Boeing Reports First-Quarter Results
CHICAGO, April 27, 2022 /PRNewswire/ --
First Quarter
2022
- 737 production and deliveries continue to increase;
submitted 787 certification plan to the FAA
- Launched 777-8 Freighter;
now anticipate first 777-9 delivery in 2025
- Recorded charges on fixed-price defense development programs
as well as for impacts of the war in Ukraine
- Operating cash flow of ($3.2)
billion; continue to expect positive cash flow for
2022
- Revenue of $14.0 billion; GAAP
loss per share of ($2.06) and core
(non-GAAP)* loss per share of ($2.75)
- Total backlog of $371
billion; including nearly 4,200 commercial
airplanes
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Table 1. Summary Financial
Results |
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First
Quarter |
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(Dollars in Millions, except per
share data) |
|
2022 |
2021 |
Change |
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|
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Revenues |
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$13,991 |
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$15,217 |
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(8)% |
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GAAP |
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Loss From Operations |
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($1,169) |
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($83) |
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NM |
Operating Margin |
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(8.4)% |
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(0.5)% |
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NM |
Net Loss |
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($1,242) |
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($561) |
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NM |
Loss Per Share |
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($2.06) |
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($0.92) |
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NM |
Operating Cash Flow |
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($3,216) |
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($3,387) |
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NM |
Non-GAAP* |
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Core Operating Loss |
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($1,452) |
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($353) |
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NM |
Core Operating Margin |
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(10.4)% |
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(2.3)% |
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NM |
Core Loss Per Share |
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($2.75) |
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($1.53) |
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NM |
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*Non-GAAP measure; complete
definitions of Boeing's non-GAAP measures are on page 6, "Non-GAAP
Measures Disclosures." |
The Boeing Company [NYSE: BA] reported first-quarter revenue of
$14.0 billion, driven by lower
defense volume and charges on fixed-price defense development
programs, partially offset by commercial services volume. GAAP loss
per share of ($2.06) and core loss
per share (non-GAAP)* of ($2.75) also
reflect $212 million of pre-tax
charges for impacts of the war in Ukraine (Table 1). Boeing recorded operating
cash flow of ($3.2) billion.
"While the first quarter of 2022 brought new challenges for our
world, industry and business, I am proud of our team and the steady
progress we're making toward our key commitments," said
Dave Calhoun, Boeing president and
chief executive officer. "We increased 737 MAX production and
deliveries and made important progress on the 787 by submitting our
certification plan to the FAA. Despite the pressures on our defense
and commercial development programs, we remain on track to generate
positive cash flow for 2022, and we're focused on our performance
as we work through certification requirements and mature several
key programs to production. Leading with safety and quality, we're
taking the right actions to drive stability throughout our
operations, deliver on our commitments to customers and position
Boeing for a sustainable future."
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Table 2. Cash Flow |
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First
Quarter |
(Millions) |
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2022 |
2021 |
Operating Cash Flow |
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($3,216) |
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($3,387) |
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Less Additions to Property, Plant
& Equipment |
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($349) |
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($291) |
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Free Cash Flow* |
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($3,565) |
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($3,678) |
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*Non-GAAP measure; complete
definitions of Boeing's non-GAAP measures are on page 6, "Non-GAAP
Measures Disclosures." |
Operating cash flow was ($3.2)
billion in the quarter due to unfavorable receipt timing
(Table 2).
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Table 3. Cash, Marketable Securities and Debt
Balances |
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Quarter-End |
(Billions) |
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Q1 22 |
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Q4 21 |
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Cash |
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$7.4 |
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$8.0 |
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Marketable Securities1 |
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$4.9 |
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$8.2 |
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Total |
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$12.3 |
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$16.2 |
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Debt Balances: |
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The Boeing Company, net of intercompany loans to
BCC |
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$56.2 |
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$56.6 |
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Boeing Capital, including intercompany loans |
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$1.5 |
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$1.5 |
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Total Consolidated Debt |
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$57.7 |
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$58.1 |
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1 Marketable
securities consist primarily of time deposits due within one year
classified as "short-term investments." |
Cash and investments in marketable securities decreased to
$12.3 billion, compared to
$16.2 billion at the beginning of the
quarter, primarily driven by operating cash outflows and debt
repayment (Table 3). The company has access to credit facilities of
$14.7 billion which remain
undrawn.
