Spirit AeroSystems Holdings Inc (SPR) 2020 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Spirit AeroSystems Holdings, Inc.'s Second Quarter 2020 Earnings Conference Call. My name is Debbie, and I'll be your coordinator today. (Operator Instructions) Please note, this event is being recorded.

早安，女士們、先生們，歡迎參加 Spirit AeroSystems Holdings, Inc. 的 2020 年第二季收益電話會議。我叫黛比，今天我將擔任你們的協調員。（操作員說明）請注意，正在記錄此事件。

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

我現在想將演講交給投資者關係總監 Ryan Avey。請繼續。

Thank you, Debbie, and good morning, everyone. Welcome to Spirit's Second Quarter 2020 Earnings Call. I'm Ryan Avey, Director of Investor Relations. And with me today are Spirit's President and Chief Executive Officer, Tom Gentile; and Spirit's Senior Vice President and Chief Financial Officer, Mark Suchinski. After opening comments by Tom and Mark regarding our performance and outlook, we will take your questions. (Operator Instructions)

謝謝你，黛比，大家早安。歡迎參加 Spirit 2020 年第二季財報電話會議。我是投資者關係總監 Ryan Avey。今天和我在一起的還有 Spirit 的總裁兼執行長 Tom Gentile； Spirit 的高級副總裁兼財務長 Mark Suchinski。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。（操作員說明）

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

在我們開始之前，我需要提醒您，我們今天討論中可能包含的任何預測或目標都可能涉及風險，這些風險在我們的收益發布、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。這個網路示範。此外，我們建議您參閱我們的收益發布和演示文稿，以了解我們在討論結果時使用的非公認會計準則衡量標準的揭露和調節。提醒一下，您可以在我們的網站 Investor.spiritaero.com 上關註今天的廣播和幻燈片演示。

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

說到這裡，我想將電話轉給我們的執行長 Tom Gentile。

Thank you, Ryan, and good morning, everyone. Welcome to Spirit's 2020 Second Quarter Earnings call. We continue to see the impact of the due challenges of the MAX grounding and COVID-19 on the global aviation industry. While still grounded, it was encouraging to learn about the successful MAX certification flights and the subsequent comments issued by the FAA that demonstrate progress toward returning the MAX safely to service.

謝謝瑞安，大家早安。歡迎參加 Spirit 2020 年第二季財報電話會議。我們繼續看到 MAX 停飛和 COVID-19 帶來的挑戰對全球航空業的影響。雖然仍處於停飛狀態，但了解 MAX 成功的認證飛行以及美國聯邦航空局隨後發表的評論（這些評論表明 MAX 安全返回服務方面取得了進展）令人鼓舞。

Spirit is a proud partner of the MAX program. We supply 70% of the structure of the MAX, and it has historically represented 50% of our revenue. On June 19, Boeing directed us to produce 72 units this year, down from the previous rate of 125 for 2020 and the 606 units that we produced in 2019. We continue to monitor rates closely with our customer. Once the MAX is safely back in service and Boeing has a better view of their delivery schedule, we will work with them to determine the right level of production in 2021 and beyond.

Spirit 是 MAX 計劃的驕傲合作夥伴。我們提供了 MAX 70% 的結構，並且它歷來占我們收入的 50%。6 月 19 日，波音指示我們今年生產 72 架，低於先前 2020 年 125 架的產量和 2019 年生產的 606 架。我們將繼續與客戶密切監控費率。一旦 MAX 安全恢復營運並且波音公司更好地了解了他們的交付時間表，我們將與他們合作確定 2021 年及以後的正確生產水準。

COVID-19 remains a significant challenge to the aviation industry. There has been a major impact to airlines with a steep drop in global passenger traffic that fell by more than 90% in April and May compared to last year. Currently, most industry analysts expect recovery to take several years, with domestic travel rebounding first, followed sometime later by a recovery in international travel.

COVID-19 仍然是航空業面臨的重大挑戰。4月和5月全球客運量大幅下降，與去年同期相比下降了90%以上，對航空公司造成了重大影響。目前，大多數產業分析師預計復甦需要數年時間，國內旅遊首先反彈，隨後國際旅遊復甦。

According to IATA, airlines around the world have lost more than $415 billion of revenue in 2020 and more than $85 billion in profits. At one point, more than 16,000 or 65% of the global installed fleet was grounded. Airlines are deferring deliveries given their economic position, which is impacting production rates on all programs for both Boeing and Airbus. In the short term, we are likely to see continued turbulence, and we'll have to navigate our way through the uncertainty. However, in the long term, we believe the aviation industry is resilient and will return to robust growth. Projections for long-term air traffic are still strong, and both Boeing and Airbus each retain a significant backlog.

根據國際航空協的數據，2020 年全球航空公司損失的收入超過 4,150 億美元，利潤損失超過 850 億美元。一度有超過 16,000 架飛機（佔全球已裝機隊的 65%）停飛。鑑於其經濟狀況，航空公司正在推遲交付，這影響了波音和空中巴士所有項目的生產力。短期內，我們可能會看到持續的動盪，我們必須克服不確定性。然而，從長遠來看，我們相信航空業具有彈性，並將恢復強勁成長。對長期空中交通的預測仍然強勁，波音和空中巴士都保留了大量的積壓訂單。

While many layers of uncertainty remain, the impact of the COVID-19 pandemic continues to be felt on many industries and alters everyone's lives. Given the very dynamic nature of what we are experiencing and the fact that both Boeing and Airbus completely stopped all production for a period of time during Q2, our Q2 deliveries decreased by 88% from 2019 and 51% from Q1 2020, which have had a negative impact on our financial condition. In response, we have focused significant energy on reducing our cost to align with these lower levels of production and preserving liquidity.

儘管仍存在許多層面的不確定性，但許多行業仍能感受到 COVID-19 大流行的影響，並改變每個人的生活。考慮到我們正在經歷的動態變化，以及波音和空中巴士在第二季度一段時間內完全停止所有生產的事實，我們第二季度的交付量較2019 年下降了88%，較2020 年第一季下降了51%。對我們的財務狀況產生負面影響。作為回應，我們將大量精力集中在降低成本上，以適應較低的生產水準並保持流動性。

Since the beginning of the year, around the world, we have reduced the head count of our commercial aviation programs by more than 8,000 people or about 44%. Earlier in the year, we announced layoffs in Wichita and Tulsa of 3,200 employees. We also eliminated more than 200 contractor positions. In addition, we implemented a voluntary retirement program, which reduced our workforce by more than 850 employees. We have also put salaried employees on a 4-day work week through the remainder of the year and reduced executive compensation by 20%.

自今年年初以來，我們已在全球範圍內減少了商業航空項目的人員數量超過 8,000 人，約 44%。今年早些時候，我們宣佈在威奇托和塔爾薩裁員 3,200 名員工。我們也裁減了 200 多個承包商職位。此外，我們實施了自願退休計劃，減少了 850 多名員工。我們也讓受薪員工在今年剩餘時間內每週工作 4 天，並將高階主管薪資減少 20%。

When Boeing and Airbus announced full production suspensions in March, April and June, we initiated furloughs for thousands of hourly workers associated with those programs. We also announced permanent layoffs for an additional 1,400 people in May. In July, we also decided to reduce the Kansas and Oklahoma workforce by an additional 1,100 people. These were all difficult decisions. In addition, we have cut nonlabor costs significantly in line with the production cuts.

當波音和空中巴士在三月、四月和六月宣布全面停產時，我們為與這些計畫相關的數千名小時工啟動了休假。5 月我們也宣布永久裁員 1,400 人。7 月，我們也決定在堪薩斯州和俄克拉荷馬州再裁員 1,100 人。這些都是艱難的決定。此外，我們也根據產量削減大幅削減非勞動成本。

We have also been assessing our global footprint and machine capacity. In mid-July, we made a difficult decision not to renew the San Antonio, Texas facility lease. This site was acquired in July 2019 from AIT. It manufactures parts for the 787 and the MAX programs as well as for other defense and commercial customers. Over the next few months, the team will work to ensure an orderly transition, using our established transfer processes to move work to other Spirit sites or suppliers. We will continue to assess our remaining capacity and take the necessary actions to adapt to the current environment.

我們也一直在評估我們的全球足跡和機器產能。七月中旬，我們做出了一個艱難的決定，不再續簽德州聖安東尼奧工廠的租約。該網站於 2019 年 7 月從 AIT 收購。它為 787 和 MAX 項目以及其他國防和商業客戶生產零件。在接下來的幾個月中，團隊將努力確保有序過渡，並利用我們既定的轉移流程將工作轉移到其他 Spirit 工廠或供應商。我們將繼續評估我們的剩餘能力，並採取必要的行動來適應當前的環境。

In total, on an annualized basis, labor and nonlabor, we have taken out more than $1 billion of costs or 40% of the nonmaterial base of our business.

總的來說，按年化計算，包括勞動力和非勞動力，我們已經支出了超過 10 億美元的成本，占我們業務非物質基礎的 40%。

During this period, when production rates are low, we are also taking additional actions to drive productivity and efficiency. One major initiative is our new Global Digital Logistics Center, which has consolidated more than 450,000 square feet of warehouse space in our campus into a highly concentrated area of 156,000 square feet. The facility can hold more than 2 million parts for all of Spirit's Wichita-based programs and will be a key asset capable of processing thousands of parts and kits per day when production returns to higher levels.

在此期間，當生產力較低時，我們也會採取額外措施來提高生產力和效率。其中一項重大舉措是我們新的全球數位物流中心，該中心將我們園區超過 450,000 平方英尺的倉庫空間整合為 156,000 平方英尺的高度集中區域。該工廠可容納 Spirit 位於威奇託的所有項目的超過 200 萬個零件，當生產恢復到較高水平時，該設施將成為每天能夠處理數千個零件和套件的關鍵資產。

A second major initiative is an effort to reconfigure our 737 final assembly line. We are shifting subassembly work out of our main production facility into different locations that enable more lean and efficient operations. One example is the wing box of the 737 fuselage, which we are transferring to our Tulsa facility. The second example is the 737 forward fuselage, which will move into a forward fuselage Center of Excellence on our Wichita campus. Both of these moves will free up space in our main production facility and enable more lean operations. We are also developing a new automated production line using Spirit proprietary technologies to improve the assembly of single-aisle airplane floor beams. The project is estimated to take a current cycle time of more than 7 days per assembly down to just hours for that same assembly. The project will also facilitate a significant reduction in work-in-process inventory and reduce the required footprint by more than 6,000 square feet.

第二項重大舉措是重新配置我們的 737 總裝線。我們正在將組件工作從我們的主要生產設施轉移到不同的地點，以實現更精益和高效的營運。一個例子是 737 機身的翼盒，我們正在將其轉移到塔爾薩工廠。第二個例子是 737 前機身，它將遷入我們威奇托園區的前機身卓越中心。這兩項舉措都將釋放我們主要生產設施的空間，並實現更精益的營運。我們也正在開發一條新的自動化生產線，採用 Spirit 專有技術來改進單通道飛機地板樑的組裝。該專案預計將目前每個組裝需要 7 天以上的週期時間縮短為同一組裝僅需幾個小時。該項目還將有助於大幅減少在製品庫存，並將所需佔地面積減少 6,000 多平方英尺。

In our Airbus operations, we are implementing an enhanced composite spoiler production line that saw the completion of its first preproduction shipset this quarter. Each A320 has 10 spoilers. This highly automated line is expected to reduce the cost of each spoiler shipset by 30%. The Prestwick team is targeting to have first part qualification components started in August, followed with a trial fit of the spoilers at the Airbus Broughton facility at the end of September.

