Spirit AeroSystems Holdings Inc (SPR) 2021 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Spirit AeroSystems Third Quarter 2021 Earnings Conference Call. My name is Juan, and I will be your coordinator today. (Operator Instructions)

早安，女士們、先生們，歡迎參加 Spirit AeroSystems 2021 年第三季財報電話會議。我叫胡安，今天我將擔任你們的協調員。 （操作員說明）

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

我現在想把演講交給投資者關係總監 Aaron Hunt。請繼續。

Thank you, Juan, and good morning, everyone. Welcome to Spirit's Third Quarter 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 Suchinksi; and Spirit's Executive Vice President, Chief Operating Officer and President of Commercial division, Sam Marnick. After opening comments by Tom, Sam and Mark regarding our performance and outlook, we will take your questions.

謝謝你，胡安，大家早安。歡迎參加 Spirit 2021 年第三季業績電話會議。我是投資者關係總監亞倫·亨特。今天和我在一起的還有 Spirit 的總裁兼執行長 Tom Gentile； Spirit 資深副總裁兼財務長 Mark Suchinksi； Spirit 執行副總裁、營運長兼商業部門總裁 Sam Marnick。在 Tom、Sam 和 Mark 對我們的業績和前景發表評論後，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 the 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. 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、我們的 SEC 文件以及最終的前瞻性聲明中進行了詳細說明。簡報。此外，我們建議您參閱我們的收益發布和演示文稿，以了解我們在討論結果時使用的非公認會計準則衡量標準的揭露和調節。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.

說到這裡，我想將電話轉給我們的執行長 Tom Gentile。

Thank you, Aaron, and good morning, everyone. Welcome to Spirit's third quarter results call. This past quarter has been one of exciting transformation for Spirit. We announced the formation of 3 new business segments: Commercial, Defense & Space and Aftermarket. We also will begin reporting our results in these 3 new segments beginning with Q4 2021.

謝謝你，亞倫，大家早安。歡迎參加 Spirit 第三季業績電話會議。過去的一個季度是 Spirit 令人興奮的轉變之一。我們宣布成立 3 個新業務部門：商業、國防與航太、售後市場。我們也將從 2021 年第四季開始報告這 3 個新細分市場的表現。

Over the last 2 years, we have talked a lot about our 3 key priorities: diversify our revenues, delever $1 billion over 3 years and drive our margins to 16.5%. During this quarter, we have made progress on all 3 of these areas. I will discuss progress on diversification. Sam will talk about progress on margins and Mark will discuss the status of our balance sheet.

在過去 2 年裡，我們多次討論了我們的 3 個關鍵優先事項：收入多元化、三年內去槓桿化 10 億美元以及將利潤率提高至 16.5%。本季度，我們在所有這三個領域都取得了進展。我將討論多元化方面的進展。薩姆將討論利潤率的進展，馬克將討論我們的資產負債表狀況。

Let's start with diversification. Our acquisition of Bombardier's aerostructure assets last year was a catalyst in our transformation and the largest in our history, boosting our Airbus, business jet and aftermarket content. We also added defense content with Project Mosquito, an unmanned aircraft for the U.K. Ministry of Defense. Our integration activity on the Bombardier acquisition is 96% complete. Among the key actions we have taken was to close the defined benefit pension plan in Belfast to new participants, which resulted in a gain that Mark will cover in more detail later. We also recently concluded our transition services agreement and now have fully separated from Bombardier's IT systems. Lastly, we are capturing our planned synergies and are on track to realize the full 6% target over the next 1 to 2 years. We have appointed Sam Marnick, our COO, as the President of our new commercial business segment.

讓我們從多元化開始。去年我們對龐巴迪航空結構資產的收購是我們轉型的催化劑，也是我們史上規模最大的收購，提升了我們的空中巴士、公務機和售後市場內容。我們也透過「蚊子計畫」（英國國防部的一架無人機）添加了防禦內容。我們對龐巴迪收購的整合活動已完成 96%。我們採取的關鍵行動之一是停止向新參與者開放貝爾法斯特的固定福利退休金計劃，這導致了馬克稍後將更詳細地介紹的收益。我們最近也簽訂了過渡服務協議，現在已與龐巴迪的 IT 系統完全分離。最後，我們正在實現計劃中的協同效應，並有望在未來 1 至 2 年內實現 6% 的全部目標。我們已任命營運長 Sam Marnick 為新商業業務部門的總裁。

I'll turn it over to her now to give you an update on where we are in the recovery. Sam?

我現在將其轉交給她，向您介紹我們恢復情況的最新情況。薩姆？

Great. Thank you, Tom. Our newly established commercial segment will include our work with Airbus and Boeing as well as work in business jets and other commercial growth areas such as eVTOL. In the early summer, we saw a strong showing in domestic air traffic recovery when it reached approximately 85% of pre-pandemic levels. The spread of the COVID Delta variant subsequently drove a slowdown of the recovery in the later summer months. More recently, as COVID case rates decline and vaccination rates increase, we believe this will eventually translate to increased domestic traffic and create continued support for narrow-body production rates.

偉大的。謝謝你，湯姆。我們新建立的商業部門將包括與空中巴士和波音的合作，以及公務機和其他商業成長領域（例如電動垂直起降）的工作。初夏，我們看到國內航空交通恢復強勁，達到了疫情前水準的 85% 左右。隨後，新冠病毒 Delta 變種的傳播導致夏末幾個月的復甦放緩。最近，隨著新冠肺炎病例率下降和疫苗接種率上升，我們相信這最終將轉化為國內交通量的增加，並為窄體飛機的生產率創造持續的支持。

For the 737 MAX, we have continued to increase production rates and have just achieved 21 aircraft per month. We are on track to deliver approximately 160 737 shipsets in 2021. In the third quarter, we delivered 47 shipsets to Boeing, and we remain on track to see the 737 inventory decline to approximately 100 units by the end of the year and reach a permanent buffer of approximately 20 units by the fourth quarter of 2022. We expect to then maintain that buffer as a cushion to the production system.

對於 737 MAX，我們繼續提高生產率，剛好達到每月 21 架飛機。我們預計在2021 年交付約160 737 架飛機。第三季度，我們向波音公司交付了47 架飛機，並且我們仍有望在年底前將737 的庫存減少至約100 架，並達到永久庫存水平。到 2022 年第四季度，緩衝量約為 20 個單位。我們預計隨後將維持該緩衝量，作為生產系統的緩衝。

On our Airbus narrow-body program, we had 105 deliveries for the A320 and remain aligned with Airbus' planned increase to 45 aircraft per month by the end of this year. We also are committed to achieving the A320 rate increases that Airbus has projected over the next several years.

在我們的空中巴士窄體飛機專案中，我們已交付 105 架 A320 飛機，並與空中巴士計劃在今年年底前增加到每月 45 架飛機保持一致。我們也致力於實現空中巴士公司預計在未來幾年內提​​高 A320 航班率的目標。

On the A220 program, Spirit delivered 12 shipsets in the third quarter and we plan to stay in sync with Airbus as they plan to increase to 6 aircraft per month in the first half of 2022. The continuing recovery in domestic travel and narrow-body production will benefit Spirit since approximately 85% of our backlog is tied to narrow-body aircraft. We believe international travel will take some time to recover, and we will continue to repurpose our widebody production capacity to defense and other commercial opportunities.

在A220專案上，精神航空在第三季度交付了12架飛機，我們計劃與空中巴士保持同步，他們計劃在2022年上半年將飛機數量增加到每月6架。國內旅行和窄體飛機生產的持續復甦精神航空將受益，因為我們大約 85% 的積壓訂單與窄體飛機有關。我們相信國際旅行需要一段時間才能恢復，我們將繼續將寬體機生產能力重新用於國防和其他商業機會。

On the 787 program, we continue to coordinate with Boeing as they work to resume deliveries. In the third quarter, we took a $46 million forward loss on the 787 program, in line with the schedule changes that we previously communicated.

在 787 專案上，我們繼續與波音公司協調，努力恢復交付。第三季度，我們在 787 專案上承受了 4,600 萬美元的遠期損失，這與我們先前溝通的時間表變化一致。

As Tom mentioned, we are positioning Spirit to optimize our production system and cost structure, so we emerge stronger from the COVID crisis. Over the past few months, we have started to operationalize a number of the initiatives we have been developing.

正如 Tom 所提到的，我們將 Spirit 定位為優化我們的生產系統和成本結構，以便我們在新冠危機中變得更強大。在過去的幾個月裡，我們已經開始實施我們正在製定的一些措施。

During the quarter, we had the grand opening for our new global digital logistics center, which consolidated about 500,000 square feet of warehouse space across 3 buildings into a centralized operations center that is just over 150,000 square feet. The GDLC can receive, store and distribute more than 95,000 unique parts directly to Spirit's factory floor in Wichita.

本季度，我們新的全球數位物流中心隆重開業，該中心將 3 座大樓的約 50 萬平方英尺的倉庫空間整合為一個面積超過 15 萬平方英尺的集中營運中心。 GDLC 可以直接接收、儲存和分發超過 95,000 個獨特零件到 Spirit 位於威奇託的工廠車間。

In late September, we [toured] our new Airbus A320 spoiler line in Prestwick, Scotland. The new highly automated production system uses robots that lay the carbon fiber (inaudible) during fabrication. The state-of-the-art resin transfer molding process has also eliminated the need for an autoclave, saving the initial and ongoing costs associated with operating that type of equipment.

9 月下旬，我們在蘇格蘭普雷斯蒂克[參觀]了新的空中巴士 A320 擾流板系列。新的高度自動化生產系統使用機器人在製造過程中鋪設碳纖維（聽不清楚）。最先進的樹脂傳遞模塑製程還消除了對高壓釜的需求，從而節省了與操作此類設備相關的初始和持續成本。

While in Prestwick, we also have the grand opening for our new Aerospace Innovation Center, which finished construction earlier this year. The facility is over 90,000 square feet of laboratory and office space for over 20 partners that will help drive advanced research on projects like Airbus' Wing of Tomorrow.

在普雷斯蒂剋期間，我們也為新的航空航太創新中心舉行了隆重的開幕儀式，該中心已於今年稍早完工。該設施擁有超過 90,000 平方英尺的實驗室和辦公空間，可供 20 多個合作夥伴使用，將有助於推動空中巴士「明日之翼」等項目的高級研究。

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

有了這個，我會把它轉回給湯姆。

Thanks, Sam. In the Defense & Space segment, we finalized the acquisition of FMI in January 2020 and have seen very strong results during the first 2 years of ownership, which have contributed to the growth of our Defense & Space business. Going forward, in Defense & Space, we will be focusing in 5 areas: next-generation rotorcraft and fixed-wing aircraft, hypersonics, space, attritable drones and next-generation missiles.

謝謝，薩姆。在國防與航太領域，我們於 2020 年 1 月完成了對 FMI 的收購，並在收購的頭兩年中取得了非常強勁的業績，這為我們國防與航太業務的成長做出了貢獻。展望未來，在國防與航太領域，我們將重點放在 5 個領域：下一代旋翼飛機和固定翼飛機、高超音速、太空、可消耗無人機和下一代飛彈。

Given the delay in international air traffic recovery and the impact that will have on widebody production rates, we continue to repurpose and leverage our widebody capacity for opportunities in defense growth areas. With the infrastructure capital and tooling we already have in place, we can bring manufacturing capability for defense online much faster than others.

考慮到國際空中交通恢復的延遲及其對寬體機生產率的影響，我們繼續重新調整和利用我們的寬體機產能，以尋求國防成長領域的機會。憑藉我們現有的基礎設施資本和工具，我們可以比其他人更快實現線上防禦的製造能力。

In August, leaders from our Defense & Space business participated in an event with Lockheed Martin's Skunk Works in Palmdale, California, to unveil Polaris, a digital engineering and advanced assembly demonstrator. Spirit worked closely with Lockheed Martin to demonstrate our digital design and manufacturing capability and how we can integrate with Lockheed on the development of an advanced demonstrator. The collaboration and experience gained from this effort will form the foundation for how we bring new products to the market in the future.

8 月，我們國防與航太業務的領導者參加了洛克希德馬丁公司位於加州帕姆代爾的 Skunk Works 舉辦的活動，揭開了數位工程和先進裝配演示機 Polaris 的面紗。 Spirit 與洛克希德馬丁公司密切合作，展示了我們的數位設計和製造能力，以及我們如何與洛克希德馬丁公司整合開發先進的演示器。從這項努力中獲得的合作和經驗將為我們未來如何將新產品推向市場奠定基礎。

Research and development activities are key to our defense and space business growth. Last month, we opened the National Defense Prototype Center in partnership with Wichita State University's National Institute for Aviation Research, NIAR. U.S. Senator Jerry Moran was on hand for the big event. The new center has more than 125,000 square feet of manufacturing and lab space covering a wide range of capabilities, including advanced composite fabrication, high-temperature testing and nondestructive inspection. We expect that the development, prototyping and industrialization capabilities the center offers will be key enablers for Spirit's Defense & Space growth.