Total company backlog at quarter-end was $371 billion.
Segment Results
Commercial Airplanes
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Table 4. Commercial Airplanes |
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First
Quarter |
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(Dollars in Millions) |
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2022 |
2021 |
Change |
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Commercial Airplanes Deliveries |
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95 |
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77 |
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23% |
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Revenues |
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$4,161 |
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$4,269 |
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(3)% |
Loss from Operations |
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($859) |
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($856) |
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NM |
Operating Margin |
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(20.6)% |
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(20.1)% |
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NM |
Commercial Airplanes first-quarter revenue of $4.2 billion decreased slightly, primarily
due to timing of wide-body deliveries, partially offset by higher
737 deliveries (Table 4). Operating margin of (20.6)% also reflects
abnormal costs and period expenses, including charges for impacts
of the war in Ukraine and higher
research and development expense.
Boeing has nearly completed the global safe return to service of
the 737 MAX and the fleet has flown more than one million total
flight hours since late 2020. The 737 production rate continues to
increase and is expected to increase to 31 airplanes per month
during the second quarter.
On the 787, the company has submitted the certification plan to
the FAA. Rework has been completed on the initial airplanes and the
company continues to work closely with the FAA on timing of
resuming deliveries. The program is producing at a very low rate
and will continue to do so until deliveries resume, with an
expected gradual return to five per month over time. The company
continues to anticipate 787 abnormal costs of approximately
$2 billion, with most being incurred
by the end of 2023, including $312
million recorded in the quarter.
During the quarter, the company launched the 777-8 Freighter
with an order from Qatar Airways. Delivery of the first 777-9
airplane is now expected in 2025, which reflects an updated
assessment of the time required to meet certification requirements.
To minimize inventory and the number of airplanes requiring change
incorporation, the 777-9 production rate ramp is being adjusted,
including a temporary pause through 2023. This will result in
approximately $1.5 billion of
abnormal costs beginning in the second quarter of this year and
continuing until 777-9 production resumes. The 777 program is also
leveraging the adjustment to the 777-9 production rate ramp to add
777 Freighter capacity starting in late 2023.
Commercial Airplanes delivered 95 airplanes during the quarter
and backlog included nearly 4,200 airplanes valued at $291 billion.
Defense, Space & Security
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Table 5. Defense, Space & Security |
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First
Quarter |
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(Dollars in Millions) |
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2022 |
2021 |
Change |
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Revenues |
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$5,483 |
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$7,185 |
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(24)% |
(Loss)/earnings from Operations |
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($929) |
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$405 |
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NM |
Operating Margin |
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(16.9)% |
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5.6% |
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NM |
Defense, Space & Security first-quarter revenue decreased to
$5.5 billion and first-quarter
operating margin decreased to (16.9) percent, primarily driven by
lower volume and charges on fixed-price development programs,
including VC-25B and T-7A Red Hawk.
The VC-25B program recorded a $660
million charge, primarily driven by higher supplier costs,
higher costs to finalize technical requirements and schedule
delays. The T-7A Red Hawk program
recorded $367 million in charges,
primarily driven by ongoing supplier negotiations impacted by
supply chain constraints, COVID-19 and inflationary pressures.
During the quarter, Defense, Space & Security captured an
award for 6 MH-47G Block II Chinook rotorcraft for U.S. Army
Special Operations. Defense, Space & Security completed mission
profile flights on the SB>1 DEFIANT and completed the
400th test flight on the T-7A Red
Hawk. Also in the quarter, Defense, Space & Security
began build of the first P-8A for the Royal New Zealand Air Force
and delivered 41 aircraft.
