的項目，這些計劃以及我們在第三季度和第四季度的一些一次性項目，一旦你將這些項目正常化，我們就會看到我們的超額成本開始與更高的利率更加一致。

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，從根本上講，當我們實際審視我們的毛利時，我們開始看到更高生產力帶來的好處。我認為，隨著我們進入2022年，我們度過了目前處於低位穩定的雙發飛機生產率階段。我們將開始看到737和A320的優勢體現在我們的整體利潤率中，我們計劃在2022年實現這一目標。

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，有些噪音將會被我們拋在腦後。 2020年和2021年，我們經歷了很多起伏，很多日程安排發生了變化，很多事情對我們產生了影響，我們也確實努力做出了相應的應對。我認為，隨著2022年的到來，你們將開始看到預期的利潤率成長。

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、獲利和現金流的角度來看，第一季將是最具挑戰性的一個季度。我們應該會看到情況在第二季和第三季開始真正好轉。與2021年相比，第一季的利潤率將會出現不錯的成長。

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。我還要補充一點，如果你看一下售後市場的細分利潤率，你會發現它們在20%以上。國防市場，你真的需要追溯到幾年前的正常年份，但正如我們所說，未來它們的利潤率將在12%到14%之間。所以這些在未來也會有所貢獻。

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，波音公司已經談到需要足夠的檢查和維修，以便FAA能夠從統計角度來看待這個問題。至於Spirit航空，我的意思是，它負責前向壓力散裝貨物的增加，以及整體的第41條規定，考慮到它目前的狀況，無論是在新生產方面，還是在確保不合格品消失之後，它都符合要求。

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?

然後還有數量——你們為完成你們已經交付、正在檢查和修理的飛機以及波音公司已完成的飛機所做的工作，你能從 Spirit 的角度告訴我們你們在 787 恢復和交付道路上現在處於什麼位置嗎？

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。關於新生產，我們已經完成了所有的工程分析，現在我們知道未來需要對生產進行哪些調整。所有這些調整都已納入，並在恢復生產後執行。至於返工，我們也已經確定了需要返工的部分。

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，我認為波音公司仍在倉庫的110架飛機的返工工作已經完成了大約40%，因為我們在去年的不同時間點都曾接觸過這些飛機，並且能夠進入倉庫進行返工。一旦我們能夠接觸到這些飛機，我們就會完成返工。

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.

所以我們知道該做什麼。我們已經開始了這項工作。正如我所說，我們已經完成了40%。至於新生產，我們知道未來該如何建設，現在團隊正在完善它，並在我們恢復787生產的同時將其投入運作。

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

那麼，基於這項見解，您是否對我們何時可以看到交付有任何最新的看法？

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.

除了波音公司上週財報電話會議上透露的資訊外，沒有其他消息。我們正在等待他們提供更多資訊。他們顯然正與監管機構和客戶保持密切聯繫。所以我只想參考戴夫卡爾霍恩上週關於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銀行的戴維‧史特勞斯。

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?

也許可以談談馬克。馬克，您能否談談如何消除或降低過剩產能成本？我記得您之前說過要降低25%。今年您的收入是2.18億美元。那麼25%這個數字還準確嗎？根據您對MAX費率的考慮，到年底，這些過剩產能成本是否接近0？現在您是否也考慮了87%的過剩產能成本？

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。就我們的過剩產能而言，我們有多個項目的生產力大幅下降。正如您所說，737 是其中之一，A220 和 A320 也是其中之一。 787 生產率下降確實給我們帶來了負面影響，這對我們的雙發項目產生了我稱之為「附帶影響」的影響，因為成本率是共擔的，787 的產量越低，對我們的波音雙發項目就越有負面影響。

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，2020年，我們產生了2.8億美元的超額產能成本，主要集中在737和A320。 2021年，隨著整合或收購龐巴迪，我們在提高生產力的過程中，計入了一些與A220相關的額外超額成本。因此，2021年的超額成本大約在2.15億美元到2.2億美元之間。我預計，基於2022年的產能提升，我們的超額成本應該會是2021年的一半左右。

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?

