達信公司 (TXT) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Q2 2023 Textron earnings release. (Operator Instructions) As a reminder, today's conference is being recorded. And I would now like to turn the conference over to our host, Vice President of Investor Relations, Eric Salander. Please go ahead.

女士們先生們，感謝你們的支持。歡迎閱讀德事隆 2023 年第二季度財報。 （操作員指示）提醒一下，今天的會議正在錄製中。現在我想將會議交給我們的東道主、投資者關係副總裁埃里克·薩蘭德 (Eric Salander)。請繼續。

Thanks, Kiley, and good morning, everyone. Before we begin, I'd like to mention we will be discussing future estimates and expectations during our call today. These forward-looking statements are subject to various risk factors, which are detailed in our SEC filings and also in today's press release.

謝謝，凱利，大家早上好。在開始之前，我想提一下，我們將在今天的電話會議中討論未來的估計和期望。這些前瞻性陳述受到各種風險因素的影響，這些風險因素在我們向美國證券交易委員會提交的文件和今天的新聞稿中都有詳細說明。

On the call today, we have Scott Donnelly, Textron's Chairman and CEO; and Frank Connor, our Chief Financial Officer. Our earnings call presentation can be found in the Investor Relations section of our website. Revenues in the quarter were $3.4 billion, up $270 million from last year's second quarter. Segment profit in the quarter was $352 million, up $71 million from the second quarter of 2022.

今天的電話會議有德事隆董事長兼首席執行官斯科特·唐納利 (Scott Donnelly) 主持。和我們的首席財務官弗蘭克·康納。我們的財報電話會議演示可以在我們網站的投資者關係部分找到。該季度收入為 34 億美元，比去年第二季度增加 2.7 億美元。該季度的部門利潤為 3.52 億美元，比 2022 年第二季度增加 7100 萬美元。

During this year's second quarter, we reported income from continuing operations of $1.30 per share. Adjusted income from continuing operations, a non-GAAP measure, was $1.46 per share compared to $1.11 per share in last year's second quarter. Manufacturing cash flow before pension contributions, a non-GAAP measure, totaled $242 million in the quarter compared to $309 million in the second quarter of 2022. With that, I'll turn the call over to Scott.

今年第二季度，我們公佈的持續運營收入為每股 1.30 美元。調整後的持續經營收入（非公認會計準則衡量標準）為每股 1.46 美元，而去年第二季度為每股 1.11 美元。本季度養老金繳款前的製造業現金流（一項非公認會計準則衡量標準）總計為2.42 億美元，而2022 年第二季度為3.09 億美元。這樣，我將把電話轉給斯科特。

Thanks, Eric, and good morning, everyone. Second quarter was a strong quarter with revenue up across all our businesses and solid execution, generating a segment profit margin of 10.3%, up 140 basis points from the second quarter of 2022. At Aviation in the quarter, we delivered 44 jets, down from 48 last year and 37 commercial turboprops, up from 35 in last year's second quarter. Aviation continues to see solid demand across jet and turboprop products, backlog grew $315 million, ending the second quarter at $6.8 billion. In the quarter, Aviation received an order for 11 Special Mission King Air 360s, expected to deliver in 2024 and '25.

謝謝埃里克，大家早上好。第二季度是一個強勁的季度，我們所有業務的收入均有所增長，執行力紮實，部門利潤率為10.3%，較2022 年第二季度增長140 個基點。本季度航空業務交付了44 架飛機，低於去年同期去年有 48 架，商用渦輪螺旋槳飛機有 37 架，高於去年第二季度的 35 架。航空業對噴氣式飛機和渦輪螺旋槳飛機產品的需求持續強勁，積壓訂單增加了 3.15 億美元，第二季度末達到 68 億美元。本季度，Aviation 收到了 11 架特殊任務空中國王 360 的訂單，預計將於 2024 年和 25 年交付。

Also during the quarter, Aviation delivered the first passenger configured Cessna SkyCourier to the Lãna'i Air for its Hawaiian interisland routes. On the new product front, Aviation announced the Cessna Citation Ascend at EBACE in May. Ascend will feature the latest Garmin 5000 avionics suite, 4-passenger, range of 1,900 nautical miles, comfortable cabin experience with large windows and a flat floor, the new Pratt 545D engine, features improved thrust, increased time between overhauls and enhanced fuel efficiency. The aircraft is expected to enter into service in 2025.

同樣在本季度，Aviation 向 Lána'i Air 的夏威夷島際航線交付了第一架配置 Cessna SkyCourier 的乘客。在新產品方面，Aviation 在 5 月份的 EBACE 上發布了 Cessna Citation Ascend。 Ascend 將配備最新的Garmin 5000 航空電子設備套件，可容納4 名乘客，航程為1,900 海裡，擁有大窗戶和平坦地板的舒適客艙體驗，新型Pratt 545D 發動機具有改進的推力、更長的大修間隔時間和更高的燃油效率。該飛機預計將於 2025 年投入使用。

Moving to Bell. Revenues were slightly higher in the quarter. Bell began ramping activity on the FLRAA program, including onboarding engineers, contracting with major suppliers and ordering long-lead materials. Bell also added $1.2 billion of backlog related to the FLRAA contract during the quarter. Also in the quarter, Bell received an initial contract authorization for 4 additional V-22 aircraft. On the commercial side of Bell, we delivered 35 helicopters, up from 34 in last year's second quarter.

搬到貝爾。本季度收入略有增加。貝爾開始加強 FLRAA 計劃的活動，包括培訓工程師、與主要供應商簽訂合同以及訂購長期材料。貝爾本季度還增加了 12 億美元與 FLRAA 合同相關的積壓訂單。同樣在本季度，貝爾獲得了另外 4 架 V-22 飛機的初步合同授權。在貝爾的商業方面，我們交付了 35 架直升機，高於去年第二季度的 34 架。

At Textron Systems, we saw continued solid margin performance on slightly higher revenues. In June, systems delivered Craft 107 to the U.S. Navy Ship-to-Shore Connector program. The aircraft delivered to the Navy. Also during the quarter, Systems Aerosonde Hybrid Quad UAS was among 4 competing unmanned aerial systems that were awarded design contract under the first option of the Army's Future Tactical Unmanned Aircraft Systems Program.

在德事隆系統公司，我們看到收入略有增長，利潤率持續穩定。 6 月，系統向美國海軍艦岸連接器項目交付了 Craft 107。該飛機交付給海軍。同樣在本季度，系統航空探空儀混合四無人機系統是根據陸軍未來戰術無人機系統計劃的第一個選項獲得設計合同的 4 個競爭無人機系統之一。

Systems also advanced as part of Team Lynx led by American Rheinmetall, in the next phase of the U.S. Army's XM30 program, Textron Systems is a designated manufacturer of Team Lynx, the Army down selected 2 competitors for the next phase of the program, which includes detailed design and prototype builds.

Systems也作為美國萊茵金屬公司領導的Team Lynx的一部分進行推進，在美國陸軍下一階段的XM30計劃中，德事隆系統公司是Team Lynx的指定製造商，陸軍為下一階段的計劃選擇了2家競爭對手，其中包括詳細設計和原型構建。

Moving to Industrial. We saw higher revenues in the quarter, driven by higher volume in both Kautex and Specialized Vehicles. At Specialized Vehicles, we announced the New Liberty LSV, a street legal vehicle powered by our elite battery system with 4 forward-facing seats.