Backlog at Defense, Space & Security was $60 billion, of which 33% percent represents
orders from customers outside the U.S.
Global Services
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Table 6. Global Services |
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First
Quarter |
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(Dollars in Millions) |
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2022 |
2021 |
Change |
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Revenues |
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$4,314 |
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$3,749 |
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15% |
Earnings from Operations |
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$632 |
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$441 |
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43% |
Operating Margin |
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14.6% |
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11.8% |
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24% |
Global Services first-quarter revenue increased to $4.3 billion and first-quarter operating margin
increased to 14.6 percent primarily driven by higher commercial
volume and favorable mix.
During the quarter, Global Services secured a fuel-saving
digital solutions contract for Etihad Airways' 787 fleet and was
awarded a contract for KC-135 horizontal stabilizers from the U.S.
Air Force. Global Services captured a 767 converted freighter order
from Air Transport Services Group and also announced plans to
create additional capacity for 767 converted freighters.
Additional Financial Information
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Table 7. Additional Financial
Information |
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First
Quarter |
(Dollars in Millions) |
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2022 |
2021 |
Revenues |
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Boeing Capital |
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$46 |
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$60 |
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Unallocated items, eliminations and
other |
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($13) |
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($46) |
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(Loss)/Earnings from
Operations |
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Boeing Capital |
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($36) |
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$21 |
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FAS/CAS service cost adjustment |
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$283 |
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$270 |
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Other unallocated items and
eliminations |
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($260) |
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($364) |
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Other income, net |
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$181 |
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$190 |
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Interest and debt expense |
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($630) |
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($679) |
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Effective tax rate |
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23.2% |
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1.9% |
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At quarter-end, Boeing Capital's net portfolio balance was
$1.6 billion. Earnings from
operations at Boeing Capital decreased primarily due to a provision
for losses related to the war in Ukraine. The change in loss
from other unallocated items and eliminations was primarily due to
decreased share-based plan expense and deferred compensation
expense as compared to the first quarter 2021. The first quarter
effective tax rate primarily reflects the tax benefit of pretax
losses and realizable R&D tax credits.
Non-GAAP Measures Disclosures
We supplement the reporting of our financial information
determined under Generally Accepted Accounting Principles in
the United States of America
(GAAP) with certain non-GAAP financial information. The non-GAAP
financial information presented excludes certain significant items
that may not be indicative of, or are unrelated to, results from
our ongoing business operations. We believe that these non-GAAP
measures provide investors with additional insight into the
company's ongoing business performance. These non-GAAP measures
should not be considered in isolation or as a substitute for the
related GAAP measures, and other companies may define such measures
differently. We encourage investors to review our financial
statements and publicly-filed reports in their entirety and not to
rely on any single financial measure. The following definitions are
provided:
Core Operating Earnings, Core Operating Margin and Core Earnings
Per Share
Core operating earnings is defined as GAAP earnings from
operations excluding the FAS/CAS service cost
adjustment. The FAS/CAS service cost
adjustment represents the difference between the
Financial Accounting Standards (FAS) pension and postretirement
service costs calculated under GAAP and costs allocated to the
business segments. Core operating margin is defined as core
operating earnings expressed as a percentage of revenue. Core
earnings per share is defined as GAAP diluted earnings per
share excluding the net earnings per share impact of
the FAS/CAS service cost adjustment
and Non-operating pension and postretirement expenses.
Non-operating pension and postretirement expenses represent the
components of net periodic benefit costs other than service cost.
