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)
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Table 1. Summary
Financial Results
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Fourth
Quarter
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Full
Year
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(Dollars in
Millions, except per share data)
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2022
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2021
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Change
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2022
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2021
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Change
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Revenues
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$19,980
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$14,793
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35 %
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$66,608
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$62,286
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7 %
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GAAP
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Loss From
Operations
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($353)
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($4,171)
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NM
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($3,547)
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($2,902)
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NM
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Operating
Margin
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(1.8)
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%
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(28.2)
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%
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NM
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(5.3)
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%
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(4.7)
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%
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NM
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Net
Loss
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($663)
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($4,164)
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NM
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($5,053)
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($4,290)
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NM
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Loss Per
Share
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($1.06)
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($7.02)
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NM
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($8.30)
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($7.15)
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NM
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Operating Cash
Flow
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$3,457
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$716
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383 %
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$3,512
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($3,416)
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NM
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Non-GAAP*
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Core Operating
Loss
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($650)
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($4,536)
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NM
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($4,690)
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($4,075)
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NM
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Core Operating
Margin
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(3.3)
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%
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(30.7)
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%
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NM
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(7.0)
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%
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(6.5)
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%
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NM
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Core Loss Per
Share
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($1.75)
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($7.69)
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NM
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($11.06)
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($9.44)
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NM
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*Non-GAAP measure;
complete definitions of Boeing's non-GAAP measures are on page 5,
"Non-GAAP Measures Disclosures."
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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."
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Table 2. Cash
Flow
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Fourth
Quarter
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Full
Year
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(Millions)
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2022