在我們的空中巴士業務中，我們正在實施增強型複合材料擾流板生產線，該生產線於本季度完成了第一套預生產船組。每架 A320 都有 10 個擾流板。這條高度自動化的生產線預計將使每個擾流板船組的成本降低30%。普雷斯蒂克團隊的目標是在 8 月開始進行第一批零件的鑑定，然後在 9 月底在空中巴士布勞頓工廠試裝擾流板。

On the quality front, we also have a number of exciting initiatives in various stages of development that will drive many benefits as we increase production rates. One example is a blue-light scanner that is capable of inspecting the fuselage skins for many attributes, including fastener location, haul location and fastener head height. The scanner method is estimated to reduce the 767 fuselage skin inspection time by over 7 hours from the manual process and will allow us to send data digitally directly to our customer.

在品質方面，我們在不同的開發階段也有許多令人興奮的舉措，這些舉措將隨著我們提高生產力而帶來許多好處。一個例子是藍光掃描儀，它能夠檢查機身蒙皮的許多屬性，包括緊固件位置、拖運位置和緊固件頭部高度。掃描器方法預計可將 767 機身蒙皮檢查時間比手動流程縮短 7 個多小時，並使我們能夠直接以數位方式向客戶發送資料。

Another example where technology will enhance our inspection processes over a large surface area is a system being developed on top of Spirit's cognitive robotics platform. The system will scan entire sections of a fuselage, store the results in a database and generate automated inspection results that can be used for predictive analysis and process control.

技術將增強我們在大面積區域內的檢查過程的另一個例子是在 Spirit 認知機器人平台之上開發的系統。該系統將掃描機身的整個部分，將結果儲存在資料庫中，並產生可用於預測分析和製程控制的自動檢查結果。

We are also taking this time of lower production to improve our inspectors' work instructions. We are overhauling our instructions to develop clear visual guidelines to highlight what should be inspected, the tools needed for that inspection and the location on the airframe. The new visual instructions are a great improvement that will drive a reduction in inspection cycle times. Our plan is to continue to evaluate and implement similar initiatives in this time of lower production rates so that when commercial air travel does begin to recover, we will be able to maintain Spirit's position as a leading aerostructure supplier to Boeing, Airbus and our defense customers.

我們也利用這段產量較低的時間來改善檢驗員的工作指示。我們正在徹底修改我們的說明，以建立清晰的視覺指南，以突出顯示應檢查的內容、檢查所需的工具以及機身上的位置。新的視覺指令是一項巨大的改進，將縮短檢查週期時間。我們的計劃是在生產率較低的時期繼續評估和實施類似的舉措，以便當商業航空旅行開始復蘇時，我們將能夠保持 Spirit 作為波音、空中巴士和我們的國防客戶的領先航空結構供應商的地位。

We also continue to grow and diversify. The Spirit team continues to demonstrate our strong value proposition to our defense customers. For example, we recently achieved a production milestone with the 10th CH-53K production fuselage delivery. The team continues working at a steady pace during this low-rate initial production phase to fabricate the composite forward fuselage and assemble the whole fuselage with parts from other suppliers. We are a proud of Sikorsky partner in support of the Marines and their missions requiring transport of more than 27,000 pounds of payload with this heavy lift helicopter.

我們也繼續發展和多元化。Spirit 團隊持續向我們的國防客戶展示我們強大的價值主張。例如，我們最近交付了第 10 架 CH-53K 生產機身，實現了生產里程碑。在這個低速初始生產階段，團隊繼續穩定地工作，製造複合材料前機身，並使用其他供應商的零件組裝整個機身。我們為西科斯基合作夥伴感到自豪，他們支持海軍陸戰隊及其需要使用這架重型直升機運輸超過 27,000 磅有效載荷的任務。

In June, we hosted a visit by the U.S. Air Force Secretary, Barbara Barrett. That same day, Spirit was awarded an $80 million contract allocation through the Defense Production Act Title III funding provisions. The contract will allow Spirit to expand its domestic production capability and capacity for advanced tooling, composite fabrication and metallic machining as well as enable us to maintain and protect critical workforce capabilities caused by the COVID-19 disruption. We've been able to start work on projects related to the $80 million, and we'll see some benefit in 2020. However, we'll see a larger impact over the next few years.

6 月，我們接待了美國空軍部長芭芭拉·巴雷特 (Barbara Barrett) 的來訪。同一天，Spirit 公司透過《國防生產法》第三章資助條款獲得了 8,000 萬美元的合約撥款。該合約將使 Spirit 能夠擴大其國內生產能力以及先進模具、複合材料製造和金屬加工的能力，並使我們能夠維持和保護因 COVID-19 中斷而造成的關鍵勞動力能力。我們已經能夠開始與 8000 萬美元相關的項目，並且我們將在 2020 年看到一些收益。然而，我們將在未來幾年看到更大的影響。

The defense pipeline is strong, and we continue to be actively engaged in discussions with the defense primes on how to leverage the available capacity at Spirit to support them. We are positioned and ready to compete for new growth opportunities to support the Spirit defense business.

國防管道很強大，我們繼續積極與國防總理討論如何利用精神號的可用能力來支持他們。我們已做好準備，競爭新的成長機會，以支持精神防禦業務。

We also recently announced 2 exciting new agreements. The first agreement was with Virgin Hyperloop. This collaboration will leverage Spirit's engineering, certification, supply chain, fabrication and assembly capabilities to assist in Virgin Hyperloop's development of a new mode of transportation that can travel at speeds of up to 700 miles per hour using electric propulsion through a low-pressure tube.

我們最近也宣布了兩項令人興奮的新協議。第一份協議是與維珍超高鐵簽訂的。此次合作將利用 Spirit 的工程、認證、供應鏈、製造和組裝能力，協助 Virgin Hyperloop 開發新的運輸模式，可透過低壓管道使用電力推進，以高達 700 英里/小時的速度行駛。

The second agreement was with Aerion, which expanded our partnership for design to production of the forward fuselage for the AS2 supersonic business jet. This partnership is another exciting opportunity for Spirit to work with the company on the leading edge of development in the aviation industry. Our composite engineering and production leadership fits well with the development of the forward-pressure fuselage for the Aerion AS2 program. We look forward to continued collaboration and innovation with both companies to move these products forward in their development.

第二份協議是與 Aerion 簽訂的，該協議擴大了我們在 AS2 超音速公務機前機身設計和生產方面的合作夥伴關係。此次合作是 Spirit 與該公司在航空業發展前沿領域合作的又一個令人興奮的機會。我們的複合材料工程和生產領先地位與 Aerion AS2 專案前壓機身的開發非常契合。我們期待與兩家公司繼續合作和創新，推動這些產品的發展。

Also, I wanted to share an update on how we are helping our nation combat the global COVID-19 pandemic. We are working with Vyaire, the largest pure-play respiratory company in the world, to produce ventilators for global distribution. To date, we have produced and shipped thousands of ventilators to the U.S. strategic stockpile, U.S. customers and customers around the world. We now have over 800 workers assigned to the project and the capability to produce over 300 ventilators per day. The new factory that we have established will help Bayer fulfill their order of producing over 22,000 ventilators for the U.S. government and fulfilling other orders around the world.

此外，我想分享有關我們如何幫助我們的國家對抗全球 COVID-19 大流行的最新資訊。我們正在與世界上最大的純呼吸系統公司 Vyaire 合作，生產呼吸機並在全球分銷。迄今為止，我們已生產並運送了數千台呼吸器給美國戰略儲備、美國客戶和世界各地的客戶。目前，我們有 800 多名工人分配到該項目，每天能夠生產 300 多台呼吸機。我們建立的新工廠將幫助拜耳完成為美國政府生產超過22,000台呼吸器的訂單，並完成世界各地的其他訂單。

Spirit continues to increase our ventilator production rate on a steady pace. This project demonstrates the transferability of Spirit's capabilities in design engineering, industrial engineering, supply chain management, fabrication, complex assembly and functional system and testing to the manufacturer of other highly sophisticated products.

Spirit 持續穩定地提高我們的呼吸器生產率。該專案展示了 Spirit 在設計工程、工業工程、供應鏈管理、製造、複雜組裝和功能係統以及測試方面的能力可轉移給其他高度複雜產品的製造商。

Our other efforts to grow and diversify are the 2 acquisitions that we have announced. We continue to see the long-term strategic value in both the Asco and Bombardier aerostructures acquisitions, and remain engaged in discussions with both parties on the conditions needed for closure of those deals. The long stop date of the Asco acquisition agreement is October 1. We are still working to meet the conditions of the European Commission on that deal. The long stop date for the Bombardier acquisition agreement is October 31. We continue to work with Bombardier to meet those condition's precedent, some of which remain outstanding.

我們為發展和多元化所做的其他努力是我們已經宣布的兩項收購。我們繼續看到阿斯科和龐巴迪航空結構收購的長期戰略價值，並將繼續與雙方討論完成這些交易所需的條件。Asco 收購協議的最終截止日期是 10 月 1 日。我們仍在努力滿足歐盟委員會關於該交易的條件。龐巴迪收購協議的最後截止日期是 10 月 31 日。我們將繼續與龐巴迪合作，以滿足這些條件的先例，其中一些條件仍然懸而未決。

With that, I'll ask Mark to lead you through a detailed second quarter 2020 financial review. Mark?

接下來，我將請馬克帶領您完成詳細的 2020 年第二季財務回顧。標記？

Thank you, Tom. Good morning, everyone. I hope everybody is well and staying safe. As Tom mentioned in his opening remarks, Spirit as well as the overall aviation industry has been significantly affected by COVID-19's impact to global passenger traffic and demand for aircraft. We have continued to adjust as our customers have reduced their production rates, and we will continue to make every effort to adapt our cost structure to lower production levels to ensure that Spirit remains financially healthy during this crisis.

謝謝你，湯姆。大家，早安。我希望每個人都安好並保持安全。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都受到了 COVID-19 對全球客運量和飛機需求的影響。隨著客戶降低生產力，我們繼續進行調整，我們將繼續盡一切努力調整我們的成本結構以適應較低的生產水平，以確保 Spirit 在這場危機期間保持財務健康。

Now let's move to our second quarter results. Please turn to Slide 4. Revenue for the quarter was $645 million, down 68% from the same quarter last year. 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 COVID-19 pandemic. Production rates across all of our commercial programs were negatively impacted by COVID-19 and the shutdown of commercial airplane production at Boeing and Airbus facilities for several weeks during the second quarter.

現在讓我們來看看第二季的業績。請參閱投影片 4。該季度營收為 6.45 億美元，比去年同期下降 68%。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。我們所有商業項目的生產率都受到了 COVID-19 以及第二季度波音和空中巴士工廠商用飛機生產關閉數週的負面影響。

We delivered 19 737 shipsets this quarter compared to 147 in the same period of 2019. Overall deliveries decreased to 159 shipsets compared to 449 shipsets in the same quarter last year.

