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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Boeing Co. | LSE:BOE | London | Ordinary Share | COM STK USD5 (CDI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 220.00 | 210.00 | 230.00 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMBOE
Boeing Reports First-Quarter Results
ARLINGTON, Va., April 26, 2023 /PRNewswire/ --
First Quarter 2023
* Still expect to deliver 400-450 737 airplanes in 2023; plan to increase
production to 38 per month later this year
* Revenue increased to $17.9 billion primarily reflecting 130 commercial
deliveries
* Operating cash flow of ($0.3) billion and free cash flow of ($0.8) billion
(non-GAAP); cash and marketable securities of $14.8 billion
* Total company backlog of $411 billion, including over 4,500 commercial
airplanes
* Reaffirm guidance: $4.5-$6.5 billion of operating cash flow and $3.0-$5.0
billion of free cash flow (non-GAAP)
Table 1. Summary First Quarter
Financial Results
(Dollars in 2023 2022 Change
Millions, except
per share data)
Revenues $17,921 $13,991 28 %
GAAP
Loss From ($149) ($1,162) NM
Operations
Operating Margin (0.8) % (8.3) % NM
Net Loss ($425) ($1,242) NM
Loss Per Share ($0.69) ($2.06) NM
Operating Cash ($318) ($3,216) NM
Flow
Non-GAAP*
Core Operating ($440) ($1,445) NM
Loss
Core Operating (2.5) % (10.3) % NM
Margin
Core Loss Per ($1.27) ($2.75) 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 first-quarter revenue of $17.9 billion,
GAAP loss per share of ($0.69), and core loss per share (non-GAAP)* of ($1.27)
(Table 1). Boeing reported operating cash flow of ($0.3) billion and free cash
flow of ($0.8) billion (non-GAAP). Results improved on commercial volume and
performance.
"We delivered a solid first quarter and are focused on driving stability for
our customers," said Dave Calhoun, Boeing president and chief executive
officer. "We are progressing through recent supply chain disruptions but remain
confident in the goals we set for this year, as well as for the longer term.
Demand is strong across our key markets and we are growing investments to
advance our development programs and innovate strategic capabilities for our
customers and for our future."
Table 2. Cash First Quarter
Flow
(Millions) 2023 2022
Operating Cash ($318) ($3,216)
Flow
Less Additions ($468) ($349)
to Property,
Plant &
Equipment
Free Cash Flow ($786) ($3,565)
*
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on
page 5, "Non-GAAP Measures Disclosures."
Operating cash flow was ($0.3) billion in the quarter reflecting higher
commercial deliveries and favorable receipt timing (Table 2).
Table 3. Quarter-End
Cash,
Marketable
Securities
and Debt
Balances
(Billions) Q1 23 Q4 22
Cash $10.8 $14.6
Marketable $4.0 $2.6
Securities1
Total $14.8 $17.2
Consolidated $55.4 $57.0
Debt
1 Marketable securities consist primarily of time deposits due within one year
classified as "short-term investments."
Cash and investments in marketable securities totaled $14.8 billion, compared
to $17.2 billion at the beginning of the quarter (Table 3). Debt was
$55.4 billion, down from $57.0 billion at the beginning of the quarter due to
the pay down of debt maturities. The company has access to credit facilities of
$12.0 billion, which remain undrawn.
Total company backlog at quarter-end was $411 billion.
Segment Results
Commercial Airplanes
Table 4. First Quarter
Commercial
Airplanes
(Dollars in 2023 2022 Change
Millions)
Commercial 130 95 37 %
Airplanes
Deliveries
Revenues $6,704 $4,194 60 %
Loss from ($615) ($897) NM
Operations
Operating (9.2) % (21.4) % NM
Margin
Commercial Airplanes first-quarter revenue increased to $6.7 billion driven by
higher 737 and 787 deliveries, partially offset by 787 customer considerations
(Table 4). Operating margin of (9.2) percent also reflects abnormal costs and
period expenses, including research and development.
On the 737 program, earlier this month the program's fuselage supplier notified
Boeing that a non-standard manufacturing process was used on two fittings in
the aft fuselage section of certain 737 airplanes. This is not an immediate
safety of flight issue and the in-service fleet can continue operating safely.
While near-term deliveries and production will be impacted as the program
performs necessary inspections and rework, the program still expects to deliver
400-450 airplanes this year. On production, the supplier master schedule
remains unchanged including anticipated production rate increases, which will
result in higher inventory levels. The company expects final assembly
production to recover in the coming months with plans to increase to 38 per
month later this year and 50 per month in the 2025/2026 timeframe.
