TIDMBOE
Boeing Reports Third Quarter Results
ARLINGTON, Va., Oct. 25, 2023 --
Third Quarter 2023
· Reaffirm guidance: $4.5-$6.5 billion of operating cash flow and $3.0-$5.0
billion of free cash flow (non-GAAP)
· Still expect to deliver 70-80 787 and now expect to deliver 375-400 737
airplanes
· Now transitioning 787 to five per month; plan to complete 737 production
transition to 38 per month by year-end
· Revenue of $18.1 billion reflecting 105 commercial deliveries
· Total company backlog of $469 billion, including over 5,100 commercial
airplanes
Table 1. Third Nine
Summary Quarter Months
Financial
Results
(Dollars 2023 2022 Change 2023
2022 Change
in
Millions,
except per
share
data)
Revenues $18,104 $15,956 13% $55,776
$46,628 20%
GAAP
Loss from ($808) ($2,792) NM ($1,056)
($3,174) NM
operations
Operating (4.5) % (17.5) % NM (1.9)
% (6.8) % NM
margins
Net loss ($1,638) ($3,308) NM ($2,212)
($4,390) NM
Loss per ($2.70) ($5.49) NM ($3.64)
($7.24) NM
share
Operating $22 $3,190 NM $2,579
$55 NM
cash flow
Non-GAAP*
Core ($1,089) ($3,071) NM ($1,919)
($4,020) NM
operating
loss
Core (6.0) % (19.2) % NM (3.4)
% (8.6) % NM
operating
margins
Core loss ($3.26) ($6.18) NM ($5.35)
($9.31) NM
per 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 third quarter revenue of $18.1billion,
GAAP loss per share of ($2.70) and core loss per share (non-GAAP)* of ($3.26)
(Table 1). Third quarter results were impacted by unfavorable defense
performance and lower 737 deliveries. Boeing reported operating cash flow of
$0.0billion and free cash flow of ($0.3) billion (non-GAAP).
"We continue to progress in our recovery and despite near-term challenges, we
remain on track to meet the financial goals we set for this year and for the
long term," said DaveCalhoun, Boeing president and chief executive officer. "We
are focused on driving stability in our supply chain and improving operational
performance as we steadily increase production rates to meet strong demand. The
important work we're doing to add rigor around our quality systems and build a
culture of transparently bringing forward any issue, no matter the size, can
bring short-term challenges - but it is how we set ourselves on the right course
for our long-term future. Leading with safety, quality and transparency, we will
continue to restore our operational and financial strength."
Table 2. Third Nine
Cash Flow Quarter Months
(Millions) 2023 2022 2023 2022
Operating $22 $3,190 $2,579 $55
cash flow
Less ($332) ($284) ($1,096) ($896)
additions
to
property,
plant &
equipment
Free cash ($310) $2,906 $1,483 ($841)
flow*
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on
page 5, "Non-GAAP Measures Disclosures."
Operating cash flow was $0.0 billion in the quarter reflecting less favorable
receipt timing, including the absence of a prior year tax refund (Table 2).
Table 3. Quarter End
Cash,
Marketable
Securities
and Debt
Balances
(Billions) Q3 23 Q2 23
Cash $6.8 $7.3
Marketable $6.6 $6.5
securities1
Total $13.4 $13.8
Consolidated $52.3 $52.3
debt
1Marketable securities consist primarily of time deposits due within one year
classified as "short-term investments."
Cash and investments in marketable securities totaled $13.4 billion, compared to
$13.8 billion at thebeginning of the quarter (Table 3). The company has access
to credit facilities of $10.0 billion, which remain undrawn.
Total company backlog at quarter end was $469 billion.
Segment Results
Commercial Airplanes
Table 4. Commercial Airplanes Third Quarter
Nine Months
(Dollars in Millions) 2023 2022 Change
2023 2022 Change
Deliveries 105 112 (6)%
371 328 13%
Revenues $7,876 $6,303 25%
$23,420 $16,755 40%
Loss from operations ($678) ($622) NM
($1,676) ($1,738) NM
Operating margins (8.6) % (9.9) % NM
(7.2) % (10.4) % NM
Commercial Airplanes third quarter revenue increased to $7.9billion driven by
higher 787 deliveries (Table 4). Operating margin of (8.6) percent also reflects
lower 737 deliveries as well as abnormal costs and period expenses, including
research and development.
