TIDMBOE
Boeing Reports Second Quarter Results
ARLINGTON,Va., July 26, 2023 --
Second Quarter 2023
· Transitioning 737 production to 38 per month; increased 787 production to
four per month
· Revenue increased to $19.8 billion primarily reflecting 136 commercial
deliveries
· Operating cash flow of $2.9 billion and free cash flow of $2.6 billion (non
-GAAP); cash and marketable securities of $13.8 billion
· Total company backlog of $440 billion, including over 4,800 commercial
airplanes
· Reaffirm guidance: $4.5-$6.5 billion of operating cash flow and $3.0-$5.0
billion of free cash flow (non-GAAP)
Table 1. Summary Financial Results Second Quarter
First Half
(Dollars in Millions, except per share data) 2023 2022
Change 2023 2022 Change
Revenues $19,751
$16,681 18% $37,672 $30,672
23%
GAAP
(Loss)/earnings from operations ($99) $780
NM ($248) ($382) NM
Operating margins (0.5) % 4.7
% NM (0.7) % (1.2) % NM
Net (loss)/earnings ($149) $160
NM ($574) ($1,082) NM
(Loss)/earnings per share ($0.25) $0.32
NM ($0.93) ($1.73) NM
Operating cash flow $2,875 $81
NM $2,557 ($3,135) NM
Non-GAAP*
Core operating (loss)/earnings ($390) $496
NM ($830) ($949) NM
Core operating margins (2.0) % 3.0
% NM (2.2) % (3.1) % NM
Core loss per share ($0.82)
($0.37) NM ($2.08) ($3.11)
NM
*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 second quarter revenue of $19.8billion,
GAAP loss per share of ($0.25) and core loss per share (non-GAAP)* of ($0.82)
(Table 1). Second quarter results reflect higher commercial volume and lower
defense margins. Boeing generated operating cash flow of $2.9billion and free
cash flow of $2.6 billion (non-GAAP).
"We had a solid second quarter with improved deliveries and strong free cash
flow generation. We are well positioned to meet the operational and financial
goals we set for this year and for the long term," said DaveCalhoun, Boeing
president and chief executive officer. "While we have more work ahead, we are
making progress in our recovery and driving stability in our factories and the
supply chain to meet our customer commitments. With demand strong, we're
steadily increasing our production rates across key programs and growing
investments in our people, products and technologies."
Table 2. Second First
Cash Flow Quarter Half
(Millions) 2023 2022 2023 2022
Operating $2,875 $81 $2,557 ($3,135)
cash flow
Less ($296) ($263) ($764) ($612)
additions
to
property,
plant &
equipment
Free cash $2,579 ($182) $1,793 ($3,747)
flow*
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on
page 5, "Non-GAAP Measures Disclosures."
Operating cash flow was $2.9 billion in the quarter reflecting higher commercial
deliveries and favorable receipt timing (Table 2).
Table 3. Quarter End
Cash,
Marketable
Securities
and Debt
Balances
(Billions) Q2 23 Q1 23
Cash $7.3 $10.8
Marketable $6.5 $4.0
securities1
Total $13.8 $14.8
Consolidated $52.3 $55.4
debt
1Marketable securities consist primarily of time deposits due within one year
classified as "short-term investments."
Cash and investments in marketable securities totaled $13.8 billion, compared to
$14.8 billion at thebeginning of the quarter (Table 3). Debt was $52.3billion,
down from $55.4billion at the beginning of the quarter due to the pay down of
maturing debt. The company maintains access to credit facilities of $12.0
billion, which remain undrawn.
Total company backlog at quarter end was $440 billion.
Segment Results
Commercial Airplanes
Table 4. Commercial Airplanes Second Quarter
First Half
(Dollars in Millions) 2023 2022
Change 2023 2022 Change
Deliveries 136 121
12% 266 216 23%
Revenues $8,840 $6,258
41% $15,544 $10,452 49%
Loss from operations ($383) ($219)
NM ($998) ($1,116) NM
Operating margins (4.3) % (3.5) %
NM (6.4) % (10.7) % NM
Commercial Airplanes second quarter revenue increased to $8.8billion driven by
higher 787 deliveries (Table 4). Operating margin of (4.3) percent also reflects
abnormal costs and period expenses, including research and development.