本季我們交付了 19,737 艘船舶，而 2019 年同期交付了 147 艘。整體交付量從去年同期的 449 艘減少至 159 艘。

Let's turn to earnings per share on Slide 5. In the quarter, we reported earnings per share of negative $2.46 compared to $1.61 per share in the same quarter last year. Adjusted EPS was negative $2.28 per share compared to positive EPS of $1.71 in the same period of 2019. Second quarter adjusted EPS excludes the impacts of planned acquisitions, restructuring costs and the noncash voluntary retirement plan charges.

讓我們轉向幻燈片 5 上的每股收益。本季度，我們公佈的每股收益為負 2.46 美元，而去年同期的每股收益為 1.61 美元。調整後每股收益為負 2.28 美元，而 2019 年同期為正每股收益 1.71 美元。第二季調整後每股盈餘不包括計畫收購、重組成本和非現金自願退休計畫費用的影響。

The second quarter operating margins declined as a result of costs incurred related to the Boeing-directed 737 MAX production suspension and subsequent low rate of production as well as impacts of COVID-19 pandemic and the associated production shutdowns at Boeing and Airbus. We recognized excess capacity costs of $83 million and normal production costs related to COVID-19 of $19 million, restructuring expenses of $6 million for cost alignment and head count reductions, and loss on disposals of $23 million related to certain long-lived assets on the Boeing 787 and Airbus A350 programs. Further, we recognized a noncash charge of $15 million resulting from the voluntary retirement program that was initiated during the first quarter of 2020.

由於波音指導的 737 MAX 生產暫停和隨後的低生產率以及 COVID-19 大流行的影響以及波音和空中巴士的相關生產停工所產生的成本，第二季度營運利潤率下降。我們確認了 8,300 萬美元的過剩產能成本和 1,900 萬美元與 COVID-19 相關的正常生產成本，600 萬美元的成本調整和裁員重組費用，以及與某些長期資產相關的 2,300 萬美元的處置損失。波音787 和空中巴士A350 計畫。此外，我們也確認了 2020 年第一季啟動的自願退休計畫所產生的 1,500 萬美元非現金費用。

In addition to the expenses I just described, we also recognized forward loss charges of $194 million during the quarter, primarily driven by lower future production rates announced on the 787 and A350 programs as well as unfavorable cume catch adjustments of $38 million related to the recently announced production rate cuts on the majority of our other commercial airplane programs.

除了我剛剛描述的費用外，我們還確認了本季 1.94 億美元的遠期損失費用，這主要是由於 787 和 A350 項目宣布的未來生產率下降以及與最近宣布削減我們大多數其他商用飛機項目的生產率。

You may recall, as part of the last quarter's earnings review, we provided preliminary forward loss estimates resulting from the lower production rates announced by Boeing and Airbus. These estimated forward losses were based upon data which became available after the first quarter balance sheet date of April 2, 2020. Throughout the second quarter, the dynamic of demand for wide-body aircraft continued to evolve from the facts and assumptions originally made as a result of the uncertainty regarding the timing and resolution of COVID-19 and the ultimate impact on the aviation and travel industries.

您可能還記得，作為上季度盈利審查的一部分，我們提供了由於波音和空中巴士宣布的較低生產率而導致的初步遠期損失估計。這些估計的遠期損失是基於 2020 年 4 月 2 日第一季資產負債表日之後獲得的數據。在整個第二季度，由於 COVID-19 的時間和解決方案以及對航空和旅遊業的最終影響的不確定性，對寬體飛機的需求動態繼續從最初做出的事實和假設演變。

We evaluated additional schedule and production demand information as well as other market and analyst data, and as a result, adjusted the expected results on the 787 and A350 programs to include a lower rate of production for a longer duration compared to the previous forecast. This change in judgment from the first quarter resulted in a negative impact of fixed cost absorption on the 787 and A350 programs. And as a result, the forward loss recognized for the second quarter of 2020 were $103 million on the 787 program and $84 million on the A350 program.

我們評估了額外的時間表和生產需求資訊以及其他市場和分析師數據，並因此調整了 787 和 A350 項目的預期結果，包括與先前的預測相比，在較長時間內保持較低的生產力。這一與第一季相比判斷的變化導致了固定成本吸收對 787 和 A350 項目的負面影響。因此，2020 年第二季確認的 787 專案的遠期損失為 1.03 億美元，A350 專案的遠期損失為 8,400 萬美元。

Our year-to-date tax rate is approximately 38%. As a result of the passage of the CARES Act, we have an opportunity to carry back our anticipated 2020 net operating loss to years where we paid tax at a rate of 35%. The CARES Act net operating loss benefit and the impact of state tax credits resulted in a favorable year-to-date tax rate compared to our expected normalized rate.

我們年初至今的稅率約為 38%。由於《CARES 法案》的通過，我們有機會將預期的 2020 年淨營業虧損轉回至我們以 35% 稅率納稅的年份。與我們預期的正常化稅率相比，CARES 法案的淨營業虧損收益和州稅收抵免的影響導致了年初至今的稅率有利。

Now turning to free cash flow on Slide 6. Free cash flow for the quarter was a use of $249 million compared to a source of $192 million in the same period of 2019. This year-over-year decrease is primarily due to the negative impact of working capital requirements and significantly lower deliveries across all of our commercial airplane programs. Excluding the $215 million of Boeing advanced payments received in the first quarter, free cash flow improved by $325 million from the first quarter. This quarter-over-quarter improvement was a result of a decrease in working capital requirements, a reduction in capital expenditures as well as the cost-reduction actions we have taken throughout the first half of the year. We expect to realize further benefits from these cost-mitigation actions, which were required to align our cost base to the new lower production rates.

現在轉向幻燈片 6 上的自由現金流。本季的自由現金流使用量為 2.49 億美元，而 2019 年同期的來源為 1.92 億美元。這一同比下降主要是由於營運資金需求的負面影響以及我們所有商用飛機專案的交付量大幅下降。除去第一季收到的波音預付款2.15億美元，自由現金流較第一季增加了3.25億美元。這一季度環比的改善是由於營運資金需求減少、資本支出減少以及我們在上半年採取的成本削減行動的結果。我們期望從這些降低成本的行動中獲得更多好處，這些行動需要使我們的成本基礎與新的較低生產力保持一致。

We anticipate cash flow usage to continue to improve in the third and fourth quarters. However, as a result of lower production rates due to COVID-19, we expect our cash use to continue for the remainder of the year.

我們預計第三季和第四季的現金流使用情況將持續改善。然而，由於 COVID-19 導致生產力下降，我們預計今年剩餘時間將繼續使用現金。

As Tom mentioned, we have focused significant energy on reducing our cost to align with lower levels of production and to preserve our liquidity. In addition to the actions already discussed, we are taking advantage of the CARES Act to provide additional liquidity flexibility as we have elected to defer the payment of employer taxes -- payroll taxes, of which 50% is required to be paid in 2021, and the remainder in 2022. We will continue to evaluate and take the necessary steps to adjust our cost base in order to minimize cash spend in light of the challenging environment.

正如湯姆所提到的，我們將大量精力集中在降低成本上，以適應較低的生產水平並保持我們的流動性。除了已經討論過的行動之外，我們還利用 CARES 法案提供額外的流動性靈活性，因為我們選擇推遲繳納雇主稅——工資稅，其中 50% 需要在 2021 年繳納，並且其餘的在2022 年完成。我們將繼續評估並採取必要措施調整我們的成本基礎，以便在充滿挑戰的環境下最大限度地減少現金支出。

Additionally, we previously announced the need to revise our debt covenants as we projected a potential breach in the fourth quarter of this year. Over the last few weeks, we have worked tirelessly with our banking groups and finalized the amendment on July 31. The amendment provides covenant relief through 2022. Additionally, as part of the terms of the amendment, the available revolver decreases to $500 million, and we have paid down $100 million of the term loan. We appreciate our bank group's support throughout the process of amending our credit facilities.

此外，我們先前宣布需要修改我們的債務契約，因為我們預計今年第四季可能會出現違約情況。在過去的幾周里，我們與銀行集團進行了不懈的合作，並於 7 月 31 日完成了修正案。該修正案提供了 2022 年之前的契約救濟。此外，作為修訂條款的一部分，可用左輪手槍減少至 5 億美元，並且我們已償還 1 億美元的定期貸款。我們感謝銀行集團在修改信貸安排的整個過程中提供的支持。

We ended the quarter at $1.9 billion of cash. We believe our liquidity is sufficient to complete the acquisitions if the conditions of both deals are met and fund our operations over the next 12 months.

本季結束時，我們的現金為 19 億美元。我們相信，如果兩項交易的條件均得到滿足，我們的流動性足以完成收購並為我們未來 12 個月的營運提供資金。

Now let's turn to our fuselage segment performance on Slide 7. Fuselage segment revenue in the quarter was $327 million, down compared to the same period of 2019, primarily due to lower production volumes on the 737, 787 and A350 programs. Operating margin for the quarter was negative 77% compared to 12% in the same period of the prior year. The segment recorded $31 million of unfavorable cumulative catch-up adjustments and 105 -- $155 million of net forward losses. The decrease in segment profitability and operating margin was primarily a result of forward losses recognized in the 787 and A350 programs; lower profit recognized on the 737 program, including excess capacity cost of 100 -- or of $51 million; as well as abnormal costs related to COVID-19 of $11 million; and loss on disposals of $23 million related to certain long-lived assets on the 787 and A350 programs.

現在讓我們轉向幻燈片 7 上的機身部分錶現。本季機身部分收入為 3.27 億美元，較 2019 年同期有所下降，主要是由於 737、787 和 A350 項目的產量下降。本季營業利益率為負 77%，而上年同期為 12%。該部門記錄了 3,100 萬美元的不利累積追趕調整和 105 至 1.55 億美元的淨遠期損失。部門獲利能力和營業利益率的下降主要是由於 787 和 A350 項目中確認的遠期損失所致； 737 計畫確認的利潤較低，其中包括 100 美元的超額產能成本，即 5,100 萬美元；以及與 COVID-19 相關的 1100 萬美元的異常費用；與 787 和 A350 項目的某些長期資產相關的 2,300 萬美元處置損失。

If we turn to the propulsion segment performance on Slide 8. In the second quarter, propulsion revenue was $170 million, down compared to the same period of the prior year, primarily due to lower production volumes in the 737 program. Operating margin for the quarter was negative 10% compared to 19% in the same quarter of 2019. The segment recorded $5 million of unfavorable cumulative catch-up adjustments and $16 million of net forward losses.

如果我們轉向幻燈片 8 上的推進部分業績。第二季度，推進收入為 1.7 億美元，較去年同期有所下降，主要是由於 737 項目產量下降。該季度的營業利潤率為負 10%，而 2019 年同期為 19%。該部門記錄了 500 萬美元的不利累積追趕調整和 1600 萬美元的淨遠期損失。

The decrease in the segment profitability and operating margin was primarily a result of forward losses recognized in the 787 program; lower margin recognized on the 737 program, including excess capacity cost of $18 million; as well as abnormal costs related to COVID-19.