轉向工業。由於考特斯和特種車輛銷量增加，我們本季度的收入有所增加。在特種車輛展上，我們推出了 New Liberty LSV，這是一款合法上路車輛，由我們的精英電池系統提供動力，配有 4 個前向座椅。

Within Kautex, we saw increased volumes year-over-year across all our geographic end markets. Moving to eAviation. We began wind tunnel testing on the Nexus eVTOL aircraft. These tests represent a significant step in the aircraft development process and supporting design validation activities. Additionally, we continue the prototype assembly and systems integration of the Nuuva, our hybrid electric unmanned cargo VTOL aircraft at our facilities in Slovenia. With that, I'll turn the call over to Frank.

在考特斯內部，我們看到所有地理終端市場的銷量逐年增加。轉向電子航空。我們開始對 Nexus eVTOL 飛機進行風洞測試。這些測試代表了飛機開發過程和支持設計驗證活動的重要一步。此外，我們還在斯洛文尼亞的工廠繼續進行混合動力電動無人貨運垂直起降飛機 Nuuva 的原型組裝和系統集成。這樣，我就把電話轉給弗蘭克。

Thanks, Scott, and good morning, everyone. Let's review how each of the segments contributed, starting with Textron Aviation. Revenues at Textron Aviation of $1.4 billion, were up $78 million from the second quarter of 2022 reflecting higher pricing of $95 million, partially offset by lower volume and mix.

謝謝斯科特，大家早上好。讓我們回顧一下每個部門的貢獻，從德事隆航空開始。德事隆航空的收入為 14 億美元，較 2022 年第二季度增加 7800 萬美元，反映出定價上漲 9500 萬美元，部分被銷量和產品組合下降所抵消。

Segment profit was $171 million in the second quarter, up $22 million from a year ago, largely due to favorable pricing, net of inflation of $52 million, partially offset by an unfavorable impact from performance of $23 million. Performance included unfavorable manufacturing performance largely related to supply chain and labor inefficiencies. Backlog in the segment ended the quarter at $6.8 billion.

第二季度的部門利潤為 1.71 億美元，比去年同期增加 2200 萬美元，這主要歸功於有利的定價，扣除通貨膨脹因素 5200 萬美元，部分被業績 2300 萬美元的不利影響所抵消。績效包括不利的製造績效，這主要與供應鍊和勞動力效率低下有關。本季度末，該領域的積壓訂單達到 68 億美元。

Moving to Bell. Revenues were $701 million, up $14 million from last year due to higher pricing of $21 million, partially offset by lower military revenue of $7 million. Segment profit of $65 million, was up $11 million from last year's second quarter due to a favorable impact from performance of $13 million, largely reflecting lower research and development costs and a favorable impact from pricing, net of inflation of $9 million, partially offset by lower volume and mix. Backlog in the segment ended the quarter at $5.6 billion.

搬到貝爾。由於定價上漲 2100 萬美元，收入為 7.01 億美元，比去年增加 1400 萬美元，部分被軍事收入減少 700 萬美元所抵消。部門利潤為6,500 萬美元，比去年第二季度增加1,100 萬美元，這是由於1,300 萬美元的業績帶來的有利影響，主要反映了研發成本的降低和定價的有利影響，扣除通貨膨脹因素900 萬美元，部分抵消了降低音量並混合。本季度末，該領域的積壓訂單達到 56 億美元。

At Textron Systems, revenues were $306 million, up $13 million from last year's second quarter, largely reflecting higher volume. Segment profit of $37 million, was down $1 million from a year ago. Backlog in the segment ended the quarter at $1.9 billion.

德事隆系統公司的收入為 3.06 億美元，比去年第二季度增加 1,300 萬美元，主要反映了銷量的增加。部門利潤為 3700 萬美元，比去年同期減少 100 萬美元。本季度末，該領域的積壓訂單達到 19 億美元。

Industrial revenues were $1 billion, up $155 million from last year's second quarter, largely due to higher volume and mix at both Kautex and Textron Specialized Vehicles of $121 million and a favorable impact from pricing of $37 million. Segment profit of $79 million, was up $42 million from the second quarter of 2022, primarily due to higher volume and mix of $32 million and a favorable impact from pricing, net of inflation of $17 million, principally at Kautex, partially offset by an unfavorable impact of $10 million from performance.

工業收入為 10 億美元，比去年第二季度增加 1.55 億美元，這主要是由於考泰斯和德事隆特種車輛銷量和產品組合增加，達到 1.21 億美元，以及 3700 萬美元定價的有利影響。部門利潤為7,900 萬美元，較2022 年第二季度增加4,200 萬美元，主要是由於3,200 萬美元的銷量和組合增加以及定價的有利影響，扣除通貨膨脹因素（主要是考泰斯）的1,700 萬美元，部分被不利的影響所抵消業績影響 1000 萬美元。

Textron eAviation segment revenues were $11 million and segment loss was $12 million in the quarter, primarily reflecting research and development costs.

德事隆 eAviation 部門本季度收入為 1100 萬美元，部門虧損為 1200 萬美元，主要反映了研發成本。

Finance segment revenues were $18 million and profit was $12 million.

金融部門收入為 1800 萬美元，利潤為 1200 萬美元。

Moving below segment profit. Corporate expenses were $21 million, net interest expense was $16 million. LIFO inventory provision was $35 million, intangible asset amortization was $10 million and the non-service components of pension and postretirement income were $59 million.

低於部門利潤。公司費用為 2100 萬美元，淨利息費用為 1600 萬美元。後進先出庫存撥備為 3500 萬美元，無形資產攤銷為 1000 萬美元，養老金和退休後收入的非服務部分為 5900 萬美元。

In the quarter, we repurchased approximately 4.2 million shares, returning $273 million in cash to shareholders. Year-to-date, we have repurchased approximately 9.4 million shares, returning $650 million in cash to shareholders.

本季度，我們回購了約 420 萬股股票，向股東返還了 2.73 億美元現金。今年迄今，我們已回購約 940 萬股股票，向股東返還 6.5 億美元現金。

Earlier this week, Textron's Board of Directors approved a new authorization for the repurchase of up to 35 million shares under which the company intends to repurchase shares to offset the impact of dilution from stock-based compensation and benefit plans and for opportunistic capital management purposes.

本週早些時候，德事隆董事會批准了一項回購最多3500 萬股股票的新授權，根據該授權，該公司打算回購股票，以抵消股票薪酬和福利計劃稀釋的影響，並用於機會性資本管理目的。

To wrap up with guidance, we are increasing our expected full year adjusted earnings per share to be in a range of $5.20 to $5.30 per share, up from our prior range of $5 to $5.20 per share. We also continue to expect full year manufacturing cash flow before pension contributions of $900 million to $1 billion. That concludes our remarks. So operator, we can open the line for questions.

最後，我們將全年調整後每股收益預期從之前的每股 5 美元至 5.20 美元上調至 5.20 美元至 5.30 美元。我們還繼續預計養老金繳款前的全年製造業現金流量為 9 億至 10 億美元。我們的發言到此結束。那麼接線員，我們可以開通提問線路。

(Operator Instructions) Our first question will come from the line of Peter Arment with Baird.

