Spirit AeroSystems Holdings Inc (SPR) 2021 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Spirit AeroSystems Holdings, Inc.'s First Quarter 2021 Earnings Conference Call.

女士們先生們，早上好，歡迎來到 Spirit AeroSystems Holdings, Inc. 的 2021 年第一季度收益電話會議。

My name is Jamie, and I'll be your coordinator today.

我叫 Jamie，今天我是你們的協調員。

(Operator Instructions) Please also note, today's event is being recorded.

（操作員說明）另請注意，今天的活動正在錄製中。

At this time, I'd like to turn the presentation over to Aaron Hunt, Director of Investor Relations.

現在，我想將演示文稿轉交給投資者關係總監 Aaron Hunt。

Sir, please go ahead.

先生，請繼續。

Thank you, Jamie, and good morning, everyone.

謝謝杰米，大家早上好。

Welcome to Spirit's First Quarter 2021 Earnings Call.

歡迎來到 Spirit 的 2021 年第一季度財報電話會議。

I'm Aaron Hunt, Director of Investor Relations.

我是投資者關係總監 Aaron Hunt。

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 and Chief Operating Officer, Sam Marnick.

今天和我在一起的還有 Spirit 的總裁兼首席執行官 Tom Gentile； Spirit 的高級副總裁兼首席財務官 Mark Suchinski； Spirit 的執行副總裁兼首席運營官 Sam Marnick。

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

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

Before we begin, I need to remind you that any projections or goals we may include in our discussion today are likely to involve risks, which are detailed in our earnings release, in our SEC filings and the forward-looking statement at the end of this web presentation.

在我們開始之前，我需要提醒您，我們今天討論中可能包含的任何預測或目標都可能涉及風險，這些風險在我們的收益發布、我們的 SEC 文件和本文末尾的前瞻性聲明中有詳細說明網絡演示。

In addition, we refer you to our earnings release and presentation for disclosures and reconciliation of non-GAAP measures we use when discussing our results.

此外，我們建議您參閱我們的收益發布和演示文稿，以了解我們在討論結果時使用的非 GAAP 措施的披露和對賬。

And as a reminder, you can follow today's broadcast and slide presentation on our website at investor.spiritaero.com.

提醒一下，您可以在我們的網站 investor.spiritaero.com 上關註今天的廣播和幻燈片演示。

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

有了這個，我想把電話轉給我們的首席執行官 Tom Gentile。

Thank you, Aaron, and good morning, everyone.

謝謝你，亞倫，大家早上好。

Welcome to Spirit's first quarter results call.

歡迎來到 Spirit 的第一季度業績電話會議。

A year ago, we were contending with the unprecedented disruption and uncertainty from the continued 737 MAX grounding and COVID-19 pandemic.

一年前，我們正在應對 737 MAX 持續停飛和 COVID-19 大流行帶來的前所未有的破壞和不確定性。

Since then, the FAA lifted the 737 MAX grounding order, and shortly after that, the aircraft resumed commercial service.

此後，美國聯邦航空局解除了 737 MAX 的停飛令，不久之後，該飛機恢復了商業服務。

Today, the 737 MAX is certified in the U.S., U.K., Europe and many other parts of the world.

如今，737 MAX 已在美國、英國、歐洲和世界許多其他地區獲得認證。

Additionally, Boeing has secured several new orders from airlines, including large orders from Southwest, Alaska Air and Ryanair, who will take delivery of their first newly certified 737 MAX 8200 aircraft in the near future.

此外，波音公司還獲得了多家航空公司的新訂單，包括西南航空公司、阿拉斯加航空公司和瑞安航空公司的大筆訂單，這些航空公司將在不久的將來接收首架新認證的 737 MAX 8200 飛機。

The COVID-19 pandemic has had a significant global impact.

COVID-19 大流行對全球產生了重大影響。

The aviation industry saw more than 19,000 aircraft grounded and air traffic down more than 95% at the worst point last April.

在去年 4 月最糟糕的時候，航空業有 19,000 多架飛機停飛，空中交通量下降了 95% 以上。

Thanks to the tireless efforts of many to mitigate the severe impact of COVID-19, we believe we are now on the path to recovery.

由於許多人為減輕 COVID-19 的嚴重影響所做的不懈努力，我們相信我們現在正走在復甦的道路上。

We continue to see encouraging news on the return to commercial air travel with domestic routes, primarily flown by narrow-body aircraft leading the way.

我們繼續看到國內航線商業航空旅行恢復的令人鼓舞的消息，主要由窄體飛機引領。

In the U.S., the TSA checkpoint travel numbers have been consistently staying above the 1 million mark since early March, and more recently, we have seen many days above 1.5 million travelers, including 1.6 million travelers last Sunday.

在美國，自 3 月初以來，TSA 檢查站的旅行人數一直保持在 100 萬以上，最近，我們已經看到許多天超過 150 萬的旅客，包括上週日的 160 萬旅客。

We have observed a similar domestic recovery in China.

我們在中國觀察到類似的國內復蘇。

We believe Spirit is well positioned to benefit from this trend of recovering domestic air travel in the largest aviation markets, given that 85% of our backlog is narrow-body aircraft.

考慮到我們 85% 的積壓訂單是窄體飛機，我們認為 Spirit 處於有利地位，可以從最大航空市場恢復國內航空旅行的趨勢中受益。

In line with the improved narrow-body outlook, as we described in our 10-K, Spirit is planning to produce about 160 737 MAX aircraft in 2021.

正如我們在 10-K 中所描述的那樣，根據改進後的窄體飛機前景，Spirit 計劃在 2021 年生產約 160 737 MAX 飛機。

This plan allows for us to burn down the Boeing inventory of 737 MAX shipsets stored in Wichita and Tulsa.

該計劃允許我們燒掉存儲在威奇托和塔爾薩的波音 737 MAX 船組庫存。

With the current outlook, we should be at our targeted number of a permanent buffer to cushion the production system toward the second half of 2022.

根據目前的前景，我們應該達到永久緩衝區的目標數量，以緩衝 2022 年下半年的生產系統。

We have regular conversations with Boeing on the current environment, and we'll work closely with them to make any necessary rate adjustments as the year progresses.

我們定期與波音公司就當前環境進行對話，我們將與他們密切合作，隨著時間的推移做出任何必要的費率調整。

As for our Airbus narrow-body programs, we have plans in place to support the A220 and the A320 Airbus schedule increases as the air traffic demand recovery continues.

至於我們的空中客車窄體項目，隨著空中交通需求的持續復甦，我們已經制定了支持 A220 和 A320 空中客車航班計劃的計劃。

International air traffic demand still remains at relatively low levels versus pre-pandemic times and is expected to take longer to recover.

與大流行前相比，國際空中交通需求仍處於相對較低的水平，預計需要更長的時間才能恢復。

Consequently, we have experienced and believe there will continue to be pressure on our wide-body programs.

因此，我們經歷過並相信我們的寬體飛機計劃將繼續面臨壓力。

The wide-body programs have created significant pressure on our overall performance as the OEMs have adjusted production rates on those programs downward.

寬體計劃對我們的整體業績造成了巨大壓力，因為原始設備製造商已經下調了這些計劃的生產率。

On the A350, schedule changes this year and next year contributed to the forward loss of $29 million that we announced this quarter.

在 A350 上，今年和明年的計劃變更導致我們本季度宣布的 2900 萬美元遠期虧損。

The forward loss also included some charges for tooling and bill process improvements to improve product quality.

遠期損失還包括為提高產品質量而進行的工具和賬單流程改進的一些費用。

We decided to implement the improvements at our Kinston facility during this period of lower production rates.

我們決定在這段生產率較低的時期對我們的金斯頓工廠實施改進。

Over the last few months, we have also been working with Boeing on the 787 program.

在過去的幾個月裡，我們還與波音公司就 787 項目進行了合作。

At Boeing's request, we conducted an extensive review and engineering analysis as a result of fit-and-finish issues that they had identified on other parts of the aircraft.

應波音公司的要求，我們針對他們在飛機其他部件上發現的安裝和完成問題進行了廣泛的審查和工程分析。

While there were no safety-of-flight issues, areas of rework were identified.

雖然沒有飛行安全問題，但確定了返工領域。

We have started the rework, and Boeing has reinitiated deliveries of the 787.

我們已經開始返工，波音公司已經重新開始交付 787。

The rework plan that we have put into place supports Boeing's 787 delivery schedule.

我們實施的返工計劃支持波音 787 的交付時間表。

The engineering analysis and the projected rework will drive a forward loss of $29 million.

工程分析和預計的返工將造成 2900 萬美元的遠期損失。

Mark will provide more detail on the forward losses in his comments.

馬克將在他的評論中提供更多關於遠期損失的細節。

The uneven recovery from the pandemic created challenges during our first quarter.

從大流行中復甦的不均衡給我們的第一季度帶來了挑戰。

During 2021, we expected to see performance start to normalize as we get into the second half of the year, assuming air traffic recovery remains on track.

在 2021 年期間，我們預計隨著我們進入下半年，性能將開始正常化，前提是空中交通恢復正常。

Overall, our 2021 free cash flow usage is expected to be between $200 million and $300 million after considering the $300 million cash tax benefit.

總體而言，考慮到 3 億美元的現金稅收優惠後，我們預計 2021 年的自由現金流使用量將在 2 億美元至 3 億美元之間。

As we have previously indicated, we expect our cash flow to be positive in 2022 as production rates improve and we realize all the benefits of the cost reduction and productivity actions that we have taken.

正如我們之前所指出的那樣，我們預計 2022 年我們的現金流量將隨著生產率的提高而為正，並且我們意識到我們已採取的降低成本和提高生產力行動的所有好處。

Now I'd like to turn our focus to the integration process of our recently acquired Belfast, Casablanca and Dallas sites.

現在，我想把我們的注意力轉移到我們最近收購的貝爾法斯特、卡薩布蘭卡和達拉斯網站的整合過程上。

Our Chief Operating Officer, Sam Marnick, has joined us today, and I would like to turn the call over to her to give you a few updates on the integration process as well as progress in our aftermarket business.

我們的首席運營官 Sam Marnick 今天加入了我們，我想把電話轉給她，向您介紹一些關於整合過程的最新情況以及我們售後市場業務的進展。

Sam?

薩姆？

Thank you, Tom.

謝謝你，湯姆。

The integration of our 3 newest sites is progressing to plan.

我們 3 個最新網站的整合正在按計劃進行。

To date, we have completed roughly 80% of the 450 tasks we have identified to capture synergies and integrate the operations into Spirit.