部門獲利能力和營業利益率的下降主要是由於 787 計劃中確認的遠期損失所致； 737 計畫的利潤率較低，包括 1,800 萬美元的過剩產能成本；以及與 COVID-19 相關的異常費用。

Now let's turn to wing segment performance on Slide 9. During the second quarter, wing revenue was $123 million, down compared to the same period last year, primarily due to lower production volumes on 737, A320 and the A350 programs. Operating margin for the quarter was negative 35% compared to 14% in the same quarter of 2019. The segment recorded $2 million of unfavorable cume catch adjustments and $23 million of net forward losses. The decrease in segment profitability was primarily a result of forward losses recognized in the 787 program; lower margin recognized on 737, including excess capacity costs; and abnormal costs related to COVID-19 of $19 million.

現在讓我們轉向幻燈片 9 上的機翼部分錶現。第二季度，機翼收入為 1.23 億美元，與去年同期相比有所下降，主要是由於 737、A320 和 A350 項目的產量下降。該季度的營業利潤率為負 35%，而 2019 年同期為 14%。該部門記錄了 200 萬美元的不利精礦捕獲調整和 2,300 萬美元的淨遠期損失。部門獲利能力下降主要是由於 787 計劃中確認的遠期損失所致； 737 的利潤率較低，包括過剩產能成本；與 COVID-19 相關的異常費用為 1900 萬美元。

In closing, these last several months have been very challenging, and we have had to make some very difficult decisions. While the dual challenges of the MAX grounding and COVID-19 are out of our control, we are taking the necessary actions to adapt to the rapidly changing environment. As we have demonstrated throughout this year, we quickly implemented cost-mitigation actions, and we are constantly assessing our business against the current environment and potential future scenarios, identifying areas of improvement and developing plans for various scenarios.

最後，過去幾個月非常具有挑戰性，我們必須做出一些非常困難的決定。雖然 MAX 停飛和 COVID-19 的雙重挑戰超出了我們的控制範圍，但我們正在採取必要的行動來適應快速變化的環境。正如我們今年所展示的那樣，我們迅速實施了成本降低行動，並且不斷根據當前環境和未來潛在的情況評估我們的業務，確定需要改進的領域並針對各種情況制定計劃。

The second quarter was one of the toughest quarters in our history. As we continue to move forward, our focus is on addressing the challenges that remain ahead of us over the next couple of years.

第二季是我們歷史上最艱難的季度之一。隨著我們繼續前進，我們的重點是解決未來幾年仍面臨的挑戰。

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

至此，我將把它轉回給湯姆以供結束評論。

Thanks, Mark. The COVID-19 pandemic has resulted in a significant reduction in air traffic that has had a major impact on airlines and aircraft production. It will take several years for production to resume to the previous levels of 2019.

謝謝，馬克。COVID-19 大流行導致空中交通量大幅減少，對航空公司和飛機生產產生了重大影響。生產需要數年時間才能恢復到 2019 年之前的水平。

We will also continue to support Boeing as they work with the FAA to return the MAX safely to service. In the meantime, our focus remains on managing our costs to align with the lower production rates and preserving liquidity through these uncertain times in our commercial business.

我們也將繼續支持波音公司與美國聯邦航空總署 (FAA) 合作，讓 MAX 安全恢復服務。同時，我們的重點仍然是管理成本，以適應較低的生產力，並在商業業務的不確定時期保持流動性。

Our team is making great progress to adapt with new, better ways of working while continuing to keep all of our employees safe and healthy.

我們的團隊正在取得巨大進步，以適應新的、更好的工作方式，同時繼續確保所有員工的安全和健康。

We also see opportunity to expand our defense business and leverage some of our open capacity to demonstrate our unique capabilities to customers willing to partner with a team that has decades of design and manufacturing experience. While we will have course corrections as we navigate through the turbulence of COVID, we are confident in the resilience of the Spirit team. Our focus will be to maintain sufficient liquidity and continue to adjust operations to the evolving environment.

我們也看到了擴大國防業務的機會，並利用我們的一些開放能力向願意與擁有數十年設計和製造經驗的團隊合作的客戶展示我們獨特的能力。雖然我們在應對新冠疫情的動盪過程中會進行路線修正，但我們對 Spirit 團隊的韌性充滿信心。我們的重點將是保持充足的流動性，並繼續根據不斷變化的環境調整營運。

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

這樣，我們將很樂意回答您的問題。

(Operator Instructions) The first question comes from Jon Raviv with Citi.

（操作員說明）第一個問題來自花旗銀行的 Jon Raviv。

Jon, are you on mute? Yes. Now we can hear you.

喬恩，你靜音了嗎？是的。現在我們可以聽到你的聲音了。

Sorry about that. Tom and Mark, can you just go over some of the things you talked about in terms of liquidity? So first of all, cash breakeven. I think previously, you were talking about mid-21. Should we expect cash use to continue through all of next year as well now? And then also, you mentioned that you feel good about liquidity for supporting operations for the next 12 months. At what point over the next 12 months do you have to decide if you have to do something more from a liquidity perspective? You need to go back to the market? And does renegotiating M&A play any role in that? I know your covenant changes mentioned that topic as well. So a big question on cash and liquidity.

對於那個很抱歉。湯姆和馬克，你們能回顧一下你們在流動性方面談到的一些事情嗎？首先，現金收支平衡。我想之前你說的是 21 月中旬。我們是否應該期望現金使用量持續到明年全年？此外，您還提到您對支援未來 12 個月營運的流動性感覺良好。在接下來 12 個月的什麼時候，您必須決定是否需要從流動性角度採取更多措施？需要回市場嗎？重新談判併購是否會在其中發揮作用？我知道你的聖約變更也提到了這個主題。這是關於現金和流動性的一個大問題。

Right. So I'll start and then Mark can add on. But in terms of cash flow, we did say at the last call, based on the production levels that we had at that time, that we thought we would start to get into cash flow-positive in 2021. With the reduction on the 737 from what was 125 down to 72, it's going to push that out. So we expect next year, the cash burn will be significantly less than it was this year, but it will still be a cash burn. But we are looking at 2022 as when we will be cash flow-positive again.

正確的。我先開始，然後馬克可以補充。但就現金流而言，我們在上次電話會議上確實表示，根據當時的生產水平，我們認為我們將在 2021 年開始實現正現金流。隨著 737 從 125 架減少到 72 架，這一數字將會被推遲。因此，我們預計明年的現金消耗將明顯少於今年，但仍會是現金消耗。但我們預計 2022 年我們將再次實現正現金流。

Now in terms of cash operations and liquidity position, Mark did mention that our liquidity position is good for 12 months. We don't expect that we will get to a position where we would need to raise additional capital based on the current projections and the scenarios that we have. But we have a very clear line of sight to the 12 months.

現在就現金操作和流動性狀況而言，馬克確實提到我們的流動性狀況在 12 個月內保持良好。根據目前的預測和我們現有的情況，我們預計我們不會達到需要籌集額外資金的情況。但我們對 12 個月的前景非常清晰。

It actually goes beyond that. But we just wanted to bound it by saying it's very solid for the next 12 months, even if we included the full amount of the deals that are currently under consideration.

它實際上超出了這一範圍。但我們只是想說未來 12 個月的情況非常穩定，即使我們包括了目前正在考慮的交易的全部金額，也是如此。

Mark, anything else to add?

馬克，還有什麼要補充的嗎？

No. I think Tom covered it. We have a line of sight to the liquidity needs over the next 12 months or so. We do have access to capital markets, if needed. And that's a lever that we can pull if we need to at some point in time in the future. But based on the current production rates, I think Tom summarized our situation pretty well.

不。我認為湯姆涵蓋了它。我們對未來 12 個月左右的流動性需求有預見性。如果需要的話，我們確實可以進入資本市場。如果我們在未來某個時間需要的話，我們可以拉動這個槓桿。但根據目前的生產力，我認為湯姆很好地總結了我們的情況。

The next question comes from Greg Konrad with Jefferies.

下一個問題來自 Jefferies 的 Greg Konrad。

Tom, you announced a number of initiatives in the prepared remarks. I mean if we look at Q2, there were several costs around forward losses, abnormal costs and excess capacity costs. With these initiatives, how do we think about areas such as the latter 2 going forward? Is there a normalized margin target at these lower production rates?

湯姆，你在準備好的演講中宣布了一些舉措。我的意思是，如果我們看看第二季度，就會發現遠期損失、異常成本和過剩產能成本等幾個成本。有了這些舉措，我們如何考慮後兩個領域的未來發展？在這些較低的生產力下是否存在標準化的利潤目標？

Right. Well, we did have all of these abnormal events based on the lower production, which drove the forward losses. And with this 737 in a much reduced production capacity, that also drove some abnormal costs.

正確的。好吧，我們確實發生了所有這些基於產量下降的異常事件，這導致了遠期損失。由於 737 的產能大幅下降，這也導致了一些異常成本的上升。

The cost actions that we've taken are meant to offset that and to really align the business to these lower levels of production. And our goal with all the initiatives that I described is to continue to improve the productivity and the efficiency of our operations so that when production rates do return to higher levels, we'll be more productive and be able to achieve higher levels of margin, all things being equal.

我們採取的成本行動旨在抵消這一影響，並使業務真正適應這些較低的生產水平。我所描述的所有舉措的目標是繼續提高我們營運的生產力和效率，以便當生產力確實恢復到更高水平時，我們將提高生產力並能夠實現更高水平的利潤，所有的事情都是平等。

So if you recall, last year, when we were at 52 rate of production, our targets for margins were 16.5%, and our cash flow targets were 7% to 9%. Now our goal would be to get back to those levels of margin and cash flow when, say, the MAX gets back to the 40s in terms of production rate.

所以，如果你還記得，去年，當我們的生產力為 52 時，我們的利潤率目標是 16.5%，我們的現金流量目標是 7% 到 9%。現在，我們的目標是，當 MAX 的生產力回到 40 多歲時，利潤率和現金流回到原來的水平。

Now that's about where we were in 2016. Of course, in 2016, we also had much higher rates of 777 production, which we won't have this time around. But again, the goal of all those productivity initiatives was to reset the business so that we can be more profitable with better margins at lower rates of production. And we would see a return to our previous targets when we get into the 40s on MAX production, along with all of the other projections for the different programs of Boeing and Airbus and defense.

這就是我們 2016 年的情況。當然，2016 年我們的 777 生產率也高得多，但這次不會了。但同樣，所有這些生產力計劃的目標都是重新調整業務，以便我們能夠以較低的生產力獲得更高的利潤和更高的利潤。當 MAX 生產進入 40 年代時，我們將看到回到先前的目標，以及波音、空中巴士和國防不同項目的所有其他預測。

The next question is from Seth Seifman with JPMorgan.

下一個問題來自摩根大通的 Seth Seifman。

This is actually Ben Arnstein on for Seth. I was hoping if you could kind of give us a little bit more color and some insight onto how you're thinking about the MAX production ramp. I mean the production rate through the end of the year is implied at about 5 to 6 units per month. And so I guess how do you kind of think about your ramp back up in your production system for a target maybe 1 or 2 years from now?

