Spirit AeroSystems Holdings Inc (SPR) 2020 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Spirit AeroSystems Holdings, Inc.'s Fourth Quarter and Full Year 2020 Earnings Conference Call.

早安，女士們、先生們，歡迎參加 Spirit AeroSystems Holdings, Inc. 的 2020 年第四季和全年收益電話會議。

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

我叫馬特，今天我將擔任你們的協調員。

(Operator Instructions) This event is being recorded.

（操作員說明）正在記錄此事件。

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

我想將演講交給投資者關係總監 Aaron Hunt。

Please proceed.

請繼續。

Thank you, Matt, and good morning, everyone.

謝謝你，馬特，大家早安。

Welcome to Spirit's Fourth Quarter and Full Year 2020 Earnings Call.

歡迎參加 Spirit 2020 年第四季和全年財報電話會議。

I'm Aaron Hunt, Director of Investor Relations.

我是投資者關係總監亞倫·亨特。

With me today are Spirit's President and Chief Executive Officer, Tom Gentile; Senior Vice President and Chief Financial Officer, Mark Suchinski; and Spirit's Executive Vice President and Chief Operating Officer, Sam Marnick.

今天與我在一起的有 Spirit 的總裁兼執行長 Tom Gentile；資深副總裁兼財務長 Mark Suchinski； Spirit 執行副總裁兼營運長 Sam Marnick。

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

在湯姆和馬克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 our 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、美國證券交易委員會文件以及年底的前瞻性聲明中進行了詳細說明。我們的演講。

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公認會計準則衡量標準的揭露和調節。

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.

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.

謝謝你，亞倫，大家早安。

Welcome to Spirit's Fourth Quarter and Full Year 2020 Results Call.

歡迎參加 Spirit 2020 年第四季和全年業績電話會議。

2020 was one of the most challenging years in aviation history.

2020 年是航空史上最具挑戰性的一年之一。

For Spirit, the MAX grounding and the COVID-19 pandemic created a dual crisis.

對 Spirit 來說，MAX 停飛和 COVID-19 大流行造成了雙重危機。

Our response focused on 5 critical actions: protecting our employees, restructuring our cost base, strengthening our liquidity, implementing productivity and efficiency projects and diversifying our business.

我們的因應措施集中在 5 項關鍵行動：保護我們的員工、重組我們的成本基礎、增強我們的流動性、實施生產力和效率專案以及實現我們的業務多元化。

Protecting employees from COVID became a top priority.

保護員工免受新冠病毒感染成為當務之急。

COVID represented an unprecedented health care challenge.

新冠疫情帶來了前所未有的醫療保健挑戰。

And as the virus began to spread, we put in place protocols to protect our employees.

隨著病毒開始傳播，我們制定了協議來保護我們的員工。

We referenced best practices and CDC guidance to implement enhanced cleaning measures, air purification, social distancing, mask requirements and extensive testing.

我們參考了最佳實踐和 CDC 指南來實施強化清潔措施、空氣淨化、社交距離、口罩要求和廣泛的測試。

All of these measures have allowed us to continue our operations while protecting employees.

所有這些措施使我們能夠在保護員工的同時繼續運作。

We also restructured our cost base to align to lower levels of production.

我們也重組了成本基礎，以適應較低的生產水準。

Almost immediately in 2020, we started with the need to react to multiple production rate reductions due to the 737 MAX grounding and then the COVID pandemic impact.

幾乎在 2020 年，我們就開始需要應對因 737 MAX 停飛以及新冠疫情影響而導致的多次生產力下降。

After producing 606 MAX shipsets in 2019, we produced just 71 in 2020.

繼 2019 年生產了 606 艘 MAX 船組後，我們在 2020 年僅生產了 71 艘。

We also saw substantial reductions in the production rates of all of our other Boeing and Airbus programs.

我們還看到所有其他波音和空中巴士項目的生產力大幅下降。

We moved swiftly to take actions to mitigate the impact of these adjustments to our original plans.

我們迅速採取行動，減輕這些調整對我們最初計劃的影響。

Consequently, through the restructuring of our cost base, we reduced our commercial aviation program headcount by more than 8,000 people, trimmed our purchase services and set in motion multiple facility closures as we addressed these significantly lower production rates.

因此，透過重組我們的成本基礎，我們將商業航空專案的員工人數減少了 8,000 多人，削減了採購服務，並關閉了多個設施，以解決生產力大幅下降的問題。

Overall, we executed $1 billion of annualized cost reductions or about 40% from the 2019 nonmaterial base.

總體而言，我們每年削減了 10 億美元的成本，比 2019 年非物質基礎削減了約 40%。

We also strengthened our liquidity position, and as a result, established a solid foundation to see us through these difficult times.

我們也加強了流動性狀況，從而為我們度過這些困難時期奠定了堅實的基礎。

Our initial actions included reducing the cash dividend to $0.01 per share, suspending the share repurchase program and deferring $120 million of capital expenditures.

我們的初步行動包括將現金股利減少至每股 0.01 美元、暫停股票回購計畫以及延後 1.2 億美元的資本支出。

Boeing also provided a $225 million cash advance and granted a deferral of $123 million repayment until 2022.

波音還提供了 2.25 億美元的現金預支，並將 1.23 億美元的還款延長至 2022 年。

In April, we raised $1.2 billion of senior secured second lien notes and paid down our $800 million revolver, which put us at $1.9 billion by the end of Q2.

4 月份，我們籌集了 12 億美元的優先擔保第二留置權票據，並償還了 8 億美元的左輪手槍，這使我們到第二季末的資產達到 19 億美元。

In the last half of the year, we paid down $426 million on our term loan and completed another $900 million capital raise.

去年下半年，我們償還了 4.26 億美元的定期貸款，並完成了另外 9 億美元的融資。

After negotiating a $225 million discount on the Bombardier asset acquisition, mutually terminating the Asco acquisition and reducing our cash usage in the third and fourth quarter, we ended 2020 with a $1.9 billion in cash on hand.

在龐巴迪資產收購進行了2.25 億美元的折扣談判、雙方終止了對阿斯科的收購併減少了第三和第四季度的現金使用之後，我們在2020 年結束時手頭有19 億美元的現金。

The third focus area was productivity.

第三個重點領域是生產力。

While challenging, the reduced production rates created an unprecedented opportunity to accelerate productivity and efficiency projects that would have been nearly impossible at higher production rates.

儘管具有挑戰性，但生產力的降低創造了前所未有的機會來加速生產力和效率項目，這在更高的生產力下幾乎是不可能的。

During 2020, we completed the consolidation of warehouse space across our Wichita campus into our Global Digital Logistics Center and consolidated more than 500,000 square feet of warehouse space into a 7-story, 150,000 square foot facility.

2020 年，我們完成了將威奇托園區的倉庫空間整合為全球數位物流中心，並將超過 50 萬平方英尺的倉庫空間整合為 7 層樓、15 萬平方英尺的設施。

In this new facility, we have leveraged technology similar to what other world-class distribution centers use, which translates into a more accurate and timely part handling and delivery system to the mechanics building product on our factory floor.

在這個新工廠中，我們利用了與其他世界級配送中心類似的技術，這為我們工廠車間的機械製造產品提供了更準確、更及時的零件處理和交付系統。

On the 737 MAX, we have a new 10-station, hybrid, automated assembly line for floor beams.

在 737 MAX 上，我們擁有一條全新的 10 工位混合動力自動化地板梁組裝線。

A MAX 8 has 47 floor beams with more than 400 different configurations.

MAX 8 有 47 個地板梁，具有 400 多種不同的配置。

This new assembly line will improve quality and our ability to manage all of these configurations.

這條新的裝配線將提高品質和我們管理所有這些配置的能力。

It will be operational by the end of this quarter.

它將在本季度末投入運營。

At our Prestwick facility, we have implemented a new state-of-the-art resin transfer molding technology for A320 spoiler production.

在我們的普雷斯蒂克工廠，我們為 A320 擾流板的生產採用了最先進的新型樹脂傳遞模塑技術。

The team is making good progress on the development of the production line that will efficiently produce hundreds of spoilers per month at peak rate.

該團隊在生產線的開發方面取得了良好進展，該生產線將以最高速度每月高效生產數百個擾流板。

The most immediate efforts are focused on completing the first part qualification process, then once that's complete, moving toward production at rate by the end of the first quarter.

最直接的工作重點是完成第一個零件的資格認證過程，一旦完成，就將在第一季末按速度投入生產。

Additionally, we have accelerated our company digitalization efforts.

此外，我們也加快了公司數位化進程。

Last year, we implemented a manufacturing execution system or MES on the 737 MAX fuselage line.

去年，我們在 737 MAX 機身生產線上實施了製造執行系統或 MES。

The system is a digital tool to track data and production metrics, which simplifies many of the reporting activities performed by managers.

該系統是一種追蹤數據和生產指標的數位工具，它簡化了經理執行的許多報告活動。

As a complement to the MES, we have put in place digital manufacturing operating system boards to give our managers visibility into real-time production process and facilitate discussions in daily meetings.

作為 MES 的補充，我們建立了數位製造作業系統板，使我們的經理能夠了解即時生產流程並促進日常會議中的討論。

We've also implemented digital workflow solutions to manage part movements across our main Wichita factories.

我們還實施了數位工作流程解決方案來管理威奇托主要工廠的零件移動。

Another recent change we have started is the deployment of digital work instructions.

我們最近開始的另一項變革是數位化工作指令的部署。

We have transitioned from a manual, text-heavy set of documents to new digital work instructions that provide graphics, pictures and detailed instructions tied to 3D digital models for our mechanics and inspectors.

我們已經從大量文字的手動文件過渡到新的數位工作說明，為我們的機械師和檢查員提供與 3D 數位模型相關的圖形、圖片和詳細說明。

From implementing integrated tools for operations management to visualization of the fabrication and assembly process, our digitization projects underway are expected to reduce the time needed to build product and enhance quality for our customers.

從實施營運管理整合工具到製造和組裝流程的可視化，我們正在進行的數位化專案預計將減少建造產品所需的時間並提高客戶的品質。

Another significant project has been improving the production flow in our main 737 MAX factory.

另一個重要項目是改善我們 737 MAX 主工廠的生產流程。

We have freed up over 125,000 square feet of manufacturing space in this fuselage factory by shifting subassemblies to new locations.

透過將零件轉移到新地點，我們在機身工廠釋放了超過 125,000 平方英尺的製造空間。

For example, we moved the fabrication of the MAX forward fuselage to a new facility on our campus where we also build the forward fuselage for the 767.

例如，我們將 MAX 前機身的製造轉移到了園區內的一個新工廠，我們也在那裡建造 767 的前機身。

We're also shifting the construction of the MAX wing box out of the main MAX factory to our Tulsa site.

我們還將 MAX 翼盒的建造從 MAX 主工廠轉移到塔爾薩工廠。

These moves are enabling a simplified 737 fuselage production flow.

這些措施簡化了 737 機身生產流程。

Previously, the movement of parts and subassemblies crisscrossed the factory, and sometimes the same part traveled a similar path multiple times before moving to the end of the line.

以前，零件和子組件的移動在工廠中縱橫交錯，有時同一零件在移動到生產線末端之前會多次經過類似的路徑。

The new production flow reduces the number of moves needed, drives a more efficient use of time and improves productivity and quality.

新的生產流程減少了所需的移動次數，提高了時間的利用效率，並提高了生產力和品質。

We are also working closely with many of our partners in the supply chain to help them navigate this challenging time in the industry.

我們也與供應鏈中的許多合作夥伴密切合作，幫助他們度過這個行業充滿挑戰的時期。

In the last 12 months, we have provided assistance to hundreds of suppliers.

在過去 12 個月中，我們已為數百家供應商提供了幫助。

This support includes contract extensions, purchases of finished goods and raw materials and vendor financing through our partner, Bank of America.

這種支援包括延長合約、購買成品和原材料以及透過我們的合作夥伴美國銀行進行供應商融資。

Recently, Bank of America secured a guarantee from the U.S. Export-Import Bank, EXIM, to help finance this program.

最近，美國銀行獲得了美國進出口銀行 (EXIM) 的擔保，以幫助為該計劃提供資金。

Our suppliers are critical partners to our success, and this level of support is important as we work to secure our supply chain as production rates recover over the next few years.

我們的供應商是我們成功的關鍵合作夥伴，隨著生產力在未來幾年恢復，我們努力確保我們的供應鏈安全，這種程度的支持非常重要。

We are also putting additional emphasis on environment, sustainability and governance, also known as ESG.

我們也更加重視環境、永續性和治理，也稱為 ESG。

An additional improvement we implemented last year was to put an agreement in place to power our entire 12.8 million square foot Wichita site with 100% wind power.

我們去年實施的另一項改進是簽訂協議，以 100% 風力發電為我們整個 1,280 萬平方英尺的威奇托工廠供電。

In addition, water recycling is another area where we have integrated systems and adopted practices to minimize water consumption and improve water efficiency.

此外，水循環利用是我們整合系統並採取實踐以最大程度地減少水消耗並提高用水效率的另一個領域。

With our reverse osmosis system, Spirit Wichita recycles more than 2 million gallons of highly purified water each day and recycles 575 million gallons annually, which has enabled us to reduce our freshwater demand by more than 70%.

借助我們的逆滲透系統，Spirit Wichita 每天回收超過 200 萬加侖的高純度水，每年回收 5.75 億加侖，這使我們能夠將淡水需求減少 70% 以上。

At our Spirit Belfast site, we have one of the largest roof-mounted solar arrays in the region.

在我們的貝爾法斯特精神工廠，我們擁有該地區最大的屋頂太陽能電池陣列之一。

In 2020, 70% of the Belfast plant's electricity came from clean energy.

2020年，貝爾法斯特工廠70%的電力來自清潔能源。

At our Prestwick site, where we've just built a new Aerospace Innovation Center, the team installed a second bank of solar arrays to supplement an existing bank at our Prestwick finishing center.

在我們剛剛建造了一個新的航空航天創新中心的普雷斯蒂克工廠，該團隊安裝了第二組太陽能電池陣列，以補充我們普雷斯蒂克精加工中心現有的太陽能電池組。

100% of the power consumed on our Prestwick site is from solar or wind power.

我們普雷斯蒂克工廠消耗的電力 100% 來自太陽能或風能。

Having worked to stabilize the business in 2020, we are also focused on positioning Spirit for the long term.

在努力穩定 2020 年業務的同時，我們也專注於對 Spirit 進行長期定位。

On Page 5 of the presentation, we have summarized Spirit's strategy.

在簡報的第 5 頁，我們總結了 Spirit 的策略。

Our vision is to be a diversified, design and manufacturing champion.

我們的願景是成為多元化、設計和製造的冠軍。

In terms of where we want to compete, our strategic priorities are to focus on Boeing, Airbus, defense, aftermarket, business and regional jets and non-aerospace manufacturing, where our skills and capabilities translate.

