達信公司 (TXT) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Q3 2023 Textron Earnings Release Call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們先生們，謝謝你們的支持。歡迎參加德事隆 2023 年第三季財報發布電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to Eric Salander, Vice President of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係副總裁 Eric Salander。請繼續。

Thanks, Leah, 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.

謝謝莉亞，大家早安。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.

今天的電話會議由德事隆董事長兼執行長 Scott Donnelly 主持。和我們的財務長弗蘭克康納。

Our earnings call presentation can be found in the Investor Relations section of our website.

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。

Revenues in the quarter were $3.3 billion, up $265 million last year's third quarter. Segment profit in the quarter was $332 million, up $60 million from the third quarter of 2022. During this year's third quarter, we reported income from continuing operations of $1.35 per share. Adjusted income from continuing operations, a non-GAAP measure, was $1.49 per share compared to $1.15 per share in last year's third quarter. Manufacturing cash flow before pension contributions, a non-GAAP measure totaled $205 million in the quarter compared to $292 million in the third quarter of 2022.

該季度營收為 33 億美元，比去年第三季增加 2.65 億美元。該季度的部門利潤為 3.32 億美元，比 2022 年第三季增加 6,000 萬美元。在今年第三季度，我們報告的持續營運收入為每股 1.35 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 1.49 美元，而去年第三季為每股 1.15 美元。根據非公認會計準則衡量，本季退休金繳款前的製造業現金流量總額為 2.05 億美元，而 2022 年第三季為 2.92 億美元。

With that, I'll turn the call over to Scott.

這樣，我會將電話轉給史考特。

Thanks, Eric, and good morning, everyone. The third quarter was a strong quarter for Textron with revenues up at Aviation, Industrial and Systems, while revenues were flat at Bell versus the prior year. At Aviation in the quarter, we delivered 39 jets, flat with last year and 38 commercial turboprops, up from 33 in last year's third quarter. Aviation solid demand across our jet and turboprop products resulted in our strongest order quarter of the year with a 12% increase over the third quarter of 2022. Backlog grew $521 million, ending the third quarter at $7.4 billion.

謝謝埃里克，大家早安。第三季度對德事隆來說是一個強勁的季度，航空、工業和系統部門的收入有所增長，而貝爾的收入與去年同期持平。在航空領域，本季我們交付了 39 架噴射機，與去年持平；交付了 38 架商用渦輪螺旋槳飛機，高於去年第三季的 33 架。航空業對我們的噴射機和渦輪螺旋槳飛機產品的強勁需求導致了我們今年最強勁的季度訂單，比2022 年第三季度增長了12%。積壓訂單增長了5.21 億美元，第三季度末達到74 億美元。

In the quarter, Aviation announced a new fleet agreement with NetJets, extending our 40-plus year relationship and giving NetJets the option to purchase an additional 1,500 aircraft, including the Citation Latitude and Longitude for the next 15 years. As part of this agreement, NetJets will also be the Fleet Watch customer for the newly announced Citation Ascend, which is expected to enter into service in 2025.

本季度，Aviation 宣布與 NetJets 達成新的車隊協議，延長了我們長達 40 多年的合作關係，並讓 NetJets 可以選擇在未來 15 年額外購買 1,500 架飛機，包括 Citation Latitude 和 Longitude。作為協議的一部分，NetJets 也將成為新發布的 Citation Ascend 飛機的 Fleet Watch 客戶，該飛機預計將於 2025 年投入使用。

Also in the quarter, Aviation received a special missions order for 17 King Air 360 to be used for flight inspection. Aviation also announced (inaudible) favorability finalized its initial order for 20 grand caravans during the third quarter.

同樣在本季度，Aviation 收到了一份特殊任務訂單，訂購 17 架空中國王 360，用於飛行檢查。航空業也宣布（聽不清楚）在第三季最終確定了 20 架大篷車的初始訂單。

On the new product front, Aviation wrapped up a successful NBAA show last week, where we announced 2 new product upgrades, the Citation CJ3 Gen 2 and the Citation M2 Gen 2, continuing our strategy of modernizing our existing aircraft portfolio while also investing in clean sheet aircraft.

在新產品方面，航空上周成功舉辦了NBAA 展會，我們宣布了2 款新產品升級：Citation CJ3 Gen 2 和Citation M2 Gen 2，繼續我們對現有飛機產品組合進行現代化改造的戰略，同時也投資於清潔能源片材飛機。

Moving to Bell. Overall, revenues were flat in the quarter with improved margin performance. Bell had higher military revenues in the quarter, largely reflecting the continued ramp on the (inaudible) program. On the commercial side, Bell delivered 23 helicopters, down from 49 in last year's third quarter. The lower deliveries reflected manufacturing disruptions related to supply chain shortages.

搬到貝爾。整體而言，本季營收持平，利潤率有所改善。貝爾本季的軍事收入較高，很大程度上反映了（聽不清楚）計畫的持續成長。在商業方面，貝爾交付了 23 架直升機，低於去年第三季的 49 架。交付量下降反映出與供應鏈短缺相關的製造中斷。

During the quarter, a rock order 15 505 aircraft to replace their pilot trading fleet, continuing with the success of Bell 505 as a military trainer throughout the world.

本季度，Rock 訂購了 15 505 架飛機來取代其飛行員貿易機隊，延續了貝爾 505 作為全球軍事教練機的成功。

Textron Systems, we saw higher revenues and margins in the quarter. During the quarter, Systems Aerosan Hybrid Quad was 1 of 2 competing unmanned aero systems that was awarded the second option agreement for the Army's Future Tactical Unmanned Aircraft System or FTUAS program.

德事隆系統公司，我們在本季看到了更高的收入和利潤。在本季度，Systems Aerosan Hybrid Quad 是獲得陸軍未來戰術無人機系統或 FTUAS 計畫第二個選項協議的 2 個競爭無人機系統之一。

Onto the second option agreement, the 2 remaining competitors will work with the Army towards a critical design review, which includes establishing final system design and initial product baseline. Also during the quarter, Systems was 1 of 4 competitors to build light robotic combat vehicle prototype for the army. Prototypes are expected to be delivered in 2024.

根據第二個選項協議，剩下的兩個競爭對手將與陸軍合作進行關鍵設計審查，其中包括建立最終的系統設計和初始產品基線。同樣在本季度，Systems 是為軍隊製造輕型機器人戰車原型的 4 家競爭對手之一。原型預計將於 2024 年交付。

Systems also expanded its Aerosonde SUAS operations with the U.S. Navy with an award of additional 3 C-based systems aboard total combat ships.

Systems 也擴大了與美國海軍的航空探空儀 SUAS 業務，並在總戰艦上額外安裝了 3 個基於 C 的系統。

Moving to Industrial. We saw higher revenues in the quarter, driven by higher volume in both Specialized Vehicle and Kautex. Specialized Vehicles, we continue to see strong demand in the fleet gulf business. Within Kautex, we saw increased volumes year-over-year driven by the recovery in the North American auto market.

轉向工業。由於特種車輛和考特斯銷量增加，本季我們的收入有所增加。特種車輛方面，我們持續看到海灣車隊業務的強勁需求。在考特斯內部，由於北美汽車市場的復甦，我們看到銷量較去年同期成長。

Moving to eAviation. Pipistrel Alpha Trainer continues to gain momentum with Mesa Air ordering 25 additional alpha train aircraft in the quarter, for use in the pilot development program. Also the first (inaudible) prototype, our hybrid electric unmanned cargo vital aircraft is currently undergoing systems integration and has completed the initial installation of the battery and motor systems. We expect the prototype to enter vehicle ground testing phases by the end of the year.

轉向電子航空。 Pipistrel Alpha Trainer 持續保持強勁勢頭，Mesa Air 在本季額外訂購了 25 架 alpha 訓練機，用於飛行員開發計畫。我們的混合動力電動無人貨運飛機也是第一架（聽不清楚）原型機，目前正在進行系統集成，並已完成電池和電機系統的初步安裝。我們預計原型機將在今年底進入車輛地面測試階段。

With that, I'll turn the call over to Frank.

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.

謝謝斯科特，大家早安。讓我們回顧一下每個部門的貢獻，從德事隆航空開始。

Revenues at Textron Aviation of $1.3 billion were up $171 million from last year's third quarter, reflecting higher volume and mix of $89 million and higher pricing of $82 million. Segment profit was $160 million in the third quarter, up $29 million from a year ago, due to favorable pricing net of inflation of $39 million and a $23 million favorable impact from higher volume and mix, partially offset by an unfavorable impact from performance of $33 million, largely related to supply chain and labor inefficiencies.

德事隆航空的營收為 13 億美元，比去年第三季增加了 1.71 億美元，反映出銷量和組合增加了 8,900 萬美元，定價也提高了 8,200 萬美元。第三季的部門利潤為1.6 億美元，比去年同期增加2,900 萬美元，這是由於扣除通貨膨脹因素後的有利定價3,900 萬美元，以及銷售量和產品組合增加帶來的2,300 萬美元的有利影響，部分被業績33 美元的不利影響所抵消。百萬，很大程度上與供應鏈和勞動力效率低下有關。

Backlog in the segment ended the quarter at $7.4 billion.