On the 737 program, during the quarter a supplier non-conformance was identified
on the aft pressure bulkhead section of certain 737 airplanes. This is not an
immediate safety of flight issue and the in-service fleet can continue operating
safely. Near-term deliveries and production will be impacted as the program
performs necessary inspections and rework, and the company now expects to
deliver 375-400 airplanes this year. On production, suppliers are continuing
with planned rate increases, and the company expects to complete the final
assembly transition to 38 per month by year-end, with plans to increase to 50
per month in the 2025/2026 timeframe. The estimated cost associated with
performing the rework is immaterial and included in third quarter results.
The 787 program is now transitioning production to five per month and plans to
increase to 10 per month in the 2025/2026 timeframe. The program still expects
to deliver 70-80 airplanes this year.
During the quarter, Commercial Airplanes booked 398 net orders, including 150
737 MAX 10 airplanes for Ryanair, 50 787 airplanes for United Airlines, and 39
787 airplanes for Saudi Arabian Airlines. Commercial Airplanes delivered 105
airplanes during the quarter and backlog included over 5,100 airplanes valued at
$392 billion.
Defense, Space& Security
Table 5. Third Nine
Defense, Quarter Months
Space &
Security
(Dollars 2023 2022 Change 2023
2022 Change
in
Millions)
Revenues $5,481 $5,307 3% $18,187
$16,981 7%
Loss from ($924) ($2,798) NM ($1,663)
($3,656) NM
operations
Operating (16.9) % (52.7) % NM (9.1) %
(21.5) % NM
margins
Defense, Space & Security third quarter revenue was $5.5 billion. Third quarter
operating margin was (16.9) percent, due to a $482 million loss on the VC-25B
program driven by higher estimated manufacturing cost related to engineering
changes and labor instability, as well as resolution of supplier negotiations.
Results were also impacted by $315 million of losses on a satellite contract due
to estimated customer considerations and increased costs to enhance the
constellation and meet lifecycle commitments.
During the quarter, Defense, Space & Security delivered the first T-7A Red Hawk
to the U.S. Air Force and captured an award from the U.S. Army for 21 AH-64E
Apaches. Backlog at Defense, Space & Security was $58 billion, of which 29
percent represents orders from customers outside the U.S.
Global Services
Table 6. Global Services Third Quarter
Nine Months
(Dollars in Millions) 2023 2022 Change
2023 2022 Change
Revenues $4,812 $4,432 9%
$14,278 $13,044 9%
Earnings from operations $784 $733 7%
$2,487 $2,093 19%
Operating margins 16.3 % 16.5 % -0.2 pts
17.4 % 16.0 % 1.4 pts
Global Services third quarter revenue of $4.8 billion and operating margin of
16.3 percent reflect higher commercial volume and mix.
During the quarter, Global Services delivered the 150th 737-800 Boeing Converted
Freighter, received an order from the U.S. Navy for P-8 trainer upgrades and
signed a digital maintenance solution agreement with Philippine Airlines for
Airplane Health Management.
Additional Financial Information
Table 7. Third Nine
Additional Quarter Months
Financial
Information
(Dollars in 2023 2022 2023 2022
Millions)
Revenues
Unallocated ($65) ($86) ($109) ($152)
items,
eliminations
and other
Earnings/(los
s) from
operations
FAS/CAS $281 $279 $863 $846
service cost
adjustment
Other ($271) ($384) ($1,067) ($719)
unallocated
items and
eliminations
Other $297 $288 $919 $722
income, net
Interest and ($589) ($628) ($1,859)
($1,921)
debt expense
Effective (48.9) % (5.6) % (10.8) % (0.4)
%
tax rate
Other unallocated items and eliminations primarily reflects timing of
allocations. The third quarter effective tax rate primarily reflects additional
tax expense to adjust prior quarters' results to the current estimate of the
annual effective tax rate.
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 GAAPLoss 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 per share is defined as GAAP
Diluted loss per share excluding the net loss 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 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, 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 page 12 and page 13.
