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. Fourth Quarter Full Year
Summary
Financial
Results
(Dollars in 2022 2021 Change 2022 2021 Change
Millions,
except per
share data)
Revenues $19,980 $14,793 35 % $66,608 $62,286 7 %
GAAP
Loss From ($353 ) ($4,171 ) NM ($3,547 ) ($2,902 ) NM
Operations
Operating (1.8) % (28.2) % NM (5.3) % (4.7) % NM
Margin
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 $3,457 $716 383 % $3,512 ($3,416 ) NM
Flow
Non-GAAP*
Core Operating ($650 ) ($4,536 ) NM ($4,690 ) ($4,075 ) NM
Loss
Core Operating (3.3) % (30.7) % NM (7.0) % (6.5) % NM
Margin
Core Loss Per ($1.75 ) ($7.69 ) NM ($11.06 ) ($9.44 ) NM
Share
*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 & ($326 ) ($222 ) ($1,222 ) ($980 )
Equipment
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. Quarter-End
Cash,
Marketable
Securities
and Debt
Balances
(Billions) Q4 22 Q3 22
Cash $14.6 $13.5
Marketable $2.6 $0.8
Securities1
Total $17.2 $14.3
Consolidated $57.0 $57.2
Debt
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. Fourth Quarter Full Year
Commercial
Airplanes
(Dollars in 2022 2021 Change 2022 2021 Change
Millions)
Commercial 152 99 54 % 480 340 41 %
Airplanes
Deliveries
Revenues $9,224 $4,750 94 % $25,867 $19,493 33 %
Loss from ($626 ) ($4,454 ) NM ($2,370 ) ($6,475 ) NM
Operations
Operating (6.8) % (93.8) % NM (9.2) % (33.2) % NM
Margin
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. Fourth Quarter Full Year
Defense, Space
& Security
(Dollars in 2022 2021 Change 2022 2021 Change
Millions)
Revenues $6,181 $5,862 5 % $23,162 $26,540 (13) %
Earnings/ $112 ($255 ) NM ($3,544 ) $1,544 NM
(loss) from
Operations
Operating 1.8 % (4.4) % NM (15.3) % 5.8 % NM
Margin
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. Fourth Quarter Full Year
Global
Services
(Dollars in 2022 2021 Change 2022 2021 Change
Millions)
Revenues $4,567 $4,291 6 % $17,611 $16,328 8 %
Earnings from $634 $401 58 % $2,727 $2,017 35 %
Operations
Operating 13.9 % 9.3 % 4.6 pts 15.5 % 12.4 % 3.1 pts
Margin
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. Fourth Quarter Full Year
Additional
Financial
Information
(Dollars in 2022 2021 2022 2021
Millions)
Revenues
Boeing Capital $49 $63 $199 $272
Unallocated ($41 ) ($173 ) ($231 ) ($347 )
items,
eliminations and
other
Earnings/(loss)
from Operations
Boeing Capital $15 $7 $29 $106
FAS/CAS service $297 $365 $1,143 $1,173
cost adjustment
Other unallocated ($785 ) ($235 ) ($1,532 ) ($1,267 )
items and
eliminations
Other income, net $336 $132 $1,058 $551
Interest and debt ($632 ) ($661 ) ($2,533 ) ($2,682 )
expense
Effective tax (2.2) % 11.4 % (0.6) % 14.8 %
rate
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 2022 2021 2022 2021
data)
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 (16) 210 11 15
investments, net
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 (118) (88) (29) (21)
noncontrolling interest
Net loss attributable to Boeing ($4,935 ) ($4,202 ) ($634 ) ($4,143 )
Shareholders
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 595.2 588.0 598.9 590.3
(millions)
The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position
(Unaudited)
(Dollars in millions, except per share data) December December
31 31
2022 2021
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 10,550 10,918
depreciation of $21,442 and
$20,538
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 4,163 5,591
and $975
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 5,061 5,061
authorized;
1,012,261,159 shares issued
Additional paid-in capital 9,947 9,052
Treasury stock, at cost - 414,671,385 and (50,814) (51,861)
423,343,707 shares
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 (73) (39)
equivalents
Net increase in cash & cash equivalents, including 6,543 269
restricted
Cash & cash equivalents, including restricted, at 8,104 7,835
beginning of year
Cash & cash equivalents, including restricted, at end of 14,647 8,104
period
Less restricted cash & cash equivalents, included in 33 52
Investments
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 (231) (347) (41) (173)