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2021
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2022
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2021
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Operating Cash
Flow
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$3,457
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$716
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$3,512
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($3,416)
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Less Additions to
Property, Plant & Equipment
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($326)
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($222)
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($1,222)
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($980)
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Free Cash
Flow*
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$3,131
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$494
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$2,290
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($4,396)
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*Non-GAAP measure;
complete definitions of Boeing's non-GAAP measures are on page 5,
"Non-GAAP Measures Disclosures."
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Operating cash flow improved to $3.5
billion in the quarter, reflecting higher commercial
deliveries and timing of receipts and expenditures (Table
2).
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Table 3. Cash,
Marketable Securities and Debt Balances
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Quarter-End
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(Billions)
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Q4 22
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Q3 22
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Cash
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$14.6
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$13.5
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Marketable
Securities1
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$2.6
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$0.8
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Total
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$17.2
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$14.3
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Consolidated
Debt
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$57.0
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$57.2
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1 Marketable securities consist
primarily of time deposits due within one year classified as
"short-term investments."
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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
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Table 4. Commercial
Airplanes
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Fourth
Quarter
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Full
Year
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(Dollars in
Millions)
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2022
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2021
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Change
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2022
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2021
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Change
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Commercial Airplanes
Deliveries
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152
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99
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54 %
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480
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340
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41 %
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Revenues
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$9,224
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$4,750
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94 %
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$25,867
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$19,493
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33 %
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Loss from
Operations
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($626)
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($4,454)
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NM
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($2,370)
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($6,475)
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NM
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Operating
Margin
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(6.8)
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%
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(93.8)
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%
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NM
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(9.2)
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%
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(33.2)
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%
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NM
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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
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Table 5. Defense,
Space & Security
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Fourth
