REG-Boeing Co: Final Results
25/01/2023 12:45
Boeing Reports Fourth-Quarter Results
ARLINGTON, Va., Jan. 25, 2023 /PRNewswire/ --
Fourth Quarter 2022
* Generated $3.5 billion of operating cash flow and $3.1 billion of free cash
flow (non-GAAP); cash and marketable securities of $17.2 billion
* Certification efforts continue on 737-7 and 737-10
* Delivered 152 commercial airplanes and recorded 376 net orders
Full Year 2022
* Generated $3.5 billion of operating cash flow and $2.3 billion of free cash
flow (non-GAAP)
* Delivered 480 commercial airplanes and recorded 808 net orders
* Total company backlog grew to $404 billion; including over 4,500 commercial
airplanes
Outlook for 2023
* Reaffirming guidance: $4.5-$6.5 billion of operating cash flow and $3.0-$5.0
billion free cash flow (non-GAAP)
Table 1. Summary Financial Results Fourth Quarter Full Year
(Dollars in Millions, except per share data) 2022 2021 Change 2022 2021 Change
Revenues $19,980 $14,793 35 % $66,608 $62,286 7 %
GAAP
Loss From Operations ($353) ($4,171) NM ($3,547) ($2,902) NM
Operating Margin (1.8) % (28.2) % NM (5.3) % (4.7) % NM
Net Loss ($663) ($4,164) NM ($5,053) ($4,290) NM
Loss Per Share ($1.06) ($7.02) NM ($8.30) ($7.15) NM
Operating Cash Flow $3,457 $716 383 % $3,512 ($3,416) NM
Non-GAAP*
Core Operating Loss ($650) ($4,536) NM ($4,690) ($4,075) NM
Core Operating Margin (3.3) % (30.7) % NM (7.0) % (6.5) % NM
Core Loss Per Share ($1.75) ($7.69) NM ($11.06) ($9.44) NM
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."
The Boeing Company [NYSE: BA] recorded fourth-quarter revenue of $20.0
billion, GAAP loss per share of ($1.06), and core loss per share (non-GAAP)*
of ($1.75) (Table 1). Boeing also generated $3.5 billion of operating cash
flow and $3.1 billion of free cash flow (non-GAAP). Results improved on
commercial volume and performance.
"We had a solid fourth quarter, and 2022 proved to be an important year in our
recovery," said Dave Calhoun, Boeing President and Chief Executive Officer.
"Demand across our portfolio is strong, and we remain focused on driving
stability in our operations and within the supply chain to meet our
commitments in 2023 and beyond. We are investing in our business, innovating
and prioritizing safety, quality and transparency in all that we do. While
challenges remain, we are well positioned and are on the right path to
restoring our operational and financial strength."
Table 2. Cash Flow Fourth Quarter Full Year
(Millions) 2022 2021 2022 2021
Operating Cash Flow $3,457 $716 $3,512 ($3,416)
Less Additions to Property, Plant & Equipment ($326) ($222) ($1,222) ($980)
Free Cash Flow* $3,131 $494 $2,290 ($4,396)
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."
Operating cash flow improved to $3.5 billion in the quarter, reflecting higher
commercial deliveries and timing of receipts and expenditures (Table 2).
Table 3. Cash, Marketable Securities and Debt Balances Quarter-End
(Billions) Q4 22 Q3 22
Cash $14.6 $13.5
Marketable Securities (1) $2.6 $0.8
Total $17.2 $14.3
Consolidated Debt $57.0 $57.2
(1) Marketable securities consist primarily of time deposits due within one year classified as "short-term investments."
Cash and investments in marketable securities increased to $17.2 billion,
compared to $14.3 billion at the beginning of the quarter, primarily driven
by cash from operations (Table 3). The company has access to credit
facilities of $12.0 billion, which remain undrawn.
Total company backlog at quarter-end was $404 billion.