本季末，該領域的積壓訂單達 74 億美元。

Moving to Bell, revenues were $754 million, flat with the third quarter of 2022, with lower commercial helicopter volume largely offset by higher military volume. Segment profit of $77 million was up $3 million from last year's third quarter, primarily due to favorable platform performance of (inaudible) million, largely reflecting a lower research and development costs, partially offset by lower volume and mix of $16 million. Backlog in the segment ended the quarter at $5.2 billion.

轉向貝爾，營收為 7.54 億美元，與 2022 年第三季持平，商用直升機銷售的下降在很大程度上被軍用直升機銷售的增加所抵消。部門利潤為7,700 萬美元，比去年第三季增加300 萬美元，主要是由於（聽不清楚）百萬美元的良好平台性能，這主要反映了研發成本的降低，部分被銷售和1,600 萬美元組合的減少所抵消。本季末，該領域的積壓訂單達 52 億美元。

At Textron Systems, revenues were $309 million, up $17 million from last year's third quarter, largely reflecting higher volume. Segment profit of $41 million was up $10 million compared with the third quarter of 2022 primarily due to a favorable impact from performance of $8 million. Backlog in this segment ended the quarter of $2 billion.

德事隆系統公司的營收為 3.09 億美元，比去年第三季增加 1,700 萬美元，主要反映了銷售量的增加。部門利潤為 4,100 萬美元，較 2022 年第三季增加 1,000 萬美元，主要是由於 800 萬美元業績的有利影響。本季該領域的積壓訂單達到 20 億美元。

Industrial revenues were $922 million, up $73 million from last year's third quarter, largely due to a higher volume and mix of $45 million at both product lines and an $18 million favorable impact from pricing. Segment profit of $51 million was up $15 million from the third quarter of 2022.

工業收入為 9.22 億美元，比去年第三季增加 7,300 萬美元，這主要是由於兩條產品線的產量和組合增加了 4,500 萬美元，以及定價帶來了 1,800 萬美元的有利影響。該部門利潤為 5,100 萬美元，較 2022 年第三季增加 1,500 萬美元。

Textron eAviation segment revenues were $7 million and segment loss was $19 million in the quarter, primarily reflecting research and development costs. Finance segment revenues were $13 million and profit was $22 million, up $15 million from last year's third quarter, largely due to a recovery of amounts that were previously written off related to one customer relationship.

德事隆 eAviation 部門本季營收為 700 萬美元，部門虧損為 1,900 萬美元，主要反映了研發成本。金融部門收入為 1,300 萬美元，利潤為 2,200 萬美元，比去年第三季增加 1,500 萬美元，這主要是由於先前與一個客戶關係相關的核銷金額的恢復。

Moving below segment profit. Corporate expenses were $38 million. Net interest expense was $11 million, LIFO inventory provision was $26 million. Intangible asset amortization was $10 million and the non-service components of pension and postretirement income was $59 million. In the quarter, we repurchased approximately 3.1 million shares returning $235 million in cash to shareholders. Year-to-date, we've repurchased approximately 12.5 million shares, returning $885 million in cash to shareholders.

低於部門利潤。公司開支為 3800 萬美元。淨利息支出為 1,100 萬美元，後進先出庫存準備金為 2,600 萬美元。無形資產攤銷為 1,000 萬美元，退休金和退休後收入的非服務部分為 5,900 萬美元。本季度，我們回購了約 310 萬股股票，向股東返還了 2.35 億美元現金。今年迄今，我們已回購約 1,250 萬股股票，向股東返還 8.85 億美元現金。

To wrap up with guidance, we are increasing our expected full year adjusted earnings per share to be in a range of $5.45 to $5.55, up from our prior range of $5.20 to $5.30. We're also continuing to expect full year manufacturing cash flow before pension contributions of $900 million to $1 billion.

最後，我們將全年預期調整後每股收益從先前的 5.20 美元至 5.30 美元上調至 5.45 美元至 5.55 美元。我們也繼續預期退休金繳款前的全年製造業現金流量為 9 億至 10 億美元。

That concludes our prepared remarks. So we can open the line for questions.

我們準備好的演講到此結束。所以我們可以開通提問專線。

(Operator Instructions) Our first question comes from Sheila Kahyaoglu with Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Sheila Kahyaoglu。

Maybe if we can talk about Aviation to start spot, competitors on pricing or mix at NBAA, but aviation still booked 7 points of gross price, 3 points of net price. What are you seeing in your backlog in terms of pricing?

也許我們可以在 NBAA 上討論航空業的定價或組合，但航空業仍然預訂了 7 個點的總價，3 個點的淨價。在定價方面，您在積壓訂單中看到了什麼？

And I know everyone wants to nitpick on your backlog, but it was still up 15%. How much of that included NetJets?

我知道每個人都想挑剔你的積壓訂單，但它仍然增加了 15%。其中有多少包括 NetJets？

Sure, Sheila. I look -- I would say that the price environment continues to be strong. Aircraft that are going into backlog continue to do so at good pricing. So we feel good about where that is in the marketplace.

當然，希拉。我認為價格環境仍然強勁。即將積壓的飛機繼續以良好的價格積壓。所以我們對它在市場上的地位感到滿意。

In terms of the NetJets, look, obviously, the extension of the contract that we've had with NetJets for a long time for 1,500 additional aircrafts is a huge deal for us. It's really important to the future of the business. As you know, that's a very diversified customer base. The business and the partnership that we have with NetJets is very, very important to us.

就 NetJets 而言，顯然，延長我們與 NetJets 長期簽訂的 1,500 架飛機合約對我們來說是一筆巨大的交易。這對企業的未來非常重要。如您所知，這是一個非常多元化的客戶群。我們與 NetJets 的業務和合作夥伴關係對我們來說非常非常重要。

In terms of the impact in the quarter, it wasn't material. As you know, the way we treat the NetJets in terms of backlog is that we're basically working with NetJets all the time and looking about a year out, which is the time line where they firm up the tails and put down deposits, and we commit the delivery dates to those aircraft. So every quarter, we sell aircraft to NetJets and we add additional jets into the backlog. So generally speaking, it's right around that one-to-one range.

就本季的影響而言，這並不重大。如您所知，我們對待 NetJets 積壓訂單的方式是，我們基本上一直與 NetJets 合作，並期待大約一年的時間，這是他們鞏固尾部並支付押金的時間線，並且我們承諾這些飛機的交付日期。因此，每個季度，我們都會向 NetJets 出售飛機，並在積壓訂單中添加更多飛機。一般來說，它就在一對一的範圍內。

So again, it's a huge really important thing for the future of the business, but not something that materially impacted the backlog in the quarter.

再說一遍，這對業務的未來來說是一件非常重要的事情，但不會對本季的積壓產生重大影響。

No, that's helpful. And then if you could talk about Bell margins, they posted another 10% margin. What's going on there, maybe in particular on the R&D side with FLRAA and FARA now that you have (inaudible)?

不，這很有幫助。如果你可以談論貝爾的利潤率，他們還公佈了另外 10% 的利潤率。那裡發生了什麼，也許特別是在 FLRAA 和 FARA 的研發方面，現在您已經有了（聽不清楚）？

So look, I think Bell performance in terms of the numbers and getting volume coming in, particularly as the FLRAA program ramps up is helpful. R&D is certainly a tailwind for us, and that's helping us on the performance line. Largely driven by the fact that a year ago. We were still spending a good deal of our own IRAD money in programs like FLRAA, which are now in the fully funded category.

所以看，我認為貝爾在數量和數量方面的表現是有幫助的，特別是隨著 FLRAA 計劃的進展。研發對我們來說無疑是一種推動力，這有助於我們提高效能。很大程度上是由一年前的事實所推動的。我們仍然在 FLRAA 等項目上花費了大量自己的 IRAD 資金，這些項目現在屬於全額資助類別。

So we do still have work going on, obviously, with FARA, as you mentioned, we did get the engine this week, which is great. Our team will proceed now to get that installed and start running preliminary integration tests. We will need to be waiting for the army to give the ground test release for that. And then ultimately, the flight test release, hopefully, as you get that aircraft flying in 2024.

因此，顯然我們仍在與 FARA 進行合作，正如您所提到的，我們本週確實得到了引擎，這很棒。我們的團隊現在將繼續安裝並開始運行初步整合測試。我們需要等待軍隊為此進行地面測試。最終，當飛機在 2024 年試飛時，將會發布飛行測試。

But performance was strong. And yes, for sure, part of that is reduced IRAD spending, as we now have more funded R&D under the FLRAA program.

但表現卻很強勁。是的，當然，其中一部分是 IRAD 支出的減少，因為我們現在在 FLRAA 計劃下為研發提供了更多資金。

We move on to David Strauss with Barclays.

我們轉向巴克萊銀行的大衛‧史特勞斯。

Scott, could you just maybe give a little bit more color on the supply chain issues at Aviation? The performance hit, I think, was the biggest that we've seen there. So are things getting better or worse? And is it engines? Or what other color can you give?

斯科特，您能否就航空業的供應鏈問題提供更多的資訊？我認為，性能受到的影響是我們所見過的最大的。那麼事情是變得更好了還是更糟了？它是引擎嗎？或者你還能給什麼顏色？

Well, David, I guess the color I would give is that, look, obviously, the business pays a lot of attention and tracks sort of trend data. And I would say that from a standpoint, is it getting better, the trend data would say, yes, it is getting better. The number of parts that come in late to PO has been declining through the course of the year.