就我們想要競爭的領域而言，我們的戰略重點是專注於波音、空中巴士、國防、售後市場、公務機和支線飛機以及非航空航太製造，這些都是我們的技能和能力的體現。

In terms of how we want to compete, our execution requirements focus on make-buy, an advantaged supply chain, world-class manufacturing, 7 distinctive technologies, digitization and talent and inclusion.

就我們如何競爭而言，我們的執行要求專注於自製、優勢供應鏈、世界一流的製造、七項獨特技術、數位化、人才和包容性。

At Spirit, our DNA has always included a strong emphasis on safety, quality, customer focus and delivery.

在 Spirit，我們的 DNA 始終強調安全、品質、以客戶為中心和交付。

We augment these basic elements of our DNA with our values: transparency, collaboration and inspiration with an encouragement to our employees to speak out.

我們用我們的價值觀來增強我們 DNA 的這些基本元素：透明度、協作和靈感，並鼓勵員工暢所欲言。

Overall, our objectives are to diversify, delever and drive improved margins.

整體而言，我們的目標是實現多元化、去槓桿化並提高利潤率。

Let's look at how we've been diversifying Spirit.

讓我們看看我們是如何實現 Spirit 多元化的。

During the past year, we made excellent progress on our diversification strategy with the acquisition of the Belfast, Morocco and Dallas sites from Bombardier and the acquisition of FMI, a leader in high-temperature materials.

去年，我們從龐巴迪手中收購了貝爾法斯特、摩洛哥和達拉斯工廠，並收購了高溫材料領域的領導者 FMI，在多元化策略方面取得了巨大進展。

After closing the deal with Bombardier last October, our integration team quickly started working with our new team members and created a list of 450 integration tasks, ranging from rationalization of our facility footprint to systems integration to ensure a smooth transition.

去年 10 月與龐巴迪達成交易後，我們的整合團隊迅速開始與新團隊成員合作，並創建了 450 項集成任務清單，從設施佔地面積的合理化到系統集成，以確保順利過渡。

Since the October close, they have completed around 65% of the tasks.

自10月份截止以來，他們已經完成了大約65%的任務。

By the end of the first quarter, we expect to be 75% complete.

到第一季末，我們預計將完成 75%。

We have in the room with us today, our COO, Sam Marnick, who is leading this overall integration.

今天和我們在一起的還有我們的營運長 Sam Marnick，他負責領導這次整體整合。

If you have questions on the integration later, she will be able to answer them.

如果您稍後對集成有疑問，她將能夠回答。

The acquisition of the Bombardier assets accelerates our diversification.

收購龐巴迪資產加速了我們的多元化發展。

The addition of the A220 wing, which leverages composite resin transfer infusion technology and is fully integrated with all systems and flight control surfaces, position Spirit as one of Airbus' largest suppliers.

A220 機翼的增加採用了複合樹脂轉移灌注技術，並與所有系統和飛行控制面完全集成，使 Spirit 成為空中巴士最大的供應商之一。

With the experience gained on the A220 program, we believe Spirit has a competitive position for future narrow-body aircraft as we build knowledge and expertise on composite wing production.

憑藉在 A220 專案中獲得的經驗，我們相信 Spirit 在未來窄體飛機方面擁有競爭地位，因為我們累積了複合材料機翼生產的知識和專業知識。

The acquisition has also roughly doubled our aftermarket business and is very complementary to our current capability.

此次收購也使我們的售後市場業務增加了一倍，並且與我們當前的能力非常互補。

Previously, Spirit worked on Boeing work in North America and the Belfast site focused on Airbus work in Europe.

此前，Spirit 負責北美的波音工作，而貝爾法斯特工廠則專注於歐洲的空中巴士工作。

Our merged team now gives us the opportunity to offer the combined aftermarket capabilities across more products and geographies.

合併後的團隊現在使我們有機會提供更多產品和地區的綜合售後市場能力。

We believe we are in a good position to achieve our objective of $500 million in aftermarket revenue by 2025 at accretive margins.

我們相信，我們完全有能力實現 2025 年售後市場收入達到 5 億美元的目標，並實現利潤成長。

In addition, Spirit's business jet work statement expanded by roughly 4x with the acquisition, and we have become one of the largest suppliers to Bombardier.

此外，透過此次收購，Spirit 的公務機工作量擴大了約 4 倍，我們已成為龐巴迪最大的供應商之一。

From the midsized to very large business jet categories, our capability and scale as a business jet supplier can provide great value to the manufacturers in this segment of the industry.

從中型到超大型公務機類別，我們作為公務機供應商的能力和規模可以為該行業領域的製造商提供巨大的價值。

Our belief is that business jets are likely to recover sooner than commercial aviation following the pandemic.

我們相信，疫情過後，公務機可能會比商業航空更快恢復。

Our objective is to have the business and regional jet work achieve $500 million of revenue by 2023, also at accretive margins.

我們的目標是到 2023 年讓商務和支線飛機業務實現 5 億美元的收入，同時利潤率也不斷增加。

The Bombardier acquisition has also resulted in a stronger defense business, which we had not previously expected.

收購龐巴迪也帶來了更強大的國防業務，這是我們之前沒有預料到的。

Our Belfast team recently was selected by the U.K. to lead Project Mosquito in the prototype, design and manufacture of the U.K.'s first unmanned combat aircraft, which is also referred to as a loyal wingman.

我們的貝爾法斯特團隊最近被英國選中領導“蚊子計劃”，負責英國第一架無人駕駛戰鬥機（也稱為“忠誠僚機”）的原型、設計和製造。

The 3-year $41 million deal to develop the aircraft highlights the significant capabilities our new Spirit Belfast colleagues bring to military production.

這份為期 3 年、價值 4,100 萬美元的飛機開發協議凸顯了我們新的 Spirit Belfast 同事為軍事生產帶來的重要能力。

Overall, we expect that the Bombardier assets will have about $700 million of revenue in 2021 and expect the purchase business to grow at approximately 15% annually with future margins north of 10%.

總體而言，我們預計龐巴迪資產到 2021 年將產生約 7 億美元的收入，並預計採購業務每年增長約 15%，未來利潤率將超過 10%。

And in the future, the assets of what we have purchased will be included within our existing segments.

未來，我們購買的資產將納入我們現有的板塊。

For this year, it will be wing at about 43%, fuselage at about 28% and propulsion at 29%.

今年，機翼將佔約 43%，機身約佔 28%，推進裝置佔 29%。

The addition of the skilled and experienced team members in Belfast, Morocco and Dallas will position Spirit well for many years of potential growth.

貝爾法斯特、摩洛哥和達拉斯技術精湛、經驗豐富的團隊成員的加入將為 Spirit 未來多年的潛在成長奠定良好的基礎。

While the Bombardier asset acquisition was our largest, the FMI acquisition, which we completed last January, has opened new opportunities for our defense business.

雖然龐巴迪資產收購是我們最大的資產收購，但我們去年 1 月完成的 FMI 收購為我們的國防業務帶來了新的機會。

The integration of FMI is complete, and we are very pleased with the response we have received from customers.

FMI 的整合已經完成，我們對客戶的回饋感到非常滿意。

The combination of FMI's high-temperature composite capability with Spirit's industrialization expertise has expanded the products and capabilities to current and potential customers.

FMI 的高溫複合材料能力與 Spirit 的工業化專業知識相結合，將產品和能力擴展到現有和潛在客戶。

We now have a very robust pipeline of opportunities especially in hypersonic weapons.

我們現在擁有非常強大的機會，特別是在高超音速武器方面。

Most recently, NASA selected FMI to provide thermal protection systems to support several emerging space missions under the Science Mission Directorate.

最近，NASA 選擇 FMI 提供熱保護系統，以支援科學任務理事會下的多項新興太空任務。

We are thrilled to be selected to support NASA and contribute to the future of deep space exploration.

我們很高興被選中支持 NASA 並為深空探索的未來做出貢獻。

FMI has been a great addition to the Spirit family, contributing to our 20% defense growth in 2020 and projected 15% growth in 2021.

FMI 是 Spirit 系列的重要補充，為我們 2020 年的國防成長做出了 20% 的貢獻，預計 2021 年將成長 15%。

If we look at the programs of record for the programs that we are on, they would generate future defense sales of approximately $6 billion.

如果我們查看我們正在進行的項目的記錄，它們將產生約 60 億美元的未來國防銷售額。

Our overall defense capabilities, along with our open commercial capacity, will be important elements in our plan to grow our defense business to $1 billion of revenue by the mid-2020s with typical defense margins.

我們的整體國防能力以及開放的商業能力將成為我們計劃的重要組成部分，該計劃旨在到 2020 年代中期將我們的國防業務收入增長到 10 億美元，並保持典型的國防利潤。

On Page 7, we have summarized our revenue split over 3 years so that you can see the expected benefits of our efforts to diversify Spirit.

在第 7 頁，我們總結了過去 3 年的收入分配，以便您可以看到我們努力實現 Spirit 多元化的預期收益。

In 2019, Boeing commercial represented 74% of our revenue.

2019 年，波音商業業務占我們營收的 74%。

In 2021, we expect Boeing commercial will account for 44% of revenue based on current production rate plans.

根據目前的生產力計劃，我們預計 2021 年波音商用業務將佔營收的 44%。

We expect that in 2021, Airbus will account for 23%, defense for 18%, and aftermarket and business jets will each represent about 8% of revenue.

我們預計，到2021年，空中巴士將佔收入的23%，國防佔18%，售後市場和公務機將分別佔收入的8%左右。

Emerging from this crisis, we believe Spirit will be a more diversified company with several new and profitable revenue streams.

擺脫這場危機後，我們相信 Spirit 將成為一家更多元化的公司，擁有多個新的獲利收入來源。

We are also focused on delevering.

我們也專注於去槓桿化。

As we recover from the effects of recent challenges, we have begun to work on our current debt level and plan to pay down $1 billion over the next 3 years.

隨著我們從近期挑戰的影響中恢復過來，我們已開始努力控制當前的債務水平，並計劃在未來 3 年內償還 10 億美元。

We have started the process by redeeming the $300 million floating rate note, which was due in June of 2021, using cash from our balance sheet.

我們首先使用資產負債表中的現金贖回將於 2021 年 6 月到期的 3 億美元浮動利率票據。

We expect this process to be complete by tomorrow, February 24.

我們預計這一過程將於明天 2 月 24 日完成。

From there, our net -- next debt maturity is $300 million due in 2023.

從那時起，我們的下一個債務到期淨額為 3 億美元，將於 2023 年到期。

And by that point in time, we expect narrow-body production rates to be at much higher rates than they are today.

到那時，我們預計窄體飛機的生產率將比現在高得多。

Our next maturity after that is not until 2025.

此後我們的下一個成熟期要到 2025 年。

We remain committed to regaining an investment-grade credit rating.

我們仍然致力於重新獲得投資等級信用評級。

Our third objective is to drive margins.

我們的第三個目標是提高利潤率。

As the vaccine rollout continues and air traffic begins to resume, domestic travel will recover first.

隨著疫苗的繼續推廣和空中交通開始恢復，國內旅行將首先恢復。

We expect that this trend will favor single-aisle aircraft such as the 737 MAX and the A320.

我們預計這一趨勢將有利於 737 MAX 和 A320 等單通道飛機。

They will be the first to recover as they perform the bulk of domestic flights.

由於他們執行大部分國內航班，因此他們將是最先恢復的。

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

我們相信 Spirit 將從這一趨勢中受益，因為我們 85% 的積壓飛機是窄體飛機。

With all the productivity actions we have taken, we expect our margins will recover back to the historic levels of about 16% once the MAX production rate reaches the low 40s.

透過我們採取的所有生產力行動，我們預計一旦 MAX 生產力達到 40 左右的低點，我們的利潤率將恢復到 16% 左右的歷史水平。

While the Bombardier acquisition will be slightly dilutive overall to this level, we still expect to achieve our historic targets in aggregate.

雖然龐巴迪收購將整體略微稀釋至這一水平，但我們仍然期望整體上實現我們的歷史目標。

Although we expect that international traffic will take longer to recover, which will put pressure on wide-body production, which typically serve those routes, we are actively repurposing our production capacity for wide-body composite aircraft to defense applications.

儘管我們預計國際交通需要更長的時間才能恢復，這將對通常服務於這些航線的寬體飛機生產帶來壓力，但我們正在積極將寬體複合材料飛機的生產能力重新調整到國防應用。

This transition will replace the hours we have lost due to wide-body rate declines and should have a positive impact on margins in the future.

這項轉變將取代我們因寬體客機運價下降而損失的時間，並對未來的利潤率產生正面影響。

With that, I'll turn it over to Mark to continue through our detailed financial results and our expectations for 2021.

接下來，我將把它交給 Mark，讓他繼續詳細介紹我們的財務表現和對 2021 年的預期。

Mark?

標記？

Thank you, Tom, and good morning, everyone.

謝謝你，湯姆，大家早安。

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。

As Tom mentioned in his opening remarks, Spirit as well as the overall aviation industry faced one of the most challenging years in aviation history.

正如湯姆在開場白中提到的那樣，精神航空以及整個航空業面臨著航空史上最具挑戰性的年份之一。

Throughout 2020, our teams responded by making significant adjustments to adapt our cost structure to lower production levels, putting in place productivity improvements and working towards diversifying our business through M&A activity and growth in our defense business.

在整個 2020 年，我們的團隊做出了重大調整，以適應較低的生產水平，提高生產力，並努力透過併購活動和國防業務的成長來實現業務多元化。

We also took several meaningful actions to strengthen our liquidity position.

我們也採取了幾項有意義的行動來加強我們的流動性狀況。

We began by reducing the cash dividend to $0.01 per share, suspending the share repurchase program and deferring about $120 million of capital expenditures.

我們首先將現金股利減少至每股 0.01 美元，暫停股票回購計畫並延後約 1.2 億美元的資本支出。

We then negotiated with Boeing to receive a $225 million cash advance and defer $123 million repayment to 2022.

隨後，我們與波音公司協商獲得 2.25 億美元的現金預付款，並將 1.23 億美元的還款推遲到 2022 年。

Then in April, we raised $1.2 billion of senior secured second lien notes and paid down our $800 million revolver.

然後在 4 月份，我們籌集了 12 億美元的高級有擔保第二留置權票據，並償還了 8 億美元的左輪手槍。

In the last half of the year, we paid off our term loan and terminated the existing senior credit facility while concurrently completing a $900 million capital raise consisting of $500 million senior secured first lien notes and a new $400 million senior secured Term Loan B credit facility.

下半年，我們還清了定期貸款並終止了現有的高級信貸安排，同時完成了9 億美元的融資，其中包括5 億美元的高級擔保第一留置權票據和新的4 億美元的高級擔保定期貸款B 信貸安排。

Additionally, we utilized the CARES Act and the U.K. deferral programs, which were made available in response to COVID-19.

