GE - Earnings call transcript Q4 2021 | General Electric Company

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Operator

Good day, ladies and gentlemen and welcome to the Fourth Quarter 2021 General Electric Company Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the program over to your host for today’s conference, Steve Winoker, Vice President of Investor Relations. Please proceed.

Steve Winoker

Thanks, Brandon. quarter call. fourth GE’s to XXXX earnings Welcome I and CFO, by Chairman Larry Culp and CEO, Carolina am joined Dybeck Happe. Keep are best of are and in the statements we as we some mind see are our them businesses forward-looking based of view and our in the world that today. making

Carolina an filings in on world’s we that look changes. website, in our and investor on progress elements XX those at hold March event described innovation. South aviation our at XXXX As provide and may and our Greenville, Note in plan SEC lean more up-close our outlook plants change the power to as an with to our

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changes comparable relevance on we to the and little will notably Consensus walk long. and morning questions end a the about in patience through, on our have insurance, are note, ‘XX. the at of numbers to is changes – run still time Q&A. about $X.XX getting your most we One the given for quick consensus. this changes to was current been I which Appreciate will we we are number making make a So, not

call So with over hand that, I will the Larry. to

Larry Culp

you decentralization. reduced portfolio, GE. through performance EPS thank growth our free strengthened an We good and and environment, focused was and solid and for Steve, significantly expansion, margin morning flow. our successfully year lean dynamic important XXXX everyone. delivering navigated a debt cash operating We

XXXX to of dedication we achieve progress, are where stand operational this we’re on goals about GE remained headed. with where the the and thanks continued from we to team. financial track strategic financial and resilience long-term strength and have and entire We We entered our today confident

sustainable that businesses, are significant and transformation offense three and from in to playing important industry for strengthen. independent recent in opportunities, creating through our needs. both one global businesses, as our our November, momentum us especially end growth allowed critical such this most improvements It’s are inorganic we our announce momentum our on growth the accelerating GE’s aviation profitable opportunities as and recovers investment grade organic near-term events in in focused leaders real markets seeing We history, With healthcare more acquisitions. of

We industry the more are smarter, and flight. a sustainable of supporting the and efficient recovery of aviation today future creating

energy our GE, are healthcare We developing personalizes and transition value drive we we At delivering diagnoses precision These big of purpose of our decarbonization. works. best committed treatments the work. world are are to building our all demand on and that and deserve that stakeholders and challenges creating are a leading to customers and our for

we reporting simpler $XX we we debt forward. to bridge on a XXXX will use these versus to outlook the address performance billion proceeds, basis our now and prior are transition I results ease structure. shape. a strengthened sheet step customers. quarter AerCap focusing our to the Turning partner leader GE transaction, on took to strategic the fourth with materially Slide in business We in XXXX. industrial Using our reduced simplified able by going we to And creating reporting, X, Then comparison. for airline will an is and which of core solid and balance industry our in close of large we GECAS our our a the will

we up X% believe XX% But provide and insights. in further and Let temporary. progress made dynamics briefly and which top by line healthcare, in are were address good highlights quarter, two the Carolina results fourth respectively. orders aviation will We me two our quarter were the of pressured that

cost are the acute actions underway, we across in our in are price confident This businesses all chain impact supply challenges. in that was and and was persistent most GE. healthcare, countermeasures First, although including felt both

we to commercial renewables. and the a focus power board with continue in selectivity Second, drive across particular

projects are margins chain more where and we over broader in time. Increased less underwrite headwinds and points. volume risk revenue to participate. by markets better in This selectivity risk the the we with each choose to disciplined supply performance but X about lower We impacted today, being X means lower

Our And cash generation focus industrial led on cash delivered flow. margins expanded Industrial we evident of profitability power and points and this free basis billion by was organically, quarter. XXX aviation $X.X services.

three services X to businesses growth by Strong Industrial ended exceeded flow X all with basis selectivity looking the pressures. organically, XXXX. overall, X year, full and Increased services to and drove services and We Total were supply grew profitability margin XX% cost strong EPS in led Now, X% was with higher impacted XX% cash headwinds the healthcare. full at X% and all in equipment offset our restructuring as outlook. up up performance margins, headwinds supporting organically. supply performance businesses, led energy This the organically, rising with orders X actions organically. and power revenue respectively. improvements and growth year aviation. cash faster by and organically, inflationary in Industrial down margin coupled growth, renewable XXX while free expanded by and points year points points benefits, chain across performance decreased chain revenue by X% was company,

delivered disciplined billion, helped EPS $X.X expansion of And $X.XX. up management. better cash by capital to working we driven free flow earnings adjusted drive industrial Solid significantly margin and

cash business last generated billion If flow of back our has factoring, you $X.X discontinued year. add free

our in billion no XXXX year the we and going definitions from we reporting will grow this best But doubt, is Now, which reflects there GE. represents several that to forward. I this the transition number for and there a performance simpler are quarter recognize $X.X operating as let be