迄今為止，我們已經完成了我們確定的 450 項任務中的大約 80%，這些任務旨在獲得協同效應並將運營整合到 Spirit 中。

Some of the remaining tasks, such as exiting the information technology transition services agreement, will take longer by plan design.

一些剩餘的任務，例如退出信息技術過渡服務協議，計劃設計將需要更長的時間。

A large part of our integration focus is capturing the synergies, which we projected to be 6% of revenues.

我們整合的很大一部分重點是獲取協同效應，我們預計協同效應佔收入的 6%。

Based on 2021 revenues that are expected to be $700 million, we estimate the synergies to be $42 million.

根據 2021 年預計為 7 億美元的收入，我們估計協同效應為 4200 萬美元。

The areas we are focusing on include A220 wing costs, supply chain, infrastructure and engineering.

我們關注的領域包括 A220 機翼成本、供應鏈、基礎設施和工程。

We are on target to achieve the $42 million and perhaps even exceed it by 2023.

我們的目標是到 2023 年達到 4200 萬美元，甚至可能超過它。

In the period beyond 2023, we are identifying additional productivity opportunities.

在 2023 年以後的時期，我們正在尋找更多提高生產力的機會。

In addition, as part of our integration, we are evaluating the Belfast pension plan and our informal consultation with the employees and the unions on this matter.

此外，作為我們整合的一部分，我們正在評估貝爾法斯特養老金計劃，並就此事與員工和工會進行非正式磋商。

The current plan is close to new participants, and we are evaluating closing the plan to future accruals and replacing it with a defined contribution benefit plan.

目前的計劃接近於新參與者，我們正在評估關閉該計劃以適應未來的應計費用，並用固定繳款福利計劃取而代之。

Another significant part of this acquisition was a strong aftermarket business.

此次收購的另一個重要部分是強大的售後市場業務。

Our Belfast and Dallas sites are now key pieces of our aftermarket revenue growth plan.

我們的貝爾法斯特和達拉斯工廠現在是我們售後市場收入增長計劃的關鍵部分。

While we've seen some COVID-related headwinds to the aftermarket business in the near term, the combined team is working to transfer repairs between sites and strengthen customer relationships as air traffic recovers.

雖然我們在短期內看到售後市場業務遇到一些與 COVID 相關的不利因素，但合併後的團隊正在努力在站點之間轉移維修，並隨著空中交通的恢復加強客戶關係。

In the first quarter, some of our activities, including moving tooling and rotables to Belfast to support Boeing programs.

在第一季度，我們的一些活動，包括將工具和可旋轉部件轉移到貝爾法斯特以支持波音項目。

Our Belfast operations have recently completed their first Boeing 777 thrust reverser repair.

我們的貝爾法斯特工廠最近完成了他們的第一架波音 777 反推力裝置維修。

To grow the aftermarket business further, we recently announced that we acquired the assets of Dallas-based Applied Aerodynamics, which provides radome and flight control surface repairs.

為了進一步發展售後市場業務，我們最近宣布收購位於達拉斯的 Applied Aerodynamics 的資產，該公司提供天線罩和飛行控制面維修服務。

We also announced the signing of a new JV agreement in Asia with EGAT in Taiwan, which enables us to provide our full suite of expanded repairs to that region.

我們還宣佈在亞洲與台灣 EGAT 簽署新的合資協議，這使我們能夠向該地區提供全套擴展維修服務。

All of these actions are contributing to our target of building the Spirit aftermarket business to $500 million in revenue at accretive margins by 2025.

所有這些行動都有助於實現我們的目標，即到 2025 年，Spirit 售後市場業務的收入將達到 5 億美元，利潤率會增加。

Now I'll turn it back over to Tom.

現在我將把它轉回給湯姆。

Thanks, Sam.

謝謝，山姆。

In addition to diversifying into aftermarket, we've also been accelerating diversification into defense programs.

除了向售後市場多元化發展外，我們還一直在加速向國防項目的多元化發展。

After growing almost 20% in 2020, we expect our defense business revenue to grow 15% in 2021.

在 2020 年增長近 20% 之後，我們預計我們的國防業務收入將在 2021 年增長 15%。

The excess commercial capacity we have in our wide-body factories, especially those that produce composite structures, provide us with immediate capacity that we can repurpose to defense programs.

我們的寬體工廠，尤其是那些生產複合結構的工廠，擁有過剩的商業產能，為我們提供了可以重新用於國防計劃的直接產能。

We have been fortunate to win positions on several new classified defense projects.

我們很幸運地贏得了幾個新的機密國防項目的職位。

We believe we are on track to achieve $1 billion of defense revenue by the mid-2020s with typical defense margins.

我們相信，到 2020 年代中期，我們有望以典型的國防利潤率實現 10 億美元的國防收入。

The programs of record for where we have work content will generate approximately $6 billion of future revenue.

我們有工作內容的記錄節目將產生大約 60 億美元的未來收入。

In addition to diversifying our business, we've also been focused on delevering to reduce the additional debt we have accumulated during this pandemic period.

除了業務多元化，我們還專注於去槓桿化，以減少我們在疫情期間積累的額外債務。

One step we took was to repay $300 million in floating rate notes in February.

我們採取的一項措施是在 2 月份償還 3 億美元的浮動利率票據。

Our next debt maturity is $300 million in 2023.

我們的下一個債務到期日是 2023 年 3 億美元。

We also have other prepayable debt that could be retired as part of our objective to repay $1 billion in the next 3 years as production rates recover and we start generating positive cash flow.

我們還有其他可提前償還的債務，作為我們在未來 3 年內隨著生產率恢復和我們開始產生正現金流而償還 10 億美元的目標的一部分。

We believe these debt-reduction actions, along with increased production rates, will help us regain our investment-grade credit rating.

我們相信，這些債務削減行動以及生產率的提高將幫助我們重新獲得投資級信用評級。

Our efforts to drive margins are also progressing well.

我們提高利潤率的努力也進展順利。

In Wichita, the new automated floor beam assembly line that we discussed in the last call is now operational.

在威奇托，我們在上次電話會議中討論的新的自動化地板梁裝配線現已投入使用。

And in our Prestwick site, we produced the first shipsets of A320 spoilers using a resin transfer molding process, and we'll ship those to Airbus in mid-May.

在我們的 Prestwick 工廠，我們使用樹脂傳遞模塑工藝生產了第一批 A320 擾流板，我們將在 5 月中旬將它們運送給空中客車公司。

Both of these narrow-body manufacturing lines will help drive the margin improvement back to our target of 16.5% as production rates recover.

隨著生產率的恢復，這兩條窄體生產線將有助於推動利潤率回升至我們 16.5% 的目標。

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

現在我會把電話轉給馬克，讓你了解我們詳細的財務結果。

Mark?

標記？

Thank you, Tom, and good morning, everyone.

謝謝你，湯姆，大家早上好。

I hope everybody is doing well and staying healthy.

我希望每個人都做得很好並保持健康。

We continue to see 2021 as a bridge year for our Spirit and commercial aviation industry.

我們繼續將 2021 年視為精神航空和商業航空業的橋樑年。

While the wide-body programs will remain a headwind for the next few years, domestic air travel in many regions of the world is trending in the right direction, which is an encouraging sign, especially for narrow-body aircraft.

雖然寬體飛機計劃在未來幾年仍將是不利因素，但世界許多地區的國內航空旅行正朝著正確的方向發展，這是一個令人鼓舞的跡象，尤其是對於窄體飛機而言。

During 2021, we have or are planning to increase production rates on our narrow-body programs in order to support our customer delivery of new aircraft.

在 2021 年期間，我們已經或正在計劃提高我們窄體項目的生產率，以支持我們的客戶交付新飛機。

We expect the first half of the year to be the most challenging to our financial results and expect to see improvement in the back half of the year as the narrow-body production rates increase.

我們預計今年上半年對我們的財務業績最具挑戰性，並預計隨著窄體機生產率的提高，下半年會有所改善。

Now let's move to our first quarter 2021 results.

現在讓我們來看看 2021 年第一季度的業績。

Please turn to Slide 3. Revenue for the quarter was $901 million, down 16% from the same quarter last year.

請翻到幻燈片 3。本季度收入為 9.01 億美元，比去年同期下降 16%。

The revenue decrease was primarily due to lower body rates, which have been under pressure due to the reduced international air traffic resulting from the continued impacts of the COVID-19 pandemic.

收入減少主要是由於較低的身體費率，由於 COVID-19 大流行的持續影響導致國際空中交通量減少，身體費率一直面臨壓力。

In addition, our A320 production rate was lower in the first quarter of this year compared to last year.

此外，我們今年第一季度的 A320 生產率低於去年。

Revenue from our recently acquired Bombardier business jet programs and the A220 wing program helped offset some of the wide-body revenue decrease.

我們最近收購的龐巴迪公務機項目和 A220 機翼項目的收入幫助抵消了寬體機收入的部分下降。

Our defense programs continue to be a bright spot, up 41% as compared to the same quarter of last year.

我們的國防計劃仍然是一個亮點，與去年同期相比增長了 41%。

Turning to deliveries.

轉向交付。

Wide-body program deliveries were 48, down from 91 in the first quarter of 2020, which is a 47% reduction.

寬體飛機交付量為 48 架，低於 2020 年第一季度的 91 架，降幅為 47%。

The narrow-body program deliveries in the first quarter of 2021 were also lower when compared to 2020, with 171 shipsets in the first quarter of 2021 compared to 221 in 2020.

與 2020 年相比，2021 年第一季度的窄體項目交付量也有所下降，2021 年第一季度為 171 艘，而 2020 年為 221 艘。

The main driver of the decrease was the A320 program with 58 less deliveries than the first quarter of 2020.

減少的主要原因是 A320 項目交付量比 2020 年第一季度減少了 58 架。

The first quarter 737 MAX deliveries have gradually increased to 29 compared to 18 shipsets delivered in the first quarter of last year.

與去年第一季度交付的 18 架相比，第一季度 737 MAX 的交付量逐漸增加到 29 架。

Overall, deliveries decreased to 269 shipsets compared to 324 shipsets in the same quarter of last year.

總體而言，交付量從去年同期的 324 艘下降至 269 艘。

Let's now turn to earnings per share on Slide 4. We reported earnings per share of negative $1.65 compared to negative $1.57 per share in the same period of 2020.

現在讓我們轉到幻燈片 4 的每股收益。我們報告的每股收益為負 1.65 美元，而 2020 年同期為負 1.57 美元。

Adjusted EPS was negative $1.22 per share compared to negative EPS of $0.79 in the first quarter of 2020.

調整後每股收益為負 1.22 美元，而 2020 年第一季度每股收益為負 0.79 美元。

Adjusted EPS excludes the impacts of the acquisitions, restructuring costs, the noncash voluntary retirement plan charges and the deferred tax valuation allowance.