此外，我們還利用了 CARES 法案和英國延期計劃，這些計劃是為了應對 COVID-19 而提供的。

This allowed the deferral of $33 million in payroll taxes to 2021 and 2022 as well as the deferral of $32 million of that payments to 2022 and a $16 million benefit related to the employee retention credit.

這允許將 3,300 萬美元的工資稅推遲到 2021 年和 2022 年，並將其中的 3,200 萬美元的付款推遲到 2022 年，以及與員工保留信貸相關的 1,600 萬美元的福利。

These actions have provided us with increased financial flexibility and liquidity and have enhanced our ability to address the potential longer and lower rates of production.

這些行動為我們提供了更大的財務靈活性和流動性，並增強了我們應對潛在的更長和更低生產力的能力。

Given the 737 MAX return to service in many parts of the world as well as the various measures taking place to address the pandemic, we are hopeful that 2021 will start the early stages of a multiyear recovery.

鑑於 737 MAX 在世界許多地區恢復運營，以及為應對這場流行病採取的各種措施，我們希望 2021 年將開始多年復甦的早期階段。

Looking ahead to 2021 and beyond, we are focused on our long-term growth and diversification strategies, as Tom just discussed.

展望 2021 年及以後，正如 Tom 剛才討論的那樣，我們將重點放在長期成長和多元化策略上。

Now let's move to our 2020 results.

現在讓我們來看看 2020 年的結果。

Please turn to Slide 8. Revenue for the year was $3.4 billion, down 57% from 2019.

請參閱投影片 8。全年營收為 34 億美元，較 2019 年下降 57%。

This reduction was primarily due to the lower production rate on the 737 MAX, resulting from the continued grounding of the program and the significant impacts of the COVID-19 pandemic.

這一減少主要是由於 737 MAX 的生產率較低，這是由於該項目的持續停飛和 COVID-19 大流行的重大影響造成的。

Production rates across all of our commercial programs were negatively impacted by COVID-19.

我們所有商業項目的生產力都受到了 COVID-19 的負面影響。

We delivered 71 737 shipsets during the year compared to 606 in 2019.

我們全年交付了 71,737 艘船舶，而 2019 年交付了 606 艘。

Overall deliveries decreased to 920 shipsets compared to 1,791 shipsets in 2019.

總體交付量從 2019 年的 1,791 艘減少至 920 艘。

While commercial deliveries were down, our defense business grew by over 20% in 2020 and is helping with our overall diversification objective.

雖然商業交付量下降，但我們的國防業務在 2020 年增長了 20% 以上，有助於實現我們的整體多元化目標。

Let's now turn to earnings per share on Slide 9. We reported earnings per share of negative $8.38 compared to positive $5.06 per share in 2019.

現在讓我們看看幻燈片 9 上的每股收益。我們報告的每股收益為負 8.38 美元，而 2019 年每股收益為正 5.06 美元。

Adjusted EPS was negative $5.72 per share compared to positive EPS of $5.54 per share in 2019.

調整後每股收益為負 5.72 美元，而 2019 年為正每股收益 5.54 美元。

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

調整後每股盈餘不包括收購、重組成本、非現金自願退休計畫費用和遞延稅資產估價津貼的影響。

2020 operating margins declined compared to 2019 as a result of costs incurred related to the low rate of MAX production, including excess capacity cost of $279 million as well as lower production rates across all of our commercial programs due to the impacts of COVID.

與 2019 年相比，2020 年的營業利潤率有所下降，原因是 MAX 生產率低產生的成本，包括 2.79 億美元的產能過剩成本，以及由於新冠疫情的影響，我們所有商業項目的生產率下降。

We recognized 4 loss charges of $370 million primarily driven by lower future production rates announced on the 787 and A350 programs.

我們確認了 4 項 3.7 億美元的損失費用，這主要是由於 787 和 A350 項目宣布的未來生產力下降所致。

And we incurred costs due to the COVID-related factory closures of $34 million.

由於與新冠疫情相關的工廠關閉，我們產生了 3,400 萬美元的成本。

Additionally, we recognized restructuring expenses of $73 million for cost alignment and headcount reductions to support lower production rates as well as a noncash voluntary retirement program charge of $87 million.

此外，我們還確認了 7,300 萬美元的重組費用，用於成本調整和裁員以支持較低的生產力，以及 8,700 萬美元的非現金自願退休計畫費用。

During the fourth quarter of 2020, a valuation allowance on deferred income tax assets of $150 million was established.

2020年第四季，設立了1.5億美元的遞延所得稅資產估價備抵。

This noncash valuation allowance was recorded based on the required accounting analysis to assess recoverability of our deferred tax assets against future taxable income.

此非現金估價備抵是根據所需的會計分析記錄的，以評估我們的遞延稅資產針對未來應稅收入的可收回性。

This is an accounting assessment which places emphasis on our recent losses.

這是一項會計評估，重點關注我們最近的損失。

I want to remind everyone that this valuation allowance does not limit our ability to utilize deferred tax assets in future periods.

我想提醒大家的是，這個估價津貼並不限制我們在未來期間利用遞延所得稅資產的能力。

It also does not change our outlook on future results and has no impact on cash flows or future tax returns.

它也不會改變我們對未來業績的展望，也不會影響現金流或未來的報稅表。

Once income generation returns, we can expect to see the allowance reverse, resulting in an increase to reported earnings.

一旦收入恢復，我們預計補貼將會逆轉，導致報告收益增加。

Now turning to free cash flow on Slide 10.

現在轉向幻燈片 10 上的自由現金流。

Free cash flow for the year was a use of $864 million, including the acquired Bombardier assets, compared to a source of $691 million in 2019.

包括收購的龐巴迪資產在內，今年的自由現金流使用量為 8.64 億美元，而 2019 年的自由現金流來源為 6.91 億美元。

The free cash flow usage of $864 million is in line with what we discussed in the third quarter earnings call of $800 million to $900 million for the full year, which excluded Bombardier.

8.64 億美元的自由現金流使用量與我們在第三季財報電話會議中討論的全年 8 億至 9 億美元（不包括龐巴迪）的情況一致。

This year-over-year decrease is primarily due to the negative impact of working capital requirements, significantly lower deliveries across all of our commercial programs and $73 million of restructuring costs, partially offset by $215 million received as a result of the February 2020 MOA with Boeing as well as some favorable cash tax.

這一同比下降主要是由於營運資金需求的負面影響、我們所有商業項目的交付量顯著降低以及 7,300 萬美元的重組成本，部分被 2020 年 2 月 MOA 收到的 2.15 億美元所抵消。波音還有一些優惠的現金稅。

As we discussed on last quarter's call, we expected free cash flow use in the fourth quarter to be higher than in the third quarter.

正如我們在上季度電話會議中討論的那樣，我們預計第四季度的自由現金流使用量將高於第三季。

Cash flow usage in the fourth quarter was $181 million primarily driven due to higher cash tax interest payments of $80 million on additional debt, the absence of some favorable timing on deliveries as well as cash outflow of about $50 million related to the Bombardier acquisition, which included onetime cash outflows of approximately $26 million for restructuring activity and $11 million related equipment lease buyouts at the purchased Bombardier sites.

第四季的現金流量使用量為 1.81 億美元，主要是由於額外債務的現金稅利息支付增加了 8000 萬美元、缺乏有利的交付時機以及與龐巴迪收購相關的約 5000 萬美元的現金流出，這包括用於重組活動的一次性現金流出約2,600 萬美元，以及所購買的龐巴迪工廠的1,100 萬美元相關設備租賃收購。

Looking at cash from operations.

看看來自營運的現金。

If we exclude the interest paid on debt and the consolidated cash use of Bombardier, cash from operations improved $44 million from the third quarter to the fourth quarter of 2020.

如果我們排除債務利息和龐巴迪的綜合現金使用，那麼 2020 年第三季到第四季的營運現金增加了 4,400 萬美元。

This reflects our continued improvement in our operating performance.

這反映了我們經營績效的持續改善。

As a reminder, our cash interest payments are more heavily weighted in the second and fourth quarters of the year.

提醒一下，我們的現金利息支付在今年第二季和第四季的比重更大。

We expect cash interest to be $200 million in 2021.

我們預計 2021 年現金利息將達到 2 億美元。

Looking ahead into 2021, we expect our free cash flow to be negative, but significantly improved from 2020.

展望 2021 年，我們預期自由現金流為負，但較 2020 年有顯著改善。

In addition to the operating cash flow, we have a planned payment of approximately $135 million for the Bombardier pension, which we expect will be offset by cash tax benefits due to our operating losses recorded in 2020.

除了營運現金流之外，我們還計劃支付約 1.35 億美元的龐巴迪養老金，我們預計這筆資金將被由於 2020 年記錄的營運虧損而產生的現金稅收優惠所抵消。

As discussed on last quarter's call, we are expecting this cash tax benefit to be approximately $300 million as a result of the carrybacks permitted by the CARES Act.

如上季電話會議所討論的，由於 CARES 法案允許的結轉，我們預計現金稅收優惠約為 3 億美元。

We anticipate the first half of 2021 to be our most challenging, with improvements as we progress into the later half of the year as single-aisle production rates increase as projected.

我們預計 2021 年上半年將是我們最具挑戰性的一年，隨著單通道生產力按預期增加，我們將在下半年有所改善。

As we have previously indicated, we expect cash flow to be positive in 2022.

正如我們之前指出的，我們預計 2022 年現金流將為正值。

Let's now turn to our cash and debt balances on Slide 9. We ended the fourth quarter with $1.9 billion of cash on hand and $3.9 billion of debt.

現在讓我們來看看投影片 9 上的現金和債務餘額。第四季末，我們手頭現金為 19 億美元，債務為 39 億美元。

The balances reflect the significant liquidity actions I previously described, including those taken during the last half of 2020, including the payoff of the $430 million term loan under the prior credit facility, a capital raise of $900 million in new senior secured debt and the payment of $275 million for the Bombardier acquisition.

這些餘額反映了我之前描述的重大流動性行動，包括 2020 年下半年採取的行動，包括償還先前信貸安排下的 4.3 億美元定期貸款、在新的高級擔保債務中籌集 9 億美元的資本以及支付2.75 億美元用於收購龐巴迪。

The new Term Loan B credit facility provides us with increased flexibility as it has less restrictive terms than our previous credit facility, which we terminated during the back half of 2020.

新的定期貸款 B 信貸安排為我們提供了更大的靈活性，因為它的限制性條款比我們在 2020 年下半年終止的之前的信貸安排要少。

We believe this liquidity position and increased flexibility puts us in a good position to navigate future challenges within our industry.

我們相信，這種流動性狀況和增強的靈活性使我們能夠很好地應對產業內未來的挑戰。

Additionally, as Tom mentioned in his opening remarks, we have been assessing our cash and debt levels and have made a plan to delever the company over the next few years.

此外，正如湯姆在開場白中提到的，我們一直在評估我們的現金和債務水平，並製定了未來幾年公司去槓桿化的計劃。

This delevering process will start by using cash on hand to redeem the $300 million floating rate notes, which mature this June.

這項去槓桿化過程將首先使用手頭現金贖回今年六月到期的 3 億美元浮動利率票據。

We expect the redemption to be completed on Wednesday, February 24.

我們預計贖回將於 2 月 24 日星期三完成。

Lastly, as we have stated in the past, we remain committed to regaining an investment-grade credit rating in the future.

最後，正如我們過去所說，我們仍然致力於在未來重新獲得投資等級信用評級。

Now let's turn to our segment performance on Slide 12.

現在讓我們來看看投影片 12 上的片段表現。

Fuselage segment revenue in the year was $1.7 billion down compared to 2019, primarily due to lower production volumes on the 737, 787 and A350 programs.

與 2019 年相比，今年機身部門收入減少了 17 億美元，主要是由於 737、787 和 A350 項目的產量下降。

Operating margin for the year was negative 26% compared to positive 11% in the prior year.

本年度營業利益率為負 26%，而前一年為正 11%。

This decrease was primarily a result of forward losses recognized on the 787 and A350 programs, lower profit recognized on the 737 program, including excess capacity cost of $175 million and restructuring expenses of $41 million for cost alignment and headcount reductions.

這一下降主要是由於 787 和 A350 項目確認的遠期損失、737 項目確認的利潤減少，包括 1.75 億美元的產能過剩成本以及用於成本調整和裁員的 4,100 萬美元的重組費用。

The fuselage segment recorded $18 million of unfavorable cumulative catch up adjustments and $274 million of net forward losses during the year.

機身部分在這一年中錄得 1800 萬美元的不利累計追趕調整和 2.74 億美元的淨遠期損失。

Propulsion revenue in 2020 was $785 million, down compared to the previous year, primarily due to lower production volumes on the 737 and 777 programs.

2020 年推進系統收入為 7.85 億美元，較前一年下降，主要是由於 737 和 777 項目的產量下降。

Operating margin for the quarter was negative 5% compared to positive 20% in 2019.

該季度的營業利潤率為負 5%，而 2019 年為正 20%。

The segment recorded $8 million of unfavorable cumulative catch up adjustments and $37 million of net forward losses.

該部門記錄了 800 萬美元的不利累計追趕調整和 3700 萬美元的淨遠期損失。

The decrease in segment profitability and operating margin were primarily a result of lower-margin recognized in the 737 program, including excess capacity costs of $61 million and the reduction in production rates on the 777 program.

部門獲利能力和營業利潤率的下降主要是由於 737 項目確認的利潤率較低，包括 6,100 萬美元的產能過剩成本和 777 項目生產力的下降。

And finally, wing revenue was $799 million, down compared to 2019, primarily due to lower production volumes on the 737, A320 and A350 programs.

最後，機翼收入為 7.99 億美元，較 2019 年有所下降，主要是由於 737、A320 和 A350 項目的產量下降。

Operating margin for the quarter was negative 9% compared to positive 14% in 2019.

本季營業利益率為負 9%，而 2019 年為正 14%。

The segment recorded $59 million of net forward losses.

該部門錄得 5,900 萬美元的淨遠期虧損。

The decreases in segment profitability and operating margin were primarily a result of forward losses recognized in the 787 and A350 programs, lower margin recognized in the 737 program, including excess capacity costs of $43 million.

部門獲利能力和營業利潤率的下降主要是由於 787 和 A350 項目中確認的遠期損失、737 項目中確認的利潤率較低，包括 4,300 萬美元的過剩產能成本。

I also want to discuss the purchase accounting treatment for the newly acquired Bombardier assets.

我還想討論一下新收購的龐巴迪資產的購買會計處理。

This transaction, which requires us to apply business combination guidance under ASC 805, which resulted in an evaluation of the fair value of the underlying assets and liabilities that were acquired.

此交易要求我們應用 ASC 805 下的企業合併指南，從而對所收購的相關資產和負債的公允價值進行評估。

We have completed our initial assessment and certain adjustments were required related to inventory, property, plant and equipment, intangibles, goodwill, liability balances and forward loss liabilities.

我們已經完成了初步評估，並需要對庫存、財產、廠房和設備、無形資產、商譽、負債餘額和遠期損失負債進行某些調整。

Per the business combination rules, the assessment will be completed within 12 months of the closure of the acquisition.