（操作員說明）我們的第一個問題將來自 Peter Arment 和 Baird 的線路。

Scott, I guess, start with Aviation, really strong performance on margins and the top line. Do you still kind of tracking, I mean, I guess, with the supply chain, the way there's been so much volatility. How are you thinking about just kind of your delivery targets and just managing your skyline, I know you're probably sold out now much farther out, just given your backlog, maybe just some overall comments.

斯科特，我想，從航空業開始，在利潤率和營收方面表現非常強勁。我想，你是否仍然在跟踪供應鏈，跟踪波動性如此之大的情況。你如何考慮你的交付目標和管理你的天際線，我知道你現在可能已經賣完了，只是考慮到你的積壓，也許只是一些總體評論。

Sure, Peter. Look, I think on the order activity, the market is still quite strong. I think we've posted a strong book-to-bill again in the quarter. It's both jets and turboprops. So I think we continue to be really happy with how the market is behaving in terms of demand and pricing. So that's all good.

當然，彼得。從訂單活躍度來看，我認為市場還是相當強勁的。我認為我們在本季度再次發布了強勁的訂單出貨比。它既是噴氣式飛機，又是渦輪螺旋槳飛機。因此，我認為我們仍然對市場在需求和定價方面的表現感到非常滿意。所以這一切都很好。

As I think you're hearing from everybody, the biggest challenge still remains on the supply chain side of things. I'd say it's not getting worse. It's probably modestly getting better. But as you know, the challenge is every part is important, right? So you may not have as many problems, but you still are kind of hit by that weakest link and if you look at our numbers, we're probably a few jets lighter each quarter than we would like to be. That's obviously creating a little bit of inventory, but these things ultimately will sell.

正如我認為大家都聽到的那樣，最大的挑戰仍然存在於供應鏈方面。我想說的是，情況並沒有變得更糟。情況可能正在逐漸好轉。但如您所知，挑戰在於每個部分都很重要，對吧？所以你可能不會遇到那麼多問題，但你仍然會受到最薄弱環節的打擊，如果你看看我們的數字，我們每個季度可能會比我們希望的少一些飛機。這顯然會產生一點庫存，但這些東西最終會賣出去。

But I think when we think about the guide and what's going forward, we're still very happy with the margins and execution performance despite inefficiencies and dealing with some of those supply chain issues. But I think for the year, it will be a little light on the revenue side versus where we would like to be, but those things will push into 2024, obviously. So net of everything, it's still a good strong demand environment, and we'll continue to fight our way through some of the supply chain challenges through the course of the year.

但我認為，當我們考慮該指南和未來的發展時，儘管效率低下並正在處理其中一些供應鏈問題，但我們仍然對利潤率和執行績效感到非常滿意。但我認為，今年的收入方面與我們希望的情況相比會有些輕微，但顯然這些事情會推遲到 2024 年。因此，排除一切因素，這仍然是一個良好的強勁需求環境，我們將繼續在這一年中克服一些供應鏈挑戰。

I appreciate that. And just 1 quick follow-up. Frank, did you disclose what the aftermarket growth was in the quarter for Aviation at all?

我很感激。只需 1 次快速跟進。弗蘭克，您是否透露了航空業本季度售後市場的增長情況？

So aftermarket for the quarter was about 3% growth and 32% of total revenue.

因此，本季度售後市場增長約 3%，佔總收入的 32%。

We'll go next to the line of Sheila Kahyaoglu with Jefferies.

我們將沿著 Sheila Kahyaoglu 和 Jefferies 的隊伍走。

Maybe just to start off a specific 1 on Bell. How do we think about the V-22 here, the House Appropriation bill included about $700 million for potentially 5 V-22s, how do we think about how that could add legs to this program and transition to FLRAA?

也許只是為了開始對貝爾的一個特定的1。我們如何看待這裡的 V-22，眾議院撥款法案包括大約 7 億美元用於潛在的 5 架 V-22，我們如何看待這如何為該計劃增加支持並過渡到 FLRAA？

Well, so what's going on there, Sheila, is the Navy, of course, has now had a good while of deploying the CMV-22s into the Navy applications. As you know, that program was originally awarded and the program record was based on replacing the C-2 COD. And so the number of aircraft was really sort of designed just to replace that mission. What we're hearing from the Navy, and they've been fairly public about this. There's been some nice articles out there is that as they're getting the CMV-22 into the fleet, they're realizing there's a lot of things you can do with a V-22 that you couldn't do with a COD, which was restricted to big deck carriers and airports onshore.

好吧，希拉，現在發生的事情是海軍，當然，現在已經有很長一段時間將 CMV-22 部署到海軍應用中了。如您所知，該項目最初是授予的，項目記錄是基於替換 C-2 COD 的。因此，飛機的數量實際上是為了取代該任務而設計的。我們從海軍那裡聽到的消息，他們對此相當公開。有一些不錯的文章說，當他們將 CMV-22 納入機隊時，他們意識到用 V-22 可以做很多 COD 做不到的事情，這僅限於大型甲板航母和陸上機場。

So the versatility and the performance of the V-22 is leading the Navy to say, look, we've got other applications that would cause us to like to have more of these aircraft. That hasn't been formalized yet on the Navy side of things. I mean there's a lot of dialogue around that. But what you're seeing in the House Appropriations is those 5 CMV-22s, which would be above program of record is because of the versatility and the desire, ultimately, the Navy to have more of these crafts.

因此，V-22 的多功能性和性能讓海軍說，看，我們還有其他應用，這會讓我們喜歡擁有更多此類飛機。海軍方面尚未正式確定這一點。我的意思是，圍繞這個問題有很多對話。但你在眾議院撥款中看到的是那 5 架 CMV-22，這將高於記錄計劃，因為其多功能性以及最終海軍希望擁有更多此類飛行器。

So we'll see how this plays out over time, but we're obviously -- we're very happy with the performance of the aircraft. The Navy is very happy with the performance of the aircraft. And so hopefully, we'll see some continuing level of production now that we're sort of beyond the program of record.

因此，我們將看看隨著時間的推移，情況會如何發展，但顯然，我們對飛機的性能非常滿意。海軍對飛機的性能非常滿意。因此，希望我們能看到一些持續的生產水平，因為我們已經超出了記錄的計劃。

That's great. And then maybe a bigger picture one. Frank, if you could start, and I know you'll be [for both,] so give Scott some time on this, too. You announced a pretty large repurchase program in the quarter. How are you thinking about capital allocation? And then Scott, obviously, with Ascend, capital allocation for repo versus new products?

那太棒了。然後也許是一個更大的圖景。弗蘭克，如果你可以開始，我知道你會[兩者]，所以也給斯科特一些時間。你們在本季度宣布了一項相當大的回購計劃。您如何考慮資本配置？然後斯科特，顯然，通過 Ascend，回購與新產品的資本配置？

So capital allocation, it really remains the same, Sheila. We've obviously continued to generate very good free cash flow. We've talked about, obviously, we invest significant capital back into the business in R&D and CapEx. That's going to continue. But beyond that, we're generating a lot of free cash flow that we've been returning through share repurchase activity.