Sam，你剛才談到了成本削減措施。我想了解一下，公司還需要做多少成本削減工作才能在42%的稅率下達到16.5%的利潤率？或者說，這些措施是否有助於實現這一目標？

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，這是實現16.5%目標的一部分。我們在過去大約一年半的時間裡花了很多時間實施這些舉措，隨著稅率開始提高，我們將真正開始看到這些舉措帶來的好處，也真正看到我們能夠獲得哪些效率。

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，展望未來，我們最終會達到每月42架飛機的目標，無論具體目標是什麼，我們都會持續關註一些其他尚未納入其中的舉措。例如，展望未來幾年，我們會考慮如何利用自產/外購的供應鏈，我之前提到的我們迄今為止在自動化、數位化方面所做的舉措，這些都是我們實現16.5%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。當然，我想說，就像任何專案一樣，我們總是設定更高的內部目標，因為我們意識到可能會有一些漏洞，但同時也是為了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阻力。所以我們總是說，我們必須跑得快，才能站得穩。

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 最初提出的各項措施都已納入我們實現 16.5% 目標的計畫中。我們的目標是實現更高的目標，但我們希望確保至少實現這一目標。因此，我們的目標是克服已知的阻力，並繼續實現並執行這一目標。

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，我只想快速向馬克解釋一下。馬克，我們如何看待波音787對2022年現金流的淨影響？我們已經討論了很多關於產量緩慢上升和返工等等的問題。考慮到新飛機的現金利潤率為負，我認為出貨量下降對現金流有正面影響。但是，當然，所有的返工和工程設計都會帶來負面影響。那麼，2022年的淨影響是什麼？這會導致2023年對波音787來說是順風還是逆風？

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.

Rob，這個問題問得真好。你對我們的專案非常了解。所以你說得對。由於我們目前處於預期虧損狀態，因此787項目每個生產單位的現金流量都是負的。所以，2022年較低的生產力對我們來說是有利的。我想說，這些好處抵消了我們正在進行的額外返工和一些工程分析的最終定稿。

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，我認為產量減少帶來的節省抵銷了剩餘的返工成本，也就是完成剩餘返工所需的現金，也就是完成剩餘返工所需的55%到60%。我們真正關注的一個領域是，從生產系統的角度來看，我們系統中的在製品、生產線以及供應鏈零件預計在2021年的生產率會更高。

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，如果我們工作做得好，從庫存的角度來看，2022年可能會有一些順風，讓生產系統運作起來，讓生產單位數量以較低的速率流動，更接近目前的生產力。從現金流的角度來看，這可能會在2022年帶來一些順風。我們非常非常專注於支援波音公司。當他們決定恢復生產時，我們會為他們提供支援。但我們還有很多工作要做。

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，我們正在同時處理多個環節。我認為你說得對，交付量減少確實會帶來好處。我們還有一些返工，其中大部分應該在今年完成。如果我們能妥善管理供應鏈環節，使其延伸到生產環節的低端，並在波音開始向航空公司交付飛機時，讓我們的生產系統與生產率保持同步，或許我們就能獲得一些優勢。

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。換句話說，我們去年完成了787 40%的返工，但實際上花費了60%的成本，因為其中包含了工程分析，而今年我們不需要做工程分析。而今年返工的40%成本基本上會因為787的生產力降低而被抵銷。

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?

我想知道我們能否談談商用飛機的獲利能力。我很欣賞細分市場的細分，但目前確實缺乏歷史背景。所以，能否具體談談777，2021年的獲利情況如何？隨著該項目的費率可能逐步提高，您如何看待其獲利能力？

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時間，我們就會提交10-K報表。提交10-K報表時，它會顯示我們新細分市場下三年的業績。所以你會看到2021年的業績、2020年的業績和2019年的業績。你會看到商用、國防航太和售後市場之間的細分。你會看到收入、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%.