好吧，大衛，我想我要給的顏色是，看，顯然，企業給予了很多關注並追蹤某種趨勢數據。我想說，從一個角度來看，它是否正在變得更好，趨勢數據會說，是的，它正在變得更好。在這一年中，遲到採購的零件數量一直在下降。

They look at labor, effectivity and efficiencies that has been getting, modestly better as we're going through the year. But it's still a problem, right? So it's -- I wouldn't say we have any one big like engine that's just driving this. As you get towards the end of the quarter, if you're missing parts for aircraft, that's -- you still can't deliver that aircraft.

他們著眼於今年以來的勞動力、效率和效率，這些情況都略有改善。但這仍然是一個問題，對吧？所以，我不會說我們有任何一台像引擎一樣的大型引擎來驅動它。當您接近本季度末時，如果您缺少飛機零件，那麼您仍然無法交付該飛機。

So it is I guess, getting better from a context of how many parts are late to PO, but parts are still late to PO. And as we often say, David, every part is important on an airplane. So we're continuing to see that challenge across the number of aircraft types. I think it will continue to -- we certainly expect it to get better as we go through time, but it's going to be something we're going to fighting our way through.

所以我想，從有多少零件延遲到 PO 的情況來看，情況會更好，但零件仍然延遲到 PO。正如我們常說的，大衛，飛機上的每個部分都很重要。因此，我們繼續看到各種飛機類型面臨的挑戰。我認為它會繼續下去——我們當然希望隨著時間的推移它會變得更好，但這將是我們要努力克服的。

But I guess the only thing I would point out is despite all that, I mean, we obviously would like to have delivered some more aircraft in the quarter. And in particular, we have customers that would like to see us to deliver those aircraft in the quarter. But despite all that and the challenges and the headwinds around labor and supply, we're still posting strong growth in the business and good strong margin expansion in the business. So I think despite a lot of these headwinds, the business performance is growing very well. It's growing and it's continuing to drive improved profitability.

但我想我唯一要指出的是，儘管如此，我的意思是，我們顯然希望在本季度交付更多飛機。特別是，我們的客戶希望看到我們在本季度交付這些飛機。但儘管存在所有這些以及勞動力和供應方面的挑戰和阻力，我們仍然實現了業務的強勁成長和業務利潤率的強勁擴張。因此，我認為儘管存在許多不利因素，但業務業績成長得非常好。它正在不斷增長，並繼續推動盈利能力的提高。

Okay. And maybe, Scott, if you could just level set us what we should expect for full year deliveries? Are we looking more kind of 175 to 180 in that range?

好的。也許，斯科特，您能否給我們設定全年交付量的期望？我們是否在這個範圍內尋找更接近 175 到 180 的值？

Well, we're not going to -- we're probably not going to give exact aircraft numbers, David, but it's going to be in that neighborhood, I would expect.

好吧，我們不會——我們可能不會給出確切的飛機號碼，大衛，但我預計它會在那個附近。

Next, we move on to Noah Poponak with Goldman Sachs.

接下來，我們轉向高盛的諾亞·波波納克 (Noah Poponak)。

Scott, maybe you could just spend another minute on the demand environment, in Aviation and in the business jet market. It's a pretty strong bookings number with a decent amount of uncertainty out there. So what are your customers saying? How much of that is just replacement so they have to do it kind of in a wide range of macro scenarios? How is October? Would just love to hear some more color from you.

斯科特，也許您可以再花一分鐘討論航空和公務機市場的需求環境。這是一個相當強勁的預訂量，但存在相當大的不確定性。那您的客戶怎麼說呢？其中有多少只是替換，所以他們必須在各種宏觀場景中這樣做？十月怎麼樣？只是很想聽到你更多的顏色。

Look, Noah. The demand environment continues to be strong. I mean, this is a really strong -- book-to-bill is very strong and just an absolute dollar flow of order activity in the quarter. So we just haven't seen it slowing down. People are buying aircraft. And are they replacing older aircraft? Absolutely. Or in some cases, are the expanding fleet capacity, absolutely. We continue to see strong demand, obviously, part of the rationale behind the (inaudible) program. As they continue to see very strong demand on the fractional side.

看，諾亞。需求環境持續強勁。我的意思是，這真的很強勁——訂單到賬單非常強勁，而且只是本季度訂單活動的絕對美元流量。所以我們只是沒有看到它放緩。人們正在購買飛機。他們正在更換舊飛機嗎？絕對地。或者在某些情況下，絕對是不斷擴大的機隊容量。顯然，我們持續看到強勁的需求，這也是（聽不清楚）計畫背後的部分原因。因為他們繼續看到分數方面的強勁需求。

So it's really across the board. And it's typical what we've been seeing for a while. It's very strong jets in the U.S., although there's certainly some good order activity with jets outside the U.S., it's very strong across the turboprop product lines and both the King Airs, obviously, with SkyCourier and Caravans continue to perform well. So it just continues to be a strong demand environment.

所以這確實是全面的。這是我們一段時間以來所看到的典型情況。它在美國是非常強大的噴射機，儘管在美國以外的噴射機肯定有一些良好的訂單活動，但它在整個渦輪螺旋槳飛機產品線中都非常強大，顯然，空中國王、SkyCourier 和大篷車都繼續表現良好。因此，需求環境仍然強勁。

Okay. And then just on the margin in Aviation, recognizing your point that it has expanded quite a bit from the trough. It's down sequentially and the incremental -- the year-over-year incremental, I think, is a little light of what you normally look for despite healthy unit and price. So -- anything to note there? And I guess, what do we look for, for the Aviation margin to finish the year and maybe into next year?

好的。然後就在航空業的邊緣，認識到你的觀點，即它已經從低谷擴大了很多。它連續下降，而且增量——我認為，儘管單位和價格健康，但同比增量與您通常尋找的相比有點輕。那麼——有什麼需要注意的嗎？我想，我們對今年年底乃至明年的航空利潤率有何期待？

Well, look, I think we're going to continue to see strong margin performance, Noah. We -- without a doubt, are still being impacted by performance issues, just the amount of efficiencies that are driven by those parts that are showing up late and labor turnover, which I think everybody is experiencing. It's a challenge in the industry still, and we're going to continue to fight our way through it. But I think we'll continue to do that with very healthy margins.

好吧，我認為我們將繼續看到強勁的利潤率表現，諾亞。毫無疑問，我們仍然受到性能問題的影響，只是那些遲到的部件和勞動力流動所驅動的效率問題，我認為每個人都在經歷。這仍然是行業中的一個挑戰，我們將繼續努力克服它。但我認為我們將繼續以非常健康的利潤率做到這一點。

Can you be through that in full year 2024 numbers? Or are you likely to still be battling that into next year?

你能看懂 2024 年全年的數字嗎？或者你可能會在明年繼續與這個問題作鬥爭嗎？

Well, I think we're going to battle that into next year. So -- like you know, fourth quarter is traditionally a very high delivery quarter. I expect that it will be a high delivery quarter, and we'll see conversion that will give us some additional margin is typical for us in Q4, and I would certainly expect that.

嗯，我想我們會在明年繼續努力。所以，如您所知，第四季度傳統上是交付量非常高的季度。我預計這將是一個高交付季度，我們將看到轉換，這將為我們帶來一些額外的利潤，這對我們來說是第四季度的典型現象，我當然希望如此。

I think we're going to continue to fight this as we go into next year. But again, I mean, obviously, we're not going to get to guidance just yet on 2024. But I think as we've seen in 2023, people should expect the business to deliver solid growth and strong margins.

我認為進入明年我們將繼續為此奮鬥。但我的意思是，顯然我們還不會在 2024 年獲得指導。但我認為，正如我們在 2023 年所看到的那樣，人們應該期望該業務能夠實現穩健的成長和強勁的利潤率。

Next, we go to Doug Harned with Bernstein.

接下來，我們將與伯恩斯坦一起拜訪道格·哈內德。

I wanted to continue on the strong backlog topic. When you started the year, it looked like -- I think you were thinking kind of a 1:1 book-to-bill for the year. And clearly, it's been much better than that. Could you talk about how your expectations have changed over time? And has the mix shifted at all?

我想繼續討論積壓的問題。當你開始這一年時，看起來——我認為你正在考慮今年的圖書與賬單是 1:1 的。顯然，情況比這要好得多。您能談談您的期望隨著時間的推移而發生了怎樣的變化嗎？混合方式是否改變了？

No, it really hasn't. Look, I mean we did sort of set our base plan, expecting kind of 1:1, and look, I think eventually, the industry has to get to 1:1. It's not -- I don't really think it can continue to exceed that much for that long. But obviously, our sales teams are out there and customer demand is what it is. So if it's greater than 1:1, obviously, that's terrific for the business.

不，確實沒有。聽著，我的意思是，我們確實制定了基本計劃，期望達到 1:1 的比例，而且我認為最終，行業必須達到 1:1。我真的不認為它可以持續超過那麼長時間。但顯然，我們的銷售團隊就在那裡，客戶的需求就是如此。因此，如果比例大於 1:1，顯然對業務來說是非常有利的。

And as you note, we have seen that through the course of the year. So we'll continue to kind of plan and look at production volumes and adjust accordingly as we go forward.

正如您所指出的，我們在這一年中已經看到了這一點。因此，我們將繼續制定計劃並關注產量，並在前進過程中進行相應調整。

But the mix is markedly different. As I said, we're still seeing strong jet demand, we're seeing across all the turbo product lines. We're seeing it virtually across all of our different aircraft types.