Quarter
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Full
Year
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(Dollars in
Millions)
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2022
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2021
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Change
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2022
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2021
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Change
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Revenues
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$6,181
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$5,862
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5 %
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$23,162
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$26,540
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(13) %
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Earnings/(loss) from
Operations
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$112
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($255)
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NM
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($3,544)
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$1,544
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NM
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Operating
Margin
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1.8
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%
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(4.4)
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%
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NM
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(15.3)
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%
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5.8
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%
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NM
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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
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Table 6. Global
Services
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Fourth
Quarter
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Full
Year
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(Dollars in
Millions)
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2022
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2021
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Change
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2022
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2021
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Change
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Revenues
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$4,567
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$4,291
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6 %
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$17,611
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$16,328
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8 %
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Earnings from
Operations
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$634
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$401
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58 %
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$2,727
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$2,017
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35 %
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Operating
Margin
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13.9
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%
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9.3
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%
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4.6
pts
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15.5
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%
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12.4
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%
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3.1
pts
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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
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Table 7. Additional
Financial Information
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Fourth
Quarter
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Full
Year
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(Dollars in
Millions)
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2022
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2021
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2022
|
|
2021
|
Revenues
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Boeing
Capital
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$49
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$63
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$199
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$272
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Unallocated items,
eliminations and other
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($41)
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($173)
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($231)
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($347)
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Earnings/(loss) from
Operations
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Boeing
Capital
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$15