根據企業合併規則，評估將在收購結束後12個月內完成。

The preliminary assessment resulted in goodwill of $487 million and intangibles of $188 million.

初步評估得出商譽為 4.87 億美元，無形資產為 1.88 億美元。

The noncash intangible expense will amortize on a straight-line basis of approximately $11 million per year.

非現金無形費用每年將以直線法攤銷約 1,100 萬美元。

Also, as part of the opening balance sheet adjustments, we established a forward loss liability on the balance sheet of $282 million, primarily related to the A220 program, which had an impact on the goodwill balance.

此外，作為期初資產負債表調整的一部分，我們在資產負債表上設立了 2.82 億美元的遠期損失負債，主要與 A220 計畫相關，這對商譽餘額產生了影響。

The establishment of the forward loss liability was impacted by the change in the A220 production schedule, which is primarily driven by the COVID-19 pandemic and the associated fixed overhead costs within the factories.

遠期損失負債的確定受到 A220 生產計劃變化的影響，這主要是由 COVID-19 大流行和工廠內相關的固定管理費用所推動的。

The deterioration in the performance between the time the deal was announced and when it was closed as well as other factors.

從宣布交易到完成交易期間的業績惡化以及其他因素。

The liability represents anticipated losses for expected customer orders over the next 3 to 5 years.

此負債代表未來 3 至 5 年內預期客戶訂單的預期損失。

Of the $282 million, approximately $56 million in noncash was due to business combination guidance on the evaluation of the fair value of underlying assets and liabilities, which will be unwound from the forward loss liability as units are delivered over the next 5 years.

在 2.82 億美元中，約 5,600 萬美元的非現金是由於對相關資產和負債的公允價值評估的業務合併指導，這些指導將隨著未來 5 年內交付單位而從遠期損失負債中扣除。

In addition, the forward loss liability includes approximately $15 million of noncash depreciation.

此外，遠期損失負債包括約 1500 萬美元的非現金折舊。

This is our initial assessment, and we continue to focus on capturing synergies, including analyzing each site's capacity and structure to reflect the current production rate environment as well as maturing our cost reduction projects, which will help improve our profits on the programs.

這是我們的初步評估，我們將繼續專注於捕捉協同效應，包括分析每個工廠的產能和結構以反映當前的生產力環境以及成熟我們的成本降低項目，這將有助於提高我們的項目利潤。

In addition, as our business recovers from the effects of COVID-19, we expect each of these programs to benefit from our cost reduction efforts and result in improved margins.

此外，隨著我們的業務從 COVID-19 的影響中恢復，我們預計這些計劃中的每一個都將從我們降低成本的努力中受益，並提高利潤率。

As we announced last quarter, we negotiated a $225 million purchase price reduction to the original acquisition price, taking into account market changes driven by the COVID-19 pandemic.

正如我們上季度宣布的那樣，考慮到 COVID-19 大流行帶來的市場變化，我們透過談判將收購價格降低至原始收購價格 2.25 億美元。

In addition, we've always said that this acquisition was a 3-way negotiation, including Airbus, who were supportive in these discussions to make sure we could come to a mutually agreeable outcome.

此外，我們一直說這次收購是一次三方談判，其中包括空中巴士公司，他們在這些討論中提供了支持，以確保我們能夠達成雙方都同意的結果。

Finally, we also recognized $5 million of excess capacity costs in 2020.

最後，我們也確認了 2020 年 500 萬美元的產能過剩成本。

We expect to continue to incur these excess capacity costs going forward as production rates remain low, consistent with the accounting treatment we follow on the 737 program.

由於生產力仍然較低，我們預計未來將繼續承擔這些過剩產能成本，這與我們對 737 項目遵循的會計處理方法一致。

So what I've just described summarize the accounting treatment for the individual elements of the acquisition.

因此，我剛剛描述的內容總結了收購中各個要素的會計處理。

But going back to Tom's previous remarks, we project this acquisition will generate roughly $700 million of revenue in 2021, which we expect to grow at approximately 15% annually, with future gross margins approaching 10% or better.

但回到 Tom 之前的言論，我們預計此次收購將在 2021 年產生約 7 億美元的收入，預計每年增長約 15%，未來毛利率接近 10% 或更高。

Strategically, it has accelerated our diversification with more Airbus content, new defense work and expanded aftermarket and business jet work packages.

從戰略上講，它透過更多的空中巴士內容、新的國防工作以及擴大的售後市場和公務機工作包加速了我們的多元化。

Overall, we remain excited about this acquisition.

總體而言，我們對此次收購仍然感到興奮。

In closing, 2020 was a challenging year that required us to take difficult but necessary actions to adapt to the changes brought on from both the MAX grounding and the COVID-19 pandemic.

最後，2020 年是充滿挑戰的一年，要求我們採取困難但必要的行動來適應 MAX 停飛和 COVID-19 大流行帶來的變化。

2021 continues to be a complex and dynamic situation, and we will continue to assess potential scenarios to identify areas of opportunity and develop action plans to mitigate risk.

2021 年仍然是一個複雜多變的形勢，我們將繼續評估潛在情景，以確定機會領域並制定行動計劃來減輕風險。

Further, we will stay focused on our growth and diversification strategies.

此外，我們將繼續專注於我們的成長和多元化策略。

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.

謝謝，馬克。

And now I'll make some closing comments before we take questions.

現在，在我們回答問題之前，我將做一些總結評論。

We reacted to the multiple challenges in 2020 by restructuring our cost base and strengthening our liquidity.

我們透過重組成本基礎和增強流動性來應對 2020 年的多重挑戰。

We also executed on many different projects to drive productivity improvements and continue to diversify our business while protecting our employees.

我們還執行了許多不同的項目，以提高生產力並繼續實現業務多元化，同時保護我們的員工。

2021 will be a bridge year for Spirit as we recover from the effects of the 737 MAX grounding and the COVID pandemic.

2021 年對 Spirit 來說將是過渡年，因為我們正在從 737 MAX 停飛和新冠疫情的影響中恢復過來。

Now that the 737 MAX has safely returned to service in many parts of the world, we look forward to improved production rates for that program.

現在 737 MAX 已在世界許多地區安全恢復運營，我們期待提高該項目的生產力。

We are encouraged by the various measures being taken to address the COVID-19 pandemic and hope to see a much improved environment for air travel as the year progresses.

我們對為應對新冠肺炎 (COVID-19) 大流行而採取的各種措施感到鼓舞，並希望隨著時間的推移，航空旅行環境將得到大幅改善。

In summary, our focus going forward is to continue diversification efforts start to delever over the next 2 to 3 years and drive segment margins to our previous targets.

總之，我們未來的重點是在未來 2 至 3 年內繼續進行多元化努力，開始去槓桿化，並將分部利潤率提高到我們先前的目標。

With that, we'll 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 Jon Raviv with Citi.

（操作員說明）我們的第一個問題來自花旗銀行的 Jon Raviv。

A question on the margin commentary.

關於邊際評論的問題。

Just any perspective on the margin performance on an underlying basis in 4Q versus 3Q.

對第四季與第三季基本利潤率表現的任何看法。

And Tom, you said 16%, I think, on the call, just squaring that since I think I had 16.5% in my head with MAX in the 40s.

湯姆，我想，你在電話會議上說的是 16%，只是將其平方，因為我想我腦子裡的 MAX 是 40 年代的 16.5%。

Is that the bar -- is that the A220 dynamic you just described or wide-body being replaced by military?

這就是你剛剛描述的 A220 動態還是寬體飛機被軍用飛機取代？

Just any thoughts on what that normalized margin number should be in our head exactly.

我們腦子裡應該有關於標準化保證金數字的任何想法。

You're right.

你說得對。

16.5% is what our target is.

16.5%是我們的目標。

We just rounded it for the sake of the presentation.

為了演示的目的，我們只是將其四捨五入。

But 16.5% is what we think is achievable once we get the MAX production rates into the low 40s.

但我們認為，一旦我們將最大生產力降至 40 左右，就可以達到 16.5%。

Okay.

好的。

And just -- can you just -- sorry, just one more question on the A220.

抱歉，還有一個關於 A220 的問題。

Is that program going to be generating profit at all in its future or only after the 3.5 years to get to that 10% or better gross margin?

該計劃是否會在未來產生利潤，還是只有在 3.5 年後才能達到 10% 或更高的毛利率？

Well, right now, we've set up the forward loss that goes out 3 to 5 years.

嗯，現在，我們已經設定了 3 到 5 年的遠期損失。

And so we expect that during that time, we're going to continue to work on all the projects that we have identified in terms of capturing synergies, which we said it would be at about 6% of revenue.

因此，我們預計在此期間，我們將繼續開展我們已確定的所有項目，以獲取協同效應，我們稱其將佔收入的 6% 左右。

While we've identified a lot of those, those projects are not all mature.

雖然我們已經確定了其中許多項目，但這些項目並不全部成熟。

And so as those projects mature, we should see improved performance on the program.

因此，隨著這些項目的成熟，我們應該會看到該計劃的表現有所提高。

The other thing is rates are still quite low on the A220 program.

另一件事是 A220 計劃的費率仍然相當低。

Airbus has given us the best guidance they can over the next few years.

空中巴士公司在未來幾年內為我們提供了最好的指導。

But again, as we see the market recover and air traffic resume, we expect to see the 220 rates get back to where they were projected to be previously.

但同樣，隨著我們看到市場復甦和空中交通恢復，我們預計 220 的費率將回到先前的預期水準。

And that will also improve the profitability of the program.

這也將提高該計劃的獲利能力。

So after the 3- to 5-year program, absolutely, we expect the A220 to be profitable.

因此，在 3 到 5 年的計劃之後，我們絕對預計 A220 將會獲利。

Our next question comes from David Strauss with Barclays.

我們的下一個問題來自巴克萊銀行的大衛‧史特勞斯。

Tom, can you touch on the MAX and the 787?

Tom，可以談談 MAX 和 787 嗎？

Obviously, Boeing is sitting on a lot of inventory of both at this point.

顯然，波音公司目前持有這兩種產品的大量庫存。

Do you expect your MAX deliveries actually pickup relative to the 71 in 2020?

您預計 2020 年 MAX 交付量實際上會比 71 輛有所增加嗎？

And how are you thinking about your 87 rate, given you're somewhere around 7 a month and Boeing is not delivering any airplanes?

考慮到您每月約 7 架飛機，而波音公司沒有交付任何飛機，您如何看待 87 架飛機的費率？

Great.

偉大的。

Well, with regard to the MAX, Boeing has said that they're going to prioritize delivery of the units that they have built and not delivered.

嗯，關於 MAX，波音表示，他們將優先交付他們已建造和未交付的飛機。

And they have been doing that.

他們一直在這樣做。

They -- as you saw in December and in January, we're able to deliver upwards of 40 units.

正如您在 12 月和 1 月看到的那樣，我們能夠交付超過 40 個單位。

So that's quite encouraging.

所以這非常令人鼓舞。

As I said, we did produce 71 MAX shipsets in 2020.

正如我所說，2020 年我們確實生產了 71 艘 MAX 船組。

We've got about 130 units stored at our site in Wichita, shipsets.

我們在威奇託的基地儲存了大約 130 艘。

Boeing has paid for those already, but those are in storage.

波音公司已經支付了這些費用，但這些都在儲存中。

We will burn those down over the next 18 months or so.

我們將在接下來的 18 個月左右的時間內燒毀它們。

And we do expect rates to be higher in 2021 on the MAX than they were in 2020.

我們確實預計 2021 年 MAX 的費率將高於 2020 年。

Boeing hasn't been specific yet.

波音公司尚未具體說明。

What they have said is that they expect to be at about 31 aircraft per month in early '22 on the MAX.

他們表示，預計到 22 年初，MAX 的產量將達到每月約 31 架。

We are lagging them by about 5 shipsets per month so that we can burn down the inventory that's here in Wichita.

我們每個月落後他們大約 5 艘船，這樣我們就可以燒掉威奇託的庫存。

So that's where we are.

這就是我們現在的情況。

But we do expect that the MAX deliveries for us -- even though Boeing is going to be delivering out of their inventory, we expect the MAX deliveries for us will be higher in 2021 than they were in '20.

但我們確實預計 MAX 的交付量 - 儘管波音將用其庫存進行交付，但我們預計 2021 年 MAX 的交付量將高於 20 年。

On the 787, Boeing has indicated that they're going through some extensive reviews of the build process and the units.

對於 787，波音表示他們正在對建造過程和零件進行一些廣泛的審查。

That has delayed some shipments.

這導致一些發貨延遲。

We've continued to ship, but it did impact our shipments in the fourth quarter.

我們繼續發貨，但這確實影響了我們第四季度的發貨量。

We expect that once the reviews are complete that Boeing will be able to resume shipments of the 787 again.

我們預計，一旦審查完成，波音將能夠再次恢復 787 的出貨。

And we will continue to ship to our current schedule, which is at about 5 per month.

我們將繼續按照目前的時間表發貨，大約每月 5 件。

Our next question comes from Seth Seifman with JPMorgan.

我們的下一個問題來自摩根大通的 Seth Seifman。

I was curious about -- you mentioned the abnormal production costs would continue in 2021, I guess, as we would expect.

我很好奇——你提到異常的生產成本將在 2021 年持續下去，我猜，正如我們所預期的那樣。

But relative to that sort of $50-ish million level for the fourth quarter, how -- is there any more color you could give us on how that should proceed through the year?

但相對於第四季度 5000 萬美元左右的水平，您是否可以給我們更多關於今年應該如何進行的信息？

Yes.

是的。

So Seth, we had about $280 million of total excess capacity cost that we incurred in 2020 with the modest pickup in 737 production rates, which we'll see later in the year.

Seth，隨著 737 生產率的小幅回升，我們在 2020 年產生了約 2.8 億美元的總產能過剩成本，我們將在今年稍後看到這一點。

We'll see some improvements in '21 compared to 2020.

與 2020 年相比，我們將在 21 年看到一些改進。

We haven't given out specifics, but I would say we could see a 30% reduction in that number.

我們尚未透露具體細節，但我想說，這個數字可能會減少 30%。

But we also have to kind of factor in that A220 is going to be in a similar situation where that factory is set up to produce at more than 10 shipsets per month.

但我們也必須考慮到 A220 也將面臨類似的情況，即該工廠的每月生產量超過 10 艘。

And we're roughly at 4, and therefore, we're going to have a little bit of headwind on excess capacity costs on the A220.

我們的排名大約是 4，因此，我們將在 A220 的產能過剩成本方面遇到一些阻力。

So overall, we'll see an improvement in excess costs, which will help profitability and will help cash.

因此，總體而言，我們將看到超額成本的改善，這將有助於獲利並有助於現金。

And as we move through the year, the excess cost will be a little higher in the first half and less in the back half of the year.