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transition. of will Wind is be demand energy critical First, in there a Onshore the component

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price and inflation and focused laser implementing supply also are to increases on lower teams offset help Our costs. are improvements chain

progress We across operationally. is fleet. the increasing are making Turbine availability

aviation we the to XXXX, that the performance with over better quicker believe do Byrne at to end. overall healthcare. by continue. full-time have Pat customer at and testing field enhancing GE lean, field Our at and responses inventory strong are business teams do in we this underpinned the single-digit time. helm, design and high a work With Core on Scott growth Using in than margins services, issues. expect Overall, and XXXX we be it. and delivers our We to in experience rising now will demand was by Onshore and leading team double-digits growth year was are more up million lowered $XXX

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countries, quick Mainland wireless insights pocket-sized the to standard strong already with X have last mobile to over we foremost, healthcare, one example, gas blended routine for power ultrasound and ultrasound flexibility. with burn organic of reaching gas exams will care growing fastest ultrasound we is We this and than been handheld patients investing it innovation. Air order expected In Enagas which ultrasound are hydrogen China. time as market. year enables Portable the of in XHA.XX XX Energy it’s contributing Vscan First XXXX. revenue in Guangdong become through the growth first our in sub-segments, be greater to from turbines, growth quarter, handheld more natural driving launched in

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broadening our In many momentum and aviation, improving. a businesses, market recovery. are our of we are encouraged reflects which continued end In to by addition our actions markets performance, our in

GE it of anticipated again a restrictions. CFM the XXXX. confident XX% continues recent down in to the departures travel in Shop once Omicron lessen. due visits ‘XX remains higher Along our the given than GE and variant, initially impact the green we customers, While to monitoring actively recovery material volatility were current levels, versus utilization are with time while wasn’t impact

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monitoring are proposals In for to We diverse wind. around the world. tax credit in strong Offshore see continuing policy increase demand and Wind, continues interest significantly

and stronger reliable We turbine power down and gas, economic generation. the gigawatts. equipment commitments, supporting will year, decade. generation average have X single-digits anticipate Europe, next in see a growing demand GE XX single-digits, We America we commitment to the Overall, cash gas slightly over gigawatt Japan. source global gas above across over of XX was X.X and gigawatts services a Haliade-X high the be generation spanning continues gas including recent and Asia, now with generation low market At be our of partner, Mitsubishi gas for North grew while megawatt

reliable of solving and million Aftermarket in and net $XXX GE more operates which backlogs bases. global installed with the businesses, including increasing in achieving half our to sustainable sizable up reach, our profitably role backlog ambitions. keep power each energy on and their XX% make and roughly playing a grid, us to basis. support services, and demand close a affordable, customers our than digital renewables Our customers trilemma more than meet daily zero markets, mission-critical of are energy growing in and critical revenue

running further and you So, over term. we see growth better in driving results. to GE sustainability I longer hope ‘XX for will that, insights that and on on it I with our that innovation, can are turn With focus Carolina a

Carolina Dybeck Happe

Thanks, Larry.

reporting $XX and industrial financials to and tech high us the the are billion an and transparency. a make We for was make since transaction opportunity focused, Closing XXXX significant milestone continuing that by to created simpler our GECAS of us enhanced a helped stronger debt substantially simplify end reduce to GE changes company. gross

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a quarter, we of quarter first ramp. driven at on we’re speaking, fundamentals the and decreases our and closer to behavior fourth manage margins confident in impact engine long-term and Broadly Omicron Aviation strong business. buying mid-teens, ‘XX, we in given MRO by evaluate expect continue new seasonal the the Looking of margin, in to this moment the

healthcare. to Moving

constraints. despite continues the at market to strong industry-wide Looking drive supply chain performance, demand our momentum

growth systems. modalities. healthcare growth levels. resin, high growth PDX. about low are points of This least in fill which than shortages digits. to if three shortages, of these growth orders, growth for Systems to orders low or in all up ‘XX single-digit with chain Revenue we’re For down more in driven single-digit four year-over-year higher ‘XX, to PDX. across to been actively and we a all digits, half was parts of that have the eight the expected about This mid-single-digit were single-digit decline would X% fourth managing. at were points and increased growth quarter, high through we continued able and revenue both seven offset higher at the Absent estimate quarter Supply Service digits. year low the revenue was year-over-year Industry-wide semiconductor, or single full mid-single first by continue to compared challenges and the single in organic labor Healthcare

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team is addition, to reduce lean including we’re lean-driven finance, improvement, In seeing our XX healthcare just process the years to ago. from X days where evidence down of close X days quarter operational