調整後的每股收益不包括收購、重組成本、非現金自願退休計劃費用和遞延稅估值津貼的影響。

Operating margin for the first quarter was negative 14% compared to negative 15.5% in the first quarter of 2020.

第一季度的營業利潤率為負 14%，而 2020 年第一季度為負 15.5%。

The past actions we have taken have contributed to the improved first quarter of 2021 with lower cost and expenses, including restructuring, excess capacity, abnormal COVID-19 and SG&A.

我們過去採取的行動有助於 2021 年第一季度的改善，成本和費用較低，包括重組、產能過剩、異常的 COVID-19 和 SG&A。

This was partially offset by additional forward losses on the 787 and A350 programs compared to the same period last year.

與去年同期相比，這部分被 787 和 A350 項目的額外遠期虧損所抵消。

Additionally, the increase in other income primarily reflects the absence of voluntary retirement expenses recognized in the first quarter of 2020, partially offset by a loss on foreign exchange rates.

此外，其他收入的增加主要反映了 2020 年第一季度沒有確認自願退休支出，部分被匯率損失所抵消。

Interest expense and financing fee amortization in the first quarter of 2021 increased $28 million, driven by increased interest expense on debt and higher interest rates compared to the same period in the prior year.

2021 年第一季度的利息支出和融資費用攤銷增加了 2800 萬美元，這是由於債務利息支出增加以及利率較上年同期上升所致。

In the first quarter, we recognized forward loss charges of $72 million, primarily driven by engineering analysis and rework to support Boeing's resumption of 787 deliveries and lower A350 production rates coupled with higher onetime costs for production system and quality improvements.

第一季度，我們確認了 7200 萬美元的遠期損失費用，這主要是受工程分析和返工的推動，以支持波音公司恢復 787 交付和較低的 A350 生產率，以及生產系統和質量改進的一次性成本增加。

During the first quarter of 2021, an incremental $42 million valuation allowance on deferred income tax assets was recorded.

2021 年第一季度，遞延所得稅資產增加了 4200 萬美元的估值備抵。

As a reminder, this is a noncash item.

提醒一下，這是非現金項目。

Now turning to free cash flow on Slide 5. Free cash flow for the quarter was a use of $198 million compared to a use of $362 million in the same period of 2020.

現在轉向幻燈片 5 上的自由現金流。本季度的自由現金流為 1.98 億美元，而 2020 年同期為 3.62 億美元。

This year-over-year improvement is primarily due to favorable working capital management and cost-reduction efforts, partially offset by the absence of the $215 million received last February as a result of the MOA with Boeing.

這一同比改善主要歸功於有利的營運資本管理和成本削減工作，部分被去年 2 月因與波音公司簽訂的 MOA 而收到的 2.15 億美元所抵消。

Excluding the $215 million of Boeing advance payments received in the first quarter of 2020, free cash flow improved by about $380 million.

剔除 2020 年第一季度收到的 2.15 億美元波音預付款，自由現金流增加了約 3.8 億美元。

For the year, we expect free cash flow to be between negative $200 million and $300 million.

今年，我們預計自由現金流量將在負 2 億美元至 3 億美元之間。

This includes a cash tax benefit of approximately $300 million.

這包括大約 3 億美元的現金稅收優惠。

As mentioned previously, we believe that the first half of 2021 to be our most challenging and expect improvements as we progress into the latter half of the year due to planned single-aisle production rate increases.

如前所述，我們認為 2021 年上半年將是我們最具挑戰性的一年，並且由於計劃中的單通道生產率提高，我們預計隨著我們進入下半年會有所改善。

Let's now turn to cash and debt balances on Slide 6. We ended the first quarter with approximately $1.4 billion of cash and $3.6 billion of debt.

現在讓我們看看幻燈片 6 上的現金和債務餘額。我們在第一季度結束時擁有大約 14 億美元的現金和 36 億美元的債務。

In February, we prepaid $300 million floating rate notes that were due this year.

2 月，我們預付了今年到期的 3 億美元浮動利率票據。

As Tom mentioned, we are planning to repay $1 billion in debt in the next 3 years, the timing of which will be in line with how air traffic and narrow-body production rates recover from the global pandemic.

正如湯姆提到的，我們計劃在未來 3 年內償還 10 億美元的債務，其時間安排將與空中交通和窄體飛機生產率如何從全球大流行中恢復一致。

We believe our cash on hand and cash flows generated from operations, coupled with our ability to vary our cost structure quickly, will provide sufficient liquidity to address the challenges and opportunities of the current market.

我們相信，我們的手頭現金和運營產生的現金流量，加上我們快速改變成本結構的能力，將提供足夠的流動性來應對當前市場的挑戰和機遇。

However, unevenness in the global recovery from the COVID-19 pandemic could result in fluctuations in our cash flows from period to period.

然而，全球從 COVID-19 大流行中復甦的不平衡可能導致我們的現金流量在不同時期出現波動。

Now let's turn to our segment performance on Slide 7. In the first quarter, Fuselage segment revenues were $437 million, down approximately $115 million compared to 2020, primarily due to lower production volumes on the wide-body programs, partially offset by an increase in 737 MAX, defense and the recently acquired Bombardier business jet program revenues.

現在讓我們來看看我們在幻燈片 7 上的部門表現。第一季度，機身部門的收入為 4.37 億美元，與 2020 年相比下降了約 1.15 億美元，這主要是由於寬體項目的產量下降，部分被增長所抵消737 MAX、國防和最近收購的龐巴迪公務機項目的收入。

Operating margin for the quarter was negative 14% compared to negative 16% in the same period last year.

本季度營業利潤率為負 14%，而去年同期為負 16%。

Increased 737 MAX production and higher defense revenues helped contribute to the gross profit improvement.

增加的 737 MAX 產量和更高的國防收入有助於提高毛利潤。

We also recognized lower restructuring expenses, excess capacity costs and abnormal COVID-19 charges.

我們還認識到較低的重組費用、過剩產能成本和異常的 COVID-19 費用。

The Fuselage segment recorded $2 million of favorable cumulative catch-up adjustments and $55 million of net forward losses during the quarter, primarily due to the Airbus A350 and Boeing 787 programs.

機身部門在本季度錄得 200 萬美元的有利累積追趕調整和 5500 萬美元的淨遠期虧損，這主要是由於空中客車 A350 和波音 787 計劃。

Propulsion revenue in the quarter improved to $227 million, primarily due to higher revenue from the 737 MAX program and aftermarket revenues.

本季度的推進收入增加至 2.27 億美元，這主要是由於 737 MAX 項目和售後市場收入的增加。

Operating margin for the quarter was positive 7% compared to negative 2% in the same quarter of 2020.

本季度營業利潤率為正 7%，而 2020 年同期為負 2%。

Lower restructuring expenses, excess capacity costs and abnormal COVID-19 charges were the main driver to the improvement in segment profitability.

較低的重組費用、產能過剩成本和異常的 COVID-19 費用是分部盈利能力改善的主要驅動力。

The segment recorded $6 million of unfavorable cumulative catch-up adjustments and $5 million of net forward losses.

該部門記錄了 600 萬美元的不利累計追補調整和 500 萬美元的淨遠期虧損。

Lower production volumes on the 787, A320 and A350 programs, partially offset by revenue from the recently acquired A220 wing program, were the main contributors to the reduction in wing revenue of $224 million.

787、A320 和 A350 項目的產量下降，部分被最近收購的 A220 機翼項目的收入所抵消，是導致機翼收入減少 2.24 億美元的主要原因。

Operating margin for the quarter was negative 8% compared to positive 5% in the first quarter of 2020.

本季度營業利潤率為負 8%，而 2020 年第一季度為正 5%。

The decreases in segment profitability and operating margin were primarily a result of forward losses recognized on the 787 and the A350 programs and lower margin recognized on the A320 and A220 programs due to increased excess capacity costs.

分部盈利能力和營業利潤率的下降主要是由於 787 和 A350 計劃確認的遠期虧損以及由於產能過剩成本增加導致 A320 和 A220 計劃確認的較低利潤率。

The segment recorded $13 million of net forward losses and $2 million of unfavorable cumulative catch-up adjustments.

該部門錄得 1300 萬美元的淨遠期虧損和 200 萬美元的不利累計追補調整。

The first quarter of 2021 provided to be a very challenging start to the year.

2021 年第一季度是一個非常具有挑戰性的開年。

While uncertainty around the precise trajectory of the pandemic recovery remains, we are beginning to see positive signs in domestic air traffic demand.

儘管大流行病復甦的確切軌跡仍存在不確定性，但我們開始看到國內航空交通需求出現積極跡象。

We are pleased to see the progress made over the past few months on our defense growth and aftermarket diversification efforts.

我們很高興看到過去幾個月我們在國防增長和售後市場多元化方面取得的進展。

Higher narrow-body rates in the back half of the year should create positive momentum into 2022.

今年下半年較高的窄體機運價應該會為 2022 年創造積極的勢頭。

Cash flow is a focal point this year and is a top priority for our team in our day-to-day activities.

現金流是今年的焦點，也是我們團隊日常活動的重中之重。

Our 2021 cash flow is dependent on the planned delivery of approximately 160 737 MAX shipsets.

我們 2021 年的現金流取決於計劃交付的大約 160 737 MAX 船組。

We are closely monitoring the remaining regulatory approvals needed for the 737 MAX return to service as well as the recovery from the global pandemic.

我們正在密切關注 737 MAX 恢復服務以及從全球大流行中恢復所需的剩餘監管批准。

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

有了這個，我將把它轉回給 Tom 以徵求一些結束意見。

Thanks, Mark.

謝謝，馬克。

First quarter of 2021 was challenging as we managed through the wide-body rate reductions and investments that we have made to improve quality.

2021 年第一季度充滿挑戰，因為我們通過降低寬體機費率和為提高質量而進行的投資進行了管理。

As a result, in the first quarter, we had a higher rate of cash usage than we expected.

因此，在第一季度，我們的現金使用率高於預期。

With domestic travel recovering faster in the U.S. and China, we expect that narrow-body production rates will continue to improve.

隨著美國和中國的國內旅行恢復得更快，我們預計窄體飛機的生產率將繼續提高。

Spirit will benefit from this trend since 85% of our backlog is narrow-body aircraft.

Spirit 將從這一趨勢中受益，因為我們 85% 的積壓訂單都是窄體飛機。

In 2021, we are planning to deliver about 160 737 MAX shipsets, as Mark just said, which is more than double what we delivered in 2020.