The 737 program is transitioning production to 38 per month and plans to reach
50 per month in the 2025/2026 timeframe. The program still expects to deliver
400-450 airplanes this year.
The 787 program increased production to four per month with plans to ramp to
five per month in late 2023 and 10 per month in the 2025/2026 timeframe. The
program still expects to deliver 70-80 airplanes this year.
During the quarter, Commercial Airplanes booked 460 net orders, including 220
for Air India and 39 for Riyadh Air, and secured a commitment from Ryanair for
up to 300 737 MAX airplanes. Commercial Airplanes delivered 136 airplanes during
the quarter and backlog included over 4,800 airplanes valued at $363 billion.
Defense, Space& Security
Table 5. Defense, Space & Security Second Quarter
First Half
(Dollars in Millions) 2023 2022
Change 2023 2022 Change
Revenues $6,167 $6,191
-% $12,706 $11,674 9%
(Loss)/earnings from operations ($527) $71
NM ($739) ($858) NM
Operating margins (8.5) % 1.1 %
NM (5.8) % (7.3) % NM
Defense, Space & Security second quarter revenue was $6.2 billion. Second
quarter operating margin was (8.5) percent, primarily driven by losses on
certain fixed-price development programs, as well as continued operational
impacts of labor instability and supply chain disruption on other programs. The
Commercial Crew program recorded a $257 million loss primarily due to the
impacts of the previously announced launch delay. The T-7A program recorded a
$189 million loss primarily due to higher estimated costs on production
contracts. The MQ-25 program also recorded a $68 million loss primarily due to
schedule delays on the Engineering and Manufacturing Development contract.
During the quarter, Defense, Space & Security completed the U.S. Air Force first
flight of the T-7A Red Hawk, began construction on the Advanced Coatings Center
in St. Louis and captured an award from the U.S. Army for 19 CH-47 Chinooks.
Backlog at Defense, Space & Security was $58 billion, of which 31 percent
represents orders from customers outside the U.S.
Global Services
Table 6. Global Services Second Quarter
First Half
(Dollars in Millions) 2023 2022 Change
2023 2022 Change
Revenues $4,746 $4,298 10%
$9,466 $8,612 10%
Earnings from operations $856 $728 18%
$1,703 $1,360 25%
Operating margins 18.0 % 16.9 % 1.1 pts
18.0 % 15.8 % 2.2 pts
Global Services second quarter revenue of $4.7 billion and operating margin of
18.0 percent reflect higher commercial volume and favorable mix.
During the quarter, Global Services announced expansion in Poland with a new
parts distribution site, collaboration with CAE to enhance and expand training
solutions and Japan Airlines adopted Boeing Insight Accelerator for its 787
fleet.
Additional Financial Information
Table 7. Second First
Additional Quarter Half
Financial
Information
(Dollars in 2023 2022 2023 2022
Millions)
Revenues
Unallocated ($2) ($66) ($44) ($66)
items,
eliminations
and other
Earnings/(los
s) from
operations
FAS/CAS $291 $284 $582 $567
service cost
adjustment
Other ($336) ($84) ($796) ($335)
unallocated
items and
eliminations
Other $320 $253 $622 $434
income, net
Interest and ($621) ($656) ($1,270)
($1,293)
debt expense
Effective 62.8 % 57.6 % 35.9 % 12.8
%
tax rate
The increase in loss from Other unallocated items andeliminations was primarily
driven by deferred compensation expense. Other income primarily reflects an
increase in investment income due to higher interest rates. The second quarter
effective tax rate primarily reflects the tax benefit on pre-tax losses
including cumulative adjustments related to a projected 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 Earnings/(loss), Core Operating Margin and Core Earnings/(loss)
Per Share
Core operating earnings/(loss) is defined as GAAPearnings 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 earnings/(loss) expressed as a percentage of revenue. Core
earnings/(loss) per share is defined as GAAP diluted earnings per share
excluding the net earnings per share impact of the FAS/CAS service cost
adjustment and Non-operating pension and postretirement expenses. Non-operating
pension and postretirement expenses represent the components of net periodic
benefit costs other than service cost. Pension costs allocated to BDS and BGS
businesses supporting government customers are computed in accordance with U.S.
Government Cost Accounting Standards (CAS), which employ different actuarial
assumptions and accounting conventions than GAAP. CAS costs are allocable to
government contracts. Other postretirement benefit costs are allocated to all
business segments based on CAS, which is generally based on benefits paid.