這實際上是本·阿恩斯坦 (Ben Arnstein) 替賽斯 (Seth) 配音的。我希望您能給我們更多的信息，並深入了解您對 MAX 產量提升的看法。我的意思是，到今年年底的生產力約為每月 5 至 6 件。因此，我想您如何看待生產系統的恢復以實現 1 或 2 年後的目標？

Right. Well, one of the things is we've aligned our 737 employment levels to a production rate of about 7. So the 72 aircraft order that we have from Boeing for 2020, when you look at the months that are involved, it aligns to about 7 aircraft per month.

正確的。嗯，其中一件事是，我們已將737 的就業水平調整為約7 的生產率。因此，我們在2020 年從波音公司獲得的72 架飛機訂單，當你查看所涉及的月份時，​​它與約72 架飛機訂單一致。每月 7 架。

Now Boeing announced its own production rate targets on its earnings call. We will lag them a little bit because, as you know, we have shipsets that are stored on our campus: fuselages plus thrust reversers, pylons, wing slats and flaps and so forth. We've got about 130 of those stored. The goal is to burn that buffer off over the next 24 months, which will mean that we'll lag Boeing by about 5 aircraft per month during this ramp build. But the good news is that buffer will give us a chance to manage our production increases in a more methodical way.

現在，波音公司在財報電話會議上宣布了自己的生產力目標。我們會落後他們一點，因為如你所知，我們的園區裡存放著船舶組：機身加上推力反向器、掛架、機翼縫翼和襟翼等等。我們已經儲存了大約 130 個。我們的目標是在未來 24 個月內耗盡這項緩衝，這意味著我們在此次坡道建設期間每月將落後波音約 5 架飛機。但好消息是，緩衝將使我們有機會以更有條理的方式管理我們的產量成長。

So Boeing has some pretty sharp production rate increases over the time period. Because we have that buffer, we'll be able to smooth it out a little bit. The goal is, at the end of that 24 months, we'll have about 20, 25 units remaining in buffer that will create a permanent cushion for the production system. But that's basically the rate ramp that we expect, is we're going to lag Boeing over the next 24 months as we burn down our own inventory, but that buffer will allow us to go up in rate and manage that more smoothly and efficiently.

因此，波音公司的生產力在這段時間內出現了一些相當急劇的成長。因為我們有這個緩衝區，所以我們能夠稍微平滑它。我們的目標是，在這 24 個月結束時，我們將有大約 20、25 個單位保留在緩衝區中，這將為生產系統創造永久的緩衝。但這基本上就是我們預期的速度提升，因為我們將在未來24 個月內落後於波音，因為我們會消耗自己的庫存，但這種緩衝將使我們能夠提高速度並更順利、更有效地管理。

The next question is from Myles Walton with UBS.

下一個問題來自瑞銀集團的邁爾斯·沃爾頓。

This is Lou Raffetto on for Myles. Just wanted to drill on the 787. I guess previously, you said you thought it would be 1405 in 2023. I guess any updated thoughts around when that might be now?

我是盧·拉菲托 (Lou Raffetto) 為邁爾斯 (Myles) 發言。只是想在 787 上鑽探。我想之前你說過你認為 2023 年會是 1405。我想現在有什麼更新的想法嗎？

Yes. So with the lower production rates that were announced by Boeing, obviously, what we've done is we've looked at our contract accounting estimates over that time frame. And so the accounting contract or block, if you want to call it that, extended and -- because of lower production rates. And that's going to drive some additional fixed costs into the block, which obviously caused more pressure as it relates to the current block that we have.

是的。因此，隨著波音宣布較低的生產率，顯然，我們所做的就是查看該時間段內的合約會計估計。因此，會計合約或區塊（如果你想這樣稱呼它的話）會延長——因為生產率較低。這將給該區塊帶來一些額外的固定成本，這顯然會造成更大的壓力，因為它與我們目前的區塊有關。

And so we've updated that, and as a result of that, we recorded a forward loss of about $103 million due to the block extension. A lot of that cost is noncash. It's depreciation expense that we're going to incur on the units over the next several years. So I would say 20% or 30% of that is cash burn over the next couple of years, so fairly minor.

因此，我們更新了這一點，因此，由於區塊延期，我們記錄了約 1.03 億美元的遠期損失。其中很多成本都是非現金的。這是我們在未來幾年內在這些設備上產生的折舊費用。所以我想說，其中 20% 或 30% 是未來幾年的現金消耗，所以相當小。

But we still do have a good line of sight at line unit 1405 to hit our breakeven target on the 787 program. And so really a couple of things. It allows us a little additional time to further develop the cost-reduction initiatives that we have. We have a variety of different projects that were being implemented over the next couple of years, and that's going to give us a line of sight to breakeven. But this lower production rates are going to put some pressure, and that's why we recorded the forward loss.

但我們仍然對 1405 號機組有良好的視線，可以實現 787 專案的損益平衡目標。確實有幾件事。它讓我們有一點額外的時間來進一步製定我們現有的成本削減計劃。我們將在未來幾年內實施各種不同的項目，這將為我們提供實現收支平衡的前景。但較低的生產力將帶來一些壓力，這就是我們記錄遠期損失的原因。

But I would just say that the original projection was we were going to hit 1405 -- line unit 1405 in about the 2023 time frame. That's going to get pushed out to the 2024 time frame. So that's what Mark said, is we'll have additional time now to get to our cost-reduction targets. So that by line unit 1405 price is exceeding cost.

但我只想說，最初的預測是我們將在大約 2023 年的時間範圍內達到 1405——1405 行單元。這將被推遲到 2024 年。這就是馬克所說的，我們現在將有更多的時間來實現我們的成本削減目標。因此，以線路單位 1405 的價格超出了成本。

The other thing I would say is before then, the 787 program is burning cash for every unit. So by reducing the number of units between now and line unit 1405, we actually burn less cash as a result.

我要說的另一件事是，在那之前，787 計劃正在為每架飛機燒錢。因此，透過減少從現在到第 1405 行單元之間的單元數量，我們實際上消耗的現金更少。

The next question comes from Carter Copeland with Melius Research.

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

Sorry for -- I'm trying to listen to 2 calls here, so I apologize if I missed something here. But the -- on the Bombardier transaction, I think you said that there were still some closing conditions to be satisfied. I'm not sure if you can elaborate on what those are. Give us some color on what remains. But -- if so, that will be appreciated.

抱歉——我正在嘗試在這裡接聽 2 通電話，所以如果我錯過了一些內容，我深表歉意。但是，關於龐巴迪交易，我認為您說過仍有一些成交條件需要滿足。我不確定你是否可以詳細說明這些是什麼。給我們留下一些顏色。但是——如果是這樣，我們將不勝感激。

And then secondly, on the 777X and the pushout there, I don't know if there's any difference in working capital there versus your prior plans. Or help us think about where things stand on that program with respect to the revised schedule there.

其次，關於 777X 和那裡的推出，我不知道那裡的營運資金與你們之前的計劃是否有任何差異。或幫助我們思考該計劃相對於修訂後的時間表的進展。

Okay. All right. Thanks, Carter. And we are aware that there are a couple of other aerospace companies going at the same time. So apologies for that conflict, but thanks for joining us.

好的。好的。謝謝，卡特。我們知道還有其他幾家航空航天公司同時進行。對於這次衝突，我們深表歉意，但感謝您加入我們。

With regard to the deals, the contracts for both the Asco and Bombardier deals are public. So you can see the conditions. As we have discussed, there are conditions to close both deals. And if the conditions are met, we are obligated by those contracts to close the deals. However, if the conditions are not met by the long stop dates, the deals will terminate by their terms. So we're working with both Bombardier and Asco to meet all of the conditions. The conditions are not yet met for either deal. And as I mentioned in my remarks, the long stop date for Asco is October 1, and the long stop date for Bombardier is October 31. So that's with regard to the deals.

至於交易，阿斯科和龐巴迪交易的合約都是公開的。這樣你就可以看到條件了。正如我們所討論的，完成這兩筆交易都有條件。如果條件得到滿足，我們就有義務根據這些合約完成交易。但是，如果在最後截止日期前未滿足條件，交易將按其條款終止。因此，我們正在與龐巴迪和阿斯科合作以滿足所有條件。這兩筆交易的條件均尚未滿足。正如我在發言中提到的，阿斯科的最遠停止日期是 10 月 1 日，龐巴迪最遠的停止日期是 10 月 31 日。這就是交易方面的情況。

With regard to 777, Boeing has announced now that the 777-9 will push out in terms of its entry into service and that they will have lower production levels for the 777 program. So that does -- because we have our fixed cost already in place, that does create more fixed cost for the program at lower numbers of units. So we've taken that into account in terms of our forward projections and in terms of our cash flow projections. And so we're comfortable with those projections and we've built into our plans what we have heard from Boeing in terms of what their expected production rates are for the 777 program and for their entry into service for the 777-9.

至於777，波音現在宣布777-9將推遲服役，並且他們將降低777項目的生產水準。確實如此——因為我們已經有了固定成本，這確實以更少的單位數量為專案創造了更多的固定成本。因此，我們在前瞻性預測和現金流預測方面考慮了這一點。因此，我們對這些預測感到滿意，並且我們已將波音公司關於 777 項目的預期生產率以及 777-9 投入使用的情況納入我們的計劃中。

With respect to your working capital balances, just since you're running ahead and that stretches out, is there a working capital burn-off that needs to happen as you rightsize that? Just trying to get a sense of as you step from '20 to '21, is there something that we should be aware of?

就您的營運資金餘額而言，由於您正在超前運行並不斷延伸，因此在調整規模時是否需要消耗營運資金？只是想了解一下，當您從“20”邁向“21”時，有什麼我們應該注意的嗎？

Well, in general, on working capital, Carter, we did accumulate more inventories, particularly over Q1 and Q2, just because everybody had been set at 52 and -- for the 737 and for higher rates of production across all the programs. So the inventory has built up through the first half of the year. It will now start to burn down because we've adjusted all the POs for the discrete purchase orders and all the min/max levels for inventory. But because the production levels are lower, that inventory burn down will take longer than we had previously planned. But that's the working capital equation based on the production rate.

嗯，卡特，總的來說，在營運資本方面，我們確實積累了更多的庫存，特別是在第一季度和第二季度，只是因為每個人都被設定為52，對於737 以及所有項目的更高生產率。因此，今年上半年庫存已經累積起來。現在它將開始燃燒，因為我們已經調整了離散採購訂單的所有採購訂單以及庫存的所有最小/最大水平。但由於生產水準較低，庫存消耗將比我們之前計劃的時間更長。但這是基於生產力的營運資本方程式。

So it rose up during the first 2 quarters of this year. We'll start burning it up. But the burn-off will be slightly slower because production rates now are lower across all programs than we had previously forecast.

所以今年前兩季有所上升。我們將開始燒掉它。但燒毀速度會稍微慢一些，因為現在所有項目的生產力都比我們先前的預測低。

And Carter, specific to working capital on 777X, I think that's where you're going. I would tell you that we've been shipping product to Boeing, so we're not carrying a significant amount of work-in-process or parts inventory specific to 777X. There will be a little bit of a drag into 2021, and we won't be able to fully burn that off until 2022. And the lower production rates next year will be a bit of a headwind to both gross profit and cash. But we're still coordinating with Boeing and trying to get the final schedules. And as Tom indicated, at a macro level, we've kind of factored that in. But I wouldn't anticipate any significant carrying cost as it relates to working capital related to the 777X. We're in pretty good concert with Boeing as it relates to what their needs were. We'll just factor that in. It will be a little bit of a headwind for us.