但混合方式明顯不同。正如我所說，我們仍然看到強勁的噴射機需求，我們看到所有渦輪產品線。我們幾乎在所有不同的飛機類型中都看到了這一點。

Obviously, it's helped by having some new aircraft like the Sky Courier out there, it's helped by having some of these upgrade programs which always stimulates the market when you do a next version of CJ3, our next version of an M2. We have (inaudible) announced out there. So there's a lot of things we're always doing to invest in the product lines to kind of continue to help drive that demand in the market.

顯然，像 Sky Courier 這樣的新飛機的推出，以及一些升級計劃的幫助，當你推出下一個版本的 CJ3（我們的下一個版本的 M2）時，這些升級計劃總是會刺激市場。我們已經（聽不清楚）宣布了。因此，我們一直在做很多事情來投資產品線，以繼續幫助推動市場需求。

But for sure, versus our estimation at the beginning of the year 1:1, the end market continues to be stronger than even we would have expected, which is obviously a positive.

但可以肯定的是，與我們年初 1:1 的預測相比，終端市場繼續強於我們的預期，這顯然是正面的。

Yes, it is a positive, but I'm also -- I'm interested in how you deal with this because you have delays in supply -- some delivery delays with the supply chain. You've got this huge backlog. I mean, how far out are you scheduling deliveries now? And do you start to run into an issue here if this were to continue? Because as you say, ultimately, should be at 1:1 at some point.

是的，這是積極的，但我也對你們如何處理這個問題感興趣，因為你們的供應出現了延誤，供應鏈出現了一些交貨延誤。你有這麼大的積壓。我的意思是，你們現在安排送貨多久了？如果這種情況持續下去，你會開始遇到問題嗎？因為正如你所說，最終在某個時刻應該是 1:1。

Yes. Well, look, we obviously continue to work with our supply chain to try to make necessary adjustments. And as I said, I think the trend line is improving. But it still comes down to a part. So I missing a few parts. I can't deliver an aircraft for missing one part I can't deliver an aircraft. So it is still a problem, but I do think it's trending in the right way.

是的。好吧，看，我們顯然會繼續與我們的供應鏈合作，嘗試做出必要的調整。正如我所說，我認為趨勢線正在改善。但它仍然歸結為一部分。所以我遺漏了一些部分。由於缺少一個零件，我無法交付一架飛機 我無法交付一架飛機。所以這仍然是一個問題，但我確實認為它的趨勢是正確的。

Obviously, as we adjust and think about our production rates going forward, we're working with those suppliers to kind of forecast to them, how we're going to adjust our rates into the future. But that's a real-time activity, right, that's going on all the time. So as I kind of indicated earlier, I think we'll expect to see increased deliveries again in 2024 versus 2023. And that's partly stronger demand, and it's partly getting some of the supply chain issues resolved and getting back to where we can make -- generate additional volume out of factory.

顯然，當我們調整和考慮未來的生產力時，我們正在與這些供應商合作，向他們做出預測，我們將如何調整未來的生產力。但這是實時活動，對吧，一直在進行。因此，正如我之前指出的那樣，我認為我們預計 2024 年的交付量將比 2023 年再次增加。這部分是因為需求強勁，部分是因為解決了一些供應鏈問題並回到了我們可以製造的地方 - - 出廠時產生額外的產量。

Next go to the line of George Shapiro with Shapiro Research.

接下來轉到夏皮羅研究中心的喬治夏皮羅系列。

Maybe this one for Frank. The increase in guidance, I mean, this quarter, you got a big benefit from finance, somewhat offset, I guess, with eAviation being worse than what I would have expected and a lower tax rate. Was there operational benefits in that EPS increase you got? It was mainly these items I just mentioned.

也許這就是弗蘭克的。我的意思是，本季指引的增加，你從金融中獲得了很大的好處，我猜，有些抵消了，因為 eAviation 比我預期的更糟糕，而且稅率更低。每股盈餘的增加是否為您帶來了營運效益？主要就是我剛才提到的這些。

No, we're seeing as Scott said. I mean, we're seeing strong performance across Bell. And so I think Bell is going to come in at higher margins than we would have originally guided. We're seeing strong performance at Systems. They'll be at least the top end of our original guidance range, we're seeing, frankly better volumes and solid and strong margin performance in the Industrial segment.

不，我們看到的是斯科特所說的。我的意思是，我們看到貝爾的表現強勁。因此，我認為貝爾的利潤率將高於我們最初的預期。我們看到 Systems 表現強勁。我們看到，它們至少將是我們最初指導範圍的高端，坦白說，工業領域的銷售量更好，利潤率表現更穩定、更強勁。

And then at Aviation, we're also seeing, despite some of the volume headwinds, we're seeing strong profit growth and kind of a strong overall year-over-year growth. So that's -- those are certainly the operational aspects. GFC is an operational thing. It can always a recovery from write-off from many years ago. So a good solid performance out of the businesses.

然後在航空領域，我們也看到，儘管存在一些銷售阻力，但我們看到了強勁的利潤成長和整體較去年同期強勁成長。這就是──這些當然是營運方面的。 GFC 是一個可操作的東西。它總是可以從多年前的註銷中恢復過來。因此，企業的業績表現良好。

Okay. And Scott, on the last call, I think there was a comment that maybe deliveries would be higher, closer to somewhere in the 40s from what we saw this quarter. So I assume that's all supply chain. I mean is that going to continue in the fourth quarter as well? So we'll see strong deliveries but maybe less than we would have thought 6 months ago. And does that bode for next year being a lot bigger than what you might have thought before?

好的。斯科特，在最後一次電話會議上，我認為有人評論說交付量可能會更高，從我們本季度看到的情況來看，接近 40 左右。所以我認為這就是所有的供應鏈。我的意思是，這種情況也會在第四季繼續嗎？因此，我們將看到強勁的交付量，但可能低於我們 6 個月前的預期。這是否預示著明年的規模比您之前想像的要大得多？

I would say, George, that for sure, we are delivering fewer aircraft than we originally expected, and that is as a result of these issues and challenges that we're still seeing in the supply chain. We have forecasted and just the way we run our manufacturing operations, obviously, we took down some of the units to accommodate that. Did we have aircraft that moved from Q3 to Q4 this year? Absolutely. Do I think we'll have aircraft that will move from Q4 to Q1? Absolutely.

喬治，我想說的是，我們交付的飛機數量肯定比最初預期的要少，這是我們在供應鏈中仍然看到的這些問題和挑戰的結果。我們已經預測，按照我們經營製造業務的方式，顯然，我們拆除了一些設備以適應這種情況。今年我們有飛機從第三季轉移到第四季嗎？絕對地。我認為我們的飛機會從第四季移至第一季嗎？絕對地。

Again, how much of that is our aircraft that you would add on to what we were originally planning in our 2024 guide versus where we'll be, I mean that's -- that will all be incorporated into what we guide when we get into 2024, George. So -- and again, we're not at a point to do that. We're still working through all those kind of numbers.

再說一次，我們的飛機中有多少是你會添加到我們2024 年指南中最初計劃的內容與我們將要達到的目標中的，我的意思是，當我們進入2024 年時，這一切都將納入我們的指南中， 喬治。所以——再說一次，我們還沒到這樣做的時候。我們仍在研究所有這些數字。

But the only color I would give you is I expect that you certainly would expect to see good growth and over the 2023 number. So for sure, be it just overall demand or things that are moving from '23 to '24. '24 should be a strong year for us.

但我唯一能給你的顏色是，我預期你肯定會期望看到良好的成長，並且超過 2023 年的數字。所以可以肯定的是，無論是整體需求還是從 23 世紀到 24 世紀的變化。 '24 對我們來說應該是強勁的一年。

Next, we move on to Cai von Rumohr with TD Cowen.

接下來，我們將與 TD Cowen 一起討論 Cai von Rumohr。

And good quarter. Frank, could you maybe talk a little bit about do we see -- do you get any benefit out of the latest IRS clarification of Section 174? And should we be concerned about pension being a significant headwind next year?

良好的季度。 Frank，您能否談談我們是否看到 - 您是否從 IRS 對第 174 條的最新澄清中獲得任何好處？我們是否應該擔心退休金將成為明年的重大阻力？

On the 174, we had been following kind of what the guidance clarification resulted in. So we -- there is no change to -- from a cash tax standpoint.

在 174 上，我們一直在遵循指南澄清的結果。因此，從現金稅的角度來看，我們沒有變化。

With regard to pension, as you know, we'll go through our year-end process around that. I would not expect it to be a headwind. So I think that kind of we shouldn't have a problem with pensions and from a headwind standpoint as we move into '24.

關於退休金，如您所知，我們將圍繞它完成年終流程。我不希望這會變成逆風。所以我認為，當我們進入 24 世紀時，從逆風的角度來看，我們不應該在退休金方面遇到問題。

Got it. Okay. And then, Scott, strategically, I mean you've announced a couple of new updates at NBAA, but you haven't done a major new clean sheet in a while and not that the rest of your competitors have done anything. But what's your thinking looking out a couple of years? Obviously, you've got good demand now. You've got some nice smaller new products coming. But do you think that you need to start something bigger for the next 3 to 5 years?