Pension costs, comprising service and prior service costs computed
in accordance with GAAP are allocated to Commercial Airplanes and
BGS businesses supporting commercial customers. Pension costs
allocated to BDS and BGS businesses supporting government customers
are computed in accordance with U.S. Government Cost Accounting
Standards (CAS), which employ different actuarial assumptions and
accounting conventions than GAAP. CAS costs are allocable to
government contracts. Other postretirement benefit costs are
allocated to all business segments based on CAS, which is generally
based on benefits paid. Management uses core operating earnings,
core operating margin and core earnings per share for purposes of
evaluating and forecasting underlying business performance.
Management believes these core earnings measures provide investors
additional insights into operational performance as they exclude
non-service pension and post-retirement costs, which primarily
represent costs driven by market factors and costs not allocable to
government contracts. A reconciliation between the GAAP and
non-GAAP measures is provided on pages 13.
Free Cash Flow
Free cash flow is GAAP operating cash
flow reduced by capital expenditures for property,
plant and equipment. Management believes free cash flow
provides investors with an important perspective on the cash
available for shareholders, debt repayment, and acquisitions after
making the capital investments required to support ongoing business
operations and long term value creation. Free cash flow does not
represent the residual cash flow available for discretionary
expenditures as it excludes certain mandatory expenditures such as
repayment of maturing debt. Management uses free cash flow as a
measure to assess both business performance and overall liquidity.
Table 2 provides a reconciliation of free cash flow to GAAP
operating cash flow.
Caution Concerning Forward-Looking
Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Words such as "may," "should," "expects," "intends,"
"projects," "plans," "believes," "estimates," "targets,"
"anticipates," and similar expressions generally identify these
forward-looking statements. Examples of forward-looking statements
include statements relating to our future financial condition and
operating results, as well as any other statement that does not
directly relate to any historical or current fact. Forward-looking
statements are based on expectations and assumptions that we
believe to be reasonable when made, but that may not prove to be
accurate. These statements are not guarantees and are subject to
risks, uncertainties, and changes in circumstances that are
difficult to predict. Many factors could cause actual results to
differ materially and adversely from these forward-looking
statements. Among these factors are risks related to: (1) the
COVID-19 pandemic and related industry impacts, including with
respect to our operations, our liquidity, the health of our
customers and suppliers, and future demand for our products and
services; (2) the 737 MAX, including the timing and conditions of
remaining 737 MAX regulatory approvals, lower than planned
production rates and/or delivery rates, and additional
considerations to customers and suppliers; (3) general conditions
in the economy and our industry, including those due to regulatory
changes; (4) our reliance on our commercial airline customers; (5)
the overall health of our aircraft production system, planned
commercial aircraft production rate changes, our commercial
development and derivative aircraft programs, and our aircraft
being subject to stringent performance and reliability standards;
(6) changing budget and appropriation levels and acquisition
priorities of the U.S. government; (7) our dependence on U.S.
government contracts; (8) our reliance on fixed-price contracts;
(9) our reliance on cost-type contracts; (10) uncertainties
concerning contracts that include in-orbit incentive payments; (11)
our dependence on our subcontractors and suppliers, as well as the
availability of raw materials; (12) changes in accounting
estimates; (13) changes in the competitive landscape in our
markets; (14) our non-U.S. operations, including sales to non-U.S.
customers; (15) threats to the security of our, our customers'
and/or our suppliers' information; (16) potential adverse
developments in new or pending litigation and/or government
investigations; (17) customer and aircraft concentration in our
customer financing portfolio; (18) changes in our ability to obtain
debt financing on commercially reasonable terms and at competitive
rates; (19) realizing the anticipated benefits of mergers,
acquisitions, joint ventures/strategic alliances or divestitures;
(20) the adequacy of our insurance coverage to cover significant
risk exposures; (21) potential business disruptions, including
those related to physical security threats, information technology
or cyber-attacks, epidemics, sanctions or natural disasters; (22)
work stoppages or other labor disruptions; (23) substantial pension
and other postretirement benefit obligations; (24) potential
environmental liabilities; and (25) effects of climate change and
legal, regulatory or market responses to such change.