Carter，具體到 777X 的營運資金，我認為這就是您的目標。我想告訴您，我們一直在向波音公司運送產品，因此我們沒有大量針對 777X 的在製品或零件庫存。到 2021 年將會出現一些拖累，而且要到 2022 年我們才能完全消除這種拖累。明年較低的生產力將對毛利和現金產生一定的不利影響。但我們仍在與波音公司協調並試圖獲得最終的時間表。正如湯姆所指出的，在宏觀層面上，我們已經考慮到了這一點。但我預計不會有任何重大的持有成本，因為它與 777X 相關的營運資金有關。我們與波音公司的合作非常好，因為這與他們的需求有關。我們只會考慮這一點。這對我們來說會有點阻力。

The next question comes from George Shapiro with Shapiro Research.

下一個問題來自夏皮羅研究中心的喬治‧夏皮羅。

When you make the statement that you'll be cash-positive in '22, what are you assuming in terms of rates going up on the MAX, I guess, particularly?

當你聲明你將在 22 年持有現金時，你對 MAX 利率上漲有何假設，我想，特別是？

Right. We've just really built in what Boeing's projections are in terms of what they've communicated publicly and how that will translate for us. So we're really just taking their forecast and plugging it in.

正確的。我們剛剛根據波音公司公開傳達的訊息以及這些訊息將如何轉化為我們真正建立了他們的預測。所以我們實際上只是接受他們的預測並將其插入。

Yes. George, I think what -- to be a little bit more specific, Boeing, on their earnings call said that they would be at 31 a month in the early part of 2022. And so as Tom indicated, we do have fuselage stored here, so we're going to lag them a little bit by 5 or 6 shipsets. But if they go to the 31 at the beginning of 2022, the back half of '22 will be higher than that. And so think about those types of production rates in 2022, which will give us line of sight to slightly positive cash flow in that time frame.

是的。喬治，我想，更具體一點，波音公司在財報電話會議上表示，到 2022 年初，他們的月薪將達到 31 人。正如湯姆所指出的，我們確實在這裡存放了機身，所以我們將比他們落後一點 5 或 6 艘船組。但如果他們在 2022 年初進入 31 強，那麼 22 年後半段的數字將會更高。因此，考慮一下 2022 年的這些類型的生產率，這將使我們能夠在該時間範圍內看到略為正的現金流。

And as I mentioned, our working assumptions are that we burn off our excess buffer by middle of -- 24 months, so middle of '22. And so the back half of '22, we would be basically back in lockstep with Boeing on rate.

正如我所提到的，我們的工作假設是，我們會在 24 個月（即 22 個月中）之前消耗多餘的緩衝。因此，22 年下半年，我們基本上將與波音公司保持同步。

I hope that helps, George.

我希望這有幫助，喬治。

Yes. And just a follow-up on a separate subject. The receivables were down like a little over $200 million in the quarter. I assume that you've still been selling receivables. At what point does that end? Or does it just keep going on? Because it's usually a significant amount of dollars that helps the cash flow in the quarter.

是的。這只是一個單獨主題的後續行動。本季應收帳款減少了 2 億多美元。我假設您仍在出售應收帳款。這在什麼時候結束？或者它只是繼續下去？因為通常需要大量美元來幫助該季度的現金流。

Yes. George, just I think if you look a little deeper at the numbers, our revenue in the second quarter was roughly 40% lower than the revenue we recorded in the first quarter. Our receivable balances were the drop in the receivables from the first -- at the end of March to the end of June, receivables were down 39.7%. So the drop in receivables were in concert with the drop in revenue.

是的。喬治，我想如果你更深入地研究這些數字，我們第二季的收入比第一季記錄的收入低約 40%。我們的應收帳款餘額是應收帳款較年初下降的－3月底到6月底，應收帳款下降了39.7%。因此，應收帳款的下降與收入的下降是一致的。

And we've communicated with you guys publicly, we do take advantage of the supplier financing program that Boeing offers us. But there isn't, I would say, that the receivables dropped in alignment with the revenue. There was no -- nothing different from that perspective.

我們已經與你們公開溝通，我們確實利用了波音為我們提供的供應商融資計劃。但我想說的是，應收帳款並沒有隨著收入的下降而下降。從這個角度來看，沒有什麼不同。

The next question is from David Strauss with Barclays.

下一個問題來自巴克萊銀行的大衛‧史特勞斯。

This is actually Matt Akers on for David. Could you just -- on the forward loss charges for 787 and A350 you're forecasting in Q3, why is it that they're so much smaller than what you saw in Q2? I think you said in the remarks, there was something about an adjustment for kind of lower wide-body demand you saw in the second quarter. Is that it? Or is anything else going on there?

這其實是馬特·艾克斯為大衛代言的。您能否談談您在第三季預測的 787 和 A350 的遠期損失費用，為什麼它們比您在第二季看到的要小得多？我想您在演講中說過，針對第二季寬體機需求較低的情況進行了一些調整。是這樣嗎？或者有其他事情發生嗎？

Yes. So basically, what happened is we took into consideration -- in the first quarter earnings call, Boeing said that they were going to change their production. They were going to go from 12 to 10. And then they updated and said production rates on 87 would be 10 for the remainder of this year, and then they would move to 7 a month middle of next year.

是的。所以基本上，我們考慮到了發生的事情——在第一季的財報電話會議上，波音表示他們將改變生產。他們將從 12 人增加到 10 人。然後他們更新並表示，今年剩餘時間內 87 的生產力將是 10，然後他們將在明年年中提高到每月 7。

In their second quarter earnings release, they've indicated that the production rate will now drop faster than that, and that the 787 production rates starting in the middle of next year will be down to 6. So post our balance sheet data was a subsequent event. What we've done is in the out-years, we've kind of updated our forward loss. And it's just the disclosure. We'll book it in the third quarter. It's just a 1 unit. It's going from 7 a month to 6 a month. And so that's why the 787 forward loss that we'll book in the third quarter is lower than what we just booked now. And A350 is the same way. Airbus indicated that for the balance of this year and next year, instead of producing A350s at 6 a month, they're going to produce them at 5 a month. So the forward loss, again, that was announced after we closed our quarter. And we've come up with initial estimates of the additional forward losses to go, just to tweak the system and factor in the lower production rates.

在第二季財報發布中，他們表示生產力現在下降的速度將比這更快，並且從明年年中開始 787 的生產力將降至 6 架。因此，我們的資產負債表數據是隨後的結果事件。我們所做的是在過去的幾年裡，我們更新了我們的遠期損失。這只是披露。我們將在第三季預訂。這只是1個單位。從每月7個變成了每月6個。這就是為什麼我們在第三季預訂的 787 遠期損失低於我們現在剛預訂的原因。A350也是同樣的道理。空中巴士表示，在今年和明年的剩餘時間裡，他們將每月生產 5 架 A350，而不是每月 6 架。因此，遠期虧損再次是在我們季度結束後宣布的。我們已經對額外的遠期損失進行了初步估計，只是為了調整系統並考慮較低的生產力。

Okay. Got it. And I guess just a quick follow-up. How do you think about kind of when you could get to those new production rates on 787 and A350? Are you there yet? Or sort of how long does it take to get down there?

好的。知道了。我想這只是一個快速的跟進。您如何看待 787 和 A350 何時能夠達到新的生產力？你到了嗎？或者說需要多長時間才能到達那裡？

Yes. So on A350, we're right now producing roughly at 5 airplanes per month, delivering to our customer's schedule. And I would say in the -- we're going to be producing about 10 a month on 87 between now and the end of the year. And then as we move into January, production will shift down to 6 a month.

是的。因此，在 A350 上，我們現在每月大約生產 5 架飛機，按照客戶的時間表交付。我想說的是，從現在到今年年底，我們將在 87 上每月生產約 10 架。然後，當我們進入 1 月時，產量將減少到每月 6 個。

The next question is from Doug Harned with Bernstein.

下一個問題來自伯恩斯坦的道格·哈內德。

If we go back to when the world was more normal, you would work through accounting blocks on each of your programs. You negotiated pricing on these. You talked earlier about the 1405 block on the 787. Can you give us a sense of what are the discussions like now with Boeing and Airbus? In other words, all of the predictability that was there before has changed. How do these accounting blocks even stay the same? And from the 2 OEMs, when do you typically get an idea of when a rate change or some change in the program structure would happen? How much lead time do you get?

如果我們回到世界更加正常的時候，您將在每個程式上執行會計區塊。你們協商了這些的定價。您之前談到了 787 上的 1405 模組。能為我們介紹一下目前與波音和空中巴士的討論情況嗎？換句話說，之前的所有可預測性都改變了。這些會計塊如何保持不變？從這 2 個原始設備製造商那裡，您通常什麼時候知道何時會發生費率變化或程序結構的某些變化？您能得到多少交貨時間？

Well, Doug, you're right, that times are definitely not normal. And the accounting blocks have just become longer. The accounting blocks on the 737, for example, for ASC 606 are about 200 units. And last year, we were doing that in less than a quarter. Now that accounting block could take us all the way to the end of next year. So the accounting blocks have just spread out.

嗯，道格，你是對的，那個時代絕對不正常。而且會計塊變得更長了。例如，737 上的 ASC 606 的計費區塊約為 200 個單位。去年，我們在不到四分之一的時間內就做到了這一點。現在，這個會計區塊可以帶我們一直到明年年底。所以會計塊剛剛分散開來。

The dialogue with both Boeing and Airbus, I would say, has been very strong. Both of those companies have held a number of supplier calls. And they've even held some calls for the bigger suppliers, which are smaller, which allow for more discussion and questions. And on those calls, they obviously can't disclose information that's not public. But what they can do is talk about scenarios and ask for feedback and give their impressions of the market and what they're doing in order to estimate production. One of the things that they've been doing, both of the companies, is having detailed discussions with airlines and essentially rebuilding their delivery schedule, aircraft by aircraft, airline by airline based on what aircraft/airlines can take and when they can take them.

我想說，與波音和空中巴士的對話非常有力。這兩家公司都已多次致電供應商。他們甚至也向規模較小的大型供應商發出了一些電話，這樣可以進行更多的討論和提問。在這些電話中，他們顯然不能透露非公開的資訊。但他們能做的就是討論情景並尋求回饋，並給出他們對市場的印像以及他們正在做什麼，以估計產量。兩家公司一直在做的事情之一就是與航空公司進行詳細討論，並根據飛機/航空公司可以運載的飛機以及何時可以運載這些飛機，從本質上重建他們的交付時間表，逐架飛機、逐家航空公司。

And so they've been very open and transparent with us and with the other suppliers so that we get some indication of when they might make rate changes, what to expect. So they've got their disclosure requirements, so they can't disclose things that are not public information. But they can discuss scenarios with us, and they have done that. And then they have provided us with -- in this environment, with as much lead time as they practically can. And then we've had to adapt. And as you've seen, when we get production rate changes, we've adapted very quickly to adjust our cost base to those with announcements of employment reductions or facility closures or the reduction of nonlabor costs.