所以資本配置實際上保持不變，希拉。顯然，我們繼續產生非常好的自由現金流。顯然，我們已經討論過，我們將大量資本重新投入到研發和資本支出業務中。這種情況將會繼續下去。但除此之外，我們還通過股票回購活動產生了大量的自由現金流。

We talked about kind of baseline of 5% to 6% or so of our share base a year from a repurchase standpoint, we came out of the pandemic more liquid than we usually are and need to be. And you've seen in the first half of the year, we've repurchased a lot of stock, and we expect to continue to be in the market opportunistically and the 35 million reflects kind of the need to have the shares available, authorization available to do that. We were down to 2.7 million shares on the last repurchase and we're rolling through it pretty quickly.

我們談到，從回購的角度來看，我們的股票基礎每年會增加 5% 至 6% 左右，我們在疫情結束後的流動性比平時和需要的流動性都更高。你已經看到，今年上半年，我們回購了很多股票，我們預計將繼續在市場上尋找機會，3500萬股反映了對可用股票、可用授權的需求要做到這一點。上次回購時我們的股票數量減少到了 270 萬股，而且我們很快就會完成回購。

As Frank said, Sheila, I mean, I certainly don't see it as a trade with R&D. As you know, we're a fairly high R&D company. We think investing in new products is the key to growth. I think we're seeing that play out right now. You look at Aviation with the investments in Latitudes and Longitudes, a lot of the upgrades of a lot of our current products, both on the jet and the turboprop side, Sky Courier now driving nice growth for us. The Ascend that we just announced, if you look at Bell, obviously, we've made a huge investment over the years in the FLRAA program. And the FLRAA program, that's obviously now turning into a great growth driver for us.

正如弗蘭克所說，希拉，我的意思是，我當然不認為這是與研發的交易。如您所知，我們是一家研發水平相當高的公司。我們認為投資新產品是增長的關鍵。我認為我們現在正在看到這種情況的發生。你可以通過在緯度和經度方面的投資來看待航空業，對我們當前的許多產品進行大量升級，包括噴氣式飛機和渦輪螺旋槳飛機方面，Sky Courier 現在為我們帶來了良好的增長。我們剛剛宣布的 Ascend，如果你看看貝爾，顯然，多年來我們在 FLRAA 項目上進行了巨額投資。 FLRAA 計劃顯然正在成為我們巨大的增長動力。

So across all the businesses, we're not going to change our strategy here in terms of R&D. We'll keep making the investments that we think we need to make on the product side. But despite all that, we're obviously making strong profits and strong cash flow, and that gives us a great flexibility to allocate and drive some of that back through the share repurchase program and do what's right we think for the shareholders.

因此，在所有業務中，我們不會改變研發方面的策略。我們將繼續在產品方面進行我們認為需要的投資。但儘管如此，我們顯然正在賺取強勁的利潤和強勁的現金流，這給了我們很大的靈活性，可以通過股票回購計劃分配和推動其中的一些回報，並為股東做我們認為正確的事情。

We'll go next to the line of Jason Gursky with Citi.

我們將跟隨賈森·古爾斯基 (Jason Gursky) 與花旗銀行 (Citi) 的合作。

Scott, I was wondering if you could provide kind of a general update on the general aviation market. I think there was a show here recently at the Oshkosh, I was wondering if you had any general learnings from either that show or your general view of the general aviation market? And then second 1 would be just kind of an update from your perspective on the market for pilots both for, as they come in through the general aviation market and make their way maybe up into the biz jets and other aircraft that are more important to you?

斯科特，我想知道您是否可以提供通用航空市場的一般更新信息。我想最近在奧什科甚舉辦了一場展覽，我想知道您是否從該展覽中獲得了任何一般性的教訓或您對通用航空市場的總體看法？然後，從您的角度來看，第二個 1 只是對飛行員市場的更新，因為他們通過通用航空市場進入，並可能進入商務噴氣機和其他對您更重要的飛機？

Sure. Look, Jason, I think 1 of the nice parts about the market right now is this as much as we talk about the jets and turboprops and obviously, that's the bulk of our business. But when you look at an Oshkosh, which is really a show that's aimed around the propeller marketplace and Cessna 172s and Pipistrel electric aircraft and all that kind of good stuff. The demand is strong from top to bottom.

當然。聽著，傑森，我認為目前市場上最好的部分之一就是我們談論噴氣式飛機和渦輪螺旋槳飛機，顯然，這是我們的大部分業務。但是，當您觀看 Oshkosh 展會時，您會發現這實際上是一場針對螺旋槳市場、Cessna 172 和 Pipistrel 電動飛機以及所有此類好東西的展會。從上到下的需求都很強勁。

I mean we were -- have a great book-to-bill and our 172s, 182s, 206s. So you see really, really strong demand from that GA customer that we've always had, there's very strong demand from trading schools. So if you kind of shift into your pilot discussion, there's no doubt people have talked for many, many years about the shortages of pilots is coming up, and we're seeing that, right? So the training schools are putting a lot of orders in, they're increasing the size of their fleet so they can get more pilots through. There's a lot of activity with frankly, some of the airlines buying a lot of aircraft so that they can get pilots, not just pilots that come into the industry, but pilots that need to get the hours in order to be eligible to fly for the actual airlines.

我的意思是，我們的 172、182、206 的訂單出貨量非常出色。所以你會看到我們一直擁有的 GA 客戶的需求非常非常強烈，貿易學校的需求也非常強烈。因此，如果你轉向飛行員討論，毫無疑問，人們多年來一直在談論飛行員短缺的問題，我們也看到了這一點，對嗎？因此，培訓學校下了很多訂單，他們正在擴大機隊規模，以便能夠吸引更多飛行員。坦率地說，有很多活動，一些航空公司購買了大量飛機，以便他們能夠獲得飛行員，不僅僅是進入該行業的飛行員，還有需要獲得工作時間才能有資格飛行的飛行員。實際的航空公司。

And so those hours are best built by using less expensive per hour sorts of aircraft. And we have a lot of demand on that side as well. So like -- the nice part here is it's a robust market, everything from Cessna 172 or a small Pipistrel Velis all the way up through Longitude. So it's -- the demand is very, very broad.

因此，最好使用每小時成本較低的飛機來延長這些時間。我們在這方面也有很多需求。所以，這裡最好的部分是它有一個強勁的市場，從 Cessna 172 或小型 Pipistrel Velis 一直到經度，應有盡有。所以需求非常非常廣泛。

We'll go next to the line of David Strauss with Barclays.

我們將跟隨大衛·施特勞斯與巴克萊銀行的路線。

This is Brad Barton, on for David. Just quickly starting off on Bell. It looks like quarter might have been a little light. Can you just talk about how much FLRAA added in the quarter and how Bell's going to ramp from here and hitting the $3.3 billion.

我是布拉德·巴頓，替大衛發言。很快就開始貝爾。看起來四分之一可能有點輕。您能否簡單談談 FLRAA 在本季度增加了多少收入，以及貝爾將如何從這裡開始實現 33 億美元的目標。

Sure. Look, I think, Bell is pretty in line with where we expect them to be. The FLRAA program is certainly ramping. We've added a lot of engineering resource, and we were able to ramp reasonably quickly because we still had a lot of engineering talent that had been going through the FLRAA design, the CRR, risk reduction programs that we retained through that period. So I'd say the team is ramping really well. The Army has been great about working to quickly get authorizations out there for us to award contracts to our major subcontractors, which is a huge part of the program, obviously, as it goes out through the industrial base.