Management uses core operating earnings/(loss), core operating margin and core
earnings/(loss) per share for purposes of evaluating and forecasting underlying
business performance. Management believes these core measures provide investors
additional insights into operational performance as they exclude non-service
pension and post-retirement costs, which primarily represent costs driven by
market factors and costs not allocable to government contracts. A reconciliation
between the non-GAAP and GAAP measures is provided on page 12 and page 13.
Free Cash Flow
Free cash flow is GAAPoperating cash flow reduced by capital expenditures for
property, plant and equipment. Management believes free cash flow provides
investors with an important perspective on the cash available for shareholders,
debt repayment, and acquisitions after making the capital investments required
to support ongoing business operations and long term value creation. Free cash
flow does not represent the residual cash flow available for discretionary
expenditures as it excludes certain mandatory expenditures such as repayment of
maturing debt. Management uses free cash flow as a measure to assess both
business performance and overall liquidity. See Table 2 on page 2 and page 14
for reconciliations of free cash flow to GAAP operating cash flow.
Caution Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Words such as "may,"
"should," "expects," "intends," "projects," "plans," "believes," "estimates,"
"targets," "anticipates," and similar expressions generally identify these
forward-looking statements. Examples of forward-looking statements include
statements relating to our future financial condition and operating results, as
well as any other statement that does not directly relate to any historical or
current fact. Forward-looking statements are based on expectations and
assumptions that we believe to be reasonable when made, but that may not prove
to be accurate. These statements are not guarantees and are subject to risks,
uncertainties, and changes in circumstances that are difficult to predict. Many
factors could cause actual results to differ materially and adversely from these
forward-looking statements. Among these factors are risks related to: (1)
general conditions in the economy and our industry, including those due to
regulatory changes; (2) our reliance on our commercial airline customers; (3)
the overall health of our aircraft production system, planned commercial
aircraft production rate changes, our ability to successfully develop and
certify new aircraft or new derivative aircraft, and the ability of our aircraft
to meet stringent performance and reliability standards; (4) changing budget and
appropriation levels and acquisition priorities of the U.S. government, as well
as the potential impact of a government shutdown; (5) our dependence on our
subcontractors and suppliers, as well as the availability of highly skilled
labor and raw materials; (6) competition within our markets; (7) our non-U.S.
operations and sales to non-U.S. customers; (8) changes in accounting estimates;
(9) realizing the anticipated benefits of mergers, acquisitions, joint
ventures/strategic alliances or divestitures; (10) our dependence on U.S.
government contracts; (11) our reliance on fixed-price contracts; (12) our
reliance on cost-type contracts; (13) contracts that include in-orbit incentive
payments; (14) unauthorized access to our, our customers' and/or our suppliers'
information and systems; (15) potential business disruptions, including threats
to physical security or our information technology systems, extreme weather
(including effects of climate change) or other acts of nature, and pandemics or
other public health crises; (16) potential adverse developments in new or
pending litigation and/or government inquiries or investigations; (17) potential
environmental liabilities; (18) effects of climate change and legal, regulatory
or market responses to such change; (19) changes in our ability to obtain debt
financing on commercially reasonable terms, at competitive rates and in
sufficient amounts; (20) substantial pension and other postretirement benefit
obligations; (21) the adequacy of our insurance coverage; (22) customer and
aircraft concentration in our customer financing portfolio; and (23) work
stoppages or other labor disruptions.
Additional information concerning these and other factors can be found in our
filings with the Securities and Exchange Commission, including our most recent
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K. Any forward-looking statement speaks only as of the date on which
it is made, and we assume no obligation to update or revise any forward-looking
statement, whether as a result of new information, future events, or otherwise,
except as required by law.