Segment Results
Commercial Airplanes
Table 4. Commercial Airplanes Fourth Quarter Full Year
(Dollars in Millions) 2022 2021 Change 2022 2021 Change
Commercial Airplanes Deliveries 152 99 54 % 480 340 41 %
Revenues $9,224 $4,750 94 % $25,867 $19,493 33 %
Loss from Operations ($626) ($4,454) NM ($2,370) ($6,475) NM
Operating Margin (6.8) % (93.8) % NM (9.2) % (33.2) % NM
Commercial Airplanes fourth-quarter revenue increased to $9.2 billion driven
by higher 737 and 787 deliveries, partially offset by 787 customer
considerations (Table 4). Operating margin of (6.8) percent also reflects
abnormal costs and period expenses, including research and development.
The 737 program is stabilizing production rate at 31 per month with plans to
ramp production to approximately 50 per month in the 2025/2026 timeframe.
Additionally, the 787 program continues at a low production rate with plans to
ramp production to five per month in late 2023 and to 10 per month in the
2025/2026 timeframe.
During the quarter, the company secured net orders for 376 aircraft,
including an order from United Airlines for 100 737 MAX and 100 787 airplanes.
Commercial Airplanes delivered 152 airplanes during the quarter and backlog
included over 4,500 airplanes valued at $330 billion.
Defense, Space & Security
Table 5. Defense, Space & Security Fourth Quarter Full Year
(Dollars in Millions) 2022 2021 Change 2022 2021 Change
Revenues $6,181 $5,862 5 % $23,162 $26,540 (13) %
Earnings/(loss) from Operations $112 ($255) NM ($3,544) $1,544 NM
Operating Margin 1.8 % (4.4) % NM (15.3) % 5.8 % NM
Defense, Space & Security fourth-quarter revenue was $6.2 billion.
Fourth-quarter operating margin of 1.8 percent reflects the continued
operational impact of labor instability and supply chain disruption.
Defense, Space & Security delivered 45 aircraft and three satellites,
including the first P-8A Poseidon to New Zealand. Also in the quarter, the
Boeing-built Space Launch System core stage powered the first Artemis I
mission to the moon and the T-7A program completed engine testing.
During the quarter, Defense, Space & Security captured awards from Japan for
two KC-46A Tankers and from the Egyptian Air Force for 12 CH-47F Chinook
helicopters. Backlog at Defense, Space & Security was $54 billion, of
which 28 percent represents orders from customers outside the U.S.
Global Services
Table 6. Global Services Fourth Quarter Full Year
(Dollars in Millions) 2022 2021 Change 2022 2021 Change
Revenues $4,567 $4,291 6 % $17,611 $16,328 8 %
Earnings from Operations $634 $401 58 % $2,727 $2,017 35 %
Operating Margin 13.9 % 9.3 % 4.6 pts 15.5 % 12.4 % 3.1 pts
Global Services fourth-quarter revenue of $4.6 billion and operating margin of
13.9 percent reflect higher commercial volume, partially offset by lower
government volume.
During the quarter, Global Services finalized the U.S. Air Force F-15 depot
support order and opened the Germany Distribution Center to serve 6,000+
customers with chemicals and specialty materials.
Additional Financial Information
Table 7. Additional Financial Information Fourth Quarter Full Year
(Dollars in Millions) 2022 2021 2022 2021
Revenues
Boeing Capital $49 $63 $199 $272
Unallocated items, eliminations and other ($41) ($173) ($231) ($347)
Earnings/(loss) from Operations
Boeing Capital $15 $7 $29 $106
FAS/CAS service cost adjustment $297 $365 $1,143 $1,173
Other unallocated items and eliminations ($785) ($235) ($1,532) ($1,267)
Other income, net $336 $132 $1,058 $551
Interest and debt expense ($632) ($661) ($2,533) ($2,682)
Effective tax rate (2.2) % 11.4 % (0.6) % 14.8 %
At quarter-end, Boeing Capital's net portfolio balance was $1.5 billion. The
increase in loss from other unallocated items and eliminations was driven by
timing of allocations, share based compensation and deferred compensation
expense. The change in other income was primarily due to increased interest
rates driving increased investment income. The fourth quarter effective tax
rate primarily reflects tax expense driven by an increase in the valuation
allowance.