當然。我認為，看，貝爾非常符合我們對他們的期望。 FLRAA 計劃無疑正在穩步推進。我們增加了大量的工程資源，並且能夠相當快地提升，因為我們仍然擁有大量工程人才，他們一直在經歷 FLRAA 設計、CRR、我們在這段時期保留的風險降低計劃。所以我想說這個團隊進展得非常好。陸軍一直在努力快速獲得授權，以便我們將合同授予我們的主要分包商，這顯然是該計劃的重要組成部分，因為它是通過工業基地進行的。

They've authorized critical long-lead materials that we need to support the initial flight aircraft. So the program is probably ramping about as fast as I can imagine, ramping such a large program. So I think we still feel very comfortable with the guide that we provided in terms of where we're going to end up the year on revenue as that program drives a lot of the growth, frankly, that's ramping up.

他們已經授權了我們支持首架飛機所需的關鍵長周期材料。因此，該程序的運行速度可能與我想像的一樣快，運行如此大的程序。因此，我認為我們仍然對我們提供的關於今年結束收入的指南感到非常滿意，因為該計劃推動了很大的增長，坦率地說，這種增長正在加速。

And look, as the way to think about this program is -- certainly it's ramping here as we go through 2023, but the JADOCS are out there, right, though, in the next few years, it's sort of a $1 billion year program. Obviously, part of that is retained by the government to run their program offices and things like that. But I think we'll very rapidly ramp up and be up -- how far exactly where we expect it to be, which is in that probably $800 million, $900 million a year of revenue.

看，考慮這個計劃的方式是——當然，隨著我們進入2023 年，它正在加速發展，但JADOCS 已經在那裡了，對吧，在接下來的幾年裡，這是一個每年10 億美元的計劃。顯然，其中一部分由政府保留來管理他們的項目辦公室和類似的事情。但我認為我們會非常迅速地提升和提升——到底能達到我們預期的程度，也就是每年可能 8 億、9 億美元的收入。

Okay. And then just a follow-up, there has been some reports in the press about potential interest and some properties out there. Just wondering if you could talk a little bit how you see the portfolio shaping up.

好的。接下來，媒體上有一些關於潛在興趣和一些房產的報導。只是想知道您是否可以談談您如何看待投資組合的形成。

We probably won't provide any commentary on various rumors that are out there in terms of M&A activity at this point.

目前我們可能不會對有關併購活動的各種謠言做出任何評論。

We'll go next to the line of Noah Poponak with Goldman Sachs.

我們將緊接著諾亞·波波納克 (Noah Poponak) 與高盛 (Goldman Sachs) 的合作。

The aviation margin is -- that's 1 of the highest levels in a while. And the incremental, I think, is a little higher than your kind of long-term framework. And I guess that's despite the performance number you cited, if I add that back, I'm more in the mid-teens. And so I guess, as I think about where that margin goes over time, obviously, the labor and supply chain inefficiencies you're citing won't be solved immediately, but also won't last forever. So is it reasonable to think about the margin adjusted for that in the quarter as kind of a baseline plus an incremental for where you can go late next year into the middle of the decade?

航空利潤率是一段時間內的最高水平之一。我認為增量比你們那種長期框架要高一點。我想儘管你引用了性能數據，但如果我把它加回來，我的表現還處於十幾歲左右。因此，我想，當我考慮利潤隨時間的推移而變化時，顯然，您提到的勞動力和供應鏈效率低下的問題不會立即得到解決，但也不會永遠持續下去。那麼，將本季度調整後的利潤率視為一種基線加上明年末到本世紀中期的增量是否合理？

Well, I'm probably not ready to guide into the middle of the decade, just yet, Noah.

好吧，我可能還沒有準備好引導進入這個十年的中期，諾亞。

Well, you have a pretty big backlog in that business now.

嗯，你現在在該業務中有相當多的積壓訂單。

Well, look, there's -- look, I think, the margins are very good. The guys, you're right, are working through challenges, which we would certainly hope will abate somewhat over time. I mean obviously, there's inflation that's baked into the numbers at this stage of the game, but I think we'll probably avoid doing too much in terms of guiding out to the future other than that what, these are good gross margin products. I mean I think we'll be -- on the way to long term, think about this is going to be around that 20%, 25% conversion.

嗯，看，我認為，利潤率非常好。你是對的，這些人正在應對挑戰，我們當然希望隨著時間的推移，這些挑戰會有所減弱。我的意思是，顯然，在遊戲的這個階段，通貨膨脹已經融入到了數字中，但我認為我們可能會避免在指導未來方面做太多事情，除了這些是良好的毛利率產品。我的意思是，我認為，從長遠來看，我們的轉化率將達到 20%、25% 左右。

And we're sort of looking at certainly growth as we look into 2024 and beyond. But again, it's going to be in some part, constrained by supply and also I was just looking and making sure that we're tracking to where the demand is in the marketplace. I think again, we've talked before about the health of this industry should be running with a substantial backlog, and we are now running with a substantial backlog, and that's a good place for the whole industry to be. So...

展望 2024 年及以後，我們肯定會看到增長。但同樣，在某種程度上，它會受到供應的限制，而且我只是在尋找並確保我們正在跟踪市場的需求。我再次想到，我們之前談到過這個行業的健康狀況應該在大量積壓的情況下運行，而我們現在正在大量積壓的情況下運行，這對整個行業來說是一個好地方。所以...

In the near term, is it reasonable to expect that price net of inflation number to grow because I think your -- I think the pricing in your backlog is still better than what's hitting the P&L now although correct me if that's wrong. And then if inflation is decelerating, it would seem like both the top and bottom end of that number would be widening.

在短期內，預​​期扣除通貨膨脹數字的價格淨值增長是否合理，因為我認為您的積壓訂單中的定價仍然比現在影響損益表的價格要好，儘管如果這是錯誤的，請糾正我。然後，如果通貨膨脹正在減速，那麼這個數字的上限和下限似乎都會擴大。

Well, look, I think, we do feel good about the pricing that's going into the backlog, but we are still seeing inflationary pressures. The rate of inflation is certainly coming down, but there is still inflationary pressure out there.

好吧，我認為，我們確實對積壓的定價感到滿意，但我們仍然看到通脹壓力。通脹率確實在下降，但通脹壓力依然存在。

Yes. Remember, we have some longer-term supply contracts. So we did a nice job of responding to a demand in the market. And created a more appropriate pricing environment, but there is some lag effect associated with our contracts and just the [flowing in of] inflation. But we still feel very good about where we are price net of inflation, but there is a lagging impact on some of those cost inputs.

是的。請記住，我們有一些長期供應合同。因此，我們很好地響應了市場需求。並創造了一個更合適的定價環境，但我們的合同和通貨膨脹[流入]存在一些滯後效應。但我們仍然對扣除通貨膨脹後的價格感到非常滿意，但其中一些成本投入存在滯後影響。

Okay. And just last piece on it. Is your price, your rate of change in price decelerating with maybe some normalization in the market? Or did you not increase it so fast that it needs to slow and the rate of change is just kind of holding at this point?