other
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 (1,532) (1,267) (785) (235)
other
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 (118) (88) (29) (21)
noncontrolling interest
Net loss attributable to Boeing ($4,935 ) ($4,202 ) ($634 ) ($4,143 )
Shareholders
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, $2,852 $2,249 $794 $678
net
Unallocated items, eliminations and
other:
Share-based plans ($114 ) ($174 ) ($50 ) ($3 )
Deferred compensation 117 (126) (87) (40)
Amortization of previously capitalized (95) (107) (24) (41)
interest
Research and development expense, net (278) (184) (117) (40)
Eliminations and other unallocated (1,162) (676) (507) (111)
items
Sub-total (included in core operating (1,532) (1,267) (785) (235)
loss)
Pension FAS/CAS service cost adjustment 849 882 228 306
Postretirement FAS/CAS service cost 294 291 69 59
adjustment
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 2022 2021 2022 2021
Airplanes
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 25 27 5 8
(New)
AH-64 Apache 50 56 14 14
(Remanufactured)
CH-47 Chinook 19 15 9 3
(New)
CH-47 Chinook 9 5 3 -
(Renewed)
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 4 - 2 -
Civil Satellites
Military 1 - 1 -
Satellites
Total backlog December 31 December 31
(Dollars in 2022 2021
millions)
Commercial $329,824 $296,882
Airplanes
Defense, Space & 54,373 59,828
Security
Global Services 19,338 20,496
Unallocated 846 293
items,
eliminations and
other
Total backlog $404,381 $377,499
Contractual $381,977 $356,362
backlog
Unobligated 22,404 21,137
backlog
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 Fourth Quarter 2022 Fourth Quarter 2021
millions,
except per
share data)
$ millions Per $ millions Per
Share Share
Revenues 19,980 14,793
Loss from (353) (4,171)
operations
(GAAP)
Operating (1.8) % (28.2) %
margin (GAAP)
FAS/CAS
service cost
adjustment:
Pension FAS/ (228) (306)
CAS service
cost
adjustment
Postretirement (69) (59)
FAS/CAS
service cost
adjustment
FAS/CAS (297) (365)
service cost
adjustment
Core operating ($650 ) ($4,536 )
loss
(non-GAAP)
Core operating (3.3) % (30.7) %
margin
(non-GAAP)
Diluted loss ($1.06 ) ($7.02 )
per share
(GAAP)
Pension FAS/ ($228 ) (0.38) ($306 ) (0.52)
CAS service
cost
adjustment
Postretirement (69) (0.12) (59) (0.10)
FAS/CAS
service cost
adjustment
Non-operating (215) (0.35) (147) (0.26)
pension
expense
Non-operating (14) (0.02) 15 0.03
postretirement
expense
Provision 110 0.18 104 0.18
for deferred
income taxes
on
adjustments 1
Subtotal of ($416 ) ($0.69 ) ($393 ) ($0.67 )
adjustments
Core loss per ($1.75 ) ($7.69 )
share
(non-GAAP)
Weighted 598.9 590.3
average
diluted shares
(in millions)
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 Full Year 2022 Full Year 2021
millions,
except per
share data)
$ millions Per Share $ millions Per Share
Revenues 66,608 62,286
Loss from (3,547) (2,902)
operations
(GAAP)
Operating (5.3) % (4.7) %
margin (GAAP)
FAS/CAS
service cost
adjustment:
Pension FAS/ (849) (882)
CAS service
cost
adjustment
Postretirement (294) (291)
FAS/CAS
service cost
adjustment
FAS/CAS (1,143) (1,173)
service cost
adjustment
Core operating ($4,690 ) ($4,075 )
loss
(non-GAAP)
Core operating (7.0) % (6.5) %
margin
(non-GAAP)
Diluted loss ($8.30 ) ($7.15 )
per share
(GAAP)
Pension FAS/ ($849 ) (1.43) ($882 ) (1.50)
CAS service
cost
adjustment
Postretirement (294) (0.49) (291) (0.49)
FAS/CAS
service cost
adjustment
Non-operating (881) (1.47) (528) (0.91)
pension
expense
Non-operating (58) (0.10) (1) 0.00
postretirement
expense
Provision 437 0.73 357 0.61
for deferred
income taxes
on
adjustments 1
Subtotal of ($1,645 ) ($2.76 ) ($1,345 ) ($2.29 )
adjustments
Core loss per ($11.06 ) ($9.44 )
share
(non-GAAP)
Weighted 595.2 588.0
average
diluted shares
(in millions)
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 & ($1.5 )
Equipment
Free Cash Flow (non-GAAP) $3.0 - $5.0 BOE.L
The Boeing Co.
Boeing Company - Final Results
25th January 2023, 12:30
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