Boeing Company (the) · NYSE:BA
Boeing Company (the) — Q4 2022 Earnings Presentation
16 slides from Boeing Company (the)'s earnings presentation, Jan 25, 2023
Slide 1: Fourth-Quarter 2022 Performance Review
FOURTH-QUARTER 2022 PERFORMANCE REVIEW David Calhoun President and Chief Executive Officer Brian West Executive Vice President and Chief Financial Officer January 25, 2023 Copyright © 2023 Boeing. All rights reserved.
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This document 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 expressi
Slide 3: Business Update
BUSINESS UPDATE 2022 was an important year in our recovery; well positioned for 2023 Copyright © 2023 Boeing. All rights reserved.
Slide 4: Fourth-Quarter Financial Results
FOURTH-QUARTER FINANCIAL RESULTS Q4 2022 Q4 2021 Revenue $20.0B $14.8B Core Operating Margin* (3.3)% (30.7)% Core Loss Per Share* ($1.75) ($7.69) Free Cash Flow* $3.1B $0.5B * Non-GAAP measure. See slides 14-16 for additional information on non-GAAP measures. Improved financial and operational perfo
Slide 5: Commercial Airplanes
COMMERCIAL AIRPLANES Q4 Revenues and Operating Margins $9.2 ▪ 737-7, 737-10 certification work continues Revenue (billions) ▪ Delivered 152 airplanes $4.8 ▪ Booked net orders of 376 airplanes ▪ Backlog of $330B Q4 2021 Q4 2022 Op margin: (93.8)% (6.8)% Continued focus on operational stability Copyri
Slide 6: Defense, Space & Security
DEFENSE, SPACE & SECURITY Q4 Revenues and Operating Margins $6.2 $5.9 ▪ Completed SLS launch for Artemis I mission Revenue (billions) ▪ Delivered 45 aircraft and 3 satellites ▪ Japan ordered two KC-46A Tankers ▪ Backlog of $54B Q4 2021 Q4 2022 Op margin: (4.4)% 1.8% Focused on production stability a
Slide 7: Global Services
GLOBAL SERVICES Q4 Revenues and Operating Margins $4.6 $4.3 ▪ Continued strong performance Revenue (billions) ▪ Opened Germany Distribution Center ▪ Finalized F-15 depot support for USAF ▪ Backlog of $19B Q4 2021 Q4 2022 Op margin: 9.3% 13.9% Strong performance…focused on meeting customer commitment
Slide 8: Full Year Financial Results
FULL YEAR FINANCIAL RESULTS FY 2022 FY 2021 Revenue $66.6B $62.3B Core Operating Margin* (7.0)% (6.5)% Core Loss Per Share* ($11.06) ($9.44) Free Cash Flow* $2.3B ($4.4B) * Non-GAAP measure. See slides 14-16 for additional information on non-GAAP measures. Higher commercial volume, losses on fixed-p
Slide 9: Cash Flow Progression
CASH FLOW PROGRESSION Free Cash Flow* $2.3B Significant cash flow progress to date ▪ 737 MAX return to service and deliveries ($4B) ▪ 787 return to deliveries ▪ Commercial market recovery and order activity ▪ BGS performance ($20B) 2020 2021 2022 Significant cash flow improvement Copyright © 2023 Bo
Slide 10: Cash and Debt Balances
CASH AND DEBT BALANCES Cash and Marketable Securities Consolidated Debt S&P: BBB- Billions Billions Moody’s: Baa2 Fitch: BBB- $57.2 $57.0 $17.2 $14.3 Q3 2022 Q4 2022 Q3 2022 Q4 2022 Strong liquidity and committed to paying down debt with free cash flow generation Copyright © 2023 Boeing. All rights
Slide 11: 2023 Financials
2023 FINANCIALS Segment Operating Cash ▪ BDS ($1.0B) - ($0.5B) $4.5B - $6.5B ▪ BGS $2.5B - $3.0B ▪ BCA $2.5B - $3.5B ($1.5B) $3B - $5B ▪ Other $0.5B - $0.5B Commercial Deliveries ▪ 737 Deliveries: 400 - 450 ▪ 787 Deliveries: 70 - 80 Expense items ▪ R&D: ~$3.2B vs $2.9B in 2022 Operating CapEx Free C
Slide 12: 2025 / 2026 Financial Objectives
2025 / 2026 FINANCIAL OBJECTIVES * Improving Revenue & Operating Margins Continued Investment Boeing ~$100B Revenue | ~10% Operating Margin R&D ~$3.5B BCA ~800 deliveries | Low-double digits CapEx ~$2.0B BGS Mid-single digit growth | Mid-teens BDS Low-single digit growth | High-single digits 2025 /
Slide 13: Copyright © 2023 Boeing. All rights reserved.
Copyright © 2023 Boeing. All rights reserved.
Slide 14: Non-GAAP Measure Disclosures
NON-GAAP MEASURE DISCLOSURES The table provided below reconciles the non-GAAP financial measure core operating margin with the most directly comparable GAAP financial measure operating margin, and core loss per share with the most directly comparable GAAP financial measure diluted loss per share. Se
Slide 15: Non-GAAP Measure Disclosures
NON-GAAP MEASURE DISCLOSURES The table provided below reconciles the non-GAAP financial measure core operating margin with the most directly comparable GAAP financial measure operating margin, and core loss per share with the most directly comparable GAAP financial measure diluted loss per share. Se
Slide 16: Non-GAAP Measure Disclosure
NON-GAAP MEASURE DISCLOSURE 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 the company’s earnings press release dated January 25, 2023 for additional information on the use