2021年，我們計劃交付約160 737 MAX船組，正如馬克剛才所說，這是我們2020年交付量的兩倍多。

We expect our free cash flow usage for the year will be between $200 million and $300 million.

我們預計我們今年的自由現金流使用量將在 2 億美元至 3 億美元之間。

We also believe that we are still on course to be cash flow positive in 2022.

我們還相信，我們仍有望在 2022 年實現正現金流。

Our diversification efforts continue with growth in our aftermarket and defense businesses.

隨著我們的售後市場和國防業務的增長，我們的多元化努力繼續進行。

The acquisition of the assets of Applied Aerodynamics and the establishment of the JV with EGAT in Taiwan will help accelerate the growth of the aftermarket business to $500 million by 2025 at accretive margins.

收購 Applied Aerodynamics 的資產以及與 EGAT 在台灣成立合資公司將有助於加速售後市場業務的增長，到 2025 年達到 5 億美元，利潤率會增加。

We believe our defense business revenue is on track to grow 15% this year after growing nearly 20% in 2020.

我們相信，繼 2020 年增長近 20% 之後，我們的國防業務收入今年有望增長 15%。

We also continue to make good progress on our efforts to delever and to continue driving toward margins of 16.5%.

我們還在努力去槓桿化和繼續推動 16.5% 的利潤率方面繼續取得良好進展。

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

這樣，我們很樂意回答您的問題。

(Operator Instructions) Our first question today comes from Carter Copeland from Melius Research.

（操作員說明）我們今天的第一個問題來自 Melius Research 的 Carter Copeland。

Just a question, Tom, just a clarification on this.

湯姆，只是一個問題，只是對此進行澄清。

On the 787 forward loss and these fit-and-finish issues, do you guys have any potential recourse there longer term?

關於 787 前鋒損失和這些裝配和完成問題，你們是否有任何潛在的長期追索權？

Or can you kind of specify, are those your fit-and-finish quality issues or are they simply schedule related to the broader problem?

或者你能具體說明一下，那些是你的裝配和完成質量問題，還是它們只是與更廣泛的問題相關的時間表？

I'm just sort of wondering if you guys don't have those specific issues, if there's any way to get recourse on that as it's a broader problem at Boeing.

我只是想知道你們是否沒有這些具體問題，是否有任何方法可以解決這個問題，因為這是波音公司的一個更廣泛的問題。

These are our issues on our section, the Section 41, which is the forward Fuselage.

這些是我們關於第 41 部分的問題，即前機身。

So at Boeing's request, we did an audit of the Section 41, all the different areas that we build, and we identified some similar fit-and-finish issues that they had identified on other sections of the aircraft.

因此，應波音公司的要求，我們對第 41 區進行了審計，我們建造的所有不同區域，我們發現了他們在飛機其他部分發現的一些類似的裝配和完成問題。

And so the rework and the forward loss related to that rework that we reported this quarter is related to us doing the rework on those units but on our section.

因此，我們本季度報告的與返工相關的返工和遠期損失與我們對這些單元進行返工有關，但與我們的部分有關。

So there's no recourse per se in that sense.

因此，從這個意義上說，本身沒有追索權。

Our next question comes from Myles Walton from UBS.

我們的下一個問題來自瑞銀集團的 Myles Walton。

I'll pick up where Carter left off.

我將從 Carter 離開的地方繼續。

On the A350, the charge you took there, I think you mentioned lower assumed production rate signals from Airbus, I'm just curious what the signal is.

在 A350 上，你在那裡收取的費用，我想你提到了空中客車公司較低的假設生產率信號，我只是好奇這個信號是什麼。

And is it about the rate or about the duration of the rates?

是關於費率還是關於費率的持續時間？

And also, can you just clarify on the $1 billion debt pay down over the next 3 years.

而且，你能否澄清一下未來 3 年 10 億美元的債務償還額。

Is that inclusive of the $300 million you just paid down?

這是否包括您剛剛支付的 3 億美元？

Or is it $1.3 billion from 2021 onward?

還是從 2021 年起 13 億美元？

All right.

好的。

Well, I'll take the first one.

好吧，我會拿第一個。

On the A350 -- about half of the forward loss on the A350, about $15 million, was related to schedule changes.

在 A350 上——大約一半的 A350 遠期損失，約 1500 萬美元，與計劃變更有關。

And just as kind of an interesting point is Airbus and even Boeing when they talk about rates, they might not change the rate, but it doesn't mean that the schedule doesn't change.

同樣有趣的一點是空客甚至波音在談論費率時，他們可能不會改變費率，但這並不意味著時間表不會改變。

And in this case, on the A350, the stated rate stayed the same, but Airbus did pull units out of the schedule, both this year and next year, 9 or 10 out of our schedule.

在這種情況下，在 A350 上，規定的費率保持不變，但空中客車確實將單位從今年和明年的計劃中撤出，從我們的計劃中撤出 9 或 10 個。

And because the program was in forward loss, even though some of those units are from next year, it caused the forward loss in this quarter.

而且由於該計劃處於遠期虧損狀態，即使其中一些單位來自明年，它也導致了本季度的遠期虧損。

And so that's just -- it's very common as the rates might not change, but because of furloughs or vacation schedules or could be any number of things, they end up producing fewer aircraft and, therefore, the production rates change.

所以這只是 - 這很常見，因為利率可能不會改變，但由於休假或假期安排或可能是任何數量的事情，他們最終會生產更少的飛機，因此生產率會發生變化。

So that's what happened on the A350.

這就是 A350 上發生的事情。

The rate didn't change, but the amount of units that Airbus is asking from us did change this year and next year.

費率沒有變化，但空中客車向我們索要的單位數量在今年和明年確實發生了變化。

And then on the I'll...

然後在我會...

Sorry, Tom, just to kind of clarify.

對不起，湯姆，只是想澄清一下。

So they're just floating blank through, but there's no change to the rate and the duration of that rate.

所以他們只是漂浮在一片空白中，但是速率和速率的持續時間沒有變化。

Is that fair?

這公平嗎？

The rate didn't change, but they just are requesting fewer aircraft from us.

費率沒有變化，但他們只是要求我們減少飛機數量。

So they might have a furlough of 2 or 3 weeks spaced in.

所以他們可能會有 2 到 3 週的休假。

So yes, it's essentially blank.

所以是的，它基本上是空白的。

That's exactly right.

這是完全正確的。

That's the way to think of it.

這就是思考它的方式。

And then on the debt question, Mark, maybe you could just quickly...

然後關於債務問題，馬克，也許你可以快點……

Yes, sure.

是的，當然。

Yes Myles, just historically, at the higher production rates, the monthly production rate was fairly consistent.

是的，邁爾斯，從歷史上看，在較高的生產率下，每月的生產率相當穩定。

With all the volatility with the pandemic and some of the airlines, you're seeing these small adjustments in the schedule that have an impact, and that's really what has been going on, on the A350.

由於大流行病和一些航空公司的所有波動，您會看到時間表中的這些小調整產生了影響，而這正是 A350 一直在發生的事情。

I think Tom explained it quite well.

我認為湯姆解釋得很好。

As it relates to the debt, the $1 billion, it starts with the $300 million that we just prepaid here in the first quarter.

由於它與債務有關，即 10 億美元，它始於我們剛剛在第一季度在這裡預付的 3 億美元。

So that means over the next, call it, 2.5 years, we've got another $700 million to go as we think about our 3-year plan to pay down $1 billion of debt.

因此，這意味著在接下來的 2.5 年裡，我們還有 7 億美元可以使用，因為我們正在考慮我們的 3 年計劃來償還 10 億美元的債務。

And our next question comes from Sheila Kahyaoglu from Jefferies.

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

Can we talk about free cash flow?

我們可以談談自由現金流嗎？

In Q1, you used $200 million.

在第一季度，您使用了 2 億美元。

Your guidance is $200 million to $300 million for the year.

你的指導是今年 2 億到 3 億美元。

You mentioned in your prepared remarks, narrow-body rates are a lot to do with it.

您在準備好的發言中提到，窄體機率與此有很大關係。

Is there a breakeven when we think about the MAX in terms of production per month?

當我們考慮每月產量的 MAX 時，是否存在盈虧平衡點？

Whether it's on the operating income side or free cash flow that helps you bridge to that free cash flow guidance?

無論是在營業收入方面還是在自由現金流方面，都可以幫助您實現自由現金流指導？

Yes, Sheila.

是的，希拉。

We've talked about this a few times on calls in the past and really, when we look at where our cost structure is today and some of the factory improvements and efficiencies that we've built into the line, we're really thinking about breakeven, and obviously, 737 is a very helpful component to that, in the high, upper 20s, low 30s on the 737 program.

我們過去曾多次在電話中討論過這個問題，實際上，當我們審視今天的成本結構以及我們在生產線中建立的一些工廠改進和效率時，我們真的在考慮收支平衡，顯然，737 是一個非常有用的組成部分，在 737 計劃的高點、上 20 點和低點 30 點。

If we can get to a rate like that, that will definitely help us on the earnings and the cash flow side of things.

如果我們能達到這樣的利率，那肯定會在收益和現金流方面幫助我們。

Your next question comes from David Strauss from Barclays.

你的下一個問題來自巴克萊銀行的 David Strauss。

So on the MAX, Tom, just wanted to kind of reconcile this.

所以在 MAX 上，Tom 只是想調和一下。

So you're saying 160.

所以你說的是 160。

So if we had perfect visibility into what Boeing was actually producing, that number would be around 220.

因此，如果我們能夠完全了解波音公司實際生產的產品，那麼這個數字將在 220 左右。

I guess that's my first question, given the burn down you're talking to.

我想這是我的第一個問題，考慮到你正在談論的燒毀。

And -- because in Q1, it doesn't look like you actually -- any of the inventory was burned down.

而且——因為在第一季度，它看起來不像你——任何庫存都被燒毀了。

It looks like they produced about 30.

看起來他們生產了大約 30 個。

And then could you also just touch on 787 and the idea that you can hold rate there, given, I think, over the course of last year, Boeing has produced some -- or you guys have produced something like 125 shipsets, while Boeing's only delivered like 50 airplanes.

然後你能不能也談談 787 以及你可以在那裡保持利率的想法，我認為，在去年的過程中，波音公司生產了一些——或者你們生產了大約 125 架飛機，而波音公司只有交付了 50 架飛機。

Right.

正確的。

So on the MAX, our plan that we have described, including the outlook for free cash flow of $200 million to $300 million, is really based on us producing 160 units this year.

因此，在 MAX 上，我們所描述的計劃，包括 2 億至 3 億美元的自由現金流前景，實際上是基於我們今年生產 160 台。

Now we said in the past, we're going to be producing over time, for the next 18 months or so, fewer units than Boeing as we burn down the inventory that's here in Wichita and in Tulsa.