The 787 program is producing at three per month 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, Commercial Airplanes secured net orders of 107. Also during
the quarter the company secured commitments from Air India for 190 737 MAX, 20
787, and 10 777X airplanes and from Riyadh Air and Saudi Arabian Airlines for
up to 121 787 airplanes. Commercial Airplanes delivered 130 airplanes during
the quarter and backlog included over 4,500 airplanes valued at $334 billion.
Defense, Space & Security
Table 5. First Quarter
Defense,
Space &
Security
(Dollars in 2023 2022 Change
Millions)
Revenues $6,539 $5,483 19 %
Loss from ($212) ($929) NM
Operations
Operating (3.2) % (16.9) % NM
Margin
Defense, Space & Security first-quarter revenue was $6.5 billion. First-quarter
operating margin of (3.2) percent primarily reflects a $245 million pre-tax
charge on the KC-46A Tanker program largely driven by the previously shared
supplier quality issue resulting in factory disruption and rework. Results also
include the continued operational impact of labor instability and supply chain
disruption on other programs.
During the quarter, Defense, Space & Security captured awards from the U.S.
Army for 184 Apaches and from the U.S. Air Force for 15 KC-46A Tankers and the
initial E-7 development contract. Backlog at Defense, Space & Security was $58
billion, of which 30 percent represents orders from customers outside the U.S.
Global Services
Table 6. First Quarter
Global
Services
(Dollars in 2023 2022 Change
Millions)
Revenues $4,720 $4,314 9 %
Earnings $847 $632 34 %
from
Operations
Operating 17.9 % 14.6 % 3.3
Margin pts
Global Services first-quarter revenue of $4.7 billion and operating margin of
17.9 percent reflect higher commercial volume and favorable mix.
During the quarter, Global Services committed to set up the first Boeing
Converted Freighter line in India in collaboration with GMR Aero Technic,
delivered AerCap's 50th 737-800 Boeing Converted Freighter and broke ground on
a new component operations facility in Jacksonville, Florida.
Additional Financial Information
Table 7. First Quarter
Additional
Financial
Information
(Dollars in 2023 2022
Millions)
Revenues
Unallocated ($42) $-
items,
eliminations
and other
Earnings/
(loss) from
Operations
FAS/CAS $291 $283
service cost
adjustment
Other ($460) ($251)
unallocated
items and
eliminations
Other income, $302 $181
net
Interest and ($649) ($637)
debt expense
Effective tax 14.3 % 23.2 %
rate
The increase in loss from Other unallocated items and eliminations was driven
by timing of allocations and deferred compensation expense. Other income
primarily reflects an increase in investment income due to higher interest
rates. The first-quarter effective tax rate primarily reflects the tax benefit
of pretax losses.
Segment results reflect the realignment of Boeing Capital into the Commercial
Airplanes segment during the first quarter of 2023. Prior period amounts have
also been reclassified to conform to the 2023 presentation.
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 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 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 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, 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:
Investor Relations: Matt Welch or David Dufault (312) 544-2140
Communications: Michael Friedman media@boeing.com
The Boeing Company and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
Three months ended
March 31
(Dollars in 2023 2022
millions,
except per
share data)
Sales of $14,914 $11,427
products
Sales of 3,007 2,564
services
Total revenues 17,921 13,991
Cost of (13,553) (11,412)
products
Cost of (2,445) (2,226)
services
Total costs (15,998) (13,638)
and expenses
1,923 353
Loss from (27) (20)
operating
investments,
net
General and (1,304) (863)
administrative
expense
Research and (741) (633)
development
expense, net
Gain on 1
dispositions,
net
Loss from (149) (1,162)
operations
Other income, 302 181
net
Interest and (649) (637)
debt expense
Loss before (496) (1,618)
income taxes
Income tax 71 376
benefit
Net loss (425) (1,242)
Less: net loss (11) (23)
attributable
to
noncontrolling
interest
Net loss ($414) ($1,219)
attributable
to Boeing
Shareholders
Basic loss per ($0.69) ($2.06)
share
Diluted loss ($0.69) ($2.06)
per share
Weighted 602.5 591.7
average
diluted shares
(millions)
The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position
(Unaudited)
(Dollars in millions, except per share data) March 31 December
2023 31
2022
Assets
Cash and cash equivalents $10,812 $14,614
Short-term and other investments 3,955 2,606
Accounts receivable, net 2,862 2,517
Unbilled receivables, net 9,689 8,634
Current portion of customer financing, net 133 154
Inventories 78,503 78,151
Other current assets, net 2,857 2,847
Total current assets 108,811 109,523
Customer financing, net 1,372 1,450
Property, plant and equipment, net of accumulated 10,493 10,550
depreciation of $21,692 and
$21,442
Goodwill 8,063 8,057
Acquired intangible assets, net 2,254 2,311
Deferred income taxes 65 63
Investments 969 983
Other assets, net of accumulated amortization of of $1,002 4,320 4,163
and $949