Free Cash Flow
Free cash flow is GAAPoperating 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, as well
as the potential impact of a government shutdown; (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:
InvestorRelations: Matt Welch or David Dufault (312) 544-2140
Communications: Michael Friedman media@boeing.com
The Boeing
Company and
Subsidiaries
Consolidated
Statements of
Operations
(Unaudited)
Nine Three
months months
ended ended
September September
30 30
(Dollars in 2023 2022 2023 2022
millions,
except per
share data)
Sales of $46,661 $38,767 $15,060 $13,331
products
Sales of 9,115 7,861 3,044 2,625
services
Total revenues 55,776 46,628 18,104 15,956
Cost of (43,140) (38,237) (14,464) (14,541)
products
Cost of (7,609) (6,725) (2,475) (2,230)
services
Total costs (50,749) (44,962) (16,939) (16,771)
and expenses
5,027 1,666 1,165 (815)
Income/(loss) 45 (27) 28 (24)
from operating
investments,
net
General and (3,633) (2,757) (1,043) (1,226)
administrative
expense
Research and (2,496) (2,058) (958) (727)
development
expense, net
Gain on 1 2
dispositions,
net
Loss from (1,056) (3,174) (808) (2,792)
operations
Other income, 919 722 297 288
net
Interest and (1,859) (1,921) (589) (628)
debt expense
Loss before (1,996) (4,373) (1,100) (3,132)
income taxes
Income tax (216) (17) (538) (176)
expense
Net loss (2,212) (4,390) (1,638) (3,308)
Less: net loss (13) (89) (2) (33)
attributable
to
noncontrolling
interest
Net loss ($2,199) ($4,301) ($1,636) ($3,275)
attributable
to Boeing
Shareholders
Basic loss per ($3.64) ($7.24) ($2.70) ($5.49)
share
Diluted loss ($3.64) ($7.24) ($2.70) ($5.49)
per share
Weighted 605.0 594.0 607.2 596.3
average
diluted shares
(millions)
The Boeing
Company and
Subsidiaries
Consolidated
Statements of
Financial
Position
(Unaudited)
(Dollars in September December
millions, 30 31
except per 2023 2022
share data)
Assets
Cash and cash $6,811 $14,614
equivalents
Short-term and 6,561 2,606
other
investments
Accounts 3,032 2,517
receivable,
net
Unbilled 9,184 8,634
receivables,
net
Current 88 154
portion of
customer
financing, net
Inventories 78,972 78,151
Other current 2,287 2,847
assets, net
Total current 106,935 109,523
assets
Customer 963 1,450
financing, net
Property, 10,484 10,550
plant and
equipment, net
of accumulated
depreciation
of $22,085
and $21,442
Goodwill 8,069 8,057
Acquired 2,143 2,311
intangible
assets, net
Deferred 64 63
income taxes
Investments 1,061 983
Other assets, 4,562 4,163
net of
accumulated
amortization
of of $993 and
$949
Total assets $134,281 $137,100
Liabilities
and equity
Accounts $11,143 $10,200
payable
Accrued 21,104 21,581
liabilities
Advances and 55,924 53,081
progress
billings
Short-term 4,891 5,190
debt and
current
portion of
long-term debt
Total current 93,062 90,052
liabilities
Deferred 218 230
income taxes
Accrued 2,385 2,503
retiree health
care
Accrued 5,713 6,141
pension plan
liability, net
Other long 2,239 2,211
-term
liabilities
Long-term debt 47,381 51,811
Total 150,998 152,948
liabilities
Shareholders'
equity:
Common stock, 5,061 5,061
par value
$5.00 -
1,200,000,000
shares
authorized;
1,012,261,159
shares issued
Additional 10,616 9,947
paid-in
capital
Treasury (49,972) (50,814)
stock, at cost
- 407,648,773
and
414,671,383
shares
Retained 27,274 29,473
earnings
Accumulated (9,708) (9,550)
other
comprehensive
loss
Total (16,729) (15,883)
shareholders'
deficit
Noncontrolling 12 35
interests
Total equity (16,717) (15,848)
Total $134,281 $137,100
liabilities
and equity
The Boeing
Company and
Subsidiaries
Consolidated
Statements of
Cash Flows
(Unaudited)
Nine
months
ended
September
30
(Dollars in 2023 2022
millions)
Cash
flows-operating
activities:
Net loss ($2,212) ($4,390)
Adjustments to
reconcile net
loss to net
cash provided
by operating