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$7
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$29
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$106
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FAS/CAS service cost
adjustment
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$297
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$365
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$1,143
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$1,173
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Other unallocated items
and eliminations
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($785)
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($235)
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($1,532)
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($1,267)
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Other income,
net
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$336
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$132
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$1,058
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$551
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Interest and debt
expense
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($632)
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($661)
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($2,533)
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($2,682)
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Effective tax
rate
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(2.2)
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%
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11.4
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%
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(0.6)
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%
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14.8
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%
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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:
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|
Investor Relations:
|
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Matt Welch or Keely
Moos (312) 544-2140
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Communications:
|
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Michael Friedman
media@boeing.com
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The Boeing Company
and Subsidiaries
Consolidated
Statements of Operations
(Unaudited)
|
|
|
Twelve months
ended
December 31
|
|
Three months
ended
December 31
|
(Dollars in
millions, except per share data)
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Sales of
products
|
$55,893
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|
|
$51,386
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|
|
$17,126
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|
|
$12,162
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Sales of
services
|
10,715
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|
10,900
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|
|
2,854
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|
|
2,631
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|
Total
revenues
|
66,608
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|
|
62,286
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|
|
19,980
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|
|
14,793
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|
|
|
|
|
|
|
|
|
Cost of
products
|
(53,969)
|
|
|
(49,954)
|
|
|
(15,732)
|
|
|
(14,788)
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|
Cost of
services
|
(9,109)
|
|
|
(9,283)
|
|
|
(2,384)
|
|
|
(2,512)
|
|
Boeing Capital interest
expense
|
(28)
|
|
|
(32)
|
|
|
(8)
|
|
|
(7)
|
|
Total costs and
expenses
|
(63,106)
|
|
|
(59,269)
|
|
|
(18,124)
|
|
|
(17,307)
|
|
|
3,502
|
|
|
3,017
|
|
|
1,856
|
|
|
(2,514)
|
|
(Loss)/income from
operating investments, net
|
(16)
|
|
|
210
|
|
|
11
|
|
|
15
|
|
General and
administrative expense
|
(4,187)
|
|
|
(4,157)
|
|
|
(1,430)
|
|
|
(988)
|
|
Research and
development expense, net
|
(2,852)
|
|
|
(2,249)
|
|
|
(794)
|
|
|
(678)
|
|
Gain on dispositions,
net
|
6
|
|
|
277
|
|
|
4
|
|
|
(6)
|
|
Loss from
operations
|
(3,547)
|
|
|
(2,902)
|
|
|
(353)
|
|
|
(4,171)
|
|
Other income,
net
|
1,058
|
|
|
551
|
|
|
336
|
|
|
132
|
|
Interest and debt
expense
|
(2,533)
|
|
|
(2,682)
|
|
|
(632)
|
|
|
(661)
|
|
Loss before income
taxes
|
(5,022)
|
|
|
(5,033)
|
|
|
(649)
|
|
|
(4,700)
|
|
Income tax
(expense)/benefit
|
(31)
|
|
|
743
|
|
|
(14)
|
|
|
536
|
|
Net
loss
|
(5,053)
|
|
|
(4,290)
|
|
|
(663)
|
|
|
(4,164)
|
|
Less: net loss
attributable to noncontrolling interest
|
(118)
|
|
|
(88)
|
|
|
(29)
|
|
|
(21)
|
|
Net loss
attributable to Boeing Shareholders
|
($4,935)
|
|
|
($4,202)
|
|
|
($634)
|
|
|
($4,143)
|
|
|
|
|
|
|
|
|
|
Basic loss per
share
|
($8.30)
|
|
|
($7.15)
|
|
|
($1.06)
|
|
|
($7.02)
|
|
|
|
|
|
|
|
|
|
Diluted loss per
share
|
($8.30)
|
|
|
($7.15)
|
|
|
($1.06)
|
|
|
($7.02)
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares (millions)
|
595.2
|
|
588.0
|
|
598.9
|
|
590.3
|
The Boeing Company
and Subsidiaries
Consolidated
Statements of Financial Position
(Unaudited)
|
|
(Dollars in
millions, except per share data)
|
December 31
2022
|
|
December 31
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 depreciation of $21,442 and
$20,538
|
10,550
|
|
|
10,918
|
|
Goodwill
|
8,057
|
|
|
8,068
|
|
Acquired intangible
assets, net
|
2,311
|
|
|
2,562
|
|
Deferred income
taxes
|
63
|
|
|
77
|
|
Investments
|
983
|
|
|
975
|
|
Other assets, net of