研究與開發活動是我們國防和航太業務成長的關鍵。上個月，我們與威奇托州立大學國家航空研究所 (NIAR) 合作開設了國防原型中心。美國參議員傑瑞·莫蘭出席了這項重大活動。新中心擁有超過 125,000 平方英尺的製造和實驗室空間，涵蓋多種功能，包括先進複合材料製造、高溫測試和無損檢測。我們預計中心提供的開發、原型設計和工業化能力將成為精神防務與航太公司發展的關鍵推動力。

Another defense research and development effort is Spirit Belfast role as the prime for the U.K.'s Loyal Wingman program, called Project Mosquito. The U.K. selected Spirit Belfast in late 2020 for this $42 million program. With these initiatives in place, we remain on track to achieve $1 billion in defense revenue by 2025 at typical defense margins.

另一項國防研發工作是“貝爾法斯特精神號”，作為英國忠誠僚機計劃（稱為“蚊子計劃”）的主要負責人。英國於 2020 年底選擇貝爾法斯特精神號來執行這項耗資 4,200 萬美元的計畫。有了這些舉措，我們預計在 2025 年以典型的國防利潤率實現 10 億美元的國防收入。

Now let's shift to our Aftermarket segment. The Bombardier acquisition doubled our aftermarket activity. We were able to combine our repairs for flight control surfaces and nacelles for Boeing in the United States with similar activities for Airbus in Europe. Our acquisition of Applied Aerodynamics added radome repairs that we can now do in both locations. Then our JV with EGAT provides us a base in Asia in Taiwan where we can do all of these Boeing and Airbus repairs. We are targeting aftermarket growth to $500 million in revenue by 2025 at accretive margins. The addition of these new business activities opens up significant new growth opportunities for Spirit in the future.

現在讓我們轉向售後市場部分。收購龐巴迪使我們的售後市場活動增加了一倍。我們能夠將對美國波音公司的飛行控制面和機艙的維修與歐洲空中巴士的類似活動結合起來。我們收購了 Applied Aerodynamics，增加了天線罩維修服務，現在我們可以在這兩個地點進行維修。然後，我們與 EGAT 的合資企業為我們在亞洲的台灣提供了一個基地，我們可以在那裡進行所有這些波音和空中巴士的維修。我們的目標是到 2025 年售後市場收入成長至 5 億美元，利潤率不斷增加。這些新業務活動的增加為 Spirit 未來帶來了重要的新成長機會。

In addition to capturing that growth, we made the decision to align our organizational structure around these 3 new business segments: Commercial, Defense & Space and Aftermarket. We also announced that we will change our external reporting structure to these 3 segments beginning with the 2021 fourth quarter results. This new business focus will accelerate Spirit's diversification. While aspirational, we remain committed to achieve a revenue split in the future of 40-40-20 across the 3 segments.

除了抓住這個成長機會之外，我們還決定圍繞這 3 個新業務領域調整我們的組織結構：商業、國防與航太以及售後市場。我們也宣布，從 2021 年第四季業績開始，我們將改變這三個部門的外部報告結構。這項新的業務重點將加速 Spirit 的多元化發展。儘管我們充滿抱負，但我們仍致力於在未來實現 3 個細分市場 40-40-20 的收入分配。

Now I'll turn it over to Mark to take you through our detailed financial results. Mark?

現在我將把它交給馬克，帶您了解我們詳細的財務表現。標記？

Thanks, Tom, and good morning, everyone. I hope everybody is doing well and staying safe. We believe we're taking the right actions to put Spirit in a position to emerge stronger and maximize the benefits of the recovery as narrow-body production rates continue to rise. Despite the challenges over the last couple of years, Spirit has maintained focus on our strategy to diversify and grow. The 3 new segments that Tom detailed earlier will position us well and with a sharp focus on how we go to market with new products and services. We are excited for the change and how they will move us forward in our diversification journey. For the fourth quarter results, we will begin reporting in these 3 new segments.

謝謝，湯姆，大家早安。我希望每個人都一切順利並保持安全。我們相信，隨著窄體飛機生產率的持續上升，我們正在採取正確的行動，使精神號能夠變得更加強大，並最大限度地發揮復甦的效益。儘管過去幾年面臨挑戰，Spirit 仍然專注於我們的多元化和成長策略。湯姆之前詳細介紹的 3 個新細分市場將為我們提供良好的定位，並重點關注我們如何將新產品和服務推向市場。我們對這一變化以及它們將如何推動我們在多元化之旅中前進感到興奮。對於第四季的業績，我們將開始報告這三個新的細分市場。

Now let's move to our third quarter 2021 results. Please turn to Slide 7. Revenue for the quarter was $980 million, up 22% from the same quarter of last year. The revenue increase was primarily due to higher production rates on the 737 program as well as increased revenue from the recently acquired A220 wing and Bombardier business jet programs. These increases were partially offset by the lower widebody production rates resulting from the continued impacts of the COVID-19 pandemic on international air traffic and Boeing's pause on the 787 deliveries.

現在讓我們來看看 2021 年第三季的業績。請參閱投影片 7。該季度營收為 9.8 億美元，比去年同期成長 22%。收入成長主要是由於 737 項目的生產力提高以及最近收購的 A220 機翼和龐巴迪公務機項目的收入增加。這些成長被 COVID-19 大流行對國際空中交通的持續影響以及波音公司暫停 787 交付導致的寬體生產率下降所部分抵消。

Turning to deliveries. Overall, deliveries increased to 250 shipsets compared to 206 shipsets in the same quarter of 2020. The third quarter 737 deliveries have increased to 47 compared to 15 shipsets delivered in the third quarter of last year. We remain on track to deliver roughly 160 shipsets this year.

轉向交付。整體而言，交付量增加至 250 艘船組，而 2020 年同一季度為 206 艘船組。第三季交付量為 737 艘，較去年第三季交付的 15 艘船組增加至 47 艘。今年我們仍有望交付約 160 艘船組。

Let's now turn to earnings per share on Slide 8. We reported earnings per share of negative $1.09 compared to negative $1.50 per share in the same period of 2020. Adjusted EPS was negative $1.13 compared to negative EPS of $1.34 in the third quarter of 2020. Adjusted EPS this quarter excludes deferred tax asset valuation allowance and pension curtailment gain.

現在讓我們來看看幻燈片8 上的每股收益。我們報告的每股收益為負1.09 美元，而2020 年同期為負1.50 美元。調整後每股收益為負1.13 美元，而2020 年同期為負1.50 美元。調整後每股收益為負1.13 美元，而2020 年第三季度為負1.34 美元。本季調整後每股盈餘不包括遞延稅資產估價津貼和退休金削減收益。

Looking at our operating margins. We saw improvement in the third quarter to negative 16% compared to negative 22% in the third quarter of 2020. The cost reduction actions we have taken over the last year, along with increasing production rates, have contributed to the improved result with lower costs and expenses, including excess capacity and restructuring costs. We also recognized lower forward loss charges compared to the same period last year.

看看我們的營業利潤率。與2020 年第三季的負22% 相比，我們第三季的業績有所改善，從負22% 開始。去年我們採取的成本削減措施以及生產力的提高，以較低的成本實現了業績的改善和費用，包括過剩產能和重組成本。與去年同期相比，我們也確認遠期損失費用較低。

In the third quarter, we recognized $70 million of forward loss charges compared to $128 million in the third quarter of 2020. This quarter's forward loss was primarily driven by $46 million in the 787 program, most of which was related to the reduction in Boeing schedule as well as additional forward loss on the A350 program, also related to schedule changes.

第三季度，我們確認了7,000 萬美元的遠期損失費用，而2020 年第三季為1.28 億美元。本季的遠期損失主要是由787 專案的4,600 萬美元造成的，其中大部分與波音航班計劃的減少有關以及 A350 計劃的額外遠期損失，也與時刻表變更有關。

Also during the quarter, we recorded $27 million of charges related to a litigation reserve as well as an additional noncash valuation allowance of $35 million on deferred income tax assets. Additionally, other income increased primarily due to a curtailment gain of $61 million resulting from the closure of the defined benefit plans acquired as part of the Bombardier acquisition. The [shorts pension] is expected to close the future accrual of benefits for all employees who are members of the plan effective at the end of the year.

同樣在本季度，我們記錄了與訴訟準備金相關的 2,700 萬美元費用，以及遞延所得稅資產的 3,500 萬美元額外非現金估值津貼。此外，其他收入的增加主要是由於作為龐巴迪收購的一部分而獲得的固定福利計劃的關閉導致了 6,100 萬美元的削減收益。 [短褲退休金]預計將在年底結束該計劃成員的所有員工的未來應計福利。

Now turning to free cash flow on Slide 9. Free cash flow for the quarter was positive $174 million compared to negative $72 million in the same period of 2020. Free cash flow benefited from $228 million income tax refund, an additional $70 million income tax refund was received in October which completes the expected full year refund of approximately $300 million. The $70 million will be reflected in our fourth quarter financial statements. In addition, during the quarter, we received $38 million of the $75 million award from the Aviation Manufacturing Jobs Protection Program. We continue to expect free cash flow for the year to be between negative $200 million and $300 million.

現在轉向幻燈片9 上的自由現金流。該季度的自由現金流為正1.74 億美元，而2020 年同期為負7,200 萬美元。自由現金流受益於2.28 億美元所得稅退稅，另外還有7,000 萬美元所得稅退稅10 月收到了這筆款項，完成了預計全年約 3 億美元的退款。這 7000 萬美元將反映在我們第四季的財務報表中。此外，本季我們還收到了航空製造就業保護計畫提供的 7,500 萬美元獎金中的 3,800 萬美元。我們仍預期今年的自由現金流將在負 2 億至 3 億美元之間。

Let's now turn to cash and debt balances on Slide 10. We ended the third quarter with $1.4 billion of cash and $3.6 billion of debt. In terms of our delevering, we remain committed to paying down $1 billion of debt over the next 3 years. In October, we completed the syndication of a $600 million term loan replacing existing $400 million term loan. Due to market conditions, we were able to achieve a reduction in our term loan interest rate of 175 basis points. Given the lower interest rate environment, we upsized it by about $200 million with the plan to use the incremental proceeds to repay higher interest debt-like liabilities.

現在讓我們來看看投影片 10 上的現金和債務餘額。第三季結束時，我們有 14 億美元的現金和 36 億美元的債務。在去槓桿化方面，我們仍然致力於在未來 3 年內償還 10 億美元的債務。 10 月份，我們完成了 6 億美元定期貸款的銀團貸款，取代了現有的 4 億美元定期貸款。由於市場狀況，我們能夠將定期貸款利率降低 175 個基點。考慮到較低的利率環境，我們將規模增加了約 2 億美元，並計劃使用增量收益來償還利息較高的債務類負債。

Third quarter financials do not include this new activity. We expect to close on the term loan in November and the fourth quarter 2021 financials will reflect the new cash and debt balances.

第三季財務數據不包括這項新活動。我們預計定期貸款將於 11 月結束，2021 年第四季的財務數據將反映新的現金和債務餘額。

Now let's turn to our segment performance on Slide 11. In the third quarter, Fuselage revenues were up 14% compared to the same period of 2020, primarily due to higher production volumes on the 737 and Bombardier business jet programs, partially offset by lower production volumes on the twin-aisle programs. Operating margin for the quarter was a negative 11% compared to negative 23% in the same period of the prior year. The segment recorded $2 million of unfavorable cumulative catch-up adjustments and $50 million of net forward losses during the quarter. In comparison, during the third quarter of 2020, the segment recorded $9 million of favorable cumulative catch-up adjustments and $92 million of forward losses.

現在讓我們轉向幻燈片11 上的細分市場表現。第三季度，機身收入與2020 年同期相比增長了14%，這主要是由於737 和龐巴迪公務機項目的產量增加，部分被產量下降所抵消關於雙通道項目的捲。本季營業利益率為負 11%，而上年同期為負 23%。該部門在本季錄得 200 萬美元的不利累積追趕調整和 5000 萬美元的淨遠期損失。相比之下，2020 年第三季度，該部門錄得 900 萬美元的有利累計追趕調整和 9,200 萬美元的遠期損失。

Propulsion revenue in the quarter improved by 45% compared to the same period of 2020. It was primarily due to higher revenue on the 737 program and higher aftermarket sales, partially offset by decreased volume on the 777 and 787 programs.

與 2020 年同期相比，本季推進系統收入成長了 45%。這主要是由於 737 項目的收入增加和售後市場銷量的增加，部分被 777 和 787 項目銷量的下降所抵消。

Operating margin for the quarter was a positive 9%. This is compared to negative 9% in the same quarter last year. Increased 737 production and the resulting decrease in excess capacity costs were the main drivers to the improvement in segment profitability. The segment recorded $2 million of favorable cumulative catch-up adjustments and $6 million of forward losses. In comparison, during the third quarter of 2020, the segment recorded $5 million of unfavorable cumulative catch-up adjustments and $15 million of forward losses.