我認為，如果回顧2019年，我們應該會在未來幾天提交這份報告，屆時大家就能大致了解恢復正常生產力後各部門的利潤率。我不太想提前說得太具體，但從我們今天的揭露，也就是我們的財報中，很容易就能看賣出後市場的利潤率超過了20%。我們一直都說這些利潤率是增值的，而且超過了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.

我們討論過國防利潤率通常在10%到14%之間。我想，當你看到我們提交的10-K報表時，我認為2019年是一個很好的參考值，可以反映出我們進入正常生產階段（2023年）時的預期。我認為這能讓你很好地了解整體商業利潤率的預期。

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.

我想補充的是，我們特別關注 737，因為這對我們來說顯然仍然是一個大項目，仍然是我們經濟效益的主要驅動力。我們要做的一件事就是與 2016 年進行比較。我們之所以選擇 2016 年，是因為當時我們每月生產飛機約 42 架，而且生產穩定，因為我們生產的 100% 都是 NG 型飛機。所以即使在 2019 年，我們仍然在少量生產 NG 型飛機和 MAX 型飛機。但現在我們 100% 都是 MAX 型飛機。因此，我們以 2016 年為參照，以確定我們需要哪些營運指標和可比較數據才能推動利潤率達到 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?

我實際上想問您關於 2016 年的問題。那麼——然後就 777 而言，您能談談盈利能力以及它的情況嗎？

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對精神航空來說一直是一個非常好的項目，對吧？顯然，當我們和團隊討論成本和利潤時，湯姆開始說2016年對我們來說是一個很好的基準年。我們面臨的阻力，在2016年和2017年期間，我們的生產速度大約是每月8架飛機。而這真的——這種間接成本的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，未來幾年，我們每個月將交付2、3或4架飛機。我們看好現有的777貨機，而波音公司也表示，777X預計在2023年底開始交貨。隨著這些機型的運價上漲，這將有助於提升我們整體商業航空的利潤率，並帶來可觀的回報。這對我們來說是一個不錯的項目，也是一個盈利項目，我們希望波音公司能繼續獲得更多訂單。希望他們能交付更多貨機。我們已準備好為他們提供支援。希望他們能按時交付並獲得飛機認證，我們很高興能參與其中。你會看到市場上有許多客戶對777平台感到興奮，卡達航空也在考慮購買777貨機。所以這對我們來說是一個不錯的項目，它將在我們邁入2022年和2023年之際做出貢獻。

The next question comes from Peter Arment of Baird.

下一個問題來自貝爾德公司的彼得·阿門特 (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，也許我可以跟您聊聊國防利潤率的問題。您之前說過，更正常的利潤率應該是10%到14%。但您之前有很多增長計劃，我估計其中一些仍在製定中。如果我們只考慮2022年和2023年，我們該如何規劃這些利潤率的路徑呢？

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年我們有一些一次性項目，這確實壓低了利潤率。這並不能真正反映出我們的國防利潤率。我談到了我們與貝爾就V-280達成的一項協議，我們稱之為成本分攤協議，我們正在與他們合作贏得該項目。這是我們在2021年進行的800萬美元的投資，未來不會重複。然後，我們在第四季度對一個非機密項目進行了一次性收費。如果我在2021年剔除這兩項，我們國防的利潤率將在12%到14%之間。

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.

