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Event Transcript THOMSON REUTERS EDITED TRANSCRIPT General Electric Co Aviation & GECAS Investor Day at the Paris Air Show EVENT DATE/TIME: JUNE 18, 2019 / 6:30AM GMT THOMSON REUTERS | Contact Us 1 ©2019 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. JUNE 18, 2019 / 6:30AM GMT, General Electric Co Aviation & GECAS Investor Day at the Paris Air Show CORPORATE PARTICIPANTS Alec Burger GE Capital Aviation Services, Inc. - CEO and President Anthony Aiello GE Aviation - VP of Supply Chain David Leon Joyce GE Aviation - CEO, President and Vice Chairman of GE Gary D. Mercer GE Aviation - VP and GM of Engineering Jason Oliver GE Aviation - CEO and President of Additive Jean M. Lydon-Rodgers GE Aviation - CEO of GE Aviation Services and President of GE Aviation Services Shane M. Wright GE Aviation - Senior VP, COO & CFO Steven Eric Winoker General Electric Company - VP of IR William A. Fitzgerald GE Aviation - VP and General Manager of Commercial Engines Operation CONFERENCE CALL PARTICIPANTS Andrew Alec Kaplowitz Citigroup Inc, Research Division - MD and U.S. Industrial Sector Head Gautam J. Khanna Cowen and Company, LLC, Research Division - MD and Senior Analyst Joseph Alfred Ritchie Goldman Sachs Group Inc., Research Division - VP & Lead Multi-Industry Analyst Julian C.H. Mitchell Barclays Bank PLC, Research Division - Research Analyst Nicole Sheree DeBlase Deutsche Bank AG, Research Division - Director & Lead Analyst Timm Schulze-Melander Redburn - Specialist Sales Clifford Ransom Ransom Research - President Charles Stephen Tusa JP Morgan Chase & Co, Research Division - MD Nigel Edward Coe Wolfe Research, LLC - MD & Senior Research Analyst PRESENTATION Steven Eric Winoker General Electric Company - VP of IR Good morning all, and welcome to this year's Paris Air Show Investor Meeting for GE Aviation and GECAS. I'm Steve Winoker, I'm happy to be in Paris with the team. And we are joined by our GE Vice Chairman and Aviation CEO, David Joyce; and GECAS and GE Capital CEO, Alec Burger. Before we start, I'd like to remind you that the presentation for today is available on our Investor website. Please note that some of the statements we're making today are forward-looking and are based on our best view of the world and our businesses as we see them today. As described in our SEC filings and on our website, those elements can change as the world changes. We'll open up the meeting to Q&A following the presentation. Now with that, I will hand the meeting over to David to start with an update on GE Aviation. David Leon Joyce GE Aviation - CEO, President and Vice Chairman of GE So I'll get started. Just as a quick reminder, our business, $30.6 billion of revenue in 2018. We look at the business really in 6 segments, and we will spend most of the time this morning talking about 2 of these, which is the commercial and the military business. We'll spend the lion's share of the time. However, I do want to let you know that the majority of my staff is here with us today. So feel free to ask any questions or when we're in the Q&A or even after the meeting. All my colleagues are here, and they're, of course, not only capable but willing and able to answer any questions. So with that, let me get started with a little discussion of what's going on since we were here a year ago, the Farnborough Airshow. Commercial engines and services backlog is now at a record high of $209 billion, $177 billion of that is in our services backlog and $32 billion of that is in the equipment, commercial equipment backlog. LEAP had another great year. Our production rate for this year are going to be north of 1,800 units. That's a 60% increase year-over-year in our LEAP production. And at the same time, LEAP is transitioning at that rate which is the fastest rate in the history of our business. We have passed a heck of a milestone on the entire CFM family of engines by being able to state in April that the CFM has reached 1 billion flight hours in service across all of its products. And there's, quite frankly, no other engine manufacturer that can make that claim. CFM is an incredibly important brand for commercial aviation, and I'm going to show you the interaction of this LEAP production rate and the transition of LEAP and the services side of that entire family based on CFM and LEAP. THOMSON REUTERS | Contact Us 2 ©2019 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. JUNE 18, 2019 / 6:30AM GMT, General Electric Co Aviation & GECAS Investor Day at the Paris Air Show GE9X readies itself for the Boeing flight test which will occur this year. I'll take you through some more color on that relative to where we are on the engine, the GE9X. I did bring a friend with me. This is the plane from the GE9X, 134-inch diameter. It's the biggest engine we've ever built, also the most advanced engine we've ever built. Really good military wins this year, both on the Trainer with Boeing, which we're very proud of. And that replaces the J85, which is our engine on the existing Trainer for the U.S. Air Force. And also, with the Army's T700 engine replacement ITEP, the Army chose us for that program, and the GAO confirmed that, that was the right choice just a couple of weeks ago. So we're very, very happy with the work of the ITEP program in the future. That's 6,000 engines, 3,000 helicopter program as we take a look in the out years for that. And finally, Passport, which is our new business in general aviation engine is enabling the Global 7500 to set new records. As you know, they've set 4 new records both in terms of speed and distance traveled, and we're thrilled with the performance of the Passport engine so far in service. So a pretty dynamic year, quite frankly, when you take a look at it, and it's across all the segments and the businesses. Now let me take a minute in the commercial environment, and we can talk a little bit about how I think it's going for us. 2018 was a really record year when you look at it, 7.5% growth in demand and really strong freight growth as well. But 2019 is shaping up as a very strong year. It's a solid year, 5% growth in demand for air travel is nothing to sneeze at. And in addition to that, load factors are at an all-time high, 82% for a total network load factor means that there is a scarcity of seats which helps offset the pressures on yields, quite frankly. Now you couple that with fuel being either stable or slightly deflationary, which is the largest variable cost for our airline customers, and this is a strong market. And just to put that in perspective, this year, I think IATA forecast that the entire commercial industry will burn 97 billion gallons of fuel to give you an idea of just how big of a user of fuel we are. So having a stable to a slightly deflationary fuel bill is a good thing in this industry. So offsetting pressures on yields due to load factors, which means capacity is being nicely constrained against demand, and fuel being stable is a very good thing. We'll add about 1.3 million departures, taking total departures to 39.4 million. And just to give you a little color on that, that means that every minute, 75 commercial airplanes depart somewhere in the world, and 2/3 of those are powered by either GE or CFM to give you some idea of the strength of our commercial business within this marketplace. The right-hand side shows the 2019 forecast by region. You can see each one of the regions is shown from North America all the way down to Asia Pacific. The right-hand side of that chart is the total demand in that region. So you can see, the largest market demand is, of course, in North America at 2.3 trillion revenue passenger kilometers, followed by Asia Pacific at 1.9 trillion kilometers. And you could see the growth rates in both of those markets are strong, 4.3% and 6.3%, respectively. I want to continue on that theme of talking about segment -- of talking about the regions. When I talk about our positioning relative to this kind of demand growth, which is on this next page. A little bit of a complicated chart but an important chart for us to communicate exactly where GE and CFM are relative to this entire industry. So I'm going to start in North America and use that to kind of explain the whole chart. The left-hand side in service percentages represent -- if you take a look at all the airplanes in service in North America, CFM represents 32% of those.
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