本季營業利益率為 9%。相比之下，去年同期為負 9%。 737產量的增加以及由此帶來的過剩產能成本的下降是部門獲利能力改善的主要驅動力。該部門記錄了 200 萬美元的有利累計追趕調整和 600 萬美元的遠期損失。相比之下，2020 年第三季度，該部門錄得 500 萬美元的不利累計追趕調整和 1500 萬美元的遠期損失。

Wing revenues were up 44% compared to the same period of 2020, primarily due to higher production volumes on the 737 and A220 programs, partially offset by decreased production on the 787 production program. Operating margin in the quarter was negative 7% compared to negative 14% in the third quarter of 2020. The increases in segment profitability and operating margin were primarily a result of 737 production volumes and the resulting decrease in excess capacity costs, partially offset by higher costs on the A320 program. The segment recorded $15 million of net forward losses compared to $22 million during the third quarter of 2020.

與 2020 年同期相比，機翼收入增長了 44%，這主要是由於 737 和 A220 項目的產量增加，部分被 787 生產項目的產量減少所抵消。本季營業利益率為負7%，而2020 年第三季為負14%。部門獲利能力和營業利潤率的成長主要是由於737 產量以及由此導致的過剩產能成本下降，部分被較高的產能所抵銷。A320 計劃的成本。該部門錄得 1,500 萬美元的淨遠期虧損，而 2020 年第三季為 2,200 萬美元。

Beginning with the 2021 fourth quarter results, our reported segments will reflect Spirit's financial results based on the 3 new divisions: Commercial, Defense & Space and Aftermarket. For full year 2021, we expect the Commercial segment to make up approximately 75% of our revenues, Defense & Space 20% and Aftermarket approximately 5%. In closing, our collective efforts to overcome the adversity we have faced over the last few years is starting to take hold and set us up for better times ahead. Despite the turbulences we have faced, we are holding course to reach our -- free cash flow target set at the beginning of this year. Our flight path to a better future is dependent on reaching key way points, like growing our defense and aftermarket business and achieving higher narrow-body production rates with a sharp focus on execution. We believe the new segments will give us the proper perspective to navigate through the recovery and position us so that we can emerge a stronger company.

從 2021 年第四季業績開始，我們報告的部門將反映 Spirit 基於 3 個新部門的財務表現：商業、國防與航太以及售後市場。 2021 年全年，我們預計商業領域將占我們收入的約 75%，國防和航太領域約佔 20%，售後市場約佔 5%。最後，我們克服過去幾年所面臨逆境的集體努力已開始發揮作用，並為我們未來的美好時光做好準備。儘管我們面臨動盪，但我們仍在堅持實現今年年初設定的自由現金流目標。我們通往更美好未來的道路取決於能否達到關鍵點，例如發展我們的國防和售後市場業務，以及在重點關注執行的情況下實現更高的窄體飛機生產率。我們相信，新的細分市場將為我們提供正確的視角來應對復甦，並為我們定位，以便我們能夠成為更強大的公司。

With that, I will turn it back over to Tom for some closing comments.

至此，我將把它轉回給湯姆，讓他發表一些結束語。

Thanks, Mark. The past couple of years have reinforced the need to transform our business, and we are excited about the launch of our 3 new business segments: Commercial, Defense & Space and Aftermarket. Our Commercial segment continues to recover from the dual crises of the MAX grounding and the COVID-19 pandemic. These 2 crises have created the largest disruption in the history of our industry. During this time, our primary focus has been on the safety of our employees. Vaccinations are a critical part of staying safe and higher vaccination rates will help accelerate the recovery of air traffic in the global aviation industry.

謝謝，馬克。過去幾年加強了我們業務轉型的必要性，我們對 3 個新業務領域的推出感到興奮：商業、國防與航太以及售後市場。我們的商業部門繼續從 MAX 停飛和 COVID-19 大流行的雙重危機中恢復過來。這兩場危機造成了我們這個行業歷史上最大的破壞。在此期間，我們的主要關注點是員工的安全。疫苗接種是維持安全的關鍵部分，更高的疫苗接種率將有助於加速全球航空業空中交通的恢復。

As a federal contractor, we are working to comply with President Biden's vaccine mandate for federal contractors, which applies to all of our U.S. workers. We have actively encouraged all of our workers to get vaccinated or to apply for a medical or religious exemption. To date, we are making good progress towards this goal, and we'll continue working with our union partners and our employees to avoid disruption to our operations.

作為聯邦承包商，我們正在努力遵守拜登總統對聯邦承包商的疫苗指令，該指令適用於我們所有的美國工人。我們積極鼓勵所有員工接種疫苗或申請醫療或宗教豁免。迄今為止，我們在實現這一目標方面取得了良好進展，我們將繼續與工會合作夥伴和員工合作，以避免我們的營運受到干擾。

With domestic travel around the world recovering faster, we are starting to see narrow-body production rates at both of our OEM customers begin to increase. We have been working closely with our own supply chain to ensure that we are ready to meet the production targets they have flowed down to us. The recovery of narrow-body production will benefit Spirit since 85% of our backlog is narrow-body aircraft.

隨著世界各地國內旅行的更快恢復，我們開始看到我們兩個 OEM 客戶的窄體飛機生產率開始增加。我們一直與我們自己的供應鏈密切合作，以確保我們準備好實現他們交給我們的生產目標。窄體飛機生產的恢復將使 Spirit 受益，因為我們 85% 的積壓訂單是窄體飛機。

International air traffic and widebody aircraft production will take longer to recover. In the meantime, we will continue to repurpose excess widebody capacity to help grow our emerging Defense & Space business, which we target achieving $1 billion in revenue by 2025.

國際空中交通和寬體飛機生產將需要更長的時間才能恢復。同時，我們將繼續重新調整多餘的寬體機產能，以幫助發展我們新興的國防和航太業務，我們的目標是到 2025 年實現 10 億美元的收入。

With our recent acquisitions of Bombardier's aftermarket business as well as Applied Aerodynamics and the JV with EGAT, our Aftermarket segment is on track to achieve $500 million in revenue by 2025. We also remain committed to paying down the debt we took on during the pandemic and regained our investment-grade credit rating. Our objective is to delever by $1 billion over the next 3 years, and that remains on track. This past quarter, we refinanced our Term Loan B to take advantage of lower interest rates, and we will use proceeds from that refinancing and cash from our balance sheet to pay down other high-cost liabilities.

隨著我們最近收購了龐巴迪的售後市場業務以及Applied Aerodynamics 以及與EGAT 的合資企業，我們的售後市場部門預計將在2025 年之前實現5 億美元的收入。我們也仍然致力於償還在大流行期間承擔的債務，並且恢復了我們的投資等級信用評級。我們的目標是在未來 3 年內去槓桿化 10 億美元，而且這一目標仍在按計劃進行。上個季度，我們利用較低的利率對定期貸款 B 進行了再融資，我們將利用再融資的收益和資產負債表中的現金來償還其他高成本負債。

We also continue to invest in innovation and productivity projects to improve our operations. We expect the actions that we have taken will contribute to our objective of achieving 16.5% margins as narrow-body production rates continue to recover.

我們也繼續投資創新和生產力項目，以改善我們的營運。我們預計，隨著窄體機生產率繼續恢復，我們所採取的行動將有助於實現 16.5% 利潤率的目標。

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

這樣，我們將很樂意回答您的問題。

(Operator Instructions) Our first question comes from David Strauss from Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的大衛‧斯特勞斯。

Mark, could you maybe touch on the implied fourth quarter cash flow? I think you talked about the $70 million tax refund you've got, you've still got, I guess, the $130 million or so pension payment. It looks like kind of at the midpoint, you're implying that maybe the cash burn actually is a little bit higher in the fourth quarter than what we've seen in Q2 and Q3, adjusting Q3 for the tax refund.

馬克，您能談談隱含的第四季現金流嗎？我想你談到了你獲得的 7000 萬美元的退稅，我猜你還有大約 1.3 億美元的退休金。它看起來像是在中點，你暗示第四季的現金消耗實際上可能比我們在第二季和第三季看到的要高一點，調整第三季的退稅。

Yes, David. You've got that right. In the fourth quarter, we've got, I would say, 2 onetime items that will impact our free cash flow. As you indicated, we've got the remaining, as I discussed, around $70 million, $71 million of cash income tax refund that we received here at the end of October. And so that will definitely be a tailwind helping the quarter. But we'll also, as we've discussed in the past, as part of the Bombardier acquisition, we had a commitment to make a onetime payment as part of the acquisition. And that, that's in the ballpark of $135-or-so million plus normal catch-up pension payments that are normal in the fourth quarter. And so overall, we're expecting a headwind in the quarter of around $150 million to $155 million, right?

是的，大衛。你說得對。我想說，在第四季度，我們有兩個一次性項目將影響我們的自由現金流。正如你所指出的，正如我所討論的，我們在 10 月底收到了剩餘的約 7000 萬美元、7100 萬美元的現金所得稅退稅。因此，這肯定會成為本季的助力。但正如我們過去討論過的那樣，作為龐巴迪收購的一部分，我們承諾一次性付款。這大約是 1.35 億美元左右，加上第四季正常的補足退休金支付。總體而言，我們預計本季的逆風約為 1.5 億至 1.55 億美元，對嗎？

And so if you look at where things are at now, we feel comfortable that we can hit the $200 million to $300 million. There's still some level of uncertainty, primarily around 787 in the fourth quarter that could potentially have an impact on the quarter on our free cash flow. So we really haven't tightened that down more. I think over the coming weeks, we'll get a better handle on where we think that things will end up. But we're very comfortable that including the cash tax of $300 million that now has been fully received, we expect the full year free cash flow to hit the $200 million to $300 million. And part of some of the cash headwinds that we saw in the third quarter were, as we started the ramp up on the 737 program, we had to hire our workers, start building WIP in the line and that drove up some of our contract assets, which will consume some cash.

因此，如果你看看現在的情況，我們對能夠達到 2 億至 3 億美元感到放心。仍然存在一定程度的不確定性，主要是第四季度的 787 左右，這可能會對本季度我們的自由現金流產生影響。所以我們確實沒有進一步收緊這一點。我認為在接下來的幾週內，我們將更好地掌握事情的結局。但我們非常滿意的是，包括現已全額收到的 3 億美元現金稅，我們預計全年自由現金流將達到 2 億至 3 億美元。我們在第三季度看到的一些現金逆風是，當我們開始加速 737 專案時，我們必須僱用我們的工人，開始在生產線上建造 WIP，這推高了我們的一些合約資產，這會消耗一些現金。

And then as we move into the fourth quarter, we will start to deliver higher on the 737 program. But one negative is we've got the Thanksgiving holiday, we've got the Christmas holiday, and that has a reduction in delivery dates. So we won't be seeing the full benefits of the rate break in the fourth quarter, we'll obviously deliver more than the 47 we delivered, and that will help some in the fourth quarter. But I think that's the way I would summarize it for you.

然後，當我們進入第四季度時，我們將開始交付更高的 737 計劃。但一個負面因素是我們有感恩節假期，我們有聖誕節假期，這導致交貨日期減少。因此，我們不會在第四季度看到利率調整的全部好處，顯然我們將交付比我們交付的 47 個更多的產品，這將對第四季度的一些人有所幫助。但我想這就是我為您總結的方式。

Okay. And just as a quick follow-up on the MAX as we think about next year, just based on Boeing talking about getting to 31 a month, you're talking about drawing down your buffer inventory to around 20 by the end of next year. Should we think -- should we be thinking about deliveries in the range of 275 to 300 for next year on MAX?

好的。正如我們對明年 MAX 的快速跟進一樣，僅基於波音公司談論的每月 31 架，你正在談論到明年年底將緩衝庫存減少到 20 架左右。我們是否應該考慮明年 MAX 的交付量在 275 到 300 之間？

Yes. So David, this is Tom. I mean if you do the simple math, that's in that ballpark, maybe a little higher. But we'll wait to see where Boeing ends up. What they have communicated publicly is that they'll get to 31 aircraft per month by the beginning of the year. We'll lag them and we'll burn down our inventory. As we've said, we think it will get to 20 by Q4 of next year. And so if you add up all those numbers, I think the math you indicated gives you a ballpark of what production could be, but it really depends on what Boeing does after the first quarter.

是的。大衛，這是湯姆。我的意思是，如果你做簡單的數學計算，那就是在這個範圍內，也許會高一點。但我們將拭目以待，看看波音最終會走向何方。他們公開表示，到今年年初，他們每個月的飛機數量將達到 31 架。我們會落後於他們，我們會燒掉我們的庫存。正如我們所說，我們認為到明年第四季將達到 20 個。因此，如果你把所有這些數字加起來，我認為你所指出的數學可以讓你大致了解產量，但這實際上取決於波音在第一季後的表現。

Yes. I think that it's a good directional assumption that you've got there, David, as Tom said, maybe a little higher. When we come back and talk to you after the first of the year, we'll give you guys more specifics on our narrow-body deliveries, particularly 737 and A320.