Total assets $136,347 $137,100
Liabilities and equity
Accounts payable $10,274 $10,200
Accrued liabilities 20,812 21,581
Advances and progress billings 54,498 53,081
Short-term debt and current portion of long-term debt 7,926 5,190
Total current liabilities 93,510 90,052
Deferred income taxes 194 230
Accrued retiree health care 2,466 2,503
Accrued pension plan liability, net 5,998 6,141
Other long-term liabilities 2,198 2,211
Long-term debt 47,465 51,811
Total liabilities 151,831 152,948
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 10,298 9,947
Treasury stock, at cost - 410,984,640 and 414,671,383 (50,376) (50,814)
shares
Retained earnings 29,059 29,473
Accumulated other comprehensive loss (9,550) (9,550)
Total shareholders' deficit (15,508) (15,883)
Noncontrolling interests 24 35
Total equity (15,484) (15,848)
Total liabilities and equity $136,347 $137,100
The Boeing Company and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Three months ended
March 31
(Dollars in millions) 2023 2022
Cash flows - operating activities:
Net loss ($425) ($1,242)
Adjustments to reconcile net loss to net cash used by
operating activities:
Non-cash items -
Share-based plans expense 222 203
Treasury shares issued for 401(k) contribution 553 329
Depreciation and amortization 457 486
Investment/asset impairment charges, net 11 72
Customer financing valuation adjustments (1) 48
Gain on dispositions, net (1)
Other charges and credits, net 34 175
Changes in assets and liabilities -
Accounts receivable (341) 237
Unbilled receivables (1,055) (356)
Advances and progress billings 1,417 (522)
Inventories (390) (1,203)
Other current assets 82 140
Accounts payable 231 (369)
Accrued liabilities (769) (594)
Income taxes receivable, payable and deferred (122) (403)
Other long-term liabilities (117) 96
Pension and other postretirement plans (244) (371)
Customer financing, net 101 18
Other 38 41
Net cash used by operating activities (318) (3,216)
Cash flows - investing activities:
Payments to acquire property, plant and equipment (468) (349)
Proceeds from disposals of property, plant and equipment 5 8
Contributions to investments (3,561) (1,732)
Proceeds from investments 2,203 5,037
Other (2) 1
Net cash (used)/provided by investing activities (1,823) 2,965
Cash flows - financing activities:
New borrowings 17 2
Debt repayments (1,699) (396)
Stock options exercised 44 30
Employee taxes on certain share-based payment arrangements (42) (32)
Net cash used by financing activities (1,680) (396)
Effect of exchange rate changes on cash and cash 10 (3)
equivalents
Net decrease in cash & cash equivalents, including (3,811) (650)
restricted
Cash & cash equivalents, including restricted, at beginning 14,647 8,104
of year
Cash & cash equivalents, including restricted, at end of 10,836 7,454
period
Less restricted cash & cash equivalents, included in 24 45
Investments
Cash & cash equivalents at end of period $10,812 $7,409
The Boeing Company and Subsidiaries
Summary of Business Segment Data
(Unaudited)
Three months ended
March 31
(Dollars in 2023 2022
millions)
Revenues:
Commercial $6,704 $4,194
Airplanes
Defense, Space & 6,539 5,483
Security
Global Services 4,720 4,314
Unallocated (42)
items,
eliminations and
other
Total revenues $17,921 $13,991
Loss from
operations:
Commercial ($615) ($897)
Airplanes
Defense, Space & (212) (929)
Security
Global Services 847 632
Segment operating 20 (1,194)
earnings/(loss)
Unallocated (460) (251)
items,
eliminations and
other
FAS/CAS service 291 283
cost adjustment
Loss from (149) (1,162)
operations
Other income, net 302 181
Interest and debt (649) (637)
expense
Loss before (496) (1,618)
income taxes
Income tax 71 376
benefit
Net loss (425) (1,242)
Less: net loss (11) (23)
attributable to
noncontrolling
interest
Net loss ($414) ($1,219)
attributable to
Boeing
Shareholders
Research and
development
expense, net:
Commercial $444 $321
Airplanes
Defense, Space & 195 233
Security
Global Services 26 27
Other 76 52
Total research $741 $633
and development
expense, net
Unallocated
items,
eliminations and
other:
Share-based plans ($52) ($83)
Deferred (54) 42
compensation
Amortization of (23) (23)
previously
capitalized
interest
Research and (76) (52)
development
expense, net
Eliminations and (255) (135)
other unallocated
items
Sub-total (460) (251)
(included in core
operating loss)
Pension FAS/CAS 223 208
service cost
adjustment
Postretirement 68 75
FAS/CAS service
cost adjustment
FAS/CAS service 291 283
cost adjustment
Total ($169) $32
The Boeing Company and Subsidiaries
Notes to Condensed Consolidated Financial Statements
Summary of Business Segment Data
(Unaudited)
Segment results reflect the realignment of Boeing Capital into the Commercial
Airplanes segment during the first quarter of 2023. Interest and debt expense
now includes interest and debt expense previously attributable to Boeing
Capital and classified as Cost of Sales. Revenues and costs related to the
Customer Financing portfolio and the costs of the Boeing Customer Finance team
are now included in the Commercial Airplanes segment. The prior period amounts
have been reclassified to conform to the current periods presentation as set
forth below.