隨著時間的推移，上半年的超額成本會稍微高一些，下半年會減少一些。

I think an easy way to think about it is we established that excess cost allowance for production rates that are below 52 aircraft per month for the MAX.

我認為一個簡單的思考方法是，我們為 MAX 每月生產 52 架飛機以下的生產率制定了超額成本補貼。

And they will be in effect until the MAX rates get back to 52 and above.

它們將一直有效，直到 MAX 利率回到 52 及以上。

But as the rates climb, the excess cost will go down in proportion to how close we are to 52 aircraft per month.

但隨著費率攀升，超額成本將按照我們接近每月 52 架飛機的程度成比例下降。

So that's just an easy way to think about it.

所以這只是一個簡單的思考方式。

Our next question is a follow-up from David Strauss with Barclays.

我們的下一個問題是大衛·史特勞斯與巴克萊銀行的後續行動。

I wanted to ask about cash flow.

我想問一下現金流。

And the 2021 walk that you had given us prior in terms of the $300 -- $300 million cash tax benefit, offset by a [deferral], I guess, along with around $500 million working capital tailwind.

您之前為我們提供的 2021 年步行計劃包括 300 至 3 億美元的現金稅收優惠，我猜，這被[延期]所抵消，還有大約 5 億美元的營運資金順風車。

Is that all still in place?

這一切都還在嗎？

I mean I think that arise -- gets us to like a $200 million to $300 million burn in 2021.

我的意思是，我認為這種情況的出現會讓我們喜歡在 2021 年燒掉 2 億至 3 億美元。

Is that the right ballpark?

這是正確的球場嗎？

That's right, David.

沒錯，大衛。

We're holding to what we communicated in the third quarter.

我們堅持第三季溝通的內容。

And based on what we know today, we have no change in that view.

根據我們今天所知，我們的觀點並沒有改變。

And is the Bombardier pension contribution, is that going to flow through operating cash flow?

龐巴迪的退休金繳款是否會透過營運現金流流動？

Or does that go somewhere else?

或者它會去其他地方嗎？

It will flow through operating cash flow.

它將透過經營現金流量流動。

And that's included in the walk as well?

這也包括在步行中嗎？

That's right.

這是正確的。

Our next question comes from Carter Copeland with Melius Research.

我們的下一個問題來自 Melius Research 的 Carter Copeland。

So Tom, I'm going to cheat slightly and just ask you a 2-parter clarification, just for extra color on 2 of the things you talked about.

所以湯姆，我要稍微作弊一下，只是問你一個兩部分的澄清，只是為了讓你談到的兩件事有更多的色彩。

One, the integration time line and tasks that you laid out with respect to the Bombardier assets and just some color on what integration tasks you -- what sorts of integration tasks you've completed and what remains, just to kind of give us a sense of what the various risks are there.

一是您針對龐巴迪資產制定的整合時間表和任務，以及您所完成的整合任務的一些顏色——您已經完成了哪些類型的整合任務以及還剩下哪些任務，只是為了讓我們了解一下存在哪些不同的風險。

And then the other is on all the stuff you talked about on the MAX line, moving around the workflow, all of those efforts.

另一個是你在 MAX 生產線中談到的所有內容，圍繞著工作流程進行，所有這些努力。

Are there any metrics you can give us on what you anticipate that means for direct labor?

您可以向我們提供任何指標來說明您預計這對直接勞動力意味著什麼嗎？

What it means for flow times?

流動時間意味著什麼？

What it means for -- anything that you've looked at and kind of zeroed in on and said, "This is what's compelling about that particular change or some other particular change?"

它意味著什麼——任何你看過並集中註意力並說“這就是那個特定變化或其他一些特定變化的引人注目的地方？”

Okay.

好的。

Good.

好的。

All right.

好的。

So to start on the integration question, let me turn it over to Sam Marnick, who's our Chief Operating Officer.

首先，讓我把這個問題交給 Sam Marnick，他是我們的營運長。

Sam is leading the integration and can provide you some color on the type of tasks that we're undertaking and what's been completed.

Sam 負責領導整合工作，可以為您提供一些有關我們正在執行的任務類型以及已完成的任務的資訊。

So Sam?

那麼薩姆？

Yes.

是的。

Carter, so as Tom mentioned previously, there's about -- on the integration, there's about 450 activities.

Carter，正如 Tom 之前提到的，在整合方面，大約有 450 項活動。

And really, they're organized into 22 functional work stream areas.

事實上，它們被組織成 22 個職能工作流程區域。

Typical work stream areas that you'd imagine, like accounting, IT, human resources, all of those kinds of things.

您可以想像的典型工作流程領域，例如會計、IT、人力資源，所有這些類型的事情。

By the end of Q1, we should be about 75% through the integration activities, Carter.

卡特，到第一季末，我們應該完成大約 75% 的整合活動。

But there are some activities that will take quite a bit longer.

但有些活動需要更長的時間。

So an example of that would be some of the accounting that needs to be on.

一個例子就是需要進行的一些會計工作。

Another example would be IT and the transition services agreement.

另一個例子是 IT 和過渡服務協議。

So we have a transition services agreement for 18 months.

因此，我們簽訂了為期 18 個月的過渡服務協議。

Obviously, we're going to try and get off of that quicker, but that will be a longer integration activity.

顯然，我們將嘗試更快地擺脫這種情況，但這將是一個更長的整合活動。

At the same time as doing the integration activities, obviously, we're also simultaneously doing the synergy activity work streams as well, and they both kind of feed each other.

顯然，在進行整合活動的同時，我們也在同時進行協同活動工作流程，並且它們都是相互促進的。

And the integration activities, where we've seen a lot of success is because this is very much a business that we're used to, Carter.

我們在整合活動中取得了許多成功，因為這是我們已經習慣的業務，卡特。

The teams are very much already integrated in terms of things like metrics and cadence.

這些團隊在指標和節奏等方面已經非常整合。

So we're all working from the same kind of measures already.

所以我們已經在採取同樣的措施了。

We're also really making some great progress on some of the combinations.

我們在某些​​組合方面也確實取得了一些重大進展。

So when you -- when Tom talked about the aftermarket business, for example, already, we're doing repairs in Dallas.

因此，當湯姆談到售後業務時，例如，我們正在達拉斯進行維修。

We're doing repairs in Belfast that are traditionally done out of the Spirit Wichita site.

我們正在貝爾法斯特進行維修工作，這些維修工作傳統上是在威奇托精神工廠完成的。

So all in all, we've seen some really good progress on the integration.

總而言之，我們在整合方面看到了一些非常好的進展。

Hopefully, that gives you a little bit of color.

希望這能給你一點色彩。

There are some activities, though, that will spread out into the latter part of the year that will take longer to come off systems, for example.

不過，有些活動將在今年下半年展開，需要更長的時間才能完成。

Yes.

是的。

Sam, just as a quick follow-up to that, are there any LTAs that the previous organization was engaged in that you want to make your way out of?

Sam，作為一個快速跟進，您是否想擺脫前一個組織參與的任何長期協議？

Or is that not an issue of significance?

或者這不是一個重要的問題嗎？

Those are all things that we're working through on the integration activities.

這些都是我們在整合活動中正在努力解決的問題。

There are some things that, obviously, we'll be looking at, whether that's supply chain or other such agreements.

顯然，我們會專注於一些事情，無論是供應鏈還是其他此類協議。

As we're working through our positions for the future here, we'll be addressing all of those and seeing which makes sense for us and which don't.

當我們在這裡制定未來的立場時，我們將解決所有這些問題，看看哪些對我們有意義，哪些沒有。

And as we're working through the synergies, for example, as we make decisions over make-buy and that impacts those types of agreements, we'll look at those as they come up, Carter.

例如，當我們正在努力實現協同效應時，當我們做出購買決策並影響這些類型的協議時，我們將在出現這些問題時予以關注，卡特。

And one thing I would say, sometimes, long-term agreements, Carter, might be in place.

我想說的一件事是，卡特，有時可能會制定長期協議。

But with Spirit, we have a lot of scale.

但有了 Spirit，我們就有了很大的規模。

We have a lot of new programs and opportunities to work with suppliers to create win-win situations where we can get what we're seeking and they can get something that helps them as well.

我們有很多新的計劃和機會與供應商合作，創造雙贏的局面，我們可以獲得我們想要的東西，他們也可以獲得對他們有幫助的東西。

So we're confident we can manage through any situations that exist.

因此，我們有信心能夠應對任何存在的情況。

Let me get to your second question, which is you asked all of these things that I talked about in terms of automation and robotics and digitization of the factory floor and process redesign, how that will translate into metrics and what the benefits will be.

讓我回答你的第二個問題，你問了我在自動化和機器人技術以及工廠車間數位化和流程重新設計方面談到的所有這些問題，這將如何轉化為指標以及好處是什麼。

And so the type of metrics that we are going to see improve primarily will be looking at things like, first of all, labor productivity.

因此，我們將看到改善的指標類型首先將關注勞動生產力等面向。

We measure realization.

我們衡量實現。

So in other words, how many hours do we perform versus how many hours do we have available.

換句話說，我們執行了多少小時與我們有多少可用時間。

With all the disruption that we've seen in the past few years, realization, which should be close to 100%, has obviously dropped a lot.

由於我們在過去幾年中看到了所有的干擾，本應接近 100% 的實現率顯然已經下降了很多。

With all the changes that we're making, we expect to see our realizations start to approach the 90% to 100% level again.

透過我們所做的所有改變，我們期望看到我們的實現再次開始接近 90% 到 100% 的水平。

The other big area is really about quality.

另一個重要領域確實與品質有關。

All the changes we're making ultimately are going to drive better quality performance.

我們所做的所有改變最終都將提高品質性能。

So fewer defects, less scrap and rework, less repair, fewer escapes to our customers.

因此，更少的缺陷、更少的廢品和返工、更少的維修、更少的客戶逃逸。

All the ways that our customers measure quality, we will be able to see significant improvements.

我們的客戶透過各種方式衡量質量，我們將能夠看到顯著的改進。

And that also translates into dollars.

這也可以轉化為美元。

I mean, if you reduce scrap and rework, obviously, that helps out the bottom line as well.

我的意思是，如果你減少廢品和返工，顯然，這也有助於提高利潤。

The other thing we'll see in terms of labor productivity is a reduction in overtime.

我們在勞動生產力方面看到的另一件事是加班時間的減少。

When the factory is disrupted and it's not performing and work gets out of sequence, you have to work harder at that.

當工廠受到干擾、無法正常運作、工作失去順序時，你就必須更努力工作。

That creates a lot of overtime.

這會造成大量加班。

We're expecting overtime to be less than 8% going forward.

我們預計未來加班率將低於 8%。

We had time periods in the last couple of years as rates were going up where overtime could even reach into the 30% range.

在過去的幾年裡，我們經歷了一段時間，加班費率不斷上升，甚至達到了 30% 的範圍。

So that's going to be a significant reduction.

所以這將是一個顯著的減少。

And then we're going to see improvement in some of the line items like -- things like perishable tools and shop supplies.

然後我們將看到一些產品的改進，例如易腐爛的工具和商店用品等。

Ultimately, though, all of those things will translate into margin.

但最終，所有這些都將轉化為利潤。

And so when we say we're going to get to 16.5% margin, this is one of the ways that we're going to get there is by making all of these improvements to our production system.

因此，當我們說我們將達到 16.5% 的利潤率時，我們實現這一目標的方法之一就是對我們的生產系統進行所有這些改進。

Our next question comes from Myles Walton with UBS.

我們的下一個問題來自瑞銀集團的邁爾斯·沃爾頓。

Based on the comment that defense is growing 15% and is, I guess, going to stay at 18% of sales, I guess the implication is $4 billion of '21 sales is sort of your benchmark target, which would imply that the Bombardier sales come through and the rest of the business sort of is flat year-on-year.

根據評論稱，國防業務增長了 15%，我猜將保持在銷售額的 18%，我猜這意味著 21 年銷售額的 40 億美元是您的基準目標，這意味著龐巴迪的銷售額完成了，其餘業務與去年同期持平。

Is that the way you're thinking about it that the wide-body declines are being offset fully by the narrow-body growth?

您是否也這麼認為寬體客機的下滑完全被窄體客機的成長所抵銷？

Yes, effectively.

是的，有效。

Yes.

是的。

Myles, we'll -- definitely, we're seeing a lot of pressure on the twin-aisle, in particular, 787 and 777.

邁爾斯，我們肯定會看到雙通道飛機面臨很大的壓力，特別是 787 和 777。

And so that's going to be a pretty big headwind coming into the year.

因此，這將是今年的一個相當大的阻力。

And we are seeing some single-aisle recovery on top of it.

除此之外，我們還看到一些單通道的復甦。

So I would say maybe a little bit of benefit above and beyond the headwind on the twin-aisles, but roughly speaking, the single-aisle improvement is going to be offset by the twin-aisle reductions on the 777 and 787.

因此，我想說，除了雙通道的逆風之外，也許還有一點好處，但粗略地說，單通道的改進將被 777 和 787 的雙通道減少所抵消。

And the point I was making was that with the wide-bodies down, particularly the composite aircraft, we have open capacity.

我要表達的觀點是，隨著寬體飛機，特別是複合材料飛機的下降，我們擁有開放的產能。

We have automated fiber placement capacity, trim and drill capacity, nondestructive inspection capacity, and we can repurpose that toward defense programs.

我們擁有自動化纖維鋪放能力、修剪和鑽孔能力、無損檢測能力，並且我們可以將其重新用於國防計劃。

And we've been doing that.

我們一直在這樣做。

We've been winning defense work.

我們一直在贏得國防工作。

And that's why I mentioned, in terms of the programs that we're on now, the program of record has future sales of over $6 billion.

這就是為什麼我提到，就我們現在正在進行的項目而言，創紀錄的項目未來銷售額將超過 60 億美元。

So we're very confident that the growth of the defense business can help offset some of the wide-body softness right now and will also create a very profitable revenue stream for us going forward.

因此，我們非常有信心，國防業務的成長可以幫助抵消目前寬體飛機的一些疲軟，並且還將為我們未來創造非常有利可圖的收入來源。

And on that, I know that the Head of the B-21 program actually publicly in Air Force Magazine talked about, Spirit in particular, switching supply of workforce over to B-21 from other commercial assets.

關於這一點，我知道 B-21 項目負責人實際上在《空軍雜誌》上公開談到，特別是“精神”，將勞動力供應從其他商業資產轉移到 B-21。

And I'm just curious, you don't have to comment on this program specifically, but the profitability of defense in general, how is that trending?

我只是很好奇，你不必具體評論這個計劃，但國防的整體盈利能力，趨勢如何？

Where is that relative to your mature commercial programs?

與你們成熟的商業計劃相比，它在哪裡？

And where is that -- when you do get to $1 billion in sales, where is the profitability profile of defense relative against your more mature programs?

當你的銷售額確實達到 10 億美元時，與更成熟的項目相比，國防的獲利狀況在哪裡？

Well, what we said is defense programs have typical defense margins.