是的。我認為這是一個很好的方向性假設，大衛，正如湯姆所說，也許更高一點。當我們在今年年初回來與你們交談時，我們將為你們提供有關我們窄體飛機交付的更多細節，特別是 737 和 A320。

The next question comes from Seth Seifman JPMorgan.

下一個問題來自摩根大通塞思·塞夫曼。

I wonder if you could talk a little on the 787, so kind of 2 related questions here. First of all, are there now excess capacity costs related to 787 given how low the rate has come down to you? And then when we think about the fourth quarter and some of the cash impact that you talked about there, what is related to 787? Is it deliveries? Is it additional rework? What's the driver of fourth quarter cash flow there?

我想知道您能否談談 787，所以這裡有 2 個相關問題。首先，考慮到您的利率有多低，現在是否存在與 787 相關的產能過剩成本？然後，當我們考慮第四季度以及您在那裡談到的一些現金影響時，與 787 相關的是什麼？是送貨嗎？是否需要額外返工？第四季現金流的驅動因素是什麼？

Sure, Seth. Specifically on the 787, what I was referencing, the fact is we're -- we still have product that we're building in the line. We've got work in process. And prior to the pause here, we were producing and the factory was flowing at 5 aircraft per month. You saw the number of deliveries that we had in the quarter. So what that means is we weren't able to ship that product, although a lot of it is complete to collect the cash from Boeing. And so the impact of not being able to deliver and collect the cash while still having the work in process in the line has definitely had an impact on our third quarter and with where things are standing in the fourth quarter.

當然，賽斯。特別是關於 787，我所指的是，事實是我們——我們仍然有我們正在生產的產品。我們有工作正在進行中。在暫停之前，我們正在生產，工廠每月生產 5 架飛機。您看到了我們本季的交付數量。所以這意味著我們無法運送該產品，儘管其中許多產品已經完成，可以從波音公司收取現金。因此，在生產線仍在進行的同時無法交付和收取現金的影響肯定對我們的第三季以及第四季的情況產生了影響。

When we set the year, we were expecting approximately 15 deliveries per quarter. Obviously, with the challenges on the program, that's not where we're going to be. We've dialed down things in accordance with the direction from Boeing to try to minimize the cost. But I think it's just going to take between now and when Boeing makes the decision to -- or as they're working with the FAA to make decisions to resume deliveries, that has an impact on our factory in our flow and what we deliver. And there's still some level of uncertainty on that. And so if we can't get the product starting to flow out of our factory and making deliveries, that will continue to provide some level of headwind in the fourth quarter that we were not anticipating when we set our guidance for the full year.

當我們設定年份時，我們預計每個季度大約有 15 次交付。顯然，鑑於該計劃面臨的挑戰，這不是我們想要的。我們已經按照波音公司的指示減少了一些事情，以盡量減少成本。但我認為，從現在到波音做出決定，或者當他們與美國聯邦航空局合作做出恢復交付的決定時，這都會對我們工廠的流程和交付內容產生影響。這仍然存在一定程度的不確定性。因此，如果我們無法讓產品開始從工廠流出並交付，這將在第四季度繼續帶來一定程度的阻力，這是我們在製定全年指導時沒有預料到的。

And then on the side of the excess costs, I wouldn't say that 787 is resulting in true excess costs. But obviously, anytime you go from producing at roughly 5 aircraft per month and reduce that to something less than that, there's an overhead drag with that. And so that has a negative impact which has been -- which flowed into our 787 forward loss, but I'll also tell you that we not only produce fuselages, but we also produce wings and pylons and the slowdown of production there, that has a negative impact on many of our other Boeing programs, which did cause margins to be slightly more depressed in the third quarter, probably from where you guys thought things would be.

然後，在超額成本方面，我不會說 787 導致了真正的超額成本。但顯然，只要你從每月大約 5 架飛機的生產量減少到低於這個數字，就會產生間接阻力。因此，這產生了負面影響——這導致了我們787 的前向損失，但我還要告訴你，我們不僅生產機身，而且還生產機翼和外掛架，並且那裡的生產速度放緩，這已經對我們許多其他波音項目產生了負面影響，這確實導致第三季的利潤率略有下降，可能與你們想像的情況不同。

Our next question comes from Myles Walton from UBS.

我們的下一個問題來自瑞銀集團的邁爾斯·沃爾頓。

You've got Lou Raffetto on for Myles. Mark, if I can just come back to you, actually. I think you mentioned a litigation charge of $27 million. I was just wondering where that flowed and if that had anything to do with why the SG&A cost looks so high in the quarter.

盧·拉菲托 (Lou Raffetto) 取代邁爾斯 (Myles)。馬克，如果我能回到你身邊就好了。我想你提到了 2700 萬美元的訴訟費用。我只是想知道這些資金流向何處，以及這是否與本季 SG&A 成本看起來如此高的原因有關。

Yes, you're spot on. The additional litigation reserve of $27 million was booked and recorded in SG&A in the quarter. And so that's the reason why it seems so out of line compared to where SG&A costs were in the second quarter.

是的，你說得對。額外的 2700 萬美元訴訟準備金已在本季度的 SG&A 中記入並記錄。這就是為什麼與第二季的銷售管理及行政費用相比顯得如此不相符的原因。

Yes, the other factor on SG&A was the Belfast operations are now included in SG&A, and they weren't there in Q3 last year.

是的，SG&A 的另一個因素是貝爾法斯特業務現在已包含在 SG&A 中，而去年第三季度並不包含在內。

Okay. That's great. And then just -- you mentioned this a little bit about the third quarter, margins being a little bit lower. I guess how do we think about those margins going into 4Q and then into 2022?

好的。那太棒了。然後，您提到了第三季的情況，利潤率有點低。我想我們如何看待第四季和 2022 年的利潤率？

Well, as production volumes pick up on the 737 and the A320 programs, that will obviously help improve the margins. It will reduce excess cost because production volumes will be absorbing more overhead. It will help us on the top line and on the bottom line. So as we progress through the fourth quarter with the higher narrow-body rates, fourth quarter is always a little challenging because of the holidays that you have there. But clearly, as we move into 2022, as long as the narrow-body production rates continue to track to what Boeing and Airbus has communicated on their calls, we feel very comfortable that we'll see the continued expanding of margins as we move into 2022. But obviously, it's going to take us a little bit of time to get back to our pre-pandemic margins and really what we're targeting based on the current projections is that recovery will occur in 2023.

嗯，隨著 737 和 A320 項目產量的增加，這顯然將有助於提高利潤率。它將減少多餘的成本，因為產量將吸收更多的管理費用。它將在營收和利潤上為我們提供幫助。因此，當我們在第四季度以更高的窄體飛機價格前進時，第四季度總是有點具有挑戰性，因為那裡有假期。但顯然，隨著我們進入2022 年，只要窄體飛機生產率繼續追蹤波音和空中巴士在其電話中傳達的訊息，我們就會感到非常放心，隨著我們進入2022 年，我們將看到利潤率持續擴大2022 年。但顯然，我們需要一點時間才能恢復到疫情前的利潤率，根據目前的預測，我們的真正目標是 2023 年實現復甦。

Right. What we've said is we'll be breakeven on an operational basis in terms of cash flow in 2022. And our goal is to get back to normalized margins in the 16.5% once narrow-body production rates increase. And for the MAX, that would be at about 42 aircraft per month.

正確的。我們說過，到 2022 年，我們的現金流將在營運上實現收支平衡。我們的目標是，一旦窄體機生產率提高，利潤率將恢復到 16.5% 的正常水平。對於 MAX 來說，每月大約有 42 架飛機。

The next question comes from Sheila Kahyaoglu from Jefferies.

下一個問題來自 Jefferies 的 Sheila Kahyaoglu。

So maybe just following up on David's question, if we could think about the MAX ramp into next year, how do we think about the operating margin and free cash flow margin of the program? And maybe as a follow-up to that, I think you previously talked about hiring 4,600 employees by 2024. Can you remind us where your headcount is organically on the MAX today? Where it was at the peak and where you kind of expect it to go just given labor shortages?

因此，也許只是跟進 David 的問題，如果我們可以考慮明年 MAX 的成長，我們如何看待該計劃的營業利潤率和自由現金流利潤率？也許作為後續行動，我想您之前談到過到 2024 年僱用 4,600 名員工。您能否提醒我們，您今天在 MAX 上的員工人數是多少？高峰期在哪裡？考慮到勞動力短缺，您預計它會走向何方？

Right. Well, in terms of the MAX ramp up, what we've said is that once we get to a level of 42 aircraft per month, which is about where we were in 2016, is the whole company would get back to the margin targets that we were targeting, which is 16.5%. So -- and next year, as we've said, the goal is really to get back to breakeven from a cash flow basis on an operational level. So next year is still a transition period as the rates recover. And in the future, when they get up to levels like 42 aircraft per month for the MAX, that's when we would start to see the margins in that 16.5% level.

正確的。嗯，就 MAX 成長而言，我們所說的是，一旦我們達到每月 42 架飛機的水平（大約是 2016 年的水平），整個公司就會回到利潤目標我們的目標是 16.5%。因此，正如我們所說，明年的目標實際上是在營運層面上從現金流量的角度恢復損益平衡。因此明年仍是利率恢復的過渡期。未來，當 MAX 達到每月 42 架飛機的水平時，我們就會開始看到 16.5% 的利潤率。

In terms of employees, overall, in Wichita, we have about 10,000 employees right now. Obviously, a lot of those are focused on our MAX production line, but they're also working on other Boeing programs. We don't really break out employees by program. We did say we are going to rehire 4,600 employees over the next 3 or 4 years. And that really has to do with the fact that we laid off in just Wichita, 5,200 employees during 2020 with the crises of the MAX grounding and the pandemic. We've recalled to date about 1,200 of those folks already. And our goal is to get all of them back as production rates continue, but that's where we are right now.

就員工而言，威奇托目前約有 1 萬名員工。顯然，其中許多都專注於我們的 MAX 生產線，但他們也致力於其他波音專案。我們並沒有真正按計劃來劃分員工。我們確實說過，我們將在未來 3 到 4 年內重新僱用 4,600 名員工。這確實與 2020 年因 MAX 停飛和疫情危機而在威奇托解雇了 5,200 名員工有關。到目前為止，我們已經召回了大約 1,200 名人員。我們的目標是隨著生產力的提高而將它們全部收回，但這就是我們現在的處境。

The other thing I would say is that group of employees that we can recall will ensure that we have mitigation to any fallout we might have from the vaccine mandate. As I said, we're working to avoid disruptions and we do have employees that we can recall to help ensure that we don't have disruptions.

我要說的另一件事是，我們可以召回的這群員工將確保我們減輕疫苗授權可能產生的任何影響。正如我所說，我們正在努力避免中斷，而且我們確實有可以召回的員工，以幫助確保我們不會中斷。

Tom, just to follow up quickly. Does the breakeven for 2022, is that a full year number or by year-end?

湯姆，只是為了快速跟進。 2022 年的損益平衡點是全年數字還是年底數字？

It will be full year on an operational basis. The one thing I'll just point out, Sheila, is that we have a $123 million advance repayment to Boeing that's due next year. I don't think we're going to be able to offset all of that. So we're just focused on excluding that breakeven...

這將是全年的營運基礎。希拉，我要指出的一件事是，我們有 1.23 億美元的預付款給波音公司，將於明年到期。我認為我們無法抵消所有這些。所以我們只是專注於排除損益平衡...

Our next question comes from Doug Harned from Bernstein.

我們的下一個問題來自伯恩斯坦的道格·哈內德。

Going back to the 787, there's so much uncertainty around this right now. Could you describe to us kind of what your base case assumption is for 787 over the next 12 months because you must have -- just trying to understand what your planning assumption is knowing that it might change. And also, are you -- what is your involvement in Boeing's work in the inspection and repair on the forward pressure bulkhead for the 787?

回到 787，目前這方面存在著許多不確定性。您能否向我們描述一下您對 787 在未來 12 個月內的基本情況假設是什麼，因為您必須這樣做——只是試圖了解您的計劃假設是什麼，因為您知道它可能會發生變化。另外，您在波音 787 前壓力艙壁的檢查和維修工作中有何參與？

Great. Well, in terms of base case, we're really guided by what Boeing has said which is they want to get back to 5 aircraft per month going forward. Now obviously, they have to restart deliveries, and they have to work their way back up to that. But we go by with what they provide us in the schedule, and that is what they have indicated publicly.