好的。這只是最後一塊。隨著市場的正常化，你的價格、價格變化率是否正在放緩？或者您是否沒有將其增加得如此之快以至於需要放慢速度並且此時變化率只是保持不變？

I don't know. I have not run a first derivative on our price at this point. But I don't know. We probably won't go into that level, quite that level of detail, but suffice to say, we're still getting price and feel good about how that price demand is working in the market. .

我不知道。目前我還沒有對我們的價格進行一階導數。但我不知道。我們可能不會深入到這個級別，相當詳細，但足以說，我們仍然在了解價格，並對市場上的價格需求如何運作感到滿意。 。

We'll go next to the line of Robert Stallard with Vertical Research.

我們將跟隨羅伯特·斯塔拉德（Robert Stallard）的垂直研究路線。

Scott, on industrials, a good quarter there, both on the top line and the margin. How sustainable do you think this is going forward? And do you see this as a sign that the U.S. consumer is still holding in there pretty resilient?

斯科特，在工業方面，無論是在營收還是利潤率上，這個季度都表現不錯。您認為這種情況未來的可持續性如何？您是否認為這表明美國消費者仍然具有相當的彈性？

Well, look, I do think it's a good sign for sure, Robert. I mean the automotive guys recovery as kind of every geography is encouraging to see those volumes going up and there, and I think the Kautex guys did a nice job of converting on that. We still continue to see strong demand across golf and turf and consumer products.

嗯，看，我確實認為這肯定是一個好兆頭，羅伯特。我的意思是汽車行業的複蘇，因為每個地區的銷量都在上升，這令人鼓舞，我認為考特斯的員工在這方面做得很好。我們仍然看到高爾夫、草坪和消費品的強勁需求。

I mean -- so yes, I mean, it's -- they're hanging in there, right? I mean I think we all still worry a little bit about the high-end consumer, but things have been pretty reasonable. Now as you know, there is a certain seasonality of these businesses. In auto, we do a lot of summer shutdowns and things like that.

我的意思是——所以是的，我的意思是——他們還堅持在那裡，對吧？我的意思是，我認為我們仍然對高端消費者有點擔心，但事情已經相當合理了。如您所知，這些業務存在一定的季節性。在汽車行業，我們會進行很多夏季停工之類的事情。

So second quarter is usually a stronger quarter. Third quarter is usually a little bit lighter in terms of the revenue on those businesses. But look, net of the whole thing, I think the demand environment has been improving, and our teams are doing a nice job of executing on that.

因此，第二季度通常是一個強勁的季度。就這些業務的收入而言，第三季度通常會稍微清淡一些。但總的來說，我認為需求環境一直在改善，我們的團隊在這方面執行得很好。

Yes. And then Frank, a technical question for you. You raised the EPS guide by $0.10. Can you give us some idea of where that's coming from within the operations.

是的。然後弗蘭克，問你一個技術問題。您將 EPS 指導上調了 0.10 美元。您能否告訴我們這些信息來自運營中的哪些部分？

Yes. I mean it reflects kind of strong first half and the earnings, obviously, that we just reported. So there's a little bit in there for kind of share count and some other things, but it reflects a solid first half of the year and just continuing good execution in the second half of the year.

是的。我的意思是，這反映了我們剛剛報告的上半年和盈利的強勁表現。因此，其中有一些關於股票數量和其他一些事情，但它反映了今年上半年的穩健表現，以及下半年繼續良好的執行力。

As Scott said, I think kind of -- there's a little bit of volume at aviation that is going to probably be light relative to our guide, but industrial is probably coming in stronger than we had first thought from a top line standpoint and overall solid execution across the businesses.

正如斯科特所說，我認為航空業的成交量相對於我們的指南可能會較少，但從營收和整體實力的角度來看，工業可能比我們最初想像的要強勁跨業務執行。

We'll go next to the line of George Shapiro with Shapiro Research.

我們將沿著夏皮羅研究中心的喬治·夏皮羅路線。

Good numbers. Scott, do you think we still do 200 deliveries or we should not -- maybe call that 190 or something given that we seem to be missing a couple each quarter.

好數字。 Scott，你認為我們仍然會進行 200 次交付嗎？或者我們不應該將其稱為 190 次或其他什麼，因為我們似乎每個季度都會缺少幾次交付。

Yes. I think the number is going to be a little bit lighter than we originally had in there, George. So I don't think it's going to be 200. As I said, I think their execution is strong. I think the margins and contribution to earnings are going to be where we expected them to be, but it's going to be with a little bit lighter top line just driven by, again, trying to get the aircraft out and obviously those are aircraft that will move into 2024 sales that are still going to happen, but I do think we'll be a little bit lighter on the year than what we originally guided on the top line.

是的。喬治，我認為這個數字會比我們原來的數字要少一些。所以我認為不會是200。正如我所說，我認為他們的執行力很強。我認為利潤率和對盈利的貢獻將達到我們預期的水平，但營收將略有下降，這又是由於試圖將飛機推出，顯然這些飛機將進入2024 年，銷售仍然會發生，但我確實認為今年我們的銷售額將比我們最初指導的收入要少一些。

And at Bell, is the margin guide still good, assuming that this quarter was particularly strong because FLRAA, hasn't fully built yet. So margins will weaken in subsequent quarters.

在貝爾，假設本季度特別強勁，因為 FLRAA 尚未完全建立，那麼利潤率指導仍然不錯。因此，接下來幾個季度的利潤率將會減弱。

No. Look, I think Bell is tracking right on where we expected from a guide standpoint. So we're still seeing good execution on a lot of the production side of things. Obviously, FLRAA coming in is nice in terms of driving the top line. And clearly, it absorbs a lot of overhead in the business, which helps maintain the level of profitability in some of the other product lines. But as we've talked about the -- the absolute number is we don't have as much V22 H1 production as we had, but we're going to still, I think, post a number that's very much in line with what we guided.

不。聽著，我認為從指南的角度來看，貝爾正在沿著我們的預期前進。因此，我們仍然看到許多生產方面的良好執行。顯然，FLRAA 的加入對於推動收入增長是有好處的。顯然，它吸收了業務的大量管理費用，這有助於維持其他一些產品線的盈利水平。但正如我們所討論的——絕對數字是我們沒有那麼多 V22 H1 產量，但我認為我們仍然會發布一個與我們的數字非常一致的數字。引導。

And then just 1 follow-up on Industrial. I mean it was particularly strong. I mean I went back and looked, it was the best quarter since like Q2 of '18 and the business wasn't even the same at that point, although Kautex was obviously there. So you comment anymore, I mean, it would seem like the sales you could -- would be $3.6 billion guide here for the year. And the margin certainly would look like it could be based on what the margin was this quarter. So if you could comment a little bit more on that?