Additional information concerning these and other factors can be
found in our filings with the Securities and Exchange Commission,
including our most recent Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K. Any
forward-looking statement speaks only as of the date on which it is
made, and we assume no obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise, except as required by law.
Contact: |
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Investor Relations: |
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Matt Welch or Keely Moos (312) 544-2140 |
Communications: |
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Michael Friedman media@boeing.com |
The Boeing Company
and Subsidiaries |
Consolidated
Statements of Operations |
(Unaudited) |
|
|
Three months
ended
March 31 |
(Dollars in millions, except per
share data) |
2022 |
|
2021 |
|
|
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Sales of products |
$11,427 |
|
$12,518 |
|
|
|
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Sales of services |
2,564 |
|
2,699 |
|
|
|
|
Total revenues |
13,991 |
|
15,217 |
|
|
|
|
|
|
|
|
|
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Cost of products |
(11,412) |
|
(11,632) |
|
|
|
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Cost of services |
(2,226) |
|
(2,167) |
|
|
|
|
Boeing Capital interest expense |
(7) |
|
(9) |
|
|
|
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Total costs and expenses |
(13,645) |
|
(13,808) |
|
|
|
|
|
346 |
|
1,409 |
|
|
|
|
(Loss)/income from operating
investments, net |
(20) |
|
37 |
|
|
|
|
General and administrative
expense |
(863) |
|
(1,032) |
|
|
|
|
Research and development expense,
net |
(633) |
|
(499) |
|
|
|
|
Gain on dispositions, net |
1 |
|
2 |
|
|
|
|
Loss from operations |
(1,169) |
|
(83) |
|
|
|
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Other income, net |
181 |
|
190 |
|
|
|
|
Interest and debt expense |
(630) |
|
(679) |
|
|
|
|
Loss before income taxes |
(1,618) |
|
(572) |
|
|
|
|
Income tax benefit |
376 |
|
11 |
|
|
|
|
Net loss |
(1,242) |
|
(561) |
|
|
|
|
Less: net loss attributable to
noncontrolling interest |
(23) |
|
(24) |
|
|
|
|
Net loss attributable to Boeing
Shareholders |
($1,219) |
|
($537) |
|
|
|
|
|
|
|
|
|
|
Basic loss per share |
($2.06) |
|
($0.92) |
|
|
|
|
|
|
|
|
|
|
Diluted loss per share |
($2.06) |
|
($0.92) |
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares
(millions) |
591.7 |
|
585.4 |
|
|
|
|
|
|
|
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|
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|
|
|
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|
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|
|
|
|
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The Boeing Company
and Subsidiaries |
Consolidated
Statements of Financial Position |
(Unaudited) |
|
|
|
|
(Dollars in millions, except per share
data) |
March 31
2022 |
|
December 31
2021 |
Assets |
|
|
|
Cash and cash equivalents |
$7,409 |
|
$8,052 |
Short-term and other investments |
4,873 |
|
8,192 |
Accounts receivable, net |
2,407 |
|
2,641 |
Unbilled receivables, net |