偉大的。嗯，就基本情況而言，我們確實以波音公司的說法為指導，他們希望未來恢復到每月 5 架飛機。現在顯然，他們必須重新開始交付，並且他們必須努力恢復到這一點。但我們按照他們在時間表中提供的內容行事，這就是他們公開表示的內容。

With regard to rework, as we've mentioned, in conjunction with Boeing and other partners on the program, we've done extensive engineering analysis to look at the production process on the 787 and basically validate that we're building it to engineering specifications. And in some cases, we've identified areas where there is rework that's necessary and we have been starting on that. And it's a couple of areas in the fuselage section that we build the forward fuselage, and that includes this part that you mentioned, the forward pressure bulkhead. We've identified what the issues are related to that, and we are preparing to do the rework. And we've already started it. We've already produced the parts that are needed, and it's going right on schedule.

關於返工，正如我們所提到的，我們與波音和該計劃的其他合作夥伴一起進行了廣泛的工程分析，以查看 787 的生產流程，並基本上驗證我們是否按照工程規格建造它。在某些情況下，我們已經確定了需要返工的領域，我們已經開始這樣做。我們在機身部分的幾個區域建造了前機身，其中包括您提到的前壓力艙壁部分。我們已經確定了與此相關的問題，並準備進行返工。我們已經開始了。我們已經生產了所需的零件，並且正在按計劃進行。

And if I can just -- one follow-up. When you talk about getting to the 16.5% margin, the -- one of the things you've stressed is that going through this whole downturn has allowed you to take costs out and presumably you'll be able to perform more efficiently on the other end. Can you give us a sense of where those opportunities are? In other words, what will be different when you come out? You talked about automation at Prestwick, for example. But is this something we should expect to be more in Propulsion Systems, Fuselage Systems, if I want to use the old segments, Wing Systems? Is it more at one facility or another? How should we look at where these improvements should come out over time?

如果可以的話，我可以做一個後續行動。當您談論達到 16.5% 的利潤率時，您強調的一件事是，經歷整個經濟低迷時期使您能夠降低成本，並且想必您將能夠在另一方面表現得更高效結尾。您能否讓我們了解這些機會在哪裡？換句話說，出來之後會有什麼不同呢？例如，您談到了普雷斯蒂克的自動化。但是，如果我想使用舊的部分，機翼系統，我們是否應該期望在推進系統，機身系統中更多地採用這種方式？是在一個設施還是另一個設施更多？我們應該如何看待這些改進隨著時間的推移會出現在哪裡？

Right. Well, the improvements are really across many of our facilities. So for example, in Wichita, Sam mentioned the Global Digital Logistics Center. That's a brand-new warehousing system that increases our efficiency. We've got 8,000 kits for 90,000 parts that we can deliver to the factory floor much more efficiently. We've also changed the flow in Wichita. So I've mentioned it before, but our plant 2, which is our biggest plant, about 1.3 million square feet of manufacturing, which is where we build the 737 fuselage, we've taken some of the big subassemblies out of plant 2.

正確的。嗯，我們的許多設施確實得到了改善。例如，在威奇托，薩姆提到了全球數位物流中心。這是一個全新的倉儲系統，可以提高我們的效率。我們擁有 8,000 個套件，包含 90,000 個零件，可以更有效率地交付到工廠車間。我們也改變了威奇託的流程。我之前已經提到過，我們的 2 號工廠是我們最大的工廠，約有 130 萬平方英尺的製造空間，是我們製造 737 機身的地方，我們已經從 2 號工廠取出了一些大型組件。

So for example, the entire forward fuselage and the entire wing box and move those to other facilities on our campus and across Spirit so that they'll come in as completed units. That makes a much leaner flow. It helps eliminate any traveled work. It increases productivity and efficiency and it also improves quality. And we've added a lot of digitization as well to the factory floor. Working in conjunction with different partners, we've added workflow solutions that leverage our SAP system and our MES system, our manufacturing efficiency system, so that we can track product flow through the factory. So those are examples in Wichita.

例如，將整個前機身和整個翼盒轉移到我們園區和精神號的其他設施，以便它們作為完整的單元進來。這使得流程更加精簡。它有助於消除任何出差工作。它提高了生產力和效率，也提高了品質。我們還在工廠車間添加了大量數位化技術。我們與不同的合作夥伴合作，增加了利用 SAP 系統、MES 系統和製造效率系統的工作流程解決方案，以便我們可以追蹤整個工廠的產品流程。這些都是威奇託的例子。

Over in Prestwick, we mentioned some of the work that we did on our new advanced resin transfer molding spoiler line. So those are examples of how we're driving efficiency there. But the one thing we haven't talked about, which is probably the biggest driver, is work we've continued to do in our supply chain in our make-buy. And we've continued to work on the different initiatives to drive competitiveness in our supply chain, particularly with the addition of Belfast. They brought in a lot of new A220 work both on the wing and on the fuselage, and we've been able to leverage our global supply chain to drive improvements and competitiveness in that area. So it's a combination of all those things that are driving the improved performance as we go back. And those are offsetting some of the headwinds.

在普雷斯蒂克，我們提到了我們在新型先進樹脂傳遞模塑擾流板生產線上所做的一些工作。這些是我們如何提高效率的例子。但我們沒有談論的一件事，這可能是最大的推動因素，是我們在供應鏈中繼續進行的工作。我們繼續致力於採取不同的措施來提高我們供應鏈的競爭力，特別是貝爾法斯特的加入。他們在機翼和機身上引入了許多新的 A220 工作，我們已經能夠利用我們的全球供應鏈來推動該領域的改進和競爭力。因此，當我們回顧過去時，所有這些因素的結合推動了效能的提升。這些正在抵消一些不利因素。

So for example, the headwinds are going to be that widebody production is going to be at a much lower rate for the next few years than it was before. 777, if you go back to 2016, it was at 8, but even as recently as 2019, it was about 5 aircraft per month. 787 was at 14 aircraft per month, it's going to be 5 going forward. A350 was at 10, it's going to be at about 5 or 6, as you heard (inaudible) say in his earnings call last week. So we have to offset those headwinds. And the initiatives that I described are helping us to offset those headwinds and still get back to the 16.5% margins that we had back in 2016.

例如，不利因素是未來幾年寬體機的產量將比以前低得多。 777，如果你回到 2016 年，它是 8 架，但即使在最近的 2019 年，每月大約有 5 架飛機。 787 每月有 14 架飛機，未來將達到 5 架。正如您在上週的財報電話會議上聽到（聽不清）所說，A350 的價格為 10，未來將達到 5 或 6 左右。因此，我們必須抵消這些不利因素。我所描述的舉措正在幫助我們抵消這些不利因素，並且仍然恢復到 2016 年 16.5% 的利潤率。

The next question comes from Robert Stallard from Vertical Research.

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

Just a couple from me. First of all, there were some press reports earlier this week that reckoned that half of your workforce is not vaccinated in Wichita. I was wondering if you could comment whether that's even vaguely accurate. But perhaps more broadly, what you're trying to do to mitigate this risk over the next few months. And there was also a few weeks ago, this report about an Italian sub-supplier who seem to have slipped through the quality net. I was wondering if there have been any implications from this?

只是我的一對。首先，本週稍早有一些媒體報導，威奇託有一半的員工沒有接種疫苗。我想知道你是否可以評論一下這是否是模糊準確的。但也許更廣泛地說，您在接下來的幾個月裡試圖採取哪些措施來減輕這種風險。幾週前，還有一份關於義大利分供應商的報道，該供應商似乎已經漏掉了品質網。我想知道這是否有任何影響？

Great. Okay. So with regard to vaccinations, we were at 54% a few weeks ago. But as a result of a lot of the communication and working with our union and our employees, that number is substantially higher now. And it includes people who have also applied for religious and medical exemptions. But we expect that we will be much higher even before we get to the December 8 deadline. And as I mentioned, we have a number of things that we can do to mitigate that.

偉大的。好的。因此，就疫苗接種而言，幾週前我們的比例為 54%。但由於與我們的工會和員工進行了大量的溝通和合作，現在這個數字要高得多。其中包括也申請了宗教和醫療豁免的人。但我們預計，即使在 12 月 8 日截止日期之前，我們的價格也會更高。正如我所提到的，我們可以採取許多措施來緩解這種情況。

First of all, we have a lot of recall employees that we can recall in Wichita, we laid off 5,200. We've recalled 1,200 of those already, but we still have at least 3,000 or so on our recall list. We've been in contact with them, and the vaccination rates are quite high with them. So that's one source of employees that we can bring back. We've also opened up some new requisitions for new hires, and we've looked at contract agencies as well. So we don't expect a major issue in terms of disruption.

首先，我們在威奇託有很多召回員工，我們解雇了 5,200 名員工。我們已經召回了其中 1,200 件，但我們的召回名單上至少還有 3,000 件左右。我們和他們有過接觸，他們的疫苗接種率相當高。所以這是我們可以帶回來的員工來源之一。我們也為新員工提出了一些新的申請，並且我們也研究了合約代理機構。因此，我們預計不會有重大中斷問題。

The vaccination rates are increasing. Our employees are getting on board with either getting vaccinated or applying for an exemption. And we expect that we will be in very good shape when we get to December 8.

疫苗接種率正在增加。我們的員工正在積極接種疫苗或申請豁免。我們預計到 12 月 8 日時我們將處於良好狀態。

Now with regard to the Italian sub-supplier, this was a processing house. Spirit does not buy anything directly from that particular supplier. It's called MPS. It's located in Italy. We did have some of our sub-suppliers who did some processing work in that facility, but we were able to quarantine those parts, analyze and assess them in conjunction with Boeing, and disposed of them in the appropriate way after that. So there really is no ongoing issue with regard to that supplier in Spirit.

對於義大利分供應商來說，這是一家加工廠。 Spirit 不會直接向該特定供應商購買任何東西。這就是所謂的MPS。它位於義大利。我們確實有一些次級供應商在工廠進行了一些加工工作，但我們能夠隔離這些零件，與波音公司一起分析和評估它們，然後以適當的方式處置它們。因此，Spirit 的供應商確實不存在持續存在的問題。

Our next question comes from George Shapiro from Shapiro Research.

我們的下一個問題來自夏皮羅研究中心的喬治‧夏皮羅。

Mark, I just wanted to follow up. I thought in the second quarter, you had said cash flow in '22 would be positive, excluding the Boeing payment. Now you're saying breakeven. Is the difference related to lower 787 build next year? If you could just give some explanation on what caused the change.

馬克，我只是想跟進。我認為在第二季度，您曾說過 22 年的現金流將為正，不包括波音付款。現在你說的是收支平衡。這種差異是否與明年 787 的建造量降低有關？如果您能對造成這種變化的原因做出一些解釋。

Yes, George, I would say that fundamentally, there's not a significant change from what we communicated in the second quarter and where we are now. We have definitely a line of sight based on where we -- where the production rates are unfolding at this point in time. There is no significant change in our assumptions as it relates to free cash flow next year.

是的，喬治，我想說的是，從根本上來說，我們在第二季度溝通的內容和現在的情況沒有重大變化。我們肯定有一個基於我們此時此刻的生產力發展的視線。我們的假設沒有重大變化，因為它與明年的自由現金流有關。

As Tom indicated, when we talk about excluding the onetime repayment back to Boeing, from an operational execution standpoint, we continue to drive to breakeven to -- and focusing on doing better than that, getting positive. We definitely see a line of sight in the back half of next year, third and fourth quarter being cash flow positive based on those production rates. But at this point in time, we're not going too deep into guidance for 2022. We'll be able to disclose more specifically revenue and CapEx and cash flow targets next year when we talk in early January. But I would say, fundamentally, there are some deliveries moving around a little bit. We'll have to go factor all that in. But I would say our viewpoint on cash in 2022 right now isn't dramatically different than what we communicated in the second quarter.

正如湯姆指出的那樣，當我們談論排除向波音公司一次性還款時，從營運執行的角度來看，我們將繼續努力實現盈虧平衡，並專注於做得更好，變得積極。基於這些生產力，我們肯定會看到明年下半年、第三季和第四季的現金流量為正。但目前，我們不會太深入地討論 2022 年的指導。明年 1 月初我們討論時，我們將能夠更具體地披露收入、資本支出和現金流目標。但我想說，從根本上來說，有些交付略有變動。我們必須考慮所有這些因素。但我想說，我們現在對 2022 年現金的看法與我們在第二季度傳達的觀點沒有太大不同。

George, I apologize if I gave the impression that we were trying to somehow change something, even subtly. It was just terminology. When we say we'll be cash flow positive next year, better than breakeven, that's all we were saying. So nothing has changed in our outlook. And as Mark said, we're not giving guidance yet. We will do that next year. But I didn't mean to give an impression that anything had changed. It was just terminology that I used.

喬治，如果我給人的印像是我們試圖以某種方式改變某些事情，即使是微妙的改變，我很抱歉。這只是術語。當我們說明年我們的現金流將是正數時，比損益平衡更好，這就是我們所說的。所以我們的看法沒有任何改變。正如馬克所說，我們還沒有提供指導。明年我們將這樣做。但我並不是故意要給人留下任何事情都改變了的印象。這只是我使用的術語。

Okay. And then one quick one for you. Tom, you had mentioned that you'd have headwinds because of the widebody production rates being lower. But in reality, I thought that would be a tailwind because you're really not making any money on the 87 or the 350, maybe you make a little bit yet on the 777. So if you could just comment on that.