現在我們過去說過，隨著時間的推移，在接下來的 18 個月左右，我們將生產比波音公司更少的單位，因為我們會消耗威奇托和塔爾薩的庫存。

So Boeing has said that their production rates are going to get up to 31 by early 2022.

因此，波音公司表示，到 2022 年初，他們的生產率將達到 31。

So we will continue to lag them and burn down the buffer.

因此，我們將繼續落後於他們並耗盡緩衝區。

And as I said in my remarks, we will get that buffer down to the target level of about 20 units in a permanent buffer that we'll use as a cushion for the production system.

正如我在發言中所說，我們將在永久緩衝區中將該緩衝區降低到大約 20 個單位的目標水平，我們將用作生產系統的緩衝。

So that way, as we go forward, we will avoid disruptions.

這樣一來，在我們前進的過程中，我們將避免中斷。

And so that's the way it lines up.

這就是它排列的方式。

But we just wanted to be clear with everybody that we're building our plan this year around a production delivery to Boeing of about 160 units, and that supports the $200 million to $300 million free cash flow.

但我們只是想向大家明確表示，我們今年的計劃是圍繞向波音公司交付約 160 台產品來製定的，這將支持 2 億至 3 億美元的自由現金流。

On the 787, you asked about the production rates.

在 787 上，您詢問了生產率。

And even though there was this engineering analysis and there's some rework, we have held to our schedule.

即使進行了工程分析並進行了一些返工，我們仍然遵守了我們的時間表。

So the schedule was to deliver 15 units in Q1, and that's what we did deliver.

所以計劃是在第一季度交付 15 個單位，這就是我們確實交付的。

And we are also holding to our schedule in Q2.

我們也堅持第二季度的時間表。

So on the new build schedule, Boeing hasn't changed that schedule, and we are still on track to meet that schedule for this quarter and the remainder of the year.

因此，在新的建造時間表上，波音公司沒有改變該時間表，我們仍有望在本季度和今年剩餘時間內完成該時間表。

Our next question comes from Seth Seifman from JPMorgan.

我們的下一個問題來自摩根大通的 Seth Seifman。

Just following up on that last one with the MAX, is your plan for 160, is that firm?

只是跟進最後一個 MAX，你的 160 計劃是堅定的嗎？

Or to the extent that there were changes at Boeing related to certification, timing and stuff like that, is that subject to change?

或者波音公司在認證、時間安排等方面發生了變化，是否會發生變化？

Well, typically, and we're not in a typical time, any production schedule changes are relatively rare and there's significant lead time on those.

好吧，通常情況下，而且我們不是在一個典型的時間，任何生產計劃的變化都是相對罕見的，而且這些變化有很長的準備時間。

Now with the pandemic last year, there were lots of changes on all the programs.

現在隨著去年的大流行，所有項目都有很多變化。

And so the schedule could change still because it's a very dynamic environment.

所以時間表可能會改變，因為它是一個非常動態的環境。

There's still uncertainty out there.

那裡仍然存在不確定性。

Air traffic has not completely recovered.

空中交通尚未完全恢復。

But that's the schedule that we have right now.

但這是我們現在的時間表。

And we're in May already.

我們已經在五月了。

And so that's what we are working with.

這就是我們正在努力的。

And Boeing has indicated that, that's what they're still planning.

波音公司表示，這就是他們仍在計劃的事情。

But again, with all the uncertainty in terms of air traffic and recovery with the pandemic, it could change.

但同樣，由於空中交通和大流行病恢復方面的所有不確定性，它可能會發生變化。

Now as we said in the opening remarks, we are seeing some encouraging signs of domestic travel in the U.S. and in China, which is good for narrow-bodies.

現在，正如我們在開場白中所說，我們看到美國和中國的國內旅行出現了一些令人鼓舞的跡象，這對窄體飛機有利。

On the other hand, Europe still seems to be uneven.

另一方面，歐洲似乎仍不平衡。

So it could change, but we have a reasonable degree of confidence at this point in the year that, that's going to be the schedule that we hold to for the remainder of the year.

所以它可能會改變，但我們在今年的這個時候有相當程度的信心，這將是我們在今年剩餘時間裡堅持的時間表。

Our next question comes from Robert Spingarn from Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 Robert Spingarn。

Tom, just sticking with the 37, if I think about all the numbers you've given us, the 29 in Q1 and the 160 for the year, it would seem to me that if you ramp linearly, you can't really go up more than 2 or 3 aircraft per month per quarter and exited about something less than 20, maybe close to that where you'd overproduce.

湯姆，堅持使用 37，如果我想一想你給我們的所有數字，第一季度的 29 和全年的 160，在我看來，如果你線性上升，你就不能真正上升每個季度每月超過 2 或 3 架飛機，退出的飛機數量大約少於 20 架，可能接近生產過剩的水平。

You'd build more than 160.

你會建造超過 160 個。

Am I thinking about that correctly?

我的想法是否正確？

Well, I think the -- what you're thinking about absolutely correctly is that a production system like ours has certain limitations about how fast it can go up in rate.

好吧，我認為——你完全正確地想的是，像我們這樣的生產系統在速度提高的速度方面有一定的局限性。

And so typically, these things are all planned out years in advance.

通常，這些事情都是提前幾年計劃好的。

And in this case, they are as well.

在這種情況下，它們也是如此。

We have a longer-term schedule with Boeing that we've been working with and planning in terms of scenarios.

我們與波音公司有一個長期的時間表，我們一直在根據情景進行合作和規劃。

But our production system is a complicated one.

但是我們的生產系統是一個複雜的系統。

It's -- we've got a supply chain.

這是 - 我們有一條供應鏈。

There are almost 40,000 different parts on a 737 MAX Fuselage, for example.

例如，737 MAX 機身上有近 40,000 個不同的部件。

So quite complicated.

非常複雜。

And so for that reason, we have to plan these schedule breaks well in advance.

因此，出於這個原因，我們必須提前計劃好這些時間表休息時間。

Now one good thing, ironically, is that this buffer that we have here in Wichita actually provides a cushion that allows us to move the production schedule a little bit more than we would have been able to in the past.

現在有一件好事，具有諷刺意味的是，我們在威奇托這裡擁有的這個緩衝實際上提供了一個緩衝，使我們能夠比過去更多地移動生產計劃。

So we have some flexibility, and we will be able to go up in rate a little bit faster than before because of that.

所以我們有一些靈活性，因此我們能夠比以前更快地提高速度。

Yes, Rob, math-wise, you're spot on as how you're thinking about things.

是的，羅伯，在數學方面，你對事物的思考方式很準確。

Okay.

好的。

All right.

好的。

Well, that's helpful.

嗯，這很有幫助。

And just one other thing on this.

還有一件事。

Are you sensitive in your plan to what happens with China recertification on MAX?

您的計劃是否對 MAX 在中國的重新認證會發生什麼敏感？

Or do we think about what Boeing said, which is they can get through this year with or without it, but the problem is after that?

還是我們想想波音說的，不管有沒有他們今年都能過，但問題是在那之後？

In other words, I assume that means they can move others into position for this year.

換句話說，我認為這意味著他們可以讓其他人在今年就位。

And so this year's plan is relatively protected regardless of China.

因此，無論中國如何，今年的計劃都相對受到保護。

Yes, we heard the same thing from Boeing on their earnings call, and that's what we believe.

是的，我們在波音公司的財報電話會議上聽到了同樣的話，這就是我們所相信的。

Our next question comes from Ken Herbert from Canaccord.

我們的下一個問題來自 Canaccord 的 Ken Herbert。

Tom, I just wanted to follow up on some of your comments on defense.

湯姆，我只是想跟進你對防禦的一些評論。

First, as you repurpose some of your capacity, how quickly can that be revenue-generating on defense programs as you win those?

首先，當你重新調整你的一些能力時，當你贏得這些時，它能多快在國防項目上產生收入？

And is there any risk down the road that as wide-body production eventually comes back, you could be looking at some capacity issues?

隨著寬體生產最終恢復，是否存在任何風險，您可能會考慮一些產能問題？

I'm just trying to get a sense as part of your defense growth, how much upside could there be from sort of incremental work relative to what you've established in the programs of record?

作為你們國防發展的一部分，我只是想了解一下，相對於你們在記錄項目中建立的內容，增量工作會有多少好處？

Right.

正確的。

Well, in terms of the programs that we're winning, the classified programs, is they're still in the early stages of their development and then they'll go into low-rate initial production.

好吧，就我們贏得的項目而言，機密項目，它們仍處於開發的早期階段，然後它們將進入低速初始生產階段。

So it's probably within about 2 years when they'll be revenue-generating.

因此，他們可能會在大約 2 年內產生收入。

It varies, but that's a good rule of thumb.

它會有所不同，但這是一個很好的經驗法則。

And the good news is that one of the reasons we're able to win it is we have some of this equipment that's available now.

好消息是，我們能夠贏得它的原因之一是我們現在擁有一些可用的設備。

It's like automated fiber replacement machines, autoclaves, automated fastening, nondestructive inspection, these kinds of large pieces of capital.

像自動換纖機、高壓滅菌器、自動緊固、無損檢測這些大筆資金。

So that's in terms of how we're using it to win the defense work, and it will be revenue-generating in, say, the next 2 years.

所以這就是我們如何使用它來贏得國防工作，並且它將在未來兩年內產生收入。

In terms of recovery in the future, we are protecting to the rates that we've committed to the OEMs and so we're taking that into account.

就未來的複蘇而言，我們正在保護我們向 OEM 承諾的利率，因此我們正在考慮這一點。

We'll have plenty of lead time to make sure that if we do need to make any adjustments or expand any facilities that we can do that.

我們將有足夠的準備時間來確保如果我們確實需要進行任何調整或擴展任何設施，我們可以做到。

But as you know, with international traffic down and business traffic still down, it's going to take a while for the international traffic to recover and therefore, for wide-body production to recover.

但正如您所知，隨著國際流量和商務流量的下降，國際流量需要一段時間才能恢復，因此寬體飛機生產也需要一段時間才能恢復。

And in some cases, it may not get up to the same levels that it was up at before the pandemic.

在某些情況下，它可能無法達到大流行之前的水平。

And so that capacity could be permanently available.

這樣容量就可以永久可用。

But regardless, if it does return to the same levels, we will make sure that we are protected for that with the commercial OEMs.

但無論如何，如果它確實恢復到相同水平，我們將確保我們與商業 OEM 一起受到保護。

Our next question comes from Doug Harned from Bernstein.