因此，他們對我們和其他供應商一直非常開放和透明，以便我們了解他們何時可能進行費率調整以及預期會發生什麼。所以他們有揭露要求，所以他們不能揭露非公開資訊的事情。但他們可以與我們討論場景，而且他們已經做到了。然後他們在這種環境下為我們提供了盡可能多的交付時間。然後我們必須適應。正如您所看到的，當我們的生產力發生變化時，我們會非常迅速地調整我們的成本基礎，以適應那些宣布裁員或關閉設施或減少非勞動力成本的情況。

Yes. Doug, the only thing I would add to what Tom said is, yes, constant communication. I think COVID provide -- I mean has resulted in a lot of uncertainty. And so we have received more production schedule changes this year than I think we've seen in the last 5 years. So it's really challenging from a financial planning standpoint where you go through and you model what the impacts of it are. And then a few weeks later, you get another update. And so it's a constantly changing scenario from a scenario planning.

是的。道格，我對湯姆所說的唯一要補充的是，是的，持續的溝通。我認為新冠疫情帶來了很多不確定性。因此，今年我們收到的生產計劃變更數量比我認為過去五年還要多。因此，從財務規劃的角度來看，這確實具有挑戰性，您需要經歷並模擬其影響。幾週後，您會收到另一個更新。因此，從場景規劃來看，這是一個不斷變化的場景。

And so as Tom indicated, we are moving very quickly to reduce our head count. We started that back in January. But there's always a lag between when you become notified of a production schedule change and then implementing the -- whether it's a head count reduction or some other action that you have. So we're continuing to chase the cost down, and it's always a lag between when we become aware of the production schedule change and our ability to take those costs out, in some instances, via the WARN process. There's a 60-day notification process.

正如湯姆所指出的，我們正在迅速採取行動減少員工人數。我們在一月就開始了。但是，從您收到生產計劃變更通知到實施該計劃之間總是存在一個延遲——無論是減少員工數量還是您採取的其他行動。因此，我們將繼續努力降低成本，而在我們意識到生產計劃的變化與我們在某些​​情況下透過 WARN 流程消除這些成本的能力之間總是存在一個滯後。有一個 60 天的通知流程。

So we're -- the cost-reduction activities lag a little bit, and so we're chasing that cost down. But I think we've gotten pretty close to the bottom on 737 for the remainder of the year. So the cost-reduction activities that we've taken, we should see some level of stability at least for the next 6 months. I think next year is still a lot of uncertainty out there. But I think that will allow us some time to really start taking the benefits of the cost reduction activities that Tom just talked about. And we should see a little bit more stable performance in the back half of the year.

因此，我們的成本削減活動有點滯後，因此我們正在努力降低成本。但我認為今年剩餘時間 737 的銷量已接近底部。因此，我們採取的成本削減活動至少在未來 6 個月內應該會看到一定程度的穩定性。我認為明年仍然存在許多不確定性。但我認為這將使我們有時間真正開始享受湯姆剛才談到的成本削減活動的好處。我們應該會看到下半年的表現更加穩定。

But it's a dynamic environment. We understand that. And we just have to be agile, so when we do get the official notification, just take the appropriate action to adjust the production rate and also adjust our costs to the new production level.

但這是一個動態的環境。我們明白這一點。我們必須保持敏捷，所以當我們收到官方通知時，只需採取適當的行動來調整生產力，並將我們的成本調整到新的生產水準。

But what seems so hard here is when you were talking about the steps you're taking, which totally makes sense with related to lean manufacturing. So when you're back up, that should lead to better performance. But how do you do that? In other words, what kind of rates are you thinking of for the 737 or the A320? Because we're not going to be back at 57 a month for the 737 or 63 a month for the A320 for quite some time, I would expect.

但這裡看起來如此困難的是當你談論你正在採取的步驟時，這對於精實製造來說是完全有意義的。因此，當您恢復狀態時，應該會帶來更好的效能。但是，你是怎麼做的？換句話說，您認為 737 或 A320 的價格是多少？因為我預計，在相當長的一段時間內，我們不會再回到 737 每月 57 架或 A320 每月 63 架的水平。

That's right. I mean Boeing has indicated what their schedule is for next year. Airbus has done the same based on what they currently know. But I would say, Doug, there's still a lot of uncertainty in the market in terms of -- the MAX is not back into service yet. Still don't know how the whole COVID-19 pandemic will play out.

這是正確的。我的意思是波音公司已經表明了他們明年的時間表。根據目前所知，空中巴士公司也做了同樣的事情。但我想說，道格，市場仍然存在著許多不確定性——MAX 尚未重新投入使用。仍然不知道整個 COVID-19 大流行將如何發展。

I think as those things get better understood, Boeing and Airbus, both will be able to project their production schedules better, and therefore, our production schedules. But we just have to stay agile in the meantime. It's a dynamic environment.

我認為，隨著這些事情得到更好的理解，波音和空中巴士都將能夠更好地規劃他們的生產計劃，從而更好地規劃我們的生產計劃。但同時我們必須保持敏捷。這是一個動態的環境。

The next question is from Mariana Perez Mora of Bank of America.

下一個問題來自美國銀行的瑪麗安娜·佩雷斯·莫拉。

So my first question is going to be related to the 737 MAX. All those issues with the aircraft are not your fault. How can you manage, in the context of a long-term relationship with Boeing, to kind of like offset your fault in the future of all the impact that the MAX has?

我的第一個問題與 737 MAX 有關。飛機的所有這些問題都不是你的錯。在與波音公司建立長期合作關係的背景下，您如何能夠在未來 MAX 帶來的所有影響中彌補您的過錯？

I'm sorry. Could you repeat the question again? I didn't quite get the whole thing.

對不起。你能再重複一次這個問題嗎？我不太明白整件事情。

Sure. So the issues on the 737 MAX were not your fault. Is there any way that you can indemnify Spirit in the future?

當然。所以 737 MAX 的問題不是你的錯。以後有什麼辦法可以賠償靈嗎？

Right. Well, I understand. So we work closely with our customers, in this case, Boeing, on all of the changes that come. Our relationship is governed by a contract -- a sustaining contract that went into effect when Spirit split from Boeing back in 2005.

正確的。嗯，我明白了。因此，我們與客戶（在本例中為波音公司）密切合作，以應對即將發生的所有變化。我們的關係受一份合約約束——這份持續性合約在 2005 年精神航空從波音公司分拆後生效。

One of the things that we did negotiate a while back was an extension of our pricing agreement, and now, it goes all the way out to 2033. And with Boeing on the 737, it's essentially indexed to rate. So as the rates go up, Boeing gets more of a discount. But as the rates go down, then Spirit gets a higher price. And that's one of the ways that we've been able to insulate the 737 MAX program from these production changes.

我們不久前談判的事情之一就是延長我們的定價協議，現在，它一直延續到 2033 年。對於波音 737，它基本上是按照費率進行索引的。因此，隨著價格的上漲，波音公司獲得了更多的折扣。但隨著費率下降，精神號的價格就會更高。這是我們使 737 MAX 專案免受這些生產變化影響的方法之一。

And if I were to think about the cash margins you get on 737 MAX according to that agreement, what would be a reasonable range?

如果我考慮根據該協議從 737 MAX 獲得的現金利潤，合理的範圍是多少？

Well, we don't really talk about margins for individual programs. But again, on an overall basis, Spirit has indicated that our target for margins is 16.5%. And obviously, the MAX, being half our revenue, has a big influence on that. And as I mentioned earlier, our goal would be to be back up to that range of margins once the productions get back into the 40s per month, 42 per month.

好吧，我們並不是真正談論單一項目的利潤。但從整體來看，Spirit 再次顯示我們的利潤率目標是 16.5%。顯然，MAX 佔我們收入的一半，對此有很大影響。正如我之前提到的，我們的目標是一旦產量恢復到每月 40 部、42 部，就恢復到這個利潤範圍。

Okay. And then the last one is. As you lever on the learned lessons so far, how do you think -- do you think you are too dependent on Boeing? What are the plans that you have to protect yourself from this, like dependence in the future?

好的。然後是最後一個。當您利用迄今為止學到的經驗教訓時，您如何看待——您是否認為自己過於依賴波音？您必須制定哪些計劃來保護自己免受這種情況的影響，例如未來的依賴？

You mean in terms of diversifying from Boeing?

你的意思是從波音的多元化角度來看？

Yes.

是的。

Yes. Well, first of all, Boeing is our largest customer, and we are very proud to be one of their largest suppliers. And we've always worked extremely well with Boeing and want to continue to grow with them. They're a very important customer, and we have won additional work over the years. At the same time, it's clear that, that concentration is something that we want to change, and we want to have a more diverse and broad-based customer group. And so we have been working over the years to diversify, to grow our Airbus content. And that was one of the reasons that we announced the acquisitions of Asco and the Bombardier aerostructures assets. But we've also been working to win new work packages with Airbus, and we have been successful in doing that on some wing components and the spoilers that I mentioned earlier.

是的。嗯，首先，波音是我們最大的客戶，我們非常自豪能夠成為他們最大的供應商之一。我們一直與波音公司合作得非常好，並希望繼續與他們一起成長。他們是非常重要的客戶，多年來我們贏得了額外的工作。同時，很明顯，這種集中化是我們想要改變的，我們希望擁有更多元且基礎廣泛的客戶群。因此，多年來我們一直致力於多元化發展，以增加我們的空中巴士內容。這就是我們宣布收購阿斯科和龐巴迪航空結構資產的原因之一。但我們也一直在努力贏得空中巴士公司的新工作包，我們已經成功地在我之前提到的一些機翼部件和擾流板上做到了這一點。

And in addition, we've been growing our defense business. And our defense business this year is going to grow about 20%. We've had some significant new wins with the defense primes. We did get that Title III award from the Department of Defense for $80 million. And after the FMI acquisition that we completed at the beginning of this year, we're very well positioned to be a leader in areas like hypersonic weapons. So we see significant opportunity on the defense business.

此外，我們一直在發展我們的國防業務。今年我們的國防業務將成長20%左右。我們在防禦素數方面取得了一些重大的新勝利。我們確實獲得了國防部頒發的 8000 萬美元的第三章獎。在我們今年年初完成對 FMI 的收購後，我們完全有能力成為高超音速武器等領域的領導者。因此，我們看到了國防業務的重大機會。

And then probably the last area of diversification that I'll mention is aftermarket. We've always had a relatively small aftermarket MRO as well as spare parts. We see opportunities for that to grow in the future. And we have made a number of changes in that part of the business in order to facilitate the growth.

我要提到的最後一個多元化領域可能是售後市場。我們一直擁有相對較小的售後市場 MRO 以及備件。我們看到了未來發展的機會。為了促進成長，我們對這部分業務進行了一些改變。

The next question comes from Robert Springam (sic) [Spingarn] with Crédit Suisse.