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 Loss, Core Operating Margin and Core Loss Per Share
Core operating loss 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 loss expressed as a percentage of revenue. Core (loss)/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
(loss)/earnings, core operating margin and core loss per share for purposes of
evaluating and forecasting underlying business performance. Management
believes these core 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 non-GAAP and GAAP measures is provided on pages 12 & 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.
See Table 2 on page 2 and page 14 for reconciliations 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) general conditions in the economy and our industry, including those
due to regulatory changes; (2) our reliance on our commercial airline
customers; (3) the overall health of our aircraft production system, planned
commercial aircraft production rate changes, our ability to successfully
develop and certify new aircraft or new derivative aircraft, and the ability
of our aircraft to meet stringent performance and reliability standards; (4)
changing budget and appropriation levels and acquisition priorities of the
U.S. government; (5) our dependence on our subcontractors and suppliers, as
well as the availability of highly skilled labor and raw materials; (6)
competition within our markets; (7) our non-U.S. operations and sales to
non-U.S. customers; (8) changes in accounting estimates; (9) realizing the
anticipated benefits of mergers, acquisitions, joint ventures/strategic
alliances or divestitures; (10) our dependence on U.S. government contracts;
(11) our reliance on fixed-price contracts; (12) our reliance on cost-type
contracts; (13) contracts that include in-orbit incentive payments; (14)
unauthorized access to our, our customers' and/or our suppliers' information
and systems; (15) potential business disruptions, including threats to
physical security or our information technology systems, extreme weather
(including effects of climate change) or other acts of nature, and pandemics
or other public health crises; (16) potential adverse developments in new or
pending litigation and/or government inquiries or investigations; (17)
potential environmental liabilities; (18) effects of climate change and legal,
regulatory or market responses to such change; (19) changes in our ability to
obtain debt financing on commercially reasonable terms, at competitive rates
and in sufficient amounts; (20) substantial pension and other postretirement
benefit obligations; (21) the adequacy of our insurance coverage; (22)
customer and aircraft concentration in our customer financing portfolio; and
(23) work stoppages or other labor disruptions.
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:
Investor Relations: Matt Welch or Keely Moos (312) 544-2140
Communications: Michael Friedman media@boeing.com
The Boeing Company and Subsidiaries Consolidated Statements of Operations (Unaudited)
Twelve months ended Three months ended
December 31 December 31
(Dollars in millions, except per share data) 2022 2021 2022 2021
Sales of products $55,893 $51,386 $17,126 $12,162
Sales of services 10,715 10,900 2,854 2,631
Total revenues 66,608 62,286 19,980 14,793
Cost of products (53,969) (49,954) (15,732) (14,788)
Cost of services (9,109) (9,283) (2,384) (2,512)
Boeing Capital interest expense (28) (32) (8) (7)
Total costs and expenses (63,106) (59,269) (18,124) (17,307)
3,502 3,017 1,856 (2,514)
(Loss)/income from operating investments, net (16) 210 11 15
General and administrative expense (4,187) (4,157) (1,430) (988)
Research and development expense, net (2,852) (2,249) (794) (678)
Gain on dispositions, net 6 277 4 (6)
Loss from operations (3,547) (2,902) (353) (4,171)
Other income, net 1,058 551 336 132
Interest and debt expense (2,533) (2,682) (632) (661)
Loss before income taxes (5,022) (5,033) (649) (4,700)
Income tax (expense)/benefit (31) 743 (14) 536