我們的下一個問題來自 Bernstein 的 Doug Harned。

I wanted to think back, if we go back to pre-pandemic, pre-grounding, we were looking at production rates of 57 a month on the MAX, 14 a month on 787, 10 a month on the A350.

我想回想一下，如果我們回到大流行前、停飛前，我們看到 MAX 的生產率為每月 57 架，787 為每月 14 架，A350 為每月 10 架。

So when you talk about going longer term and getting back to 16.5% type margins, what kind of a rate is that predicated on for these programs?

因此，當您談論從長遠來看並回到 16.5% 的類型利潤率時，這些程序所基於的利率是多少？

Yes.

是的。

That's a very good question, Doug.

這是一個很好的問題，道格。

And one of the things that we see, MAX is our biggest program.

我們看到的一件事是，MAX 是我們最大的程序。

And so that's the biggest driver.

所以這是最大的驅動因素。

And who knows what the future holds in terms of how high Boeing ends up going with that.

誰知道波音最終會達到多高，未來會怎樣。

But in terms of getting to the 16.5% margin, as Mark said, the breakeven point is a little bit lower in terms of what MAX production would be.

但就達到 16.5% 的利潤率而言，正如馬克所說，就 MAX 產量而言，盈虧平衡點要低一些。

And so if we get it back up to 42, which is where we were in 2016, we think that, that would be a rate that would be high enough and we could achieve some stability.

因此，如果我們將它恢復到 42，這是我們在 2016 年的水平，我們認為，這將是一個足夠高的比率，我們可以實現一定的穩定性。

That, that would put us in a position to get back to those 16.5% margins overall.

那將使我們能夠回到 16.5% 的總體利潤率。

Now that takes into account the fact that there's headwinds on things like the 777.

現在考慮到像 777 這樣的東西存在逆風的事實。

So back in 2016, 777 rate, as you might recall, was 8.3 aircraft per month and 787 rate back then was 12 per month and A350 was 9 per month.

所以回到 2016 年，777 的比率，您可能還記得，是每月 8.3 架飛機，當時 787 的比率是每月 12 架，A350 是每月 9 架。

Now on the wide-body programs, you mentioned that 787 was at 14, A350 was at 10, and that's right.

現在關於寬體計劃，你提到787是14，A350是10，是的。

So today, 787 is at 5 and A350 is at about 5 or effectively a little bit less with some of the schedule changes.

所以今天，787 在 5 點，A350 在 5 點左右，或者隨著一些時間表的變化而有效地減少一點。

And so if those don't get back up to the same rates, one of the things that we are doing is using some of that capacity for defense work to offset the fixed costs absorption.

因此，如果那些不能恢復到相同的利率，我們正在做的一件事就是使用一些國防工作的能力來抵消固定成本的吸收。

So again, even if they don't get back up to those previous levels, we still think we'll be in a position to deliver that 16.5% margin, with the narrow-body rates on the MAX as an example being at the 42 range.

因此，即使他們沒有回到之前的水平，我們仍然認為我們能夠實現 16.5% 的利潤率，例如 MAX 的窄體機率為 42範圍。

If I can -- go ahead, yes.

如果可以的話——繼續，是的。

Yes, Doug, just real quick.

是的，道格，非常快。

I think the other difference that's really -- although the wide-bodies are going to be a bit of a challenge over the next couple of years, the size of our defense and aftermarket business by the time we get to '23, '24 is substantially more significant than it was back in 2016.

我認為另一個真正的區別是——儘管寬體機在未來幾年將成為一個挑戰，但到 23 年、24 年時我們的國防和售後市場業務的規模是比 2016 年要重要得多。

And so aftermarket is definitely going to be accretive to the margins above the target of 16.5%.

因此，售後市場肯定會增加 16.5% 目標以上的利潤率。

Defense revenues will be very solid.

國防收入將非常可觀。

Significantly higher than it was back in 2016, and the normal defense margins will help as well.

明顯高於 2016 年的水平，正常的防守利潤率也將有所幫助。

So although the wide bodies and the 777 will be a bit of a headwind and not contribute as much as it did back in 2016, I think the defense and aftermarket diversification and growth, along with stronger 737 production rates in the A320 continue to go up, gives us a really good shot to hit those 16.5% margins.

因此，儘管寬體機和 777 會有點逆風並且貢獻不如 2016 年那麼多，但我認為國防和售後市場的多元化和增長，以及 A320 中更強勁的 737 生產率將繼續上升, 讓我們有機會達到 16.5% 的利潤率。

Sorry for interrupting.

抱歉打擾了。

So if I -- no, that's okay.

所以如果我——不，沒關係。

It's very helpful because if I can just clarify one thing.

這非常有幫助，因為如果我能澄清一件事。

Back in normal times, you would -- Spirit would share operating leverage, those would benefit both sides of it with the customer.

在正常情況下，你會 - Spirit 會分享運營槓桿，這將使它與客戶的雙方都受益。

And now we're obviously in very different times, so rates are way down.

現在我們顯然處於非常不同的時期，所以利率正在下降。

And back then, you probably would have gotten a benefit on pricing when rates came down.

那時，當利率下降時，您可能會從定價中獲益。

Now when you look at these lower rates as you go forward, do you see pricing as being different for the wide-bodies, for the MAX than you might have before?

現在，當你看到這些較低的費率時，你是否認為寬體機和 MAX 的定價與以前不同？

In other words, can there be benefits at these lower rates for you?

換句話說，這些較低的費率對您有好處嗎？

Right.

正確的。

Well, the pricing on all the programs for Boeing and Airbus is more or less set out into the future based on some of the negotiations that we did.

好吧，根據我們所做的一些談判，波音和空客所有項目的定價或多或少都設定在未來。

So -- but on the MAX, one of the things that we did with Boeing is pricing goes out to 2033, but it is indexed to rate.

所以——但在 MAX 上，我們對波音公司所做的其中一件事是定價到 2033 年，但它是根據費率編制索引的。

So at the lower rates, the price is higher for Spirit.

因此，在較低的費率下，Spirit 的價格較高。

And then when the rates go up, then the rates get lower for Boeing.

然後當費率上升時，波音的費率就會降低。

But at lower rates, obviously, there would be a pricing benefit.

但顯然，在較低的利率下，會有定價優勢。

That's just the way the pricing is tiered on the 737 MAX.

這就是 737 MAX 的定價方式。

On the other programs, it's more or less fixed, and it's set out on the -- for example, on the 787 program, pricing goes out to 1805.

在其他程序中，它或多或少是固定的，它是在——例如，在 787 程序中，定價為 1805。

And...

和...

But we do get a step-up at 14.

但我們確實在 14 點得到了提升。

We get a step-up at 1405, correct.

我們在 1405 處升壓，正確。

And on A350, the pricing goes out to line unit 1600.

在 A350 上，定價為 1600 行單元。

So those programs are all very well far out into the future.

所以這些項目都非常遙遠。

And the MAX pricing goes up to 2033, but it's indexed to rate.

MAX 定價上升到 2033 年，但它與費率掛鉤。

Our next question comes from Hunter Keay from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Hunter Keay。

Just a follow-up on that question.

只是對那個問題的跟進。

Have you ever, Tom, renegotiated or opened up existing contracts as part of a broader negotiation when negotiating work on future contracts forward?

湯姆，在就未來合同進行談判時，你是否曾經重新談判或開放現有合同作為更廣泛談判的一部分？

Is that something you expect might happen again if it has in the past?

如果過去發生過，您是否期望這種情況會再次發生？

Yes.

是的。

I mean I would say negotiations in our industry are dynamic and kind of continuous.

我的意思是我會說我們行業的談判是動態的並且是連續的。

And so there's always discussions on them.

所以總是有關於它們的討論。

But as I said, on all of our programs, and this was a big accomplishment in 2017 and 2018, is we negotiated very long-term contracts with Boeing and Airbus on all the programs going out either to line units far into the future or to a specific time period, like 2033 for the MAX.

但正如我所說，在我們所有的項目中，這是 2017 年和 2018 年的一項重大成就，我們是否與波音和空客就所有項目談判了非常長期的合同，這些項目要么是為了在遙遠的未來排隊，要么是為了特定時間段，例如 MAX 的 2033。

So those are locked in, and we are now driving all of our productivity improvements, things that I've talked about in the past about digitizing our factories, driving world-class competitiveness in our supply chain, continue to lower our overhead and optimize our fixed costs.

所以這些都被鎖定了，我們現在正在推動我們所有的生產力提高，我過去談到過關於工廠數字化的事情，推動我們供應鏈中的世界級競爭力，繼續降低我們的管理費用並優化我們的固定成本。

So all those things are things that we're working on to improve our productivity now that we have our pricing locked in place with Boeing and Airbus on all the programs far and into the future.

因此，所有這些事情都是我們正在努力提高我們的生產力的事情，因為我們已經與波音和空中客車公司在遠期和未來的所有項目中鎖定了我們的定價。

Our next question comes from George Shapiro from Shapiro Research.

我們的下一個問題來自 Shapiro Research 的 George Shapiro。

Yes.

是的。

I wanted to know, in the next several quarters, how do you get effectively close to breakeven cash flow when you got minus $200 million in the first quarter here?

我想知道，在接下來的幾個季度裡，當你在這裡的第一季度出現負 2 億美元時，你如何有效地接近盈虧平衡現金流？

And I think you still have like $130 million pension payment to Bombardier.

而且我認為您仍然需要向龐巴迪支付 1.3 億美元的養老金。

I think the Boeing advances actually deferred to 2022.

我認為波音的進展實際上推遲到了 2022 年。

But if you could just kind of walk through a little bit of that.

但是，如果您可以稍微了解一下。

Sure, George.

當然，喬治。

I think, as we said, we're going to -- we're forecasting cash flow usage in the year of somewhere between $200 million to $300 million and that includes the cash tax benefit.

我認為，正如我們所說，我們將 - 我們預測今年的現金流使用量在 2 億至 3 億美元之間，其中包括現金稅收優惠。

So if you exclude the cash tax benefit, that would suggest our cash flow usage from the year would be somewhere between $500 million and $600 million.

因此，如果您排除現金稅收優惠，那表明我們當年的現金流量使用量將在 5 億至 6 億美元之間。

The first quarter was a tough quarter for us.

第一季度對我們來說是一個艱難的季度。

It came off of lower deliveries in the fourth quarter.

它來自第四季度較低的交付量。

So some of our receipts were a tad bit lower than we're projecting for the rest of the year.

因此，我們的一些收入略低於我們今年剩餘時間的預期。

We're seeing narrow-body rates start to recover or increase here in the second quarter and into the back half of the year.