知道了。好的。然後，斯科特，從戰略上講，我的意思是你在NBAA 上宣布了一些新的更新，但你已經有一段時間沒有完成重大的新失球，而且你的其他競爭對手也沒有做任何事情。但未來幾年你的想法是什麼？顯然，你現在有很好的需求。你們即將推出一些不錯的小型新產品。但你認為在未來 3 到 5 年內你需要開始一些更大的事情嗎？

Well, I think where we are right now, Cai, I mean, obviously, we've just come up the SkyCourier program. We had Denali, which is in certification, that's coming along very nicely. I think that will be a spectacular product for us. We did just announce the Ascend which is a pretty big program. That's -- and so I think, I guess, strategically, Cai, I think where we are on the sort of that Latitude/Longitude family are in really good shape.

好吧，我想我們現在所處的位置，蔡，我的意思是，顯然，我們剛剛推出了 SkyCourier 計劃。我們有 Denali，它正在認證中，進展非常順利。我認為這對我們來說將是一個令人驚嘆的產品。我們剛剛宣布了 Ascend，這是一個相當大的計劃。那是 - 所以我認為，我想，從戰略上講，蔡，我認為我們在緯度/經度系列中的位置非常好。

Those are both relatively new aircraft. Certainly, there will be upgrades and enhancements to those programs as we go down the line but we sort of have turned from a long period of time, a decade really of making major investments in those mid- to super mid aircraft and have gone back now and we made some pretty good investments in some of the turboprop family.

這些都是相對較新的飛機。當然，隨著我們的發展，這些計劃將會升級和增強，但我們已經從很長一段時間、實際上是十年來對中型到超中型飛機進行重大投資的時期轉向了現在，現在又回來了我們對一些渦輪螺旋槳飛機系列進行了一些相當不錯的投資。

And again, that light to mid-sized jet, Ascend, I think, is going to be a fabulous product for us. That kind of fits that space where the XLS has lived in the XL before that for many years, home run product for us. And I think the Ascend is going to be kind of filling those shoes. So we're really excited about that.

我認為，輕型到中型噴射機 Ascend 對我們來說將是一款出色的產品。這很適合 XLS 多年來一直存在於 XL 中的空間，對我們來說是本壘打產品。我認為 Ascend 將填補這些空缺。所以我們對此感到非常興奮。

And again that Denali is going to be a great product that's, I think, doing well here and going through the certification process right now. So look, we're always -- as you know, there's always stuff on the drawing board and ideas and plans that we're always working on, but that's -- we don't have any new announcements for you beyond that stuff. We're pretty full up right now, actually.

再次強調，Denali 將成為一款出色的產品，我認為它在這裡表現良好，並且現在正在通過認證過程。所以，你看，我們總是——如你所知，總是有一些東西在繪圖板上、我們一直在努力的想法和計劃，但那就是——除了這些東西之外，我們沒有任何新的公告給你。事實上，我們現在已經很滿了。

Next, we move on to Robert Stallard with Vertical Research.

接下來，我們轉向垂直研究的羅伯特·斯塔拉德（Robert Stallard）。

Scott, there's some concerns yet again about the outlook for the economy and higher interest rates and all that. And I was wondering, in the Aviation division, have you seen any of your customers starting to get a little more concerned about their ability to take jets and trying to defer things?

斯科特，人們再次對經濟前景和利率上升等感到擔憂。我想知道，在航空部門，您是否看到任何客戶開始更加擔心他們乘坐噴射機的能力並試圖推遲事情？

No, we really haven't, Robert. It's been -- I mean, if there's been a cancellation here or there, it's none that I'm even aware of here lately. I think the demand is strong and look people are thinking about, what could you be a 12- to 18-month softness in the economy. The reality is right now, people are talking about deliveries that are out way beyond that. It's just because of the nature of the backlog.

不，我們真的沒有，羅伯特。我的意思是，如果這裡或那裡有取消的情況，我最近在這裡根本不知道。我認為需求很強勁，人們正在思考，經濟持續 12 到 18 個月的疲軟會是什麼樣子。現在的現實是，人們談論的交付遠遠超出了這個範圍。這只是因為積壓的性質。

So I don't think -- we certainly have not seen any impacts of this shortsighted kind of, hey, you guys what's going to happen in the economy in the next 18 months window, the deliveries. People are taking their aircraft. We haven't seen any problems there. And again, from an order perspective, they're out way beyond that period that might be of any concern.

所以我不認為——我們當然沒有看到這種短視的影響，嘿，你們這些傢伙，在未來 18 個月的窗口期，經濟將發生什麼，交付。人們正在乘坐他們的飛機。我們在那裡沒有看到任何問題。而且，從訂單的角度來看，它們已經遠遠超出了可能令人擔憂的時期。

And then similarly on the Industrial side of things, what sort of demand pool are you getting from your customers at both Kautex and Specialized Vehicles?

同樣，在工業方面，您從考特斯和特種車輛的客戶那裡得到了什麼樣的需求池？

We've been seeing a very strong year. The Kautex side of things, North America, in particular, has been growing. Europe has been growing. So we are -- we've seen nice increases in volume growth here in 2023. I expect we'll see that continue in 2024. Obviously, everybody was a little bit worried about the UAW situation. You see this morning, it was Ford has got a tentative agreement, which is great. We haven't seen much impact from that yet. And hopefully, this will get resolved before it has any kind of material impact to us.

我們見證了非常強勁的一年。考特斯方面，尤其是北美，一直在成長。歐洲一直在成長。所以，我們在 2023 年看到了銷量的大幅增長。我預計這種情況會在 2024 年繼續下去。顯然，每個人都有點擔心 UAW 的情況。你看，今天早上，福特已經達成了一項臨時協議，這很棒。我們還沒有看到太大的影響。希望這個問題能夠在對我們產生任​​何實質影響之前得到解決。

We're pretty diversified in terms of the OEMs that we serve and particularly in North America, a lot of the Toyotas and the BMWs, Mercedes and (inaudible) in the southern part of the country. So Anyway, the volume does continue to grow at Kautex. We've seen nice volume growth in the vehicle business as well.

我們服務的原始設備製造商相當多元化，特別是在北美，有許多豐田汽車、寶馬汽車、梅賽德斯汽車和（聽不清楚）該國南部地區的汽車製造商。無論如何，考特斯的銷量確實在持續成長。我們也看到汽車業務的銷售成長良好。

So for sure, we pay close attention to sort of the high-end consumer, if you're going to have a slowdown, adjust accordingly. But all in all, the golf market, the commercial market, it's staying strong, even in the consumer market, which it's not as strong as it was as you see most people and say '21, '22, but it's claims are still quite strong on a historical basis.

因此，可以肯定的是，我們密切注意高端消費者，如果您的消費成長放緩，請進行相應調整。但總而言之，高爾夫市場、商業市場，它仍然保持強勁，即使在消費市場，它並不像你看到的大多數人所說的「21」、「22」那麼強大，但它的說法仍然相當強大。歷史基礎雄厚。

So I think the business -- and that's a lot of the intersection of all those things is what's been driving nice growth for us.

所以我認為業務——所有這些事情的許多交叉點一直在推動我們的良好成長。

Next, we move on to Kristine Liwag with Morgan Stanley.

接下來，我們請來摩根士丹利的克里斯汀‧利瓦格 (Kristine Liwag)。

Scott and Frank, leverage on the balance sheet is pretty low at less than 1 turn of EBITDA. Free cash flow is pretty solid. You mentioned the demand environment is strong. I guess looking at the stability and the strength of your business, what's your appetite for either an incremental outsized capital return to shareholders in excess of your existing share repurchase plan or some sort of transformative deal?

Scott 和 Frank，資產負債表上的槓桿率相當低，不到 EBITDA 的 1 倍。自由現金流相當穩定。您提到需求環境強勁。我想，考慮到您業務的穩定性和實力，您對超過現有股票回購計畫的增量巨額資本回報股東或某種變革性交易的興趣是什麼？

Well, look, Kris, clearly, our focus and what we've communicated and what we've been executing on, we did again here in the third quarter, is really focusing our capital returns around share buyback. And we continue to do that here in the third quarter. So it was another quarter of strong turns. Obviously, we agree. I mean I think our balance sheet is a good place. We're generating strong cash flows, and we'll continue to use that on the share buyback.

好吧，克里斯，顯然，我們的重點、我們所傳達的內容以及我們一直在執行的內容，我們在第三季度再次這樣做，實際上是將我們的資本回報集中在股票回購上。我們在第三季繼續這樣做。所以這又是一個強勁的季度。顯然，我們同意。我的意思是，我認為我們的資產負債表是一個好地方。我們正在產生強勁的現金流，我們將繼續將其用於股票回購。

In terms of any acquisition opportunity, like we're always keeping an eye out for things. And if there's something that makes sense for us, obviously, we have a balance sheet and an ability that we can do that. Obviously, we have to convince ourselves that, that's something that's good for our shareholders.

就任何收購機會而言，我們總是密切注意。如果有什麼對我們有意義的事情，顯然我們有資產負債表並且有能力做到這一點。顯然，我們必須說服自己，這對我們的股東有利。

And there have been a couple of deals out there where we concluded that wouldn't be the right thing, but we certainly always keep an eye out and contrast that versus just continuing the share buyback program, which I think has been very successful.

我們得出的結論是，有幾筆交易不是正確的事情，但我們當然會始終密切關注並與繼續進行股票回購計劃進行對比，我認為該計劃非常成功。

Great. And maybe following up on what we've seen in the industry, Embraer signed a 20-year licensing agreement to service Pratt GTF engines including the Airbus A320neo, considering your strength in services for business jets, what's your appetite to join that engine MRO ecosystem and expand your addressable market?