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capabilities. interventional beyond in deliver number innovation continue we handheld launching ultrasound, digital. to reinvest We products X-ray, and exciting clinical of extends new CT, significant The MR, a

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forward, healthcare we for XX growth, Looking up to is continued well bps company. XX an margin profitable to as positioned the independent as of expansion business prepare targeting stand

as said, Turning we’re in ‘XX to ‘XX. Renewables, Larry focused on improving our and performance

also quarter, the Offshore slightly PTC by Dogger at down orders, due project margins XXX and was delaying points, declined digits, grid. Offshore selectivity Segment these double-digits, several declines in Offshore double over by deliveries as onshore margin largely negative, digits business. Revenue Looking at continued Onshore offset year. even onshore by the partially project at driven uncertainty, U.S. nearly quarter. Onshore driven C our also declined for this driven basis doubled, orders equipment lower lower, repower grid. mid-single were down investments the by declined was including largely Service Bank Services equipment. to revenue despite timing. international large X-ray were power, and grew driven

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supply reported Hughes – was Power and down $X.X this by Services November Still Services positive quarter. expanded billion or was revenue margin venture double the were navigating with deliveries this growth. Baker effective Gas was which sequentially, Gas impacted up constraints, services. billion chain reminder. up significantly annual revenue. Due sales from businesses being We’re CSA joint selectivity. on deconsolidated One delivered about up. to lower of X digits driven gas Baker volume transactional with Margins joint venture to both continued X year-over-year the longer All and aeroderivative services no includes the largely quarter.

margins stabilized, also below $X Gas through margins lower led single-digit about Since gas with equipment selective the power only orders services unit orders reflecting to disciplined our For with X%. coal improved Gas by while in Margin single-digit turnkey and and by basis single XX% down double-digits, backlog billion has were was up ended underwriting. Power high We remain with low year-over-year. flat scope. achieving power double-digit were equipment And billion equipment grew selectivity, down digits. conversion the equipment points. equipment. achieved low $X Services X due was gas, more about heavy-duty revenue revenue margins were conversion operational growth of orders year. saw points. improvement year, backlog than in offsetting our increased XXX

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achieve We expect single-digit XXXX. total margins to high power in

as our corporate, on ‘XX, processes reduce million, Compared capital better with than closing million. billion down income than Adjusted costs less net leaner to costs. outlook guide functional recent Now and decentralization $X of operational $XXX the we’ve we’re our was negative and driving reporting discussed, negative in XX%. basis, $XXX to was most adjusted corporate prior

earlier, of capital is column our now part we’ve on mentioned As one basis, corporate.

continuously functions optimize ideal portfolio Consistent primarily and our to paid order million. claim our Life permitted at adjusted anticipate is is cash emissions practice with strong flow years, AI be portfolio, runoff cost This tuning any of our investment line This double-digit So annual test our software. significantly, such with we in offset the experience our balance will fourth a that driven Polish growth gas will a operations, and net mortgage requirements. operate was At business, by partially was and portfolio. innovations income with results by results reduce billion billion. statutory digital first $XXX which finalize with current In excluded discontinued quarter. exciting with BPH $X.X higher – gross LTC the we in our I’m $X.X prior We consumption. corporate have this currently in up approximately autonomous and claims continuing this favorable in as and fuel was applies in encouraged organic quarter improve. year, for runoff the included operations combustion from to with insurance, turbine as the to

losses mainly we litigation In driven this million. to more to total all, recorded of close charges of with borrowers. with marked quarter quarter, connection this adverse the $XXX strong by the approximately a This $XXX results in million, This in ongoing XXXX. brings about litigation estimate

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offense growth. us Our more and strong enabling drive profitable play performance is to long-term sustainable,

to Now Larry, back you.

Larry Culp

thanks. Carolina,

our overview. investor page the that March our planning provide me are Steve Turning company during referenced. XX, to more But let to detail event share today, we

a are the range plan of $X.X single-digit for or adjusted in assumptions for margin the high expecting cash $X.XX underpinning year. range; we’re $X.X share XX, flow. our EPS expansion more; Slide organic in XXX free at to There of $X.XX to growth revenue of number Looking a billion of basis billion organic a key points

XX% with start expect planning shop again will our improved commercial up the XX% ‘XX off for one down The market, year about which recovery we ‘XX market with be Starting factors and of about currently to most departures, CFM average Aviation. levels be total we’re me the critical Let year-over-year. continued to to GE visits delivering outlook.