好的。然後為您快速提供一份。湯姆，您曾提到，由於寬體飛機生產率較低，您會遇到阻力。但實際上，我認為這將是一個順風車，因為你真的沒有在 87 或 350 上賺到任何錢，也許你在 777 上賺了一點錢。所以如果你能對此發表評論的話。

That's exactly it. 787 and A350, as you know, are both in forward loss situations. So less production on that would help. It's really the 777 and the fact that that's lower is the headwind.

就是這樣。如您所知，787 和 A350 都處於前向損失的情況。因此減少生產會有所幫助。這確實是 777，但事實是它的阻力更低。

Yes, George, and I would just -- final comment on that is you're right, if we deliver less -- if we're in a situation we have a forward loss, that means delivering less will help on the cash flow. But also if we produce less, that has a negative impact on overhead absorption. And so there is a pro and a con. A benefit on the cash flow side, but it puts a little bit of pressure on overhead and so -- on balance, if we deliver less forward loss units, it's good on the cash flow side. but there is a little bit of a drag from a production standpoint because of -- if we're producing less than what we were producing before.

是的，喬治，我只是 - 最後的評論是，你是對的，如果我們交付較少 - 如果我們處於遠期損失的情況，這意味著交付較少將有助於現金流。但如果我們產量減少，也會對間接費用的吸收產生負面影響。所以有利有弊。在現金流方面有好處，但它會給管理費用帶來一點壓力，因此，總的來說，如果我們交付的遠期損失單位較少，那麼對現金流方面來說是件好事。但從生產的角度來看，會有一點阻力，因為如果我們的產量比以前少的話。

And our next question comes from Ken Herbert from RBC.

我們的下一個問題來自加拿大皇家銀行的肯·赫伯特。

I wanted to ask about the supply chain, if I could. How would you characterize the risk in your supply chain as you think about 31 on the MAX? And are you seeing anything yet in terms of either lead times or quality that you're having to address that's changing from your suppliers? And then as you think about beyond 31 after '22, where is the risk as you think about going up on the MAX? And are you having to take steps now to maybe further mitigate that, that could be incremental to what you thought you were doing?

如果可以的話，我想詢問供應鏈的情況。當您考慮 MAX 上的 31 時，您會如何描述供應鏈中的風險？您是否發現供應商在交貨時間或品質方面有任何需要解決的變更？然後，當您考慮 22 年後超過 31 時，您考慮升級 MAX 的風險在哪裡？您現在是否必須採取措施來進一步緩解這種情況，這可能是您認為正在做的事情的增量？

Well, on 31, we are quite confident that we're in line in terms of rate readiness across our supply chain. We've been working very hard with the suppliers, doing a lot of site visits and surveys and reviews of the raw material purchases, their hiring and their flow. So the good news is we, Spirit, and all of our suppliers have already been up at these levels and already at much higher levels. So the infrastructure, capital and tooling is already there. The employees were there, maybe have been furloughed, but can be recalled. And so that is going along fine.

嗯，在 31 日，我們非常有信心我們整個供應鏈的利率準備都符合要求。我們一直與供應商非常努力地合作，進行了大量的實地考察和調查，並對原材料採購、招聘和流程進行了審查。因此，好消息是，Spirit 和我們所有的供應商已經達到了這些水平，並且已經達到了更高的水平。所以基礎設施、資本和工具已經存在。那裡的員工可能已經休假，但可以被召回。一切進展順利。

The other thing is, as Mark said, last year, we took on a lot of inventory because rates were going down, we couldn't turn off the spigot fast enough. But while that was a bit of a headwind for us in terms of working capital, it really benefited our suppliers last year and gave them cash when they needed it. But this year, as we get into these new rates, we have that inventory that we can draw down. So that gives us a little bit of cushion in terms of the rate readiness. As we go beyond that, the issue is going to be making sure that people can hire the people they need as rates go up. And you've heard about some shortages of employees in certain areas around the whole country affecting many industries. But we know in Wichita, we have our recall pool that we can tap.

另一件事是，正如馬克所說，去年，我們持有大量庫存，因為利率下降，我們無法足夠快地關閉龍頭。雖然這對我們的營運資金來說有點不利，但去年它確實使我們的供應商受益，並在他們需要時為他們提供了現金。但今年，當我們採用這些新利率時，我們就有了可以提取的庫存。因此，這為我們在利率準備方面提供了一點緩衝。當我們超越這個目標時，問題將是確保人們能夠在工資上漲時僱用他們需要的人。您也聽說過全國某些地區的員工短缺影響了許多行業。但我們知道在威奇托，我們有可以利用的召回池。

The other issue is long lead time materials, especially things like forgings and castings, and those need to be placed early. We've been working with our suppliers to make sure that they do that, that they're way in advance of when these scheduled increases are going to take place. So overall, I'd say we're fairly confident and optimistic in terms of meeting the 31 and then anything that comes beyond that on the Boeing side.

另一個問題是交貨時間長的材料，尤其是鍛件和鑄件等，需要儘早放置。我們一直在與我們的供應商合作，以確保他們做到這一點，並提前完成這些計劃的增加。因此，總的來說，我想說，我們對於滿足 31 以及波音的任何其他目標都相當有信心和樂觀。

And on the Airbus side, a similar situation. We've been to the higher rates before. We've really, Airbus has talked about getting up to 65 aircraft per month on the A320 by the summer of '23. We've already been at that rate. We validated that we can produce at that right now and we're actually protected up to as high as 70.

而在空中巴士方面，也有類似的情況。我們以前經歷過更高的利率。事實上，空中巴士公司已經談到，到 23 年夏天，每月將有 65 架 A320 飛機投入使用。我們已經按照這個速度了。我們驗證了我們現在可以進行生產，並且我們實際上受到的保護高達 70。

The next question comes from Cai von Rumohr from Cowen.

下一個問題來自 Cowen 的 Cai von Rumohr。

So 787, a number of suppliers are saying they've totally shut down their production. So you've mentioned that you have a build in WIP. Just how many are you producing because you only basically delivered 5? And how do you deal with the fact that to kind of burn off your inventory, given we don't know exactly how many Boeing is going to deliver, what sort of rate profile should we look for on the 87 next year and for the fourth quarter?

787，一些供應商表示他們已經完全停止生產。所以你提到你有一個 WIP 版本。因為你基本上只交付了 5 個，所以你到底生產了多少個？ And how do you deal with the fact that to kind of burn off your inventory, given we don't know exactly how many Boeing is going to deliver, what sort of rate profile should we look for on the 87 next year and for the fourth四分之一?

Right, right. So we've taken a pause on our new production as well right now, in line with Boeing and the other suppliers. So we're not producing new ones right now. We do expect that we'll make some deliveries to Boeing before the end of the year, just in line with the current schedules. And that has nothing to do with them resuming deliveries. It's just a normal flow back and forth between Spirit and Boeing. And with regard to production next year, again, as I mentioned before, Boeing has talked about getting back to rate 5. And so that's what we are aligning with as well, is what they are giving us in terms of the schedule. So nothing new to add other than what Boeing has already communicated in terms of their schedule for next year.

是的是的。因此，與波音和其他供應商一致，我們現在也暫停了新生產。所以我們現在不會生產新的。我們確實預計我們將在今年年底前向波音公司交付一些產品，這與目前的時間表一致。這與他們恢復送貨無關。這只是精神航空和波音之間的正常來回流動。關於明年的生產，正如我之前提到的，波音已經談到要回到 5 級水平。所以這也是我們正在調整的，也是他們在時間表方面給我們的。因此，除了波音公司已經就明年的時間表傳達的內容之外，沒有什麼新的內容需要補充。

So if you actually are pausing deliveries, pausing deliveries, but -- excuse me, pausing production, but are going to ship some deliveries, I would assume that the 787 inventory hit in the third quarter would reverse somewhat in the fourth, giving an opportunity to have maybe cash flow toward the lower end of your loss projection?

因此，如果您實際上正在暫停交付，暫停交付，但是——對不起，暫停生產，但要運送一些交付的貨物，我認為第三季度 787 的庫存量會在第四季度有所逆轉，從而提供機會讓現金流接近您的損失預測的下限？

Yes, Cai, I mean that's exactly right. But again, there's a lot of moving parts on the 787 program. We do think, based on what we believe we'll deliver in the fourth quarter, there will be some level of cash relief by liquidating some of those -- some of that inventory in the fourth quarter. But again, I think everything is tied pretty tightly with Boeing and them working with the FAA and getting on with making deliveries to their airline customers. As Tom indicated, we have a schedule on deliveries that is not dependent on them making deliveries to the airlines. We've got a line of sight to that. And at this point in time, we expect to make more deliveries in the fourth quarter than we did in the third quarter. We're not going to get all that specific now. But that -- if that holds, that should provide a little bit of cash lift in the fourth quarter.

是的，蔡，我的意思是完全正確。但同樣，787 計畫中有很多變動的部分。我們確實認為，根據我們相信我們將在第四季度交付的成果，透過在第四季度清算其中一些庫存，將會在一定程度上緩解現金壓力。但我再次認為，一切都與波音公司緊密相關，他們與美國聯邦航空局合作，繼續向航空公司客戶交付飛機。正如湯姆指出的那樣，我們有一個交付時間表，該時間表不依賴他們向航空公司交付。我們已經看到了這一點。目前，我們預計第四季的交付量將超過第三季。我們現在不會說得那麼具體。但如果這種情況成立，應該會在第四季帶來一點現金成長。

Next question comes from Hunter Keay from Wolfe Research.

下一個問題來自 Wolfe Research 的 Hunter Keay。

First one, kind of a quick one. Can you elaborate on the A320 cost increases that you mentioned? What are those?

第一個，有點快。能否詳細說明您提到的A320成本增加？那些是什麼？

And then why couldn't you collect cash for the 87s that you built like you could for the MAXs? Is there something different? Even though [you were storing] the MAXs, you still collect -- you still deliver them, I thought, and collected cash. Is there something unique about that contract? Or is it this particular situation?

那麼為什麼你不能像為 MAX 那樣為你製造的 87 收取現金呢？有什麼不同嗎？即使[你正在儲存] MAX，你仍然收集 - 你仍然交付它們，我想，並收集現金。該合約有什麼獨特之處嗎？還是這個特殊情況？

Well, let me take that one first. There's no difference. When we ship a product to Boeing, they've always paid us, including on the MAX. So all the ones that are stored here in Wichita, those we've shipped to Boeing and they've paid us for those. So they're stored here in Wichita, but there -- but Boeing has already paid for them. And similar with the 787, whenever we ship a unit to Boeing, they pay for it. So no difference.

好吧，讓我先拿那個。沒有什麼差別。當我們向波音公司運送產品時，他們總是向我們付款，包括 MAX。所有這些都儲存在威奇托，我們已經運往波音公司，他們已經向我們支付了這些費用。因此，它們存放在威奇托這裡，但那裡 - 但波音公司已經支付了它們的費用。與 787 類似，每當我們向波音運送一台設備時，他們都會支付費用。所以沒有差別。

Your first question was on A320 cost increase, and I'm a little confused. What specifically?

你的第一個問題是關於A320成本增加的問題，我有點困惑。具體是什麼？

Yes. So on that, Hunter, we're seeing, specifically on the A320 program, we're seeing some pressure on freight costs, shipping costs coming out of Asia. Times on the water have extended dramatically and container costs have gone up significantly. I think we've all read about some of the supply chain challenges. And so that -- those costs have put some pressure on our margins on the A320 program. We don't think that they're long-lasting. But like many other companies across the world, we're seeing freight costs have a negative impact on our A320 program. But I think as we move into 2022, we'll see some relief from that as things start to get back to normal.

是的。因此，亨特，我們看到，特別是在 A320 項目上，我們看到貨運成本、來自亞洲的運輸成本面臨一些壓力。水上時間大幅延長，貨櫃成本大幅上升。我想我們都讀過一些關於供應鏈挑戰的內容。因此，這些成本給我們 A320 專案的利潤帶來了一些壓力。我們認為它們不會持久。但與世界各地的許多其他公司一樣，我們發現貨運成本對我們的 A320 計畫產生了負面影響。但我認為，隨著進入 2022 年，隨著事情開始恢復正常，我們會看到一些緩解。

And maybe just a little bit more clarity. I think what you were insinuating on 87 and 37 is we stored a bunch of fuselages on 737 for Boeing as they were dealing with the MAX situation. They wanted us to continue to produce, store them so that they could resume production fairly quickly. The 787 is a different situation. They have 100 units that they haven't yet delivered. And so they're not really wanting us to build more aircraft and them take on more inventory. So that causes a slowdown in production. And therefore, we don't deliver and we don't get to relieve the inventory and book the revenue and collect the cash. I think it's 2 specific -- 2 separate situations.