偉大的。也許是為了跟進我們在行業中看到的情況，巴西航空工業公司簽署了一項為期20 年的許可協議，為包括空中巴士A320neo 在內的普拉特GTF 引擎提供服務，考慮到您在公務機服務的實力，您有什麼興趣加入該引擎MRO 生態系統並擴大您的目標市場？

Yes, I don't -- I'm not -- I don't know all the details of that. I mean, we're obviously -- we work very, very closely with our engine suppliers and making sure that there's great MRO capability for them. Obviously, there's engine programs, which we promote with those suppliers. But I mean we love our service business. Our service business has been growing.

是的，我不——我不——我不知道這一切的細節。我的意思是，我們顯然 - 我們與我們的引擎供應商非常非常密切地合作，並確保他們擁有強大的 MRO 能力。顯然，我們與這些供應商一起推廣了引擎專案。但我的意思是我們熱愛我們的服務業務。我們的服務業務一直在成長。

As you know, over the last decade, we've taken a lot of this and do a lot more direct service around our aircraft than we used to do, and that's been a big success for us. But getting into the engine MRO business is not something that I think would make any -- it would make any sense for us. I mean all cared about the engine in the world. The value in engine overhaul is in the parts and those parts come from those suppliers. So I think that's probably best left to them to manage.

如您所知，在過去的十年中，我們已經採取了很多措施，並為我們的飛機提供了比以前更多的直接服務，這對我們來說是一個巨大的成功。但我認為進入引擎 MRO 業務不會產生任何影響——這對我們來說是有意義的。我的意思是世界上所有人都關心引擎。發動機大修的價值在於零件，而這些零件來自這些供應商。所以我認為這可能最好留給他們來管理。

Next, we go to Jason Gursky with Citi.

接下來，我們請來花旗銀行的傑森‧古爾斯基 (Jason Gursky)。

Scott, I was wondering if I get you to just put aside the supply chain issues for a moment and just assume that they weren't there. And talk a little bit about what you're hearing from your customer in Aviation and how long customers seem like they're willing to wait for it yet? And if you all could just kind of wave a magic wand and get your production to the right level for the right wait time for those customers, what would that wait time be?

斯科特，我想知道是否可以讓您暫時擱置供應鏈問題並假設它們不存在。並談談您從航空業客戶那裡聽到的消息以及客戶似乎願意等待多長時間？如果你們都可以揮動魔杖，讓你們的生產達到正確的水平，並為這些客戶提供正確的等待時間，那麼等待時間會是多少？

For 2-plus years today, we were less than 12 months prior to the pandemic. What's the right level that we should all be thinking about as things kind of settle out?

兩年多的今天，距離大流行病爆發不到 12 個月。當事情得到解決時，我們應該考慮的正確程度是多少？

Well, look, it's a good question, Jason. There's no way to know totally the answer to that. I mean there's no question that right now, we have customers that would like to see us have delivery dates earlier than what we're able to promise them. I mean that's true. I think that obviously, this adjustment that's going on is that I think for -- obviously, for a decade or so, customers knew they could come in when they wanted to get a new aircraft and get something delivered in a very short period of time. That wasn't true historically, as you know, and it's certainly not true today.

嗯，聽著，這是個好問題，傑森。沒有辦法完全知道這個問題的答案。我的意思是，毫無疑問，現在我們的客戶希望看到我們的交貨日期早於我們向他們承諾的日期。我的意思是那是真的。我認為顯然，正在發生的這種調整是我認為的——顯然，在十年左右的時間裡，客戶知道當他們想要購買一架新飛機並在很短的時間內交付東西時，他們可以進來。如你所知，歷史上情況並非如此，今天也更是如此。

So I do think that we've gone through some challenging phase with customers who are kind of accustomed to say, "Well, geez, I should be able to get that in 3 months or 6 months" and say, no, guys, actually, it's a couple of years. But I think the market is adjusting to that, right? Customers know what the order backlogs look like in the industry.

所以我確實認為我們已經經歷了一些具有挑戰性的階段，客戶習慣於說，“好吧，天哪，我應該能夠在3 個月或6 個月內得到它”，然後說，不，夥計們，實際上，已經有幾年了。但我認為市場正在適應這一點，對嗎？客戶知道行業中的訂單積壓情況。

And people now realize that if you're thinking about your fleet planning, you're thinking about your current aircraft and when you're going to want to do an upgrade that you need to be thinking about that being a couple of years out, not something that you just could come in inside of a quarter or even inside of a year and get a transaction done.

人們現在意識到，如果你正在考慮你的機隊規劃，你正在考慮你當前的飛機，當你想要進行升級時，你需要考慮幾年後的情況，這不是你可以在一個季度甚至一年內完成交易的事。

So I think we're probably on the -- certainly at a point, where customers would like earlier delivery dates than what we can promise them. But I think customers are getting accustomed to the fact that this is a couple of year kind of a time line and they need to plan accordingly which frankly is not all bad for them either because they can think about how they plan the sale of their used aircraft, it's a much more -- it's a better market environment for everybody, including those buyers because so many of them currently own an aircraft.

因此，我認為我們可能正處於這樣一個階段：客戶希望的交貨日期比我們向他們承諾的日期更早。但我認為客戶已經習慣了這樣一個事實，即這是幾年的時間線，他們需要做出相應的計劃，坦率地說，這對他們來說也不全是壞事，因為他們可以考慮如何計劃如何出售二手車飛機，這對每個人來說都是一個更好的市場環境，包括那些買家，因為他們中的許多人目前擁有飛機。

I don't know if that helps you because I mean, there's not really a specific answer here, but 2 years that's a long time, but people have to kind of plan accordingly at this stage of the...

我不知道這是否對你有幫助，因為我的意思是，這裡沒有真正的具體答案，但兩年是很長的時間，但人們必須在這個階段做出相應的計劃...

Yes. I think what a lot of us are trying to figure out is, once these supply chain issues work their way through, how much we might see production rates across the industry come up over time? If we're 2 years now, is the sweet spot 18 months, and we can kind of back into what that would mean from a production rate perspective. I think it's what we're all trying to better understand.

是的。我認為我們很多人都想弄清楚的是，一旦這些供應鏈問題得到解決，隨著時間的推移，我們可能會看到整個產業的生產力會提高多少？如果我們現在是 2 年，那麼最佳時間是 18 個月，我們可以從生產力的角度來回顧這意味著什麼。我認為這是我們都試圖更好地理解的。

That math is too sophisticated for me.

這個數學對我來說太複雜了。

Maybe an easier one then on Industrial. Can you talk a little bit about the margin and the margin opportunity in that business over the longer term based on new product offerings and product development things that you're working on today? Just whether there's any structural opportunity for margins in that business over the longer term.

也許比工業更容易。您能否根據您今天正在從事的新產品供應和產品開發工作，談談該業務的長期利潤和利潤機會？只是從長遠來看，該業務是否存在任何結構性利潤機會。

No, look, I mean, I think we still have margin opportunity. I mean, this business should be a high single-digit margin. I mean it's got a lot of auto in there. Kautex is a good business. It generates good cash. It generates good margin. But we're, obviously, right now, you're still trying to get some of the auto volumes back up around the world, and we have obviously capacity to do that.

不，我的意思是，我認為我們仍然有利潤機會。我的意思是，這項業務的利潤率應該很高。我的意思是裡面有很多汽車。考特斯是一家好企業。它能產生大量現金。它產生良好的利潤。但顯然，我們現在仍在努力恢復世界各地的一些汽車銷售量，而且我們顯然有能力做到這一點。

So better utilization, more efficient utilization of some of that capacity would be obviously be helpful. And that's part of what's driving the margin improvement this year.

因此，更好地利用、更有效地利用其中一些容量顯然會有所幫助。這是推動今年利潤率改善的部分原因。

The same is true in the vehicle business. We've had strong demand across most of those product lines. Some of them are still recovering from some of the post-COVID. Some of them still are struggling with a lot of the same kinds of supplier and labor challenges that we talk about in aviation, and that's -- we're still -- have a fair bit of inefficiencies in some of those factories as we manage our way through that. So I do think there's still some upside in terms of margins in the future.

汽車業務也是如此。我們對大多數產品線都有強勁的需求。他們中的一些人仍在從新冠疫情後的恢復中恢復。他們中的一些人仍然在與我們在航空領域談論的許多相同類型的供應商和勞動力挑戰作鬥爭，而且我們仍然在管理我們的工廠時，其中一些工廠效率相當低。就這樣。因此，我確實認為未來的利潤率仍有一些上升空間。

Next, move on to Myles Walton with Wolfe Research.

接下來，請轉向沃爾夫研究中心的邁爾斯·沃爾頓。

Scott, I was wanting to lead off on the NetJets agreement. And I realize it's not in backlog. So maybe this is a little bit of a carton from the horse. But when you sign up to deliver or agree upon 1,500 jets per 15 years in a pre-inflationary market, I imagine that's probably a little bit more straightforward maybe.

Scott，我想主導 NetJets 協議。我意識到它沒有積壓。所以也許這有點像馬的紙箱。但當你簽約或同意在通貨膨脹前的市場中每 15 年交付 1,500 架飛機時，我想這可能會更簡單一些。

I just wonder, how do you do that in a very volatile potentially inflationary backdrop? How do you put the constraints and guardrails in place on those realized sale prices? And just to confirm, does this start to fold in, in '25?