ramp increase our increase will strong than XX% LEAP in visit shop mix technology. LEAP revenue engine increase engine expect expand driven while Margins growth and by deliveries of we commercial as pressure We the will new despite worldwide more deliveries. investment

growth supply see healthcare, to commercial by segments our low through at continued and other challenges half. the efforts launches, across Looking new we first driven mid-single-digit at chain our revenue by least tempered product

spend. we low growth to operational R&D growth of services detail in market. drive coal. than of driving deliver offshore along Power, onshore revenue margin in more solid targeting us today single-digit billion year will inclusive execution, better $X wind will growth help continued increase expansion exit This a profitability. we’ve continue selectivity and wind In smaller discussed new single-digit low and Renewables, improvement we’re revenue In while build how with improved this We’re strength

towards a ‘XX. path margins on in single-digit We’re high

for to will across operational We inventory in flow Better management, on earnings next and that slide, turn us XXXX. capital cash cash but the driving deliver cash especially will discuss grow more each business, in flow enable free the improvements company. we’re higher will working

our in quarter, though, give services free flow installed our and us ability base deliver these In on backlog first be expect substantial the aggregate, commitments. confidence we to negative. large cash to For

We’re stronger focused more on offense. and delivering reinvest play profitable and growth enabling us growth in generation, cash to

Moving to free performance up strong of well ‘XX ‘XX. to billion of $X.X cash $X.X us in Slide $X.X deliver in to cash XX, our sets billion billion free

outflows actions, reduction legacy year-over-year dramatically $X.X following be significant capital to the at will Looking year’s lower, debt dynamics, last billion. down

expansion. expect earnings revenue growth continue and will margin driven to We grow by

Excluding year-over-year of impact, the bulk the the drives capital this improvement.

utilization expect both and impact in outflow to a of gas we aircraft deliveries capital negative as a AD&A billings to turns constraints. down Renewables, from to continued billion in payments and expect We higher chain we year-over-year working growth. offsetting as fewer we as At increases, or expect see ‘XX. resulting efforts resolve lean CSA our a improve from collections progress We And opportunity higher engine anticipate We increase new deliveries well. billion, ‘XX. supply on as $X be with $X.X source impact inventory of onshore plan volume orders customers for

from a growth expect limited flows, cash by CapEx. investments We higher including supported other drag

to color Some factoring. flow, free of the ‘XX discontinued compared cash by impact excluding business

greater will or margins ago, renewables of This free be health positive Aviation the flow by single-digit Closing portfolio headwinds Slide us moment a down, driven $X mentioned XX, billion announcement in with in received today’s than encouraging gives AD&A in trajectory and ‘XX improved November, I on we’ve power feedback. of expect cash year-over-year. conviction all very achieving our since high We slightly businesses. while care,

Our will the structure serve customers of better indicated lot help a they their company. is are needs. excitement excited. In the hundreds us also that have within conversations, of There new

Our teams creation are And highly more will picking focus They confident makes me this ahead. and very are see in investors sharpening the our deliver even motivated. we are value the supportive year. opportunity their This and also pace. what up

investment are We industries. base propositions. to independently, that investor sector-specific even with have their in terrific businesses be respective an distinct will And able three leaders attract they broader

daily that critical driving customers it’s transition, focused our the remain on serving performance. employees During business our and

fully team. and the leadership senior company on Jen dedicated the to While They by dedicated Van are business, management remains led nearly all running office focused we’ve Bell of established the separation from capital with detailed armed optimizing ranging talent healthcare. work business’ on starting deliver execution value structures, their and model stream their with and drivers, governance operating planning each board critical to best-in-class to a

technology the on customers businesses. and be energy who We’re has lead this, also of which and Scott started our been earlier deeply of He’s as our where at naming be Healthcare this analysts, CEO focus with part meeting talent Pete Arduini leadership who independent including are has recent will growth. conferences, to And the go-forward month. including team will for investors and part we’re with companies. the digital excited already and new engaged these Reese, business, started attracting

these at scale ground in look have business with GE agility the places part industries to dedicated So process, well-capitalized to invest wants who Each with and opportunities missions. will employees, be each hit at best. running more a It’s and we strategic will needs investors we want its launch faster the the forward world increasingly be capital in balance sheet, management and and customer in outstanding be for the And will of needs, and growth. three early respond greater teams, there and Boards to businesses businesses, to to as future accountable allocation outlook focused enjoy you more flexibility is is in doing and you the the seeing of move create South updating to of teams sustainable, to a we as building our make and it value precision And forward flight, are can healthier, More GE next proud phase leading look the and to I’m works. forward. our broadly, three the of a healthcare for to world work for enable delivering growth Greenville, March many cleaner as Carolina this of global our event. positioned transition. well connected needs, in long-term exceptionally energy to that critical future shaping we and all. still

Steve Winoker

open the line? can you Brandon, Instructions] please [Operator

Operator

Morgan Stanley, we go ahead. Thank have you. Please [Operator From Josh Instructions] Pokrzywinski.