也許只是更清晰一點。我認為你在 87 和 37 上暗示的是，我們在波音 737 上存放了一堆機身，因為他們正在處理 MAX 的情況。他們希望我們繼續生產、儲存它們，以便他們很快就能恢復生產。 787 的情況則不同。他們還有 100 個單位尚未交付。因此，他們並不真正希望我們製造更多飛機，因此他們需要更多庫存。這會導致生產放緩。因此，我們不出貨，也無法釋放庫存、記錄收入和收取現金。我認為這是兩種具體的情況──兩種不同的情況。

Next question comes from Kristine Liwag from Morgan Stanley.

下一個問題來自摩根士丹利的克里斯汀·利瓦格。

Tom, with the new -- the 3 new segments, aside from reporting, can you discuss what this means for changes to underlying operations and organizational alignment? And ultimately with...

湯姆，除了報告之外，還有 3 個新的細分市場，您能否討論一下這對於基礎營運和組織協調的變化意味著什麼？最終與...

Kristine, I'm sorry, could you repeat that? I didn't get the first part of the question.

克里斯汀，對不起，你能再說一次嗎？我沒聽懂問題的第一部分。

Oh, sure. With the 3 new segments, aside from reporting, can you discuss what this means for underlying operations and organizational alignment? And will this change in reporting result in restructuring expenses later on?

哦沒問題。除了報告之外，您能否討論這 3 個新細分市場對基礎營運和組織協調意味著什麼？報告的這項變更是否會導致以後的重組費用？

Right. So the answer on restructuring is no. What we've done is -- in the past, we did have a defense and space group already, and we had a leader for that, a gentleman named Duane Hawkins. And so that has stayed separate and continues to report to me. Aftermarket previously reported into our Chief Operating Officer, Sam Marnick. We've pulled that out as an entire group, and it's got some additions because of Belfast and because of this new Applied Aerodynamics, but it now is a stand-alone group.

正確的。所以重組的答案是否定的。我們所做的是——過去，我們確實已經有了一個國防和太空小組，並且我們有一個領導者，一位名叫杜安·霍金斯的紳士。所以它一直保持獨立並繼續向我報告。售後市場先前向我們的營運長 Sam Marnick 進行了匯報。我們已經把它作為一個完整的小組拿出來了，而且由於貝爾法斯特和這個新的應用空氣動力學，它又增加了一些成員，但現在它是一個獨立的小組了。

And then the Commercial group, which Sam Marnick will now lead, we've combined that in terms of the Airbus group, our Boeing group, our business jet group and our eVTOL group as well as our make-buy organization, which includes all our supply chain. So that was more reorganizing the way we are structured. Now we'll drive synergies as we go forward in those different areas. But we don't expect any restructuring costs as a result of this. But we have aligned our organization to the 3 reporting segments, and we have a leader for each of those reporting segments, and that's how we'll report our revenues, profitability and cash flow as we go forward.

然後是薩姆·馬尼克現在將領導的商業集團，我們將空中巴士集團、波音集團、公務機集團和電動垂直起降集團以及我們的自製組織（包括我們所有的部門）合併起來。供應鏈。因此，這更多是對我們的結構方式進行重組。現在，我們將在這些不同領域的發展過程中發揮協同作用。但我們預期不會因此而產生任何重組成本。但我們已經將我們的組織與 3 個報告部門保持一致，並且每個報告部門都有一位領導者，這就是我們未來報告收入、獲利能力和現金流的方式。

Great. And if I could follow up in terms of suppliers. I mean so for your positive free cash flow for 2022, aside from the payment back to Boeing, what are you factoring in there for additional supplier help, right? Because of the labor issues that we're facing, inflation and even you guys are facing higher freight costs. Presumably, your suppliers are facing something similar, are you anticipating that they would need more help in 2022 in your free cash flow outlook?

偉大的。如果我可以跟進供應商方面的情況。我的意思是，對於 2022 年的正自由現金流，除了向波音公司付款之外，您還考慮了哪些因素來獲得額外的供應商幫助，對吧？由於我們面臨勞動力問題、通貨膨脹，甚至你們也面臨更高的運費。想必您的供應商也面臨類似的情況，您是否預期他們在 2022 年在自由現金流前景方面需要更多幫助？

No, we don't have anything specifically built in. We did do a lot of support during 2020 with suppliers. We provided help and assistance to over 600 suppliers that totaled over $2 billion worth of value. And a lot of that was contract extensions, which we provided so that it could be basically back to back with the contracts that we have with our OEMs. And so that's how we are thinking about 2022, is we're not providing any specific support, but all of our contracts with suppliers tend to be 5 years. And so we do have some expiries during 2022, but it's actually quite a low year of expiries. And so for the most part, our contracts are in force and will stay in force for next year and the prices are locked in.

不，我們沒有專門內置任何東西。2020 年我們確實為供應商提供了大量支援。我們為 600 多家供應商提供了幫助和協助，總價值超過 20 億美元。其中很多是我們提供的合約延期，這樣它基本上就可以與我們與原始設備製造商簽訂的合約背對背。這就是我們對 2022 年的看法，我們不提供任何具體支持，但我們與供應商的所有合約往往都是 5 年。因此，我們確實在 2022 年期間有一些到期，但實際上這是到期數量相當低的一年。因此，在大多數情況下，我們的合約已經生效，並將在明年繼續有效，並且價格已鎖定。

Next question comes from Ron Epstein from Bank of America.

下一個問題來自美國銀行的羅恩愛潑斯坦。

Tom, maybe 2 questions for you. The first one on the defense business. With the goal of trying to get to $1 billion by 2025, that seems like you need to grow that business by -- on the order of maybe $300 million, if my math is right. How do you propose to get there? I mean is that just program pickups of stuff that you already have? So will it be organic? Or are you going to do more M&A in the defense space? I mean how should we think about that?

湯姆，也許有兩個問題想問你。第一個是關於國防業務的。目標是到 2025 年達到 10 億美元，如果我的計算正確的話，您的業務似乎需要增長約 3 億美元。您打算如何到達那裡？我的意思是，這只是你已經擁有的東西的程式拾取嗎？那麼它會是有機的嗎？或者您打算在國防領域進行更多併購？我的意思是我們應該如何考慮這個問題？

Well, first of all, yes, the growth that we're anticipating to get to the $1 billion by 2025 is organic. So it's -- the current programs we're on, as they achieve their program of record, we will grow to that level. And this includes some new programs that we've won that are classified. But it's all organic. It's things that we have already won and that they just carry out. And it doesn't include programs that we are on, but are competing. So for example, the V-280, which is the -- with Bell and that is for the FLRAA program, the future long-range assault aircraft. So we haven't anticipated or put that into our outlook. If we did win that, that would be in addition and incremental to what we're looking at. But everything else is just organic based on the programs of records of the programs that we have won.

首先，我們預計到 2025 年將實現有機成長，達到 10 億美元。所以，我們目前正在進行的計劃，當他們實現他們的記錄計劃時，我們將成長到那個水平。這包括我們贏得的一些保密的新項目。但這都是有機的。這是我們已經贏得的事情，他們只是在執行。它不包括我們正在參與但正在競爭的項目。舉例來說，V-280 是貝爾公司為 FLRAA 專案設計的未來遠端攻擊機。所以我們沒有預料到這一點，也沒有將其納入我們的展望中。如果我們確實贏得了比賽，那將是我們所關注的內容的補充和增量。但其他一切都是基於我們贏得的節目記錄的有機的。

Yes, Ron, just some color on that, and we'll talk more about the sense in our future earnings. But back in 2016, we -- on the defense side, specifically, we had 3 programs with $1 million or more in annual revenue. And currently, we have in excess of 21 programs that generate more than $1 million on the program level. So as you -- those are just some quick facts. I mean we didn't -- based on our previous product-driven segment, we have been doing a lot to grow on the defense side. Over the last couple of years, we continue to grow somewhere between 10% and 20% per year, and that is organic wins. The acquisition of FMI has opened a lot of doors. Tom and -- Tom has talked about the teaming agreement we have with Lockheed. We're doing a lot of really good stuff on the defense side. Our defense team has done a great job of winning new platforms. Tom talked about the 5 areas that we're growing on the defense side. But that $1 billion is going to come through. It's based on the programs that we have. We've got a few in the hopper, a few that could really make a bigger difference, the one that Tom just mentioned.

是的，羅恩，只是對此進行一些說明，我們將更多地討論對我們未來收益的意義。但早在 2016 年，我們——具體來說，在國防方面，我們有 3 個年收入達到或超過 100 萬美元的項目。目前，我們有超過 21 個項目在專案層面上產生了超過 100 萬美元的收入。對您來說，這些只是一些簡單的事實。我的意思是我們沒有——基於我們之前的產品驅動細分市場，我們一直在做很多事情來在防禦方面實現成長。在過去的幾年裡，我們每年繼續以 10% 到 20% 的速度成長，這就是有機勝利。收購 FMI 打開了許多大門。湯姆和—湯姆談到了我們與洛克希德公司簽訂的合作協議。我們在防守方面做了很多非常好的事情。我們的防守團隊在贏得新平台方面做得非常出色。湯姆談到了我們在防守方面正在發展的 5 個領域。但這 10 億美元將會實現。它是基於我們現有的計劃。我們已經準備了一些，其中一些確實可以產生更大的影響，就是湯姆剛才提到的。

But we're really excited about Defense & Space, and we continue to add programs. Our team has done a great job. We've got a great relationship with the defense primes. And I think we'll continue -- on future earnings calls, we'll be sharing a lot of successes with you as we win more work. Unfortunately, sometimes it's classified or top secret, we can't get into those details. But we're really pleased with where defense is and where we where we see those top line revenues going over the next couple of years.

但我們對國防與航太感到非常興奮，並且我們繼續增加專案。我們的團隊做得很好。我們與防禦素人有著良好的關係。我認為我們會繼續下去——在未來的財報電話會議上，隨著我們贏得更多工作，我們將與您分享許多成功的經驗。不幸的是，有時它是機密或絕密，我們無法了解這些細節。但我們對國防業務的現狀以及未來幾年的收入成長感到非常滿意。

Got you. Got you. And then maybe a related question. So your -- one of your biggest customers, if not your biggest customer, has caused all kinds of issues for you guys, right? I mean 73 problems, 78 problems, where do you see yourself? I mean, this is big picture, 5 years, 10 years down the road, are you going to be so beholden to them, right? Because they're making your life really, really hard. So I mean, as you manage this business, I mean, what's your ultimate goal in terms of how much you're going to be kind of subject to other people's mistakes?

明白你了。明白你了。然後也許是一個相關的問題。所以你的——你最大的客戶之一，即使不是你最大的客戶，也為你們帶來了各種各樣的問題，對嗎？我的意思是73個問題，78個問題，你認為自己在哪裡？我的意思是，這是一個大局，5年、10年後，你會如此感謝他們，對吧？因為他們讓你的生活變得非常非常困難。所以我的意思是，當你管理這項業務時，你的最終目標是什麼？就你將在多大程度上受到其他人的錯誤的影響而言？

Right. Well, this is one of the things that we've said is that during the pandemic, it was very clear that our concentration made us more vulnerable. So our concentration in commercial aerospace, and original equipment, obviously, a lot of work with Boeing and with the MAX. And by the way, we think Boeing is a great customer. We love the MAX program, and we want both to grow.

正確的。嗯，我們說過的一件事是，在大流行期間，很明顯，我們的注意力集中使我們更加脆弱。因此，我們的重點是商業航空航太和原始設備，顯然，我們與波音公司和 MAX 進行了大量合作。順便說一句，我們認為波音是一個很棒的客戶。我們熱愛 MAX 計劃，並希望兩者都能成長。

But that said, we know that we need to diversify to ensure Spirit's future. And what we said is our aspiration ultimately in 10 years, if you said, where do we want to be, we'd like to be 40-40-20, 40% Commercial, 40% Defense & Space and 20% Aftermarket. And we have a long way to go to get there, that would include organic growth, it would probably have to include some inorganic growth as well. But that's the aspiration is that we'll be a much more diversified design and manufacturing champion in the aerospace industry.

但話雖如此，我們知道我們需要多元化才能確保精神的未來。我們所說的是我們 10 年後的最終願望，如果你說，我們想要成為什麼，我們希望成為 40-40-20，40% 商業，40% 國防和航天，20% 售後市場。要實現這一目標，我們還有很長的路要走，這將包括有機成長，也可能必須包括一些無機成長。但我們的願望是成為航空航太業更加多元化的設計和製造冠軍。

Got it. Got it. Got it. May I ask one more? Is that okay?

知道了。知道了。知道了。我可以再問一個嗎？可以嗎？

Sure.

當然。

So previous management teams, I don't want to paint you with kind of that color but, have tried to diversify and it hasn't really worked well. So as you go down this diversification path, I mean, how can we feel better as outsiders looking in that you won't fall in the same traps that happened in the past?

