Boeing Company (the) · NYSE:BA
Boeing Company (the) — The Boeing Company — Q1 2022 Earnings Presentation
12 slides from Boeing Company (the)'s earnings presentation, Apr 27, 2022
Slide 1: First-Quarter 2022 Performance Review
First-Quarter 2022 PERFORMANCE REVIEW David Calhoun President and Chief Executive Officer Brian West Executive Vice President and Chief Financial Officer April 27, 2022 Copyright © 2022 Boeing. All rights reserved.
Slide 2: Business Update
BUSINESS UPDATE BCA BDS BGS Well-positioned; remain focused on safety, quality and operational stability 2 Copyright © 2022 Boeing. All rights reserved.
Slide 3: Business Environment
BUSINESS ENVIRONMENT • Commercial recovery broadening; regional dynamics Passenger Traffic Air Cargo Traffic continue to evolve driven by COVID-19 RPKs in % of Feb ‘19 FTKs, % growth over same month in 2019 15% ⎻ Feb 2022 cargo traffic ~12% above 2019 levels North America 10% Latin America 5% China
Slide 4: First-Quarter Financial Results
FIRST-QUARTER FINANCIAL RESULTS Revenue (Billions) Core Loss per Share* Operating Cash Flow (Billions) $18 $0.00 $15.2 $14.0 ($1) $12 ($1.53) ($2.00) ($3) $6 ($3.2) ($3.4) ($2.75) $0 ($5) Q1 2021 Q1 2022 ($4.00) Q1 2021 Q1 2022 Q1 2021 Q1 2022 * Non-GAAP measures. Definitions, reconciliations, and f
Slide 5: Commercial Airplanes
COMMERCIAL AIRPLANES • Global safe return to service of the 737 MAX nearly complete; Revenues & Operating Margins expect production rate to increase to 31 per month in 2Q22 $6 • Submitted 787 certification plan to the FAA $4.3 $4.2 Revenue (billions) $4 ⎻ Recorded $312M of abnormal cost in the quart
Slide 6: Defense, Space & Security
DEFENSE, SPACE & SECURITY Revenues & Operating Margins • Charges recorded on fixed-price development programs, including VC-25B and T-7A Red Hawk $9 $7.2 Revenue (billions) $6 $5.5 • Captured award for 6 MH-47G Block II Chinook rotorcraft for U.S. Army Special Operations $3 $0 • Executed balanced po
Slide 7: Global Services
GLOBAL SERVICES Revenues & Operating Margins • Commercial services revenue at ~90% of pre-pandemic levels Revenue Gov’t Comm’l • Outlook for government services remains stable $6 Revenue (billions) $4.3 • Announced plans to create additional capacity for 767 $3.7 converted freighters $3 • Captured n
Slide 8: Cash and Debt Balances
CASH AND DEBT BALANCES Cash S&P: BBB- Boeing debt Billions Marketable Securities Billions Moody’s: Baa2 Fitch: BBB- BCC debt $70 $60 $56.6 $56.2 $20 $50 $16.2 $40 $12.3 $8.0 $30 $10 $7.4 $20 $8.2 $10 $4.9 $1.5 $1.5 $0 $0 2021 Q4 2022 Q1 2021 Q4 2022 Q1 Sufficient liquidity and still expect positive
Slide 9: Copyright © 2022 Boeing. All rights reserved.
Copyright © 2022 Boeing. All rights reserved.
Slide 10: Caution Concerning Forward-Looking Statements
CAUTION CONCERNING 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,” a
Slide 11: Non-GAAP Measure Disclosure
NON-GAAP MEASURE DISCLOSURE The Boeing Company and Subsidiaries Reconciliation of Non-GAAP Measures (Unaudited) The table provided below reconciles the non-GAAP financial measure core loss per share with the most directly comparable GAAP financial measure diluted loss per share. See page 6 of the co
Slide 12: 737 MAX - Additional Detail
737 MAX - ADDITIONAL DETAIL • Commercial Airplanes continued to produced at abnormally low production rates during the first quarter of 2022. Commercial Airplanes does not expect the remaining abnormal costs related to the 737 MAX to be significant. • Commercial Airplanes expensed $2,567 million of