展望2022年和2023年，一切都在為此做好準備。我們擁有一系列成熟的項目，例如CH-53K。我們都知道，我們正在研發仍在研發中的B-21。此外，我們還贏得了一些機密項目，這些機密項目通常是開發型項目，是成本加成型項目，能夠讓我們的工作獲得合理的利潤。所以，我們進入國防領域的道路很順利，對吧？我們對此感到興奮。 2021年的成長接近20%，我們對2022年的另一個良好成長前景感到非常樂觀，我們預計今年也能達到同樣的利潤率。隨著我們業務的持續成長，這將為我們的整體業績做出巨大的貢獻。

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，我想說一下國防利潤率的一種解讀方式，大概可以分成三個類別。馬克提到了生產日趨成熟的核心項目，例如CH-53K。你甚至可以把P8和KC-46也算進去，它們是商用飛機的軍用衍生產品。此外，還有一些新的機密項目，它們都是成本加成。

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，特別是收購FMI後產生的項目，這些項目更有針對性，更細分，利潤率往往更高，這些項目通常涉及熱防護屏障、空間應用、導彈應用以及非常特殊的材料。因此，這三個因素的結合讓我們有信心，國防與航太部門未來能夠持續維持12%到14%的利潤率。

The next question comes from George Shapiro of Shapiro Research.

下一個問題來自 Shapiro Research 的 George Shapiro。

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，我想問一下。你們在 787 上承擔的預期損失，看起來只是因為生產力下降造成的。那麼，首先，你能告訴我們，當你們達到 [14 05]（也就是你們所謂的神奇數字）時，你們對 787 產量的預期包括哪些內容嗎？

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?

第二，你們對787進行返工的成本不包括在費用中。您能大概說一下這些成本是多少嗎？然後，你們之間有沒有約定，你們需要為波音公司貢獻多少，以彌補波音公司收取的35億美元費用？

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。我先回答前兩個問題，然後湯姆會講到第三部分。那麼，我來談談第二個部分，也就是返工，好嗎？ 2021年，我們總共記錄了約1.54億美元的遠期虧損。第四季我們確實發生了3,200萬美元的遠期虧損。第四季的這3,200萬美元是由於交付量下降造成的，這延長了交付週期，而這些交付量下降主要發生在2022年和2021年第四季。但是，這些遠期虧損中已經包含了與返工相關的估算，返工包括對已完工的波音飛機（湯姆提到的110架飛機）的返工，包括在其生產系統中返工的飛機以及在我們工廠返工的飛機。正如湯姆所說，這包括我們所做的工程工作，以及實際涉及的人工、替換零件等等。

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%到45%的工程量（單位數量）在2021年就已完成，但我們只花費了其中約60%的成本。剩餘的部分，也就是剩餘40%的成本，將在2022年完成這些單位後再支出。

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.

因此，這些成本包含在遠期損失中。這反映在我們的財務表現中。 60% 的現金成本包含在我們 2021 年報告的自由現金流中，其餘部分將在 2022 年支出。最新的計劃變更，再次強調，它被劃分為 5 個或 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.

所以你說到了[14 06]號生產線，這是我們下次提價的地方。至於飛機項目，我們正在與客戶密切合作，一旦他們交付，這對我們有利。但目前來看，2020年和2021年對我們的產量產生了重大影響。它延長了近兩年，其中包括兩年的固定成本，例如折舊、房產稅和保險，現在這些成本都轉嫁到了相同數量的飛機上。所以這對我們來說是一個很大的阻力，但我們已經全部承受了。這些都計入了我們的遠期虧損，而且都已入帳。希望這能有所幫助，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。我想說，喬治，正如馬克所說，較低的生產力已經計入了預期損失以及所有返工和工程分析。這些都是2021年預期損失的一部分。因此，我們對今年的生產力持相當保守的看法。如你所知，回顧過去，2020年我們交付了112架787飛機。 2021年是37架。我們預計今年的交貨量會更少，這與波音公司一直以來的溝通一致。

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.

關於您最後一個關於索賠的問題，我只想說，我們還沒有與波音討論過任何索賠。 Spirit 為未交付的 787 飛機（也就是我提到的 110 號飛機）提供的一些工作包確實需要返工，目前已完成約 40%。現在，我們正自費在波音工廠用自己的員工進行所有返工，所有這些成本都反映在我們 2021 年遠期虧損中，這些虧損主要發生在去年第三季。

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 的返工並不是導致波音 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問題。

The next question comes from Ken Herbert of RBC.