accumulated amortization of of $949 and $975
|
4,163
|
|
|
5,591
|
|
Total
assets
|
$137,100
|
|
|
$138,552
|
|
Liabilities and
equity
|
|
|
|
Accounts
payable
|
$10,200
|
|
|
$9,261
|
|
Accrued
liabilities
|
21,581
|
|
|
18,455
|
|
Advances and progress
billings
|
53,081
|
|
|
52,980
|
|
Short-term debt and
current portion of long-term debt
|
5,190
|
|
|
1,296
|
|
Total current
liabilities
|
90,052
|
|
|
81,992
|
|
Deferred income
taxes
|
230
|
|
|
218
|
|
Accrued retiree health
care
|
2,503
|
|
|
3,528
|
|
Accrued pension plan
liability, net
|
6,141
|
|
|
9,104
|
|
Other long-term
liabilities
|
2,211
|
|
|
1,750
|
|
Long-term
debt
|
51,811
|
|
|
56,806
|
|
Total
liabilities
|
152,948
|
|
|
153,398
|
|
Shareholders'
equity:
|
|
|
|
Common stock, par value $5.00 – 1,200,000,000 shares
authorized;
1,012,261,159 shares issued
|
5,061
|
|
|
5,061
|
|
Additional paid-in
capital
|
9,947
|
|
|
9,052
|
|
Treasury stock, at cost - 414,671,385 and 423,343,707
shares
|
(50,814)
|
|
|
(51,861)
|
|
Retained
earnings
|
29,473
|
|
|
34,408
|
|
Accumulated other
comprehensive loss
|
(9,550)
|
|
|
(11,659)
|
|
Total shareholders'
deficit
|
(15,883)
|
|
|
(14,999)
|
|
Noncontrolling
interests
|
35
|
|
|
153
|
|
Total
equity
|
(15,848)
|
|
|
(14,846)
|
|
Total liabilities
and equity
|
$137,100
|
|
|
$138,552
|
|
The Boeing Company
and Subsidiaries
Consolidated
Statements of Cash Flows
(Unaudited)
|
|
|
Twelve months
ended
December 31
|
(Dollars in
millions)
|
2022
|
|
2021
|
Cash
flows – operating activities:
|
|
|
|
Net loss
|
($5,053)
|
|
|
($4,290)
|
|
Adjustments to
reconcile net loss to net cash provided/(used) by operating
activities:
|
|
|
|
Non-cash items
–
|
|
|
|
Share-based plans
expense
|
725
|
|
|
833
|
|
Treasury shares issued
for 401(k) contribution
|
1,215
|
|
|
1,233
|
|
Depreciation and
amortization
|
1,979
|
|
|
2,144
|
|
Investment/asset
impairment charges, net
|
112
|
|
|
98
|
|
Customer financing
valuation adjustments
|
37
|
|
|
|
Gain on dispositions,
net
|
(6)
|
|
|
(277)
|
|
787 and 777X
reach-forward losses
|
|
|
3,460
|
|
Other charges and
credits, net
|
364
|
|
|
360
|
|
Changes in assets and
liabilities –
|
|
|
|
Accounts
receivable
|
142
|
|
|
(713)
|
|
Unbilled
receivables
|
6
|
|
|
(586)
|
|
Advances and progress
billings
|
108
|
|
|
2,505
|
|
Inventories
|
420
|
|
|
(1,127)
|
|
Other current
assets
|
(591)
|
|
|
345
|
|
Accounts
payable
|
838
|
|
|
(3,783)
|
|
Accrued
liabilities
|
2,956
|
|
|
(3,687)
|
|
Income taxes
receivable, payable and deferred
|
1,347
|
|
|
733
|
|
Other long-term
liabilities
|
(158)
|
|
|
(206)
|
|
Pension and other
postretirement plans
|
(1,378)
|
|
|
(972)
|
|
Customer financing,
net
|
142
|
|
|
210
|
|
Other
|
307
|
|
|
304
|
|
Net
cash provided/(used) by operating activities
|
3,512
|
|
|
(3,416)
|
|
Cash flows –
investing activities:
|
|
|
|
Payments to acquire
property, plant and equipment
|
(1,222)
|
|
|
(980)
|
|
Proceeds from disposals
of property, plant and equipment
|
35
|
|
|
529
|
|
Acquisitions, net of
cash acquired
|
|
|
(6)
|
|
Proceeds from
dispositions
|
|
|
|
Contributions to
investments
|
(5,051)
|
|
|
(35,713)
|
|
Proceeds from
investments
|
10,619
|
|
|
45,489
|
|
Purchase of
distribution rights
|
|
|
|
Other
|
(11)
|
|
|
5
|
|
Net
cash provided by investing activities
|
4,370
|
|
|
9,324
|
|
Cash flows –
financing activities:
|
|
|
|
New
borrowings
|
34
|
|
|
9,795
|
|
Debt
repayments
|
(1,310)
|
|
|
(15,371)
|
|
Contributions from
noncontrolling interests
|
|
|
|
Repayments of
distribution rights and other asset financing
|
|
|
|
Stock options
exercised
|
50
|
|
|
42
|
|
Excess tax benefits
from share-based payment arrangements
|
|
|
|
Employee taxes on
certain share-based payment arrangements
|
(40)
|
|
|
(66)
|
|
Common shares
repurchased
|
|
|
|
Dividends
paid
|
|
|
—
|
|
Other
|
|
|
|
Net
cash used by financing activities
|
(1,266)
|
|
|
(5,600)
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
(73)
|
|
|
(39)
|
|
Net increase in cash
& cash equivalents, including restricted
|
6,543
|
|
|
269
|
|
Cash & cash
equivalents, including restricted, at beginning of year
|
8,104
|
|
|
7,835
|
|
Cash & cash
equivalents, including restricted, at end of period
|
14,647
|
|
|
8,104
|
|
Less restricted cash
& cash equivalents, included in Investments
|
33
|
|
|
52
|
|
Cash & cash
equivalents at end of year
|
$14,614
|
|
|
$8,052
|
|
The Boeing Company
and Subsidiaries
Summary of Business
Segment Data
(Unaudited)
|
|
|
Twelve months
ended
December 31
|
|
Three months
ended
December 31
|
(Dollars in
millions)
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenues:
|
|
|
|
|
|
|
|
Commercial
Airplanes
|
$25,867
|
|
|
$19,493
|
|
|
$9,224
|
|
|
$4,750
|
|
Defense, Space &
Security
|
23,162
|
|
|
26,540
|
|
|
6,181
|
|
|
5,862
|
|
Global
Services
|
17,611
|
|
|
16,328
|
|
|
4,567
|
|
|
4,291
|
|
Boeing
Capital
|
199
|
|
|
272
|
|
|
49
|
|
|
63
|
|
Unallocated items,
eliminations and other
|
(231)
|
|
|
(347)
|
|
|
(41)
|
|
|
(173)
|
|
Total
revenues
|
$66,608
|
|
|
$62,286
|
|
|
$19,980
|
|
|
$14,793
|
|
(Loss)/earnings from
operations:
|
|
|
|
|
|
|
|
Commercial
Airplanes
|
($2,370)
|
|
|
($6,475)
|
|
|
($626)
|
|
|
($4,454)
|
|
Defense, Space &
Security
|
(3,544)
|
|
|
1,544
|
|
|
112
|
|
|
(255)
|
|
Global
Services
|
2,727
|
|
|
2,017
|
|
|
634
|
|
|
401
|
|
Boeing
Capital
|
29
|
|
|
106
|
|
|
15
|
|
|
7
|
|
Segment operating
(loss)/earnings
|
(3,158)
|
|
|
(2,808)
|
|
|
135
|
|
|
(4,301)
|
|
Unallocated items,
eliminations and other
|
(1,532)
|
|
|
(1,267)
|
|
|
(785)
|
|
|
(235)
|
|
FAS/CAS service cost
adjustment
|
1,143
|
|
|
1,173
|
|
|
297
|
|
|
365
|
|
Loss from
operations
|
(3,547)
|
|
|
(2,902)
|
|
|
(353)
|
|
|
(4,171)
|
|
Other income,