8,991 |
|
8,620 |
Current portion of customer financing, net |
157 |
|
117 |
Inventories |
79,819 |
|
78,823 |
Other current assets, net |
2,356 |
|
2,221 |
Total current assets |
106,012 |
|
108,666 |
Customer financing, net |
1,580 |
|
1,695 |
Property, plant and equipment, net of accumulated
depreciation of $20,759 and
$20,538 |
10,755 |
|
10,918 |
Goodwill |
8,065 |
|
8,068 |
Acquired intangible assets, net |
2,492 |
|
2,562 |
Deferred income taxes |
91 |
|
77 |
Investments |
992 |
|
975 |
Other assets, net of accumulated amortization of
of $1,024 and $975 |
5,814 |
|
5,591 |
Total assets |
$135,801 |
|
$138,552 |
Liabilities and equity |
|
|
Accounts payable |
$8,779 |
|
$9,261 |
|
|
Accrued liabilities |
17,864 |
|
18,455 |
|
|
Advances and progress billings |
52,458 |
|
52,980 |
|
|
Short-term debt and current portion of long-term
debt |
2,591 |
|
1,296 |
|
|
Total current liabilities |
81,692 |
|
81,992 |
|
|
Deferred income taxes |
158 |
|
218 |
|
|
Accrued retiree health care |
3,471 |
|
3,528 |
|
|
Accrued pension plan liability, net |
8,719 |
|
9,104 |
|
|
Other long-term liabilities |
1,879 |
|
1,750 |
|
|
Long-term debt |
55,150 |
|
56,806 |
|
|
Total liabilities |
151,069 |
|
153,398 |
|
|
Shareholders' equity: |
|
|
Common stock, par value $5.00 – 1,200,000,000
shares authorized;
1,012,261,159 shares issued |
5,061 |
|
5,061 |
|
|
Additional paid-in capital |
9,295 |
|
9,052 |
|
|
Treasury stock, at cost - 420,886,484 and
423,343,707 shares |
(51,573) |
|
(51,861) |
|
|
Retained earnings |
33,189 |
|
34,408 |
|
|
Accumulated other comprehensive loss |
(11,370) |
|
(11,659) |
|
|
Total shareholders' deficit |
(15,398) |
|
(14,999) |
|
|
Noncontrolling interests |
130 |
|
153 |
|
|
Total equity |
(15,268) |
|
(14,846) |
|
|
Total liabilities and equity |
$135,801 |
|
$138,552 |
|
|
|
|
|
|
|
|
|
The Boeing Company
and Subsidiaries |
Consolidated
Statements of Cash Flows |
(Unaudited) |
|
|
Three months
ended
March 31 |
|
|
(Dollars in millions) |
2022 |
|
2021 |
|
|
Cash flows – operating
activities: |
|
|
|
|
|
Net loss |
($1,242) |
|
($561) |
|
|
Adjustments to reconcile net loss to net cash used
by operating activities: |
|
|
|
|
Non-cash items – |
|
|
|
|
Share-based plans expense |
203 |
|
321 |
|
|
Treasury shares issued for 401(k)
contribution |
329 |
|
306 |
|
|
Depreciation and amortization |
486 |
|
536 |
|
|
Investment/asset impairment charges, net |
72 |
|
16 |
|
|
Customer financing valuation adjustments |
48 |
|
|
|
|
Gain on dispositions, net |
(1) |
|
(2) |
|
|
787 and 777X reach-forward losses |
|
|
|
|
Other charges and credits, net |
175 |
|
35 |
|
|
Changes in assets and liabilities – |
|
|
|
|
Accounts receivable |
237 |
|
(394) |
|
|
Unbilled receivables |
(356) |
|
(790) |
|
|
Advances and progress billings |
(522) |
|
421 |
|
|
Inventories |
(1,203) |
|
(680) |
|
|
Other current assets |
140 |
|
153 |
|
|
Accounts payable |
(369) |
|
(819) |
|
|
Accrued liabilities |
(594) |
|
(1,615) |
|
|
Income taxes receivable, payable and deferred |
(403) |
|
(34) |
|
|
Other long-term liabilities |
96 |
|
(84) |
|
|
Pension and other postretirement plans |