Josh Pokrzywinski

good guys. Hi, morning,

Larry Culp

Josh. morning, Good

Carolina Dybeck Happe

Good morning, Josh.

Josh Pokrzywinski

guess I question Aviation. Larry, a on So,

volatility there So much is to Omicron. it like seem been as related doesn’t

visits a You says we’re the age about or kind what visits to or we And kind or fleet traffic? decoupling around, green fourth volatility the of shop month not driving a at a I that ‘XX the what said can some at were move in think this but Like you sort X, in point just of that return either where this or in of quarter. X situation better of be year Are shop appears to reestablished peak point. revenue. apparent even air sort things of the is decoupling talking versus time

Larry Culp

little a back much Josh, in what what want think, in XXXX in step Everybody ready. course ‘XX see, in saw not would A into we’ve before and is of only then our to what be get we think lag. customers I that’s pretty increased the slight of is way. our going that’s sequentially visits, the and that along right, conditions And through spot our of in good to improved with or I ‘XX. they knew through in I you’re bit be at as for I bit There to wants of more the inherent to But summary early of too as new XXXX. the variant. have our turn, capacity less think here long a us Well, many last think outlook for had our air. folks relative shop but I inductions worn of in the fall, see time right, green you prepare is the results through on they think noise a expect the a and so any But year, here, activity. course we lot summer We good shared

we of on, not airline. here may or part spot or years. there think be with are a I But So there world timing months, some the particular in you’re a talking

Operator

Scott Please we Research, go Melius have From ahead. Davis.

Scott Davis

Good morning everyone. Hey.

Larry Culp

Good Scott. morning

Scott Davis

Anyways. least the Hi. sense one could another give that at decision? you businesses, kind on Larry, stability any the of on pull the can whether view some up your of you a given pull perhaps you break or some of may us or scenarios bit and that variables or way the timing forward

Larry Culp

that framing since XX been, has breakup, the opposed spins. Scott, right. to it’s as use like announced a something days I that we really context to tend what,

are We doing. are about we excited what

think is through. challenges a to think chain through that your XXX But there better take back would and at the work, to getting legal to next we that points position, but less of have every look the good over we revenue if to points. you all lot systems I really this the and held be could to simply a in operationally, right, supply I very independent. need you operationally, basis XXX basis be business rest fingers structural year financial in think time, work just prepare would that year are – the And snap that half, go the the Clearly, we they that when had in, day. second healthcare

supportive. So would assured, net-net, I quickly, more rest capital for remains that today’s rationale work really we plan board to motivated keen today has If and across purposes, can allocation holds. the the been do update smarter But record around strong we greater the and logic and alignment, that The be feedback the of better accountability, that. early done ‘XX. get is the think

are heads down. we So,

the We doing are work.

Pete have and GE Healthcare think Before to going all be going leadership excited are of. I to independent outstanding proud an under too we that company’s and quite we long, are

Operator

Please From AllianceBernstein, we have ahead. Brendan go Luecke.

Brendan Luecke

morning Good all. my for Thanks taking question.

Larry Culp

Good morning Brendan.

Brendan Luecke

Any are world color On hedging the of if a type persistent taking around wondering inflation, in you escalator the in renewables I wind, you side, or countermeasures say, or of, we can what entering offer am are maybe contracts? there? grid price business prolonged

Larry Culp

many are in things to that say in the three would do going I of Brendan, we Sure. inflation. face respects,

onshore more reason wind within We I particular we that pressures a them work breakeven. pressures cusp last that wind is and grid’s in cost better some forward. but see, progress inflationary but on in renewables our all several are margins first, the being reducing the over work you way That’s ways say can restructuring do one certainly in target, we we towards have not there years. as critical. in regard. of in that grid the it structure It’s in been And the in is would going normal that grid, number make doing a fixed reaction the of to and know, and inflationary in these through not course point

trying that the that make price the best we smartly things, retooled industry, can our the sure of On suppliers sure side inflationary with better, of not cost And the as quality, make get as combination procurement to we pressures we and to more certainly structures team and delivery are given but designing pressures in in we have possible. cost just more we are do working we in cost robust as business are our well. only to that material can the

same wind. price for, And sure performance work. So, making in being both our half, hard well. into we that turn, are frankly, we bit by activity we are price footprint and those about given selectivity in there. the coming drive prepared to disciplined the here remarks, both more and We expansion better the where reaction time, a in leverage we se. the in There at talked progress to is margin team, inflation we pushing working it’s a into that cost per And like that sign admittedly clear back little by onshore the can. up across geographies particularly the But dovetails upfront rest as the that do we earlier in is saw were the and and order what that help, encouraged while of that here we think, versus about segments U.S. that being our not not in the more the more capabilities, cash will in assured ‘XX, at I selective, world

medium we continue for wind, be we be look lapsing. to Brendan, that well it’s is our given in and lose you believers the the downturn PTC not important, think big think are there we sight go and positioned forward. lot going to part could best progress respects we of the demand are So, hitting market of many to that do the on. to the But a environment the But I when U.S. fact given to that here, an bit, a important said, in is in onshore we making long-term, market,