net
|
1,058
|
|
|
551
|
|
|
336
|
|
|
132
|
|
Interest and debt
expense
|
(2,533)
|
|
|
(2,682)
|
|
|
(632)
|
|
|
(661)
|
|
Loss before income
taxes
|
(5,022)
|
|
|
(5,033)
|
|
|
(649)
|
|
|
(4,700)
|
|
Income tax
(expense)/benefit
|
(31)
|
|
|
743
|
|
|
(14)
|
|
|
536
|
|
Net
loss
|
(5,053)
|
|
|
(4,290)
|
|
|
(663)
|
|
|
(4,164)
|
|
Less: Net loss
attributable to noncontrolling interest
|
(118)
|
|
|
(88)
|
|
|
(29)
|
|
|
(21)
|
|
Net loss
attributable to Boeing Shareholders
|
($4,935)
|
|
|
($4,202)
|
|
|
($634)
|
|
|
($4,143)
|
|
Research and
development expense, net:
|
|
|
|
|
|
|
|
Commercial
Airplanes
|
$1,510
|
|
|
$1,140
|
|
|
$408
|
|
|
$323
|
|
Defense, Space &
Security
|
945
|
|
|
818
|
|
|
239
|
|
|
288
|
|
Global
Services
|
119
|
|
|
107
|
|
|
30
|
|
|
27
|
|
Other
|
278
|
|
|
184
|
|
|
117
|
|
|
40
|
|
Total research and
development expense, net
|
$2,852
|
|
|
$2,249
|
|
|
$794
|
|
|
$678
|
|
Unallocated items,
eliminations and other:
|
|
|
|
|
|
|
|
Share-based
plans
|
($114)
|
|
|
($174)
|
|
|
($50)
|
|
|
($3)
|
|
Deferred
compensation
|
117
|
|
|
(126)
|
|
|
(87)
|
|
|
(40)
|
|
Amortization of
previously capitalized interest
|
(95)
|
|
|
(107)
|
|
|
(24)
|
|
|
(41)
|
|
Research and
development expense, net
|
(278)
|
|
|
(184)
|
|
|
(117)
|
|
|
(40)
|
|
Eliminations and other
unallocated items
|
(1,162)
|
|
|
(676)
|
|
|
(507)
|
|
|
(111)
|
|
Sub-total (included
in core operating loss)
|
(1,532)
|
|
|
(1,267)
|
|
|
(785)
|
|
|
(235)
|
|
Pension FAS/CAS service
cost adjustment
|
849
|
|
|
882
|
|
|
228
|
|
|
306
|
|
Postretirement FAS/CAS
service cost adjustment
|
294
|
|
|
291
|
|
|
69
|
|
|
59
|
|
FAS/CAS service cost
adjustment
|
1,143
|
|
|
1,173
|
|
|
$297
|
|
|
$365
|
|
Total
|
($389)
|
|
|
($94)
|
|
|
($488)
|
|
|
$130
|
|
The Boeing Company
and Subsidiaries
Operating and
Financial Data
(Unaudited)
|
|
Deliveries
|
|
Twelve months
ended
December 31
|
|
Three months
ended
December 31
|
|
Commercial
Airplanes
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
737
|
|
387
|
|
|
263
|
|
|
110
|
|
|
84
|
|
|
747
|
|
5
|
|
|
7
|
|
|
2
|
|
|
3
|
|
|
767
|
|
33
|
|
|
32
|
|
|
12
|
|
|
8
|
|
|
777
|
|
24
|
|
|
24
|
|
|
6
|
|
|
4
|
|
|
787
|
|
31
|
|
|
14
|
|
|
22
|
|
|
—
|
|
|
Total
|
|
480
|
|
|
340
|
|
|
152
|
|
|
99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense, Space &
Security
|
|
|
|
|
|
|
|
|
|
AH-64 Apache
(New)
|
|
25
|
|
27
|
|
5
|
|
8
|
|
AH-64 Apache
(Remanufactured)
|
|
50
|
|
56
|
|
14
|
|
14
|
|
CH-47 Chinook
(New)
|
|
19
|
|
15
|
|
9
|
|
3
|
|
CH-47 Chinook
(Renewed)
|
|
9
|
|
5
|
|
3
|
|
—
|
|
F-15 Models
|
|
12
|
|
16
|
|
3
|
|
5
|
|
F/A-18
Models
|
|
14
|
|
21
|
|
3
|
|
6
|
|
KC-46 Tanker
|
|
15
|
|
13
|
|
6
|
|
6
|
|
P-8 Models
|
|
12
|
|
16
|
|
2
|
|
5
|
|
MH-139
|
|
4
|
|
—
|
|
—
|
|
—
|
|
Commercial and Civil
Satellites
|
|
4
|
|
—
|
|
2
|
|
—
|
|
Military
Satellites
|
|
1
|
|
—
|
|
1
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total backlog
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
December 31
2022
|
|
December 31
2021
|
Commercial
Airplanes
|
|
|
|
|
|
|
|
|
|
|
|
$329,824
|
|
$296,882
|
Defense, Space &
Security
|
|
|
|
|
|
|
|
|
|
|
|
54,373
|
|
59,828
|
Global
Services
|
|
|
|
|
|
|
|
|
|
|
|
19,338
|
|
20,496
|
Unallocated items,
eliminations and other
|
|
|
|
|
|
|
|
|
|
|
|
846
|
|
293
|
Total
backlog
|
|
|
|
|
|
|
|
|
|
|
|
$404,381
|
|
$377,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contractual
backlog
|
|
|
|
|
|
|
|
|
|
|
|
$381,977
|
|
$356,362
|
Unobligated
backlog
|
|
|
|
|
|
|
|
|
|
|
|
22,404
|
|
21,137
|
Total
backlog
|
|
|
|
|
|
|
|
|
|
|
|
$404,381
|
|
$377,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial
measures core operating (loss)/earnings, core operating margin, and
core loss per share with the most directly comparable GAAP
financial measures, (loss)/earnings from operations, operating
margin, and diluted loss per share. See page 5 of this release for
additional information on the use of these non-GAAP financial
measures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions, except per share data)
|
|
|
Fourth Quarter
2022
|
Fourth Quarter
2021
|
|
|
|
$
millions
|
Per
Share
|
$ millions
|
Per Share
|
Revenues
|
|
|
|
19,980
|
|
|
|
14,793
|
|
|
Loss from operations
(GAAP)
|
|
|
|
(353)
|
|
|
|
(4,171)
|
|
|
Operating margin
(GAAP)
|
|
|
|
(1.8)
|
%
|
|
|
(28.2)
|
%
|
|
|
|
|
|
|
|
|
|
|
FAS/CAS service cost
adjustment:
|
|
|
|
|
|
|
|
|
Pension FAS/CAS service
cost adjustment
|
|
|
|
(228)
|
|
|
|
(306)
|
|
|
Postretirement FAS/CAS
service cost adjustment
|
|
|
|
(69)
|
|
|
|
(59)
|
|
|
FAS/CAS service cost
adjustment
|
|
|
|
(297)
|
|
|
|
(365)
|
|
|
Core operating loss
(non-GAAP)
|
|
|
|
($650)
|
|
|
|
($4,536)
|
|
|
Core operating
margin (non-GAAP)
|
|
|
|
(3.3)
|
%
|
|
|
(30.7)
|
%
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per
share (GAAP)
|
|
|
|
|
($1.06)
|
|
|
|
($7.02)
|
|
Pension FAS/CAS service
cost adjustment
|
|
|
|
($228)
|
|
(0.38)
|
|
|
($306)
|
|
(0.52)
|
|
Postretirement FAS/CAS
service cost adjustment
|
|
|
|
|
(69)
|
|
(0.12)
|
|
|
|
(59)
|
|
|
(0.10)
|
|
Non-operating pension
expense
|
|
|
|
(215)
|
|
(0.35)
|
|
|
(147)
|
|
(0.26)
|
|
Non-operating
postretirement expense
|
|
|
|
|
(14)
|
|
(0.02)
|
|
|
|
15
|
|
|
0.03
|
|
Provision
for deferred income taxes on adjustments 1
|
|
|
|
110
|
|
0.18
|
|
|
104
|
|
0.18
|
|
Subtotal of
adjustments
|
|
|
|
($416)
|
|
($0.69)
|
|
|
($393)
|
|
($0.67)
|
|
Core loss per share
(non-GAAP)
|
|
|
|
|
($1.75)
|
|
|
|
($7.69)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares (in millions)
|
|
|
|
|
598.9
|
|
|
|
590.3
|
|
|
1
The income tax impact is calculated using the U.S. corporate
statutory tax rate.