下一個問題來自加拿大皇家銀行的肯‧赫伯特 (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?

湯姆，如果可以的話，我只想問一個關於供應鏈的問題。我想了解一下，相對於第三季度，您是否發現供應鏈中出現了任何增量延遲，特別是在37號州際公路附近，任何增量領域，也許是來自供應鏈的壓力？我想更重要的是，隨著37號州際公路的費率持續上漲，最終達到87號州際公路，您是否會強調哪些領域可能有更大的財務風險？是您可能希望向供應鏈注入資金，還是您預計如果出現問題，供應商可能需要更多支援來支撐費率？

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.

對。肯，答案是，我們看到了一些壓力，就像全球供應鏈上的每個人都在某些港口面臨壓力一樣。例如，加州的港口現在往往比較擁擠。我們的一些產品來自亞洲，我們在馬來西亞、韓國、印尼等地都有供應商。我們看到這些產品面臨一些壓力，運費也有所上漲。

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.

但如果將貨運視為我們業務的整體組成部分，它約占我們總成本的2%。所以，即使運費上漲，對總成本的影響也相對較小，即便運費大幅上漲。例如，我們一直在做的一件事就是從亞洲進行一些空運整合。特別是從韓國出發，我們可以將大量零件裝載到一架飛機上，基本上不用經過洛杉磯和加州的港口，就能直接運送到這裡。我們已經證明我們能夠做到這一點。

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.

隨著價格上漲，我們正在與整個供應鏈緊密合作，以確保我們能夠獲得零件。在很多情況下，我們正在尋找雙重採購機會。如你所知，我們擁有強大的內部製造能力，因此我們可以進行內部採購，我們也在尋找本地供應商，以便在遇到麻煩時提供備用方案。所以，我們正在積極地進行所有這些工作。

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.

我們實際上任命了一位新的副總裁來領導該領域的供應商開發，並且我們擁有一支規模相當大的團隊，可以根據情況部署到世界各地與供應商合作。我們正在積極尋求緩解的情況之一是港口可能出現的任何供應中斷。因此，我們正在積極制定計劃，對部分內容進行雙重採購或內部採購，以避免面臨風險。

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 是我們最大的項目，所以我們面臨的壓力也最大。我的意思是，我們在這方面投入了大量時間來緩解壓力。 787 的壓力要小得多。我的意思是，它的費率要低得多，我們預計今年的費率將保持在較低水平。所以我們預計它不會面臨那麼大的壓力。

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?

太好了。您能否量化一下，在你們的37條供應鏈中，有多少來自國內供應商，又有多少來自國際供應商？大概說一下？

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.

是的。即使是737，我們仍然有60%以上的供應來自國內，因為我們的一些大型供應商恰好來自國內，而且很多都在堪薩斯州和俄克拉荷馬州地區。所以，我們確實從國際供應商採購，但大部分供應仍來自國內。

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?

很抱歉，我錯過了電話會議的早期部分。請問您能否透露一下737的現況？例如，目前您的工廠存放了多少機身？目前的機身儲存率是多少？您預計到年底機身儲存量會達到多少？隨著你們的產能提升，我們該如何看待你們與波音的機身儲存率對比？

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.

對。薩姆今天早上確實提到過，我們現在的庫存是97架。所以我們——已經突破了100架的關卡。我們一度達到140架。正如我們所說，我們的生產力落後於波音，所以我們可以消化掉這些庫存。我們的計劃是將庫存在年底消化到20架，這將成為一個緩衝，一個永久的緩衝，以緩衝生產系統的壓力。

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.