Net loss (5,053) (4,290) (663) (4,164)
Less: net loss attributable to noncontrolling interest (118) (88) (29) (21)
Net loss attributable to Boeing Shareholders ($4,935) ($4,202) ($634) ($4,143)
Basic loss per share ($8.30) ($7.15) ($1.06) ($7.02)
Diluted loss per share ($8.30) ($7.15) ($1.06) ($7.02)
Weighted average diluted shares (millions) 595.2 588.0 598.9 590.3
The Boeing Company and Subsidiaries Consolidated Statements of Financial Position (Unaudited)
(Dollars in millions, except per share data) December 31 December 31 2021
2022
Assets
Cash and cash equivalents $14,614 $8,052
Short-term and other investments 2,606 8,192
Accounts receivable, net 2,517 2,641
Unbilled receivables, net 8,634 8,620
Current portion of customer financing, net 154 117
Inventories 78,151 78,823
Other current assets, net 2,847 2,221
Total current assets 109,523 108,666
Customer financing, net 1,450 1,695
Property, plant and equipment, net of accumulated depreciation of $21,442 and $20,538 10,550 10,918
Goodwill 8,057 8,068
Acquired intangible assets, net 2,311 2,562
Deferred income taxes 63 77
Investments 983 975
Other assets, net of accumulated amortization of of $949 and $975 4,163 5,591
Total assets $137,100 $138,552
Liabilities and equity
Accounts payable $10,200 $9,261
Accrued liabilities 21,581 18,455
Advances and progress billings 53,081 52,980
Short-term debt and current portion of long-term debt 5,190 1,296
Total current liabilities 90,052 81,992
Deferred income taxes 230 218
Accrued retiree health care 2,503 3,528
Accrued pension plan liability, net 6,141 9,104
Other long-term liabilities 2,211 1,750
Long-term debt 51,811 56,806
Total liabilities 152,948 153,398
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 9,947 9,052
Treasury stock, at cost - 414,671,385 and 423,343,707 shares (50,814) (51,861)
Retained earnings 29,473 34,408
Accumulated other comprehensive loss (9,550) (11,659)
Total shareholders' deficit (15,883) (14,999)
Noncontrolling interests 35 153
Total equity (15,848) (14,846)
Total liabilities and equity $137,100 $138,552
The Boeing Company and Subsidiaries Consolidated Statements of Cash Flows (Unaudited)
Twelve months ended
December 31
(Dollars in millions) 2022 2021
Cash flows – operating activities:
Net loss ($5,053) ($4,290)
Adjustments to reconcile net loss to net cash provided/(used) by operating activities:
Non-cash items –
Share-based plans expense 725 833
Treasury shares issued for 401(k) contribution 1,215 1,233
Depreciation and amortization 1,979 2,144
Investment/asset impairment charges, net 112 98
Customer financing valuation adjustments 37
Gain on dispositions, net (6) (277)
787 and 777X reach-forward losses 3,460
Other charges and credits, net 364 360
Changes in assets and liabilities –
Accounts receivable 142 (713)
Unbilled receivables 6 (586)
Advances and progress billings 108 2,505
Inventories 420 (1,127)
Other current assets (591) 345
Accounts payable 838 (3,783)
Accrued liabilities 2,956 (3,687)
Income taxes receivable, payable and deferred 1,347 733
Other long-term liabilities (158) (206)
Pension and other postretirement plans (1,378) (972)
Customer financing, net 142 210
Other 307 304
Net cash provided/(used) by operating activities 3,512 (3,416)
Cash flows – investing activities:
Payments to acquire property, plant and equipment (1,222) (980)
Proceeds from disposals of property, plant and equipment 35 529
Acquisitions, net of cash acquired (6)
Proceeds from dispositions
Contributions to investments (5,051) (35,713)
Proceeds from investments 10,619 45,489
Purchase of distribution rights
Other (11) 5
Net cash provided by investing activities 4,370 9,324
Cash flows – financing activities:
New borrowings 34 9,795
Debt repayments (1,310) (15,371)
Contributions from noncontrolling interests
Repayments of distribution rights and other asset financing
Stock options exercised 50 42
Excess tax benefits from share-based payment arrangements
Employee taxes on certain share-based payment arrangements (40) (66)