|
The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial
measures core operating (loss)/earnings, core operating margin, and
core loss per share with the most directly comparable GAAP
financial measures, (loss)/earnings from operations, operating
margin, and diluted loss per share. See page 5 of this release for
additional information on the use of these non-GAAP financial
measures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions, except per share data)
|
|
|
Full Year
2022
|
Full Year
2021
|
|
|
|
$
millions
|
Per
Share
|
$ millions
|
Per Share
|
Revenues
|
|
|
|
66,608
|
|
|
|
62,286
|
|
|
Loss from operations
(GAAP)
|
|
|
|
(3,547)
|
|
|
|
(2,902)
|
|
|
Operating margin
(GAAP)
|
|
|
|
(5.3)
|
%
|
|
|
(4.7)
|
%
|
|
|
|
|
|
|
|
|
|
|
FAS/CAS service cost
adjustment:
|
|
|
|
|
|
|
|
|
Pension FAS/CAS service
cost adjustment
|
|
|
|
(849)
|
|
|
|
(882)
|
|
|
Postretirement FAS/CAS
service cost adjustment
|
|
|
|
(294)
|
|
|
|
(291)
|
|
|
FAS/CAS service cost
adjustment
|
|
|
|
(1,143)
|
|
|
|
(1,173)
|
|
|
Core operating loss
(non-GAAP)
|
|
|
|
($4,690)
|
|
|
|
($4,075)
|
|
|
Core operating
margin (non-GAAP)
|
|
|
|
(7.0)
|
%
|
|
|
(6.5)
|
%
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per
share (GAAP)
|
|
|
|
|
($8.30)
|
|
|
|
($7.15)
|
|
Pension FAS/CAS service
cost adjustment
|
|
|
|
($849)
|
|
(1.43)
|
|
|
($882)
|
|
(1.50)
|
|
Postretirement FAS/CAS
service cost adjustment
|
|
|
|
|
(294)
|
|
(0.49)
|
|
|
|
(291)
|
|
(0.49)
|
|
Non-operating pension
expense
|
|
|
|
(881)
|
|
(1.47)
|
|
|
(528)
|
|
(0.91)
|
|
Non-operating
postretirement expense
|
|
|
|
|
(58)
|
|
(0.10)
|
|
|
|
(1)
|
|
0.00
|
|
Provision
for deferred income taxes on adjustments 1
|
|
|
|
437
|
|
0.73
|
|
|
357
|
|
0.61
|
|
Subtotal of
adjustments
|
|
|
|
($1,645)
|
|
($2.76)
|
|
|
($1,345)
|
|
($2.29)
|
|
Core loss per share
(non-GAAP)
|
|
|
|
|
($11.06)
|
|
|
|
($9.44)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares (in millions)
|
|
|
|
|
595.2
|
|
|
|
588.0
|
|
|
1
The income tax impact is calculated using the U.S. corporate
statutory tax rate.
|
The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The table provided below reconciles the non-GAAP financial
measure free cash flow with the most directly comparable GAAP
financial measure, operating cash flow. See page 5 of this release
for additional information on the use of this non-GAAP financial
measure.
|
|
|
|
|
|
|
Full Year
2023
|
(dollars in
billions)
|
Outlook
|
Operating Cash
Flow
|
$4.5 -
$6.5
|
Less Additions to
Property, Plant & Equipment
|
($1.5)
|
Free Cash Flow
(non-GAAP)
|
$3.0 -
$5.0
|
View original
content:https://www.prnewswire.com/news-releases/boeing-reports-fourth-quarter-results-301730342.html
SOURCE Boeing