但到了那個時候，我們將不再包裝飛機並將其存放在停機坪外。因此，到第三季末到第四季度，我們預計街對面的停機坪將基本上空置。目前，我們的停機坪庫存是21架。您在波音公司的電話會議上聽過，他們的庫存大約是26架。所以我們一直說，我們會比他們落後大約5架，以便隨著時間的推移，逐步銷毀這些飛機，而我們現在的情況正是如此。

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.

就未來的費率而言，我們將保持對波音的較低費率，直到庫存消耗殆盡。之後，無論何時，我們都會以與波音相同的費率與他們重新同步。我們預計會重新同步——是的，重新同步將在年底前完成。

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?

我只想快速問幾個問題。我想澄清一下關於2022年自由現金流的問題。在支付波音1.23億美元後，你們的目標是達到損益兩平嗎？我以為你說上個季度的目標是在支付這筆款項之前達到損益兩平。我錯了嗎？或者說，這種說法有改進嗎？

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

不，它仍然——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?

之後。好的。好的。那麼，湯姆，您提到的24個超過100萬美元的開發項目中，有多少個是在航空航太和國防領域之外的？

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

嗯，它們都屬於航空航太和國防領域。它們都是國防項目。

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

好的。你不會是想…

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

所以——它們都是國防和太空部門。什麼？

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

我想知道是否有某種類似的東西...

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

抱歉。你能再說一次嗎？我沒聽清楚。

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...

抱歉。我只是想知道，您是否考慮過在這些開發項目中引入某種類似相鄰市場的概念，但看起來…

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

是的，沒有鄰接。一切都是純粹的防禦和空間工作。

The next question comes from Kristine Liwag of Morgan Stanley.

下一個問題來自摩根士丹利的克里斯汀‧利瓦格 (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，剛才談到辯護指控，你們提到這是一個非機密項目。能否更詳細地介紹一下具體內容，以及具體內容？這真的是一次性的嗎？能否分享一下你們的自信是如何產生的？

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。克里斯汀，我承認。這其實只是一個單位的問題。我們需要進行一些返工。說實話，我們之前比較保守地認為還需要進行更多返工。我們會在後續工作中不斷改進和澄清。但這只是一次性問題，我們會修復它，並且不希望它再次發生。

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?

太好了。隨著你們國防業務的成長，你們未來應該考慮的標準化利潤率是多少？還有，你提到的那個項目，跟未來的虛擬名單有關係嗎？如果哪支球隊在夏季賽中獲勝，我們該如何看待這個優勢呢？

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.

對。正如我們之前所說，國防預算到2025年將達到10億美元，國防利潤率通常為12%到14%。正如我之前所說，如果你看一下國防類型，我認為彼得問過這個問題：我們有一些機密項目，這些項目通常處於開發階段，屬於成本加成。我們有一些核心成熟項目，例如CH-53K、P8或KC-46。這些是典型的國防利潤率，即12%到14%，但我們也有一些特殊項目，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.

所以整體而言，我們預期未來國防支出將成長12%到14%。關於未來的垂直起降項目，我們與貝爾團隊合作，開發V-280「勇氣」直升機。正如馬克所說，他們在2021年對該項目進行了一些投資，目前正在為最終決定做準備，我認為他們預計會在今年3月左右做出決定，或許會在6月之前公佈。或許會有一些時間上的延誤。但這些數字並未納入我們的未來展望。

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.

我們目前唯一關注的就是開發專案的工作。但這是FLRAA項目，即未來遠程攻擊機。它名義上將取代目前在役的「黑鷹」直升機，目前「黑鷹」直升機約有2000架。所以這將會是一個非常大的項目。如果貝爾公司贏得該項目，我們的工作包得以推進，那將是一個非常大的項目，但這不包含在我們目前的財務預算中。

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

下一個問題來自美國銀行的羅恩愛潑斯坦。

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A220項目除外。您能否更詳細地介紹一下，您預計這些項目的收益率會如何，以及您認為該項目的盈利能力將如何持續增長？

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.