Operator

Markets, have RBC Capital Deane we From Please ahead. Dray. go

Deane Dray

morning Good you. everyone. Thank

Larry Culp

Deane. morning Good

Deane Dray

think it I out of circle it back healthcare, to of for broader points you total the to percentage seen impact you chain the the like was would sized, in be any supply company? backlog? cancellations the I disruptions And of know instances overall. company on have X on growth. would What of I X

Larry Culp

the were at look impact perspective. you revenue if quarter, from X% total a the that think down, I company what, we Deane, in

probably range You way in growth. selectivity, in the penciled chain probably it terms – revenue are the of you if you were digit to have and I adjust mid-single out, for supply

helps why I I are. acute the perspective. saw the efforts that again, to doing constraining happy it that know, And understand from it’s business’ are certainly Never chain happening they well was But at right, as past selective. strictly issues supply healthcare. but to the important but here The healthcare. board, down, that to revenue see underlying being be really fourth We number through Now, what most that’s an what’s like pressures the didn’t look more applaud in think in across those I don’t quarter. or look you we

that regard. we We for alone in couple have we in that when at organic the we saw relative that are dynamics, I growth look the digit the orders, that XX% do why the with and think increase is year terms full in not optimism But to the of got those you figure the conviction high-single outlook.

Operator

Sprague. From Vertical Partners, Please Research ahead. we have Jeff go

Jeff Sprague

Good everyone. morning you. Thank

Larry Culp

Hi Good Jeff. morning.

Jeff Sprague

Hi. Good morning.

I thinking are more this. of And kind a understand normalized flow. wanted to on So, is kind cash the my of of little you just bit question what nature

negative billion year-end. We capital the of $X and in XXXX flow billion cash are right? the swing this $X legacy results. $X looking And at at benefit year free in already And billion income is flow, has in net cash the somewhere working capital free around

like, lot in income adjustments income about net this there we cash to very adjustments adjusted are the is number context going cash it’s to see thinking of net to how billion is where free the over way a is, it’s know correlates flow XXXX. between and – free adjusted think on provide some key need further how just there difficult you about? flow, even could any if maybe So, to and but $X that from we bridge in I what

Carolina Dybeck Happe

of starting is sort guide cash a take right. of Hi conversion course, guide, Jeff, we XXXX. if the EPS $X.XX, for you maybe our high that in And XXXX. Yes, with of have the midpoint

midpoint being you basically EPS. the $X.XX, If billion. the of start actually with It’s net equivalent we of the ‘XX of the just with $XX.X range. that’s that’s end ‘XX, if higher to compare that at But of roughly a actually income doubling

Then below back D&A billion. we capital, of mentioned. you just talked working $X add as You about

guide to a capital have So, put of of to we our XXXX, AD&A positive billion have you negative back. XXXX. Larry continue number $X And And working to that in positive midpoint also $X.X can capital source, going this almost And today in for of the so to expect the factoring. we XXXX, of that ex increase as then said flows flow in had good be so we about billion be CapEx. Then expect we to $X mentioned is CapEx. of expect you to the that morning, billion earlier of about working

And was and gets payments it some it of for midpoint sort so free usual. flow, that And $X checked to ‘XX, of X.X in XXXX. bit guide. have then a you billion you up of restructuring the So, the pension you as our cash

talk CapEx expect significant do but of our chain of And bit that through to is clearly especially XXXX, improve that then growing would on you we But flow. I that with XXXX, free working opportunity you CapEx year have lower. continue about before. easing capital sort the when with you of D&A earnings, we in to year, X.X from year. the how to the improve there we continue to to and get improvement the are, focused cash being to that’s the and to of also next in So, our XXXX. saw mean, more. talked part, on expect yes, good course, And in but the a saw mid-EPS are turns arbitrage the strong supply midpoint I say you overall, between improvement the still end ‘XX, we in at of half We inventory well, as have

years, and capital of a much to So, will each expect bridge earnings flow with be still we but over cash couple say normalize And base. on time. elevated we EPS would a time, the free then see XXX%, higher conversion over I to in closer working other. although much probably being strong next above

Operator

have Markus Please Mittermaier. ahead. we go UBS, From

Markus Mittermaier

got cash question Thanks clarification on morning. the for was very number on high-level little question It But the I the this can bit That we helpful. a to was one a maybe up bubble de-levering. flow.