下一個問題來自瑞信銀行的 Robert Springam（原文如此）[Spin​​garn]。

Tom, I might have missed this in your monologue, and maybe you could get pieced together. But I was wondering if I could ask you, at a high level, to maybe give us a reset and reconcile what you have -- and I'm talking about all of your major Boeing programs, so 37, 87, 777, to reconcile how many shipsets you have on hand, whether they're yours or they're Boeing's, so we can get some kind of sense as to what level of underproduction you need to do on the non-MAX programs.

湯姆，我可能在你的獨白中錯過了這一點，也許你可以拼湊起來。但我想知道是否可以請您在高級別上重新調整並協調您所擁有的內容 - 我正在談論您所有的主要波音項目，因此 37、87、777，以協調您手頭上有多少艘船組，無論它們是您的還是波音的，這樣我們就可以了解您需要在非MAX 專案上實現什麼程度的生產不足。

Right.

正確的。

Because I imagine -- word has it, there's 57 87s in Everett. I'm sure some of those are taken, but others aren't. And I imagine now, with the change in the 777 rate, we're going to have a timing issue there as well. So if we could just level set this whole thing.

因為我想──據傳，埃弗雷特有 57 輛 87 輛。我確信其中一些已被採取，但其他則沒有。我想現在，隨著 777 運價的變化，我們也會遇到時間安排問題。因此，如果我們能夠對整個事情進行水平設定。

Yes. It's fairly straightforward. On the MAX, as I mentioned, we have about 130 shipsets in buffer. But Boeing owns all of those. So our terms and conditions were FOB. When we finished the product, they took possession of it. They paid us after the payment term period, and then we stored them in place. And we do that on behalf of Boeing, but Boeing owns those. So all of the buffer is owned by Boeing.

是的。這相當簡單。正如我所提到的，在 MAX 上，我們有大約 130 艘船在緩衝區中。但波音公司擁有這一切。所以我們的條款和條件是離岸價。當我們完成產品後，他們就佔有了它。他們在付款期限後向我們付款，然後我們將其存放到位。我們代表波音公司這樣做，但波音公司擁有這些。所以所有的緩衝區都歸波音公司所有。

On the 87 and 777, we essentially ship those products as we produce them. We don't hold any inventory at all at Spirit in Wichita on those programs.

對於 87 和 777，我們基本上是在生產這些產品時就出貨。我們在威奇託的 Spirit 根本不持有這些節目的任何庫存。

Okay. So that -- so there's nothing -- there's no cash to release anywhere.

好的。所以——所以沒有什麼——沒有現金可以釋放到任何地方。

Not on those Boeing programs in terms of inventory that Spirit is holding.

就精神航空所持有的庫存而言，不在那些波音計畫上。

Yes. I mean, Robert, we actually have product work-in-process in the factory just based on the flow of the factory. But no, we don't have any completed units just sitting here waiting to be delivered. We produce what Boeing asked us, and we deliver. And for the most part, all of our product is FOB our plant of FOP origin. So as Tom indicated, we're not carrying a lot of finished goods inventory because of the production slowdowns.

是的。我的意思是，羅伯特，我們實際上只是根據工廠的流程在工廠中有產品在製品。但不，我們沒有任何已完成的單位坐在這裡等待交付。我們生產波音公司要求的產品，並交付產品。在大多數情況下，我們所有的產品都是 FOB 工廠的 FOP 來源。正如湯姆指出的那樣，由於生產放緩，我們沒有大量的成品庫存。

Okay. Fair enough. But they are. So the question you already addressed on your difference in production between your rate and Boeing's rate on the MAX, how would we think about that same question on the other 2 programs, 87 and 777? In other words, if we look at...

好的。很公平。但他們確實如此。因此，您已經提出了關於 MAX 的生產率與波音的生產率之間的差異的問題，我們將如何考慮其他 2 個項目（87 和 777）的相同問題？換句話說，如果我們看...

We just ship to their demand. There's no buffer at all.

我們只是按照他們的需求出貨。根本沒有緩衝。

Well, except for the fact that, again, they have inventory -- clearly, have inventory. So your rates and theirs won't match.

嗯，除了這樣一個事實：他們有庫存——顯然，有庫存。所以你的費率和他們的不符。

Well, again, Robert, I guess, let's just talk about 87 specifically. So we have a production schedule from Boeing. Starting in the third quarter, we're delivering at 10 airplanes per month. They're accepting 10 airplanes per month. That plan continues until the end of the year.

好吧，羅伯特，我想，讓我們具體談談 87。所以我們有波音公司的生產計畫。從第三季開始，我們每月交付 10 架飛機。他們每月接受 10 架飛機。該計劃將持續到今年年底。

Starting in January of next year, the plan is for us to produce at 6 aircraft per month and deliver to Boeing 6 aircraft per month. Our production system is tied to the delivery schedule.

從明年1月開始，我們的計畫是每月生產6架飛機，每月向波音交付6架飛機。我們的生產系統與交貨時間表緊密相關。

No. No. I would say our production system is tied to their production system. So you probably should just differentiate between deliveries and production.

不。不。我想說我們的生產系統與他們的生產系統是緊密相連的。因此，您可能應該區分交付和生產。

And production, yes.

還有生產，是的。

So our production on 87 and 777 is absolutely lockstep with Boeing's. The delivery may be different if they are -- if they have their own finished goods. But our production schedules are absolutely lockstepped with them.

因此，我們 87 和 777 的生產絕對與波音同步。如果他們有自己的成品，交貨可能會有所不同。但我們的生產計劃絕對與他們同步。

That's both Boeing and Airbus.

波音和空中巴士都是如此。

And you're being paid through production? So you're fine there?

你是透過生產獲得報酬的嗎？那你還好嗎？

Correct.

正確的。

Yes.

是的。

Okay. And the same applies to 777?

好的。777也是如此嗎？

Yes.

是的。

The next question is from Hunter Keay with Wolfe Research.

下一個問題來自 Wolfe Research 的 Hunter Keay。

Tom, you mentioned the calls with Boeing and the scenarios that you guys consider on these calls. When you talk about these scenarios, to the extent, obviously, you can share those conversations with us, is there a scenario where the 777X is delayed indefinitely or maybe even permanently? And I know you mentioned, Mark, the work-in-process you have there being not particularly significant, but how many other investments or even assets you have tied up in the 777X program right now?

湯姆，你提到了與波音公司的電話以及你們在這些電話中考慮的場景。當您談論這些場景時，顯然您可以與我們分享這些對話，是否存在 777X 無限期甚至永久延遲的情況？我知道你提到過，馬克，你在那裡的在製品並不是特別重要，但你現在在 777X 項目中投入了多少其他投資甚至資產？

Well, we have not had any discussions with Boeing about anything on the 777X other than what they have released publicly now. So nothing different there.

嗯，除了波音公司現在公開發布的內容之外，我們還沒有與波音公司就 777X 的任何內容進行過任何討論。所以那裡沒有什麼不同。

In terms of the working assets, we have invested in the appropriate capital for an infrastructure for the 777X. Boeing owns the tooling on those programs. It's a sustaining program. But we are basically set up to produce to their production levels in the future. And that investment has already been made, so that's past us. And when the production rates do increase on that program, we will have the capacity to meet the demand.

在營運資產方面，我們為 777X 的基礎設施投資了適當的資金。波音公司擁有這些項目的工具。這是一個持續的計劃。但我們基本上已經準備好在未來按照他們的生產水平進行生產。而且這項投資已經完成，所以我們已經過去了。當該計劃的生產力確實提高時，我們將有能力滿足需求。

Yes. Hunter, I would also say that the majority of the production assets are common for us across the 777 and the 777X. Obviously, the big difference for Boeing is a composite wing. So we don't have a significant set of production assets just for the 777 versus the 777X. There's a lot of commonality there and a lot of interchange. So I don't think that there would be anything significant. If Boeing decided not to do the X, we would just continue to produce the historical 777s.

是的。Hunter，我還要說的是，我們 777 和 777X 的大部分生產資產都是通用的。顯然，波音公司最大的差別在於複合材料機翼。因此，與 777X 相比，我們沒有大量針對 777 的生產資產。那裡有很多共同點，也有很多交流。所以我認為不會有什麼重要的事情。如果波音決定不生產 X，我們將繼續生產歷史悠久的 777。

The next question is from Michael Ciarmoli with SunTrust.

下一個問題來自 SunTrust 的 Michael Ciarmoli。

I jumped on a little bit late here. But just on the 2 acquisitions, both Asco and Bombardier, can you give us a sense of what the current revenue run rates are? I mean quite a lot has changed since those have been announced. And then even with Baumer, obviously, not having the nacelle contract anymore, does that structurally change anything regarding the contract terms, the price being paid? Just looking for a little color on those deals and the trajectory.

我在這裡跳得有點晚。但僅就阿斯科和龐巴迪這兩項收購而言，您能否讓我們了解一下目前的營收運作率是多少？我的意思是，自從這些宣布以來，發生了很多變化。然後，即使堡盟顯然不再擁有機艙合同，這是否會在結構上改變合約條款和支付的價格？只是在這些交易和軌跡上尋找一些色彩。

Yes. Well, the Asco deal, when we announced it, the public information, the revenues were about $400 million; Bombardier, a little over $1 billion. Obviously, like the rest of the aviation industry, with COVID, those numbers will be impacted. And we continue to monitor it, but it's in line with what you'd expect in terms of the COVID impact, but with the opportunity to recover as production rates recover.

是的。那麼，阿斯科的交易，當我們宣布的時候，公開訊息，收入大約是 4 億美元；龐巴迪，略高於 10 億美元。顯然，與航空業的其他行業一樣，受新冠疫情影響，這些數字也會受到影響。我們將繼續對其進行監控，但它符合您對新冠疫情影響的預期，但隨著生產力的恢復，有機會恢復。

With regard to specific work packages, we've obviously -- we keep track of everything. On the one you mentioned, Airbus hasn't made everything completely public yet. So we're watching it carefully and talking to Bombardier about what the potential impact could be.

關於具體的工作包，我們顯然已經跟踪了一切。關於你提到的這一點，空中巴士還沒有完全公開一切。因此，我們正在仔細觀察並與龐巴迪討論潛在的影響。

Okay. Would that change any of the terms? I mean was that -- presumably, those were in the financial projections, that nacelle opportunity. And granted it was going to be competed, I think, with Raytheon. So -- but once you get more clarity from Airbus, I mean, could that materially change the financials, valuation and potential price being paid for those assets?

好的。這會改變任何條款嗎？我的意思是──大概，這些都在財務預測中，也就是機艙機會。我認為，它肯定會與雷神公司競爭。所以，我的意思是，一旦你從空中巴士公司得到更多的信息，這是否會實質地改變這些資產的財務狀況、估值和潛在價格？

Well, we're going to monitor it carefully. I mean there's no specific trigger that ties one thing to another. But it's all about meeting the overall conditions of the deal. And as I said earlier, we're working with both Asco and Bombardier to meet the conditions of the deals.

嗯，我們會仔細監視它。我的意思是沒有特定的觸發因素將一件事與另一件事聯繫起來。但這一切都是為了滿足交易的整體條件。正如我之前所說，我們正在與阿斯科和龐巴迪合作以滿足交易條件。

This concludes our question-and-answer session and the conference. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節和會議到此結束。感謝您參加今天的演講。您現在可以斷開連接。