對。 A220飛機，我們目前每個月大約生產4架。空中巴士表示，到2025年，也就是2025年左右，產量將達到14架左右。這就是我們的發展軌跡。如你所知，去年第一季啟動該專案時，我們確實出現了約3.75億美元的預期虧損。但我們表示，到2025年，當產量達到14%時，基本就能達到損益平衡。這就是我們財務狀況的展現。當然，我們也制定了一些計劃，力求做得更好，但目前我們的核心財務狀況就是如此。

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

那麼，龐巴迪收購其航空結構零件後，在 2025 年之前如何獲利呢？

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，有兩個方面。一個是售後市場。馬克提到，今年售後市場的規模約為2.4億美元。其中很大一部分來自對龐巴迪的收購，而且利潤率很高。所以你看到它的成長率超過了20%。另一個領域是公務機。我們確實繼承了龐巴迪相當多的公務機業務。我們現在是他們最大的供應商之一，這些業務的利潤率都是正的。我的意思是，顯然，由於新冠疫情，我們的業務受到了一些影響，但隨著費率的回升，我們預計這些影響會恢復正常。但龐巴迪收購的這兩個領域都能立即獲利，利潤率也很高。

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，我在想，我們能不能回到供應鏈的問題上，以及肯恩問的問題？具體來說，看看勞動市場，想想通貨膨脹對勞動力和原材料的影響，我記得你們計劃在未來三年內重新僱用4600人。但你是怎麼考慮勞動力供給的？還有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。但如果我們有通膨壓力，你還是認為你能達到16.5%的利潤率嗎？

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，我們會的。讓我從兩個方面來解釋一下這個問題。就勞動力供應而言，為了讓大家了解一下情況，我們在威奇托解雇了大約5200人。我們已經召回了其中大約2200人。還有一些人是永久退休或參加了退休計劃，所以他們不在人才庫中。我們還有大約1000名待召回人員。我們認為這至少會持續到年中，甚至更長。

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.

所以勞動力供應情況良好，因為我們仍然擁有相當不錯的召回資源，而且我們正在進行召回工作。好消息是，我們應該在今年年底前完成所有召回工作，威奇托工廠肯定能完成，我們預計美國其他工廠也是如此。

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.

至於通貨膨脹，這顯然是個問題。但如果從不同的成本組成來看，直接人工只占我們成本的8%左右。間接人工略高一些。不過，我們在這方面已經大幅削減開支，並正在考慮提高生產效率，以便在復工後能夠提高生產效率，同時避免增加太多成本。

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.

原材料顯然佔了很大一部分，然後還有零件。關於原料，我只想說，作為一級供應商，我們很幸運，因為我們透過波音和空中巴士的採購聯盟採購了大量原料。對波音來說，是TMX，對空中巴士來說（聽不清楚）。尤其是在TMX方面，這些價格往往與波音基本上鎖定。他們採購量很大，我們從中受益。因此，我們認為，透過與波音和空中巴士的採購聯盟合作，可以很好地管理原材料成本。

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.

就零件而言，這些零件來自我們的供應鏈，通常占我們成本的66%左右，其中很大一部分來自供應商。現在，我們所做的就是簽訂了很多背靠背合約。例如，在737專案上，我們與波音的定價一直到2033年。尤其是在疫情期間，我們允許許多大型供應商將合約延長到2033年，許多供應商都接受了。因此，我們與供應商簽訂了背靠背合同，這實際上為我們提供了對沖零件通膨風險的自然對沖，從而降低了我們很大一部分直接成本。

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，在疫情期間，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，總額超過20億美元。其中很多是續簽到2033年的合同，這樣我們就有了連續的通膨對沖。這就是我們管理不同領域通膨的方法。

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 年會出貨多少架 737 MAX？

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.