我們看到窄體機費率在第二季度和今年下半年開始恢復或增加。

And that will provide us some receipts lift as well as kind of managing and destocking our inventory over the course of the next -- over the next 9 months here.

這將為我們提供一些收入提升，以及在接下來的 9 個月內管理和去庫存我們的庫存。

So we think that the first quarter is going to be our toughest quarter as it relates to cash flow usage.

因此，我們認為第一季度將是我們最艱難的季度，因為它與現金流量使用有關。

Second quarter, we're -- at this stage of the game, we're seeing some good trends.

第二季度，我們——在比賽的這個階段，我們看到了一些好的趨勢。

We expect to continue to see improvement as we move into the third and fourth quarter.

隨著我們進入第三和第四季度，我們預計將繼續看到改善。

There's still, with the pandemic, some choppiness that are going out there.

由於大流行，仍然存在一些不穩定因素。

But we should see incremental improvements in our cash flow usage over the course of the next 3 months.

但在接下來的 3 個月裡，我們應該會看到現金流量使用的逐步改善。

And then as we talk about how do you get to cash flow positive, a lot of that is going to be highly dependent on the commitments by the OEMs, specifically on 737 getting to 31 aircraft per month next year and Airbus meeting their targets of 43 shipsets per month, 45 ships per -- shipsets per month in the fourth quarter.

然後當我們談論如何獲得正現金流時，其中很多將高度依賴於原始設備製造商的承諾，特別是 737 明年每月生產 31 架飛機，空中客車公司實現其 43 架的目標每月船數，第四季度每月 45 艘船。

And so the narrow-body recovery, as we move into 2022, we believe, provides us the path to cash flow positive.

因此，我們相信，隨著我們進入 2022 年，窄體機復甦為我們提供了實現正現金流的途徑。

And I would add one other thing, George, which is on working capital, specifically inventory.

我還要補充一件事，喬治，這是關於營運資金的，特別是庫存。

Last year, there were so many production rate changes and they happened so suddenly, we ended up accumulating a lot more inventory.

去年，生產率發生瞭如此多的變化，而且發生得如此突然，我們最終積累了更多的庫存。

Now the positive to that, of course, is that it helped the supply chain.

當然，現在積極的一面是它幫助了供應鏈。

They had cash flowing into them last year.

去年他們有現金流入。

But this year, we've seen some destocking starting.

但今年，我們看到一些去庫存開始了。

So we're not placing orders as rapidly this year because we're able to burn down that inventory.

所以我們今年下訂單的速度沒有那麼快，因為我們能夠消耗掉庫存。

And so our working capital efforts are very significant, very rigorous, and that will also help us achieve cash flow improvements over the course of this year into next year.

因此，我們的營運資本工作非常重要，非常嚴格，這也將幫助我們在今年到明年的過程中實現現金流的改善。

I hope that helps, George?

我希望這有幫助，喬治？

Yes.

是的。

I thought units -- on that working capital number, Tom, I thought on the fourth quarter, Mark had said somewhere you would expect $400 million or $500 million of working capital liquidation.

我認為單位 - 關於營運資金數字，湯姆，我認為在第四季度，馬克曾說過你預計會有 4 億美元或 5 億美元的營運資金清算。

Is that a correct number yet?

這是一個正確的數字嗎？

I'm not quite sure we were that specific.

我不太確定我們有那麼具體。

I think what we said in 2020 that working capital consumed about $500 million of cash in 2020.

我認為我們在 2020 年所說的那樣，營運資金在 2020 年消耗了大約 5 億美元的現金。

And we expect that from a working capital standpoint, as Tom just indicated, we're going to get some benefits from destocking the inventory.

我們希望從營運資本的角度來看，正如湯姆剛才指出的那樣，我們將從去庫存中獲得一些好處。

We're going to consume the inventory.

我們將消耗庫存。

We're not going to have to restock.

我們不需要補貨。

We're managing our Min/Maxs very tightly.

我們非常嚴格地管理我們的最小值/最大值。

Our very -- our deterministic PO placement is all in alignment.

我們非常——我們確定性的 PO 放置完全一致。

We provided a lot of support to our suppliers last year.

去年我們為我們的供應商提供了很多支持。

And this year, we're really going to get focused on days on hand inventory turns, and a lot of that benefit will happen in the back half of the year.

而今年，我們真的將重點放在手頭庫存周轉天數上，而很多好處將在今年下半年發生。

As the single-aisle production rates increase, that will help accelerate the destocking.

隨著單通道生產率的提高，這將有助於加速去庫存。

Obviously, the -- you saw that we delivered 29 units on the MAX in the first quarter.

顯然，你看到我們在第一季度交付了 29 台 MAX。

We expect to deliver higher than that in the second, third and fourth quarter, and that will help us as we consume some of that extra inventory, which will free up some cash as we move forward through the balance of the year.

我們預計交付量將高於第二、第三和第四季度，這將有助於我們消耗一些額外的庫存，這將在我們今年餘下的時間裡釋放一些現金。

Our next question comes from Kristine Liwag from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Kristine Liwag。

Tom, can you provide more details on the size of potential earnings upside to your joint venture agreement with Evergreen?

湯姆，你能否提供更多關於你與 Evergreen 的合資協議的潛在收益增長規模的詳細信息？

And also how should we think about priorities for cash usage regarding debt pay down versus pursuing more aftermarket, either through partnerships like this or through M&A?

此外，我們應該如何考慮通過這樣的合作夥伴關係或通過併購來償還債務與尋求更多售後市場的現金使用優先級？

Right.

正確的。

Let me turn it over to Sam to talk about the EGAT JV, and then I'll address the issue on capital allocation for M&A and debt.

讓我把它交給 Sam 來談談 EGAT JV，然後我將解決併購和債務的資本配置問題。

Right.

正確的。

In terms of EGAT JV, we haven't talked about or disclosed expectations regarding revenue.

就 EGAT JV 而言，我們尚未討論或披露對收入的預期。

Really, what it's about at this point, Kristine, is building our scope and our bandwidth across regions.

Kristine，實際上，目前的重點是構建我們的跨區域範圍和帶寬。

It's about taking our repair portfolio across to the Asia region, and that's what this JV primarily is about right now, and we're in the initial stages of forming the JV as well.

這是關於將我們的維修產品組合帶到亞洲地區，這就是該合資企業目前的主要目的，我們也處於組建合資企業的初始階段。

Yes.

是的。

But as Sam said, what it gives us now is the third leg to the stool is we have Boeing repairs, we have Airbus repairs now with Applied Aerodynamics, we have radome repairs and cargo door repairs as well as flight control surfaces.

但正如 Sam 所說，它現在給我們的是凳子的第三條腿，我們有波音維修，我們現在有應用空氣動力學的空中客車維修，我們有天線罩維修和貨艙門維修以及飛行控制面。

And we have those in Europe, we have them in the U.S. and now with EGAT JV, we have them in Asia.

我們在歐洲有，在美國有，現在有了 EGAT JV，我們在亞洲也有。

And so it gives us a very nice balanced overall program.

因此，它為我們提供了一個非常平衡的整體計劃。

Now with regard to our capital allocation in terms of debt versus inorganic growth, the primary focus, as we have discussed, is to delever and to use cash flow over the next couple of years and cash on hand to pay down our debt on the schedule that Mark talked about.

現在，關於我們在債務與無機增長方面的資本配置，正如我們所討論的，主要重點是去槓桿化，並在未來幾年使用現金流和手頭現金按時償還我們的債務馬克談到的。

So another $700 million over the next couple of years.

因此，在接下來的幾年裡，還有 7 億美元。

That said, we continue to look opportunistically at opportunities that arise in aftermarket or in defense that could be interesting.

也就是說，我們繼續機會主義地看待售後市場或國防領域出現的可能有趣的機會。

And if we see opportunities, like we did with Applied Aerodynamics, we'll take advantage of those, and we'll allocate the capital.

如果我們看到機會，就像我們對 Applied Aerodynamics 所做的那樣，我們將利用這些機會，並分配資金。

But to do that, it would have to be obviously strategically fit with what we're looking for and have a good return profile.

但要做到這一點，它必須在戰略上明顯符合我們正在尋找的東西，並具有良好的回報率。

But we'll make those decisions on an opportunistic basis.

但我們會在機會主義的基礎上做出這些決定。

But the primary goal and priority will be the debt delevering over the next couple of years.

但主要目標和優先事項將是未來幾年的債務去槓桿化。

Great.

偉大的。

And then also when you look out a few years on aftermarket, do you have a target size that you want it to be as a percent of your overall portfolio?

然後，當你展望未來幾年的售後市場時，你是否有一個目標規模，你希望它佔你整體投資組合的百分比？

Well, we've said we want it to be the $500 million by 2025.

好吧，我們已經說過我們希望它到 2025 年達到 5 億美元。

But if we think about our vision for Spirit in the future, as we think about diversifying into defense and aftermarket, in an ideal world, we'd be 40% commercial, 40% defense and 20% aftermarket.

但如果我們考慮我們對 Spirit 未來的願景，當我們考慮多元化進入國防和售後市場時，在理想的世界中，我們將有 40% 的商業、40% 的國防和 20% 的售後市場。

That would be a nice balanced portfolio for the future.

這將是未來一個很好的平衡投資組合。

And our next question comes from Robert Stallard from Vertical Research Partners.

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

Tom, on the Airbus call last week, the CEO was talking about their plans for a steep ramp-up in narrow-body production next year and potentially the year after that.

湯姆，在上週與空中客車公司的電話會議上，首席執行官談到了他們明年和可能後年大幅提高窄體飛機產量的計劃。

And I was just wondering how well prepared is Spirit and your supply chain for such a steep ramp, if it does occur, especially when you're talking about sort of destocking some of your suppliers this year.

我只是想知道 Spirit 和您的供應鍊是否為如此陡峭的斜坡做好了充分的準備，如果它真的發生了，特別是當您談論今年對您的一些供應商進行去庫存時。

This could be a pretty radical switch in trajectory for your supply chain.

對於您的供應鏈來說，這可能是一個非常激進的軌跡轉變。

Well, we feel very well prepared.

嗯，我們覺得準備得很好。

We've been working closely with Airbus.

我們一直與空中客車公司密切合作。

We very well understand what their plans are for rate increases this year and next year and beyond, and we are lined up with that.

我們非常了解他們今年、明年及以後的加息計劃，我們對此表示贊同。

Now of course, that means we have to work with our supply chain and have to work very closely.

現在當然，這意味著我們必須與我們的供應鏈合作，並且必須非常緊密地合作。

65% of our cost base is with the supply chain and they are absolutely critical partners.