Contact:
InvestorRelations: Matt Welch or David Dufault (312) 544-2140
Communications: Michael Friedman
media@boeing. (media@boeing.com)com (media@boeing.com)
The Boeing
Company and
Subsidiaries
Consolidated
Statements of
Operations
(Unaudited)
Six Three
months months
ended ended
June 30 June 30
(Dollars in 2023 2022 2023 2022
millions,
except per
share data)
Sales of $31,601 $25,436 $16,687 $14,009
products
Sales of 6,071 5,236 3,064 2,672
services
Total revenues 37,672 30,672 19,751 16,681
Cost of (28,676) (23,696) (15,123) (12,284)
products
Cost of (5,134) (4,495) (2,689) (2,269)
services
Total costs (33,810) (28,191) (17,812) (14,553)
and expenses
3,862 2,481 1,939 2,128
Income/(loss) 17 (3) 44 17
from
operating
investments,
net
General and (2,590) (1,531) (1,286) (668)
administrative
expense
Research and (1,538) (1,331) (797) (698)
development
expense, net
Gain on 1 2 1 1
dispositions,
net
(Loss)/earnings (248) (382) (99) 780
from
operations
Other income, 622 434 320 253
net
Interest and (1,270) (1,293) (621) (656)
debt expense
(Loss)/earnings (896) (1,241) (400) 377
before
income taxes
Income tax 322 159 251 (217)
benefit/(expens
e)
Net (574) (1,082) (149) 160
(loss)/earnings
Less: net loss (11) (56) (33)
attributable
to
noncontrolling
interest
Net ($563) ($1,026) ($149) $193
(loss)/earnings
attributable
to Boeing
Shareholders
Basic ($0.93) ($1.73) ($0.25) $0.32
(loss)/earnings
per
share
Diluted ($0.93) ($1.73) ($0.25) $0.32
(loss)/earnings
per
share
Weighted 603.9 592.8 605.5 596.4
average
diluted
shares
(millions)
The Boeing Company and Subsidiaries
Consolidated Statements of Financial
Position
(Unaudited)
(Dollars in millions, except per June 30 December 31
share data) 2023 2022
Assets
Cash and cash equivalents $7,254 $14,614
Short-term and other investments 6,508 2,606
Accounts receivable, net 2,945 2,517
Unbilled receivables, net 9,357 8,634
Current portion of customer 85 154
financing, net
Inventories 78,322 78,151
Other current assets, net 2,941 2,847
Total current assets 107,412 109,523
Customer financing, net 1,105 1,450
Property, plant and equipment, net 10,455 10,550
of accumulated depreciation of
$21,895
and $21,442
Goodwill 8,061 8,057
Acquired intangible assets, net 2,194 2,311
Deferred income taxes 66 63
Investments 1,025 983
Other assets, net of accumulated 4,456 4,163
amortization of of $935 and $949
Total assets $134,774 $137,100
Liabilities and equity
Accounts payable $10,936 $10,200
Accrued liabilities 21,221 21,581
Advances and progress billings 55,310 53,081
Short-term debt and current portion 4,609 5,190
of long-term debt
Total current liabilities 92,076 90,052
Deferred income taxes 95 230
Accrued retiree health care 2,424 2,503
Accrued pension plan liability, net 5,855 6,141
Other long-term liabilities 2,158 2,211
Long-term debt 47,659 51,811
Total liabilities 150,267 152,948
Shareholders' equity:
Common stock, par value $5.00 - 5,061 5,061
1,200,000,000 shares authorized;
1,012,261,159 shares issued
Additional paid-in capital 10,310 9,947
Treasury stock, at cost - (50,181) (50,814)
409,375,415 and 414,671,383 shares
Retained earnings 28,910 29,473
Accumulated other comprehensive loss (9,617) (9,550)
Total shareholders' deficit (15,517) (15,883)
Noncontrolling interests 24 35
Total equity (15,493) (15,848)
Total liabilities and equity $134,774 $137,100
The Boeing Company and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Six months ended
June 30
(Dollars in millions) 2023 2022
Cash flows-operating activities:
Net loss ($574) ($1,082)
Adjustments to reconcile net loss to net
cash provided/(used) by operating
activities:
Non-cash items -
Share-based plans expense 381 352
Treasury shares issued for 401(k) 862 612
contribution
Depreciation and amortization 913 984
Investment/asset impairment charges, net 12 72
Customer financing valuation adjustments (3) 42
Gain on dispositions, net (1) (2)
Other charges and credits, net 33 260
Changes in assets and liabilities -
Accounts receivable (433) (350)
Unbilled receivables (721) (758)
Advances and progress billings 2,228 (907)
Inventories (241) (1,260)
Other current assets 313 144
Accounts payable 852 395
Accrued liabilities (399) (835)
Income taxes receivable, payable and (424) (238)
deferred
Other long-term liabilities (180) (64)
Pension and other postretirement plans (520) (695)