我只是想知道，在一個非常不穩定的潛在通膨背景下，你如何做到這一點？如何對已實現的銷售價格設定限制和護欄？只是為了確認一下，這是否會在 25 年開始出現？

So look, I want to probably (inaudible) go into all of the gory details of the arrangement, but we've always worked with -- there's always been a factor in how we work with NetJets that takes in consideration market pricing. So it's not something that's a fixed price 15-year thing. I mean nobody could do that. I mean in the industry.

所以，聽著，我可能想（聽不清楚）詳細介紹安排的所有細節，但我們一直在合作 - 在我們與 NetJets 的合作方式中始終存在一個考慮市場定價的因素。所以這不是15年固定價格的東西。我的意思是沒有人能做到這一點。我指的是行業內。

So there's adjustments that are made that have to do with market pricing that's, frankly, a very fair equitable deal because, again, you really have to think of NetJets. I mean they're out selling aircraft into this marketplace. So we -- you think about, I guess, almost a wholesaling right of these aircraft to NetJets and then they have a spread for covering their costs and sales and running their business.

因此，我們進行了與市場定價有關的調整，坦白說，這是一項非常公平的交易，因為您確實必須考慮 NetJets。我的意思是他們正在向這個市場出售飛機。因此，我想，您會想到，NetJets 幾乎擁有這些飛機的批發權，然後他們就有了一定的價差來支付成本、銷售和運營業務。

So there is a market adjustment scheme that's incorporated into this thing. So nobody is trying to sit down and imagine what pricing is 15 years from now.

所以這裡麵包含了一個市場調整計畫。因此，沒有人會嘗試坐下來想像 15 年後的定價情況。

And then in terms of the initiation of the contract, is it a '25 start deliveries with the last one running through '24?

然後就合約的啟動而言，是“25 年開始交付”，最後一次交付要持續到“24 年”嗎？

Yes, I think that's about right. I mean, again, it's an add-on, right? So we're -- it extends the agreement we already have, and we sit down obviously, every quarter and sort of true up what's that deliveries that are a year out. So -- but yes, I think if you looked at how many aircraft were left on the old agreement versus the new agreement, it's kind of phasing kind of '24, '25 time frame.

是的，我認為這是正確的。我的意思是，這又是一個附加元件，對嗎？所以我們——它擴展了我們已經達成的協議，顯然我們每個季度都會坐下來，核實一年後的交付量。所以，但是，是的，我認為如果你看看舊協議和新協議中還剩下多少架飛機，你會發現這是一種「24、25」時間框架的分階段。

And then, Frank, just to clean up, can you level set us on interest and tax rate for the year at this point, given we only have the quarter left?

然後，弗蘭克，為了清理一下，考慮到我們只剩下一個季度了，您能否為我們確定今年的利率和稅率？

Yes. I mean, interest is expense is going to come in a little better than we had originally guided just given what's going on with, frankly, our investment in our cash balances and tax is probably going to be a little bit better also than we had guided, maybe 1 point better than our original guidance.

是的。我的意思是，考慮到目前的情況，利息費用將比我們最初指導的要好一點，坦白說，我們對現金餘額和稅收的投資可能也會比我們指導的好一點，也許比我們最初的指導好1 個點。

Next, we move on to Peter Arment with Baird.

接下來，我們轉向貝爾德的彼得·阿門特。

Scott and Frank, nice results. Scott, on Systems, the performance there continues to be really, really good, and there was obviously a bullish tone down the USA around just a lot of the modernization efforts. How are you feeling about the kind of visibility of that business going forward?

斯科特和弗蘭克，結果不錯。斯科特，在系統方面，那裡的表現仍然非常非常好，並且圍繞著美國的許多現代化努力，顯然有一種看漲的基調。您對該業務未來的知名度有何看法？

Peter, I think they're in a very good place. I mean a lot of the things that we've been working on for a very long time are starting to kind of come to roost. We had a nice strong growth in the quarter. That's driven by things like XM250, which -- as you know, we're sort of decade-long investments in IRAD for some of these new munition systems, which are doing well. The sentinel program, obviously, we're one of the partners with Northrop Grumman that program continues to grow nicely.

彼得，我認為他們處於一個非常好的位置。我的意思是，我們長期以來一直在努力的許多事情都開始發揮作用。我們在本季度實現了強勁的成長。這是由 XM250 之類的東西推動的，正如你所知，我們對 IRAD 的一些新彈藥系統進行了長達十年的投資，這些系統表現良好。顯然，哨兵計劃是諾斯羅普·格魯曼公司的合作夥伴之一，該計劃繼續良好發展。

We had some very important down select here just in this quarter around the RCV program with the Army, the ARV program with the Marine Corps. The FUS down select with the Army. So I think the business is performing well. The margins are strong. We've got this business back into a growth mode, and we have several additional opportunities out there that are material, do you win all of them or not, I don't know.

就在本季度，我們圍繞陸軍的 RCV 計劃和海軍陸戰隊的 ARV 計劃進行了一些非常重要的選擇。 FUS 下來選擇陸軍。所以我認為該業務表現良好。利潤率很高。我們已經讓這項業務重新進入成長模式，我們還有一些額外的機會，這些機會都很重要，我不知道你是否會贏得所有這些機會。

But I mean, we have probably 4 or 5 pretty significant opportunities that we'll close here over the next couple of years. So I think the business is executing well. They're delivering on their existing programs very well. And I think they've got a lot of pretty significant growth opportunities that we've been -- are clearly in the pipeline.

但我的意思是，我們可能有 4 到 5 個非常重要的機會，我們將在未來幾年內關閉它們。所以我認為業務執行得很好。他們很好地履行了現有計劃。我認為他們擁有很多非常重要的成長機會，而我們顯然正在醞釀中。

Appreciate that color. And then just Frank, a quick one on do you have the -- what services growth was in Aviation for the quarter?

欣賞那個顏色。弗蘭克，請快速介紹一下，本季航空業的服務成長情況如何？

Yes, it was 3%, and aftermarket was 33% of revenue for the quarter.

是的，這個比例是 3%，售後市場佔該季度營收的 33%。

Next, we go to Ron Epstein with Bank of America.

接下來，我們請來美國銀行的 Ron Epstein。

The Industrials business did well. So my question is this. In the past, Scott, I think you've intimated or maybe more direct than that, that it's core. Is that still how you're thinking about it or not? I mean how do we think about the Industrials business in the context of the kind of greater Textron, which seems to be evolving quickly towards a bigger A&D company?

工業業務表現良好。所以我的問題是這樣的。在過去，斯科特，我認為你已經暗示或可能比這更直接，它是核心。你現在還是這麼想嗎？我的意思是，在德事隆集團似乎正在迅速發展成為一家更大的 A&D 公司的背景下，我們如何看待工業業務？

Ron, I mean the way we're looking at industrial right now is us providing good growth and strong performance improvements and generate good cash. That's how we think about it.

羅恩，我的意思是我們現在看待工業的方式是我們提供良好的成長和強勁的績效改進並產生大量的現金。我們就是這麼想的。

So is it -- so I guess is it core? Is it not core?

所以是嗎——所以我猜它是核心嗎？不是核心嗎？

We've never defined core or noncore. I certainly have never said that. Look, I get what we have said, Ron, is when we think about M&A activity in the company, we certainly would view that the places that we would additionally or add additional capital would probably be in our Aerospace and Defense portfolio. And that's kind of how we look at the M&A world as opposed to thinking that we should increase the size of our Industrial business.

我們從未定義過核心或非核心。我當然從來沒有說過這樣的話。聽著，我明白我們所說的，羅恩，當我們考慮公司的併購活動時，我們當然會認為我們將額外或增加額外資本的地方可能會在我們的航空航天和國防投資組合中。這就是我們看待併購世界的方式，而不是認為我們應該擴大工業業務的規模。

But certainly, to the extent that we can drive organic growth in these businesses, and make smart investments and generate good returns for shareholders. That's the best thing we can do for the shareholders is make sure there's performance. Those businesses are performing as well they can perform.

但可以肯定的是，我們可以推動這些業務的有機成長，進行明智的投資並為股東帶來良好的回報。我們能為股東做的最好的事情就是確保業績。這些企業的表現已盡其所能。

Yes. Fair enough. And then on the M&A front like you mentioned. What's it like out there right now? Are there opportunity? Are there directions that you want to go in terms of A&D. Are you more A focused or D focused or agnostic? How should...

是的。很公平。然後就像你提到的那樣，在併購方面。現在外面怎麼樣？有機會嗎？在 A&D 方面您有什麼想要發展的方向嗎？您更關注 A 還是更關注 D 還是不可知論？應該怎樣...

Yes, probably agnostic. We've done some small deals here in recent times, largely around expanding some of our services footprint. Obviously, we did the Pivotal deal, which has turned out to be, I think, a great acquisition for us to help grow our focus in the future for our Aviation business. Obviously, there's some opportunities there.

是的，可能是不可知論者。最近我們在這裡做了一些小交易，主要是為了擴大我們的一些服務足跡。顯然，我們完成了 Pivotal 交易，我認為這對我們來說是一次偉大的收購，有助於我們更加關注航空業務的未來。顯然，那裡存在一些機會。

There could be massive opportunities in the future or not. We don't know. But I think that's a nice acquisition that's given us some real additional capability in the company. Again, as I said, most of what we look at in terms of any material M&As in that A&D space.