然後只有 1 個關於工業的後續行動。我的意思是它特別強烈。我的意思是，我回頭看了看，這是自 18 年第二季度以來最好的季度，當時的業務甚至不一樣，儘管考特斯顯然在那裡。所以你再發表評論了，我的意思是，今年的銷售額預計將達到 36 億美元。利潤率肯定會基於本季度的利潤率。您能否對此發表更多評論？

Look, I think, we do have -- as I said, look, aviation is probably a little bit light on the revenue line. I think industrial will be a little bit stronger on the revenue line to offset that as we go through the year. I do think that the margins, there's probably a little bit of upside to the margin, but certainly just conversion on net revenue will give us a little bit of upside on the year. And again, that's part of what's factored into the raise on our guidance at the EPS level, so I think we're happy with how that's going on, on the industrial side. And again, it's strong demand recovering in the auto side. You don't see as much drag on automotive manufacturing, and that's good for us at Kautex and Golf and Turf and these markets are staying pretty robust.

看，我認為，我們確實有——正如我所說，看，航空業的收入可能有點少。我認為工業的收入會稍微強勁一點，以抵消這一年的影響。我確實認為利潤率可能有一點上行空間，但肯定只是淨收入的轉換會給我們帶來一點上行空間。再說一遍，這是我們提高每股收益指導的一部分因素，所以我認為我們對工業方面的進展感到滿意。同樣，汽車方面的需求正在強勁復甦。你不會看到汽車製造業受到太大的拖累，這對我們考特斯和高爾夫及草坪公司來說是件好事，而且這些市場仍然保持著相當強勁的勢頭。

So I do think that's kind of the way we think about mostly offset here, we'll see some nice upside on the revenue there, and that will bring with it some increase in NOP, that's certainly incorporated in part of our raise for the year.

所以我確實認為這就是我們在這裡考慮大部分抵消的方式，我們會看到那裡的收入有一些不錯的上升空間，這將帶來 NOP 的一些增加，這肯定包含在我們今年籌集的部分資金中。

We'll go next to the line of Myles Walton with Wolfe Research.

我們將繼續邁爾斯·沃爾頓 (Myles Walton) 與沃爾夫研究公司 (Wolfe Research) 的合作。

You have, Lou Raffetto, on for Myles. So I think you kind of covered this a little bit with the ongoing disruption, I guess, within Aviation, but at what point do you think that the pricing benefit will sort of overcome or more than overcome the sort of the negative on the performance side?

盧·拉菲托，你替邁爾斯上場了。因此，我認為您在航空業內部的持續顛覆中對此進行了一些討論，但您認為定價優勢在什麼時候會克服或超過克服性能方面的負面影響？

Well, I mean, it is, right? I mean so our -- when you look at our pricing right now is even net of inflation is still enough to overcome some of the challenges in terms of inefficiencies driven by some of the ongoing supply stuff. So I think that's a trend that we've had here for a while, and I expect we'll continue to see that as we go into the future.

嗯，我的意思是，確實如此，對吧？我的意思是，當你看看我們現在的定價時，即使扣除通貨膨脹因素，仍然足以克服一些持續供應造成的低效率挑戰。因此，我認為這是我們已經存在一段時間的趨勢，並且我希望在未來我們將繼續看到這種趨勢。

Okay. And then I think you mentioned -- so is 190 the right number to think about? Or will you be -- maybe a little bit higher than that for the year?

好的。然後我想你提到了——那麼 190 是值得考慮的正確數字嗎？或者你會——也許會比今年高一點點？

We're not going to guide a specific number. But I mean, I don't think it's -- being light by a couple of hundred million dollars is probably the right way to think about the top line. But again, I think, from a performance standpoint, margin standpoint, we'll -- we should be more or less in where we guided. .

我們不會指導具體數字。但我的意思是，我認為減少幾億美元可能是考慮營收的正確方法。但我再次認為，從績效的角度、利潤的角度來看，我們應該或多或少地處於我們指導的位置。 。

We'll go next to the line of Cai Von Rumohr with TD Cowen.

我們將前往 Cai Von Rumohr 和 TD Cowen 的隊伍旁邊。

Yes. So Scott, a strategic question, obviously, your A&D business is growing with FLRAA, some opportunity at OMFV, a number of other programs. And yet when you look at your business, you're not really a niche player, and you're also not up with the GD or Lockheed, those guys. Strategically, I think you said you'd like to increase A&D, how big would you like to get? And what sorts of things would you consider buying to bolster your A&D business.

是的。斯科特，這是一個戰略問題，顯然，您的 A&D 業務正在隨著 FLRAA、OMFV 的一些機會以及許多其他項目的發展而增長。然而，當你審視自己的業務時，你會發現你並不是真正的小眾玩家，而且你也無法與 GD 或洛克希德公司等公司相比。從戰略上講，我想您說過要增加 A&D，您希望增加到多大？您會考慮購買哪些東西來支持您的 A&D 業務。

Well, it's a good question, Cai, we will -- Obviously, we'd like to be bigger. And I think that the approach we're taking here is investments that we've made in our existing businesses is driving a lot of that growth. So I think if you look at aviation, all the investments that we've made and continue to make in those new platforms, you referenced a couple of other names. Look, I think, obviously, we've made a huge investment in FLRAA over the years. That's going to drive a ton of growth and shows that we can go head-to-head on a program-by-program basis and win, and drive a lot of organic growth. I think when you look at systems, some of the things that we talked around OMFV or what's now referred to as XM30 and ARV with the Marine Corps, there's things out there that are potentially significant growth drivers, we're going head-to-head with some of the guys that are the biggest names in the business and I think we can win against them.

嗯，這是一個很好的問題，蔡，我們會——顯然，我們希望規模更大。我認為我們在這裡採取的方法是我們對現有業務的投資正在推動這種增長。所以我認為，如果你看看航空業，我們在這些新平台上所做的和繼續進行的所有投資，你會提到其他幾個名字。我認為，顯然，多年來我們對 FLRAA 進行了巨額投資。這將推動大量增長，並表明我們可以在逐個項目的基礎上正面交鋒並獲勝，並推動大量有機增長。我認為，當你看系統時，我們圍繞 OMFV 討論的一些東西，或者現在與海軍陸戰隊一起稱為 XM30 和 ARV 的東西，有一些東西可能是潛在的重要增長驅動力，我們正在迎頭趕上——與一些業內最知名的人一起領導，我認為我們可以戰勝他們。

So our focus continues to be making sure that we're making the right investments, so we can drive the organic growth. And will we do acquisitions, if there's a right opportunity that comes along, absolutely. But we've got a -- I've always felt that you want to -- you don't want to have to do a deal, right? So I think that our strategy is continue to make the right investments on the organic side so that we can drive really good growth. And if something comes along that makes sense from an acquisition standpoint, we're happy to look at that.

因此，我們的重點仍然是確保我們進行正確的投資，以便我們能夠推動有機增長。如果有合適的機會出現，我們絕對會進行收購。但我們有一個——我一直覺得你想要——你不想達成協議，對嗎？因此，我認為我們的策略是繼續在有機方面進行正確的投資，以便我們能夠推動真正良好的增長。如果出現從收購角度來看有意義的事情，我們很樂意關注。

So when you look at things, do you look at it sort of from a holding company perspective, this would be a good business or are there specific skill sets that you think would be complementary to what you currently do that would make you a stronger player in helicopters and whatever.

因此，當您看待事物時，您是否從控股公司的角度來看待它，這將是一項好生意，還是您認為是否有特定的技能組合可以與您目前所做的事情相補充，從而使您成為更強大的參與者在直升機和其他什麼地方。

Well, look, I think, Cai, right now, it's primarily looking -- in the A&D space, things that would help diversify us in terms of our strength in A&D, I don't think it's likely that you see something that's specifically in the helicopter space. I just don't know that there's targets out there where you do that. And from a government standpoint and antitrust standpoint, I don't think you would probably see much activity in that space.