嗯，我們所說的是防禦計畫具有典型的防禦裕度。

So that's in the kind of 12% to 14%.

所以這個比例是 12% 到 14%。

But those tend to be very stable, very long term and less cyclical than you see on the commercial side.

但這些往往非常穩定、非常長期，而且比商業方面的周期性要少。

Our next question comes from Greg Konrad with Jefferies.

我們的下一個問題來自 Jefferies 的 Greg Konrad。

You gave some helpful color around kind of the accounting from Bombardier, but it looks in Q4, you added back about $51 million of cash usage.

您對龐巴迪的會計報表提供了一些有用的說明，但看起來在第四季度，您增加了約 5,100 萬美元的現金使用量。

And I think on the last call, you talked about expecting Bombardier to be a positive contributor to cash.

我認為在上次電話會議中，您談到了期望龐巴迪成為現金的積極貢獻者。

You mentioned margins and kind of revenue growth.

您提到了利潤率和收入成長。

But how do you kind of view the cash profile of that business going forward?

但您如何看待該業務未來的現金狀況？

Yes.

是的。

So on our third quarter call, we knew that when we acquired at the end of October that there was going to be some severance-related costs that would be a headwind on cash in the fourth quarter.

因此，在第三季的電話會議上，我們知道，當我們在 10 月底收購時，將會產生一些與遣散費相關的成本，這將成為第四季度現金的阻力。

And based on our current look here into 2021, we expect the Bombardier assets, Belfast, Morocco and Dallas, to be a positive cash flow contributor in 2021.

根據我們目前對 2021 年的展望，我們預計龐巴迪資產（貝爾法斯特、摩洛哥和達拉斯）將在 2021 年為現金流做出積極貢獻。

Our next question comes from Robert Spingarn with Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的羅伯特‧斯賓加恩 (Robert Spingarn)。

Tom, while we're talking about the targets for defense and for biz jet, the $1 billion and the $500 million, could you just give us a general sense of the big programs in there?

湯姆，當我們談論國防和公務機的目標（10 億美元和 5 億美元）時，您能否讓我們大致了解其中的大型項目？

I assume the biz jet's mostly 7500, but I wanted to clarify that.

我認為公務機大部分是 7500，但我想澄清這一點。

And then if you could just give us the rank order in defense.

然後你能給我們防守的排名順序嗎？

Right.

正確的。

So let's just start with defense.

那我們就從防守開始吧。

The programs that we have for defense right now, we have the military derivatives of the commercial programs from Boeing.

我們現在的國防項目是波音公司商業項目的軍事衍生品。

So the P-8 is the 737, and we make 70% of the structure.

所以 P-8 是 737，我們製造了 70% 的結構。

The KC-46 tanker is a derivative of the 767, and we make the forward fuselage on that.

KC-46 加油機是 767 的衍生產品，我們以此為基礎製造前機身。

We also have -- we built the whole fuselage for the CH-53K, which is a heavy-lift helicopter for the marines.

我們還為 CH-53K 建造了整個機身，這是一種海軍陸戰隊重型直升機。

Then we are 1 of 7 suppliers that was named to the B-21 Raider program, which is an important program for national security.

我們是被指定參加 B-21 Raider 計畫的 7 家供應商之一，該計畫是重要的國家安全計畫。

In addition to that, we have won work packages on several new classified programs, which we can't go into -- in detail in terms of what they are.

除此之外，我們還贏得了幾個新的機密項目的工作包，但我們無法詳細介紹它們的內容。

But that's why we wanted to give you the program of record number of $6 billion.

但這就是為什麼我們想為您提供創紀錄的 60 億美元計劃。

In terms of Bombardier and -- well, in terms of business jet programs, we are on the Global 7500 make the horizontal stabilizer.

就龐巴迪而言，就公務機專案而言，我們正在為 Global 7500 製造水平穩定器。

The Global 5000 and 6000, we do the wings, the fuselage and the tail.

Global 5000 和 6000，我們製造機翼、機身和尾翼。

We do the nacelles and the fuselage for the Challenger.

我們為挑戰者號製造機艙和機身。

We make the fuselage for the Learjet 75.

我們為裡爾 75 製造機身。

Obviously, that's going to be ending, but we'll do that throughout the course of this year.

顯然，這將會結束，但我們將在今年全年這樣做。

We make the nacelles for the BR710, which is on several different aircraft.

我們為 BR710 製造發動機艙，該發動機安裝在多架不同的飛機上。

We make the nacelle -- well, for the A330.

我們為 A330 製造機艙。

And then we also make the nacelles for the new MC-21, which is a regional aircraft in Russia.

然後我們也為新型 MC-21 製造機艙，這是俄羅斯的一支支線飛機。

In addition, on the business jet program, we've announced that we're going to be the partner with Aerion for their forward pressurized fuselage.

此外，在公務機專案上，我們也宣布將成為 Aerion 的前向加壓機身合作夥伴。

And then we've won 2 additional business jet programs, which have not been announced publicly, but will be very significant contributors in the future.

然後我們還贏得了另外 2 個公務機項目，這些項目尚未公開宣布，但在未來將做出非常重要的貢獻。

Okay.

好的。

And then just a clarification.

然後只是澄清一下。

On the 220 and the forward loss, is that calculated on a continued rate of 4 per month throughout this several year period?

220和遠期損失，是按照這幾年每月4個的持續率計算的嗎？

Or does it gradually have the rate rising toward 10 in that number?

還是說這個數字的比率會逐漸上升到10？

No, we -- yes.

不，我們——是的。

So Rob, we've taken the current outlook that Airbus has given us.

羅布，我們接受了空中巴士公司給我們的當前展望。

And so we expect over the next couple of years for the A220 production rates to climb higher than they currently are, and that's factored into the overall loss calculation.

因此，我們預計未來幾年 A220 的生產力將比目前更高，這已計入總體損失計算中。

Our next question comes from Kristine Liwag with Morgan Stanley.

我們的下一個問題來自摩根士丹利的克里斯汀·利瓦格。

Mark, for the Bombardier asset to be free cash flow positive in 2021, what integration and synergy milestones are embedded in your outlook?

Mark，為了讓龐巴迪資產在 2021 年實現正自由現金流，您的展望中包含哪些整合和協同里程碑？

Well, I would say we have modest assumptions as it relates to the actual synergies.

好吧，我想說我們的假設很溫和，因為它與實際的協同效應有關。

I know that on the Bombardier acquisition, we talk a lot about the Airbus A220.

我知道在龐巴迪收購中，我們談了很多關於空中巴士A220的問題。

But I want to remind folks that there are other 2 important aspects of that acquisition.

但我想提醒大家，這次收購還有其他兩個重要面向。

It's the business jets that Tom just described.

這就是湯姆剛才所描述的公務機。

We're on a variety of different business jet programs, many of which are nicely profitable programs.

我們參與了各種不同的公務機項目，其中許多都是利潤豐厚的項目。

And then the significance, which I continue to say is really the jewel of the acquisition in my eyes, is the aftermarket business, which is substantial, doubles our aftermarket business and has margins consistent with our aftermarket peers.

然後，我繼續說，在我眼中，這確實是這次收購的瑰寶，就是售後市場業務，它是巨大的，使我們的售後市場業務翻了一番，並且利潤率與我們的售後市場同行一致。

So although the A220 program is going to be a bit challenging from a cash flow standpoint in 2021, assuming 4 to 5 rate per month, we have 2/3 of that business generating profitable growth.

因此，儘管從 2021 年現金流的角度來看，A220 計劃將有點挑戰性，假設每月 4 到 5 個利率，但我們有 2/3 的業務產生了盈利增長。

And so that will help us on the margin side as well as we're going to see some tailwind on destocking of some inventory that we built up on the A220 program in 2020 as we thought those production rates would come up.

因此，這將在利潤方面對我們有所幫助，並且我們將看到我們在 2020 年 A220 計劃中建立的一些庫存的去庫存帶來一些順風，因為我們認為這些生產率將會上升。

So some modest benefits on the synergies.

因此，協同效應會帶來一些適度的好處。

We're looking at a 24- to 36-month time frame for us to squeeze out fully those synergies.

我們正在考慮 24 至 36 個月的時間框架，以充分發揮這些協同效應。

We see nice profitability coming from the business jets in the aftermarket.

我們看到公務機在售後市場的獲利能力良好。

We're seeing some working capital tailwinds, and that's going to all culminate into some positive cash flow here.

我們看到了一些營運資本的順風車，這一切最終都會帶來一些正的現金流。

And Tom mentioned it, we've won a nice little piece of defense work in 2021 that's going to help us be cash flow -- generate some cash flow on the defense side of things.

湯姆提到，我們在 2021 年贏得了一項不錯的國防工作，這將幫助我們實現現金流——在國防方面產生一些現金流。

I see.

我懂了。

So if we were to adjust out the working capital tailwind for the year, what should -- and taking out A220 because of its own, I guess, animal, how do we think about the run rate of free cash flow conversion for that 2/3 of the business that's profitable?

因此，如果我們要調整今年的營運資本順風，應該做什麼——並且由於 A220 本身的動物性而將其剔除，我們如何考慮該 2/ 的自由現金流轉換的運行率3、什么生意有利可圖？

Is that mid-teens or, I guess, double-digit cash margin?

這是十幾歲左右的現金利潤，還是兩位數的現金利潤？

How should we think about that?

我們該如何思考這個問題？

I don't want to guess, Kristine.

我不想猜測，克里斯汀。

I haven't looked at it that way, to be honest.

老實說，我還沒這樣想過。

We have been really focused on purchase accounting.

我們一直非常重視採購會計。

We're working long hours with our external auditors to get the purchase accounting wrapped up here.

我們正在與外部審計師一起長時間工作，以完成採購會計工作。

We're spending time focused on our 2021 projections, which is the near term.

我們將時間重點放在 2021 年的預測上，這是近期的預測。

And then as Sam Marnick talked about, we're starting to tap the longer-term strategy around the synergies and all the cost projects that we have.

然後，正如薩姆·馬尼克所說，我們開始圍繞協同效應和我們擁有的所有成本項目制定長期策略。

And I would tell you that a really, really long list of projects on the A220 from site consolidation, overhead reduction, supply chain.

我想告訴你，A220 上的項目清單非常非常長，涉及站點整合、減少管理費用、供應鏈等。

We have a whole host of projects that we think over the next couple of years will drive some value on that program to help us get to profitability, along with -- we've got our fingers crossed that, that program will continue to sell well in the marketplace.

我們有很多項目，我們認為在接下來的幾年裡，這些項目將為該計劃帶來一些價值，幫助我們實現盈利，而且——我們祈禱該計劃將繼續暢銷在市場上。

And if we can see those production rates climb into the 100, 125, 130, we can be profitable.

如果我們能夠看到這些生產力攀升至 100、125、130，我們就能獲利。

And I would just say, if you listen to the Airbus, they're kind of in the same situation that we are.

我只想說，如果你聽一下空中巴士的說法，他們的情況與我們相同。

They talked about getting the profitability in the middle of the 2020s.

他們談到在 2020 年代中期實現盈利。

And so our goal is to get there and try to get there sooner than that.

因此，我們的目標是實現這一目標，並努力早日實現這一目標。

So -- sorry, I couldn't answer your question.

所以——抱歉，我無法回答你的問題。

I just don't have those statistics off-hand here.

我只是手頭上沒有這些統計數據。

But maybe on future calls, we can help clarify that as we continue to get our arms around this business.

但也許在未來的電話會議中，隨著我們繼續關注這項業務，我們可以幫助澄清這一點。

We've just had it for a couple of months here.

我們剛在這裡待了幾個月。

And we've got a lot of work to do here, but we feel really good about the acquisition.

我們還有很多工作要做，但我們對這次收購感覺非常好。

Our next question comes from Doug Harned with Bernstein.

我們的下一個問題來自伯恩斯坦的道格·哈內德。

On the 787, and this has been somewhat of a challenge here with a lot of inspection work going on at Boeing.

對於 787，這在某種程度上是一個挑戰，因為波音正在進行大量檢查工作。

Our understanding is that the issues around nonconformities extended across a lot of areas, including Section 41 and the forward cargo door.

我們的理解是，不合格問題涉及許多領域，包括第 41 節和前貨艙門。

Can you talk about -- with the issues on the 787, are these -- are there Spirit-specific issues here?

您能談談 787 上的問題嗎？這裡是否有特定於 Spirit 的問題？

Are these, instead, more a broader process question that extends across suppliers?

相反，這些是否是一個跨供應商的更廣泛的流程問題？

And how have you worked to help?

您如何提供協助？

And what's the path to resolution of these issues that you're involved with?

您所涉及的這些問題的解決途徑是什麼？

Well, we've been working very closely with Boeing in terms of trying to understand the whole production system and doing the analysis that they have requested.

嗯，我們一直與波音公司密切合作，試圖了解整個生產系統並進行他們要求的分析。

Our understanding is they're also doing analysis in other sections of the aircraft, but those are not really visible to us.

我們的理解是，他們也在飛機的其他部分進行分析，但我們並不能真正看到這些部分。

So we're focusing on our work package with Boeing.

因此，我們將重點放在與波音公司的工作包上。

And what we're doing is based on feedback that they've gotten from their own investigations in other parts of the aircraft.

我們正在做的事情是基於他們從對飛機其他部分的調查中獲得的回饋。

They've asked us to perform similar engineering analysis on the sections that we do.

他們要求我們對我們所做的部分進行類似的工程分析。

And we're doing that analysis.

我們正在做這樣的分析。

We are working with them to understand the results.

我們正在與他們合作以了解結果。

In some cases, it may require rework.

在某些情況下，可能需要返工。

We have started some rework just so that they can resume their deliveries sooner.

我們已經開始一些返工，以便他們能夠更快地恢復交貨。

And as we get all of the engineering analysis done, we'll determine in the long term what type of rework is done.

當我們完成所有工程分析後，我們將長期確定進行何種類型的返工。

But this is -- the type of thing that happens is you identify a potential issue.

但這是——發生的事情是你發現了一個潛在的問題。

You do the engineering analysis, and you understand whether the area is acceptable as it is or if it could require some rework.

您進行工程分析，並了解該區域是否可以接受，或者是否需要進行一些返工。

In addition, to the extent that we need to change some of our production process in the future, we will do that.

此外，如果將來我們需要改變一些生產流程，我們也會這樣做。

We're learning a lot from this engineering analysis in terms of things like tools and processes.

我們從工具和流程等工程分析中學到了很多。

And we will make any improvements that we think are necessary as a result of that analysis going forward.

根據今後的分析結果，我們將做出我們認為必要的任何改進。

Do you have a sense here, given that furloughed people on the program and -- do you have a sense of what the time line is based on the work that you're doing to address these issues, when -- do you see when you can get back to what I would call more normal production?

考慮到該計劃中的人員正在休假，您是否知道根據您為解決這些問題所做的工作而製定的時間線，您是否知道什麼時候可以恢復到我所說的更正常的生產嗎？

Well, the furloughs that we have made on the program really relate to the production rate decreases that Boeing has announced.