Customer financing, net 419 50
Other 40 145
Net cash provided/(used) by operating 2,557 (3,135)
activities
Cash flows - investing activities:
Payments to acquire property, plant and (764) (612)
equipment
Proceeds from disposals of property, plant 13 16
and equipment
Contributions to investments (9,496) (2,471)
Proceeds from investments 5,567 9,296
Other (158) 2
Net cash (used)/provided by investing (4,838) 6,231
activities
Cash flows - financing activities:
New borrowings 38 15
Debt repayments (5,123) (1,013)
Stock options exercised 44 34
Employee taxes on certain share-based (48) (34)
payment arrangements
Other (4)
Net cash used by financing activities (5,093) (998)
Effect of exchange rate changes on cash and 2 (71)
cash equivalents
Net (decrease)/increase in cash & cash (7,372) 2,027
equivalents, including restricted
Cash & cash equivalents, including 14,647 8,104
restricted, at beginning of year
Cash & cash equivalents, including 7,275 10,131
restricted, at end of period
Less restricted cash & cash equivalents, 21 41
included in Investments
Cash & cash equivalents at end of period $7,254 $10,090
The Boeing Company and
Subsidiaries
Summary of Business Segment
Data
(Unaudited)
Six months ended Three months ended
June 30 June 30
(Dollars in millions) 2023 2022 2023 2022
Revenues:
Commercial Airplanes $15,544 $10,452 $8,840 $6,258
Defense, Space & Security 12,706 11,674 6,167 6,191
Global Services 9,466 8,612 4,746 4,298
Unallocated items, (44) (66) (2) (66)
eliminations and other
Total revenues $37,672 $30,672 $19,751 $16,681
(Loss)/earnings from
operations:
Commercial Airplanes ($998) ($1,116) ($383) ($219)
Defense, Space & Security (739) (858) (527) 71
Global Services 1,703 1,360 856 728
Segment operating (34) (614) (54) 580
earnings/(loss)
Unallocated items, (796) (335) (336) (84)
eliminations and other
FAS/CAS service cost 582 567 291 284
adjustment
(Loss)/earnings from (248) (382) (99) 780
operations
Other income, net 622 434 320 253
Interest and debt expense (1,270) (1,293) (621) (656)
(Loss)/earnings before (896) (1,241) (400) 377
income taxes
Income tax 322 159 251 (217)
benefit/(expense)
Net (loss)/earnings (574) (1,082) (149) 160
Less: net loss attributable (11) (56) (33)
to noncontrolling interest
Net (loss)/earnings ($563) ($1,026) ($149) $193
attributable to Boeing
Shareholders
Research and development
expense, net:
Commercial Airplanes $915 $693 $471 $372
Defense, Space & Security 420 466 225 233
Global Services 54 54 28 27
Other 149 118 73 66
Total research and $1,538 $1,331 $797 $698
development expense, net
Unallocated items,
eliminations and other:
Share-based plans ($38) ($108) $14 ($25)
Deferred compensation (96) 166 (42) 124
Amortization of previously (47) (47) (24) (24)
capitalized interest
Research and development (149) (118) (73) (66)
expense, net
Eliminations and other (466) (228) (211) (93)
unallocated items
Sub-total (included in core (796) (335) (336) (84)
operating (loss)/earnings
Pension FAS/CAS service 445 413 222 205
cost adjustment
Postretirement FAS/CAS 137 154 69 79
service cost adjustment
FAS/CAS service cost 582 567 $291 $284
adjustment
Total ($214) $232 ($45) $200
The Boeing
Company and
Subsidiaries
Operating and
Financial Data
(Unaudited)
Deliveries Six Three
months months
ended ended
June June 30
30
Commercial 2023 2022 2023 2022
Airplanes
737 216 189 103 103
747 1 3 - 2
767 9 12 8 7
777 9 12 5 9
787 31 - 20 -
Total 266 216 136 121
Defense, Space &
Security
AH-64 Apache 12 13 5 6
(New)
AH-64 Apache 29 28 16 13
(Remanufactured)
CH-47 Chinook 7 9 2 5
(New)
CH-47 Chinook 4 4 3 1
(Renewed)
F-15 Models 6 5 4 4
F/A-18 Models 13 8 6 4
KC-46 Tanker 1 8 - 4
P-8 Models 5 6 2 3
Commercial and 3 - - -
Civil Satellites
Total backlog June 30 December
(Dollars in 2023 31
millions) 2022
Commercial $362,866 $329,824
Airplanes
Defense, Space & 57,505 54,373
Security
Global Services 18,455 19,338
Unallocated 738 846
items,
eliminations and
other
Total backlog $439,564 $404,381
Contractual $417,037 $381,977
backlog
Unobligated 22,527 22,404
backlog
Total backlog $439,564 $404,381
The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial measures core
operating (loss)/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)/earnings per share. See page 5
of this release for additional information on the use of these non-GAAP
financial measures.