Common shares repurchased
Dividends paid —
Other
Net cash used by financing activities (1,266) (5,600)
Effect of exchange rate changes on cash and cash equivalents (73) (39)
Net increase in cash & cash equivalents, including restricted 6,543 269
Cash & cash equivalents, including restricted, at beginning of year 8,104 7,835
Cash & cash equivalents, including restricted, at end of period 14,647 8,104
Less restricted cash & cash equivalents, included in Investments 33 52
Cash & cash equivalents at end of year $14,614 $8,052
The Boeing Company and Subsidiaries Summary of Business Segment Data (Unaudited)
Twelve months ended Three months ended
December 31 December 31
(Dollars in millions) 2022 2021 2022 2021
Revenues:
Commercial Airplanes $25,867 $19,493 $9,224 $4,750
Defense, Space & Security 23,162 26,540 6,181 5,862
Global Services 17,611 16,328 4,567 4,291
Boeing Capital 199 272 49 63
Unallocated items, eliminations and other (231) (347) (41) (173)
Total revenues $66,608 $62,286 $19,980 $14,793
(Loss)/earnings from operations:
Commercial Airplanes ($2,370) ($6,475) ($626) ($4,454)
Defense, Space & Security (3,544) 1,544 112 (255)
Global Services 2,727 2,017 634 401
Boeing Capital 29 106 15 7
Segment operating (loss)/earnings (3,158) (2,808) 135 (4,301)
Unallocated items, eliminations and other (1,532) (1,267) (785) (235)
FAS/CAS service cost adjustment 1,143 1,173 297 365
Loss from operations (3,547) (2,902) (353) (4,171)
Other income, net 1,058 551 336 132
Interest and debt expense (2,533) (2,682) (632) (661)
Loss before income taxes (5,022) (5,033) (649) (4,700)
Income tax (expense)/benefit (31) 743 (14) 536
Net loss (5,053) (4,290) (663) (4,164)
Less: Net loss attributable to noncontrolling interest (118) (88) (29) (21)
Net loss attributable to Boeing Shareholders ($4,935) ($4,202) ($634) ($4,143)
Research and development expense, net:
Commercial Airplanes $1,510 $1,140 $408 $323
Defense, Space & Security 945 818 239 288
Global Services 119 107 30 27
Other 278 184 117 40
Total research and development expense, net $2,852 $2,249 $794 $678
Unallocated items, eliminations and other:
Share-based plans ($114) ($174) ($50) ($3)
Deferred compensation 117 (126) (87) (40)
Amortization of previously capitalized interest (95) (107) (24) (41)
Research and development expense, net (278) (184) (117) (40)
Eliminations and other unallocated items (1,162) (676) (507) (111)
Sub-total (included in core operating loss) (1,532) (1,267) (785) (235)
Pension FAS/CAS service cost adjustment 849 882 228 306
Postretirement FAS/CAS service cost adjustment 294 291 69 59
FAS/CAS service cost adjustment 1,143 1,173 $297 $365
Total ($389) ($94) ($488) $130
The Boeing Company and Subsidiaries Operating and Financial Data (Unaudited)
Deliveries Twelve months ended Three months ended
December 31 December 31
Commercial Airplanes 2022 2021 2022 2021
737 387 263 110 84
747 5 7 2 3
767 33 32 12 8
777 24 24 6 4
787 31 14 22 —
Total 480 340 152 99
Defense, Space & Security
AH-64 Apache (New) 25 27 5 8
AH-64 Apache (Remanufactured) 50 56 14 14
CH-47 Chinook (New) 19 15 9 3
CH-47 Chinook (Renewed) 9 5 3 —
F-15 Models 12 16 3 5
F/A-18 Models 14 21 3 6
KC-46 Tanker 15 13 6 6
P-8 Models 12 16 2 5
MH-139 4 — — —
Commercial and Civil Satellites 4 — 2 —
Military Satellites 1 — 1 —
Total backlog (Dollars in millions) December 31 December 31 2021
2022
Commercial Airplanes $329,824 $296,882
Defense, Space & Security 54,373 59,828
Global Services 19,338 20,496
Unallocated items, eliminations and other 846 293
Total backlog $404,381 $377,499
Contractual backlog $381,977 $356,362
Unobligated backlog 22,404 21,137
Total backlog $404,381 $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)/earnings, core operating margin, and core loss per share with
the most directly comparable GAAP financial measures, (loss)/earnings from
operations, operating margin, and diluted loss per share. See page 5 of this
release for additional information on the use of these non-GAAP financial
measures.