(371) |
|
(265) |
|
|
Customer financing, net |
18 |
|
46 |
|
|
Other |
41 |
|
23 |
|
|
Net cash used by operating
activities |
(3,216) |
|
(3,387) |
|
|
Cash flows – investing activities: |
|
|
|
|
Payments to acquire property, plant and
equipment |
(349) |
|
(291) |
|
|
Proceeds from disposals of property, plant and
equipment |
8 |
|
2 |
|
|
Acquisitions, net of cash acquired |
|
|
|
|
Contributions to investments |
(1,732) |
|
(9,688) |
|
|
Proceeds from investments |
5,037 |
|
12,738 |
|
|
Other |
1 |
|
3 |
|
|
Net cash provided by investing
activities |
2,965 |
|
2,764 |
|
|
Cash flows – financing activities: |
|
|
|
|
New borrowings |
2 |
|
9,814 |
|
|
Debt repayments |
(396) |
|
(9,847) |
|
|
Stock options exercised |
30 |
|
23 |
|
|
Employee taxes on certain share-based payment
arrangements |
(32) |
|
(38) |
|
|
Net cash used by financing activities |
(396) |
|
(48) |
|
|
Effect of exchange rate changes on cash and cash
equivalents |
(3) |
|
(18) |
|
|
Net decrease in cash & cash equivalents,
including restricted |
(650) |
|
(689) |
|
|
Cash & cash equivalents, including restricted,
at beginning of year |
8,104 |
|
7,835 |
|
|
Cash & cash equivalents, including
restricted, at end of period |
7,454 |
|
7,146 |
|
|
Less restricted cash & cash equivalents,
included in Investments |
45 |
|
87 |
|
|
Cash and cash equivalents at end of
year |
$7,409 |
|
$7,059 |
|
|
The Boeing Company
and Subsidiaries |
Summary of Business
Segment Data |
(Unaudited) |
|
|
Three months
ended
March 31 |
(Dollars in millions) |
2022 |
|
2021 |
Revenues: |
|
|
Commercial Airplanes |
$4,161 |
|
$4,269 |
Defense, Space & Security |
5,483 |
|
7,185 |
Global Services |
4,314 |
|
3,749 |
Boeing Capital |
46 |
|
60 |
Unallocated items, eliminations and other |
(13) |
|
(46) |
Total revenues |
$13,991 |
|
$15,217 |
Earnings/(loss) from operations: |
|
|
Commercial Airplanes |
($859) |
|
($856) |
Defense, Space & Security |
(929) |
|
405 |
Global Services |
632 |
|
441 |
Boeing Capital |
(36) |
|
21 |
Segment operating (loss)/earnings |
(1,192) |
|
11 |
Unallocated items, eliminations and other |
(260) |
|
(364) |
FAS/CAS service cost adjustment |
283 |
|
270 |
Loss from operations |
(1,169) |
|
(83) |
Other income, net |
181 |
|
190 |
Interest and debt expense |
(630) |
|
(679) |
Loss before income taxes |
(1,618) |
|
(572) |
Income tax benefit |
376 |
|
11 |
Net loss |
(1,242) |
|
(561) |
Less: Net loss attributable to noncontrolling
interest |
(23) |
|
(24) |
Net loss attributable to Boeing
Shareholders |
($1,219) |
|
($537) |
Research and development expense, net: |
|
|
Commercial Airplanes |
$321 |
|
$269 |
Defense, Space & Security |
233 |
|
163 |
Global Services |
27 |
|
25 |
Other |
52 |
|
42 |
Total research and development expense,
net |
$633 |
|
$499 |
Unallocated items, eliminations and
other: |
|
|
Share-based plans |
($83) |
|
($128) |
Deferred compensation |
42 |
|
(52) |
Amortization of previously capitalized
interest |
(23) |
|
(22) |
Research and development expense, net |
(52) |
|
(42) |
Eliminations and other unallocated items |
(144) |
|
(120) |
Sub-total (included in core operating
loss) |
(260) |