activities:
Non-cash items
-
Share-based 548 528
plans expense
Treasury shares 1,204 928
issued for
401(k)
contribution
Depreciation 1,380 1,477
and
amortization
Investment/asset 12 78
impairment
charges, net
Customer (4) 39
financing
valuation
adjustments
Gain on (1) (2)
dispositions,
net
Other charges (21) 388
and credits,
net
Changes in
assets and
liabilities -
Accounts (523) (22)
receivable
Unbilled (547) (678)
receivables
Advances and 2,963 204
progress
billings
Inventories (940) (1,164)
Other current 707 (860)
assets
Accounts 982 590
payable
Accrued (574) 2,416
liabilities
Income taxes 73 1,382
receivable,
payable and
deferred
Other long-term (254) (114)
liabilities
Pension and (785) (1,053)
other
postretirement
plans
Customer 472 76
financing, net
Other 99 232
Net cash 2,579 55
provided by
operating
activities
Cash flows -
investing
activities:
Payments to (1,096) (896)
acquire
property, plant
and equipment
Proceeds from 19 19
disposals of
property, plant
and equipment
Acquisitions, (19)
net of cash
acquired
Contributions (14,485) (2,773)
to investments
Proceeds from 10,497 10,182
investments
Other (157) (11)
Net cash (5,241) 6,521
(used)/provided
by investing
activities
Cash flows -
financing
activities:
New borrowings 55 19
Debt repayments (5,181) (1,038)
Stock options 45 39
exercised
Employee taxes (52) (36)
on certain
share-based
payment
arrangements
Other 2
Net cash used (5,131) (1,016)
by financing
activities
Effect of (22) (134)
exchange rate
changes on cash
and cash
equivalents
Net (7,815) 5,426
(decrease)/incre
ase in cash &
cash
equivalents,
including
restricted
Cash & cash 14,647 8,104
equivalents,
including
restricted, at
beginning of
year
Cash & cash 6,832 13,530
equivalents,
including
restricted, at
end of period
Less restricted 21 36
cash & cash
equivalents,
included in
Investments
Cash & cash $6,811 $13,494
equivalents at
end of period
The Boeing
Company and
Subsidiaries
Summary of
Business
Segment Data
(Unaudited)
Nine Three
months months
ended ended
September September
30 30
(Dollars in 2023 2022 2023 2022
millions)
Revenues:
Commercial $23,420 $16,755 $7,876 $6,303
Airplanes
Defense, Space 18,187 16,981 5,481 5,307
& Security
Global 14,278 13,044 4,812 4,432
Services
Unallocated (109) (152) (65) (86)
items,
eliminations
and other
Total revenues $55,776 $46,628 $18,104 $15,956
Loss from
operations:
Commercial ($1,676) ($1,738) ($678) ($622)
Airplanes
Defense, Space (1,663) (3,656) (924) (2,798)
& Security
Global 2,487 2,093 784 733
Services
Segment (852) (3,301) (818) (2,687)
operating loss
Unallocated (1,067) (719) (271) (384)
items,
eliminations
and other
FAS/CAS 863 846 281 279
service cost
adjustment
Loss from (1,056) (3,174) (808) (2,792)
operations
Other income, 919 722 297 288
net
Interest and (1,859) (1,921) (589) (628)
debt expense
Loss before (1,996) (4,373) (1,100) (3,132)
income taxes
Income tax (216) (17) (538) (176)
expense
Net loss (2,212) (4,390) (1,638) (3,308)
Less: net loss (13) (89) (2) (33)
attributable
to
noncontrolling
interest
Net loss ($2,199) ($4,301) ($1,636) ($3,275)
attributable
to Boeing
Shareholders
Research and
development
expense, net:
Commercial $1,538 $1,102 $623 $409
Airplanes
Defense, Space 652 706 232 240
& Security
Global 84 89 30 35
Services
Other 222 161 73 43
Total research $2,496 $2,058 $958 $727
and
development
expense, net
Unallocated
items,
eliminations
and other:
Share-based ($33) ($64) $5 $44
plans
Deferred (71) 204 25 38
compensation
Amortization (71) (71) (24) (24)
of previously
capitalized
interest
Research and (222) (161) (73) (43)
development
expense, net
Eliminations (670) (627) (204) (399)
and other
unallocated
items
Sub-total (1,067) (719) (271) (384)
(included in
Core operating
loss)
Pension 663 621 218 208
FAS/CAS
service cost
adjustment