對。如你所知，波音公司已經表示，他們將在2022年初將飛機月產量提高到31架。因此，我們將根據他們制定的產量與他們合作。我們將與客戶保持一致。我們不想搶在客戶之前。我認為他們在做出任何承諾之前，都會先觀察並了解市場狀況，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，我記得上個季度你曾表示，今年的出貨量可能在275到300架之間。如果你連續幾個月落後波音5架，或者抱歉，直到你趕上他們，而他們連續幾個月落後26架，那麼就把出貨量下調到31架。即使他們全年都保持在這個水平，你的出貨量也會在300架左右，甚至在你清空你提到的庫存之前。所以你的出貨量會超過300架，你上個季度給了這個範圍。你能更新一下上個季度的數據嗎？

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.

嗯，我們剛剛算了一個數學公式，假設波音的庫存是31架，而且他們在那裡待了一整年，那麼12乘以31就是372架。我們說我們想燒掉街對面庫存裡的80架。所以372減80就是290架。所以這只是一個數學公式，就是像這樣計算數字，給大家一個大概的方案。

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.

但這實際上取決於窄體機市場的前景，波音公司正在密切關注這個市場。他們表示，到2022年初，窄體機數量將達到31架。目前為止，他們沒有提供任何更詳細的公開指導。所以，這也是我們所能提供的最佳資訊了。

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。我們對你們一直盡可能保持透明。我只是覺得現在我們很難領先客戶。他們說的是，他們現在的產量是26架，但計畫是31架。他們說的是接下來的幾個月裡，不是第一季度，而是第二季度，他們會決定在產量超過31架之後會做什麼。在波音做出決定之前，我們很難準確地告訴你們我們今年的交貨量。情況還在不斷變化，對吧？我們真的在等待客戶的指示，看看他們認為下半年的情況會如何發展。

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，雖然我知道你們想要這些信息，我們也確實想提供給大家，但我認為我們需要波音的進一步指導，我們所有人都需要，這樣我們才能真正準確地了解事情的走向。下個季度我們會再次更新。當我們掌握了確切的資訊後，我們會像過去一樣，提供給大家。

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份嗎？

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.

當然，這取決於窄體飛機的生產率，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，我們不想操之過急，但市場復甦即將到來。我認為，即使情況不像大家說的那麼樂觀，對Spirit來說，今年也將是獲利豐厚的一年。

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。很抱歉我還要繼續問這個問題，但在我結束採訪之前，請問窄體機計劃的整體情況是惡化了還是改善了？還是說，現在正處於一個必須在2022年下半年做出決策的階段，而您由於不想領先於客戶，所以無法具體地討論這些問題。

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。我想說一切都沒有改變。我們聽說我們的客戶已經透露了他們對2022年的預期和展望，我們不想提前透露。但展望沒有任何變化。基本情況仍然相同。

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

不，我會說後者。顯然，事情會有一些變化。明白嗎？

The next question comes from Seth Seifman of JPMorgan.

下一個問題來自摩根大通的 Seth Seifman。

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?

湯姆，我想問一個問題。現在我們有了細分市場，並且開始考慮長期目標。正如你之前提到的，我認為實現這些長期目標可能需要一些非直接投資。在你開始進一步考慮這些非直接投資之前，是否需要採取一些措施來達到一定的生產力、槓桿率或現金流水準？還是說，這完全是機會主義的？

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.

嗯，正如你所知，交易一旦發生就會發生，一旦可用就會採取行動。所以顯然，最好等到一切完全恢復，並且我們有足夠的現金儲備後再行動。但如果出現了合適的交易，而且這筆交易具有戰略意義，並且能夠滿足我們的財務挑戰，我們就會想辦法實現它。

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，如果出現交易，我們確實有能力和機會為其提供資金。但同樣，在理想情況下，我們應該讓一切都穩定下來。但如你所知，在併購領域，交易隨時都有可能出現，你必須做好行動的準備。

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

沒有其他問題了。今天的電話會議到此結束。感謝各位的參與。現在您可以掛斷電話了。