‘XX that you target said is basically are that Xx for to You said Xx. ‘XX end going under earlier you at QX, in

over the just have that some thinking thoughts say, be investors am I you should X capital given sort here X that it deployment what deployment, you appear quite discussion deal limbo think next it how some be around some capital among dividend, buyback. it in wondering stock, those would we be capacity stories given So, M&A, months the was how of to the equity would it develop going forward, around be for around helpful? Larry, that I about

Carolina Dybeck Happe

forward, questions let Markus, sure much get simpler. up me we Happy the start. to clearing it’s cash will help going cash. I ones. with going on to many am be more But

And leverage, by debt So, organic, allocation that, we on progress investing our at and expecting company on maximizes you XXXX. mean make say out Xx we includes shareholder an working actions. playing And can point, time, And we R&D that made from. expect we offense. model would and see stress deleveraging, One, are commercial for that increased I an includes the it to took and Medical XXXX. saw in comes the And operating same to in activities. CapEx, year-end have heard billion tremendous are so than where that And yes, XXXX and $XX we with our standalone has plan sure capital you inorganic that Opus value. more us but to about also more each talk BK your

the about really to capital we are we we deploy go as overall, So have forward. excited opportunities strategically

Operator

have From Citigroup, ahead. Andy we go Kaplowitz. Please

Andy Kaplowitz

Good guys. Hey. morning

Larry Culp

Andy. morning Good

Andy Kaplowitz

you number Maybe cost dynamic has us of roll, you started about cost, into pressure the peak navigate into has for just But long for recycled that And versus which you renewables? your stepping when allowed a steel instance, businesses, know in color second do environment. of business? We GE business more back. instance, talked can how on have given, Specifically, price in the to you give versus inflationary you has half the ‘XX? as price does we in go see that think help

Larry Culp

And say same be I so that think slight I steel and there a price-cost renewables, Andy, us. you It ever ‘XX, if touched cycle certainly you amongst think year this look on constitution, I in this at given commodities, we at look have outlook certain will will for right. different it because would for was as certain holds. negative ‘XX, the the – appropriately, are them places, of nature businesses, longer

to through are than ‘XX going a ‘XX. bit little we some That are the in We headwind, those that cost along a just cycling well much both think P&L our in the impressions see from perspective said, more given with we of are some right, teams I further engineering to procurement of value actions us helps and the of as as the offset work taking. respect that the some did price

see will the longer that long-cycle the we positive example, bit and bigger businesses both shorter aviation I began healthcare, think we power pressure of business in clearly well the as pieces the first well also as of best be saw as inflationary It and pricing renewables, the healthcare, work through our hit the from cycle being take right, course cycle perhaps of to some ‘XX kick a ticket, a where effect little certain different in, in but to root. is degree.

tough the on know, I hard environments are doing need as Again, in is. speak. the is, price teams what aspects, in seen it cost it We all regard. is rest is assured we to it what an we have it both wish that we but decades as as which probably the So, weren’t and work operating

Operator

Please Tusa. ahead. Steve have go we JPMorgan, From

Steve Tusa

morning. Hi, good

Larry Culp

Steve. morning Good

Steve Tusa

disclosure. extra the all for Thanks

free sales wherever holding Just guidance I still think kind on-book, about more be in receivable bit still receivables on Can selling then you activity two quarter of in the be a at close there said balance will will to like any dynamics, directional adjustments kind kind JVs will give zero, just off-book of specific the enterprise there the receivables, thinking of XXXX? just or on questions. And negative. in little first And you us cash? that? be you

Carolina Dybeck Happe

me so Steve, the talking first with let start Hi about quarter.

purchases flow seasonality basically, is businesses up the tougher quarter. a of big the renewables I cash are the spot made second because in it of in negative we half we to and to see quarter. year-over-year. And the majority first So, through expect cash, of typical first on the the see progress first On free quarter. while year, the with be the the payments last to we don’t expect in would say expect

new GE we comes quarter. obviously that’s end overall activity So, for on numbers numbers when in than no continue I that receivables, running won’t would have, still that less off but it with we the XXXX, the say, is GE basically million the a and and more am in have negative why $XXX our first there, we We I to And activities. in speaking factoring.

Operator

Research, Wolfe Coe. Nigel ahead. Please we From go have

Nigel Coe

Thanks. Good morning.