Postretirement 200 225 63 71
FAS/CAS
service cost
adjustment
FAS/CAS 863 846 $281 $279
service cost
adjustment
Total ($204) $127 $10 ($105)
The Boeing Company and Subsidiaries
Operating and Financial Data
(Unaudited)
Deliveries Nine months ended Three
months ended
September 30
September 30
Commercial Airplanes 2023 2022 2023
2022
737 286 277 70
88
747 1 3 -
-
767 17 21 8
9
777 17 18 8
6
787 50 9 19
9
Total 371 328 105
112
Defense, Space & Security
AH-64 Apache (New) 17 20 5
7
AH-64 Apache (Remanufactured) 38 36 9
8
CH-47 Chinook (New) 8 10 1
1
CH-47 Chinook (Renewed) 7 6 3
2
F-15 Models 6 9 -
4
F/A-18 Models 16 11 3
3
KC-46 Tanker 4 9 3
1
MH-139 1 4 1
4
P-8 Models 7 10 2
4
T-7A Red Hawk 1 - 1
-
Commercial Satellites 3 2 -
2
Total backlog (Dollars in millions)
September 30 December 31
2023
2022
Commercial Airplanes
$392,105 $329,824
Defense, Space & Security 57,802
54,373
Global Services 18,441
19,338
Unallocated items, eliminations and other 830
846
Total backlog
$469,178 $404,381
Contractual backlog
$446,199 $381,977
Unobligated backlog 22,979
22,404
Total backlog
$469,178 $404,381
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 5 of this release for additional
information on the use of these non-GAAP financial measures.
(Dollars in Third Third
millions, Quarter Quarter
except per 2023 2022
share data)
$ million Per $ million Per
s Share s Share
Revenues 18,104 15,956
Loss from (808) (2,792)
operations
(GAAP)
Operating (4.5) % (17.5) %
margin (GAAP)
FAS/CAS
service cost
adjustment:
Pension (218) (208)
FAS/CAS
service cost
adjustment
Postretirement (63) (71)
FAS/CAS
service cost
adjustment
FAS/CAS (281) (279)
service cost
adjustment
Core operating ($1,089) ($3,071)
loss (non
-GAAP)
Core operating (6.0) % (19.2) %
margin (non
-GAAP)
Diluted loss ($2.70) ($5.49)
per share
(GAAP)
Pension ($218) (0.36) ($208) (0.35)
FAS/CAS
service cost
adjustment
Postretirement (63) (0.10) (71) (0.12)
FAS/CAS
service cost
adjustment
Non-operating (134) (0.23) (225) (0.37)
pension
expense
Non-operating (15) (0.02) (15) (0.03)
postretirement
expense
Provision for 90 0.15 109 0.18
deferred
income taxes
on
adjustments1
Subtotal of ($340) ($0.56) ($410) ($0.69)
adjustments
Core loss per ($3.26) ($6.18)
share (non
-GAAP)
Weighted 607.2 596.3
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, 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 5of this release for additional
information on the use of these non-GAAP financial measures.
(Dollars in Nine Nine
millions, Months Months
except per 2023 2022
share data)
$ million Per $ million Per
s Share s Share
Revenues 55,776 46,628
Loss from (1,056) (3,174)
operations
(GAAP)
Operating (1.9) % (6.8) %
margin (GAAP)
FAS/CAS
service cost
adjustment:
Pension (663) (621)
FAS/CAS
service cost
adjustment
Postretirement (200) (225)
FAS/CAS
service cost
adjustment
FAS/CAS (863) (846)
service cost
adjustment
Core operating (1,919) (4,020)
loss (non
-GAAP)
Core operating (3.4) % (8.6) %
margin (non
-GAAP)
Diluted loss (3.64) (7.24)
per share
(GAAP)
Pension (663) (1.10) (621) (1.04)
FAS/CAS
service cost
adjustment
Postretirement (200) (0.33) (225) (0.38)
FAS/CAS
service cost
adjustment
Non-operating (402) (0.66) (666) (1.13)
pension
expense
Non-operating (44) (0.07) (44) (0.07)
postretirement
expense
Provision for 275 0.45 327 0.55
deferred
income taxes
on
adjustments1
Subtotal of ($1,034) ($1.71) ($1,229) ($2.07)
adjustments
Core loss per ($5.35) ($9.31)
share (non
-GAAP)
Weighted 605.0 594.0
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 & equipment ($1.5)
Free cash flow (non-GAAP) $3.0 - $5.0
SOURCEBoeing
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END
(END) Dow Jones Newswires
October 25, 2023 07:30 ET (11:30 GMT)
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