所以以前的管理團隊，我不想給你描繪那種顏色，但是，已經嘗試過多元化，但效果並不好。因此，當你走上這條多元化道路時，我的意思是，作為局外人，我們怎麼能感覺更好，以免陷入過去發生的同樣的陷阱？

Right. Well, the diversification sometimes worked, sometimes didn't, but all of it helped build the foundation and the base, and we learn from every single situation. And I would say that's really the key, is we did learn. I mean we can look back and say, where did things work, where did they not work and what was key to that. One of that is learning how to program management different programs with different customers and understanding the dynamics of how those work. We've got a lot more experience for how to do that. We know how to set up contracts and we know how to execute programs so that we don't fall into some of those same issues that happened before. So that's one thing.

正確的。嗯，多元化有時有效，有時無效，但所有這些都有助於奠定基礎，我們從每種情況中學習。我想說這確實是關鍵，我們確實學到了。我的意思是，我們可以回顧並說，哪些事情有效，哪些地方無效，以及其中的關鍵是什麼。其中之一是學習如何對不同客戶的不同專案進行程式管理，並了解這些專案如何運作的動態。對於如何做到這一點，我們有更多的經驗。我們知道如何建立合同，我們知道如何執行計劃，這樣我們就不會陷入以前發生過的一些相同問題。所以這是一回事。

The other is just having more diversified opportunities in front of us. Mark talked about some of the new defense programs that we've won and it's a lot more broad-based. We've also been able to acquire and bring in some new talent. For example, FMI, which we bought at the beginning of 2020 is based in Maine, but there are some worldwide experts there in terms of high-temperature materials. And so we've really strengthened the team.

另一個是我們面前有更多元化的機會。馬克談到了我們贏得的一些新的國防計劃，這些計劃的基礎更加廣泛。我們也能夠獲得並引進一些新人才。例如我們2020年初買的FMI，總部在緬因州，但那裡有一些世界高溫材料的專家。所以我們確實增強了團隊實力。

And I would say the same is true in aftermarket. The group that we picked up from Bombardier in Belfast and in Dallas in aftermarket are really experts that are helping accelerate the growth. And then on top of that, we've done this new bolt-on acquisition with Applied Aerodynamics that again has brought in new talent. So that's another factor, I think, that will help us as we go forward is that we've brought in a lot of new talent and expertise that are really very strong in these new growth areas that we're focusing on, Defense & Space and Aftermarket.

我想說售後市場也是如此。我們從龐巴迪貝爾法斯特和達拉斯售後市場聘請的團隊確實是幫助加速成長的專家。除此之外，我們也對 Applied Aerodynamics 進行了新的補強收購，這再次帶來了新的人才。我認為，這將有助於我們前進的另一個因素是，我們引進了許多新的人才和專業知識，這些人才和專業知識在我們重點關注的國防和航太等新增長領域非常強大。和售後市場。

I would also say this, Ron, when we think about new work, we're going to be very focused on the right kind of new work. I talked a lot about defense. A lot of the new defense platforms that we're on are cost-plus type arrangements. We have big focus on aftermarket. We've talked about the fact that these are 20-plus percent margins accretive. So when you think about growing and diversifying, there's areas that we grew or tried to diversify in the past. What our focus may be is quite a bit different as we think about diversification now compared to where are we before. And that different focus, I think, will lead to being on programs that drive more consistent earnings and cash from the big investments that we've made on some of the big, brand new commercial development programs that take forever to generate positive cash flow. And that just kind of added color on top of what Tom talked about. I think we are a much more mature company. But it's something that we think about and talk about quite a bit and are very, very focused on as we grow and diversify that it's meaningful from an earnings and a cash flow standpoint.

我還要說，羅恩，當我們考慮新工作時，我們將非常專注於正確類型的新工作。我談了很多關於防守的事情。我們使用的許多新防禦平台都是成本加成型安排。我們非常關注售後市場。我們已經討論過這樣一個事實，即這些利潤可增加 20% 以上。因此，當您考慮成長和多元化時，我們過去在某些領域進行了成長或嘗試多元化。當我們現在考慮多元化時，與以前相比，我們的重點可能有很大不同。我認為，這種不同的關注點將導致我們開展一些項目，從我們對一些大型、全新的商業開發項目進行的大規模投資中獲得更穩定的收益和現金，這些項目需要永遠產生正現金流。這只是為湯姆所說的內容增添了色彩。我認為我們是一家更成熟的公司。但隨著我們的成長和多元化，我們經常思考和談論這一點，並且非常非常關注這一點，從盈利和現金流的角度來看，這是有意義的。

And the next question comes from Noah Poponak from Goldman Sachs.

下一個問題來自高盛的諾亞·波波納克。

Tom, you mentioned being optimistic and constructive on getting to 31 a month and then higher on the MAX, and you specified confidence in rate readiness of your supply chain in that conversation. Boeing on their earnings call, seem to be suggesting seeing supply chain challenges beyond 31 a month. And I wondered, in your view, was that incremental and specific? Or was that just, broadly speaking, there are supply chain challenges, and we'll keep an eye on them because your message seems a little different there? And then how does that all roll up into a realistic reasonable range of MAX volumes for you next year when we consider their rate inventory, your rate inventory and then these other items?

湯姆，您提到對達到每月 31 次以及更高的 MAX 持樂觀和建設性的態度，並且您在那次談話中明確指出了對供應鏈準備情況的信心。波音公司在財報電話會議上似乎暗示供應鏈挑戰每月將超過 31 起。我想知道，在您看來，這是漸進的、具體的嗎？還是說，從廣義上講，存在供應鏈挑戰，我們會密切關注這些挑戰，因為您的資訊似乎有些不同？那麼，當我們考慮他們的費率庫存、您的費率庫存以及其他項目時，如何將所有這些匯總到明年為您提供的實際合理的最大數量範圍內？

Great. So I would say I wasn't trying to be different necessarily than Boeing. I would only highlight that their supply chain is a lot more complex than ours. In other words, our supply chain, [as we look] is aerostructures. They're dealing with many other different types of suppliers. So they may be seeing things that we don't see. When I look at our supply chain in terms of aerostructures, there's always challenges, but we see our suppliers being prepared, rate-ready and taking the necessary actions so that we can meet the rate requirements that we have for next year. So that could be the difference is they're looking at a much broader set of suppliers in complex parts of the aircraft.

偉大的。所以我想說我並不是想跟波音不一樣。我只想強調他們的供應鏈比我們的複雜得多。換句話說，我們的供應鏈（正如我們所看到的）是航空結構。他們正在與許多其他不同類型的供應商打交道。所以他們可能看到了我們看不到的東西。當我從航空結構的角度審視我們的供應鏈時，總是存在挑戰，但我們看到我們的供應商已做好準備、做好價格準備並採取必要的行動，以便我們能夠滿足明年的價格要求。因此，不同之處可能在於他們正在尋找更廣泛的飛機複雜部件供應商。

With regard to MAX volumes for next year, we haven't provided guidance on that yet. We've just indicated -- what Boeing has said publicly is they're going to get to 31 aircraft per month in the early part of next year. And we're going to lag them to burn off the buffer that we had built up. So the buffer right now is at about 110 units. It will be at 100 by the end of the year, and we expect it will be 20 by the time we get to fourth quarter of next year. And so we'll burn that off and make sure that we are meeting the rate requirements that Boeing has. And as they become more public and clear in terms of what the rates will be on 737 for next year, we will be as well.

關於明年的最大銷量，我們尚未提供相關指導。我們剛剛表示，波音公司公開表示，他們將在明年初每月生產 31 架飛機。我們將落後於他們，燒掉我們建立的緩衝區。所以現在的緩衝區大約是 110 個單位。到今年年底，這個數字將達到 100，我們預計到明年第四季度，這個數字將達到 20。因此，我們將把它燒掉，並確保我們滿足波音公司的速率要求。隨著他們對明年 737 的票價變得更加公開和明確，我們也會如此。

If I could just quickly follow up. Are you aware of any specific bottlenecks that the large commercial aerospace original equipment narrow-body market is looking at because while I recognize that their supply chain is broader than yours, if that affects their rate, it affects you and you have to manage to that.

如果我能快速跟進就好了。您是否知道大型商業航空航太原始設備窄體市場正在考慮的任何具體瓶頸，因為雖然我認識到他們的供應鏈比您的更廣泛，但如果這影響了他們的速度，它也會影響您，您必須設法解決這個問題。

Right. I'm not aware of any specific bottlenecks. We do obviously talk to all of our colleagues in the industry and we watch it because you're absolutely right. Aircraft are complex and even one part could hold up delivery. So if any part of the supply chain holds up delivery, it would impact Boeing and therefore could have an impact on us. But I'm not aware of any major bottlenecks that would impact the 31 aircraft per month next year.

正確的。我不知道有什麼具體的瓶頸。顯然，我們確實與業內所有同事進行了交談，並且我們會關注它，因為您是絕對正確的。飛機非常複雜，即使是其中一個部件也可能會延誤交付。因此，如果供應鏈的任何部分阻礙交付，都會影響波音公司，這可能會對我們產生影響。但我不知道有任何重大瓶頸會影響明年每月 31 架的飛機數量。

And we have time for one more question. And the final question comes from Michael Ciarmoli from Truist Securities.

我們還有時間再問一個問題。最後一個問題來自 Truist Securities 的 Michael Ciarmoli。

Maybe just two quick ones, Mark. Excess capacity costs picked up. What's sort of the trajectory there? I know originally, you wanted to cut it by 30%, obviously, it changes with the 787. How should we think about those costs into '22? And then any more detail you can provide on the A350 charge, given the schedule change there? How should we be thinking about $350 million going forward?

也許只是兩個快速的，馬克。產能過剩成本回升。那裡的軌跡是什麼樣的？我知道最初，你想削減 30%，顯然，787 改變了。我們應該如何考慮 22 世紀的這些成本？鑑於航班時刻表發生變化，您能否提供有關 A350 費用的更多詳細資訊？我們該如何考慮 3.5 億美元的未來？

Thanks, Michael. On the excess capacity costs in 2020, we recognized or recorded roughly $280 million worth of those costs, mainly on the -- 737, A220 and a bit on the A320. We saw a little bit of a tick up here in the third quarter. That was mainly due to the fact that we hadn't yet broke the higher rate on 737. We were hiring, staffing up a bit and producing at a higher rate but not delivering has a negative impact on the overall excess costs. I think you'll see another nice dip down in the fourth quarter. And as we move into 2022 -- or let me step back, we're still figuring 25% to 30% reduction this year compared to 2020 on total excess costs. And with the rates that we're looking at next year, we should see another significant drop. And I would tell you, well in excess of 25% next year as the production rates go back up.

謝謝，麥可。關於 2020 年的產能過剩成本，我們確認或記錄了價值約 2.8 億美元的成本，主要是 737、A220，還有一點是 A320。我們在第三季看到了一點點的成長。這主要是因為我們還沒有打破 737 的更高比率。我們正在招募、增加一些人員並以更高的比率生產，但不交付會對整體超額成本產生負面影響。我認為你會在第四季度看到另一個不錯的下滑。當我們進入 2022 年時——或者讓我退一步來說，我們仍然預計今年的總超額成本將比 2020 年減少 25% 到 30%。根據我們明年的利率來看，我們應該會看到再次大幅下降。我會告訴你，隨著生產力的回升，明年將遠遠超過 25%。

So I think we're making really good progress. Deliveries are going to be the main driver of our ability to reduce the overall excess costs. We've got a large site. We see good projections on the 37 and the A320 that will be helpful as well as the A220 wing is going up in rate again next year based on all the information we got from Airbus. And so all of that is going to help lead to lower excess costs next year, and that will help not only profitability, but cash as well.

所以我認為我們正在取得非常好的進展。交付將成為我們降低整體超額成本能​​力的主要驅動力。我們有一個很大的網站。我們看到對 37 和 A320 的良好預測將有所幫助，並且根據我們從空中巴士獲得的所有信息，明年 A220 機翼的價格將再次上漲。因此，所有這些都將有助於降低明年的超額成本，這不僅有助於獲利，也有助於現金。

And then the A350, it really was based on schedule changes, the forward loss in this quarter. And that program is stabilizing. It's actually producing operationally, probably the best it has in its entire history for Spirit. So we're very pleased with that going forward. This issue was really just schedule-related. And obviously, that should start to turn around as air traffic recovers.

然後是 A350，它確實是基於時間表的變化，本季的遠期損失。該計劃正在穩定下來。實際上，它正在運作中，這可能是精神號整個歷史上最好的。所以我們對未來的進展感到非常滿意。這個問題實際上只是與日程有關。顯然，隨著空中交通的恢復，這種情況應該會開始好轉。

This concludes today's call. Thank you so much for joining. You may now disconnect your lines, and have a great rest of your day.

今天的電話會議到此結束。非常感謝您的加入。現在您可以斷開線路，好好休息一天了。