Three months ended
(Dollars in millions) 12/31/ 9/30/2022 6/30/ 3/31/2022
2022 2022
Revenues:
Commercial Airplanes $9,271 $6,304 $6,258 $4,194
Defense, Space & Security 6,181 5,307 6,191 5,483
Global Services 4,567 4,432 4,298 4,314
Unallocated items, eliminations (39) (87) (66)
and other
Total revenues $19,980 $15,956 $16,681 $13,991
(Loss)/earnings from operations:
Commercial Airplanes ($603) ($622) ($219) ($897)
Defense, Space & Security 112 (2,798) 71 (929)
Global Services 634 733 728 632
Segment operating earnings/ 143 (2,687) 580 (1,194)
(loss)
Unallocated items, eliminations (785) (384) (84) (251)
and other
FAS/CAS service cost adjustment 297 279 284 283
(Loss)/earnings from operations (345) (2,792) 780 (1,162)
Other income, net 336 288 253 181
Interest and debt expense (640) (628) (656) (637)
(Loss)/earnings before income (649) (3,132) 377 (1,618)
taxes
Income tax (expense)/benefit (14) (176) (217) 376
Net (loss)/earnings ($663) ($3,308) $160 ($1,242)
The Boeing Company and Subsidiaries
Operating and Financial Data
(Unaudited)
Deliveries Three months ended
March 31
Commercial Airplanes 2023 2022
737 113 86
747 1 1
767 1 5
777 4 3
787 11
Total 130 95
Defense, Space & Security
AH-64 Apache (New) 7 7
AH-64 Apache (Remanufactured) 13 15
CH-47 Chinook (New) 5 4
CH-47 Chinook (Renewed) 1 3
F-15 Models 2 1
F/A-18 Models 7 4
KC-46 Tanker 1 4
P-8 Models 3 3
Commercial and Civil 3
Satellites
Total backlog March 31 December
(Dollars in 2023 31
millions) 2022
Commercial $333,656 $329,824
Airplanes
Defense, Space 58,150 54,373
& Security
Global 18,835 19,338
Services
Unallocated 805 846
items,
eliminations
and other
Total backlog $411,446 $404,381
Contractual $388,753 $381,977
backlog
Unobligated 22,693 22,404
backlog
Total backlog $411,446 $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 First Quarter 2023 First Quarter 2022
millions,
except per
share data)
$ millions Per Share $ millions Per Share
Revenues 17,921 13,991
Loss from (149) (1,162)
operations
(GAAP)
Operating (0.8) % (8.3) %
margin (GAAP)
FAS/CAS
service cost
adjustment:
Pension FAS/ (223) (208)
CAS service
cost
adjustment
Postretirement (68) (75)
FAS/CAS
service cost
adjustment
FAS/CAS (291) (283)
service cost
adjustment
Core operating ($440) ($1,445)
loss
(non-GAAP)
Core operating (2.5) % (10.3) %
margin
(non-GAAP)
Diluted loss ($0.69) ($2.06)
per share
(GAAP)
Pension FAS/ ($223) (0.37) ($208) (0.35)
CAS service
cost
adjustment
Postretirement (68) (0.11) (75) (0.13)
FAS/CAS
service cost
adjustment
Non-operating (134) (0.23) (220) (0.37)
pension
expense
Non-operating (15) (0.02) (15) (0.02)
postretirement
expense
Provision for 92 0.15 109 0.18
deferred
income taxes
on
adjustments 1
Subtotal of ($348) ($0.58) ($409) ($0.69)
adjustments
Core loss per ($1.27) ($2.75)
share
(non-GAAP)
Weighted 602.5 591.7
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
END
(END) Dow Jones Newswires
April 26, 2023 07:30 ET (11:30 GMT)
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