未來可能有大量機會，也可能沒有。我們不知道。但我認為這是一次很好的收購，它為我們公司帶來了一些真正的額外能力。再次，正如我所說，我們關注的大部分內容都是在 A&D 領域的任何實質併購方面。

As you know, Rob, there's deals only come along so often, so you kind of keep an eye out. And look at things that come down the pike. So we'll -- that's what we've been doing, and we'll continue to do that. And if something makes sense, that we think is a great deal. It will be good for our shareholders, and we would certainly be willing to participate in that. We obviously have the capacity to do a fairly material deal, but it has to be something that financially makes sense.

如你所知，羅布，優惠活動非常頻繁，所以你要多加留意。看看接下來發生的事情。所以我們將——這就是我們一直在做的事情，我們將繼續這樣做。如果某件事有意義，我們認為這很重要。這對我們的股東有好處，我們當然願意參與其中。顯然，我們有能力達成相當重要的交易，但它必須在財務上有意義。

Our next question is from Pete Skibitski with Olympic Global.

我們的下一個問題來自 Olympic Global 的 Pete Skibitski。

Just want to follow up on Myles' question and maybe see if we can get into the gory details of the NetJets deal a little bit. But my main question is Scott, is there a minimum number of aircraft that they're obligated to take each year under this deal? And if so, how does that compare to the prior deal?

只是想跟進 Myles 的問題，也許看看我們是否可以稍微了解一下 NetJets 交易的血淋淋的細節。但我的主要問題是史考特，根據這項協議，他們每年有義務購買的飛機數量是否有最低限度？如果是這樣，與之前的交易相比如何？

No, they don't. Look, guys, the relationship and the way this works is that I mean, our friends at NetJets are out every day selling aircraft. And they're selling those shares. And by the way, I think that's a very robust strong market right now, which is fabulous but they sit down with us in real time. I mean, every quarter, looking out a year out and given where the market is and what sales activity looks like, what their pipeline looks like, firming up.

不，他們沒有。聽著，夥計們，我的意思是，我們在 NetJets 的朋友每天都在外面銷售飛機。他們正在出售這些股票。順便說一句，我認為現在這是一個非常強大的市場，這非常棒，但他們實時與我們坐在一起。我的意思是，每個季度，展望一年，考慮到市場的情況、銷售活動的情況、他們的管道狀況，都會變得更加牢固。

Those aircraft that we're going to deliver in roughly that 1-year window. So when the market is strong, they're selling. We expect that thing to continue to grow. If there was a slowdown, and we expect to see that number come down. So it's a total 100% alignment around that end market.

我們將在大約一年的時間內交付這些飛機。因此，當市場強勁時，他們就會拋售。我們預計這件事會繼續增長。如果經濟放緩，我們預計這個數字會下降。因此，這是圍繞終端市場 100% 的調整。

Okay. And how do you think about the high end -- I mean, on average, 100 aircraft a year would be more than 50% of your deliveries this year. How do you think about contemplating if you could ever get to the high end of that deal?

好的。你如何看待高端——我的意思是，平均每年 100 架飛機將佔今年交付量的 50% 以上。您如何考慮是否可以達到這筆交易的最高限額？

Well, again, that's based on the market, right? I mean if the end market continues to be that robust, but I would -- I guess, what I would say is if the end market is going to be that robust on the fractional side and all like it's also going to be that robust in the whole aircraft side. So you have to expect to see overall production output growing, not locked into where it is in the 2023 number.

嗯，再說一遍，這是基於市場的，對嗎？我的意思是，如果終端市場繼續如此強勁，但我想——我想，我想說的是，如果終端市場在小數方面會如此強勁，而且在小數方面也會如此強勁。整個飛機側面。因此，您必須預期總體產量會成長，而不是鎖定在 2023 年的數字上。

And we have a follow-up from David Strauss with Barclays.

我們還有大衛·史特勞斯與巴克萊銀行的後續行動。

Just wanted to ask specifically on FLRAA. I think you guys have talked about getting kind of $800 million to $900 million annual revenue run rate on FLRAA. Where -- are you fully ramped to that rate in Q3? And if not, did that have something to do with the Bell margin holding up, I think, certainly better than we had thought?

只是想具體詢問FLRAA。我想你們已經討論過如何讓 FLRAA 的年收入達到 8 億至 9 億美元。您在第三季是否完全達到了這個速度？如果不是，我認為這是否與貝爾利潤保持得比我們想像的要好有關？

No, I wouldn't say there's a margin impact to it. But certainly, we're not ramped to that rate yet, David. I mean that will grow here as we go through '23 to '24. I would say the ramp is going well. I mean, a lot of our internal resources, ramping up the engineering activity is happening at a pretty good clip. But obviously, a lot of that is also getting all of our suppliers on board and getting a lot of key partners ramped up.

不，我不會說它會對利潤產生影響。但當然，我們還沒有達到這個速度，大衛。我的意思是，隨著我們從 23 世紀到 24 世紀，這種成長將會成長。我想說坡道進展順利。我的意思是，我們大量的內部資源正在以相當好的速度增加工程活動。但顯然，其中很大一部分還在於讓我們所有的供應商加入進來，並讓許多關鍵合作夥伴加強。

It took some time from the original contract award to get those guys on to contract. So as you go through the rest of this year and particularly as you grow into 2024, there's the inside kind of Bell heads, if you will, but there's also a lot of ramp that's the pass-through to our partners on the program as well.

從最初授予合約到讓這些人簽訂合約花了一些時間。因此，當你度過今年剩下的時間，特別是當你成長到 2024 年時，如果你願意的話，會有內部的貝爾頭，但也有很多斜坡，這也是我們計劃中的合作夥伴的傳遞。

And I apologize if you've already touched on this, and I may have missed it, but the supply chain issues that you called out on the commercial helicopter side. How do those compare to kind of what you're seeing on the Aviation or jet side? I think you hadn't really highlighted supply chain as a challenge on the Bell commercial side prior to today.

如果您已經談到了這一點，我很抱歉，我可能錯過了，但是您在商用直升機方面提出了供應鏈問題。這些與您在航空或噴射機方面看到的情況相比如何？我認為在今天之前您並沒有真正強調供應鏈是貝爾商業方面的挑戰。

Yes, it's very similar issue, David. I mean they're -- it's very similar issues.

是的，這是非常相似的問題，大衛。我的意思是，它們是非常相似的問題。

And we have a follow-up from Cai von Rumohr with TD Cowen.

我們還有 Cai von Rumohr 和 TD Cowen 的後續報導。

Yes. So your deliveries were down 50% at Bell and Commercial. Maybe give us some color on like, what's the demand there? And what should we look like in the fourth quarter? Because your original guidance assumes a very big step-up that looks like it's going to be tough to hit and you also had talked about margins kind of coming down as FLRAA effort ramped? And maybe some color in terms of where the margins could be.

是的。因此，貝爾和商業公司的交付量下降了 50%。也許給我們一些啟發，例如，那裡的需求是什麼？第四季我們應該是什麼樣子？因為您最初的指導假設了一個非常大的提升，看起來很難實現，而且您還談到隨著 FLRAA 努力的加大，利潤率會下降？也許還有一些關於邊緣位置的顏色。

Yes, I'm not sure I have a whole lot of additional color on the margin side, Cai, that we certainly expect it to be, given the performance through the course of the year that it will be over the top end of what we originally guided. So I think we still feel that the Bell will finish out a very strong year.

是的，我不確定我在邊際方面有很多額外的顏色，蔡，我們當然期望它是這樣，考慮到今年的表現，它將超過我們的上限原來是引導的。所以我認為我們仍然認為貝爾將結束非常強勁的一年。

But the numbers are significant, and I appreciate that, and it certainly looks like a big ramp. We had a couple of issues very specific around our 505, which is a fairly high-volume product, but a relatively speaking, lower dollar per unit volume. So a lot of the numbers miss and a lot of the challenge, frankly, in Q4 in terms of the units is around those 505. So obviously, we would like to get them out. Customers want us to get them out. But the miss on a number of those very light helicopters won't have a big material impact to the performance overall at Bell.

但這些數字是巨大的，我很欣賞這一點，而且它看起來確實是一個很大的坡道。我們在 505 方面遇到了一些非常具體的問題，這是一個產量相當大的產品，但相對而言，每單位產量的美元較低。因此，坦白說，第四季的數量大約是 505 台，有很多數字缺失，也有很多挑戰。很明顯，我們希望將它們剔除。客戶希望我們把他們拿出來。但一些超輕型直升機的失誤不會對貝爾的整體表現產生重大影響。

And ladies and gentlemen, that does conclude the Q&A portion of today's conference.

女士們先生們，今天會議的問答部分到此結束。

If you would like to access the digitized replay of this call, it will be available after 10 a.m. Eastern Time today through October 26, 2024 at midnight. You may access the replay by calling (866) 207-1041 or (402) 970-0847 and use the access code 5951112. Again, that's (866) 207-1041 or (402) 970-0847 with the access code 5951112.

如果您想觀看本次通話的數位化重播，可在東部時間今天上午 10 點後至 2024 年 10 月 26 日午夜期間觀看。您可以通過撥打 (866) 207-1041 或 (402) 970-0847 並使用訪問代碼 5951112 來觀看重播。同樣，請撥打 (866) 207-1041 或 (402) 970-0847，使用訪問代碼 5951112。

And that does conclude your conference for today. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。