|
(364) |
Pension FAS/CAS service cost adjustment |
208 |
|
193 |
Postretirement FAS/CAS service cost
adjustment |
75 |
|
77 |
FAS/CAS service cost adjustment |
$283 |
|
$270 |
Total |
$23 |
|
($94) |
The Boeing Company
and Subsidiaries |
Operating and
Financial Data |
(Unaudited) |
|
|
Deliveries |
Three months
ended
March 31 |
Commercial Airplanes |
2022 |
|
2021 |
737 |
86 |
|
63 |
747 |
1 |
|
1 |
767 |
5 |
|
5 |
777 |
3 |
|
6 |
787 |
— |
|
2 |
Total |
95 |
|
77 |
|
|
|
|
|
Defense, Space & Security |
|
|
|
AH-64 Apache (New) |
7 |
|
9 |
AH-64 Apache (Remanufactured) |
15 |
|
15 |
CH-47 Chinook (New) |
4 |
|
3 |
CH-47 Chinook (Renewed) |
3 |
|
3 |
F-15 Models |
1 |
|
3 |
F/A-18 Models |
4 |
|
4 |
KC-46 Tanker |
4 |
|
2 |
P-8 Models |
3 |
|
3 |
|
|
|
|
Total backlog (Dollars in
millions) |
March 31
2022 |
|
December 31
2021 |
|
Commercial Airplanes |
$290,930 |
|
$296,882 |
|
Defense, Space & Security |
59,739 |
|
59,828 |
|
Global Services |
19,822 |
|
20,496 |
|
Unallocated items, eliminations and other |
344 |
|
293 |
|
Total backlog |
$370,835 |
|
$377,499 |
|
|
|
|
|
Contractual backlog |
$348,414 |
|
$356,362 |
|
Unobligated backlog |
22,421 |
|
21,137 |
|
Total backlog |
$370,835 |
|
$377,499 |
|
The Boeing Company and
Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial
measures core operating loss, core operating margin, and core loss
per share with the most directly comparable GAAP financial
measures, loss from operations, operating margin, and diluted loss
per share. See page 6 of this release for additional information on
the use of these non-GAAP financial measures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions, except per
share data) |
First Quarter
2022 |
First Quarter 2021 |
|
$ millions |
Per Share |
$ millions |
Per Share |
Revenues |
13,991 |
|
|
15,217 |
|
|
Loss from operations
(GAAP) |
(1,169) |
|
|
(83) |
|
|
Operating margin (GAAP) |
(8.4) |
% |
|
(0.5) |
% |
|
|
|
|
|
|
FAS/CAS service cost
adjustment: |
|
|
|
|
Pension FAS/CAS service cost
adjustment |
(208) |
|
|
(193) |
|
|
Postretirement FAS/CAS service cost
adjustment |
(75) |
|
|
(77) |
|
|
FAS/CAS service cost
adjustment |
(283) |
|
|
(270) |
|
|
Core operating loss
(non-GAAP) |
($1,452) |
|
|
($353) |
|
|
Core operating margin
(non-GAAP) |
(10.4) |
% |
|
(2.3) |
% |
|
|
|
|
|
|
Diluted loss per share
(GAAP) |
|
($2.06) |
|
|
($0.92) |
|
Pension FAS/CAS service cost
adjustment |
($208) |
|
(0.35) |
|
($193) |
|
(0.33) |
|
Postretirement FAS/CAS service cost
adjustment |
(75) |
|
(0.13) |
|
(77) |
|
(0.13) |
|
Non-operating pension expense |
(220) |
|
(0.37) |
|
(177) |
|
(0.30) |
|
Non-operating postretirement
expense |
(15) |
|
(0.02) |
|
(5) |
|
(0.01) |
|
Provision for deferred income taxes on
adjustments 1 |
109 |
|
0.18 |
|
95 |
|
0.16 |
|
Subtotal of adjustments |
($409) |
|
($0.69) |
|
($357) |
|
($0.61) |
|
Core loss per share
(non-GAAP) |
|
($2.75) |
|
|
($1.53) |
|
|
|
|
|
|
Weighted average diluted shares (in
millions) |
|
591.7 |
|
|
585.4 |
|
|
1 The income
tax impact is calculated using the U.S. corporate statutory tax
rate. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|