嗯，我們在該計劃中安排的休假確實與波音公司宣布的生產力下降有關。

I mean we were at 14 then 10, and now we're basically at 5. And so that's really what drove the furloughs.

我的意思是，我們當時是 14 歲，然後是 10 歲，現在我們基本上是 5 歲。這就是導致休假的真正原因。

So we're continuing to do the work on the program in addition to the engineering analysis that I just described.

因此，除了我剛才描述的工程分析之外，我們還將繼續進行該程序的工作。

But the furloughs that you referenced are not due to this, but they're rather due to the production rate declines that Boeing announced with the program.

但你提到的休假並不是因為這個，而是因為波音在該計畫中宣布的生產力下降。

Okay.

好的。

I see.

我懂了。

So -- okay.

所以——好吧。

So these are basically going on in parallel, I guess?

所以我猜這些基本上是並行進行的？

Yes.

是的。

Doug, what really happened here is the original production schedule had us going to -- from about 10 to 5 a month in April.

Doug，這裡真正發生的事情是我們原來的生產計劃——從 4 月的每月大約 10 到 5 個。

And then based on the latest schedule that we got from Boeing that they communicated late last year, that moved the production break or reduction down to 5 a month earlier in the January-February time frame.

然後根據我們從波音公司獲得的最新時間表，他們在去年年底傳達了這一訊息，將 1 月至 2 月期間的停產或減產提前至 5 個月。

So we had a plan to kind of transition some of those employees in April over to the 37 program as those rates went up.

因此，我們計劃在 4 月將部分員工轉入 37 計劃，因為這些員工的薪資率上升。

But due to the fact that the production rate came down sooner, you can see some of the lower deliveries in the fourth quarter, where our production system is tuning down to 5 a month -- roughly 5 a month for the full year 2021.

但由於生產力下降較早，您可以看到第四季度的交付量下降，我們的生產系統調整為每月 5 件——2021 年全年大約每月 5 件。

And that was the main reason why we had to furlough some employees.

這就是我們不得不讓一些員工休假的主要原因。

We just -- production rates came down sooner than we expected, and we had to reduce the workforce to equate to current production levels.

我們只是——生產力下降得比我們預期的要快，我們必須減少勞動力以達到當前的生產水準。

So that was the reason for the forward loss, not the inspection issues and the analysis you're doing?

那麼這就是遠期損失的原因，而不是檢查問題和您正在做的分析？

That's correct, Doug.

是的，道格。

Our next question comes from George Shapiro with 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。

Yes.

是的。

I wanted to clarify, when you say the 16.5% margin you'll get when MAX gets in the low 40s, and you also said that you'll still have excess capacity cost until that gets to 52, so does that 16.5% include the excess capacity costs?

我想澄清一下，當你說當 MAX 達到 40 左右時你將獲得 16.5% 的利潤，並且你還說在達到 52 之前你仍然會有過剩的產能成本，那麼這 16.5% 是否包括產能過剩成本？

Or is that what you expect as a normalized number without the excess capacity?

或者這是您期望的沒有過剩產能的標準化數字？

No, George, that would include the excess capacity costs.

不，喬治，這將包括過剩產能成本。

We think even with the excess capacity cost, we can get to around 16.5%.

我們認為，即使考慮到產能過剩成本，我們也能達到 16.5% 左右。

And that's for the whole sector.

這適用於整個行業。

So that includes the 0 margins on the bulk of your other programs.

這包括大部分其他程式的 0 邊距。

That is correct.

那是對的。

Okay.

好的。

And then are there any excess capacity cost for any of the other programs or the numbers we're seeing are strictly for the MAX?

那麼其他任何計劃是否存在任何過剩容量成本，或者我們看到的數字嚴格針對 MAX？

What you saw in 2020 was primarily the MAX.

2020 年你看到的主要是 MAX。

But in 2021, '22 and into 2023, we'll have excess capacity costs on the A220 program as well.

但在 2021 年、22 年和 2023 年，我們的 A220 專案也將面臨產能過剩成本。

So it's just contained to 737 and A220.

所以它只包含在 737 和 A220 中。

Okay.

好的。

And there's no excess capacity costs on like the 787 rate coming way down because you're already in a loss position.

並且不會出現像 787 那樣的產能過剩成本大幅下降的情況，因為您已經處於虧損狀態。

Is that it?

是這樣嗎？

No, George, the technical side of it is the new rules that came out regarding excess capacity costs.

不，喬治，技術方面是關於過剩產能成本的新規則。

If Boeing would have told us, "Hey, we plan to get back to 14 aircraft per month on 787," because the -- our building is capable of producing 14, we would then have excess capacity costs, right?

如果波音告訴我們，“嘿，我們計劃將 787 飛機恢復到每月 14 架”，因為我們的大樓能夠生產 14 架，那麼我們就會產生過剩的產能成本，對嗎？

And so you really have to look at it is your -- what is your factory set to produce?

所以你真的必須看看你的工廠準備要生產什麼？

And if your customer commits like they have on 737 that they're going to go back to 52 a month in the '23-'24 time frame, therefore, we have to do a separate calculation to put certain costs in excess and certain costs go into the program.

如果您的客戶像他們在 737 上一樣承諾，他們將在「23-」24 的時間範圍內恢復到每月 52 架，因此，我們必須進行單獨的計算，以將某些成本超額和某些成本進入程序。

But on 787, there is no commitment.

但在 787 上，沒有任何承諾。

Boeing has said, "Hey, their plan is to get back to 7 or 8 a month." They've never come out publicly and stated that they want to -- that they're going to go back to 14.

波音公司表示，“嘿，他們的計劃是恢復到每月 7 或 8 架。”他們從未公開表示他們想要回到 14 歲。

And because they're not going to go back to 14, then all of the costs hit the program as opposed to hitting excess.

而且因為他們不會回到 14 小時，所以所有成本都會影響到該計劃，而不是超額成本。

I hope that helps.

我希望這有幫助。

Yes, that helps.

是的，這有幫助。

And is that true then for like the 350 program with Airbus?

那麼對於空中巴士的 350 專案來說是這樣嗎？

That's right and 777.

沒錯，777。

Our next question comes from Hunter Keay with Wolfe Research.

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

Mark, just a couple of quick ones for you.

馬克，給你幾個快速的。

Is there any shot that you can obtain some pension relief from the stimulus?

您是否有機會從刺激計劃中獲得一些退休金減免？

Or is that not applicable in this scenario on the cash contribution, the $135 million?

或者這不適用於現金捐贈（1.35 億美元）？

And then you guys have said pre-MAX, actually, your minimum cash balance, I believe was $400 million to $600 million.

然後你們說，在 MAX 之前，實際上，你們的最低現金餘額，我相信是 4 億到 6 億美元。

How do you feel about that now going forward?

您現在對此有何感想？

Sure.

當然。

I would say that as it relates to either the CARES Act or any benefits from the U.K., I'm not quite sure there is a path forward as it relates to any pension relief.

我想說，由於它涉及《關懷法案》或來自英國的任何福利，我不太確定是否有前進的道路，因為它涉及任何退休金減免。

But you are aware of the fact that we do have a pension plan in Belfast, and we're evaluating that pension scheme to see if we can come up with a different scheme that would be beneficial to our employees and also beneficial to Spirit.

但您知道，我們在貝爾法斯特確實有一項退休金計劃，我們正在評估該退休金計劃，看看我們是否可以提出一個對我們的員工和 Spirit 都有利的不同計劃。

And so those are some things that we're working on as it relates to our integration and synergies that Sam is leading.

這些是我們正在努力的一些事情，因為它與 Sam 領導的我們的整合和協同效應有關。

But the $130 million pension payment for this year is locked.

但今年1.3億美元的退休金支付已鎖定。

There's -- I mean, we're committed to making that, and we'll be evaluating the program as we go forward.

我的意思是，我們致力於實現這一目標，並且我們將在推進過程中評估該計劃。

But there's no chance that, that would change.

但這種情況不可能改變。

That will happen in the October time frame.

這將在十月的時間範圍內發生。

And then, Mark, the MAX, the $400 million to $600 million minimum capital -- for minimum cash on hand?

然後，馬克，MAX，4 億至 6 億美元的最低資本——手頭上的最低現金？

Yes.

是的。

And so the $400 million to $600 million was really when we think about our business as it relates to being a $7 billion to $8 billion company.

因此，當我們考慮我們的業務時，4 億至 6 億美元實際上是指我們的業務，因為它與成為價值 70 億至 80 億美元的公司有關。

And so the amount of cash that we're required to hold just to be -- support the business on a normal run rate basis fluctuates based on our revenues and our cost profile and the number of our employees.

因此，我們需要持有的現金數量只是為了在正常運作率的基礎上支持業務而根據我們的收入、成本狀況以及員工數量而波動。

So if we're half the size that we were when we were -- needed $400 million to $600 million, we're probably more in the $200 million to $400 million.

因此，如果我們的規模是當時需要 4 億至 6 億美元的一半，那麼我們可能需要 2 億至 4 億美元。

And so I think that's the way you should think about it, Hunter.

所以我認為這就是你應該考慮的方式，亨特。

Our next question comes from Mr. Cai von Rumohr with Cowen.

我們的下一個問題來自蔡·馮·魯莫爾先生和考恩。

So when you did Bombardier, you talked of getting 600 bps of margin improvement over 3 years.

因此，當您選擇龐巴迪時，您談到在 3 年內將利潤率提高 600 個基點。

And then you also talked about a gross margin of 10% as we get out there, was it '24?

然後，當我們到達那裡時，您還談到了 10% 的毛利率，是 24 小時嗎？

That would imply that currently, we're doing about 4% gross margin which wouldn't seem to be consistent with generating any cash.

這意味著目前我們的毛利率約為 4%，這似乎與產生任何現金並不相符。

How do I square those 2 issues?

我該如何解決這兩個問題？

Well, I would say this, Cai, I don't think you're the -- I know how you did your math to get to 4% currently, but that's not what we're expecting right now.

好吧，我想說的是，Cai，我不認為你是——我知道你是如何計算出目前達到 4% 的，但這不是我們現在所期望的。

As time moves on, right, just like the 787, as the revenue mix in the Bombardier assets, more revenue is generated on the A220 program.

隨著時間的推移，就像787一樣，隨著龐巴迪資產的收入組合，A220專案會產生更多的收入。

As those production rates go up, that has a dilutive impact on margins.

隨著生產率的上升，這會對利潤率產生攤薄影響。

Today, with where the production rates are, right, it doesn't have as dilutive of an impact here over the next couple of years because of the percent of the overall revenue to that business.

如今，就生產力而言，由於該業務佔總收入的百分比，因此在未來幾年內不會產生稀釋性影響。

We have the aftermarket and business jets that I talked about.

我們有我談到的售後市場和公務機。

But if at some point in time in the future, we're going to go from 40 deliveries a year to 130 deliveries a year and we're going to be generating 0% margins on it, that will drive a dilutive impact on our overall gross margin.

但如果在未來的某個時間點，我們將從每年 40 次交付增加到每年 130 次交付，並且我們將產生 0% 的利潤率，這將對我們的整體業績產生攤薄影響毛利率。

So what the goal here is -- the business is supporting the 10% gross margins currently.

那麼這裡的目標是——業務目前支持 10% 的毛利率。

As time moves on, the A220 will put a lot of pressure on those gross margins.

隨著時間的推移，A220 將為這些毛利率帶來很大的壓力。

But as Tom talked about, we've got the synergies and cost-reduction projects, which we believe will enable us as we move out over the next 3 to 5 years to turn that program first to breakeven and then profitable.

但正如湯姆所說，我們已經有了協同效應和成本削減項目，我們相信這些項目將使我們在未來 3 到 5 年內逐步實現該計劃首先實現收支平衡，然後實現盈利。

And once we go do that, that will help us on the gross margin side in the next 3 to 5 years.

一旦我們這樣做，這將有助於我們在未來 3 到 5 年內提高毛利率。

So...

所以...

And the way I would look at it, too, Cai, is once we get that program to profitability, and then the rates start to pick up in the back half of this decade, it's going to be a great long-term program for Spirit.

蔡，我的看法是，一旦我們使該計劃實現盈利，然後利率在本世紀後半段開始回升，這將是 Spirit 的一個偉大的長期計劃。

Got it.

知道了。

So that raises another question.

這就提出了另一個問題。

You mentioned that you expected to have destock on the A220 this year.

您提到預計今年將減少 A220 的庫存。

I would assume, given the changes that you're going through a destock on the 220, Boeing is essentially producing nothing on the 37 now.

我認為，鑑於 220 正在經歷去庫存的變化，波音現在基本上沒有生產 37。

So are you also at nothing?

那你也是一事無成嗎？

And 787 is kind of going through this thing where they talk of 10 per month, but it kind of sounds like they're doing nothing.

787 正在經歷這樣的事情，他們說每個月 10 次，但聽起來他們好像什麼都沒做。

So is the first quarter going to be very, very light in terms of volume?

那麼第一季的銷售量會非常非常少嗎？

No, Cai.

不，蔡。

I don't want to get ahead of myself, but I would tell you, I don't expect the first quarter revenue to be significantly different than what we generated in the fourth quarter.

我不想超前，但我想告訴你，我預計第一季的收入不會與第四季的收入有顯著差異。

Our next question comes from Ron Epstein with Bank of America.

我們的下一個問題來自美國銀行的羅恩愛潑斯坦。

On the Bombardier acquisition, did you guys say 15% growth?

關於龐巴迪收購，你們說成長15%嗎？

And if you did, off of what base and over how many years?

如果你這麼做了，是基於什麼基礎，持續了幾年？

Because Bombardier never got that out of it.

因為龐巴迪從未從中得到解決。

Right.

正確的。

Well, Bombardier was in the development phase of the A220.

龐巴迪當時正處於 A220 的開發階段。

So as that goes up, that's what's going to drive the revenue growth.

因此，隨著這一數字的上升，這將推動收入成長。

We did say 15% growth.

我們確實說過 15% 的成長。

The base is basically off of this year, which will be in the $700 million range over the next 5 years.

今年的基數基本上已經結束，未來5年將在7億美元左右。

Got you.

明白你了。

Got you.

明白你了。

And then on the defense applications that you're using wide-body capacity on, can you say what they are?

然後，關於您使用寬體能力的國防應用，您能說說它們是什麼嗎？

And what do you do when the wide-body demand comes back with the defense stuff that's using that capacity today?

當寬體飛機的需求隨著當今使用該能力的國防設備而回歸時，您會做什麼？

Great.

偉大的。

Well, unfortunately, they're classified programs.

不幸的是，它們是機密程序。

So we can't go into more detail on them.

所以我們無法詳細介紹它們。

They are obviously using composite technology.

他們顯然正在使用複合技術。

We have sufficient capacity in our factories so that when the wide-bodies come back, we'll be able to support those rates plus the defense.