我們 65% 的成本基礎與供應鏈有關，他們絕對是重要的合作夥伴。

We have a very detailed methodology for rate readiness that we are working with our suppliers.

我們有一個非常詳細的利率準備方法，我們正在與我們的供應商合作。

It's gated.

它是封閉的。

There are dashboards.

有儀表板。

We have regular operating mechanisms to monitor it.

我們有定期的運行機制來監控它。

But it looks at things like material orders.

但它著眼於物料訂單之類的東西。

For the most part, infrastructure, capital, that's all in place.

在大多數情況下，基礎設施、資本都已經到位。

We have to make sure that they didn't mothball anything during this pandemic period, but those things, for the most part, are in place.

我們必須確保他們在大流行期間沒有封存任何東西，但這些東西大部分都已經到位。

The keys are the raw material orders and then also rehiring some of the labor to make sure that, that's in place.

關鍵是原材料訂單，然後還要重新僱用一些勞動力以確保到位。

And so we have a pretty rigorous mechanism in place with the suppliers.

因此，我們與供應商建立了非常嚴格的機制。

The other thing we've been doing is working closely with the suppliers to provide assistance.

我們一直在做的另一件事是與供應商密切合作以提供幫助。

We've reached out and helped in a variety of ways, almost 600 suppliers with close to $1.9 billion of support, and that support includes contract extensions, inventory purchases, vendor financing programs, a variety of different mechanisms to provide support to them.

我們以各種方式伸出援助之手，向近 600 家供應商提供了近 19 億美元的支持，這些支持包括合同延期、庫存採購、供應商融資計劃以及為他們提供支持的各種不同機制。

So we are prepared for the Airbus rate increases, and we believe our suppliers are prepared as well based on our rate readiness efforts.

因此，我們為空客加息做好了準備，我們相信我們的供應商也根據我們的加息準備工作做好了準備。

Our next question comes from Noah Poponak from Goldman Sachs.

我們的下一個問題來自高盛的 Noah Poponak。

How many MAX shipsets does your current plan have you delivered to Boeing in 2022?

您目前的計劃是在 2022 年向波音公司交付多少 MAX 船組？

Well, at this point, it's too early, really, to project that.

好吧，在這一點上，現在預測還為時過早。

There's a lot of uncertainty in the market.

市場存在很多不確定性。

We'll follow Boeing's lead and determine after we get through this year what next year is.

我們將效仿波音公司，在度過今年之後確定明年是什麼。

But we'll wait to see what happens.

但我們會等著看會發生什麼。

It's still a very dynamic environment.

它仍然是一個非常動態的環境。

2022 seems like a long way out.

2022 年似乎還有很長的路要走。

Okay.

好的。

And does the news that FAA is asking for more analysis, documentation on the electrical issues, does that change your pace of MAX shipset to Boeing in the near term here?

美國聯邦航空局要求對電氣問題進行更多分析和文檔的消息是否會改變您在短期內將 MAX 船組轉移到波音的步伐？

Or is Boeing's latest affirmation of schedule to you with the knowledge of needing to do that?

還是波音公司在知道需要這樣做的情況下向您確認了最新的時間表？

Well, of course, anything the FAA does could impact the MAX situation.

好吧，當然，FAA 所做的任何事情都可能影響 MAX 的情況。

But we're not expecting it to change the current outlook.

但我們並不期望它會改變當前的前景。

Boeing hasn't made any indication that it would, but it's a dynamic situation.

波音公司沒有做出任何表示會這樣做的跡象，但這是一個動態的情況。

It could change it.

它可以改變它。

But at this point, we have no reason to believe that it will.

但在這一點上，我們沒有理由相信它會。

Our next question comes from Michael Ciarmoli from SunTrust.

我們的下一個問題來自 SunTrust 的 Michael Ciarmoli。

Just one -- just on the topic of excess capacity costs, it looks like there was a reasonable sequential step-up from the fourth quarter.

只有一個 - 就產能過剩成本而言，看起來從第四季度開始有一個合理的連續上升。

And I think you guys have been targeting to get those down 30% from that $280 million level last year.

而且我認為你們的目標是將其從去年的 2.8 億美元水平降低 30%。

What are the puts and takes there?

那裡的投入和投入是什麼？

I mean, I'm imagining fewer A350s contributed to that.

我的意思是，我想像更少的 A350 會對此做出貢獻。

But how should we think about these excess capacity costs?

但是我們應該如何看待這些產能過剩的成本呢？

Yes, Michael, let me walk you through that.

是的，邁克爾，讓我帶你了解一下。

You're exactly right.

你完全正確。

Our excess capacity costs were a tad bit higher here in the first quarter compared to the fourth quarter.

與第四季度相比，我們第一季度的產能過剩成本略高。

I would say a couple of things contributed to that with the recent acquisition of the Belfast site, the A220 program will have excess capacity costs in addition to the A320 and the 737.

我想說的是，最近收購貝爾法斯特基地有幾件事促成了這一點，除了 A320 和 737 之外，A220 項目還將產生產能過剩成本。

And one of the items that drove a little bit of pressure on excess costs specific to the 737 program is we went through a bit of a rate break here in the first quarter, higher rate break, and we had to bring on resources ahead of the higher delivery profile and that caused some additional excess costs to unload here in the first quarter.

對 737 項目特有的超額成本造成一點壓力的其中一個項目是，我們在第一季度在這裡經歷了一些降息，更高的降息，我們不得不在更高的交付概況，這導致第一季度在這裡卸載了一些額外的超額成本。

We are still committed to the 30% reduction year-over-year.

我們仍然致力於同比減少 30%。

We've got a line of sight to that.

我們對此有所了解。

We expect excess costs to continue to trend lower in the third -- or in the second quarter, third and fourth quarter.

我們預計超額成本將在第三季度或第二季度、第三季度和第四季度繼續呈下降趨勢。

Excess costs came really right on to what our projection was for the first quarter, and we will expect to see significant improvement as we step up in rate on the 737 over the course of the next 9 months here.

超額成本確實符合我們對第一季度的預測，隨著我們在接下來的 9 個月內提高 737 的費率，我們預計會看到顯著改善。

Our next question comes from Peter Arment from Baird.

我們的下一個問題來自 Baird 的 Peter Arment。

Mark, just a quick one first.

馬克，先快點。

If you have it, do you have the acquired revenues for the first quarter?

如果你有，你有第一季度的收購收入嗎？

And then just, Tom, related to employment levels, I mean, outside of the Bombardier acquisition, how are you -- what kind of levels do you think you'll be adding back to this year?

然後，湯姆，與就業水平相關，我的意思是，除了龐巴迪收購之外，你怎麼樣 - 你認為你今年會增加什麼樣的水平？

Any color you could give us on that and what you're seeing there.

你可以給我們的任何顏色以及你在那裡看到的東西。

Okay.

好的。

I'll -- Peter, let me just jump on the revenue side of things.

我會——彼得，讓我直接談談收入方面的事情。

We're not going to specifically disclose the acquisition revenue.

我們不會具體披露收購收入。

But the revenues for the year continue to hold out at roughly $700 million.

但今年的收入繼續保持在 7 億美元左右。

I would say that probably slightly -- on a run rate basis, slightly higher in the back half of the year.

我會說這可能略微 - 在運行率的基礎上，在今年下半年略高。

But I think that's pretty much how we see the acquired assets as we think about the business jet programs, the A220 wing and the aftermarket revenues that we acquired.

但我認為，當我們考慮公務機項目、A220 機翼和我們收購的售後市場收入時，我們幾乎就是這樣看待收購資產的。

Right.

正確的。

Yes, I'll take the employment question.

是的，我會回答就業問題。

Last year was a difficult year for Spirit with the dual crises of the MAX grounding and then the pandemic.

去年對 Spirit 來說是艱難的一年，經歷了 MAX 停飛和大流行的雙重危機。

We ended up having to reduce our commercial headcount by 8,000 workers across the world.

我們最終不得不在全球範圍內裁減 8,000 名商業員工。

Very difficult.

非常困難。

Now a little bit of an offset.

現在有點抵消。

On defense, we shifted about 800 people to defense, including a lot of engineers as the defense program started to grow.

在國防方面，我們將大約 800 人轉移到國防領域，其中包括隨著國防計劃開始發展的許多工程師。

As you may recall, we built ventilators last year.

您可能還記得，我們去年製造了呼吸機。

We built over 20,000 ventilators, and that kept about 1,000 people employed during the course of last year.

我們製造了 20,000 多台呼吸機，並在去年期間為大約 1,000 人提供了就業機會。

But overall, the commercial programs lost 8,000 people.

但總體而言，商業項目損失了 8,000 人。

Now this year, as we got into the year, you saw that the A320 numbers actually went down from 188 to 130 and wide-body programs went down in the first quarter as well.

今年，當我們進入這一年時，您會看到 A320 的數量實際上從 188 架下降到 130 架，寬體飛機項目在第一季度也有所下降。

But that was offset by the narrow-body programs on the MAX increasing.

但這被 MAX 上窄體機項目的增加所抵消。

So we started to increase the production.

所以我們開始增加產量。

So last year, we were at 18, this year we were at 29, and we're continuing to increase.

所以去年，我們是 18 人，今年是 29 人，而且我們還在繼續增加。

So we've actually started to call back workers in Wichita.

所以我們實際上已經開始召回威奇託的工人。

So far, to date, between hourly and some salaried employees, we've recalled about 600 employees back in Wichita, and we expect to recall probably double that over the course of the year.

到目前為止，到目前為止，我們已經召回了大約 600 名威奇托員工，包括小時工和一些受薪員工，我們預計在這一年中召回的人數可能會增加一倍。

And the other thing is on 787, because production rates went down.

另一件事是 787，因為生產率下降了。

Last year, we were at 14, this year, we were at 5. We were expecting initially to have to reduce that workforce.

去年，我們是 14 人，今年是 5 人。我們最初預計必須裁員。

But ironically and good for the workforce, the real work has required us to keep that workforce in place on the 787, and we'll keep that in place for some time.

但具有諷刺意味的是，這對員工隊伍來說是好事，真正的工作要求我們在 787 上保留員工隊伍，而且我們會在一段時間內保持這種狀況。

So some good news in terms of the recall of workers, particularly in the Wichita area as the MAX production rates start to recover.

因此，在召回工人方面有一些好消息，特別是在威奇托地區，因為 MAX 生產率開始恢復。

And ladies and gentlemen, with that, we're going to conclude today's question-and-answer session and conference call.

女士們，先生們，我們將結束今天的問答環節和電話會議。

We do thank you for attending today's presentation.

我們非常感謝您參加今天的演講。

You may now disconnect your lines.

您現在可以斷開線路。