(Dollars in millions, except per share data) Fourth Quarter 2022 Fourth Quarter 2021
$ millions Per Share $ millions Per Share
Revenues 19,980 14,793
Loss from operations (GAAP) (353) (4,171)
Operating margin (GAAP) (1.8) % (28.2) %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (228) (306)
Postretirement FAS/CAS service cost adjustment (69) (59)
FAS/CAS service cost adjustment (297) (365)
Core operating loss (non-GAAP) ($650) ($4,536)
Core operating margin (non-GAAP) (3.3) % (30.7) %
Diluted loss per share (GAAP) ($1.06) ($7.02)
Pension FAS/CAS service cost adjustment ($228) (0.38) ($306) (0.52)
Postretirement FAS/CAS service cost adjustment (69) (0.12) (59) (0.10)
Non-operating pension expense (215) (0.35) (147) (0.26)
Non-operating postretirement expense (14) (0.02) 15 0.03
Provision for deferred income taxes on adjustments (1) 110 0.18 104 0.18
Subtotal of adjustments ($416) ($0.69) ($393) ($0.67)
Core loss per share (non-GAAP) ($1.75) ($7.69)
Weighted average diluted shares (in millions) 598.9 590.3
(1)The income tax impact is calculated using the U.S. corporate statutory tax rate.
The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial measures core
operating (loss)/earnings, core operating margin, and core loss per share with
the most directly comparable GAAP financial measures, (loss)/earnings from
operations, operating margin, and diluted loss per share. See page 5 of this
release for additional information on the use of these non-GAAP financial
measures.
(Dollars in millions, except per share data) Full Year 2022 Full Year 2021
$ millions Per Share $ millions Per Share
Revenues 66,608 62,286
Loss from operations (GAAP) (3,547) (2,902)
Operating margin (GAAP) (5.3) % (4.7) %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (849) (882)
Postretirement FAS/CAS service cost adjustment (294) (291)
FAS/CAS service cost adjustment (1,143) (1,173)
Core operating loss (non-GAAP) ($4,690) ($4,075)
Core operating margin (non-GAAP) (7.0) % (6.5) %
Diluted loss per share (GAAP) ($8.30) ($7.15)
Pension FAS/CAS service cost adjustment ($849) (1.43) ($882) (1.50)
Postretirement FAS/CAS service cost adjustment (294) (0.49) (291) (0.49)
Non-operating pension expense (881) (1.47) (528) (0.91)
Non-operating postretirement expense (58) (0.10) (1) 0.00
Provision for deferred income taxes on adjustments (1) 437 0.73 357 0.61
Subtotal of adjustments ($1,645) ($2.76) ($1,345) ($2.29)
Core loss per share (non-GAAP) ($11.06) ($9.44)
Weighted average diluted shares (in millions) 595.2 588.0
(1)The income tax impact is calculated using the U.S. corporate statutory tax rate.
The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The table provided below reconciles the non-GAAP financial measure free cash
flow with the most directly comparable GAAP financial measure, operating cash
flow. See page 5 of this release for additional information on the use of this
non-GAAP financial measure.
Full Year 2023
(dollars in billions) Outlook
Operating Cash Flow $4.5 - $6.5
Less Additions to Property, Plant & Equipment ($1.5)
Free Cash Flow (non-GAAP) $3.0 - $5.0
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