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BOE Boeing Co.

220.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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

Boeing Co Final Results

25/01/2023 12:30pm

UK Regulatory


 
TIDMBOE 
 
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 
 
 
 
END 
 
 

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January 25, 2023 07:30 ET (12:30 GMT)

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