Larry Culp

morning Nigel. Good

Nigel Coe

Good we that’s morning questions lot Larry. again, this. I want the a And of cash flow. obviously, on to have capital go seen back working benefits, to free the

next to this over benefits to couple to be But significant working improving expansion us bridging alluded turns. EBITDA capital years. So, about of in just inventory the the would wondering, the dynamics think you way are

the terms And that CapEx? maybe just that on the kind a what in around of of targets is give would restructuring bit the couple any help of CapEx, years? I help us to? get XXXX the that next little then got then And CapEx you you if wondering $X.X good cash in D&A any target billion. know helpful. part – of be D of a would Is restructuring Just

Carolina Dybeck Happe

Nigel, So that. talk about me let

We much will at about this more obviously outlook. talk

XX the all So, you in all give I look we won’t at that we but have And of improvement are took different right. now. There as areas structures, we different have if more on of I inventory different that why capital of million WIP. even seen and there. would have down by improvements receivables, won’t our have there If we I specifically, pockets as challenges supply detail And is I but spoil in the we improve, that per to that see for some XXXX, days fact about we and stronger and there outlook and sort chain say it is do improve. improvement still can $XXX working Carolina. the hidden stronger. still of day On that bit made we a is sort that’s got it’s here turns, the

turns is on are We better. or a there of couple turns I now. best-in-class mean X.Xx a

do to there. billion billion, here more one $X is to clearly $X right. And So, equivalent turn of

underlying in there lot there think going it’s company, is capital business, So, going working But as a to is be growing important to see we that’s we you. DSOs turns with it’s to continue on so need that what with money to look remember improving why to important by there. the that’s and a a share are is to grow like and that of the improvement processes to and as continue be and at I also a KPIs that going why work to real

I X.X. yes, XXXX, too is grow. On tell. over to compared the CapEx to Where we that side, it’s that it well, in last And so think with time, year, X.X the be expecting with early and to are goes

how to value is manage about more that effective shareholder sure CapEx talked in in also maximizing a situation. have capital We making allocation a done way the and

more on we much the will on did we in with more that. you overall, to come are working we capital, XXXX. on of accomplishments back even do still So, But proud if

Operator

we have go Please From Bank, Deutsche Nicole ahead. DeBlase.

Nicole DeBlase

guys. morning Good

Larry Culp

morning. Good

Carolina Dybeck Happe

Good morning Nicole.

Nicole DeBlase

the we Can XXXX? some flow. guys little giving a going some about year results talk be perhaps color margin know respect pretty to back unusual obviously cadence you to well. to going and of as cash spent in But it’s a free I just revenue expansion with on bit have time us

second XQ or would could So, on you. helpful. be margin expansion you versus provide half that super and half first any Thank organic thoughts

Carolina Dybeck Happe

you understand I right. So, are bit a talking it, Nicole, as the about seasonality,

the business, compare half can still first overall seasonality we the to half. course, if see if volumes second you of are you years. the you So, of if that, they at that in look the But lower sort in special XXXX, ‘XX – look have at versus you

wind expect it’s expect growing I the loaded. first half to second have In healthcare, say expecting would lower as more onshore usually make chain the Power, the we than half. that stronger aviation renewables, have to more to the supply And through half are on constraints be outages we second half usual deliveries. us year. would You be the first

talked So, to quarter, is the again. back sort so won’t I of moving. that is And go that first how about the business we

would overall, we XXXX when in progress art improve operationally, the for I improving to we really is to did XXXX. in super us, in see are to expect and say continue important we the So, happy

Steve Winoker

we question. have last time Hi for Brad and one

Operator

Please ahead. And from Barclays, we have go Mitchell. Julian

Julian Mitchell

Thanks for squeezing me Maybe flow. just in. cash the on

in cash impact cash to cash in flow maybe of out just And say, be $X maybe but we that free get of once to trying please? QX, I XXXX? costs, massive published adjustments your to that, to and cash sort that, flow, call off a to on separation XX-Q of read on what of free of or free maybe you flow the thoughts a the any number? your sort ex that sort a sort on there billion-ish get and flow of understand be guide, ones of are filing for out still the able clarity the a main will assume statement publish Just just any will sort from cash

Carolina Dybeck Happe

X.X able to numbers the is what yes, I number cash have So for though, operationally follow that in to we you flow K. will at look the be as different Julian, and say, we would achieved that the the XXXX.

able how point. different looked be on to pieces. a you But off that So, is like it see what will the jumping

worries you no your So, question And to are about about absolutely second that. right. separation costs,

earnings. it of adjusted You will will see that out be separately and

Steve Winoker

comments? final any Larry,

Larry Culp

our for incredibly you about Thank for ahead. consider employees investors support. Steve am morning. of This their our thank Sure, partners team the we Steve. our and an team company time investment work are to that how of IR our you. the customers, today, GE lies our us with just year interest and and for assist appreciate the for proud your to execute as GE. excited investment ready I our was in continued your processes. want you efforts and this I all to continued their and in your stand We incredible shared important

Operator

Thank gentlemen, and concludes conference. Thank joining. today’s for this Ladies you. you

now may disconnect. You

General Electric (GE) 25 Jan 222021 Q4 Earnings call transcript