(Dollars in Second Second
millions, Quarter Quarter
except per 2023 2022
share data)
$ million Per $ million Per
s Share s Share
Revenues 19,751 16,681
(Loss)/earnings (99) 780
from
operations
(GAAP)
Operating (0.5) % 4.7 %
margin (GAAP)
FAS/CAS
service cost
adjustment:
Pension (222) (205)
FAS/CAS
service cost
adjustment
Postretirement (69) (79)
FAS/CAS
service cost
adjustment
FAS/CAS (291) (284)
service cost
adjustment
Core operating ($390) $496
(loss)/earnings
(non-GAAP)
Core operating (2.0) % 3.0 %
margin (non
-GAAP)
Diluted ($0.25) $0.32
(loss)/earnings
per share
(GAAP)
Pension ($222) (0.37) ($205) (0.35)
FAS/CAS
service cost
adjustment
Postretirement (69) (0.11) (79) (0.13)
FAS/CAS
service cost
adjustment
Non-operating (134) (0.22) (221) (0.37)
pension
expense
Non-operating (14) (0.02) (14) (0.02)
postretirement
expense
Provision for 92 0.15 109 0.18
deferred
income taxes
on
adjustments1
Subtotal of ($347) ($0.57) ($410) ($0.69)
adjustments
Core loss per ($0.82) ($0.37)
share (non
-GAAP)
Weighted 605.5 596.4
average
diluted shares
(in millions)
1 The income tax impact is calculated
using the U.S. corporate statutory tax
rate.
The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial measures core
operating loss, core operating margin, and core loss per share with the most
directly comparable GAAP financial measures, loss from operations, operating
margin, and diluted loss per share. See page 5of this release for additional
information on the use of these non-GAAP financial measures.
(Dollars in First First
millions, Half Half
except per 2023 2022
share data)
$ million Per $ million Per
s Share s Share
Revenues 37,672 30,672
Loss from (248) (382)
operations
(GAAP)
Operating (0.7) % (1.2) %
margin (GAAP)
FAS/CAS
service cost
adjustment:
Pension (445) (413)
FAS/CAS
service cost
adjustment
Postretirement (137) (154)
FAS/CAS
service cost
adjustment
FAS/CAS (582) (567)
service cost
adjustment
Core operating (830) (949)
loss (non
-GAAP)
Core operating (2.2) % (3.1) %
margin (non
-GAAP)
Diluted loss (0.93) (1.73)
per share
(GAAP)
Pension (445) (0.73) (413) (0.70)
FAS/CAS
service cost
adjustment
Postretirement (137) (0.23) (154) (0.26)
FAS/CAS
service cost
adjustment
Non-operating (268) (0.45) (441) (0.74)
pension
expense
Non-operating (29) (0.05) (29) (0.05)
postretirement
expense
Provision for 185 0.31 218 0.37
deferred
income taxes
on
adjustments1
Subtotal of ($694) ($1.15) ($819) ($1.38)
adjustments
Core loss per ($2.08) ($3.11)
share (non
-GAAP)
Weighted 603.9 592.8
average
diluted shares
(in millions)
1 The income tax impact is calculated
using the U.S. corporate statutory tax
rate.
The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The table provided below reconciles the non-GAAP financial measure free cash
flow with the most directly comparable GAAP financial measure, operating cash
flow. See page 5 of this release for additional information on the use of this
non-GAAP financial measure.
Full Year 2023
(dollars in billions) Outlook
Operating Cash Flow $4.5 - $6.5
Less Additions to Property, Plant & Equipment ($1.5)
Free Cash Flow (non-GAAP) $3.0 - $5.0
SOURCE Boeing
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