好吧，我想，蔡，現在主要是在 A&D 領域尋找那些有助於我們在 A&D 領域實現多元化的東西，我認為你不太可能看到專門針對 A&D 領域的東西。直升機空間。我只是不知道你這樣做是否有目標。從政府和反壟斷的角度來看，我認為您可能不會在該領域看到太多活動。

I'd be kind of surprised. But I think you look at complementary A&D capabilities, certainly where we bring technological capability where the target would bring technology capability that's some synergistic. But I think in large part, providing a more well-rounded, more diversified A&D company.

我會有點驚訝。但我認為你會關注互補的航空航天和國防能力，當然我們會帶來技術能力，目標會帶來具有一定協同作用的技術能力。但我認為在很大程度上，是提供一個更全面、更多元化的 A&D 公司。

And our last question will come from the line of Kristine Liwag with Morgan Stanley.

我們的最後一個問題將來自摩根士丹利的克里斯汀·利瓦格（Kristine Liwag）。

Scott, with the macroeconomic uncertainty and increasing interest rates, I mean, ultimately, the demand and pricing for business jets and general aviation continue to be robust, a surprise for the bearers pretty much. So what do you think is driving this sustained demand? And how undersupply do you think the market continues to be?

斯科特，隨著宏觀經濟的不確定性和利率的上升，我的意思是，最終，公務機和通用航空的需求和定價仍然強勁，這對持有者來說幾乎是一個驚喜。那麼您認為是什麼推動了這種持續的需求？您認為市場供應不足的情況持續到什麼程度？

Well, look, I think the demand environment is driven by the fact that people -- in particular, people who have come into this market and started using aircraft and experienced what private aviation is all about, have had a great experience. I mean there are time machines, right? It allows you to do things that you just can't do if you're using commercial transportation.

好吧，我認為需求環境是由這樣一個事實驅動的：人們——特別是那些進入這個市場並開始使用飛機並體驗了私人航空的人們，已經獲得了很好的體驗。我的意思是有時間機器，對嗎？它可以讓您做一些在使用商業交通工具時無法做的事情。

So the productivity, the efficiency, the ability to get from anywhere to anywhere on your time and in an expeditious way is something that -- the more and more people -- and I think, again, this is if -- but in the COVID year a lot of people got exposed to this market that had not in the past, and they're turning out to be a great tool. And so I think that what continues to fuel a lot of the demand in this marketplace.

因此，生產力、效率以及在時間上從任何地方快速到達任何地方的能力——越來越多的人——我再次認為，這是如果——但在新冠疫情中今年，很多人接觸到了這個過去從未接觸過的市場，事實證明它們是一個很好的工具。因此，我認為這將繼續推動這個市場的大量需求。

So it's -- obviously, we offer a lot of products across a broad range of price points and performance. And I think that's why we're seeing just a fundamentally very strong demand environment. And as you know, it's not just our company and our products, but across very, very broad range of general aviation.

顯然，我們提供了多種價位和性能的產品。我認為這就是為什麼我們看到了一個從根本上來說非常強勁的需求環境。如您所知，這不僅涉及我們的公司和產品，還涉及非常非常廣泛的通用航空領域。

Yes. And I guess when you look at the portfolio, light, medium and large cabin, that large cabin out of the market continues to also be robust. At this point, when you look at the Cessna portfolio, what's your appetite to go bigger? I mean we had the Columbus and the Hemisphere that didn't come about. But is there a right moment to reintroduce an airplane of that size? Or even larger and move up the portfolio to the larger cabin jets.

是的。我想當你看看輕型、中型和大型客艙的產品組合時，市場上的大型客艙也仍然很強勁。此時，當您查看塞斯納的產品組合時，您有什麼興趣擴大規模？我的意思是，我們有哥倫布和半球，但沒有出現。但現在是重新引入這種尺寸飛機的合適時機嗎？或者甚至更大，並將產品組合升級到更大的客艙噴氣式飛機。

No, I don't think there is. Look, we did look at 1 point, as you know, when we stretch the top end of our platform, we did have programs at the time and for technical reasons we ended up not doing those programs. I think that part of the market now, particularly as you go larger in that market, which is kind of the choice we were faced with, is a very well-served market.

不，我認為不存在。看，我們確實考慮了一點，如您所知，當我們延伸平台的高端時，我們當時確實有程序，但由於技術原因，我們最終沒有執行這些程序。我認為現在的部分市場，特別是當你在這個市場上做大時，這是我們面臨的選擇，是一個服務非常好的市場。

So I think we're better off focusing all of our R&D and our energy and our investments in sort of up to that super midsize on the Longitude. We've been doing, as you know, a lot of great upgrades to a lot of those programs and platforms all across our portfolio. And we continue to make the right investments. Denali is still in development, and that's going to be a home run for us, the Ascend which we just announced, I mean, that's right in the sweet spot of our market. That's a segment of the market that we've had a great track record in the past with previous aircraft. And I think the Ascend will be really well received and drive a ton of growth for us.

因此，我認為我們最好將所有研發、精力和投資集中在經度上的超中型飛機上。如您所知，我們一直在對我們產品組合中的許多程序和平台進行大量升級。我們將繼續做出正確的投資。 Denali 仍在開發中，這對我們來說將是一個全壘打，我們剛剛宣布的 Ascend，我的意思是，它正處於我們市場的最佳位置。這是我們過去在以前的飛機上擁有良好記錄的細分市場。我認為 Ascend 將會非常受歡迎，並為我們帶來巨大的增長。

So this is -- I think that -- and we're very focused on making those investments across everything from our little Cessna 172s and now, of course, in the electric space with Pipistrel in the Aviation up through Longitude. But I think that's a pretty good place for us to be, and that's where we're going to focus our R&D efforts.

所以，我認為，我們非常專注於在從我們的小型塞斯納 172 飛機到現在的電動領域進行這些投資，從航空領域的 Pipistrel 一直到經度。但我認為這對我們來說是一個非常好的地方，這就是我們將重點關注研發工作的地方。

Thank you. And ladies and gentlemen, today's conference will be available today, 10:00 a.m. Eastern Time running through July 27, 2024, at midnight. You may access the AT&T replay system by dialing 1 (866) 207-1041 and entering the access code of 8467989. International dialers may call (402) 970-0847. Those numbers again are 1 (866)207-1041 or (402) 970-0847 with the access code of 8467989. That does conclude your conference for today. Thank you for your participation and for using AT&T Event Conferencing. You may now disconnect.

謝謝。女士們、先生們，今天的會議將於東部時間今天上午 10:00 開始，一直持續到 2024 年 7 月 27 日午夜。您可以撥打 1 (866) 207-1041 並輸入接入碼 8467989 來訪問 AT&T 重播系統。國際撥號者可以撥打 (402) 970-0847。這些號碼仍然是 1 (866)207-1041 或 (402) 970-0847，接入碼為 8467989。今天的會議到此結束。感謝您的參與和使用 AT&T Event Conference。您現在可以斷開連接。