我們的工廠有足夠的產能，因此當寬體飛機回來時，我們將能夠支援這些速度和防禦。

So we're confident about that.

所以我們對此充滿信心。

And then we'll see how far back the wide-bodies come.

然後我們就會看看寬體飛機能追溯到多遠。

But we're confident we can do both, even when we see the wide-body volumes return.

但我們有信心能夠做到這兩點，即使我們看到寬體客機銷量回歸。

And by the way, that will be a great challenge for us to address at the time.

順便說一句，這對我們當時來說將是一個巨大的挑戰。

Yes, Ron, I would say this, you -- and you've been out to our factories before.

是的，羅恩，我想說的是，你——你以前去過我們的工廠。

In many instances, we don't have one single point of failure in the factory, whether it's term and drill or broaches or lay-up machines.

在許多情況下，我們的工廠沒有單點故障，無論是鑽床、拉刀還是鋪疊機。

And so we always have a little bit of extra capacity even at the higher rates.

因此，即使費率較高，我們也總是有一點額外的容量。

And so really, as Tom said, we're not quite sure when the twin-aisle production rates will come back up.

事實上，正如湯姆所說，我們不太確定雙通道生產力何時會恢復。

And a lot of our composite automation that we have is very applicable to current classified programs.

我們擁有的許多複合自動化技術非常適合目前的機密專案。

So we're going to be able to use up some floor space, and we're going to be able to utilize those machines on a couple of these classified programs that are just slowly starting out, but we believe over the next couple of years could lead to some really big things, as Tom indicated, with the program of record in the future could contribute to $6 billion plus to Spirit.

因此，我們將能夠使用一些佔地面積，並且我們將能夠在一些剛開始慢慢啟動的機密項目中使用這些機器，但我們相信在接下來的幾年裡正如Tom 所言，該計劃可能會帶來一些真正的大事，未來的記錄計劃可能會為Spirit 貢獻60 億美元以上的資金。

And so that's how we're going to go manage it.

這就是我們要進行管理的方式。

And obviously, we're -- we've made a commitment to our commercial customers to support specific rates, and we will do that.

顯然，我們已經向我們的商業客戶做出了支持特定費率的承諾，我們將做到這一點。

But we will be able to do that and allow us to grow defense in those highly automated factories.

但我們將能夠做到這一點，並使我們能夠在那些高度自動化的工廠中增強防禦能力。

Next question comes from Noah Poponak with Goldman Sachs.

下一個問題來自高盛的諾亞·波波納克。

Thinking about this $1 billion of annualized cost that you have pointed to being able to extract and squaring that up with a discussion of a 16.5% segment operating margin if the MAX monthly production rates in the low 40s.

考慮一下您指出的這 10 億美元的年化成本，如果最大月生產力在 40 左右，則能夠提取並與 16.5% 的部門營業利潤率的討論相乘。

The last time the MAX production rate was in the low 40s for Boeing and for you, Spirit had $1 billion approximately of adjusted segment operating income or total company EBITDA.

上次波音和您的 MAX 生產力處於 40 左右時，Spirit 的調整後部門營業收入或公司總 EBITDA 約為 10 億美元。

And so I guess I'm wondering if you -- and in that period of time, the segment operating margin was -- depending on the exact year and some moving pieces, it was approximately 16.5%.

所以我想我想知道，在那個時期，該部門的營業利潤率是——根據具體的年份和一些變化的因素，大約是 16.5%。

So if in the forward -- I know the wide-bodies will be much lower, but there's no margin there.

所以如果在前鋒——我知道寬體機會要低得多，但那裡沒有餘裕。

You've given us a list of new things that are coming in at a decent margin.

您給了我們一份新產品清單，這些新產品的利潤率相當可觀。

So outside of the MAX you're mixing up, you're -- and then the discussion on the MAX is the same rate, if the cost-out is literally the size of the entire EBITDA you used to have with similar MAX conditions, why wouldn't that future segment EBIT margin be significantly higher than the 16.5% or what it used to be when you be at 42?

因此，在 MAX 之外，您會混淆，然後關於 MAX 的討論是相同的比率，如果成本支出實際上等於您過去在類似 MAX 條件下擁有的整個 EBITDA 的大小，為什麼未來的部門息稅前利潤率不會顯著高於16.5% 或42 歲時的水平？

I'm not...

我不是...

Yes.

是的。

No, I would just say the headwinds on the wide-body are probably a little bigger than you're thinking about right now.

不，我只是想說，寬體客機面臨的阻力可能比你現在想像的還要大。

I mean, if you go back to 2016, the 777 was at 8 aircraft per month.

我的意思是，如果你回到 2016 年，777 的數量是每月 8 架。

It's now at 2. And back then the 787 was at 12 and was still in a kind of a forward loss position, but generating good revenue.

現在是 2。而當時 787 的排名是 12，仍然處於某種遠期虧損狀態，但產生了良好的收入。

And A350 was actually profitable when it was at a rate of about 8 at that time.

而A350當時8左右的時候其實已經獲利了。

So we've got now more headwinds on the wide-body that we have to offset.

因此，我們現在必須抵消寬體客機面臨的更多阻力。

And we said a little bit of dilutive time, which we'll have for the A220 during that time.

我們說了一點稀釋時間，在此期間我們將為 A220 提供稀釋時間。

But we think once we get the MAX back into the low 40s, we can offset those and get back to the 16.5% margin targets.

但我們認為，一旦 MAX 回到 40 左右，我們就可以抵銷這些影響，回到 16.5% 的利潤率目標。

Okay.

好的。

Okay.

好的。

So it's just more on the wide-body then than what I was thinking, right?

所以它比我想像的更適合寬體，對吧？

Well, on the 777 program, it's always been a good program for us, and going from 8 to 2 is a significant headwind.

嗯，就 777 計劃而言，它對我們來說一直是一個很好的計劃，從 8 架到 2 架是一個重大的阻力。

Right.

正確的。

Tom, you had in your prepared remarks, you went -- it was really helpful.

湯姆，你在準備好的發言中說過——這真的很有幫助。

You went through a lot of the specifics of things you've done on the cost side and automation and digitization.

您詳細了解了在成本方面以及自動化和數位化方面所做的事情的許多細節。

It sounded new in that you were detailing it in -- with specificity today, but the targets are the same.

這聽起來很新，因為您今天詳細介紹了這一點，但目標是相同的。

I mean how much of that is new, in process right now on top of the costs you have been thinking about before versus you're just giving us the details and the examples of what you were already thinking you're going to do?

我的意思是，除了您之前考慮過的成本之外，還有多少是新的、正在進行中的，而不是您只是向我們提供您已經考慮要做的事情的細節和示例？

It's more the latter.

更多的是後者。

I mean these programs are all long-term programs.

我的意思是這些計劃都是長期計劃。

Like that Global Digital Logistics Center I mentioned, we've been working on that for 2.5 years.

就像我提到的全球數位物流中心，我們已經為此努力了2.5年。

It's just coming online now.

現在才剛上線。

The floor beam automation center we've been working on for about 2 years, it's just coming online.

我們已經開發了大約兩年的地樑自動化中心，剛剛上線。

The spoiler line that I mentioned over in Prestwick, again, more than 2 years, but it's just coming online.

我在普雷斯蒂克再次提到的劇透線已經兩年多了，但它才剛剛上線。

So it's just a concurrence of events that these things all happen to be coming online right now, but we've been working on them.

因此，這些東西現在都恰好上線只是事件的同時發生，但我們一直在努力解決它們。

And I wanted to provide you the details, so you could see the specifics of how we're going to be driving these productivity improvements in the factory that will also help on our quality.

我想向您提供詳細信息，以便您可以了解我們將如何推動工廠生產力提高的具體細節，這也將有助於提高我們的品質。

But -- and I mentioned, too, while we've been working on these things, some of the process flows, those have really been in the last 12 months.

但是——我也提到過，雖然我們一直在致力於這些事情，但有些流程確實是在過去 12 個月完成的。

As production rates went down, we looked at our factory, our main factory, Plant 2, we call it, where we build the fuselage for the 737.

隨著生產率下降，我們審視了我們的工廠，我們的主工廠​​，我們稱之為二號工廠，我們在那裡製造 737 的機身。

We said we've got some time now.

我們說過我們現在有一些時間。

Production rates are low.

生產率很低。

How could we reimagine this factory?

我們如何重新構想這個工廠？

How could we redesign it since we have the opportunity so that it could be much more efficient in the future?

既然我們有機會，我們如何重新設計它，以便它在未來變得更有效率？

And that's when we moved out the forward fuselage and the wing box.

就在那時我們移出了前機身和翼盒。

And we've now started to really completely overhaul the flow in factory 2. We couldn't have done that if we were at 52 aircraft per month.

我們現在已經開始真正徹底改造 2 號工廠的流程。如果我們每月生產 52 架飛機，我們就無法做到這一點。

But at 7 aircraft per month, we had the capacity to do it, and we went and did it.

但以每月 7 架飛機的速度，我們有能力做到這一點，而我們也做到了。

Our next question comes from Michael Ciarmoli with Truist.

我們的下一個問題來自 Michael Ciarmoli 和 Truist。

One quick one.

快一點。

Everything that's going on with the 787, I guess, back to Doug's question, does that change or could it potentially change your cash breakeven there?

我想，787 發生的一切，回到道格的問題，這會改變或可能改變你的現金收支平衡嗎？

I think it was for line unit 1405.

我認為是 1405 號線單元的。

And then maybe just to tie a bow on all this commentary, all these moving pieces, do you guys think you can get to positive operating margins or operating income in the second half '21?

然後也許只是為了結束所有這些評論，所有這些感人的事情，你們認為你們可以在 21 年下半年實現正的營業利潤或營業收入嗎？

Or should we be more calibrated into '22 just given lower rates on the narrow-body, still some uncertainty, and obviously, the wide-body pressure?

或者考慮到窄體飛機的利率較低、仍然存在一些不確定性以及顯然寬體飛機的壓力，我們是否應該更適應 22 年？

Right.

正確的。

Well, let me take 787 first.

好吧，我先坐787。

You're right.

你說得對。

The line unit is 1405.

線路單位為1405。

We have a price increase, which will get us up to the level where we think our cost will be.

我們的價格上漲，這將使我們達到我們認為的成本水平。

That was always the goal.

這始終是我們的目標。

Obviously, with the production rate dropping, it creates more of a headwind.

顯然，隨著生產率的下降，它會產生更多的阻力。

But with the production rate dropping, it also pushes out when line unit 1405 happens.

但隨著生產率的下降，當1405號線發生時，它也會被推出。

And so we have more time to achieve it.

因此我們有更多的時間來實現這一目標。

So that's still our goal.

所以這仍然是我們的目標。

One of the ways that will offset some of the volume decline on the 787 is what I said earlier is using some of that capacity on defense programs, which will help absorb some of that fixed cost, which will help the 787 profitability.

抵消 787 銷量下降的方法之一就是我之前所說的，將部分產能用於國防項目，這將有助於吸收部分固定成本，從而有助於 787 的盈利能力。

So the goal is still, when we hit line unit 1405 is that we will be breakeven or better.

因此，目標仍然是，當我們達到 1405 線單位時，我們將實現損益平衡或更好。

Now your second question, maybe just repeat it, please?

現在你的第二個問題，請重複一遍，好嗎？

Yes.

是的。

Just thinking about generating positive operating income and positive margins here, just should we be calibrated towards second half '21, even the fourth quarter '21?

只是考慮在這裡產生正的營業收入和正的利潤率，我們是否應該針對 21 年下半年，甚至是 21 年第四季進行調整？

Or just given a headwinds with wide-bodies and maybe modest rate ramps on narrow, should we be more calibrated towards early '22?

或者只是考慮到寬體客機的逆風以及窄體客機可能適度的速率上升，我們是否應該對 22 年初進行更多調整？

Well, I mean, we said we'll be -- 2022 is when we're targeting cash flow profitability.

嗯，我的意思是，我們說過我們會在 2022 年實現現金流獲利能力。

Mark mentioned that our interest payments happened in Q2 and Q4, the big interest payments.

馬克提到我們的利息支付發生在第二季和第四季度，這是大額利息支付。

And so that gives us a little bit of headwind in Q4.

因此，這給我們在第四季度帶來了一些阻力。

So even if we were seeing some good momentum on the production side, we'll have those headwinds on the interest cost side.

因此，即使我們在生產方面看到一些良好的勢頭，我們也會在利息成本方面遇到這些阻力。

So I think we'll stand by -- we'll be cash flow positive in 2022.

所以我認為我們會袖手旁觀——到 2022 年我們將實現正現金流。

Yes.

是的。

Michael, maybe to be more specific, we should see improving operating margins as we progress throughout the year.

邁克爾，也許更具體地說，隨著我們全年的進步，我們應該看到營業利潤率的提高。

If the production rates hold, we should see higher single-aisle rates in the third and fourth quarter.

如果生產力保持不變，我們應該會在第三和第四季看到更高的單通道生產力。

And so I don't want to get too specific about when we'll see positive operating margins, but I will tell you, we should see them pick up nicely in the third and fourth quarter before we break into 2022, where we should see continued benefits of the single-aisle rates, both on the 37 and A320.

因此，我不想太具體地說明我們何時會看到正的營業利潤率，但我會告訴你，在進入2022 年之前，我們應該會看到它們在第三季和第四季有很好的回升，我們應該看到37 和 A320 上的單通道票價的持續優勢。

Don't want to get too specific, but we should see things start to build nicely as we move into the back half of the year.

不想說得太具體，但隨著進入今年下半年，我們應該會看到事情開始順利發展。

Our final question will come from Peter Arment with Baird.

我們的最後一個問題將由 Peter Arment 和 Baird 提出。

Tom, just regarding all the transformation efforts that you're doing and kind of related to the cash question, do we think about that Spirit still is a company that can generate a 7% to 9% of free cash flow once volume comes back?

湯姆，就您正在做的所有轉型努力以及與現金問題相關的問題而言，我們是否認為 Spirit 仍然是一家一旦銷量回升就可以產生 7% 至 9% 自由現金流的公司？

Or just given all the kind of metrics and improvements you've been making, should we be thinking about the business differently, particularly given the acquisition, et cetera?

或者考慮到您一直在進行的所有指標和改進，我們是否應該以不同的方式思考業務，特別是考慮到收購等？

That's our goal.

這就是我們的目標。

And even with the acquisition, that's still our target.

即使進行了收購，這仍然是我們的目標。

We said we want to diversify, delever, drive margin.

我們說過，我們希望多元化、去槓桿化、提高利潤率。

But by doing those things, that will enable us to generate cash.

但透過做這些事情，我們就能創造現金。

And we think the 7% to 9% range is a good target for when the businesses stabilized.

我們認為，當業務穩定下來時，7% 至 9% 的範圍是一個不錯的目標。

Air traffic has recovered and our production rates have gone back up.

空中交通已經恢復，我們的生產力也有所回升。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連接。